Federal Reserve Bulletin, 1934-08

FEDERAL RESERVE BULLETIN AUGUST 1934 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Banking Developments in the United States and Abroad 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. O. E. FOULK, Fiscal Agent. FRANK J. DRINNEN, Federal Reserve Examiner. JOSEPHINE E. LALLY, Deputy Fiscal Agent. FEDERAL ADVISORY COUNCIL District no. 1 (BOSTON) THOMAS M. STEELE. District no. 2 (NEW YORK) WALTER E. FREW. District no. 3 (PHILADELPHIA) HOWARD A. LOEB, Vice President. District no. 4 (CLEVELAND) H. C. MCELDOWNEY. District no. 5 (RICHMOND) HOWARD BRUCE. District no. 6 (ATLANTA) : H. LANE YOUNG. District no. 7 (CHICAGO) SOLOMON A. SMITH. District no. 8 (ST. LOUIS) WALTER W. SMITH, President. District no. 9 (MINNEAPOLIS) THEODORE WOLD. District no. 10 (KANSAS CITY) W. T. KEMPER. District no. 11 (DALLAS) JOSEPH H. FROST. District no. 12 (SAN FRANCISCO) M. A. ARNOLD. WALTER LICHTENSTEIN, Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal R o e f— serve Bank Chairman Governor Deputy governor Cashier Boston F. H. Curtiss. K. A. Young— W. W Paddock... W. Willett. New York.. J. H. Case G. L. Harrison. W. R. Burgess C. H. Coe.1 J. E. Crane J. W. Jones.i W.S.Logan W. B. Matteson.i L. R. Rounds J. M. Rine.i L. F. Sailer Allan Sproul.* I R. M. Gidney L. W. Knoke l Philadelphia.. R. L. Austin. G. W. Norris... W. H. Hutt C. A. Mcllbenny. J. S. Sinclair W. J. Davis.* C. A. Mcllhenny. L. E. Donaldson.1 W. G. McCreedy.2 Cleveland.. L. B. Williams, E. R. Fancher. M. J. Fleming.,_ H. F. Strater. F. J. Zurlinden— Richmond. W. W. Hoxton. G. J. Seay C. A. Peple G. H. Keesee. R. H. Broaddus. J. S. Walden, Jr.* Atlanta Oscar Newton.. W. S. Johns «_. H. F. Conm'ff M. W. Bell. W. S. McLarin, Jr.* Chicago E. M. Stevens.. G. J. Schaller . C. R. McKay W. H. Snyder.1 H. P. Preston W. C. Bachinan.1 J. H. Dillard O. J. Netterstrouri.i A. T. Sihler.i E. A. Delaney.1 A. L. Olson.* St. Louis J. S. Wood _. W. McC. Martin O. M. Attebery S. F. Gilmore.8 J. G. McConkey A. H. Haill.* F N. Hall.8 G. O. Hollocber* O. C. Phillips > Minneapolis... J. N. Peyton._ W. B. Geery Harry Yaeger H. I Zieraer. H I. Zierner F. C. Dunlop.2 Kansas City... M. L. McClun G. H. Hamilton... C. A. Worthington. J. W. Helm. J. W. Holm Dallas C. C. Walsh. B. A. McKinney.. R. R. Gilbert Fred Harris. R. B. Coleman. W. O. Ford.* San Francisco.. J. U. Calkins W. A. Day W. M. Hale. Ira Clerk i Assistant deputy governor. » Controller. « Acting governor. • Assistant to the governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES 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 R. n. Buss Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L Davis. Louisville branch _. J T. Moore. Memphis branch _. W. H. Glasgow. Little Rock branch A. F Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, S2.60; single copies, 25 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Banking developments in the United States and abroad 507 Earnings and expenses of Federal Reserve banks during six months ended June 30, 1934 547 Rates on industrial advances 558 National summary of business conditions 512 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 513-517 Member and nonmember bank credit: All banks in the United States 520 All member banks 518, 519, 548, 549 Weekly reporting member banks in leading cities 521, 550 Brokers' loans 521 Acceptances and commercial paper 522 Discount rates and money rates 523 Treasury finance 524 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 525 Security prices, bond yields, and security issues 526 Production, employment, car loadings, and commodity prices 527, 552-556 Merchandise exports and imports 528 Department stores—Indexes of sales and stocks 528 Freight-car loadings, by classes 528 Financial statistics for foreign countries: Gold reserves of central banks and governments 529 Gold production 530 Gold movements- 530-532 Government note issues and reserves 533 Bank for International Settlements 533 Central banks 534-536 Commercial banks. _^ 537 Discount rates of central banks 538 Money rates 538 Foreign exchange rates 539 Price movements: Wholesale prices 540 Retail food prices and cost of living 541 Security prices 541 Law department: Rulings of the Federal Reserve Board: Publication of reports of affiliates of State member banks 542 Classification of account subject to withdrawal without presentation of passbook . 542 Examinations and reports under section 21 of the Banking Act of 1933 543 Federal Reserve statistics by districts, etc.: Banking and financial statistics 545-551 Industrial and commercial statistics 552-557 July crop report 558 IF Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 20 AUGUST 1934 No. 8 REVIEW OF THE MONTH in bankers' balances has accompanied ease in Member bank reserves increased further the money markets and accumulation of large during recent months and amounted to about supplies of bank funds which have not yet $4,000,000,000 during the lat- found active use in commerce and industry. Member bank ter part of July, the largest For the year ending June 30, 1934, according reserves figure recorded, and about to figures for all member banks that have $1,900,000,000 in exess of legal requirements. recently become available, the increase in total The growth in member bank-reserves has con- deposits exceeded $4,400,000,000, of which about tinued to reflect chiefly growth in the monetary $650,000,000 represented United States Govgold stock and the outlay by the Treasury of ernment deposits, $750,000,000 interbank defunds held in the form of cash in its own vaults posits, and $3,000,000,000 other deposits payor on deposit with the Reserve banks. able on demand or on time. Changes in the volume of money in circula- Figures subsequent to June 30 for all memtion during June and July have reflected the ber banks are not available, but data for usual seasonal influences. Demand for cur- weekly reporting member banks in leading rency was about the same in June as in May cities indicate that there has been a further but during the week ending July 4 circulation growth in deposits during July. increased by $100,000,000 in response to the Total loans and investments of all member holiday demands. During the subsequent 3 banks increased by $2,300,000,000 during the weeks the usual seasonal return of currency to year ending June 30, 1934, reflecting chiefly a the Reserve banks again reduced the volume of growth of $2,200,000,000 in holdings of United money in circulation to about $5,300,000,000, States Government securities, and an increase of the level reported in the latter part of June. $450,000,000 in holdings of other securities, There has been a further growth in deposits offset in part by a reduction of $375,000,000 in of member banks during recent months, bring- loans. The decline in loans was in direct loans ing the total increase since the to customers, while loans to brokers and dealers Member bank banking holiday in Alarch 1933 in securities increased. credit to more than $7,500,000,000. The Federal Reserve banks have taken fur- From March to June 1933, the growth in ther action during recent weeks to set into deposits reflected chiefly the licensing of banks, operation as promptly as posadmission of new banks to membership, the LOans to provide gib j e & machinery created by working capital return of currency from hoards, and a growth an act ot Congress approved in bankers' balances. From June 1933 to June 19, 1934, for supplying working capital June 1934 the increase in deposits reflected to industrial and commercial enterprises. A chiefly accessions to active membership, the committee consisting of five active industrialpurchase of United States Government securi- ists, whose names are listed on page 510, has ties by the banks, a further growth of bankers' been appointed in each Federal Reserve district balances, and, since January 1934, imports of to advise and recommend with respect to gold into the country and expenditure by the applications for advances under the law. Treasury from its cash balances. The growth Member and nonmember banks and other 507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 FEDERAL RESERVE BULLETIN AUGUST 1934 financing institutions have been informed of "As of July 7, 1934, the number of banks in the provisions of the law and the procedure the United States which held membership in to be followed in making applications for the insurance fund was 14,020, classified as loans, and schedules of rates to be charged follows: 7,567 State banks which are not affilon such loans in each district have been deter- iated with the Federal Reserve System, 5,425 mined and are printed on page 558. Banks National banks, 960 State banks which are afare receiving and examining applications and filiated with the Federal Reserve System, and some of these were approved before the end of 68 mutual savings banks * * * July. "On July 1, 1934, the amount of protection Within the 12 months ending with the mid- afforded by the insurance fund was increased year, the program of reorganization within from $2,500 to $5,000 per depositor * * *." the banking structure was sub- The Reconstruction Finance Corporation, in Recent develop- tantially advanced. A year s its statement as of June 30, 1934, reported that ments in the J ,J the Corporation held in the banking structure ago there was as much as ^^eg^te about $800,000,000 $2,300,000,000 of deposits in of preferred stock, capital notes, about 3,100 unlicensed banks, not including and debentures of banks of deposit, and in banks in the hands of receivers and exclusive of addition had authorized or made conditional mutual savings banks. At the end of June this agreements to purchase further amounts aggreyear the remaining 623 unlicensed banks held gating about $250,000,000. Altogether the less than $350,000,000 of deposits. At the capital structure of more than 6,300 banking same time, 6,379 member banks and 8,630 noninstitutions had been strengthened by these member banks other than mutual savings banks methods. On July 6 it was announced by the were licensed to operate on an unrestricted ba- Corporation that a number of New York City sis, representing an increase during the year of banks had exercised their option on July 2 to 773 for member banks and 462 for nonmembers. repay capital notes held by the Corporation, The figures reflect in part the fact that many nonmember banks joined the Federal Reserve aggregating more than $50,000,000. System during the year. A recent release of the Federal Deposit Insurance Corporation, which stated that a The decline in commercial bank loans that number of banks have with- accompanied the development of the world Federal Deposit drawn from the insurance fund, depression appears to have been Insurance Corpo- . ' Commercial checked in some of the princiration contained the following statebanks in foreign . %_ 1 ments: "Twenty-one commercial countries pal foreign countries. There banks, with aggregate deposits of $24,667,587, has been little increase in cuswithdrew from the temporary insurance fund as tomers' loans, however, and commercial banks of the close of business June 30, 1934. * * * in several countries, including England, Can- The amount of deposits in these institutions rep- ada, and France, continue to hold unusually resents less than three-tenths of 1 percent—to be large amounts of open-market securities or of exact, 0.22 percent—of the approximately idle reserves. $11,000,000,000 on deposit in all insured non- In England commercial banking developmember State banks as of June 30, 1934. ments have been largely influenced in the past "The 21 commercial banks to abandon the 2 years by the easy money protection of Federal deposit insurance are in England policy of the Bank of England, addition to the 167 mutual savings banks—133 initiated in May 1932 in conof which are in the State of New York—that junction with the Government's program of quit the insurance fund. converting its long-term debt to a lower inter- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

509 AUGUST 1934 FEDERAL RESERVE BULLETIN est basis. Through purchases of securities and the banks' reserve ratio. The current ratio is gold the bank disbursed funds to the market in nearly 12 percent as against a level of about substantial volume. The resulting growth in 10}£ percent before the Bank of England cash reserves of the commercial banks and in adopted its policy of credit expansion. In view the ratio of their reserves to deposits occurred of their strong cash position and the large at a time when the banks' loans to customers volume of open-market securities they now were falling sharply and interest rates were low. hold, the English commercial banks appear to Short-term interest rates in the open market be in position to meet any increase in the dewere at about 1 percent and yields on gilt- mand for sound loans that is likely to arise. edge bonds averaged about 4 percent. In seek- Recently advances to customers have increased ing profitable investment for their additional somewhat, but the increase has come at a resources the banks entered the market as period when tax payments are being made, heavy buyers of both bills and securities with and appears to be largely seasonal in character. the result that interest rates declined still In Canada, also, bank loans to customers further. From April 1932 through January have declined during the depression. At the 1933 holdings of bills and securities by the outset the banks repaid in- London clearing banks increased from £530- Canada debtedness previously in- 000,000 to £900,000,000, while short-term bill curred to the Minister of Firates fell to about three-fourths of 1 percent nance, but subsequently most of the funds and rates on long-term Government securities released from customer loans were invested in to about 3}£ percent. These developments securities. Security holdings of the chartered facilitated the conversion program of the banks doubled in a period of less than 4 years, British Treasury, which was substantially com- reaching $880,000,000 in September 1933. pleted by the spring of 1933. Recently, accompanying some increase in Early in 1933 the Government began to loans and discounts, the banks' security portreduce its large short-term indebtedness by folios have been moderately reduced. repaying maturing Treasury bills with tax In France cash reserves of the commercial revenues and with the proceeds of the new banks have been subject to wide fluctuations long-term flotations. Bill holdings of the in recent years. In 1931 at banks, which consist in large part of Treasury the time of acute financial bills, declined and have now reached the level disturbance in Europe the banks repatriated that prevailed in the early part of 1932. Hold- their funds invested in foreign centers and built ings of securities, however, continued to in- up their cash reserves from about 10 percent crease through the first half of 1933 until they of total deposits to over 30 percent. In the represented about a quarter of the banks' first quarter of 1933, however, and the 5 total assets, a proportion that was consider- months ending February 1934, when the ably larger than the banks have been accus- French commercial banks were called upon to tomed to maintain. In recent months there provide considerable amounts of gold and has been a tendency on the part of the banks foreign exchange in connection with domestic to sell securities. hoarding and the export of capital, they pur- During the initial period of credit expansion chased gold from the Bank of France and and falling money rates the public greatly reduced their cash reserves by more than half. increased its deposits with the banks. More By February 1934, the banks' ratio of cash recently, however, the decline in the volume reserves to deposits had declined to 15 percent, of investments held by the clearing banks has but reserves as well as the banks' cash ratio been accompanied b}7 some reduction in de- have increased again since that time as funds posits, and this factor, together with further have returned to the country in the form of increases of reserves, has led to an increase in gold imports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDERAL RESERVE BULLETIN AUGUST 1934 The high level of cash reserves at the close tained substantial proportions in 1931, has of 1931 as well as the subsequent decline appear been at a much diminished rate. to have borne little relation to the banks7 holdings of other assets which comprise chiefly loans and bills. Changes in bill holdings of the Change in Foreign Central Bank Discount Bate banks have in general conformed with changes On July 16 the National Bank of the Kingin the volume of French Treasury bills outdom of Yugoslavia reduced its discount rate standing. Loans to customers, after declining from 7 to 6% percent. sharply in 1931 and the opening months of 1932, have shown little change in volume except on the occasions of heavy capital outflow when Repeal of Cuban Legislation for Control of Foreign there were marked increases in loans and in Exchange short-term money rates. With the return flow A Cuban decree-law, signed July 13, repeals of gold the market has become easier again. Decree-Law No. 268, of June 2, 1934, which The condition of the German commercial established Government control over currency banks still reflects the large and sudden drain exports and foreign exchange transactions. of funds out of the country that The text of Decree-Law No. 268 was published occurred in the summer of 1931. in the FEDERAL RESERVE BULLETIN for July, pages 470 and 471. The purchase from the Reichsbank of foreign exchange and gold to meet the transfer of capital put the banks heavily in debt at the Reichsbank. In 1932 a return of currency from MEMBERS OF INDUSTRIAL ADVISORY COMMITTEES circulation enabled the banks to repay a substantial portion of their indebtedness, but the There are printed below the names, business connections, and addresses of members of the market's indebtedness at the Reichsbank, industrial advisory committees appointed in although considerably reduced, still remains each district by the board of directors of the well above the levels of 1930 and early 1931. Federal Reserve bank and approved by the Declines in Reichsbank reserves in the past Federal Reserve Board. These committees were appointed pursuant to the requirements year and a half, unlike those in 1931, have left of section 13 (b) of the Federal Reserve act to the commercial banks for the most part I aid the Federal Reserve banks in carrying out unaffected. Drafts on these reserves during the provisions of the section with respect to 1933 reflected principally the repayment of granting loans to-supply working capital to foreign credits extended to the Reichsbank and industrial and commercial enterprises. its subsidiary, the Golddiskontbank; and during District No. 1 (Boston).—Albert M. Creighton,1 the current year the outward movement of director, Boston Woven Hose & Rubber Co., Boston, Mass.; Robert Amory, president, Nashua Manufacgold has been approximately offset by Reichs- turing Co., Boston, Mass.; Winthrop L. Carter, president, Nashua Gummed & Coated Paper Co., Nashua, bank purchases of securities which began last N.H.; Carl P. Dennett, director, Griffin Wheel Co., November. Meanwhile the banks have writ- Boston, Mass.; Edward M. Graham, president, Eastern Manufacturing Co., Bangor, Maine. ten off losses partly through reduction of District No. 2 (New York).—William H. Pouch,1 presishareholders' capital and partly with the aid of dent, Concrete Steel Co., New York, N.Y.; John B. Clark, president, Clark Thread Co., Newark, N.J.; contributions from the Government. Capital John A. Hartford,2 president, Great Atlantic & Pacific structures have been strengthened through Tea Co., New York, N.Y.; Albert A. Hopeman, A. W. Hopeman & Sons, Rochester, N.Y.; C. R. Palmer, subscriptions to new shares by the Government president, Cluett Peabody & Co., Troy, N.Y. and the Golddiskontbank. Since the summer District No. 3 (Philadelphia).—J. Ebert Butterworth,1 of 1933 the German banks have increased vice president, H. W. Butterworth & Sons Co., Philadelphia, Pa.; Charles E. Brinley, president, American moderately their holdings of bills and securities, Pulley Co., Philadelphia, Pa.; John S. Chipman, presiand the decline in customer loans, which at- i Chairman. 2 Vice chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1934 FEDERAL RESERVE BULLETIN 511 dent, Chipman Knitting v^-^i;l^l'^Con, Pa.; H. W. Louis, Mo.; M. E. Finch, secretary-treasurer, American Prentiss, Jr., president, ArSfstrong Cork Co., Lan- Snuff Co., Memphis Tenn.; Henry S. Gray, secretarycaster, Pa.; Richard D. Wood, president, Millville treasurer, Louisville Cement Co., Louisville, Ky.; Manufacturing Co., Millville, N.J. (main office, Jacob Van Dyke,2 president, Western Textile Products Philadelphia, Pa.). Co., St. Louis, Mo.; Maurice Weil, president, Weil- District No. 4 (Cleveland).—F. A. Smythe,1 president, Kalter Manufacturing Co., St. Louis, Mo. Thew Shovel Co., Lorain, Ohio; Frank B. Bell, presi- District No. 9 (Minneapolis) .—Sheldon V. Wood,1 dent, Edgewater Steel Co., Oakmont, Pa.; Daniel R. president, Minneapolis Electric Steel Casting Co., Dayies,2 president, Acme Machinery Co., Cleveland, Minneapolis, Minn.; John Bush, president, Cleveland Ohio; Edward C. Folsom, president, Ottawa River Cliffs Iron Co., Negaunee, Mich.; C. O. Follett, Paper Co., Toledo, Ohio; H. L. Kutter, president, president, Smith Follett and Crowl (wholesale dry goods), Black & Clawson Co., Hamilton, Ohio. Fargo, N.Dak.; Harvey C. Jewett, president, Jewett District No. 5 (Richmond).—J. G. Holtzelaw,1 presi- Drug Co., Aberdeen, S.Dak.; Albert L. Miller, president, Virginia Electric & Power Co., Richmond, Va.; dent, Miller Broom Co., LaCrosse, Wis. Overton D. Dennis, Dominion Oil Co., Richmond, Va.; District No. 10 (Kansas City).—R. L. Gray,1 presi- Harvey W. Moore, secretary, treasurer, and manager, dent, Shei ;eld Steel Corporation, Kansas City, Mo.; Brown Manufacturing Co., Concord, N.C.; George E. Walter J. ^erkowitz, secretary-treasurer, Berkowitz Probest, Jr., secretary and treasurer, Bartlett-Hayward Envelope Co., Kansas City, Mo.; D. Bruce Forrester, Co., Baltimore, Md.; Walker D. Stuart, president, vice preside Vt and general manager, General Box Co., Richmond Hardware Co., Richmond, Va. Kansas City, Mo.; Ed. S. Miller, president, Miller District No. 6 (Atlanta).—John Sanford,1 president, Cereal Co., Omaha, Nebr.; L. F. Rooney, vice presi- Armour Fertilizer Works, Atlanta, Ga.; A. R. Forsyth, dent, Manhattan Construction Co., Muskogee, Okla. executive vice president, Gulf States Steel Co., Birming- District No. 11 (Dallas).—Clarence Ousley,1 presiham, Ala.; Ernest T. George, president, Seaboard Refin- dent, Globe Laboratories, Fort Worth, Tex.; T. M. ing Co., New Orleans, La.; I. C. Milner, executive vice Cullum, president, Cullum and Boren Co., Dallas, president, Gate City Cotton Mills, Atlanta, Ga., Tex.; Lewis R. Ferguson, vice president and general William A. Parker,2 president, Beck & Gregg Hard- manager, Lone Star Cement Co., Dallas, Tex.; Will B. ware Co., Atlanta, Ga. Marsh, president, Chronister Lumber Co., Woodhurst, District No. 7 (Chicago).—Max Epstein,1 chairman, Tex. (P.O. Forest, Tex.); Charles R. Moore, president, General American Tank Car Corporation, Chicago, 111.; Austin Bridge Co., Dallas, Tex. Maj. Howard Greene, president, Milwaukee Drug Co., District No. 12 (San Francisco).—Stuart L. Rawl- Milwaukee, Wis.; R. R. Monroe, president, Des- ings,1 Calaveras Cement Co., San Francisco, Calif.; Moines Foundry & Machinery Co., Des Moines, Iowa.; Ralph Burnside, receiver, Pacific Spruce Corporation, William R. Odell, Jr., treasurer, International Harvester Portland, Oreg.; Shannon Crandall, president, Cali- Co. of America, Chicago, 111.; George W. Young, vice fornia Hardware Co., Los Angeles, Calif.; Henry D. president, Marshall Field & Co., Chicago, 111. Nichols, president, Tubbs Cordage Co., San Francisco, District No. 8 (St. Louis).—William K. Norris,1 Calif.; H. L. Terwilliger, manager, Ingersoll Rand Co., president, McQuay-Norris Manufacturing Co., St. San Francisco, Calif. i Chairman. 2 Vice chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN AUGUST 1934 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled July 25 and released for publication July 27] Industrial production, which had increased acres, about 2,000,000 less than the acreage during each of the 6 months from December to harvested last season. In the first 3 weeks May, declined in June by somewhat more than of July drought conditions prevailed over wide the usual seasonal amount. Factory employ- areas, particularly in the Southwest. ment and pay rolls also showed decreases, Distribution.—The number of freight cars which were partly of a seasonal nature. The loaded per working day showed a further slight general level of wholesale commodity prices increase in June, followed by a decline in the advanced during June and showed little change first half of July. Sales by department stores during the first 3 weeks of July. decreased in June by more than the estimated Production and employment.—Volume of seasonal amount. industrial output, as measured by the Board's Wholesale commodity prices.—Wholesale seasonally adjusted index, decreased from 86 prices of farm products and foods generally percent of the 1923-25 average in May to 84 advanced during June, while other commodities percent in June, reflecting chiefly a sharp as a group showed a slight decline. Hog prices reduction in activity at cotton textile mills. increased considerably in the middle of the Production at lumber mills and at coal mines month, while wheat declined throughout the also showed a decline. In the steel and auto- month. In the middle of July wheat prices mobile industries activity decreased in June advanced rapidly to levels above those reached by an amount somewhat smaller than is usual at the end of May, and there was a considerable at this season. Maintenance of activity at advance in cotton, while lumber prices declined steel mills in June reflected in part the accumu- and finished steel prices were reduced somewhat lation of stocks by consumers, according to from the advanced quotations previously trade reports, and at the beginning of July announced. output of steel showed a sharp decline. Bank credit.—Between June 13 and July 18 Employment at factories decreased some- member bank reserves increased to a new high what between the middle of May and the mid- level of nearly $4,000,000,000, about $1,850,dle of June, reflecting reductions in working 000,000 in excess of legal requirements. The forces in industries producing textile fabrics, growth reflected chiefly a further increase in the wearing apparel, leather products, automobiles, monetary gold stock. A seasonal increase in and lumber, offset in part by increases in em- demand for currency over the July 4 holiday ployment at steel mills and at meat-packing period was followed by an approximately equal establishments. seasonal return flow during the succeeding 2 Value of construction contracts awarded, weeks. The volume of reserve bank credit which had shown little change during May and outstanding showed little change. June, showed an increase in the first half of At reporting member banks there was a July, according to the F. W. Dodge Corporation. growth of United States Government deposits Department of Agriculture estimates, based during the 5-week period, reflecting chiefly on July 1 conditions, indicated a wheat crop the purchase in June of new issues of Governof 484,000,000 bushels, compared with an aver- ment securities by the banks. Bankers' balage of 886,000,000 bushels for the 5 years 1927- ances also increased, but deposits of individuals, 31, and a corn crop of 2,113,000,000 bushels, firms, and corporations have shown little compared with the 5-year average of 2,516,000,- change. Loans declined somewhat, reflecting a 000 bushels. Crops of other grains, hay, and decrease in loans to customers, while loans to tobacco were also estimated to be considerably brokers showed an increase. smaller than usual. The acreage of cotton Money rates remained practically unchanged under cultivation was estimated at 28,000,000 at the low levels prevailing in June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

513 AUGUST 1934 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT AND RELATED ITEMS MILLIONS OF DOLLARS Weekly basis: Wednesday series MILLIONS OF DOLLARS 8000 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 July 25. See table on page 514. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN AUGUST 1934 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS [In millions of dollars. Wednesday series] I Reserve bank credit outstanding Treas- Date (Wednesday) B co il u ls n d te i d s- bo B u il g ls ht 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 s e 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 s t to ar c y k n T a r r b t e a c e i a n o n u a n n c r s d k - u y al r - y M c o i t r i n c o e u n y la - in M b ba a s e l n e a m r k n v c b r e e e e * s r a b p w n c F u a o a d n i r s s R t y i k h h t d s s e- b m p N e o r e o s m n i d t o - s - - F R c O e e o a d s t u c h e e n - e r r t v a r s l e 1933—June 7_. 277 1,912 2,214 4,316 2,296 5,767 2,204 307 197 352 June 14. 254 1,932 2,212 4,318 2,295 5,723 2,281 316 153 351 June 21 _ 222 1,955 2,194 4,317 2,295 5,696 2,205 405 152 348 June 28.. 191 1,975 2,182 4,318 2,296 5,675 2,286 317 169 349 Julys... 182 1,995 2,206 4,318 2,285 5,752 2,219 331 164 344 July 12.. 168 2,007 2,201 4,319 2,284 5,667 2,269 353 169 345 July 19.. 163 2,017 2,197 4,319 2,283 5,635 2,290 335 194 344 July 26.. 161 2,028 2,201 4,320 2,282 5,601 2,306 366 186 344 Aug. 2... 164 2,038 2,208 4,320 2,281 5,618 2,319 333 188 350 Aug. 9... 156 2,048 2,220 4,320 2,281 5,608 2,376 292 195 350 Aug. 16.. 166 2,059 8 2,240 4,321 2,281 5,612 2,371 315 197 347 Aug. 23.. 150 2,094 7 2,258 4,328 2,280 5,592 2,432 319 175 348 Aug. 30.. 153 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 4,327 2,281 5,602 2,542 317 157 346 Sept. 20. 130 7 2,238 13 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 :.45 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 5,608 302 167 357 Nov. 1__ 117 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 6,654 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,ei5 4,323 2,277 5,758 2,561 386 156 354 Dec. 13.. 118 116 2,432 11 2,077 4,323 2,295 5,763 2,638 379 160 355 Dec. 20.. 115 113 2,432 25 2,686 4,323 2, 299 5,849 2,636 329 132 362 Dec. 27.. 111 111 2,432 20 2,674 4,323 2,304 5,824 2,675 315 124 362 1934—Jan. 3___. 106 121 2,432 29 2,688 4,323 2,303 5,791 2,710 311 145 358 Jan. 10.. 104 113 2,432 7 2,655 4,323 2,302 5,684 2,777 353 172 295 Jan.17.. 101 112 2,432 1 2,646 4,322 2,302 5,643 2,788 407 143 288 Jan. 24.. 97 104 2,432 -2 2.631 4,322 2,301 5,581 2,851 398 137 287 Jan. 31- 83 111 2,434 2 2,630 W.033 2,302 15,289 2,652 597 141 287 Feb. 7... 73 97 2,432 4 2,606 > 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.. 75 2,432 18 2,592 7,203 2, 301 5,344 2,830 3,499 132 291 Feb. 28.. 64 62 2,432 8 2,567 7,438 2,302 5,355 3,093 3,440 127 292 Mar. 7.. 59 46 2,432 2 2,539 7,556 2,312 5,374 3,313 3,294 133 294 Mar. 14. 55 37 2,432 8 2,532 7,605 2,332 5,345 3,454 3,226 143 301 Mar. 21. 51 33 2,432 -9 2,508 7,640 2,343 5,334 3,449 3,252 154 302 Mar. 28. 53 29 2,432 5 2,519 7,681 2,356 5,336 3,439 3,318 161 303 Apr. 4... 48 26 2,432 4 2,509 7,703 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 9 2,493 7,746 2,381 5,347 3,665 3,204 167 237 Apr. 25.. 40 10 2,430 5 2,486 7,755 2,380 5,324 3,744 3.148 167 237 May 2._. 38 8 2,432 6 2,484 7,756 2,381 5,359 3,570 3,177 280 235 May 9... 37 7 2,432 9 2,484 7,756 2,380 5,352 3,678 3,098 257 235 May 16.. 34 6 2,430 3 2,473 7,753 2,380 5,344 3,694 3,082 252 233 May 23.. 34 5 2,430 -1 2,469 7,766 2,375 5, 316 3,767 3.052 242 233 May 30,. 34 5 2,430 1 2,470 7,776 2,371 5,338 3,763 3,051 233 232 June 6... 29 5 2,430 10 2,475 7,790 2,365 5,342 3,787 3,034 230 237 June 13.. 28 5 2,430 8 2,472 7,820 2,361 5,313 3,895 2,956 251 238 June 20.. 28 5 2,430 5 2,468 7,835 2,359 5,310 3,769 3,121 224 239 June 27.. 27 5 2,430 3 2,465 7,846 2,364 5,301 3.837 3,077 225 236 July 3... 29 5 2,432 22 2,438 7, 860 2,365 5,397 3, 746 3,113 232 230 July 11.. 23 5 2, 432 8 2,468 7,881 2,365 5, 344 3, 902 3,014 223 231 July 18.. 23 2,432 2,460 7,897 2, 363 5, 328 3, 987 2,954 222 229 July 25.. 21 2,432 o 2,456 7,911 2,364 5,291 4,020 2,972 220 228 * 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. 517. 2 By proclamation of the President dated Jan. 31, 1934, at 3:10 p.m., the weight of the gold dollar was reduced from 25^o 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." 8 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

