federal reserve bulletin may 1934 - st. louis fed...268 federal reserve bulletin may 1934 reopening...
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FEDERAL RESERVEBULLETIN
MAY 1934
ISSUED BY THE
FEDERAL RESERVE BOARDAT WASHINGTON
Recent Banking and Business Developments
National Summary of Business Conditions
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1934
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FEDERAL RESERVE BOARD
Ex officio members:HENRY MORGENTHAU, Jr.,
Secretary of the Treasury, Chairman,
J. F. T. O'CONNOR,Comptroller of the Currency.
EUGENE R. BLACK, Governor.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
J. J. THOMAS.
M . S. SZYMCZAK.
H. WARNER MARTIN, Assistant to the Governor.
CHESTER MORRILL, Secretary.
J. C. NOELL, Assistant Secretary.L. P. BETHEA, Assistant Secretary.S. R. CARPENTER, Assistant Secretary.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 Researchand Statistics.
CARL E. PARRY, Assistant Directory Division of Researchand Statistics.
E. L. SMEAD, Chief, Division of Bank Operations.
J. R. VAN FOSSEN, Assistant Chief, Division of BankOperations.
0. E. FOULK, Fiscal Agent.
JOSEPHINE E. LALLY, Deputy Fiscal Agent.
District no.District no.District no.District no.District no.District no.District no.District no.District no.District no.District no.District no.
FEDERAL ADVISORY COUNCIL
1 (BOSTON) THOMAS M. STEELE.2 (NEW YORK) WALTER E. FREW.3 (PHILADELPHIA) HOWARD A. LOEB, Vice President.
4 (CLEVELAND) H. C. MCELDOWNEY.5 (RICHMOND) HOWARD BRUCE.6 (ATLANTA) H. LANE YOUNG.7 (CHICAGO) SOLOMON A. SMITH.8 (ST. LOUIS) WALTER W. SMITH, President.
9 (MINNEAPOLIS) THEODORE WOLD.10 (KANSAS CITY) W. T. KEMPER.
11 (DALLAS) JOSEPH H. FROST.
12 (SAN FRANCISCO) M. A. ARNOLD.
WALTER LICHTENBTEIN, Secretary
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OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bankof—
BostonNew York . .
Philadelphia
Ij Cleveland
Richmond... -
Atlanta
Chicago
St. Louis
t
Minneapolis
Kansas City.
Dallas
San Francisco
FT
R,
L.
W
Chairman
H CurtissH. Case
L. Austin
B Williams. W. Hoxton
O^ar Nfiwt.nn
E.
J.
J.
M
C.
M. Stevens
S, Wood . .
N. Peyton.. L. McClure
C.Walsh
Isaac B. Newton
G
G.
E.
G.
W
G.
W
W
G.
B.
J.
Governor
A YoungL. Harrison
W. Norris
R. Fancher _J. Seay
S Johns 3
J. Schaller
. McC. Martin
. B. Geery...H. Hamilton __
A. McKinney
U. Calkins
Deputy governor
W. W. PaddockW. R. BurgessJ. E. CraneW. S. LoganL. R. RoundsL. F. SailerR. M. GidneyW. H. HuttJ. S. SinclairC. A. McllhennyM. J. FlemingF. J. ZurlindenC. A. PepleR. H. BroaddusH. F Conniff
C. R. McKayH. P. PrestonJ. H. Dillard-
0. M. AtteberyJ. G. McConkey
Harry Yaeger.C. A. Worthington.—J. W. HelmR. R. GilbertR. B. ColemanW. A. Day _Ira Clerk
Cashier
W. Willett.C. H. Coe.1J. W. Jones.1W. B. Matteson.1J. M. Rice.1Allan Sproul.«L. W. Knoke l
C. A. Mcllhenny.W. J. Davis.1L. E. Donaldson.1W. G. McCreedy.JH. F. Strater.G. H. Keesee.J. S. Walden, Jr.*M. W. Bell.W. S McLarin, Jr.1W. H. Snyder.2W. C. Bachman.1R. H. Buss.10. J. Netterstrom.1A. T. Sihler.1E. A. Delaney.1S. F. Gilmore.*A. H. HailUF. N. Hall*G. 0. Hollocher.i0. C. Phillips.*H. I. Ziemer.F. C. Dunlop.2J. W. Helm.
Fred Harris.W. 0. Ford.1W. M. Hale. :
1 Assistant deputy governor. » Controller. 8 Acting governor. * Assistant to the governor.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:Buffalo branch
Cleveland:Cincinnati branchPittsburgh branch
Richmond:Baltimore branchCharlotte branch
Atlanta:New Orleans branch...Jacksonville branchBirmingham branch _ . .Nashville branch
Chicago:Detroit branch
St. Louis:Louisville branchMemphis branchLittle Rock branch
Managing director
R. M. O'Hara.
C. F. McCombs.J. C. Nevin.
Hugh Leach.W. T. Clements.
Marcus Walker.Hugh Foster.J. H. Frye.J. B. Fort, Jr.
W. R. Cation.
J. T. Moore.W. H. Glasgow.A. P. Bailey.
Federal Reserve Bank of—
Minneapolis:Helena branch
Kansas City:Omaha branchDenver branch _Oklahoma City branch..
Dallas:El Paso branch _Houston branchSan Antonio branch
San Francisco:Los Angeles branchPortland branchSalt Lake City branch..Seattle branchSpokane branch
Managing director
R. E. Towle.
L. H. Earhart.J. E. Olson.C. E. Daniel.
J. L. Hermann.W. D. Gentry.M. Crump.
W. N. Ambrose.R. B. West.W. L. Partner.C. R. Shaw.D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with memberbanks of the Federal Reserve System and is the only official organ or periodical publication ofthe Board. The BULLETIN will be sent to all member banks without charge. To others thesubscription price, which covers the cost of paper and printing, is $2. Single copies will besold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions,$2.60: single copies, 25 cents.
in
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TABLE OF CONTENTS
PageReview of the month—Recent banking and business developments 267Revised index numbers of factory employment and pay rolls 270Czechoslovak currency law 288Federal Deposit Insurance Corporation—Insured banks and deposits, Mar. 31, 1934 312
National summary of business conditions 272
Financial, industrial, and commercial statistics:Reserve bank credit, gold stock, money in circulation, etc 273-276Member and nonmember bank credit:
All banks in the United States 279All member banks__ 277, 278, 308, 309Weekly reporting member banks in 91 leading cities 280, 310
Brokers'loans 280Acceptances and commercial paper 281Discount rates and money rates 282Treasury finance l 283Reconstruction Finance Corporation—Loans, subscriptions, and allocations 284Security prices, bond yields, and security issues 285Production, employment, car loadings, and commodity prices 286, 313-316Merchandise exports and imports 287Department stores—Indexes of sales and stocks 287Freight-car loadings, by classes 287
Financial statistics for foreign countries:Gold reserve? of central banks and governments 289Gold production 290Gold movements.. . 290-292Government note issues and reserves 293Bank for International Settlements 293Central banks 294-296Commercial banks 297Discount rates of central banks 298Money rates 298Foreign exchange rates 299Price movements:
Security prices 300Wholesale prices 300, 301Retail food prices and cost of living 301
Law department:Rulings of the Federal Reserve Board:
Obligations secured by real-estate mortgages as " securities" under various sections of theBanking Act of 1933 302
Allowance in consideration of payment of banker's acceptance before maturity as indirectpayment of interest 303
Corporate trustee under deed of trust as a holding company affiliate 303Federal savings and loan associations as banks within section 19 of the Federal Reserve Act 304Payment of interest when the first day of the month falls on a Sunday or holiday 304
Act authorizing Federal Reserve banks to acquire bonds of Home Owners' Loan Corporation and toact as fiscal agents of such corporation 304
Federal Reserve statistics by districts, etc.:Banking and financial statistics 305-311Industrial and commercial statistics 313-317
rv
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FEDERAL RESERVE BULLETINVOL. 20 MAY 1934 No. 5
REVIEW OF THE MONTH
Member bank reserve balances increasedfurther during April to a new high level of
$3,750,000,000, approximatelyRecent banking $i 700,000,000 in excess of legaland business . J^developments reserve requirements. I he
increase in reserves during themonth was $300,000,000 and reflected chieflyfurther imports of gold from abroad and addi-tional expenditure by the Treasury of fundspreviously held as cash and as balances withthe Reserve banks. Gold imports for themonth were $50,000,000, compared with $450,-000,000 in February and $240,000,000 inMarch. The increase during the month in ex-cess reserves of member banks was accompaniedby a slight reduction in the already low levelof money rates and a further advance in bondprices. Toward the end of April bonds ofthe highest rating were selling at the highestprices in many years.
Industrial activity increased further in Marchand in April an;d there was a considerablegrowth in factory employment and pay rolls.The general level of commodity prices at whole-sale continued stable for the third consecutivemonth. In April there was a recession inprices of cotton, wheat, and other grains andincreases in steel, automobiles, rubber, andmeats.
Changes in the composition of outstandingcurrency in recent months show a further rise
in the demand for currency forbusiness purposes, accompaniedby a continued decline in the
amount of currency held in hoards. This move-ment has been indicated by a continued de-crease in the outstanding volume of currencyof the larger denominations, accompanied byan increase in the volume of currency of the
smaller denominations. The retirement of thelarger denominations, those of $50 and over,which are little used for business purposes, hasbeen continuous since the end of the bankingcrisis in March of last year. About $350,000,-000 in currency of such denominations hasbeen returned since March 31, 1933. Circula-tion of the smaller denominations, those of $20and less, such as are commonly used in businesstransactions, began to increase in the summerof last year, and since July 31, 1933, has in-creased by more than $260,000,000 to a levelabove $4,000,000,000. The growth of the cir-culation of these denominations, of which abouthalf has occurred since the end of January, hasreflected larger demands for cash for pay rolls,for retail trade, and for similar purposes forwhich the use of currency, rather than ofchecks, is customary in the United States. Thedata cited are exclusive of figures for gold coinand gold certificates, the outstanding amountof which has been decreasing for more than ayear in response to governmental action.
Deposits of member banks continued toincrease in April, reflecting further growth of
demand and time deposits, off-f s e t i n P a r t b ^ a d e c r e a s e i n
United States Government de-posits. The time deposits of reporting memberbanks in leading cities have been increasingsteadily since last December. Their demanddeposits, which have been increasing since lastAugust, have increased more rapidly since themiddle of December, largely in consequence ofan increase in interbank deposits. The recentgrowth of demand and time deposits hasresulted in large part from the transfer toindividual accounts, through Treasury disburse-ments, of a part of the Government depositsin member banks which had been in Marchat the highest level in many years. These
267
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268 FEDERAL RESERVE BULLETIN MAY 1934
Reopening ofbanks
Government deposits had been built up original-ly through the purchase by the banks, in returnfor deposit credit, of new issues of UnitedStates Government securities. Recent growthof individual deposits, therefore, is a step inthe process of creation of deposits by thepurchase by the banks of United StatesGovernment securities and of subsequent dis-bursements by the Treasury in making currentpayments.
There has been a substantial increase duringrecent months in the number of member banks
in active operation, reflectingthe reorganization and reopen-ing of more than 200 unlicensed
member banks under old and new charters andthe admission of about 75 nonmember Statebanks to membership in the Federal ReserveSystem since the first of the year. The num-ber of licensed member banks increased from6,011 on December 30, 1933, to 6,294 on April25, 1934, while the number of unlicensed mem-ber banks declined from 512 at the end of 1933,with deposits of about $500,000,000, to 218 onApril 25, 1934, with deposits of about $200,-000,000. During the same period the numberof restricted and unlicensed nonmember banks,exclusive of mutual savings banks, had beenreduced from about 1,400, with deposits ofabout $650,000,000, to less than 850, withdeposits of about $400,000,000.
During the first 4 months of 1934 about 1,400additional banks obtained from the Recon-struction Finance Corporation commitmentsfor additional funds to strengthen their capitalstructures. The total number of banks havingsuch commitments at the end of April approxi-mated 5,900, the amount of the commitmentsw as in excess of $1,000,000,000, and the aggre-gate amount disbursed was about $650,000,000.
Figures of the Federal Deposit InsuranceCorporation as of the end of March show that
at that time 13,870 banks hadtheir deposits insured under thetemporary plan, which covers
each depositor in each participating bank up to$2,500. The total deposit liabilities of theinsured banks were about $38,200,000,000,
Depositinsurance
$27,300,000,000 being in member banks, $6,400,-000,000 in 234 mutual savings banks, and$4,400,000,000 in 7,377 other nonmember banks.Considering all the classes of insured banks to-gether, about 41 percent of aggregate depositliabilities were insured under the temporaryplan. The proportion of total deposit liabilitiesinsured was 35 percent for national banks, 26percent for State member banks, 70 percent formutual savings banks, and 58 percent for othernonmember banks. The variations in thesepercentages reflect chiefly the fact that theproportion of relatively small accounts islarger for some of these classes of banks thanfor others. The figures indicate that at theend of March the banks which were operatingwithout restrictions but did not belong to theinsurance plan included about 350 mutualsavings banks with about $3,300,000,000 ofdeposits and 950 other nonmember banks withnot more than $700,000,000 of deposits.
Prices of long-term bonds have been risingsteadily in recent months, continuing an up-
ward movement that beganlast November. The advance
has been general, extending to all classes ofSECURITY PRICES( Averages, Weekly Basis )
140 ' ' " ^
120
Capital markets
1931 1932 1933
bonds—Government, municipal, railroad, pub-lic utility, and industrial—and to all grades,with the largest increases in the lower grades.
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MAY 1934 FEDERAL RESERVE BULLETIN 269
Some bonds of the highest ratings were sellinglate in April at the highest prices since the war,while prices of lower-grade bonds had returnedalmost to the level that prevailed in the firsthalf of 1931. Prices of preferred stocks havealso increased during recent months.
Fluctuations during recent years in the pricesof Government bonds, of 60 medium and high-grade corporate bonds, and of common stocksare shown on the accompanying chart.
Prices of common stocks, after advancingsharply during January and early February,have moved irregularly during recent weeks.During the first 5 weeks of the year the av-erage price of 351 industrial issues increased byabout 16 percent and rose above the highestlevel reached in July 1933. Averages of rail-road and public utility shares appreciated by asmuch as 35 percent, but not to so high a levelas that of last summer. Beginning early inFebruary the trend of stock prices was down-ward until near the end of March. Duringthe subsequent 3 weeks industrial and railroadshares advanced again, almost to their highestprices of early February, and public utilityshares showed some increase in price. Allclasses of stocks declined considerably in thelast week in April and the first week in May.
New security issues, except by the UnitedStates Treasury, continued in relatively smallvolume during the first quarter of 1934, andas in 1933 were largely confined to State andmunicipal issues. New State and municipalsecurities floated during the first quarter of1934 totaled $176,000,000, as compared with$179,000,000 in the last quarter of 1933. Theseare the highest quarterly figures since themiddle of 1932, but are far below the averagequarterly volume of $350,000,000 for the years1924 to 1930. In April new municipal issuesamounted to about $100,000,000. The volumeof corporate financing during the last twoquarters was very small. Flotations in thelast quarter of 1933 were $25,000,000 of stocks,all representing new capital. During the firstquarter of 1934 the amount of new corporatefinancing was $33,000,000, of which long-termbonds, short-term bonds, and common stocks
each constituted about one third. In Aprilnew corporate issues totaled $28,000,000 andin addition there were refunding issues of about$60,000,000.
International gold movements in recentmonths have largely reflected the flow of funds
to the United States that fol-International lowed devaluation of the dollargold move-
ments at the end ol January and theaccompanying undertaking by
the Treasury to buy and sell gold at $35 anounce. Changes in gold reserves of theUnited States and the principal foreign centralbanks since the end of January are shown in thetable. The decrease in reserves of foreign
GOLD RESERVES OF PRINCIPAL COUNTRIES[In millions of dollars]
United States
EnglandFranceGermanyItalyBelgiumNetherlandsSwitzerland
Latestreportdate,1934
Apr. 30
Apr. 25 IApr. 27 !Apr. 30 !Apr. 30Apr. 26 iApr. 30 jApr. 30 j
Goldreserves
p 7, 756
1,5755.023
83*6-:,9
636539534
Changefrom lastreportdate inMarch
+61
+1+76- I S- 3+1+4
-37
Change during—
March
+43-39-22
o
- 4- 3 0
Febru-ary
+610
+ 1- 2 0 4
- 1 7
- 8 6- 5 3
v Preliminary.
central banks was largest in February. InMarch European gold movements to the UnitedStates were checked and French reserves beganto increase. This increase has representedchiefly the movement of gold from Switzerland.Reserves of other leading European countrieshave shown little change in recent weeks.Notwithstanding the fact that European centralbanks did not lose gold to the United Statesduring March, the central monetary gold hold-ings of this country continued to grow. Thetotal growth since the beginning of Februaryappears to have been about $200,000,000 inexcess of combined reported losses by othercountries, new production, gold released fromIndian hoards, and gold turned in in the UnitedStates. This additional increase representsprincipally gold that has come from privatehoards in European countries and from unre-ported holdings of foreign governments.
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270 FEDERAL RESERVE BULLETIN MAY 1934
Errata in April Bulletin
On page 256 of the BULLETIN for April in thetable concerning the earnings and expenses ofnational banks, by districts, last 6 months of1932, the figures given for total interest ondeposits should be (in thousands of dollars):Total for all districts, 142,441; Boston, 11,845;New York, 26,590; Philadelphia, 14,298; Cleve-land, 14,232; Kichmond, 7,025; Atlanta, 5,407;Chicago, 17,496; St. Louis, 4,574; Minneapolis,6,318; Kansas City, 7,222; Dallas, 4,256; SanFrancisco, 23,178.
Change in Foreign Central Bank Discount Rate
On April 26 the National Bank of Belgiumreduced its discount rate from 3K to 3 percent.
Amendment to Gold Regulations
The following statement was released at theTreasury Department on April 25, 1934:
The Secretary of the Treasury, with theapproval of the President, has amended theprovisional regulations issued under the GoldKeserve Act of 1934 so as to continue untilJune 1, 1934, the period within which licensesissued under the Executive order of August 28,1933, may be deemed to be licenses under the
provisional regulations. The provisional regu-lations originally fixed March 15, 1934, as theexpiration of the time within which holders ofsuch licenses would be required to obtainlicenses under the new regulations. On March8, 1934, the expiration date was extended toMay 1, 1934, and it has now been extended toJune 1, 1934. These extensions of time havebeen made to enable the mints and assay officesto investigate carefully each of the manythousands of applications which have beenreceived before issuing licenses under the newregulations.
The amendment reads as follows:TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
April 19, 1934.
AMENDMENT TO PROVISIONAL REGULATIONS ISSUED
UNDER THE GOLD RESERVE ACT OF 1934
The provisional regulations issued on January 30,1934, under the Gold Reserve Act of 1934, as amended,are further amended in sections 45 and 46 by deletingtherefrom the word and figures "May 1, 1934" wher-ever they appear in said sections, as amended March 8,1934, and inserting in lieu thereof the word and figures"June 1, 1934."
H. MORGENTHAU, Jr.,Secretary of the Treasury.
Approved:FRANKLIN D. ROOSEVELT.
THE WHITE HOUSE,April 20, 1934.
REVISED INDEX NUMBERS OF FACTORY EMPLOYMENT AND PAY ROLLS
The Bureau of Labor Statistics of the UnitedStates Department of Labor has compiledrecently new index numbers of employmentand pay rolls in manufacturing industries,giving monthly figures for the period sinceJanuary 1919. These new indexes are shownbelow and will henceforth be regularly pub-lished in the FEDERAL RESERVE BULLETIN.Publication of the unadjusted index numbers offactory employment and pay rolls heretoforecompiled by the Federal Reserve Board wil] bediscontinued in the near future, but the Boardwill continue to publish a seasonally adjustedindex of factory employment. A new adjusted
index is now being computed from the newemployment index of the Bureau of LaborStatistics.
These new factory employment and pay rollindexes of the Bureau of Labor Statistics havebeen adjusted to agree with more completedata from the Biennial Censuses of Manufac-tures and have been computed on a 1923-25base, corresponding in these respects to theindexes heretofore compiled by the FederalReserve Board. For the period from 1919 to1927 the new indexes differ very little from theBoard's indexes for that period. Since 1927there are important differences owing to the fact
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M A Y 1934 FEDERAL RESERVE BULLETIN 271
that the Bureau of Labor Statistics' indexeshave been adjusted to agree with censuses of1929 and 1931 and also include representationfor a substantial number of additional manu-facturing industries.
The Bureau states that its revised indexesdiffer in two major respects from those formerlycompiled and published by the Bureau.
" First. The index for each of the 90 separateindustries surveyed each month has beenadjusted to conform with the figures on em-ployment and pay rolls for previous years aspublished by the Bureau of the Census. Simi-lar adjustments have been made for the 14groups into which these industries are classified,and for the general index for all manufacturingindustries.
"This change has been made so that theindexes may reflect as accurately as possiblethe changes in total employment and pay rolls,not only from month to month, but also over aperiod of years. The Bureau's indexes arebased on returns supplied by representativemanufacturing establishments in each of theindustries surveyed. The establishments sup-plying these monthly data employ approxi-mately 50 percent of all factory wage earnersof the country, and their combined reportsindicate with close accuracy the short-timetrend in employment and pay rolls. The
former indexes did not, however, accuratelyreflect the long-time trends. They did notfully portray the increases resulting from theestablishment of new plants, or the decreasesbrought about by the permanent shut down ofestablishments not included in the Bureau'ssample. Such changes are shown only by thecomplete coverage of every plant in each in-dustry, as made by the Biennial Census ofManufactures. As now readjusted, the Bureauof Labor Statistics' index makes allowance fornew establishments coming into existence, andold establishments dropping out.
"A second change in the revised series ofindex numbers is the shifting of the base fromthe 12-month average for 1926 to the averagefor the 3-year period, 1923-24-25. Hence-forth, the average for these years will equal100 in the Bureau's index. This broader basewas selected as preferable to the single-yearbase, not only because it minimizes any unusualcondition which would greatly affect the rela-tive position of any industry in any single year,but also to place the Bureau's indexes on abase similar to a number of other official andprivate series of indexes on employment, payrolls, and production."
The Bureau of Labor Statistics will publishin the near future a full description of the indexand detailed figures for the separate industries.
EMPLOYMENT AND P A Y - R O L L S IN MANUFACTURING INDUSTRIES
[Revised indexes of Bureau of Labor Statistics. 1923-25 average = 100]
EMPLOYMENT
Month
January -February __ __MarchApril .May . .JuneJulyAugustSeptember..OctoberNovemberDecember
Average
1919
105.3102.2102.4102.5103.1104.3106.9109.7111.7111.3112.6114 4
107.2
1920
114.9113.7116.0114.5112.0111.1108.5108.8107.5103.797.489 7
108.2
1921
81.082.683.282.181.981.079.881.283.484.184.283 3
82.3
1922
82.584.685.985.887.989.888.291.494.597.099.0
100 5
90.6
1923
100.7102.5104 6105.0105.3106.0104.9105.2105.7104.5103.2101 4
104.1
1924
100.2101.5101.799.996.893.891.092.194.495.394.896 1
96.5
1925
96.398.198 898.798.198.097.899.5
101.5102.2101.8101 5
99.4
1926
100.5101.5102.1101.4100.4100.399.4
101.4103.4103.1101.4100.0
101.2
1927
98.299.7
100.299.699.199.198.199.3
100.599.697.496 1
98.9
1928
95.096.597 697.197.097.897.7
100.1102.2102.6101.7101 2
98.9
1929
100.8102.9104.1105.3105.3105.6106.1107.9109.0107.7103.699 8
104.8
1930
97.397.496 996.394.892.989.588.889.687.784.682 3
91.5
1931
79.680.380 780.780.178.477.077.177.474.471.871 0
77.4
1932
68.769.568 466.163.461.258.960.163.364.463.462.1
64.1
1933
60.261.158 859.962.666.971.576.480.079.676.274 4
69.0
1934
73.377.780 8
PAY ROLLS
JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
Average.
95.389.690.089.290.092.094.899.9
104.7102.2106.7114.0
97.4
117.2115.5123.7120.9122.4124.2119.3121.6119.8115.8107.098.0
117.1
82.881.381.779.077.375.471.773.973.472.671.773.3
76.2
69.672.474.973.877.280.578.583.087.089.593.495.7
81.3
94.697.9
102.5103.8107.3107.5103.3103.8104.3106.6104.5102.9
103.3
98.8104.1104.1101.897.592.485.789.392.595.193.797.6
96.1
95.4100.8102.4100.0100.798.796.899.398.8
104.6104.6105.2
100.6
100.9105.0106.5104.4103.1103.399.0
103.4104.4107.6104.1103.5
103.8
98.4104.4105.7104.5104.0102.498.5
101.9101.4102.198.599.5
101.8
96.0101.2102.5100.5101.3101.799.0
103.3104.7108.2105.0105.6
102.4
102.3109.3111.6112.6112.9111.2107.2112.0112.9112.4104.1100.7
109.1
95.998.898.897.795.492.384.383.384.182.276.875.2
88.7
70.074.375.674.473.469.766.265.963.461.358.157.6
67.5
53.554.653.149.546.843.439.840.642.944.742.941.5
46.1
39.540.237.138.842.747.250.856.859.159.455.554.5
48.5
54.060.664.8
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272 FEDERAL RESERVE BULLETIN MAY 1934
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Apr. 21 and released for publication Apr. 23]
Volume of industrial production increasedfurther in March and there was considerablegrowth in factory employment and pay rolls.The general level of commodity prices showedlittle change between the middle of March andthe middle of April, but in the third week ofApril there was a sharp decline in grain prices.
Production and employment.—Output ofmanufactures and minerals, as measured by theFederal Reserve Board's seasonally adjustedindex of industrial production, advanced from81 percent of the 1923-25 average in Februaryto 84 percent in March. This advance reflectedchiefly increases of more than the usual seasonalamount in the output of steel, automobiles, andlumber, and an increase contrary to seasonaltendency in the output of coal. Production oftextiles showed little change in volume on a dailyaverage basis. In the early part of April activ-ity at steel mills and automobile factories in-creased further, according to trade reports, whilecoal production declined by a more than seasonalamount.
Volume of employment at factories increasedfurther between the middle of February and themiddle of March by about 4 percent, an amountlarger than is usual at this season. Employ-ment on the railroads and at mines also showedan increase. The number on the pay rolls ofthe Civil Works Administration was reducedfrom about 3,700,000 in the middle of Februaryto about 2,400,000 in the middle of March and1,900,000 at the end of the month.
The value of construction contracts awardedin March, as reported by the F. W. Dodge Cor-poration, showed a considerable increase fromthe low level of February, followed in the firsthalf of April by a decline. For the first quarteras a whole, the value of contracts was somewhatsmaller than in the last quarter of 1933; publiclyfinanced projects continued to make up aboutthree fourths of the total.
Distribution.—Volume of freight-car loadingsshowed a further increase in March, reflectingchiefly seasonal increases in shipments of mer-chandise and miscellaneous freight and a con-tinued large volume of coal shipments, whichusually decline in March. In the early part of
April total car loadings showed a decline, re-flecting a sharp reduction in coal shipments.Dollar volume of trade at department storesincreased in March by considerably more thanthe estimated seasonal amount, after allowancefor the early date of Easter this year.
Prices.—The general level of wholesale com-modity prices, as measured by the index of theBureau of Labor Statistics, was 73.3 percent ofthe 1926 average in the week ending April 14 ascompared with 73.8 percent in the week endingMarch 10. During this period prices of steel,copper, and automobiles advanced, while pricesof farm products decreased somewhat. In thethird week of April wheat prices declinedsharply and there were also declines in theprices of other grains, cotton, and silver.
Bank credit.—During the 4 weeks endedApril 18 member bank reserve balances in-creased by $220,000,000, raising the volume ofreserves in excess of legal requirements to$1,600,000,000. This increase reflected agrowth of $105,000,000 in the monetary goldstock and further disbursements by the Treasuryof funds from its cash holdings and its depositswith the reserve banks.
At reporting member banks in leading citiesan increase of $400,000,000 in net demand andtime deposits for the 4-week period endedApril 11 reflected chiefly the deposit by thepublic of funds disbursed by the Treasury, aswell as a growth in bankers' balances. Gov-ernment deposits were reduced by about$200,000,000. Holdings by these banks ofsecurities, other than United States Governmentobligations, increased by $64,000,000, and theirloans both on securities and all other alsoincreased slightly, with the consequence thattotal loans and investments showed a growth of$100,000,000 for the period.
Money rates in the open market declinedfurther in April. Rates on prime 4- to 6-monthcommercial paper were reduced from a range of1-1% percent to 1 percent, and rates on 90-dayacceptances were reduced from % percent to arange of }%-}{ percent. Yields on Governmentsecurities also declined.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1934 FEDERAL RESERVE BULLETIN 273
MILLIONS OF DOLLARS
aooo
RESERVE BANK CREDIT AND RELATED ITEMSWeekly basis: Wednesday series MILLIONS OF DOLLAR5
8000
7000
6000
5000
4000
3000
2000
1000
TREASURY CASH3c DEPOSITS WITH F. R. BANKS
7000
6000
5000
4000
3000
2000
1000
1929 1930 1931 1932 1933 1934
Based on Wednesday figures; latest figures are for April 25. See table on page 274.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
274 FEDERAL RESERVE BULLETIN MAY 1934
FEDERAL RESERVE BANK CREDITRESERVE BANK CREDIT AND RELATED ITEMS
[In millions of dollars. Wednesday series; for other series, see p. 307]
Date (Wednesday)
1933-Mar. 1. . . .Mar. 8.. . .Mar. 15...Mar. 22...Mar. 29...Apr. 5__._Apr. 12. . .Apr. 19.. .A.Dr, 26 ._May3._._May 10...May 17...May 24...May 31.. .June 7June 14...June 21. . .June 28...July 5July 12. . .July 19. . .July 26. . .Aug. 2 . . . .Aug. 9 . . . .Aug. 16- .Aug. 23...Aug. 30...Sept. 6....Sept. 13...Sept. 20...Sept. 27...
Oct. 4Oct. 1 1 . . .Oct. 18. . .Oct. 25 . . .Nov. l._._Nov. 8_...Nov. 15...Nov. 22...Nov. 29...Dec. 6 . . . .Dec. 13. . .Dec. 20.. .Dec. 27...
1934—Jan. 3Jan. 10....Jan. 17. . .Jan. 24....Jan. 31... .Feb. 7 . . . .Feb. 14...Feb. 21.. .Fob. 28...Mar. 7 . . .Mar. 14. .Mar. 21 . .Mar. 28. .Apr. 4 . . . .Apr. 11. _.Apr. 18...Apr. 25...
Reserve bank credit outstanding
Bills dis-counted
7121,4141,232671545
436428414385
400338330312302
277254222191
182168163161
164156166150153
145133130133
123119113115
117112111112119
116118115111
1061041019783
73680664
59555153
48434040
Billsbought
384417403352310
286247208177
144113784320
111098
23131010
777
7777
7777
77152024
61116113111
121113112104111
97867562
46373329
26171310
UnitedStates
Govern-ment se-curities
1,836,881,899,864,838
,837,837,837,837
,837,837.837,862,890
,912,932,955,975
1,9952,0072,0172,028
2,0382,0482,0592,0942,129
2,1662,2032,2382,274
2,3092,3442,3752,4002,4202,4302,4322,4312,4322,4312,4322,4322,4322,4322,4322,4322,4322,434
2,4322,4322,4322,432
2,4322,4322,4322,4322,4322,4322,4302,430
Other re-servebankcredit
61372
18879
1214137
107
185
7- 7
6- 1
77
11252029
71
- 22
47
18
Total
Monetarygold stock
2,9363,6443,5252,8872,6882,5742,5282,4902,4122,3962,2972,2542,2192,2182,2142,2122,1942,1822,2062,2012,1972,2012,2082,2202,2402,2582,2982,3302,3572,3882,4212,4492,4772,5132,5262,5502,5422,5642,5622,5812,6152,6772,6862,674
2,6552,6462,6312,6302,6062,5932,5922,5672,5392,5322,5082,5192,5092,4922,4932,486
4,3444,2434,2514,2644,2724,2834,2934,3134,3104,3124,3134,3134,3144,3154,3164,3184,3174,3184,3184,3194,3194,3204,3204,3204,3214,3284,3284,3291,3274,3274,3244,3244,3244,3234,323
4,3234,3234,3224,3234,3234,3234,3234,3234,323
4,3234,3234,3224,322
U.033a 7,0367,0897,2037,4387,5567,6057,6407,6817,7037,7327,7467,755
Treasuryand
national-bankcur-
rency
Money incircula-tion
2,2182,2302,2562,2732,2872,2972,3032,3082,306
2,3052,3032,2992,2992,2982,2962,2952,2952,2962,2852,2842,2832,2822,2812,2812,2812,2802,2812,2802,2812,2802,2792,2792,2782,2772,277
2,2762,2752,2752,2762,2772,2772,2952,2992,3042,3032,3022,3022,3012,3022,3012,3012,3012,302
2,3122,3322,3432,3562,3692,3812,3812,380
6,7207,5387,2696,6086,3536,2616,1476,0685,994
5,9545,8925,8525,7955,8125,7675,7235,6965,6755,7525,6675,6355,6015,6185,6085,6125,5925,5925,6485,6025,6055,5955,6525,6735,6505,6085,6405,6735,6545,6545,7435,7585,7635,8495,8245,7915,6845,6435,581
»5,2895,3175,3215,3445,3555,3745,3455,3345,3365,3715,3475,3475,324
Memberbank re-
servebalances
2,0381,7761,9641,9181,9871,976
2,'1592,1362,0342,0892,1142,1942,1672,2042,2812,2052,2862,2192,2692,2902,3062,3192,3762,3712,4322.4272,4392,5422,5432,5962,5232,5672,6552,6932,5912,5782,6452,6872,5732,5612,6382,6362,6752,7102,7772,7882,8512,6522,7362,8512,8303,0933,3133,4543,4493,4393,4503,5603,6653,744
Treas-urycash
and de-positswithF.R.
banks
303317317432428441390366371487399370329345
307316405317
331353335366
333292315319339
327317334331372338284302
388373345316369
386379329315
311353407398597
> 3,4493,3913,4993,440
3. 2943,2263,2523,318
3,3233,2393,2043,148
Non-mem-ber de-posits
OtherFederalReserve
ac-counts
91138132126144
135143163172
182178175161155
197153152169
164169194186
188195197175202
178157164156
159155166167
178161163149142
156160132124
145172143137141
142130132127
133143154161
140148167167
345348349341334
342349355354
356355355353353
352351348349
344345344344
350350347348347
346346348347
346345358359
353356355355354
354355362362
358295288287287
299290291292
294301302303
297312237237
» Beginning Jan. 31,1934, "gold coin in circulation" (estimated for that date at $287,000,000) is excluded from monetary gold stock and money incirculation; see p. 276.
* By proclamation of the President dated Jan. 31, 1934, at 3:10 p.m., the weight of the gold dollar was reduced from 2L$U grains to 15^i grainsnine tenths fine. The resulting increase in the value of the monetary gold stock was covered into the Treasury as a miscellaneous receipt and isreflected in an increase in the item '* Treasury cash and deposits with Federal Reserve banks."
3 Less than $500,000.
NOTE.—For explanation of recent rearrangement of certain data in this table, see BULLETIN for February 1934, p. 93.
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MAY 1934 FEDEEAL RESERVE BULLETIN 275
ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVENOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT
[In thousands of dollars]
Apr. 30, 1934 Mar. 31, 1934 Apr. 30, 1933
Gold certificates on hand and due from United States Treasury.Gold.Redemption fund—Federal Reserve notes..Other cash
Total reservesRedemption fund—Federal Reserve bank notes
Bills discounted:For member banksFor intermediate credit banks..For nonmember banks, etc
Total bills discounted.
Bills bought:Payable in dollars:
Bought outrightUnder resale agreement __
Payable in foreign currencies.
Total bills bought
United States Government securities:Bought outrightUnder resale agreement
Total United States Government securities.Other Reserve bank credit:
Federal intermediate credit bank debenturesMunicipal warrantsDue from foreign banksReserve bank float (uncollected items in excess of deferred availability items).
Total Reserve bank credit outstandingFederal Reserve notes of other Reserve banksUncollected items not included in floatBank premisesFederal Deposit Insurance Corporation stockAll other assets
Total assets.
Federal Reserve notes:Held by other Federal Reserve banks.Outside Federal Reserve banks __.
LIABILITIES
Total notes in circulationFederal Reserve bank note circulation—netDeposits:
Member bank—reserve accountUnited States Treasurer—general account.Foreign bankOther deposits
Total depositsDeferred availability itemsCapital paid inSurplusReserves (Federal Deposit Insurance Corporation stock, self-insurance, e t c ) .All other liabilities
Total liabilitiesContingent liability on bills purchased for foreign correspondents..
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. TreasuryEligible paperUnited States Government securities
Total collateral..
FEDERAL RESERVE BANK NOTE STATEMENT
Notes issued to Federal Reserve banks (outstanding).Collateral pledged against outstanding notes:
Discounted and purchased bills _.United States Government securities
Total collateral.
4, 589,990 4, 303, 587
31,047222,034
32, 748200, 647
4, 843,0716,333
4, 536,982
38, 641
401
53, 670
"""398
;9, 042 54, 068
3,492
~5,~670~
23,273
" 5 , " 275'
8,562 28, 548
2, 431, 273 2, 445, 6361,600
2, 431, 273
200548
3,1312,574
2, 447, 236
5633,131
11, 536
2, 485, 33018, 414
364, 27952, 567
139, 29943,772
2, 545, 08216, 569
387, 63952, 44269, 65050,980
7,953, 065 7, 668, 430
18,4143,041,690
16, 5693,021, 734
3,060,10474, 582
3, 038, 303116, 876
3, 598, 528115,302
6,228262, 041
3,457, 06939,220
5,941151,166
3,364, 279146,395138,383161, 828
25, 395
3, 653, 396387, 639146, 221138, 383161,829
25, 783
7, 953,0654,296
7, 668, 4304,937
3, 316, 776 3, 264,452
2,987, 27123, 025
350,400
2, 861, 73454, 621
385,300
3, 360, 696 3, 301, 655
88, 852 132, 895
9110, 774
971161,774
110, 783 162,745
941,8122, 412,480
62,115310,694
3, 727,1013,318
433, 579
435,010
163, 527
7,181
170, 708
1,836, 488800
1, 837, 288
5,7263,6566,738
2, 459,12620,850295, 37254,185
46,103
6, 606,055
20,8503,407,061
3, 427,91147, 808
2,132,38959,19729,928
158, 248
2, 379, 762295,372150,171278, 59912,20614, 226
6, 606,05540,060
3, 678, 762
2,648, 692434,778639, 500
3, 722,970
67,374
40,80067,854
108,654
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
276 FEDERAL RESERVE BULLETIN M A Y 1934
ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK
[In millions of dollars]
Month
1932—October. _..November-December..
Total (12 mo.).
1933—JanuaryFebruary-_.MarchAprilM a y .JuneJu ly .AugustSeptember-OctoberNovember -December. .
Total (12 mo.) .
1934—January
February .MarchApril p
Goldstockat end
ofmonth
Analysis of changes
Increasein goldstock
Net goldimport
Net re-
from ear-mark i
Otherfactors
$l=258io grains .of gold nine tenths fine,an ounce of fine gold=$20.67
4,2644,3404,513
4,5534,3804,2824,3124,3154,3184,3204,3284,3244,3234,3234,323
70.875.6
173.5
52.9
40.0-173.4-97.2
29.53.62.22.77.5
- 3 . 8- 0 . 7
-0.5
-190.4
20.621.7
100.9
-446. 2
128.517.8
- 2 2 . 1-10 .0- 2 1 . 1- 3 . 2
- 8 3 . 9- 8 0 . 4- 5 6 . 7-32 .4- 1 . 1- 9 . 1
-173.7
45.848.671.0
457.5
- 9 1 . 5-178.3-100.1
33.722.13.5
84.579.549.326.90.6
11.8
-58.0
4.55.31.6
41.6
3.0-12 .9
25.05.72.61.92.18.43.64.80.4
- 3 . 1
41.4
2 4,033 2-289.3 - 2 . 8 12.2 >-298.7$l=15%i grains of gold nine tenths fine; i.e.,
an ounce of fine gold=%35" " 2,883.8
20.011.0
7,7,7,
438695756
3 405.0256.860.8
452.237.
50.
669
68.7—. 8
— 1. 1
r> Preliminary figures.1 Gold released from earmark at Federal Reserve banks less gold
placed under earmark (with allowance when necessary for changes ingold earmarked abroad for account of Federal Reserve banks),
2 Decrease during January reflects primarily omission from gold stockfor end of January of "gold coin in circulation"; see note 0) at bottomof this page.
Back figures.—See Annual Reports for 1932 (table 47), 1931 (table 30).
MOVEMENTS OF GOLD TO AND FROMUNITED STATESi
[In thousands of dollars]
From or to—
Belgium _EnglandFrance . . .GermanyNetherlandsSwitzerlandCanadaCentral AmericaMexicoArgentina .ColombiaEcuadorPeruUruguayVenezuelaAustraliaBritish IndiaChina and Hong
KongDutch East Indies—JapanPhilippine Islands. _All other countries 2-
Total
1934
April(preliminary)
Im-ports
23,6191,676
7,158
8,909
2,495
4,225
2,821
38
50. 941
Exports
March
Im-ports
136,95551 394
1933
January-March
E x P ° r t s i port's
1Q
10 8483,569
10, 302308
5,377
2,490108192
914
10, 436
2,933
1,0711,534
237 612
142376, 783175, 775
1m, 12012.65615 i 22,751
i 3799 ' 10,761
i 4, 150108224
298914
10, 436
i 3.5844
2,8212. Q75
44 fiQ2. 181
Exports
202,570
481
1,678
37
23
4,809
• With some exceptions figures represent customs valuations at rate of$20.67 a fine ounce through January 1934 and $35 a fine ounce thereafter
• Includes all movements of unreported origin or destination.
Back figures.—See Annual Report for 1932 (tables 49 and 50).
KINDS OF MONEY IN CIRCULATION[Money outside Treasury and Federal Reserve banks. In millions of dollars]
End of month Total Gold Goldcertifi-
Stand-ard
silverdollars
Silvercertifi-
Treas-ury
notesof 1890
Sub-sidiarysilver
Minorcoin
UnitedStatesnotes
Federale s e r v e | ^
Na-tional-banknotes
1933—January.. _February _MarchAprilM a y . .JuneJulyAugustSeptemberOctober. _.November.December.
1934—January —February. ,MarchApril v
5,6456,5456,3206,0035,8125,7215,6305,6125,6505,6355,7425,806
15,289i 5, 3541 5,394i 5, 368
479571367335324321320319312312311311
0)0)0)0)
591649393323280265252242232225219213
178167161157
350362376360359361365372385387394407
391399403400
250252258255256257258261265267269272
267270272275
111111112112112113113114115116117117
116117118118
287301266261265269275277280277285286
283289289282
2,7073,4053,6213,3623,1673,0612,9742,9532,9662,9302,998 |3,044 ;
!2,894 i2,949 I3,005 |3,025 !
33175099125129133156189206208
202194178162
836861879915922920914911909903913918
627938936918
v Preliminary figures.1 Omission of figures for gold coin reflects change in reporting practice of Treasury and Federal Reserve banks (effective Jan. 31, 1934, when fig-
ure would have been $287,000,000).
NOTE.—For figures of paper currency of each denomination in circulation see p . 311.Back figures.—See Annual Reports for 1932 (table 52), 1930 (table 32), and 1927 (table 22).
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MAY 1934 FEDERAL RESERVE BULLETIN 277
MEMBER BANK RESERVE BALANCES[In millions of dollars]
Average of daily figures
Month
1932—MayJuneJulyAugustSeptember..OctoberNovember-December..
1933—JanuaryFebruaryMarch 2
April 3May 3
June 3
July 3
August3
September 3_October 3
November 3 .December '_.
1934—January3...February 3 .March 3___^
Reserves held
Total—allmemberbanks
2,1382,0622,0032,0732,1812,3072,3782,435
2,5162,291
2,0402,0692,1602,2212,3312,4512,5572,5992,588
2,7402,7993,345
New YorkCity i
874783767832927
1,0011,0501,083
1,109
867878861796837
866
897872
3,227
Otherreservecities
80081978179712863887911
965
742773858936993
1,0561,1351,1811,193
1,2211,2711,422
"Country'banks
464459455444443444441440
442441
Excess reserves
Total—allmember
banks
277.1234.4204.4269.9345.5435.9482.2525.8
583.8417.3
431418441489501499529553567
622656
379.1319.1363.1435.7565.5674.5758.4794.1765.7
865.7890.8
1, 375. 1
New YorkCityi
155.189.475.0
127.7193.4241.6266.8283.2
286.274.5
150.2106.068.943.2
101.8155.2149. 0129.896.0
146.8118.3432.2
Otherreservecities
91.5111.491.6
108.9119.6160.5181.8206.9
254.2291.0
129.4132.0198.0252.9312.3371.5437.9474.7472.6
476.6509.1645.5
"Country'banks
30.533.637.933.332.433.733.735.7
43.451.8
99.581.296.2
139.6151.3147.8171. 5189.6197.1
242.4263. 4297. 4
1 Central reserve city banks only. 2 March data not available.
Back figures.—See Annual Reports for 1932 (tables 69 and 77), 1931 (tables 49 and 56).
s Licensed banks only.
MEMBER BANK DEPOSITS[In millions of dollars]
Month
T o t a l -all mem-
berbanks
Averages of daily figures
Net demand and time deposits
NewYorkCity i
Otherreservecities
"Coun-try"
banks
Total-all mem-
berbanks
Net demand deposits
NewYorkCity i
Otherreservecities
"Coun-try"
banks
Total-all mem-
berbanks
Time deposits
NewYorkCity1
Otherreservecities
"Coun-try"
banks
1332—MayJuneJulyAugustSeptember.OctoberNovember.December._
1933—JanuaryFebruaryMarch»April*May3 . .June3
July3
AugustSeptember 3_.October 3
November3..December3..
1934—January 3. _.February 3.M a r c h 3 . . . .
25,46625,07524, 71224, 74424,97325, 29225. 47625, 492
25, 64124,978
6,1595,9575,9516,0846,3086,5596,7626,877
7,0506,722
10,08110,0329,8309,8339,8539,9399,9649,941
10, 0239,847
9,2269,0878,9318,8278,8118,7958,7518,674
8,5688,409
14,67914,41314,15714,14114,40814, 67914,86414,965
15,11614, 645
5,3425,1545,1335,2175,4405,6295,8045,937
6,1095,842
5,4255,4335,3045,2835,3165,4025,4325,424
5,4705,368
3,9113,8263,7203,6413,6523,6493,6283,604
3,5373,435
10,78710,66310,55510, 60310,56510,61210,61210, 527
10,52510, 333
816803818867869929957940
4,6564,5994,5264,5504,5384,5374,5324,517
4,5534,479
21, 71022, 50922,97423,16023,03923,14023, 36923, 48623,646
24,24824, 67425, 288
6,1206,517
6,4246,2826,3186,341
6,215
6,3486.3706,671
8,5208,8429,0319,3099,3189,3459,4539,5319,659
9,96310.12410, 303
7,0717,1507,2737,4277,4397,4777,5757,6667,772
7,9528.1808, 314
13,07813,81514,24114,10013,92014,02714, 24314, 34714,567
15,02115, 34115, 851
5,3315,7665,9235,5975,4685,5165,5355,4755,452
5,5995,6245,943
4,7564,9915,1625,3295,2995,3335,4595,5435,691
5,8946,0486,172
2,9903,0583,1563,1743,1533,1783,2493,3303,424
3,5283,6683, 736
8,633
8,7329,0609,1199,1139,1269,1399,078
9,2279,3339,437
788751746826814802805814763
74974fi728
3,7643,8513,8693,9804,0194,0123,9943,9883,968
4,0434,0754,131
5,3155,2615,2115,1865,1595,1455,1235,071
5,0314,974
4,0814,0924,1174,2534,2864,2994,3264,3364,348
4,4354, 5124, 578
1 Central reserve city banks only. * March data not available.
Back figures.—See Annual Reports for 1932 (table 69), 1931 (table 49).
•'Licensed banks only.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
278 FEDERAL RESERVE BULLETIN M A Y 1934
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[In millions of dollars]
Call date
Totalloansand
invest-ments
Loansto
banks
Loans to other customers
Total
Se-cured
bystocksand
bonds
Se-cured
by realestate
Other-wise
securedand
unse-cured
Open-market loans
Total
Purchased paper
Accept-ancespaya-ble inUnitedStates
Ac-cept-ancespaya-
bleabroad
Com-mer-cial
paper
Loansto
bro-kersin
NewYorki
Investments
Total
U.S.Gov-ern-mentsecu-rities
Othersecu-rities
Totalloans
se-cured
bystocks
andbonds
TOTAL—ALL MEMBERBANKS
1930-June 30Sept. 24Dec. 31
1931—Mar. 25June 30 -Sept. 29Dec. 31
1932—June 30Sept. 30Dec. 31
1933—June 30 »Oct. 25 « -Dec. 30 2 _._
Mar. 52
NEW YORK CITY *
1930—June 30.Sept. 24Dec. 31 -
1931—Mar. 25 .—June 30Sept. 29Dec. 31
1932—June 30. _Sept. 30Dec. 31
1933—June 30 »Oct. 25»Dec. 30 2
Mar. 52
OTHER RESERVE CITIES
1930—June 30.Sept. 24Dec. 31
1931—Mar. 25June 30Sept. 29Dec. 31
1932—June 30Sept. 30Dec. 31
1933—June 30 >__Oct. 25 «Dec. 30 2
Mar . 5 2
" C O U N T R Y " BANKS
1930—June 30Sept. 24Dec. 31
1931—Mar. 25June 30Sept. 29 _Dec. 31
1932—June 30Sept. 30Dec. 31
1933—June 30 2Oct. 25 2Dec. 30 2Mar. 52
35, 65635,47234,86034, 72933, 92333, 07330, 57528,00128, 04527,46924, 78624,95325, 22026, 548
8,7988,5578,5828,4738,2878,2537,4606,7157,1127,3277,1336,971fi.9957,351
13, 70113,97113,75813,96513, 56713,01612,11511,04510,97910,5359,7809,95110,15710, 816
13,15712,94412,51912,29012,06811,80510,99910, 2409,9549,6077,8738,0318,0688,381
535466631446457599790573457444330297287225
196169283154150250374260203216162143146112
277235286235247284347254205178129120103
21, 56521,01021, 00719, 94019, 25718, 71317, 57015,26714,49713,90511,33711, 52311,31511,093
4,3084,2784,3384,0073,8393,8503,6942,8562,6382,6212,2972,4362,3952,321
9,0298,7268,9068,4098,1007,8457,4076,5196,1965,8794,8464,9124,7974,669
8,2298,0077,7627,5247,3187,0186,4695,8925,6635,4054,1944,1754,1234,103
8,0617,8647,9427,4237,1176,8426,2905,2925,0864,8483,9163,8093,7723,644
2,0222,0312,1371,9601,8971,8161,7281,3431,3001,2471,0821,0321,034
3,8113,6323,656
3,1883,0922,8062,4032,3042,1691,7021,6601,6301,566
2,2272,2002,1492,0972,0311,9351,7561,5461,4811,4321,1321,1181,1081,093
3,1553,1633,2343,2203,2183,1493,038
2,8852,8622,3722,3642,3592,382
157157147150160152153160154160157149148156
1,5241,5261,6311,6191,6211,5851,5381,4071,4061,3981,1601,1441.1511,158
1,4751,4801,4551,4491,4371,4111,3461,3281,3241,3041,0551,0701,0611,068
10, 3499,9829,8319,2988,9228,7228,2427,0816,5276,1955,0495,3505,1845,067
2,1292,0902,0541,8961,7821,8811,8131,3531,1841,2141,0571,2541.2131,180
3,6933,5673,6203,4233,2913,1683,0632,7092,4862,3121,9842,1082,0161,945
4,5274,3264,1583,9783,8493,6733,3673,0182,857
2,0071,9871,9551,942
3,1133,2622,2332,4542,1031,563901747970855
1,1911,2381,2311,387
2,0911,9121,5251,6511,4971,121695565763701964891912
7101,064531645470326135118151115184274258306
3122861771581351167164553943736295
170205315361
146313407375291303223350
144148188199296201107262341330224233170276
185412215891673538584463685064
716255101113704134343025243726
5075233663613842961401221159387164132157
3013372122121891676262654651917889
171164120114101814836362827463454
2,3652,4721,4981,6301,217928575278414357788748840855
1,8831,7141,2811,3671,063839542258391337720624706687
35364316722712456167141258100112138
1291154936303216139810232230
10, 44210, 73410, 98911,88912,10612,19911, 31411, 41412,12112,26511,92811,89412, 38613,842
2,2032,1982,4352,6622,8013,0322,6973,0333,5083,7893,7093,5013, 5423,932
3,6853,9474,0354,6764,7504,5614,2264,1544,4274,3624,6214,6455,0005,763
4,5554,5894,5194,5504,5554,6064,3924,2264,1874,1143,5983,7483,8454,148
4,0614,0954,1255,0025,3435,5645,3195,6286,3666,5406,8876,8017,254
1,1471,0911,2391,4661,6561,8301,7682,0082,4292,6032,5512,3202,3622,768
1,6861.7851.7272,3132,4082,3012,1332,1872,4662,4622,8672,8893,2093,954
1,2291,2191,1591,2241,2791,4331,4181,4321,4711,4741,4691,5921,6831,946
6,3806,6396,864
6,7636,6355,9965,7865,7555,7265,0415,0935,1325,175
1,0561,1071,1971,1961,1451,202
9281,0251,0791,1861,1581,1811,1791,164
1,9992,1612,3082,3642,3422,2602,093.,966L, 961,900,754,757.790
1,809
3,3263,3703,3593,3263,2763,1722,9742,7942,7152,6402,1292,1562.1622,202
10, 65610,5119,7549,2728,5638,0817,3205,9165,7705,4474,8844,7134,7694,606
3,9833,7983,5503,3973,0262,7802,4741,7571,8111,6991,8881,7281,8241,724
4,3064,3873,9913,7293,4593.3173.0502,5852,4562,2981,8461,8361,8091,753
2,3672,3262,2132,1472,0781,9851,7961,5741,5031,4501,1501,1481,1361,129
1 Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.2 Licensed banks (operating on an unrestricted basis).3 Central reserve city banks only.Back figures.—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (table 53), but comparable
figures of total loans secured by stocks and bonds are given for June 30,1925-28, in the board's Annual Report for 1928 (table 52); for separate figuresof United States Qovernment securities and other securities back to 1914, see Annual Report for 1932 (table 73).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY J934 FEDERAL RESERVE BULLETIN 279
ALL BANKS IN THE UNITED STATES[Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State
supervision]
LOANS AND INVESTMENTS[In millions of dollars]
Date
All banks
Total Loans Invest-ments
Member banks
Total Loans Invest-ments
Nonmember banks
Mutual savings banks
Total Loans Invest-ments
Other nonmember banks
Total Loans Invest-ments
1929— Mar. 27.June 29_.Oct. 4 . . .Dec. 3 1 -
1930—Mar. 27.June 30—Sept. 24.Dec. 31..
1931—Mar. 25.June 30..Sept. 29.Dec. 31..
58, 01958, 47458,83558, 417
57, 38658,10857, 59056, 209
55, 92455, 02153, 36549, 704
1932—June 30 46,071Sept. 30 45,852Dec. 31 44,946
1933—June 30* i 40,089Oct. 25 3... iDec.30.... 1^40,479
1934—Mar. 5.
40, 55741,51242, 20141, 898
40, 68640, 61839, 71538,135
36,81335, 38433, 75031, 305
27,83426,98526,063
22, 215
22, 081
17, 46216, 96216, 63416, 519
16, 70017,49017,87518,074
19,11119,63719,61518, 399
18, 23718, 86718, 883
17, 874
> 18, 398
35,39335,71135, 91435, 934
35, 05635, 65635,47234,860
34, 72933,92333,07330, 575
28,00128, 04527, 469
24,78624, 95325, 220
26,548
24, 94525,65826,16526,150
25,11925, 21424, 73823, 870
22, 84021, 81620, 87419, 261
16, 58715,92415,204
12,85813, 05912. 833
12,703
10, 44810, 0529,7499,784
9,93710, 44210, 73410, 989
11, 88912,10612,19911,314
11,41412,12112, 265
11,92811, 89412, 386
13,842
1 9, 3909,556
i 9, 5569,463
i 9, 4639,747
1 9, 747
1 9,98710, 506
1 10, 50610,488
10, 3161 10, 31610,182
10,044
P 9 , 9 3 5
I 5, 6945,892
i 5,8925,945
1 5,9456,009
i 6, 0096,068
6,169» 6,1696,218
6,130i 6,1306,079
5,941
V5,~892~
» 3, 6963,664
i 3, 6643,518
i 3, 5183,739
i 3, 7393,920
i 3, 9204,337
» 4,3374,270
4,186i 4,1864,103
4,103
13, 23613, 20713, 36613,020
12,86812, 70612,37111,362
11, 20810, 5939,7868,641
7,7557,4917,295
5,258
9,9189,96110,1449,803
9,6239,3958,9688,196
7,9067,3996,7075,827
5,1174,9314,780
3,415
3,3173,2463,2213,217
3,2453,3093,4023,165
3,3023,1943,0792,814
2,6372,5602,515
1,843
M,043 5, 322 P3,356
1 Figures of preceding call carried forward.2 Beginning June 30, 1933, all bank figures (other than mutual savings banks) represent licensed banks only, with some exceptions as to non-
member banks.3 Nonmember bank figures not available.p Preliminary.
DEPOSITS, EXCLUSIVE OFDEPOSITS
[In millions of dollars]
INTERBANK
Date Allbanks
11 MemberI banks
Nonmember banks
Mutualsavingsbanks
1929—Mar. 27 __J 54,545 | 33,215 i 8, 849June 29.. j 53,852 ! 32,284 8,983Oct. 4 ! 55,180 33,004 18,983Dec. 3 1 . . . | 55,289 33,865 8,916
1930—Mar. 27 | 53,185 1 32,082 1 i 8,916June30 J 54,954 I 33,690 9,197Sept. 24 I 52,784 !j 31,839 { i 9,197Dec. 31 | 53,039 | 32,560 9,507
1931—Mar. 25 I 51,427 l| 31,153 I i 9, 507June30 \ 51,782 I 31,566! 10,017Sept. 29 . . . J 49,152 29,469! i 10,017Dec. 31 | 45,821 j 27,432 10,105
1932-June30 | 41,963 24,755 10,020Sept. 30 j 41,942 I 24,903 i 10, 020Dec.31 | 41,643 ! 24,803 10,022
38,011 | 23,338 9,713I 23,453
1933-June302Oct. 253Dec. 30. | p 38, 644
1934—Mar. 5 |
23,774
25,293
P9, 653
Chernonmem-ber banks
12,48112, 58413,19312, 507
12,18712, 06711, 74810, 972
10, 76710,1999,6668,284
7,1887,0206,818
4,961
For footnotes see table above.
NUMBER OF BANKS
Date
1929—Mar. 27June 29Oct. 4Dec. 31
1930—Mar. 27June 30Sept. 24Dec. 31..
1931—Mar. 25June 30Sept. 29Dec. 31
1932—June 30Sept. 30Dec. 31
1933—June 302
Oct. 253
Dec. 30
1934—Mar. 5
Total
25,34125,11024,95124,630
24, 22323,85223, 59022, 769
22,37221,90321, 29419,966
19, 04618,79418, 390
14, 530
P 1 5 , 2 1 1
Member banks
Total
8,7558,7078,6168,522
8,4068,3158,2468,052
7,9287,7827,5997,246
6,9806,9046,816
5,6065,8186,011
6 206
Na-tional
7,5697,5307,4687,403
7,3117,2477,1927,033
6,9306,8006,6536,368
6,1456,0806,011
4,8975,0525,154
5,288
State
1,1861,1771,1481,119
1,0951,0681,0541,019
998982946878
835824805
709766857
918
Nonmemberbanks
Mu-tualsav-ings
banks
1612611
i 611609
1609606
1606603
1603600
1600597
5941594
594
576
P 5 8 1
Othernon-mem-ber
banks
15,97415,79215,72415,499
15, 20814,93114,73814,114
13,84113,52113,09512,123
11,47211, 29610,980
8,348
p 8, 619
For footnotes see table above.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
280 FEDERAL RESERVE BULLETIN M A Y 1934
REPORTING MEMBER BANKS IN 91 LEADING CITIES
[In millions of dollars]
Date
1933—Nov. 1-Nov. 8_.Nov. 15.Nov. 22.Nov. 29.
Dec. 6..Dec. 13.Dec. 20.Dec. 27-
1934—Jan. 3.. .Jan. 10_.Jan. 17_.Jan. 24..Jan. 31-
Feb. 7 -Feb. 14.Feb. 21.Feb. 28.
Mar. 7-Mar. 14Mar. 21Mar. 28
Apr. 4. .Apr. 11-Apr. 18.Apr. 25.
Total—911 leading cities
Loans and investments
Total
16,74916,71916,68116,61916,672
16,60016,51916,69416, 666
16,595
16, 44716, 39617,121
17,08217,09217,49417,400
17,42517, 51317, 52617,472
17, 50817, 61117, 51317,471
Loanson se-
mrities
3,6043,5903,5573,5493,569
3,5563,5963,6003,628
3,6203,4973,4863.4983,609
3,5873,5313,6303,520
3,4953,5933,5533,514
3,5693,6123,5803,516
Allotherloans
4,9895,0035,0004,9594,999
4,9414,8754,8594,774
4,7654,7124,7324,7134,740
4,7134,7554, 7184,665
4,6734,6884, 6434,647
4,6684,6984,6234,604
Investments
Total U.S. se-curities
8,1568,1268,1248,1118,104
8,1038,0488,2358,264
8,2108,1798,2298,1858,772
8,7828,8069,1469,215
9,2579,2329,3309,311
9,2719,3019,3109,351
Borrowingsat F.R.banks
5,1645,1475,1385,1115,114
5,1365,1485,2885,267
5,2055,2105,2235,2455,786
5,8475.8676,1996,249
6,2786,2296.2726,227
6,1756,2346,2266,282
New York City
Loans and investments
Total
6,8226,7786,7546,7196,804
6,7336,6506,7306,756
6,7076,5366,5796,569
6,9646,9227,0967,006
7,0697,2137,1997,193
7,2967,4057,2387,138
Loanson se-
curities
1,6661,6571,6241.6181,651
1,6301,6631,6661,722
1,7441,624,620,646,748
,729
,677769
,649
,733
.687,663
,720,756,723
1,674
Allotherloans
1,7591,7711,7691,7281,790
1,7371,6811,6951,664
1,6701,6441,6591,6661,718
1,6911,7341,7071,662
1.6611,6731.6371,629
1,6551,6751,6011,594
Investments
Total U.S. se-curities
3,3973,3503, 3613,3733,363
3,3663,3063,3693,370
3,2933,2683,3003,2573,520
3,5443,5113,6203,675
3,7593,8073,8753,901
3,9213,9743,9143,870
2,2742,2312,2312,2302,225
2,2492.2512,2692,253
2,1872,1702,1852,2012,421
2,4852,4482,5532,585
2,6682,7042,7172,720
2,7172,8042.7422,716
Bor-rowingsat F.R.banks
90 other leadingcities
Totalloans
and in-vest-
ments
9,9279,9419,9279,900
9,8679,8699,9649,910
9,8529,8689,82710,135
10,11810,17010, 39810,394
10, 35610, 30010, 32710,279
10,21210, 20610, 27510, 333
Bor-rowingsat F.R.banks
2421212225
24252324
2521212013
12101112
1010
i Increased from 90 to 91 on Jan. 10, 1934, in order to compensate for the withdrawal from membership of a reporting member bank located inanother city.
Back figures.—See BULLETIN for August 1933, pp. 519-523.
BROKERS' LOANSREPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings on demand and on time. In millions of dollars]
End of month
JanuaryFebruaryMarch
AprilMayJune-
JulyAugustSeptember
OctoberNovemberDecember
Total
1933
359360311
322529780
916917897
776789845
1934
903938981
1,088
From NewYork banks
and trust com-panies
1933
270298247
268461694
822841806
706712776
1934
839862873
973
From privatebanks, brokers,foreign banking
agencies, etc.
1933
906264
546886
P47691
707769
1934
6476
108
116
Back figures.—See Annual Reports for 1932 (table 84) and 1927 (table 47).
MADE BY REPORTING MEMBER BANKS IN N.Y. CITY[In millions of dollars. Monthly data are averages of weekly figures]
Month or date
1933—AprilMayJuneJulyAugustSeptember.OctoberNovember.December.
1934—January....February..MarchAprilApr. 4Apr. 11Apr. 18. . . .Apr. 25
Total
399578755919877847779723759
802889886975
9551,002
948
Forown ac-count
374555712806747741663611631 |
657 I731 |736813
For ac-count ofout-of-cown
banks l
For ac-count of
others
798842827786
211736
10512298
111106122
137149148156
151155162154
i Member and nonmember banks outside New York City (domesticbanks only).
Back figures—See Annual Reports for 1932 (table 83), 1931 (table 62),1930 (table 56), etc.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1934 FEDERAL RESERVE BULLETIN 281
ACCEPTANCES AND COMMERCIAL PAPERBANKERS' ACCEPTANCES OUTSTANDING (DOLLAR
ACCEPTANCES)
[In millions of dollars]
End of month
1931—December.__
1932—JanuaryFebruary. . .March.AprilMayJune.JulyAugustSeptember..OctoberNovember..December...
1933—JanuaryFebruary. . .March.AprilMay.JuneJuly.AugustSeptember. _OctoberNovember. _December...
1934—JanuaryFebruary. . .March
Totalout-
stand-ing
974
961919911879787747705681683699720710
707704671697669687738694715737758764
771750685
Held by Fed-eral Reserve
banks
Forownac-
count
305
1197636164
3612
32344
2307280164
1341
2111
18127
105' 5 6
23
Forac-
countof for-eign
corre-spond-ents
251
31431233529218398594943393240
41304543363637404131
34
455
Held
Tz-vtoli otai
262
332343377455510518563574573605655604
626325261404505487552499517592599442
567581576
by acceptingbanks
Ownbills
131
159175155188225200197198159199268224
256201153206229201248252236271273223
255266252
Billsbought
131
174168222268286318366376414406386380
370124108199276287304247282321326219
312315324
Heldby
others
156
1951891631159096705564522862
38428586
115123147154156112138190
9511486
rtRevised.Figures for acceptances outstanding (and held by accepting banks)
from American Acceptance Council.Back figures.—See Annual Reports for 1932 (table 91), 1931 (table 70),
1930 (table 64), 1929 (table 58), and 1928 (table 61).
ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES-HOLDINGS OP FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1931
36,11923,9581,0631,0741,073
10, 55134, 371
145,21548, 80433, 50133, 38633, 429
1932
33,44433, 47830, 77830, 73630,83730, 76230, 64530, 83430, 84930, 65930, 65229,489
1933
29, 03628,99724, 7887,1816, 9817,0896,8216,1996,0685,6865,8416,033
1934
5,9775.8875,2755,070
Back figures—See Annual Report for 1932 (table 24).
CLASSES OF BANKERS* ACCEPTANCES (DOLLARACCEPTANCES)
[In millions of dollars]
End of month
OUTSTANDING
1933—MarchApril .MayJuneJulyAugust. __September...OctoberNovember-December _
1934—JanuaryFebruaryMarch
HELD BY F. R. BANKS(OWN ACCOUNT) 1
1933—MarchApril.MayJuneJulyAugustSeptemberOctoberNovember..December
1934—JanuaryFebruaryMarch
Total
671696669687738694715737758764
7717.r>0635
280164
1341
2111
18127
105"•56
23
Based
im-
intoU.S.
737777808695
103999894
8998
103
3320
27
(2)(2 )
(2 )
723
18115
Basedon ex-portsfromU.S.
175176174168168160171185200207
225203186
5635
361
(2 )
(2 )
222
21116
Basedon goodsstored inUnitedStates(ware-house
credits)or
shippedbetweendomestic
points
184199185217255229237253278277
277261226
8738
211
(2)1
(2 )
439
30157
Dollarex-
change
81099
1044544
543
42
(2 )
( 2 )1
222
Basedon
goodsstored
inforeigncoun-
tries orshipped
tweenforeignpoints
230234225213219206199195180182
175184168
9766
616
1
(2 )
( 2 )
439
31164
r Revised.1 Total holdings of Federal Reserve banks include a small amount of
unclassified acceptances.2 Less than $500,000.Back figures.—See Annual Reports for 1932 (tables 88 and 23), 1931
(table 15), 1930 (tables 61 and 14).
COMMERCIAL PAPER OUTSTANDING[In millions of dollars]
End of month
January. . .February.MarchAprilMayJuneJulyAugustSeptemberOctober. __November.December.
1931
327315311307305292289271248210174118
1932
10810310610811110310010811011311081
1933
85847264607397
107123130133109
1934
108117133
Back figures.—See Annual Report for 1930 (table 60).
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282 FEDERAL RESERVE BULLETIN M A Y 1934
FEDERAL RESERVE BANK RATESRATES ON REDISCOUNTS FOR AND ADVANCES TO
MEMBER BANKS
Federal Reservebank
Rate ineffect onMay 1
BostonNew YorkPhiladelphia.—ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco.-
Rediscounts and advances un-der sees. 13 and 13a of theFederal Reserve Act
2iy2
23
Date estab-lished
Previ-ous rate
Feb.Feb.Nov.Feb.Feb.Feb.Oct.Feb.Mar.Feb.Feb.Feb.
8,19342,193416.19333,19349,1934
10.1934
21.19338,193416.19349,19348,1934
16,1934
Rate ineffect onMay 1
3H
33
Advances under sec.10b of the FederalReserve Act
Date estab-lished
Oct.Oct.Oct.Oct.Mar.JulyOct.Oct.Mar.Mar.Mar.Oct.
20,19332,193320,193321,193316,193315,193316,193321,193314,1933
23.193312.193419,1933
RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID-UALS, P A R T N E R S H I P S , AND CORPORATIONS
Federal Reservebank
BostonNew York...PhiladelphiaClevelandRichmond . ._AtlantaChicago _.St. LouisMinneapolisKansas City_-«.__ ._DallasSan Francisco
Discounts and advancesunder par. 3 of sec. 13of the Federal Re-serve Act
Rate ineffect onMay 1
666665666666
Date estab-lished
Aug. 11,1933Aug. 10,1933Aug. 12,1933Aug. 20,1933Aug. 10,1933Mar. 20,1934Aug. 13,1933Aug. 10,1933
doAug. 20,1933Sept. 8,1933Sept. 2,1933
Advances secured bydirect obligations ofthe United States(last paragraph of sec.13 of the Federal Re-serve Act)
Rate ineffect onMay 1
4Wi444444H4M444
Date estab-lished
Oct. 20,1933Feb. 8,1934Oct. 20,1933Oct. 21,1933Feb. 19,1934Mar. 17,1934Oct. 16,1933Mar. 15,1933Apr. 15,1933Feb. 23,1934Mar. 12,1934Oct. 19,1933
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Maturity! Rate in
effect onMay 1
1-15 d a y s . . .16-30 days . .31-45 days . .46-60 days. _61-90 days. .91-120 days.121-180 days
Date estab-lished
Oct. 20,1C33dodo
y2\ doVi do% do
1 do..,-
Previousrate
111111IK
NOTE.—Rates on prime bankers' acceptances,charged for other^classes of bills.
Higher rates may be
Back figures.—See Annual Reports for 1932 (table 54) and 192S (table 35).
OPEN-MARKET RATES
SHORT-TERM RATES IN NEW YORK CITY
[Percent per annum]
Month or week
1933AprilMayJuneJu ly . .AugustSeptemberOctoberNovemberDecember
1934JanuaryFebruaryMarchApril
Week end ing-Mar. 31
Apr. 7Apr. 14Apr. 21Apr. 28
Prevailing rate o n - Average rateo n -
Primecom-
mercialpaper,4 to 6
months
2 -3M2 -
IX
l -INl -IK
l -IXlll
Primebank-ers'
accept-ances,
90days
V2
XX
X-V2
xVs-Xy%-x
Timeloans,
90days 2
1 -1 -IX
-IX
l -IX
U-i3 / 4 - 1
-l
Call loans3
New Re-newal
1.291.001.001.00.98.75.75.75.94
1.001.001.001.00
1.001.001.001.001.00
U.S.Treas
urybills,
3months *
1.371.001.001.00.98.75.75.75.94
Average yieldon—1
I
1.001.001.001.00
1.001.001.001.001.00
0.78.43.26.35.26.11.13.38
.66
.63
.09
.08
.07
.08
U.S.Treas-
urynotesand
certifi-cates,3 to 6
months
0.45.29
*.07.19.01
s.04.09.22
.25
.OS*. 01
(6 )
i Yield on Treasury bonds, previously included in this table, nowshown in table on bond yields on p. 285.
^ Stock exchange 90-day time loans.3 Stock exchange call loans; new and renewal rates.4 Average rate of discount on issues sold by U.S. Treasury within
period.• Change of issue on which yield is computed,fi Negative yield.
Back figures.—See Annual Reports for 1932 (tables 56 and 57), 1931(tables 39 and 40), 1930 (tables 36 and 37), 1929 (tables 35 and 36), etc.
RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES
[Weighted averages of prevailing ratesj
Month
JanuaryFebruaryMarch. _AprilMayJuneJulyAugustSeptember-OctoberNovember...December...
New York City
1932
4.714.714.724.694.554.614.424.454.304.354.124.22
1933
4.124.114.884.334.244.103.933.973.793.763.523.48
1934
3.583.433.313.39
8 other northernand eastern cities
1932
5.075.135.145.105.145.135.055.125.034.964.884.88
1933
4.894.845.395.094.994.974.824.684.654.514.544.59
1934
4.654.494.524.52
27 southern andwestern cities
1932
5.615.615.645.635.645.625.635.685.635.565.555.60
1933
5.605.565.665.685.665.625.545.535.555.505.425.43
1934
5.405.395.405.34
mmBack figures.—See Annual Reports for 1932 (table 59), 1931 (table 42).
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M A Y 1934 FEDERAL RESERVE BULLETIN 283
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBTVOLUME AND KIND OF SECURITY
[In millions of dollars]
End of month
1932September-OctoberNovember.-December..
1933JanuaryFebruary...MarchAprilMay -.June. . .JulyAusustSeptember-OctoberNovember..December...
1934JanuaryFebruary...MarchApril
Total(grossdebt)
20, 61120,81320, 80720, 805
20, 80220, 93521, 36221,44121, 85322, 53922, 61023,09923,05123,*05023, 53423, 814
i'25,071I 26,052' 26,15726,118
Interest bearing
Total
20, 29620,48520, 47620,448
20, 45420, 58420,992.21, 08721,46922,15822, 24022. 72322, 67222, 66923,16123,450
24,72025, 70725, 69825, 599
Bonds
14,25714, 25714, 25714, 223
14, 23014, 23014, 23014.23014, 22314,22314, 23915, 07415, 07415, 07415, 56915, 569
15, 6C015, 57915,57915,718
Notes Certif-icates
3,0313,5393,5393,299
3,2983,5763,5753,5764,1484,7804,8015,1535,1515,1505,1485,125
5, 6266,4726, 9256,689
2,3852,0442,0382,284
2,2852,1382,3692, 3632,1192,2002,2461,5431,4951,4931, 4921, 753
2,2802,2781,8161,814
Bills
Nonin-terestbear-ing
623645643642
641641817918979955954953952952952
1,003
1,2141,3781,3781,378
315328331357
348350371354385381370376379381373364
351345459519
• Revised.
MATURITIES[In millions of dollars]
Interest-bearing debt
Total i Bonds' Notes i Certif- .icates > Bills
Outstanding Apr. 30, 1934—Total
Obligations maturing—Before Aug. 1, 1934Aug. 1-Oct. 31, 1934Nov. 1, 1934-Apr. 30,
1935May 1-Dec. 31, 1935 I 1,1891936. 1,3301937 1,7491938 4,4911941 ! 8341943 !After 1943
Other obligations 4
25,599 || 15,718 6,
1. 119 |l 2 1072,668 11 3 1,247
1,520
10345
8988,7631,038
49
3,141834898
8,763678
5281,1891,2811,7491,350
238
1,814
175525
1,378
827551
122 i1 Issues classified as of date of final maturity; most issues are callable
at earlier dates. Amount callable before May 1, 1935, and not yetcalled, $5,801,000,000, including certain pre-war "issues that are held ascollateral for circulating notes.
2 Approximate amount of 4th Liberties called for redemption Apr. 15,1934, and not yet redeemed.
3 Approximate amount of 4th Liberties called for redemption Oct. 15,1934.
4 Includes the 2 percent Consols of 1930, which are held as collateral forcirculating notes, and such issues as Postal Savings bonds, retirement-fund notes, and adjusted service certificate series, in which special fundsare invested.
SUMMARY OF TREASURY OPERATIONS[In millions of dollars. On basis of daily statement of United States Treasury]
Period
Receipts
Total iInternal revenue I Customs
andmiscel-laneous
Incometax Other
Expenditures
Total» General3 Emer-gency *
I Increase or decreaseExcess of I during periodreceipts { I
or ex-pendi-tures
Generalfund
balanceGrossdebt
Fiscal year ending:June 1932June 1933
10 months ending:April 1933April 1934
1932OctoberNovemberDecember
JanuaryFebruary-..MarchApril _.MayJuneJulyAugustSeptember..OctoberNovember-December..
1933
January..February..MarchApril
1934
2.1212,238
1, 7655 5, 431
148125352
1341212S3131167306179197333273219342
2295 3, 0245 4355 199
1,057746
583605
1415
141
1624181191614713141361019133
102323215
504858
658
786773
7064676994106113135146195 I127158
163149167137
445475
394392
33128
302324254733373839506341
4,8624,845
3,8965 7,579
457283386
357360439461456494278321339509505703
972644624
6 2, 684
3,9733,404
2,7672,239 !
i
358 |235 !297 ;
226 '200273338249388196171248396201227
148188160305
7681,277
-2,741-2,607
1,002 -2,1313,231 -2,148
833776
112147157109192827513981104294463
- 3 0 9- 1 5 8
- 3 4
- 2 2 3 |- 2 3 9 !- 1 5 6 |- 3 3 1 !- 2 8 9 I
I- 2 3 6- 2 8 6 !- 3 6 1 :
- 5 5+445-176 i
+1,432 |
-107-165- 3 5
-227-106+271-252+124+498- 2 8
+366- 5 4
-236+198
- 8 1
-743 • +511+2,380 j +3,364
-189447450 ,370 -2,485 | -2,524
+2,686+3,052
+ 1,954+3, 580
+201- 6- 1
A
+133+428+79
+412+685+71
+489-48
0+484+280
+1, 254+984+105- 3 9
1 Total includes trust and contributed fund receipts not shown separately.2 Total includes trust and contributed fund expenditures not shown separately.3 Includes also special fund expenditures and excludes public-debt retirement. Beginning July 1933, on the basis of a new classification of accounts,
certain items formerly included in general expenditures are carried as emergency expenditures.* Prior to July 1933 emergency expenditures include only net expenditures for the Reconstruction Finance Corporation; other expenditures
later classified as emergency, are included in general expenditures.5 Includes increment, amounting to $2,808,000,000 in February; $2,000,000 in March, and a small amount in April, resulting from reduction in
the weight of the gold dollar.6 Includes $2,000,000,000 charged against increment on gold and transferred to exchange stabilization fund.
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284 FEDERAL RESERVE BULLETIN MAY 1934
RECONSTRUCTION FINANCE CORPORATION
LOANS, SUBSCRIPTIONS, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
LOANS AND SUBSCRIPTIONS
Loans under sec. 5 of the Reconstruction Finance Corporation Act, asamended:
Banks and trust companies (including receivers, liquidating agents,and conservators) l
Building and loan associationsInsurance companiesMortgage-loan companiesCredit unionsFederal land banksJoint stock land banks _.Agricultural credit corporationsRegional agricultural credit corporationsLivestock credit corporations.. _ . .Railroads (including receivers)State funds for insurance of public moneysProcessors or distributors for payment of processing taxes
Total
Other loans:Self-liquidating projects, sec. 201 (a) (including repairs to property
damaged by earthquakes, etc.) . . .Financing exports of agricultural surpluses, sec. 201 (c)Financing agricultural products, sec. 201 (d)Commodity credit corporation -Loans on preferred stock of banksLoans on preferred stock of insurance companiesLoan to Secretary of Agriculture for purchase of cottonLoans to drainage, levee, and irrigation districts .
Total
Subscriptions:Subscriptions for preferred stock of banksPurchases of capital notes and debentures of banks
Total
Total loans and subscriptions
ALLOCATIONSFor relief:
Federal Emergency Relief Act of 1932Federal Emergency Relief Act of 1933
Total
To other Government agencies:To Secretary of the Treasury for—
Purchase of stock of Federal home loan banksPurchase of stock of Home Owners' Loan Corporation
To Land Bank CommissionerTo Federal Farm Mortgage CorporationTo Secretary of Agriculture:
Crop loans . _ _Reallocated as capital regional agricultural credit corporationReallocated to Governor of Farm Credit Administration
Total
Total allocations
Total loans, subscriptions, and allocations.
Proceeds disbursed, less repaymei
Mar. 31,1933
691,38686,47472,260
113, 353436
18,8005,2432,227
55,3805,095
310,920
1,361, 574
20, 684
1,205
250
22,139
12,500
12, 500
1, 396, 213
201, 374
201, 374
30, 620
75, 00033, 00Q
138, 620
339,994
1, 736, 207
Jan. 31,1934
710,68563, 61757, 383
180, 497500
193, 61813, 7521,504
31, 6092,263
340, 7265,618
14
1, 601, 786
71, 7469,0633,816
130, 87914, 4324,375
2,414
236, 725
227, 555168, 485
396, 040
2, 234, 551
299, 015435,915
734,930
77, 74629,000
147, 600
115,00044, 50040, 500
454,346
1,189,276
3, 423,827
Feb. 28,1934
700, 27860,14154,249
167, 610499
193, 61813,4041,270
31,1692,119
345, 2055,092
13
1, 574, 667
71.22010,0764,371
153,52514, 7454,375
2,414
260, 726
257,438192,947
450,385
2, 285, 778
299, 01147$, 244
777,255
79,14639,000
147,60055,000
115, 00044,50040, 500
520, 746
1, 298,001
3, 583, 779
Mar. 31,1934 v
657,37955,85451,700
161, 574494
193, 61811,7311,141
24,8681,924
345,1814,214
13
1,509,691
80,19511, 0734,402
161,54916,1674,375
2,525
280, 286
354, 918221, 963
576,881
2, 366,858
299, 003487, 026
788,029
79,64659, 000
147,60055,000
115, 00044, 50040, 500
541, 246
1,327,275
3, 694,133
i t s
Apr. 30,1934 v
627,46050,79938, 575
188,008489
193, 61810, 618
90316,7171,719
344,9342,764
9
1,476,613
82, 66612, 3304, 257
163,07816, 67615,875
2,643
297, 525
393,872245,639
639,511
2,413, 648
298,898487,061
785,959
80, 44669,000
147, 60055 000
115 00044, 50040, 500
552,046
1,338,005
3, 751, 653
Proceeds not yetdisbursed
Jan. 31,1934
160,9241,8727,146
100, 238
3,3935
3,193309
9,970
11
287,061
141, 29143, 5043,008
315, 8053,323
23, 015
529,946
169, 580171, 593
341,173
1,158,180
1563,822
63,837
46, 995171 000152 400
370,395
434, 233
1, 592,413
Feb. 28,1934
151,6361,8977,208
101, 568
3,063
2,400409
5,231
4
273,416
138,86612,4384,777
287, 5917,813
26,018
477, 503
187,932160,996
348,928
2 1,099,847
1521, 448
21, 463
45, 595161 00097 400
303,995
325, 458
21,425, 305
p Preliminary.1 Loans to receivers, liquidating agents, and conservators of closed and unlicensed banks on Feb. 28,1934, amounted to $349,079,000, representing
proceeds disbursed less repayments, and $143,937,000, not yet disbursed.2 In addition the corporation as of Feb. 28, 1934, had approved in principle loans of $216,851,000 and subscriptions of $174,275,000 upon the per-
formance of specified conditions.
Back figures.—-See BULLETINS for December 1933, pp. 738-9, and February 1934, pp. 103 and 132.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
M A Y 1934 FEDERAL RESERVE BULLETIN 285
BOND PRICES[Averages]
Year, month, or date
Number of issues
1932 average1933 average
1933—AprilMayJuneJuly.August..September.OctoberNovemberDecember
1934—JanuaryFebruaryMarchApril
Apr. 4Apr. 11Apr. 18Apr. 25
UnitedStates
Govern-mentbonds
Corpo-rate andmunic-
ipal(high-grade)
M4
99.2102.2
101.3102.4103.2103.3102.9103.0102.9100.5100.0
100.3101.9102.8103.7
103.5103.7103.6103.9
Other bonds l
»60
81.184.0
75.482.086.889.689.987.986.582.683.6
88.392.995.197.0
95.896.997.597.6
Corporate
Total
60
69.473.4
64.872.477.781.580.877.575.372.173.6
78.584.084.887.0
85.687.087.587.9
Indus-trial
20
63.269.2
61.068.272.875.675.974.572.770.571.5
75.679.880.582.8
81.382.983.383.3
Rail-road Utility
20
64.870.5
58.969.476.182.281.276.873.568.572.2
79.085.886.488.7
86.888.789.489.8
80.580.6
74.779.584.286.885.381.479.777.377.1
80.986.587.789.7
88.789.489.990.5
1 Price indexes derived from average yields. '2 Nov. 1, 1933, to Apr. 16, 1934, 13 issues; Aug. 15, 1933, to Nov. 1, 1933
12 issues: prior to Aug. 15, 1933, 11 issues.* 45 corporate and 15 municipal.Source.—For United States Government bonds, Federal Reserve Bank
of New York; for other bonds, Standard Statistics Co.
BOND YIELDS1
Year, month, ordate
Number of issues
1932 average1933 average
1932—December
1933—JanuaryFebruaryMarch.April.. . .MayJune . .JulyAugustSeptemberOctoberNovemberDecember
1934—JanuaryFebruaryMarch..April.
Apr. 4.Apr. 11Apr. 18Apr. 25
U.S.Treas-
ury
3
3.743.47
3.48
3.393.473.583.553.473.403.383.403.403.423.603.64
3.623.493.423.35
3.363.353.363.34
Munic-ipal ^(high-grade)
15
4.654.71
4.37
4.234.284.885.055.274.714.604.544.594.604.894.89
4.674.484.244.11
4.184.144.074.05
Corporate, by ratings 3
Aaa
30
5.014.49
4.59
4.444.484.684.784.634.464.364.304.354.344.544.50
4. 354.204.134.07
4.114.094.064.04
Aa
30
5.975.23
5.60
5.305.355.615.815.405.094.834.774.964.975.355.27
5.004.704.554.43
4.494.434.424.40
A
30
7.206.09
6.61
6.166.306.646.856.295.885.585.515.705.766.226.21
5.725.245.124.97
5.064.984.934.92
Baa
30
9.307.76
8.42
8.018.368.919.127.747.076.626.777.277.497.987.75
7.016.276.266.01
6.186.025.985.90
1 Monthly data are averages of daily or weekly figures.* Standard Statistics Co.
Moody's Investors' Service.
STOCK PRICES
Year, month, or date
Preferredstocks(indus-
trial high-grade)
Number of issues..
1932 average..1933 average..
1933—AprilMayJuneJulyAugustSeptember .OctoberNovember..December. _
1934—January...February.MarchApril
20
96.1104.8
95.7103.3109.7112.5112.9112.0109.8107.5107.7
111.2116.5117.5120.1
Apr. 4 . .Apr. 11.Apr. 18.Apr. 25.
118.4119.4121.1121.6
Common stocks (index, 1926=100)
Total
421
Indus-trial
351
46
Rail-road Utility
37
7978647997988780757067
73817676
75757777
Source— Standard Statistics Co.
CAPITAL ISSUES[Long-term; i.e., 1 year or more. In millions of dollars]
Year and month
192519261927 _192819291930193119321933
1933 ADrilMayJuneJulyAugustSeptember..OctoberNovember..December..
1934—JanuaryFebruary...MarchApril
Total(do-
mesticandfor-
eign)
6,2016,3147,5568,040
10,0916,9093,0991,165
722
2544
1171224664598857
487997
143
New issues
Domestic
Total1
5,1255,1896,2196,7899,4206,0042,8601,157
710
2544
1101174664598857
487997
143
Stateandmu-nici-pal
1,3521,3441,4751,3791,4181,4341,235
755484
g4098283237568241
375981
100
Corporate
Bondsand
notes
2,4522,6673,1832,3852,0782,9801 240
30540
1613000000
0129
24
Stocks
1,1531,0871,4742,9615.9241,503
31120
120
139
5314936
16
6155
For-eign
1,0761,1251,3371,251
671905229
812
o07500000
0000
Re-fund-
ingissues(do-
mesticandfor-
eign)
9251,0462,2201,8581,422
711949583337
2022
10645
730
12
18
428
5093
1 Includes issues of Federal land banks and Federal intermediate creditbanks, not shown separately.
Sources.—For domestic issues: Commercial and Financial Chronicle;for foreign issues (issues publidy offered) annual totals are as finallyreported by Department of Commerce, while monthly figures are ascompiled currently and are subject to revision.
Back figures.—See (for figures of new issues—annual and quarterlybasis) Annual ReDort for 1932 (table 103).
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286 FEDERAL RESERVE BULLETIN M A Y 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]
Year andmonth
191919201921 _ . .192219231924192519261927192819291930-193119321933
1930SeptemberOctober..NovemberDecember
1931January..February-MarchAprilMayJuneJulyAugust. ~SeptemberOctober..NovemberDecember
1932January. .February.MarchAprilMayJuneJulyAugust.. .SeptemberOctober __NovemberDecember
1933January..February-MarchAprilMayJuneJulyAugust-.-SeptemberOctober. _NovemberDecember
1934January..February-March
Industrial production i *
Total
Unad-justed
83876785
10195
104108106111119968164
92908476
828789908983807877757268
717168646159565967686560
646460677991969085787269
7783
»87
Ad-justed
90888684
838687888783827876737374
726967636059586066676566
656359667892
1009184777275
7882
*85
Manufactures
Unad-justed
84876786
10194
105108106112119958063
v 76
90878274
818891919083797776727066
707066636058555866676358
636358688093978984777067
' 7 582
*86
Ad-justed
89868582
838687878782827875717172
716864615958575965666364
6361£6667893
1019184767173
r 7680
*82
Minerals
Unad-justed
77897074
1059699
108107106115
998471
101105
9689
878482838486868283908479
747578726562636674807873
717674657682899493888480
858891
Ad-justed
94959293
898789918787867978838184
777885806764656571747577
737981727884909187818185
8891
100
Construction contracts awarded (value) 2
Total
Unad-justed
636356798494
12212912913511792632825
82756859
586877827874686359524330
252326313132313230282422
181614161921242530354245
403833
Ad-justed
81787673
717977736563615959554938
312720272627273030292728
221914141618212430374857
494433
Residential
Unad-justed
443044688195
1241211171268750371311
52514637
374250524741363232292620
16151616141 0
1 12111212108
i! 7! 71 8
111314131212121211
i ]Q10
i 12
Ad-justed
52524843
444747444037353332302723
1917151412
11121212109
888
101113131212121313
121211
All other
Unad-justed
799065888694
120135139142142125844037
108948677
758998
107104101948781715739
333035434547464845413533
272318192427323645536673
6460CO
Ad-justed
105999998
93104100968584828180766750
413536383739404544434143
332718172023283345577693
807051
Factory em-ployment 3
Unad-justed
1071088290
10496
1001019997
10188746266
86848179
767778787775747475716968
6667666461
575962626160
585957586064697377767371
717578
Ad-justed
83828180
787878787876757473706969
686866646260585960616161
595957586165707374747272
7275
; 77
Fac-tory jp a y
rolls 3
Unad-justed
98118
7781
10396
10110410210210887664548
83817574
687375747268646462595656
525452494643404042444241
394037394246505658575453
: 53: 59
63
Freight-carloadings 4 *
Unad-justed
84917987
10097
10310610310310692755658
99978674
747475777977787678787061
585958575352515361655852
515148515660666568666155
; 58t 61
63
Ad-justed
87868484
828080807977767269696869
646261595452515154575758
56545053566065fil60S86062
64! 64
66
Com-mod-
i t yprices8
1391549897
10198
10410095979586736566
84838180
787776757372727271707069
676666666464658565646463
61606060636569
i 701 71
717171
727474
Preliminary. * Average per working day. r Revised.1 For indexes of groups and separate industries see pp. 313-314; for description see BULLETIN for February and March 1927; for revised figures
from 1919 to date see BULLETIN for September 1933, pp. 584-585.8 3-mqnth moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358.» For indexes of groups and separate industries see p. 315; for description and back figures see BULLETIN for November 1929 and November 1930.
For revised indexes of factory employment and pay rolls compiled by the Bureau of Labor Statistics, see p. 270 of this BULLETIN.« For indexes of groups see p. 287; for back figures see BULLETIN for February 1931, p. 108.8 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p 316.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1934 FEDERAL RESERVE BULLETIN 287
MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]
Month
JanuarvFebruaryMarch _ _
AprilMayJune. - .
JulyAugustSeptember
OctoberNovember .- --December
Year
Merchandise exports l
1930
411349370
332320295
267298312
327289275
3,843
1931
250224236
215204187
181165180
205194184
2,424
1932
150154155
135132114
107109132
153139132
1,611
1933
121102108
105114120
144131160
193184193
1,675
1934
172163
p 190
Merchandise imports 2
1930
311282300
308285250
221218226
247204209
3,061
1931
183175210
186180173
174167170
169149154
2,091
1932
136131131
127112110
799198
10510497
1,323
1933
968495
88107122
143155147
151129134
1,450
1934
Ot
CO
C
OO
O C
O
OS
Excess of exports
1930
1006769
243544
467986
808566
782
1931
664926
292414
6- 210
364430
334
1932
152324
9204
271734
483435
288
1933
251813
177
- 2
1- 2 3
13
425659
225
1934
3730
v Preliminary.' Including both domestic and foreign merchandise.» General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses,
Back figures.—See BULLETIN for January 1931, p. 18.
DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1923-25 average=100] [Index numbers; 1923-25 average=100]
Month
JanuaryFebruaryMarch
AprilMayJune
JulyAugustSeDtember
OctoberNovemberDecember
Year
Index of sales i
Adjustedfor seasonalvariation
1933
606057
676768
707770
706569
1934
697177
P 7 6
Withoutseasonal ad-
justment
1933
494950
686764
495973
7775
121
67
1934
575973
P72
Index of stocks (end ofmonth)
Adjustedfor seasonal
variation
1933
585754
535557
606470
706965
1934
666664
Withoutseasonal ad-justment
1933
525455
555656
566273
777862
61
1934
596366
p Preliminary.i Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and for 6national holidays: New Year's Day, Memorial Day, Independence Day,Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea-sonal variation makes allowance in March and April for the effectsupon sales of changes in the date of Easter.
Back figures.—See BULLETIN for November 1930, p. 686.
TotalCoalCokeGrain and grain prod
ucts —LivestockForest productsO r e -MiscellaneousMerchandise l
TotalCoal - .CokeGrain and grain prod-
uctsLivestockForest productsOreMiscellaneous _.Merchandise 1
1933 1934
Nov. Dec. Jan. Feb. Mar.
Adjusted for seasonal variation
606653
635234246267
626454
594731336967
646861
685130346970
647876
684830346767
668771
754632416766
Without seasonal adjustment
617254
676033176168
556858
574725
85463
587767
6553268
5565
618586
6546318
5865
638271
634033106467
i In less-than-carload lots.
Based on daily average loadings.Railway Association.
Back figures.—Bee BULLETIN for February 1931, pp. 108-110.
Source of basic data: American
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
288 FEDERAL RESERVE BULLETIN MAY 1934
FOREIGN BANKING AND BUSINESS CONDITIONS
CZECHOSLOVAK CURRENCY LAW
The Czechoslovak currency law of Novem-ber 7, 1929, which was published in the FED-ERAL KESERVE BULLETIN of December 1929,pages 797-798, has been amended and supple-mented by the law of February 17, 1934. Theamendments were made to sections 1, 3, 4, and6 of the law of November 7, 1929, and were insubstance as follows:
1. The gold content of the Czechoslovakcrown, or koruna, which was formerly 44.58milligrams of fine gold, is now fixed at 37.15milligrams, representing a reduction of onesixth or 16% percent.
2. The profit arising from the revaluation ofthe gold and foreign-exchange holdings of theNational Bank of Czechoslovakia in accord-ance with the new gold content established forthe crown accrues to the Government in theform of a reduction of the Government debt tothe bank.
3. The minimum ratio of reserves of theNational Bank to its sight liabilities is fixedat 25 percent, as compared with the previousminimum of 30 percent, and reserves arelimited to gold only, instead of gold and goldexchange as formerly.
The paragraphs of the law of November 7,1929, that have been altered are given belowin their amended form.
SECTION 1
The Czechoslovak crown (Kc) as the present cur-rency unit of the Czechoslovak Republic shall be equalin value to 37.15 milligrams of fine gold.
SECTION 3
1. The bank shall be bound to purchase at the headoffice in Prague and at such branch offices as shall bedesignated by the bank, gold at the price of 1 Kc per
37.15 milligrams, but only if the seller offers aquantity of at least 12 kilograms of fine gold. Thebank shall be entitled, in effecting such purchase, tomake no other charges except for assaying, and forcoining in accordance with a scale fixed by the Gov-ernment mint (see sec. 4, par. 6).
2. The bank shall at the aforesaid premises (seepar. 1) redeem its notes at its option either by gold(either in the form of current coin or gold bullion) atthe price of 1 Kc per 37.15 milligrams of fine gold orby gold foreign exchanges at the rate of the day quotedon the Prague Bourse, but only in amounts equal invalue to at least 12 kilograms of fine gold. Should thebank fail to carry out this obligation within 24 hoursof the presentation of the notes without being able toplead force majeure, its charter shall be canceled(see sec. 12b of the Bank Act).
SECTION 4
2. One kilogram of standard gold shall be mintedinto 242.261103633 hundred-crown pieces, and onekilogram of fine gold into 269.179004037 hundred-crown pieces, the standard wreight of the hundred-crownpiece to be 4.12777 grams containing 3.715 grams offine gold.
SECTION 6
1. The bank is required to hold a gold cover of atleast 25 percent of the total amount of bank notes incirculation and other demand liabilities. The goldcover shall consist solely of gold bullion or coin.
2. The increase in the value of the stock of goldresulting from the revaluation according to the goldcontent of the Czechoslovak crown specified in section1, paragraph 1, shall be used in reducing the State-notedebt in accordance with a special agreement betweenthe State and the National Bank of Czechoslovakia.
In addition to amending the law of Novem-ber 7, 1929, the law of February 17, 1934,provides that the Czechoslovak crown at thenew parity shall be equivalent to the previousmonetary unit in all legal matters in which theCzechoslovak crown is mentioned. Other pro-visions of the law of February 17, 1934, areunrelated to the currency.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
M A T 1934 FEDERAL RESERVE BULLETIN 289
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]
End of month
1933—MarchAprilMayJuneJulyAugustSeptember-OctoberNovember-December.
1934—January ___
1934—January 2__,February __.MarchApril
Total(50 coun-
tries)UnitedStates l Canada
Europe
countries) A u s t r i a B e l S i u m B u l ^ r i a ; !Denmark England France Germany
11,93911,97511,88911,86411,95112,01012,06312,07011,970
" 11,941* 11, 964
3,9163,9773,9913,9974,0014,0094,0114,0114,0124,0124,033
$l=i
8177777777777777777777
5Ho grains of gold nine tenths fine; i. e., an ounce of fine gold=$20.676,9926,9886,8966,8566,9326,9897,0387,0406,9426,9166,912
2121212121212424242727
371371371372374375376377378380382
1111111111111111111111
5151515151515151615151
3636363636363636363636
836905907922925926926927928928929
3,1523,1703,1733,1853,2133,2233,2183,1763,0513,0223,021
$l=155Ai grains of gold nine tenths fine: i, e., an ounce of fine gold=$85p20,250P 20, 524v 20, 718
6,8297,4387,694
> 7,756
130130130
11, 69711,358
v 11, 313
646
635636
112111111
60
1,5731,5741,5741,575
5,1094,9044,9475,023
176
4558738794979290
152134
83
Europe—Continued
End of month Greece Hungary Italy Nether-lands Norway Poland Portu- Ruma-
nia Spain Sweden Switzer-land U.S.S.R. Yugo-
slavia6 othercoun-tries
1933—MarchAprilM y , *JuneJulyAugustSeptember..OctoberNovember,.December-*
1934—January
1934—January3...F e b r u a r y -MarchApril
911131417192121232422
1717171717171717141414
$l=25$io grains of gold nine tenths fine331343352356368370371371373373373
381374336309311332338359370371370
4040404040394140403838
5555535353535353535354
3030313132323232333434
; i. e., an ounce of fine gola5858585858595959595960
436436436436436436436436436436436
6271717191971011019999100
=$20.67489460397361351351356373386386386
«368*368• 368401
»401»401416
«416»416416
3 416
3131323232323232323232
*155A\ grains of gold nine tenths fine; i, e.% an ounce of fine gold=$85
23232323
633633613
*609
626539535539
64616161
919191
586265
100101101
739739739
169169170167
653600570534
3 704»704P 7 0 63 706
53535353
3131343436353535353535
5859
Latin America
End of monthTotal
(10coun-tries)
Ar-gen-tina
ChileCo-
lom-bia
Mex-ico Peru Uru-
4othercoun-tries
Asia and Oceania
Total(7
coun-tries)
Aus-tra-lia
India Japan JavaNewZea-land
Siam Tur-key
Africa
Total(4
coun-tries)
Egypt South otherAfrica
tries
1933—MarchAprilMayJuneJulyAugustSeptember.October...November.December.
1934—January.. _
1934—January2—February. _March
352355362368365363369365358
'352*>355
249249249249249249249249244239239
1111111111111111111212
1314141515151515151414
$l=25%o grains of gold nine tenths fine912192421202623202121
111111111111111111
*11
4950505050505049505051
98888777767
503483455454453453452453456457459
214333333433
• i. e.,162162162162162162162162162162162
in ounce of fine gold=$20.67212212212212212212212212212212212
4543434240403940424445
2525252525252425252425
2828000000000
1010101111111111111212
9695107112123118115123125126127
3333333333333333333333
5452657080757280828384
405405405
2020
*>20
242425
$1 =
362934
1010101010101010101010
grains of gold nine tenths fine; i, e., an ounce of fine gold=$85778
'780778
«274«274274
359359359
767977
424242
000
202020
215 IP222
201 I
566555
143150146
* Preliminary. « Corrected.1 Differences prior to January 1934 between these figures and those shown elsewhere in BULLETIN for total monetary gold stock in United States
are due to exclusion from the former of gold coin in circulation.2 Figures given in terms of new par for purposes of comparison only; new parity did not become effective until after close of business Jan. 31,1934.* Figures of last preceding statement issued by State Bank of the U.S.S.R. carried forward.NOTE.—Figures for 35 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they
are as of last report date of month.The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin
America: Bolivia, Brazil, Ecuador, Guatemala; and in Africa: Algeria and Belgian Congo.For back figures and for additional details relating to this table, see BULLETIN for May 1932, pp. 311-318, and June 1933, pp. 368-372.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
290 FEDERAL RESERVE BULLETIN M A Y 1934
GOLD PRODUCTION[In thousands of dollars]
I
Year and month
Esti-matedworld
produc-tion
Production reported monthly
TotalAfrica
SouthAfrica
Rho-desia
WestAfrica
BelgianCongo
North and South America
UnitedStates i Mexico bia
Far East
Austra-lia Japan India
grains of gold nine tenths fine; i.e., an ounce of fine gold=$2O.671932—May
JuneJulyAugustSeptemberOctober..NovemberDecember . . .—
Total (12 mos.)
1933—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
Total (12 mos.)
934—January
February..March p
41,72941,82342,20543,36142,81643,00742, 62742,198
499, 049
• 41, 616• 38, 016• 42, 683' 39, 857• 40, 810
• 41, 077• 41, 245• 41, 783' 42, 50542, 08141, 805
493, 365
41,469
35,32435,41835,80036,95636,41136,60236,22235,794
422,129
r 416, 445
35,059
19,97019,87120,26820,47519,88820,15720,19020,118
238,931
20,15218,17619,65818,43019,51919,00819,22819,23518,66418,82218,61318,168
227,673
64,438 * 53, 58668, 646 57, 794
18,897
28,89330,550
9771,011981
1,0191,0411,044997
1,080
12,000
1,008989
1,0381,1081,1081,1301,1331,1671,1801,1431,1501,181
13,335
481482546510509515526539
5,992
532531522528520561571579546567586580
6,623
319330304314307294
3,642
280263302281308308306'321307302327325
8'3,631
5,5565,5955,1765,4735,4525,2645,1155,420
62,933
4,8264,7185,3784,9004,9135,4045,2855,3044,8705,0294,9815,119
60,726
1,201 546 320 4,781
grains of gold nine tenths fine; i.e.
4,1144,3624,6104,9825,0855,2714,8584,651
50, 626
4,3413,0595,2303,9283,8662,9563,6383,7425,6025,2095,2925,581
1,026960924
1,1381,1221,0911,165671
12,070
1,1941,0951,059905
1,035986
1,1651,198820
1,5011,1721.03813,169 • 6,165
1,8931,925
9271,120
P 5i\541
7,8038,295
50,338
4,858 1,080 697
an ounce of fine gold=$35.
6, 160 v 1, 925 P 945
447405455524456455415353
5,132
••504••334' 4 5 5' 5 3 5' 4 9 9' 4 3 5' 5 7 7' 5 5 5' 3 7 5' 700' 6 9 4' 5 0 3
1,2341,1721,2441,2211,2921,2161,3761,418
14, 563
1,1291,1781,2591.5221,3441,4341,4201,4381,5911,4361,5011,538
16,790
7,945 1,925 1,050
1,398
2,2692,269
647692696702727715
8,198
666654747726734711755722847825794788
721
1,2801,225
567603585688559647566581
6,782
674
585664643689575572560560673
6,919
560
949
Preliminary. r Revised.»Monthly figures for United States are those compiled by American Bureau of Metal Statistics of New York City; annual figures represent
official estimates made by Bureau of the Mint in cooperation with Bureau of Mines.NOTE.—For comparable monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-235, and Feb.
ruary 1934, p. 108.
GOLD MOVEMENTS[In thousands of dollars]
Year and month
1932—NovemberDecember
Total (12mos.)
1933—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember....OetoberNovemberDecember
Total (12mos.)
1934—January
FebruaryMarchApril v.
United States
Totalnet
importsor net
exports
21,740100,859
-446,213
128,46517,776
-22 ,081- 9 , 9 6 7
-21 ,139- 3 , 2 4 4
-83 ,879-80 ,388-56 ,736-32 ,351- 1 , 0 6 4- 9 , 1 2 8
-173,736
- 2 , 7 6 7
452, 571237, 56850,941
Net imports from or net exports (—) to—
Eng-land
1,37651,928
53,585
50,2483,310
- 8 , 9 3 5- 2 , 1 9 1
-15 ,715- 2 , 8 4 5
- 7 1 3- 1 , 5 3 5- 5 , 0 9 9- 6 , 2 4 0- 2 , 2 6 0- 1 , 6 5 0
6,375
- 2 , 6 4 2
239,800136,955
23, 619
France
716, 357
-441,649
29,490- 3 , 7 0 9- 3 , 630- 8 , 9 9 3
- 1 2 2- 7 2
-79 ,617-73 ,173-48 ,717-26 ,923
- 3 6 6- 2 0 3
-216,035
- 4 6 1
124,38151, 3741,676
Ger-many
Bel-g ium
Customs valuation
-13 ,356
1,067- 1 , 5 4 6
- 2 5 0
- 1 , 4 4 5
- 2 1 6
- 1 0 9- 5
- 2 8
- 2 , 5 3 2
1
Custom1
10
-82 ,571
- 6 0 0- 1 9 9
- 2 7- 1 3- 1 8- 2 8- 1 0
- 8 9 5
- 1 0
s valuati131
Nether-lands
s; with s2,6858,082
-96 ,586
15,123802
- 5 , 0 0 5- 7 2 4- 1 1 5
- 2 , 1 7 1- 9
7,901
- 1 , 6 7 8
ons; with57,27210,8487,158
Switzer-land
57W6 excep
7
-118,273
- 1 , 6 1 4- 6 8 1
- 4 5 3
- 8 , 8 8 3
-11 ,631
Can-ada
ions a5,6227,546
64,574
5,2744,2068,418
333110154203143224268216347
19,896
313
Mex-ico
rate of
893744
20,087
63455248348834414136912551848
240338
4,280
246
some exceptions at rate c
9,087112,1141 5,1243,56910,288 5,368
8 , 9 0 9 - .
Argen-tina
$20.67 a,
- 1
12,991
- 1 5
42
8
- 1
f$85afi
Co-lombia
fine oun
9443
3,240
5235
5
11
1
12
98
BritishIndia
ce4,7734,697
26,597
15,1939,446
990
25,629
ne ouncel,660|2,490 10,4362,495 4,225
Chinaand
HongKong
2,9644,974
39,043
5,6123,7002,1351,281
8310
12,821
6512,9332,821
Japan
3,124
49,719
3,729
2,973
6,702
4
Allothercoun-tries
3,3223,353
36,383
2,0423,208
1-15,413- 3 , 1 3 7- 5 , 7 2 9
812- 4 , 1 2 1- 6 , 7 0 8- 1 , 4 8 6
1,0851,139
960
-26 ,355
1>364
2,3473,307
38
i $17,054,000 exported to Italy. 3 Preliminary.
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M A Y 1934 FEDERAL RESERVE BULLETIN 291
GOLD MOVEMENTS—Continued[In thousands of dollars]
Year and month
Great Britain
Totalnet im-portsor net
exports()
Net imports from or net exports (—) to
UnitedStates France Ger-
manyBel-gium
Nether-lands
Switzer-land
SouthAmer-
icaCanada British
India
StraitsSettle-ments
Austra-lia
SouthAfrica,Rho-desia,WestAfrica
Allothercoun-tries
Official figures converted at rate of $20.67 an ounce
1932—November
December
Total (12 mos.)
1933—JanuaryFebruaryMarchApril —MayJuneJulyAugustSeptemberOctoberNovember
December..
Total(12 mos).
1934—JanuaryFebruaryMarch
13,857- 2 9 , 582
84, 585
-43, 26018, 40077,19864, 76797,38677, 67189,05625,62848, 26063,91879,13879,426
677,405
62,146
184,91,471
-1,634-58,561
-50, 642 -297,050
-48,314-6, 55911,821
-62,76115, 9234,763733
3,12012, 5206,8784,441
7,9
-13,519-3 , 277
-2,109- 4 , 6233,406
-1,51932, 486- 7 , 42118,0516,2592,1631,86533,33815,130
97,016
9,805
-238,8421 283,333-130,087 66,180
370-29
333
-1128
5,00318,0921,85015, 254
48617932
-119442
41,036
-476-1,104
-13,434
-634-507
-1,294-896568
1,114-1,034
-1118
817147
-4,188-6,138
-71,378
-17,471-7,816-5, 225
12817,3656,47713, 528
-13,583-3, 633-4,163
329
- 7 , 065
-108
-14,019
-79-588-893-463-479-118-380-101-217-771-196
- 4 , 299
527181
5,747
374
140401414436920
3,611120
8,143
14, 056
8,9249,1294,1413,7034,1086,5795,0134,186
43, 374
10,48813,684
220, 394
9,4957,1759,17810, 27814,94811,28111,9424,99412, 68516,1224,8525,892
118, 817
710
10, 781
587554461
1,001624
1,359810848526782708423
8,682
- 1 3 - 2 0 5,310 - 1 7 0 5,500 4,530 8,642
Official figures converted at rate of $85 an ounce.
18,83765, 579
17,8915,522
- 3 2 0 |-171 187
4,87039
30,193137, 372
583
6471,094
830854
20, 264
79422,65920,3161,7891.7172,6921,9101,9911,9422,315
60,812
2,353
20,00623, 326
255,310
16, 53027, 81528, 92319,34319,47617,95419,51924, 77421,02720,46720,88519,460
256,177
17,667
831602
18,279
-2,1201,2452,556
-2,083-3,1696,06911,715-3,2125, 4344,4034,55812,871
41, 667
3,170
2,951 30,881 30,5873,105 36,707 5,591
Year and month
France
Totalnet
importsor net
exports()
Net imports from or net exports (—) t o -
UnitedStates
Eng-land
Ger-many
Neth-er-
lands
Swit-zer-land
Allothercoun-tries
Germany
Totalnet
importsor net
exports()
Net imports from or net exports (—) t o -
UnitedStates
Eng-land France
Neth-er-
lands
Swit-zer-land
U.S.S.R.
Allothercoun-tries
1932—November.December.-
Total (12mos.)__
1933—JanuaryFebruary-.MarchAprilMayJuneJuly -AugustSeptember _OctoberNovember-December.-
Total (12mos.). _
1934—January
Februaryp..March *__.
33,498 24125,586 -10 ,634
828,178
- 3 7 , 399- 1 , 6 5 916,72948, 25296,14046,84050,80853, 69443,04326, 233
-52,936- 4 5 , 650
•244,092
- 7 , 2 1 7
-175,837-232, 719
468,052
-35 ,361- 1 4 49,287
18, 5837,680
539,26375,68060,99047, 745
177
223,905
1,215
26,00334,479
309,984
2,9002,5591,0052,283
- 5 , 8 1 9-18 ,537-12 ,572-11 ,533- l , r ~ "- 1 , 1
-24 ,646-19 ,387
-86 ,829 57,425
6,1222
37,889
200678
1,26622, 520
1,27722,90323,430
- 4 6- 8 , 0 5 9- 5 , 969
- 3- 7 7 2
-79 ,158
- 5 , 2 5 9 | - 2
-160,1871 12,536-155, 630
Official figures converted at rate of $20.67 an ounce
672 - 1 8 6 645 2,314 1 - 3 6 7 - 6 , 1 6 9 2,5843,138 4,306 575 - 3 , 2 9 3 1 24 17 - 3 , 3 3 1
37,547
- 3 , 8 1 42,805
27, 778670
39,7857,9765,695
- 6 , 8 3 7- 6 , 1 6 6
-12,427-21,460
701
34,706
- 7 7
-17 ,668
- 1 , 1 2 6- 7 , 1 2 7
-23 , 356- 6 , 3 7 737,11330,79716, 598
- 1 , 3 9 7- 2 , 1 7 6- 3 , 369- 5 , 674-23,368
10, 538
- 1 , 1 9 6
- 7 , 627
- 1 9 7- 4 3 2
7492 10, 5742 16,102
3,695-21,605- 2 , 1 7 4
- 1 5 21,939
- 1 , 3 2 8- 2 , 8 2 3
4,348
-1,897
- 2 7 , 282
4,424-13 ,076-13 ,163- 6 8 , 750
- 9 , 9 3 8-36 ,432
4,592- 6 7 6
19,1205,8452,5722,627
-102,856
1,246
367
146
1,453
216
77
1,799
- 2 5 0
22- 4 , 9 4 5
-17 ,822- 2 9 2
-13 ,676- 1 6 2- 1 8 6- 3 2
41- 1 3
15
-37,044
- 2 0
-38 ,170
4- 5 , '- 7 , 365
-51 ,893
-22, 658153
917,9105,9334,710
691
-64,922
- 2 , 627
-24 ,455
- 1 , 9 7 6-10 ,429
- 4 , 9 2 5- 4 , 541
-10 ,102- 5 , 3 9 2
270- 2 5 61,173
- 9 4- 5 , :
590
-40,950
Official figures converted at rate of $85 and ounce.
31,25115,955
-1,7491 34,6481 -18 ,363- 2 , 9 1 4 -10 ,971 -39 ,440I I
-29 ,790- 5 5 , 568
-12 ,490- 2
286
- 4 5 5- 1 8 2
43 6,275
- 7 , 9 1 5 46,656
107934675
- 6 134
- 4 4- 8 8
55- 6 9
1641
- 8 0
6,2933,3363,9565,4117,0233,8334,612
33,1822,668
206 40,317
3,638
- 5 2- 7 8
- 3 , 5 1 5
- 1 1- 1 1 8
7019
- 1 1 9- 2 6
- 2 3 8- 3 7 2
1233
- 1 3 31,383
- 2 , 2 6 5
49
- 9 8 24,2791 192137 16,991 - 8 1 7
Preliminary. = Corrected.
i Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separatelyin the official monthly statistics.
a $9,832,000 imported by France from South Africa in April; $14,412,000 in May.»$20,305,000 exported by France to Belgium.
NOTE.—Great Britain and Germany—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised officialtotals published for the year as a whole. German net imports from individual countries for 1934 are subject to revision.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
292 FEDERAL RESERVE BULLETIN M A T 1934
GOLD MOVEMENTS—Continued[In thousands of dollars]
Year and month
Netherlands
Total netimportsor netexports
Net imports from or net exports (—) t o -
UnitedStates England France Germany Belgium Poland Switzer-
landBritishIndia All other
1932—November.December..
-4,857894
Total (12 mos.)_
1933—JanuaryFebruaryMarchApril -MayJuneJulyAugustSeptemberOctober .November ._December ._.
116,149
1,898-933
-9,320-18,102-41,605-45,503-13,62824,23916,48818,562
-9,294
Total (12 mos.)_
1934—January—
-67,510
-8,629
-3,765-9,668
106,623
-14,101-3,43210,785
603
115
2,191
-3,839
Official figures converted at rate of $20.67 an ounce,1,939 -886 -3,085 -1,313 -1884,251 52 3,745 963 - 2 0
50,070
14,0698,1773,436-906
-11,384-6,390
-15,75012,9961,7981,385
-1,942-7 ,111
-1,624
-7,082
-34,009
-837-6, 722-19,367-18,188-37,068-41,046
6,06511,18313,84914,4576,096-601
-72,183
-238
26,886
2,00910,3004,9863,609
11,1785,581-180
47-903-3575,369-821
40,818
-367
-12,727
673-5,055-7,009-1,522-1,068-1,797-1,432
17-338- 2 2- 9 0
-230
-17,873
-13,630
-976-881-506-358
-1,479-353
-1,174-194- 1 0- 6 4- 3 0- 5
-6,030
-537-1,134
-16,137
-1,100-3,452- 2 , 324-1,259-3,069-1,702-1,466
-174-241
-1,232-297-658
-16,974
-1,220
3,0302,773
16,423
2,199166679
1,107108291275
2,2362,099
44131
9,632
33
- 5 2- 6 8
-7,346= - _ . . _• ,-=r
- 3 8- 3 4
—1- 7 9179
- 1 8209097
105142
567
February.March
102,784-9 ,201
- 1 7 , 262-6,248
-13,283-4,928
Official figures converted at rate of $35 an ounce.-76,485-4,132
233345
4,0776,116
- 6 2-141
-257-532
21360
246
235- 4 2
Year and month
Switzerland
Totalnet
importsor net
exports
Net imports from or net exports (—) to—
UnitedStates
Eng-land France Ger-
manySouthAfrica
J
Neth-er-
landsAll
other
British India
Totalnet
importsor net
exports()
Net imports from or netexports (-) t o -
UnitedStates
Eng-land
Allother
Goldpro-duc-
tion inIndia
In-creaseor de-crease(-)in
Govern-ment
reservesin India
Increaseor de-crease(-)inprivatehold-
ings inIndia i
1932—November—.December...
Total (12mos.)
1933—JanuaryFebruaryMarchAprilMayJune . - -July..AugustSeptember. .-OctoberNovember...December...
Total (12)mos.)
1934—January
FebruaryMarch
—If J1,203
169,786
4,6588,502
-24,440-12,078-42,481-41,596-14,302- 1 , 542
1,6564,0733,553
23,996
-41,121
1,266
124,354
- 1 4653
1,377
"-307
16502
8,756
10,983
110
Official figures converted at rate of $20.67 an ounce.85 -2,347 - 6 7 480 461 -16,662 -2 ,420-13 ,244 -997 55696 320 -111 1 837 55 -24,834 i-18,002 -6,156 -676 581
15,342
12382907
-307-4,082-3,152-5, 739-229-431-790
-1,444-9,474
-24,536
-247
7,418
2,3936,987
21,306-10, 745-38,776-34, 751-8,324
1,1351,7674,2434,684
-26,781 -379
30,109-10.898-21,567-25,403 -1,617-12,110 -7,799
180
2,2337799
101
48
1491
205
14,996
1,1762,4613,802
9942,778
2881,866
-1,33913078
191741
13,168
-304
1,040-937
- 2 , 236-1,958-3,709
1,7561,166
6412450
-13,781
-195,662
-11,916-12,788-12,722-11,1-13,016-14,004
-10,971-13,411-7,643-5,847- 5 , 734
-126,048
-38,094
- 9 , 741•-» , 413- 5 , 314-4,311-1 ,561
'-30,340
151,059
- 2 , 304-3,328-5,833-5,956-8,096
-12,823- 4 , 734-9,105
-12.789-7,301-6,023-5,438
r-83,730
82 1 1,187 - 4 7 -14,063 12,683Official figures converted at rate of $35 an ounce.
2 -365 499| -39.30711 -7,703-31,678
- 6 , 5 0 8
129r-47
-1,576-1,430-3,359-1,181-1,565-1,866
-622-342
176-296
"-11,979
- 1 , 2
6,782
574608626585554543589575572560560573
6,916
-16,106- 1 -24,252
- 2-i
- 5
311 -4,143 P - 2 0 , 0 5 0
560
?949
-189,007
-11,342-12,179-12,096-11,113-12,462-13,461
—5, 707-10,395-12,839-7 ,083- 5 , 287-5,160
-119,124
p-13,490
P -38,358v -19,101
p Preliminary. r Revised,i Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India.NOTE.—Netherlands and Swit zerland—-In some cases the annual aggregates of the official monthly figures differ somewhat from the revised
official totals published for the year as a whole.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
M A T 1934 FEDERAL RESERVE BULLETIN 293
GOVERNMENT NOTE ISSUES AND RESERVES[Figures are for last report date of month]
Argentine Conversion Office (millions ofgold pesos):
Gold —Currency issued
Irish Currency Commission (thousands ofpounds sterling):
Legal tender note fund:British legal tender and bank
balancesBritish securitiesNotes issued
Consolidated bank notes:'IssuedDeemed such under sec. 60 (4) of
currency act 1927
1934
Mar.
247548
1667,0137,179
4,763
1,214
Feb.
247553
326,8636,895
4,759
1,223
Jan.
247552
327,0137,045
4,754
1,232
11933
Mar.
257587
827,4997,582
4,630
1,344
Canadian Minister of Finance (millionsof Canadian dollars):
Gold reserve against Dominion notes..Advances to banks under finance act..Dominion notes:
Issued „ _ -Outside chartered bank holdings-
Indian Government (millions of rupees):Gold standard reserve:
GoldForeign exchange - - _
Paper currency reserve:GoldSilver coin and bullion.Other assetsNotes issued
1934
Mar.
6940
17330
29505
415980377
1,772
Feb.
6950
17628
68465
376989408
1,773
Jan.
7044
17728
71463
3731,003
4041,780
1933
Mar.
7048
18129
184350
2601,119
3901,769
1 Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Mar. 3, Feb. 3, and Jan. 6, 1934, and Mar. 4, 1933.Figure for notes deemed to be consolidated bank notes are as of close of business on these dates.
BANK FOR INTERNATIONAL SETTLEMENTS[In thousands of Swiss francs]
Assets
Gold in barsCash on hand and on current account with
banksDemand funds at interest
Rediscountable bills and acceptances (atcost):
Commercial bills and bankers' accept-ances
Treasury bills
Total
Time funds at interest—Not exceeding 3months
Sundry bills and investments:Maturing within 3 months:
Treasury billsSundry investments
Between 3 and 6 months:Treasury billsSundry investments
Over 6 months:Treasury billsSundry investments.._
TotalOther assets:
Guaranty of central banks on billssold
Sundry itemsTotal assets
1934
Mar. 31 Feb. 28
28,176
2,75714,447
157,719192,103
349,822
41,211
18, 34464,929
39, 26631,490
31,60636,409
222, 044
4,6914,376
667,526
17,962
3,81917,681
157,071189,926
346,998
37,047
30,18457,291
18, 50444,717
35,86937,934224,499
4,1634,976
657,145
1933
Mar. 31
11,39652, 543
275,172257,461
532,633
185,703
14,42470, 762
23,48135,301
5,841616
150,425
} 6,023
938,722
Liabilities
Demand deposits (gold)
Short-term deposits (various currencies):Central banks for own account:
DemandTime—Not exceeding 3 months
Total.— -. -
Central banks for account of others:Demand
Other depositors:DemandTime—Not exceeding 3 months...
Long-term deposits:Annuity trust accountGerman Government depositFrench Government guaranty f u n d . . .
TotalCapital paid inReserves:
Legal reserve fundDividend reserve fundGeneral reserve fund
Other liabilities:Guaranty on commercial bills soldSundry items
Total liabilities..
1934
Mar. 31 Feb. 28
28,176
42,609108,126
150,735
9,418
1,071
153,54676,77340,903
271, 223125, 000
2,0223,8957,790
4,69163,506
17,962
42,142109,777
151,919
8,349
924
153,64076,82040,903
271,363125,000
2,0223,8957,790
4,16363,757
667, 526 657,145
1933
Mar. 31
254,796196,930
451,727
13,301
3,2853,330
153,64076,82068,481
298,941125,000
1,3182,6905,379
33,750
938,722
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
294 FEDEKAL RESERVE BULLETIN M A Y 1934
CENTRAL BANKS
Bank of EnglandGold
(in issuedepart-ment) »
Assets of banking department
Cash reserves
Coin
Discountsand
Notes
Securi-
Notecircula-
tion
Liabilities of banking department
Deposits
Bankers'
92.8100.977.5
105.198.579.497.3
104.1106.9101.2
100.690.394.599.5
Public
21.210.833.214.114.142.016.515.913.622.2
25.232.117.515.8
Other
35.037.139.542.257.742.944.045.836.536.5
37.837.736.937.0
Otherliabili-
ties
Millions of pounds sterling1933—Mar. 29
Apr. 26May 31June 28July 26Aug. 30Sept. 27Oct. 25Nov. 29Dec. 27
1934—Jan. 31Feb. 28Mar. 28Apr. 25 v
171.8185.9186.3189.4190.1190.3190.4190.4190.6190.7
190.9191.0191.1191.2
1.01.1
79.774.072.374.272.876.379.681.280.458.7
84.283.672.377.5
11.811.611.216.611.210.09.28.58.6
16.8
8.25.85.65.3
74.980.083.587.2
103.094.985.892.584.7
101.4
88.487.988.186.3
367.1371.9374.1375.1377.2374.0370.8369.3370.2392.0
366.7367.4378.8373.7
18.217.717.818.018.118.218.217.717.818.0
18.118.218.317.7
Bank of France
Assets
Gold
Millions of francs:1933—Mar. 31.
Apr. 28.May 26.June 30.July 28.Aug. 25.Sept. 29.Oct. 27 . .Nov. 24.Dec. 29.
1934—Jan. 26..Feb. 23.Mar. 30.Apr. 27 v
80,40980,86680,95181,24381,97682, 22782,09581, 03277,82277,098
77,05573,97174, 61375, 755
Foreign
4,3763,8463,8873,9903,9752,6522,6322,5861,2501,158
1,1301,0701,0681,067
Domesticbills
3,3523,8053,4492,7913,4613,2073,4753,5604,0924,739
4,4865,963
5,707
Securityloans
2,7142,6492,6752,7662,6612,6882,7652,7812,8142,921
2,8932,9322,9723,015
Negotia-ble
securi-ties
6,6216,5956,5826,4896,4636,4176,3936,2386,1866,122
6,1196,1146,0075,972
Other
9,8018,8618,5349,2438,5038,5438,7168,450
8,251
7,8707,9608,229()
Liabilities
Notecircula-
tion
86,09684,99283,26784,708
81,14382,99481,09980,36882,613
79,47481, 02482,83381,501
Deposits
Govern-ment
2,2352,3402,2652,3382,7522,7752,6854,0272,9562,322
2,2701,8681,7212,023
Other
16,85017,181
17,37619,26719,65717,24217,30115,01613,414
15,83613,06712,63214,199
Otherliabili-
ties
2,0932,1092,1522,1002,1682,1582,1562,2202,3591,940
1,9722,0521,900
(2)
Reichsbank
Assets Liabilities
Reserves
Gold Foreignexchange
Treasurybills
Otherbills (andchecks)
Securityloans
Securi-ties
Other Notecircula-
tion
3,5203,5383,4693,4823,4923,5213,6253,5713,5423,645
3,4583,4943,6753,640
Deposits
443406439447412415465416478640
498530547515
Otherliabili-
ties
Millions of reichsmarks:1933—Mar. 31
Apr. 29May 31June 30July 31Aug. 31Sept. 30.Oct. 31Nov. 30Dec. 30
1934—Jan. 31Feb. 28Mar. 29...Apr. 30 P
739411372189245307367396405386
376333237205
9710077857874401839
2,7633,1423,0783,2123,1713,1513,2893,1473,0013,177
2,8452,7663,1443,140
210177166210165163205143163183
81248144140
401317317321320320320319518581
620666681639
582618747736749688799773735
843801685760
1,169791782834820841850850871
768
v Preliminary figures.i In addition, the issue department holds Government and other securities and silver coin as cover for fiduciary issue, which is fixed by law at
£260,000,000. From Aug. 1,1931, to Mar. 31,1933, an increase of £15,000,000 in fiduciary issue (and securities held as cover) was authorized by Brit-ish Treasury under section 8 of the Currency and Bank Notes Act, 1928.
3 Not yet available.NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
M A Y 1934 FEDERAL RESERVE BULLETIN 295
CENTRAL BANKS—Continued[Figures are for last report date of month]
Central bank
Mar. Feb. Jan.
National Bank of Albania (thou-sands of francs):
GoldForeign exchangeLoans and discountsOther assetsNote circulation IDemand depositsOther l iabil i t ies .— I.
Commonwealth Bank of Australia( thousands of pounds) :
Issue depar tment :Gold and English sterlingSecurities
Banking depar tment :Coin, bullion, and cashLondon balancesLoans and discountsSecuritiesDeposits . . .
Note circulationAustrian National Bank (millions of !
schillings):Gold. -Foreign exchange of the reserve. .Other foreign billsDomestic billsGovernment debtsNote circulationDeposits
National Bank of Belgium (millionsof belgas):
GoldDomestic and foreign bi l ls .Loans to StateNote circulation. __Deposits . . .
Central Bank of Bolivia (thousandsof bolivianos):
Gold at home and abroadForeign exchangeLoans and discountsNote circulationDeposits
Bank of Brazil (millions of milreis):CurrencyCorrespondents abroadLoans and discountsNote circulationDeposits _
National Bank of Bulgaria (millionsof leva) :
GoldNet foreign exchange in reserve._Total foreign exchangeLoans and discountsGovernment obligationsNote circulationOther sight liabilities
Central Bank of Chile (millions ofpesos):
Gold at home and abroadForeign exchange for account of:
Bank __.Exchange commission
Loans and discounts. ._Government debtNote circulationDeposits
Bank of the Republic of Colombia(thousands of pesos):
Gold at home and abroad.Foreign exchangeLoans to member b a n k s . _Note circulationDeposits
15, 50828, 625
93622, 91214, 63436,10878, 89340, 910
189024308624981154
2,700705347
3,456433
1,54719149
1,0322,7832,6031,625
7, 22324. 9332,9132, 4.7811,41715, 89310, 237
1,01524, 46614,88835,85879, 70741,155
1890
22297624993138
2,714760347
3,473486
2,7026,594
34,90328, 430
386302
2, 76620
3,009
1,5474
1091,1232,7832,4001,963
98
725
121682523359
14, 7192,9963, 662
33, 29724, 848
7,22525, 5732,8382,33011, 68016,07310, 212
15, 508 14, 50828, 875 29, 375
94919,73315, 77935, 35873, 29047,301
189017
262624909187
2,745769347
3,398
7,9172,65818,80754, 62351, 027
396304
2,75520
2,887
1,54663187
1,1272,7832,5711,802
96
732
'118'682516364
14, 6863,4034,262
31, 34924, 853
1933
Mar.
5,49032, 4442,9023,61213,95619, 20911, 283
11, 50727,640
1,10721,89217, 83535,41177,18342, 272
150390
287660919170
804363
3,559418
23, 5863,78429, 57640,99438, 574
569130
2,622110
2,957
1,5202095778
2,8732,5951,592
706
141679502357
13, 6893,2264,65622, 87020, 766
Central bank
1934 1933
Mar. Feb. | Jan . Mar,
National Bank of Czechoslovakia(millions of koruny) :
G o l d . . . .Foreign balances and currency. _.Loans and advancesNote circulationDeposits
Danish National Bank (millions ofkroner):
GoldForeign bills, etcLoans and discountsNote circulationDeposits
Bank of Danzig (thousands of gul-den):
Gold —Foreign exchange of the reserve . . |Other foreign exchangeLoans and discounts -Note circulation ~ |Deposits
Central Bank of Ecuador (thousandsof sucres):
Gold at home and abroadForeign exchangeLoans and discountsNote circulationDeposits
National Bank of Egypt a (thousandsof pounds):
Gold . . - --Foreign exchangeLoans and discountsBritish, Egypt ian , and other
Government securitiesOther assetsNote circulationDeposits—Government
OtherOther liabilities
Bank of Estonia (thousands ofkrooni):
G o l d . . . .Ne t foreign exchangeLoans and discounts -Note circulationDeposits—Government
Bankers 'Other
Bank of Finland (millions of mark-kaa):
G o l d . . . .Balances abroad and foreign
creditsForeign bills —Domestic billsNote circulationDemand liabilities
Bank of Greece (millions of drach-mas) :
Gold and foreign exchange. .Loans and discountsGovernment obligationsNote circulationOther sight liabilitiesLiabilities in foreign exchange
National Bank of Hungary (millionsof pengos):
GoldForeign bills, e t c . .Loans and discountsAdvances to treasury -Other a s s e t s . . .Note circulationDeposits .-Certificates of indebtedness jMiscellaneous liabilities I
2,66164
1, 5625,544
697
13316
36999
2 66878
1,3465. 5?3
444
30,16011, 340
12115,88141, 28010,848
20,4326,104
19, 33034, 5404,84.97, 5692,954
323
1,054328717
1,322332
3,9663,5943,3555,0986,066
7915
583493036079120171
1331071 i35178
15, 0827,195
47, 47136, 47722,188
20,4244, 03819,09933, 6124,0847, 0062,860
323 i
1,044 j311658
1,286 I390 S
7741,4245, 449874
1339
30,9
153910
161133523246220757
30,1588,814136
17,19439,18712,721
3,962 ! 4,0333,5323,3555,044 |6,030 I
76 :
79 !15 I
,588 j49 ;27 !
347 |90 !
120176
1,2081,0051,6146,272601
133116933138
22, 93314,892
46010, 60336,2197,201
14,375 i 14,7816,967 1, 059
48, 094 39,33235, 663 26, 39620,293 I 19,803
6,6633,3185,344
34, 6733,322
17, 8725,666
21,1607,622
17, 8422,238
21, 58131,0883,5917,2373, 128
304
773336785
1,183431
2,2041,5723,3684,5472,603
165
9715
4565117
355590
202
6,5463,4504,992
34, 6043,48919, 6246, 64918, 8147,995
6,6634,0845,227
33, 5943,50119,8386,22719, 0357,965
20,1353,04519,19831,5484,9496,3812,713
323
1,001350578
1, 166457
3.4773, 3555,1715,905
65
79 ;15 i
5935027348 |91 |120178
r Revised.1 Increase during February reflects in part reduction in gold content of koruna on Feb. 17,1934, from 44.58 milligrams of fine gold to 37.15 milligramss Items for issue and banking departments consolidated.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
296 FEDERAL RESERVE BULLETIN M A Y 1934
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1934
Central bankMar. Feb. i Jan. Mar
1933
Central bank1934
Mar. Feb. Jan.
1933
Mar.
Bank of Italy (millions of lire):Gold at homeCredits and balances abroadLoans and discountsNote circulation —Public depos i t s . . .Other deposits
Bank of Japan (millions of yen):GoldAdvances and discountsGovernment bonds -.Notes issued ..Total deposits _
Bank of Java (millions of florins):GoldForeign billsLoans and discountsNote circulationDeposits _
Bank of Latvia (millions of lats):Gold. ~ -Foreign-exchange reserve -.Bills.LoansNote circulation..Government depositsOther deposits
Bank of Lithuania (millions of litu):GoldForeign c u r r e n c y —Loans and discountsNote circulationDeposits -.
Netherlands Bank (millions of flor-ins):
GoldForeign billsLoans and discounts.Note circulationDeposits . .
Bank of Norway (millions of kroner):Gold — . .Foreign balances and billsDomestic credits —Note circulationForeign depositsTotal deposits
Central Reserve Bank of Peru (thou-sands of soles):
G o l d . - . -Foreign exchangeBills . .Note circulationDeposi ts . . . _
Bank of Poland (millions of zlote):GoldForeign exchangeLoans and discountsNote circulation0ther sight liabilities
Bank of Portugal (millions of escu-dos):
Gold.Other reservesDiscounts and advances __.Government obligationsNote circulationOther sight liabilities.
6,87444
6,03712,963
300
5871,271
497
1130
5819128
443
65643357
107
5413869061
1172901103
13512
274330
261
7,10583
5,81012, 708
3001,426
425771528
1,138384
116 Ii !
57 i190 i
443
66643358
106
5215838759
792;1 i
173 |898 !110 j
135 !10 i
263 |313 i
2 ;63 I
48167
745955232
360334
1,0511,965
755
833 !382 '330 |
1,051 i1,925 |
771 i
I 7,099274
4,28413, 068
3001,757
425762602
1,261433
1121
6019026
66 !64 !35 !58 !
107 ;
52 |13 !85 S87 !60 !
919 |
IT} I890 |246 ;
I140
2270312
203
479 i 478 S78 i 82 i
752 ! 749 !939 947 !271 i 248 i
777 ;341 i330 !
1,051 :
1,934601
6,291802
5,70813,117
3001,203
425733437
1,072491
1121944
20635
425
6753346592
4913909455
94973
108951225
15130
214301
39, 087350
26,65153, 0217,837
49197
7011,019
139
671416329
1, 0541,916
587
National Bank of Rumania (millionsof lei):
GoldForeign exchange of the reserve. .Other foreign exchangeLoans and discounts.State debtNote circulationDemand deposits
South African Reserve Bank (thousands of pounds):
GoldForeign billsDomestic bills _.Note circulation. _.Deposits—Government
BankOther . -
Bank of Spain (millions of pesetas):GoldSilver.—Balances abroad _._ _.Loans and discountsNote circulationDeposits
Bank of Sweden (millions of kronor):Gold.Foreign bills, etc _Loans and discountsNote circulationDeposits _ _
Swiss National Bank (millions offrancs):
GoldForeign balances and billsLoans and discountsNote circulation..Demand deposits
Central Bank of the Republic ofTurkey (thousands of pounds):
GoldForeign exchangeGovernment securities.Other securitiesOther assetsNote circulationDepositsOther liabilities
Bank of the Republic of Uruguay(thousands of pesos):
GoldLoans and discountsOther assets . .Note circulation __Deposits—Demand
TimeJudicial and admin-
istrativeOther liabilities
National Bank of the Kingdom ofYugoslavia (millions of dinars):
Gold. . .Foreign exchange _Loans and discounts _Advances to StateNote circulationOther sight liabilities.
17,74022, 341
611, 9753,705
27, 2811,824
2,262674283
2,5104,668
37451354
644484
1,7461
1361,405
482
25, 4043,431
152, 57530,84633,370
159,06729,18457, 374
1,766129
1,8762,3174,232
944
9,974146
78,8925,681
20,8157,449
18,25521, 206
20110, 4291,899
32, 2611,735
2,262663281
2,5194,748
912
37351158
597562
1,8373
1161,390
557
25,1813,547
154, 82431,11432,457
159,61627,90459, 603
49,86195,95045, 33278,23133, 98842, 682
2,71033, 532
1,765169
1,9592,3174,233
959
9,94016028
9,0295,681
20,8347,474
17,32019,956
8610, 4561,755
28, 2662,951
2,262658278
2,6084,729
962
36245358
583513
1,99820
1061,391
753
25, 0275,871
155, 37429, 42335,613
160, 05731, 84658, 805
49,10995, 25245, 52377, 76632, 88042, 899
2,66133, 678
1,795139
2,0552,3174,2121,062
9,62268552
10,1565,72621,4537,285
10,99814,437
8159,8471,36819, 6901,259
2,259623283
2,5034,751975
232308126590227
2,536854
1,5701,042
21,441337
154,30028,15433,779162, 98820, 43654, 586
47, 801103, 89741, 03283, 34129, 67640, 090
2,99036, 633
1,761170
2,3492,4124, 564
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1934 FEDERAL RESERVE BULLETIN 297
COMMERCIAL BANKS
England(10 clearing banks. Figures in millions
of pounds sterling)
Assets
Cash invault anddue fromBank ofEngland
206213205208215218216213223209219
Money atcall and
shortnotice
981019691918999
119130118120
Bills dis-counted
346352362359355343317311284250202
Securities
530544554563563559569565558560547
Loans to Otherassets
Liabilities
Deposits
Total Demand1 Time J
Otherliabilities
1933—MayJuneJulyAugustSeptember.OctoberNovember.December.
1934—January.._February _.March
779779771762753752741740738746757
209213221216215222228237232231226
1,9441,9781,9731,9661,9581,9511,9281,9411,9201,8671,831
9621,006993990
1,015974932910
942933928924916905900893881
224225235233233233241244244246240
Assets Liabilities
France(4 large banks. Figures in millions of
francs)
Cash invault anddue fromBank ofFrance
1933—MayJuneJulyAugustSeptemberOctober.._NovemberDecember.
1934—January...February..
8,1848,4998,7388,0277,9077,0946,3335,8706.3734,650
Due frombanks
1,9601,9311,7231,6001,5041,4801,5451,4161,5741,724
Bills dis-counted
20,04819,88920, 23619,85119,83520, 22919,87619, 84819.16918,174
Loans,includingsecurity
loans
7,7777,8247,8487,8137,7927,8808,1278,3098, 5378,956
DepositsOtherassets Total Demand Time
1,2271,4201,5211,5651,5401,6261,7071,8271,0341,130
35,12435,29535,67634,42634,18133,78633,00932, 635
«32,80930, 736
34,14534,30734,67133, 41933, 21732,81132,07531, 773
° 31, 969
979988
1,0051,007964976933862841845
ceptances
247372379360253257258273284334
Otherliabilities
3,8243,8954,0114,0694,1444, 2664,3224,362
c 3,5923,564
I Assets Liabilities
Germany(Reporting banks. Figuresin millions of reichsmarks)
Cash invault anddue fromReichs-bank
Due frombanks
Bills dis-counted
Loans,includingsecurity
loansSecurities
Deposits
Otherassets Total Demand Time
Creditsobtained
frombanks forcustomers
Otherliabilities
1933—MayJuneJulyAugustSeptember..OctoberNovember...December 2_.
1934—January 2
169205169150186152159
675659646637657614621
1,9341,9141,9071,9371,8701,9621,970
4,8824,8324,6824,6774,6274,6424,608
2,3872,3902,3832,2972,3032,3042,331
1,1891,1631,1631,1751,1781,2071,222
7,1017,0927,0186,9716,9606,9937,015
3,2683,3443,2373,1553,2423,2003,155
3,8333,7483,7813,8163,7173,7933,859
924852805753733709
3,1683,1463,0813,0973,1103,1553,187
February.. 139 2.127 2,387 1, 196 7,159 3,254 3, 905 3,100
Canada(10 chartered banks. Figures
in millions of Canadian dol-lars) Cash in
vault andin cen-
tral goldreserves
1933—MayJuneJulyAugustSeptember.OctoberNovember.December.
1934—January...February..March
Assets
Entirely in Canada
193198197192187191210197194193187
Securityloans
94102109105110111105106104102103
Otherloans andbills dis-counted
1,0731,0571,0421,0261,0311,0371,0081,0361,0121.0111,029
Securityloans
abroadand netdue fromforeignbanks
139145151146176156149134135144159
Securities
836
881882861861832833835
Otherassets
456481448437435450444432428442427
Liabilities
Notecircula-
tion
119129120121129122121121113117128
Deposits payable in Canadaexcluding interbank deposits
Total
1,9461,9571,9581,9241,9641,9831,9251,9201.8771,8851,893
Demand
549570578551591633567563526530526
Time
1,3971,3871,3801,3731,3721,3501,3581,3571,3511,3551,367
Otherliabilities
725757733727727721732725714724718
e Corrected.i Excluding deposits of the National Bank relating to offices outside England, which are included in the total.NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646
2 Figures not available.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
298 FEDERAL RESERVE BULLETIN MAY 1934
DISCOUNT RATES OF CENTRAL BANKS
Date effective
In effect Oct. 1,1931.Oct 10Dec. 10Feb. 18, 1932.Mar 9Mar. 10Mar. 17Mar. 21Apr. 9Apr 19Apr. 21Apr 28May 2May 12June 30Sept. 22Jan 9 1933May 12June 29July 15July 29
A -i-trr 1 X>
Sept. 4Sept 19Dec. 11Feb 9 1934In effect Mayl, 1934.
Central bank of—
Eng-land
6
5
4VA
3
2
2
France
2
33
Ger-many
8
7
6
5H
5
4
4
Italy
7
6
5
4
VA
3
3
Nether-lands
3
Switzer-land
2
2H
iVA
V4
: : : : : : : : :
*..
VA 2
Centralbank of—
AlbaniaAustriaBelgiumBolivia
Bulgaria. . .ChileColombia ..Czechoslo-
vakia
Danzig. . . . . .Denmark. . .EcuadorEstonia
FinlandGreeceHungaryIndia
RateMay
1
536
VA
VA
3
4VA
7
VA
In effectsince—
Nov. 16,1933Mar. 24,1933Apr. 26,1934July 5,1932
Jan. 2,1934Aug. 23,1932July 18,1933
Jan. 25,1933
May 6,1933Nov. 30,1933Nov. 30,1932Feb. 1,1932
Dec. 20,1933Oct. 14,1933Oct. 18,1932Feb. 16,1933
Centralbank of—
JapanJavaLatviaLithuania
NorwayPeruPolandPortugal
Rumania...South Africa .SpainSweden
U.S.S.RTurkeyYugoslavia...
RateMay
1
3.65
6 *
6 2
5
63H6
8
7
In effectsince—
July 3,1933Aug. 16,1933Jan. 1,1933Apr. 1,1930
May 24,1933May 20,1932Oct. 26,1933Dec. 8,1933
Apr. 5,1933May 15,1933Oct. 26,1932Dec. 1,1933
Mar. 22,1927Mar. 2,1933Feb. 9.1934
Changes since Apr. 1: Belgium—Apr. 26, down from 3H to 3 percent.
MONEY RATES IN FOREIGN COUNTRIES
Month
England (London)
Bankers'accept-ances,
3 months
Treasurybills, 3months
Day-to-daymoney
Bankers'allowance
on deposits
Germany (Berlin)
Privatediscount
rateMoney for1 month
Netherlands (Amster-dam)
Day-to-daym o n e > T j
Money for1 month
1933—MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.
