Federal Reserve Bulletin, 1934-04
FEDERAL RESERVE BULLETIN APRIL 1934 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Monetary and Banking Developments National Summary of Business Conditions Annual Report of German Reichsbank UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1934 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD Ex officio members: EUGENE R. BLACK, Governor. CHARLES S. HAMLIN. HENRY MORGENTHAU, Jr., 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 Directory 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. y 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) SOLOMON A. SMITH. 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 Reserve Bank of— Chairman Governor Deputy governor Cashier Boston F. H. Curtiss R. A. Young— W. W. Paddock... W. Willett. G. L. Harrison. W. R. Burgess O. H. Coe.1 New York J. H. Case. J. E. Crane J. W. Jones.1 W. S. Logan W. B. Matteson.i L. R. Rounds J. M. Rice.i L. F. Sailer Allan Sproul.* R. M. Gidney L. W. Knoke1 Philadelphia. R. L. Austin. G. W. Norris.. W. H. Hutt C. A. Mcllhenny. J. S. Sinclair W. J. Davis.i C. A. Mcllhenny. L. E. Donaldson.1 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 ^scar Newton... W. S. Johns »_„ H. F. Conniff M. W. Bell. W. S. McLarin, Jr.* Chicago E. M. Stevens.. G. J. Schaller . C. R. McKay.. W. H. Snyder.2 H. P. Preston.. W. C. Bachman.1 J. H. Dillard... R. H. Buss.1 O. J. Netterstrom.i A. T. Sihler.1 E. A. Delaney.1 St. Louis J. S. Wood W. McC. Martin O. M. Attebery—. S. F. Gilmore.* J. G. McConkey... A. H. Haill.2 F. N. Hall.' G. O. Hollocher.1 0. O. Phillips.^ Minneapolis.. . J. N. Peyton.. W. B. Geery Harry Yaeger H. I. Ziemer. H I. Ziemer F. C. Dunlop.* Kansas City... M. L. McClun 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.i 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. Detroit branch W. R. Cation. Seattle branch __. C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch J. T. Moore. Memphis branch W. 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. in 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 201 Annual report of the German Reichsbank 225-230 Banks suspended and nonlicensed banks placed in liquidation or receivership, Jan. 1 to Dec. 1, 1933 251 Earnings and expenses of member banks 252-259 National summary of business conditions 209 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 210-213 Member and nonmember bank credit: All banks in the United States 216 All member banks 214, 215, 249, 250 Weekly reporting member banks in 91 leading cities 217, 260 Brokers1 loans 217 Acceptances and commercial paper 218 Discount rates and money rates 219 Treasury finance 220 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 221 Security prices, bond yields, and security issues 222 Production, employment, car loadings, and commodity prices 223, 262-265 Merchandise exports and imports 224 Department stores—Indexes of sales and stocks 224 Freight-car loadings, by classes 224 Financial statistics for foreign countries: Gold reserves of central banks and governments 231 Gold production 232 Gold movements 232-234 Government note issues and reserves 235 Bank for International Settlements 235 Central banks 236-238 Commercial banks 239 Discount rates of central banks 1 240 Money rates 240 Foreign exchange rates 241 Price movements: Security prices 242 Wholesale prices 242,243 Retail food prices and cost of living 243 Law department: Rulings of the Federal Reserve Board: Deposits the time of payment of which has been deferred beyond the period originally contemplated 244 Applicability of section 8A of Clayton Act to organizations carrying margin accounts 244 Federal Reserve statistics by districts, etc.: Banking and financial statistics 246-261 Industrial and commercial statistics . _ _ 262-266 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 20 APRIL 1934 No. 4 REVIEW OF THE MONTH been a much wider distribution of excess reserves and that the larger part of them are Further growth of member bank reserves now held by member banks outside of New during March carried the total to $3,400,000,000 York. In recent weeks, however, there has at the end of the month, a larger figure than at been a growth of reserve balances in New York any previous time, and $1,500,000,000 above legal reserve requirements. The increase for EXCESS RESERVES OF MEMBER BANKS the month amounted to $345,000,000 and re- MILLIONS OF DOLLA ( Wednesday figures) MILLIONS OF DOLLARS flected chiefly imports of gold from abroad and the expenditure by the Treasury of funds previously held as cash and as balances with the Reserve banks. Excess reserves of member banks have been in considerable and growing volume since the second quarter of 1932, as is shown hJ tne chart- During most of the period of their growth they have reflected chiefly purchases of United States Government securities by the Federal Reserve banks in pursuance of an openmarket policy adopted for the purpose of promoting easy conditions in the money market. During the entire period from the end of February 1932 to March 28, 1934, the Federal owing to the fact that the gold received from Reserve banks' holdings of Government securi- abroad was imported chiefly for the account of ties increased by $1,700,000,000. During the New York banks. There has also been an insame period the member banks paid off crease in balances held by country banks in $800,000,000 of discounts to the Federal Re- New York City, notwithstanding the fact that serve banks and the holdings of acceptances by such balances no longer earn interest. the Reserve banks were reduced by $100,000,- In view of the interest attaching to the 000. At the same time, member bank reserve distribution of excess reserves, which conbalances were increased from the low level of stitute a basis for credit expansion, a survey has $1,878,000,000 to $3,439,000,000, an increase of been made by the Federal Reserve System of about $1,600,000,000. Since the end of Janu- the amounts of excess reserves carried by banks ary of this year, another factor resulting in an in cities of different size and by banks having increase in member bank reserves has been the different volumes of deposits. The survey import of gold from abroad. relates to the reserve period November 1-15, The chart also indicates that during 1932 the 1933. larger part of excess reserves of member banks The accompanying table shows the distribuwere held by banks in New York tion of the total volume of excess reserves held City but that in 1933, partly as by all member banks during the period by class a result of the passage of the of city* Banking Act of 1933 which prohibits the pay- The table shows that at that time the larger ment of interest on demand deposits, there has part of excess reserves was in New York, 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
202 FEDERAL RESERVE BULLETIN APRIL 1934 Chicago, and other Reserve cities, while Tables giving in more detail the results of country banks had a relatively small propor- the survey of the distribution of excess reserves tion of the total. A distribution of the excess in the first half of November 1933 appear on page 208. EXCESS RESERVES, NOV. 1-15, 1933 In view of the large volume of excess reserves held by member banks at the present time, Amount Member banks ( li i o n n m s o il f - P of e r t c o e ta n l t Pro osed anC* ^ Pos^ility of their dollars) change in further growth through gold reserve imports, return of currency Total - 787 100 requirements ? * •>> i . from hoarding, and issuance ol New York City 139 18 Chicago _ 229 29 additional bank notes by national banks, the Reserve cities 236 30 Country banks in places with popuiation of— Federal Reserve Board has given renewed con- More than 15,000 94 12 Less than 15,000 88 11 sideration to the significance of member bank reserves and to the question whether the reserve reserves by size of bank shows, furthermore, requirements prescribed by existing law would that 82 percent were held by banks with be, under all circumstances, best adapted to deposits of $5,000,000 or over. effective credit administration in the public This concentration of the aggregate of excess interest. At the present time excess reserves reserves in large banks reflects in part the fact help to maintain easy conditions in the money that these banks, having a large part of total market and tend to exert an influence toward deposits, hold also the larger part of total more liberal extension of credit by member reserves and of excess reserves. The propor- banks to trade and industry. They constitute, tion of banks having a substantial amount of therefore, a factor favorable to business reexcess reserves relative to requirements, how- covery. It is with this end in view that the ever, was larger among the small banks than Federal Reserve banks contributed to their among the large banks, and the proportion of growth through open-market operations. banks with deficient reserves was small among How soon these idle reserves will begin to be all groups of banks, amounting to 6 percent utilized and how rapid their absorption will be, for all member banks. This proportion how- will depend upon the progress of economic ever, was somewhat higher among the small recovery. It also remains for the future to than among the large banks. The following determine what proportion of the present excess table shows the percentage of banks of desig- reserves will be used when business activity will nated size that held reserves that were more have attained a normal volume. It would than 20 percent above requirements, that were appear on the basis of past experience that the less than 20 percent above requirements, and existing volume of excess reserves is far in that were below legal reserve requirements. excess of probable business needs, and that it is not likely that these excess reserves will be EXCESS RESERVES, NOV. 1-15, 1933 entirely absorbed by increased requirements arising out of a growth of industrial and trade Percent of banks with reserves- activity. There would, therefore, still remain a surplus of reserves and the question might Member b t a im nk e s d w ep it o h s i n ts e t o d f— emand and a p t b m q h M e o u a r e v i c n o n r e e r e t 2 e n s - r 0 t e- 2 a L 0 b m e q o p s u e s v e i n e r r t e h c t r s - e a e n n - t D ci e e f n i- t s a p ri e C s c e o u n a la s d t i t i t o v io e h n o i s n w f m l t a o a t i y p o r n e d s v e . v e e n l t o t p h e w ir h u e s n e , in in p r o o r d d u e c r in to g prevent a recurrence of speculative excesses, it Less than $250,000 60 32 8 $250,000-$500,000 60 34 6 will become important for the Federal Reserve $500,000-$1,000,000 53 42 5 $l,000,000-$5,000,000 47 48 5 System to be in position rapidly to absorb the $5,000,000 and over— 43 53 4 excess reserves. At such a time it would be All member banks _ 53 41 6 desirable to have reserve requirements increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 203 rapidly and have the increase apply particularly the last half of 1933, while, among loans made to the member banks at which speculative in the open market, commercial paper and acactivity would be in evidence. With a view to ceptances showed a slight decline and loans to being prepared for such a contingency the Fed- brokers and dealers in securities increased. eral Reserve Board has reiterated its recom- Changes from June to December 1933 in prinmendation to the Congress that legal reserve cipal classes of loans and investments of the requirements applicable to member banks be member banks are shown in the accompanying so changed as to make the amount of reserves table. required depend not only on the volume of a LOANS AND INVESTMENTS OF ALL MEMBER BANKS member bank's deposits, as is the case under [In millions of dollars] existing law, but also on the extent to which these deposits are utilized; in other words, on De 1 c 9 . 33 30, Ju 1 n 9 e 3 3 3 0, Change the rate of turnover of deposits. This method Total loans and investments 25, 220 24,786 +434 of determining reserves was presented to the United States Government securities- 7,254 6,887 +367 Federal Reserve Board in 1931 by a committee A O c th c e e r p t s a e n c c u e r s it i a e n s d commercial paper 5,132 5,041 +91 appointed to study the problem, and was Lo p a u n r s c h to as b e r d okers in New York City- 8 3 4 9 0 1 4 7 0 8 3 8 + -1 5 2 2 recommended to the Congress by the Board in All remaining loans 11, 602 11,667 -65 the spring of 1932. If this proposal were Developments during the first quarter of adopted, reserve requirements would increase 1934 were similar to those of the last half of rapidly and automatically when speculative 1933, according to figures of reporting member activity developed, and the increase would fall banks in leading cities. Between December upon the banks at which a rapid turnover of 27, 1933, and March 28, 1934, holdings of deposits would indicate a growth of speculative United States Government and other securities activity, while for other banks reserve requireincreased by more than $1,000,000,000. Loans ments might not increase. In general, the to brokers and dealers in New York City and object would be to discourage excessive specuholdings of acceptances and commercial paper lation without exerting a retarding influence on also increased, while direct loans to customers commercial and industrial activity. A statedeclined. ment on this subject recently presented by Gov- Deposits of member banks increased by ernor Black on behalf of the Federal Reserve nearly $600,000,000 during the second half of Board to the Committee on Banking and Cur- 1933, the growth arising chiefly from additions rency of the United States Senate is printed on to the member banks' investments. During page 205 of this issue of the BULLETIN. Figures on the condition of all member REPORTING MEMBER BANKS IN LEADING CITIES banks on December 31, 1933, that have [In millions of dollars] recently become available, show Ma 19 r. 3 4 28, De 1 c 9 . 3 2 3 7, Change Stber bank that on that date loans and investments of all member banks N Ti e m t e d e d m ep a o n s d it s deposits._. 11 4 , , 4 7 1 9 9 4 1 4 0 , , 3 8 3 6 9 6 + + 9 8 28 0 amounted to $25,220,000,000, reflecting an D U u n e it e t d o b S a ta n t k e s s Government deposits 3 1 , , 4 4 4 1 7 3 2,6 8 9 2 9 5 + + 7 5 4 8 8 8 increase of $435,000,000 from June 30. This increase was due in part to the admission of the first quarter of 1934 deposits of reporting new members to the Federal Reserve System member banks increased further by more than and to the issuance of licenses to previously $1,500,000,000, reflecting largely a growth of inactive banks. The growth in loans and in- Government deposits and of bankers' balances. vestments was chiefly in the banks7 holdings of Demand and time deposits exclusive of inter- United States Government securities as well as, bank deposits also increased during the period. to a smaller extent, of other investments. All The data are summarized in the accompanying classes of loans to customers declined during table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
204 FEDERAL RESERVE BULLETIN APRIL 1934 Money rates, which increased slightly toward rates among New York City banks has reached the end of 1933, largely in response to seasonal a new low level, and the averages of such rates influences, declined in February in the two groups of other leading cities are Money rates ,.. ' , . / close to the low levels reached in the summer of and March to new low levels. 1931. The open-market rate on 90-day bankers' acceptances declined to one fourth of 1 percent, Withdrawal of gold from the leading European corresponding to the low level of last year, and central banks for shipment to the United States, rates on open-market commercial paper at 1 which began after the new parity to 1% percent reached the lowest level on Gold reserves in for ^ ^^ wag estabHshed record. United States Government securities on January 31, was reduced in maturing within less than 6 months have been March. Between the end of February and the selling on a basis which returns no yield, and latest date in March for which reports are now recent issues of Treasury bills have sold on a available total gold held by these banks dediscount basis of 0.08 percent per annum for creased by about $40,000,000, as contrasted 91-day bills and of 0.19 percent for 182-day with a decrease of $370,000,000 during February. bills. Nevertheless there was in March a substantial Early in February the discount rate of the movement of gold from Europe to the United Federal Reserve Bank of New York was States, amounting to about $210,000,000. The reduced from 2 percent to IK percent, and later movement occurred chiefly in the first half of the discount rates at 8 other Federal Reserve the month and represented in large part gold banks were also reduced by one half percent. that in the preceding month had been with- On March 16 the discount rate of the Federal drawn from foreign central banks for export, Reserve Bank of Minneapolis was reduced from 3% percent to 3 percent. At present the dis- GOLD RESERVES OF SELECTED CENTRAL BANKS count rate stands at 3 percent in 5 Reserve [In millions of dollars] banks, at 2% percent in 3 banks, at 2 percent in 3 banks, and at 1% percent in 1 bank. This is, on Change the whole, the lowest level of discount rates Central bank of— L re a p t o es rt t Gold fr r o e m po l r a t st date 1934reserves date in ever established by the Federal Reserve banks. February Declines in discount rates and open-market England Mar. 28 1,574 money rates since the beginning of the year France— Mar. 30 4,947 +43 Germany Mar. 31 96 -38 o ,™ RATES CHARGED CUSTOMERS „„„„ I B ta el l g y ium M M a a r r . . 1 2 5 0 6 63 2 7 2 -1 -1 1 Netherlands. Mar. 26 535 -4 Souhern.& Switzerland.. Mar. 31 570 -30 * O * th * e \ r / Nv+ or thern C 8 iti c e E s a ste // rn,/ p Preliminary figures. "X V gold previously held abroad under earmark for New York r.ifu \ \ the United States Treasury, gold from new production in South Africa and elsewhere, and gold from hoards in India. Diminished gold losses by European central banks to the United States 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 reflected the adjustment of the exchange value have been accompanied by further reductions in of the dollar to its new parity at the turn of the rates charged on ordinary customers' loans by month, as indicated by the rise in dollar quotabanks in leading cities, following substantial tions of foreign gold currencies to a point at declines in the course of 1933. As shown on the which little profit could be obtained by transaccompanying chart, the average of customers' ferring gold from Europe to the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
205 APRIL 1934 FEDERAL RESERVE BULLETIN France was the only European country to system of controlling stocks of raw materials acquire an appreciable amount of gold reserves is being introduced. in March. Holdings of the cen- France tral bank increased $43,000,000. This increase was accompanied by a building up MEMORANDUM REGARDING PROPOSED REVISION OF RESERVE REQUIREMENTS of the deposits at the bank in which reserves of the French commercial banks are included. Presented by Governor Black, on behalf of the Federal Deposits of the French Government, how- Reserve Board, to the Committee on Banking and ever, were further reduced and amounted to Currency of the United States Senate on March 23, 1,720,000,000 francs on March 30, as compared 1934 with 2,320,000,000 francs at the end of 1933 As an amendment to the bill regulating and the peak of 14,330,000,000 francs in Janu- security exchanges, the Federal Reserve Board ary 1931. Shrinkage in cash reserves of the wishes to reiterate its recommendation made French Government has been accompanied by 2 years ago for basing member bank reserve an increase in the budgetary deficit and in the requirements not solely on the volume of public debt. In the latter part of March the deposits but also on the rapidity of their turn- French Treasury negotiated a foreign loan of over, in other words, on the extent to which the 100,000,000 florins with a syndicate of Dutch deposits are utilized. banks in the form of 90-day Treasury bills Member bank reserve balances are highrenewable at the option of the French Govern- power money. On the basis of 1 billion ment up to a total period of 1 year. The bills dollars of excess reserves, member banks can are repayable on a gold basis. In case legal extend credit amounting to between 10 and 15 or administrative changes prevent delivery of billion dollars without having to resort to gold in Amsterdam, either the gold must be borrowing at the Federal Reserve banks. The delivered abroad or else florins in an amount volume of excess reserves at the present time is sufficient to purchase the gold in an open 1% billion dollars, and these excess reserves market must be paid. furthermore may increase greatly when a period The country showing the largest loss in gold of credit expansion sets in. Under existing reserves during recent weeks was Germany. law national banks can issue an additional 600 Reichsbank reserves, which million dollars of bank notes, which when de- Germany have followed a generally posited with the Federal Reserve banks add to downward course since the German financial the reserves of member banks. There is also crisis in the summer of 1931, declined further still a billion or a billion and one half of currency during March by $38,000,000. On March 31 that has not returned from hoarding but is the bank's total gold and foreign-exchange re- likely to be utilized and thus flow back into the serves amounted to $99,000,000. A detailed banks when an expansion sets in. In these account of the factors affecting the bank's re- circumstances if an expansion of credit should serve position in the past year is given in the get under way, the member banks will have a annual report of the Reichsbank for 1933 large volume of reserves without recourse to the printed elsewhere in this issue of the BULLETIN. Federal Reserve banks. These banks therefore During January and February of this year would be out of touch with the market and German purchases of goods on foreign markets thus not in a position to exert a restraining exceeded sales for the first time in 4 years. In influence through discount policy. order to correct this situation and to assure, so The Board's proposal carries out to its far as possible, the maintenance of essential logical conclusion the existing distinction beimports and service on the foreign debt, the tween time deposits, which require a 3 percent amount of exchange allowed importers for reserve, and demand deposits, which require general purposes has again been cut and a a 7, 10, or 13 percent reserve, depending Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
206 FEDERAL RESERVE BULLETIN APRIL 1934 upon the location of the bank. The proposal the other hand, in times of depression when would result in an automatic increase of re- deposits are inactive, member bank reserve serve requirements when boom conditions arise requirements would diminish and there would and an automatic decrease of reserve require- be a decrease in the volume of idle funds that ments in times of depression. The proposal the banks would be required to carry as refurthermore has the advantage of making the serves. In effect, the plan would supplement increase in reserves applicable not to all banks open-market operations by the Reserve banks, in all localities alike, but rather to those banks by withdrawing funds from the market under in those communities only where excessive boom conditions and furnishing additional speculative activity is manifesting itself. If funds at times of depression. this proposal were adopted, its operation, to- The plan would also work for a more equigether with the authority existing under the table distribution of reserves as between city Thomas amendment to raise reserve require- banks and country banks. City banks, owing ments with the consent of the President when to their proximity to the Reserve banks, have an emergency arises from excessive credit been able to reduce their vault cash to a very expansion, would make it possible for the small proportion of their deposits, while at Federal Reserve Board to combat the recur- country banks a much more considerable rence of speculative excesses. The proposal, proportion has been necessary. As a consetherefore, presents a logical complement to the quence the actual distribution of effective bill for the regulation of security exchanges. reserves differs from that contemplated by the The proposal would counteract two abuses law and is much more favorable to banks in that have developed under existing law and financial centers. The Board's proposal would have created serious obstacles to credit con- do away with this disparity. trol. One is the evasion of reserve require- Most important of all, however, the proposed ments by classifying as time deposits many plan would result in an increase of reserve deposits that to all intents and purposes are requirements not only at the time when such an demand deposits, a practice that has devel- increase will be in the interests of sound banking oped since the classification of deposits in one conditions but also at the spot where speculative or the other category has determined the vol- excesses get under way, and at the banks where ume of reserves that a bank must carry. And enhanced activity of deposits will be caused by the other, the reduction of actual reserves a rising tide of speculation. Big nation-wide carried through diminishing the volume of booms develop at financial centers, and this till money which under existing law does not proposal, by imposing restraints on speculation count as reserve. The proposal would permit in these centers without increasing the burden banks within certain limitations to count their of idle reserves for banks in those communities vault cash as reserves and would therefore to which the boom has not penetrated, will not close the door to the practice of greatly reduc- only be more equitable but will serve the puring actual reserves by diminishing cash hold- pose of applying restraining influences autoings to a nominal amount. matically at the right time, in the right places, In times of great speculative activity, such and to the right institutions. as 1928 and 1929, the banks under a law like With the heavy responsibilities imposed the one proposed would have had to carry upon the Federal Reserve System in connection three or four hundred millions of additional with the possibilities of speculative expansion, reserves and would, therefore, have had to the adoption of this plan would place into their increase their borrowings at the Reserve banks hands an instrument that would be of great by that amount. This would have greatly assistance in serving the interests of trade and increased the power of the System to exercise industry by restraining the use of credit for a restraining influence at an early date. On speculative purposes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 207 Concretely under the proposal, member Board in 1931.1 Your attention is particularly banks would be required to carry 5 percent called to the chart on page 10 of this report reserves against their net deposits plus 50 which shows that demand deposits and consepercent of the amount of the bank's average quently reserve balances of member banks daily debits to deposit accounts. In order to showed practically no increase during the period avoid too heavy burdens in extreme cases, the of the greatest credit expansion in 1928 and proposal provides that in no case shall aggregate 1929, while bank debits during that period reserves required of a bank exceed 15 percent of increased at a very rapid rate. Another chart its gross deposits. on page 19 of the report shows how, under the In computing their reserves, the member proposed plan, reserve requirements would have banks would be permitted to count as reserves risen rapidly during the expansion and would a certain proportion of their vault cash. At have declined much more rapidly than actual banks in cities near the Federal Reserve banks reserves after the depression set in. or branches, the banks would be required to carry four fifths of their total reserves as deposits with the Federal Reserve banks, while Change in Discount Rate at other banks they would only be required to The rate on discounts for and advances to carry two fifths of their reserves as balances member banks under sections 13 and 13a of the with the Reserve banks. Federal Reserve Act was reduced from 3% per- As an exhibit in connection with this state- cent to 3 percent at the Federal Reserve Bank ment I should like to submit the report of a of Minneapolis effective March 16, 1934. committee of the Federal Reserve System on 1 This report was reprinted in the Annual Report of the Federal bank reserves presented to the Federal Reserve Reserve Board for 1932, pp. 260-285. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
208 FEDERAL RESERVE BULLETIN APRIL 1934 EXCESS RESERVES OF MEMBER BANKS EXCESS RESERVES OF MEMBER BANKS, BY CLASS OF NOV. 1-15, 1933 CITY AND BY SIZE OF BANK [In thousands of dollars] NUMBER OP MEMBER BANKS, BY RESERVE POSITION AND BY CLASS OF CITY Member banks Number of banks Country banks in Banks with average All places with— Country net demand and member New In Rebanks in time deposits of— banks York Chicago serve More 15,000 places City cities than with— 15,000 lation Reserve position b m a A b e n e m l k r l s - N C Y e i o t w r y k c C a h g i o - s c e R it r i e v e - e s More 15,000 l p a o t p io u n - u a n n d d er than popu- Less than $250,000.... 8,019 88 7,931 15,000 lation $250,000 and less than popu- and $500,000 18,640 147 115 415 18,093 lation under $500,000 and less than $1,000,000... 29,764 51 59 159 3,365 26,130 $1,000,000 and less Deficient 347 7. 52 288 $5,000,000 87,821 471 1,131 11,632 39,347 35,240 Less than 20 percent in excess $5,000,000 and over 642,480 138,831 228,046 223,926 50,992 685 of requirement 2,386 24 12 .151 467 1,732 From! 20 to 50 percent in Total.. 786, 726 139,353 229,383 235,704 94, 207 88,079 excess 1,263 8 4 63 173 1,015 From 50 to 100 percent in excess 798 2 1 44 114 637 1 Deficiency. From 100 to 200 percent in excess __ 573 2 6 26 77 462 More than 200 percent in NUMBER OF MEMBER BANKS, BY RESERVE POSITION excess 480 2 19 64 395 AND BY FEDERAL RESERVE DISTRICTS Total - 5,847 36 25 310 947 4,529 Number of banks with reserves Percenta t g io e n distributhat were— NUMBER OF MEMBER BANKS, BY RESERVE POSITION AND BY SIZE OF BANKS Total More Less More Less Federal Reserve num- than than than than district ber of 20 per-20 per- 20 per-20 per- Number of banks with banks cent incent in Defi- cent incent in Defireserves that were— e o x f c e re s - s e o x f c e re s - s cient e o x f c e re s - s e o x f c e re s - s cient quire- quire- quire- quirements ments ments ments Total More Less Size groups; average net demand number than 20 than 20 and time deposits of percent percent Boston. 348 197 147 4 56.6 42.2 1.1 banks m ex- in ex- Defi- New York 734 354 350 30 48.2 47.7 4.1 cess of cess of cient Philadelphia 601 199 317 85 33.1 52.7 14.1 require-require- Cleveland . . 517 238 252 27 46.0 48.7 5.2 ment ment Richmond 348 168 141 39 48.3 40.5 11.2 Atlanta . 299 168 117 14 56.2 39.1 4.7 Chicago 548 420 111 17 76.6 20.3 3.1 Less^than $250,000 1 211 723 386 102 St. Louis 355 204 133 18 57.4 37.5 5.1 $250,000 and less than $500",0(Jb__ 1,305 779 451 75 Minneapolis 484 253 193 38 52.3 39.9 7.9 $500,000 and less than $1,000,000 1,212 645 506 61 Kansas City 703 431 238 34 61.3 33.9 4.8 $1,000,000 and less than $5,000,000..._ 1,618 753 779 86 Dallas 537 325 181 31 60.5 33.7 5.8 $5,000,000 and over 501 214 264 23 San Francisco 373 157 206 10 42.1 55.2 2.7 Total 5,847 3,114 2,386 347 Total 5,847 3,114 2,386 347 53.3 40.8 5.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APEIL 1934 FEDEKAL RESERVE BULLETIN 209 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Mar. 24 and released for publication Mar. 27] Volume of industrial activity increased in considerably larger than in the first quarters of February for the third consecutive month and 1932 and 1933. there was a considerable growth in factory Distribution.—Freight traffic increased seaemployment and pay rolls. Wholesale com- sonally during February and the early part of modity prices, after advancing for 2 months, March. Dollar volume of department-store showed little change between the middle of sales on a daily average basis showed little February and the middle of March. change in February. Production and employment.—Output of Dollar exchange.—The foreign exchange manufactures and minerals, as measured by value of the dollar in relation to gold curthe Board's seasonally adjusted index of in- rencies declined in the second week of Februdustrial production, increased from 78 percent ary to within 2 percent of its new parity and in of the 1923-25 average in January to 81 percent the latter part of February and the first three in February. The advance reflected chiefly weeks of March showed a further slight decline. increases of considerably more than the usual Commodity prices.—Wholesale prices of comseasonal amount in the output of steel and modities showed little change from the middle automobiles, while activity at meat-packing of February to the middle of March, after a establishments declined. Activity at textile considerable increase earlier in the year. The mills, which in January had increased from the index of the Bureau of Labor Statistics for the low level prevailing at the end of the year, week ended March 17 was at 73.7 percent of the showed a further moderate increase in Febru- 1926 average, compared with 73.8 percent the ary, partly of seasonal character. In the first week before, and 72.4 percent at the end of week of March steel production showed a fur- January. ther increase and in the following 2 weeks Bank credit.—Between the middle of Februremained unchanged. ary and the third week of March imports of gold from abroad resulted in a growth of about Factory employment and pay rolls increased $550,000,000 in the country's monetary gold substantially between the middle of January stock. Funds arising from these imports of and the middle of February to a level higher, gold and from expenditure by the Treasury of on a seasonally adjusted basis, than at any other about $140,000,000 of its cash and deposits time since the summer of 1931. Working forces with the Federal Reserve banks were for the most part added to the reserves of member on railroads also showed an increase, while at banks, which consequently increased by $600,mines there was little change in the volume of 000,000 during the 4-week period. At the close employment. The'number on the pay rolls of of the period member bank reserves were nearly the Civil Works Administration declined from $1,500,000,000 in excess of legal requirements. about 4,000,000 in January to about 2,900,000 Total deposits of reporting member banks in the week ending March 1. At automobile increased by about $1,000,000,000 between the middle of February and the middle of March, factories there was a large increase in the numreflecting the imports of gold, purchases by the ber employed to approximately the level prebanks of United States Government and other vailing 4 years ago. Substantial increases were securities, and a growth of bankers' balances. reported also for the textile, clothing, shoe, and During March money rates in the open martobacco industries. ket declined further. Rates on 90-day bankers' acceptances were reduced from % percent to % Value of construction contracts awarded, as percent, and rates on prime commercial paper reported by the F. W. Dodge Corporation, were reduced by }i percent to a range of 1 to 1^ showed a decline in February, followed by an percent. Yields on United States Government increase in the first half of March. The total securities also declined considerably. On March volume indicated for the first quarter is some- 16 the Federal Reserve Bank of Minneapolis reduced its discount rate from 3% to 3 percent. what smaller than in the last quarter of 1933 but Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
210 FEDEKAL KESERVE BULLETIN APRIL 1934 RESERVE BANK CREDIT AND RELATED ITEMS MILLIONS OF DOLLARS Weekly basis-. Wednesday series MILLIONS OF DOLLARS 6000 18000 7000 17000 6000 6000 5000 5000 4000 i 4000 3000 3000 2000 2000 1000 1000 1929 1930 1931 1932 1933 1934 Based on Wednesday figures; latest figures are for March 28. See table on page 211. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
211 APRIL 1934 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS [In millions of dollars. Wednesday series; for other series, see p. 248] ]Reserve bank credit outstanding Treas- Date (Wednesday) B co il u ls n t d e i d s- bo B u il g l h s t m G c U S u e o n t r n v a i i t t e t t i e e r e s s d n s e - - O c t s b h r e a e e r n d v r k i e t re- Total M go o ld n e s t t a o r c y k n T a r r b t e a c e i a n u o a n n c r s d n k - y u a r l y - M c o i t r i n c o e u n y la - in b M b a a s e l n e a m k r n v b c e r e e e s r - a b p w n F c u a o d a . i n s r s R t y i k h h d t . s s e- b p m N e o r e o s m i n d t - s e - - F R c O e e o d a s t u h c e e n - r r e t v a r s l e 1933-Feb. I... 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 ,836 4 2,936 4,344 2,218 6,720 2,038 303 91 345 Mar. 8__. 1,414 417 ,881 68 3,644 4,243 2,230 7,538 1,776 317 138 348 Mar. 15- 1,232 403 ,899 9 3,525 4,251 2,256 7,269 1,964 317 132 349 Mar. 22_- 671 352 ,864 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 Aor. 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 July 5... 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 July26_. 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. 117 7 2,420 7 2,550 4,323 2,276 5,640 2,591 388 178 353 Nov 112 7 2,430 -7 2,542 4,323 2,275 5,673 2,578 373 161 356 Nov, 111 15 2,432 6 2,564 4,322 2,275 5,654 2,645 345 163 355 Nov, 112 20 2,431 -1 2,562 4,323 2,276 5,654 2,687 316 149 355 Nov, 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 2tei5 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 U,033 2,302 15,289 2,652 597 141 287 Feb. 7... 73 97 2,432 4 2,606 2 7,038 2,301 5,317 2,736 » 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.. f>6 75 2,432 18 2,592 7,203 2,301 5,344 2,830 3,499 132 291 Feb. 28.. 64 62 2,432 8 2,567 7,438 2,302 5,355 3,093 3,440 127 292 Mar. 7.. 59 46 2,432 2 2, 539 7, 556 2,312 5,374 3,313 3,294 133 294 Mar. 14. 55 37 2,432 8 2, 532 7,605 2,332 5,345 3,454 3,226 143 301 Mar. 21. 51 33 2, 432 —9 2,508 7,640 2,343 5, 334 3,449 3,252 154 302 Mar. 28. 53 29 2,432 5 2,519 7,681 2,356 5,336 3,439 3,318 161 30 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. 213. 2 By proclamation of the President dated Jan. 31, 1934, at 3:10 p.m., the weight of the gold dollar was reduced from 25*Ko grains to 155Ai grains nine tenths fine. The resulting increase of $2,810,000,000 (as of Mar. 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
212 FEDERAL RESERVE BULLETIN APRIL 1934 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL: ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars] Mar. 31,1934 Feb. 28,1934 Mar. 31,1933 Gold certificates on hand and due from United States Treasury. 4,303, 587 3,895,811 914,762 Gold ___ _ 2, 254,440 Redemption fund—Federal Reserve notes 32, 748 35,138 81,199 Other cash > _ _._ _ _ 200, 647 208, 727 318, 522 Total reserves.- 4, 536,982 4,139,676 3, 568,923 Redemption fund—Federal Reserve bank notes. 12,595 1,100 Bills discounted: For member banks _ _ 53, 670 425,036 For intermediate credit banks For nonmember banks, etc 392 1,436 Total bills discounted 54,068 64, 390 426,472 Bills bought: Payable in dollars: Bought outright 23, 273 56,458 277,974 Under resale agreement _ 2,021 Payable in foreign currencies _ "5," 275" "~5,~887 24, 788 Total bills bought.. 28, 548 62,345 304, 783 United States Government securities: Bought outright.._ _ 2,445, 636 2,430,351 1,836,416 Under resale agreement _ _. 1,600 1,600 1,925 Total United States Government securities _ _ 2,447,236 2,431,951 1,838,341 Other Reserve bank credit: Municipal warrants _ _ 563 653 4,953 Due from foreign banks _ _ 3,131 3,485 3,618 Reserve bank float (uncollected items in excess of deferred availability items). 11, 536 i 6, 230 Total Reserve bank credit outstanding 2,545, 082 2,566,706 2,571,937 Federal Reserve notes of other Reserve banks -. 16, 569 13, 293 29,005 Uncollected items not included in float 387,639 406,909 312,690 Bank premises _ 52, 442 52, 382 54, 037 Federal Deposit Insurance Corporation stock _ 69,650 69, 650 54,032 All other assets _ 50,980 47, 791 71, 957 Total assets. 7, 668, 430 7,309,002 6, 609, 644 Federal Reserve notes: Held by other Federal Reserve banks. 16, 569 13, 293 29,005 Outside Federal Reserve banks 3, 021, 734 2,966, 344 3, 666, 718 Total notes in circulation 3,038,303 2,979, 637 3, 695, 723 Federal Reserve bank note circulation—net. 116, 876 195, 376 14,567 Deposits: Member bank—reserve account 3,457, 069 3,093,119 1,949,107 Government _ __ 39, 220 45, 261 41,126 Foreign bank 5,941 3,433 16, 384 Special deposits: Member bank _. 21,887 29, 248 65,489 Nonmember bank 11,026 11,994 16,133 Other deposits 118, 253 44,724 Total deposits. _ _ 3,653, 396 3,265,381 2,132,963 Deferred availability items 387,639 406,909 312, 690 Capital paid in _' 146, 221 145,310 149, 595 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 48, 312 38,706 25, 507 Total liabilities 7, 668, 430 7,309,002 6, 609, 644 Contingent liability on bills purchased for foreign correspondents.. 4,937 4,835 45,305 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents-.. 3, 264,452 3, 224, 644 4,035, 766 Collateral held by agents as security for notes issued to bank: Gold certificates on hand and due from U.S. Treasury 2,861,734 2, 765,318 2,577,825 Eligible paper 54, 621 95,149 598,813 United States Government securities _ 385,300 412,800 884, 700 Total collateral.. 3,301, 655 3, 273, 267 4,061,338 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding). 132, 895 219, 744 21, 049 Collateral pledged against outstanding notes: Discounted and purchased bills 971 1,144 5,258 United States Government securities 161, 774 249,774 25, 249 Total collateral 162, 745 250,918 30, 507 i Deferred availability items in excess of uncollected items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 213 ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENTS OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] [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 m o le e m a t a r s k r e e e a i - r- f O ac t t h o e r r s From or to— (pre M lim ar i c n h ary) February J F a e n b u ru a a ry ry - Im- Im- Imports Exports ports Exports ports Exports $l=258io grains of gold nine tenths fine; i.e., an ounce of fine gold = $20.67 1932— N D O S c o e e t c v p o e e t b e m m e m r b b b e e e r r r . - - . 4 4 4 4 , , , , 2 1 3 5 6 9 4 1 4 3 0 3 1 1 7 7 0 7 5 0 4 3 . . . . 6 8 8 5 1 2 2 2 0 1 7 0 0 . . . . 7 9 6 9 7 4 7 5 2 1 . . . 8 3 0 4 4 5 1. . . . 6 6 5 3 B E F G r n e e a l g r g n m l i c a u e a n m n d y 1 4 2 6 2 , , 7 9 2 4 8 4 2 1 3 2 9 4 , , 1 8 3 4 2 8 2 8 1 1 2 1 3 2 9 4 , , 8 3 1 2 8 4 8 1 2 1 2,5 4 7 6 2 0 1 0 Total (12mos.). 52.9 -446. 2 457.5 41.6 N Sw et i h tz e e r r l l a a n n d d s 9 1, , 0 4 6 8 9 9 5 9 7 , , 0 2 8 72 7 57, 272 1,678 1933— M F J e a a b n r u r c u a h r a y ry. _. 4 4 4 , , , 2 3 5 8 8 5 2 0 3 -1 -9 7 4 7 3 0 . . . 2 4 0 - 1 2 1 2 2 7 8 . . . 1 8 5 - - 1 1 -9 7 0 1 8 0 . . . 5 1 3 -1 2 2 3 5 . . . 9 0 0 A C M C e a r e g n n x e t a i r n c d a o t a l i n A a merica 1 4 0, , 7 7 3 6 9 9 1 5 2 , , 1 1 7 2 2 1 4 6 12 1 5 2 , , 3 4 8 4 7 4 9 1 A M p a r y il 4 4 , , 3 3 1 1 2 5 2 3 9 . . 6 5 - - 1 2 0 1 . . 0 1 3 2 3 2 . . 7 1 5 2 . . 7 6 E C c o u lo a m do b r ia ~2,~489" 1,660 1,660 J J u u l n y e 4 4 , , 3 3 2 1 0 8 2 2. . 7 2 -8 -3 3 . . 2 9 8 3 4 . . 5 5 2 1. . 9 1 P U e r r u u g uay ... 32 A N S O e u o c p t g v o t u e e b s m m e t r b b e e r r . - . 4 4 4 4 , , , , 3 3 3 3 2 2 2 2 8 3 3 4 - -0 3 7 . . . 7 8 5 - - - 3 8 5 -1 2 0 6 . . . . 1 4 4 7 4 7 2 0 9 6 9 . . . . 6 9 3 5 8 4 3 0 . . . . 4 8 6 4 A V B C r e h u i n i s t n t e i r s a z a h u l e i I a l a n a n d d ia Hong 12, 493 2 2 0 1 7 0 2 2 0 1 7 0 December.. 4,323 -0.5 -9.1 11.8 -3.1 Kong 51 651 651 Dutch East Indies- Total (12mos.)_ -190.4 -173.7 -58.0 41.4 Japan 4 4 34—January... 2 4,033 2-289. 3 -22. 8g 12.2 »-298.7 A Ph ll i l o ip th p e i r n e c o I u s n la tr n ie d s s . 2 . . 152 968 1 1 , , 7 4 5 4 0 1 --155M grains of gold nine tenths fine; i.e February. an ounce of fine gold=$35 Total 210, 923 452, 622 454, 570 4,765 March *>._. 7,438 3,405.0 I 452.6 68.7 2 7,695 256.8 | 210.9 -.8 46.7 1 With some exceptions figures represent customs valuations at rate of *> Preliminary figures. $20.67 a fine ounce through January 1934 and $35 a fine ounce thereafter. 1 Gold released from earmark at Federal Reserve banks less gold »Includes all movements of unreported origin or destination. placed under earmark (with allowance when necessary for changes in gold earmarked abroad for account of Federal Reserve banks). 2 Decrease during January reflects primarily omission from gold stock for end of January of "gold coin in circulation"; see note 0) at bottom of this page 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 Gold 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 u l i v b a - 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 se t 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.. _ 5,645 479 591 350 250 111 287 2,707 836 February . 6,545 571 649 362 252 111 301 3,405 3 861 March 6,320 367 393 376 258 112 266 3,621 17 879 April 6,003 335 323 360 255 112 261 3,362 50 915 May 5,812 324 280 359 256 112 265 3,167 99 922 June 5,721 321 265 361 257 113 269 3,061 125 920 July 5,630 320 252 365 258 113 275 2,974 129 914 August 5,612 319 242 372 261 114 277 2,953 133 911 September 5,650 312 232 385 265 115 280 2,966 156 909 October. _. 5,635 312 225 387 267 116 277 2,930 189 903 November. 5,742 311 219 394 269 117 285 2,998 206 913 December - 5,806 311 213 407 272 117 286 3,044 208 918 1934—January... 1 5, 289 0) 178 391 267 116 283 2,894 202 927 M Fe a b r r c u h a p ry __ .. . 1 1 5 5 , , 3 3 9 5 5 4 f 0 1 ) ) 1 16 6 1 7 3 4 9 0 9 3 2 2 7 7 0 3 1 11 1 8 7 2 2 8 8 9 9 2 3 , , 9 0 4 0 9 6 1 1 9 7 4 8 p Preliminary figures. 1 Omission of figures for gold coin reflects change in reporting practice of Treasury and Federal Reserve banks (effective Jan. 31,1934, when figure would have been $287,000,000). NOTE.—For figures of paper currency of each denomination in circulation see p. 261. 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
214 FEDERAL RESERVE BULLETIN APRIL 1934 MEMBER BANK RESERVE BALANCES [In millions of dollars] Average of daily figures Reserves held Excess reserves Month 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 "Co b u a n n t k r s y' T m o b t e a a m n l— k b s e a r ll Ne C w i t Y y1 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—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 1,109 965 442 583.8 286.2 254.2 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 June3 2,160 861 858 441 363.1 68.9 198.0 96.2 July3 2,221 796 489 435.7 43.2 252.9 139.6 August3 2,331 837 501 565.5 101.8 312.3 151.3 September3. 2,451 896 1,056 499 674.5 155.2 371.5 147.8 October3 2,557 893 1,135 529 758.4 149.0 437.9 171.5 November 3_ 2,599 866 1,181 553 794.1 129.8 474.7 189.6 December 3__ 2,588 828 1,193 567 765.7 96.0 472.6 197.1 1934—January 3_. 2,740 897 1,221 622 '865.7 146.8 476.6 '242.4 February3 2,799 872 1,271 656 890.8 118.3 509.1 263.4 ' Revised 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 t r w y k i r O e c s i t t e h i r e e v s r e " b 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 e k l m s - - C Y N i o e ty r w k 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 ty r w k i r O e c s i t t e h i r e e v s r e " b t C a r n o y k u " n s - 1932—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 September3 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 December> 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 '24,248 6,348 '9,963 7,952 15,021 5,599 5,894 3,528 '9,227 749 4,043 '4,435 February 3 24,674 6,370 10,124 8,180 15,341 5,624 6,048 3,668 9,333 746 4,075 4,512 ' Revised. l Central reserve city banks only. * March data not available. * 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
APRIL 1934 FEDERAL RESERVE BULLETIN 215 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 loans Loans Se- Other- Loans U.S. se- Call date i m n a v e n e n d s t t s - ba t n o ks Total s c t u o b r c y e k d sb c y u S r r e e e - d al se w c an u is r d e ed Total A a c n c c e e p s t- c A ep c t - - Com- k b t r e o o r - s Total m G er e o n n v - t - O se t c h u e - r s c t u o b r c y e k d s b a o n n d ds estate c u u n r s e e d - U b p l n a e y i t a e in - d p an b a c y le e a s - p m c a i p e a r e l - r Y N o i e n r w ki r s i e t c ie u s - rities b a o n n d ds 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 6,852 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 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 6,639 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».. 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 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 3,839 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 1,353 665 262 258 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 «.. 7,133 162 2,297 1,082 157 1,057 964 224 720 3,709 2,551 1,158 1,888 Oct. 25 2.. 6,971 143 2,436 1,032 149 1,254 891 233 624 3,501 2,320 1,181 1,728 Dec. 30 K. 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 30. _. 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. 30.- 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 1,398 2,312 115 44 46 12 4,362 2,462 1,900 2,298 1933—June 30 K 9,780 129 4,846 1,702 1,160 1,984 184 63 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 68 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 60 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 3,326 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 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 4,187 1,471 2,715 1,503 Dec. 31... 9,607 5,405 1,432 1,304 2,669 39 28 4,114 1,474 2,640 1,450 1933—June 30 2.. 7,873 4,194 1,132 1,055 2,007 43 27 3,598 1,469 2,129 1,159 Oct. 25 2.. 8,031 4,175 1,118 1,070 1,987 73 46 3,748 1,592 2,156 1,148 Dec. 30 2_. 8,068 4,123 1,108 1,061 1,955 62 34 3,845 1,683 2,162 1,136 * Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. > Licensed banks {operating on an unrestricted basis). ' 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
216 FEDERAL RESERVE BULLETIN APRIL 1934 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 Invest- Invest- Total Loans ments Total Loans ments Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts tiy28—Oct. 3— 57, 219 39,671 17, 549 34,929 24, 325 10, 604 i 9, 242 i 5, 518 * 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 13,192 9,913 3,279 929—Mar. 27. 58, 019 40, 557 17, 462 35, 393 24,945 10, 448 i 9, 390 1 5, 694 i 3, 696 13, 236 9,918 3,317 J O u c n t e . 4 2 _ 9 _ - . 5 58 8 , , 4 8 7 3 4 5 4 42 1 , , 5 2 1 0 2 1 1 16 6 , , 9 6 6 3 2 4 3 3 5 5 , , 9 7 1 1 4 1 2 2 6 5 , , 1 6 6 5 5 8 1 9 0 , , 7 0 4 52 9 i 9 9 , , 5 5 5 6 56 1 5 5 , , 8 8 9 9 2 2 i 3 3 , , 6 6 6 6 4 4 1 1 3 3, , 3 2 6 0 6 7 1 9 0 , , 9 1 6 4 1 4 3 3 , , 2 2 4 2 6 1 Dec. 31.. 58, 417 41, 898 16, 519 35,934 26,150 9,784 9,463 5,945 3,518 13, 020 9,803 3,217 930—Mar. 27.. 57,386 40, 686 16,700 35, 056 25,119 9,937 i 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 i 9,747 ^OtW 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 3,920 11,362 8,196 3,165 31—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 June30._. I 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 2,814 932—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 i 10, 316 i 6,130 1 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 2,515 933—June 30— 40,089 22, 215 17,874 a 24, 786 2 12,858 « 11,928 10, 044 5,941 4,103 3 5, 258 2 3,415 »1,843 Oct. 25.. * 24,953 2 13, 0592 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 i t n 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 12,929 1928-Oct. 3. 25,828 8,896 7,670 1,226 1615 16,317 Dec. 31.. 56,766 34,826 8,849 13,091 Dec. 31 -. 25,576 8,837 7,629 1,208 612 16,127 1929—Mar. 27- 54,545 33, 215 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 33,004 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 18,916 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 June30._ 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 i 594 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 * Figures of preceding call carried forward. i Figures of preceding call carried forward. ^Licensed banks only 1 Licensed banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 217 REPORTING MEMBER BANKS IN 91 LEADING CITIES [In millions of dollars] Total—91! leading cities New York City 90 oth c e it r i e le s ading Loans and investments Loans and investments Data Total L on o a s n e s - o A th l e l r Investments r a o b t B w a F n o in k r .R - g s s . Total L on o a s n e s - o A th l e l r Investments r a o b t B w a F n o in k r .R g s s . a m T l n v o o e d e a s n t n a t i t n - s l s - r a o b t B w a F n o in k r .R - g s s . curities loans U.S. se- curities loans U.S. se- Total curities Total curities 1933—Oct. 4__ 16,548 3,651 4,914 7,983 5,022 6,728 1,699 1,666 3,363 2,271 9,820 20 Oct. 11- 16,536 3,637 4,933 7,966 4,994 6,733 1,683 1,706 3,344 2,236 9,803 23 Oct. 18. 16,592 3,673 4,970 7,949 4,987 6,782 1,712 1,749 3,321 2,226 9,810 20 Oct. 25. 16,467 3,584 4,959 7,924 4,956 6,670 1,636 1,741 3,293 2,194 9,797 22 Nov. 1- 16,749 3,604 4,989 8,156 5,164 6,822 1,666 1,759 3,397 2,274 9,927 24 Nov. 8.. 16, 719 3,590 5,003 8,126 5,147 6,778 1,657 1,771 3,350 2,231 9,941 21 Nov. 15. 16, 681 3,557 5,000 8,124 5,138 6,754 1,624 1,769 3,361 2,231 9,927 21 Nov. 22. 16,619 3,549 4,959 8,111 5,111 6,719 1.618 1,728 3,373 2,230 9,900 22 Nov. 29. 16, 672 3,569 4,999 8,104 5,114 6,804 1,651 1,790 3,363 2,225 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 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 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 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 Mar. 7_. 17, 425 3,495 4,673 9,257 6,278 7,069 1,649 1,661 3,759 2,668 10,356 10 Mar. 14 17, 513 3,593 4,688 9,232 6,229 7,213 1,733 1,673 3,807 2,704 10,300 10 Mar. 21. 17, 526 3,553 4,643 9,330 6,272 7, 199 1,687 1,637 3,875 2,717 10, 327 Mar. 28 17,472 3,514 4,647 9,311 6,227 7,193 1,663 1,629 3,901 2,720 10,279 i Increased from 90 to 91 on Jan. 10, 1934, in order to compensate for the withdrawal from membership of a reporting member bank located 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 [Net borrowings on demand and on time. In millions of dollars] [In millions of dollars. Monthly data are averages of weekly figures] For ac- End of month Total an F Y d r o o p r t m r k a u n s b N 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 , ie b b p s r a r , o i n v k e k t e a i c r t n . e s g , Month or date Total ) c w F o n u o n r a t c- c b o o a t u o u n t w n - k o t s n f o - l f c F o o o u th n r e t a r o c s - f 1933 1934 1933 1934 1933 1934 1933— A M p a r r i c l h 3 37 7 4 3 2 1 1 8 May 578 555 17 January 359 903 270 839 90 64 J J u u n ly e 9 7 1 5 9 5 8 7 0 1 6 2 1 3 0 6 5 February 360 938 298 862 62 76 August 877 747 122 March 311 981 247 873 64 108 September. 847 741 98 October... 779 663 111 April 322 268 54 November. 723 611 106 May 529 461 68 December. 759 631 122 June 780 694 86 1934—January... 802 657 137 July 916 822 94 February,. 731 149 August 917 841 76 March 736 148 September 897 806 91 October 776 706 70 M M a a r r . . 7 14.... 8 9 4 2 4 3 775 1 1 5 4 0 7 November 789 712 77 Mar. 2L__. 746 147 December 845 776 69 Mar. 28.... 735 149 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
218 FEDERAL RESERVE BULLETIN APRIL 1934 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES 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 b R an e k s s erve Held by b a a n c k c s epting st U o n re i d te d in s g t o o o re d d s Based States in End of month T s o t i o a n u t n g t a - d l c o F o a w u c o - n n r t s o c c p e F f o o a o i r u o c g f n r o - r n n e d r t - - - Total O bi w ll n s b B ou il g ls ht o H t b h e y e ld rs End of month Total p U i i o o n m . n r t S o - t . s o p f U n r o o . r e S m t x . s - d b s c o ( p h h e r w m e o t i o w p o d a i u e r n p i r e s s t e t e e e s t s - d i ) n c D ch o e a l x n l - a g r e s t f f p h t r c o o w i i o o r r b e p e e i u e s e i p n i e n - g g o e t n - n n s d r ents OUTSTANDING 1931— D N e o c v e e m m b b e e r r . . . 1, 9 0 7 0 4 2 3 4 0 1 5 8 2 1 5 2 1 6 2 2 9 6 6 2 1 13 2 1 5 1 1 7 3 1 1 1 1 6 5 1 6 1933— M F a e rc b h ruary- 7 67 0 1 4 1 17 7 5 4 2 1 1 8 9 4 2 2 3 3 1 0 1932— J A J M A F M S u J u e e p u a n a a l p b n r y g y e r i t u r u c l e a u h s m r t a y b ry er .. - . 8 7 9 9 9 7 7 6 7 4 6 1 0 1 8 8 9 7 1 1 5 9 1 7 1 3 3 7 1 1 1 4 2 6 6 6 3 9 6 2 3 3 3 2 1 9 1 3 1 5 4 4 9 8 8 2 5 4 9 9 3 2 3 3 3 3 4 5 5 5 5 5 4 5 1 7 6 3 1 7 7 3 5 8 7 3 2 0 4 3 2 2 1 1 1 1 1 1 1 0 2 7 8 5 5 9 5 9 0 5 5 8 9 5 7 9 8 3 2 3 2 2 3 4 1 1 1 6 6 8 7 6 1 2 7 8 6 8 6 6 8 4 2 4 1 1 1 1 9 9 7 1 5 6 8 6 9 6 0 0 5 5 4 9 3 5 A J J A M N S O D u u e p u c o e a l n p t r g c v y y o e i t u e . l e e . b m s m m e t r b b b e e e r r r . - - . 6 7 6 6 7 6 7 7 7 1 9 6 3 3 9 8 5 6 5 6 9 7 8 4 7 8 4 1 9 9 0 4 5 3 2 1 1 1 2 1 1 1 1 7 7 6 7 0 0 6 6 8 6 1 8 4 0 7 8 0 5 2 2 1 2 2 2 2 1 2 5 9 5 7 3 1 8 2 7 3 9 5 7 7 7 5 9 8 2 2 2 2 2 1 1 1 1 3 1 2 0 1 8 8 9 9 4 9 5 6 3 2 0 5 9 October-... 3 39 605 199 406 52 November. 720 4 32 655 268 386 28 1934—January,.,. 771 225 277 175 December.. 710 4 40 604 224 380 February.. 750 203 261 184 1933—January.... 707 2 41 256 370 38 HELD BY F. B. BANKS February.. 704 307 30 325 201 124 42 (OWN ACCOUNT) 1 March 671 280 45 261 153 108 85 April 164 43 404 206 199 86 1933—February 307 105 107 May 13 36 505 229 276 115 March 280 87 97 June 687 41 36 487 201 287 123 April 164 38 66 July 738 2 37 552 248 304 147 May 13 2 6 August 694 1 40 499 252 247 154 June 41 11 16 September. 715 1 41 517 236 282 156 July. 2 8 October 737 1 31 592 271 321 112 August.. 1 8 (>) D N e o c v e e m m b b e e r r . . . 7 7 6 5 4 8 12 1 7 8 4 3 5 4 9 4 9 2 2 2 2 7 3 3 2 3 1 2 9 6 1 1 9 3 0 8 N S O e o c p t v o t e e b m m er b b e e r r 1 1 1 8 ( 8 ) 8 4 1934—January.... 771 105 4 567 255 312 95 December 127 39 February.. 750 51 5 581 266 315 114 1934—January... 105 2 31 February.. 57 22 16 Figures for acceptances outstanding (and held by accepting banks) from American Acceptance Council. Back figures.—See Annual Reports for 1932 (table 91), 1931 (table 70), * Total holdings of Federal Reserve]banks include a small amount of unclassified acceptances. 1930 (table 64), 1929 (table 58), and 1928 (table 61). * Less than $500,000. * Back figures.—See Annual Reports for 1S32 (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 84 117 March 1,063 30, 778 24,788 5,275 March 311 106 72 April 1,074 30, 736 7,181 April 307 108 64 May 1,073 30,837 6,981 May 305 111 60 June 10, 551 30, 762 7,089 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 September, 48,804 30,849 6,068 September. 248 110 123 October. __ 33,501 30, 659 5,686 October. __ 210 113 130 November. 33,386 30, 652 5,841 November. 174 110 133 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
219 APRIL 1934 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES SHORT-TERM RATES IN NEW YORK CITY [Rates on rediscounts for and advances to member banks under sections [Percent per annum] 13 and 13 (a) of the Federal Reserve Act] Prevailing rate on- Average rate Av o e n ra — ge 1 yield Rate in Date estab- Previous Federal Reserve bank ef A fe p c r t . o 1 n lished rate Call loans3 U.S. Prime Prime U.S. Treas- Boston Feb. 8,1934 Month or week m c e o r m ci - al b e a r n s k ' - l T o i a m ns e , T u re ry as- n u o r t y es New York Feb. 2,1934 paper, accept- 90 bills, and C Ph le i v la e d la e n lp d hia. N Fe o b v . .1 3 6 , . 1 1 9 93 3 3 4 m 4 o t n o t 6 hs a d n 9 a c y 0 e s s, days 3 New ne R w e- al mon 3 ths4 c c 3 e a r t t t o e if s i 6 , - Richmond Feb. 9,1934 months Atlanta Feb. 10.1934 VA Chicago Oct. 21.1933 3 1933 St. Louis Feb. 8,1934 3 March 3.27 3.32 2.20 «1.34 Minneapolis.. Mar. 16.1934 sy 2 April 2 -ty l - 1.29 1.37 .78 .45 Kansas City.. Feb. 9,1934 May... 2 -2} l -IX 1.00 1.00 .43 .29 Dallas Feb. 8,1934 June _ tffr-2 1.00 1.00 .26 «.O7 San Francisco Feb. 16,1934 July... 1.00 1.00 .35 .19 August VA l -IX .98 .98 .26 .01 Back figures—See Annual Reports for 1932 (table 53), 1931 (table 36). September -VA X Vr-% .75 .75 .11 «.O4 October IX X .75 .75 .13 .09 The following special rates were also in effect at the November IX X-V2 .75 .75 .22 Federal Reserve banks on April 1, 1934: December .94 .94 ».29 Percent Advances to member banks under sec. 10 (b) of the Federal Re- 1934 ser A v t e t A he o t B , o a s s t o am n, e N nd e e w d Y by o r s k e , c . P 4 h 0 i 2 la o d f e t l h p e h i a a c , t C o l f e M ve a la r. n d 9 , , 19 C 3 h 3 ic : ago, January 1 -IX 1.00 1.00 .25 Dallas, and San Francisco Federal Reserve Banks. 4 February 1.00 1.00 .08 At the Atlanta and St. Louis Federal Reserve Banks 4*^ March l -IN K-l 1.00 1.00 .09 At the Richmond, Minneapolis, and Kansas City Federal Reserve Banks _ 5 Discounts for individuals, partnerships, and corporations under Week ending— the third paragraph of sec. 13 of the Federal Reserve Act, as Mar. 3. 1.00 1.00 .03 amended by sec. 210 of the act of July 21, 1932: Mar. 10 H- 1.00 1.00 (6) At the Atlanta Federal Reserve Bank 5 At the Boston, New York, Philadelphia, Cleveland, Rich- Mar. 17 1.00 1.00 ».O2 mond, Chicago, St. Louis, Minneapolis, Kansas City, Mar. 24 -m 1.00 1.00 Dallas, and San Francisco Federal Reserve Banks 6 Mar. 31 1.00 1.00 Advances to individuals, partnerships, and corporations secured by direct obligations of the United States under the last para* graph of sec. 13 of the Federal Reserve Act, as amended by sec. 1 Yield on Treasury bonds, previously included in this table, now 403 of the act of Mar. 9, 1933: shown in table on bond yields on p. 222. At thft New York Federal Reserve Bank __, _ Z\i 2 Stock exchange 90-day time loans. At the Boston, Philadelphia, Cleveland, Richmond, Altanta, 3 Stock exchange call loans; new and renewal rates. Chicago, Kansas City, Dallas, and San Francisco Federal * Average rate of discount on issues sold by U.S. Treasury within Reserve Banks.. 4 period. At the St. Louis and Minneapolis Federal Reserve Banks 4J^ * Change of issue on which yield is computed. 6 Negative yield. BUYING RATES ON ACCEPTANCES Back figures.—Bee Annual Reports for 1932 (tables 56 and 57), 1931 [Buying rates at the Federal Reserve Bank of New York] (tables 39 and 40), 1930 (tables 36 and 37), 1929 (tables 35 and 36), etc. RATES CHARGED CUSTOMERS BY BANKS IN Maturity e R ff a ec te t i o n n Date estab- Previous PRINCIPAL CITIES Apr. 1 lished rate (Weighted averages of prevailing rates] 1-15 days Oct. 20,1933 1 New York City a 8 n d o th e e a r s te n r o n r t c h i e ti r e n s 27 w s e o st u e t r h n e r c n i ti a e n s d 16-30 days.. do 1 Month 31-45 days.. do 1 1932 1933 1934 1932 1933 1934 1932 1933 1934 46-60 days.. do 1 61-90 days.. do 1 January 4.71 4.12 3.58 5.07 4.89 4.65 5.61 5.60 5.40 91-120 days. do 1 M Fe a b r r c u h ary 4 4 . . 7 7 1 2 4 4. . 8 1 8 1 3 3 . . 4 3 3 1 5 5 . .1 1 4 3 4 5 . . 8 3 4 9 4 4 . . 5 4 2 9 5 5 . .6 6 4 1 5 5 . . 5 6 6 6 5 5. . 4 3 0 9 121-180 days do IX April 4.69 4.33 5.10 5.09 5.63 5.68 May... 4.55 4.24 5.14 4.99 5.64 5.66 June 4.61 4.10 5.13 4.97 5.62 5.62 NOTE.—Rates on prime bankers' acceptances. Higher rates may be July 4.42 3.93 5.05 4.82 5.63 5.54 charged for other classes of bills. August 4.45 3.97 5.12 4.68 5.68 5.53 Backfigures.—See Annual Reports for 1932 (table 54) and 1928 (table 35). 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 December ... 4.22 3.48 4.88 4.59 5.60 5.43 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
220 FEDERAL RESERVE BULLETIN APRIL 1934 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [In millions of dollars] Total Interest bearing N te o r n e i s n t - Interest-bearing debt End of month (gross Certif- beardebt) Total Bonds Notes icates Bills ing Total Bondsi Notes C ic e a r t t e if s - Bills 1932 August... 20,067 19, 758 14,257 2,197 2,656 648 309 Outstanding Mar. 31,1934— September 20,611 20,296 14, 257 3,031 2,385 623 315 Total . 25, 698 15, 579 6,925 1,816 1,378 October 20,813 20,485 14, 257 3,539 2,044 645 328 Obligations maturing— November 20,807 20,476 14, 257 3,539 2,038 643 331 Before July 1, 1934 2,452 1,006 244 175 1,027 December 20,805 20,448 14, 223 3,299 2,284 642 357 July 1-Sept. 30, 1934 . . 1,221 345 525 351 1933 Oct. 1, 1934-Mar. 31, 1935 1,520 528 992 January 20,802 20,454 14, 230 3,298 2,285 641 348 Apr. 1-Dec. 31, 1935 1,189 1,189 February 20,935 20, 584 14, 230 3,576 2,138 641 350 1936 1,330 49 1,281 March 21,362 20,992 14, 230 3,575 2,369 817 371 1937 ._ 1,749 1,749 April 21,441 21,087 14, 230 3,576 2,363 918 354 1938 5,738 4,388 1,350 May 21,853 21,469 14, 223 4,148 2,119 979 385 1941 834 834 June 22, 539 22,158 14, 223 4,780 2,200 955 381 1943 898 898 July 22, 610 22, 240 14, 239 4,801 2,246 954 370 After 1943 7,726 7,726 August.. 23,099 22, 723 15,074 5,153 1,543 953 376 Other obligations 2 _ 1,041 678 239 124 September 23,051 22, 672 15,074 5,151 1,495 952 379 October 23, 050 22, 669 15, 074 5,150 1,493 952 381 November 23, 534 23,161 15, 569 5,148 1,492 952 373 1 Issues classified as of date of final maturity; most issues are callable December 23, 814 23,450 15, 569 5,125 1, 753 1,003 364 at earlier dates. Amount callable before Apr. 1, 1935, and not yet called, $6,970,000,000, including certain pre-war issues that are held as 1934 collateral for circulating notes. January. 25,068 24,717 15, 597 5,626 2,280 1,214 351 a Includes the 2 percent Consols of 1930, which are held as collateral for February 26,052 25, 707 15, 579 6,472 2,278 1,378 345 circulating notes, and such issues as Postal Savings bonds, retirement- March I 26,157 25, 698 15, 579 6, 925 1,816 1,378 459 fund notes, and adjusted service certificate series, in which special funds are invested. SUMMARY OF TREASURY OPERATIONS [In millions of dollars. On basis of daily statement of United States Treasury] Receipts Expenditures Excess of Inc d re u a ri s n e g o r m d o ec n r t e h ase receipts or ex- Month Total i Internal rev o e th n e u r e C l m a u n a i s s n e t c o o d e m u l s - s Total« General3 g E e m nc e y r - * p t e u n r d e i s - G ba f e u l n a n e n d r c a e l G d r e o b s t s Fiscal year ending: June 1932 2,121 1,057 '504 ' 445 4,862 3,973 768 -2, 741 -55 +2,686 June 1933 2,238 746 858 -•475 4,845 3,404 1,277 -2,607 +445 +3,052 9 months ending: March 1933 1,634 564 369 3,434 2,429 893 -1,800 +76 +1,876 March 1934 * 5,232 590 1,354 j 362 4,895 1,935 2,861 +337 +3,956 +3,619 1932 September 260 142 73 '33 281 252 15 -21 +523 +544 October 148 14 78 '38 457 358 83 -309 -107 +201 November 125 15 67 '33 283 235 37 -158 -165 -6 December 352 141 73 '128 386 297 76 -34 -35 -1 1933 January 134 16 70 '30 357 226 112 -223 -227 -4 February 121 24 64 '23 360 200 147 -239 -106 +133 March... 283 181 67 '24 439 273 157 -156 +271 +428 April 131 19 69 '25 461 338 109 -331 -252 +79 May 167 16 94 '47 45* 249 192 -289 +124 +412 June _.- 306 147 106 '33 494 388 82 -188 +498 +685 July 179 13 113 37 278 e 196 6 75 -99 -28 +71 August 197 14 135 38 321 171 139 -123 +366 +489 September ._ 333 136 146 39 339 248 81 -6 -54 -48 October 273 10 195 50 509 396 104 -236 -236 0 November 219 19 127 63 505 201 294 -286 +198 +484 December 342 133 158 41 703 227 463 -361 -81 +280 1934 January 229 10 163 38 972 148 -743 +511 +1,254 February s 3, 024 23 149 34 644 188 447 +2,380 +3, 364 +984 March M35 232 167 21 624 160 450 -189 -84 +105 ' Revised. 1 Total includes trust and contributed fund receipts not shown separately. 2 Total includes trust and contributed fund expenditures not shown separately. 3 Includes also special fund expenditures and excludes public-debt retirement. Beginning July 1933, on the basis of a new classification of accounts, certain items formerly included in general expenditures are carried as emergency expenditures, 4 Prior to July 1933 emergency expenditures include only net expenditures for the Reconstruction Finance Corporation; other expenditures later classified as emergency, are included in general expenditures. «Includes increment, amounting to $2,808,000,000 in February and $2,000,000 in March, 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
221 APRIL 1934 FEDERAL RESERVE BULLETIN 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 Feb. 28, Nov. 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, Dec. 31, 1933 1933 1933 r 1934 v 1934 v 1934 v 1933 r 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) * . - .. 669,219 689, 391 711,425 710, 685 700,278 657,379 167,334 Building and loan associations 87,384 68, 534 66, 237 63, 617 60,141 55,854 3,039 Insurance companies . _ . 63,060 65, 050 60,930 57, 383 54, 249 51, 700 7,146 Mortgage-loan companies 109, 812 160, 612 177,845 180, 497 167, 610 161, 574 103,101 Credit unions - - 439 527 513 500 499 494 Federal land banks .-. . _ 18,800 72,800 142,118 193, 618 193, 618 193, 618 24,700 Joint stock land banks 4,825 13, 556 14,141 13, 752 13, 404 11,731 3,804 Agricultural credit corporations ... 2,158 1,977 1,691 1,504 1,270 1,141 77 Regional agricultural credit corporations 37,005 36, 408 29,885 31,609 31,169 24,868 2,634 Livestock credit corporations _ _ 5,493 2,893 2,425 2,263 2,119 1,924 309 Railroads (including receivers) 296, 229 333, 423 337, 080 340, 726 345, 205 345,181 13, 668 State funds for insurance of public moneys 5,888 5,813 5,618 5,092 4,214 Processors or distributors for payment of processing taxes _. 7 7 13 13 17 Total 1, 294,424 1, 451, 066 1, 550,110 1, 601, 786 1, 574, 667 1, 509,691 325,829 Other loans: Self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) 18, 664 60, 020 63,451 71, 746 71, 230 80,195 152, 747 Financing exports of agricultural surpluses, sec. 201 (c). 4,498 6,895 9,063 10, 076 11, 073 45, 738 Financing agricultural products, sec. 201 (d) 1,227 34,405 68,070 134, 695 157,896 165,951 339,903 Loans on preferred stock of banks.- 13, 461 14, 288 14, 432 14, 745 16,167 1,313 Loans on preferred stock of insurance companies 4,375 4,375 4,375 4,375 Loan to Secretary of Agriculture for purchase of cotton 3,300 Loans to drainage, levee, and irrigation districts 2,414 2,414 2,414 2,525 14,456 Total -. 19,891 115, 684 159,493 236, 725 260, 726 280,286 554,157 Subscriptions: Subscriptions for preferred stock of banks_. __ _ _ 55, 896 132,911 227, 555 257,438 354,918 123,925 Purchases of capital notes and debentures of banks. _. _ 40, 740 116,990 168, 485 192,947 221,963 110,194 Total 96, 636 249,901 396,040 450,385 576,881 234,119 Total loans and subscriptions - 1,314,315 1, 663, 386 1,959,504 2, 234, 551 2, 285, 778 2, 366,858 21,114,105 ALLOCATIONS For relief: Federal Emergency Relief Act of 1932.. ... . 159,555 299, 015 299,015 299, 015 299, 011 299,003 15 Federal Emergency Relief Act of 1933 272, 515 315,163 435,915 478, 244 487,026 184,837 Total 159,555 571, 530 614,178 734,930 777, 255 786, 029 184,852 To other Government agencies: To Secretary of the Treasury for— Purchase of stock of Federal home loan banks 8,220 69, 246 75, 746 77, 746 79,146 79,646 48,995 Purchase of stock of Home Owners' Loan Corporation 14,000 19,000 29,000 39,000 59,000 181,000 To Land Bank Commissioner .. 37,600 82,600 147, 600 147, 600 147, 600 217,400 To Federal Farm Mortgage Corporation 55,000 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 32, 000 44,500 44,500 44, 500 44,500 44, 500 Reallocated to Governor of Farm Credit Administration 40,500 40,500 40,500 40, 500 40, 500 Total 100,220 320,846 377, 346 454,346 520, 746 541, 246 447,395 Total allocations 259, 775 892, 376 991, 524 1,189,276 1, 298, 001 1,327,275 632, 247 Total loans, subscriptions, and allocations . 1, 574,090 2, 555, 762 2, 951, 028 3. 423, 827 3, 583, 779 3, 694,133 U,746,352 r Revised, p Preliminary. 1 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. 2 In addition the corporation had approved in principle loans of $185,671,000 and subscriptions of $327,587,000 upon the performance of specified conditions. Back figures.—See BULLETINS for December 1933, pp. 738-9, and February 1934, pp. 103 and 132. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
222 FEDERAL RESERVE BULLETIN APRIL 1934 BOND PRICES STOCK PRICES [Averages] Preferred Common stocks (index, 1926=100) stocks Other bonds * Year, month, or date (indus- United tri g a r l a h d i e g ) h- Total In tr d i u al s- R ro a a i d l- Utility States Corpo- Corporate Year, month, or date Govern- rate and b m o e n n d t s m (h i u p i n g a i h l c - - Total In tr d ia u l s- R ro a a i d l- Utility N 19 u 3 m 2 a b v e e r ra o g f e issues 96 2 .1 0 42 4 1 8 35 4 1 6 3 2 3 6 3 7 7 9 grade) 1933 average.- 104.8 63 66 38 78 1933—March 93.1 43 42 26 67 Number of issues M3 »60 60 20 20 20 April 95.7 48 49 26 64 May .... 103.3 63 65 38 79 1932 average 99.2 81.1 69.4 63.2 64.8 80.5 June 109.7 75 77 44 97 1933 average 102.2 84.0 73.4 69.2 70.5 80.6 July 112.5 80 84 53 98 August 112.9 75 79 49 87 1933—March 101.0 76.7 66.0 60.7 60.6 76.8 September 112.0 75 81 47 80 April 101.3 75.4 64.8 61.0 58.9 74.7 October 109.8 70 76 40 75 May 102.4 82.0 72.4 68.2 69.4 79.5 November 107.5 69 77 38 70 June __ 103.2 86.8 77.7 72.8 76.1 84.2 December _ _ _ _ 107.7 70 79 40 67 July 103.3 89.6 81.5 75.6 82.2 86.8 August 102.9 89.9 80.8 75.9 81.2 85.3 1934—January . . 111.2 76 84 46 73 September 103.0 87.9 77.5 74.5 76.8 81.4 February 116.5 81 88 50 81 October 102.9 86.5 75.3 72.7 73.5 79.7 March 117.5 77 85 48 76 November 100.5 82.6 72.1 70.5 68.5 77.3 December 100.0 83.6 73.6 71.5 72.2 77.1 Mar. 7 116.9 77 85 47 76 Mar. 14 117.7 79 87 50 78 1934—January 100.3 88.3 78.5 75.6 79.0 80.9 Mar 21 117.9 76 84 47 75 February 101.9 92.9 84.0 79.8 85.8 86.5 Mar. 28 *__ 117.5 76 84 47 75 March 102.8 95.1 84.8 80.5 86.4 87.7 Mar. 7 102.4 93.8 84.3 80.1 86.2 86.7 Source.—Standard Statistics Co. Mar. 14 103.0 95.9 85.7 81.0 87.6 88.4 Mar. 21 _ 103.1 95.3 84.9 80.6 86.0 88.3 CAPITAL ISSUES Mar. 28 103.2 95.2 84.8 80.8 85.6 88.1 [Long-term; i.e., 1 year or more. In millions of dollars] » Price indexes derived from average yields. 13 Liberty bonds and now 10 Treasury bonds; prior to Nov. 1, 1933, 9 Treasury bonds, and prior to Aug. 15, 1933, 8 Treasury bonds. New issues *45 corporate and 15 municipal. Re- Source.—For United States Government bonds, Federal Reserve Bank fundof New York; for other bonds, Standard Statistics Co. Domestic ing Total issues BOND YIELDS * Year and month m ( e d s o t - ic State Corporate For- m (d e o st - ic and and eign and for- To- mu- Bonds for- Year, d m a o te nth, or T U u re . r S y a . s- M ( i h u p i n a g i l h * c - - Corporate,by ratings 3 eign) taU n p i a ci l - n a o n t d es Stocks eign) grade) Aaa Aa A Baa 1925 6,201 5,125 1.352 2,452 1,153 1,076 925 1926 6,314 5,189 L, 344 2,667 1,087 1,125 1,046 Number of issues 3 15 30 30 30 30 1927 — 7,556 6,219 L, 475 3,183 1,474 1,337 2,220 1928 8,040 6,789 L, 379 2,385 2,961 1,251 1,858 1932 average . 3.74 4.65 5.01 5.97 7.20 9.30 1929 10,091 9,420 L, 418 2,078 5,924 671 1,422 1933 average 3.47 4.71 4.49 5.23 6.09 7.76 1930 6,909 6,004 L,434 2,980 1,503 905 711 1931 3,099 2,860 L, 235 1,240 311 229 949 1932—November 3.55 4.38 4.63 5.57 6.53 8.24 1932 1,165 1,157 755 305 20 8 583 December 3.48 4.37 4.59 5.60 6.61 8.42 1933 r722 710 484 40 120 '12 337 1933—January. _ 3.39 4.23 4.44 5.30 6.16 8.01 1933—March 16 16 13 0 3 0 3 February 3.47 4.28 4.48 5.35 6.30 8.36 April 25 25 8 16 1 0 20 March 3.58 4.88 4.68 5.61 6.64 8.91 May 44 44 40 1 3 0 '22 April. 3 55 5.05 4.78 5.81 6.85 9 12 June. '117 110 98 3 9 '106 May 3.47 5.27 4.63 5.40 6.29 7.74 July '122 117 28 0 53 '5 45 June 3 40 4.71 4.46 5.09 5.88 7 07 August 46 46 32 0 14 0 7 July- 3.38 4.60 4.36 4.83 5.58 6.62 September.. 64 64 37 0 9 0 30 August 3.40 4.54 4.30 4.77 5.51 6.77 October 59 59 56 0 3 0 1 September 3.40 4.59 4.35 4.96 5.70 7.27 November.. 88 88 82 0 6 0 2 October . 3.42 4.60 4.34 4.97 5.76 7.49 December. _ 57 57 41 0 16 0 18 November 3.60 4.89 4.54 5.35 6.22 7.98 December 3.64 4.89 4.50 5.27 6.21 7.75 1934—January > 48 48 37 0 6 0 42 February... 79 79 59 12 1 0 8 1934—January 3.62 4.67 4.35 5.00 5.72 7.01 March 97 97 81 9 5 0 50 February 3.49 4.48 4.20 4.70 5.24 6.27 March 3.42 4.24 4.13 4.56 5.12 6.26 «• Revised. Mar. 7 3.44 4.35 4.15 4.61 5.17 6.33 1 Includes issues of Federal land banks and Federal intermediate credit Mar. 14 3.41 4.18 4.11 4.49 5.04 6.19 banks, not shown separately. Mar. 21 3.40 4.16 4.13 4.55 5 09 6 25 Mar. 28 . . 3.39 4.25 4.13 4.53 5.10 6.25 Sources.—For domestic issues: Commercial and Financial Chronicle; for foreign issues (issues publicly offered) annual totals are as finally reported by Department of Commerce, while monthly figures are as 1 Monthly data are averages of daily or weekly figures. compiled currently and are subject to revision. 2 Standard Statistics Co. Back figures.—See (for figures of new issues—annual and quarterly 3 Moody's Investors' Service. basis) Annual ReDort for 1932 (table 103). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
223 APEIL 1934 FEDERAL RESERVE BULLETIN PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production i * Construction contracts awarded (value)a Fac- Factory em- tory Freight-car ployment 3 pay loadings 4 * Com- Year and Total Manufactures Minerals Total Residential All other rolls 3 modmonth Driityc est» 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 *76 *76 *81 25 11 37 66 48 58 66 1930 August..- 90 90 88 88 101 96 85 81 48 49 115 106 85 84 82 96 89 84 September 92 90 90 89 101 94 82 81 52 52 108 105 86 83 83 99 87 84 October-_ 90 88 87 86 105 95 75 78 51 52 94 99 84 82 81 97 86 83 November 84 86 82 85 96 92 68 76 46 48 86 99 81 81 75 86 84 81 December 76 84 74 82 89 93 59 73 37 43 77 98 79 80 74 74 84 80 1931 January.. 82 83 81 83 87 89 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 59 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 62 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 67 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 76 77 85 88 40 49 10 12 64 80 71 72 53 58 64 72 February- *83 »81 *82 *>80 P88 P91 38 44 10 12 60 70 75 75 59 61 64 74 Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 262-263; 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. a For indexes of groups and separate industries see p. 264; for description and back figures see BULLETIN for November 1929 and November 1930. * For indexes of groups see p. 224; 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. 265. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
224 FEDERAL RESERVE BULLETIN APRIL 1934 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1930 1931 1932 1933 1934 1930 1931 1932 1933 1934 1930 1931 1932 , 1933 1934 January 411 250 150 121 172 311 183 136 96 136 100 66 15 25 37 February 349 224 154 102 P163 282 175 131 84 J>133 67 49 23 18 March . - 370 236 155 108 300 210 131 95 69 26 24 13 April 332 215 135 105 308 186 127 88 24 29 9 17 May 320 204 132 114 285 180 112 107 35 24 20 7 June 295 187 114 120 250 173 110 122 44 14 4 —2 July 267 181 107 144 221 174 79 143 46 6 27 1 August 298 165 109 131 218 167 91 155 79 —2 17 —23 September 312 180 132 160 226 170 98 147 86 10 34 13 October . 327 205 153 ' 193 247 169 105 151 80 36 48 '42 November 289 194 139 184 204 149 104 129 85 44 34 56 December 275 184 132 193 209 154 97 134 66 30 35 59 Year 3,843 2,424 1,611 1,675 3,061 2,091 1,323 1,450 782 334 288 225 p Preliminary. r Revised. 1 Including both domestic and foreign merchandise. a General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. NOTE.—The figures shown in this table are comparable with those published in the BULLETIN prior to March 1934. For back figures see BULLETIN for January 1931, p. 18. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average=100] [Index numbers; 1923-25 average=100] Index of sales 1 Index of m s o to n c th k ) s (end of 1933 1934 Oct. Nov. Dec. Jan. Feb. 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. .- 58 60 62 64 64 Coal 62 66 64 68 78 Coke 53 53 54 61 76 Januarv 60 69 49 57 58 66 52 59 Grain and grain prod- February 60 71 49 59 57 66 54 63 ucts _ 57 63 59 68 Ivdarch 57 *76 50 73 54 55 Livestock 51 52 47 51 48 Forest products.. 32 34 31 30 30 April 67 68 53 55 Ore 49 24 33 34 34 May 67 67 55 56 Miscellaneous 59 62 69 69 67 June 68 64 57 56 Merchandise i 66 67 67 70 67 July 70 49 60 56 August 77 59 64 62 Without seasonal adjustment September 70 73 70 73 N O D c o e t c v o e e b m m er b b e e « r r .- 6 6 7 5 9 0 1 7 7 2 7 5 1 6 6 7 9 5 0 7 7 6 7 8 2 Tota C C l o o a k l e 6 5 7 6 4 0 6 7 5 1 2 4 5 6 5 5 8 8 5 6 7 8 7 7 Year 67 61 Gr u a c i t n s and grain _ prod- 64 67 57 65 65 Livestock 68 60 47 53 46 p Preliminary. Forest products 33 33 25 26 31 n fo a r 1 t i B c o h n a a s a n e l d g h e o t s l h i r f d r o a o u y m g s h : m N ou e o t w n o th Y n e f t a o ig r u ' m s r e D o s n a t o y h f , M d in a e i m l n y u o m a ri v b a e l e r r a D g a o e y f s , S a I l a n e t d s u — e r p d w e a n i y t d s h e n a a n c ll e d o w D fo a a r n y c , 6 e M M Or i e e s r c c e h l a la n n d e i o se u s J 6 6 7 8 9 0 6 6 1 1 8 7 5 6 4 3 8 6 5 5 8 5 5 6 8 5 8 Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects i In less-than-carload lots. upon sales of changes in the date of Easter. Based on daily average loadings. Source of basic data: American Back figures.—Bee BULLETIN for November 1930, p. 686. 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
APRIL 1934 FEDERAL RESERVE BULLETIN 225 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE GERMAN REICHSBANK The annual report of the German Reichsbank arising out of the business revival could be met for the year ended December 31, 1933, was with little additional demand on the central submitted to the general meeting of sharehold- bank; and the sale of treasury bills and obligaers on March 9, 1934. The main text of the tions by the Reichsbank was very active. report is given herewith:1 Nevertheless, credit requirements were always The year 1933 witnessed not only political so large in proportion to funds available on the changes in Germany but also the beginning of money market that interest rates for shorteconomic recovery, which has been so long term loans underwent no very great reduction. awaited. The complete confidence of the It will not be possible for any marked reduction German people in their leader enabled the to take place until the volume of funds flowing Government to make a systematic attack on into the market corresponds to the demand. the economic depression, and within a short The same thing is true of the demand for longertime to achieve extraordinary results. Meas- term credit. In spite of the noteworthy inures for creating work, reduction of taxes, and crease in deposits at the savings banks, amountother means reduced the number of unemployed ing to almost Rm. 900,000,000 during 1933, by more than 2 million. The revival of the there was still a great dearth of investment spirit of enterprise laid the foundations of capital. This is the underlying reason for the genuine business recovery. In spite of a high level of interest in this section of the Gerfurther contraction in foreign trade, production man market. The Reichsbank met the demand and turn-over increased in many important for longer-term credit, so far as practicable, lines and the income and purchasing power of with interim credits to tide over the emeragriculture was strengthened. Medium-sized gency. The bank and the Government were in industries, hitherto neglected but now under complete agreement that maintenance of curthe special protection of the State, were able rency stability is essential to the continuous to strengthen their position and the number of success of the recovery measures and that every insolvencies declined sharply. The revenues kind of credit expansion must be strictly of the Reich showed a rising trend in spite of controlled. numerous tax reductions, and expenditures for The Reichsbank was likewise able to arrange the relief of the unemployed declined coninterim credits in behalf of the various projects siderably. The burden of interest was someto create employment, which could be financed what lightened through a more abundant flow neither by taxes nor by loans. The Governof funds, through improvement in credit risks ment and the Reichsbank were careful that in general, and through Government action. these demands for credit should not fall directly In contrast].with earlier years, the tasks upon the Reichsbank. It was felt that any intrusted to the Reichsbank were made appreuse of funds for creating work could be justified ciably easier by the support of governmental only insofar as these funds were not diverted authority and the improvement in business from other productive purposes. In order to confidence, so that it could employ far greater reduce costs, the previous method of financing initiative than before in aiding recovery. through bank consortiums was gradually aban- Money market and credit policy.—The indoned. Bills for creation of employment, crease of domestic deposits with credit instituwhich are redeemable out of current Governtions was encouraging; credit requirements ment funds, are acceptable for rediscount at 1 The report, available in German, contains, in addition, tables and the Reichsbank and are a premier bank investcharts showing the operations of the bank in detail. For earlier reports, see BULLETIN for May 1933, April 1932, August 1931, May 1930, etc. ment. As a result the Reichsbank held at the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
226 FEDERAL RESERVE BULLETIN APRIL 1934 end of the year less than half a billion reichs- repay the remainder of the foreign credit of marks, or about one third of the outstanding the Gold Discount Bank, amounting to $45,total of these bills, the remainder being held 000,000. From the outset these credits had almost entirely by the banks. accomplished nothing more than a purely The method of lending to agriculture under- nominal improvement in the reserve against went considerable change owing to measures note circulation; their repayment in no way taken by the Government for relieving indebt- weakened Germany's international capacity to edness. The Reichsbank made an effort to ease pay, but rather strengthened it by saving the temporary difficulties arising out of the interest. The long-standing weakness of the change. Funds required for financing the German foreign-exchange position was now harvests and for other purposes were made evident to all the world. Inasmuch as curavailable, chiefly through the central credit rency and trade policies abroad suggested no institutions for agriculture. Seasonal credits improvement, Germany, in this field too, profor the sugar industry, which before the crisis ceeded to find its own solution. To regulate were arranged chiefly in foreign financial cen- transfers on the service of the foreign debt, the ters, are now provided by the Reichsbank in Government of the Reich on June 9, 1933, the regular course of business. issued regulations with respect to payments Generally speaking, the volume of funds on foreign obligations (Reichsgesetzblatt I, p. made available to business in various ways by 349). These required German debtors to the Reichsbank was larger in 1933 than in 1932. make regular payments in reichsmarks, on and A considerable increase took place in the port- after July 1, 1933, on all claims outstanding folio of domestic bills as a result of the improve- previous to the crisis of July 1931, so far as ment in business. The emergency credits grow- they were not covered by standstill agreements. ing out of the monetary crisis of 1931 were Payment was to be made to the Conversion sharply reduced, chiefly as a result of the Office for German Foreign Debts, which was improved position of the savings banks, and under the supervision of the Reichsbank, and bills at the Acceptance Bank declined by more the Reichsbank was authorized to determine than half, whereas commercial credits rose. The when disbursements should be made from the greater buying of forward drafts for hedging balances created at the Conversion Office in purposes benefited German export trade. Few behalf of the creditors. After lengthy negotiademands were made upon the bank for credits tions with representatives of foreign creditors, to finance deliveries of German merchandise to who recognized that a strengthening of the Russia, and the Reichsbank holdings of Russian gold and foreign-exchange holdings of the bills have declined. Reichsbank was necessary in their own inter- During the year complaints with respect to ests, the bank determined to suspend all inadequate credit accommodation were received transfer of sinking-fund payments; and of the from time to time from the most diverse lines interest and dividends falling due in the second of business. The Reichsbank looked into every half year of 1933 to transfer only one half, but case that came to its attention. In most cases not over 4 percent per annum. In the case of where the applicant could prove that he was the Dawes and the Young loans special arrangeresponsible and that the credit was to be ments were made. Noninterest-bearing cerused for commercial purposes, assistance was tificates of indebtedness of the Conversion afforded. Office (scrip) in denominations of from 5 to 100 Gold and foreign exchange.—In order to reichsmarks were delivered for the remaining clear up its position, the Reichsbank decided interest balances in the accounts of creditors. in April 1933 to repay the remainder of the All trading by means of scrip, like the trading foreign credit of $70,000,000 which it had done through the various kinds of blocked obtained in June 1931; and in June 1933 to marks, was centralized in the Gold Discount Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
227 APEIL 1934 FEDERAL RESERVE BULLETIN Bank, which bought scrip from foreign holders were concluded, some of them between governat half its face value and delivered it to German ments, some between central banks of the parexporters. In this way it was possible to give ticipating countries, and covenants already the owners of these certificates the opportunity existing were amended or broadened. Using of converting them into cash, and also to afford earlier arrangements as a model, the Reichsthe German export trade additional opportuni- bank made new agreements in August for ties for export in competition with countries regulation of exchange transfers with the Turkwith depreciated currencies. ish bank of issue as well as with the Bank of the The law of June 12, 1933 (Reichsgesetzblatt Temple Society, Ltd., at Jaffa; in October an I, p. 360), in regard to economic treason gave arrangement was made with Portugal. An exporters of capital and tax evaders one more understanding with Belgium for easing restricchance to declare their illegal foreign balances tions on tourists was reached in July. By and to convert their hoarded foreign exchange amending existing regulations, new arrangeinto reichsmarks. Because of the strength ments with Czechoslovakia were made in April of the political situation at home, and the heavy for the transfer of payments with respect to penalties threatened for noncompliance, the merchandise transactions, and in October for law was successful in bringing about the sur- the transfer of payments in other cases. A render of approximately 100,000,000 reichs- transfer agreement with Hungary was reached marks. Including this special accession, the in August. Through the efforts of the Reichsholdings of the Reichsbank in gold and foreign bank German balances abroad that had been exchange eligible for note cover rose during the frozen as a result of foreign-exchange restricsecond half of 1933, but only by about 120,000,- tions were further reduced. 000 to 395,000,000 reichsmarks. Standstill agreements.—The foreign indebt- In December 1933 the Reichsbank felt com- edness of Germany was again reduced by repelled under these circumstances to reduce the payments and also as a result of the devaluapercentage of interest transfer for the first half tion of the dollar and the depreciation of other of 1934 from 50 to 30 percent. A serious weak- important currencies. The aggregate shortening of the foreign-exchange reserve of the term foreign debts of Germany amounted to Reichsbank was inevitable if the former ar- approximately 7,000,000,000 reichsmarks on rangements were continued—wholly apart from September 30, 1933. Of this total, some the probable further deterioration in the bal- 2,500,000,000 reichsmarks w^ere covered by ance of payments. After negotiations with standstill agreements. During the year covforeign creditors, however, the Reichsbank ered by the standstill agreement that expired on agreed that the German Gold Discount Bank February 28, 1934, the total volume of standshould purchase new scrip of the Conversion still indebtedness w^as reduced by about 1,250,- Office at the rate of 67 instead of 50 percent as 000,000 reichsmarks, which includes the rebefore. In this way the holder of German duction arising out of currency depreciation. foreign loans receives on the average more than Of this amount, about 200,000,000 reichsmarks three fourths of the nominal value of his interest represented reductions provided for in the coupons, which under present conditions repre- agreement, and about 500,000,000 repayments sent excessively high rates. of registered marks. By the London negotia- It was necessary to modify in many respects tions in June which took account of the unthe methods of controlling foreign exchange. favorable foreign-exchange position, interest The flight of capital, temporarily increased as rates on the standstill credits were lowered by a result of the political revolution and the more almost one half of 1 percent on the average; recent export policy, made this imperative. that is, to almost the same extent as by the The patrol of frontiers was tightened. During renewal agreement last year. Moreover, the the year a series of foreign-exchange agreements standstill creditors relinquished their contrac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
228 FEDERAL RESERVE BULLETIN APRIL 1934 tual right to repayment out of the Reichsbank's amendment of October 27, 1933, to the bank holdings of foreign exchange, and agreed to a law (Reichsgesetzblatt II, p. 827) enabled the postponement of payment on the maturing Reichsbank to participate actively in the capiinstallments of those credits which the Gold tal, market. This assisted in narrowing the Discount Bank had undertaken to guarantee margin between the excessively high rates on in exceptional cases by pledging the total assets the capital market and the low rates prevailing of German business. By the German Credit for short-term funds. There soon occurred a Agreement of 1934, representing a 1-year re- substantial rise in security quotations, and newal of the standstill, the postponement was since the end of September a general and steady extended to instalments of the Gold Discount revival in the German stock exchanges. With Bank falling due in the future, and any reduc- faith in the new Government, the confidence of tion of credit lines was waived. Similar ar- investors and capitalists increased; obligations rangements were concluded during the past of the Reich and the States approached parity year in the Credit Agreement for German or rose above it; city and communal obligations Public Debtors, 1933, the renewal of which is rose considerably above their depression quotaat present the subject of negotiations. tions. The mere announcement of the bank Rate of reichsmark exchange.—The reichs- law amendment was a factor of strength. By mark in the foreign exchanges remained very the middle of November the Reichsbank had close to parity throughout the year, and from acquired tax warrants in the amount of almost time to time rose above par. Occasional slight 200,000,000 reichsmarks, and by this means periods of weakness, resulting from the illegal effectively relieved the tension at the banks and outflow of German funds to foreign countries, in the money market. Thereafter the Reichswere quickly readjusted. bank continued to buy further moderate The capital market.—Early in the year the amounts of securities eligible as note cover, capital market reflected the hesitation of in- until at the end of the year its holdings reached vestors toward long-term obligations. Subse- 259,000,000 reichsmarks. In addition it eased quently, measures taken by the Government the regulations with respect to collateral loans; and Reichsbank to loosen up the capital mar- this gave greater freedom of action to holders of ket were successful in bringing about an up- securities eligible as collateral, and assisted turn. By a cabinet decree of May 31, 1933, a the capital market. The conversion of dollar commission under the chairmanship of the obligations into reichsmark loans, promoted president of the Reichsbank was appointed by the Reichsbank, protected the creditor with power to regulate and supervise all mat- against further depreciation, gave the debtor a ters relating to the money and the capital reduction of interest, and contributed to the markets. The adherence to the principle of strength of the capital market. Toward the currency stability and the rejection by the end of the year the easing of the situation had authorities of any further compulsory reduction progressed to such an extent that the Governof interest rates also helped to restore confi- ment was able to offer a voluntary conversion dence. Recovery measures in behalf of agri- loan, though bearing a high rate of interest. culture safeguarded the interests of holders of Most of Germany's foreign obligations showed mortgages. By the law of September 21, 1933, a temporary advance toward the end of the communal finances underwent a thorough reor- year from their previous low levels. ganization through the consolidation of the The bank law.—After the consent of the short-term domestic debts of the communes at Bank for International Settlements at Basel a rate of interest which, though moderate, was had been obtained, a law amending the bank acceptable to the creditors (law of Sept. 21, law was approved by a special meeting of the 1933, Reichsgesetzblatt I, p. 647). The use shareholders of the Reichsbank on October 27, of the open-market powers, authorized by the 1933. This law, taking account of the necessi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
229 APKU. 1934 FEDERAL RESERVE BULLETIN ties of the time, is intended to give the German to 6 percent—that is, up to three fourths—of central bank greater freedom of action by means the minimum dividend guaranteed by law. of open-market operations. The Reichsbank Banking investigation.—For the purpose of is given the right to buy and sell all descriptions restoring an effective banking and credit system, of domestic securities eligible as collateral for the German Committee of Banking Inquiry loans under paragraph 21, sections 3b and 3c 1933, composed of 15 members under the chairof the bank law, and to include in the legal manship of the president of the Reichsbank, was appointed by the Government. The note cover call loans secured by collateral. committee convened in public session for the The General Council is abolished, inasmuch as first time on September 6. In preparation for it lost its reason for existence in 1930 upon the these discussions, individual opinions of qualiretirement of the foreign members. The fied experts regarding the problems to be conpresident of the Reichsbank and the members sidered had been carefully worked out, and the of the board of directors will hereafter be apstatistical material prepared in the Reichsbank pointed by the President of the Reich—the in collaboration with the Statistical Office of the former with the advice of the directors of the Reich was made available. On November 21 Reichsbank, the latter on the suggestion of the committee began its regular work, and the the president of the Reichsbank. They can at individual problems were taken up one after any time be recalled by the President of the the other, sometimes in public sessions, some- Reich for sufficient reason. The general meettimes privately. In dealing with this faring of shareholders, at the suggestion of the reaching work of reform, which touches all board of directors of the Reichsbank, decided business groups so deeply, the strong desire for at the same time to change the bylaws so that recovery was reflected in a new spirit of soliin future, with the consent of the central com- darity. The results of the inquiry will shortly mittee of the Reichsbank, a part payment may be submitted to the Government in the form be made on October 1 (in 1933 on Nov. 1) up of recommendations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
230 FEDERAL RESERVE BULLETIN APRIL 1934 BALANCE SHEET OF THE GERMAN REICHSBANK AS OF DEC. 30, 1933, AND DEC. 31, 1932 [In thousands of reichsmarks] Resources 1933 1932 Liabilities 1933 1932 Gold, not under lien (gold bars, domestic and Total bank note issue _ i, 340, 679 9, 356, 528 foreign coins): Credit balances of giro and current accounts... 639,815 539, 781 In the cash offices of the bank , 343,163 762,647 Non-interest-bearing deposits 18 75 With foreign banks of issue 43, 019 43,577 Original capital 150,000 150, 000 Legal reserve fund (including transfer from net 386,182 806, 224 profits of the year) 67, 262 63, 254 Reserve for pensions 80,000 80,000 Cash balances: Reserve for probable losses 241, 962 241, 962 Reichsbank notes 4, 694,145 5, 794,725 Subsidiary coin 171,836 177,124 Reserves for: Rentenbank notes .. 17,164 13, 761 Printing of new notes. 20, 682 22, 938 Notes of German private banks of issue. __ 3,798 3,104 New buildings 22, 636 24, 762 4,8S6, 944 5, 988, 713 43,318 47,699 Credit balances in foreign currencies (of which Special reserve fund for future payments of the equivalent of 5,901,000 » reichsmarks was dividends 40, 235 40, 235 assigned as cover for the notes in circulation) 28, 594 154, 022 Miscellaneous: Foreign notes 3,526 7,883 Interest on bills due in 1934 13,612 2 13, 070 Foreign bills and checks.- 193, 259 90,893 Dividends due but not yet paid 951 233 Domestic bills and checks: Dollar treasury notes of the Reich to be Treasury bills of the Reich... 48, 650 580 redeemed by the Reichsbank- 158 174 Other domestic bills and checks 2, 987,900 2, 715,872 Liabilities in foreign currencies 3,765 373, 303 Silver 64 129 Unpaid claim of the German Government—contra account 70, 082 Loans against collateral (lombards), viz: Other book debts 40, 678 104, 515 Loans against gold and silver 54 Loans against securities (sec. 21, 3 b, c, d, of 129, 245 491,295 the bank law) 150,870 153, 501 Loans against bills (sec. 21, 3 e, of the bank Net profits for the year less 10 percent aslaw) 3,157 2,169 signed to the legal reserve and dividend Loans against goods (sec. 21,3 f, of the bank installment already paid to shareholders 27, 075 36, 000 law) 6,309 16, 268 Loans against treasury bills of the Reich (sec. 21, 3 g, of the bank law) 22, 888 4,126 183,279 176, 063 Securities eligible for note cover, purchased in virtue of sec. 21, 4 of the bank law 259,382 Other securities owned _. 332, 684 323,031 Doubtful assets 18, 762 21, 005 Land and buildings 30,000 Claims resulting from the settlement with the 30,000 Reich 99, 055 Miscellaneous: 98, 057 Bank notes no longer fit for circulation 1,344 Postponed claim on the German Govern- 1,517 ment in virtue of sec. 11, 4 of the law of Aug. 30, 1924, for the liquidation of Rentenbank notes in circulation 70, 082 70, 082 Credit balances with postal check offices-.. 12, 559 11,862 Bills held as security for the $100,000,000 credit 361,019 Investments for pension and unemployment fund 78, 889 Reichsmark claims on foreign correspondents 27, 498 Reichsmark claims on foreign correspondents (medium-term claims) 21, 777 Revolving credit to the Reich 46, 600 Other claims - 43, 405 189,052 Total resources. 9, 759, 611 11,046,829 Total liabilities . 9,759,611 11,046,829 i 105,954,000 reichsmarks on Dec. 31, 1932. »In 1933, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 231 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Total End of month (5 t 0 r i c e o s u ) n- S U t n at i e te s d ' Canada cnolunnmtrir( eisS) Austria Belgium Bulgaria France Germany liyio grams of gold nine tenths fiie; i. e.f anounce of fine gold=$2L1.67 1933—February 11,741 1 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 61 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... 11,970 4,012 77 6,942 24 378 11 51 36 928 3,051 97 December... 11, 940 4,012 77 ' 6, 916 27 380 11 51 36 928 3,022 92 1934—January 11,963 4, 033 77 6,912 27 382 11 51 36 929 3,021 90 $1=1 grains of gold nine tenths fine; i, e.t an ounce of fine gold 1934--January 2 v 20, 248 6,829 130 11,697 86 60 1,573 5,109 152 February v 20, 528 7,438 130 11,358 639 112 60 1,574 4,904 134 March p 7, 695 ' 1, 574 v 4, 947 E urope—C ontinued 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 SwedenSw 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 $1 =25¥iojrains of gold nine tenths fine,• i. e., an ounce:of fine aold=$2O.67 1933—February.. 8 17 325 410 39 58 27 57 436 55 488 3 368 31 j 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 M01 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 34 60 436 100 386 •3 416 32 35 ~15r}2i grains of gold nine tenths fine; i, <?., an ounce of fine gold=*$35 1934—January2... 23 633 626 I 64 I 91 I 100 I 739 I 169 653 I a 704 ! February... 23 633 539 i 61 91 I 101 I 739 i 169 eoo | 3 704 March p 612 ! ! »570 I Latin America Asia and Oceania Africa Knd of month T t c r o o ( i 1 e t u a 0 s n l ) - g t A i e n r n a - - Chile l C o b o m ia - - M ic e o x- Peru Uru- o c tr o th i u e e n s r - t T c r o i o ( e u 7 t s n a ) l - A t l r u i a a s - - India Japan Java N l Z a e e n a w d - Siam T ke u y r- t T c r o i o ( e u 4 t s n a ) l - EgyptA So fr u ic th a o c t o r th i 2 u e e n s r - $1=2.">Vio glrins of gold nine tenths fine; i. e.,an ounce of fine gold-$20.67 1933— 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. 358 244 11 15 20 11 50 7 456 4 162 212 42 25 0 11 125 33 82 10 1934— D J e a c n e u m ar b y e .. r _ . 353 2 23 3 9 9 1 1 2 2 1 1 4 4 P v 2 2 0 0 p v 1 ii 1 5 5 0 1 6 7 4 45 5 9 7 3 3 1 1 6 6 2 2 2 2 1 1 2 2 4 4 4 5 2 2 4 5 0 0 1 1 2 2 P1 1 2 2 7 6 p 3 3 3 3 8 8 3 4 v 1 1 0 0 $1 = 155.21 grains of gold nine tenths fine; i, e., an ounce of fine gold—$35 1934—January2... '5981 405 j 20 I 34 I v 18 86 I 11 778 II 6 I 275 359 76 I 42 0 20 I * 214 P55 I 143 Iv 17 February,_ 405 ! *>20 34 I v 18 P 86 ! v 11 781 || 6 | 275 359 79 | 42 0 20 | *> 222 150 I p Preliminary. «• Revised. 1 Differences prior to January 1934 between these figures and those shown elsewhere in BULLETIN for total monetary gold stock in United States are due to exclusion from the former of gold coin in circulation. 2 Figures given in terms of new par for purposes of comparison only; new parity did not become effective until after close of business Jan. 31, 1934. 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. . . The countries for which figures are not shown separately are for Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; Latin America: Bolivia, Brazil, Ecuador, Guatemala; and Africa: Algeria and Belgian Congo. For back figures and for additional details relating to this table, see BULLETEN 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
232 FEDERAL RESERVE BULLETIN APRIL 1934 GOLD PRODUCTION fin thousands of dollars] Production reported monthly Estimated Year and month world Africa North and South America Far East pr t o io d n uc- Total A So fr u ic th a d R e h s o i - a A W fr e ic s a t B C e o lg n i g a o n g U t n at i e t s e d , MM exi • c o Co b l i o a m- Japan India $/=&>91o grains of gold nine tenths fine; i.e., an ounce of fine gold=$£O.67 1932—March 40,551 34,146 19,877 996 484 304 I 5,308 3,494 862 404 1,131 741 545 April 40,033 33,628 19,593 976 466 281 5,059 3,390 1,057 380 1,164 671 590 May 41, 729 35,324 19,970 977 481 298 5,556 4,114 1,026 447 1,234 653 667 June 41,823 35, 418 19,871 1,011 482 309 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 20,152 1,008 532 280 4,826 4,341 1,194 513 1,129 • 574 February... 18,176 989 531 263 4,718 3,059 1,095 344 1,178 654 608 March 19, 658 1,038 522 302 5,378 5,230 1,059 487 1,259 747 626 April _. 18,430 i1,108 528 281 4,900 3,928 905 644 1.522 726 585 May 19,519 1,108 520 4,913 3,866 1,035 576 1,344 734 654 June.— 19,008 1,130 561 5,404 2,956 986 490 1,434 711 643 July 19, 228 1,133 571 306 5,285 3,638 1,165 797 1,420 755 589 August 19,235 1,167 579 325 5,304 3,742 1,198 782 1,438 722 575 September.. 18, 664 1,180 546 307 4,870 5,602 820 555 1,591 847 572 October 18,822 1,143 567 302 5,029 5,209 1,501 1,342 1, 436 825 560 November.. 18, 613 1,150 586 327 4,981 5,292 1,172 686 1,501 794 560 December.. 18,168 1,181 580 325 5,119 5,581 1,240 509 1,538 788 573 Total (12 mos.). 227,673 13,335 i,623 3,635 60,726 50,338 13,169 7,726 16,790 6,919 1934—January. 35, 265 18,897 v 1,178 v 599 320 4,781 4,858 * 1,137 697 v 1,398 ^827 573 $1=15%\ grains of gold nine tenths fine; i. e., an ounce of fine gold=$35. February 67,599 | 56, 746 28,893 | 1,925 | 1, 050 | 541 | 7, 700 1 9,380 | 1,750 [ 945 | 2,367 | 1, 225 | 970 v Preliminary. 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, and February 1934, p. 108. GOLD MOVEMENTS [In thousands of dollars] 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 - 1 | France m G a e n r y - g B iu e m l- N la e n th d e s r- Sw la i n tz d e r- j C ad a a n- 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 - 1 Kong tries Customs valuations; with some exceptions at rate of $20.67 a fine ounce 1932—October 20, 613 1,251 2,381 25 506 1,345 42 6,068 3,600 3,362 1,933 November 21, 740 1,376 2,685 5,622 893 -1 4,773 2,964 3,322 December 100,859 51,928 10 8,082 7,546 744 4,697 4,974 3,124 3,353 Total (12 mos.) -446, 213 -13,356-82,571-96,586-118,273 64,57420,087 12,991 3,24026, 597 39,043 49, 719 36,383 1933—January... 128, 465 15,123 5,274 634 15,193 5,612 3,729 2,042 February 17,776 -600 802 -1,614 4,206 552 -15 9,446 3,700 3,208 March.. ._ -22, 081 -199 -5,005 -681 8,418 483 990 2,135 -15,413 April -9,967 -724 333 488 1,281 ~2,~973 -3,137 May -21,139 -115 110 344 83 -5,729 June -3, 244 -1,445 154 141 10 812 July -83,879 203 369 -4,121 August -80,388 -216 -27 143 125 -5,708 September— -56, 736 -13 -2,171 224 518 -1,486 October... -32,351 "-109 -18 -453 268 48 1,085 November -1,064 -5 -28 216 240 1,139 December -9,128 -203 -28 -10 347 338 Total (12 mos.) -173,736 -216,035 -2, 532 -895 7,901 -11,63119,896 4,280 -1 25,629 12,821 6,702 -26,355 1934—January -2,767 -2,64! -461 1 -10 -1,678 313 246 1,364 Customs valuations; with some exceptions at rate of $35 a fine ounce February 452,57111239,8001 112244,,33881111 IIII 113311 5577,,22772211 99,,008877111122,,11114411 5,1241. I 1,660i 6511 2,347 March ».__ 210,923|| 122,944| 46,7281- --1 9, 489) 1, 069|l0,769| 4, 739[ I 2,489| 12,493 51- 152 1 $17,054,000 exported to Italy. v Preliminary. Back figures.—For gold imports and exports of United States see Annual Report for 1932 (tables 49 and 50.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
233 A PHIL 1934 FEDERAL RESERVE BULLETIN GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from— Year and month South France Ger- g B iu e m l- N l e a t n h d e s r- 3 l w an it d ze i r A So m ic u a e t r h - Canada B In ri d ti i s a h S S m t e e r t a n tl i t e t s s - Au li s a tra- A d R f e r h s i o i c a - a , , c o o A th u l e n l r - West tries Africa Official figures converted at rate of $20.67 an ounce 1932—October 5,814 -284 -24,395 -20 -104 -2,969 -120 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 -71,378-14,019 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 -588 296 9,178 461 22, 659 28,923 2,556 April 64, 767 -6 -1,519 18,092 -89 128 -893 198 10, 278 1,001 20,316 19,343-2,083 May 97,386 2,761 32, 486 1,850 656 17, 365 -463 140 8,924 14,948 624 1,789 19,476-3,169 June 77,671 15,923 -7,421 15, 254 8 6,477 -479 401 9,129 11, 281 1,359 1.717 17,954 6,069 July— 89,056 4,763 18,051 486 1,114 13, 528 -118 414 4,141 11,942 810 2,692 19,519 11, 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 -196 8,143 4,186 5,892 423 19,460 12,871 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 Official figure* converted at rate of $35 an ounce. February 184,820| 1-238,8421 283,3331 171 3,790! 17,8911 -3201 1 4,870| 30,193| 647 2,9511 30,8811 30,587 Official figures converted at rate of $20.67 an ounce 1932—October 32, 585 11, 927 19, 995 329 565 -270 139 5,560 29 33 41 5,461 -60 November - 33,498 241 26,003 6,122 672 -186 645 2,314 -367 -6,169 2,584 6, 275 -52 December.. • 25, 586-10,634 34, 479 2 -3,138 4,306 '575 -3, 293 24 17 -3,331 -78 Total (12 mos.)-- ' 828,178 468,052 309,984 37,889 37, 547-17,668 -7, 627 -27, 282 367 -38,170 -24,455 -7,915 46, 656 -3, 515 1933—January— -37,399 -35,361 2,900 200 -3,814 -1,126 -197 4,424 -1,976 6, 293 -11 February.. -1,659 -144 2,559 678 2,805 -7,127 -432 -13,076 22 -10,429 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 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 5,411 19 May.... 96,140 7,680 -5,819 1,277 39,78; 37,113 2 16,102 -9,938 46 -292 -6,435 -10,102 7,023 -119 A J J S u u e u n l p g y e t u e s m t ber _ 4 4 5 5 3 3 6 0 , , , , 6 8 8 0 9 4 0 4 4 0 8 3 3 7 6 9 5 0 , , , 2 6 9 6 8 9 5 3 0 0 - - - - 1 1 1 1 2 8 1 , , , , 3 5 5 5 9 7 3 3 6 2 7 3 - 2 2 8 3 2 , , 0 - , 4 9 4 5 3 0 6 9 0 3 - - 6 6 7 5 , , , 8 , 1 9 6 3 6 7 9 7 6 6 r - - 3 1 2 1 0 6 , , , , 1 3 7 5 7 9 9 9 6 7 7 83 - - 2 2 1 3 - , , 1 , 1 6 6 7 5 9 0 4 2 5 5 -3 1 6 4 9 - , , , 6 4 5 1 7 3 9 2 6 2 2 0 1,4 2 5 1 3 6 -13 - - , - 1 1 6 3 8 6 7 : 6 2 6 -2 1 2 7 ,6 ,9 1 5 1 5 8 0 9 3 -5 1 - , 2 3 ,1 2 5 9 7 7 6 2 3 0 - - 4 8 3 5 4 8 4 5 3 4, , 6 8 1 3 2 3 - - -3 2 -2 7 3 1 6 2 8 2 October 26, 233 47, 745-1,"- -5,"" -12,427 -3, 369 1,939 5,845 41 5,933 g^ -69 3 33 November. -52,936 177-24, 646 -3 -21,460 -5,674 -1,328 2,572 -13 4,710 -5,268 16 3,182 -133 December- -45, 650 -19,387 -772 701 -23,368 -2,823 2.627 15 691 590 41 2,668 -1,383 Total (12 mos.) _ _224,092 223,905-86,829 57,425 34,706 10,538 4,348-102,856 1,799-37,044 -64,922 -40,950 206 40,317 -2,265 1934—January,... -7,217 1,215 -5, 259 -77 -1,196 -1,897 1,246 -20 -2, 627 286 -80 49 Official figures converted at rate of $36 and ounce. February J>_-175,83711—92,336-160,1871 12,5361 31,2511 —1,7 34,648 -18,3631. (-29,790 -12,4901 -4551 -£ 3124,2791 192 v Preliminary. r Revised. 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. »$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. German net imports from individual countries for 1934 are subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
234 FEDERAL RESERVE BULLETIN APEIL 1934 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Net import from— Year and month Total net imports England France Germany Belgium Poland Sw la i n tz d er- B In ri d ti i s a h All other Official figures converted at rate of $20.67 an ounce. 1932—0 ctober -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 Total (12 mos.)... 116,149 106, 623 50,070 -34,009 -12,727 -13,630 -16,137 16,423 -7, 346 1933—January 1,898 -14,101 14, 2,009 673 -976 -1,100 2,199 -38 February-. -933 -3, 432 10, 300 -5,055 -881 -3, 452 166 -34 March -9, 320 10, 785 4,986 -7,009 -506 -2, 324 679 -1 April— -18,102 603 3,609 -1,522 -358 -1,259 -79 May .- -41, 605 -11, 11,178 -1,068 -1,479 -3, 069 1,107 179 June -45, 503 115 -6, 5, 581 -1,797 -353 -1,702 108 -18 July -13,628 -15, -180 -1,432 -1,174 -1,466 291 20 August 24, 239 12, 47 17 -194 -174 275 90 September . 16,488 1, -903 -338 -10 -241 2,236 97 October 18,562 2,191 1, -357 -22 -64 -1,232 2,099 105 November. 9, 688 -1, 5,369 -90 -30 -297 441 142 December- -9, 294 -7, -821 -230 -658 31 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 I -238 -367 -1, 220 33 246 Official figures converted at rate of $35 on ounce, February. -102,784(1 -17,262 -13,283 -76,485 233 | 4,077 -62 -257 21 I 235 Switzerland British India Net imports from— Net imports fromm—— In- Increase crease or de- Year and month n T p e o t o r t i t a m s l - U S n ta i t t e e s d E la n n g d - France Ger- A 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 T e o t o r t t i a m s l - 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 G i d p n o u r o d n o c l i - d - i a n g ( c o m o - r r e ) v e d a e n i s e r n t e n - - p i ( c n h r - r i g o e ) v s a l i a d s n i t - e n e reserves India J in India Official figures converted at rate of $20.67 an ounce. 1932—October -3,385 -50 -3,087 -102 -280 48 -14,482 -4, 820 -8,809 -853 -13,935 November... -1,395 -2, 347 -67 480 461 -16,662 -2, 420 -13,244 -997 556 — 16,106 December 1,203 320 -111 83' 55 -24, 834 -18,002 -6,156 -676 581 -1 -24, 252 Total (12 mos.) 169, 786 124, 354 15,342 7,418 101 14, 996 -304 -195,662 -38,094 151,059 -6, 508 6,782 127 — 189,007 1933—January 4,658 123 2,393 1,176 1,040 -11,916 -9, 741 -2, 304 129 574 -11,342 February 8,502 -14 82 6,987 2,461 -937 -12, -9, 589 -3,082 -116 608 — 1 -12,179 March -24,440 653 907 21,306 48 3,802 -2, 236 --1122,,722 -5, 314 -5,833 -1,576 626 -12,096 April -12,078 -307 -10,745 994 -1,958 -11, -4,311 -5,956 -1,430 585 -11,113 May -42, 481 1,377 -4,082 -38, 776 2,778 -3, 709 -13, -1,561 -8,096 -3, 359 554 -12,462 June -41,596 -3,152 -34, 751 2S8 -3, 988 -14, -12,823 -1,181 543 -13,461 July.. -14,302 "-307 -5, 739 -8, 324 1,866 -1,756 -4, 734 -1, 565 589 -2 -5, 707 August -1,542 -229 1,135 -1,339 -1,166 -10, -9,105 575 -1 -10,395 September. .- 1,656 16 -431 1,767 149 130 64 -13, -12.789 -622 572 -12,839 October 4,073 502 -790 4, 243 1 78 124 ~7, -7, 301 -34! 560 -7,083 November... 3,553 -1,444 4,684 191 50 -5, -6, 023 176 560 -5, 287 December ... 23,996 8,756 -9,474 23,299 741 689 -5, -5, 438 -296 573 -1 -5,160 Total (12) mos.) -41,121 10, c -24, 536-26, 781 -379 205 13,168-13,781 -126,048 -31,022 -83,145-11,880 6,916 -5 -119,124 1934—Januaryc 110 -247 180 82 1 1,187 -47 -14,063 12,683 -1, *573 v-13,490 Official figures converted at rate of $35 an ounce. February -30,10911-10,8981-21, 5671 2,233 -12 21 -365 4991 *>-38,900|| L.._. P970| I v -37,930 v Preliminary. r Revised. c Corrected. 1 Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India. NOTE.—Netherlands and Switzerland—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 235 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1934 1933 1934 1933 Feb. Jan Dec. Feb. ! Feb. Jan Dec. Feb Argentine Conversion Office (millions of J Canadian Minister of Finance (millions I gold pesos): of Canadian dollars): I Gold _.._..._ 1 247 247 247 Gold reserve against Dominion notes._| 70 72 Currency issued [ 553 552 534 588 II Advances to banks under finance act,. 50 42 Irish Currency Commission (thousands of Dominion notes: pounds sterling) : Issued 176 177 183 176 Legal tender note fund: Outside chartered bank holdings.. 28 28 30 27 British legal tender and bank Indian Government (millions of rupees): balances.._ 32 32 141 Gold standard reserve: British securities 6863 7,013 7,611 250 ! Gold. 71 140 187 Notes issued 6,895 7,045 7,753 336 I Foreign exchange 465 463 393 347 Consolidated bank notes: 1 Paper currency reserve: Issued 4,759 4,754 4,738 4,625 || Gold 376 373 305 257 Deemed such under sec. 60 (4) of Silver coin and bullion. 989 1,003 1,012 1,104 currency act, 1927. 1223 1,232 1,241 1,353 Ij Other assets.. 408 404 464 392 Notes issued _ ,773 1,780 ! 1,781 1,753 i Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Feb. 3 and Jan. 6, 1934, Dec. 9 and Feb. 4, 1933. Figures for notes deemed to be consolidated bank notes are as of close of business on these dates. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1934 1933 1934 1933 Liabilities Feb. 28 Jan.31 Feb. 28 Feb 28 Jan. 31 Feb. 28 Gold in bars 17,962 7,578 Demand deposits (gold) 17, 962 7, 578 Cash on hand and on current account with Short-term deposits (various currencies): banks 3,819 3, 370 9,305 Central banks for own account: Demand funds at interest 17, 681 18, 690 96, 736 Demand 42,142 48, 303 436, 025 Rediscountable bills and acceptances (at Time—Not exceeding 3 months- 109, 777 106, 520 113, 338 cost): Commercial bills and bankers' accept- Total. 151,919 154,823 549, 364 ances _ 157,071 165, 273 298, 437 Treasury bills _. 189, 926 187, 936 255, 689 Central banks for account of others: Demand . , 349 11,564 15, 633 Total. 346, 998 353,209 554,126 Other depositors: Demand _____„__ 928 892 'rime funds at interest—Not exceeding 3 Time—Not exceeding 3 months.. 6,308 months ._....... __„,„„_.. 37,047 35,852 223,211 Long-term deposits: Sundry bills and investments: Annuity trust account.,.. ._,,.. 153,640 154,200 153, 769 Maturing within 3 months: German Government deposit .... 76,820 77,100 76, 884 Treasury bills ...„_ 30, 184 23, 591 14,933 French Government guaranty fund... 40, 903 42, 758 68, 649 Betw S e u e n n d r 3 y a i n n d v e 6 s m tm o e n n th ts s . : . 575 291 33, 737 59, 647 Total . . 271, 363 274, 058 299, 301 Treasury bills ..........._. 18,504 16,874 33,321 Capital paid in 125,000 125, 000 125, 000 Sundry investments.,_.. _ 44,717 i 67.403 47, 732 Reserves: Over 6 months: Legal reserve fund 2,022 2,022 1,318 T Su re n a d s r u y r y in b v i e ll s s t m __ e _ n ._ ts . . __.. 3 37 5 , , 9 8 3 6 4 9 i 4 3 7 7 , , 9 9 8 8 7 1 630 D Ge iv n i e d r e a n l d r e r s e e s r e v r e v e fu f n u d nd 3 7 , , 8 7 9 90 5 3 7 , , 7 8 9 9 0 5 2 5, , 6 3 9 7 0 9 Other liabilities: j Othe G r u a a s r s a e T n ts t o : y t al o . f . .. central banks on bills 224,499. i 227,573 156,264 S G u u n a d ra ry n t i y t e o m n s c . o .. m ._ m .. e _ rc ,_ ia _ l bills sold. „. j j 63 4 , , 1 7 6 5 3 7 6 4 1 , , 3 5 5 9 2 0 | | 41,612 Su s n ol d d ry items 4 4 , , 1 9 6 7 3 6 4 2 , , 8 9 5 6 2 9 7,355 | Total assets ....... 657,145 | 653, 594 I 1,046,997 I Total liabilities........-._...... | 657,145 653, 594 1,046,997 1 Not available, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
236 FEDEEAL RESERVE BULLETIN APRIL 1934 CENTRAL BANKS I Assets of banking department Liabilities of banking department Gold (in Bank of England m d i e e s p s n a u t r ) e t- ! Cash reserves Dis a c n o d unts Securi- ci N r ti c o o u t n l e a- Deposits l O ia t b h i e li r - Coin Notes advances Bankers' Public Other ties Millions of pounds sterling 1933—Feb. 22 142. 2 .7 61.0 11.9 104.0 356.2 98.3 26.2 35.0 18.2 Mar. 29 171.8 .8 79.7 11.8 74.9 367.1 92.8 21.2 35.0 18.2 Apr. 26 185.9 .9 74.0 11.6 80.0 371.9 100.9 10.8 37.1 17.7 May 31 186.3 1.1 72.3 11.2 83.5 374.1 77.5 33.2 39.5 17.8 June 28 189.4 1.2 74.2 16.6 87.2 375.1 105.1 14.1 42.2 18.0 July 26 190.1 1.3 72.8 11.2 103.0 377.2 98.5 14.1 57.7 18.1 Aug. 30 190.3 1.4 76.3 10.0 94.9 374.0 79.4 42.0 42.9 18.2 Sept. 27___ 190.4 1.4 79.6 9.2 85.8 370.8 97.3 16.5 44.0 18.2 Oct. 25 190.4 1.3 81.2 8.5 92.5 369.3 104.1 15.9 45.8 17.7 Nov. 29_— 190.6 1.2 80.4 8.6 84.7 370.2 106.9 13.6 36.5 17.8 Dec. 27 190.7 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Jan. 31 190.9 84.2 8.2 88.4 366.7 100.6 25.2 37.8 18.1 Feb. 28 191.0 1.0 83.6 5.8 87.9 367.4 90.3 32.1 37.7 18.2 Mar. 28 * 191.1 1.1 72.3 5.6 88.1 378.8 94.5 17.5 36.9 18.3 Assets Liabilities Deposits Bank of France Gold e F x o c r h e a i n g g n e Do b m il e ls stic Se lo c a u n ri s ty N s e e t b g c i l e o u e s t r i i a - - a O s t s h e e ts r ci N t r i c o o u n t l e a- G m ov e e n r t n- Other l O ia t t i b h e i s e li r - Millions of francs: 1933—Feb. 24. 81,017 4,401 3,303 2,580 6,647 9,119 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. 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 9,243 84,708 2,338 17,376 2,100 July 28. 81,976 3,975 3,461 2,661 8,503 82,853 2,752 19, 267 2,168 Aug. 25. 82, 227 2,652 3,207 2,688 6,417 8,543 81,143 2,775 19,657 2,158 Sept. 29. 82, 095 2,632 3,475 2,765 6,393 8,716 82,994 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 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 F M e a b r . . 2 3 3 0 , 7 7 4 3 , , 9 61 7 3 1 1 1 , , 0 0 6 7 9 0 5 6, , 9 1 6 9 3 8 2 2 , , 9 9 7 3 2 2 6 6 , , 1 0 1 0 4 6 ( 7, 2 9 ) 60 81,024 1 1, , 7 8 2 6 0 8 1 1 2 3 , , 6 06 3 7 3 (2 2 ) ,052 Assets Liabilities Keichsbank Reserves Foreign 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 ti c e u s 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- Deposits l O ia t t i b h e i s e li r - Gold exchange Millions of reichsmarks: 1933—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. 30 386 3,177 183 581 735 3,645 640 1934—Jan. 31 376 2,845 | 81 620 843 3,458 498 Feb. 28. 333 2,766 | 248 666 801 3,494 530 802 Mar. 31 » 237 3,144 ; 144 681 3,675 547 768 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 Brit ish Treasury under section 8 of the Currency and Bank Notes Act, 1928. 2 Not yet available. » Preliminary figures. NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 237 CENTRAL BANKS—Continued [Figures are for last report date of month] 1934 1933 1934 1933 Central bank Central bank Feb. Jan, Dec. Feb. Feb. Jan Dec. Feb. National Bank of Albania (thou- National Bank of Czechoslovakia sands of francs): (millions of koruny): Gold 7,225 7,367 5,488 Gold Foreign exchange 25, 573 26, 421 32, 683 Foreign balances and currency... i 2,668 1,707 1,707 1,709 Loans and discounts 2,838 2,959 3,020 Loans and advances _. 78 774 926 1,011 Other assets 2,330 3,246 2,593 Note circulation 1,346 1,424 1,751 1,011 Note circulation 11, 680 12,165 13, 480 Deposits 5,523 5,449 5,906 5,602 Demand deposits 16, 073 16, 654 19, 996 Danish National Bank (millions of 444 874 871 625 Other liabilities .._. 10, 212 11,175 10, 310 kroner): Commonwealth Bank of Australia Gold (thousands of pounds): Foreign bills, etc. 133 133 133 133 Issue department: Loans and discounts 10 9 9 10 Ban S k G e i o n c l g u d r d i a t e n ie p d s a E rt n m g e l _ i n s t h : sterling.._ 2 15 8 , , 8 5 7 0 5 8 2 1 9 4 , , 3 5 7 0 5 8 3 1 2 3 , , 3 0 6 0 0 7 3 1 5 1 , , 5 4 9 9 5 9 Bank N D o e o p t f e o c D si i a r ts c n . u z , l i a g t io (t n housands of gul- 35 7 7 1 8 1 3 7 5 4 7 8 5 37 7 7 5 8 4 3 5 1 0 6 Coin, bullion, and cash . 1,015 1,072 den): Note D L S L e c o o e c i a n p r u n d o c r s s o u i t i n l a i t a e s n t b s d i a o l n d a i n s c c e o s unts 2 7 4 3 1 4 9 5 4 1 , , , , , 1 4 8 8 7 5 6 5 8 0 5 6 8 8 7 7 4 3 1 1 3 5 7 9 5 , , , , , 3 7 7 2 3 0 3 7 9 5 1 3 9 0 8 6 3 5 1 1 0 5 7 4 5 , , , , , 4 8 3 3 3 5 8 0 2 7 4 3 1 3 2 6 4 2 1 1 6 9 6 6 2 , , , , , 1 5 4 8 7 3 9 8 0 3 5 5 6 2 4 L N D G F O o o e o t o h r a p t l e e e n o d i r s g s . c . i n f i a . t o r . s n c r e d e u x i l c g d a h n i t a s i o c e n n o x g c u e h n o a t f s n g th e e reserve. . 3 3 1 9 9 0 5 , , , , 1 5 1 2 2 3 2 6 4 2 3 3 1 6 0 3 3 1 8 9 0 7 , , , , 8 1 1 1 1 1 3 9 8 5 4 6 4 7 8 4 2 1 0 9 4 9 , , , , 9 1 4 9 2 9 2 5 0 4 7 4 2 0 8 3 2 1 4 2 8 2 , , , , 3 8 4 7 3 1 8 1 6 6 4 2 0 9 8 Austrian National Bank (millions of Central Bank of Ecuador (thousands 10, 757 12, 721 10, 854 4,653 schillings): of sucres): Gold 189 150 Gold at home and abroad Foreign exchange of the reserve.. 0 0 0 39 Foreign exchange 14, 375 14, 559 14,810 Other foreign bills _. 22 17 13 0 Loans and discounts. 6,967 4,538 1,846 Domestic bills 297 262 275 301 Note circulation 48,094 50, 287 37,978 Government debts 624 624 624 661 ' Deposits _ 35, 663 35,585 25, 533 Note circulation 993 909 952 859 National Bank of Egypts (thousands 20, 293 20,457 20,180 Deposits 138 187 142 184 of pounds) : National Bank of Belgium (millions Gold.... of belgas): Foreign exchange 6,663 6,663 Gold _.__ 2,714 2,745 2,733 2,630 Loans and discounts. 4,371 2,913 Domestic and foreign bills. 760 769 786 775 British, Egyptian, and other 5,580 5,829 Loans to State 347 347 351 363 Government securities Note circulation._ _ 3,473 3,398 3,419 3,513 Other assets... 32, 934 33, 332 Deposits 601 384 Note circulation _ 3,583 3,825 Ce of n G F t b r o o a o r l l l e i d v B i g i a a a n t n n h e k o o x s o c m ): h f e a B n a o g n l e d i v a ia b r ( o t a h d o us _ and _ s . 2 7 , , 6 9 5 1 8 7 7 6 , , 8 0 9 6 1 8 23 5 , , 0 4 5 6 2 6 Bank D O e th p o e o f r s i l t i E s a — b s i t l O o G it n t o i h i e v a e s e r rn ( m th e o n u t sands of 2 1 6 7 8 0 , , , , 0 9 8 3 2 4 3 2 7 5 4 4 2 1 5 7 1 7 , , , , 7 5 3 8 9 1 9 5 4 8 7 2 Loans and discounts 18, 807 17,971 29,862 krooni): Bank N D C u o e o p r t f e r o e B c s n r i i c a r t y s z c . i u . l la (m tio il n lions of milreis): _. 5 51 4 , , 3 6 0 9 2 2 6 3 7 5 53 3 , , 3 9 7 7 6 7 9 5 4 4 3 2 9 , , 5 2 8 3 3 8 4 0 4 N N L G o o o e a t l t d e n f s o c r i a e r n i c g d u n l d a e t i x i s o c c n o h u an n g ts e _. 3 2 1 3 0 4 9 , , , , 0 0 6 4 3 9 1 2 9 8 2 4 3 2 1 3 1 0 9 , , , , 0 5 1 1 4 3 4 9 5 5 8 8 3 2 2 2 2 1 0 , , , , 3 4 1 2 0 2 3 4 5 3 2 0 2 3 1 1 2 7 1 , , , , 1 6 1 8 8 9 8 3 4 4 0 8 C orrespondents abroad 304 276 213 Deposits—Government- 4,084 4,949 4,725 3,387 Loans and discounts 2,755 2,768 2,609 Bankers' 7,006 6,381 6,826 6,660 Note circulation 20 20 130 Other 2,860 2,713 3,078 3,240 Deposits 2,887 2,852 2,861 Bank of Finland (millions of mark- National Bank of Bulgaria (millions kaa): of leva): Gold.... 323 323 323 304 Gold.... 1,547 1,546 1,545 1,520 Balances abroad and foreign Net foreign exchange in reserve. _ 4 63 48 6 credits 1,044 1,001 954 772 Total foreign exchange 109 187 201 102 Foreign bills 311 350 371 328 Loans and discounts._ 1,123 1,127 1,287 718 Domestic bills 578 575 783 Government obligations 2,783 2,783 2,844 2,873 Note circulation 1,286 1,166 1,184 1,126 Note circulation 2,400 2,571 2,984 2,452 Demand liabilities 390 457 400 586 Other sight liabilities 1,963 1,802 1,565 1,665 Bank of Greece (millions of drach- Central Bank of Chile (millions of mas): pesos): Gold and foreign exchange 3,962 4,033 4,020 2,009 Gold at home and abroad 96 95 85 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 ts tions. _ _ 3 3 , , 5 35 3 5 2 3 3 , , 4 3 7 5 7 5 3 3 , , 3 3 1 5 9 5 3 1 , ,5 3 8 6 3 8 D N G L Fo o e o o r p a t v e e n o B E e i s s g c r x a i n n i a t n c r s m n k h c e d u x a e c n l n d a h g t i t a e s i d n o c e c o g n o b e . u m _ t n f . _ o t . m s . r a i _ s c s c i o on u _ nt of: 6 3 5 1 7 1 7 6 2 3 2 6 3 4 7 6 3 5 1 7 5 1 7 2 3 1 0 5 2 0 6 4 3 1 6 7 7 6 3 5 4 2 0 2 0 Na o t f i N L F G O o p o i n o o t e a h r a l n t b e d e e l g i i r g l o c B i n s i s t a r i i ) g e c n : b s u h k 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 c u e l i i n g ti g n e a s r e y x c ( h m an il g l _ i e . o . n .. s _ .. . 5 6 , , 0 0 7 7 4 3 1 6 9 5 4 0 5 5 , , 1 9 7 6 7 0 1 1 5 9 5 5 5 5 , , 4 4 4 2 7 1 9 4 9 2 4 2, , 3 5 1 9 5 1 9 6 7 4 6 2 4 Bank of the Republic of Colombia Loans and discounts. '588 593 636 463 (thousands of pesos): Advances to treasury 49 50 50 51 Gold at home and abroad 14, 719 14, 686 14, 283 13, 029 Other assets 27 27 38 15 Foreign exchange 2,996 3,403 2,479 4,090 Note circulation 347 348 369 343 Loans to member banks 3,662 4,262 4,877 4,415 Deposits _ 90 91 103 70 Note circulation 33,297 31, 349 31,813 21,816 Certificates of indebtedness _ 120 120 120 0 Deposits 24,848 24, 853 22,176 21,149 Miscellaneous liabilities 176 178 193 200 1 Increase during February reflects in part reduction in gold content of koruna on Feb. 17,1934, from 44.58 milligrams of fine gold to 3715 milligrams* »Items for issue and banking departments consolidated. B*»^O* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
238 FEDERAL RESERVE BULLETIN APRIL 1934 CENTRAL BANKS—Continued [Figures are for last report date of month] 1934 1933 1934 1933 Central bank Central bank Feb. Jan, Dec. Feb. Feb. Jan Dec. Feb. Bank of Italy (millions of lire): National Bank of Rumania (millions Gold at home 7,105 7,099 7,092 6,174 of lei): Credits and balances abroad 83 274 305 962 Gold 9,974 9,940 9,895 9,580 Loans and discounts. 5,810 4,284 4,693 5,812 Foreign exchange of the reserve.. 146 160 257 615 Note circulation 12,708 13,068 13, 243 13,048 Other foreign exchange.. 7 28 13 19 Public deposits... 300 300 300 300 Loans and discounts.. 9,029 9,326 10,156 Other deposits 1,426 1,757 1,269 1,278 State debt 5,681 5,681 5,681 5,726 Bank of Japan (millions of yen): Note circulation 20,815 20,834 21, 219 20,883 Gold 425 425 425 425 Demand deposits 7,449 7,474 7,257 7,528 Advances and discounts 771 762 950 733 South African Reserve Bank (thou- Government bonds 528 602 667 446 sands of pounds): Notes issued.. 1,138 1,261 1,598 1,095 Gold 18, 255 17,320 17,144 10,262 Total deposits _ 384 433 377 424 Foreign bills 21, 206 19,956 18,886 10, 555 Bank of Java (millions of florins): Domestic bills 201 86 8 1,100 Gold — 116 112 108 111 Note circulation 10, 429 10,456 11,859 8,604 Foreign bills 1 1 1 18 Deposits— Go vernment 1,899 1,755 942 1,744 Loans and discounts 57 60 62 42 Bank _ 32, 261 28,266 26,991 15,010 Note circulation 190 190 186 207 Other 1,735 2,951 3,164 815 Deposits --_ 34 Bank of Spain (millions of pesetas): Bank of Latvia (millions of lats): Gold 2,262 2,262 2,261 2,259 Gold— - 44 44 40 Silver .._. 663 658 644 614 Foreign-exchange reserve - 3 2 Balances abroad _ 281 278 279 281 Bills..- — 66 66 Loans and discounts 2,519 2,608 2,760 2,589 Loans --. 64 64 Note circulation _ 4,748 4,729 4,825 4,801 Note circulation 33 35 Deposits... 912 962 934 961 Government deposits 58 58 Bank of Sweden (millions of kronor): Other deposits 106 107 Gold 373 362 370 206 Bank of Lithuania (millions of litu): Foreign bills, etc 511 453 449 261 F G o o r l e d i gn curre - n cy— _ 5 1 2 5 5 1 2 3 N Lo o a te n s c a ir n c d u l d at i i s o c n ounts.. 5 5 9 8 7 5 5 8 8 3 6 6 4 5 8 5 1 4 0 2 7 N Lo o a te n s c i a r n c d u l d at i i s o c n ounts 8 8 3 7 8 8 5 7 Deposits 562 513 472 183 Deposits 59 60 Swiss National Bank (millions of Ne in t s h N G F L ) e : o o o o r r a l t l e d e n a i s n g c d n i a r s n c b d u i B l l l d a a s t i n i s k o c n o ( u _ m n i t l s l . ions of fl _ o . r _ - 8 7 1 9 7 9 1 8 3 2 8 9 1 9 1 7 1 0 9 3 9 9 1 1 2 7 1 2 2 7 1, 9 1 0 5 7 0 2 9 3 6 0 fra N D G L F n o o o e o c r a s m t l e e ) d n i : a . s g c n n a i d r n b c d d a u e l l d a p a i n o s t c i c s o e i o t s n u s . n a . n t . s . d _ bills. _ 1 1 , , 5 3 8 1 5 9 3 1 3 7 6 0 7 1 1 , , 7 3 1 9 5 9 2 0 9 3 0 1 6 8 1 1 , , 6 1 9 5 8 4 9 1 1 4 6 8 8 0 2 1 1 , , , 1 5 4 4 3 5 2 9 9 0 8 9 7 Deposits. __ -. 110 246 230 283 Central Bank of the Republic of B C a e s n n a k D N T n F t G F r d o o o a o o o o s r r l t f l m t e e a d e R o N i i l e g g f c e s o d n n i s s t r e r i o e w c c b p d r l u e a o e v a c l s l p s y e a r a ) i o e t : t n B ( i s d s o c m a i i e n t t n i s s s l k . l a i o o n f n d s P b o e i f r l - u l k s r ( o t n h e o r u ) _ - : 3 2 1 6 1 6 3 1 2 3 3 3 5 0 3 2 1 6 1 7 4 2 2 3 2 0 0 3 2 1 2 7 4 5 1 7 4 3 2 2 1 8 9 3 2 4 2 1 3 5 1 4 Tu N D G F O O O G r o k e o o t t t o h h h r p l e t v e d e e e e y o e i r r r g s r c i n n l ( s a i t i t r e s m s a h c e c s b u o e x e u i t l u n c r l s a i i h t s t t t a a i i i s e e o n n e s s n g d c e s u r o it f i e p s ounds): 1 1 2 3 3 5 2 5 5 9 3 9 5 2 1 7 4 , , , , , , , , 5 1 4 1 9 8 6 6 8 4 5 1 0 2 0 1 1 7 7 4 4 4 3 6 1 1 2 3 5 5 2 3 6 5 5 5 1 9 5 8 0 , , , , , , , , 8 8 0 0 6 8 4 3 7 0 5 2 4 1 2 7 1 5 7 7 6 3 3 41 1 2 3 3 6 5 2 6 4 2 8 5 0 9 0 2 , , , , , , , , 8 7 0 0 1 7 0 6 4 0 2 0 7 0 1 9 1 2 3 0 4 4 1 9 1 1 2 3 2 2 5 5 6 4 1 2 8 3 1 4 3 , , , , , , , , 2 1 8 3 1 4 1 3 0 1 4 5 1 5 4 7 2 9 6 4 9 6 4 9 Gold.... -. P42, 569 38,932 Bank of the Republic of Uruguay Foreign exchange 2,649 825 (thousands of pesos): Bills.. __— 49, 088 20, 541 Gold 49,109 48,629 48,201 Note circulation 67, 285 50, 663 Loans and discounts _. 95, 252 97, 598 104, 315 Deposits... 20,460 4,441 Other assets.. 45, 523 43, 442 39, 781 Bank of Poland (millions of zlote): Note circulation 77,766 78,390 86,148 Gold _ 479 478 476 513 Deposits—Demand._ _. 32, 880 32,413 29, 761 Foreign exchange 78 82 88 84 Time 42,899 42, 584 38, 064 Loans and discounts 752 749 817 649 Judicial and admin- Note circulation _ 939 947 1,004 999 istrative 2,661 2,631 Other sight liabilities 271 248 262 152 Other liabilities 33, 678 33, 651 35, 359 Bank of Portugal (millions of escu- National Bank of the Kingdom of dos): Yugoslavia (millions of dinars): Gold. _ 777 759 606 Gold. 1,765 1,795 1,795 1,761 Other reserves 341 328 516 Foreign exchange _. 169 139 166 190 Discounts and advances 330 305 332 Loans and discounts 1,959 2,055 2,101 2,388 Government obligations 1,051 1,052 1,054 Advances to State 2,317 2,317 2,316 2,411 Note circulation 1,934 1,982 1,896 Note circulation, _ _ 4,233 4,212 4,327 4,586 Other sight liabilities 601 512 637 Other sight liabilities 959 1,062 1,031 873 » Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
239 APRIL 1934 FEDERAL RESERVE BULLETIN COMMERCIAL BANKS Assets Liabilities (10 clearing o f b p a o nk u E s n n . d g s l a F s n t i e d g r u l r in es g ) in millions v d B C a u u a a e l s n t h f k a r o i o n n m 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 d te 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 D D e e p m os a i n ts d1 Time1 lia O bi t l h it e i r es England 1933—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 89 343 559 752 222 1,951 983 916 233 November 216 99 317 569 741 228 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 February 209 118 250 560 746 231 1,867 932 881 246 Assets :Liabilities (4 large banks. F F r f a r i a g n n u c c e r s e ) s in millions of v d B C a u u a a e l n s t h f k r a o i o n n m f d D b u a e n f k ro s m B co il u ls n d te i d s- in s L e c lo c o lu u a a d n r n i i s s t n , y g a O s t s h e e ts r Total D D e e p m o a si n t d s Time c O ep w t n a n a c c e - s lia O b t i h li e ti r es France 1933—April. . 6,959 1.958 20,852 7,799 1,206 34,634 33,655 979 291 3,850 May ... 8,184 ,960 20,048 7,777 1,227 35,124 34,145 979 247 3,824 June . 8,499 L,931 19,889 7,824 1,420 35,295 34,307 988 372 3,895 July .._. 8,738 L, 723 20,236 7,848 1,521 35,676 34, 671 1,005 379 4,011 August 8,027 L.600 19,851 7,813 1,565 34,426 33,419 1,007 360 4,069 September 7,907 L, 504 19,835 7,792 1,540 34,181 33, 217 964 253 4,144 October,. 7,094 L, 480 20,229 7,880 1,626 33,786 32,811 976 257 4,266 November 6,333 L, 545 19,876 8,127 1,707 33,009 32,075 933 258 4,322 December _. 5,870 L, 416 19,848 8,309 1,827 32, 635 31,773 862 273 4,362 1934—January 6,373 L, 574 19,169 8,537 1,034 32,900 32,059 841 284 3,501 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 R a u b u a e e a l s i t c n h f r h a k o i s n n m - c Du b e a n fr k o s m B co il u ls n t d e i d s- i s n L e l c o c o l u u a a n r n d i s s i 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 f e t e o s d r r s lia O b t i h li e t r ies 1933—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 3,268 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 3,155 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 February 139 612 2,127 4,458 2,387 1,196 7,159 3,254 3,905 661 3,100 Assets Liabilities Deposits payable in Canada Canada Entirely in Canada Security excluding interbank deposits loans (10 chartered banks. Figures i l n ar m s) illions of Canadian dol- v C au a l s t h a i n n c Other d a u n e d fr n o e m t Securities a O s t s h e e ts r ci t r i c o u n la- 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—April 192 94 1,088 135 806 452 124 1,914 514 1,400 729 Mav. . .- 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 1,042 151 866 448 120 1,958 578 1,380 733 August _ _ 192 105 1,026 146 866 437 121 1,924 551 1,373 727 September 187 110 1,031 176 881 435 129 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 February 193 102 1,011 144 833 442 117 1,885 530 1,355 724 1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total. 2 Figures not available. NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
240 FEDERAL RESERVE BULLETIN Arm 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 R A a 1 p 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 R A a p 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 7H Nov. 16,1933 Japan 3.65 July 3,1933 Oct. 10 2V2 Austria 5 Mar. 24,1933 Java __ 4M Aug. 16,1933 Dec. 10 7 Belgium V/2 Jan. 14,1932 Latvia &A Jan. 1,1933 M Fe a b r . . 1 9 8, 1932 5 6 Bolivia 6 July 5,1932 Lithuania. .. 6 Apr. 1,1930 M M A M p a a a r r r r . . . 9 2 1 1 1 7 0.... 4 5H 6 B C C Cz u h o e l i l g l c o e h a m o ri s b a l i o a - ... Q 7 /2 J J A u a u n ly g . . 1 2 2 8 3 , , , 1 1 1 9 9 9 3 3 3 4 3 2 N P P P o o e o r l r r a u t w u n g a d a y l 5 v 6 / 2 M M D O e c a a c t y y . . 2 2 2 4 0 6 8 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 3 2 3 3 Apr 19 2H vakia Jan. 25,1933 5V2 Apr. 21.. — 3 Rumania 6 Apr. 5,1933 Apr 28 5 Danzig 3 May 6,1933 South Africa. 3H May 15,1933 M Ivl a a y y 2 12 5 E D c e u n a m do a r rk-.. 2M N N o o v v . . 3 3 0 0 , , 1 1 9 9 3 3 2 3 Spain Oct. 26,1932 June 30- - 2 Estonia Feb. 1,1932 Sweden 2H Dec. 1,1933 Sept 22 4 U.S.S.R 8 Mar. 22,192T J M an a y 9 1 2 1933 4 V/2 F G i r n e l e a c n e d 5y2 D O e c c t. . 2 1 0 4 , , 1 1 9 9 3 3 3 3 T Y u u r g k o e s y lavia- M Fe a b r . . 2 9 , , 1 1 9 9 3 3 3 4 June 29 4H Hungary Oct. 18,1932 July 15 India Feb. 16,1933 July 29 #/2 3 Sept 4 3H zy 2 Sept 19 2y2 Dec 11 3 Fob 9 1934 3 In effect Apr. 1,1934. 2 3 4 3 2]/2 2 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Amsterdam) Month 3 B a a m a c n n c o c k e e n p e s t r t , 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 t ' s 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—February.. .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 5.60 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 3.87 4.78 4.74 .50 1.00 February. .95 3.87 4.91 4.78 v 1.00 Sw la it n z d er- (B B r e u lg ss iu e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r i c 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 i c 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 c c i o a P l m r i p m m ap e e r e - r Da m y o -t n o e -d y ay L m oa t o o n n s t 3 h u s p Disc b o il u ls nted ov m e C o rn a n l i e l g y ht 1933—February.. 1.50 2.78 1.89 4.25 5. 48-5.84 2.92 March 1.50 2.62 2.04 4.20 3H-6 5.48-5.84 2.92 April 1.50 2.50 1.87 4.00 3H5 5.48-5.84 2.37 May 1.50 2.41 1.76 4.00 5.11-5.84 2.19 June 1.50 2.31 1.50 4.00 3 -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 5.11-5.48 2.37 February _. 1.50 2.05 2.59 3.00 v Preliminary. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 791-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
241 APBIl 1934 FEDERAL RESERVE BULLETIN 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 a o n ) - 1 (p t A r o a u u l s i n - a d) A ( l s i u n c s h g t ) i r l i 2 - 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)1 g ( B a l u r e l i v - ) a > C (d a o n ll a a d r a ) C (p h e i s l o e )» ( C y h u i a n n a ) C ( b p o e i l a o so m )1 - ( C p u es b o a ) ( s C k lo z o v e r c a u h k n o i a a - ) ( m D k a e 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.- - 3 72.8009 337.07 15. 4478 17.8996 7.9630 1. 0039 91.9587 7. 6787 28. 5779 81. 6966 99.9464 3.8232 19.0709 1933—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 6.0300 * 22.1953 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 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. 3 33.3311 407. 50 17. 6811 21. 7280 8. 5995 1. 3436100. 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 9. 5966 34. 3077 69. 9523 99. 9616 4. 4432 22.4721 March 33.9553 405. 86 18.9114 23. 2981 8.5420 1. 3324 99. 7871 10.1294 34.6190 67.6663 99. 9535 4.1531 22. 7384 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 l k an ka d ) F (f r r a a n n c c e ) ( m m r G e a i a e c r 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) (p H g e a u n r n g y - o): ( 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 e f a t l n h o d r e s i r n - ) 1929 498.0689 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 5 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 434. 3908 423. 6821 1. 8708 5. 0313 30. 5179 .7233 29.4516 22. 3598 31.8159 6. 7094 25. 6457 28.1025 51. 7209 1933—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. 5806 4.1019 24. 3873 .5865 23. 7714 17. 4812 26. 8721 5. 3662 22. 0867 27. 0201 41.9490 May 403.1202 393. 2381 1. 7467 4. 5927 27. 3629 .6582 27.1586 18.8766 29.5729 23. 9967 28. 8721 46.9507 June 424. 0440 413. 5581 1.8241 4. 8035 28. 8097 .6917 29.1358 21. 2415 31.0652 6. 3789 25. 7587 27. 6650 49. 0086 July 477. 0204 464. 9915 2. 0511 5. 4588 33. 2627 .7902 32. 9584 24. 5147 34. 9283 7. 3697 28. 7727 27. 9968 56.1833 August 461. 7534 450. 2670 2.0008 5. 3749 32. 7144 .7743 31. 5922 24. 2387 33. 8489 7. 2176 26.9026 28.1103 55. 3799 September 478.1479 466. 4722 2. 0693 5. 7724 35. 4307 .8372 33.1050 26. 0897 35. 0051 7.8076 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. 2700 6. 2678 38. 2361 .9053 36. 6896 28. 2302 38. 3408 8. 4331 30. 3618 27.7989 64. 5642 December 524.6387 511. 5890 2.2700 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 516.0390 503. 2596 2. 2288 6. 4648 38.8841 .9253 38. 0999 29.1191 37.8567 8. 5757 29. 7536 27. 7313 66. 0382 March 509. 3917 2. 2470 6. 5801 39.6599 .9413 38. 6842 29. 6125 38.3335 8. 5763 30. 0093 27. 7224 67. 2956 Year and month 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 r e t l a t n l l i a e t 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 ) i ( g p U u e r s a u o y - )1 Y ( s d l u a in g v a o ia r - ) 1929 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 320.19 18. 0039 11.1823 3.1960 .5968 8.0438 40. 3970 18. 4710 19. 4049 47. 285^ 476. 56 47. 0639 1. 6411 1933 340. 00 21.4292 14.4135 3. 9165 .7795 10. 7189 49. 2320 22. 0324 24. 8355 60. 4396 414. 98 60. 3360 1.7607 1933—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 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 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 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 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 411.04 25.8723 18. 0564 4.8623 .9817 13.1129 60. 0625 26. 5491 31. 0223 75. 7400 509. 29 76. 2484 2.2035 December 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 February 401.81 25. 2835 18.5984 4. 6321 .9923 13. 3001 68. 7852 25. 9554 31. 7374 497. 42 78. 7499 2. 2468 March 406. 84 25. 5834 18. 9043 4. 6709 1. 0013 13. 6175 59. 6007 26. 2620 32. 2857 503. 42 80.1921 2. 2648 1 Nominal since April 1933. 2 Partly nominal since April 1933. 3 Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average for 1933 is for gold peso from Jan. 1 to Dec. 10, inclusive. Average for December 1933 based on paper peso for Dec. 13-31. Average of gold peso for Dec. 1-10 was 75.8904 cents. No quotations Dec. 11 and 12. * Beginning Apr. 10,1933. new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver- Averagelor 1933 is for new yuan from Apr. 10 to Dec. 31, inclusive; average for old yuan from Jan. 1 to Apr. 9, inclusive, was 20.2103 cents. Average for April based on new yuan for Apr. 10-30. Average of old yuan for Apr. 1-9 was 20.5383 cents. » Silver peso quoted in place of gold peso beginning July 30, 1931. Average for 1931 is for silver peso from July 30 to Dec. 31, inclusive, Average 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
242 FEDERAL RESERVE BULLETIN APRIL 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 p v n r t e a i i c r t t a e 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 c 0 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 8 France Germany 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—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 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 98.3 57.0 November 82.6 122.3 79.6 87.9 69.1 80.9 95.7 58.7 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 Februarv 92.9 124.3 78.7 91.6 80.5 87.0 91.8 67.8 1 Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. 3 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. 4 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 te 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 ce 00) ( 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 1927. 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—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 February 74 72 105 400 96 275 178 80 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 243 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 u al 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 i o on v s i- a t f r n I i i n n d a i d l s s u h r e e s a m - d w i- p tr I r i i n o s a d d h l u u e f d s c in - ts products 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 93 152 134 584 697 134 133 134 159 1929 _ 105 100 92 145 132 579 669 130 125 132 157 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 97 482 380 91 118 1932—October.._ 47 61 70 106 450 379 115 November. 47 61 70 107 458 373 114 December. 44 58 108 97 456 375 114 1933—January... 43 56 107 97 455 373 113 February-. 41 54 105 96 443 370 112 March 43 55 102 95 417 112 April 45 56 101 95 407 111 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 65 105 102 413 114 October. __ 56 64 104 102 417 379 114 November. 57 64 104 102 425 384 114 December. 56 63 103 103 432 385 89 114 1934—January... 59 64 104 105 424 387 114 February.. 61 67 104 106 416 115 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) * (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—October.... 100 125 102 110 1932—Oetober 143 119 November. 99 125 104 110 November. 143 119 December.. 99 125 103 109 December.. 132 143 105 118 1933—January.... 95 123 102 107 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 »107 119 97 110 August 139 118 September. 3 107 122 98 111 September.. 141 105 119 October »107 123 101 112 October 141 120 November. »107 126 103 113 November.. 143 121 December.. »104 126 104 114 December.. 135 143 107 121 1934—January... 3 105 124 105 114 1934—January 142 121 February.. 3 108 122 103 February.. _ 141 121 i This index, unlike that for wholesale prices in France, represents prices converted to the gold basis of 1914. 8 Average of October 1913, January, April, and July 1914=100. 3 Figures for the period nearest the 15th of the month. Since August 1933 the Bureau of Labor Statistics has published semimonthly indexes, which this year have been as follows: Jan. 2,104.5; Jan. 16, 105.2; Jan. 30, 105.8; Feb. 13, 108.3; Feb. 27, 108.1; and Mar. 13, 108.5. For indexes available in 1933 see BULLETIN for February 1934, p. 120. SOURCE: Wholesale prices.—For original sources, see BULLETIN for March 1931 (p. 159). Retail food prices and cost of living.—United States— Bureau ©f Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France— For retail food prices, Statistique Generate, 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
244 FEDERAL RESERVE BULLETIN APRIL 1934 LAW DEPARTMENT Deposits the time of payment of which has been de- purpose of the prohibition upon the payment of ferred beyond the period originally contemplated time deposits by a member bank before their The question has been raised in several maturity. cases presented to the Board for consideration While it is recognized that the question may whether the provision of section 19 of the be the subject of some doubt, the Federal Re- Federal Reserve Act that "no member bank serve Board, after careful consideration and in shall pay any time deposit before its matuview of the purpose of the statute, has reached rity" is applicable with respect to deposits the conclusion that the law is not to be interwhich were originally received by a member preted as preventing a member bank whose bank as demand deposits, savings deposits, financial condition justifies such action from or ordinary time deposits but which prior to paying or making available for withdrawal de- June 16, 1933, as a part of a general plan posits of the kind above described, before the applicable to all or a large proportion of the date specified at the time of deferment of such deposits of the bank and entered into in deposits, as a part of a general plan entered into order to prevent closing of the bank, to in good faith which is applicable to all of the rehabilitate the bank, or for some similar deferred deposits in the bank on a pro rata basis purpose, were deferred as to time of payment or, in case there is more than one class of such beyond the period originally contemplated, deferred deposits, to all of the deposits of one either by agreement with depositors or otheror more classes thereof on a pro rata basis. wise. The specific question presented is whether the provision of law in question pre- Applicability of section 8A of Clayton Act to organizavents the payment or the making available for tions carrying margin accounts withdrawal by a member bank of deposits of the In connection with an application under kind mentioned, before the date specified at section 32 of the Banking Act of 1933 the the time of deferment, when it is done as a question has been raised whether the carrypart of a general plan applicable to all of the ing of what are commonly known as " margin deferred deposits in the bank on a pro rata accounts" involves the making of loans basis, or, in case there is more than one class " secured by stock or bond collateral" within of such deferred deposits, to all of the deposits the meaning of section 8A of the Clayton Act, of one or more classes thereof on a pro rata basis. which makes it unlawful for any director, Deposits of the kind under consideration are officer, or employee of any "bank, banking not time deposits of the ordinary type arising in association, or trust company, organized or the usual course of a bank's business. They are operating under the laws of the United States" deposits of an extraordinary character arising to be at the same time a director, officer, or out of transactions under which all or a large employee of a corporation (other than a mutual part of the deposits in the bank are affected. savings bank) or a member of a partnership The payment of such deposits in the manner which makes loans secured by stock or bond described is likewise an extraordinary transac- collateral except to its own subsidiaries. This tion not arising in the usual course of business. question was material because, as stated on Such deposits also are not subject to the con- page 123 of the FEDERAL RESERVE BULLETIN tract contemplated by the parties at the time for February 1934, a permit issued pursuant the original deposits were made. One of the to the provisions of section 32 would not purposes of legislation by Congress enacted render lawful a relationship prohibited by the during the past year has been to free bank as- Clayton Act and, therefore, would serve no sets and to provide funds to increase purchasing useful purpose if the relationship were prohibpower; and in the circumstances it is not be- ited by the Clayton Act and if no permit therefor lieved that payment of such deposits in the had been issued by the Federal Reserve Board manner described comes within the spirit or pursuant to the provisions of that act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
245 APRIL 1934 FEDERAL RESERVE BULLETIN It appears from the information submitted felt that a construction of section 8A to the that the margin accounts in question are car- effect that the carrying of margin accounts does ried in substantially the following manner: not involve the making of loans secured by The customer deposits with the broker stock or bond collateral within the meaning of margin in the form of cash or securities, and that section would tend to defeat, in a large orders the broker to purchase or sell certain measure, the purpose of the law. Moreover, securities for him. The broker executes the since the broker carrying margin accounts is order and furnishes the balance required for advancing the balance of the funds needed to the execution of the order. The securities are execute the orders of the customer and thereby acquired or sold by the broker for the account furnishing credit for dealing in securities, and and risk of the customer, but all securities in since the broker holds the stocks and bonds as the account are held by the broker. The cus- security for such advances, it appears that the tomer authorizes the broker to pledge, as broker is the creditor of the customer and that collateral for any indebtedness of the broker, all the customer's indebtedness is secured by the securities thus held by the broker, and such pledge of the securities in the account. Acpledge may be for a greater sum than the cordingly, it is the view of the Board that the amount which the customer owes to the broker. carrying of such margin accounts involves the The broker usually avails himself of this right, making of loans secured by stock or bond colin whole or in part, in order to supply himself lateral within the meaning of section 8A of the with funds with which to carry out the orders Clayton Act, and that the provisions of that thus received from his customer. The broker section are therefore applicable to interlocking has the right to close the customer's account by relationships between national banks and orsale or purchase, as the case may be, whenever ganizations carrying such accounts. he deems it necessary to protect himself from Although the Federal Reserve Board is authorloss on the customer's obligation. Since the ized by section 8 of the Clayton Act to issue persecurities are purchased or sold for the account mits under certain circumstances covering relaand risk of the customer, he is liable to the tionships to which the provisionsof the Clayton broker for any deficiency remaining after the Act are applicable, its authority is limited to the closing of the account. Likewise, any apprecia- issuance of permits covering the service of not tion in the value of the securities bought and more than threebanking institutions of certain any income therefrom during the life of the classes. Accordingly, a director, officer, or emaccount are the property of the customer. ployee of a corporation (other than a mutual sav- Securities thus held by the broker for the ac- ings bank) or a member of a partnership which count of the customer, except those issued in makes loans secured by stock or bond collateral bearer form, are usually issued in the name of the except to its own subsidiaries, whether in connecbroker or in "street names" and endorsed in tion with the carrying of margin accounts or blank in order to facilitate handling. otherwise, is prohibited from serving at the same The legislative history of the Banking Act time as a director, officer, or employee of a of 1933, and of section 33 of that act, which national bank, and the Board is not authorized added section 8A of the Clayton Act, reveals to issue a permit for such interlocking services that one of the primary purposes of the Banking unless such corporation or partnership is a Act of 1933 was to prevent an undue use of banking institution of one of the kinds referred credit for speculative purposes, and particularly to in section 8. In this connection, it should be to inhibit the diversion of funds into specula- noted that the phrase " organized or operating tive dealings on the stock exchanges. Since under the laws of the United States" in section margin accounts, and the brokers' loans by 8A of the Clayton Act is not applicable to which they were financed to a large extent, State member banks of the Federal Reserve constituted a principal channel through which System. See page 654 of the FEDERAL RESERVE credit was employed in such speculation, it is BULLETIN for October 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
246 FEDERAL RESERVE BULLETIN APRIL 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 March February March Mar. 7 Mar. 14 Mar. 21 Mar. 28 Boston 1.9 2.0 23.5 Boston.. 1,672 1,514 1,672 2,803 New York 25.4 32.3 479.9 New York 26, 507 25,805 24,057 23,131 Philadelphia 17.1 19.8 130. 5 Philadelphia. 18,093 16,812 16,078 16,706 Cleveland __ . _ 3.3 4.0 91.9 Cleveland. _ 4,066 3,425 3,138 2,898 Richmond 2.0 2.7 40.3 Richmond. 2,102 1,960 1,756 1,832 Atlanta - _ 1.2 2.4 36.7 Atlanta 1,328 1,168 1,038 962 Chicago 1.8 2.2 62.4 Chicago 1,901 1,584 1,507 2,134 St. Louis .4 .7 10.9 St. Louis 349 264 260 310 Minneapolis .9 1.3 13.1 Minneapolis. 1,000 944 871 798 Kansas City .4 .7 25.2 Kansas City... 403 357 338 321 Dallas . .1 .1 6.2 Dallas 57 105 123 San Francisco 1.0 1.8 78.1 San Francisco.. 1,099 592 561 Total 55.4 70.1 998.8 Total. 58,577 54,887 51,412 52,579 Back figures.—See Annual Reports for 1932 (table 9), 1931 (table 80), Back figure.".—Bee Annual Reports for 1932 (table 13), 1931 (table 83), 1928 (table 72), and 1927 (table 55). 1930 (table 78), etc. TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO LIABILITIES AVERAGES OF DAILY FIGURES [Amounts in thousands of dollars] Ratio of total reserves to Federal Reserve notes in cir- deposit and Federal Total reserves Total deposits culation l Reserve note liabilities combined Federal Reserve bank 1934 1933 1934 1934 1933 1934 1933 March February March March February March March February March March Febru- March Boston.. 327,515 272,695 213,292 229,209 191, 550 132,131 225,143 220,461 248,620 72.1 66.2 56.0 New York.... 1,354,115 958, 411 788, 203 1,425,455 1,069, 223 858,199 617, 505 606,887 930,403 66.3 57.2 44.1 Philadelphia- 306,393 249,905 181,325 211,106 162,303 113,800 238,300 233,985 295,366 68.2 63.1 44.3 Cleveland,. 359,964 338,005 298,402 243, 297 229, 790 149,696 294, 651 286,711 401, 269 65.4 54.2 Richmond- 165,768 169,303 166,324 106,897 104,463 65,868 147,881 147,459 195,938 65.1 67.2 63.5 Atlanta 139,520 145,476 115, 231 89,106 88,419 61, 776 126,052 122, 760 159,878 64.8 68.9 52.0 Chicago 938,497 909,374 797,378 556,667 532,501 289,455 772, 542 764,079 1,037,508 70.6 70.1 60.1 St. Louis 180, 481 179,643 158,258 122,129 123, 057 77, 553 136,395 137,621 166,113 69.8 68.9 64.9 Minneapolis- 116,344 111, 524 76, 300 75,696 72, 623 44, 371 96,892 95,376 109,059 67.4 66.4 49.7 Kansas City- 179,063 170, 512 136,171 149,167 135, 556 85,160 109,191 108, 088 138, 562 70.0 60.9 Dallas 106, 215 94,174 73, 210 124, 500 113,192 69,110 41,064 41,325 50,694 64.2 60.9 61.1 San Francisco . 272,035 268, 300 234,727 214,612 215,871 156,426 198,553 197,810 308 941 65.8 64.9 50.4 Total 4,445,910 3,867, 322 3,238,821 3,547,841 3,038, 548 2,103,545 3,004,169 2,962,562 4,042, 351 67.9 64.4 52.7 i Includes "Federal Reserve notes of other reserve banks "as follows: Latest month, $15,203,000; month ago $15,200,000; year ago, $23,603,000. 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
APRIL 1934 FEDERAL RESERVE BULLETIN 247 EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, MAR. 31, 1934 [In thousands of dollars] Total B to o n s- Y N o ew rk P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l i a i n s p - K C s a i a t 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 4,303,587 318, 4651,460, 220 274,083 337,179 155,177 122,301 838,462169,986 103,401161, 45696, 792 266,065 Redemption fund—F.R. notes.,_ 32,748 2,738 2,853 3,384 3,455 1,918 3,035 6,338 1,221 1,273 777 692 5,064 Other cash.__ ___ _ 200,647 15,180 47,072 34,052 13,989 8,159 10,068 27,041 9,397 9,776 283 6,027 10,603 Total reserves _ :, 536,982336,3831,510,145 311,519 354, 623 165, 254 135,404871,841180,604 114,450 171,516 103, 511 281,732 Redemption fund—F.R. bank notes 1,250 2,554 858 1,215 269 471 734 247 250 474 764 Bills discounted: Secured by U.S.Govt. obligations 15, 238 2,024 6,614 3,688 535 134 1,602 164 1 128 Other bills discounted 38,830 1,168 16,118 13,868 2,261 1,569 1,231 130 779 317 133 387 Total bills discounted. _ ._. 54,068 3,192 22,732 17,556 2,796 1,917 1,003 2,833 294 780 317 133 515 Bills bought in open market 28,548 4,706 2,402 1,935 2,176 1,035 2,621 1,064 809 939 7,518 2,355 U.S. Government securities: Bonds _. 442,827 24,399 163, 25128,070 32,159 14,126! 13,067 76,949 14,495 16,299 15,620 19,281 25, 111 Treasury notes 1,221,698 80,778 396,579 8844^, 228877 109,61848,144 44,360 215,950 47,700 29,893 47,167 31,633 85,589 Certificates and bills 782, 711 52, 504 242,355 54•, 7"6 3"" 71,24831,293 28,833 144,444 31,005 19,417 30,657 20,561 55,631 Total U.S.Govt. securities 2,447,236 157,681 802,185 167,120 213,025 93,563 86, 260 437,343 93,200 65,609 93,444 71,475 166, 331 Other securities 563 53 510 Total bills and securities 2, 530, 415165,579 827,372 187,121 217,,997 96,468 88,298 442,797 94,558 67,198 94,700 79,126 169,201 Due from foreign banks 3,131 237 1,195 342 300 119 109 414 10 7 88 222 F.R. notes of other banks.. 16,569 385 5,822 662 936 913 1,061 2,980 967 739 1,138 237 729 Uncollected items 399,175 43,360 110,476 28,374 13,086 29,384 15,070 58,516 16,832 10,067 22, 676 13,085 18,249 Bank premises _ 52,442 3,224 11,434 4,016 6,788 3,128 2,372 7,382 3,111 1,657 3,485 1,755 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 50,980 926 33,027 5,296 1,484 2,068 2,979 1,498 342 1,263 585 783 729 Total assets 7,668,430 556,459 2,523, 290 545,498 623,502 300,238 248,198 1,395,773 299,705 197,383 296,504 201,239 480,641 LIABILITIES F.R. notes in actual circulation 3,038,303 237,417 !, 727 244,275295,853 146,737 127,3L 772,147135,625 96,220108,043 40,265197,679 F.R. bank note circulation—net 116,876 9,37r 47,607 14,003 13,646 1,411 3,775 7,631 4,017 4,312 3,465 7,637 Deposits: Member bank—reserve account 3,457,069 231,630 1,510,818 193,331 226,921 77,307 484,740 104,928 63, 586 137,886 118,514 208,125 Government— 39,220 2,023 6,090 2,872 2,013 4,214 1,367 11,399 1,118 4,418 538 2,400 768 Foreign bank _ 5,941 391 2,388 565 522 206 190 685 179 125 152 152 386 Special deposits: Member bank 21,887 11' 1,427 4,195 3,260 1,049 1,408 5,666 1,162 1,209 320 1,414 Nonmember bank 11,026 953 1,946 94 573 243 6,317 329 571 Other deposits _ 118,253 4,179 48,006 8,699 3,773 3,637 7,136 9,710 5,435 10,552 "I,"916 13,905 Total deposits 3,653,396 238,3401,569,682 211,608 236,583 108,962 87, 651 123,414 74,553 150,337 123,302 225,169 Deferred availability items 387,639 39,166 105,472 29,013 33,685 27,245 14,203 503, 795 17,088 11,563 21,032 13,474 18,118 Capital paid in 146,221 10, 691 59,699 15,625 12,681 4,963 4,423 57,580 3,942 2,843 4,145 3,882 10,653 Surplus 138,383 9,610 45,217 13,352 14,090 5,171 5,145 12,674 4,756 3,420 3,613 3,683 9,645 Subscription for Fed. Dep. Ins. Corpn. 20,681 stock: Paid.... 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 Called for payment on Apr. 15 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 liabilities 48,312 1,633 16,356 3,002 2,818 1,352 2,778 5,373 2,155 1,257 8,808 1,890 Total liabilities.. 7,668,430 556,459 2,523, 290 545,498 623, 502 300, 238 248,198 1, 395,727939, 705 197,383 296, 504 201, 239 480, 641 Ratio of total reserves to deposit and F.R. note liabilities—combined 67.8 70. 68.4 16.6 64.6 63.0 69.7 67.0 66.4 63.3 66.6 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to F.R. bank by F.R. agent.. 3, 264,452 251,480 694,982 255,436 309,733 154,507 146,89! 805,296140,930101,891115,633 43,853 243,819 Held by Federal Reserve Bank 226,149 14,063 58,255 11,161 13,880 7,770 19,57' 33,149 5,305 5,671 7,590 3,588 46,140 In actual circulation. 3,038,303 237,417 636,727 244, 275295,853 146,737127,31, 772,147135,625 96, 220 108,043 40,265 197,679 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U.S. Treasury 2,861,734 246,672 693,706 227,000 252,886 118,864 95,385 679, 213129,836 83,444 109,290 37, 675187, 763 Eligible paper 54,621 7,419 14,552 8,857 3,506 2,010 1,423 3,708 1,223 1,086 1,046 7,494 2,297 U.S. Gov't securities 385,300 20,000 55,000 35,000 52,000 125,000 12,000 18,300 8,000 60,000 Total collateral.. 3,301,655 254,091 708,258 255,857311,392 155,874 148,808 807,921143,059 102,830118, 33645,169 250,060 F.R. BANK NOTE STATEMENT J^ Federal Reserve Bank notes: 1 Issued to F.R. Bank (outstanding).. 132,895 9,771 52,388 21,035 14,180 1,469 4,276 7,934 4,372 4,402 4,114 8,954 Held by Federal Reserve Bank 16,019 399 4,781 7,032 534 258 501 303 35~ 90 649 1,317 In actual circulation. 116,876 9,372 47,607 14,003 13, 646 1,411 3,775 7,631 4,01' 4,312 3,465 7,637 Collateral pledged against outstanding notes: Discounted and purchased bills 971 960 11 U.S. Gov't securities 161,77- 10,000 54,274 26,500 15,000 2,000 6,000 11,000 10, 000 5,000 7,000 15,000 Total collateral. 162, 745 10,000 54,274 26, 500 15,960 2,011 6,000 11,000 10, 000 5,000 7,000 15,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
248 FEDERAL RESERVE BULLETIN APRIL 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 l - l t s ed bo B u il g ls ht G U S m o n t v a e i e t t n e e r t s d n- r O e b s a t e h n r e k v r e Total ta M s r t y o o c n g k o e * - ld c a u t n b i 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 k c v e e e s r d R F e w e e p d s i o e e t s h r r 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 e o a d s u c e e n - r r t v a s e l securities credit banks* 1933—February 307 102 1,804 2,224 4,491 2,204 5,892 2,291 314 79 344 March.. 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 i 86 1,846 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 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 March 55 40 2,437 2,535 7,602 2,333 5,368 3,361 3,298 144 299 Week ending Saturday 1933—Dec. 2 120 27 2,437 2,591 4,323 2,277 *, 731 2,597 363 146 355 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 4,323 2,298 5,855 2,614 347 135 363 Dec. 30 110 120 2,434 2,689 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 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 2,850 385 139 387 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 2,431 2,584 7,202 2,301 5.345 2,822 3,496 132 292 Mar. 3 2,433 2,565 7,411 2,302 5,370 3,047 3,439 131 291 Mar. 10 2,437 2,549 7,546 2,312 5,386 3,277 3,315 134 295 Mar. 17 2.432 2,530 7,600 2,331 5,364 3,419 3,237 141 300 Mar. 24 2,438 2,518 7,642 2,343 5,351 3,419 3,285 147 801 Mar. 31 2,444 2,534 7,677 2,358 5,358 3,433 3,319 159 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 Mo in ney M b e a m n b k er 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 c B o d u i i s l n - ls t- bo B u il g l h s t G S m o t v a e t e n e r t s n- r O e b s a t e h n r e k v r e Total r s y t o g c o k l * d n c a u b t r i r a o e n n n k a c l y - ci t r i c o u n l * a- b r a e l s a e n r c v e e s R Fe w e d s i e e t r h r v a e l m de e p m os b i e ts r R c e o a s u c e - n r t v s e ed securi- credit banks* ties 1933—February.. 582 336 1,866 2,794 4,379 2,217 6,546 2,141 278 80 346 March 426 305 1,838 2,572 4,282 2,289 6,320 1,949 402 143 329 April 435 171 1,837 2,459 4,312 2,305 6,003 2,132 397 188 356 May 302 20 1,890 2,218 4,315 2,298 5,812 2,167 345 155 353 June 164 48 1,998 2,220 4,318 2,285 5,721 2,292 298 166 347 July 167 9 2,028 2,209 4,320 2,281 5,630 2,294 356 184 346 August 153 7 2,129 2,297 4,329 2,281 5,613 2,409 341 197 347 September. 128 7 2,277 2,421 4,324 2,278 5,650 2,538 331 155 348 October... 116 7 2,421 2,548 4,323 2,276 5,635 2,685 299 173 356 November. 119 24 2,432 2,581 4,323 2,277 5,743 2,573 369 142 354 December. 133 2,437 2,688 4,323 2,303 5,804 2,729 288 132 1934—January... 83 111 2,434 2,630 4,033 2,302 5,289 2,652 597 141 287 February.. 64 62 2,432 2,567 7,438 2,302 5,355 3,093 3,440 127 292 March 54 I 29 2,447 15 2,545 7,695 2,362 5, 396 3,457 3,293 157 299 •See footnotes to table for Wednesday series on p. 211. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 249 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 Total Excess Federal Reserve district 1934 1933 1934 1933 1934 1933 February January De b c e e r m- February January De b c e e r m- February Januarv De b c e e r m- Boston. __ _ - - - .. 181.2 174.2 166.4 69.2 62.1 56.6 2.0 3.7 6.3 New York 1, Gil. 1 1,030.1 949.9 151.7 176.7 116. 0 29 3 44.3 43.3 Philadelphia 146.5 134.2 121.2 36.7 27.0 17.0 io!s 13.7 13.8 Cleveland 213.0 191.0 165.3 93.2 75.1 53.9 3.4 6.3 9.1 Richmond 94.5 91.5 82.6 37.1 34.6 28.5 2. 1 4.0 4.6 Atlanta 71.6 65.0 59.4 26.3 r 21.5 17.5 1.6 4.3 5 5 Chicago 496.2 485. 5 506.7 249.8 249.1 280 8 1. 2 2. 1 4 7 St. Louis 1C1.8 102.4 92.3 46.6 48.8 40.9 .7 1.2 1.4 Minneapolis _ _ 58.4 59. 1 55.8 21.1 21.7 18.5 1.3 1.7 2.3 Kansas City. .--.._._._-..._ 123.0 125.1 111.1 55.1 59.4 48.8 .5 .9 1.5 Dallas 107.9 96.9 98.0 • 56.9 48.3 50.6 . 1 .4 .8 San Francisco 193.4 185.3 178.9 47.3 41.6 36.5 1.5 1.9 1.7 Total - 2, 798. 7 2, 740. 5 2, 587. 6 890.8 r 865. 7 765.7 54.2 84.6 94.9 ' Revised. NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] Averages of daily figures for December 1933, January and February 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 Isret demand Time 1934 1933 1934 1933 1934 1933 1934 1933 Fe a b ry ru- January De b c e e r m- Fe a b ry ru- January De b c e e r m- Fe a b ry ru- January De b c e e r m- Fe a b ry ru- January De b c e e r m- Boston . _ _ . 972 977 936 606 595 635 78 77 76 112 111 105 New York 6,309 6,256 6,108 1,687 1,692 1,683 190 179 180 421 418 417 Philadelphia 778 758 732 601 596 586 134 129 129 356 349 344 Cleveland 845 821 785 832 817 796 131 119 111 210 202 193 Richmond.. - -__. . ._ 416 414 395 300 300 283 93 89 85 144 141 135 \tlanta 341 325 312 261 r 261 258 76 72 65 61 59 57 Chicago 1,804 1,725 1,645 801 792 778 131 121 112 139 135 131 St Louis 403 394 379 241 232 226 101 96 89 81 80 77 Minneapolis. _ . -.- - _ 215 220 226 173 171 162 103 99 98 170 164 159 Kansas City- 467 452 426 202 200 198 196 186 178 105 103 99 Dallas . . - 362 345 334 162 159 155 171 161 160 34 33 31 San Francisco 944 927 924 1,558 1,540 1,497 81 80 83 78 75 74 Total 13, 856 13, 613 13,201 7,423 ' 7, 356 7,256 1,485 1,408 1,366 1,910 1,871 1,822 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
250 FEDERAL RESERVE BULLETIN APRIL 1934 MEMBER BANKS LICENSED AND NOT LICENSED AS OF MAR. 21, 1934 Deposits on Dec. 30, 1933, of banks Number of banks licensed and not licensed on Mar. 21, 1934 (in thousands of dollars) Federal Reserve district Total Licensed lice N n o se t d i Total Licensed lice N n o se t d * All member banks: Boston 373 368 1,995, 698 1,992,437 3,261 New York 800 779 9,670,166 9,634,018 36,148 Philadelphia 662 629 2,093, 695 2,031, 294 62,401 Cleveland 630 587 2, 225,166 2,172, 790 52, 376 Richmond 402 386 1,072, 778 1,059, 489 13, 289 Atlanta 328 315 875,826 865, 577 10,249 Chicago 682 631 3,211,669 3,174,211 37,458 St. Louis 400 375 930,970 913,889 17,081 Minneapolis 538 522 758,182 748,859 9,323 Kansas City 747 724 1,110,585 1,103,526 7,059 Dallas 558 551 843,928 842,557 1,371 San Francisco 394 378 2,921,536 2,915, 220 6,316 Total 6,514 6,245 27, 710,199 27,453,867 256,332 National banks: Boston 329 324 1,559,442 1, 556,181 3,261 New York 640 622 4,078,862 4,059,988 18,874 Philadelphia 599 569 1,473,663 1,416,472 57,191 Cleveland _. 535 497 1,334,773 1, 288,013 46,760 Richmond 342 327 776, 556 763, 545 13,011 Atlanta 274 261 787, 683 777,434 10,249 Chicago 520 485 2, 512, 785 2,483,454 29,331 St. Louis 327 306 631,824 616,061 15,763 Minneapolis 469 453 713,058 703, 735 9,323 Kansas City 703 680 978,227 971,168 7,059 Dallas 498 491 801,403 800,032 1,371 San Francisco 317 303 2, 303,249 2, 297, 235 6,014 Total 5,553 5,318 235 17,951,525 17,733,318 218,207 State bank members: Boston 44 44 436, 256 436,256 New York 160 157 5,591,304 5, 574,030 17,274 Philadelphia 63 60 620,032 614,822 5,210 Cleveland 95 90 890,393 884, 777 5,616 Richmond.. 60 59 296, 222 295,944 278 Atlanta 54 54 88,143 88,143 Chicago 162 146 698,884 690, 757 8,127 St. Louis 73 299,146 297,828 1,318 Minneapolis 69 45,124 45,124 Kansas City 44 132,358 132,358 Dallas 60 42,525 42, 525 San Francisco 77 618, 287 617,985 302 Total 961 927 34 9,758, 674 9, 720, 549 38,125 ' Exclusive of banks placed in liquidation or receivership. NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, MAR. 21, 1934 [Preliminary figures, subject to change: based on information received by Federal Reserve banks] Deposits on Dec. 31, Number of banks 1932, or nearest prior call date (in thou* sands of dollars) Federal Reserve district On unre- Banks on Total i stricted Total i unrestricted; basis basis Boston 186 154 464,363 411,867 New York 308 297 1,093,663 1,049,102 Philadelphia.. 269 249 465,098 418,89Q Cleveland 670 604 555, 245 486,073 Richmond 648 593 404,152 383,832 Atlanta _. 726 702 198,199 191,389 Chicago 2,020 1,532 964, 573 739,468 St. Louis 1,349 1,223 349,770 326,277 Minneapolis-. 929 889 232, 527 224,407 Kansas City.. 1,367 1,265 258,030 243,196, Dallas 494 485 117,491 114,905 San Francisco 357 335 484,984 476,334 Total— 9,323 8,328 5, 588,095 5,065,74Q 1 Exclusive of banks placed in liquidation or receivership Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 251 BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP JAN, 1 TO DEC. 31, 1933, AND NONLICENSED BANKS ON SELECTED DATES IN 1933 [Preliminary figures, subject to change] Number of banks Deposits 1 (in thousands of dollars) Period or date Total National m S em tat b e er m N em on b - er Total National m S em tat b e er m N em on b - er Banks suspended, Jan. 1 to Mar. 15 January 242 44 15 183 134,202 55,938 14,394 63,870 February. 154 20 7 127 64,703 15,864 7,239 41,600 Mar. 1 to 4 _.. 24 24 3,288 3,288 Mar. 5 to 15 _ 42 2 1 39 15,542 1,381 109 14,052 Total 462 66 23 373 217,735 73,183 21,742 122,810 ]Licensed banks suspended,2 Mar.16 to Dec. 31 Mar. 16 to 31 39 39 25,144 25,144 April 36 2 4 30 20,749 4,457 1,600 14,692 May . __ _ 18 1 17 34,047 799 33, 248 June 15 1 14 24,998 7,911 17,087 July 13 3 10 11,032 3,300 7,732 August 18 18 14, 301 14,301 September __ 15 1 1 13 7,736 879 1,860 4,997 October 22 1 21 5,923 144 5,779 November 18 18 4,696 4,696 December._ ___ _ 27 1 26 3,912 67 3,845 Total 221 9 6 206 152, 538 17, 490 3,527 131,521 Nonlicensed banks placed in liquidation or receivership^ Mar. 16 to Dec. 31 Mar 16 to 31 95 9 4 82 22, 687 2, 650 2,704 17, 333 April -. 119 7 5 107 63,798 8,093 4,568 51,137 May 82 14 8 60 677,228 507, 715 132, 331 37,182 June - - ____ 77 13 7 57 427,970 24, 286 385, 674 18,010 July 84 26 4 54 89,471 59,182 347 29,942 August - _ 114 51 5 58 166,147 72, 283 54,975 38,889 September 126 66 4 56 132,094 66,024 26, 889 39,181 October 156 112 4 40 121, 014 91, 535 17, 429 15,050 November— _ 102 68 2 32 77,122 67, 204 984 8,934 December 145 98 2 45 114,169 67,704 21,089 25,376 Total 1,100 464 4 45 591 1,894, 700 966, 676 « 646,990 281,034 Nonlicensedbanks 8 (other than mutual savings) Mar 15 1,400 221 2,163, 595 924,177 Apr. 12 . . - . __ 4,215 1,108 148 2,959 3,981, 232 1,818, 541 841,382 1,321,309 June 30 3,078 985 110 1,983 2, 329, 999 1, 028, 347 237, 668 1,063,984 Oct. 25 2,301 683 76 1,542 1, 564,133 610, 463 136,405 817, 265 Dec 30 - 1,905 452 60 1,393 1, 202,420 434,978 92, 876 674,566 1 Deposits of national banks suspended or placed in liquidation or receivership are as of the date of suspension or conservatorship, while those of nonlicensed national banks shown in the fourth section of the table are as of the nearest call date; deposits of State bank members are as of the nearest call date; and deposits of nonmember banks are as of Dec. 31, 1932, or as of the nearest available call date prior thereto. 2 Includes banks placed in liquidation or receivership and banks placed on a restricted basis; excludes banks reported as having been absorbed or succeeded by, or consolidated or combined with, other banks. 3 Includes nonlicensed banks absorbed or succeeded by other banks. 1 Includes 1 bank in April with deposits of $4,222,000,1 in June with deposits of $23,453,000, 2 in July with deposits of $173,000, 1 in August with deposits of $49,000,000,1 in September with deposits of $3,989,000, and 1 in November with deposits of $811,000, which did not receive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation. 5 Banks operating on a restricted basis or not in operation but which have not been placed in liquidation or receivership. NOTE.—Banks reorganized under old charters after recapitalization or waiver of a portion of deposits are not included in the above table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
252 FEDERAL RESERVE BULLETIN APRIL 1934 EARNINGS AND EXPENSES OF MEMBER BANKS ALL MEMBER BANKS, BY CLASSES OF BANKS, YEARS ENDED DEC. 31, 1931 AND 1932 Amounts (in thousands of dollars) Amounts per $100 of loans and investments i All member banks Nation b a a l n k m s ember State member banks All b m an e k m s ber N m b a e a t m i n o k b n s e a r l m b S e a m t n a k t b e s er 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 Earnings: Interest and discount on loans - - -'<• 851. 007 1, 072,927 559, 061 679,576 291,946 393, 351 $2.98 $3.21 $3.14 $3.30 $2.73 $3.06 Interest and dividends on I investments _ - ' 457, 712 480, 296 298, 736 308,864 158,976 171,432 1.60 1.44 1.68 1.50 1.49 1.33 Interest on balances with other banks 16, 759 28, 682 12, 627 21, 389 4,132 7,293 .06 .09 .07 .10 .04 .06 Collection charges, commismissions fees, etc 27,943 38,389 12,658 14,756 15, 285 23,633 .10 .11 .07 .07 .14 .18 Foreign department- 22, 531 25, 727 14, 802 17, 230 7,729 8,497 .08 .08 .08 .08 .07 .07 Trust department 64, 822 75, 041 21,487 24, 650 43,335 50, 391 .23 .22 .12 .12 .40 .39 Other current earnings. 112, 844 120, 362 78, 757 84,371 34, 087 35,991 .40 .36 .44 .41 .32 .28 Total earnings from current operations 2 1,553, 618 1, 841,424 998,128 1,150,836 555,490 690,588 5.45 5.51 5.60 5.60 5.19 5.37 Expenses: Interest on deposits: Time -- 301, 863 387. 284 213,964 261, 009 87,899 126, 275 1.06 1.16 1.20 1.27 .83 .98 Demand 97, 862 140, 691 58,165 81, 353 39, 697 59, 338 .34 .42 i .33 .40 .37 .46 Bank-__ 34, 599 52, 935 22,684 34,919 11,915 18. 016 .12 .16 .13 .17 .11 .14 Total 434,324 580.910 294,813 377, 281 139 511 203, 629 1.52 1.74 1.65 1.83 1 30 1 58 Salaries and wages 356, 557 412, 531 224, 480 257, 074 132, 077 155,457 1.25 1.23 1.26 1.25 1.23 1.21 Interest and discount on borrowed money - - 38, 814 19,136 24, 684 11,613 14,130 7,523 .14 .06 .14 .06 .13 .06 Taxes - - - - 67, 077 86, 367 44,552 53,110 22, 525 33. 257 .24 .26 .25 .26 .21 .26 Other expenses 211, 303 236, 435 131, 835 149,176 79, 468 87, 259 .74 .71 .74 .73 .74 .68 Total current expenses 1,108, 075 1, 335, 379 720, 364 848, 254 387, 711 487,125 3.88 3.99 4.04 4.12 3.62 3.79 Charges to reserves previously set aside for expenses accrued and unpaid 3 35, 309 28, 223 7,086 .12 .16 .07 Total expenses 1,143, 384 1, 335, 379 748, 587 848, 254 394, 797 487,125 4.01 3.99 4.20 4.12 3.69 3.79 Net earnings 410, 234 506, 045 249, 541 302, 582 160, 693 203,463 1.44 1.51 1.40 1.47 1.50 1.58 Recoveries, profits on securities, etc.: On loans 24, 584 28, 000 17, 455 16, 651 7,129 11, 349 .09 .08 .10 .08 .07 .09 On bonds, stocks, and other securities ^ 60,191 83, 619 38,950 53, 225 21, 241 30,394 .21 .25 .22 .26 .20 .24 Allother 28, 334 15, 053 16, 701 9,662 11, 633 5,391 .10 .05 .09 .05 .11 .04 Total 113,109 126,672 73,106 79,538 40,003 47,134 .40 .38 .41 .39 .37 .37 Losses and depreciation: On loans 403, 272 295, 241 261, 364 212, 575 141,908 82, 666 1.41 .88 1 47 1.03 1 33 64 On bonds, stocks, and other securities 304, 961 264,170 184, 646 184, 290 120, 315 79, 880 1.07 .79 1.04 .90 1.12 .62 On banking house, furniture and fixtures 21, 370 29, 061 15,177 18, 204 6,193 10,857 .07 .09 .09 .09 .06 .08 Other losses and depreciation- 33,475 31, 984 19, 759 21, 947 13, 716 10, 037 .12 .10 .11 .11 .13 .08 Total for current period 763, 078 620, 456 480, 946 437, 016 282,132 183, 440 2.68 1.86 2.70 2.13 2.64 1.43 Charges to reserves previously set aside for depreciation on real estate 3 15, 152 6,599 8,553 .05 .04 .08 Total losses and depreciation -._ 778, 230 620, 456 487, 545 437,016 290, 685 183, 440 2.73 1.86 2.74 2.13 2.72 1.43 Net addition to profits 4-254, 887 12, 261 4-164, 898 4-54, 896 4-89, 989 67,157 4-.89 .04 4-.93 |4-. 27 4-.84 .52 Cash dividends declared _ . _-. 245, 074 335, 792 135, 092 193, 636 109, 982 142, 096 Loans 5 16, 743, 940 21, 732, 289 10, 475, 546 13,117, 216 6, 268, 3948, 615, 073 Investments5 11, 778, 580 11,699,502 7, 343,086 7, 447, 230 4, 435, 494 4, 252, 272 Loans and investments 5-._ 28, 522, 520 33, 431, 791 17, 818, 632 20, 564, 446 10, 703,888 12,867,345 Capital funds «fl 5, 660,145 6, 395, 866 3, 317,163 3, 746, 961 2, 342, 982 2, 648, 905 Other ratios » Loans and investments per $1 of capital fundS5 6 $5.04 $5.23 $5.37 $5.49 $4.57 $4.86 Net profits per $100 of capital funds «. 4-4.50 .19 4-4.97 4-1.47 4-3.84 2.54 Losses on loans per $100 of loans. 2 41 1 36 2 49 1 62 2 26 .96 Losses on investments per $100 of investments 2.59 2.26 2.51 2.47 2.71 1.88 For footnotes see p. 253. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 253 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1931 AND 1932 [In thousands of dollars] Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 Earnings: Interest and discount on loans. 61, 336 75,854 244,638 309, 528 71,626 86, 334 91,123 113, 285 34, 480 43, 988 30,999 38,010 Interest and dividends on investments 32,938 35,488 166,337 158,491 45, 716 50,063 46, 431 54,085 13,465 13,069 11,857 11,349 Interest on balances with other banks 1,216 2,040 1,909 3,257 1,269 1,920 1,525 2,808 896 1,616 1.160 1,557 Collection charges, commissions, fees, etc 857 1,023 13,000 20,448 520 904 916 1,145 890 1,084 1,402 1,698 Foreign department 938 733 17,295 19,868 585 671 432 442 47 102 238 292 Trust department 5,738 6,580 28, 224 29,917 7,415 8,820 5,826 7,474 1, 1.445 1,236 1,286 Other current earnings 7,844 8,913 33, 503 31,638 5,633 5,927 12,105 13, 241 3,963 4,436 5,530 6,072 Total earnings from current operations 2_. 110,867 130,631 504,906 573,147 132, 764 154, 639 158,358 192,480 55,029 65, 740 52, 422 60, 264 Expenses: Interest on deposits: Time __.. 25,820 33,892 62, 705 84, 288 28,914 35,975 38,073 50,996 13,987 17, 797 9,765 11,514 Demand 7,245 11,638 34,117 46,793 8,632 12, 791 13,020 17, 560 2,487 3,415 2,965 4,092 Bank. 1,640 2,311 12, 359 17,084 2,083 3,125 4,026 6,992 1,042 1,833 1,464 1,855 Total. 34, 705 47,841 109,181 148,165 39, 629 51,891 55,119 75, 548 17, 516 23,045 14,194 17,461 Salaries and wages 23, 633 27,498 114,927 127, 236 28, 607 30,805 32,040 37, 793 12,526 14, 446 12, 476 14,530 Interest and discount on borrowed money 1,544 682 6,901 4, 448 4,770 2,478 5,797 2,085 2,200 1,152 3,030 1,565 Taxes 3,71 5,861 15, 070 19,984 4, 951 7,037 7,762 10,086 3,092 4,083 3,353 3,842 Other expenses. 13,552 15,175 71, 45S 76,969 16, 827 17,196 17,429 20, 380 7,195 7,862 7,935 8,815 Total current expenses 77,151 97,057 317, 537 376,802 94,784 109, 407 118,147 145,892 42, 529 50, 588 40,988 46, 213 Charges to reserves previously set asider for expenses accrued and un- 4,625 7,503 4,133 3,994 2,424 2,497 Total expenses 81, 776 97,057 325, 040 376, 802 8,917 109,407 122,141 145,892 44,953 50,588 43, 485 46, 213 Net earnings 29,091 33, 574 179, 866 196, 345 33,847 45, 232 36, 217 46, 588 10,076 15,152 8,93 14, 051 Recoveries, profits on securities, etc.: On loans. 989 1,338 11,403 12, 238 675 984 1,012 1,513 549 694 1,329 735 On investments - 5,146 8,483 30,167 35, 698 4,375 6,308 3,529 7,247 1,664 1, 634 1,126 1,935 All other .831 965 17. 611 6,344 1.102 608 1, 31C 1, 557 394 302 546 370 Total 6,966 10, 786 59,181 54, 280 6,152 7,900 5,851 10, 317 2,607 2,630 3,001 3,040 Losses and depreciation: On loans _._ 23, 514 17, 363 184,807 127, 794 32,402 21, 570 26, 757 16, 727 10, 502 11,068 8,234 11, 590 On investments 28,224 23,139 120,359 108, 573 48.115 33,635 24,698 27,008 10, 632 7,854 4,392 5,969 On banking house, furniture and fixtures 973 1,629 7,426 11, 549 1,244 1,302 2,036 2,557 531 522 575 747 All other. _. 1,277 1,698 11, 405 7,005 2, 657 1,984 5,343 2,237 1,400 2,316 862 1,294 Total for current period .. 53, 988 43, 829 323,997 254, 921 84,418 58, 491 58,834 48, 529 23,065 21, 760 14, 063 19, 600 Charges to reserves previously set aside for depreciation on real estate 3 1,031 3,081 2,972 994 1,612 286 Total losses and depreciation... 55,019 43,829 327,078 254,921 87, 390 58, 491 59, 828 48, 529 24, 677 21, 760 14, 349 19,600 Net addition to profits- 4-18,962 531 4 -88,031 * -4, 296 4-47, 391 -5,359 4-17,760 8,3764-11,994 4 -3,978 4-2,411 4-2,509 Dividends declared 15,928 22, 530 119, 352 150, 982 25,41 30, 206 16,012 24,999 6,536 9,268 5,499 7,920 Loans 5 1, 234, 0951,591,035 5, 553,070 7, 505,9911,401,069 1, 657,044 1, 653, 636 2, 077,, 736 623,855 780, 735 545,943 655,164 Investments5 814, 026 825,808 4,475, 683 4,022,8866441:,, 037,655 1, 069, 422 1, 087, 930 1180, 312 376, 783 344, 645 318,697 302, 343 Loans and investments 5__ 2,048,121 2, 416,843 10,028, 753 11, 528,855 2,438, 724 2, 726,466 2, 741, 566 3, 258,048 1,000, 638 1,125,380 864, 640 957, 507 Capital funds 5 6... 395, 335 448,189 2,231,087 2, 524,445 580,047 638,990 538,877 8.18 190,911 214, 733 170,743 182,118 1 The ratios are based upon data taken from the customary abstracts of reports of condition and of earnings and dividends. It should be borne in mind in using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and the ratios are therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustments have been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by these changes. 2 Profits on securities sold, shown separately among earnings prior to 1932, are included in this table in "Recoveries, profits on securities, etc." 3 In connection with the revision of the semiannual report of earnings and dividends, member banks were required at the end of 1932 to charge to "Expenses" any reserves previously set aside out of undivided profits for expenses accrued and unpaid, and to "Losses and depreciation" any reserves previously set aside out of undivided profits to cover depreciation on real estate. 4 Net loss. « Averages of amounts from reports of condition for 4 call dates (December to December). 6 Capital, surplus, undivided profits, and reserves for contingencies (including reserves for dividends prior to July 1932). 0,p. July 1927, p. 549; January 1927, p. 22; June 1926, p. 412; December 1925, p. i 9; Jiune 1925, p. 402; December 1924, p. 941; July 1924, p. 565; January 1924, p. r Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
254 FEDERAL RESERVE BULLETIN APRIL 1934 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1931 AND 1932—Continued [In thousands of dollars] Federal Reserve District Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 Earnings: Interest and discount on loans 107,811 139,892 29,569 37, 677 22,928 28,209 32,281 41, 969 28, 476 36, 512 95, 740 121, 669 Interest and dividends on investments 42,171 53,338 16, 014 17, 498 14,480 15, 543 17,443 18, 640 8,680 8,139 42,180 44, 593 Interest on balances with other banks 2,101 3,268 751 1,355 784 1,548 1,675 2,975 1,327 2,401 2,146 3,937 Collection charges, commistions, fees, etc . 3,509 4,050 1,292 1,776 1,659 2,033 999 1,192 960 988 1,939 2,048 Foreign department 1,697 2,227 65 60 62 70 11 16 45 65 1,110 1,181 Trust department 7,264 10,068 1,148 1,542 210 217 1,084 1,234 329 426 5,060 6,032 0 ther current earnings 15,474 16,568 3,221 4,099 2,863 3,083 5,871 6,959 3,693 4,354 13,144 15,072 Total earnings from current operations 2 180,027 229,411 52,060 64,007 42,986 50,703 59,364 72,985 43, 510 52,885 161,325 194.532 Expenses: Interest on deposits: Time __ 37, 516 47, 525 11,794 14, 024 11,492 13,841 10,095 11,858 5,220 7,482 46,482 58,092 Demand .. 11,283 19,107 2,308 3,750 1,837 2,643 4,282 5,865 3,126 4,117 6,560 8,920 Bank. 3,163 5,168 1,077 1,665 916 1,649 2,035 3,360 1,277 2,036 3,517 5,857 Total 51,962 71,800 15,179 19, 439 14, 245 18,133 16, 412 21,083 9,623 13, 635 56, 559 72,869 Salaries and wages 41,452 51,879 12,465 14,969 10, 575 12,089 16, 482 19, 218 11,857 14, 232 39, 517 47, 836 Interest and discount on borrowed money 3,113 1,818 1,835 1,422 647 239 1,146 739 815 865 7,016 1,643 Taxes 12, 404 15,379 3, 070 3,942 2,542 2,930 2,982 3,607 3, 562 3,975 4,572 5,641 Other expenses 24,861 30,547 7,026 8,345 6,301 6,899 9,648 10,853 6,412 7,378 22,659 26,016 Total current expenses 133,792 171, 423 39, 575 48,117 34,310 40,290 46,670 55,500 32, 269 40, 085 130, 323 154, 005 Charges to reserves previously set aside for expenses accrued and unpaid 3 2,511 1,232 532 1,424 1,533 2,901 Total expenses 136,303 171,423 40,807 48,117 34,842 40,290 48,094 55,500 33,802 40,085 133, 224 154,005 Net earnings- 43,724 57,988 11, 253 15,890 8,144 10, 413 11,270 17, 485 9,708 12, 800 28,101 40, 527 Recoveries, profits on securities, etc.: On loans 2,656 3,049 1,034 1,138 952 1,200 1,397 1,837 1,488 1,752 1,100 1,522 On investments 2 4,524 7,588 1,561 1,868 1,205 2,114 1,825 2,579 1,036 1,533 4,033 6,632 All other 2,376 1,345 916 792 341 612 537 748 292 818 2.078 592 Total 9,556 11, 982 3,511 3,798 2,498 3,926 3,759 5,164 2,816 4,103 7,211 8,746 Losses and depreciation: On loans _. 50,129 37, 418 8,140 7,421 8,072 5,482 13,580 11, 365 14,117 13, 356 23,018 14, 087 On investments 30,899 22,039 8,102 8,638 9,704 5,771 6,023 6,984 3,038 3,148 10, 775 11,412 On banking house, furniture and fixtures . 2,383 2,857 409 699 285 925 867 753 717 997 3,924 4,524 Allother 2,615 4,993 1,410 1,857 732 1,065 1,167 1,541 1,085 2,142 3,522 3,852 Total for current period _ _ 86, 026 67, 307 18, 061 18,615 18, 793 13, 243 21, 637 20,643 18, 957 19, 643 41, 239 33, 875 Charges to reserves previously set aside for depreciation on real estate 2,381 1,212 69 366 170 978 Total losses and depreciation- 88, 407 67,307 19, 273 18,615 18, 862 13,243 22,003 20,643 19,127 19,643 42, 217 33,875 Net addition to profits ... . * -35,127 2,663 «-4,509 1,073 * -8,220 1,096 * -6,974 2,006 4-6,603 4-2,740 <-6,905 15, 398 Dividends declared 19,111 38,369 6,190 9,069 3,478 6,096 3,904 7,554 3,908 5,702 19, 741 23,097 L In o v a e n s s t m 8 ents5 2 1 , , 1 1 8 3 9 9 , , 0 8 5 3 5 0 3 1 , , 0 4 3 0 7 1 , , 9 8 8 9 7 1 4 5 1 3 3 2 , , 0 0 1 7 8 3 7 40 0 7 7 , , 6 9 3 0 2 9 3 33 9 0 0 , , 9 0 8 6 4 9 3 47 5 2 8 , , 5 5 6 6 5 7 4 4 3 9 2 4 , , 8 8 5 9 2 2 6 44 4 0 5 , , 8 8 2 1 9 9 4 2 3 4 3 4 , , 0 1 8 1 0 1 5 2 5 3 0 9 , , 9 3 7 7 2 5 1 1 , , 1 6 0 9 6 3 , , 9 1 5 5 6 82 1 , , 0 1 5 0 0 4 , , 1 9 9 5 5 2 Loans and investments 5._3,328,8854,439,878 945,091 1,115, 541 721, 053 831,132 927, 7441, 086, 648 677,191 790,3472,800,1143,155,147 Capital funds «« 573, 687 725,937 164,000 182,902 107, 541 115, 757 151, 622 162,876 145,240 161, 222 413,055 440. 510 For footnotes, see p. 253. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 255 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1931 AND 1932—Continued Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 Amounts per $100 of loans and investments:J Interest earned $4.66 $4.69 $4.12 $4.09 $4.86 $5.07 $5.07 $5.22 $4.88 $5.21 $5 09 $5 32 Other earnings . .75 .71 .92 .88 .58 .60 .70 .68 .62 .63 .97 .98 Total current earnings _ 5.41 5.40 5.03 4.97 5.44 5.67 5.78 5.91 5.50 5.84 6.06 6.29 Interest on deposits 1.69 1.98 1.09 1.29 1.62 1.90 2.01 2.32 1.75 2.05 1.64 1.82 Interest and discount on borrowed money - .08 .03 .07 .04 .20 .09 .21 .06 .22 . 10 .35 . 16 Salaries and wages . 1.15 1.14 1.15 1.10 1.17 1.13 1.17 1.16 1.25 1.28 1.44 1.52 Taxes -- .18 .24 .15 .17 .20 .26 .28 .31 .31 .36 .39 .40 All other expenses - .66 .63 .71 .67 .69 .63 .64 .63 .72 .70 .92 .92 Total current expenses. 3.77 4.02 3.17 3.27 3.89 4.01 4.31 4.48 4.25 4.50 4.74 4,83 Charges to reserves previously set aside for expenses accrued and unpaid 3 .23 .07 .17 .15 .24 .29 Total expenses. 3.99 4.02 3.24 3.27 4.06 4.01 4.46 4.48 4.49 4.50 5.03 4.83 Net earnings 1.42 1.39 1.79 1.70 1.39 1.66 1.32 1.43 1.01 1.35 1.03 1.47 Recoveries, profits on securities, etc .34 .45 .59 .47 .25 .29 .21 .32 .26 .23 .35 .32 Current losses and depreciation 2.64 1.81 3.23 2.21 3.46 2.15 2.14 1.49 2.31 1.93 1.63 2.05 Charges to reserves previously set aside for depreciation on real estate3 .05 .03 .12 .04 .16 .03 __ Total losses and depreciation 2.69 .1.81 3.26 2.21 3.58 2.15 2.18 1.49 2.47 1.93 1.66 2.05 Net addition to profits. 4 -.93 .02 4 -.88 4 -.04 <-1.94 4 -.20 4 -.65 .26 4-1.20 4 -.35 4 -. 28 4 -.26 Other ratios:* Loans and investments per $1 of capital funds 5 6 5.18 5.39 4.50 4.57 4.20 4.27 5.09 5.45 5.24 5.24 5.06 5.26 Net profits per $100 of capital funds 6 4 -4. 80 .12 4 -3. 95 4 -. 17 4 -8.17 4 -.84 4 -3. 30 1.40 4 -6. 28 4-1.85 4 —1.41 4-1.38 Losses on loans per $100 of loans 1.91 1.09 3.33 1.70 2.31 1.30 1.62 .81 1.68 1.42 J.51 1. 77 Losses on investments per $100 of investments 3.47 2.80 2.69 2.70 4.64 3.15 2.27 2.29 2.82 2.28 1.38 1.97 Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 Amounts per $100 of loans and investments: * Interest earned $4.57 $4.43 $4.90 $5.07 $5.30 $5.45 $5.54 $5.85 $5.68 $5.95 $5.00 $5.39 Other earnings .84 .74 .61 .67 .66 .65 .86 .87 .74 .74 .76 .77 Total current earnings 5.41 5.17 5.51 5.74 5.96 6.10 6.40 6.72 6.43 6.69 5.76 6.17 Interest on deposits... 1.56 1.62 1.61 1.74 1.98 2.18 1.77 1.94 1.42 1.73 2.02 Interest and discount on borrowed 2.31 money - . - .09 .01 .19 .13 .09 .03 .12 .07 .12 .11 .25 .05 Salaries and wages. 1.25 1.17 1.32 1.34 1.47 1.45 1.78 1.77 1.75 1.80 1.41 1.52 Taxes ._ _ __ .37 .35 .32 .35 .35 .35 .32 .33 .53 .50 .16 .18 All other expenses .75 .69 .74 .75 .87 .83 1.04 1.00 .95 .93 .81 .82 Total current expenses 4.02 3.86 4.19 4.31 4.76 4.85 5.03 5. 11 4.77 5.07 4.65 4.88 Charges to reserves previously set aside for expenses accrued and unpaid 3 .08 .13 .07 .15 .23 .10 Total expenses 4.09 3.86 4.32 4.31 4.83 4.85 5.18 5.11 4.99 5.07 4.76 4.88 Net earnings 1.31 1.31 1.19 1.42 1.13 1.25 1.21 1.61 1.43 1.62 1.00 1.28 Recoveries, profits on securities, etc .29 .27 .37 .34 .35 .47 .41 .48 .42 .52 .26 .28 Current losses and depreciation 2.58 15.2 1.91 1.67 2.61 1.59 2.33 1.90 2.80 2.49 1.47 1.07 Charges to reserves previously set aside for depreciation on real estate 3 .07 .13 .01 .04 .03 .03 Total losses and depreciation 2.65 1.52 2.04 1.67 2.62 1.59 2.37 1.90 2.82 2.49 1.51 1.07 Net addition to profits 4-1.06 .06 * -.48 .10 -1.14 .13 4 -.75 .18 4 -.98 4 -.35 4 -.25 .49 Other ratios:x Loans and investments per $1 of capital funds •6 5.80 6.12 5.76 6.10 6.70 7.18 6.12 6.67 4.66 4.90 6.81 7. 16 Net profits per $100 of capital funds 6 4 -6.12 .37 4 -2. 75 .59 4 -7.64 .95 < -4. 60 1.23 4-4. 55 4 -1. 70 4 -1.68 3.50 Losses on loans per $100 of loans 2.29 1.23 1.53 1.05 2.07 1.16 2.74 1.76 3.26 2.43 1.36 . 69 Losses on investments per $100 of investments 2.71 1.57 1.96 2.12 2.93 1.61 1.39 1.58 1.24 1.31 .97 1.03 For footnotes see p. 253. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
256 FEDERAL RESERVE BULLETIN APRIL 1934 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued NATIONAL BANKS, BY DISTRICTS, LAST 6 MONTHS OF 1932 NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. [In thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P el h p i h la i - 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 M ap in o n li e s -K C an it s y as Dallas F c S r is a a c n n o - Earnings: Interest and 'discount on loans' 264,961 21,197 53,210 24,589 20,578 12,495 11,157 37,322 8,485 10,455 14,195 11,829 39, 449 Interest and dividends on investments 150,241 12,695 42, 449 15,692 13, 784 5,766 4,913 14,054 4,860 6,676 7,730 4,188 17,434 Interest on balances with other banks .... 5,957 453 299 431 535 318 462 792 257 313 723 550 824 Collection charges, commissions, fees, etc 7,499 306 1,748 203 230 271 596 1,260 259 786 446 521 873 Foreign department 6,450 629 4,594 196 98 11 79 425 16 17 3 22 360 Trust department 11,168 966 3,808 572 598 331 356 1,713 151 103 478 142 1,950 Service charges on deposit accounts 7,645 818 1,270 260 342 272 492 1,164 187 358 597 348 1,537 Other current earnings 29, 652 2,076 7,506 1,458 2,217 1,170 1,821 4,852 660 970 1,885 1,226 3,811 Total earnings from current operations _ 483, 573 39,140 114,884 43, 4C1 38,382 20, 634 19,876 61,582 14,875 19, 678 26, 057 18, 826 66, 238 Expenses: Interest on deposits: Time 105,811 9,018 18,101 11,356 9,787 5,850 3,996 12, 681 3,594 5,119 4,659 2,427 19, 223 Demand.— ._ _ 26, 026 2,229 5,605 2,307 3,262 837 936 3,708 638 832 1,741 1,352 2,579 Bank ___ 10, 604 598 2,884 635 1,183 338 475 1,107 342 367 822 477 1,376 Total 142,441 26,590 14,232 5,407 4,574 7,222 23,178 11, 845 14,298 7,025 17,496 6,318 4,256 Salaries and wages 109,573 8,535 25, 212 8,575 7,550 4,551 4,749 13, 840 3,598 4,842 7,261 5,280 15, 580 Interest and discount on borrowed mnnp.y 10, 765 511 1,389 1,570 701 708 990 727 295 335 401 338 2,800 Taxes. 22, 765 1,297 3,244 1,751 2,086 1,194 1,283 5,397 850 942 1,398 1,561 1,762 Other expenses 63,603 4,970 15, 406 4,755 4,567 2,366 2,871 8,394 1,768 2,707 4,069 2,732 8,998 Total current expenses 349,147 27,158 71, 841 30, 949 29,136 15, 844 15, 300 45,854 11,085 15,144 20, 351 14,167 52, 318 Charges to reserves previously set aside for expenses accrued and unpaid 3 3 28, 223 4,496 6,120 2,606 2,530 2,100 1,675 2,143 906 526 1,272 1,474 2,375 Total expenses 377, 370 31,654 77,961 33, 555 31, 666 17, 944 16, 975 47, 997 11, 991 15. 670 21, 623 15, 641 54, 693 Net earnings - 106, 203 7,486 36,923 9,846 6,716 2,690 2,901 13, 585 2,884 4,008 4,434 3,185 11, 545 Recoveries, profits on securities, etc.: On loans 8,800 451 3,987 168 241 219 222 1,015 317 274 681 748 477 On bonds, stocks, and other securities _ _ 25, 352 2,375 11,571 1,166 1,425 1,177 578 1,657 676 865 1,074 573 2,215 All other 5,198 384 1,285 762 411 226 67 617 117 243 187 138 761 Total 39,350 3,210 16, 843 2,096 2,077 1,622 867 3,289 1,110 1,382 1,942 1,459 3,453 Losses and depreciation: On loans 113, 063 8,639 27, 355 12, 952 8,971 4,672 3,587 15,023 2,755 3,605 5,827 7,011 12,666 On bonds, securities, etc 95, 584 7,118 27,462 14, 749 7,011 5,319 2,119 14,967 3,380 5,030 2,386 1,268 4,775 On banking house, furniture, and fixtures 8,733 498 2,385 546 675 253 302 1,351 108 214 369 465 1,567 Other losses and depreciation 8,887 560 2,042 869 650 375 381 822 316 531 431 612 1,298 Total for current period--. 226, 267 16,815 59, 244 29,116 17, 307 10, 619 6,389 32,163 6,559 9,380 9,013 9,356 20,306 Charges to reserves previously set aside for depreciation on real estate3 6,599 803 706 994 546 924 144 959 194 69 134 167 959 Total losses and depreciation 232,866 17,618 59,950 30,110 17,853 11,543 6,533 33,122 6,753 9,449 9,147 9,523 21, 265 Net deduction from profits 87,313 6,922 6,184 18,168 9,060 7,231 2,765 16, 248 2,759 4,059 2,771 4,879 6,267 Dividends declared-- 59,707 5,274 22,110 7,579 3,015 2,457 2,066 5,544 1,320 1,548 1,623 1,934 5,237 Capital stock paid in 7 1,631,059 140,150 419,575 123,957 111,258 71,515 74,085 244,512 53,239 56,425 80, 567 75,858 179,918 Surplus * 1,171,215 96, 264 350, 079 164, 726 109,179 47,502 44,436 129,414 29,588 31,078 35,911 34,587 98, 451 Capital and surplus ? 2,802,274 236,414 769,654 288,683 220,437 119,017 118,521 373,926 82,827 87,503 116,478 110,445 278, 369 Number of banks' . 6,011 338 684 628 562 359 285 641 353 604 762 524 371 i As of Dec. 31, 1932. For other footnotes, see p. 253. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 257 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued STATE BANK MEMBERS, BY DISTRICTS, LAST 6 MONTHS OF 1932 [In thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - AtlantaChicago L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S i r s a a c n n o - Earnings: Interest and discount on • loans 128,264 7,610 57,638 9,545 22, 208 4,072 3,548 8,816 5,152 648 1,083 833 7,111 Interest and dividends on investments 78,068 3,764 43,206 6,801 9,469 1,119 859 5,011 2,931 388 692 211 3,617 Interest on balances with other^banks „ 1,670 75 508 222 190 84 31 143 106 11 84 30 186 Collection charges, commissions, fees, etc. 4,522 147 2,705 54 263 171 93 389 392 32 26 72 178 Foreign department. _ _ 4,189 41 3,759 22 58 5 26 25 12 2 239 Trust department 21, 769 1,843 11,411 3,180 2,424 353 276 1,165 444 17 112 19 525 Service charges on deposit accounts 3,275 264 1,431 78 499 105 76 361 144 23 47 24 223 Other current earnings 13, 955 399 5,726 990 2,578 269 382 1,661 528 59 347 109 907 Total earnings from current operations 255,712 14,143 126,384 20,892 37, 689 6,178 5,291 17, 571 9,709 1,178 2,393 1,298 12,986 Expenses: Interest on deposits: Time 41,293 3,667 12, 253 2,940 8,545 1,256 930 4,504 2,169 340 248 145 4,296 Demand 17, 247 935 8,119 1,942 3,218 307 509 823 298 34 305 • 104 653 Bank 5,121 130 2,575 557 759 138 222 123 115 9 129 28 336 Total 63,661 4,732 22,947 5,439 12,522 1,701 1,661 5.450 2,582 383 682 277 5,285 Salaries and wages 61, 666 3,201 30,737 5,521 7,783 1,616 1,203 4,471 2,323 314 713 456 3,328 Interest and discount on borrowed money 5,785 140 1,051 462 1,883 412 599 540 468 43 23 26 138 Taxes.. _ 11,271 771 4,369 702 1,820 634 529 905 837 64 117 87 436 Other expenses 37,888 1,866 19,518 3,494 3,729 1,070 948 2,558 1,531 164 594 293 2,123 Total current expenses- 180, 271 10,710 78, 622 15, 618 27, 737 5,433 4,940 13,924 7,741 968 2,129 1,139 11,310 Charges to reserves previously set aside for expenses accrued and unpaid3 7,086 129 1,383 1,527 1,464 324 822 368 326 6 152 59 526 Total expenses 187, 357 10, 839 80,005 17,145 29, 201 5,757 5,762 14, 292 8,067 974 2,281 1,198 11,836 Net earnings 68,355 3,304 46, 379 3,747 8,488 421 -471 3,279 1,642 204 112 100 1,150 Recoveries, profits on securities, etc.: On loans 4,617 112 2,980 108 154 50 772 104 186 15 64 44 28 On bonds, stocks, and other securities 13,044 819 8,232 1,300 673 69 81 853 509 14 109 71 314 Allother 5,898 158 3,963 80 470 34 189 231 626 19 40 24 64 Total 23,559 1,089 15,175 1,488 1,297 153 11,042 1,188 1,321 48 213 139 406 Losses and depreciation: On loans . .. 64,469 2,498 35,773 8,923 6,355 1,415 1,183 3,799 1,722 231 247 316 2,007 On bonds, securities, etc... 59,466 5,514 23, 613 20,183 4,529 1,619 46 1,060 1,605 252 380 154 511 On banking house, furniture and fixtures.. 4,125 140 2,182 265 507 66 57 271 138 14 67 27 391 Other losses and depreciation 8,156 158 2,327 750 2,897 495 31 354 546 18 70 38 472 Total for current period.. 136,216 8,310 63,895 30,121 14, 288 3,595 1,317 5,484 4,011 515 764 535 3,381 Charges to reserves previously set aside for depreciation on real estate3 8,553 228 2,375 1,978 448 688 142 1,422 1,018 232 3 19 Total losses and depreciation 144,769 8,538 66,270 32,099 14,736 4,283 1,459 6,906 5,029 515 996 538 3,400 Net deduction from profits 52,855 4,145 4,716 26,864 4,951 3,709 888 2,439 2,066 263 671 299 1,844 Dividends declared. 52,478 1,983 36, 790 4,746 4,470 703 509 1,070 913 10 257 143 884 Capital paid in' 778,475 35,905 421, 245 53,918 90,516 25, 225 18,570 42,481 36, 660 3,190 8,745 6,460 35,560 Surplus7 _ 976,961 40,165 593,103 98,364 136, 278 13,464 10,376 36,189 20,351 1,659 3,321 2,024 21, 667 Capital and surplus ' 1,755,436 76,070 1,014, 348 152,282 226,794 38, 689 28,946 78,670 57,011 4,849 12.066 8,484 57,227 Number of banks' 802 29 143 65 68 33 38 151 74 41 23 60 77 7 As of Dec. 31,1932. For other footnotes, see p. 253. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
258 FEDERAL RESERVE BULLETIN APRIL 1934 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued NATIONAL BANKS, BY DISTRICTS, FIRST 6 MONTHS OF 1933 (LICENSED BANKS)! NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. [In thousands of dollars] Federal Reserve District Total B to o n s- Y N o e r w k P p d h h e i l i 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 e l a i i p s n o - - K C s i a a S n s y - Dallas F c S i r s a a c n n o - Earnings: Interest and discount on loans 207,518 17,578 44,127 19,118 15,592 9,456 9,264 21,711 6,588 8,002 10,645 11,095 34,342 Interest and dividends on investments 132,818 11, 258 37,907 13, 653 11, 698 5,091 4,661 10,470 4,487 6,042 6,650 4,203 16,698 Interest on balances with other banks _ 4,659 379 275 360 394 215 335 603 199 309 565 425 600 Collection charges, commissions, fees, etc 6,481 171 1,540 144 198 195 602 1,151 276 720 381 379 724 Foreign department 6,077 652 4,032 198 88 8 99 451 23 34 5 15 472 Trust department 10,292 767 3,264 413 414 273 267 2,317 109 234 363 101 1,770 Service charges on deposit accounts _. 6,343 754 1,129 188 258 202 411 812 158 326 476 305 1,324 Other current earnings 22,636 2,136 5,164 1,198 1,659 872 1,177 3,152 610 808 1,517 1,217 3,126 Total earnings from current operations 396,824 33, 695 97,438 35,272 30,301 16, 312 16,816 40, 667 12, 450 16,475 20, 602 17, 740 59,056 Expenses: Interest on deposits: Time 82,684 6,904 14,435 9,615 7,256 4,469 3,466 6,464 2,858 4,201 3,815 2,268 16, 933 Demand 20,563 1,736 5,057 1,759 2,522 585 802 2,527 523 582 1,325 1,034 2,111 Bank _ 7,908 470 2,194 502 799 235 368 868 281 347 589 320 935 Total 111, 155 9,110 21, 686 11,876 10,577 5,289 4,636 9,859 3,662 5,130 5,729 3,622 19,979 Salaries and wages _ _ . 94,454 7,636 23,060 7.065 6,091 3,472 4,198 10, 959 3,061 4,279 5,806 4,664 14,163 Interest and discount on borrowed money 6,412 221 1,296 845 415 292 531 307 163 168 182 164 1,828 Taxes 18,210 1,196 2,827 1,292 1,551 923 954 3,052 867 1,007 1,016 1,501 2,024 Other expenses _ 56,867 4,495 14,308 3,957 3,955 1,910 2,892 6,302 1,658 2,760 3,480 2,762 8,388 Total current expenses 287,098 22,658 63,177 25,035 22, 589 11,886 13,211 30,479 9,411 13, 344 16, 213 12, 713 46,382 Net earnings from current operations.- _ 109,726 11,037 34,261 10,237 7,712 4,426 3,605 10,188 3,039 3,131 4,389 5,027 12,674 Recoveries, profits on securities, etc.: On loans 8,296 463 3,386 257 343 198 216 733 251 410 855 747 437 On bonds, stocks, and other securities 26,132 3,446 10,393 1,182 1,760 1,860 913 1,088 511 979 721 641 2,638 All other 4,709 479 968 320 132 783 250 565 127 423 137 204 321 Total _ 39,137 4,388 14, 747 1,759 2,235 2,841 1,379 2,386 889 1,812 1,713 1,592 3,396 Losses and depreciation: On loans 118,187 17,306 28,097 5,747 6,983 3,897 7,051 13, 091 4.126 5, 233 5, 465 8,273 12, 918 On bonds, stocks, and other securities . 140, 886 11, 766 84,063 7,876 6,343 6,402 3,099 5,780 3,517 4,194 2,044 1,192 4,610 On banking house, furniture, and fixtures _ __ 7,148 764 2,392 300 359 210 329 691 82 125 281 372 1,243 Other losses and depreciation- 13,910 986 3,499 929 656 791 743 1,665 835 550 491 644 2,121 Total losses and depreciation .__ 280,131 30, 822 118,051 14,852 14,341 11,300 11, 222 21, 227 8,560 10,102 8,281 10, 481 20, 892 Net deduction from profits 131,268 15,397 69,043 2,856 4,394 4,033 6,238 8,653 4,632 5,159 2,179 3,862 4,822 Dividends declared 39,121 4,073 16,635 5,109 1,832 1,790 1,161 561 769 524 774 980 4,913 Capital stock (par value):7 Common -_ 1,459,987 135,341 402, 577 107,462 97,995 57,832 64, 670 182, 359 47, 454 52, 280 69, 792 72,978 169, 247 Preferred .. 53,793 3,554 3,956 400 660 2,079 14, 7C0 14.970 1,365 2,115 4,000 712 5,282 Surplus7 _. 938, 536 91,576 250,358 144,941 89,803 38,171 34,872 84, 704 21,407 28,089 33, 934 32,138 88,543 Capital and surplus 7 2,452,316 230,471 656,891 252,803 188,458 98,082 114, 242 282, 033 70, 226 82,484 107,726 105,828 263,072 Number of banks 7 4,897 290 566 530 423 281 241 396 280 432 668 487 303 7 As of June 30, 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 259 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued STATE MEMBER BANKS, BY DISTRICTS, FIRST 6 MONTHS OF 1933 (LICENSED BANKS) [In thousands of dollars] Federal Reserve District 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 e l a i i p s n o - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Earnings: Interest and discount on loans 100, 390 6,291 48, 559 7,994 13, 473 3,050 1,522 5,830 3,293 422 1,065 758 8,133 Interest and dividends on investments 77,952 3,741 46,549 5,882 7,373 1,454 336 4,744 2,327 320 836 198 4,192 Interest on balances with other banks . . _ 1,531 63 516 192 127 83 22 112 76 12 61 22 245 Collection charges, commissions, fees, etc 3,812 121 2,492 61 149 165 54 300 167 27 15 43 218 Foreign department 3,681 50 3,327 26 46 8 51 20 1 2 150 Trust department 18,851 1,772 10, 556 2,798 1,365 356 169 970 337 8 85 18 417 Service charges on deposit accounts 3,056 239 1,455 78 257 71 36 447 85 15 45 21 307 Other current earnings 10, 915 337 5,001 943 1,414 345 238 460 464 44 361 93 1,215 Total earnings from current operations 220,188 12, 614 118, 455 17,974 24,204 5,532 2,377 12,914 6,769 849 2,470 1,153 14, 877 Expenses: Interest on deposits: Time. 33,263 3,055 11,231 2,460 5,225 1,118 402 2,992 1,362 234 227 107 4,850 Demand 13,874 511 7,473 1,571 2 027 298 208 595 214 53 251 70 603 Bank 3,839 90 2,140 517 328 101 82 99 67 10 114 19 272 Total 50,976 3,656 20,844 4,548 7,580 1,517 692 3,686 1,643 297 592 196 5,725 Salaries and wages 55, 744 2,929 30,125 4,936 4,919 1,482 535 3,874 1,667 252 667 398 3,960 Interest and discount on borrowed money. 3,809 50 1,793 347 702 95 107 209 364 15 22 13 92 Taxes 8,347 648 3 541 689 1,163 287 174 669 407 42 111 92 524 Other expenses _ 35, 595 1,656 19,402 3,427 2,665 952 387 2,222 1,136 145 618 246 2,739 Total current expenses 154,471 8,939 75, 705 13,947 17,029 4,333 1,895 10,660 5,217 751 2,010 945 13,040 Net earnings from current operations 65, 717 3,675 42, 750 4,027 7,175 1,199 482 2,254 1,552 98 460 208 1,837 Recoveries, profits on securities, etc.: On loans 3,965 75 2,686 312 128 30 82 252 117 22 20 42 199 On bonds, stocks, and other securities __ __ 13,293 550 10, 022 879 428 248 14 436 231 38 29 67 351 All other 1,976 152 949 66 95 31 3 239 49 7 25 4 356 Total. 19, 234 777 13, 657 1,257 651 309 99 927 397 67 74 113 906 Losses and depreciation: On loans. _ 66,399 1,210 41,986 6,598 4,889 739 484 3,518 3,081 862 317 149 2,566 On bonds, stocks and other securities 48,877 1,739 32,367 3,470 2,114 879 308 2,869 2,577 558 99 39 1,858 On banking house, furniture and fixtures 4,025 140 2 471 212 265 101 27 357 107 4 120 15 206 Other losses and depreciation- 10,768 305 4,585 1,486 415 76 199 1,922 250 34 93 33 1,370 Total losses and depreciation. 130,069 3,394 81,409 11,766 7,683 1,795 1,018 8,666 6,015 1,458 629 236 6,000 Net addition to profits _ -45,118 1,058 -25,002 -6,482 143 -287 -437 -5,485 -4,066 -1,293 -95 85 -3,257 Dividends declared _ 39,904 1,508 29,095 3,474 2,337 728 149 736 609 4 259 40 965 Capital stock: i Common _ _ 702,545 31,755 418,596 49,433 53,320 18,955 9,585 34,174 28, 205 2,705 9,300 6,002 40,515 Preferred 5 921 1 721 1,100 3,100 Surplus7 909,979 38,720 575,367 90,080 114,555 14,102 6,807 28,192 11,714 1,502 3,590 1,808 23,542 Capital and surplus 7 1,618,445 70,475 995,684 139,513 167,875 33,057 16,392 62,366 41,019 4,207 12,890 7,810 67,157 Number of banks 7 - -. 709 26 147 57 62 37 42 103 57 36 30 49 63 7 As of June 30, 1933. For other footnotes, see p. 253. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
