Federal Reserve Bulletin, 1934-01

FEDERAL RESERVE BULLETIN JANUARY 1934 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Review of Business in 1933 National Summary of Business Conditions UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1934 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex-officio members: EUGENE R. BLACK, Governor. HENRY MORGENTHAU, Jr., CHARLES S. HAMLIN. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. GEORGE R. JAMES. J. F. T. O'CONNOR, J. J. THOMAS. Comptroller of the Currency. M. S. SZYMCZAK. H. WARNER MARTIN, Assistant to the Governor. E. A. GOLDENWEISER, Director, Division of Research and Statistics. CHESTER MORRILL, Secretary. J. C. NOELL, Assistant Secretary. CARL E. PARRY, Assistant Director, Division of Research L. P. BETHEA, Assistant Secretary. and Statistics. S. R. CARPENTER, Assistant Secretary. E. L. SMEAD, Chief, Division of Bank Operations. WALTER WYATT, General Counsel. J. R. VAN FOSSEN, Assistant Chief, Division of Bank GEORGE B. VEST, Assistant Counsel, Operations. LEO H. PAULGER, Chief, Division of Examinations. O. E. FOULK, Fiscal Agent. FRANK J. DRINNEN, Federal Reserve Examiner. JOSEPHINE E. LALLY, Deputy Fiscal Agent. FEDERAL ADVISORY COUNCIL District no.1 (BOSTON) THOMAS M. STEELE. District no.2 (NEW YORK) _ WALTER E. FREW. District no.3 (PHILADELPHIA) HOWARD A. LOEB. District no.4 (CLEVELAND) H. C. MCELDOWNEY District no.5 (RICHMOND) HOWARD BRUCE. District no.6 (ATLANTA) JOHN K. OTTLEY. District no.7 (CHICAGO) MELVIN A. TRAYLOR, Vice President. District no.8 (ST. LOUIS) WALTER W. SMITH, President. District no.9 (MINNEAPOLIS) THEODORE WOLD. District no. 10 (KANSAS CITY) W. T. KEMPER. District no.11 (DALLAS) JOSEPH H. FROST. District no.12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston... _ F. H. Curtiss -_. R. A. Young J W. W. Paddock _. W. Willett. New York. J. IT. Case G. L. Harrison .J W. R. Burgess C. H. Coe.i I J. E. Crane._ R. M. Gidney.i I W. S. Logan.. J. W. Jones, i ] L. R. Rounds. W. B. Matteson.i L. F. Sailer J. M. Rice.i Allan Sproul.1 L. W. Knoke.» | Philadelphia \ R. L. Austin G. W. Norris. W. H. Hutt C A. Mcllhenny. J. S. Sinclair W. G. McCreedy.1 i Cleveland L. B. Williams E. R. Fancher M.J. Fleming.. ( H. F. Strater. F. J. Zurlinden \ ! Richmond | W. W. Hoxton... G. J. Seay. C. A. Peple .... . j (5. U. Keesee. R. II. Broaddus. .. J. S. Walden, Jr.« j Atlanta Oscar Newton W. 8. Johns* H. F. C~o nnitf. M. W. Bell. W. S. McLarin, Jr.» j Chicago | K.M.Stevens.... J. B. MoDougal *. C. R. McKay.. W. H. Snyder» G. J. Schallera.. H. P. Preston. W. C Bachman.i J. H. Dillard .. R. H. Buss.» O. J. Netterstroin.1 A. T. Sihler.i E. A. Delaney.1 8t. Louis i J. S. Wood W. McC. Martin 0. M. Attebery S. F. Gilmore.' J. G. McConkey A. H. Haill.* F. N. nail." G. O. Hollocher.1 O. C. Phillips.* Minneapolis J. N. Peyton W. B. Geery Harry Yaeger. H. I. Ziemer. H. I. Ziemer. F. C. Dunlop.1 Kausas City .._ M. L. McCIure.. G. H. Hamilton C. A. Worthington.... J. W. Helm. J. W. Helm... Dallas C. C. Walsh B. A. McKinney R. R. Gilbert Fred Harris R. B. Coleman W. O. Ford.1 San Francisco Isaac B. Newton. J. U. Calkins W. A. Day W. M. Hale. Ira Clerk i Assistant deputy governor 1 Controller 3 Acting governor. 4 On leave. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch. R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch L. II. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch.. C. E. Daniel Baltimore branch Hugh Leach. Dallas: Charlotte branch _. W. T. Clements El Paso branch._. J. L. Hermann Atlanta: Houston branch W. D. Gentry. New Orleans branch Marcus Walker. San Antonio branch M. Crump Jacksonville branch Hugh Foster. San Francisco: Birmingham branch J. 11. Frve. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, Jr. Portland branch,. . R. B. West. Ohicaeo: Salt Lake City branch.. W. L. Partner Detroit branch W. R. Cation Seattle branch. C. R. Shaw. .St. Louis: Spokane branch D. L Davis Louisville branch.. ... J. T. Moore Memphis branch W. FI. Glasgow Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS ~"~ Page Review of the month—Review of business in 1933 1 Condition of all banks in the United States on June 30, 1933 18, 52-54 National summary of business conditions 12 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 13-16 Member and nonmember bank credit: All banks in the United States 18 All member banks 17, 47, 48 Weekly reporting member banks in 90 leading cities 19, 49 Brokers' loans 19 Acceptances and commercial paper 20 Discount rates and money rates 21, 50 Treasury finance 22 Security prices, bond yields, and security issues 23 Production, employment, car loadings, and commodity prices 24, 55-58 Merchandise exports and imports 25 Department stores—Indexes of sales and stocks 25 Freight-car loadings, by classes 25 Financial statistics for foreign countries: Gold reserves of central banks and governments 26 Gold production 27 Gold movements 27-29 Government note issues and reserves 30 Bank for International Settlements 30 Central banks 31-33 Commercial banks 34-35 Discount rates of central banks 36 Money rates 36 Foreign exchange rates: By months, December 1932-December 1933 37 Annual averages, 1925-33 38 Price movements: Security prices 39 Wholesale prices 39, 40 Retail food prices and cost of living 40 Law department: Rulings of the Federal Reserve Board: Partnership as holding company affiliate of member bank 41 Questions arising under section 21 of the Banking Act of 1933 relating to the receipt of deposits by nonbanking institutions 41 Applicability of section 8A of Clayton Act to directors of a corporation which extends or renews loans previously made 41 Applicability of section 32 of Banking Act of 1933 to corporation engaged solely in holding stocks 42 Applicability of section 32 of Banking Act of 1933 to corporation in process of liquidation 42 Applicability of section 32 of Banking Act of 1933 to a member bank having certain business relations with a dealer in securities 42 Certificates of deposit payable 6 or 12 months after date or on 30 days' notice 43 Analysis of customers' accounts by member banks for purpose of determining whether service charges should be assessed 43 Federal Reserve statistics by districts, etc.: Banking and financial statistics 45-54 Industrial and commercial statistics 55-59 December crop report, by Federal Reserve districts 60 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 20 JANUARY 1934 No. 1 REVIEW OF THE MONTH production, which had declined rapidly from Banking and business developments in re- July to the end of October, showed little more cent weeks have been largely influenced by than the usual seasonal decline during Novemseasonal conditions. At the Federal Reserve ber, and the aggregate volume of employ- Recent banking banks the usual increase in the ment increased, reflecting the increase in public and business demand for reserve funds to works and in activities of Government relief developments require- agencies. Employment at factories, which had meet the currency ments of holiday trade was met in large part advanced rapidly from March to September, through the purchase by the Reserve banks of declined from September to November by acceptances in the open market. Member somewhat more than the usual seasonal banks, therefore, were in a position to meet the amount. The growth in the volume of public holiday demands without increasing their in- works was reflected in increased activity in the debtedness to the Reserve banks or substantially construction industry. The general average of reducing their reserve balances, which continued wholesale commodity prices continued in the near a level $750,000,000 above legal require- last quarter of the year at a level about 20 perments. Money rates in the open market showed cent above the low point of last spring. a slight advance. In the loan account of the Income of wage earners increased considermember banks there was an increase of loans| ably in the second half of the year, reflecting on securities, reflecting a growth in brokers) | increased pay rolls of industrial establishments loans, while all other loans, which include and public works. There was also a large inholdings of acceptances, declined as the conse- crease in the income of farmers, arising from the quence of sales of bills to the Reserve banks. higher level of prices of many agricultural com- During the last quarter of the year the capital modities and from the distribution among prostructure of many of the country's banks having ducers by the Agricultural Adjustment Adminlicenses to operate on an unrestricted basis istration of benefit payments in connection with was strengthened by the issue of preferred i the production control program. Financial stock or capital notes to the Reconstruction | reports of a representative group of large corpo- Finance Corporation. By the end of December | rations showed an increase in net profits during the Corporation had authorized the purchase of I the second and third quarters of 1933, and in more than $800,000,000 in preferred stock and I the latter period profits were larger than at any capital notes in approximately 4,500 banks. time since the second quarter of 1931. On January 1, 1934, the temporary Federal De- The extent to which this increase in the inposit Insurance Fund provided for by the j come of different groups of the population was Banking Act of 1933, under which deposits upI reflected in the distribution of commodities to to $2,500 are insured, went into operation. j consumers cannot be determined accurately The membership of the fund on the opening day from available information. The volume of consisted of 13,423 banks, including in addition shipments of commodities by rail was relatively to the member banks of the Federal Reserve j stable in the autumn months at a level above System, which are required by law to belong to I that of a year ago. Sales at department stores, the fund, about 7,400 nonmember banks. I which reflect chiefly purchases by city residents, Business activity showed relative stability \ after considerable rise in volume earlier in the in the last 2 months of 1933. Industrial j year, showed a smaller increase in the autumn l Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY IIJ34 months than is usual at this season. In the producing durable manufactures, like steel and South there was a large increase in department automobiles, as well as in industries manufacstore sales while in the industrial Northeast turing less durable products, such as textiles sales showed little change. Sales of automo- and leather products. biles and commodities distributed by mail- In general, activity increased much more order houses and chain stores showed increases rapidly in industries manufacturing raw matefor the country as a whole, the largest increases Semifinished and rials into semifinished products in sales of automobiles and in mail orders being finished goods ban [ h engaged in later t n t ose reported from the Southern States. stages of manufacture. Statistics relating to The general course of industrial production the output of manufacturing industries do not during the years 1926-33, with adjustment for permit of analysis on this basis, but figures of Industrial pro- usual seasonal changes, is employment, which are more comprehensive, duction shown on the chart. During can be so classified for certain major groups of the first quarter of 1933 there was a decline in industries. The accompanying chart shows output to approximately the low level reached relative changes since 1928 in the number emin July 1932. Beginning in April there was a ployed in producing semifinished and finished rapid recovery from this low level, stimulated goods in four important groups. The figures by the reopening of banks, the general expecta- are shown as index numbers, expressed in terms tion of increasing prices and costs, and the of the 1929 average as 100, and are adjusted building up of the stocks of certain commodities for the usual seasonal variations. The charts VOLUME OF INDUSTRIAL PRODUCTION FACTORY EMPLOYMENT Index of F. R Board. Adjusted for Seasonal Variation Adjusted for Seasonal Variation, 1929 = 100 1923-25 = 100 PER CENT PER CENT \-y-,—v\ !20 [• 120 \'^Semi-Finished; 1928 1929 1930 1931 1932 1933 1928 1929 1930 1931 1932 1933 o l __ J. indicate that in each of these instances the 1926 {927 1928 1929 1930 1931 number of persons employed in industries prodepleted during 3 years of reduced output. ducing semifinished products increased during The increase in industrial output between the spring and summer of 1933 much more March and July was more rapid than at any rapidly than the number employed in manuother time in recent years and was widespread, facturing the corresponding finished products, including most of the manufacturing and min- and that in the steel and textile groups subseing industries. There was a considerable in- quent declines in employment were smaller in crease of output at this time in industries establishments producing finished goods. These Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN differences may have been due in part to the This difference between the course of activfact that manufacturers of semifinished prod- ity in industries producing semifinished goods ucts being more immediately affected by ad- and those manufacturing finished products has vances in prices of raw materials tended to been reflected in the differences in the moveincrease the volume of their operations more ments of available indexes of production and of promptly during a period of actual and antic- employment. Industries producing semifinipated advances in these prices. These dif- ished goods have a larger weight in the indexes ferences may have been also due in part to the of production than in indexes of employment. fact that demands for semifinished products are The Federal Reserve Board's index of producnot so much influenced by changes in style and tion, for example, includes data on output of in character of product, and, therefore, manu- steel ingots but not on output of many kinds of facturers and distributors of these products machinery; it includes data for textile mills, but were in a better position to build up their stocks not for the manufacture of clothing. These in anticipation of demand. Another reason for differences in composition of the index numbers these differences was that disbursement of account for a part of the more rapid advance wages to persons employed in the semifinished last spring in the index of production than in goods industries increased the demand for fin- that of employment, and also for a part of the ished goods by consumers. continued rise in the employment index last In the leather industry differences between autumn when the production index declined the course of employment in tanneries and in rapidly. shoe factories have been due in part to differ- Changes in the dollar volume of construction ences in industrial processes and probably during the years 1926-33 are shown on the chart variations in the reduction of working hours. of contracts awarded for resi- Construction In the iron and steel group the increase in dential and other types of conemployment at steel works and rolling mills struction. The figures plotted are 3-month from March to September amounted to 60 per- moving averages of the F. W. Dodge data for cent, while the increases reported in later stages 37 States, adjusted for the usual seasonal variaof manufacture were 45 percent in the machin- CONSTRUCTION CONTRACTS AWARDED ery group, 47 percent in the automobile industry, 9 percent at car-building shops, and 44 M 70 IL 0 L IO ! NS Or D ; OLLARS Z = DOLLARS percent in factories producing other finished steel products. Subsequently employment at 600 -. :- — steel works declined while employment in the production of finished steel products showed the usual seasonal changes. In the textile group, employment in the production of fabrics increased by about 60 percent between March and August to a level above that of 1929, while in the clothing industries the increase was about 20 percent to a level considerably below that of 1929. In recent months there has been a larger reduction in employment in the earlier stages of textile production than in the later stages, as indicated in the chart. Changes in employment during 1933 were considerably tions. The last figure in each instance is based larger at paper mills than at printing establish- on reports for October and November and an ments. estimate for December. The chart indicates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY 1034 that activity in the construction industry, the low point of 58 reached in July 1932; conwhich had been declining since 1928, showed a struction contracts were about 50 percent of further decrease in the early months of 1933, the 1923-25 average, compared with 14 percent the value of contracts reaching a level of about at the low point of last March; factory employ- $55,000,000 a month as compared with ment increased 28 percent and factory pay $550,000,000 in 1928. The figures somewhat rolls 49 percent from their low points; the overstate the decline because they do not movement of commodities by freight in Noinclude maintenance and other work carried on vember was 20 percent larger in volume than by the employees of governmental agencies and at the low point in March, and department public utilities, which have not shown so large store sales were 14 percent above their low a decrease, but even with allowance for this point. omission it is apparent that the volume of It appears, therefore, that in November all construction activity fell to an extremely low the lines of activity covered by the chart, while level last spring. still far below their average level for the years In the summer months the volume of public 1923, 1924, and 1925, were materially above works began to increase and continued to the low points of the depression, and that trade increase rapidly to the end of the year. During and industry enter upon the year 1934 at a the spring and summer there was also some considerably higher level of activity than that increase in the volume of building of 1-family which prevailed in the early months of 1933. houses for occupancy by the owners. House rents declined somewhat further during the year Central gold reserves of the leading European and vacancies in apartment houses and in office countries taken as a whole declined about buildings continued to be large. $76,000,000 (at par) in the A summary of the position of some of the latter Part of November and principal business indexes in November 1933, *" the early part of December, Record of busi- compared with their level at reflecting a loss of $88,000,000 by France and ness improve- the low point of the depression, a gain of $11,000,000 by Switzerland, while men after allowance for seasonal reserves in England, Germany, Italy, Belgium, changes, is presented on the chart. Advances and Netherlands showed little change. GOLD RESERVES OF SELECTED CENTRAL BANKS -* 1923-25 Average < [In millions of dollars at par] Change from— Central bank of— Date, Gold 1933 Month Year before before 4° England Dec. 20 928 +1 +345 —I <+o I F G t r a e a l r n y m c a e ny D D D e e e c c c . . . 2 1 1 0 5 5 P3 * , 3 0 7 2 9 0 3 3 - + 8 -2 8 1 - + 2 -9 4 7 7 5 7 Belgium Dec. 14 379 +1 +18 Netherlands . Dec. 18 370 -45 Switzerland.. Dec. 15 386 +11 » Preliminary. Bank of England notes in circulation increased during the 4 weeks ending December 20 Figures t f h o o r s e l o f w o e r s i t n d m us o t n ri th al o p f r o d d e u p c r t e i s o s n i , o n w h re ic la h t e a r t e o f o M r a J r u c l h y 1 1 9 9 3 3 2 3 . , except B ^ an , k o * f ^ E ng , l an J d in res . pronse to the additional requirements ol the public tor are shown for all the lines of activity reprecurrency for the Christmas trade. To obtain sented. Industrial production at 73 percent currency from the bank the market utilized of the 1923-25 average was 26 percent above funds made available by the bank through the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JAANURY 1934 FEDERAL RESERVE BULLETIN purchase of securities on the open market and in obtaining these reserves from the bank, drew in addition drew upon its reserve balances, as upon its deposits, utilized funds disbursed by indicated by a decline of bankers' deposits at the French Treasury, and redeemed Bank of the Bank of England. France notes returning from circulation. BANK OF FRANCE BANK OF ENGLAND [In millions of francs; figures preliminary] fin thousands of pounds sterling] Change from— Change from— Dec. 15, ! Dec. 20, 1933 Nov. 17, Dec. 16, i 1933 Nov. 22, Dec. 21, 1933 1932 1933 1932 Gold 77,031 -2, 252 -6,238 Odd 190,724 +186 +70, 936 Foreign exchange _ 1,195 -84 -3,515 Discounts and advances _ 8,370 -178 -3,463 Domestic discounts and advances 6,329 +150 + 1,220 Securities 352,765 + 13,067 -39,676 Government deposits 2,406 -838 +79 Bankers' deposits _ j 91,903 -11,088 ! -6,995 Other deposits 14,390 -827 -7, 789 Public deposits ._! 20,036 +1,270 +12,210 Notes in circulation 80, 203 -503 -1,732 Other deposits..- j 36,677 +98 +2, 688 Notes in circulation ; 389,864 +22,336 +19,766 Total gold and foreign-exchange reserves of These balances, which represent the major the Reichsbank, after increasing steadily since part of the reserves of the London banks, have last July, showed little change Reichsbank fluctuated around £100,000,000 since the end in the month ending Decemof 1932. In the meantime, however, the ber 15. As the result of a demand for addi- London banks have added appreciably to their tional currency, discounts at the bank invault holdings of Bank of England notes, with creased. the consequence that the reserve position of the REICHSBANK banks has improved, notwithstanding an in- [In millions of reichsmarks] crease in deposits. In November, the latest Change from— month for which figures are available, the ratio Dec. 15, of total cash of the clearing banks to deposits 1933 Nov. 15, Dec. 15, 1933 1932 stood at 11.2 percent as compared with 10.2 percent in November 1932. Notwithstanding Gold 391 -408 Foreign-exchanee reserves _. 10 +2 -108 this easier reserve position, advances to custom- Nonreserve cash 239 -30 Securities . 548 +34 + 151 ers have continued to decline in the face of Discounts and advances 3,053 + 130 +293 improvement in British business. With ad- D O e th p e o r s i a t s s sets . . 4 5 2 0 5 7 -3 -4 7 -2 + 5 7 0 1 Notes in circulation 3,445 +76 +45 vances declining the banks have sought an out- Other liabilities- 878 +21 -441 let for their surplus funds in the investment market. In the year ending with November, The Reichsbank has announced that the advances by the clearing banks to customers partial moratorium on the payment abroad of declined by £48,000,000 while security holdings both principal and interest of a large part of increased by £144,000,000. Germany's foreign indebtedness, which went Losses in recent months reduced the gold into effect July 1, 1933, will continue throughstock of the Bank of France to 77,031,000,000 out the first half of 1934 with some modificafrancs ($3,020,000,000 at par) tions. Present plans call for reducing from 50 Bank of France on December 15, the smallest to 30 percent the portion of interest payments figure since April 1932. Losses were heaviest that the Reichsbank will permit to be made in at the close of October and during Novem-j foreign currencies, or in reichsmarks at the free ber. In the week ending November 24 I disposal of the holder. The remainder would they amounted to 1,461,000,000 francs ($57,- | continue to be paid in reichsmark scrip, foreign 000,000 at par); but in the 3 weeks following j currencies being converted into reichsmarks at they were in diminished volume. The market, | the market rate of exchange. This scrip can Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 FEDERAL RESERVE BULLETIN JANUARY 1934 either be-held unused or sold to the Konver- "It will be remembered that at the London Conference 66 governments unanimously adoptsionskasse at the rate of 2 reichsmarks of scrip ed the silver resolution proposed by our for 1 free reichsmark. The latter can be freely Government, providing in substance that these employed in any transaction including the governments would refrain from the policy purchase of foreign currencies at the market and practice of melting up and debasing silver rate. coins; that they would replace low-valued paper money with silver coins; and that they would not enact legislation that would depre- Change of Secretary of the Treasury ciate the value of silver in the world market. On December 13, 1933, Hon. William H. This resolution, however, w^as contingent upon Woodin tendered his resignation as Secretary of an agreement between the governments of those countries producing large quantities of the Treasury. On January 1, 1934, the Presisilver and the governments of those countries dent accepted Mr. Woodin's resignation and holding or using large quantities, looking to the appointed as his successor Hon. Henry elimination of an unnatural over supply of Morgenthau, Jr., who had been Under Sec- silver on the markets of the world. This retary and Acting Secretary since November agreement, of course, was for the purpose of allowing demand and supply to govern the 17, 1933. price of silver by the limitation and neutralization of this over supply derived from the Changes in Foreign Central Bank Discount Rates melting up of silver coins. The following changes in discount rates "India had the power to dispose of, on the during the month ending January 1, 1934, markets of the world, at any time, and at any price, hundreds of millions of ounces of silver. have been reported by central banks in foreign In fact, India had the power and capacity to countries: dump silver derived from the melting up of Indian silver coins in an amount equal to the Bank of Finland—December 20, from 5 to 4/2 world's production from the mines for the percent. period of 2 years. This power and the uncer- Bank of Italy—December 11, from Z}{ to 3 percent. tainty attending its execution was destructive Bank of Portugal—December 8, from 6 to §}{ of the value and stability of silver throughout percent. the world. "China agreed, during the period of 4 years COINAGE OF SILVER—STATEMENT BY THE commencing January 1, 1934, and ending Jan- PRESIDENT uary 1, 1938, not to permit the sale of any silver The following statement by the President derived from the debasing or melting up of was released to the press on December 21, 1933: silver coins. India agreed to limit the sales of " Under the clear authority granted to me by such silver to a maximum of 35,000,000 ounces the last session of the Congress, I have today, annually during such period and Spain agreed by proclamation, proceeded to ratify the not to sell in excess of 5,000,000 ounces of such London agreement with regard to silver, which silver annually during such period. After such has already been put into effect by the Govern- sales, these governments are to be bound by the ment of India, and which I understand other general resolution adopted at the London Connations concerned are about to act on. ference to which I have heretofore referred. "This proclamation, in accordance with the "As a condition of the agreement by China, act of Congress, opens our mints to the coinage India, and Spain, however, it was required of standard silver dollars from silver hereafter that Australia, Canada, Mexico, Peru, and the produced in the United States or its posses- United States should take silver from the prosions, subject to the depositors of such silver duction of their respective mines to the gross surrendering to the Government one half of it amount of 35,000,000 ounces annually for such as seigniorage and to cover all usual charges period of four years. The United States, by and expenses. The dollars coined from half of reason of its large population and its large such newly mined silver will be returned to the silver production, agreed to take from its mines depositor. The half surrendered to the Gov- annually at least 24,421,410 ounces of silver ernment will be retained in the Treasury. during such period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN "The production of the United States for of 4 years commencing January 1, 1934, and 1932 was approximately 24,000,000 ounces of Spain agreed not to dispose of over 5,000,000 silver." ounces of silver annually during said period, and both of said Governments agreed that at the end of said period of 4 years they would then ''COINAGE OF SILVER subject themselves to the general resolution adopted at the London Conference, and in "BY THE PRESIDENT OF THE UNITED STATES consideration of such limitation it was agreed OF AMERICA that the Governments of the five producing "A PROCLAMATION countries would each absorb from the mines in their respective countries a certain amount of "Whereas, by paragraph (2) of section 43, silver, the total amount to be absorbed by said title III, of the act of Congress, approved May producing countries being 35,000,000 ounces per 12, 1933 (Public, No. 10), the President is annum during the 4 years commencing the authorized 'By proclamation to fix the weight 1st day of January 1934; that such silver so of the gold dollar in grains nine-tenths fine and absorbed would be retained in each of said also to fix the weight of the silver dollar in respective countries for said period of 4 years, grains nine-tenths fine at a definite fixed ratio to be used for coinage purposes or as reserves in relation to the gold dollar at such amounts for currency, or to otherwise be retained and as he finds necessary from his investigation to kept off the world market during such period stabilize domestic prices or to protect the for- of time, it being understood that of the eign commerce against the adverse effect of de- 35,000,000 ounces the United States was to preciated foreign currencies, and to provide absorb annually at least 24,421,410 ounces of for the unlimited coinage of such gold and the silver produced in the United States during silver at the ratio so fixed, * * *'; and such period of time. "Whereas, from investigations made by me. "Now therefore, finding it proper to coop- ; I find it necessary, in aid of the stabilization of erate with other Governments and necessary to domestic prices and in accordance with the assist in increasing and stabilizing domestic policy and program authorized by Congress, prices, to augment the purchasing power of which are now being administered, and to pro- peoples in silver-using countries, to protect our tect our foreign commerce against the adverse foreign commerce against the adverse effect of effect of depreciated foreign currencies, that depreciated foreign currencies, and to carry the price of silver be enhanced and stabilized; out the understanding between the 66 Governand ments that adopted the resolution hereinbefore "Whereas, a resolution presented by the referred to; by virtue of the power in me vested delegation of the United States of America by the act of Congress above cited, the other was unanimously adopted at the World legislation designated for national recovery, Economic and Monetary Conference in London and by virtue of all other authority in me on July 20, 1933, by the representatives of 66 vested; Governments, which in substance provided "I, Franklin D. Roosevelt, President of the that said Governments will abandon the policy United States of America, do proclaim and and practice of melting up or debasing silver direct that each United States coinage mint coins; that low-valued silver currency be shall receive for coinage into standard silver replaced with silver coins and that no legisla- dollars any silver which such mint, subject to tion should be enacted that will depreciate the regulations prescribed hereunder by the Secrevalue of silver; and tary of the Treasury, is satisfied has been "Whereas, a separate and supplemental mined, subsequently to the date of this procagreement was entered into, at the instance of lamation, from natural deposits in the United the representatives of the United States, States or any place subject to the jurisdiction between China, India, and Spain, the holders thereof. The Director of the Mint, with the and users of large quantities of silver, on the voluntary consent of the owner, shall deduct one hand, and Australia, Canada, Mexico, and retain of such silver so received 50 percent Peru, and the United States on the other hand, as seigniorage and for services performed by as the chief producers of silver, wherein China the Government of the United States relative agreed not to dispose of any silver derived from to the coinage and delivery of silver dollars. the melting up or debasement of silver coins, The balance of such silver so received, that is, and India agreed not to dispose of over 35,000,- ! 50 percent thereof, shall be coined into stand- 000 ounces of silver per annum during a period j ard silver dollars and the same, or an equal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 FEDERAL RESERVE BULLETIN JANUARY 1934 number of other standard silver dollars, shall ARTICLE 1. Silver which will be received.— be delivered to the owner or depositor of The United States coinage mints, under the such silver. The 50 percent of such silver so conditions hereinafter specified and subject to deducted shall be retained as bullion by the the appropriate regulations governing the Treasury and shall not be disposed of prior to mints, will receive silver which any such mint the 31st day of December 1937, except for is satisfied has been mined subsequent to Decoining into United States coins. cember 21, 1933, from natural deposits in the "The Secretary of the Treasury is authorized United States or any place subject to the juristo prescribe regulations to carry out the pur- diction thereof. Such mints will also receive poses of this proclamation. Such regulations silver which forms a part of a mixture of domesshall contain provisions substantially similar tic, secondary, and foreign silver provided such to the provisions contained in the regulations mints are satisfied that the aggregate amount made pursuant to the act of Congress, ap- of such mixture so received does not exceed the proved April 23, 1918 (40 Statutes at Large, amount thereof which has been mined subsepage 535), known as the Pittman Act, with quent to December 21, 1933, from natural such changes as he shall determine prescribing deposits in the United States or any place how silver mined, subsequently to the date of subject to the jurisdiction thereof. this proclamation from natural deposits in the ART. 2. Affidavits,—Any individual, part- United States or any place subject to the juris- nership, association, or corporation, hereindiction thereof, shall be identified. after referred to as " person", delivering silver "This proclamation shall remain in force under the provisions of the proclamation of and effect until the 31st day of December 1937, December 21, 1933, shall accompany each such unless repealed or modified by act of Congress delivery with a properly executed affidavit on or by subsequent proclamation. form TS-1, and supporting affidavit or affidavits "The present ratio in weight and fineness of of the miner or miners on form TS-2, containing the silver dollar to the gold dollar shall, for the the information called for in such forms and purposes of this proclamation, be maintained executed under oath before an officer duly until changed by further order or proclama- authorized to administer oaths. tion. ART. 3. Evidence which may be demanded.— "Notice is hereby given that I reserve the Persons delivering silver under the provisions right by virtue of the authority vested in me of these regulations shall furnish such further to revoke or modify this proclamation as the evidence as may from time to time be requested interest of the United States may seem to by the superintendent of any mint, including require. affidavits and sworn abstracts from books of "In witness whereof I have hereunto set my account of any mines or any or all smelters or hand and caused the seal of the United States refineries handling such silver. to be affixed. ART. 4. Settlement for silver delivered.— "Done at the city of Washington this 21st day of December, in the 37ear of our Lord The Director of the Mint, pursuant to the voluntary consent of the depositor as required nineteen hundred and thirty-three and of the in the form of agreement to be executed in independence of the United States of America connection with affidavit TS-1, shall retain of the one hundred and fifty-eighth. such silver so delivered, 50 percent as seignior- "FRANKLIN D. ROOSEVELT. age and for services performed by the Govern- "By the President: ment of the United States, and the balance of "WILLIAM PHILLIPS, such silver so received, that is, 50 percent there- "Acting Secretary of State." of, shall be coined into standard silver dollars and the same, or an equal number of other standard silver dollars, shall be delivered to the SILVER REGULATIONS owner or depositor of such silver. Any frac- Prescribed under authority of paragraph (2), tional part of $1 due hereunder shall be resection 43, title III, of the act of Congress turned in any legal tender coin of the United approved May 12, 1933 (Public, No. 10), and States. the President's proclamation of December 21, ART. 5, Records and reports.—Every person 1933, relating to the receipt and coinage of delivering silver under these regulations shall silver mined in the United States or any keep accurate records of all silver mined or place subject to the jurisdiction thereof. acquired subsequent to December 21, 1933, [For proclamation, see p. 7.] and such records shall be available for examina- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

9 JANUARY 1934 FEDERAL RESERVE BULLETIN tion by a representative of the Director of the bullion, and gold certificates of the country Mint for at least 1 year after the last delivery. to protect the currency system for the benefit Such person shall file with the Director of the of all citizens. It applies to the small holders Mint, on or before the 25th day of each month and to those relatively few large holders who after the date the first delivery is made, a have not complied with the law. report covering the period of the preceding The former order of the President was issued calendar month, provided that the first report under section 2 of the same act of Congress, shall cover the period from December 21, 1933, requiring all persons to file returns relative to to the end of the calendar month preceding the the gold coin, gold bullion, and gold certificates date of the report. Such report shall be ex- owned by them or in their possession. This ecuted under oath before an officer duly order provided that the return should constitute authorized to administer oaths and shall be an application for a license to hold such gold made on form TS-3 and shall contain all of the and gold certificates but provided that after a information called for in such form. Every specified period of time no person could lawperson delivering silver which has been mixed fully hold, without a license, any gold coin, with secondary or foreign silver or both at a gold bullion, or gold certificates, except as smelter or refinery, other than that of the specifically provided in the order. person making the delivery, shall also file with For the convenience of holders of gold and each delivery of such silver an agreement gold certificates the order provides that deproperly executed under oath by a duly au- livery shall be made by placing the gold and gold thorized officer of such other smelter or refinery certificates in custody of a Federal Reserve that records will be kept and reports will be bank or branch, or of a bank which is a member filed as provided in this article, and that such of the Federal Reserve System, to be held by records will be available for examination by a such bank exclusively for the account of the representative of the Director of the Mint for Treasurer of the United States. Upon receipt at least 1 year after the last delivery. of the gold coin, gold bullion, or gold certifi- ART. 6. Forms.—Any form, the use of cates, or receipt of the confirmation, payment which is prescribed in these regulations, may will be made for the gold and gold certificates be obtained at any United States mint or assay in an equivalent amount of any form of coin office or at the Treasury Department, Wash- or currency coined or issued under the laws of ington. the United States. Payment for any gold ART. 7. Revocation or modification.—The bullion will be made at the rate of $20.67 an provisions of these regulations may be revoked ounce. or modified at any time. ORDER OF THE SECRETARY OF THE TREASURY H. MORGENTHAU, JR., REQUIRING THE DELIVERY OF GOLD COIN, GOLD Acting Secretary of the Treasury. BULLION, AND GOLD CERTIFICATES TO THE Approved: TREASURER OF THE UNITED STATES FRANKLIN D. ROOSEVELT. THE WHITE HOUSE, Whereas section 11 of the Federal Reserve December 30, 1933. Act of December 23, 1913, as amended by section 3 of the act of March 9, 1933, entitled "An Act to provide relief in the existing TREASURY ORDER RELATING TO GOLD national emergency in banking, and for other purposes77, provides in subsection (n) as On December 28, 1933, the Treasury Defollows: partment issued the following statement to the Whenever in the judgment of the Secretary of the press: Treasury such action is necessary to protect the currency system of the United States, the Secretary Supplementing the President's order of of the Treasury, in his discretion, may require any or August 28, 1933, the Secretary of the Treasury all individuals, partnerships, associations and corpohas today issued an order under section 3 of rations to pay and deliver to the Treasurer of the the act of March 9, 1933, requiring every per- United States any or all gold coin, gold bullion, and gold certificates owned by such individuals, partnerson to deliver all gold coin, gold bullion, and ships, associations, and corporations. Upon receipt gold certificates owned by such person, with of such gold coin, gold bullion or gold certificates, the certain exceptions stated in the order. This Secretary of the Treasury shall pay therefor an equivaorder further carries out the purpose of Con- lent amount of any other form of coin or currency coined or issued under the laws of the United States. gress as expressed in the Emergency Banking The Secretary of the Treasury shall pay all costs of Act of March 9, to mobilize the gold coin, gold the transportation of such gold bullion\ gold certifi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN JANUARY 1934 cates, coin, or currency, including the cost of insurance, gold certificates have been so placed in cusprotection, and such other incidental costs as may be tody for the account of the United States and reasonably necessary. Any individual, partnership, are held subject to the order of the Treasurer association, or corporation failing to comply with any requirement of the Secretary of the Treasury made of the United States, signed by such bank and under this subsection shall be subject to a penalty the person making the delivery (or the auequal to twice the value of the gold or gold certificates thorized agent of such person) to the Treasurer in respect of which such failure occurred, and such penalty may be collected by the Secretary of the of the United States, Washington, D.C., in a Treasury by suit or otherwise. postage prepaid envelop bearing a postmark and dated prior to midnight of the day the gold Whereas in my judgment such action is coin, gold bullion, and gold certificates are necessary to protect the currency system of so placed in custody. the United States; SEC. 3. Payment and reimbursement of Now, therefore, I, Henry Morgenthau, Jr., costs.—Upon receipt of the confirmation signed Acting Secretary of the Treasury, do hereby and delivered as required under section 2, the require every person subject to the jurisdiction Secretary of the Treasury will pay for the gold of the United States forthwith to pay and coin, gold bullion, and gold certificates placed deliver to the Treasurer of the United States in custody for the account of the United States all gold coin, gold bullion, and gold certificates in accordance with section 2, an equivalent situated in the United States, owned by such amount of any form of coin or currency coined persons, except as follows: or issued under the laws of the United States A. Gold bullion owned by a person now designated by the Secretary of the Treasury. holding such gold under a license heretofore The Secretary of the Treasury will pay all granted by or under authority of the Secretary costs of the transportation of such gold coin, of the Treasury, pursuant to the Executive gold bullion, and gold certificates to the Federal order of August 28, 1933, Relating to the Reserve bank or branch or bank member of the Hoarding, Export, and Earmarking of Gold Federal Reserve System in the city or town Coin, Bullion, or Currency and to Transactions nearest to the place where such gold coin, in Foreign Exchange^ gold bullion, and gold certificates are now B. Gold coin having a recognized special situated, including the cost of insurance, value to collectors of rare and unusual coin protection, and such other incidental costs as (but not including quarter eagles, otherwise may be reasonably necessary. Persons desirknown as $2.50 pieces); ing reimbursement for such costs actually C. Unmelted scrap gold and gold sweepings incurred shall submit their accounts on voucher in an amount not exceeding in the aggregate forms which may be obtained by writing to the $100 belonging to any one person; and gold Treasurer of the United States, Washington. which has been put through a process of D.C. fabrication for a specific and customary SEC. 4. Definitions.—As used in this order, industrial, professional, or ornamental use; the term "person" means an\r individual, D. Gold coin, gold bullion, and gold certifi- partnership, association, or corporation; the cates owned by a Federal Reserve bank or the term "United States" means the United States Reconstruction Finance Corporation; and and any place subject to the jurisdiction there- E. Gold bullion and foreign gold coin now of; the term " continental United States " means situated in the Philippine Islands, American the States of the United States, the District of Samoa, Guam, Hawaii, Panama Canal Zone, Columbia, and the Territory of Alaska; the Puerto Rico, or the Virgin Islands of the term "gold coin'7 means any coin containing United States, owned by a person not domiciled gold, including foreign gold coin; and the term or doing business in the continental United "gold bullion" means any gold which has been States. put through a process of smelting or refining SEC. 2. Delivery.—The gold coin, gold bul- that is in such form that its value depends lion, and gold certificates herein required to upon the gold content and not upon the form, be paid and delivered to the Treasurer of the but does not include gold coin or metals con- United States shall be delivered by placing taining less than 5 troy ounces of fine gold per the same forthwith in the custody of a Federal short ton. Reserve bank or branch or a bank member of SEC. 5. Any individual, partnership, associathe Federal Reserve System for the account tion, or corporation failing to comply with any of the United States and by forwarding con- requirement hereof or of any rules or regulafirmation that the gold coin, gold bullion, and tions issued by the Secretary of the Treasury Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 11 hereunder shall be subject to the penalty pro- "Whereas, the Federal Deposit Insurance vided in Section ll(n) of the Federal Reserve Corporation has acted upon all applications to Act, as amended. it for membership in the Temporary Federal This order may be modified or revoked at Deposit Insurance Fund as provided for in any time. section 12B (y) of the Federal Reserve Act as H. MORGENTHAU, JR., amended by section 8 of the act of June 16,1933, Acting Secretary of the Treasury. Public No. 66, Seventy-third Congress, and Approved: has admitted to the said fund all applicant FRANKLIN D. ROOSEVELT. banks which are duly and properly qualified; and THE WHITE HOUSE, "Whereas, it is now appropriate that the December 28, 1933. banking authority in each State and any place subject to the jurisdiction of the United States should have and exercise the sole responsibility CONTROL OVER STATE BANKING INSTITU- for, and control over, banking institutions not TIONS—PROCLAMATION BY THE PRESI- members of the Federal Reserve System; DENT "Now, therefore, I, Franklin D. Roosevelt, On December 30, 1933, the President issued President of the United States, in order to assure that the banking authority in each State the following proclamation " amending proclaand in any place subject to the jurisdiction of mations of March 6 and March 9, 1933, and the United States shall have and exercise the the Executive order of March 10, 1933, and all sole responsibility for, and control over, bankorders and regulations pursuant thereto ": ing institutions which are not members of the Federal Reserve System, do hereby proclaim, order, direct, and declare that the proclama- "BY THE PRESIDENT OF THE UNITED STATES OF tions of March 6, 1933, and March 9, 1933, and AMERICA the Executive order of March 10, 1933, and all "A PROCLAMATION orders and regulations pursuant thereto, are amended, effective the first day of January, "Whereas, on March 6, 1933, I, Franklin D. nineteen hundred and thirty-four, to exclude Roosevelt, President of the United States of from their scope banking institutions which are America, by virtue of authority vested in me not members of the Federal Reserve System. by the act of October 6, 1917 (40 Stat. L. 411), Provided, however, That no banking institution as amended, issued a proclamation declaring shall pay out any gold coin, gold bullion, or gold that an emergency existed and that a national certificates, except as authorized by the Secrebanking holiday be observed; tary of the Treasury, nor allow the withdrawal "Whereas, on March 9, 1933, I issued a of any currency for hoarding, nor engage in proclamation continuing the terms and condi- any transactions in foreign exchange except tions of said proclamation of March 6, 1933, such as may be undertaken for legitimate and in full force and effect until further proclama- normal business requirements, for reasonable tion by the President; traveling and other personal requirements, and "Whereas, on March 10, 1933, I issued an for the fulfillment of -contracts entered into Executive order authorizing the appropriate prior to March 6, 1933. authority having immediate supervision of "In witness whereof, I have hereunto set banking institutions in each State or any place my hand and caused the seal of the United subject to the jurisdiction of the United States States to be affixed. to permit any banking institution not a mem- "Done in the city of Washington this 30th ber of the Federal Reserve System to perform day of December in the year of our Lord one any or all of its usual banking functions except thousand nine hundred and thirty-three, and as otherwise provided; of the Independence of the United States the "Whereas, the Secretary of the Treasury, one hundred and fifty-eighth. pursuant to authority granted by other provisions of the said Executive order of March 10, "FRANKLIN D. ROOSEVELT. 1933, has acted upon all requests for licensing "By the President: of banks members of the Federal Reserve "WILLIAM PHILLIPS, System; uActing Secretary of State.tf Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN 1934 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Dec. 22 and released for publication Dec. 24] Total volume of industrial production, after October by an amount somewhat smaller than declining further during October, showed little is usual at this season. Sales of merchandise change during November and the first half of at department stores declined, contrary to December. The amount of construction under- seasonal tendency, wThile sales by variety stores taken continued to increase, reflecting an ex- showed little change. pansion of public works. Wholesale prices.—Wholesale commodity Production and employment.—Output of prices, as measured by the weekly index of the basic commodities, as measured by the Federal Bureau of Labor Statistics, advanced from Reserve Board's seasonally adjusted index, was 70.9 percent of the 1926 average in the first 73 for November, on the basis of the 1923-25 week of November to 71.7 percent in the third average as 100, compared with 77 for October. week and then declined to 70.9 percent in the This total for the month reflects the mainte- week ending December 9. These movements nance during November, with allowance for reflected chiefly changes in the prices ot farm usual seasonal changes, of the level reached at products and foods. Prices of hogs declined the end of October after a continuous decline considerably after the middle of November, during the preceding three months. Activity owing partly to seasonal factors. at steel mills, after declining from 44 percent of Foreign exchange.—The value of the dollar capacity in the early part of October to 25 per- in the foreign exchange market advanced from cent in the early part of November, subse- a low point of 59 percent of its gold parity on quently increased to a rate of 34 percent in the November 16 to about 64 percent for the period third week of December. Output of auto- from November 27 to December 20. mobiles, which was curtailed sharply in Novem- Bank credit.—Between November 15 and ber in preparation for new models, also in- December 20 there was the usual seasonal creased somewhat in the early part of Decem- increase—about $195,000,000—in the demand ber. Consumption of cotton by domestic mills for currency by the public. This currency was in somewhat smaller volume in November demand was met largely through the purchase than in the preceding month, and activity at of $100,000,000 of acceptances by the Federal woolen mills decreased. At shoe factories Reserve banks and the issuance of additional production showed a decline larger than is bank notes by the national banks. Reserve usual at this season. balances of member banks showed little change Volume of factory employment and pay rolls for the period and continued to be at a level declined from the middle of October to the of about $800,000,000 above legal requirements. middle of November by somewhat more than Total loans and investments of reporting the usual seasonal amount. The Board's member banks in leading cities declined by seasonally adjusted index of factory employ- $160,000,000 between November 15 and Decment for November wras 72, as compared with ember 13, reflecting chiefly sales of acceptances 74 in October and 57 at the low point in March. to the reserve banks and a reduction in holdings Value of construction contracts awarded, as of investments other than United States Govreported by the F. W. Dodge Corporation, ernment securities. Loans on securities, chiefly showed a further substantial increase in to brokers in New York City, increased by November. This increase, at a season when $40,000,000, while all other loans, which inconstruction contracts usually decline, reflects clude holdings of acceptances, declined by a growth in the volume of public works. $125,000,000. Distribution.—Shipments of commodities by Short-term money rates advanced slightly rail decreased in November as compared with during the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

13 JANUARY 1934 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS Weekly Basis: Wednesday Series MILLIONS Or DOLLARS 7000 7000 6000 6000 i 5000 4000 MEMBER BANK RESERVE BALANCES 2000 1000 o L 1928 1929 1930 1931 Based on Wednesday figures; latest figures are for December 27. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN JANUARY 1934 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserre bank credit outstanding Factors of decrease Factors of increase Month or week B co il u ls n t d e i d s- b B ou il g ls ht m G U S e o n t n v a i e t t t e r e s d n s e - - r O e b s a t e h n r e k v r e Total ta M s r t y o o c n g k o e- ld T c a u d r r e j r u a e s s n u te c r d y y i M n la c o t i i n r o c e n u y - M r b e e s a m e n r b k v e e r d m e N e p m o o n s b i - e ts r , p c U a en n p d e it x e a - d l curities credit balances etc. funds 1932—August 451 37 ,850 2,353 4,031 1,796 5,720 2,073 40 347 September 387 34 ,848 4,140 1,826 5,685 2,181 35 347 October 328 34 ,851 2,231 4,226 1,886 5,643 2,307 38 355 November 313 34 ,851 2,211 4,292 1,917 5,642 2,378 40 360 December 282 34 ,854 2,192 4,429 1,915 5,699 2,435 43 359 1933—January 255 32 2,110 4,547 1,901 5,631 2,516 60 351 February 307 102 ,804 2,224 4,491 1,891 5,892 2,291 79 344 March 994 379 ,875 4,260 1,897 6,998 1,914 134 344 April 425 230 ,837 2,511 4,301 1,915 6,137 2,086 156 348 May 339 86 ,846 2,286 4,313 1,930 5,876 2,125 173 355 June 250 12 ,933 2,208 4,317 1,943 5,742 2,211 164 351 July 170 16 2,016 2,211 4,319 1,937 5,675 2,268 179 345 August 159 8 2,064 2,239 4,323 1,964 5,616 2,375 186 349 September 138 7 2,202 2,358 4,327 1,951 5,632 2,489 169 346 October 119 7 2.355 2,492 4,324 1,944 5,656 2,590 163 352 November 114 15 2.437 2,574 4,323 1,927 5,681 2.629 158 355 December 117 101 2,432 2,669 4,323 1,936 5,811 2,616 143 358 Week ending (Saturday) 1933—Aug. 5 164 2,034 2,212 4,320 1,943 5,629 2,310 188 348 Aug. 12 159 2,044 2,219 4,320 1,986 5,623 2,362 191 349 Aug. 19 „ 165 2,054 2,237 4,321 1,974 5,622 2,372 190 348 Aug. 26 155 2,082 2,253 4,325 1,955 5,607 2,402 177 347 Sept. 2 153 2,113 2,282 4,328 1,940 6,612 2,405 187 345 Sept. 9 147 2,150 2,316 4,329 1,945 5,652 2,410 181 347 Sept. 16 134 2,194 2,351 4,326 1,967 5,625 2,507 165 347 Sept. 23 132 2,223 2,374 4,327 1,951 5,623 2,516 165 347 Sept. 30 132 2,260 2,408 4,326 1,949 5,622 2,556 157 348 Oct. 7 125 2,295 2,436 4,324 1,910 5,663 2,503 157 347 Oct. 14 120 2,333 2,468 4,324 1,935 5,679 2,544 158 346 Oct. 21 119 2,512 4,324 1,958 5.665 2,608 165 359 Oct. 28 116 2,397 2,530 4,323 1,962 5,627 2,663 167 358 Nov. 4 116 2,424 2,556 4,323 1,926 5,652 2,625 173 355 Nov. 11 113 2,439 2,570 4,323 1,918 5,682 2,603 169 357 Nov. 18 112 2,439 2,578 4,323 1,940 5,673 2, 619 163 356 Nov. 25 113 2,437 2,575 4,323 1,947 5,672 2,671 146 356 Dec. 2 120 2,437 2,591 4,323 1,914 5,731 2,597 146 355 Dec. 9 122 2,431 2,628 4,323 1,881 5,773 2,550 154 354 Dec. 16 118 117 2,432 2,683 4,323 1,925 5, 784 2,635 155 357 Dec. 23 117 114 2,432 2,693 4,323 1,951 5,855 2,614 135 363 Dec. 30 110 120 2,434 2,689 4,323 1,986 5,840 2,669 128 361 End of month series Wednesday series 1933 1933 July Aug. Sept. Oct. Nov. Dec. Nov. Nov. Dec. Dec. Dec. Dec. 31 30 31 30 31 22 29 13 20 27 Bills discounted 167 153 128 116 119 Bills discounted 112 119 116 118 115 111 Bills bought 7 24 133 Bills bought 20 61 116 113 111 United States Government se- United States Government securities 2,028 2,129 2,277 2,421 2,432 2,437 curities 2,431 2,432 2,431 2,432 2,432 2,432 Other Reserve bank credit 6 8 9 5 7 20 Other Reserve bank credit -1 7 7 25 20 Total Reserve bank credit 2,209 2,297 2,421 2,548 2,581 2,688 Total Reserve bank credit 2,562 2,581 2,615 2,677 2,686 2,674 Monetary gold stock 4,320 4,329 4,324 4,323 4,323 P4, 323 Monetary gold stock _. 4,323 4,323 4,323 4,323 4,323 4,323 Treasury currency adjusted 1,925 1,940 1,946 1,978 1,907 2,015 Treasury currency adjusted I.1"" 1,907 1,8" 1,916 1,970 1,989 Money in circulation 5,630 5,613 5,650 5,635 5,742*5,804 Money in circulation 5,654 5,742 5,758 5,763 5,849 5,824 Member bank reserve balances. 2,294 2,409 2,538 2,685 2,573 2,729 Member bank reserve balances. 2,687 2,573 2,561 2,638 2,636 2,675 Nonmember deposits, etc 184 197 155 173 142 132 Unexpended capital funds, non- Unexpended capital funds—. 346 347 348 356 354 member bank deposits, etc 504 496 510 515 494 v Preliminary. BaekjiQUTU—See Annual Reports for 1932 (tables 1-5), 1931 (tables 3-6). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

15 JANUARY 1934 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars] Dec. 31, 1933 Nov. 30,1933 Dec. 33, 1932 ASSETS Gold with Federal Reserve agents. . 2,625,053 2, 618, 254 2, 351, 675 Gold redemption fund with United States Treasury 44,739 40,888 40,441 Gold held exclusively against Federal Reserve notes. 2, 669, 792 2, 659,142 2, 392,116 Gold settlement fund with Federal Reserve Board 618, 205 673, 403 340,343 Gold and gold certificates held by banks 280, 979 240, 693 418, 212 Total gold reserves 3, 573, 238 3,150,671 Other cash* _ 204, 583 267,556 Total gold reserves and other cash 3, 777,821 3,418, 227 Redemption fund—Federal Reserve bank notes_ 11, 990 Bills discounted: For member banks.. 96, 873 118, 590 233, 834 For intermediate credit banks 310 349 For nonmember banks, etc 407 451 749 Total bills discounted. 97, 590 119, 041 234,932 Bills bought: Payable in dollars: Bought outright 108,108 18,025 3,634 Under resale agreement 19, 284 Payable in foreign currencies 6, 033 "29," 489 Total bills bought 133, 425 23,866 33,123 United States Government securities: Bought outright 2, 435, 245 2, 430,137 1,851,031 Under resale agreement 2T 245 1,500 4, 111 Total United States Government securities 2, 437,490 2, 431,637 1,855,142 Other Reserve bank credit: Municipal warrants 1,493 1,580 4,818 Due from foreign banks 3,333 3,523 2,976 Reserve bank float (uncollected items in excess of deferred availability items). 14, 745 1,602 13,885 Total Reserve bank credit outstanding _ 2, 688,076 2, 581,249 2,144,876 Gold held abroad ___ _I _ 72,638 Federal Reserve notes of other Reserve banks 18, 460 15,434 17,819 Uncollected items not included in float 430,883 373,730 368,309 Bank premises-. .._ 51,884 54, 732 56,000 All other assets... _ _ 44, 693 50,442 37,119 Total assets. 7,040, 688 6,865, 398 6,114, 988 Federal Reserve notes: Held by other Federal Reserve banks. 18,460 15,434 17,819 Outside Federal Reserve banks 3,061,083 3,014, 895 2, 720, 789 Total notes in circulation. _ 3,079,543 3,030,329 2,738, 608 Federal Reserve bank notes in actual circulation. 208,997 205,394 Deposits: Member bank—reserve account 2, 729,442 2, 572,942 2,509,490 Government _ 2,837 81, 519 S, 262 Foreign bank 4,233 5,324 19, 446 Special deposits: Member bank 46, 691 55,006 Nonmember bank 9,961 14,331 Other deposits 71,386 67, 352 23,687 Total deposits.. 2,864, 550 2, 796,474 2, 560,885 Deferred availability items.. 430,883 373,730 368,309 Capital paid in 144,693 145,194 151, 292 Surplus. 277,680 278, 599 278, 599 All other liabilities 34, 342 35,678 17, 295 Total liabilities _ 7,040, 688 6,865,398 6,114,988 Contingent liability on bills purchased for foreign correspondents 3.810 2,893 40,170 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents 3, 349,805 3, 264,891 2,987,015 Collateral held by agents as security for notes issued to bank: U E G l n o ig i l t d i e b . d le S p t a a p te e s r Government sec _ u _ r . ities _ _ ?, 6 1 6 0 8 2 0 8 5 , , , 0 5 4 5 0 4 3 0 0 2, 5 6 9 9 1 6 7 8 , , , 2 6 7 2 0 6 5 0 4 2, 2 4 3 2 1 5 7 9 1 , , , 8 S 8 6 0 7 8 0 5 Total collateral _ 3, 413,993 3,312,130 2, 999, 363 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding). 233, 725 225, 544 Collateral pledged against outstanding notes: Discounted and purchased bills 2,021 1,948 United States Government securities 256, 774 247, 274 Total collateral. 258, 795 249, 222 1 "Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN JANUARY 1934 ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED STOCK STATES [In millions of dollars at par] [In thousands of dollars at par] Analysis of changes Gold 1933 Month m a s t t o o o e n c f n t k d h I i m n d n c u o s r r t e n i o n a t c h s g k e N im et p g o o r l t d Net re- From or to— (p D re e l c im em in b a e r r y) November N Ja o n v u em ar b y e - r 1932—January 4,416 -44.2 -73.0 February. _ 4,354 -62.3 -90.6 Im- Ex- Im- Ex- Im- Ex- March 4,390 36.0 -24.7 ports ports ports ports ports ports April 4,367 -23.1 -30.2 May 4,152 -214.1 -195.5 June 3,919 -233.9 -206. 0 Belgium 28 885 July 3,077 58.0 -3.4 England . 2,261 55, 204 47,176 August 4,088 111.7 6.1 France,. 199 402 30,079 245,910 September. 4,193 104.8 27.9 Germany 5 1,071 3,575 October 4,264 70.8 20.6 Netherlands 19,347 11,445 November. 4,340 75.6 21.7 Switzerland 2,748 December.. 4,513 173.5 100.9 Canada 225 19, 757 210 Total (12 mos.)~ 52.9 -446. 2 M Ce e n x t i r c a o l America 4 4 9 0 2 252 4,5 7 2 9 1 4 57 1 9 1933—January 4,553 40.0 128.5 Argentina 14 15 February 4,380 -173.4 17.8 Colombia 2 97 1 March 4,282 -97.2 -22.1 Ecuador 114 1,007 24 April 4,312 29.5 -10.0 Peru - 381 1,440 May 4,315 3.6 -21.1 Uruguay.__ 864 June 4,318 2.2 -3.2 Venezula 506 150 July 4,320 2.7 -83.9 Australia— 3,010 August 4,328 7.5 -80.4 British India 25,629 September 4,324 -3.9 -56.7 China and Hong October 4,323 -0.7 -32.4 Kong 12,821 November._ 4.323 -1.1 Dutch East Indies,. 801 December v 4,323 ""-O.I" -9.1 Japan... 6,702 Total .(12;mos.)p_ -190.1 -173.7 -58.0 41.6 A Ph ll i l o ip th p e in r e c o I u sl n a tr n ie d s s . i . . 116 3 5, , 1 2 7 5 6 4 2 42,255 i Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance when necessary for changes in gold ear- Total. >,086 1,894 2,957 91,230 355,837 marked abroad for account of Federal Reserve banks). v Preliminary figures. > Includes all movements of unreported origin or destination. Back figures.—See Annual Reports (or 1932 (table 47), 1931 (table 30). « $24,044,000 exported to Italy. KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total G co o i l n d c c G e a r o t t i e l f d s i- d S s o t i a a l l r v l n d a e d r r s - c S c e i a r l t t v i e f e s i r - o T n f u r o e r 1 t y a 8 e s 9 s - 0 s s i S i d l u i v a b e r - r y M co in in or U S n n t o a i t t t e e e s s d R F n e e o s d e t e e r r v s a e lR F n b e e o a s d e t n e e r k r v s a e l ti n b o N o a n n t a a e k - l s - 1932—March - - 5,459 404 779 31 355 1 259 114 274 2,546 3 693 April 5,465 411 758 30 356 1 257 114 282 2,551 3 703 May 5,480 435 735 30 355 1 257 114 290 2,558 3 702 June 5,695 453 716 30 353 1 256 114 289 2,780 3 701 July . 5,726 454 694 30 351 1 254 113 289 2,838 3 700 August - - 5,692 449 669 30 350 1 255 113 285 2,793 3 744 September.. 5,653 445 644 29 359 1 257 113 286 2,731 3 785 October 5,628 445 624 29 361 1 257 113 289 2,689 3 817 November . -. 5,648 454 635 29 361 1 258 113 291 2,675 3 826 December 5,675 468 601 29 371 1 258 113 294 2,716 3 820 1933—January .. . 5,645 479 591 28 350 1 250 111 287 2,707 3 836 February 6,545 571 649 28 362 i 252 111 301 3,405 3 861 March . •- . 6,320 367 393 28 376 1 258 112 266 3,621 17 879 April 6,003 335 323 28 360 1 255 112 261 3,362 50 915 May -- - 5,812 324 280 28 359 1 256 112 265 3,167 99 922 June . - 5,721 321 265 28 361 1 257 113 269 3,061 125 920 July 5,630 320 252 28 365 1 258 113 275 2,974 129 914 August - - 5,612 319 242 28 372 1 261 114 277 2,952 133 911 September 5,650 312 232 28 385 1 265 115 280 2 966 156 009 October 5,635 312 225 29 387 1 267 116 277 2,930 189 903 5,742 311 219 29 394 I 269 117 285 2,998 206 913 December p ~ . 5,804 311 213 29 405 1 271 117 285 3,044 208 919 p Preliminary figures. NOTE.—For figureso f paper currency of each denomination in circulation see p» 724. Back figures.—8ee Annual Reports for 1932 (table 52), 1930 (table 32), and 1927 (table 22). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

17 JANUARY 1934 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVE BALANCES [In millions of dollars] Average of daily figures Reserves held Excess reserves Month of week T m o b t e a a m l n — k b s e a r ll Ne C w i t Y y o ' rk r O e c s i t e t h i r e e v s r e "C b o a u n n k t s ry" T m o b t e a a m l n — k b s e a r ll New C ity Y o i rk r O e c s i t t e h i r e e v s r e "C b o a u n n k t s ry" 1932—January 1,979 724 767 488 35.4 4.5 1.8 29.2 February 1,907 681 753 473 43 8 7.2 11.3 25.3 March 1.899 687 747 465 59.0 17.8 17.3 23.8 April_ 1,996 780 749 466 152.1 88.1 35.7 28.3 May 2,138 874 800 464 277.1 155.1 91.5 30.5 June 2,0fi2 783 819 459 234.4 89.4 111.4 33.6 July - 2,003 767 781 455 204.4 75.0 91.6 37.9 August 2,073 832 797 444 269 9 127. 7 108.9 33.3 September _ _ 2,181 927 812 443 345.5 193.4 119.6 32.4 October 2,307 1,001 863 444 435.9 241.6 160.6 33.7 November ___._._ 2,378 1,050 887 441 482.2 266.8 181.8 33.7 December 2,435 1,083 911 440 525.8 283.2 206.9 35.7 1933—j anuary 2,516 1,109 965 442 583.8 286.2 264.2 43.4 February _ . ____ ____ 2,291 860 989 441 417.3 74.6 291.0 51.8 March • April • 2,040 867 742 431 379.1 150.2 129.4 99.5 May 8 2,069 878 773 418 319.1 106.0 132.0 81.2 June' _ - 2,160 861 858 441 363.1 68.9 198.0 96.2 July1 2,221 796 936 489 435.7 43.2 252.9 139.6 August *..- 2,331 837 993 501 565. 5 101.8 312.3 151.3 September' 2.451 896 1,056 499 674.5 155.2 371.5 147.8 October8 ._ 2,557 893 1,135 529 758. 4 149.0 437.9 171.5 November 3__ 2,599 866 1,181 553 794.1 129.8 474.7 189. 6 » Central reserve city banks only. • March data not available. 1 Licensed banks only. Back figures.—See Annual Reports for 1932 (tables 69 and 77), 1931 (tables 49 and 56), MEMBER BANK DEPOSITS {In millions of dollars] Averages of daily figures Net demand and time deposits Net demand deposits Time deposits Month a T l b l o a b m t n e a r k e l m s - - C Y N i o e ty r w k * r O e c s i t t e h i r e e v s r e " b t C a r n y o k u " n s -a T l b l o a b m n t e a e k r m l s - - C Y N i o e t r w y k i r O e c s i t t e h i r e e v s r e " b t C a r n y o k " u s n-a T l b l o a b m n t e a k r e l s m - - C Y N i o e ty w rk » r O e c s i t t e h i r e e v s r e " b C t a r o n y u k " n s - 1932—January 26,592 6,165 10,706 9,720 15,447 5,343 5,921 4,183 11,145 822 4,786 5,637 February... 25,715 5,797 10,413 9,505 14.789 6,001 5,723 4,064 10.926 796 4,690 5,440 March 25,431 6,760 10. 291 9,380 14,575 4,959 5,622 3,993 10,856 800 4,668 6,387 April 25.386 5,950 10,109 9,327 14,589 5,138 6,492 3.959 10,797 811 4,618 5,368 May 25,466 6,159 10, 081 9,226 14,679 5,342 6,425 3,911 10, 787 816 4,656 5,315 June 25,075 5,957 10,032 9,087 14. 413 5,154 5.433 3,826 10,663 803 4,599 5,261 July 24,712 5,951 9,830 8,931 14,157 5,133 5,304 3,720 10, 555 818 4,626 5,211 August 24.744 6,084 9,833 8,827 14,141 5,217 5,283 3,641 10, 603 867 4,650 5,188 September. 24.973 6,308 9,853 8,811 14,408 5.440 5,316 3,652 10,565 869 4.538 5,159 October 25.292 6,559 9,939 8,795 14,679 5.629 5,402 3.649 10, 612 929 4,537 5,145 November.. 25,476 6,762 9,964 8,751 14,864 5,804 5,432 3,628 10,612 957 4,532 5,123 December.. 25,492 6,877 9,941 8,674 14,965 5,937 5,424 3,604 10,527 940 4,617 5,071 1933—January 25,641 7, 050 10,023 8,568 15,116 6,109 5,470 3,537 10,525 941 4.553 5,031 February 24,978 6,722 9,847 8,409 14,645 5,842 5,368 3,435 10,333 880 4,479 4,974 March « April» 21,710 6,120 8,520 7,071 13.078 5,331 4,756 2,990 8.633 788 3,764 4,081 May» 22,509 6,517 8,842 7,150 13 815 5,766 4,991 3, 058 8,694 751 3,851 4,092 June 3 22,974 6,669 9,031 7,273 14.241 5,923 6,162 3,156 8,732 746 3,869 4,117 July* 23,160 6,424 9,309 7,427 14.100 5,597 5,329 3,174 9,060 826 3,980 4,253 August 23.039 6,282 9,318 7 439 13,920 5.468 5,299 3,153 9,119 814 4,019 4,286 September'.. 23,140 6,318 9,345 7,477 14,027 5,516 5,333 3,178 9,113 802 4,012 4,299 October 3 23, 360 6. 341 9, 453 7,575 14,243 5, 535 5, 450 3,249 9,126 805 3.994 4,326 November 3_. 23, 480 6, 289 9, 531 7,0(5(5 14,34: 5, 475 5. 543 3,330 9,139 814 3,988 4, 386 I »Central reserve city banks only. 2 March data not available4 3 Licensed banks only* Back figures.—See Annual Reports for 1932 (table 69), 1931 (table 49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN JANUARY 1934 ALL BANKS IN THE UNITED STATES—LOANS AND INVESTMENTS [In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1928—June 30... 57,265 39,464 17,801 35,061 24,303 10,758 9,242 5,518 3,723 12,962 9,643 3,320 Oct. 3 57,219 39,671 17,649 34,929 24,325 10,604 i 9,242 15,518 i 3,723 12,049 9,828 3,222 Dec. 31 58,266 40,763 17,504 35,684 25,155 10,529 9,390 5,694 3,696 13,192 9,913 3,279 1929—Mar. 27... 58,019 40,557 17,462 24,945 10,448 19,390 15,694 13,696 13,236 9,918 3,317 June 29— 58,474 41,512 16,962 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,961 3,246 Oct. 4 68,835 42,201 16,634 35,914 26,165 9,749 » 9,556 15,892 13,664 13,366 10,144 3,221 Dec. 31 58,417 41,898 16,519 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,803 3,217 1930—Mar. 27... 57,386 40,686 16,700 35,056 25,119 9,937 i 9,463 15,945 13,518 12,868 9,623 3,245 June 30— 58,108 40,618 17,490 35,656 25,214 10,442 9,747 6,009 3,739 12,706 9,395 3,309 Sept. 24... 57,590 39,715 17,875 35,472 24,738 10,734 19,747 16,009 13,739 12,371 8,968 3,402 Dec. 31-.... 56,209 38,135 18,074 34,860 23,870 10,989 9,987 6,068 3,920 11,362 8,196 3,165 1931—Mar. 26... 55,924 36,813 19, 111 34,729 22,840 11,889 19,987 16,068 13,920 11,208 7,906 June 30.... 55,021 35,384 19,637 33,923 21,816 12,106 10,506 6,169 4,337 10,593 7,399 3,194 Sept. 29... 53,365 33,750 19,615 33,073 20,874 12,199 i 10,506 i 6,169 14,337 9,786 6,707 3,079 Dec. 31—. 49,704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30.... 46,071 27,834 18,237 28,001 16,587 11,414 10,316 6,130 4,186 7,755 5,117 2,637 Sept. 30—. 45,852 26,985 18,867 28,045 15,924 12,121 »10,316 i 6,130 i 4,186 7,491 4,931 2,560 Dec. 31—. 44,946 26,063 18,883 27.469 15,204 12,265 10,182 6,079 4.103 7.295 4.780 2.615 1933—June 30... 40,089 2 22,215 2 17,874 2 24, 786 2 12,858 11,928 10,044 5,941 4,103 2 5, 258 2 3,415 2 1,843 * Figures of preceding call carried forward 1 Licensed banks only. ALL BANKS IN THE UNITED STATES—DEPOS- NUMBER OF BANKS ITS, EXCLUSIVE OF INTERBANK DEPOSITS [All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks, [In millions of dollars. Includes national banks, State commercial and all private banks under State supervision] banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] Member banks Nonmember banks Nonmember banks Date Total Mu- Other Date ba A n l k l s M b e a m nk b s er M sav u i t n u g a s l no O n t m he e r m- Total ti N on a a - l State t s in u a g a v s l - m n b o e e m n r - banks ber banks banks banks 1928-June 30- 53,398 32,133 12,612 1928—June 30. 25,941 8,929 7,685 1,244 615 16,397 Oct. 3_ — 53,720 32,138 18,653 12,929 Oct. 3 25,828 8,896 7,670 1,226 1615 16,317 Dec. 31- 56,766 34,826 8,849 13,091 Dec. 31 25,576 8,837 7,629 1,208 612 16,127 1929—Mar. 27- 54,545 33,215 18,849 12,481 1929-Mar. 27 25,341 8,755 7,569 ,186 1612 15,974 June29_. 53,852 32,284 8,983 12,584 June 29 25,110 8,707 7,530 ,177 611 15,792 Oct. 4_._ 55,180 33,004 18,983 13,193 Oct. 4 24,951 8,616 7,468 ,148 1611 15,724 Dec. 31- 55,289 33,865 8,916 12,507 Dec. 31 24,630 8,522 7,403 ,119 15,499 1930—Mar. 27- 53,185 32,082 18,916 12,187 1930-Mar.27 24,223 8,406 7,311 ,095 1609 16,208 June 30— 54,954 33,690 9,197 12,067 June 30 23,852 8,315 7,247 ^,068 606 14,931 Sept. 24.. 52,784 31,839 19,197 11,748 Sept. 24 23,590 8,246 7,192 1,054 1606 14,738 Dec. 31... 53,039 32,560 9,507 10,972 Dec. 31 22,769 8,052 7,033 1,019 14,114 1931—Mar. 25,. *1, 427 31,153 i 9,507 10,767 1931—Mar. 25 22,372 7,928 998 1603 13,841 June 30- 51,782 31,566 10,017 10,199 June 30 21,903 7,782 6,800 982 600 13,521 Sept. 29.. 49,152 29,469 U0,017 9,666 Sept. 29 21,294 7,599 6,653 946 1600 13,095 Dec. 31— 45,821 27,432 10,105 8,284 Dec. 31 19,966 7,246 6,368 878 597 12,123 1932—June 30— 41,963 24,755 10,020 7,188 1932—June 30 19,046 6,980 6,145 835 594 11,472 Sept. 30- 41,942 24,903 U0,020 7,020 Sept. 30 18,794 6,904 6,080 824 1594 11,296 Dec 31... 41,643 24,803 10,022 6,818 Dec. 31 18,390 6,816 6,011 805 694 10,980 1933—June 30— »38,011 2 23,338 9,713 2 4,961 1933—June 30 214,530 5,606 4,897 >709 576 2 8,348 i Figures of preceding call carried forward. i Figures of preceding call carried forward, 1 Licensed banks only. * Licensed banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN 19 REPORTING MEMBER BANKS IN 90 LEADING CITIES * [In millions of dollars] Total—90 leading cities New York City 89 other leading cities Loans and investments Loans and investments Date Bor- Bor- T lo o a t n a s l Bor- Investments rowings Investments rowings and in- rowings Loans All at F.R. Loans All at F.R. vest- at F.R. Total on se- other banks Total on se- other banks ments banks curities loans Total c U u . r S i . t i s e e s - curities loans Total c U u . r S i . t i s e e s - July 5.... 16,686 3,811 4,719 8,156 5,203 6,937 1,847 1,607 3,483 2,409 9,749 31 July 12... 16,724 3,874 4,768 8,082 5,126 6,932 1,894 1,609 3,429 2,354 9,792 21 July 19... 16,766 3,864 4,790 8,112 5,140 6,858 1,862 1,596 3,400 2,332 9,908 22 July 26... 16,662 3,789 4,772 8,101 6,117 6,731 1,790 1,579 3,362 2,293 9,931 28 Aug. 2.... 16,557 3,772 4,774 8,011 5,048 6,732 1,778 1,596 3,358 2,300 9,825 31 Aug. 9-.. 16, 524 3,768 4,770 7,986 5,037 6,722 1,775 1,590 3,357 2,307 9,802 28 Aug. 16... 16,708 3,795 4,788 8,125 5,186 6,743 1,800 1,603 3,340 2,299 9,965 38 Aug. 23._. 16,605 3,737 4,768 8,100 5,155 6,685 1,757 1,589 3,339 2,287 9,920 29 Aug. 30-. 16,607 3,766 4,767 8,074 5,131 6,726 1,794 1,591 3,341 2,293 9,881 30 Sept. 6.... 16, 562 3,748 4,790 8,024 5,083 6,711 1,795 1,610 3,306 2,257 9,851 27 Sept. 13- 16,580 3,773 4,823 7,984 5,044 6,744 1,820 1,624 3,300 2,252 9,836 22 Sept. 20- 16,592 3,703 4,857 8,032 5,086 6,742 1,743 1,631 3,368 2,314 9,850 20 Sept. 27- 16,529 3,687 4,853 7,989 5,056 6,698 1,731 1,613 3,354 2,297 9,831 22 Oct. 4___. 16, 548 3,651 4,914 7,983 5,022 6,728 1,699 1,666 3,363 2,271 9,820 20 Oct. 11... 16,536 3,637 4,933 7,966 4,994 6,733 1,683 1,706 3,344 2,236 9,803 23 Oct. 18... 16,592 3,673 4,970 7,949 4,987 6,782 1,712 1,749 3,321 2,226 9,810 20 Oct. 25... 16,467 3,584 4.959 7.924 4,956 6,670 1,636 1,741 3,293 2,194 9,797 22 Nov. 1... 16, 749 3,604 4,989 8,156 5,164 6,822 1,666 1,759 3,397 2,274 9,927 24 Nov. 8.... 16,719 3,590 5,003 8,126 5,147 6,778 1,657 1,771 3,350 2,231 9,941 21 Nov. 15.. 16,681 3,557 5,000 8,124 5,138 6,754 1,624 1,769 3,361 2,231 9,927 21 Nov. 22.. 16, 619 3,549 4,959 8,111 5,111 6,719 1,618 1,728 3,373 2,230 9,900 22 Nov. 29.... 16,672 3,569 4,999 8,104 5,114 6,804 1,651 1,790 3,363 2,225 9,868 25 Dec.r6___. 16, 600 3,556 4,941 8,103 5,136 6,733 1,630 1,737 3, 366 2,249 9,867 24 Dec/13... 16,519 3,596 4,875 8,048 5,148 6, 650 1,663 1,681 3,306 2,251 9,869 25 Dec. 20-. 16, 694 3,600 4,859 8,235 5,288 6,730 1, 666 1,695 3, 369 2,269 9,964 23 Dec. 27... 16, 666 3,628 4,774 8,264 5,267 6,756 1,722 1,664 3,370 2,253 9,910 24 » See note on p. 273, May BULLETIN, explaining the basis on which these figures have been compiled Back figures.—See August BULLETIN, pp. 519-523 BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N.Y. CITY [Net borrowings on demand and on time. In millions of dollars] [In millions of dollars. Monthly data are averages of weekly figuresl From New From private For ac- York banks banks, brokers, For count of For ac- Total and trust com- foreign banking Month or date Total own ac- out-of- count of End of month panies agencies, etc. count b t a o n w k n sl others 1932 1933 1932 1932 1933 1932— October 411 389 16 6 November 354 336 12 6 December. . _. 393 377 12 4 January 612 359 374 270 138 ^933—January 380 365 11 4 February... 625 360 385 298 140 February 433 416 10 7 March 633 311 391 247 142 March 398 373 18 7 April 399 374 21 4 April 379 322 300 268 79 May. 578 555 17 6 May 300 529 243 461 57 June .. 755 712 36 7 June 244 780 194 694 49 July 919 j 806 105 8 August 877 747 122 8 July 242 916 195 822 47 September 847 741 98 8 August 332 917 248 841 85 October 779 ! 663 111 5 September.. 380 897 292 November 723 | 611 106 6 December 759 j 631 122 6 October 326 776 263 706 November.. 338 789 278 712 Dec. 6 . 723 605 111 7 December.. 347 845 279 776 Dec 13 760 629 124 Dec. 20 753 j 621 127 5 Dec 27 801 671 125 5 Back figures.-—See Annual Reports for 1932 (table 84) and 1927 (table 47). i Member and nonmember banks outside New York City (domestic banks only). Back figures.—See Annual Reports for 1932 (table 83), 1931 (table 62) 1930 (table 56), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN JANUARY 1934 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR CLASSES OF BANKERS' ACCEPTANCES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions o»f dollars] H er e a l l d b a R b n e y k s s e F r e v d e - Held b b y a n a k cc s epting s o t n B o r a g e s o d e o d d in s B go a o o s n e d d s United stored BasedBased States in Total For Held on on ex- (ware- Dollar foreign End of month out- ac- by End of month Total im- ports house ex- counstand- For count others ports from credits) change tries or ing own of for- Own Bills into U.S. or shipped ac- eign 1 otal bills bought U.S. shipped becount corre- between tween spond- domestic foreign ents points points 1931—August 1 090 70 228 606 168 438 186 OUTSTANDING September- 996 420 100 410 162 248 67 1932—November 720 81 161 237 9 232 October 1,040 647 99 230 112 118 63 December 710 79 164 230 10 228 November.. - 1,002 418 126 296 125 171 161 December..- 974 305 251 262 131 131 156 1933—January 707 71 166 222 11 237 February 704 71 174 219 9 231 1932 —January 961 119 314 332 159 174 195 March. 671 73 175 184 8 230 February 919 76 312 343 175 168 189 April 696 77 176 199 10 234 March 911 36 335 377 155 222 163 May 669 77 174 185 9 225 April 879 16 292 455 188 268 115 June 687 80 168 217 9 213 May 787 4 183 510 225 286 90 July . . 738 86 168 255 10 219 June 747 36 98 518 200 318 96 August 694 95 160 229 4 206 July 705 12 69 563 197 366 70 September. ... ... 715 103 171 237 4 199 August 681 3 49 674 198 376 55 October 737 99 185 253 5 195 September 683 2 43 573 159 414 64 November 758 98 200 278 4 180 October 699 3 39 605 199 406 52 HELD BT F. It. BANES November- 720 4 32 655 268 386 28 (OWN ACCOUNT) * December. ._ 710 4 40 604 224 380 62 1932—November 4 8 (') 3 (2) 1 1933—J anuary 707 2 41 626 256 370 38 December.. 4 1 2 1 February 704 307 30 325 201 124 42 1933—January 2 (j) 1 1 J A J M A M u u u p a l n a g y r r y e i u c l h st 6 7 6 6 6 6 9 3 9 6 8 7 4 8 7 1 7 9 2 1 4 8 6 1 1 2 1 0 4 3 4 3 4 3 4 3 0 7 5 6 3 6 4 4 4 5 2 5 9 8 0 5 6 0 9 7 2 1 4 5 2 2 2 2 2 1 5 0 2 0 4 5 2 1 8 9 6 3 2 3 2 2 1 1 4 0 8 7 9 0 7 4 7 6 8 9 1 1 1 1 5 8 8 4 1 2 4 5 7 6 3 5 J J A M M F u u e p a n a l b r y r y e i r c l u h . a . ry 2 3 1 • 4 8 6 0 1 1 0 7 4 2 3 (2 3 3 2 ) 1 3 2 7 0 5 3 5 8 3 6 6 6 1 (2) 1 8 0 3 1 5 1 2 8 7 4 5 2 1 9 6 0 1 7 7 6 6 6 1 S O e c p to t b e e m r ber- 7 7 3 1 7 5 1 1 3 4 1 1 5 5 1 9 7 2 2 27 3 1 6 2 32 8 1 2 1 1 5 1 6 2 A Se u p g t u e s m t ber 1 1 (2) ( ( * 2) ) (») 1 November.. 758 18 o 599 273 326 138 October 1 (2) (2) (2) December 127 4 November 18 2 4 4 Figures for acceptances outstanding (and held by accepting banks) i Total holdings of Federal Reserve banks include a small amount of from American Acceptance Council. unclassified acceptances > Less than $500,000. Back figures.—See Annual Reports for 1932 (table 91), 1931 (table 70), 1930 (table 64), 1929 (table 58), and 1928 (table 61). Back figures.—Bee Annual Reports for 1932 (tables 88 and 28), 1931 (table 15), 1930 (tables 61 and 14), etc. ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- HOLDINGS OF FEDERAL RESERVE BANKS COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] [In millions of dollars] End of month 1930 1931 1932 End of month 1930 1931 1932 1933 January— 1,035 36,119 January- 404 327 108 85 February.. 1,038 23,958 February . 457 315 108 84 March 1,040 1,063 March 529 311 106 72 April 1,054 1,074 April 553 307 108 64 May 1,058 1,073 May 541 305 111 60 June 1,064 10, 551 June 527 292 103 73 July _ 1,065 34,371 July 528 289 100 97 August 1,071 145,215 August 526 271 108 107 September 1,075 48.804 6,068 September 513 248 110 123 October... 21, 583 33, 501 5,686 October— 485 210 113 130 November. 31,587 33, 386 6,841 November. 448 174 110 133 December. 35,983 33,429 6,033 December. 358 118 81 Back figures—See Annual Eeport for 1932 (table 24). Back figures.—See Annual Report for 1930 (table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN 21 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES ^DISCOUNT RATES RATES IN NEW YORK CITY [Percent per annum] Rates on rediscounts for and advances to member banks under sections 13 and 13 (a) of the Federal Reserve Act] Prevailing rate on— Average rate Average yield on— on— Rate in Date estab- Previous Call loans ! U.S. Federal Reserve bank effect on lished fate Prime Treas- Jan. 1 bank- ury N Bo ew sto Y n ork I N Oc o t v . . 2 2 0 , , 1 1 9 9 3 3 3 3 Month or week m p 4 c a e o t r p o m c e i r 6 - a , l a a c n e c 9 c r e 0 s e p ' s t , - d l T o a i 9 a y m 0 n s s e 2 , New ne R w e- al c c n e a a o r n t t t e i d e f s s i , - b T o u r n r e d y a s s * - Philadelphia.. Nov. 16,1933 months days 3 to 6 Cleveland Oct. 21,1933 months Richmond Jan, 25,1932 1932 Atlanta Nov. 14,1931 December 1 00 1 00 * 04 3 48 Chicago Oct. 21,1933 1933 S M t. m L n o e u a i p s olls.. 3H J S u e n p e t . 1 8 2 , , 1 1 9 9 3 3 3 0 January H- %A \4 LOO 1.00 .07 3.39 Kansas City... Oct. 23,1931 February \y~VA '* /B 1.00 1.00 .01 3.47 Dallas. Jan. 28,1932 March 2H-3Hs 3.27 % 32 * 1.34 3 58 San Francisco Nov 3,1933 April 2 -3^ 1 -VA 1.29 1.37 .45 3.6fi May 2 -2}i H 1 -l\i 1 00 LOO .29 3.47 June H 1 00 1 00 * 07 3.40 Back figures.—See Annual Reports for 1932 (table 53),1931 (table 36). July VA-W H- Y> V-VA 1.00 1.00 .19 3.38 The following special rates were also in effect at the August V/2 %- v> l -VA .98 .98 .01 3.40 Federal Reserve banks on January 1, 1934: September H Yi-% .75 .75 <.O4 3.40 Percent October __ VA H H- 3A .75 .75 .09 3.42 Advances to member banks under sec. 10 (b) of the Federal Re- November H-tt .75 .75 .22 3.60 serve act, as amended by sec. 402 of the act of Mar. 9, 1933: December V/i-VA H-VA .94 .94 *.29 3.64 At the Boston, New York, Philadelphia, Cleveland, Chicago, and San Francisco Federal Reserve banks 4 Week ending- At the Atlanta, St. Louis, and Dallas Federal Reserve banks, m Doc. 2 V/i-VA Yi % . 75 .75 .21 3.63 At R e t s h e e r v R e i b c a h n m k o s nd, Minneapolis, and Kansas City Federal 5 Dec. 9 •r>/s .82 .80 .40 3.66 Advances to nonniember banks and trust companies under sec. Dec. 16 V/i-VA H 1-1 n 1.00 1.00 3.64 404 of the act of Mar. 9, 1933, as amended by the act of Mar. 24, Dec. 23 '/S \~V/x 1. 00 1.00 .25 3.64 1933: Dec. 30 VA H 1 1.00 1.00 .25 3.62 At the Boston. New York, Philadelphia, Cleveland, Chicago, and San Francisco Federal Reserve banks 4 At the Atlanta and Dallas Federal Reserve banks... 4^ 1 Stock exchange call loans; new and renewal rates. At the Richmond, St. Louis, Minneapolis, and Kansas City J Stock exchange 90-day time loans. Federal Reserve banks 5 » 3 issues—3H, 3%, 4 percent; yields calculated on basis of last redemp- Discounts for individuals, partnerships, and corporations under tion dates—1947, 1956, and 1954. the third paragraph of sec. 13 of the Federal Reserve act, as 4 Change of issue on which yield is computed. amended by sec. 210 of the act of July 21, 1932 6 Back figures.—See Annual Report for 1932 (tables 56 and 57), 1931 Advances to individuals, partnerships, and corporations secured (tables 39 and 40), 1930 (tables 36 and 37), 1929 (tables 35 and 36), etc. by direct obligations of the United States under the last paragraph of ''ee 13 of the Federal Reserve act, as amended by sec. 408 of the 'tot of Mar M, 1933: RATES CHARGED CUSTOMERS BY BANKS IN At the Boston, New York, Philadelphia, Cleveland, Chicago, PRINCIPAL CITIES and San Francisco Federal Reserve banks 4 At the Richmond, Atlanta, St. Louis, Minneapolis, Kansas City, and Dallas Federal Reserve banks 4H [Weighted avera;es of prevailing rates] BUYING RATES ON ACCEPTANCES New York City a 8 n d o th ea er s te n r o n r t c h i e ti r e n s 27 w s e o st u e t r h n e r c n i ti a e n s d [Buying rates at the Federal Reserve Bank of New York] Month Rate in Date estab- Previous 1931 1932 1933 1931 1932 1933 1931 1932 1933 Maturity effect on lished rate Jan. 1 Tanuary 4.24 4.71 4.12 4.61 5.07 4.89 5.50 561 5.60 1-15 days... Oct. 20,1933 1 M Fe a b r r c u h ary 4 4 . .3 2 1 0 4 4 . .7 7 2 1 4 4 . . 8 1 8 1 4 4 . . 6 6 3 2 5 5 . .1 1 4 3 4 5 . . 8 3 4 9 5 5 . . 4 4 0 3 5 5 6 6 1 4 5 5 . . 5 6 6 6 16-30 days.. .—do , 1 April 4 17 4.69 4.57 5.10 5.09 5.36 5 5.68 31-45 days._ ....do 1 May 4 11 4 55 4 24 4.55 5.14 4.99 ?6 5 64 5.66 46-60 days.. ....do 1 J J u u n ly e 4 4 .1 0 3 5 4 4 . . 6 4 1 2 4 10 4 4 . . 4 4 9 8 5 5 . . 1 0 3 5 4 4 . . 9 8 7 2 5 5 . . 3 3 4 0 5 5 .6 6 3 2 5 5. . 5 6 4 2 61-90 days.. ....do. 1 August 397 4.45 3.97 4.47 5. 12 4.68 5 28 5.68 5.53 91-120 days. .....do 1 September— 3.93 4.30 3.79 4.48 5.03 4.65 5.32 5.63 5.55 121-180 days do m N Oc o t v ob e e m r ber- 4 4 . 6 2 7 7 4 4. . 1 3 2 5 3 3 . . 7 5 6 2 4 4 . . 8 6 7 2 4 4 . . 8 9 8 6 4 4 .5 5 4 1 5 5 . . 3 5 8 3 5 5 . . 5 5 6 5 5 5. . 4 5 2 0 December. v 4 64 4 22 3.48 4.91 4.88 4.59 5.56 5.60 5.43 NOTE.—Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. Back figures.—See Annual Reports for 1932 (table 54) and 1928 (table 35). Back figures.—See Annual Reports for 1932 (table 59), 1931 (table 42) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN JANUARY 1934 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [Amounts in millions of dollars] Interest-bearing Non- Interest-bearing debt in- Total ter- ( d g e r b o t s ) s Total Bonds Notes C tif e i r - - Bills be es ar t - Total Bondsi Notes C c e a r t t e if s i- Bills cates ing Outstanding Dec. 31, 1933— 1932 Total 23, 450 15, 569 5,125 1,753 1,003 February, _. 18,126 17,820 14,307 795 2,200 305 Obligations maturing— March 18,507 18,190 14,307 796 2,568 317 Before Apr. 1, 1934__ 1,463 460 1,003 April 18, 597 18,287 14,307 796 2,562 309 Apr. 1-June 30, 1934 1,427 2 1,008 244 175 May 19,037 18,729 14, 277 1,041 2,792 308 July 1-Dec. 31, 1934 1,337 345 992 June 19,487 19,161 14, 250 1,465 2,831 326 1935 - . 771 771 July— 19, 612 19,297 14, 257 1,487 2,907 314 1936 1,335 49 1,286 August 20,067 19,758 14, 257 2,197 2,656 309 1937 1,336 1,336 September- 20, 611 20,296 14, 257 3, 031 2,385 315 1938 5,286 4,388 898 October 20,813 20,485 14, 257 3,539 2,044 328 1939-43 1,732 1,732 November.. 20,807 20,476 14,257 3,539 2,038 331 After 1943 7,724 7,724 December.. 20,805 20,448 14, 223 3,299 2,284 357 Other obligations 3 1,039 668 245 126 1933 1 Issued classified as of date of final maturity; most issues are callable January 20,802 20,454 14, 230 3,298 2,285 641 at earlier dates. Amount callable before Dec. 1, 1934, $7,978,000,000, February. _. 20,935 20, 584 14, 230 3,576 2,138 641 351 including Fourth Liberties that have been called and certain pre-war March 21, 362 20,992 14,230 3,575 2,369 817 371 issues that are held as collateral for circulating notes. April 21,441 21,087 14, 230 3,575 2,363 918 354 2 Approximate amount of Fourth Liberty 4K's called for redemption May 21,853 21,469 14, 223 4,148 2,119 979 385 as of Apr. 15, 1934, and not yet redeemed on Dec. 31,1933. June _- 22,539 22,158 14,223 4,780 2,200 954 381 3 Includes the 2 percent Consols of 1930, which are held as collateral July 22,610 22, 240 14,239 4,800 2,246 954 371 for circulating notes, and such issues as Postal Savings bonds, retirement- August 23,099 22, 723 15,074 5,153 1,543 953 376 fund notes, and adjusted service certificate series, in which special funds September- 23,051 22,672 15,074 5,151 1,495 952 379 are invested. October 23,050 22, 669 15,074 5,150 1,493 952 381 November.. 23, 534 23,161 15,569 5,148 1,492 952 373 December__ 23, 814 23,450 15,569 |5,125 1,753 1,003 364 SUMMARY OF TREASURY OPERATIONS [In millions of dollars. On basis of daily statement of United States Treasury] Receipts Expenditures Excess of (-) during month receipts Month Total 1 I I n n c t t a e o x r m n e al re O ve th n e u r e C l m a u n a i s s e n t c o o d e u m l s - s Total 2 General 3 g E e m nc e y r - 4 p t o e u r n r e e d x s i- - G ba f e u l n a n e n d r c a e l G d r e o b s t s Fiscal year ending: June 1932 2,121 1,057 503 445 4,862 4,386 768 -2, 741 -55 +2, 686 June 1933 2,238 746 858 476 4,845 3,866 1,277 -2,607 +445 +3,052 Six months ending: December 1932____ 1,096 343 387 248 2,277 1,729 477 -1,180 +138 +1,319 December 1933 1,544 325 875 268 2, 655 1,438 1,156 -1,111 +165 +1, 276 1932 July 101 17 42 27 "498 351 150 -397 -272 +125 August. 111 15 55 29 "373 236 116 -262 +194 +455 September... _ 260 142 73 31 c 281 252 15 -21 +523 +544 October 148 14 78 37 c 456 358 83 -308 -107 +201 November 125 15 67 31 '283 235 37 -158 -165 -6 December 352 141 73 93 '386 297 76 -34 -35 -1 1933 January 134 16 70 26 358 226 112 -224 -227 -3 February.- 121 24 64 20 360 200 147 -239 -106 +133 March _._ 283 181 67 22 439 273 157 -156 +271 +428 April 131 19 69 22 461 338 109 -330 -252 +79 May 167 16 94 45 455 249 192 -288 +124 +412 June _ 306 147 106 29 493 388 82 -187 +498 +685 July_._. 179 13 113 37 278 5196 «75 -99 -28 +71 August _ 197 14 135 38 321 171 139 -124 +366 +489 September 333 136 146 39 339 248 81 -6 -54 -48 October. 273 10 195 50 509 396 104 -236 -236 0 November 219 19 127 63 505 201 294 -286 + 198 +484 December 342 133 158 41 703 227 463 -361 -81 +280 c Corrected; corresponding figures for first six months of 1932 (as published in the December 1933 BULLETIN) also corrected as follows-' January, 233; February, 371; March, 385; April, 544; May, 441; June, 661. 1 Total includes special fund and 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. 4 Prior to July 1933 emergency expenditures include only net expenditures for the Reconstruction Finance Corporation; other expenditures, later classified as emergency, are included in general expenditures. 5 Beginning with July 1933 figures are not strictly comparable with those for earlier months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN 23 BOND PRICES STOCK PRICES [Averages] Preferred Common stocks (index, 1926=100) stocks Other bonds i Month or date (indus- United tri g a r l a h d i e g ) h- Total In tr d i u al s- R ro a a i d l- Utility States Corpo- Corporate Month or date Govern- rate and b m o e n n d t s m g (h r i u p a i n g d a i h l e c - ; - Total In tr d ia u l s- R ro a a i d l- Utility Number of issues 20 421 351 33 37 1932—October 99.8 50 48 28 81 November 97.4 48 45 26 78 December . .. 95.4 47 45 26 80 Number of issues > 13 »60 60 20 20 20 1933—January 97.8 49 46 28 82 1932— D N e o c v e e m m b b e e r r . 1 1 0 01 2 . . 7 3 8 8 2 3 . . 2 1 6 67 9 . . 7 2 6 62 3 . . 4 0 6 59 3 . . 6 0 8 8 1 1. . 7 1 M Fe a b r r c u h ary 9 9 3 5. . 7 1 4 43 5 4 4 2 3 2 2 6 7 7 6 3 7 1933— M F J e a a b n r u r c u a h r a y ry 1 1 1 0 0 0 2 3 1 . . . 4 3 0 8 8 7 2 4 6. . . 7 5 1 7 6 66 0 8 . . . 0 7 5 6 6 6 4 0 2 . . . 9 7 1 6 6 6 3 0 2 . . . 4 6 9 8 8 7 3 0 6 . . . 9 7 8 J A J M u u p n a l r y y e il 1 1 1 9 0 0 1 5 9 3 2 . . . . 7 7 3 5 4 7 8 6 8 5 0 3 4 6 8 7 9 5 4 7 4 2 3 5 4 6 8 3 9 9 6 7 7 8 4 9 A M p a r y il 1 1 0 02 1 . . 4 3 8 7 2 5. . 4 0 6 7 4 2. . 4 8 6 6 8 1 . . 2 0 5 69 8 . . 4 9 7 7 9 4 . . 5 7 S A e u p g t u em st ber 1 1 1 1 2 2 . . 0 9 7 75 5 8 79 1 4 4 9 7 8 8 0 7 J J u u l n y e. . 1 1 0 0 3 3 . . 2 3 8 89 6 . . 6 8 8 7 1 7 . . 5 7 7 7 2 5 . . 8 6 8 7 2 6 . . 2 1 8 86 4 . . 8 2 O N c o t v o e b m er ber 1 1 0 0 7 9 . . 5 8 6 7 9 0 7 7 6 7 3 4 8 0 7 7 6 0 A Se u p g t u e s m t ber.. _. 1 1 0 0 3 2 . . 0 9 8 8 7 9 . . 9 9 7 8 7 0 . . 5 8 7 7 5 4 . . 9 5 8 7 1 6 . . 2 8 8 8 1 5 . . 4 3 December 107.7 70 79 40 67 O N D c o e t c v o e e b m m er b b e e r r _ 1 1 1 0 0 0 2 0 0 . . . 9 5 0 8 8 8 2 6 3 . . . 6 6 5 7 7 7 5 2 3 . . . 3 1 6 7 7 7 2 0 1 . . . 7 5 5 7 6 7 3 8 2 . . . 5 5 2 7 7 7 9 7 7 . . . 7 3 1 D D D e e e c c c . 1 6 2 3 0 1 1 1 0 0 0 7 8 7 . . . 5 5 6 7 7 0 2 2 8 8 8 7 1 1 6 4 4 4 2 0 1 6 6 7 5 9 1 Dec. 27 107.2 69 78 39 64 Dec. 6 100.0 83.3 73.2 71.4 71.3 77.1 Dec. 13 100.1 84.0 74.3 71.9 73.1 77.9 Dec. 20 99.8 83.4 73.3 71.3 72.1 76.7 Source.—Standard Statistics Co. Dec. 27 100.0 83.8 73.4 71.1 73.2 76.0 CAPITAL ISSUES 1 Price averages computed from yields. 2 Three liberty bonds and now 10 Treasury bonds; prior to Nov. 1, [Long-term; i.e., 1 year or more. In millions of dollars] 1933, 9 Treasury bonds, and prior to Aug. 15, 1933, 8 Treasury bonds. 3 45 corporate and 15 municipal. Source.—For United States Government bonds, Federal Reserve Bank New issues of New York; for other bonds, Standard Statistics Co. Refund- Domestic ing BOND YIELDS1 Total issues Year and month (do- (do- Month or date T U u re . r S a y . s- M ( i h p u i a g n h l i ' c - - Corporate, by ratings 3 m e a f i e o g n s r n d t - i ) c t T a o n - S n m a p t i n a a c u d l t i - e - B n a o o C n n t d o e d s r s po S r t a o t c e ks e F i o g r n - m e a f i e o g n s r n d - t ) ic grade) Aaa Aa A Baa Number of issues— 3 15 30 30 30 30 1 1 9 9 2 2 6 5 . . 6 6, , 3 2 1 0 4 1 5 5 , , 1 1 2 8 5 9 1 1, , 3 3 4 5 4 2 2 2 , , 6 4 6 5 7 2 1 1 , ,0 1 8 5 7 3 1 1 , , 0 1 7 2 6 5 1,0 9 4 2 6 5 1932— J J A S O M u u e u c n a p l t g e y y o t u e b . m s . e t r ber _ 3 3 3 3 3 3 . . . . . . 5 7 5 5 7 6 4 4 7 8 5 7 4 4 4 4 4 4 . . . . . . 7 3 3 5 7 8 7 9 7 0 8 1 4 4 4 5 5 5 . . . . . . 2 6 3 4 9 7 6 4 6 1 1 0 6 6 5 5 6 5 . . . . . . 5 3 8 6 6 5 4 8 3 1 0 1 8 8 8 6 6 6 . . . . . . 1 4 5 8 4 4 9 0 0 4 4 5 1 1 1 8 7 7 0 1 1 . . . . . . 2 8 6 7 5 6 2 7 1 9 2 3 1 1 1 1 1 1 9 9 9 9 9 9 2 3 2 2 3 3 7 2 9 0 8 1 . . . . . . 1 8 6 7 3 1 0 , , , , , , 9 5 0 0 1 0 0 5 9 4 6 9 9 6 9 0 1 5 6 9 6 6 2 1 , , , , , , 4 7 0 2 8 1 2 8 0 1 6 5 0 9 4 9 0 7 1 1 1 1 1 , , , , , 3 2 4 4 4 7 7 3 1 7 3 5 9 5 8 5 4 5 3 2 2 2 1 , , , , , 1 3 9 0 2 3 8 8 7 8 4 0 3 5 8 0 0 5 2 5 1 1 , , , , 9 4 9 5 3 7 0 2 6 2 1 1 4 4 3 0 1 1 1 , , 3 2 9 6 2 3 5 0 2 7 7 8 1 5 9 1 2 1 1 , , , 8 9 4 7 5 2 5 2 4 1 8 2 8 2 9 1 3 0 November 3.55 4.38 4.63 5.57 6.53 8.24 December 3.48 4.37 4.59 6.60 6.61 8.42 1932—December.. 124 124 35 1933— A J J M M N F S A O D u u J e e u o e p c a n a a l p b c g v t n r y r y e t o i e r u u e c e . l u b m _ s a m h m t a e r . b b y r — b r e y , e e . r r r 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . 4 4 6 5 4 3 4 6 4 5 3 4 7 0 0 8 2 9 7 4 0 5 8 0 4 4 4 4 4 4 5 5 4 4 4 4 . . . . . . . . . . . . 2 5 5 8 0 6 2 6 8 2 7 8 7 9 4 8 5 0 8 0 9 3 1 9 4 4 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . . . 3 3 4 5 4 6 3 5 6 7 4 3 4 5 4 4 8 3 0 0 8 8 6 6 4 4 4 4 5 5 6 5 5 5 5 5 . . . . . . . . . . . . 9 9 3 4 7 3 2 0 3 8 6 8 6 7 0 0 7 5 7 9 5 3 1 1 5 6 5 5 6 6 6 6 5 6 5 6 . . . . . . . . . . . . 7 7 6 1 2 2 5 5 3 8 8 2 6 0 4 6 2 9 8 1 0 5 8 1 8 8 8 9 7 7 7 6 7 7 6 7 . . . . . . . . . . . . 3 0 4 2 7 9 1 6 9 0 7 7 6 1 9 7 4 1 2 2 8 7 5 7 1933— S J M J F A M N A O u u J e e p c u o a a p n a l b t n g r v y r o y t e i r u c e u e . l b . . u a h m s m e r a t y r b r b y e e r . r . . . . . . . 1 1 1 6 2 2 4 4 6 5 1 1 1 5 0 5 4 6 4 9 7 6 0 1 1 6 2 2 6 4 4 1 1 1 5 0 5 4 4 6 6 7 0 1 4 3 2 6 4 3 1 2 3 7 1 5 7 0 0 5 0 2 Dec. 6 3.65 4.93 4.52 5.29 6.22 7.81 i Includes issues of Federal land banks and Federal intermediate credit Dec. 13 3.63 4.87 4.48 5.23 6.14 7.62 banks, not shown separately. Dec. 20 3.64 4.88 4.50 5.28 6.22 7.80 Dec. 27 3.64 4.86 4.48 5.27 6.28 7.84 Sources.—For domestic issues: Commercial and Financial Chronicle; for foreign issues (issues publicly offered) annual totals are as finally reported by Department of Commerce, while monthly figures are as 1 Monthly data are averages of daily or weekly figures. compiled currently and are subject to revision. 2 Standard Statistics Co. Back figures.—See (for figures of new issues—annual and quarterly 3 Moody's Investors' Service. basis) Annual Report for 1932 (table 103). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN JANUARY 1934 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average —100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production * * Construction contracts awarded (value) s Fac- Factory em- tory Freight-car ployment 3 pay loadings * * Com* Year and Total Manufactures Minerals Total Residential All other rolls * modmonth I prices * Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed usted justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 98 84 139 1920 87 87 89 63 30 90 108 118 91 154 1921 . . 67 67 70 56 44 65 82 77 79 1 98 1922 85 86 74 79 68 88 | 90 81 87 I 97 1923 101 101 105 84 81 86 ' 104 103 100 101 1924 95 94 90 94 95 94 96 96 97 98 1925 104 105 99 122 124 120 100 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928 111 112 10f> 135 126 142 97 102 103 97 1929 119 119 115 117 87 142 101 108 106 95 1930 - .. 96 95 99 92 50 125 88 87 92 86 1931 81 80 84 63 37 84 74 66 75 73 1932 64 63 71 28 13 40 62 45 56 65 1930 March 106 103 109 104 91 98 102 102 64 52 141 144 93 93 98 90 96 90 April - 107 104 110 104 94 104 113 101 62 53 156 140 93 92 97 93 97 90 May 105 102 106 101 102 104 125 105 61 62 178 148 91 91 94 97 96 89 June 99 98 98 97 103 102 116 99 54 49 166 140 89 90 91 95 93 87 July — 90 93 89 92 100 100 107 95 48 47 155 135 86 87 83 95 92 84 August. -- 90 90 88 88 101 96 85 81 48 49 115 106 85 84 82 96 89 84 September 92 90 90 89 101 94 82 81 52 52 108 105 86 83 83 99 87 84 October - - 90 88 87 86 105 95 75 78 51 52 94 99 84 82 81 97 86 83 November 84 86 82 85 96 92 68 76 46 48 86 99 81 81 75 86 84 81 December 76 84 74 82 89 93 59 73 37 43 77 98 79 80 74 74 84 80 1931 January. „ 82 83 81 83 87 89 68 71 37 44 75 93 76 78 68 74 82 78 February- 87 86 88 86 84 87 68 79 42 47 89 104 77 78 73 74 80 77 March 89 87 91 87 82 89 77 77 50 47 98 100 78 78 75 75 80 76 April 90 88 91 87 83 91 82 73 62 44 107 96 78 78 74 77 80 75 May 89 87 90 87 84 87 78 65 47 40 104 85 77 78 72 79 79 73 June 83 83 83 82 86 87 74 63 41 37 101 84 75 76 68 77 77 72 July .- 80 82 79 82 86 86 68 81 36 35 94 82 74 75 64 78 76 72 August... 78 78 77 78 82 79 63 59 32 33 87 81 74 74 64 76 72 72 September 77 76 76 75 83 7? 59 59 32 32 81 80 75 73 62 78 69 71 October-. 75 73 72 71 90 83 52 55 29 30 71 76 71 70 59 78 69 70 November 72 73 70 71 84 81 43 49 26 27 57 67 69 69 56 70 68 70 December 68 74 66 72 79 84 30 38 20 23 39 50 68 69 56 61 69 69 1932 January.. 71 72 70 71 74 77 25 31 16 19 33 41 66 68 52 58 64 67 February- 71 69 70 68 75 78 23 27 15 17 30 35 67 68 54 59 62 66 March 68 67 66 64 77 84 26 26 16 15 35 36 66 66 52 58 61 66 April 64 63 63 61 72 79 31 27 16 14 43 38 64 64 49 57 59 66 May _ 61 60 60 59 65 67 31 28 14 12 45 37 61 62 46 53 54 64 June - 59 59 58 58 61 63 32 27 12 11 47 39 59 60 43 52 52 64 July 56 58 55 57 63 65 31 27 12 11 46 40 67 58 40 51 51 65 August... 59 60 58 59 66 65 32 30 11 12 48 45 59 59 40 53 51 65 September 67 66 66 65 73 70 30 30 12 12 45 44 62 60 42 61 54 65 October., 68 67 67 66 80 74 28 29 12 12 41 43 62 61 44 65 57 64 November 65 65 63 63 78 75 24 27 10 10 35 41 61 61 42 58 57 64 December 60 66 68 64 72 76 22 28 8 9 33 43 60 61 41 62 58 63 1933 January. _ 64 65 63 64 71 73 18 22 7 8 27 33 58 59 39 51 56 61 February. 64 63 63 61 76 79 18 19 7 8 23 1 27 59 59 40 51 54 60 March 60 60 58 56 74 81 14 14 8 8 18 18 57 57 37 48 50 60 April 67 66 68 66 65 72 16 14 11 10 19 17 58 58 39 51 53 60 May 80 78 80 78 76 78 19 16 13 11 24 20 60 61 42 56 66 63 June 91 92 93 93 82 84 21 18 14 13 27 23 64 65 46 60 60 65 July 96 100 97 101 89 90 24 21 13 13 32 28 69 70 50 66 65 69 August.. _ 90 91 89 91 94 91 25 24 12 12 36 33 73 73 56 65 61 70 September 85 84 84 84 93 87 30 30 12 12 45 45 77 74 58 68 60 71 October. _ 78 77 77 76 88 81 35 37 12 12 53 57 76 74 57 66 58 71 November *>72 *73 »70 -71 84 81 42 48 12 13 66 70 i 73 72 54 61 60 71 p Preliminary • Average per working day. i For Indexes of groups and separate industries see pp. 55-56; for description see BULLETIN for February and March 1927; for revised figures from 1919 to date see BULLETIN for September 1933, pp. 584-585. 3 3-month 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. 57: for description and back figures see BULLETIN for November 1929 and November 1930. 4 For indexes of groups see p. 25; 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 are given on p. 58. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

25 JANUARY 1934 FEDERAL RESERVE BULLETIN MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchindise exports l Merchandise Imports» Excess of exports Month 1929 1930 1931 1932 1933 1929 1930 1931 1932 1933 1929 1930 1931 1932 1933 January 488 411 250 150 121 369 311 183 136 96 119 100 66 15 25 February 442 349 224 154 102 369 282 175 131 84 72 67 49 23 18 March 490 370 236 155 108 384 300 210 131 95 106 69 26 24 13 April 425 332 215 135 105 411 308 186 127 88 15 24 29 9 17 May 385 320 204 132 114 400 285 180 112 107 -15 35 24 20 7 June. . 393 295 187 114 120 353 250 173 110 122 40 44 14 4 -2 July - . 403 267 181 107 144 353 221 174 79 143 50 46 6 27 1 August 381 298 165 109 131 369 218 167 91 155 11 79 -2 17 -23 September 437 312 180 132 160 351 226 170 98 147 86 86 10 34 13 October 529 327 205 153 194 391 247 169 105 151 137 80 36 48 43 November. _ 442 289 194 139 p 184 338 204 149 104 *128 104 85 44 34 *>56 Dftf»pmbp,r 427 275 184 132 310 209 154 97 117 66 30 35 Year 5,241 3,843 2,424 1,611 4,399 3,061 2,091 1,323 842 782 334 288 p Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for warehouse. Back figures.—See BULLETIN for January 1931, p. 18. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average=100] [Index numbers; 1923-25 average=100] Index of sales l Index of m s o to n c th k ) s (end of 1933 July Aug. Sept. Oct. Nov. Month Adjusted Without Adjusted Without for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Adjusted for seasonal variation 1932 1933 1932 1933 1932 1933 1932 1933 Total.. 65 61 60 58 60 Coal 75 74 67 62 66 Coke 63 61 60 53 53 January..- 49 Grain and grain prod February. 49 ucts _ 82 53 57 57 63 March 50 Livestock.. 55 56 53 51 52 Forest products 39 35 33 32 34 April.. 68 Ore 34 53 59 49 24 May.. 67 68 Miscellaneous 64 ' 57 57 59 62 June.. 64 67 Merchandise '. _ 70 69 68 66 67 July 46 49 64 August 49 59 61 Without seasonal adjustment September. 71 73 60 O N D c e o t c v o e e b m m er b b e e r r . . . 10 7 7 6 3 5 11 7 7 9 7 5 6 6 6 1 1 0 I. 70 Tota C C l o o .. k a e l ... _ _ 6 6 5 6 6 5 6 5 7 5 5 2 6 7 5 8 2 9 7 6 5 0 6 4 6 7 5 1 2 4 Grain and grain prod- Year. ucts 98 64 69 64 67 Livestock 46 50 63 68 60 v Preliminary. Forest products 38 37 35 33 33 for 1 B ch a a s n ed g es th r fr o o u m g h m ou o t n o th n f to ig u m re o s n o th f d in a il n y u m av b e e ra r g o e f sa S l a e t s u — rd w a i y th s a a n ll d o w fo an r c 6 e M M Or e i e s r c c e h l a la n n d e i o se u s » 6 6 7 2 7 0 9 6 6 0 3 9 9 7 6 6 0 8 6 6 7 8 9 0 6 1 1 7 national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects upon 1 In less-than-carload lots. sales of changes in the date of Easter. Back figures.—See BULLETIN for November 1930, p. 686. Based on daily average loadings. Source of basic data: American Railway Association. Back figures.—See BULLETIN for February 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN JANUARY 1934 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS [In millions o! dollars at par] Europe Total End of month (50 coun- United Canada tries) States i c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England France Germany 1932—No vember--_ 11,862 3,885 6,949 362 678 3,267 197 December.._ 11,897 4,045 6,826 361 3,254 192 1933—January 11,925 4,074 6,818 362 3,221 196 February 11,741 3,808 6,884 366 692 3,176 183 March 11,939 3,916 6,992 371 836 3,152 176 April 11,975 3,977 371 905 3,170 98 May...,_. 11,889 3,991 6,896 371 907 3,173 89 June 11,864 3,997 6,856 372 922 3,185 45 July 11,951 4,001 6,932 374 36 925 3,213 58 August 12,010 4,009 6,989 375 926 3,223 73 September... v 12,063 4,011 7,038 376 926 3,218 87 October.-... v 12,070 4,011 7,040 377 927 3,176 94 November- v 11, 969 4,012 v 6,942 378 928 3,051 97 December.. v 4, 012 928 v 3, 022 Europe—Continued End of month Greece HH,ungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden Sw la i n tz d er- U.S.S.R. Y sla u v g i o a - 6 c t o o ri u t e h n s e - r 1932—November.. 306 415 436 55 493 28 December.. 307 415 436 55 477 »368 29 1933—January 308 413 436 55 477 29 February... 325 410 436 55 488 >368 31 March 331 381 436 62 489 '368 31 April 343 374 436 71 460 >368 31 May 352 336 436 71 397 1368 34 June 356 309 436 71 361 401 34 July 368 311 436 91 351 •401 36 August 370 332 436 97 351 »401 35 September- 371 338 436 101 356 416 35 October 371 359 436 101 373 2 416 November.. 373 370 436 386 2 416 December.. Latin America Asia and Oceania Africa End of month T c tr o o ( i 1 u t e a 0 n s l ) g t A i e n r n a - - Chile l C o b m i o a - - M ic e o x- Peru g U u r a u y - c o t o r th i u e e n s r - T c tr o o ( i u t e 7 a n s l ) - A t l r i u a a s - - IndiaJapanJava N Z la e e n a w d - Siam T k u ey r- T c tr o o ( i u 4 e t n a s) l - EgyptA So fr u ic th a o c t o r th i u e e n s r - 1932—November.. 342 249 523 162 213 77 10 December... 345 249 520 162 212 78 10 1933—January 347 249 521 162 212 81 10 February 348 249 524 162 212 93 10 March 352 249 503 162 212 96 10 April 355 249 483 162 212 95 10 May 362 249 455 162 212 107 10 June 368 249 454 162 212 112 10 July 365 249 453 162 212 123 10 August 363 249 453 162 212 118 10 September- 249 452 162 212 115 10 October 249 453 162 212 123 10 N o vember. __"357 162 212 vlO » Preliminary. 1 Differences between these figures and those shown elsewhere in the BULLETIN for total monetary gold stock in United States are due to the exclusion from the former of gold coin in circulation. 1 Figures of last preceding statement issued by the 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 IB 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 for Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; Latin America: Bolivia, Brazil, Ecuador, Guatemala; and Africa: Algeria and Belgian Congo. None of these countries has had gold reserves during this period in excess of $10,000,000. 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

27 JANUARY 1934 FEDERAL RESERVE BULLETIN GOLD PRODUCTION [In thousands of dollars at par] Production reported monthly Estimated Year and month world Africa North and South America Far East pr t o io d n u ' c- Total A So fr u ic th a d R e h s o i - a A W fr e ic s a t (B C e o lg n i g a o n Canada S U t n a i t t e e s d i Colom- Japan India 1931—Total (12 mos.). 459,104 393,957 224,863 11,193 5,524 3,224 55,687 49,524 12,866 4,016 12,134 8,109 6,815 r 1932—January. _. 40,002 33, 464 19,587 921 295 4,834 3,697 1,106 450 1,032 628 534 February. 38,953 32,415 18,935 956 453 286 4,670 3,535 948 386 1,063 657 525 March 40, 660 34,123 19,877 996 484 304 5,285 3,494 862 404 1,131 741 545 April. 40,199 33, 662 19,593 976 466 281 5,093 3,390 1,057 380 1,164 671 690 May 41,857 35,319 19,970 977 481 6,551 4,114 1,026 447 1,234 653 567 June 41,953 35,415 19,871 1,011 482 5,592 4,362 960 405 1,172 647 603 July 42, 338 35,800 20,268 981 548 319 5,176 4,610 924 455 1,244 692 585 August 43, 500 20, 475 1,019 510 330 5,480 4,982 1,138 524 1,221 696 588 September. 42, 903 36,366 19,888 1,041 509 304 5,406 5,085 1,122 456 1,292 702 559 October 43,110 36, 579 20,157 1,044 515 314 5,240 5,271 1,091 455 1,216 727 547 November.. 42, 864 36,327 20,190 997 526 307 5,220 4,858 1,165 415 1,376 715 556 December.. 42, 425 35,888 20,118 1,080 539 294 5,514 4,651 671 353 1,418 668 581 Total (12 mos.).. 499,449 420,997 238,931 12,000 5,992 3,642 63,061 50,626 12,070 5,132 14, 563 8,198 6.782 1933—January 41,754 35,216 20,152 1,008 532 280 4,826 4,341 1,194 513 1,130 674 February. _ 38,141 31.6C3 18,176 989 531 263 4,718 3,039 1,095 344 1,186 654 608 March 42,831 36, 293 19,658 1,038 522 302 6,378 5,209 1,059 487 1,267 747 626 April 40, 081 33,543 18, 430 1,108 528 281 4,900 3,907 905 644 1, 531 726 585 May 40, 981 34, 443 19,519 1,108 520 308 4,913 3,824 1,035 576 1,352 734 654 June 40,057 33,520 19,008 1,130 561 308 5,404 2,935 986 490 1,442 711 543 July 41,492 34,954 19,228 1.133 571 306 5,285 3,638 1,165 797 1,487 755 589 August 41,612 35,074 19, 235 1,167 579 325 5,304 3,742 1,198 782 1.447 722 575 September. 42, 099 35, 562 18, 664 1,180 546 307 4,870 5,602 <820 555 1,599 847 572 October 42,571 36, 034 18, 822 1,147 567 302 5,029 5, 209 1, 509 1,436 825 572 November.. p 42, 242 ' 35, 704 18,613 1,137 p 579 p 5, 127 v 5, 292 1,240 •1,436 P 786 p 572 c Corrected. p Preliminary. r The annual estimate of world gold production by the Bureau of the Mint is now available for 1932; and beginning January 1932 the BULLETIN figures have been revised in accordance with the procedure described on page 231 of the BULLETIN for April 1933. 1 Monthly figures for United States are those compiled by American Bureau of Metal Statistics of New York City; annual figures represent official estimates made by Bureau of the Mint in cooperation with Bureau of Mines. NOTE.—For comparable monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-235, and October 1933, p. 632. GOLD MOVEMENTS [In thousands of dollars at parj United States Net imports from— Year and month Total China All n p e o t r i t m s - E la n n g d - France m G a e n r y - g B iu e m l- N la e n th d e s r- Sw la i n tz d er- C a a d n a - M ic e o x- A t r i g n e a n- lo C m o b - ia B In ri d ti i s a h H a o n n d g Japan c o o th u e n r - Kong tries 1931—Total (12 mos.) 145,325 6,797-344,514 36,026-15, 583-50,327 -19,76881,136 22,267 141,263 15,116 8,064 34,240199,286 31,322 1932—June -206,047 -1,910 -111,411 -116 -26,250 -23,168 -62,603 5,424 816 4,866 5,172 3,133 July. _ -3,437 1,405 -21, 513 -225 4,573 1,284 13 240 3,524 4,197 3,064 August 6,103 6,093 -17,950 1,021 -8 5,257 2,273 45 467 4,783 4,122 September 27,897 6,868 50 320 5,543 219 3,904 2,843 52 2,855 4,205 2,039 October 20,613 1,251 72 2,381 25 506 1,345 42 28 6,068 3,600 3,362 1,933 November 21,740 1,376 7 2,685 7 5,622 893 -1 94 4,773 2,964 3,322 December 100,859 51,928 16,357 10 8,082 7,546 744 43 4,697 4,974 3,124 3,353 Total (12 mos.) -446,213 53,585-441,649 -13,356 -82,571 -96, 586-118,27364,574 20,087 12,991 3,240 26, 597 39,043 49,719 36, 383 1933—January 128,465 50, 248 29,490 1,067 15,123 5,274 634 52 15,193 5,612 3,729 2,042 February » 17,776 » 3,310 -3,709 —1, 546 -600 802 —1,614 4,206 552 -15 35 9,446 3,700 3,208 March i -22,081 i -8,935 -3,630 -250 -199 -5,005 -681 8,418 483 5 990 2,135 «-15,413 April -9,973 -2,191 -8,993 -724 327 488 4 1,281 2,973 -3,137 May -21,139 -15,715 -122 —115 no 344 2 1 83 -5,7*9 June -3,244 -2,845 -72 -1,445 141 1 10 812 July -83,879 -713 -79,617 154 369 -4.121 August.. -80,388 -1,535 -73,173 """"-216"""-27 203 125 1 -5, 708 September -56, 736 -6,099 -48, 717 -13 -2,171 143 518 8 -1,488 N D O e o c c t v o e e b m m e b r b . e e r r *___ -3 - - 1 2 9 , , , 0 0 3 6 8 5 4 6 1 - - 2 6 , , 2 2 4 6 0 0 -26 - - , 3 1 9 6 9 2 6 9 3 -1 - 0 5 9 - - 1 2 8 8 -9 -8, - 4 8 5 8 3 2 2 2 21 6 2 6 8 4 2 4 4 8 0 2 1 1 1, , 1 0 - 3 8 5 9 5 Total (12 mos.)p -173,700 8,025-216, 031 -2, 504 -885 7,901 -11,630 19, 543 3,942 1 98 25, 629 12, 821 6,702 -27, 303 * Preliminary figures. 1 Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from Federal Reserve Bank of New York until Mar. 1. 2 $17,054,000 exported to Italy. Back figures.—For gold imports and exports of United States see Annual Report for 1932 (tables 49 and 50.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN JANUARY 1934 GOLD MOVEMENTS—Continued [In thousands of dollars at par] Great Britain Net imports from- Year and month Total South n p e o t r im ts - U S n ta i t te es ti France m G a e n r- y g B i e u l m - N l e a t n h d e s r- Sw la i n tz d er A So m ic u a e th r- Canada B I r n i d ti i s a h S S m t e r e t a t n l i e t t s s - Au l s i t a ra- A d W R f e h r s e i o i c s - a a t , , c o t o A r th i u e l e n l s r - Africa 1931—Total (12 mos.)... -143,729 -13,401 -319,989 33,754-37, Of 0-124,101-60, 830 29,446 63,083 11, 280 33, 260236,921 3,904 1932—July 22, 675 -1,671 -11,361 4 -4, 778 -7,812 -753 500 14, 204 2,122 9,661 19,351 3,207 August 1, 290 -4, 259 -20, 269 45 -4,015 -10, 438 -75 300 14, 279 829 175 19,712 5,010 September 5,204 -6, 887 -27,521 5 -85 -2, 571 -214 187 13, 009 584 1, 505 25,866 1,326 October 5,814 -2S4 -24,895 -20 -104 -2, 969 -120 189 11,973 943 870 18, 378 1,853 November 13, 857 -1,634 -13,519 370 -476 -4,188 -88 527 10, 488 710 830 20,006 831 December -29, 582 -58, 561 -3, 277 -29 -1,104 -6,138 -108 181 13,684 989 854 23, 326 602 Total (12mos.). 81,211 -50, 643-297,040 311-16,896 -71,376 -14,021 5, 623 220,294 10, 780 20,363 255,305 18, 408 1933—January __ _ -43, 260 -48,314 -2,109 -11 -634 -17,471 9, 495 587 793 16, 530-2,120 February 18, 400 -6, 559 -4,623 27 -507 -7,816 -79 374 7,175 554 794 27,815 1,245 March 77, 198 11,821 3,400 5,003 -1, 294 -5, 225 -588 296 9,178 461 22,659 28,923 2,556 April 64, 76: -6 -1,519 18, 092 -89 128 -893 198 10, 278 1,001 20,316 19, 343 2,083 May 97, 386 2,761 32,486 1,850 656 17, 365 -463 140 8,924 14,948 624 1,789 19,476-3,169 June 77, 671 15,923 -7,421 15, 254 8 6,477 -479 401 9,129 11, 281 1,359 1,717 17,954 6,069 July 89 050 4. 703 18,051 486 1,114 13,528 -118 Hi 4,141 11,942 810 2,692 19, 519 U 715 August 25, 628 733 6,259 179 -1,034 -13,583 -380 436 3,703 4,994 848 1,910 24, 774-3, 212 September 48, 260 3,120 2,163 32 -11 -3,633 -101 920 4,108 12,685 526 1,991 21,027 5,434 October 63,918 12,520 1,865 -11 18 -4,163 -217 3,611 6,579 16,122 782 1,942 20, 46r 4,403- November 79,138 6, 878 33, 338 94 81' 329 -771 120 5,013 4,852 708 2, 315 20,885 4, 558 France Germany Net imports from— Net imports from— Year and month Total Total n p e o t r i t m s - U S n ta i t t e e s d E la n n g d - m U a e n r y N la e e n r t d - h s - S l z a w e n r i d - t- c o t o A r th i u e l e l n s r - im n p e o t rts U S n ta i t t e e s d E la n n g d - France N la e e n r t d - h s - S l z a w e n r i d - t- S U . . R S. c o t o A t r h u i l e e n l s r - 1931—Total (12 mos.) 728,176 32S,130 312,561100,050 18, 775-81,207 i49,867-247,950 -36.160 -35,22i -102,019 -55,142 -63,866 58,932-14,475 1932—July 31,067 16, 746 12, 472 -5 483 -1,001 2,371 -13, 718 —42 -4, 753 -6,436 65 534 -4,087 August 42, 940 24.149 16, 241 5,382 -17 -369 —2, 447 4,189 1 2 13 1,289 61 4, 622 -1,791 September 9, 638 -625 4,424 3,918 1,448 249 222 8, 552 1 -2 8 3,456 41 5,410 -361 October 32, 695 11,927 19, 995 329 565 -270 148 5, 560 29 33 41 55 5,461 -60 November 33,498 241 26,003 6,122 672 -186 645 2,314 1 -367 -6,169 2,584 43 6,276 -52 December. _ 25, 494 -10,634 34, 479 2 -b, 138 4,306 483 -3,293 1 24 17 -3,331 68 6 -78 Total (12 mos.) 828,072 468,052 309.984 37, 889 37. 547-17,668 -7, 732 -27,282 367 -250 -38,170 -24,455 -7,91548,656 -3,616 1933—January -37,399 -35f 361 2,900 200 -3.814 -1,126 -197 4,424 6 4 -1,976 107 6,293 -11 February... -1,659 -144 2,559 678 2,805 -7, 127 -432 -13,076 22 -5,980 -10,429 93 3,336 -118 March 16,729 9,287 1,005 1,266 27, 778-23,356 749 -13,163 -4,945 -7, 365 -4,925 46 3,956 70 April 48,252 18, 583 2,283 22, 520 670 -6, 377 210,574 -68, 750 i-17, 822 -51,893 -4, 541 75 5,411 19 May. _ 96,140 7,680 -5,819 1,277 39, 785 37,113 316.102 -9,938 1 46 -292 -6,435 -10,102 -61 7,023 -119 June _ 46.840 5-18,537 22,903 7,976 30, 797 3,695 -36, 432 1,453-13,676 -22, 658 -5,392 34 3, 833 -26 July 50,808 39, 263-12,572 23,430 5,695 16, 598 3-21.605 4, 591 -161 151 133 -47 4,791 -275 August 53,694 75,680-11,533 -46 -6, 837 -1,397 -2,174 -676 215 -186 9 -225 -90 -399 September. 43,043 60, 990 -1,396 -8,059 -6,166 -2,176 -152 19,120 -32 15, 695 1,136 40 55 2,227 October. .. 26,233 47, 745 -1,686 -5,969 -12, 427 -3,369 1,939 5, 845 36 1,200 -118 -82 86 4,723 November p-52, 675 177-24, 646 -3 -21,460 -5, 674 -1,067 2, 572 76 -14 2,408 -5,313 12 3,122 2,281 p Preliminary figures. i $29,233,000 imported by France from Spain in July, 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. NOTB.—Qrrmany—The annual aggregates of the official monthly figure* for net gold imports in 1932 differ somewhat from the revised official totals published for the year as a whole. Figures for "All other countries" include movements of unreported origin or destination. Figures for individual countries beginning July 1933 are subject to the regular semiannual revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN 29 GOLD MOVEMENTS—Continued [In thousands of dollars at par] Netherlands Net imports from— Year and month Total net imports United Switzer- British States England France Germany Belgium Poland land India All other I 1931—Total (12 mos.)_. 198,619 39,413 117, 591 -21,024 56,059 -966 -1,428 -365 4,553 4,548 1932—July 4,983 -276 5, 376 -5,242 -482 -847 941 —52 August 7,204 8,715 -334 -1,280 -26 -281 -579 3,212 2,222 September -13,797 -6,367 1,198 -1,708 -3, 496 1,759 -923 -402 1,994 -5,852 October -6, 230 -1,916 1, 252 . -593 -61 -5, 729 -217 42 1,006 -14 November. -4,857 -3, 765 1,939 I -886 -3,085 -1,313 -188 -537 3, 030 -52 December.. 894 4,251 52 3,745 -20 -1,134 2,773 Total (12mos.)_ 116, 149 106, 623 50, 070 -34,009 26,886 -12,727 -13,630 -16,137 16, 423 -7, 346 1933—January ..- 1,898 -14,101 14,069 -837 2,009 673 -976 -1,100 2,199 I38 February -933 -3,432 8, 177 -6, 722 10, 300 -5,055 -881 -3,452 166 -34 M Ap a r r i c l h - - 1 9 8 , , 3 1 2 0 0 2 10, 6 7 0 8 3 5 3 - , 9 4 0 3 6 6 - - 1 1 9 8 , , 3 1 6 8 7 8 4 3 , , 9 6 8 0 6 9 - - 7 1 , , 0 5 0 2 9 2 - - 3 5 5 0 8 6 - - 2 1 , , 3 2 2 5 4 9 679 -79 -j May_ -41t 605 -11,384 -37,068 11,178 -1,068 -1,479 -3, 069 1,107 179 June -45,503 115 -6,390 -41,046 5,581 -1,797 -353 -1,702 ! 108 -18 July -13, 628 -15,750 6,065 -180 -1,432 -1,174 -1,466 ! 291 20 August.. 24, 239 12,996 11,183 -47 17 -194 -174 275 90 September 16, 1,798 13.849 -903 -338 -10 -241 2,236 97 October 18, 562 2, 191 1,385 14,457 -357 -22 -64 -1,232 2, 099 105 November 9, 088 -1,942 6, 096 5,369 -90 -30 -297 441 142 Switzerland j British India Net imports from— Net imports from— Increase Increase Year find month Gold or de- or de- Total Total pro- crease crease n p e o t r i t m s - U S n ta i t t e e s d E la n n g d - France m G a e n r- y S A o fr u ic th a N la e e n r t d - h s - o A th l e l r ne p t or im ts - U S n ta it t e e d s E la n n g d - o A th l e l r I ti n d o u d n c i - a in ' r g e ( o m - s ) v e n e e r i n v rn t e - s m in p ( o - r I ) i l n d v d i a n i i n t g a e s 3 in India _ 1931—Total (12mos.)- 222,751 36,422 41,301 19,317 72, 760 47 13,220 -95,875 -17,665 -72,691 -5,521 6,832 33, 532-122,575 39, 684 1982—July 14,993 9,779 111 3,734 -51 1,507 -87 -16,437 -374 -14,575 -1,488 -15,851 August- . - - 1,503 81 90 718 38 92 744 -260 — 1 -2,776 —7,979 -920 589 -11,085 September -604 -361 154 -540 -34 1 453 -277 -17,201 -5,978 -9, 835 -1,388 561 34 -16,674 October -3,385 —50 82 -3,087 -102 4 -280 48 -14,482 -4,820 -9,010 -652 548 -13,934 November -1,395 -7 85 -2,347 -67 480 461 -16,662| -2,420-13,244 -997 657 -16,105 December 1,203 5 96 320 -111 1 837 55 -24,964 -18,002 -6,286 -676 583 -1 -24, 380 Total (12 mos.) 169,786 124,354 15,342 7,418 7,880 10114,996 -304 -195.792 -28, 094 151,391 -6,307 6,798 127-189,121 1983—January„ __ 4,658 123 2, 393 -77 3 1,176 1,040 -11,916 -10, 247 -1,965 297 676 -11,340 February ... 8, 502 -14 82 6,987 -77 2,461 -937 -12,788 -9, 589 -3,082 -116 610 -1 -12,177 March 24, 440 653 907 21,306 -40 48 3,802-2, 236 -12,722 -5,314 -5,833 -1,576 628 -12,094 April -12,078 -307 —10, 745 — f>2 994— 1,958 — 11,698 — 4 311 —5,956 — 1,430 586 — 11,112 May.. -42, 481 1,377 -4,082 -38,776 -68 2,778 -3,709 -13,016 -1,611 -8,096 -3,359 556 -12,460 June -41, 596 -3,152 -34. 751 6 288-3,988 -14,004 -12,823 -1,181 545 -13,459 July -14,302 -307 -5, 739 -8, 324 -44 1,866 -1,756 -6, 298 -4.734 -1,565 590 -5, 705 August— _. -1,542 -229 1,135 57 -1, 339 -1,166 -10.971 -9,105 -1,866 576 —1p-10, 394 September _ 1,650 16 -431 1,767 -41 149 130 64 -13,411 -12,789 -622 573 i—12,838 October 4,073 502 -790 4,243 -86 1 98 124 P -8, 219 *» 573 p-7, 646 November 3, 553 -1,444 4, G84 71 191 o0 r> — 6, lofi 1 v 573 *»-5,583 v Preliminary. » $2,199,000 exported by Netherlands to Czechoslovakia in August; $5,847,000 in September. % Reported monthly production in the Mysore State plus $1,387 representing the average monthly production in the rest of India in 193h » Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India. NOTE.— Netherlands—The annual aggregates of the official monthly figures for gold.exported to Germany and gold imported from the world in 1932 differ somewhat from the revised totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN JANUARY 1934 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1933 1932 1932 Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold 252 257 257 257 Gold reserve against Dominion notes. 73 Notes issued L__ 522 526 558 583 Advances to banks under finance act. 65 Irish Currency Commission (thousands of Dominion notes: pounds sterling): Issued 193 175 173 199 Legal tender note fund: Outside chartered bank holdings, 29 29 30 28 British legal tender and bank Indian Government (millions of rupees): balances 48 142 160 727 Gold standard reserve: British securities 7,513 7,364 7,165 6,269 Gold 142 147 149 326 Notes issued 7,560 7,506 7,325 6,996 Foreign exchange 392 386 385 207 Consolidated bank notes: 2 Paper currency reserve: Issued 4,732 4,722 4,708 4,589 Gold 302 297 295 118 Deemed such under sec. 60 (4) of Silver coin and bullion 1,034 1,042 1,048 1,130 currency act, 1927. 1,250 1,261 1,271 1,391 Other assets 461 461 454 509 Notes issued _ 1,796 1,800 1,797 1, 756 1 Includes a small quantity of subsidiary coin. 8 Figures of consolidated bank notes issued represent daily averages for 4 weeks ended Nov. 11, Oct. 14, Sept. 16,1933, and Nov. 12, 1932. Figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1932 1933 1932 Assets Liabilities Nov. 30 Oct. 31 Nov. 30 Nov. 30 ; Oct. 31 Nov. 30 Gold in bars— 5,554 5,147 0) Demand deposits (gold) 5,554 5,147 0) Cash on hand and on current account with Short-term deposits (various currencies): banks 2,869 ll,0fi0 10, 937 Central banks for own account: Demand funds at interest 20,192 12,897 90, 568 Demand 52,954 60, 512 452, 288 Rediscountable bills and acceptances (at Time—Not exceeding 3 months 105,956 106, 741 24, 403 cost): Commercial bills and bankers' accept- Total 158,909 167,254 476,691 ances 214,827 227,075 305, 528 Treasury bills 158,494 145,992 157, 601 Central banks for account of others: Demand 11, 235 11,160 12, 574 Total 373,320 373,067 463,129 Other depositors: Demand 2,853 3,190 141 Time funds at interest—Not exceeding 3 Time.._ 6,243 months 38, 385 39, 208 235,846 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account _._ 154, 575 154,481 153, 769 Treasury bills 17, 944 25,836 44, 216 German Government deposit 77, 288 77, 241 76,884 Betw S e u e n n d r 3 y a i n n d v e 6 s t m m o en n t t s hs: 44, 898 67,433 59, 266 French Government guaranty fund 43,698 45, 513 68, 649 Treasury bills 42, 896 29,475 7, 255 Total 275, 561 277, 235 299, 301 Sundry investments 56, 076 33, 699 47, 551 Capital paid in... 125,000 125,000 125,000 Over 6 months: Reserves: Treasury bills 8,513 18, 752 Legal reserve fund 2,022 2,022 1,318 Sundry investments 37, 827 37, 910 Dividend reserve fund. 3,895 2,690 General reserve fund... 7,790 7, 790 5,379 Total. 208,154 213,145 158,910 Other liabilities 58, 274 54,781 38, 413 Other assets. 2,618 2,948 8,361 Total assets __. 651,092 657, 473 967, 751 Total liabilities.. 651, 092 657, 473 967,751 1 Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN 31 CENTRAL BANKS [For explanation of tables on this page, see BULLETIN for February 1931, pp. 81-83] Assets of banking department Liabilities of banking department Gold (in Bank of England d m i e s e p s n a u t r e ) t 1 - Cash reserves D ad is v a c a n o n d u c n e t s s Se t c ie u s ri- ci N r ti c o o u t n l e a- Deposits l O ia t t i b e h i s e li r - Coin Notes Bankers' Public Other Millions of pounds sterling: 1932—Oct. 26- 139.4 1.0 56.0 11.6 85.4 358.4 77.3 25.4 33.6 17.7 Nov. 30—. 139.4 1.0 55.6 11.9 87.1 358.8 90.5 10.1 37.1 17.8 Dec. 28 119.8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Jan. 25 123. 6 45.4 11.6 107.9 353.2 103.4 11.7 32.5 18.1 Feb. 22 142.2 .7 61.0 11.9 104.0 356.2 98,3 26.2 35.0 18.2 Mar. 29. 171.8 79.7 11.8 74.9 367.1 92.8 21.2 35.0 18.2 Apr. 26 185.9 74.0 11.6 80.0 371.9 100.9 10.8 37.1 17.7 May 31 186.3 1.1 72.3 11.2 83.5 374.1 77.5 33.2 39.5 17.8 June 28 _.. 189.4 1.2 74.2 16. 6 87.2 375.1 105.1 14.1 42.2 18.0 July 26 190.1 1.3 72.8 11.2 103.0 377.2 98.5 14.1 57.7 18.1 Aug. 30 190.3 1.4 76.3 10.0 94.9 374.0 79.4 42.0 42.9 18.2 Sept. 27— 190. 4 1.4 79.6 9.2 85.8 370.8 97.3 16.5 44.0 18.2 Oct. 25 190.4 1.3 81.2 8.5 92.5 369. 3 104.1 15.9 45.8 17.7 Nov. 29 190.6 1.2 80.4 8.6 84.7 370, 2 106.9 13.6 36. 5 17.8 Dec. 27 190.7 1.0 58.7 16.8 101. 4 392.0 101.2 22.2 36.5 18.0 Assets Liabilities Deposits Bank of France Gold e F x o c r h e a i n g g n e Do b m il e ls stic Se lo c a u n ri s ty N s e t e i b g c e l o u s e t r * i i a - - O as t s h e e ts r ci N t r i c o o u t n l e a- QZT on* l O ia t t i b h e i s e li r - Millions of francs: 1932—Oct. 28... 82,909 4,984 3,637 2,764 6,621 9,145 82,205 4,653 21,229 2,071 Nov. 25— 83,342 4,853 3,266 2,500 6,621 9,008 81,536 2,931 22969 2,153 Dec. 30. _. 83,017 4,484 3,438 2,515 6,802 9,196 85,028 2,311 20, 072 2,041 1933—Jan. 27.... 82,167 4,434 3,142 2,537 6,680 9,172 83,314 2.269 20,474 2,074 Feb. 24... 81,017 4,401 3,303 2,580 6,647 9,119 83,986 2,226 18,731 2,124 Mar. 31— 80,409 4,376 3,352 2,714 6,621 9,801 86,096 2,235 16,850 2,093 Apr. 28._. 80,866 3,846 3,805 2,649 6,595 8,861 84,992 2,340 17,181 2,109 May 26— 80,951 3,887 3,449 2,675 6,582 8,534 83,267 2,265 18,393 2,152 June 30. _. 81,243 3,990 2,791 2,766 6,489 9,243 84,708 2,338 17,376 2,100 July 28... 81, 976 3,975 3,461 2,661 6,463 8,503 82,853 2,752 19, 267 2,168 Aug. 25... 82, 227 2,652 3,207 2,688 6,417 8,543 81,143 2,775 19,657 2,158 Sept. 29... 82, 095 2,632 3, 475 2,765 6, 393 8,716 82,994 3, 685 17, 242 2,156 Oct. 27—. 81, 032 2,586 3, 500 2,781 6,238 8,450 81,099 4,027 17, 301 2.220 Nov. 24— 77, 822 1, 250 4,092 2,814 6,186 8,533 80, 368 2,956 15,016 2,359 Dec. 29 p.. 77, 098 1,159 4,740 2,921 6,122 82, 613 2,321 13, 415 Assets Liabilities Reichsbank Reserves | Gold Foreiggn Tre b a il s l u s ry bi c l O h ls e t c h ( k a e s r n ) d S1oansy Securities O as t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e li r exchange Millions of reichsmarks: 1932—Oct. 31__ 817 123 2,857 108 362 957 3,620 389 1,345 Nov. 30 827 110 2,731 207 395 959 3,531 418 1,314 Dec. 31 806 114 2,806 176 398 1,114 3,560 540 1,313 1933—Jan. 31 . 822 101 2,459 93 401 1,097 3,338 345 1,333 Feb. 28 769 152 2,439 279 401 1,040 3,356 402 1,343 Mar. 31 739 97 2,763 210 401 869 3,520 443 1,169 Apr. 29_. 411 100 3,142 177 317 582 3.538 406 791 May 31. _. 372 77 3,078 166 317 618 3, 469 439 782 June 30 189 85 3,212 210 321 747 3,482 447 834 July 31 245 78 3,171 165 320 736 3,492 412 820 Aug. 31 307 74 3.151 163 320 749 3,521 415 841 Sept. 30 867 40 3,289 205 320 688 3, 625 465 850 Oct. 31. 396 18 3,147 143 319 799 3,571 416 850 Nov. 30 405 3 3,001 163 518 773 3,542 478 871 Dec. 30? 386 9 3,177 183 581 735 3,645 640 836 1 In addition theissue department holds Government and other securities and silver coin as cover for the 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 the fiduciary issue (and securities held as cover) was authorized by the British -Treasury under section 8 of the Currency and Bank Notes Act, 1928. 2 Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement). 3 Not yet available. » Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN JANUARY 1934 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1933 1932 Central bank Central bank Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. National Bank of Albania (thou- National Bank of Czechoslovakia sands of Albanian francs): (millions of Czechoslovak crowns): Gold _ 7,341 7,329 5,508 Gold _ _ 1,707 1,708 1,707 1,692 Foreign exchange 20, 567 21,531 29.891 Foreign balances and currency 922 933 922 1,049 Loans and discounts 2,826 2,757 3,413 Loans and advances 1,402 1,550 1,744 1,267 Other assets _.- 3,014 2,987 6,033 Note circulation _ 5,705 6,148 6,310 5,951 Note circulation 12,314 12, 745 12, 272 Deposits 715 420 500 512 Demand deposits 15, 583 IG, 161 19.892 Danish National Bank (millions of Other liabilities 5,851 5.699 12, 680 kroner): Commonwealth Bank of Australia Gold 133 133 133 133 (thousands of Australian pounds): Foreign bills, etc. 12 29 29 37 Issue department: Loans and discounts ... 70 70 82 Gold and English sterling 12,007 11,507 11,507 11,199 Note circulation 354 368 355 318 Securities 29,375 29,125 29,125 37,280 Deposits _ 64 82 96 105 Bank of Danzig (thousands of Dan- Banking department: zig gulden): Coin, bullion, and cash 973 993 950 Gold 29,902 30, 631 32,017 21,375 London balances 19,818 17,948 20, 360 15,489 Foreign exchange of the reserve.. 10,034 10, 643 10, 021 14,135 Loans and discounts 13, 689 18,966 8,880 13,228 Other foreign exchange 157 1,322 1,181 456 Securities.. ... - 35, 531 36, 000 36, 054 29,471 Loans and discounts 13,841 13,811 11,556 9,690 Deposits... 71,397 74, 636 72,916 62,446 Note circulation 38,809 39,416 39, 170 36,103 Note circulation 42,429 42, 398 42,131 43,072 Deposits 10,707 11,517 10,120 5,144 Austrian National Bank (millions of Central Bank of Ecuador (thousands schillings): of sucres): Gold — - - 170 170 170 149 Gold at home and abroad 14, 448 14,418 14,707 Foreign exchange of the reserve. _ 19 19 19 39 Foreign exchange 4,571 3,926 3,850 Domestic bills 218 227 225 336 Loans and discounts ..- 48,286 46, 596 24,287 Government debts 624 624 624 663 Note circulation 33,167 32,175 24,600 Note circulation 913 941 943 880 Deposits 21,470 20, 690 10,782 Deposits -_- 117 101 83 196 National Bank of Egypt * (thousands National Bank of Belgium (millions of Egyptian pounds): of belgas): Gold .._ _._ 6,663 6,663 6, 663 Gold - 2,721 2,710 2,708 2,608 Foreign exchange _ 2,274 2,021 3,029 Domestic and foreign bills __ 776 751 766 690 Loans and discounts 5,880 5,298 6,631 Loans to State 355 355 355 367 British, Egyptian, and other Note circulation 3,453 3,438 3,454 3,623 Government securities _ 33, 254 31,935 33,351 Deposits 556 539 543 206 Other assets 3,685 3, 694 3,545 Note circulation 20,846 18,892 19,012 Central Bank of Bolivia (thousands Deposits—Government 3,125 2,773 5,291 of bolivianos): Other 19, 686 19, 915 20, 723 Gold at home and abroad _._ 7,800 10,811 10.587 16,669 Other liabilities 8,032 8,192 Foreign exchange 4,013 4,051 3,919 2,766 Bank of Estonia (thousands of Loans and discounts 55, 696 46,080 36,695 29,171 krooni): Note circulation 50, 730 49, 588 48,213 36,096 Gold 20,081 20, 077 19, 250 13, 721 Deposits 48, 271 43,834 37,735 24,929 Net foreign exchange 1,066 916 973 5,342 Bank of Brazil (millions of milreis): Loans and discounts 20, 792 20, 747 20, 405 21, 790 Currency _ 510 552 563 Note circulation 32, 561 33,153 31,404 31,881 Correspondents abroad 222 228 276 Deposits—Government 3,844 3,202 3, 562 3,280 Loans and discounts _ 2,720 2,950 1,905 Bankers' 6,189 5, 999 6, 077 5,950 Note circulation 20 20 170 Other 2,831 2,676 3,217 2,675 Deposits _-_ -. 3,806 3,360 2,674 Bank of Finland (millions of mark- National Bank of Bulgaria (millions kaa): of leva): Gold 323 323 323 304 Gold... - 1,522 1,522 1,522 1,518 Balances abroad and foreign Net foreign exchange in reserve. - 61 41 37 -16 credits 922 922 862 459 Total foreign exchange 190 205 144 245 Foreign bills 350 302 250 206 Loans and discounts 1,226 1,197 1,025 795 Domestic bills 679 710 702 1,010 Government obligations _ 2,843 2,851 2,873 2,935 Note circulation 1,115 1,103 1,125 1,064 Note circulation 2,854 2,845 2,738 2,590 Demand liabilities.. 480 502 428 354 Other sight liabilities 1,648 1,627 1,606 1,637 Bank of Greece (millions of drachmas): Central Bank of Chile (millions of Gold and foreign exchange 3,888 3,721 3,470 1,905 pesos): Loans and discounts. 2,875 2,769 2,664 2,199 Gold at home and abroad 94 83 Government obligations 3,355 3,355 3, 355 3,322 Foreign exchange for account of: Note circulation._ 5,426 5,565 5,304 4,488 Bank _ 72 71 70 Other sight liabilities ._ 4,970 4,652 4,420 3,176 Exchange commission. ._ 2 2 5 Liabilities in foreign exchange 71 142 223 Loans and discounts 435 432 216 National Bank of Hungary (millions Securities 343 343 465 of pengos): Note circulation _ 479 496 484 Gold 79 97 97 97 Deposits _ 356 236 Foreign bills, etc.- 10 9 5 12 Bank of the Republic of Colombia Loans and discounts.._ 612 483 488 460 (thousands of pesos): Advances to treasury.. 50 50 50 52 Gold at home and abroad 14,910 15, 249 15, 569 11,947 Other assets ___ 37 31 30 23 Foreign exchange 1,383 2,470 2,103 5,870 Note circulation. _ 341 362 361 348 Loans to member banks 1,673 1,568 793 5,963 Deposits _. 101 77 79 78 Note circulation 28,520 27, 268 26,081 20,122 Certificates of indebtedness 2 120 Deposits 21,066 24,234 22,117 20,164 Miscellaneous liabilities.- _ 197 200 199 190 1 Items for issue and banking departments consolidated. 2 Debts to other central banks and Bank for International Settlements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN 33 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 | 1932 1933 1932 | Central bank Central bank Nov. Oct. Sept. I Nov. Nov. Oct. Sept. Nov. Bank of Italy (millions of lire): National Bank of Rumania (millions Gold at home 7,082 7, 057 7,046 5, 826 of lei): Credits and balances abroad 310 306 304 1, 352 Gold ._ _.. 9,848 9, 806 9, 786 9,481 Loans and discounts 4, 652 5,092 4,980 6,078 Foreign exchange of the reserve 304 365 524 553 N ote circulation 13,112 13,170 13,303 13,564 Other foreign exchange 21 34 24 79 Public deposits.. __ 300 300 300 300 Loans and discounts _ 9,485 9, 801 9,915 10,574 Other deposits 1,304 1,392 1,258 1,051 State debt 5, 704 5,704 5, 704 5,730 Bank of Japan (millions of yen): Note circulation 20,671 20, 885 21,194 20,974 Gold 425 425 425 429 Demand deposits 7,685 7, 558 7, G52 7,014 Advances and discounts 705 833 915 771 South African Reserve Bank (thou- Government bonds 728 465 385 451 sands of South African pounds): Notes issued 1,135 1,174 1,184 1,077 Gold 16, 845 16,381 14,830 6,925 Total deposits . _ _ 705 454 458 586 Foreign bills 19,496 18, 451 18, 935 0 Bank of Java (millions of florins): Domestic bills 9 9 69 1,363 Gold 104 100 98 104 Note circulation 9,784 10,315 10.775 6,399 Foreign bills 1 0 0 19 Deposit s—Go vernment 1,911 1,741 1,851 1,676 Loans and discounts 63 66 66 48 Bank 28, 285 27, 521 23,544 4,145 Note circulation ___ 185 187 191 208 Other 2, 666 1,849 1,120 261 Deposits 26 26 22 32 Bank of Spain (millions of pesetas): Bank of Latvia (millions of lats): Gold... 2,261 2, 261 2, 260 2,258 Gold 47 47 47 36 Silver. 646 642 647 598 Foreign-exchange reserve 1 1 2 11 Balances abroad 281 286 281 290 Bills 67 67 67 70 Loans and discounts 2, 655 3, 330 2,583 2,691 Loans 59 54 49 57 Note circulation 4,750 4,731 4, 743 4,802 Note circulation ^ 35 35 33 Deposits 818 872 964 Government deposits 1 59 59 62 Bank of Sweden (millions of kronor): Other deposits 85 100 Gold 369 377 378 206 Bank of Lithuania (millions of litu): Foreign bills, etc 426 398 345 221 Gold ... _ 50 50 Loans and discounts 67 58 60 211 Foreign currency 12 11 16 Note circulation._ 574 589 625 537 Loans and discounts 83 84 91 Deposits 516 500 412 285 Note circulation 91 93 100 Swiss National Bank (millions of Deposits 50 53 francs): Netherlands Bank (millions of flor- Gold 1,998 1,931 1,846 2,553 ins): Foreign balances and bills 14 29 18 74 Gold 922 893 841 1,033 Loans and discounts 121 97 108 59 Foreign bills _ _ _ _ 1 2 1 71 Note circulation. 1,436 1,408 1,419 1,535 Loans and discounts 173 173 176 112 Demand deposits 751 677 582 1,157 Note circulation 903 929 897 967 | Central Bank of the Republic of Deposits 244 181 157 301 Turkey (thousands of Turkish Bank of Norway (millions of kroner): pounds): Gold 148 149 153 144 Gold 24,193 23,775 23,387 19,813 Foreign balances and bills 4 13 16 23 Foreign exchange 4,880 1,809 1,369 178 Domestic credits 254 246 254 Government securities 152,162 152,199 152,457 155,180 Note circu iation 309 307 305 301 Other securities 28, 661 28, 648 28, 632 28,081 Foreign deposits 1 1 1 3 Oilier assets 37.481 41,117 39, 535 22, 526 Tola] deposits 66 70 65 82 Note circulation. 160,850 160,887 161,145 163,868 Central Reserve Bank of Peru (thou- Deposits 28,149 25,195 29, 786 12, 510 sands of soles): Other liabilities 58, 378 61, 466 54, 449 49,400 Gold *40. 099 39,056 Bank of the Republic of Uruguay Foreign exchange. 7,338 303 (thousands of pesos): Bills ..._ 43, 789 20, 834 Gold... 47,460 47, 963 46, 730 Note circulation 60,576 48, 853 Loans and discounts. 99,969 101,441 110,211 Deposits 17, 434 6,118 Other assets 43,942 42, 736 39,969 Bank of Poland (millions of zlote): Note circulation 74,223 75, 851 86, 040 Gold 474 474 474 501 Deposits—Demand 31, 583 31,263 33,064 Foreign exchange 91 86 74 141 T i me 41,903 42,022 37,200 Loans and discounts 822 827 680 Judicial and admin- Note circulation 995 1,040 1, 031 997 istrative 2,611 2,714 2,969 Other sight liabilities 223 179 160 201 O ther liabilities 41,051 40, 290 37,637 Bank of Portugal (millions of escu- National Bank of the Kingdom of dos): Yugoslavia (millions of dinars): Gold 738 732 727 405 Gold 1, 795 1, 795 1, 798 1,767 Other reserves __ 316 282 311 547 Foreign exchange 151 145 148 215 Discounts and advances 307 323 320 342 Loans and discounts 2,164 2,185 2. 211 2,538 Government obligations 1,052 1,052 1, 053 1,058 Advances to State.. 2, 320 2, 319 2,318 2,412 Note circulation 1, 957 1,942 1, 939 1,961 Note circulation 4, 257 4, 343 4,372 4,712 Other sight liabilities 519 515 555 330 Other sight liabilities 1,105 1,026 915 835 > Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN JANUARY 1934 COMMERCIAL BANKS [For back figures and explanation of these tables see BULLETIN for October 1933, pp. 639-642] Assets Liabilities England Cash in Deposits (10 clearing banks) a B n v f a d r a n o u k m d l u t o e f M a s t a h o n c o n d a r e l t y l B co il u ls n t d e i d s- Se ti c e u s ri- L cu o s a e t n r o s s m to - O as t s h e e ts r Demand Time1 Total l O ia t b h i e l r i- England notice Millions of pounds sterling: 1932—January 180 117 239 283 909 211 818 832 1,714 226 February 173 110 208 280 906 201 775 838 1,659 218 March 174 113 217 282 906 211 799 832 1,676 226 April 173 112 240 288 884 208 789 845 1,681 225 May 179 113 247 300 875 212 810 854 1,699 226 June- 191 113 278 340 856 207 865 876 1,764 220 July 191 123 317 349 840 196 903 873 1,804 211 August.__ 193 118 374 364 820 188 898 908 1,851 206 September _. 193 114 392 383 806 180 907 921 1,865 202 October 193 117 391 412 799 189 914 932 1,893 206 November 193 116 391 425 789 194 925 929 1,898 210 December 207 127 408 472 778 208 991 963 1,983 216 1933—January 214 114 431 472 768 202 980 953 1,983 219 February... 208 112 386 498 769 208 955 947 1,957 223 March 207 109 348 510 769 205 936 935 1,925 223 April 219 105 338 517 767 207 950 940 1,930 222 May 206 98 346 530 779 209 962 938 1,944 224 June 213 101 352 544 779 213 1,006 942 1,978 225 July 205 96 362 554 771 221 993 933 1,973 235 August 208 91 359 563 762 216 990 928 1,966 233 September- 215 91 355 563 753 215 924 1,958 233 October 218 89 343 559 752 222 916 1,951 233 November.. 216 99 317 569 741 228 905 1,928 241 Assets Liabilities France Cash in Deposits Loans, in- (4 large banks) v d B a u u a e l n t f k r a o o n m f d Du b e a n fr k o s m B co il u ls n d te i d s- s c e l l u c o u d an r in i s t g y a O s t s h e e ts r Demand Time Total c O ep w ta n n a c c e - s O b t i h li e t r i e li s a- France Millions of francs: 1932—January... 11,079 2,098 18,454 8,612 ,300 36,196 1,179 37,375 587 3,580 February.. 12,113 2,259 17,347 ,135 36,435 1,218 37,653 444 3,565 March 11,874 2,404 17,482 ,315 35,983 1,201 37,184 554 3,643 April 12, 280 1,836 18,043 7,934 ,327 35,929 1,239 37,167 532 3,720 May __ 11, 288 1,776 7,970 ,304 35,826 1,284 37,109 453 3,773 June 11,475 1,727 18,994 8,306 ,316 36,351 L, 250 37,601 404 3,814 July 10,375 1,866 20,136 7,904 ,379 36,031 L,263 37, 294 394 3,971 August 11, 578 1,804 18, 745 8,211 ,422 36,148 L, 286 37,435 350 3,976 September. 11,072 2,200 19,034 ,462 36, 372 ,280 37,652 328 4,054 October... 10, 574 2,117 19, 757 8,058 ,546 36,197 L, 342 37, 539 334 4,178 November. 10, 571 1,774 21, 266 7,898 ,576 37, 257 L, 312 38, 568 288 4,229 December. 9,007 1,766 22,014 7,850 ,749 36,491 L, 268 37, 759 295 4,331 1933—January. __ 7,445 1,996 22, 209 7,785 ,131 35,308 1,221 36, 528 336 3,703 February. _ 6,832 2,072 21, 287 ,096 34,477 1,117 35, 573 323 3,696 March 7,181 2,052 20,261 ,163 34,163 1,045 35, 208 305 3,730 April _ 6,959 1,958 20,852 7,799 1,206 33,655 979 34,634 291 3,850 May 8,184 1,960 20,048 7,777 1,227 34,145 979 35,124 247 3,824 June 8,499 1,931 19, 889 7,824 1,420 34,307 988 35,295 372 3,895 July 8,738 1,723 20, 236 7,848 1,521 34,671 1,005 35,676 379 4,011 August 8,027 1,600 19,851 7,813 1,565 33,419 1,007 34,426 360 4,069 September. 7,907 1,504 19,835 7,792 1,540 33, 217 964 34,181 253 4,144 October. __ 7,094 1,480 20, 229 7,880 1,626 32,811 976 33, 786 257 4,266 i Excluding deposits of the National Bank relating to offices outside England, which are included in the total. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN 35 COMMERCIAL BANKS—Continued [For back figures and explanation of these tables see BULLETIN for October, pp. 643-646] Assets Liabilities (Rep G o e r r t m in a g n b y anks) v d C a R u u b a e e l a s i t c h f n r h k a o i s n m n - d Du b e a n f k ro s m B co il u ls n t d e i d s- i s n L e l c c o o l u u a a r n n d it s s i y n , - g Securities a O s t s h e e ts r Demand D T ep im os e its Total c b o u C a b s f n r t t r a e o o k i d m m s n i e f t e o s d r r s lia O b t i h li e t r ies Millions of reichsmarks: 1932—January» February 245 779 1,752 5,831 2,164 1,342 3,691 3,901 7,492 1,251 March 319 865 1,605 5,925 2,125 1,307 3,691 3,810 7,501 1,256 3,389 April 206 771 1,844 6,092 2,143 1,311 3,771 3,918 7,690 1,282 3,394 May 200 825 1,888 5,976 2,169 1,296 3,829 3,869 7,697 1,271 3,385 June... 248 770 1,904 5,732 2,364 1,249 3,772 3,835 7,607 1,324 3,336 July- 188 763 1,904 5,683 2,364 1,242 3,643 3,891 7,534 1,297 3,313 August 172 746 1,908 5,627 2,372 1,224 3,597 3,898 7,495 1,288 3,267 September 204 762 1,885 5,601 2,366 1,212 3,637 3,888 7,525 1,266 3,239 October. 178 734 1,911 5,584 2,373 1,226 3,566 3,951 7,517 1,245 3,244 November 173 727 1,866 5,549 2,369 1,216 3,494 7,442 1,223 3,233 December 1 1933—January *__ February. _ 140 701 1,983 5,225 2,381 1,193 3,350 3,945 7,296 1,141 3,186 March 200 712 1,908 5,152 2,385 1,177 3,354 3,884 7,237 1,116 3,181 April 166 701 1,940 4,983 2,379 1,180 3,329 3,843 7,172 1,012 3,165 May 169 675 1,934 4,882 2,387 1,189 3,268 3,833 7,101 968 3,168 June 205 659 1,914 4,832 2,390 1,163 3,344 3,748 7,092 924 3,146 July 169 646 1,907 4,682 2,383 1,163 3,237 3,781 7,018 852 3,081 August 150 637 1,937 4,677 2,297 1,175 3,155 3,816 6.971 805 3,097 September . 186 657 1,870 4,627 2,303 1,178 3,242 3,717 6,960 753 3,110 October 152 614 lr962 4,642 2,304 1,207 3,200 3,793 6,993 733 3,155 Assets Liabilities Deposits payable iil Canada Entirely in Canada (exclusive of interbank de- Canada Se lo c a u n ri s ty posits) (10 chartered banks) abroad Securi- Other iNote Other v t r C r i a e n a u a s l e s l c t g h r e v o a n e i l n - n d s d Se lo c a u n ri s ty l b c o i o a O l n u ls t s n h d t e a e i r n d s d - d a f u b n o e a r d e n f i n r k g o e s n m t ties ci t r i c o u n la- Demand Time Total liabilities Millions of Canadian dollars: 1932—January 197 131 1,247 118 674 477 123 622 1,368 1,991 731 February. _ 187 130 1,259 122 664 482 122 596 1,390 1,986 735 March 182 131 1,264 122 672 483 .122 608 1,389 1,996 735 April 174 122 1,263 122 666 482 125 584 1,393 L, 977 726 May.... 177 114 1,247 117 663 481 119 568 1,387 1,955 726 June.. _. 189 110 1,211 120 669 482 126 546 1,373 ]L, 919 736 July 186 112 1,179 124 674 445 123 511 1,363 L.874 724 August 176 114 1,147 149 703 448 117 527 1,367 L,893 727 September 174 115 1,142 143 699 463 124 528 1,359 1,888 724 October 183 117 1,161 151 727 472 120 579 1,371 L,949 742 November 220 108 1,140 199 760 469 116 609 1,379 L,988 791 December 211 103 1,104 155 778 439 115 538 1,378 ]L,916 760 1933—January 204 100 1,083 132 784 425 108 504 1,383 1,887 734 February.. 199 97 1,069 129 798 437 112 491 1,397 1,888 729 March 200 96 1,086 117 793 443 123 494 1,389 ]L.883 729 April 192 94 1,088 135 806 452 124 514 1,400 ]1,914 729 May 193 94 1,073 139 836 456 119 549 1,397 L,946 725 June 198 102 1,057 145 860 481 129 570 1,387 ]1,957 757 July 197 109 1,042 151 448 120 578 1,380 L,958 733 August 192 105 1,026 146 437 121 551 1,373 ]L.924 727 September. 187 110 1,031 176 881 435 129 591 1,372 1,964 727 October 191 111 1,037 156 882 450 122 633 1,350 1,983 721 November. 210 105 1,008 149 861 444 121 567 1,358 ]L, 925 732 i Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN JANUARY 1934 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f la a E n n d n k g- F B ra o a n n f k ce G R b e e a r ic m n h k a s n - B It a o a n f ly k N l B e a a n th n d e k s r- Na S B t w a io n is K n s al Country R Ja a 1 n te . I s n i n e c f e f — ect Country R Ja a 1 n te . I s n i n e c f e f — ect I O n c e t f . fe 1 c 0 t Oct. 1,1931. 6 2 8 7 3 2 A A u lb s a tr n i i a a 5 " N M o a v r. . 2 1 4 6 , , 1 1 9 9 3 3 3 3 J J a a v p a a n. _ _ 3.65 J A u u l g y . 1 3 6 , , 1 1 9 9 3 3 3 3 D Fe e b c . . 1 1 8 0 , 193 . 2 .. 5 7 B Bo el l g iv iu ia m 6 2 J J u an ly . 1 5 4 , , 1 1 9 9 3 3 2 2 L L i a t t h v u i a a n . _ ia 6 J A a p n r . . 1 1 , , 1 1 9 9 3 3 3 0 Mar. 9 0 Mar. 10 - 4 Bulgaria 8 May 25,1932 Norway May 24,1933 M Ma a r r . 2 1 1 7 i ! 6 C C h o i l l o e mbia 4 J A u u l g y . 2 1 3 8 , , 1 1 9 9 3 3 2 3 P P e o r l u and. 6 5 M Oc a t y . 2 2 0 6 , , 1 1 9 9 3 3 2 3 Apr. 9 _ . 1" " Czechoslo- Portugal Dec. 8,1933 Apr. 19 2H vakia Jan. 25,1933 Apr. 21 3 Rumania 6 Apr. 5,1933 Apr 28 5 Danzig 3 May 6,1933 South Africa- May 15,1933 May 2 5 Denmark 21/2 Nov. 30,1933 Spain _. 6 Oct. 26,1932 May 12 Ecuador 4 Nov. 30,1932 June 30 2 1 Estonia Feb. 1,1932 Sweden Dec. 1,1933 Sept. 22 4 U.S.S.R 8 Mar. 22,1927 Jan. 9, 1933 4 Finland Dec. 20,1933 Yugoslavia—_ July 20,1931 May 12 Greece 7 Oct. 14,1933 June 29 . _ _ 4M Hungary Oct. 18,1932 July 15 4^ India Feb. 16, 1933 July 29 A Se u p g t . 4 15 3^2 3'' Changes since Dec. 1: Finland—Dec. 20, down from 5 to 4H percent; D Se e p c. t . 1 1 1 9 3 2j/2 I 6 t a t l o y — 5H D e p c e . rc 1 e 1, n d t. own from 3H to 3 percent; Portugal-Dec. 8, down from In effect Jan. 1,1934.. 2 4 3 2H 2 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month 3 B a a m a c n n c o c k e e n p e s t t r , h - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or 1932—November. 0 89 0.82 0.73 3.87 5.00 4.80 0.37 December— 1.02 1.04 .81 3.87 5.08 4.91 .37 1933—January .87 .76 .73 3.87 5.03 4.98 .37 February.. .83 .78 .73 3.87 5.00 4.86 .37 March .62 .46 .64 3.87 5.00 4.97 .64 April .59 .50 .61 3.87 5.25 5.05 .66 May ._ .50 .37 .58 3.87 5.50 5.24 2.11 June .50 .40 .62 3.87 5.50 4.93 2.18 July .48 .40 .62 3.87 5.50 5.19 3.54 August .41 .30 .62 3.87 5.50 4.94 1.11 September. .44 .31 .63 3.87 5.50 5.00 .77 October .79 .73 .75 3.87 5. 50 5. 11 .50 November.. 1.05 .94 .75 3.87 5.50 5.18 .45 Sweden Sw la i n tz d er- (B B r e u lg s i s u e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Hungary ( h S o to lm ck ) - Japan (Tokyo) Month Private Private Private Private Prime Day-to-day Loans up Discounter! Call dis r c a o te unt dis r c a o te unt dis r c a o te unt dis r c a o te unt c c ia o l m p m a e p r e - r money mo to n t 3 hs bills ov m e o rn n i e g y ht 1932—November. 1.50 3.00 1.00 5.00 5. 66-5. 84 2.92 December. 1.50 2.94 .91 5.00 5.66-5.84 2.74 1933—January 1.50 2.88 1.12 4.42 5. 48-5.84 3.10 February .. 1.50 2.78 1.89 4.25 5. 48-5.84 2.92 March 1.50 2.62 2.04 4.20 ft. 48-5. 84 2.92 April 1 50 2.50 1.87 4.00 6.48-5.84 2.37 May 1.50 2.41 1.76 4.00 5.11-5. 84 2. 19 June 1.50 2.31 1.50 4.00 3 -6 5.11-5.48 2.74 July 1.50 2.31 1.39 4.00 iH-7H 3H 3 -5 5.11-5.48 2.37 August 1.60 2.31 1.45 4.00 43*7V 3H 3 -« 5.11-5.48 2.37 September- 1.50 2.27 1.13 3.55 3 -5 5.11-5.48 2.56 October 1.50 2.21 1.25 3.50 3H 3 -5 5.11-5. 48 2.56 November. 1.50 2.12 1.85 3.50 3 -5 1 NOTE.—For sources and back figures, see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 73P; and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUAEY 1934 FEDERAL RESERVE BULLETIN 37 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] I Month tr A a u li s a - 2 •Austria Belgium Brazil i ga B r u ia l- 3 1 Canada i Chilel China Co bi l a o m i - Cuba s C l z o e v c a h k o i - a m D a e r n k - -I- 1932—December 58.5851 261.77 13.9581 13. 8460 7. 6327 0. 7200 86. 5989 6. 0274 19.4719 95.2400 99.9261 2.9613 17.0069 1933—January 58.5847 267.19 13.9715 13.8629 7. 6352 .7195 87. 4621 6.0275 19. 7916 95. 2400 99.9411 2. 9614 16.9097 February I 58.5804 272.17 13. 9867 13. 9638 7. 6348 .7200 83. 5084 6. 0278 20.1136 94.4191 99. 9790 2.9632 15.2612 March __J 58.2974 272. 73 14.0121 13. 9803 7. 6330 .7210 83. 5205 6. 0281 20. 7250 86. 2100100. 0162 2. 9743 15. 3180 April ! 60.4864 284. 79 14. 0700 14. 5285 7. 6348 .7223 84. 7233 6. 0300 22.1953 S6. 2100 99.9322 3.1155 15.9502 May • 67.9019 313.07 14. 5582 16.2711 7. 6354 .7825 87. 5930 6. 2846 24. 5193 86. 2100 99. 9196 3. 5075 17. 5193 June 71.0601 329. 22 14. 2007 17. 0460 7. 6369 .8142 89. 8853 7.5210 26.1289 86. 2100 99.9212 3. 6527 18.4423 July 80. 7251 369. 44 15. 6719 19. 4505 7. 8727 .9977 94 4683 8.3752 29. 2666 86. 2100 99. 9199 4. 1545 20. 7682 August 79. 4328 358.13 15. 4794 19.1458 8. 0331 1.0347 94. 2796 '8.1986 28. 0737 86. 2100 99. 9481 4. 0777 20.1157 September 86.08G1 371. 26 16. 6534 20. 6994 8.1508 1.2434 96.4734 .8. 6743 29.6843 78.1476 99.9583 4. 4089 20.8344 October. _ 86. 1188 371. 47 16. 7694 20. 7215 8.4634 1. 2590 97.5958 | 8.8731 29. 8462 65. 7136 99.9223 4.4172 20. 8413 November 92.0439 409. 75 18. 0434 22.3176 8. 5660 1. 6378101.1829 10.0983 32. 9030 66. 7200 99.9617 4. 7600 22. 9975 December 533.3311 407. 50 17.6811 21. 7280 8. 5995 1. 3436100. 5515 9. 5952 33. 4468 63. 9668 99.9579 4. 6487 22. 8463 Month Egypt England l F a i n n d - France m G a e n r y - Greece H K o o n n g g H ga u ry n - 3 India Italy Japan Mexico N la e n th d e s r- 1932—December 336.1120 327.8679 1.4239 3.9033 23. 7869 0.5418 21. 3527 17. 4265 24. 7923 5.1088 20.7298 31.9923 40.1680 1933—January 344. 6451 336.1385 1.4577 3.9034 23. 7703 .5392 21. 7525 17. 4260 25.4055 5.1177 20. 7393 30.1631 40.1797 February 350. 8940 342. 2073 1.4919 3. 9228 23.8291 .5610 22.0710 17. 4359 25. 8336 5.1156 20. 7945 28. 4212 40. 2691 March 351.9434 313. 2800 1. 5153 3. 9361 23. 8519 . 5673 22. 7442 17.4392 25. 7900 5. 1372 21.2631 28. 3164 40. 3572 April....... 366. 8480 357.9313 ! 1. 5806 4.1019 24. 3873 .5865 23.7714 17. 4812 26. 8721 5. 3662 22. 0867 27. 0201 41. 9490 May 403.1202 393. 2381 ; 1.7467 4. 5927 27.3629 .6582 27.1586 18. 8766 29.5729 6.0888 23.9967 28.8721 46.9507 June 424.0440 413.5581 ! 1. 8241 4. 8035 28. 8097 .6917 29. 1358 21.2415 31. 0652 6. 3789 25. 7587 27. 6650 49.0086 July. _ 477. 0204 464. 9915 2. 0511 5. 4588 33. 2627 . 7902 32. 9584 24.5147 34. 9283 7. 3697 28. 7727 27. 9968 56.1833 August 461. 7534 450. 2670 2. 0008 5. 3749 32. 7144 .7743 31. 5922 24. 2387 33.8489 7. 2176 26.9026 28.1103 55. 3799 September 478.1479 466. 4722 2. 0693 5. 7724 35. 4307 .8372 33.1050 26. 0897 35. 0051 7. 8075 27. 2539 28.1492 59.8831 October 460.4633 466. 8290 2. 0083 5.8167 35. 4207 . 8397 33. 2821 26. 3520 35. 0366 7. 8208 27. 7670 28. 1(592 59. 9529 November 514.9737 2. 2700 6. 2678 38. 2361 . 9053 36. 6896 28. 2302| 38.3408 8. 4331 30. 3618 27. 7989 64. 5642 December 511. 5890 2. 2700 6.1216 37. 3247 .8856 37.1537 27. 6855 38.3870 8.2204 30. 7418 27. 7355 62.8466 Union of Month Turkey South Africa 2 1932—December | 299.42 16.8899 17.9108 19. 2354 47.0127 1933—January... _| 292.13 17. 2684 18. 2982 19. 2836 47.0260 February 17.5270 18.2670 19. 3707 47.1982 March 17. 5913 18. 1884 19.3716 47. 4384 April IS. 3161 18.8108 20. 1281 49.3996 May 20. 0164 20.2413 22. 5368 55. 3596 June 20.8811 21.2819 23. 5665 57.8085 July ._ 23. 3627 23. 9784 26. 9583 65.7080 August 22. 6451 23.2263 26. 5265 64. 4507 September 23.4400 24. 0532 28.7299 69. 8292 October 23. 4451 24. 0fi90 28.7902 67. 2262 November 25. 8723 26. 5491 31.0223 December 25. 7075 26.3911 30. 2473 Monetary units and pars of exchange (in cents per unit of foreign currency): Par of Par of Par of Country Monetary unit ex- Country Monetary unit ex- Country Monetary unit exchange change change Argentina Peso. 42.45 England Pound. 486. 66 Poland Zloty 11.22 Australia _ Pound. 486. 66 Finland.. Markka 2.52 Portugal Escudo 4.42 Austria. ._ Schilling. 14.07 Fra Franc 3.92 Rumania Leu. .60 Belgium Belga 13.90 Germany Reichsinark 23.82 Spain Peseta 19.30 B B r u a l z g i a l ria M Le i v lr . eis... 11 . . 7 9 2 6 H Gr o e n e g c e Kong___ H D o ra n c g h K m o a n . g dollar, 6 3 1 4 .3 .2 0 1 St m ra e i n t' t s s . Settle- [Singapore dollar.. 759.69 Canada Dollar.. 100. 00 Hungary Pengo 17.49 Sweden. Krona _. 26.80 Chile. Peso... 12 17 India Rupee 36.50 Switzerland 19.30 China Yuan- 6 33.13 Italy Lira 5.26 Turkey.. __. TFurarknics.h pound— 439. 65 C Co u l b o a mbia Peso d . o 1 9 0 7 0 3 0 3 0 J M ap ex a i n co Y Si e lv n e - r peso. 4 4 9 9 . . 8 8 5 5 Un A io fr n ic a. of South [Pound 486. 66 Czechoslovakia... Koruna 2.96 Netherlands. _ Florin 40.20 Uruguay Peso 103. 42 E D g e y n p m t ark E K g ro y n p e tian pound. 49 2 4 6 . . 3 8 1 0 N N e o w rw Z ay ea . land _ . P K o ro u n n e d 4 2 8 6 6 . . 8 6 0 6 Yugoslavia Dinar 1.76 1 Nominal since April 1933. 2 Monthly averages for Australia, New Zealand, and South Africa for 1932 are taken from the League of Nations Monthly Bulletin of Statistics. 3 Partly nominal since April 1933. * 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 quotation shown for April represents period Apr. 10-30. Average quotation of old yuan for Apr. 1-9 was 20.5383 cents. s Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13,1933. Average quotation shown for December 1933 represents period Dec. 13-31. Average quotation of gold peso for Dec. 1-10 was 75.8904 cents. No quotations Dec. 11 and 12. 6 Silver currencies—figures given for dollar parity in December 1933 computed by multiplyinig silver content of unit by New York average price of silver for December 1933, which was $0.43802 per fine ounce. 7 Singapore dollar is legally equivalent to seven sixtieths of an English pound, Figure given for parity in December 1933 represents seven sixtieths of average quotation of pound in New York for December 1933. Back figures—See BULLETIN for January 1933, 1932. 1931, 1930, 1929, and 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETIN JANUARY 1934 FOREIGN EXCHANGE RATES, YEARLY AVERAGES, 1925-33 [Averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Present monetary Par of Country unit ex- 1925 1926 1927 1928 1929 1930 1931 1932 1933 change Argentina.- Gold peso.. 96.48 91. 3822 92.1497 96. 2950 96. 4801 95.1274 83.5050 66. 7375 58.4433 1'72.8009 Australia Pound 3.... 480. 8300 458.6000 351. 5000279. 9300 337.0729 Austria _ __ Schilling *.. 14.07 6 14. 0612 14. 0740 14. 0764 14. 0743 14.0575 14. 0891 14.0227 13. 9599 1 15.4478 Belgium _ Belga4 13.90 4. 7580 e 3. 3721 13.9157 13. 9281 13.9124 13.9524 13.9285 13. 9137 17. 8996 Brazil _ Milreis4--. 11.96 12.1962 14. 4357 11.8383 11.9737 11. 8078 10. 7136 7. 0290 7.1223 1 7. 9630 Bulgaria Lev 4_. .72 .7317 .7210 .7235 .7207 .7216 .7209 .7163 .7193 1 1.0039 Canada Dollar- 100. 00 99. 9615 99. 9889 99. 9720 99.9094 99. 2472 99. 8424 96. 3258 88. 0896 91. 9587 Chile Peso 4_. 12.17 11. 6031 12.0766 12. 0652 12.1451 12. 0601 12.0785 12. 0669 7.9079 1 7. 6787 China Yuan? 28.74 56. 9066 49. 9807 43. 9414 46.1378 41. 9007 29.9166 22.4369 21.7357 8 28. 5979 Colombia Peso..- _. 97.33 98. 4547 97. 6879 97. 6937 96. 5512 96. 4930 96.5697 95. 2750 1 81. 6966 Cuba .do. 100. 00 "99.9359 99. 9310 99.9675 99. 9634 99. 9647 99.9515 99.9295 99. 9409 99.9464 Czechoslovakia Koruna 9 2.96 2. 9656 2.9618 2. 9622 2.9625 2. 9609 2. 9640 2. 9619 2. 9618 3.8232 Denmark Krone 26.80 21.1310 26. 2257 26. 7251 26. 7426 26. 6802 26. 7650 25.0581 18. 8317 19. 0709 Egypt. Egyptian pound.. 494. 31 498. 0954 498.3123 499. 0254 498. 0689 498. 6002465.1111 359. 5406 England Pound... 486. 66 ~482.~8944" 485. 8235 486.1024 486. 6223 485. 6879 486. 2126453. 4990350. 6067 423.6821 Finland Markka 4 2.52 2. 5218 2. 5209 2. 5197 2. 5173 2. 5160 2. 5169 2. 3875 1. 5547 1.8708 France Franc 4 _ 3.92 4. 7671 3. 2427 3.9240 3. 9210 3.9161 3. 9249 3. 9200 3.9276 5. 0313 Germany Reichsmark _ 23.82 23. 8013 23. 7996 23.7638 23.8614 23. 8086 23.8541 23. 6302 23.7492 30. 5179 Greece Drachma4 _ 1.30 1. 5614 1. 2579 1. 3173 1. 3044 1. 2934 1.2959 1. 2628 .8320 .7233 Hong Kong... Dollar io 27.30 56. 5199 53. 3290 49. 2085 50. 0717 47.1669 33. 8530 24. 3c05 23. 4604 29.4516 Hungary Pengo * _- 17.49 .0014 17. 5612 17.4741 17. 4443 17. 4414 17. 4939 17. 4522 17.4460 * 22. 3598 India _. Rupee 4 36.50 36. 2642 36. 3267 36.3117 36.4663 36. 2020 36. 0672 33. 6895 26. 3468 31.8159 Italy Lira4 5.26 3. 9776 3. 8894 5.1560 5. 2571 5. 2334 5. 2374 5. 2063 5.1253 6. 7094 Japan Yen- 49.85 41. 0362 47.1163 47.4113 46. 4096 46. 0997 49. 3898 48. 8509 28.1112 25. 6457 Mexico.. _ Silver peso 4 49.85 49. 3926 48. 3087 47. 2049 48.1067 48.1830 47.1331 135.4919 31. 8500 28.1025 Netherlands Florin. 40.20 40.1601 40. 0984 40.1085 40. 2238 40.1622 40. 2251 40. 2298 40. 2949 51. 7209 New Zealand Pounds 486. 66 483. 2100 468. 2200415. 2900320.1900 340. 0027 Norway Krone.. 26.80 17. 8836 22. 3347 26. 0477 26. 6876 26. 6827 26. 7598 25. 0546 18. 0039 21. 4292 Poland Zloty *___ 11.22 17. 7432 11.1796 11. 2881 11.2097 11.1940 11. 2051 11.1970 11.1823 14. 4135 Portugal Escudo 4. 4.42 5. 0397 5.1254 5. 0290 4. 4675 4.4714 4. 4940 4. 2435 3.1960 3. 9165 Rumania Leu *.. .60 .4832 .4620 .6042 .6133 .5961 .5953 . 5946 .5968 .7795 Spain Peseta- 19.30 14. 3443 14.8959 17.0592 16. 5942 14. 6833 11. 6670 9. 5453 8. 0438 10. 7189 Straits Settlements Dollar 49.43 56.1546 56. 2705 56. 0476 56. 2838 56. 0117 55. 9639 52.4451 40.3970 49. 2320 Sweden Krona 26.80 26. 8479 26. 7646 26. 8148 26. 8002 26. 7839 26. 8543 25. 2540 18.4710 22.0324 Switzerland Franc. 19.30 19. 3268 19. 3130 19. 2618 19.2596 19. 2792 19. 3820 19.4009 19. 4049 24.8355 Turkey Turkish pound. 439. 65 52. 2549 51.3204 50. 9987 48.4105 47.0608 47.1814 47. 2854 Union of South Africa.. Pound 3__ 486. 66 483. 2700 483. 7900480. 7600476.5600 414. 9803 Uruguay Peso 103. 42 98.4009 101.4740 101. 3361 102. 6567 98. 6294 85. 8650 55. 3572 47.0639 1 60.3360 Yugoslavia Dinar.. 1.76 1. 7054 1. 7647 1. 7598 1. 7598 1. 7591 1. 7681 1. 7680 1.6411 1. 7607 1 Partly nominal. 2 Average for gold peso Jan. 1 to Dec. 10, inclusive. Beginning Dec. 13, 1933, paper peso with par value of $0.4245 was quoted in place of gold peso; average for paper peso Dec. 13 to 31 was 33.3311 cents. 3 Yearly averages for Australia, New Zealand, and South Africa for period 1929-32 are taken from the League of Nations' Monthly Bulletin of Statistics. 4 In the following cases the present monetary unit with present par value was quoted for only a part of the period 1925-33, and the averages given for earlier years are for the unit which has been superseded: Present monetary Par of Present monetary Par of Country u in n it N f e i w rs t Y q o u r o k t — ed Previou u s n m it onetary pre u v n i i o t us Country u in n i N t f e i w rs t Y q o u rk o — ted Previou u s n m it onetary pre u v n i i o t us Austria. _ Mar. 13, 1926. Krone . . _ . 20.26 Hungary Jan. 2, 1926 Krone 20.26 Bfilgiiim Oct. 25, 1926 Franc 19.30 India _. Apr. 1, 1927 Rupee 48.66 Brazil . . Dec. 18, 1926 Milreis __._ 32.44 Italy . - Dec. 21, 1927 Lira.. 19.30 Bulgaria Nov. 22, 1928 Lev 19.30 Mexico July 30, 1931 Gold peso— 49.85 Chile..- Aug. 21, 1925 Peso.. . 36.50 Poland Oct. 13, 1927 Zloty 19.30 Finland Jan. 2, 1926 .._ Markka _ . 19.30 Portugal.. July 1, 1931 Escudo 108 50 France,. June 25, 1928 Franc 19.30 Rumania Feb. 7, 1929 Leu 19 30 Greece May 14, 1928 Drachma 19.30 5 Average for schilling Mar. 13 to Dec. 31, inclusive. Average for krone, Jan. 2 to Mar. 12, was 0.0014 cent. 6 Average for franc Jan. 2 to Oct. 25, inclusive. Average for belga, Oct. 26 to Dec. 31, was 13.9095 cents. 7 Dollar parity in 1933 is for new Chinese yuan first quoted Apr. 10, 1933, and is computed by multiplying silver content of unit by New York average price of silver for the period Apr. 10 to Dec. 31, 1933. Parity for the old yuan for the period Jan. 1 to Apr. 9 was 20.38 cents; and corresponding parities for the years 1925 to 1932 were as follows: 1925, 53.93 cents; 1926, 48.51 cents; 1927, 44.05 cents; 1928, 45.45 cents; 1929,41.42 cents; 1930, 29.56 cents; 1931, 22.30 cents; 1932, 21.67 cents. s Average quotations on Shanghai Apr. 10 to Dec. 31 for new yuan containing 23.4934 grams of pure silver. Average quotations from Jan. 1 to Apr. 9 inclusive for old yuan containing 23.9025 grams of pure silver, was 20.2103 cents. 9 Established by new currency law effective Nov. 27, 1929; for previous status of Czechoslovak crown see BULLETIN for Nov. 1929, p. 737. 10 Dollar parity in 1933 is computed by multiplying silver content of unit by New York average price of silver for 1933, which was $0.34997 per fine ounce. Corresponding parities for the years 1925 to 1932 were as follows: 1925, 54.14 cents; 1926, 48.69 cents; 1927, 44.21 cents; 1928, 45.62 cents; 1929, 41.58 cents; 1930, 30.00 cents; 1931, 22.63 cents; 1932, 22.00 cents. » Average for silver peso July 30 to Dec. 31, inclusive. Average for gold peso, Jan. 2 to July 29, was 47.6510 cents. 12 Parity represents 7/60 of average quotation of English pound for 1933. Corresponding parities for the years 1925 to 1932 are as follows: 1925, 56.34 cents; 1926, 56.68 cents; 1927, 56.71 cents; 1928, 56.77 cents; 1929, 56.66 cents; 1930, 56.72 cents; 1931, 52.91 cents; 1932, 40.90 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN 39 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100) i Month ( U a S p v n r t e i a i c r t t a e e e ) g s d e ( 1 D E 9 e 2 n c 1 g e l = m a 1 n b 0 d e 0 r ) ( a 1 g F 9 e 1 r a = 3 n 1 a c 0 v e 0 e ) r- G ( p a e r v r i e m c r e a a ) g n » e y U S n ta i t t e e s d England France Germany Number of issues. 60 87 36 169 421 278 300 329 1931—November- 89.0 104.8 94.4 71.7 74.7 104.3 December.. 81.6 102.2 90.8 57.7 68.1 94.8 1932—January 81.0 104.7 91.5 (3) 58.0 69.7 107.3 February. _. 80.3 106.5 90.3 56.4 68.9 126.2 March 80.8 111.6 90.5 8 56.8 69.6 117.6 April— 79.4 110.6 89.0 43.9 63.5 107.3 <45.5 May 75.2 111.4 85.9 64.4 39.8 61.6 94.4 46.4 June 72.2 111.0 85.2 60.4 34.0 59.3 97.4 45.6 July 74.2 115.6 87.4 62.2 35.9 63.5 100.4 45.8 August 83.2 116.1 88.6 63.2 53.3 69.5 103.4 47.9 September- 85.8 118.4 89.5 67.4 58.2 72.7 104.3 54.1 October 84.1 120.3 89.1 70.1 49.9 72.4 97.4 52.5 November. 81.9 115.9 88.9 72.9 47.5 72.7 100.0 53.4 December. 81.2 116.1 87.8 76.3 47.4 72.0 104.3 56.7 1933—January 84.1 116.9 86.4 81.4 49.1 72.4 101.3 February— 82.5 118.4 85.3 79.9 44.9 72.2 97.9 59.4 March 76.8 118.4 81.9 83.6 43.2 72.3 92.7 64.5 April 75.4 120.2 81.5 85.8 47.5 72.4 94.0 66.8 May 82.0 118.1 78.5 81.5 62.9 75.4 100.4 67.2 June 86.8 118.7 79.5 80.1 74.9 79.0 105.2 65.7 July 89.6 117.9 80.0 78.2 80.4 83.9 106.0 62.8 August 89.9 120.1 80.2 78.5 75.1 84.4 105.2 60.7 September- 87.9 121.2 81.4 78.2 74.8 85.3 103.0 57.3 October 86.5 122.3 81.1 84.7 69.5 82.9 98.3 57.0 November. 82.6 122.3 79.6 87.9 69.1 95.7 58.7 1 Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. J New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 percent"bonds. 3 Figures not available because of closing of the exchange. 4 Based on data for part of month, no quotations being available for remainder of month. Back figures.—See BULLETIN for February 1932, p. 121, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Month (1 U S 9 n t 2 i a 6 t t = e e 1 s d 00) (1 C 9 a 2 n 6 a =1 d 0 a 0) ( E 1 n 91 g 3 l = a 1 n 0 d 0) (1 F 9 r 1 a 3 n = c 10 e 0) ( G 1 e 91 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a = l 1 y 00) 1 ( 9 O J 0 c a 0 t p = o a 1 b n 0 e 0 r ) (1 N 9 e l 1 t a 3 n h = d e 1 r s 0 - 0) 1931—November. 70 71 106 447 107 320 147 89 December. 69 70 106 442 104 319 151 85 1932—January. _. 67 69 106 439 100 317 160 84 February.. 66 69 105 446 100 314 161 83 March 66 69 105 444 100 315 159 82 April 66 68 102 439 98 311 154 80 May.. 64 67 101 438 97 305 150 79 June 64 66 98 425 96 297 146 78 July 65 67 98 430 96 296 148 76 August 65 67 100 415 95 296 156 75 September. 65 66 102 413 95 300 167 76 October... 64 65 101 412 94 299 169 77 November. 64 65 101 413 94 298 178 77 December. 63 64 101 413 92 296 185 76 1933—January... 61 64 100 411 91 292 185 75 February. . 60 64 99 404 91 286 180 74 March 60 64 98 390 91 281 177 72 April 60 65 97 387 91 279 176 71 May 63 67 99 383 92 279 177 72 June 65 68 102 403 93 281 180 73 July 69 71 102 401 94 279 182 73 August 70 69 103 397 94 278 180 73 September. 71 69 103 397 95 276 182 75 October... 71 68 103 397 96 274 180 75 November. 71 69 103 409 96 273 179 76 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 FEDERAL RESERVE BULLETIN JANUARY 1934 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES- Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those Included in indexes shown in preceding table] United States (1926=100) England (1913= 100) France (1913=100) Month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- ]Foods p I r n o tr d d ia u u l s c - ts a p n r F o d a d r u f m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t o g u r d r i u c a u c l l t - s 1931—November 59 71 74 115 102 482 416 99 December 56 69 7? 113 102 491 400 95 1932—J anuary 53 65 72 114 101 496 390 92 February 51 63 71 114 101 511 389 95 M arch 50 62 71 116 99 510 388 97 April 49 61 71 115 96 506 381 95 May -_ 47 59 70 114 94 511 374 93 June 46 59 70 112 91 490 369 92 July 48 61 70 108 92 498 370 93 August 49 62 70 107 95 453 382 91 September 49 62 70 107 99 445 384 89 October 47 61 70 106 98 450 379 88 November 47 61 70 107 98 458 373 88 December 44 58 69 108 97 456 375 1933—January 43 56 67 107 97 455 373 February 41 54 66 105 96 443 370 March 43 55 66 102 95 417 388 April 45 56 65 101 95 407 369 May 50 59 67 102 98 390 376 June 53 61 69 104 101 418 390 July 60 66 79. 101 103 414 389 August 58 65 74 104 102 407 389 September 57 65 76 105 102 413 383 October 50 64 77 104 102 417 r379 November 64 77 104 102 425 395 RETAIL FOOD PRICES United England France l Germany States (July (July (1913- (1913=100) 1914=100) 1914=100) 14=100) 2 Month 1932 1933 1932 1933 1932 1933 1932 1933 January 109 9^ 131 123 114 102 116 107 February 105 91 131 122 115 103 114 107 March_. 105 91 129 119 115 101 114 106 April 104 90 126 115 115 99 113 106 May 101 94 125 114 114 97 113 110 June_. 100 97 123 114 111 97 113 111 July 101 105 125 118 108 95 114 111 August 101 3 10'7 123 119 104 97 112 110 September 100 3 10'T 123 122 102 93 111 111 October 100 3 10"7 125 123 102 101 110 112 November _ 99 3 10"J 125 126 104 103 110 113 December 99 125 103 109 2 £8 Germany(1913=100) P s r io o n v s i- a p t f r n I r i i n n o d a i d d l s s u u e h ra s m c e - w t d i s - p tr I r i i n o a s d d h l u e u f d s i c n - ts - 94 99 132 91 97 130 90 92 125 91 91 122 89 90 121 88 89 120 87 * 88 119 85 87 118 84 87 117 83 88 116 85 89 115 88 115 81 88 114 80 87 114 81 87 113 80 87 112 83 79 87 112 82 77 87 111 84 77 88 112 85 78 89 112 87 77 90 113 88 76 90 113 90 75 89 114 93 73 89 114 94 73 89 114 COST OF LIVING United England France l Germany States (July (Jan.-June (1913- (1913=100) 1914=100) 1914=100) 14=100) » Month 1932 1933 1932 1933 193S 1933 1932 1933 January 147 142 125 117 FebruarjT 147 141 122 117 March _ 146 139 HE 106 122 117 April . _ 144 137 122 117 May 143 136 121 118 June 136 128 142 136 101 105 121 119 July 143 138 122 119 August. 141 139 120 118 Septembp.r 141 141 10f 105 120 119 October 143 J41 119 120 November 143 143 119 120 December 132 143 10! 118 T Revised. 1 This index, unlike that for wholesale prices, represents prices converted to a gold basis. 2 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 as follows: Aug. 15, 106.7; Aug. 29, 107.1; Sept. 12, 107.0; Sept. 26, 107.4; Oct. 10, 107.3; Oct. 24, 106.6; Nov. 7, 106.7; Nov. 21, 106.8; Dec. 5, 105.5. SOURCE: Wholesale prices.—For original sources, see BULLETIN for March 1931 (p. 159). Retail food prices and cost of living.—United States— Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique Gen6rale, and for cost of living, Commission d'etudes relatives au coiit de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

41 JANUARY 1934 FEDERAL RESERVE BULLETIN LAW DEPARTMENT Partnership as holding company affiliate of member give to the Comptroller, the Federal Reserve bank bank, or the Federal Reserve Board any dis- In response to an inquiry whether a partner- cretion or power to require a corporation to ship was a holding company affiliate of a mem- submit to examination or to determine what ber bank, the Federal Reserve Board ruled that corporations should submit to examination. a partnership is not a "corporation, business On the other hand, the section provides a trust, association, or other similar organiza- penalty of fine or imprisonment for any violation" within the meaning of section 2, subsec- tion of its provisions and the determination of tion (c) oi the Banking Act ot 1933, defining the question whether a person should be prosethe term "holding company affiliate77 and, cuted for such violation is a matter entirely accordingly, is not subject to the provisions of within the jurisdiction of the Department of the act applicable to holding company affiliates Justice. of member banks. In view of these circumstances, an expression of opinion by the Federal Reserve Board on the question whether the section is violated would Questions arising under section 21 of the Banking Act not afford protection from prosecution if the of 1933 relating to the receipt of deposits by nonbanking institutions Department of Justice upon consideration of the matter should take the position that a The Federal Reserve Board has been asked corporation had violated the statute and should to rule upon the applicability of section 21 of feel it necessary to prosecute for such violation. the Banking Act of 1933 to a corporation which Accordingly, the Federal Reserve Board does has been permitting its employees to leave not feel that it would be appropriate for it to funds with the corporation, upon which it has undertake to express opinions upon questions paid such employees interest at a higher rate of this kind. than savings banks would pay, and which has permitted withdrawals of such funds on demand, the plan having been adopted lor the Applicabiiity of section 8A of Clayton Act to directors purpose of encouraging thrift among the em- of a corporation which extends or renews loans ployees of the corporation. previously made The applicable portion of section 21 provides A ruling of the Federal Reserve Board was in substance that after June 16, 1934, it shall recently requested as to whether section 8A be unlawful for any person or organization of the Clayton Act is applicable to directors, other than a financial institution or private officers, or employees of banks "organized or banker subject to examination and regulation operating under the laws of the United States" under State or Federal law to engage to any who are serving at the same time as directors, extent whatever in the business of receiving- officers, or employees of a certain corporation deposits subject to check or to repayment upon which has made loans secured by stock and presentation of a pass book, certificate of de- bond collateral. It appeared that the corpoposit, or other evidence of debt, or upon request ration is not authorized to make any loans after of the depositor, unless such person or organi- May 31, 1933, but that, in order to provide for zation shall submit to periodic examination by the orderly liquidation of loans previously the Comptroller of the Currency or by the made, it is authorized to extend the time within Federal Reserve bank of the district and shall which such loans must be repaid. Such extenpublish periodic reports of condition. sions sometimes take the form of an agreement The section does not give to the Federal extending the time and sometimes take the Reserve Board any jurisdiction or discretion form of a "renewal77 of the obligation. The regarding the matters with which it deals. loans are being reduced from time to time and The provision excepting corporations which renewals are never for an amount greater than shall submit to periodic examination by the the amount then outstanding. Comptroller or Federal Reserve £>ank of the Section 8A applies to a corporation which district relates to corporations which "shall "shall make77 loans secured by stock or bond submit77 to such examination, and does not collateral after January 1, 1934; but it is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 FEDERAL RESERVE BULLETIN JANUARY 1934 understood that, in the case under considera- on the date the company was placed in liquidation, no new loans in the sense of loans to new tion, payment of debts and expenses, and disborrowers or further loans to existing borrowers tribution of the remainder to the stockholders, may be made by the corporation. It would may henceforth be conducted by the company. not seem that section 8A, which was designed As is indicated by the footnote on page 1 of the to prevent the undue use of bank credit for the Federal Reserve Board's regulation R, section speculative carrying of, or trading in, securities 32 has reference only to the business presently and which obviously has reference to future transacted by an organization and not to the loans, should be construed so as to prevent business which may have been transacted by it in the orderly liquidation of loans previously the past; and, accordingly, the Board expressed made or as applying to transactions which in the opinion that, if such liquidation involves substance are merely extensions of time within merely the sale of these assets and does not which loans previously made may be repaid, involve the participation in any new business even though in some instances the trans- in connection with such liquidation, section 32 actions granting such extensions of time may would not be applicable to the service of the take the form of renewal notes. The Federal directors and officers mentioned. Reserve Board expressed the opinion, therefore, that section 8A does not apply to the corporation in question. Applicability of section 32 of Banking Act of 1933 to a member bank haying certain business relations with a dealer in securities Applicability of section 32 of Banking Act of 1933 The question has been presented whether a to corporation engaged solely in holding stocks member bank is to be regarded as a " corre- In connection with an inquiry as to whether spondent bank" of a certain dealer in securities section 32 of the Banking Act of 1933 is ap- within the meaning of section 32 of the Banking plicable to a director of a member bank of the Act of 1933, and of the Board's regulation R. Federal Reserve System who is also serving as a It appeared that, among the other transactions director of a certain corporation, it appeared which it has with the dealer, the member bank that the sole business of the corporation is the extends credit accommodations to the dealer by holding for investment of the majority of the purchasing high-grade municipal bonds from capital stock of a trust company, the majority the dealer under ordinary repurchase agreeof the capital stock of a title and mortgage ments, such bonds having fceen acquired by the company, and the majority of the capital stock dealer with the approval of the bank, either by of an investment company, and that the corpurchase on the market or, in the case of new poration is, therefore, only a holding company issues, from the municipality which issues which holds the control of three operating them. The dealer is to keep these bonds companies. "marked to the market" by making cash The Board expressed the opinion that the payments to the bank equal in amount to any phrase " engaged primarily in the business of decrease in the market value of the bonds so purchasing, selling, or negotiating securities" purchased. As part of its compensation for these in section 32 is not applicable to a corporation services, the bank receives the interest on the whose sole business is that of a holding com- bonds held under the repurchase agreement, pany under the circumstances described, and, and a percentage of the dealer's net profit on a accordingly, that a director of a member bank resale of the bonds by the dealer. The bank is is not prohibited by that section from serving not liable for any losses in connection with such also as a director of such a corporation. transactions. It is the opinion of the Federal Reserve Board that these transactions involve more Applicability of section 32 of Banking Act of 1933 than the performance of ordinary banking to corporation in process of liquidation functions on behalf of the dealer, that the The view of the Federal Reserve Board has bank is "regularly associated with" the dealer been asked as to whether section 32 of the in connection with the purchase and sale of Banking Act of 1933 forbids certain officers and such bonds and possibly in connection with the directors of a member bank to serve also as underwriting and flotation thereof, and that, officers and directors of a securities company in therefore, the bank is a "correspondent bank" process of dissolution. It appeared that, within the definition of that term in the Board's under the applicable State law, no business of regulation R and within the meaning of section any kind, except liquidation of the assets held 32 of the Banking Act of 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN 43 Certificates of deposit payable 6 or 12 months after the President on October 3, 1933, provides that rules date or on 30 days' notice shall be adopted by all clearing houses fixing uniform service charges whereby services rendered by banks Inquiry has been made of the Federal Reserve shall be compensated for either by adequate balances Board whether a national bank may adopt a carried or by a scale of charges. form of certificate of deposit which will mature In order to determine whether the balance carried in an account is sufficient to fairly compensate the bank at the end of 6 or 12 months and which will give for services rendered, it is necessary to analyze the the holder the right to reduce the term of the account. This requires the establishment of uniform certificate to an earlier maturity upon giving rules which must give consideration to the value of the 30 days' written notice, in which event the account and proper service charges against the account. These charges are of two classes: First, general overcertificate would be paid on such earlier date head expenses of the bank, and second, out of pocket but without interest. expenses, such as exchange, collection, and similar The Board does not look with favor upon the charges arising out of specific transactions for specific use of certificates of deposit of this character. customers and actually paid or credited by the bank on behalf of such customers. However, since it appears that, under the terms Under the code it now becomes the duty of the Bankof the certificate itself the deposit cannot be ing Code Committee to consider the rules of fair trade withdrawn until after 30 days from the date of practices which are being submitted for approval by the deposit, the Board is of the opinion that it clearing houses and other banking groups provided for in the code. Before passing upon these rules of fair must be regarded as a time certificate of deposit trade practices, the Banking Code Committee desires to within the meaning of section 19 of the Federal know whether the Federal Reserve Board will object Reserve Act and within the meaning of regula- to member banks taking into consideration the reasontion Q. While it may be withdrawn at any able value of their customers' deposit balances in analyzing accounts in accordance with a uniform plan time upon the expiration of 30 days' written to be approved by the Banking Code Committee for the notice actually given by the depositor, it would purpose of determining whether service charges should appear that, if such notice is not given, the be assessed against their customers and, if so, the deposit could not be withdrawn except upon the amount to be assessed: Provided, That (1) the value of each account to the bank is computed in accordance expiration of 6 months from the date of the with a uniform plan approved by the Banking Code certificate or upon the expiration of 12 months Committee and (2) the banks require actual reimbursefrom the date of the certificate; so that it must ment (without deduction of interest or of the estimated be regarded either as a deposit payable only value of the customers' balance to the banks) for after 30 days7 written notice or as a deposit exchange charges, collection charges, and other charges arising out of specific transactions for specific cuspayable at the expiration of a certain specified tomers and actually paid or credited by the bank OD time, which is not less than 30 days subsequent behalf of such customers. to the date of the certificate. In other words, we would like to know whether such a practice would be considered contrary to the following provisions of section 19 of the Federal Reserve Act, as amended by the Banking Act of 1933: "No member Analysis of customers' accounts by member banks forshall, directly or indirectly by any device whatsoever, purpose of determining whether service charges pay any interest on any deposit which is payable on should be assessed demand." Very truly yours, There is printed below a copy of a letter (Signed) RONALD RANSOM, dated November 24, 1933, addressed to the Chairman, the Banking Code Committee. Federal Reserve Board by Mr. Ronald Ransom, NOVEMBER 28, 1933. chairman of the banking code committee of the Mr. RONALD RANSOM, American Bankers Association, and a copy of Chairman, The Banking Code Committee, the Board's reply thereto dated November 28, Atlanta, Ga. 1933, in regard to the question whether mem- DEAR MR. RANSOM: The Federal Reserve Board has ber banks may take into consideration the given consideration to your letter of November 24, reasonable value of their customers' deposit 1933, in which you inquire whether or not the practice therein outlined would be considered contrary to that balances in analyzing accounts in accordance portion of section 19 of the Federal Reserve Act, as with a uniform plan to be approved by the amended, which provides that, '' No member bank banking code committee for the purpose of shall, directly or indirectly by any device whatsoever, determining whether service charges should pay any interest on any deposit which is payable on be assessed against their customers. demand." It appears that article VIII, paragraph (3), of the Bankers Code of Fair Competition, as approved by the WASHINGTON, D.C., President on October 3, 1933, requires every clearing November 2/+, 1933. house, county association, county group, or State bank The FEDERAL RESERVE BOARD, association to adopt rules fixing uniform service charges Washington, B.C. to be charged by banks whereby services rendered by GENTLEMEN: Article VII, paragraph (3) of the banks shall be compensated for either by adequate Bankers Code of Fair Competition, as approved by balances carried or by a scale of charges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 FEDERAL RESERVE BULLETIN JANUARY 1934 It also appears from your letter that, in order to puted in accordance with a uniform plan approved by determine whether the balance carried in an account is the Banking Code Committee and (2) the banks require sufficient to compensate the bank fairly for services actual reimbursement (without deduction of interest or rendered, it is necessary to analyze the account; that of the estimated value of the customers' balance to the this requires the establishment of uniform rules which banks) for exchange charges, collection charges, and must give consideration to the value of the account and other charges arising out of specific transactions for proper service charges against the account; and that specific customers and actually paid or credited by the these charges are of two classes: First, general overhead bank on behalf of such customers." expenses of the bank, and second, out of pocket After careful consideration, the Federal Reserve expenses, such as exchange, collection and other Board is of the opinion that a practice such as that charges arising out of specific transactions for specific outlined in your letter would not be contrary to that customers and actually paid or credited by the bank provision of section 19 of the Federal Reserve Act on behalf of such customers. which is quoted above. It further appears that, under the code, it is the duty In reaching this conclusion the Board has taken of the Banking Code Committee to consider the rules particularly into account the fact that it is proposed, which are being submitted for approval by clearing in proviso No. 2, among other things, that the banks houses and other banking groups provided for in the will require actual reimbursement for exchange and code and that, before passing upon these rules, your collection charges, without the deduction of interest or committee desires to know whether it would be con- of the estimated value of the customers' balances to the trary to that provision of the Federal Reserve Act banks. Such a practice would eliminate any question referred to above for member banks to take into of illegality which might be occasioned by the absorpconsideration "the reasonable value of their customers' tion by a bank of exchange or collection charges in an deposit balances in analyzing accounts in accordance amount bearing a substantially direct relationship to with a uniform plan to be approved by the Banking the amount of the balance. Code Committee for the purpose of determining whether Very truly yours, service charges should be assessed against their custo- (Signed) CHESTER MORRILL, mers and, if so, the amount to be assessed: Provided, Secretary, That (1) the value of each account to the bank is com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN 45 FEDERAL RESERVE STATISTICS, BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures in millions of dollars] [In thousands of dollars] I 1933 1932 Wednesday series (1933) Federal Reserve bank Federal Reserve bank Decem- Novem- Decem- Dec. 6 Dec. 13 Dec. 20 Dec. 27 ber ber ber Boston 5,382 6,595 7,540 6,858 Boston 6.3 5.3 14.0 New York 43,109 45,010 46, 650 49,101 New York 46.9 41.7 63.2 Philadelphia 24,969 25, 530 26, 272 25,724 Philadelphia.. 25.6 24.9 50.6 Cleveland- 10,460 10,954 8,964 7,627 Cleveland 10.3 9.8 29.0 Richmond, 5,365 5,555 5,131 4,490 Richmond 5.4 6.8 17.0 Atlanta 8,167 7,419 6,074 4,834 Atlanta 6.9 6.5 21.5 Chicago . 6,559 6,253 6,200 4,178 Chicago 6.2 17.8 St. Louis . 1,339 1,394 1,450 1,510 St. Louis 1.5 1.5 7.6 Minneapolis 2,773 2,270 2,077 2,034 Minneapolis. _ 2.3 j 3.0 11.5 Kansas City 2,222 2,107 1,893 1,559 Kansas City.. 2.0 3.4 12.8 Dallas. 1,000 983 909 768 Dallas .9 1.1 5.8 San Francisco 4,216 4,114 2,028 1,869 San Francisco 2.9 3.8 31.3 Total 115,561 118,184 115,188 110, 552 Total_-_ 114.0 282.2 Back figures.—See Annual Reports for 1932 (table 13), 1931 (table 83), Back figures—See Annual Reports for 1932 (table 9), 1931 (table 80), 1930 (table 78), etc. 1928 (table 72), and 1927 (table 55). CASH HOLDINGS, DEPOSITS, NOTE CIRCULATION, AND RATIO OF CASH HOLDINGS TO LIABILITIES [Amounts in thousands of dollars] Averages in daily figures Ration of gold and other Total gold re c s a e s r h ves and other Total deposits Federal R cu e l s a e t r i v o e n n i otes in cir- c F a e s d h e r t a o l R d e e s p e o r s v i e t n a o n t d e liabilities combined Federal Reserve bank 1933 1932 1933 1932 1933 1932 1933 1932 Decem- Novem- Decem- Decem- Novem- Decem- Decem- j Novem- Decem- Decem- Novem- December ber ber ber ber ber ber j ber ber ber ber ber Boston 266,496 293,463 235, 838 174, 609 192, 524 123, 761 230,940 218, 257 198,436 65.7 71.4 73.2 New York 951,699 980,048 1,060, 664 1,032, 559 1,065,024 1, 227, 779 655,420 645,087 589,234 56.4 57.3 58.4 Philadelphia 232,330 226,916 217, 778 140, 278 137, 546 130, 757 236, 364 233,023 242,146 61.7 61.2 58.4 Cleveland-. 298, 255 278, 771 257,008 185,910 165,197 147, 214 289, 620 279, 667 285,984 62.7 62.6 59.3 Richmond.. 176,081 166, 015 102, 659 93, 217 88,985 56, 213 157,935 150,134 103,028 70.1 69.4 64.5 Atlanta 126,548 I 126,685 83, 554 70,149 46,838 124,609 122, 370 97,843 65.0 67.0 57.7 Chicago - 934, 853 955, 969 849, 728 541, 597 578,846 406,810 776,136 748, 489 680,352 70.9 72.0 78.2 St. Louis 172, 295 166, 301 99, 290 107,885 100,001 60,189 144,861 143,264 103,318 68.2 68.4 66.0 Minneapolis- 95,163 92, 310 61, 378 60, 707 58,846 41,000 92,122 90, 789 80, 783 62.3 61.7 50.4 Kansas City ; 152,417 149, 869 94,974 119, 794 116, 641 67,692 106,863 105,429 91,822 67.2 67.5 59.5 Dallas i 93,481 84, 571 46,674 101,335 88, 554 48,620 42, 357 39,022 39,340 65.1 66.3 53.1 San Francisco 272,355 273, 412 245,191 201,935 196,053 151,711 214,374 213,464 227,810 65.4 66.8 64.6 Total 3,771,973 3, 794, 330 3,354, 7362,829,975 2, 855,046 2,508,584 3,071,601 2,988,995 2, 740,096 63.9 64. i 63.9 1 Includes "Federal Reserve notes of other banks" as follows: Latest month, $16,058,000; month ago, $16,891,000; year ago, $14,399,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 FEDERAL RESERVE BULLETIN JANUARY 1934 EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, DEC. 31, 1933 [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i i l l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Gold with Federal Reserve agents 2,625,053 192, 672 573, 706 170, 500217, 770142,475 90,880 710,987124, 682 76, 254102, 290 41,074 181,763 Gold redemption fund with U.S. Treasury 44,739 1,977 10, 707 4,188 5,216 1S 3,157 6,841 1,304 1,612 1,170 865 5,816 Gold held exclusively against Federal Reserve notes 2, 669, 792 194,649 584, 413 .17744,,688 222, 981644, 361 94,037 717,828 125,986 77, 866 103!,,460 41, 939 187, 579 Gold settlement fund with F.R. Board_. 618, 205 19, 240 164,759 1"0," 92—762, 530 25, 95' 22,08; 160,423 37,020 19, 518 32, 255 32,877 30,612 Gold and gold certificates held by banks.. 280, 979 22, 092 189,230 11,905 5,058 1,088 2,093 2,719 24f 550 10, 985 3,741 31,271 Total gold reserves 3, 568, 976235,981 402 197, 520 290, 574 7117,406118,217 880, 970 16133,, 25397,934146, 700 78, 557249, 462 Other cash * 224, 634 18,044 50,104 31,051 15, 64312,076 11,875 33,316 11,084 8,322 9,397 6,797 16,925 Total gold reserves and other cash..3, 793, 610254,025 988, 506 228, 571306, 21 183, 482 130,092 914, 286 174, 337106, 256 156,097 85, 354 266,387 Redemption fund—F.R. bank notes 13, 082 1,250 2,871 1,300 1,356 26: 1,014 1,879 494 593 524 708 826 Bills discounted: Secured by U.S. Govt. obligations 27, 291 2,715 14, 512 5,286 2,008 456 230 911 797 50 39 164 123 Other bills discounted 70, 299 2,145 26,179 20,077 4,868 4,077 3,954 3,142 618 1,822 1,382 719 1,316 Total bills discounted 97, 590 4,860 40, 691 25, 363 6,876 4,533 4,184 4,053 1,415 1,872 1,421 883 1,439 Bills bought in open market 133,425 28, 671 22, 258 7,858 12,186 3,926 4,279 14,091 4,693 3,189 4,566 9,248 18,460 U.S. Government securities: Bonds.. 443, 336 24, 390 170,047 28,068 32,161 11,860 11,305 76,950 14,493 16, 315 14,109 18, 52825,110 Treasury notes 1,053,300 70, 955 361, 23974,042 96, 287 35, 510 32, 295 177,161 41, 901 26, 292 36, 910 25,526 75,182 Certificates and bills 940,854 62,326 305, 46965,010 84, 577 31,193 28, 298 183, 232 36,806 23,061 32,422 22,421 66,039 Total U.S. Govt. securities. 2,437,490 157, 671 836, 755 167,120213,025 78, 563 71,898 437,343 93,200 65, 668 83,441 66,475 166,331 Other securities- 1,493 903 510 80 Total bills and securities.. 2, 669,998 191, 202 900,607 200, 851 232,08787,022 80, 361 455, 487 99,308 70,809 89,428 76,606 186, 230 Due from foreign banks. 3,333 256 1, 228 367 330 130 117 455 14 9 97 97 233 F.R. notes of other banks 18,460 466 3,726 1,066 026 1,312 1,640 4,: 1,157 658 1,147 494 1, 530 Uncollected items. 445, 628 50, 472 126, 52136,896 660 34, 275 14,012 54, 510 18, 732 10,641 23, 767 15,723 20,419 Bank premises 51,884 3,224 11,066 3,841 785 3,128 2,372 7,375 3,111 1,657 3,485 1,750 4,090 All other assets 44, i 395 25,103 4,577 910 2,553 3,775 1,549 413 1,474 1,151 914 879 Total assets. 7,040,68 501, 2902,059,628 477,469 589, 371312,169 233,383 1,439, 779 297,566192,097275,696181,646 480, 594 LIABILITIES F.R. notes in actual circulation._ 3,079, 543234,305 651,086 236,128 290,590 157, 541125,175 784, 759 144,307 92, 896 106,814 42,888 213,054 F.R. bank notes in actual circulation 208, 997 19,976 54,008 20,390 25,091 4,523 5,121 28,737 8,067 7,718 9,615 11,344 14,407 Deposits: Member bank—Reserve account 2, 729,442165,945 1,036, 524 12>9,, 225 182, 29996, 255 65,442 494,813 97, 260 62,013 18, 73195,937 184,! Government _ 2,837 102 742 83 i 198 338 112 76 100 91 67 60 Foreign bank __ 4,233 304 1,460 437 412 163 146 541 141 96 121 121 Special deposits: Member bank.. 46, 691 502 3,802 6,930 1,976 1,948 17,160 3,179 1,013 2, 226 333 2,633 Nonmember bank _ 9,961 1,314 1,920 157 693 264 3 4,710 277 27 596 Other deposits 71,386 1,935 34,313 662 4,138 1,016 4,170 1,080 4,468 2,805 1,757 1,466 13,576 Total deposits 2,864, 550168,788 1, 078,155. 13399,,257192,193 100•,,441 72,082 513, 673L09,858 66, 295122,929 97,917 202,962 Deferred availability items 430,883 46,345 119,762 35,044 38,335 32,430 13, 332 55, 689 20,476 11,128 23, 55516,414 18,373 Capital paid in 144,693 10,564 58,280 15,917 12,404 5,035 4,450 12,790 3,944 2,876 4,077 3,,'719 10,637 Surplus 277,680 19,840 87,746 27,973 28, 236 10,979 10,417 40, 429 9,849 6,929 7,744 8,,<0 43 .11.99.,4.49.955. All other liabilities _ 34, 342 1,472 10, 591 2,760 2,522 1,220 2,806 3,702 1,065 4,255 962 1,3211 1,666 Total liabilities r, 040, 6885!01,2902,059,628 477,469 589, 371 312,169 233, 3813,439,779 297,566192,097 275,696 181, 646 480, 594 Ratio of total gold reserves and other cash * to deposit and F.R. note liabilities combined 63.0 57.2 60.9 63.4 71.1 66.0 70.4 68.6 66.7 67.9 60.6 64.0 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: H Iss e u ld e d b y to F F e . d R e . r a b l a R nk es b er y v e F . b R an . k agent.._3, 2 3 7 4 0 9 , , 8 2 0 6 5 2 2 2 5 1 5 , ,5 2 6 6 5 0 7 7 2 5 6 , ,1 0 2 4 6 0 24 13 9 , ,1 0 8 5 1 3 30 1 4 3 , , 4 8 4 5 8 8 17 1 ._ 2 0 , , 0. 4 _4 9 _ 9 0 1 i 4 g 4 Q , 2 9 7 7 2 8 4 3 7 2 , , 1 4 9 3 2 3 5 5 0 , , 7 09 8 2 5 9 4 7 , , 8 78 8 4 8 1 8 5 , ,3 5 5 4 9 5 4 5 8 , , 9 8 9 8 5 3 2 4 5 2 5 , ,8 8 6 0 3 9 In actual circulation _ 3,079, 543234, 305 651,086 236,128 290,590 157, 541125,175 784, 759144,307 92, 896 06,814 42,888 213,054 Collateral held by agents as security for notes issued to bank: U G E . l o S ig l . d ib G le o v p e a r p n e m r ent secur _ ities , 6 1 6 0 8 2 0 8 5 , , , 4 0 5 4 5 0 0 3 0 1 3 3 9 2 2 2 , , , 0 1 6 0 7 7 0 3 2 5 1 4 7 3 7 0 3 , , , 6 0 7 5 0 0 3 0 6 17 6 1 0 0 8 , , , 5 0 9 0 3 0 0 0 0 2 8 1 1 0 7 6 , , , 0 8 7 0 0 7 0 3 014 2 2 2 6 , !, , , 9 4 1 0 7 7 0 5 0 9 4 0 8 6 , , , 5 8 0 7 8 0 0 0 0 7 1 1 1 1 0 5 0 , , , 9 1 0 8 7 0 7 6 0 2 22 5 4 , , , 7 6 0 2 8 0 2 4 0 7 1 4 6 9 , , , 2 2 5 5 3 0 4 0 4 0 1 2 5 2 , , , 4 0 2 0 0 9 0 9 041 9 , , 0 7 7 6 4 6 18 6 1 1 5 9 , , , 7 0 0 6 8 0 3 5 0 FEDERAL RESERVE BANK NOTE STAT MENT Federal Reserve bank notes: I H ss e u ld e d b t y o F F e . d R er . a b l a b n a k n k (outstanding).... 23 2 3 4 , , 7 7 2 2 8 5 2 2 2 , , 6 6 7 53 7 63 9 , , 5 6 9 0 7 52 5 5 , , 4 87 8 2 2 26 1 , , 9 9 0 9 4 5 4,56 4 7 4 5,6 5 5 3 4 3 30 1, , 7 4 6 9 2 9 i,2 1 3 6 4 7 8,0 3 4 3 8 0 9,8 20 2 9 4 12 1 , , 4 7 5 9 4 8 14,9 5 7 6 6 9 In actual circulation 208,997 19,976 54,008 20,390 25,091 4,523 5,121 28,737 8,06', 7,718 9,615 11,344 14, 407 Collateral pledged against outstanding notes: Discounted and purchased bills 2,021 1,656 231 134 U.S. Government securities 256,774 30, 000 64, 27426, 500 30,000 5,000 7,000 36,000 9,000 10,000 10,000 14,000 15,000 1 uOther cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN 47 LICENSED MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures for September-November 1933 Reserves held Borrowings at Federal Reserve Federal Reserve district banks Total Excess Novem- Septem- Novem- Septem- Novem- September October ber ber October ber ber October ber Boston 184.3 171.5 158.6 75.0 61.6 50.0 5.3 4.1 5.3 New York.... 986.6 1,015.2 1,015.1 148.9 170.0 172.9 36.4 35.0 35.5 Philadelphia.. 118.2 124.5 121.7 17.2 24.5 23.2 12.6 12.9 14.2 Cleveland 144.8 136.6 134.3 34.9 26.0 25.4 8.5 8.7 10.0 Richmond 76.0 69.9 66.6 23.7 18.7 16.8 5.7 6.7 7.7 Atlanta 57.7 55.8 53.9 17.5 16.5 15.3 5.0 4.5 5.3 . Chicago 530.7 516.5 463.7 308.4 298.1 250.5 4.8 3.8 4,8 St. Louis 82.8 73.7 71.8 33.5 26.3 24.8 1.3 1.6 2.7 Minneapolis.. 53.4 50.8 50.4 15.8 14.1 14.3 3.0 3.1 3.5 Kansas City.. 106.8 102.1 101.5 46.1 42.6 42.2 2.7 2.8 3.0 Dallas 83.9 75.6 57.9 38.7 33.2 18.4 1.0 2.0 4.0 San Francisco. 174.0 164.3 155.6 34.4 26.8 20.8 3.4 5.9 6.5 Total... 2, 599. 3 2, 556. 5 2,451. 2 794.1 758.4 674.5 91.0 102.5 NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] Averages of daily figures for September-November 1933 Member banks in larger centers (places over 15,000) Member banks in smaller centers (places under 15,000) Federal Reserve district Net demand Time Net demand Time No b v e e r m- October Sep b t e e r m- No b v e e r m- October Sep b t e e r m- No b v e e r m- October Sep b t e e r m- No b v e e r m- October Se b p e te r m- Boston _ ._ 928 932 919 643 645 655 78 79 76 102 101 97 New York 6,115 6,171 6,149 1,750 1,743 1,738 180 181 184 416 417 414 Philadelphia.... 697 685 672 585 587 582 129 130 128 346 348 348 Cleveland 768 777 759 805 799 807 109 110 109 191 190 188 Richmond 383 373 364 277 276 271 79 74 70 133 133 130 Atlanta. _ _ 293 288 285 260 263 264 62 55 50 57 57 55 Chicago 1,615 1,579 1,541 768 762 763 107 106 101 129 129 125 St. Louis _._ . .. 357 341 339 229 229 229 88 84 81 78 77 77 Minneapolis 230 220 216 166 169 168 95 93 91 159 158 158 Kansas City _ 411 402 405 201 204 200 173 167 161 101 101 101 Dallas 316 293 274 157 156 156 150 143 126 31 31 32 San Francisco . __ 900 881 854 1,478 1,476 1,482 82 78 75 75 75 74 Total . . 13,014 12,943 12,775 7,319 7,309 7,314 1,333 1,300 1,252 1,820 1,817 1,799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 FEDERAL RESERVE BULLETIN JANUARY 1934 MEMBER BANKS LICENSED AND NOT LICENSED AS OF DEC. 27, 1933 Deposits on Oct. 25, 1933 of banks Number of banks licensed and not licensed on Dec. 27, 1933 (in thousands of dollars) Federal Reserve district Not li- Not li- Total Licensed censed * Total Licensed censed * All member banks: Boston 369 356 13 1, 946,609 1,936,013 10, 596 New York 808 755 53 9, 767, 028 9, 685, 907 81,121 Philadelphia... 672 605 67 2,125,926 1,998, 655 127, 271 Cleveland 622 541 81 2,174, 253 2, 074, 319 99, 934 Richmond 397 370 27 1, 042,102 1, 020, 416 21, 686 Atlanta- 329 308 21 830, 499 804,090 26, 409 Chicago 695 583 112 3,129,196 3, 033, 592 95, 604 St. Louis 401 359 42 896, 020 869,636 26, 384 Minneapolis 528 498 30 733,889 717, 725 16,164 Kansas City 750 709 41 1,055,112 1,037, 549 17, 563 Dallas 550 538 12 778, 980 774, 589 4,391 San Francisco.. 406 376 30 2, 777, 455 2, 765,137 12, 318 Total.. 6, 527 5, 998 529 j 27, 257, C 26, 717, 628 539, 441 National banks: Boston __ 334 321 13 1, 549,161 1, 538, 565 10, 596 New York 651 602 49 4,083, 746 4, 022, 657 61, 089 Philadelphia. _ 608 547 61 1,487,218 1,385, 549 101, 669 Cleveland 537 465 72 1, 333,187 1, 245, 849 87,338 Richmond 342 316 26 753, 035 731,623 21,412 Atlanta 274 254 20 740, 317 726, 213 14,104 Chicago 531 449 82 2,457, 254 2,381,268 75,986 St. Louis 331 294 37 602, 030 577,179 24,851 Minneapolis... 472 442 30 695,049 678,885 16,164 Kansas City—_ 711 670 41 j 933, 371 915,808 17, 563 Dallas.. 497 485 12 | 740,834 736, 443 4,391 San Francisco. 331 307 24 2,185,730 2,175, 328 10, 402 Total. 5,619 5,152 17, 560,932 17,115,367 445, 565 State bank members: Boston 35 35 397,448 397,448 New York 157 153 5, 683, 282 5, 663, 250 20, 032 Philadelphia 64 58 638, 708 613,106 25, 602 Cleveland 85 76 841, 066 828, 470 12, 596 Richmond 55 54 289, 067 288, 793 274 Atlanta 55 54 90,182 77, 877 12, 305 Chicago 164 134 671,942 652,324 19,618 St. Louis 70 65 293, 990 292, 457 1, 533 Minneapolis 56 56 38, 840 38, 840 Kansas City 39 39 121,741 121,741 Dallas— 53 53 38,146 38, 146 San Francisco 75 69 591, 725 589,809 1,916 Total.. 908 9,690, 137 9, 602, 261 93, 876 i Exclusive of banks placed in liquidation or receivership. NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, DEC. 27, 1933 [Preliminary figures, subject to change; based on information received by Federal Reserve banks] Deposits on Dec. 31, Number of banks a 19 b 3 l 2 e , o ca r ll l ate d s a t t e ava (i i n lthousands of dollars) Federal Reserve district On unre- Banks on Total stricted Total unrestricted basis basis Boston 195 156 555, 324 473,231 New York 317 311 1,108,962 1,078, 939 Philadelphia . .. - 268 245 453, 380 405, 362 Cleveland . .. -. 698 610 585, 564 498, 778 Richmond .- . 678 591 439, 521 388, 997 Atlanta - 749 696 209, 519 190, 524 Chicago . 2,083 1,462 982,367 707, 507 St. Louis s -- 1,380 1,174 361,642 319,807 Minneapolis - . 953 903 250, 573 241,320 Kansas City _ - - 1,461 1,248 276, 552 248,331 Dallas . .. .. 528 511 132, 261 128, 785 San Francisco 375 346 501, 781 492, 111 Total 9,685 8,253 5, 857,446 5,173, 692 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1934 FEDERAL RESERVE BULLETIN 49 WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i i l l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M e l a i i p s n o - - K C s a a it n s y - Dallas F c S r is a a c n n o - Y N o ew rk c C a h g i o - Total loans and investments: Dec 6 16,600 1,191 7,678 1,037 1,105 336 341 1,491 485 325 512 393 1,706 6,733 1,173 Dec. 13 16,519 1,191 7,596 1,040 1,103 337 340 1,495 484 325 511 391 1,706 6,650 1,177 Dec. 20 16, 694 1,183 7,680 1,043 1,115 341 346 1,546 487 323 516 398 1,716 6,730 1,226 Dec. 27. 16, 666 1,178 7,693 1,044 1,108 339 344 1,542 483 318 517 396 1,704 6,756 1,223 Loans: Dec. 6 8,497 699 3,903 508 452 174 192 836 242 176 206 213 896 3,367 661 Dec. 13 . . 8,471 699 3,882 510 450 173 192 839 240 176 204 211 895 3,344 664 Dee. 20 8,459 691 3,894 509 450 173 194 824 237 173 204 209 901 3, 361 651 Dec. 27 8,402 681 3,915 510 450 172 192 767 235 170 206 210 894 3. 386 595 On securities: Dec. 6 3,556 253 1, 857 236 222 59 58 396 92 48 55 59 221 1,630 335 Dec. 13 3, 596 256 1,893 236 222 59 58 396 93 48 54 •59 222 1,663 335 Dec. 20 3,600 256 1,891 237 223 59 58 401 91 46 55 59 224 1,666 339 Dec. 27 3,628 257 1,943 238 224 60 57 370 92 46 59 59 223 1,722 308 All other: Dec. 6 4 941 446 2,046 272 230 115 134 440 150 128 151 154 675 737 326 Dec. 13 4,875 443 1,989 274 228 114 134 443 147 128 150 152 673 1,681 329 Dec. 20 4,859 435 2,003 272 227 114 136 423 146 127 149 150 677 1,695 312 Dec. 27 4,774 424 1,972 272 226 112 135 397 143 124 147 151 671 ,664 287 I a vestments: Dec. 6 8 103 492 3,775 529 653 162 149 655 243 149 306 180 810 3,366 512 Dec. 13__. 8,048 492 3,714 530 653 164 148 656 244 149 307 180 811 3,306 513 Dec. 20 8 235 492 3 786 534 665 168 152 722 250 150 312 189 815 3,369 575 Dec. 27 8,264 497 3,778 534 658 167 152 775 248 148 311 186 810 3,370 628 U.S. Government securities: Dec. 6 5,136 314 2,419 289 454 115 100 397 143 93 197 125 490 2,249 298 Dec. 13 5,148 313 2,420 288 451 116 99 408 143 93 199 126 492 2,251 308 Dec. 20 5 288 318 2 442 292 465 120 103 468 149 94 203 134 500 2,269 365 Dec. 27 5.267 319 2,421 292 458 119 102 484 148 92 203 132 497 2,253 381 All other: Dec. 6 2,967 178 1,356 240 199 47 49 258 100 56 109 55 320 1,117 214 Dec. 13 2,900 179 1,294 242 202 48 49 248 101 56 108 54 319 1,055 205 Dec. 20 2,947 174 1,344 242 200 48 49 254 101 56 109 55 315 1,100 210 Dec. 27 2,997 178 1,357 242 200 48 50 291 100 56 108 54 313 1,117 247 Reserve with Federal Reserve banks: Dec. 6. ._ 1,824 109 777 74 83 34 25 404 61 30 67 58 102 731 369 Dec 13 1 907 120 841 83 84 32 24 391 68 29 69 63 103 798 359 Dec. 20 1 897 114 841 76 86 33 22 399 60 28 68 67 103 797 369 Dec. 27 1,914 115 835 74 91 35 24 398 65 32 75 65 105 789 368 Cash in vault: Dec. 6 236 35 52 13 18 11 6 50 10 4 12 9 16 40 42 Dec. 13 249 35 55 14 20 11 6 54 10 5 13 9 17 43 43 Dec. 20 266 37 67 14 21 12 6 55 11 5 12 9 17 53 45 Dec. 27 258 38 58 14 19 12 6 56 11 5 13 9 17 46 45 Xet demand deposits: Dec. 6 10,653 716 5,588 573 521 193 148 1,218 304 199 353 256 584 5,185 1,030 Dec. 13 10, 775 731 5,617 593 527 195 151 1,225 313 200 368 268 587 5,210 1,039 Dec. 20 . 10, 680 719 5, 536 590 530 194 154 1,223 308 196 364 269 597 5,141 1,038 Dec. 27 10,866 722 5,649 599 539 196 157 1,268 313 192 373 266 592 5,257 1,081 Time deposits: Dec. 6 4,367 363 1,138 303 428 127 129 461 157 117 165 121 858 732 344 Dec. 13 4,356 360 1,126 299 427 127 129 461 157 118 165 121 866 721 344 Dec. 20 4,354 360 1,121 298 427 127 129 463 156 118 165 121 869 707 346 Dec. 27 4,339 357 1,109 293 427 127 129 463 156 119 164 121 874 693 347 Government deposits: Dec. 6 786 82 374 67 45 7 30 45 22 3 10 26 75 349 30 Dec. 13 736 78 350 61 42 7 29 40 21 2 9 24 73 327 26 Dec. 20 „ 887 83 442 63 52 10 32 60 21 2 11 32 79 414 46 Dec. 27 825 79 412 57 48 10 29 56 19 2 10 29 74 386 43 Due from banks: Dec. 6 _- 1,123 89 106 71 57 62 47 232 63 58 108 90 140 71 181 Dec. 13 _.. 1,190 89 114 76 59 62 52 237 66 63 124 97 151 78 188 Dec. 20 1,179 94 113 76 53 57 50 238 65 61 125 98 149 78 192 Dec. 27 1,197 94 117 75 68 56 51 240 61 61 128 95 151 75 194 Due to banks: Dec. 6 2,660 149 1,171 147 124 74 59 324 102 75 171 123 141 1,117 265 Dec. 13 2,669 149 1,166 143 122 74 61 331 105 75 174 123 146 1,111 269 Dec. 20 2,656 151 1,142 148 122 72 57 331 103 78 179 125 148 1,092 272 Dec. 27 2,699 153 1, 176 143 125 74 59 329 101 80 185 124 150 1,125 269 Borrowings from Federal Reserve banks: Dec 6 24 13 2 4 4 1 Dec 13 25 15i 2 4 3 1 Dec 20 23 1 14 o 3 2 1 Dec 27 16 2 2 2 1 1 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 FEDERAL RESERVE BULLETIN JANUARY 1934 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Prime commercial paper Loans e s x e c c h u a r n e g d e b c y o l p l r a i t m er e a l stock- Loans secu r r e e c d e i b p y ts warehouse Interbank loans Federal Reserve bank or branch 1933 1932 1933 1932 1933 1932 1933 1932 city Decem- Novem- Decem- Decem- Novem- Decem Decem- Novem- Decem- Decem- Novem- Decem ber ber ber ber ber ber ber ber ber ber ber ber Boston. 2H-5 2-5 4-5 4-5 4-5 4-4H New York- 3-4 4-434 4-43- 4-5 2^-4 3-4 33^-4% 334-4% Buffalo 5-6 5-6 53^-6 6 6 5 6 Philadelphia.. 4-5 5-6 5-6 5-6 5-6 4-5 4-5 4H-5 Cleveland 3-6 3-6 5-6 .5-6 53^-6 5-6 5-6 23^-6 3-4 3-4 6 Cincinnati 5^-6 o>'i-6 5^^-6 6 0 5H-6 5-6 5-5 5-6 Pittsburgh.. . 53^-6 532-6 6 6 5)4-6 5H-6 G Richmond. 4-5 5 5-6 5 Baltimore.. 3 4-6 5-6 H-6 5-6 5-6 6 5-6 6 6 53-^-6 Charlotte— .4-6 4-6 5-6 5-6 4-6 4-6 5M-6 5-6 5-6 6 Atlanta 4-5 4-5 5-6 5-6 4-5 3-5 4-5 5-6 5-6 5-6 Birmingham.. 4-8 4-8 6-8 0-8 6-8 6-8 6-8 6-8 | 6 6 6 Jacksonville. . 5-7 5-7 5-7 6-8 6-8 6-8 6-8 6-8 6-8 1 5 6 6 Nashville 6 6 6 6 6 6 6 6 6 j 6 6 6 New Orleans. 5-6 5-6 5*4-6 5-6 5-6 5^6, Chicago. 4-5 3-5 4-5 3^ 43^-5 5 Detroit.. 334-6 534-6 5-6 5-6 53^-6 5-6 5-6 534-6 St. Louis.... 3-53-3 4-6 5-6 5-6 3-6 3-6 4-6 5-6 5-5H Little Rock.. 6-7 0—7 6347 6-7 7-71 6 6-7 Louisville-.. 6 6 6 53^-6 Minneapolis.. 2-4 2-4 2-5 5-6 5-6 4-6 2-4 2-4 .5-6 5-6 Helena 7-8 7-8 7-8 7-8 7-8 7-8 6-7 6-7 6-7 6-7 Kansas City 4-5 43^-6 53/^-6 53^-6 3-5 3-5 4H-6 Denver. 4J- 5-7 6 6-8 5-8 534-8 Oklahoma City ' 6 6 8 8 6-8 6-8 6-8 Omaha J 534-7 Dallas 3-6 3-6 3-7 6-7 6-7 4-8 5-6 5-6 5-6 i 5-6 El Paso.. 7-8 7-8 7-8 7-8 7-8 7-8 8 8 5-6 I 5-6 5-6 Houston 5-6 5-6 5-6 5-7 5-7 5H-7 5-6 5-6 5-6 5-5J/O San Antonio.. 6-7 6-7 5-7 6-8 6-7 6-7 6-8 6-8 6-8 6 ! San Francisco. 4-6 4-6 5-6 5-6 5-6 53^-6 534-6 L Po os r tl A a n n g d eles _ 4 4 3 ^ 4 6 -6 5-6 534-6 4 66 6 S S a e l a t t t L le a . ke City 534-6 6 6-7 6 6- -7 6 6> 3 ^ 4 - - 7 7 6^ 5 - - 7 7 Spokane 6 6-7 (1-7 0-' 634-7 6-7 6H-7 NOTE.—Rates at which the bulk of the loans of each class were made by representative banks d tiring the week ending 15th of month. Reporting banks are usually the larger banks in their respective cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN 51 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN MATURITY DISTRIBUTION OF BILLS AND CURRENCY TO AND FROM EUROPE SHORT-TERM SECURITIES HELD BY FED- BY SELECTED BANKS IN NEW YORK CITY ERAL RESERVE BANKS [Paper currency only. In thousands of dollars] [In thousands'of dollars] 1932 1933 Net Net With- 16 to 31 to 61 to 91 days Month m Sh e i n p t - s ce R i e p - ts m sh e i n p t - s m Sh e i n p t - s ce R i e p - ts m sh e i n p t - s Total i d n a 1 y 5 s d 3 a 0 ys d 6 a 0 ys 90 m t o o s 6 . 6 O v m e os r . to from (-) or to from (-)or Europe Europe receipts Europe Europe rec(e+i)pts (+) Bills discounted: Dec. 6 115,561 89,236 8,105 7,770 7,904 1,176 l, 370 J F a e n b u r a u r a y r . y .. . _ . 2 0 5 3 5, , 2 3 2 3 1 5 + + 5 3 , , 3 2 1 2 0 1 10 3 5 5 5 , , 3 5 0 8 4 9 + + 5 5 , , 3 4 0 8 1 4 D D e e c c . . 2 1 0 3 1 1 1 1 5 8 , , 1 1 8 8 8 4 8 9 7 0 , , 3 6 0 5 2 6 6 7 , , 7 4 1 55 5 9 8 , , 4 4 9 5 6 3 1 9 0 , ,1 3 7 5 1 0 1 1, , 0 2 0 5 8 9 1 lr 4 3 2 65 March 0 8,468 +8,468 101 13,786 +13,685 Dec. 27 110,552 82, 787 5,913 11,748 1,049! 165 April 0 4, 563 +4, 563 25 8,049 +8,024 Bills bought in May 0 10,938 +10,938 1 12,523 +12,522 open market: June 12 16,265 +16,253 0 6,866 +6,866 Dec. 6 61, 284 27,832 5,565 19,309 270 July 20 6,694 +6,674 4 11,755 +11,751 Dec. 13 116,158 35,240 9,231 30,647 40, 516 524 August 152 6,458 +6,306 5 6,153 +6,148 Dec. 20 113,375 23,473 9,544 41,617 38,492 249 September. 36 6,603 +6,567 122 4,756 +4,634 Dec. 27 111,083 16, 51814,816 46,136 33,440 173 October- 7 5,294 +5,287 89 5,905 +5, 816 Treasury F certifi- November. 70 6,013 +5,943 57 3,397 +3,340 cates and bills: December, 245 3,986 +3,742 42 6,976 +6,934 Dec. 6 _ 933,585230,429 97,095 118, 251 118,230 213,074 156,506 Dec. 13 933,595280,274 79,500 98, 711 144,904 173,700 156, 506 For description and back figures see BULLETIN for January 1932, Dec. 20 935,185 97,095 73, 348 90,963 285,244 203,006 185, 529 pp. 7-9. Dec. 27 935, 850 77, 50067,198 88, 714 310r528 206,351185, 559 Municipal war- PAPER CURRENCY OF EACH DENOMINATION rants: Dec. 6 1,599 1,453 IN CIRCULATION Dec. 13 1,585 1,439 Dec. 2O._ 1,494 1,378 [Outside Treasury and Federal Reserve banks. In millions of dollars Dec. 27 1,494 1,378 Denomina- 1933 tions May 31 June 30 July 31 Aug.31Sept. 30Oct. 31 Nov. 30 $1 356 355 360 366 380 382 388 OFFICIAL PRICE OF GOLD]—DECEMBER 1933 $2 32 32 32 33 33 33 33 $5 660 654 656 664 685 682 702 [Under Executive order of Oct. 25, 1933] $10 . - 1,150 1,143 1,138 1,153 1,18.1 1,178 1,205 $20 1,349 1,335 1,312 1,300 1,302 1,303 1,336 $50 404 39i 377 367 362 357 362 Price* (per Pricel (per $100 686 662 636 620 612 607 613 Date ounce of Date ounce of $500 153 145 136 131 127 124 125 fine gold) fine gold) $1 000 288 273 254 246 239 232 239 $5,000 12 9 8 7 7 7 7 $10,000 10 10 10 10 JO 12 12 Dec. 1 $34. 01 Dec. 20 34.06 Total- 5,100 5,009 4,917 4,896 4,937 4,916 5,022 Dec 2 31 01 Dec. 21 34.06 Dec 4 34. 01 Dec. 22 34.06 NOTE.—Figures include, in addition to currency outside the Treasury Dec. 5 34.01 Dec. 26 _. 34. Of and Federal Reserve banks, unassorted currency held by these institu- Dec 6 34. 01 Dec. 27 34. Of tions, amounting to $5,000,000-$6,000,000, and also $1,000,000 of cur- Dec. 7 34. 01 Dec. 28 34. Ot rency of unknown denominations reported by the Treasury as Dec 8 34. 01 Dec. 29 34.06 destroyed. Dec 9 34.01 Dec. 11 34.01 Dec 12 34. 01 UNITED STATES POSTAL SAVINGS Dec. 13 34.01 Dec. 14 34. 01 [Balance to credit of depositors. In millions of dollars] Dec 15 34. 01 Dec. 16 34. 01 Dec. 18 34. 06 End of month 1928 1929 1930 1931 1932 1933 Dec. 19 34.06 January 148.9 153. 5 165.1 278.4 665.6 942.5 February 151.1 154.8 167.9 292.1 691.8 1,006. 2 i Rate for subscriptions to R.F.C. notes payable in gold newly mined March 152. 0 155.0 169.5 302.7 705. 3 1,112.7 in the United States (notes maturing Feb. 1,1934—except that the offer- April 152.2 154.3 170.2 313.8 722.1 1,158.4 ing on October 25 was one of 90-day debentures). May.. 152.0 153.8 171.2 325.0 742.6 1,178.8 June 152.1 153. 6 175.3 347.4 784.8 1,185.1 July- 151.7 157.8 180.7 372.5 828.5 1,176.7 August 152.2 160.1 186.5 422. 7 848.5 1,177.7 September 152.3 160.3 189.8 469.9 857.4 1,180.7 October.. 153.1 161.6 192. 5 538.1 870.8 I, 189.6 November 153.9 163.7 200.7 565.5 885.2 1,199.3 December 153.9 164. 3 245. 4 605.1 900. 8 * Preliminary* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 FEDERAL RESERVE BULLETIN JANUARY 1934 ALL BANKS IN THE UNITED STATES ALL BANKS l—PRINCIPALJRESOURCES AND LIABILITIES ON JUNE 30, 1933,2 AND DECEMBER 31. 1932, BY STATES [Amounts in thousands of dollars] Loans andinvestments Deposits, exclusive of interbank Bills payable Number of redeposits and rediscounts porting banks Total Loans Investments State June * De b c e e r m- June 2 De b c e e r m- June 3 De b c e e r m- June 2 De b c e e r m- Ju b n e e i 2 De b ce e m r - June2 De b c e e r m- New England: Maine. 269,128 380, 568 125, 738' 196,003 143.390 184,565 255,441: 348,419 6,960 13,126 81 115 New Hampshire 269,322 284,140 119,921 131,746 149,401 152,394 243, 6151 254,361 2,798 112 117 Vermont 170,243 202, 854 107,002 125,922 63, 241 76,932 165, 6121 194,086 8,548 ll! 589 85 100 Massachusetts 3,495,435 3, 592, 63712,054,454 2,160,605 1,440,981 1,432,032 3,367,113 3,428,090 17,190 23,309 397 417 Rhode Island 469, 623 474,191 219,553 228, 254 250,070 245,938 437,992 448,831 664 805 33 34 Connecticut 1,097,855 1,128,591 703, 816 654,173 394,039 474,418 1,069,727 1,080,114 10,976 13,665 206 205 Middle Atlantic: New York. 14,729,236 15, 253,854 8,173,603 8,549,366 6,555,633 6,704, 488 13,531,608 1;3,, 578,08174, 211 84, 605 982 New Jersey. 1,654,813 1,879,941 924,935 1,095,403 729,878 784,538 1,607,194 1,814,924 35,146 78,290 475 Pennsylvania 3,879,644 4,438,808 1, 802,6602,203,996 2,076,984 2, 234,8123,356,523 3, 699,672 69, 626 151,688 1,001 1,232 East North Central: Ohio 1,276,070 1,837,311 804,679 1, 256,362 471.391 580,949 1,263,352 1,711,008 22,028 103,160 619 802 Indiana - 367,131 220,937 320,618 146,194 177,682 390,165 503,402 7, 16,986 492 675 Illinois 1,842,885 1,949,628 1,008,578 1,161,688 834,307 787,940 1,856,459 2,049,041 83, , 106,196 845 1,070 Michigan 519,623 1, 248,641 314,141 890,213 205,482 358,428 500,903 1,227,655 16,010 48,327 279 543 Wisconsin— 433,253 625,975 268,631 407,334 164,622 218,641 430,167! 596,348 9,312 27,760 401 781 West North Central: Minnesota 584,143 644, 297 303,105 357,036 281,038 287, 261 599, 606 650, 780 4,225 12, 962 668 794 Iowa. 235,979 385, 538 139, 670 259,955| 96, 309 125, 583 251,764 378,669 5,180 24,760 438 795 Missouri 731, 33! 841,507 360, 732 457, 587 370,600 383,920 758, 524 872,187 3,703 28,107 646 892 North Dakota 50,480 65,895 29, 547 42, 732 20,933 23,163 53, 305 62, 652 963 3,453 193 228 South Dakota 61, 956 72,053 32, 663 42,320 29,293 29, 733 63, 325 66,088 2,708 5,759 212 240 Nebraska.. - 166,473 201, 646 90, 603 129,334 75,870 72, 312 164,521 195,096 852 7,291 384 586 Kansas - 233, 111 253,308 133, 531 159, 642 99,580 93,666 251,070 259,405 2,798 8,062 773 844 South Atlantic: Delaware-- 153,774 151,084 77,243 81,168 76, 531 69,916 129,923 130,488 834 826 47 50 Maryland 489, 760 713,556 195, 714 337,858 294,046 375, 698 466, 598 645,314 3,507 29,409 135 208 District of Columbia.. 179,057 229,183 89,057 127,102 90,000 102,081 197, 311 236,912 230 5,691 20 34 Virginia 366,522 413, 291 254, 750 303,462 111,772 109,829 336,446 366,858 8,238 15, 291 327 378 West Virginia - 189,942 241, 776 136,842 178,869 53,100 62,907 179,525 216,718 7,500 13,980 168 215 North C arolina 155,876 205, 358 102,336 142, 377 53,540 62,981 158,675 188,942 4,504 15,626 163! 258 South Carolina 40, 661 79,534 22,208 45,959 18,453 33,575 48,693 79,468 331 6,786 1041 131 Georgia 234, 598 230, 677 148,477 154,108 86,121 76, 569 220, 773 222,196 6,516 8,816 292 289 Florida — 161,197 170, 798 43, 333| 56,134 117,864 114, 664 166, 037 170,439 967 2,664 143 177 East South Central: Kentucky 307,137 355,049 206,955 251,048 100,182 104,001 259,997 292,857 7, 697 10,039 422 470 Tennessee 238,479 298,023 171,316 224, 468 67,163 73. 555 225,039 261,321 17,478 27,699 332 364 Alabama 155,666 177,197 98, 367 121,593 57,299 55, 604 139, 694 156,977 3,072 7,817 203 235 Mississippi 100,048| 116,439 61,445 74,055 38,603 42, 3S4| 102,900 112,525 7,719 9,432 212 227 West South Central: Arkansas 78,909 101, 798J 45, 602 67, 213 33, 307 34, 585 81,336 95,463 6,008 8, 2041 194 272 Louisiana.. 196, 984 347,626 127, 492 243,175 69,492 104, 451 203,118 314,385 8,340 24,838 139 190 Oklahoma.. - 228, 706 254,125 108, 799 124,200 119,907 129,925 240,316 263,114 1,765 2, 249) 404 486 Texas 650,922 698,958 392,227 444, 257' 258, 695 254, 701 662, 590 691,184J 7,870 15, 672 943 Mountain: Montana 76,666 87,948 31,057 40, 8721 45, 609 47,076 85,927 92, 545 930 2,315 124 147 Idaho 36, 231 43, 660 15,478 20, 3911 20. 753 23, 269 41,417 48,194 278 960 86 103 Wyoming 35,154 39, 380 21,836 25, 787! 13,318 13,593 38,133 39, 782 770 1,395 64 71 Colorado 167,575 191,611 68,052 90,9551 99,523 100,656 182, 429 204, 34: 1,718 149 207 New Mexico 18,802 26, 735 9, 213 14, 3791 9,589 12,356 20,969 27, 752 349 1*259 42 48 Arizona — 37,488 39,177 15, 427 17,913 22,061 21, 264 43,174 44,445 107 648 19 24 Utah.,. 102,211 106,408 60, 034 67, 132 42,177 39, 276 83, 266 89,862 1,494 2,115 69 74 Nevada 9,891 10, 727 3,982 4,994 5,901 5,733 12, 297 12, 518 129 246| 11 13 Pacific: Washington 276,147 325,916 132,865 165, 757' 143,282 160,159 264, 764 304. 476 3,705 11,187 183 253 Oregon 155, 045 173, 674 52, 252 70,1081 102, 793 103, 566 159,433 173, 696 1,859 4,647 108 159 California -- 2, 707,3892,856,465 1, 583,6731,737,601 1,123,716 1,118, 8642.642, 3952, 740,995 11, 695 36, 396 295 348 Total. 40,088, 572 44,945,857 22, 214,531 26,063, 224 17, 874,041 18,882, 633 38, 011,161 41, 642, 6821 501,005 1,045,81745,530 18,390 * Includes all National and State banks and all private banks under State supervision. FFigiguurreess f <for State institutions are taken from p. 54 and represent in some cases the condition of banks as of dates other than June 30,1933, and Dec. 31, 1932. * June figures include only licensed member banks and nonmember banks operating on an unrestricted basis. Back figures.—See (for figures of loans and investments) Annual Reports of Federal Reserve Board for 1931 (tables 96-98) and 1927 (tables 81-83). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN 53 ALL BANKS IN THE UNITED STATES—Continued NATIONAL BANKS 1—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1933,2 AND DEC. 31, 1932, BY STATES [Amounts in thousands of dollars] Loans and investments -; | D o ep f o i s n i t t e s r , b e a x n c k lu s d iv e- e Bills payable Number of re- I posits and rediscounts porting banks Total Loans Investments State June* De b c£m" Jnn.. June 2 De b c e e r m- June2 De b c e e r m- New England: Maine 65,485 109,394 31,919 56,875 33,566 52,519 67,189 103,848 85 3,555 25 43 New Hampshire 56,630 63,392 30,929 33, 780 25, 701 29,612 46.027 52,455 1,455 1,713 53 Vermont, 37,112 57,310 20,837 31,022 16,275| 26,288 29, 305 47,904 839 2,918 45 Massachusetts 998,165 1,013,409 543.981 577, 680 454,184 i 435,729 962,326 971,336 2,396 5,082 127 141 Rhode Island 43,900 44,444 22, 787 23,245 21,113! 21,199 33,050 34,578 150 74 10 10 Connecticut 205, 978 210,516 129,739 136,179 76, 2391 74,337 202,880 200,732 904 2,304 58 5S Middle Atlantic: New York 1,458, 774 3,853,624 1,728,389 2,005,407 1,730, 3851,848,217 3,129, 265 3,228,087 20,767 43,553 414 49C New Jersey 562, 604 673,274 289,821 365,537 272,783 307, 737 554,314 638,935 11,069 35, 526 214 Pennsylvania 1,838,210 2,169,948 886.982 1,114,741 951, 2281, 055, 207 1,603,110 1,802,537 22,024 66,883 601 East North Central: Ohio 510,805J 560,489 285,076 336,834! 225,729 223,6551 486,197 512,021 5,923 11, 636 210 266 Indiana ._. 153,8931 231,214 74, 580| 132,516! 79,313 98, 698! 157,942 230,404 1,923 5,200 104 152 Illinois L, 248,018 1,150,132 700,183: 711,219, 547,835 438,913 3,338,013 1,293, 626 1,532 10,795 239 337 Michigan.. 229,057 693,619 123,419 507, 915 105, 638 185, 704 219,387 721,955 4,926 8,158 50 102 Wisconsin _ 251,495 309, 413 149, 700 199,206! 101,795 110,207 252,381 300, 610 811 5,614 84 127 West North Central: Minnesota. 412,819J 401,204 213,733 229,198 199,086 172,006! 415,648 407,032 613 3,736 204 229 Iowa 105,530 146,375 78,151 54,622 68,224 107,231 138,019 1,126 5,501 93| 163 Missouri.. __. 297,781 334,180 135,995 171,414 161, 786 162, 766 284,314 332,416 586 2,099 83 97 North Dakota 38,196 48,547 19,301 27,793 j 18,895 20,754 40,369 46,440 338 2,153 67 77 South Dakota 38,228 42,643 16,729 21, 321! 21,499 21,322 38,951 39,467 1,244 3,038 63 72 Nebraska 131,658 136,560 65,684 81,118 65,974 55,442 124,306 132,229 638 4,208 129 156 Kansas 128,291 133,405 59,419 70,818 68,872 62, 587 133,927 139,149 604 2,576 198 219 South Atlantic: Delaware 18,097 19, 213 9,244 10,021 8,853 9,192 14, 508 14,841 499 439 15 16 Maryland 174,151 183,993 60,940 72, 229 113,211 111,764 159,574 155,791 718 3,338 45 68 District of Columbia.._ 98,870 127,746 41,389 63, 796 57,481 63,950 108,425 131,673 2,519 8 12 Virginia 230,078 241,475 150,575 169,468 79,503 72,007 210,817 219,928 4,207 7,382 122 139 West Virginia— 92,774 117,915 63,078 82,839 29,696 35,076 85,164 104,184 3,185 6,537 62 84 North Carolina 38,361 51,696 26,305 36,697 12, 056 14,999 36,711 42,171 1,272 4,113 35 43 South Carolina 14,712 40, 745 7,916 24,336 6,796 16,409 15,955 37,084 94 4,776 15 21 Geeoorggia 160, 289 151,161 89,830! 71,651 61,331 154,167 150, 720 931 2,046 47 57 Flloorriidda 127,094 128,210 30,400 37,194 96,694 91,016 129,804 126,044 227 1,061 45 49 East South Central: Kentucky 128,645 158,388 73, 414 96, 793 55,231 61,595' 114,412 138,384 1,611 4,001 87 10S Tennessee 162, 220 201,345 105, 714 144,595 56,506 56,750! 159,164 163,297 4,049 20, 564 67 81 Alabama. 118,978 130,886 70,173 83,647 48,805 47,239i 103,644 112,459 1,431 4,174 66 Mississippi 37, 558 42, 497 21, 233 25,036 16,325 17,4611 37,543 40,066 2,414 2,690 23 West South Central: Arkansas 44, 531 46,447 22, 2921 25, 202 22, 239 21, 245i 43, 224 43,448 809 1,116 45 52 Louisiana 120,881 80, 880 77,7211 56,576 43,160 24, 304 131,174 72,280 604 4,745 22 29 Oklahoma 201,367 214, 706 95,180 103, 290 106,187 111,416 207,661 220,352 1,036 1,434 216 233 Texas.. 536, 502 563,383 311,379 351,808 225,123 211,575' 537,637 550, 278 4,299 7,577 450 Mountain: Montana 46,827 50, 0291 15,842 19,438i 30,985 30, 591 i 53,081' 274 800 46 52 Idaho 12, 709! 16. 099 5,704 7, 760; 7,005 8, 339| 14,802! 17, 541 173 424 24 28 Wyoming 23, 450! 24,958 13,332 15, 2061 10,118 9, 752j 26,164 24,973 165 702 25 25 Colorado 139, 6031 157,980 52,474 69, 630j 87,129 88,350j 151,377| 166,963 1,002 3,378 73 98 New Mexico 14,663 19,986 6,928 10, 2301 7,735 9, 756! 16, 2891 20,895 160 726 23 26 Arizona _ 16,312 17,343 4,412 5,904 11,900 ll,439i 18, 279 18,621 66 242 10 Utah... 32,406 35, 918 13,909 17, 360 18,497 18, 558i 29,980: 34,980 305 449 15 Nevada 7,982 8,543 2,696 3,504 5,286 5,039! 9, 633! 9,650 129 246 Pacific: I Washington 174, 559 198,950 71, 286 103, 273j 108,962' 102,972 180, 763 1,659 6,535 83 Oregon 135,335: 138,693 41,050 49, 878. 94, 285! 88,815'. 136,452 138, 264 1,178 2,757 71 California.. ., 738,496 1,846, 555 1, 038, 3521,153, 918: 700,144i 692,637, 1.677,0671 1,736,945 5,341 27, 435 160 Total. 15, 460, 07917, 398,832 I 8,101,687: 9,828.142; 7,356,392' 7,570, 690!H, 771, 812116,101, 264 117,791 348,528 4,897! 6,011 * Member banks only, i.e., exclusive of national banks in Alaska and Hawaii. Licensed banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 FEDERAL RESERVE BULLETIN JANUARY 1934 ALL BANKS IN THE UNITED STATES—Continued STATE BANKS »—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1933,2 AND DEC. 31, 1932, BY STATES [Amounts in thousands of dollars] Loans and investments De o p f o i s n it t s e , r b ex a c n l k u s d iv e e - an B d il l r s e d p i a s y co ab u l n e ts N po u r m tin b g e r b o a f n r k e s - State Total Loans Investments posits June 2 De b c e e r m- June 2 De b c e e r m- June 2 De b c e e r m- June 2 De b c e e r m- June 2 De b c e e r m- June 2 De b c e e r m- New England: Maine 203,643 271,174 93,819 139,128 109,824 132,046 188,252 244,571 6,875 9,571 56 72 New Hampshire 212,692 220,748 88,992 97,966 123,700 122,782 197,588 201,906 1,343 3,247 64 64 Vermont 133,131 145, 544 86,165 94,900 46,966 50,644 136,307 146,182 7,709 8,671 52 55 Massachusetts 2,497,270 2,579,228 1,510,473 1,582,925 986,797 996,303 2,404,787 2,456,754 14,794 18, 227 270 276 Rhode Island 425, 723 429,748 196, 766 205,009 228,957 224,739 404,942 414,253 514 731 23 24 Connecticut 891,877 918,075 574,077 517,994 317,800 400,081 866,847 879,382 10,072 11,361 148 147 Middle Atlantic: New York 11,270,46211,,400,230 6,445,214 6, 543,9594,825,248 4,856,27110,402,343 10,349,994 53,444 41,052 455 486 New Jersey 1,092,209 1, 206,667 635,114 729,866 457,095 476,801 1,052,880 1,175,989 24,077 42,764 184 206 Pennsylvania 2,041,434 2,268,860 915,678 1,089,255 1,125, 7561,179,605 1,753,413 1,897,135 47,602 84,805 400 485 East North Central: Ohio.— 765, 2651,276,822 519,603 919,528 245,662 357,294 777,155 1,198,98' 16,1053 91,524 536 Indiana 213,238 267,086 146,357 188,102 66,881 78,984 232,223 272,998 5,705 11,786 523 Illinois 594,867 799,496 308,395 450,469 286,472 349,027 518,446 755,415 82,337 95,401 606 742 Michigan 290,566 555,022 190,722 382, 298 99,844 172,724 281,516 505,700 11,084 40,169 229 441 Wisconsin 181, 758 316.562 118,931 208,128 62,827 108,434 177, 786 295,738 8,501 22,146 317 654 West North Central: Minnesota 171,324 243,093 89,372 127,838 81,952 115,255 183,958 243,748 3,612 9,226 464 565 Iowa 130,449 239,163 88,762 181,804 41,687 57,359 144,533 240, 650 4,054 19,259 345 632 Missouri 433,551 507,327 224,737 286,173 208,814 221,154 474,210 • 539,771 3,117 26,008 563 795 North Dakota 12,284 17,348 10,246 14,939 2,038 2,409 12,936 16,212 625 1,300 126! 151 South Dakota 23, 728 29,410 15,934 20,999 7,794 8,411 24,374 26,621 1,464 2,721 149! 168 Nebraska 34, 815 65, 086 24,919 48,216 9,896 16,870 40,215 62,867 214 255j 430 104,820 119,903 74,112 88,824 30,708 31,079 117,143 U20,256 2,194 5,486 575 625 South Atlantic: Delaware. _ 135,677 131,871 67,999 71,147 67,678 60,724 115,415 115,647 335 387 32 34 Maryland 315,609 529.563 134,774 265,629 180,835 263,934 307,024 489,523 2,789 26,071 90 140 District of Columbia- 80,187 101,437 47,668 63,306 32,519 38,131 105,239 230 3,172 12 22 Virginia 136,444 171,816 104,175 133,994 32,269 37,822 125,629 146,930 4,031 7,909 205 239 West Virginia 97,168 123,861 73,764 96,030 23,404 27,831 94,361 112,534 4,315 7,443 106 131 North Carolina 117,515 153,662 76,031 105,680 41,484 47,982 121,964 146,771 3,232 11,513 128 215 S G o e u o t r h gi a Carolina 5 7 2 4 5 , , 3 9 0 4 9 9 4 7 3 9 8 , , 5 7 1 8 6 9 * 5 1 9 4 , , 8 2 3 9 9 2 *2 6 1 4 , , 6 2 2 7 3 8 «1 1 1 4 , , 6 4 5 7 7 0 «1 1 7 5 , , 1 2 6 3 6 8 «3 6 2 6 , , 7 6 3 0 8 6 8 7 4 1 2 , , 4 3 7 8 6 4 5 « , 2 5 3 8 7 5 « V 2,01 * 0 « 2 8 4 9 5 «1 2 1 3 0 2 Florida 34,103 42,588 12,933 18,940 21,170 23, 648 36,233 44, — 740 128 East South Central: Kentucky 178, 492 196,661 133, 541 154,255 44,951 42, 406 145, 585 154,473 6,086 6,038 335 362 Tennessee 76, 259 96,678 65,602 79,873 10,657 16,805 65,87; « 98,024 13,429 7,135 265 283 Alabama _ 36, 688 46, 311 28,194 37,946 8,494 8,365 36,050 44, 518 1,641 3,643 137 158 Mississippi 62, 490 73,942 40,212 49,019 22,278 24,923 65, 357 72, 459 5,305 6,742 189 202 West South Central: Arkansas 34,378 55, 351 23,310 42,011 11,068 13,340 38,112 52, 015 5,199 7,088 1491 220 Louisiana 76,103 266, 746 49,771 186,599 26,332 80,147 71,944 242,105 7,736 20,093 117 161 Oklahoma 27,339 39,419 13,619 20,910 13,720 18, 509 32,655 42,762 729 815 1881 253 Texas.. _ _.. 114,420 135,575 80,848 92,449 33,572 43,126 124,953 140, 906 3,571 8,095 493 i 540 Mountain: Montana 29,839 37,919 15,215 21,434 14,624 16, 485 32,846 37,656 656 1,515 78 95 Idaho 23, 522 27,561 9,774 12,631 13,748 14,930 26,615 * 30,653 105 536 62 75 Wyoming 11,704 14,422 8,504 10, 581 3,200 3,841 11,969 14,809 605 693 39 46 Colorado _ 27,972 33,631 15,578 21,325 12,394 12,306 31, 052 37,384 716 1,430 76 109 New Mexico 4,139 6,749 2,285 4,149 1,854 2,600 4,680 6,857 189 533 19 22 Arizona _ 21,176 21,834 11,015 12,009 10,161 9,825 24,895 * 25,824 41 6 406 11 14 Utah 69,805 70,490 46,125 49, 772 23,680 20, 718 53,286 54,882 1,189 1,666 55 59 Nevada 1,909 2,184 ir~- 1,490 623 694 2,664 5 6 Pacific- Washington 101, 588 126,966 61, 579 75, 769 40,009 51,197 101, 792 123, 713 2,046 4,652 120 170 Oregon 19, 710 34,981 11, 202 20, 230 8,508 14, 751 22,981 35,432 681 1,890 52 88 California 1, 009,910 545, 321 583,683 423, 572 426, 227 965, 328 1, 004,050 6,354 8,961 160! 188 Total 24,628,493 27,547,02514,112,844 16, 235, 082 10, 515, 619 11, 311,943 23, 239,349 25, 541,418 383,214 697,347 633 12,379 1 Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates nearest thereto for which figures are available. 2 June figures include only licensed member banks and nonmember banks operating on an unrestricted basis. 3 Includes bonds borrowed. 4 Includes due to banks. i Includes 25 cash depositories on June 30, 1933, and 20 cash depositories on Dec. 31, 1(J32. 8 Includes miscellaneous liabilities. NOTE.—All figures in the June columns are as of June 30, except as follows: Kansas, July 31; Tennessee, June 10. All figures in the December columns are as of Dec. 31, except as follows: New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Missouri, Dec. 10; Kentucky, June 30; Oklahoma, Dec. 30; Colorado, Nov. 19; Oregon, Sept. 30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN OO INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100] 1932 1933 Industry 1 Nov. Dec. Jan. Feb. Mar. ; Apr. May June [July Aug. Sept. Oct. Nov. Manufactures—Total 63 64 64 61 56 66 78 93 101 91 84 76 p 71 IRON AND STEEL 31 28 60 31 22 35 49 72 100 80 m 61 47 Pig iron 21 18 19 20 17 20 29 43 62 63 53 45 36 Steel ingots 32 29 31 32 22 37 51 75 103 82 67 63 48 TEXTILES 92 91 87 83 76 85 108 133 130 P114 P99 Cotton consumption 95 93 88 87 86 91 113 139 135 120 103 95 89 Wool 70 67 66 67 46 58 90 116 124 107 96 88 80 Consumption 77 76 72 70 48 66 105 134 141 118 105 97 86 Machinery activity * 76 74 76 82 52 56 91 118 129 115 96 83 81 Carpet and rug loom activity1 38 32 31 32 29 34 42 60 62 61 67 67 63 Silk _ . . 119 123 118 97 98 113 123 147 131 Deliveries 130 133 121 95 111 132 136 172 143 113 91 82 103 Loom activityJ . .. 96 103 111 101 72 76 96 96 105 FOOD PRODUCTS 83 84 88 84 84 101 99 100 100 95 105 85 92 Slaughtering and meat packing 82 79 86 88 85 102 102 105 106 110 127 90 98 Hogs 85 83 87 84 81 107 106 107 109 113 147 85 101 Cattle 70 67 78 87 85 90 92 99 98 102 95 91 87 Calves 92 83 93 89 91 98 101 102 103 105 106 104 104 Sheep 146 129 137 144 149 156 153 152 145 146 144 151 142 Wheat flour 87 92 90 88 92 110 97 97 95 64 70 76 82 Sugar meltings - _-- 83 89 93 65 68 82 89 82 83 84 75 76 83 PAPER AND PRINTING 87 86 84 » 92 p 101 v 111 P106 v 104 P 99 Wood pulp and paper _. 80 80 76 P78 P77 p * *106 P102 P94 Newsprint 66 64 59 59 59 61 60 64 67 69 60 66 71 Book paper 84 88 82 88 87 83 92 103 p 118 *>112 P118 Wrapping paper 67 58 61 60 62 68 80 95 p 107 P82 Fine paper 76 67 75 76 82 71 96 121 P137 P126 P103 P 106 Box board 96 105 88 Wood pulp, mechanical.. 70 65 56 56 55 56 61 69 v7C) P75 p(59 p 68 Wood pulp, chemical 84 75 ' 85 86 87 88 99 113 P 135 P139 PHI P 137 Paper boxes. . 127 137 135 124 110 149 172 183 213 173 162 143 Newsprint consumption 98 94 98 96 89 95 96 100 102 103 106 105 104 LUMBER 21 23 26 20 22 24 30 38 46 46 36 33 30 TRANSPORTATION EQUIPMENT: \utomobiles . . 31 60 48 33 27 44 51 66 70 61 56 46 32 Locomotives 4 2 3 3 1 1 0 0 1 1 1 0 Shipbuilding 136 78 91 181 144 32 25 16 19 15 20 39 LEVTHER AND PRODUCTS _ 89 85 86 92 84 93 110 114 116 102 92 93 P93 Tanning _- 74 74 76 76 70 70 79 89 92 88 82 82 91 Cattle hide leathers 70 69 66 66 62 64 74 76 78 76 74 76 86 Calf and kip leathers 74 76 76 77 71 71 79 102 91 82 73 69 84 Goat and kid leathers 83 84 105 101 90 85 93 109 132 126 113 109 111 Boots and shoes 99 93 93 102 93 107 129 131 131 110 99 100 CEMENT AND GLASS: Cement 53 43 38 41 40 35 42 51 56 50 37 35 39 Glass, plate . __ 59 72 88 63 54 55 88 118 150 135 112 73 55 NONFERROUS METALS: a Tin deliveries * 55 50 55 58 55 68 80 94 109 125 112 95 80 FUELS, MANUFACTURED: Petroleum refining _ 138 132 132 132 135 140 147 154 155 153 157 152 145 Gasoline l 179 169 165 166 171 179 187 198 198 198 205 195 184 Kerosene _ 73 76 86 81 80 85 87 92 92 87 82 77 L Fu u e b l r i o c i a l t L in g . oil1 8 7 9 1 6 9 8 0 9 7 4 6 9 7 5 5 9 7 5 5 9 8 4 1 9 8 5 8 1 8 0 0 1 1 8 0 2 6 9 8 8 4 9 8 9 8 10 8 2 8 1 9 0 3 2 Coke, byproduct 56 56 56 56 51 54 61 75 91 96 91 '82 75 RUBBER TIRES AND TUBES 73 67 59 54 41 65 94 115 143 111 103 90 Tires, pneumatic.-- _. , 76 70 61 56 42 67 97 120 148 116 107 93 Inner tubes 50 44 42 41 29 47 68 80 111 75 72 68 TOBACCO PRODUCTS 104 112 113 115 99 116 143 135 117 123 115 108 95 Cigars 63 60 68 63 51 61 61 66 69 68 68 57 62 Cigarettes 132 149 147 154 132 153 204 186 151 163 151 143 118 i Minerals—Total- 75 76 73 79 81 72 78 84 90 91 87 81 81 Bituminous coal 66 66 57 63 51 55 57 64 76 75 65 61 65 \nthracitft coal 65 75 53 64 77 44 43 65 67 61 74 55 73 Petroleum, crude 106 96 107 110 122 108 134 134 132 134 125 120 116 Iron ore 7 14 15 40 57 68 63 23 Zinc 35 39 39 43 44 45 45 55 71 77 77 77 72 Lead 45 39 45 40 45 45 37 41 36 36 57 64 71 Silver -- - _ _ 37 30 36 30 44 36 30 24 34 28 39 33 33 I i Without seasonal adjustment. 11ncludes also lead and zinc; see "Minerals." p Preliminary. ' Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 FEDERAL RESERVE BULLETIN JANUARY INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=1001 1932 1933 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June Aug. Sept. Oct. NOT. Manufactures—Total . . .. 63 58 63 63 58 68 80 93 97 89 84 77 *70 IRON AND STEEL 29 24 29 33 25 39 53 72 93 79 65 59 44 Pig iron 21 18 19 20 18 21 29 43 59 60 52 45 37 Steel ingots . 30 25 30 34 25 41 56 75 96 81 67 61 44 TEXTILES 95 86 92 88 78 88 108 126 121 v 108 »99 Cotton consumption 98 86 92 94 91 98 116 133 122 108 100 97 93 Wool 73 68 67 70 46 57 85 109 115 103 99 93 84 Consumption 84 77 75 76 49 64 96 121 126 110 111 107 93 Machinery activity.. _ -..» 76 74 76 82 52 56 91 118 129 115 96 83 Carpet and rug loom activity 38 32 31 32 29 34 42 60 62 61 67 67 63 Silk 121 113 129 102 95 112 122 134 126 Deliveries 134 118 138 102 107 131 135 153 136 118 95 82 106 Loom activity„ . .. - 96 103 111 101 72 76 96 96 105 FOOD PRODUCTS _ _ - - . 87 86 92 84 82 94 98 99 97 88 99 86 c- Slaughtering and meat packing 91 95 103 89 82 92 99 105 99 93 110 89 108 Hogs _. ._ _. . 93 109 116 94 82 95 102 110 97 86 110 73 111 Cattle 81 70 79 76 74 79 89 93 97 100 106 107 100 Calves 94 79 86 83 92 106 114 106 100 96 301 109 106 Sheep 144 126 138 135 136 146 150 149 145 147 167 167 141 Wheat flour . . 94 88 88 85 86 100 91 86 92 69 83 86 Sugar meltings 65 51 61 63 80 95 100 98 101 94 80 72 64 PAPER AND PRINTING 89 81 82 *86 »88 *103 P102 P105 P1Q2 Wood pulp and paper J 65 64 59 59 59 62 61 65 66 68 60 66 70 NBoeowks ppraipnetr .. ....... . ......... - 86 87 83 91 89 S4 90 103 v 109 J>H9 »104 Wrapping paper 68 57 60 61 63 69 80 96 "99 J»94 Fine paper _ _ 74 64 76 82 86 75 97 121 P119 *102 * 107 Box board 99 85 85 Wood pulp, mechanical 70 65 56 57 60 68 75 75 p gg *»59 v 56 p Q2 Wood pulp, chemical 84 73 84 89 90 90 99 114 p ^28 v 235 P 141 v 140 Paper boxes 130 112 119 138 111 149 172 190 204 175 179 150 Newsprint consumption . 104 97 94 95 92 101 99 99 91 92 104 111 111 LUMBER 20 20 23 20 23 26 32 40 45 49 37 34 29 TRANSPORTATION EQUIPMENT: Automobiles 18 32 40 35 33 57 64 75 73 67 62 41 20 Locomotives _ . > 4 2 3 3 1 1 0 0 1 1 1 0 Shipbuilding 119 60 64 129 112 31 31 20 28 22 20 28 LEATHER AND PRODUCTS 85 73 80 93 87 91 101 110 114 113 106 102 r QO Tanning __ _> _ . 72 72 73 78 69 68 75 87 92 90 87 87 Cattle hide leathers 69 67 67 70 63 64 70 74 75 75 77 78 85 Calf and kip leathers 71 65 63 71 63 64 75 99 106 99 85 82 79 Goat and kid leathers 82 91 99 105 92 84 87 109 122 124 118 114 110 Boots and shoes 94 73 85 103 98 105 118 124 128 127 119 112 * 90 CEMENT AND GLASS: Cement . 53 34 23 24 29 34 50 64 68 65 46 40 38 Glass, plate 57 54 78 68 59 61 96 120 148 137 113 73 53 NONFERROUS METALS:1 Tin deliveries . 55 50 55 58 55 68 80 94 109 125 112 95 SO FUELS, MANUFACTURED: Petroleum refining . - _ _ 138 132 132 132 135 140 147 153 154 153 157 152 146 Gasoline - 179 169 165 166 171 179 187 198 198 198 205 195 184 Kerosene 79 82 88 82 78 84 83 86 86 83 83 80 83 Fuel oil - - 89 90 94 95 95 94 95 101 106 98 99 102 93 Lubricating oil- 71 68 76 75 75 81 88 80 82 84 88 88 102 Coke, byproduct 57 57 57 67 53 54 61 73 89 93 89 ••82 RUBBER TIRES AND TUBES 55 46 64 58 45 76 118 139 140 110 98 79 Tires, pneumatic 57 48 56 61 46 79 123 145 145 114 101 81 Inner tubes 37 32 38 43 32 53 83 96 105 83 72 62 TOBACCO PRODUCTS . .. 106 91 107 104 94 107 145 147 126 131 128 116 97 Cigars . 75 45 52 54 47 58 63 72 72 72 77 69 73 Cigarettes 130 123 144 140 125 139 206 204 167 176 167 150 117 Minerals—Total „._- ... . . 78 72 71 76 74 65 76 82 89 94 93 88 84 Bituminous coal 74 70 63 67 51 46 50 57 69 74 69 67 72 Anthracite coal _ _ 67 74 57 68 63 45 43 57 55 61 75 71 75 Petroleum, crude 105 93 102 108 120 108 136 137 135 136 129 122 115 Iron ore _- . . . .. 6 21 30 81 117 131 108 Zinc 35 40 41 46 46 47 46 53 66 71 73 75 72 Lead. 47 39 46 41 46 45 36 42 34 35 54 66 74 Silver 39 30 36 33 48 36 29 23 29 28 37 33 Sf 1 Includes also lead and zinc; see "Minerals/' p Preliminary. ' Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, artd September 1933, pp. 584-587. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1934 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-25 average = 100] Factory employment Factory pay rolls Without seasonal adjustment Adjustedfor seasonalvaria- Without seasonal adjustment tion Industry 1933 1932 .1933 1932 1933 1932 Nov. Oct. Nov. Nov. Oct. Nov. Nov. Oct. Nov. Total 72.6 75.8 60.9 72.4 73.9 ! 61.2 53.6 57.4 41.8 I?»ov AND STEEL AND PRODUCTS 71.7 73.8 53.6 72.0 73.6 53.8 44.4 49.3 25.6 Steel works and rolling mills 77.8 80.5 56.1 78.7 81.1 56.8 47.4 53.8 25.0 Hardware 56.0 56.3 50.8 56.0 56.6 50.8 32.6 32.7 26.1 Structural iron work 57.4 58.7 46.2 57.3 57.4 46.1 38.3 38.7 27.6 Heating apparatus . . 68.5 69.4 50.8 66.1 65.1 49.1 43.6 46.9 30.1 Steam fittings 50.2 49.3 42.4 50.4 48.3 42.7 31.9 31.9 25.6 Stoves 85.3 87.8 58.4 80.4 80.4 55.1 54.9 61.4 34.4 Cast-iron pipe - . . .. 38.1 40.0 34.3 38.7 39.9 34.9 22.2 21.7 16.4 MACHINERY __ 62.4 62.7 46.0 63.3 63.1 46.6 43.3 43.4 27.4 Foundry and machine-shop products 61.1 61.7 44.6 62.3 62.2 45.4 39.2 39.8 24.3 Machine tools. ... 63.7 59.8 37.9 63.7 59.9 37.9 45.4 41.4 23.0 Agricultural implements__ __ _ 53.1 49.5 29.7 54.8 52.0 30.7 49.2 43.4 21.9 Electrical machinery 66.4 66.7 52.1 66.4 66.7 52.1 51.9 52.2 36.2 TEXTILES AND PRODUCTS 83.7 87.6 73.1 82.7 86.2 72.3 63.0 69.2 49.4 A. Fabrics 90.9 94.0 75.2 89.3 93.1 73.9 71.1 75.2 51.9 Cotton goods 98.8 102.7 75.5 97.2 101.8 74.2 79.1 83.9 50.1 Woolen and worsted manufactures 77.6 86.8 61.5 75.0 85.2 59.4 54.4 64.6 39.7 Woolen and worsted goods 78.8 88.8 63.6 75.8 86.7 61.2 55.7 65.9 41.9 Carpets and rugs 71.3 76.6 51.0 70.4 77.3 50.3 48.6 58.8 29.7 Hosiery and knit goods. 97.2 101.6 93.8 95.9 100.9 92.4 86.5 91.8 76.3 Silk manufactures 67. 1 67.0 62.5 67.3 66.6 62.7 53.7 54.9 43.1 Dyeing and finishing textiles 104.8 85.6 88.4 103.9 85.4 87.7 81.9 64.6 64.6 B. Wearing apparel 65.6 71.7 67.8 65.9 68.8 68.9 46.5 57.1 44.2 Clothing, mail's 55.3 59.8 54.1 56.8 59.1 55.6 40.2 48.1 33.1 Shirts and collars 79.7 84.0 74.6 77.1 82.3 72.2 66.4 74.7 51.9 Clothing, women's 70.7 80.4 88.8 71.9 75.4 90.4 48.9 66.0 59.3 Millinery 73.5 78.3 57.2 71.0 71.1 55.2 48.2 52.3 36.5 FOOD AND PRODUCTS 95.1 97.4 82.9 92.8 93.4 80.7 77.2 78.8 67.0 Baking— _ 92.8 93.7 83.6 91.8 90.8 82.6 76.9 77.1 70.4 Slaughtering arid meat packing 102.1 104.8 81.7 101.1 105.3 80.9 85.1 86.4 66.4 Confectionery _ __ - ... 101.7 106.2 96.1 88.4 88.0 83.5 78.3 85.0 68.9 Ice cream 70.6 78.8 65.8 79.4 80.4 72.9 57.7 63.8 55.9 Flour 86.1 86.2 74.4 84.3 82.9 72.9 68.3 69.0 62.0 Sugar refining cane 89.2 90.6 74.3 90.1 87.5 75.1 63.1 62.1 57.0 PAPER AND PRINTING _ .. . 92.4 92.8 82.2 91.2 92.3 81.1 75.6 76.0 70.2 Printing, book and job 80.0 78.9 77.2 79.6 79.7 76.7 65.8 64.4 63.6 Printing, newspapers, and periodicals _ . 102.6 101.0 95.0 101.3 100.8 93.8 91.7 89.7 90.0 Paper and pulp 96.7 98.5 77.9 96.7 98.5 78.0 67.6 72.2 54.8 Paper boxes 91. 1 95.4 76.4 85.3 90.6 71.5 75.2 79.2 64.1 LUMBER AND PRODUCTS 48.9 51.7 38.1 47.9 49.9 37.3 30.0 33.5 20.9 Lumber, sawmills _ . . 44.3 46.3 33.1 44.0 45.5 32.9 28.0 29.9 17.4 Lumber, millwork .._ 39.7 41.4 34.8 40.4 41.4 35.4 23.3 24.7 20.1 Furniture 67.6 73.5 54.4 63.3 67.4 50.9 38.7 47.2 29.0 TRANSPORTATION EQUIPMENT 47.9 50.9 43.3 50.7 51.0 45.6 38.0 41.7 31.9 Car building and repairing 44.0 44.1 43.4 44.1 43.9 43.6 36.5 38.7 33.7 Automobiles _ 50.1 56.8 40.5 56.4 56.8 45.6 37.3 43.3 27.6 Shipbuilding 71.2 74.1 62.4 74.1 79.0 65.0 58.0 58.8 48.8 LEATHER AND MANUFACTURES 75.4 84.9 72.7 75.8 82.0 73.2 53.3 64.0 43.8 Boots and shoes 73.2 84.2 73.4 73.9 80.6 74.1 48.4 60.9 40.7 Leather _ _ . 84.3 87.9 69.6 83.8 88.0 69.1 70.9 75.3 55.0 CEMENT, CLAY, AND GLASS PRODUCTS 53.2 54.2 44.6 52.8 52.9 44.3 32.8 34.1 25.7 Clay products .__ 43.4 45.6 39.0 43.4 44.9 39.0 23.3 24.8 19.0 Brick, tile, and terra cotta 30.8 33.7 29.2 30.9 32.9 29.3 13.9 15.2 11.9 Pottery .._ 77.8 78.3 65.7 77.6 77.8 65.5 48.0 50.1 37.7 Glass 80.3 79.3 57.0 79.0 77.0 56.0 58.2 58.6 39.5 Cement 39.0 39.2 42.4 38.5 37.7 41.8 22.8 24.6 24.8 NONFERROUS METAL PRODUCTS 64.4 67.0 48.4 65.2 67.9 48.9 47.2 50.2 31.9 Stamped and enameled ware 33.5 35.3 26.4 34.1 36.1 26.9 24.4 25.7 18.0 Brass, bronze, and copper 75.0 77.8 55.8 75.8 78.7 56.4 53.9 57.4 35.9 CHEMICALS AND PRODUCTS 100.3 99.4 75.5 99.8 99.1 75.2 78.2 78.7 60.9 Chemicals and drugs 110.0 109.0 80.1 107.9 107.9 78.6 84.6 85.2 62.3 Petroleum refining 88.6 87.8 74.3 89.4 87.9 75.0 72.9 72.5 63.1 Fertilizers 79.2 79.3 50.6 83.8 82.2 53.4 49.4 53.7 34.4 RUBBER PRODUCTS 81.8 83.4 61.2 85.3 83.7 63.7 57.8 62.8 38.6 Automobile tires and tubes 85.2 87.7 62.7 91.0 89.2 67.0 55.8 62.0 36.1 Rubber boots and shoes 71.6 70.2 67.9 67.2 53.6 65.9 65.9 48.3 TOBACCO MANUFACTURES 71.9 70.2 72.7 67.8 66.8 68.6 54.4 55.5 52.4 Cigars and cigarettes 71.8 69.8 72.8 67.3 65.8 68.3 53.8 54.4 51.6 Chewing and smoking tobacco, snuff 72 4 73.9 71.9 72.0 74.4 71.5 60.1 64.1 59.7 NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 70C-716, and November 1930, pp. 662-67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 FEDERAL RESERVE BULLETIN JANUARY 1934 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926-100) Other commodities All Year and month m c t o i o e m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e a c n r ts c1 p T ro e d x u ti c l t e s m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c l t s t a s lm Bu at i e ld ri i a n l g s c C a d h l r s e u m a g n s i d - in f H u g r o n g u i o s s o h e d - - s l M an i e sc o e u l s - 1928 96.7 105-« 1010 92.9 121.4 95.5 84.3 97.0 94.1 95.6 95.1 85.4 1929 95 3 104[ 9 <)9 9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 8£t 3 <)0. 5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 . 73 0 641 « f4 6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48-2 J1.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1932—November ___ . 63.9 iti 7 (i0 6 69.8 71.4 53.9 71.4 79.6 70.7 72.4 73.7 63.7 December 62.6 44.1 i58.3 69.0 69.6 53.0 69.3 79.4 70.8 72.3 73.6 63.4 1933—January _._ 61.0 42.6 55.8 67.3 68.9 51.9 66.0 78.2 70.1 71.6 72.9 61.2 February . 59.8 40.9 53.7 66.0 68.0 51.2 63.6 77.4 69.8 71.3 72.3 59.2 March.. . 60.2 42.8 *54.6 65.8 68.1 51.3 62.9 77.2 70.3 71.2 72.2 58.9 April 60.4 44.5 I56.1 65.3 69.4 51.8 61.5 76.9 70.2 71.4 71.5 57.8 May.. . 62 7 50 2 59.4 66.5 76.9 55.9 60.4 77.7 71.4 73.2 71.7 58.9 June 65.0 53.2 i>1 ?, 68.9 82.4 61.5 61.5 79.3 74.7 73.7 73.4 60.8 July... . 68 9 60.1 ti5.fi 72.2 86.3 68.0 65.3 80.6 79.6 73.2 74.8 64.0 August 69.5 57.6 64.8 74.1 91.7 74.6 65. 5 81.2 81.3 73.1 77.6 65.4 September 70.8 57.0 64.9 76.1 92.3 76.9 70.4 82.1 82.7 72.7 79.3 65.1 October. .. 71.2 55-7 64.2 77.2 89.0 77.1 73.6 83.0 83.9 72.7 81.2 05. 3 November 71.1 5C.6 64.3 77.2 88.2 76.8 73.5 82.7 84.9 73.4 81.0 1932 1933 Sept. Oct. NOT 7. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. FARM PRODUCTS: Grains J7 4 34 4 33 ? 31.7 32 9 32 7 36.0 44.8 52.8 57.4 73.4 64.6 63.9 68.2 61.3 Livestock and poultry 51 2 46.0 41.q 38.7 37.8 40.1 43.0 41.0 46.8 46.6 47.4 45.9 46.7 45.4 41.2 Other farm products .. 52.1 52.1 53.9 51.3 48.7 44.2 45.3 46.7 51.8 56.2 63.7 62.5 61.2 61.2 64.3 FOODS: Butter, cheese, and milt: W 6 60.5 62.3 59.6 55.2 52.4 50.9 53.1 58.8 63.1 66.1 65.7 65.8 66.0 67.2 Cereal products 35 8 64.1 62.7 61.7 60.9 60.4 62.7 65.9 69.3 70.7 83.3 84.8 84.7 85.0 85.8 Fruits and vegetables. 52.5 52.2 52.4 52.8 53.0 52.4 54.3 57.8 58.8 63.9 75.6 71.1 66.8 62.5 01.7 Meats 50 9 56.4 53.7 49.4 49.5 50.2 50.5 50.3 52.3 52.4 50.8 51.0 51.5 51.0 4b. 2 Other foods 34 6 65 4 67.7 66.1 60 1 54 1 55.8 56.6 60.4 61.1 63.7 62.6 64.5 64.4 66. 4 HIDES AND LEATHER PRODUCTS: Boots and shoes 34 4 84.6 84.?, 83.8 83.3 83.3 83.2 83.2 83.6 85.5 88.3 96.1 98.9 98.9 99.0 Hides and skins 18 2 49.6 46.1 41.7 43.0 40.9 41.4 45.8 67.3 81.4 88.7 91.5 84.1 71.2 70.1 Leather R3 ?, 64.1 61 9 59.2 57.1 55.3 55.6 57.2 68.3 74.3 78.0 82.5 85.4 83.2 79.3 Other leather products 31 5 81.9 81.Q 81.9 78.2 77.9 77.9 77.2 77.2 78.5 80.0 81.2 84.6 85.1 87.9 TEXTILE PRODUCTS: Clothing 51.8 62.5 62.2 62.5 61.9 61.2 61.3 61.4 61.9 64.5 70.6 74.4 81.1 84.8 bS.O Cotton goods 57 9 56.2 53 f> 51.7 50.1 49.1 50.0 50.7 57.9 67.1 80.2 93.5 91.3 88.8 86.0 Knitgoods.. 50 4 50.9 51 0 49.3 48.4 48.3 47.1 47.2 48.0 50.9 55.2 69.4 74.8 74.7 72 5 Silk and rayon 32 6 30.8 29 5 29.3 27.0 25.6 25.5 26.3 29.1 35.2 37.9 34.6 34.5 32.0 30.4 Woolen and worsted goods._. 56.7 56.5 55.3 54.2 53. 4 53.2 53.2 53.3 61.5 68.8 72.3 78.9 82.7 84.5 84.4 Other textile products fW 6 67.7 67.1 66. 6 1 66. 3 66.2 66.7 67.5 70.7 73.6 76.7 77.8 76.5 75.3 75.8 F UEL AND LIGHTING MATERIALS: Anthracite coal _ 87.7 88.7 88.8 88.7 88.7 88.7 88.3 81.4 78.5 76.8 77.9 79.2 82.0 81.8 81. S Bituminous coal 81.1 81.1 80.4 80.2 79.8 79.4 79.3 78.1 78.3 78.3 81.0 83.6 84.7 89.8 90.7 Coke. 7fi 7 76.7 75.fi 75.3 75.3 75.2 75.2 75.2 75.2 75.3 76.0 77.4 79.7 82.6 83.2 Electricity 103 4 104 6 103 1 104.1 103.2 102.9 100.5 98.3 94.6 91.4 89.4 88.8 90.4 92.3 Oas 1(V7 fi 104 4 100 0 96 5 96 7 96 6 96.6 97.5 103.3 101.7 100.2 99.5 101.5 100.5 Petroleum products 46.7 47.4 48.2 45.0 38.7 34.3 33.1 32.5 31.2 34.4 41.3 40.9 49.6 52.7 51.6 METALS AND METAL PRODUCTS: A Iro g n ri c a u n l d tu s r t a e l e i l mplement S - 8 7 4 9 . . 9 7 8 8 4 0 . . 7 4 8 79 4 . .6 4 8 7 4 8 . . 5 8 8 7 4 8 . . 5 5 8 7 3 7 . . 1 3 8 76 3 . . 4 1 8 75 3 . . 7 1 8 7 3 5 . . 0 2 8 7 3 6 . . 0 2 8 7 3 7 . . 0 7 8 7 3 8 . . 2 6 8 8 3 0 . . 2 3 8 82 3 . . 4 7 8 8 3 1 . . 7 5 Motor vehicles 92 7 92.7 92.7 93.0 91.3 90.9 90.9 90.4 90.4 90.4 90.4 90.4 90.4 90.9 90.9 Nonferrous metals _ 51.6 50.7 49 1 48.3 46.4 46.2 47.9 49.2 56.6 63.2 67.6 68.2 68.5 67.0 08.0 BUILDING MATERIALS: Brick and tile 75 4 75.3 75.4 75.1 74.9 75.1 74.9 75.0 75.2 77.0 78.2 81.5 82.6 84.6 84. 7 Cement 79 0 79 0 79 0 81.1 81.2 81.8 81.8 81.8 81.8 81.8 88.2 90.3 90.8 91.2 91 2 Lumber 56.3 56.6 56 6 56.5 55.9 56.4 57.8 57.9 59.6 67.4 75.9 79.4 82.0 84.2 8G. 5 Paint materials. 68 ?, 68.3 68 5 68.1 68.1 68.0 68.4 68.9 70.7 71.9 77.9 77.5 77.3 76.1 76.3 Plumbing and heating 66.8 67.5 67 5 67.5 62.8 59.4 59.4 59.4 61.3 67.4 69.4 70.3 74.7 74.7 73.7 Structural steel 81 7 81.7 81 7 81.7 81.7 81.7 81.7 81.7 81.7 81.7 81.7 81.7 82.4 86.8 Other building materials 79.9 80.0 80.1 80.1 79.4 78.5 78.4 77.9 78.8 80.6 83.3 85.0 85.9 87.1 88.4 CHEMICALS AND DRUGS: Chemicals 79 8 79.8 79.7 79.7 79.3 79.0 79.3 79.5 80 9 81 5 80.3 79.6 78.8 78.6 79. 2 Drugs and Pharmaceuticals. . 56.6 55.9 550 54.7 54.9 54.8 54.8 54.6 55.0 55.5 56.8 57.6 56.8 56.8 58. 4 Fertilizer materials 63.6 63.4 635 63.1 62.3 61.5 61.9 62.9 66.8 68.0 68.6 69.0 66.6 67.6 67.8 Mixed fertilizers 66.9 66.6 656 65.6 62.7 62.4 60.1 60.0 63.1 63.0 63.3 64.4 67.8 68.3 HOUSEFURNISHING GOODS'. Furnishings. _ 74 7 74.7 74 7 74.7 73.5 72.9 72.9 71.7 72 0 73.6 75.1 78.6 80.5 82.8 82.8 Furniture 72.7 72.8 72.7 72.7 72.3 71.9 71.8 71.5 71.6 73.4 74.6 76.8 78.4 79.8 79.4 MISCELLANEOUS: Auto tires and tubes 42.7 44.6 44.6 44.6 44.6 42.6 41.3 37.4 37.6 40.1 41.4 43.2 43.2 43.2 43.2 Cattle feed 45.9 42.7 40.8 37.1 38.2 40.6 47.3 49.5 54 4 55.8 82.4 78.0 64.2 60.4 63 5 Paper and pulp 75.5 73.4 734 73.0 72.0 72.1 72.2 70.6 70.7 73.5 78.1 81.0 82.2 82.4 82. i Rubber, crude 8.2 7.3 7 ? 6.8 6.5 6.1 6.3 7.4 10 2 12.6 16.3 14.9 14.9 15 fi 17. 5 Other miscellaneous 82.1 81 5 81.3 76.8 73.3 72.6 72.7 74.0 75.0 76. [ 77.8 78.1 78 6 78.4 Back figures.—For indexes of groups see BULLETIN for March 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

59 JANUARY 1934 FEDERAL RESERVE BULLETIN 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] Public works Total Residential Factories Commercial and public Educational All other utilities Month 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 January 84.8 83.4 27.5 12.0 3.4 4.3 9.1 5.8 24.1 42.7 4.4 1.4 16.3 17.3 February 89.0 52.7 24.4 11.8 4.4 2.8 10.1 7.6 28.3 17.2 10.8 2.2 li.O 11.0 March 112.2 60.0 33.2 16.0 4.5 6.4 10.6 7.2 29.9 17.6 9.8 1.3 24.2 ll.fi April 121.7 56.6 28.9 19.1 4.5 6.2 12.9 6.6 47.3 13.6 10.7 1.1 17.5 9.9 May 146.2 77.2 25.6 26.5 3.0 9.4 12.2 8.9 61.7 19.0 6.5 1.7 37.2 11.6 June 113.1 102.3 23.1 27.7 2.1 26.8 13.0 9.6 60.1 24.4 7.2 3.5 17.6 10.3 July 128.8 82.7 19.7 23.6 3.5 17.8 8.3 11.6 60.0 18.9 6.4 3.0 30.8 7.8 August 134.0 106.0 20.8 21.9 3.3 14.1 18.4 10.6 64.2 51.4 5.5 2.6 21.9 5.6 September.. 127.5 120.2 22.8 21.5 6.3 15.2 8.8 7.5 68.7 60.7 7.4 2.2 13.5 13.0 October 107.3 145.4 21.9 21.5 3.2 9.8 7.0 9.8 58.5 92.7 3.6 2.2 13.1 9.3 November. 105.3 162.3 19.2 23.6 1.9 8.2 6.7 7.3 54.2 111.1 3.4 2.6 19.9 9.6 December _ 81.2 13.0 3.3 5.7 43.3 6.7 9.2 Year 1,351.2 280.1 43.5 122.7 590 3 82.3 232.3 CONSTRUCTION CONTRACTS AWARDED, BY BANK DEBITS DISTRICTS [Debits to individual accounts. In millions of dollars] [Value of contracts in thousands of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] 1933 1932 Number Federal Reserve district 1933 1932 of centers No b v e e r m- October No b v e e r m- Novem- November October ber New York',City 1 12,204 13,280 9,81o Outside New York City 140 11,927 13, 027 10,935 D S M B N A C K P C R t h h o a l i a t e . i e c l i w i l n s n a L l c v l h t n s a a n o a e m o a s e d Y g n t l u s a a a e o o o i p n l s n C r p o d k d i h l t i i y s a _. _ __ . . 2 1 4 1 1 2 4 3 9 6 9 4 3 5 0 2 1 , , , , , , , , , , , 0 8 6 8 5 0 8 8 7 2 5 5 9 2 5 3 7 2 7 7 6 5 4 1 9 4 3 1 7 8 4 6 5 2 1 2 1 1 1 1 9 1 0 8 4 1 9 4 7 0 7 , , , , , , , , , , , 3 7 8 0 6 4 6 5 1 2 7 4 1 2 4 4 7 9 0 3 2 5 3 1 9 4 8 7 2 5 8 7 3 1 1 1 1 8 6 9 9 9 3 5 2 3 3 2 , , , , , , , , , , , 2 8 2 6 2 7 9 4 7 5 5 6 1 8 8 8 2 1 1 7 7 6 1 0 6 5 9 8 5 2 8 2 6 Fede N A B P R S K C M C r t h o a i l h e t a . i e c l l i w s i n n a l v h c L t a n s R n o a e m o a d Y e g n t l e s u a e a a o o s o i l n p n e C s p r d o r d k h i v l t i i e y a s d _ istrict: ._ 1 2 1 1 1 1 7 9 7 5 1 1 0 3 5 5 12 1 1 2 1 , , , , , 1 3 1 8 4 4 5 6 7 6 2 9 2 4 5 3 3 9 1 6 4 8 5 4 6 9 9 0 7 0 1 3 1 1 1 3 , , , , , 5 2 2 1 8 4 7 6 6 5 4 3 3 0 0 8 7 9 0 3 6 9 7 7 1 8 0 6 7 3 1 1 2 0 1 1 , , , , , 3 0 0 4 2 4 5 5 3 6 8 3 7 6 9 5 0 7 3 6 8 3 3 1 3 2 f 3 0 8 Dallas 10 441 465 372 Total (11 districts) 162,331 145,367 105,302 San Francisco 18 1,697 1,818 1,603 Total 141 24,131 26, 307 20, 750 COMMERCIAL FAILURES, BY DISTRICTS [Amounts in thousands of dollars; figures reported by Dun & Bradstreet] Number Liabilities Federal Reserve district 1933 1932 1933 1932 Nov. Oct. Nov. Nov. Oct. Nov. Boston 138 150 192 2,525 2,378 4,351 New York 311 321 494 6,930 10,452 13,801 Philadelphia 68 51 129 2,602 2,300 3,104 Cleveland 83 95 196 2,192 2,548 4,909 Richmond 64 74 147 1,495 852 4,250 Atlanta . _ 49 40 109 579 582 2,611 Chicago 172 177 257 4,618 6,341 10,182 St. Louis 47 42 74 579 1,019 2,732 Minneapolis 46 43 70 661 384 1,181 Kansas City 75 39 108 869 412 963 Dallas 32 40 96 527 1,400 2,112 San Francisco. 152 134 201 1,-778 1,915 3,425 Total 1,237 1,206 2,073 25, 353 30, 582 53,621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 FEDERAL RESERVE BULLjETIN JANUARY 1934 DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS (Based on estimates, by States, for Dec. 1, 1933, as reported by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1932 Dec. 1,1933 1932 Dec. 1,1933 1932 Dec. 1,1933 1932 Dec. 1,1933: Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,684 7,545 66 120 66 120> New York*. 24,165 20,821 4,761 5,175 4,591 5,051 170 124 Philadelphia 42, 554 44, 551 12,147 14,189 12,042 14,104 105 85 Cleveland _ 158,548 150,851 35,908 38,866 " 35,735 38,768 173 100 Richmond 106,453 130,921 16,673 19,669 16,673 19,669 Atlanta 146, 661 151, 672 3,063 3,039 3,063 3,039 Chicago 1,078,160 824,006 50,308 46,291 46,894 43,962 3,414 2,32$ St. Louis 392,117 296, 670 35, 786 38,442 35, 543 38,320 243 122 Minneapolis 297,426 219,136 241,289 115,137 20,715 9,775 220, 574 105, 36? Kansas City 527,615 389,334 206,311 131,989 199, 795 123,614 6,516 8,375 Dallas 116, 292 85,035 29,103 13,720 28,955 13,626 148 94 San Francisco . . 9,198 9,692 108,661 100, 776 71, 703 41,104 36,958 59,672 Total 2,906, 873 2, 330, 237 744,076 527,413 475, 709 351,030 268, 367 176,383- Oats Tame hay Tobacco White potatoes Cotton Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate Production Estimate 1932 Dec. 1,1933 1932 Dec. 1,1933 1932 Dec. 1,1933l 1932 Dec. 1,1933 1932 Dec. 1,1933 f Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston 7,782 7,445 2,928 2,854 30,110 20,577 47,974 49,770 New York _... 27,740 17,878 5,121 4,850 1,621 877 32,017 28,314 Philadelphia 15,136 13,106 1,938 2,288 46, 316 26, 563 20,897 20,786 Cleveland 55,920 35,159 3,865 3,929 121,422 128,483 19,452 15,501 Richmond 19,431 17, 537 2,501 2,918 417,130 717, 765 23, 711 22, 506 1,410 1,470' Atlanta 10,469 8,183 2,069 1,927 99, 655 169, 318 10,366 11,030 2,326 2,594 Chicago 530,029 304,487 14,210 13,149 36,624 17,335 59,382 39, 752 St. Louis 49,434 37,174 5,275 5,258 261, 218 308, 516 13,484 9,107 2 2,635 3 2,350 Minneapolis 315,536 146,953 9,849 7,896 2,831 1,162 54,608 41,639 Kansas City 146, 777 84,234 8,934 8,675 5,631 5,578 30,769 30, 505 1,207 1,312 Dallas 43,699 22,347 1,004 881 4,942 4,423 5,233 5,161 San Francisco 24,705 27,982 12, 574 11,227 40,407 43,810 191 290 Total 1, 246,658 722, 485 70,268 65,852 1,022, 558 1,396,174 358,009 317,143 13,002 13,177 I i With allowance for reduction in acreage and production under Agricultural Adjustment Act. * Includes 15,000 bales grown in miscellaneous territory. 3 Includes 10,000 bales grown in miscellaneous territory. NOTE.—1932 figures for all crops except cotton are as revised in December 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS ——L. KANSAS CITY KANS. OKLA. Oklahoma City Birmingham ., DALLAS® Jit t-V TEXAS m) a«« BOUNDARIES OF FEDERAL RESERVE DISTRICTS •—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis