Federal Reserve Bulletin, 1934-03
FEDERAL RESERVE BULLETIN MARCH 1934 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Monetary and Banking Developments National Summary of Business Conditions Annual Report of Bank of France UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 19S4 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 and Statistics. L. P. BETHEA, Assistant Secretary. 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. f 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, Vice President District no. 4 (CLEVELAND) H. C. MCELDOWNEY. District no. 5 (RICHMOND) HOWARD BRUCE. District no. 6 (ATLANTA) H. LANE YOUNG. District no. 7 (CHICAGO) (Vacancy.) 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) M. A. ARNOLD. WALTER LICHTENSTEIN, Secretary II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OFFICERS OF FEDERAL RESERVE BANKS Federal R of e — serve Bank Chairman Governor Deputy governor Cashier Boston F. H. Curtiss R. A. Young W. W. Paddock... W. Willett. W. R. Burgess C. H. Coe.1 New York J. H. Case G. L. Harrison J. E. Crane J. W. Jones.* W. S. Logan W. B. Matteson.i L. R. Rounds J. M. Rice.1 L. F. Sailer Allan Sproul.* R. M. Gidney. L. W. Knoke.i Philadelphia- R. L. Austin G. W. Norris W. H. Hutt C. A. Mcllhenny. J. S. Sinclair W. G. McCreedy.' 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 G. H. Keesee. R. H. Broaddus— J. S. Walden, Jr.' Atlanta Oscar Newton W. S. Johns 3 H. F. Conniff M. W. Bell. W. S. McLarin, Jr.1 Chicago E. M. Stevens G. J. Schaller C. R. McKay W. H. Snyder.* H. P. Preston W. C. Bachman.i J. H. Dillard R. H. Buss.1 O. J. Netterstrom.1 A. T. Sihler.1 E. A. Delaney.1 St. Louis. J. S. Wood. W. McC. Martin O. M. Attebery— S. F. Gilmore.8 J. G. McConkey.- A. H. Haill.a F. N. Hall.' G. O. Hollocher.' O. C. Phillips.* Minneapolis- J. N. Peyton W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer F. C. Dunlop.» Kansas City.. M. L. McClure... 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... 1 Assistant deputy governor. * Controller. * Acting governor. * Assistant to the governor. 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. H. 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. H. Frye. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, Jr. Portland branch R. B. West. Chicago: Salt Lake City branch.. W. L. Partner. D etroit branch. - W. R. Cation. Seattle branch __ C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch J. T. Moore. Memphis branch W. H. 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. m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS Page Review of the month—Monetary and banking developments 141 Annual report of the Bank of France 162-166 Condition of all member banks on December 30, 1933 (from Member Bank Call Report No. 60) 191-192 Earnings and expenses of Federal Reserve banks during 1933 186-187 National summary of business conditions 146 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 147-150 Member and nonmember bank credit: All banks in the United States 153 All member banks 151, 152, 189, 190 Weekly reporting member banks in 91 leading cities 154, 193 Brokers' loans 154 Acceptances and commercial paper 155 Discount rates and money rates 156 Treasury finance 157 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 158 Security prices, bond yields, and security issues 159 Production, employment, car loadings, and commodity prices 160, 195-198 Merchandise exports and imports 161 Department stores—Indexes of sales and stocks 161 Freight-car loadings, by classes 161 Financial statistics for foreign countries: Gold reserves of central banks and governments 167 Gold production 168 Gold movements 168-170 Government note issues and reserves 171 Bank for International Settlements 171 Central banks 172-174 Commercial banks 175 Discount rates of central banks - 176 Money rates 176 Foreign exchange rates 177 Price movements: Security prices 178 Wholesale prices 178, 179 Retail food prices and cost of living 179 Law department: Rulings of the Federal Reserve Board: * Computation of reserves against savings deposits 180 Applicability of Clayton Antitrust Act to Federal home loan banks 180 Authority of Federal Reserve Board under Clayton Antitrust Act to issue permit for service of director of Morris Plan company as director of national bank 180 Application of section 8A of the Clayton Act to a director of a Federal savings and loan association 181 Possibility of the existence of more than one "holding company affiliate" of a member bank 182 Extension of Glass-Steagall Act 182 Federal Reserve statistics by districts, etc.: Banking and financial statistics 184-195 Industrial and commercial statistics 195-199 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 20 MARCH 1934 No. 3 REVIEW OF THE MONTH for Frenchmen to convert francs into gold, ship the gold to the United Statefe and sell it Monetary developments during February to the Treasury and then exchange the dollars were largely influenced by the reduction in the received into francs at the market rate. As a weight of the gold dollar (from consequence, there were gold imports to the I ^aseingold 25.8 to 15 5/21 grains of gold United States amounting to $400,000,000 durg 9/10 fine) which became effec- ing February. Purchases of foreign currencies tive after the close of business on January 31. in payment for the gold resulted in a gradual At the same time the United States Treasury rise in the exchange value of these currencies to undertook to purchase all gold offered at $35 within a fraction of 1 percent of their new an ounce, compared with the old statutory parities. Toward the end of the month gold price of $20.67 an ounce, and to sell gold for imports consequently declined to relatively export to foreign central banks whenever our small proportions. exchange rates with gold-standard currencies In addition to the gold imports, other factors reach the gold export point. These develop- that increased the dollar value of the country's ments reestablished for the present a gold stock of monetary gold were the increment of market in the United States at a fixed price of $2,808,000,000 arising out of the revaluation of $35 per ounce and set in motion a train of new the dollar at $35 an ounce, and the incorporaadjustments, the most immediately important tion in the gold stock after the devaluation of of which was in the field of the foreign ex- $185,000,000 of gold previously purchased by changes. the Government, as well as a small amount of At the time when the dollar was officially re- domestic gold received from producers and valued at 59.06 percent of its former parity, others. As a consequence of all these developits value in the exchange market, in relation to ments the total stock of monetary gold in the gold currencies, was 63 percent of par. The United States increased from $4,033,000,000 on revaluation, however, was not at once followed January 31 to $7,438,000,000 at the end of by a corresponding decline in the value of the February. These figures do not include gold dollar on the exchanges. For example, the new coin previously reported as in circulation, the parity of the French franc is 6.63 cents per holding of which by the public is now profranc, since by law 100 francs now represent hibited, and much of which has been lost, dethe same amount of gold as $6.63. On the stroyed, consumed in the arts, or exported withexchanges, however, the franc was quoted at out record. 6.26 cents on January 31, rose to 6.50 by The entire stock of monetary gold of the February 13, and was 6.57 toward the end of country is now held in the Treasury of the the month and early in March. This disparity United States. Of the increment of $2,808,made it profitable for Americans to exchange 000,000 due to devaluation, $2,000,000,000 dollars for francs, convert the francs into gold representing the Stabilization Fund authorized in Paris at the legal rate, and transport the by the Gold Reserve Act of 1934 as well as gold to the United States for sale to the Treas- the remaining $808,000,000 are held in the ury at $35 an ounce. It was equally profitable Treasury's general fund. 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
142 FEDERAL RESERVE BULLETIN MARCH 1934 Against the gold received from abroad and siderable volume of United States Government from other sources the Treasury has established obligations against outstanding Federal Reaccounts to the credit of the serve notes. Authority to use such obliga- Growth of excess Reserve banks payable Federal tions as collateral against Federal Reserve reserves . , , , . \ n 1 notes until March 3, 1933, was originally in gold certificates and m return granted by the Glass-Steagall Act of February has received deposit credit at these banks. 27, 1932, was later extended for another year, Checks drawn by the Treasury against these and now has been extended for 1 more year, deposits and against deposits previously held with authority in the President to extend it for with the Reserve banks have been redeposited and additional period not exceeding 2 years. by member banks with the Reserve banks. The text of the law of March 6, 1934, on this This has resulted in a large increase in member subject is printed on page 183. bank reserve balances, which at the end of Another emergency power of the reserve February were $1,150,000,000 in excess of legal banks contained in the Glass-Steagall Act was requirements. This increase in Reserve balto make advances to member banks in unusual ances occurred notwithstanding the fact that and exigent circumstances on paper that would EXCESS RESERVES OF MEMBER BANKS —i Wednesday figures V not be eligible for discount under the permanent provisions of the Federal Reserve Act. Under the terms of the Glass-Steagall Act this power also was limited to 1 year, but subsequently it was extended for another year with authority in the President for a further 1-year extension. Such additional period has been prescribed by the President in a proclamation printed on page 182. Growth in reserve balances of member banks February has been accompanied by an m increase in volume of outstand- Member-bank ing credit. At reporting memcredit ber banks in leading cities, loans and investments, after showing little change for about 7 months, increased by over $1,000,000,000 in the 5 weeks from January 24 member banks were required to meet a seasonal to February 28, 1934. At $17,400,000,000 on increase in currency demand from the public February 28 the loans and investments of these and also further reduced their borrowings at banks were larger than at any other time in 2 the Reserve banks. Member banks also pro- years. Nearly all of the increase since January vided during the month funds for the payment 24 was in holdings of United States Government at maturity of a considerable volume of accept- securities, accompanying large new offerings by ances held by the Reserve banks. The chart the Treasury in the period. There was also a shows the course of the excess reserves of slight increase in holdings of other securities. member banks since the beginning of 1932. During the same period Government deposits At the end of February, total holdings by the with the reporting banks increased by $1,100,- Reserve banks of bills discounted and bought 000,000, reflecting deposit credits given to the were $127,000,000, the lowest Treasury for Government securities purchased Extension of figure since before the war. In by banks both for their own account and for Glass-Steagall view of this small amount of customers. Act eligible paper, the Reserve Loans to brokers and dealers in securities banks were obliged to continue pledging a con- showed some increase for the period, while Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDERAL RESERVE BULLETIN 143 other loans declined. An increase in net INSURED BANKS AND INSURED DEPOSITS demand deposits reflected in part a growth in State bankers' balances held by banks both in New All banks N b a a ti n o k n s al m b e a m nk b s er N be o r n b m a e n m ks - York and in other cities. Number of insured Preliminary compilations of the Federal banks 13, 529 5,229 909 7,391 Number of insured ac- Deposit Insurance Corporation indicate that 41 counts 54, 682,092 24, 690, 344 8, 796, 618 21,195,130 Aggregate of insured depercent of the aggregate deposit posits (000's omitted) _$15,482,981 $6,021,332 $2, 518,063 $6,943, 586 Deposit Total deposit liabilities liabilities of banks participating (000's omitted) $37, 923,829$17,503, 087$9, 676,302$10, 744,439 insurance Ratio of insured deposin the temporary insurance fund its to total deposit liabilities 40.83 34.40 26.02 64.62 as of February 15 are insured. The temporary plan insures against loss the funds of each During the first 2 months of the year the depositor in each participating bank up to volume of industrial output increased by con- $2,500 and earlier compilations have shown that siderably more than the usual Recent course of . l general, upwards of 95 percent of all depositors have geasonal amount n business * their accounts fully insured under the temoutput oi durable manufacporary plan. The proportion of aggregate tures, such as steel, automobiles, and lumber, deposit liabilities insured varies among classes showed a larger increase in comparison with of banks and from one geographical district the early months of 1933 than did output of less to another. durable manufactures, such as textiles and The proportion of total deposit liabilities leather products. Activity at automobile facwhich was reported as insured was 26 percent tories showed a rapid growth during this period among State member banks, 34 percent among and in February there was a substantial innational banks, and 65 percent among noncrease in activity in the steel industry. At cotmember banks. These differences reflect the ton mills, where production had declined sharpfact that accounts of $2,500 or less constitute a ly in the latter part of 1933, output increased larger proportion of the total deposits in smaller after the turn of the year. Output of the than in larger banks and that State member heavy manufacturing industries in the first banks are on the average larger than national months of the year was still about 55 percent banks which in turn are larger than nonmember lower than in 1929, while the volume of nonbanks. The proportion of total deposit liabildurable manufactures was about 15 percent ities that are insured appears to be highest in below the 1929 level. In the construction inagricultural localities such as the South Atlantic, dustry the value of contracts awarded, as re- East South Central, and Mountain States, and ported by the F. W. Dodge Corporation, lower in industrial regions, like the Middle showed a decline in the first 2 months of the Atlantic States, which include the principal year, following a substantial increase in the financial centers. latter part of 1933. Public works continued Total deposit liabilities of banks participating to make up a large part of the total. in the fund at a recent date were about $37,- Preliminary reports indicate that employ- 900,000,000, of which $17,500,000,000 was in 5,229 national banks, $9,700,000,000 in 909 ment at factories, after declining seasonally State member banks, and $10,700,000,000 in between the middle of December and the mid- 7,391 nonmember banks. The total of insured dle of January, increased by a considerable accounts and insured deposits and their ratio amount in February. During February the to total deposit liabilities by class of banks is number of persons on the pay rolls of the Civil shown in the table. Works Administration was reduced. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
144 FEDERAL RESERVE BULLETIN MARCH 1934 The general level of wholesale commodity United States was arrested, as the dollar deprices at the end of February was 23 percent clined toward its parity. above the low point of a year ago, and 5 percent The bulk of the gold imported into the United above the summer of 1933. Prices of farm States during February was shipped from the products and foods, which by the end of the London bullion market, through which were year had declined considerably below their routed exports from France, Netherlands, and summer peak, advanced in January and the Switzerland, as well as the gold coming from early part of February to the level of last mines in Africa and hoards in India. Tran- July, and prices of other commodities continued shipment of gold through London left the to rise. money market little affected. In France and Netherlands, where gold withdrawals were largest, money rates advanced. In Nether- International movement of gold in February lands the rate on prime bankers7 acceptances was in largest volume since the summer of 1931 increased during the month from % of 1 percent when financial disturbances in to % of 1 percent and in France from 2}{ to 2% Gold reserves in -^ , -, , , .,, -. Europe led to heavy withdraw- percent. On February 9 the Bank of France E als of funds from a number of raised its discount rate from 2Y to 3 percent. 2 countries. During the past month the gold The purchase of gold for export resulted in movement to the United States, reflecting a heavy market borrowing at the bank and a subdelay in the adjustment of the exchange value stantial reduction of the deposits in which reof the dollar to its new parity established on serve balances of the commercial banks are in- January 31, was chiefly from Europe. The prin- cluded. Reserves of the commercial banks cipal European central banks lost in the aggre- composed of cash in vault and deposits at the gate about $366,000,000 of gold (computed on Bank of France, which were built up to about the new par basis) between the close of January 12,000,000,000 francs in the latter part of 1931 and the latest date in February for which reports through the repatriation of balances mainare now available. Changes during this period tained abroad, have been cut in half owing chiefly to the purchase of gold and foreign ex- GOLD RESERVES OF SELECTED CENTRAL BANKS change from the Bank of France since that time. [In millions of dollars at new parity] For some time there has been a tendency for Latest Change the Bank of France to lose reserves in gold and from last Central bank of— report Gold re- report foreign exchange in the settlement of interdate, serves date in 1934 January national balances, owing to the substantial excess of merchandise imports into the country, England Feb. 28 1,574 +1 the cessation of reparation payments, and the France Feb. 23 4,904 -204 Germany Feb. 28 134 -17 diminished income from foreign investments Italy Feb. 28 *>633 Belgium Feb. 15 640 -6 and the tourist trade. The heavy withdrawals Netherlands.. Feb. 26 539 -87 Switzerland-. Feb. 28 600 -53 during the past month and on earlier occasions, however, have reflected principally a flow out v Prelimary. of the country of funds that had previously in reported reserves of the principal countries taken refuge in France or an active demand are shown in the accompanying table. Gold held within the country for hoarding. by the central bank declined $204,000,000 in France, $87,000,000 in Netherlands, $53,000,000 in Switzerland, $17,000,000 in Germany, and Change in Discount Rate $6,000,000 in Belgium, while in England and The rate on discounts for and advances to Italy it remained substantially unchanged. At member banks under sections 13 and 13a of the close of the month the flow of gold to the the Federal Reserve Act was reduced from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDERAL RESERVE BULLETIN 145 2}i to 2 percent at the Federal Reserve Bank licenses under the new regulations. The mints of San Francisco, effective February 16, 1934. and assay offices have been receiving applications for licenses under the new regulations, but in view of the number of applications and Meeting of the Federal Advisory Council the care which the mints and assay offices are exercising in investigating each case, it will be The first meeting of the Federal Advisory impossible for them to complete this work by Council for 1934 was held on Tuesday, Feb- March 15. ruary 20. Mr. Walter W. Smith was reelected The amendment reads as follows: president and Mr. Howard A. Loeb was elected vice president. These officers as ex- TREASURY DEPARTMENT, officio members and Messrs. Frew, McEldowney OFFICE OF THE SECRETARY, March 8, 1934. Kemper and Steele will comprise the executive committee. Mr. Walter Lichtenstein was re- AMENDMENT TO PROVISIONAL REGULATIONS ISSUED appointed secretary. UNDER THE GOLD RESERVE ACT OF 1934 Mr. Loeb succeeded, as vice president, Mr. The provisional regulations issued on January 30, Melvin A. Traylor of the seventh district who 1934, under the Gold Reserve Act of 1934, as amended on January 31, 1934, are further amended in sections died February 14, 1934. 45 and 46 by deleting therefrom the phrase " March 15, 1934" wherever it appears and inserting in lieu thereof the phrase "May 1, 1934." Amendment to Gold Regulations H. MORGENTHAU, JR., Secretary of the Treasury. Approved: The following statement was released at FRANKLIN D. ROOSEVELT. the Treasury Department on March 9,1934: THE WHITE HOUSE, The Secretary of the Treasury, with the March 8, 193'4. approval of the President, has amended the Holders of licenses TGL-4 and TGL-4A provisional regulations issued under the Gold who desire to obtain licenses under the new Reserve Act of 1934 so as to continue until regulations should make application promptly May 1, 1934, the period within which licenses to the mint or assay office for the mint district issued under the Executive order of August in which they are located. Applications will 28, 1933, may be deemed to be licenses under be acted on in the order in which they are the provisional regulations. The provisional received. No assurance can be given that regulations originally fixed March 15, 1934, as applications filed with the mints and assay the expiration of the time within which holders offices after March 15, 1934 will be acted on of such licenses would be required to obtain prior to May 1, 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
146 FEDERAL RESERVE BULLETIN MARCH 1934 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Feb. 24 and released for publication Feb. 26] Volume of industrial production increased Dollar exchange.—The foreign exchange by more than the usual seasonal amount in value of the dollar in relation to gold curren- January and the early part of February. The cies, which in January had fluctuated around general level of wholesale commodity prices, 63 percent of par, declined after January 31 to after showing relatively little change during slightly above its new parity of 59.06 percent. the last 5 months of 1933, advanced consider- Prices.—Wholesale commodity prices showed ably after the turn of the year. a general increase between the third week of Production and employment.—Output of fac- December and the third week of February, and tories and mines, as measured by the Federal the weekly index of the Bureau of Labor Reserve Board's seasonally adjusted index of Statistics advanced from 70.4 percent of the industrial production, advanced from 75 per- 1926 average to 73.7 percent. There were subcent of the 1923-25 average in December to stantial increases in livestock prices; wool 78 percent in January. This compares with a continued to advance and cotton reached a recent low level of 72 percent in November and level higher than at any other time since 1930. a level of 65 percent in January 1933. The Scrap steel advanced to about the level pre- January advance reflected chiefly increases of vailing in the summer of 1933. more than the usual seasonal amount in the Bank credit.—As a consequence of the reductextile, meat packing, automobile, and anthra- tion on January 31 of the weight of the gold cite coal industries. Activity at cotton mills, dollar, together with subsequent imports of which had reached an unusually high level gold from abroad, the dollar amount of the in the summer of 1933 and had declined country's stock of monetary gold increased sharply in the latter part of the year, showed from $4,035,000,000 on January 17 to $7,089,a substantial increase in January. Output of 000,000 on February 14. About $3,000,000,000 automobiles also increased by more than the of this increase was reflected in a growth of the usual seasonal amount, while activity in the cash held by the Treasury, which includes gold steel industry showed little change, following bullion. a nonseasonal increase in December. In the Notwithstanding a further reduction in disfirst half of February there was a further counts for member banks and in acceptance growth in output at automobile factories, holdings of the Reserve banks, member bank and activity at steel mills showed a substantial reserve balances increased moderately during increase. this period, reflecting gold imports, a return of Factory pay rolls, which usually decline con- currency from circulation, and a reduction in siderably at this season, showed little change United States Government deposits with the between the middle of December and the Reserve banks. In the middle of February middle of January, while factory employment these balances were more than $900,000,000 declined by about the usual seasonal amount. above legal reserve requirements. There were substantial increases in employ- At reporting member banks there was a ment and pay rolls in the automobile, hard- growth between January 17 and February 14 ware, shoe, and women's clothing industries, of more than $600,000,000 in holdings of while decreases, partly of a seasonal character, United States Government securities and of were reported for the hosiery, tobacco, furniture, more than $500,000,000 in United States and lumber industries. Government deposits, reflecting Treasury fi- Value of construction contracts, as reported nancing. Loans on securities and all other by the F. W. Dodge Corporation, showed a loans increased slightly and bankers' balances decline in January and the first half of February showed a substantial growth. following a substantial increase in the latter Short-term money rates in the open market part of 1933. As in other recent months, remained at low levels. On February 2 the public works made up a large part of the total. Federal Reserve Bank of New York reduced Distribution.—Freight traffic increased in its discount rate from 2 percent to 1% percent January by more than the usual seasonal and during the succeeding 2 weeks reductions* amount, reflecting larger shipments of coal and of one half of 1 percent were made at the Federal merchandise. Sales by department stores Reserve banks of Cleveland, Boston, St. Louis, showed the usual seasonal decline after the Dallas, Richmond, Kansas City, Atlanta, and holiday trade. San Francisco. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
147 MARCH 1934 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT AND RELATED ITEMS MILLIONS OF DOLLARS Weekly basis: Wednesday series MILLIONS OF DOLLARS 6000 8000 7000 7000 6000 6000 5000 5000 4000 4000 3000 3000 MEMBER BANK RESERVE BALANCES 2000 2000 1000 1000 1929 . 1930 1931 1932 1933 1934 Based on "Wednesday figures; latest figures are for February 28. See table on page 148. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
148 FEDERAL RESERVE BULLETIN MARCH 1934 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS [In millions of dollars. Wednesday series; for other series, see p. 188] Reserve bank credit outstanding Treas- Treasury ury Date (Wednesday) B co il u ls n t d e i d s- bo B u il g ls ht m G U S e o n t n v a i t t t e e e r s s d n e - - O s b th e a e r n v r k e re- Total M go o ld n e st t o a c ry k na r b t e a c i a n n u o n c r d n k - y al- M c o i t r i n c o e u n y la - in M b b a a s e l n e a m r k n v b c e r e e e s r - a p F w n c o . a d i s s t R i h h d ts . e- b m p N e o r e o s m n i d t e - s - - F R c O e e o d a s t u c h e e n - r e r v t a r s l e curities credit banks 1933-Jan. 4.... 251 33 1,851 29 2,163 4,524 2,204 5,669 2,514 305 49 353 Jan. 11- 248 I 32 1,812 13 2,106 4,549 2,205 5,589 2,574 294 49 353 Jan. 18- 249 32 1,778 9 2,068 4,566 2,205 5,602 2,545 294 45 352 Jan. 25.. 265 31 1,763 7 2,067 4,556 2,204 5,611 2,513 292 61 349 Feb. 1... 269 31 1,764 7 2,070 4,548 2,204 5,652 2,438 319 66 348 Feb. 8... 253 31 1,784 17 2,085 4,535 2,203 5,705 2,419 285 68 345 Feb. 15.. 286 31 1,809 10 2,136 4,511 2,203 5,854 2,236 330 88 342 Feb. 22.. 327 174 1,834 16 2,351 4,460 2,203 5,988 2,271 325 88 343 Mar. 1... 712 384 1,836 4 2,936 4,344 2,218 6,720 2,038 303 91 345 Mar. 8... 1,414 417 1,881 68 3,644 4,243 2,230 7,538 1,776 317 138 348 Mar. 15. 1,232 403 9 3,525 4,251 2,256 7,269 1,964 317 132 349 Mar. 22. 671 352 1 2,887 4,264 2,273 6,608 1,918 432 126 341 Mar. 29. 545 310 .,838 6 2,688 4,272 2,287 6,353 1,987 428 144 334 Apr. 5... 436 286 ,837 15 2,574 4,283 2,297 6,261 1,976 441 135 342 Apr. 12.. 428 247 ,837 16 2,528 4,293 2,303 6,147 2,096 390 143 349 Apr. 19.. 414 208 1,837 30 2,490 4,313 2,308 6,068 2,159 366 163 355 Apr. 26.. 385 177 1,837 12 2,412 4,310 2,306 5,994 2,136 371 172 354 May 3... 400 144 1,837 15 2,396 4,312 2,305 5,954 2,034 487 182 356 May 10. 338 113 1,837 9 2,297 4,313 2,303 5,892 2,089 399 178 355 May 17.. 330 78 1,837 9 2,254 4,313 2,299 5,852 2,114 370 175 355 May 24.. 312 43 1,862 3 2,219 4,314 2,299 5,795 2,194 329 161 353 May 31. 302 20 1,890 7 2,218 4,315 2,298 5,812 2,167 345 155 353 June 7... 277 11 1,912 15 2,214 4,316 2,296 5,767 2,204 307 197 352 June 14.. 254 10 1,932 15 2,212 4,318 2,295 5,723 2,281 316 153 351 June 21.. 222 9 1,955 8 2,194 4,317 2,295 5,696 2,205 405 152 348 June 28.. 191 8 1,975 7 2,182 4,318 2,296 5,675 2,286 317 169 349 July5... 182 23 1,995 6 2,206 4,318 2,285 5,752 2,219 331 164 344 July 12.. 168 13 2,007 13 2,201 4,319 2,284 5,667 2,269 353 169 345 July 19.. 163 10 2,017 7 2,197 4,319 2,283 5,635 2,290 335 194 344 July 26.. 161 10 2,028 2 2,201 4,320 2,282 5,601 2,306 366 186 344 Aug. 2... 164 8 2,038 1 2,208 4,320 2,281 5,618 2,319 333 188 350 Aug. 9... 156 8 2,048 8 2,220 4,320 2,281 5,608 2,376 292 195 350 Aug. 16.. 166 7 2,059 8 2,240 4,321 2,281 5,612 2,371 315 197 347 Aug. 23.. 150 7 2,094 7 2,258 4,328 2,280 5,592 2,432 319 175 348 Aug. 30.. 153 7 2,129 9 2,298 4,328 2,281 5,592 2.427 339 202 347 Sept. 6.. 145 7 2,166 12 2,330 4,329 2,280 5,648 2,439 327 178 346 Sept. 13. 133 7 2,203 14 2,357 1,327 2,281 5,602 2,542 317 157 346 Sept. 20. 130 7 2,238 13 2,388 4,327 2,280 5,605 2,543 334 164 348 Sept. 27. 133 7 2,274 7 2,421 4,324 2,279 5,595 2,596 331 156 347 Oct. 4__. 123 7 2,309 10 2,449 4,324 2,279 5,652 2,523 372 159 346 Oct. 11.. 119 7 2,344 7 2,477 4,324 2,278 5,673 2,567 338 155 345 Oct. 18.. 113 7 2,375 18 2,513 4,323 2,277 5,650 2,655 284 166 358 Oct. 25.. 115 7 2,400 5 2,526 4,323 2,277 5,608 2,693 302 167 359 Nov. l._ 117 7 2,420 7 2,550 4,323 2,276 5,640 2,591 388 178 353 Nov. 8-, 112 7 2,430 -7 2,542 4,323 2,275 5,673 2,578 373 161 356 Nov. 15. 111 15 2,432 6 2,564 4,322 2,275 5,654 2,645 345 163 355 Nov. 22. 112 20 2,431 -1 2,562 4,323 2,276 5,654 2,687 316 149 355 Nov. 29. 119 24 2,432 7 2,581 4,323 2,277 5,743 2,573 369 142 354 Dec. 6.. 116 61 2,431 7 2,615 4,323 2,277 5,758 2,561 386 156 354 Dec. 13. 118 116 2,432 11 2,677 4,323 2,295 5,763 2,638 379 160 355 Dec. 20. 115 113 2,432 25 2,686 4,323 2,299 5,849 2,636 329 132 362 Dec. 27.. 111 111 2,432 20 2,674 4,323 2,304 5,824 2,675 315 124 362 1934—Jan. 3_._. 106 121 2,432 29 2,688 4,323 2,303 5,791 2,710 311 145 358 Jan. 10.. 104 113 2,432 7 2,655 4,323 2,302 5,684 2,777 353 172 295 Jan.17.. 101 112 2,432 1 2,646 4,322 2,302 5,643 2,788 407 143 288 Jan. 24.. 97 104 2,432 -2 2,631 4,322 2,301 5,581 2,851 398 137 287 Jan. 31- 83 111 ' 2,434 2 2,630 *'4,033 2,302 2,652 596 141 287 Feb. 7... 73 97 2,432 4 2,606 2 7,038 2,301 5,317 2,736 2 3, 449 142 299 Feb. 14.. 68 86 2,432 7 2,593 7,089 2,301 5,321 2,851 3,391 130 290 Feb. 21.. 06 75 2,432 18 2,592 7,203 2,301 5,344 2,830 3,499 132 291 Fob. 28.. 64 62 2, 432 8 2,567 7,438 2,302 5,355 3,093 3,440 127 292 * Revised. 1 Beginning Jan. 31,1934, "gold coin in circulation" (estimated for that date at $287,000,000) is excluded from monetary gold stock and money in circulation; see p. 150. * By proclamation of the President dated at 3:10 p.m. Jan. 31,1934, the weight of the gold dollar was reduced from 25*Ko grains to 15^ I grains, nine tenths fine. The resulting increase of $2,808,000,000 (as of Feb. 28,1934) in the value of the monetary gold stock was covered into the Treasury as a miscellaneous receipt and is reflected in an increase in the item "Treasury cash and deposits with Federal Reserve banks." NOTE.—For explanation of recent rearrangement of certain data in this table, see BULLETIN for February 1934, p. 93. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
149 MARCH 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] Feb. 28,1934 Jan. 31, 1934 Feb. 28, 1933 ASSETS Gold certificates on hand and due from United States Treasury - 3,895,811 3,513,884 601,382 Gold 2,276,135 Redemption fund—Federal Reserve notes . .. 35,138 43,356 74,233 Other cash _ _ 208, 727 234,848 242,508 Total reserves . 4,139, 676 3, 792,088 3,194,258 Redemption fund—Federal Reserve bank notes _ 12, 595 12,977 Bills discounted: For member banks 63,998 82,127 581, 605 For intermediate credit banks 205 35 For nonmember banks, etc _ _ _ 392 400 794 Total bills discounted _ _ 64,390 82, 732 582,434 Bills bought: Payable in dollars: Bought outright . _ 56,458 105,420 294,592 Under resale agreement 12, 429 Payable in foreign currencies-.. _ _. 5,887 5,977 28,997 Total bills bought 62,345 111,397 336,018 United States Government securities: Bought outright. _ 2,430,351 2,432,370 1, 836,377 Under resale agreement _ ... _ 1,600 1,600 30,000 Total United States Government securities 2,431,951 2,433,970 1,866,377 Other Reserve bank credit: Municipal warrants. _ __ _ 653 1,293 4,552 Due from foreign banks 3,485 3,392 3,515 Reserve bank float (uncollected items in excess of deferred availability items). 3,882 i 2,423 1,598 Total Reserve bank credit outstanding _. 2,566,706 2,630, 361 2,794,494 Federal Reserve notes of other Reserve banks . . ._ 13,293 ]5,780 10,889 Uncollected items not included in float 406,909 366,476 357,056 Bank premises _ _ _ _ . ,_ 52,382 52,339 53,962 Federal Deposit Insurance Corporation stock 69, 050 69,650 All other assets _ _ 47, 791 49,025 53,709 Total assets _ 7,309,002 6,988,696 6, 464,368 LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks 13,293 15, 780 10,889 Outside Federal Reserve banks 2,966,344 2,910,463 3, 406,430 Total notes in circulation 2,979,637 2,926,243 3,417,319 Federal Reserve bank notes in actual circulation _•_ _ 195,376 203,057 Deposits: Member bank—reserve account _____ 3,093,119 2, 651,945 2,140,924 Government 45,261 241,860 14,919 Foreign bank _ 3,433 3,952 40,125 Special deposits: Member bank _ _ _ 29,248 43,248 Nonmember bank 11,994 10,183 Other deposits 82, 326 83,847 40,213 Total deposits _ ___ 3,265,381 3,035,035 2,236,181 Deferred availability items _ _ _ _ 406,909 366,476 357,056 Capital paid in _ 145,310 145,359 150,309 Surplus _ _ 138,383 138,383 278,599 Subscription for Federal Deposit Insurance Corporation stock: Paid _ _ 69,650 69,650 Called for payment on Apr. 15 _ 69,650 69, 650 All other liabilities 38, 706 34,843 24,904 Total liabilities 7,309,002 6,988,696 6,464,368 Contingent liability on bills purchased for foreign correspondents 4,835 4,477 29,984 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents 3,224,644 3,180,943 3,678,832 Collateral held by agents as security for notes issued to bank: Gold certificates on hand and due from U.S. Treasury _ 2,765,318 2,516,317 2,225,068 Eligible paper _ _ _ _ 95,149 158, 736 855,908 United States Government securities 412,800 570,100 611,600 Total collateral _ 3,273,267 3,245,153 3,692, 576 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding) 219,744 225,500 Collateral pledged against outstanding notes: Discounted and purchased bills. ____ 1,144 1,495 United States Government securities 249, 774 253,774 Total collateral 250,918 255, 269 1 Deferred availability items in excess of uncollected items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
150 FEDERAL RESERVE BULLETIN MARCH 1934 ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED STOCK STATESi [In millions of dollars at par] [In thousands of dollars] Analysis of changes 1934 1933 Gold stock Month m at o o e n f n t d h I i n n s c t r o g e c o a k l s d e N im et p g o o r l t d fr N o l e e m t a s r e e e a - r- f O ac t t h o e r r s From or to— (pr F e e l b im ru in a a ry ry) January D Ja e n ce u m ar b y e - r mark * Im- Im- Imports Exports ports Exports ports Exports 1932—August 4,088 111.7 6.1 100.5 5.1 September 4,193 104.8 27.9 72.3 4.6 October 4,264 70.8 20.6 45.8 4.5 Belgium.. 141 10 895 November 4,340 75.6 21.7 48.6 5.3 England 212, 667 2,542 55,204 48,826 December -.. 4,513 173.5 100.9 71.0 1.6 France 111,272 461 30,079 246,113 1 1,071 3,603 Total (12mos.)._ 52.9 -446.2 457.5 41.6 Netherlands _ _ 53,033 1,678 19,347 11,445 11, 631 1933—January 4,553 40.0 128.5 -91.5 3.0 Canada - - 11, 581 323 10 20,141 247 February - 4,380 -173.4 17.8 -178.3 -12.9 Central America 850 6 March 4,282 -97.2 -22.1 -100.1 25.0 4,865 259 14 4,859 579 April 4,312 29.5 -10.0 33.7 5.7 14 15 May. - 4,315 3.6 -21.1 22.1 2.6 Colombia .- 1,660 97 1 4,318 2.2 -3.2 3.5 1.9 Ecuador 1,007 24 July 4,320 2.7 -83.9 84.5 2.1 Peru 32 1,537 August 4,328 7.5 -80.4 79.5 8.4 Uruguay - . 864 September 4,324 -3.8 -56.7 49.3 3.6 Venezuela 506 150 October... 4,323 -0.7 -32.4 26.9 4.8 Australia _- - 3,176 November 4,323 -1.1 0.6 0.4 British India 25,629 December 4,323 -0.5 -9.1 11.8 -3.1 China and Hong Kong 671 12,821 Total (12mos.)._ -190.4 -173.7 -58.0 41.4 Dutch East Indies- 801 1934—January 2 4,033 2-289. 3 -2.8 12.2 2-298.7 Japan 782 6 5 , , 7 7 0 4 2 2 February P 3 7,438 3,405.0 400.7 68.7 2,935. 6 APhlli loipthpeirn ec oIusnlatrnidess 2- 44 551 3,333 3 42,255 v Preliminary figures. Total 400, 743 1, 947 4,715 192,917 366,652 1 Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance when necessary for changes in gold earmarked abroad for account of Federal Reserve banks). i With some exceptions figures represent customs valuations at rate of 2 Change during January reflects primarily omission from gold stock $20.67 a fine ounce through January 1934 and $35 a fine ounce thereafter* for end of January of "gold coin in circulation"; see note 0) at bottom 2 Includes all movements of unreported origin or destination. of this page. 3 $24,044,000 exported to Italy. 3 C hange in monetary gold stock during February reflects reduction in content of gold dollar as well as net imports, releases from earmark, domestic production, etc. For more detailed analysis see p. 141. Back figures.—See Annual Reports for 1932 (table 47), 1931 (table 30). KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total 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 l a 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 1 r t y a 8 e 9 s 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 F R n e e d o se e te r r s v al eR F n b e e o a d s t e n e e r k r s v a e l t n b i N o o a n t n a e a - k s l- 1933—January 5,645 479 591 28 350 1 250 111 287 2,707 3 February.^ 6,545 571 649 28 362 1 252 111 301 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 2,953 133 911 September. 5,650 312 232 28 385 1 265 115 280 2,966 156 909 October 5,635 312 225 29 387 1 267 116 277 2,930 189 903 November.. 5,742 311 219 29 394 1 269 117 285 2,998 206 913 December— 5,806 311 213 29 407 1 272 117 3,044 208 918 1934—January i 5, 289 (0 178 29 391 1 267 116 283 2,894 202 927 February *>_ i 5, 355 0) 168 29 399 1 270 117 289 2,949 194 v Preliminary figures. i Omission of figures for gold coin reflects change in reporting practice of Treasury and Federal Reserve banks (effective Jan. 31,1934, when figure would have been $287,000,000). Change based chiefly on following grounds: (1) Amount of gold coin previously reported as "in circulation" is known to have been overstated during recent years by whatever amount of such coin as in course of time has been lost, destroyed, or exported without record; (2) results of official efforts during the war to concentrate gold and more recently, since Mar. 6,1933,to secure its return from private hoards, have indicated that the overstatement has been large; (3) Treasury order of Dec. 28,1933, requiring surrender of all gold coin (with minor exceptions) in effect prohibits anyone from using gold coin for circulation; (4) under Gold Reserve Act of 1934, effective January 30, no gold coin may henceforth be put into circulation. NOTE.—For figures of paper currency of each denomination in circulation see p. 194. Back figures—See 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
151 MARCH 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 n l— k b s e a r ll Ne C w i t Y yi ork 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' T m o b t e a a m n l— k b s e a r ll Ne C w i t Y y* ork 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—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 2,062 783 819 459 234.4 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 12 443 345.5 193.4 119.6 32.4 October 2,307 1,001 863 444 435.9 241.6 160.5 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—January 2,516 1,109 965 442 286.2 254.2 43.4 February 2,291 860 441 417.3 74.5 291.0 51.8 March 2 April 3 2,040 867 742 431 379.1 150.2 129.4 99.5 May3 2,069 878 773 418 319.1 106.0 132.0 81.2 June 3 2,160 861 858 441 363.1 68.9 198.0 96.2 July 3 2,221 796 936 489 435.7 43.2 252.9 139.6 August3 2,331 837 993 501 565.5 101.8 312.3 151.3 September 3_ 2,451 896 1,056 499 674.5 155.2 371.5 147.8 October 3 2,557 1,135 529 758.4 149.0 437.9 171.5 November 3_ 2,599 1,181 553 794.1 129.8 474.7 189.6 December 3__ 2,588 828 1,193 567 765.7 96.0 472.6 197.1 1934—January s 2,740 1,221 622 866.1 146.8 476.6 242.7 1 Central reserve city banks only. 2 March data not available. 3 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 w rk i 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 - 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 t w r y k 1 r O e c s i t t e h i r e e v s r e " b t C a r n o y k u " s n- 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 w rk i 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—March 25,431 5,760 10, 291 9,380 14, 575 4,959 5,622 3,993 10,856 800 4,668 5,387 April 25, 386 5,950 10,109 9,327 14, 589 5,138 5,492 3,959 10, 797 811 4,618 5,368 May 25, 466 6,159 10, 081 9,226 14, 679 5,342 5,425 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 4,526 5,211 August 24, 744 6,084 9,833 8,827 14,141 5,217 5,283 3,641 10,603 867 4,550 5,186 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 4,517 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 2 April3 21, 710 6,120 8,520 7,071 13, 078 5,331 4,756 2,990 8,633 788 3,764 4,081 May3 22, 509 6,517 8,842 7,150 13,815 5,766 4,991 3,058 8,694 751 3,851 4,092 June3 22,974 6,669 9,031 7,273 14, 241 5,923 5,162 3,156 8,732 746 3,869 4,117 July3 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 3_ 23,140 6,318 9,345 7,477 14,027 5,516 5,333 3,178 9,113 802 4,012 4,299 October3 23, 369 6,341 9,453 7,575 14, 243 5,535 5,459 3,249 9,126 805 3,994 4,326 November3. 23,486 6,289 9,531 7,666 14,347 5,475 5,543 3,330 9,139 814 3,988 4,336 December3.. 23,646 6,215 9,659 7,772 14,567 5,452 5,691 3,424 9,078 763 3,968 4,348 1934—January 3 24,238 6,348 9,937 7,952 15, 021 5,599 5,894 3,528 9,216 749 4,043 4,425 1 Central reserve city banks only. * March data not available. a 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
152 FEDERAL RESERVE BULLETIN MARCH 1934 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Total Total Purchased paper loans Call date i m n lo a v e n a e n n d s t s t s - L ba o t n o a k n s s Total s b c t a o u S o b n r n e c y e - d d k d ' s sb e c y s u t r r a e e t d a e l s O e c u w a c u n t n u h i r s s e d r e e e e d r - - d Total A U b p a c l n n a e c y c i e t e a i e p n s - d t- p a c A n a b e y c l p c e e - a t- s - p C m c a o i p e a m r e l - r - L Y N k b o o t i r e e o a n o r r w n k - s s * Total m r G s U e i e t r o . e c i n S e v n u . - s - t - O r s i e t t c h ie u e s - r s b c t a u o o s b n e r n c y e - d d k d s s States abroad TOTAL—ALL MEMBER BANKS 1930—Mar. 27— 35,056 527 21, 494 7,730 3,170 10,595 3,097 175 79 499 2,344 9,937 4,085 5,852 10,334 June 30— 35, 656 535 21, 565 8,061 3,155 10,349 3,113 170 71 507 2,365 10,442 4,061 6,380 10,656 Sept. 24— 35,472 466 21, 010 7,864 3,163 9,982 3,262 205 62 523 2,472 10,734 4,095 10,511 Dec. 31— 34,860 631 21,007 7,942 3,234 9,831 2,233 315 55 366 1,498 10,989 4,125 6,864 9,754 1931—Mar. 25— 34,729 446 19,940 7,423 3,220 9,298 2,454 361 101 361 1,630 11,889 5,002 9,272 June 30__. 33,923 457 19,257 7,117 3,218 8,922 2,103 389 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29— 33,073 599 18, 713 6,842 3,149 8,722 1,563 268 70 296 928 12,199 5,564 6,635 8,081 Dec. 31— 30,575 790 17,570 6,290 3,038 8,242 901 146 41 140 575 11,314 5,319 5,996 7,320 1932—June 30— 28,001 573 15,267 5,292 2,894 7,081 747 313 34 122 278 11,414 5,628 5,786 5,916 Sept. 30— 28,045 457 14,497 5,086 2,885 6,527 970 407 34 115 414 12,121 6,366 5,755 5,770 Dec. 31... 27,469 444 13,905 4,848 2,862 6,195 855 375 30 93 357 12,265 6,540 5,726 5,447 1933—June 30 K. 24,786 330 11,337 3,916 2,372 5,049 1,191 291 25 87 788 11,928 6,887 5,041 4,884 Oct. 25 2.. 24, 953 297 11,523 3,809 2,364 5,350 1,238 303 24 164 748 11,894 6,801 5,093 4,713 Dec. 30 2.. 25, 220 287 11,315 3,772 2,359 5,184 1,231 223 37 132 840 12, 386 7,254 5,132 4,769 NEW YORK CITY 3 1930—Mar. 27... 8,238 199 4,338 1,936 150 2,252 1,655 89 1,477 2,046 1,150 897 3,504 June 30. - 8,798 196 4,308 2,022 157 2,129 2,091 144 1,883 2,203 1,147 1,056 3,983 Sept. 24— 8,557 169 4,278 2,031 157 2,090 1,912 148 1,714 2,198 1,091 1,107 3,798 Dec. 31... 8,582 283 4,338 2,137 147 2,054 1,525 188 1,281 2,435 1,239 1,197 3,550 1931—Mar. 25— 8,473 154 4,007 1,960 150 1,896 1,651 199 1,367 2,662 1,466 1,196 3,397 June 30... 8,287 150 1,897 160 1,782 1,497 296 1,063 2,801 1,656 1,145 3,026 Sept. 29— 8,253 250 3,850 1,816 152 1,881 1,121 201 839 3,032 1,830 1,202 2,780 Dec. 31— 7,460 374 3,694 1,728 153 1,813 695 107 542 2,697 1,768 928 2,474 1932—June 30— 6,715 260 2,856 1,343 160 1,353 565 262 258 3,033 2,008 1,025 1,757 Sept. 30— 7,112 203 2,638 1,300 154 1,184 763 341 391 3,508 2,429 1,079 1,811 Dec. 31... 7,327 216 2,621 1,247 160 1,214 701 330 337 3,789 2,603 1,186 1,699 1933—June 30 K. 7,133 162 2,297 1,082 157 1,057 964 224 720 3,709 2,551 1,158 1,888 Oct. 252__ 6,971 143 2,436 1,032 149 1,254 891 233 624 3,501 2,320 1,181 1,728 Dec. 30 2.. 6,995 146 2,395 1,034 148 1,213 912 170 706 3,542 2,362 1,179 1,824 OTHER RESERVE CITIES 1930—Mar. 27— 13,575 263 8,951 3,604 1,544 3,802 945 59 242 3,416 1,662 1,754 4,368 June 30— 13, 701 277 9,029 3,811 1,524 3,693 710 18 301 353 3,685 1,686 1,999 4,306 Sept. 24_ _ 13,971 235 8,726 3,632 1,526 3,567 1,064 54 337 643 3,947 1,785 2,161 4,387 Dec. 31.- 13, 758 286 8,906 3,656 1,631 3,620 531 122 212 167 4,035 1,727 2,308 3,991 1931—Mar. 25_ _ 13,965 235 8,409 3,366 1,619 3,423 645 158 212 227 4,676 2,313 2,364 3,729 June 3O._. 13,567 247 8,100 3,188 1,621 3,291 470 91 189 124 4,750 2,408 2,342 3,459 Sept. 29. _ 13,016 284 7,845 3,092 1,585 3,168 326 67 167 56 4,561 2,301 2,260 3,317 Dec. 31— 12,115 347 7,407 2,806 1,538 3,063 135 35 62 16 4,226 2,133 2,093 3,050 1932—June 30— 11,045 254 6,519 2,403 1,407 2,709 118 38 62 7 4,154 2,187 1,966 2,585 Sept. 3O._ 10,979 205 6,196 2,304 1,406 2,486 151 58 65 14 4,427 2,466 1,961 2,456 Dec. 31— 10,535 178 5,879 2,169 2,312 115 44 46 12 4,362 2,462 1,900 2,298 1933—June 30 *_ 9,780 129 4,846 1,702 1,160 1,984 184 51 58 4,621 2,867 1,754 1,846 Oct. 25 2.. 9,951 120 4,912 1,660 1,144 2,108 274 91 100 4,645 2,889 1,757 1,836 Dec. 30 2.. 10,157 103 4,797 1,630 1,151 2,016 258 50 78 112 5,000 3,209 1,790 1,809 "COUNTRY" BANKS 1930—Mar. 27— 13,243 8,206 2,190 1,475 4,541 496 207 258 4,475 1,273 3,202 2,462 June 30— 13,157 8,229 2,227 1,475 4,527 312 171 129 4,555 1,229 2,367 Sept. 24 __ 12,944 8,007 2,200 1,480 4,326 286 164 115 4,589 1,219 3,370 2,326 Dec. 31— 12, 519 7,762 2,149 1,455 4,158 177 120 49 4,519 1,159 3,359 2,213 1931—Mar. 25— 12,290 7,524 2,097 1,449 3,978 158 114 36 4,550 1,224 3,326 2,147 June 30.— 12,068 7,318 2,031 1,437 3,849 135 101 30 4,555 1,279 3,276 2.078 Sept. 29_ . 11,805 7,018 1,935 1,411 3,673 116 81 32 4,606 1,433 3,172 1,985 Dec. 31— 10,999 6,469 1,756 1,346 3,367 71 48 16 4,392 1,418 2,974 1,796 1932—June 30... 10,240 5,892 1,546 1,328 3,018 64 36 13 4,226 1,432 2,794 1,574 Sept. 30— 9,954 5,663 1,481 1,324 2,857 55 36 9 4,187 1,471 2,715 1,503 Dec. 31—. 9,607 5,405 1,432 1,304 39 28 8 4,114 1,474 2,640 1,450 1933— D O Ju e c n c t . . e 2 3 3 5 0 0 2 2 2 _ . _ . . . 8 8 7 , , , 0 0 8 3 6 7 1 8 3 4 4 4 , , , 1 1 1 9 2 7 4 3 5 1 1 1 , , , 1 1 1 3 0 1 2 8 8 1 1 1 , , , 0 0 0 7 6 5 0 1 5 2 1 1 , , , 0 9 9 0 5 8 7 5 7 4 6 7 3 2 3 3 2 4 4 7 6 2 2 1 2 3 0 3 3 qo , , , C 8 7 OQ 4 4 »Q 5 8 o 1 1i 1 , , , 6 5 4Ao 8 9 fty 3 2 Q 2 2 2 , , , 1 1 1 6 2 5 2 9 6 1 1 1 , , . 1 1 1 3 5 4 6 0 8 1 Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. 2 Licensed banks (banks operating on an unrestricted basis). 3 Central reserve city banks only. Back figures.—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (Table 53), but comparable figures of total loans secured by stocks and bonds are given for June 30,1925-28, in the board's Annual Report for 1928 (Table 52); for separate figures of United States Government securities and other securities back to 1914, see Annual Report for 1932 (Table 73). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDERAL RESERVE BULLETIN 153 ALL BANKS IN THE UNITED STATES [Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Date Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 1928—Oct. 3 57, 219 39,671 17,549 34,929 24,325 10,604 i 9,242 i 5,518 i 3,723 13,049 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 35, 393 24,945 10,448 i 9,390 i 5,694 i 3,696 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 . 58,835 42,201 16,634 35, 914 26,165 9,749 » 9, 556 »5,892 i 3, 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 * 9,463 i 5,945 i 3,518 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 ' 9,747 16,009 i 3,739 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. 25 55, 924 36,813 19, 111 34,729 22,840 11,889 i 9,987 1 6,068 i 3,920 11,208 7,906 3,302 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 » 10,506 i 6,169 i 4,337 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 i10,316 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 2,515 1933—June 30 40,089 22,215 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 Oct. 25— * 24,953 2 13,059 2 11,894 Dec. 30 2 25,220 2 12,833 2 12, 386 1 Figures of preceding call carried forward. 2 Licensed banks only. DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS DEPOSITS [In millions of dollars] Nonmember Member banks 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- al State s t in u a g v a s l - m n b o e e m n r - banks ber banks banks banks 1928—Oct. 3_. 53,720 32,138 i 8,653 12,929 1928—Oct. 3 25,828 8,896 7,670 1,226 J615 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 i 8,849 12,481 1929—Mar. 27 25,341 8,755 7,569 1,186 1612 15,974 June 29 53,852 32,284 8,983 12,584 June 29 25,110 8,707 7,530 1,177 611 15, 792 Oct. 4 55,180 33,001 i 8,983 13,193 Oct. 4 24,951 8,616 7,468 1,148 1611 15,724 Dec. 31 55,289 33, 865 8,916 12,507 Dec. 31- 24,630 8,522 7,403 1,119 609 15,499 1930—Mar. 27.. 53,185 32,082 i 8,916 12,187 1930—Mar. 27 24, 223 8,406 7,311 1,095 1609 15, 208 June 30.. 54,954 33,690 9,197 12,067 June 30 23,852 8,315 7,247 1,068 606 14,931 Sept. 24.. 52,784 31,839 i 9,197 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 1,019 603 14,114 1931--Mar. 25.. 51,427 31,153 i 9,507 10, 767 1931—Mar. 25. 22,372 7,928 6,930 998 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 i 10,017 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 i 10,020 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 6,011 805 594 10,980 1933—June 30- 38,011 2 23, 338 9,713 2 4,961 1933—June 30 14, 530 2 5, 606 2 4,897 2 709 576 2 8,348 Oct. 25. _ 2 23,453 Oct. 25 2 5,818 2 5,052 2 766 Dec. 30— 2 23, 774 Dec. 30 - 2 6,011 2 5,154 2 857 1 Figures of preceding -call carried forward. 1 Figures of preceding call carried forward. 2 Licensed banks only 2 Licensed banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
154 FEDERAL RESERVE BULLETIN MARCH 1934 REPORTING MEMBER BANKS IN 91 LEADING CITIES [In millions of dollars] 90 other leading Total—91i leading cities New York City cities Loans and investments Loans and investments Total Date Bor Bor- loans 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 lurities 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 - 1933—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 2,225 9,868 25 Dec. 6.. 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 1934—Jan. 3... 16, 595 3,620 4,765 8,210 5,205 6,707 1,744 1,670 3,293 2,187 9,888 25 Jan.10- 16,388 3,497 4,712 8,179 5,210 6,536 1,624 1,644 3,268 2,170 9,852 21 Jan. 17.. 16,447 3,486 4,732 8,229 5,223 6,579 1,620 1,659 3,300 2,185 9,868 21 Jan. 24.. 16, 396 3.498 4,713 8,185 5, 245 6,569 1,646 1,666 3,257 2,201 9,827 20 Jan. 31- 17,121 3,609 4,740 8,772 5,786 6,986 1,748 1,718 3,520 2,421 10,135 13 Feb. 7.. 17,082 3,587 4,713 8,782 5,847 6,964 1,729 1,691 3,544 2,485 10,118 12 Feb. 14. 17, 092 3,531 4,755 8,806 5,867 6,922 1,677 1,734 3,511 2,448" 10,170 10 Feb. 21. 17,494 3,630 4,718 9,146 6,199 7,096 1,769 1,707 3,620 2,553 10,398 11 Feb. 28- 17, 400 3,520 4,665 9,215 6,249 7,006 1,669 1,662 3,675 2,585 10,394 12 1 Increased from 90 to 91 on Jan. 10, 1934, in order to compensate for the withdrawal from membership of a reporting member bank located in another city. Back figures.—See BULLETIN for August 1933, pp. 519-523. BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N.Y. CITY [In millions of dollars. Monthly data are averages of weekly figures] [Net borrowings on demand and on time. In millions of dollars] For ac- End of month Total an F Y d r o o p r t m r k a u n N s b ie t a e s n c w o k m s - f b o F a a r r g n e o e i k m g n s n c , i b e b p s r a r , o i n v k e k a e t i r t c n e s / g , Month or date Total o c w F o n o u r n ac t - c b o o t a u o u n t w n - k o t n f s o - l f c F o o o u th r n e t a r o c s - f 1933 1934 1933 1934 1933 1934 1933— M F a e r b c r h uary.. 3 4 9 3 8 3 4 3 1 7 6 3 1 1 0 8 April 399 374 21 January 359 903 270 839 90 64 J M u a n y e. 5 7 7 5 8 5 5 7 5 1 5 2 3 1 6 7 February 360 938 298 862 62 76 July 919 806 105 March 311 247 64 August 877 747 122 April 322 268 54 S O e c p t t o e b m e b r e .. r . . 8 7 4 7 7 9 7 6 4 6 1 3 1 9 1 8 1 May... _ . 529 461 68 November. 723 611 106 June 780 694 86 December. 759 631 122 J A S u e u l p y g t u e s m t ber... . _ 9 9 8 1 1 9 6 7 7 8 8 8 2 0 4 2 6 1 9 7 9 4 6 1 1934— Fe Ja b n r u u a a r r y y . . . . . 802 6 7 5 3 7 1 1 1 3 4 7 9 N O D o e c c t v o e e b m m e b r b e e r . r _ _ 7 7 8 8 4 7 9 5 6 7 7 7 1 7 0 2 6 6 7 7 6 7 9 0 F F F F e e e e b b b b . . . . 2 2 7 1 8 1 4 . . . .. . . . 8 8 9 8 5 9 5 5 3 6 0 8 6 7 7 6 9 9 4 9 6 0 1 8 1 1 1 1 4 4 5 5 6 9 2 0 1 9 8 8 0 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
155 MARCH 1934 FEDERAL RESERVE BULLETIN ACCEPTANCES AND COMMERCIAL PAPER BANKERS' iACCEPTANCES OUTSTANDING (DOLLAR CLASSES OF BANKERS' ACCEPTANCES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars Based Based Held by Fed- on goods on eral Reserve Held by accepting stored in goods banks banks Based United stored Based States in im on ex (ware- Dollar foreign End of month s T o t o a u n t t a - d l - For co F a u c o - n r t o H t b h e y e ld rs End of month Total U in t S o p f U r o o . r S m t . s c h re o o d u r i s t e s) ch e a x n - ge s t h r c i i o e p u s p n e o - d r ing own of for- Own Bills shipped beac- eign 1 otal bills bought d b o e m tw e e s e ti n c f t o w re e i e g n n count s c p o o rr n e d - - points points ents OUTSTANDING 1931— D N O e o c c v to e e b m m er b b e e r r . . . . . 1 1 , , 0 0 9 4 0 7 0 2 4 3 4 6 0 1 4 5 8 7 2 1 9 5 2 9 1 6 2 2 2 6 9 3 2 6 0 1 1 1 3 2 1 1 5 2 1 1 1 3 7 1 1 1 8 1 15 6 6 6 3 1 1933— M F J e a a b r n r c u u h a a r ry y... 6 7 7 7 0 0 1 4 7 7 7 7 3 1 1 1 1 1 7 7 6 5 4 6 2 2 18 1 2 4 9 2 1 8 9 1 2 2 2 3 3 3 7 0 1 1932— A M F M J e p a a a b n r r y i u c r l . a h u _ . r a y ry... . 9 8 7 9 9 7 1 8 1 6 9 1 7 9 1 1 3 7 1 1 4 6 6 6 9 3 2 3 3 1 9 3 1 8 1 2 5 2 3 4 3 4 5 3 3 1 7 5 3 4 0 7 5 2 3 2 1 1 1 1 2 8 5 5 7 5 8 5 9 5 2 2 2 1 1 8 6 2 6 7 6 8 2 8 4 1 1 1 1 9 8 1 6 9 0 9 5 3 5 J J A A M u u u p n a l g r y y e i u . l st 6 7 6 6 6 9 3 8 9 6 4 8 7 6 9 9 8 8 7 7 5 0 6 7 7 1 1 1 1 1 6 6 7 6 7 0 8 4 8 6 2 2 2 1 1 2 5 1 8 9 9 5 7 5 9 1 1 9 9 4 0 0 2 2 2 2 2 0 1 1 3 2 6 9 3 4 5 J Ju u l n y e . ... 7 7 4 0 7 5 3 1 6 2 9 5 8 9 5 5 1 6 8 3 2 1 0 9 0 7 3 3 1 6 8 6 9 7 6 0 S O e c p to te b m er ber- 7 7 3 1 7 5 1 9 0 9 3 1 1 7 8 1 5 2 2 5 3 3 7 4 5 1 1 9 9 5 9 August... 681 3 49 574 198 376 55 November 758 98 200 278 4 180 September.. 683 2 43 573 159 414 64 December 764 94 207 277 4 182 October 699 3 39 605 199 406 52 November. _ 720 4 32 655 268 386 28 1934—January 771 89 225 277 5 175 December. __ 710 4 40 604 224 380 62 HELD BY F. R. BANKS 1933—January 707 2 41 626 256 370 38 (OWN ACCOUNT) l February... 704 307 30 325 201 124 42 March 671 280 45 261 153 108 85 1933—January . 2 (2) (2) 1 1 April 697 164 43 404 206 199 86 February 307 31 58 105 5 107 May. 669 13 36 505 229 276 115 March 280 33 56 87 4 97 June 687 41 36 487 201 287 123 April 164 20 35 38 2 66 July 738 2 37 552 248 304 147 May 13 2 3 2 (2) 6 August 694 1 40 499 252 247 154 June 41 7 6 11 (2) 16 September.. 715 1 41 517 236 282 156 July 2 (2) 1 (2) 1 October 737 1 31 592 271 321 112 August . 1 to (*) (2) November., 758 ! 18 3 599 273 326 138 September 1 to to 1 December.. _ 764 j 127 4 442 223 219 190 October 1 (2) (2) (2) November- 18 7 2 4 (2) 4 1934—January 771 105 4 567 255 312 95 December 127 23 22 39 1 39 1934—January 105 18 21 30 2 31 Figures for acceptances outstanding (and held by accepting banks) from American Acceptance Council. 1 Total holdings of Federal Reserve banks include a small amount of Back figures—Sea Annual Reports for 1932 (table 91), 1931 (table 70), unclassified acceptances. 1930 (table 64), 1929 (table 58), and 1928 (table 61). a Less than $500,000. Back figures.—See Annual Reports for 1932 (tables 88 and 23), 1931 ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- (table 15), 1930 (tables 61 and 14). HOLDINGS OF FEDERAL RESERVE BANKS COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] [In millions of dollars] End of month 1931 1932 1933 1934 End of month 1931 1932 1933 1934 January... 36,119 33,444 29,036 5,977 January ... 327 108 85 108 February.. 23, 958 33, 478 28,997 5,887 February. 315 103 84 March 1,063 30,778 24, 788 March 311 106 72 April. 1,074 30, 736 7,181 April 307 108 64 May 1,073 30,837 May 305 111 60 June 10, 551 30,762 7, June 292 103 73 July 34, 371 30, 645 6,821 July 289 100 97 August 145, 215 30, 834 6,199 August— 271 108 107 N S O e o c p v t t o e e b m m e b b r e . e . r r . . . 3 3 4 3 3 8 , , , 8 5 3 0 8 0 4 6 1 3 3 3 0 0 0 , , , 8 6 6 4 5 5 9 9 2 5 5 6 , , , 8 6 0 4 8 6 1 6 8 S N O e o c p v t t o e e b m m e b b r e e .. r r . . . 2 2 1 1 4 7 0 8 4 1 1 1 1 1 1 0 3 0 1 1 1 3 2 3 0 3 3 December. 33, 429 29, 489 6,033 December. 118 81 109 Back figures.—-See Annual Report 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
156 FEDERAL RESERVE BULLETIN MARCH 1934 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES SHORT-TERM 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 Av o e n ra — ge 1 yield Rate in Federal Reserve bank e M ffe a c r t . o 1 n Da l t i e s h e e s d tab- Call loans3 U.S. Boston j Feb. 8,1934 Month or week m P c r e o i r m m ci - e a l i j a P b c e a r c r i n e m s k p ' e - t- l T o i a m ns e , T U re .S a . s- T n a u r o e n r t y a d e s s - N P C h l e e i w l v a e d Y la e o n l r p d k hia __ 1 N F F e o e b v b . . . 1 3 2 6 , , , 1 1 1 9 9 9 3 3 3 4 3 4 m p 4 a o t p n o e t r 6 h , s a d n a 9 c y 0 e s s, da 9 y 0 s 2 New ne R w e- almon 3 ths c c 3 e a r t t t o e if s i 6 , - Richmond Feb. 9,1934 I months Atlanta Feb. 10,1934 Chicago _- Oct. 21,1933 1933 St. Louis Feb. 8,1934 January 1.00 1.00 0.21 0.07 Minneapolis- __ V/2\ Sept. 12,1930 February X-\ 1.00 1.00 .32 .01 Kansas City._- 3 Feb. 9,1934 March 3.27 3.32 2.20 5 1.34 D Sa a n l la F s rancisco. 3 2 F F e e b b . . 1 8 6 , , 1 1 9 9 3 3 4 4 A M p a r y il - -2 3 X M i i - - I v X /2 1 1 . . 2 0 9 0 1 1 . . 3 0 7 0 . . 7 4 8 3 . .2 4 9 5 June 1.00 1.00 .26 5.07 Back figures—See Annual Reports for 1932 (table 53), 1931 (table 36). July X-U4 1.00 1.00 .35 .19 August l -i: .98 .98 .26 .01 The following special rates were also in effect at the September .75 .75 .11 5.04 Federal Reserve banks on March 1, 1934: October IX .75 .75 .13 .09 November VA .75 .75 .38 .22 Percent Advances to member banks under sec. 10 (b) of the Federal Re- December x-ix .94 .94 .69 5.29 serve Act, as amended by sec. 402 of the act of Mar. 9,1933: At the Boston, New York, Philadelphia, Cleveland, Chicago, 1934 A A t t a n t t h d h e e S A a R t n l i a c F n h r t m a a n , o c S n is t d . c , o L M o F u e i i n d s n , e e r a a a n l p d o R D l e is a s , e l l r a a v s n e d F B e K a d n e a k r n a s s l a R s e C se i r t v y e B Fe a d n e k r s a . l 4 4 l/2 J F a e n b u r a u r a y ry y2\ i -i 1 1 . . 0 0 0 0 1 1 . . 0 0 0 0 . . 6 6 3 6 . . 0 2 8 5 Reserve Banks 5 Advances to nonmember banks and trust companies under sec. 404 Week ending— of A th t e t h a e c t B o o f s M ton a , r . N 9 e ,1 w 9 3 Y 3, o a r s k , a m Ph e i n l d ad ed e lp by h i t a h , e C a l c e t v o e f l a M nd a , r . C 24 h , i 1 c 9 a 3 g 3 o : , Feb. 3 iM-1^2 lA l -114 1.00 1.00 .66 .25 and San Francisco Federal Reserve Banks 4 Feb.10 114-11^ A 1.00 1.00 .66 .07 A A t t F t e t h h d e e e r A R al t i l c R a h n e m t s a e o r n a v n d e d , B S D a t. a n l k L la s o s u F is e , d M er i a n l n R ea e p se o r l v is e , B an a d n k K s ansas City 4 5 M F Fe e b b . . 2 1 4 7 I ! i i H X- - V iy i 2 l H A\ %-i j 1 1 . . 0 0 0 0 1 1 . . 0 0 0 0 .57 . . 0 0 6 5 Discounts for individuals, partnerships, and corporations under the third paragraph of sec. 13 of the Federal Reserve Act, as 1 Yield on Treasury bonds previously shown in this table are given in amended by sec. 210 of the act of July 21,1932 6 table on bond yields on p. 159. Advances to individuals, partnerships, and corporations secured 2 Stock exchange 90-day time loans. by direct obligations of the United States under the last para- 3 Stock exchange call loans; new and renewal rates. graph of sec. 13 of the Federal Reserve Act, as amended by sec. 4 Average rate of discount on issues sold by U.S. Treasury within 403 of the act of Mar. 9,1933: period. At the New York Federal Reserve Bank 3H 5 Change of issue on which yield is computed. At the Boston, Philadelphia, Cleveland, Richmond, Chicago, Kansas City, and San Francisco Federal Reserve Banks. _. 4 Back figures.—See Annual Reports for 1932 (tables 56 and 57), 1931 At the Atlanta, St. Louis, Minneapolis, and Dallas Federal (tables 39 and 40), 1930 (tables 36 and 37), 1929 (tables 35 and 36), etc. Reserve Banks _ _ 4% RATES CHARGED CUSTOMERS BY BANKS IN BUYING RATES ON ACCEPTANCES PRINCIPAL CITIES [Buying rates at the Federal Reserve Bank of New York] [Weighted averages of prevailing rates] New York City 8 other northern 27 southern and Rate in and eastern cities western cities Maturity e M ffe a c r t . o 1 n Da l t i e s h e e s d tab- Pre ra v t i e ous Month 1932 1933 1934 1932 1933 1934 1932 1933 1934 1-15 days.-. Oct. 20,1933 January 4.71 4.12 3.58 5.07 4.89 4.65 5.61 5.60 5.40 16-30 days.. __do February 4.71 4.11 3.43 5.13 4.84 4.49 5.61 5.56 5.39 March _ 4.72 4.88 5.14 5.39 5.64 5.66 31-45 days-. Vi do .. ApriL 4.69 4.33 5.10 5.09 5.63 5.68 46-60 days._ H\ do .. May 4.55 4.24 5.14 4.99 5.64 5.66 61-90 days.. }/2\ do J Ju u l n y e 4 4 . .4 6 2 1 4 3 . . 1 9 0 3 5 5 .0 1 5 3 4 4 .8 9 2 7 5 5 . . 6 6 2 3 5 5 . . 6 5 2 4 91-120 days . % do August. 4.45 3.97 5. 12 4.68 5.68 5.53 121-180 days 1 do September- 4.30 3.79 5.03 4.65 5.63 5.55 October 4.35 3.76 4.96 4.51 5.56 5.50 November—. 4.12 3.52 4.88 4.54 5.55 5.42 NOTE.—Rates on prime bankers' acceptances. Higher rates may be December 4.22 3.48 4.88 4.59 5. GO 5.43 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
MARCH 1934 FEDERAL RESERVE BULLETIN 157 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [In millions of dollars] Total Interest bearing Nonin- Interest-bearing debt End of month ( d g e r b o t s ) s Total Bonds Notes Bills t b e i e r n a e g r s - t '; Total Bondsi Notes C ic e a r t t e if s - Bills 1932 July 19,612 19, 297 14, 257 1,487 2,907 647 314 Outstanding Feb. 28, 1934— August 20,067 19, 758 14,257 2,197 2,656 648 309 Total 25, 707 15, 579 6,472 2,278 1,378 September— 20,611 20,296 14, 257 3,031 2,385 623 315 Obligations maturing— October 20,813 20,485 14, 257 3,539 2,044 645 328 Before June 1, 1934_.. 2,888 1,006 244 460 1,178 November 20,807 20,476 14, 257 3,539 2,038 643 331 June 1-Aug. 31, 1934 720 345 175 200 December 20,805 20,448 14, 223 3,299 2,284 642 357 Sept. 1, 1934-Feb. 28, 1933 1935 1,517 1,517 Mar. 1-Dec. 31, 1935 1,717 1,717 January 20,802 20,454 14, 230 3,298 2,285 641 348 1936 1. 22ft 49" 1,281 February 20,935 20, 584 14,230 3,576 2,138 641 350 1937 _.. 1. 749 1,749 March 21, 362 20,992 14, 230 3,575 2,369 817 371 1938 5 283 4,388 895 April 21,441 21,087 14, 230 3, 575 2,363 918 354 1939-43, 1,732 1,732 May 21,853 21,469 14, 223 4,148 2,119 979 385 After 1943 7,726 7,726 June 22, 539 22,158 14, 223 4,780 2,200 954 381 Other obligations 2 1,045 678 241 126 July. 22, 610 22, 240 14,239 4,801 2,246 954 370 August 23,099 22, 723 15, 074 5,153 1,543 953 376 September 23,051 22, 672 15, 074 5,151 1,495 952 379 1 Issues classified as of date of final maturity; most issues are callable October 23,050 22, 669 15, 074 5,150 1,493 952 381 at earlier dates. Amount callable before Mar. 1, 1935, and not yet November 23,534 23,161 15, 569 5,148 1,492 952 373 called, $6,970,000,000, including certain pre-war issues that are held as December 23,814 23,450 15, 569 5,125 1, 753 1,003 collateral for circulating notes. 1934 2 Includes the 2 percent Consols of 1930, which are held as collateral for circulating notes, and such issues as Postal Savings bonds, retirement- January 25,068 24,717 15, 597 5,626 2,280 1,214 351 fund notes, and adjusted service certificate series, in which special funds February 26,052 25, 707 15, 579 6,472 2,278 1,378 345 are invested. SUMMARY OF TREASURY OPERATIONS [In millions of dollars. On basis of daily statement of United States Treasury] Receipts Expenditures Excess of Inc d r u ea ri s n e g o r m d o ec n r t e h ase receipts or ex- Month Internal revenue Customs pendi- General Total i Inc ta o x me Other l m an a is n e c d o e u l- s Total » General * Emer- tures ba fu la n n d ce G de ro b s t s Fiscal year ending: ! June 1932 2,121 1,057 503 416 4,862 3,973 i -2. 741 -55 +2,686 June 1933 _.. ' 2,238 746 858 412 4,845 3,404 j 1,277 -2,607 +445 +3,052 8 months ending: i February 1933 1,351 383 522 294 3,007 2,192 705 | -1,643 -196 +1,448 February 1934 j M,797 358 1,187 340 4,271 1,774 2,411 | +526 I s +4,040 +3,514 1932 ! j August Ill 15 55 29 373 236 | 116 I -262 +194 +455 September _ i 260 142 73 31 281 252 15 -21 +523 +544 October 148 14 78 37 457 358 83 -309 -107 +201 November j 125 15 67 31 283 235 37 -158 -165 -6 December j 352 141 73 93 386 297 I 76 -34 -35 i 1933 j January 134 16 70 26 357 226 ' 112 -223 -227 -4 February 121 24 64 20 360 200 147 -239 -106 +133 March. _ .....i 283 181 67 22 439 273 157 -156 +271 +428 April i 131 19 69- 22 461 338 109 -331 -252 +79 May | 167 16 94 45 45* 249 192 -289 +124 +412 June - 306 147 106 29 494 388 82 -188 +498 +685 July 179 13 113 37 278 e 196 6 75 -99 -28 +71 August. i 197 14 135 38 321 171 139 -123 +366 +489 September 333 136 146 39 339 248 81 -6 -54 -48 October.. j 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 1934 j January - ! 229 10 163 38 972 148 -743 +511 + 1,254 February ; 5 3,024 23 149 34 644 447 +2, 380 +3, 364 +984 1 Total includes trust and contributed fund receipts and before July 1933 special 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. s Includes increment, amounting to $2,808,000,000, resulting from reduction in the weight of the gold dollar. 6 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
158 FEDERAL RESERVE BULLETIN MARCH 1934 RECONSTRUCTION FINANCE CORPORATION LOANS, SUBSCRIPTIONS, AND ALLOCATIONS [Amount outstanding at end of month. In thousands of dollars] Proceeds Proceeds disbursed, less repayments not yet disbursed Jan. 31, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, Dec. 31, 1933 1933 1933 1933 v 1934 v 1934 v 1933 p LOANS AND SUBSCRIPTIONS Loans under sec. 5 of the Reconstruction Finance Corporation Act, as amended: Banks and trust companies (including receivers, liquidating agents, and conservators) i 611, 791 666, 463 689, 391 718,921 710, 685 700,278 214, 504 Building and loan associations 85,371 72,192 68, 534 67, 051 63, 617 60,141 3,056 Insurance companies 62, 902 67, 596 65, 050 62,160 57, 383 54, 249 7,146 Mortgage-loan companies.- 79, 464 157,101 160, 612 176, 529 180, 497 167, 610 151, 093 Credit unions 441 540 527 517 500 499 Federal land banks 18,800 36,300 72,800 142,118 193, 618 193, 618 50, 505 Joint stock land banks 2,612 12,093 13, 556 14,191 13, 752 13,404 3,804 Agricultural credit corporations 2,322 2,181 1,977 1,749 1,504 1,270 77 Regional agricultural credit corporations 20, 537 50, 321 36,408 30, 628 31,609 31,169 2,634 Livestock credit corporations 6,364 3,232 2,893 2,633 2,263 2,119 309 Railroads (including receivers) 280, 041 330,157 333, 423 337, 080 340, 726 345, 205 13, 668 State funds for insurance of public moneys 5,888 5,813 5,618 5,092 Processors or distributors for payment of processing taxes 7 7 14 13 17 Total. 1,170,645 1,398,176 1,451,066 1, 559,397 1, 601, 7861, 574,667 446, 813 Other loans: Self-liquidating projects, sec. 261 (a) (including repairs to property damaged by earthquakes, etc.) __. 18, 337 56,038 60, 020 63,451 71, 746 71,230 152, 747 Financing exports of agricultural surpluses, sec. 201 (c) 3,912 4,498 6,909 9,063 10, 076 45,738 Financing agricultural products, see. 201 (d) _ 1,212 3,170 34,405 68,110 134, 695 157,896 387, 953 Loans on preferred stock of banks _._ 13,484 13, 461 14,290 14, 432 14,745 14, 026 Loans on preferred stock of insurance companies 4,025 4,375 4,375 11, 350 Loan to Secretary of Agriculture for purchase of cotton .1 3,300 3,300 Loans to drainage, levee, and irrigation districts 2,414 2,414 14,456 Total- 19,549 79,904 115, 684 236, 725 260, 726 626, 270 Subscriptions: Subscriptions for preferred stock of banks 51, 868 55, 896 132,911 227, 555 257,438 339,171 Purchases of capital notes and debentures of banks. 700 40, 740 116,990 168, 485 192,947 225, 078 Total . 52,568 96,636 249, 901 396,040 450, 385 564, 249 Total loans and subscriptions. 1,190,194 , 530, 648 1, 663, 386 1, 968,497 , 234, 551 285, 778 1, 637, 332 ALLOCATIONS For relief: Federal Emergency Relief Act of 1932._ 120,147 299, 015 299,015 299,015 299, 015 299,011 15 Federal Emergency Relief Act of 1933.. 207, 669 272,515 314, 561 435,915 478,244 184,837 Total. 120,147 506, 684 571, 530 613, 576 734, 930 777,255 184,852 To other Government agencies: To Secretary of the Treasury for— Purchase of stock of Federal home loan banks 2,520 63, 346 69, 246 75, 246 77, 746 79,146 49, 495 Purchase of stock of Home Owners' Loan Corporation... 4,000 14,000 19, 000 29,000 39,000 181,000 To Land Bank Commissioner 20, 600 37,600 82,600 147, 600 147,600 217, 400 To Federal Farm Mortgage Corporation 55,000 To Secretary of Agriculture: Crop loans _ 60,000 115, 000 115, 000 115, 000 115,000 115, 000 Reallocated as capital regional agricultural credit corporation 30,500 44,500 44,500 44,500 44, 500 44, 500 Reallocated to Governor of Farm Credit Administration 12,000 40,500 40,500 40, 500 40, 500 Total 93. 020 259,446 320,846 376, 846 454, 346 520, 746 447,895 Total allocations 213,167 766,130 892,376 990,422 |l, 189,276 ,298,001 632,747 Total loans, subscriptions, and allocations.. 1, 403, 361 296, 7782,555,762 2,958,919 [3, 423, 827 '3,583,779 j 2,270,079 p Preliminary. * Loans to receivers, liquidating agents, and conservators of closed and unlicensed banks on Dec. 31, 1933, amounted to $248,474,000, representing proceeds disbursed less repayments, and $152,416,000 not yet disbursed. Back figures.—See BULLETINS for December 1933, pp. 738-9, and February 1934, pp. 103 and 132. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDERAL RESERVE BULLETIN 159 BOND PRICES STOCK PRICES [Averages] Other bonds l Preferred Common stocks (index, 1926=100) stocks Year, month, or date (indus- U S n ta i t t e e s d Corpo- Corporate tri g a r l a d h e ig ] h- Total In tr d i u al s- R ro a a i d l- Utility Year, month, or date Govern- rate and ment bonds (h ip ig a h- Total Indus- Rail- Utility Number of issues. 20 421 351 33 37 grade) trial road 1932 average 96.1 79 1933 average 104.8 Number of issues 3 60 60 20 20 20 1933—January 97.8 82 February.. 95.7 73 1932 average... _ 99.2 81.1 69.4 63.2 64.8 80.5 March 93.1 67 1933 average 102.2 84.0 73.4 69.2 70.4 80.6 April 95.7 64 May 103.3 79 1933—January. 103.3 84.1 70.7 64.9 63.4 83.9 June 109.7 97 February 102.4 82.5 68.5 62.1 62.9 80.7 July 112.5 98 March 101.0 76.7 66.0 60.7 60.6 76.8 August 112.9 87 April.... 101.3 75.4 64.8 61.0 58.9 74.7 September . 112.0 80 May 102.4 82.0 72.4 68.2 69.4 79.5 October 109.8 75 June 103.2 86.8 77.7 72.8 76.1 84.2 November. 107.5 70 July 103.3 89.6 81.5 75.6 82.2 86.8 December.. 107.7 67 August 102.9 89.9 80.8 75.9 81.2 85.3 September 103.0 87.9 77.5 74.5 76.8 81.4 1934—January 111.2 73 N O o ct v o e b m er ber 1 1 0 0 2 0 . . 9 5 8 82 6 . . 6 5 7 7 5 2 . . 3 1 7 7 0 2 . . 5 7 6 7 8 3 . . 5 5 7 7 9 7 . . 7 3 February._ 116.5 81 December 100.0 83.6 73.6 71.5 72.2 77.1 Feb. 7 116.3 Feb. 14 116.1 81 1934—January 100.3 88.3 78.5 75.6 79.0 80.9 Feb. 21 116.9 91 81 February 101.9 92.9 84.0 79.8 85.8 86.5 Feb. 28 116.5 77 Feb. 7 101.6 92.0 83.3 79.3 84.6 86.0 Feb. 14.... 101.8 92.6 83.9 79.6 85.5 86.6 Source— Standard Statistics Co. Feb. 21 102.1 93.7 85.1 80.7 87.3 87.4 Feb. 28 101.9 93.3 83.9 80.0 85.8 86.3 CAPITAL ISSUES i Price indexes derived from average yields. [Long-term; i.e., 1 year or more. In millions of dollars] * 3 Liberty bonds and now 10 Treasury bonds; prior to Nov. 1,1933, 9 Treasury bonds, and prior to Aug. 15, 1933, 8 Treasury bonds. ' 45 corporate and 15 municipal. New issues Source.-—For United States Government bonds, Federal Reserve Bank Reof New York; for other bonds, Standard Statistics Co. fund- Domestic ing BOND YIELDS1 Total issues Year and month m ( e d s o t - ic State Corporate For- m ( e d s o t - ic Year, month, or T U re .S a . s- M ip u a n l i * c- Corporate, by ratings 3 e a f i o g n r n d - ) t T a o li - n m a i n c u d i- -, B a o n n d ds Stocks eign e a f i o g n r n d - ) date ury (high- pal notes grade) Aaa Aa A Baa Number of issues 3 15 30 30 30 30 1 19 9 2 2 6 5 6 6 , ,3 2 1 0 4 1 5 5 , , 1 1 2 8 5 9 1 L . , 3 3 5 4 2 4 2 2 , , 4 6 5 6 2 7 1 1 , , 0 1 8 5 7 3 1 1 , , 1 07 2 6 5 1,0 9 4 2 6 5 1 1 9 9 3 3 2 3 a a v v e e r r a a g g e e- 3 3. . 4 7 7 4 4 4 . . 6 7 5 1 4 5 . . 4 0 9 1 5 5 . . 9 2 7 3 7 6 . . 2 0 0 9 9 7 . . 3 7 0 6 1 1 1 9 9 9 2 2 2 7 8 9 1 7 8 0 , , , 0 5 0 4 5 9 6 0 1 9 6 6 , , , 2 4 7 1 2 8 9 0 9 L L L , , , 4 4 3 1 7 7 8 5 9 3 2 2 , , , 1 3 0 8 8 7 3 5 8 2 5 1 , , ,4 9 9 7 2 61 4 4 1 1 , , 3 2 6 3 5 7 7 1 1 2 1 1 , , , 2 8 4 2 5 2 0 8 2 1932— N D O S o e c e c t v p o e t e e b m m m e b b r b . e e e r r r 3 3 3 3 . . . . 5 5 4 5 4 4 8 5 4 4 4 4 . . . . 3 3 3 3 9 7 7 8 4 4 4 4 . . . . 7 6 5 6 0 4 9 3 5 5 5 5 . . . . 5 5 6 5 4 7 0 1 6 6 6 6 . . . . 4 4 5 6 5 4 3 1 7 8 8 7 . . . . 2 4 8 6 4 2 7 1 1 1 1 1 9 9 9 9 3 3 3 3 0 1 2 3 - 6 3 1 , , , 9 0 1 7 0 9 6 1 9 9 5 0 6 2 1, , , 1 0 8 7 5 0 6 1 7 0 4 0 L L , , 7 4 4 2 8 5 3 3 4 5 4 5 2 1 , , 9 2 3 8 4 4 0 0 0 0 5 1,5 3 1 0 1 2 2 3 1 0 0 9 2 0 2 8 0 5 9 7 9 3 6 4 3 1 8 9 7 1 3 1933— J J M A F A M S N D O u u J e e p o u e c a n a l a p b c y r t v g n y e r t o i r e e u c e l u u b m m m s h a a e t r . b b r . r b y y e . e e . r . r r . 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . 6 5 3 4 4 4 4 4 6 4 3 5 4 8 8 7 7 0 0 0 0 2 9 5 4 4 4 4 4 4 4 4 4 4 5 5 . . . . . . . . . . . . 5 5 2 8 8 0 6 8 6 2 2 7 4 9 7 9 9 5 0 8 0 8 3 1 4 4 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . . . 3 5 5 3 4 4 3 4 3 6 7 6 4 0 4 5 4 6 6 8 0 8 8 3 4 4 4 4 5 5 5 5 5 5 5 5 . . . . . . . . . . . . 3 2 9 3 0 3 9 7 4 8 8 6 5 7 7 0 9 5 6 7 0 3 1 1 6 6 5 5 6 6 6 6 5 6 5 5 . . . . . . . . . . . . 7 2 7 2 6 1 3 2 5 8 5 8 6 2 0 1 4 6 0 9 1 5 8 8 8 7 8 8 9 6 7 7 6 7 7 7 . . . . . . . . . . . . 3 7 4 9 2 6 1 7 0 7 9 0 6 5 9 8 7 2 2 7 1 4 1 7 1933— A J J M F A S M N O D J u u e e p a u o c e a a n l p b n t r g v c r y y o e i u t r c u e e l b e . . u a h m m s . e m r a . t y r b b r b y e e e r . r . r _ . - _ . _ 1 1 6 2 4 2 8 4 6 1 1 5 5 1 5 0 4 5 8 6 4 7 6 9 7 0 1 1 6 2 4 2 4 8 1 1 6 1 5 5 5 0 4 5 6 8 7 6 4 0 9 7 3 9 1 4 2 3 8 1 3 4 5 3 8 8 7 0 8 2 2 3 7 1 6 1 1 0 3 1 0 0 1 0 0 0 0 9 6 5 1 1 3 0 3 1 3 9 9 3 6 3 4 6 0 0 0 0 0 0 0 0 0 0 0 0 1 4 3 2 1 4 1 3 1 3 5 7 0 7 6 5 2 0 2 1 8 1934— F J e a b n r u u a a ry ry 3 3 . . 6 4 2 9 4 4 . . 4 6 8 7 4 4 . . 2 3 0 5 4 5. . 0 7 0 0 5 5 . . 2 7 4 2 6 7 . . 2 0 7 1 1934— F J e a b n r u u ar a y ry. __\ 7 4 9 8 4 7 8 9 3 5 7 9 1 0 2 6 1 0 0 4 8 2 Feb. 7 3.52 4.56 4.22 4.75 5.27 6.31 i Includes issues of Federal land banks and Federal intermediate credit Feb. 14 3.50 4.54 4.20 4.72 5.23 6.26 Feb. 21 3.46 4.42 4.15 4.64 5.18 6.20 banks, not shown separately. Feb. 28 3.48 4.41 4.17 4.65 5.21 6.34 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—annua 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
160 FEDERAL RESERVE BULLETIN MARCH 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 productionl * Construction contracts awarded (value) 2 Fac- Factory em- tory Freight-car ployment 3 pay loadings * * Com- Y*ear and Total Manufactures Minerals Total Residential All other rolls s modmonth ity ?rices * Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 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 98 1922 85 86 74 79 68 88 90 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 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 111 112 106 135 126 142 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 1933 P 76 v 76 p 81 25 11 37 66 48 58 66 1930 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 9? 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 58 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 52 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 61 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 78 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 69 62 66 March 68 67 66 64 78 85 26 26 16 15 35 36 66 66 52 58 61 66 April 64 63 63 61 72 80 31 27 16 14 43 38 64 64 49 57 59 66 May 61 60 60 59 65 67 31 26 14 12 45 37 61 62 46 53 54 64 June. 59 59 58 58 62 64 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 57 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 74 71 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 58 64 73 77 22 28 8 9 33 43 60 61 41 52 58 63 1933 January. - 64 65 63 '63 71 73 18 22 7 8 27 33 58 59 39 51 56 61 February- 64 63 63 61 76 79 16 19 7 8 23 27 59 59 40 51 54 60 March 60 '59 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 '79 78 80 78 76 78 19 16 13 11 24 20 60 61 42 56 56 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 72 70 71 84 81 42 48 12 13 66 76 73 72 54 61 60 71 December 69 75 67 73 80 85 '45 '57 11 13 73 '93 71 72 53 55 62 71 1934 January.. »77 *78 *>75 P77 *>85 P88 40 49 10 12 64 80 71 72 53 58 64 72 p Preliminary. ' Revised. * Average per working day. » For indexes of groups and separate industries see pp. 195-196; for description see BULLETIN for February and March 1927; for revised figures from 1919 to date see BULLETIN for September 1933, pp. 584-585. 2 3-month moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358. 3 For indexes of groups and separate industries see p. 197; for description and back figures see BULLETIN for November 1929 and November 1930. * For indexes of groups see p. 161; for back figures see BULLETIN for February 1931, p. 108. *Index of Bureau of Labor Statistics: 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 198. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDERAL RESERVE BULLETIN 161 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports 2 Excess of exports Month 1931 1932 1933 1934 | 1931 1932 1933 1934 1931 1932 1933 1934 January ._ -_._-.. 246 147 119 "170 183 134 93 P129 62 13 26 Ml February 221 151 99 177 130 84 43 21 15 March 231 151 106 . 206 131 92 25 21 14 April 210 132 103 183 123 88 27 9 15 May _ . _ -. -_ - 199 129 112 176 113 109 23 16 3 June 183 109 118 175 113 124 8 -3 -6 July 177 104 142 175 80 141 2 24 1 August 161 106 129 169 93 147 13 -17 September . _ -...__- 177 130 157 175 103 148 3 27 10 October _ ... __ _ _- _-_ 201 151 191 172 105 149 30 46 42 November 190 136 181 153 105 125 38 31 56 December . __ ___ _ ______ 181 129 190 150 96 124 31 33 65 ___ Year 2,378 1,576 1,647 2,092 1,325 1,424 286 251 223 * Preliminary. 1 Domestic exports only, not including reexports. 2 Imports for consumption, including goods withdrawn from bonded warehouses for consumption, and not including goods arriving for entry into bonded warehouses. NOTE.—The figures shown in this table are not comparable with those published in earlier issues of the BULLETIN. Data on the new basis recently adopted by the Department of Commerce are shown for the years 1927-30 on page 199. 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 stocks (end of 1933 1934 month) Sept. Oct. Nov. Deo. Jan Month Adjusted Without Adjusted Without for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Adjusted for seasonal variation 1933 1934 1933 1934 1933 1934 1933 1934 Total. 60 58 60 62 64 Coal.. 67 62 66 64 Coke 60 53 53 54 60 69 49 57 58 66 52 59 Grain and grain prod> February 60 P70 49 P57 57 54 uets 57 57 63 59 68 March - 57 50 54 55 Livestock 53 51 52 47 51 Forest products 33 32 34 31 30 April . 67 68 53 55 Ore 59 49 24 33 34 May 67 67 55 56 Miscellaneous 57 59 62 69 69 June 68 64 57 56 Merchandise 1 68 66 67 67 70 July - . -. 70 49 60 56 August 77 59 64 62 Without seasonal adjustment September _ _ 70 73 70 73 N D O o e c c t v o e e b m m e b r b e e r r 6 6 7 5 9 0 1 7 2 7 5 1 7 6 6 7 9 5 0 7 6 7 8 2 7 Tota C C l o o a k l e --- 6 5 7 8 9 2 6 5 7 6 4 0 6 7 5 1 2 4 5 6 5 5 8 8 Year . 67 61 Gr u a c i t n s and grain prod- 69 64 67 57 65 Livestock 63 68 60 47 53 v Preliminary. Forest products 35 33 33 25 26 1 Based throughout on figures of daily average sales—with allowance Ore 96 68 17 8 8 n fo a r t io ch n a a n l g h e o s l id fr a o y m s : m Ne o w n th Y e t a o r 's m D on a t y h , M in e m nu o m ria b l e r D a o y f , S In at d u e r p d e a n y d s en a c n e d D fo a r y 6 , M M e is r c c e h l a la n n d e is o e u s l _ 6 7 8 0 6 7 9 0 6 6 1 8 5 6 4 3 5 6 5 5 Labor Day, Thanksgiving Day, and Christmas. Adjustment for seas u o p n o a n l s v a a le r s ia o ti f o c n h a m ng a e k s e s i n a t l h lo e w d a a n te c e o f i n E a M st a e r r c . h and April for the effects 1 In less-than-carload lots. 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
162 FEDERAL RESERVE BULLETIN MARCH 1934 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK OF FRANCE The annual report of the Bank of France for exchange restrictions to which almost all our 1933 was submitted to the general meeting of debtors resorted, seriously diminished the stockholders on January 25, 1934. The main foreign revenues of the national treasury. text of the report is given herewith:1 The natural wealth of France together with The depression, which has already been dis- her industry and thrift will undoubtedly enable cussed at some length in our recent annual her to surmount the present severe crisis. reports, continued throughout 1933. Certain But, painful as the necessity may seem to be, signs of improvement, it is true, began to be much still remains to be accomplished. Cerapparent, and business enterprises continued to tain important features in the retail-price situaadapt themselves to new conditions. But these tion still retard the expansion of business activefforts toward recovery could not be wholly ity. Without waiting until a stabilization of successful. They were blocked by artificial foreign currencies and a lowering of tariff measures which only delayed the inevitable barriers make possible a revival of internacourse of events, by new monetary disturbances tional trade, the country should be prepared to which hindered the reestablish men t of inter- make a renewed and strenuous effort to adjust national trade, and finally, by the feeling of costs of production. This urgent task depends uncertainty and unrest which political dis- to a very great extent upon the Government turbances created throughout the world. itself; only the reduction of tax burdens will In the midst of this universal confusion permit a lowering of production costs. French monetary policy maintained its con- Besides being necessary to business recovery, tinuity. The Government repeatedly pro- the reform of Government finance is of no less claimed the fixed determination of France to importance from the monetary point of view. remain faithful to the principle of the gold The events of 1933 show how large a part standard. The Bank of France, on its part, psychological factors played in determining being anxious to do nothing which could inter- gold movements. fere with the freedom of gold movements—a During the early months of the year withmechanical necessity for currency stability— drawals of gold, which had begun toward the offered no objection to withdrawals from its end of 1932, continued without interruption gold reserve, just as it had not sought in the until spring; from January 1 to March 31 the past to accentuate or moderate the flow of the reserve declined by 2,500,000,000 francs. At metal to France. It acted in scrupulous con- the beginning of the year, an apparent strengthformity with the principles which it has always ening of the position in America resulted in defended. exports of gold to the United States. During Gold movements.—From December 24,1932, the weeks which followed, the rise in the pound to December 23, 1933, the gold and foreign sterling resulted in large withdrawals from our exchange reserves of the bank declined by reserves, while the persistence of an unbalanced 9,500,000,000 francs, or by about 7,500,000,000 budget and the increasing difficulties of the francs more than in 1932. The movement, treasury also accentuated the tendencies which therefore, which appeared as early as last year, were unfavorable to our currency. was considerably accentuated. It showed, During the spring and summer, however, even after allowance for the domestic hoarding events of such importance that their effects of the metal, that the French balance of pay- were felt throughout the world reversed the ments was unfavorable. This was an entirely direction of capital movements. On April 20 new situation and arose from a number of the Government of the United States suspended causes: first, from the unfavorable trade bal- the gold standard. In spite of a metallic ance, and the trend of capital movements, reserve of 60 percent and a normally favorable which were favorable to this country for only balance of payments, the value of the dollar a very short time during the year; and also declined in a few weeks by 20 percent. The from the decline in tourists7 expenditures. pressure to which the florin and the Swiss franc Finally, the moratoria proclaimed by a large were immediately subjected caused shipments number of Governments, and the foreign of gold to Paris in sufficient amount to offset the losses suffered during the same period 1 The report, available in French, contains in addition tables showing as a result of the appreciation of the pound the operations of the bank in detail, and sections dealing with personnel, etc. For earlier reports, see BULLETIN for March 1933, 1932, 1931, 1930, sterling. etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDERAL RESERVE BULLETIN 163 This appreciation of the British currency was country to those monetary principles which it checked by a loan in May of £30,000,000 has so often defended, they at least began to sterling, which the French Government floated doubt its ability to maintain them in practice. in London. At the request of the Government As the result of an outbreak of speculation the bank took part in the conversations leading which revealed the tension in sterling operato the opening of the credit and takes this tions, the decline in the reserve amounted to opportunity of thanking the British monetary 4,905,000,000 francs from September 1 to authorities for the support which they rendered December 1, and of this total 3,376,000,000 at that time. * francs were lost during November alone. The Economic Conference which convened Although these withdrawals were fairly large, in London on June 12 was the occasion for new they did not amount to more than 6 percent of speculative movements which spread in turn to our total reserve in gold. the stable as well as the nongold currencies. Withdrawals of gold, on the other hand, It soon became evident that in spite of the stopped almost completely during the last hopes which had been entertained along this month of the year. They did not exceed line, the stabilization of the Anglo-Saxon 414,000,000 francs from December 1 to Decemcurrencies would not be considered. France, ber 23, when our reserve stood at 76,959,000,000 accordingly, could only reaffirm her determina- francs. The passage by Parliament of a law tion to maintain the stability and converti- providing for the restoration of a balanced bility of her own currency, and she did so budget could not fail to have a favorable without any reservation or equivocation. This influence on the position of the franc. Furtherattitude of firmness at once rallied almost all more, the rapid contraction in available funds the nations of continental Europe to the made it more and more difficult and burden- French point of view. some to extend speculative operations. Within It was necessary, however, that technical 3 months the aggregate of deposits and balances measures should render effective the unanimous in current account had declined by more than desire of the countries which remained on the 5,000,000,000 francs. As a result of this gold standard. On July 8 the governors of the reduction of demand liabilities, which corre- National Bank of Belgium, the Bank of Italy, sponded to the withdrawals of gold, the reserve the Netherlands Bank, the Bank of Poland, and ratio of the currency remained practically the National Bank of Switzerland met at Paris, unchanged. On December 23 it stood at under the auspices of the Bank of France, and 78.86 percent. agreed upon a common program of defense. Liquidation of foreign-exchange holdings.— The results of this alliance were immediate. During 1933 we continued to work toward Within a few days the speculative operations complete liquidation of our foreign-exchange in the florin and the Swiss franc had to be portfolio, which exceptional circumstances since discontinued. During the weeks which fol- 1928 have prevented our liquidating as rapidly lowed the Paris market was the focal point of as we wished. an influx of foreign capital, attracted by the The complete repayment by the Reichsbank security of the franc and encouraged by on April 10 of the credit granted by the Bank of uncertainty regarding the future of the pound, France in July 1931 in cooperation with the which declined from 86.09 on July 1 to 80.80 on Bank for International Settlements, the Bank of September 1. On the final balance sheet for England, and the Federal Reserve Bank of the month of August the gold reserve of the New York, and extended on eight different bank had increased to 82,227,000,000 francs, occasions since that date, diminished our exor 1,818,000,000 francs more than on March 31. change reserves by about $22,500,000 at par. This improvement was destined to be short On the other hand the flotation of a French lived. As a matter of fact, only extraordinary loan in London gave us the opportunity to clear events abroad had offset the natural conse- up the remainder of our balances in British quences to the exchange market of a domestic currency. By an agreement under date of situation which had not changed. During the April 28 we undertook to sell to the Government autumn withdrawals of gold were resumed at the balances in pounds sterling which we still a more rapid rate, and were caused chiefly by held. They were applied, half on August 1, anxiety for the future of our currency. Holders and half on November 1, to the repayment of of francs became alarmed by the hesitation and the loan. In this way the unfavorable effects delay shown in reorganizing our public finances; which this operation might have had on the if they did not question the loyalty of this exchange market were entirely avoided to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
164 FEDERAL RESERVE BULLETIN MARCH 1934 mutual advantage of both British and French enterprises were moderated, the reduction in the currencies. cost of money would contribute greatly to the The foreign exchange portfolio of the bank on recovery of economic activity. December 23 amounted to only 928,000,000 But this result, however desirable it may be, francs. Thus the last vestiges of the regime of cannot be attained so long as large sums conthe gold-exchange standard, which it was the tinue to be withdrawn from the market. The intention to terminate by the law of 1928, have hoarding of notes, it is true, which we described been wholly erased from our balance sheet. in our last report as on the increase, does not France is not the only country to put an end seem to have increased during 1933; the issues to a currency system which has been revealed of bills in denominations of 1,000 and 500 francs in all its imperfections and abuses by the expe- did not in fact show any increase at all. Neverrience of recent years. From January 1, 1931, theless the fall in bank deposits, and the very to November 30, 1933, the volume of foreign marked decline in the excess of deposits over exchange held by European banks of issue withdrawals at the savings banks, indicate declined from 48,464,405,000 francs to 3,921,- clearly that a considerable volume of the na- 500,000 francs, or a reduction of more than 95 tional savings is not being applied to productive percent. In 1931, foreign exchange reserves uses. Various indications, especially the withheld by central banks represented about 35 drawals for domestic account which have been percent of the aggregate; at present they do not made from the reserve of the Bank of France, represent more than 2){ percent. These figures show a substantial increase of hoarding in the show clearly that gold, far from having lost its form of gold. prestige, was never more sought after than it Discount operations.—Our discount operais today. tions during the first half of the year continued Money and capital markets.—The money the moderate decline which was shown almost market, which was easy throughout 1932, was constantly throughout the preceding year. influenced during the past year by the move- From 3,485,000,000 francs on December 24, ments of gold. With the beginning of the year 1932, the volume of discounted bills decreased an increasing tightness became apparent, and to 2,686,000,000 francs on February 10; the the private discount rate rose from 1% percent minimum was reached on June 30, at 2,617,000,at the end of January to more than 2 percent in 000 francs. From then until the beginning of March. The inflow of foreign capital to the November, discounts remained fairly stable at Paris market following the disappointment over approximately 3,000,000,000 francs. Since the London Conference, and the flotation of the that time they have shown a moderate but £30,000,000 loan, brought about a reverse sustained advance. tendency in the course of the summer. From The decline in the volume of our portfolio 2% percent at the beginning of April the private was not, in any way or at any time, the condiscount rate declined to about 1% percent at sequence of a restrictive policy with respect to the end of September. But this relaxation, credit. It merely reflected the business recesthe result of exceptional factors, was of only sion and the abundance of funds still available short duration. The closing months of the on the market. year, during which large shipments of gold The volume of credits granted directly to occurred, were characterized by increasing ten- customers, and particularly to agriculturists sion which brought the private discount rate in order to facilitate the regular and gradual to 2K percent at the beginning of December. sale of their cereal crops, was maintained at Later, during this same month, a more favor- a level practically the same as, if not above, that able atmosphere brought about some easing of of the year preceding. rates, the effect of which, very fortunately, Thus the changes in our portfolio, although was felt toward the close of the year. of inconsiderable amount, were due chiefly to The capital market was influenced through- fluctuations in the volume of bills offered by out the year by borrowing operations to which the banks for rediscount. These bank offerthe Government was compelled to resort. The ings, the volume of which reflects and measures result was an appreciable increase in the cost the requirements of the market, were generally of long-term credit particularly. This situa- in very small volume. There were only two tion presents most serious disadvantages, and occasions on wThich they rose considerably. every effort should be made to find a remedy. In March, as a result of the moratorium If the burden of the service of the public debt declared by the Government of the United were lightened and the heavy taxes on private States, certain isolated demands brought the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDERAL RESERVE BULLETIN 165 figure of our discounts above 4,000,000,000 under the influence of the withdrawals of francs for a short time. gold. Aggregate demand liabilities declined At the end of the year the repatriation of from 107,000,000,000 francs on December 24, certain amounts of foreign capital brought 1932, to 97,500,000,000 francs. This contracabout a more m'arked and perhaps less tempo- tion corresponds exactly to the aggregate reducrary contraction of short-term funds. Our tion of the reserve and the portfolio of foreign portfolio immediately reacted to the change in exchange. Notes in circulation and balances the position of the market; and the volume of in current account, after having shown a discounts rose steadily in the course of the last steady increase from 71,000,000,000 francs at 2 months to a figure of 4,321,000,000 francs, the time of stabilization to 113,000,000,000 reached on December 23 last, which exceeded francs at the end of 1931, are now once more at by more than 800,000,000 francs the corre- about the level of November 1930. sponding figure on December 24, 1932. During the year the volume of notes held by The exceptionally low level of our commer- the public declined by about 2,000,000,000 cial portfolio, the ample extent of our margin francs, but this surrender of notes was offset of issue, the continued winding up of failures by a practically equal amount of coins of 5, 10, resulting from the recent banking crisis, all and 20 francs being put into circulation. Thus made it possible for us to view without appre- the medium of exchange showed no change in hension these first symptoms of a larger and volume. Treasury balances and those of the we hope more continuous demand for credit Caisse Autonome at the end of the year stood at the central bank. We should like to be able at a figure very near that of December 1932. to interpret this as the beginning of permanent The decline in demand liabilities was almost contact between the bank and the discount exclusively in balances of the banks and of market, which have been too long out of touch individuals, which declined by 7,377,000,000 as a result of the economic depression and an from December 24, 1932, to December 23,1933. equally abnormal abundance of funds. The money market, therefore, supplied all the Pursuant to its historical function, the bank funds necessary to meet the withdrawals of is prepared to provide credit liberally for every gold. legitimate demand, under the conditions im- The gold standard.—The experience of the posed by its statutes. The accomplishment of year 1933 can, in our opinion, only strengthen this essential task will be easier insofar as trade the validity of the principles to which we and commerce shall themselves observe their adhere. We remain more than ever convinced former salutary customs more scrupulously. that convertibility of the currency into gold is The trade bill rests, not only upon the personal an indispensable condition for sound economic credit of its signers, but, as it grows out of an and social discipline. actual sale, the proceeds for its liquidation are However attractive may be the artificial better assured than in the case of a rediscount. expedients which history shows that nations This type of financing should be preserved, and have always been inclined to adopt in a period if this type of bill has fallen into disuse to any of crisis, they really bring nothing but illusory extent, it should resume its traditional place or doubtful improvements immediately folin the portfolio of merchants and deposit banks. lowed by disappointment. International trade, In our opinion, it has always been, and still is, which in the modern world promotes to so the most important instrument for a sound great an extent the wealth of all nations, cannot distribution of banking credit; it contributes recover its full vigor until the value of the great to prevent both a shortage of credit and its currencies is definitely fixed. Monetary stasuperabundance. bility is thus the most effective means of Our rate of discount, which was raised to 2% preparing for the return of lasting prosperity. percent on October 9, 1932, underwent no But in our opinion it has an even higher change during the past year. We congratulate significance. It alone, it seems to us, can with ourselves on having been able to maintain un- continuity promote the just and orderly develusual stability of credit conditions, in contrast opment of human society. To this principle to the changes in discount rates which some France will remain faithful. Our country inforeign markets were compelled to make. stinctively repudiates the facile and adven- Note circulation and deposits.—The reduc- turous expediencies which are contrary to its tion of the demand liabilities of the bank wras deepest interests and to the genius of its carried on at a more rapid rate this year, character. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
166 FEDERAL RESERVE BULLETIN MARCH 1934 BALANCE SHEET OF THE BANK OF FRANCE AS OF DECEMBER 23, 1933 AND DECEMBER 24, 1932 [In thousands of francs] Resources De 1 c 9 . 3 2 3 3, De 1 c 9 . 32 24, Liabilities De 1 c 9 . 3 2 3 3, De 1 c 9 . 32 24, Gold reserve (coin and bullion) 76,959,499 83,128,601 Demand liabilities: Silver and copper coins 669,805 1,369,422 Notes in circulation _ ._ 80,637,917 82, 720,927 Funds available on demand abroad 18,962 2,934,520 Current account of the treasury __ 238, 251 166,106 Foreign bills: Current account of the Caisse autonome Negotiable 908, 556 1, 287,416 d'amortissement 2,064,890 2,134, 717 Other... 233,926 261,651 Other current accounts and deposits 14, 460, 217 21,798,846 Domestic bills: Other demand liabilities 190,095 228,373 Negotiable 93,000 32,000 Capital 182,500 182, 500 Other 4,087,353 3,223,501 Surplus (laws of June 9,1857, and Nov. 17,1897). 272,696 272,696 Advances against gold coin and bullion.. 1,415,537 1,516,023 Reserve invested in legal securities (law of May Advances against securities 2,910,170 2,519,267 17,1834; decrees of Apr. 27 and May 2, 1848; Postal current accounts 591,375 642, 723 law of June 9, 1857) 22,106 22,106 Negotiable bills of the Caisse autonome d'amor- Depreciation reserve (real estate) 4,000 ! 4,000 tissement (convention of June 23, 1928, and Profit and loss: Dec. 7, 1931) -~- 6,187, 425 6,802,408 Gross dividends: 120.4821 francs (net 100 Loans to the Government without interest (law francs) 21,988 21, 726 of June 9, 1857; convention of Mar. 29, 1878; Carried forward 24,059 24,958 law of June 13, 1878, extended; laws of Nov. Miscellaneous liabilities 1, 771, 258 1, 769,410 17,1897, Dec. 29,1911, Dec. 20,1918, and June 25, 1928)_. - • 3, 200, 000 3,200,000 Total 99,889,977 109,346, 365 Kentes earmarked for special purposes 112,981 112,981 Bank buildings and equipment 220, 576 220,576 Total demand liabilities.— ._. 97, 591,370 107,048,970 Miscellaneous resources-.- - 2,280,812 2,095,277 Ratio of gold reserve to demand liabilities (percent). _ 78.86 I 77.65 Total - - 99,889, 977 109,346,365 I 3For second half year 1933. Gross dividend for first half year 1933, 119.048 francs (net 100 francs). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDEKAL KESERVE BULLETIN 167 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars at par] Europe Total United End of month (5 t 0 r i c e o s u ) n- States i Canada c T o o u t n a t l r i ( e 2 s 7 ) AAumsttrinaft Belgium Bulgaria Denmark England France Germany $l=25$io grains of gold nine tenths fine; i. e., an ounce of fine gold=$20.67 1933—January.. 11,925 4,074 84 6,818 21 362 11 51 36 602 3,221 196 February.. 11,741 3,808 84 6,884 21 366 11 51 36 692 3,176 183 March 11,939 3,916 81 6,992 21 371 11 51 36 836 3,152 176 April 11,975 3,977 77 6,988 21 371 11 51 36 905 3,170 May 11,889 3,991 77 6,896 21 371 11 51 36 907 3,173 June 11,864 3,997 77 6,856 21 372 11 51 36 922 3,185 45 July 11,951 4,001 77 6,932 21 374 11 51 36 925 3,213 58 August 12, 010 4,009 77 6,989 21 375 11 51 36 926 3,223 73 September. 12, 063 4,011 77 7,038 24 376 11 51 36 926 3,218 87 October 12,070 4,011 77 7,040 24 377 11 51 36 927 3,176 94 November- p 11,971 4,012 77 6,942 24 378 11 51 36 928 3,051 97 December. p 11, 941 4,012 77 6,915 27 380 11 51 36 928 3,022 92 1934—January P 11,961 4,033 77 p 6, 911 27 382 11 51 36 929 3,021 90 $1—1&%\ grains of gold nine tenths fine; i, e.,an ounce of fine gold=$35 1934—January 2 P20 246 (1 6829 130 ! p 11,096 |j 45 646 19 86 1 60 1,573 5109 152 February IIv7 438 130 |_ II 1 p 1,574 P4 904 P134 Europe—Continued End of month Greece Hungary 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 it n z d er- U.S.S.R. Y sl u av g i o a - 6 c t o o ri u t e h n s e - r $l=25yiQ grains of gold nine tenths fine• i. e.f an ounce of fine gold=$20.67 1933—January 7 17 308 413 39 57 25 57 436 55 477 3 368 31 29 February 8 17 325 410 39 58 27 57 436 55 488 3 368 31 31 March 9 17 331 381 40 55 30 58 436 62 489 3 368 31 31 April 11 17 343 374 40 55 30 58 436 71 460 3 368 31 31 May—.... 13 17 352 336 40 53 31 58 436 71 397 3 368 32 34 June 14 17 356 309 40 53 31 58 436 71 361 401 32 34 July 17 17 368 311 40 53 32 58 436 91 351 3 401 32 36 August 19 17 370 332 39 53 32 59 436 97 351 3 401 32 35 September... 21 17 371 338 41 53 32 59 436 101 356 416 32 35 October 21 17 371 359 40 53 32 59 436 101 373 3 416 32 35 November.._ 23 14 373 370 40 53 33 59 436 99 386 3 416 32 35 December... 24 14 373 371 38 53 34 59 436 99 386 416 32 35 1934—January 22 14 373 370 38 54 P34 60 436 100 386 3 416 32 $l—155/2i grains of gold nine tenths fine; i, e., an ounce of fine gold —$35 1934—January 2 23 I 633 628 j 64 91 v 57 100 I 739 169 653 I ^704 53 P58 February. 23 I pf>:« P 539 I 61 : | 169 P600 ! Latin America Asia and Oceania Africa End of month T t c r o o ( i 1 e u t 0 a s n ) l - g t A i e n r n a - - Chile l C o b m o ia - - M ic e o x- Peru g U u r a u y - o c tr o th i 4 u e e n s r - It T c r o i o ( e u 7 t s n a ) l - A tr u a s - - India Japan Java N l Z a e e n a w d - Siam T k U e T y T t c r o o i ( e u 4 t s n a ) l - EgyptA So fr u ic th a c o t o r th i u e e n s r - $1=21'£io grains of gold nine tenths fine; i. e.,an ounce of fine gold=$20.67 1933—January... 347 249 10 12 5 11 49 10 521 42 162 212 42 25 28 10 81 33 38 10 February.. 348 249 10 13 6 11 50 9 524 42 162 212 45 25 28 10 93 33 50 10 March 352 249 11 13 9 11 49 9 503 21 162 212 45 25 28 10 96 33 54 10 April 355 249 11 14 12 11 50 8 483 4 162 212 43 25 28 10 95 33 52 10 May 362 249 11 14 19 11 50 8 455 3 162 212 43 25 0 10 107 33 65 10 June 368 249 11 15 24 11 50 8 454 3 162 212 42 25 0 11 112 33 70 10 July 365 249 11 15 21 11 50 8 453 3 162 212 40 25 0 11 123 33 80 10 August 363 249 11 15 20 11 50 7 453 3 162 212 40 25 0 11 118 33 75 10 September. 369 249 11 15 26 11 50 7 452 3 162 212 39 24 0 11 115 33 72 10 October 365 249 11 15 23 11 49 7 453 3 162 212 40 25 0 11 123 33 80 10 November. »359 244 11 15 20 p 11 50 7 456 4 162 212 42 25 0 11 125 33 82 10 December. »353 *239 12 14 *20 »11 »50 »7 457 3 162 212 44 24 0 12 M26 *33 83 PIO 1934—January... P353 P239 p 12 14 P 20 v 11 P50 P7 459 3 162 212 45 25 0 12 P127 P33 84 P10 $l=155/2i grains of gold nine tenths fine; i, e., an ounce of fine gold=*$35 1934—January2 598 ||M05 ! 24 I p 34 | P 19 I P 85 j P 11 | 778 || 6 1 275 I 359 | 76 1 42 I 0 | 20 |"214 || P 55 | 143 I P 17 p Preliminary. 1 Differences prior to January 1934 between these figures and those shown elsewhere in BULLETIN for total monetary gold stock in United States are due to exclusion from the former of gold coin in circulation. 2 Figures given in terms of new par only for purposes of comparison; new parity did not become effective until after close of business Jan. 31, 1934. 3 Figures of last preceding statement issued by State Bank of the U.S.S.R. carried forward. NOTE.—Figures for 35 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are as "of last report date of month. Tha 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. 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
168 FEDERAL RESERVE BULLETIN MARCH 1934 GOLD PRODUCTION [In thousands of dollars at par; $l=25$io grains of gold nine tenths fine; i.e., an ounce of fine gold=$20.67] Production reported monthly Estimated Year and month world Africa North and South America Far East production Total S A o f u ri t c h a - d R e h s o ia - A W fr e ic st a B C e o l n g g ia o n Canada S U t n at i e te s d i Mexico Co b l i o a m-Au l s ia tra- Japan India 1932—January 39,870 33, 465 19,587 921 480 295 4,835 3,597 1,106 450 1,032 628 534 February 38,830 32,425 18,935 956 453 4" 3,535 948 386 1,063 657 525 March 40,551 34,146 19,877 996 484 304 3,494 862 404 1,131 741 545 April 40,033 19,593 976 466 281 5,059 3,390 1,057 380 1,164 671 590 May - 41,729 35,324 19,970 977 481 5,556 4,114 1,026 447 1,234 653 567 June 41,823 35,418 19,871 1,011 482 5,595 4,362 960 405 1,172 647 603 July 42, 205 35,800 20,268 981 546 319 5,176 4,610 924 455 1,244 692 585 August 43, 361 36,956 20,475 1,019 510 330 5,473 4,982 1,138 524 1,221 696 588 September 42,816 36,411 19,888 1,041 509 304 5,452 5,085 1,122 456 1,292 702 559 October.. 43,007 36,602 20,157 1,044 515 314 5,264 5,271 1,091 455 1,216 727 547 November 42, 627 36,222 20,190 997 526 307 5,115 4,858 1,165 415 1,376 715 556 December.._ 42,198 35, 794 20,118 1,080 539 294 5,420 4,651 671 353 1,418 681 Total (12 mos.). 499, 049 422,129 238,931 12,000 5,992 3,642 62,933 50,626 12,070 5,132 14,563 8,198 6,782 1933—January 41,625 35,215 20,152 1,008 532 280 4,826 4,341 1,194 513 1,129 574 February—. 38,026 31,616 18,176 989 531 263 4,718 3,059 1,095 344 1,178 608 March 42,715 36,305 19, 658 1,038 522 302 5,378 5,230 1,059 487 1,259 626 April 39,966 33,556 18,430 1,108 528 281 4,900 3,928 905 644 1.522 586 May 40,887 34,477 19,519 1,108 520 308 4,913 3,866 1,035 576 1,344 554 June 39,942 33,532 19,008 1,130 561 308 5,404 2,956 986 490 1,434 543 July — ' 41,297 '34,887 19,228 1,133 571 306 5,285 3,638 1,165 797 • 1,420 589 August 41, 476 35,066 19,235 1,167 579 325 5,304 3,742 1,198 782 1,438 575 September- 41, 964 35, 554 18,664 1,180 546 307 4,870 5,602 820 555 1,591 572 October « 43,147 * 36,737 18,822 c 1,143 567 302 5,029 5,209 1,501 1,342 1,436 560 November... 42,074 35,664 18,613 1,150 586 327 4,981 5,292 1,172 686 1,501 560 December.. v42,041 v 35,631 18,168 v 1,181 580 >327 5,119 5,581 p 1,240 509 1,538 Total (12 mos.). *>495,159 *418,239 227,673 "13, 335 6,623 3,637 60,726 50,338 "13,372 7,726 16,790 P9.007 1934—January J» 41, 623 v 35,213 18,896 v 1,178 v 327 \p 4, 672 4,858 v l, 137 620 \v l, 538 v 827 560 r Revised. > Preliminary. • Corrected. i 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. GOLD MOVEMENTS [In thousands of dollars at par; $l=25^io grains of gold nine tenths fine; i.e., an ounce of fine gold=$20.67] United States Net imports from— Year and month n T p e o t o r t i a t m s l - E la n n g d - France m G a e n r y - g B iu el m - 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 C H a h o n i n d n g a Japan c o o A th u l e l n r - Kong tries 1932—August 6,103 6,093 -17,950 1,021 c 5,257 2,273 45 467 4,783 4,122 September 27,897 5,868 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 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 -22,081 ~8,935 -3,630 -250 -199 -5,005 -681 8,418 483 5 990 2,135 1-15,413 April -9,967 ~2,191 -8,993 -724 333 488 4 1,281 2,973 -3,137 May -21,139 -15,715 —122 -115 110 344 2 1 83 -5,729 June -3,244 -2,845 -72 -1,445 154 141 1 10 812 July -83,879 -713 -79,617 203 369 —4,121 August —80,388 —1,535 —73,173 —216 —27 143 125 i —5,708 September -56,736 -5,099 -48,717 -13 -2,171 224 518 8 -1,486 October -32,351 -6,240 -26,923 -109 —18 -9 -453 268 48 1 1,085 November —1,064 —2, 260 —366 K -28 216 240 2 1,139 December -9,128 -1,650 -203 -28 -10 -8,883 347 338 960 Total (12 mos.) -173,736 6,375-216,035 -2,532 -895 7,901 -11,63119,896 4,280 -1 98 25,629 12,821 6,702 -26,355 1934—January -2,767 -2, 542 -461 1 -10 -1,678 313 246 1,364 i $17,054,000 exported to Italy. Back figures.—Tor 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
169 MARCH 1634 FEDERAL RESERVE BULLETIN GOLD MOVEMENTS—Continued [In thousands of dollars at par; $l = 25$1o grains of gold nine tenths fine; i.e., an ounce of fine gold=$20.67] Great Britain Net imports from— Year and month i Total South i i n p et o r i t m s - U S n ta i t t e e s d France m G a e n r y - g B iu e m l- N l e a t n h d e s r- S l w an it d z e i r- A So m ic u a e t r h - 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 t e t s s - Au li s a tra A d W R f e r h s e i o i c s a - a t , , c o t o A r th i u l e e l n s r - Africa 1932—August 1,296 -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 -284 -24,395 -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, 684 854 23,326 602 Total (12 mos.). 84, 585-50, 642 -297, 050 333-13,434 -71,37!-14,019 5,747 220,394 10, 781 20, 264 255,310 18, 279 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 * 28 -507 -7,816 -79 374 7,175 554 794 27,815 1,245 March.._ 77,198 11,821 3,406 5,003 -1,294 -5, 225 296 9,178 461 22, 659 28,923 2,556 April 64, 767 -6 -1,519 18, 092 -89 128 198 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 89,056 4,763 18,051 486 1,114 13,528 -118 414 4,141 11,942 810 2,692 19, 51911,715 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 20,467 4,403 November 79,138 6,878 33,338 94 817 329 -771 120 5,013 4,852 708 2,315 20,885 4,558 79, 426 4,441 15,130 42 147 6,998 -196 8,143 4,186 5,892 423 1, i 19, 46012,871 December 677,405 7,939 97, 016 41, 036 -7, 065 -4,299 14, 056 43, 374 118,817 8,682 60,812 256,177 41,667 Total (12 mos.). 62,146 4,788 9,805 -13 -20 5,310 -170 5,500 4,530 8,642 583 2,353 17, 667 3,170 1934—January 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 G 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 n l 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 r th i u e l e n l s r - 1932—August 42,554 24,149 16,241 5,382 -17 -369 -2,833 4,189 1 2 13 1,289 51 4,622 -1,791 September. 8,858 -625 4,424 3,918 1,448 249 -555 8,552 1 -2 8 3,456 41 5,410 -361 October ... 32,585 11, 927 19,995 . 329 565 -270 139 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 6,275 -52 December.. 25, 494 -10,634 34,479 2 -3,138 4,306 483 -3, 293 1 24 17 -3,331 68 6 -78 Total (12 rnos.)-. 828, 086 468, 052 309,984 37,889 37,547-17,668 -7,718 -27, 282 367 -250 -38,170 -24,455 -7,91546, 656 -3, 515 1933—January -37,399 -35,361 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 2 10, 574 -68, 750 1-17,822 -51,893 -4, 541 75 5,411 19 May 96,140 7,680 -5,819 1,277 39, 785 37,113 2 16,102 -9,938 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, 5983-21,605 4,592 -162 153 270 -44 4,612 -238 August 53,694 75,680-11,533 -46 -6, 837 -1,397 -2,174 -676 216 -186 9 -256 -88 -372 September. 43, 043 60, 990 -1,396 -8,059 -6,166 -2,176 -152 19,120 —32 17,910 1,173 55 12 October 26, 233 47, 745 -1,686 -5,969 -12,427 -3,369 1,939 5,845 41 5,933 -94 -69 3 33 November..-52,675 177-24, 646 -3 -21,460 -5, 674 -1,067 2,572 77 -13 4,710 -5, 268 16 3,182 -133 December p.-45,911 -19,387 -772 701-23,368 -3,084 2,627 6 15 691 590 41 2,668 -1,383 Total (12 mos.)p— 224,092 223, 905-86,829 57, 425 34, 706 10,538 4,348-102,856 1,799-37,044 -64,922 -40,950 20640,317 -2,265 1934—January p.. -7, 217 1,215 -5, 259 -2 -77 -1,196 -1,897 1,246 -20 -2, 627 286 -80 3,638 49 » Preliminary figures. 1 Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately in the official monthly statistics. 2 $9,832,000 imported by France from South Africa in April; $14,412,000 in May. 3 $20,305,000 exported by France to Belgium. NOTE.—Great Britain and Germany—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
170 FEDERAL RESERVE BULLETIN MARCH 1934 GOLD MOVEMENTS—Continued [In thousands of dollars at par; $l=25*Ko grains of gold nine tenths fine, i.e., an ounce of fine gold=$20.67] Netherlands Year and m<mth Net imports from— Total net imports U St n a i t t e e s d England France Germany Belgium Poland Sw la i n tz d er- B In ri d ti i s a h All other 1932—August 7,204 8,715 -334 -1,280 -26 -281 -579 3,212 i -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 -886 -3,085 -1,313 -188 -537 3,030 -52 December 894 -9,668 4,251 52 3,745 963 -20 -1,134 2,773 -68 Total (12 mos.) 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 -38 February -933 -3,432 8,177 -6,722 10,300 -5,055 -881 -3,452 166 -34 March -9,320 10,785 3,436 -19, 367 4,986 -7,009 -506 -2,324 679 -1 April -18,102 603 -906 —18,188 3,609 -1, 522 —358 — 1,259 -79 May -41,605 -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 16,488 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 9,688 -1,942 6,096 5,369 90 -30 -297 441 142 December- -9,294 -7, 111 -601 -821 -230 —5 -658 31 99 Total (12 mos.) — -67,510 -3,839 -1,624 -72,183 40,818 -17,873 -6,030 -16,974 9,632 567 1934—January 8,629 -7,082 -238 -367 -1, 220 33 j 246 Switzerland British India Net imports from— Net imports from— In- Increase crease or de- Year and month Gold or de- crease Total Total pro- crease (-)in n p e o t r im ts - U S n ta i t t e e s d E la n n g d - France m G a e n r- yA So fr u ic th a N la e e n r t d - h s - o A th l e l r n p e o t r im ts - U S n ta i t t e e s d E la n n g d - o A th l e l r t I i d n o u d n c i - i a n g ( m o - v ) e e i n n rn t - p in h ri g o v s l a d i t - n e reserves India« in India 1932—August 1,503 81 90 718 38 92 744 -260 -11,674 -2,775 -7,979 -920 ,588 —11,086 September. _ -604 -361 154 -540 -34 1 453 -211 -17,201 -5,978 -9,835 -1,388 559 34 -16,676 October -3,385 -50 82 -3,087 -102 4 -280 48 -14,482 -4,820 r-8,809! '-853 .547 -13,935 November — 1,395 —7 85 —2,347 —67 480 461 —16, 662 —2,420—13.244 —997 556 — 16 106 December.— 1,203 5 96 320 —111 1 837 55 '-24, 834-18,002 '-6,156 -676 581 -1 '-24, 252 Total (12 mos.) — 169,786 124,354 15,342 7,418 7,880 101 14,996 -304 ••-195,662 -38,094 ' 151,059'-6,508 6,782 127'-189,007 1933—January 4,658 123 2,393 -77 3 1,176 1,040 -11,916 -10,247 -1,965 297i ,574 —11,342 February 8,502 82 6,987 -77 2,461 -937 -12,788 -9, 589 -3,082 -116 608 -1 -12,179 March 24,440 653 907 21, 306 -40 48 3,802 -2, 236 -12, 722 —5,314 —5,833 — 1,576 —12 096 April —12,078 -307 — 10,745 -62 994 -1,958 —11,698 4,311 —5,956 —1 430 585 — 11 113 May ...... -42,481 1,377 -4,082 -38,776 -68 2,778 -3,709 -13,016 -1,561 -8,096 -3,359 554 —12 462 -41, 596 -3,152 -34, 751 6 288 -3,988 -14,004 -12,823 —1,181 — 13 461 July -14,302 —307 —5,739 -8,324 -44 1,866 -1,756 —6 298 —4 734 —1 565 5S0 c —5 707 August -1,542 -229 1,135 57 -1,339 -1,166 -10,971 -9,105 -1,866 575 —1 -10,395 September.. 1,656 1(5 -431 1,767 -41 """149 130 64 -13,411 -12,789 -622 57? — 12 839 October 4,073 502 -790 4,243 -86 1 78 124 -7, 643 -7,301 -342 560 —7,083 November. _ 3,553 -1,444 4,684 71 191 50 -5,847 -6,023 176 560 —5 287 December— 23,996 8,756 -9,474 23, 299 -17 2 741 689 -5,734 -5,438 -296 i 560 v 5.173 Total (12 mos.) -41,121 10,983-24,536 -26, 781 -379 205 13,168-13,781 -126,048 -31,022 -83,145 -11,880 *6,906 , »-119,137 1934—January -1,266 -110 247 -180 -82 -1 -1,187 47 p-13,368 i 560 p-12,808 p Preliminary. r Revised. i $2,199,000 exported by Netherlands to Czechoslovakia in August; $5,847,000 in September. 1 Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India. NOTE.—Nether-lands and Switzerland.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDERAL RESERVE BULLETIN 171 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1934 1933 1934 1933 Jan. Dec. Nov. Jan. Jan. Dec. Nov. Jan. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold 247 247 252 257 Gold reserve against Dominion notes._ 70 70 70 72 Currency issued 552 534 522 589 Advances to banks under finance act_. 44 50 60 47 Irish Currency Commission (thousands of Dominion notes: pounds sterling): Issued 177 183 193 180 Legal tender note fund: Outside chartered bank holdings- 28 30 29 26 British legal tender and bank Indian Government (millions of rupees): balances 32 141 48 867 Gold standard reserve: British securities 7,013 7,611 7,513 6,388 Gold 71 140 142 188 Notes issued 7, 045 7,753 7,560 7,256 Foreign exchange 463 393 392 345 Consolidated bank notes:l Paper currency reserve: Issued 4 754 4 738 4 732 4 617 Gold 373 305 302 255 Deemed such under sec. 60 (4) of Silver coin and bullion _ 1,003 1,012 1,034 1,095 currency act, 1927 1,232 1,241 1,250 1,363 Other assets _ 404 464 461 393 Notes issued 1,780 1,781 1,796 1,743 1 Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Jan. 6, 1934, Dec. 9, Nov. 11, and Jan. 7, 1933. Figures for notes deemed to be consolidated bank notes are as of close of buinsess on these dates. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1934 1933 1934 1933 Liabilities Jan.31 Dec. 31 Jan. 31 Jan. 31 Dec. 31 Jan. 31 Gold in bars 7,578 7,578 0) Demand deposits (gold) 7,578 7,578 (0 Cash on hand and on current account with Short-term deposits (various currencies): banks 3, 370 2,686 12,258 Central banks for own account: Demand funds at interest _ 18,690 19,680 88,667 Demand 48,303 48,952 497, 437 Rediscountable bills and a-cceptances (at Time—Not exceeding 3 months 106, 520 107,306 32,872 cost): Commercial bills and bankers' accept- Total „ 154,823 156, 258 530,309 ances _ 165, 273 181,891 334, 831 Treasury bills.. 187,936 169, 759 175,644 Central banks for account of others: Demand. 11,564 11,839 12, 355 Total.. 353, 209 351, 650 510,475 Other depositors: Demand 923 783 428 Time funds at interest—Not exceeding 3 Time—Not exceeding 3 months.. 6,237 months 35,852 37,310 241,184 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account 154, 200 154,481 153, 769 Treasury bills 23, 591 31, 528 40,029 German Government deposit 77,100 77, 241 76,884 Sundry investments 33, 737 33, 817 47,702 French Government guaranty fund... 42, 758 43,659 68, 649 Between 3 and 6 months: Treasury bills 16, 874 23,365 15, 355 Total 274, 058 275, 380 299,301 Sundry investments 67, 403 67, 559 59, 592 Capital paid in.__ _ 125,000 125,000 125,000 Over 6 months: Reserves: T Su re n a d s r u y r y i n b v i e ll s s tments 4 3 7 7 , , 9 9 8 8 1 7 3 3 4 8 , , 0 5 0 7 1 5 623 L D e i g v a id l e re n s d e r r v e e s e f r u v n e d fund 2 3 , , 0 8 2 9 2 5 3 2 , ,0 8 2 9 2 5 2 1 , ,3 6 1 9 8 0 General reserve fund 7,790 7,790 5, 379 Total.. 227, 573 228, 845 163, 301 Other liabilities: Other assets: Guaranty on commercial bills sold 4,352 4,257 40,132 Guaranty of central banks on bills Sundry items _ 61, 590 60,087 Su s n ol d d ry items 4 2 , , 3 9 5 6 2 9 4 2 , , 2 8 5 8 7 3 7,265 Total assets. 653, 594 654,888 1, 023,150 Total liabilities.. 653,594 654, 8 1,023,150 1 Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
172 FEDERAL RESERVE BULLETIN MARCH 1934 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 i Gold (in I issue Note Bank of England I ! m de e p n a t r ) t - > Cash reserves ' i D is a c n o d unts Securi- cir ti c o u n la- Deposits l O ia t b h i e li r - Coin Notes ] advances ties Bankers' Public Other ties I Millions of pounds sterling 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 i 61.0 ! 11.9 104.0 356.2 98.3 26.2 35.0 18.2 Mar. 29 171.8 79.7 i 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 June28.._ 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 j 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 i 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 1934—Jan. 31 190.9 84. 2 ! 8.2 88.4 366. 7 100.6 25.2 37.8 18.1 Feb. 28 P 191.0 1.0 83.6 ! 87.9 367.4 90.3 32.1 37.7 18.2 Assets Liabilities ! Deposits Bank of France Negotia- 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 se b c l u e ri- a O s t s h e e ts r ci N t r i c o o u n t l e a- Govern- l O ia ti t b e h i s e li r ties ment Other Millions of francs: 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 2,15? Sept. 29.. 82,095 2,632 3,475 2,765 6,393 3,716 82, 994 2,685 17, 242 2,156 Oct. 27.. 81, 032 2,586 3,560 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.. 77,098 1,158 4,739 2,921 6,122 8,251 82,613 2,322 13,414 1,940 1934—Jan. 26... 77,055 1,130 4.486 2,893 6,119 7.870 79,474 2.270 15,836 1,972 Feb. 23 p 73,971 1,070 5,963 2,932 6,114 ( 81,023 1,867 13,068 (2) Assets Liabilities Reichsbank Reserves Tre b a il s l u s ry b c i O h ll e s t c h ( k e a s r n ] d Se lo c a u n ri s ty Se t c ie u s ri- 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 - Gold exchange -illions of reichsmark: 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. 30 367 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 9 3,177 183 581 735 3,645 640 836 1934—Jan. 31 376 2,845 81 620 843 3,458 498 863 Feb. 28*.... 333 2,766 248 666 801 3,494 530 802 1 In addition, the issue department holds Government and other securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. From Aug. 1,1931, to Mar. 31,1933, an increase of £15,000,000 in fiduciary issue (and securities held as cover) was authorized by British Treasury under section 8 of the Currency and Bank Notes Act, 1928. 2 Not yet available. p Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDERAL RESERVE BULLETIN 173 CENTRAL BANKS [Figures are for last report date of month] 1934 1933 1933 Central bank Central bank Jan. Dec. Nov. i Jan. National Bank of Albania (thou- National Bank of Czechoslovakia sands of francs): (millions of koruny): Gold 7, 367 7,355 5,507 Gold ....; 1,707 | 1,707 1,707 1,709 Foreign exchange 26,421 23,795 32,407 Foreign balances and currency..-| 774 • 926 922 1,005 Loans and discounts 2,959 2,883 3,227 Loans and advances j 1,424 I 1,751 1,402 1,333 Other assets 3,246 6,468 2,331 Note circulation \ 5,449 i 5,906 5,705 5,616 Note circulation 12,165 11,843 13, 295 Deposits ' 874 ' 871 715 904 Demand deposits 16, 654 17,489 19, 432 Danish National Bank (millions of Com O m th o e n r w l e ia a b lt i h l iti B es ank of Australia 11,175 11,169 10,745 kr G on o e ld r) : [ 133 i 133 133 133 (thousands of pounds): Foreign bills, etc... | 9j 9. 12 13 Issue department: Loans and discounts \ 77 j 74 82 Gold and English sterling... 14,508 13,007 12,007 !11,499 Note circulation ! 345 ; 375 354 310 Securities 29,375 32, 360 29,375 I36,095 Bank D e o p f o s D it a s n zig (thousands of gul- : j 58 ' 78 I 64 54 N B o an te D L L S C k e i c o o o e n c i a n p i g r u n n d o c r , s o s u i d t b i n l a i t e a u e s n p t b s l d i l a a o i r l o d n a t n i . m n s , c c e a e o n n s u d t: n t c s ash 3 4 7 1 1 7 5 3 5 9 , , , , , 9 3 3 7 7 2 4 0 7 3 5 9 9 1 9 3 8 0 3 6 5 1 14 7 5 0 5 , , , , , 6 3 4 8 3 3 6 8 0 5 7 2 6 3 1 4 2 3 3 4 7 1 1 2 5 3 1 9 , , , , , 8 3 8 4 5 6 8 9 1 2 3 8 2 7 8 9 1 9 | 3 6 4 1 1 7 4 0 2 4 1 , , , , , , 9 5 0 8 0 6 1 9 4 3 9 2 3 9 8 3 0 6 den N G L D F O ) o o : o o e th r a l p t e d e e n o i r s g s c n i f i a t o r n s c r e . e d u x i l c g d a h n t i a i s o n e c n x g o c e u h n o a t n f s g . t e h . e — re serv — e.. 1 3 3 1 8 7 9 0 2 , , , , , 8 1 1 1 7 1 1 9 8 5 2 3 4 7 4 8 1 6 4 2 1 1 0 9 4 9 0 , , , , , 9 8 1 2 4 9 5 5 2 4 9 0 7 4 0 8 4 2 2 1 1 1 3 0 9 0 , , , , 0 9 8 1 7 3 0 4 5 0 4 2 1 7 7 2 3 1 1 1 5 5 1 2 , , , , , 5 2 0 1 9 3 1 2 6 5 5 7 2 0 9 3 2 3 Austrian National Bank (millions of Central Bank of Ecuador (thousands schillings): of sucres): j Gold 189 189 170 149 Gold at home and abroad j 14, 559 14,419 14,803 Foreign exchange of the reserve.. 0 0 19 39 Foreign exchange j 4,538 4,419 1,874 Other foreign bills 17 13 8 0 Loans and discounts. _ 50, 287 50, 766 36,602 Domestic bills _ 262 275 218 317 Note circulation 35, 585 33,029 24,821 Government debts 624 624 624 662 Deposits i 20,457 20,938 20, 623 Note circulation __ _ 909 952 913 872 National Bank of Egypt i (thousands : Deposits _ 187 142 117 181 of pounds): i National Bank of Belgium (millions Gold I 6,663 6,663 of belgas): Foreign exchange -j 3,452 ! 2,854 Gold 2,745 2,733 2,721 2,605 Loans and discounts 5,849 5,939 Domestic and foreign bills 769 786 776 I 773 British, Egyptian, and other ! Loans to State , 347 351 355 j 363 Government securities ] 32. 892 33, 454 Note circulation. 3,398 3,419 3,453 3,577 Other assets .j 4,041 3,060 Deposits 601 556 i 307 Note circulation i 20, 438 18,472 Central Bank of Bolivia (thousands Deposits—Government 5,509 5,445 of bolivianos): Other ..; 18,480 20, 517 Gold at home and abroad 7,800 25,541 Other liabilities ~i 8,469 7,536 Foreign exchange 4,013 3,621 Bank of Estonia (thousands of \ Bank D L N N D L C C o o e o u o e o o a p a r p r f t t e e r n r n o o e B e s s s s c c s n r i i i i a p a t a c t r r s n n o z s y c c d d . i n u u - l d l l d d a a ( e t i i t m n i s i s o o t c c i s n l n o o l i u u a o n b n n t r t s s s o a o d f milreis): _. 2 2 , , 7 3 2 8 2 6 7 7 5 0 6 9 8 2 4 5 50 8 2 2 5 , , , , , 9 2 2 6 6 7 4 2 2 7 1 9 3 0 9 9 1 6 2 0 | 4 3 3 3 2 7 0 , , , , 9 2 5 1 5 9 3 2 7 5 2 4 9 3 3 1 0 0 7 8 2 1 Ba k k n a r a o N N D k G L ) o : o o e o e o n a p t l t f d D e n o f s o s F : c i r i i a t e r n s n i c — g l d u a n l n B O G d a d e t i a t o i x s h o n v c c ( e n m e h k o r r a u e i n n l n r l m g s i t o s e ' e - . n n s t of mark- 3 2 6 2 4 1 3 0 , , , , , , 3 7 9 5 0 1 8 1 4 4 4 3 1 8 9 3 5 5 3 2 2 2 4 3 6 2 0 1 , , , , , , , 0 8 7 3 2 1 4 2 4 7 2 3 2 0 0 2 3 6 5 8 5 2 3 2 2 3 0 6 2 0 1 , , , , , , , 1 5 8 8 0 0 7 8 3 6 6 4 8 9 9 1 1 6 1 4 2 2 3 1 4 4 3 0 6 1 5 , , , , , , , 1 4 3 5 3 2 2 8 1 0 7 5 3 5 8 6 1 8 5 6 6 National Bank of Bulgaria (millions Gold - 323 i 323 323 | 304 of N T N L G G O le o o o e o t o v h a t t l t v a d e a n e e l f r ) s o c r : f n r s i a o e r i m n r g c i e g d u h e i n g t l n d a n t l e t i i i s x a o e o c c b b x n o h i l c l u i a h i g n t n a i a g t e n t s e s i g . o e i n n s _ r e _ serve.. 2 2 1 1 1 , , , , , 5 7 8 1 5 1 7 8 2 4 0 6 8 1 3 7 6 2 3 7 2 2 1 1 1 , , , , , 2 8 9 5 2 5 4 6 0 8 4 4 8 8 1 5 7 5 4 4 2 1 2 1 1 , , , , , 8 8 2 6 1 5 4 4 2 5 6 9 2 1 3 8 6 4 0 2 2 2 1 1 , , , , 8 4 7 6 5 8 7 6 2 2 2 1 6 3 6 3 6 0 5 Ba m n a k D N D B F s o a ) o o e c o r l : m m r t f e a e e i n e a d g G c c s n i n i e t t r d r s i s e c c b e u l i i b c l l a l a e a i s b l b t l i i s r ( l o o i m n t a i i d e l s lio a n n s d o - f fo d r r e a i c g h n - - ~ ~ i 1 1 ,1 ,0 5 3 6 4 0 7 6 5 5 1 8 7 0 ! i j j j 1,1 3 5 4 9 8 0 7 7 5 4 0 1 5 4 1 | ! | 1, 4 9 1 3 6 8 1 7 2 5 0 9 5 2 0 I ! j 1,0 8 2 5 4 5 8 6 7 6 4 6 Central Bank of Chile (millions of Gold and foreign exchange 4,033 - 4, 020 3,888 i 1,887 pe G so o s l ) d : at home and abroad. _ 95 L G o o a v n e s r n a m nd e n d t i s o c b o l u ig n a t t s i . o _ ns 3 3 , , 4 3 7 5 7 5 3 3 , ,3 3 1 5 9 5 2 3 , , 8 3 7 5 5 5 I 3 1 , ,4 3 7 6 6 8 D S N L F e o o e o c a r p t u e e n o B E r i s s g i c a x t i n i a i t n c r e s n c k h e s d u x a l c n d a h g i t s a i e o c n n o c g u o e n m f t o s m r _ i _ a s c s c io o _ n unt of: 3 4 5 3 3 5 7 1 5 9 4 2 5 1 0 4 3 4 3 4 6 3 8 7 3 5 1 7 6 2 i | ! j i ! 4 4 3 3 6 6 4 1 7 8 1 9 9 3 0 Na o t f i N L G F O o p o i n o o e t a h r a n l t b e d e l e g i i r o l g B c i s n s i t a ) r i i g c e n : b s u k h i l l t i l a o n s l t f , i i a f o e H o b n t r i u c e li n . i . t g g i n e a s r e y x c ( h m a _ n i l g li e ons j 5 5 , , 1 9 1 7 7 6 0 5 1 9 5 5 j ; j j 5 5 , ,4 4 1 4 6 2 7 2 9 6 4 9 j ! 5 4 , , 4 9 2 7 7 7 1 1 6 9 0 0 ! \ ! ! | 4 1 , , 6 2 9 0 6 1 6 2 2 4 0 Bank of the Republic of Colombia Loans and discounts j 593 J 636 j 612 ! 467 (thousands of pesos): Advances to treasury I 50 I 50 j 50 ! 52 Gold at home and abroad 14, 686 14,283 14,910 12,742 Other assets • 27 ; 38 i 37 i 14 Foreign exchange 3,403 2,479 1,383 4,167 Note circulation 348 i 369! 341 > 350 Loans to member banks 4,262 4,877 1,673 3,455 Deposits I 91 ; 103 ! 101 ! 63 Note circulation 31,349 31,813 28, 520 21,315 Certificates of indebtedness ! 120 120 ] 120: 0 Deposits _. 24,853 22,176 21,066 ' 19, 154 Miscellaneous liabilities ! 178 193 ! 197 i 202 Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
174 FEDERAL RESERVE BULLETIN MARCH 1934 CENTRAL BANKS—Continued [Figures are!or last report date of month] 1934 1933 1934 Central bank Central bank Jan. Dec. Nov Jan. Jan. Dec. Nov Jan. Bank of Italy (millions of lire): National Bank of Rumania (millions Gold at home 7,092 7,082 5,857 of lei): Credits and balances abroad 274 305 310 1,306 Gold _ 9,940 9,895 9,848 9,557 Loans and discounts 4,284 4,693 4,652 5,560 Foreign exchange of the reserve.. 160 257 304 661 Note circulation 13,068 13, 243 13,112 13,433 Other foreign exchange 28 13 21 32 Public deposits 300 300 300 300 Loans and discounts. 9,029 9,326 9,485 10,301 Other deposits 1,757 1,269 1,304 1,604 State debt 5,681 5,681 5,704 5,72& Bank of Japan (millions of yen): Note circulation _ 20,834 21, 219 20,671 21,090 Gold 425 425 425 425 Demand deposits 7,474 7,257 7,685 7,396 Advances and discounts 762 950 765 807 South African Reserve Bank (thou Government bonds 602 667 728 523 sands of pounds): Notes issued. 1,261 1,598 1,135 1,227 Gold 17,320 17, 144 16,845 7,822 Total deposits 433 377 705 423 Foreign bills 19,956 18, 886 19, 496 4,270 Bank of Java (millions of florins): Domestic bills. 86 8 9 1,139 Gold 112 108 104 104 Note circulation 10, 456 11,859 9,784 8,392 Foreign bills._ _- 1 1 1 20 Deposits— Government 1,755 942 1,911 1,866 Loans and discounts .-. 60 62 63 44 Bank 28,266 26,991 28,285 6,703 Note circulation.. 190 186 185 201 Other 2,951 3,164 2,666 310 Deposits 26 37 Bank of Spain (millions of pesetas): Bank of Latvia (millions of lats): Gold 2,262 2,261 2,261 2,259 Gold - 44 38 Silver 658 644 646 610 Foreign-exchange reserve 2 Balances abroad 278 279 281 281 Bills—. ___—.— 66 Loans and discounts 2,608 2,760 2,655 2,655 N Lo o a te n s circulation 3 6 5 4 N De o p te o s c i i t r s culation..- .- 4,7 9 2 6 9 2 4,8 9 2 3 5 4 4f750 4, 9 7 4 8 7 9 Government deposits 58 Bank of Sweden (millions of kronor): Other deposits 107 Gold 362 370 369 206 Bank of Lithuania (millions of litu): Foreign bills, etc 453 449 426 260 Gold 52 Loans and discounts 58 65 67 144 Foreign currency ._ 13 Note circulation .. 583 648 574 53& Loans and discounts 85 Deposits 513 472 516 229 Note circulation 87 Swiss National Bank (millions of Deposits 60 francs) : Ne in t s h N G F L ): e o o o o r r a l l t e d e a n i n s g c d n i a r s n c b d u B i l la d l a s t n i . i s k o c n o ( u m n i t l s l _ i . ons of flor- 9 8 1 1 9 7 9 1 0 3 9 9 1 2 1 7 2 1 2 7 9 9 1 2 0 7 2 3 1 3 1, 9 0 1 5 7 2 1 1 3 3 8 G F L N D o o o o e r a l m t e d e n i a s g c n n i a d r n c b d u d a l e l d a a p t i n o i s o c c s n e i o t s u s n a t n s d b .- i lls ~ 1 1 , , 9 3 7 1 9 9 2 5 0 8 1 0 3 6 1 1 , , 9 5 1 9 1 4 1 8 0 6 8 1 1 , , 7 9 1 4 5 9 2 1 3 1 1 4 8 6 2 1 1 , , , 5 4 1 0 4 7 8 5 1 1 1 9 3 - Deposits 246 230 244 309 Central Bank of the Republic of B C a e s n a n T k n D N F G F tr d o o o a o o o o s r r l t l m f t e e a d e o R i i N l e g g f c e s d o n n i s s t e r r i o e c w c p d b l r u e o a e v a c l s l p s e y a r a ) i o e t : n t B i ( s s d o c m i a i e t n t n s i s s l k l a i o o n n f d s P b o e i f r l u l k s r ( o th n o er u ) - : 2 3 1 6 1 7 4 2 2 3 2 0 0 2 3 1 6 2 7 4 5 3 1 7 4 3 3 2 1 6 0 5 4 4 6 9 1 4 8 2 2 1 3 9 9 4 4 2 2 7 5 6 4 Tu N D G G O F O O r o k o e o t o t t h h h r p e l t v e d e e e e y o e i r r r g s r c i n n ( l a s i t i t r e s s m a h c e s c b u o e e x u i l t u n c r l s a i i t h s t t t a i a i i s e e o n n e s s n d g c s e u r o it f i e p s ound - s): .- 1 1 2 2 3 3 5 6 5 5 5 1 9 8 5 0 5 , , , , , , , , 8 0 8 4 8 6 0 3 7 2 4 2 0 7 5 1 1 7 6 3 5 4 7 3 1 1 3 2 3 2 6 6 5 4 0 9 8 5 2 0 2 , , , , , , , , 7 7 0 8 0 1 6 0 4 0 2 7 9 0 0 1 1 4 2 4 9 0 1 3 1 1 2 3 2 2 5 6 5 4 7 8 8 4 8 0 2 , , , , , , , , 4 1 6 8 1 3 8 1 8 9 4 6 8 7 5 6 1 3 9 1 8 0 0 2 1 1 2 3 2 2 5 6 5 0 2 1 8 3 1 3 4 , , , , , , , , 5 8 1 0 2 6 4 5 5 4 1 5 0 2 0 4 1 5 4 5 9 9 2 7 . Gold.. 41,280 39,093 Bank of the Republic of Uruguay Foreign exchange 4,539 1,196 (thousands of pesos): Bills 48,882 20,646 Gold ...._ 48,639 47,599 Note circulation 66,150 49,723 Loans and discounts ._. 98,350 104,477 Deposits 20,730 6,324 Other assets 46,342 42,031 Bank of Poland (millions of zlote): Note circulation 75,407 81,189 Gold 478 476 474 512 Deposits—Demand 33,036 30,974 Foreign exchange.. 82 88 91 103 Time 41,953 37, 722 Loans and discounts 749 817 806 651 Judicial and admin- Note circulation 947 1,004 995 979 istrative 2,615 2,954 O ther sight liabilities 248 262 223 185 Other liabilities 40,320 35, 235 Bank of Portugal (millions of escu- National Bank of the Kingdom of dos): Yugoslavia (millions of dinars): Gold. 759 738 Gold.. 1,795 1,795 1,795 1,761 Other reserves 328 316 556 Foreign exchange - 139 166 151 188 Discounts and advances 305 307 334 Loans and discounts. 2,055 2,101 2,164 2,416 Government obligations 1,052 1,052 1,054 Advances to State 2,317 2,316 2,320 2,410 Note circulation 1,982 1,957 1,928 Note circulation 4,212 4,327 4,257 4,588 Other sight liabilities 512 519 Other sight liabilities 1,062 1.031 1,105 844 ' Preliminary. 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MARCH 1934 FEDEBAL RESEKVE BULLETIN 175 COMMERCIAL BANKS [For back figures and explanation of these tables see BULLETIN for October 1933, pp. 639-646] Assets Liabilities England Cash in Deposits (10 clearing o f b p an o k u s n . d s F s i t g er u l r in es g ) in millions v d E B a u n u a e g l n t l k f a r a o n o n m d f d M c n a o s l o h n l t o e a i y c r n t e d at B co il u ls n t d e i d s- Securities L cu o s a e t n r o s s m to - a O s t s h e e ts r Total Demand1! lia O bi t l h it e i r es 1933—March 207 109 348 510 769 205 1,925 936 935 223 April 219 105 338 517 767 207 1,930 950 940 222 May 206 98 346 530 779 209 1,944 962 938 224 June 213 101 352 544 779 213 1,978 1,006 942 225 July 205 96 362 554 771 221 1,973 993 933 235 August 208 91 359 563 762 216 1,966 990 928 233 September 215 91 355 563 753 215 1,958 989 924 233 October... 218 343 559 752 222 1,951 983 916 233 November 216 317 569 741 228 1,928 980 905 241 December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—January,._ 223 130 284 558 738 232 1,920 974 893 244 Assets Liabilities (4 large banks. Fr F f a r i a n g n c u c e r s e ) s in millions of v C au a l s t h a i n n d Due from Bills dis- L c o l a u n d s i , n i g n- Other Deposits Own ac- Other lia- Bank of banks counted se l c o u an ri s ty assets Total Demand Time ceptances bilities France 1933—March 7,181 2,052 20,261 8,586 1,163 35,208 34,163 1,045 305 3,730 April 6,959 1,958 20,852 7,799 1,206 34.634 33,655 979 291 3,850 May 8,184 1,960 20,048 7,777 1,227 35,124 34,145 979 247 3,824 June 8,499 1,931 19,889 7,824 1,420 35,295 34,307 988 372 3,895 July 8,738 1,723 20,236 7,848 1,521 35,676 34,671 1,005 379 4,011 August 8,027 1,600 19,851 7,813 1,565 34,426 33,419 1,007 360 4,069 September 7,907 1,504 19,835 7,792 1,540 34,181 33,217 964 253 4,144 October. __ 7,094 1,480 20,229 7,880 1,626 33,786 32,811 976 257 4,266 November 6,333 1,545 19,876 8,127 1,707 33,009 32, 075 933 258 4,322 December. 5,870 1,416 19,848 8,309 1,827 32.635 31, 773 862 273 4,362 Assets Liabilities ( i R n e m po il r l t i i o n n G g s e b o r f a m n r a e k n i s c y . h sm Fi a g r u k r s e ) s v d C a R u u b a e e l a s i t c h n f r h a k o i s n n m - d Du b e a n f k ro s m B co il u ls n d te i d s- i s n L e l c c o o l u u a a n r d n i s i s t n y , g Securities a O s t s h e e ts r Total D D e e p m os a i n ts d Time 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 s o d r r s lia O b t i h li e t r ies 1933—March 200 712 1,908 5,152 2,385 1,177 7,237 3,354 3,884 1,116 3,181 April 166 701 1,940 4,983 2,379 1,180 7,172 3,329 3,843 1,012 3,165 May 169 675 1,934 4,882 2,387 1,189 7,101 3,833 968 3,168 June 205 659 1,914 4,832 2,390 1,163 7,092 3,344 3,748 924 3,146 July 169 646 1,907 4,682 2,383 1,163 7,018 3,237 3,781 852 3,081 August 150 637 1,937 4,677 2,297 1,175 6,971 3,155 3,816 805 3,097 September.. 186 657 1,870 4,627 2,303 1,178 6,960 3,242 3,717 753 3,110 October 152 614 1,962 4,642 2,304 1,207 6,993 3,200 3,793 733 3,165 November. _. 159 621 1,970 4,608 2,331 1,222 7,015 3,155 3,859 709 3,187 December 2.. 1934—January 2 Assets Liabilities Deposits payable in Canada Canada Entirely in Canada Security excluding interbank deposits (10 chartered banks. Figures loans l in a r m s) illions of Canadian dol- v C au a l s t h a i n n d Other d a a u n b e d r o f n r a o e d m t Securities a O s t s h e e ts r ci N t r i c o o u t n l e a- lia O bi t l h it e i r es tr in al c g e o n l - d Se lo c a u n ri s ty l b o i a ll n s s d a i n s- d f b o a re n i k g s n Total Demand Time reserves counted 1933-March 200 96 1,086 117 793 443 123 1,883 494 1,389 729 April 192 94 1,088 135 806 452 124 1,914 514 1,400 729 May 193 94 1,073 139 836 456 119 1,946 549 1,397 725 June 198 102 1,057 145 860 481 129 1,957 570 1,387 757 July 197 109 1,042 151 448 120 1,958 578 1,380 733 August 192 105 1,026 146 437 121 1,924 551 1,373 727 September. 187 110 1,031 176 435 129 1,964 591 1,372 727 October 191 111 1,037 156 882 450 122 1,983 633 1,350 721 November. 210 105 1,008 149 861 444 121 1,925 567 1,358 732 December. 197 106 1,036 134 861 432 121 1,920 563 1,357 725 1934—January... 194 104 1,012 135 832 428 113 1,877 526 1.351 714 1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total. 2 Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
176 FEDERAL RESERVE BULLETIN MARCH 1934 DISCOUNT RATES OF CENTRAL BANKS Central bank of— Date effective E la n n g d - France m G a e n r- y Italy N la e n th d e s r-Sw la i n tz d er- b C an e k n tr o a f— l M Ra 1 a t r e . I s n i n e c f e f — ect b C an e k n tr o a f— l M Ra 1 a t r e . I s n i n e c f e f — ect In effect Oct. 1,1931. 6 2 8 7 3 2 Albania Nov. 16,1933 Japan 3.65 July 3,1933 Oct. 10 Austria 5 Mar. 24,1933 Java Aug. 16,1933 Dec. 10 7 Belgium Jan. 14,1932 Latvia. Jan. 1,1933 Feb. 18, 1932 * 5 Bolivia 6 2 July 5,1932 Lithuania 6 2 Apr. 1,1930 Mar. 9 6 Mar. 10 4 Bulgaria 7 Jan. 2,1934 Norway _ 33^ May 24,1933 Mar. 17 Chile Aug. 23,1932 Peru... 6 May 20,1932 Mar. 21 6 Colombia... 4 2 July 18,1933 Poland 5 Oct. 26,1933 Apr 9 5H Czechoslo- Portugal Dec. 8,1933 Apr. 19 2A 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 Nov. 30,1933 Spain 6 2 Oct. 26,1932 May 12 Ecuador 4 Nov. 30,1932 June 30 2 2 Estonia Feb. 1,1932 Sweden VA Dec. 1,1933 Sept. 22 4 U.S.S.R Mar. 22,1927 Jan 9 1933 4 Finland Dec. 20,1933 Turkey 8 Mar. 2,1933 May 12 Greece. 7 Oct. 14,1933 Yugoslavia... 7 2 Feb. 9,1934 June 29 Hungary Oct. 18,1932 July 15 4 India 3)1 Feb. 16,1933 July 29 A11!r i e 3 2 Sept. 4 m Sept. 19 2H Dec. 11 3 Feb. 9,1934 3 In effect Mar. 1,1934. 2 3 4 3 2Vi 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 -d y ay 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 -d y ay 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 1933—January... .87 .7o .73 3.87 5.03 4.98 .37 1.00 February.. .83 .78 .73 3.87 5.00 4.86 .37 1.00 March..- .62 .46 .64 3.87 5.00 4.97 .64 1.11 April .59 .50 .61 3.87 5.25 5.05 .66 1.00 May .50 .37 .58 3.87 5.50 5.24 2.11 1.69 June .50 .40 .62 3.87 5.50 4.93 2.18 2.06 July .48 .40 .62 3.87 5.50 5.19 3.54 2.64 August .41 .30 .62 3.87 5.50 4.94 1.11 1.08 September .44 .31 .63 3.87 5.50 5.00 .77 1.00 October... .79 .73 .75 3.87 5.50 5.11 .50 1.00 November. 1.05 .94 .75 3.87 5.50 5.18 .45 1.00 December. 1.06 1.15 .77 3.87 5.50 4.97 .52 1.00 1934—January. __ 1.01 .90 .86 3.87 4.78 4.74 .50 1.00 Sweden Sw la it n z d er- (B B r e u lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a la ly n) Hungary ( h S o to lm ck ) - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c i o a P m l r i p m m ap e e r e - r Da m y o -t n o e -d y ay L m o t a o o n n s t 3 h u s p Disc b o il u ls nted ov m e C o r a n n l i e l g y ht 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 3*. 5. 48-5.84 2.92 March 1.50 2.62 2.04 4.20 3M 5.48-5. 84 2.92 April 1.50 2.50 1.87 4.00 3H 5.48-5.84 2.37 May 1.50 2.41 1.76 4.00 3^-6 5.11-5.84 2.19 June 1.50 2.31 1.50 4.00 3 -5 5.11-5.48 2.74 July 1.50 2.31 1.39 4.00 3 -5 5.11-5. 48 2.37 August 1.50 2.31 1.45 4.00 3 -6 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 3 -5 5.11-5.48 2.56 November 1.50 2.12 1.85 3.50 3 -5 5.11-5.48 2.56 December 1.50 2.25 2.26 3.00 5.11-5.48 2.56 1934—January. __ 1.50 2.14 2.12 3.00 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. 736; and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAECH 1934 FEDERAL RESERVE BULLETIN 177 FOREIGN EXCHANGE RATES [Averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year and month A (p t r i e g n s e o a n )* - (p t A r o a u u s l n - ia d) A ( l u s i s n c t h g r i ) i l a ! - ^B ( e b l e g l i g u a m ) ( B m r i a lr z e i i l s)' g ( B a l r u e i l v a - )2 C (d a o n ll a a d r a ) C ( h p i es l o e )i ( C y h u i a n n a ) C ( o b p i l e a s o o m ) - * ( C p u e b s a o) ( s C k lo z o v e r c u a h k n o i a a - ) ( m D k e a r n o r - n k e) 1929 95.1274 480. 83 14.0575 13.9124 11.8078 0. 7216 99.2472 12.0601 41.9007 96.5512 99.9647 2.9609 26. 6802 1930 83. 5050 458. 60 14.0891 13. 9524 10.7136 .7209 99.8424 12. 0785 29.9166 96.4930 99. 9515 2. 9640 26. 7650 1931 66. 7375 351. 50 14. 0227 13.9285 7.0290 .7163 96.3258 12. 0669 22. 4369 96. 5697 99. 9295 2.9619 25.0581 1932 58.4433 279. 93 13. 9599 13.9137 7.1223 .7193 88.0896 7.9079 21. 7357 95. 2750 99. 9409 2. 9618 18. 8317 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 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 58. 2974 272. 73 14. 0121 13.9803 7.6330 .7210 83.5205 6.0281 20. 7250 86. 2100 100. 0162 2. 9743 15.3180 April 60. 4864 284. 79 14. 0700 14. 5285 7. 6348 .7223 84. 7233 6. 0300322.1953 86. 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 86.0861 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 I 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 I'33.3311 407. 50 17. 6811 21. 7280 8. 5995 1.3436 100. 5515 9. 5952 33.4468 63.9668 99. 9579 4. 6487 22.8463 1934—January 33.5007 402.44 17.9115 22.0360 8. 5637 1. 3472 99. 5246 9. 4476 34. 0007 99.9578 4. 7039 22. 5487 February « !|33. 5494 400. 78 18. 5650 22. 8893 8. 4666 1. 3464 99.1675 34. 3077 69. 9523 99. 9616 4. 4432 22. 4721 I I Year and month (p E o g u y n p d t ) E (p n o g u l n an d d ) ( F m in ar la k n k d a) F (f r r a a n n c c e ) ( m m r G e a a i e r c n r k h y - ) s- G (d m r r e a a e c ) c h e - (d H K o o o l n l n a g g r) ( g p H e a u n ry n g - o 2 ) ( I r n u d p i e a e) I ( t li a r l a y ) J ( a y p e a n n ) M (p e e x s i o c ) o N ( l f a e l n t o h d r e i s n r- ) 1929 485. 6879 2. 5160 3.9161 23.8086 1. 2934 47.1669 17.4414 36. 2020 5. 2334 46. 0997 48.1830 40.1622 1930 498.6002 486. 2126 2. 5169 3.9249 23.8541 1. 2959 33.8530 17.4939 36.0672 5. 2374 49. 3898 47.1331 40.2251 1931 465.1111 453. 4990 2. 3875 3.9200 23. 6302 1. 2926 24.3305 17. 4522 33. 6895 5. 2063 48.8509 35.4919 40. 2298 1932 359. 5406 350. 6067 1. 5547 3. 9276 23. 7492 .8320 23. 4604 17.4460 26. 3468 5.1253 28.1112 31.8500 40. 2949 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 343. 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. 58C6 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 34.92S3 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. C897 35. 0051 7.8076 27. 2539 28.1492 59.8831 October 460. 4633 466. 8290 2. 0683 5. 8167 35. 4267 .8397 33. 2821 26. 3520 35. 0366 7.8208 27. 7670 28.1692 59.9529 November 527. 4832 514. 9737 2. 27C0 6. 2678 38. 2361 .9053 36. 6896 28. 2302 38.3408 8. 4331 30. 3618 27. 7989 64. 5642 December 524.6387 511. 5890 2. 27C0 6.1216 37. 3247 .8856 37.1537 27. 6855 38.3870 8. 2204 30. 7418 27. 7355 62.8466 1934—January 518. 2824 504,9336 2. 2449 6.2110 37. 5872 .8949 37. 6811 28. 0425 37. 9739 8. 3076 30.1136 27. 7434 63. 6167 February 5 503. 2596 2. 2288 6. 4648 38. 8841 .9253 38.0999 29.1191 37.8567 8. 5757 29. 7536 27. 7313 66. 0382 Year and month Z (p e N o a e u la w n n d d ) N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l u d - o) R ( n l u e i m u a ) a- (p S e p s a e i t n a) ( S S m d t e o e r t l a n t l l i a t e t s r s - ) S (k w r e o d n e a n ) S ( w f l r a i a n t n z d c e ) r- ( T p u o r u k n e d y ) U ( A S p n o o i f o r u u i n c t n h a d o ) f g ( U u p r e a u s y - o ] ) ( Y s d l u a in g v a o ia r - ) 1929 j 483.21 26. 6827 11.1940 4. 4714 0.5961 14. 6833 56.0117 26. 7839 19. 2792 48.4105 483. 27 98. 6294 1. 7591 1930 ! 468.22 26. 7598 11. 2051 4.4940 .5953 11.6670 55.9639 26.8543 19.3820 47. 0608 483. 79 85.8650 1. 7681 1931 ! 415.29 25.0546 11.1970 4. 2435 .5946 ' 9.5453 52. 4451 25. 2540 19. 4009 47.1814 480. 76 55. 3572 1. 7680 1932 I 320.19 18. 0039 11.1823 3.1960 .5968 8. 0438 40. 3970 18.4710 19. 4049 47. 2854 476. 56 47. 0639 1.6411 1933—January \ 292.13 17. 2684 11.1872 3. 0364 .5972 8.1777 38. 9884 18. 2982 19. 2836 47.0260 340. 63 47. 3366 1. 3555 February i 272.87 17. 5270 11.1940 3.1017 .5958 8. 2446 39.5818 18. 2670 19. 3707 47.1982 338. 90 47. 3363 1. 3593 March \ 273.45 17. 5913 11.1834 3.1362 .5974 8.4431 39. 6078 18.1884 19. 3716 47. 4384 339. 88 47. 3458 1.3714 April i 285.48 18.3161 11. 3755 3. 2133 .6107 8. 8804 41. 2350 18.8108 20.1281 49. 3996 353. 74 47. 7646 1. 4228 May ! 313.86 20. 0164 13.0873 3. 5781 .7025 9. 9875 45. 6611 20. 2413 22. 5368 55. 3596 388. 74 53.1875 1. 6073 June I 330.09 20.8811 13. 8229 3. 7694 .7448 10. 3638 47. 9630 21. 2819 23. 5665 57. 8085 408. 76 55. 9871 1. 6708 July ! 370.19 23. 3627 15. 6202 4. 2468 .8766 11. 6540 54. 0460 23. 9784 26. 9583 65. 7080 459. 33 65.1372 1. 9032 August j 359.02 22. 6451 15.4348 4.1521 .8374 11. 4565 52. 3634 23. 2263 26. 5265 64.4507 444. 39 64. 7589 1.8909 September | 372.17 23. 4400 16. 6963 4. 4655 .8934 12. 4087 54. 2920 24. 0532 28. 7299 69.8292 448. 57 70.1510 2. 0274 October j 372.40 23.4451 16. 7103 4. 5315 .9112 12. 4343 54. 5740 24. 0690 28. 7902 67. 2262 461. 23 70. 7755 2. 0443 November j 411.04 25. 8723 18. 0564 4. 8623 .9817 13.1129 60. 0625 26.5491 31. 0223 75. 7400 5C9. 29 76. 2484 2. 2035 December I 408.72 25. 7075 17. 7024 4. 6892 .9547 12. 7918 59.7025 26.3911 30. 2473 73. 7068 505. 76 74. 5870 2.1628 1934—January | 403.47 25. 3722 17. 9281 4. 6505 .9614 13. 0042 58.9185 26. 0418 30. 6420 499. 09 75. 8051 2.1818 Februarys | 401.81 25. 2835 18.5984 4. 6321 .9923 13. 3001 58. 7852 25. 9554 31.7374 497.42 78. 7499 2. 2468 1 Nominal since April 1933. 2 Partly nominal since April 1933. 3 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 based on new yuan for Apr. 10-30. Average quotation of old yuan for Apr. 1-9 was 20.5383 cents. 4 Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average quotation shown for December 1933 based on paper peso for Dec. 13-31. Average quotation of gold peso for Dec. 1-10 was 75.8904 cents. No quotations Dec. 11 and 12. 5 After close of business Jan. 31, 1934, gold content of dollar was reduced from 25 8/10 grains to 15 5/21 grains of gold, nine tenths fine. 9 Silver pssq quoted in place of gold peso beginning July 30, 1931. Average quotation shown for 1931 based on silver peso for July 30-Dec.31. Average quotation for gold peso for Jan. 2-July 29 was 47.6510 cents. Back figures,—See BULLETIN for January 1933, 1932, 1931, 1930, and 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
178 FEDERAL RESERVE BULLETIN MARCH 1934 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100)» Year and month ( U a S v n t e a i r t t a e e g s d e ( 1 D 9 E 2 e n 1 c g = e l m 1 a 0 n b 0 d e ) r 2 ( a 1 g 9 F 1 e r = 3 a n 1 a 0 c v e 0 e ) r- G ( p a e r v r i e c m r e a a ) g n 3 e y U S n ta i t t e e s d England 2 France Germany price) Number of issues.._ 60 87 36 169 421 278 300 329 1926 97.0 110.0 57.4 100.0 100.0 100.0 100.0 1927 98.9 110.7 71.4 118.3 107.0 123.2 145.0 1928 . 98.7 112.3 80.8 85.5 149.9 115.9 178.1 136.1 1929.. _ 95.7 110.2 85.1 81.4 190.3 119.5 217.6 122.8 1930 98.3 111.8 95.8 83.3 149.8 102.6 187.6 100.2 1931 96.1 108.4 96.9 <83.4 94.2 78.9 132.2 «78.0 1932 81.1 113.2 88.6 * 67.1 48.4 67.9 105.2 <50.3 1932—September 87.0 118.4 89.5 67.4 58.2 72.7 104.3 54.1 October 85.2 120.3 89.1 70.1 49.9 72.4 97.4 52.5 November __ _ 83.1 115.9 88.9 72.9 47.5 72.7 100.0 53.4 December 82.2 116.1 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 59.3 February 82.5 118.4 85.3 79.9 44.9 72.2 97.9 59.4 March . 76.7 118.4 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 9a 3 57.0 No vftm hftr 82 6 122.3 79.6 87.9 69.1 80.9 95.7 68.7 December _ 83.6 122.0 79.9 89.6 70.4 81.4 95.3 61.8 1934—January __. 88.3 123.6 78.7 92.0 75.6 85.5 92.3 64.4 * Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. 2 Annual indexes for English bonds and stocks are unweighted averages of monthly indexes. * New series compiled by the Statistisches Reichsamt beginning with January 1928; weighted average of the prices of 169 6-percent bonds. Annual indexes for German bonds are unweighted averages of monthly indexes. < Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months, January- June; index for 1932 represents average of months May-December. Back figures.—See BULLETIN for February 1932, p. 121, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Year and month (1 U 9 S 2 n t 6 a i = t t e e 1 s d 00) (1 C 92 a 6 n = a 1 d 0 a 0) (1 E 9 n 1 g 3 l = a 1 n 0 d 0) (19 F 1 r 3 a = n 1 c 0 e 0) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a = ly 100) 1 ( 9 O J 0 a c 0 p t = o a 1 b n 0 e 0 r ) (1 N 9 l 1 e a 3 t n h = d e 1 s r 0 - 0) 1926 100 100 148 695 134 602 237 145 L927 95 98 142 642 138 495 225 148 1928 97 96 140 645 140 462 226 149 1929._ 95 96 137 627 137 445 220 142 1930__. 86 87 120 554 125 383 181 117 1931 73 72 104 502 111 328 153 97 1932_ 65 67 102 427 97 304 161 79 1932— 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 69 103 403 96 273 179 76 December 71 69 103 407 96 275 176 77 1934—January 72 71 105 405 96 276 176 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
179 MARCH 1934 FEDERAL RESERVE BULLETIN 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) Germany (1913=100) Year and 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 i u a u l s c - ts p an r F o d a d r f u 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 g o u r d r i u c a u l c l t - s P s r io o n v s i- a p t f r n I i r i n n o d a i d d l s s u u h r e a s c m e - w t d s i- p tr I r i i n o s a d h d l u e u fi d s c n - t - s 1926 100 100 100 155 144 581 793 129 132 85 150 1927 - 99 97 94 152 136 599 678 138 129 132 147 1928. 106 101 93 152 134 584 134 133 134 159 1929. 105 100 92 145 132 579 130 125 132 157 1930. 88 91 85 127 116 526 579 113 113 120 150 1931 65 75 75 112 100 542 464 104 96 103 136 1932 48 61 70 111 97 482 91 86 118 1932—September 49 62 70 107 99 445 384 115 October... 47 61 70 106 98 450 379 115 November 47 61 70 107 98 458 373 114 December. 44 58 108 97 456 375 114 4933—January... 43 56 107 97 455 373 113 February. 41 54 105 96 443 370 112 March 43 55 102 95 417 368 112 April 45 56 101 95 407 369 111 May 50 59 102 98 390 376 112 June 53 61 104 101 418 390 112 July 60 66 101 103 414 113 August 58 65 104 102 407 113 September 57 65 105 102 413 383 114 October. _. 56 64 104 102 417 379 114 November. 57 64 104 102 425 384 114 December. 56 63 103 103 432 385 114 1934—January ... 59 104 105 387 90 114 RETAIL FOOD PRICES COST OF LIVING United England France Germany United England France Germany Year and month States (July (July (1913- Year and month States (July (Jan.-June (1913- (1913=100) 1914=100) 1914=100) 14=100) 2 (1913=100) 1914=100) 1914=100) i 14=100) » 1926 161 161 113 144 1926.. 175 170 85 141 1927. 155 156 113 152 1927.. 173 164 104 148 1928 154 157 112 152 1928.. 171 166 105 152 1929.. 157 154 124 155 1929.. 171 164 113 154 1930 147 145 125 143 1930.. 164 158 118 147 1931 121 131 124 128 1931.. 148 148 116 136 1932... 102 126 109 112 1932_. 134 144 107 121 1932— September 100 123 102 111 1932—September.. 141 105 120 October 100 125 102 110 October 143 119 November 99 125 104 110 November.. 143 119 December - 125 103 109 December.. 132 143 105 118 1933—January 95 102 107 1933—January 142 117 February 91 122 103 107 February.. 141 117 March 91 119 101 106 March 139 106 117 April 90 115 99 106 April 137 117 May 94 114 97 110 May._ 136 118 June. 97 114 97 111 June 128 136 105 119 July 105 118 95 111 July 138 119 August U07 119 97 110 August 139 118 September 3 107 122 98 111 September. 141 119 October. 3 107 123 101 112 October. 141 120 November 3 107 126 103 113 November.. 143 121 December 3 104 126 104 114 December.. 135 143 167 121 1934—January 3 105 124 105 114 1934—January 142 121 1 This index, unlike that for wholesale prices in France, represents prices converted to the gold basis of 1914. J Average of October 1913, January, April, and July 1914=100. 3 Figures for the period nearest the 15th of the month. Since August 1933 the Bureau of Labor Statistics has published semimonthly indexes, which this year have been as follows: Jan. 2, 104.5; Jan. 16, 105.2; Jan. 30,105.8; and Feb. 13,108. 3. For indexes available in 1933 see BULLETIN for February 1934, p. 120. SOURCS: 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 Gene>ale, and for cost of living Commission d'etudes relatives au cout de la vie a Paris Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
180 FEDERAL RESERVE BULLETIN MARCH 1934 LAW DEPARTMENT Computation of reserves against savings deposits tion whether a Federal home loan bank is a The Federal Reserve Board has recently been "bank * * * organized or operating unpresented with the question whether, in the der the laws of the United States" within the event a member bank should require notice to meaning of section 8A of the Clayton Act. be given with respect to all savings accounts, a A Federal home loan bank established purdeposit with respect to which notice has been suant to the provisions of the Federal Home so required and given must be regarded as a Loan Bank Act is authorized to receive dedemand deposit for the purpose of computing posits, not subject to check, from its members reserves thereon. In such circumstances, the and nonmember borrowers, and to make loans Board expressed the view that a deposit with to its members and nonmember borrowers respect to which notice has been required and under certain prescribed conditions. Moregiven must be classified as a demand deposit over, the law provides that, when designated for the purpose of computing reserves beginning for that purpose by the Secretary of the 30 days prior to the date when such deposit, Treasury, it shall be a depositary of public under the terms of the notice, shall be payable. money, and it may be employed as a financial The question has also arisen whether, if a agent of the Government. In the latter camember bank should decide to allow monthly pacities it must perform all such reasonable withdrawals from savings deposits of sums up duties as may be required of it. to $100 without requiring notice of such with- In the circumstances, the Federal Reserve drawals, it would be required to treat each Board expressed the opinion that a Federal account up to $100 as a demand deposit for the home loan bank is a bank organized or operatpurpose of computing reserves. Although no- ing under the laws of the United States within tice of withdrawal may not actually be re- the meaning of the Clayton Act; and, accordquired with respect to the sums in question, ingly, that a director, officer, or employee the bank still has the legal right to require thereof is prohibited by section 8A of that act such notice if it so desires, subject to the pro- from serving at the same time as a director, visions of section VI of Regulation Q. There- officer, or employee of a corporation (other fore, if an account of the kind in question con- than a mutual savings bank), or as a member stitutes a savings account within the meaning of a partnership, which makes loans secured of Regulation D, the entire amount thereof by stock or bond collateral to any individual, remains a savings account notwithstanding association, partnership, or corporation other that the bank may permit the withdrawal of than its own subsidiaries, unless there is in limited amounts from other similar accounts force a permit therefor issued by the Federal without requiring notice; and, accordingly, Reserve Board pursuant to the provisions of such deposits require a reserve of 3 percent section 8 of the Clayton Act. only. As stated, however, if notice of withdrawal is required and given, the amount which may be withdrawn pursuant to such notice Authority of Federal Reserve Board under Clayton must be classified as a demand deposit for re- Antitrust Act to issue permit for service of director serve purposes from the time when, as the of Morris Plan company as director of national bank result of the giving of such notice, it is payable One of the questions arising under the within 30 days. Clayton Antitrust Act which was recently In this connection, it was observed that in- considered was whether a director of a national terest may be paid on deposits which conform bank may lawfully obtain a permit from the to the definition of savings deposits contained Federal Reserve Board to serve at the same in Regulation Q, in accordance with subsec- time as a director of a Morris Plan company tions (d) and (e) of section V of that regulation, operating under the laws of the State of whether or not notice of withdrawal has actually Minnesota. been required or given with respect to such Under the provisions of section 8 of the deposits. Clayton Antitrust Act, the Federal Reserve Board is authorized to issue permits under Applicability of Clayton Antitrust Act to Federal certain conditions covering relationships behome loan banks tween "banks, banking associations, or trust The Federal Reserve Board has received a companies" which are otherwise prohibited by number of inquiries with respect to the ques- any of the provisions of that act; but the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDERAL RESERVE BULLETIN 181 Board has no such authority with respect to of section 8 of the Clayton Act, as amended by other institutions. It was necessary, there- the act of March 2, 1929, is as follows: fore, to determine first whether the Morris Provided, That nothing in this section shall apply to Plan company in question was a bank, banking mutual savings banks not having a capital stock repreassociation, or trust company within the mean- sented by shares, to joint-stock land banks organized ing of the Clayton Act. under the provisions of the Federal Farm Loan Act, It appeared that the company was subject or to other banking institutions which do no commercial banking business; to the provisions of chapter 246 of the Minnesota laws of 1933, relating to "industrial loan and the last proviso of the section as amended and thrift companies77 and was prohibited by the act of March 9, 1928, reads as follows: under that act from carrying commercial or And -provided farther, That nothing in this Act shall demand banking accounts, from using the prohibit any private banker from being an officer, word "bank77 or "banking77 in its corporate director, or employee of not more than two banks, name, and from receiving savings accounts or banking associations, or trust companies, or prohibit other deposits. However, the company was any officer, director, or employee of any bank, banking association, or trust company, or any class A director authorized to discount or purchase notes, bills of a Federal reserve bank, from being an officer, of exchange, acceptances, or other choses in director, or employee of not more than two other action, and it was engaged in issuing interest- banks, banking associations, or trust companies, bearing certificates of indebtedness, which may whether organized under the laws of the United States or any State, if in any such case there is in under the statute be issued "under any descripforce a permit therefor issued by the Federal Reserve tive name77, and which are redeemable by the Board; and the Federal Reserve Board is authorized owners thereof on 30 days7 notice in writing. to issue such permit if in its judgment it is not incom- While termed "investment certificates", such patible with the public interest, and to revoke any such permit whenever it finds, after reasonable notice and certificates nevertheless actually represent deopportunity to be heard, that the public interest reposits and serve the same purpose as certificates quires its revocation. of deposit. Notwithstanding the provisions of Notwithstanding the literal import of the the State law, therefore, it appeared that the first proviso mentioned, it appears that the Morris Plan company in question was receiving purpose of the amendment of March 2, 1929, deposits as a matter of fact. The company was to restrict the scope of the prohibitions of was also authorized to lend money upon the section 8 of the Clayton Act and that to intersecurity of comakers, personal chattels or other pret the statute in such a way as to broaden property, exclusive of real estate, and to require the prohibitory effect of the provisions of the that the borrower purchase and pledge with now existing law would be inconsistent with the the company as security a certificate of indebtintention of Congress in this respect. After a edness of the company in the same amount as careful consideration of the provisions of the the loan secured thereby, providing for paystatute as a whole, the Board expressed the ments in periodic installments extending over opinion that the authority conferred by the substantially the period of the loan. It further last proviso clause in section 8 should be conappeared that a Minnesota Morris Plan comsidered as controlling with respect to this quespany is subject to the same supervision and tion and, accordingly, that the Board may lawcontrol by the State Banking Department as fully grant a permit covering relationships State banks engaged in other forms of banking between national banks and other banking inbusiness. In the circumstances, the Board stitutions which do no commercial banking expressed the opinion that the Morris Plan business. company in question organized under the laws The Board stated, therefore, that it would of Minnesota exercises the functions of a bank give consideration to applications, if and when and is therefore properly to be regarded as a submitted, covering interlocking directorates bank or banking institution within the meaning between a national bank and the Morris Plan of the provisions of the Clayton Antitrust Act. company in question organized under the laws However, in view of the fact that a Minne- of Minnesota. sota Morris Plan company apparently does no commercial banking business, the further question was presented whether the Board is author- Application of section 8A of the Clayton Act to a director of a Federal savings and loan association ized under section 8 of the Clayton Act to grant permits covering relationships between national In response to an inquiry, the Federal banks and other banking institutions which do Reserve Board recently considered the question no commercial banking business. In this con- whether the service of a person as a director nection it is to be noted that the first proviso of a Federal savings and loan association Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
182 FEDERAL RESERVE BULLETIN MARCH 1934 organized under the provisions of the Home spite the fact that the trust company did not Owners' Loan Corporation Act of 1933 is af- itself own any shares of stock of the four fected by the provisions of section 8A of the national banks, the Board also held that Clayton Act. Under the law such an associa- under the provisions of section 5144 of the tion may not accept deposits or issue certifi- Revised Statutes, as amended, the corporation cates of indebtedness except for borrowed could not lawfully vote the stock which it money and it may lend its funds only on the owned in the four national banks referred to security of its shares or on the security of first unless the corporation and the trust company liens upon homes or business property. In should each first obtain a voting permit from the circumstances it is the Board's opinion the Board. that such an association does not constitute a "bank, banking association, or trust com- Extension of Glass-Steagall Act pany " within the meaning of section 8A of the There are printed below a proclamation of Clayton Act and, moreover, that loans made the President and an act of Congress, the by such an association on the security of its effects of which are to extend for further periods own shares in accordance with the provisions the authority to make advances to members of the Home Owners' Loan Act of 1933 are banks on paper not eligible for discount under not loans "secured by stock or bond colpermanent provisions of the act and to use lateral" of the kind referred to in section 8A United States Government obligations as colof the Clayton Act. This section therefore lateral against Federal Reserve notes. does not prohibit a director, officer, or employee of a national bank from serving at the same time as a director, officer, or employee of such EXTENDING FOR 1 YEAR THE PERIOD WITHIN a Federal savings and loan association. In WHICH ADVANCES MAY BE MADE UNDER this connection the same principle is applicable SECTION 10 (B) OF THE FEDERAL RESERVE as that applied in the ruling published in the ACT AS AMENDED FEDERAL RESERVE BULLETIN for October 1933, at page 654, relating to loans made by a build- BY THE PRESIDENT OF THE UNITED STATES OF ing and loan association to its shareholders on AMERICA the security of stock of the association. A PROCLAMATION Whereas section 10 (b) of the Federal Re- Possibility of the existence of more than one "holding serve Act as amended by the act of February company affiliate" of a member bank 27, 1932 (ch. 58, 47 Stat. 56), by the act of In a ruling which has frequently been reiter- February 3, 1933 (ch. 34, 47 Stat. 794), and by ated, the Federal Reserve Board has held that the act of March 9, 1933 (Public, No. 1, 73d there may be more than one holding company Cong.), reads as follows: affiliate of a member bank within the meaning "SEC. 10 (b). In exceptional and exigent circumof section 5144 of the Revised Statutes of the stances, and when any member bank has no further United States, as amended, and the definition eligible and acceptable assets available to enable it to obtain adequate credit accommodations through redisof the term "holding company affiliate" in counting at the Federal reserve bank or any other section 2 (c) of the Banking Act of 1933. method provided by this Act other than that provided The facts submitted to the Board showed by section 10 (a), any Federal reserve bank, under rules that a certain trust company held all of the and regulations prescribed by the Federal Reserve Board, may make advances to such member bank on outstanding voting stock of a certain corporaits time or demand notes secured to the satisfaction of tion and that the corporation in turn owned a such Federal reserve bank. Each such note shall bear majority of the shares of capital stock of each interest at a rate not less than 1 per centum per annum of four national banks. Upon the assumption higher than the highest discount rate in effect at such Federal reserve bank on the date of such note. No that the holding of the voting stock of the coradvance shall be made under this section after March 3, poration meant the ownership of such stock, 1934, or after the expiration of such additional period the Board found that the trust company con- not exceeding one year as the President may prescribe."; trolled indirectly through the medium of the and corporation a majority of the shares of capital Whereas I, Franklin D. Roosevelt, President stock of each of the four national banks and of the United States of America, deem itthat it was therefore a holding company affiliate advisable that the authority of the Federal of each such bank as defined in subsection (c) Reserve banks to make advances under the of section 2 of the Banking Act of 1933. De- provisions of said section 10 (b) of the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDERAL RESERVE BULLETIN 183 Reserve Act be continued for an additional the Federal Reserve Act, as amended, is amended to period after March 3, 1934; read as follows: Now, therefore, I, Franklin D. Roosevelt, "AnjT Federal Reserve bank may make application to the local Federal Reserve agent for such amount of President of the United States of America, the Federal Reserve notes hereinbefore provided for as acting under and by virtue of the authority it may require. Such application shall be accompanied conferred upon me by said section 10 (b) of the with a tender to the local Federal Reserve agent of Federal Reserve Act. do hereby proclaim, collateral in amount equal to the sum of the Federal Reserve notes thus applied for and issued pursuant to declare, and prescribe an additional period of 1 such application. The collateral security thus offered year after March 3, 1934, during which shall be notes, drafts, bills of exchange, or acceptances advances may be made by any Federal Reserve acquired under the provisions of section 13 of this Act, bank under the provisions of said section. or bills of exchange indorsed by a member bank of any Federal Reserve district and purchased under the In witness whereof, I have hereunto set my provisions of section 14 of this Act, or bankers' accepthand and caused the seal of the United States ances purchased under the provisions of said section to be affixed. 14, or gold certificates: Provided^ however, That until Done at the City of Washington this 16th March 3, 1935, or until the expiration of such additional period not exceeding two years as the President day of February, in the year of our may prescribe, the Federal Reserve Board may, should [SEAL] Lord nineteen hundred and thirty-four, it deem it in the public interest, upon the affirmative and of the Independence of the United vote of not less than a majority of its members, author- States of America the one hundred and fifty- ize the Federal Reserve banks to offer, and the Federal Reserve agents to accept, as such collateral security, eighth. direct obligations of the United States. On suph date FRANKLIN D. ROOSEVELT. or upon the expiration of such period so prescribed by the President, or sooner should the Federal Reserve By the President: Board so decide, such authorization shall terminate and such obligations of the United States be retired as CORDELL HULL, security for Federal Reserve notes. In no event shall Secretary of State. such collateral security be less than the amount of Federal Reserve notes applied for. The Federal Reserve agent shall each day notify the Federal Reserve [PUBLIC—No. 115—73D CONGRESS] Board of all issues and withdrawals of Federal Reserve notes to and by the Federal Reserve bank to which he is [S. 2766] accredited. The said Federal Reserve Board may at AN ACT any time call upon a Federal Reserve bank for additional security to protect the Federal Reserve notes To extend the period during which direct obligations of the United States issued to it." may be used as collateral security for Federal Reserve notes. Approved March 6, 1934. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the second paragraph of section 16 of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
184 FEDERAL RESERVE BULLETIN MARCH 1934 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures. In millions of dollars] [In thousands of dollars] 1934 1933 Wednesday series (1934) Federal Reserve bank Federal Reserve bank February January February Feb. 7 Feb. 14 Feb. 21 Feb. 28 Boston 2.0 3.7 12.1 Boston 2,127 1,800 1,731 2,390 New York 32.3 45.6 68.2 New York... 33, 386 32, 016 31, 656 30, 287 Philadelphia. 19.8 24.5 53.9 Philadelphia. 20, 035 19, 502 19, 533 Cleveland.. 4.0 7.1 37.8 Cleveland. . 4,329 4, 055 3,535 3,647 Richmond. 2.7 4.0 18.2 Richmond. 3,061 2,648 2,200 2,074 Atlanta 2.4 5.4 19.2 Atlanta 3,005 1,740 1,469 1,343 Chicago 2.2 3.3 26.2 Chicago 2,367 2,139 2,116 2,152 St. Louis .7 1.3 5.7 St. Louis 815 817 571 497 Minneapolis-. 1.3 1.7 10.4 Minneapolis. 1,321 1,231 1,304 1,094 Kansas City... .7 1.2 14.7 Kansas City 770 657 531 506 Dallas . 1 .7 4.1 Dallas 157 31 55 63 San Francisco. 1.8 2.2 36.1 San Francisco- 1,954 1,769 1,766 1,651 Total. 70.1 100.6 306.5 Total . 73, 327 68,405 66,467 64,390 Back figures. —See Annual Reports for 1932 (table9), 1931 (table 80), 1928 Back figures.—See Annual Reports for 1932 (table 13), 1931 (table 83), (table.72), and^l927 (table 55). 1930 (table 78), etc. TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO LIABILITIES [Amounts in thousands of dollars] Averages of daily figures Ratio of total reserves to Total reserves Total deposits Federa ci R rc e u s l e a r t v i e o n notes in d R e e p s o e s rv it e a n n o d t e F l e ia d b e i r l a i l ties combined Federal Reserve tank 1934 1933 1934 1933 1934 1933 1934 1933 February January February February January February February January February Fe a b ry ru- Ja a n ry u- Fe a b ry ru- Boston - . 272,695 262, 520 267, 594 191, 550 182,916 162,336 220,461 225, 985 190,957 66.2 64.2 75.7 New York 958,411 987, 750 891,686 1,069, 223 1,114, 688 1,017,653 606,887 618,707 600,972 57.2 57.0 55.1 Philadelphia 249,905 233,664 221,186 162, 303 154,738 135,031 233,985 230, 754 245,940 63.1 60.6 58.1 Cleveland 338,005 313, 599 264,325 229, 790 211,649 145,168 286,711 284,902 299,838 65.4 63.2 59.4 Richmond - _- -. -_ 169,303 178,870 115,812 104, 463 101, 686 69,627 147,459 151, 790 103,892 67.2 70.6 66.7 Atlanta 145, 476 128,015 97, 302 88,419 75,122 49,337 122, 760 122,342 109, 389 68.9 64.8 61.3 Chicago. - - -- 909, 374 896,002 929, 465 532, 501 520,853 416,785 764,079 765,646 759,105 70.1 69.6 79.0 St. Louis 179, 643 178, 665 139,099 123,057 121,275 65,232 137,621 139,454 136,155 68.9 68.5 69.1 Minneapolis.- - - - 111,524 103,044 71,493 72,623 66,701 44,889 95,376 92,874 86, 535 66.4 64.6 54.4 Kansas City _ .. 170, 512 166,119 117,339 135, 556 134, 310 82,419 108,088 106,393 101,557 70.0 69.0 63.8 Dallas 94,174 86, 565 50,093 113,192 102,908 55, 785 41, 325 41,660 36,371 60.9 59.9 54.4 San Francisco .. _ _ . . 268, 300 263, 594 268,129 215,871 210,950 162,002 197,810 203,332 247,983 64.9 63.6 65.4 Total 3, 867, 322 3, 798, 407 3, 433, 523 3,038, 548 2,997, 796 2,406, 264 2,962, 562 2,983,839 2,918,694 64.4 63.5 64. 5 i Includes " Federal Reserve notes of other Reserve banks" as follows: Latest month, $15,200,000; month ago, $19,573,000; year ago, $11,663,000. Back figures.—See Annual Report for 1931 (table 8) and 1928 (table 2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
185 MAECH 1934 FEDERAL RESERVE BULLETIN EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, FEB. 28, 1934 [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 la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou 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 i r s a a c n n o - Gold certificates on hand and due from U.S. Treasury 895,811 271,943 177, 221,743 24,960 .55, 585.22,388 863,916.66,221 95,851 63,601 89,067 J42,547 Redemption fund—F.R. notes 35,138 2,953 3,625 3,755 3,709 1,955 2,675 6,745 1,361 1,335 882 734 5,409 Other cash _ 208,727 17,986 33,505 14,076 8,905 11,099 28,263 8,535 9,484 8,924 5,919 13,049 Total reserves ... 139,676 292,88: 230,596 259',,003 142, 745 .66, 445.36,162 76,117 .06,670 .73,407 95, 720261,005 Redemption fund—F.R. bank notes..- 12,595 1,250 3,186 1,100 1,304 258 361 1,757 56r 500 557 771 Bills discounted: Secured by U.S.Govt. obligations.. 18,362 1,472 10,397 3,851 220 665 283 1 39 407 Other bills discounted 46,028 918 19,890 14,835 2,708 1,854 1,255 214 1,093 467 63 1,244 Total bills discounted 64,390 2,390 30, 287 18,686 3,647 2,074 1,343 2,152 497 1,094 506 63 1,651 Bills bought in open market. 62,345 12,943 3,060 3,788 6,525 2,022 2,454 7,186 2,640 1,846 2,013 11, 254 6,614 "U.S. Government securities: Bonds 442,830 24,400 165, 518 28,070 32,158 14,125 12,270 76,949 14,493 16, 343 14,112 19,282 25,110 Treasury notes 055,420 71,104 348,327 74,198 96,489 42,379 36, 784 177,518 41,990 26,458 36,988 27,845 75,340 Certificates and bills 933, 701 62,178 287, 910 64,852 84,377 37,059 32,166 182,876 36, 717 22,993 32,344 24,348 65,881 Total U.S.Govt. securities. 431,951 57, 682 801, 755 .67,120213,024 93,563 81,220 437,343 93,200 65,794 3,444 71,475 .66,331 Other securities 653 143 510 Total bills and securities.. 559,339 .73, 015 835, 245 .90,104223,196 97,659 85,017 446,681 96,337 68,734 82,79: 74,596 Due from foreign banks 3,485 256 1,380 370 326 129 119 448 1 11 95 91 241 F.R. notes of other banks 13,293 394 4,152 496 914 516 1,055 1,984 1,050 791 714 310 917 Uncollected items 410,791 42,74' 106,94f 31,428 38,952 36,091 14,041 54,633 17, 295 9,348 23,482 15, 001 20,826 Bank premises 52,382 3,224 11,424 3,968 6,788 3,128 2,372 7,382 3,110 1,657 3,485 1,754 4,090 Fed. Dep. Ins. Corp. stock 69,650 5,115 21, 265 7,310 7,073 2,904 2,636 9,874 2,547 1,755 2,066 2,180 4,925 All other assets 47, 791 980 28,391 5,508 1,498 2,275 3,446 1,292 392 1,376 915 891 827 Total assets. 7, 309,002 19, 863 242, 586 522, 796309, 405245, 2091,422,975297,852190,904 290,627 199,300468,198 F.R. notes in actual circulation 2,979,637 221,840 610,321 235,64' 290,446148,709 .23,172 767, 788 136,840 95,981109,109 41, 204198, 583 F.R. bank notes in actual circulation 195,376 21, 646 52, 740 18, 857 21,804 4,358 4,258 25,287 9,332 6,87' 9,382 8,754 12,081 Deposits: Member bank—reserve account 3,093,119193, 254 , 270, 783.57,989 2201,,884 96,154 73,544 501,942100,187 57,238 125,,946112,875182,323 Government 45,261 4,568 9,612 1,753 2,372 2,636 5,930 3,963 3,512 3,676 2,178 1,184 3,877 Foreign bank 3,433 1,913 242 223 88 81 293 7 54 65 65 165 Special deposits: 167 Member bank 29, 248 1,634 4,81 4,505 1,377 1,773 8,037 929 1,495 326 1,874 Nonmenber bank 11,994 153 863 1,875 114 759 283 7,155 428 517 Other deposits 82,326 31,162 1,760 1,748 2,879 5,479 1,288 5,509 4,610 2,067 15,395 "§,"44: Total deposits 3, 265,381201,583 , 315, 967168,432229,846 03, 893 87,090 515, 523118,772 136,672 16,51 204,151 Deferred availability items _ 406,909 42, 787 102, 554 29, 794 37, 062 35, 210 13, 056 57,034 18, 064 10,137 22,880 16,851 21,480 Capital paid in _ _ 145,310 10, 655 58,492 15,785 12, 731 5,011 4,472 12, 776 3,917 2,858 4,087 3,891 10, 635 Surplus _ 138,383 9,6ir 45, 21" 13,352 14,090 5,17 5,145 20, 68 4,756 3,420 3,613 3,683 9,645 Subscription for Fed. Dep. Ins Corp. stock: Paid 69,65C 5,11 21, 265 7,31i 7,073 2,904 2,636 9,87' 2,54' 1,755 2,066 2,180 4,925 Called for payment on Apr. 15 69,650 5,11 21, 265 7,3H 7,073 2,904 2,636 9,87' 2,54' 1,755 2,066 2,180 4,925 All other liabilities 38,706 1,51 14, 765 2, SO; 2,671 1,24, 2,744 4,131 1,077 1,186 75r 4,040 1,773 Total liabilities ,309, 002519,86c 2, 242, 58C499,28' 622, 796309, 40£245, 209 1, 422, 975297,852190,904 290, 627199, 300 468,198 Ratio of total reserves to deposit and F.R. note liabilities combined 63. S 64.: 65.9 65. 64.8 70. C 68.9 65. 5 70.6 60. 64.8 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to F.R. bank by F.R. agent._ 3,224,644236,871 680, 55! 250,26S304, 640155,75 142, 706 804,556142, 701100, 555114,998 45, 558 245i,, 482 Held by Federal Reserve bank _ 245, 007 15, 03C 70,23: 14,62£ 14,194 7,042 19, 534 36,768 5,861 4,574 5,889 4,354 46,899 In actual circulation 2,979,63: 221,841 610, 32: 235, 644 290, 446148,70S123,172 767,788136,840 95, 98J 109,109 41, 204198,583 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U.S. Treasury 2, 765,31?214,67: 683, 706185,000239,886121, 59S 697,713 123,69' 78,444 110,290 38,163175,763 Eligible paper 95,14r 14, 76S 21,428 11,054 8,463 2,991 2,859 7,384 2", 9"34 2,355 2,13: 11,149 7,626 U.S. Govt. securities 412,80C 8,50C 55,000 60,00C 32,00C 45,000 102,000 17,000 21,300 5,000 67,000 Total collateral-_. 3,273,26: 237,94 705,13- 251,054308, 34S156, 59C144, 244 807, 097 143, 63: 102, 099 117, 427 49,312250,389 F.R. BANK NOTE STATEMENT Federal Reserve bank notes: Issued to F.R. bank (outstanding) 219, 744 23, 23: 62, 92C 24, 22, 7& 4,35$ 5,00C 26,927 9,629 7,082 1,495 9,905 13,761 Held by Federal Reserve bank 24,36* 1,581 10,18( 5,78: 74f 1,640 297 205 113 1,14! 1,680 In actual circulation 195, 371 21,64( 52, 74i 18,85: 21,804 4,25$ 25,287 9,332 6,877 8,754 12,081 Collateral pledged against outstanding notes: Discounted and purchased bills. 1,144 1,13' U.S. Govt. securities 249, 774 30,00( 64, 27' 26, 50C 25,00C 5,00C 6,000 36,000 11,000 10,000 10,000 ll,00C 15,000 Total collateral . 250,91 30, 00C 64, 27' 26, 50C 26,13' 5,000 6,00C 36,000 11,010 10,000 10,000 ll,00C 15,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1933 00 o EARNINGS Philadel- Minne- Kansas San Fran- Total Boston New York phia Cleveland Richmond Atlanta Chicago St. Louis apolis City Dallas cisco Discounted bills $9,137,038 $302, 777 .2, 572,465 $1, 550, 233 $1,105, 782 $517,965 $521, 500 $618, 806 $133,497 $221, 740 $296, 744 $143,462 $1,152,067 Purchased bills 1,238,068 227,020 288,117 59, 542 71, 395 51, 639 44, 602 234,060 44,693 37,596 25, 636 20,498 133, 270 United States Government securities 37, 529,872 2,135, 075 14, 255, 732 2, 658, 248 3,417, 256 1, 060, 611 1,024,999 5, 667, 501 1, 372, 392 1,179, 975 1,199,837 1,062,719 2,495, 527 Deficient reserve penalties 191,051 2,500 19,476 25, 791 19, 545 13, 971 21,613 20, 554 9,938 8,017 5,161 9,192 35, 293 Miscellaneous 1,391,289 106, 709 388,140 17,621 91,113 55,005 73, 783 223, 633 68, 616 50,341 214,882 15,405 86,041 Total earnings 49, 487, 318 2, 774,081 17,523,930 4,311,435 4, 705,091 1, 699,191 1, 686, 497 6, 764, 554 1, 629,136 1,497, 669 1, 742, 260 1, 251, 276 3,902,198 CURRENT EXPENSES Salaries: Officers $2, 634, 532 $135, 098 $575, 340 $133, 294 $240, 747 $172,143 $194, 010 $323, 355 $172, 004 $105, 369 $174,473 $161,963 $246,736 Clerical employees 11, 433, 766 792,883 3,109, 770 996,193 1, 053, 976 599,415 393,356 1,437, 279 567, 215 367, 666 611,977 468,376 1,035,660 Other employees 3, 344, 097 156, 431 877,762 159, 527 448,013 166. 904 92, 215 489, 475 151, 905 119, 742 216, 775 119, 680 345, 668 Governors' conferences 5,168 230 56 461 130 472 351 367 806 387 515 1,294 Federal Reserve agents' conferences 2,366 308 124 94 43 94 252 342 194 307 203 405 Federal Advisory Council 13,913 1,100 702 700 300 300 866 1,281 1,300 1,299 1,050 1,715 3,307 Directors' meetings 180,043 6,942 22,417 7,378 12, 024 9,635 23, 268 13,098 15, 228 9,533 29, 269 8,784 22,460 Traveling expenses 1 296, 260 12, 343 29, 665 30,124 22,323 20, 771 21. 938 37, 070 15, 670 31, 307 18,882 13,392 42, 775 Assessments for Federal Reserve Board's CO expenses 800,160 58,366 268, 743 84,512 78, 217 31, 643 28, 655 101, 295 26, 892 18, 473 23, 221 23,602 56, 541 Legal fees 120, 259 2,400 11, 220 9,216 28, 781 1,612 8,844 14,107 -1,371 14, 456 10,191 10,488 10,315 Insurance on currency and security ship- % ments 374, 378 45, 760 77, 628 36, 237 31,218 20, 770 28,483 51,191 9,709 11, 200 12,986 14,428 34, 768 Other insurance 473, 721 32,418 80,475 36, 015 38, 368 23,738 28,775 39, 673 46, 012 32, 340 46,660 27,972 41, 275 Taxes on banking house 1, 242, 383 126,535 364,863 56, 661 133,033 69, 226 56, 548 96,109 53, 639 68, 319 87, 226 32,867 97,357 Light, heat, power, and water 348,860 22,607 62, 734 22, 458 37, 037 16, 362 18, 245 48,568 22,552 18, 794 30,818 18, 663 30, 022 Repairs and alterations, banking house.. 123, 437 7,888 8,763 15,551 1,362 4,345 15,152 5,791 1,940 7,541 1,322 14,69-3 Rent 165,279 480 1,102 85, 628 15, 603 4,350 1,079 3,000 1,430 52, 607 Office and other supplies 349, 303 16, 208 74, 240 33,097 40, 239 21, 897 15,161 47, 488 14, 582 17,017 20, 692 10, 359 38,323 Printing and stationery 470, 719 36,090 80,910 37,154 51, 371 25, 307 24,069 71, 535 24, 775 18, 993 23, 779 16, 597 60,139 Telephone 298, 853 21, 246 82,347 37, 656 24, 944 12, 889 9,910 29, 709 15,917 9,785 9,897 11, 306 33,247 Telegraph ' 466, 442 11,059 99,141 25, 492 26, 864 31,065 46,495 34, 519 34, 241 17,063 51, 473 32, 065 56,965 Postage... 2, 425, 528 257,871 403,251 209, 935 214, 284 165, 864 147, 748 323, 666 111,757 109, 670 171,482 114,385 195, 615 . Expressage 490, 216 51, 831 120, 856 54, 567 36,875 30, 301 31, 533 64, 448 16, 507 11,773 24, 942 20, 762 25,821 Miscellaneous expenses 658,324 34,556 133, 896 69, 270 52, 852 30, 308 30, 711 89,104 36, 699 37,957 38, 438 33,988 70, 545 Total, exclusive of cost of currency- 26, 718,007 1, 830, 650 6, 515, 226 2, 049, 450 2, 673, 200 1, 467, 288 1, 210, 091 3,329,804 1, 344, 733 1, 612, 466 1,144, 862 2, 516, 541 Federal Reserve currency: Original cost 1,841,631 167,739 317, 592 135, 640 181,474 65, 712 92,593 397, 865 110, 826 77,960 94, 284 47, 653 152,293 Cost of redemption 156, 952 13,138 40, 630 14, 247 12, 996 8,026 7,280 30,185 9,591 4,245 5,461 2,590 8,563 Taxes on Federal Reserve bank-note circulation _ - 506,247 62, 703 178,903 34, 408 47, 630 3,592 11,303 96,155 8,161 8,193 10,905 25, 693 18,601 T otal current expenses 29, 222,837 2, 074, 230 7,052, 351 2, 233, 745 2,915, 300 1, 544, 618 1, 321, 267 3,854, 009 1,473,311 1,114,094 1, 723,116 1, 220, 798 2, 695,998 i Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PROFIT AND LOSS ACCOUNT Total Boston New York Ph p il h a i d a el- Cleveland m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San ci s F c r o an- Earnings $49, 487, 318 $2, 774, 081 $17,523,930 4, 311, 435 $4, 705, 091 $1,699,191 $1,686,497 $6, 764, 554$1,629,136 $1,497,669 $1, 742, 260 $1, 251, 276 $3,902,198 Current expenses 29, 222, 837 2, 074, 230 ', 052, 351 2, 233, 745 2, 915, 300 1, 544, 618 1, 321, 267 3, 854, 009 1,473,311 1,114, 094 1, 723,116 1, 220, 798 2, 695,998 Current net earnings 20, 264, 481 699,851 10, 471, 579 2, 077, 690 1,789,791 154, 573 365, 230 !, 910, 545 155, 825 383,575 19,144 30,478 1, 206, 200 Additions to current net earnings: Profit on U.S. Government securities sold 1, 056, 246 60,953 426,822 74,192 98, 261 30, 735 31, 536 140, 466 39, 059 26, 308 33, 848 21,934 72,132 Allother , 695, 505 29, 691 220, 400 42,917 40, 216 17, 300 21,154 232, 779 17,836 19, 953 12, 739 12,073 28,447 Total additions 1, 751, 751 647, 222 117,109 138,477 8, 035 52,690 373, 245 56, 895 46, 261 46, 587 34, 007 100, 579 Deductions from current net earnings: Bank premises—depreciation 2, 922, 209 55, 832 1,751,495 149, 560 109, 308 49,855 233, 940 175, 332 90, 371 85, 491 46, 655 174,370 Furniture and equipment .286, 881 41, 319 27, 647 35,161 13, 630 13, 235 24,545 27, 901 19. 547 3, 264 7,750 67,995 Reserve for probable losses 9, 882, 616 702, 323 3, 011,181 2, 483, 524 800, 000 391, 805 185, 643 717, 260 86, 832 234, 590 205, 682 450,050 613, 726 Reserve for self-insurance 569,347 66, 398 500, 000 2,949 All other 397, 772 1,836 50, 681 2,073 '"" 16," 605"" 14," 216" 17, 552 "3,243 36, 620 8,077 ~~2l~584 Total deductions 14, 058,825 764,878 4,921, 074 2, 513, 244 1,196, 585 531, 348 262,949 1,493, 297 303,486 347, 751 334, 006 512,532 877,675 Net deductions from current net earnings 12, 307,074 674, 234 4, 273,852 2, 396,135 1, 058,108 483,313 210, 259 1,120, 052 246, 591 301, 490 287,419 478, 525 777, 096 Net earnings 7, 957,407 25, 617 6,197, 727 -318, 445 731, 683 -328, 740 154, 971 1, 790, 493 -90, 766 82, 085 -268,275 -448,047 429,104 Dividends paid 8, 874, 262 645, 681 3, 509, 873 950, 437 789, 058 308, 388 281, 644 858,127 246, 643 171, 569 250, 321 227,888 634,633 Transferred to surplus __ -916,855 -620, 064 2, 687, 854 -1,268,882 -57,375 -637,128 -126,673 932, 366 -337,409 -89,484 -518, 596 -675, 935 -205, 529 CO SURPLUS ACCOUNT Surplus, Jan. 1, 1933 $278,599,113 $20,460,473 $85,058,421 $29,241,767 $28,293,727 $11,616,583 $10,544,063 $39,497,033 $10,186,225 $7,018, 935 $8, 262, 553 $8, 718, 676 $19, 700, 657 Transferred from net earnings -916,855 -620, 064 2, 687, 854 1,268,882 -57,375 -637,128 -126,673 932,366 337, 409 -518, 596 -675,935 -205, 529 Surplus, Jan. 1, 1934 277,682, 258 19,840,409 87, 746, 275 27, 972,885 28, 236, 352 10,979, 455 10,417,390 40,429,399 9,848,816 !9, 451 7, 743,957 8,042, 741 19,495,128 2 REIMBURSABLE EXPENDITURES OF FEDERAL RESERVE BANKS DURING 1933 (Expenditures as fiscal agents, depositaries, and custodians for the Treasury Department and United States Government agencies) Treasury Department __ __ $406,907 $27, 523 $61, 309 $23, 733 $38, 769 $26, 413 $14, 435 $72, 492 $27, 494 $28, 752 $38,300 $19, 474 $28, 21 c Reconstruction Finance Corporation 1, 827,805 35,179 178, 357 83,816 191, 546 182,151 145,404 514, 362 133,166 71,515 69,077 54,014 169, 218 Other U.S. Government agencies 22, 310 52 11, 513 5,603 4 346 106 690 Total 2, 257, 022 62, 754 251,179 107, 549 230, 315 208,564 165, 442 586, 854 160, 660 104, 613 107, 377 73,594 198,121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
188 FEDERAL RESERVE BULLETIN MAECH 1934 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES) [In millions of dollars] Reserve bank credit outstanding Treasury Treasury cash and Other Month or week co B d u i i n s ll t - s ed bo B u il g ls ht s G e U S m c o n t u v a e i r t e t n i e e t r t i s d n e - s r c O e b r s a t e e h n d r e k v i r t e Total ta M s r t y o o c g n k o e * l - d c a u t n i b r o d r a n e n n n a k l a c - - y c M u in la o t c n i i o e r n - y * M b r a e b e l s a a m e n n r b c k v e e e s r d R F b e w e a e p d n s i o e e k t s h r r s v i a * t e l s ' m de N e p m o o n s b i - e ts r R F c e o e a s d u c e e n - r r t v a s e l 1933—January 255 32 1,806 2,110 4,547 2,204 5,631 2,516 303 351 February 307 102 1,804 2,224 4,491 2,204 5,892 2,291 314 79 344 March 999 379 1,875 3,237 4,260 2,256 1,914 359 134 348 April 429 230 1,837 2,515 4,301 2,302 6,137 2,086 390 156 350 May 339 86 1,846 15 2,286 4,313 2,301 5,876 2,125 371 173 355 June 250 12 1,933 2,208 4,317 2,295 5,742 2,211 353 164 350 July 170 16 2,016 2,211 4,319 2,283 5,675 2,268 347 179 345 August 159 8 2,064 2,239 4,323 2,280 5,616 2,375 316 186 348 September -_ 138 7 2,202 2,358 4,327 2,280 5,632 2,489 328 169 347 October 119 7 2,355 2,492 4,324 2,277 5,656 2,590 333 163 352 November 114 15 2,437 2,574 4,323 2,275 5,681 2,629 349 158 355 December 117 101 2,432 2,669 4,323 2,293 5,811 2,616 357 143 358 1934—January 101 113 2,432 2,656 4,323 2,302 5,669 2,764 397 146 305 February 70 87 2,432 2,597 7,137 2,303 5,339 2,822 3,427 127 322 Week ending Saturday- 1933—Nov. 4 116 7 2,424 2,556 4,323 2,275 5,652 2,625 349 173 355 Nov. 11 113 8 2,439 2,570 4,323 2,275 2,603 358 169 357 Nov. 18 112 16 2,439 2,578 4,323 2,275 5,673 2,649 336 163 356 Nov. 25 113 20 2,437 2,575 4,323 2,276 5,672 2,671 329 146 356 Dec. 2 120 27 2,437 2,591 4,323 2,277 5,731 2,597 146 355 Dec. 9-_ 122 67 2,431 2,628 4,323 2,279 5,773 2,550 397 154 355 Dec. 16 118 117 2,432 2,683 4,323 2,293 5,784 2,635 369 155 357 Dec. 23 117 114 2,432 2,693 4,323 2,298 5,855 2,614 347 135 363 Dec. 30 110 120 2,434 4,323 2,303 5,840 2,669 317 128 361 1934—Jan. 6 103 122 2,434 2,679 4,323 2,303 5,787 2,701 320 145 351 Jan.13 105 113 2,432 2,661 4,323 2,302 5,701 2,719 402 157 307 Jan. 20 102 112 2,432 10 2,656 4,322 2,302 5,656 2,797 396 144 288 Jan. 27 109 2,432 2,641 4,322 2,301 5,603 2,850 385 139 287 Feb. 3 111 2,433 2,631 5,316 2,301 5,308 2,727 1,781 142 290 Feb. 10 2,433 2,612 7,038 2,301 5,333 2,752 3,435 140 291 Feb. 17 2,433 2,602 7,088 2,301 5,335 2,842 3,384 138 292 Feb. 24 67 77 2,431 2,584 7,202 2,301 5,345 2,822 3,496 132 292 RESERVE BANK CREDIT OUTSTANDING AND RELATED ITEMS (END OF MONTH SERIES) [In millions of dollars] Reserve bank credit outstanding Treasury United Moneta- Tr a e n a d sury Money Member c d a e s p h o a s n it d s Non- F O ed th e e r r al End of month Bills States Other ry gold national- in bank with member Reserve co d u is n - t- bo B u il g l h s t G m ov e e n r t n- re b s a e n r k ve Total stock* cu b r a re n n k cy C t ir io C n U * la- b r a e l s a e n r c v e e s R Fe e d se e r r v a e l deposits co a u c n - ts ed securi- credit banks* ties 1933—January... 274 31 1,763 9 2,077 4,553 2,204 5,645 2,446 333 64 346 February. _ 582 336 1,866 10 2,794 4,379 2,217 6,546 2,141 278 80 346 March 426 305 1,838 3 2,572 4,282 2,289 6,320 1,949 402 143 329 April 435 171 1,837 16 2,459 4,312 2,305 6,003 2,132 397 188 355 May 302 20 1,890 7 2,218 4,315 2,298 5,812 2,167 345 155 353 June 164 48 1,998 10 2,220 4,318 2,285 5,721 2,292 298 166 347 July 167 9 2,028 6 2,209 4,320 2,281 5,630 2,294 356 184 346 August 153 7 2,129 8 2,297 4,329 2,281 5, 613 2,409 341 197 347 September. 128 7 2,277 9 2,421 4,324 2,278 5,650 2,538 331 155 348 October.. - 116 7 2,421 5 2,548 4,323 2,276 5,635 2,685 299 173 356 November. 119 24 2,432 7 2,581 4,323 2,277 5,743 2,573 369 142 354 December. 98 133 2,437 20 2,688 4,323 2,303 5,804 2,729 288 132 1934—January... 83 111 2,434 2 2,630 4,033 2,302 5,289 2,652 597 141 287 February.. 64 62 2,432 8 2,567 7,438 2,302 5,355 3,093 3,440 127 292: *See footnotes to table for Wednesday series on p. 148. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDERAL RESERVE BULLETIN 189 LICENSED MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures Reserves held Borrowings at Federal Reserve banks Federal Reserve district Total Excess 1934 1933 1934 1933 1934 1933 January De b c e e r m- No b v e e r m- January De b c e e r m- No b v e e r m- January De b c e e r m - N b ov e e r m- Boston.. 174.2 166.4 184.3 62.1 56.6 75.0 3.7 6.3 5.3 New York.... 1,030.1 949.9 986.6 176.7 i 116.0 148.9 44.3 43.3 36.4 Philadelphia.. 134.2 121.2 118.2 27.0 ! 17.0 17.2 13.7 13.8 12.6 Cleveland 191.0 165.3 144.8 75.1 ! 53.9 34.9 6.3 9.1 8.5 Richmond 91.5 82.6 76.0 34.6 28.5 23.7 4.0 4.6 5.7 Atlanta 65.0 59.4 57.7 21.8 17.5 17.5 4.3 5.5 5.0 Chicago 485.5 506.7 530.7 249.1 280.8 308.4 2.1 4.7 4.8 St. Louis 102.4 92.3 82.8 48.8 40.9 33.5 1.2 1.4 1.3 Minneapolis.. 59.1 55.8 53.4 21.7 18.5 15.8 1.7 2.3 3.0 Kansas City.. 125.1 111.1 106.8 59.4 48.8 46.1 1.5 2.7 Dallas 96.9 98.0 83.9 48.3 50.6 38.7 .4 .8 1.0 San Francisco. 185.3 178.9 174.0 41.6 36.5 34.4 1.9 1.7 3.4 Total. _. 2,740.5 2, 587.6 2,599. 3 765. 7 794.1 84.6 94.9 89.6 NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] Averages of daily figures for November, December 1933, and January 1934 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 1934 1933 1934 1933 1934 1933 1934 1933 Jan. Dec. Nov. Jan. Dec. Nov. Jan. Dec. Nov. Jan. Dec. Nov. Boston 977 936 928 595 635 643 77 76 78 Ill 105 102 New York 6,256 6,108 6,115 1,692 1,683 1,750 179 180 180 418 417 416 Philadelphia 758 732 697 596 586 585 129 129 129 349 344 346 Cleveland 821 785 768 817 796 805 119 111 109 202 193 191 Richmond .« 414 395 383 300 283 277 89 85 79 141 135 133 Atlanta 325 312 293 250 258 260 72 65 62 59 57 57 Chicago 1,725 1,645 1,615 792 778 768 121 112 107 135 131 129 St Louis 394 379 357 232 226 229 96 89 88 80 77 78 Minneapolis . 220 226 230 171 162 166 99 98 95 164 159 159 Kansas City 452 426 411 200 198 201 186 178 173 103 99 101 Dallas 345 334 316 159 155 157 161 160 150 33 31 31 San Francisco 927 924 900 1,540 1,497 1,478 80 83 82 75 74 75 Total 13,613 13,201 13,014 7,345 7,256 7,319 1,408 1,366 1,333 1,871 1,822 1,820 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
190 FEDERAL RESERVE BULLETIN MARCH 1934 MEMBER BANKS LICENSED AND NOT LICENSED AS OF FEB. 21, 1934 Deposits on Oct. 25, 1933, of banks Number of banks licensed and not licensed on Feb * 21, 1934 (in thousands of dollars) Federal Reserve district Total Licensed lice N n o se t d l Total Licensed lice N n o se t d i All member banks: Boston .-. -__ _ ._ 372 366 6 2,013,439 2,009,452 3,987 New York- 802 776 26 9, 746, 752 9, 706, 769 39,983 Philadelphia _ - _-- 661 623 38 2, 082,928 2, 015, 418 67,510 Cleveland 633 575 58 2, 236, 389 2,157, 705 78, 684 Richmond .. - 402 381 21 1, 046, 094 1, 030, 242 15,852 Atlanta 329 314 15 819,157 808, 336 10,821 Chicago _ _-. -. __ _ 687 609 78 3,123,523 3, 058,170 65,353 St. Louis 406 371 35 901, 645 878, 253 23,392 Minneapolis . .. 536 517 19 736,322 726, 206 10,116 Kansas City 750 719 31 1, 064, 625 1,053,398 11,227 Dallas -_- 557 550 7 785, 600 784, 203 1,397 San Francisco 397 376 21 2, 779, 718 2, 771, 682 8,036 Total.--- 6,532 6,177 355 27, 336,192 26,999,834 336, 358 National banks: Boston 330 324 6 1, 578, 612 1, 574, 625 3,987 New York _ . . .. 642 619 23 4,058,117 4, 035, 357 22,760 Philadelphia 598 563 35 1, 459, 391 1, 397,104 62, 287 Cleveland ._ 536 487 49 1,327,494 1, 261, 406 66,088 Richmond 343 323 20 750,132 734,554 15, 578 Atlanta - -.. 274 259 15 739, 318 728, 497 10,821 Chicago ._ -_ 523 467 56 2,452,937 2,399,690 53,247 St. Louis . . 332 302 30 610, 647 588, 788 21,859 Minneapolis 469 450 19 693,004 682,888 10,116 Kansas City _. 706 675 31 941,326 930, 099 11,227 Dallas 498 491 7 746,482 745, 085 1,397 San Francisco _ _ 320 303 17 2,182, 227 2,174,929 7,298 Total.. 5,571 5,263 308 17, 539, 687 17, 253, 022 286,665 State bank members: Boston 42 42 434,827 434, 827 New York 160 157 3 5,688,635 5,671,412 17 223 Philadelphia _ .. _ 63 60 3 623, 537 618,314 5,223 Cleveland 97 88 9 908,895 896, 299 12 596 Richmond _ 59 58 1 295,962 295, 688 274 Atlanta- 55 55 79,839 79,839 Chicago __ _ _ _-- . -_ 164 142 22 670, 586 658, 480 12,106 St. Louis 74 69 5 290,998 289, 465 1,533 Minneapolis _ 67 67 43, 318 43, 318 Kansas City 44 44 123, 299 123, 299 Dallas 59 59 39,118 39,118 San Francisco 77 73 4 597,491 596, 753 738 Total -. -_- -._ -. 961 914 47 9, 796, 505 9, 746,812 49,693 i Exclusive of banks placed in liquidation or receivership. NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, FEB. 21, 1934 [Preliminary figures, subject to change: based on information received by Federal Reserve banks] Deposits on Dec. 31, 1932, or latest avail- Number of banks able call date (in thousands of dollars) Federal Reserve district On unre- Banks on Total i stricted Total i unrestricted basis basis Boston 187 155 479, 675 427,179 New York.— 311 299 1,092,405 1,047,436 Philadelphia.. 269 249 465,098 418,890 Cleveland 672 549,367 479,236 Richmond 651 407,686 383,060 Atlanta 730 702 198,177 190,916 Chicago 2,138 1,611 966,357 727,204 St. Louis 1,350 1,212 351,230 324,254 Minneapolis. _ 933 892 234,254 225,970 Kansas City— 1,376 1,258 258,616 241,362 Dallas 497 487 117,916 115,139 San Francisco. 359 337 488,070 479, 384 Total... 9,473 5,608,851 5,060,030 1 Exclusive of banks placed in liquidation or receivership. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CONDITION ON CALL DATES SEPT. 24, 1930, TO DEC. 30, 1933 {Amounts in thousands of dollars] 1930 1931 1932 1933 Sept. 24 Dec. 31 Mar. 25 June 30 Sept. 29 Dec. 31 June 30 Sept. 30 Dec. 31 June 30 ! Oct. 25 i Dec. 30 ASSETS Loans (including overdrafts) 24, 738, Oil 23,870, 488 225,, 839,946 21, 816,243 20,874,084 19, 260,685 587, 185 15, 923,84115, 204,050 12, 858,099 13\,, 050588,, 608 12,833,483 United States Government securities 4,095, 270 124, 776 5,002, 262 5,343,032 5,564,461 5,318,654 627,854 6, 539, "7"0"6 6,887,123 6,801,3~6~0" 7, 254,"2"3'4 Other securities 6, 6." 864, 247 6.886. 357 6,763,247 6,634,689 995, 786 785, 764 5, 754, 743 5, 725, 714 5,041,149 5,092,856 5,131,926 Total loans and investments ,859, t, 728, 575,125 28i000,803 28!i, 044,668833 27f,, 446699, ,470" 24,786,371 241,9,95522,8, 24" 25-,12-19 ,1,643 Customers' liability on account of acceptances 912,852 •,117,833 1, 035, 978 888, 454 662,415 718, 500 458,952 440, 276 412, 248 424,263 392,814 459,264 Banking house, furniture, and fixtures , 230, 754 ., 240,444 1, 239,935 1, 234, 404 1, 220,317 ,174, 957 , 166, 263 1,167, 763 1,150, 245 982,036 987,366 981,206 Other real estate owned 197,869 191,169 199, 935 206, 569 209, 518 211, 755 233.014 253,342 268, 945 227, 074 268, 215 274,966 Cash in vault 470,367 592,504 461, 267 519,135 554,150 522, 551 478, 224 406, 688 422, 838 404, 502 446, 983 471,006 Reserve with Federal Reserve banks !, 414,991 >, 474, 5092, 364,478 2,396,421 2, 339, 230 ., 975,169 , 997, 656 2, 234,919 2, 511, 374 2, 235,179 2, 651, 476 2, 677, 693 Items with Federal Reserve banks in process of collection 698,871 757, 216 524,765 629,418 531, 691 598,285 419, 706 387, 225 449,848 423,163 433,626 485,022 Due from banks in United States !, 462,827 !, 455,948 2, 791, 204 2, 517,096 1, 935,119 ., 662, 226 , 730, 770 2,048, 644 2, 415, 656 2,008, 218 1,848,418 1, 969,141 Due from banks in foreign countries (including own branches) 202,447 260,818 296, 376 351, 320 215, 692 174,183 192, 619 175, 377 193,881 214,111 257, 598 302,499 Exchanges for clearing house and other checks on local banks , 146, 915 !, 076,189 975, 215 1,771,312 959, 218 ., 388,409 859, 340 802, 881 594, 695 1,008,400 591, 596 588,237 Outside checks and other cash items _ 51, 706 92, 766 43, 344 87,358 50, 696 108,128 58,092 47,102 77,406 53, 780 34, 863 59,079 Redemption fund and due from United States Treasurer 32, 604 32, 318 32, 264 32,001 31, 524 31,372 32, 548 37, 39, 242 37, 261 38, 220 40,307 Acceptances of other banks and bills of exchange or drafts sold with endorsement 592, 732 662, 686 524,104 452,045 329,756 310, 502 55,022 18, 558 14, 869 7,948 8,172 46,349 Securities borrowed 23,866 21,069 24,822 20, 279 17,150 13, 473 11, 664 11,259 12,928 6,654 5,566 10,827 F Other assets 242, 062 222, 911 300,024 260, 254 249,067 223,687 216,388 233, 501 226, 281 227, 820 258,804 291,087 Total assets. 46,153,113 47,057,891 45, 542, 276 45,288, 588 42, 378,777 39, 688,322 35,911,061 36, 309,845 36, 259, 926 33, 046, 780 33,176, 541 33,876, 326 GO LIABILITIES Demand deposits 16,838, 351 17, 501,550 16, 338,728 161,,662222,,224 15, 526,182 14,955,400 13,203, 732 13,081, 243 13, 393, 235 12,927,778 12,993,682 1434,2,260 Time deposits 13,944,868 13, 546, 201 13, 6632,58 13I, ,5 1551,5 4,68 12, 776,332 11,315, 842 10,636,021 10, 601, 689 10, 549, 579 8, 980, 860 9,114, 3801 2"5, 241 United States deposits 257,185 267, 415 502,204 395, 397 526,16"1 411,845 387,463 737,769 474,741 806,297 917,881 967,167 Due to Federal Reserve banks 47,147 49, 267 43, 323 41,073 41,070 48, 381 38,362 32,196 36,663 34,004 37,441 Due to other banks in United States 3,817,132 3,872,842 4,236,451 4, 004,0773, 222, 4662,832, 2962,870,029 3,268,854 3,607,649 3,047,327 2,975,675 124.968 Due to banks in foreign countries (including own branches) 660, 612 634,927 566, 579 657, 285 747, 282 433, 740 200, 569 262,676 295,989 168,276 135,584 142,833 Certified and officers' checks outstanding 771,941 1,223,777 626,747 999, 310 617,053 729,301 503,336 464,006 369,891 609,484 418,434 331,157 F Cash letters of credit and travelers' checks outstanding 26,638 20,960 22,506 3_3_,, 2 3.1 2..3.,. .70.1 19, 581 24,475 17,958 15,250 13,430 9,367 8,166 Total deposits 36,363,874 37,116,939 35,999,796 36,268,065 33!,,448800,,~247 30I,, 746,386 278,63,987 28,466,391 28,742,997 26,587,456 26,602,444 27,180, 722 National-bank notes outstanding 648,999 639,640 642,284 636,041 628, 334 624, 234 648, 906 739,793 777766, ,774499 727,110 743,589 775,270 Agreements to repurchase United States Government or other securities sold__ _ 38,144 158,141 23, 599 15,371 25,303 81, 583 62,983 42, 111 45,579 14, 244 20,306 11.669 Bills payable and rediscounts: With Federal Reserve banks 172, 578 248,017 165,106 146,819 323,354 622,652 440,504 331,345 234, 524 99, 226 84,464 74,756 Allother__ .__. 143, 402 107,151 116,336 70,079 142, 357 216,476 374, 619 365, 404 312, 261 92,002 103,965 68,584 Acceptances of other banks and bills of exchange or drafts sold with endorsement 592,732 662, 686 524,104 452,045 329, 756 310, 502 55,022 18, 558 14,869 7,S 8,532 46,349 Acceptances executed for customers 929,337 1,138,624 1,063, 334 901,351 681,145 732,253 483,064 448,440 429, 738 434, 997 410,150 480.969 Acceptances executed by other banks for account of reporting banks 18,127 15,031 15,553 11, 514 13,197 14,169 6,912 5,416 7,335 7,302 14,555 10, 725 Securities borrowed 23, 866 21,069 24, 822 20,279 17,150 13,473 11, 664 11, 259 12, 928 6,654 5,566 10,827 Interest, taxes, and other expenses accrued and unpaid 182.397 121,190 158,416 127,345 162, 507 109, 927 129, 969 73, 276 67,111 94, 640 69,120 Other liabilities 212, 698 236,366 210,885 209, 455 216,728 228, 597 192, 553 179, 998 200, 501 165, 648 180, 816 184,973 Capital stock 2, 728, 6642, 665,1512,657,172 2,620, 6062,580, 5502,499,C" !, 440, 467 2, 431, 688 2,409,859 2,220, 330 2, 273, 720 2, 312,019 Capital notes and debentures 103,610 Surplus 2, 903, 258 2,822,091 2,804,906 2,741, 351 2,695, 285 2, 524,460 !, 366, 239 2, 262,122 2,148, 260 1,847,462 1, 817,194 1,749,935 Undivided profits—net 1,009,435 894, 388 910,480 804,199 811,456 605,403 510, 696 516,491 438, 521 373,258 412,990 355,386 Reserves for contingencies 185, 602 211, 407 225, 483 264,068 271,408 370, 368 343, 518 360,860 412,529 396,032 403,610 441,412 Total liabilities, including capital account-. 46,153,113 47,057,891 45,542, 276 45,288, 588 42,378,777 39,688,322 35,911,061 36, 309, 845 36,259,926 33,046,780 33,176, 541 33,876,326 Number of banks 8,246 8,052 7,928 7,782 7,1 7,246 6,904 6,816 5,606 5,818 6.011 i licensed banks (banks operating on an unrestricted basis), Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LICENSED NATIONAL AND STATE MEMBERS—CONDITION ON DEC. 30, 1933, BY CLASSES OF BANKS [Amounts in thousands of dollars] to All licensed member banks Licensed national banks i Licensed State bank members Central Other Central Other Central Other reserve reserve Country reserve reserve Country reserve reserve Country Total city city banks Total city city banks Total city city banks banks banks banks banks banks banks ASSETS Loans (including overdrafts) - 12,833,483 4,057,354 4, 553, 293 4, 222,836 1,849,980 3,128,330 3,108,025 4,747,148 2,207, 374 1,424,963 1,114,811 United States Government securities—. - - • 7,254, 2342, 748,645 2,822,906 1,682, 683 4, 462,257 950, 777 2,120,836 1,390, 644 2,791,977 1,797,868 702,070 292,039 Other securities .. . - --• 5,131, 926 1,448,393 1, 521, 503 2,162,030 3, 392,904 739,182 9"6-6-,1--7 111,687,551 1,739,022 709, 211 555, 332 474,479 Total loans and investments 25,219,643 8,254,392 8,897,702 3,067,549151i,941,496 3,539,939 1,215, 1,186,220 9,278,147 4,714,453 2,682,3651,L, 881,329 Customers' liability on account of acceptances 459, 264 398,022 57,837 3,405 229,937 177, 520 50,645 1,772 229, 327 220, 502 7,192 1,633 Banking house, furniture, and fixtures 981, 206 264,149 337, 537 379, 520 643,580 114, 570 232,904 296,106 337,626 149, 579 104,633 83,414 Other real estate owned _ — 274,966 40, 736 104,603 129, 627 158, 415 20, 526 45, 679 92, 210 116, 551 20, 210 58,924 37,417 Cash in vault. .. 471, 006 92, 246 153,334 225,426 340,820 43, 517 115,906 181, 397 130,186 48, 729 37,428 44,029 Reserve with Federal Reserve banks - 2,677,693 1, 247, f 856, 794 572, 960 1, 747,364 664,042 620,162 463,160 930, 329 583, 897 236,632 109,800 Items with Federal Reserve banks in process of collection 485,022 151,617 226,157 107, 248 325,878 80, 658 167,803 77,417 159,144 70,959 58,354 29,831 Due from banks in United States -. _._ 1,969,141 292,145 934,877 742,119 1, 536, 873 185,783 742, 290 432, 268 106, 362 192, 587 133,319 Due from banks in Foreign countries (including own branches) 302, 499 252,489 48,003 2,007 208,098 164,856 41, 908 1,334 94,401 87, 633 6,095 673 Exchanges for clearing house and other checks on local banks.. 588, 237 381,190 157, 756 49, 291 295,944 142,449 121, 301 32,194 292,293 238, 741 36,455 17,097 Outside checks and other cash items 59,079 7,855" 36,006 15, 218 43,165 4,062 27, 213 11,890 15,914 3,793 8,793 3,328 Redemption fund and due from United States Treasurer 40,307 3,810 14, 523 21,974 40, 307 3,810 14, 523 21,974 Acceptances of other banks and bills of exchange or drafts sold with endorsement - 46,349 30,119 15, 496 734 14,005 3,877 9,423 705 32, 344 26,242 6,073 29 Securities borrowed _ _ _ 10,827 3,200 3,507 4,120 5,716 3,157 2,559 5,111 3,200 350 1,561 Other assets - ..- .-. -- 291,087 82,139 126,160 82, 788 172, 267 30, 324 80, 375 61,568 118,820 51,815 45, 785 21, 220 Total assets.. 33,876,326 11, 502, 048 11, 970,292 10,403, 986 21, 703,865 5,175,933 8,488, 626 8,039, 306 12,172, 461 6,326,115 3,481,666 2,364,680 Demand deposits LIABILITIES --.13,442,260 5,668,195 4,356,9781 3,417,087 8,338, 2502, 554,572 3,129,169 2, 654, 5059,104,010 3,113,623 1,, 227,809 762,678 GO Time deposits __ 9,125, 241 1,106,821 3, 652, 951 4,365,469 6,375,155 586,724 2, 447, 506 3,340,9252,750,086 520,097', 205,445 1,, 024, 544 United States deposits. _ ---- 967,167 463,292 393,009 110,866 552,437 177,653 290,665 84,119 414,730 285,639 102,344 26,747 Due to Federal Reserve banks _ 38,930 7,414 31,516 30, 254 5,834 24,420 8,676 1,580 7,096 Due to other banks in United States 3,124, 968 1,469, 937 1,404,083 250,948 2,003,617 687,509 1,, 121,902 194,2061,121,351 782,428 282,181 56,742 Due to banks in foreign countries (including own branches) 142, 833 127,537 14, 547 749 78, 703 67,350 10,769 584 64,130 60,187 3,778 165 Certified and officers' checks outstanding. __ 331,157 176,889 100, 576 53, 692 185,135 68,451 77,118 39, 566 146,022 108,438 23,458 14,126 Cash letters of credit and travelers' checks outstanding _ 8,166 5,366 101 5,436 2,843 2,524 69 2,730 2,523 175 32 Total deposits. _. 27,180,722 9,018,037 9,932,257 8,230,42817,568,9874,145,102 7,,085,487 6,338,3989,611,735 4,872,935 2,,846,7701,892,030 National bank notes outstanding 775,270 64, 368 275, 607 435,295 775,270 275, 607 435, 295 Agreement to repurchase U.S. Government or other securities sold_. llf" 5,043 5,246 5,905 1,634 4, 266 5,764 1,375 3,409 g Bills W p i a t y h a F bl e e d e a r n a d l r R e e d s i e s r c v o e u n b t a s n : ks 74,756 7,825 66,931 45,726 3,575 42,151 29,030 4,250 24,780 5 All other - 68,584 5,000 7,931 55,653 36, 261 4,195 32,066 32,323 5,000 3,736 23, 587 Acceptances of other banks and bills of exchange or drafts sold with endorsement . --- 46,349 30,119 15,496 734 14,005 3,877 9,423 705 32,344 26, 242 6,073 29 Acceptances executed for customers ... 419,776 58,071 3,122 235,699 183, 324 50, 762 1,613 245,270 236,452 7,309 1,509 Acceptances executed by other banks for account of reporting banks.. 10,725 6,378 3,964 383 6,816 2,773 3,r- 234 3,909 3,605 155 149 Securities borrowed... __ --- - 10,827 3,200 3,507 4,120 5,716 3,157 2,559 5,111 3,200 350 1,561 Interest, taxes, and other expenses accrued and unpaid 69,120 29,555 23, 515 16,050 45,069 19, 634 15,139 10, 296 24,051 9,921 8,376 5,754 Other liabilities ~ 184,973 90,388 42,055 52,530 67,870 35, 867 16, 949 15, 054 117,103 54,521 25,106 37,476 Capital stock (see memorandum below) __. 2,312,019 757,069 761,481 793,469 584,625 412,979 550,027 621, 619 727,394 344,090 211,454 171,850 Capital notes and debentures 103,610 76,300 25, 500 1,810 103,610 76,300 25,500 1,810 Surplus _ ._ — 1, 749,935 693,424 536, 269 520, 242 878,838 185,100 299,291 394,447 871,097 508,324 236,978 125, 795 Undivided profits—net 355, 386 93,912 125,550 135, 924 235, 929 31,836 92,161 111, 932 119,457 62,076 33, 389 23,992 Reserves for contingencies. — 441,412 213,142 146, 221 82,049 197,149 91,068 77,410 28,671 244, 263 122,074 68,811 53,378 Total liabilities, including capital account. 33,876,326 11, 502,048 11,970,292 10,403,986 21,703,865 5,175,933 8,488,626 8,039,306 12,172,461 6, 326,115 3,481,666 2,364, 680 MEMORANDUM Par value of capital stock: First preferred 159,025 50,000 71,154 37,871 140, 295 50,000 59, 293 31,002 18,730 11,861 Second preferred- 5,750 4,200 1,550 4,400 3,600 800 1,350 600 3 750 Common 2,148, 692 707,069 686, 261 755,362 1,441,134 362,979 487, 268 590, 887 707,558 344,090 198,993 164, 475 Total 2,313,467 757,069 761,615 794, 783 1, 585,829 412,979 550,161 727,638 344,090 211,454 172,094 Number of banks 64 299 5,648 5,1541 22 4,918 857 42 85 730 » Member banks only, i.e., exclusive of National banks in Alaska and Hawaii. 2 Retirable value $9,716,000. 3 Retirable value $900,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
193 MARCH 1934 FEDEKAL KESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS IN 91 * LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District 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 la le 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 o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S r is a a c n n o - Y N o e r w k c C a h g i o - Total loans and investments: Feb. 7 17,082 1,185 7,887 1,030 1,118 349 346 1,658 497 325 539 420 1,728 6,964 1,328 Feb. 14 17, 092 1,194 7,844 1,031 1,126 349 343 1,686 504 325 540 420 1,730 6,922 1,351 Feb. 21 17,494 1,206 8,034 1,056 1,140 355 354 1,752 521 328 549 439 1,760 7,096 1,404 Feb 28 17,400 1,219 7,936 1,047 1,142 355 354 1,745 524 330 551 430 1,767 7,006 1,397 Loans: Feb. 7 8,300 660 3,937 502 433 169 188 743 228 167 200 195 878 3,420 577 Feb. 14 8,286 665 3,930 505 432 169 186 738 225 166 199 193 878 3,411 572 Feb. 21 _. 8,348 660 3,999 506 430 170 188 737 223 163 197 192 883 3,476 571 Feb. 28 8,185 658 3,849 501 430 170 188 735 222 165 196 189 882 3,331 570 On securities: Feb. 7 3,587 253 1,949 245 214 60 61 337 90 45 60 59 214 1,729 277 Feb.14 3,531 251 1,898 246 213 59 60 335 90 45 61 58 215 1,677 276 Feb. 21 3,630 251 1,993 245 212 59 62 337 88 44 61 59 219 1,769 278 Feb. 28 3,520 251 1,886 244 212 59 63 335 88 44 61 60 217 1,669 277 All other: Feb. 7 4,713 407 1,988 257 219 109 127 406 138 122 140 136 664 1,691 300 Feb. 14 4,755 414 2,032 259 219 110 126 403 135 121 138 135 663 1,734 296 Feb. 21 4,718 409 2,006 261 218 111 126 400 135 119 136 133 664 1,707 293 Feb. 28 4,665 407 1,963 257 218 111 125 400 134 121 135 129 665 1,662 293 Investments: Feb. 7 8,782 525 3,950 528 685 180 158 915 269 158 339 225 850 3,544 751 Feb. 14 8,806 529 3,914 526 694 180 157 948 279 159 341 227 852 3,511 779 Feb. 21 9,146 546 4,035 550 710 185 166 1,015 298 165 352 247 877 3,620 833 Feb. 28 9,215 561 4,087 546 712 185 166 1,010 302 165 355 241 885 3,675 827 U.S. Government securities: Feb. 7 5,847 361 2,663 289 489 131 112 590 170 102 231 171 538 2,485 471 Feb. 14 5,867 365 2,625 284 495 131 112 624 180 103 232 176 540 2,448 500 Feb. 21 6,199 381 2,743 306 515 136 120 691 199 109 244 195 560 2,553 553 Feb. 28 6,249 397 2,773 303 517 137 120 685 203 110 248 190 566 2,585 547 All other: Feb. 7 2,935 164 1,287 239 196 49 46 325 99 56 108 54 312 1,059 280 Feb. 14 2,939 164 1,289 242 199 49 45 324 99 56 109 51 312 1,063 279 Feb. 21 2,947 165 1,292 244 195 49 46 324 99 56 108 52 317 1,067 280 Feb. 28 2,966 164 1,314 243 195 48 46 325 99 55 107 51 319 1,090 280 Reserve with Federal Reserve banks: Feb. 7 1,905 124 794 87 121 37 27 382 62 30 69 64 108 '748 346 Feb. 14. ._ 2,010 128 857 91 123 34 27 391 72 31 75 68 113 810 353 Feb. 21 1,996 146 897 95 117 33 27 338 68 30 70 68 107 850 306 Feb. 28 2,271 146 1,134 98 120 34 28 368 66 29 73 71 104 1,091 333 Cash in vault: Feb. 7 227 35 49 11 17 11 6 51 8 4 12 9 14 38 41 Feb. 14... _ _ 235 35 52 12 17 11 6 53 8 5 12 9 15 41 43 Feb. 21 230 35 53 12 17 11 6 50 8 4 12 8 14 42 41 Feb. 28 . . 224 34 49 12 16 10 6 51 7 5 11 9 14 39 41 Net demand deposits: Feb. 7 .- 11,125 772 5, 737 618 553 199 155 1,334 315 187 382 277 596 5,331 1,131 Feb. 14 11,332 783 5,781 635 567 205 157 1,381 332 188 404 287 612 5,361 2,170 Feb. 21 11,246 768 5,780 629 560 204 162 1,348 334 185 393 283 600 5,368 1,138 Feb. 28- — 11,398 779 5,899 628 567 204 161 1,369 332 188 395 281 595 5,491 1,155 Time deposits: Feb. 7 4,372 336 1,121 308 439 131 131 446 161 127 164 125 883 710 328 Feb. 14 4,344 337 1,108 301 434 132 130 446 161 128 163 125 879 704 327 Feb 21 4 372 337 1,087 301 439 132 135 477 162 128 164 124 886 686 357 Feb. 28 4,370 336 1,081 302 437 133 130 480 162 127 166 121 895 682 359 Government deposits: Feb. 7.. _. 988 77 535 42 59 11 29 75 23 3 21 39 74 501 65 Feb. 14 — 991 84 534 40 58 10 28 72 26 3 21 40 75 501 62 Feb. 21 1,418 124 765 74 76 14 36 86 38 7 31 62 104 717 69 Feb. 28 1, 467 129 810 74 76 14 36 86 38 7 31 62 104 761 69 Due from banks: Feb. 7 1,353 101 125 107 83 66 57 241 S6 71 152 111 153 75 186 Feb. 14 1,413 113 126 102 89 67 64 230 84 75 175 119 169 75 175 Feb. 21 1,369 112 117 113 87 66 58 216 83 76 164 115 162 76 165 Feb. 28 1,412 102 135 116 90 64 61 229 83 80 167 118 167 83 173 Due to banks: Feb 7 3,128 166 1,371 182 148 80 68 388 131 83 219 136 156 1,312 313 Feb. 14 3,204 168 1,382 186 157 77 71 405 137 85 231 143 162 1,322 327 Feb 21 3,147 157 1,376 183 151 81 70 395 134 85 219 140 156 1,320 32C Feb. 28 3,187 161 1,390 184 160 80 71 403 135 85 224 138 156 1,334 325 Borrowings from Federal Reserve banks: Feb 7 12 7 2 1 1 1 Feb 14 10 7 2 1 Feb 21 11 8 1 1 1 | Feb 28 12 9 1 1 1 1 » Revised. 1 Increased from 90 to 91 on Jan. 10, in order to compensate for the withdrawal from membership of a reporting member bank located in another city. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
194 FEDERAL RESERVE BULLETIN MARCH 1934 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- ERAL RESERVE BANKS BY SELECTED BANKS IN NEW YORK CITY [Paper currency only. In thousands of dollars] [In thousands of dollars] 1933 1934 Total W i d n a it y 1 h s 5 - 1 d 6 a to y s 30 3 d 1 a t y o s 60 6 d 1 a y to s 90 9 m 1 to d o s a 6 . ys 6 O m v o er s. Net Net Month Ship- Re- ship- Ship- Re- shipments ceipts ments ments ceipts ments Bills discounted: to from (-)or to from (-)or Feb. 7 73, 327 54,155 6,456 7,660 4,< 541 46 Europe Europe receipts Europe Europe receipts Feb. 14 68,405 52,872 5,218 4,998 4,833 447 37 (+) (+) Feb. 21 66,467 52,196 5,415 4,736 3,671 413 36 Feb. 28 64, 390 51,491 2,700 5,519 4,285 358 37 Bills bought in J M J J A F M u u a e p a n n a l b r y y r u e i r c l a u h r a y ry 1 1 2 0 0 3 0 4 5 5 1 1 1 1 1 5 8 3 6 5 2 1 , , , , , , , 5 0 3 8 7 7 5 8 0 4 6 8 5 2 9 4 9 6 6 5 3 + + + + + + + 1 1 1 5 8 5 6 2 3 1 , , , , , , , 4 0 8 3 7 5 6 8 6 2 0 5 2 8 4 6 4 1 1 2 5 0 1 5 3 , , 2 7 5 4 6 0 + + 5 3 , , 2 7 5 3 6 9 Tr o c e a p a F F F F t e s e e n e e e u s b b b b r m a . . . y . n 2 2 7 1 a d _ 1 8 4 rk c b e e i r l t t l : i s f : i- 9 8 6 7 2 5 6 6 , , , , 8 0 3 1 9 8 4 1 9 6 5 1 3 3 2 2 1 0 6 7 , , , , 9 8 4 1 5 3 6 3 7 2 2 8 2 3 1 9 4 3 5 , , , , 3 9 3 5 2 9 4 8 2 2 1 9 2 2 1 1 1 1 9 9 , , , , 7 4 6 1 4 1 0 2 0 2 3 3 1 8 6 " 4 , , , 5 8 9 " 9 6 6 " 1 1 2 " August 5 6,153 +6,148 Feb. 7 960,821 58,401 87, 693 304, 930 138, 643 174,131197, 023 September 122 4,756 +4, 634 Feb. 14 962,837 72,170 201,999 153,170 144,928 180,721 209, 849 October 89 5,905 +5,816 Feb. 21 957,704 87, 693 209, 610 155, 433 111, 030 198,103 195,835 November 57 3,397 +3,340 Feb. 28 "i, 701201, 999 91,980 130, 568 107,875 182, 278 219,001 December 42 6,976 +6,934 Municipal warrants: Feb. 7 1,293 1,230 46 For description and back figures see BULLETIN for January 1933, p. 43. Feb. 14 1,293 1,276 Feb. 21 1,293 1,276 PAPER CURRENCY OF EACH DENOMINATION Feb. 28 653 IN CIRCULATION {Outside Treasury and Federal Reserve banks. In millions of dollars] BANK DEBITS [Debits to individual accounts; in millions of dollars] 1933 1934 Denomination July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 30 Jan. 31 Number 1934 1933 of centers Jan. Dec. Jan. $1 360 366 380 382 388 402 386 $2 32 33 33 33 33 33 32 $5 _ 656 664 685 682 702 719 699 New York City ..._ 1 14,023 13,013 12,413 $ $ 1 2 0 0 1 1 , , 1 3 3 1 8 2 1 1 , , 1 30 5 0 3 1 1, , 3 1 0 8 2 1 1 1 , , 1 3 7 0 8 3 1 1 , , 2 3 0 3 5 6 1 1 , ,2 3 2 4 9 2 1 1 , , 2 1 8 7 8 3 Outside New York City 140 13,198 13, 288 12,053 $50 377 367 362 357 362 364 350 Federal Reserve district: $100 636 620 612 607 613 618 593 Boston 11 1,542 1,515 1,368 $500._ 136 131 127 124 125 125 119 New York . 7 14, 608 13,546 12,965 $1,000 254 246 239 232 239 237 228 Philadelphia 10 1,320 1,367 1,201 $ $ 1 5 0 ,0 ,0 0 0 0 0 1 8 0 1 7 0 1 7 0 1 7 2 1 7 2 1 8 0 1 7 0 R C i le c v h e m la o n n d d ._ _. 1 7 3 1,2 4 4 7 1 8 1,2 4 4 8 7 7 1,2 4 0 7 4 0 Atlanta 15 684 687 597 TotaL 4,917 4,896 4,937 4,916 5,022 5,085 4,884 Chicago 21 3,072 3,040 2,859 St. Louis . _ 5 708 713 674 Minneapolis 9 425 460 349 NOTE.—Figures include, in addition to currency outside the Treasury Kansas City 15 760 780 676 and Federal Reserve banks, unassorted currency held by these institu- Dallas 10 465 496 375 tions, amounting to $5,000,000-$6,000,000, and also $1,000,000 of currency San Francisco 18 1,918 1,962 1,727 of unknown denominations reported by the Treasury as destroyed. Total 141 27,221 26,301 24,466 UNITED STATES POSTAL SAVINGS [Balance to credit of depositors. In millions of dollars] End of month 1928 1929 1930 1931 1932 1933 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 March 152.0 155.0 169.5 302.7 705.3 1,112.7 April 152.2 154.3 170.2 313.8 722.1 1,158. 4 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 1,188.9 November 153.9 163.7 200.7 565.5 885.2 1,198.7 Dfiopniher 153.9 164.3 245.4 605.1 900.8 n, 209. 4 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDEBAL RESERVE BULLETIN 195 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100] 1933 1934 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactures—Total. '63 61 56 78 93 101 IRON AND STEEL 30 31 22 35 49 72 100 80 56 Pig iron.. _ 19 20 17 20 29 43 62 63 40 Steel ingots. _ _._ 31 32 22 37 51 75 103 82 58 TEXTILES _ ._. 87 83 76 85 108 133 130 P114 P87 Cotton consumption 88 87 86 91 113 139 135 120 103 91 Wool - 66 67 46 58 90 116 124 107 96 80 70 Consumption 72 70 48 66 105 134 141 118 105 70 Machinery activity 1 76 82 52 56 91 118 129 115 96 83 Carpet and rug loom activity l 31 32 29 34 42 60 62 61 67 48 Silk 118 97 98 113 123 147 131 Deliveries 121 95 111 132 136 172 143 113 82 103 103 Loom activity l 111 101 72 76 96 105 JFOOD PRODUCTS _._ 84 84 101 100 100 95 105 85 92 86 96 Slaughtering and meat packing 88 85 102 102 105 106 110 127 90 98 100 Hogs 87 84 81 107 106 107 109 113 147 85 101 95 Cattle _ _ 78 87 85 90 92 99 98 102 95 91 87 102 Calves.-. 93 89 91 98 101 102 103 105 106 104 104 106 122 Sheep 137 144 149 156 153 152 145 146 144 151 142 147 139 Wheat flour 90 88 92 110 97 97 95 64 70 76 82 81 91 Sugar meltings. 93 65 82 89 82 83 84 75 76 83 77 87 PAPER AND PRINTING. _. 84 v 101 v 111 v 106 P95 P98 P99 Wood pulp and paper 76 P96 v 106 P102 P90 P92 P 92 Newsprint 59 59 59 64 67 69 60 66 71 67 64 Book paper 82 103 p 118 v 112 v 118 v 102 p 103 Wrapping paper 61 95 p 107 P99 P67 Fine paper ._ 75 76 121 v 137 P126 P 109 Box board 88 Wood pulp, mechanical. 56 56 55 61 P75 P64 Wood pulp, chemical 85 86 87 88 99 113 p 135 P 139 v 141 '137 P126 Paper boxes ._ 135 124 110 149 172 183 213 173 167 143 131 149 Newsprint consumption 95 96 100 102 103 106 105 104 106 108 LUMBER _ __ 24 30 38 46 46 36 33 30 32 34 TRANSPORTATION EQUIPMENT: Automobiles 48 33 27 44 51 70 61 56 46 32 58 Locomotives 3 3 1 1 0 1 1 1 0 2 Shipbuilding 91 181 144 32 25 19 15 20 39 41 LEATHER AND PRODUCTS 86 92 84 93 110 116 102 92 93 92 94 Tanning 76 76 70 70 79 '94 88 82 82 91 91 Boot C C G s a a o a l t a f n t t l d a e a n n s h d h d i o d k k e e i s i p d l . _ e l a e l t e a h a t e h t r h e s e rs r . s _ .. . 1 9 6 7 0 3 6 6 5 1 1 6 7 0 0 6 7 1 2 ' 6 7 9 8 2 1 3 9 ' 1 8 7 6 0 5 1 5 7 1 9 7 7 2 3 4 9 9 1 1 1 7 0 3 0 6 9 1 2 ' 1 1 9 8 3 3 1 0 1 2 ' 1 1 7 8 1 2 7 2 0 6 1 7 7 1 4 3 3 1 1 0 0 7 6 9 0 6 9 ' 1 8 1 8 9 5 1 4 3 1 9 9 8 0 0 7 4 3 1 8 8 2 0 5 6 CEMENT AND GLASS: Cement- __ 38 41 40 35 42 51 50 37 35 36 49 Glass, plate '84 '60 '52 '53 '84 ' 112 '144 r 130 ""107 '70 '52 r 106 99 NONFERROUS METALS: 2 Tin deliveries 55 58 55 80 94 109 112 95 80 56 55 FUELS, MANUFACTURED: Petroleum refining 132 132 135 140 147 155 153 157 152 145 137 142 Gasoline »_ _ 165 166 171 179 187 198 198 205 195 184 172 177 Kerosene 86 81 80 85 87 92 92 87 82 77 77 80 Fuel oil» _ 94 95 95 94 95 101 106 98 102 93 92 Lubricating oill 76 75 75 81 88 80 82 84 88 102 92 92 Coke, byproduct - 56 51 54 61 75 91 96 91 82 75 77 RUBBER TIRES AND TUBES 59 54 41 65 94 115 143 111 103 90 97 108 Tires, pneumatic __ 61 56 42 67 97 120 148 116 107 93 100 113 Inner tubes _ 42 41 29 47 68 80 111 75 72 68 72 68 TOBACCO PRODUCTS. 113 115 99 116 143 135 117 123 115 108 95 123 138 Cigars _ 68 63 51 61 61 66 68 57 62 67 74 Cigarettes 147 154 132 153 204 186 163 143 118 166 188 Minerals—Total- 73 79 81 72 78 84 90 91 87 81 81 85 Bituminous coal__ 57 63 51 55 57 64 76 75 65 61 65 66 67 Anthracite coal 53 64 77 44 43 65 67 61 74 55 73 68 82 Petroleum, crude. 107 110 122 108 134 134 132 134 125 120 116 "119 118 Iron ore 14 15 40 57 68 63 23 Zinc... 45 55 71 77 77 77 72 Lead 37 41 36 36 57 64 71 64 Silver 30 24 34 28 39 33 33 37 p Preliminary. ' Revised. c Corrected. 1 Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals." NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
196 FEDERAL RESERVE BULLETIN MARCH 1934 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal R<jserve Board; without seasonal adjustment. 1923-25 average=100] 1933 1934 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactures—Total 63 63 58 68 80 93 97 89 84 77 70 67 *75 IRON AND STEEL _ .... 29 33 25 39 53 72 93 79 65 59 44 53 54 Pig iron _ . _ 19 20 18 21 29 43 59 60 52 45 37 39 40 Steel ingots 30 34 25 41 56 75 96 81 67 61 44 55 55 92 88 78 88 108 126 121 »91 Cotton consumption . . . 92 94 91 98 116 133 122 108 100 97 93 71 95 Wool 67 70 46 57 85 109 115 103 99 93 84 68 71 Consumption . . 75 76 49 64 96 121 126 110 111 107 93 74 72 Machinery activity 76 82 52 56 91 118 129 115 96 83 81 69 83 Carpet and rug loom activity 31 32 29 34 42 60 62 61 67 67 63 48 48 129 102 95 112 122 134 126 Deliveries 138 102 107 131 135 153 136 118 95 82 106 82 117 Loom aotivitv 111 101 72 76 96 96 105 FOOD PRODUCTS 92 84 82 94 98 99 97 88 99 86 97 89 102 Slaughtering and meat-packing 103 89 82 92 99 105 99 93 110 89 108 106 119 Hogs. . -.- 116 94 82 95 102 110 97 86 110 73 111 112 128 Cattle 79 76 74 79 89 93 97 100 106 107 100 93 103 Calves -__ 86 83 92 106 114 106 100 96 101 109 106 100 113 Sheep 138 135 136 146 150 149 145 147 167 167 141 144 140 Wheat flour 88 85 86 100 91 86 92 69 83 86 89 78 89 Sugar meltings 61 63 80 95 100 98 101 94 80 72 64 44 57 PAPER AND PRINTING _ 82 Wood pulp and paper 75 *96 Newsprint 59 59 59 62 61 65 66 68 60 66 70 67 65 Book paper _ 83 91 89 84 90 103 W BFion r x a e p bp p oa i a n pr g edr paper. 8 6 7 5 0 6 6 8 1 2 8 6 6 3 6 7 9 5 8 9 0 7 1 9 2 6 1 P126 MS p 107 .9? P 103 Wood pulp, mechanical 56 57 60 68 75 75 84 89 90 90 99 114 J>128 P 136 P 141 v 140 P 126 p 131 PapeWr oboodxe psulp chemical 119 138 111 149 172 190 204 175 ' 183 150 134 122 Newsprint consumption 94 95 92 101 99 99 91 92 104 111 111 109 104 LUMBER 23 20 23 26 32 40 45 49 37 34 29 29 30 TRANSPORTATION EQUIPMENT: Automobiles 40 35 33 57 64 75 73 67 62 41 20 '27 48 Locomotives 3 3 1 1 0 0 1 1 1 0 2 3 Shipbuilding 64 129 112 31 31 20 28 22 20 28 36 32 LEATHER AND PRODUCTS 80 93 87 91 101 110 '115 113 '107 102 '88 81 88 Tanning 73 78 69 '69 75 87 '94 90 87 87 89 87 87 Cattle hide leathers 67 '71 63 '65 70 '75 '78 75 77 78 85 81 80 Calf and kip leathers 63 71 63 64 75 99 106 99 85 82 79 77 70 Goat and kid leathers 99 105 '91 84 87 109 '123 124 '119 '113 110 112 119 Boots and shoes. 85 103 98 105 118 124 128 127 119 112 88 76 CEMENT AND GLASS: Cement 23 24 29 34 50 64 68 65 46 40 38 28 30 Glass, plate ' 75 '65 '57 '59 '92 '115 '142 '132 '108 '70 '50 '80 '88 NONFERROUS METALS: I Tin deliveries 55 58 55 68 80 94 109 125 112 95 80 56 55 FUELS, MANUFACTURED: Petroleum refining 132 132 135 140 147 153 154 153 157 152 146 138 142 Gasoline 165 166 171 179 187 198 198 198 205 195 184 172 177 Kerosene 88 82 78 84 83 86 86 83 83 80 83 86 91 Fuel oil 94 95 95 94 95 101 106 98 99 102 93 92 96 Lubricating oil 76 75 75 81 88 80 82 84 88 88 102 92 92 Coke, byproduct 57 57 53 54 61 73 89 93 89 82 77 78 78 RUBBER TIRES AND TUBES 54 58 45 76 118 139 140 110 98 79 73 75 Tires, pneumatic 56 61 46 79 123 145 145 114 101 81 75 78 Inner tubes 38 43 32 53 83 96 105 83 72 62 52 49 TOBACCO PRODUCTS.. 107 104 94 107 145 147 126 131 128 116 97 99 131 C Ci i g g a a r r e s t . tes . 1 5 4 2 4 1 5 4 4 0 1 4 2 7 5 1 5 3 8 9 20 6 6 3 20 7 4 2 1 7 6 2 7 17 7 6 2 1 7 6 7 7 1 6 5 9 0 11 7 7 3 1 5 3 0 6 1 5 85 7 Minerals—Total 71 76 74 65 76 82 89 94 93 88 84 80 Bituminous coal 63 67 51 46 50 57 69 74 69 67 72 69 74 Anthracite coal._ 57 68 63 45 43 57 55 61 75 71 75 67 89 Petroleum, crude 102 108 120 108 136 137 135 136 129 122 115 115 Iron ore 21 30 81 117 131 108 19 • Zinc 41 46 46 47 46 53 66 71 73 75 72 68 70 Lead 46 41 46 45 36 42 34 35 54 66 74 68 65 Silver 36 33 48 36 29 23 29 28 37 33 36 29 37 Preliminary. r Revised. 1 Includes also lead and zinc; see "Minerals." NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196 and September 1933, pp. 584-587. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1934 FEDERAL RESERVE BULLETIN 197 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 Adjusted for seasonal variation Without seasonal adjustment Industry 1934 1933 1934 1933 1934 1933 Jan. Dec. Jan. Jan. Dec. Jan. Jan. Dec. Jan. TotaL 70.5 71.0 58.1 71.8 71.8 59.4 52.9 53.1 39 2 IRON AND STEEL AND PRODUCTS 68.4 70.4 49.6 69.8 71.4 50.6 42.7 44.8 22.7 Steel works and rolling mills 74.5 76.8 53.2 75.4 78.1 53.9 46.2 48.3 23.3 Hardware - -- .. -- 66.8 59.1 49.3 66.4 59.1 49.0 41.4 37.7 23 9 Structural iron work 55.4 56.6 43.7 57.0 57.1 45.0 34.5 36.8 21 8 Heating apparatus . -- - 49.6 60.8 37.4 54.4 61.7 40.9 30.1 37.5 19 6 Steam fittings 39.1 48.4 34.6 40.4 50.9 35.7 26.8 32.0 19.1 Stoves 59.3 72 2 40.2 67.4 71.7 45.7 33.2 42.8 20 1 Cast-iron pipe 42.9 39.8 30.8 44.8 40.8 32.2 26.1 25.7 15.0 MACHINERY 61.4 61.9 44.0 62.1 62.6 44.5 42.4 43.0 26 0 Foundry and machine-shop products - .. 60.0 60.3 42.3 61.2 61.4 43.2 39.0 39.2 22.6 Machine tools 65.1 65.1 39.4 65.1 65.0 39.4 46.8 47.4 24 5 Agricultural implements - - ~. 62.3 57.9 36.0 60.3 58.1 34.8 59.8 54.8 26 4 Electrical machinery 63.7 65.4 49.3 63.7 65.4 49.2 48.1 50.0 34.0 TEXTILES AND PRODUCTS 79.8 79.6 69.6 79.3 78.8 69.2 58.9 58.1 44 2 i. Fabrics . .. - - _ .- .. .. - . 87.1 87.3 72.8 86.4 85.9 72.2 65.5 66.8 46.6 Cotton goods 96.7 96.0 74.9 95.4 94.1 73.9 77.4 75.0 47.1 Woolen and worsted manufactures 75.4 74.1 61.1 73.9 71.8 59.8 54.3 53.1 38 9 Weolen and worsted goods 77.4 75.6 63.7 75.9 73.1 62.4 56.4 55.2 42.1 Carpets and rugs 64.9 66.3 47.4 63.3 65.0 46.3 44.9 43.6 24 1 Hosiery and knit goods . 86.6 91.4 83.4 87.5 91.1 84.3 61.7 76.8 55.9 63.3 63.3 61.4 63.7 63.2 61.7 49.9 49.4 39 0 Dyeing and finishing textiles _ __ _ « 102.6 103.3 87.4 101.9 101.8 86.8 77.2 79.1 62.9 B. Wearing apparel 61.6 60.3 61.7 61.6 60.9 61.5 45.4 40.3 39 2 Clothing, men's - - - . 52.2 52.1 48.2 52.2 53.0 48.3 37.6 34.2 27.3 Shirts and collars 62.4 71.7 61.1 62.0 69.0 60.6 49.4 56.4 35.9 Clothing, women's 69.4 63.5 80.7 67.7 64.4 78.7 51.5 43.4 54.1 Millinery . . _ ._ 74.6 68.1 63.6 79.0 70.5 67.3 53.2 41.9 41.7 FOOD AND PRODUCTS _ . 89.4 92.0 78.6 90.3 90.3 79.6 76.9 78.1 64.1 Baking 90.4 91.4 81.4 92.7 92.2 83.4 75.4 76.2 67 4 Slaughtering and meat packing . _ . _ 99.7 101.2 80.1 96.4 96.4 77.4 91.0 91.2 66.6 Confectionery 79.6 90.9 79.1 81.2 82.4 80.7 67.9 75.8 57.3 Ice cream . __ 67.0 67.9 62.9 78.2 77.3 73.4 55.0 55.2 52.3 Flour 84.4 84.3 73.7 84.9 83.7 74.0 69.5 68.4 61 0 Sugar refining, cane 76.8 79.9 69.8 82.4 85.6 74.9 52.0 56.0 51.3 PAPER AND PRINTING 90.7 92.8 80.2 90.1 91.2 79.6 74.3 77.2 67.0 Printing, book and job 81.8 83.1 77.1 80.0 81.1 75.3 68.2 69.9 64.3 Printing, newspapers and periodicals. . 101.2 104.1 94.2 100.8 102.3 93.8 88.3 93.6 86.8 Paper and pulp 94.8 95.6 75.0 94.8 95.6 75.1 66.3 66.9 49.0 Paper boxes 81.1 86.2 69.4 81.6 82.7 69.8 66.7 72.3 53.5 LUMBER AND PRODUCTS 42.6 46.3 OO O 44.1 46.7 35.0 24.1 27.5 16 3 Lumber, sawmills 39.3 42 6 29 2 41.1 43.4 30.6 22.4 25.7 13 4 Lumber, millwork 35.7 38.8 31.2 36.6 39.4 32.0 20.7 23.1 16.3 Furniture ._ _ . - _ _ - 56.1 61.6 48.4 57.3 60.2 49.3 30.3 34.4 22.4 TRANSPORTATION EQUIPMENT 55.8 51.3 46.1 57.7 54.7 47.4 44.1 40.2 34 0 Car building and repairing 42.9 43.4 41.3 43.5 43.5 42.0 33.7 35.6 30.8 Automobiles 71.1 58.6 50.4 75.3 66.9 53.3 55.0 43.3 36 3 Shipbuilding 72.3 75.4 60.9 70.2 75.4 59.1 59.7 61.2 46.6 LEATHER AND MANUFACTURES 79.0 75.2 73.3 78.6 77.2 72.9 59.8 54.4 43.7 Boots and shoes 76.9 72.3 74.6 76.7 74.9 74.4 55.8 48.6 41.7 Leather 87.9 87.4 68.1 86.4 87.0 66.9 74.4 75.4 50.9 CEMENT, CLAY, AND GLASS PRODUCTS 50.4 51.9 36.7 54.3 53.3 39.4 31.4 32.0 20 2 Clay products 39.3 41.8 30.4 42.3 42.9 32.8 20.7 22.2 13 4 Brick, tile, and terra cotta 26.2 28.6 20.4 29.8 30.2 23.3 12.3 12.9 8.0 Pottery 74.8 77.6 57.4 76.3 77.6 58.5 43.1 46.7 28 0 Glass 81.9 81.1 52 2 87.3 83.1 55.7 60.3 59.5 36 0 Cement - 33.6 34.7 31.0 36.9 36.0 34.0 19.2 18.9 16 1 NONFERROUS METAL PRODUCTS . 61.0 61.6 44.4 61.5 62.3 44.8 46.2 46.2 27.5 Stamped and enameled ware 31.4 30.4 21.4 32.7 31.7 22.3 23.6 20.7 14.3 Brass, bronze, and copper 71.0 72.3 52.3 71.4 72.8 52.5 52.7 53.7 31.4 CHEMICALS AND PRODUCTS 101.8 100.6 76.2 102.1 100.4 76.4 79.4 78.8 60.7 Chemicals and drugs 110.3 109.4 80.2 109.5 107.6 79.7 85.7 85.5 60.6 Petroleum refining . ._ . _ 88.9 89.6 75.0 90.6 90.6 76.4 72.7 72.5 64 6 Fertilizers 93.0 82.6 54.9 95.2 89.3 56.2 60.4 53.8 36.4 RUBBER PRODUCTS 79.5 81.3 59.1 80.4 83.4 59.7 60.2 60.7 35.4 Automobile tires and tubes. 84.0 84.4 61.3 85.8 88.8 62.6 60.6 59.0 34 8 Rubber boots and shoes 65.9 72.1 52.7 64.0 67.4 51.2 58.7 67.6 38.0 TOBACCO MANUFACTURES 58.9 67.5 60.4 63. 3 66.4 64.9 42.9 50.4 38 3 Cigars and cigarettes .__ 57.2 67.1 i 58.8 62.5 66.1 64.3 40.4 49.2 35.4 Chewing and smoking tobacco, snuff 72.0 70.8 72.6 68.9 68.7 69.4 63.4 61.4 61.7 i NOTE.—For description of these indexes see BULLETIN for November 1929 pp. 706-716, and November 1930, pp. 662-677. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
198 FEDERAL RESERVE BULLETIN MARCH 1934 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926 = 100] Other commodities All com- Year, month, and week m t o ie 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 r n ts d p T ro e d x u ti c le ts 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 l m B a u t i e ld ri i a n l g s c C a d h l r s e u a m g n s i d - i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100 5 95 4 94 9 94 3 82 6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 I59.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 ^9.3 84.9 69.8 1932 _ 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 13. 5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 f2.6 75.8 62.5 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 ••n 3 72 3 59 2 March 60.2 42.8 54.6 65.8 68.1 51.3 62.9 77.2 70.3 i-n. 2 72.2 58 9 April 60.4 44.5 56.1 65.3 69.4 51.8 61.5 76.9 70.2 <•n.4 71.5 57.8 Mav 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 61.2 68.9 82.4 61.5 61.5 79.3 74.7 id. 7 73.4 60.8 July 68.9 60.1 65.5 72.2 86.3 68.0 65.3 80.6 79.5 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 65 3 November 71.1 56.6 64.3 77.2 88.2 76.8 73.5 82.7 84.9 >73 4 81 0 65 5 December 70.8 55.5 62.5 77.5 89.2 76.4 73.4 83.5 85.6 73.7 81.0 65 7 1934—January 72.2 58.7 64.3 78.3 89.5 76.5 73.1 85.5 86.3 •f4.4 80.8 67.5 Week ending— 1933—Nov. 4 70.9 55.5 64.2 77.2 87.6 76.1 74.6 82.5 83.8 72.6 81.3 65.3 Nov. 11 71.2 55.6 65.0 77.5 87.5 76.0 74.7 83.4 84.4 73.2 82 2 65 4 Nov. 18 71.7 58.7 65.4 77.5 88.5 75.8 74.5 83.5 84.7 73.5 82.1 65-. 4 Nov 25 71.0 56.8 63.9 77.5 88.9 75.8 73.9 83.5 85.1 73.S 82.0 65.4 Dec. 2, 70.7 55.9 63.2 77.4 89.1 75.4 73.8 83.4 85.2 73.7 82.0 65.3 Dec 9 70.9 56.0 63.3 77.6 89.0 75.9 74.5 83.3 85.3 73.6 81.8 65 6 Dec. 16 70.8 55.9 63.0 77.5 88.6 76.0 74.2 83.1 85.3 73 A 81.7 65.6 Dec. 23 70.4 54.8 61.6 77.6 89.2 76.0 74.4 83.2 85.3 73.4 81.9 65.5 Dec 30 70.8 56.0 62.5 77.6 89.6 76.0 74.5 83.3 85.4 73. 3 81.9 65 6 1934—Jan. 6 71.0 57.4 62.7 77.6 90.0 76.0 74.3 83.3 85.5 73.3 81.7 65 9 Jan. 13 . 71.7 58.6 64.2 77.9 90.2 76.1 74.4 83.7 85.6 73.5 81.7 66.2 Jan. 20 72.3 59.0 64.6 78.6 90.3 76.4 74.2 85.1 86.5 75.0 81.7 67.5 Jan 27 72.4 59.5 65.0 78.5 90.4 76.4 74.0 84.7 86.2 75.1 81 7 68 1 Feb. 3 72.8 60.5 65.7 78.7 90.5 76.5 73.9 85.1 86.4 15.0 81 8 68 4 Feb. 10 73.3 61.4 66.8 78.7 90.5 76.4 73.9 85.0 86.3 15.1 81.9 68.5 Feb. 17 73.7 62.1 67.4 78.7 90.4 76.6 73.8 85.0 86.7 15. 4 81.9 68.6 Feb. 24 73.4 61.2 67.0 78.7 90.1 76.7 73.6 85.0 86.6 15. A 82.1 68 5 Mar. 3 73.6 62.0 67.5 78.6 89.8 76.6 73.5 85.1 86.5 15. 4 82.3 68.6 - 1933 1934 1933 1934 Subgroups Subgroups Jan. Oct. Nov. Dec. Jan. Jan. Oct. Nov. Dec. Jan. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 32.9 58.2 61.3 60.4 63.7 Agri(cultural implements 84.5 83.7 83.7 85.1 85.2 Livestock and poultry- 37.8 45.4 41.2 38.0 41.1 Ironand steel _ 78.5 82.4 81.5 83.6 83.6 Other farm products 48.7 61.2 64.3 64.3 67.4 Mote3r vehicles 91.3 90.9 90.9 90.9 96.9 FOODS: Non errous me.als 46.4 67.0 68.0 66.6 66.1 Butter, cheese, and milk 55.2 66.0 67.2 65.1 65.0 BUILDINs MATERIALS: Cereal products 60.9 85.0 85.8 84.7 85.8 Brie]s: and tile. 74.9 84.6 84.7 85.7 86.6 Fruits and vegetables. 53.0 62.5 61.7 63.0 68.0 Cement 81.2 91.2 91.2 91.2 93.9 Meats 49.5 51.0 48.2 46.0 48.9 Lumher 55.9 84.2 86.5 88 0 87 4 Other foods 60.1 64.4 66.4 63.4 64.0 Paint materials 68.1 76.1 76.3 77.5 78.4 HIDES AND LEATHER PRODUCTS: Plumbing andheating 62.8 74.7 73.7 72.5 72.5 Boots and shoes 83.3 98.9 99.0 98.6 98.5 Structural stee 81.7 86.8 86.8 86.8 86.8 Hides and skins 43.0 71.2 70.1 74.9 77.2 Other buildingmaterials 79.4 87.1 88.4 88.6 89.8 Leather 57.1 83.2 79.3 80.1 79.9 CHEMICALS AND TR)UGS: Other leather products 78.2 85.1 87.9 87.6 87.0 Cheinicals.._ __ 79.3 78.6 79.2 79.2 78.8 TEXTILE PRODUCTS: Drujis and pharmaceuticsils 54.9 56.8 58.4 59.0 65.2 Clothing 61.9 84.8 88.0 87.9 87.5 Fertlizer materials 62.3 67.6 67.8 68.1 68 4 Cotton goods 50 1 88.8 86 0 85.5 86.5 Mixed fertilizers 62.7 68.3 68.5 69.9 71 2 Knit goods 48.4 74.7 72.5 71.2 70.6 HOUSEFTTRNTSHTNft GOODS! Silk and rayon 27.0 32.0 30.4 29.6 29.7 Funlishings 73.5 82.8 82.8 82.9 82.9 Woolen and worsted gcods 53.4 84.5 84.4 84.3 84.3 Funliture 72.3 79.8 79.4 79.3 78.8 Other textile products 66.3 75.3 75.8 75.9 76.9 MlSCELLANEOUS: FUEL AND LIGHTING MATERIALS: Autc) tires andtubes 44.6 43.2 43.2 43.2 43.2 Anthracite coal 88.7 81.8 81.8 81.5 81.5 Catt1P, feed 38.2 60.4 63.5 60.3 68 5 Bituminous coal . 79.8 89.8 90.7 90.6 90.8 Paper and puli3 72.0 82.4 82.5 82.5 83.0 Coke 75.3 82.6 83.2 83.6 83.5 Rubber, crude 6.5 15.6 17 5 18 0 18 9 Electricity 103.2 92.3 93.8 94.0 Other miscellaneous 76.8 78.6 78.4 79.0 81.8 Gas 96.7 100.5 94.6 92.2 Petroleum products 38.7 52.7 51.6 51.6 51.1 Back figures.—For monthly and annual indexes of groups, see BULLETIN for March 1932, p. 199, and subsequent BULLETINS; indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1932 and 1933, see Annual Report for 1932 (table 111) and BULLETIN for February 1934, p. 139. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAKCH 1934 FEDERAL RESERVE BULLETIN 199 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 Month utilities 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 January 83.4 186.5 12.0 15.1 4.3 10.7 5.8 9.4 42.7 113.7 1.4 19.6 17.3 17.9 February 52.7 11.8 2.8 7.6 17.2 2.2 11.0 March _. . 60.0 16.0 6.4 7.2 17.6 1.3 11.5 April- 56.6 19.1 6.2 6.6 13.6 1.1 9 9 May 77.2 26.5 9.4 8.9 19.0 1.7 11.6 June 102.3 27.7 26.8 9.6 24.4 3.5 10 3 July... 82.6 23.6 17.8 11.5 18.9 2.9 7 8 August— ___ _. 106.0 21.9 14.1 10.5 51.4 2.6 5 6 September 120.1 21 5 15.1 7 4 60 7 2.2 13.0 October 145.4 21.5 9.8 9.8 92.7 2.2 9 3 November 162 3 23 6 8 2 7 3 111 1 2 6 9 6 December _ _ 207.2 23.9 6.7 7.1 133.3 16.3 20.0 Year... 1, 255. 7 249.3 127.5 99.4 602.7 40.0 136.9 CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Amounts in thousands of dollars; figures reported by Dun & Bradstreet] [Value of contracts in thousands of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Number Liabilities 1934 1933 Federal Reserve 1934 1933 1934 1933 Federal Reserve district district Jan. Dec. Jan. Jan. Dec. Jan Jan. Dec. Jan Boston .- 12,100 16,433 4,696 New York 18,931 40, 290 23,731 Boston 154 141 3,616 2,480 6,560 Philadelphia 8,101 8,243 6,084 New York.... 407 284 691 12,953 9,030 23, 671 Cleveland 32,645 30,130 4,074 Philadelphia.. 62 43 172 1,320 803 3,816 Richmond 31,109 15, 454 4,735 Cleveland 104 90 251 1,998 1,586 5,951 Atlanta.— _ 31,091 21,819 14, 325 Richmond 98 76 187 1,765 1,545 3,056 Chicago 27,682 33,014 8,214 Atlanta. 51 51 176 760 459 5,372 St. Louis 10,422 19, 986 5,061 Chicago _. 175 150 426 4,802 6,245 19,179 Minneapolis _. 3,789 5,231 1,464 St. Louis 32 32 121 757 524 1,864 Kansas City 7,858 11,079 4,165 Minneapolis.. 30 41 100 415 687 1,207 Dallas... 2,734 5,530 6,807 Kansas City.. 48 56 114 403 521 1,842 Dallas 27 33 98 502 303 1,693 Total (11 districts) 186, 464 207,210 83, 356 San Francisco. 176 135 294 3,615 3,019 4,889 Total-_. 1,364 1,132 2,919 32, 905 27, 200 79,101 MERCHANDISE EXPORTS AND IMPORTS, 1927-1930 [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1927 1928 1929 1930 1927 1928 1929 1930 1927 1928 1929 1930 January .. 412 402 480 404 356 341 359 317 56 61 122 88 February 364 363 435 343 303 342 364 284 62 21 70 59 March . _, ___ 398 410 482 363 371 372 371 304 27 38 110 59 April - 405 356 418 327 363 327 397 306 42 29 21 21 382 414 377 312 346 348 381 282 36 65 —4 30 June 349 380 387 290 354 317 350 314 -5 64 36 -24 July 333 371 394 262 322 323 347 218 11 49 47 44 August . - . - 368 371 375 294 372 353 373 217 -4 19 2 77 September 416 415 432 308 351 325 357 228 65 90 75 80 October .. _. - _._. 480 543 522 323 354 368 396 245 127 176 126 77 November 453 538 435 285 347 329 333 197 106 210 103 88 December.. .. . ~_. _.__ 398 466 421 270 324 334 303 201 74 132 118 69 Year 4,759 5,030 5,157 3,781 4,163 4,078 4,331 3,114 596 952 827 667 1 Domestic exports only, not including reexports. 2 Imports for consumption, including goods withdrawn from bonded warehouses for consumption, and not including goods arriving for entry into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS DALLAS® TEXAS — 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
Cite this document
Federal Reserve (1934, February 28). Federal Reserve Bulletin, 1934-03. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_193403
@misc{wtfs_bulletin_193403,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1934-03},
year = {1934},
month = {Feb},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_193403},
note = {Retrieved via When the Fed Speaks corpus}
}