515 AUGUST 1934 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES) [In millions of dollars] Reserve bank credit outstanding Treasury Treasury cash and Other Month or week I co B d u i i n s ll t - s ed securities r c O e b r s a t e e h n d r e k v i r t e Total ta M s ry t o o g n ck o e- ld c a u t n i b r o d r a n e n n n a k l a c - - y c M u in l o a t c n i i e o r y - n M b r a e b e l s a a m e n n r b k c v e e e s r d R F b e w e e p a d s i n o e e t k s h r r v i s a t e l s m de N e p m o o n s b - i e ts r R F c e e o a s d u c e e n - r r t v a s e l 1933—June 250 j 1,933 13 2,208 4,317 2,295 5, 742 2,211 353 164 360 July 170 ! 2,016 10 2,211 4, 319 2,283 5, 675 2,268 347 179 345 August 159 | 2,064 8 2,239 4,323 2,280 5,616 2,375 316 186 348 September- 138 i 2,202 12 2,358 4.327 2,280 5,632 2,489 328 169 347 October 119 ! 7 2,355 11 i 2, 492 4,324 2,277 5,656 2,590 333 163 352 November- 114 ; 15 2,437 8 ' 2, 574 4,323 2, 275 5,681 2,629 349 158 355 December.. 117 ' 101 | 2,432 19 2,669 4.323 2,293 5,811 2,616 357 143 358 i I I 14—January... 101 113 2,432 2, 656 4,323 2,302 2,764 397 146 I 306 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 May 36 I 2,431 2, 479 7, 759 2,378 5, 355 3,695 3, 0S3 249 234 June 28 ' 2,424 2.464 7,821 2,363 5. 341 3.790 3.054 226 237 July 23 2,432 2, 469 7, 893 2, 364 5, 350 3,928 2,999 219 230 Week ending Saturday- i 1934—Apr. 7 49 2,446 2, 525 7, 706 2,369 5,387 3,473 3.299 145 296 Apr. 14 44 2,439 2, 504 7.731 2,378 5,370 3,557 3,239 147 300 Apr. 21 41 2, 436 2, 506 7,746 2,380 5,364 3,634 3,219 169 246 Apr. 28 40 2,435 2,498 7, 755 2,380 5, 346 3.158 193 May 5._- 39 2,432 2,487 7,756 2,381 5,372 3,591 3,152 272 237 May 12,. 37 7 i 2,431 2,483 7,775 2,381 5,369 3,655 3,099 259 234 May 19,. 36 2,430 2,479 7,753 2,380 5.357 3,713 3,059 249 234 May 26-_ 35 2,430 2,474 7,764 2,370 5,335 3,756 3,054 237 232 June2__ 33 2,430 2,470 7,777 2,370 | 5,350 3,745 3,064 226 232 June 9__. 29 ! 2,416 2,459 7,790 2.364 ! 5,360 3,780 3,011 227 235 June 16.. 28 2,416 2,459 7,819 2,361 1 5,337 3,825 3,008 230 239 June 23 _. 2,431 2,470 7,836 2,361 I 5,328 3,754 3,124 223 238 June 30_. 2,430 2, 468 2.365 j 5,330 3,825 3,064 226 236 July 7__. 2,432 2,480 7,866 2, 364 5,398 3,776 3,076 229 231 July 14.. 2, 432 2,472 7,881 2, 365 5,367 3, 892 3,007 221 231 July 21.. 2, 432 2, 467 7, 896 2, 364 5,342 3, 971 2,967 219 228 July 28.. 2, 432 2 2,461 7,913 2,364 5.310 4, 019 2,967 214 228 RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES) [In millions of dollars] Reserve bank credit outstanding Treasury I United Moneta- Tr a e n a d sury M b e a m n b k er c d a e s p h o a s n it d s Non- i F O e t d h e e r r al End of month co B u i S ll e s d Bills G s S m e o t c v a e u e t n e r r t i s n - - r c O e b r s a t e e h n d r e k v i r t e Total ry s to g c o k ld n cu a b t r i r a o e n n n k a c l y - cir ti c o u n la- b r a e& la e n r c v e e s R F b e w e a d s i n e e t k h r r v a s e l d m e e p m os b i e ts r [ | i I R c e o a s u c e n - r t v s e ties I 1933—June 164 48 1,998 2. 220 4,318 2, 285 5,721 2,292 298 166 347 July 167 2,028 2.209 i 4,320 2,281 5. 630 2.294 356 184 346 August 153 2,129 8 2,297 4,329 2,281 5,613 2,409 341 197 347 September. 128 2,277 9 2,421 4,324 2.278 5,650 2,538 331 155 348 October... 116 7 2,421 5 2,548 4,323 2,276 5,635 2, 685 299 173 356 November. 119 24 2,432 2,581 4,323 2.277 5,743 2,573 369 142 354 December. 133 2,437 20 2.688 4,323 2,303 5.804 2,729 288 132 360 1934—January _.. 111 2,434 2 2.630 4,033 2,302 5,289 2, 652 597 141 287 February.. 62 2.432 8 2, 567 7.438 2,302 5. 355 3.093 3.440 127 292 March 29 2,447 15 2. 545 7. 695 2,362 5, 3«fi 3, 457 3,293 157 206 April 9 2,431 6 2, 485 7,757 2,378 5.368 3,599 3,148 268 236 May 5 2. 430 -4 2,463 7,779 2. 368 5,357 3, 746 3,053 222 23? June 5 2.432 10 2.472 7. 856 2. 367 '5,373 3,840 3.015 233 233 July 5 2,432 2 2,461 p 7,930 2, 361 1 5, 317 4,029 v 2,971 207 229 v Preliminary r Revised. See footnotes to table for Wednesday series on p. 514. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN AUGUST 1934 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars} July 31, 1934 June 30, 1934 July 31, 1933 Gold certificates on hand and due from United States Treasury. 4,906,012 4, 782,053 947, 715 Gold- 2, 561, 346 Redemption fund—Federal Reserve notes.. 24,056 25, 724 38, 761 Other cash _ _ 223, 655 214, 011 245,171 Total reserves _ 5,153, 723 5,021,788 3, 792,993 Redemption fund—Federal Reserve bank notes. 2,105 4,335 7,993 Bills discounted: For member banks 21, 960 24,188 166, 305 For intermediate credit banks.. For nonmember banks, etc 373' 379" 860 Total bills discounted. 22, 333 24, 567 167,165 Bills bought: Payable in dollars: Bought outright 148 194 1,719 Under resale agreement... Payable in foreign currencies.. 5,081 5,075 Total bills bought.. 5,229 5,269 8,540 United States Government securities: Bought outright 2,430,159 2,430, 294 2,027, 221 Under resale agreement 1,600 1,600 500 Total U.S. Government securities 2, 431, 759 2, 431,894 2,027, 721 Other reserve bank credit: Municipal warrants 465 519 1,847 Due from foreign banks 3,124 3,129 4,029 Reserve bank float (uncollected items in excess of deferred availability items). 1 1,053 6,690 14 Total Reserve bank credit outstanding 2,461,857 2,472,068 2,209,316 Federal Reserve notes of other Reserve banks 16, 653 19, 202 20,104 Uncollected items not included in float 420, 325 418,486 303,930 Bank premises 52, 727 52, 637 54,370 Federal Deposit Insurance Corporation stock 139, 299 All other assets 53,158 N 46,825 52,801 Total assets. 8,160, 548 8,174, 640 6, 441, 507 LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks. 16,653 19, 202 20,104 Outside Federal Reserve banks 3,060, 364 3,082,112 2,992,381 Total notes in circulation 3,077,017 3,101,314 3,012,485 Federal Reserve bank note circulation—net. 33,812 46,682 127,357 Deposits: Member bank—reserve account :, 028, 523 3,840,086 2,293,875 United States Treasurer—general account 58, 570 64,183 66,023 Foreign bank 7,159 4,893 19,023 Other deposits .-.. --- 200,323 228,527 165,334 r* Total deposits - ;, 294, 575 4,137,689 2, 544,255 Deferred availability items 420, 325 418, 486 303, 930 Capital paid in 146, 546. 147,120 146,100 Surplus 138, 383 138, 383 278,599 Reserves (Federal Deposit Insurance Corporation stock, self-insurance, etc.)_ 161,834 Reserve for contingencies 22, 540 12,106 All other liabilities 27, 350 23,132 15,675 Total liabilities , 160, 548 8,174, 640 6,441, 507 1,114 1,524 37,120 Contingent'liability on bills purchased for foreign correspondents FEDERAL RESERVE NOTE STATEMENT 3, 367,502 3,350, 986 3,265,310 Notes issued to Federal Reserve banks by Federal Reserve agents Collateral held by agents as security for notes issued to bank: 3,097,156 3, 041, 656 2, 759, 572 Gold certificates on hand and due from U.S. Treasury 11,803 13,407 102, 542 Eligible paper 298. 400 322, 000 469,200 U. T S o . t G al o v co e l r l n a m te e ra n l t . . securities 3,407,359 3,377, 063 3,331, 314 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding) 45,718 61.058 147,412 Collateral pledged against outstanding notes: 2,302 Discounted and purchased bills 51,974 66,474 171,274 U. T S o . t G al o c v o e l r l n a m te e ra n l t . . securities 51,974 66,474 173,576 1 Excess of deferred availability items over uncollected items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1934 FEDERAL RESERVE BULLETIN 517 ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENTS OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] [In thousands of dollars] Analysis of changes 1934 Gold stock Month m at o o e n f n t d h I i n n s c t r o g e c o a k l s d e N im et p g o o r l t d fr N m o le e m a t a r s k r e e e a - ! r- f O ac t t h o e r r s From or to— (prel J i u m ly inary) June Ja J n u u n a e ryp I o m r - ts Exports p I o m rt - s Exports p I o m rt - s Exports }6$io grai\is of gold Mo fine; ic., an ounce (.)ffine gold= $20.67 1932—Total (12 mo.) 52.9 -446.2 457. 5 41.6 Belgium. 151 20 1933— F J e a b n r u u a a ry ry 4 4, , 3 5 8 5 0 3 -17 4 3 0 . . 4 0 1 1 2 7 8 . . 8 5 -1 -9 7 1 8 . . 5 3 -12 3 . . 9 0 E FGr n ea g rnm l c a e n a d ny. 2 3 3 ,6 3 5 2 7 9 3 1 2 0 , , 5 7 9 7 3 2 1,30 2 5 2 4 18 4 9 0 , , 1 0 4 4 0 8 2 5,6 5 2 3 6 9 March.._ 4,282 -97.2 -22.1 -100.1 25.0 Netherlands 355 5,219 75,016 6,897 April.... 4,312 29.5 -10.0 33.7 5.7 Switzerland 12, 656 J J M u u a l n y y e 4 4 4, , , 3 3 3 2 1 1 0 8 5 3 2 2 . . . 6 7 2 - - 8 2 -3 3 1 . . . 2 9 1 8 2 3 4 2 . . . 5 5 1 2 2 1 . . . 6 1 9 MC C e a en n xt a irc d ao a l America _ 8 9 ,1 0 9 3 5 6 7 2 , , 0 8 3 1 4 6 8 8 1 r 2 1 9 1 4 1 7 6 1 , , , 3 3 5 7 4 1 0 6 8 8 4 4 5 August _ 4,328 7.5 -80.4 79.5 8.4 Argentina 5 September 4,324 -3.8 -56.7 49.3 3.6 Colombia 37 9,236 October. 4,323 -0.7 -32.4 26.9 4.8 Ecuador 47 261 November 4,323 -1.1 0.6 0.4 Peru 186 627 December 4,323 -0.5 -9.1 11.8 -3.1 Uruguay Venezuela— . . _. 67 485 Total (12mo.).._ -190.4 -173.7 -58.0 41.4 Australia 11 290 British India... 8,408 12,191 38, 509 1934—January 34,033 '-289. 3 -2.8 12.2 »-298.7 China and Hong $1=15%\ graiis of gold 5Ho fine; i.e., an Kong 2,617 2,286 10, 734 ounce of fine gold = $35 Dutch East Indies - February 7,438 3,405.0 452.6 68.7 2,883.8 Japan 4 March 7,695 256.8 237.3 -0.8 20.3 Philippine Islands. . 1,445 5,842 April 61. 5 54.7 -1.1 7.9 All other countries 3. 1,741 73 4,148 1 JMunaye 7 7, , 8 7 5 7 6 9 2 7 2 7 . . 4 1 3 6 3 3 . . 6 7 0 1 . . 5 2 -1 1 1 2 .6 .2 Total 49 983 70, 291 6, 586 852, 387 13, 212 July * 7, 930 73.8 50.0 0.6 23.2 1 With some exceptions figures represent customs valuations at rate of p Preliminary, $20.67 a fine ounce through January 1934 and $35 a fine ounce thereafter. i Gold released from earmark at Federal Reserve banks less gold 1 Includes all movements of unreported origin or destination. placed under earmark (with allowance when necessary for changes in gold earmarked abroad for account of Federal Reserve banks). Back figures.—See Annual Report for 1932 (tables 49 and 50). 2 Decrease reflects primarily omission from gold stock of "gold coin in circulation" beginning with January 1934; see note 0) at bottom of page. Back figures.—See Annual Report for 1932 (table 47). KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total G co o i l n d c c G e a r o t t i e l f d s i- d S s o t i a a l l r v l n d a e d r r - s c S c e i a r l t t v i e f e s i r - o T n f u r o e 1 r t y a 8 e s 9 s - 0 s s i S i d l u i v a b e r - r y M co in in or U S n n t o a i t t t e e e s s d F R n e e d o se e te r r s v al e F R n b e e o d a se t n e e r r k s v a e l t n b i N o o a n t n a e a - k s l- 1933—January 5,645 479 591 28 350 1 250 111 287 2,707 3 836 February _ _ . _ 6, 545 571 649 28 362 1 252 111 301 3,405 3 861 March - . _. _ ._ 6,320 367 393 28 376 1 258 112 2G5 3,621 17 879 April 6,003 335 323 28 360 1 255 112 261 3,362 50 915 May 5,812 324 280 28 359 1 256 112 265 3,167 99 922 June _ -- . 5, 721 321 265 28 361 1 257 113 269 3,061 125 920 July 5,630 320 252 28 365 1 258 113 275 2,974 129 914 August 5, 612 319 242 28 372 1 261 114 277 2,953 133 911 September 5,650 312 232 28 385 1 265 115 280 2,966 156 909 October 5, 635 312 225 29 387 1 267 116 277 2,930 189 903 November 5 742 311 219 29 394 1 269 117 285 2,998 206 913 December 5,806 311 213 29 407 1 272 117 286 3,044 208 918 1934—January _ _ i 5,289 0) 178 29 391 1 267 116 283 2,894 202" 927 Februarv i 5, 354 (0 167 29 399 1 270 117 289 2,949 194 938 March 1 5 394 161 30 403 1 272 118 289 3,005 178 936 April 15, 368 (0 157 30 400 1 274 118 282 3,025 162 918 May 15 357 (0 153 30 402 1 277 120 279 3,038 151 906 June _ 15' 373 (1) 150 30 401 1 280 119 280 3, 068 142 902 July p 15,317 0) 147 30 399 1 280 121 277 3,044 133 885 * 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. 551. Back figures—See Annual Report for 1932 (table 52). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 FEDERAL RESERVE BULLETIN AUGUST 1934 MEMBER BANK RESERVE BALANCES [In millions of dollars. Averages of daily figures. Figures are for licensed banks only] Reserves held Excess reserves Month or week T m o b e t a m a n l k b - s a er ll Ne C w i t Y y o i rk j r O e c s i t t e h i r e e v s r e ["C b o a u n n k t s ry" T m b o a e t n m a k l b - s a e 2 l r l Ne C w i ty Y o i rk r O e c s i t t e h i r e e v s r e "C b o a u nk n s t r 2 y" 1933—June 2,160 861 858 441 363.1 68. 9 198.0 96. 2 July 2,221 796 936 489 435. 7 43.2 252. 9 139. 6 August 2,331 837 993 501 565. 5 101.8 312. 3 151. 3 September-. 2, 451 £96 , 056 499 674. 5 155. 2 371.5 147.8 October 2, 557 893 , 135 529 i 758. 4 149.0 437. 9 171.5 November-. 2, 599 860 ,181 553 | 794. 1 129.8 474.7 189.6 December.. 2, 588 S2S , 193 567 ! •" 765.7 96.0 472. 6 197.1 1934— January _. 2,740 897 ,221 622 | 865. 7 146. 8 476. 6 242.4 February- 2, 799 872 ,271 656 i 890.8 118.3 509.1 263. 4 March-— 3, 345 1,227 ,422 696 ! 1, 375. 1 432.2 645.5 297.4 April 3, 5S2 1,290 , 536 IS I 1,541.0 454.6 736.4 | 350.1 May 3, 695 1.323 ., 598 1,623.5 484.7 778.4 360. 4 June 3,790 1,391 1,632 1, 684. 6 532.2 799. 6 I 352.8 767 i Week ending (Fridav): ! April 6.1'. 3, 457 1,305 ! 1,408 743 1,436.0 481.4 638. 0 317.0 April 13 3, 555 .219 ' 1, 550 786 1, 520. 0 388.7 757.8 374.0 April 20 3.619 , 261 1,588 770 1,578.0 422.3 779.8 376.0 April 27 3, 701 ,363 1,576 762 1, 648. 0 52.1. 8 763.1 363.0 May 4... 3, 604 .. 284 1,545 1,541.0 440.5 727.8 373. 0 May 11_. 3, 635 ., 261 1,588 786 1, 584. 0 430.3 772.9 381.0 May 18-. 3,709 ,317 1, 609 783 I 1,656.0 482.4 786.9 387.0 May 25- 3,753 ,372 1,618 763 I 1,686.0 532. 6 796.1 357.0 June 1__. 3,754 ,399 1,606 ], 673.0 550.3 780.9 342.0 June 8-_. 3,758 i , 372 1,611 1, 668. 0 518. 5 783.9 366.0 June 15_. 3,847 ' ,396 1,667 783 1, 742. 0 528.3 828.2 386. 0 June 22 _. 3,740 ,360 1,623 757 1, 645. 0 505.4 790.7 349.0 June 29-. 3,820 1, 428 1,635 756 ! 1,721.0 571. 6 802.7 347.0 1 Central reserve city banks only. 2 Weekly figures of excess reserves of all member banks and of country banks are estimates. Back figures—See Annual Report for 1932 (table 69). MEMBER BANK DEPOSITS [In millions of dollars. Averages of daily figures. Figures are for licensed banks only] Net demand and time deposits Net demand deposits Time deposits Month or week a T b l a l o b n m t e k a e r s m l > - - C Y N i o e ty r w k 2 r O e c s i t t e h i r e e v s r e b ' an t C r nn o y kt u " cs n 1 - I, a T b ll a o b m n t e k a e r s m l- i - C Y N i o e ty r w k 2 r O e c s i t t e h i r e e v s r e i b " a C t n r o k y u s " n l - a T b ll a o b m n t e k a e r s m l- i - C Y N i o e t r w y k 2 i I r O c e i s t t e h ie r e v s r e " b C a tr n o y k u " s n » - 1933—June 22, 974 6, 669 9,031 7,273 14,241 5,923 5,162 3,156 8,732 746 3,869 4,117 July 23,160 6,424 9,309 ",427 14,100 5, 597 5,329 3,174 9,060 826 3,980 4,253 August 23,039 6,282 9, 318 ',439 13,920 5, 468 5,299 3,153 9,119 814 4,019 4,286 September, 23,140 6,318 9, 345 ',477 14,027 5, 516 5,333 3,178 9,113 802 4,012 4,299 October 23,369 6,341 9, 453 ',575 14,243 5,535 5, 459 3,249 9,126 805 3,994 4,326 November. 23, 486 6,289 9,531 , 666 14,347 5,475 5,543 3,330 9,139 814 3,988 4,336 December.. 23,646 6, 215 9, 659 ,772 14,567 5,452 5,691 3,424 9,078 763 3,968 4,348 1934—January 24, 248 6,348 9,963 7,952 15,021 5,599 5,894 3,528 9,227 749 4,043 4,435 February _ _ 24,674 6,370 10,124 8,180 15, 341 5,624 6,048 3, 668 9, 333 746 4,075 4,512 March 25, 288 6,671 10,303 8,314 15, 851 5,943 6,172 3,736 9,437 728 4,131 4,578 April 26,009 6,992 10,568 8,449 16, 457 6, 256 6,384 3,817 9, 552 736 4,184 4,632 May 26,363 7,001 10, 787 8.575 16,720 6,283 6,541 3,896 9,643 719 4,246 4,679 June 26, 698 7,168 10, 929 8,601 ' 16, 988 6, 433 6,645 3,909 9,711 735 4,284 4,691 Week ending (Friday): Apr. 6 6,909 10, 274 6,166 6,140 742 4,134 Apr. 13 6,958 10,468 i 6,219 6,326 739 4,141 Apr. 20 7,017 10,626 ; 6, 282 6,456 735 4,170 i Apr. 27 7,031 10,703 I 6,300 6,494 731 4,209 | May 4 7,050 10,786 ! 6,320 6,520 729 4, 266 ' May 11 6,942 10,733 i 6,227 6,494 715 4, 240 May 18 6,972 10,811 ! 6, 255 6, 558 717 4,253 May 25 7,007 10,812 6,287 6,559 720 4,253 June 1--. 7,083 10, 832 6,364 6,588 ! 719 4,243 June 8.-. 7,122 10,857 6,594 | 722 4,263 June 15_. 7,237 10,982 6,510 6,709 I 726 4,273 June 22-. 7,147 10, 939 6,404 6,645 j 743 4,294 June 29.. 7,166 10.954 6,416 6,641 i 750 4,313 * Weekly figures are not reported. 2 Central reserve city banks only. Back figures.—Bee Annual Report for 1932 (table 69). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

519 AUGUST 1934 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Total Total Purchased paper loans Call date i m n lo a v e n a e n n d s t s t s - L ba o t n o a k n s s Total s b c t a o u o b n r n c y e d d k d s s b e c y s u t r r a e e t d a e l s O e c u w a c u n t n u h r i s s e d e r e e d e r - - d Total A U b p a c l n n a e c i y c e t e a e i p s n - d t- p a c A n a b e y c p l c e e - a t- s - p C m c a o i p e a m r e l - r - Y L N k b o o i t r e e n o a o r r w k n - s * s Total m r s G U e i e t r e o . c i n S e n u v - . s t - - O r s i e t t c h ie u e s - r s b c t a o u o b s n e n r c y e d - d k d s s States abroad TOTAL—ALL MEMBER BANKS 1930—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 6,886 9,272 June 30 33, 923 457 19, 257 7,117 3,218 8,922 2,103 389 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29 33, 073 599 18, 713 6,842 3,149 8,722 1,563 268 70 296 928 12,199 5,564 6,635 8,081 Dec. 31 30, 575 790 17, 570 6,290 3,038 8,242 901 146 41, 140 575 11, 314 5,319 7,320 1932—June 30 28, 001 573 15, 267 5,292 2,894 7,081 747 313 34 122 278 11, 414 5,628 5,786 5,916 Sept. 30 28,045 457 14, 497 5,086 2,885 6,527 970 407 34 115 414 12,121 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 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 1934—Mar. 5 26, 548 225 11,093 3,644 2,382 5,067 1,387 350 26 157 855 13,842 8,667 5,175 4,606 June 30 '27,104 '14, 620 '9,125 '5, 495 NEW YORK CITY » 1930—Sept. 24 8,557 169 4,278 2,031 157 2,090 1,912 148 1,714 2,198 1,091 1,107 3,798 Dec. 31 8,582 283 4,338 2,137 147 2,054 1,525 188 1,281 2,435 1,239 1,197 3,550 1931—Mar. 25 8,473 154 4,007 1,960 150 1,896 1,651 199 1,367 2,662 1,466 1,196 3,397 June 30 8,287 150 3,839 1,897 160 1,782 1,497 296 1,063 2,801 1,656 1,145 3,026 Sept. 29—. 8,253 250 3,850 1,816 152 1,881 1,121 201 839 3,032 1,830 1,202 2,780 Dec. 31 7,460 374 3,694 1,728 153 1,813 695 107 542 2,697 1,768 928 2,474 1932—June 30 6,715 260 2,856 1,343 160 1,353 565 262 258 3,033 2,008 1,025 1,757 Sept. 30—. 7,112 203 2,638 1,300 154 1,184 763 341 391 3,508 2,429 1,079 1,811 Dec. 31 7,327 216 2,621 1,247 160 1,214 701 330 337 3,789 2,603 1,186 1,699 1933—June 30 »._.. 7,133 162 2,297 1,082 157 1,057 964 224 720 3,709 2,551 1,158 1,888 Oct. 25 6,971 143 2,436 1,032 149 1,254 891 233 624 3,501 2,320 1,181 1,728 Dec. 30 6,995 146 2,395 1,034 148 1,213 912 170 706 3,542 2,362 1,179 1,824 1934—Mar. 5 7,351 112 2,321 985 156 1,180 276 687 3,932 2,768 1,164 1,724 June 30 P7, 622 P4, 242 '3, 041 \, 201 OTHER RESERVE CITIES 1930—Sept. 24. _ 13,971 235 8,726 3,632 1,526 3,567 1,064 54 337 643 3,947 1,785 2,161 4,387 Dec. 31... 13, 758 286 8,906 3,656 1,631 3,620 531 122 212 167 4,035 1,727 2,308 3,991 1931—Mar. 25. _ 13,965 235 8,409 3,366 1,619 3,423 645 158 212 227 4,676 2,313 2,364 3,729 June 30... 13,567 247 8,100 3,188 1,621 3,291 470 91 189 124 4,750 2,408 2,342 3,459 Sept. 29. _ 13,016 284 7,845 3,092 1,585 3,168 326 67 167 56 4,561 2,301 2,260 3,317 Dec. 31... 12,115 347 7,407 2,806 1,538 3,063 135 35 62 16 4,226 2,133 2,093 3,050 1932—June 30— 11,045 254 6,519 2,403 1,407 2,709 118 38 62 7 4,154 2,187 1,966 2,585 Sept. 30.. 10,979 205 6,196 2,304 1,406 2,486 151 58 65 14 4,427 2,466 1,961 2,456 Dec. 31... 10,535 178 5,879 2,169 1,398 2,312 115 44 46 12 4,362 2,462 1,900 2,298 1933—June 30 »_ 9,780 129 4,846 1,702 1,160 1,984 184 63 51 58 4,621 2,867 1,754 1,846 Oct. 25_... 9,951 120 4,912 1,660 1,144 2,108 274 68 91 100 4,645 1,757 1,836 Dec. 30 10,157 103 4,797 1,630 1.151 2,016 258 50 78 112 5,000 3,209 1,790 1,809 1934—Mar. 5— 10, 816 4,669 1,566 1,158 1,945 64 138 5,763 3,954 1,809 1,753 Jane 30._. '11,035 *6, 090 4,102 pi, 988 "COUNTRY" BANKS 1930—Sept. 24._ 12,944 8,007 2,200 1,480 4,326 286 164 115 4,589 1,219 3,370 2,326 Dec. 31... 12,519 7,762 2,149 1,455 4,158 177 120 49 4,519 1,159 3,359 2,213 1931—Mar. 25... 12, 290 7,524 2,097 1,449 3,978 158 114 36 4,550 1,224 3,326 2,147 June 30... 12,068 7,318 2,031 1,437 3,849 135 101 30 4,555 1,279 3,276 2,078 Sept. 29.. 11,805 7,018 1,935 1,411 3,673 116 81 32 4,606 1,433 3,172 1,985 Dec. 31._. 10,999 6,469 1,756 1,346 3,367 71 48 16 4,392 1,418 2,974 1,796 1932—June 30-. 10,240 5,892 1,546 1,328 3,018 64 36 13 4,226 1,432 2,794 1,574 Sept. 30... 9,954 5,663 1,481 1,324 2.857 55 36 9 4,187 1,471 2,715 1,503 Dec. 31__. 9,607 5,405 1,432 1,304 2,669 39 28 8 4,114 1,474 2,640 1,450 1933—June 30 ».. 7,873 4,194 1,132 1,055 2,007 43 27 10 3,598 1,469 2,129 1,150 Oct. 25.,- 8,031 4,175 1,118 1,070 1,987 73 46 23 3,748 1,592 2,156 1,148 Dec. 30 „ 8,068 4,123 1,108 1,061 1.955 62 34 22 3,845 1,683 2,162 1,136 1934—Mar. 5 „ 8,381 ! 4,103 1,093 1,068 1,942 95 54 30 4,148 1,946 2,202 1,129 June 30__. P8, 446 I ! *>4,287 '1, 981 v2, 306 p Preliminary. i Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. 3 Beginning June 30, 1933, figures relate to licensed banks only. 3 Central reserve city banks only. Back figures.—This classification of loans is not available for dates prior to Oct. 3, 1928, see Annual Report for 1931 (table 63), but comparable figures of total loans secured by stocks and bonds are given for June 30,1925-28, in the Annual Report for 1928 (table 52); for separate figures of United States Government securities and other securities back to 1914, see Annual Report for 1932 (table 73). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN AUGUST 1934 ALL BANKS IN THE UNITED STATES [Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1929—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 15,892 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 J 9,747 16,009 i 3,739 12,371 8,968 3,402 Dec. 31 56,209 38,135 18,074 34,860 23,870 10,989 9,987 6,068 3,920 11, 362 8,196 3,165 1931—Mar. 25 55,924 36,813 19, 111 34,729 22,840 11,889 i 9,987 16,068 i 3,920 11,208 7,906 3,302 June 30 55,021 35,384 19,637 33,923 21,816 12,106 10,506 6,169 4,337 10, 593 7,399 3,194 Sept. 29 53,365 33,750 19,615 33,073 20,874 12,199 U0.506 1 6,169 i 4,337 9,786 6,707 3,079 Dec. 31_.__ 49, 704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 46, 071 27,834 18,237 28,001 16,587 11,414 10,316 6,130 4,186 7,755 5,117 2,637 Sept. 30 45,852 26,985 18,867 28,045 15,924 12,121 i10, 316 1 6,130 1 4,186 7,491 4,931 2,560 Dec. 31 _, 44,946 26,063 18,883 27,469 15,204 12, 265 10,182 6,079 4,103 7,295 4,780 2,51fi 1933—June 302 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 24,953 13,059 11,894 Dec. 30 40,477 22,077 18,400 25,220 12,833 12,386 9,989 5,909 4,080 5,269 3,336 1,934 1934—Mar. 5 3 26,548 12, 706 13,842 June 30 3 P27, 104 *12, 484 P14, 620 p Preliminary. 1 Figures of preceding call carried forward. 2 Beginning June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. * Nonmember bank figures not available. DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS! DEPOSITS [In millions of dollars] Member banks Non b m an e k m s ber Nonmember banks Date Total Other Date All banks M b e a m nk b s er M sav u i t n u g a s l no O nm th e er m- Total ti N on a a - l State M s b av a u n i t n u k g a s s l m n b o e e m n r - banks ber banks banks 1929—Mar. 27 . 54,545 33, 215 18,849 12,481 June 29 53,852 32,284 8,983 12,584 1929—Mar. 27 25,341 8,755 7,569 1,186 1612 15,974 D O e c c t. . 4 31 - . 5 55 5 , , 2 1 8 8 9 0 3 3 3 3 , , 0 8 0 6 4 5 1 8 8 , , 9 9 1 8 6 3 1 12 3 , , 5 1 0 9 7 3 J D O u e c n c t e . . 4 3 2 1 9 2 2 24 4 5 , , , 9 1 6 1 5 3 0 1 0 8 8 8 , , , 6 5 7 1 2 0 6 2 7 7 7 7, , , 4 4 5 0 6 3 3 8 0 1 1 1 , , , 1 1 1 1 4 7 9 8 7 16 6 6 0 1 1 9 1 1 1 1 1 5 5 5 , , , 7 4 7 2 9 9 4 9 2 1930— Mar. 27 53,185 32,082 18,916 12,187 June 30 54,954 33, 690 9,197 12, 067 1930—Mar. 27 24,223 8,406 7,311 1,095 1609 15,208 Sept. 24 52, 784 31,839 19,197 11,748 June 30 23,852 8,315 7,247 1,068 606 14,931 Dec-31-_ 53,039 32,560 9,507 10,972 Sept. 24 23,590 8,246 7,192 1,054 1606 14,738 Dec. 31 22, 769 8,052 7,033 1,019 603 14,114 1931— J M un a e r . 3 2 0 5 5 51 1 , , 4 7 2 8 7 2 3 31 1 , , 1 5 5 6 3 6 1 1 9 0 , , 0 5 1 0 7 7 1 1 0 0 , , 7 1 6 9 7 9 1931—Mar. 25 22,372 7,928 6,930 998 1603 13,841 Sept. 29 49,152 29,469 110,017 9,666 June 30 21,903 7,782 6,800 982 600 13,521 Dec 31 45,821 27,432 10,105 8,284 S D e e p c. t . 3 2 1 9 2 1 1 9 , , 2 9 9 6 4 6 7 7 , , 5 2 9 4 9 6 6 6 , , 6 3 5 6 3 8 9 8 4 7 6 8 16 5 0 9 0 7 1 1 2 3 , , 1 0 2 9 3 5 1932— S J e u p n t e . 3 3 0 0 4 4 1 1 , , 9 9 4 6 2 3 2 2 4 4 , , 9 7 0 5 3 5 11 1 0 0 , , 0 0 2 2 0 0 7 7 , , 1 0 8 2 8 0 1932—June 30 19,046 6,980 6,145 835 594 11,472 Dec. 31 ' 41,643 24,803 10,022 6,818 Sept. 30 18, 794 6,904 6,080 824 1594 11,296 Dec. 31 18,390 6,816 6,011 805 594 10,980 1933— D O J e u c c n t . . e 2 3 3 0 5 0 3 2 - 3 38 8 , , 6 0 4 1 6 1 r 2 2 2 3 3 3 , , 7 3 4 7 3 5 1 8 3 9 9 , , 7 71 1 3 1 '5 4 , , 1 9 6 6 5 1 1933— D O Ju e c n c t. . e 2 3 3 5 0 0 3 2 _ 1 1 5 4 , , 2 5 1 3 2 0 5 5 6 , , , 8 6 0 1 1 0 8 1 6 4 5 5 , , , 1 8 0 5 9 5 4 7 2 7 7 8 6 0 5 6 9 7 5 5 7 8 6 1 8 8, , 6 3 2 4 0 8 1934—Mar. 53 . 25, 293 1934—Mar. 53 6,206 5,288 918 For footnotes see table above. »• Revised. For footnotes see table above. NOTE.—Prior to Dec. 30,1933, member bank figures include interbank deposits not subject to immediate withdrawal which aggregated $103,- 000,000 on that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

521 AUGUST 1934 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN LEADING CITIES [In millions of dollars. Monthly data are averages of weekly figures] Other leading Total—all weekly reporting member banks New York City cities Loans and investments Loans and investments Month or date Total c L o u n o ri a t s i n e e s - s l o o A t a h l n e l s r T I o n t v a e l stm c U u e . r S n i . t t i s s e e s - b F r B i a o n . a n o w g t R k r s - - s . Total c L o u n o ri a t s i n e e s - s o lo A t a h l n l e s r T I o n t v a e l stm c U u e . r S n i . t t i s s e e s - b F r B i a . o n a n o w g t R r k s - - . s a m T l n v o d o e e a s n t n a i t t n s - l s - b F r B i a o n . a o n w g t R r k s - - s . 1933—July 16, 710 3,835 4,762 8,113 5,147 6,865 1,848 1,598 3,419 2,347 9,845 25 August 16,600 3,768 4, 773 8,059 5,111 6,722 1,781 1,594 3,347 2,297 9, 878 31 September 16, 566 3,728 4,831 8,007 5,067 6,724 1,772 1,620 3,332 2,280 9,842 23 October 16, 536 3,636 4, 944 7,956 4,990 6,728 1,683 1,715 3,330 2,232 9, 808 21 November 16, 688 3,574 4, 990 8,124 5,135 6,775 1,643 1,763 3,369 2,238 9,913 22 December 16, 620 3, 595 4,862 8,163 5,210 6,717 1,670 1,694 3,353 2,256 9,903 24 1934—January 16,589 3,542 4,732 8,315 5,334 6,675 1,676 1,672 3,327 2,233 9,914 20 February 17, 267 3,567 4, 713 8,987 6,040 6, 997 1,711 1, 699 3,587 2,517 10, 270 U March 17,484 3,539 4,663 9,282 6,251 7,168 1,683 1,650 3,835 2,702 10,316 10 April 17, 526 3,570 4,648 9,308 6,229 7,269 1,718 1,631 3,920 2,745 10, 257 7 May 17,328 3,516 4,555 9, 257 6,256 7,050 ., 680 1,560 3,810 2,735 10, 278 6 June 17, 542 3,553 4,511 9,478 6,442 7,190 ,727 1,537 3,926 2,848 10, 352 5 July 17,749 3,531 4,455 9,763 6,676 7,273 ,727 1,501 4,045 2,930 10,476 May 2 17,462 3, 577 4, 559 9, 326 6,255 7,142 ,729 1,561 3,852 2,699 10, 320 May 9 17, 329 3,554 4, 568 9,207 6, 249 7,055 ,718 1, 566 3,771 2, 727 10,274 May 1(5 17, 288 3,505 4, 563 9, 220 6, 254 7,022 ,663 1,569 3,790 2,738 10, 266 May 23 17, 257 3,468 4, 537 9, 252 6,262 7,001 ,644 1,548 3,809 2,752 10, 256 May 30 17,306 3,476 4, 550 9,280 6,262 7,034 1,646 1,558 3,830 2, 760 10, 272 JuneG . 17, 397 3,557 4,540 9,300 6,276 7,141 1,727 1,550 3,864 2,791 10, 256 June 13 17, 370 3,556 4,533 9,281 6,243 7,144 1,728 1,552 3,864 2, 802 10, 226 June 20 17,663 3,571 4,484 9, 608 6,582 7,211 1,741 1,521 3,949 2,873 10, 452 June 27 17, 737 3,529 4,485 9,723 6,665 7,265 1,711 1,525 4,029 2, 926 10, 472 JulyS 17, 761 3,556 4,482 9,723 6,672 7,303 1,749 1,527 4,027 2,928 10,458 10 July 11 17, 751 3,553 4,453 9,745 6,676 7,288 1,752 1,499 4,037 2,934 10,463 5 July 18 17, 757 3,522 4,439 9,796 6,687 7,273 1,718 1,483 4,072 2,938 10, 484 5 July 25 17, 728 3,493 4,445 9,790 6,671 7,227 1,690 1,494 4,043 2,918 10, 501 5 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- For count of For ac- From New From private Month or date Total own ac- out-of- count of Total an Y d o r tr k u s b t a n co k m s - f b o a r n ei k g s n , b b r a o n k k e i r n s g , count b t a o n w k n sl others End of month panies agencies, etc. 1933—July __ . 919 806 105 8 August __ _ . 877 747 122 8 1933 1934 1933 1934 1933 1934 September 847 741 98 3 October 779 663 111 5 November 723 611 106 6 January 359 903 270 839 90 64 December 759 631 122 M Fe a b r r c u h ary 3 3 6 1 0 1 9 9 3 8 8 1 2 24 9 7 8 8 8 7 6 3 2 6 6 2 4 1 7 0 6 8 1934— F J e a b n r u u a a ry ry 8 8 0 8 2 9 7 6 3 5 1 7 1 1 4 3 9 7 8 9 A M Ju p a n r y e i l. . . . . - - . . 5 3 7 2 2 8 9 2 0 1 1 1 , , , 0 0 0 1 8 8 6 8 2 2 4 69 6 6 4 8 1 9 9 9 7 1 8 3 2 0 8 5 6 6 4 8 1 1 1 1 0 0 6 4 2 J M A M u p n a a r e r y i _ c l _ h . . 1,0 8 9 9 1 8 7 3 6 6 5 7 8 7 8 7 1 3 4 6 3 6 5 6 1 1 1 1 5 4 6 6 6 8 3 5 6 2 g 6 July 916 923 822 849 94 74 July 1,042 871 168 3 A Se u p g t u e s m t ber . . 9 8 1 9 7 7 8 8 4 0 1 6 9 7 1 6 J J u u l l y y 3 11 .. . _ . 1 1 , , 0 0 6 5 9 9 8 8 9 8 6 8 1 1 6 6 7 7 6 4 N O o ct v o e b m er b er _ 7 7 7 8 6 9 7 7 0 1 6 2 7 7 0 7 J J u u l l y y 1 2 8 5 1 1 , , 0 0 0 3 8 1 8 83 6 8 1 1 1 6 6 9 9 1 1 December _ 845 776 69 * Member and nonmember banks outside New York City (domestic banks only). Back figures.—See Annual Report for 1932 (table 84). Back figures.—-See Annual Report for 1932 (table 83). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN AUGUST 1934 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 b d R a b n e y k s e s F r e v d e - Held by b a a n c k c s epting s o t B o n r a e g s d o e o d i d n s B go a o o s n e d d s Based United stored Based States in End of month T o o u t t a - l F ac o - r H b e y ld End of month Total im- o p n o r e t x s - ( h w o a u r s e e - Do e l x l - ar f c o o re u i n g - n stand- For count others into from credits) change tries or ing own of for- Own Bills U S U.S. or shipped ac- eign 1 otal bills bought shipped becount corre- between tween spond- domestic foreign ents points points 1932—March 911 36 335 377 155 222 163 OUTSTANDING April 879 16 292 455 188 268 115 May 787 4 183 510 225 286 90 1933—June _ 687 80 168 217 9 213 June 747 36 98 518 200 318 96 July 738 86 168 255 10 219 July 705 12 59 563 197 366 70 August . 694 95 160 229 4 206 August 681 3 49 574 198 376 55 September 715 103 171 237 4 199 September.. 683 2 43 573 159 414 64 October 737 99 185 253 5 195 October 699 3 39 605 199 406 52 N jvember. 758 98 200 278 4 180 November.. 720 4 32 655 268 386 28 December 764 94 207 277 4 182 December— 710 4 40 604 224 380 62 1934—January 771 89 225 277 5 175 1933—January 707 2 41 626 256 370 38 February _. 750 98 203 261 4 184 February.. 704 307 30 325 201 124 42 March 685 103 186 226 3 168 March 671 280 45 261 153 108 85 April 613 103 164 186 3 158 April 697 163 43 404 206 199 86 May 569 100 150 164 3 152 May 669 13 36 505 229 276 115 June... 534 97 145 141 4 148 June 687 41 36 487 201 287 123 July 738 2 37 552 248 304 147 HELD BY F. R. BANKS August 694 1 40 499 252 247 154 (OWN ACCOUNT) * September.. 715 1 41 517 236 282 156 October 737 1 31 592 271 321 112 1933—June 41 7 6 11 (2) 16 November. _ 758 18 3 599 273 326 138 July 2 8 1 1 1934— D Ja e n c u e a m ry ber... 7 7 6 7 4 1 1 1 2 0 7 5 4 4 4 5 4 6 2 7 2 2 2 5 3 5 2 3 1 1 9 2 19 9 0 5 A S O e u c p t g o t u e b s m e t r ber. _ 1 1 1 (2) ( < (3 ' " ) ) ) (2) i (8) February _._ 750 56 5 581 266 315 108 November 18 7 4 (a) 4 March 685 23 5 576 252 324 81 December 127 (22)3 22 39 39 April 613 3 4 536 236 299 70 May 569 0) 3 507 226 281 59 1934—January 105 18 21 30 2 31 June 534 0) 2 480 220 260 53 February 56 11 11 15 2 16 March 23 5 6 7 2 4 April 3 1 1 (2) (2) 2 i Less than $500,000. May (2) (2) Source: For acceptances outstanding (and held by accepting banks), June (2) (2) (2) American Acceptance Council. Back figures.—See Annual Report for 1932 (table 91). i Total holdings of Federal Reserve banks include a small amount of unclassified acceptances, ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- a Less than $500,000. HOLDINGS OF FEDERAL RESERVE BANKS Back figures.—See Annual Report for 1932 (tables 88 and 23). [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 January- 36,119 33, 444 29,036 5,977 February.. 23,958 33,478 28,997 5,887 January 327 108 85 108 March 1,063 30,778 24, 788 5,275 February 315 103 84 117 April 1,074 30, 736 7,181 5,070 March 311 106 72 133 May 1,073 30,837 6,981 r 5,076 April 307 108 64 139 June 10,551 30,762 7,089 5,075 May - 305 111 60 141 July. 34, 371 30, 645 6,821 5,081 June 292 103 73 151 August 145, 215 30, 834 6,199 July 289 100 97 September 30,849 6,068 August 271 108 107 October. __ 33, 501 30, 659 5,686 September 248 110 123 November 33, 386 30, 652 5,841 October 210 113 130 December. 33, 429 29,489 6,033 November 174 110 133 December 118 81 109 r Revised. Back figures—See Annual Report for 1932 (table 24). Back figures.—See Annual Report for 1932 (table 87). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1934 FEDERAL RESERVE BULLETIN 523 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. der sees. 13 and 13a of the 10b of the Federal Federal Reserve Act Reserve Act Average yield Federal Reserve bank e R A ff a e u t c g e t . i o n 1 n Da l t i e s h e e s d tab- o P u r s e r v a i t - e e R A ff a e u t c g e t . i o n 1 n Da l t i e s h e e s d tab- Month or week Boston. 2 Feb. 8,1934 2K 4 Oct. 20,1933 New York V/2 Feb. 2,1934 2 4 Oct. 2,1933 Philadelphia. VA Nov. 16,1933 3 4 Oct. 20,1933 Cleveland 2 Feb. 3,1934 4 Oct. 21,1933 Richmond 3 Feb. 9,1934 4H July 16,1934 Atlanta 3 Feb. 10,1934 3H V/i July 15,1933 1933 Chicago 2K Oct. 21,1933 3 4 Oct. 16,1933 July St. Louis 2^ Feb. 8,1934 3 4H Oct. 21,1933 August Minneapolis 3 Mar. 16,1934 3M 5 Mar. 14,1933 September Kansas City 3 Feb. 9,1934 3K 4 July 10,1934 October Dallas 3 Feb. 8,1934 3K 4 Mar. 12,1934 November San Francisco-- 2 Feb. 16,1934 2H 4 Oct. 19,1933 December 1934 RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- January UALS, PARTNERSHIPS, AND CORPORATIONS February March April Advances secured by Discounts and advances direct obligations of May under par. 3 of sec. 13 the United States June of the Federal Re- (last paragraph of sec. July serve Act 13 of the Federal Re- Federal Reserve serve Act) bank Week ending- June 30 e R A ff a e u c t g e t . i o 1 n n Da l t i e s h e e s d tab- e R A ff a e u c t g e t . i o 1 n n Da l t i e s h e e s d tab- J J u u l l y y 7 14 July 21 July 28 Boston Aug. 11,1933 Oct. 20,1933 New York Aug. 10,1933 Feb. 8,1934 1 Stock exchange 90-day time loans. Philadelphia... Aug. 12.1933 Oct. 20,1933 1 Stock exchange call loans; new and renewal rates. Cleveland July 24.1934 Oct. 21.1933 8 Average rate of discount on issues sold by U.S. Treasury within Richmond July 16,1934 Feb. 19.1934 period. Atlanta Mar. 20,1934 Mar. 17,1934 Back figures.— See Annual Report for 1932 (tables 56 and 57). Chicago Aug. 13.1933 Oct. 16,1933 St. Louis 51/2 July 10.1934 Mar. 15,1933 Minneapolis- Aug. 10.1933 Apr. 15.1933 RATES CHARGED CUSTOMERS BY BANKS IN Kansas City... July 10.1934 Feb. 23.1934 PRINCIPAL CITIES Dallas Sept. 8,1933 Mar. 12,1934 San Francisco.. Sept. 2,1933 Oct. 19,1933 [Weighted averages of prevailing rates] BUYING RATES ON ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York] New York City a 8 n d o th ea er s te n r o n r t c h i e ti r e n s 27 w s e o st u e t r h n e r c n i ti a e n s d Month Maturity e R f A f a e t u c e t g i . o n l n Da l t i e s h e e s d tab- Pre ra v t i e ous 1932 1933 1934 1932 1933 1934 1932 1933 1934 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. 20,1933 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 3.42 5.14 4.99 4.39 5.64 5.66 5.28 46-60 days._. ..._do 1 June 4.61 4.10 3.30 5.13 4.97 4.30 5.62 5.62 5.19 61-90 days._. —.do 1 July 4.42 3.93 3.30 5.05 4.82 4.15 5.63 5.54 5.07 91-120 days. —_do 1 August..- 4.45 3.97 5.12 4.68 5. 5.53 121-180 days. .-..do IV4. S O e c p to te b m er b -- e . r- 4 4 . . 3 3 0 5 3 3 . . 7 7 9 6 5 4 . . 0 9 3 6 4 4 . . 6 5 5 1 5 5 . . 6 5 3 6 5 5 . . 5 5 5 0 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 Report for 1932 (table 54). Back figures.—See Annual Report for 1932 (table 59). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL RESERVE BULLETIN AUGUST 1934 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [In millions of dollars] Interest-bearing debt End of month T ( d g e o r b t o a t s ) l s Total Bo I n n d t s eres N t o b t e e a s rin C i g c e a r t t e if s - Bills N t b e o i e r n n a e g i r s n - t - Total Bondsi Notes C ic e a r t t e if s - Bills Outstanding July 31, 1934— 1932 Total 26, 605 16, 516 6,951 1,683 1,454 December 20,805 20,448 14,223 3,299 2,284 642 357 Obligations maturing: Before Nov. 1, 1934 2,698 2 1, 292 28 525 852 1933 Nov. 1,1934-Jan. 31,1935. 1,594 992 602 January... 20,802 20,454 14,230 2,285 641 Feb. 1-July 31, 1935 945 945 February 20,935 20, 584 14, 230 3,576 2,138 641 350 Aug. 1-Dec. 31, 1935 772 772 March 21,362 20,992 14, 230 3,575 2,369 817 371 1936 1,330 49 1,281 April 21,441 21,087 14,230 3,576 2,363 918 354 1937 1,749 1,749 May 21,853 21,469 14, 223 4,148 2,119 979 385 1938 4,491 3,142 1,350 June 22,539 22,158 14, 223 4,780 2,200 955 381 1939- 529 529 July 22, 610 22, 240 14,239 4,801 2,246 954 370 1941 834 834 August 23,099 22, 723 15,074 5,153 1,543 953 376 1943 898 898 September 23,051 22,672 15,074 5,151 1,495 952 379 After 1943 9,613 9,613 October... 23,050 22, 669 15,074 5,150 1,493 952 381 Other obligations 3 1,153 688 298 166 November 23, 534 23,161 15, 569 5,148 1,492 952 373 December 23,814 23,450 15, 569 5,125 1, 753 1,003 364 * Issues classified as of date of final maturity; most issues are callable 1934 at earlier dates. Amount callable before Aug. 1,1935, and not yet called, $5,812,000,000, including certain pre-war issues that are held as collateral January 25,071 24,720 15,600 5,626 2,280 1,214 351 for circulating notes. February 26,055 25, 707 15, 579 6,472 2,278 1,378 348 2 Includes approximately $46,000,000 of 4th Liberties called for redemp- March 26,157 25,698 15, 579 6,925 1,816 1,378 459 tion Apr. 15,1934, and not yet redeemed, and approximately $1,246,000,000 April 26,118 25, 599 15,718 6,689 1,814 1,378 519 of 4th Liberties called for redemption Oct. 15, 1934. May 26,155 25,588 15,695 6,678 1,812 1,404 567 s Includes the 2 percent Consols of 1930, which are held as collateral for June. 27, 053 26, 480 16, 510 6,932 1,635 1,404 573 circulating notes, and such issues as Postal Savings bonds, retirement- July 27,189 26, 605 16, 516 6,951 1,683 1,454 585 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 during period receipts or ex- Period Total i I I n n t c t a o e x m rn e al re O ve t n h u er e C l m a u n a i s s n e t c o o d e u m l- s s Total» General g E e m nc e y r - 4 p t e ( u - n ) r d e i s - G ba e fu n la n e n r d 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 June 1934 6,089 818 1,823 475 «8,884 2,741 4,004 -2, 795 +1, 720 +4, 514 1932 December. 352 141 73 128 386 297 76 -34 -35 -1 1933 January 134 16 70 30 357 226 112 -223 -227 -4 February... 121 24 64 23 360 200 147 -239 -106 +133 March 283 181 67 24 439 273 157 -156 +271 +428 April 131 19 69 25 461 338 109 -331 -252 +79 May 167 16 94 47 456 249 192 -289 +124 +412 June 306 147 106 33 494 388 82 -188 +498 +685 July 179 13 113 37 278 196 75 -99 -28 +71 August 197 14 135 38 321 171 139 -123 +366 +489 September.. 333 136 146 39 339 248 81 -6 -54 -48 October 273 10 195 50 509 396 104 -236 -236 0 November.. 219 19 127 63 505 201 294 -286 +198 +484 December.. 342 133 158 41 703 227 463 -361 -81 +280 1934 January.. 229 10 163 38 972 148 808 -743 +511 +1, 254 February.. 3,024 23 149 34 644 188 447 +2,380 +3,364 +984 March 435 232 167 21 624 160 450 -189 -84 +105 April 199 15 137 30 « 2,684 305 370 -2,485 -2,524 -39 May 247 25 162 50 556 191 350 -309 -272 +37 June 411 188 170 33 749 310 423 -338 +560 +898 July 233 18 171 29 479 230 236 -246 -110 +136 1 Total includes trust and contributed fund receipts not shown separately, and also includes increment, amounting to $2,808,000,000 in Febru" ary 1934, $2,000,000 in March, and small amounts in subsequent months, resulting from reduction in the weight of the gold dollar. 2 Total includes trust and contributed fund expenditures not shown separately. 3 Includes also special fund expenditures and excludes public-debt retirement. Beginning July 1933, on the basis of a new classification of accounts, certain items formerly included in general expenditures are carried as emergency expenditures. 4 Prior to July 1933 emergency expenditures include only net expenditures for the Reconstruction Finance Corporation; other expenditures later classified as emergency are included in general expenditures. «Includes $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

525 AUGUST 1934 FEDERAL RESERVE BULLETIN RECONSTRUCTION FINANCE CORPORATION LOANS, SUBSCRIPTIONS, AND ALLOCATIONS [Amount outstanding at end of month. In thousands of dollars] Proceeds not yet Proceeds disbursed, less repayments disbursed June 30, Mar. 31, Apr. 30, May 31, June 30, Apr. 30, May 31, 1933 1934 1934 1934 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 r 673, 763 657,388 627,456 613,397 598,924 208,091 201, 765 Building and loan associationsl - 81, 890 55, 854 50, 799 45,495 40,442 412 65 Insurance companies _ _.__ 70,099 51, 700 38,575 35,929 34,748 157 150 Mortgage-loan companies l r155,569 161,574 188,008 191,393 192,150 105,973 115, 796 Credit unions 549 494 489 484 433 Mederal landbanks 21, 800 193,618 193,618 193,618 193, 618 Joint-stock land banks - - 7,749 11,731 10, 618 10,323 9,308 1,398 1,369 Agricultural credit corporations 2,122 1,141 903 800 800 Regional agricultural credit corporations 106,536 24,859 16, 717 10,690 7,199 2,169 2,243 Livestock credit corporations - -- 4,352 1,924 1,719 1,677 1,717 259 258 Railroads (including receivers) 354,059 345,181 344,934 344,716 353,385 13,366 13, 261 State funds for insurance of public moneys - 4,214 2,764 1,958 3,476 2,500 Processors or distributors for payment of processing taxes.- 13 9 9 1 1 Total 1,478,489 1,509, 691 1,476, 608 1, 450, 489 1,436,208 331, 826 337,407 Others loans: Se f-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc ) - - 30,134 80,195 82, 666 88,560 93,009 126,128 119,495 Financing exports of agricultural surpluses sec 201 (c) 11,073 12,330 12, 752 13,948 10,029 9,540 Financing agricultural products, sec 201 (d) - -- 2,741 4,444 4,257 4,089 4,114 4,662 3,810 Commodity credit corporation 161, 772 163, 078 167,945 202,559 262, 207 225,833 Loans on preferred stock of banks 12,180 16,167 16,676 19,062 21,353 6,380 4,690 Loans on Dreferred stock of insurance comDanies 4,375 15,875 15, 875 15, 875 3,500 Loans to drainage, levee, and irrigation districts 2,525 2,643 4,156 4,636 31,006 36, 342 Total 45,055 280,551 297,525 312,439 355,493 440,412 433,211 Subscriptions: Subscriptions for preferred stock of banks . _ 31, 083 354,918 393,872 413,473 498,106 140,498 158, 752 Purchases of capital notes and debentures of banks. 200 221, 963 245, 639 271,501 295, 248 128, 252 105, 657 Total 31,283 576,881 639,511 684,974 793,354 268,750 264, 409 Total loans and subscriptions _ _. _.. 1, 554, 828 2,367,122 2,413, 644 2,447,902 2, 585,055 1,040,987 1, 035, 027 ALLOCATIONS For relief: Federal Emergency Relief Act of 1932 298, 074 299,003 298,898 298, 562 298, 561 15 15 Federal Emergency Relief Act of 1933 37, 910 486, 687 487,061 487,979 493,458 12,939 12, 021 Total 335,984 785,690 785,959 786, 541 792,019 12,954 12, 036 To other Government agencies: To Secretary of the Treasury for— Purchase of stock of Federal home-loan banks .. _. 42,970 79,646 80,446 80,946 81,446 44, 295 43,795 Purchase of stock of Home Owners' Loan Corporation 1,000 59, 000 69,000 114,000 154,000 131,000 86, 000 To Land Bank Commissioner _ ____ _ ___ 2,200 147, 600 147, 600 147, 600 147, 600 97,400 97, 400 To Federal Farm Mortgage Corporation 55,000 55, 000 55, 000 55,000 To Secretary of Agriculture: Crop loans 115, 000 115, 000 115, 000 115,000 115, 000 Reallocated as capital regional agricultural credit corporations.. 41,500 44,425 44,475 44, 500 44, 500 25 Reallocated to Governor of Farm Credit Administration . 40,500 40, 500 40, 500 40, 500 Total . 202, 670 541,171 552, 021 592, 720 638,046 272, 720 227,195 Total allocations 538, 654 1, 326, 860 1, 337,980 1,385, 675 1,430,064 285, 675 239,231 Total loans, subscriptions, and allocations 2, 093,482 3, 6P3, 982 3,751,624 3, 836, 662 4,015,119 1,326,662 21,274,258 v Preliminary. 'Revised. 1 Loans to aid in the reorganization or liquidation of closed financial institutions on May 31,1934, amounted to $358,834,000 representing proceeds disbursed, less repayments, and $197,766,000, not yet disbursed. 2 In addition the corporation as of May 31, 1934, had approved in principle loans of $51,805,000 and subscriptions of $90,518,000 upon the perormance 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

526 FEDERAL RESERVE BULLETIN AUGUST 1934 BOND PRICES STOCK PRICES [Averages] Preferred Common stocks (index, 1926=100) stocks Other bonds» Year, month, or date (industrial high- Indus- Rail- United grade) Total trial road Utility States Corpo- Corporate Year, month, or date Govern- rate and ment munic- Number of issues.. 20 421 351 33 37 bonds g (h r ip a ig d a h e l ) - Total In tr d ia u l s- R ro a a i d l- Utility 1 1 9 9 3 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 26 7 7 8 9 1933—July 112.5 Number of issues J15 3 60 60 20 20 20 August 112.9 87 September. 112.0 80 1932 average 99.2 81.1 69.4 63.2 64.8 80.5 October 109.8 75 1933 average 102.2 84.0 73.4 69.2 70.5 80.6 November.. 107.5 70 1933—July.. 103.3 89.6 81.5 75.6 82.2 86.8 December.. 107.7 67 August 102.9 89.9 80.8 75.9 81.2 85.3 1934—January 111.2 73 N D O Se c o e p t c v o t e e e b m m m er b b b e e e r r r . . . . . . 1 1 1 1 0 0 0 0 0 0 2 3 . . . . 0 5 9 0 8 8 8 8 2 3 7 6 . . . . 6 6 9 5 7 7 7 7 3 5 7 2 . . . . 6 3 5 1 7 7 7 7 2 0 1 4 . . . . 7 5 5 5 6 7 7 7 2 8 3 6 . . . . 2 5 5 8 8 7 7 7 1 9 7 7 . . . . 4 7 3 1 A M F M e p a a b r y r i r l c u h ary. 1 1 1 1 1 2 1 2 6 0 7 1 . . . . 5 2 5 0 8 7 7 7 1 6 6 0 1934—January 100.3 88.3 78.5 75.6 79.0 80.9 June 122.1 72 February 101.9 92.9 84.0 79.8 85.8 86.5 July 123.5 March 102.8 95.1 84.8 80.5 86.4 87.7 April 103.7 97.0 87.0 82.8 88.7 89.7 July 3._ 122.7 70 May _-. 104.4 97.6 86.1 82.5 86.9 89.1 July 11 _ 123.6 71 June 104.7 99.0 86.3 82.5 87.1 89.4 July 18. 124.3 July 105.2 99.3 86.1 83.2 85.8 89.4 July 25. 123.4 J J u ul l y y 3 11 1 10 0 5 4 . . 6 9 9 9 9 9. . 6 1 8 8 7 6 . . 0 2 8 83 2 . . 6 9 8 8 6 7 . . 4 4 8 9 9 0 . . 5 1 Source.—Standard Statistics Co. July 18 105.5 99.7 86.8 83.6 87.0 90.1 CAPITAL ISSUES July 25 105.3 85.4 83.1 84.1 89.1 [Long-term; i.e., 1 year or more. In millions of dollars] 1 Price indexes derived from average yields. 2 Now 3 Liberties and 12 Treasuries. New Treasury issues were added New issues Aug. 15, 1933, Nov. 1, 1933, Apr. 16, 1934, and June 15, 1934. 3 45 corporate and 15 municipal. Refund- Source.—For United States Government bonds, Federal Reserve Bank Domestic .ing of New York; for other bonds, Standard Statistics Co. Total issues BOND YIELDS * Year and month m ( e d s o t - ic State Corporate For- m ( e d s o t - ic and and eign and for- Total i mu- Bonds for- Munic- Corporate, by ratings « eign) nici- and Stocks eign) Year, d m a o te nth, or T u U r r e . y S a . 2 s- g ( i h r p a i a g d l h e 3 ) - Aaa Aa A Baa pal notes 1925. 6,201 5,125 352 2,452 1,153 1,076 925 1926. 6,314 5,189 344 2,667 1,087 1,125 1,046 Number of issues 9 15 30 30 30 30 1 1 9 9 2 2 7 8 . . 8 7 , , 0 55 4 6 0 6 6 , , 7 21 8 9 9 4 37 7 9 5 2 3 , ,1 3 8 8 3 5 2 1 , , 9 47 61 4 1 1 , , 2 33 5 7 1 2 1 , ,8 2 5 2 8 0 1932 average 3.66 4.65 5.01 5.97 7.20 9.30 1929. 10,091 9,420 418 2,078 5,924 671 1,422 1933 average... 3.31 4.71 4.49 5.23 6.09 7.76 1 19 9 3 3 1 0 . . 6 2 , , 0 8 0 6 4 0 4 2 3 3 4 5 2 1 , , 9 24 80 0 1,5 3 0 1 3 1 9 2 0 29 5 9 7 4 1 9 1 1933—April _ 3.43 5.05 4.78 5.81 6.85 9.12 1932. 1,165 1,157 '755 305 20 8 683 May 3.31 5.27 4.63 5.40 6.29 7.74 1933. 722 710 484 40 120 12 337 June 3.22 4.71 4.46 5.09 5.88 7.07 J A u u ly gust 3 3 . . 2 2 0 1 4 4 . . 5 6 4 0 4 4 . . 3 3 0 6 4 4 . . 7 8 7 3 5 5 . . 5 5 8 1 6 6. . 7 6 7 2 1933— A Ju u l g y ust 1 4 2 6 2 1 4 1 6 7 3 2 2 8 0 0 5 1 3 4 0 5 4 7 5 September 3.20 4.59 4.35 4.96 5.70 7.27 September.. 64 64 37 0 0 30 N D O o e c c t v o e e b m m e b r b - e e r r _ 3 3 3 . . . 4 2 5 6 2 3 4 4 4 . . . 8 8 6 9 9 0 4 4 4 . . . 5 5 3 0 4 4 4 5 5. . . 2 3 9 7 5 7 6 6 5 . . . 2 7 2 2 6 1 7 7 7 . . . 7 9 4 5 8 9 N O D c o e t v c o e e b m m er b b e e r r . . . . 8 5 5 8 7 9 8 5 5 8 9 7 8 4 5 2 1 6 0 0 0 0 0 0 1 2 1 8 1934—January 3.50 4.67 4.35 5.00 5.72 7.01 1934—January 48 37 0 0 42 February 3.32 4.48 4.20 4.70 5.24 6.27 February. __ 79 79 59 12 0 8 March 3.21 4.24 4.13 4.55 5.12 6.26 March 97 97 81 9 0 50 April- ___ 3.12 4.11 4.07 4.43 4.97 6.01 April 143 143 100 24 0 May 3.01 3.93 4.01 4.37 4.96 6.05 May 103 103 61 26 0 June 2.94 3.73 3.93 4.30 4.96 6.06 June 123 123 102 0 0 183 July 2.85 3.75 3.89 4.28 4.93 6.12 July 217 2 217 91 19 0 157 July 3 2.90 3.74 3.91 4.29 4.94 6.06 1 Includes issues of Federal land banks and Federal intermediate credit July 11 2.81 3.73 3.88 4.28 4.91 6.01 banks, not shown separately. July 18 2.82 3.75 3.87 4.26 4.89 6.04 2 Includes $100,260,300 bonds of Federal Farm Mortgage Corporation July 25 2.84 3.77 3.88 4.28 4.95 6.25 sold by public offering during month. Sources.—For domestic issues: Commercial and Financial Chronicle, 1 Monthly data are averages of daily or weekly figures. for foreign issues (issues publicly offered) annual totals are as finally 2 Average, computed by Treasury Department, of yields of all out- reported by Department of Commerce, while monthly figures are as standing Treasury bonds except those due or callable within 8 years. compiled currently and are subject to revision. 3 Standard Statistics Co. Back figures.—See (for figures of new issues—annual and quarterly * Moody's Investors' Service. basis) Annual Report for 1932 (table 103). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST l'J3t FEDERAL RESERVE BULLETIN 527 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 1 * Construction contracts awarded (value)» Facr Factory em- tory Freight-car ployment • pay loadings 4 • Com- Year and Total Manufactures Minerals Total Residential All other rolls» modmonth ity prices5 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 97 84 139 1920 87 87 89 63 30 90 108 117 91 154 1921 _ _. 67 67 70 56 44 65 82 76 79 98 1922 85 86 74 79 68 88 91 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 97 96 97 98 1925 104 105 99 122 124 120 99 101 103 104 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 99 102 103 97 1929 119 119 115 117 87 142 105 109 106 95 1930 96 95 99 92 50 125 92 89 92 86 1931 81 80 84 63 37 84 77 68 75 73 1932 64 63 71 28 13 40 64 46 56 65 1933 76 76 81 25 11 37 69 49 58 66 1930 December 76 84 74 82 89 93 59 73 37 43 77 98 82 83 75 74 84 80 1931 January.. 82 83 81 83 87 89 58 71 37 44 75 93 80 82 70 74 82 78 February- 87 86 88 86 84 87 68 79 42 47 89 104 80 81 74 74 80 77 March 89 87 91 87 82 89 77 77 50 47 98 100 81 81 76 75 80 76 April 90 88 91 87 83 91 82 73 52 44 107 96 81 81 74 77 80 75 May 89 87 90 87 84 87 78 65 47 40 104 85 80 80 73 79 79 73 June 83 83 83 82 86 87 74 63 I 41 37 101 84 78 79 70 77 77 72 July 80 82 79 82 86 86 68 61 36 35 94 82 77 78 66 78 76 72 August. -. 78 78 77 78 82 79 63 59 32 33 87 81 77 77 66 76 72 72 September 77 76 76 75 83 • 78 59 59 32 32 81 80 77 75 63 78 69 71 October._ 75 73 72 71 90 83 52 55 29 30 71 76 74 73 61 78 69 70 November 72 73 70 71 84 81 43 49 26 27 57 67 72 72 58 70 68 70 December 68 74 66 72 79 84 30 38 20 23 39 50 71 72 58 61 69 69 1932 January.. 71 72 70 71 74 77 25 31 16 19 33 41 69 70 54 68 64 67 February- 71 69 70 68 75 78 23 27 15 17 30 35 70 70 55 59 62 66 March—. 68 67 66 64 78 85 26 26 16 15 35 36 68 68 53 58 61 66 April 64 63 63 61 72 80 31 27 16 14 43 38 66 66 50 57 59 66 May. . 61 60 60 59 65 67 31 26 14 12 45 37 63 64 47 53 54 64 June 59 59 58 58 62 64 32 27 12 11 47 39 61 62 43 62 52 64 July 56 58 55 57 63 65 31 27 12 11 46 40 59 60 40 51 51 65 August..- 59 60 58 59 66 65 32 30 11 12 48 45 60 60 41 53 51 65 September 67 66 68 65 74 71 30 30 12 12 45 44 63 62 43 61 54 65 October __ 68 67 67 66 80 74 28 29 12 12 41 43 64 63 45 65 57 64 November 65 65 63 63 78 75 24 27 10 10 36 41 63 63 43 58 67 64 December 60 66 58 64 73 77 22 28 8 9 33 43 62 62 42 52 58 63 1933 January.. 64 65 63 63 71 73 18 22 7 8 27 33 60 61 40 51 56 61 February- 64 63 '62 61 76 79 16 19 7 8 23 27 61 62 40 51 54 60 March 60 59 58 56 74 81 14 14 8 8 18 18 59 59 37 48 50 60 April 67 66 68 65 65 72 16 14 11 10 19 17 60 60 39 51 53 60 May 79 r 77 80 77 76 78 19 16 13 11 24 20 63 63 43 55 55 63 June 91 '92 93 82 84 21 18 14 13 27 23 67 67 47 61 62 65 July r gg 97 101 89 90 24 21 13 13 32 28 72 73 51 66 65 69 August... 90 91 89 91 94 91 25 24 12 12 36 33 76 76 57 65 61 70 September 85 84 84 83 93 87 30 30 12 12 45 45 80 78 59 68 60 71 October __ 78 76 76 76 88 81 35 37 12 12 53 57 80 78 59 66 58 71 November 72 72 70 '70 84 81 42 48 12 13 66 76 76 76 56 60 59 71 December 69 75 67 73 80 85 45 57 11 13 73 93 74 75 55 56 63 71 1934 January.. 77 78 75 76 85 88 40 49 10 12 64 80 73 75 54 58 64 72 February- 83 '81 82 80 88 91 38 44 10 12 60 70 78 78 61 61 64 74 March '86 '84 r85 82 91 100 33 33 12 11 50 51 81 81 65 63 66 74 April __ _ 88 '85 ^89 85 81 90 36 32 14 12 54 49 82 82 67 60 62 72 May. 89 86 89 86 87 89 32 26 13 11 47 39 82 82 67 63 63 74 June »84 ,84 ,83 P83 87 88 31 26 13 12 46 38 P81 P81 *65 64 64 75 Preliminary. r Revised. • Average per working day. 1 For indexes of groups and separate industries see pp. 552-553; for description see BULLETIN for February and March 1927; for revised figures back to 1919 see BULLETIN for September 1933, pp. 584-585. 2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. For back figures see Annual Report for 1932 (table 105). 3 The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343. 4 For indexes of groups see p. 528; for back figures for total see Annual Report for 1932 (table 105) and for groups see BULLETIN for February 1931, p. 108. 5 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 556. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 FEDERAL RESERVE BULLETIN AUGUST 1934 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports» Merchandise imports > Excess of exports Month 1930 1931 1932 1933 1934 1930 1931 1932 1933 1934 1930 1931 1932 1933 1934 January - 411 250 150 121 172 311 183 136 96 136 100 66 15 25 37 February 349 224 154 102 163 282 175 131 84 133 67 49 23 18 30 March 370 236 155 108 191 300 210 131 95 158 69 26 24 13 33 April 332 215 135 105 179 308 186 127 88 14 7 24 29 9 17 33 May 320 204 132 114 160 285 180 112 107 155 35 24 20 7 6 June 295 187 114 120 "171 250 173 110 122 44 14 4 -2 July 267 181 107 144 221 174 79 143 46 g 27 1 August - - 298 165 109 131 218 167 91 155 79 _2 17 -23 September 312 180 132 160 226 170 98 147 86 10 34 13 October __ 327 205 153 193 247 169 105 151 80 36 48 42 November 289 194 139 184 204 149 104 129 85 44 34 56 December 275 184 132 193 209 154 97 134 66 30 35 59 Year 3,843 2,424 1,611 1,675 3,061 2,091 1,323 1,450 782 334 288 225 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] 1934 Index of sales 1 Index of m s o to n c th k ) s (end of Feb. Mar. Apr. May June Adjusted Without Adjusted Without Month for seasonal seasonal ad- for seasonal seasonal ad- Adjusted for seasonal variation variation justment variation justment Total _ 64 66 62 63 64 1933 1934 1933 1934 1933 1934 1933 1934 Coal 78 87 68 69 66 Coke 76 71 50 58 56 Grain and grain prod January.. _ _ 60 69 49 57 58 66 52 59 ucts 68 75 74 75 90 February 60 71 49 59 57 66 54 63 Livestock 48 46 52 52 54 March . _ - 57 77 50 73 54 65 55 67 Forest products 30 32 31 33 33 Ore.. 34 41 38 39 48 April 67 77 68 73 63 65 55 68 Miscellaneous 67 67 66 68 68 May 67 77 67 77 55 66 56 '68 Merchandise * 67 66 65 65 65 June 68 74 64 70 57 65 56 63 July 70 "72 49 60 56 Without seasonal adjustment August-- 77 59 64 62 September 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 12 7 7 1 7 5 6 6 7 9 5 0 6 7 7 2 7 8 Tota C C G l o o ra a k i l e n and grain _ prod 8 8 6 5 6 1 8 7 6 2 1 3 4 6 5 8 0 7 6 6 5 3 1 8 5 5 6 8 6 4 Year _ 67 61 Li u v c e t s s tock 6 4 5 6 6 4 3 0 4 5 8 7 4 6 9 1 4 7 6 8 Forest products 31 33 33 35 34 for * B ch a a se n d g e t s h r f o ro u m g p h P o m r u e o t l i n m o th n i n f t a i o g r y u m . r e o s n o th f d in a il n y u a m v b e e r r a r g E e o e f v s i a S s l a e e t s d u — . rd w a i y th s a a n ll d o w f a o n r c 6 e M M Or e i e s r - c c e h l a la n n d e i . s o _ e u s i 6 5 5 8 8 6 6 1 7 4 0 6 6 1 8 7 9 5 7 6 9 0 7 8 7 6 7 1 5 national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea- 1 In less-than-carload lots. sonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. Based on daily average loadings. Source of basic data: American- Railway Association. Back figures.—See BULLETIN for November 1930, p. 686; Annual Report for 1932 (table 105). Back figures—See BULLETIN for February 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1934 FEDERAL RESERVE BULLETIN 529 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Total End of month (5 tr 0 i e c s o ) u T n- S U t n a i t t e e s d i Canada c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England France Germany $l=2fi¥io grains of gold ?io fine; ie.y an ounce of fine gold=$20.67 1933—June 11,852 3,997 77 6,856 21 372 11 51 36 922 3,185 45 July 11, 940 4,001 77 6,932 21 374 11 51 36 925 3,213 58 August 11,998 4,009 77 6,989 21 375 11 51 36 926 3,223 73 September.. 12,048 4,011 77 7,038 24 376 11 51 36 926 3,218 87 October 12,057 4,011 77 7,040 24 377 11 51 36 927 3,176 94 November- 11,959 4,012 77 6,942 24 378 11 51 36 928 3,051 97 December. . 11,930 4,012 77 6,916 27 380 11 51 36 928 3,022 92 1934—January 11,951 4,033 77 6,912 27 382 11 51 36 929 3,021 90 l—15^i grains of gold Wo fine: Le.% an ounce of fine gold=$35 1934—January 3__. 20,229 6,829 130 11,697 646 86 1,573 5,109 152 February... 20, 516 7,438 130 11, 358 639 112 1,574 4.904 134 March 20, 724 7,694 130 11,313 635 111 1, 574 4,947 96 April v 20,820 7,757 130 11, 340 636 111 1,575 5,023 83 May P20,957 7,779 130 11,426 635 111 1,577 5,136 52 June p 21,152 7,856 132 p 11,537 625 111 1,578 5,274 28 July p 7,930 p 1, 579 p 5, 321 Europe—Continued End of month Greece Hungary Italy N la e n th d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain SwedenSw la it n z d er- U.S.S.R 3 Y sl u av g i o a - 6 c t o o ri u t e h n s e - r $l=25$io grains of gold Yio fine; i.e., an ounce of fine gold=>$20.67 1933—June _._ 17 356 309 40 53 31 58 436 71 361 401 32 34 July 17 368 311 40 53 32 58 436 91 351 401 32 36 August 17 370 332 39 53 32 59 436 97 351 401 32 35 September- 17 371 338 41 53 32 59 436 101 356 416 32 35 October 17 371 359 40 53 32 59 436 101 373 416 32 35 November— 14 373 370 40 53 33 59 436 99 386 416 32 35 December.. 14 373 371 38 53 34 59 436 99 386 416 32 35 1934—January 14 373 370 38 54 34 60 436 100 386 416 32 35 $1-15%\ grains of gold -Mo fine; i,e.% an ounce of fine gold™$35 1934—January a._. 37 23 633 626 64 91 58 100 739 169 653 704 53 58 February... 38 23 633 539 61 91 62 101 739 169 600 704 53 £9 March 39 23 613 535 61 91 65 101 739 170 570 706 53 59 April 41 23 609 539 61 92 65 101 739 167 534 706 53 57 May 43 23 594 551 61 92 66 102 739 167 535 706 53 58 June 43 23 573 61 93 67 P 102 739 168 535 P706 53 July P 587 p 536 Latin America Asia and Oceania Africa End of month T t c r o i o ( e 1 u t s 0 a 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 g U u r a u y - o tr th i 4 e e s r t T c r o i o ( e u 7 t s n a ) l - IndiaJapanJava N Ze e a w - T ke u y r - . 2 c t o r o i u t e h n s e - r T t c r o o i ( e u 4 t s n a ) l - Egypt S A o fr u ic th a o c t o r th i u e e n s r - $1 =25§io grains of gold Yio fine; i.e., an ounce of fine gold=$20.67 1933—June 356 249 11 15 11 11 50 8 454 162 212 42 25 11 3 112 33 70 10 July 354 249 11 15 10 11 50 8 453 162 212 40 25 11 3 123 33 80 10 August 352 249 11 15 9 11 50 7 453 162 212 40 25 11 3 118 33 75 10 September. 354 249 11 15 11 11 50 7 452 162 212 39 24 11 3 115 33 72 10 October 352 249 11 15 10 11 49 7 453 162 212 40 25 11 3 123 33 80 10 November. 346 244 11 15 8 11 50 7 456 162 212 42 25 11 4 125 33 82 10 December. _ 342 239 12 14 9 11 50 6 457 162 212 44 24 12 3 126 33 83 10 1934—January 342 239 12 14 8 11 51 7 459 162 212 45 25 12 3 127 33 84 10 $1 =155/ii grains of gold 91o fine; i,e., an ounce of fine gold=*$35 1934—January 2_. 579 405 20 24 14 19 86 11 778 ! 274 359 76 42 20 6 215 56 143 17 February_ 588 405 20 24 18 20 87 14 780 274 359 79 42 20 6 222 55 150 17 March 590 405 20 25 20 19 87 15 778 274 359 77 42 20 5 218 55 146 17 April 405 20 24 22 19 87 p 15 781 275 362 77 42 21 6 220 55 149 17 May 594 405 20 24 23 19 87 M6 803 275 382 79 42 20 6 v 226 55 154 June 595 v 405 25 P23 p 19 P 87 v 806 384 42 21 5 p 226 P 55 p 154 p Preliminary. r Revised. 1 Differences prior to January 1934 between these figures and those shown elsewhere in BULLETIN for total monetary gold stock in United States are due to exclusion from the former of gold coin in circulation. 2 Figures given in terms of new par for purposes of comparison only; new parity did not become effective until after close of business Jan. 31, 1934. 3 Figures reported as of end of each quarter by State Bank of U.S.S.R. carried forward for succeeding 2 months. 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; in Asia and Oceania: Australia and Siam; 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

530 FEDERAL RESERVE BULLETIN AUGUST 1934 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Esti- Year and month m w a o t r e ld d Africa North and South America Far East pr t o io du n c- Total A So fr u ic th a d R e h s o i - a A W fr e ic s a t Canada ™*d Mexic0 Colom- Au l s i t a ra- Japan India $l—25¥io grains of gold Mo fine; i.e., an ounce of fine gold=$20.67 1932—September- 42,816 36,411 19,888 1,041 509 304 5,452 5,085 1,122 456 1,292 702 559 October 43,007 36, 602 20,157 1,044 515 314 5,264 5,271 1,091 455 1,216 727 547 November.. 42,627 36, 222 20,190 997 626 307 5,115 4,858 1,165 415 1,376 715 556 December.. 42,198 35, 794 20,118 1,080 539 294 5,420 4,651 671 353 1,418 668 681 Total (12 mos.) _ 499,049 422,129 238,931 12,000 5,992 3,642 62,933 50, 626 12,070 5,132 14, 563 8,198 6,782 1933—January • 42, 207' 35, 225 20,152 1,008 532 280 • 4,845 4,341 504 1,129 574 February.-. • 38, 607•• 31, 625 18,176 989 531 263 • 4, 737 3,059 334 1,178 654 608 March • 43, 277r 36, 295 19, 658 1,038 522 302 • 5, 399 5,230 455 1,259 747 626 April _. ' 40, 449r 33,467 18,430 1,108 528 281 • 4,919 3,928 535 1.522 726 586 May_ ' 41,401 r 34,420 19,519 1,108 520 308 " 4,932 3,866 499 1,344 734 654 June _.- r 40,479 ' 33,498 19,008 1,130 561 308 • 5,426 2,956 435 1,434 711 643 July ' 43,669 ' 34,688 19,228 1,133 571 306 ' 5,306 3,638 577 1,420 755 589 August ' 43,838 r 34,857 19,235 1,167 579 321 ' 5,325 3,742 555 1,438 722 575 September.. ' 44,374 r 35, 393 18, 664 1,180 646 307 ' 4,889 5,602 375 1,591 847 572 October r 45,096 * 36,114 18,822 1,143 567 302 ' 5,048 6,209 700 1,436 825 560 November.. ' 44, 673 r 35, 691 18, 613 1,150 586 327 ' 5, 001 5,292 694 1,501 794 560 December.. ' 44, 397r 35, 415 18,168 1,181 580 325 r 5,140 6,581 503 1,538 788 673 Total (12 mos.). •512,468 ' 416, 687 227,673 13,335 6,623 3,631 '60,968 50,338 13,169 6,165 16,790 8,968 6,919 1934—January..- 45,041 35,059 18,897 1,201 546 320 4,781 4,858 1,080 697 1,398 721 560 $1 =16%i grains of gold -Mo fine; i.e., an ounce of fine gold $S5 February... ' 70, 635 53, 587 28,893 1,893 927 502 7,803 6,160 1,906 1,067 2,269 1,280 March 74,706 57,657 30, 550 2,042 965 571 8,726 7.945 1.194 940 2,415 1,390 921 April 74,187 57,138 30,173 2,014 941 509 7,975 7,595 2,232 843 2,566 1,376 914 May o 77,603 v60,554 31,324 2,055 951 566 9,090 r8, 505 2,431 991 2,460 1,268 June ' 75,194 P 58,146 30,138 p 2,065 p 1,050 P566 P8,225 8,260 v 2,100 1,003 p 2, 460 P1,365 p Preliminary. '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 JBureau of Mines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-235, February 1934, p. 108, and^June 1934, p. 377. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1933, p. 104. Figures for Canada for 1934 are subject to revision. GOLD MOVEMENTS [In thousands of dollars] United States Total Net imports from or net exports (—) to: Year and month net imports China All e o x r p o n r e t t s E la n n g d - France m G a e n r y - g B iu el m - N l e a t n h d e s r- Sw la i n tz d er- C a a d n a - M ic e o x- A t r i g n e a n- lo C m o b - ia B In ri d ti i s a h H a o n n d g Japan c o o th u e n r - Kong tries Customsvaluatioris; with some exceplions at raU of$20.67 a,fine ourice 1932—Total (12 mos.)--446,213 53,585-441,649 -13,356 -82,571 -96, 586-118,273 64,574 20,087 12,991 3,240 26,597 39,043 49,719 36,383 1933—February 17, 776 3,310 -3,709 -1,546 -600 802 -1,614 4,206 552 -15 35 9,446 3,700 3,208 March -22,081 -8,935 -3,630 -250 -199 -5,005 -681 8,418 483 5 990 2,135 1-15,413 April -9,967 -2,191 -8,993 -724 333 488 4 1,281 2,973 -3,137 May -21,139 -15, 715 -122 -115 110 344 2 1 83 -5,729 June -3, 244 -2,845 -72 -1,445 154 141 1 10 812 July -83,879 -713 -79,617 203 369 -4,121 August -80,388 -1, 535 -73,173 -216 -27 143 125 1 -5,708 September -56,736 -5,099 -48,717 -13 -2,171 224 518 8 -1,486 Oetober -32, 351 -6,240 -26,923 —109 -18 -9 """-453 268 48 1 1,085 November -1,064 -2, 260 -366 -5 -28 216 240 2 1,139 December -9,128 -1, 650 -203 -28 -10 -8,883 347 338 960 Total (12 mos.) -173, 736 6,375-216.035 -2,532 -895 7,901 -11,631 19,896 4,280 -1 98 25,629 12,821 6,702 -26,355 1934—January -2, 767 "^2,542 -461 1 -10 -1, 678 313 246 1,364 Customs valuations; withsome exctptions at rate i)f$S5afine ounce F M e a b r r c u h a . r y _ 4 2 5 3 2 7 , , 5 3 7 3 1 6 2 1 3 35 9 , , 9 8 8 0 7 0 12 5 4 1, , 8 3 2 8 1 1 1 131 5 1 7 0 , ,1 2 4 7 8 2 9 3 , , 0 5 8 6 7 9 1 1 2 0 ,1 ,2 1 7 4 2 5 5 , , 1 3 2 6 4 8 2 1, , 6 4 8 9 0 0~Il~465 2,8 6 6 5 5 1 4 2 3, , 3 3 5 4 1 7 April 54, 748 24,054 1,786 7,234 9,069 640 5 2,495 4,613 3,067 1,785 May ._ 33,583 5,927 233 10 8 8,673 2,086 2,554 10,240 1,865 1,987 June... 63, 705 31, 288 10, 750 -4,865 6, 989 2.837 37 12,191 2,286 2,190 July p 49, 983 23, 657 3,329 8, 1951 2. 036 8,408 2,617 1,741 1 $17,054,000 exported to Italy. p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1934 FEDERAL RESERVE BULLETIN 531 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 e r 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 i m c u a e t r h - Canada B In ri d ti i s a h S S m t e e r t a t n l i t e t s s - Au li s a tra- A d W R f e r h s e i o i c s a - a t , , c o t o A r th i u e l e n l s r - Africa Official figures converted at rate oj $20.67 an ounce 1932—Total (12mos.)__ 84, 585 -50,642 -297,050 333-13,434 -71,378-14,019 5,747 220,394 10,781 20,264 255,310 18,279 1933— February _ _ 18,400 -6, 559 -4,623 28 -507 -7,816 -79 374 7,175 554 794 27,815 1,245 March 77,198 11,821 3,406 5,003 -1,294 -5,225 -588 296 9,178 461 22,659 28,923 2,556 April 64,767 -6 -1,519 18,092 -89 128 -893 198 10, 278 1,001 20,316 19,343-2,083 May _ 97,386 2,761 32,486 1,850 656 17,365 -463 140 8,924 14,948 624 1,789 19,476-3,169 June 77,671 15,923 -7,421 15,254 8 6,477 -479 401 9,129 11,281 1,359 1,717 17,954 6,069 July- 89,056 4,763 18,051 486 1,114 13,528 -118 414 4,141 11,942 810 2,692 19,519 11,715 August 25, 628 733 6,259 179 -1,034 -13, 583 -380 436 3,703 4,994 848 1,910 24,774-3,212 September 48,260 3,120 2,163 32 -11 -3,633 -101 920 4,108 12,685 526 1,991 21,027 5,434 October... _ 63,918 12,520 1,865 -11 18 -4,163 -217 3,611 6,579 16,122 782 1,942 20,467 4,403 November 79,138 6,878 33,338 94 817 329 -771 120 5,013 4,852 708 2,315 20,885 4,558 79,426 4,441 15,130 42 147 -196 8,143 4,186 5,892 423 ir~ 19,460 12,871 December.. 677,405 7,8 41,036 -7,065 -4, 299 14,056 43,374 118,817 60,812 256,177 41,667 Total (12 mos.) 62,146 4.788 -13 -20 5,310 -170 5,500 4,530 8,642 583 2,353 17,667 3,170 1934—January Official figure* converted at rate of $S5 an ounce February _ 184,820!-238,842 283,333 18,837 3,790 17,891 -320 4,870 30,193 647 2,951 30,881 30, 587 March 91,471 -130,087 66,180 65, 579 358 5,522 -176 187 39 37,372 1,094 3,105 36,707 5,591 April 35,003 -19,851 -7, 038 3,524 44 523 -216 343 47 13,033 359 3,824 31,929 8,483 May 37,986 -5,197 -30,856 8,243 -34 319 -252 284 75 14,147 485 3,086 42,935 4, 750 June 53,056 -35, 375 6,622 17,495 218 -659 -71 144 17, 330 441 3,172 30, 50513, 233 France I 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 o o n r r e 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 ) n o o e r 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 - Officiat figures converted at rate of $20.67 an ounce 1932—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—February.. -1,659 2,559 678 2,805 -7,12? -432 -13,076 22 -5,980 -10,429 93 3,336 -118 March 16,729 1,005 1,266 27, 778 -23, 356 749 -13,163 -4,945 -7,365 -4,925 46 3,956 70 ADril 48,252 2,283 22,520 670 -6,377 J10,574 -68, 750 1 -17,822 -51,893 -4,541 75 5,411 19 May 96,140 -5,819 1,277 39,785 37,113 »16,102 -9,938 46 -292 -6,435 -10,102 -61 7,023 -119 June 46,840 -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 -12,572 23,430 5,695 16,5983 -21,605 4,592 -162 153 270 -44 4,612 -238 August 53, 694 -11,533 -46 -6,837 -1,397 -2,174 -676 216 -186 9 -256 -88 -372 September. 43,043 -1,396 -8,059 -6,166 -2,176 -152 19,120 -32 17,910 1,173 55 12 October 26,233 -1,686 -5,' -12,427 -3,369 1,939 5,845 41 5,933 Q4 3 33 November.. -52,936 -24,646 -3 -21,460 -5, 674 -1,328 2,572 -13 4,710 -5,: 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 57,425 34,706 10,538 4,348-102,856 1,799 -37,044 -64,922 -40,950 206 40,317 1934—January. -7,217 1,215 -5,259 -2 -77 293 -80 Officiat figures converted at rate of $S5 an ounce February- -175,837 March -232, 719 April _ -1,384 May.. 30,914 June 1 Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately in the official monthly statistics. 2 $9,832,000 imported by France from South Africa in April 1933; $14,412,000 in May 1933; $28,176,000 in February 1934; $35,545,000 in April 1934. s $20,305,000 exported by France to Belgium in July 1933; $9,747,000 in May 1934. NOTE.—Great Britain and Qermany—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

532 FEDERAL RESERVE BULLETIN AUGUST 1934 GOLD MOVEMENTS—Continued [In thousands of dollars! Netherlands Year and month Total net Net imports from or net exports (—) to: imports or net exports U S n ta i t t e e s d England France Germany I Belgium Poland Sw la i n tz d er- B I r n i d ti i s a h All other Official figures converted at rate of $20.67 an ounce 1932—Total (12 mos.)_ 116,149 | 106,623 I 50,070 ! -34,009 I 26,886 I -12,727 -13,630 I -16,137 16,423 I -7,346 1933—February. _ -933 -3,432 J 8,177 10, 300 5,055 -881 -3,452 166 -34 March -9,320 10,785 I 3,436 -19,367 i 4,986 7,009 -506 -2,324 -1 April -18,102 603 -906 -18,188 3,609 1,522 -358 -1,259 .1 -7€ May -41, 605 -11,384 -37,068 11,178 1,068 -1,479 -3,069 1,107 17£ 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 I -903 -338 -10 -241 2,236 97 October 18,562 2,191 1,385 14,457 ' -357 -22 -64 -1,232 2,099 105 November . 9, 688 -1,942 6,096 5,369 -90 -30 -297 441 142 December -9,294 -7,111 -601 -821 -230 -5 -658 31 Total (12mos.)_. 567 1934—January. -8,629 Official figures converted at rate of $35 an ounce February _ —102,784 -17, 262 -13, 283 -76,485 ! 233 4,077 -62 -257 i 21 , 235 March.... -9,201 -6,248 -4,928 -4,132 345 6,116 -141 -532 360 i -42 April -..- 3,063 -4, 444 -418 -287 7, 951 -8 -102 201 164 May 13,859 — 115 -158 11, 835 -68 1, 696 311 I —359 June i 9,570 -225 277 1,701 7,704 -166 -291 -12 451 133 Switzerland British India Net imports from or net exports (—) to Net imports from or net Year and month T n o e t t al T n o e ta t l exports (—) to: G pr o o l - d c c o r r r I e e n a a d - s s e e e - In c o c r r e r e a d a s e e s - e 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 - 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 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 - o A th l e l r ti I d o n u n d c i - i a n r G e ( m s o - e v ) e r e i n v n r t e n s - p i ( n h r - g i o ) v s l i a d n i t - n e in India India i Official figures converted at rate of $20.67 an ounce 1932—Total (12 mos.) 169.7861! 124.354J 15,342 -189,007 1933—February ._. 8,502 6, 987 -3, 328 -47 March 21,306 -5,833 1,576 April -10,745 -5,956 1,430 May -38, 776 -8,096 3,359 June -34, 751 -12,823 1,181 July -8, 324 -4, 734 1,565 August 1,135 -9,105 1,866 September- 1,767 13,411; -12,789 -622 October 4,243 -7,643! -7,301 -342 November... 4,684 -5,847 -6,023 176 December... 23,299 -5,734'; -5, 438 -296 Total (12 mos.)-.-- 205j 13,1681-13,781 -126,048Jj-30, 340J-83, 730 1934—January 1,2661; -47| -14,063li ! 12, -13,503 Official figures converted at rate of $35 an ounce February -30,1091—10,898 -21, 567 2, 2331 -12 -365 -39, 3071 -7.703I-31.67J 74 -38,421 March -25,403 -1,617 -12,110 -7,799 -44 311 -4,143 -20,806 -8, 862 -11,664 280 921 -5 -19,880 April -43,753 -4,682 -38,189 -26 -2,132 1,27' p-20,61 914 1S6J '-19,889 May -11,582 -5, 350 -6,613 -16 —222i 618 P-20,037 ' -19,121 June -8,372, -817 -5, 648 -2,193 -43 -186! 513: v Preliminary. i Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India. NOTE.—Netherlands and Switzerland—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1934 FEDERAL RESERVE BULLETIN 533 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1934 1933 1934 June May Apr. June June May Apr. June 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.. 70 69 Currency issued 529 536 551 584 Advances to banks under finance act-. 52 Irish Currency Commission (thousands of Dominion notes: pounds sterling): Issued 173 171 172 184 Legal tender note fund: Outside chartered bank holdings.. 32 29 29 30 British legal tender and bank Indian Government (millions of rupees): balances _. 302 175 207 137 Gold standard reserve: British securities. _ 6, 855 6, 985 6,884 7, 365 Gold.. 29 I 29 29 153 Notes issued 7, 157 7,160 7,091 7,501 Foreign exchange 505 505 505 380 Consolidated bank notes: ; Paper currency reserve: Issued 4, 798 4, 795 4,790 4, 669 Gold 416 416 416 291 Deemed such under sec. 60 (4) of Silver 972 i 963 973 1, 034 currency act, 1927 1,180 1,191 1,199 1,301 Other assets 422 298 295 441 Notes issued 1, 809 1, 794 1,769 1,766 1 Figures for consolidated bank notes issued represent daily averages for 4 weeks ended June 23, May 26, and Apr. 28, 1934, and June 24, 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] 1933 1934 1933 Assets Liabilities June 30 May 31 June 30 June 30 May 31 June 30 Gold in bars 15, 975 26, 030 Demand deposits (gold) 15,627 25, 681 Cash on hand and on current account with banks 5, 551 10, 360 6, 053 Short-term deposits (various currencies): Demand funds at interest 10,216 11,983 35, 767 Central banks for own account: Demand 31,349 57, 165 129,207 Rediscountable bills and acceptances (at Time—Not exceeding 3 months 106, 972 107,176 93, 454 cost): Commercial bills and bankers' accept- Total.. 138,320 164, 341 222, 660 ances - 150,035 163,111 232,140 Treasury bills 185,631 I 196,190 168, 303 Central banks for account of others: Demand 6, 468 9,161 11,687 Total- 335, 666 359, 301 400, 443 Other depositors: Demand 986 1,026 3,044 Time funds at interest—Not exceeding 3 months 37, 659 41,429 113,214 Long-term deposits: Annuity trust account 153,640 153,640 152,899 Sundry bills and investments: German Government deposit 76,820 76, 820 76, 449 Maturing within 3 months: French Government guaranty fund 40. 771 40, 824 53, 792 Treasury bills 42, 763 25, 620 30, 277 Sundry investments 31,985 42, 511 35, 658 Total 271,231 271,284 283,140 Between 3 and 6 months: Capital paid in.. 125,000 125, 000 125,000 Treasury bills 38, 225 55, 923 13,654 Reserves: Sundry investments 69', 935 52, 472 71, 239 Legal reserve fund 2, 672 2, 672 2.022 Over 6 months: Dividend reserve fund - 4, 806 4, 866 3,895 Treasury bills 9, 625 9, 593 General reserve fund 9, 732 9, 732 7,790 Sundry investments 36,255 35, 972 594 Other liabilities: Other asse T ts o : tal 228, 788 222,091 151, 421 S G u u n a d r r a y n t i y t e o m n s commercial bills . _ sold 55 4 , , 3 2 7 6 2 9 5 4 3 , , 5 1 1 0 1 3 43, 415 Guaranty of central banks on bills sold 4, 269 4,511 Sundry items 5, 862 5, 115 5,500 Total assets 643, 987 680, 821 712, 397 Total liabilities.. 643,987 | 680,821 712, 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN AUGUST 1934 CENTRAL BANKS Assets of banking department Liabilities of banking department Gold Bank of England (in issue Note (Figures in millions of pounds sterling) d m e e p n a t r ) t ^ - C O o a in sh rese N rv o e te s s D ad is v a c a n o n d u c n e t s s Se ti c e u s ri- ci t r i c o u n la- ikers' D P e u p b o l s i i c ts l O ia ti t b h e i s e li r - 1933—June 28.... 189.4 1.2 74.2 16.6 87.2 375.1 105.1 14.1 42.2 18.0 July 26 190.1 1.3 72.8 11.2 103.0 377.2 98.5 14.1 57.7 18.1 Aug. 30—. 190.3 1.4 76.3 10.0 94.9 374.0 79.4 42.0 42.9 18.2 Sept. 27___. 190.4 1.4 79.6 9.2 85.8 370.8 97.3 16.5 44.0 18.2 Oct. 25—. 190.4 1.3 81.2 8.5 92.5 369.3 104.1 15.9 45.8 17.7 Nov. 29.... 190.6 1.2 80.4 8.6 84.7 370.2 L06.9 13.6 36.5 17.8 Dec. 27—. 190.7 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Jan. 31.... 190.9 84.2 8.2 88.4 366.7 100.6 25.2 37.8 18.1 Feb. 28.... 191.0 1.0 83.6 5.8 87.9 367.4 90.3 32.1 37. 7 \ 18.2 Mar. 28.__. 191.1 1.1 72.3 5.6 88.1 378.8 94.5 17.5 36.9 18.3 Apr. 25.... 191.2 .9 77.5 5.3 86.3 373.7 99.5 15.8 37.0 17.7 May 30.... 191.3 .8 73.2 5.6 87.6 378.1 99.4 14.0 36.1 17.8 June 27. _. 191.5 .7 69.8 6.1 91.9 381.7 96.3 17.6 36.5 18.0 July 25 p... 191.6 67.6 7.5 94.2 383.9 104.8 10.9 36.1 18.1 Assets Liabilities Bank of France Deposits Negotia- (Figures in millions of francs) Gold e F x o c r h e a i n g g n e Do b m il e ls stic Se lo c a u n ri s ty se t b c ie l u e s ri- Other ci N t r i c o o u t n l e a- G m ov e e n r t n- Other l O ia t t i b h e i s e li r - 1933—June 30- 81,243 3,990 2,791 2,766 6,489 9,243 84, 708 2,338 17,376 2,100 July28_. 81,976 3,975 3,461 2,661 6,463 8,503 82,853 2,752 19,267 2,168 Aug. 25.. 82, 227 2,652 3,207 2,688 6,417 8,543 81,143 2,775 19, 657 2,158 Sept. 29.. 82,095 2,632 3,475 2,765 6,393 8,716 82,994 3,685 17,242 2,156 Oct. 27_. 81,032 2,586 3,560 2,781 6,238 8,450 81,099 4,027 17, 301 2,220 Nov. 24.. 77,822 1,250 4,092 2,814 6,186 8,533 80, 368 2,956 15,016 2,359 Dec. 29.. 77,098 1,158 4,739 2,921 6,122 8,251 82,613 2,322 13,414 1,940 1934—Jan. 26... 77,055 1,130 4,486 2,893 6,119 7,870 79,474 2,270 15,836 1,972 Feb. 23.. 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 6,198 2,972 6,007 8,229 82, 833 1,721 12, 632 1,900 Apr. 27.. 75, 756 1,066 5,707 3, 016 5,973 8,152 81, 502 2,024 14,199 1,944 May 25.. 77, 466 1,094 5,011 3,060 5,950 8,202 79, 992 2,996 15, 681 2,114 June 29.. 79, 548 1,157 4,386 3,076 5,929 8.278 82, 058 3,291 15,188 1,837 July 27 p. 80,252 1,155 4,249 3,054 5,913 (2) 80,809 3,514 16, 548 (2) Assets Liabilities Reichsbank Reserves (Figures in millions of reichsmarks) 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 1933—June 30 189 3,212 210 321 747 3,482 447 834 July 31 _ 245 3,171 165 320 736 3,492 412 820 Aug. 31 307 3,151 163 320 749 3,521 415 841 Sept. 30 367 3,289 205 320 688 3,625 465 850 Oct. 31. 396 3,147 143 319 799 3,571 416 850 Nov. 30 405 3,001 163 518 773 3,542 478 871 Dec. 30. 386 3,177 183 581 735 3,645 640 836 934—Jan. 31. 376 2,845 81 620 843 3,458 498 Feb. 28. 333 2,766 248 666 801 3,494 530 802 Mar. 29. 237 3,144 144 681 685 3,675 547 768 Apr. 30- 205 3,140 140 639 760 3,640 515 788 May 31. 130 3,174 125 643 860 3,635 538 778 June 30 70 3,392 171 685 780 3,777 623 775 July 31 75 3,408 109 713 3,768 649 800 v Preliminary. 1 In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. 2 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

AUGUST 1334 FEDERAL RESERVE BULLETIN 535 CENTRAL BANKS—Continued [Figures are for last report date of month] 1934 1933 1934 1933 Central bank Central bank June May Apr, June June May Apr. June National Bank of Albania (thou- Central Bank of China—Continued. sands of francs): Note circulation 70, 029 46,326 Gold 7,123 7,124 7,313 D eposits— G 0 vernment 239,534 134, 069 Foreign exchange... 23,322 24, 266 27,159 Bank. 37, 098 47,789 Loans and discounts 2,989 2,871 3,010 Other. 7,226 8,100 Other assets... 2,897 3,044 2,564 Other liabilities 84, 680 60, 885 Note circulation 11,465 11,445 13, 429 Bank of the Republic of Colombia Demand deposits 14, 683 15, 531 19, 719 (thousands of pesos): Other liabilities 10,182 10, 329 7,045 Gold at home and abroad 3 17,706 16,336 15,538 15,198 Commonwealth Bank of Australia Foreign exchange 2,410 2,871 2,345 2,831 (thousands of pounds): Loans to member banks.. 3,782 3,498 6,741 3,426 Issue department: Note circulation.. 39, 644 36, 950 35, 926 26, 099 Gold and English sterling. _, 15, SOS 15, 508 15, 508 11, 507 Deposits. 27, 412 25, 406 27, 056 19, 628 Securities 28, 375 28, 375 28, 625 24, 316 National Bank of Czechoslovakia Banking department: (millions of koruny): Coin, bullion, and cash 934 995 938 1,052 Gold*.. 2,663 2,662 2,662 1,707 London balances 28,134 27,498 23, 546 20,004 Foreign balances and currency *_. 13 27 37 947 Loans and discounts.. 11,689 14, 706 14, 528 15,885 Loans and advances 1,449 1,390 1,317 2,014 Securities 36, 318 36,330 36,109 34,900 Note circulation-._ 5,524 5,179 5,242 6,568 Deposits,. 83, 253 85,621 80, 313 73,820 Deposits 630 919 752 509 Note circulation __ 46,301 46, 301 46, 551 41, 325 Danish National Bank (millions of A s u c s h t G O F D r i o i o l t o a l h r l m i n e d e n i * r e g g N s n s f t o ) a i : c r t e e i x o i b c g n i h n l a l a l s b n i B g l e l a s n o L k f _ t ( h m e il r l e i s o e n r s v o e f . _ 2 2 4 3 5 0 1 6 4 2 2 4 3 7 0 1 8 8 2 3 4 3 0 0 1 6 1 2 1 3 7 5 7 9 5 0 kr N D G F o L n o o o e o e r a p l t e d e r n o i ) s g s : c i n i a t r s n c b d u il l l d a s t i , i s o e c n t o c u . nts 3 1 1 7 3 8 1 3 9 3 0 0 6 3 1 1 6 5 3 1 1 9 8 3 0 8 3 1 1 6 6 3 1 1 6 7 3 2 1 3 1 9 4 8 3 3 9 2 0 6 3 Na o t f i D D G b N G o e n o o e o o l p a l m t v g d e l o a e e s s r c B s i n ) i t t : a r s m i c c n u e k a l n a n o t t d f i d o f B e n o b e r t e l s g ig iu n m b il ( l m s illions 2,6 9 6 6 1 5 5 5 2 5 3 5 7 4 6 2,6 9 6 7 1 9 3 1 2 9 9 1 7 4 0 2,7 6 9 7 1 0 2 2 7 6 3 3 4 0 3 2,6 8 6 2 7 7 9 5 3 1 8 3 9 0 6 Bank G D F N O L o o o o e o th r a p l f t e d e e n o D i . r s g s c a i n f i a t n o r s n c z r e e u d i x g i l c g d a h ( n t i t a i s h o e n c o n x o g u c e u s h n a o a t n f s n d g th s e e o f r e g s u e ld rv e e n . ) . : 4 2 1 1 1 1 7 4 6 6 2 , , , , , , 9 9 6 5 3 9 7 8 7 7 3 6 6 4 5 3 2 2 4 2 1 1 1 0 6 6 5 3 2 , , , , , , 7 7 9 7 7 6 7 0 3 8 7 7 6 6 9 4 4 8 4 2 1 1 1 0 6 2 5 5 , , , , , 3 9 6 8 5 6 0 8 7 8 5 0 8 7 7 5 2 2 3 3 7 2 9 5 2 2 , , , , , , 3 6 7 5 0 3 0 4 2 5 5 4 6 1 8 3 1 2 Loans to State 347 347 347 359 Central Bank of Ecuador (thousands Ce o n f N D F t G b r o e o a o o r l p t l l e e d i o i v B s g c i a i a n a i t t n r s n c h k e o u x o s l c o m ) a h : f t e a i o B n a n g o n e l d i v a ia b ro (t a h d ousands 3,4 3 8 1 2 7 3,517 3,4 4 6 4 3 9 1 3 7 5 , , , 3 5 3 2 2 9 9 2 4 0 2 5 of D L N F G s o o u e o o r a c p l t e d e r n o i e s g s c a s i n i a ) t t r : s n c e h d u x o l c m d a h t i e a i s o n c a n g o n e u d n t a s b road __ - . 4 4 2 1 1 9 7 7 1 , , , , , 8 4 7 0 2 7 1 7 9 5 8 9 6 0 8 4 4 2 1 2 9 0 7 6 , , , , , 3 7 8 8 5 5 7 5 7 1 2 6 9 8 1 4 2 2 1 0 8 2 4 3 , , , , , 1 0 2 0 2 7 3 8 9 7 4 4 5 2 5 Loans and discounts 46, 228 National Bank of Egypt2 (thousands Bank D N C u e o o p r f te r o B e s c n r i i a c t r s z y c . i u l la (m tio il n lions of milreis): 495 460 4 4 7 4 , , 6 9 0 0 2 9 4 2 6 of G F L p o o o o r a l u e d n i n s g d n a s n ) e : d x c d h i a sc n o g u e. nt - s .-. 2 4 6 , , , 2 0 5 5 5 1 6 46 6 4 2, , , 9 2 8 5 9 4 4 7 6 4 6 1 , , , 6 8 6 7 7 6 8 6 3 Na o t f i G L N D C o le o n o e o o v a a p r t l e a l r n d o e ) s s . B : c s . i a p i . t a . r n s o n c - d n k u d l d o e a i f n t s i c t B o s o n u u a , l n b . g t r a s o r a ia d (m _ illions 2 3 1 , , , 1 5 7 3 4 7 1 2 0 7 8 2 0 0 2 3 1, , , 5 7 2 3 4 2 3 8 2 7 1 4 2 0 3 2 1 , , ,5 0 7 1 2 1 5 4 7 1 1 7 0 2 D N B O O r e o t t G h i h p t t e e o e i o s r r v s c h i l e a i , t i r r s s a c n — s b u m E e i l O t G l g a e s i t y t n t o . i h i - t p o v e - e t n e s s r i e . r - a n c n m u , r e it n a ie t n s d other 3 1 1 4 8 5 8 3 7 , , , , , , 5 4 7 2 7 5 7 1 8 3 4 0 1 9 5 3 8 7 3 1 1 5 9 5 9 3 7 , , , , , , 8 5 2 2 7 6 7 5 4 6 9 9 2 8 1 6 2 7 3 2 1 0 7 3 3 5 7 , , , , , , 9 8 2 7 0 7 8 6 3 5 8 7 4 6 0 2 1 6 Cen N T L N G t O r o o e a o o th a t l t t v a e n e e f l r B s o r c f r n s a i a o e r i n m n r g c i k e g d u h e i n g l t n o d a n t f l e t i i i s x o a o e c C c b b x n o h h c l i u _ a i l i h _ g n i n l a e t a t g i n s t e e g i ( s o e m i . n n . i s l . r l i e _ o s n e s r v o e f .. 2 2 1 1 , , , , 6 7 0 1 5 7 8 1 2 1 7 3 3 4 6 1 4 2 2 1 , , , 6 7 9 1 5 2 8 4 3 3 2 3 2 1 4 4 2 2 1, , , 5 6 8 8 9 4 7 9 6 2 9 8 3 8 1 0 Ban D L N N G ko o e o o e f a p t l t E d e n o f s s o s c t i r i a o t e r s n i n c — g d u i n a l B O d G a ( e t t i a t o h x i s h n o v c o c n k e h o e u r e r a u s . n r n a . n s m g n t ' e s d e . s n o t fk - rooni): 2 3 1 8 0 4 3 2 7 6 , , , , , , , 3 5 7 5 1 1 4 0 9 8 2 8 6 7 8 1 1 0 3 2 3 2 3 1 8 0 2 4 3 7 6 , , , , , , , 2 2 6 4 5 2 5 1 7 0 2 5 6 7 9 4 0 9 4 0 2 3 2 1 0 4 2 4 8 6 7 , , , , , , , 6 3 7 1 7 4 5 7 3 2 4 0 4 1 3 7 9 9 7 0 0 2 2 1 9 1 8 3 3 5 , , , , , , 6 5 2 9 6 2 7 9 9 8 0 7 7 2 1 1 5 0 2 2 0 Gold at home and abroad 99 '99 90 Bank of Finland (millions of mark- Fore B ig a n n k exchange for account of: 71 '70 kaa G ): old - 323 323 323 Cen N D L t G r o o a e o l a p t v e n o E e B s c s r x a n i i a c n r t m n c s h k d u . a e . o l n n d a f g t t i e i s C o d c n h c e o o b i u n t m a n m t * s i . s ( .. s th io o ^ n usands 7 5 3 7 2 1 5 5 5 1 7 7 1 7 5 3 1 3 7 2 7 7 8 6 1 1 6 48 5 7 4 7 8 2 B F D N O o a o o t c r h l m r t e a e e e i n e r d g c c s n i s i e t t r i i s s c g c b . u h i - b l l - t a l a i s l b l t . i i l r a o s o b . n a i d li tie a s n d foreig — — — n . 1, 9 2 3 7 3 3 9 3 1 8 4 9 4 8 2 1, 9 8 4 2 3 4 9 8 0 2 4 1 5 3 2 1 1 , , 4 3 7 3 0 4 2 3 0 9 0 8 3 1 9 1, 7 3 4 7 0 2 9 6 5 9 9 3 2 7 7 of yuan): Bank of Greece (millions of drach- D D S O G S L e i o o t u u l c h v a e e l u d e n e r r f f r s i r r t o o a a i m m e s n s s d e d b t d o a s i n m — s k c e s o s u t a i n b c t r b s o _ . a a n d ks • 1 1 4 7 5 1 1 3 0 7 7 1 3 6 2 , , , , , , , 1 9 1 7 1 2 2 8 1 2 8 3 2 0 1 5 0 1 9 3 8 1 8 3 2 1 2 1 0 2 2 7 2 9 , , , , , , 9 7 7 3 9 7 6 9 4 3 9 4 1 4 9 2 2 3 9 3 1 ma N G L G L O s o i o o ) o t a h a l : t v b d e e n e i r s l r c a i n s i a t n r i i m n g e d c s d u h e f l t n o i d a n t r l t i e i i s o a f i o c g o b b n o n r l i e u i l i g e i n g t a x t n i s t c e i h o s e — a n x n s c g h e ange— 4 5 3 4 7 , , , , , 1 2 1 1 3 3 5 1 1 5 1 4 2 0 5 4 3 3 5 6 , , , , , 1 3 1 7 8 3 5 1 4 8 6 1 5 7 0 6 2 4 5 3 3 6 , , , , , 1 0 7 3 4 1 5 9 8 5 6 4 2 1 4 5 4 2 4 2 3 4 , , , , , 6 1 0 3 7 2 5 9 2 6 9 2 6 8 5 8 8 0 1 Beginning Apr. 30, 1934, gold valued at rate of 1 schilling=0.16667 gram of fine gold instead of 0.21172 as formerly, Foreign exchange valued at market. 2 Items for issue and banking departments consolidated. 3 Gold acquired since Mar. 20, 1934, valued at purchase price. ,,,*,,.,,* -n- « Gold content of koruna reduced on Feb. 17, 1934, from 44.58 milligrams of fine gold to 37.15 milligrams. 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL RESERVE BULLETIN AUGUST 1934 CENTRAL BANKS—Continued [Figures are for last report date of month] 1934 1933 Central bank Central bank June May Apr. Junj June May Apr June National Pank of Hungary (millions Bank of Portugal—Continued of pengos) : Discounts and advances 315 317 326 328 Gold 79 79 97 Government obligations 1,051 1,051 1,051 1,053 Foreign bills, etc 11 11 11 15 Note circulation 1, 932 1, 914 1, 890 1,906 Loans and discounts 581 565 570 486 Other sight liabilities 789 808 840 Advances to treasury 48 49 49 51 National Bank of Rumania (millions Other assets 29 29 28 26 of lei): Note circulation 364 342 351 372 Gold 10, 057 10, 034 9,712 Deposits 69 69 68 73 Foreign exchange of the reserve.. 143 210 654 Certificates of indebtedness 118 118 118 0 Other foreign exchange.. 14 1 15 Miscellaneous liabilities 171 178 175 201 Loans and discounts 6,915 8,731 10, 001 Bank of Italy (millions of lire): State debt 5, 681 5, 681 5, 748 Gold at home 6, 667 6, 840 6, 767 Note circulation _ 21, 021 21, 258 21,355 Credits and balances abroad 35 40 321 Demand deposits 7. 506 7, 353 7, 640 Loans and discounts 4,904 5,484 5, 506 South African Reserve Bank (thou Note circulation 12, 889 12,987 13,028 sands of pounds): P O u th b e li r c d d e e p p o o s s it i s ts 1,4 3 2 0 6 0 1, 3 2 0 5 0 6 1, 3 0 0 7 0 6 G Fo o r l e d ign bills 2 1 3 8 , , 0 6 8 7 2 2 2 1 2 8 , , 0 4 4 5 4 0 2 1 1 4 , , 1 2 4 9 5 8 Bank A T G N G o o d o o o t l v t f v d a e a e l s J n r a d n i c p s e e m a s p s n u e o a n e s ( n t i d m t d s . b . i . o d l l n i i s o d c n s o s u o n _ f t s yen): __ _ . ,2 3 4 7 4 9 0 5 5 9 5 8 0 1 8 1,1 7 4 3 4 3 9 1 9 5 5 2 0 1 2 1, 3 4 7 4 2 3 9 2 7 7 0 4 9 3 2 1,1 7 3 4 4 7 4 6 2 2 9 5 5 6 5 D D N e o o p m te o e s c s i i t t r i s c c — u b l B O G a il t a t l o i s h n o v e k n e r rnment 2 1 8 3 3 0 , , , , 3 6 9 6 1 6 3 7 1 2 9 3 9 1 2 1 3 1 7 2 , , , , 6 3 7 6 4 7 1 3 1 9 0 0 0 6 2 1 3 0 6 1 , , , , 1 1 7 7 7 6 1 5 6 3 1 7 3 6 Bank of Java (millions of florins): Bank of Spain (millions of pesetas): Gold 116 113 104 Gold 2, 263 2, 263 2, 262 2, 259 Foreign bills 1 0 6 Silver __ 685 681 678 640 Loans and discounts 59 61 45 Balances abroad _ 283 284 287 282 Note circulation _ - 185 186 197 Loans and discounts 2, 372 2,370 2, 448 2,488 Deposits 29 32 34 Note circulation 4, 533 4, 607 4,649 4, 655 Bank of Latvia (millions of lats): Deposits 948 1,000 947 895 Gold 44 44 44 Bank of Sweden (millions of kronor): Foreign-exchange reserve 4 4 4 Gold 370 368 367 366 Bills 65 65 65 Foreign bills, etc _ _. 449 462 491 319 Loans 63 63 64 Loans and discounts 60 59 55 125 Note circulation 32 31 32 Note circulation 653 601 617 588 Government deposits 57 57 58 Deposits. _ __ 400 457 476 325 Other deposits 109 111 108 Swiss National Bank (millions of Bank of Lithuania (millions of litu): francs): Gold 55 54 54 Gold. 1, 637 1, 636 1,634 1,873 Foreign currency 9 12 13 Foreign balances and bills 10 8 4 5 Loans and discounts 83 79 83 Loans and discounts 167 132 142 76 Note circulation 84 83 85 Note circulation 1,376 1,354 1, 388 1,487 " Deposits 63 62 62 Demand deposits 455 444 405 501 Netherlands Bank (millions of flor- Central Bank of the Republic of in D N G F L ^: o o o e o r a l p t e d e n o i s g c s n i i a r t n c s b d u . i . l l . l d a s i t s io c n ounts 8 8 1 1 8 4 7 7 2 2 1 8 3 9 8 1 1 0 1 7 2 1 1 0 8 2 2 9 7 5 1 9 9 5 3 2 1 2 9 7 1 2 9 7 3 6 2 7 3 1 8 Tu F G O O G r o k o t t o h h r l e v e d e e y e i r r g r n ( n s a t e s m h e c s o e x u e t u c n r s i h t s t a a i s e n n e s g d c e s u r o it f i e p s o u _ n _ ds): _ 15 3 3 2 3 6 4 5 1 , , , , , 2 0 0 2 2 7 3 9 0 7 5 6 9 0 3 15 3 3 2 3 0 3 6 2 , , , , , 8 1 8 2 1 1 1 8 2 1 3 5 9 5 1 1 3 3 2 5 0 0 5 3 3 , , , , , 0 3 5 9 6 3 9 8 2 9 3 2 4 2 5 1 2 4 5 2 2 8 2 2 2 , , , , , 0 7 3 5 6 5 0 9 7 2 3 7 4 0 9 Bank D G F o o o o r f l m e d N i e g s o n t r i w c b a a c y l r a e n ( d m c i e t i s s l li a o n n d s b o i f l l k s roner) .. : 282 2 1 7 3 7 2 5 2 1 7 3 1 8 5 0 2 1 3 5 1 2 1 5 N D O e o th p te e o r s c i l i t i r s a c b u i l l a i t t i i o e n s... 1 3 5 5 2 9 8 , , , 1 0 6 5 5 7 5 7 2 1 2 5 5 8 9 8 , , , 0 4 6 5 3 6 7 1 6 1 5 2 5 8 7 8 , , , 1 1 2 5 9 7 7 0 9 1 2 5 6 9 7 1 , , , 3 3 6 1 4 9 7 6 0 Note circulation 325 314 322 309 Bank of the Republic of Uruguay Foreign deposits 2 2 2 (thousands of pesos): Total deposits 62 73 Gold _ 49, 430 49, 434 48, 703 Central Reserve Bank of Peru (thou- Loans and discounts _ 95, 013 96, 987 102, 223 sands of soles"): Other assets _ 41,342 44,105 43,913 Gold and foreign exchange 42, 0S4 38,996 48, 739 Note circulation 74,978 78,494 81,448 Bills 62, 149 54,994 34,300 Deposits—Demand 31,271 33, 044 28, 657 Note circulation 67, 078 64, 557 61,333 Time. 41,587 41,408 42, 599 Deposits... 29, 617 22, 582 15, 094 Judicial and admin- Bank of Poland (millions of zlote): istrative 2,729 2,709 2,994 Gold 490 486 483 473 Other liabilities 35, 220 34, 870 39,141 Foreign exchange 43 46 58 80 National Bank of the Kingdom of Loans and discounts 731 703 709 778 Yugoslavia (millions of dinars): Note circulation 938 911 931 1,004 Gold 1,781 1,766 1,762 1, 797 Other sight liabilities 191 220 230 152 Foreign exchange 115 146 120 145 Bank of Portugal (millions of escu- Loans and discounts 1,812 1,835 1,849 2,243 dos): Advances to State 2,319 2,319 2,317 2,415 Gold 893 887 874 707 Note circulation _. 4,142 4,119 4,169 4,403 Other reserves 350 367 385 391 Other sight liabilities 1,098 1,135 1, 070 957 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

537 AUGUST 1934 FEDERAL RESERPE BULLETIN COMMERCIAL BANKS Assets Liabilities (10 clearing o f b a p n o k u E s n n . d g s l F a s n i t g e d u rl r i e n s g ) in millions v d E B C a u n u e a a g l s n t h l k f a a r o i n o n n m d f d M ca n o s l o n h l t o e a i y r c n t e d at B co il u ls n d te i d s- Securities L cu o s a e t n r o s s m t - o O as t s h e e ts r Total D D e e p m o a s n it d s ^ Time lia O bi t l h it e i r es 1933—August 208 91 359 563 762 216 1,966 990 233 September . 215 91 355 563 753 215 1,958 989 924 233 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 i 219 120 202 517 757 226 1,831 li 910 880 240 April i 222 132 212 534 763 230 1,853 ! 919 890 240 May 218 131 223 542 759 225 1,858 i 925 887 238 June i J 99 141 ' 228 549 761 229 1,870 j 237 I Liabilities (4 large banks. f F r F r a i a n g n c u s c r ) e es in millions of v d B C a u u a a e l s n t h k f a r o i o n n m f d D b u a e n f k r s om B co il u ls n d te i d s- i s n L e c l c o o lu u a a d r n n i s i s t n , y g 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 O ep w t n a n a c c e - s lia O b t i h li e t r ies France i 1933—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 3,592 February 4,650 1,724 18,174 8,956 1,130 30, 736 29,891 845 334 3,564 March 5 001 1,634 17,990 8,514 1,202 30, 390 29,571 819 345 3,606 April 5,308 1,578 17, 981 8, 600 1,224 30, 660 29, 827 833 318 3,715 May 5, 567 1,496 18,043 8, 356 1,185 30, 621 29,746 875 261 3, 766 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 u b e a e l a s i t c h n f a r h k o n i s n m ( - 3 Du b e a n fr k o s m B co il u ls n d te i d s- i s n L e l c c o o l u a u a r n n d i s s i t , n y g Securities a O s t s h e e ts r Total D D e e p m os a i n ts d Time c b o u C a b s f n r t t r a e o k o i d s m m n i f e t e o s d r r s lia O b t i h li e t r ies 1933—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—Januarv 2 February. 139 612 2.127 4. 458 2,387 1.196 7,159 3, 254 3. 905 661 3,100 March 179 610 2, 027 4,482 2,417 1,192 7,153 3,294 3,860 646 3,108 April lfifi 603 2,103 4, 390 2, 477 1, 195 7, 166 3, 200 3 906 648 3,120 May. _. _ _. . 169 619 2,160 4, 309 2,478 1,184 7,185 3,260 3, 925 631 3,103 June I Assets Liabilities Deposits payable in Canada Canada Entirely in Canada Security excluding interbank deposits (10 chartered banks. Figures loans i l n a r m s) 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 n k r 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 n t l e a- Total Demand Time lia O bi t l h it e i r es reserves counted 1933—August 192 105 1,026 146 866 437 121 1,924 551 1,373 727 September 187 110 1,031 176 881 435 129 1,964 | 591 1,372 727 October 191 111 1,037 156 882 450 122 1,983 1 633 1,350 721 November 210 105 1,008 149 861 444 121 1,925 I 567 1,358 732 December 197 106 1,036 134 861 432 121 1,920 i 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 April 187 101 1,044 169 837 448 121 1,944 568 1,376 722 May 187 103 1,037 176 830 469 119 1,964 597 1,368 719 June 185 99 1,018 183 837 452 129 1,922 557 1,365 723 » 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

538 FEDERAL RESERVE BULLETIN AUGUST 1934 DISCOUNT RATES OF CENTRAL BANKS Date effective E la n n g d - France m C G e a e n n r t y - ral b I a ta n l k y of— 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 A R u a 1 g te . I s n i n e c f e f — ect b C an e k n tr o a f— l A Ra 1 u t g e . I s n i n e c f e f — ect I D F n e e e b c f . . f e 1 1 c 8 0 t , D 19 e 3 c 2 . 1,193 — 1. 6 5 2y2 8 7 7 3 2 A A Be l u b l s g a t i r n u i i a m a 3 ' J N A u p o n r v e . . 2 2 1 8 6 6 , , , 1 1 1 9 9 9 3 3 3 4 3 4 J J L a a a p v t a v a n i . a _ 3 4 53 .6 4 5 J J J u u an l l y y . 1 3 1 , , , 1 1 1 9 9 9 3 3 3 4 3 3 Mar. 9 6 Bolivia _ 6 Jaly 5,1932 Lithuania 6 Apr. 1,1930 Mar. 10 4 M M a a r r . . 2 1 1 7... zy2 6 B C u h l i g le a . ria 7 J A a u n g . . 2 2 3 , , 1 1 9 9 3 3 4 2 N Pe o r r u way 6 M M a a y y 2 2 0 4 , , 1 1 9 9 3 3 2 3 A A Ap p p r r r . . . 9 1 2 9 1 3 ly 2 2V2 C C z o v e l a c o k h m i o a s b l i o a - -.. 4 2 J J u an ly . 2 1 5 8 , , 1 1 9 9 3 3 3 3 P P o o l r a tu n g d al 5 D O e c c t. . 2 8 6 , , 1 1 9 9 3 3 3 3 Apr. 28 5 Rumania 6 Apr. 5,1933 May 2 5 Danzig 3 May 6,1933 South Africa. May 15,1933 May 12.. Denmark... Nov. 30,1933 Spain 6 Oct. 26,1932 June30_ 2 2 Ecuador 4 2 Nov. 30,1932 Sweden Dec. 1,1933 J S a e n p t. 9 2 , 2 1933 4 4 Estonia Feb. lf 1932 Turkey Mar. 2,1933 J M u a n y e 1 2 2 9 fy 2 F G i r n ee la c r e d 7 2 D O e c c t. . 2 1 0 4 , , 1 1 9 9 3 3 3 3 Y U u .S g . o S s . l R avia 8 M Ju a ly r . 2 1 2 6 , , 1 1 9 9 2 3 7 4 July 15 4 Hungary Oct. 18,1932 July 29 India ._ Feb. 16,1933 Aug 15 3 2 Sept 4 sy S D e e p c t . . 1 19 1 - 3 2 2K2 Changes since July 1: Yugoslavia—July 16, down from 7 to 6H percent. Feb. 9,1934 3 J In u n e e ff e 1 ct Aug. 1,1934. 2 2 2 H V2 4 3 2Y2 2 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month 3 B a a m a c n n c o c k e e n p e s t t r h , - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e -d y ay o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e -d y ay d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or 1933—May .50 .37 3.87 5.50 5.24 2.11 1.69 June .50 .40 3.87 5.50 4.93 2.18 2.06 July .48 .40 3.87 5.50 5.19 3.54 2.64 August .41 .30 3.87 5.50 4.94 1.11 1.08 September .44 .31 3.87 5.50 5.00 .77 1.00 October. .. .79 .73 3.87 5.50 5.11 .50 1.00 November. 1.05 .94 3.87 5.50 5.18 .45 .00 December. 1.06 1.15 3.87 5.50 4.97 .52 .00 1934—January.- _ 1.01 .90 3.87 4.78 4.74 .50 .00 February.. .95 .86 3.87 4.91 4.78 .78 .00 March .95 .84 3.87 5.00 4.89 1.24 .07 April .96 .89 3.87 5.11 4.76 2.07 ..85 May .91 .85 3.87 5.13 4.72 1.33 .22 June .91 .85 3.76 4.67 4.57 p. 64 .00 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 Private Private Private Private Prime Loans up Call discount discount discount discount commer- Day-to-day to 3 Discounted money rate rate rate rate cial paper money months bills overnight 1933—May 1.50 2.41 1.76 4.00 3^-6 5.11-5.84 2.19 June 1.50 2.31 1.50 4.00 3 -5 5.11-5.48 2.74 July 1.50 2.31 1.39 4.00 3 -5 5.11-5.48 2.37 August 1.50 2.31 1.45 4.00 3 -6 5.11-5.48 2.37 September. 1.50 2.27 1.13 3.55 3 -5 5.11-5.48 2.56 October 1.50 2.21 1.25 3.50 3 -5 5.11-5.48 2.56 November.. 1.50 2.12 1.85 3.50 3 -5 5.11-5.48 2.56 December.. 1.50 2.25 2.26 3.00 5.11-5.48 2.56 1934—January 1.50 2.14 2.12 3.00 5.11-5.48 2.37 February. _ 1.50 2.05 2.59 3.00 5.11-5.48 2.56 March 1.50 2.07 2.75 3.00 5.11-5.48 2.56 April 1.50 2.14 2.70 4.00 5.11-5.48 2.37 May 1.50 1.93 2.60 3.00 June 1.50 2.09 3.00 p Preliminary. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 791-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; and May 1930. p. 318 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1934 FEDERAL RESERVE BULLETIN 539 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 e i g n s e o a n )i - (p t A o r u a u l n s i - d a ) 2 A ( l s i u n c s g h t ) i r l i - 3 a B ( e b l e g l i g u a m ) im B i r l a re z i i s l y Bu ( l l g ev a ) r " ia C (d a o n l a la d r a ) C ( h pe i s l o e )i ( C y h u i a n n a ) C (p o b e i l s o a o m ) - i ( C p u e b so a ) ( s C k lo z o v e r c a u h k n o i a a - ) ( m D k a e ro n r n - k e) 1929 _ 95.1274 480.83 14.0575 13.9124 11.8078 0. 7216 99.2472 12.0601 41.9007 96. 5512 99.9647 2.9609 26.6802 1930 83. 5050 458. 60 14.0891 13.9524 10.7136 .7209 99.8424 12.0785 29.9166 96.4930 99.9515 2.9640 26.7650 1931 66. 7375 351.50 14.0227 13.9285 7.0290 .7163 96.3258 12.0669 22.4369 96.5697 99.9295 2.9619 25.0581 1932 58.4433 279.93 13.9599 13. 9137 7.1223 .7193 88. 0896 7.9079 21.7357 95.2750 99.9409 2.9618 18.8317 1933,. '72.8009 337. 07 15.4478 17.8996 7.9630 1.0039 91.9587 7.6787 5 28.5779 81. 6966 99.9464 3.8232 19.0709 1933—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 '33.3311 407. 50 17. 6811 21. 7280 8. 5995 1.3436 100. 5515 9. 5952 33.4468 63.9668 99.9579 4.6487 22.8463 1934—January 33. 5007 402. 44 17.9115 22.0360 8. 5637 1.3472 99. 5246 9.4476 34.0007 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 1.3295 100. 2070 10. 2595 34.1506 59. 9228 99. 9288 4.1720 23. 0051 May 34.0413 407.10 18. 9429 23.4137 8. 6046 1. 3154100.1859 10. 2531 32. 4621 61. 4642 99. 9329 4.1755 22. 7948 June 33. 6552 402. 24 18.9021 23. 3628 8. 4734 1. 2503100. 7936 10. 2233 33. 0523 57.8900 99.9726 4.1590 22. 5395 July 33. 6077 401. 69 18.8786 23. 3606 8. 4384 1. 2608101.2034 10. 2705 33. 9069 56.1052 99. 9404 4.1540 22. 5103 Year and month (p E o g u y n p d t ) E (p n o g u l n an d d ) ( F m in ar la k n k d a) F (f r r a a n nc 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 l n l n a g g r) H (p u e n n g g a o r ) y r ( I r n u d p i e a e) I (l t i a r l a y ) J ( a y p e a n n ) M (p e e x s i o c ) o N ( l f a e l n t o h d r e i s n r ) - 1929. 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. 3458 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—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. O0S1 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. 340S 8. 4331 30.3618 27. 7989 64. 5642 December 524.6387 511. 5890 2. 2700 6.1216 37. 3247 . 8856 37.1537 27. 6855 38.3870 8.2204 30. 7418 27. 7355 62.8466 1934—January 518.2824 504,9336 2. 2449 6. 2110 37. 5872 .8949 37.6811 28. 0425 37. 9739 8. 3076 30.1136 27. 7434 63. 6167 February 516.0390 503. 2596 2. 2288 6. 4648 38.8841 .9253 38. 0999 29.1191 37. 8567 8.5757 29. 7536 27. 7313 66. 0382 March 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 528.4813 515. 3425 2. 2702 6. 6161 39. 5890 .9452 38.1556 29.7652 38. 7557 8. 5641 30. 3124 27. 7222 67.8471 May 523.7236 510. 6279 2. 2540 6.6131 39. 4712 . 9462 36.2293 29.7559 38.3329 8. 5176 30. 2276 27. 7432 67.9056 June 504.8046 2. 2311 6. 5993 38. 2953 .9449 36. 4890 29.7529 37. 9072 8. 5989 29.9041 27. 7492 67. 8148 July 504. 0705 2. 2302 6. 5939 38.4938 .9453 37. 6231 29. 7112 37.8774 8. 5750 29.8434 27. 7481 67. 7586 Year and month ( Z p e N o a u e l n a w d nd )5 N (k o r r o w n a e y ) P (z o l l o a t n y d ) P (e o s r c tu u g d a o l ) R ( u l n e m i 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 t n l l i a t e t s r s - ) S (k w r e o d n e a n ) S ( w f l r a i a n t n z d c e ) r- ( T p u o r u k n e d y ) U (p A S n o o i f u o r u i n n c t d h a o ) f U ( r p u e g s u o) a i 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—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 11.4585* 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. 06S0 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.S051 2.1818 February 401.81 25. 2835 18. 5984 4. 6321 .9923 13. 3001 58. 7852 25. 9554 31. 7374 77. 7923 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 79.1507 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 79. 6284 509. 43 80. 6081 2. 2718 May. 408. 28 25. 6463 18. 9514 4. 6677 1. 0032 13.7050 59.8173 20. 3199 32. 5277 79. 6204 504. 80 80. 5539 2. 2725 June 403. 39 25. 3559 18. 8S79 4. 6253 1. 0020 13. 6776 59.1709 26.0211 32. 49«9 499.10 80. 2668 2. 2702 July 402. 81 25. 3246 18. 8917 4. 6129 1. 0045 13. 3076 59. 0562 25. 9615 32. 5771 498. 44 80.1433 2. 2773 1 Nominal since April 1933. 2 Nominal since April 1934. » Partly nominal since April 1933. * 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. fi 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 Aver. age for gold peso for Jan 2-July 29 was 47.6510 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN AUGUST 1934 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year and month (1 U 9 S 2 n t 6 a i = t t e e 1 s d 00) (1 C 92 a 6 n = a 1 d 0 a 0) (1 E 9 n 1 g 3 l = a 1 n 0 d 0) (19 F 1 r 3 a = n 1 c 0 e 0) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a = ly 100) 1 ( 9 O J 0 a c 0 p t = o a 1 b n 0 e 0 r ) (1 N 9 l 1 e a t 3 n h = d e 1 r s - 00) 1926 100 100 148 695 134 602 237 145 1927 95 98 142 642 138 495 225 148 1928 97 96 140 645 140 462 226 149 1929 95 96 137 627 137 445 220 142 1930 86 87 120 554 125 383 181 117 1931 73 72 104 502 111 328 153 97 1932 65 67 102 427 97 304 161 79 1933 66 67 101 398 93 280 180 74 1933— February.. 60 64 99 404 91 286 180 74 March _ 60 64 98 390 91 281 177 72 April 60 65 97 387 91 279 176 71 May 63 67 99 383 92 279 177 72 June___ _ _ . _ 65 68 102 403 93 281 180 73 July 69 71 102 401 94 279 182 73 August ... 70 69 103 397 94 278 180 73 September 71 69 103 397 95 276 182 75 October __ 71 68 103 397 96 274 180 75 November 71 69 103 403 96 273 179 76 71 69 103 407 96 275 176 77 1934—January __. 72 71 105 405 96 276 176 79 February 74 72 105 400 96 275 178 80 March 74 72 104 394 96 275 177 79 April 73 71 103 387 96 273 177 79 May 74 71 102 381 96 273 176 77 June 75 72 104 379 97 272 175 76 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] UnitedStates (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 ia u 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 ia u u l s c - ts p A r t o g u r d r i u c a u c l l t - s P s r io o n v s i- a p t f r n r i i n o d a d i l s s u r e h a c m e w t d s i- p tr I r i i n o s a d h d l u e u f d s c i - t n s - 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 96 103 136 1932 . 48 61 70 111 97 482 380 91 86 89 118 1933 51 61 71 103 99 420 380 87 75 88 113 1933—February . _ 41 54 66 105 96 443 370 82 80 87 112 March 43 55 66 * 102 95 417 368 83 79 87 112 April 45 56 65 101 95 407 369 82 77 87 111 May 50 59 67 102 98 390 376 84 77 88 112 June 53 61 69 104 101 418 390 85 78 89 112 July 60 66 72 101 103 414 389 .87 77 90 113 August -_ 58 65 74 104 102 407 389 88 76 90 113 September 57 65 76 105 102 413 383 90 75 89 114 October 56 64 77 104 102 417 379 93 73 89 114 November 57 64 77 104 102 425 384 94 73 89 114 December 56 63 78 103 103 432 385 94 73 89 114 1934—January 59 64 78 104 105 424 387 93 73 90 114 February - 61 67 79 104 106 416 386 92 73 91 115 March __ 61 67 79 101 105 413 378 91 73 91 115 April 60 66 79 99 105 404 372 91 74 91 115 May 60 67 79 100 104 405 360 92 74 90 115 June .- 63 70 78 104 104 406 356 94 76 91 115 Sources.—See BULLETIN for March 1931, p. 159. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

541 AUGUST 1934 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] 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)1 1914=100) 1914=100)» 14=100)3 (1913 = 100) 1914=100) 1914=100) i 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 171 164 113 154 1930 147 145 125 143 1930 164 158 118 147 1931 121 131 124 128 1931 148 148 116 136 1932 102 126 109 112 1932 134 144 107 121 1933 100 120 100 110 1933 132 140 106 119 1933—February 91 122 103 107 1933—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. -. 07 114 97 111 June 128 136 105 119 July.. 105 118 95 111 July .. 138 119 August. 107 119 97 110 August 139 118 September 107 122 98 111 SeDtember 141 105 119 October 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 105 124 105 114 1934—January. 142 121 February 108 122 103 114 February 141 121 March.. 109 120 100 114 March 140 107 121 April 107 118 98 114 April 139 121 May.. . 108 116 97 113 May 137 120 June 109 117 98 116 June 136 138 122 1 Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. 1 Index represents prices converted to gold basis of 1914. 8 Average of October 1913, January, April, and July 1914=100. Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique Gen6rale, and for cost of living, Commission d'6tudes relatives au cout de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average= 100) Year and month U S n ta i t t e e s d (D E e n c g e l m an b d er (19 F 1 r 3 a n a c v e er- G (a e v r e m ra a g n e y United England 1 France Germany (average 1921=100)1 age =100) price) * States price) Number of issues 60 87 36 169 421 278 300 329 1926 97.0 110.0 57.4 100.0 100.0 100.0 100.0 1927 98.9 110.7 71.7 118.3 107.0 123.2 145.0 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 2 83.4 94.2 78.9 132.2 2 78.0 1932 . .. 81. 1 113.2 88.6 2 67.1 48.4 67.9 105.2 2 50.3 1933 84.0 119.7 81.3 82.5 63. 4 78.6 99. 6 61.7 1933—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 87.0 91.8 67.8 March ._ _ . . 95.1 126.2 76.9 91.9 77.1 87.3 85.0 70.6 April 97.0 126.9 81.9 91.3 79.6 88.1 88.8 68.8 May 97.6 125. 8 84.7 90.7 71.8 87.1 • 90.1 67.2 Juno 99.0 125. 3 85. 6 90.1 73.5 86.0 87.6 69.9 * Annual indexes are unweighted averages of monthly indexes. 2 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. Sources.—See BULLETIN for February 1932, p. 121. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN AUGUST 1934 LAW DEPARTMENT Publication of reports of affiliates of State member and on the same date as the report of condition banks of such State member bank rendered pursuant Under the terms of section 9 of the Federal to the next succeeding call of the supervisory Reserve Act, each State bank which is a mem- authorities of the State, except as stated in ber of the Federal Reserve System is required paragraphs 3 and 4 hereof. to publish the reports of each of its affiliates (3) If two or more calls for the reports of and holding company affiliates other than State member banks and affiliates are made by member banks under the same conditions as the Board without an intervening or coincigovern its own condition reports. In view of dent call by the supervisory authorities of a the fact, however, that there is no provision in particular State, each State member bank in the Federal law requiring the publication of such State should publish, along with the condition reports submitted by State member report of its condition rendered pursuant to banks to the Federal Reserve banks, a State the next succeeding call of the State authorities member bank must publish the reports of its and published pursuant to the requirements of affiliates only if publication of the member State law, only the reports of its affiliates and bank's own condition report is required under holding-company affiliates (other than member State law, and the conditions governing the banks) rendered pursuant to the call by the method and time of publishing the reports of Federal Reserve Board next preceding the call such affiliates depend upon the requirements by the State authorities. of State law governing the method and time (4) If two or more calls for the reports of of the publication of such bank's own condition State member banks and affiliates are made by reports. the Federal Reserve Board without an inter- Inasmuch as calls for condition reports by vening call by the supervisory authorities of a State banking authorities frequently do not particular State, but a call by such State correspond in number or in date with calls authorities is made as of the same date as the issued by the Federal Reserve Board, the last of such calls by the Board for the reports following rules should be observed in connec- of State member banks and affiliates, each tion with the publication of the reports of State member bank in such State should pubaffiliates (including holding company affiliates) lish, along with the report of its condition of State member banks: rendered pursuant to said call by the State (1) If a call requiring a report of condition authorities and published pursuant to the of a State member bank is made by the super- requirements of State law, only the reports visory authorities of a State as of the same date of its affiliates and holding company affiliates as a call by the Federal Reserve Board for (other than member banks) rendered pursuant reports of State member banks and affiliates, to the last of such calls by the Federal Reserve and if publication of the report of condition of Board. such State member bank rendered to the State (5) Regardless of the date of publication, authorities is required pursuant to State law, published reports of affiliates and holding-comthe report of each affiliate and holding company pany affiliates of State member banks must affiliate (other than a member bank) of such always be as of the date of the Board's call, State member bank rendered pursuant to the and not as of the date of the State call. Board's call should be published in the same newspaper and on the same date as the report of condition of the State member bank rendered Classification of account subject to withdrawal without pursuant to the call by the State authorities. presentation of passbook (2) In the event that the supervisory author- The Federal Reserve Board has had occasion ities of a particular State do not make a call for to consider the question whether a certain the reports of condition of banks incorporated method used by a member bank in handling under the laws of such State as of the same deposits of funds accumulated for bona fide date as the Board's call for the reports of State thrift purposes was in accord with the provisions member banks and affiliates, the report of each of section 19 of the Federal Reserve Act and of affiliate and holding company affiliate (other the Board's regulation Q relating to the paythan a member bank) of a member bank ment of interest on deposits. It appeared incorporated under the laws of such State that the bank retained the savings passbooks which is rendered pursuant to the Board 's call issued upon the deposit of funds and that the should be published in the same newspaper funds evidenced thereby could be withdrawn Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

543 AUGUST 1934 FEDERAL RESERVE BULLETIN in whole or in part by check or by nonnego- Examinations and reports under section 21 of the tiable receipt. The member bank felt that its banking act of 1933 retention of a passbook constituted the bank Section 21 of the Banking Act of 1933, which or any employee thereof the agent of the drawer by its terms became effective June 16, 1934, for the purpose of presenting the passbook reads in part as follows: whenever a withdrawal was made, and that SEC. 21. (a) After the expiration of one year after this procedure was permissible under the law the date of enactment of this Act it shall be and the Board's regulations. unlawful— In a ruling published on page 609 of the * * * * (2) For any person, firm, corporation, association, FEDERAL RESERVE BULLETIN for August 1927, business trust, or other similar organization, other the Board considered the question whether than a financial institution or private banker subject to accounts of a certain member bank which were examination and regulation under State or Federal subject to check without the presentation of law, to engage to any extent whatever in the business of receiving deposits subject to check or to repayment the passbook, which in some cases was reupon presentation of a passbook, certificate of deposit, tained by the bank in order to make it unneces- or other evidence of debt, or upon request of the depossary for the depositor to present the passbook itor, unless such person, firm, corporation, association, with each withdrawal, might properly be clas- business trust, or other similar organization shall subsified as savings accounts for reserve purposes. mit to periodic examination by the Comptroller of the Currency or by the Federal reserve bank of the district In ruling that such deposits could not be so and shall make and publish periodic reports of its conclassified, the Board stated that a passbook is dition, exhibiting in detail its resources and liabilities, the depositor's receipt, that the apparent pur- such examination and reports to be made and published pose of its retention by the bank was to render at the same times and in the same manner and with like effect and penalties as are now provided by law in the account subject to check without the necesrespect of national banking associations transacting sity of presenting the passbook, and that an business in the same locality. account subject to check in such manner could The Federal Reserve Board has given connot properly be classified as a savings account sideration to a number of questions arising within the meaning of section 19 of the Federal under this section and has expressed the Reserve Act. following views thereon: It is believed that the principles involved in In any case in which a person, firm, corporathat ruling are properly applicable to the tion, association, business trust, or other simsituation under discussion and that the reten- ilar organization shall submit or offer to submit tion of a savings passbook by a member bank to examination in accordance with the provifor a continuing period of time in order to sions of the statute, such submission or offer avoid the necessity of the depositor's present- should be in writing and signed by such person ing such passbook each time a withdrawal is or by a duly authorized representative of such made is not in accord with the purpose of firm, corporation, association, business trust, or section 19 of the Federal Reserve Act and does other similar organization and his authority to not comply with the requirements of regulation execute such writing should be properly evi- Q. Section V (a) of the Board's regulation Q denced. The costs of such examinations should provides, in effect, that a deposit may not be be paid by the respective persons or organizaclassified as a " savings deposit" if it does not tions examined. In view of the provisions of consist of funds in respect to which the pass- the section, examinations of such persons or book or other form of receipt evidencing such organizations should be made at least twice in deposit must be presented to the bank when- each calendar year and oftener if considered ever a withdrawal is made. A deposit in necessary. respect to which the passbook or other form of It is the view of the Board that, in a case in receipt is retained by the bank or by an officer, which a person, firm, corporation, association, employee, or agent thereof, rather than by the business trust, or other similar organization of depositor, does not comply with this require- the kind described in the statute submits or ment, and, accordingly, it is the opinion of the offers to submit to periodic examination by the Board that deposits represented by savings Federal Reserve bank of the district and does passbooks which are retained by the bank can- not submit or offer to submit to such examinanot be regarded as "savings deposits" for the tion by the Comptroller of the Currency, the purpose of determining whether interest may Federal Reserve bank should make the examlawfully be paid thereon. inations prescribed by the statute. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL RESERVE BULLETIN AUGUST 1934 On the other hand, if any such person or or- or discretion regarding the matters with which ganization submits or offers to submit to exam- it deals, and the Board does not feel that it ination by the Comptroller of the Currency and would be appropriate for it to undertake to exdoes not submit or offer to submit to examina- press opinions upon questions of this kind. The tion by the Federal Reserve bank of the dis- section provides a penalty of fine or imprisontrict, the Federal Reserve bank is under no ment for any violation of its provisions and the responsibility to make examinations of such determination of the question whether a person person or organization. or organization should be prosecuted for such It will be observed that, under the terms of violation is a matter entirely within the juristhe section, reports of condition of persons and diction of the Department of Justice. The organizations to which the statute is applicable section does not give to the Comptroller of the are to be made and published at the same times Currency, the Federal Reserve bank, or the and in the same manner and with like effect Federal Reserve Board any discretion or power and penalties as are now provided by law in to require a person or organization to submit to respect of national banking associations trans- examination or to determine what persons or acting business in the same locality; and, ac- organizations should submit to examination. In cordingly, such reports of condition, in all cases the circumstances, as indicated in the statement and without regard to the authority which may published in the FEDERAL RESERVE BULLETIN make the examinations referred to in section 21, for January 1934, at page 41, an expression of should be made to the Comptroller of the Cur- opinion by the Federal Reserve Board on the rency and published in the same manner as question whether the section is violated would reports of condition of national banks. not afford protection from prosecution if the With regard to questions which may arise as Department of Justice upon consideration of to whether persons or organizations or stated the matter should take the position that a pertransactions fall within the scope of section 21 son or organization had violated the statute or are affected by its provisions, attention is and should feel it necessary to prosecute for invited to the fact that the section does not give such violation. to the Federal Reserve Board any jurisdiction Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

545 AUGUST 1934 FEDERAL RESERVE BULLETIN 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 July June July July 3 July 11 July 18 July 25 Boston 0.4 0.9 8.1 Boston -. . . 594 351 446 182 New York—- 12.7 13.9 51.4 New York 13, 677 13,177 11,992 11, 896 Philadelphia- 6.2 7.8 33.8 Philadelphia 6,172 5,682 6,657 6,500 Cleveland.. .5 1.2 10.7 Cleveland - 723 580 466 446 Richmond- .7 .9 13.8 Richmond __. _ .. - 627 825 807 672 Atlanta .2 8.3 Atlanta 369 243 121 142 Chicago .2 .7 11.9 Chicago 203 173 171 73 St. Louis .2 2.4 St. Louis 171 191 172 132 Minneapolis-.. .4 4.6 Minneapolis 388 378 372 358 Kansas City—. .2 7.3 Kansas City 195 187 166 164 Dallas .4 3.8 Dallas 442 475 442 393 San Francisco. 1.1 13.5 San Francisco 5, 427 422 1,440 340 Total. 23.2 28.1 169.6 Total 28,988 22,684 23,252 21,298 Back figures.—See Annual Report for 1932 (table 9). Back figures.—See Annual Report for 1932 (table 13). 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 l otes in d R e e p s o e s r i v t e a n n o d t e F l e ia d b e i r l a i l ties combined 1934 1933 1934 1933 1934 1933 1934 1933 July June July July June July July June July July June July Boston _ _ 425,481 410, 707 312, 990 322, 696 307,163 17?, 942 244,082 244,027 224,173 75.1 74.5 78.8 New York __ _ _ __1, 676, 224 1, 665,903 970, 974 1, 712, 733 1, 703, 024 984, 293 653,999 645, 704 657,972 70.8 70.9 59.1 Philadelphia 327, 812 321, 781 245, 239 229,711 223,936 112, 007 250, 315 249, 090 239,951 68.3 68.0 64.2 Cleveland 384, 927 378,105 316, 243 266, 628 257, 552 170,412 311,307 305, 781 305,113 66.6 67.1 66.5 Richmond . - _ 171,361 191,201 168,306 130, 091 149,021 92,167 141,913 142,161 139,467 63.0 65.7 72.7 Atlanta.._ ._ 134,533 138, 338 128, 571 86, 819 86, 315 63; 378 134, 388 135, 405 117,950 60.8 62.4 70.9 Chicago 1,085,979 1,047,988 924,813 716, 685 679,119 407, 569 770, 315 771, 689 776, 334 73.0 72.2 78.1 St. Louis 175, 714 177,013 163, 312 130, 345 130,930 89, 558 132, 835 132, 772 139, 0-53 66.8 67. 1 71.4 Minneapolis - .. 118, 290 112,177 94, 971 83, 291 78, 919 58,014 96, 864 95, 089 90, 688 65.7 64.5 63.9 Kansas City 172, 661 161,812 156,952 153,758 143, 756 108,408 110, 527 107, 509 112.053 65.3 64.4 71.2 Dallas. _ 96, 680 98, 410 54,176 119,076 119,113 59, 714 41,110 40,154 34, 868 60.4 61.8 57.3 San Francisco 311, 603 304, 254 273, 798 254,168 252, 336 171.362 209, 539 202,636 224,163 67.2 66.9 69.2 Total . 5,081, 265 5,007, 689 3, 810, 345 4, 206, 001 4,131,184 2, 519,824 3, 097,194 3,072,017 3,061, 785 69.6 69.5 68.3 i Includes "Federal Reserve notes of other Reserve banks" as follows: Latest month, $18,132,000 month ago, $18,031,000; year ago, $18,095,000. Back figures.—See annual report for 1932 (table S). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL RESERVE BULLETIN AUGUST 1934 EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, JULY 31, 1934 [In thousands of dollars] Total Boston 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 - At t l a an- Jhicago 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 Re U d . e S. m p T t r i e o a n s u f r u y nd—F.R. notes 4,90 24 6 , , 0 0 1 5 2 C 389 1, , 1 9 7 2 2 5 , 714, 9 5 7 3 6 1274 2 , ,3 2 7 0 8 2 37 3 2!, , , 2 4 0 4 5 9 60 1 , ,9 2 1 2 2 2 13 4 , , 0 0 3 2 5 5 , 06 1 2 , , 8 9 0 4 8 6 .67, s27r4 .08 1 , ,1 2 3 1 0 6 167',,1 9 9 2 3 3 87, 3 5 8 2 1 2 289 4 , ,3 4 6 0 5 1 Other cash 223, 655 19, 633 50, 601 35, 244 12,632 8,202 12,979 31,731 10, 812 12,976 10, 541 5,486 12,818 Total reserves 5,153,723 410,730 ., 766,108 311,824 388, 286 0, 336130,039 ., 096, 485178,963 22,322 178, 65' 93,389 506, 584 Redemption fund—F.R. bank notes.. 2,105 250 1,855 Bills discounted: Secured by U.S. Govt. obligations 5,050 66 1,922 2, 227 73 108 19 105 15 10 30 475 Other bills discounted 17, 283 172 10, 366 4,502 282 56' 171 20 317 161 345 276 Total bills discounted-. 22,333 238 12,288 6,729 355 6' 190 104 125 332 171 375 751 Bills bought in open market.. 5,229 371 1,966 536 48; 193 177 649 121 85 142 142 360 U.S. Government securities: Bonds 467, 779 27, 226 165, 30,020 35, 997 17, 502 15,942 76,078 16,165 17, 328 17,273 20, 389 28,107 Treasury notes 1, 252,309 82, 798 395,159 87, 393 11122,, 33557' 54, 622 49, 687 222, 281 48,894 30, 621 48, 34," 32, 424 87, 728 Certificates and bills 711,671 47, 655 216, 844 49,707 64, 671 31, 439 28, 620 129, 984 28,141 17, "" 27,826 18, 662 50,496 Total U.S. Government securities.- 2,431,759 157, 679 777, 755167,120 213, 025 :03,563 94, 249 428,343 93, 200 65, 575 93, 444 71, 47J 166,331 Other securities- 465 35 430 Total bills and securities.. 2,459, 786 158, 288 792,044 1 4,815 213,86' 04,431 94, 616 429,096 93,446 65,992 93, 757 71,992 167,,442 Due from foreign banks 3,124 23' 1,188 342 300 119 109 414 10 7 88 88 222 F.R. notes of other banks 16, 653 353 4,258 730 760 1, 584 936 2,530 568 1,117 1,433 285 2,099 Uncollected items 419,272 43,127 105,441 31,955 42,811 34,593 12,060 59, 253 16,113 11, 454 25,806 17,978 18, 681 Bank premises 52, 727 3,224 11, 455 4,252 6,788 3,128 2,372 7,387 3,126 1,664 3,485 1,757 4,089 All other assets 53,158 692 36, 892 5,320 1,404 1,817 2,329 1,265 272 1,085 521 582 Total assets.. 8,160, 54,< 616, 901 , 719, 241529, 238 654, 216316,008 242,461 , 596, 430292,498 203, 641 303,747186,468 499, 699 F.R. notes in actual circulation.. 3,077,017 245,993 649,634 247, 068 308,477140, 268132,503 765, 073132,811 97,544 110,941 41,001205, 704 F.R. bank note circulation—net. 33, 812 928 32, 884 Deposits: Member bank—reserve account ___4,028, 523 299,103 1, 652,776 207, 060 261,148 22, 541 77, 593 722, 676 109, 426 77, 406.154, 252110, 959 2331,,583 U.S. Treasurer—general account 58, 570 1,165 30,898 4,600 2,069 5,846 2,644 4,4"5"2"! 3,243 374 558 837 1,884 Foreign bank 7,159 568 1,997 821 758 300 276 995 260 182 221 221 560 Other deposits 200,323 4,137 121,175 6,328 8,360 1,717 5,273 3,901 18,842 8,624 4,116 1,633 16, 217 Total deposits 4, 294, 575 304, 9731,806,846 218,809 272, 335 30, 404 85, 786 732,024 131, 77186,586 159,,147113, 650252, 244 Deferred availability items.. 420, 325 43, 047 103, 495 31,314 43, 590 33, 903 11, 722 60,0701 17,711 11, 36025,109 19,475 19, 529 Capital paid in 146, 546 10, 699 59, 474 15,344 12, 934 4,975 4,441 12,672 4,034 3,078 4,122 4,000 10, 773 Surplus 138,383 9,610 45, 217 13, 352 14,090 5,171 5,145 20, 681 4,756 3,420 3,613 3,683 9,645 Reserve for contingencies.-_ 22, 540 1,053 4,737 2,500 2,300 1,155 2,581 2,969 853 1,026 61r 1,130 1,619 All other liabilities 27, 350 598 16, 954 851 490 132 283 2,941 562 627 198 3,529 185 Total liabilities 8,160, 548 il6, 901 2, 719, 241529, 238 654, 216 16, 008242,461 , 596,430 292, 498 203,641 303, 747186,468 499, Ratio of total reserves to deposit and F.R. note liabilities combined (percent) 69.9 74.5 71.9 66.9 66.9 62.9 59.6 73.2 67.6 66.4 66.1 60.4 i6.9 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to F.R. bank by F.R. agent..._ 3, 367, 502 272, 550 746, 398 263, 761 324:,,872 .50, 238151, 633 802,811137, 343 101, 692 116i,,835 46, 332 253,037 Held by Federal Reserve bank 290,485 26, 557 96,764 16,693 16, 395 9,970 19,130 37, 738 4, 532 4,148 5,894 5,331 47,333 In actual circulation.. 3, 077,017 245,993 649, 634 247, 068 308, 477140, 268 132, 503 765,073132,811 97, 544 110,941 41,001205,704 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U.S. Treasury 3, 097,156 276,117 753, 706 221,500277, 431117,340 86,385 19,5131.18,936 84,000 105, 290 47,175199,763 Eligible paper 11,803 238 6,600 2,789 355 333 190 104 117 57 78 375 567 U.S. Government securities 298,400 40,000 50,000 35, 000 67, 000 19, 000 18, 400 15, 000 54,000 Total collateral 3,407, 359 276, 355 760, 306 264, 289 327, 786152, 673153, 575 809, 61' 138,053102,457 120, 47,550 254,330 F.R. BANK NOTE STATEMENT Federal Reserve bank notes: Issued to F.R. bank (outstanding)... 45, 718 1,511 33, 999 10, 208 Held by F.R. bank 11, 906 583 1,115 10, 208 In circulation—net. 33,81 928 32,884 Collateral pledged against outstanding notes: Discounted an3 purchased bills U.S. Government securities 51,974 5,000 34,974 12,000 Total eollateral. 51,974 5,00C 34, 974 12, 000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 6 MONTHS ENDING JUNE 30, 1934 Total Boston New York Ph p il h a i d a el- Cleveland m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Sa c n i s F c r o an- Earnings: Discounted bills $966,211 $18,557 $309, 778 $369,925 $66,874 $39,724 $44, 270 $10,007 $15,813 $24, 242 $5,065 $16,061 Purchased bills 120, 703 25, 046 11,558 7, 895 12,157 3, 944 4,314 14,459 4,306 2,907 4,236 15,334 14,547 United States Government securities.. 23, 078, 671 1,471,286 7, 882,160 1, 585, 505 1, 982, 007 866,789 761,022 3, 889, 653 873, 240 674,615 830, 257 714, 566 1, 547, 571 Deficient reserve penalties 10, 933 511 2,309 953 2, 976 428 623 548 369 795 395 545 481 Miscellaneous 599, 686 8,840 99, 712 31, 790 47, 921 30, 750 36, 423 112, 997 24, 636 16, 078 126,109 19, 009 45,421 Total earnings. 24, 776, 204 1, 524, 240 8, 305, 517 1, 996, 068 2, 111, 935 941, 635 846, 652 4, 003, 552 912, 558 710, 208 985, 239 754, 519 1, 624, 081 Current expenses: Salaries: Officers 1,375,782 70, 375 282, 207 78, 050 123,918 92, 800 98, 346 186, 330 84,972 58,100 90, 766 83, 074 126, 844 Clerical employees 5, 877,967 398, 724 1, 587, 819 521, 856 554, 258 320, 229 214, 674 754, 489 283,516 209, 751 321,310 221, 416 489, 925 Other employees 1, 734,054 80,853 443, 685 85, 022 234, 709 89, 393 47, 802 258, 742 79, 084 62, 314 116,113 59, 073 177,264 Contributions, retirement system 556,003 32, 722 135,818 41, 809 56, 982 31, 766 23,178 79, 778 29, 349 20, 315 33,106 23, 057 48,123 Governors' conferences 3,406 226 73 72 246 94 183 211 263 447 400 460 731 Federal Reserve agents' conferences_. 2,084 98 197 61 109 80 153 245 491 187 255 208 Federal Advisory Council 8, 696 750 524 550 350 175 647 637 675 832 850 856 1,850 D Tr i a re v c e t l o in rs g ' e m x e p e e t n in se g s s l 16 7 2 3 , ,7 6 8 9 3 6 11 3 , ,5 9 8 9 7 0 2 1 4 0 , , 8 3 2 9 9 3 1 3 8 , ,3 6 0 0 0 1 2 5 0 , , 0 3 7 19 0 1 3 2, , 4 4 7 8 1 6 9 9 , , 1 1 1 2 4 8 18 5 , , 0 2 2 6 3 7 6 7 , , 3 5 3 6 0 7 13 3 , , 3 5 2 2 2 9 1 6 1 , ,2 7 8 5 0 1 4 5, , 2 0 6 1 3 9 1 8 4 , ,2 5 6 7 7 3 Assessments for Federal Keserve Board expenses. 661,117 48, 865 223, 899 70,167 63,439 25,820 23,355 81,810 22,128 15, 426 19, 508 19,412 47, 288 Legal fees 54,413 11,426 6,492 5, 790 5 7,011 2,122 259 6, 271 5,062 4, 539 5,436 Insurance on currency and security shipments... 158,253 21,714 31, 993 18,140 15, 910 9,009 11,364 19, 034 2, 950 4,508 5,624 6, 295 11,712 Other insurance 183,016 10, 755 31,875 14,130 12, 777 11,259 11,190 17, 034 14, 746 13,122 20, 481 10, 423 15,224 Taxes on banking house 680, 434 66, 996 195, 586 35, 782 66,184 33, 271 28, 709 86, 540 28, 034 32, 993 44, 380 16,119 45,840 Light, heat, power, and water 190,750 11, 485 35, 349 17,068 23, 625 9, 276 9,620 25,058 11,012 10,811 15,640 7,805 14,001 Repairs and alterations, banking house 81,710 7,174 17, 309 19,912 5,067 863 1,676 11,593 3,161 5,819 5,780 2,525 831 i Rent 80,743 180 572 41,316 7, 889 2,211 1,500 690 26, 385 Office and other supplies 178,839 10, 972 35, 537 20, 696 18, 486 10, 728 9,073 18, 826 6, 026 8, 659 14, 480 6, 826 18, 530 Printing and stationery 198,505 21,031 43,154 14,391 18, 842 11,322 11,668 22, 908 11,122 11, 467 9,715 8,388 14, 497 Telephone 125, 404 9, 561 38, 003 17, 695 10, 296 5, 053 3, 077 10,468 6,724 3,918 4, 038 5,143 11,428 fel Telegraph 168, 599 2,702 20, 982 7,284 10, 943 13, 523 21,764 13, 307 14,351 6,575 21,468 13,112 22, 588 w M P E o x i s p s t c r a e e g s ll e s a a n g e e ous expenses 1,1 3 2 3 2 3 6 6 9 , , , 1 2 9 6 6 9 6 0 5 1 2 1 2 3 5 5 , , ,1 7 5 1 3 8 8 6 4 1 8 8 5 9 3 0 , , , 9 2 3 9 3 5 4 4 4 1 3 2 1 3 7 7 , , , 1 0 1 8 7 0 6 3 3 1 2 0 1 7 6 3 , , , 9 8 9 9 0 2 7 3 6 8 1 1 3 5 4 , , , 8 8 9 2 0 6 5 8 5 6 1 1 6 3 7 , , , 7 7 3 2 1 5 8 1 3 12 2 3 7 9 6 , , , 6 8 4 9 6 5 7 6 1 4 19 7 9 , , , 3 0 7 0 0 3 3 7 0 5 1 5 8 2 , , , 0 9 4 8 7 9 3 0 0 9 1 9 4 6 , , , 8 4 6 3 7 5 3 7 2 5 1 1 1 5 1 , , , 1 4 4 8 4 9 0 8 8 7 3 12 7 9 , , , 4 8 9 1 9 3 0 8 0 d f1 Total, exclusive of cost of currency 14, 258, 675 986, 624 3,482,814 1,169,012 1,437,362 803,110 641, 735 1, 806, 436 690, 300 564, 909 807, 969 576, 829 1, 231, 575 Federal Reserve currency: Original cost 175, 685 13,849 64, 230 23,165 8,854 3,771 12, 691 18, 420 6,284 6, 086 10,927 -21 7, 429 Cost of redemption 77, 680 5, 993 22, 233 6,852 5,867 3, 799 3,442 14, 032 4,567 2,150 2,743 1,302 4,700 Taxes on Federal Reserve bank-note circula- 19, 542 tion ._ 307,899 14,498 115,669 32, 017 40,949 3,970 5,539 28, 454 13,183 9,184 11,099 13, 795 Total current expenses. 14,819,939 1, 020, 964 3, 684, 946 1, 231, 046 1, 493, 032 814, 650 663,407 1, 867, 342 4, 334 582, 329 892, 738 591,905 1, 263, 246 Current net earnings. 9, 956, 265 503, 276 4, 620, 571 765, 022 618, 903 126, 985 183,245 2,196,210 198,224 127,879 92, 501 162,614 360, 835 Dividends paid 4, 377,366 320, 416 1,777,026 468, 773 379, 388 149,759 132, 616 380, 503 119,008 87, 983 123,749 117,288 320,197 Reimbursable expenditures of Federal Reserve banks (expenditures as fiscal agents, depositaries, and custodians for the Treasury Department and United States Government agencies): Treasury Department 339, 745 19, 621 48, 295 13,096 28,124 19, 365 84, 432 19,788 22, 289 42, 643 19,450 Reconstruction Finance Corporation 1,124, 758 23, 479 90, 650 55, 964 104, 288 97, 472 102, 882 308,165 90,927 50,508 70,771 74,184 Other United States Government agencies 92,410 4,640 8, 638 104 252 6, 667 6,322 419 10, 599 22, 598 12, 842 12, 609 Total. 1,556,913 47,740 147,583 69,164 132, 664 123, 504 117,602 393,016 121,314 95,395 I 126,256 76, 432 106, 243 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Ox Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL RESERVE BULLETIN AUGUST 1934 LICENSED MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars. Averages of daily figures] Reserves held Borrowings at Federal Reserve banks Federal Reserve district Total Excess June May April June May April June May April Boston _ 296.0 291. 5 257.6 174.8 170.7 139.2 0.9 1.0 1.5 New York ._ _ _. _ - ...___ 1, 550. 3 1,483.3 1,451.3 583. 3 536.0 508.2 13.3 15.8 17.4 Philadelphia 206. 4 195. 8 190.8 88.5 79.6 75.9 3.3 4.3 5.6 Cleveland - . _ 237.8 229.4 225. 7 105. 2 98.9 99.0 1.0 1.4 2.1 Richmond 135.8 159. 3 147. 9 73.4 96.3 88 0 .6 .8 1.2 Atlanta 72 1 72.9 75.9 25.0 25.4 28.2 .5 .6 .6 Chicago 637.3 596. 6 577.3 354.8 319.8 315.2 .5 .3 .6 St. Louis - ._ - - - 109.6 124. 0 119.0 52. 1 65.8 60.2 .2 .2 .3 Minneapolis 68.2 65.6 68. 1 27.1 26.4 29.0 .6 .5 .6 Kansas City 133.9 134. 1 133. 6 62.1 62.4 63.5 .3 .2 .3 Dallas -. - 112.8 113.6 114.6 63.0 64.0 64. 4 .5 .3 .2 San Francisco.- ._ .. - . 229. 7 228. 8 220.3 75.3 77.9 70.3 .4 .4 .3 Total 3, 790.0 3, 694. 8 3, 582. 2 1, 684. 6 1,623.5 1,541.0 22.1 25.9 30.6 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 in smaller centers (places under 15,000) Federal Reserve district Net demand Time Net demand Time June May April June May April June May April June May April Boston 1,062 1,057 1,034 614 618 623 82 83 78 120 119 115 New York_. 7,136 6,989 6,955 1,710 1,689 1,698 193 196 191 429 428 426 Philadelphia 851 829 819 616 630 624 141 140 139 369 367 363 Cleveland 962 943 911 891 887 874 133 131 130 210 208 203 Richmond 458 468 437 316 313 308 99 98 95 151 150 148 Atlanta 358 361 363 261 265 265 78 80 81 63 63 62 Chicago 2,092 2,045 1,935 857 853 834 153 154 146 151 149 St. Louis 422 430 437 246 247 251 108 105 103 85 85 Minneapolis 247 229 230 166 168 168 116 112 110 169 170 170 Kansas City 498 499 484 205 209 206 206 204 200 109 109 108 Dallas 360 356 360 159 159 158 160 160 164 34 34 35 San Francisco . 980 962 966 1,693 1,640 1,601 92 89 88 83 83 83 Total- 15,426 15,168 14, 931 7,736 7,678 7, 609 1,561 1,552 1,526 1,975 1,965 1,943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

549 AUGUST 1934 FEDERAL RESERVE BULLETIN MEMBER BANKS LICENSED AND NOT LICENSED AS OF JUNE 27, 1934 Deposits on Mar. 5, 1934, of banks, Number of banks licensed and not licensed on June 27, 1934 (in thousands of dollars) Federal Reserve district Not Not Total Licensed licensed Total Licensed licensed All member banks: Boston 374 372 2, 080,009 2, 079, 219 FT 790 New York 795 788 10, 496, 636 10, 485,505 11,131 Philadelphia—. 660 644 2,181,982 2,148, 484 33,498 Cleveland 631 613 2, 340, 363 2, 312, 025 28, 338 Richmond 401 394 1,140,642 1,135,823 4,819 Atlanta 329 324 962, 405 954, 757 7,648 Chicago 676 660 3,428, 315 3, 418,826 9,489 St. Louis 396 383 1,018, 769 1,011,758 7,011 Minneapolis 540 531 788, 590 784, 021 4, 569 Kansas City 746 735 1, 215, 876 1, 212, 501 3,375 Dallas 557 554 940,189 939, 581 608 San Francisco.. 388 381 2,992, 304 2, 989,199 3,105 Total.. 6,493 6,379 29, 586,080 29, 471, e 114, 381 National banks: Boston.. 326 1, 628, 640 1,627,850 W 1790 New York 632 625 4, 266,477 4, 255, 346 11,131 Philadelphia- 596 583 1,499, 742 1, 471,452 28, 290 Cleveland 532 518 1, 391, 394 1, 366, 640 24, 754 Richmond 340 834, 361 829,841 4,520 Atlanta 273 870, 518 862, 870 7,648 Chicago 517 2, 679, 258 2, 674, 806 4,452 St. Louis 323 313 693,065 687, 204 5,861 Minneapolis. .- 469 460 740, 734 736,165 4,569 Kansas City— 701 690 1, 066, 629 1, 063, 254 3,375 Dallas 497 494 891, 039 890, 431 608 San Francisco. 310 303 2, 360, 388 2, 357, 283 3,105 Total 5,518 5,422 18,922, 245 18,823,142 99,103 State bank members: Boston 46 46 451, 369 451, 369 New York 163 163 6, 230,159 6, 230,159 Philadelphia 64 61 682, 240 677, 032 5,208 Cleveland 99 95 948, 969 945, 385 3,584 Richmond 61 60 306, 281 305,982 299 Atlanta 56 56 91,887 91,887 Chicago 159 152 749,057 744,020 5,037 St. Louis 73 70 325, 704 324, 554 1,150 Minneapolis 71 71 47,856 47,856 Kansas City 45 45 149, 247 149, 247 Dallas 60 60 49,150 49,150 San Francisco 78 78 631, 916 631, 916 Total.. 975 957 18 10, 663, 835 10, 648, 557 15, 278 1 Includes 58 banks whose Federal Reserve bank stock had been canceled and membership terminated but which, on June 27, 1934, were still included in the Comptroller of the Currency's records of unlicensed banks. NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, JUNE 27, 1934 [Preliminary figures, subject to change, based on information received by Federal Reserve banks] Deposits on Dec. 30, 1933, or nearest Number of banks available prior call date (in thousands of dollars) Federal Reserve district Not Not Total Licensed licensed Total Licensed licensed Boston 180 173 437, 743 416, 014 21, 729 New York 314 305 968,024 949,805 18,219 Philadelphia.. 260 250 10 404, 658 390, 252 14,406 Cleveland 652 617 35 529, 724 486,511 43,213 Richmond 648 622 26 399,492 392,898 6,594 Atlanta 726 715 11 209,650 206, 592 3,058 Chicago 1,950 1,730 220 904,028 813,101 90,927 St. Louis 1,330 1,247 83 338, 705 324,929 13,776 Minneapolis. _ 920 887 33 202, 748 195,987 6,761 Kansas City.. 1,324 1,275 49 261,331 254, 549 6,782 Dallas 486 479 7 123,434 122,110 1,324 San Francisco. 349 330 19 436,533 429,088 7,445 Total... 9; 139 8,630 509 5, 216, 070 4,981, 836 234,234 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEDERAL RESERVE BULLETIN AUGUST 1934 REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK AND CHICAGO [In millions of dollars] Federal Reserve District City Total Bos- Y N o e r w k P p d h h e i i l l - a a- C la le n v d e- m Ri o c n h d - At t l a an- c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s i a a t n s y - D la a s l- F c S i r s a a c n n o - Y N o e r w k c C a h g i o - Total loans and investments: July 3 17, 761 1,166 8,202 1,048 1,183 349 333 1,808 528 353 546 411 1,834 7,303 1,442 July 11 17, 751 1,165 8,191 1,040 1,175 345 339 1,819 529 354 547 411 1, 836 7,288 1,444 July 18 17, 757 1,168 8,184 1,045 1,176 346 336 1,817 533 354 548 414 1,836 7,273 1,440 July 25 17,728 1,164 8,139 1,056 1,178 345 1,827 525 354 551 414 1,837 7,227 1,448 Loans: July 3 8,038 674 3,771 497 417 171 168 716 201 157 205 184 877 3,276 563 July 11 8,006 674 3, 752 495 415 166 167 715 202 158 207 183 872 3,251 563 July 18 7, 961 673 3,709 496 412 163 167 714 205 159 210 184 3,201 562 July 25 7,938 668 3,689 499 410 162 167 717 206 157 211 184 3,184 564 On securities: July 3 3, 556 260 1,960 233 198 59 58 335 73 39 60 59 222 1,749 282 July 11 3, 553 258 1,970 231 196 59 56 331 73 39 59 59 222 1, 752 279 July 18 3,522 259 1, 943 230 194 58 57 327 75 39 59 59 222 1,718 273 July 25 3,493 255 1,913 232 194 58 61 322 75 39 62 58 224 1,690 270 All other: July 3 4,482 414 1,811 264 219 112 110 381 128 118 145 125 655 1, 527 281 July 11 4,453 416 1, 782 264 219 107 111 384 129 119 148 124 650 1,499 284 July 18 4,439 414 1,766 266 218 105 110 387 130 120 151 125 647 1,483 289 July 25 4,445 413 1, 776 267 216 104 106 395 131 118 149 126 644 1,494 294 Investments: July3 9,723 492 4,431 551 766 178 165 1,092 327 196 341 227 957 4,027 879 July 11 9,745 491 4,439 545 760 179 172 1,104 327 196 340 228 964 4,037 881 July 18 9,796 495 4,475 549 764 183 169 1,103 328 195 338 230 967 4,072 878 July 25 9,790 496 4,450 557 768 183 171 1,110 319 197 340 230 969 4,043 U. S. Government securities: July 3 6,672 326 3,113 295 575 126 113 741 225 141 230 178 609 2,928 572 July 11 6, 676 325 3,116 286 567 126 119 753 224 142 227 177 614 2, 934 575 July 18 6,687 325 3,119 287 569 128 116 759 226 142 229 179 608 2,938 578 July 25 6,671 325 3,100 571 129 116 765 217 141 230 179 610 2,918 583 All other: July 3 3,051 166 1,318 256 191 52 52 351 102 55 111 49 348 1,099 307 July 11 3,069 166 1,323 259 193 53 53 351 103 54 113 51 350 1,103 306 July 18 3,109 170 1,356 262 195 55 53 344 102 53 109 51 359 1,134 300 July 25 3,119 171 1,350 269 197 54 55 345 102 56 110 51 359 1,125 301 Reserve with Federal Reserve bank: July 3 2,783 250 1,297 143 130 47 493 37 134 1,234 448 July 11 2,915 264 1, 354 148 137 47 531 42 134 1,295 492 July 18 2, 981 270 1,395 142 153 46 554 41 132 1,331 513 July 25 3,039 270 1,419 147 158 49 563 42 132 1,366 523 Cash in vault: July3 234 47 49 12 17 11 4 15 38 40 July 11 246 50 51 14 20 12 46 4 11 15 39 37 July 18 235 49 48 13 19 11 44 7 4 10 16 37 35 July 25 235 49 49 12 19 11 44 7 4 11 15 36 Net demand deposits: July 3 12, 551 872 6,529 685 633 218 173 1,561 337 221 416 270 6,115 1,335 July 11 _. 12, 641 6,547 682 632 217 175 1,607 342 226 421 271 639 6,144 1,380 July 18 12, 697 6,591 676 643 218 171 1,615 338 222 424 270 640 6,178 1,386 July 25 12, 755 6,607 679 645 218 173 1,650 340 224 420 271 641 6,209 1,419 Time deposits: July 3 4,495 341 1,113 312 460 134 130 493 163 123 165 123 691 366 July 11 4,512 338 1,119 313 462 135 130 493 165 124 166 125 942 697 367 July 18 4,510 339 1,106 314 463 135 133 494 165 124 166 125 946 682 367 July 25 4,501 340 1,103 317 467 135 133 479 165 124 167 125 946 678 353 Government deposits: July3 1,354 114 773 73 55 33 69 35 25 91 733 47 July 11 1,353 114 773 73 55 33 69 35 25 90 733 47 July 18 1,353 114 773 73 55 33 69 35 25 68 90 733 47 July 25 1, 296 109 741 70 53 31 65 34 24 66 704 44 Due from banks: July-3 1,636 126 162 170 80 245 81 75 211 144 166 96 168 July 11 1,666 120 159 166 106 83 242 90 74 221 147 176 88 165 July 18 1,685 126 154 168 110 81 239 "92 76 230 148 180 86 167 July 25 1,644 122 145 147 111 79 236 96 77 227 142 180 82 165 Due to banks: July 3 3,784 201 1,669 250 182 79 490 145 97 258 131 189 1,603 July 11 3,870 198 1,727 243 183 79 516 150 98 267 129 188 1,656 421 July 18 3,883 202 1,720 246 186 79 513 153 102 271 129 1,654 42.0 July 25 3,845 197 1,710 236 185 77 515 152 101 270 126 1,645 422 Borrowings from F.R. banks: July 3 10 5 July 11 5 5 July 18 5 5 July 25 5 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

551 AUGUST 1934 FEDERAL RESERVE BULLETIN OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN UNITED STATES POSTAL SAVINGS CURRENCY TO AND FROM EUROPE [Balance to credit of depositors. In millions of dollars] BY SELECTED BANKS IN NEW YORK CITY [Paper currency only. In thousands of dollars] End of monrb I 1929 1930 1931 1932 1934 1933 1934 January | 153.5 165.1 278.4 665.6 942.5 1,200.8 February... i 154.8 167.9 292. 1 691.8 1.006.2 1,200.0 Net Net March | 155.0 169.5 302.7 705. 3 1,112.7 1,200.0 Ship- Re- ship- Ship- Re- ship- April 154.3 170.2 313.8 722. I 1,158.4 1,197.5 Month ments ceipts ments ments ceipts ments May... 153.8 171.2 325.0 742.6 1,178.8 ph197.3 to from (-)or to from (-)or June... 153.6 175.3 347.4 784.8 1,185.1 PI, 198.2 Europe Europe receipts Europe Europe I receipts July... 157. 8 180.7 372.5 828.5 1.176.7 i (+> August 160.1 186.5 422.7 , September j 160.3 189.8 469.9 848.5 11,177.7 j, J F M a e n a b r u r c a u h r a y ry 1 1 0 0 5 1 1 5 5 3 , , , 5 3 7 8 0 8 9 6 4 + + + 1 5 5 3 , , , 4 3 6 8 0 85 4 1 2 5 3 , , , 2 2 7 0 5 4 0 6 0 + + + 3 2 5 , , , 2 7 2 0 3 5 0 9 6 N O D o c e t c v o e e b m m er b b . e e r r ... i ; | 1 1 1 6 6 6 3 4 1 . . . 7 3 6 2 2 1 4 0 9 5 0 2 . . . 4 7 5 5 5 6 6 0 3 5 5 8 . . . 1 1 5 8 8 8 9 5 7 0 8 7 0 0 5 . . . . 4 8 8 2 i i 1 1 l l 1 1 . , , . 2 1 1 1 9 8 0 8 8 0 8 8 . . . . 8 9 7 7 I ! j April 25 8,049 +8,024 2,900 +2.899 May.... ... 1 12,523 +12,522 3,780 +3, 770 * Preliminary. June 0 +6,866 3,471 +3,463 July.-.. ... 4 11,755 +11,751 August 5 6,153 +6,148 MATURITY DISTRIBUTION OF BILLS AND September 122 4,756 +4, 634 SHORT-TERM SECURITIES HELD BY FEDERAL October.. 89 5,905 +5,816 November 57 3,397 +3,340 RESERVE BANKS December 42 6.976 +6.934 Total. 91.058 +90. 504 [In thousands of dollars] P F A o P r E de R sc rip C ti U on R a R nd E b N ac C k Y fig u O res F se e E B A UL C L H ET IN D fo E r J N an O ua M ry I 1 N 93 A 3, T p. I 4 O 3. N Total W in i t 1 h 5 - 16 to 30131 to 60161 to 90|9Vto]a /6 S Over days IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars! Bills discounted: jI July 3 '28. OSSij20,630 2,003 1, 550 4,544! 257 j 4 1933 1934 July 11 22,684 14, 755 1,593 1,336 4,749j 247! 4 Den t o io m n ina- Dec. 30 Jan 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 J J u u l l y y 2 1 5 8 2 2 3 1 , , 2 2 9 5 8 2 1 1 4 4 , , 4 96 9 7 9 2,1 6 6 3 1 9 4 5 , , 3 1 1 0 2 2 1,5 9 9 0 8 5 1 2 1 0 43 4 1 ! 1 1 0 0 Bills bought in $ $ $ $ $ $ $ $ $ $ $ 2 1 5 5 2 1 5 1 1 1 5 0 0 0 0 0 0 , , 0 0 0 , 0 0 0 0 _ 0 0 0 0 . 1 1 , , 2 3 4 7 3 6 2 1 2 4 0 6 1 1 3 3 2 1 9 2 2 4 9 8 3 7 0 5 - j j / - 1 1, , 2 5 2 1 1 3 6 3 1 2 8 7 9 8 9 5 1 3 0 8 8 3 6 9 3 0 9 2 7 1 1 " ; . , • - 3 2 - 3 7 3 2 1 5 0 1 9 2 3 4 8 2 1 4 2 3 2 3 7 7 5 7 7 io 1 1 , , 2 3 3 7 3 5 2 1 3 0 9 3 4 8 3 3 1 0 2 7 0 6 4 0 3 9 7 7 1 1, , 2 2 3 7 3 2 5 1 9 2 9 2 3 4 3 8 1 2 5 4 2 3 2 0 1 8 9 7 1 1, , 2 5 2 3 7 3 1 2 8 7 9 1 2 4 3 1 2 8 9 6 9 8 1 3 9 6 7 5 1 1 , , 2 2 7 3 5 2 3 1 3 9 2 7 4 2 9 1 3 1 3 4 9 2 5 6 6 7 3 T M r c o u e a p n a J J J J J J J J t e e u u u u u u u u s i n s c u l l l l l l l l y y y y y y y y i r m a p y n 3 3 2 2 1 1 1 1 a a d 5 5 1 8 8 1 l r c k w e b e r i t t l a : i l f s r i : - - 7 7 ' 1 3 4 1 1 6 5 5 5 5 2 1 , , , , , , . , 2 3 0 6 6 2 8 2 1 5 9 5 5 5 5 7 7 9 9 1 0 9 2 1 3 4 1 1 3 2 3 4 9 7 , , , , , , 2 7 6 0 5 6 2 6 8 2 7 0 2 5 2 0 0 3 0 5 0 4 5 0 4 3 5 1 8 5 2 6 8 , , , , , 2 4 2 5 2 6 6 9 3 7 8 5 1 6 7 9 2 3 0 0 8 5 9 2 1 1 1 9 1 0 0 2 4 1 1 0 5 1 , , , , , , , 4 5 7 6 7 4 3 2 7 1 8 1 6 7 6 5 5 1 7 5 0 9 9 9 1 1 1 8 8 0 7 8 0 2 1 1 2! . , , , , , ,, 0 3 4 6 4 5 5 2 4 5 4 3 9 3 5 2 7 5 3 7 3 7 9 2 : 1 | J ! 1 j _ 4 4 . 4 . . 4 . . 4 2 6 8 5 6 3 9 . , , , 6 1 7 3 2 7 5 9 3 5 2 4 1 1 3.10(? Total 5,085 J4,884 4.957 4,986 4,954 4,491 4,952 rants: July 3 512J 4' 35 an N d O F T e E d . e — ra F l i R gu e r s e e s r v in e c b lu a d n e k , s i , n u a n d a d ss it o i r o t n e d t o c u cu rr r e r n en cy cy h o e u ld t s b id y e t t h h e e s e T r i e n a s s ti u t r u y - I J J u u l l y y 1 1 1 8 4 4 8 8 3 3 4 4 4 4 8 8 tions, amounting: to $5,000,000-$18,000 000, and also $1,000,000 of currency July 25 471 436 of unknown denominations reported by the Treasury as destroyed. FEDERAL DEPOSIT INSURANCE CORPORATION—INSURED BANKS AND DEPOSITS Class of bank Ju 1 n 9 e N 3 3 4 u 0 m , ber M of a 1 i y 9 n 3 s 4 3 u 1 r , ed ba D n e k 1 c s 9 . 3 3 3 1, J I u n 1 n s 9 e u 3 3 4 re 0 d , dep d M o o s l 1 a i l t y 9 a s 3 r 4 s 3 ( ) 1 i n , 1 mill D io e n 1 c s 9 . 3 o 3 3 f 1, R l J t d i o u a s a e 1 u t n b p i t 9 e r o i o o 3 e l 3 t s 4 i d i a t i 0 n y t l , - N a J i u c u n c m 1 s n o 9 u e b 3 u r 3 e 4 e n r 0 d t s , of (percent) Members (Federal Reserve System) 6,380 6,337 5,863 8, 706 8,685 8,312 32 34, 521, 663 National 5,421 5,390 5,061 6,115 6,102 5,916 35 25,468, 584 State. _ _ - . _ _ . 959 947 802 2,591 2,583 2,396 27 9,053, 079 Nonmember (Federal Reserve System) 7,790 7,742 6,754 7,121 7,109 6, 751 60 21,888,886 Mutual savings - 235 235 (2) 4,488 4,488 (2) 70 8.907. 384 Other 7,555 7,507 (2) 2, 632 2,621 (2) 59 12 981 502 All banks.-. . . 14,170 14, 079 12, 617 15,827 j 15,794 15,063 41 56,410, 549 1 Up to $2,500 in each insured account. Beginning July 1, 1934, this figure will be $5,000. 2 Not available separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL RESERVE BULLETIN AUGUST 1934 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100] 1933 Industry June July Aug. Sept. Jan. Feb. Mar. Apr. May June Manufactures—Total. 93 101 91 83 '70 76 80 82 85 86 IRON AND STEEL '71 '99 80 r 65 47 56 '63 '76 85 Pig iron 43 62 63 53 36 40 45 55 66 Steel ingots '74 r 102 '81 67 48 '57 '65 '78 '85 87 TEXTILES 133 130 v 114 >99 P89 *87 *91 P90 *89 P77 Cotton consumption 139 135 120 103 95 89 77 91 95 97 97 9,5 74 Wool _ 116 124 107 96 88 80 67 70 73 72 65 63 Consumption 134 HI 118 105 97 86 73 70 72 71 63 61 Machinery activity l 118 129 115 S6 83 81 69 83 85 82 71 73 70 Carpet and rug loom activity * 60 62 61 67 67 63 48 48 54 59 53 58 59 Silk deliveries 172 143 113 91 82 103 92 103 114 129 115 112 109 FOOD PRODUCTS 100 100 95 105 85 86 96 91 84 93 98 96 Slaughtering and mest packing.. 105 106 110 127 90 89 100 94 86 102 108 103 Hogs. 107 109 113 147 85 101 85 95 80 69 95 104 87 Cattle. 99 98 102 95 91 87 88 102 112 106 110 110 123 Calves 102 103 105 106 104 104 106 122 122 122 120 128 139 Sheep 152 145 146 144 151 142 147 139 133 131 129 127 128 Wheat flour... _ 97 95 64 70 76 82 81 91 94 92 91 90 Sugar meltings.. 82 83 84 75 76 82 78 87 73 65 64 80 PAPER AND PRINTING: Newsprint production 64 67 60 60 66 71 67 64 63 66 65 Newsprint consumption 100 102 .103 106 105 104 106 108 112 112 "115 115 118 LUMBER _ 38 46 46 36 33 30 32 34 29 33 33 TRANSPORTATION EQUIPMENT: Automobiles 69 '60 55 45 30 '45 56 71 78 85 78 82 Locomotives 1 1 1 0 2 3 2 0 2 10 10 Shipbuilding 19 15 20 39 41 41 26 30 59 65 39 LEATHER AND PRODUCTS 116 102 92 93 92 94 97 107 106 '116 Tanning _ 94 88 82 82 91 89 91 94 88 95 87 Cattle hide leathers 76 80 77 74 76 85 84 81 89 84 90 85 Calf and kip leathers... 102 91 82 73 69 84 90 85 78 72 85 78 82 Goat and kid leathers.. 109 132 126 113 109 111 103 126 124 116 118 118 J>9 Boots and shoes 131 131 110 99 100 93 97 101 116 118 '130 129 110 CEMENT AND GLASS: C G e la m ss e , n p t l . ate 1 5 1 1 2 1 5 4 6 4 1 5 3 0 0 1 3 0 7 7 3 7 5 0 3 5 9 2 106 49 9 6 8 1 10 5 6 8 9 5 8 5 8 5 3 7 5 7 8 7 NONFERBOU8 METALS: > Tin deliveries 94 109 125 112 95 56 55 54 58 71 73 FUELS, MANUFACTURED: Petroleum refining 154 155 153 157 152 145 137 142 144 143 152 153 154 Gasoline». 198 198 198 205 195 184 172 177 181 177 191 191 195 Kerosene 92 92 87 82 77 77 SO 87 95 95 94 Fuel oil i 101 106 98 99 102 93 92 98 101 101 103 Lubricating oil * 80 82 84 88 88 102 92 92 86 90 100 108 95 Coke, byproduct 75 91 96 91 82 75 77 78 85 91 93 102 100 RUBBER TIRES AND TUBES 115 143 111 103 90 97 108 97 100 106 97 81 Tires, pneumatic 120 148 116 107 93 100 113 101 103 110 100 83 Inner tubes 80 111 75 72 68 72 68 69 74 82 76 63 TOBACCO PRODUCTS 135 117 123 115 108 95 123 138 132 119 128 128 132 Cigars 66 A8 CO 57 62 67 74 68 66 66 62 65 186 151 163 151 143 118 166 188 181 158 175 178 183 Cigarettes 84 90 91 87 81 85 100 90 Minerals—Total- 64 76 75 65 61 65 67 74 84 72 72 67 Bituminous coal 65 67 61 74 55 73 82 89 109 73 76 69 Anthracite _ 134 132 134 125 120 116 120 118 122 125 127 130 Petroleum, crude 15 40 57 68 63 23 40 54 Iron ore 55 71 77 77 77 72 65 57 Zinc 41 36 36 57 64 71 56 Lead 24 34 28 39 ' 33 33 45 Silver i Without seasonal adjustment. ' Includes also lead and zinc: see "Minerals." *• 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. Series on silk loom activity and on production of book paper, wrapping paper, fine paper, mechanical wool pulp, chemical wood pulp, and paper boxes, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

553 AUGUST 1934 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average3=100] 1933 193^I Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June manufactures—Total '92 97 89 84 76 70 67 75 82 '85 '89 89 *83 IRON AND STEEL '71 '92 '78 65 59 '43 63 '53 '66 75 '84 '91 85 Pig iron. -«_ _._ _ 43 58 60 62 45 37 39 40 46 53 59 67 66 Steel ingots '74 '95 '80 '66 '60 44 '54 55 '68 r 77 '87 '93 87 TEXTILES 126 121 p 108 »Q9 »94 »93 9 74 »91 v 97 Cotton consumption .__ . 133 122 108 100 97 93 71 95 101 102 104 97 71 Wool 109 115 103 99 93 84 68 71 76 73 65 63 60 Consumption 121 126 110 111 107 93 74 72 79 73 65 58 55 Machinery activity 118 129 115 96 83 81 69 83 85 82 71 73 70 Carpet and rug loom activity _ _ _ 60 62 61 67 67 63 48 48 54 59 53 58 59 Silk deliveries 153 136 118 95 82 106 82 117 122 124 114 111 97 FOOD PRODUCTS 99 97 88 99 86 96 89 102 90 82 87 96 95 Slaughtering and meat-packing 105 99 93 110 89 108 106 119 94 81 92 105 102 Hogs 110 97 88 110 73 111 112 128 88 69 84 100 89 Cattle 93 97 100 108 107 106 93 103 98 92 97 107 116 Calves 106 100 96 101 109 106 ]00 113 114 124 131 144 144 Sheep-- 149 145 147 167 167 141 144 140 125 119 121 124 126 Wheat flour 86 92 69 83 86 89 78 89 91 86 83 84 80 Sugar meltings - . 98 101 94 80 72 64 45 57 71 77 75 SO 95 PAPER AND PRINTING: Newsprint production 65 66 68 60 66 70 67 65 63 65 69 69 67 Newsprint consumption-. 99 91 92 104 111 111 109 104 110 117 123 119 117 LUMBER 40 45 49 37 34 29 29 30 28 39 35 35 32 TRANSPORTATION EQUIPMENT: Automobiles 74 '72 66 '60 40 19 '25 46 76 96 109 98 93 Locomotives 0 I 1 1 0 2 4 1 0 2 9 10 Shipbuilding- 20 28 22 20 28 36 32 18 21 46 63 50 LEATHER AND PRODUCTS 110 115 113 107 102 88 81 90 109 110 ' 114 ' 106 p 97 Tanning .. _ 87 94 90 87 87 89 87 87 97 88 93 88 86 Cattle hide leathers _. 75 78 75 77 78 85 81 82 95 85 90 '85 83 Calf and kip leathers 99 106 99 85 82 79 77 70 72 64 76 74 79 Goat and kid leathers _ _. 109 123 124 119 113 110 112 119 129 119 117 109 99 Boots and shoes 124 128 127 119 112 88 76 92 117 124 ' 127 117 v 105 CEMENT AND GLASS: Cement 64 68 65 46 40 38 28 30 37 42 53 68 72 Glass, plate 115 142 132 108 70 60 80 88 106 115 108 90 79 NONFERROUS METALS: ! Tin deliveries . 94 109 125 112 95 80 56 55 54 58 71 73 68 FUELS, MANUFACTURED: Petroleum refining Gasoline _. .. 115938 115948 119583 210557 119552 118446 113782 117472 114841 117473 115921 119513 115945 Kerosene 86 86 83 83 80 83 86 91 88 92 97 92 87 Fuel oil 101 106 98 99 102 93 92 95 98 101 99 101 103 Lubricating oil _ 80 82 84 88 88 102 92 92 86 90 100 108 95 Coke, byproduct. _ 73 89 93 89 82 77 78 78 87 94 94 101 98 RUBBER TIRES AND TUBES... _. 139 140 110 98 79 73 75 90 108 117 115 102 Tires, pneumatic 145 145 114 101 81 75 78 93 112 121 118 106 Inner tubes 96 105 83 72 62 52 49 62 78 89 87 77 TOBACCO PRODUCTS — 147 126 131 128 116 97 99 131 120 113 118 130 144 Cigars 72 72 72 77 69 73 50 57 57 60 62 64 70 Cigarettes ... .. . 204 167 176 167 150 117 136 185 164 150 159 179 202 Mineral s—T otal 82 89 94 93 88 84 80 85 88 91 81 87 87 Bituminous coal 57 69 74 69 67 72 69 74 78 84 60 62 60 Anthracite 57 55 61 7 H 71 75 67 89 95 89 76 70 60 Petroleum, crude 137 135 136 129 122 115 . 115 115 116 121 125 ' 128 133 Iron ore - - _ .. 30 81 117 131 108 19 60 106 Zinc _ . _ 53 66 71 73 75 72 68 70 71 72 67 66 55 Lead 42 34 35 54 66 74 68 65 66 58 55 65 57 Silver 23 29 28 37 33 36 29 37 39 52 46 43 44 i Includes also lead and zinc; see "Minerals." Preliminary. ' Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196 and September 1933, pp. 584-587. Series on silk loom activity and on production of book paper, wrapping paper, fine paper, mechanical wood pulp, chemical wood pulp, and paper boxes, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 FEDERAL RESERVE BULLETIN AUGUST 1934 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Adjusted to Census of Manufactures through 1931. 1923-25 average = 100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variationWithout seasonal adjustment Industry and group 1934 1933 1934 1933 1934 1933 i June May June June May June June May June Total _l P81.0 82.4 •6.9 P81.4 ;2.4 67.4 P65.0 67.1 47.2 IRON AND STEEL AND PRODUCTS 76.4 '75.2 55.7 76.3 '74.3 55.6 62.6 '61.3 36.2 Blast furnaces and steel works 79.1 76.8 54.6 79.3 75.7 54.8 68.9 66.1 34.8 Cast-iron pipe 53.6 '51.1 39.6 52.3 '50.1 38.7 j 28.9 '29.9 19.7 Cutlery and edge tools 79.7 81.3 60.2 80.9 80.9 61.1 56.5 59.3 41.6 Hardware 73.0 82.0 55.3 72.4 81.3 54.9 52.5 61.8 37.6 Steam, hot-water heating apparatus, etc.. 49.2 47.7 49.6 48.9 47.4 49.3 I 31.8 30.6 27.6 Stoves 94.2 95.5 62.1 93.7 93.6 61.8 66.2 68.5 41.2 Structural metal work 59.7 58.5 42.0 59.4 58.9 41.8 I 42.7 41.5 22.8 Tin cans, etc 96.7 91.2 78.0 93.4 90.3 75.4 ! 94.1 86.9 73.9 Wirework 131. 4 134.8 100.6 131.8 135.2 100.9 119. 3 123.1 80.6 MiCHINERY 80.8 81.3 54.2 81.2 82.0 54.4 61.6 62.2 35.6 Agricultural implements 73.3 83.0 38.5 73.8 80.5 38.8 76.1 87.2 33.1 Electrical machinery, etc 66.2 65.4 48.0 66.2 65.4 48.0 51.8 49.9 32.4 Engines, turbines, etc 72.6 68.9 40.9 71.8 67.9 40.4 49.6 45.2 24.2 Foundry and machine-shop products 73.1 73.6 48.9 72.3 72.4 48.4 55.5 56.8 31.2 Machine tools 70.9 71.9 35.1 70.3 70.8 34.8 57.0 59.3 24.2 Radios and phonographs 206.0 201.2 135. 0 227.4 239. 4 149.0 117.4 112.4 74.6 Textile machinery 73.2 75.9 54.0 73.6 74.7 54.3 59.5 62.9 44.3 TRANSPORTATION EOUIPMENT i>94.3 99.4 51.7 P89.3 91.0 49.0 P80. 2 88.0 40.6 Automobiles v 105. 7 114.4 58.2 100. 1 104.1 55. 1 P88.6 100.4 45.9 Cars, electric and steam railroad. 53.9 '48.5 19.8 49.6 '44.2 18.2 53.1 '47.3 14.5 Locomotives 32.5 29.2 11.7 31.1 28.6 11.2 14.6 12.7 4.4 Shipbuilding 76.6 73.1 48.0 75.7 70.9 47.4 60.2 60.0 32.5 RAILROAD REPAIR SHOPS. 59.8 59.6 48.4 59. 4 59.2 48.0 53.8 53.8 38.1 Electric railroads 66. 7 66.7 65.6 66.7 66.7 65.6 59.6 59.4 54.1 Steam railroads 59.3 59.1 47.1 58.8 58.7 46.7 53.5 53.5 36.9 NONFERROUS METALS AND PRODUCTS- 75.9 77.8 58.4 76.8 78.2 59.1 57.9 60.6 40.0 Brass, bronze, and copper 78.2 81.2 61.8 78.7 80.7 62.2 58.4 62.1 42.6 Lighting equipment 61.9 65.6 47.4 62.9 66.7 48. 2 49.8 52.7 37.6 Silverware and plated ware 69.3 71. 1 52. 8 70.4 71.6 53.7 49.8 52.0 33.9 Smelting and refining 67.4 65.3 42.1 68.1 65.8 42.5 43.5 42.0 25.5 Stamped and enameled ware 93.0 95.6 75.3 92.9 94.3 75.2 80. 1 83.6 51.6 LUMBER AND PRODUCTS.. 50.0 51.0 42.7 49.8 51. 3 42,6 33.9 34.6 24.8 Furniture 62.4 61.3 59.4 64.7 64.5 61.6 41.2 40.5 34.0 Lumber, millwork 37.9 40.4 34.9 37.4 39.9 34.5 24.1 25.3 20.1 Lumber, sawmills 35. 1 36.1 27.3 34.2 35.6 26.6 23.2 24.2 14.4 STONE, CLAY, AND GLASS PRODUCTS 57.1 57.7 45.9 54.9 56.2 44.1 38.8 39.5 28.6 Brick, tile, and terra cotta 34.4 33.1 27.9 32.0 31.3 26.0 19.3 18.1 12.5 Cement 59.1 57.6 46.5 55.4 55.9 43.7 39.9 35.8 25.3 Glass 93.6 95.1 71.1 90.5 93.4 68.8 73.4 75.8 56.2 Pottery 69.4 74.9 57.6 69.3 74.2 57.4 43.7 50.2 32.7 TEXTILES AND PRODUCTS 91. 0 96.1 89.7 92.3 96.0 91.0 66.5 74.1 59.3 A. Fabrics 90.0 94.9 88.4 91.2 94.8 89.5 67.0 74.9 62.5 Carpets and rugs 68.5 68.0 56.5 70.2 67.3 57.9 56.6 53.3 41.9 Cotton goods 94.2 101.4 90.1 95.2 100. 6 91.0 65.3 79.5 61.0 D yeing and finishing 105.6 113.0 93.7 109.5 113.0 97.2 72.9 87.8 76.0 Knit goods 110.6 113.9 105.4 110.9 113.2 105.7 100.0 106.4 79.6 Silk and rayon goods 75.4 72.8 72.6 76.4 72.4 73.6 59.0 56.3 47.8 Woolen and worsted goods. - 69.9 75.3 84.9 71.2 77.0 86.4 49.7 54.1 61.5 B. Wearing apparel _ _- 89.3 94.7 89.0 90.8 94.8 90.6 61.7 68.1 49.5 Clothing, men's 81.6 81.5 79.6 81.4 85.7 79.4 54.6 53.3 41.8 Clothing, women's 113.4 126.5 112.8 116.9 120.4 116.3 72.6 88.6 56.6 Millinery 64.6 78.0 76.6 68.6 78.1 i 81.3 51.5 67.9 57.0 Shirts and collars 104.6 106.7 100.7 107.4 107. 2 I 103.6 94.1 94.1 69.8 LEATHER AND PRODUCTS 87.7 91.4 83.4 91.4 94.0 I 86.9 72.9 78.9 64.8 Boots and shoes 86.8 91.3 84.0 90.9 94.2 i 88.0 70.5 77.6 63.1 Leather 91.5 92.1 81.1 93.8 93.4 i 83.1 79.8 82.0 69.5 Preliminary. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1934 FEDERAL RESERVE BULLETIN 000 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry and group 1934 1933 1934 1933 1934 1933 June May June June May June June May June FOOD PRODUCTS 105.1 89.7 107.3 106.4 91.7 91.9 87.2 73.5 Baking 114.6 113.2 98.1 113.4 113.2 97.0 96.5 95.3 79.6 Butter 88.8 84.4 78.9 83.4 83.4 74.1 68.0 64.7 59.8 Canning and preserving 90.7 67.9 69.9 105.4 106.1 81.3 84.2 68.6 55.9 Confectionery 68.9 71.6 71.5 76.7 79.6 79.6 58.0 60.6 48.8 Flour... 74.8 74.0 64.2 76.8 75.4 65.9 62.7 61.2 49.7 Icecream 86.7 79.6 69.1 75.6 76.0 60.2 68.9 63.7 53.7 Slaughtering and meat packing.. 101.4 96.7 82.9 101.9 97.9 83.3 87.2 80.7 64.9 Sugar refining, cane 89.5 86.4 76.1 85.9 76.4 77.3 70.5 70.6 TOBACCO PRODUCTS 62.4 61.3 61.2 62.7 61.6 61.4 47.5 46.3 43.7 Chewing and smoking tobacco and snuf!- 73.2 76.9 74.9 74.7 78.8 76.4 66.6 65.3 63.4 Cigars and cigarettes 61.0 59.3 59.4 61.2 59.4 59.6 45.1 43.9 41.2 PAPER AND PRINTING 94.7 95.9 82.3 95.5 96.5 83.1 78.9 80.6 66.4 Boxes, paper 83.9 85.3 72.9 87.1 88.7 75.7 73.8 76.2 61.1 Paper and pulp 106.0 107.2 84.9 106.0 107.2 84.9 78.5 79.8 63.2 Book and job printing 84.8 86.6 76.0 85.9 87.6 77.0 71.0 73.4 59.3 Printing, newspapers and periodicals 99.1 90.5 99.1 98.8 90.8 87.5 88.4 76.6 CHEMICALS AND PETROLEUM PRODUCTS.._ 104.5 106.1 87.9 108.9 107.9 91.9 88.1 88.3 71.3 A. Chemical group, except petroleum- 102.9 105.3 85.6 108.4 107.4 90.9 86.6 87.0 68.2 Chemicals 111.7 111.2 80.5 113.9 113.1 82.1 96.1 94.4 68.2 Druggists' preparations 96.9 97.7 82.9 101.4 101.3 86.8 90.3 88.5 74.9 Explosives 95.7 98.3 65.9 99.4 102.0 68.4 73.5 75.2 45.6 Fertilizers 74.4 111.8 55.9 108.4 105.3 81.4 57.5 84.0 39.7 Paints and varnishes 106.1 107.4 89.4 102.2 103.6 86.1 86.3 87.9 72.3 Rayon and allied products 273.8 267.7 260.1 273.8 267.7 260.1 200.0 191.2 164.8 Soap 99.9 102.3 86.7 102.4 103.0 88.8 86.0 87.1 72.8 B. Petroleum refining 111.4 109.5 96.9 110.4 109.7 96.0 93.1 92.7 81.5 RUBBER PRODUCTS 85.6 89.1 69.3 83.2 87.5 67.4 66.5 70.3 53.3 Rubber boots and shoes 46.6 47.8 39.3 49.1 50.3 41.4 41.1 42.8 34.2 Rubber tires and inner tubes.. 81.7 82.7 65.0 76.7 78.9 61.0 61.1 64.5 49.7 NOTE.—Revised indexes. The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment computed by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 FEDERAL RESERVE BULLETIN AUGUST 1934 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Year, month, and week m c t o i o e m d s i - - p u r c o t d s - Foods Tota H p l r i e d o a e d t s h u e a c r n ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a e c l t s t a s l m B a u t i e ld ri i a n l g s c C a d h l r s e u a m g n s i d - in f 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. ( 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. () 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71. 2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1933—June 65.0 53.2 61.2 68.1) 82.4 61.6 61.5 79.3 74.7 73.7 73.4 60.8 July - - . 68.9 60.1 65.5 72.?, 86.3 68.0 65.3 80.6 79.5 73.2 74.8 64.0 August 69.5 57.6 64.8 74. 91.7 74.6 65.5 81 2 81.3 73.1 77 6 65 4 September „ 70.8 57.0 64.9 76. 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.?, 88.2 76.8 73.5 82.7 84.9 73.4 81.0 65.5 70.8 55.5 62.5 77 J 89.2 76.4 73.4 83.5 85.6 73.7 81.0 65.7 1934—January 72.2 68.7 64.3 78.3 89.5 76.5 73.1 85.5 86.3 74.4 80.8 67.6 February 73.6 61.3 66.7 78.7 89.6 76.9 72.4 87.0 86.6 75.5 81.0 68.5 March 73.7 61.3 67.3 78 J 88.7 76.5 71.4 87.1 86.4 75.7 81.4 69.3 April 73.3 59.6 66.2 78. > 88.9 75.3 71.7 87.9 86.7 75.5 81.6 69.5 May 73.7 59.6 67.1 78.9 87.9 73.6 72.5 89.1 87.3 75.4 82.0 69.8 June 74.6 63.3 69.8 78.2 87.1 72.7 72.8 87.7 87.8 r5.6 82.0 70.2 Week ending— 1934—ADr. 7 73.3 60.4 66.1 78.7 89.5 75.7 72.6 86.5 86.7 75.5 82.5 69.8 Apr. 14 73.3 60.5 65.8 78.9 89.8 76.5 72.9 86 9 86.5 !5 4 82.8 69.6 Apr. 21 _- 73.3 59.7 66.6 78.8 89.7 75.2 73.1 87.0 86.3 75.5 83.1 69.3 Apr. 28 73.5 59.1 66.6 79.2 89.6 75.0 73.5 88.3 87.1 83.0 69.2 May 5 73.4 59.1 66.6 79.0 89.5 74.1 72 7 88 7 87.4 75 3 83.1 69.6 May 12 „ 73.8 60.5 67.3 79. 89.3 73.5 73.0 88 8 87.4 75 3 83.0 70.1 May 19 73.5 59.6 67.2 79.0 88.5 73.5 73.2 88.7 87.0 r5.4 83.0 69.7 May 26 73.7 60.1 67.4 79.0 88.0 73.1 73.4 88.7 87.2 r5.3 83.9 69.7 June 2 73.9 60.6 67.7 79.0 87.7 72 7 73 7 88 7 87.6 75 3 83.6 69.6 June 9 73.8 60.7 67.6 78.9 87.2 72.7 73.8 87 8 87.8 75 4 83.4 70.0 June 16 _. __ 74.6 63.7 70.2 78. D 87.6 72.5 73.7 88.0 87.7 75 4 83.4 70 3 June 23 75.0 65.8 71.3 78. 7 88.1 72.5 73.4 87.1 87.6 75 5 83.2 70.5 June 30 74.8 64.8 70.9 78. 88.2 71.8 73.3 87.0 87.8 75 8 83.2 70 1 July 7 74.7 64.1 71.0 78.6 87.9 71.5 74.2 86 9 87.5 75 7 83.1 69.9 July 14 74.5 64.5 70.8 78.3 87.6 71.4 73.8 86.4 86.9 75.5 83.1 69 9 July 21 75.1 66.1 71.2 78.6 87.0 71.6 74 7 86 4 87.4 75 6 83.0 70.0 July 28 74.7 64.5 70.8 78.5 86.1 71.4 74.7 86.3 86.7 75.6 83.0 70.1 1933 1934 1933 1934 Subgroups Subgroups June Mar. Apr. May June June Mar. Apr. VI ay June FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains. _ 57.4 62.3 58.8 63.9 72.4 Agricultural irpplpmAntS 83.0 85.2 85.2 91.1 91.1 Livestock and poultry 46.6 49.5 49.2 47.8 48.3 Iron and steel 76.2 86.3 87.3 90.2 88.6 Other farm products... 56.2 67.7 65.7 65.0 69.4 Motor vehicles __ - 90.4 97.8 97.8 97.3 95.0 FOODS: Nonferrous metals 63.2 66.3 68.0 68.1 68.5 Butter, cheese, and milk 63.1 68.9 66.5 67.1 73.0 BUILDING MATERIALS: C ereal products 70.7 85,3 84.8 87.3 89.2 Brick and tile 77.0 88.5 90.7 91.2 91 1 Fruits and vegetables. 03 9 71.6 67.9 68.2 70.1 Cement 81.8 93.9 89.7 89.4 93.9 Meats 52.4 56.5 57.3 60.0 62.2 67.4 86.4 87.2 85.9 86.3 Other foods ___ _ 61.1 63.5 62.1 60.8 62.8 Paint materials 71 9 79 7 79 8 80 3 80 3 HIDES AND LEATHER PRODUCTS: Plumbing and heating 67.4 72.7 76.2 75.0 75.1 Boots and shoes 85.5 98.5 98.5 98.5 98.4 Structural steel 81.7 86.8 86.8 94.5 94.5 Hides and skins 81.4 73.4 76.7 73.5 70.1 Other hnilrHnp1 mftt.f»rin.ls 80 6 89 9 90 4 92 0 92 0 Leather _ __ . 74.3 79.7 78.4 76.3 75.3 CHEMIC/LLS AND DRUGS: Other leather products 78.5 86.7 86.7 86.8 86.8 Cheinicals 81.5 79.0 78.6 78.6 78.6 TEXTILE PRODUCTS: Drui?s and pharmaceuticslls 55.5 71.9 72.2 72.8 73.1 Clothing 64.5 87.2 85.7 82.7 82.6 Fert liypr Tnnt.prmls 68 0 69 5 68 7 66 4 67 9 Cotton goods 67.1 89.1 88.2 86.3 86.0 Mixed fertilize*s 63.0 72.6 72.7 73.2 73.4 Knit goods _ -. 50.9 65.6 64.2 65.3 62.8 HOUSEFUKNISHING GOODS: Silk and rayon 35.2 29.4 28.4 26.5 25.0 Furnishings 73 6 83 2 83 5 84 1 85 1 Woolen and worsted goods 68.8 84.0 82.0 81.0 80.8 Furniture 73.4 79 8 79 9 80.1 79 0 Other textile products, 73.6 78.5 78.9 77.3 74.8 MISCELLANEOUS: FUEL AND LIGHTING MAT]BRIALS: Auto tires and tubes 40.1 44 6 44.6 44.6 44 6 Anthracite 76.8 81.2 78.1 75.7 76.9 Cattle feed . . . .. 55.8 79.6 76.1 72.5 86 9 Bituminous coal 78.3 91.1 93.7 94.6 95.0 Paper and pulp 73 5 82 7 83 6 83 7 83 5 Coke 75.3 83.4 84.3 84 5 85 0 Rubber crude 12 6 22 8 24 6 27 7 27 7 Electricity _ 91.4 88.5 88.3 88.9 Other miscellajaeous 75.0 83.2 83.2 83.6 83.1 Gas 101.7 89 4 92 2 94 6 Petroleum products 34.4 48.7 49.4 50.7 50.6 Back figures.—Yox monthly and annual indexes of groups, see Annual Report for 1932 (table 110); 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

557 AUGUST 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 96.7 11.8 14.5 2.8 4.2 7.6 7.6 17.2 53.2 2.2 5.4 11.0 11.8 March 60.0 178.3 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 56.6 131.4 19.1 22.8 6.2 8.4 6.6 11.9 13.6 69.9 1.1 8.6 9.9 9.8 May 77.2 134.4 26.5 24.8 9.4 8.3 8.9 24.7 19.0 56.8 1.7 10.4 11.6 9.5 June 102.3 127.1 27.7 26.6 26.8 8.7 9.6 11.9 24.4 57.4 3.5 9.7 10.3 12 8 July 82.6 23.6 17.8 11.5 18.9 2.9 7 8 August - 106 0 21.9 14.1 10.5 61.4 2.6 5.6 120 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 9.3 162 3 23 6 8.2 7.3 111 1 2.6 9 6 December 207.2 23.9 6.7 7.1 133.3 16.3 20.0 Year 1,255. 7 249.3 127.5 99.4 602.7 40.0 136.9 CONSTRUCTION CONTRACTS AWARDED, BY BANK DEBITS DISTRICTS [Debits to individual accounts. In millions of dollars] [Value of contracts in thousands of dollars, figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] 1934 1933 Number 1934 1933 of centers June May June Federal Reserve district June May June New York City 1 15,388 14,653 16,743 Outside New York City 140 14,754 14,104 12, 968 Boston 15,094 13,247 8,707 Federal Reserve district: New York 23,350 33, 708 20, 887 Boston _ 11 1, 569 1,582 1, 569 Philadelphia 7,533 6,735 5,352 New York 7 16,001 15, 244 17,313 Cleveland 11,444 7,771 8,210 Philadelphia 10 1,509 1,459 1,277 A Ri t c la h n m ta ond 1 9 8 , , 0 6 1 2 6 7 1 10 4 , , 4 3 7 2 4 5 1 4 0 , , 2 4 4 2 6 0 R C i l c e h v m ela o n n d d _ - 1 7 3 1,5 5 1 4 8 2 1,4 5 1 1 9 7 1,2 4 7 4 9 3 Chicago 20,634 22,186 12, 746 Atlanta 15 638 665 560 St. Louis 9,178 8,385 8,078 Chicago. 21 3,729 3,569 3,082 Minneapolis 4,532 5,727 2,507 St. Louis 5 766 724 696 Kansas City 3,855 4,964 4,428 Minneapolis _ 9 510 465 517 Dallas 3,868 6,924 16, 760 Kansas City 15 884 810 765 Dallas __" 10 472 434 383 Total (11 districts) 127,131 134,446 102,342 San Francisco. ... 18 2,005 1,869 1,828 Total ._ 141 30,142 28, 757 29,711 COMMERCIAL FAILURES, BY DISTRICTS [Amounts in thousands of dollars; figures reported by Dun & Bradstreet] ]Numbeir Liabilities Federal Reserve 1934 1933 1934 1933 district June May June June May June Boston .-- - - 92 97 143 904 1,397 2,508 New York 317 326 420 7,810 7,562 9,845 Philadelphia 53 36 92 1,742 2,118 2,588 Cleveland 74 73 135 3,039 3,534 3,627 Richmond 46 64 84 567 1,707 1,646 Atlanta 30 19 92 586 181 2,154 Chicago. - 149 U5 201 5,309 1,769 5,975 St. Louis 22 22 60 221 218 1,050 Minneapolis - -- 29 24 63 256 442 1,224 Kansas City _ - 40 32 108 937 851 1,019 Dallas 17 18 57 289 166 819 San Francisco 164 151 193 2,208 2,617 2,889 Total _ 1,033 977 1,648 23, 868 22,561 35,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 FEDERAL RESERVE BULLETIN AUGUST 1934 JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for July 1, 1934, as reported by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1933 July 1,1934 1933 July 1,1934 1933 July 1,1934 1933 July 1, 1934 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,545 7,868 120 110 120 110 New York _ - 20,821 23,830 5,175 4,771 5,051 4,651 124 120 Philadelphia 44,551 43,870 14,189 13,321 14,104 13,251 85 70 Cleveland 150,851 134,442 38,866 33, 398 38,766 33,337 100 61 Richmond 133, 164 123,886 19,669 21, 609 19, 669 21,609 Atlanta 151, 672 158,544 3,039 3,384 3,039 3,384 Chicago.. - _. _ _ . 835,127 732,047 46,742 45,315 44,426 43,652 2,316 1,663 St. Louis 296.955 300,019 38,556 42, 363 38,434 42,308 122 55 Minneapolis. _ _ . _ _ 219,136 201,162 115,137 63,926 9,775 8,582 105,362 55,344 Kansas Citv 389,334 306, 735 131,990 147,714 123,614 143,317 8,376 4,397 Dallas... . -. _ __. 85, 035 72, 459 13,719 26,130 13, 626 26,070 93 60 San Francisco _ . . -.-_.. .. 9,692 8,275 100, 776 81,621 41,104 54,107 59, 672 27, 514 Total 2, 343,883 2, 113,137 527,978 483, 662 351, 608 394, 268 176,370 89, 394 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1933 July 1,1934 1933 July 1,1934 1933 July 1,1934 1933 July 1,1934 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston.. _ _ . ._.. 7,446 7,210 2,854 2,854 24, 012 17,860 49,770 53,194 New York 17, 877 21,971 4,850 4,290 906 675 28,314 29,371 Philadelphia .. ._ 13,106 14,104 2,288 1,900 25,330 24,080 20, 786 22, 543 Cleveland 35,159 33,903 3,929 3,105 117,615 92, 240 15,501 16,993 Richmond _ ... . . . .. 16,942 15, 361 2,918 2,562 748,327 549,132 22, 506 32, 640 Atlanta 8,183 9,853 1,927 2,148 167,156 117,831 11,030 14,938 Chicago .. - . _ -_ _ 314,089 220,902 13,289 8,399 17,814 14,405 39,752 46,741 St. Louis 37,207 22, 239 5,249 3,880 277, 750 218,544 9,107 10,317 Minneapolis.. 146,952 107,435 7,896 5,183 1, 231 991 42, 539 46, 247 Kansas Citv._ . . 84, 234 58, 324 8,675 6,635 4,966 3,759 30, 473 28,168 Dallas 22,347 35,641 881 845 4,419 4,770 San Francisco . . ... . _ . 27,982 20, 896 11,227 10, 219 46,156 42,170 Total 731,524 567,839 65,983 52,020 1, 385,107 1,039, 517 320, 353 348,092 NOTE.—Figures for 1933 are as revised in July 1934. RATES ON INDUSTRIAL ADVANCES [Approved by the Federal Reserve Board. Under sec. 13 (b) of Federal Reserve Act as amended June 19,1934. Percent per annum except as otherwise specified. In effect on Aug. 1, 1934] Advances Boston Y N o e r w k Ph p il h a i d a el- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Direct to industrial or commercial organizations 4-6 4-6 | 6 5-6 6 6 5-6 5-6 To financing institutions: On portion for which institution is obligated 3 3 0) 5 3 5-6 4H *4H-5 4 4 3-4 On remaining portion 4-5 (5) 5 3 5-6 4K 4414-5 4 5-6 4-5 Commitment to make advances ... 1-2 9 34-2 10 y2 11 1 12 1-2 11 1 1-2 1 1 percent above prevailing discount rate. 2 6 percent for nonbanking financial institutions; 1 percent below rate charged industrial or commercial borrower for banking institutions, but not less than 4 percent. 3 With respect to loans received from financing institutions, Federal Reserve bank allows out of interest received on portion of loans retained by it 1 percent per annum to financing institutions which agree to service loans and report regularly on status of borrower. 4 4l/2 percent for member bank; 5 percent for nonmsmber bank or nonbanking financial institution. 5 Same as to borrower but not less than 4 percent. 6 1 percent below rate charged borrower by financing institution but not less than 4 percent. 7 Minimum charge M percent. 8 Rate to depend upon length of commitment and other circumstances. 1 1 9 1 0 1 C C t o o o m m 9 m m 0 i i d t t a m m y e e s n , n t t Y 2 c c h h p a a e r r r g g c e e e n 1 y t 2 p f p l e a r e t c r ; e c 9 n e 1 n t t t f o l f a l 1 a t. 8 t 0 f o d r a y co s, m 1 m p i e t r m ce e n n t t s f l n at o ; t 1 e 8 x 1 c e to ed 2 i 7 n 0 g d 6 a m ys o , n \\ t £ hs p . ercent flat; 271 to 365 days, 2 percent flat. 12 2 percent on direct advances; 1 percent on advances to financing institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS N.DAK. j J\ % 1 MINNEAPOLIS -.u— Denver. 10 tA r-1 / I cCcOLO. • iv >--------L. i ii iBOUNDARIES 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