260 FEDERAL RESERVE BULLETIN APRIL 1934 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] Fedeiral Reserve District City Total Boston 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 i r s a a c n n o - Y N o e r w k c C a h g i o - Total loans and investments: Mar. 7 17, 425 1 226 8,002 1,031 1,137 355 349 1,724 518 331 555 436 1,761 7,069 1,386 Mar. 14 17,513 1,208 8,150 1,032 1,133 352 342 1,716 522 327 552 413 1,766 7,213 1,389 Mar. 21 »-17,526 1 210 8,137 1,038 '1,149 349 336 1,726 519 328 549 405 1,780 7,199 1,392 Mar. 28 . 17, 472 1,200 8,117 1,029 1,158 347 335 1,720 509 329 545 407 1,776 7,193 1,377 Loans: Mar. 7 8,168 663 3,827 500 431 170 187 734 220 165 198 188 885 3,310 570 Mar. 14 8,281 670 3,930 501 430 171 185 741 220 165 198 187 883 3,406 577 Mar. 21 8,196 679 3,844 505 431 172 183 739 218 161 196 187 881 3,324 576 Mar. 28 8,161 680 3,809 503 436 171 184 729 220 161 199 187 882 3,292 568 On securities: Mar. 7 3 495 250 1,866 241 212 59 63 332 87 43 62 60 220 1,649 274 Mar. 14— 3,593 256 1,957 240 211 59 62 336 87 43 62 60 220 1,733 278 Mar 21 3,553 264 1,910 242 211 59 62 336 84 43 62 62 218 1,687 279 Mar. 28 3,514 264 1,882 238 211 58 59 330 85 42 62 64 219 1,663 274 All other: Mar. 7 . . 4,673 413 1,961 259 219 111 124 402 133 122 136 128 665 1,661 296 Mar. 14 4,688 414 1,973 261 219 112 123 405 133 122 136 127 663 1,673 299 Mar. 21 „ . 4,643 415 1,934 263 220 113 121 403 134 118 134 125 663 1,637 297 Mar. 28 ... 4,647 416 1,927 265 225 113 125 399 135 119 137 123 663 1,629 294 Investments: Mar 7 9,257 563 4,175 531 706 185 162 990 298 166 357 248 876 3,759 816 Mar. 14. . 9,232 538 4,220 531 703 181 157 975 302 162 354 226 883 3,807 812 Mar. 21 r 9, 330 531 4,293 533 '718 177 153 987 301 167 353 218 899 3,875 816 Mar. 28 9,311 520 4,308 526 722 176 151 991 289 168 346 220 894 3,901 809 U.S. Government securities: Mar. 7 6,278 398 2 854 291 512 137 116 663 200 111 249 192 555 2,668 533 Mar. 14 6,229 373 2,886 287 506 133 109 647 205 107 246 174 556 2,704 528 Mar. 21 r 6, 272 366 2 905 288 ••520 128 105 658 205 112 245 170 570 2,717 531 Mar. 28 . 6,227 353 2,903 278 526 126 103 659 195 113 237 170 564 2,720 521 All other: Mar. 7—_ 2,979 165 1,321 240 194 48 46 327 98 55 108 56 321 1,091 283 Mar. 14 3,003 165 1,334 244 197 48 48 328 97 55 108 52 327 1,103 284 Mar. 21 3,058 165 1,388 245 198 49 48 329 96 55 108 48 329 1,158 285 Mar. 28 3,084 167 1,405 248 196 50 48 332 94 55 109 50 330 1,181 288 Reserve with Federal Reserve bank: Mar. 7 2,467 159 1,232 130 126 37 29 393 69 38 76 69 109 1,181 345 Mar. 14 2,569 182 1,218 151 129 35 30 434 72 39 83 82 114 1,170 379 Mar. 21- - 2,576 178 1,269 148 125 36 31 413 66 35 82 84 109 1 218 357 Mar. 28 2,572 173 1,287 143 121 35 27 393 74 36 83 79 121 1,242 341 Cash in vault: Mar. 7 231 35 49 12 18 11 6 51 8 5 12 10 14 38 42 Mar. 14 236 35 52 13 18 11 6 52 8 4 12 10 15 41 41 Mar. 21—. 228 38 48 12 18 11 6 49 8 4 11 9 14 37 40 Mar. 28 242 44 51 13 19 11 6 50 7 5 12 9 15 40 40 Net demand deposits: Mar. 7 — 11, 514 794 5,990 645 563 204 159 1,369 329 196 398 284 583 5,580 1,152 Mar. 14 11,748 795 6,124 660 563 203 163 1,412 342 188 407 288 603 5,709 1,194 Mar. 21 11,723 791 6,146 658 570 201 162 1,389 330 192 398 281 605 5,737 1,173 Mar. 28 11,794 788 6,195 662 576 199 163 1,390 333 197 399 279 613 5,791 1,168 Time deposits: Mar. 7 4,377 337 1,081 301 439 134 131 481 162 126 164 120 901 679 360 Mar. 14- . 4,393 342 1,082 310 443 133 130 480 162 126 165 120 900 675 358 Mar. 21 4,420 342 1,103 310 444 134 130 482 162 125 166 121 901 690 358 Mar. 28 4,419 343 1,113 310 445 134 131 466 163 123 166 122 903 699 343 Government deposits: Mar. 7 ~ 1,504 129 846 74 76 14 36 87 38 7 31 62 104 797 69 Mar. 14 1,503 129 846 74 76 14 36 87 38 7 30 62 104 797 69 Mar. 21 . 1,502 129 846 74 76 14 36 87 38 7 30 61 104 797 69 Due M fro ar m . 2 b 8 a n . ks: 1,413 124 808 68 69 12 33 75 33 7 28 58 98 762 58 Mar. 7 __ 1,441 100 133 126 93 66 68 231 86 81 158 119 180 82 168 Mar. 14 1,548 111 140 133 100 68 81 243 90 90 172 128 192 86 173 Mar. 21. . r 1. 555 113 135 134 95 74 82 250 92 92 170 134 rl84 85 182 Mar. 28-. 1,519 116 140 125 101 72 83 236 92 92 166 125 171 82 168 Due to banks: Mar. 7 — 3,331 170 1,473 196 152 83 76 421 140 92 225 138 165 1,414 338 Mar. 14 3,465 170 1,553 199 164 81 79 445 141 96 227 138 172 1,495 359 Mar. 21— 3, 491 173 1,571 203 165 82 77 448 142 97 227 135 171 1,512 362 Mar. 28— 3,447 170 1,536 190 173 80 80 448 141 97 225 134 173 1 478 362 Borrowings from Federal Reserve banks: Mar. 7 10 2 Mar. 14— 10 8 1 1 Mar. 21 9 7 1 Mar. 28 9 6 1 1 1 1 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL 1934 FEDERAL RESERVE BULLETIN 261 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 i t y 1 h s 5 - 16 3 0 to 3 d 1 a 6 y 0 t s o 6 d 9 1 ay 0 t s o9 m 1 to o d s a 6 . ys 6 O m ve o r s. Net Net Month Ship- Re- ship- Ship- Re- shipments ceipts ments ments ceipts ments Bills discounted: to from (-)or to from (-)or Mar. 7 58, 577 46,328 3,428 4,406 4,094 297 24 Europe Europe receipts Europe Europe receipts Mar. 14 54, 887 40,825 2,332 5,358 6,045 292 35 Mar. 21 51,412 36,605 2,964 4,757 6,774 274 38 Mar. 28 52,579 37, 565 2,854 5,081 6,782 263 34 Bills bought in J J J M A F M A S N O u a u e e p u o c n a n a l p b t r y g v y r u e o t i r c u e e l a u b h m m s r e a t y r r b b y e e r r 1 1 1 2 8 0 0 5 2 3 0 4 5 5 9 1 5 1 7 2 1 1 1 8 4 5 5 6 2 6 5 3 3 1 , , , , , , , , , , , 3 5 8 0 7 9 1 3 7 7 5 0 8 6 5 4 0 5 9 8 5 2 4 9 6 6 5 3 7 6 9 5 3 + + + + + + + + + + + 1 1 1 8 6 5 4 6 5 5 3 2 3 1 , , , , , , , , , , , 4 0 3 8 6 1 8 3 5 7 6 8 2 6 3 0 4 1 2 4 5 8 4 6 4 8 6 2 0 1 4 5 1 0 0 1 2 5 3 , , , 2 2 7 5 0 4 6 0 0 + + + 5 2 3 , , , 2 2 7 5 0 3 6 0 9 T M r o c u e a p n a M M M M M M M M t e s e i n c u s a a a a a a a a i r p r r r r r r r r m a y . . . . . . . . a n a 2 7 2 2 l 2 7 1 1 d r 8 1 1 8 4 4 k c b , e e i w r l t t l : i a s f : r i - - 8 9 7 7 4 3 3 2 9 2 6 7 3 6 7 9 6 0 4 4 , , , , , , , , 3 4 3 9 9 7 7 2 6 0 5 5 8 0 1 5 6 2 9 9 7 2 0 2 2 9 6 0 0 1 1 9 0 9 3 7 1 4 5 , , , , , , , , 3 9 1 3 7 7 7 0 6 7 9 7 2 6 9 1 6 4 0 6 9 0 2 9 6 6 7 1 1 9 3 6 6 1 5 0 2 , , , , , , , , 6 6 1 3 0 3 9 5 3 6 9 3 4 9 7 7 4 2 0 8 6 5 3 8 1 1 1 1 1 3 4 4 2 8 7 7 6 7 3 7 9 , , , , , , , , 9 3 9 5 3 9 6 1 3 1 2 8 7 5 9 7 0 8 8 5 1 6 2 7 1 1 4 2 0 1 4 6 3 9 9 1 6 2 , , , , , , , , 5 1 6 8 8 3 8 8 3 7 5 2 7 2 1 6 2 2 3 8 5 5 6 1 2 1 1 1 0 9 6 8 0 5 9 7 , , , , 7 8 8 5 7 7 2 9 8 8 9 9 2 2 2 2 5 2 0 0 ? 2 3 6 4t, , , , , , ! 8 8 : 6 2 7 5 7 0 6 2 9 9 December 42 6,976 +6,934 rants: Mar. 7 653 590 For description and back figures see BULLETIN for January 1933, p. 43. Mar. 14 653 590 Mar. 21 563 510 Mar. 28 563 510 PAPER CURRENCY OF EACH DENOMINATION 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 1934 1933 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 30 Jan. 31 Feb. 28 Number of centers February January February $1 366 380 382 388 402 386 393 $2 33 33 33 33 33 32 33 $ $ $2 5 1 0 0._ 1 1, , 3 1 6 0 5 6 0 3 4 1 1, , 3 1 6 0 8 8 2 1 5 1 1 , , 1 3 6 7 0 8 8 3 2 • 1 1 , , 2 7 3 0 0 3 5 2 6 1 1 , , 2 3 7 2 4 1 9 2 9 1 1, , 2 1 6 8 7 9 8 3 9 1 1 . , 2 3 7 1 0 2 2 4 2 N O e u w ts id Y e o r N k e C w i t Y y ork City 14 1 0 1 1 3 1, , 7 2 8 3 4 1 1 13 4 , , 1 0 9 2 8 3 1 1 2 0 , , 0 4 3 0 6 1 $ $ $ $ $ $ 5 1 1 1 5 5 0 0 0 , , 0 0 0 , 0 0 . 0 0 0 _ 0 0 0 _ 0 - 2 3 6 1 4 6 2 1 3 6 7 1 7 0 0 3 6 2 1 3 6 2 1 1 9 7 7 2 2 0 3 6 2 1 5 3 2 0 1 2 4 7 7 7 2 3 6 2 1 3 6 1 2 1 9 5 7 2 3 2 3 6 2 1 6 3 1 2 1 7 8 5 4 8 0 3 5 1 2 5 1 2 9 1 9 8 7 0 3 0 3 5 2 1 8 4 1 2 1 7 7 7 5 0 7 Fede N B P R C r h o i a l e e c i l w s l v h t a R o e m d Y n l e a e o s o n l n e p r d r d k h v i e a district: 1 1 1 7 1 7 0 3 1 1 1 1 3 , , , , 1 1 3 7 4 0 5 2 1 3 9 8 2 4 8 1 1 1 1 4 , , , , 3 2 5 6 4 2 4 4 0 7 0 1 2 8 8 1 1 1 1 2 , , , , 1 1 1 4 3 5 0 3 9 8 0 3 6 3 1 Total. 4,896 4,937 4,916 5,022 5,085 4,884 4,957 A Ch tl i a c n ag ta o 2 1 1 5 2,8 6 5 1 2 8 3,0 6 7 8 2 4 2,3 5 6 3 4 7 St Louis 5 647 708 508 NOTE.—Figures include, in addition to currency outside the Treasury Minneapolis - 9 364 425 313 and Federal Reserve banks, unassorted currency held by these institu- Kansas City _ _. 15 689 760 554 tions, amounting to $5,000,000-$6,000,000, and also $1,000,000 of currency Dallas 10 423 465 330 of unknown denominations reported by the Treasury as destroyed. San Francisco 18 1,682 1,918 1,568 UNITED STATES POSTAL SAVINGS Total .- 141 25,015 27,221 22,437 [Balance to credit of depositors. In millions of dollars] End of month 1929 1930 1931 1932 1933 1934 January... 153.5 165.1 278.4 665.6 942.5 I, 201. 0 February.. 154.8 167.9 292.1 691.8 1,006. 2 I, 200.3 March 155.0 169.5 302.7 705.3 1,112. 7 April 154.3 170.2 313.8 722.1 1,158.4 May 153.8 171.2 325.0 742.6 1,178.8 June 153.6 175.3 347.4 784.8 1,185.1 July 157.8 180.7 372.5 828.5 1,176. 7 August 160.1 186.5 422.7 848.5 1,177. 7 September 160.3 189.8 469.9 857.4 1,180. 7 October... 161.6 192.5 538.1 870.8 1,188.9 November. 163.7 200.7 565.5 885.2 1,198. 7 December. 164.3 245.4 605.1 900.8 1, 208.8 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
262 FEDERAL RESERVE BULLETIN APRIL 1934 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100] 1933 1934 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactures—Total 61 56 66 78 93 101 91 84 76 71 73 77 r80 IRON AND STEEL 31 22 35 49 72 100 80 66 61 47 61 56 64 Pig iron 20 17 20 29 43 62 63 53 45 36 40 40 45 Steel ingots _ _ __ 32 22 37 51 75 103 82 67 63 48 63 58 66 TEXTILES -. 83 76 85 108 133 130 p 114 P91 P89 P 78 P87 v 91 Cotton consumption 87 86 91 113 139 135 120 103 95 89 77 91 95 Wool _ . .. 67 46 58 90 116 124 107 96 88 80 67 70 73 Consumption 70 48 66 105 134 141 118 105 97 86 73 70 Machinery activity1 _ _ _ 82 52 56 91 118 129 115 96 83 81 69 83 85 Carpet and rug loom activity 1 32 29 34 42 60 62 61 67 67 63 48 48 54 97 98 113 123 147 131 Deliveries . . . 95 111 132 136 172 143 113 91 82 103 92 103 114 T/Ooni activity * 101 72 76 96 96 105 FOOD PRODUCTS _ . __ 84 84 101 99 100 100 95 105 85 92 86 96 91 Slaughtering and meat packing 88 85 102 102 105 106 110 127 90 98 89 10C 94 Hogs 84 81 107 106 107 109 113 147 85 101 85 95 8G Cattle 87 85 90 92 99 98 102 95 91 87 88 102 112 Calves 89 91 98 101 102 103 105 106 104 104 106 122 122 Sheep 144 149 156 153 152 145 146 144 151 142 147 139 133 Wheat flour 88 92 110 97 97 95 64 70 76 82 81 91 94 Sugar meltings 65 68 82 89 82 83 84 75 76 83 77 87 73 PAP W FR o A o T d V D p u PR lp T 'N a T n T d W p f1 aper *77 P77 P85 P96 p p 1 1 0 1 6 1 P P 1 1 0 0 6 2 p 104 P P9 9 4 9 P P 9 9 0 5 P P 9 9 2 8 P99 P P9 9 2 9 Newsprint _ _ 59 59 61 60 64 67 69 60 66 71 67 64 63 Book paper 88 87 83 92 103 p 112 p 118 P103 P102 P 103 Wrapping paper 60 62 68 80 95 P107 P99 P82 P67 Fine paper 76 82 71 96 121 P137 p 103 P106 P97 P109 Wood pulp, mechanical 56 55 56 61 69 P 75 P69 P 68 p 64 p 67 Wood pulp, chemical 86 87 88 99 113 P135 P139 P141 p 137 P126 p 135 Paper boxes 124 110 149 172 183 213 173 167 143 131 149 Newsprint consumption 96 89 95 96 100 102 103 106 105 104 106 108 112 LUMBER _ _ 32 34 29 20 22 24 30 38 46 46 36 33 30 TRANSPORTATION EQUDPMENT: Automobiles.. .. «_ 48 58 73 Locomotives 333 271 441 5o1 66o 701 611 561 4o6 322 3 1 Shipbuilding 181 144 32 25 16 19 15 20 39 41 41 26 LEATHER AND PRODUCTS 92 84 93 110 114 116 102 92 93 92 94 96 p 97 Tanning 76 70 70 79 89 94 88 82 82 91 89 91 94 Cattle hide leathers 66 62 65 74 76 80 77 74 76 85 84 ••81 89 Calf and kip leathers 77 71 71 79 102 91 82 73 69 84 90 85 78 Goat and kid leathers 101 89 85 93 109 132 126 113 109 111 103 126 124 Boots and shoes 102 93 107 129 131 131 110 99 100 93 97 99 CEMENT AND GLASS: Cement ._ 41 40 35 42 51 56 50 37 35 39 36 49 61 Glass, plate 60 52 53 84 112 144 130 107 70 52 106 99 98 NONFERROUS METALS: « Tin deliveries * 58 55 68 80 94 109 125 112 95 80 56 55 54 FUELS, MANUFACTURED: Petroleum refining 132 135 140 147 154 155 153 157 152 145 137 142 Gasoline L-..1 166 171 179 187 198 198 198 205 195 184 172 177 Kerosene . . 81 80 85 87 92 92 87 82 77 77 80 89 Fuel oil i 95 95 94 95 101 106 98 99 102 93 92 96 Lubricating oil» 75 75 81 88 80 82 84 88 88 102 92 92 Coke, byproduct .. . 56 51 54 61 75 91 96 91 82 75 77 78 85 RUBBER TIRES AND TUBES 54 41 65 94 115 143 111 103 90 97 108 Tires, pneumatic 56 42 67 97 120 148 116 107 93 100 113 Inner tubes 41 29 47 68 80 111 75 72 68 72 68 TOBACCO PRODUCTS 115 99 116 143 135 117 123 115 108 95 123 138 132 Cigars..- 63 51 61 61 66 69 68 68 57 62 67 74 66 Cigarettes._ _ ._ 154 132 153 204 186 151 163 151 143 118 166 188 181 Minerals—Total 79 81 72 78 84 90 91 87 81 81 85 88 Bituminous coal . 63 51 55 57 64 76 75 65 61 65 66 67 74 Anthracite coal 64 77 44 43 65 67 61 74 55 73 CS 82 89 Petroleum, crude 110 122 108 134 134 132 134 126 120 116 119 120 P118 Iron ore 14 15 40 57 68 63 23 Zinc 43 44 45 45 55 71 77 77 77 72 67 66 66 Lead 40 45 45 37 41 36 36 57 64 71 67 64 64 Silver 30 44 36 30 24 34 28 39 33 33 29 37 37 v Preliminary. r Revised. 1 Without seasonal adjustment. * 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. PD. 194-196, and September 1933, pp. 584-587. P Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
263 APRIL 1934 FEDEKAL EESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100] 1933 1934 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactures—Total . -... 63 58 68 80 93 97 89 84 77 70 67 76 pg2 IRON AND STEEL... 33 25 39 53 72 93 79 65 59 44 53 54 67 Pig iron 20 18 21 29 43 59 60 52 45 37 39 40 46 Steel ingots - 34 25 41 56 75 96 81 67 61 44 55 55 70 TEXTILES _ 88 78 88 108 126 121 p 108 J>94 J»93 p 91 Cotton consumption 94 91 98 116 133 122 108 100 97 93 71 95 101 Wool— _ . . 70 46 57 85 109 115 103 99 93 84 68 71 76 Consumption 76 49 64 96 121 126 110 111 107 93 74 72 79 Machinery activity 82 52 56 91 118 129 115 96 83 81 69 83 85 Carpet and rug loom activity _ _. 32 29 34 42 60 62 61 67 67 63 48 48 54 Silk .. 102 95 112 122 134 126 Deliveries. _. 102 107 131 135 153 136 118 95 82 106 82 117 122 Loom activity 101 72 76 96 96 105 FOOD PRODUCTS 84 82 94 98 99 97 88 99 86 97 89 102 90 Slaughtering and meat-packing 89 82 92 99 105 99 93 110 89 108 106 119 94 Hogs 94 82 95 102 110 97 86 110 73 111 112 128 88 Cattle-- 76 74 79 89 93 97 100 106 107 100 93 103 98 Calves 83 92 106 114 106 100 96 101 109 106 100 113 114 Sheep 135 136 146 150 149 145 147 167 167 141 144 140 125 Wheat flour 85 86 100 91 86 92 69 83 86 89 78 89 91 Sugar meltings 63 80 95 100 98 101 94 80 72 64 44 57 71 PAPER AND PRINTING *»88 p 102 p 103 p 102 »105 p 102 v 102 Wood pulp and paper ._ *79 *80 i»79 *87 *87 P91 Newsprint 59 59 62 61 65 66 68 66 70 67 65 63 Book paper _ _. 91 89 84 90 103 J»109 p 104 P104 Wrapping paper 61 63 69 80 96 p 101 *99 *>83 Fine paper ._ . _. 82 86 75 97 121 P126 p 119 P 102 P 107 *>94 P 103 Wood pulp, mechanical 57 60 68 75 75 *>65 J-62 P67 Wood pulp, chemical 89 90 90 99 114 P 128 p 136 P 141 p 140 »126 v 131 Paper boxes 138 111 149 172 190 204 175 183 150 134 122 Newsprint consumption 95 92 101 99 99 91 92 104 111 111 109 104 110 LUMBER 20 23 26 32 40 45 49 37 34 29 29 30 28 TRANSPORTATION EQUIPMENT: Automobiles 35 33 57 64 75 73 67 62 41 20 27 48 78 Locomotives . 3 1 1 0 0 1 1 1 0 2 3 1 Shipbuilding 129 112 31 31 20 28 22 20 28 36 32 18 LEATHER AND PRODUCTS 93 87 91 101 110 115 113 107 102 88 81 89 *>99 Tanning 78 69 69 75 87 94 90 87 87 89 87 87 97 Cattle hide leathers 71 63 65 70 75 78 75 77 78 85 81 '82 95 Calf and kip leathers 71 63 64 75 99 106 99 85 82 79 77 70 72 Goat and kid leathers 105 91 84 87 109 123 124 119 113 110 112 119 129 Boots and shoes . 103 98 105 118 124 128 127 119 112 88 76 90 CEMENT AND GLASS: Cement 24 29 34 50 64 68 65 46 40 38 28 30 37 Glass, plate 65 57 59 92 115 142 132 108 70 50 80 88 106 NONFERROUS METALS: l Tin deliveries 58 55 68 80 94 109 125 112 95 80 56 55 54 FUELS, MANUFACTURED: Petroleum refining 132 135 140 147 153 154 153 157 152 146 138 142 Gasoline 166 171 179 187 198 198 198 205 195 184 172 177 Kerosene 82 78 84 83 86 86 83 83 80 83 86 91 Fuel oil 95 95 94 95 101 106 98 99 102 93 92 96 Lubricating oil. . _. 75 75 81 88 80 82 84 88 88 102 92 92 Coke, byproduct . 57 53 54 61 73 89 93 89 82 77 78 78 87 RUBBER TIRES AND TUBES 58 45 76 118 139 140 110 98 79 73 75 Tires, pneumatic . 61 46 79 123 145 145 114 101 81 75 78 Inner tubes 43 32 53 83 96 105 83 72 62 52 49 TOBACCO PRODUCTS 104 94 107 145 147 126 131 128 116 97 99 131 120 Cigars- 54 47 58 63 72 72 72 77 69 73 50 57 57 Cigarettes __ 140 125 139 206 204 167 176 167 150 117 136 185 164 Min erais—T otal 76 74 65 76 82 89 94 93 88 84 80 85 Bituminous coal 67 51 46 50 57 69 74 69 67 72 69 74 78 Anthracite coal-- -. 68 63 45 43 57 55 61 75 71 75 67 89 95 Petroleum, crude - - 108 120 108 136 137 135 136 129 122 115 115 115 p 115 Iron ore _ 21 30 81 117 131 108 19 Zinc. 46 46 47 46 53 66 71 73 75 72 68 70 71 Lead 41 46 45 36 42 34 35 54 66 74 68 65 66 Silver 33 48 36 29 23 29 28 37 33 36 29 37 40 i Includes also lead and zinc; see "Minerals." p Preliminary. Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196 and September 1933, pp. 584-587. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
264 FEDERAL RESERVE BULLETIN APRIL 1934 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 Adjusted for seasonal Without seasonal adjustment variation Without seasonal adjustment Industry- 1934 1933 1934 1933 1934 1933 Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb. Total 74.7 70.5 59.2 74.7 71.8 59.4 59.2 52.9 40.0 IRON AND STEEL AND PRODUCTS 71.5 68.4 51.8 70.9 69.8 51.4 47.7 42.7 24.7 Steel works and rolling mills 77.1 74.5 55.9 76.0 75.4 55.0 51.6 46.2 25.7 Hardware 71.4 66.8 49.9 70.3 66.4 49.1 46.4 41.4 24.8 Structural iron work 56.6 55.4 42.7 58.0 57.0 43.7 36.2 34.5 20.4 Heating apparatus 55.2 49.6 42.2 56.3 54.4 42.9 35.5 30.1 23.1 Steam fittings 40.4 39.1 38.4 40.0 40.4 38.1 27.9 26.8 20.8 Stoves 68.8 59.3 45.7 71.3 67.4 47.3 42.9 33.2 25.3 Cast-iron pipe 41.9 42.9 26.7 43.5 44.8 27.7 25.1 26.1 12.9 MACHINERY 64.2 61.4 44.4 63.8 62.1 44.2 46.3 42.4 26.3 Foundry and machine-shop products.. 62.7 60.0 42.9 62.4 61.2 42.7 42.4 39.0 23.2 Machine tools 74.9 65.1 38.5 73.6 65.1 37.9 57.1 46.8 23.6 Agricultural implements 71.4 62.3 39.3 67.1 60.3 36.9 69.3 59.8 30.2 Electrical machinery _-. 65.2 63.7 49.3 65.2 63.7 49.2 51.3 48.1 33.7 TEXTILES AND PRODUCTS 87.0 79.8 72.3 84.9 79.3 70.4 69.9 58.9 48.2 A. Fabrics _ 93.6 87.1 73.7 91.7 86.4 72.2 76.0 65.5 48.4 Cotton goods __. 101.7 96.7 74.3 99.2 95.4 72.5 83.7 77.4 46.6 Woolen and worsted manufactures. 81.4 75.4 66.0 79.9 73.9 64.7 60.1 54.3 43.6 Woolen and worsted goods 84.2 77.4 69.8 82.5 75.9 68.4 63.8 56.4 48.2 Carpets and rugs 67.4 64.9 45.9 66.0 63.3 44.9 43.3 44.9 22.6 Hosiery and knit goods 95.3 86.6 83.9 94.2 87.5 82.9 85.6 61.7 57.8 Silk manufactures 72.4 63.3 61.3 71.4 63.7 60.4 62.2 49.9 39.7 Dyeing and finishing textiles 110.7 102.6 88.4 108.0 101.9 86.3 91.6 77.2 67.9 B. Wearing apparel 70.6 61.6 69.0 68.0 61.6 66.1 57.7 45.4 47.7 Clothing, men's 58.2 52.2 52.9 56.6 52.2 51.5 46.6 37.6 34.1 Shirts and collars 73.0 62.4 66.6 71.6 62.0 65.2 61.4 49.4 41.1 Clothing, women's 80.7 69.4 92.5 74.2 67.7 85.1 68.1 51.5 67.6 Millinery _. 86.5 74.6 70.6 88.3 79.0 72.0 64.5 53.2 44.7 FOOD AND PRODUCTS. . 90.8 89.4 78.4 91.6 90.3 79.2 77.4 76.9 62.7 Baking 92.2 90.4 81.1 93.8 92.7 82.6 77.8 75.4 66.0 Slaughtering and meat packing 98.7 99.7 80.2 95.8 96.4 77.8 87.4 91.0 65.4 Confectionery 84.6 79.6 78.3 86.3 81.2 79.9 71.1 67.9 55.8 Ice cream 66.1 67.0 63.3 76.4 78.2 73.2 53.7 55.0 51.7 Flour 86.9 84.4 72.6 86.9 84.9 72.6 71.0 69.5 56.7 Sugar refining, cane 83.3 76.8 72.0 87.1 82.4 75.3 59.1 52.0 52.7 PAPER AND PRINTING 91.4 90.7 80.1 91.3 90.1 79.9 75.9 74.3 65.8 Printing, book and job 81.1 81.8 76.3 80.3 80.0 75.5 67.1 68.2 61.2 Printing, newspapers and periodicals.. 101.1 101.2 93.9 100.9 100.8 93.7 89.2 88.3 84.3 Paper and pulp... 96.9 94.8 75.3 96.9 94.8 75.4 71.1 66.3 50.7 Paper boxes 84 0 81.1 70.4 85.2 81.6 71.4 72.9 66.7 56.0 LUMBER AND PRODUCTS 43.9 42.6 33.4 45.3 44.1 34.4 26.9 24.1 16.3 Lumber, sawmills 40.0 39.3 28.1 41.8 41.1 29.3 24.6 22.4 12.8 Lumber, millwork 38.6 35.7 32.0 39.1 36.6 32.4 22.8 20.7 15.9 Furniture 58.3 56.1 49.4 59.2 57.3 50.1 34.7 30.3 24.0 TRANSPORTATION EQUIPMENT 62.6 55.8 45.1 62.2 57.7 45.0 55.4 44.1 32.1 Car building and repairing 43.9 42.9 40.6 44.5 43.5 41.1 36.9 33.7 30.8 Automobiles 86.3 71.1 49.6 85.1 75.3 48.9 77.6 55.0 32.2 Shipbuilding 74.1 72.3 57.1 70.2 70.2 54.1 60.7 59.7 44.2 LEATHER AND MANUFACTURES 86.3 79.0 77.3 84.3 78.6 75.6 72.4 59.8 51). 0 Boots and shoes 85.3 76.9 79.2 83.5 76.7 77.5 70.5 55.8 49.0 Leather 90.1 87.9 69.6 87.4 86.4 67.5 78.9 74.4 53.9 CEMENT, CLAY, AND GLASS PRODUCTS 53.7 50.4 37.8 56.5 54.3 39.9 35.1 31.4 20.9 Clay products 40.7 39.3 31.4 43.4 42.3 33.4 22.5 20.7 14.3 Brick, tile, and terra cotta 27.0 26.2 20.8 31.1 29.8 23.9 13.3 12.3 8.0 Pottery 78.0 74.8 60.3 77.1 76.3 59.5 47.0 43.1 31.0 Glass 87.6 81.9 54.4 90.0 87.3 56.0 67.9 60.3 37.3 Cement... 38.8 33.6 30.7 42.8 36.9 33.8 22.3 19.2 16.0 NpNFERROUS METAL PRODUCTS 62.2 61.0 45.3 61.0 61.5 44.4 48.6 46.2 27.4 Stamped and enameled ware 30.9 31.4 24.6 30.1 32.7 24.0 22.9 23.6 16.4 Brass, bronze, and copper 72.9 71.0 52.4 71.5 71.4 51.4 56.1 52.7 30.7 CHEMICALS AND PRODUCTS 103.5 101.8 77.3 102.1 102.1 76.4 80.8 79.4 60.8 Chemicals and drugs 111.0 110.3 80.5 108.8 109.5 78.9 87.2 85.7 61.1 Petroleum refining 89.2 88.9 75.7 90.4 90.6 76.7 73.6 72.7 64.3 Fertilizers _ 105.8 93.0 62.4 100.4 95.2 59.2 64.1 60.4 36.4 RUBBER PRODUCTS 81.1 79.5 59.4 80.6 80.4 59.1 68.4 60.2 35.8 Automobile tires and tubes 87.6 84.0 62.5 87.2 85.8 62.3 72.1 60.6 35.7 Rubber boots and shoes 61.8 65.9 50.4 60.9 64.0 49.6 53.7 58.7 36.3 TOBACCO MANUFACTURES 67.4 58.9 63.4 68.2 63.3 64.1 49.1 42.9 40.2 Cigars and cigarettes.. 66.4 57.2 62.3 67.8 62.5 63.7 46.8 40.4 38.4 Chewing and smoking tobacco, snuflL. 76.2 72.0 72.1 71.6 67.9 63.4 54.4 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
APKIL 1934 FEDERAL RESERVE BULLETIN 265 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926 =100] Other commodities All com- Year, month, and week m ti o e 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 a e c n r 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 ls t t a s l m B a u t i e ld ri i a n l g s c C a d l h r s e u m a 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 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 S9 1 92.7 77 7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79 3 84.9 69 8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64 4 1933 . - 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 7?, 6 75.8 62 5 1933—February 59.8 40.9 53.7 66.0 68.0 51.2 63.6 77.4 69.8 71 3 72.3 59 2 March _ 60.2 42.8 54.6 65.8 68.1 51.3 62.9 77.2 70.3 71.2 72.2 58.9 April 60.4 44.5 56.1 65.3 69.4 51.8 61.5 76.9 70.2 71.4 71.5 57.8 . May 62.7 50.2 59.4 66.5 76.9 55.9 60.4 77.7 71.4 73.2 71.7 58.9 June 65.0 53.2 61.2 68.9 82.4 61.5 61.5 79.3 74.7 73 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 74 4 80.8 67 5 February 73.6 61.3 66.7 78.7 89.6 76.9 72.4 87.0 86.6 75.5 81.0 68.5 = Week ending— 1933—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 4 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 ft 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 75.0 81.8 68.4 Feb 10 73.3 61.4 66.8 78.7 90.5 76.4 73.9 85.0 86.3 75 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 75.4 81.9 68.6 Feb. 24 _. 73.4 61.2 67.0 78.7 90.1 76.7 73.6 85.0 86.6 75.4 82.1 68.5 Mar. 3 73.6 62.0 67.5 78.6 89.8 76.6 73.5 85.1 86.5 75.4 82.3 68.6 Mar 10 73.8 62.0 68.1 78.7 89.0 76.3 73.0 86.4 86.2 75 7 82.5 68 8 Mar. 17 . . 73.7 62.0 67.7 78.6 88.8 76.0 72.6 86.5 86.2 75.8 82.4 69.2 Mar. 24 73.5 61.4 67.3 78.6 88.8 76.0 72.4 86.4 86.2 75 8 82.5 69 2 Mar. 31.-- 73.4 61.4 66.5 78.6 89.4 75.8 72.4 86.4 86.3 75.8 82.5 69.3 1933 1934 1933 1934 Subgroups Subgroups Feb. Nov. Dec. Jan. Feb. Feb. Nov. Dec. Jan. Feb. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains _ __ 32.7 61.3 60.4 63.7 63.2 Agricultural implements 83 1 83.7 85.1 85 2 85 2 Livestock and poultry 40.1 41.2 38.0 41.] 48.2 Iron and steel-^ 77 3 81.5 83.6 83 6 86 3 Other farm products 44.2 64.3 64.3 67.4 68.3 Motor vehicles 90.9 90.9 90.9 96.9 97.8 FOODS: Nonferrous metals 46.2 68.0 66.6 66.1 65.8 Butter, cheese, and milk 52.4 67.2 65.1 65.0 69.1 BUILDING MATERLILS: Cereal products 60.4 85.8 84.7 85 8 85.7 Brick and tiln 75 1 84.7 85.7 86 6 87 2 Fruits and vegetables. . 52.4 61.7 63.0 68.0 71.7 Cement 8^ 8 91.2 91.2 93.9 93.9 Meats _ - 50.2 48.2 46.0 48.9 53.3 Lumher 56.4 86.5 88.0 87.4 87.3 Other foods 54.1 66.4 63.4 64 0 64 1 Paint materials 68 0 76.3 77.5 78 4 79 3 HIDES AND LEATHER PRODUCTS: Plumbing and heating 59.4 73.7 72.5 72.5 72.7 Boots and shoes-- 83.3 99.0 9S.6 98.5 98.4 Structural steel 81.7 86.8 86.8 86. 8 86.8 Hides and skins 40.9 70.1 74.9 77.2 78.0 Other buildingmaterials. 78.5 88.4 88.6 89.8 90.3 Leather 55.3 79.3 80.1 79.9 80.1 CHEMICALS AND DRUGS: Other leather products 77.9 87.9 87.6 87 0 86.9 Chemicals.- _ 79.0 79.2 79.2 78.8 78 8 TEXTILE PRODUCTS: Drugs and pharmaceuticaIs 54.8 58.4 59.0 65.2 71.5 Clothing 61.2 88.0 87.9 87.5 87.2 Fertilizer matei"ials 61.5 67.8 68.1 68.4 69.2 Cotton goods 49 1 86.0 85.5 86 5 88.6 Mixed fertilizers 62.4 68.5 69.9 71 2 72 5 Knit goods - 48.3 72.5 71.2 70.6 67 0 HOUSEFURNISHING GOODS: Silk and rayon 25.6 30.4 29.6 29.7 31.0 Furnishings 72.9 82.8 82.9 82.9 83.0 Woolen and worsted goods 53 2 84.4 84.3 84 3 84.3 Furnitnre _ __ 71.9 79.4 79.3 78.8 79.2 Other textile products. 66.2 75.8 75.9 76.9 77.8 MISCELLANEOUS: FUEL AND LIGHTING MAT.ERIALS: Auto tires and tubes 42.6 43.2 43.2 43.2 43.5 Anthracite coal 88.7 81.8 81.5 81.5 81.2 Cattle feed 40.6 63.5 60.3 68. 5 73.4 Bituminous coal 79.4 90.7 90.6 90.8 91.1 Paper and pulp 72.1 82.5 82.5 83.0 82.7 Coke 75.2 83.2 83.6 83.5 83.5 Rubber, crude • 6.1 17.5 18.0 18.9 21.4 102 9 93.8 94.0 92.3 Other miscellarleous 73.3 78.4 79.0 81.8 83.2 Gas 96.6 94.6 92.2 90.8 Petroleum products 34.3 51.6 51.6 51.1 ~~50~3 Back figures.—For monthly and annual indexes of groups, see BULLETIN for March 1932, p. 199, and subsequent BULLETINS; indexes of subgroups avai-l1a1-b1l1e1- a-t* •B""u reau o"f r LT a~b^o~r Sc1t*a~t*i-s'~ti4c-isc.s . FFoorr w weeeekklyly iindexes 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
266 FEDERAL RESERVE BULLETIN APRIL 1934 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Public works Total Residential Factories Commercial and public Educational All other utilities Month 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 96.7 11.8 14.5 2.8 4.2 7.6 7.6 17.2 53.2 2.2 5.4 11.0 11.8 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 i 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 SeDtember 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 district 1934 1933 1934 1933 Federal Reserve district Feb. Jan Feb. Feb. Jan. Feb. Feb. Jan. Feb. A N P S M C R C K D B t h h l o i e t a a . i e c l i w i l s n n a v l L c h l t s n a a n o a e m o a s Y d e g n t l u s a a a e o o o i n p l n s C r p d k o d h i l t i i y s a . . . , . 1 1 1 1 8 2 5 5 4 5 1 5 1 9 6 , , , , , , , , , , , 7 4 4 3 8 0 9 3 0 7 7 1 5 0 6 8 9 0 4 8 2 4 9 7 2 4 5 5 1 2 2 6 4 1 8 6 3 3 3 3 2 2 5 1 , , , , , , , , , . 6 8 3 7 5 9 3 5 7 5 3 9 3 7 9 2 1 9 6 5 0 6 9 4 8 0 3 6 3 3 3 1 1 N A B S M D P C R C K t h o l h i e a t a . i e c l i w s l n i n a l v h l L c t n a s a n o e a m o a d s e Y n t l g s u a a a e o o o i n p l n s C . p r d o d k h i l t i i y s a - _ . . . . _ - _ .. . 3 1 1 8 4 4 5 6 2 3 2 2 0 3 9 6 4 7 0 2 4 2 6 0 3 4 1 1 1 9 0 6 3 3 2 5 5 4 0 7 8 7 2 2 0 7 4 1 8 4 5 2 5 2 2 1 1 1 1 1 7 0 8 9 7 5 6 5 0 4 0 4 0 3 3 0 1 0 0 2 5 3 2 6 3 1 1 , , , , , 3 3 8 3 3 8 4 3 3 2 5 0 5 6 5 8 5 0 6 3 8 4 1 3 6 3 1 0 6 7 7 9 3 1 3 4 1 1 1 2 , , , , , , 3 9 6 7 8 9 7 4 4 5 7 2 9 6 1 0 5 5 0 0 1 6 0 8 5 6 2 3 7 2 3 5 0 1 6 9 6 5 3 6 2 1 1 7 1 , , , , , , , , , , , 6 3 5 2 2 7 7 3 7 2 0 6 5 5 9 6 2 6 8 0 2 9 6 6 3 2 8 4 2 3 9 7 4 Total (11 districts). 96, 716 186,464 52, 712 San Francisco 116 176 247 1,399 3,615 3,543 Total- --- 1,049 1,364 2,378 19,445 32,905 65,576 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS / 'i"l ISx . 7 \ J -/ • \ MTSS. ! AUA* *i }O savannah ^* /LAN 1 Thsl"^ *Tr"iTc7nviTie i »•• BOUNDARIES OF FEDERAL RESERVE DISTRICTS — —BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1934, March 31). Federal Reserve Bulletin, 1934-04. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_193404
@misc{wtfs_bulletin_193404,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1934-04},
year = {1934},
month = {Mar},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_193404},
note = {Retrieved via When the Fed Speaks corpus}
}