frb_121934

FEDERAL RESERVEBULLETIN

DECEMBER 1934

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Reduction in Interest Rates on Time DepositsBusiness and Credit DevelopmentsNational Summary of Business Conditions

UNITED STATESGOVERNMENT PRINTING OFFICE

WASHINGTON: 1934

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD

Ex officio members:HENRY MORGENTHAU, Jr.,

Secretary of the Treasury, Chairman.J. F. T. O'CONNOR,

Comptroller of the Currency.

MARRINER S. ECCLES, Governor.J. J. THOMAS, Vice Governor.CHARLES S. HAMLIN.ADOLPH C. MILLER.GEORGE R. JAMES.M. S. SZYMCZAK.

LAWRENCE CLAYTON, 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 Research

and Statistics.

LATJCHLIN CURRIE, Assistant Director, Division ofResearch and Statistics.

WOODLIEF THOMAS, Assistant Director, Division ofResearch and Statistics.

CARL E. PARRY, Chief, Division of Security Loans.E. L. SMEAD, Chief, Division of Bank Operations.J. R. VAN FOSSEN, Assistant Chief, Division of Bank

Operations.O. 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.

II

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 LICHTENSTEIN, Secretary


INDUSTRIAL ADVISORY COMMITTEES

DISTRICT NO. 1 (BOSTON):Albert M. Creighton, Chairman.Robert Amory.Winthrop L. Carter.Carl P. Dennett.Edward M. Graham.

DISTRICT NO. 2 (NEW YORK):William H. Pouch, Chairman.John A. Hartford, Vice Chairman.John B. Clark.Albert A. Hopeman.C. R. Palmer.

DISTRICT NO. 3 (PHILADELPHIA):J. Ebert Butterworth, Chairman.Charles E. Brinley.John S. Chipman.H. W. Prentiss, Jr.Richard D. Wood.

DISTRICT NO. 4 (CLEVELAND):F. A. Smythe, Chairman.Daniel R. Davies, Vice Chairman.Frank B. Bell.Edward C. Folsom.H. L. Kutter.

DISTRICT NO. 5 (RICHMOND):J. G. Holtzclaw, Chairman.Overton D. Dennis.Harvey W. Moore.George E. Probest, Jr.Walker D. Stuart.

DISTRICT NO. 6 (ATLANTA):John Sanford, Chairman.William A. Parker, Vice Chairman.A. R. Forsyth.Ernest T. George.I. C. Milner.

DISTRICT NO. 7 (CHICAGO):Max Epstein, Chairman.Maj. Howard Greene.R. R. Monroe.William R. Odell, Jr.George W. Young.

DISTRICT NO. 8 (ST. LOUIS):William K. Norris, Chairman.Jacob Van Dyke, Vice Chairman.M. E. Finch.Henry S. Gray.Maurice Weil.

DISTRICT NO. 9 (MINNEAPOLIS):Sheldon V. Wood, Chairman.John Bush.C. O. Follett.Harvey C. Jewett.Albert L. Miller.

DISTRICT NO. 10 (KANSAS CITY):R. L. Gray, Chairman.Walter J. Berkowitz.D. Bruce Forrester.Ed. S. Miller.L. F. Rooney.

DISTRICT NO. 11 (DALLAS):Clarence Ousley, Chairman,T. M. Cullum.Lewis R. Ferguson.Will B. Marsh.Charles R. Moore.

DISTRICT NO. 12 (SAN FRANCISCO):Stuart L. Rawlings, Chairman.Ralph Burnside.Shannon Crandall.Henry D. Nichols.H. L. Terwilliger.

i l l


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bankof

Chairman and FederalReserve agent Governor Deputy governor Cashier

BostonNew York

Philadelphia

ClevelandRichmondAtlanta.Chicago

St. Louis

F. H. CurtissJ. H. Case

R. L. Austin _

E. S. Burke, Jr.*W. W. HoxtonOscar NewtonE. M. Stevens

R. A. YoungG. L. Harrison

G. W. Norris

E. R. FancherG. J. SeayE. R. BlackG. J. Schaller

Minneapolis...Kansas CityDallas.San Francisco .

J. S. Wood....

J. N. Peyton

C.C.Walsh

W. McC. Martin

W. B. GeeryG. H. HamiltonB. A. McKinneyJ. U. Calkins

W. W. PaddockW. R. BurgessJ. E. CraneW. S. LoganL. R. RoundsL.F. SailerC. H. CoeW. H. HuttJ. S. SinclairC. A. McllhennyM. J. FlemingF. J. ZurlindenC. A. PepleR. H. BroaddusW. S. Johns...H. F. ConnifEC. R. McKayH. P. PrestonJ. H. Dillard

0. M. AtteberyJ. G. McConkey

Harry YaegerH. I. ZiemerC. A. WorthingtonJ. W.HelmR.R.GilbertR. B. ColemanW. A. DayIra Clerk

W. Willett.J. W. Jones.*W. B. Matteson.iJ. M. Rice.iAllan Sproul.3H. H. Kimball.iL. W. Knoke.1C. A. Mcllhenny.W. J. Davis.iL. E. Donaldson.iW. G. McCreedy 2H. F. Strater.G. H. Keesee.J. S. Walden, Jr.2M. W. Bell.W. S. McLarin, Jr.iW. H. Snyder.aW. C. Bachman.i0. J. Netterstrom.iA. T. Sihler.iE. A. Delaney.iA. L. Olson.iS. F. Gilmore.2A. H. Haill.2F. N. Hall.2G. 0. Hollocher.20. C. Phillips.*H. I. Ziemer.F. C. Dunlop.2J. W. Helm.Fred Harris.W. 0. Ford.iW. M. Hale.

1 Assistant deputy governor.8 Assistant to the governor.

2 Controller.

4 Acting chairman; W. H. Fletcher, acting Federal Reserve agent.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of

New York:Buffalo branch

Cleveland:Cincinnati branchPittsburgh branch

Richmond:Baltimore branch _Charlotte branch

Atlanta:Birmingham branchJacksonville branch.Nashville branchNew Orleans branch

Chicago:Detroit branch

St. Louis:Little Rock branch.Louisville branchMemphis branch

Managing director

R. M. O'Hara.C. F. McCombs.T. C. Griggs.Hugh Leach.W. T. Clements.J. H. Frye.J. B. Fort, Jr.Marcus Walker.R. H. Buss.A. F. Bailey.J. T. Moore.W. H. Glasgow.

Federal Reserve Bank of

Minneapolis:Helena branch

Kansas City:Denver branchOklahoma City branchOmaha branch

Dallas:El Paso branchHouston branchSan Antonio branch

San Francisco:Los Angeles branchPortland branchSalt Lake City branchSeattle branch ._Spokane branch

Managing director

R. E. Towle.J. E. Olson.C. E. Daniel.L. H. Earhart.J. L. Hermann.W. D. Gentry.M. Crump.W. N. Ambrose.R. B. West.W. L. Partner.C. R. Shaw.D. L. Davis.

SUBSCRIPTION PRICE OF BULLETINThe FEDERAL RESERVE BULLETIN is the Board's medium of communication with member

banks of the Federal Reserve System and is the only official organ or periodical publication 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.

IV


TABLE OF CONTENTS

PageReview of the monthBusiness and credit developments _ 771Loans on securities by reporting member banks (101 cities and 91 cities), 1929-34 825-831National summary of business conditions 782Financial, industrial, and commercial statistics:

Reserve bank credit, gold stock, money in circulation, etc 783-787Member and nonmember bank credit:

All banks in the United States 790All member banks 788, 789, 822, 833Weekly reporting member banks in leading cities 791, 823

Brokers' loans 791Acceptances and commercial paper 792Discount rates and money rates 793Treasury finance 794Assets and liabilities of governmental credit agencies 795Reconstruction Finance CorporationLoans, subscriptions, and allocations 796Farm Credit AdministrationLoans and discounts outstanding, by institutions 797Home Owners' Loan CorporationSummary of operations 797Federal home loan banksAssets and liabilities 797Security prices, bond yields, and security issues 798Production, employment, car loadings, and commodity prices 799Merchandise exports and imports 800Department storesIndexes of sales and stocks.^ 800Freight-car loadings, by classes 800

Financial statistics for foreign countries:Gold reserves of central banks and governments 801Gold production 802Gold movements 802-804Government note issues and reserves 805Bank for International Settlements 805Central banks 806-808Commercial banks 809Discount rates of central banks 810Money rates 810Foreign exchange rates 811Price movements:

Wholesale prices 812Retail food prices and cost of living 813Security prices 813

Law department:Rulings of the Federal Reserve Board:

Absorption by member banks of exchange or collection charges in trivial amounts 814Rulings nos. 37-40 interpreting Regulation T 815

Regulation Q, series of 1935 816Federal Reserve statistics by districts, etc.:

Banking and financial statistics 820-833Industrial and commercial statistics 834-839November crop report 839

Index to volume 20 841v


FEDERAL RESERVE BULLETINVOL. 20 DECEMBER 1934 No. 12

REVIEW OF THE MONTHThe Federal Reserve Board has reduced

from 3 to 2% percent the maximum rate ofinterest that may be paid on

Reduction in in- time and savings deposits byterest rate on member banks, and the Federaltime deposits Deposit Insurance Corporation

made a corresponding reductionin the maximum rate that may be paid by Statebanks and trust companies which are insured bythe Corporation. The new maximum rate willbecome effective on February 1, 1935. Thereduction in the deposit rate is in harmony withthe prevailing downward trend in interest rates,and is expected to support that trend, particu-larly in regard to rates on long-time money,which are an important factor in businessrecovery.

The reduction is in line with the action takenby State banking authorities in several Statesand also with voluntary agreements made byclearing-house associations and other bankinggroups. The decrease in rates on time depositsshould have a tendency to bring about a declinein the cost to borrowers and to encourage de-positors to seek investment for their idle funds.A more favorable capital market may beexpected to create a more favorable mortgagemarket as well as encourage refunding opera-tions and the undertaking of new capital proj-ects generally, a development essential torecovery.

The Federal Reserve Board's action in thismatter is in accordance with the duty imposedupon it by the Banking Act of 1933, which pro-vides that "the Federal Reserve Board shallfrom time to time limit by regulation the rate ofinterest which may be paid by member bankson time deposits." This provision of the lawplaces upon the Federal Reserve Board the re-sponsibility of raising or lowering from time totime the maximum rate that may be paid bymember banks on time and savings deposits in

accordance with prevailing economic conditionsand the requirements of the public interest.

The Federal Reserve Board's Regulation Q,as amended to reduce the maximum rate to2}i percent, is published in this issue of theBULLETIN, page 816.

In addition to the amendment reducing themaximum rate of interest to 2}{ percent, theregulation, as amended, will (1) permit thecomputation of interest on time and savingsdeposits at a rate not in excess of 2% percentcompounded quarterly instead of (as providedin the old regulation) at a rate not in excess ofthe maximum compounded semiannually, (2)enable member banks to pay interest on timeand savings deposits received during the first 5days of any calendar month at the maximumrate prescribed in the regulation calculatedfrom the 1st day of the month, and (3) permitforeign branches of American banks to obtainauthority from the Board to pay interest ontime and savings deposits at rates consistentwith competitive conditions prevailing in thelocalities where the foreign branches are situ-ated. The action of the Board does not affectthe payment of interest by member banks at arate higher than the maximum in accordancewith the terms of any contract legally enteredinto prior to and in force on December 18, 1934.

The course of money rates in recent years isshown in the chart. Open-market rates on

short-time money at the presenttime are at the lowest level onrecord, and rates charged cus-

tomers by banks average lower than at anyother time in the post-war period. Offeringrates on bankers' acceptances, shown on the ac-companying chart, have been below 1 percent,except in March and April 1933, for over 2years and since last spring have been betweenone-eighth and one-fourth of 1 percent. Latein October a flat rate of one-eighth percent wasestablished in the market. Rates on open-

771

Recent moneyrate changes


772 FEDERAL RESERVE BULLETIN DECEMBER 1934

market commercial paper, which declined to 1percent last April, were reduced further to arange of %-l percent in June and have remainedat that level. Call money rates have been 1percent since last December. Yields on Treas-ury issues, notwithstanding a small advance inAugust, continue to be low, with 182-day billsselling at prices to yield about 0.22 percent perannum.

Rates charged on prime loans to customers bybanks, shown on the chart, have declined slowlywith occasional interruptions during the depres-sion. This decline has been general throughoutthe United States. Rates charged by New YorkCity banks average about 3K percent as com-pared with an average of about 4}i percent from

MONEY RATESMonthly basis

1926 1927 1928 1929 1930 1931 1932 1933 1934

1925 to 1927, and banks in southern and westerncities now charge an average of about 5 percentas compared with over b% percent in the earlierperiod.

Long-term rates, as indicated by bondyields, have also declined. Long-term UnitedStates Government bonds, as shown on thechart, are selling at a price to yield about 3percent, as compared with 3% to 3% percentin the period from 1926 to 1930 and with over4 percent for a short time in 1932. In July ofthis year these bonds sold on a 2.85 percentyield basis. Prices of high-grade domesticcorporate bonds have risen this year to newhigh levels and, according to figures compiledby Moody's Investors Service, these bondshave sold since early in the summer at pricesyielding less than 4 percent, the lowest yields

Growth of bankdeposits

on such bonds since early in this century.High-grade municipal bonds have been sellingat prices yielding about 3K percent.

Anelement in the downward trend of moneyrates has been a considerable growth in bank

deposits. On the basis of re-serve computations for Octo-ber 1934, net demand and

time deposits at member banks were $28,034,-000,000, representing a growth of $4,665,000,000over October 1933. This increase was due insmall part to accession to membership of theSystem. The increase of 20 percent wasaccounted for by an increase of $3,965,000,000in net demand deposits and an increase of$700,000,000 in time deposits. The growth indeposits was general throughout the countrybut has been relatively larger at banks outsideNew York City. On the basis of figures forreporting member banks in leading cities, thegrowth of demand deposits continued in No-vember, while time deposits declined by a smallamount.

DEPOSITSALL LICENSED MEMBER BANKSlAmounts in millions of dollars. Averages of daily figures]

Net demand deposits.Time deposits.. - .

Net demand and time deposits

October1934

18, 2089,826

28,034

Change from Octo-ber 1933

Amount

+3,965+700

+4,665

Percent

+28.5+7.6

+20.0

Maintenance of a large volume of excessreserves at member banks has been an impor-

tant factor in the decline inm o n e y r a t e s d u g t h e P a s t 2years. Excess reserves, which

had amounted to $1,900,000,000 in August,declined to about $1,750,000,000 early inSeptember and continued at the reduced levelduring October, reflecting a seasonal growth ofmoney in circulation, a further increase inrequired reserves, and some increase in Treas-ury deposits with the Federal Keserve banks.In the first 3 weeks of November, however,member bank reserves showed an increase of$190,000,000, resulting principally from largegold imports and a decrease in Treasurydeposits at Reserve banks. As a consequence


DECEMBER 1934 FEDERAL RESERVE BULLETIN 773

of these changes, reserves increased to nearly$4,200,000,000 and excess reserves againexceeded $1,900,000,000. From November 21to the end of the month there was a decline of$115,000,000 in member bank reserve balances,reflecting principally a seasonal increase ofmoney in circulation and an increase in Treas-ury cash and deposits with Reserve banks,offset in part by further gold imports.

Gold imports, which increased early inNovember, following declines in foreign-ex-change quotations for gold currencies,amounted to about $120,000,000 during themonth, of which about $5,000,000 had notbecome a part of the monetary gold stock bythe end of the month. In addition, new goldproduced and other gold obtained from do-mestic sources continued to augment goldstocks by about $15,000,000 a month. TheTreasury's gold holdings are now in excess of$8,100,000,000.

A currently small but cumulatively substan-tial source of reserve funds in recent monthshas been the issuance of silver certificates by theTreasury. From July 31 to November 30 theamount of these certificates outstanding out-side the Treasury increased by $160,000,000.

Loans and investments of member banks alsoshow a recent growth. Preliminary compila-

tions of condition reports ofall member banks for October17 show aggregate loans andinvestments of $27,584,000,000,

an increase of $2,631,000,000 in a 12-monthperiod. This increase reflects in part additionsto the membership of the Federal ReserveSystem. Investments increased by $3,346,-000,000, while loans decreased by $714,000,000.Holdings of direct and fully guaranteed obli-gations of the United States Government werelarger by $3,090,000,000 and increases occurredin other securities and in open-market loans,particularly in loans to brokers and dealers inNew York and in commercial paper. Loansto banks were reduced by about one-half andloans to other customers decreased consider-ably, reflecting principally a decline in loans onsecurities. Loans to customers, other than

Member bankloans and in-vestments

loans on securities or real estate, declined by$420,000,000 between October 25, 1933, andJune 30, 1934, but increased by $290,000,000between June 30 and October 17 of this year.

LOANS AND INVESTMENTSALL MEMBER BANKS

[In millions of dollars]

Loans to banksLoans to other customersOpen-market loans

Total loans _Direct obligations of United States Government _-Obligations fully guaranteed by United States

GovernmentOther securities

Total investmentsTotal loans arid investment*;

Oct. 17,1934

14910,8371,358

12, 344

9,171720

5,34915, 24027, 584

Changefrom

Oct. 25,1933

-148-686+120-714

+2,370+720+256

+3,346+2,631

Both country banks and reserve city banksshowed changes in loans and investments dur-ing the 12-month period similar to those shownin the table for all member banks. Countrybank loans decreased somewhat as comparedwith a year ago, while their investments in-creased by $788,000,000, chiefly in direct andguaranteed obligations of the United StatesGovernment. From June 30 to October 17 ofthis year both loans on securities and otherloans to customers declined at country banks,reflecting a further reduction of customers in-debtedness to banks in country districts. Thisdecrease accompanied a similar decline in cropand livestock loans made by various Federalcredit agencies.

Total loans and investments of weeklyreporting member banks in leading citiesdeclined by $90,000,000 between October 17and November 28. Customers' loans, otherthan loans on securities, showed a decrease,which, like the increase in previous months,was in large part a reflection of seasonal de-velopments. There was also a decrease in loansto brokers by New York City banks, andholdings of securities other than direct orguaranteed obligations of the United StatesGovernment showed a decline of $122,000,000,the larger part of which occurred at New York.



This latter decline probably reflected in partthe exchange on or before October 27 of interest-guaranteed bonds of the Home Owners' LoanCorporation for the fully-guaranteed bonds ofthat agency and in part retirement of certainlarge issues of short-term securities held by thebanks.

The review of applications for industrialloans at the Federal Reserve

vances'^1 **" b a n k s i s Proceeding withoutdelay, and the number of appli-

cations awaiting action has been reduced.Up to the close of business November 28

Industrial Advisory Committees at FederalReserve banks had recommended the approvalof 961 applications for $46,600,000 of indus-trial advances and commitments and theReserve banks had approved 567 applicationsfor $26,500,000 unconditionally and 261 appli-cations for $15,700,000 with certain conditionsattached. Of the applications unconditionallyapproved, advances had been made by theReserve banks in the amount of $9,990,000, ofwhich $9,770,000 were outstanding on No-vember 28. There were also $6,660,000 ofcommitments outstanding, and participationsof financing institutions amounted to $1,970,000.

Industrial activity and factory employmentincreased in October, after several months of

decline, and distribution ofcommodities at retail continuedclose to the relatively high level

maintained since the early part of the year.Wholesale prices, which had declined duringSeptember and October, showed mixed move-ments in November.

Industrial output at this time is at about thelevel of a year ago and considerably above thelowest levels of the depression. The Board'sseasonally adjusted index, which is shown onthe chart, decreased from 86 percent of the1923-25 average in May of this year to 71 per-cent in September and advanced to 74 percentin October. Preliminary figures indicate littlechange in November.

The decline in this adjusted index from Mayto July of this year reflected a sharp decrease

Recent courseof business

in the actual volume of production, especiallyin the steel industry. During August andSeptember the total volume of output failed toshow the expansion usual at that season andthe adjusted index continued to decline. The

INDUSTRIAL PRODUCTIONAdjusted for seasonal variation

1923-25 averae=100

120

100

80

60

'40

\

\

Vs

Al\

I ^J

/\

PER CENT140

120

100

60

1929 1930 1931 1932 1933Federal Reserve Board's index.

1934-

recent advance in October was due in large partto the resumption of activity in the textileindustry following the strike in September,but there was also an increase in activity atsteel mills, contrary to seasonal tendency. InNovember steel-mill activity showed a furtherslight increase, while output in the automobileand lumber industries showed declines, largelyof a seasonal nature.

In general, fluctuations in activity this yearhave been less marked than during 1933 andthere has been no widespread buying andstocking movement, such as occurred in thelate spring and early summer of last year.While at that time output of nondurable aswell as of durable commodities increasedsharply, this year there has been little changein activity at establishments producing non-durable manufactures. In the textile industryoutput this year has been generally at a some-what lower level than a year ago, while in themeat-packing industry there has been an in-crease, reflecting heavy marketings of cattleduring recent months as a consequence of thedrought.

Fluctuations in activity in industries produc-ing durable manufactures have been pro-nounced this year, but not so marked as a year



Employment

ago. A period of sharply increased output ofsteel and automobiles in the spring of the yearwas followed by a considerable decline in boththese lines. In recent weeks steel productionhas increased, contrary to the usual seasonaltendency, to about 33 percent of capacity,and, in the early part of December, automobileproduction has also shown an increase. Thelow level of activity in the steel industry duringthe summer and autumn reflected in part theaccumulation of stocks during the spring inanticipation of an announced price advance.Lumber production has fluctuated consider-ably, but less than last year. Among the min-erals, fluctuations in the output of bituminouscoal and crude petroleum have been somewhatless marked than a year ago.

The volume of factory employment increasedconsiderably between the middle of September

and the middle of October, asactivity was resumed at textile

mills, and the Board's seasonally adjusted indexadvanced from 74 percent of the 1923-25 aver-age to 77 percent. The current level of factoryemployment, as of manufacturing output, isabout the same as a year ago and considerablyabove the low level of the depression.

Increases in employment during the earlypart of the year and declines from May toSeptember were general. Employment in themeat-packing industry, however, showed anincrease. Employment in industries producingtextile fabrics was larger during October thanduring August, the month before the textilestrike. The total volume of employment inother industries declined between August andOctober, reflecting chiefly reductions in em-ployment at automobile factories, at foundries,and in the leather and tire industries.

Changes during recent months in the volumeof employment in nonmanufacturing industries,not including recovery agencies, have beenrelatively small. Currently, employment inthese lines, as in manufacturing, is at about thesame level as a year ago. Among the recoveryagencies the principal change has been in em-ployment on projects of the Public WorksAdministration. The number employed on such

projects, as reported by the Bureau of LaborStatistics, increased from about 275,000 at the be-ginning of this year to about 625,000 in July andhas since declined to about 520,000 in October.

The recent course of production, employ-ment, and pay rolls in a comparable group of

PRODUCTION, EMPLOYMENT AND PAYROLLSIN COMPARABLE MANUFACTURING INDUSTRIES

80J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J A. S 0 N D

1933 1934The index of the production of manufactures on a January to March 1933

base has been computed from the index regularly computed and pub-lished by the Federal Reserve Board on a 1923-25 base. The indexesof employment and pay rolls were computed by the Board from dataof the U. S. Bureau of Labor Statistics for industries included inthe]Board's index of the production of manufactures.

manufacturing industriesthose in the Board'sindex of manufacturing productionis shownon the accompanying chart. The figuresplotted are not adjusted for seasonal variation.

By the latter part of 1933 employment andpay rolls in this group of industries had in-creased considerably more than production,reflecting in large part the spreading of workand the increasing of minimum wage ratesunder the industrial codes. This year, throughAugust, production, employment, and pay rollsall fluctuated closely together. In Septemberand October employment and pay rolls, whichare reported for the pay-roll period endingnearest the middle of the month, showed widerfluctuations than production, which is reportedfor the whole month. From the latter part of1933 to October 1934 there was little netchange in the relative volumes of employment



and production, and currently employment inthese manufacturing industries continues con-siderably higher relative to production than atthe corresponding level of output in the latespring of 1933. As is usual, fluctuations in payrolls accompanying changes in output havebeen more pronounced than changes in thenumber employed, reflecting in part changesin the amount of part-time employment.

The course of activity in the constructionindustry this year has reflected largely changes

in the volume of public work.Construction Last winter a large volume of

contracts was awarded for suchconstruction and formed the basis for a sub-stantial increase in activity during the springand summer months, when there was alsosome increase, largely of a seasonal nature, inthe volume of private building. Expendituresand employment on construction projects ofthe Public Works Administration reached apeak in the summer and since that time havedeclined considerably, reflecting chiefly a re-duction in road building. Outlays on repairsand alterations have shown an increase thisyear, particularly in recent months.

As a consequence of reduced acreage andwidespread drought, most leading crops this

year are considerably smalleroutput Ura than in other recent years and,

with feed supplies curtailed,marketings of livestock have been unusuallylarge and output of dairy products has showna decline. This has been an important factortending to increase prices of farm productssince the middle of the year during a periodwhen other commodities have shown littlechange. Small output of leading crops, ascompared with last year and the 5-year aver-age, reflects in part reduction of acreage plantedto such crops as cotton and tobacco, and inpart low yields for such crops as grains andfeedstuffs caused by the drought.

Stocks of certain agricultural raw materials,such as cotton and wheat, have been reducedconsiderably from the high levels prevailingfor several years. The reduction in domesticsupplies of corn and other feed crops hasresulted in heavy marketings of cattle from

Commodityprices

drought areas. The number of cattle on farmshas declined considerably from the peak levelreached at the beginning of the year, and withthe number of hogs on farms reduced in con-nection with the production control programof the Agricultural Adjustment Administra-tion, feedstuff requirements have been re-duced. Even with reduced feed requirementsand improvement in pastures, however,domestic supplies are relatively small and therehas already been an increase in imports ofcorn. Production of dairy and poultry prod-ucts has been less than a year ago, while outputof truck crops has been larger.

The course of wholesale commodity pricesthis year has been dominated largely by changes

in the prices of farm productsand foods, with little change re-ported for other commodities

as a group. From a level of 71 percent of the1926 average at the beginning of January, theindex of the Bureau of Labor Statisticsadvanced gradually to 74.7 percent at theend of July. Since that time there hasbeen considerable fluctuation. In the latterpart of August there was a rapid upward move-ment in the index, reflecting chiefly higherprices for livestock. Subsequently, in Sep-tember and October, with reductions in theprices of livestock, meats, grains, cotton,textiles, and building materials, the generallevel declined. In November price movementswere mixed and the general index for theweek ending December 1 was 76.5 as com-pared with 76 at the beginning of Novemberand 74.7 at the end of July. The figures since1931 are shown on the accompanying chart.

The small price changes since the beginningof the year for the group of commodities otherthan farm products and foods have reflecteddeclines in the prices of textiles, hides, andleather, offset by increases in the prices ofbituminous coal, metals and metal products,chemicals, and miscellaneous products, par-ticularly rubber and tires. Building materialprices advanced somewhat during the first halfof the year and subsequently declined by aboutthe same amount, according to the Bureau ofLabor Statistics.



From the early part of September to thelatter part of November retail prices of fooddeclined somewhat and on November 20 theindex of the Bureau of Labor Statistics was at115 percent of the 1913 average as comparedwith a high of 117 percent early in Septemberand 105 at the beginning of the year. Thedecline was largely in meat prices, which hadadvanced rapidly in earlier weeks. Prices ofarticles sold mainly at department stores and

PER CENT

100

WHOLESALE PRICESi926averaje=1OO

30 L 30

Incomes

1931 1932 1933 1934Indexes of U. S. Bureau of Labor Statistics; monthly for 1931 and

weekly for later years. Latest figures are for week ended Novem-ber 24.

mail-order houses apparently have shown littlechange this year.

Such income data as are available indicatethat during the early part of this year incomes

were substantially above thelow level of early 1933 and that

currently incomes are slightly larger than a yearago. For the first 10 months of 1934 as a wholesubstantial increases were shown in pay rollsat factories and mines, and in aggregate returnsto farmers. Industrial profits were also largerin the first three-quarters of the year. Incomesderived from the construction industry haveshown a growth, reflecting larger publicexpenditures on construction, and pay rollson the railroads this year have been slightlylarger than a year ago.

Wage payments at factories, mines, railroads,and public utilities in the first 10 months ofthis year were about one-fourth larger than inthe corresponding period of 1933. The largestincrease was reported for wage-earners em-ployed at factories producing durable goods.

Profits of a group of large industrial corpora-tions during the third quarter of 1934 were 25percent smaller than in the third quarter of1933 and 30 percent smaller than in the secondquarter of this year. On the basis of availablereports, building, chemical, food products,medicine and drug, nonferrous metal, oil, andretail lines, however, indicated better results inthe third quarter of this year than for thepreceding 3 months. Owing to the fact thatprofits during the first and second quarters of1934 were larger than in the correspondingquarters of 1933, industrial profits for the first9 months of this year were more than 70 percentgreater than for the corresponding period oflast year. On the other hand, public-utilityand railroad corporations reported smallerprofits during both the third quarter and thefirst 9 months of this year than in the corre-sponding periods of the previous year.

Cash returns to farmers during the first 10months of 1934 are estimated by the Depart-ment of Agriculture at $5,045,000,000 as com-pared with $4,099,000,000 in 1933 and $3,616,-000,000 in 1932. Of the increase of $946,000,-000 in farm income approximately $300,000,000represents increases in benefit payments andemergency purchases of cattle and the remain-der increased returns from marketings at higherprices.

These increases in dollar incomes have beenaccompanied by a rise in the cost of living.Retail prices of foods during the first 10 monthsof the year have been on the average about 12percent higher than last year, while rents havebeen about the same for the two periods. Atthe present time food prices are 27 percent abovethe low in April 1933.

During the first 11 months of this year ex-penditures for commodities at retail have beenT , larger than a year ago, reflecting

increased urban and rural in-comes. For department stores the increase



Security markets

through November amounted to 13 percent,with the largest increases reported for agricul-tural areas, particularly in the South. Thefour Federal Keserve districts showing the mostmarked increases were Atlanta with 27 percent,Dallas with 23 percent, and Chicago and Rich-mond with 18 percent, while the smallestincreases were 5 percent in the Boston district,6 percent in New York, 9 percent in Philadel-phia, and 10 percent in San Francisco.

Sales by mail-order houses, variety stores,and chain groceries, and sales of general mer-chandise in rural stores have been larger thisyear than last year and have been well main-tained in recent months. For the iirst 11months there has also been considerable growthover a year ago in retail sales of such commodi-ties as automobiles, furniture, and mechanicalrefrigerators.

Security prices, which declined sharply dur-ing the latter part of July and the early part of

August, advanced somewhatduring October and November.

In August and September, common-stockprices reached approximately the lowest levelsof the past year, but prices of high-grade bondscontinued higher than in 1932 and 1933.

New capital issues of domestic corporationsin the last few months have been small. Forthe year to the end of November, such issuestotaled $143,000,000, as compared with totalsof $160,000,000 for the entire year 1933, andof $325,000,000 for 1932, and a yearly averageof over $4,000,000,000 in the peri9d from 1925to 1930. Refunding issues of domestic corpo-rations increased somewhat during the summerbut subsequently declined. For the year todate corporate refunding issues have beensomewhat larger than in the correspondingperiod of 1933 and about the same as in 1932.

Public offerings of State and municipalobligations, which in recent years have com-prised the bulk of new capital issues, increasedsomewhat in November, after being relativelysmall in the 3 preceding months. For the yearto date new capital issues by these agenciestotaled $730,000,000, considerably more thanin the same period of 1933 and somewhat more

than in that part of 1932, but considerably lessthan in the corresponding periods of 1930 and1931. Nearly half of all new security issuessince July 1 and a substantial portion of therefunding issues since June were composed ofFederal farm-loan and home-loan bonds.

The value of exports from the United States,after increasing substantially during the last

three quarters of 1933, has beenFo!iein, t r a d e , maintained at a level consider-and balance of . , , . _ .payments ably higher than a year ago.

Imports, which had expandedrapidly during the spring and summer of 1933,declined toward the end of the year, and in1934 have shown no increase over the levelreached at that time.

Value of foreign trade during the first 10months of this year, as a whole, was about26 percent larger than in the correspondingperiod last year, reflecting an increase of 36percent in exports and 14 percent in imports.Substantial increase in quantity as well as valueof exports was reported for automobiles, copperore, refined copper, iron and steel products, andmachinery. The value of cotton exports wasabout the same, in this period as a year ago butthe quantity shipped declined by 28 percent.Of the commodities imported, crude rubber,newsprint, copper, spirits, and wine show thelargest increases in quantity as well as value.

For the 12 months ending October 1934 theexport surplus was $510,000,000 as against$180,000,000 in the previous 12 months. Thisexcess of exports at a time when other majorcurrent items in our balance of payments,such as interest on foreign investments, touristexpenditures, and immigrants' remittances,approximately balanced one another, has beenan important factor in the movement of goldto this country from the rest of the world.Capital has also flowed toward the UnitedStates during most of the past year, except fora short time in the summer when a returnmovement of balances to Europe, together withAmerican purchases of silver abroad, led to areversal of the gold flow. The large seasonalexcess of merchandise exports in the autumn,however, at a time when Europe is receivinglittle from American tourists, has been accom-


DECEMBER 1934 FEDEKAL RESERVE BULLETIN 779

panied by a renewal of gold movements to theUnited States.

Gold imports into the United States duringNovember came largely from the countries

comprising the so-called Euro-inOEurropTeS Peaa gold bloc. As shown by

the accompanying table, cen-tral gold reserves during November declined$25,000,000 in France, $21,000,000 in Italy,$20,000,000 in Belgium, and $18,000,000 inNetherlands, while gold reserves in Switzerlandincreased $3,000,000 and in Germany andEngland remained substantially unchanged.These figures include only reserves reported bycentral banks and governments.CENTRAL GOLD RESERVES OF SELECTED COUNTRIES


FranceBelgiumNetherlands.Switzerland.ItalyGermanyEngland.... .

End ofNovem-

ber

5,443v 589

582624

v 52032

1,583

Change dur ing-

Novem-ber

- 2 5- 2 0- 1 8+3

- 2 1- 1+ 1

October

+13- 1 7+13+31- 1 3+3+1

p Preliminary.

Change in Foreign Central Bank Discount Rate

On November 26 the Bank of Italy raisedits discount rate from 3 to 4 percent.

Appointment of Governor of the Federal Reserve Board

Effective November 15, 1934, Mr. MarrinerS. Eccles, of Utah, was appointed a memberof the Federal Reserve Board and was desig-nated as Governor of the Board, to fill thevacancy created by the resignation on August15, 1934, of Mr. Eugene R. Black.

Division of Security Loans of the Federal ReserveBoard

On November 24 the Board stated that:The Securities Exchange Act of 1934 placed

additional responsibilities on the Federal Re-serve Board looking toward the prevention ofthe excessive use of credit for the purchase or

carrying of securities. The research and ad-ministrative work of the Board's staff in thisconnection has been carried on in the Divisionof Research and Statistics. In view of the im-portance of this activity the Board has nowcreated a new division for this work which willbe called the Division of Security Loans.Dr. Carl E. Parry, who has been assistant direc-tor of the Board's Division of Research andStatistics, will be the chief of the new division.

Dr. Lauchlin Currie, who has been engagedin research in the monetary field in the TreasuryDepartment, has been appointed by the Boardas assistant director of the Division of Researchand Statistics, and Dr. Woodlief Thomas, whohas been a member of the staff of the division,has also been designated assistant director ofthe division. Under the general supervision ofDr. E. A. Goldenweiser, the director, it is con-templated that the work of the division in-volving research in the monetary field willcome under Dr. Currie and research in bankingand business fields will come under Dr. Thomas.

Appointment of Assistant to the Governor

On December 1, 1934, Mr. Lawrence Clay-ton was appointed assistant to the Governor ofthe Federal Reserve Board, succeeding Mr.H. Warner Martin, who resigned effectiveOctober 30, 1934.

Chairman and Federal Reserve Agent at the FederalReserve Bank of Cleveland

On November 28 the Federal Reserve Boardannounced the resignation of Mr. L. B. Wil-liams as chairman and Federal Reserve agentat the Federal Reserve Bank of Cleveland.

Death of Mr. McClure

Mr. M. L. McClure, chairman and FederalReserve agent at the Federal Reserve Bank ofKansas City, died on December 5, 1934.

Governor of the Federal Reserve Board on NationalEmergency Council

The Executive order of October 29, relatingto the consolidation of the Executive Councilwith the National Emergency Council, namedthe Governor of the Federal Reserve Board as



a member of the National Emergency Council,the full membership of which is as follows:

The President of the United States.The Secretary of State.The Secretary of the Treasury.The Secretary of War.The Attorney General.The Postmaster General.The Secretary of the Navy.The Secretary of the Interior.The Secretary of Agriculture.The Secretary of Commerce.The Secretary of Labor.The Director of the Budget.The Secretary to the President.The Hon. L. W. Robert, Jr., Assistant Secretary of

the Treasury.The Administrator of Agricultural Adjustment.The Administrator of Federal Emergency Relief.The Chairman of the Board of the Reconstruction

Finance Corporation.The Chairman of the Board of the Tennessee Valley

Authority.The Chairman of the Federal Home Loan Bank

Board.The Chairman of the Federal Trade Commission.The Director of Emergency Conservation Work.The Federal Coordinator of Transportation.The Governor of the Farm Credit Administration.The Adviser on Consumer Problems.The Chairman of the National Industrial Recovery

Board.The Chairman of the Federal Alcohol Control

Administration.The Federal Housing Administrator.The President of the Export-Import Banks of

Washington, D. C.The Chairman of the Federal Deposit Insurance

Corporation.The Chairman of the Federal Power Commission.The Chairman of the Federal Communications

Commission.The Chairman of the Securities and Exchange

Commission.The Governor of the Federal Reserve Board.The Executive Director.

Interdepartmental Loan CommitteeOn November 14 the following statement was

issued from the White House:To obtain improved cooperation among Federal

agencies engaged in lending Government funds, eitherdirectly or indirectly, the President has created a LoanCommittee comprising the heads of the following de-partments and agencies, with the Secretary of theTreasury designated as chairman:

Henry Morgenthau, Jr., Secretary of the Treasury.Harold L. Ickes, Secretary of the Interior and as

Administrator of the Emergency Administration ofPublic Works and Administrator of the EmergencyPublic Works Housing Corporation.

W. I. Myers, Governor of the Farm Credit Admin-istration.

John H. Fahey, Chairman of the Federal Home LoanBank Board and as Chairman of the Home Owners'Loan Corporation.

Chester C. Davis, Administrator of the AgriculturalAdjustment Administration.

George N. Peek, President of the Export-ImportBank.

Lynn P. Talley, President of the Commodity CreditCorporation.

Leo T. Crowley, Chairman of the Federal DepositInsurance Corporation.

Jesse H. Jones, Chairman of the ReconstructionFinance Corporation.

Marriner S. Eccles, Governor of the Federal ReserveBoard.

James A. Moffett, Administrator of the FederalHousing Administration.

Foreign Exchange RegulationsOn November 12 the Secretary of the Treas-

ury issued the following regulations relating totransactions in foreign exchange, transfers ofcredit, and the export of coin and currency:

ARTICLE 1. These regulations are prescribed andissued under authority of section 5 (b) of the actof October 6, 1917 (40 Stat. L. 411), as amended bysection 2 of the act of March 9, 1933, and the ExecutiveOrder of January 15, 1934, Regulating Transactionsin Foreign Exchange, Transfers of Credit, and theExport of Coin and Currency.

ARTICLE 2. Licenses may be granted, and a generallicense is hereby granted, to all individuals, partner-ships, associations, and corporations, authorizing anyand all transactions in foreign exchange, transfers ofcredit, and exports of currency (other than gold certifi-cates) and silver coin. The general license hereingranted authorizes transactions to be carried out whichare permitted by the Executive Order of January 15,1934, under license therefor issued pursuant to suchExecutive Order; but does not authorize any transac-tion to be carried out which, at the time, is prohibitedby any other order or by any law, ruling, or regulation.

ARTICLE 3. In order that Federal Reserve banks maykeep themselves currently informed as to foreign ex-change transactions and transfers of credit, as requiredin section 4 of the Executive Order of January 15, 1934,every person engaging in any transaction, transfer, ex-port, or withdrawal referred to in section 1 of suchExecutive Order shall furnish to the Federal Reservebank of the district in which such person has his princi-pal place of business in the United States completeinformation relative thereto upon report forms pre-scribed by the Secretary of the Treasury, except thatreports are not required to be furnished by (1) personsnot carrying during any part of the reporting period,accounts abroad or accounts in the United States fornonresidents thereof, or (2) persons whose aggregatetransactions, transfers, exports, or withdrawals fortheir own account and the account of others do notexceed $5,000 during any seven-day period. Such in-formation shall be furnished on a weekly basis exceptas the respective Federal Reserve banks permit theinformation in certain cases or classes of cases to befurnished on the basis of longer intervals.

These regulations and the general license hereingranted may be modified or revoked at any time.

HENRY MORGENTHAU, Jr.,Secretary of the Treasury.

Approved:FRANKLIN D. ROOSEVELT,

The White House.


DECEMBER 1934 FEDERAL RESERVE BULLETIN 781Amendment to Silver Regulations of August 17, 1934

The Silver Regulations of August 17, 1934, asamended, are hereby amended in article IV byadding a new section after section 48 thereof,reading as follows:

SEC. 49. Silver not required to be delivered.Silverwhich at the close of business on November 7, 1934,falls within a category described in sections 41, 42, 44,45, or 46 shall be permanently exempt from the require-ment that such silver be delivered under the ExecutiveOrder of August 9, 1934 and these regulations. Silverwhich after November 7, 1934, but prior to the timethat it is first required to be delivered by any person, is

manufactured in good faith into articles described insection 46 shall be permanently exempt from the re-quirement that it be delivered under said ExecutiveOrder and these regulations.

The regulations, as so amended, may be modi-fied or revoked at any time.

HENRY MORGENTHAU, JR.,Secretary of the Treasury.

Approved:FRANKLIN D. ROOSEVELT,

November 2, 1984



NATIONAL SUMMARY OF BUSINESS CONDITIONS[Compiled Nov. 24 and released for publication Nov. 26]

Volume of industrial production and factoryemployment, which usually shows little changeat this season, increased in October, reflectingchiefly the resumption of activity at textilemills. Wholesale commodity prices, after de-clining in September and October, advanced inthe first half of November.

Production and employment.Activity atindustrial establishments, as measured by theBoard's seasonally adjusted index, showed anincrease from 71 percent of the 1923-25 aver-,age in September to 73 percent in October.Among the industries producing durable man-ufactures, output at steel mills increased from23 percent of capacity for the month of Sep-tember to 25 percent for October, while outputof automobiles and lumber declined. In No-vember activity at steel mills continued toincrease and in the week ending November 24was at about 28 percent of capacity. Auto-mobile production has declined further in con-nection with the preparation of new models.The production of nondurable manufacturesin the aggregate showed a considerable growthin October, reflecting sharp increases at cotton,woolen, and silk mills, offset in part by a declinein activity at meat-packing establishments.The increase in output at textile mills after thestrike in September brought output to a higherlevel than in August. Among the minerals,daily output of crude petroleum declined inOctober and that of anthracite increased by anamount smaller than is usual at this season.

Factory employment and pay rolls in thecountry as a whole increased considerablybetween the middle of September and themiddle of October. Sharp increases werereported at mills producing textile fabrics, whilein the automobile, shoe, and canning industriesthere were declines of a seasonal nature.

The value of construction contracts awardedwas somewhat larger in October than in anyother recent month. There was an increase inresidential work as well as in publicly financedprojects.

Agriculture.Department of Agricultureestimates, based on November 1 conditions,indicate a cotton crop of 9,634,000 bales, 26percent smaller than the 1933 crop, and a corncrop of 1,372,000,000 bushels, 41 percentsmaller than last season and 45 percent smallerthan the 1927-31 average. The tobacco cropis also considerably smaller than usual, while

the white-potato crop is slightly above the5-year average.

Distribution.The number of freight carsloaded per working day decreased from Septem-ber to October. Department store salesshowed a seasonal increase and were at aboutthe same level, on a seasonally adjusted basis,as in most other months since March. Ruralsales of general merchandise, as reported by theDepartment of Commerce, increased by lessthan the usual seasonal amount following anunusually large increase in September.

Commodity prices.Wholesale commodityprices, as measured by the Bureau of LaborStatistics' weekly index, declined from 77.8percent of the 1926 average in the week endingSeptember 8 to 76 percent in the week endingNovember 3 and then rose in the following 2weeks to 76.7 percent. The decline was largelyin prices of farm products and foods, but therewere also some decreases in the prices of textilesand building materials. Increases in the firsthalf of November were largely in the prices offarm products. The price of scrap steel alsoadvanced, while lead and zinc declined.

Bank credit.Excess reserves of memberbanks were about $1,910,000,000 on November21, showing an increase of $150,000,000 in thepreceding 5 weeks. The increase in reservesheld was $200,000,000, of which $50,000,000covered a growth in required reserves. Addi-tions to reserves resulted mainly from goldimports and further issues of silver certificates.

Loans and investments of reporting memberbanks in leading cities declined somewhat inthe 4 weeks ending November 14, following anincrease in the previous month. Substantiadeclines were shown in loans on securities andin holdings of securities other than those of theUnited States Government. Other loans, whichhad increased considerably in previous months,also showed some decline, while holdings ofdirect obligations of the United States Govern-ment and of securities fully guaranteed by theGovernment increased considerably. Custom-ers' deposits continued to increase, whileGovernment deposits declined.

There was a further decline in open-marketrates on bankers' acceptances at the end ofOctober to an offering rate of one-eighth per-cent. Yields on short-term Government secur-ities and other short-term open-market moneyrates showed little change.



MILLIONS OF DOLLARS000

RESERVE BANK CREDIT AND RELATED ITEMS MILL10Ns OF DOLLARS

Weekly basis: Wednesday series

7000

6000

5000

4000

3000

2000

1000

MEMBER BANKRESERVE BALANCES

TREASURY CA5H3c DEPOSITS WITH F. R. BANKS

1000

1929 1^30 1931 1932 1933 1934Based on Wednesday figures; latest figures are for November 28. See table on page 784.



FEDERAL RESERVE BANK CREDITRESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES)


Date (Wednesday)

Reserve bank credit outstanding

Bills dis-counted

Billsbought

U. S.Govern-ment se-curities

Other re-servebankcredit

Total

Mone-tary gold

stock

Treasuryand

national-bankcur-

rency

I Money in]circula-

tion

Memberbank re-

servebalances

Treasurycash anddeposits

withFederalReservebanks

Non-mem-ber de-posits

OtherFederalReserve

ac-counts

1933Oct. 4 . . .Oct. 11. _Oct. 18__Oct. 25. _Nov. 1Nov. 8.Nov. 15-Nov. 22..Nov. 29Dec. 6-__.Dec. 13._.Dec. 20...Dec. 27 . .

1934Jan. 3Jan. 10.Jan .17 . . .Jan .24 . . .Jan. 31._.Feb. 7 . . . .Feb. 14...Feb. 21Feb. 28...Mar. 7.Mar. 14...Mar. 21...Mar. 28Apr. 4 . . . .Apr. 11 Apr. 18Apr. 25. . .May 2May 9 . . . .May 16. .May 23May 30June 6June 13_ _.June 20. ..June 2 7 July3July 11.. .July 18_.-July25-_-Aug. 1-Aug. 8-Aug. 15...Aug. 22Aug. 29...Sept. 5Sept. 12..Sept. 19Sept. 26. .

Oct. 3Oct. 10. ..Oct. 17. ..Oct. 24._.Oct. 31-_.

Nov. 7-Nov. 14..Nov. 21Nov. 28. _

123119113115

117112111112119

116118115111

10610410197837368666459555153484340403837343434

2928282729232321

2121202021242322201512121111

1191112

7 I7

7

202461 i

116113111121113112104111

978675 !62|46!37332926171310

2,3092,3442,3752,400

2,4202,4302,4322,4312,432

2,4312,4322,4322,432

2,4322,4322,4322,4322,434

2,4322,4322,4322,432

2,4322,4322,4322,4322,4322,4322,4302,4302,4322,4322,4302,4302,4302,4302,4302,4302,4302,4322,4322,4322,4322,4322,4322,4312,4322,4322,4322,4312,4312,4302,4312,4302,4302,4302,430

2,4302,4302,4302,430

1071857

- 76

- 17

71125202971

- 22

4718

3- 11

1085322

- 729

12

2,4492,4772,5132,5262,5502,5422,5642,5622,5812,6152,6772,6862,674

2,6552,6462,6312,6302,6062,5932,5922,5672,5392,5322,5082,5192,5092,4922.4932,4862,4842,4842,4732,4692,4702,4752,4722,4682,4652,4882,4682,4602,4562,4632,4582,4682,4572,4632,4672,4692,4662,4632,4552,4482,4572,4522,4552,4402,4742,4702,460

4,0374,0374,0364,0364,0364,0364,0364,0364,0364,0364,0364,0364,0364,0364,0364,0354,0354,033

17,0367,0897,2037,4387,5567,6057,6407,6817,7037,7327,7467,7557,7567,7567,7537,7667,7767,7907,8207,8357,8467,8667,8817,8977,9117,9327,9577,9797,9837,9817,9637,9687,9727,9767,9807,9857,9907,9938,0028,0088,0308,0768,112

2,2792,2782,2772,2772,2762,2752,2752,2762,2772,2772,2952,2992,3042,3032,3022,3022,3012,3022,3012,3012,3012,3022,3122,3322,3432,3562,3692,3812,3812,3802,3812,3802,3802,3752,3712,3652,3612,3592,3642,3652,3652,3632,3642,3612,3572,3752,3902.4032,4122,4142,4122,4092,4072,4032,4102,4292,4342,4422,4502,4592,469

5,3655,3865,3635,3215,3535,386

5,3665,4555,4715,4765,5615,5375,5045,3975,3565,2945,2895,3175,3215,3445,3555,3745,3455,3345,3365,3715,3475,3475,3245,3595,3525,3445,3165,3385,3425,3135,3105,3015,3975,3445,3285,2915, 3155,3345,3435,3475,3455,4195,4095,4125,4035,4685,4795,4695,436

r 5,4535,5035,4805,4555,516

2,5232,5672.6552,6932,5912,5782,6452,6872,5732,5612,6382,6362,6752,7102,7772,7882,8512,6522,7362,8512,8303,0933,3133,4543,4493,4393,4503,5603,6653,7443,5703,6783,6943,7673,7633,7873,8953,7693,8373,7463.9023,9874,0203,9154,0594,0644,0724,1273,9073,948

3,9703,8953,9793,9963,9854,0064,0324,1074,1964,108

372338284302

388373345316369

386379329315311353407398597

1 3, 4493.3913,4993,4403,2943,2263,2523,3183,3233,2393,2043,1483,1773,0983,0823,0523,0513,0342,9563,1213,0773,1133,0142,9542,9723,0742,9412,9762,9722,9443,0873,0583,1243,0613,0682,9672,9683,049

r 3, 0312,9442,9642,9563,017

159155166167178161163149142

156160132124

145172143137141

142130132127

133143154161

140148167167280257252242233230251224225232223222220219209211211204203213195186182183183165164

172163159160

346345358357353355355355354354355362362

357295288287287299290291292294301302303297312237237235235233233232237238239236230231229228232229228228226225224230229

229229239239237

240240239239

' Revised.* Increase from previous date represents principally increment resulting from reduction in weight of gold dollar on Jan. 31,1934. Less than $500,000.



RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)[In millions of dollars]

Month or week

1933SeptemberOctoberNovemberDecember

1934JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember

Week ending SaturdayAug. 4Aug. 11Aug. 18Aug. 25Sept. 1Sept. 8Sept. 15Sept. 22Sept. 29Oct. 6Oct. 13Oct. 20Oct. 27Nov. 3Nov. 10Nov. 17Nov. 24


B U l s

counted

138119114117

10170554336282321221211

77

1510111387401665555

TJ. S.Govern-

mentsecurities

2, 2022,3552,4372,432

2,4322,4322,4372,4392,4312,4242,4322,4322,4312,4302,430

2,4322,4322,4322,432

2,4322,4322,4312,4312,4312,4312,4292,4302,430

2,4302,4302,4302,429

Otherreservebankcredit

19

20

Total

2,3582,4922,5742,669

2,6562,5972,5352,5072. 4792,4642,4692,4642,4692,4572,466

2,4632,4642,4672,4612,4642,4702,4732,4692,463

2,4582,4532,4612,4562,4572,4592,4782,469

Mone-tary gold

stock

4,0404,0364,0364,036

4,035l 7,138

7,6027,7367,7597,8217,8937,9717,9717,9898,047

Treasuryand na-tional- bank

currency

2,2802.2772,2752,2932,3022,3032,3332,3772,3782,3632,3642,3782,4112,4152,455

Moneyin cir-

culation

5,3445,3945,5235,3825,3395,3685,3665,3555, 3415,3505,3555,4275,4735,494

Memberbank

reservebalances

2,4892,5902,6292,6162,7642,8223,3613,5943,6953,7903,9284,0453,9473,9644,100

7,935 i7,961 !7,979 !7, 982 |7.979 |7,967 |7,9687,972 '7,976 j7.980 I7,985 !7,989 i7,994 :8,002 !8,009 ,8,029 ,8,069

I 2,3612,3602, 3752,390

2,4032,4132.4142,4122,408

2,4062,4032,4122,4262,4342,4442. 4532,464

5,330 i5,349 I5,357 I5,361 |5,368 '5,4235,4275,4305,429

i5,476 |5,489 I5,484 j5,455 !5,470 5,506 !5,493 '5,474 i

3,9794,0204,0724,073

4,0813,9513,9643.9203,9433,9093,9763,9633,9854,0044,0444,1084,159

Treasurycash anddeposits

withFederalReservebanks

328333349357

397i 3, 448

3,2983,2223,0833,0542,9992,9763,0543,0112,970

3,0102,9792,9562,962

2,9653,0473,0343,0803,061

3,0472,9613.0003,0303,0152,9522,9552,971

Non-mem-

ber de-posits

169163158143

146136144170249226219208197177165

210208207210

205204205193186

183187178167

167172165160

OtherFederalReserve

ac-counts

347351355358

305293299268234237230228227234238

230229229227

227225225229228

229229238239

237238239239

RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES)[In millions of dollars]

End of month


Billsdis-

countedBills

boughtU.S .

Govern-ment

securities

Otherreservebankcredit

Total

Mone-tary gold

stock

Treasuryand na-tional-bank

currency

Moneyin cir-

culation

i TreasuryMember ^ 0 J j

bank d e ^ t s

reserve F J ^ a l

balances 1 banks

Non-mem-ber de-posits

OtherFederalReserve

ac-counts

1933SeptemberOctoberNovember.December.

1934January. __February-MarchAprilMayJuneJulyAugustSeptember.October. _.November.

128116119988364543931252223151111

7724133111622995555

2,2772,4212,4322,4372,4342,4322,4472,4312,4302,4322,4322,4322,4312,4302,430

57

2028

156

- 41034

11

2,4212,5482,5812,6882,6302,5672,5452,4852,4632,4722,4622,4642,4642,4552,453

4,0374,0364,0364,0354,033

1 7, 4387,6947, 7577,7797,856

7,9317,9787,9788,002

8,132

2,2782,2772,2772,3032,3022,3022,3612,378 i2,3682,3672,3612,4082,4052,434

P 2,469

5,3635, 3475,4555,5185,2895,3555,3945,3685,3575,3735,3175,3965,456

r 5,453P 5, 549

2,5382,6852,5732,7292,6523,0933,4573,5993,7463,8404,0294,0523,9344,0064,081

331299369287597

1 3,4403,2933,1483, 0533,0162,9712,9683,051

r 3, 031P 3,021

155173142132141127157268222233207208178164161

348356354360287292299236232233229226228237239

p Preliminary.r Revised.i Increase from previous date represents principally increment resulting from reduction in the weight of gold dollar on Jan. 31, 1934.



ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVENOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT

[In thousands of dollars]

4 Oct. 31, 1934 ' Nov. 30, 1933

Gold certificates on hand and due from U. S. Treasury..Gold-Redemption fund-Other cash

-Federal Reserve notes..

Total reserves _._Redemption fundFederal Reserve bank notes _Bills discounted:

For member banksFor nonmember banks, etc

Total bills discounted.Bills bought:

Payable in dollars:Bought outright

Payable in foreign currencies-Total bills bought

Industrial advancesUnited States Government securities:Bought outrightUnder resale agreement

Total United States Government securitiesOther Reserve bank credit:

Municipal warrantsDue from foreign banksReserve bank float (uncollected items in excess of deferred availability items)..

Total Reserve bank credit outstandingFederal Reserve notes of other Reserve banks _'Uncollected items not included in floatBank premises _.Allother assets..

Total assets ,

Federal Reserve notes:Held by other Federal Reserve banks.Outside Federal Reserve banks

Total notes in circulationFederal Reserve bank note circulationnetDeposits:

Member bankreserve accountUnited States Treasurergeneral account.Foreign bankOther deposits

Total deposits..Deferred availability items..Capital paid inSurplus (sec. 7)Surplus (sec. 13b)Reserve for contingenciesAll other liabilities

Total liabilities _Contingent liability on bills purchased for foreign correspondents..Commitments to make industrial advances

FEDERAL RESERVE NOTE STATEMENT

Notes issued to Federal Reserve banks by Federal Reserve agentsCollateral held by agents as security for notes issued to bank:

Gold certificates on hand and due from U. S. TreasuryGoldEligible paper _United States Government securities

Total collateral ___

FEDERAL RESERVE BANK NOTE STATEMENT

Notes issued to Federal Reserve banks (outstanding)..Collateral pledged against outstanding notes:

Discounted and purchased billsUnited States Government securities..

Total collateral

5,087,164

20,137210,153

5, 317, 4542,166

11, 227

11,296

1835,4995,682

10, 062

2,430,122

2,430,122

803i 5, 220

2,452, 74521,124

434, 56253,16450, 590

8, 331, 805

21,1243,192,1813, 213, 305

27, 523

4,081, 35070, 62115, 577

145,9184, 313, 466

434, 562146, 885138, 383

2,68222, 29132, 708

8, 331,805491

6,510

3, 466, 978

3, 246, 416

256, 7003, 512, 782

38, 829

32, 57432, 574

4, 966,481

22,032223,407

5, 211, 9201,829

10,919

10, 985

5875,4956,0826,149

2,430,171

2, 430,171

8111,054

2,455, 25219, 744

438,93952, 97448, 094

8, 228, 752

19, 7443,141,0333,160, 777

28, 664

4, 005, 99992, 2938,952

154, 5584, 261, 802

438,939146, 777138, 383

84522, 29130, 274

8, 228, 752465

3,218

3, 443, 685

3, 224, 416

9,238277, 800

3, 511, 454

39, 792

45, 27445, 274

942, 7942, 589, 556

40,888204, 583-

3, 777,82111, 990

118, 590-451

119, 041

18, 025-5,841

23,86$

2,430,1371.50O

2,431,637

1, 5803,5231,602

2, 581, 249-15,434

373, 73054, 73250, 442

6,865, 39S

15. 4343, 014, 8953, 030, 329

205, 394

2, 572, 94281,519

5,324136, 689

2, 796, 474373, 730145,194278, 599

12, 09023, 588

6,865, 3982,893

3, 264, 891

843,3211, 774,935

96, 276597, 600

3, 312,130

225, 544

1,948247, 274249, 222

i Deferred availability items in excess of uncollected items.


DECEMBER 1934 FEDERAL RESERVE BULLETIN 787KINDS OF MONEY IN CIRCULATION

[Moaey outside Treasury and Federal Reserve banks. In millions of dollars]

End of month

1933MayJuneJulyAugustSeptemberOctoberNovemberDecember

1934JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember ".__

Total

5,5255,4345,3435,3255,3635,3475,4555,518

5,2895,3545,3945,3685,3575,3735,3175,3965,4565,4535,549

Goldcoin

Goldcertifi-cates

280265252242232225219213

178167161157153150146143139136133

ardsilverdollars

Silvercertifi-cates

Treas-ury

notesof 1890

Subsid-iary

silver

28 !28 i28 |28 !28 |29 j29 j29 '

2929303030303031313132

361 !365 i372 i385 !387 !394 I407

391399403400402401399438483510558

256257258261265267269272

267270272274277280280282284288291

Minorcoin

112113113114115116117117

116117118118120119121122122123124

! iUnited | FederalStates [Reservenotes I notes

i

FederalReserve

banknotes

275277280277285

283

282 I279 I280 j277274 !274 !273 !273 |

3,1673,0612,9742,9532,9662,9302,9983,044

2,8942,9493,0053,0253,0383,0683,0443,1033,1313,1243,176

125129133156189206

202194178162151142133125119112107

Na-tionalbanknotes

922920914911909903913918

927938936"918906902885878870856

p Preliminary figures.NOTE.For figures of paper currency of each denomination in circulation see p. 832.Back figuresSee Annual Report for 1933 (table 56).

ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK


Year and month

1932Total (12 mo.)-

Goldstockat end

ofmonth

Increasein goldstock

Net goldimport

Net re-lease

from ear-mark^

Otherfactors 2

$l=25\o grains of gold Mo fine: i. e., anounce of fine gold=$20.67

52.9 - 4 4 6 . 2 457.5 41. i

1933May 4,028June 4,030July. i 4,033

4,0414,0374,036

AugustSeptember.OctoberNovember j 4,036December 4,035

Total (12 mo.).1934January..

FebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember p.

3. 62.22.77.5

-3.8-0.7

-21.1-3 .2

-83.9-80.4-56.7-32.4-0 .8- 9 . 1

-190.4 -173.54,033

$1 =7,4387,6957,7577,7797,8567,9317,9787,9788,0028,132

22.13.5

84.579.549.326.90.6

11.8

-58.0

2.61.92.18.43.64.80.1

- 3 . 1

41.1I - 2 . 1 !l - 2 . 8155/2i grains of gold Mo

ounce of fine gold12.2 I

fine; i.

3, 405. 0256. 861.522.477.174.447.4'0.423.5

130.0

452.6237.354.733.663. 752.337.2

-18.710.8

120.9

68.7-0 .8- 1 . 1

0.51.00.6

- 1 . 12.40.3

0.1

,, an

2,883. 820.37.9

-11.612.521.411.216.612.49.2

"Preliminary. "Corrected.1 Gold released from earmark at Federal Reserve banks less gold placed

under earmark (with allowance when necessary for changes in gold ear-marked abroad for account of Federal Reserve banks).2

Figures are derived from preceding columns and indicate net resultof such factors as domestic production, movements into and out of non-monetary use, imports and exports that do not aflect gold stock duringthe month or year, and increment resulting from reduction in weight ofgold dollar.

Back figures.See Annual Report for 1933 (table 51).

MOVEMENTS OF GOLD TO AND FROMUNITED STATES1

[In thousands of dollars]

From or to

BelgiumEnglandFrance -GermanyNetherlands . .SwitzerlandCanadaCentral AmericaMexicoArgentinaColombia . .EcuadorPeruUruguayVenezuelaAustraliaBritish IndiaChina and Hong

KongDutch East IndiesJapanPhilippine Islands __All other countries 2_

Total

November

Imports

12,8143,687

70, 351

9,906

9,628231916

1211121

72

11, 300

700

940320

121,199

Exports

25419

37

310

October

Imports

424

3,787290

3,299

3,112216226

50291

50

696964

13,010

Exports

1,122

. . . . . . . .

34

1,005

2,173

January-Octo-ber

Imports

154486, 734197, 750

75, 22912, 65669,072

2,54423,356

1214,840

1,1381,136

7191,029

52,946

15, 22374

9,7298,940

973, 223

Exports"

4,0598,438

29,991147

7,414

145

212

8

: : : : : : : :

1

1,894

52,309

1 With some exceptions figures represent customs valuations at rate of$20.67 a fine ounce for January 1934 and $35 a fine ounce thereafter.2

Includes all movements of unreported origin or destination.Back figures.See Annual Report for 1933 (tables 53 and 54).



MEMBER BANK RESERVE BALANCES[In millions of dollars. Averages of daily figures. Figures are for licensed banks only]

Month or week

Eeserves held

Totalallmember

banksNew York

CityiOther

Reservecities

'Country'banks

Excess reserves

Totalallmemberbanks 2

New YorkCity*

OtherReserve

cities'Country'*

banks 2

1933OctoberNovemberDecember

1934JanuaryFebruary _MarchAprilMayJune.__ -_JulyAugustSeptemberOctober

Week'ending (Friday):Aug. 3Aug. 10Aug. 17Aug. 24. . .Aug. 31

Sept. 7Sept. 14Sept. 21Sept. 28

Oct. 5Oct. 12Oct. 19Oct. 26

2,5572,5992,5882,7402,7993,3453,5823,6953,7903,9284,0453,9473,964

828

897872

1,2271,2901,3231,3911,3931,5091,4401,461

,135,181,193,222,271

1,4221,5361,5981,6321,7251,7191,6921,667

529553567

622656696756773767810817814837

758.4794.1765.7865.7890.8

1,375.11, 541.01, 623. 51, 684. 61,789.41,883. 61, 754.11,730.6

149.0129.896.0

146.8118.3432.2454.6484.7532.2525.7638.2562.0568.1

437.9474.7472.6

476.6509.1645.5736.4778.4799.6874.0852.2808.7766.4

3,9974,0794,0664,0933.9603,9603,9303,940

3,9093,9673,9663,983

1,4761,4791,5211,5201,5481,4451,3991,4371,4671,4741,4841,4491,439

1,7131,6851,7321,7291,7401,7021,7221,6481,6711,6211,6511,6631,699

810833826816805

814839845802

814831855845

1,849.01,859.01, 931. 01,901. 01,915.0

1, 776. 01, 779.01, 734. 01,737.0

1,702.01, 760.01, 733.01,734.0

603.5615.5650.6649.5

561.1522.5562.3590.0

591.4601.6554.4539.1

852.8826.1864.9861.6868.7

827.2837.8790.9782.1

731.3758.1758.4792.1

171.5189.6197.1242.4263.4297.4350.1360.4352.8389.7393.3383.4396.1

393.0417.0416.0390.0378.0

388.0419.0381.0365.0379.0400.0420.0404.0

1 Central Reserve city banks only. 2 Weekly figures of excess reserves of all member banks and of country banks are estimates.

Black figures.See Annual Report for 1933 (table 73).MEMBER BANK DEPOSITS

fin millions of dollars. Averages of daily figures. Figures are for licensed banks only]

Month or^week T o t a l -all mem-

berbanks

1933OctoberNovember..December..

1934JanuaryFebruary. . .MarchAprilMay -.JuneJ u l y -AugustSeptember-October

Week ending (Friday):Aug. 3 _Aug. 10Aug. 17Aug. 24Aug. 31Sept. 7...Sept. 14..Sept. 21..Sept. 28..Oct. 5__.Oct. 12. .Oct. 19-.Oct. 26. .

Net demand and time deposits

23,36923,48623, 64624,24824,67425, 28826,00926,363

27, 07327, 31027, 61528,034

NewYorkCity 2

6,3416, 2896,2156,3486,3706,6716,9927,0017,1687,2367,2527,3007,409

7,2717,1997,2537,2477,311

7,3397,2897,2707,2917,3397,3387,4237,460

OtherReserve

cities

9,4539,5319,6599,93710,12410, 30310, 56810, 78710, 929] 1,12711, 28011,43611, 587

11, 20111,19211, 28011, 29611, 332

11, 36211,44911,46611,47511,47611, 51011,61911,663

"Coun-t ry"

banksiT o t a l -

all mem-banks 1

7,5757,6667,7727,9638,1808,3148,4498,5758,6018,7108,7778,8789,038

Net demand deposits

14, 24314, 34714, 56715,02115,34115, 85116,45716, 720

NewYorkCity 2

17, 27617,49017, 806

5,5355, 4755,4525,5995,6245,9436,2566,4336,5006,5346,5916,704

6,5436,4736,5316, 5346,602

6,6326,5776,5626,5826,6276,6276, 7186,759

OtherReserve

cities

5,4595,5435,6915,8946,0486,1726,3846, 5416,6456,8076,9407,1037,269

6,8786,8786,950

6,9787,0167,108

r 7,1327,1537,1617,2027,3117,332

"Coun-t ry"

banks lT o t a l -

all mem-ber

banks l

3,2493,3303,4243,5283,7363,8173,8963,9093,9694,0164,1114,235

Time deposits

9,1269,1399,0789,2279,3339,4379,5529,6439,7119,7969,8199,809

NewYorkCity 2

805814763749746728736719735736719709705

728726722713709

707711708709712711706701

OtherReserve

cities

3,9943,9883,9684,0434,0754,1314,1844,2464,2844,3194,3404,3334,319

4,3234,3144,3304,3484,3544,3464,341

r 4, 3344,3224,3154,3074,3084,330

"Coun-t ry"

banks 2

4,3264,3364,3484,4354,5124,5784,6324,6794,6914,7414,7614,7674,802

i Weekly figures are not reported.Black figures.See Annual Report for 1933 (table 73).

2 Central Reserve city banks only. r Revised,


DECEMBER 1934 FEDERAL RESERVE BULLETIN 789ALL MEMBER BANKSCLASSIFICATION OF LOANS AND INVESTMENTS


Call date

TOTALALL MEMBERBANKS

1930Dec. 31. . .1931Mar. 25

June 30_ _.Sept. 29__Dec. 31. . .

1932June 30__.Sept. 30-Dec. 31. . .

1933June 302..Oct. 25. . .Dec. 30...

1934Mar. 5.June 30. _Oct. 17...

NEW YORK CITY 3

1930Dec. 31-. .1931-Mar. 25...

June 30__.Sept. 29..Dec. 31.. .

1932June 30...Sept. 30-Dec. 31.. .

1933June 302..Oct. 25.. .Dec. 30..

1934Mar. 5_...June30__Oct. 17...

OTHER RESERVE CITIES

1930Dec. 3 1 . . .1931Mar. 25...

June30_.Sept. 29...Dec. 3 1 . . .

1932June 30.. .Sept. 30...Dec. 3 1 . . .

1933June 30 2..Oct. 25. . -Dec. 30. . .

1934-Mar. 5..._June 30_._Oct. 17-. .

"COUNTRY" BANKS

1930Dec. 31.1931Mar. 25..

June 30__.Sept. 29...Dec. 34...

1932June 30Sept. 30...Dec. 31 . . .

1933June 30 2..Oct. 25 . . .Dec. 30...

1934Mar. 5..__June 30. _.Oct. 17. . .

Totalloansand

invest-ments

34,86034,72933,92333,07330,57528,00128,04527,46924,78624,95325, 22026, 54827,17527, 559

8,5828,4738,2878,2537,4606,7157,1127,3277,1336,9716,9957,3517,6667,543

13,75813,96513,56713,01612,11511,04510,97910, 5359,7809,95110,15710,81611,05411,367

12,51912,29012,06811,80510,99910,2409,9549,6077,8738,0318,0688,3818,4568,649

Loansto

banks

631446457599790573457444330297287225153149

2831541502503742602032161621431461126866

235247284347254205178129120103795355

Loans to other customers

Total

21,00719,94019,25718, 71317, 57015, 26714,49713,90511,33711,52311,31511,09310,80410, 782

4,3384,0073,8393,8503,6942,8562,6382,6212,2972,4362,3952,3212,2022,294

8,9068,1007,8457,4076,5196,1965,8794,8464,9124,7974,6694,5864,562

7,7627,5247,3187,0186,4695,8925,6635,4054,1944,1754,1234,1034,0163,926

Se-cured

bystocks

andbonds

curedby realestate

7,9427,4237,1176,8426,2905,2925,0864,8483,9163,8093,7723,6443,5163,325

2,1371,9601,8971,8161,7281,3431,3001,2471,0821,0321,034985937876

3,6563,3663,1883,0922,8062,4032,3042,1691,7021,6601,6301,5661,5261,421

2,1492,0972,0311,9351,7561,5461,4811,4321,1321,1181,1081,0931,0531,027

3,2343,2203,2183,1493,038

2,8852,8622,3722,3642,359

2,3572,297

147150160152153160154160157149148156156150

1,6311,6191,6211,5851,5381,4071,4061,3981,1601,1441,1511,1581,1451,120

1,4551,4491,4371,4111,3461,3281,3241,3041,0551,0701,0611,0681,0561,026

Other-wise

securedand

unse-cured

9,831

8,7228,2427,0816,5276,1955,0495,3505,1845,0674,9315,161

2,0541,8961,7821,8811,8131,3531,1841,2141,0571,2541,2131,1801,1091,267

3,6203,4233,2913,1683,0632,7092,4862,3121,9842,1082,0161,9451,9152,021

4,1583,9783,8493,6733,3673,0182,8572,6692,0071,9871,9551,9421,9061,873

Open-market loans

Total

2,2332,4542,1031,563

901747970855

1,1911,2381,2311,3871,5661,361

1,5251,6511,4971,121

695565763701964891912986

1,131883

531645470326135118151115184274258306311328

1771581351167164553943736295124150

Purchased paper

Accept-ances

payablein

UnitedStates

315361389268146313407375291303223350264276

188199296201107262341330224233170276225232

1221589167353858446368506434

Ac-cept-ancespay-able

abroad

551011137041343430252437262030

Com-mer-cialpaper

3663613842961401221159387164132157200253

2122121891676262654651917889115151

1201141018148363628274634547295

Loansto

bro-kersin

NewYorki

1,4981,6301,217

928575278414357788748840855

1,082802

1,2811,3671,063839542258391337720624706687883631

16722712456167141258100112138154123

Investments

Total

10,98911,88912,10612,19911,31411,41412,12112, 26511,92811,89412,38613, 84214, 65215,267

2,4352,6622,8013,0322,6973,0333,5083,7893,7093,5013,5423,9324,2654,300

4,0354,6764,7504,5614,2264,1544,4274,3624,6214,6455,0005,7636,1046,423

4,5194,5504,5554,6064,3924,2264,1874,114

U. S.Gov-ern-mentsecu-rities

4,1255,0025,3435,5645,3195,628

6,5406,8876,8017,2548,6679,1379,186

Othersecu-rities

3,7483,8454,1484,2834,545

6,864

6,7636,6355,9965,7865,7555,7265,0415,0935,1325,1755,5156,081

1,2391,4661,6561,8301,7682,0082,4292,6032,5512,3202,3622,7683,0532,954

1,7272,3132,4082,3012,1332,1871,9612,4622,8672,8893,2093,9544,1024,240

1,1591,2241,2791,4331,4181,4321,4711,4741,4691,5921,6831,9461,9821,992

1,1971,1961,1451,202

9281,0251,0791,1861,1581,1811,1791,1641,2121,345

2,3082,3642,3422,2602,0931,9662,4661,9001,7541,7571,7901,8092,0022,183

3,3593,3263,2763,1722,9742,7942,7152,6402,1292,1562,1622,2022,3012,552

Totalloans

se-cured

bystocksand 1

bonds

9,7549,2728,5638,0817,3205,9165,7705,4474,8844,7134,7694,6064,6514,178

3,5503,3973,0262,7802,4741,7571,8111,6991,8881,7281,8241,7241,8401,531

3,9913,7293,4593,3173,0502,5852,4562,2981,8461,8361,8091,7531,7081,569

2,2132,1472,0781,9851,7961,5741,5031,4501,1501,1481,1361,1291,1021,078

1 Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.2 Beginning June 30,1933, figures relate to licensed banks only.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 Annual Report for 1928 (table 52); for separate figures ofUnited States Government securities and other securities back to 1914, see Annual Report for 1933 (table 78).



ALL BANKS IN THE UNITED STATES{Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private and industrial banks

included in abstracts issued by State banking departments]LOANS AND INVESTMENTS


Date

1929Oct. 4Dec. 31

1930Mar. 27.June 30Sept. 24Dec. 31

1931Mar. 25June 30Sept. 29Dec. 31

1932June 30Sept. 30. . .Dec. 31

1933June 30 2Oct. 25 3Dec. 30

1934Mar. 5 3June 30 3Oct. 17 3 .

All banks

Total

58,83558,417

57,38658,10857, 59056, 209

55,92455,02153,36549, 704

46,07145, 85244, 946

40, 089

40, 319

Loans

42,20141,898

40, 68640, 61839, 71538,135

36,81335, 38433, 75031, 305

27,83426,98526,063

22, 215

21, 977

Invest-ments

16,63416,519

16, 70017, 49017,87518, 074

19,11119,63719, 61518,399

18, 23718,86718,883

17,874

18,342

Member banks

Total

35,91435,934

35,05635, 65635,47234,860

34, 72933, 92333,07330, 575

28, 00128,04527,469

24, 78624,95325, 220

26, 54827,17527, 559

Loans

26,16526,150

25,11925,21424,73823,870

22,84021,81620,87419, 261

16, 58715, 92415,204

12,85813,05912,833

12, 70612, 52312,293

Invest-ments

9,7499,784

9,93710,44210, 73410, 989

11,88912,10612,19911,314

11,41412,12112, 265

11,92811,89412, 386

13,84214, 65215, 267

Nonmember banks

Mutual savings banks

Total

i 9,5569,463

i 9,4639,747

i 9, 7479,987

i 9,98710, 506

i 10, 50610, 488

10, 316i 10, 316

10,182

10, 044

9,989

Loans

i 5,8925,945

i 5, 9456,009

16,0096,068

i 6,0686,169

i 6,1696,218

6,130i 6,130

6,079

5,941

5,909

Invest-ments

i 3, 6643,518

i 3, 5183,739

i 3, 7393,920

i 3,9204,337

i 4,3374,270

4,186i 4,186

4,103

4,103

4,080

Other nonmember banks

Total

13,36613,020

12,86812, 70612, 37111, 362

11, 20810, 5939,7868,641

7,7557,4917,295

5,258

5,111

Loans

10,1449,803

9,6239,3958,9688,196

7,9067,3996,7075,827

5,1174,9314,780

3,415

3,235

Invest-ments

3,2213,217

3,2453, 3093,4023,165

3,3023,1943,0792,814

2,6372,5602,515

1,843

1,876

1 Figures of preceding call carried forward.2 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember

banks.3 Non-member bank figures not available.Back figures.See Annual Report for 1933 (tables 67-69).

DEPOSITS, EXCLUSIVE OF INTERBANKDEPOSITS


Date

1929Oct. 4Dec. 3 1 . . .

1930Mar. 27June 30. _.Sept. 24. .Dec. 3 1

1931Mar. 25June 30-. .Sept. 29Dec. 3 1 . . .

1932June 30__-Sept. 30Dec. 3 1 . . .

1933June 30 2_.Oct. 25 s.-Dec. 3O._-

1934Mar. 5 3 . .June 30 3__Oct. 17 3 . .

All banks

55,18055, 28953,18554, 95452, 78453,03951, 42751, 78249,15245,82141, 96341,94241, 64338,011

38, 505

Member

33,00433,86532,08233, 69031, 83932, 56031,15331, 56629, 46927, 43224, 75524, 90324,80323, 33823, 45323, 77125, 29326,615 .27,484 .

Nonmember banks

Mutualsavingsbanks

i 8, 9838,916

18,9169,197

i 9,1979,507

i 9, 50710, 017

1 10, 01710,10510, 020

i 10, 02010, 0229,713

9,711

Othernonmem-ber banks

13,1931

frb_121934

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