1934—January...February.March
0.62.59.50.50.48.41.44.79
1.051.06
1.01.95.95
0.46.50.37.40.40.30.31.73.94
1.15
0 64.61.58.62.62.62.63.75.75.77
.90 I
3.873.873.873.873.873.873.873.873.873.87
3.873.873.87
5.005.255.505.505.505.505.505.505.505.50
4.784.915.00
4.975.055.244.935.194.945.005.115.184.97
4.744.784.89
0.64.66
2.112.183.541.11.77.50.45.52
.50
.781.24
1 111.001.692.062.641.081.001.001.001.00
1.001.001.07
Month
Switzer-land
Belgium(Brussels)
Privatediscount
rate
Privatediscount
rate
France(Paris)
Italy(Milan) Hungary
Sweden(Stock-holm)
Privatediscount
rate
Privatediscount
rate
Primecommer-cial paper
1933—MarchAprilMayJuneJuly..AugustSeptemberOctober. __November.December.
1934—January. __February.March
1.501.501.501.501.501.501.501.501.501.50
1.50 I1.50 !1.50 j
2.622.502.412.312.312.312.272.212.122.25
2.142.052.07
2.041.871.761.50 !1.39 !
1.45 I1.131.25 j1.852.26 I
2.122.592.75
4.204.004.004.004.004.003.553.503.503.00
3.003.003.00
Day-to-daymoney
Loans upto 3
months
VA3;3VAV/2VA
3 ^3H
VA
VA-5}/23 H 63 -53 -53 -63 -53 -53 -5
Japan (Tokyo)
Discountedbills
2H-4H2H-4H
5.48-5.845.48-5.845.11-5.845.11-5.485.11-5.485.11-5. 485.11-5.485.11-5.485.11-5.485.11-5.48
5.11-5.485.11-5.48
Callmoney
overnight
2.922.372.192.742.372.372.562.562.562.56
2.372.56
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 791-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; andMay 1930, p. 318.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY ] 34 FEDERAL RESERVE BULLETIN 299
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. 95.12741930 83.50501931. 66.73751932 58.44331933 372.80091933—April 60.4864
May 67.9019June 71.0601July 80.7251August 79.4328September 86.0861October 86.1188November 92.0439December 333.3311
1934—January 33.5007February 33. 5494March 33.9553April 34.3475
Argen-tina
(peso)1
Aus-tralia
(pound)
480.83458.60351. 50279.93337. 07284. 79313.07329. 22369. 44358.13371. 26371.47409. 75407. 50402. 44400. 78405. 86410. 54
Austria(schil-ling) 2
14.057514.089114.022713.959915. 447814.070014. 558214. 200715. 671915.479416. 653416.769418.043417. 681117. 911518. 565018.911418.8724
Belgium(belga)
13.912413.952413.928513.913717.899614.528516. 271117. 046019.450519.145820. 699420. 721522. 317621. 728022. 036022. 889323. 298123. 4416
Brazil(milreis):
Bulgaria(lev) 2
11.807810.71367.02907.12237.96307.63487. 63547. 63697.87278.03318.15088.46348. 56608. 59958.56378.46668.54208. 6004
0. 7216.7209.7163.71931. 0039.7223.7825.8142.99771. 03471. 24341. 25901. 63781. 34361. 34721. 34641. 33241. 3295
Canada(dollar)
99. 247299.842496.325888.089691.958784. 723387.593089.885394.468394. 279696.473497. 5958101.1829100. 551599. 524699.167599. 7871100. 2070
Chile(peso)i
12. 060112. 078512. 06697.90797.67876.03006.28467. 52108.37528.19868. 67438.873110. 09839. 59529.44769. 596610.129410. 2595
China(yuan)
41. 900729.916622.436921. 735728. 5779<22.195324.519326.128929.266628.073729. 684329.846232.903033.446834. 000734. 307734. 619034.1506
Colom-bia
(peso)i
96.551296.493096.569795.275081. 696686. 210086. 210086.210086. 210086. 210078.147665.713666. 720063. 966866.939669.952367. 666359. 9228
Cuba(peso)
Czecho-slovakia(koruna)
99. 964799.951599.929599. 940999.946499.932299.919699.921299.919999.948199.958399.922399.961799. 9579-99. 957899.961699.953599. 9288
2.96092.96402.96192. 96183.82323.11553.50753.65274.15454. 07774. 40894.41724. 76004.64874. 70394. 44324.15314.1720
Den-mark(krone)
26. 680226. 765025.058118.831719.070915.950217. 519318.442320. 768220.115720. 834420.841322. 997522. 846322. 548722.472122. 738423. 0051
Year and month
1929193019311932.19331933—April
MayJuneJulyAugustSeptemberOctoberNovemberDecember
1934—JanuaryFebruaryMarchApril
Egypt(pound)
498. 0689498.6002465.1111359. 5406434. 3908366.8480403.1202424. 0440477. 0204461. 7534478.1479460. 4633527. 4832524.6387518.2824516. 0390522.3447
England(pound)
Finland(markka)
485. 6879486. 2126453. 4990350. 6067423. 6821357.9313393. 2381413.5581464.9915450. 2670466. 4722466.8290514.9737511. 5890504,9336503. 2596509.3917515. 3425
2. 51602. 51692. 38751. 55471. 87081. 58061. 74671.82412. 05112.00082. 06932. 06832. 27002. 27002. 24492. 22882. 24702. 2702
France(franc)
3.91613.92493. 92003. 92765. 03134.10194. 59274.80355. 45885. 37495. 77245.81676. 26786.12166. 21106. 46486. 58016. 6161
Ger-many
(reichs-mark)
Greece(drach-
ma)
HongKong
(dollar)
Hungary(pengo)
India(rupee)
23. 808623. 854123. 630223. 749230. 517924. 387327. 362928. 809733. 262732. 714435. 430735. 426738. 236137. 324737. 587238. 884139. 659939. 5890
1 29341. 29591. 2926.8320.7233.5865.6582.6917.7902.7743.8372.8397.9053
.9253
.9413
.9452
47.166933.853024. 330523. 460429. 451623. 771427.158629.135832. 958431. 592233.105033. 282136. 689637.153737. 681138. 099938. 684238.1556
17. 441417. 493917. 452217. 4460"22. 359817. 481218.876621. 241524. 514724. 238726. 089726. 352028. 230227. 685528. 042529.119129. 612529. 7652
36. 202036. 067233. 689526. 346831.815926. 872129.572931. 065234. 928333. 848935. 005135. 036638. 340838. 387037.973937.856738. 333538.7557
Italy Japan(lira) I (yen)
Mexico(peso)
5. 23345. 23745. 20635.12536. 70945. 36626. 0888
7. 36977. 21767.80767.82088. 43318. 22048. 30768.575 '8. 57638. 5641
46. 099749.389848.850928.111225. 645722. 086723. 996725. 758728. 772726.902627. 253927: 767030. 361830.741830.113629.753630. 009330. 3124
48. 183047 133135.491931.850028.102527. 020128. 872127. 665027. 996828.110328.149228.169227. 798927. 735527. 743427. 731327. 722427.7222
Nether-lands(florin)
40.162240. 225140. 229840. 294951.720941. 949046. 950749. 008656.183355. 379959. 883159.952964. 564262.846663. 616766. 038267. 295667. 8471
I
Year and monthNew
Zealand(pound)
Norway(krone)
Poland(zloty)
Portu-gal
(escudo)
Ruma-nia
(leu)Spain
(peseta)
StraitsSettle-ments
(dollar)
Sweden * j W(franc)
Turkey(pound)
Union of!SouthAfrica(pound)
Uruguay(peso)*
Yugo-slavia(dinar)
192919301931193219331933—April
May__JuneJulyAugustSeptemberOctoberNovemberDecember
1934—JanuaryFebruaryMarchApril
483. 21468. 22415. 29320.19340. 00285. 48313. 86330. 09370.19359. 02372.17372. 40411. 04408. 72403. 47401.81406.84411. 63
26. 682726. 759825. 054618. 003921.429218. 316120. 016420. 881123. 362722. 645123. 440023. 445125. 872325. 707525. 372225. 283525. 583425. 8824
11.194011. 205111.197011.182314. 413511. 375513. 087313. 822915. 620215. 434816. 696316. 710318. 056417. 702417. 928118. 598418. 904318.9554
4.47144. 49404. 24353.19603.91653. 21333. 57813. 76944. 24684.15214. 46554. 53154. 86234. 68924. 65054. 63214. 67094. 7085
0. 5961.5953.5946.5968.7795.6107.7025.7448.8766.8374.8934.9112.9817.9547.9614. 99231.00131. 0060
14. 683311.66709. 54538. 0438
10. 71898. 88049.987510. 363811. 654011.456512. 408712. 434313.112912. 791813.004213. 300113.617513. 7024
56.011755. 963952.445140. 397049. 232041. 235045. 661147.963054. 046052. 363454. 292054. 574060. 062559.702558. 9185M.785259. 600760. 3487
26. 783926.854325. 254018.471022. 032418.810820. 241321. 281923. 978423. 226324. 053224. 069026. 549126.391126. 041825. 955426. 262026. 5643
19. 279219.382019.400919.404924. 835520.128122. 536823. 566526. 958326. 526528. 729928. 790231. 022330. 247330. 642031.737432. 285732. 4593
48. 410547. 060847.181447. 285460.439649. 399655.359657.808565. 708064.450769.829267. 226275. 740073. 706875. 0781
483. 27483. 79480. 76476. 56414. 98353. 74388.74408. 76459.33444.39448. 57461. 23509. 29505. 76499. 09497. 42503. 42509. 43
98. 629485. 865055. 357247.063960. 336047. 764653.187555.987165.137264.758970.151070. 775576. 248474. 587075.805178. 749980.192180. 6081
1 75911. 76811. 76801.64111. 76071.42281.60731. 67081. 90321.89092. 02742. 04432. 20352.16282.18182. 24682. 26482. 2718
1 Nominal since April 1933.2 Partly nominal since April 1933.3 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. Aver-age for April based on new yuan for Apr. 10-30. Average of old yuan for Apr. 1-9 was 20.5383 cents.
« Silver peso quoted in place of gold peso beginning July 30, 1931. Average for 1931 is for silver peso from July 30 to Dec. 31, inclusive. Aver-age for gold peso for Jan 2-July 29 was 47.6510 cents.
Back figures.—See BULLETIN for January 1933, 1932, 1931, 1930, and 1928.
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300 FEDERAL RESERVE BULLETIN M A Y 1934
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES[Index numbers except as otherwise specified]
Year and month
Number of issues
192619271928 _. .1929193019311932
1932—NovemberDecember.. _
1933—January . . __ ._ _.FebruaryMarch.. . ._April.May __ __JuneJuly—.AugustSeptember .October _ . . . .November ._December
1934—JanuaryFebruaryMarch ._
Bonds
UnitedStates
(averageprice)
60
97.098.998.795.798.396.181.1
83.182.2
84.182.576.775.482.086.889.689.987.986.582.683.6
88.392.995.1
England(December1921=100) 2
87
110.0110.7112.3110.2111.8108.4113.2
115.9116.1
116.9118.4118.4120.2118.1118.7117.9120.1121.2122.3122.3122.0
123.6124.3126.2
France(1913 aver-age =100)
36
57.4« 71.7
80.885.195.896.988.6
88.987.8
86.485.381.981.578.579.580.080.281.481.179.679.9
78.778.776.9
Germany(averageprice) 3
169
85.581.483.3
<83.4< 67.1
72.976.3
81.479.983.685.881.580.178.278.578.284.787.989.6
92.091.691.9
Common stocks (1926 average=
UnitedStates
421
100.0118.3149.9190.3149.894.248.4
47.547.4
49.144.943.247.562.974.980.475.174.869.569.170.4
75.680.577.1
England l
278
100.0107.0115 9119.5102.678.967.9
72 772.0
72.472.272.372 475.479.083.984.485.382.980 981.4
85.5S7.087.3
France
300
100.0123.2178.1217.6187.6132.2105.2
100.0104.3
101.397.992.794 0
100.4105.2106.0105.2103.098.395 795.3
92.391.885.0
= 100) »
Germany
329
100 0145.0136 1122.8100 2
1 78.0•50.3
53 456.7
59.359.464.566 867. 265.762 860.757.357.058 761.8
64 467.870.
«Corrected.i Stock price series for England, France, and Germany have been converted from original bases to a 1926 base.8 Annual indexes for English bonds and stocks are unweighted averages of monthly indexes.1 New series compiled by the Statistisches Reichsamt beginning with January 1928; weighted average of the prices of 169 6-percent bonds.
Annual indexes for German bonds are unweighted averages of monthly indexes.* Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months January-
June; index for 1932 represents average of months May-December.
Back figures.—See BULLETIN for February 1932, p. 121, and sources there cited.
WHOLESALE PRICES—ALL COMMODITIES
Year and monthUnitedStates
(1926=100)Canada
(1926=100)England
(1913=100)France
(1913=100)Germany
(1913=100)Italy
(1913=100)Japan
(October1900=100)
Nether-lands
(1913=100)
1926 1001927 951928. 971929 951930 861931 731932 65
1932—November 64December 63
1933—January 61February 60March 60April 60May 63June _ 65July 69August 70September 71October 71November I 71December j 71
1934—January 72February j 74March ] 74
100 148142140137120104102
101101
10099989799102102103103103103103
105105104
695642645627554502427
413413
411404390387383403401397397397403407
405400394
13413814013712511197
9492
919191919293949495
602495462445383328304
292286281279279281279278276274273275
27627.5275
237225226220181153161
178185
185180177176177180182180182180179176
176178177
1451481491421179779
77
7574727172737373757576
8079
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MAY 1934 FEDERAL RESERVE BULLETIN 301
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Groups are those included in indexes shown in preceding tablej
Year and month
United States (1926=100)
Farmproducts Foods
Othercommod-
ities
England (1913=100) France (1913=100)
FoodsIndus-trial
products
Farmand foodproducts
Indus-trial
products
Germany (1913=100)
Agricul-tural
productsProvi-sions
Indus-trial rawand semi-finishedproducts
Indus-trial fin-
ishedproducts
1926192719281929 -19301931 -1932
1932—November.December.
1933—January...February..MarchAprilMayJuneJuly _AugustSeptemberOctober.. _November.December.
1934—January...February-March
10099106105886548
4744
434143455053605857565756
596161
10097101100917561
6158
565455565961666565646463
6467
100949392857570
70
67
155152152145127112111
107108
107105102101102104101104105104104103
104104101
14413613413211610097
97
9796959598101103102102102102103
105106105
581599584579526542482
458456
455443417407390418414407413417425432
424416413
793678697669579464380
373375
373370368369376390389389383379384385
387386378
12913813413011310491
132129133125113
«13013213413212010389
150147159157150136118
114114
113112112111112112113113114114114114
114115115
RETAIL FOOD PRICES
Year and month
1926192719281929193019311932 _
1932—No vemberDecember _.
1933—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember . .December
1934—JanuaryFebruaryMi arch
UnitedStates
(1913=100)
161155154157147121102
9999
959191909497
105» 1073 1073 107» 107» 104
3 1053 1083 109
England(July
1914=100)
161156157154145131126
125125
123122119115114114118119122123126126
124122120
France(July
1914=100)1
113113112124125124109
104103
102103101999797959798
101103104
105103100
Germany(1913-
14=100) »
144152152155143128112
110109
107107106106110111111110111112113114
114114114
(
Year and month
1926192719281929 . . . .193019311932
1932—NovemberDecember
1933—January . . .FebruaryMarchAprilMay.June - -JulyAugustSeptemberOctoberNovemberDecember ._
1934—January _ .February. . .March
COST OF LIVING
UnitedStates
(1913 = 100)
175173171171164148134
132
128
135
England(July
1914=100)
170164166164158148144
143143
142141139137136136138139141141143143
142141140
France(Jan.-June1914=100)1
'103104105113118116107
105
106
105
105
107
Germany(1913-
14=100) »
141148152
147136121
119118
117117117117118119119118119120
« 120121
121121121
« Corrected.i This index, unlike that for wholesale prices in France, represents prices converted to the gold basis of 1914.8 Average of October 1913, January, April, and July 1914 = 100.3 Figures for the period nearest the 15th of the month. Since August 1933 the Bureau of Labor Statistics has published semimonthly indexes,
which this year have been as follows: Jan. 2, 104.5; Jan. 16, 105.2; Jan. 30, 105.8; Feb. 13, 103.3; Feb. 27, 103.1; Mar. 13, 108.5; and Mar. 27, 108.0Apr. 10, 107.4; and Apr. 24, 107.3. For indexes available in 1933 see BULLETIN for February 1934, p. 120.
. . . . _ . . _ . . . . . . . .. . Retail food prices and cost of living.—United States—Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germanp—Statistisches Reichsamt; France—For retail food
SOURCE: Wholesale prices.—For original sources, see BULLETIN for March 1931 (p. 159).jreau of Labor Statistics, Department of Labor; England—Ministry of Labour; Ger mam
prices, Statistique Ganarale, and for cost of living Commission d'etudes relatives au cout de la vie a Paris
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302 FEDERAL RESERVE BULLETIN MAY 1934
LAW DEPARTMENTObligations secured by real-estate mortgages as
"securities" under various sections of the BankingAct of 1933
The Federal Reserve Board has had underconsideration the question whether varioustypes of obligations secured by real-estatemortgages are obligations of the kinds referredto in subsection (e) of section 5144 of the Re-vised Statutes, as amended by section 19 of theBanking Act of 1933, and in section 20 andsection 32 of the Banking Act of 1933.
The pertinent parts of those sections arequoted below, the descriptive words underconsideration being italicized in each instance:
Revised Statutes, section 5144 (e):Every such holding company affiliate shall, in its
application for such voting permit, (1) show that itdoes not own, control, or have any interest in, and isnot participating in the management or direction of,any corporation, business trust, association, or othersimilar organization formed for the purpose of, orengaged principally in, the issue, flotation, underwriting,public sale, or distribution, at wholesale or retail orthrough syndicate participation, of stocks, bonds,debentures, notes, or other securities of any sort (herein-after referred to as "securities company"); (2) agreethat * * * it will not acquire any ownership,control, or interest in any such securities company*• * *; (3) agree that if, at the time of filing theapplication for such permit, it owns, controls, or has aninterest in * * * any such securities company, itwill, within five years after the filing of such applica-tion, divest itself of its ownership, control, and interestin such securities company * * *.
Section 20 of the Banking Act of 1933:After one year from the date of the enactment of
this Act, no member bank shall be affiliated in anymanner described in section 2 (b) which definesaffiliates hereof with any corporation, association,business trust, or other similar organization engagedprincipally in the issue, flotation, underwriting, publicsale, or distribution at wholesale or retail or throughsyndicate participation of stocks, bonds, debentures,notes, or other securities. * * *
Section 32 of the Banking Act of 1933:From and after January 1, 1934, no officer or director
of any member bank shall be an officer, director, ormanager of any corporation, partnership, or unincor-porated association engaged primarily in the business ofpurchasing, selling, or negotiating secutities, * * *.
One of the principal purposes of the BankingAct of 1933 was to effect a separation of com-mercial and investment banking. It appearsthat the provisions above referred to weredesigned to aid in the accomplishment of this
purpose and consequently that they should beinterpreted with this purpose in mind. Aftera careful consideration of this subject, theFederal Reserve Board has reached the con-clusion that, although there are obligationssecured by real-estate mortgages which are ofthe kind referred to in the provisions of lawabove quoted, mortgage notes arising out ofthe ordinary type of direct loans on real estateare not " bonds, debentures, notes, or othersecurities" within the meaning of section 5144of the Revised Statutes as amended or section20 of the Banking Act of 1933 or "securities"within the meaning of that term as used insection 32 of the Banking Act of 1933.
On the other hand, it is not possible to laydown any general rule as to whether or notcertificates of participation based on mort-gages, notes issued in series, and other similarobligations secured by mortgages which arenot ordinary mortgage notes of the type re-ferred to above, are included within the pro-visions above quoted, since such obligationsvary so widely in character; and questions ofthis kind must be determined as and whenthey arise in particular cases according to thefacts involved therein.
The views expressed above should not beconstrued as an expression of opinion by theBoard that mortgage notes and other obliga-tions secured by mortgages should not be con-sidered "bonds, debentures, notes, or othersecurities" within the meaning of section 21 (a)of the Banking Act of 1933. Said section 21provides a penalty of fine or imprisonment forviolation of its provisions, and the interpreta-tion of the provisions of that section is a matterentirely within the jurisdiction of the Depart-ment of Justice. Since an expression of opinionby the Federal Reserve Board as to what wouldconstitute a violation of that section would notafford protection from criminal prosecution ifthe Department of Justice, upon considerationof the matter, should take a contrary positionand determine to prosecute for a violationthereof, the Federal Reserve Board does notfeel that it would be appropriate to undertaketo express an opinion on the question whethermortgage notes or other obligations secured bymortgages should be considered "bonds, deben-tures, notes, or other securities" within themeaning of that section.
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MAY 1934 FEDERAL RESERVE BULLETIN 303
Allowance in consideration of payment of banker'sacceptance before maturity as indirect payment ofinterest
The Board recently had occasion to considerthe question whether an allowance made by amember bank to a customer in connection withthe discharge of his obligation with respect toa banker's acceptance constitutes a payment ofinterest directly or indirectly on a deposit whichis payable on demand in violation of section 19of the Federal Reserve Act.
In consideration of the bank's agreeing toaccept time drafts, the customers of the bankagree, expressly or impliedly, to pay to thebank or its successors or assigns the amountof each such acceptance on the last businessday before its maturity or on demand at anytime prior thereto, together with the amount ofthe bank's commission and the amount of allcharges and expenses incurred by the bank inconnection with the transaction. It sometimeshappens that the customer desires to dischargehis obligation prior to the last business daybefore the maturity of the acceptance, and, inorder to encourage such desire, the bank acceptspayments at a discount rate based upon thenumber of days yet to run until the maturity,thus making an allowance for the unexpiredperiod during wliich the customer, in the ab-sence of a demand from the bank, might haveretained his funds.
On the basis of the foregoing statement offacts, the Board expressed the view that, if thefunds paid to the bank by the customer in suchcircumstances are not credited to his depositaccount on the books of the bank, but areapplied immediately to the discharge of hisobligation to place the bank in funds to retirethe acceptances, the funds do not constitutedeposits, and, therefore, the prohibition uponthe payment of interest on deposits payable ondemand is not applicable. If, however, thefunds are credited to the customer's depositaccount and are not applied in discharge of thecustomer's obligation until the date of maturityof the acceptance, it is the view of the Boardthat a deposit arises and, if such deposit is to beused to discharge the customer's obligationwithin 30 days or is otherwise payable within 30days, it constitutes a demand deposit and anallowance or discount in connection with suchdeposit, calculated according to the number ofdays remaining before maturity of the accept-ance, must be considered an indirect payment of
interest in violation of the prohibition of section19 of the Federal Reserve Act upon the pay-ment of interest on any deposit which is payableon demand.
Corporate trustee under deed of trust as a holdingcompany affiliate
There has recently been submitted to theBoard a deed of trust whereby an individualhad transferred to a trust company, as trustee,shares of stock which represent a controllinginterest in several member banks and which areheld in trust for designated beneficiaries. TheBoard was called upon to consider whether thecorporate trustee was a holding companyaffiliate of such banks within the definition insection 2 (c) of the Banking Act of 1933.
Section 2 (c) defines a holding companyaffiliate as a corporation, business trust, asso-ciation, or other similar organization which is ina position to exercise controlling influence overa member bank in any one of certain waysspecified in the definition. The deed of trustdid not create a "business trust", but thetrust company was clearly a corporation. TheAttorney General of the United States, inanswer to a question propounded by the Secre-tary of the Treasury, has stated in an opinionthat:
it does not seem objectionable to say that I perceivethe force of your solicitor's conclusion that ownershipand control through majority stockholding does notinclude a holding by a bank merely as executor or insome other such fiduciary or representative capacity,subject to control by a court, or by a beneficiary or aprincipal, and without the incentive and opportunitieswhich might arise from a holding of the stock by thebank as its own property.
Under the terms of the deed of trust thetrustee held the stock without the incentive forprivate profit, but determined the manner inwhich the stock was to be voted and in so doingapparently was not subject to control by anycourt, beneficiary, or principal. The Boardtherefore ruled that the trust company was aholding company affiliate of the member banksreferred to and accordingly could not vote anystock of such banks, owned or controlled by iteither in its capacity as trustee or otherwise,unless it first obtained from the Board a votingpermit under authority of section 5144 of theRevised Statutes of the United States, asamended.
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304 FEDERAL RESERVE BULLETIN MAY 1934
Federal savings and loan associations as banks withinsection 19 of the Federal Reserve Act
The question whether a Federal savings andloan association organized under the provisionsof the Home Owners' Loan Act of 1933 may beconsidered a "bank" within the meaning of theprovision of section 19 of the Federal ReserveAct regarding amounts due to and from otherbanks in computing reserves has had the con-sideration of the Federal Reserve Board.
Section 5 of the Home Owners7 Loan Act of1933 provides for the organization of Federalsavings and loan associations "in order toprovide local mutual thrift institutions in whichpeople may invest their funds and in order toprovide for the financing of homes." Suchassociations are authorized to raise their capital"only in the form of payments on such sharesas are authorized in their charter, which sharesmay be retired as is therein provided" and tolend their funds "only on the security of theirshares or on the security of first liens uponhomes or combination of homes and businessproperty within 50 miles of their home office."They are expressly prohibited from acceptingdeposits and from issuing certificates of indebt-edness except for such borrowed money as maybe authorized by the regulations of the FederalHome Loan Bank Board.
In the circumstances, the Federal ReserveBoard expressed the view that Federal savingsand loan associations are not to be consideredbanks within the meaning of the provisions ofsections 19 of the Federal Reserve Act whichrelate to the computation of reserves.
Payment of interest when the first day of the monthfalls on a Sunday or holiday
In response to an inquiry received from aFederal Reserve bank, the Federal ReserveBoard has stated that it will offer no objection
to the payment of interest at a rate not in ex-cess of that prescribed in Regulation Q for aperiod beginning with the first day of anymonth, in any case in which such first dayfalls on a Sunday or legal holiday, on any timeor savings deposit received on the first businessday after such Sunday or holiday and endingwhen the deposit is actually withdrawn orceases to conform to the definition of a timeor savings deposit as contained in the Board'sRegulation Q, whichever shall first occur.
Authority of Federal Reserve banks to acquire bondsof Home Owners' Loan Corporation and to act asfiscal agents of such corporation
There is printed below the text of sections7 and 8 of an act of Congress, approved April27, 1934 (Pub. No. 178, 73d Cong.), amendingsections 13 and 14 of the Federal Reserve Actand also authorizing the Federal Reserve banks,with the approval of the Secretary of the Treas-ury, to act as depositaries, custodians, andfiscal agents for the Home Owners' LoanCorporation.
SEC. 7. (a) The first sentence of the eighth para-graph of section 13 of the Federal Reserve Act, asamended, is further amended by inserting before thesemicolon, after the words "Federal Farm MortgageCorporation Act", a comma and the following: "or bythe deposit or pledge of bonds issued under the pro-visions of subsection (c) of section 4 of the HomeOwners' Loan Act of 1933, as amended."
(b) Paragraph (b) of section 14 of the FederalReserve Act, as amended, is further amended by insert-ing after the words "bonds of the Federal Farm Mort-gage Corporation having maturities from date of pur-chase of not exceeding six months", a comma and thefollowing: "bonds issued under the provisions of sub-section (c) of section 4 of the Home Owners' Loan Actof 1933, as amended, and having maturities from dateof purchase of not exceeding six months."
SEC. 8. The Federal Reserve banks are authorized,with the approval of the Secretary of the Treasury, toact as depositaries, custodians, and fiscal agents for theHome Owners' Loan Corporation.
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M A Y 1934 FEDERAL RESERVE BULLETIN 305
FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.DISCOUNTS BY MONTHS
[Averages of daily figures. In millions of dollars]
Federal Reserve bank
BostonNew YorkPhiladelphia.
Cleveland.Richmond-Atlanta
ChicagoSt. LouisMinneapolis..
Kansas City..-DallasSan Francisco.
TotaL
1934
April
1.519.413.8
2.41.6
1.5.3.6
43.1
March
1.925.417.1
3.32.01.2
1.8.4.9
.4
.11.0
1933
April
17.9114. 555.8
59.422.325.6
18.44.4
20.66.6
73.2
428. 5
Back figures.—See Annual Reports for 1932 (table 9), 1931 (table 80),1928 (table 72), and 1927 (table 55).
DISCOUNTS BY WEEKS
[In thousands of dollars]
Federal Reserve bank
Boston. - ._____--_New YorkPhiladelphia _ _
Cleveland. _ _ _ _ . .RichmondAtlanta . . - . . . . . .
ChicagoSt. LouisMinneapolis
Kansas CityDallas . -_-San Francisco. _ . . . .
Total
Wednesday
Apr. 4
1,91021, 60714, 724
2,5631,710
876
2,203292660
313157514
47, 529
Apr. 11
1,25119,89013,847
2,6251,598
869
1,313262619
307175495
43, 251
series (1934)
; Apr. 18
i 1,039 i; 18,386 !; 13.381 :
2, 146 !i 1,609 !! ' 649 ,i ;I 1, 1 7 0 !1 258 !
i 2 6 i j
! 216 ii 778 i
i 40.473 :
Apr. 25
1,22618, 67512, 978
2,1581,522
729
1,210273484
283222553
40, 313
Back figures.—Bee Annual Reports for 1932 (table 13), 1931 (table 83),1930 (table 78), etc.
TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TOLIABILITIES
[Averages of daily figures. Amounts in thousands of dollars]
Federal Reserve bank
Boston _. . .New York__Philadelphia
ClevelandRichmondAtlanta
Chicago . _- _ . .St. LouisMinneapolis. _ . . . _
Kansas City- _ _ _ _ _ _DallasSan Francisco _ -
Total
Total reserves
1934
April
368, 4161, 467, 570
309, 240
357,196215,173139,760
962, 154193,117113,071
166, 01698, 646
295, 045
4, 685, 404
March
327, 5151, 354,115
306, 393
359,964165, 768139, 520
938,497180,481
r 116, 334
' 179, 095106,215272, 035
' 4, 445,932
1933
April
239,9961,053, 836
226,015
291, 745182, 281121, 656
905,174157,14776, 422
124, 64850, 653
223, 756
3, 653, 329
Total deposits
1934
April
265, 6281, 523, 713
215, 497
241, 270161,37889,408
598,029140, 58476, 935
146,110118,790241,142
3, 818, 484
March
229, 2091,425, 455
211,106
243, 297106,89789,106
556, 667122,129r 75, 687
149,167124, 500214, 612
' 3, 547,832
1933
April
132, 5801, 029, 531
123, 250
152,43272, 53954, 250
300, 49676,82344, 738
81,96053, 613
158, 998
2, 281, 210
Federal Reserve notes incirculation i •
1934
April
242,198633, 549243,616
298, 267143, 824129, 329
773,377134, 51296,100
107, 52139,766
199, 874
3,041,933
March
225,143617, 505238, 300
294, 651147,881126, 052
772, 542136, 395r 96, 888
109,19141, 064
198,553
1933
April
235,849791,131260,933
346, 548177,142143, 748
903, 267150, 45798, 650
122, 26541, 607
263,839
••3,004, 165 3,535,436
Ratio of total reserves todeposit and FederalReserve note liabili-ties combined
1934 \ 1933
April March April
72. 5 i 72. 1 1 65.168.0 | 66.3 ; 57.967. 4 ! 68. 2 ; 58. 8
66.2 ! 66.9 ! 58.570. 5 1 65. 1 i 73. 063.9 ! 64.8 : 61.4
70.2 : 70.6 ''• 75.270. 2 ! 69. 8 69. 165.4 67.4 53.3
65.5 69.3 61.062.2 64.2 53.266.9 ' 65.8 52.9
68.3 67.9 : 62.8
r Revised.1 Includes "Federal Reserve notes of other Reserve banks" as follows: Latest month, $17,331,000; month ago, $15,217,000; year ago, $23,024,000.Back figures.—See Annual Report for 1931 (table 8) and 1928 (table 2).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
306 FEDERAL RESERVE BULLETIN MAY 1934
EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES; ALSO FEDERAL RESERVE NOTEAND FEDERAL RESERVE BANK NOTE STATEMENT, APR. 30, 1934
[In thousands of dollars]
Total Bos-ton
NewYork
Phila-del-phia
Cleve-land
Rich-mond
At-lanta Chicago St.
LouisMin-neap-olis
Kan-sas
CityDallas
SanFran-cisco
Gold certificates on hand and due fromU.S. Treasury
Redemption fund—F.R. notesOther cash
Total reserves.Redemption fund—F.R. bank notesBills discounted:
Secured by U.S.Govt. obligationsOther bills discounted
Total bills discounted..Bills bought in open market..
U.S. Government securites:BondsTreasury notesCertificates and bills
4, 589,990,31,047
222,034
4,843,0716,333
360,000 1,558, 765 250, 961 353, 510 215,305 120,380580 2,071 3,144 3,101 1,012 3,290
15,434 59,879 33,977 13,070 8,046 11,105
936,403179,6321,1348,977
6,95631, 264
99, 986 149,1,099
10,961
>,5161,166
10,920
87,307 278,225634| 4,860
6,610 11,791
378,014 1, 620,715 288,082 369.681 224,363 134, 775 974,623 189, 743 112,046 161, 602250 2,488 858 1,215 150
94,551 294,876474
7,54731,495
466685
4,02313, 396
1,57111,368
4051,525
2181,194
39,0428,562
1,151559
17,4192,331
12,939704 794
1,412296)
277667
944
1,209329
7710
4605
266 235
1,277940
406245
470219
271293
2431,032
406,2481,221,"""
803,
22,99181,08753,602
149,330391,918246, 507
25,60385,609 110,55,908
30,2461,037
72, 741
13,28748, 32831,947
Total U.S. Government securities._Other securities
, 431,273748
157,680 787, 75540
167,120 213,024508
93, 562
Total bills and securities..Due from foreign banksF.R. notes of other banks ..Uncollected itemsBank premisesFed. Dep. Ins. Corp. stockAll other assets
2,479, 6253,13118,414
366, 85352, 567
139, 29943, 772
159,390237409
44,1383,22410, 230
807, 545 181,271 215,1,1935,625
91'~"11, 43442,52927,005
342645
26, 3704,13114, 6214,993
>, 748301713
34,0096,78814,1471,451
95,270119
1,35830,956
3,1285,8082,007
Total assets.. 7,953,065 596, 788 2, 610, 520 521,313 644, 053
LIABILITIES
F.R. notes in actual circulation..F.R. bank note circulation—net.
3,060,10474, 582
243, 6082,212
640,972 245, 458 304, 638 142, 756 130, 54342, 347 7,042 12, 933
Deposits:Member bank—reserve accountU.S. Treasurer—general accountForeign bankOther deposits
Total depositsDeferred availability itemsCapital paid inSurplusReserves (Fed. Dep. Ins. Corp. stock,
self insurance, etc.)All other liabilities
3, 598, 528115,302
6,228262,041
266, 344 14,268
3053,787
, 472, 809 175, 613 232, 98750,45:3,459
144, 423
4,817440
16,130
4,720406
11,085
156,250645161
15, 380
3,982,099364,279146, 395138,383
161,25, 395
274, 704 143, 92510, 7029,610
11,283744|
71,148 197,000 249,198 172,43619,617 24,705 33,491 30,570
59,712 15,685 12,627 4,95645,217 13,352 14,090 5,171
12,26844, 53029, 436
86,234200
87, 666110937
13,4252,3725,2722,640
363,009 247,197 1,495, 250 307, 935 194, 475J285, 471190,677J496, 37:
69, 4744,751
14811, 506
47, 26614, 241
17,121950
16,447629
6, 963157
85, 8791 2 , " "4,4195,145
7,848375
Total liabilitiesRatio of total reserves to deposit and F.R.
notes liabilities combined
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:Issued to F.R. bank by F.R. agent._.Held by Federal Reserve bank
In actual circulation
7, 953, 065
3,316,776256, 672
260,37316, 765
721,825 260,836 319,030 151, 555 147, 1118 0 , 8 5 3 • - " - •
3, 060,104 243,6081 640, 972 245, 458 304, 638 142, 7561130,543) 777,049134,591
Collateral held by agent as security fornotes issued to bank:
Gold certificates on hand and duefrom U.S. Treasury
Eligible paperU.S. Government securities
2,987,27123,025350,400
66,1171,248
Total collateral. 3,360,696 267,365
F.R. BANK NOTE STATEMENT
Federal Reserve bank notes:Issued to F.R. bank (outstandingHeld by F.R. bank
In circulation—net
88,85214,270
3,111899
74, 582 2,212
Collateral pledged against outstandingnotes:
Discounted and purchased billsU.S. Government securities 110,774 5,000
Total collateral. 110, 783 5,000
43, 4221,075
42, 347
15,378 14, 392
67,490216,688153,165
13,66247,88531, 653
15, 8252 9 , " "19,882
13,19947,34831, 297
18,73031, 75420,991
437, 343 93, 200 65, 705 91,844
439, 560414
3,91548, 586
7,38219, 749
1,021
93, 85110
1,56614,0703,121'5,093
347
777,049 134, 5912,383
573, 528 119,25,247
53310,396
1,9414,204
14016, 670
609, 704 140,49, 66012, 54020, 681
1,95514, 4843,9934,756
22,7182,!" ""
»6, 394
9,2971,6573, 5101,195
92,40888
97222,1103,4854,131525
37315,3051,7554,3591,022
764
167413
580861
23,61785,91756, 797
71,475166,331
72,750 167, 772222
1,53216, 6014,0909,850
670
95, 570 107,040! 39,319 198. 5602, 232 2,926! 2, 507
67, 326 133,390 109,2,432 2,781 3,
971 1198,297| 5,442 1,
915 220,951366j 7,6141191 301917: 16,978
78,152; 141, 732)115,347 245,8449,538 21,523 16, " " '3,003! 4,163! 3,3,420| 3,613 3,
401 17,377i, 948
4,535257
16, 788 2, 610, 520 521,313644, 053 363,009,247,197 1, 495, 250 307, 935 194,475 285,471190, 677 496, 377
I I I !72.9 70.1 65.1 66.7 71.21 62.3 70.3 68.9 64.5 65.0 61. l! 66.4
8,799 16,568 35, 374 4,049
723,706 207, 000 26110, 993 4,121
50, 000
734, 699 261,121 323, 318 153, 250 150, 111
16, 0358,993
7,042
, 931 152, 340 92, 3851,387| 910 726
60,000 I 57,000
13, 25532f
742, 513 128,554
75,000
4,747421
10, 6479,645
11,465332
812,423 138, 640 100,459 114,010 44,4174,889) 6, 970 5, 098
246,09747, 537
95, 570J107, 040 39, 319 198, 560
1,936520 255
11,000 22,400
78,615 100, 290
2,5341.|
44, 675 188, 763305 1,133
17, 000873
58,000
818, 067 140,456 101, 270 117, 595| 45,808 247, 636
2,402 3, 639170! 713
12,933) \ ! | 2, 383|_
4,4541,947
44,274 16,500 15,000!
44,274! 16,500 15,000L
2, 232) 2,926 2, 50'
5,000i
5,009|_
3,000 7,000
3,000 7,000
15,000
15, 000
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
M A T 1934 FEDERAL RESERVE BULLETIN 307
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)[In millions of dollars]
Month or week Billsdis-
counted
1933—March..AprilMayJuneJulyAugust.SeptemberOctoberNovemberDecember
1934—JanuaryFebruaryMarchApril
Week ending Saturday-1934—Jan. B
Jan. 13 _Jan. 20Jan. 27
Feb. 3 . .Feb. 10Feb. 17Feb. 24
Mar. 3Mar. 10Mar. 17Mar. 24Mar. 31
Apr. 7Apr. 14Apr. 21Apr. 28
Reserve bank credit outstanding
429339250170159138119114117
101705543
103105102
Billsbought
379230861216877
15101
113874016
122113112109
111
United
Govern-ment
securities
1,8751,8371,8461,9332,0162,0642,2022,3552,4372,432
2,4322,4322,4372,439
2,4342,4322,4322,432
2,4332,4332,4332,431
2,4332,4372.4322, 4382,444
2,4462,4392,4362,435
Otherreservebankcredit
Total
3,2372,5152,2862,2082,2112,2392,3582,4922,574
2,6562,5972,5352,507
2,6792,6612,6562,641
2,6312,6122,6022,584
2,5652,5492,5302,5182,534
2,5252,5042,5062,498
Mone-tary gold
stock*
4,2604,3014,3134,3174,3194,3234,3274,3244,3234,323
4,3237,1377,6027,736
4,3234,3234,3224,322
5,3167,0387,0887,202
r 7,4177,5467,6007,6427,677
7,7067,7317,7467,755
Treasuryand na-tional-bank
currency
Moneyin cir-
culation*
2,2562,3022,3012,2952,2832,2802,2802,2772,2752,293
2,3022,3032,3332,377
2,3032,3022,3022,301
2,3012,3012,3012,301
2,3022,3122,3312,3432,358
2,3692,3782,3802,380
6,1375,8765,7425,6755,6165,6325,6565,6815,811
5,3395,3685,366
5,7875,7015,6565,603
5,3085,3335,3355.345
5,3705,3865,3645,3515,358
5,3875,3705,3645,346
Memberbank
reservebalances
1,9142,0862,1252,2112,2682,3752,4892,5902,6292,616
2,7642,8223,3613,594
2,7012,7192,7972,850
2,7272,7522,8422,822
3,0473,2773,4193,4193,433
3,4733,5573,6343,698
Treasurycash anddeposits
withFederalReservebanks*
Non-memberdeposits
359390371353347316328333349357
3973,4273,2983,222
320402396385
1,7813,4353,3843,496
r 3, 4443,3153,2373,2853,319
3,2993,2393,2193,158
r Revised.
RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES)
[In millions of dollars]
134156173164179186169163158143
146127144170
OtherFederalReserve
ac-counts
145157144139
142140138132
131134141147159
145147169193
348350355350345348347352355358
305322299268
351307288287
290291292292
' 2 9 2295300301300
296300246238
End of month
Reserve bank credit outstanding
Billsdis-
count-ed
42643530216416715312811611998
83645439
Billsbought
3051712048
9777
24133
11162299
UnitedStates
Govern-ment
securi-ties
1,8381,8371,8901,9982,0282,1292,2772,4212,4322,437
2,4342,4322,4472,431
Otherreservebankcredit
3167
1068957
20
28
156
Total
2,5722,4592,2182,2202,2092,2972,4212,5482,5812,688
2,6302,5672,5452,485
Moneta-ry goldstock*
4,2824,3124,3154,3184,3204,3294,3244,3234,3234,323
4,0337,4387,6957,756
Treasuryand
national-bank
currency
2,2892,3052,2982,2852,2812,2812,2782,2762,2772,303
2,3022,3022,3622,380
Moneyin
tion*
6,3206,0035,8125,7215,6305,6135,6505,6355,7435,804
5,2895,3555,3965,371
Member
bankreserve
balances
1,9492,1322,1672,2922,2942,4092,5382,6852,5732,729
2,6523,0933,4573,599
1933—MarchAprilMayJuneJuly.AugustSeptember.October...November.December.
1934—January...February..MarchApril
•See footnotes to table for Wednesday series on p. 274.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
308 FEDERAL RESERVE BULLETIN M A Y 1934
LICENSED MEMBER BANKS IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS
[In millions of dollars]
Federal Reserve district
BostonNew York _. - ._ _. . - . _._Philadelphia
ClevelandRichmond _ . 1 . _Atlanta
ChicagoSt. Louis _ . . . . -. .Minneapolis
Kansas CityDallas . . -San Francisco
Total
Averages of daily figures
Reserves held
Total
March
221.41,367.2
193.7
230.397.575.8
537.6103.568.3
134.4119.6195.5
3,344. 7
February
181.21,011.1
146.5
213.094.571.6
496.2101.858.4
123.0107.9193.4
2, 798. 7
January
174. 21, 030.1
134.2
191.091.565.0
485. 5102.459.1
125.196.9
185.3
2,740. 5
Excess
March
107.2467.080.7
107.838.929.5
285.147.130.0
64.968.448.4
1,375.1
February
69.2151.736.7
93.237.126.3
249.846.621.1
55.156.947.3
890.8
January
62.1176.727.0
75.134.621.5
249.148.821.7
59.448.341.6
865.7
Borrowings at FederalReserve banks
March
1.922.98.4
2.81.4.5
.9
.4
.9
.3
.1
.8
41.2
February
2.029.310.5
3.42.11.6
1.2
L3
.5
.11.5
54.2
January
3.744.313.7
6.34.04.3
2.11.21.7
.9
.41.9
84.6
NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER ANDSMALLER CENTERS
[In millions of dollars]
| Averages of daily figures
Federal Reserve district
BostonNew York . . .Philadelphia
Cleveland . . - _ _ .RichmondAtlanta _ .-
ChicagoSt. LouisMinneapolis
Kansas CityDallasSan Francisco
Total . . .
Member banks in larger centers (places over 15,000)
Net demand
Mar.
9906,628
806
873424346
1,851414222
478365943
14, 340
Feb.
9726,309
778
845416341
1,804403215
467362944
13,856
Jan.
9776,256
758
821414325
1,725394220
452345927
13,613
Time
Mar.
6131,674
609
862307262
826240171
202158
1,584
7,510
Feb.
6061,687
601
832300261
801241173
202162
1,558
7,423
Jan.
5951,692
596
817300261
792232171
200159
1,540
7,356
Member banks in smaller centers (places under 15,000)
Net demand
Mar,
77186138
1279483
141102108
20117085
1,511
Feb.
78190134
1319376
131101103
19617181
1,485
Jan.
77179129
1198972
1219699
18616180
1,408
Time
Mar.
117423358
19914663
14383
171
1073582
1,927
Feb.
112421356
21014461
13981
170
1053478
1,910
Jan.
I l l418349
20214159
13580
164
1033375
1,871
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
M A T 1934 FEDERAL RESERVE BULLETIN 309
MEMBER BANKS LICENSED AND NOT LICENSED AS OF APR. 25, 1934
Federal Reserve district
All member banks:BostonNew YorkPhiladelphiaClevelandRichmondAtlanta....ChicagoSt. LouisMinneapolisKansas CityDallas.San Francisco-_.
Total
National banks:BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. Louis..-MinneapolisKansas CityDallasSan Francisco
Total
State bank members:BostonNew YorkPhiladelphiaClevelandRichmondAtlanta.—Chicago...-St. Louis..MinneapolisKansas CityDallasSan Francisco
Total
Number of banks
Total
374796662631401328681400539748558390
6,508
329636599534341274521326469704498312
5,543
45160639760541607470446078
965
Licensed
371779632598387316640381529729551379
6,292
326621572506328262493310459685491302
5,355
4515860925954147717044
937
Notlicensed
216
188
28
Deposits on Dec. 30, 1933, of bankslicensed and not licensed on Apr.25, 1934 (in thousands of dollars)
Total
1,995,4449, 666, 7992,091, 5582, 222,9931, 069, 215
875, 7753, 208,944
936, 553758,229
1,110, 801845, 200
2,919, 630
27, 701,141
1, 558,1254, 075, 4951,471, 5261,329,897
772,993787, 632
2, 511,'268631,139711,571978, 443802, 675
2, 300, 798
17, 931, 562
437,3195, 591, 304
620, 032
296,22288,143
697, 676305, 414
46, 658132, 358
42, 525618,832
9, 769, 579
Licensed
1,994,2519, 632,5652, 032,924% 180,8931,059, 799
3,177,400922, 316753,432
1,105,150843,829
2, 915, 084
27, 483, 512
1, 556,9324,057, 6111,418,1021, 293, 413763,855777, 726
2, 486,457618,038706, 774972, 792801, 304
2, 296, 311
17, 749, 315
437, 3195, 574,954614,822887,480295,94488,143690,943304, 27846, 658132, 35842, 525618, 773
9, 734,197
Notlicensed l
1,19334,23458, 63442,1009,4169,90631, 54414, 2374,7975,6511,3714,546
217,629
1,19317,88453,42436,4849,1389,90624,81113,1014,7975,6511,3714,487
182, 247
16,5,5,
6,1,
350210616278
733136
59
35, 382
1 Exclusive of banks placed in liquidation or receivership.
NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, APR. 25, 1934[Preliminary figures, subject to change; based on information received by Federal Reserve banks]
Federal Reserve district
BostonNew York „PhiladelphiaCleveland... . .Richmond .Atlanta.Chicago _St. LouisMinneapolis. >..Kansas CityDallas -San Francisco
Total.-
Number of banks
Total i
185308266667650727
1,9961,345
9271,342
493357
9,263
On unre-stricted
basis
182297248608602709
1,5781,232
8871,266
485335
8,429
Deposits on Dec. 31,1932, or nearest priorcall date (in thou-sands of dollars)
Total »
463,3361,093,663
437,189553,827400, 590195,917961, 451341,500229,205256, 551117,083483, 621
5, 533,933
Banks onunrestricted
basis
457, 2671, 049,102
402,204492,618385, 243192, 483753, 278320, 677221, 085244,396114,644474, 841
5,107,838
1 Exclusive of banks placed in liquidation or receivership.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
310 FEDERAL RESERVE BULLETIN M A Y 1034
REPORTING MEMBER BANKS IN 91 LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO[In millions of dollars]
Total loans and investments:Apr. 4Apr. 11 . . . .Apr. 18\ p r . 25
Loans:Apr. 4\pr. 11Apr. 18Apr. 25
On securities:Apr. 4Apr. 11__Apr. 18 __Apr. 25
All other:Apr. 4Apr. 11Apr. 18Apr. 25
Investments:Apr. 4Apr. 11 _Apr. 18Apr. 25
U.S. Government securities:Apr. 4Apr. 11Apr. 18 _Apr. 25
All other:Apr. 4Apr. 11Apr. 18Apr. 25
Reserve with Federal Reservebanks:
Apr. 4 _ _ _ _ _ __Apr. 11Apr. 18Apr. 25
Cash in vault:Apr. 4Apr. 11Apr. 18Apr. 25
Net demand deposits:Apr. 4__ __Apr. 11Apr. 18Apr. 25 _ .
Time deposits:Apr. 4 _Apr. 11Apr. 18Apr. 25
Government deposits:Apr. 4Apr. 11Apr. 18Apr. 25
Due from banks:Apr. 4Apr. 11Apr. 18Apr. 25 . _
Due to banks:Apr. 4Apr. 11 __Apr. 18Apr. 25
Borrowings from Federal Re-serve banks:
Apr. 4Apr. 11Apr 18Apr 25
Total
17, 50817,61117, 51317, 471
8,2378,3108,2038,120
3,5693,6123,5803,516
4,6684,6984 6234,604
9,2719,3019,3109,351
6,1756,2346,2266,282
3,0963,0673,0843,069
2,5312,5882,6982,779
239246240242
11,92112,13612,20012, 272
4,4084,4244,4434,477
1,3581,3051,2371,177
1,5781,5881,5851,570
3,5783,6163,6453, 595
876
Federal Reserve district
Bos-ton
1,1911,2011,1901,180
680671678670
264255262
' 259
416416416411
511530512510
346363341339
165167171171
190199204209
48504949
809826834831
344345345341
121119113107
138120131136
197201206200
NewYork
8,2178,3208,1678,063
3,8893,9533,8463,786
1,9391,9821,9501,897
1,9501,9711,8961,889
4,3284,3674, 3214,277
2,9012,9722,9242,897
1,4271,3951,3971,380
1,2551,2181,2941,413
49504849
6, 3326,4196,3946,467
1,1131,1121,1081,108
783755718686
148145141133
1,6171,6441,6411,616
6656
Phila-del-phia
1,0281,0291,0261,041
498498500499
233232234233
265266266266
530531526542
287287284300
243244242242
143132134119
12121212
667658655656
312315323323
66636058
141142152140
210208215207
Cleve-land
1,1551,1611,1621,172
438437435432
210210209208
228227226224
717724727740
522529533546
195195194194
121114124130
18191819
581586594606
444447449453
65615753
9810010498
170170174174
1111
Rich-mond
347341340342
172170169169
58575758
114113112111
175171171173
125121121122
50505051
36404247
11111111
204204204211
133134134134
111099
70777980
81808589
Atlan-ta
332332336333
181182181179
61626260
120120119119
151150155154
103102105103
48485051
28312928
6666
164169170169
128131132132
31282826
79857881
81828180
Chi-cago
1,6871,6971,7561,796
738755755756
337350344343
401405411413
949942
1,0011,040
616611662701
333331339339
386446454432
50515050
1,3591,4441,4991,499
467469473492
67625753
263268235235
463463462451
1
St.Louis
512496491503
219217214211
83817978
136136135133
293279277292
198183181195
95969697
67859084
7788
334339337343
162163164165
32312928
89949591
143142144143
Min-neap-
olis
331337335338
161162162161
42414140
119121121121
170175173177
115120118123
55555554
34373936
4444
195205202200
123123123123
7766
87858783
95100100101
I
Kan-sas
City
546546542546
199198199198
61616161
138137138137
347348343348
238238233237
109110110111
76768177
11121111
398400407407
166167169172
27262523
170165176176
225224227225
Dallas
403398406402
187186188185
63616261
124125126124
216212218217
166162167166
50505151
76767570
9999
272274283275
121120119120
54525048
131130125128
131127126125
1
SanFran-cisco
1,7591,7531,7621,755
875881876874
218220219218
657661657656
884872886881
558546557553
326326329328
119134132134
14151414
606612621608
895898904914
94918580
164177182189
165175184184
i
City
NewYork
7,2967,4057,2387,138
3,3753,4313,3243,268
1,7201,7561,7231,674
1,6551,6751,6011,594
3,9213,9743,9143,870
2,7172,8042,7422,716
1,2041,1701,1721,154
1,2061,1421,2361,351
38393738
5,9195,9895,9716,042
699696690689
739713679649
9082
' 8 473
1,5551,5811,5781,554
Chi-cago
1,3341,3591,3991,423
577594594597
281295288289
296299306308
757765805826
468479512534
289286293292
343390405395
40414141
1,1381,2131,2651,265
343344347365
50454138
190192169174
375376375367
1
T Revised.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
M A Y 1934 FEDERAL RESERVE BULLETIN 311
OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF AMERICANCURRENCY TO AND FROM EUROPE
BY SELECTED BANKS IN NEW YORK CITY
[Paper currency only. In thousands of dollars]
Month
JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
Total
1933
Ship-ments
toEurope
310510125
1045
122895742
554
Re-ceiptsfrom
Europe
5,3045,589
13,7868,049
12,5236,866
11,7556,1534,7565,9053,3976,976
91, 058
Netship-
ments(-) or
receipts(+)
+5,301+5,484
+13, 685+8,024
+12,522+6,866
+11,751+6,148+4,634+5,816+3,340+6.934
+90, 504
1934
Ship-ments
toEurope
010
Re-ceiptsfrom
Europe
5,2563,7402,200
Netship-ments(-)orreceipts
(+)
+5,256+3,739+2,200
For description and back figures see BULLETIN for January 1933, p. 43.
PAPER CURRENCY OF EACH DENOMINATIONIN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
Denomina-tion
$1 __ .$2._$5$10$20$50. . _.$100.__$500$1,000$5,000$10,000
Total
1933
Sept. 30
38033
6851.1811,302
362612127239
10
4,937
Oct. 31
38233
6821,1781,303
357607124232
712
4,916
Nov. 30
38833
7021,2051,336
362613125239
712
5,022
Dec. 30
40233
7191,2291,342
364618125237
810
5,085
1934
Jan. 31
38632
6991,1731,288
350593119228
710
4,884
Feb. 28
39333
7221,2121,304
347587117225
710
4,957
Mar . 31
39733
7301,2301,302
346584117230
79
4,986
NOTE.—Figures include, in addition to currency outside the Treasuryand Federal Reserve banks, unassorted currency held by these institu-tions, amounting to $5,000,000-$18,000,000, and also $1,000,000 of currencyof 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.MarchApril.MayJuneJulyAugustSeptemberOctober...November.December.
1929
153.5154.8155.0154.3153.8153.6157.8160.1160.3161.6163.7164.3
1930
165.1167.9169.5170.2171.2175.3180.7186.5189.8192.5200.7245.4
1931
278.4292.1302.7313.8325.0347.4372.5422.7469.9538.1565.5605.1
1932
665.6691.8705.3722.1742.6784.8828.5848.5857.4870.8885.2900.8
1933
942.51,006. 21,112. 71,158.41,178.81,185.11,176. 71,177. 71,180. 71,188.91,198. 71, 208.8
1934
1, 200. 8l, 200.3
pi, 199. 9pl,197.9
Preliminary.
MATURITY DISTRIBUTION OF BILLS ANDSHORT-TERM SECURITIES HELD BY FED-ERAL RESERVE BANKS
[In thousands of dollars]
Bills discounted:Apr. 4Apr. 11Apr. 18Apr. 25
Bills bought inopen market:
Apr. 4Apr. 11Apr. 18Apr. 25
Treasury certifi-cates and bills:
Apr. 4Apr. 11Apr. 18Apr. 25
Municipal war-rants:
Apr. 4Apr. 11Apr. 18Apr. 25
Total
47, 52943, 25140,47340,313
26,04517,05913, 49910,163
766, 2861820,848816, "802,870
563
562548
With-i n ^
32,99830,60029,82230,146
13,19311,4279,1274,111
116,831115, 530
16 to30
days
4,1604,6003,028I " " "
7,8843,3653,3712,048
65,338 107,17990, 229 115, 530
62,18043,975 103,361
31 to60
days
4,792
4*, 8186,814
3,4422,206
823
38,\ 306
61 to90
days
91 daysto 6mos.
5,3304,7252,5691,251
1,52661
1783,706
219198196181
55, 075 116, 816 205,194 216,6848975 117,466 235,441 223, 207
210 2681, , ,42, 210 268,168 227, 68921,830 287,494 230, 680
Over6 mos.
30424041
BANK DEBITS
[Debits to individual accounts. In millions of dollars]
New York CityOutside New York City
Federal Reserve district:Boston - .-Now YorkPhiladelphia . . .Cleveland _RichmondAtlanta .-Chicago _St LouisMinneapolisKansas City -DallasSan Francisco. _ _•_. _.
Total
Numberof centers
1140
11
1013
152159
151018
141
1934
March
15,60814,077
1,53316,1421,3841,297
513696
3,588728436815459
2,094
29,685
February
13, 23111, 784
1,32213, 7141,1091,158
438618
2,852647364689423
1,682
25, 015
1933 1
February
12,03610,401
1,13612,4911,1501,103
383537
2,364508313554330
1,568
22, 437
1 Figures for March 1933 not available.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION
INSURED BANKS AND DEPOSITS, BY CLASS OF BANK AND BY STATES: MAR. 31, 1934
00
to
State
A labamaArizonaArkansasC ali forniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaTdahoIllinois1 ndianaI owaKansasKentuckyLouisianaMaineMaryland -MassachusettsMichiganMinnesota.MississippiMissouriMontana ---NebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermont-VirginiaWashington . ..-West VirginiaWisconsin _. _ . _Wyoming
Total
Num-ber ofbanks
19915
206257139109462114225561
848453473413383143851832113586542026001213561057
40042
902228195648395102
., 03016822113148216092ni318916160762
Total 13, 870 55, 597, 695 15, 700. 917, 289
Numberof insuredaccounts
598,01169, 093292, 574
3, 622, 253391, 251605, 430212,193403,172411, 529737,091106,109
2,941, 8781, 070, 456741,919653, 701847, 217571, 304588, 354
1, 073, 6471, 433,1991,141,1391, 283, 364339, 382
1, 526, 990150,116448,90021, 861151, 527
3,153. 60166, 093
11, 495,130546, 473149, 351
2, 870, 350705, 532423, 752
6, 016, 925341, 959188, 539175, 060775, 379
1,820, 996209, 387339,130
1,094,222664,261673, 772
1, 343, 848110,269
Insureddeposits
$77,863, 23717, 221, 21449, 578, 596
1,155,976, 21792, 752,979169, 217,15256,112. 44396, 843,99964, 422,029109, 510, 54823, 543, 313695,820, 825206, 702, 513154, 275, 531108, 354, 230148, 427, 26688, 496, 771169, 638,086271, 953, 514467, 824, 500266,463, 328299, 589, 38460, 578, 372
321, 221, 20741, 523,85296, 240,8816,724, 456
33, 407, 437869,981,19713, 543, 480
5, 350, 356, 42089, 833, 21732, 614, 493
660, 776, 210108,810, 56790.414, 579
1, 594, 573, 90687, 337, 22130,134, 70432,500,811122,085,519350,673,99143, 002,313121,189,510194,970,241146, 313, 708101,910,868287,622,09921,988, 355
Member banks (Federal Reserve System)
National
Num-ber ofbanks
698
501317754169
495225
27211811919897263961
13680
210248748
1347
52227
244594171
243217
53676
12176371
45314
13066759825
5, 325
Numberof insuredaccounts
370, 03126, 538149,045
2,402,890302, 618298, 38324, 964171,813296, 215490, 60147, 376
1, 637, 724433, 556299, 666413, 309362,668390,913205, 053235, 031979,133428,661735, 634116,407494, 52284,660303,87816,873
132, 5491, 249, 468
51,2272, 558,910
169, 01198,137
1, 089, 575571,185314,389
2,898,88744,48489, 46986,709
447, 3021, 405,642
71,32199, 423635,891328,129378, 408536,32277, 478
State
Insured
$53, 318, 3976,929, 665
27, 009, 014704, 658,16775, 262, 74391,407,921 j7, 751,108
48, 495,16446, 251, 67268, 636, 40410, 842, 817
428, 037, 57190, 301, 71463, 829, 74772, 209, 05268, 483, 41654, 709, 42256,870,88174, 549, 350
323, 454, 059115,755,069190, 906,16820,435,944126, 000, 79025,128,18268, 885, 3575, 587,927
27,905, 487305, 640, 43410, 592, 835
738,153, 69127,155, 26624,885, 409
249, 651, 44489, 298, 72477, 294, 477745,141,17320,568, 57012,786,70618,439,06278, 543, 328
283, 307, 36815,828,90826, 664, 497
121,041,10176. 932, 22852, 891, 825
129, 337, 80014,130,839
25,052,078 6,071,898,893
Numberof insuredaccounts
Insureddeposits
11110
59, 01226, 04529, 366
637, 06231,82239,18632, 456
104, 8649,361
70,83239,010
506, 84754,173
106,19428, 492
120, 32226, 82984, 493
155,147248, 621353,464
15, 5482, 005
537,14029, 6548,562
4, 142683, 051
1,3561, 974, 501
107, 744
983, 600837
5, 309874,175285, 413
13, 58523, 29717,85289,07164,880
127, 37181. 761
US; 48397, 314
7,712
$10, 091, 6656,658,1394, 438, 259
206,101.0497, 520,129
14,017, 06112, 384, 39124, 830,166
2, 341, 59513, 258, 385
8, 743, 702140, 229,873
11,252,64721, 493, 5214,417, 867
20, 423, 3905,932, 341
15, 473, 65820,634, 06988, 423, 61589, 383,955
3, 046, 943554,695
111,978,9269,169, 8011,848,602
906, 762199, 940,362
303,165805,113,85620,116, 824
226,813, 660197, 998
1, 279,984256, 597, 59263, 602, 4852, 930, 5613,995, 6183, 658,30416,078,91614, 600, 489
934 |8, 914,961
22, 565, 07819, 396, 044?4, 483, 27924, 657, 5741, 407, 691
2, 563, 294, 686
Nonmember banks (Federal Reserve System)
Mutual savings
Num-1 Numberber of | of insuredbanks i accounts
135
90, 469
20, 992
188, 972351, 349
196, 755
510, 441
6, 218, 779
156,109
1 1957 852,677
117, 149
183, 822
234 8,890,486
Insureddeposits
$19,186, 727
8, 318, 078
73, 222, 728121, 278, 674
43, 986, 396
192, 954, 329
3, 539, 866, 065
63,470,081
32, 427329,027,941
56, S2S, 724
37, 134, 762
867, 507
4, 486,174, 439
Other nonmember
Num-ber ofbanks
1133
149112574924108917827
50832633120327711418
1044521542517546454
21434
9916 |
19717712433717743
2762
6112623931228311009168
49329
', 377
Numberof insuredaccounts
16,510114,163582,30156,811267,86164, 304126, 495105, 953175, 65819, 723
797, 307561, 735336, 059211, 900364, 227153, 562109,836332,120205, 445359, 014335, 427220, 970495, 32835, 802136, 4604,98814, 836
710, 64113,510
742, 940269, 71851,214641,066133,510103, 859
1,391,18612, 06285, 48565, 054
310, 225326, 28373,186122, 564MO, 960
70, .r>49179,881707, 435
25, 079
Insureddeposits
$14, 453,1753,633, 41018,131, 323
245, 217, 0019,970,107
63, 792,17016, 790, 21723, 518, 66915,828, 76227, 615, 7593,956, 794
127, 553, 38196,830, 07468, 952, 26331, 727, 31159, 520, 46027, 855, 00824, 070, 81955, 491, 42155, 946, 82661, 324, 30461, 649, 87739, 587, 73383, 241, 4917, 225,869
25, 506, 9221,136, 5294, 595,188
171, 446, 0722, 647, 480
267, 222, 80842,561,1277, 729, 084
120,841,02519,313,84511,807,691
263, 807. 2003,166,16614, 417, 43710, 066,13139, 883,88751, 287, 70712,572,91637, 696, 28951,364,06212,850,67424, 535, 764132, 759, 2186, 449, 825
12,740,170 2,579,549,271
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
M A Y 1934 FEDERAL RESERVE BULLETIN 313
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)[Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100]
p Preliminary.> Without seasonal adjustment.s Includes also lead and zinc: see "Minerals."
Industry
Manufactures—TotalIRON AND STEEL
Pig ironSteel ingots _ __ _.
TEXTILESCotton consumption -Wool
C onsumptionMachinery activity l
Carpet and rug loom activity 1
Silk . „DeliveriesLoom activity *
FOOD PRODUCTSSlaughtering and meiit packing
HogsCattle _.CalvesSheep
Wheat flourSugar meltings
PAPER AND PRINTING .Wood pulp and paper
NewsprintBook paper _Wrapping DaperFine paper . . . _ . ._Wood pulp, mechanicalWood pulp, chemical
Paper boxesNewsprint consumption
LUMBER „ „ _„ _.
TRANSPORTATION EQUIPMENT:Automobiles.. ._LocomotivesShipbuilding. .
I .EATHER AND PRODUCTS . . .Tanning
Cattle hide leathersCalf and kip leathers -Goat and kid leathers
Boots and shoes _..CEMENT AND GLASS:
Cement . . . . . .Glass, plate
NONFERROUS METALS: J Tin deliveries 1. . .
FUELS, MANUFACTURED:Petroleum refining
Gasoline l 1 .KeroseneFuel oil iLubricating oil *.. ._ . .
Coke, byproductRUBBER TIRES AND TUBES
Tires, pneumaticInner tubes . . _ _ . _ . . .
TOBACCO PRODUCTS.Cigars . . . .Cigarettes
Minerals—TotalBituminous coal . . .Anthracite coal .Petroleum, crudeIron ore _ .ZincLeadSilver
Mar.
56
221722
76864648522998
11172
8485818591
1499268
598762825587
11089
22
271
144
847062718993
4052
55
13517180957551
414229
9951
132
81
5177
122
444544
Apr.
66
352037
859158665634
11313276
1011021079098
15611082
*>85
618368715688
14995
24
441
32
9370657185
107
3553
68
14017985948154
656747
11661
153
72
5544
108
454536
M a y
78
492951
10811390
1059142
12313696
9910210692
1011539789
*>92
609280966199
17296
30
510
25
11079747993
129
4284
80
14718787958861
949768
14361
204
78
5743
13414453730
June
93
724375
13313911613411860
14717296
10010510799
1021529782
* 101
6410395
12169
113183100
38
660
16
1148976
102109131
51112
94
15419892
1018075
11512080
13566
186
84
6465
13415554124
July
101
10062
103
13013512414112962
131143105
10010610998
1031459583
p 111P 1 0 6
67P 118p 107p 137
p 135213102
46
701
19
116948091
132131
56144
109
15519892
1068291
143148111
11769
151
90
7667
13240713634
1933
Aug.
91
806382
120107118115
61
113
951101131021051466484
v 106
69v 112
*• 99v 126
p 75P 139
173103
46
611
15
102887782
126110
60130125
15319887988496
11111675
12368
163
91
7561
13457773628
Sept.
84
665367
10396
1059667
91
10512714795
1061447075
p 104*>99
60p 118
p 93p 103
*>69p 141
167106
36
561
20
92827473
11399
37107
112
157205
82998891
10310772
11568
151
87
6574
12568775739
Oct.
76
614563
9588978367
82
85908591
1041517676
J'99»94
66P 103
p 82p 106
P 68p 137
143105
33
460
39
93827669
109100
3570
95
15219577
1028882
909368
10857
143
81
6155
12063776433
Nov.
71
473648
8980868163
103
9298
10187
1041428283
P 9 5
71P 102
p 70
*>64p 126
131104
30
322
41
92918584
11193
3952
80
1451847793
1027597
100729562
118
816573
11623727133
Dec.
73
614063
7767736948
92
86898588
1061478177
*>9267
P 103p 67
P 109P 67
p 135149106
32
483
41
94898490
10397
36106
56
13717280929277
10811368
12367
166
85
66€8
119
676729
1934
Jan.
r 76
564058
8170708348
103
9610C95
1021221399187
64
108
34
581
26
' 9 7918185
126' 1 0 1
499955
14217789
'959278
9710169
13874
188
8
6782
120
666437
Feb.
80
644566
95
8554
114
Ql9480
1121221339473
63
Mar.
675169
9772718259
129
848669
1061221319265
v 100
66
112
29
730
30
106948978
124114
619854
24418187988685
12112590
18266
181
91
7489
1.18
6664
' 3 6
112
38
80
59
878464
116
58106
58
143177
951019091
11966
158
100
84109122
685747
r Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, andSeptember 1933, pp. 584-587.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
314 FEDERAL RESERVE BULLETIN MAY 1934
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)[Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average =1001
Industry
Manufactures—Total -IRON AND STEEL _. -
Pig ironSteel ingots - -
TEXTILES . . . .Cotton consumptionWool .
C onsumptionMachinery activityCarpet and rug loom activity
SilkDeliveries ._ _Loom activitv
FOOD PRODUCTS - -Slaughtering and meat-packing
HogsCattleCalvesSheep - - . .
Wheat flourSugar meltings - -
PAPER AND PRINTING __ __ . . ._Wood pulp and paper
Newsprint _ _ -Book paperWrapping paperFine paperWood DUID mechanicalWood pulp, chemical
Paper boxesNewsprint consumption.
LUMBER.
TRANSPORTATION EQUIPMENT:AutomobilesLocomotives .Shipbuilding
LEATHER AND PRODUCTSTanning. . _ _.
Cattle hide leathersCalf and kip leathersGoat and kid leathers
Boots and shoes... „ . . . __ _CEMENT AND GLASS:
Cement .Glass, plate. . .
NONFERROUS METALS: l Tin deliveries
FUELS, MANUFACTURED:Petroleum refining _.
GasolineKeroseneFuel oil _Lubricating oil _
Coke, byproductRUBBER TIRES AND TUBES ._ _
Tires, pneumaticInner tubes
TOBACCO PRODUCTSCigarsCigarettes .
Minerals—Total __Bituminous coalAnthracite coal . _Petroleum, crudeIron oreZincLeadSilver
1933
Mar.
5825182578914649522995
107728282827492
1368680
P 8 4P 8 0
598963866090
1119223
331
112876963639198
2957
55
135171789575534546329447
125745163
120
464648
Apr.
68
392141889857645634
112131
7694929579
10614610095
P 79628469756890
149101
26
571
319169656484
105
3459
68
14017984948154767953
10758
139654645
108
474536
May
80
532956
10811685969142
122135969899
10289
11415091
100»94
619080977599
1729932
640
31101
75707587
118
5092
80
14718783958361
11812383
14563
206765043
13621463629
June
93
724375
12613310912111860
1341539699
10511093
1061498698
P 1 0 2P 9 6
6510396
12175
1141909940
750
20110877599
109124
64115
94
15319886
1018073
139145
96147
72204
825757
13730534223
July
97
935996
121122115126129
6212613610597999797
10014592
101P 1 0 3
66p 110P 101P 1 2 6
P 1 2 8204
9145
731
281159478
106123128
68142
109
15419886
1068289
140145105126
72167896955
13581663429
Aug.
89
796081
P 1 0 810810311011561
118
889386
10096
1476994
P 1 0 2PIOO
68
P 9 9P 119
p 59p 136
1759249
671
22113907599
124127
65132
125
15319883988493
11011483
13172
176947461
136117713528
Sept.
84
655267
P 9 910099
1119667
95
991101101061011678380
P 1 0 5p 100
60P 1 1 9
P 9 4P 102
P 5 6P 1 4 1
183104
37
621
20107877785
119119
46108
112
1572058399888998
10172
12877
167936975
129131735437
Oct.
77
594561
P 9 49793
1078367
82
868973
1071091678672
P102P 9 6
66P 1 0 4
P 8 3P 107
p 62p 140
150111
34
410
28102877882
113112
4070
95
15219580
1028882798162
11669
150886771
122108756633
Nov.
70443744
P 9 39384938163
106
971081111001061418964
P 9 8P 9 1
70P 1 0 4
P 70P 9 4P 64
P 1 2 6134111
29
202
3688898579
11088
3850
80
1461848393
102777375529773
117847275
11519727436
Dec.
67533955
P 7 47168746948
82
8910611293
1001447844
P 9 4P 8 7
67p 102
P 6 6p 103
p 67p 131
122109
29
273
3281878177
11276
2880
56
138172869292787578499950
136806967
115
686829
1934
Jan.
»-75544055
P919571728348
117
1021191281031131408957
P 9 165
104
30
481
18
••90878270
119r 9 2
3088
55
14217791
••959278
909362
13157
185
85
7489
115
706537
Feb.
82
6746
' 6 9
10176798554
122
90948898
1141259171
p 102v 94
63
11028
780
21108
979572
129113
37106
54
14418188988687
131136
95120
57164887895
116
7166
' 3 9
Mar.
P 8 6
75S3
OO
C
O
10273738259
124
82816992
1241198677
v 102
65
117
39
97
46
P107868557
119P 1 2 1
42115
58
143177
921019094
11360
150918489
121
725852
i Includes also lead and zinc; see "Minerals." p Preliminary. r Revised.NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196 and
September 1933, pp. 584-587.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1934 FEDERAL RESERVE BULLETIN 315
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES[Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-25 average=100j
Industry
TotalIRON AND STEEL AND PRODUCTS
Steel works and rolling millsHardware
Heating apparatus. - - - - - - -Steam fittingsStoves
Cast-iron pipeMACHINERY
Foundry and machine-shop products . - -.Machine tools-- . . .Agricultural implementsElectrical machinery... . . .
TEXTILES AND PRODUCTSA. Fabrics
Cotton goodsWoolen and worsted manufactures
Woolen and worsted goods.-. .Carpets and rugs
Hosiery and knit goodsSilk manufactures . . . . .Dyeing and finishing textiles
B. Wearing apparel.. _ _ _ . _Clothing, men'sShirts and collars . . . . . .Clothing, women'sMillinery
FOOD AND PRODUCTS... . . . . .Baking . .Slaughtering and meat packing _ConfectioneryIce cream . - _ _ _ _ _ . .FlourSugar refining cane . .
PAPER AND PRINTINGPrinting, book and jobPrinting, newspapers and periodicalsPaper and pulpPaper boxes. . . . .
LUMBER AND PRODUCTSLumber, sawmills.Lumber, millworkFurniture .._
TRANSPORTATION EQUIPMENT ._ . . .Car building and repairing.. . _Automobiles .Shipbuilding
LEATHER AND MANUFACTURES._. ._Boots and shoes...Leather
CEMENT, CLAY, AND GLASS PRODUCTS _.Clav products. .
Brick, tile, and terra cottaPottery . _ .
Glass .Cement
NONFERROUS METAL PRODUCTS-Stamped and enameled ware . . _Brass, bronze, and copper
CHEMICALS AND PRODUCTS . . .Chemicals and drugsPetroleum refiningFertilizers. . _ _ . . _. _
RUBBER PRODUCTSAutomobile tires and tubesRubber boots and shoes . . . .
TOBACCO MANUFACTURES - __Cigars and cigarettesChewing and smoking tobacco, snuff. . . .
factory employment
Without seasonaladjustment
1934
Mar.
77. 7
75.080.478.057 959.340.876.342.6
67.766.778.471.968.1
90.095.5
105.078.980.670.4
100.171.8
114.776.160.477.688.598.4
91.093.895.885.868.486.186.2
92.079.6
101.398.887.2
45.341.740.158.9
67.745.796.177. 7
88.487.891.5
56.142.428.480.691.840.2
66.833.278.2
107.9113 388.9
139.8
83.991.760.8
69.969.176.3
Feb.
74.7
71.577.171.456.655.240.468.841.964.262.774.971.465.2
87.093.6
101.781.484.267.495.372.4
110.770.658.273.080.786.5
90.892.298.784.666.186.983.3
91.481.1
101.196.984.0
43.940.038.658.3
62.643.986.374.1
86.385.390.1
53.740.727.078.087.638.8
62.230.972.9
103.5111 089.2
105.8
81.187.661.8
67.466.476.2
1933
Mar.
56.7
49.152.747.943.339.333.744.422.1
42.841.234.037.948.1
67.768.172.051.953.444.281.352.885.266.751.666.287.469.2
76.980.478.273.363.472.272.6
78.772.692.975.371.0
31.827.429.445.7
42.540.343.954.1
76.678.867.8
38.131.220.759.855.631.0
42.321.249.4
78.280 175.874.2
57.060.446.4
57.656.169.7
Adjusted for seasonalvariation
1934
Mar.
76.9
73.978.776.959.459.940.377.842.8
66.865.576.966.968.1
87.293.8
102.978.680.667.998.069.9
112.070.859.276.478.186.7
92.794.497.789.376.786.485.5
91.878.7
101.198.888.4
46.443.140.259.6
65.945.991.973.2
87.486.989.4
57.143.830.879.191.343.0
64.731.176.2
103.1111.989.893.8
83.390.462.0
70.370.072.6
Feb.
74.7
70.976.070.358.056.340.071.343.5
63.862.473. 667.165.2
84.991.799.279.982.566.094.271.4
108.068.056.671.674.288.3
91.693.895.886.376.486.987.1
91.380.3
100.996.985.2
45.341.839.159.2
62.244.585.170.2
84.383.587.4
56.543.431.177.190.042.8
61.030.171.5
102.1108.8
90.4100.4
80.687.260.9
68.267.871.6
1933
Mar.
56.6
48.351.647.244.439.633.345.422.2
42.240.533.435.348.0
65.466.970.651.753.442.779.651.483.161.950.665.277.161.0
78.481.079.876.371.172.472.0
78.571.792.775.471.9
32.528.329.546.3
41.740.541.950.9
75.778.066.2
38.932.122.458.655.333.1
41.019.948.1
75.679.176.649.8
56.659.747.3
57.856.766.4
Factory pay rolls
Without seasonaladjustment
1934
Mar.
63. 3
53.858.554.038.039.928.850.724.4
49.946.160.471.655.0
74.378.388.258.360.249.792.661.293.266.150.769.878.482.8
76.778.284.472.056.469.459.2
77.767.791.073.278.3
28.426.524.435.2
63.239.392.565.0
74.773.280.1
36.323.813.950.268.923.9
53.425.861.4
83.188.474.684.3
74.079.054.3
49.447.467.0
Feb.
59.2
47. 751.646.436.235.527.942.925.1
46.342.457.169.351.3
69.976.083.760.163.843.385.662.291.657.746.661.468. 164.5
77.477.887.471.153.771.059.1
75.967.189.271. 172.9
26.924.622.834.7
55.436.977.660.7
72.470.578.9
35.122.513.347.067.922.3
48.622.956.1
80.887 273.664.1
68.472.153.7
49.146.868.8
1933
Mar.
36 9
22 423.222 120.221.018.323 612.6
24.020.818.926 532.1
41.340.842 828.730.022 953.232.159.242.431.141.357 640.3
59.864.261.047 451.055 859.4
63.357.981.849.253.5
14.312.313.919.0
29.229.927.040.3
47.146.250.3
20.613.87.4
30.436.716 4
25.114.628.1
60.459 864.540.7
31.131.728.6
36.034.350.2
NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 706-716, and November 1930, pp. 662-677. For revised indexes offactory employment and pay rolls compiled by the Bureau of Labor Statistics see p. 270 of this BULLETIN.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
316 FEDERAL RESERVE BULLETIN M A Y 1934
WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index of Bureau of Labor Statistics. 1926=100]
Year, month, and week
19291930 -19311932 . .-1933 . .
1933—March\priiMay -JuneJulyAugust -.SeptemberOctoberNovemberDecember
1934—JanuaryFebruary -March . - - - -
Week ending—1QQ4 J a c g
Jan 13Jan .20Jan 27
Feb 3Feb. 10F^b. 17Feb 24
Alar 3Mar. 10Mar 17Mar . 24 . .M a r 31
Anr 7
4pr . 14Apr. 21Apr. 28
Allcom-modi-ties
95.386.473.064.865 9
60.260.462.765.068.969.570.871.271.170.8
72.273.673.7
71.071.772.372.4
72.873.373.773.4
73.673.873. 773.573.4
73.373.373.373.5
Farmprod-ucts
104.988.364.848.251.4
42.844.550.253.260.157.657.055.756.655.5
58.761.361.3
57.458.659.059.5
60.561.462.161.2
62 062.062.061.461.4
60.460.559.759.1
Subgroups
F A R M PRODUCTS:GrainsLivestock and poultry-Other farm products
F O O D S :Butter, cheese, and milCereal products .Fruits and vegetables..MeatsOther foods
k
HIDES AND LEATHER PRODUCTS:Boots and shoesHides and skinsLeatherOther leather products.
TEXTILE PRODUCTS:ClothingCotton goodsKnit goodsSilk and rayonWoolen and worsted goodsOther textile products.
F U E L AND LIGHTING M A T ]Anthracite coalBituminous coalCokeElectricityGasPetroleum products
B RIALS:
Foods
99.990.574.661.060.5
54.656.159.461.265.564.864.964.264.362.5
64.366.767.3
62.764.264.665.0
65.766.867.467.0
67.568.167.767.366.5
66.165.866.666.6
1933
Mar.
36.043.045.3
50.962.754.350.555.8
83.241.455.677.9
61.350.047.125.553.266. 7
88.379.375 2
100.596.633.1
Dec.
60.438.064.3
65.184.763.046.063.4
98.674.980.187.6
87.985.571.229.684.375.9
81.590.683 694.092.251.6
Total
91.685.275.070.271.2
65.865.366.568.972.274.176.177.277.277.5
78.378.778.5
77.677.978.678.5
78.778.778.778.7
78.678.778.67878
78787879
6.6
79
Hides andleather
products
8 j!2 I
109.1100.086.172.980.9
68.169.476.982.486.391.792.389.088.289.2
89.589.688.7
90.090.290.390.4
90.590.590.490.1
89.889.088.888.889.4
89.589.889.789.6
1934
Jan.
63.741.]67.4
65.085.868.048.964.0
98.577.279.987.0
87.586.570.629.784.376.9
81.590.883 592.390.851.1
Feb.
63.248.268.3
69.185.771.753.364 1
98.478.080.186.9
87.288.667.031.084.377.8
81.291.183 591.889.350.3
Mar.
62.349.567.7
68.985.371.656.563.5
98.573.479.786.7
87.289.165.629.484.078.5
81.291.183 4
"48." 7"
Other commodities
Textileproducts
90.480.366.354.964.8
51.351.855.961.568.074.676.977. 176.876.4
76.576.976.5
76.076.176.476.4
76.576.476.676.7
76.676.376.076.075.8
75 7
Fuel andlighting
materials
83.078.567.570.366.3
62.961.560.461.565.365.570.473.673.573.4
73.172.471.4
74.374.474.274.0
73.973.973.873.6
73.573.072.672.472.4
79 fi77. 5 72. 975.275.0
73.173.5
Metalsand metalproducts
100.592.184.580.279.8
77.276.977.779.380.681.282.183.082.783.5
85.587.087.1
83.383.785.184.7
85.185.085.085.0
85.186.486.586.486.4
86.586.987.088.3
Buildingmaterials
95.489.979.271.477.0
70.370.271.474.779.581.382.783.984.985.6
86.386.686.4
85.585.686.586.2
86.486.386.786.6
86.586.286.28fi.286.3
86.786.586.387.1
Subgroups
METALS AND METAgricultural imIron and steel.Motor vehiclesNonferrous met
AL PRODUplements
alsBUILDING M A T E R I A L S :
Brick and t.ileCemLumPain
entbert, materials
Plumbing andStructural stealOthe
CHEMICACheiDrugFertiMixe
HOUSEFIFurnFurn
heating
r building materialsLS AND DRUGS:nicalsrs and phalizer mateid fertilizerJRNISHINGishings
rmaceutica*ialssGOODS:
it.11 reMISCELLANEOUS:
Auto tires and tubesCattle feedPaper and pulpRubber crudeOther miscellarleous
CTS:
Is
Chemi-cals and
drugs
94.289.179,373.5n 671,?.71A73 273.773.273.172.772.773.473.7
74.47c>. 575.7
73.373.575.075.1
75.075.175.4 |75.4 1
75.475.775.875.875.8
75. 575.475.575.3
1933
Mar.
83.176.490.947.9
74 981.857.868 459.481 778.4
79.354.861.960.1
72.971 8
41 347 372.26 3
72.6
Dec.
85.183.690.966.6
85 791.288.077 572.586 888.6
79.259.068.169.9
82.979 3
43 260.382.518 079.0
House-furnish-
ing goods
94.392.784.975.175.8
72.271.571.773.474.877.679.381.281.081.0
80.881.081.4
81.781.781.781.7
81.881.981.982.1
82.382.582 482.582.5
82.582.883.183.0
Miscel-laneous
82 677. 769. S64.462.5
58.957 858.960 864.065.465 165 365 565.7
67.568.569.3
65 966.267.568 1
68 468.568.668 5
68.668.869 269.269.3
69.869.669.369.2
1934
Jan.
85.283.696.966.1
86 693.987.478 472.586 889.8
78.865.268.471.2
82.978 8
43 268 583.018 981.8
Feb.
85.286.397.865.8
87 293.987.379 372.786 890.3
78.871.569.272.5
83.079 2
43 573 482.721 483.2
Mar .
85.286.397.866.3
88 593.986.479 772.786 889 9
79.071.969.572.6
83.279 8
44 679 682.722 883.2
Back figures.—For monthly and annual indexes of groups, see BULLETIN for March 1932, p. 199, and subsequent BULLETINS; indexes of subgroupsavailable at Bureau of Labor Statistics. For weekly indexes covering 1932 and 1933, see Annual Report for 1932 (table 111) and BULLETIN for Feb-ruary 1934, p. 139.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
M A Y 1934 FEDERAL RESERVE BULLETIN 317
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]
Month
JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember >December -_:
Year
Total
1933
83.4
1934
186. 552. 7 ! 9fi. 760.056.677.2
102 382.6
106 0120.1145 4
178.4
162. 3 I207.2
1, 255. 7
Residential
1933
12.011.816.019.126.527 723.621 921.521 523.623.9
249.3
1934
15.114.528.1
Factories
1933
4.32.86.46 29.4
26 817.814 115. 19 88 26.7
127.5
1934
10.74.2
15.9
Commercial
1933
5.87.67.26 68.99 6
11.510 57.49 87.37.1
99.4
1934
9.47.6
13.0
Public worksand public
utilities
1933
42.717.217.613 619.024 418 951 460 792 7
111 1133.3
602.7
1934
113.753.292.9
Educational
1933
1.42.21.31.11.73 52.92.62.22.22.6
16.3
40.0
1934
19.65.48.8
All other
1933
17.311.011.59 9
11.610 37 85 6
13 09.39 6
20.0
136.9
1934
17.911.819.6
CONSTRUCTION CONTRACTS AWARDED, BYDISTRICTS
[Value of <Rocky
<: thousands of dollars; figures for 37 States east of the--. i- reported by the F. W. Dodge Corporation]
11,64636, 4709,212
14,23315, 88120, 29225, 24116,7184,5077, 705
16, 536
5,35712, 7465,402,485
19, 34211,72416, 0825,1,7194,0955,901
COMMERCIAL FAILURES, BY DISTRICTS[Amounts in thousands of dollars; figures reported by Dun & Bradstreel]
Federal Reservedistrict
Boston _ . _ _ _..New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt LouisMinneapolisKansas City . . . .DallasSan Francisco . _ ' .
Total
Number
1934
Mar.
10729851755033
15937b.J
5628
173
1,102
Feb .
10034750866224
13332294426
116
1,049
1933
Mar.
17951896
1608492
280111617958
230
1,948
Liabilities
1934
Mar.
3,8307,8932,5551,836
8775703,610
754712604581
3,405
27, 228
1933
Feb. 1 Mar.
2, 3666,8531,3011,353
8504063, 381
289337543367
1,39919, 445
3,82014,8533,9016,5291,5241, 9836,6172, 69fi1, 4091, 359
8712,938
48, 500
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS
tTP'aso"J j
i • i BOUNDARIES OF FEDERAL RESERVE DISTRICTS—.•BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis