Federal Reserve Bulletin, 1934-05

FEDERAL RESERVE BULLETIN MAY 1934 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking and Business Developments National Summary of Business Conditions UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1934 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: EUGENE R. BLACK, Governor. 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. 0. E. FOULK, Fiscal Agent. FRANK J. DRINNEN, Federal Reserve Examiner. JOSEPHINE E. LALLY, Deputy Fiscal Agent. FEDERAL ADVISORY COUNCIL District no. 1 (BOSTON) THOMAS M. STEELE. District no.2 (NEW YORK) WALTER E. FREW. District no. 3 (PHILADELPHIA) HOWARD A. LOEB, 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 LICHTENBTEIN, Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank Chairman Governor Deputy governor Cashier of— Boston F H Curtiss A Young W. W. Paddock W. Willett. New York .. TH. Case G L. Harrison W. R. Burgess C. H. Coe.1 J. E. Crane J. W. Jones.1 W. S. Logan W. B. Matteson.1 L. R. Rounds J. M. Rice.1 L. F. Sailer Allan Sproul.« R. M. Gidney L. W. Knoke l Philadelphia R, L. Austin G.W. Norris W. H. Hutt C. A. Mcllhenny. J. S. Sinclair W. J. Davis.1 I C. A. Mcllhenny L. E. Donaldson.1 W. G. McCreedy.J j 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 O^ar Nfiwt.nn W S Johns 3 H. F Conniff M. W. Bell. W. S McLarin, Jr.1 Chicago E. M. Stevens G.J. Schaller C. R. McKay W. H. Snyder.2 H. P. Preston W. C. Bachman.1 J. H. Dillard- R. H. Buss.1 0. J. Netterstrom.1 A. T. Sihler.1 E. A. Delaney.1 St. Louis J. S, Wood .. W. McC. Martin 0. M. Attebery S. F. Gilmore.* J. G. McConkey A. H. HailU t F. N. Hall* G. 0. Hollocher.i 0. C. Phillips.* Minneapolis J. N. Peyton. W. B. Geery... Harry Yaeger. H F. . C I. . Z D ie u m nl e o r p . .2 Kansas City. M. L. McClure G.H. Hamilton __ C. A. Worthington.— J. W. Helm. J. W. Helm Dallas C.C.Walsh B.A. McKinney R. R. Gilbert Fred Harris. R. B. Coleman W. 0. Ford.1 San Francisco Isaac B. Newton J. U. Calkins W. A. Day _ W. M. Hale. : Ira Clerk 1 Assistant deputy governor. » Controller. 8 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. P. 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—Recent banking and business developments 267 Revised index numbers of factory employment and pay rolls 270 Czechoslovak currency law 288 Federal Deposit Insurance Corporation—Insured banks and deposits, Mar. 31, 1934 312 National summary of business conditions 272 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 273-276 Member and nonmember bank credit: All banks in the United States 279 All member banks__ 277, 278, 308, 309 Weekly reporting member banks in 91 leading cities 280, 310 Brokers'loans 280 Acceptances and commercial paper 281 Discount rates and money rates 282 Treasury finance l 283 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 284 Security prices, bond yields, and security issues 285 Production, employment, car loadings, and commodity prices 286, 313-316 Merchandise exports and imports 287 Department stores—Indexes of sales and stocks 287 Freight-car loadings, by classes 287 Financial statistics for foreign countries: Gold reserve? of central banks and governments 289 Gold production 290 Gold movements.. . 290-292 Government note issues and reserves 293 Bank for International Settlements 293 Central banks 294-296 Commercial banks 297 Discount rates of central banks 298 Money rates 298 Foreign exchange rates 299 Price movements: Security prices 300 Wholesale prices 300, 301 Retail food prices and cost of living 301 Law department: Rulings of the Federal Reserve Board: Obligations secured by real-estate mortgages as " securities" under various sections of the Banking Act of 1933 302 Allowance in consideration of payment of banker's acceptance before maturity as indirect payment of interest 303 Corporate trustee under deed of trust as a holding company affiliate 303 Federal savings and loan associations as banks within section 19 of the Federal Reserve Act 304 Payment of interest when the first day of the month falls on a Sunday or holiday 304 Act authorizing Federal Reserve banks to acquire bonds of Home Owners' Loan Corporation and to act as fiscal agents of such corporation 304 Federal Reserve statistics by districts, etc.: Banking and financial statistics 305-311 Industrial and commercial statistics 313-317 rv Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 20 MAY 1934 No. 5 REVIEW OF THE MONTH smaller denominations. The retirement of the larger denominations, those of $50 and over, Member bank reserve balances increased which are little used for business purposes, has further during April to a new high level of been continuous since the end of the banking $3,750,000,000, approximately crisis in March of last year. About $350,000,- Recent banking $i 700,000,000 in excess of legal 000 in currency of such denominations has and business . J^ been returned since March 31, 1933. Circuladevelopments reserve requirements. I he tion of the smaller denominations, those of $20 increase in reserves during the and less, such as are commonly used in business month was $300,000,000 and reflected chiefly transactions, began to increase in the summer further imports of gold from abroad and addiof last year, and since July 31, 1933, has intional expenditure by the Treasury of funds creased by more than $260,000,000 to a level previously held as cash and as balances with above $4,000,000,000. The growth of the cirthe Reserve banks. Gold imports for the culation of these denominations, of which about month were $50,000,000, compared with $450,half has occurred since the end of January, has 000,000 in February and $240,000,000 in reflected larger demands for cash for pay rolls, March. The increase during the month in exfor retail trade, and for similar purposes for cess reserves of member banks was accompanied by a slight reduction in the already low level which the use of currency, rather than of of money rates and a further advance in bond checks, is customary in the United States. The prices. Toward the end of April bonds of data cited are exclusive of figures for gold coin the highest rating were selling at the highest and gold certificates, the outstanding amount prices in many years. of which has been decreasing for more than a Industrial activity increased further in March year in response to governmental action. and in April and there was a considerable Deposits of member banks continued to ; growth in factory employment and pay rolls. increase in April, reflecting further growth of The general level of commodity prices at whole- demand and time deposits, offsale continued stable for the third consecutive f set in Part b^ a decrease in month. In April there was a recession in United States Government deprices of cotton, wheat, and other grains and posits. The time deposits of reporting member increases in steel, automobiles, rubber, and banks in leading cities have been increasing meats. steadily since last December. Their demand Changes in the composition of outstanding deposits, which have been increasing since last currency in recent months show a further rise August, have increased more rapidly since the in the demand for currency for middle of December, largely in consequence of business purposes, accompanied an increase in interbank deposits. The recent by a continued decline in thegrowth of demand and time deposits has amount of currency held in hoards. This move- resulted in large part from the transfer to ment has been indicated by a continued de- individual accounts, through Treasury disbursecrease in the outstanding volume of currency ments, of a part of the Government deposits of the larger denominations, accompanied by in member banks which had been in March an increase in the volume of currency of theat the highest level in many years. These 267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN MAY 1934 Government deposits had been built up original- $27,300,000,000 being in member banks, $6,400,ly through the purchase by the banks, in return 000,000 in 234 mutual savings banks, and for deposit credit, of new issues of United $4,400,000,000 in 7,377 other nonmember banks. States Government securities. Recent growth Considering all the classes of insured banks toof individual deposits, therefore, is a step in gether, about 41 percent of aggregate deposit the process of creation of deposits by the liabilities were insured under the temporary purchase by the banks of United States plan. The proportion of total deposit liabilities Government securities and of subsequent dis- insured was 35 percent for national banks, 26 bursements by the Treasury in making current percent for State member banks, 70 percent for payments. mutual savings banks, and 58 percent for other There has been a substantial increase during nonmember banks. The variations in these recent months in the number of member banks percentages reflect chiefly the fact that the in active operation, reflecting proportion of relatively small accounts is Reopening of the reorganization and reopen- larger for some of these classes of banks than banks ing of more than 200 unlicensed for others. The figures indicate that at the member banks under old and new charters and end of March the banks which were operating the admission of about 75 nonmember State without restrictions but did not belong to the banks to membership in the Federal Reserve insurance plan included about 350 mutual System since the first of the year. The num- savings banks with about $3,300,000,000 of ber of licensed member banks increased from deposits and 950 other nonmember banks with 6,011 on December 30, 1933, to 6,294 on April not more than $700,000,000 of deposits. 25, 1934, while the number of unlicensed mem- Prices of long-term bonds have been rising ber banks declined from 512 at the end of 1933, steadily in recent months, continuing an upwith deposits of about $500,000,000, to 218 on ward movement that began Capital markets April 25, 1934, with deposits of about $200,- last November. The advance 000,000. During the same period the number has been general, extending to all classes of of restricted and unlicensed nonmember banks, SECURITY PRICES exclusive of mutual savings banks, had been ( Averages, Weekly Basis ) 140 ' ' " ^ reduced from about 1,400, with deposits of about $650,000,000, to less than 850, with 120 deposits of about $400,000,000. During the first 4 months of 1934 about 1,400 additional banks obtained from the Reconstruction Finance Corporation commitments for additional funds to strengthen their capital structures. The total number of banks having such commitments at the end of April approximated 5,900, the amount of the commitments w^as in excess of $1,000,000,000, and the aggregate amount disbursed was about $650,000,000. Figures of the Federal Deposit Insurance Corporation as of the end of March show that at that time 13,870 banks had Deposit their deposits insured under the insurance temporary plan, which covers 1931 1932 1933 each depositor in each participating bank up to bonds—Government, municipal, railroad, pub- $2,500. The total deposit liabilities of the lic utility, and industrial—and to all grades, insured banks were about $38,200,000,000, with the largest increases in the lower grades. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

269 MAY 1934 FEDERAL RESERVE BULLETIN Some bonds of the highest ratings were selling each constituted about one third. In April late in April at the highest prices since the war, new corporate issues totaled $28,000,000 and while prices of lower-grade bonds had returned in addition there were refunding issues of about almost to the level that prevailed in the first $60,000,000. half of 1931. Prices of preferred stocks have also increased during recent months. International gold movements in recent Fluctuations during recent years in the prices months have largely reflected the flow of funds of Government bonds, of 60 medium and high- to the United States that folgrade corporate bonds, and of common stocks International lowed devaluation of the dollar are shown on the accompanying chart. gold move- Prices of common stocks, after advancing ments at the end ol January and the sharply during January and early February, accompanying undertaking by have moved irregularly during recent weeks. the Treasury to buy and sell gold at $35 an During the first 5 weeks of the year the av- ounce. Changes in gold reserves of the erage price of 351 industrial issues increased by United States and the principal foreign central about 16 percent and rose above the highest banks since the end of January are shown in the level reached in July 1933. Averages of rail- table. The decrease in reserves of foreign road and public utility shares appreciated by as GOLD RESERVES OF PRINCIPAL COUNTRIES [In millions of dollars] much as 35 percent, but not to so high a level as that of last summer. Beginning early in Latest f C ro h m an l g a e st Change during— report Gold report February the trend of stock prices was down- d 1 a 9 t 3 e 4 , reserves d M at a e r c i h n March Fe a b ry ruward until near the end of March. During the subsequent 3 weeks industrial and railroad United States Apr. 30 p 7, 756 +61 +610 shares advanced again, almost to their highest England Apr. 25 I 1,575 +1 + 1 France Apr. 27 ! 5.023 +76 +43 -204 prices of early February, and public utility Germany Apr. 30 ! 83 -IS -39 -17 Italy Apr. 30 *6-:,9 -3 -22 shares showed some increase in price. All Belgium Apr. 26 i 636 +1 o Netherlands Apr. 30 j 539 +4 -4 -86 classes of stocks declined considerably in the Switzerland Apr. 30 j 534 -37 -30 -53 last week in April and the first week in May. v Preliminary. New security issues, except by the United central banks was largest in February. In States Treasury, continued in relatively small March European gold movements to the United volume during the first quarter of 1934, and States were checked and French reserves began as in 1933 were largely confined to State and to increase. This increase has represented municipal issues. New State and municipal chiefly the movement of gold from Switzerland. securities floated during the first quarter of Reserves of other leading European countries 1934 totaled $176,000,000, as compared with have shown little change in recent weeks. $179,000,000 in the last quarter of 1933. These Notwithstanding the fact that European central are the highest quarterly figures since the banks did not lose gold to the United States middle of 1932, but are far below the average during March, the central monetary gold holdquarterly volume of $350,000,000 for the years ings of this country continued to grow. The 1924 to 1930. In April new municipal issues total growth since the beginning of February amounted to about $100,000,000. The volume appears to have been about $200,000,000 in of corporate financing during the last two excess of combined reported losses by other quarters was very small. Flotations in the countries, new production, gold released from last quarter of 1933 were $25,000,000 of stocks, Indian hoards, and gold turned in in the United all representing new capital. During the first States. This additional increase represents quarter of 1934 the amount of new corporate principally gold that has come from private financing was $33,000,000, of which long-term hoards in European countries and from unrebonds, short-term bonds, and common stocks ported holdings of foreign governments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN MAY 1934 Errata in April Bulletin provisional regulations. The provisional regulations originally fixed March 15, 1934, as the On page 256 of the BULLETIN for April in the expiration of the time within which holders of table concerning the earnings and expenses of such licenses would be required to obtain national banks, by districts, last 6 months of licenses under the new regulations. On March 1932, the figures given for total interest on 8, 1934, the expiration date was extended to deposits should be (in thousands of dollars): May 1, 1934, and it has now been extended to Total for all districts, 142,441; Boston, 11,845; June 1, 1934. These extensions of time have New York, 26,590; Philadelphia, 14,298; Clevebeen made to enable the mints and assay offices land, 14,232; Kichmond, 7,025; Atlanta, 5,407; to investigate carefully each of the many Chicago, 17,496; St. Louis, 4,574; Minneapolis, thousands of applications which have been 6,318; Kansas City, 7,222; Dallas, 4,256; San received before issuing licenses under the new Francisco, 23,178. regulations. The amendment reads as follows: Change in Foreign Central Bank Discount Rate TREASURY DEPARTMENT, OFFICE OF THE SECRETARY, On April 26 the National Bank of Belgium April 19, 1934. reduced its discount rate from 3K to 3 percent. AMENDMENT TO PROVISIONAL REGULATIONS ISSUED UNDER THE GOLD RESERVE ACT OF 1934 The provisional regulations issued on January 30, Amendment to Gold Regulations 1934, under the Gold Reserve Act of 1934, as amended, The following statement was released at the are further amended in sections 45 and 46 by deleting therefrom the word and figures "May 1, 1934" wher- Treasury Department on April 25, 1934: ever they appear in said sections, as amended March 8, The Secretary of the Treasury, with the 1934, and inserting in lieu thereof the word and figures approval of the President, has amended the "June 1, 1934." provisional regulations issued under the Gold H. MORGENTHAU, Jr., Keserve Act of 1934 so as to continue until Secretary of the Treasury. Approved: June 1, 1934, the period within which licenses FRANKLIN D. ROOSEVELT. issued under the Executive order of August 28, THE WHITE HOUSE, 1933, may be deemed to be licenses under the April 20, 1934. REVISED INDEX NUMBERS OF FACTORY EMPLOYMENT AND PAY ROLLS The Bureau of Labor Statistics of the United index is now being computed from the new States Department of Labor has compiled employment index of the Bureau of Labor recently new index numbers of employment Statistics. and pay rolls in manufacturing industries, These new factory employment and pay roll giving monthly figures for the period since indexes of the Bureau of Labor Statistics have January 1919. These new indexes are shown been adjusted to agree with more complete below and will henceforth be regularly pub- data from the Biennial Censuses of Manufaclished in the FEDERAL RESERVE BULLETIN. tures and have been computed on a 1923-25 Publication of the unadjusted index numbers of base, corresponding in these respects to the factory employment and pay rolls heretofore indexes heretofore compiled by the Federal compiled by the Federal Reserve Board wil] be Reserve Board. For the period from 1919 to discontinued in the near future, but the Board 1927 the new indexes differ very little from the will continue to publish a seasonally adjusted Board's indexes for that period. Since 1927 index of factory employment. A new adjusted there are important differences owing to the fact Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

271 MAY 1934 FEDERAL RESERVE BULLETIN that the Bureau of Labor Statistics' indexes former indexes did not, however, accurately have been adjusted to agree with censuses of reflect the long-time trends. They did not 1929 and 1931 and also include representation fully portray the increases resulting from the for a substantial number of additional manu- establishment of new plants, or the decreases facturing industries. brought about by the permanent shut down of The Bureau states that its revised indexes establishments not included in the Bureau's differ in two major respects from those formerly sample. Such changes are shown only by the compiled and published by the Bureau. complete coverage of every plant in each in- " First. The index for each of the 90 separate dustry, as made by the Biennial Census of industries surveyed each month has been Manufactures. As now readjusted, the Bureau adjusted to conform with the figures on em- of Labor Statistics' index makes allowance for ployment and pay rolls for previous years as new establishments coming into existence, and published by the Bureau of the Census. Simi- old establishments dropping out. lar adjustments have been made for the 14 "A second change in the revised series of groups into which these industries are classified, index numbers is the shifting of the base from and for the general index for all manufacturing the 12-month average for 1926 to the average industries. for the 3-year period, 1923-24-25. Hence- "This change has been made so that the forth, the average for these years will equal indexes may reflect as accurately as possible 100 in the Bureau's index. This broader base the changes in total employment and pay rolls, was selected as preferable to the single-year not only from month to month, but also over a base, not only because it minimizes any unusual period of years. The Bureau's indexes are condition which would greatly affect the relabased on returns supplied by representative tive position of any industry in any single year, manufacturing establishments in each of the but also to place the Bureau's indexes on a industries surveyed. The establishments sup- base similar to a number of other official and plying these monthly data employ approxi- private series of indexes on employment, pay mately 50 percent of all factory wage earners rolls, and production." of the country, and their combined reports The Bureau of Labor Statistics will publish indicate with close accuracy the short-time in the near future a full description of the index trend in employment and pay rolls. The and detailed figures for the separate industries. EMPLOYMENT AND PAY-ROLLS IN MANUFACTURING INDUSTRIES [Revised indexes of Bureau of Labor Statistics. 1923-25 average = 100] EMPLOYMENT Month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 January - 105.3 114.9 81.0 82.5 100.7 100.2 96.3 100.5 98.2 95.0 100.8 97.3 79.6 68.7 60.2 73.3 February __ __ 102.2 113.7 82.6 84.6 102.5 101.5 98.1 101.5 99.7 96.5 102.9 97.4 80.3 69.5 61.1 77.7 March 102.4 116.0 83.2 85.9 104 6 101.7 98 8 102.1 100.2 97 6 104.1 96 9 80 7 68 4 58 8 80 8 April . 102.5 114.5 82.1 85.8 105.0 99.9 98.7 101.4 99.6 97.1 105.3 96.3 80.7 66.1 59.9 May . . 103.1 112.0 81.9 87.9 105.3 96.8 98.1 100.4 99.1 97.0 105.3 94.8 80.1 63.4 62.6 June 104.3 111.1 81.0 89.8 106.0 93.8 98.0 100.3 99.1 97.8 105.6 92.9 78.4 61.2 66.9 July 106.9 108.5 79.8 88.2 104.9 91.0 97.8 99.4 98.1 97.7 106.1 89.5 77.0 58.9 71.5 August 109.7 108.8 81.2 91.4 105.2 92.1 99.5 101.4 99.3 100.1 107.9 88.8 77.1 60.1 76.4 September.. 111.7 107.5 83.4 94.5 105.7 94.4 101.5 103.4 100.5 102.2 109.0 89.6 77.4 63.3 80.0 October 111.3 103.7 84.1 97.0 104.5 95.3 102.2 103.1 99.6 102.6 107.7 87.7 74.4 64.4 79.6 November 112.6 97.4 84.2 99.0 103.2 94.8 101.8 101.4 97.4 101.7 103.6 84.6 71.8 63.4 76.2 December 114 4 89 7 83 3 100 5 101 4 96 1 101 5 100.0 96 1 101 2 99 8 82 3 71 0 62.1 74 4 Average 107.2 108.2 82.3 90.6 104.1 96.5 99.4 101.2 98.9 98.9 104.8 91.5 77.4 64.1 69.0 PAY ROLLS January 95.3 117.2 82.8 69.6 94.6 98.8 95.4 100.9 98.4 96.0 102.3 95.9 70.0 53.5 39.5 54.0 February 89.6 115.5 81.3 72.4 97.9 104.1 100.8 105.0 104.4 101.2 109.3 98.8 74.3 54.6 40.2 60.6 March 90.0 123.7 81.7 74.9 102.5 104.1 102.4 106.5 105.7 102.5 111.6 98.8 75.6 53.1 37.1 64.8 April 89.2 120.9 79.0 73.8 103.8 101.8 100.0 104.4 104.5 100.5 112.6 97.7 74.4 49.5 38.8 May 90.0 122.4 77.3 77.2 107.3 97.5 100.7 103.1 104.0 101.3 112.9 95.4 73.4 46.8 42.7 June 92.0 124.2 75.4 80.5 107.5 92.4 98.7 103.3 102.4 101.7 111.2 92.3 69.7 43.4 47.2 July 94.8 119.3 71.7 78.5 103.3 85.7 96.8 99.0 98.5 99.0 107.2 84.3 66.2 39.8 50.8 August 99.9 121.6 73.9 83.0 103.8 89.3 99.3 103.4 101.9 103.3 112.0 83.3 65.9 40.6 56.8 September 104.7 119.8 73.4 87.0 104.3 92.5 98.8 104.4 101.4 104.7 112.9 84.1 63.4 42.9 59.1 October 102.2 115.8 72.6 89.5 106.6 95.1 104.6 107.6 102.1 108.2 112.4 82.2 61.3 44.7 59.4 November 106.7 107.0 71.7 93.4 104.5 93.7 104.6 104.1 98.5 105.0 104.1 76.8 58.1 42.9 55.5 December 114.0 98.0 73.3 95.7 102.9 97.6 105.2 103.5 99.5 105.6 100.7 75.2 57.6 41.5 54.5 Average. 97.4 117.1 76.2 81.3 103.3 96.1 100.6 103.8 101.8 102.4 109.1 88.7 67.5 46.1 48.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BULLETIN MAY 1934 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Apr. 21 and released for publication Apr. 23] Volume of industrial production increased April total car loadings showed a decline, refurther in March and there was considerable flecting a sharp reduction in coal shipments. growth in factory employment and pay rolls. Dollar volume of trade at department stores The general level of commodity prices showed increased in March by considerably more than little change between the middle of March and the estimated seasonal amount, after allowance the middle of April, but in the third week of for the early date of Easter this year. April there was a sharp decline in grain prices. Prices.—The general level of wholesale com- Production and employment.—Output of modity prices, as measured by the index of the manufactures and minerals, as measured by the Bureau of Labor Statistics, was 73.3 percent of Federal Reserve Board's seasonally adjusted the 1926 average in the week ending April 14 as index of industrial production, advanced from compared with 73.8 percent in the week ending 81 percent of the 1923-25 average in February March 10. During this period prices of steel, to 84 percent in March. This advance reflected copper, and automobiles advanced, while prices chiefly increases of more than the usual seasonal of farm products decreased somewhat. In the amount in the output of steel, automobiles, and third week of April wheat prices declined lumber, and an increase contrary to seasonal sharply and there were also declines in the tendency in the output of coal. Production of prices of other grains, cotton, and silver. textiles showed little change in volume on a daily Bank credit.—During the 4 weeks ended average basis. In the early part of April activ- April 18 member bank reserve balances inity at steel mills and automobile factories in- creased by $220,000,000, raising the volume of creased further, according to trade reports, while reserves in excess of legal requirements to coal production declined by a more than seasonal $1,600,000,000. This increase reflected a amount. growth of $105,000,000 in the monetary gold Volume of employment at factories increased stock and further disbursements by the Treasury further between the middle of February and the of funds from its cash holdings and its deposits middle of March by about 4 percent, an amount with the reserve banks. larger than is usual at this season. Employ- At reporting member banks in leading cities ment on the railroads and at mines also showed an increase of $400,000,000 in net demand and an increase. The number on the pay rolls of time deposits for the 4-week period ended the Civil Works Administration was reduced April 11 reflected chiefly the deposit by the from about 3,700,000 in the middle of February public of funds disbursed by the Treasury, as to about 2,400,000 in the middle of March and well as a growth in bankers' balances. Gov- 1,900,000 at the end of the month. ernment deposits were reduced by about The value of construction contracts awarded $200,000,000. Holdings by these banks of in March, as reported by the F. W. Dodge Cor- securities, other than United States Government poration, showed a considerable increase from obligations, increased by $64,000,000, and their the low level of February, followed in the first loans both on securities and all other also half of April by a decline. For the first quarter increased slightly, with the consequence that as a whole, the value of contracts was somewhat total loans and investments showed a growth of smaller than in the last quarter of 1933; publicly $100,000,000 for the period. financed projects continued to make up about Money rates in the open market declined three fourths of the total. further in April. Rates on prime 4- to 6-month Distribution.—Volume of freight-car loadings commercial paper were reduced from a range of showed a further increase in March, reflecting 1-1% percent to 1 percent, and rates on 90-day chiefly seasonal increases in shipments of mer- acceptances were reduced from % percent to a chandise and miscellaneous freight and a con- range of }%-}{ percent. Yields on Government tinued large volume of coal shipments, which securities also declined. usually decline in March. In the early part of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1934 FEDERAL RESERVE BULLETIN 273 RESERVE BANK CREDIT AND RELATED ITEMS MILLIONS OF DOLLARS Weekly basis: Wednesday series MILLIONS OF DOLLAR5 aooo 8000 7000 7000 6000 6000 5000 5000 4000 4000 3000 3000 2000 2000 1000 1000 TREASURY CASH 3c DEPOSITS WITH F. R. BANKS 1929 1930 1931 1932 1933 1934 Based on Wednesday figures; latest figures are for April 25. See table on page 274. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN MAY 1934 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS [In millions of dollars. Wednesday series; for other series, see p. 307] Reserve bank credit outstanding Treas- Treasury ury Date (Wednesday) B co il u ls n t d e i d s- bo Bi u l g l h s t m G c U S u e o n t r n v a i i t t t t e i e e r e s s d n e s - - O c s b th r e a e e r n d v r k i e r t e- Total M go o ld n e st t o a c ry k na r b t e a c i a n n u o n c r d n k - y al- M c o i t r i n c o e u n y la - in M b b a a s e l n e a m r k n v b c e r e e e s r - a b p w n c F a o a d . n i s s R t i k h h t d . s s e- b p m N e o r e o s m n i d t - e s - - F R c O e e o d a s t u c h e e n - r e r t v a r s l e 1933-Mar. 1.... 712 384 1,836 2,936 4,344 2,218 6,720 2,038 303 91 345 Mar. 8.... 1,414 417 ,881 3,644 4,243 2,230 7,538 1,776 317 138 348 Mar. 15... 1,232 403 ,899 3,525 4,251 2,256 7,269 1,964 317 132 349 Mar. 22... 671 352 ,864 2,887 4,264 2,273 6,608 1,918 432 126 341 Mar. 29... 545 310 ,838 2,688 4,272 2,287 6,353 1,987 428 144 334 Apr. 5__._ 436 286 ,837 2,574 4,283 2,297 6,261 1,976 441 135 342 Apr. 12... 428 247 ,837 2,528 4,293 2,303 6,147 390 143 349 Apr. 19... 414 208 ,837 2,490 4,313 2,308 6,068 2,'159 366 163 355 A.Dr, 26 ._ 385 177 ,837 2,412 4,310 2,306 5,994 2,136 371 172 354 May3._._ 400 144 ,837 2,396 4,312 2,305 5,954 2,034 487 182 356 May 10... 338 113 ,837 2,297 4,313 2,303 5,892 2,089 399 178 355 May 17... 330 78 .837 2,254 4,313 2,299 5,852 2,114 370 175 355 May 24... 312 43 ,862 2,219 4,314 2,299 5,795 2,194 329 161 353 May 31... 302 20 ,890 2,218 4,315 2,298 5,812 2,167 345 155 353 June 7 277 11 ,912 2,214 4,316 2,296 5,767 2,204 307 197 352 June 14... 254 10 ,932 2,212 4,318 2,295 5,723 2,281 316 153 351 June 21... 222 9 ,955 2,194 4,317 2,295 5,696 2,205 405 152 348 June 28... 191 8 ,975 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 July 26... 161 10 2,028 2 2,201 4,320 2,282 5,601 2,306 366 186 344 Aug. 2.... 164 2,038 1 2,208 4,320 2,281 5,618 2,319 333 188 350 Aug. 9.... 156 2,048 8 2,220 4,320 2,281 5,608 2,376 292 195 350 Aug. 16-. 166 7 2,059 8 2,240 4,321 2,281 5,612 2,371 315 197 347 Aug. 23... 150 7 2,094 7 2,258 4,328 2,280 5,592 2,432 319 175 348 Aug. 30... 153 7 2,129 9 2,298 4,328 2,281 5,592 2.427 339 202 347 Sept. 6.... 145 7 2,166 12 2,330 4,329 2,280 5,648 2,439 327 178 346 Sept. 13... 133 7 2,203 14 2,357 1,327 2,281 5,602 2,542 317 157 346 Sept. 20... 130 7 2,238 13 2,388 4,327 2,280 5,605 2,543 334 164 348 Sept. 27... 133 7 2,274 7 2,421 4,324 2,279 5,595 2,596 331 156 347 Oct. 4 123 7 2,309 10 2,449 4,324 2,279 5,652 2,523 372 159 346 Oct. 11... 119 7 2,344 7 2,477 4,324 2,278 5,673 2,567 338 155 345 Oct. 18... 113 7 2,375 18 2,513 4,323 2,277 5,650 2,655 284 166 358 Oct. 25... 115 7 2,400 5 2,526 4,323 2,277 5,608 2,693 302 167 359 Nov. l._._ 117 7 2,420 7 2,550 4,323 2,276 5,640 2,591 388 178 353 Nov. 8_... 112 7 2,430 -7 2,542 4,323 2,275 5,673 2,578 373 161 356 Nov. 15... 111 15 2,432 6 2,564 4,322 2,275 5,654 2,645 345 163 355 Nov. 22... 112 20 2,431 -1 2,562 4,323 2,276 5,654 2,687 316 149 355 Nov. 29... 119 24 2,432 7 2,581 4,323 2,277 5,743 2,573 369 142 354 Dec. 6.... 116 61 2,431 7 2,615 4,323 2,277 5,758 2,561 386 156 354 Dec. 13... 118 116 2,432 11 2,677 4,323 2,295 5,763 2,638 379 160 355 Dec. 20... 115 113 2,432 25 2,686 4,323 2,299 5,849 2,636 329 132 362 Dec. 27... 111 111 2,432 20 2,674 4,323 2,304 5,824 2,675 315 124 362 1934—Jan. 3 106 121 2,432 29 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 »5,289 2,652 597 141 287 Feb. 7.... 73 97 2,432 4 2,606 a 7,036 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... 06 75 2,432 18 2,592 7,203 2,301 5,344 2,830 3,499 132 291 Fob. 28... 64 62 2,432 2,567 7,438 2,302 5,355 3,093 3,440 127 292 Mar. 7... 59 46 2,432 2,539 7,556 2,312 5,374 3,313 3. 294 133 294 Mar. 14.. 55 37 2,432 2,532 7,605 2,332 5,345 3,454 3,226 143 301 Mar. 21.. 51 33 2,432 2,508 7,640 2,343 5,334 3,449 3,252 154 302 Mar. 28.. 53 29 2,432 2,519 7,681 2,356 5,336 3,439 3,318 161 303 Apr. 4.... 48 26 2,432 2,509 7,703 2,369 5,371 3,450 3,323 140 297 Apr. 11. _. 43 17 2,432 2,492 7,732 2,381 5,347 3,560 3,239 148 312 Apr. 18... 40 13 2,430 2,493 7,746 2,381 5,347 3,665 3,204 167 237 Apr. 25... 40 10 2,430 2,486 7,755 2,380 5,324 3,744 3,148 167 237 » Beginning Jan. 31,1934, "gold coin in circulation" (estimated for that date at $287,000,000) is excluded from monetary gold stock and money in circulation; see p. 276. * By proclamation of the President dated Jan. 31, 1934, at 3:10 p.m., the weight of the gold dollar was reduced from 2L$U grains to 15^i grains nine tenths fine. The resulting increase 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." 3 Less than $500,000. 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

MAY 1934 FEDEEAL RESERVE BULLETIN 275 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars] Apr. 30, 1934 Mar. 31, 1934 Apr. 30, 1933 Gold certificates on hand and due from United States Treasury. 4, 589,990 4, 303, 587 941,812 Gold. 2, 412,480 Redemption fund—Federal Reserve notes.. 31,047 32, 748 62,115 Other cash 222,034 200, 647 310,694 Total reserves 4, 843,071 4, 536,982 3, 727,101 Redemption fund—Federal Reserve bank notes 6,333 3,318 Bills discounted: For member banks 38, 641 53, 670 433, 579 For intermediate credit banks.. For nonmember banks, etc 401 """398 Total bills discounted. ;9, 042 54, 068 435,010 Bills bought: Payable in dollars: Bought outright 3,492 23,273 163, 527 Under resale agreement __ Payable in foreign currencies. ~5,~670~ "5," 275' 7,181 Total bills bought 8,562 28, 548 170, 708 United States Government securities: Bought outright 2, 431, 273 2, 445, 636 1,836, 488 Under resale agreement 1,600 800 Total United States Government securities. 2, 431, 273 2, 447, 236 1, 837, 288 Other Reserve bank credit: Federal intermediate credit bank debentures 200 Municipal warrants 548 563 5,726 Due from foreign banks 3,131 3,131 3,656 Reserve bank float (uncollected items in excess of deferred availability items). 2,574 11, 536 6,738 Total Reserve bank credit outstanding 2, 485, 330 2, 545, 082 2, 459,126 Federal Reserve notes of other Reserve banks 18, 414 16, 569 20,850 Uncollected items not included in float 364, 279 387, 639 295, 372 Bank premises 52, 567 52, 442 54,185 Federal Deposit Insurance Corporation stock 139, 299 69, 650 All other assets 43,772 50,980 46,103 Total assets. 7,953, 065 7, 668, 430 6, 606,055 LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks. 18,414 16, 569 20,850 Outside Federal Reserve banks __. 3,041,690 3,021, 734 3,407,061 Total notes in circulation 3,060,104 3, 038, 303 3, 427,911 Federal Reserve bank note circulation—net 74, 582 116, 876 47, 808 Deposits: Member bank—reserve account 3, 598, 528 3,457, 069 2,132,389 United States Treasurer—general account. 115,302 39,220 59,197 Foreign bank 6,228 5,941 29,928 Other deposits 262, 041 151,166 158, 248 Total deposits 3, 3, 653, 396 2, 379, 762 Deferred availability items 364, 279 387, 639 295,372 Capital paid in 146,395 146, 221 150,171 Surplus 138,383 138, 383 278, 599 Reserves (Federal Deposit Insurance Corporation stock, self-insurance, etc). 161, 828 161,829 12,206 All other liabilities 25, 395 25, 783 14, 226 Total liabilities 7, 953,065 7, 668, 430 6, 606,055 Contingent liability on bills purchased for foreign correspondents.. 4,296 4,937 40,060 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents. 3, 316, 776 3, 264,452 3, 678, 762 Collateral held by agents as security for notes issued to bank: Gold certificates on hand and due from U.S. Treasury 2,987, 271 2, 861, 734 2,648, 692 Eligible paper 23, 025 54, 621 434,778 United States Government securities 350,400 385,300 639, 500 Total collateral.. 3, 360, 696 3, 301, 655 3, 722,970 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding). 88, 852 132, 895 67,374 Collateral pledged against outstanding notes: Discounted and purchased bills _. 9 971 40,800 United States Government securities 110, 774 161,774 67,854 Total collateral. 110, 783 162,745 108,654 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN MAY 1934 ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENTS OF GOLD TO AND FROM STOCK UNITED STATESi [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 e m a t r k r e e a i - r- f O ac t t h o e r r s From or to— (prel A im pr i i n l ary) March Ja M n a u r a c r h yp I o m rt - s Exports p I o m rt - s ExP°rtsi port's Exports $l=258io grains .of gold nine tenths fine, an ounce of fine gold=$20.67 1932—October. _.. 4,264 70.8 20.6 45.8 4.5 Belgium _ 142 20 November- 4,340 75.6 21.7 48.6 5.3 England 23,619 136,955 376, 783 2,570 December.. 4,513 173.5 100.9 71.0 1.6 France . .. 1,676 51 394 1Q 175, 775 481 Germany 1 Total (12 mo.). 52.9 -446. 2 457.5 41.6 Netherlands 7,158 10 848 m, 120 1,678 1933—January 4,553 40.0 128.5 -91.5 3.0 S C w an it a z d e a rland 8,909 1 3 0 , , 5 3 6 0 9 2 15 i 1 2 2 2 . , 6 7 5 5 6 1 37 February-_. 4,380 -173.4 17.8 -178.3 -12.9 Central America 308 i 379 March 4,282 -97.2 -22.1 -100.1 25.0 Mexico 5,377 9 ' 10,761 23 April 4,312 29.5 -10.0 33.7 5.7 Argentina . May. 4,315 3.6 -21.1 22.1 2.6 Colombia 2,495 2,490 i 4, 150 J J u u n ly 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 . . 1 9 E Pe c r u u ador 1 1 9 0 2 8 2 1 2 0 4 8 August 4,328 7.5 -80.4 79.5 8.4 Uruguay September- 4,324 -3.8 -56.7 49.3 3.6 Venezuela 91 298 October 4,323 -0.7 -32.4 26.9 4.8 Australia 4 914 November- 4,323 -1.1 0.6 0.4 British India 4,225 10, 436 10, 436 December. . 4,323 -0.5 -9.1 11.8 -3.1 China and Hong Kong 2,821 2,933 Total (12 mo.). -190.4 -173.7 -58.0 41.4 Dutch East Indies— i 3.584 Japan 4 1934—January 2 4,033 2-289.3 -2.8 12.2 >-298.7 Philippine Islands. _ 1,071 2,821 $l=15%i grains of gold nine tenths fine; i.e., All other countries 2- 38 1,534 2. Q75 an ounce of fine gold=%35 February. 7,438 3 405.0 452.6 6"8 .7" 2,883.8 Total 50. 941 237 612 44 fiQ2. 181 4,809 March 7,695 256.8 237.6 —. 8 20.0 April p 7,756 60.8 50.9 — 1. 1 11.0 • With some exceptions figures represent customs valuations at rate of r> 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 Back figures.—See Annual Report for 1932 (tables 49 and 50). 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 G er o ti l f d i- d S s o t i a l a l r v l n d a e d r r - s c S e i r l t v if e i r - o T n f u r o e 1 r t y a 8 e 9 s s - 0 s s i S i d l u i v a b e r - r y M co in in or U S n n t o a i t t t e e e s s d Fe e d s er e al rve|^ t n b i N o o a n t a n e a - k s l- 1933—January.. _ 5,645 479 591 350 250 111 287 2,707 3 836 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 — 15,289 0) 178 391 267 116 283 2,894 i 202 627 February., i 5, 354 0) 167 399 270 117 289 2,949 I 194 938 March 1 5,394 0) 161 403 272 118 289 3,005 | 178 936 April v i 5, 368 0) 157 400 275 118 282 3,025 ! 162 918 v Preliminary figures. 1 Omission of figures for gold coin reflects change in reporting practice of Treasury and Federal Reserve banks (effective Jan. 31, 1934, when figure would have been $287,000,000). NOTE.—For figures of paper currency of each denomination in circulation see p. 311. Back figures.—See Annual Reports for 1932 (table 52), 1930 (table 32), and 1927 (table 22). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1934 FEDERAL RESERVE BULLETIN 277 MEMBER BANK RESERVE BALANCES [In millions of dollars] Average of daily figures Reserves held Excess reserves Month T m ot e a m l— be a r ll New York r O es t e h r e v r e "Country' T m ot e a m l— be a r ll New York r O es t e h r e v r e "Country' banks City i cities banks banks Cityi cities banks 1932—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 2,291 441 417.3 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 2,221 796 936 489 435.7 43.2 252.9 139.6 August3 2,331 837 993 501 565.5 101.8 312.3 151.3 September 3_ 2,451 1,056 499 674.5 155.2 371.5 147.8 October 3 2,557 1,135 529 758.4 149. 0 437.9 171. 5 November 3. 2,599 866 1,181 553 794.1 129.8 474.7 189.6 December '_. 2,588 1,193 567 765.7 96.0 472.6 197.1 1934—January3... 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 March 3___^ 3,345 3,227 1,422 1, 375. 1 432.2 645.5 297. 4 1 Central reserve city banks only. 2 March data not available. s 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 s m - - 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 n e ta r e k m l s - - C Y N i o e ty w r k i r O e c s i t t e h ie r 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 n e ta r e k m l s - - C Y N i o e t w r y k 1 r O e c s i t t e h i r e e v s r e " b C t a r o n y u " k n s - 1332—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 4,553 5,031 February 24,978 6,722 9,847 8,409 14, 645 5,842 5,368 3,435 10, 333 4,479 4,974 March» April* 21, 710 6,120 8,520 7,071 13,078 5,331 4,756 2,990 8,633 788 3,764 4,081 May3.. 22, 509 6,517 8,842 7,150 13,815 5,766 4,991 3,058 751 3,851 4,092 June3 22,974 9,031 7,273 14,241 5,923 5,162 3,156 8,732 746 3,869 4,117 July3 23,160 6,424 9,309 7,427 14,100 5,597 5,329 3,174 9,060 826 3,980 4,253 August 23,039 6,282 9,318 7,439 13,920 5,468 5,299 3,153 9,119 814 4,019 4,286 September 3_. 23,140 6,318 9,345 7,477 14,027 5,516 5,333 3,178 9,113 802 4,012 4,299 October 3 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 9,531 7,666 14, 347 5,475 5,543 3,330 9,139 814 3,988 4,336 December3.. 23,646 6,215 9,659 7,772 14,567 5,452 5,691 3,424 9,078 763 3,968 4,348 1934—January 3. _. 24,248 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 74fi 4,075 4, 512 March3.... 25, 288 6,671 10, 303 8, 314 15, 851 5,943 6,172 3, 736 9,437 728 4,131 4, 578 1 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

278 FEDERAL RESERVE BULLETIN MAY 1934 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Total Call date i m T n l a o v o e n a e t n n d a s t s t l s - b L a o t n o a k n s s Total s b c t a u o o S b n r n c e y e d d k - d s sb e c y s u S t r r e a e e - t d a e l s O e c u w a c u n t n u h r i s s e d r e e e e d r - d - Total A U b p a c l n n a e c P c y i e t u e a e p i r s - n d t c - ha p a c s A n a b e e y c p l c d e e a t - - s - pap p C m c a e o i p r e a m r e l - r - L Y N k b o o t i e r e o n a o r r w n k s - s i Total m r s G U e i e t r o e c . i n S e u n v - . s - t - O r s i e t t c h ie u e s - r s b c l t o a u o o s b n a r e n y c e d n - d k d s s s States abroad TOTAL—ALL MEMBER BANKS 1930-June 30 35, 656 535 21, 565 8,061 3,155 10, 349 3,113 170 71 507 2,365 10, 442 4,061 6,380 10, 656 Sept. 24 35,472 466 21,010 7,864 3,163 9,982 3,262 205 62 523 2,472 10, 734 4,095 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 2,103 113 384 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 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 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 » 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 26, 548 225 11,093 3,644 2,382 5,067 1,387 350 26 157 855 13,842 5,175 4,606 Mar. 52 NEW YORK CITY * 8,798 196 4,308 2,022 157 2,129 2,091 144 1,883 2,203 1,147 1,056 3,983 1930—June 30. 8,557 169 4,278 2,031 157 2,090 1,912 148 1,714 2,198 1,091 1,107 3,798 Sept. 24 8,582 283 4,338 2,137 147 2,054 1,525 188 1,281 2,435 1,239 1,197 3,550 Dec. 31 - 8,473 154 4,007 1,960 150 1,896 1,651 199 1,367 2,662 1,466 1,196 3,397 1931—Mar. 25.— 8,287 150 3,839 1,897 160 1,782 1,497 296 1,063 2,801 1,656 1,145 3,026 June 30 8,253 250 3,850 1,816 152 1,881 1,121 201 839 3,032 1,830 1,202 2,780 Sept. 29 7,460 374 3,694 1,728 153 1,813 695 107 542 2,697 1,768 928 2,474 Dec. 31 6,715 260 2,856 1,343 160 1,353 565 262 258 3,033 2,008 1,025 1,757 1932—June 30. _ 7,112 203 2,638 1,300 154 1,184 763 341 391 3,508 2,429 1,079 1,811 Sept. 30 7,327 216 2,621 1,247 160 1,214 701 330 337 3,789 2,603 1,186 1,699 Dec. 31 7,133 162 2,297 1,082 157 1,057 964 224 720 3,709 2,551 1,158 1,888 1933—June 30 » 6,971 143 2,436 1,032 149 1,254 891 233 624 3,501 2,320 1,181 1,728 Oct. 25» fi.995 146 2,395 1,034 148 1.213 912 170 706 3, 542 2,362 1,179 1,824 Dec. 30 2 7,351 112 2,321 156 1,180 276 687 3,932 2,768 1,164 1,724 Mar. 52 OTHER RESERVE CITIES 13, 701 277 9,029 3,811 1,524 3,693 710 18 301 353 3,685 1,686 1,999 4,306 13,971 235 8,726 3,632 1,526 3,567 1,064 54 337 643 3,947 1.785 2,161 4,387 1930—June 30. 13,758 286 8,906 3,656 1,631 3,620 531 122 212 167 4,035 1.727 2,308 3,991 1 1 1 9 9 9 3 3 3 2 3 1 — — — S J D S D S D O J J M u e e e u u e e e c n p p p c c n n c a t e . . . . e r e t t t . . . . 2 3 3 3 3 3 3 2 2 3 2 5 1 1 1 0 0 0 4 9 0 5 « >__ 1 1 1 1 1 1 1 1 1 3 0 9 9 0 2 1 3 3 0 0 , , , , , , , , , , , 9 7 1 1 0 0 9 5 9 8 5 5 1 5 8 4 1 6 3 7 1 6 1 5 7 5 6 5 5 9 0 6 7 2 2 3 2 2 2 1 1 1 1 5 0 8 4 4 3 0 7 2 2 4 3 4 7 7 5 5 8 0 9 4 8 8 6 4 7 7 6 4 4 5 , , , , , , , , , , , 5 1 7 1 9 4 6 8 8 4 8 1 0 9 9 1 6 0 4 4 0 7 9 0 6 2 7 9 5 9 6 9 7 3 2 2 3 2 2 1 1 1 1 , , , , , , , , , , 4 8 6 1 5 1 0 6 7 3 6 3 0 0 8 6 6 0 9 0 6 0 3 6 8 9 0 2 2 4 1 1 1 1 1 1 1 1 1 1 1 , , . , , , , , , , , 1 4 1 1 5 1 6 5 4 3 6 5 0 4 5 6 1 3 8 0 9 2 8 7 4 1 0 9 8 5 6 8 1 3 3 3 3 2 2 2 2 2 1 1 , , , , , , , , , , , 1 0 7 1 4 2 3 4 9 9 0 1 6 0 8 0 1 4 8 9 6 2 6 8 9 6 8 2 1 5 3 4 3 3 2 6 4 2 3 1 1 1 1 1 5 0 2 4 7 7 3 1 1 5 8 8 6 6 5 0 4 5 5 8 1 4 1 3 3 5 9 6 4 6 6 6 5 5 5 8 0 1 7 4 3 8 4 8 8 2 1 1 7 6 9 8 6 6 4 5 1 6 8 8 2 1 9 2 5 6 1 2 7 9 1 2 1 1 1 1 5 5 1 3 0 2 2 1 1 7 2 6 8 6 8 0 7 4 4 2 5 4 4 4 4 4 5 4 4 4 4 , , , , , , , , , , , 0 1 2 6 7 7 6 3 4 5 6 0 5 2 4 2 5 2 6 6 6 7 4 0 6 5 1 0 7 2 1 6 3 3 3 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , 2 9 8 1 1 8 4 4 4 3 3 0 8 8 6 5 3 0 6 6 1 0 9 7 7 9 3 8 6 2 4 3 1 2 2 2 2 1 . L . , , , , , , , , , 7 7 7 9 8 0 2 3 3 9 , 9 5 5 0 0 6 6 6 9 4 9 7 4 0 0 6 6 4 0 2 9 3 1 3 3 3 3 2 2 1 2 1 1 1 . , , , , . , , , , , 8 3 5 2 8 4 8 4 0 7 7 0 1 3 8 9 4 5 5 5 5 2 7 5 8 6 9 6 9 0 6 9 3 Dec. 30 2 Mar. 52 13,157 8,229 2,227 1,475 4,527 312 171 129 4,555 1,229 3,326 2,367 12,944 8,007 2,200 1,480 4,326 286 164 115 4,589 1,219 3,370 2,326 "COUNTRY" BANKS 12,519 7,762 2,149 1,455 4,158 177 120 49 4,519 1,159 3,359 2,213 1930—June 30 1 12 2 , , 0 2 6 9 8 0 7 7, , 3 5 1 2 8 4 2 2, , 0 0 3 9 1 7 1 1, , 4 4 3 4 7 9 3 3 , , 8 9 4 7 9 8 1 1 5 3 8 5 1 10 1 1 4 3 3 6 0 4 4 , , 5 5 5 5 0 5 1 1, , 2 2 7 2 9 4 3 3 , , 3 2 2 7 6 6 2 2 , ,1 0 4 7 7 8 Sept. 24 11,805 7,018 1,935 1,411 3,673 116 81 32 4,606 1,433 3,172 1,985 1 1 1 9 9 9 3 3 3 3 2 1 — — — J D D S D S J J M u e e u u e e e n p n c p c c n a e . . . e r e t t . . . 3 3 3 3 3 3 3 2 2 1 1 0 1 0 0 0 9 5 2 _ 1 1 8 8 8 9 0 9 7 0 , , , , , , , , 3 0 0 8 6 9 9 2 8 3 6 7 9 0 5 4 1 1 8 9 3 7 4 0 4 4 5 4 4 6 5 5 , , , , , , , , 1 1 1 1 4 6 4 8 2 0 7 9 0 6 6 9 3 3 5 4 5 3 9 2 1 1 1 1 1 1 1 1 , , , , , , , , 0 1 4 1 5 7 4 1 9 0 8 1 4 5 3 3 3 8 1 8 6 6 2 2 1 1 1 1 1 1 1 1 , , , , , , , , 0 0 3 3 3 0 3 0 6 6 2 0 7 4 2 5 1 8 4 4 0 6 8 5 3 3 2 2 1 1 1 , , , , , , , 0 9 8 0 9 3 9 1 4 5 0 5 8 6 8 7 7 2 7 5 7 6 9 4 6 5 3 7 7 2 5 3 4 5 9 3 1 3 5 4 4 3 3 2 2 4 4 6 8 6 6 8 7 2 3 2 1 1 1 9 8 2 0 3 3 6 0 3 4 3 4 4 3 4 4 , , , , , , , , 1 8 1 7 2 1 5 3 4 4 1 2 8 4 9 9 8 4 5 6 7 8 2 8 1 1 1 1 1 1 1 1 , , , , , , , , 6 9 4 5 4 4 4 4 4 8 7 9 6 1 3 7 6 3 4 2 9 8 2 1 2 2 2 2 2 2 2 2 . , , , , , , , 1 2 9 7 1 1 6 7 0 6 7 9 5 2 4 1 2 2 4 4 6 9 0 5 1 1 1 1 1 1 1 1 , , , , , , , , 1 1 5 7 4 1 5 1 2 7 3 9 5 5 0 4 9 4 6 6 0 0 3 8 Oct. 25 2 1 LDoeac.n s3 0( s2ecured by stocks and bonds) to brokers and dealers in securities at New York City. 2 LMicaern. s5ed2 banks (operating on an unrestricted basis). 3 Central reserve city banks only. Back figures.—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (table 53), but comparable figures of total loans secured by stocks and bonds are given for June 30,1925-28, in the board's Annual Report for 1928 (table 52); for separate figures of United States Qovernment securities and other securities back to 1914, see Annual Report for 1932 (table 73). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

279 MAY J934 FEDERAL RESERVE BULLETIN 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 Invest- Invest- Total Loans ments Total Loans ments 1929— Mar. 27. 58, 019 40, 557 17, 462 35,393 24, 945 10, 448 1 9, 390 I 5, 694 » 3, 696 13, 236 9,918 3,317 June 29_. 58, 474 41,512 16, 962 35,711 25,658 10, 052 9,556 5,892 3,664 13, 207 9,961 3,246 Oct. 4... 58,835 42, 201 16, 634 35, 914 26,165 9,749 i 9, 556 i 5,892 i 3, 664 13, 366 10,144 3,221 Dec. 31- 58, 417 41, 898 16, 519 35, 934 26,150 9,784 9,463 5,945 3,518 13,020 9,803 3,217 1930—Mar. 27. 57, 386 40, 686 16, 700 35, 056 25,119 9,937 i 9, 463 1 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 1 9, 747 i 6, 009 i 3, 739 12,371 8,968 3,402 Dec. 31.. 56, 209 38,135 18,074 34,860 23, 870 10, 989 6,068 3,920 11,362 8,196 3,165 1931—Mar. 25. 55, 924 36,813 19,111 34, 729 22, 840 11, 889 1 9,987 i 3, 920 11, 208 7,906 3,302 June 30.. 55, 021 35, 384 19,637 33,923 21, 816 12,106 10, 506 6,169 4,337 10, 593 7,399 3,194 Sept. 29. 53, 365 33, 750 19,615 33,073 20, 874 12,199 1 10, 506 » 6,169 » 4,337 9,786 6,707 3,079 Dec. 31.. 49, 704 31, 305 18, 399 30, 575 19, 261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 46,071 27,834 18, 237 28,001 16, 587 11,414 10, 316 6,130 4,186 7,755 5,117 2,637 Sept. 30 45,852 26,985 18, 867 28, 045 15,924 12,121 1 10, 316 i 6,130 i 4,186 7,491 4,931 2,560 Dec. 31 44,946 26,063 18, 883 27, 469 15,204 12, 265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30* i 40,089 22, 215 17, 874 24,786 12,858 11,928 10,044 5,941 4,103 5,258 3,415 1,843 Oct. 25 3... i 24, 953 13, 059 11, 894 Dec.30.... 1^40,479 22, 081 > 18, 398 25, 220 12. 833 12, 386 P9,935 V5,~892~ M,043 5, 322 P3,356 1934—Mar. 5. 26,548 12,703 13,842 1 Figures of preceding call carried forward. 2 Beginning June 30, 1933, all bank figures (other than mutual savings banks) represent licensed banks only, with some exceptions as to nonmember banks. 3 Nonmember bank figures not available. p Preliminary. 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 1 I 1 M ba e n m k b s er M sav u i t n u g a s l no C n h m e e r m- Total ti N on a a - l State s t in u a g v a s l - m n b o e e m n r - banks ber banks banks banks 1929—Mar. 27 __J 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.. j 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 18,983 13,193 Oct. 4 24,951 8,616 7,468 1,148 i 611 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 1 32,082 1 i 8,916 12,187 1930—Mar. 27 24, 223 8,406 7,311 1,095 1609 15, 208 June30 J 54,954 I 33,690 9,197 12, 067 June 30 23,852 8,315 7,247 1,068 606 14,931 Sept. 24 I 52,784 !j 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 I 51,427 l| 31,153 I i 9, 507 10, 767 1931—Mar. 25 22,372 7,928 6,930 998 1603 13,841 June30 \ 51,782 I 31,566! 10,017 10,199 June 30 21,903 7,782 6,800 982 600 13,521 Sept. 29 ...J 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 j 27,432 10,105 8,284 Dec. 31 19,966 7,246 6,368 878 597 12,123 1932-June30 | 41,963 24,755 10,020 7,188 1932—June 30 19, 046 6,980 6,145 835 594 11,472 Sept. 30 j 41,942 I 24,903 i 10, 020 7,020 Sept. 30 18,794 6,904 6,080 824 1594 11, 296 Dec.31 | 41,643 ! 24,803 10,022 6,818 Dec. 31 18, 390 6,816 6,011 805 594 10,980 1933-June302 38,011 | 23,338 9,713 4,961 1933—June 302 14, 530 5,606 4,897 709 576 8,348 Oct. 253 I 23,453 Oct. 253 5,818 5,052 766 Dec. 30. | p 38, 644 23,774 P9, 653 Dec. 30 P15,211 6,011 5,154 857 P581 p 8, 619 1934—Mar. 5 | 25,293 1934—Mar. 5 6 206 5,288 918 For footnotes see table above. For footnotes see table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN MAY 1934 REPORTING MEMBER BANKS IN 91 LEADING CITIES [In millions of dollars] Total—911 leading cities New York City 90 other leading cities Loans and investments Loans and investments Date 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 r k .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 o n in r . k - R g s s . a m T l n v o d o e e a s t n n i a t t n - s l s - r a o b t B w a F n o in r k . - R g s s . mrities loans U.S. se- curities loans U.S. se- Total curities Total curities 1933—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 5,288 6,730 1,666 1,695 3,369 2,269 9,964 23 Dec. 27- 16, 666 3,628 4,774 8,264 5,267 6,756 1,722 1,664 3,370 2,253 9,910 24 1934—Jan. 3... 16,595 3,620 4,765 8,210 5,205 6,707 1,744 1,670 3,293 2,187 25 Jan. 10_. 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 ,620 1,659 3,300 2,185 9,868 21 Jan. 24.. 16, 396 3.498 4,713 8,185 5,245 6,569 ,646 1,666 3,257 2,201 9,827 20 Jan. 31- 17,121 3,609 4,740 8,772 5,786 ,748 1,718 3,520 2,421 10,135 13 Feb. 7- 17,082 3,587 4,713 8,782 5,847 6,964 ,729 1,691 3,544 2,485 10,118 12 Feb. 14. 17,092 3,531 4,755 8,806 5.867 6,922 ,677 1,734 3,511 2,448 10,170 10 Feb. 21. 17,494 3,630 4, 718 9,146 6,199 7,096 769 1,707 3,620 2,553 10, 398 11 Feb. 28. 17,400 3,520 4,665 9,215 6,249 7,006 1,662 3,675 2,585 10,394 12 Mar. 7- 17,425 3,495 4,673 9,257 6,278 7,069 ,649 1.661 3,759 2,668 10, 356 10 Mar. 14 17, 513 3,593 4,688 9,232 6,229 7,213 ,733 1,673 3,807 2,704 10, 300 10 Mar. 21 17, 526 3,553 4, 643 9,330 6.272 7,199 .687 1.637 3,875 2,717 10, 327 Mar. 28 17,472 3,514 4,647 9,311 6,227 7,193 ,663 1,629 3,901 2,720 10,279 Apr. 4.. 17, 508 3,569 4,668 9,271 6,175 7,296 ,720 1,655 3,921 2,717 10,212 Apr. 11- 17, 611 3,612 4,698 9,301 6,234 7,405 ,756 1,675 3,974 2,804 10, 206 Apr. 18. 17, 513 3,580 4,623 9,310 6,226 7,238 ,723 1,601 3,914 2.742 10, 275 Apr. 25. 17,471 3,516 4,604 9,351 6,282 7,138 1,674 1,594 3,870 2,716 10, 333 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 [In millions of dollars. Monthly data are averages of weekly figures] [Net borrowings on demand and on time. In millions of dollars] For ac- End of month Total an Y F d r o o p t r m r k a u n s b N i t e a s e c n w o k m s - f b F o a a r r g n e o e i k m g n s n c , i b e b p s r a r , o i n v k e k a e t i c r t n e . s g , Month or date Total o c w F o n u o n r a t c- c b o o a c u u o n t n - w k o t s n f o - l f c F o o o u th r n e t a r o c s - f 1933 1934 1933 1934 1933 1934 1933— M Ap ay ril 3 57 9 8 9 3 5 7 5 4 5 2 1 1 7 June 755 712 36 July 919 806 105 January 359 903 270 839 90 64 August 877 747 122 February 360 938 298 862 62 76 September. 847 741 98 March 311 981 247 873 64 108 October 779 663 111 November. 723 611 106 April 322 1,088 268 973 54 116 December. 759 631 | 122 May 529 461 68 June- 780 694 86 1934—January.... 802 657 I 137 February.. 889 731 | 149 J A S u e u l p y g t u e s m t ber 9 9 8 1 9 16 7 7 8 8 80 2 4 2 6 1 P 9 7 1 6 4 A M p a r r i c l h 8 9 8 7 6 5 8 7 1 3 3 6 1 1 5 4 6 8 N O D c o e t c v o e e b m m er b b e e r r 7 7 8 8 7 4 9 6 5 7 7 7 0 1 7 6 2 6 7 7 69 0 7 A A A A p p p p r r r r . . . . 4 2 1 1 5 1 8.... 1,0 9 9 0 5 4 2 8 5 8 8 7 7 4 2 8 9 2 7 6 8 1 1 1 1 5 6 5 5 4 2 1 5 Back figures.—See Annual Reports for 1932 (table 84) and 1927 (table 47). i Member and nonmember banks outside New York City (domestic banks only). Back figures—See Annual Reports for 1932 (table 83), 1931 (table 62), 1930 (table 56), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1934 FEDERAL RESERVE BULLETIN 281 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR CLASSES OF BANKERS* ACCEPTANCES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars] H er e a l l d R b e y s e F r e v d e - Held by b a a n c k c s epting o B n a g s o e o d ds Ba o s n ed banks stored in goods End of month T o o u t t a - l F ac o - r H b e y ld End of month Total B i a m se - d o B p n a o s r e e t x s d - U ( S h w n t o a a i u t t r s e e e e s d - Do e l x l - ar f s c o t o r o i e u n r i e n g d - n stand- For count others into from credits) change tries or ing o a w c- n o e f i g fo n r- T i z o -v t t a ol i O bi w lls n bo B u il g ls ht U.S. U.S. ship or ped shipped count corre- between tween spond- domestic foreign ents points points 1931—December.__ 974 305 251 262 131 131 156 OUTSTANDING 1932—January 961 119 314 332 159 174 195 1933—March 671 73 175 184 8 230 February... 919 76 312 343 175 168 189 April . 696 77 176 199 10 234 March. 911 36 335 377 155 222 163 May 669 77 174 185 9 225 April 879 16 292 455 188 268 115 June 687 80 168 217 9 213 May 787 4 183 510 225 286 90 July 738 86 168 255 10 219 June. 747 36 98 518 200 318 96 August. __ 694 95 160 229 4 206 July 705 12 59 563 197 366 70 September... 715 103 171 237 4 199 August 681 3 49 574 198 376 55 October 737 99 185 253 5 195 September.. 683 2 43 573 159 414 64 November- 758 98 200 278 4 180 October 699 3 39 605 199 406 52 December _ 764 94 207 277 4 182 November.. 720 4 32 655 268 386 28 December... 710 4 40 604 224 380 62 1934—January 771 89 225 277 5 175 February 7.r>0 98 203 261 4 184 1933—January 707 2 41 626 256 370 38 March 635 103 186 226 3 168 February... 704 307 30 325 201 124 42 March. 671 280 45 261 153 108 85 HELD BY F. R. BANKS April 697 164 43 404 206 199 86 (OWN ACCOUNT) 1 May. 669 13 36 505 229 276 115 June 687 41 36 487 201 287 123 1933—March 280 33 56 87 4 97 July. 738 2 37 552 248 304 147 April. 164 20 35 38 2 66 August 694 1 40 499 252 247 154 May 13 2 3 2 6 September. _ 715 1 41 517 236 282 156 June 41 7 6 11 (2) 16 October 737 1 31 592 271 321 112 July 2 1 1 November. _ 758 18 3 599 273 326 138 August 1 (2) (2) December... 764 127 4 442 223 219 190 September 1 (2) (2) 1 (2) October 1 (2) (2) (2) (2) 1934—January 771 105 4 567 255 312 95 November.. 18 7 2 4 (2) 4 February... 750 '56 5 581 266 315 114 December 127 23 22 39 1 39 March 685 23 5 576 252 324 86 1934—January 105 18 21 30 2 31 r tRevised. M Fe a b r r c u h ary "• 2 5 3 6 1 5 1 1 6 1 1 7 5 2 2 1 4 6 Figures for acceptances outstanding (and held by accepting banks) from American Acceptance Council. r Revised. Back figures.—See Annual Reports for 1932 (table 91), 1931 (table 70), 1 Total holdings of Federal Reserve banks include a small amount of 1930 (table 64), 1929 (table 58), and 1928 (table 61). unclassified acceptances. 2 Less than $500,000. ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- Back figures.—See Annual Reports for 1932 (tables 88 and 23), 1931 HOLDINGS OP FEDERAL RESERVE BANKS (table 15), 1930 (tables 61 and 14). [In thousands of dollars] COMMERCIAL PAPER OUTSTANDING [In millions of dollars] End of month 1931 1932 1933 1934 End of month 1931 1932 1933 1934 J J J F M A A S M O N D a u u e e p u c e o n a n a l p b t c y r g v u r y e o t i r e c u e e l a u b m h m s m r e a t y b r r b b y e e e r r r 1 3 3 3 2 3 4 3 1 4 3 3 4 8 3 0 6 3 1 1 1 5 , , , , , , , , , , , , 0 0 0 1 9 2 4 3 5 8 3 5 6 7 7 1 5 1 8 2 0 0 7 5 4 3 3 9 8 5 6 9 4 1 1 1 3 3 3 3 3 3 3 3 3 3 3 2 0 0 0 0 0 0 0 0 3 9 0 3 , , , , , , , , , , , ,4 4 8 8 7 6 7 8 6 4 7 6 4 8 3 4 7 5 3 3 4 7 5 6 4 9 7 9 8 9 6 4 5 8 2 2 2 2 2 4 9 5 7 7 6 5 6 6 6 6 8 , , , , , , , , , , , , 8 1 6 0 1 8 0 0 9 7 0 4 8 9 3 9 2 8 8 9 6 8 3 8 1 1 7 6 9 1 3 9 8 8 6 1 5 5 5 5 . , , , 8 9 2 0 8 7 7 7 7 5 7 0 J J J M A M A S N F O D u u a e e p u o c e a n n a l p b y t r g c v y r e u o t i r e c u e e l a b u h m m s m r e a t y b r b b r . . e y e e _ . r r r . . _ . . 2 2 3 3 3 3 3 2 2 2 1 1 4 8 1 7 9 2 0 1 0 1 7 1 8 9 0 1 2 7 7 5 5 1 4 8 1 1 1 1 1 1 1 1 1 1 1 8 0 0 0 1 0 1 1 0 0 0 1 1 8 8 6 1 0 0 0 8 3 3 3 1 1 1 1 1 8 8 9 7 6 6 7 3 0 2 3 0 5 4 7 2 4 0 3 0 7 3 3 9 1 1 1 0 3 1 8 3 7 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

282 FEDERAL RESERVE BULLETIN MAY 1934 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES ON REDISCOUNTS FOR AND ADVANCES TO SHORT-TERM RATES IN NEW YORK CITY MEMBER BANKS [Percent per annum] Rediscounts and advances un- Advances under sec. d F e e r d e s r e a e l s . R 1 es 3 e r a v n e d A 1 c 3 t a of the 1 R 0 e b s er o v f e t A he c t Federal Prevailing rate on- Ave o ra n g - e rate Ave o r n a — ge 1 yield Federal Reserve bank N B Ph e o w i s l t a o Y d n e o l r p k hia.— e R M ff a e a c te y t 2 i i y o 1 n 2 n F N F D e e o b b a v l . . t . i e s h 1 e 8 e 2 6 s , , d . t 1 a 1 1 9 9 9 b 3 3 3 - 3 4 4 o P u r s e r v a i t - e e R M ff a e a t c e y t i o 1 n n O O O D c c c a t t t l t . . i . e s h e 2 2 e s 0 2 0 d t , , , a 1 1 1 b 9 9 9 - 3 3 3 3 3 3 Month or week m m p P 4 c a r o e o t p i r n o m m c e t i r h - 6 e a , s l a P a b c d n e a r c 9 a r i c n e m s y 0 e k p ' s s e - t , - d l T o a i 9 a y m n 0 s s e 2 , N C e a w ll lo n a e R n w e s - a 3 l m T b U o u r i n e . l 3 r S l t y a s h . s , s * m c T c 3 n U e u a o a r o r t e n . t r n t t o S e y i a d e t f . s s s h i 6 , - - s Cleveland 2 Feb. 3,1934 Oct. 21,1933 Richmond 3 Feb. 9,1934 3H Mar.16,1933 1933 Atlanta Feb. 10.1934 July 15,1933 April 2 -3M 1 - 1.29 1.37 0.78 0.45 Chicago Oct. 21.1933 3 Oct. 16,1933 May 2 - V2 1 -IX 1.00 1.00 .43 .29 St. Louis Feb. 8,1934 3 Oct. 21,1933 June 1.00 1.00 .26 *.07 Minneapolis Mar. 16.1934 Mar.14,1933 July.. 1.00 1.00 .35 .19 Kansas City Feb. 9,1934 Mar.23.1933 August -IX .98 .98 .26 .01 Dallas Feb. 8,1934 Mar.12.1934 September X .75 .75 .11 s.04 San Francisco.- Feb. 16,1934 Oct. 19,1933 October IX X .75 .75 .13 .09 November X-V2 .75 .75 .38 .22 RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- December .94 .94 I UALS, PARTNERSHIPS, AND CORPORATIONS 1934 January l -IX 1.00 1.00 .66 .25 Advances secured by February 1.00 1.00 .63 .OS Discounts and advances direct obligations of March l -IN U-i 1.00 1.00 .09 *. 01 under par. 3 of sec. 13 the United States of the Federal Re- (last paragraph of sec. April l -IK 3/4-1 1.00 1.00 .08 serve Act 13 of the Federal Re- Feder b al a n R k eserve serve Act) Week ending- Mar. 31 -l 1.00 1.00 e R f M f a e a c te y t i o 1 n n Da l t i e s h e e s d tab- e R f M f a e a c te y t i o 1 n n Da l t i e s h e e s d tab- A A A p p p r r r . . . 2 7 1 1 4 l - l l IX y V % s - - x x X 1 1 1 . . . 0 0 0 0 0 0 1 1 1 . . . 0 0 0 0 0 0 . . 0 0 7 8 (6) Apr. 28 l 1.00 1.00 Boston 6 Aug. 11,1933 4 Oct. 20,1933 New York... 6 Aug. 10,1933 Wi Feb. 8,1934 i Yield on Treasury bonds, previously included in this table, now Philadelphia 6 Aug. 12,1933 4 Oct. 20,1933 shown in table on bond yields on p. 285. ^ Stock exchange 90-day time loans. Cleveland 6 Aug. 20,1933 4 Oct. 21,1933 3 Stock exchange call loans; new and renewal rates. Richmond . ._ 6 Aug. 10,1933 4 Feb. 19,1934 4 Average rate of discount on issues sold by U.S. Treasury within Atlanta 5 Mar. 20,1934 4 Mar. 17,1934 period. • Change of issue on which yield is computed, Chicago _. 6 Aug. 13,1933 4 Oct. 16,1933 fi Negative yield. St. Louis 6 Aug. 10,1933 4H Mar. 15,1933 Back figures.—See Annual Reports for 1932 (tables 56 and 57), 1931 Minneapolis 6 do 4M Apr. 15,1933 (tables 39 and 40), 1930 (tables 36 and 37), 1929 (tables 35 and 36), etc. Kansas City_-«.__ ._ 6 Aug. 20,1933 4 Feb. 23,1934 Dallas 6 Sept. 8,1933 4 Mar. 12,1934 RATES CHARGED CUSTOMERS BY BANKS IN San Francisco 6 Sept. 2,1933 4 Oct. 19,1933 PRINCIPAL CITIES [Weighted averages of prevailing ratesj BUYING RATES ON ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York] New York City 8 other northern 27 southern and and eastern cities western cities Month ! Rate in Maturity effect on Date estab- Previous 1932 1933 1934 1932 1933 1934 1932 1933 1934 May 1 lished rate January 4.71 4.12 3.58 5.07 4.89 4.65 5.61 5.60 5.40 February 4.71 4.11 3.43 5.13 4.84 4.49 5.61 5.56 5.39 1-15 days... Oct. 20,1C33 1 March. _ 4.72 4.88 3.31 5.14 5.39 4.52 5.64 5.66 5.40 16-30 days.. do 1 April 4.69 4.33 3.39 5.10 5.09 4.52 5.63 5.68 5.34 31-45 days.. do 1 May 4.55 4.24 5.14 4.99 5.64 5.66 4 61 6 - - 9 6 0 0 d d a a y y s s . . . _ y V 2 i \ d d o o 1 1 J J u u n ly e 4 4. . 4 6 2 1 4 3 . . 1 9 0 3 5 5. . 0 1 5 3 4 4 . . 8 9 2 7 5 5 . . 6 6 3 2 5 5. . 5 6 4 2 91-120 days. % do 1 August 4.45 3.97 5.12 4.68 5.68 5.53 121-180 days 1 do..,- IK 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 mm November... 4.12 3.52 4.88 4.54 5.55 5.42 NOTE.—Rates on prime bankers' acceptances, Higher rates may be December... 4.22 3.48 4.88 4.59 5.60 5.43 charged for other^classes of bills. Back figures.—See Annual Reports for 1932 (table 54) and 192S (table 35). Back figures.—See Annual Reports for 1932 (table 59), 1931 (table 42). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

283 MAY 1934 FEDERAL RESERVE BULLETIN TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [In millions of dollars] Total Interest bearing Nonin- Interest-bearing debt End of month ( d g e r b o t s ) s Total Bonds Notes C i e c r a t t i e f s - Bills t b e i e r n e a g r s - t Total i Bonds' Notes i C ic e a r t t e if s - > . Bills 1932 Outstanding Apr. 30, 1934— S N D O e o c e p t c v o t e e b e m m e m r b b b e e e r r r . . - - . 2 2 2 2 0 0 0 0 , , , , 8 8 8 6 1 0 1 0 3 5 1 7 2 2 2 2 0 0 0 0 , , , , 4 4 4 2 8 4 7 9 5 8 6 6 1 1 1 1 4 4 4 4 , , , , 2 2 2 2 5 5 5 2 7 7 7 3 3 3 3 3 , , , , 5 2 0 5 3 9 3 3 9 9 9 1 2 2 2 2 , , , , 2 3 0 0 8 8 4 3 4 5 4 8 6 6 6 64 4 2 4 3 2 3 5 3 3 3 3 3 1 2 5 1 5 8 7 Ob T l o i A N B g ta e a u o f l t g v o i . o . r e n 1 s 1 - A O , m u c a 1 g t. t 9 . u 3 3 1 r 4 1 , i , - n 1 A 1 g 9 9 p — 3 3 r 4 . 4 30, 2 2 1 5 . , , 6 5 1 6 9 1 8 9 9 1 | | | l 1 1 3 5 2 ,7 1 1 1 ,2 8 0 4 7 7 6, 34 1 5 0 1,8 5 1 1 2 7 4 5 5 1,3 5 8 7 5 2 8 1 7 1933 1935 1,520 528 J A M F a e p n a b r r u i r c l a u h r a y ry... 2 2 2 2 0 0 1 1 , , , , 4 8 9 3 4 0 3 6 1 2 5 2 . 2 2 2 2 0 0 0 1 , , , , 9 4 5 0 9 5 8 8 2 4 4 7 1 1 1 1 4 4 4 4 , , , . 2 2 2 2 3 3 3 3 0 0 0 0 3 3 3 3 , , , , 5 5 2 5 7 7 7 9 5 6 6 8 2 2 2 2 , , , , 2 3 1 3 8 6 3 6 5 9 8 3 6 8 9 6 4 4 1 1 1 1 8 7 3 3 3 3 7 5 4 5 1 4 8 0 1 1 M 1 9 9 9 3 3 3 a 7 8 6 y . 1-Dec. 31, 1935 I 1 4 1 1 , , , , 1 3 4 7 8 3 4 9 9 0 9 1 3,14 4 1 9 1 1 1 1 , , , , 1 3 7 2 8 5 4 8 9 0 9 1 J J M A u u u a l n y s y e u . s . t . -. 2 2 2 2 2 1 2 3 , , , , 0 5 6 8 9 3 5 1 9 9 3 0 2 2 2 2 2 2 1 2 , . , , 4 1 2 7 6 5 4 2 9 8 0 3 1 1 1 1 4 4 5 4 , , , , 2 2 2 0 2 3 2 7 3 9 3 4 4 4 4 5 , , , , 8 1 7 1 0 4 5 8 1 8 3 0 2 2 2 1 , , , , 1 2 2 5 1 0 4 4 9 0 6 3 9 9 9 9 7 5 5 5 9 5 4 3 3 3 3 3 8 8 7 7 1 5 0 6 Othe A 1 1 r 9 9 f 4 4 t o e 3 1 b r li 1 g 9 a 4 t 3 ions 4 ! ! 8 1 , , 7 0 8 8 6 3 3 9 3 8 4 8 8,7 8 8 6 6 9 3 7 3 8 4 8 238 122 i S O e c p to t b e e m r ber- 2 23 3 , , * 0 0 5 5 1 0 2 2 2 2 , , 6 6 7 6 2 9 1 1 5 5 , , 0 0 7 7 4 4 5 5 , , 1 1 5 5 1 0 1 1 , , 4 4 9 9 5 3 9 9 5 5 2 2 3 3 7 8 9 1 1 Issues classified as of date of final maturity; most issues are callable November.. 23, 534 23,161 15, 569 5,148 1, 492 952 373 at earlier dates. Amount callable before May 1, 1935, and not yet December... 23, 814 23,450 15, 569 5,125 1, 753 1,003 364 called, $5,801,000,000, including certain pre-war "issues that are held as collateral for circulating notes. 1934 2 Approximate amount of 4th Liberties called for redemption Apr. 15, J F M A a e p n a b r r u i r c l a u h r a y ry... i I ' ' 2 2 2 2 6 6 5 6 , , , 1 , 0 1 1 0 7 5 8 5 1 7 2 2 2 2 2 5 5 5 4 , , , , 7 7 6 5 2 0 9 9 0 7 9 8 1 1 1 1 5 5 5 5 , , , , 7 5 5 6 1 7 7 C 8 9 9 0 6 5 6 6 , , , , 6 4 6 9 7 8 2 2 2 9 6 5 2 2 1 1 , , , , 2 2 8 8 7 8 1 1 8 0 6 4 1 1 1 1 , , , , 3 2 3 3 7 7 1 7 8 8 4 8 3 3 4 5 5 4 5 1 1 5 9 9 1 1 9 9 3 4 3 3 4 4 I A , . n p c a p l n u r d o d x e n s i o m t t h a y e t e e 2 t a p r m e e d r o c e u e e n n m t t e o C d f . o 4 n t s h o ls L o ib f e 1 r 9 ti 3 e 0 s , w ca h ll i e c d h a fo re r h re e d ld e m as p t c i o o l n la t O er c a t. l f 1 o 5 r , circulating notes, and such issues as Postal Savings bonds, retirement- • Revised. 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 I I Inc d r u e r a i s n e g o p r e d r e i c o r d ease receipts { I Period Total i I I n n c t t a o e x m rn e al rev O e t n h u e e r I C l m a u n a i s s e n t c o o d e m u l s - s Total» General3 g E e m nc e y r - * p o t e u r n r e d e x 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 10 months ending: April 1933 1, 765 583 658 394 3,896 2,767 1,002 -2,131 -176 i + 1,954 April 1934 5 5, 431 605 392 5 7,579 2,239 ! 3,231 -2,148 +1,432 | +3, 580 1932 i October 148 14 78 457 358 | 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 A February-.. 121 24 64 23 360 200 147 -239 ! -106 +133 March 2S3 181 67 24 439 273 157 -156 | +271 +428 April _. 131 19 69 25 461 338 109 -331 ! -252 +79 May 167 16 94 47 456 249 192 -289 I +124 +412 J J u u n ly e 3 1 0 7 6 9 14 1 7 3 1 11 0 3 6 3 3 3 7 4 27 9 8 4 3 1 8 9 8 6 8 7 2 5 I + - 4 2 9 8 8 + + 6 7 8 1 5 August 197 14 135 38 321 171 139 +366 +489 September.. 333 136 146 39 339 248 81 -54 -48 October 273 10 195 I 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 10 163 972 148 -743 • +511 +1, 254 February.. 5 3, 024 23 149 644 188 447 +2,380 j +3,364 +984 March 5 435 232 167 624 160 450 , -189 +105 April 5 199 15 137 6 2, 684 305 370 -2,485 | -2,524 -39 1 Total includes trust and contributed fund receipts not shown separately. 2 Total includes trust and contributed fund expenditures not shown separately. 3 Includes also special fund expenditures and excludes public-debt retirement. Beginning July 1933, on the basis of a new classification of accounts, certain items formerly included in general expenditures are carried as emergency expenditures. * Prior to July 1933 emergency expenditures include only net expenditures for the Reconstruction Finance Corporation; other expenditures later classified as emergency, are included in general expenditures. 5 Includes increment, amounting to $2,808,000,000 in February; $2,000,000 in March, and a small amount in April, resulting from reduction in the weight of the gold dollar. 6 Includes $2,000,000,000 charged against increment on gold and transferred to exchange stabilization fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN MAY 1934 RECONSTRUCTION FINANCE CORPORATION LOANS, SUBSCRIPTIONS, AND ALLOCATIONS [Amount outstanding at end of month. In thousands of dollars] Proceeds not yet Proceeds disbursed, less repaymeiits disbursed Mar. 31, Jan. 31, Feb. 28, Mar. 31, Apr. 30, Jan. 31, Feb. 28, 1933 1934 1934 1934 v 1934 v 1934 1934 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) l 691,386 710,685 700, 278 657,379 627,460 160,924 151,636 Building and loan associations 86,474 63, 617 60,141 55,854 50,799 1,872 1,897 Insurance companies 72,260 57, 383 54,249 51,700 38, 575 7,146 7,208 Mortgage-loan companies 113, 353 180, 497 167, 610 161, 574 188,008 100, 238 101, 568 Credit unions 436 500 499 494 489 Federal land banks 18,800 193, 618 193, 618 193, 618 193, 618 Joint stock land banks _. 5,243 13, 752 13,404 11,731 10, 618 3,393 3,063 Agricultural credit corporations 2,227 1,504 1,270 1,141 903 5 Regional agricultural credit corporations 55,380 31, 609 31,169 24,868 16,717 3,193 2,400 Livestock credit corporations.. _ . . 5,095 2,263 2,119 1,924 1,719 309 409 Railroads (including receivers) 310,920 340, 726 345, 205 345,181 344,934 9,970 5,231 State funds for insurance of public moneys 5,618 5,092 4,214 2,764 Processors or distributors for payment of processing taxes 14 13 13 9 11 4 Total 1,361, 574 1, 601, 786 1, 574, 667 1,509,691 1,476,613 287,061 273,416 Other loans: Self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) .. . 20, 684 71, 746 71.220 80,195 82, 666 141, 291 138,866 Financing exports of agricultural surpluses, sec. 201 (c) 9,063 10,076 11, 073 12, 330 43, 504 12,438 Financing agricultural products, sec. 201 (d) 1,205 3,816 4,371 4,402 4, 257 3,008 4,777 Commodity credit corporation - 130, 879 153,525 161,549 163,078 315, 805 287, 591 Loans on preferred stock of banks 250 14, 432 14, 745 16,167 16, 676 3,323 7,813 Loans on preferred stock of insurance companies 4,375 4,375 4,375 15,875 Loan to Secretary of Agriculture for purchase of cotton Loans to drainage, levee, and irrigation districts . 2,414 2,414 2,525 2,643 23, 015 26,018 Total 22,139 236, 725 260, 726 280, 286 297, 525 529,946 477, 503 Subscriptions: Subscriptions for preferred stock of banks 12,500 227, 555 257,438 354, 918 393,872 169, 580 187,932 Purchases of capital notes and debentures of banks 168, 485 192,947 221, 963 245,639 171, 593 160,996 Total 12, 500 396, 040 450,385 576,881 639,511 341,173 348,928 Total loans and subscriptions 1, 396, 213 2, 234, 551 2, 285, 778 2, 366,858 2,413, 648 1,158,180 2 1,099,847 ALLOCATIONS For relief: Federal Emergency Relief Act of 1932 201, 374 299, 015 299, 011 299, 003 298,898 15 15 Federal Emergency Relief Act of 1933 435,915 47$, 244 487, 026 487,061 63,822 21, 448 Total 201, 374 734,930 777,255 788,029 785,959 63,837 21, 463 To other Government agencies: To Secretary of the Treasury for— Purchase of stock of Federal home loan banks 30, 620 77, 746 79,146 79,646 80, 446 46, 995 45, 595 Purchase of stock of Home Owners' Loan Corporation 29,000 39,000 59, 000 69,000 171 000 161 000 To Land Bank Commissioner 147, 600 147,600 147,600 147, 600 152 400 97 400 To Federal Farm Mortgage Corporation 55,000 55,000 55 000 To Secretary of Agriculture: Crop loans . _ _ 75, 000 115,000 115, 000 115, 000 115 000 Reallocated as capital regional agricultural credit corporation 33, 00Q 44, 500 44,500 44, 500 44, 500 Reallocated to Governor of Farm Credit Administration 40, 500 40, 500 40, 500 40, 500 Total 138, 620 454,346 520, 746 541, 246 552,046 370,395 303,995 Total allocations 339,994 1,189,276 1, 298,001 1,327,275 1,338,005 434, 233 325, 458 Total loans, subscriptions, and allocations. 1, 736, 207 3, 423,827 3, 583, 779 3, 694,133 3, 751, 653 1, 592,413 21,425, 305 p Preliminary. 1 Loans to receivers, liquidating agents, and conservators of closed and unlicensed banks on Feb. 28,1934, amounted to $349,079,000, representing proceeds disbursed less repayments, and $143,937,000, not yet disbursed. 2 In addition the corporation as of Feb. 28, 1934, had approved in principle loans of $216,851,000 and subscriptions of $174,275,000 upon the 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

285 MAY 1934 FEDERAL RESERVE BULLETIN BOND PRICES STOCK PRICES [Averages] Preferred Common stocks (index, 1926=100) Other bonds l stocks 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 i u p n a i l c- Number of issues.. 20 421 351 37 g (h ra ig d h e) - Total In tr d ia u l s- R ro a a i d l- Utility 1 1 9 93 3 2 3 a a v v e e r r a a g g e e . . . . 1 9 0 6 4 . . 1 8 46 7 7 8 9 1933—April 95.7 64 Number of issues M4 »60 60 20 20 May 103.3 79 June 109.7 97 1932 average 99.2 81.1 69.4 63.2 64.8 80.5 July 112.5 98 1933 average 102.2 84.0 73.4 69.2 70.5 80.6 August 112.9 87 September . 112.0 80 1933—April 101.3 75.4 64.8 61.0 58.9 74.7 October 109.8 75 May 102.4 82.0 72.4 68.2 69.4 79.5 November.. 107.5 70 June 103.2 86.8 77.7 72.8 76.1 84.2 December. _ 107.7 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 73 September. 103.0 87.9 77.5 74.5 76.8 81.4 February. 116.5 81 October 102.9 86.5 75.3 72.7 73.5 79.7 March 117.5 76 November 100.5 82.6 72.1 70.5 68.5 77.3 April 120.1 76 December 100.0 83.6 73.6 71.5 72.2 77.1 Apr. 4.. 118.4 75 1934—January 100.3 88.3 78.5 75.6 79.0 80.9 Apr. 11. 119.4 75 February 101.9 92.9 84.0 79.8 85.8 86.5 Apr. 18. 121.1 77 March 102.8 95.1 84.8 80.5 86.4 87.7 Apr. 25. 121.6 77 April 103.7 97.0 87.0 82.8 88.7 89.7 Apr. 4 103.5 95.8 85.6 81.3 86.8 88.7 Source— Standard Statistics Co. Apr. 11 103.7 96.9 87.0 82.9 88.7 89.4 Apr. 18 103.6 97.5 87.5 83.3 89.4 89.9 Apr. 25 103.9 97.6 87.9 83.3 89.8 90.5 CAPITAL ISSUES [Long-term; i.e., 1 year or more. In millions of dollars] 1 Price indexes derived from average yields. ' 2 Nov. 1, 1933, to Apr. 16, 1934, 13 issues; Aug. 15, 1933, to Nov. 1, 1933 12 issues: prior to Aug. 15, 1933, 11 issues. 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 YIELDS1 Year and month m ( e d s o t - ic State Corporate For- m ( e d s o t - ic and and eign and Year, month, or T U re .S as . - M i u pa n l i c ^ - Corporate, by ratings 3 e f i o g r n - ) Total1 n m p ic a u l i - - B n a o o n t n d e d s s Stocks e f i o g r n - ) date ury (highgrade) Aaa Aa A Baa 1925 6,201 5,125 1,352 2,452 1,153 1,076 925 1926 6,314 5,189 1,344 2,667 1,087 1,125 1,046 Number of issues 3 15 30 30 30 30 1927 _ 7,556 6,219 1,475 3,183 1,474 1,337 2,220 1928 8,040 6,789 1,379 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 1,418 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 1,434 2,980 1,503 905 711 1931 3,099 2,860 1,235 1 240 311 229 949 1932—December 3.48 4.37 4.59 5.60 6.61 8.42 1932 1,165 1,157 755 305 20 8 583 1933 722 710 484 40 120 12 337 1933—January 3.39 4.23 4.44 5.30 6.16 8.01 M Fe a b r r c u h a . ry 3 3. . 5 4 8 7 4 4 . . 8 2 8 8 4 4 . . 4 6 8 8 5 5 . . 3 6 5 1 6 6. . 6 3 4 0 8 8 . . 3 9 6 1 1933 M AD ay ril 2 4 5 4 2 4 5 4 4 g 0 16 1 3 1 o 0 2 2 0 2 M Ap a r y il.... 3 3. . 4 5 7 5 5 5. . 2 0 7 5 4 4 . . 7 6 8 3 5 5 . .4 8 0 1 6 6 . .2 8 9 5 9 7. . 7 1 4 2 J J u u l n y e 1 1 1 2 7 2 1 1 1 1 7 0 9 2 8 8 3 0 5 9 3 7 5 1 4 0 5 6 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 April 143 143 100 24 5 0 93 March.. 3.42 4.24 4.13 4.55 5.12 6.26 April. 3.35 4.11 4.07 4.43 4.97 6.01 1 Includes issues of Federal land banks and Federal intermediate credit Apr. 4. 3.36 4.18 4.11 4.49 5.06 6.18 banks, not shown separately. Apr. 11 3.35 4.14 4.09 4.43 4.98 6.02 Apr. 18 3.36 4.07 4.06 4.42 4.93 5.98 Sources.—For domestic issues: Commercial and Financial Chronicle; Apr. 25 3.34 4.05 4.04 4.40 4.92 5.90 for foreign issues (issues publidy offered) annual totals are as finally reported by Department of Commerce, while monthly figures are as compiled currently and are subject to revision. 1 Monthly data are averages of daily or weekly figures. Back figures.—See (for figures of new issues—annual and quarterly * Standard Statistics Co. basis) Annual ReDort for 1932 (table 103). Moody's Investors' Service. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN MAY 1934 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average = 100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production i * Construction contracts awarded (value) 2 Fac- Factory em- tory j Freight-car ployment 3 pay loadings 4 * Com- Year and Total Manufactures Minerals Total Residential All other rolls 3 modmonth ity prices8 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 v 76 25 11 37 66 48 58 66 1930 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 20 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 10 47 39 60 43 52 52 64 July 56 58 55 57 63 65 31 27 1 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 85 September 67 66 66 65 74 71 30 30 12 12 45 44 62 60 42 61 54 65 October __ 68 67 67 66 80 74 28 29 12 12 41 43 62 61 44 65 57 64 November 65 65 63 63 78 75 24 27 10 10 35 41 61 61 42 58 57 64 December 60 66 58 64 73 77 22 28 8 9 33 43 60 61 41 52 58 63 1933 i 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 £6 74 81 14 14 1 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 fil i 70 September 85 84 84 84 93 87 30 30 12 12 45 45 77 74 58 68 60 1 71 October. _ 78 77 77 76 88 81 35 37 12 12 53 57 76 74 57 66 S8 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 J F a e n b u ru a a r r y y . - . 8 7 3 7 8 7 2 8 '7 8 5 2 r 8 7 0 6 8 8 8 5 8 9 8 1 4 3 0 8 4 4 4 9 i i 1 ] 1 2 Q 0 1 1 2 2 6 6 4 0 8 7 0 0 7 7 1 5 7 7 2 5 : : 5 5 9 3; t 6 5 1 8 ! 6 6 4 4 7 7 2 4 March »87 *85 *86 *82 91 100 33 33 11 CO 51 78 ; 77 63 63 66 74 Preliminary. * Average per working day. r Revised. 1 For indexes of groups and separate industries see pp. 313-314; for description see BULLETIN for February and March 1927; for revised figures from 1919 to date see BULLETIN for September 1933, pp. 584-585. 8 3-mqnth moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358. » For indexes of groups and separate industries see p. 315; for description and back figures see BULLETIN for November 1929 and November 1930. For revised indexes of factory employment and pay rolls compiled by the Bureau of Labor Statistics, see p. 270 of this BULLETIN. « For indexes of groups see p. 287; for back figures see BULLETIN for February 1931, p. 108. 8 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p 316. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1934 FEDERAL RESERVE BULLETIN 287 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports 2 Month 1930 1931 1932 1933 1934 1930 1931 1932 1933 1934 Januarv 411 250 150 121 172 311 183 136 96 February 349 224 154 102 163 282 175 131 84 March _ _ 370 236 155 108 p 190 300 210 131 95 April 332 215 135 105 308 186 127 88 May 320 204 132 114 285 180 112 107 June. -. 295 187 114 120 250 173 110 122 July 267 181 107 144 221 174 79 143 August 298 165 109 131 218 167 91 155 September 312 180 132 160 226 170 98 147 October 327 205 153 193 247 169 105 151 November .- -- 289 194 139 184 204 149 104 129 December 275 184 132 193 209 154 97 134 Year 3,843 2,424 1,611 1,675 3,061 2,091 1,323 1,450 SOOC O OCC O tOO Excess of exports 1930 1931 1932 1933 1934 100 66 15 25 37 67 49 23 18 30 69 26 24 13 24 29 9 17 35 24 20 7 44 14 4 -2 46 6 27 1 79 -2 17 -23 86 10 34 13 80 36 48 42 85 44 34 56 66 30 35 59 782 334 288 225 v Preliminary. ' Including both domestic and foreign merchandise. » General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses, Back figures.—See BULLETIN for January 1931, p. 18. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average=100] [Index numbers; 1923-25 average=100] Index of sales i Index of m s o to n c th k ) s (end of 1933 1934 Nov. Dec. Jan. Feb. Mar. Adjusted Without Adjusted Without Month for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Adjusted for seasonal variation 1933 1934 1933 1934 1933 1934 1933 1934 Total 60 62 64 64 66 Coal 66 64 68 78 87 Coke 53 54 61 76 71 January 60 69 49 57 58 66 52 59 Grain and grain prod February 60 71 49 59 57 66 54 63 ucts — 63 59 68 68 75 March 57 77 50 73 54 64 55 66 Livestock 52 47 51 48 46 Forest products 34 31 30 30 32 April 67 P76 68 P72 53 55 Ore- 24 33 34 34 41 May 67 67 55 56 Miscellaneous 62 69 69 67 67 June 68 64 57 56 Merchandise l 67 67 70 67 66 July 70 49 60 56 August 77 59 64 62 Without seasonal adjustment SeDtember 70 73 70 73 N O D o c e t c v o e e b m m e b r b e e r r 6 6 7 5 9 0 1 7 2 7 5 1 7 6 6 7 5 9 0 6 7 7 2 7 8 Tota C C l o o a k l e -. 7 5 6 2 4 1 6 5 5 8 5 8 7 5 6 7 8 7 8 8 6 5 6 1 8 6 7 2 3 1 Year 67 61 Gr u a c i t n s and grain prod- 67 57 65 65 63 Livestock 60 47 53 46 40 p Preliminary. Forest products 33 25 26 31 33 i Based throughout on figures of daily average sales—with allowance Ore 17 8 8 8 10 f n o a r ti c o h n a a n l g h e o s l i f d r a o y m s: m Ne o w n th Y e t a o r ' m s D on a t y h , M in e m nu o m ri b al e D r a o y f , S In at d u e r p d e a n y d s e a n n c d e D fo a r y 6 , M M i e s r c c e h l a la n n d e i o se u s 1 _. 6 6 1 8 5 6 4 3 6 5 5 5 5 6 8 5 6 6 4 7 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.—See BULLETIN for November 1930, p. 686. Railway Association. Back figures.—Bee BULLETIN for February 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 FEDERAL RESERVE BULLETIN MAY 1934 FOREIGN BANKING AND BUSINESS CONDITIONS CZECHOSLOVAK CURRENCY LAW The Czechoslovak currency law of Novem- 37.15 milligrams, but only if the seller offers a ber 7, 1929, which was published in the FED- quantity of at least 12 kilograms of fine gold. The bank shall be entitled, in effecting such purchase, to ERAL KESERVE BULLETIN of December 1929, make no other charges except for assaying, and for pages 797-798, has been amended and supple- coining in accordance with a scale fixed by the Govmented by the law of February 17, 1934. The ernment mint (see sec. 4, par. 6). amendments were made to sections 1, 3, 4, and 2. The bank shall at the aforesaid premises (see par. 1) redeem its notes at its option either by gold 6 of the law of November 7, 1929, and were in (either in the form of current coin or gold bullion) at substance as follows: the price of 1 Kc per 37.15 milligrams of fine gold or 1. The gold content of the Czechoslovak by gold foreign exchanges at the rate of the day quoted crown, or koruna, which was formerly 44.58 on the Prague Bourse, but only in amounts equal in value to at least 12 kilograms of fine gold. Should the milligrams of fine gold, is now fixed at 37.15 bank fail to carry out this obligation within 24 hours milligrams, representing a reduction of one of the presentation of the notes without being able to sixth or 16% percent. plead force majeure, its charter shall be canceled 2. The profit arising from the revaluation of (see sec. 12b of the Bank Act). the gold and foreign-exchange holdings of the SECTION 4 National Bank of Czechoslovakia in accord- 2. One kilogram of standard gold shall be minted ance with the new gold content established for into 242.261103633 hundred-crown pieces, and one the crown accrues to the Government in the kilogram of fine gold into 269.179004037 hundredform of a reduction of the Government debt to crown pieces, the standard wreight of the hundred-crown the bank. piece to be 4.12777 grams containing 3.715 grams of fine gold. 3. The minimum ratio of reserves of the SECTION 6 National Bank to its sight liabilities is fixed at 25 percent, as compared with the previous 1. The bank is required to hold a gold cover of at least 25 percent of the total amount of bank notes in minimum of 30 percent, and reserves are circulation and other demand liabilities. The gold limited to gold only, instead of gold and gold cover shall consist solely of gold bullion or coin. exchange as formerly. 2. The increase in the value of the stock of gold The paragraphs of the law of November 7, resulting from the revaluation according to the gold content of the Czechoslovak crown specified in section 1929, that have been altered are given below 1, paragraph 1, shall be used in reducing the State-note in their amended form. debt in accordance with a special agreement between the State and the National Bank of Czechoslovakia. SECTION 1 In addition to amending the law of Novem- The Czechoslovak crown (Kc) as the present cur- ber 7, 1929, the law of February 17, 1934, rency unit of the Czechoslovak Republic shall be equal provides that the Czechoslovak crown at the in value to 37.15 milligrams of fine gold. new parity shall be equivalent to the previous monetary unit in all legal matters in which the SECTION 3 Czechoslovak crown is mentioned. Other pro- 1. The bank shall be bound to purchase at the head visions of the law of February 17, 1934, are office in Prague and at such branch offices as shall be designated by the bank, gold at the price of 1 Kc per unrelated to the currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

289 MAT 1934 FEDERAL RESERVE BULLETIN FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Total End of month (50 coun- United Canada tries) States l countries) Austria BelSium Bul^ria ; !Denmark England France Germany $l=i5Ho grains of gold nine tenths fine; i. e., an ounce of fine gold=$20.67 1933—March 11,939 3,916 81 6,992 21 371 11 51 36 836 3,152 176 April 11,975 3,977 77 6,988 21 371 11 51 36 905 3,170 May 11,889 3,991 77 6,896 21 371 11 51 36 907 3,173 June 11,864 3,997 77 6,856 21 372 11 51 36 922 3,185 45 July 11,951 4,001 77 6,932 21 374 11 51 36 925 3,213 58 August 12,010 4,009 77 6,989 21 375 11 51 36 926 3,223 73 September- 12,063 4,011 77 7,038 24 376 11 51 36 926 3,218 87 October 12,070 4,011 77 7,040 24 377 11 51 36 927 3,176 94 November- 11,970 4,012 77 6,942 24 378 11 61 36 928 3,051 97 December. " 11,941 4,012 77 6,916 27 380 11 51 36 928 3,022 92 1934—January ___ * 11, 964 4,033 77 6,912 27 382 11 51 36 929 3,021 90 $l=155Ai grains of gold nine tenths fine: i, e., an ounce of fine gold=$85 1934—January 2__, p20,250 6,829 130 11, 697 646 1,573 5,109 152 February __. P 20, 524 7,438 130 11,358 112 1,574 4,904 134 March v 20, 718 7,694 130 v 11, 313 635 111 60 1,574 4,947 April > 7,756 636 111 1,575 5,023 83 Europe—Continued End of month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Portu- Ru n m ia a- Spain Sweden Sw la it n z d er- U.S.S.R. Y sl u av g i o a - 6 c o o u th n e - r tries $l=25$io grains of gold nine tenths fin;e i. e., an ounce of fine g=o$l2a0.67 1933—March 9 17 331 381 40 55 30 58 436 62 489 «368 31 31 April 11 17 343 374 40 55 30 58 436 71 460 *368 31 31 M y,* 13 17 352 336 40 53 31 58 436 71 397 • 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 »401 32 36 August 19 17 370 332 39 53 32 59 436 97 351 »401 32 35 September.. 21 17 371 338 41 53 32 59 436 101 356 416 32 35 October 21 17 371 359 40 53 32 59 436 101 373 «416 32 35 November,. 23 14 373 370 40 53 33 59 436 99 386 »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 *155A\ grains of gold nine tenths fine; i, e.% an ounce of fine gold=$85 1934—January3... 23 633 626 64 91 58 100 739 169 653 3 704 53 58 February- 23 633 539 61 91 62 101 739 169 600 »704 53 59 March 23 613 535 61 91 65 101 739 170 570 P706 53 April 23 *609 539 61 167 534 3 706 53 Latin America Asia and Oceania Africa End of month T t c r o o ( i 1 e u t 0 a s n ) l - g t A i e n r n a - - Chile l C o b m i o a - - M ic e o x- Peru Uru- o c tr o t i h 4 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 i u 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 - Egypt A So fr u ic th a o tr th ie e s r $l=25%o grains of gold nine tenths fine• i. e.i,n ounce of fine gold=$20.67 1933—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 December. '352 239 12 14 21 *11 50 6 457 3 162 212 44 24 0 12 126 33 83 10 1934—January.. _ *>355 239 12 14 21 51 7 459 3 162 212 45 25 0 12 127 33 84 10 $1 = grains of gold nine tenths fine; i, e., an ounce of fine gold=$85 1934—January2— 405 20 24 36 778 «274 359 76 42 0 20 215 I 56 143 February. _ 405 20 24 29 '780 «274 359 79 42 0 20 P222 65 150 March 405 *>20 25 34 778 274 359 77 42 0 20 201 I 55 146 * Preliminary. « Corrected. 1 Differences prior to January 1934 between these figures and those shown elsewhere in BULLETIN for total monetary gold stock in United States are due to exclusion from the former of gold coin in circulation. 2 Figures given in terms of new par for purposes of comparison only; new parity did not become effective until after close of business Jan. 31,1934. * Figures of last preceding statement issued by State Bank of the U.S.S.R. carried forward. NOTE.—Figures for 35 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are as of last report date of month. The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin America: Bolivia, Brazil, Ecuador, Guatemala; and in Africa: Algeria and Belgian Congo. For back figures and for additional details relating to this table, see BULLETIN for May 1932, pp. 311-318, and June 1933, pp. 368-372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN MAY 1934 GOLD PRODUCTION [In thousands of dollars] I 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 i t c h a d R e h s o i - a A W fr e ic st a B C e o lg n i g a o n S U t n a i t t e e s d i Mexico bia Au l s ia tra- Japan India grains of gold nine tenths fine; i.e., an ounce of fine gold=$2O.67 1932—May 41,729 35,324 19,970 977 481 5,556 4,114 1,026 447 1,234 567 June 41,823 35,418 19,871 1,011 482 5,595 4,362 960 405 1,172 647 603 July 42,205 35,800 20,268 981 546 319 5,176 4,610 924 455 1,244 692 585 August 43,361 36,956 20,475 1,019 510 330 5,473 4,982 1,138 524 1,221 696 688 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 1,216 727 647 November 42, 627 36,222 20,190 997 526 307 5,115 4,858 1,165 415 1,376 715 566 December...— 42,198 35,794 20,118 1,080 539 294 5,420 4,651 671 353 1,418 581 Total (12 mos.) 499, 049 422,129 238,931 12,000 5,992 3,642 62,933 50, 626 12,070 5,132 14, 563 8,198 6,782 1933—January • 41, 616 20,152 1,008 532 280 4,826 4,341 1,194 ••504 1,129 666 674 February • 38, 016 18,176 989 531 263 4,718 3,059 1,095 ••334 1,178 654 March • 42, 683 19,658 1,038 522 302 5,378 5,230 1,059 '455 1,259 747 April ' 39, 857 18,430 1,108 528 281 4,900 3,928 905 '535 1.522 726 585 May • 40, 810 19,519 1,108 520 308 4,913 3,866 1,035 '499 1,344 734 664 June 19,008 1,130 561 308 5,404 2,956 986 '435 1,434 711 643 July • 41, 077 19,228 1,133 571 306 5,285 3,638 1,165 '577 1,420 755 689 August • 41, 245 19,235 1,167 579 '321 5,304 3,742 1,198 '555 1,438 722 575 September • 41, 783 18,664 1,180 546 307 4,870 5,602 820 '375 1,591 847 572 October ' 42, 505 18,822 1,143 567 302 5,029 5,209 1,501 ' 700 1,436 825 560 November 42, 081 18,613 1,150 586 327 4,981 5,292 1,172 '694 1,501 794 560 December 41, 805 18,168 1,181 580 325 5,119 5,581 1.038 '503 1,538 788 673 Total (12 mos.) 493, 365 r 416, 445 227,673 13,335 6,6238'3,631 60,726 50,338 13,169 • 6,165 16,790 6,919 934—January 41,469 35,059 18,897 1,201 546 320 4,781 4,858 1,080 697 1,398 721 560 grains of gold nine tenths fine; i.e. an ounce of fine gold=$35. February.. 64,438 * 53, 586 28,893 1,893 927 P 5i\ 7,803 6, 160 v 1, 925 P 945 2,269 1,280 March p 68, 646 57, 794 30,550 1,925 1,120 541 8,295 7,945 1,925 1,050 2,269 1,225 949 Preliminary. r Revised. »Monthly figures for United States are those compiled by American Bureau of Metal Statistics of New York City; annual figures represent official estimates made by Bureau of the Mint in cooperation with Bureau of Mines. NOTE.—For comparable monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-235, and Feb. ruary 1934, p. 108. GOLD MOVEMENTS [In thousands of dollars] United States Net imports from or net exports (—) to— Total Year and month net imports China All e o x r p n or e t t s E la n n g d - France m G a er n - y g B iu e m l- N l e a t n h d e s r- Sw la it n z d er- C a a d n a - M ic e o x- A t r i g n e a n- lom Co b - ia B I r n i d ti i s a h H an o d ng Japan c o o th u e n r - Kong tries Customs valuations; with s57W6 excepions a rate of$20.67 a,fine ounce 1932—November 21,740 1,376 7 2,685 7 5,622 893 -1 94 4,773 2,964 3,322 December 100,859 51,928 16, 357 10 8,082 7,546 744 43 4,697 4,974 3,124 3,353 Total (12 mos.) -446,213 53,585-441,649 -13,356 -82,571 -96,586 -118,27364,574 20,087 12,991 3,240 26,597 39,043 49,719 36,383 1933—January 128,465 50,248 29,490 1,067 15,123 5,274 634 52 15,193 5,612 3,729 2,042 February 17,776 3,310 -3,709 -1,546 -600 802 -1,614 4,206 552 -15 35 9,446 3,700 3,208 March -22,081 -8,935 -3, 630 -250 -199 -5,005 -681 8,418 483 5 990 2,135 1-15,413 April -9,967 -2,191 -8,993 -724 333 488 4 1,281 2,973 -3,137 May -21,139 -15,715 -122 -115 110 344 2 1 83 -5,729 June -3,244 -2,845 -72 -1,445 154 141 1 10 812 July -83,879 -713 -79,617 203 369 -4,121 August -80,388 -1,535 -73,173 -216 -27 143 125 1 -6,708 September.... -56,736 -5,099 -48,717 -13 -2,171 224 518 8 -1,486 Oetober -32,351 -6,240 -26,923 -109 -18 -9 -453 268 48 1 1,085 November -1,064 -2,260 -366 -5 -28 216 240 2 1,139 December -9,128 -1,650 -203 -28 -10 -8,883 347 338 960 Total (12 mos.) -173,736 6,375-216,035 -2,532 -895 7,901 -11,631 19,896 4,280 -1 98 25,629 12,821 6,702 -26,355 1934—January -2,767 -2,642 -461 1 -10 -1,678 313 246 1>364 Customs valuations; withsome exceptions at rate cf$85afine ounce February 452, 571 239,800 124,381 1 131 57,272 9,087112,1141 5,124 l,660| 651 4 2,347 March 237, 568 136,955 51, 374 10,848 3,56910,288 5,368 2,490 10,436 2,933 3,307 April v. 50,941 23, 619 1,676 7,158 8,909-. 2,495 4,225 2,821 38 i $17,054,000 exported to Italy. 3 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1934 FEDERAL RESERVE BULLETIN 291 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from or net exports (—) to Total Year and month net im- South e o x p r ( p o ) n o rt r e s t t s U S n ta i t t e e s d France m G a e n r y - g B iu e m l- N l e a t n h d e s r- S l w an it d zer- A So m ic u a e t r h - Canada B I r n i d ti i s a h S S m t e r e t a n tl i t e t s s - Au l s ia tra- A d W R f e r h s e i o i c s a - a t , , c o t o A r th i u e l e n l s r - Africa Official figures converted at rate of $20.67 an ounce 1932—November 13,857 -1,634 -13,519 370 -476 -4,188 527 10,488 710 830 20,006 831 -29, 582 -58,561 -3, 277 -29 -1,104 -6,138 -108 181 13,684 854 23, 326 602 December 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 Total (12 mos.) -43, 260 -48,314 -2,109 -11 -634 -17,471 9,495 587 16, 530-2,120 1933—January 18, 400 -6, 559 -4, 623 28 -507 -7,816 -79 374 7,175 554 794 27, 815 1,245 February 77,198 11,821 3,406 5,003 -1,294 -5, 225 -588 9,178 461 22,659 28, 923 2,556 March 64, 767 -6 -1,519 18,092 -89 128 -893 10, 278 1,001 20,316 19,343-2,083 April — 97,386 2,761 32, 486 1,850 656 17,365 -463 140 8,924 14,948 624 1,789 19,476-3,169 May 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 June 89,056 4,763 18,051 486 1,114 13, 528 -118 414 4,141 11,942 810 2,692 19,519 11,715 July 25,628 733 6,259 179 -1,034 -13,583 -380 436 3,703 4,994 848 1,910 24, 774-3,212 August 48, 260 3,120 2,163 32 -11 -3, 633 -101 920 4,108 12, 685 526 1,991 21,027 5, 434 September 63,918 12, 520 1,865 -11 18 -4,163 -217 3,611 6,579 16,122 782 1,942 20,467 4,403 October 79,138 6,878 33,338 94 817 329 -771 120 5,013 4,852 708 2,315 20,885 4,558 November 79,426 4,441 15,130 42 147 -196 8,143 4,186 5,892 423 19,460 12,871 December.. 677,405 7,9 97,016 41,036 -7, 065 -4, 299 14, 056 43, 374118, 817 8,682 60,812 256,177 41, 667 Total(12 mos). 62,146 9,805 -13 -20 5,310 -170 5,500 4,530 8,642 583 2,353 17,667 3,170 1934—January Official figures converted at rate of $85 an ounce. February 184, -238,8421 283,333 18,837 17,891 -320| 4,870 30,1931 647 2,951 30,881 30,587 March 91,471-130,087 66,180 65, 579 5,522 -171 187 39 37, 372 1,094 3,105 36,707 5,591 France Germany Net imports from or net exports (—) to- Net imports from or net exports (—) to- Total Total Year and month net net i e m o x r ( p p ) n o o r e r t t t s s U S n ta i t t e e s d E la n n g d - m G a e n r y - N la e e n r t d - h s - S l z a w e n r i d - t- c o t o A t r h i u l e e n l s r - i e m o x ( r p p ) o n o r e r t t t s s U S n ta i t t e e s d E la n n g d - France N la e e n r t d - h s - S l z a w e n r i d - t- U S. . R S . . c o t o A r th i u e l e n l s r - Official figures converted at rate of $20.67 an ounce 1932—November. 33,498 241 26,003 6,122 672 -186 645 2,314 1 -367 -6,169 2,584 43 6,275 -52 December.- 25,586 -10,634 34,479 2 3,138 4,306 575 -3,293 1 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 -250 -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 4 -1,976 107 6,293 -11 February-. -1,659 -144 2,559 678 2,805 -7,127 -432 -13,076 22 -5,' -10,429 93 3,336 -118 March 16,729 9,287 1,005 1,266 27, 778 -23, 356 749 -13,163 -4,945 -7, 365 -4,925 46 3,956 70 April 48, 252 18, 583 2,283 22, 520 670 -6,377 2 10, 574 -68, 750 1-17,822 -51,893 -4, 541 75 5,411 19 May 96,140 7,680 -5,819 1,277 39,785 37,113 2 16,102 -9,938 46 -292 -10,102 -61 7,023 -119 June 46,840 5-18,537 22,903 7,976 30,797 3,695 -36,432 1,453-13,676 -22, 658 -5,392 34 3,833 -26 July - 50,808 39,263-12,572 23,430 5,695 16, 598 -21,605 4,592 -162 153 270 -44 4,612 -238 August 53, 694 75,680-11,533 -46 -6,837 -1,397 -2,174 -676 216 -186 9 -256 -88 -372 September _ 43,043 60,990 -l,r~" -8,059 -6,166 -2,176 -152 19,120 -32 17,910 1,173 55 12 October 26, 233 47, 745 -1,1 -5, 969 -12,427 -3, 369 1,939 5,845 41 5,933 -94 -69 3 33 November- -52,936 177-24,646 -3 -21,460 -5, 674 -1,328 2,572 77 -13 4,710 -5,: 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.). _ •244,092 223,905-86,829 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| -2 -77 -1,196 -1,897 1,246 -20 -2, 627 286 -80 3,638 49 Official figures converted at rate of $85 and ounce. Februaryp..-175,837 -160,1871 12,536 31,251 -1,7491 34,6481 -18,363 -29,790 -12,490 -455 -98 24,2791 192 March *__. -232, 719 -79,158 -155, 630 15,955 -2,914 I -10,971I -39,440 -55, 568 -2 -182 13716,991 -817 Preliminary. = Corrected. i 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. a $9,832,000 imported by France from South Africa in April; $14,412,000 in May. »$20,305,000 exported by France to Belgium. NOTE.—Great Britain and Germany—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised 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

292 FEDERAL RESERVE BULLETIN MAT 1934 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Year and month Total net Net imports from or net exports (—) toimports or net exports U S n ta i t t e e s d England France Germany Belgium Poland Sw la i n tz d er- B In ri d ti i s a h All other Official figures converted at rate of $20.67 an ounce, 1932—November. -4,857 -3,765 1,939 -886 -3,085 -1,313 -188 -537 3,030 -52 December.. 894 -9,668 4,251 52 3,745 963 -20 -1,134 2,773 -68 Total (12 mos.)_ 116,149 106,623 50,070 -34,009 26,886 -12,727 -13,630 -16,137 16,423 -7,346 1933—January 1,898 -14,101 14,069 -837 2,009 673 -976 -1,100 2,199 =-_.. _ - • 3 , 8 -=r February -933 -3,432 8,177 -6, 722 10,300 -5,055 -881 -3,452 166 -34 March -9,320 10,785 3,436 -19,367 4,986 -7,009 -506 -2, 324 679 —1 April - -18,102 603 -906 -18,188 3,609 -1,522 -358 -1,259 -79 May -41,605 -11,384 -37,068 11,178 -1,068 -1,479 -3,069 1,107 179 June -45,503 115 -6,390 -41,046 5,581 -1,797 -353 -1,702 108 -18 July -13,628 -15,750 6,065 -180 -1,432 -1,174 -1,466 291 20 August 24,239 12,996 11,183 47 17 -194 -174 275 90 September 16,488 1,798 13,849 -903 -338 -10 -241 2,236 97 October . 18,562 2,191 1,385 14,457 -357 -22 -64 -1,232 2,099 105 November ._ -1,942 6,096 5,369 -90 -30 -297 441 142 December ._. -9,294 -7,111 -601 -821 -230 -5 -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 -238 -367 -1,220 33 246 Official figures converted at rate of $35 an ounce. February. 102,784 -17, 262 -13,283 -76,485 233 4,077 -62 -257 21 235 March -9,201 -6,248 -4,928 -4,132 345 6,116 -141 -532 360 -42 Switzerland British India Net imports from or net exports (—) to— Net imports from or net Year and month i e m o T x n r p o p e n o o t t a e r r t l t t s s U S n ta i t t e e s d E la n n g d - France m G a e n r- y A So fr u ic th a N la e e n r t d - h s - o A th l e l r i e m o T x ( r n p o p ) e n o t o t a r e r l t t t s s U S n ta i e t t e e x s d port E l s a n n ( g d - - ) to 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 r G e ( c o c m - o s r r r I ) e e e v n e i a a d r e n - n v s s e r t e e n e - s - I p n i ( c o n h r c - r r i g o e r ) v e a d s l i a d a s n e i t e s - n - e e in India India i J Official figures converted at rate of $20.67 an ounce. 1932—November—. —If J 85 -2,347 -67 480 461 -16,662 -2,420-13,244 -997 556 -16,106 December... 1,203 96 320 -111 1 837 55 -24,834 i-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 -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 -12,788 •-», 413 -3,328 r-47 608 -12,179 March -24,440 653 907 21,306 48 3,802 -2, 236 -12,722 -5, 314 -5,833 -1,576 626 -12,096 April -12,078 -307 -10, 745 994 -1,958 -11,1 -4,311 -5,956 -1,430 585 -11,113 May -42,481 1,377 -4,082-38,776 2,778 -3,709 -13,016 -1,561 -8,096 -3,359 554 -12,462 June .-- -41,596 -3,152-34, 751 288 -14,004 -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 -10,971 -9,105 -1,866 575 -i -10,395 September. .- 1,656 16 -431 1,767 149 130 64 -13,411 -12.789 -622 572 -12,839 October 4,073 502 -790 4,243 1 78 124 -7,643 -7,301 -342 560 -7,083 November... 3,553 -1,444 4,684 191 50 -5,847 -6,023 176 560 -5, 287 December... 23,996 8,756 -9,474 741 -5, 734 -5,438 -296 573 -5,160 Total (12) mos.) -41,121 10,983-24,536 -26,781 -379 205 13,168-13,781 -126,048 '-30,340 r-83,730"-11,979 6,916 -5 -119,124 1934—January 1,266 110 -247 180 82 1 1,187 -47 -14,063 12,683 -1,2 560 p-13,490 Official figures converted at rate of $35 an ounce. February 30,109-10.898-21,567 2,233 2 -365 499| -39.30711 -7,703-31,678 P -38,358 March -25,403 -1,617-12,110 -77,779999 311 -4,143 P-20,050 ?949 v -19,101 p Preliminary. r Revised, i Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India. NOTE.—Netherlands and Swit zerland—-In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT 1934 FEDERAL RESERVE BULLETIN 293 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1934 11933 1934 1933 Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold — 247 247 247 257 Gold reserve against Dominion notes.. 69 69 70 70 Currency issued 548 553 552 587 Advances to banks under finance act.. 40 50 44 48 Irish Currency Commission (thousands of Dominion notes: pounds sterling): Issued „ _ - 173 176 177 181 Legal tender note fund: Outside chartered bank holdings- 30 28 28 29 British legal tender and bank Indian Government (millions of rupees): balances 166 32 32 82 Gold standard reserve: British securities 7,013 6,863 7,013 7,499 Gold 29 68 71 184 Notes issued 7,179 6,895 7,045 7,582 Foreign exchange - - _ 505 465 463 350 Consolidated bank notes:' Paper currency reserve: Issued 4,763 4,759 4,754 4,630 Gold 415 376 373 260 Deemed such under sec. 60 (4) of Silver coin and bullion. 980 989 1,003 1,119 currency act 1927 1,214 1,223 1,232 1,344 Other assets 377 408 404 390 Notes issued 1,772 1,773 1,780 1,769 1 Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Mar. 3, Feb. 3, and Jan. 6, 1934, and Mar. 4, 1933. Figure for notes deemed to be consolidated bank notes are as of close of business on these dates. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1934 1933 1934 1933 Assets Liabilities Mar. 31 Feb. 28 Mar. 31 Mar. 31 Feb. 28 Mar. 31 Gold in bars 28,176 17,962 Demand deposits (gold) 28,176 17,962 Cash on hand and on current account with banks 2,757 3,819 11,396 Short-term deposits (various currencies): Demand funds at interest 14,447 17,681 52, 543 Central banks for own account: Demand 42,609 42,142 254,796 Rediscountable bills and acceptances (at Time—Not exceeding 3 months 108,126 109,777 196,930 cost): Commercial bills and bankers' accept- Total.— -. - 150,735 151,919 451,727 ances 157,719 157,071 275,172 Treasury bills 192,103 189,926 257,461 Central banks for account of others: Demand 9,418 8,349 13,301 Total 349,822 346,998 532,633 Other depositors: Demand 1,071 924 3,285 Time funds at interest—Not exceeding 3 Time—Not exceeding 3 months... 3,330 months 41,211 37,047 185,703 Long-term deposits: Sundry bills and investments: Annuity trust account 153,546 153,640 153,640 Maturing within 3 months: German Government deposit 76,773 76,820 76,820 Treasury bills 18, 344 30,184 14,424 French Government guaranty fund... 40,903 40,903 68,481 Sundry investments 64,929 57,291 70, 762 Between 3 and 6 months: Total 271, 223 271,363 298,941 Treasury bills 39, 266 18, 504 23,481 Capital paid in 125, 000 125,000 125,000 Sundry investments 31,490 44,717 35,301 Reserves: Over 6 months: Legal reserve fund 2,022 2,022 1,318 Treasury bills 31,606 35,869 5,841 Dividend reserve fund 3,895 3,895 2,690 Sundry investments.._ 36,409 37,934 616 General reserve fund 7,790 7,790 5,379 Other asse T ts o : tal 222, 044 224,499 150,425 Othe G r u l a ia r b a i n li ty ti e o s n : commercial bills sold 4,691 4,163 33,750 Guaranty of central banks on bills Sundry items 63,506 63,757 sold 4,691 4,163 } 6,023 Sundry items 4,376 4,976 Total assets 667,526 657,145 938,722 Total liabilities.. 667, 526 657,145 938,722 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 FEDEKAL RESERVE BULLETIN MAY 1934 CENTRAL BANKS Assets of banking department Liabilities of banking department Gold Note Bank of England ( m d in e e p n is a t s r ) u t » - e Cash reserves Dis a c n o d unts Securi- cir ti c o u n la- Deposits l O ia t b h i e li r - Coin Notes Bankers' Public Other ties Millions of pounds sterling 1933—Mar. 29 171.8 79.7 11.8 74.9 367.1 92.8 21.2 35.0 18.2 Apr. 26 185.9 74.0 11.6 80.0 371.9 100.9 10.8 37.1 17.7 May 31 186.3 72.3 11.2 83.5 374.1 77.5 33.2 39.5 17.8 June 28 189.4 74.2 16.6 87.2 375.1 105.1 14.1 42.2 18.0 July 26 190.1 72.8 11.2 103.0 377.2 98.5 14.1 57.7 18.1 Aug. 30 190.3 76.3 10.0 94.9 374.0 79.4 42.0 42.9 18.2 Sept. 27 190.4 79.6 9.2 85.8 370.8 97.3 16.5 44.0 18.2 Oct. 25 190.4 81.2 8.5 92.5 369.3 104.1 15.9 45.8 17.7 Nov. 29 190.6 80.4 8.6 84.7 370.2 106.9 13.6 36.5 17.8 Dec. 27 190.7 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 Apr. 25 v 191.2 77.5 5.3 86.3 373.7 99.5 15.8 37.0 17.7 Assets Liabilities Bank of France Gold Foreign Do b m il e ls stic Se lo c a u n ri s ty N s e e t b g c ie l u o e s r ti i a - - Other ci N t r i c o o u t n l e a- G m ov e e n D r t n e - posi O ts ther l O ia t t i b h e i s e li r - Millions of francs: 1933—Mar. 31. 80,409 4,376 3,352 2,714 6,621 9,801 86,096 2,235 16,850 2,093 Apr. 28. 80,866 3,846 3,805 2,649 6,595 8,861 84,992 2,340 17,181 2,109 May 26. 80,951 3,887 3,449 2,675 6,582 8,534 83,267 2,265 2,152 June 30. 81,243 3,990 2,791 2,766 6,489 9,243 84,708 2,338 17,376 2,100 July 28. 81,976 3,975 3,461 2,661 6,463 8,503 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 80,368 2,956 15,016 2,359 Dec. 29. 77,098 1,158 4,739 2,921 6,122 8,251 82,613 2,322 13,414 1,940 1934—Jan. 26.. 77,055 1,130 4,486 2,893 6,119 7,870 79,474 2,270 15,836 1,972 Feb. 23. 73,971 1,070 5,963 2,932 6,114 7,960 81, 024 1,868 13,067 2,052 Mar. 30. 74, 613 1,068 2,972 6,007 8,229 82,833 1,721 12,632 1,900 Apr. 27 v 75, 755 1,067 5,707 3,015 5,972 () 81,501 2,023 14,199 (2) Assets Liabilities Reichsbank Reserves Foreign Tre b a il s ls ury 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- Other ci N t r i c o o u t n l e a- Deposits l O ia ti t b e h i s e li r - Gold exchange Millions of reichsmarks: 1933—Mar. 31 739 97 2,763 210 401 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 9 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 Mar. 29... 237 3,144 144 681 685 3,675 547 768 Apr. 30 P 205 3,140 140 639 760 3,640 515 v Preliminary figures. i In addition, the issue department holds Government and other securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. From Aug. 1,1931, to Mar. 31,1933, an increase of £15,000,000 in fiduciary issue (and securities held as cover) was authorized by British Treasury under section 8 of the Currency and Bank Notes Act, 1928. 3 Not yet available. NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

295 MAY 1934 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1934 1933 Central bank Central bank Mar. Feb. Jan. Mar. Mar. Feb. | Jan. Mar, National Bank of Albania (thou- National Bank of Czechoslovakia sands of francs): (millions of koruny): Gold 7, 223 7,225 5,490 Gold.... 2,661 2 668 1,208 Foreign exchange 24. 933 25, 573 32, 444 Foreign balances and currency. _. 64 78 774 1,005 Loans and discounts 2,913 2,838 2,902 Loans and advances 1, 562 1,346 1,424 1,614 Other assets 2, 4.78 2,330 3,612 Note circulation 5,544 5. 5?3 5, 449 6,272 Note circulation I 11,417 11, 680 13,956 Deposits 697 444 874 601 Demand deposits 15, 893 16,073 19, 209 Danish National Bank (millions of Other liabilities.— I. 10, 237 10, 212 11, 283 kroner): Commonwealth Bank of Australia Gold 133 133 133 133 (thousands of pounds): Foreign bills, etc 16 10 9 11 Issue department: Loans and discounts 71 i 69 Gold and English sterling 15, 508 15, 508 14, 508 11, 507 Note circulation 369 351 331 Securities 28, 625 28, 875 29, 375 27,640 Deposits 99 78 38 Banking department: Bank of Danzig (thousands of gul- Coin, bullion, and cash 936 1,015 949 1,107 den): London balances 22, 912 24, 466 19,733 21,892 Gold — 30,160 30,161 30,158 22, 933 Loans and discounts 14, 634 14,888 15, 779 17, 835 Foreign exchange of the reserve.. | 11, 340 9133 8,814 14,892 Securities 36,108 35,858 35, 358 35,411 Other foreign exchange 121 523 136 460 Deposits ... 78, 893 79, 707 73, 290 77,183 Loans and discounts - 15,881 15246 17,194 10, 603 Note circulation 40, 910 41,155 47,301 42, 272 Note circulation ~| 41, 280 39220 39,187 36,219 Austrian National Bank (millions of ! Cen D tr e al p o B s a i n ts k of Ecuador (thousands 10,848 10757 12,721 7,201 schillings): of sucres): Gold. - 189 189 189 150 Gold at home and abroad 15, 082 14,375 i 14,781 F D N O G o o o t o r h m t v e e e e i r e g r c s n n f i t o r m i c c r e e u e x i b l n c g a i t h n l t l a i s d o b n e n i g b l e l t s s of the reserve.. 9 3 6 8 2 0 2 0 1 4 8 4 9 2 6 9 9 2 2 3 7 4 2 0 6 9 2 0 2 6 1 0 9 4 2 7 6 9 2 1 3 6 8 0 9 9 0 7 Nati N D L F o o o n e o r a p a t e e l n o i s s g B c i n i a a t r s n n c e d k u x l c d o a h i f t s a i E o c n n o g g u e y n pt t s a (thousands 4 3 2 6 7 7 2 , , , , 1 1 4 4 9 8 7 7 5 8 7 1 4 3 2 8 5 6 0 , , , , 9 2 0 6 6 9 9 6 7 3 4 3 I 2 3 1 6 1 9 9 , , , , 8 3 3 0 0 3 9 5 3 2 6 9 Deposits 154 138 187 170 of pounds): National Bank of Belgium (millions Gold.. - -- 6,546 6,663 6,663 of belgas): Foreign exchange 3,450 4,084 3,318 Gold 2,700 2,714 2,745 Loans and discounts 4,992 5,227 5,344 Domestic and foreign bills. 705 760 769 804 British, Egyptian, and other Loans to State 347 347 347 363 Government securities 34, 604 33, 594 34, 673 Note circulation. __ 3,456 3,473 3,398 3,559 Other assets 3,489 3,501 3,322 Deposits ... 433 486 418 Note circulation 19, 624 19,838 17, 872 Central Bank of Bolivia (thousands Deposits—Government 6, 649 6,227 5,666 of bolivianos): Other 18, 814 19, 035 21,160 Gold at home and abroad 7,917 23, 586 Other liabilities 7,995 7,965 7,622 Foreign exchange 2,658 3,784 Bank of Estonia (thousands of Loans and discounts 18,807 29, 576 krooni): Note circulation 54, 623 40,994 Gold.... 20,432 20,424 20,135 17, 842 Deposits 51, 027 38, 574 Net foreign exchange 6,104 4, 038 3,045 2,238 Bank N L C C o o o u o a r t r f e r n r B e e s c s n r i a p a c r n o z y c i d u n l l d d a ( e i t m n s io c i ts n l o l i u a o n b n t r s s o o ad f milreis): 2, 3 3 7 2 8 0 6 0 6 2 6 2, 3 7 3 9 2 0 5 6 0 4 5 2,6 5 1 1 6 1 2 3 9 0 0 2 L N D o e o a p te n o s s c i i a t r s n c — d u l d B O a G i t a t s o i h n o c v e n o k e r u e rn r n s m t ' s ent - 3 1 4 9 4 2 7 , , , , , 8 9 3 5 5 4 5 3 6 4 . 4 9 0 9 0 3 1 3 4 2 7 9 , , , , , 0 0 8 6 0 9 8 6 1 0 9 4 0 2 6 3 1 1 4 2 9 6 , , , , , 3 7 9 5 1 8 1 4 4 9 1 3 8 8 9 2 3 1 3 7 3 1 , , , , , 5 2 0 5 1 9 8 3 8 2 1 8 7 1 8 Deposits _ 3,009 2,887 2,957 Bank of Finland (millions of markkaa): National Bank of Bulgaria (millions Gold.... 323 323 i 323 304 of N T L N G G O le o o e o o o t v h t a t l t v a d a e e n e ) l f r s o r c : f n s r i a o e r i m n r g c i e g d u h e i n t l g n d a n t l i e t i s i x a o e o c c b b x n o h i l c u l i a h i g n n t a i a t g e n s t e s i g o e i n n s reserve._ 2 2 1 1 1 , , , , , 7 6 6 5 0 1 8 2 0 4 4 3 1 9 3 5 3 9 7 2 2 2 1 1 1 , , , , , 7 1 4 9 5 1 2 6 8 0 0 4 4 3 9 3 3 0 7 2 2 1 1 1 , , , , ,8 5 7 5 1 1 0 7 8 6 4 2 8 2 1 3 3 6 7 7 2 2 1 1 , , , , 7 8 5 5 5 7 9 7 2 2 9 9 8 5 0 3 0 5 2 Ba m n a k N D B D F s o a ) o o e c o r l : m m t r f a e e e n i e a d g G c c s n i n i e t t r d r s i s e c b c e l u i i b c l l a l a e a i s b l b t l i i s r ( l o o i m n t a i i d e l s lio a n — n s d o f f d o r r a ei c g h n - 1 1 , , 3 0 3 3 7 2 5 3 2 1 2 4 2 8 7 1 1 , , 3 6 3 2 0 1 8 5 9 4 1 8 0 6 4 S I j 1 1, , 4 0 3 5 0 5 1 5 7 6 7 1 0 8 6 1,1 7 4 3 7 8 3 7 3 8 3 6 3 1 5 Central Bank of Chile (millions of Gold and foreign exchange.. 3,966 3,962 ! 4,033 2,204 pesos): Loans and discounts 3,594 3,532 3.477 1,572 Gold at home and abroad 98 96 Government obligations 3,355 3,355 3, 355 3,368 L D N F G o o e o o r a p 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 c h e d u x a e l n c n d a h g t i t a e s i d o c n n c e o g o b e u t m n fo t m s r . i a . s _ c s c io o n u _ n _ t . of: 6 5 3 1 7 8 5 2 2 5 2 2 9 1 3 ' ' 6 1 5 3 1 8 7 1 6 8 2 3 2 6 4 6 5 3 1 7 7 0 4 5 0 6 9 2 1 7 Na o t f i N L O G F o p o i n o o t e a h r a l t n b e d e l e g i i r l g c B o i s n i s t a r i i ) g c n e : b s u k h i l t l i l a o n s l t f i , i a f o e H o b n t r i u e c li n i . t g . g i n e a s r e y x c ( h m a i n l g li e ons 5 6, , 0 0 6 9 7 1 9 6 8 5 5 6, , 0 0 7 3 4 7 1 6 9 4 0 5 : ! I | I 5 5 , , 1 9 7 0 6 7 1 1 5 5 9 5 i ; 4 2 , , 5 6 1 4 0 9 6 1 7 3 7 5 5 Bank of the Republic of Colombia Loans and discounts 583 ,588 j 593 456 (thousands of pesos): Advances to treasury - 49 49 ; 50 51 Gold at home and abroad. 14, 719 14, 686 13, 689 Other assets... 30 27 ! 27 17 Foreign exchange 2,702 2,996 3,403 3,226 Note circulation 360 347 | 348 | 355 Loans to member banks. _ 6,594 3, 662 4,262 4,656 Deposits.- 79 90 ! 91 | 59 Note circulation 34,903 33, 297 31, 349 22, 870 Certificates of indebtedness j 120 120 120 0 Deposits 28, 430 24, 848 24, 853 20, 766 Miscellaneous liabilities I 171 176 178 202 r Revised. 1 Increase during February reflects in part reduction in gold content of koruna on Feb. 17,1934, from 44.58 milligrams of fine gold to 37.15 milligrams s Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 FEDERAL RESERVE BULLETIN MAY 1934 CENTRAL BANKS—Continued [Figures are for last report date of month] 1934 1933 1934 1933 Central bank Central bank Mar. Feb. i Jan. Mar Mar. Feb. Jan. Mar. Bank of Italy (millions of lire): National Bank of Rumania (millions Gold at home 6,874 7,105I 7,099 6,291 of lei): Credits and balances abroad 44 83 274 802 Gold 9,974 9,940 9,622 Loans and discounts 6,037 5,810 4,284 5,708 Foreign exchange of the reserve.. 146 160 685 Note circulation — 12,963 12, 708 13, 068 13,117 Other foreign exchange 7 28 52 Public deposits... 300 300 300 300 Loans and discounts. 8,892 9,029 10,156 Other deposits 1,426 1,757 1,203 State debt 5,681 5,681 5,726 Bank of Japan (millions of yen): Note circulation 20,815 20,834 21,453 Gold 425 425 425 Demand deposits 7,449 7,474 7,285 Advances and discounts 771 762 733 South African Reserve Bank (thou Government bonds -. 587 528 602 437 sands of pounds): Notes issued .. 1,271 1,138 1,261 1,072 Gold 17,740 18,255 17,320 10,998 Total deposits _ 497 384 433 491 Foreign bills 22, 341 21, 206 19,956 14,437 Bank of Java (millions of florins): Domestic bills _. 6 201 86 815 Gold 113 116 I 112 112 Note circulation. _. 11, 975 10, 429 10, 456 9,847 Foreign bills 0 i ! 1 19 Deposits—Government 3,705 1,899 1,755 1,368 Loans and discounts 58 57 i 60 44 Bank 27, 281 32, 261 28, 266 19, 690 Note circulation 191 190 i 190 206 Other.- 1,824 1,735 2,951 1,259 Deposits _ 28 26 35 Bank of Spain (millions of pesetas): Bank of Latvia (millions of lats): Gold 2,262 2,262 2,262 2,259 Gold. ~- 44 44 42 Silver.— 674 663 658 623 Foreign-exchange reserve -. 3 3 5 Balances abroad _._ _. 283 281 278 283 Bills. 65 66 66 ! 67 Loans and discounts 2,510 2,519 2,608 2,503 Loans 64 64 64 ! 53 Note circulation 4,668 4,748 4,729 4,751 Note circulation.. 33 33 35 ! 34 Deposits 912 962 975 Government deposits 57 58 58 ! 65 Bank of Sweden (millions of kronor): Other deposits 107 106 107 ; 92 Gold. 374 373 362 232 Bank of Lithuania (millions of litu): Foreign bills, etc _ 513 511 453 308 Gold 54 52 52 | 49 Loans and discounts 54 58 58 126 Foreign currency— 13 15 13 ! 13 Note circulation 644 597 583 590 Loans and discounts 86 83 85 S 90 Deposits _ _ 484 562 513 227 Note circulation 90 87 87 ! 94 Swiss National Bank (millions of Deposits -. 61 59 60 ! 55 francs): Netherlands Bank (millions of flor- Gold 1,746 1,837 1,998 2,536 ins): Foreign balances and bills 1 3 20 8 G F L o o o r a l e d n i s g n a n b d il l d s iscounts. 17 1 2 7 17 9 3 1 2 ; i | 9 IT 19 } I | 9 1 4 7 0 9 3 8 L N D o o e a m te n a s c n a i d r n c d d u e l d a p i t o s i c s o o i n t u s .. nts 1,4 4 1 0 8 3 5 2 6 1,3 5 1 9 5 1 0 7 6 1,3 7 1 9 5 0 1 3 6 1 1 , , 5 0 5 7 4 4 0 2 B C a e s n n a k N D D N T F F n G tr d o o o o o o o a e o s r r l t f p l m t t e e d a e e o R o N i i l e f g g c c s e s o d n n i i i s s t r r r e t o i e w s c c c b d p l r . u u e a e o . — a v c l l s l p y s e a r a a ) i o e t : t n . t B ( i i . s s d m c o o i a i e n t n t i n s s s l k l a i o o n n f d s P b o e i f r l u l k s r ( o t n h e o r u — ) - : 9 2 3 1 1 0 7 3 6 3 0 1 1 2 4 0 1 5 3 2 8 2 3 1 1 9 6 6 1 1 3 1 3 8 3 3 0 2 5 0 ; I i ! i ! j | 8 2 2 3 1 9 0 4 1 7 4 2 2 0 3 6 2 0 0 | I ; 9 3 2 2 1 3 0 1 5 2 5 0 1 4 1 5 1 Ce T n u N D t G F O O O G r r o a k o o e t t t o h h h r l p l e t v e d e e e e y o e i r r r B g s c r i n ( l n s a i a t i t r e s s m a n h c e s c b k u o e x e u i l t u c n r l s a i i h t s o t t t a a i i i f s e o e n n e s s n g d t c e h s u e r o i f t R i p e e s o p . u u n b d li s c ) : of 1 1 3 5 3 2 5 2 5 2 7 5 3 3 0 9 9 , , , , , , , , 4 3 8 1 0 4 3 5 3 4 7 8 6 0 7 7 1 6 0 4 7 4 4 5 1 1 3 3 5 5 2 2 5 4 9 3 1 2 7 5 9 , , , , , , , , 5 1 4 9 1 6 8 6 1 4 5 0 8 1 2 0 4 7 7 4 1 6 4 3 1 1 2 3 5 6 2 3 5 5 0 9 5 8 1 5 5 , , , , , , , , 8 6 4 8 0 0 8 3 7 1 2 5 2 0 4 7 1 3 7 7 3 5 6 4 1 1 2 3 2 2 5 6 5 1 4 0 2 3 8 4 , , , , , , , 4 3 7 1 3 4 5 9 4 7 3 5 0 3 8 8 1 9 7 4 0 6 6 8 Gold.-. - 39, 087 Bank of the Republic of Uruguay Foreign exchange 350 (thousands of pesos): Bills . . 26,651 Gold 49,861 49,109 47, 801 Note circulation 53, 021 Loans and discounts 95,950 95, 252 103, 897 Deposits... _ 7,837 Other assets.. 45, 332 45, 523 41, 032 Bank of Poland (millions of zlote): Note circulation __ 78,231 77, 766 83, 341 Gold 481 479 i 478 S 491 Deposits—Demand 33, 988 32, 880 29, 676 Foreign exchange 67 78 i 82 i 97 Time 42, 682 42, 899 40, 090 Loans and discounts 745 752 ! 749 ! 701 Judicial and admin- Note circulation 955 939 947 ! 1,019 istrative 2,710 2,661 2,990 0ther sight liabilities 232 271 i 248 i 139 Other liabilities 33, 532 33, 678 36, 633 Bank of Portugal (millions of escu- National Bank of the Kingdom of dos): Yugoslavia (millions of dinars): Gold. 833 ! 777 ; 671 Gold... 1,766 1,765 1,795 1,761 Other reserves 360 382 ' 341 i 416 Foreign exchange _ 129 169 139 170 Discounts and advances __. 334 330 | 330 ! 329 Loans and discounts _ 1,876 1,959 2,055 2,349 Government obligations 1,051 1,051 i 1,051 : 1, 054 Advances to State 2,317 2,317 2,317 2,412 Note circulation 1,965 1,925 | 1,934 1,916 Note circulation 4,232 4,233 4,212 4, 564 Other sight liabilities. 755 771 i 601 587 Other sight liabilities. 944 959 1,062 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

297 MAY 1934 FEDERAL RESERVE BULLETIN COMMERCIAL BANKS Assets Liabilities (10 clearing o f b p an o k u E s n n . d g s l a F s n i t d g er u l r i e n s g ) in millions v d E B C a u n u a a e g l n s t l h k f a a r i o n n o n m d f d M c n a o s l o h n l t o e a i y c r n t e d at B co il u ls n t d e i d s- Securities Loans to a O s t s h e e ts r Total D D e e p m o a s n it d s 1 TimeJ lia O bi t l h it e i r es 1933—May 206 98 346 530 779 209 1,944 962 224 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 1,958 924 233 October 218 89 343 559 752 222 1,951 916 233 November. 216 99 317 569 741 228 1,928 905 241 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 March 219 120 202 547 757 226 1,831 910 240 Assets Liabilities France Cash in Deposits (4 large banks. Figures in millions of vault and Loans, francs) due from Due from Bills dis- including Other Other Bank of banks counted se l c o u an ri s ty assets Total Demand Time ceptancesliabilities France 1933—May 8,184 1,960 20,048 7,777 1,227 35,124 34,145 979 247 3,824 June 8,499 1,931 19,889 7,824 1,420 35,295 34,307 988 372 3,895 July 8,738 1,723 20, 236 7,848 1,521 35,676 34,671 1,005 379 4,011 August 8,027 1,600 19,851 7,813 1,565 34,426 33, 419 1,007 360 4,069 September 7,907 1,504 19,835 7,792 1,540 34,181 33, 217 964 253 4,144 October.._ 7,094 1,480 20, 229 7,880 1,626 33,786 32,811 976 257 4, 266 November 6,333 1,545 19,876 8,127 1,707 33,009 32,075 933 258 4,322 December. 5,870 1,416 19, 848 8,309 1,827 32, 635 31, 773 862 273 4,362 1934—January... 6.373 1,574 19.169 8, 537 1,034 «32,809 ° 31, 969 841 284 c 3,592 February.. 4,650 1,724 18,174 8,956 1,130 30, 736 845 334 3,564 I Assets Liabilities (R in e m po il r l t i i o n n G g s e b o r f a m n r a e k n i s c y . h sm Fi a g r u k r s e ) s v d C a R u b u a e e a l s i t c n h f r h a k o i s n n m - d 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 c o o l u a u a r n d n i s i s t n y , g Securities a O s t s h e e ts r Total D D e e p m os a i n ts d Time c b o u C a b s f n r t t r a e o o k i d m m s n i e t f e s o d r r s lia O b t i h li e t r ies 1933—May 169 675 1,934 4,882 2,387 1,189 7,101 3,268 3,833 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 2.127 2,387 1, 196 7,159 3,254 3, 905 3,100 Assets Liabilities Deposits payable in Canada Canada Entirely in Canada Security excluding interbank deposits (10 chartered banks. Figures loans i l n ar s m ) illions of Canadian dol- v t C a r in a u a l l s t c h g e a o n i n l n - d d Se lo c a u n ri s ty l b o i O a ll n t s s h d e a i r n s- d d a a f u b n o b e a d r r e n o f i r n k g a o s e d n m t Securities O as t s h e e ts r ci N t r i c o o u t n l e a- Total Demand Time lia O bi t l h it e i r es reserves counted 1933—May 193 94 1,073 139 836 456 119 1,946 549 1,397 725 June 198 102 1,057 145 481 129 1,957 570 1,387 757 July 197 109 1,042 151 448 120 1,958 578 1,380 733 August 192 105 1,026 146 437 121 1,924 551 1,373 727 September. 187 110 1,031 176 881 435 129 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 March 187 103 1,029 159 835 427 128 1,893 526 1,367 718 e Corrected. i 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

298 FEDERAL RESERVE BULLETIN MAY 1934 DISCOUNT RATES OF CENTRAL BANKS Central bank of— Date effective E la n n g d - France m G a e n r y - Italy N la e n th d e s r- Sw la i n tz d er- b C an e k n tr o a f— l M Ra 1 a t y e I s n i n e c f e f — ect b C an e k n tr o a f— l M Ra 1 a t y e I s n i n e c f e f — ect In effect Oct. 1,1931. 6 2 8 7 3 2 Albania Nov. 16,1933 Japan 3.65 July 3,1933 Oct 10 Austria 5 Mar. 24,1933 Java Aug. 16,1933 Dec. 10 7 Belgium 3 Apr. 26,1934 Latvia Jan. 1,1933 Feb. 18, 1932. 5 Bolivia 6 July 5,1932 Lithuania 6 * Apr. 1,1930 Mar 9 6 Mar. 10 4 Bulgaria. .. Jan. 2,1934 Norway May 24,1933 Mar. 17 VA Chile VA Aug. 23,1932 Peru 6 2 May 20,1932 Mar. 21 6 Colombia .. July 18,1933 Poland Oct. 26,1933 Apr. 9 5H Czechoslo- Portugal 5 Dec. 8,1933 Apr 19 2H vakia VA Jan. 25,1933 Apr. 21 3 Rumania... 6 Apr. 5,1933 Apr 28 5 Danzig...... 3 May 6,1933 South Africa . 3H May 15,1933 May 2 5 Denmark... Nov. 30,1933 Spain 6 Oct. 26,1932 May 12 Ecuador 4 Nov. 30,1932 Sweden Dec. 1,1933 June 30 2 Estonia VA Feb. 1,1932 Sept. 22 4 U.S.S.R 8 Mar. 22,1927 Jan 9 1933 4 i Finland Dec. 20,1933 Turkey Mar. 2,1933 May 12 VA Greece 7 Oct. 14,1933 Yugoslavia... 7 Feb. 9.1934 June 29 ::::::::: Hungary Oct. 18,1932 July 15 India VA Feb. 16,1933 July 29 V4 A -i-trr 1 X> Sept. 4 VA *.. Changes since Apr. 1: Belgium—Apr. 26, down from 3H to 3 percent. Sept 19 Dec. 11 3 Feb 9 1934 3 In effect Mayl, 1934. 2 3 4 3 VA 2 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Amsterdam) Month 3 B a a a m c n n c c o 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 - y day o a B n l l a o d n w e k p a e o n r s c s i e ' ts d P is r r i c 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 - n t e o > - T d ay j M 1 o m ne o y n t f h or 1933—March 0.62 0.46 0 64 3.87 5.00 4.97 0.64 1 11 April .59 .50 .61 3.87 5.25 5.05 .66 1.00 May .50 .37 .58 3.87 5.50 5.24 2.11 1.69 June .50 .40 .62 3.87 5.50 4.93 2.18 2.06 July .48 .40 .62 3.87 5.50 5.19 3.54 2.64 August .41 .30 .62 3.87 5.50 4.94 1.11 1.08 September. .44 .31 .63 3.87 5.50 5.00 .77 1.00 October .79 .73 .75 3.87 5.50 5.11 .50 1.00 November. 1.05 .94 .75 3.87 5.50 5.18 .45 1.00 December. 1.06 1.15 .77 3.87 5.50 4.97 .52 1.00 1934—January... 1.01 .90 I 3.87 4.78 4.74 .50 1.00 February. .95 3.87 4.91 4.78 .78 1.00 March .95 3.87 5.00 4.89 1.24 1.07 Sw la it n z d er- (B B r e u lg s i s u e m ls) F (P ra a n ri c s e ) (M It i a la ly 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 te a u t n e t d P is r r i c a v o te a 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 a e p e r e - r Da m y o -t n o e - y day L m oa o to 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—March 1.50 2.62 2.04 4.20 5.48-5.84 2.92 M Ap a r y il 1 1 . . 5 5 0 0 2 2 . . 5 4 0 1 1 1. . 7 8 6 7 4 4 . . 0 0 0 0 V 3; A V 3 A H - 6 5}/2 5 5 . . 4 1 8 1 - - 5 5 . . 8 8 4 4 2 2. . 1 3 9 7 June 1.50 2.31 1.50 ! 4.00 3 3 -5 5.11-5.48 2.74 July.. 1.50 2.31 1.39 ! 4.00 VA 3 -5 5.11-5.48 2.37 A Se u p g t u e s m t ber 1 1 . . 5 5 0 0 2 2. . 2 3 7 1 1 1 . . 4 1 5 3 I 4 3 . . 0 5 0 5 V V / A2 3 3 - - 6 5 5 5 . . 1 1 1 1 - - 5 5 . . 4 4 8 8 2 2 . . 3 5 7 6 October. __ 1.50 2.21 1.25 j 3.50 3 -5 5.11-5.48 2.56 November. 1.50 2.12 1.85 3.50 3^ 3 -5 5.11-5.48 2.56 December. 1.50 2.25 2.26 I 3.00 3H 5.11-5.48 2.56 1934—January. __ 1.50 I 2.14 2.12 3.00 VA 2H-4H 5.11-5.48 2.37 February. 1.50 ! 2.05 2.59 3.00 2H-4H 5.11-5.48 2.56 March 1.50 j 2.07 2.75 3.00 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

MAY ] 34 FEDERAL RESERVE BULLETIN 299 FOREIGN EXCHANGE RATES [Averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year and month A (p t r i e g n s e a o n ) - 1 (p t A r o a u u l s n ia - 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): Bu ( l l g e a v r ) i a 2 C (d a o n l a la d r a ) C ( h p i es l o e )i ( C y h u i a n n a ) C ( b p o e i l a o so m ) - i ( C p u e b s a o) ( s C l k z o o e v r c a u h k n o i a - a ) ( m D k a r e o r n 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 372.8009 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—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 333.3311 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 66.9396 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 April 34.3475 410. 54 18.8724 23. 4416 8. 6004 1. 3295100. 2070 10. 2595 34.1506 59. 9228 99. 9288 4.1720 23. 0051 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 k d a) F (f r r a a n n c c e ) ( m m r G e a a i 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 ll n n a g g r) H (p u e n n g g a o r ) y ( I r n u d p i e a e) I ( t li a r l a y ) I ( J y ap en an ) 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 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—April 366.8480 357.9313 1. 5806 4.1019 24. 3873 .5865 23. 7714 17. 4812 26. 8721 5. 3662 22. 0867 27. 0201 41. 9490 May 403.1202 393. 2381 1. 7467 4. 5927 27. 3629 .6582 27.1586 18.8766 29.5729 6. 0888 23. 9967 28. 8721 46. 9507 June 424. 0440 413.5581 1.8241 4.8035 28. 8097 .6917 29.1358 21. 2415 31. 0652 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 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 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 8.575 '29.7536 27. 7313 66. 0382 March 522.3447 509.3917 2. 2470 6. 5801 39. 6599 .9413 38. 6842 29. 6125 38. 3335 8. 5763 30. 0093 27. 7224 67. 2956 April 515. 3425 2. 2702 6. 6161 39. 5890 .9452 38.1556 29. 7652 38.7557 8. 5641 30. 3124 27.7222 67. 8471 I Year and month Z (p e N o a e u la w n n d d ) N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l u d - o) R ( n u le i m u a ) a- (p S e p s a e i t n a) ( S S m d t e o e r t l a n t l l i a t e t s r s - ) Sweden * (fr j an W c) ( T p u o r u k n e d y ) U ( A S p n o o i f o r u u i n c t n h a d o ) f! U ( r p u e g so u ) a * y ( 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. 2854 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—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 75. 0781 499. 09 75.8051 2.1818 February 401.81 25. 2835 18. 5984 4. 6321 . 9923 13. 3001 M.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 April 411. 63 25. 8824 18.9554 4. 7085 1. 0060 13. 7024 60. 3487 26. 5643 32. 4593 509. 43 80. 6081 2. 2718 1 Nominal since April 1933. 2 Partly nominal since April 1933. 3 Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average for 1933 is for gold peso from Jan. 1 to Dec. 10, inclusive. Average for December 1933 based on paper peso for Dec. 13-31. Average of gold peso for Dec. 1-10 was 75.8904 cents. No quotations Dec. 11 and 12. * Beginning Apr. 10, 1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver- Average^for 1933 is for new yuan from Apr. 10 to Dec. 31, inclusive; average for old yuan from Jan. 1 to Apr. 9, inclusive, was 20.2103 cents. 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

300 FEDERAL RESERVE BULLETIN MAY 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 e a e e ) g s d e ( 1 D 9 E 2 e n 1 c g = e l m 1 a 0 n b 0 d e ) r 2 ( a 1 g 9 F e 1 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 l 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 « 71.7 118.3 107.0 123.2 145.0 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 1 78.0 1932 81.1 113.2 88.6 < 67.1 48.4 67.9 105.2 •50.3 1932—November 83.1 115.9 88.9 72.9 47.5 72 7 100.0 53 4 December.. _ 82.2 116.1 87.8 76.3 47.4 72.0 104.3 56.7 1933—January .. __ ._ _. 84.1 116.9 86.4 81.4 49.1 72.4 101.3 59.3 February 82.5 118.4 85.3 79.9 44.9 72.2 97.9 59.4 March... ._ 76.7 118.4 81.9 83.6 43.2 72.3 92.7 64.5 April. 75.4 120.2 81.5 85.8 47.5 72 4 94 0 66 8 May __ __ 82.0 118.1 78.5 81.5 62.9 75.4 100.4 67. 2 June 86.8 118.7 79.5 80.1 74.9 79.0 105.2 65.7 July—. 89.6 117.9 80.0 78.2 80.4 83.9 106.0 62 8 August 89.9 120.1 80.2 78.5 75.1 84.4 105.2 60.7 September . 87.9 121.2 81.4 78.2 74.8 85.3 103.0 57.3 October _ .. .. 86.5 122.3 81.1 84.7 69.5 82.9 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 February 92.9 124.3 78.7 91.6 80.5 S7.0 91.8 67.8 March ._ 95.1 126.2 76.9 91.9 77.1 87.3 85.0 70. «Corrected. i Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. 8 Annual indexes for English bonds and stocks are unweighted averages of monthly indexes. 1 New series compiled by the Statistisches Reichsamt beginning with January 1928; weighted average of the prices of 169 6-percent bonds. Annual indexes for German bonds are unweighted averages of monthly indexes. * Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. Back figures.—See BULLETIN for February 1932, p. 121, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Year and month (1 U 9 S 2 n t 6 a i = t t e e 1 s d 00) (1 C 92 a 6 n = a 1 d 0 a 0) (1 E 9 n 1 g 3 l = a 1 n 0 d 0) (19 F 1 r 3 a = n 1 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 95 142 642 138 495 225 148 1928. 97 140 645 140 462 226 149 1929 95 137 627 137 445 220 142 1930 86 120 554 125 383 181 117 1931 73 104 502 111 328 153 97 1932 65 102 427 97 304 161 79 1932—November 64 101 413 94 178 77 December 63 101 413 92 185 1933—January 61 100 411 91 292 185 75 February 60 99 404 91 286 180 74 March 60 98 390 91 281 177 72 April 60 97 387 91 279 176 71 May 63 99 383 92 279 177 72 June _ 65 102 403 93 281 180 73 July 69 102 401 94 279 182 73 August 70 103 397 94 278 180 73 September 71 103 397 95 276 182 75 October 71 103 397 274 180 75 November I 71 103 403 273 179 76 December j 71 103 407 275 176 1934—January 72 105 405 276 176 February j 74 105 400 27.5 178 80 March ] 74 104 394 275 177 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

301 MAY 1934 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those included in indexes shown in preceding tablej United States (1926=100) England (1913=100) France (1913=100) Germany (1913=100) Indus- Year and month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n o tr d d i u a u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- a t f r n i i n d a i l s s h e ra m e w d i- p tr I r i i n o a s d d h l u e u fi d s c n - t - s products 1926 100 100 100 155 144 581 793 129 132 «130 150 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 75 112 100 542 464 104 103 136 1932 48 61 70 111 97 482 380 91 89 118 1932—November. 47 61 70 107 458 373 114 December. 44 58 108 97 456 375 114 1933—January... 43 56 67 107 97 455 373 113 February.. 41 54 105 96 443 370 112 March 43 55 102 95 417 368 112 April 45 56 101 95 407 369 111 May 50 59 102 98 390 376 112 June 53 61 104 101 418 390 112 July _ 60 66 101 103 414 389 113 August 58 65 104 102 407 389 113 September 57 65 105 102 413 383 114 October.. _ 56 64 104 102 417 379 114 November. 57 64 104 102 425 384 114 December. 56 63 103 103 432 385 114 1934—January... 59 64 104 105 424 387 114 February- 61 67 104 106 416 386 115 March 61 101 105 413 378 115 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)1 14=100) » (1913 = 100) 1914=100) 1914=100)1 14=100) » 1926 161 161 113 144 1926 175 170 '103 141 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 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—No vember 99 125 104 110 1932—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 3 107 123 101 112 October 141 120 November .. » 107 126 103 113 November 143 « 120 December » 104 126 104 114 December ._ 135 143 107 121 1934—January 3 105 124 105 114 1934—January _ . 142 121 February 3 108 122 103 114 February. .. 141 121 Mi arch 3 109 120 100 114 March 140 121 « Corrected. i This index, unlike that for wholesale prices in France, represents prices converted to the gold basis of 1914. 8 Average of October 1913, January, April, and July 1914 = 100. 3 Figures for the period nearest the 15th of the month. Since August 1933 the Bureau of Labor Statistics has published semimonthly indexes, which this year have been as follows: Jan. 2, 104.5; Jan. 16, 105.2; Jan. 30, 105.8; Feb. 13, 103.3; Feb. 27, 103.1; Mar. 13, 108.5; and Mar. 27, 108.0 Apr. 10, 107.4; and Apr. 24, 107.3. For indexes available in 1933 see BULLETIN for February 1934, p. 120. SOURCE: Wholesale . pr. ices.—F..o_r .o._r igi.n.al. s.o.u.r.c es, see BULLETIN for March 193..1 (p. 1. 59)R.etail food prices and cost of living.—United States— Bujrreeaauu ooff LLaabboorr SSttaattiissttiiccss,, DDeeppaarrttmmeenntt ooff LLaabboorr;; EEnnggllaanndd——MMiinniissttrryy ooff LLaabboouurr;; GGeerr mmaanmp—Statistisches Reichsamt; France—For retail food prices, Statistique Ganarale, 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

302 FEDERAL RESERVE BULLETIN MAY 1934 LAW DEPARTMENT Obligations secured by real-estate mortgages as purpose and consequently that they should be "securities" under various sections of the Banking interpreted with this purpose in mind. After Act of 1933 a careful consideration of this subject, the The Federal Reserve Board has had under Federal Reserve Board has reached the conconsideration the question whether various clusion that, although there are obligations types of obligations secured by real-estate secured by real-estate mortgages which are of mortgages are obligations of the kinds referred the kind referred to in the provisions of law to in subsection (e) of section 5144 of the Re- above quoted, mortgage notes arising out of vised Statutes, as amended by section 19 of the the ordinary type of direct loans on real estate Banking Act of 1933, and in section 20 and are not " bonds, debentures, notes, or other section 32 of the Banking Act of 1933. securities" within the meaning of section 5144 The pertinent parts of those sections are of the Revised Statutes as amended or section quoted below, the descriptive words under 20 of the Banking Act of 1933 or "securities" consideration being italicized in each instance: within the meaning of that term as used in section 32 of the Banking Act of 1933. Revised Statutes, section 5144 (e): On the other hand, it is not possible to lay Every such holding company affiliate shall, in its down any general rule as to whether or not application for such voting permit, (1) show that it certificates of participation based on mortdoes not own, control, or have any interest in, and is gages, notes issued in series, and other similar not participating in the management or direction of, any corporation, business trust, association, or other obligations secured by mortgages which are similar organization formed for the purpose of, or not ordinary mortgage notes of the type reengaged principally in, the issue, flotation, underwriting, ferred to above, are included within the propublic sale, or distribution, at wholesale or retail or visions above quoted, since such obligations through syndicate participation, of stocks, bonds, vary so widely in character; and questions of debentures, notes, or other securities of any sort (hereinafter referred to as "securities company"); (2) agree this kind must be determined as and when that * * * it will not acquire any ownership, they arise in particular cases according to the control, or interest in any such securities company facts involved therein. *• * *; (3) agree that if, at the time of filing the application for such permit, it owns, controls, or has an The views expressed above should not be interest in * * * any such securities company, it construed as an expression of opinion by the will, within five years after the filing of such applica- Board that mortgage notes and other obligation, divest itself of its ownership, control, and interest tions secured by mortgages should not be conin such securities company * * *. sidered "bonds, debentures, notes, or other Section 20 of the Banking Act of 1933: securities" within the meaning of section 21 (a) of the Banking Act of 1933. Said section 21 After one year from the date of the enactment of this Act, no member bank shall be affiliated in any provides a penalty of fine or imprisonment for manner described in section 2 (b) which defines violation of its provisions, and the interpretaaffiliates hereof with any corporation, association, tion of the provisions of that section is a matter business trust, or other similar organization engaged principally in the issue, flotation, underwriting, public entirely within the jurisdiction of the Departsale, or distribution at wholesale or retail or through ment of Justice. Since an expression of opinion syndicate participation of stocks, bonds, debentures, by the Federal Reserve Board as to what would notes, or other securities. * * * constitute a violation of that section would not Section 32 of the Banking Act of 1933: afford protection from criminal prosecution if the Department of Justice, upon consideration From and after January 1, 1934, no officer or director of any member bank shall be an officer, director, or of the matter, should take a contrary position manager of any corporation, partnership, or unincor- and determine to prosecute for a violation porated association engaged primarily in the business of thereof, the Federal Reserve Board does not purchasing, selling, or negotiating secutities, * * *. feel that it would be appropriate to undertake One of the principal purposes of the Banking to express an opinion on the question whether Act of 1933 was to effect a separation of com- mortgage notes or other obligations secured by mercial and investment banking. It appears mortgages should be considered "bonds, debenthat the provisions above referred to were tures, notes, or other securities" within the designed to aid in the accomplishment of this meaning of that section. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1934 FEDERAL RESERVE BULLETIN 303 Allowance in consideration of payment of banker's interest in violation of the prohibition of section acceptance before maturity as indirect payment of 19 of the Federal Reserve Act upon the payinterest ment of interest on any deposit which is payable The Board recently had occasion to consider on demand. the question whether an allowance made by a member bank to a customer in connection with the discharge of his obligation with respect to Corporate trustee under deed of trust as a holding a banker's acceptance constitutes a payment of company affiliate interest directly or indirectly on a deposit which There has recently been submitted to the is payable on demand in violation of section 19 Board a deed of trust whereby an individual of the Federal Reserve Act. had transferred to a trust company, as trustee, In consideration of the bank's agreeing to shares of stock which represent a controlling accept time drafts, the customers of the bank interest in several member banks and which are agree, expressly or impliedly, to pay to the held in trust for designated beneficiaries. The bank or its successors or assigns the amount Board was called upon to consider whether the of each such acceptance on the last business corporate trustee was a holding company day before its maturity or on demand at any affiliate of such banks within the definition in time prior thereto, together with the amount of section 2 (c) of the Banking Act of 1933. the bank's commission and the amount of all Section 2 (c) defines a holding company charges and expenses incurred by the bank in affiliate as a corporation, business trust, assoconnection with the transaction. It sometimes ciation, or other similar organization which is in happens that the customer desires to discharge a position to exercise controlling influence over his obligation prior to the last business day a member bank in any one of certain ways before the maturity of the acceptance, and, in specified in the definition. The deed of trust order to encourage such desire, the bank accepts did not create a "business trust", but the payments at a discount rate based upon the trust company was clearly a corporation. The number of days yet to run until the maturity, Attorney General of the United States, in thus making an allowance for the unexpired answer to a question propounded by the Secreperiod during wliich the customer, in the abtary of the Treasury, has stated in an opinion sence of a demand from the bank, might have that: retained his funds. On the basis of the foregoing statement of it does not seem objectionable to say that I perceive facts, the Board expressed the view that, if the the force of your solicitor's conclusion that ownership and control through majority stockholding does not funds paid to the bank by the customer in such include a holding by a bank merely as executor or in circumstances are not credited to his deposit some other such fiduciary or representative capacity, account on the books of the bank, but are subject to control by a court, or by a beneficiary or a applied immediately to the discharge of his principal, and without the incentive and opportunities which might arise from a holding of the stock by the obligation to place the bank in funds to retire bank as its own property. the acceptances, the funds do not constitute deposits, and, therefore, the prohibition upon Under the terms of the deed of trust the the payment of interest on deposits payable on trustee held the stock without the incentive for demand is not applicable. If, however, the private profit, but determined the manner in funds are credited to the customer's deposit which the stock was to be voted and in so doing account and are not applied in discharge of the apparently was not subject to control by any customer's obligation until the date of maturity court, beneficiary, or principal. The Board of the acceptance, it is the view of the Board therefore ruled that the trust company was a that a deposit arises and, if such deposit is to be holding company affiliate of the member banks used to discharge the customer's obligation referred to and accordingly could not vote any within 30 days or is otherwise payable within 30 stock of such banks, owned or controlled by it days, it constitutes a demand deposit and an either in its capacity as trustee or otherwise, allowance or discount in connection with such unless it first obtained from the Board a voting deposit, calculated according to the number of permit under authority of section 5144 of the days remaining before maturity of the accept- Revised Statutes of the United States, as ance, must be considered an indirect payment of amended. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 FEDERAL RESERVE BULLETIN MAY 1934 Federal savings and loan associations as banks within to the payment of interest at a rate not in exsection 19 of the Federal Reserve Act cess of that prescribed in Regulation Q for a The question whether a Federal savings and period beginning with the first day of any loan association organized under the provisions month, in any case in which such first day of the Home Owners' Loan Act of 1933 may be falls on a Sunday or legal holiday, on any time considered a "bank" within the meaning of the or savings deposit received on the first business provision of section 19 of the Federal Reserve day after such Sunday or holiday and ending Act regarding amounts due to and from other when the deposit is actually withdrawn or banks in computing reserves has had the con- ceases to conform to the definition of a time sideration of the Federal Reserve Board. or savings deposit as contained in the Board's Section 5 of the Home Owners7 Loan Act of Regulation Q, whichever shall first occur. 1933 provides for the organization of Federal savings and loan associations "in order to provide local mutual thrift institutions in which Authority of Federal Reserve banks to acquire bonds people may invest their funds and in order to of Home Owners' Loan Corporation and to act as provide for the financing of homes." Such fiscal agents of such corporation associations are authorized to raise their capital There is printed below the text of sections "only in the form of payments on such shares 7 and 8 of an act of Congress, approved April as are authorized in their charter, which shares 27, 1934 (Pub. No. 178, 73d Cong.), amending may be retired as is therein provided" and to sections 13 and 14 of the Federal Reserve Act lend their funds "only on the security of their and also authorizing the Federal Reserve banks, shares or on the security of first liens upon with the approval of the Secretary of the Treashomes or combination of homes and business ury, to act as depositaries, custodians, and property within 50 miles of their home office." fiscal agents for the Home Owners' Loan They are expressly prohibited from accepting Corporation. deposits and from issuing certificates of indebtedness except for such borrowed money as may SEC. 7. (a) The first sentence of the eighth paragraph of section 13 of the Federal Reserve Act, as be authorized by the regulations of the Federal amended, is further amended by inserting before the Home Loan Bank Board. semicolon, after the words "Federal Farm Mortgage In the circumstances, the Federal Reserve Corporation Act", a comma and the following: "or by the deposit or pledge of bonds issued under the pro- Board expressed the view that Federal savings visions of subsection (c) of section 4 of the Home and loan associations are not to be considered Owners' Loan Act of 1933, as amended." banks within the meaning of the provisions of (b) Paragraph (b) of section 14 of the Federal sections 19 of the Federal Reserve Act which Reserve Act, as amended, is further amended by inserting after the words "bonds of the Federal Farm Mortrelate to the computation of reserves. gage Corporation having maturities from date of purchase of not exceeding six months", a comma and the following: "bonds issued under the provisions of subsection (c) of section 4 of the Home Owners' Loan Act Payment of interest when the first day of the month of 1933, as amended, and having maturities from date falls on a Sunday or holiday of purchase of not exceeding six months." In response to an inquiry received from a SEC. 8. The Federal Reserve banks are authorized, with the approval of the Secretary of the Treasury, to Federal Reserve bank, the Federal Reserve act as depositaries, custodians, and fiscal agents for the Board has stated that it will offer no objection Home Owners' Loan Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1934 FEDERAL RESERVE BULLETIN 305 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 April March April Apr. 4 Apr. 11; Apr. 18 Apr. 25 Boston 1.5 1.9 17.9 Boston. -._____--_ 1,910 1,251 i 1,039 i 1,226 New York 19.4 25.4 114. 5 New York 21, 607 19,890 ; 18,386 ! 18, 675 Philadelphia. 13.8 17.1 55.8 Philadelphia _ _ 14, 724 13,847 ; 13.381 : 12, 978 Cleveland. 2.4 3.3 59.4 Cleveland. ____.. 2,563 2,625 2, 146 ! 2,158 Richmond- 1.6 2.0 22.3 Richmond 1,710 1,598 i 1,609 ! 1,522 Atlanta 1.2 25.6 Atlanta .. - ...... 876 869 ! ' 649 , 729 i ; Chicago 1.5 1.8 18.4 Chicago 2,203 1,313 I 1, 170 ! 1,210 St. Louis .3 .4 4.4 St. Louis 292 262 1 258 ! 273 Minneapolis.. .6 .9 Minneapolis 660 619 484 Kansas City..- .4 20.6 Kansas City 313 307 i 26 i j 283 Dallas .1 6.6 Dallas. -_- 157 175! 216 i 222 San Francisco. 1.0 73.2 San Francisco. _ . . .. 514 495 i 778 i 553 TotaL 43.1 428. 5 Total 47, 529 43, 251i 40.473 : 40, 313 Back figures.—See Annual Reports for 1932 (table 9), 1931 (table 80), Back figures.—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 Total reserves Total deposits Federa c l ir R c e u s l e a r t v io e n n i o t • es in d R e e p s o e s rv it e a n n o d t e F l e ia d b e i r l a i- l ties combined Federal Reserve bank 1934 1933 1934 1933 1934 1933 1934 \ 1933 April March April April March April April March April April March April Boston _. .. 368, 416 327, 515 239,996 265, 628 229, 209 132, 580 242,198 225,143 235,849 72. 5 i 72. 1 1 65.1 New York__ 1, 467, 570 1, 354,115 1,053, 836 1, 523, 713 1,425, 455 1, 029, 531 633, 549 617, 505 791,131 68.0 | 66.3 ; 57.9 Philadelphia 309, 240 306, 393 226,015 215, 497 211,106 123, 250 243,616 238, 300 260,933 67. 4 ! 68. 2 ; 58. 8 Cleveland 357,196 359,964 291, 745 241, 270 243, 297 152,432 298, 267 294, 651 346, 548 66.2 ! 66.9 ! 58.5 Richmond 215,173 165, 768 182, 281 161,378 106,897 72, 539 143, 824 147,881 177,142 70. 5 1 65. 1 i 73. 0 Atlanta 139,760 139, 520 121, 656 89,408 89,106 54, 250 129, 329 126, 052 143, 748 63.9 ! 64.8 : 61.4 Chicago . _- _.. 962, 154 938,497 905,174 598,029 556, 667 300, 496 773,377 772, 542 903, 267 70.2 : 70.6 ''• 75.2 St. Louis 193,117 180,481 157,147 140, 584 122,129 76,823 134, 512 136, 395 150, 457 70. 2 ! 69. 8 69. 1 Minneapolis. _ ... _ 113,071 r 116, 334 76, 422 76, 935 r 75, 687 44, 738 96,100 r 96, 888 98, 650 65.4 67.4 53.3 Kansas City- ______ 166, 016 ' 179, 095 124, 648 146,110 149,167 81,960 107, 521 109,191 122, 265 65.5 69.3 61.0 Dallas 98, 646 106,215 50, 653 118,790 124, 500 53, 613 39,766 41, 064 41, 607 62.2 64.2 53.2 San Francisco _ - 295, 045 272, 035 223, 756 241,142 214, 612 158, 998 199, 874 198,553 263,839 66.9 ' 65.8 52.9 Total 4, 685, 404 ' 4, 445,932 3, 653, 329 3, 818, 484 ' 3, 547,832 2, 281, 210 3,041,933 ••3,004, 165 3,535,436 68.3 67.9 : 62.8 r Revised. 1 Includes "Federal Reserve notes of other Reserve banks" as follows: Latest month, $17,331,000; month ago, $15,217,000; year ago, $23,024,000. Back figures.—See Annual Report for 1931 (table 8) and 1928 (table 2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL RESERVE BULLETIN MAY 1934 EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, APR. 30, 1934 [In thousands of dollars] Total B to os n - 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 Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Gold certificates on hand and due from U.S. Treasury 4, 589,990,360,000 1,558, 765 250, 961 353, 510 215,305 120,380 936,403179,632 99, 986 149>,,516 87,307 278,225 Redemption fund—F.R. notes 31,047 580 2,071 3,144 3,101 1,012 3,290 6,956 1,134 1,099 1,166 634| 4,860 Other cash 222,034 15,434 59,879 33,977 13,070 8,046 11,105 31, 264 8,977 10,961 10,920 6,610 11,791 Total reserves. 4,843,071 378,014 1, 620,715 288,082 369.681 224,363 134, 775 974,623 189, 743 112,046 161, 602 94,551 294,876 Redemption fund—F.R. bank notes 6,333 250 2,488 858 1,215 150 474 764 Bills discounted: Secured by U.S.Govt. obligations 7,547 466 4,023 1,571 405 218 277 329 10 5 167 Other bills discounted 31,495 685 13, 396 11,368 1,525 1,194 667 1,209 77 460 266 235 413 Total bills discounted.. 39,042 1,151 17,419 12,939 1,412 944 1,277 406 470 271 243 580 Bills bought in open market.. 8,562 559 2,331 704 794 296) 940 245 219 293 1,032 861 U.S. Government securites: Bonds 406,248 22,991 149,330 25,603 30,246 13,287 12,268 67,490 13,662 15, 825 13,199 18,730 23,617 Treasury notes 1,221,""" 81,087 391,918 85,609 1101,,037 48, 328 44, 530 216,688 47,885 29,"" 47,348 31, 754 85,917 803, 53,602 246, 507 55,908 72, 741 31,947 29, 436 153,165 31, 653 19,882 31, 297 20,991 56, 797 Certificates and bills Total U.S. Government securities._ , 431,273 157,680 787, 755167,120 213,024 93, 562 86,234 437, 343 93, 200 65, 705 91,844 71,475166,331 Other securities 748 40 508 200 Total bills and securities.. 2,479, 625159,390 807, 545 181,271 215>,, 74895,270 87, 666 439, 560 93, 851 »6, 39492,408 72,750 167, 772 Due from foreign banks 3,131 237 1,193 342 301 119 110 414 10 88 222 F.R. notes of other banks .. 18,414 409 5,625 645 713 1,358 937 3,915 1,566 972 373 1,532 Uncollected items 366, 853 44,138 91'~" 26, 37034,009 30,956 13,425 48, 586 14,070 9,297 22,110 15,305 16, 601 Bank premises 52, 567 3,224 11, 434 4,131 6,788 3,128 2,372 7,382 3,121' 1,657 3,485 1,755 4,090 Fed. Dep. Ins. Corp. stock 139, 299 10, 230 42,529 14, 62114,147 5,808 5,272 19, 749 5,093 3, 510 4,131 4,359 9,850 All other assets 43, 772 27,005 4,993 1,451 2,007 2,640 1,021 347 1,195 525 1,022 670 Total assets.. 7,953,065 596, 788 2, 610, 520 521,313 644, 053363,009 247,197 1,495, 250 307, 935 194, 475J285, 471190,677J496, 37: LIABILITIES F.R. notes in actual circulation.. 3,060,104 243, 608 640,972 245, 458 304, 638 142, 756 130, 543 777,049 134, 591 95, 570 107,040! 39,319 198. 560 F.R. bank note circulation—net. 74, 582 2,212 42, 347 7,042 12, 933 2,383 2, 232 2,926! 2, 507 Deposits: Member bank—reserve account 3, 598, 528 266, 344 1, 472, 809 175, 613 232, 987156,250 69, 474 573, 528 1191,,941 67, 326 133,390 109,915 220,951 U.S. Treasurer—general account 115,302 4,268 50,45: 4,817 4,720 645 4,751 25,247 4,204 2,432 2,781 3,366j 7,614 Foreign bank 6,228 305 3,459 440 406 161 148 533 140 971 119 1191 301 Other deposits 262,041 3,787 144, 423 16,130 11,085 15, 380 11, 506 10,396 16, 670 8,297| 5,442 1,917: 16,978 Total deposits 3,982,099 274, 704 1 71,148 197,000 249,198 172,436 85, 879 609, 704 1401,,955 78,152; 141, 732)115,347 245,844 Deferred availability items 364,279 43, 925 19,617 24,705 33,491 30,570 12,"" 49, 660 14, 484 9,538 21,523 16, 4"0"1' 17,377 Capital paid in 146, 395 10, 702 59,712 15,685 12,627 4,956 4,419 12, 540 3,993 3,003! 4,163! 3i,, 948 10, 647 Surplus 138,383 9,610 45,217 13,352 14,090 5,171 5,145 20, 681 4,756 3,420| 3,613 3, 9,645 Reserves (Fed. Dep. Ins. Corp. stock, self insurance, etc.) 161, 11,283 47, 266 17,121 16,447 6, 963 7,848 22,718 4,535 4,747 11,465 All other liabilities 25, 395 744| 14, 241 950 629 157 375 2,!" "" 257 421 332 Total liabilities 7, 953, 065 16, 788 2, 610, 520 521,313644, 053 363,009,247,197 1, 495, 250 307, 935 194,475 285,471190, 677 496, 377 Ratio of total reserves to deposit and F.R. I II ! notes liabilities combined 72.9 70.1 65.1 66.7 71.21 62.3 70.3 68.9 64.5 65.0 61. l! 66.4 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to F.R. bank by F.R. agent._.3,316,776 260,373 721,825 260,836 319,030 151, 555 147, 111 812,423 138, 640 100,459 114,010 44,417246,097 Held by Federal Reserve bank 256, 672 16, 765 80,853 •1 5,-3"7- 8 1•4, 392 8,799 16,568 35, 374 4,049 4,889) 6, 970 5, 09847, 537 In actual circulation 3, 060,104 243,6081 640, 972 245, 458 304, 638 142, 7561130,543) 777,049134,591 95, 570J107, 040 39, 319 198, 560 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U.S. Treasury 2,987,271 66,117 723,706 207, 000 261, 931 152, 340 92, 385742, 513 1281,,936 78,615 100, 29044, 675 188, 763 Eligible paper 23,025 1,248 10, 993 4,121 1,387| 910 726 554 520 255 305 1,133 873 U.S. Government securities 350,400 50, 000 60,000 I 57,000 75,000 11,000 22,400 17, 000 58,000 Total collateral. 3,360,696 267,365 734, 699 261,121 323, 318 153, 250 150, 111 818, 067 140,456 101, 270 117, 595| 45,808 247, 636 F.R. BANK NOTE STATEMENT Federal Reserve bank notes: Issued to F.R. bank (outstanding 88,852 3,111 43, 422 16, 03513, 255 2,5341. 2,402 3, 639 4,454 Held by F.R. bank 14,270 899 1,075 8,993 32f | 170! 713 1,947 In circulation—net 74, 582 2,212 42, 347 7,042 12,933) \ ! | 2, 383|_ 2, 232) 2,926 2, 50' Collateral pledged against outstanding notes: Discounted and purchased bills U.S. Government securities 110,774 5,000 44,274 16,500 15,000! 5,000i 3,000 7,000 15,000 Total collateral. 110, 783 5,000 44,274! 16,500 15,000L 5,009|_ 3,000 7,000 15, 000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT 1934 FEDERAL RESERVE BULLETIN 307 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES) [In millions of dollars] Reserve bank credit outstanding Treasury 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 m o n v e i e t n e r t 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 T c a u t r n i b r e o d r a a n e n s n a n k u l c a - r y - y cu M i l n a o t c n io i 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 c d R F a e w e e s p h d s i o e e t a s h r r v n i a t e l d s m de N e p m o o n s b i - e t r s R F c O e e o a s d t u c h e e - n e r r t v r a s e l securities credit banks* 1933—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 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 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 April 43 16 2,439 2,507 7,736 2,377 5,366 3,594 3,222 170 268 Week ending Saturday- 1934—Jan. B 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 2,850 385 139 287 Feb. 3.. 111 2,433 2,631 5,316 2,301 5,308 2,727 1,781 142 290 Feb. 10 2,433 2,612 7,038 2,301 5,333 2,752 3,435 140 291 Feb. 17 2,433 2,602 7,088 2,301 5,335 2,842 3,384 138 292 Feb. 24 2,431 2,584 7,202 2,301 5.345 2,822 3,496 132 292 Mar. 3 2,433 2,565 r 7,417 2,302 5,370 3,047 r 3, 444 131 '292 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 3,285 147 301 Mar. 31 2,444 2,534 7,677 2,358 5,358 3,433 3,319 159 300 Apr. 7 2,446 2,525 7,706 2,369 5,387 3,473 3,299 145 296 Apr. 14 2,439 2,504 7,731 2,378 5,370 3,557 3,239 147 300 Apr. 21 2,436 2,506 7,746 2,380 5,364 3,634 3,219 169 246 Apr. 28 2,435 2,498 7,755 2,380 5,346 3,698 3,158 193 238 r Revised. RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES) [In millions of dollars] Reserve bank credit outstanding Treasury United Moneta- and Money Member End of month Bills States Other ry gold national- in bank co d u is n - t- bo B u il g l h s t G m ov e e n r t n- re b s a e n r k ve Total stock* cu b rr a e n n k cy tion* b r a e l s a e n r c v e e s ed securi- credit ties 1933—March 426 305 1,838 3 2,572 4,282 2,289 6,320 1,949 April 435 171 1,837 16 2,459 4,312 2,305 6,003 2,132 May 302 20 1,890 7 2,218 4,315 2,298 5,812 2,167 June 164 48 1,998 10 2,220 4,318 2,285 5,721 2,292 July. 167 9 2,028 6 2,209 4,320 2,281 5,630 2,294 August 153 7 2,129 8 2,297 4,329 2,281 5,613 2,409 September. 128 7 2,277 9 2,421 4,324 2,278 5,650 2,538 October... 116 7 2,421 5 2,548 4,323 2,276 5,635 2,685 November. 119 24 2,432 7 2,581 4,323 2,277 5,743 2,573 December. 98 133 2,437 20 2,688 4,323 2,303 5,804 2,729 1934—January... 83 111 2,434 2 2,630 4,033 2,302 5,289 2,652 February.. 64 62 2,432 8 2,567 7,438 2,302 5,355 3,093 March 54 29 2,447 15 2,545 7,695 2,362 5,396 3,457 April 39 9 2,431 6 2,485 7,756 2,380 5,371 3,599 •See footnotes to table for Wednesday series on p. 274. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 FEDERAL RESERVE BULLETIN MAY 1934 LICENSED MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of dailyfigures Reserves held Federal Reserve district Borrowings at Federal Reserve banks Total Excess March February January March February January March February January Boston 221.4 181.2 174. 2 107.2 69.2 62.1 1.9 2.0 3.7 New York _. - ._ _. .-. _._ 1,367.2 1,011.1 1, 030.1 467.0 151.7 176.7 22.9 29.3 44.3 Philadelphia 193.7 146.5 134.2 80.7 36.7 27.0 8.4 10.5 13.7 Cleveland 230.3 213.0 191.0 107.8 93.2 75.1 2.8 3.4 6.3 Richmond _ . 1 . _ 97.5 94.5 91.5 38.9 37.1 34.6 1.4 2.1 4.0 Atlanta 75.8 71.6 65.0 29.5 26.3 21.5 .5 1.6 4.3 Chicago 537.6 496.2 485. 5 285.1 249.8 249.1 .9 1.2 2.1 St. Louis _ . ... -. . 103.5 101.8 102.4 47.1 46.6 48.8 .4 1.2 Minneapolis 68.3 58.4 59.1 30.0 21.1 21.7 .9 L3 1.7 Kansas City 134.4 123.0 125.1 64.9 55.1 59.4 .3 .5 .9 Dallas .. - 119.6 107.9 96.9 68.4 56.9 48.3 .1 .1 .4 San Francisco 195.5 193.4 185.3 48.4 47.3 41.6 .8 1.5 1.9 Total 3,344. 7 2, 798. 7 2,740. 5 1,375.1 890.8 865.7 41.2 54.2 84.6 NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] | Averages of daily figures Member banks in larger centers (places over 15,000) Member banks insmaller centers (places under 15,000) Federal Reserve district Net demand Time Net demand Time Mar. Feb. Jan. Mar. Feb. Jan. Mar, Feb. Jan. Mar. Feb. Jan. Boston 990 972 977 613 606 595 77 78 77 117 112 Ill New York ... 6,628 6,309 6,256 1,674 1,687 1,692 186 190 179 423 421 418 Philadelphia 806 778 758 609 601 596 138 134 129 358 356 349 Cleveland . . - _ _ . 873 845 821 862 832 817 127 131 119 199 210 202 Richmond 424 416 414 307 300 300 94 93 89 146 144 141 Atlanta _ .- 346 341 325 262 261 261 83 76 72 63 61 59 Chicago 1,851 1,804 1,725 826 801 792 141 131 121 143 139 135 St. Louis 414 403 394 240 241 232 102 101 96 83 81 80 Minneapolis 222 215 220 171 173 171 108 103 99 171 170 164 Kansas City 478 467 452 202 202 200 201 196 186 107 105 103 Dallas 365 362 345 158 162 159 170 171 161 35 34 33 San Francisco 943 944 927 1,584 1,558 1,540 85 81 80 82 78 75 Total . . . 14, 340 13,856 13,613 7,510 7,423 7,356 1,511 1,485 1,408 1,927 1,910 1,871 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT 1934 FEDERAL RESERVE BULLETIN 309 MEMBER BANKS LICENSED AND NOT LICENSED AS OF APR. 25, 1934 Deposits on Dec. 30, 1933, of banks Number of banks licensed and not licensed on Apr. 25, 1934 (in thousands of dollars) Federal Reserve district Total Licensed lice N n o se t d Total Licensed lice N n o se t d l All member banks: A S S R M D B C N P K C a t h h i o l e a a t . i c e n l i i s n n w l h v l c a L l t a n s o a a e m F n o a d e g Y s l n r t u a s e a o . o a a n o i p l n n . C s p r d o . d c k h . i l . i t i i s y s a co-_. 3 5 3 4 7 3 6 4 6 5 7 6 9 5 4 3 0 8 2 0 3 7 6 9 0 8 8 9 1 1 8 0 1 4 2 6 3 3 7 5 3 3 5 7 6 3 6 5 7 8 5 2 7 2 1 7 8 4 3 9 9 1 1 9 1 9 6 9 7 0 2 8 2 9 3 2 1 1 2 1 , , , , , , , , 9 1 0 9 8 8 9 7 0 2 6 2 1 4 1 9 3 7 6 9 6 5 0 2 5 6 5 9 9 6 0 1 5 8 8 , , , 2 , , , , , , , , , 4 2 9 6 2 8 5 5 9 7 2 7 4 2 3 4 0 5 0 5 7 9 1 9 9 4 0 4 0 8 1 3 5 3 5 9 2 3 9 % 1 2 1 1 , , , , , , , 8 9 0 1 7 1 9 1 9 0 4 2 5 7 5 6 0 9 8 1 3 2 9 3 3 7 3 5 4 0 5 2 , , , , 2 , , , , , , 8 4 , 4 2 1 8 3 7 9 2 3 5 0 5 5 0 9 1 9 2 9 6 2 0 1 8 0 3 6 9 4 5 4 3 4 3 5 1 1 4 9 4 8 9 4 5 2 1 4 1 , , , , , , , , , , , , 4 6 3 5 1 9 7 1 2 5 6 2 1 5 7 9 4 0 9 3 0 4 3 3 6 1 1 3 6 6 4 7 0 4 4 7 Total 6,508 6,292 216 27, 701,141 27, 483, 512 217,629 National banks: Boston 329 326 1, 558,125 1, 556,932 1,193 New York 636 621 4, 075, 495 4,057, 611 17,884 Philadelphia 599 572 1,471, 526 1,418,102 53,424 Cleveland 534 506 1,329,897 1, 293, 413 36,484 Richmond 341 328 772,993 763,855 9,138 Atlanta 274 262 787, 632 777, 726 9,906 Chicago 521 493 2, 511,'268 2, 486,457 24,811 St. Louis..- 326 310 631,139 618,038 13,101 Minneapolis 469 459 711,571 706, 774 4,797 Kansas City 704 685 978, 443 972, 792 5,651 Dallas 498 491 802, 675 801, 304 1,371 San Francisco 312 302 2, 300, 798 2, 296, 311 4,487 Total 5,543 5,355 188 17, 931, 562 17, 749, 315 182, 247 State bank members: Boston 45 45 437,319 437, 319 New York 160 158 5, 591, 304 5, 574,954 16,350 Philadelphia 63 60 620, 032 614,822 5,210 Cleveland 97 92 887,480 5,616 Richmond 60 59 296,222 295,944 278 Atlanta.— 54 54 88,143 88,143 Chicago...- 160 147 697, 676 690,943 6,733 St. Louis.. 74 71 305, 414 304, 278 1,136 Minneapolis 70 70 46, 658 46, 658 Kansas City 44 44 132, 358 132, 358 Dallas 60 42, 525 42, 525 San Francisco 78 618,832 618, 773 59 Total 965 937 28 9, 769, 579 9, 734,197 35, 382 1 Exclusive of banks placed in liquidation or receivership. NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, APR. 25, 1934 [Preliminary figures, subject to change; based on information received by Federal Reserve banks] Deposits on Dec. 31, Number of banks 1932, or nearest prior call date (in thousands of dollars) Federal Reserve district On unre- Banks on Total i stricted Total » unrestricted basis basis Boston 185 182 463,336 457, 267 New York „ 308 297 1,093,663 1, 049,102 Philadelphia 266 248 437,189 402,204 Cleveland... . . 667 608 553,827 492,618 Richmond . 650 602 400, 590 385, 243 Atlanta. 727 709 195,917 192, 483 Chicago _ 1,996 1,578 961, 451 753, 278 St. Louis 1,345 1,232 341,500 320, 677 Minneapolis. >.. 927 887 229,205 221, 085 Kansas City 1,342 1,266 256, 551 244,396 Dallas - 493 485 117,083 114,644 San Francisco 357 335 483, 621 474, 841 Total.- 9,263 8,429 5, 533,933 5,107,838 1 Exclusive of banks placed in liquidation or receivership. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN MAY 1034 REPORTING MEMBER BANKS IN 91 LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve district City Total B to o n s- Y N o ew rk 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 - Atl ta an- C ca h g i o - L S ou t. is n M o e l i a i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Y N o ew rk C ca h g i o - Total loans and investments: Apr. 4 17, 508 1,191 8,217 1,028 1,155 347 332 1,687 512 331 546 403 1,759 7,296 1,334 Apr. 11 . . .. 17,611 1,201 8,320 1,029 1,161 341 332 1,697 496 337 546 398 1,753 7,405 1,359 Apr. 18 17, 513 1,190 8,167 1,026 1,162 340 336 1,756 491 335 542 406 1,762 7,238 1,399 \pr. 25 17, 471 1,180 8,063 1,041 1,172 342 333 1,796 503 338 546 402 1,755 7,138 1,423 Loans: Apr. 4 8,237 680 3,889 498 438 172 181 738 219 161 199 187 875 3,375 577 \pr. 11 8,310 671 3,953 498 437 170 182 755 217 162 198 186 881 3,431 594 Apr. 18 8,203 678 3,846 500 435 169 181 755 214 162 199 188 876 3,324 594 Apr. 25 8,120 670 3,786 499 432 169 179 756 211 161 198 185 874 3,268 597 On securities: Apr. 4 3,569 264 1,939 233 210 58 61 337 83 42 61 63 218 1,720 281 Apr. 11__ 3,612 255 1,982 232 210 57 62 350 81 41 61 61 220 1,756 295 Apr. 18 __ 3,580 262 1,950 234 209 57 62 344 79 41 61 62 219 1,723 288 Apr. 25 3,516 ' 259 1,897 233 208 58 60 343 78 40 61 61 218 1,674 289 All other: Apr. 4 4,668 416 1,950 265 228 114 120 401 136 119 138 124 657 1,655 296 Apr. 11 4,698 416 1,971 266 227 113 120 405 136 121 137 125 661 1,675 299 Apr. 18 4 623 416 1,896 266 226 112 119 411 135 121 138 126 657 1,601 306 Apr. 25 4,604 411 1,889 266 224 111 119 413 133 121 137 124 656 1,594 308 Investments: Apr. 4 9,271 511 4,328 530 717 175 151 949 293 170 347 216 884 3,921 757 Apr. 11 _ 9,301 530 4,367 531 724 171 150 942 279 175 348 212 872 3,974 765 Apr. 18 9,310 512 4, 321 526 727 171 155 1,001 277 173 343 218 886 3,914 805 Apr. 25 9,351 510 4,277 542 740 173 154 1,040 292 177 348 217 881 3,870 826 U.S. Government securities: Apr. 4 6,175 346 2,901 287 522 125 103 616 198 115 238 166 558 2,717 468 Apr. 11 6,234 363 2,972 287 529 121 102 611 183 120 238 162 546 2,804 479 Apr. 18 _ 6,226 341 2,924 284 533 121 105 662 181 118 233 167 557 2,742 512 Apr. 25 6,282 339 2,897 300 546 122 103 701 195 123 237 166 553 2,716 534 All other: Apr. 4 3,096 165 1,427 243 195 50 48 333 95 55 109 50 326 1,204 289 Apr. 11 3,067 167 1,395 244 195 50 48 331 96 55 110 50 326 1,170 286 Apr. 18 3,084 171 1,397 242 194 50 50 339 96 55 110 51 329 1,172 293 Apr. 25 3,069 171 1,380 242 194 51 51 339 97 54 111 51 328 1,154 292 Reserve with Federal Reserve banks: Apr. 4 _____ __ 2,531 190 1,255 143 121 36 28 386 67 34 76 76 119 1,206 343 Apr. 11 2,588 199 1,218 132 114 40 31 446 85 37 76 76 134 1,142 390 Apr. 18 2,698 204 1,294 134 124 42 29 454 90 39 81 75 132 1,236 405 Apr. 25 2,779 209 1,413 119 130 47 28 432 84 36 77 70 134 1,351 395 Cash in vault: Apr. 4 239 48 49 12 18 11 6 50 7 4 11 9 14 38 40 Apr. 11 246 50 50 12 19 11 6 51 7 4 12 9 15 39 41 Apr. 18 240 49 48 12 18 11 6 50 8 4 11 9 14 37 41 Apr. 25 242 49 49 12 19 11 6 50 8 4 11 9 14 38 41 Net demand deposits: Apr. 4__ __ 11,921 809 6, 332 667 581 204 164 1,359 334 195 398 272 606 5,919 1,138 Apr. 11 12,136 826 6,419 658 586 204 169 1,444 339 205 400 274 612 5,989 1,213 Apr. 18 12,200 834 6,394 655 594 204 170 1,499 337 202 407 283 621 5,971 1,265 Apr. 25 _ . 12, 272 831 6,467 656 606 211 169 1,499 343 200 407 275 608 6,042 1,265 Time deposits: Apr. 4 _ 4,408 344 1,113 312 444 133 128 467 162 123 166 121 895 699 343 Apr. 11 4,424 345 1,112 315 447 134 131 469 163 123 167 120 898 696 344 Apr. 18 4,443 345 1,108 323 449 134 132 473 164 123 169 119 904 690 347 Apr. 25 4,477 341 1,108 323 453 134 132 492 165 123 172 120 914 689 365 Government deposits: Apr. 4 1,358 121 783 66 65 11 31 67 32 7 27 54 94 739 50 Apr. 11 1,305 119 755 63 61 10 28 62 31 7 26 52 91 713 45 Apr. 18 1,237 113 718 60 57 9 28 57 29 6 25 50 85 679 41 Apr. 25 1,177 107 686 58 53 9 26 53 28 6 23 48 80 649 38 Due from banks: Apr. 4 1,578 138 148 141 98 70 79 263 89 87 170 131 164 90 190 Apr. 11 1,588 120 145 142 100 77 85 268 94 85 165 130 177 82 192 Apr. 18 1,585 131 141 152 104 79 78 235 95 87 176 125 182 '84 169 Apr. 25 . _ 1,570 136 133 140 98 80 81 235 91 83 176 128 189 73 174 Due to banks: Apr. 4 3,578 197 1,617 210 170 81 81 463 143 95 225 131 165 1,555 375 Apr. 11 __ 3,616 201 1,644 208 170 80 82 463 142 100 224 127 175 1,581 376 Apr. 18 3,645 206 1,641 215 174 85 81 462 144 100 227 126 184 1,578 375 Apr. 25 3, 595 200 1,616 207 174 89 80 451 143 101 225 125 184 1,554 367 Borrowings from Federal Reserve banks: Apr. 4 8 6 1 1 1 Apr. 11 7 6 1 Apr 18 6 5 1 Apr 25 6 1 I 1 i T Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1934 FEDERAL RESERVE BULLETIN 311 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 in i ^ th- d 16 a 3 0 y t s o 3 d 1 a 6 y 0 to s 6 d 1 9 a y 0 t s o 91 m t o d o a s 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 Apr. 4 47, 529 32,998 4,160 4,792 5,330 219 30 Europe Europe receipts Europe Europe receipts Apr. 11 43, 251 30,600 4,600 4,725 198 42 (+) (+) Apr. 18 40,473 29,822 3,028 4*, 818 2,569 196 40 Apr. 25 40,313 30,146 I""" 6,814 1,251 181 41 Bills bought in J J J F M A M A a u u e p u a n a n l b r y y g r u e i r c u l a u h s r a t y ry 1 1 0 2 0 5 5 1 3 0 4 5 1 1 1 1 8 5 5 6 6 3 2 1 , , , , , , , , 1 0 5 3 8 7 5 7 5 0 8 4 6 8 2 5 3 4 9 9 6 6 3 5 + + + + + + + + 1 1 1 5 5 6 8 6 3 2 1 , , , , , , , , 4 8 0 3 1 5 7 6 8 6 2 0 4 2 5 8 4 6 4 1 8 2 1 5 0 0 1 2 5 3 , , , 2 2 7 5 0 4 0 6 0 + + + 5 2 3 , , , 2 2 7 5 3 0 6 9 0 Tr o c e a p a A A A A A t e s e n u p p p p p s r r r r r r a m y . . . . . n 4 4 2 1 1 a d 5 1 8 r k c b e e i r l t l t : i s f : i- 76 2 1 1 13 6 6 7 0 , , , , , 0 0 1 2 4 5 8 4 6 9 6 9 5 3 9 1 6 1 1 4 9 5 1 3 , , , , , 1 1 3 4 1 2 1 2 9 3 7 1 7 3 8 10 3 3 7 2 7 , , , , , 3 3 8 0 1 7 6 8 4 7 1 5 4 8 9 55 3 2 , , , 4 2 8 0 0 4 2 7 6 2 3 5 11 3 1 6 , , , 5 7 1 8 2 0 6 7 1 6 6 1 8 6 205,194 216,684 S N D O e o e c p t c v o t e e e b m m m e b r b b e e e r r r 1 8 4 2 5 9 2 2 7 4 5 3 6 , , , , 7 9 9 3 5 7 9 0 6 6 7 5 + + + + 4 6 5 3 , . , , 6 9 8 3 3 3 1 4 4 4 6 0 Mun A A A ic p p p i r r r p . . . a 2 1 1 l 5 8 1 war- 8 8 81 0 2 6 2 0 , , , 8 8 7 4 " 0 8 1 1 9 1 1 0 5 6 , , ,8 2 5 2 3 3 9 1 0 1 6 4 15 2 3 , , , 1 9 5 8 7 3 0 5 0 1 3 0 88 3 \ ,9 ,3 3 7 6 0 5 1 6 1 4 1 2 2 7 1 , , , , 4 8 2 2 6 3 1 1 6 0 0 0 2 2 2 ,2, 3 8 6 6 5 7 8 8 , , , 4 4 1 1 4 9 6 1 4 8 2 2 2 2 3 2 3 0 7 , , , 2 6 6 0 8 8 7 0 9 rants: Total 554 91, 058 +90, 504 Apr. 4 563 Apr. 11 Apr. 18 562 For description and back figures see BULLETIN for January 1933, p. 43. Apr. 25 548 PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION BANK DEBITS [Outside Treasury and Federal Reserve banks. In millions of dollars] [Debits to individual accounts. In millions of dollars] 1933 1934 1934 1933 1 Denomination Number Sept. 30 Oct. 31 Nov. 30 Dec. 30 Jan. 31 Feb. 28 Mar. 31 of centers March February February $1 __ . 380 382 388 402 386 393 397 $2._ 33 33 33 33 32 33 33 New York City 1 15,608 13, 231 12,036 $5 685 682 702 719 699 722 730 Outside New York City 140 14,077 11, 784 10,401 $10 1.181 1,178 1,205 1,229 1,173 1,212 1,230 $20 1,302 1,303 1,336 1,342 1,288 1,304 1,302 Federal Reserve district: $50.. _. 362 357 362 364 350 347 346 Boston - .- 11 1,533 1,322 1,136 $100.__ 612 607 613 618 593 587 584 Now York 16,142 13, 714 12,491 $500 127 124 125 125 119 117 117 Philadelphia ... 10 1,384 1,109 1,150 $1,000 239 232 239 237 228 225 230 Cleveland _ 13 1,297 1,158 1,103 $5,000 7 7 8 7 7 7 Richmond 513 438 383 $10,000 10 12 12 10 10 10 9 Atlanta .- 15 696 618 537 Chicago _ 21 3,588 2,852 2,364 Total 4,937 4,916 5,022 5,085 4,884 4,957 4,986 St Louis 5 728 647 508 Minneapolis 9 436 364 313 Kansas City - 15 815 689 554 NOTE.—Figures include, in addition to currency outside the Treasury Dallas 10 459 423 330 and Federal Reserve banks, unassorted currency held by these institu- San Francisco. _ _•_. _. 18 2,094 1,682 1,568 tions, amounting to $5,000,000-$18,000,000, and also $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Total 141 29,685 25, 015 22, 437 UNITED STATES POSTAL SAVINGS 1 Figures for March 1933 not available. [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 1, 200. 8 February. 154.8 167.9 292.1 691.8 1,006. 2 l, 200.3 March 155.0 169.5 302.7 705.3 1,112. 7 pi, 199. 9 April. 154.3 170.2 313.8 722.1 1,158.4 pl,197.9 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

FEDERAL DEPOSIT INSURANCE CORPORATION 00 to INSURED BANKS AND DEPOSITS, BY CLASS OF BANK AND BY STATES: MAR. 31, 1934 Member banks (Federal Reserve System) Nonmember banks (Federal Reserve System) Total National State Mutual savings Other nonmember State N b b a e u n r m k o s - f o a N f c u c i m o n b u s n u e r t r e s d d In e s p u o r s e i d ts N b be a u r n m k o - s f o a N f c u i c n m o s u u b n r e t e r s d Insured o a N f c u c in m o s u b u n e r t e r s d d In e s p u o r s e i d ts N b b a e u n r m k o s - f 1 i | o a N f c u c i m o n u s b u n e r t r s ed d In ep su o r s e it d s b N b a e u n r m k o s - f o a N f c u i c n m o s u u b n r e t e r s d d In e s p u o r s e i d ts A labama 199 598,011 $77,863, 237 69 370, 031 $53, 318, 397 59, 012 $10, 091, 665 113 $14, 453,175 Arizona 15 69, 093 17, 221, 214 8 26, 538 6,929, 665 26, 045 6,658,139 3 16,510 3,633, 410 Arkansas 206 292, 574 49, 578, 596 50 149,045 27, 009, 014 29, 366 4, 438, 259 149 114,163 18,131, 323 C ali fornia 257 3, 622, 2531,155,976, 217 131 2,402,890 704, 658,167 637, 062 206,101.049 112 582,301 245, 217, 001 Colorado 139 391, 251 92, 752,979 77 302, 618 75, 262, 743 31,822 7, 520,129 57 56,811 9,970,107 Connecticut 109 605, 430 169, 217,152 54 298, 383 91,407,921 j 39,186 14,017, 061 49 267,861 63, 792,170 Delaware 46 212,193 56,112. 443 16 24, 964 7, 751,108 32, 456 12, 384, 391 90, 469 $19,186, 727 24 64, 304 16, 790, 217 District of Columbia 21 403,172 96, 843,999 9 171,813 48, 495,164 104, 864 24, 830,166 10 126, 495 23, 518, 669 Florida 142 411, 529 64, 422,029 49 296, 215 46, 251, 672 9,361 2, 341, 595 89 105, 953 15,828, 762 Georgia 255 737,091 109, 510, 548 52 490, 601 68, 636, 404 70,832 13, 258, 385 178 175, 658 27, 615, 759 Tdaho 61 106,109 23, 543, 313 25 47, 376 10, 842, 817 39,010 8, 743, 702 27 19, 723 3,956, 794 Illinois 848 2,941, 878 695,820, 825 272 1, 637, 724 428, 037, 571 506, 847 140, 229,873 508 797, 307 127, 553, 381 1 ndiana 453 1, 070, 456 206, 702, 513 118 433, 556 90, 301, 714 54,173 11,252,647 20, 992 8, 318, 078 326 561, 735 96,830, 074 I owa 473 741,919 154, 275, 531 119 299, 666 63, 829, 747 106,194 21, 493, 521 331 336, 059 68, 952, 263 Kansas 413 653, 701 108, 354, 230 198 413, 309 72, 209, 052 28, 492 4,417, 867 203 211, 900 31, 727, 311 Kentucky 383 847, 217 148, 427, 266 97 362,668 68, 483, 416 120, 322 20, 423, 390 277 364, 227 59, 520, 460 Louisiana 143 571, 304 88, 496, 771 26 390,913 54, 709, 422 26, 829 5,932, 341 114 153, 562 27, 855, 008 Maine 85 588, 354 169, 638,086 39 205, 053 56,870,881 84, 493 15, 473, 658 188, 972 73, 222, 728 18 109,836 24, 070, 819 Maryland - 183 1, 073, 647 271, 953, 514 61 235, 031 74, 549, 350 155,147 20,634, 069 351, 349 121, 278, 674 104 332,120 55, 491, 421 Massachusetts 211 1, 433,199 467, 824, 500 136 979,133 323, 454, 059 248, 621 88, 423, 615 45 205, 445 55, 946, 826 Michigan 358 1,141,139 266,463, 328 80 428,661 115,755,069 353,464 89, 383,955 215 359, 014 61, 324, 304 Minnesota. 654 1, 283, 364 299, 589, 384 210 735, 634 190, 906,168 15, 548 3, 046, 943 196, 755 43, 986, 396 425 335, 427 61, 649, 877 Mississippi 202 339, 382 60, 578, 372 24 116,407 20,435,944 2, 005 554,695 175 220, 970 39, 587, 733 Missouri 600 1, 526, 990 321, 221, 207 87 494, 522 126, 000, 790 537,140 111,978,926 464 495, 328 83, 241, 491 Montana --- 121 150,116 41, 523,852 48 84,660 25,128,182 29, 654 9,169, 801 54 35, 802 7, 225,869 Nebraska 356 448,900 96, 240,881 134 303,878 68, 885, 357 8,562 1,848,602 214 136, 460 25, 506, 922 Nevada 10 21, 861 6,724, 456 7 16,873 5, 587,927 3 4,988 1,136, 529 New Hampshire 57 151, 527 33, 407, 437 52 132, 549 27,905, 487 4, 142 906, 762 4 14, 836 4, 595,188 New Jersey 400 3,153. 601 869,981,197 227 1, 249, 468 305, 640, 434 683, 051 199, 940,362 510, 441 192, 954, 329 99 710, 641 171, 446, 072 New Mexico 42 66, 093 13, 543, 480 24 51,227 10, 592, 835 1,356 303,165 16 | 13,510 2, 647, 480 New York 902 11, 495,130 5, 350, 356, 420 459 2, 558,910 738,153, 691 111 1, 974, 501 805,113,856 135 6, 218, 779 3, 539, 866, 065 197 742, 940 267, 222, 808 North Carolina 228 546, 473 89, 833, 217 41 169, 011 27,155, 266 10 107, 744 20,116, 824 177 269, 718 42,561,127 North Dakota 195 149, 351 32, 614, 493 71 98,137 24,885, 409 124 51,214 7, 729, 084 Ohio 648 2, 870, 350 660, 776, 210 243 1, 089, 575 249, 651, 444 983, 600 226,813, 660 156,109 63,470,081 337 641,066 120,841,025 Oklahoma 395 705, 532 108,810, 567 217 571,185 89, 298, 724 837 197, 998 177 133,510 19,313,845 Oregon 102 423, 752 90.414, 579 53 314,389 77, 294, 477 5, 309 1, 279,984 1 195 32, 427 43 103, 859 11,807,691 Pennsylvania ., 0306, 016, 925 1, 594, 573, 906 676 2,898,887 745,141,173 874,175 256, 597, 592 7 852,677 329,027,941 276 1,391,186 263, 807. 200 Rhode Island 16 341, 959 87, 337, 221 12 44,484 20,568, 570 285, 413 63, 602, 485 2 12, 062 3,166,166 South Carolina 82 188, 539 30,134, 704 17 89, 469 12,786,706 13, 585 2, 930, 561 61 85, 485 14, 417, 437 South Dakota 211 175, 060 32,500,811 63 86,709 18,439,062 23, 297 3,995, 618 126 65, 054 10, 066,131 Tennessee 314 775, 379 122,085,519 71 447, 302 78, 543, 328 17,852 3, 658,304 239 310, 225 39, 883,887 Texas 821 1,820, 996 350,673,991 453 1, 405,642 283, 307, 368 89,071 16,078,916 312 326, 283 51, 287, 707 Utah 60 209, 387 43, 002,313 14 71,321 15,828,908 64,880 14, 600, 489 28 73,186 12,572,916 Vermont- 92 339,130 121,189,510 99, 423 26, 664, 497 117, 149 56, S2S, 724 31 122, 564 37, 696, 289 Virginia ni3 1,094,222 194,970,241 130 635,891 121,041,101 127, 371 22, 565, 078 100 MO, 960 51,364,062 Washington . ..- 189 664,261 146, 313, 708 66 328,129 76. 932, 228 81. 761 19, 396, 044 183, 822 37, 134, 762 91 70, .r>49 12,850,674 West Virginia 161 673, 772 101,910,868 75 378, 408 52, 891, 825 US; 483 ?4, 483, 279 68 179,881 24, 535, 764 Wisconsin _. _ . _ 607 1, 343, 848 287,622,099 98 536,322 129, 337, 800 97, 314 24, 657, 574 867, 507 493 707, 435 132, 759, 218 Wyoming 62 110,269 21,988, 355 25 77, 478 14,130,839 7,712 1, 407, 691 29 25, 079 6, 449, 825 Total 13, 870 55, 597, 695 15, 700. 917, 2895, 325 25,052,078 6,071,898,893 934 |8, 914,961 2, 563, 294, 686 234 8,890,486 4, 486,174, 439 ', 37712,740,170 2,579,549,271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

313 MAY 1934 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100] 1933 1934 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactures—Total 56 66 78 93 101 91 84 76 71 73 r 76 80 IRON AND STEEL 22 35 49 72 100 80 66 61 47 61 56 64 67 Pig iron 17 20 29 43 62 63 53 45 36 40 40 45 51 Steel ingots _ __ _. 22 37 51 75 103 82 67 63 48 63 58 66 69 TEXTILES 76 85 108 133 130 Cotton consumption - 86 91 113 139 135 120 103 95 89 77 81 95 97 Wool 46 58 90 116 124 107 96 88 80 67 70 72 C onsumption 48 66 105 134 141 118 105 97 86 73 70 71 Machinery activity l 52 56 91 118 129 115 96 83 81 69 83 85 82 Carpet and rug loom activity 1 29 34 42 60 62 61 67 67 63 48 48 54 59 Silk .„ 98 113 123 147 131 Deliveries 111 132 136 172 143 113 91 82 103 92 103 114 129 Loom activity * 72 76 96 96 105 FOOD PRODUCTS 84 101 99 100 100 95 105 85 92 86 96 Ql 84 Slaughtering and meiit packing 85 102 102 105 106 110 127 90 98 89 10C 94 86 Hogs 81 107 106 107 109 113 147 85 101 85 95 80 69 Cattle _. 85 90 92 99 98 102 95 91 87 88 102 112 106 Calves 91 98 101 102 103 105 106 104 104 106 122 122 122 Sheep 149 156 153 152 145 146 144 151 142 147 139 133 131 Wheat flour 92 110 97 97 95 64 70 76 82 81 91 94 92 Sugar meltings 68 82 89 82 83 84 75 76 83 77 87 73 65 PAPER AND PRINTING . *>85 *>92 * 101 p 111 v 106 p 104 J'99 P95 v 100 Wood pulp and paper P106 *>99 »94 *>92 Newsprint 59 61 60 64 67 69 60 66 71 67 64 63 66 Book paper _ 87 83 92 103 P 118 v 112 p 118 P 103 P 102 P 103 Wrapping Daper 62 68 80 95 p 107 *• 99 p 93 p 82 p 70 p 67 Fine paper . .. _ . ._ 82 71 96 121 p 137 v 126 p 103 p 106 P 109 W W o o o o d d p p u u l l p p , , m ch e e c m ha ic n a i l cal 8 5 7 5 5 8 6 8 9 6 9 1 1 6 1 9 3 p 135 P p 1 7 3 5 9 p * 1 > 4 6 1 9 P p 1 6 3 8 7 p * 1 > 2 6 6 4 p P 1 6 3 7 5 Paper boxes 110 149 172 183 213 173 167 143 131 149 Newsprint consumption 89 95 96 100 102 103 106 105 104 106 108 112 112 LUMBER „ „ _„ _. 22 24 30 38 46 46 36 33 30 32 34 29 38 TRANSPORTATION EQUIPMENT: Automobiles.. ._ 27 44 51 66 70 61 56 46 32 48 58 73 80 Locomotives 1 1 0 0 1 1 1 0 2 3 1 0 Shipbuilding. . 144 32 25 16 19 15 20 39 41 41 26 30 59 I .EATHER AND PRODUCTS .. . 84 93 110 114 116 102 92 93 92 94 '97 106 Tanning 70 70 79 89 94 88 82 82 91 89 91 94 87 Cattle hide leathers 62 65 74 76 80 77 74 76 85 84 81 89 84 Calf and kip leathers - 71 71 79 102 91 82 73 69 84 90 85 78 64 Goat and kid leathers 89 85 93 109 132 126 113 109 111 103 126 124 116 Boots and shoes _.. 93 107 129 131 131 110 99 100 93 97 '101 114 CEMENT AND GLASS: Cement ..... . 40 35 42 51 56 60 37 35 39 36 49 61 58 Glass, plate 52 53 84 112 144 130 107 70 52 106 99 98 106 NONFERROUS METALS: J Tin deliveries 1... 55 68 80 94 109 125 112 95 80 56 55 54 58 FUELS, MANUFACTURED: Petroleum refining 135 140 147 154 155 153 157 152 145 137 142 244 143 Gasoline l 1 . 171 179 187 198 198 198 205 195 184 172 177 181 177 Kerosene 80 85 87 92 92 87 82 77 77 80 89 87 95 Fuel oil i 95 94 95 101 106 98 99 102 93 92 '95 98 101 Lubricating oil *.. ._ . . 75 81 88 80 82 84 88 88 102 92 92 86 90 Coke, byproduct 51 54 61 75 91 96 91 82 75 77 78 85 91 RUBBER TIRES AND TUBES 41 65 94 115 143 111 103 90 97 108 97 121 Tires, pneumatic 42 67 97 120 148 116 107 93 100 113 101 125 Inner tubes .._ _._ . .. 29 47 68 80 111 75 72 68 72 68 69 90 TOBACCO PRODUCTS. 99 116 143 135 117 123 115 108 95 123 138 182 119 Cigars . . .. 51 61 61 66 69 68 68 57 62 67 74 66 66 Cigarettes 132 153 204 186 151 163 151 143 118 166 188 181 158 Minerals—Total 81 72 78 84 90 91 87 81 81 85 8 91 100 Bituminous coal .. . 51 55 57 64 76 75 65 61 65 66 67 74 84 Anthracite coal . 77 44 43 65 67 61 74 55 73 €8 82 89 109 Petroleum, crude 122 108 134 134 132 134 125 120 116 119 120 1.18 122 Iron ore _ . 14 15 40 57 68 63 23 Zinc 44 45 45 55 71 77 77 77 72 67 66 66 68 Lead 45 45 37 41 36 36 57 64 71 67 64 64 57 Silver 44 36 30 24 34 28 39 33 33 29 37 '36 47 p Preliminary. r Revised. > Without seasonal adjustment. s Includes also lead and zinc: see "Minerals." NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN MAY 1934 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average =1001 1933 1934 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactures—Total - 58 68 80 93 97 89 84 77 70 67 »-75 82 P86 IRON AND STEEL _. - 25 39 53 72 93 79 65 59 44 53 54 67 75 Pig iron 18 21 29 43 59 60 52 45 37 39 40 46 S3 Steel ingots - - 25 41 56 75 96 81 67 61 44 55 55 '69 TEXTILES . . .. 78 88 108 126 121 P108 P99 P94 P93 P74 P91 Cotton consumption 91 98 116 133 122 108 100 97 93 71 95 101 Wool . 46 57 85 109 115 103 99 93 84 68 71 76 C onsumption 49 64 96 121 126 110 111 107 93 74 72 79 Machinery activity 52 56 91 118 129 115 96 83 81 69 83 85 Carpet and rug loom activity 29 34 42 60 62 61 67 67 63 48 48 54 Silk 95 112 122 134 126 Deliveries ._ _ 107 131 135 153 136 118 95 82 106 82 117 122 Loom activitv 72 76 96 96 105 FOOD PRODUCTS - - 82 94 98 99 97 88 99 86 97 89 102 90 Slaughtering and meat-packing 82 92 99 105 99 93 110 89 108 106 119 94 Hogs 82 95 102 110 97 86 110 73 111 112 128 88 Cattle 74 79 89 93 97 100 106 107 100 93 103 98 Calves 92 106 114 106 100 96 101 109 106 100 113 114 Sheep - -. . 136 146 150 149 145 147 167 167 141 144 140 125 Wheat flour 86 100 91 86 92 69 83 86 89 78 89 91 Sugar meltings - - 80 95 100 98 101 94 80 72 64 44 57 71 PAPER AND PRINTING __ __ .. ._ P84 »94 P102 P103 P102 P105 P102 P98 P94 p 102 Wood pulp and paper P80 P 79 P96 PIOO p 100 P96 P91 P87 P91 v 94 Newsprint _ _ - 59 62 61 65 66 68 60 66 70 67 65 63 Book paper 89 84 90 103 p 110 P119 P104 P104 p 102 Wrapping paper 63 69 80 96 P 101 P99 P94 P83 P 70 P66 Fine paper 86 75 97 121 P126 P 119 P 102 P 107 P94 p 103 Wood DUID mechanical 60 68 75 75 p 59 P56 p 62 P 64 p 67 Wood pulp, chemical 90 90 99 114 P128 p 136 P141 p 140 P126 p 131 Paper boxes 111 149 172 190 204 175 183 150 134 122 Newsprint consumption. 92 101 99 99 91 92 104 111 111 109 104 110 LUMBER. 23 26 32 40 45 49 37 34 29 29 30 28 TRANSPORTATION EQUIPMENT: Automobiles 33 57 64 75 73 67 62 41 20 27 48 78 Locomotives . 1 1 0 0 1 1 1 0 2 3 1 0 Shipbuilding 112 31 31 20 28 22 20 28 36 32 18 21 LEATHER AND PRODUCTS 87 91 101 110 115 113 107 102 88 81 ••90 108 Tanning.. _ _. 69 69 75 87 94 90 87 87 89 87 87 97 Cattle hide leathers 63 65 70 75 78 75 77 78 85 81 82 95 Calf and kip leathers 63 64 75 99 106 99 85 82 79 77 70 72 Goat and kid leathers 91 84 87 109 123 124 119 113 110 112 119 129 Boots and shoes... „ ... __ _ 98 105 118 124 128 127 119 112 88 76 r92 113 CEMENT AND GLASS: Cement . 29 34 50 64 68 65 46 40 38 28 30 37 Glass, plate. .. 57 59 92 115 142 132 108 70 50 80 88 106 NONFERROUS METALS: l Tin deliveries 55 68 80 94 109 125 112 95 80 56 55 54 FUELS, MANUFACTURED: Petroleum refining _. 135 140 147 153 154 153 157 152 146 138 142 144 Gasoline 171 179 187 198 198 198 205 195 184 172 177 181 Kerosene 78 84 83 86 86 83 83 80 83 86 91 88 Fuel oil _ 95 94 95 101 106 98 99 102 93 92 ••95 98 Lubricating oil _ 75 81 83 80 82 84 88 88 102 92 92 86 Coke, byproduct 53 54 61 73 89 93 89 82 77 78 78 87 RUBBER TIRES AND TUBES ._ _ 45 76 118 139 140 110 98 79 73 75 90 131 Tires, pneumatic 46 79 123 145 145 114 101 81 75 78 93 136 Inner tubes 32 53 83 96 105 83 72 62 52 49 62 95 TOBACCO PRODUCTS 94 107 145 147 126 131 128 116 97 99 131 120 Cigars 47 58 63 72 72 72 77 69 73 50 57 57 Cigarettes . 125 139 206 204 167 176 167 150 117 136 185 164 Minerals—Total __ 74 65 76 82 89 94 93 88 84 80 85 88 Bituminous coal 51 46 50 57 69 74 69 67 72 69 74 78 Anthracite coal . _ 63 45 43 57 55 61 75 71 75 67 89 95 Petroleum, crude 120 108 136 137 135 136 129 122 115 115 115 116 Iron ore 21 30 81 117 131 108 19 Zinc 46 47 46 53 66 71 73 75 72 68 70 71 Lead 46 45 36 42 34 35 54 66 74 68 65 66 Silver 48 36 29 23 29 28 37 33 36 29 37 '39 OO CO 102 73 73 82 59 124 82 81 69 92 124 119 86 77 v 102 65 117 39 97 46 P107 86 85 57 119 P121 42 115 58 143 177 92 101 90 94 113 60 150 91 84 89 121 72 58 52 i Includes also lead and zinc; see "Minerals." p Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196 and September 1933, pp. 584-587. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1934 FEDERAL RESERVE BULLETIN 315 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-25 average=100j factory employment Factory pay rolls Without seasonal Adjusted for seasonal Without seasonal adjustment variation adjustment Industry 1934 1933 1934 1933 1934 1933 Mar. Feb. Mar. Mar. Feb. Mar. Mar. Feb. Mar. Total 77. 7 74.7 56.7 76.9 74.7 56.6 63. 3 59.2 36 9 IRON AND STEEL AND PRODUCTS 75.0 71.5 49.1 73.9 70.9 48.3 53.8 47. 7 22 4 Steel works and rolling mills 80.4 77.1 52.7 78.7 76.0 51.6 58.5 51.6 23.2 Hardware 78.0 71.4 47.9 76.9 70.3 47.2 54.0 46.4 22 1 57 9 56.6 43.3 59.4 58.0 44.4 38.0 36.2 20.2 Heating apparatus. ------- 59.3 55.2 39.3 59.9 56.3 39.6 39.9 35.5 21.0 Steam fittings 40.8 40.4 33.7 40.3 40.0 33.3 28.8 27.9 18.3 Stoves 76.3 68.8 44.4 77.8 71.3 45.4 50.7 42.9 23 6 Cast-iron pipe 42.6 41.9 22.1 42.8 43.5 22.2 24.4 25.1 12.6 MACHINERY 67.7 64.2 42.8 66.8 63.8 42.2 49.9 46.3 24.0 Foundry and machine-shop products . - -. 66.7 62.7 41.2 65.5 62.4 40.5 46.1 42.4 20.8 Machine tools-- . .. 78.4 74.9 34.0 76.9 73. 6 33.4 60.4 57.1 18.9 Agricultural implements 71.9 71.4 37.9 66.9 67.1 35.3 71.6 69.3 26 5 Electrical machinery... ... 68.1 65.2 48.1 68.1 65.2 48.0 55.0 51.3 32.1 TEXTILES AND PRODUCTS 90.0 87.0 67.7 87.2 84.9 65.4 74.3 69.9 41.3 A. Fabrics 95.5 93.6 68.1 93.8 91.7 66.9 78.3 76.0 40.8 Cotton goods 105.0 101.7 72.0 102.9 99.2 70.6 88.2 83.7 42 8 Woolen and worsted manufactures 78.9 81.4 51.9 78.6 79.9 51.7 58.3 60.1 28.7 Woolen and worsted goods.-. . 80.6 84.2 53.4 80.6 82.5 53.4 60.2 63.8 30.0 Carpets and rugs 70.4 67.4 44.2 67.9 66.0 42.7 49.7 43.3 22 9 Hosiery and knit goods 100.1 95.3 81.3 98.0 94.2 79.6 92.6 85.6 53.2 Silk manufactures ... . . 71.8 72.4 52.8 69.9 71.4 51.4 61.2 62.2 32.1 Dyeing and finishing textiles 114.7 110.7 85.2 112.0 108.0 83.1 93.2 91.6 59.2 B. Wearing apparel.. _ _ _ . _ 76.1 70.6 66.7 70.8 68.0 61.9 66.1 57.7 42.4 Clothing, men's 60.4 58.2 51.6 59.2 56.6 50.6 50.7 46.6 31.1 Shirts and collars . .. . .. 77.6 73.0 66.2 76.4 71.6 65.2 69.8 61.4 41.3 Clothing, women's 88.5 80.7 87.4 78.1 74.2 77.1 78.4 68. 1 57 6 Millinery 98.4 86.5 69.2 86.7 88.3 61.0 82.8 64.5 40.3 FOOD AND PRODUCTS... . . . .. 91.0 90.8 76.9 92.7 91.6 78.4 76.7 77.4 59.8 Baking .. 93.8 92.2 80.4 94.4 93.8 81.0 78.2 77.8 64.2 Slaughtering and meat packing _ 95.8 98.7 78.2 97.7 95.8 79.8 84.4 87.4 61.0 Confectionery 85.8 84.6 73.3 89.3 86.3 76.3 72.0 71.1 47 4 Ice cream . -_____.. 68.4 66.1 63.4 76.7 76.4 71.1 56.4 53.7 51.0 Flour 86.1 86.9 72.2 86.4 86.9 72.4 69.4 71.0 55 8 Sugar refining cane . . 86.2 83.3 72.6 85.5 87.1 72.0 59.2 59.1 59.4 PAPER AND PRINTING 92.0 91.4 78.7 91.8 91.3 78.5 77.7 75.9 63.3 Printing, book and job 79.6 81.1 72.6 78.7 80.3 71.7 67.7 67.1 57.9 Printing, newspapers and periodicals 101.3 101.1 92.9 101.1 100.9 92.7 91.0 89.2 81.8 Paper and pulp 98.8 96.9 75.3 98.8 96.9 75.4 73.2 71. 1 49.2 Paper boxes. ... . 87.2 84.0 71.0 88.4 85.2 71.9 78.3 72.9 53.5 LUMBER AND PRODUCTS 45.3 43.9 31.8 46.4 45.3 32.5 28.4 26.9 14.3 Lumber, sawmills. 41.7 40.0 27.4 43.1 41.8 28.3 26.5 24.6 12.3 Lumber, millwork 40.1 38.6 29.4 40.2 39.1 29.5 24.4 22.8 13.9 Furniture .._ 58.9 58.3 45.7 59.6 59.2 46.3 35.2 34.7 19.0 TRANSPORTATION EQUIPMENT ._ . .. 67.7 62.6 42.5 65.9 62.2 41.7 63.2 55.4 29.2 Car building and repairing.. . _ 45.7 43.9 40.3 45.9 44.5 40.5 39.3 36.9 29.9 Automobiles . 96.1 86.3 43.9 91.9 85.1 41.9 92.5 77.6 27.0 Shipbuilding 77. 7 74.1 54.1 73.2 70.2 50.9 65.0 60.7 40.3 LEATHER AND MANUFACTURES._. ._ 88.4 86.3 76.6 87.4 84.3 75.7 74.7 72.4 47.1 Boots and shoes... 87.8 85.3 78.8 86.9 83.5 78.0 73.2 70.5 46.2 Leather 91.5 90.1 67.8 89.4 87.4 66.2 80.1 78.9 50.3 CEMENT, CLAY, AND GLASS PRODUCTS _. 56.1 53.7 38.1 57.1 56.5 38.9 36.3 35.1 20.6 Clav products. . 42.4 40.7 31.2 43.8 43.4 32.1 23.8 22.5 13.8 Brick, tile, and terra cotta 28.4 27.0 20.7 30.8 31.1 22.4 13.9 13.3 7.4 Pottery . _ . 80.6 78.0 59.8 79.1 77.1 58.6 50.2 47.0 30.4 Glass . 91.8 87.6 55.6 91.3 90.0 55.3 68.9 67.9 36.7 Cement 40.2 38.8 31.0 43.0 42.8 33.1 23.9 22.3 16 4 NONFERROUS METAL PRODUCTS- 66.8 62.2 42.3 64.7 61.0 41.0 53.4 48.6 25.1 Stamped and enameled ware . . _ 33.2 30.9 21.2 31.1 30.1 19.9 25.8 22.9 14.6 Brass, bronze, and copper 78.2 72.9 49.4 76.2 71.5 48.1 61.4 56.1 28.1 CHEMICALS AND PRODUCTS . . . 107.9 103.5 78.2 103.1 102.1 75.6 83.1 80.8 60.4 Chemicals and drugs 113 3 111 0 80 1 111.9 108.8 79.1 88.4 87 2 59 8 Petroleum refining 88.9 89.2 75.8 89.8 90.4 76.6 74.6 73.6 64.5 Fertilizers. . _ _ . . _. _ 139.8 105.8 74.2 93.8 100.4 49.8 84.3 64.1 40.7 RUBBER PRODUCTS 83.9 81.1 57.0 83.3 80.6 56.6 74.0 68.4 31.1 Automobile tires and tubes 91.7 87.6 60.4 90.4 87.2 59.7 79.0 72.1 31.7 Rubber boots and shoes . .. . 60.8 61.8 46.4 62.0 60.9 47.3 54.3 53.7 28.6 TOBACCO MANUFACTURES - __ 69.9 67.4 57.6 70.3 68.2 57.8 49.4 49.1 36.0 Cigars and cigarettes 69.1 66.4 56.1 70.0 67.8 56.7 47.4 46.8 34.3 Chewing and smoking tobacco, snuff. . .. 76.3 76.2 69.7 72.6 71.6 66.4 67.0 68.8 50.2 NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 706-716, and November 1930, pp. 662-677. For revised indexes of factory employment and pay rolls compiled by the Bureau of Labor Statistics see p. 270 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE BULLETIN MAY 1934 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All com- Farm Year, month, and week m ti o e d s i- p u r c o t d s - Foods Total H p l r i e d o a e d t s h u e c a r t n s 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 a m g n s i d - i f n H u g r o n g u i o s s o h e- 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 89.1 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. S 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 n 6 75.8 62.5 1933—March 60.2 42.8 54.6 65.8 68.1 51.3 62.9 77.2 70.3 71,?. 72.2 58.9 \prii 60.4 44.5 56.1 65.3 69.4 51.8 61.5 76.9 70.2 71A 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 7c>. 5 81.0 68.5 March .- - -- 73.7 61.3 67.3 78.5 88.7 76.5 71.4 87.1 86.4 75.7 81.4 69.3 Week ending— 1QQ4 Jac g 71.0 57.4 62.7 77.6 90.0 76.0 74.3 83.3 85.5 73.3 81.7 65 9 Jan 13 71.7 58.6 64.2 77.9 90.2 76.1 74.4 83.7 85.6 73.5 81.7 66.2 Jan.20 72.3 59.0 64.6 78.6 90.3 76.4 74.2 85.1 86.5 75.0 81.7 67.5 Jan 27 72.4 59.5 65.0 78.5 90.4 76.4 74.0 84.7 86.2 75.1 81.7 68 1 Feb 3 72.8 60.5 65.7 78.7 90.5 76.5 73.9 85.1 86.4 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 F^b. 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 1 82.1 68 5 Alar 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 67.3 786 88.8 76.0 72.4 86.4 8fi.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 Anr 7 73.3 60.4 66.1 787 89.5 75 7 79 fi 86.5 86.7 75. 5 82.5 69.8 4pr. 14 73.3 60.5 65.8 789 89.8 77. 5 72. 9 86.9 86.5 75.4 82.8 69.6 Apr. 21 73.3 59.7 66.6 788 j! 89.7 75.2 73.1 87.0 86.3 75.5 83.1 69.3 Apr. 28 73.5 59.1 66.6 792 I 89.6 75.0 73.5 88.3 87.1 75.3 83.0 69.2 1933 1934 1933 1934 Subgroups Subgroups Mar. Dec. Jan. Feb. Mar. Mar. Dec. Jan. Feb. Mar. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 36.0 60.4 63.7 63.2 62.3 Agricultural implements 83.1 85.1 85.2 85.2 85.2 Livestock and poultry- 43.0 38.0 41.] 48.2 49.5 Iron and steel. 76.4 83.6 83.6 86.3 86.3 Other farm products 45.3 64.3 67.4 68.3 67.7 Motor vehicles 90.9 90.9 96.9 97.8 97.8 FOODS: Nonferrous metals 47.9 66.6 66.1 65.8 66.3 Butter, cheese, and milk 50.9 65.1 65.0 69.1 68.9 BUILDING MATERIALS: Cereal products . 62.7 84.7 85.8 85.7 85.3 Brick and t.ile 74 9 85 7 86 6 87 2 88 5 Fruits and vegetables.. 54.3 63.0 68.0 71.7 71.6 Cement 81.8 91.2 93.9 93.9 93.9 Meats 50.5 46.0 48.9 53.3 56.5 Lumber 57.8 88.0 87.4 87.3 86.4 Other foods 55.8 63.4 64.0 64 1 63.5 Paint, materials 68 4 77 5 78 4 79 3 79 7 HIDES AND LEATHER PRODUCTS: Plumbing andheating 59.4 72.5 72.5 72.7 72.7 Boots and shoes 83.2 98.6 98.5 98.4 98.5 Structural steal 81 7 86 8 86 8 86 8 86 8 Hides and skins 41.4 74.9 77.2 78.0 73.4 Other building materials 78.4 88.6 89.8 90.3 89 9 Leather 55.6 80.1 79.9 80.1 79.7 CHEMICALS AND DRUGS: Other leather products. 77.9 87.6 87.0 86.9 86.7 Cheinicals 79.3 79.2 78.8 78.8 79.0 TEXTILE PRODUCTS: Drugrs and pharmaceuticaIs 54.8 59.0 65.2 71.5 71.9 Clothing 61.3 87.9 87.5 87.2 87.2 Fertilizer matei*ials 61.9 68.1 68.4 69.2 69.5 Cotton goods 50.0 85.5 86.5 88.6 89.1 Mixed fertilizers 60.1 69.9 71.2 72.5 72.6 Knit goods 47.1 71.2 70.6 67.0 65.6 HOUSEFIJRNISHING GOODS: Silk and rayon 25.5 29.6 29.7 31.0 29.4 Furnishings 72.9 82.9 82.9 83.0 83.2 Woolen and worsted goods 53.2 84.3 84.3 84.3 84.0 Furnit.11 re 71 8 79 3 78 8 79 2 79 8 Other textile products. 66. 7 75.9 76.9 77.8 78.5 MISCELLANEOUS: FUEL AND LIGHTING MAT]B RIALS: Auto tires and tubes 41 3 43 2 43 2 43 5 44 6 Anthracite coal 88.3 81.5 81.5 81.2 81.2 Cattle feed 47 3 60.3 68 5 73 4 79 6 Bituminous coal 79.3 90.6 90.8 91.1 91.1 Paper and pulp 72.2 82.5 83.0 82.7 82.7 Coke 75 2 83 6 83 5 83 5 83 4 Rubber crude 6 3 18 0 18 9 21 4 22 8 Electricity 100.5 94.0 92.3 91.8 Other miscellarleous 72.6 79.0 81.8 83.2 83.2 Gas 96.6 92.2 90.8 89.3 Petroleum products 33.1 51.6 51.1 50.3 "48." 7" Back figures.—For monthly and annual indexes of groups, see BULLETIN for March 1932, p. 199, and subsequent BULLETINS; indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1932 and 1933, see Annual Report for 1932 (table 111) and BULLETIN for February 1934, p. 139. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

317 MAY 1934 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Public works Total Residential Factories Commercial and public Educational All other utilities Month 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 ! 9fi. 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 60.0 178.4 16.0 28.1 6.4 15.9 7.2 13.0 17.6 92.9 1.3 8.8 11.5 19.6 April 56.6 19.1 6 2 6 6 13 6 1.1 9 9 May 77.2 26.5 9.4 8.9 19.0 1.7 11.6 June 102 3 27 7 26 8 9 6 24 4 3 5 10 3 July 82.6 23.6 17.8 11.5 18 9 2.9 7 8 August 106 0 21 9 14 1 10 5 51 4 2.6 5 6 September 120.1 21.5 15. 1 7.4 60 7 2.2 13 0 October 145 4 21 5 9 8 9 8 92 7 2.2 9.3 November > 162. 3 I 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 & Bradstreel] [Value of < <: thousands of dollars; figures for 37 States east of the Rocky --. i- reported by the F. W. Dodge Corporation] Number Liabilities Federal Reserve 1934 1933 1934 1933 district Mar. Feb. Mar. Mar. Feb. 1 Mar. Boston _ . _ _ _.. 107 100 179 3,830 2, 366 3,820 11,646 5,357 New York 298 347 518 7,893 6,853 14,853 36, 470 12, 746 Philadelphia 51 50 96 2,555 1,301 3,901 9,212 5,402 Cleveland 75 86 160 1,836 1,353 6,529 14,233 ,485 Richmond 50 62 84 877 850 1,524 15, 881 19, 342 Atlanta 33 24 92 570 406 1, 983 20, 292 11,724 Chicago 159 133 280 3,610 3, 381 6,617 25, 241 16, 082 St Louis 37 32 111 754 289 2, 69fi 16,718 5, Minneapolis b.J 29 61 712 337 1, 409 4,507 1,719 Kansas City . ... 56 44 79 604 543 1, 359 7, 705 4,095 Dallas 28 26 58 581 367 871 16, 536 5,901 San Francisco . _ ' . 173 116 230 3,405 1,399 2,938 Total 1,102 1,049 1,948 27, 228 19, 445 48, 500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS tTP'aso"J j i • i BOUNDARIES OF FEDERAL RESERVE DISTRICTS —.•BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis