Federal Reserve Bulletin, 1934-12
FEDERAL RESERVE BULLETIN DECEMBER 1934 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Reduction in Interest Rates on Time Deposits Business and Credit Developments National Summary of Business Conditions UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1934 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD Ex officio members: MARRINER S. ECCLES, Governor. HENRY MORGENTHAU, Jr., J. J. THOMAS, Vice Governor. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. F. T. O'CONNOR, ADOLPH C. MILLER. Comptroller of the Currency. GEORGE R. JAMES. M. S. SZYMCZAK. LAWRENCE CLAYTON, Assistant to the Governor. LATJCHLIN CURRIE, Assistant Director, Division of CHESTER MORRILL, Secretary. Research and Statistics. J. C. NOELL, Assistant Secretary. WOODLIEF THOMAS, Assistant Director, Division of L. P. BETHEA, Assistant Secretary. Research and Statistics. S. R. CARPENTER, Assistant Secretary. CARL E. PARRY, Chief, Division of Security Loans. WALTER WYATT, General Counsel. E. L. SMEAD, Chief, Division of Bank Operations. GEORGE B. VEST, Assistant Counsel. J. R. VAN FOSSEN, Assistant Chief, Division of Bank LEO H. PAULGER, Chief, Division of Examinations. Operations. FRANK J. DRINNEN, Federal Reserve Examiner. O. E. FOULK, Fiscal Agent. E. A. GOLDENWEISER, Director, Division of Research JOSEPHINE E. LALLY, Deputy Fiscal Agent. and Statistics. FEDERAL ADVISORY COUNCIL District no. 1 (BOSTON) THOMAS M. STEELE. District no. 2 (NEW YORK) WALTER E. FREW. District no. 3 (PHILADELPHIA) HOWARD A. LOEB, Vice President. District no. 4 (CLEVELAND) H. C. MCELDOWNEY. District no. 5 (RICHMOND) HOWARD BRUCE. District no. 6 (ATLANTA) H. LANE YOUNG. District no. 7 (CHICAGO) SOLOMON A. SMITH. District no. 8 (ST. LOUIS) WALTER W. SMITH, President. District no. 9 (MINNEAPOLIS) THEODORE WOLD. District no. 10 (KANSAS CITY) W. T. KEMPER. District no. 11 (DALLAS) JOSEPH H. FROST. District no. 12 (SAN FRANCISCO) M. A. ARNOLD. WALTER LICHTENSTEIN, Secretary II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL ADVISORY COMMITTEES DISTRICT NO. 1 (BOSTON): DISTRICT NO. 7 (CHICAGO): Albert M. Creighton, Chairman. Max Epstein, Chairman. Robert Amory. Maj. Howard Greene. Winthrop L. Carter. R. R. Monroe. Carl P. Dennett. William R. Odell, Jr. Edward M. Graham. George W. Young. DISTRICT NO. 2 (NEW YORK): DISTRICT NO. 8 (ST. LOUIS): William H. Pouch, Chairman. William K. Norris, Chairman. John A. Hartford, Vice Chairman. Jacob Van Dyke, Vice Chairman. John B. Clark. M. E. Finch. Albert A. Hopeman. Henry S. Gray. C. R. Palmer. Maurice Weil. DISTRICT NO. 3 (PHILADELPHIA): DISTRICT NO. 9 (MINNEAPOLIS): J. Ebert Butterworth, Chairman. Sheldon V. Wood, Chairman. Charles E. Brinley. John Bush. John S. Chipman. C. O. Follett. H. W. Prentiss, Jr. Harvey C. Jewett. Richard D. Wood. Albert L. Miller. DISTRICT NO. 4 (CLEVELAND): DISTRICT NO. 10 (KANSAS CITY): F. A. Smythe, Chairman. R. L. Gray, Chairman. Daniel R. Davies, Vice Chairman. Walter J. Berkowitz. Frank B. Bell. D. Bruce Forrester. Edward C. Folsom. Ed. S. Miller. H. L. Kutter. L. F. Rooney. DISTRICT NO. 5 (RICHMOND): DISTRICT NO. 11 (DALLAS): J. G. Holtzclaw, Chairman. Clarence Ousley, Chairman, Overton D. Dennis. T. M. Cullum. Harvey W. Moore. Lewis R. Ferguson. George E. Probest, Jr. Will B. Marsh. Walker D. Stuart. Charles R. Moore. DISTRICT NO. 6 (ATLANTA): DISTRICT NO. 12 (SAN FRANCISCO): John Sanford, Chairman. Stuart L. Rawlings, Chairman. William A. Parker, Vice Chairman. Ralph Burnside. A. R. Forsyth. Shannon Crandall. Ernest T. George. Henry D. Nichols. I. C. Milner. H. L. Terwilliger. ill Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank Chairman and Federal of— Reserve agent Governor Deputy governor Cashier Boston F. H. Curtiss R. A. Young W. W. Paddock W. Willett. G. L. Harrison W. R. Burgess J. W. Jones.* New York J. H. Case J. E. Crane W. B. Matteson.i W. S. Logan J. M. Rice.i L. R. Rounds Allan Sproul.3 L.F. Sailer H. H. Kimball.i C. H. Coe L. W. Knoke.1 Philadelphia R. L. Austin _ G. W. Norris W. H. Hutt C. A. Mcllhenny. J. S. Sinclair W. J. Davis.i C. A. Mcllhenny L. E. Donaldson.i W. G. McCreedy 2 Cleveland E. S. Burke, Jr.* 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.2 Atlanta.— Oscar Newton E. R. Black W. S. Johns... M. W. Bell. H. F. ConnifE W. S. McLarin, Jr.i Chicago E. M. Stevens G. J. Schaller C. R. McKay W. H. Snyder.a H. P. Preston W. C. Bachman.i J. H. Dillard 0. J. Netterstrom.i A. T. Sihler.i E. A. Delaney.i A. L. Olson.i St. Louis J. S. Wood.... W. McC. Martin 0. M. Attebery S. F. Gilmore.2 J. G. McConkey A. H. Haill.2 F. N. Hall.2 G. 0. Hollocher.2 0. C. Phillips.* Minneapolis... J. N. Peyton W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer F. C. Dunlop.2 Kansas City G. H. Hamilton C. A. Worthington J. W. Helm. J. W.Helm Dallas. C.C.Walsh B. A. McKinney R.R.Gilbert Fred Harris. R. B. Coleman W. 0. Ford.i San Francisco . J. U. Calkins W. A. Day W. M. Hale. Ira Clerk 1 Assistant deputy governor. 2 Controller. 8 Assistant to the governor. 4 Acting chairman; W. H. Fletcher, acting Federal Reserve agent. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Denver branch J. E. Olson. Pittsburgh branch T. C. Griggs. Oklahoma City branch C. E. Daniel. Richmond: Omaha branch L. H. Earhart. Baltimore branch _ Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch W. D. Gentry. Birmingham branch J. H. Frye. San Antonio branch M. Crump. Jacksonville branch. San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch W. N. Ambrose. New Orleans branch Marcus Walker. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch R. H. Buss. Seattle branch ._ C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Little Rock branch. A. F. Bailey. Louisville branch J. T. Moore. Memphis branch W. H. Glasgow. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS Page Review of the month—Business and credit developments _ 771 Loans on securities by reporting member banks (101 cities and 91 cities), 1929-34 825-831 National summary of business conditions 782 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 783-787 Member and nonmember bank credit: All banks in the United States 790 All member banks 788, 789, 822, 833 Weekly reporting member banks in leading cities 791, 823 Brokers' loans 791 Acceptances and commercial paper 792 Discount rates and money rates 793 Treasury finance 794 Assets and liabilities of governmental credit agencies 795 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 796 Farm Credit Administration—Loans and discounts outstanding, by institutions 797 Home Owners' Loan Corporation—Summary of operations 797 Federal home loan banks—Assets and liabilities 797 Security prices, bond yields, and security issues 798 Production, employment, car loadings, and commodity prices 799 Merchandise exports and imports 800 Department stores—Indexes of sales and stocks.^ 800 Freight-car loadings, by classes 800 Financial statistics for foreign countries: Gold reserves of central banks and governments 801 Gold production 802 Gold movements 802-804 Government note issues and reserves 805 Bank for International Settlements 805 Central banks 806-808 Commercial banks 809 Discount rates of central banks 810 Money rates 810 Foreign exchange rates 811 Price movements: Wholesale prices 812 Retail food prices and cost of living 813 Security prices 813 Law department: Rulings of the Federal Reserve Board: Absorption by member banks of exchange or collection charges in trivial amounts 814 Rulings nos. 37-40 interpreting Regulation T 815 Regulation Q, series of 1935 816 Federal Reserve statistics by districts, etc.: Banking and financial statistics 820-833 Industrial and commercial statistics 834-839 November crop report 839 Index to volume 20 841 v Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 20 DECEMBER 1934 No. 12 REVIEW OF THE MONTH accordance with prevailing economic conditions The Federal Reserve Board has reduced and the requirements of the public interest. from 3 to 2% percent the maximum rate of The Federal Reserve Board's Regulation Q, interest that may be paid on as amended to reduce the maximum rate to Reduction in in- time and savings deposits by 2}i percent, is published in this issue of the terest rate on member banks, and the Federal BULLETIN, page 816. time deposits Deposit Insurance Corporation In addition to the amendment reducing the made a corresponding reduction maximum rate of interest to 2}{ percent, the in the maximum rate that may be paid by State regulation, as amended, will (1) permit the banks and trust companies which are insured by computation of interest on time and savings the Corporation. The new maximum rate will deposits at a rate not in excess of 2% percent become effective on February 1, 1935. The compounded quarterly instead of (as provided reduction in the deposit rate is in harmony with in the old regulation) at a rate not in excess of the prevailing downward trend in interest rates, the maximum compounded semiannually, (2) and is expected to support that trend, particu- enable member banks to pay interest on time larly in regard to rates on long-time money, and savings deposits received during the first 5 which are an important factor in business days of any calendar month at the maximum recovery. rate prescribed in the regulation calculated The reduction is in line with the action taken from the 1st day of the month, and (3) permit by State banking authorities in several States foreign branches of American banks to obtain and also with voluntary agreements made by authority from the Board to pay interest on clearing-house associations and other banking time and savings deposits at rates consistent groups. The decrease in rates on time deposits with competitive conditions prevailing in the should have a tendency to bring about a decline localities where the foreign branches are situin the cost to borrowers and to encourage de- ated. The action of the Board does not affect positors to seek investment for their idle funds. the payment of interest by member banks at a A more favorable capital market may be rate higher than the maximum in accordance expected to create a more favorable mortgage with the terms of any contract legally entered market as well as encourage refunding opera- into prior to and in force on December 18, 1934. tions and the undertaking of new capital proj- The course of money rates in recent years is ects generally, a development essential to shown in the chart. Open-market rates on recovery. short-time money at the present The Federal Reserve Board's action in this Recent money time are at the lowest level on rate changes matter is in accordance with the duty imposed record, and rates charged cusupon it by the Banking Act of 1933, which pro- tomers by banks average lower than at any vides that "the Federal Reserve Board shall other time in the post-war period. Offering from time to time limit by regulation the rate of rates on bankers' acceptances, shown on the acinterest which may be paid by member banks companying chart, have been below 1 percent, on time deposits." This provision of the law except in March and April 1933, for over 2 places upon the Federal Reserve Board the re- years and since last spring have been between sponsibility of raising or lowering from time to one-eighth and one-fourth of 1 percent. Late time the maximum rate that may be paid by in October a flat rate of one-eighth percent was member banks on time and savings deposits in established in the market. Rates on open- 771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
772 FEDERAL RESERVE BULLETIN DECEMBER 1934 market commercial paper, which declined to 1 on such bonds since early in this century. percent last April, were reduced further to a High-grade municipal bonds have been selling range of %-l percent in June and have remained at prices yielding about 3K percent. at that level. Call money rates have been 1 Anelement in the downward trend of money percent since last December. Yields on Treas- rates has been a considerable growth in bank ury issues, notwithstanding a small advance in deposits. On the basis of re- August, continue to be low, with 182-day bills Growth of bank serve computations for Octodeposits selling at prices to yield about 0.22 percent per ber 1934, net demand and annum. time deposits at member banks were $28,034,- Rates charged on prime loans to customers by 000,000, representing a growth of $4,665,000,000 banks, shown on the chart, have declined slowly over October 1933. This increase was due in with occasional interruptions during the depres- small part to accession to membership of the sion. This decline has been general throughout System. The increase of 20 percent was the United States. Rates charged by New York accounted for by an increase of $3,965,000,000 City banks average about 3K percent as com- in net demand deposits and an increase of pared with an average of about 4}i percent from $700,000,000 in time deposits. The growth in deposits was general throughout the country MONEY RATES but has been relatively larger at banks outside Monthly basis New York City. On the basis of figures for reporting member banks in leading cities, the growth of demand deposits continued in November, while time deposits declined by a small amount. DEPOSITS—ALL LICENSED MEMBER BANKS lAmounts in millions of dollars. Averages of daily figures] Change from October 1933 October 1934 Amount Percent Net demand deposits. 18, 208 +3,965 +28.5 Time deposits.. -.„ 9,826 +700 +7.6 1926 1927 1928 1929 1930 1931 1932 1933 1934 Net demand and time deposits 28,034 +4,665 +20.0 1925 to 1927, and banks in southern and western cities now charge an average of about 5 percent Maintenance of a large volume of excess as compared with over b% percent in the earlier reserves at member banks has been an imporperiod. tant factor in the decline in Long-term rates, as indicated by bond money rates du™g the Past 2 yields, have also declined. Long-term United years. Excess reserves, which States Government bonds, as shown on the had amounted to $1,900,000,000 in August, chart, are selling at a price to yield about 3 declined to about $1,750,000,000 early in percent, as compared with 3% to 3% percent September and continued at the reduced level in the period from 1926 to 1930 and with over during October, reflecting a seasonal growth of 4 percent for a short time in 1932. In July of money in circulation, a further increase in this year these bonds sold on a 2.85 percent required reserves, and some increase in Treasyield basis. Prices of high-grade domestic ury deposits with the Federal Keserve banks. corporate bonds have risen this year to new In the first 3 weeks of November, however, high levels and, according to figures compiled member bank reserves showed an increase of by Moody's Investors Service, these bonds $190,000,000, resulting principally from large have sold since early in the summer at prices gold imports and a decrease in Treasury yielding less than 4 percent, the lowest yields deposits at Reserve banks. As a consequence Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 773 of these changes, reserves increased to nearly loans on securities or real estate, declined by $4,200,000,000 and excess reserves again $420,000,000 between October 25, 1933, and exceeded $1,900,000,000. From November 21 June 30, 1934, but increased by $290,000,000 to the end of the month there was a decline of between June 30 and October 17 of this year. $115,000,000 in member bank reserve balances, reflecting principally a seasonal increase of LOANS AND INVESTMENTS—ALL MEMBER BANKS money in circulation and an increase in Treas- [In millions of dollars] ury cash and deposits with Reserve banks, Change offset in part by further gold imports. Oct. 17, from 1934 Oct. 25, Gold imports, which increased early in 1933 November, following declines in foreign-ex- Loans to banks 149 -148 change quotations for gold currencies, Loans to other customers 10,837 -686 Open-market loans 1,358 +120 amounted to about $120,000,000 during the month, of which about $5,000,000 had not Total loans _ 12, 344 -714 become a part of the monetary gold stock by Direct obligations of United States Government _- 9,171 +2,370 Obligations fully guaranteed by United States the end of the month. In addition, new gold Government 720 +720 Other securities 5,349 +256 produced and other gold obtained from do- Total investments 15, 240 +3,346 mestic sources continued to augment gold Total loans arid investment*; 27, 584 +2,631 stocks by about $15,000,000 a month. The Treasury's gold holdings are now in excess of Both country banks and reserve city banks $8,100,000,000. showed changes in loans and investments dur- A currently small but cumulatively substan- ing the 12-month period similar to those shown tial source of reserve funds in recent months in the table for all member banks. Country has been the issuance of silver certificates by the bank loans decreased somewhat as compared Treasury. From July 31 to November 30 the with a year ago, while their investments inamount of these certificates outstanding out- creased by $788,000,000, chiefly in direct and side the Treasury increased by $160,000,000. guaranteed obligations of the United States Loans and investments of member banks also Government. From June 30 to October 17 of show a recent growth. Preliminary compila- this year both loans on securities and other tions of condition reports of loans to customers declined at country banks, Member bank all member banks for October reflecting a further reduction of customers inloans and investments 17 show aggregate loans and debtedness to banks in country districts. This investments of $27,584,000,000, decrease accompanied a similar decline in crop an increase of $2,631,000,000 in a 12-month and livestock loans made by various Federal period. This increase reflects in part additions credit agencies. to the membership of the Federal Reserve Total loans and investments of weekly System. Investments increased by $3,346,- reporting member banks in leading cities 000,000, while loans decreased by $714,000,000. declined by $90,000,000 between October 17 Holdings of direct and fully guaranteed obli- and November 28. Customers' loans, other gations of the United States Government were than loans on securities, showed a decrease, larger by $3,090,000,000 and increases occurred which, like the increase in previous months, in other securities and in open-market loans, was in large part a reflection of seasonal departicularly in loans to brokers and dealers in velopments. There was also a decrease in loans New York and in commercial paper. Loans to brokers by New York City banks, and to banks were reduced by about one-half and holdings of securities other than direct or loans to other customers decreased consider- guaranteed obligations of the United States ably, reflecting principally a decline in loans on Government showed a decline of $122,000,000, securities. Loans to customers, other than the larger part of which occurred at New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
774 FEDERAL RESERVE BULLETIN DECEMBER 1934 This latter decline probably reflected in part in the actual volume of production, especially the exchange on or before October 27 of interest- in the steel industry. During August and guaranteed bonds of the Home Owners' Loan September the total volume of output failed to Corporation for the fully-guaranteed bonds of show the expansion usual at that season and that agency and in part retirement of certain the adjusted index continued to decline. The large issues of short-term securities held by the INDUSTRIAL PRODUCTION banks. Adjusted for seasonal variation 1923-25 avera£e=100 PER CENT The review of applications for industrial 140 loans at the Federal Reserve vances'^1 **" banks is Proceeding without 120 120 delay, and the number of appli- \ cations awaiting action has been reduced. 100 100 A Up to the close of business November 28 \ l\ /\ Industrial Advisory Committees at Federal 80 Reserve banks had recommended the approval Vs I ^ of 961 applications for $46,600,000 of indus- J 60 60 trial advances and commitments and the Reserve banks had approved 567 applications '40 for $26,500,000 unconditionally and 261 appli- 1929 1930 1931 1932 1933 1934- Federal Reserve Board's index. cations for $15,700,000 with certain conditions recent advance in October was due in large part attached. Of the applications unconditionally to the resumption of activity in the textile approved, advances had been made by the industry following the strike in September, Reserve banks in the amount of $9,990,000, of but there was also an increase in activity at which $9,770,000 were outstanding on Nosteel mills, contrary to seasonal tendency. In vember 28. There were also $6,660,000 of November steel-mill activity showed a further commitments outstanding, and participations slight increase, while output in the automobile of financing institutions amounted to $1,970,000. and lumber industries showed declines, largely Industrial activity and factory employment of a seasonal nature. increased in October, after several months of In general, fluctuations in activity this year decline, and distribution of have been less marked than during 1933 and Recent course commodities at retail continued of business there has been no widespread buying and close to the relatively high level stocking movement, such as occurred in the maintained since the early part of the year. late spring and early summer of last year. Wholesale prices, which had declined during While at that time output of nondurable as September and October, showed mixed movewell as of durable commodities increased ments in November. sharply, this year there has been little change Industrial output at this time is at about the in activity at establishments producing nonlevel of a year ago and considerably above the durable manufactures. In the textile industry lowest levels of the depression. The Board's output this year has been generally at a someseasonally adjusted index, which is shown on what lower level than a year ago, while in the the chart, decreased from 86 percent of the meat-packing industry there has been an in- 1923-25 average in May of this year to 71 per- crease, reflecting heavy marketings of cattle cent in September and advanced to 74 percent during recent months as a consequence of the in October. Preliminary figures indicate little drought. change in November. Fluctuations in activity in industries produc- The decline in this adjusted index from May ing durable manufactures have been proto July of this year reflected a sharp decrease nounced this year, but not so marked as a year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 775 ago. A period of sharply increased output of projects, as reported by the Bureau of Labor steel and automobiles in the spring of the year Statistics, increased from about 275,000 at the bewas followed by a considerable decline in both ginning of this year to about 625,000 in July and these lines. In recent weeks steel production has since declined to about 520,000 in October. has increased, contrary to the usual seasonal The recent course of production, employtendency, to about 33 percent of capacity, ment, and pay rolls in a comparable group of and, in the early part of December, automobile production has also shown an increase. The PRODUCTION, EMPLOYMENT AND PAYROLLS IN COMPARABLE MANUFACTURING INDUSTRIES low level of activity in the steel industry during the summer and autumn reflected in part the accumulation of stocks during the spring in anticipation of an announced price advance. Lumber production has fluctuated considerably, but less than last year. Among the minerals, fluctuations in the output of bituminous coal and crude petroleum have been somewhat less marked than a year ago. The volume of factory employment increased considerably between the middle of September and the middle of October, as Employment activity was resumed at textile mills, and the Board's seasonally adjusted index advanced from 74 percent of the 1923-25 average to 77 percent. The current level of factory 80 J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J A. S 0 N D employment, as of manufacturing output, is 1933 1934 The index of the production of manufactures on a January to March 1933 about the same as a year ago and considerably base has been computed from the index regularly computed and pubabove the low level of the depression. lished by the Federal Reserve Board on a 1923-25 base. The indexes of employment and pay rolls were computed by the Board from data Increases in employment during the early of the U. S. Bureau of Labor Statistics for industries included in the]Board's index of the production of manufactures. part of the year and declines from May to September were general. Employment in the manufacturing industries—those in the Board's meat-packing industry, however, showed an index of manufacturing production—is shown increase. Employment in industries producing on the accompanying chart. The figures textile fabrics was larger during October than plotted are not adjusted for seasonal variation. during August, the month before the textile By the latter part of 1933 employment and strike. The total volume of employment in pay rolls in this group of industries had inother industries declined between August and creased considerably more than production, October, reflecting chiefly reductions in em- reflecting in large part the spreading of work ployment at automobile factories, at foundries, and the increasing of minimum wage rates and in the leather and tire industries. under the industrial codes. This year, through Changes during recent months in the volume August, production, employment, and pay rolls of employment in nonmanufacturing industries, all fluctuated closely together. In September not including recovery agencies, have been and October employment and pay rolls, which relatively small. Currently, employment in are reported for the pay-roll period ending these lines, as in manufacturing, is at about the nearest the middle of the month, showed wider same level as a year ago. Among the recovery fluctuations than production, which is reported agencies the principal change has been in em- for the whole month. From the latter part of ployment on projects of the Public Works 1933 to October 1934 there was little net Administration. The number employed on such change in the relative volumes of employment Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
776 FEDERAL RESERVE BULLETIN DECEMBER 1934 and production, and currently employment in drought areas. The number of cattle on farms these manufacturing industries continues con- has declined considerably from the peak level siderably higher relative to production than at reached at the beginning of the year, and with the corresponding level of output in the late the number of hogs on farms reduced in conspring of 1933. As is usual, fluctuations in pay nection with the production control program rolls accompanying changes in output have of the Agricultural Adjustment Administrabeen more pronounced than changes in the tion, feedstuff requirements have been renumber employed, reflecting in part changes duced. Even with reduced feed requirements in the amount of part-time employment. and improvement in pastures, however, The course of activity in the construction domestic supplies are relatively small and there industry this year has reflected largely changes has already been an increase in imports of in the volume of public work. corn. Production of dairy and poultry prod- Construction Last winter a large volume of ucts has been less than a year ago, while output contracts was awarded for such of truck crops has been larger. construction and formed the basis for a sub- The course of wholesale commodity prices stantial increase in activity during the spring this year has been dominated largely by changes and summer months, when there was also in the prices of farm products Commodity some increase, largely of a seasonal nature, in and foods, with little change reprices the volume of private building. Expenditures ported for other commodities and employment on construction projects of as a group. From a level of 71 percent of the the Public Works Administration reached a 1926 average at the beginning of January, the peak in the summer and since that time have index of the Bureau of Labor Statistics declined considerably, reflecting chiefly a re- advanced gradually to 74.7 percent at the duction in road building. Outlays on repairs end of July. Since that time there has and alterations have shown an increase this been considerable fluctuation. In the latter year, particularly in recent months. part of August there was a rapid upward move- As a consequence of reduced acreage and ment in the index, reflecting chiefly higher widespread drought, most leading crops this prices for livestock. Subsequently, in Sepyear are considerably smaller tember and October, with reductions in the output Ura than in other recent years and, prices of livestock, meats, grains, cotton, with feed supplies curtailed, textiles, and building materials, the general marketings of livestock have been unusually level declined. In November price movements large and output of dairy products has shown were mixed and the general index for the a decline. This has been an important factor week ending December 1 was 76.5 as comtending to increase prices of farm products pared with 76 at the beginning of November since the middle of the year during a period and 74.7 at the end of July. The figures since when other commodities have shown little 1931 are shown on the accompanying chart. change. Small output of leading crops, as The small price changes since the beginning compared with last year and the 5-year aver- of the year for the group of commodities other age, reflects in part reduction of acreage planted than farm products and foods have reflected to such crops as cotton and tobacco, and in declines in the prices of textiles, hides, and part low yields for such crops as grains and leather, offset by increases in the prices of feedstuffs caused by the drought. bituminous coal, metals and metal products, Stocks of certain agricultural raw materials, chemicals, and miscellaneous products, parsuch as cotton and wheat, have been reduced ticularly rubber and tires. Building material considerably from the high levels prevailing prices advanced somewhat during the first half for several years. The reduction in domestic of the year and subsequently declined by about supplies of corn and other feed crops has the same amount, according to the Bureau of resulted in heavy marketings of cattle from Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 777 From the early part of September to the Wage payments at factories, mines, railroads, latter part of November retail prices of food and public utilities in the first 10 months of declined somewhat and on November 20 the this year were about one-fourth larger than in index of the Bureau of Labor Statistics was at the corresponding period of 1933. The largest 115 percent of the 1913 average as compared increase was reported for wage-earners emwith a high of 117 percent early in September ployed at factories producing durable goods. and 105 at the beginning of the year. The Profits of a group of large industrial corporadecline was largely in meat prices, which had tions during the third quarter of 1934 were 25 advanced rapidly in earlier weeks. Prices of percent smaller than in the third quarter of articles sold mainly at department stores and 1933 and 30 percent smaller than in the second quarter of this year. On the basis of available WHOLESALE PRICES reports, building, chemical, food products, PER CENT i926averaje=1OO 100 medicine and drug, nonferrous metal, oil, and retail lines, however, indicated better results in the third quarter of this year than for the preceding 3 months. Owing to the fact that profits during the first and second quarters of 1934 were larger than in the corresponding quarters of 1933, industrial profits for the first 9 months of this year were more than 70 percent greater than for the corresponding period of last year. On the other hand, public-utility and railroad corporations reported smaller profits during both the third quarter and the first 9 months of this year than in the corresponding periods of the previous year. Cash returns to farmers during the first 10 months of 1934 are estimated by the Depart- 30 L 30 ment of Agriculture at $5,045,000,000 as com- 1931 1932 1933 1934 pared with $4,099,000,000 in 1933 and $3,616,- Indexes of U. S. Bureau of Labor Statistics; monthly for 1931 and weekly for later years. Latest figures are for week ended Novem- 000,000 in 1932. Of the increase of $946,000,ber 24. 000 in farm income approximately $300,000,000 mail-order houses apparently have shown little represents increases in benefit payments and change this year. emergency purchases of cattle and the remain- Such income data as are available indicate der increased returns from marketings at higher that during the early part of this year incomes prices. were substantially above the These increases in dollar incomes have been Incomes low level of early 1933 and that accompanied by a rise in the cost of living. currently incomes are slightly larger than a year Retail prices of foods during the first 10 months ago. For the first 10 months of 1934 as a whole of the year have been on the average about 12 substantial increases were shown in pay rolls percent higher than last year, while rents have at factories and mines, and in aggregate returns been about the same for the two periods. At to farmers. Industrial profits were also larger the present time food prices are 27 percent above in the first three-quarters of the year. Incomes the low in April 1933. derived from the construction industry have During the first 11 months of this year exshown a growth, reflecting larger public penditures for commodities at retail have been expenditures on construction, and pay rolls , larger than a year ago, reflecting T on the railroads this year have been slightly increased urban and rural inlarger than a year ago. comes. For department stores the increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
778 FEDERAL RESERVE BULLETIN DECEMBER 1934 through November amounted to 13 percent, than in that part of 1932, but considerably less with the largest increases reported for agricul- than in the corresponding periods of 1930 and tural areas, particularly in the South. The 1931. Nearly half of all new security issues four Federal Keserve districts showing the most since July 1 and a substantial portion of the marked increases were Atlanta with 27 percent, refunding issues since June were composed of Dallas with 23 percent, and Chicago and Rich- Federal farm-loan and home-loan bonds. mond with 18 percent, while the smallest The value of exports from the United States, increases were 5 percent in the Boston district, after increasing substantially during the last 6 percent in New York, 9 percent in Philadel- three quarters of 1933, has been phia, and 10 percent in San Francisco. Fo!iei£n, trade, maintained at a level consider- Sales by mail-order houses, variety stores, and balance of . , , . _ . payments ably higher than a year ago. and chain groceries, and sales of general mer- Imports, which had expanded chandise in rural stores have been larger this rapidly during the spring and summer of 1933, year than last year and have been well maindeclined toward the end of the year, and in tained in recent months. For the iirst 11 1934 have shown no increase over the level months there has also been considerable growth reached at that time. over a year ago in retail sales of such commodi- Value of foreign trade during the first 10 ties as automobiles, furniture, and mechanical months of this year, as a whole, was about refrigerators. 26 percent larger than in the corresponding Security prices, which declined sharply durperiod last year, reflecting an increase of 36 ing the latter part of July and the early part of percent in exports and 14 percent in imports. August, advanced somewhat Security markets Substantial increase in quantity as well as value during October and November. of exports was reported for automobiles, copper In August and September, common-stock ore, refined copper, iron and steel products, and prices reached approximately the lowest levels machinery. The value of cotton exports was of the past year, but prices of high-grade bonds about the same, in this period as a year ago but continued higher than in 1932 and 1933. the quantity shipped declined by 28 percent. New capital issues of domestic corporations Of the commodities imported, crude rubber, in the last few months have been small. For newsprint, copper, spirits, and wine show the the year to the end of November, such issues largest increases in quantity as well as value. totaled $143,000,000, as compared with totals For the 12 months ending October 1934 the of $160,000,000 for the entire year 1933, and export surplus was $510,000,000 as against of $325,000,000 for 1932, and a yearly average $180,000,000 in the previous 12 months. This of over $4,000,000,000 in the peri9d from 1925 excess of exports at a time when other major to 1930. Refunding issues of domestic corpo- current items in our balance of payments, rations increased somewhat during the summer such as interest on foreign investments, tourist but subsequently declined. For the year to expenditures, and immigrants' remittances, date corporate refunding issues have been approximately balanced one another, has been somewhat larger than in the corresponding an important factor in the movement of gold period of 1933 and about the same as in 1932. to this country from the rest of the world. Public offerings of State and municipal Capital has also flowed toward the United obligations, which in recent years have com- States during most of the past year, except for prised the bulk of new capital issues, increased a short time in the summer when a return somewhat in November, after being relatively movement of balances to Europe, together with small in the 3 preceding months. For the year American purchases of silver abroad, led to a to date new capital issues by these agencies reversal of the gold flow. The large seasonal totaled $730,000,000, considerably more than excess of merchandise exports in the autumn, in the same period of 1933 and somewhat more however, at a time when Europe is receiving little from American tourists, has been accom- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDEKAL RESERVE BULLETIN 779 panied by a renewal of gold movements to the carrying of securities. The research and administrative work of the Board's staff in this United States. connection has been carried on in the Division Gold imports into the United States during of Research and Statistics. In view of the im- November came largely from the countries portance of this activity the Board has now comprising the so-called Euro- created a new division for this work which will inOEurropTeS Peaa gold bloc. As shown by be called the Division of Security Loans. Dr. Carl E. Parry, who has been assistant directhe accompanying table, centor of the Board's Division of Research and tral gold reserves during November declined Statistics, will be the chief of the new division. $25,000,000 in France, $21,000,000 in Italy, Dr. Lauchlin Currie, who has been engaged $20,000,000 in Belgium, and $18,000,000 in in research in the monetary field in the Treasury Department, has been appointed by the Board Netherlands, while gold reserves in Switzerland as assistant director of the Division of Research increased $3,000,000 and in Germany and and Statistics, and Dr. Woodlief Thomas, who England remained substantially unchanged. has been a member of the staff of the division, These figures include only reserves reported by has also been designated assistant director of central banks and governments. the division. Under the general supervision of Dr. E. A. Goldenweiser, the director, it is con- CENTRAL GOLD RESERVES OF SELECTED COUNTRIES templated that the work of the division involving research in the monetary field will [In millions of dollars] come under Dr. Currie and research in banking and business fields will come under Dr. Thomas. Change during- End of November No b v e e r m- October Appointment of Assistant to the Governor France 5,443 -25 +13 Belgium v 589 -20 -17 On December 1, 1934, Mr. Lawrence Clay- Netherlands. 582 -18 +13 Switzerland. 624 +3 +31 ton was appointed assistant to the Governor of Italy v 520 -21 -13 the Federal Reserve Board, succeeding Mr. Germany 32 -1 +3 England..... 1,583 + 1 +1 H. Warner Martin, who resigned effective October 30, 1934. p Preliminary. Change in Foreign Central Bank Discount Rate Chairman and Federal Reserve Agent at the Federal On November 26 the Bank of Italy raised Reserve Bank of Cleveland its discount rate from 3 to 4 percent. On November 28 the Federal Reserve Board announced the resignation of Mr. L. B. Williams as chairman and Federal Reserve agent Appointment of Governor of the Federal Reserve Board at the Federal Reserve Bank of Cleveland. Effective November 15, 1934, Mr. Marriner S. Eccles, of Utah, was appointed a member of the Federal Reserve Board and was desig- Death of Mr. McClure nated as Governor of the Board, to fill the vacancy created by the resignation on August Mr. M. L. McClure, chairman and Federal 15, 1934, of Mr. Eugene R. Black. Reserve agent at the Federal Reserve Bank of Kansas City, died on December 5, 1934. Division of Security Loans of the Federal Reserve Board Governor of the Federal Reserve Board on National On November 24 the Board stated that: Emergency Council The Securities Exchange Act of 1934 placed The Executive order of October 29, relating additional responsibilities on the Federal Re- to the consolidation of the Executive Council serve Board looking toward the prevention of with the National Emergency Council, named the excessive use of credit for the purchase or the Governor of the Federal Reserve Board as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
780 FEDERAL RESERVE BULLETIN DECEMBER 1934 a member of the National Emergency Council, Chester C. Davis, Administrator of the Agricultural the full membership of which is as follows: Adjustment Administration. George N. Peek, President of the Export-Import The President of the United States. Bank. The Secretary of State. Lynn P. Talley, President of the Commodity Credit The Secretary of the Treasury. Corporation. The Secretary of War. Leo T. Crowley, Chairman of the Federal Deposit The Attorney General. Insurance Corporation. The Postmaster General. Jesse H. Jones, Chairman of the Reconstruction The Secretary of the Navy. Finance Corporation. The Secretary of the Interior. Marriner S. Eccles, Governor of the Federal Reserve The Secretary of Agriculture. Board. The Secretary of Commerce. James A. Moffett, Administrator of the Federal The Secretary of Labor. Housing Administration. The Director of the Budget. The Secretary to the President. The Hon. L. W. Robert, Jr., Assistant Secretary of Foreign Exchange Regulations the Treasury. The Administrator of Agricultural Adjustment. On November 12 the Secretary of the Treas- The Administrator of Federal Emergency Relief. ury issued the following regulations relating to The Chairman of the Board of the Reconstruction transactions in foreign exchange, transfers of Finance Corporation. credit, and the export of coin and currency: The Chairman of the Board of the Tennessee Valley Authority. ARTICLE 1. These regulations are prescribed and The Chairman of the Federal Home Loan Bank issued under authority of section 5 (b) of the act Board. of October 6, 1917 (40 Stat. L. 411), as amended by The Chairman of the Federal Trade Commission. section 2 of the act of March 9, 1933, and the Executive The Director of Emergency Conservation Work. Order of January 15, 1934, Regulating Transactions The Federal Coordinator of Transportation. in Foreign Exchange, Transfers of Credit, and the The Governor of the Farm Credit Administration. Export of Coin and Currency. The Adviser on Consumer Problems. ARTICLE 2. Licenses may be granted, and a general The Chairman of the National Industrial Recovery license is hereby granted, to all individuals, partner- Board. ships, associations, and corporations, authorizing any The Chairman of the Federal Alcohol Control and all transactions in foreign exchange, transfers of Administration. credit, and exports of currency (other than gold certifi- The Federal Housing Administrator. cates) and silver coin. The general license herein The President of the Export-Import Banks of granted authorizes transactions to be carried out which Washington, D. C. are permitted by the Executive Order of January 15, The Chairman of the Federal Deposit Insurance 1934, under license therefor issued pursuant to such Corporation. Executive Order; but does not authorize any transac- The Chairman of the Federal Power Commission. tion to be carried out which, at the time, is prohibited The Chairman of the Federal Communications by any other order or by any law, ruling, or regulation. Commission. ARTICLE 3. In order that Federal Reserve banks may The Chairman of the Securities and Exchange keep themselves currently informed as to foreign ex- Commission. change transactions and transfers of credit, as required The Governor of the Federal Reserve Board. in section 4 of the Executive Order of January 15, 1934, The Executive Director. every person engaging in any transaction, transfer, export, or withdrawal referred to in section 1 of such Executive Order shall furnish to the Federal Reserve bank of the district in which such person has his princi- Interdepartmental Loan Committee pal place of business in the United States complete information relative thereto upon report forms pre- On November 14 the following statement was scribed by the Secretary of the Treasury, except that issued from the White House: reports are not required to be furnished by (1) persons not carrying during any part of the reporting period, To obtain improved cooperation among Federal accounts abroad or accounts in the United States for agencies engaged in lending Government funds, either nonresidents thereof, or (2) persons whose aggregate directly or indirectly, the President has created a Loan transactions, transfers, exports, or withdrawals for Committee comprising the heads of the following de- their own account and the account of others do not partments and agencies, with the Secretary of the exceed $5,000 during any seven-day period. Such in- Treasury designated as chairman: formation shall be furnished on a weekly basis except Henry Morgenthau, Jr., Secretary of the Treasury. as the respective Federal Reserve banks permit the Harold L. Ickes, Secretary of the Interior and as information in certain cases or classes of cases to be Administrator of the Emergency Administration of furnished on the basis of longer intervals. Public Works and Administrator of the Emergency These regulations and the general license herein Public Works Housing Corporation. granted may be modified or revoked at any time. W. I. Myers, Governor of the Farm Credit Admin- HENRY MORGENTHAU, Jr., istration. Secretary of the Treasury. John H. Fahey, Chairman of the Federal Home Loan Approved: Bank Board and as Chairman of the Home Owners' FRANKLIN D. ROOSEVELT, Loan Corporation. The White House. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 781 Amendment to Silver Regulations of August 17, 1934manufactured in good faith into articles described in section 46 shall be permanently exempt from the re- The Silver Regulations of August 17, 1934, as quirement that it be delivered under said Executive Order and these regulations. amended, are hereby amended in article IV by adding a new section after section 48 thereof, The regulations, as so amended, may be modireading as follows: fied or revoked at any time. SEC. 49. Silver not required to be delivered.—Silver HENRY MORGENTHAU, JR., which at the close of business on November 7, 1934, Secretary of the Treasury. falls within a category described in sections 41, 42, 44, Approved: 45, or 46 shall be permanently exempt from the requirement that such silver be delivered under the Executive FRANKLIN D. ROOSEVELT, Order of August 9, 1934 and these regulations. Silver November 2, 1984 which after November 7, 1934, but prior to the time that it is first required to be delivered by any person, is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
782 FEDERAL RESERVE BULLETIN DECEMBER 1934 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Nov. 24 and released for publication Nov. 26] Volume of industrial production and factory the white-potato crop is slightly above the employment, which usually shows little change 5-year average. at this season, increased in October, reflecting Distribution.—The number of freight cars chiefly the resumption of activity at textile loaded per working day decreased from Septemmills. Wholesale commodity prices, after de- ber to October. Department store sales clining in September and October, advanced in showed a seasonal increase and were at about the first half of November. the same level, on a seasonally adjusted basis, Production and employment.—Activity at as in most other months since March. Rural industrial establishments, as measured by the sales of general merchandise, as reported by the Board's seasonally adjusted index, showed an Department of Commerce, increased by less increase from 71 percent of the 1923-25 aver-, than the usual seasonal amount following an age in September to 73 percent in October. unusually large increase in September. Among the industries producing durable man- Commodity prices.—Wholesale commodity ufactures, output at steel mills increased from prices, as measured by the Bureau of Labor 23 percent of capacity for the month of Sep- Statistics' weekly index, declined from 77.8 tember to 25 percent for October, while output percent of the 1926 average in the week ending of automobiles and lumber declined. In No- September 8 to 76 percent in the week ending vember activity at steel mills continued to November 3 and then rose in the following 2 increase and in the week ending November 24 weeks to 76.7 percent. The decline was largely was at about 28 percent of capacity. Auto- in prices of farm products and foods, but there mobile production has declined further in con- were also some decreases in the prices of textiles nection with the preparation of new models. and building materials. Increases in the first The production of nondurable manufactures half of November were largely in the prices of in the aggregate showed a considerable growth farm products. The price of scrap steel also in October, reflecting sharp increases at cotton, advanced, while lead and zinc declined. woolen, and silk mills, offset in part by a decline Bank credit.—Excess reserves of member in activity at meat-packing establishments. banks were about $1,910,000,000 on November The increase in output at textile mills after the 21, showing an increase of $150,000,000 in the strike in September brought output to a higher preceding 5 weeks. The increase in reserves level than in August. Among the minerals, held was $200,000,000, of which $50,000,000 daily output of crude petroleum declined in covered a growth in required reserves. Addi- October and that of anthracite increased by an tions to reserves resulted mainly from gold amount smaller than is usual at this season. imports and further issues of silver certificates. Factory employment and pay rolls in the Loans and investments of reporting member country as a whole increased considerably banks in leading cities declined somewhat in between the middle of September and the the 4 weeks ending November 14, following an middle of October. Sharp increases were increase in the previous month. Substantia reported at mills producing textile fabrics, while declines were shown in loans on securities and in the automobile, shoe, and canning industries in holdings of securities other than those of the there were declines of a seasonal nature. United States Government. Other loans, which The value of construction contracts awarded had increased considerably in previous months, was somewhat larger in October than in any also showed some decline, while holdings of other recent month. There was an increase in direct obligations of the United States Governresidential work as well as in publicly financed ment and of securities fully guaranteed by the projects. Government increased considerably. Custom- Agriculture.—Department of Agriculture ers' deposits continued to increase, while estimates, based on November 1 conditions, Government deposits declined. indicate a cotton crop of 9,634,000 bales, 26 There was a further decline in open-market percent smaller than the 1933 crop, and a corn rates on bankers' acceptances at the end of crop of 1,372,000,000 bushels, 41 percent October to an offering rate of one-eighth persmaller than last season and 45 percent smaller cent. Yields on short-term Government securthan the 1927-31 average. The tobacco crop ities and other short-term open-market money is also considerably smaller than usual, while rates showed little change. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
783 DECEMBER 1934 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT AND RELATED ITEMS s MILL10N OF DOLLARS MILLIONS OF DOLLARS Weekly basis: Wednesday series £000 7000 6000 5000 4000 3000 MEMBER BANK RESERVE BALANCES 2000 1000 1000 TREASURY CA5H 3c DEPOSITS WITH F. R. BANKS 1929 1^30 1931 1932 1933 1934 Based on Wednesday figures; latest figures are for November 28. See table on page 784. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
784 FEDERAL RESERVE BULLETIN DECEMBER 1934 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES) [In millions of dollars] Date (Wednesday) B co il u ls n d te i d s- R b e o B se u i r l g l v s h e t ban m G c k u e o U r n v c . i t r e t e S i r s e n d e . s - i - t o O u c t t b s h s r e a e t e r n a d v r k n i e r t d e i - ng Total ta M s ry t o o n g c e o k - ld T na r r b t e e c a i a a u n o n n s r d n c - k u y a r l y - I M ci o r ti c n o u e n l y a - in] b M b a a s e l n e a m k r n v b c r e e e e s - r T c d R F a b r e e w e s e a p h d s a n i o e e s t a k s h r r u n i v s a t r e d l s y b p m N e o r e o s m n d it - e - s - R F c O e o e a s t d u c h e e n - r e r t v r a s e l 1933—Oct. 4... 123 7 I 2,309 10 2,449 4,037 2,279 5,365 2,523 372 159 346 Oct. 11. _ 119 7 2,344 7 2,477 4,037 2,278 5,386 2,567 338 155 345 Oct. 18__ 113 2,375 18 2,513 4,036 2,277 5,363 2.655 284 166 358 Oct. 25. _ 115 7 2,400 5 2,526 4,036 2,277 5,321 2,693 302 167 357 Nov. 1 117 2,420 7 2,550 4,036 2,276 5,353 2,591 388 178 353 Nov. 8—. 112 2,430 -7 2,542 4,036 2,275 5,386 2,578 373 161 355 Nov. 15- 111 2,432 6 2,564 4,036 2,275 2,645 345 163 355 Nov. 22.. 112 20 2,431 -1 2,562 4,036 2,276 5,366 2,687 316 149 355 Nov. 29— 119 24 2,432 7 2,581 4,036 2,277 5,455 2,573 369 142 354 Dec. 6-__. 116 61 i 2,431 7 2,615 4,036 2,277 5,471 2,561 386 156 354 Dec. 13._. 118 116 2,432 11 2,677 4,036 2,295 5,476 2,638 379 160 355 Dec. 20... 115 113 2,432 25 2,686 4,036 2,299 5,561 2,636 329 132 362 Dec. 27.. 111 111 2,432 20 2,674 4,036 2,304 5,537 2,675 315 124 362 1934—Jan. 3 106 121 2,432 29 4,036 2,303 5,504 2,710 311 145 357 Jan. 10—. 104 113 2,432 7 2,655 4,036 2,302 5,397 2,777 353 172 295 Jan.17... 101 112 2,432 1 2,646 4,035 2,302 5,356 2,788 407 143 288 Jan.24... 97 104 2,432 -2 2,631 4,035 2,301 5,294 2,851 398 137 287 Jan. 31._. 83 111 2,434 2 2,630 4,033 2,302 5,289 2,652 597 141 287 Feb. 7.... 73 97 2,432 4 2,606 17,036 2,301 5,317 2,736 1 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— 66 75 ! 2,432 18 2,592 7,203 2,301 5,344 2,830 3,499 132 291 Feb. 28... 64 62| 2,432 2,567 7,438 2,302 5,355 3,093 3,440 127 292 Mar. 7—. 59 46! 2,432 2,539 7,556 2,312 5,374 3,313 3,294 133 294 Mar. 14... 55 37 2,432 2,532 7,605 2,332 5,345 3,454 3,226 143 301 Mar. 21... 51 33 2,432 2,508 7,640 2,343 5,334 3,449 3,252 154 302 Mar. 28— 53 29 2,432 2,519 7,681 2,356 5,336 3,439 3,318 161 303 Apr. 4.... 48 26 2,432 2,509 7,703 2,369 5,371 3,450 3,323 140 297 Apr. 11 — 43 17 2,432 2,492 7,732 2,381 5,347 3,560 3,239 148 312 Apr. 18— 40 13 2,430 2.493 7,746 2,381 5,347 3,665 3,204 167 237 Apr. 25... 40 10 2,430 2,486 7,755 2,380 5,324 3,744 3,148 167 237 May 2 38 2,432 2,484 7,756 2,381 5,359 3,570 3,177 280 235 May 9.... 37 2,432 2,484 7,756 2,380 5,352 3,678 3,098 257 235 May 16.. 34 2,430 3 2,473 7,753 2,380 5,344 3,694 3,082 252 233 May 23— 34 2,430 -1 2,469 7,766 2,375 5,316 3,767 3,052 242 233 May 30— 34 2,430 1 2,470 7,776 2,371 5,338 3,763 3,051 233 232 June 6 29 2,430 10 2,475 7,790 2,365 5,342 3,787 3,034 230 237 June 13_ _. 28 2,430 8 2,472 7,820 2,361 5,313 3,895 2,956 251 238 June 20. .. 28 2,430 5 2,468 7,835 2,359 5,310 3,769 3,121 224 239 June 27— 27 2,430 3 2,465 7,846 2,364 5,301 3,837 3,077 225 236 July3 29 2,432 22 2,488 7,866 2,365 5,397 3,746 3,113 232 230 July 11.. . 23 2,432 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 July25-_- 21 2,432 2,456 7,911 2,364 5,291 4,020 2,972 220 228 Aug. 1—- 21 2,432 2,463 7,932 2,361 5, 315 3,915 3,074 219 232 Aug. 8—- 21 2,432 2,458 7,957 2,357 5,334 4,059 2,941 209 229 Aug. 15... 20 2,431 2,468 7,979 2,375 5,343 4,064 2,976 211 228 Aug. 22— 20 2,432 2,457 7,983 2,390 5,347 4,072 2,972 211 228 Aug. 29... 21 2,432 2,463 7,981 2.403 5,345 4,127 2,944 204 226 Sept. 5 24 2,432 2,467 7,963 2,412 5,419 3,907 3,087 203 225 Sept. 12.. 23 2,431 2,469 7,968 2,414 5,409 3,948 3,058 213 224 Sept. 19— 22 2,431 2,466 7,972 2,412 5,412 3,124 195 230 Sept. 26. . 20 2,430 2,463 7,976 2,409 5,403 3,970 3,061 186 229 Oct. 3 15 2,431 2,455 7,980 2,407 5,468 3,895 3,068 182 229 Oct. 10. .. 12 2,430 2,448 7,985 2,403 5,479 3,979 2,967 183 229 Oct. 17. .. 12 2,430 2,457 7,990 2,410 5,469 3,996 2,968 183 239 Oct. 24._. 11 2,430 2,452 7,993 2,429 5,436 3,985 3,049 165 239 Oct. 31-_. 11 2,430 2,455 8,002 2,434 r 5,453 4,006 r 3, 031 164 237 Nov. 7—- 11 2,430 -7 2,440 8,008 2,442 5,503 4,032 2,944 172 240 Nov. 14.. 9 2,430 29 2,474 8,030 2,450 5,480 4,107 2,964 163 240 Nov. 21 11 2,430 2,470 8,076 2,459 5,455 4,196 2,956 159 239 Nov. 28. _ 12 2,430 12 2,460 8,112 2,469 5,516 4,108 3,017 160 239 ' Revised. * Increase from previous date represents principally increment resulting from reduction in weight of gold dollar on Jan. 31,1934. » Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 785 RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES) [In millions of dollars] Reserve bank credit outstanding Treasury Month or week BUls G m T o J v e . e n S r t n . - r O e b s a t e h n r e k v r e Total ta M s ry t o o n g ck o e- ld T c a • u t r n i e r b o d r a a n e s n a n n u k l a c r - - y y c M u in l o a c n ti 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 c d R F a e e w e s p h d s i o e e t s a r h r v i n a t e l s d b p m N e o r e o s m d i n t e - s - - R F c O e o e a s t d u h c e e n - r e r t v r s a e l counted securities credit banks 1933—September 138 7 2, 202 2,358 4,040 2,280 5,344 2,489 328 169 347 October 119 7 2,355 2,492 4,036 2.277 2,590 333 163 351 November 114 15 2,437 2,574 4,036 2,275 5,394 2,629 349 158 355 December 117 101 2,432 19 2,669 4,036 2,293 5,523 2,616 357 143 358 1934—January 101 113 2,432 2,656 4,035 2,302 5,382 2,764 397 146 305 February 70 87 2,432 2,597 l 7,138 2,303 5,339 2,822 i 3, 448 136 293 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 6 2,431 2. 479 7,759 2,378 5,355 3,695 3,083 249 234 June 28 5 2,424 2,464 7,821 2,363 5, 341 3,790 3,054 226 237 July 23 5 2,432 2,469 7,893 2,364 5,350 3,928 2,999 219 230 August 21 5 2,432 2,464 7,971 2,378 5,355 4,045 2,976 208 228 September 22 5 2,431 2,469 7,971 2,411 5,427 3,947 3,054 197 227 October 12 2,430 2,457 7,989 2,415 5,473 3,964 3,011 177 234 November 11 2,430 20 2,466 8,047 2,455 5,494 4,100 2,970 165 238 Week ending Saturday I Aug. 4 2,432 2,463 7,935 i 2,361 5,330 i 3,979 3,010 210 230 Aug. 11 2,432 2,464 7,961 ! 2,360 5,349 I 4,020 2,979 208 229 Aug. 18 2,432 2,467 7,979 ! 2, 375 5,357 I 4,072 2,956 207 229 Aug. 25 2,432 2,461 7, 982 | 2,390 5,361 | 4,073 2,962 210 227 Sept. 1 2,432 2,464 7.979 | 2,403 5,368 ' 4,081 2,965 205 227 Sept. 8 2,432 2,470 7,967 | 2,413 5,423 3,951 3,047 204 225 Sept. 15 2,431 2,473 7,968 2.414 5,427 3,964 3,034 205 225 Sept. 22 2,431 2,469 7,972 ' 2,412 5,430 3.920 3,080 193 229 Sept. 29 2,431 2,463 7,976 j 2,408 5,429 3,943 3,061 186 228 i Oct. 6 2,431 2,458 7.980 I 2,406 5,476 | 3,909 3,047 183 229 Oct. 13 2,429 2,453 7,985 ! 2,403 5,489 I 3,976 2,961 187 229 Oct. 20 2,430 2,461 7,989 i 2,412 5,484 j 3,963 3.000 178 238 Oct. 27 2,430 2,456 7,994 : 2,426 5,455 ! 3,985 3,030 167 239 Nov. 3 2,430 2,457 8,002 ! 2,434 5,470 • 4,004 3,015 167 237 Nov. 10 2,430 2,459 8,009 , 2,444 5,506 ! 4,044 2,952 172 238 Nov. 17 2,430 2,478 8,029 , 2. 453 5,493 ' 4,108 2,955 165 239 Nov. 24 2,429 2,469 8,069 2,464 5,474 i 4,159 2,971 160 239 RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES) [In millions of dollars] Reserve bank credit outstanding i Treasury End of month co B d u i i n l s l t - s ed bo B u il g ls ht s G ec m U o u v e . r e S i n t r . t i n e - s r c O e b r s a t e e h n d r e k v i r t e Total ta M s r t y o o c n g k o e- ld T c a u t r n b i e r o d a r a n e n s n a n u k l a c r - - y y c M u in l o a c n ti i e r o y - n M b r a e b e l s a a m e n n r b c v k e e e s r ^ F d ™ 0 J J e^ ^ « j t a s ™ £ l b p m N e o r e o s m n i d t - e - s - R F c O e e o a s d t u c h e e n - e r r t v r a s e l 1 banks 1933—September 128 7 2,277 2,421 4,037 2,278 5,363 2,538 331 155 348 October 116 7 2,421 5 2,548 4,036 2,277 5, 347 2,685 299 173 356 November. 119 24 2,432 7 2,581 4,036 2,277 5,455 2,573 369 142 354 December. 98 133 2,437 20 2,688 4,035 2,303 5,518 2,729 287 132 360 1934—January. __ 83 111 2,434 2 2,630 4,033 2,302 5,289 2,652 597 141 287 February- 64 62 2,432 8 2,567 1 7, 438 2,302 5,355 3,093 1 3,440 127 292 March 54 29 2,447 15 2,545 7,694 2,361 5,394 3,457 3,293 157 299 April 39 9 2,431 6 2,485 7, 757 2,378 i 5,368 3,599 3,148 268 236 May 31 5 2,430 -4 2,463 7,779 2,368 5,357 3,746 3, 053 222 232 June 25 5 2,432 10 2,472 7,856 2,367 5,373 3,840 3,016 233 233 July 22 5 2,432 3 2,462 «• 7,931 2,361 5,317 4,029 2,971 207 229 August 23 5 2,432 4 2,464 7,978 2,408 5,396 4,052 2,968 208 226 September. 15 2,431 11 2,464 7,978 2,405 5,456 3,934 3,051 178 228 October. _. 11 2,430 2,455 8,002 2,434 r 5,453 4,006 r 3, 031 164 237 November. 11 2,430 2,453 » 8,132 P 2,469 P 5, 549 4,081 P 3,021 161 239 p Preliminary. r Revised. i Increase from previous date represents principally increment resulting from reduction in the weight of gold dollar on Jan. 31, 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
786 FEDERAL RESERVE BULLETIN DECEMBER 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] 4 Oct. 31, 1934 ' Nov. 30, 1933 Gold certificates on hand and due from U. S. Treasury.. 5,087,164 4, 966,481 942, 794 Gold- 2, 589, 556 Redemption fund--Federal Reserve notes.. 20,137 22,032 40,888 Other cash 210,153 223,407 204, 583- Total reserves _._ 5, 317, 454 5, 211, 920 3, 777,821 Redemption fund—Federal Reserve bank notes _ 2,166 1,829 11, 990 Bills discounted: For member banks 11, 227 10,919 118, 590- For nonmember banks, etc 451 Total bills discounted. 11,296 10, 985 119, 041 Bills bought: Payable in dollars: Bought outright 183 587 18, 025- Payable in foreign currencies- 5,499 5,495 5,841 Total bills bought 5,682 6,082 23,86$ 10, 062 6,149 Industrial advances United States Government securities: Bought outright 2,430,122 2,430,171 2,430,137 Under resale agreement 1.50O Total United States Government securities 2,430,122 2, 430,171 2,431,637 Other Reserve bank credit: Municipal warrants 1, 580 Due from foreign banks 803 811 3,523 Reserve bank float (uncollected items in excess of deferred availability items).. i 5, 220 1,054 1,602 Total Reserve bank credit outstanding 2,452, 745 2,455, 252 2, 581, 249- Federal Reserve notes of other Reserve banks _' 21,124 19, 744 15,434 Uncollected items not included in float 434, 562 438,939 373, 730 Bank premises _. 53,164 52, 974 54, 732 Allother assets.. 50, 590 48, 094 50, 442 Total assets , 8, 331, 805 8, 228, 752 6,865, 39S Federal Reserve notes: Held by other Federal Reserve banks. 21,124 19, 744 15. 434 Outside Federal Reserve banks 3,192,181 3,141,033 3, 014, 895 Total notes in circulation 3, 213, 305 3,160, 777 3, 030, 329 Federal Reserve bank note circulation—net 27, 523 28, 664 205, 394 Deposits: Member bank—reserve account 4,081, 350 4, 005, 999 2, 572, 942 United States Treasurer—general account. 70, 621 92, 293 81,519 Foreign bank 15, 577 8,952 5,324 Other deposits 145,918 154, 558 136, 689 Total deposits.. 4, 313, 466 4, 261, 802 2, 796, 474 Deferred availability items.. 434, 562 438,939 373, 730 Capital paid in 146, 885 146, 777 145,194 Surplus (sec. 7) 138, 383 138, 383 278, 599 Surplus (sec. 13b) 2,682 845 Reserve for contingencies 22, 291 22, 291 12, 090 All other liabilities 32, 708 30, 274 23, 588 Total liabilities _ 8, 331,805 8, 228, 752 6,865, 398 Contingent liability on bills purchased for foreign correspondents.. 491 465 2,893 Commitments to make industrial advances 6,510 3,218 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents 3, 466, 978 3, 443, 685 3, 264, 891 Collateral held by agents as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3, 246, 416 3, 224, 416 843,321 Gold 1, 774,935 Eligible paper _ 9,238 96, 276 United States Government securities 256, 700 277, 800 597, 600 Total collateral ___ 3, 512, 782 3, 511, 454 3, 312,130 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding).. 38, 829 39, 792 225, 544 Collateral pledged against outstanding notes: Discounted and purchased bills 1,948 United States Government securities.. 32, 574 45, 274 247, 274 Total collateral 32, 574 45, 274 249, 222 i Deferred availability items in excess of uncollected items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 787 KINDS OF MONEY IN CIRCULATION [Moaey 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 o i a l l r v l d a e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e r t 1 y a e 8 s s 9 - 0 S s u i i b a lv r s y e id r - M c i o n i o n r U S n n t o a i t t t e e e s s d | I ! [ F R n e e o d s t e e e r r s v a e l iF R n b e e o d a se t n e e r k r s v a e l t n b i N o o a n t n a e - a k s l i 1933—May 5,525 280 28 ! 256 112 3,167 922 June 5,434 265 28 i 361 ! 257 113 3,061 125 920 July 5,343 252 28 | 365 i 258 113 275 2,974 129 914 August 5,325 242 28 ! 372 i 261 114 277 2,953 133 911 September 5,363 232 28 | 385 ! 265 115 280 2,966 156 909 October 5,347 225 29 j 387 ! 267 116 277 2,930 189 903 November 5,455 219 29 j 394 I 269 117 285 2,998 206 913 December 5,518 213 29 ' 407 272 117 3,044 918 1934—January 5,289 178 29 391 267 116 283 2,894 202 927 February 5,354 167 29 399 270 117 2,949 194 938 March 5,394 161 30 403 272 118 3,005 178 936" April 5,368 157 30 400 274 118 282 I 3,025 162 918 May 5,357 153 30 402 277 120 279 I 3,038 151 906 June 5,373 150 30 401 280 119 280 j 3,068 142 902 July 5,317 146 30 399 280 121 277 3,044 133 885 August 5,396 143 31 438 282 122 274 ! 3,103 125 878 September 5,456 139 31 483 284 122 274 ! 3,131 119 870 October 5,453 136 31 510 288 123 273 ! 3,124 112 856 November ".__ 5,549 133 32 558 291 124 273 | 3,176 107 p Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p. 832. Back figures—See Annual Report for 1933 (table 56). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENTS OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] [In thousands of dollars] Year and month a s G t t o o o e c f l n d k d 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 l m e e a a t r s k e e r a ^ e r - - fa O c t t h or e s r 2 From or to— November October Janua b ry er -Octomonth ImportsExportsImportsExportsImportsExports" $l=25¥\o grains of gold Mo fine: i. e., an Belgium 12,814 154 4,059 ounce of fine gold=$20.67 England 3,687 4 1,122 486, 734 8,438 1932—Total (12 mo.)- 52.9 -446.2 457.5 41. i France - 70, 351 24 197, 750 29,991 Germany 147 1933— J J A D N S O M u u e e u o c n l p a c t g v y e o y e t u e . e b m m s m e t b r b b e e e r r r . i j 4 4 4 4 4 4 4 4 , , , , , , , , 0 0 0 0 0 0 0 0 3 3 3 3 3 3 4 2 0 3 6 6 5 7 1 8 - -0 3 3 7 2 2 . . . . . . 7 8 5 7 2 6 - - - - - 5 8 3 8 - - 2 - 3 9 0 6 0 2 3 1 . . . . . . . . 2 1 8 7 4 4 9 1 8 7 4 2 2 1 3 0 9 4 9 6 2 1 . . . . . . . . 6 5 9 5 5 3 8 1 -3 8 4 0 2 3 2 1 . . . . . . . . 1 4 9 8 6 1 6 1 N A S M E C C C w c o a e r e e g u n n l t i x o h e t a a t i z m r e n c d d e a o r t o a b l r i l r l n a i a A a a n n m d d s e ric . a . .. 9 9 , , 9 6 9 2 2 0 2 1 3 1 6 8 6 1 1 1 25 3 1 4 7 9 3 3 3, , , 1 2 7 2 2 1 9 8 9 1 2 9 7 0 6 ...... 3 . 4 . 7 6 2 1 1 5 9 2 2 3 1 4 , , , , , , , 1 3 0 5 8 2 6 3 5 7 4 4 2 5 1 8 6 2 0 4 9 6 2 7,4 2 1 1 1 4 4 2 5 8 Peru 121 226 1,136 Total (12 mo.). -190.4 -173.5 -58.0 41.1 Uruguay Venezuela 72 50 719 :::::::: 1934—January.. 4,0 $ 3 1 3 = I 1 55/2 - i 2 g .1 ra in ! s l of - g 2 ol . d 8 Mofin 1 e 2 ; .2 i. I ,, an A Br u i s t t i r s a h l i I a ndia 11, 300 291 5 1 2 , , 0 9 2 4 9 6 ounce of fine gold China and Hong M A Fe p a b r r i r c l u h ary 7 7 7 , , , 6 7 4 9 5 3 5 7 8 3, 2 4 5 0 6 6 5 1 . . .5 8 0 4 2 5 5 3 4 2 7 . . . 7 6 3 - - 6 0 1 8 . . 8 1 .7 2,88 2 3 7 0 . . . 9 3 8 J D a u K p t a o c n h n g East Indies 700 50 15, 22 7 4 3 1 J J M u u l n a y y e 7 7 7 , , , 9 7 8 3 7 5 1 9 6 7 2 7 4 2 7 . . . 4 4 1 3 6 5 3 3 2 . . . 6 3 7 0 0 1. . . 0 6 5 -1 2 1 1 1 2 . . . 6 4 5 P A h ll i l o i t p h p e i r n e c o I u s n la tr n i d e s s _ 2_ _ 9 3 4 2 0 0 6 96 9 4 6 1,005 9 8 , , 7 9 2 4 9 0 1,894 A Se u p g t u e s m t ber.. 7 7 , , 9 9 7 7 8 8 ' 4 0 7 . . 4 4 -1 3 8 7 . . 7 2 -1 2 . . 1 4 1 16 1 . . 6 2 Total 121,199 310 13,010 2,173 973, 223 52,309 October 8,002 23.5 10.8 0.3 12.4 November p. 8,132 130.0 120.9 —0.1 9.2 1 With some exceptions figures represent customs valuations at rate of $20.67 a fine ounce for January 1934 and $35 a fine ounce thereafter. 2 Includes all movements of unreported origin or destination. "Preliminary. "Corrected. 1 Gold released from earmark at Federal Reserve banks less gold placed Back figures.—See Annual Report for 1933 (tables 53 and 54). under earmark (with allowance when necessary for changes in gold earmarked abroad for account of Federal Reserve banks). 2 Figures are derived from preceding columns and indicate net result of such factors as domestic production, movements into and out of nonmonetary use, imports and exports that do not aflect gold stock during the month or year, and increment resulting from reduction in weight of gold dollar. Back figures.—See Annual Report for 1933 (table 51). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
788 FEDERAL RESERVE BULLETIN DECEMBER 1934 MEMBER BANK RESERVE BALANCES [In millions of dollars. Averages of daily figures. Figures are for licensed banks only] Eeserves held Excess reserves Month or week T m o b t e a a m l n — b ks e a r ll Ne C w it Y y o i rk R O c e i s t t h e ie r e v s r e 'C b o a u n n k t s ry' T m b ot a e a n m l— k b s e a 2 r ll Ne C w i ty Y * ork R O c e i s t t h e ie r e s v r e 'C b o a u n n k t s r y 2 '* 1933—October 2,557 ,135 529 758.4 149.0 437.9 171.5 November 2,599 ,181 553 794.1 129.8 474.7 189.6 December 2,588 828 ,193 567 765.7 96.0 472.6 197.1 1934—January 2,740 897 ,222 622 865.7 146.8 476.6 242.4 February _ 2,799 872 ,271 656 890.8 118.3 509.1 263.4 March 3,345 1,227 1,422 696 1,375.1 432.2 645.5 297.4 April 3,582 1,290 1,536 756 1, 541.0 454.6 736.4 350.1 May 3,695 1,323 1,598 773 1, 623. 5 484.7 778.4 360.4 June.__ -_ 3,790 1,391 1,632 767 1, 684. 6 532.2 799.6 352.8 July 3,928 1,393 1,725 810 1,789.4 525.7 874.0 389.7 August 4,045 1,509 1,719 817 1,883. 6 638.2 852.2 393.3 September 3,947 1,440 1,692 814 1, 754.1 562.0 808.7 383.4 October 3,964 1,461 1,667 837 1,730.6 568.1 766.4 396.1 Week'ending (Friday): Aug. 3 1,476 1,713 810 1,849.0 603.5 852.8 393.0 Aug. 10 3,997 1,479 1,685 833 1,859.0 615.5 826.1 417.0 Aug. 17 4,079 1,521 1,732 826 1, 931. 0 650.6 864.9 416.0 Aug. 24... 4,066 1,520 1,729 816 1,901. 0 649.5 861.6 390.0 Aug. 31 4,093 1,548 1,740 805 1,915.0 868.7 378.0 Sept. 7 3.960 1,445 1,702 814 1, 776. 0 561.1 827.2 388.0 Sept. 14 3,960 1,399 1,722 839 1, 779.0 522.5 837.8 419.0 Sept. 21 3,930 1,437 1,648 845 1, 734. 0 562.3 790.9 381.0 Sept. 28 3,940 1,467 1,671 802 1,737.0 590.0 782.1 365.0 Oct. 5 3,909 1,474 1,621 814 1,702.0 591.4 731.3 379.0 Oct. 12 3,967 1,484 1,651 831 1, 760.0 601.6 758.1 400.0 Oct. 19 3,966 1,449 1,663 855 1, 733.0 554.4 758.4 420.0 Oct. 26 3,983 1,439 1,699 845 1,734.0 539.1 792.1 404.0 1 Central Reserve city banks only. 2 Weekly figures of excess reserves of all member banks and of country banks are estimates. Black figures.—See Annual Report for 1933 (table 73). MEMBER BANK DEPOSITS fin 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 ll a o b n m t e k a r e s l m - - C Y N i o e ty w rk 2 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 i - a T b ll a o n m t k a e s m l - 1 - C Y N i o e ty r w k 2 R O c e i s t t h e ie r e s v r e " b C a tr n o y k u " n sl - a T b ll a o b m n t e k a r em s l- l - C Y N i o e ty r w k 2 R O c e i s t t e h ie r e s v r e " b C a tr n o y k u " s n 2 - 1933—October 23,369 6,341 9,453 7,575 14, 243 5,535 5,459 3,249 9,126 805 3,994 4,326 November.. 23,486 6, 289 9,531 7,666 14, 347 5, 475 5,543 3,330 9,139 814 3,988 4,336 December.. 23, 646 6,215 9,659 7,772 14, 567 5,452 5,691 3,424 9,078 763 3,968 4,348 1934—January 24,248 6,348 9,937 7,963 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 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, 541 3,896 9,643 719 4,246 4,679 June 7,168 10, 929 8,601 6,433 6,645 3,909 9,711 735 4,284 4,691 July- 27, 073 7,236 ] 1,127 8,710 17, 276 6,500 6,807 3,969 9,796 736 4,319 4,741 August 27, 310 7,252 11, 280 8,777 17,490 6,534 6,940 4,016 9,819 719 4,340 4,761 September- 27, 615 7,300 11,436 8,878 17, 806 6,591 7,103 4,111 9,809 709 4,333 4,767 October 28,034 7,409 11, 587 9,038 6,704 7,269 4,235 705 4,319 4,802 Week ending (Friday): Aug. 3 _ 7,271 11, 201 6,543 6,878 728 4,323 Aug. 10 7,199 11,192 6,473 6,878 726 4,314 Aug. 17— 7,253 11, 280 6,531 6,950 722 4,330 Aug. 24 7,247 11, 296 6, 534 713 4,348 Aug. 31 7,311 11, 332 6,602 6,978 709 4,354 Sept. 7... 7,339 11, 362 6,632 7,016 707 4,346 Sept. 14.. 7,289 11,449 6,577 7,108 711 4,341 Sept. 21.. 7,270 11,466 6,562 r 7,132 708 r 4, 334 Sept. 28.. 7,291 11,475 6,582 7,153 709 4,322 Oct. 5__. 7,339 11,476 6,627 7,161 712 4,315 Oct. 12.. 7,338 11, 510 6,627 7,202 711 4,307 Oct. 19-. 7,423 11,619 6, 718 7,311 706 4,308 Oct. 26.. 7,460 11,663 6,759 7,332 701 4,330 i Weekly figures are not reported. 2 Central Reserve city banks only. r Revised, Black figures.—See Annual Report for 1933 (table 73). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 789 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Total loans Call date i m T n lo a v o e n a e n t n d a s t s t l s - L b o a t a n o n k s s Total s b c t a u o S o b n r n e 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 c u e w a u c t n h n i r u s s e e d e r e r d e - - d Total p A U a a c n n y i P c n c i a e t u e b e p s r l d t c e - ha a c p a s A n e a b e c p c y l d e - e t - s - pap p C m c a e e o i p r r a m e - l - r Y L N k b o o i t r e e n o a o r r w n - s k s i Total r U s m G e i e t r . o c e i n e u v S n - s - - t . O r s i e t t c h ie u e s - r s b c t a o u o s b n n e r c y e d - d k d s s 1 States abroad TOTAL—ALL MEMBER BANKS 1930—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 2,454 361 101 361 1,630 11,889 5,002 9,272 June 30_ _. 33,923 457 19,257 7,117 3,218 2,103 389 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29__ 33,073 599 18, 713 6,842 3,149 8,722 1,563 268 70 296 928 12,199 5,564 6,635 8,081 Dec. 31... 30,575 790 17, 570 6,290 3,038 8,242 901 146 41 140 575 11,314 5,319 5,996 7,320 1932—June 30__. 28,001 573 15, 267 5,292 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 302.. 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 5,067 1,387 350 26 157 855 13, 842 8,667 5,175 4,606 June 30. _ 27,175 153 10,804 3,516 2,357 4,931 1,566 264 20 200 1,082 14, 652 9,137 5,515 4,651 Oct. 17... 27, 559 149 10, 782 3,325 2,297 5,161 1,361 276 30 253 802 15,267 9,186 6,081 4,178 NEW YORK CITY 3 1930—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 302.. 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 1,180 986 276 687 3,932 2,768 1,164 1,724 June30__ 7,666 68 2,202 937 156 1,109 1,131 225 883 4,265 3,053 1,212 1,840 Oct. 17... 7,543 66 2,294 876 150 1,267 883 232 631 4,300 2,954 1,345 1,531 OTHER RESERVE CITIES 1930—Dec. 31... 13,758 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 3,366 1,619 3,423 645 158 212 227 4,676 2,313 2,364 3,729 June30_. 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 1,961 2,466 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 2.. 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 2,889 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 79 4,669 1,566 1,158 1,945 306 64 89 138 5,763 3,954 1,809 1,753 June 30_._ 11,054 53 4,586 1,526 1,145 1,915 311 34 115 154 6,104 4,102 2,002 1,708 Oct. 17-.. 11,367 55 4,562 1,421 1,120 2,021 328 151 123 6,423 4,240 2,183 1,569 "COUNTRY" BANKS 1930—Dec. 31. 12,519 7,762 2,149 1,455 4,158 177 120 4,519 1,159 3,359 2,213 1931—Mar. 25.. 12,290 7,524 2,097 1,449 3,978 158 114 4,550 1,224 3,326 2,147 June 30__. 12,068 7,318 2,031 1,437 3,849 135 101 4,555 1,279 3,276 2,078 Sept. 29... 11,805 7,018 1,935 1,411 3,673 116 81 4,606 1,433 3,172 1,985 Dec. 34... 10,999 6,469 1,756 1,346 3,367 71 48 4,392 1,418 2,974 1,796 1932—June 30 10,240 5,892 1,546 1,328 3,018 64 36 4,226 1,432 2,794 1,574 Sept. 30... 9,954 5,663 1,481 1,324 2,857 55 36 4,187 1,471 2,715 1,503 Dec. 31... 9,607 5,405 1,432 1,304 2,669 39 28 4,114 1,474 2,640 1,450 1933—June 30 2.. 7,873 4,194 1,132 1,055 2,007 43 27 1,469 2,129 1,150 Oct. 25... 8,031 4,175 1,118 1,070 1,987 73 46 3,748 1,592 2,156 1,148 Dec. 30... 8,068 4,123 1,108 1,061 1,955 62 34 3,845 1,683 2,162 1,136 1934—Mar. 5..__ 8,381 4,103 1,093 1,068 1,942 95 54 4,148 1,946 2,202 1,129 June 30. _. 8,456 4,016 1,053 1,056 1,906 124 72 4,283 1,982 2,301 1,102 Oct. 17... 8,649 3,926 1,027 1,026 1,873 150 95 4,545 1,992 2,552 1,078 1 Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. 2 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 53), 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 1933 (table 78). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
790 FEDERAL RESERVE BULLETIN DECEMBER 1934 ALL BANKS IN THE UNITED STATES {Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private and industrial banks included in abstracts issued by State banking departments] 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—Oct. 4 58,835 42,201 16,634 35,914 26,165 9,749 i 9,556 i 5,892 i 3, 664 13,366 10,144 3,221 Dec. 31 58,417 41,898 16,519 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,803 3,217 1930—Mar. 27. 57,386 40, 686 16, 700 35,056 25,119 9,937 i 9,463 i 5, 945 i 3, 518 12,868 9,623 3,245 June 30 58,108 40, 618 17, 490 35, 656 25,214 10,442 9,747 6,009 3,739 12, 706 9,395 3, 309 Sept. 24 57, 590 39, 715 17,875 35,472 24,738 10, 734 i 9, 747 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 i 6,068 i 3,920 11, 208 7,906 3,302 June 30 55,021 35, 384 19,637 33, 923 21,816 12,106 10, 506 6,169 4,337 10, 593 7,399 3,194 Sept. 29 53,365 33, 750 19, 615 33,073 20,874 12,199 i 10, 506 i 6,169 i 4,337 9,786 6,707 3,079 Dec. 31 49, 704 31, 305 18,399 30, 575 19, 261 11,314 10, 488 6,218 4,270 8,641 5,827 2,814 1932—June 30 46,071 27,834 18, 237 28, 001 16, 587 11,414 10, 316 6,130 4,186 7,755 5,117 2,637 Sept. 30. . . 45, 852 26,985 18,867 28,045 15, 924 12,121 i 10, 316 i 6,130 i 4,186 7,491 4,931 2,560 Dec. 31 44, 946 26,063 18,883 27,469 15,204 12, 265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30 2 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, 319 21, 977 18,342 25, 220 12,833 12, 386 9,989 5,909 4,080 5,111 3,235 1,876 1934—Mar. 5 3 26, 548 12, 706 13,842 June 30 3 27,175 12, 523 14, 652 Oct. 17 3 . 27, 559 12,293 15, 267 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. 3 Non-member bank figures not available. Back figures.—See Annual Report for 1933 (tables 67-69). DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS DEPOSITS [In millions of dollars] Member banks Nonm ba e n m k b s er Nonmember banks Date Total Other Date All banks Member M sav u i t n u g a s l no O n t m he e r m- Total ti N on a a - l State M sa u v t i u n a g l s m no em n- banks ber banks banks ber banks 1929—Oct. 4 55,180 33,004 i 8, 983 13,193 Dec. 31... 55, 289 33,865 8,916 12, 507 1929—Oct. 4 24, 951 8,616 7,468 1,148 1611 15,724 Dec. 31 24, 630 8,522 7,403 1,119 609 15,499 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 i 9,197 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 1931—Mar. 25— 51, 427 31,153 i 9, 507 10, 767 Dec. 31 22, 769 8,052 7,033 1,019 603 14,114 June 30-.. 51, 782 31, 566 10, 017 10,199 Sept. 29— 49,152 29, 469 1 10, 017 9,666 1931—Mar. 25 22, 372 7,928 6,930 998 1603 13,841 Dec. 31... 45,821 27, 432 10,105 8,284 June 30 21, 903 7,782 6,800 982 •600 13, 521 Sept. 29 21, 294 7,599 6,653 946 1600 13,095 1932—June 30__- 41, 963 24, 755 10, 020 7,188 Dec. 31 19, 966 7,246 6,368 878 597 12,123 Sept. 30— 41,942 24, 903 i 10, 020 7,020 Dec. 31... 41, 643 24,803 10, 022 6,818 1932—June 30 19, 046 6,980 6,145 835 594 11, 472 1933—June 30 2_. 38,011 23, 338 9,713 4,961 Sept. 30 18, 794 6,904 6,080 824 1594 11, 296 Oct. 25 s.- 23, 453 Dec. 31 18, 390 6,816 6,011 805 594 10, 980 Dec. 3O._- 38, 505 23, 771 9,711 5,023 1933—June 30 2 14, 530 5,606 4,897 709 576 8,348 1934— J M un a e r. 3 5 0 3 3_ . _ . 2 2 5 6 , ,6 2 1 9 5 3 . D O e c c t. . 2 3 5 0 3 15, 011 5 6 , , 8 0 1 1 8 1 5 5, , 1 0 5 5 4 2 8 7 5 6 7 6 581 8,419 Oct. 17 3.. 27,484 . 1934—Mar. 53 6,206 5,288 918 For footnotes see table above. June 303 6,375 5,417 958 NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank Oct. 17 3 6,433 5,461 972 •deposits not subject to immediate withdrawal, which aggregated $103,- 4)00,000 on that date. Back figures.—See Annual Report for 1933 (table 70). For footnotes see table above. Back figures.—See Annual Report for 1933 (table 66). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 791 REPORTING MEMBER BANKS IN LEADING CITIES * [In millions of dollars. Monthly data are averages of weekly figures] Total—all weekly reporting member banks New York City Other leading cities Loans and investments Loans and investments Bor- Bor- Bor- Month or date row- row- Total row- Total c L o u n o r i a t s n i e e s - s o lo A t a h l n e l s r Investm U e .S n . ts se- b F i a . n a n g R t k s . s Total c L o u n o r i a t s i n e e s - s o lo A t a h l n e l s r Investm U e .S n . t s se- b F i a . n a n g t R k s s . a m l n v o e d e a s n n i t t n s - s - b F i a . n a n g R t k s s . Total curities Total curities 1933—September- 16, 566 3,728 4,831 8,007 5,067 6,724 1,772 ,620 3,332 2,280 9,842 23 October 16,536 3,636 4,944 7,956 4,990 6,728 1,683 ,715 3,330 2,232 9,808 21 November- 16,688 3,574 4,990 8,124 5,135 6,775 1,643 ,763 3, 369 2,238 9,913 22 December.. 16, 620 3,595 4,862 8,163 5,210 6,717 1,670 ,694 3,353 2,256 9,903 24 1934—January 16, 589 3,542 4,732 8,315 5, 334 6,675 1,676 ,672 3,327 2,233 9,914 20 February. _. 17,207 3,567 4,713 8,987 6,040 6,997 1,711 ,699 3,587 2,517 10, 270 11 March 17,484 3,539 4,663 9,282 6,251 7,168 1,683 ,650 3,835 2,702 10,316 10 April 17, 526 3,570 4,648 9,308 6,229 7,269 1,718 ,631 3,920 2,745 10, 257 7 May. _. 17, 328 3, 516 4,555 9,257 6,256 7, 050 1,680 ,560 3,810 2,735 10, 278 6 June 17,542 3,553 4, 511 9,478 6,442 7,190 1,727 ,537 3,926 2,848 10, 352 5 July 17, 749 3, 531 4,455 9,763 6,676 7,273 1,727 ,501 4,045 2,930 10, 476 6 Ausrust 17, 721 3,295 4, 533 9,893 6,650 7,127 1,520 1, 522 I4,685 2,883 10, 594 5 September- 17,770 3,137 4,697 9,936 6,589 7,120 1,455 1, 610 4,055 2,820 10, 650 6 October 17,835 3,062 4, 757 10,016 6, 647 7,105 1,418 1,644 4,043 2,801 10, 730 1 November- 17, 762 3,008 4,705 10,049 7,050 1,382 1,632 4,036 2,827 10, 712 2 Sept. 5... 17, 755 3, 210 4,679 9,866 6,520 7,186 1,505 1,612 4,069 2,827 10, 569 Sept. 12- 17, 778 3,162 4, 693 9,923 6,573 7,150 1,479 1,614 4,057 2,816 10, 628 Sept. 19.. 17, 756 3,095 4,704 9,957 6,631 7,065 1,419 1,608 4,038 2,826 10, 691 Sept. 26.. 17, 789 3,080 4,713 6,631 7,077 1,416 1,606 4,055 2,813 10,712 Oct. 3 17,811 3,047 4,747 10,017 6, 636 7,077 1,401 1,624 4,052 2,794 10,734 Oct. 10 17,824 3,055 4,759 10,010 6, 658 7,092 1,402 1,643 4,047 2,812 10, 732 Oct. 17 17,854 3,082 4,765 10,007 6,650 7,118 1,434 1,645 4,039 2,800 10, 736 Oct. 24 17,850 3,074 4,760 10,016 6,654 7,114 1,435 1,652 4,027 2,798 10, 736 Oct. 31 17,837 3,051 4,756 10,030 6,639 7,123 1,417 1,654 4,052 2,804 10, 714 Nov. 7... 17,837 3,010 4,731 10,096 6,683 7,123 1,381 1,648 4,094 2,830 10, 714 Nov. 14.. 17, 759 3,008 4,708 10,043 6,713 7,024 1,378 1,634 4,012 2,825 10, 735 Nov. 21.. 17,688 2,998 4,693 9,997 6,674 6,990 1,377 1,625 3,988 2,813 10. 698 Nov. 28.. 17,764 3,017 4,688 10,059 6,715 7,064 1,390 1,624 4,050 2,841 10,700 i For additional data see p. 823. Back figures—See Annual Report for 1933 (tables 88-90). BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N.Y. CITY [Net borrowings on demand and on time. In millions of dollars] [In millions of dollars. Monthly data are averages of weekly figures From New From private For ac- Total an Y d o t r r k u s b t a n co k m s - b fo a r n e k ig s n , b b r a o n k k e i r n s, g Month or date Total ow F n o r ac- c o o u u t n -o t f o - f c F o o u r n t a o c- f End of month panies agencies, etc. count town others banksl 1934 1933 1934 1933 1934 1933—October 779 663 111 5 November.. 723 611 106 6 January... 359 903 270 839 90 64 December 759 631 122 6 M Fe a b r r c u h ary- 3 3 1 6 1 0 938 2 2 9 4 8 7 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 ar a y ry. _, 8 88 0 9 2 6 7 5 3 7 1 1 14 3 9 7 8 9 April. 322 1,088 268 973 54 116 March 886 736 148 2 May- 529 1,016 461 912 68 104 April 975 813 156 6 June.. 780 1,082 694 86 102 May 937 766 163 8 June -. . -._ . 1,016 845 165 6 July 916 923 822 849 94 74 July 1,042 871 168 3 S A e u p g t u em st ber .. 8 9 9 1 7 7 8 8 7 3 4 2 841 8 7 0 6 3 9 9 7 1 6 7 6 1 2 A S O e u c p t g o t u e b m s e t r ber 8 7 7 2 7 4 7 6 6 6 6 6 3 1 7 3 2 0 1 1 1 5 4 3 6 2 3 1 1 1 October 776 827 706 761 November 729 589 139 1 November- 789 831 712 765 December.. 845 776 Nov 7 714 576 137 1 Nov. 14 707 568 138 1 Nov. 21 . .. 711 572 138 1 Back figures.—See Annual Report for 1933 (table 93). Nov. 28 782 639 142 1 1 Member and nonmember banks outside New York City (domestic banks only). Back figures.—SeeA nnual Report for 1933 (table 92). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
792 FEDERAL RESERVE BULLETIN DECEMBER 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 d b a R b n e y k s s e F r e v d e - Held 13 b y a n a k c s cepting s o t n B o r a g e s o d e o d i d n s B go a o o s n e d d s United stored End of month s T t o i a o n u n t g t a d - l - o F a w c o - r n o c e f F o a i c u g o f - o n n r r t - 1 otal O bi w lls n b B ou il g ls ht o H t b h e y e ld rs End of month Total B p U i i a o n o m . s S r n to e . t - s d o B p U f n r a o . o s S r e m e . t x s d - s c h S ( h r w e i o t p o a d a u r p t i r s e t e e e s s - d ) c D h o e a x l n l - g a e r s t f h r o c i i o r b e i p e e u n s i p - n g o e - n d r count corre- between tween spond- domestic foreign ents points points 1932—July 705 12 59 563 197 366 70 OUTSTANDING August 681 49 574 198 376 55 September- 683 2 43 573 159 414 64 1933—October 737 185 253 195 October 699 3 39 605 199 406 52 November 758 200 278 180 November... 720 4 32 655 268 386 28 December 764 94 207 277 182 December... 710 4 40 C04 224 380 62 1934—January 771 225 277 175 1933—January 707 ; 2 41 626 256 370 38 February 750 203 261 184 February 704 307 '30 325 201 124 42 March 685 103 186 226 168 March 671 280 45 261 153 108 85 April 613 103 164 186 158 April 697 163 43 404 206 199 86 May 569 100 150 164 152 May. .. . 669 ; 13 36 505 229 276 115 June 534 97 145 141 148 June 687 41 36 487 201 287 123 July 516 94 135 138 144 July 738 2 37 552 248 304 147 August 520 89 140 147 141 August 694 1 40 499 252 247 154 September 539 94 138 166 137 September- 715 1 41 517 236 282 156 October 562 93 147 184 133 October 737 1 31 592 271 321 112 November... 758 18 3 599 273 326 138 HELD BY F. R. BANKS December... 764 127 4 442 223 219 190 (OWN ACCOUNT)^ 1934—January 771 105 4 567 255 312 95 1933—October 1 February 750 ' 56 5 581 266 315 108 November- 18 ) 4 March . 085 : 23 5 576 252 321 81 December.. 127 1 ! 39 April... 613 3 4 536 236 299 70 J M un a e v. _ 5 5 6 3 9 4 ; i ( ( l i ) ) 2 4 50 8 7 0 2 2 2 2 6 0 2 2 8 6 1 0 5 5 9 3 1934— F J e a b nu ru ar a y ry... 1 5 0 6 5 2 2 ! > 3 1 1 6 July 516 0) 1 472 222 250 42 March 23 2 j 4 August 520 0) 1 483 222 261 37 April 3 ) I 2 September,.. 539 (!) 1 503 223 280 OB May 8 October 562 1 0) 510 245 ?71 46 June— July 8 August i Less than $500,000. September- 2 October.... () Source: For acceptances outstanding (and held by accepting banks), T American Acceptance Council. Back figures—See Annual.Report for 1933 (table 100). 1 Total holdings of Federal Reserve banks include a small amount of unclassified acceptances. 2 Less than $500,000. ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- Back figures.—See Annual Report for 1933 (tables 97 and 25). HOLDINGS OF FEDERAL RESERVE BANKS COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] [In millions of dollars] End of month 1931 1932 1933 1934 End of month 1931 1932 1933 1934 January... 36,119 33, 444 29,036 5, 977 January 327 108 85 108 February.. 23,958 33, 478 28, 997 5,887 February 315 103 84 117 March 1,063 30. 778 21,788 5,275 March 311 106 72 133 April 1,074 30, 736 7,181 5,070 April 307 108 64 139 May 1,073 30,837 6,981 5,076 May 305 111 60 141 June 10, 551 30,762 7,089 5,075 June 292 103 73 151 July 34, 371 30, G45 6,821 5,081 July 289 100 97 168 August 145,215 30,834 6,199 5,079 August . 271 108 107 188 September 48,804 30,849 6,068 5, 691 248 110 123 192 October-_ . 33,501 30,659 5,6S6 5,495 October _ ._ 210 113 130 188 November. 33, 386 30,652 5,841 5,499 November . 174 110 133 December. 33,429 29, 189 6,033 December 118 81 109 Back figure*.—See Annual Repor 1for 1933 (table 26). Back figures.—See Annual Report for 1933 (table 96). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
793 DECEMBER 1934 FEDERAL RESERVE BULLETIN 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 Prevailing rate on- Average rate Average yield Federal Reserve Act Reserve Act on— on— Federal Reserve bank Boston e R D ffe a e c t c e t . 2 o i 1 n n F D eb a l . t i e s h e 8 e s , d t 1 a 9 b 3 - 4 o P us r e r v 2 a i H - te e R D ffe a e c c te t . 4 o i 1 n n O D c a t l t . i e s h e 2 e s 0 d t ,1 a 9 b 3 - 3 Month or week m m p P 4 c a e o r o r p t i n o m c m e t i r h a - 6 e , l s a P a b c d n e r a c a 9 c r i n e m y s 0 e k p ' s s e - t , - l d T o a i a 9 y m n 0 s s e 1 , N Ca ew ll lo n a R e n w e s - al 9 U 1 b . - i l d S l a s . b y T ill r s e 1 3 a 8 b s 2 i u l - l d r s a y y New York Feb. 2,1934 2 4 Oct. 2,1933 Philadelphia— 2H Nov. 16,1933 3 4 Oct. 20,1933 Cleveland _ 2 Feb. 3,1934 2H 4 Oct. 21,1933 1933 Richmond 3 Feb. 9,1934 ZH 4H July 16,1934 November— 1*4 H- 0.75 0.75 0.42 Atlanta - 3 Feb. 10,1934 Ztt July 15,1933 December.. 34-iHi .94 .94 .70 Chicago - 2H Oct. 21,1933 3 4 Oct. 16,1933 St. Louis 2H Feb. 8,1934 3 Oct. 21,1933 1934 j Minneapolis 3 Mar. 16,1934 5 Mar. 14,1933 January •-1H 1 -1H!1.00 1.00 .67 Kansas City 3 Feb. 9,1934 4 July 10,1934 February... -itt 1.00 1.00 .63 0.85 Dallas 3 Feb. 8,1934 Ztt 4 Mar. 12,1934 March -m H-H 1.00 1.00 .27 San Francisco.. 2 Feb. 16,1934 2H 4 Oct. 19,1933 April -V 1.00 1.00 .18 May 1 1.00 1.00 .06 .14 June [-1 H- H 1.00 1.00 .07 RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- UALS, PARTNERSHIPS, AND CORPORATIONS July -. 1.00 1.00 .08 August 94-: 1.00 1.00 .20 September- 94-: 1.00 1.00 .27 Advances secured by October 1.C0 1.00 .21 Di u s n c d o e u r n t p s a a r n . d 3 o ad f v se a c n . c 1 e 3 s t d h ir e e ct U o n b it l e ig d a tio S n t s a te o s f November. _ 1.00 1.00 .22 of the Federal Re- (last paragraph of sec. serve Act 13 of the Federal Re- Week ending- Feder b al a n R k eserve serve Act) Oct. 27 3/4-1 H- 3/4-1 1.00 1.00 .19 Nov. 3 94-1 3/4-1 1.00 1.00 .21 e R f D f a e e c t c e t . i o 1 n n Da l t i e s h e e s d tab- e R f D f a e e c t c e t . i o 1 n n Da l t i e s h e e s d tab- N N o o v v . . 1 1 0 7 9 3/ 4 4 - -1 1 9 3/ 4 4 - -1 1 1 1 . . 0 0 0 0 1 1 . . 0 0 0 0 . . 2 2 2 1 Nov. 24 94-1 1.00 1.00 .23 Boston 6 Aug. 11,1933 4 Oct. 20,1933 1 Stock exchange 90-day time loans. New'York 6 Aug. 10,1933 Feb. 8,1934 2 Stock exchange call loans; new and renewal rates. Philadelphia _. 6 Aug. 12,1933 4 Oct. 20,1933 3 Average rate of discount on issues offered by U. S. Treasury within Cleveland 5 July 24,1934 4 Oct. 21,1933 period. Richmond 5H July 16,1934 4 Feb. 19,1934 Back figures.—See Annual Report for 1933 (tables 60 and 61). Atlanta 5 Mar. 20,1934 4 Mar. 17,1934 Chicago 6 Aug. 13,1933 4 Oct. 16,1933 RATES CHARGED CUSTOMERS BY BANKS IN St. Louis July 10,1934 Mar. 15,1933 PRINCIPAL CITIES Minneapolis 6 Aug. 10,1933 Apr. 15,1933 [Weighted averages of prevailing rates] Kansas City 5 July 10,1934 4 Feb. 23,1934 Dallas _— 6 Sept. 8,1933 4 Mar. 12,1934 San Francisco 6 Sept. 2,1933 4 Oct. 19,1933 New York City 8 other northern j 27 southern and and eastern cities western cities Month NOTE.—For rates on industrial advances see p. 824. 1932 I 1933 1934 1932 1933 1934 1932 1933 BUYING RATES ON ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York) 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 March 4.72 4.88 3.31 5.14 5.39 4.52 5.64 5.66 5.40 Maturity e R f D f a e e c t c e t . i o 1 n n Da l t i e s h e e s d tab- Pre ra v t i e ous J A M u p n a r y e il 4 4 4 . . .6 5 6 9 5 1 4 4 4 . . . 2 1 3 4 0 3 3 3 3 . . . 3 3 4 9 0 2 5 5 5 . . . 1 1 1 4 0 3 4 5 4 . . . 0 9 9 9 9 7 4 4 4 . . . 3 5 3 9 2 0 5 5 5 . . . 6 6 6 4 2 3 5 5 5 . . . 6 6 6 8 6 2 5 5 5 . . . 3 2 1 4 8 9 July 4.42 3.93 3.30 5.05 4.82 4.15 5.63 5.54 5.07 August 4.45 3.97 3.33 5.12 4.68 4.12 5.68 5.53 5.05 September- 4.30 3.79 3.26 5.03 4.65 4.11 5.63 5.55 5.04 1-15 days.... Oct. 20,1933 October 4.35 3.76 3.28 4.96 4.51 4.13 5. 56 5.50 5.05 16-30 days... do November- 4.12 3.52 3.22 4.88 4.54 4.08 5.55 5.42 4.93 31-45 days... .do. December. ._ 4.22 3.48 4.88 4.59 5.60 5.43 46-60 days... do 61-90 days... do 91-120 days.. H do Back figures.—See Annual Report for 1933 (table 63). 121-180 days. do NOTE.—Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. Back figures.—See Annual Report for 1933 (table 58). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
794 FEDERAL RESERVE BULLETIN DECEMBKB 193* TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [In millions of dollars] Interest bearing Interest-bearing debt Total Nonin- End of month ( d g e r b o t s ) s Total Bonds Notes C ic e a r t t e i s f- Bills t b e i e r n a e g r s - t Total Bonds i Notes C ic e a r t t e if s - Bills Outstanding Nov. 30,1934— A J M J A N D S O u u e p o u e c a n l p c t r v y g y e o t i e e u e l b m 1 m s m e 9 t b r 3 b b e 3 e e r r r 2 2 2 2 2 2 2 2 2 2 2 3 1 1 3 3 3 3 , , , , , , , , , 4 8 0 0 8 0 5 6 5 4 5 5 9 1 5 3 1 3 1 3 1 9 4 0 9 0 4 2 2 2 2 2 2 2 2 2 2 2 1 2 3 1 3 , , , , , , , , 4 1 1 0 4 2 7 6 6 6 5 8 5 2 4 7 9 1 8 7 0 3 0 2 1 1 1 1 1 1 1 1 1 4 4 4 5 4 5 5 5 5 , , , , , , , , , 2 0 5 0 0 2 2 2 5 3 6 7 7 7 2 2 3 6 0 9 4 4 4 3 3 9 9 3 4 4 4 5 5 5 5 5 , , , , , , , , , 1 5 7 1 8 1 1 1 1 4 8 5 7 5 4 0 2 5 8 0 3 0 8 6 1 5 1 2 2 2 2 1 1 1 1 1 , , , , , , , , , 1 3 2 4 2 5 4 7 4 1 6 9 4 9 5 4 0 9 9 3 3 3 5 3 6 2 0 1, 9 9 9 9 9 9 9 9 0 7 1 5 5 5 5 0 5 5 9 8 5 3 4 2 2 2 3 3 3 3 3 3 3 3 3 3 8 5 8 7 7 7 8 7 6 5 4 1 0 6 9 1 3 4 Ob T l o i J M B D 1 1 1 1 g t u 9 9 9 9 e e a a 3 3 3 3 a n c f t l 0 8 9 7 r o . e i . . o r _ e n 1 1 1 _ . - - s - - 3 M . N M . 1 m o a , a a r v 1 y _ . . t . 9 u 3 1 3 3 r . 5 1 0 , _ i , , n 1 9 1 g 1 3 9 9 : 5 3 3 5 5 _ 2 3 3 1 6 1 1 , , , , , . 7 8 2 9 3 7 7 4 5 4 4 0 1 6 7 2 1 7 9 4 7 8 9 8 1 5 0 3 1 1 5 1 , , , 2 2 7 8 7 6 4 6 8 2 8 9 9 7 8 1 1 1 , , , , 0 9 7 7 5 7 4 5 4 4 9 3 1 2 2 7 6 9 5 6 8 9 8 0 1,1 9 5 9 3 2 1,8 8 9 0 2 7 4 7 ? J M F a e n a b r u r c a u 1 h r a 9 y 3 ry 4 2 2 2 5 6 6 , , , 1 0 0 5 7 5 7 1 5 2 2 2 4 5 5 , , , 6 7 7 9 2 0 8 0 7 1 1 1 5 5 5 , , , 5 6 5 7 7 0 9 9 0 5 6 6 , , , 6 4 9 2 7 2 6 2 5 2 2 1 , , ,8 2 2 1 7 8 6 8 0 1 1 1 , , , 3 2 3 7 1 7 9 4 8 3 3 4 5 5 4 1 9 8 Othe A 1 1 r 9 9 f 4 4 t o e 1 3 b r li 1 g 9 a 4 t 3 ions 4 1 1 0 , , 1 0 8 8 5 7 3 9 0 4 8 0 10,0 8 8 6 7 3 9 8 4 8 8 0 301 j 160 April 26,118 25, 599 15, 718 1,814 1,378 519 May 26,155 25, 588 15,694 6,678 1,812 1,404 567 1 Issues classified as of date of final maturity; most issues are callable- June 27,053 26,480 16,510 6,932 1,635 1,404 573 at earlier dates. Amount callable before Dec. 1, 1935, and not yet called, July 27.189 26, 605 16, 516 6,951 1,683 1,454 585 $3,943,000,000, including certain pre-war issues that are held as collateral August 27,080 26,495 16, 513 6,921 1,682 1, 379 585 for circulating notes. September 27.190 26, 626 15, 922 8,020 1,156 1,529 564 2 Approximate amount of 4th Liberties called for redemption Apr. 15,. October 27,188 26, 643 15,808 8,027 1,154 1. 654 545 1934, and Oct. 15, 1934, and not yet redeemed. November 27,299 26,761 15, 768 8,036 1,153 1,804 538 3 Approximate amount of 4th Liberties called for redemption Apr. 15, 1935. 4 Includes the 2-percent Consols of 1930, which are held as collateral for circulating notes, and such issues as Postal Savings bonds, retirementfund notes, and adjusted-service-certificate series, in which special funds are invested. SUMMARY OF TREASURY OPERATIONS asury] fin millions of dollars. On basis of daily statements of United States Tre Increase or General and specia funds Trust decrease during and con- period tributed Receipts Expenditures funds,2 Period Excess of excess of Total Inc ta o x m In e ter P n in r a o g l c e t r a e s x s v - enu O e ther C a c n u e e d s o ll t u a o m n s m i - s s - Total General i E ge m n e c r y - o r r e i e t c ( u x - e p ) r i e e p s n ts d-o r r e i e t c ( x u e - p r i ) e e p s n ts d- G ba f e u l n a n e n d r c a e l G de ro b s t s Fiscal year ending: June 1932 2,006 1,057 503 445 4,741 3 3,973 3 768 -2, 735 -5 -55 +2,686 June 1933 2,080 746 858 475 4,681 3 3,404 3 1, 277 -2, 602 -5 +445 +3,052- June 1934 3,116 818 353 1,470 475 6,745 2,741 4,004 -3, 630 +835 +1, 720 +4, 514 5 months ending: November 1932 681 202 314 164 1,833 31,432 3 401 -1,152 +5 +173 +1,319 November 1933 1,137 192 87 630 228 1,904 1,211 693 -767 +17 +245 +995 November 1934 1,460 256 221 723 260 2,764 1,262 1,502 -1,304 H-73 -985 +246 1933 July 163 13 113 37 271 196 75 —108 +8 —28 +71 August 188 14 9 126 38 310 171 139 -122 —1 +366 +489 September 321 136 23 123 39 329 248 81 -8 +2 -54 -48 October 256 10 26 170 50 500 396 104 -244 4-8 —236 November 209 19 29 98 63 494 201 294 -285 +198 +484 December 332 133 46 112 41 690 227 463 -358 -3 -81 +280 1934 January 211 10 35 128 38 956 148 808 —745 +2 +511 +1,254 February 206 23 33 116 34 635 188 447 -430 +2,810 +3,365 +984 March 420 232 37 130 21 610 160 450 -190 +1 -84 +105 April 182 15 32 105 30 674 305 370 -492 -1,993 -2,524 -39 May . . 237 25 44 119 50 542 191 350 -305 -4 -272 +37 J J u u l n y e .. 3 21 9 8 1 18 1 8 8 3 3 9 9 1 1 3 3 0 2 2 3 9 3 4 7 6 3 6 3 3 23 1 0 0 4 2 2 3 3 6 - - 3 2 4 4 2 8 ++42 + -1 5 1 6 0 0 + + 8 1 9 3 8 6 August 286 25 43 145 73 514 204 310 -227 +2 -335 -109 September 449 173 42 176 57 516 233 283 -66 +13 +56 +110 October 260 19 49 151 41 669 385 284 -409 +29 -381 -2 November . - _ 247 21 47 119 60 599 209 390 -353 +28 -214 +111 * Excludes public debt retirement.. 2 Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, and expenditures chargeable against increment on gold. » Prior to July 1933, emergency expenditures included only net expenditures for the Reconstruction Finance Corporation; other items subsequently classified as emergency expenditures were included in general expenditures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 795 ASSETS AND LIABILITIES OF GOVERNMENTAL CREDIT AGENCIES, SEPT. 30, 1934 [Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds Total Total s C F t R r o i t u n e r i c p c a o o t o n n i n r c o a - e n - C m C o C t o r r i o p o e d m d o n it r i - y t a- E i b m x a p p n o o k r r s t t A t W P r d a u m o t b i r o i l k n i n c s is- R C A C e o t t g i u g r r r o p e i r i o n c d a o s n u l i r t a a l- - l C P C o r t t o r r i i p o o e d d o n n u r i c t a - - Other ASSETS Loans—total _. _ _ 6,884 2,404 1,799 79 203 49 274 Preferred stock, capital notes, and debentures of bank and trust companies 1793 1793 1793 Cash—total __ _ 353 49 9 (2) 14 1 2 2 20 Investments: United States securities. 500 13 (2) 3 9 Obligations guaranteed by United States 143 Federal land-bank bonds 456 26 26 Intermediate credit-bank securities 2 Production credit associations—Class A stock __ 80 80 80 Other assets 357 188 45 i 2 (2) 2 6 1 131 Total assets 9, 568 3, 553 2,646 81 14 206 58 113 435 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 2,198 246 246 All other 2, 555 98 98 Other liabilities (including reserves) 400 95 55 (2) (») 5 3 33 Total liabilities 5,153 439 301 (2) (2) 5 3 131 Excess of assets over liabilities, exclusive of interagency transactions 4,415 3,114 2, 346 81 • 13 206 53 110 305 Privately owned interests 291 United States Government interests 4,124 3,114 2,346 81 13 206 53 110 305 Distribution of Government interests: Capital stock _ _. 3,987 2,953 500 3 14 3 305 44 no 3 1, 977 Surplus 137 63 63 1 (4) 0) (2) -1 Interagency interest (net) 98 1,783 77 -99 9 -1,672 Financed partly from Government funds Federal Total F b l e a a d n n e k d r s al ] F m b c i e n r a e d e t d n e e d i k r a r i - s t a te l F C r M F e a g o a d t a o r i r g e p o r m r e o t n a - - l c B a o t a o f i o v n p r e e k s r s - H b l a o o n a m k n s e O C r H L a w o o t o r n i m a p o e n o n e r - s' S C I L a n a a o v n o s n r i u c a p n d e r n o g - - s c F s i a e a l a a o v s d t n s i a i e o d n o n r n - g a s s l D F C r I e a a n e o d n t p s r i e c u p o o r e r o s n a - i - l t ration ASSETS Loans—total 4,480 1,870 191 516 23 87 1,793 Cash—total _ 304 29 19 18 10 5 164 (2) 60 Investments: United States securities 487 67 74 77 2 266 Obligations guaranteed by United States 143 29 14 100 Federal land bank bonds 430 430 Intermediate credit bank securities 2 2 Other assets -._ 169 125 5 5 1 1 24 1 4 3 Total assets 6,015 2,120 289 969 113 108 1,980 101 4 329 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States _ 1,952 724 1,228 All other 2,457 1,645 182 630 Other liabilities (including reserves) 305 214 4 49 (2) 4 32 1 Total liabilities 4,714 1,859 186 773 (2) 4 1,890 1 Excess of assets over liabilities, exclusive of interagency transactions 1,301 261 103 196 113 104 90 101 4 328 Privately owned interests 291 99 1 22 170 United States Government interests 1,010 163 103 196 112 82 90 101 4 158 Distribution of Government interests: Capital stock . 1,034 118 70 200 110 81 200 100 4 150 Surplus 74 51 33 -4 2 1 -9 1 Inter-agency interest (net) . -98 -6 -101 1 8 i Includes $100,000 of preferred stock of insurance companies. 2 Less than $500,000. 3 Nonstock. * Deficit less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
796 FEDERAL RESERVE BULLETIN DECEMBER 1934 RECONSTRUCTION FINANCE CORPORATION LOANS, SUBSCRIPTIONS, AND ALLOCATIONS [Amount outstanding at end of month. In thousands of dollars] Proceeds disbursed, less repayments Proceeds not yet disbursed Oct. 31, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Sept. 30, Oct. 31, 1933' 1934 1934 1934 1934 1934 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 661,502 582,200 594,905 591,972 583,452 599,397 223,001 222,926 Building and loan associations 1 71,418 31,494 28,252 25,205 23,259 14 Insurance companies 67,425 32,619 31,678 30,722 29,982 29,420 370 127 Mortgage-loan companies *__ 156,696 184,790 162,081 160,767 159,327 155,874 101,407 102,194 Credit unions 537 390 389 388 388 387 Federal land banks . _ 36,300 124,951 116,436 116,040 115,263 110,997 Joint stock land banks— 12,076 7,676 7,696 7,323 7,132 1,160 1,160 Agricultural credit corporations 2,104 800 800 796 605 600 275 275 Regional agricultural credit corporations 48,448 6,546 4,721 4,389 2,673 866 594 936 Livestock credit corporations 3,171 1,643 1,616 1,604 1,546 1,464 173 30 Railroads (including receivers) 330,157 354,447 343,189 343,287 353,170 361,506 2,757 14,147 State funds for insurance of public moneys 2,705 2,150 1,841 1,233 811 Fishing industry. __ _ _._ 25 43 Processors or distributors for payment of processing taxes Total.. 1,389,833 1,336,592 1, 297,138 1, 287, 756 1, 280,168 1,291, 739 329, 737 341,851 Other loans: For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) - — 56,038 96,062 107,287 111, 184 112,291 117,027 110,078 108,034 For financing exports of agricultural surpluses, sec. 201 (c)— 3,906 15,185 14,985 14,954 15,271 14,992 3,778 3,360 For financing agricultural products, sec. 201 (d) 2,673 4,507 4,422 5,107 5,717 6,090 5,048 3,733 To commodity credit corporation 487 157,667 108,646 76,430 30,242 290,482 383,025 On preferred stock of banks 13,484 21,922 21,994 22,289 18,849 18,965 2,162 2,173 On preferred stock of insurance companies. 15,875 25,885 25,785 25,785 25,785 3,500 3,500 To drainage, levee, and irrigation districts 8,173 9,177 9,479 11,147 11,321 64,370 63,853 To public school authorities 22,300 22,300 22,300 22,300 To industrial and commercial businesses 274 1,916 3,248 4,166 10,041 14,287 On assets of closed banks 23 22 58 To Secretary of Agriculture 3,300 20,000 Total 79,888 319,392 314,970 289,444 257,600 250,911 489,458 | 602,024 Purchases: Purchases of preferred stock of banks ___ 51,868 515,794 532,760 545,599 562,410 571,193 65,823 67,943 Purchases of capital notes and debentures of banks.. 700 243, 720 248,525 259,772 256,671 259,662 74,865 74,881 Purchases of preferred stock of insurance companies 100 100 100 Total— 52,568 759,514 781, 285 805,471 819,180 830,955 140,688 1 142,824 Total loans and purchases 1,522,289 2, 393,393 2,382,671 2,356,949 2,373,605 959,884 1,086,700 ALLOCATIONS For relief: Federal Emergency Relief Act of 1932... 299,015 298,542 298,524 298,227 298,006 297,774 15 15 Federal Emergency Relief Act of 1933... 207,669 499,591 499,592 499,589 499,590 499,586 411 410 Emergency appropriation Act of 1935._. 215,000 325,000 Total.. 506,684 798,133 798,116 797,817 1,012, 596 1,122,360 426 425 To other Government agencies: To Secretary of the Treasury for: Purchase of stock of Federal Home Loan banks. 63,346 81,446 81,446 81,446 81,646 81,646 43,295 43,095 Purchase of stock of Home Owners' Loan Corporation 4,000 174,000 200,000 200,000 200,000 200,000 To Land Bank Commissioner 20,600 147,600 147,600 147,600 147,600 147,600 97,400 97,400 To Federal Farm Mortgage Corporation 55,000 55,000 55,000 55,000 55,000 To Federal Housing Administrator 10,000 10,000 15,000 15,000 To Secretary of Agriculture for: 10,000 Crop loans 115,000 115,000 115,000 115,000 115,000 Reallocated as capital regional agricultural 115,000 credit corporations 44,500 44,500 44,425 44,500 44,500 75 Reallocated to Governor of Farm Credit Ad- 44,500 ministration , 12,000 40,500 40,500 40,500 40,500 40,500 Total 259,446 668,046 694,046 693,971 699,246 699,246 140,770 140,495 Total allocations.*. 766,130 1,466,179 1,492,162 1,491,788 1,711,842 1,821,606 141,196 140,920 Total loans, subscriptions, and allocations-- 2,288,419 3,881,677 3,885, 555 3,874,458 4,068,791 4,195,211 1,101,080 1,227,620 ' Revised. 1 Loans to aid in the reorganization or liquidation of closed financial institutions amounted on Oct. 31,1934, to $371,083,000, representing proceeds disbursed less repayments, and $228,767,000 not yet disbursed. Back figures.—See BULLETINS for December 1933, pp. 738-739, and February 1934, pp. 103 and 132. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
797 DECEMBER 1934 FEDERAL RESERVE BULLETIN FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans by- credit bank loans to and discounts for— Banks for End of month la F nd e d b e a r n al ks Co B L m a a n n m d k is- st b o J a c o n k i k n l s t a 1 nd a c p g R a r o r e n e i r d d c g a i u i t t o p i l o t n c r u o o n a r - r s l a - l A in l t l i s o t o i n t t h s u e - r ti P o as n r t s i o o o c d n c r u i e s a c d - - it tu R i a r t r e g a a c g t r l o i i i o c o r c p u n n re o l s a - d - l - c ( d 1 r E g r o l 9 o o e m p 2 n a u 1 e a n c g -3 r n y s h - 4 d t ) k f t r u u A e t e e o n r v r t g a i a d o n c r l t l i o g i l v c M v o o u i e A a p n l a s n - g c r s - t i B n C C c a a a o c t o e t n i o l i o n v u v k p p t e d e e r e s i f r a s n r o , - l - g r sioner duction credit associations 3 1933 I January ! 1,112,703 452,166 87,752 42,426 87,678 156,976 February i 1,110,032 i. 446,429 1,256 85,570 62,035 86,510 156,468 I March | 1,107,377 ;. 440,130 1,305 84,804 83,409 98,283 156,793 j April —_i 1,105,128 '. 434,514 1,348 83, 249 106,540 131,250 155,617 May j 1,102,891 i 40 429,380 1,838 80,830 127,731 137,309 180,264 June • 1,102,088 \ 180 422,471 2,483 79,653 145,414 139,158 180,406 July „_ | 1,101,446 664 420,080 10,399 78,786 154,321 138,727 177,537 August - 1,104,176 ' 2,188 416,385 28,467 78,547 158,394 135,854 176,553 September I 1,110,194 j 6,026 412,525 49,979 77,257 155,200 135,087 175,040 184 October _ | 1,125,681 ! 15,815 407,754 61,299 71,357 146,895 110,324 173,325 7,396 November I 1,156,170 34,099 400,977 68,857 72,459 142, 558 94,296 172,302 11,144 December _ ' 1,213,523 70,738 73,263 76,200 144,636 89,811 157,752 18,697 1934 January... 1,287,562 120,403 381,380 75,431 74,588 157 145,198 81,164 69,508 15,386 February... 1,371,468 174,308 369,769 76, 515 71,496 665 145, 760 72,727 69,214 14,835 March 1,458,311 237,858 349,425 86,081 70,262 4,409 144,905 68,310 68,353 15,824 April 1,483,940 258,730 344, 773 102,781 69,566 14,392 r 144,671 84,138 67,257 17,144 May 1,548,554 311,375 334, 680 120,282 70,358 28,117 143,093 90,147 54,642 19,310 June 1,630,900 378,526 319, 585 127,470 70, 556 38,518 138,478 90,517 54,877 20,539 July. 1,690,496 429,830 305,782 '128,090 73,626 ' 49,826 128,831 ' 94,411 55,437 21,493 August 1,746,149 477,822 295,234 125,270 74,172 58,074 117,664 ' 100, 209 55,250 23,019 September.. 1,792,410 516,276 285,085 118,402 72,989 60,887 106,724 «• 105,438 54,870 23,057 October 1, 551,873 275,698 104,909 83,088 58,128 96,914 ' 104,470 57,310 24,561 r Revised. * Includes loans outstanding of joint stock land banks in receivership. J Some of the loans made by the regional agricultural credit corporations and all of the loans made by the production credit associations are rediscounted with the Federal intermediate credit banks. The amounts in this column are thus included in the columns headed " Production credit associations" and "Regional agricultural credit corporations." HOME OWNERS' LOAN CORPORATION FEDERAL HOME LOAN BANKS SUMMARY OF OPERATIONS * COMBINED STATEMENT OF ASSETS AND LIABILITIES Number Loans closed [In thousands of dollars] Months of applications received2 Number Amount Sept. 29, Oct. 31, 1934 1934 1933 ASSETS From opening to Sept. 30.. 403,114 593 $1,688,787 Cash on hand 4,862 5,092 October 129,504 3,424 10,164,678 Loans outstanding 86,647 87,446 November 99,232 10,946 31, 445,827 Accrued interest 560 516 December 90,946 22,286 62, 621,051 Investments—United States securities 16,090 16,003 Other assets 90 126 1934 January 123,189 30,339 86,143,838 Total assets _ 108,249 109,184 February... 136,132 32,940 93,499,995 March 168, 273 52, 260 150, 213, 639 LIABILITIES April 145,772 56,172 171,490,768 May 119, 791 64,172 208,293,766 Current liabilities 3,721 3,699 June 97,679 71,768 223,440,191 Capital stock, fully paid and oustanding: July 66,157 78,046 235,467,606 Members _ 18,660 19,283 August 72,022 69,738 202,442,864 United States Government . . . 81,446 81,646 September- 39,317 59,240 179,299,857 Subscriptions to capital stock, less balance due 2,074 1,931 October 35,675 65,813 201,211,532 Surplus... ___ 2,349 2,625 Cumulative total- 1,742,992 617,737 1,857,424,399 Total liabilities. . 108,249 109,184 1 Figures are subject to adjustment. 8 Total includes 16,189 applications in connection with Detroit wholesale operations, which are not included in the monthly figures of applications. Any of these applications resulting in loans are included in "loans closed." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
798 FEDERAL RESERVE BULLETIN DECEMBER 1934 BOND PRICES STOCK PRICES [Averages] Preferred Common stocks (index, 1926=100) stocks Year, month, or date (indus- Other bonds * trial high- Indus- Railgrade) Total trial road Utility United Year, month, or date G S m o t v a e t e n e r t s n- r m C at o u e r n p a i n o c d - - Corporate Number of issues. 20 421 351 33 37 bonds ipal Indus- Rail- 1932 average 96.1 46 79 (high- Total trial road Utility 1933 average 104.8 78 grade) 1933—November. 107.5 70 December.. 107.7 67 Number of issues U5 3 60 60 20 20 20 1934—January.... 111.2 73 1932 average 99.2 81.1 69.4 63.2 64.8 80.5 February.. 116.5 81 1933 average 102.2 84.0 73.4 69.2 70.5 80.6 March 117.5 76 April 120.2 76 1933—No vember 100.5 82.6 72.1 70.5 68.5 77.3 May 121.0 70 December 100.0 83.6 73.6 71.5 72.2 77.1 June 122.1 72 July 123.5 69 1934—January _ 100.3 88.3 78.5 75.6 79.0 80.9 August 122.6 65 February 101.9 92.9 84.0 79.8 85.8 86.5 September. 121.0 64 March 102.8 95.1 84.8 80.5 86.4 87.7 October.... 120.9 63 April 103. 7 97.0 87.0 82.8 88.7 89.7 November. 124.1 61 May 104.4 97.6 86.1 82.5 86.9 89.1 June - 104.7 99.0 86.3 82.5 87.1 89.4 Nov. 7 122.7 63 July— —- 105.2 99.3 86.1 83.2 85.8 89.4 Nov. 14.... 123.5 61 August 104.1 97.8 83.9 82.6 81.3 87.9 Nov. 21 124.0 58 September 102.3 96.7 83.0 82.2 79.3 87.6 Nov. 28.... 126.1 71 61 October 103.4 98.4 84.1 82.5 81.6 88.1 November 103.5 98.8 84.3 83.4 81.0 88.6 Source.—Standard Statistics Co. Nov. 7 ---- 103.3 99.0 84.2 82.6 80.8 89.1 Nov. H____ 103. 3 98.8 84.4 83.3 80.7 89.0 CAPITAL ISSUES Nov. 21 103.7 98.5 83.9 83.8 80.0 88.0 Nov. 28 103.8 99.0 85.1 84.2 82.5 88.6 [Long-term; i. e., 1 year or more. In millions of dollars] New issues i Price indexes derived from average yields. Au a g N . o 1 w 5, 3 1 L 93 i 3 b , e N rti o e v s . a 1 n , d 1 9 1 3 2 3 T , r A ea p s r u . r 1 i 6 e , s . 1 93 N 4, e w an d T r J e u a n s e u r 1 y 5 i , s s 1 u 9 e 3 s 1 . were added Domestic fu R n e d - - 3 45 corporate and 15 municipal. Total .ing of S N o e u w rc e Y — or F k o ; r f U or n o it t e h d e r S b t B a o t O n e d s N s G , D o S v t a e n r Y n d m I a E r e d n L t S D b ta o S t n i s d i t s ic , s F e C d o e . ral Reserve Bank Year and month m e a ( f i d e o g n o s r n d - t - ) ic Total» S n m a p t i n a a c u d t l i - e - B n a o o C n t n d o e d s r s po S ra to te cks e F i o g r n - m i e s a ( f i s d e o g n u o s r n d e - t - ) i s c United Munic- Corporate, by ratings * Year, d m a o te nth, or T S u t r r a e y t a e s 2 s - g ( i h r p a i a g d l h e 3 ) - Aaa Aa A Baa 1 1 1 1 9 9 9 9 2 2 2 2 8 5 7 6 — -. ... 8 6 6 7 , , , , 2 0 3 5 0 4 1 5 4 0 6 1 5 6 5 6 , , , , 1 7 1 2 2 8 8 1 5 9 9 9 1 1 1 1 , , , , 3 3 3 4 5 7 4 7 2 9 4 5 2 2 3 2, , , , 3 4 1 6 8 5 8 6 5 2 3 7 2 1 1 1 , , , , 4 1 0 9 7 5 8 6 4 3 7 1 1 1 1 1 , , , , 0 3 1 2 7 3 2 5 6 7 5 1 2 1 1 , , , 0 8 2 9 4 5 2 2 6 8 0 5 1929 10,091 9,420 1,418 2,078 5,924 671 1,422 1930 6,909 6,004 1,434 2,980 1,503 905 711 Number of issues 9 15 30 30 30 30 1931 3,089 2,860 1,235 1,240 311 229 949 1932 1,165 1,157 755 305 20 8 583 1932 average 3.66 4.65 5.01 5.97 7.20 9.30 1933 722 710 484 40 120 12 340 1933 average 3.31 4.71 4.49 5.23 6.09 7.76 1933—No vember.. 88 88 82 0 6 0 2 1933— S A e u p s t j e u m st ber 3 3 . . 2 2 0 1 4 4 . . 5 5 4 9 4 4. . 3 3 5 0 4 4. . 9 7 0 7 5 5. . 7 5 0 1 6 7 . . 7 2 7 7 December— 57 57 41 0 16 0 18 October.. 3.22 4.60 4.34 4.97 5.76 7.49 1934—January 48 48 37 0 6 0 42 November 3.46 4.89 4.54 5.35 6.22 7.98 February 79 79 59 12 1 0 8 December 3.53 4.89 4.50 5.27 6.21 7.75 March _ 97 97 81 9 5 0 50 April. 143 143 100 24 5 0 93 1934 —January 3.50 4.67 4.35 5.00 5.72 7.01 May 103 103 61 26 3 0 39 February 3.32 4.48 4.20 4.70 5.24 6.27 June. 123 123 102 0 9 0 183 March 3.21 4.24 4.13 4.55 5.12 6.26 July.. 217 2 217 91 19 2 0 157 April 3.12 4.11 4.07 4.43 4.97 6.01 August 180 3 180 18 8 0 0 79 May. 3.01 3.93 4.01 4.37 4.96 6.05 September.. 43 43 36 5 2 0 26 June 2.94 3.73 3.93 4.30 4.96 6.06 October 122 3 122 39 0 0 0 36 July 2.85 3.75 3.89 4.28 4.93 6.13 November. _ 107 107 89 8 0 0 35 August.... 2.99 3.81 3.93 4.34 5.09 6.49 September 3.20 3.84 3.96 4.42 5.17 6.57 October 3.08 3.69 3.90 4.36 5.00 6.40 1 Includes issues of Federal land banks and Federal intermediate credit November 3.05 3.57 3.86 4.27 4.93 6.37 banks, not shown separately. 2 Includes $100,260,300 bonds of Federal Farm Mortgage Corporation Nov. 7 3.08 3.60 3.87 4.29 4.95 6.37 sold by public offering during month. Nov. 14 3.08 3.56 3.86 4.28 4.92 6.40 a Includes bonds of Home Owners' Loan Corporation sold by public Nov. 21 3.04 3.55 3.86 4.28 4.94 6.41 offering during month, amounting to $149,111,100 in August and Nov. 28 3.02 3.58 3.84 4.25 4.90 6.30 $53,000,000 in October. Sources.—For domestic issues, Commercial and Financial Chronicle; i Monthly data are averages of daily or weekly figures, for foreign issues (issues publicly offered) annual totals are as finally a 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. «Standard Statistics Co. Back figures.—See (for figures of new issues—annual and quarterly * Moody's Investors' Service. basis) Annual Report for 1933 (table 112). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 799 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production i * Construction contracts awarded (value)2 Fac- Factory em- tory Freight-car ployment 3 pay loadings * * Com- Year and Total Manufactures Minerals Total Residential All other rolls 3 modmonth ity B prices' 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 lQ30 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 75 81 25 11 37 69 49 58 66 1931 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 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 58 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 52 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 66 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 35 41 63 63 43 68 57 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 74 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 80 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 63 60 May 79 78 80 77 77 79 19 16 13 11 24 20 63 63 43 55 55 63 June 91 91 92 93 83 85 21 18 14 13 27 23 67 67 47 61 62 65 July 96 100 97 102 90 91 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 78 59 66 68 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 85 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 73 May 89 86 89 86 87 89 32 26 13 11 47 39 82 82 67 63 63 74 June 84 83 83 83 87 87 31 26 13 12 46 38 81 81 65 64 64 75 July 73 76 71 74 85 85 30 27 12 12 45 39 79 79 60 63 61 75 August .._ 73 73 71 72 83 80 28 27 10 10 43 40 80 79 62 63 59 76 September 73 71 70 69 87 82 30 29 11 11 45 44 76 74 58 67 59 78 October. _ * 75 »74 "74 *73 87 81 29 31 12 12 43 46 »79 »77 • 61 64 57 77 p Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 835-836; 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 1933 (table 115). 8 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. For current indexes of groups and separate industries see p. 837. * For indexes of groups see p. 800; for back figures for total see Annual Report for 1933 (table 115) and for groups see BULLETIN for February 1931, p. 108. »Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p.834. For back figures see Annual Report for 1933 (table 120). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
800 FEDERAL RESERVE BULLETIN DECEMBER 1934 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 8 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 88 147 24 29 9 17 33 May _ - - 320 204 132 114 160 285 180 112 107 155 35 24 20 7 6 June 295 187 114 120 171 250 173 110 122 136 44 14 4 —2 34 July 267 181 107 144 162 221 174 79 143 127 46 6 27 1 34 August- 298 165 109 131 172 218 167 91 155 120 79 —2 17 -23 52 September .- 312 180 132 160 192 226 170 98 147 132 86 10 34 13 60 October - 327 205 153 193 *206 247 169 105 151 *130 80 36 48 42 »77 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. J General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Back figures.—See BULLETIN for January 1931, p. 18. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average=100] [Index numbers; 1923-25 average=100] Index of sales * Index of stocks (end of 1933 1934 month) Oct. June July Aug. Sept. Oct, Adjusted Without Adjusted Without Month for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Adjusted for seasonal variation 1933 1934 1933 1934 1933 1934 1933 1934 Total.._ 58 64 61 59 59 57 Coal 62 66 63 58 63 60 Coke _ _ 53 56 43 39 45 45 January 60 69 49 57 58 66 52 59 Grain and grain products 57 90 79 70 63 58 Februarv 60 71 49 59 57 66 54 63 Livestock 51 54 84 107 87 62 March - 57 77 50 73 54 65 55 67 Forest products 32 33 30 29 30 30 Ore — 49 48 46 43 39 30 April 67 77 68 73 53 65 55 68 Miscellaneous 59 68 62 59 58 60 May 67 77 67 77 55 66 56 68 Merchandise * - — 66 65 65 65 64 63 June 68 74 64 70 57 65 56 63 July 69 72 48 51 60 64 56 59 Without seasonal adjustment August 77 79 59 60 64 64 62 61 September - - 70 -76 73 '79 70 64 73 67 N D O o e ct c v o e e b m m e b r b e e r r . - _ 6 7 6 5 0 9 P7 7 2 4 1 7 7 2 7 5 1 »8 8 3 2 7 6 6 0 9 5 64 7 7 6 7 8 2 71 Tota G C C l o o ra k a i l e n _ _ a - nd grain products 6 7 5 6 6 0 4 4 6 5 5 7 4 8 6 8 6 9 5 3 3 5 5 8 5 3 8 6 7 5 4 3 4 6 6 7 5 7 8 6 . 4 6 6 6 6 5 9 4 Year 67 61 L Fo iv re e s s t t o p c r k o . d . ucts 6 3 8 3 4 3 6 4 3 7 0 0 9 3 5 1 1 3 0 1 3 3 8 1 3 Ore 68 87 83 73 63 42 i Based throu J g » h P o r u e t l i o m n i n fi a g r u y r . e s of daily avera r g e R e s v al i e s s e — d with allowance M M i e s r c c e h l a la n n d e i o se u s l 6 7 9 0 6 7 5 1 6 6 5 4 6 6 4 5 6 6 9 7 70 for changes from month to month in number of Saturdays and for 6 national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea- i Inless-than-carloadlots. sonal variation makes allowance in March and April for the effects Based on daily average loadings. Source of basic data: American upon sales of changes in the date of Easter. Railway Association. Back yigwres.—See'BuLLETiN for November 1930, p. 686; Annual Report Back figures.—See BULLETIN for February 1931, pp. 108-110. for 1933 (table 115). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 801 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe End of month Canada ic T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium^ Bulgaria Denmark England France Germany $l=25$io grains of gold Vio fine; i. e., an ounce of fine gold=$20.67 1933—October 12,057 14,011 I 77 7,040 | 24 377 11 51 36 927 3,176 94 November.. 11,959 l 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 j 27 382 11 51 36 929 3,021 90 $l=155/ii grains of gold *Ko fine; i. e., an ounce of fine gold=$35 1934—January 20, 229 6,829 130 | 11, 697 646 19 86 60 1,573 5,109 152 February __. 20, 516 7,438 130 i 11, 358 639 19 112 60 1,574 4,904 134 March 20, 724 7,694 130 '••11,313 635 19 111 60 1,574 4,947 96 April. 20,820 7,757 130 ! 11,340 636 19 111 60 1,575 5,023 83 May 20,957 7,779 130 ! 11,426 635 19 111 60 1,577 5J 36 52 June 21,166 7,856 132 i 11, 548 625 19 111 60 1,578 5,274 28 July 21, 304 7,931 133 | 11,592 618 19 111 60 1,579 5,321 30 August t> 21,489 7,978 131 ! 11, 747 623 19 111 60 1,580 5,439 30 September- v 21, 530 7,978 131 Ic 11, 787 626 19 111 60 1, 581 5,455 30 October v 21, 585 8,002 132 !p 11,813 609 19 112 60 1,582 5,468 33 November.. _r p 8,132 P589 60 1,583 5,443 32 E urope—C ont inued End of month Hungary Italy : ; N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden Sw la i n tz d er- U.S.S.R.2 Y sla u v g i o a - 6 c t o o r t u i h e n s e - r $l=25¥\o grains of gold ^io fine; i. e., an ounce of fine gold=$20.67 1933—October. __. 17 371 359 40 53 [ 32 59 436 I 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 $l=15%i grains of gold ^io fine; i. e., an ounce of fine gold=$35 1934—January 37 23 633 i 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 59 March 39 23 613 ! 535 61 91 65 101 739 170 570 706 53 59 April 41 23 609 i 539 61 92 65 101 739 167 534 706 53 57 May 43 23 594 I 551 61 92 66 102 739 167 535 706 53 58 June... 43 23 576 573 61 93 67 102 739 168 535 716 53 58 July 34 23 567 588 61 93 67 102 740 168 537 716 53 58 August 36 23 565 588 61 94 67 103 740 169 567 716 53 58 September.. 36 23 554 588 61 94 67 103 740 170 591 P716 54 61 October 37 23 541 601 61 94 67 P103 740 163 621 P716 54 61 November.. 23 P 520 582 61 95 740 160 624 54 Latin America Asia and Oceania Africa i End of month c t T r o ( i o 1 u e t 0 n s a ) - l g t A i e n r n a - - Chile l C o b m i o a - - M ic e o x- Peru g U u r a u y - c o tr o t i 4 h u e e n s r - T c tr o o i ( u e 7 t n a s) l - India Japan Java l N Z an e e d w a- 3 T k u ey r- c o tr o t i 2 h u e e n s r - T c tr o o i ( u e 4 t n a s) l - EgyptA So fr u ic th a c o tr o t 2 i h u e e n s r - $1--25$io grains of gold <Mo fine; i. e., an ounce of fine gold=$2O.67 1933—October. 352 249 11 15 | 10 ; 11 49 7 453 162 212 40 25 11 3 123 1 33 80 10 November 346 244 11 15 | 8 i 11 50 7 456 162 212 42 25 11 4 125 33 82 10 1934— D Ja e n ce u m ar b y er 3 3 4 4 2 2 2 2 3 3 9 9 1 1 2 2 | | 1 1 4 4 ; 9 8 : : 1 1 1 1 5 5 0 1 7 4 45 5 9 7 1 1 6 6 2 2 2 2 1 1 2 2 4 4 4 5 2 2 4 5 1 1 2 2 3 3 1 1 2 2 7 6 i 3 3 3 3 8 8 3 4 1 1 0 0 $l=155ii grains of gold Yxofine; i. e., an ounce of fine gold—$35 1934—January... 579 1 405 20 24 14 19 i 86 778 274 359 76 | 42 i 20 6 215 i 56 143 17 February I 588 405 20 24 ! 18 ' 20 ! 87 780 274 359 79 42 I 20 6 222 . 55 150 17 March ...! 590 405 20 25 20 : 19 : 87 778 274 359 77 • 42 j 20 5 218 55 146 17 April | 591 405 20 24 19 ; 87 781 275 362 77 i 42 i 21 6 220 55 149 17 May j 594 405 20 24 23 : 19 i 87 803 275 382 79 42 20 6 226 i 55 154 17 June I 593j 405 20 25 26 19 i 84 804 275 384 77 , 21 5 233 ! 55 161 17 July 599 1 405 24 26 27 19 ! 82 806 275 386 77 , \ 21 6 244 ! 55 172 17 August.__ !P605 1 403 28 26 29 19 r<82 807 275 387 77 ' 41 : 21 6 P220 1 55 149 September :P604 i 403 28 24 28 : 19 . 803 275 388 77 36 i 22 6 »226 i 55 155 October !*>599 i P403 P29 22 25 v 19 : v 82 795 275 390 77 26 i 22 5 *245 ; 55 173 * Preliminary. * Excludes gold coin in circulation. 2 Figures reported as of end of each quarter by State Bank of U. S. S. R. carried forward for succeeding 2 months. » During August and September 1934 gold held by the 6 banks of issue (See BULLETIN for May 1932, p. 317) was transferred to the Reserve Bank of New Zealand, which opened for business Aug. 1,1934. 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
802 FEDERAL RESERVE BULLETIN DECEMBER 1934 GOLD PRODUCTION [In thousands of dollars] * Production reported monthly Estimated Year and month world Africa North and South America Far East pr t o io d n uc- Total A So fr u ic th a d R e h s o i - a A W fr e ic s a t B C e o lg n i g a o n Canada S U t n at i e te s d i Mexico C° b !? ia m- Chile AufQli t a ra" Japan India $1=25>/to grains of gold 9(to fine; i. e., an ounce of fine gold=$20.67 1932—Total (12mo.)__ 499,049 I 421,979 238,931 12,000 5,992 3,642 62,933 50,626 112,070 5,132 788 14,563 8,198 [ 6,782 1933—February 31,759 18,176 531 264 4,737 3,059 1,095 334 134 1,178 654 March 43,509 36,515 19,658 1,038 522 302 5,399 5,230 1,059 455 220 1,259 747 626 April 40,683 33,689 18,430 1,108 528 281 4,919 3,928 905 535 222 1,522 726 585 May _. 41,595 34,600 19,519 1,108 520 308 4,932 1,035 499 181 1,344 734 554 June __ 40,780 33,785 19,008 1,130 561 308 5,426 2,956 986 435 288 1,434 711 543 July 43,909 34,915 19,228 1,133 571 306 5,306 3,638 1,165 577 227 1,420 755 589 August 44,125 35,130 19,235 1,167 579 321 5,325 3,742 1,198 555 274 1,438 722 575 September 44,656 35,661 18,664 1,180 546 307 4,889 5,602 820 375 269 1,591 847 572 October 45,532 36,537 18,822 1,143 567 302 5,048 5,209 1,501 700 423 1,436 825 560 November. __ 44,987 35,992 18,613 1,150 586 327 5,001 5,292 1,172 694 301 1,501 794 560 December 44, 690 35,696 18,168 1,181 325 5,140 5,581 1,038 503 281 1,538 573 Total (12 mo.)- 515,627 227,673 13,335 6,623 3,631 60,968 52,843 13,169 6,165 3,009 16,790 6,919 - 1934—January 45,516 18,897 1,201 546 320 4,781 4,858 | 1,080 462 1,398 I 721 560 $l=15'/$i grains oj gold g fine; i. e., an ounce oj fine gold=$35 February 71, 313 54,243 28,893 1,893 927 502 7,803 6,160 1,906 1,067 656 2,269 1,280 March _ 75, 281 58, 211 30,550 2,042 965 571 8,726 7,945 1,194 940 554 2,415 1,390 921 April 74,856 57,786 30,173 2,014 941 509 7,975 7,595 2,233 843 2,566 1,376 914 May.- 78,081 61,012 31,324 2,055 951 566 9,090 8,505 2,431 991 425 | 2,460 1,268 June 76,034 58,964 30,138 2,048 946 547 8,495 8,260 1,941 1,003 2,722 1,310 July 77,392 60,322 30,773 2,015 1,072 521 8,593 8,750 1,861 1,037 '832 2,579 1,351 938 August 78,232 61,162 31,015 2,085 1,022 542 9,270 8,365 2,078 1,148 666 2,619 1,413 938 September. p77,242 p 60,173 29,951 2,061 1,072 544 8,546 9,940 P 1,400 940 2,625 1,495 932 October '80,122 p 63,052 30,994 p 2,065 P 1,225 »544 9,278 10,360 P 1,820 1,143 J>666 *2,625 P 1,400 p Preliminary. r Revised. i Monthly figures for United States are those compiled by American Bureau of Metal Statistics of New York City; annual figures for United States represent official estimates made by Bureau of the Mint in cooperation with Bureau of Mines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108, June 1934, p. 377, and November 1934, p. 737. 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 n o e rt t s E la n n g d - Prance m G a e n r y - g B i e u l m - N la e n th d e s r- Sw la i n tz d er- C a a d n a - M ic e o x- A t r i g n e a n- lo C m o b - ia B I r n i d ti i s a h H a o n n d g Japan c o o th u e n r - Kong tries Customs valuations; withsome exceptions at rate of$20.67 ci fine ounee 1932—Total (12 mo.)--446,213 53,585-441,649-13,356-82,571-96,586 -118,273 64,574 20,087 12,991 3,240 26,597 39,043 49,719 36,383 1933—June -3,244 -2,845 -72 -1,445 154 141 1 10 812 July— -83,879 -713 -79,617 203 369 -4,121 August -80,388 -1, 535 -73,173 -216 -27 143 125 1 -5, 708 September -56,736 -5,099 -48,717 -13 -2,171 224 518 8 -1,486 October -32,351 -6,24® -26,923 -109 -18 —9 -453 268 48 1 1,085 November -783 -2,260 -366 -5 -28 216 240 2 1,419 December -9,128 -1,650 -203 -28 -10 -8,883 347 338 960 Total (12 mo.). -173,455 6,375-216,035 -2, 532 -895 7,901 -11,631 19,896 4,280 -1 98 25,629 12,821 6,702 -26,068 1934—January -2,767 -2,542 -461 1 -10 -1,678 313 246 1,364 Customs valuations; with some exceptionsat rate i)f$S5ajfine ounce February 452,571 239,800 124,381 1 131 57,272 9,087; 12,114 5,124 1,660 651 4 2,347 March _.. 237,336 135,987 51,821 10,148 3,569 in. 272 5,368 2,490~II,~465 2,865 3,351 April _ 54,748 24,054 1,786 7 234 9,069 640 fi 2,495 4,613 3,067 1,785 May 33,583 5,927 233 16 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 52,346 22,978 2,212 -17 8,982 2 664 8 8,948 3,254 3,316 August 37,225 22,872 -5,238 -146 -1,943 212 8,200 '515 1 2,484 5,489 672 4,105 S O e c p to te b m er ber -1 1 8 0 ,6 ,8 7 3 0 7 -1 - ,1 9 1 5 8 0 -17,74 2 8 6 -2,094 -500 3,7 5 7 3 5 9 3 2 3 6 9 5 9 6 3,1 - 1 8 2 5 5 1 0 3 1 1 , , 1 7 7 2 4 9 November 120,889 3,687 70,351 12,814 9,906 -254 9,609 880 1"II,"3O6 700 1,896 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 803 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from or net exports (—) to: Total Year and month net im- South e o x p r ( p o ) n o rt r e s t t s U S n ta i t t e e s d France m G a e n r y - ! I g B iu e m l- N la e n th d e s r- S l w an it d ze i r- 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 n tl i t e t s s - Au l s i t a ra- A d W R f e r h s e i o i c s a a - t , , c o t o A r t i h u e l e n l s r - Africa Official figures converted at rate of $20.67 an ounce 1932—Total (12mo.)-- 84,585 -50,642 -297,0501 333 -13,434!-71,378-14,019 «5,746. 220,3941 10,781 ' 20,364255,310| 18,279 1933—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| 6,998 -196 8,143 4,186 5,892 423 ir" 19,460 12,871 December 677,405 7,939, 97,016 41, C -7,065 -4,5 14,056 43,374 118,817 60,812 256,177 41,667 Total (12 mo.) 62,146 4,788. 9,805 -13 -20| 5,310 -170 5,500 4,530 8,642 583 2,353 17,667 3,170 1934—January Official figures converted at rate of $35 an ounce February 184,820'-238,842 283,333 18,837 3,790 17,891! 4,870 30,193 647 2,951 30,881 30,587 March 91,47ll -130,087 66,180 65,579 358 5,522! -1761 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 May 37,986 -5,197 -30,856 8,243 -34 319 -252 284 75 14,147 485 3,086 42,935 4,750 June 53,0561 -35,375 6,622 17,495 218 -659 -7l! 144 17,330 441 3,172 30,505 13, 233 July 30,991' -29,369 -121 4,099 -2,161 -46] -102| 1,794 12, 213 70 3,234 32, 312 9,070 August 26,005; -15,420 -6, 797 45-6,034 -4, 563! 1,749 25,146 66 4,673 22,371 4,774 September 6,251 -8,188 2,890 -2,157 -203| -1,849| 2,052 7,266 962 151 3,507 11,315 1,491 October. 950 -339 105-1,291 4821 -1,118 655 4,"" 4,992 245 3,438 24,420 12,790 November » 54,069: -15,659 27,443 179-3,552 79! 911 j -2,357 20,089 158 17,509 4,873 France' Germany Net imports from or net exports (—) to: Net imports from or net exports (—) to: Total Year and month Total net i e m o x ( r n p p ) e o n o t r e r t t t s s U S n ta i t t e e s d E la n n g d - m G a e n r y - N la e e n r t d - h s - S l z a w e n r i d - t- c o t o A t r h i u e l e n l s r - 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 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 . . j j i c o t o A r th i u e l e l n s r - Official figures converted at the rate of $20.67 an ounce 1932—Total (12 mo.) 828,178 468,052 309,984 37, 37,547-17,668 -7,627 -27,282 367 -250-38,170-24,455-7,915 46,6561-3,515 1933—June 46,760 5 -18,581 21,679 9,164 30,797 3,695 -36,432 1,453-13,676 -22,658 -5,392 3,833) -26 J A S O u e u c l p t y g o t u e b s m e t r ber.. 4 5 2 5 6 3 3 4 , , , , 0 4 7 2 0 4 1 3 7 0 3 7 1 6 4 3 7 7 0 5 9 , , , , 9 6 2 7 8 8 6 4 8 0 3 5 - - - - 1 1 1 1 2 1 , , , , 6 3 5 5 8 9 2 3 6 6 7 3 - - 2 4 8 4 , , 6 , 0 - 6 4 4 5 5 6 9 0 4 ] , -1 - - 2 8 6 5 , , , , 4 0 1 6 2 2 6 9 5 8 6 5 ] - - - 1 2 1 6 , , ,, 1 3 5 6 7 9 9 6 82-19 - - ,2 9 1 6 7 9 5 1 5 0 0 0 1 4 5 9 - , , , 6 5 8 1 7 9 4 2 6 2 5 0 216 - - 1 - 1 3 6 8 4 2 2 6 1 1 5 7 , , 9 9 1 3 1 5 3 0 9 3 1 -2 - ,1 2 9 5 7 7 4 6 3 0 4,6. - -3 2 7 3 3 1 2 8 3 2 November.. -53,315! 177 -25,025 -3-21,461 -5,674 -1,328 2,572 77 -13 4,710 -5,268 3,182| -133 December... -45,447| -19,38" —772! 701-23,443 -2,545 2,627 15 590 ~>i — 1, 5 Total (12 mo.) 243,944; 223,894 -87, 207 73,0011 44,691 j 10,491 -20,926-102,856 1,799-37,044-64,922-40,950 1934—January I -7,236 1,215 -5,259 -2! -70, -1,187 -1,934| 1,246] -19 -2,615 293 - 3,610, 56 OOfffficial figures converted at rate of $35 an ounce February. __-175,869-92,336-160,187 12,536 59,196 — 1,765; 6,687| -20,472| -29,660 -8,0541 -946 18,034' 113 March -232,658'-79,158-155,636 3 15,955 -2,914! --10,907' -39,440 -55, 529 -2 -988 16,992 54 April — -1,3731 997 -37,010 78 1,995 32,492! 74! -5,655 -3, 515 -8,073 -8,189 13, 971 146 May 30,915| 124 33,581 1 516 5, 405 2-8,712 -29,040 -13, 382 -10,083-12,363 6,761! -10 June 6,437! -9,779 -11,411 18,191 -1, 696 19,168, -8,036: -20,312 7-12,286 -8,155 106 July -2,895i -3,003 926 1 -104 -1,038! 323 4,469 -4,207 2 —5 8,459 172 August»» -15,105; -7,290 264 145 -39 -9,226! 1,041: 5,328 -2,609 2 -133 7,829, 237 September »_ 964! 5,987 9,606 -3 10-15,492! 854; 62 126 -269 4 -18 172 October * 22,710 26,296 3,706 2 139-6,972] -46l| 7,872 1,891 5,806 206 p Preliminary. r Revised. Revision of figures for France applies only to 1933. «Corrected. 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. * $20,305,000 exported by France to Belgium in July 1933; $9,747,000 in May 1934. NOTE.—Great Britain and Germany.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. German gold movements by individual countries beginning July 1934 are subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
804 FEDERAL RESERVE BULLETIN DECEMBER 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 United England France Germany Belgium Poland Sw la i n tz d er- B In ri d ti i s a h c A o l u l n o t t r h ie e s r Official figures converted at rate of $20.67 an ounce 1932—Total (12 mo.)... 116,149 106,623 50,070 -34,009 1 26,886 -12,727 -13,630 -16,137 16,423 I -7,346 1933—June. .. -45,503 115 -6,390 -41,046 5,581 -1,797 -1,702 108 -18 July -13,628 | -15,750 6,065 -180 -1,432 -1,466 291 20 August 24,239 ! 12,996 11,183 47 17 -174 275 90 September 16,488 j 1,798 13,849 -903 -338 -241 2,236 97 October 18,562 2,191 1,385 14,457 -357 -22 -1,232 2,099 105 November 9,688 -1,942 6,096 5,369 -90 -297 441 142 -9,294 I -7, 111 -601 -821 -230 -658 31 99 December -3, 839 -1, 624 -72,183 40,818 -17,873 -6,030 -16,974 9,632 567 Total (12 mo.) 1934—January -7, 082 -238 -367 -1,220 33 | 246 Official figures converted at rate of $35 an ounce February.. -102,784 i -17,262 -13,283 -76,485 233 4,077 -62 -257 21 235 March -9,201 • -6, 248 -4, 928 -4,132 345 6,116 -141 -532 360 -42 April 3,063 ' -4,444 -418 -287 7,951 -102 201 5 164 May 13,859 : -115 -158 11, 835 -68 1,696 311 359 June 9,570 ! -225 277 1,701 7,704 -166 -291 -12 451 133 July _ 9,170 75 88 71 -53 -103 -112 322 August -2,737 ! -194 -23 3 -42 174 -278 -2,546 168 1 September. -326 I. 498 -327 7 34 -2 -44 -1,016 393 130 October, _. -2,386 ! -637 166 -1,864 -178 -65 -4 70 126 Switzerland British India Year andjmonth i e m o T x n r p o p e n o o ta t e r r l t t t s s U S n ta i t t e e s d Ne E la t n n i g m d - por F t r s a f n ro c m e m o G r a e n n r- y et A S e o x fr u p ic o th a rts N la (— e e n r t d - h ) s - to: c o t o A r th i u e l e n l s r - i e m o T x r n p p o e n o o ta t e r r t l t t s s U N S n t e a i t t t e e i e m x s d p p I o o r E r l t a t s n s n g ( f d — r - om ) t c o o t o o A r t : r h i u e l n e n l s r e - t t I G i d p n o u r o d n o c l i - - d i a n r i G n e ( c o m - s o r r I ) I e e v n i e n a r d n e n - v d s e r t e e n i - a s - I p i I ( n c o n h n r - r c r g i o d e ) v r s a l d i e i d a a s n e a i t - e n - s e i e Official figures converted at rate of $20.67 an ounce 1932—Total (12mo.)_ 7,418 7,880 101 14,996 -304-195,662 -38,094-151,059 -189,007 1933-June July August September... October November... December Total (12 mo.) 1934—January Official figures converted at rate of $85 February -38,421 March -19,880 April 43,753 J -20,005 May 11,582' -19,396 June -8,372 -18,163 July -390 -21,196 August 26,569 -2,628 September ... 21,532 -1,602 October p-12,478 p Preliminary. »• Revised. 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 aggrega tes 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
DECEMBER 1934 FEDEEAL RESERVE BULLETIN 805 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1934 1933 1934 1933 Oct. Sept. Aug. Oct. Oct. Sept. Aug. Oct. 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 Currency issued.- 519 520 522 526 Advances to banks under finance act—. 43 Irish Currency Commission (thousands Dominion notes: of pounds sterling): Issued-- 210 207 198 175 Legal tender note fund: Outside chartered bank holdings. _ 31 32 31 29 British legal tender and bank Indian Government (millions of rupees): balances 100 335 382 142 Gold standard reserve: British securities 7,436 6,970 6,620 7,364 Gold 29 29 29 147 Notes issued.- 7,536 7,305 7,002 7,506 Foreign exchange 505 505 505 386 Consolidated bank notes: 1 Paper currency reserve: Issued 4,838 4,831 4,822 4,722 Gold 416 415 416 297 Deemed such under sec. 60 (4) of Silver 978 986 992 1,042 Currency Act, 1927, 1,151 1,158 1,165 1,261 Other assets 463 450 442 461 Notes issued 1,856 1,851 1,849 1,800 i Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Oct. 13, Sept. 15, and Aug. 18, 1934, and Oct. 14,1933. Figures for notes deemed to be consolidated bank notes are as of close of business on these dates. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1934 1933 1934 1933 Assets Liabilities Oct. 31 Sept. 30 Oct. 31 Oct. 31 Sept. 30 Oct. 31 Gold in bars — 11,744 11,780 5,147 Demand deposits (gold) 11,662 11,662 5,147 Cash on hand and on current account with banks 7,705 10,537 11,060 Short-term deposits (various currencies): Demand funds at interest - 7,646 11,348 12,897 Central banks for own account: Demand.. 46,546 44,414 60,512 Eediscountable bills and acceptances (at Time—Not exceeding 3 months 107,589 108,517 106,741 cost): Commercial bills and bankers' accept- Total.. 154,135 152,932 167, 254 ances.__ _ 170,896 150, 298 227,075 ~—' Treasury bills 159,682 181,515 145,992 Central banks for account of others: Demand. 11,911 11,363 11,160 Total 330,577 331,813 373,067 Other depositors: Demand.. 1,201 1,214 3,190 Time funds at interest—Not exceeding 3 months — 19,317 38,712 39,208 Long-term deposits: Annuity trust account 154,764 154,200 154,481 Sundry bills and investments: German Government deposit 77,382 77,100 77,241 Maturing within 3 months: French Government guaranty fund. 40,811 40,480 45,513 Treasury bills 20,311 41,115 25,836 Sundry investments 73,200 72,934 67,433 Total 272,956 271,780 277,235 Between 3 and 6 months: Capital paid in 125,000 125,000 125,000 Treasury bills 57,452 36,745 29,475 Sundry investments 32,016 33,332 33,699 Legal reserve fund 2,672 2,672 2,022 Over 6 months: Dividend reserve fund_. 4,866 4,866 3,895 Treasury bills 35,147 22,583 18,752 General reserve fund 9,732 9,732 7,790 Sundry investments- 35,917 36,352 37,910 Other liabilities: Guaranty on commercial bills sold-. 6,172 6,113} 54,781 Total 254,043 243,061 213,145 Sundry items 59,621 58,629 Other assets: Guaranty of central banks on bills Su s n o d l r d y . . i .. tems-. 2 6 , , 7 17 2 2 5 2 6 , , 6 1 0 13 0 / \ 2,948 Total assets 659,930 655,963 657,473 Total liabilities I 659,930 655,963 657,473 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
806 FEDERAL RESERVE BULLETIN DECEMBER 1934 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold Note (Figures in millions of pounds sterling) ( m d in e e p n i a s t s r ) u t- l e C C o a in sh rese N rv o e t s es D ad is v a c a n o n d u c n e t s s Se t c ie u s ri- ci t r i c o u n la- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i s e li r - 1933—Sept 27 190.4 1.4 79.6 9.2 85.8 370.8 97.3 16.5 44.0 18.2 Oct. 25 - _ — 190.4 1.3 81.2 8.5 92.5 369.3 104.1 15.9 45.8 17.7 Nov. 29- _- 190.6 1.2 80.4 8.6 84.7 370.2 106.9 13.6 36.5 17.8 Dec 27 190.7 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Jan 31 190 9 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 25 191.6 .6 67.6 7.5 94.2 383.9 104.8 10.9 36.1 18.1 Aug. 29 -. 191.8 .6 72.5 5.6 92.5 379.3 83.7 34.0 35.2 18.2 Sept. 26 . 191 9 .6 74.9 7.2 92.2 377.0 82.0 37.9 36.8 18.3 Oct. 31 „ . 192.0 .6 73.6 8.9 91.6 378.4 100.4 16.9 39.8 17.7 Nov. 28 192.1 .6 72.4 9.2 90.6 379.7 89.1 27.7 38.1 17.8 Assets Liabilities Bank of France Deposits Negotia- Note Other (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 l s s tic Se lo c a u n ri s ty se b c l u e ri- O as t s h e e ts r ci t r i c o u n la- Govern- lia ti b e i s lities ment Other 1933—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- 80, 252 1,155 4,248 3,054 5,913 8,150 80,809 3,515 16,547 1,901 Aug. 31 82,037 1,082 3,116 3,140 5,913 9,060 81, 732 3,884 16,880 1,853 Sept. 28 _ 82, 281 962 4,146 3,134 5,898 8,254 81,479 3,674 17,673 1,850 Oct. 26. 82,476 931 3,996 3,101 5,898 8,264 79,467 5,287 17,966 1,942 Nov. 30 82,097 960 3,068 3,228 5,898 8,849 81,879 4,829 15, 522 1,869 Assets Liabilities Reichsbank Reserves (Figures in millions of reichsmarks) Foreign Tr b e i a l 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 t c ie u s ri- a O s t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - Gold exchange 1933—Sept. 30 367 40 30 3,289 205 320 688 3,625 465 850 Oct. 31.— . . 396 18 15 3,147 143 319 799 3,571 416 850 Nov. 30 405 3 26 3,001 163 518 773 3,542 478 871 Dec. 30 386 9 49 3,177 183 581 735 3,645 640 836 1934—Jan. 31 376 7 48 2,845 81 620 843 3,458 498 863 Feb. 28 .. . _ 333 7 4 2,766 248 666 801 3,494 530 802 Mar. 29 237 8 90 3,144 144 681 685 3,675 547 768 Apr. 30 205 7 53 3,140 140 639 760 3,640 515 788 May31._- . 130 6 14 3,174 125 643 860 3,635 538 778 June 30 70 7 70 3,392 171 685 780 3,777 623 775 July 31. _ 75 3 24 3,408 109 713 886 3,768 649 800 Aug. 31 75 4 3 3,540 128 737 867 3,824 717 813 Sept. 29 75 4 19 3,811 148 755 806 3,919 848 851 Oct. 31 ___ 83 4 3 3,726 91 750 890 3, 823 856 868 Nov. 30 79 4 8 3,848 119 752 881 3,810 961 920 i 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. 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
DECEUBEE 1934 FEDERAL RESERVE BULLETIN 807 CENTRAL BANKS-Continued [Figures are for last report date of month] 1934 1933 1934 1933 Central bank Central bank Oct. Sept. Aug. Oct. Oct. Sept. Aug Oct. National Bank of Albania (thousands Central Bank of China—Continued. of francs): Deposits—Government 213 217 156 Gold -. 7,121 7,122 7,341 Bank 41 38 57 Foreign exchange 23,266 23,310 20,567 Other _ 11 8 21 Loans and discounts 2,850 2,697 2,826 Other liabilities 75 75 70 Other assets 2,844 2,892 3,014 Bank of the Republic of Colombia Note circulation 11,444 11,458 12,314 (thousands of pesos): Demand deposits 13,866 13,726 15,583 Gold at home and abroad • 17,583 18,529 18,865 15,249 Other liabilities.. 10, 773 10,837 5,851 Foreign exchange 2,306 1,585 1,876 2,470 Commonwealth Bank of Australia Loans to member banks 4,448 3,599 3,112 1,568 (thousands of pounds): Note circulation 36,697 36,824 36,690 27,268 Issue department: Deposits. 26,852 27,281 24,234 Gold and English sterling 15,708 15,708 15,708 11,507 National Bank of Czechoslovakia Securities 29,625 29,625 28,125 29,125 (millions of koruny): Banking department: Gold 6 2,675 2,665 2,663 1,708 Coin, bullion, and cash 800 841 855 973 Foreign balances and currency 8.__ 154 89 53 933 London balances 21, 217 22,865 23,058 17,948 Loans and advances 1,409 1,546 1,381 1,550 Loans and discounts 17, 072 15,344 18,966 Note circulation.. 5,461 5,589 5,384 6,148 Securities 35, 735 35,032 36,532 36,000 Deposits 730 758 420 Deposits 78,347 77,938 74, 636 Danish National Bank (millions of Note circulation 47, 550 47,550 46,050 42,398 kroner): Austrian National Bank (millions of Gold 133 133 133 133 schillings): Foreign bills, etc 7 29 Gold* 242 242 242 170 Loans and discounts 70 Foreign exchange of the reserve 0 0 0 19 Note circulation 384 365 368 Other foreign bills J 43 40 44 8 Deposits. 119 127 82 Domestic bills 250 254 253 227 Bank of Danzig (thousands of Government debts 624 624 624 624 gulden): Note circulation 954 965 965 941 G" oDldid... 25,987 25,942 30,631 Deposits. 180 174 175 101 Foreign exchange of the reserve 2,150 4,811 11,784 16,643 National Bank of Belgium (millions Other foreign exchange 154 89 197 1,322 of D G be o o l m l g d a e .. s s ) t : ic an _ d foreign bills 2, 6 5 1 8 9 8 2,6 6 6 7 1 1 2,6 6 4 8 7 0 2,7 7 1 5 0 1 N L D o o e a p te n o s s c i i a t r s n c d u l d a i t s i c o o n u .. n . ts 3 1 3 9 8 , , , 1 1 8 5 4 9 0 7 2 3 1 9 5 8 , , , 5 1 7 8 3 7 4 5 8 4 1 1 1 1 9 , , , 3 3 1 2 6 1 1 5 2 3 1 1 9 3 1 , , , 4 8 5 1 1 1 1 6 7 N Lo o a te n s c i t r o c u S l t a a t t i e on 3, 3 5 4 6 4 3 3,5 3 1 4 4 4 3,5 3 3 4 1 4 3,4 3 3 5 8 5 Ce o n f t s r u a c l r B es a ) n : k of Ecuador (thousands Deposits _. 187 310 307 539 Gold at home and abroad. _ 15,485 15,598 14,448 Central Bank of Bolivia (thousands of L Fo o r a e n i s g n a n e d xc d h i a s n co ge unts 5 1 0 2 , , 1 8 8 3 5 5 50,356 4 4 8 , , 5 2 7 8 1 6 bo D N L G F li o o e v o o r a p i t l e e d a n o i n s g s c a o n i i t a s r t n c s h ) e : d . u o x . l c m d a h t i e a i s o n c a n o g n e u d n a ts b road _ 7 1 9 5 2 7 ( , , , , 1 5 7 2 7 ) 1 8 1 2 5 2 0 8 1 6 1 3 9 7 9 7 0 , , , , , 6 0 1 8 9 2 3 5 9 4 1 4 8 5 7 4 4 4 1 4 9 3 6 0 , , , , , 0 8 0 8 5 5 3 8 1 8 1 4 0 1 8 Na o t f i N D F G o p o n e o o o r a p t u l e e l d o n i g . s c B d . i n i t s a r s ) c n e : u x k l c a o h t a f io n E n g g e ypt * (thousa < nds 4 3 2 6 5 0 , , , , 4 5 2 6 4 2 4 4 9 0 9 5 4 2 2 2 1 6 , , , , 2 5 8 6 6 4 7 6 9 5 4 2 2 3 2 6 1 3 , , , , 2 6 4 1 7 6 6 7 4 3 7 0 Bank C u o r f re B n r c a y zil (millions of milreis): 313 352 375 510 L B o r a i n t s i s a h n , d E di g s y c p o t u i n a t n s , and other 4,899 3,958 5,880 N D L C o e o o a p t r e n r o e s s c s i i a p t r s n o c d n u d l d a e i t n s io c ts o n - u a n b t r s oad 2 2, , 9 6 2 2 4 0 4 0 1 6 7 2 2 , , 8 6 2 8 1 2 3 1 3 0 3 2 2 , , 6 8 2 0 6 2 1 8 3 0 3 2 3, , 8 7 2 0 2 2 2 6 0 2 0 N D O e o t G h p te e o o r v s c i e a i t r r s s c n s — u e m l ts a G e t n i o o t v n s e e rn cu m r e it n i t e .. s— _. 3 2 3 5 0 2 , , , , 0 7 3 1 8 4 1 0 7 6 4 8 3 1 3 5 0 7 , , , , 1 0 5 8 7 4 9 2 1 4 7 4 2 3 3 3 0 3 , , , , 1 6 2 8 2 5 8 4 5 4 6 5 National Bank of Bulgaria (millions Other 15, 676 19,686 of leva): Other liabilities 8,097 8,003 Gold 1,547 1,547 1,547 1,522 Bank of Estonia (thousands of krooni): Net foreign exchange in reserve.., —68 —51 —43 41 Gold 27,781 27, 746 20,504 20,077 Total foreign exchange 178 157 194 205 Net foreign exchange. 3,891 3,552 9,759 916 Loans and discounts 1,107 1,143 1,037 1,197 Loans and discounts.. 14,147 13,447 12,829 20,747 Government obligations 2,755 2,755 2,783 2,851 Note circulation 36,222 33,713 32,763 33,153 Note circulation 2,633 2,859 2,668 2,845 Deposits—Government 5,663 4,385 3,202 Other sight liabilities 1,750 1,623 1,764 1,627 Bank 7,249 7,805 5,999 Central Bank of Chile (millions of Other 2,323 2,621 2,372 2,676 pesos): Bank of Finland (millions of mark- Gold and foreign exchange in re- kaa): serve , 146 148 165 Gold - 323 323 Loans and discounts ___J 60 65 106 Balances abroad and foreign Government debt \. 717 717 672 credits _ _ 1,190 1,122 1,073 922 Note circulation._ _.!. 503 507 479 Foreign bills.— _ 187 274 290 302 Deposits ___•'. 350 349 356 Domestic bills _. 662 684 730 710 Ce y n u t a r n al ) : Bank of China 3 (millions of I j 28 26 Bank N O o t o h te e f r c G s ir i r g c e u h e t l c a e l t i i a o ( b n m il i i l t l i i e o s ns of drach- 1,2 3 4 8 5 4 I i 1, 3 26 89 1 1, 5 2 1 2 2 4 1,1 5 0 0 3 2 D L N S D S G O i e o o u u t o l c h v a e e t l u e e n e d r f r f r s . r i c r . t o o a i a . i r m m s e n c s s d u e b d t l d s a a o i t n m s io k c e n s o s u t a i n b c t r s b o a ad n _ k s _._ I J ! I i j ! . . . 1 1 4 8 2 1 3 5 1 5 1 4 5 9 3 7 1 1 2 4 2 3 7 3 1 8 1 7 6 9 8 9 < * 1 1 4 2 3 2 6 2 1 7 9 2 2 7 7 2 ma L N G L G O s) o i o o : o t a h a l t v b d e n e e i r s l r c a i n s t a i n i r i m n e g d c s d h u e f t n i o l d n a t r l i t e i f s i a o i o o c g b b r o n n e i l l i u . i i . g g e t n a n x i t e t c s i s e h . o x . a n c n s h g a e nge 4 2 3 5 3 , , , , , 0 0 9 3 4 1 8 1 1 5 8 4 9 6 1 3 8 3 3 5 1 3 , , , , 8 3 9 1 1 4 5 8 6 6 0 3 9 6 2 3 3 1 5 3 , , , , , 8 6 3 4 3 1 5 2 5 6 7 1 9 1 5 3 3 3 2 3 5 4 , , , , , 7 7 3 5 6 2 6 5 6 5 6 1 9 5 2 5 9 1 Beginning Apr. 310,1934, gold valued at rate of 1 schilling =0.16667 gram of fine gold, instead of 0.21172 as formerly, and foreign exchange valued at market. 2 Not yet available. a Items for issue and banking departments consolidated. 4 Previous to May 1934 gold held abroad was reported in " Due from banks abroad" and " Other assets." * Gold acquired since Mar. 20,1934, valued at purchase price. 6 Gold content of koruna reduced on Feb. 17,1934, from 44.58 milligrams of fine gold to 37.15 milligrams. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
808 FEDERAL RESERVE BULLETIN DECEMBER 1934 CENTRAL BANKS—Continued [Figures are for last report date of month] 1934 1933 1934 1933 Central bank Central bank Oct. Sept. Aug. Oct. Oct. Sept. Aug, Oct. National Bank of Hungary (millions Bank of Poland (millions of zlote): of pengos): Gold 497 495 474 Gold. - 79 79 79 97 Foreign exchange 36 38 46 86 Foreign bills, etc 14 14 15 9 Loans and discounts 745 736 754 822 Loans and discounts 598 594 579 483 Note circulation 1,010 975 950 1,046 Advances to Treasury 47 47 47 50 Other sight liabilities 181 220 247 179 Other assets 31 30 33 31 Bank of Portugal (millions of escudos): Note circulation 373 373 369 362 Gold 902 901 900 732 Deposits 73 68 60 77 Other reserves.. 383 381 357 282 Certificates of indebtedness _. 115 118 118 0 Discounts and advances 314 309 312 323 Miscellaneous liabilities 178 176 177 200 Government obligations 1,049 1,050 1,050 1,052 Bank of Italy (millions of lire): Note circulation 2,074 1,988 1,921 1,942 Gold at home 6,071 6,213 6,343 7,057 Other sight liabilities.. 725 809 852 515 Credits and balances 'abroad 28 27 37 306 National Bank of Rumania (millions Loans and discounts 5,095 4,747 4,681 5,092 of lei): I Note circulation 13,251 13,455 13,194 13,170 Gold. 10,179 10,156 9,806 Public deposits 300 300 300 300 Foreign exchange of the reserve.—. 106 130 365 Other deposits 954 1,155 1,392 Other foreign exchange 8 30 34 Bank of Japan (millions of yen): Loans and discounts 6,312 6,105 9,801 Gold _. 462 460 458 425 State debt 5,668 5,668 5,704 Advances and discounts 764 889 857 833 Note circulation 21,666 21.463 20,885 Government bonds 353 344 441 465 Demand deposits 7,221 7,407 7,558 Notes issued 1,204 1,223 1,172 1,174 South African Reserve Bank (thou- Total deposits 296 408 495 454 sands of pounds): Bank of Java (millions of florins) Gold 21,017 18,774 18,058 16,381 Gold 113 113 113 100 Foreign bills 9,125 10,781 9,760 18,451 Foreign bills 1 1 1 0 Domestic bills 97 163 85 9 Loans and discounts 64 66 64 66 Note circulation. 11,264 12,507 12,446 10,315 Note circulation- 183 186 182 187 Deposits—Government 2,338 1,680 1,249 1,741 Deposits 31 31 31 26 Bank 20,738 20,763 20,448 27,521 Bank of Latvia (millions of lats): Other 3,645 2,600 1,455 1,849 Gold 46 45 44 47 Bank of Spain (millions of pesetas): Foreign-exchange reserve 4 4 5 1 Gold 2,266 2,266 2,265 2,261 Bill! 62 62 62 67 Silver 673 680 684 642 Loans 70 63 61 54 Balances abroad 281 280 277 286 Note circulation 34 32 32 35 Loans and discounts 2,377 2,450 2,367 3,336 Government deposits 45 48 51 59 Note circulation 4,714 4,599 4,542 4,731 Other deposits ... 119 114 112 100 Deposits 887 813 885 818 Bank of Lithuania (millions of litu): Bank of Sweden (millions of kronor): Gold... 53 53 55 50 Gold 359 374 373 377 Foreign currency 8 9 8 11 Foreign bills, etc - 513 472 475 398 Loans and discounts 81 82 84 Loans and discounts 45 47 42 58 Note circulation _ 86 85 93 Note circulation 662 643 589 Deposits 59 55 59 Deposits -. 434 455 500 Bank of Mexico (millions of pesos): Swiss National Bank (millions of Gold 82 94 97 46 francs): Silver.... 124 126 126 101 Gold 1,902 1,808 1,735 1,931 Foreign exchange 13 4 5 13 Foreign balances and bills 19 22 22 29 Loans to member banks. 66 64 62 46 Loans and discounts _ 134 149 126 97 Other loans and discounts _ 18 20 22 44 Note circulation 1,384 1,400 1,370 1,408 Other assets __ _. 12 12 11 9 Demand deposits _ 588 519 677 Note circulation _ _ 108 106 104 77 Central Bank of the Republic of Tur- Deposits... 90 99 103 68 key (millions of pounds): Other liabilities 116 114 117 113 Gold. 27 27 27 24 Netherlands Bank (millions of flor- Foreign exchange. -. 6 5 5 2 ins): Government securities.. 153 153 153 152 Gold 883 864 863 893 Other securities. 33 32 31 29 Foreign bills 1 1 1 2 Other assets 31 38 38 41 Loans and discounts 171 171 170 173 Note circulation.. 158 158 158 161 Note circulation 893 882 894 929 Deposits 30 32 35 25 Deposits 208 202 189 181 Other liabilities.— 62 64 61 61 Reserve Bank of New Zealand * (thou- Bank of the Republic of Uruguay sands of pounds): (thousands of pesos): Gold 3,202 4,351 3,202 Gold 47,460 Sterling exchange 23,222 24,501 24,487 Loans and discounts 99,969 Other assets 1,689 1,660 1,626 Other assets 43,943 Note circulation 8,878 8,665 7,975 Note circulation 74,223 Demand deposits 17,700 20,329 19,810 Deposits—Demand 31,583 Bank 12,677 15,913 16,511 Time 41,903 Government 5,020 4,414 3,298 Judicial and adminis- Other liabilities 1,536 1,520 1,530 trative 2,611 Bank of Norway (millions of kroner): Other liabilities 41,051 Gold 135 135 135 149 I National Bank of the Kingdom of Foreign balances and bills 22 19 8 13 Yugoslavia (millions of dinars): Domestic credits 251 247 273 246 Gold. 1,807 1,827 1,813 1,795 Note circulation 316 322 321 307 Foreign exchange 189 170 155 145 Foreign deposits 8 5 2 1 Loans and discounts 1,841 1,834 1,845 2,185 Total deposits _ 77 62 59 70 Advances to State 2,320 2,320 2,320 2,319 Central Reserve Bank of Peru (thou- Note circulation 4,380 4,298 4,233 4,343 sands of soles): Other sight liabilities 1,179 1,162 1,141 1,026 Gold and foreign exchange 46,571 45,595 46,560 Bills;. 62,417 58,983 47,945 Note circulation 71,928 71,562 66,255 Deposits 28,845 25,163 20,521 i Bank began operations Aug. 1, 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
809 DECEMBER 1934 FEDERAL RESERVE BULLETIN COMMERCIAL BANKS [Figures are as of end of month, except those for England, which are averages of weekly figures] Assets Liabilities (10 clearing o f b a p n o k u E s n . n d g s l F a s i n t g e d u rl r i e n s g ) in millions ! d E B v C u n a a a e u g n s l l h f k t a r o n a o i m n d n f dM c n a o s l o h n l t o e i a c y r n t e d at B co il u ls n t d e i d s- I S ri e ti c e u s - L cu o s a e t n r o s s m t - o a O s t s h e e ts r Total / il D D e e m po a s n i d ts i ! Time lia O b t i h li e ti r es 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—January- 223 130 284 558 738 232 1,920 974 893 244 February.. 209 118 250 560 746 231 1,867 932 881 246 March 219 120 202 547 757 226 1,831 910 880 240 April _ 222 132 212 534 763 230 1,853 919 890 240 May 218 131 223 542 759 225 1,858 1 925 887 238 June 199 141 228 549 761 229 1,870 954 888 237 July 210 138 224 550 762 220 1,871 960 : 874 235 August 196 139 222 557 759 219 1,856 939 869 236 September 207 137 213 563 757 222 1,858 948 873 240 October. .. 213 136 216 576 760 236 1,891 (2) 245 Assets Liabilities (4 large banks. f F F ra r ig n a c n u s r c ) e e s in millions of B C F a a ra n sh n k c i o e n f I D b u a e n f k ro s m B co il u ls n t d e i d s- i s n L e c l c o o lu u a a d n r n i i s s t n y , g a O s t s h e e ts r Total i' D D e e p m o a s n it d s I Timl _ ee a a c O n c w c e e p n s t- lia O b t i h li e ti r es 1933—December. 1,416 19,848 8,309 1,827 32,635 31,773 I 862 273 4,362 1934—January... 1,574 19,169 8,537 1,034 31,969 841 284 3,592 February.. 1,724 18,174 8,956 1,130 30, 736 29,891 845 334 3,564 March 1,634 17,990 8,514 1,202 30,390 29,571 819 345 3,606 April 1,590 17,973 8,616 1,220 30,677 29,819 857 320 3,708 May 1,496 18,043 8,356 1,185 30,621 29,746 875 261 3,766 June 1,478 18,435 8,199 1,201 30,820 29,916 I 904 208 3,833 July 1,407 18, 705 8,526 1,270 31,888 30,962 | 926 201 3,925 August— 1,393 18,024 8,327 1,316 31,165 30,275 | 889 183 3,976 September. 1,419 18,384 8,511 1,395 32,460 31,547 I 913 179 4,016 Assets Liabilities I ( n R e m p i o ll r i t o i n n G s g e b o r a f m n a k r n e s y i . c hs F m ig a u r r k e s s ) 1 v R C a b u e a a l i s t c n h h a k s i n n - d ; D b ue a n fr k o s m i ! c B o i u ll n s t d ed is -, ; i s n e L l c c o o l u a u a r n d n i s t i s y n , g ! S ri e t c ie u s - a O s t s h e e ts r Total D D ep e o m s a it n s d Time c o u C b s r t t a e o i d m n i e t e s d r s ! ; j i Other 1933—December 2_. 1934—Januaryy 2 FFbebruary 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 13,108 April 166 603 2,103 4,390 ! 2,477 1,195 7,166 3,260 3,906 3,120 May 169 619 2,16C 4,309 ! 2,478 1,184 7,185 3,260 3,925 631 [ 3,103 June 226 619 2,128 4,220 ! 2,512 1,158 7,164 3,361 3,804 ;3,091 July 176 601 2,165 4,239 2,515 1,175 7,151 3,272 3,879 594 : ; 3,127 August 145 594 2,223 4,211 2,432 1,167 7,068 3,189 3,879 581 i 1 3,123 Assets Liabilities Canada Entirely in Canada Security Deposits payable in Canada I loans excluding interbank deposits (10 chartered banks. Fig- : abroad ures in millions of Canadian Cash in Secu- Other' dollars) vault and rities liabilities in cen- Security . t r r e a s l e r g v o e ld s loans I | b c i o ll u s n d te is d - bank 1933—December.. 197 j 106 ! 1,036 134 861 1934—January 194 ! 104 1,012 135 832 February... 193 102 1,011 j 144 833 March 187 103 1,029 ! 159 835 April 187 101 1,044 i 169 837 May.. 187 103 1,037 176 830 June 185 1,018 183 837 July... 206 996 163 850 August 212 100 1,000 184 862 September- 219 101 1,010 178 888 October 224 108 1,029 162 911 1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total. > 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
810 FEDERAL RESERVE BULLETIN DECEMBER 1934 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective E la n n g d - France m G a e n r y - Italy N la e n th d e s r-Sw la i n tz d er- b C an e k n t o r f a — l R D a e 1 t c e . Date effective b C an e k n tr o a f— l R D a e 1 c te . Date effective I F M M M n e a a a b e r r r f . f . . e 1 9 1 1 c 8 7 0 t , J 19 a 3 n 2 . _ l _ , 1932. 5 6 4 23^ 7 6 7 3 2 A A B B o e l u b l l s g i a t v i r n u i i i a a m a 6 J J N A u u u o n ly g v e . . 2 2 1 5 8 8 6 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 2 4 4 3 ! | 1 I J J L n a a a d v p t i a v a a i n a . 3.65 J J N F u a e o n l b y v . . . 1 3 1 1 6 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 4 3 3 3 J J S A M A A A M M a u e p p p p n n a a a p r r r r y y e r t . . . . . 9 1 2 9 2 3 2 1 2 2 9 8 2 1 0 2 1 1 _ 9 33 ._ 2 3 H 4 5 5 ^ 6 4 5 B D D C C E C c u h z a o e v u e l i n l n a g l c o a z e k m a h d i m i g r o a o a i s b a r r l i o k a - . . . . . . 7 4 f 3 4 i * /_ 2 J J A J S N N a u a e u o o n n l p y g v v . . t . . . . 2 3 2 3 1 2 2 5 3 0 0 8 1 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 4 2 3 2 3 4 3 L N P P S S P R e p o o o i u o t r a u l r h r m a u t i w t u u n n h a a g a d n n a y A i i l a a fric _ a .- _ . 6 6 5 6 6 M A M A D M O O e p p c c a a a c t t r r y y y . . . . . 2 2 1 2 2 8 1 5 0 4 5 6 6 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 2 0 3 3 3 3 2 3 May 12 Sweden Dec. 1,1933 J J J u u u l l ne y y 2 2 1 9 9 5 ______ 4 " E F G i s r n t e o l e a n c n e ia d 5 D O O e c c c t t . . . 2 1 1 0 4 , , , 1 1 1 9 9 9 3 3 3 4 3 3 T U Y u u . r S g k o . e S s y l . a R vi . a . . . . . . 8 J M M u a a ly r r . . 2 1 2 2 6 , , , 1 1 19 9 9 3 2 3 4 7 3 A Se u p g t . 1 4 5 3 2 Hungary Oct. 18,1932 Sept 19 2Yi Dec. 11 3 Change since Nov. 1: Italy—Nov. 26, up from 3 to 4 percent. Feb. 9, 1934 _ _._ 3 June 1 Nov 26 . _ 4 In effect Dec. 1,1934. 2 2% 4 4 2H 2 MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands (Amster- England (London) Germany (Berlin) dam) Month 3 B a a m a c n n c o c k e e n p e s t r t h , - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a B n l l a o d n w e k p a e o n r s c s i e ' ts d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y- o to n - 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—September. 0.44 0.31 0.63 3.87 5.50 5.00 0.77 1.00 October- .79 .73 .75 3.87 5.50 5.11 .50 1.00 November. 1.05 .94 .75 3.87 5.50 5.18 .45 1.00 December. 1.06 1.15 .77 3.87 5.50 4.97 .52 1.00 1934—January ~. 1.01 .90 .86 3.87 4.78 4.74 .50 1.00 February. .95 .86 3.87 4.91 4.78 .78 1.00 March .95 .84 3.87 5.00 4.89 1.24 1.07 April .96 .89 3.87 5.11 4.76 2.07 1.85 May .91 .85 .85 3.87 5.13 4.72 1.33 1.22 June .91 .85 .92 3.76 4.67 4.57 .78 1.00 July .87 .76 .85 3.75 4.44 4.67 .74 1.00 August .79 .74 .81 3.75 5.02 4.72 .75 1.00 September .73 .61 .78 3.81 5.13 4.71 .61 1.00 October. _. .77 .75 3.81 5.13 4.63 .59 1.00 Sweden Sw la it n z d er- (B Be ru lg s i s u e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Hungary ( h S o to lm ck ) - Japan (Tokyo) Month d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r i c a v o t a e u t n e t c c i o a P m l r i p m m ap e e r e - r Da m y- o to n - e d y ay L m oa t o o n n s t 3 h u s p Disc b o il u ls nted ov m e C o rn a n l i e l g y ht 1933—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. .50 2.12 1.85 3.50 3 -5 5.11-5.48 2.56 December. .50 2.25 2.26 3.00 5.11-5. 48 2.56 1934—January.-_ .50 2.14 2.12 3.00 5.11-5. 48 2.37 February.. .50 2.05 2.59 3.00 5.11-5.48 2.56 March .50 2.07 2.75 3.00 3H 5.11-5. 48 2.56 April .50 2,14 2.70 3.00 3^ 5.11-5. 48 2.37 May .50 1.93 2.60 3.00 5.11-5. 48 2.37 June .50 2.11 2.09 3.00 4^-7^ 5.11-5. 29 2.37 July .50 2.20 1.78 3.00 5.11 2.56 August— .50 2.31 1.75 3.00 5.11 2.74 September. .50 2.15 1.50 3.00 5.11 2.56 October. __ 1.50 5.10 1.45 3.00 NOTE.—For explanation of table see BULLETIN for November 1926, pp. 791-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 811 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] Argen- Aus- Austria Belgium Year and month tina tralia (schil- (peso)1 (pound) 2 ling) 3 (belga) 1929 95.1274 480.83 14.0575 13.9124 1930 83. 5050 458.60 14.0891 13.9524 1931 66.7375 351.50 14.0227 13.9285 1932 58.4433 279.93 13. 9599 13.9137 1933 * 72.8009 337.07 15. 4478 17.8996 1933—November 92.0439 409. 75 18. 0434 22. 3176 December * 33. 3311 407. 50 17. 6811 21. 7280 1934—January _ 33. 5007 402. 44 17.9115 22. 0360 February 33. 5494 400. 78 18.5650 22. 8893 March 33.9553 405. 86 18.9114 23. 2981 April 34.3475 410. 54 18.8724 23.4416 May 34. 0413 407.10 18. 9429 23. 4137 June 33.6552 402. 24 18.9021 23.3628 July 33.6077 401. 70 18. 8786 23. 3606 August _-- 33.7661 403. 52 18.9981 23.7056 September 33.2904 396.50 19.0185 23.7332 October __ 32.9458 391. 52 18.9242 23.4579 November 33. 2625 395.73 18.7956 23.3212 Year and month Egypt England F ( i m n a la r n k d - France (pound) (pound) ka) (franc) 1929 498.0689 485.6879 2.5160 3.9161 1930 .. 498.6002 486.2126 2.5169 3.9249 1931 465.1111 453.4990 2.3875 3.9200 1932 _. 359.5406 350.6067 1. 5547 3.9276 1933 434.3908 423.6821 1.8708 5.0313 1933—November 527.4832 514.9737 2.2700 6. 2678 December 524. 6387 511. 5890 2.2700 6.1216 1934—January 518. 2824 504.9336 2. 2449 6. 2110 February 516.0390 503.2596 2.2288 6.4648 March 522. 3447 509.3917 2. 2470 6. 5801 April 528.4813 515.3425 2.2702 6.6161 May. ___ 523.7236 510.6279 2.2540 6.6131 June 517. 7111 504.8406 2. 2311 6.5993 July - 516.9506 504.0705 2. 2302 6.5939 August 519.5273 506. 5076 2. 2403 6. 6592 September 512. 2619 499.4056 2. 2101 6. 6714 October _ 506. 6711 494.0809 2.1826 6. 6247 Novombfir 498.9022 2. 2019 6. 5886 Year and month Ze N a e la w nd Norway Poland Po g r a t l u- (pound) 2 (krone) (zloty) (escudo) 1929 483.21 26.6827 11.1940 i. 4714 1930 468. 22 26. 7598 11. 2051 4. 4940 1931 . 415. 29 25.0546 11.1970 4.2435 1932 320.19 18.0039 11.1823 3.1960 1933 340.00 21.4292 14.4135 3.9165 1933—November 411.04 25.8723 18.0564 4.8623 December 408.72 25.7075 17.7024 4.6892 1934—January 403.47 25. 3722 17.9281 4. 6505 February 401.81 25. 2835 18.5984 4.6321 March 406.84 25. 5834 18.9043 4. 6709 April 411.63 25.8824 18. 9554 4. 7085 May 408. 28 25. 6463 18. 9514 4. 6677 June 403.39 25. 3559 18.8879 4.6253 July 402.81 25.3246 18.8917 4.6129 August 405. 09 25. 4504 19.0824 4. 6274 September 398. 77 25.0928 19.1413 4.5593 October 393.67 24.8258 19.0071 4. 5043 November 398.07 25.0655 18.8976 4.5384 ffI g B a u r l i - a Canada Chile China Co b l i o a m- Cuba C sl z o e v c a h k o i - a D m e ar n k - (lev) 3 (dollar) (peso)* (yuan) (peso)1 (peso) (koruna) (krone) 11.8078 0.7216 99.2472 12.0601 41.9007 96. 5512 99.9647 2.9609 26.6802 10.7136 .7209 99.8424 12.0785 29.9166 96.4930 99.9515 2.9640 26.7650 7.0290 .7163 96.3258 12.0669 22.4369 96. 5697 99.9295 2.9619 25.0581 7.1223 .7193 88.0896 7.9079 21.7357 95. 2750 99.9409 2.9618 18.8317 7.9630 1.0039 91.9587 7. 6787 »28.5979 81. 6966 99.9464 3.8232 19.0709 8. 5660 1.6378 101.1829 10.0983 32.9030 66. 7200 99.9617 4. 7600 22.9975 8. 5995 1. 3435 100. 5516 9. 5952 33.4468 63.9668 99.9579 4.6487 22.8463 8. 5637 1.3472 99.5246 9.4476 34.0007 66. 9396 99.9578 4.7039 22.5487 8.4666 1.3464 99.1675 9.5966 34,3077 69.9523 99.9616 4.4432 22.4721 8. 5420 1.3324 99. 7871 10.1294 34. 6190 67. 6663 99. 9535 4.1531 22. 7384 8. 6004 1.3295 100. 2070 10. 2595 34.1506 59.9228 99.9288 4.1720 23.0051 8.6046 1. 3154 100.1859 10.2531 32.4621 61.4642 99.9329 4.1755 22.7948 8.4734 1. 2503 100. 7936 10. 2233 33.0523 57.8900 99. 9726 4.1590 22. 5395 8. 4384 1. 2608 101. 2034 10. 2705 33.9118 56.1052 99.94C4 4.1540 22. 5103 8.4898 1.2881 102. 3779 10.3266 34.8553 55.1596 99.9156 4.1944 22.6215 8.3096 1.2814 102.9387 10. 2974 35.5827 57.6496 99.9150 4.2141 22. 2981 8.1899 1.2428 102.1226 10. 3090 34.5881 60.2012 99.9165 4.1996 22.0615 8. 2176 1. 2134 102.4719 10.3496 33.3947 65.0391 99.9193 4.1777 22. 2724 Ger- ( m m re a a ic r n 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 n la g g r) (p H g e a u n r g n y - o)3 (r I u n p d e ia e) I (l t i a r l a y ) J ( a y p en an ) M (p e e x s i o c ) o N ( l f e a lo t n h r d i e n s r ) - 23.8086 1.2934 47.1669 17.4414 36.2020 5.2334 46.0997 48.1830 40.1622 23.8541 1.2959 33.8530 17.4939 36.0672. 5. 2374 49.3898 47.1331 40.2251 23. 6302 1.2926 24. 3305 17.4522 33.6895 5.2063 48.8509 «35.4919 40.2298 23.7492 .8320 23.4604 17.4460 26.3468 5.1253 28.1112 31.8500 40.2949 30. 5179 .7233 29. 4516 22.3598 31.8159 6.7094 25. 6457 28.1025 51. 7209 38. 2361 .9053 36. 6896 28. 2302 38. 3408 8.4331 30. 3618 27. 7989 64. 5642 37.3247 .8856 37.1537 27.6855 38. 3870 8. 2204 30.7418 27.7355 62.8466 37. 5872 .8949 37.6811 28.0425 37.9739 8.3076 30.1136 27. 7434 63. 6167 38.8841 .9253 38.0999 29.1191 37. 8567 8. 5757 29. 7536 27. 7313 66. 0382 39. 6599 .9413 38.6842 29.6125 38.3335 8. 5763 30.0093 27. 7224 67. 2956 39.5890 .9452 38.1556 29.7652 38.7557 8. 5641 30. 3124 27. 7222 67. 8471 39.4712 .9462 36.2293 29. 7559 38. 3329 8.5176 30. 2276 22. 7432 67.9056 38. 2953 .9449 36. 4890 29.7529 37.9072 8. 5989 29. 9041 27.7492 67. 8148 38.4938 .9453 37.6231 29.7112 37.8774 8. 5750 29.8434 27.7481 67.7146 39.4786 .9565 38.6140 29.8832 38.0616 8.6632 29.9933 27. 7298 68. 3808 40. 2760 .9562 39.3324 30. 0219 37. 5481 8. 6794 29. 7693 27. 7458 68.5744 40. 4507 .9476 40.4695 29.8995 37.1426 8. 6056 28.6843 27.7514 68. 0869 40. 2054 .9392 41. 2418 29.7126 37.4866 8.5386 29.0554 27. 7620 67.5988 R ( u n le m ia u a ) - (p S e p s a e i t n a) ( S S m d e t o r e 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 f i u r o u i n n c th d a o ) f 2 ( g p U u e r s a u o y - )1 ( Y s d l u i a n v g a i o a r - ) 0.5961 14.6833 56.0117 26.7839 19. 2792 48. 4105 483.27 98. 6294 1.7591 .5953 11.6670 55.9639 26.8543 19.3820 47.0608 483.79 85.8650 1.7681 .5946 9. 5453 52.4451 25. 2540 19.4009 47.1814 480.76 55.3572 1.7680 .5968 8.0438 40. 3970 18.4710 19.4049 47.2854 476. 56 47.0639 1.6411 . 7795 10. 7189 49.2320 22. 0324 24. 8355 60.4396 414.98 60.3360 1.7607 .9817 13.1129 60.0625 26. 5491 31.0223 75.7400 509. 29 76. 2484 2.2035 .9547 12. 7918 59.7025 26. 3911 30. 2473 73.7068 505. 76 74. 5870 2.1628 .9614 13.0042 58.9185 26.0418 30. 6420 75.0781 499.09 75.8051 2.1818 .9923 13.3001 58.7852 25.9554 31. 7374 77.7923 497.42 78.7499 2. 2468 1.0013 13.6175 59.6007 26. 2620 32. 2857 79.1507 503.42 80.1921 2.2648 1.0060 13. 7024 60.3487 26. 5643 32.4593 79. 6364 509.43 80. 6081 2. 2718 1.0032 13.7050 59.8173 26. 3199 32. 5277 79.6204 504.80 80. 5539 2. 2725 1.0020 13.6776 59.1709 26.0211 32.4969 79.4669 499.10 80. 2668 2. 2702 1.0045 13. 6668 59.0562 25. 9880 32. 5771 79. 2912 498.44 80.1433 2. 2773 1. 0126 13.8002 59.3488 26.1182 32.9542 79.9969 501. 27 80.9961 2. 3075 1.0144 13.8269 58.5164 25.7483 33.0237 80. 2671 494. 23 81.1496 2. 3156 1.0069 13.7272 57.9172 25. 4756 32. 7745 79.6869 488.43 80.5520 2. 2993 .9998 13. 6532 58.4538 25. 7220 32.4713 493.42 80.1486 2.2785 1 Nominal since April 1933. 2 Nominal since April 1934. 3 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 for Jan. 1-Dee. 10. Average for December 1933 based on paper peso for Dec. 13-31. Average of gold peso for Dec. 1-10 was 75.8904 cents. No quotations Dec. 11 and 12. «Beginning Apr. 10,1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 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. 6 Silver peso quoted in place of gold peso beginning July 30, 1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average 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
812 FEDERAL RESERVE BULLETIN DECEMBEE 1934 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year and month United Canada England France Germany Italy (O J c a t p o a b n er N l e a t n h d e s r- (19S26=ei00) I (1926=100) (1913=100) (1913=100) (1913=100) (1913=100) 1900=100) (1913=100) 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 I 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_ 67 I 101 280 180 74 1933—June 6s! 102 403 281 180 73 July 71 ' 102 401 279 182 73 August— 70! 103 397 278 180 73 September. 103 397 276 182 75 October.. _ 103 397 274 180 '76 November. 103 403 273 179 76 December. 69 | 103 407 275 176 77 1934—January... 71 | 105 405 96 276 176 79 February.. 105 400 275 178 80 March 104 394 275 177 79 April 71 I 103 387 96 273 177 79 May 71 I 102 381 96 273 176 77 June 72 104 379 97 272 175 76 July 72 • 103 374 99 270 174 77 August 72 I 106 371 100 271 177 78 S O e c p t t o e b m e b r e .. r , . 7 7 2 1 I I 1 1 0 0 5 4 3 3 6 5 5 7 1 1 0 0 0 1 2 2 7 7 0 2 1 1 7 8 9 2 7 7 7 7 r Revised. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) England (1913=100) France (1913=100) Germany (1913=100) Year and month pr F o a d r u m cts Foods co O m it t i m h e e s o r d* Foods p I r n o tr d d i u a u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u l c l t - s P s r io o n v s i- a p t f r n I r i i n n o d a i d d l s s u u r h e a s c m e - w t d s i- p tr I r i i n o s a d h d l e u 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—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 July 65 71 78 104 103 396 354 98 76 92 115 August __ 70 74 78 111 103 393 351 100 78 92 IIP September 73 76 78 110 103 383 350 100 78 92 r October _ . 71 75 78 107 102 368 347 101 78 92 -Sources.—See BULLETIN for March 1931, p. 159. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 813 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)2 14=100) (1913=100) 1914=100) 1914=100)2 14=100) 1926 161 161 113 1926.. 175 170 103 1927 155 156 113 1927. 173 164 104 1928. 154 157 112 153 1928- 171 166 105 152 1929 157 154 124 156 1929.. 171 164 113 154 1930 147 145 125 146 I 1930.. 164 158 118 148 1931 121 131 124 131 1931. 148 148 116 136 1932_ 102 126 109 116 1932.. 134 144 107 121 1933 100 120 100 113 1933.. 132 140 106 118 1933—June 97 114 97 114 1933—June 128 136 105 118 July 105 118 95 114 July 138 118 August 107 119 97 113 August 139 118 September 107 122 98 114 September. 141 105 119 October... 107 123 101 116 October 141 119 N D o ec v e e m m b b e e r r . . 1 1 0 0 7 4 1 1 2 2 6 6 1 1 0 0 3 4 1 1 1 1 8 7 N D o ec v e e m m b b e e r r . . _ . 135 1 1 4 4 3 3 "167 1 12 2 1 0 1934—January- 105 124 105 118 1934—January 142 120 February. . 108 122 103 117 February. _ 141 120 March 109 120 100 117 March 140 107 120 April 107 118 98 116 April 139 120 May 108 116 97 116 May _. 137 120 June 109 117 98 118 June 136 138 106 121 July 110 122 97 120 July - 141 122 August 112 123 97 121 August 142 122 September. 117 126 95 119 September. 143 "164" 122 October. _. 116 125 95 119 October 143 122 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. /Source*.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry ooff LLaabuour;r ; GermanyG—rmSytaSttiasttiissctshceess Reichsamt; France—For retail food prices, Statistique G6n6rale, and for cost of living, Commission d'fitudes rellattiive es au coutt dd e ll a vii e a PaPriis. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average* 100) Year and month ( U S av t n a e i r t t e a e s g d e ( 1 D E 92 e n 1 c g = e l m 1 a 0 n b 0 d e )1 r ( a 1 g F 91 e r = 3 a 1 n a 0 c v 0 e e ) r- G ( p a e v r r i e m c r e a a ) g n 1 e y U St n a it t e e d s England l France Germany price) Number of issues 60 87 36 169 421 278 300 329 1926 97.0 110.0 57.4 100.0 100.0 100.0 100.0 1927 98.9 110.7 71.7 118.3 107.0 123.2 145.0 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 »78.0 1932 81.1 113.2 88.6 * 67.1 48.4 67.9 105.2 «50.3 1933 84.0 119.7 81.3 82.5 63.4 78.6 99.6 61.7 1933—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 SpptpTnhp.r 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 June 99.0 125.3 85.6 88.9 73.5 86.0 87.6 69. & July 99.3 127.1 82.7 87.8 71.4 84.8 83.3 71.3 August 97.8 127.4 81.8 87.9 67.8 83.8 81.1 73.4 September 96.7 128.3 81.3 89.0 67.0 83.6 77.3 76.2 October 98.4 128.9 82.7 91.6 67.3 84.5 74.7 76.3 * Annual indexes are unweighted averages of monthly indexes. « Exchange closed from July 13~to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. Sources.—See BULLETIN for February 1932, p. 121. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
814 FEDERAL RESERVE BULLETIN DECEMBER 1934 LAW DEPARTMENT Absorption by member banks of exchange or collection service charges, if any, must be assessed against charges in trivial amounts the customer. In connection with this subject the Federal Section 19 of the Federal Reserve Act pro- Reserve Board has recently had occasion to vides in part that "No member bank shall, consider whether member banks of the Federal directly or indirectly by any device what- Reserve System may lawfully operate in accordsoever, pay any interest on any deposit which ance with the provisions of a clearing-house is payable on demand ", and on page 394 of the rule reading as follows: FEDERAL RESERVE BULLETIN for June 1934 there was published a ruling of the Federal No bank shall make a regular practice of absorbing for any customer all exchange or collection charges or Reserve Board relating to the legality, in view other out-of-pocket expenses incurred on behalf of such of this provision of the law, of the absorption customer; but, in exceptional circumstances, when it of exchange or collection charges by member would create friction or misunderstanding to charge a banks of the Federal Reserve System in con- customer for isolated items of trivial amounts, the banks may absorb such individual items, including isonection with deposits payable on demand. lated exchange and collection charges and charges for In that ruling there were summarized certain telephone calls, telegrams, and similar items, provided principles applicable to this subject and for the that the banks act in good faith and do not utilize the purpose of convenient reference that summary absorption of such items as a basis for soliciting accounts or attempting to obtain an advantage over competitors. is repeated in the following four paragraphs: Where the amount of such items absorbed (1) The absorption of exchange or collection does not vary with or bear a substantially direct charges in amounts which vary with or bear a relation to the amount of the customer's balsubstantially direct relation to the amount of a ance, the absorption of such items cannot be depositor's balance amounts to an indirect payconsidered an indirect payment of interest ment of interest in violation of section 19 of within the meaning of section 19 of the Federal the Federal Reserve Act, if the deposit is pay- Reserve Act, unless such items are included in able on demand. an analysis of accounts which involves their (2) The absorption or payment of such being offset in whole or in part by an analysis charges in amounts which do not vary with or credit allowed to the customer for interest or bear a substantially direct relation to the the earning value of the account. Even where amount of the depositor's balance is not prothe bank analyzes accounts in this manner, it hibited by law. is believed that the absorption of isolated items (3) If exchange charges and other actual of the character described above in trivial out-of-pocket expenses are included in an amounts may be disregarded in accordance with analysis of an account which also includes a the rule that the law takes no notice of inconsecredit allowed the customer for interest or for quential matters. The Board, therefore, sees the reasonable value of the account to the no objection to the adoption of a rule substanbank, interest is paid to the extent that such tially in accordance with that quoted above. credit offsets out-of-pocket expenses absorbed In this connection the suggestion was made by the bank; and any such payment with to the Board that a member bank be permitted respect to a deposit payable on demand is in to absorb such charges in amounts up to $2 violation of law. per month for any one customer in order to (4) If exchange charges and other out-of- eliminate the annoyance of inconsequential pocket expenses are omitted entirely from an charges against an account. While the Board analysis of an account, credit for the earning does not feel that it would be advisable to prevalue of the account to the bank may lawfully scribe any fixed amount of charges which might be included in such analysis, provided no pay- be absorbed under the above-quoted rule, it is ment is made to the customer with respect to believed that such a rule will afford a satisfacsuch account and the analysis is used solely for tory basis for treatment of exchange charges the purpose of determining whether the bank and other out-of-pocket expenses by member itself is properly compensated for the services banks which may see fit to operate under a rule which it renders to the customer and/or what of this kind. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 815 Substitutions of unregistered, nonexempted securities of payment of the amount of such check or in old accounts by sale and purchase of such securities draft. The Federal Reserve Board has been Ruling no. 37 interpreting regulation T.— asked, in view of ruling no. 34 interpreting The Federal Reserve Board has been asked Regulation T, whether this applies to "cash whether under Regulation T the substitution transactions" in unregistered, nonexempted of unregistered, nonexempted securities is securities. In reply, the Board rules that the permitted in a designated old account if such provisions of section 4 (f) of the regulation substitution is effected by the sale of such securities and the purchase of other such regarding the time when payment is deemed securities. In reply to this question, the to be received apply to "cash transactions" Board rules that, if such substitution is made in unregistered, nonexempted securities as within a period of 2 successive business days well as to "cash transactions" in other securiand the proceeds of the securities sold equal or ties. exceed the cost of the securities purchased so that the combination of transactions does not result in an increase in the adjusted debit Jurisdiction of business conduct committee to grant balance of the account, it is permitted by the extensions of time in connection with cash transregulation, regardless of whether the sale actions occurs before or after the purchase: Provided, That the broker must obtain payment for the Ruling no. 40 interpreting Regulation T.— securities sold before he pays for the securities In reply to several inquiries regarding extensions purchased, unless the maximum loan value of of time in connection with "cash transactions", the securities in the account exceeds the the Federal Reserve Board rules that the adjusted debit balance of the account by an amount not less than that to be paid for the jurisdiction of the business conduct committee securities purchased. or other suitable committee of a national securities exchange to grant extensions of time under section 6 of Regulation T is not confined Withdrawal of interest and cash dividends from to members of that exchange or to transactions restricted accounts on that exchange. Assuming the circumstances Ruling no 38 interpreting regulation T.—In response to several inquiries, the Federal warrant an extension of time, the committee Reserve Board rules that interest and cash may grant such an extension of time to any dividends on securities in any restricted ac- member of that exchange or to any broker or count may, at the option of the creditor, be dealer who transacts a business in securities paid to the customer if they are paid on the through the medium of a member of that same day on which, in accordance with the creditor's usual practice, they are credited to exchange. Furthermore, the committee may the customer's account. This ruling applies grant these persons such an extension of time to interest on coupon bonds as well as to not only in connection with transactions effected interest on registered bonds and cash dividends on the exchange, but also in connection with on stocks. transactions not effected on the exchange. This applies to "cash transactions" in unregis- Time when payment is deemed received in cash tered, nonexempted securities, as well as to transactions in unregistered, nonexempted secuother "cash transactions"; and it is not necesrities sary that the transaction involve a security Ruling no. 39 interpreting Regulation T.— registered on the exchange in question, or any Section 4 (f) of Regulation T provides in part other registered security. that the receipt in good faith of a check or draft drawn on a bank which in the ordinary course of business is payable on presentation, Regulation governing the payment of interest on or the shipment in good faith of securities deposits with sight draft attached may, for the purposes There is published below the text of the of the regulation, be deemed to be the receipt Federal Reserve Board's Regulation Q, series of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
816 FEDERAL RESERVE BULLETIN DECEMBER 1934 1935, amending Regulation Q, series of 1933, Section 24 of the Federal Reserve Act, as amended relating to the payment of deposits and interest by the act of February 25, 1927, provides in part as follows: thereon by member banks of the Federal Reserve System. This regulation becomes Such banks may continue hereafter as heretofore ta receive time and savings deposits and to pay interest effective February 1, 1935. on the same, but the rate of interest which such banksmay pay upon such time deposits or upon savings or REGULATION Q, SERIES OF 1935 other deposits shall not exceed the maximum rate authorized by law to be paid upon such deposits by (Superseding Regulation Q, series of 1933) State banks or trust companies organized under the laws of the State wherein such national banking asso- PAYMENT OF INTEREST ON DEPOSITS ciation is located. SCOPE OF REGULATION SECTION II. DEPOSITS PAYABLE ON DEMAND This regulation relates to the payment of deposits and (a) Interest prohibited.—Except as hereinafter interest thereon by member banks of the Federal stated, no member bank of the Federal Reserve System Reserve System and not to the computation and mainshall, directly or indirectly, by any device whatsoever, tenance of the reserves which member banks are pay any interest on any deposit which is payable on required to maintain against deposits. The rules condemand. cerning reserves of member banks are contained in the (6) Exceptions.—This prohibition does not apply to— Federal Reserve Board's Regulation D. (1) Any deposit which is payable only at an office of such bank which is located in a foreign SECTION I. STATUTORY PROVISIONS country.1 Section 19 of the Federal Reserve Act, as amended (2) Any deposit made by a mutual savings bank. by the Banking Act of 1933, provides in part as follows: (3) Any deposit of public funds 2 made by or on SEC. 19. Demand deposits within the meaning of this behalf of any State, county, school district, or Act shall comprise all deposits payable within thirty other subdivision or municipality, with respect to days, and time deposits shall comprise all deposits which payment of interest is required under State payable after thirty days, all savings accounts and law. certificates of deposit which are subject to not less than thirty days' notice before payment, and all postal (4) Payment of interest in accordance with the savings deposits. terms of any certificate of deposit or other contract which was lawfully entered into in good faith before June 16, 1933, and in force on that date and No member bank shall, directly or indirectly by any device whatsoever, pay any interest on any deposit which may not be terminated or modified by such which is payable on demand: Provided, That nothing bank at its option or without liability; but no such herein contained shall be construed as prohibiting the certificate of deposit or other contract may be payment of interest in accordance with the terms of any renewed or extended unless it be modified to certificate of deposit or other contract heretofore entered into in good faith which is in force on the date of eliminate any provision for the payment of interest the enactment of this paragraph; but no such certificate on deposits payable on demand; and every member of deposit or other contract shall be renewed or extended bank shall take such action as may be necessary, unless it shall be modified to conform to this paragraph, as soon as possible consistently with its contractual and every member bank shall take such action as may be necessary to conform to this paragraph as soon as obligations, to eliminate from any such certificate of possible consistently with its contractual obligations: deposit or other contract any provision for the Provided, however, That this paragraph shall not apply payment of interest on deposits payable on demand• to any deposit of such bank which is payable only at an office thereof located in a foreign country, and shall SECTION III. INTEREST ON TIME DEPOSITS not apply to any deposit made by a mutual savings bank, nor to any deposit of public funds made by or on (a) Time deposits.—The term "time deposits", for behalf of any State, cpunty, school district, or other subdivision or municipality, with respect to which the purposes of this section, includes "time certificates payment of interest is required under State law. of deposit", "time deposits, open accounts", and The Federal Reserve Board shall from time to time "postal savings deposits", as defined below: 3 limit by regulation the rate of interest which may be paid by member banks on time deposits, and may pre- The Philippine Islands, Puerto Rico, Canal Zone, Hawaii, and other scribe different rates for such payment on time and Territories, dependencies, or insular possessions of the United States are savings deposits having different maturities or subject not foreign countries, within the meaning of the above provision. to different conditions respecting withdrawal or repay- * Deposits of moneys paid into State courts by private parties pending ment or subject to different conditions by reason of the outcome of litigation are not deposits of "public funds " made by or on different locations. No member bank shall pay any behalf of any State, county, school district, or other subdivision or time deposit before its maturity, or waive any require- municipality, within the meaning of the above provision. ment of notice before payment of any savings deposit 3 Under the provisions of section 19 of the Federal Reserve Act, time except as to all savings deposits having the same deposits include savings deposits; but, for convenience, savings deposits requirement. are dealt with separately in this regulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDEBAL RESEBVE BULLETIN 817 (1) Time certificates of deposit.—The term (c) Maximum rate of interest.— "time certificate of deposit" means an instrument (1) No member bank shall pay interest, accruing evidencing the deposit with a bank of a certain sum after January 31, 1935, on any time deposit or any specified on the face of the instrument payable to part thereof at a rate in excess of 2% percent per bearer or to any specified person or to his order— annum, compounded quarterly,8 regardless of the basis upon which such interest may be com- (i) On a certain date, specified in the inputed, except as otherwise provided in this strument, not less than 30 days after the date subsection. of the deposit, or (2) A member bank may pay interest on time (ii) At the expiration of a certain specified deposits in accordance with the terms of any certime subsequent to the date of the instru- tificate of deposit or other contract which was lawment, in no case less than 30 days, or fully entered into in good faith prior to December (Hi) Upon notice in writing which is actually 18, 1934, and in force on that date and which may required 4 to be given a certain specified num- not legally be terminated or modified by such ber of days, not less than 30 days, before the bank at its option or without liability; but no date of repayment, and such certificate of deposit or other contract shall be renewed or extended unless it be modified to (iv) In all cases only upon presentation and conform to the provisions of this regulation, and surrender of the instrument. every member bank shall take such action as may (2) Time deposits, open accounts.—The term be necessary, as soon as possible consistently with "'time deposits, open accounts" means deposits, its contractual obligations, to bring all such certifiother than "time certificates of deposit", "postal cates of deposit or other contracts into conformsavings deposits", and "savings deposits", in ity with the provisions of this regulation. respect to which a written contract has been en- (3) The rate of interest paid by a member bank tered into with the depositor at the time the deposit upon a time deposit shall not in any case exceed (i) is made that neither the whole nor any part of the maximum rate prescribed in paragraph 1 of such deposit may be withdrawn, by check or this subsection, or (ii) the maximum rate authorotherwise, prior to the date of maturity, which ized by law to be paid upon such deposits by State shall be not less than 30 days after the date of the banks or trust companies organized under the laws deposit, or on written notice wThich must be given of the State in which such member bank is located, by the depositor a certain specified number of whichever may be less. days in advance, in no case less than 30 days.5 (4) A member bank may pay interest on a time (3) Postal savings deposits.—The term "postal deposit received during the first five days of any savings deposits" means deposits in banks which calendar month at the maximum rate prescribed consist of postal savings funds deposited under the in paragraph 1 of this subsection calculated from terms of the Postal Savings Act, approved June 25, the first day of such calendar month until such 1910, as amended by the Banking Act of 1933, and deposit is withdrawn or ceases to constitute a time which comply with the requirements of paragraph deposit under the provisions of this regulation, 1 or 2 of this subsection. whichever shall first occur. (5) A member bank may pay interest on a time (6) Payment of interest.—Except in accordance with deposit which is payable only at an office of such the provisions of this section, no member bank shall bank located outside of the States of the United pay interest on any time deposit in any manner, directly States and of the District of Columbia at a rate or indirectly, or by any method, practice, or device not exceeding the maximum rate prescribed in whatsoever. paragraph 1 of this subsection or such higher maxi- * Under the provisions of Regulation D, a certificate of deposit with mum rate as may be prescribed by the Federal respect to which the bank merely reserves the right to require written Reserve Board from time to time for payment in notice of not less than 30 days may be classified as a time deposit for the locality in which such office is located. the purpose of computing reserves; but interest may not be paid on such (d) Deposits payable within 30 days.—Interest at a a certificate of deposit, because it is in fact payable on demand unless prior to such payment the notice of not less than 30 days is actually rate not exceeding that prescribed in subsection (c) of required, and because the prohibition in the law upon the payment by this section may be paid until maturity upon deposits a member bank of any time deposit before its maturity clearly contem- which were bona fide time deposits at the time of deplates that time deposits (other than savings deposits), upon which posit, although they have since become payable within interest is payable, must have a definite maturity for at least 30 days prior to payment. 6 This limitation is not to be interpreted as preventing the compound- * A deposit, with respect to which the bank merely reserves the right ing of interest at other than quarterly intervals provided that the aggreto require notice of not less than 30 days before any withdrawal is made isgate amount of such interest so compounded does not exceed the not a "time deposit, open account", within the meaning of the above aggregate amount of interest at the rate above prescribed when comdefinition. pounded quarterly. 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818 FEDERAL RESERVE BULLETIN DECEMBER 1934 30 days. On time deposits with respect to which notice (2) The depositor is required, or may at any of withdrawal shall have been given to the bank, inter- time be required, by the bank to give notice in est may be paid until the expiration of the period of writing of an intended withdrawal not less than such notice at a rate not exceeding that prescribed in 30 days before a withdrawal is made, and subsection (c) of this section. No interest shall be (3) The above requirements are included in the paid by a member bank on any amount which, by the bank's printed regulations accepted by the determs of any certificate or other contract or agreement positor or in some other written contract with the or otherwise, the bank may be required to pay within depositor. 30 days from the date on which such amount is de- (b) Payment of interest.—Except in accordance posited in such bank. with the provisions of this section, no member bank (e) No interest after maturity or expiration of shall pay interest on any savings deposit in any manner, notice.—After the date of maturity of any time deposit, directly or indirectly, or by any method, practice, or such deposit is a deposit payable on demand, and no device whatsoever. interest may be paid on such deposit for any period (c) Maximum rate of interest.— subsequent to such date. After the expiration of the (1) No member bank shall pay interest, accruing period of notice given with respect to the repayment after January 31, 1935, on any savings deposit or of any time deposit, such deposit is a deposit payable any part thereof at a rate in excess of 2% percent on demand and no interest may be paid on such deposit per annum, compounded quarterly,9 regardless of for any period subsequent to the expiration of such notice. the basis upon which such interest may be computed, except as otherwise provided in this SECTION IV. PAYMENT OF TIME DEPOSITS BEFORE subsection. MATURITY (2) A member bank may pay interest on savings (a) No member bank shall pay any time deposit deposits in accordance with the terms of any conexcept in accordance with the provisions of this section, tract, which was lawfully entered into in good faith even though no interest is paid on such deposit.7 prior to December 18, 1934, and in force on that (b) No member bank shall pay any time deposit, date and which may not legally be terminated or which is payable on a specified date, before such specified modified by such bank at its option or without date. liability; but no such contract shall be renewed (c) No member bank shall pay any time deposit, or extended unless it be modified to conform to which is payable at the expiration of a certain specified the provisions of this regulation, and every memperiod, before such specified period has expired. ber bank shall take such action as shall be necessary, (d) No member bank shall pay any time deposit, as soon as possible consistently with its contractual with respect to which notice is required to be given a obligations, to bring all such contracts into concertain specified period before any withdrawal is made, formity with the provisions of this regulation. until such required notice has been given and the (3) The rate of interest paid by a member bank specified period thereafter has expired. upon a savings deposit shall not in any case exceed (t) the maximum rate prescribed in paragraph SECTION V. INTEREST ON SAVINGS DEPOSITS 1 of this subsection, or (it) the maximum rate au- (a) Definition.—The term "savings deposit" means thorized by law to be paid upon such deposits by a deposit which consists of funds accumulated for bona State banks or trust companies organized under fide thrift purposes 8 and in respect to which— the laws of the State in which such member bank (1) The passbook or other form of receipt, is located, whichever may be less. evidencing such deposit, must be presented to the (4) A member bank may pay interest on a savbank whenever a withdrawal is made. ings deposit received during the first five days of any calendar month at the maximum rate prescribed T The making of a loan to the owner of a time deposit in a member in paragraph 1 of this subsection calculated from bank by such bank, or by any other bank, person, partnership or corporation in accordance with any agreement, arrangement or understand- the first day of such calendar month until such ing with such bank, for the purpose of evading any prohibition of sec. IV deposit is withdrawn or ceases to constitute a above, will, to the extent of such loan, be deemed to be a payment of savings deposit under the provisions of this regusuch deposit in violation of such prohibition; and, in any case in which lation, whichever shall first occur. a loan is made to the owner of a time deposit in a member bank by such bank or in accordance with any agreement, arrangement or understand- (5) A member bank may pay interest on a saving with such bank, the member bank must bo prepared to show clearly ings deposit which is payable only at an office of that it was made in good faith and not for the purpose of evading any such bank located outside of the States of the such prohibition. 8 If by reason of the amount of the deposit, the business of the depositor • This limitation is not to be interpreted as preventing the compoundor otherwise, a question arises whether a deposit is properly classified ing of interest at other than quarterly intervals provided that the aggre by a bank as a savings deposit, the bank must be prepared to show gate amount of such interest so compounded does not exceed the aggre* clearly that it is a deposit consisting of funds accumulated for bona fidegate amount of interest at the rate above prescribed when compounded thrift purposes and that it otherwise complies with the above definition. quarterly. 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DECEMBER 1034 FEDERAL RESERVE BULLETIN 819 United States and of the District of Columbia at of the savings deposits of any depositor, it shall a rate not exceeding the maximum rate prescribed waive such notice as to the same portion or perin paragraph 1 of this subsection or such higher centage of the savings deposits of every other demaximum rate as may be prescribed by the Fed- positor which are subject to the same requireeral Reserve Board from time to time for payment ment. in the locality in which such office is located. (2) If a member bank pay any portion or per- (d) Deposits upon which notice of withdrawal is not centage of the savings deposits of any depositor, given.—Interest at a rate not exceeding that prescribed without requiring such notice, it shall, upon rein subsection (c) of this section may be paid upon sav- quest and without requiring such notice, pay the ings deposits as defined above with respect to which same portion or percentage of the savings deposits notice of intended withdrawal has not actually been of every other depositor which are subject to the required or given. same requirement. (3) If a member bank require such notice before (e) Deposits upon which notice of withdrawal has the payment of any portion or percentage of the been given.—Interest at a rate not exceeding that savings deposits of any depositor, it shall require prescribed in subsection (c) of this section may be such notice before the payment of the same porpaid upon savings deposits, with respect to which tion or percentage of the savings deposits of any notice of intended withdrawal may have been given to other depositor which are subject to the same the bank, until the expiration of the period of such requirement. notice. (b) No member bank shall change its practice with (/) No interest after expiration of period of notice.— respect to the requiring or waiving of notice of intended After the expiration of the period of notice given with withdrawal of savings deposits except after duly rerespect to the intended withdrawal of any savings corded action of its board of directors or of its executive deposit, such deposit is a deposit payable on demand committee properly authorized, and no practice in this and no interest may be paid on such deposit for any respect shall be adopted which does not conform to the period subsequent to the expiration of such notice, requirements of paragraphs 1, 2, or 3 of subsection (a) unless the owner of such deposit advise the bank in of this section. writing that the deposit will not be withdrawn pursuant (c) No change in the practice of a member bank with to such notice or that the deposit will thereafter again respect to the requiring or waiving of notice of intended be subject to the requirements applicable to savings withdrawal of savings deposits subject to the same redeposits, in which event the deposit again constitutes a quirement shall be made until a reasonable time followsavings deposit after the date upon which such advice ing the last preceding change in the practice with respect is received by the bank. to savings deposits subject to the same requirement shall have elapsed. SECTION VI. NOTICE OF WITHDRAWAL OF SAVINGS (d) A member bank must observe the requirements DEPOSITS of this section with respect to savings deposits even (a) A member bank must observe the requirements though no interest be paid on such deposits.10 set forth below in requiring notice of intended withio The making of a loan to the owner of a savings deposit in a memdrawal of any savings deposit, or in waiving such notice, ber bank by such bank, or by any other bank, person, partnership or or in repaying any savings deposit, or part thereof, corporation in accordance with any agreement, arrangement or underwithout requiring such notice, whether such notice of standing with such bank, for the purpose of evading any requirement of this section, will, to the extent of such loan, be deemed to be a payment intended withdrawal is required to be given in each of such deposit or waiver of notice with respect thereto in violation of case by the terms of the bank's contract with the de- such requirement; and, in any case in which a loan is made to the owner positor or may, under such contract, be required by the of a savings deposit in a member bank by such bank or in accordance bank at any time at its option. with any agreement, arrangement or understanding with such bank, the member bank must be prepared to show clearly that it was made in (1) If a member bank waive such notice of ingood faith and not for the purpose of evading any requirement of this tended withdrawal as to any portion or percentage section. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
820 FEDERAL RESERVE BULLETIN DECEMBER 1934 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures. In millions of dollars] [In thousands of dollars] 1934 1933 Wednesday series (1934) Federal Reserve bank Federal Reserve bank No b v e e r m- October No b v e e r m- Nov. 7 Nov. 14 Nov. 21 Nov Boston 1,459 1,064 1,777 1,558 Boston 1.5 1.1 5.3 New York.... 6,786 6,030 6,938 8,164 New York 6.9 7.0 41.7 Philadelphia.. 927 778 848 1,049 Philadelphia .9 2.5 24.9 Cleveland 582 518 275 310 Cleveland .4 .4 9 8 Richmond 160 114 97 139 Richmond . .1 .3 6.8 Atlanta 136 115 134 117 Atlanta .1 .2 6.5 Chicago 50 50 140 238 Chicago .1 .02 6.2 St. Louis 54 66 22 62 St. Louis .1 .2 1.5 Minneapolis.. 151 45 29 24 .1 .1 3.0 Kansas City.. 291 313 147 95 Kansas City .2 .2 3.4 Dallas 18 18 275 65 Dallas .1 .04 1.1 San Francisco. 55 31 41 51 San Francisco .05 .1 3.8 Total... 10,669 9,142 10,723 11,872 Total 10.5 12.2 114.0 Back figures.—See Annual Report for 1933 (table 15). Back figures.See Annual Report for 1933 (table 11) 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 Total reserves Total deposits Federal c i R rc e u s l e a r t v io e n n * otes in e to ra l d e R p e o s s e i r t v e a n n d o te F e li d a - bilities combined Federal Reserve bank 1934 1933 1934 1933 1934 1933 1934 1933 No b v e e r m- October No b v e e r m- No b v e e r m- October No b v e e r m- No b v e e r m- October No b v e e r m- No b v e e r m- O b c e t r o- No b v e e r m- Boston 386,253 293,463 273,245 261, 539 192,524 264,690 266,262 218, 257 73.4 73.2 71.4 New York.... 1,768,235 1,772,184 980,048 1,797,803 1, 797, 566 1,065,024 658,505 660,168 645,087 72.0 72.1 57.3 Philadelphia- 295, 209 296,484 226,916 205,924 206,161 137, 546 239,837 240,173 233,023 66.2 66.4 61.2 Cleveland.. 387,269 378,348 278, 771 280,954 267,917 165,197 300,653 304, 277 279, 667 66.6 66.1 62.6 Richmond.. 203,666 202,790 166,015 132,765 135,802 88,985 173,141 167,800 150,134 66.6 66.8 69.4 Atlanta 130,830 127,817 126,685 80, 694 80, 568 66,829 137,793 135,137 122,370 59.9 59.3 67.0 Chicago 1,085,088 1,058, 743 955,969 713,636 684, 914 578,846 771,569 773,847 748,489 73.1 72.6 72.0 St. Louis 211, 053 200,399 166,301 155,195 147,008 100,001 143,304 140,949 143, 264 70.7 69.6 68.4 Minneapolis- 152,510 148, 634 92,310 107,516 103,461 58,846 106,585 106,947 90,789 71.2 70.6 61.7 Kansas City... 191,426 179,866 149,869 163,676 154,224 116,641 117,440 116, 203 105,429 68.1 66.5 67.5 Dallas. 117, 669 115,658 84,571 127,732 125,875 88, 554 54,375 53,744 39,022 64.6 64.4 66.3 San Francisco. 332,021 329,562 273,412 270,564 267, 624 196,053 214,284 213,062 213,464 68.5 68.6 66.8 Total 5,269,859 5,196, 7383,794,330 4,309,704 4,232,659 2,855,046 3,182,176 3,178,569 ,2,988,995 70.3 70.1 64.9 i Includes Federal Reserve Notes of Other Reserve Banks as follows: Latest month, $20,799,000; month ago, $19,590,000; year ago, $16,891,000. Back figures.—See Annual Report for 1932 (table 8). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 821 ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, NOV. 30, 1934 [In thousands of dollars] Total B to o n s- Y N o ew rk P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - At t l a an- Chicago L S o t u . is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury _ 5,087,164 368, 354 1, 752,295 267,000 386,127 19150,0,512^ 1111^4,,5771,075,062 .92,417.40,874 177,186 108,839 309, 381 Redemption fund—F. R. notes 20,137 855 1,164 2,766 2,428 1,920 "3, 615 1, 572 679 359 689 357 3,733 Other cash 210.153 25.122 43,728 31,511 10,950 9,079 9,882 27,184 11,577 11,074 8,961 7,034 14,051 pi*.*>- Total reserves », 317,454394,3311, 797,187 301,277 399, 505 206,051128,07411,103,818 204,673 152, 307 186,836 116,230 327,165 Redemption fund—F. R. bank notes 2,166 250 1,916 Bills discounted: Secured by U. S. Government obligations, direct and/or fully guaranteed. 6,815 1,556 3,930 597 195 124 15 36 Other bills discounted... 4,481 33 3,573 431 214 23 15 Total bills discounted. _. 11,296 1,589 7,503 1,028 409 139j 105, 200 62 23 172 15 51 Bills bought in open market 5, "" 404 2,057 583 528 209| 302) 706 115 80 154 154 390 Industrial advances _ 10, 062 1,663 668 1,909 378 1,335: 738: 757 376 1,058 257 678 245 U. S. Government securities: Bonds 395,530 23, 207 140, 95' 25,137! 30,558 13, 796 15,339 13, 33: 18,820 23,858 Treasury notes 1,410,224 92, 612 449,273 98,329.125,675 54, 690 34,760 54,076 36, 267 98,128 Certificates and bills 624,368 41,852 187,525 43,654! 56,791 24,714 15,479 24,436 16, 388 44, 345 Total U. S. Government securities- 2, 430,122 157, 671 777, 755167,1201213,024 103, 563J 94, 218J 428,343 '3, 200 65,578 91,844 71,475 166, 331 Total bills and securities 2,457,162 161,327| 787,983 170, 640|214, 339J105, 246i 95,363; 430,006 93, 753 66, 739 92,427 72,322 167,01' Due from foreign banks 803 61 2941 87 781 31 j 28 106 9 6 23 23 57 F. R. notes of other banks 21,124 391 6, 226 677 l,00i15 2,217 797 2,870 1,374 1,095 798 355 3,319 Uncollected items 429, 342 47, 353 1077,666633!' 34,200 41,532 -"199,009955! 14, 269 54,184 18. 751 13,018 24, 211 14, 630 20,436 B A a ll n o k t h p e r r e m as i s s e e t s s __. 5 5 3 0 , , 1 5 6 9 4 0 3,2 5 2 7 4 4 3 1 5 1 , , 6 56 4 9 2 5 4, , 5 7 6 8 7 4! 6, 1 , 7 8 3 8 75 3 1 , , 1 4 3 5 3 6 2 1 , ,9 3 0 7 6 2 7, 9 3 7 8 3 9 3,1 2 2 r 7 1, 8 66 6 4 5 3, 4 4 0 8 8 5 1 1, 8 75 7 7 3 4,0 5 8 17 9 Total assets 8, 331, S05 607, 511 2,748,480J517, 232!664, 622 357,229 242,809 1, 599, 346 321,904 235, 694 308,188 206,190 522,600 LIABILITIES F. R. notes in actual circulation... 3,213,305267, 561 678, 511 243,664 301,806 173,841137,458 775, 711143,482 107, 073117,696 54,342 212,160 F. R. bank note circulation—net... 27,523 996 26,527j I Deposits: Member bank—reserve account 4,081,350 263,1721,686,264 196,4211279,130 123,139 71,581 708,033133,874 97,178150,590 122,553 249,415 U. S. Treasurer—general account 70,621 2', 2531 18,384 6,529 6,242 6,642 2,697 12,518 3,360 3,488 3,321 1,424 3,763 Foreign bank _ 15,577 1,282 3,929 1,852 1,710 677 623 2,244 588 410 499 499 1,264 Other deposits... 145,918 1,266 96,055| 2,453 3,559 1,221 3,638 2,513 10, 671 5,054 2,958 1,260 15, 270 Total deposits 4,313,466 267,9731,804, 632 207,255 290,641 131,679 78, 539 725, 308 148,493106,130 157,368 125,736 269,712 Deferred availability items. 434, 562 47, 7921 106, 351 34,562 41, 40,193 14,021 56,646 19,670 14,145 2"4 ,3'1"6 16,909 18,267 Capital paid in 146,885 10,913 59, 597 15,147 13, 064 4,""" 4,373 12, 719 4,112 3,120 4,050 4,050 10,756 Surplus (sec. 7)__ ___ 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 Surplus (sec. 13b).___ 2,682 768. 183 378 63- 504 215 Reserve for contingencies 22,291 1,053 4, 737 2,345 2,300 1,155 2,486 2,967 850 1,026 619 1,133 1,620 All other liabilities _. 32, 708 845 22, 908 907 206 409 4,680 541 276 311 337 440 Total liabilities 8,331,805607, 5112, 748,480 517,232 664,622 357,229 242,809 1,599,346 321,904 235,694 308,188 206,190 522, 600 Ratio of total reserves to deposit and F. R. notel liabilities combined (percent) 70.6 73.6 72.4 67.4 67.4 59.3 73.5 70.1 71.4 67.9 64.5 67.9 Commitments to make industrial advances _. 6,510 1,245 2,147 750 189 464 912 503 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to F. R. bank by F. R. agent. _. 3, 466, 978 293, 015 757,835 257,905 316, 776 184,422 152,980 806,011 147,123 111, 087,124, 686' 599,54 255,184 Held by F. R. bank... 253, 673 25,454 791324 14,241 14,970 10,581 15,522 30,300 3,641 4,014; 6.990J 5,61243,024 In actual circulation 3,213,305 267,561 678,511 243,664 301,806 173,841137,458 775,711143,482 107,073 117,696 54,342 212,160 Collateral held by agent as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 3,246,416 291,617 773,706 210,000 272,431150,34085,385 812,513 139,936 110,500,122,550 61,675 215,763 Eligible paper _ 9,666 1,590 6,064 860 409 113 188 200 6~2~ I 129 15 36 U. S. Government securities. 256,700 48,000 45,000 35, 000 70,000 8,000 l,700j 5,000 44,000 Total collateral 3,512, 782|293,207 779,770J258,860|317,840 185,453 155, 572 812,713 147,998 112,200 127,67961,690 259,799 FEDERAL RESERVE BANK NOTE STATEMENT Federal Reserve^bank notes: Issued to F. R. bank (outstanding)._ 38,829 1,511 27,110 10, 208 Held by Federal Reserve bank 11, 306 515 583 10, 208J In circulation—net 27,523 996 26, 527 Collateral pledged against outstanding notes: Discounted and purchased bills U. S. Government securities 32, 574 5,000 27,5741. Total collateral . 32, 574 5,000 27,574.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
822 FEDERAL RESERVE BULLETIN DECEMBER 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 Septem- Septem- Septem- October ber August October August October ber August Boston -__. 254.4 250.4 289.3 125.5 124.5 164.6 1.1 1.0 0.3 New York.... 1,640.7 1, 615.9 1,687.1 634.5 626.1 705.9 6.9 12.9 11.7 Philadelphia.. 197.7 190.2 197.6 76.5 70.9 79.3 1.3 1.9 1.7 Cleveland 259.9 255.9 261.7 121.3 118.5 124.4 .4 .5 Richmond 130.5 130.6 125.8 62.1 64.0 60.3 .2 .5 .5 Atlanta 72.8 71.7 73.0 22.5 23.2 25.3 .2 .2 .2 Chicago 666.5 716.3 711.7 356.2 410.7 414.0 .02 .3 .3 St. Louis 129.3 121.5 117.9 67.4 61.8 59.1 .2 .2 .2 Minneapolis.. 92.9 85.4 47.9 47.7 41.7 .07 .2 .3 Kansas City.. 148.6 152.2 152.5 70.3 76.1 77.4 .2 .1 .1 Dallas 121.1 118.4 113.3 65.8 65.3 62.7 .04 .1 .3 San Francisco. 249.0 230.5 229.7 80.8 65.3 68.9 .04 .1 .1 Total... 3, 964. 3 3, 946. 6 4,045. 0 1,730. 6 1, 754.1 ! 1, g 10.7 18.0 16.3 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 Member banks in smaller centers (places over 15,000) (places under 15,000) Federal Reserve^district Net demand Time Net demand Time O b c e t r o- Se b p e t r em August O b c e t r o- Se b p e t r em- August O b c e t r o- Se b p e t r em- August O b c e t r o- Se b p r tem- August Boston 1,139 1,104 1,091 611 613 616 92 91 89 123 123 123 New York.... 7,451 7,312 7,240 1,706 1,703 1,708 203 207 206 439 439 436 Philadelphia.. 864 851 843 632 630 633 160 153 148 382 378 376 Cleveland 1,012 999 997 900 903 905 143 143 142 220 218 218 Richmond 516 501 489 308 310 314 112 104 100 157 156 155 Atlanta 391 375 367 266 262 265 79 74 73 64 66 62 Chicago 2,305 2,269 2,206 893 887 878 172 166 162 157 156 155 St. Louis 457 439 432 249 248 248 120 115 112 86 86 86 Minneapolis. . 283 281 268 169 164 167 133 129 123 169 Kansas City.. 552 532 522 205 203 210 224 221 218 109 109 110 Dallas 397 382 365 160 160 162 186 175 162 35 35 35 San Francisco 1,108 1,079 1,039 1,699 1,706 1,705 108 104 97 89 85 84 Total... 16,476 16,123 15,859 7,796 7,790 7,810 1,732 2,030 2,019 2,009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 823 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 B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - - Y N o e r w k c C a h g i o - Loans and investments—total: Nov. 7 17,837 1,165 8,035 1,051 1,174 359 342 1,917 524 368 582 429 1,891 7,123 1,525 Nov. 14 . 17,759 1,159 7,944 1,049 1,173 358 344 1,923 530 369 585 431 1,894 7,024 1,531 Nov. 21 17,688 1,150 7,895 1,044 1,172 353 345 1,925 530 365 583 431 1,895 6,990 1,538 Nov. 28 _ 17,764 1,145 7,964 1,042 1,191 353 347 1,913 532 366 579 430 1,902 7,064 1,535 Loans on securities—total: Nov. 7_._ 3,010 219 1,583 203 179 59 61 282 69 36 55 49 215 1,381 232 Nov. 14 3,008 217 1,582 203 179 59 60 282 69 36 56 49 216 1,378 232 Nov. 21 2,998 216 1,578 203 179 59 61 282 67 35 55 48 215 1,377 233 Nov. 28 3,017 221 1,590 205 179 59 61 279 68 35 54 49 217 1,390 230 To brokers and dealers in New York: Nov. 7 664 19 551 17 2 6 5 29 4 1 6 4 20 526 27 Nov. 14 653 19 544 17 2 6 5 29 4 6 4 17 517 27 Nov. 21 654 19 546 17 1 6 5 29 3 6 4 17 521 26 Nov. 28 660 20 547 19 6 5 29 3 6 4 19 525 26 To brokers and dealers outside New York: Nov. 7 148 32 53 15 6 1 3 21 4 1 3 1 8 50 19 Nov. 14 151 32 54 15 6 1 3 21 4 2 3 1 9 51 19 Nov. 21 151 31 54 15 6 1 3 24 4 1 3 1 8 51 22 Nov. 28 155 34 54 16 6 1 3 23 4 2 3 1 8 51 21 To others: Nov. 7 . 2,198 168 979 171 171 52 53 232 61 34 46 44 187 805 186 Nov. 14 _ 2,204 166 984 171 171 52 52 232 61 34 47 44 190 810 186 Nov. 21 2,193 166 978 171 171 52 53 229 60 34 46 43 190 815 185 Nov. 28 . 2,202 167 989 170 171 52 53 227 61 33 45 44 190 814 183 Acceptances and commercial Nov. 7 463 49 249 20 4 10 3 65 9 6 22 3 23 246 54 Nov. 14 461 49 240 21 4 10 3 70 10 6 22 4 22 238 59 Nov. 21 466 48 238 21 4 11 2 77 11 6 23 4 21 235 67 Nov. 28-. 452 47 230 20 2 10 3 77 11 6 22 3 21 228 66 Loans on real estate: Nov. 7 984 94 251 73 76 16 11 36 37 7 14 25 344 133 20 Nov. 14 982 93 251 73 76 16 11 36 37 7 14 25 343 133 20 Nov. 21 981 94 250 73 76 16 11 36 37 7 14 25 342 133 20 Nov. 28 979 93 250 72 76 16 11 35 37 7 14 25 343 133 20 Other loans: Nov. 7 3,284 279 1,431 176 129 82 no 304 105 111 119 117 321 1,269 229 Nov. 14 3 265 274 1,424 174 127 82 113 298 108 110 119 118 318 1,263 223 Nov. 21 3,246 266 1,415 175 126 81 114 300 108 110 117 119 315 1,257 224 Nov. 28 3,257 259 1,421 175 142 82 116 293 110 110 116 119 314 1,263 219 U. S. Government direct obligations: Nov. 7 6,683 352 3,016 283 674 127 97 872 188 149 244 175 606 2,830 695 Nov. 14 6,713 357 3,018 283 575 126 97 878 190 149 246 175 619 2,825 700 Nov. 21 6,674 358 3,000 277 576 122 97 869 190 148 245 172 620 2.813 693 Nov. 28 6,715 360 3,029 278 581 122 96 868 190 148 243 172 628 2,841 697 Obligations fully guaranteed by U. S. Government: Nov. 7 550 10 285 32 21 7 11 96 21 3 13 16 35 265 77 Nov. 14 548 8 284 32 22 6 11 96 21 3 13 16 36 264 78 Nov. 21 549 8 284 32 19 6 11 95 22 3 13 19 37 264 78 Nov. 28_-. 555 8 291 32 20 6 10 95 21 3 14 18 37 272 78 Other securities: Nov. 7 2,863 162 1,220 264 191 58 49 262 95 56 115 44 347 999 218 Nov. 14. _ ... _. 2,782 161 1,145 263 190 59 49 263 95 58 115 44 340 923 219 Nov. 21 _ 2,774 160 1.130 263 192 58 49 266 95 56 116 44 345 911 223 Nov. 28. _. 2,789 157 1,153 260 191 58 50 266 95 57 116 44 342 937 225 Reserve with Federal Reserve banks: Nov. 7 . 2,990 217 1,411 125 157 56 28 510 95 61 91 81 158 1,339 470 Nov. 14 3,073 211 1,457 128 157 58 26 538 102 61 94 80 161 1,402 497 Nov. 21 3,198 213 1,589 129 159 56 25 533 98 66 91 80 159 1,529 490 Nov. 28 3,108 210 1,519 126 166 52 25 531 92 63 89 78 157 1,463 486 Cash in vault: Nov. 7 286 69 65 15 19 12 7 48 9 4 12 10 16 52 38 Nov. 14 285 71 60 15 20 12 7 48 9 4 12 9 18 48 38 Nov. 21 271 i 70 57 14 19 12 6 45 8 4 11 9 16 45 35 Nov. 28 281 68 64 15 20 12 6 47 8 4 12 9 16 52 37 Net demand deposits: Nov. 7 13,447 922 6,854 695 676 242 187 1,724 376 263 470 312 726 6,406 1,474 Nov. 14 13,504 922 6,806 700 691 244 190 1,754 387 267 487 317 739 6,362 1,503 Nov. 21 13,563 ! 907 6,915 693 696 243 188 1,759 382 265 466 317 732 6,471 1,512 Nov. 28 '13,633 ! 907 6,938 709 722 239 192 1,759 379 265 ' 471 316 736 6,497 1,513 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
824 FEDERAL RESERVE BULLETIN DECEMBER 1934 REPORTING MEMBER BANKS IN LEADING CITIES—Continued [In millions of dollars] Federal Reserve District City Total i | B t o on s- Y N o ew rk P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S r is a a c n n o - - Y N o e r w k c C a h g i o i Time deposits: ! Nov. 7 4,462 330 1,069 312 457 136 131 512 167 125 166 123 934 643 380 Nov. 14 _ .. .. _ 4,448 326 1,062 312 451 135 131 513 167 126 165 123 937 638 380 Nov 21 4,422 325 1,054 312 450 136 130 501 167 125 165 123 934 629 368 Nov. 28 . .. . .. ' 4,395 323 1,050 300 450 134 131 496 167 ••125 165 122 932 625 363 Government deposits: Nov. 7 853 60 496 47 33 6 19 47 21 8 15 48 53 473 29 Nov 14 816 58 476 44 31 6 18 46 20 7 15 45 50 454 29 Nov. 21 781 54 458 41 29 5 18 44 19 7 14 44 48 437 28 Nov. 28 _ _ 749 51 439 39 28 5 17 44 18 7 13 42 46 420 28 Due from banks: Nov. 7 1,580 ! 116 128 151 112 88 68 240 97 83 188 129 180 64 168 Nov. 14 1,631 ! 109 129 158 113 95 72 240 94 91 207 132 191 63 163 Nov. 21.. 1,622 i 112 127 155 117 95 69 235 97 90 202 131 192 61 161 Nov. 28 1,585 1 111 119 145 113 93 64 234 92 93 198 133 190 58 158 Due to banks: Nov. 7 . 3,960 ' 212 1,700 236 175 111 80 546 166 118 269 143 204 1,635 444 Nov. 14— 4,024 ; 207 1,709 239 181 114 83 552 169 122 285 145 218 1,642 449 Nov. 21 _ 3,993 1 202 1,741 234 175 109 79 539 165 118 276 144 211 1,678 441 Nov. 28 ,. - r 3, 921 i 196 1,711 234 173 106 77 531 163 r H7 265 141 207 1,650 435 Borrowings from Federal Reserve banks: Nov 7 2 2 Nov 14 1 1 Nov. 21 2 2 Nov. 28 3 3 r Revised. 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 Dec. 1, 1934] San Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c r is a c n o - Advances direct to industrial or commercial organizations _. _. 4-6 4-6 4-6 6 6 6 5-6 6 6 5-6 5-6 Advances to financing institutions: On portion for which institution is obligated 3 3 0) 4 5 3 5-6 4 4 3-4 On remaining portion 3H-5 4-5 (2) 5 »5-6 4 4H-5 4 5-6 4-5 Commitments to make advances fc-2 1-2 (0 H-2 1-2 1-2 n 1-2 1 1 percent above prevailing discount rate. * 6 percent for nonbanking financial institutions; 1 percent below rate charged industrial or commercial borrower for banking institutions, but not less than 4 percent. * 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 4^ percent for member bank; 5 percent for nonmember bank or nonbanking financial institution. » Same as to borrower but not less than 4 percent. • 1 percent below rate charged borrower by financing institution but not less than 4 percent. 7 Flat rate. 8 Rate to depend upon length of commitment and other circumstances. • Flat charge for commitments not exceeding 6 months. i° A flat rate charged depending upon length of commitment and whether to a financing institution or direct to a commercial or industrial borrower. NOTE.—No change from previous month except change in rate on commitments for Kansas City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 825 LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, FEBRUARY 1929 TO MARCH 1933 [In millions of dollars] All weekly reporting member banks Weekly reporting member banks in Weekly reporting member banks New York City outside New York City Loans to brokers Loans to brokers Loans to brokers Date lo s T e a t c o n ie u s t s a r o i l - n! i In Y C a N o it n r y e k d w de O a u l N C e t i r e s s t w i y de 1 c L o u o r o nn " a i ss n e ee s s - lo s T e a t c o n ie u s t s a r o i l - n In Y C a N o i n t r e y k d w dea O l Y N C e u r o t e i s s t r w i y k de c L o o u t n o r h t i o a e s t n i e r e s s - s lo s T a e t n c o ie u s t s a r o i l - n In Y C a N o i n t r y e k d w dea O l u Y N C e t o i r e s s r t w i k y de c o L o u t r o n h i t a t s e o n i e r s e - s s 1929 Feb. 6... 7, 558 1,771 816 4,971 2,857 1,078 1,741 4,701 778 3,230 Feb. 13.. 7,515 | 1,705 828 4,982 2,817 1,060 1,719 4,698 645 790 3,263 Feb. 20.. 7,444 1,574 837 5,033 2,743 988 1,720 4,701 586 802 3,313 Feb. 27.. 7, 573 | ],589 862 5,122 2,863 1,060 1,772 4,710 529 831 3,350 Mar. 6.. 7,573 1,582 871 5,120 2,859 1,083 1,742 4,714 499 837 3,378 Mar. 13_ 7,511 1,492 888 5,131 2,749 970 1,745 4,762 522 854 3,380 Mar. 20. 7,642 1,594 902 5,146 2,833 1,057 1,742 4,809 537 868 3,404 Mar. 27. 7,592 : 1,525 865 5,202 2,852 1,037 1,781 4,740 488 831 3,421 Apr. 3... 7,516 1,428 859 5,229 2,819 983 1,798 4,697 445 821 3,431 Apr. 10.. 7,380 1,315 836 5,229 2,708 875 1,793 4,672 440 790 3,436 Apr. 17- 7,353 1,291 831 5,231 2,682 840 1,805 4,671 451 794 3,426 Apr. 24.. 7,319 1,349 827 5,143 2,707 883 1,783 4,612 466 3,360 May 1__ 7,371 1,385 815 5,171 2,777 941 1,798 4,594 444 777 3,373 May8_. 7,241 1,280 810 5,151 2,647 824 1, 783 4,594 456 770 3, 3G8 May 15.. 7,221 1,285 796 5,140 2,641 824 1,781 4,580 461 760 3,359 May 22,. 7,144 1,179 798 5,167 2,614 792 1,787 4, 530 387 763 3,380 May 29. 7,112 1,073 5,231 2,585 734 1,812 4,527 339 769 3,419 June 5._ 7,197 1,122 5, 267 2,678 797 1,841 4,519 325 708 3,426 June 12.. 7,209 1,135 796 5,278 2,663 777 1,842 4,546 358 752 3,436 June 19.. 7,382 1,260 811 5,311 2,749 839 1,866 4,633 421 767 3,445 June 26.. 7,539 1,389 5,342 2,908 994 1,870 4,631 395 764 3,472 July 3.... 7,761 1,611 795 5,355 3,117 1,213 1,862 4,644 398 753 3,493 July 10... 7,704 1,573 808 5,323 3,040 1,154 1,839 4,664 419 761 3,484 July 17- 7,644 1,541 784 5,319 2,970 1,089 1,834 4,674 452 737 3,485 July 24.. 7,683 1,601 773 5,309 3,017 1,149 1,824 4,666 452 729 3,485 July 31.. 7,787 1,622 785 5,380 3,082 1,161 1,876 4,705 461 740 3,504 Aug. 7— 7,715 1,537 812 5,366 2,961 1,045 1,873 4,754 492 3,493 Aug. 14.. 7,573 1,407 801 5,365 2,822 924 1,857 4,751 483 760 3,508 Aug. 21.. 7,510 1,344 795 5,371 2,775 883 1,850 4,735 461 753 3,521 Aug. 28.. 7,515 1,373 778 5,364 2,819 956 1,827 4,696 417 742 3,537 Sept. 4,_. 7,632 1,475 786 i 5,371 2,944 1,061 1,841 4,688 414 744 3,530 Sept. 11. 7,578 1,416 784 ! 5,378 2,846 976 1,829 4,732 440 743 3,549 Sept. 18.. 7,686 1,482 797 i 5,407 2,894 1,004 1,848 4,792 478 755 3,559 Sept. 25. 7,720 1,429 834 5,457 2,883 981 1,859 4,837 448 791 3,598 Oct. 2— 7,828 1,455 5,510 2,947 1,025 1,876 4,881 430 817 3,634 Oct. 9— 7,687 1,335 813 j 5,539 2,836 930 1,863 4,851 405 770 3,676 Oct. 16... 7,875 1,526 801 I 5,548 2,964 1,052 1,870 4,911 474 759 3,678 Oct. 23.. 7,920 1,480 810 I 5,630 3,005 1,033 1,928 4,915 447 766 3,702 Oct. 30- 9,179 2,306 913 | 5,960 4,205 2,021 2,136 4,974 285 865 3,824 I Nov. 6... 8,746 1,776 841 I 6,129 3,751 1,472 2,231 4,995 304 793 3,898 Nov. 13. 8,369 1,345 836 6,188 3,427 1,104 2,270 4,942 241 783 3,918 Nov. 20.. 7,991 1,025 767 6,199 3,105 807 2, 253 4,886 218 722 3,946 Nov. 27.. 7,889 985 715 6,189 3,077 785 2,247 4,812 200 670 3,942 Dec. 4... 7,889 707 6,213 3,073 744 2,281 4,816 225 659 3,932 Dec. 11.. 7,818 1,016 681 6,121 3,023 763 2,217 4,795 253 638 3,904 Dec. 18.. 7,898 1,086 684 6,128 3,022 781 2,190 4,876 305 633 3,938 Dec. 24.. 7,931 1,091 700 6,140 3,045 794 2,200 4,886 297 649 3,940 Dec. 31.. 8,304 1,416 739 6,149 3,398 1,117 2,231 4,906 299 3,918 1930 Jan. 8-,. 7,906 1,183 679 6,044 3,049 832 2,163 4,857 351 625 3,881 Jan. 15.. 7,854 1,229 652 5,973 2,970 2,117 4,884 426 602 3,856 Jan. 22. 7,733 1,199 636 2,895 767 2,081 4,838 432 589 3,817 Jan. 29. 7,681 1,202 5,847 773 2,043 4,815 429 582 3,804 Feb. 5 7,692 1,322 607 5,763 2,921 1,993 4,771 440 561 3,770 Feb. 12.... 7,682 1,361 587 5,734 2,912 877 1,988 4,770 484 540 3,746 Feb. 19.... 7,669 1,406 592 5,671 2,913 913 1,951 4,756 493 543 3,720 Feb. 26— 7,641 1,409 583 5,649 2,890 906 1,937 4,751 503 536 3,712 Mar. 5—. 7,737 1,502 578 5,657 2,953 957 1,947 4,784 545 529 3,710 Mar. 12.-. 7,883 1,711 568 5,604 3,065 1,096 1,919 4,818 615 518 3,685 Mar. 19- 8,054 1,931 571 5,552 3,160 1,213 1,894 4,894 718 518 3,658 Mar. 26-- 8,183 2,077 5,513 3,280 1,367 1,856 4,903 710 3,657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
826 FEDERAL RESERVE BULLETIN DECEMBER 1934 LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, FEBRUARY 1929 TO MARCH 1933—Continued [In millions of dollars] Weekly reporting member banks in Weekly reporting member banks All weekly reporting member banks New York City outside New York City Loans to brokers Loans to brokers Loans to brokers Date lo s T e a t c o n ie u t s s a r o i l - n In Y a N o n r e k d w de O al Y N e u r o t e s s r w i k de c o L o u t n o r h t i a o e t s n i r e e s s - s lo s T e a t c o n ie u t s s a r o i l - n In Y a N o n r e k d w de O a Y l N u er o t e s s r w i k de c o L o u t n o r h t i a o e t s n i r e e s s - s lo s T e a t c o n ie u t s s a r i o l - n and dealers c L o o u t n o r h t i a o e t s n i r e e s s - s City City City City 1930 Apr. 2 8,244 2,163 606 5,475 3,393 1,488 1,846 4,851 675 547 3,629 Apr. 9 8,163 2,144 605 5,414 3,284 1,410 1,814 4,879 734 545 3,600 Apr. 16 8,238 2,217 620 5,401 3,316 1,444 1,814 4,922 773 562 3,587 Apr. 23 8,326 2,250 638 5,438 3,409 1,518 1,842 4,917 732 589 3,596 Apr. 30 8,381 631 5,411 3,511 1,642 1,816 4,870 697 578 3,595 May 7 8,259 2,222 652 5,385 3,409 1,560 1,798 4,850 662 601 3,587 May 14 8,246 2,212 657 5,377 3,407 1,564 1,789 4,839 648 603 3,588 May 21 8,322 2,275 663 5,384 3,456 1,598 1,801 4,866 677 606 3,583 May 28 8,421 2,339 676 5,406 3,565 1,714 1,788 4,856 625 613 3,618 June 4 8,598 2,461 679 5,458 3,753 1,845 1,842 4,845 616 613 3,616 June 11 8,557 2,430 681 5,446 1,732 67 1,831 4,927 698 614 3,615 June 18. 8,608 2,367 720 5,521 3,726 1,781 69 1,876 4,882 586 651 3,645 June 25 8,479 2,173 706 5,600 3,696 1,698 66 1,932 4,783 475 640 3,668 July 2 8,435 2,127 708 5,600 3,652 1,646 64 1,942 4,783 481 644 3,658 July 9. 8,359 2,073 703 5,583 3,498 1,494 69 1,935 4,861 579 634 3,648 July 16. 8,397 2,141 5,566 3,518 1,525 71 1,922 4,879 616 619 3,644 July 23 _— 8,372 2,153 5,550 3,537 1,552 67 1,918 4,835 601 602 3,632 July 30 8,391 2,189 5,536 3,586 66 1,917 4,805 600 3,610 Aug. 6_ 8,409 2,227 637 5,545 3,632 1,665 53 1,914 4,777 562 3,631 Aug. 13 8,349 2,157 646 5,546 3,585 1,592 54 1,939 4,764 565 592 3,607 Aug. 20 2,105 648 5,536 3,527 1,540 67 1,920 4,762 565 581 3,616 Aug. 27 8,350 2,140 640 5,570 3,608 1,601 65 1,942 4,742 575 3,628 Sept. 3.. 8,357 2,175 650 5,532 3,652 1,656 65 1,931 4,705 519 585 3,601 Sept. 10 8,324 2,179 632 5,513 3,523 1,550 64 1,909 4,801 629 568 3,604 Sept. 17 8,396 2,285 633 5,478 3,541 1,574 75 1,892 4,855 711 558 3,586 Sept. 24 8,454 2,309 674 5,471 3,619 1,640 80 1,899 4,835 594 3,572 Oct. 1 8,476 2,264 667 5,545 3,796 1,745 88 1,963 4,680 519 579 3,582 Oct. 8 8,260 2,121 650 5,489 3,660 1,655 85 1,920 4,600 466 565 3,569 Oct. 15 8,250 1,995 722 5,533 3,640 1,580 122 1,938 4,610 415 600 3,595 Oct. 22 8,135 1,890 5,553 3,550 1,470 120 1,960 4,585 420 572 3,593 Oct. 29.- 8,065 1,801 5,596 3,500 1,385 125 1,990 4,565 416 543 3,606 Nov. 5 8,085 1,772 5,653 3,535 1,384 128 2,023 4,550 532 3,630 Nov. 12 7,904 1,570 640 5,694 3,377 1,214 121 2,042 4,527 356 519 3,652 Nov. 19 7,838 1,522 622 5,694 3,352 1,180 112 2,060 4,486 342 510 3,634 Nov. 26 7,761 1,464 606 5,691 3,342 1,177 111 2,054 4,419 287 495 3,637 Dec. 3 7,769 1,464 618 5,687 3,341 1,183 113 2,045 4,428 281 505 3,642 Dec. 10 - 7,769 1,478 616 5,675 3,310 1,155 114 2,041 4,459 323 502 3,634 Dec. 17 7,747 1,388 633 5,726 3,248 1,072 111 2,065 4,499 316 522 3,661 Dec. 24 7,779 1,375 621 5,783 3,366 1,153 109 2,104 4,413 222 512 3,679 Dec. 31 7,814 1,396 614 5,804 3,438 1,219 102 2,117 4,376 177 512 3,687 1931 Jan.7 7,653 1,359 5,708 3,233 1,099 107 2,027 4,420 260 479 3,681 Jan. 14 7,522 1,310 559 5,653 3,124 1,025 107 1,992 4,398 285 452 3,661 Jan. 21—- 7,425 1,273 543 5,609 3,061 108 1,960 4,364 280 435 3,649 Jan. 28 7,379 1,269 533 5,577 3,024 106 1,935 4,355 427 3,642 Feb. 4 7,303 1,271 525 5,507 3,014 994 105 1,915 4,289 277 420 3,592 Feb. 11. 7,319 1,308 520 5,491 3,050 1,036 111 1,903 4,269 272 409 3,588 Feb. 18 7,325 1,348 519 5,458 3,114 1,112 117 1,885 4,211 236 402 3,573 Feb. 25 7,313 1,373 517 5,423 3,137 1,150 117 1,870 4,176 400 3,553 Mar. 4 7,256 1,368 528 5,360 3,160 1,197 119 1,844 171 3,516 Mar. 11 - 7,237 1,370 523 5,344 3,082 1,119 117 1,846 4,155 251 406 3,498 Mar. 18 7,365 1,503 516 5,346 3,219 1,253 120 ., 846 4,146 250 396 3,500 Mar. 25 7,349 1,526 506 5,317 3,244 1,295 119 ,830 4,105 231 387 3,487 Apr. 1 7,256 1,498 504 5,254 3,183 1,270 121 ,792 4,073 3,462 Apr. 8 7,146 1,414 503 5,229 3,066 1,159 118 ,789 4,080 255 3,440 Apr. 15 7,194 1,452 542 5,200 3,083 1,207 117 ,759 4,111 245 425 3,441 Apr. 22 7,138 1,475 514 5,149 3,063 1,230 120 ,713 4,075 245 394 3,436 Apr. 29 7,052 1,359 514 5,179 3,003 1,149 119 ,735 4,049 210 395 3,444 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 827 LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, FEBRUARY 1929 TO MARCH 1933—Continued [In millions of dollars] I All weekly reporting member banks Weekly reporting member banks in Weekly reporting member banks New York City outside New York City Loans to brokers Loans to brokers Loans to brokers Date , lo s T e a t c n i o e u s t s r a o i l - n In Y C N a o i n r t e y k d w de O al Y N C e u r o t e i s s t r w i y k de c o L o u t n o r h t i a o e t s i n e r e s s - s lo s T e a t c o n ie u t s a s r i o l - n In Y C N a o i n t r e y k d w de O a Y l N C u er o t e i s s t r w i y k de c o L o u t n o r h t i a o e t s n i e r e s s - s lo s T e a t c o n ie u t s s a r o i l - n In Y C o i a N r t n e k y d w dea O l u Y N e C t o r i e s r s t w i k y de c o L o u t n o r h t i a o e t s n i r e e s s - s 1931 May 6_ 7,036 1,358 509 5,169 3,045 ,175 118 3,991 183 391 3,417 May 13 7,046 1,377 500 5,169 3,119 ,242 118 3,927 135 382 3,410 May 20 6,981 1,309 505 5,167 3,025 ,148 122 3,956 161 383 3,412 May 27 6,928 1,240 497 5,191 2,969 ,072 119 168 378 3,413 June 3 6,867 1,212 5,166 2,920 ,053 116 3,947 159 373 3,415 June 10 6,791 1,150 5,153 2,876 ,023 112 3,915 127 376 3,412 June 17 6,720 1,082 5,152 2,797 959 111 3,923 123 375 3,425 June 24 6,703 1,079 476 5,148 2,791 952 113 3,912 127 363 3,422 Julyl 6,745 1,139 479 5,127 2,862 1,004 125 135 354 3,394 July 8 6,665 1,111 493 5,061 2,803 963 127 3,862 148 366 3,348 July 15 1,093 488 5,052 2,758 930 125 3,875 163 363 3,349 July 22 6,570 1,076 475 5,019 2,712 908 125 3,858 168 350 3,340 July 29 6,544 1,048 474 5,022 2,685 876 126 3,859 172 348 3,339 Aug. 5 6,512 1,012 475 5,025 2,648 834 126 3,864 178 349 3,337 Aug. 12 6,479 995 470 5,014 2,633 810 126 ,697 3,846 185 344 3,317 Aug. 19 6,453 1,002 470 4,981 2,622 128 ,672 3,831 180 342 3,309 Aug. 26 6,477 1,011 469 4,997 2,655 127 ,695 3,822 178 342 Sept. 2 6,500 1,036 4,996 2,683 855 128 ,700 3,817 181 340 3,296 Sept. 9 6,442 995 466 4,981 2,643 823 126 ,694 3,799 172 340 3,287 Sept. 16 6,414 955 452 5,007 2,641 798 115 1,728 3,773 157 337 3,279 Sept. 23 6,361 901 463 4,997 2,641 807 114 1,720 3,720 94 349 3,277 Sept. 30 6,346 885 463 4,998 2,677 837 111 1,729 3,669 48 352 3,269 Oct. 7 6,081 739 439 4,903 2,469 703 95 1,671 3,612 36 344 3,232 Oct. 14 6,001 650 420 4,931 2,403 608 91 1,704 42 329 3,227 Oct. 21 5,906 573 412 4,921 2,300 517 86 1,697 3,606 56 326 3,224 Oct. 28 5,897 564 4,934 2,305 508 1,711 3,592 56 313 3,223 Nov. 4 5,867 550 4,919 2,287 496 ,704 3,580 54 311 3,215 Nov. 11 5,848 536 391 4,921 2,270 468 ,717 3,578 68 306 3,204 Nov. 18 621 397 4,871 2,297 533 ,674 3,592 88 307 3,197 Nov. 25 5,831 589 4,851 2,255 501 ,664 3,576 88 301 3,187 Dec. 2 5,807 559 386 4,862 2,239 479 ,672 3,568 80 298 3,190 Dec. 9 5,760 565 354 4,841 2,210 466 ,658 3,550 99 268 3,183 Dec. 16 5,740 533 382 4,825 2,208 467 ,653 3,532 66 294 3,172 Dec. 23 5,733 495 379 4,859 2,231 468 ,678 3,502 27 294 3,181 Dec. 30—- 5,777 483 375 4,919 2,295 458 ,751 3,482 25 289 3,168 1932 Jan.6 5,687 450 362 4,875 2,223 420 ,718 3,464 30 277 3,157 Jan.13 5,660 439 358 4,863 2,216 403 ,728 3,444 36 273 3,135 Jan. 20 412 346 4,874 2,205 370 ,752 3,427 42 263 3,122 Jan. 27 5,596 340 4,860 2,194 364 ,749 3,402 32 259 3,111 Feb. 3 5,574 388 341 4,845 2,178 351 ,746 3,396 37 260 Feb.10 5,504 375 333 4,796 2,124 322 ,723 53 254 3,073 Feb. 17 5,474 390 327 4,757 2,112 341 ,694 49 250 3,063 Feb. 24 5,438 384 329 4,725 2,092 340 ,676 3,346 44 253 3,049 Mar. 2 5,440 391 323 4,726 2,109 353 3,331 38 247 3,046 Mar. 9 5,426 446 321 4,659 2,097 388 ,633 3,329 58 245 3,026 Mar. 16.._ 5,413 456 322 4,635 2,066 357 ,635 3,347 99 248 3,000 Mar. 23 5,337 423 319 4,595 2,009 325 ,610 98 245 2,985 Mar. 30 5,328 428 318 4,582 2,043 364 3,285 64 244 2,977 Apr. 6_ 5,222 414 311 4,497 ,979 358 ,549 3,243 56 239 2,948 Apr. 13 5,148 389 300 4,459 [,933 334 ,532 3,215 55 233 2,927 Apr. 20 5,131 404 300 4,427 ,950 363 ,515 3,181 41 228 2,912 Apr. 27 5,099 394 305 4,400 ,925 356 ,498 3,174 38 234 2,902 May 4 5,063 405 304 4,354 370 ,468 3,155 35 234 2,886 May 11 _._ 4,977 342 296 4,339 ,845 313 ,462 3,132 29 226 2,877 May 18 4,950 323 285 4,342 , 840 298 , 473 3,110 25 216 2,869 May 25 4,910 305 286 4,319 ,810 282 [,460 3,100 23 218 2,859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
828 FEDERAL RESERVE BULLETIN DECEMBER 1934 LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, FEBRUARY 1929 TO MARCH 1933—Continued [In millions of dollars] All weekly reporting member banks Weekly reporting member banks in Weekly reporting member banks New York City outside New York City Loans to brokers Loans to brokers Loans to brokers Date lo s T e a t c o n ie u t s s a r o i l - n In Y C a N o i n t r e y k d w de O al Y N C u er o t e i s s t r w i y k de c L o o u t n o r h t i a o e t s n i e r e s s - s lo s T e a t c o n ie u t s s a r o i l - n In Y C N a o it n r y e k d w de O al Y N C u er o t e i s s t r w i y k de c o L o u t n o r h t i o a e t s n i r e e s s - s lo s T e a t c o n ie u t s s a r o i l - n In Y C a N o i n t r e y k d w de O al Y N C u er t o e i s s t r w i y k de c o L o u t n o r h t i a o e t s n i e r e s s - s 1932 June 1—. 4,907 322 283 4,302 1,815 301 68 1,446 3,092 215 2,856 June 8—. 4,798 287 276 4,235 1,737 268 67 1,402 3,061 209 2,833 June 15— 4,828 318 287 4,223 1,759 298 66 1,395 3,069 221 2,828 June 22... 4,778 277 273 4,228 1,720 259 65 1,396 3,058 208 2,832 June 29... 4,745 261 283 4,201 1,696 251 65 1,380 3,049 218 2,821 July 6... 4,632 247 272 4,113 1,647 239 66 1,342 2,985 206 2,771 July 13.. 4,626 260 267 4,099 1, 650 253 6-1 1, 333 2,976 203 2,766 July 20.. 4,618 250 262 4,106 1,648 244 63 1,341 2,970 199 2,765 July 27.. 4,587 249 260 4,078 1,630 244 62 1,324 2,957 198 2,754 Aug. 3— 4,632 251 270 4,111 i 1,669 246 61 1,362 2,963 209 2,749 Aug. 10. 4,612 266 258 4,088 1,672 259 61 1,352 2,940 197 2,736 Aug. 17_. 4,586 264 260 4,062 . 1,662 258 62 1,342 2,924 198 2,720 Aug. 24.. 4,551 274 256 4,021 1,651 1 269 61 1,321 2,900 195 2,700 Aug. 31. 4,512 263 256 3,993 i 1,632 257 61 1,314 2,880 195 2,679 Sept. 7... 4,519 293 256 3,970 : 1,646 | 286 62 1,298 2,873 194 2,672 Sept. 14.. 4,547 354 260 3,933 1,686 1 347 61 1,278 2,861 199 2,655 Sept. 21. 4,511 329 257 3, 925 ! 1,662 I 321 62 1,279 2,849 195 2,646 Sept. 28. 4,521 346 254 3,921 j 1,683 338 62 1,283 2,838 192 2,638 Oct. 5_._ 4,481 348 250 3,883 i 1,669 1 340 62 1,267 2,812 188 2,616 Oct. 12.. 4,467 357 255 3,855 ! 1,654 ! 349 61 1,244 2,813 194 2,611 Oct. 19_. 4,447 356 259 3,832 1,653 I 348 63 1,242 2,794 196 2,590 Oct. 26.. 4,352 277 252 3,823 | 1,569 | 270 62 1,237 2,783 190 2,586 Nov. 2.. 4,311 287 239 3,785 I 1,576 1 280 63 1,233 2,735 176 2,552 Nov. 9-. 4,295 286 235 3,774 ' 1,570 279 62 1,229 2,725 173 2,545 Nov. 16.. 4,249 271 230 3, 748 ! 1,555 i 264 62 1,229 2,694 168 2,519 Nov. 23. 4,257 277 230 3,750 1,567 270 62 1,235 2,690 168 2,515 Nov. 30. 4,288 282 232 3,774 i 1,598 ! 275 62 1,261 2,690 170 2,513 Dec. 7—_ 4,307 321 229 3,757 | 1,625 315 61 1,249 2,682 168 2,508 Dec. 14... 4,322 340 231 3,751 1,619 317 60 1,242 2,703 171 2,509 Dec. 21... 4,331 335 242 3,754 1,620 313 66 1,241 2,711 176 2,513 Dec. 28... 4,315 340 239 3,736 1,612 319 60 1,233 2,703 179 2,503 1933 Jan. 4.. 4,271 346 237 3,688 1,584 320 59 1,205 2,687 178 2,483 Jan. 11. 4,237 331 232 3,674 1,580 ! 306 61 1,213 2,657 171 2,461 Jan.18. 4,213 320 237 3,656 1,559 292 61 1,206 2,654 176 2,450 Jan. 25. 4,173 310 216 3,647 1,562 302 60 1,200 2,611 156 2,447 Feb. 1.— 4,259 384 227 3,648 1,643 377 61 1,205 2,616 166 2,443 Feb. 8—. 4,204 353 218 3,633 1,606 344 61 1,201 2,598 157 2,432 Feb. 15-_. 4,206 354 223 3,629 ! 1,614 348 62 1,204 2,592 161 2,425 Feb. 21... 4,199 355 215 3,629 '' 1,621 347 63 1,211 2,578 152 2,418 Mar. 1___ 4,234 340 237 3,657 1,640 335 63 1,242 2,594 'I 174 2,415 NOTE.—Not available prior to February, 1929, nor after Mar. 1,1933; for corresponding figures for 91 cities, beginning with 1932, see next table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 829 LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 91 LEADING CITIES, JANUARY 1932 TO NOVEMBER 1934 [In millions of dollars] All weekly reporting member banks Weekly re N po e r w ti n Y g o m rk e m Ci b t e y r banks in Week o l u y t s r i e d p e o N rti e n w g Y m o e r m k b C er i t b y anks Loans to brokers Loans to brokers Loans to brokers and dealers and dealers and dealers Date lo s T e a c o n u t s a r o i l - n In Y C N o it r e y k w O Y N C u o t e i s t r w i y k de c o L o u t n o r h t i o a e t s n i e r e s s - s lo s T e a c o n u t s a r o i l - n In Y C N o it r e y k w O Y N C u o t e i s t r w i y k de c o L o u t n o r h t i o a e t s i n e r e s s - s lo s T e a t c o n ie u t s s a r o i l - n In Y C N o it r e y k w O Y N C u o t e i s t r w i y k de c L o o u t n o r h t i a o e t s n i e r e s s - s 1932 Jan. 6... 5,086 446 333 4,307 2,223 420 1,718 2,863 248 2,589 Jan. 13.. 5,047 435 328 4,284 2,216 403 1,728 2,831 243 2,556 Jan. 20-. 5,022 408 317 4,297 2,205 370 1,752 2,817 234 2,545 Jan. 27- 4,992 393 311 4,288 2,194 364 1,749 2,798 230 2,539 Feb. 3... 4,970 312 4,272 2,178 351 1,746 2,792 231 2,526 Feb. 10.. 4,909 373 303 4,233 2,124 322 1,723 2,785 224 2,510 Feb.17- 4,878 386 301 4,191 2,112 341 1,694 2,766 224 2,497 Feb. 24- 4,846 383 4,164 2,092 340 1,676 2,754 223 2,488 Mar. 2.. 4,851 390 4,163 2,109 353 1,680 2,742 222 2,483 Mar. 9.. 4,836 441 293 4,102 2,097 388 1,633 2,739 217 2,469 Mar. 16. 4,831 453 297 4,081 2,066 357 1,635 2,765 223 2, 446 Mar. 23. 4,759 422 292 4,045 2,009 325 1,610 2,750 218 2,435 Mar. 30. 4,744 424 292 4,028 2,043 1,605 2,701 218 2,423 Apr. 6— 4,643 410 285 1,979 358 1,549 2,664 213 2,399 Apr. 13-. 4,570 385 274 3,911 1,933 334 1,532 2,637 207 2,379 Apr. 20- 4,553 399 276 3,878 1,950 363 1,515 2,603 204 2,363 Apr. 27- 4,518 392 278 3,848 1,925 356 1,498 2,593 207 2,350 May4_. 4,489 404 279 3,806 1,908 370 1,468 2,581 209 2,338 May 11. 4,408 342 272 3,794 1,845 313 1,462 2,563 202 2,332 May 18. 4,374 321 261 3,792 1,840 298 1,473 2,534 192 2, 319 May 25_ 4,339 305 261 3,773 1,810 1,460 2, 529 193 2, 313 June 1— 4,335 322 255 3,758 1,815 301 1,446 2,520 187 2,312 June 8. _ 4,226 287 249 3,690 1,737 268 67 1,402 2,489 182 2,288 June 15. 4,265 318 261 3,686 1,759 298 1,395 2,506 195 2,291 June 22.. 4,212 276 247 3,689 1,720 259 1,396 2,492 182 2,293 June 29- 4,185 261 257 3,667 1,696 251 1,380 2,489 192 2,287 July 6— 4,077 247 247 3,583 1,647 239 1,342 2,430 181 2,241 July 13... 4,076 262 242 3,574 1,650 253 1,333 2,426 178 2,241 July 20.. 4,066 250 237 3,579 1,648 244 1,341 2,418 174 2,238 July 27- 4,040 249 237 3,554 1,630 244 1,324 2,410 175 2,230 Aug. 3_. 4,080 251 246 3,583 1,669 246 1,362 2,411 185 2,221 Aug. 10_. 4,060 265 232 3,563 1,672 259 1,352 2,388 171 2.211 Aug. 17.. 4,042 264 238 3,540 1,662 258 1,342 2,380 176 2,198 Aug. 24.. 4,010 274 233 3,503 1,651 269 1,321 2,359 172 2,182 Aug. 31_. 3,971 231 3,478 1,632 257 1,314 2,339 170 2,164 Sept. 7__ 3,980 293 233 3,454 1,646 1,298 2,334 171 2,156 Sept. 14. 4,007 354 235 3,418 1,686 347 1,278 2,321 174 2,140 Sept. 21- 3,974 329 235 3,410 1,662 321 1,279 2,312 173 2,131 Sept. 28. 3,984 230 3,408 1,683 338 1,283 2,301 168 2,125 Oct. 5—. 3,948 348 225 3,375 1,669 340 1,267 2,279 163 2,108 Oct. 12- 3,935 357 231 3,347 1,654 349 1,244 2,281 170 2,103 Oct. 19- 3,917 356 234 3,327 1,653 348 1,242 2,264 171 2,085 Oct. 26- 3,822 277 227 3,318 1,569 270 1,237 2,253 165 2,081 Nov. 2__ 3,786 287 218 3, 281 1,576 280 1,233 2,210 155 2,048 Nov. 9.. 3,771 286 213 3,272 1,570 279 1,229 2,201 151 2,043 Nov. 16. 3,722 270 207 3,245 1,555 264 1,229 2,167 145 2,016 Nov. 23. 3,735 277 209 3,249 1,567 270 1,235 2,168 147 2,014 Nov. 30. 3,764 281 209 3,274 1,598 275 1,261 2,166 147 2,013 Dec. 7 3,784 320 203 3,261 1,625 315 1,249 2,159 142 2,012 Dec. 14—. 3,797 340 210 3,247 1,619 317 1,242 2,178 150 2,005 Dec. 21.... 3,805 335 221 3,249 1,620 313 1,241 2,185 155 2,008 Dec. 28.— 3,789 340 218 3,231 1,612 319 1,233 2,177 158 1,998 1933 Jan. 4— 3,751 345 216 3,190 1,584 320 1,205 2,167 157 1,985 Jan. 11- 3,723 331 215 3,177 1,580 306 1,213 2,143 154 1,964 Jan. 18.. 3,699 320 216 3,163 1,559 292 1,206 2,140 155 1,957 Jan. 25.. 3,662 309 199 3,154 1,562 1,200 2,100 139 1,954 Feb. 1.. 3,751 384 210 3,157 1,643 377 1,205 2,108 149 1,952 Feb. 8— 353 202 3,141 1,606 344 1,201 2,090 141 1,940 Feb.15- 3,694 354 204 3,136 1,614 348 1,204 2,080 142 1,932 Feb. 22- 3,693 354 201 3,138 1,621 347 1,211 2,072 138 1,927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
830 FEDERAL RESERVE BULLETIN DECEMBER 1934 LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 91 LEADING CITIES, JANUARY 1932 TO NOVEMBER 1934—Continued [In millions of dollars] All weekly reporting member banks Weekly reporting member banks in Weekly reporting member banks New York City outside New York City Loans to brokers Loans to brokers Loans to brokers Date lo s T e a o c n u t s a r o i l - n In Y C a N o i n t r e y k d w de O al Y N C e u r o t e i s s t r w i y k de c o L o u t n o r h t i a o e t s n i e r e s s - s l s o T e a t o c i n e u t s s a r o i l - n In Y C a N o i n t r e y k d w de O al Y N C u er o t e i s s t r w i y k de c L o o u t n o r h t i a o e t s n i e r e s s - s lo s T e a t o c n ie u t s s a r o i l - n In Y C a N o i n t r e y k d w de O al Y N C e u r o t e i s s t r w i y k de c L o o u t n o r h t i a o e t s n i e r e s s - s 1933 Mar. 1... 3,727 340 220 3,167 1,640 335 1,242 2,087 157 1,925 Mar. 8... 3,759 337 217 3,205 1,668 332 1,273 2,091 154 1,932 Mar, 15.. 3,762 311 201 3,250 1,674 1,308 2,088 139 1,942 Mar. 22.. 3,725 318 211 3,196 1,626 1,259 2,099 150 1,937 Mar. 29.. 3,644 292 199 3,153 1,555 275 1,219 138 1,934 Apr. 5— 3,617 301 197 3,119 1,548 287 1,201 2,069 137 1,918 Apr. 12.. 3,584 298 193 1,535 287 1,187 2,049 132 1,906 Apr. 19.. 3,583 313 196 3,074 1,538 303 1,175 2,045 136 1,899 Apr. 26- 3,638 392 192 3,054 1,611 381 1,172 2,027 134 1,882 May3._ 442 201 3,055 1,676 433 1,185 2,022 143 1,870 May 10. 3,715 492 182 3,041 1,711 483 1,170 2,004 124 1,871 May 17. 3,724 546 177 3,001 1,735 535 1,141 1,989 118 1,860 May 24. 3,648 493 180 2,975 1,663 481 1,124 1,985 122 1,851 May 31. 3,713 563 176 2,974 1,733 553 1,122 1,980 118 1,852 June 7— 3,742 626 177 2,939 1,777 616 1,102 1,965 118 1,837 June 14.. 3,798 706 177 2,915 1,840 694 1,086 1,958 117 1,829 June 21 _. 3,769 705 153 2,911 1,813 681 1,094 1,956 115 1,817 June 28.. 3,748 682 157 2,909 1,791 1,092 1,957 118 1,817 July 5... 3,811 776 159 2,876 1,847 745 1,063 1,964 120 1,813 July 12.. 3,874 860 166 2,848 1,894 803 1,048 1,980 123 1,800 July 19.. 3,864 870 167 2,827 1,862 787 1,029 2,002 121 1,798 July 26.. 3,789 801 167 2,821 1,790 718 1,029 1,999 124 1,792 Aug. 2 3,772 784 163 2,825 1,778 699 1,036 1,994 120 1,789 Aug. 9 3, 768 790 158 2,820 1,775 702 1,033 1,993 118 1,787 Aug. 16. .. 3,795 808 164 2,823 1,800 723 1,036 1,995 123 1,787 Aug. 23... 3, 737 767 159 2,811 1,757 686 1,031 1,980 119 1,780 Aug. 30... 3,766 797 160 2,809 1,794 718 1,035 1,972 119 1,774 Sept. 6... 3,748 784 159 2,805 1,795 718 1,034 1,953 116 1,771 Sept. 13.. 3, 773 808 162 2,803 1,820 747 1,030 1,953 119 1,773 Sept. 20.. 3,703 740 163 2,800 1,743 672 1,028 1,960 120 1,772 Sept. 27.. 3,687 720 166 2,801 1,731 652 1,034 1,956 121 1,767 Oct. 4... 3,651 702 164 2,785 1,699 1,022 1,952 119 1,763 Oct. 11.. 3,637 693 165 2,779 1,683 617 1.019 1,954 118 1,760 Oct. 18.. 3,673 726 167 2,780 1,712 643 1,021 1,961 119 1,759 Oct. 25__ 3,584 645 170 2,769 1,636 574 1,016 1,948 124 1,753 Nov. 1_. 3,604 660 172 2,772 1,666 594 1,025 1,938 125 1,747 Nov. 8.. 3,590 650 170 2,770 1,657 580 1.031 1,933 124 1,739 Nov. 15. 3,557 626 162 2,769 1,624 552 1,029 1,933 119 1,740 Nov. 22. 3,549 611 164 2,774 1,618 542 1,034 1,931 122 1,740 Nov. 29. 3,569 628 163 2,776 1.651 565 1,043 1,918 120 1,735 Dec. 6— 3,556 634 162 2,760 1.630 562 1.025 1,926 119 1,735 Dec. 13.. 3,596 669 161 2,766 1,663 586 1,034 1.933 118 1,732 Dec. 20.. 3,600 661 163 2,776 1,666 577 1,045 1,934 119 1,731 Dec. 27.. 712 158 2,758 1,722 628 1,051 1,906 115 1,707 1934 Jan. 3... 3,620 753 149 2,718 1,744 665 1,035 1,876 105 1,683 Jan. 10.. 3,497 653 143 2,701 1,624 561 1,019 1,873 92 99 1,682 Jan. 17.. 3,486 663 139 2,684 1,620 564 1,012 1,866 99 ' 95 1,672 Jan. 24. 3,498 684 140 2,674 1,646 587 1,016 1,852 97 ; 97 1,658 Jan. 31. 795 146 2,668 1,748 1,017 1,861 107 j 103 1,651 Feb. 7-—.. 3,587 803 147 2,637 1,729 1.858 107 i 102 1,649 Feb 14.... 3,531 760 145 2,626 1,677 651 981 1,854 109 100 1,645 Feb. 21..... 3,630 856 151 2,623 1.' 744 979 1,861 112 i 105 1,644 Feb. 28—_ 3,520 759 151 2,610 1,669 651 971 1,851 108 ! 104 1,639 Mar. 7...- 3,495 751 151 2,593 1,649 641 960 1,846 110 103 1,633 Mar. 14... 3,593 841 164 2,588 1,733 727 958 1,860 114 I 116 1,630 Mar. 21... 3,553 812 176 2,565 1,687 941 1,866 114 i 128 1,624 Mar. 28... 3,514 801 159 2,554 1,663 928 1,851 113 112 1,626 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN 831 DECEMBER 1934 LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 91 LEADING CITIES, JANUARY 1932 TO NOVEMBER 1934—Continued [In millions of dollars] Weekly reporting member banks in Weekly reporting member banks All weekly reporting member banks* New York City outside New York City Loans to brokers Loans to brokers Loans to brokers and dealers and dealers and dealers Date lo s T e a t c o n ie u s t s a r o i l - n In Y C o N it r y e k w Ou Y N C t o i e s r t w i k y de c o L o u t n o r h t i o a e t s i n r e e s s - s lo s T e a t c o n ie u s t s a r o i l - n In Y C o N it r y e k w O Y N C ut o i e s t r w y i k de c o L o u t n o r h t i o a e t s i n r e e s s - s lo s T e a t c o n i u e s t s r a i o l - n In Y C N o it r y e k w Ou Y N C t o i e s r t w i k y de c o L o u t r o n t h i a o t e s n i r e e s s - s 1934 Apr. 4—. 161 2.540 1,720 751 47 922 1,849 117 114 1,618 Apr. 11... 3,612 924 174 2,514 1,766 794 48 914 1,856 130 126 1,600 Apr. 18... 3,580 915 168 2,497 1,723 779 48 1,857 136 120 1,601 Apr. 26... 3,516 873 173 2,470 1,674 740 46 1,842 133 127 1,582 May2__ 3,577 174 2,507 1,729 756 46 927 1,848 140 128 1,580 May 9.. 3,554 873 171 2,510 1,718 731 46 941 1,836 142 125 1,569 May 16 _ 3,505 867 168 2,470 1,663 725 46 892 1,842 142 122 1,578 May23_ 3,468 828 162 2,478 1,644 46 909 1,824 139 116 1,569 May 30. 3,476 838 160 2,478 1,646 45 903 1,830 140 115 1,575 June 6— 3,557 911 174 2,472 1,727 771 54 902 1,830 140 120 1,570 June 13.. 3,556 933 171 2,452 1,728 787 63 888 1,828 146 118 1,564 June 20-. 3,571 955 183 2,433 1,741 815 55 871 1,830 140 128 1,662 June 27— 3,529 935 180 2,414 1,711 793 54 864 1,818 142 126 1,550 July 4— 3,556 185 1,749 841 55 853 1,807 141 130 1,536 July 11- 3,553 980 179 2,394 1,752 833 55 864 1,801 147 124 1,530 July 18- 3,522 962 175 2,385 1,718 804 57 857 1,804 158 118 1,528 July 25- 3,493 938 170 2,385 1,690 783 55 852 1,803 155 115 1,533 Aug. 1_. 812 163 2,383 1,571 667 53 851 1,787 145 110 1,532 Aug. 8_. 3,304 758 162 2,384 1,520 .613 53 854 1,784 145 109 1,530 Aug. 15_. 3,294 750 165 2,379 1,520 615 53 852 1,774 135 112 1,527 Aug. 22.. 3,271 741 164 2,366 1,503 602 55 846 1,768 139 109 1,520 Aug. 29_. 3,247 722 170 2,355 1,485 581 60 844 1,762 141 110 1,511 Sept. 5-. 3,210 757 176 2,277 1,505 621 54 830 1,705 136 122 1,447 Sept. 12. 3,162 741 153 2,268 1,479 605 47 827 1,683 136 106 1,441 Sept. 19. 3,095 695 149 2,251 1,419 558 47 814 1,676 137 102 1,437 Sept. 26. 3,080 686 148 2,246 1,416 555 813 1,664 131 100 1,433 Oct. 3— 3,047 148 2,230 1,401 541 811 1,646 128 1,419 Oct. 10_. 3,055 672 151 2,232 1,402 544 1,653 128 102 1,423 Oct. 17- 3,082 706 149 2,227 1,434 576 1,648 130 1,419 Oct. 24- 3,074 708 151 2,215 1,435 587 799 1,639 121 102 1,416 Oct. 31- 3,051 153 2,205 1,417 564 803 1,634 129 103 1,402 Nov. 7.. 3,010 664 148 2,198 1,381 526 805 1,629 138 1,393 Nov. 14. 3,008 653 151 2,204 1,378 517 810 1,630 136 100 1,394 Nov. 21. 2,998 654 151 2,193 1,377 521 1,621 133 100 1,388 Nov. 28. 3,017 660 155 2,202 1,390 525 814 1,627 135 104 1,388 NOTE.—Not available prior to January 1932, but for corresponding figures for 101 cities back to February 1929, see preceding table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
832 FEDERAL KESERVE BULLETIN DECEMBER 1934 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN CURRENCY TO AND FROM EUROPE BY SELECTED BANKS IN NEW YORK CITY BANK DEBITS [Paper currency only. In thousands of dollars] [Debits to individual accounts. In millions of dollars] 1933 1934 1934 1933 Number Net Net of Month Ship- Re- ship- Ship- Re- ship- centers Oct. Sept. Oct. ments ceipts ments ments ceipts ments to from (-)or to from (-)or Europe Europe rec ( e + i ) pts Europe Europe rec (+ ei ) pts New York City. 1 12,286 11,122 13,280 Outside New York City. 140 14,464 12,887 13,027 Federal Reserve districts: January 5,304 +5,301 0 5,256 +5,256 Boston _ 1,612 1,228 1,546 February. _ 105 5,589 +5,484 1 3,740 +3,739 New York 12,889 11,698 13,801 March 101 13,786 +13, 685 0 2,200 +2,200 Philadelphia 1,278 1,097 1,237 April 25 8,049 +8,024 1 2,900 +2,899 Cleveland _. 1,409 1,277 1,239 May 1 12,523 +12, 522 10 3,780 +3,770 Richmond 593 533 488 June 0 6,866 +6,866 8 3,471 +3,463 Atlanta 732 615 633 July 4 11,755 +11,751 63 3,601 +3, 538 Chicago 3,495 3,203 3,107 August 5 6,153 +6,148 0 5,193 +5,193 St. Louis 772 649 696 September. 122 4,756 +4, 634 23 4,254 +4, 231 Minneapolis 544 531 507 October 89 5,905 +5,816 0 2,524 j +2,524 Kansas City 841 792 770 November. 57 3,397 +3,340 199 2,129 I+1,930 Dallas _._ 522 471 465 December.. 42 6,976 +6,934 San Francisco 2,062 1,914 1,818 Total 554 91,058 +90, 504 Total 26, 750 24,009 26,307 For description and back figures see BULLETIN for January 1933, p. 43. MATURITY DISTRIBUTION OF- BILLS AND PAPER CURRENCY OF EACH DENOMINATION SHORT-TERM SECURITIES HELD BY FEDERAL IN CIRCULATION RESERVE BANKS [Outside Treasury and Federal Reserve banks. In millions of dollars [In thousands of dollars] 1933 1934 Den t o io m n ina- Oct. 31 May 31June 30 July 31 Aug. 31 Sept. 30Oct. 31 Total W i d n a i y t 1 h s 5 - 1 d 6 a to y s 30 3 d 1 a t y o s 60 6 d 1 a t y o s 90 91 m t o d o a s 6 y . s O m v o e s r . 6 $1 382 396 396 393 403 411 410 Bills discounted: $2'::;;.... 33 33 33 32 33 32 32 Nov. 7... 10,669 8,095 865 293 146 $5 682 719 724 719 741 755 752 Nov. 14 9,142 7,143 278 1,194 379 146 $i6""""I— 1,178 1,225 1,231 1,219 1,250 1,266 1,265 Nov. 21 10,723 8,992 1,034 296 310 89 $20 1,303 1,288 1,293 1,277 1,294 1,311 1,314 Nov. 28 11,872 9,884 398 25 $50 357 341 342 336 335 336 335 Bills bought in $100 607 579 579 569 568 571 571 open market: $500 124 116 117 113 112 113 112 Nov. 7 6,073 1,140 237 4,098 $1,000 232 228 225 223 222 223 221 Nov. 14 5,708 578 418 520 4,192 $5 000 7 7 6 5 5 5 5 Nov. 21 5,685 3,015 224 1,782 664 $10,000 12 9 7 8 8 7 7 Nov. 28 2,745 250 1,799 Industrial ad- Total. 4,916 4,941 4,952 4,896 4,972 5,031 5,025 vances: Nov. 7 6,617 180 434 5,822 Nov. 14 7,753 70 200 945 6,460 SNOTE.—Figures include, in addition to currency outside the Treasury Nov. 21 8,673 191 232 919 7,224 and Federal Reserve banks, unassorted currency held by these institu- Nov. 28. 9,769 164 235 1,294 7,951 tions amounting to $4,000,000-$12,000,000, and also $1,000,000 of currency Treasury certifiof unknown denominations reported by the Treasury as destroyed. cates and bills: Nov. 7 622,886 36,425 229,924 49,050 288,047 19,440 UNITED STATES POSTAL SAVINGS N N o o v v . . 2 1 1 4 6 6 2 2 3 4 , , 6 3 8 6 7 8 16,875 jl73,~825 2 7 3 3 3 , , 3 9 4 25 9 6 7 5 5 , ,317 282,320 2 19 1 , , 3 5 5 5 0 7 [Balance to credit of depositors. In millions of dollars] Nov. 28 624,368 195,575 78,200 284,694 End of month 1929 1930 1931 1932 1933 1934 January- 153.5 165.1 278.4 665.6 942.5 1.200.8 February.. 154.8 167.9 292.1 691.8 1,006. 2 1,200.0 March 155.0 169.5 302.7 705.3 1,112. 7 1, 200.0 April 154.3 170.2 313.8 722.1 1,158.4 1,197.5 May 153.8 171.2 325.0 742.6 1,178.8 1.196.9 June 153.6 175.3 347.4 784.8 1,185.1 1,197.9 July - 157.8 180.7 372.5 828.5 , 176.7 1,190. 3 August— 160.1 186.5 422.7 848.5 , 177. 7 1,192. 2 September. 160.3 189.8 469.9 857.4 ., 180. 7 1,192.8 October—. 161.6 192.5 538.1 870.8 , 188.9 PI, 198.4 November. 163.7 200.7 565.5 885.2 "«. 7 v 1,203.4 December. 164.3 245.4 605.1 900.8 1, 208. 8 ^Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 833 BANKS LICENSED AND NOT LICENSED Number of banks Deposits 2 (in thousands of dollars) Total Licensed lice N n ot sed1 Total Licensed lic N en ot sed All member banks: Mar. 15, 1933.. _ 5,078 1,621 28,421,038 25, 554, 287 2,866, 751 Apr. 12, 1933 5,425 1,256 28, 646,106 25,986,183 2,659,923 June 30, 1933.... 5, 60G 1,095 27,829, 942 26, 563, 927 1, 266,015 Oct. 25, 1933 5,818 759 27,330,869 26, 584,001 746,868 Dec. 30, 1933 6,011 512 27, 694,828 27,166,974 527,854 Mar. 5, 1934 6,206 308 29, 615,026 29, 324,825 290, 201 June 30, 1934 6,375 113 31,124, 361 31,012, 367 111,994 Aug. 22, 1934_._ 6,407 68 31,099,414 31,027, 259 72,155 Oct. 31, 1934 6,445 21 31,099,368 31,080, 638 18, 730 Nov. 28, 1934... 6,449 16 31, 071, 630 31, 055,344 16, 286 National banks: Mar. 15, 1933. _. 4,507 1,400 18,137, 719 16,195,145 1, 942, 574 Apr. 12, 1933.... 4,789 1,108 18, 313,090 16,494,549 1,818,541 June 30, 1933.... 4,897 985 17, 769, 636 16,741,289 1,028, 347 Oct. 25, 1933..... 5,052 683 17, 632, 596 17,022,133 610, 463 Dec. 30, 1933 5,154 452 17,990, 217 17,555, 239 434,978 Mar. 5, 1934 5, 288 270 19, 048,533 18,801, 352 247,181 June 30, 1934—. 5,417 95 19,993,896 19,895,897 97,999 Aug. 22, 1934... 5,443 58 19,975, 347 19,909,931 65,416 Oct. 31, 1934. 5,472 15 19,954,905 19,940, 472 14,433 Nov. 28, 1934 5,471 10 19,923,958 19,911,969 11,989 State-bank members: Mar. 15, 1933 571 221 10, 283, 319 9,359,142 924,177 Apr. 12, 1933 636 148 10,333,016 9, 491, 634 841,382 June 30, 1933 709 110 10,060,306 9,822, 638 237,668 Oct. 25, 1933 766 76 9,698, 273 9, 561,868 136,405 Dec. 30, 1933 ._ _ 857 9, 704,611 9,611, 735 92,876 Mar. 5, 1934 918 10, 566,493 10, 523, 473 43,020 June 30, 1934 958 11,130,465 11,116, 470 13,995 Aug. 22, 1934 964 11,124,067 11,117,328 6,739 Oct. 31, 1934 973 11,144,463 11,140,166 4,297 Nov. 28. 1934 _ 978 11,147, 672 11,143,375 4,297 Nonmember banks other than mutual savings banks:3 Apr. 12, 1933 7,392 2,959 6, 341, 370 5,020,061 1,321,309 June 30, 1933 8,188 1,983 6,135, 648 5,071, 664 1,063,984 Oct. 25, 1933 8,345 1,542 5,947,892 5,130, 627 817, 265 Dec. 30, 1933 8,333 1,257 5, 559, 996 5,062,908 497,088 Mar. 7, 1934 8,395 942 5, 363, 592 4,940, 583 423,009 June 27, 1934 8, 629 509 5, 213, 694 4,979,460 234, 234 Aus. 22, 1934 _. 8,713 364 5,160, 535 4,981,074 179,461 Oct. 31, 1934 8,769 254 5,119,452 i 5,001,822 117,630 Nov. 28, 1934 8,791 213 5, 111, 668 i5, 006, 808 104, 860 1 Includes a number of national banks whose Federal Reserve bank stock had been canceled and membership terminated but which, on the dates given, were still included in the Comptroller of the Currency's records of unlicensed banks. 2 Deposits of national banks and State bank members are as of the nearest call dates; deposits of nonmember banks for Apr. 12, June 30, and Oct. 25, 1933, are as of Dec. 31, 1932, or the nearest available call date prior thereto; deposits of nonmember banks for Dec. 30,1933, and subsequent dates are as of Dec. 30, 1933, or the nearest available call date prior thereto. 3 Nonmember bank figures are not available for some of the dates for which data are shown for member banks. BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP, JAN. 1 TO NOV. 30, 1934 [Preliminary figures, subject to change] Nonlicensed banks placed Licensed banks suspendedi in liquidation or receivership 2 Nu b m an b k e s r of D th e o p d u o o s s l a l i a t n s r d s 3 ) s ( o in f Nu b m an b k e s r of D th e o p d u o o s s l a l i a t n s r d s 3 ) s ( o in f National banks 1 40 388 394,862 State bank members. ._ <21 * 37, 256 Nonmember banks a 52 6 36,562 490 199, 731 Total 53 36,602 399 631,849 1 Includes banks placed on a restricted basis. 2 Includes nonlicensed banks absorbed or succeeded by other banks. 3 Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported closing of the banks. 4 Includes 12 banks with deposits of $10,849,000, which did not receive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation. «Includes 1 bank with deposits of $58,000 reported suspended in November; excludes 1 bank with deposits of $70,000 reported suspended prior to Nov. 1, which according to later reports went into voluntary liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
834 FEDERAL RESERVE BULLETIN DECEMBER 1934 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, and week m c t o o ie m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c ls t t a s l m Bu at i e ld ri i a n l g s c C a d l h r s e u m a g n s i d - i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929. 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930. 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931. 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932. 64.8 48.2 61.® 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—October. __. 71.2 55.7 64.2 77.2 89.0 77.1 73.6 83.0 83.9 72.7 81.2 65.3 November.. 71.1 56.6 64.3 77.2 88.2 76.8 73.5 82.7 84.9 73.4 81.0 65.5 December.. 70.8 55.5 62.5 77.5 89.2 76.4 73.4 83.5 85.6 73.7 81.0 65.7 1934—January 72.2 58.7 64.3 78.3 89.5 76.5 73.1 85.5 86.3 74.4 80.8 67.5 February 73.6 61.3 66.7 78.7 89.6 76.9 72.4 87.0 86.6 75.5 81.0 68.5 March 73.7 61.3 67.3 78.5 88.7 76.5 71.4 87.1 86.4 75.7 81.4 69.3 April 73.3 59.6 66.2 78.6 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 75.6 82.0 70.2 July 74.8 64.5 70.6 78.4 86.3 71.5 73.9 86.8 87.0 75.4 81.6 69.9 August 76.4 69.8 73.9 78.3 83.8 70.8 74.6 86.7 85.8 75.7 81.8 70.2 September.. 77.6 73.4 76.1 78.3 84.1 71.1 74.6 86.6 85.6 76.5 81.8 70.2 October 76.5 70.6 74.8 78.0 83.8 70.3 74.6 86.3 85.2 77.1 81.7 69.7 Week ending— : : 1934—Aug. 4... 75.1 66.6 71.8 78.4 85.1 71.1 74.7 86.2 87.1 75.5 83.0 Aug. 11.. -75.4 67.3 72.2 78.4 84.6 70.8 75.3 85.9 86.5 75.5 82.8 70.1 Aug. 18.. 76.1 68.9 74.1 78.4 84.2 71.1 75.2 85.9 86.4 75.9 82.9 70.3 Aug. 25.. 76.9 71.8 75.5 78.4 84.6 71.1 75.2 85.9 86.4 76.0 82.9 70.1 Sept. 1.. 77.5 73.5 76.6 78.4 84.5 71.3 75.1 85.9 86.3 76.3 82.9 70.3 Sept. 8.. 77.8 74.3 77.2 78.5 84.6 70.6 75.4 85.9 86.3 76.3 82.9 70.6 Sept. 15. 77.5 73.7 76.2 78.5 84.8 70.6 75.5 85.9 85.9 76.5 83.0 70.7 Sept. 22.. 77.5 73.6 76.7 78.4 84.9 70.8 75.5 85.7 85.4 76.8 83.1 70.4 Sept. 29. 77.2 72.8 76.0 78.4 84.9 70.7 75.5 85.7 85.3 77.0 83.1 70.3 Oct. 6... 76.6 71.0 75.2 78.2 84.3 70.2 75.5 85.7 85.4 77.3 82.8 70.1 Oct. 13. . 76.4 71.0 74.8 78.1 84.4 70.1 75.4 85.6 85.2 77.1 82.8 69.7 Oct. 20. _ 76.2 70.9 74.9 77.9 84.6 70.0 74.8 85.6 85.0 77.2 82.8 69.7 Oct. 27. . 76.2 70.8 75.4 78.0 84.5 75.0 85.5 85.2 77.2 82.8 69.8 Nov. 3... 76.0 75.4 77.8 84.4 69.5 74.9 85.5 84.9 76.9 82.8 Nov. 10.. 76.6 71.1 75.9 78.1 84.9 69.4 75.6 85.4 85.1 76.8 82.7 70.5 Nov. 17.. 76.7 71.5 75.5 78.3 84.9 69.3 76.1 85.3 85.0 77.0 82.7 70.6 Nov. 24.. 76.3 70.6 75.0 78.1 84.9 69.3 75.6 85.3 84.9 77.1 82.7 70.6 1933 I 1934 1934 Subgroups Subgroups Oct. July Aug. Sept. Oct. Oct. July Aug. Sept. Oct. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 58.2 74.8 86.0 88.1 85.0 Agricultural implements 83.7 92.0 92.0 92.0 92.0 Livestock and poultry 45.4 48.8 56.2 64.1 55.3 Iron and steel 82.4 86.7 86.6 86.5 86.2 Other farm products 61.2 70.5 73.1 74.4 75.4 Motor vehicles 90.9 94.6 94.6 94.7 94.7 FOODS: Nonferrous metals 67.0 68.8 68.9 68.4 68.1 Butter, cheese, and milk 66.0 74.8 77.3 76.2 77.1 BUILDING MATERIALS: Cereal products 85.0 88.9 91.0 91.9 91.0 Brick and tile 84.6 91.3 91.3 91.3 91.2 Fruits and vegetables 62.5 68.2 65.6 66.0 67.6 Cement 91.2 93.9 93.9 93.9 93.9 Meats— 51.0 63.4 69.4 76.6 70.0 Lumber 84.2 85.3 81.8 82.3 82.0 Other foods 64.4 64.5 68.9 70.0 71.0 Paint materials 76.1 79.8 79.9 79.5 79.4 HIDES AND LEATHER PRODUCTS: Plumbing and heating 74.7 75.0 75.0 71.6 68.1 Boots and shoes 98.0 97.9 97.9 97.7 Structural steel. 86.8 92.5 92.0 92.0 92.0 Hides and skins _.. 71.2 66.6 57.4 60.4 59.7 Other building materials 87.1 90.9 90.0 89.3 Leather. _. 83.2 75.1 71.3 70.6 70.5 CHEMICALS AND DRUGS: Other leather products 85.1 86.8 86.8 86.5 85.9 Chemicals 78.6 78.5 79.2 80.3 81.1 TEXTILE PRODUCTS: Drugs and Pharmaceuticals . 56.8 73.0 72.7 72.7 73.5 Clothing 84.8 81.9 79.5 79.7 79.1 Fertilizer materials 67.6 67.6 64.8 66.4 65.7 Cotton goods 88.8 85.1 86.4 87.8 86.6 Mixed fertilizers 68.3 72.8 73.0 73.0 73.0 Knit goods 74.7 59.5 59.3 59.9 60.5 HOUSEFURNISHING GOODS: Silk and rayon 32.0 24.5 24.4 24.3 24.8 Furnishings 82.8 84.8 84.6 84.8 84.4 Woolen and worsted goods... 84.5 80.7 78.9 78.0 74.8 Furniture 79.8 78.5 78.9 78.8 79.0 Other textile products. 75.3 69.7 69.1 68.5 MISCELLANEOUS: FUEL AND LIGHTING MATERIALS: Auto tires and tubes. - 43.2 44.6 44.7 44.7 44.7 Anthracite.. _. 81.8 78.6 79.9 81.3 82.0 Cattle feed.._ 60.4 88.8 104.0 100.7 97.6 Bituminous coal 89.8 95.7 96.2 96.3 96.4 Paper and pulp 82.4 82.4 82.4 82.4 82.4 Coke_ _ 82.6 85.6 85.6 85.6 85.6 Rubber, crude 15.6 29.9 31.7 31.5 28.6 Electricity-_. 92.3 92.4 92.6 95.2 Other miscellaneous 78.6 82.3 81.0 81.4 81.1 Gas 100.5 99.2 99.2 99.3 Petroleum products 52.7 51.3 51.6 51.3 50.4 Back figures.—For monthly and annual indexes of groups, see Annual Report for 1933 (table 120); indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1932 and 1933, see Annual Report for 1933 (table 121) and BULLETIN for February 1934, p. 139. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 835 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) tlndex numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100] 1933 1934 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactures—Total 76 70 73 76 80 82 85 86 83 74 72 69 *73 IRON AND STEEL 60 47 60 56 63 66 76 84 85 47 38 37 41 P St i e g e i l r i o n n gots 4 6 5 2 1 3 4 6 8 4 6 0 2 4 5 0 7 4 6 5 5 5 6 1 8 5 7 5 8 8 66 5 8 6 7 6 4 42 8 3 3 9 6 3 3 8 1 4 31 2 Cotton consumption 95 89 77 91 95 97 97 95 74 79 86 64 94 Wool 88 80 67 70 73 72 66 65 63 *>39 Consumption 97 86 73 70 72 71 68 63 61 p 64 Machinery activityl .. _. 83 81 69 83 85 82 71 72 68 '67 65 40 61 Carpet and rug loom activity1 67 63 48 48 54 59 53 57 62 '44 47 41 46 Silk deliveries 82 103 92 103 114 129 115 112 109 101 96 99 135 FOOD PRODUCTS 85 91 86 96 91 84 93 98 96 102 106 120 107 Slaughtering and meat packing 90 98 89 100 94 86 102 108 103 120 128 142 119 Hogs 85 101 85 95 80 69 95 104 87 92 79 89 95 Cattle 91 87 88 102 112 106 110 110 123 155 192 216 144 Calves 104 104 106 122 122 122 120 128 139 198 244 225 145 Sheep .. -. 151 142 147 139 133 131 129 127 128 134 145 162 228 Wheat flour 76 82 81 91 94 92 91 89 90 81 79 85 83 Sugar meltings 76 82 78 87 73 65 64 71 80 69 64 94 101 PAPER AND PRINTING: Newsprint production 66 71 67 64 63 66 68 68 64 63 63 65 62 Newsprint consumption 105 104 106 108 112 112 115 115 118 116 117 121 116 LUMBER 33 30 32 34 29 38 33 33 31 29 36 32 29 TRANSPORTATION EQUIPMENT: Automobiles - 45 30 45 56 71 78 85 78 82 78 61 51 41 Locomotives _ 0 2 3 2 0 0 10 10 2 3 5 7 8 Shipbuilding 39 41 41 26 30 59 65 39 38 28 95 133 LEATHER AND PRODUCTS 93 92 94 97 107 106 116 117 100 99 97 88 84 Tanning 82 91 89 91 94 88 95 93 87 86 83 80 80 Cattle hide leathers 76 85 84 81 89 84 90 89 85 81 82 79 79 Calf and kip leathers - - .. 69 84 90 85 78 72 85 78 82 74 67 67 68 • Goat and kid leathers 109 111 103 126 124 116 118 118 99 114 101 97 95 Boots and shoes . 100 93 97 101 116 118 130 133 109 107 '106 '93 86 CEMENT AND GLASS: Cement 35 39 36 49 61 58 55 57 58 53 48 50 46 Glass, plate _ _ - _ ._ 70 52 106 99 98 106 98 83 77 92 86 84 87 NONFERROUS METALS: i Tin deliveriesx 95 80 56 55 54 58 71 73 68 64 65 68 58 FUELS, MANUFACTURED: Petroleum refining _ _ . ___ 152 146 137 142 144 143 152 153 154 156 157 152 153 Gasoline1 195 184 171 177 181 177 191 191 195 201 202 193 196 Kerosene . .. . . 77 77 80 89 87 95 98 95 94 92 91 85 92 Fuel oil i _ 101 96 96 95 98 101 99 101 103 100 103 102 98 Lubricating oil * 88 102 92 92 86 90 100 108 95 92 90 91 90 Coke, byproduct. 82 75 77 78 85 91 93 102 100 78 74 73 73 RUBBER TIRES AND TUBES 90 97 108 97 100 106 97 81 84 83 79 79 82 Tires, pneumatic _ 93 100 113 101 103 110 100 83 87 85 82 '82 85 Inner tubes 68 72 68 69 74 82 76 63 62 68 56 61 60 TOBACCO PRODUCTS 108 95 123 138 132 119 128 128 132 128 126 125 120 Cigars 57 62 67 74 66 66 66 62 65 63 66 66 66 Cigarettes 143 118 166 188 181 158 175 178 183 177 172 171 Minerals—Total 81 81 85 88 91 100 90 89 87 85 80 82 Bituminous coal 61 65 66 67 74 84 72 72 67 65 61 64 Anthracite 55 73 68 82 89 109 73 76 69 63 50 62 Petroleum, crude .- ._ 121 117 119 120 118 122 125 127 130 128 124 122 Iron ore 63 23 40 54 52 47 44 Zinc 77 72 67 66 66 68 64 65 57 57 60 61 Lead - - -- 64 71 67 64 64 57 56 66 56 53 44 55 Silver 33 33 29 37 36 47 45 44 45 40 39 36 CO OC 64 53 122 35 76 56 39 * Without seasonal adjustment. '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
836 FEDERAL RESERVE BULLETIN DECEMBER 1934 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100] 1933 1934 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactures—Total 76 70 67 75 82 85 89 89 83 71 71 70 P74 IRON AND STEEL 59 43 53 53 66 75 84 91 85 44 38 37 40 Pig iron - . . 45 37 39 40 46 53 59 67 66 40 35 30 31 Steel ingots 60 44 54 55 68 ' 77 87 93 87 44 38 38 41 Cotton consumption _ 97 93 71 95 101 102 104 97 71 72 77 62 197 Wool 93 84 68 71 76 73 65 62 60 J»58 Consumption - - 107 93 74 72 79 73 65 58 55 p 55 v 39 v 70 Machinery activity 83 81 69 83 85 82 71 72 68 '67 65 40 61 Carpet and rug loom activity 67 63 48 48 54 59 53 57 62 '44 47 41 46 Silk deliveries __ 82 106 82 117 122 124 114 111 97 96 100 104 135 FOOD PRODUCTS 86 96 89 102 90 82 87 96 95 100 100 122 110 Slaughtering and meat packing 89 108 106 119 94 81 92 105 102 113 115 138 120 Hogs 73 111 112 128 88 69 84 100 89 82 60 67 81 Cattle 107 100 93 103 98 92 97 107 116 154 188 240 168 Calves _ . _ . _ 109 106 100 113 114 124 131 144 144 192 224 216 152 Sheep 167 141 144 140 125 119 121 124 126 134 146 188 251 Wheat flour 86 89 78 89 91 86 83 84 80 78 85 100 93 Sugar meltings ______ 72 64 45 57 71 77 75 80 95 84 72 100 96 PAPER AND PRINTING: Newsprint production 66 70 67 65 63 65 69 69 66 61 61 64 62 Newsprint consumption 111 111 109 104 110 117 123 119 117 103 104 118 123 LUMBER 34 29 29 30 28 39 35 35 32 29 38 33 30 TRANSPORTATION EQUIPMENT: Automobiles 40 19 25 46 76 96 109 98 93 82 67 56 38 Locomotives o 2 4 1 0 0 9 10 2 3 5 7 8 Shipbuilding 28 36 32 18 21 46 63 50 47 41 140 133 LEATHER AND PRODUCTS 102 88 81 90 109 110 114 108 97 98 107 101 92 Tanning _ 87 89 87 87 97 88 93 88 86 86 85 85 85 Cattle hide leathers 78 85 81 82 95 85 90 85 83 79 80 82 81 Calf and kip leathers 82 79 77 70 72 64 76 74 79 86 81 77 81 Goat and kid leathers 113 110 112 119 129 119 117 109 99 105 99 102 99 Boots and shoes _ _ 112 88 76 92 117 124 127 121 103 105 '121 111 97 CEMENT AND GLASS: Cement 40 38 28 30 37 42 53 68 72 64 62 63 53 Glass, plate. . _ __ 70 50 80 88 106 115 108 90 79 91 87 85 87 NONFERROUS METALS'.l Tin deliveries 95 80 56 55 54 58 71 73 68 64 65 68 58 FUELS, MANUFACTURED: Petroleum refining 152 147 138 142 144 143 152 153 154 156 157 152 154 Gasoline 195 171 181 177 191 191 195 201 202 193 196 Kerosene 80 18843 86 17971 88 92 97 92 87 86 87 87 97 Fuel oil 101 96 96 95 98 101 99 101 103 100 103 102 98 Lubricating oil 88 102 92 92 86 90 100 108 95 92 90 91 90 Coke, byproduct ' 82 77 78 78 87 94 94 101 98 75 72 71 73 RUBBER TIRES AND TUBES 79 73 75 90 108 117 115 102 102 81 78 '76 73 Tires, pneumatic 81 75 78 93 112 121 118 106 105 83 81 '78 75 Inner tubes 62 52 49 62 78 89 87 77 74 65 62 61 54 TOBACCO PRODUCTS 116 97 99 131 120 113 118 130 144 139 135 139 129 Cigars 69 73 50 57 57 60 62 64 70 67 69 76 81 Cigarettes _ _ _ _ 150 117 136 185 164 150 159 179 202 194 186 188 169 Minerals—Total 88 84 80 85 88 91 81 87 87 85 83 87 87 Bituminous coal.._ __ __ 67 72 69 74 78 84 60 62 60 59 60 68 71 Anthracite . 71 75 67 89 95 89 76 76 60 52 50 62 68 Petroleum, crude _ _ _ 122 116 115 115 116 121 125 128 132 131 126 125 123 Iron ore 108 19 60 106 105 95 85 60 Zinc 75 72 68 70 71 72 67 66 55 53 56 58 73 Lead 66 74 68 65 66 58 55 65 57 51 43 52 58 Silver 33 36 29 37 39 52 46 43 44 34 39 34 39 1 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
DECEMBER 1934 FEDERAL RESERVE BULLETIN 837 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 t i s o e n asonal varia- Without seasonal adjustment Industry and group 1934 1933 1934 1933 1934 1933 Oct. Sept. Oct. Oct. Sept. Oct. Oct. Oct. Total, *78.6 75.8 79.6 *>77.0 73.9 77.8 P60.7 57.9 59.4 IRON AND STEEL AND PRODUCTS.. _.. 66.0 66.0 65.6 65.4 69.4 42.8 41.1 47.6 Blast furnaces and steel works 65.4 65.3 70.2 65.9 65.4 70.7 39.2 37.3 48.0 Cast-iron pipe _ 50.8 52.1 47.3 50.6 51.4 47.2 27.5 28.2 23.2 Cutlery and edge tools 78.1 76.7 78.5 77.6 79.2 78.0 55.7 53.2 54.2 Hardware 45.8 45.8 58.2 45.5 45.9 57.9 30.6 29.2 39.1 Steam, hot-water heating apparatus, etc. 49.6 48.8 55.4 48.8 47.9 54.5 32.4 30.7 30.7 Stoves _ 95.2 91.6 96.2 86.1 85.6 87.1 72.7 65.8 69.2 Structural metal work__ _. 57.0 58.6 54.6 55.7 57.0 53.4 40.6 40.5 35.9 Tin cans, etc — 93.1 101.0 85.0 93.3 95.3 85.2 82.3 96.2 75.6 Wirework 121.1 120.2 123.7 120.4 119.4 123.0 95.4 92.0 95.7 MACHINERY _ 77.6 '77.7 73.0 75.5 "75.7 70.8 56.8 '55.3 50.2 Agricultural implements..- — 72.9 67.8 52.4 76.4 72.4 55.0 74.4 66.7 47.4 Electrical machinery, etc 65.0 65.9 60.6 65.0 65.9 60.6 49.3 48.0 41.5 Engines, turbines, etc 72.3 71.1 53.4 73.1 71.4 54.0 48.4 46.1 31.7 Foundry and machine-shop products.. 66.4 66.8 63.6 66.9 66.6 64.1 47.6 46.7 43.3 Machine tools 69.1 69.7 54.0 68.4 69.8 53.5 50.3 50.8 39.6 Radios and phonographs --. 223.6 219.9 238.2 157.7 164.7 168.0 138. 8 127.0 142.8 Textile machinery -. 61.0 '62.4 77.8 62.2 '62.8 79.3 44.6 '46.1 65.1 TRANSPORTATION EQUIPMENT 68.4 73.8 59.1 73.9 75.2 63.9 47.2 51.9 43.3 Automobiles 74.9 80.9 64.2 81.4 82.1 69.8 49.1 54,3 46.1 Cars, electric and steam railroad. 34.1 41.8 27.9 35.6 40.9 29.1 31.6 36.7 24.2 Locomotives 38.0 37.7 22.6 39.3 38.6 23.3 17.0 17.4 8.5 Shipbuilding. - 71.2 71.3 66.1 76.1 76.0 70.7 56.2 57.0 47.5 RAILROAD REPAIR SHOPS.. 53.9 55.7 55.0 53.7 55.4 54.7 46.9 45.6 48.9 Electric railroads 65.1 65.7 65.8 65.1 65.7 65.8 57.3 56.9 54.2 Steam railroads 53.1 55.0 54.1 52.8 54.7 53.8 46.2 44.9 48.6 NONFERROUS METALS AND PRODUCTS. 75.1 73.2 75.6 74.1 73.6 74.8 57.5 54.0 53.8 Brass, bronze, and copper 71.0 70.8 77.5 71.9 71.6 78.4 49.5 48.7 52.5 Lighting equipment 67.1 64.5 61.6 65.1 64.2 59.7 56.3 52.0 46.7 Silverware and plated ware 70.6 69.5 67.9 67.7 68.7 65.1 53.8 52.1 50.6 Smelting and refining 73.1 69.9 64.0 72.3 71.7 62.3 45.9 42.7 37.0 Stamped and enameled ware 82.9 84.4 93.3 82.8 85.8 93.2 70.4 66.7 LUMBER AND PRODUCTS . 49.6 49.3 55.2 47.8 48.0 53.1 35.2 33.9 38.1 Furniture 66.8 65.0 78.5 61.4 63.0 72.2 47.5 44.6 55.0 Lumber, millwork 36.3 34.6 38.7 36.0 34.3 38.4 24.1 21.8 23.5 Lumber, sawmills 33.9 34.1 36.2 33.3 33.0 35.6 22.6 22.3 23.3 STONE, CLAY, AND GLASS PRODUCTS_ 52.1 52.9 51.6 50.2 51.1 49.7 35.7 34.7 33.6 Brick, tile, and terra cotta.— 29.9 30.4 31.8 29.2 28.7 31.1 16.9 16.1 14.9 Cement ._- 51.0 54.0 41.4 49.0 50.9 39.8 33.1 33.9 24.7 Glass. _ 86.1 87.3 81.1 81.7 85.3 76.9 69.4 67.4 63.5 Pottery _ 69.2 66.2 69.6 68.8 66.3 69.2 46.3 41.1 47.1 TEXTILES AND PRODUCTS. _ _. 92.3 73.1 97.7 90.7 72.9 96.1 74.7 57.5 77.4 A. Fabrics 89.7 62.0 96.7 88.8 62.7 95.8 73.1 49.1 77.5 Carpets and rugs 62.5 64.6 79.1 62.8 67.1 79.4 45.0 46.5 65.1 Cotton goods 94.5 52.0 100.8 93.8 52.5 100.3 78.6 40.4 80.8 Dyeing and finishing 106.7 91.1 87.5 106.2 92.3 87.1 83.0 75.6 68.2 Knit goods 109.5 100.6 114.2 108.2 102.2 112.8 107.1 91.0 106.2 Silk and rayon goods 75.9 58.2 79.2 75.4 58.7 78.7 63.7 41.1 61.4 Woolen and worsted goods—. 68.1 35.8 90.7 66.5 36.2 88.6 46.8 24.3 66.5 R. Wearing anoarel 94.4 95.5 95.8 91,3 93.4 92.7 73,4 70.9 72.7 U Cl lo o t t U hi i n n g g , , w m o e m n' e s n's 1 8 2 0 1 . . 8 7 1 8 2 9 1 . . 5 0 1 8 1 7 8 . . 8 6 1 8 1 5 5 . . 9 8 1 8 1 7 8 . . O 6 86.8 0 62 4 . . 8 G 0 8 2 5 . . 2 2 0 C> 1 2. . 6 2 M Sh i i l r l t i s n e a r n y d collars 1 6 0 8 3 . . 8 4 1 7 0 6 3 . . 0 5 1 7 1 7 3 . . 5 5 9 6 9 7. . 7 3 1 7 0 2 2 . . 1 0 1 1 7 1 0 6 2 9 . . . 6 8 2 54.8 7 9 5 3 . . 5 2 1 5 0 9 1 . . 0 9 LEATHER AND PRODUCTS.. 83.3 85.7 88.9 81.3 82.4 86.7 64.3 69.2 72.3 Boots and shoes 82.3 85.5 88.3 79.7 81.4 85.6 60.4 67.7 70.1 Leather 87.8 86.8 91.4 87.9 86.7 91.4 76.8 73.6 78.8 Preliminary. r Revised* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
838 FEDERAL RESERVE BULLETIN DECEMBER 1934 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued [Adjusted to Census of Manufactures through 1931. 1923-25 average=100] Factory employment Factory pay rolls Adjusted for seasonal varia- Without seasonal adjustment tion Without seasonal adjustment Industry and group 1934 1934 1933 1934 1933 Oct. Sept. Oct. Oct. Sept. Oct. Oct. Sept. Oct. FOOD PRODUCTS 119.5 127.1 115.9 109.2 110.5 104.6 103.3 109.3 91.1 Baking 116.1 115.7 110.1 114.3 113.7 108.4 98.3 99.6 90.6 Butter 77.7 81.1 82.0 76.7 75.9 80.9 58.3 60.4 63.7 Canning and preserving 137.3 204.4 158.5 94.7 90.0 109.3 134.4 199.5 132.6 Confectionery _ 96.6 93.1 99.6 80.0 83.9 82.5 84.1 82.6 80.4 Flour _ 80.5 80.2 74.7 78.5 78.6 72.9 68.5 68.6 59.9 Ice cream 69.1 77.3 68.0 70.6 70.9 69.4 54.5 60.5 52.6 Slaughtering and meat packing 117.6 121.2 101.5 116.7 122.4 100.7 107.0 109.2 77.7 Sugar refining, cane 90.9 88.1 90.5 89.4 86.1 89.1 74.0 72.4 69.7 TOBACCO PRODUCTS - 65.3 64.7 64.6 62.5 62.9 61.9 49.0 50.3 51.2 Chewing and smoking tobacco and snuff 73.5 73.7 78.6 74.1 74.4 79.2 63.9 68.7 Cigars and cigarettes _ 64.2 63.5 62.9 61.0 61.4 59.8 47.1 47.9 PAPER AND PRINTING 96.5 95.3 94.5 96.1 95.6 94.2 82.6 80.3 76.0 Boxes, paper 90.0 '86.5 91.6 85.4 '85.1 86.9 82.4 '77.8 75.6 Paper and pulp l 106.6 105.4 104.1 106.6 105.4 104.1 83.2 79.6 77.5 Book and job printing 87.0 86.3 82.9 87.8 86.8 83.7 73.7 72.4 65.6 Printing, newspapers and periodicals 99.2 98.5 98.0 99.0 97.8 89.9 88.2 84.4 CHEMICALS AND PETROLEUM PRODUCTS 109.2 108.6 109.1 107.3 108.2 106.9 91.2 85.5 A. Chemical group, except petroleum 108.4 107.6 109.2 106.0 107.6 106.4 89.4 87.9 84.3 Chemicals 106.6 108.0 103.2 105.4 108.5 102.1 92.0 92.1 85.7 Druggists' preparations 107.3 103.0 99.8 102.6 100.8 95.4 96.7 92.3 91.0 Explosives 91.8 93.2 92.6 88.9 91.6 89.6 72.5 69.5 68.9 Fertilizers 89.9 95.0 91.0 96.1 103.4 97.3 71.9 78.5 68.4 Paints and varnishes _. 99.4 98.8 94.0 99.1 100.0 93.7 78.0 75.8 70.7 Rayon and allied products _._. 307.0 305.5 331.3 307.0 305.5 331.3 217.2 215.5 218.3 Soap 105.7 98.6 101.7 102.7 97.6 98.8 94.6 87.3 81.1 B. Petroleum refining 112.6 112.9 108.8 112.8 110.9 109.0 97.4 96.3 89.4 RUBBER PRODUCTS 77.5 78.4 88.7 78.2 79.0 89.4 58.8 56.1 62.9 Rubber boots and shoes _. 55.7 56.4 63.9 53.3 55.4 61.1 54.2 50.4 58.6 Rubber tires and inner tubes 69.4 70.4 74.7 71.8 71.7 77.3 47.6 49.7 r Revised, NOT*;.—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 actory employment computed by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343. 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 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 82.6 119.7 23.6 19.8 17.8 25.7 11.5 12.9 18.9 39.1 2.9 7.8 7.8 14.4 August - 106.0 120.0 21.9 18.6 14.1 10.0 10.5 13.5 51.4 50.6 2.6 12.2 5.6 '15.2 September ._ 120.1 110.2 21.5 17.9 15.1 6.1 7.4 13.1 60.7 50.0 2.2 '12.5 13.0 10.6 October _. 145.4 135.2 21.5 26.3 9.8 8.5 9.8 13.8 92.7 65.2 2.2 9.0 9.3 12.7 November 162.3 23.6 8.2 7.3 111.1 2.6 9.6 December 207.2 23.9 6.7 7.1 133.3 16.3 20.0 Year_ _ 1, 255.7 249.3 127.5 99.4 602.7 40.0 136.9 *• Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 839 CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Amounts in thousands of dollars; figures reported by Dun & Bradstreet] [Value of contracts in thousands of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] ]Number Liabilities 1934 1933 Federal Reserve district 1934 1933 1934 1933 Federal Reserve district Septem- October October Oct. Sept. Oct. Oct. Sept. Oct. Boston 15,293 ' 11,899 11,343 Boston 138 78 150 1,686 1,558 2,378 New York. 26,382 21,558 24,729 New York 346 213 321 6,839 4,754 10,452 Philadelphia 12,817 6,454 9,048 Philadelphia 50 43 51 1,268 1,792 2,300 Cleveland 10,304 '9,336 '14,774 Cleveland.. 65 59 95 1,515 1,475 2,548 Richmond 10,937 12,057 10,753 Richmond 48 27 74 778 432 852 Atlanta 7,920 7,023 17,137 Atlanta - 25 35 40 967 420 582 Chicago 22,960 '20,048 21,227 Chicago .- 124 107 177 2,607 2,649 6,341 St. Louis 10, 734 7,617 '10,545 St. Louis 36 33 42 432 493 1,019 Minneapolis 5,618 6,547 8,644 Minneapolis - _ __ 22 19 43 459 192 384 Kansas City. 7,539 3,853 7,692 Kansas City 54 36 39 321 279 412 Dallas _ 4,720 3,759 9,475 Dallas 20 17 40 189 173 1,400 San Francisco 163 123 134 2,907 2,223 1,915 Total (11 districts) 135,225 ••110,151 145,367 Total . .. 1,091 790 1,206 19,968 16,440 30,582 r Revised. NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for Nov. 1,1934,1 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 Nov. 1,1934 1933 Nov. 1,1934 1933 Nov. 1,1934 1933 Nov. 1,1934 Bushels Bushels Bushels Bushel* Bushels Bushels Bushels Bushels Boston 7,545 7,861 120 120 120 120 New York 20,821 5,175 5,049 5,051 4,917 124 132 Philadelphia- 44,551 47,890 14,189 13,643 14,104 13,570 85 73 Cleveland 150,851 126,507 37,440 38,766 37, 372 100 68 Richmond 133,164 132,405 19,669 22,306 19,669 22,306 Atlanta.. 151,672 160,355 3,039 3,039 3,598 Chicago 835,127 471,280 46, 742 48,707 44,426 46,973 2,316 1,734 St. Louis 296,955 159,780 38, 556 44,855 38,434 44,813 122 42 Minneapolis.. 219,136 116,932 115,137 66,108 9,775 9,698 105,362 56,410 Kansas City.. 389,334 53,301 131,990 144,609 123,614 140, 702 8,376 3,907 Dallas 85,035 63, 072 13, 719 26,145 13, 626 26,070 93 75 San Francisco. 9,692 8,314 100,776 84,402 41,104 50,503 59,672 Total-. 2, 343,883 1,371, 527 527,978 496,982 351,608 400,522 176,370 96,460 Oats Tame hay Tobacco White potatoes Cotton Federal Reserve district t P io r n o d 1 u 9 c 3 - 3 E N s 1 o t 9 i v m 3 . 4 a 1 t , e t P io r n o d 1 u 9 c 3 - 3 E N s 1 o t 9 i v m 3 . 4 a 1 t , e t P io r n o d 1 u 9 c 3 - 3 E N st o 1 i 9 v m 3 . 4 a 1 t , e t P io r n o d 1 u 9 c 3 - 3 E N s o 1 t 9 i v m 3 . 4 a 1 t , e t P io r n o d 1 u 9 c 3 - 3 E N s 1 o t 9 i v m 3 . 4 a 1, te Bushels Bushels Ton* Tons Pounds Pounds Bushels Bushels Bales Bales Boston 7,446 7,541 2,854 2,811 24,012 17,973 49,770 New York 17,877 24,713 4,850 3,976 906 712 28,314 36,315 Philadelphia- 13,106 15, 257 2,288 1,935 25,330 22, 231 20,786 30,546 Cleveland 35,159 36, 499 3,929 3,239 117,615 102,875 15,501 20,929 Richmond 16,942 15, 627 2,918 2,777 748,327 593,417 22, 506 32, 283 1,456 1,380 Atlanta 8,183 9,973 1,927 2,169 167,156 121,999 11,030 14,898 2,569 2,442 Chicago 314,089 198, 213 13,289 9,627 17,814 14,633 39, 752 64,659 St. Louis 37, 207 19, 574 5,249 4,219 277,750 238,054 9,107 9,499 2 2, 554 2,261 Minneapolis—. 146,952 111, 906 7,896 5,028 1,231 1,043 42,539 44,125 Kansas City... 84,234 50,846 8,675 5,733 4,966 2,874 30,473 16,678 1,051 290 Dallas 22,347 35,664 881 732 4,419 4,764 5,114 2,917 San Francisco . 27,982 20,125 11,227 10,195 46,156 41, 603 303 344 Total 731,524 545,938 65,983 52,441 1,385,107 1,115,811 320,353 383,105 13,047 9,634 i Figures for spring wheat, oats, and tame hay from estimates for Oct. 1; for winter wheat from Aug. 1; no estimates made for Nov. 1. * Includes 15,000 bales grown in miscellaneous territory. * Includes 12,000 bales grown In miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 Acceptances: Pase Advances to member banks: Buying rates on 21, 101, Discount rates 21, 101, 156, 219, 282, 354, 457, 523, 590, 646, 728, 793 156, 219, 282, 354, 457, 523, 590, 646, 728, 793 Classes of 20, 100, Glass-Steagall Act, extension of: 155, 218, 281, 353, 456, 522, 589, 645, 727, 792 Discussion of 142 Held by Federal Reserve banks: Proclamation of President 1821 Discussion of 319 Text of act _ 18a Payable in foreign currencies 20, 100, Advertising by insured banks under Federal 155, 218, 281, 353, 456, 522, 589, 645, 727, 792 Deposit Insurance Corporation 577 Held by member banks: Advisory Council, Federal: All banks on call dates 97, Conferences, expenses of 186, 547 152, 215, 278, 350, 453, 519, 586, 642, 724, 789 Meeting of 145* Licensed banks on call dates 130, Affiliates, rulings of Board regarding: 192, 418, 614 Corporate trustee under deed of trust as a Reporting banks 759, 823 holding company affiliate 303 Open-market rates: Cumulative voting of shares by holding Foreign countries 36, 117 company affiliates of member banks 749 ; 176, 240, 298, 385, 481, 538, 605, 671, 745, 810 Existence of more than one holding com- New York City 21, 101, pany affiliate of a member bank 182 156, 219, 282, 354, 457, 523, 590, 646, 728, 793 Individual trustee as holding company affil- Outstanding 20, 100, iate 122; 155, 218, 281, 353, 456, 522, 589, 645, 727, 792 Limitations on loans to affiliates secured by Payable in foreign currencies, held by Fed- paper eligible for rediscount 391 eral Reserve banks 20, 100, "Loan or extension of credit", endorsement 155, 218, 281, 353, 456, 522, 589, 645, 727, 792 as, within section 23A of Federal Reserve Payment of, before maturity, as indirect Act 391 payment of interest on deposits; ruling Partnership as holding company affiliate of of Board 303 member bank 41 Revision of member bank weekly state- Publication of reports of 542 ment to include 712, 759 Africa, gold production 27, 108, 168, 232, Acts: 290, 377, 473, 530, 597, 663, 737, 802 Canada Banking Act 653 Agricultural credit corporations: Cuban Currency Act 468, 660 Government financing of 626, 648, 730, 795 Continuing functions of Reconstruction Loans to: Finance Corporation 123 By Farm Credit Administration. 713, 732, 797 Czechoslovakia currency law, amendment By Reconstruction Finance Corporato 288 tion 103, 158, 221, Extending for 1 year the temporary plan 284, 356, 459, 525, 592, 649, 731, 796 for deposit insurance 486 Agricultural implements: Federal Farm Mortgage Act, section 16 of, Factory emplovment and pay rolls: amending Federal Reserve Act 123 Index of_I 57, 137, 197, 264, Federal Reserve Act, amendments to, 315, 424, 502, 554, 622, 706, 767, 837 made by: Revision of employment index 327-343 Federal Farm Mortgage Act 123 Wholesale prices 58, 138, 198, 265, Gold Reserve Act of 1934 63 316, 426, 504, 556, 619, 703, 764, 834 Home Owners' Loan Act 304 Albania, National Bank of: Loans to Industries Act 430 Condition of 32, 113, National Housing Act 488 173, 237, 295, 382, 478, 535, 602, 668, 742, 807 Glass-Steagall Act, extension of 182 Discount rates 36, 117, 176, 240, Gold Reserve Act of 1934 63 298, 385, 481, 538, 605, 671, 745, 810 Home Owners' Loan Act, sections 7 and 8 Amendments to Federal Reserve Act. (See of, amending Federal Reserve Act 304 Acts; Federal Reserve Act.) National Housing Act, section 505 of, Amendments to foreign banking laws: amending Federal Reserve Act relating Canada 653 to loans by national banks on real estate. 488 Cuba 468, 660 Providing for punishment for offenses Czechoslovakia 280 against banks 410 Annual reports: Securities Exchange Act of 1934 321, 396 Bank for International Settlements 360 Silver Purchase Act of 1934 436 Bank of France 162 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
842 INDEX TO VOLUME 20 Annual reports—Continued. Austria—Continued. German Reichsbank 225 National Bank of: Page Netherlands Bank 463 Condition of. 32, 113, 173, Argentina: 237, 295, 382, 478, 535, 602, 668, 742, 807 Foreign exchange rates: Discount rates: Monthly averages 37, 118, 177, Changes in 445 241, 299, 386, 482, 539, 606, 672, 746, 811 Monthly figures 36, 117, 176, 240, Yearly averages, 1925-33 38 298, 385, 481, 538, 605, 671, 745, 810 Gold imports and exports to and from Gold reserves 26, 107, 167, 231, United States 16, 95, 150, 289, 376, 472, 529, 596, 662, 736, 801 213, 276, 348, 451, 517, 584, 640, 722, 787 Automobiles: Gold reserves 26, 107, 167, Factory employment and pay rolls: 231, 289, 376, 472, 529, 596, 662, 736, 801 Index of 57, 137, 197, 264, Government note issues and reserves 30, 315, 424, 502, 554, 622, 706, 767, 837 111, 171, 235, 293, 380, 476, 533, 600, 666, Revision of employment index 327-343 740, 805 Production index 55, 135, 195, 262, 313, 422, 500, 552, 620, 704, 765, 835 Assessment for expenses of Federal Reserve Balance of payments: Board 186, 547 England, France, Germany 444 Assets and liabilities: United States 445, 716, 778 All banks in United States on call dates. _ 52-54 Balance sheets: Bank for International Settlements: Bank for International Settlements 375 Balance sheet, March 31, 1934 375 Bank of France 166 Monthly figures 30, 111, 171, German Reichsbank 230 235, 293, 380, 476, 533, 600, 666, 740, 805 Netherlands Bank 468 Banks insured by Federal Deposit In- (See also Assets and liabilities; Condition surance Corporation 575-577, 763 of banks.) Federal home loan banks 732, 797 Balances, reserve, of member banks. (See Federal Reserve banks: Reserves.) All banks combined. 15, 94, 149, Bank credit. (See Credit.) 212, 275, 347, 450, 516, 583, 639, 721, 786 Bank debits 59, 140, Each bank 46, 125, 185, 194, 261, 311, 427, 505, 557, 617, 697, 761, 832 247, 306, 413, 494, 546, 611, 694, 757, 821 Bank deposits. (See Deposits.) Foreign central banks 31, 112, 172, Bank failures 251,762,833 236, 294, 381, 477, 534, 601, 667, 741, 806 Bank for International Settlements: Foreign commercial banks 34, 115, 175, Annual report 360 239, 297, 384, 480, 537, 604, 670, 744, 809 Condition of: Government credit agencies 626, 648, 730, 795 Balance sheet March 31, 1934 375 Member banks: Monthly figures 30, 111, 171, All banks on call dates 129, 191, 417, 613 235, 293, 380, 476, 533, 600, 666, 740, 805 Licensed banks on call dates. 130, 192, 418, 614 Bank premises, Federal Reserve banks: Reporting banks: All banks combined 15, 94, Revision of weekly statement 712, 759 149, 212, 275, 347, 450, 516, 583, 639, 721, 786 Weekly figures 49, 131, 193, 260, Each bank 46, 125, 310, 419, 498, 550, 615, 696, 759, 823 185, 247, 306, 413, 494, 546, 611, 694, 757, 821 National banks: Depreciation charges 187 All banks on call dates 53 Bank suspensions 251, 762, 833 Licensed banks on call dates. 130, 192, 418, 614 Bank stock, loans, on, by Reconstruction State banks: Finance Corporation... 103, All banks on call dates 54 158, 221, 284, 356, 459, 525, 592, 649, 731, 796 Licensed member banks on call dates,- 130, Discussion of 508 192, 418, 614 Bankers' acceptances. (See Acceptances.) Bankers' balances, member banks: Australia: All banks, on call dates 129, 191, 417, 613 Bank of: Discussion of 71 Condition of 32, 113, 173, Licensed banks on call dates... 130, 192, 418, 614 237, 295, 382, 478, 535, 602, 668, 742, 807 Reporting banks 49, 131, Gold reserves.26, 107, 167, 231, 289, 376, 472 193, 260, 310, 420, 498, 550, 615, 696, 760, 824 Foreign exchange rates: Banking Act of 1933, rulings of Board under. Monthly averages 37, 118, 177, (See Rulings.) 241, 299, 386, 482, 539, 606, 672, 746, 811 Bankruptcies. (See Failures.) Yearly averages, 1925-33 38 Banking laws, foreign: Gold imports and exports to and from Canada 653 United States 16, 95, 150, Cuba 468, 660 213, 276, 348, 451, 517, 584, 640, 722, 787 Czechoslovakia 288 Gold production 27,108, Banks: 168, 232, 290, 377, 473, 530, 597, 663, 737, 802 Act providing for punishment of offenses Austria: against 410 Foreign exchange rates: Licensed. (See Licensed banks.) Monthly averages 37, 118, 177, Loans to, by Reconstruction Finance Cor- 241, 299, 386, 482, 539, 606, 672, 746, 811 poration 103,158, Yearly averages, 1925-33 38 221, 284, 356, 459, 525, 592, 649, 731, 796 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 843 Banks—Continued. Page Bills payable and rediscounts: Number of, in United States 18, 98, 153, 216, All banks in United States on call dates 52 279, 351, 454, 520, 587, 643, 725, 790 National banks on call dates 53 (See also Federal Reserve banks; Members State banks on call dates 54 banks; Nonmember banks.) Black, Eugene R.: Banks for cooperatives: Recommendations to Congress relative to Government financing of 626, 648, 730, 795 proposed revision of reserve require- Loans to 732, 797 ments 202, 205 Belgium: Resignation as governor of Federal Reserve Foreign-exchange rates: Board 561 Monthly averages 37, 118, 177, 241, 299, Resumes position as governor of Federal 386, 482, 539, 606, 672, 746, 811 Reserve Bank of Atlanta 561 Yearly averages, 1925-33 38 Statement by, relative to gold reserve bill Gold imports and exports to and from (S. 2366) 73 United States 16, 95, 150, Bolivia, Central Bank of: 213, 276, 348, 451, 517, 584, 640, 722, 787 Condition of 32, 113, Money rates 36, 117, 173, 237, 295, 382, 478, 535, 602, 668, 742, 807 176, 240, 298, 385, 481, 538, 605, 671, 745, 810 Discount rates 36, 117, National Bank of: 176, 240, 298, 385, 481, 538, 605, 671, 745, 810 Condition of_ 32, 113, 173, Bonds: 237, 295, 382, 478, 535, 602, 668, 742, 807 Issues of 23, 104, Discount rates: 159, 222, 285, 357, 460, 526, 593, 650, 733, 798 Changes in 270, 561 Federal Farm Mortgage Corporation bonds Monthly figures 36, 117, 176, 240, as security for advances by Federal Re- 298, 385, 481, 538, 605, 671, 745, 810 serve banks; act amending Federal Gold reserves 26, 107, 167, Reserve Act 123 231, 289, 376, 472, 529, 596, 662, 736, 801 Home Owners' Loan Corporation bonds, Bills: act permitting Federal Reserve banks Bought by Federal Reserve banks: to acquire 304 All banks combined 15, 94, 149, Prices of: 212, 275, 347, 450, 516, 583, 639, 721, 786 Domestic 23,104, 159, 222, Averages of daily figures, end of month 285, 357, 460, 526, 593, 650, 733, 798 series 14, 126, 188, Principal countries 39, 119, 178, 242, 248, 307, 414, 495, 515, 582, 638, 719, 784 300, 388, 484, 541, 608, 674, 748, 813 Discussion of 142 United States Government. (See United Each bank 46, 125, 185, States Government securities.) 247, 306, 413, 493, 546, 611, 694, 757, 821 Yield on: Earnings on 186, 547 Discussion of 771 Maturities 51, 133, 194, Monthly figures 23, 104, 159, 222, 261, 311, 421, 499, 551, 617, 697, 761, 832 285, 357, 460, 526, 593, 650, 733, 798 Outright and under resale agreement.. 15, New averages of Treasury bond yields.. 322 94, 149, 212, 275, 347, 450, 516, 583, 639, Boots and shoes: 721, 786 Wednesday series 14, 93, 148, Factory employment and pay rolls: 211, 274, 346, 449, 514, 581, 637, 720, 785 Index of 57, 137, 197, 264, Buying rates: 315, 424, 502, 554, 622, 706, 767, 837 Federal Reserve Bank of New York,. 21, Revision of employment index 327-343 191, 156, 219, 282, 354, 457, 523, 590, 646, Production index 55, 135, 195, 728, 793 262, 313, 422, 500, 552, 620, 704, 765, 835 Foreign central banks 36, 117, 176, Wholesale prices 58, 138, 198, 240, 298, 385, 481, 538, 605, 671, 745, 810 265, 316, 426, 504, 556, 619, 703, 764, 834 Discounted by Federal Reserve banks: Borrowings of member banks at Reserve banks: All banks combined 15, 94, 149, Licensed banks in each district 47, 127, 189, 212, 275, 347, 450, 516, 583, 639, 721, 786 249, 308, 415, 496, 548, 612, 695, 758, 822 Each bank 46, 125, 185, Reporting banks: 247, 306, 413, 493, 546, 611, 694, 757, 821 Total 19, 99, 154, 217, Averages of daily figures, end of 280, 352, 455, 521, 588, 644, 726, 791 month series 14, 12, 61, 88, 248, Weekly figures 49, 132, 193, 260, 307, 414, 495, 515, 582, 638, 720, 785 310, 420, 498, 550, 616, 696, 760, 824 Discussion of 142 Branch banks, number of 699-701 Earnings on 186, 547 Branch office of dealer in securities, manager of, Maturities 51, 133, 194,261, applicability of sec. 32 of Banking Act of 1933 311, 421, 499, 551, 617, 697, 761, 832 to; ruling of Board 750 Wednesday series 14, 93, 148, 211, Brazil: 274, 346, 449, 514, 581, 637, 719, 784 Bank of, condition of 32, 113, 173, Pledged against Federal Reserve bank 237, 295, 382, 478, 535, 602, 668, 742, 807 notes: Foreign exchange rates: All Federal Reserve banks combined 15, Monthly averages 37, 118, 177, 241, 94, 149, 212, 275, 347, 450, 516, 583, 639, 299, 386, 482, 539, 606, 672, 746, 811 721, 786 Yearly averages, 1925-33 38 Each Federal Reserve bank 46, 125, 185, Brick, wholesale prices 58, 138, 247, 306, 413, 494, 546, 611, 694, 757, 821 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
844 INDEX TO VOLUME 20 British India, gold imports and exports: Bulgaria—Continued. Net imports 29, 110, 170, 234, National Bank of—Continued. 292, 379, 475, 532, 599, 665, 739, 804 Discount rates: To and from United States 16, 95, 150, Changes in 73 213, 276, 348, 451, 517, 584, 640, 722, 787 Monthly figures 36, 117, 176, 240, 298, 385, 481, 538, 605, 671, 745, 810 Brokers and dealers in securities: Gold reserves 26, 107, 167, Correspondent relationships of member 231, 289, 376, 472, 529, 596, 662, 736, 801 banks with, in connection with under- Business and financial conditions: writing and dealing in municipal and Discussion of 1, 4, 70, 143, 267, 774 other securities; ruling of Board 485 National summary 12, 91, Dealers in securities solely for account of 146, 209, 272, 344, 447, 512, 579, 635, 717, 782 others, applicability of section 32 of Business failures 59, 140, Banking Act of 1933 to; ruling of Board. 393 199, 266, 317, 427, 505, 557, 624, 708, 769, 839 Loans to: Call money rates: As reported by New York Stock Ex- Foreign countries 36, 117, change 19, 99, 154, 176, 240, 298, 385, 481, 538, 605, 671, 745, 810 217,280,352,455, 521, 588,644, 726, 791 New York City 21, 101, By all member banks on call dates__ 97, 152, 156, 219, 282, 354, 457, 523, 590, 646, 728, 793 215,278, 350,453, 519,586,642,724,789 Canada: By reporting member banks: Act to incorporate Bank of 653 Discussion of 203, 507, 629, 712, 773 Commercial banks, condition of: In 91 leading cities, 1932-34.._ 829-831 Discussion of 509 In 101 leading cities, 1929-33. . 825-828 Monthly figures 35, 116, 175, In New York City 19, 99, 154, 217, 239, 297, 384, 480, 537, 604, 670, 744, 809 280, 352, 455, 521, 588, 644, 726, 791 Commodity prices, wholesale 39, 119, Weekly statement 759, 823 178, 242, 300, 387, 483, 540, 607, 673, 747, 812 Revision of 712 Foreign exchange rates: Manager of branch office, applicability of Monthly averages 37, 118, 177, section 32 of Banking Act of 1933 to; 241, 299, 386, 482, 539, 606, 672, 746, 811 ruling of Board 750 Yearly averages, 1925-33 38 Member bank haying relations with, appli- Gold imports and exports to and from cability of section 32 of Banking Act of United States 16, 95, 1933; ruling of Board 42 150,213. 276,348,451, 517, 584, 640, 722,787 Permits to act as correspondent bank for Gold production 27, 108, certain dealers in securities under section 168, 232, 290, 377, 473, 530, 597, 663, 737, 802 32 of Banking Act of 1933; ruling of Gold reserves 26, 107, Board 392 167, 231, 289, 376, 472, 529, 596, 662, 736, 801 Regulation T governing: Government note issues and reserves 30, 111, Discussion of 629-634 171, 235, 293, 380, 476, 533, 600, 666, 740, 805 Rulings of Board interpreting. (See Capital: Rulings.) Capital notes and debentures of State mem- Text of 675-686 ber banks as; ruling of Board 749 Revision of member bank weekly state- Federal Reserve banks: ment to include loans to 712, 759 All banks combined 15, 94, 149, Securities company within provisions of 212, 275, 347, 450, 516, 583, 639, 721, 786 seep. 20 and 32 of Banking Act of 1933: Each bank 46, 125, 185, ruling of Board 485 247, 306, 413, 494, 546, 611, 694, 757, 821 Building: Member banks: Contracts awarded: All banks on call dates 129, 191, 417, 613 By types of building and by districts 59, Licensed banks on call dates 130, 140, 199, 266, 317,427, 505,557, 624,708, 192, 418, 614 768, 838. National banks 252, 256, 258 Chart showing 3 State bank members 252, 257, 259 Discussion of 3, 70, 776 Capital issues: Total 24, 105, 160, Discussion of 778 223, 286, 358,461,527, 594,651, 734, 799 Monthly figures 23, 104, 159, Materials, wholesale prices 58, 138, 198, 265, 222, 285, 357, 460, 526, 593, 650, 733, 798 316, 426, 504, 556, 619, 703, 764, 834 Car loadings, freight: Building and loan associations, loans to, by Recon- By classes 25, 106, 161, struction Finance Corporation 103, 224, 287, 359, 462, 528, 595, 652, 735, 800 158, 221, 284, 356, 459, 525, 592, 649, 731, 796 Years 1929-33 14Q Bulgaria: Total 24, 105, 160, 223, 286, 358, 461, 527, 594, 651, 734, 799 Foreign exchange rates: Cash: Monthly averages 37,118,177, Chart, Treasury cash and deposits with 241, 299, 386, 482, 539, 606, 672, 746, 811 Reserve banks 147, Yearly averages, 1925-33 _ 38 210, 273, 345, 448, 513, 580, 636, 718, 783 National Bank of: Held by Federal Reserve banks: Condition of 32, 113, 173, All banks combined 15, 94, 149, 237, 295, 382, 478, 535, 602, 668, 742, 807 212, 275, 347, 450, 516, 583, 639, 721, 786 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 845 Cash—Continued. Page China—Continued. Page Held by Federal Reserve banks—Continued. Gold imports and exports 16, 95, Each bank 46, 125, 185, 150, 213, 276, 348, 451, 517, 584, 640, 722, 787 247, 306, 413, 493, 546, 611, 694, 757, 821 Held by member banks: Cigars and cigarettes: All banks on call dates 129, 191, 417, 613 Factory employment and pay rolls: Licensed banks on call dates 130, Index of 57, 137, 192, 418, 614 197, 264, 315, 425, 503, 555, 623, 707, 768, 838 Reporting banks 49, 131, 193, Revision of employment index 327-343 260, 310, 419, 498, 550, 615, 696, 760, 824 Production index 55, 135, Cement: 195, 262, 313, 422, 500, 552, 620, 704, 765, 835 Factory employment and pay rolls: Clayton Act, rulings of Board under: Index of.: 57, 137, 197, Applicability to Federal home loan banks__ 180 264, 315, 424, 502, 554, 622, 706, 767, 837 Director of a corporation which extends Revision of employment index 327-343 loans previously made, applicability of Production index 55, 135, 195, sec. 8A to 41 262, 314, 422, 500, 552, 620, 704, 765, 835 Director of a Federal savings and loan Wholesale prices 58, association, applicability of sec. 8A to 181 138, 198, 265, 316, 426, 504, 556, 619, 764, 834 Director of Morris Plan bank as director of Central America, gold imports and exports 16, 95, national bank 180 150, 213, 276, 348, 451, 517, 584, 640, 722, 787 Margin accounts, interlocking relationships Certificates of indebtedness, Treasury: between national banks and organizations Held by Federal Reserve banks 46, 125, which carry 393 185, 247, 306, 413, 494, 546, 611, 694, 757, 821 Margin accounts, organizations carrying, Maturities of, held by Federal Reserve applicability of sec. 8A to 244 banks 51, 133, Permit, necessity for, in case in which per- 194, 261, 311, 421, 499, 551, 617, 697, 761, 832 mit has been issued under sec. 32 of Chairman of board of directors of Federal Re- Banking Act of 1933 123 serve banks. (See Federal Reserve agent.) Clayton, Lawrence, appointed assistant to the Charts: Governor of the Federal Reserve Board 779 Borrowings of member banks at Federal Re- Clearing-house bank debits 59, 140, 194, serve banks 319 261, 311, 427, 505, 557, 617, 697, 761, 832 Business conditions 4 Construction contracts awarded 3 Clothing: Denominations of paper currency 711 Factory employment and pay rolls: Discounts for member banks 319 Index of 57, 137, 197, Factory employment 2, 324, 325, 775 264, 315, 424, 502, 554, 622, 706, 767, 837 Money rates 204, 772 Revision of employment index 327-343 Pay rolls 775 Wholesale prices 58, 138, 198, Production, industrial 2, 774 265, 316, 426, 504, 556, 619, 703, 764, 834 Reserve bank credit 13, 92, Coal: 147, 210, 273, 345, 448, 513, 580, 636, 718, 783 Freight-car loadings: Reserves, excess, of member banks 70, 142, 201 By classes 25, 106, 161, Security prices 268 224, 287, 359, 462, 528, 595, 652, 735, 800 Wholesale prices 776 Production index 55, 135, 195, Chemicals: 262, 313, 422, 500, 552, 620, 704, 765, 835 Factory employment and pay rolls: Years 1929-33 140 Index of 57, 137, 197, Wholesale prices 58, 138, 198, 264, 315, 425, 503, 555, 623, 707, 768, 838 265, 316, 426, 504, 556, 619, 703, 764, 834 Revision of employment index 327-343 Coin circulation 16, 95, 150, Wholesale prices 58, 138, 213, 276, 348, 451, 517, 584, 640, 722, 787 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 Coinage of silver: Chile: Proclamation of President regarding 7 Central Bank of: Statement by President regarding 6 Condition of 32, 113, 173, Collateral held as security against Federal 237, 295, 382, 478, 535, 602, 668, 742, 807 Reserve notes: Discount rates 36, 117, 176, All Federal Reserve banks combined 15, 94, 240, 298, 385, 481, 538, 605, 671, 745, 810 149, 212, 275, 347, 450, 516, 583, 639, 721, 786 Gold reserves 26, 107, 167, Each Federal Reserve bank 46, 125, 231, 289, 376, 472, 529, 596, 662, 736, 801 185, 247, 306, 413, 494, 546, 611, 694, 757, 821 Foreign exchange rates: Extension of Glass-Steagall Act 142, 182, 183 Monthly averages 37, 118, 177, 241, 299, 386, 482, 539, 606, 672, 746, 811 Collection and exchange charges, absorption of, Yearly averages, 1925-33 38 by member banks; ruling of Board 394, 814 China: Colombia: Central Bank of, condition of 478, Bank of: 535, 602, 668, 742, 807 Condition of 32, 113, 173, Foreign exchange rates: 237, 295, 382, 478, 535, 602, 668, 742, 807 Monthly averages 37, 118, Discount rates 36, 117, 176, 177, 241, 299, 386, 482, 539, 606, 672, 746, 811 240, 298, 385, 481, 538, 605, 671, 745, 810 Yearly averages, 1925-33 38 Gold reserves 26, 107, 167, 231, 289, 376, 472, 529, 596, 662, 736, 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
846 INDEX TO VOLUME 20 C olombia—Continued. Construction contracts awarded—Continued. Foreign exchange rates: Discussion of 3, 70, 776 Monthly averages 37, 118, 177, Total 24, 105, 241, 299, 386, 482, 539, 606, 672, 746, 811 160, 223, 286, 358, 461, 527, 594, 651, 734, 799 Yearly averages, 1925-33 38 Corn crop estimates 60, Gold imports and exports to and from 558, 625, 709, 769, 839 United States 16,95, 150, Costof living 40, 120, 213, 276, 348, 451, 517, 584, 640, 722, 787 179, 243, 301, 388, 484, 541, 608, 674, 748, 813 Gold production 27, 108, 168, Cotton: 232, 290, 377, 473, 530, 597, 663, 737, 802 Crop estimates 60, Commercial failures 59, 140, 199, 625, 709, 769, 839 Loans on, by Reconstruction Finance Cor- 266, 317, 427, 505, 557, 624, 708, 769, 839 poration for purchase of 103, Commercial paper: 158, 221, 284, 356, 459, 525, 592, 649, 731, 796 Held by member banks on call dates 97, 152, Country member banks: 215, 278, 350, 453, 519, 586, 642, 724, 789 Deposits, time and demand 17, 96, Held by reporting member banks, weekly 151, 214, 277, 349, 452, 518, 585, 641, 723, 788 figures 759, 823 Loans and investments on call dates 97, Open-market discount rates 21, 101, 156, 152, 215, 278, 350, 453, 519, 586, 642, 724, 789 219, 282, 354, 457, 523, 590, 646, 728, 793 Reserve balances 17, 96, Outstanding 20, 100, 155, 151, 214, 277, 349, 452, 518, 585, 641, 723, 788 218, 281, 353, 456, 522, 589, 645, 727, 792 Credit, bank: Revision of member bank weekly statement Federal Reserve: to include 712, 759 Averages of daily figures, end of month Committee: series 14, 126, 188, 248> Industrial advisory, approved by Federal 307, 414, 495, 515, 582, 638, 720, 785 Reserve Board 510 Chart showing 13,92, 147,210, Interdepartmental loan 780 273, 345, 448, 513, 580, 636 718, 783 t Commodity Credit Corporation, Government Wednesday series 14, 93, 148, 211, financing of 626, 648, 730, 795 274, 346, 449, 514, 581, 637, 719, 784 Member bank, discussion of 71, Commodity prices. (See Prices.) 142, 203, 507, 559, 629, 711 Comptroller of Currency, circular of, to national National summary 12, 91, bank examiners relative to industrial loans._ 752 146, 209, 272, 344, 447, 512, 579, 635, 717, 782 Condition of banks: Credit unions, loans to, by Reconstruction Fi- All banks in United States on call dates 52-54 nance Corporation 103, Bank for International Settlements: 158, 221, 284, 356, 459, 525, 592, 649, 731, 796 Balance sheet, Mar. 31, 1934 375 Crops: Monthly figures 30, 111, 171, Discussion of 776 235, 293, 380, 476, 533, 600, 666, 740, 805 Estimates 60, 558 625, 709, 769, 839 Banks insured by Federal Deposit Insur- Loans on: ; ance Corporation 575-577, 763 By Farm Credit Administration. 713, 732, 797 Federal home loan banks 732, 797 By Reconstruction Finance Corpora- Federal Reserve banks: tion , 103, 158, All banks combined 15, 94, 149, 221, 284,356, 459, 525,592,649, 731,796 212, 275, 347, 450, 516, 583, 639, 721, 786 Cuba: Each bank 46, 125, 185, Currency legislation 468 247, 306, 413, 494, 546, 611, 964, 757, 821 Foreign exchange rates: Foreign central banks 31, 112, Monthly averages 37, 118, 177, 172, 236, 294, 381, 477, 534, 601, 667, 741, 806 241, 299, 386, 482, 539, 606, 672, 746, 811 Foreign commercial banks 34, 115, Yearly averages, 1925-33 38 175, 239, 297, 384, 480, 537, 604, 670, 744, 809 Currie, Lauchlin, appointed assistant director of Member banks: Division of Research and Statistics of Federal All banks on call dates 129, 191, 417, 613 Reserve Board 779 Licensed banks on call dates_130, 192, 418, 614 Currency: Reporting banks: Circulation: Revision of weekly statement __ 712, 759 By denominations 51, 133, 194, Weekly figures 49, 131, 193, 260, 261, 311, 421, 499, 551, 617, 697, 761, 832 310, 419, 498, 550, 615, 696, 759, 823 By kinds 16, 95, 150, National banks: 213, 276, 348, 451, 517, 584, 640, 722, 787 All banks on call dates 53 Chart showing: Licensed banks on call dates_130, 192, 418, 614 By denominations 711 State banks: Monthly data 13, 92, 147, 210, All banks on call dates 54 273, 345, 448, 513, 580. 636, 718, 783 Licensed banks on call dates 130, Discussion of 267, 507, 711 192, 418, 614 Foreign: Condition of governmental credit agencies 626, Acceptances payable in, held by Fed- 648, 730, 795 eral Reserve banks __ 20, 100, 155, Construction contracts awarded: 218, 281, 353, 456, 522, 589, 645, 727, 792 By types of building and by districts 59, 140, Bills payable in, bought by Federal 199, 266, 317, 427, 505, 557, 624, 708, 768, 838 Reserve banks 15, 94, 149, Chart showing 3 212, 275, 347, 450, 516, 583, 639, 721, 786 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
847 INDEX TO VOLUME 20 Currency—Continued. Deposits—Continued. Gold. (See Gold). Page Held by member banks: Page Shipments from and to Europe 51, 133, All banks on call dates 129, 191, 417, 613 194, 261, 311, 421, 499, 551, 617, 697, 761, 832 Discussion of 71, Czechoslovakia: 142, 203, 267, 507, 629, 711, 772 Currency law, amendment to 288 Licensed and not licensed 48, 128, 190, Foreign exchange rates: 250, 309, 416, 497, 549, 618, 698, 762, 833 Monthly averages 37, 118, 177, Licensed banks on call dates. 130, 192, 418, 614 241, 299, 386, 482, 539, 606, 672, 746, 811 Reserve account with Federal Reserve Yearly averages, 1925-33 38 banks: National bank of: All banks combined 15, 94. 149, Condition of 32, 113, 173, 212, 275, 347, 450, 516, 583, 639, 721, 786 237, 295, 382, 478, 535, 602, 668, 742, 807 Each bank 46, 125, 185, 247, Discount rates 36, 117, 176, 306, 413, 494, 546, 611, 694, 757, 821 240, 298, 385, 481, 538, 605, 671, 745, 810 Time and demand: Gold reserves 26, 107, 167, In larger and smaller centers 47, 127, 231, 289, 376, 472, 529, 596, 662, 736, 801 189, 249, 308, 415, 496, 548, 612, Danzig, Bank of: 695, 758, 822 New York City, reserve cities, and Condition of 32, 113, country banks 17, 96, 151, 214, 173, 237, 295, 382, 478, 535, 602, 668, 742, 807 277, 349, 452, 518, 585, 641, 723, 788 Discount rates: Reporting banks 49, 131, 193, 260, Change in 634 310, 419, 498, 550, 615, 696, 760, 824 Monthly figures 36, 117, 176, Interest on: 240, 298, 385, 481, 538, 605, 671, 745, 810 Absorption of exchange charges by Debentures of State member banks, classification member banks; ruling of Board 394, 814 of, as capital; ruling of Board 749 Municipal ordinance requiring payment Debits to individual account 59, of, on public funds; ruling of Board_ _ 121 140, 194, 261, 311, 427, 505, 557, 617, 697, 761, 832 Payment of bankers' acceptances before Debt, United States Government 22, maturity as indirect payment of 102, 157, 220, 283, 355, 458, 524, 591, 647, 729, 794 interest; ruling of Board 303 Deferred availability items, Federal Reserve Payment of, before interest payment banks: dates; ruling of Board 391 All banks combined 15, 94, Payment of, when first day of month 149, 212, 275, 347, 450, 516, 583, 639, 721, 786 falls on a Sunday or holiday; ruling Each bank 46, 125, of Board 304 185, 247, 306, 413, 494, 546, 611, 694, 757, 821 Reduction of rates on time deposits 771 Deficiencies in reserves, penalties on 186, 547 Regulations of Federal Deposit Insur- Denmark: ance Corporation 89, 90, 446, 577 Foreign exchange rates: Regulation Q of Federal Reserve Board, Monthly averages 37, 118, 177, revision of 815 241, 299, 386, 482, 539, 606, 672, 746, 811 Insurance of: Yearly averages, 1925-33 38 Act extending for 1 year the temporary National Bank of: plan 486 Condition of 32, 113, Effect of, upon requirement of security 173, 237, 295, 382, 478, 535, 602, 742, 807 for trust funds used by member bank Discount rates 36,117, 176, in conduct of its business; ruling of 240, 298, 385, 481, 538, 605, 671, 745, 810 Board 121 Gold reserves 26, 107, 167, National banks, on call dates 53 231, 289, 376, 472, 529, 596, 662, 736, 801 Nonmember banks: Department stores, sales and stocks: On call dates 18, 98, 153, Discussion of 1, 70, 143, 777 216, 279, 351, 454, 520, 587, 643, 725, 790 Monthly figures 25, 106, 161, Licensed and not licensed 48, 128, 190, 224, 287, 359, 462, 528, 595, 652, 735, 800 250, 309, 416, 496, 549, 618, 698, 762, 833 Deposits: Under sec. 21 of Banking Act of 1933; All banks in United States on call dates: ruling of Board 41 By States, June 30, 1933 52 Number of, insured by Federal Deposit In- Total 18,98, 153, 216, surance Corporation-. 134,312,421, 499, 551, 702 279, 351, 454, 520, 587, 643, 725, 790 Postal savings 51, 133, Banks suspended 251, 762, 833 194, 261, 311, 421, 499, 551, 617, 697, 761, 832 Certificates of deposit payable 6 or 12 Renewal of certificate of deposit prior to months after date or on 30 days' notice; maturity; ruling of Board 609 ruling of Board 43 Savings: Foreign central banks 31, 112,172, Classification of, under regulation Q__ 389 236, 294, 381, 477, 534, 601, 667, 741, 806 Classification of account subject to Held by Federal Reserve banks: withdrawal without presentation of All banks combined 15, 94, 149,212, passbook; ruling of Board 542 275, 347, 450, 516, 583, 639, 721, 786 Computation of reserves against; rul- Each bank 46, 125, 185, 247, ing of Board 180 306, 413, 494, 546, 611, 694, 757, 821 Deposits represented by certificates of Total, by Federal Reserve districts. 45,124,184, deposit as constituting; ruling of 246, 305, 412, 493, 545, 610, 693, 756, 820 Board 390 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
848 INDEX TO VOLUME 20 Deposits—Continued. Page Due to and from banks and bankers, reporting Page Service charges, analysis of customers' ac- member banks 49, 132, counts in determining; ruling of Board_ 43 260, 310, 420, 498, 550, 615, 696, 760, 824 State banks, on call dates 54 Dutch East Indies, gold imports and exports. 16, Time, reduction of interest rates on 771 95, 150, 213, 276, 348, 451, 517, 584, 640, 722, 787 Time, the payment of which has been de- Earmarked gold 16 r ferred; ruling of Board 244 95, 150, 213, 276, 348, 451, 517, 584, 640, 722, 787 United States Government. (See United Earnings and expenses: States Government deposits.) Federal Reserve banks 186, 547 Director of corporation which extends loans pre- Member banks 252-255 viously made, applicability of Clayton Act to; National banks 256, 258 ruling of Board 41 Errata 270 Directorates, interlocking: State bank members 257, 259 Director of Morris Plan Bank as director of Eccles, Marriner S.: national bank under Clayton Act; ruling Appointed Governor of Federal Reserve of Board 180 Board 779 Permits under sec. 32 of Banking Act of Member of interdepartmental loan com- 1933; ruling of Board 392 mittee 780 Relationships under Clayton Act between Member of National Emergency Council-. 779 national banks and organizations which Ecuador: carry margin accounts; ruling of Board._ 393 Central Bank of: Directors of Federal Reserve banks: Condition of 32, 113, 173, Expenses of meetings 186, 547 237, 295, 382, 478. 535, 602, 668, 742, 807 (See also Federal Reserve agent.) Discount rates 36, 117, 176, Discount rates: 240, 298, 385, 481, 538, 605, 671, 745, 810 Federal Reserve banks: Gold imports and exports to and from Changes in 73, 144, 207 United States 16, 95,150, Discussion of 204 213, 276, 348, 451, 517, 584, 640, 722, 787 Monthly data 21, 101, 156, Egypt: 219, 282, 354, 457, 523, 590, 646, 728, 793 Foreign exchange rates: Foreign central banks: Monthly averages 37, 118, 177, Changes in: 241, 299, 386, 482, 539, 606, 672, 746, 811 Austrian National Bank 445 Yearly averages, 1925-33 38 Bank of Danzig 634 National Bank of: Bank of Estonia 634 Condition of 32, 113, 173, Bank of Finland 6 237, 295, 382, 478, 535, 602, 668, 742 807 Bank of France 73, 321 Gold reserves 26, 107, ; 167, Bank of Italy 6, 779 231, 289, 376, 472, 529, 596, 662, 736 801 Bank of Java 445, 715 Eligible paper held as security against Federal ? Bank of Portugal 6 Reserve notes: National Bank of Belgium 270, 561 All Federal Reserve banks combined. 15, 94, National Bank of Bulgaria 73 149, 212, 275, 347, 450, 516, 583, 639, 721, 786 National Bank of Yugoslavia-__ 73, 510 Each Federal Reserve bank 46, 125, Monthly figures 36, 117, 176, 240, 298, 385, 481, 538, 605, 671, 745, 810 185, 247, 306. 413, 494, 546, 611, 694, 757, 821 Industrial advances under section 13 (b) of Employment, factory: Federal Reserve Act 558, 618, 698, 760, 824 Chart showing 2, 324, 325, 775 Open-market rates in New York City 21, 101, Discussion of 1, 70, 143, 775 156, 219, 282, 354, 457, 523, 590, 646, 728, 793 Index of: Discounts, Federal Reserve banks, by districts. 45,124, By industries 57, 137, 197, 184, 246, 305, 412, 493, 545, 610, 693, 756, 820 264, 315, 424, 502, 554, 622, 706, 767, 837 Discounts for individuals, partnerships, and Revision of 270, 324-343 corporations: Total 24, 105, 160, Rates of discount 21, 101, 223, 286, 358, 461, 527, 594, 651, 734, 799 156, 219, 282, 354, 457, 523, 590, 646, 728, 793 National summary 12, 91, 146, Time limit extended by Board 485 209, 272, 344, 447, 512, 579, 635, 717, 782 England: Dividends: Computation of reserve balances of member Balance of international payments 444 bank in connection with payment of; Bank of: ruling of Board 121 Condition of 31, 112, 172, 236, Federal Reserve banks 187, 547 294, 381, 477, 534, 601, 667, 741, 806 Member banks 252-255 Discount rates 36, 117, 176, 240, National banks 252, 256, 258 298, 385, 481, 538, 605, 671, 745, 810 State member banks 252, 257, 259 Gold reserves: Monthly figures. 26, 107, 167, 231, Drugs: 289, 376, 472, 529, 596, 662, 736, 801 Factory employment and pay rolls: Monthly review 4, 72, Index of 57, 137, 197, 204, 269, 444, 715, 779 264, 315, 425, 503, 555, 623, 707, 768, 838 Commercial banks, condition of: Revision of employment index 327-343 Discussion of 508 Wholesale prices I 58, 138, Monthly figures 34, 115, 175, 239, 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 297, 384, 480, 537, 604, 670, 744, 809 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 849 England—Continued. Federal Deposit Insurance Corporation—Contd. Page Commodity prices, wholesale 39, 40, 119, 178, Discussion of operations 1, 71, 142, 268, 508 242, 300, 387, 483, 540, 607, 673, 747, 812 Government financing of 626, 648, 730, 795 Food prices and cost of living___ 40, 120, 179, 243, Number of banks, insured accounts, insured 301, 388, 484, 541, 608, 674, 748, 813 deposits 134, 312, 421, 499, 551, 702, 763 Foreign exchange rates: Regulations of 89, 90, 446, 577 Monthly averages 37, 118, 177, 241, Report of chairman to board of directors 575 299, 386, 482, 539, 606, 672, 746, 811 Stock of, held by Federal Reserve banks: Yearly averages, 1925-33 38 All banks combined 94, Gold imports and exports to and from 149, 212, 275, 347, 450, 516 United States 16, 95, 150, 213, Each bank. __ 125, 185, 247, 306, 413, 494, 546 276, 348, 451, 517, 584, 640, 722, 787 Federal Farm Mortgage Act, section 16 of, Money rates 36, 117, amending Federal Reserve Act 123 176, 240, 298, 385, 481, 538, 605, 671, 745, 810 Federal Farm Mortgage Corporation: Security prices (stocks and bonds) ___ 39, 119, 178, Bonds, eligibility of, for security for ad- 242, 300, 388, 484, 541, 608, 674, 748, 813 vances by Federal Reserve banks; act Errata, earnings and expenses of national amending Federal Reserve Act 123 banks 270 Government financing of 626, 648, 730, 795 Estonia, Bank of: Federal home loan banks: Condition of 32, 113, Applicability of Clayton Act to; ruling of 173, 237, 295, 382, 478, 535, 602, 668, 742, 807 Board 180 Discount rates: Assets and liabilities 732 Change in 634 Federal intermediate credit banks: Monthly figures 36, 117, 176, Bills discounted for, by Federal Reserve 240, 298, 385, 481, 538, 605, 671, 745, 810 banks 1 15, 94, Examinations and reports of corporations, etc., 149, 212, 275, 347, 450, 516, 583, 639, 721, 786 under section 21 of Banking Act of 1933; Government financing of 626, 648, 730, 795 ruling of Board 543 Federal land banks: Examiners, national bank, circular of Comp- Government financing of 626, 648, 730, 795 troller of Currency to, relative to industrial Loans to: loans 752 By Farm Credit Administration 713, Excess reserves. (See Reserves.) 732, 797 Exchange or collection charges, absorption of, By Reconstruction Finance Corporaby member bank; ruling of Board 394,814 tion 103, 158, 221, Executive orders: 284, 356, 459, 525, 592, 649, 731, 796 Gold and foreign exchange 76, 77, 78 Federal Reserve Act, amendments to, made by: Silver 564 Federal Farm Mortgage Act, section 16 of. 123 Expenditures and receipts, United States Gov- Gold Reserve Act of 1934 63 ernment 22, 102, Home Owners Loan Act 304 157, 220, 283, 355, 458, 524, 591, 647, 729, 794 Loans to Industries Act 430 Export-import banks, Government financing National Housing Act, section 505 of 488 of. 626, 648, 730, 795 Federal Reserve agents: Exports. (See Imports and exports.) Conferences, expenses of 186, 547 Expressage, Federal Reserve banks, cost of__ 186, 547 McClure, M. L., death of, at Kansas City. 779 Factory employment and pay rolls: Williams, L. B., resignation of, at Cleve- Chart showing 2, 324, 325, 775 land 779 Discussion of 1, 70, 143, 775 Federal Reserve bank notes: Index of: Circulation: By industries 57, 137, 197, All Federal Reserve banks combined 15, 264, 315, 424, 502, 554, 622, 706, 767, 837 94, 149, 212, 275, 347, 450, 516, 583, 639, Revision of employment index. _ 270, 324-343 721, 786. Total 24, 105, 160, Each bank 46, 125, 185, 247, 223, 286, 358, 461, 527, 594, 651, 734, 799 306, 413, 494, 546, 611, 694, 757, 821 National summary 12,91, Outside Treasury and Federal Reserve 146, 209, 272," 344, 447, 512, 579, 635, 717, 782 banks 16, 95, 150, 213, Failures: 276, 348, 451, 517, 584, 640, 722, 787 Bank 251, 762, 833 Tax on 186, 547 Commercial 59, 140, Collateral pledged against: 199, 266, 317, 427, 505, 557, 624, 708, 769, 839 All Federal Reserve banks combined 15, Farm Credit Administration, loans and discounts 94, 149, 212, 275, 347, 450, 516, 583, 639, of 732, 797 721, 786. Farm products, prices of: Each Federal Reserve bank 46, Discussion of 776 125, 185, 247, 306, 413, 494, 546, 611, 694, Principal countries 40, 120, 757, 821. 179, 243, 301, 387, 483, 540, 607, 673, 747, 812 Redemption fund 15, 94, United States 58, 138, 149, 212, 275, 347, 450, 516, 583, 639, 721, 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 786. Federal Advisory Council: Federal Reserve banks: Conferences, expenses of 186, 547 Black, Eugene R., resumes position as gov- Meeting of 145 ernor at Atlanta 561 Federal Deposit Insurance Corporation: Condition of. (See Condition of banks.) Condition of insured banks 575, 577, 763 Discount rates. (See Discount rates.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
850 INDEX TO VOLUME 20 Federal Reserve banks—Continued. Page Federal Reserve notes—Continued. Page Dividends paid 186, 547 Cost of 186, 547 Earnings and expenses 186, 547 Issued to Reserve banks by Federal Reserve Fiscal agency expenses of 187, 547 agents: Federal Reserve Board: All banks combined 15, 94, 149, Assessment for expenses of 186, 547 212, 275, 347, 450, 516, 583, 639, 721, 786 Authorization by, extending time limit for Each bank 46, 125, 185, discounts to individuals, partnerships, 247, 306, 413, 494, 546, 611, 694, 757, 821 and corporations 485 Federal savings and loan associations: Black, Eugene R., Governor, resignation As banks within meaning of section 19 of of 561 Federal Reserve Act; ruling of Board 304 Clayton, Lawrence, appointed assistant to Director of, applicability of Clayton Act to; the Governor 779 ruling of Board 181 Currie, Lauchlin, appointed assistant direc- Government financing of 626, 648, 730, 795 tor of Division of Research and Statistics- 779 Federal Savings and Loan Insurance Corpora- Division of Security Loans created 779 tion, Government financing of 626, 648, 730, 795 Eccles, Marriner S.: Financing, Treasury 22, 102, Appointed Governor 779 157, 220, 283, 355, 458, 524, 591, 647, 729, 794 Member of Interdepartmental loan Finland: committee 780 Bank of: Member of National Emergency Coun- Condition of 32, 113, 173, cil 779 237, 295, 382, 478, 535, 602, 668, 742, 807 Letter of President to, relative to Gold Re- Discount rates: serve Act 61 Changes in 6 Martin, H. Warner, resignation of, as assist- Monthly figures 36, 117, 176, 240, ant to Governor 715 298, 385, 481, 538, 605, 671, 745, 810 Members of industrial advisory committees Foreign exchange rates: approved by 510 Monthly averages 37, 118,177, Miller, Adolph C, reappointed member 561 241, 299, 386, 482. 539, 606, 672, 746, 811 Morgenthau, Henry, Jr., appointed chair- Yearly averages, 1925-33 38 man 6 Fiscal agencv expenses of Federal Reserve Parry, Carl E., appointed chief of Division banks..-:. 187,547 of Security Loans 779 Float, Reserve bank 15, 94, Recommendations to Congress relative to 149, 212, 275, 347, 450, 516, 583, 639, 721, 786 proposed revision of reserve require- Flour: ments 202, 205 Factory employment and pay rolls: Regulation Q, revision of 815 Index of 57. 137, 197, Regulation S—Loans to industries 488 264, 315, 425, 502, 554, 622, 707, 767, 837 Regulation T—Stock exchange: Revised employment index 327-343 Discussion of 629-634 Production index 55, 135, 195, Rulings interpreting. (See Rulings.) 262, 313, 422, 500, 552, 620, 704, 765, 835 Text of 675-686 Food and food products: Rulings of. (See Rulings.) Factory employment and pay rolls: Statement of, relative to gold reserve bill Index of.l 57, 137, 197, (S. 2366) 73 264, 315, 425, 502, 554, 622, 707, 767, 837 Statement of, relative to loans to industries. 429 Revision of employment index 327-343 Statement of, relative to margin require- Prices, retail, principal countries. _ 40, 120, 179, ments under Securities Exchange Act 434 243, 301, 388, 484, 541, 608, 674, 748, 813 Thomas, J. J., designated vice governor 561 Production index: Thomas, Woodlief, appointed assistant di- Adjusted 55, 135, 195, rector of Division of Research and Sta- 262, 313, 422, 500, 552, 620, 704, 765, 835 tistics 779 Unadjusted 56. 136,196, Woodin, William, resignation of, as chair- 263, 314, 423, 501, 553, 621, 705, 766, 836 man 6 Wholesale prices: Federal Reserve notes: Principal countries 40, 120, 179, Circulation: 243, 301, 387, 483, 540, 607, 673, 747, 812 All Federal Reserve banks combined 15, United States 58, 138, 198, 94, 149, 212, 275, 347, 450, 516, 583, 639, 265, 316, 426, 504, 556, 619, 703, 764, 834 721, 786. Foreign banks: Each Federal Reserve bank 46, 125, 185, Central banks: 247, 306, 413, 494, 546, 611, 694, 757, 821 Annual reports. (See Annual reports.) Outside Treasury and Federal Reserve Balance sheets. (See Balance Sheets.) banks 16, 95, 150, Condition of. (See Condition of 213, 276, 348, 451, 517, 584, 640, 722, 787 banks.) Total, by Federal Reserve districts 45, Discount rates. (See Discount rates.) 124, 184, 246, 305, 412, 493, 545, 610, Gold reserves. (See Gold.) 693, 756, 820. Commercial banks, condition of: Collateral held as security for: Discussion of 508 All banks combined 15,94, 149, Monthly figures 34,115,175, 212, 275, 347, 450, 516, 583, 639, 721, 786 239, 297, 384, 480, 537, 604, 670, 744, 809 Each bank 46, 125, 185, Deposits of, held by Federal Reserve banks: 247, 306, 413, 494, 546, 611, 694, 757, 821 All banks combined 15, 94, 149, Extension of Glass-Steagall Act. 142, 182, 183 212, 275, 347, 450, 516, 583, 639, 721, 786 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 851 Foreign banks—Continued. Page Germany: Page Deposits of, held by Federal Reserve banks—Con. Balance of international payments 444 Each bank 46, 125, 185, Commercial banks, condition of: 247, 306, 413, 494, 546, 611, 694, 757, 821 Discussion of 509 Due from, to Federal Reserve banks: Monthly figures 35, 116, 175, All banks combined 15,94,149, 239, 297, 384, 480, 537, 604, 670, 744, 809 212, 275, 347, 450, 516, 583, 639, 721, 786 Commodity prices, wholesale 39, 40, 119, Each bank 46,125,185, 178, 242, 300, 387, 483, 540, 607, 673, 747, 812 247, 306, 413, 494, 546, 611, 694, 757, 821 Food prices and cost of living 40, 120, Foreign exchange: 179, 243, 301, 388, 484, 541, 608, 674, 748, 813 Discussion of 141 Foreign exchange rates: Executive orders of President regarding 76, 78 Monthly averages 37, 118, 177, Rates: 241, 299, 386, 482, 539, 606, 672, 746, 811 Monthly averages 37,118,177, Yearly averages, 1925-33 38 241, 299, 386, 482, 539, 606, 672, 746, 811 Gold imports and exports: Yearly averages, 1925-33 38 Net imports 28, 109, 169, Regulations of Secretary of Treasury 76, 233, 291, 378, 474, 531, 598, 664, 738, 803 79, 82, 780 To and from United States 16, 95, 150, Foreign trade 444, 716, 778 213, 276, 348, 451, 517, 584, 640, 722, 787 France: Money rates 36, 117, Balance of international payments 444 176, 240, 298, 385, 481, 538, 605, 671, 745, 810 Bank of: Reichsbank: Annual report 162 Condition of 31,112,172, Annual report 225 236, 294, 381, 477, 534, 601, 667, 741, 806 Condition of 31, 112, 172, Discount rates: 236, 294, 381, 477, 534, 601, 667, 741, 806 Discount rates 36, 117, 176, Changes in 73,321 240, 298, 385, 481, 538, 605, 671, 745, 810 Monthly figures 36, Gold reserves: 117, 176, 240, 298, 385, 481, 538, Monthly figures 26, 107, 167, 231, 605, 671, 745, 810. 289, 376, 472, 529, 596, 662, 736, 801 Gold reserves: Monthly review 5, Monthly figures 26, 107, 72, 205, 269, 244, 715, 779 167, 231, 289, 376, 472, 529, 596, 662, 736, 801. Security prices (stocks and bonds) __ 39, 119, 178, Monthly review 5, 72, 242, 300, 388, 484, 541, 608, 674, 748, 813 205, 269, 320, 444, 714, 778 Glass: Commercial banks, condition of: Factory employment and pay rolls: Discussion of 509 Index of 57,137,197, Monthly figures 34, 115, 175, 239, 264, 315, 424, 502, 554, 622, 706, 767, 837 297, 384, 480, 537, 604, 670, 744, 809 Revision of employment index 327-343 Commodity prices, wholesale 39, 40, 119, 178, Production index 55, 135, 195, 242, 300, 387, 483, 540, 607, 673, 747, 812 262, 313, 422, 500, 552, 620, 704, 765, 835 Food prices and cost of living 40, 120, 179, Glass-Steagall Act, extension of: 243, 301, 388 , 484, 541, 608, 674, 748, 813 Discussion of 142 Foreign exchange rates: Proclamation of President 182 Monthly averages 37, 118, 177, 241,299, Text of act 183 386, 482, 539, 606, 672, 746, 811 Gold: Yearly averages, 1925-33 38 Coin and certificates in circulation 16, 95, Gold imports and exports: 150, 213, 276, 348, 451, 517, 584, 640, 722, 787 Net imports 28, 109, 169, 233, 291, 378, Earmarked 16, 95, 474, 531, 598, 664, 738, 803 150, 213, 276, 348, 451, 517, 584, 640, 722, 787 To and from United States 16, 95, 150, Executive orders relative to _ 76, 77, 78 213, 276, 348, 451, 517, 584, 640, 722, 787 Held by Federal Reserve agents as security Money rates 36, 117, 176, 240, 298, 385, for Federal Reserve notes: 481, 538, 605, 671, 745, 810 All banks combined 15, 94, 149, Security prices (stocks and bonds)-. 39, 119, 178, 212, 275, 347, 450, 516, 583, 639, 721, 786 242, 300, 388, 484, 541, 608, 674, 748, 813 Each bank 46, 125, 185, Freight-car loadings, index of: 247, 306, 413, 493, 546, 611, 694, 757, 821 By classes 25, 106, 161, 224, m-W&-- 287, 359, 462, 528, 595, 652, 735, 800 Held by Federal Reserve banks: Years 1929-33 140 All banks combined 15, 94, 149, TotaL 24, 105, 160, 212, 275, 347, 450, 516, 583, 639, 721, 786 223, 286, 538, 461, 527, 594, 651, 734, 799 Each bank 46, 125, 185, Furniture: 247, 306, 413, 493, 546, 611, 694, 757, 821 Factory employment and pay rolls: Hoarding, discussion of 711 Index of 57, 137, 197, 264, Imports and exports: 315, 424, 502, 554, 622, 706, 767, 837 Discussion of , — 141, 773 Revision of employment index 327-343 Monthly review 4,71, Wholesale prices 58, 138, 198, 265, 144, 204, 269, 320, 444, 714, 778 316, 426, 504, 556, 619, 703, 764, 834 Movements to and from United States. 16, Gasoline production 55, 135, 95, 150, 213, 276, 348, 451, 517, 584, 640, 195, 262, 313, 422, 500, 552, 620, 704, 765, 835 722, 787. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
852 INDEX TO VOLUME 20 Gold—Continued. Grain: Imports and exports—Continued. Page Freight-car loadings: Page Net imports, principal countries 27, By months 25, 106,161, 108, 168, 232, 290, 377, 473, 530, 597, 663, 224, 287, 359, 462, 528, 595, 652, 735, 800 737, 802. Years 1929-33 140 International transactions of United States. 716 Wholesale prices 58, 138, Message of President to Congress regard- 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 ing 61 Great Britain, gold imports 28, 109, Order of Secretary of Treasury regarding 169, 233, 291, 378, 474, 531, 598, 664, 738, 803 delivery of gold to Treasurer 9, 79 Greece: Price of newly mined 51, 133 Bank of: Proclamations of President relative to 11, 68 Condition of 32, 113, 173, Production, world 27, 108, 168, 232, 290, 237, 295, 382, 478, 535, 602, 668, 742, 807 377, 473, 530, 597, 663, 737, 802 Discount rates 36, 117,176, Purchase of, discussion of 141 240, 298, 385, 481, 538, 605, 671, 745, 810 Regulations of Secretary of Treasury under Gold reserves 26, 107, 167, Gold Reserve Act of 1934 82 231, 289, 376, 472, 529, 596, 662, 736, 801 Amendments to 145, 270, 780 Foreign exchange rates: Reserves held by foreign central banks: Monthly averages 37, 118, 177, Monthly figures 26, 107, 167, 241, 299, 386, 482, 539, 606, 672, 746, 811 231, 289, 376, 472, 529, 596, 662, 736, 801 Yearly averages, 1925-33 38 Monthly review 4, Hay crop estimates 60, 558, 625, 709, 769, 839 71, 144, 204, 269, 320, 444, 714, 779 Holiday, payment of interest on deposits when Settlement fund 15, 46 1st day of month falls on; ruling of Board 304 Statement of Governor of Federal Reserve Home loan banks, Government financing of 626, Board relative to gold reserve bill (S. 648, 730, 795 2366) 73 Home Owners Loan Act, amendment to, amend- Statements by Secretary of Treasury rela- ing Federal Reserve Act 304 tive to purchase of 69, 76, 145 Home Owners Loan Corporation: Stock, monetary, in United States: Act permitting Federal Reserve banks to Analysis of changes in 16, 95, 150, acquire bonds of 304 213, 276, 348, 451, 517, 584, 640, 722, 787 Government financing of 626, 648, 730, 795 Averages of daily figures, end of month Loans by Reconstruction Finance Corporaseries 14, 926, 188, 248, tion for purchase of stock of 103 307, 414, 495, 515, 582, 638, 720, 785 158, 221, 284, 356, 459, 525, 592, 649, 731, 796 Wednesday series 14, 93, 148, 211, Summary of operations 732, 797 274, 346, 449, 514, 581, 637, 719, 784 Hong Kong, foreign exchange rates: Chart showing 13, 92, 147, 210, Monthly averages 37, 118, 273, 345, 448, 513, 580, 636, 718, 783 177, 241, 299, 386, 482, 539, 606, 672, 746, 811 Discussion of 141, 559, 773 Yearly averages, 1925-33 38 Weight of dollar: Hungary: Discussion of 141 Foreign exchange rates: Proclamation by President 68 Monthly averages 37, 118, 177, Statement by President regarding 67 241, 299, 386, 482, 539, 606, 672, 746, 811 Gold Reserve Act of 1934: Yearly averages, 1925-33 38 Legislative history 73 Money rates 36, 117, Letter of President to Federal Reserve 176, 240, 298, 385, 481, 538, 605, 671, 745, 810 Board regarding 61 National Bank of: Text of 63 Condition of: 32, 113, 173, Government note issues and reserves, Argen- 237, 295, 382, 479, 536, 603, 669, 743, 808 tina, Ireland, Canada, India 30, 111, Discount rates 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810 171, 235, 293, 380, 476, 533, 600, 666, 740, 805 Gold reserves 26, 107, 167, Governmental credit agencies: 231, 289, 376, 472, 529, 596, 662, 736, 801 Condition of 626, 648, 730, 795 Imports and exports: Interdepartmental loan committee created- 780 Acceptances based on 20, 100, 155, Governor of Federal Reserve Board: 218. 281, 353, 456, 522, 589, 645. 727, 792 Discussion of 444, 716, 778 Black, Eugene R.: Gold: Recommendations to Congress rela- Discussion of 141, 773 tive to proposed revision of reserve Movements to and from United States. 16, requirements 202, 205 95, 150, 213, 276, 348, 451, 517, 584, 640, Resignation of 561 722, 787 Statement of, relative to gold reserve bill (S. 2366) 73 Net imports, principal countries 27, Eccles, Marriner S.: 108, 168, 232, 290, 377, 473, 530, 597, 663, Appointment of 779 737, 802 Member of interdepartmental loan Monthly review 4. 71, 144, committee 780 204, 269, 320, 444 ; 714, 778 Member of National Emergency Merchandise: Council 779 Monthly figures 25, 106, 161, 224, 287, 359, 462, 528, 595, 652, 735, 800 Governors of Federal Reserve banks, expenses Years 1927-30 199 of conferences 186, 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 853 Page Page Income tax receipts, "United States Govern- Internal-revenue receipts, United States Govment 22, 102, ernment 22, 102 r 157, 220, 283, 355, 458, 524, 591, 647, 729, 794 157, 220, 283, 355, 458, 524, 591, 647, 729, 794 India: Interlocking bank directorates. (See Clayton Bank of: Act; Rulings of Board.) Discount rates 36, 117, 176, Intermediate credit banks: 240, 298, 385, 481, 538, 605, 671, 745, 810 Bills discounted for, by Federal Reserve Gold reserves 26, 107, 167, banks 15, 94, 149 r 231, 289, 376, 472, 529, 596, 662, 736, 801 212, 275, 347, 450, 516, 583, 639, 721, 786 Government financing of 626, 648, 730, 795 Foreign exchange rates: International payments of the United States, Monthly averages. 37, 118. 177, balance of 716, 778 241, 299, 386, 482, 539, 606, 672, 746, 811 Investments. (See Loans and investments.) Yearly averages, 1925-33 38 Ireland, Government note issues and reserves. 30, 11 l Gold production 27,108, r 171, 235, 293, 380, 476, 533, 600, 666, 740, 805 168, 232, 290, 377, 473, 530, 597, 663, 737, 802 Iron and steel: Government note issues and reserves 30. Ill, Factory employment and pay rolls: 171, 235, 293, 380, 476, 533, 600, 666, 740, 805 Index of 57, 137, 197, Industrial production: 264, 315, 424, 502, 554, 622, 706, 767, 837 Chart showing 2, 774 Revision of employment index 327-343 Discussion of 2,70, 143,774 Production index: Index of: Adjusted 55, 135, 195 Adjusted 55, 135, 195, r 262, 313, 422, 500, 552, 620, 704, 765, 835 262, 313, 422, 500, 552, 620, 704, 765, 835 Unadjusted 56, 136, 196, Unadjusted 56, 136, 196, 263, 314, 423, 501, 553, 621, 705, 766, 836 263, 314, 423, 501, 553, 621, 705, 766, 836 Wholesale prices 58, 138, Total 24, 105, 160, 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 223, 286, 358, 461, 527, 594, 651, 734, 799 Iron-ore production, index of 55, 135, National summary 12, 91, 195, 262, 313, 422, 500, 552, 620, 704, 765, 835 146, 209, 272, 344, 447, 512, 579, 635, 717, 782 Italy: Industries, loans to, by Federal Reserve banks: Bank of: Act, text of 430 Condition of 33, 114, 174 r Circular of Comptroller of Currency to 238, 296, 383, 479, 536, 603, 669, 743, 808 national-bank examiners regarding 752 Discount rates: Discussion of 507, 560, 629, 713, 774 Change in 6, 779 Discount for establishment located in Monthly figures 36, 117, 176, 240, another Federal Reserve district; ruling 298, 385, 481, 538, 605, 671, 745, 810 of Board 675 Gold reserves 26, 107, 167, Investment banking firm as financing in- 231, 289, 376, 472, 529, 596, 662, 736, 801 stitution within meaning of section 13b Commodity prices, wholesale 39, 119, of Federal Reserve Act; ruling of Board- - 675 178, 242, 300, 387, 483, 540, 607, 673, 747, 812 List of members of advisory committees 510 Foreign exchange rates: Participation by national banks in, circular Monthly averages 37, 118, 177, of Comptroller of Currency 752 241, 299, 386, 482, 539, 606, 672, 746, 811 Rates of discount on______ 558, 618, 698, 760, 824 Yearly averages, 1925-33 38 Regulation S_ 488 Money rates 36, 117, Statement of Federal Reserve Board regard- 176, 240, 298, 385, 481, 538, 605, 671, 745, 810 ing 429 Japan: Insurance companies, loans to, by Reconstruc- Bank of: tion Finance Corporation 103, Condition of 33, 114, 174, 158, 221, 284, 356, 459, 525, 592, 649, 731, 796 238, 296, 383, 479, 536, 603, 669, 743, 808 Insurance, cost of, Federal Reserve banks 186, 547 Discount rates 36, 117, 176, Insured banks under Federal Deposit Insurance 240, 298, 385, 481, 538, 605, 671, 745, 810 Corporation: Gold reserves 26, 107, 167, Condition of 575, 577, 763 231, 289, 376, 472, 529, 596, 662, 736, 801 Number of banks and deposits 134, Commodity prices, wholesale 39, 119, 178, 312, 421, 499, 551, 702, 763 242, 300, 387, 483, 540, 607, 673, 747, 812 Regulations governing 89, 90, 577 Report of chairman to board of directors. 575-577 Foreign-exchange rates: (See also Federal Deposit Insurance Corpora- Monthly averages 37, 118, 177, tion.) 241, 299, 386, 482, 539, 606, 672, 746, 811 Yearly averages, 1925-33 38 Interdepartmental loan committee, members of. 780 Gold imports and exports to and from Interest rates: United States 16, 95, 150, Charged customers by banks: 213, 276, 348, 451, 517, 584, 640, 722, 787 In Federal Reserve bank and branch Gold production 27, 108, 168, cities 50 232, 290, 377, 473, 530, 597, 663, 737, 802 In New York and other cities__ 21, 101, 156, Money rates 36, 117, 176, 219, 282, 354, 457, 523, 590, 646, 728, 793 240, 298, 385, 481, 538, 605, 671, 745, 810 On deposits. (See Deposits.) Java, Bank of: Open market, in New York City 21, 101, Condition of 33, 114, 174, 156, 219, 282, 354, 457, 523, 590, 646, 728, 793 238, 296, 383, 479, 536, 603, 669, 743, 808 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
854 INDEX TO VOLUME 20 Java, Bank of—Continued. Page Discount rates: Liquidation, corporation in process of, applica- Change in 445, 715 bility of sec. 32 of Banking Act of 1933; ruling Monthly figures 36, 117, 176, of Board 42 240, 298, 385, 481, 538, 605, 671, 745, 810 Lithuania, Bank of: Gold reserves 26, 107,167, Condition of 33, 114, 231, 289, 376, 472, 529, 596, 662, 736, 801 174, 238, 296, 383, 479, 536, 603, 669, 743, 808 Joint stock land banks, loans to: Discount rates 36, 117, By Farm Credit Administration 732, 797 176, 240, 298, 385, 481, 538, 605, 671, 745, 810 By Reconstruction Finance Corporation 103, Livestock: 158, 221, 284, 356, 459, 525, 592, 649, 731, 796 Freight-car loadings: Latvia, Bank of: By months 25, 106, 161, Condition of 33, 114, 224, 287, 359, 462, 528, 595, 652, 735, 800 174, 238, 296, 383, 476, 536, 603, 669, 743, 808 Years 1929-33 140 Discount rates 36, 117, Wholesale prices 58, 138, 176, 240, 298, 385, 481, 538, 605, 671, 745, 810 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 Law Department: Living, cost of 40, 120, Act continuing functions of Reconstruction 179, 243, 301, 388, 484, 541, 608, 674, 748, 813 Finance Corporation 123 Loans: Act extending for 1 year the temporary plan Farm Credit Administration 714, 732, 797 for deposit insurance, etc 486 Home Owners' Loan Corporation._ 714, 732, 797 Act providing for punishment for offenses On securities, by reporting member banks: committed against banks 410 Discussion of 203, 507, 629, 712, 773 Federal Farm Mortgage Act, section 16 of, In 91 leading cities, 1932-34 829-831 amending Federal Reserve Act 123 In 101 leading cities, 1929-33 825-828 Glass-Steagall Act, extension of 182 Weekly statement 49, 131, 193, Gold Reserve Act of 1934 63 260, 310, 419, 498, 550, 615, 696, 759, 823 Home Owners' Loan Act, sections 7 and 8 of, Revision of. 712 amending Federal Reserve Act 304 Reconstruction Finance Corporation 103, 158, Loans to industries act 430 221, 284, 356, 459, 525, 592, 649, 731, 796 National Housing Act, section 505 of, Discussion of 714 amending Federal Reserve Act relating to Revised group 132 loans by national banks on real estate 488 To brokers. {See Brokers and dealers in Regulation Q, Revision of 815 securities.) Regulation S, Loans to industries 488 To industries, by Federal Reserve banks: Regulation T, Stock exchange 675 Act, text of 430 Rulings of the Federal Reserve Board. Circular of Comptroller of Currency to {See Rulings.) national bank examiners regarding. _ 752 Securities Exchange Act of 1934 396 Discussion of 507, 560, 629, 713, 774 Silver Purchase Act of 1934 436 Discount for establishment located in Laws, foreign banking: another Federal Reserve district; Canada 653 ruling of Board 675 Cuba 468, 660 Investment banking firm as financing Czechoslovakia 288 institution within meaning of section Lead production 55, 135, 13b of Federal Reserve Act; ruling 195, 262, 313, 422, 500, 552, 620, 704, 765, 835 of Board 675 Leather: Members of advisory committees, list Factory employment and pay rolls: of 510 Index of 57, 137, 197, Participation by national banks in, 264, 315, 424, 502, 554, 622, 706, 767, 837 circular of Comptroller of Currency. 752 Revision of employment index 327-343 Rates of discount on_. 558, 618, 698, 760, 824 Production index: Regulation S 488 Adjusted 55, 135, 195, Statement of Federal Reserve Board 262, 313, 422, 500, 552, 620, 704, 765, 835 regarding 429 Unadjusted 56, 136, 196, Loans and investments: 263, 314, 423, 501, 553, 621, 705, 766, 836 All banks in United States on call dates: Wholesale prices 58, 138, June 30, 1933, by States 52-54 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 Total 18, 98, 153, Legal fees, Federal Reserve banks 186, 547 216, 279, 351, 454, 520, 587, 643, 725, 790 Licensed banks: Federal home loan banks 732, 797 Condition of national and State members Governmental credit agencies. _ 626, 648, 730, 795 on call dates 130, 192, 418, 614 Discussion of __ 714 Discussion of 268, 508 Member banks: Net demand and time deposits 47, 127, All banks on call dates 129, 191, 417, 613 189, 249, 308, 415, 496, 548, 612, 695, 758, 822 Classification of 97, 152, 215, Number and deposits 48, 128, 278, 350, 453, 519, 586, 642, 724, 789 190, 250, 309, 416, 497, 549, 618, 698, 762, 833 Discussion of 71, Reserves and borrowings at Federal Reserve 142, 203, 507, 559, 629, 712, 773 banks 47, 127, Earnings on 252-255 189, 249, 308, 415, 496, 548, 612, 695, 758, 822 Licensed banks on call dates 130, Suspensions 251, 762, 833 192, 418, 614 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 855 Loans and investments—Continued. Page Member banks—Continued. Member banks—Continued. Dividends paid 252 Reporting banks: Earnings and expenses 252-255 Revision of weekly statement. _ 712, 759 Licensed: Total 19, 99, 154, 217, Condition of, on call dates. 130, 192, 418, 614 280, 352, 455, 521, 588, 644, 726, 791 Discussion of 268, 508 Weekly figures 49, 131, 193, 260, Net demand and time deposits- 47, 127, 189, 310, 419, 498, 550, 615, 696, 759, 823 249, 308, 415, 496, 548, 612, 695, 758, 822 National banks, on call dates 53 Number and deposits 48, 128, 190, State banks, on call dates 54 250, 309, 416, 497, 549, 618, 698, 762, 833 Locomotives, production index 55, 135, Reserves and borrowings at Federal 195, 262, 313, 422, 500, 552, 620, 704, 765, 835 Reserve banks 47, 127, 189, Losses and depreciation, reserves for: 249, 308, 415, 496, 548, 612, 695, 758, 822 Federal Reserve banks 186 Suspensions 251, 762, 833 Member banks 252-255 Loans and investments. (See Loans and Lumber: investments.) Factory employment and pay rolls: National banks. (See National banks.) Index of 57, 137, 197, Number of 18, 98, 153, 264, 315, 424, 502, 554, 622, 706, 767, 837 216, 279, 351, 454, 520, 587, 643, 725, 790 Revision of employment index 327-343 Reserves. (See Reserves.) Production index: State banks: Adjusted 55, 135, 195, Branches of 699,700 262, 313, 422, 500, 552, 620, 704, 765, 835 Condition of, on call dates. 130, 192, 418, 614 Unadjusted 56, 136, 196, Earnings and expenses 252, 257, 259 263, 314, 423, 501, 553, 621, 705, 766, 836 Insured banks, condition of 576, 763 Wholesale prices 58,138, Number and deposits of licensed banks. 48, 128, 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 190, 250, 309, 416, 497, 549,618,698,762,833 Machinery, factory employment and pay rolls: Number of 18, 98, Index of 57,137, 153, 216, 279, 351, 454, 520,587,643,725,790 197, 264, 315, 424, 502, 554, 622, 706, 767, 837 Suspensions 251, 762, 833 Revision of employment index 327-343 Membership in Federal Reserve System: Manager of branch office of dealer in securities, Discussion of 268 applicability of section 32 of Banking Act of Trust company doing substantially no bank- 1933 to; ruling of Board 750 ing business; ruling of Board 486 Manufactures, index of production: Merchandise: By industries: Freight-car loadings: Adjusted 55, 135, 195, By months 25, 106, 161, 262, 313, 422, 500, 552, 620, 704, 765, 835 224, 287, 359, 462, 528, 595, 652, 735, 800 Unadjusted 56, 136, 196, Years 1929-33 140 263, 314, 423, 501, 553, 621, 705, 766, 836 Imports and exports: Total 24, 105, Monthly figures 25, 106, 161, 224, 287, 160, 223, 286, 358, 461, 527, 594, 651, 734, 799 359, 462, 528, 595, 652, 735, 800 Margin accounts: Years 1927-30 199 Applicability of section 8A of Clayton Act to International transactions of United States organizations carrying; ruling of Board._ 244 716, 778 Discussion of 629-634 Messages of President to Congress: Interlocking relationships between national Gold 61 banks and organizations which carry; Silver, purchasing of 435 ruling of Board 393 Mexico: Interpretations under Regulation T of Fed- Foreign exchange rates: eral Reserve Board. (See Rulings of Monthly averages 37, 118, 177, 241, 299, Federal Reserve Board.) 386, 482, 539, 606, 672, 746, 811 Martin, H. Warner, assistant to Governor, resig- Yearly averages, 1925-33 38 nation of 715 Gold imports and exports to and from the Maturities: United States 16, 95, 150, Bills and short-term securities 51, 133, 213, 276, 348, 451, 517, 584, 640, 722, 787 194, 261, 311, 421, 499, 551, 617, 697, 761, 832 Gold production 27, 108, 168, Interest-bearing debt of United States 22, 232, 290, 377, 473, 530, 597, 663, 737, 802 102, 157, 220, 283, 355, 458, 524, 591, 647, 729, 794. Gold reserves 26, 107, 167, McClure, M. L., Federal Reserve agent at Kan- 231, 289, 376, 472, 529, 596, 662, 736, 801 sas City, death of 779 Miller, Adolph C., reappointed member of Meats, wholesale prices 58, 138, Federal Reserve Board 561 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 Minerals, index of production: Member banks: By industries: Bills discounted for, by Federal Reserve Adjusted 55, 135, 195, banks. (See Bills discounted.) 262, 313, 422, 500, 552, 620, 704, 765, 835 Borrowings at Federal Reserve banks. (See Unadjusted 56, 136, 196, Borrowings.) 263, 314, 423, 501, 553, 621, 705, 766, 836 Condition of. (See Condition of banks.) Total 24, 105,160, Deposits. (See Deposits.) 223, 286, 358, 461, 527, 594, 651, 734, 799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
856 INDEX TO VOLUME 20 Money: Page National banks—Continued. Circulation: Number of 18, 98, Averages of daily figures, end of month 153, 216, 279, 351, 454, 520, 587, 643, 725, 790 series 14, 126, 248, 307, Suspensions 251, 762, 833 414, 495, 515, 582, 638, 720, 785 National Emergency Council, members of 779 By kinds 16, 95, 150, National summary of business conditions 12, 91, 213, 276, 348, 451, 517, 584, 640, 722, 787 146, 209, 272, 344, 447, 512, 579, 635, 717, 782 Charts: Netherlands: Denominations of paper currency. _ 11 Bank of: Monthly data 13, 92, 147,210, Annual report 463 273, 345448,, 513, 580, 636, 718, 783 Condition of 33,114,174, Discussion of 267, 507,711 238, 296, 383, 479, 536, 603, 669, 743, 808 Paper currency, by denominations. 51,133,194 Discount rates 36, 117, 176, 261, 311, 421, 499, 551, 617, 697, 761 240, 298, 385, 481, 538, 605, 671, 745, 810 Wednesday series 14, 93, 148, Gold reserves 26, 107, 167, 211, 274, 346, 449, 514, 581, 637, 719, 784 231, 289, 376, 472, 529, 596, 662, 736, 801 Gold. (See Gold.) Commodity prices, wholesale 39, 119, Hoarding, discussion of 711 178, 242, 300, 387, 483, 540, 607, 673, 747, 812 Rates: Foreign exchange rates: Charts showing 204, 772 Monthly averages 37, 118, 177, Discussion of 204, 771 241, 299, 386, 482, 539, 606, 672, 746, 811 Foreign countries 36, 117, 176, Yearly averages, 1925-33 38 240, 298, 385, 481, 538, 605, 671, 745, 810 Gold imports and exports: Open-market 21, 101, 156, Net imports 29, 110, 170, 219, 282, 354, 457, 523, 590, 646, 728, 793 234, 292, 379, 475, 532, 599, 665, 739, 804 (See also Currency.) To and from the United States.. 16, 95, 150, Morgenthau, Henry, Jr., appointed Secretary 213, 276, 348, 451, 517, 584, 640, 722, 787 of Treasury 6 Money rates 36, 117, Morris Plan banks: 176, 240, 298, 385, 481, 538, 605, 671, 745, 810 Director of, as director of national bank under New Zealand: Clayton Act; ruling of Board. 180 Foreign exchange rates: Insured banks 763 Monthly averages 37,118,177, Mortgage-loan companies, loans to, by Recon- 241, 299, 386, 482, 539, 606, 672, 746, 811 struction Finance Corporation 103, Yearly averages, 1925-33 38 158, 221, 284, 356, 459, 525, 592, 649, 731, 796 Gold reserves 26,107, Municipal warrants held by Reserve banks: 167, 231, 289, 376, 472, 529, 596, 662, 736, 801 Maturities 51, 133, Nonferrous metals: 194, 261, 311, 421, 499, 551, 617, 697, 761, 832 Factory employment and pay rolls: Monthly figures 15, 94, Index of 57,137,197, 149, 212, 275, 347, 450, 516, 583, 639, 721, 786 264, 315, 424, 502, 554, 622, 706, 767, 837 Mutual savings banks: Revision of employment index 327-343 Branches of 701 Production index: Deposits, on call dates 18, 98, Adjusted 55, 135, 195, 153, 216, 279, 351, 454, 520, 587, 643, 725, 790 262, 313, 422, 500, 552, 620, 704, 765, 835 Insured banks 576, 702 Unadjusted 56, 136, 196, Loans and investments on call dates 18, 98, 263, 314, 423, 501, 553, 621, 705, 766, 836 153, 216, 279, 351, 454, 520, 587, 643, 725, 790 Wholesale prices 58, 138, Number of 18, 98, 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 153, 216, 279, 351, 454, 520, 587, 643, 725, 790 Nonmember banks: National bank examiners, circular of Comp- Bills discounted for 15, 94, troller of Currency to, relative to industrial 149, 212, 275, 347, 450, 516, 583, 639, 721, 786 loans 1 752 Branches of 699, 700 National bank note circulation 16, 95, Deposits: 150, 213, 276, 348, 451, 517, 584, 640, 722, 787 Averages of daily figures, end of month National banks: series 14, 126, 188, Branches of 699, 700 248, 307, 414, 495, 515, 582, 638, 720, 785 On call dates 18, 98, 153, Condition of, on call dates: 216, 279, 351, 454, 520, 587, 643, 725, 790 All banks 53 Receipt of, under section 21 of Banking Licensed banks 130, 192, 418, 614 Act of 1933; ruling of Board 41 Deposits, on call dates: Wednesday series 14, 93, 148, All banks 53 211, 274, 346, 449, 514, 581, 637, 719, 784 Licensed banks___ 130, 192, 418, 614 Insured banks, condition of 576, 763 Earnings and expenses 252, 256, 258 Loans and investments on call dates 18, 98, Errata 270 153, 216, 279, 351, 454, 520, 587, 643, 725, 790 Number and deposits of licensed banks 48, 128, Insured banks, condition of 576, 763 190, 250, 309, 416, 496, 549, 618, 698, 762, 833 Loans and investments on call dates: Number of 18,98, All banks 53 153, 216, 279, 351, 454, 520, 587, 643, 725, 790 Licensed banks 130, 192, 418, 614 Proclamation of President relative to con- Number and deposits of licensed banks 48, 128, trol over 11 190, 250, 309, 416, 497, 549, 618, 698, 762, 833 Suspensions 151, 762, 833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 857 Norway: Page Peru—Continued. Page Bank of: Gold imports and exports to and from Condition of 33, 114, 174, United States 16,95, 150, 238, 296, 383, 479, 536, 603, 669, 743, 808 213, 276, 348, 451, 517, 584, 640, 722, 787 Discount rates 36, 117,176, Petroleum refining: 240, 298, 385, 481, 538, 605, 671, 745, 810 Factory employment and pay rolls: Gold reserves 26, 107, 167, 231, Index of 57, 137, 197, 289, 376, 472, 529, 596, 662, 736, 801 264, 315, 425, 503, 555, 623, 707, 768, 838 Foreign exchange rates: Revision of employment index 327-343 Monthly averages 37, 118, Production index 55, 135, 195, 177, 241, 299, 386, 482, 539, 606, 746, 811 262, 313, 422, 500, 552, 620, 704, 765, 835 Yearly averages, 1925-33 38 Wholesale prices 58, 138, 198, Number of banks in the United States 18, 98, 265, 316, 426, 504, 556, 619, 703, 764, 834 153, 216, 279, 351, 454, 520, 587, 643, 725, 790 Philippine Islands, gold imports and exports 16, 95, Number of banks maintaining branches 699,700 150, 213, 276, 348, 451, 517, 584, 640, 722, 787 Number of banks suspended 251, 762, 833 Poland: Number of member banks licensed and not li- Bank of: censed 48, Condition of 33, 114, 174, 128,190, 250, 309, 416, 497, 549, 618, 698, 762, 833 238, 296, 383, 479, 536, 603, 669, 743, 808 Number of nonmember banks licensed and not Discount rates 36, 117, 176, licensed 48, 240, 298, 385, 481, 538, 605, 671, 745, 810 128,190, 250, 309, 416, 496, 549, 618, 698, 762, 833 Gold reserves 26, 107, 167, Oats crop estimates 60, 558, 625, 709, 769, 839 231, 289, 376, 472, 529, 596, 662, 736, 801 Offenses committed against banks, act providing Foreign exchange rates: punishment for 410 Monthly averages 37, 118, 177, Oil production index 55, 135, 241, 299, 386, 482, 539, 606, 672, 746, 811 195, 262, 313, 422, 500, 552, 620, 704, 765, 835 Yearly averages, 1925-33 38 Paper: Portugal: Factory employment and pay rolls: Bank of: Index of 57, 137, 197,264, Condition of 33, 114, 174, 315, 425, 503, 555, 623, 707, 768, 838 Revision of employment index 327-343 238, 296, 383, 479, 536, 603, 669, 743, 808 Production index: Discount rates: Adjusted 55, 135, 195, Changes in 6 262, 313, 422, 500, 552, 620, 704, 765, 835 Monthly figures.__ 36, 117, 176, 240, 298, Unadjusted 56, 136, 196, 385, 481, 538, 605, 671, 745, 810 263, 314, 423, 501, 553, 621, 705, 766, 836 Gold reserves 26, 107, 167, Wholesale prices 58, 138, 231, 289, 376, 472, 529, 596, 662, 736, 801 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 Foreign exchange rates: Par of exchange (foreign currency) 37, 38 Monthly averages 37, 118, 177, Par value of capital stock, licensed member 241, 299, 386, 482, 539, 606, 672, 746, 811 banks 130, 192, 418, 614 Yearly averages, 1925-33 38 Parry, Carl E. ; appointed chief of Division of Se- Postage, Federal Reserve banks, cost of 186, 547 curity Loans of Federal Reserve Board 779 Postal Savings deposits 51, 133, Pay rolls, factory: 194, 261, 311, 421, 499, 551, 617, 697, 761, 832 Chart showing 775 Potato crop estimates 60, 558, 625, 709, 769, 839 Discussion of 1, 70, 143, 775 President of United States: Index of: Executive orders: By industries 57, 137, 197, Gold 76, 77, 78 264, 315, 424, 502, 554, 622, 706, 767, 837 Silver 564 Revision of 270 Letter of, to Federal Reserve Board, relative Total 24, 105, 160, to Gold Reserve Act 61 223, 286, 358, 461, 527, 594, 651, 734, 799 Messages to Congress: (See also Employment) Gold 61 Penalties for deficient reserves 186, 547 Silver 435 Permit for interlocking directorates under sec. 32 Proclamations: of Banking Act of 1933; ruling of Board 392 Coinage of silver 7 Permit to act as correspondent bank for certain Control over State banking institudealers in securities under section 32 of Bank- tions 11 ing Act of 1933; ruling of Board 392 Extension of Glass-Steagall Act 182 Permit under Clayton Act, necessity for, in case Fixing weight of gold dollar 68 in which permit has been issued under section Silver, purchase of 562 32 of Banking Act of 1933; ruling of Board.. 123 Statement by, fixing weight of gold dollar._ 67 Peru: Prices: Central Bank of: Commodity, wholesale: Condition of 33, 114, 174, Chart showing 777 238, 296, 383, 479, 536, 603, 669, 743, 808 Discussion of 1, 70, 144, 776 Discount rates 36, 117, 176, National summary 12, 91, 146, 240, 298, 385, 481, 538, 605, 671, 745, 810 209, 272, 344, 447, 512, 579, 635, 717, 782 Gold reserves 26, 107, 167, Principal countries 39, 40, 119, 178, 231, 289, 376, 472, 529, 596, 662, 736, 801 242, 300, 387, 483, 540, 607, 673, 747, 812 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
858 INDEX TO VOLUME 20 Prices—Continued. Page Real estate, loans on—Continued. Commodity, wholesale—Continued. Mortgages, obligations secured by, as "se- United States: curities" under Banking Act of 1933; By weeks__. 139 ruling of Board 302 By months 58, 138, 198, 265, Revision of member bank weekly state- 316, 426, 504, 556, 619, 703, 764, 834 ment to include 712, 759 Total 24, 105, 160, 223, Receipts and expenditures of United States 286, 358, 461, 527, 594, 651, 734, 799 Government 22, 102, Food, retail 40,120, 157, 220, 283, 355, 458, 524, 591, 647, 729, 794 179, 243, 301,388, 484, 541, 608, 674, 748, 813 Reconstruction Finance Corporation: Act continuing functions of 123 Gold: Discussion of operations 71, 268, 320, 508 Message of President to Congress Government financing of 626, 648, 730, 795 regarding 61 Loans, subscriptions, and allocations 103,158, Newly mined 51, 133 158, 221, 284, 356, 459, 525, 592, 649, 731, 796 Security (stocks and bonds): Revised group 132 Chart showing 268 Reimbursable expenditures by Federal Discussion of 268, 778 Reserve banks for 187, 547 Domestic 23,104,159, Redemption fund: 222,285, 357, 460, 526, 593, 650, 733, 798 All Federal Reserve banks combined 15, 94, Principal countries 39, 119, 178, 149, 212, 275, 347, 450, 516, 583, 639, 721, 786 242, 300, 388, 484, 541, 608, 674, 748, 813 Each Federal Reserve bank 46, 125, Silver, proclamation of President relative to. 7, 562 185, 247, 306, 413, 493, 546, 611, 694, 757, 821 Printing and stationery, Federal Reserve banks, Rediscounts and bills payable: cost of 186,547 All banks in United States on call dates 52 Proclamations of President of United States: National banks on call dates 53 Coinage of silver 7 State banks on call dates 54 Control over State banking institutions 11 Regulations: Extension of Glass-Steagall Act 182 Federal Deposit Insurance Corporation 89, Fixing weight of gold dollar 68 90, 446, 577 Silver, purchase of 562 Federal Reserve Board: Production credit corporations: Regulation Q, revision of 815 Government financing of 626, 648, 730, 795 Regulation S, Loans to industries 488 Regulation T, Stock Exchange: Loans to, by Farm Credit Administration 732, 797 Discussion of 629-634 Production, industrial: Rulings of Board interpreting. Chart showing 2, 774 (See Rulings.) Discussion of 2, 70, 143, 774 Text of 675-686 Index of: Secretary of Treasury: Adjusted 55,135, 195, Foreign exchange 76, 79, 82, 780 262, 313, 422, 500, 552, 620, 704, 765, 835 Gold 82 Unadjusted 56, 136, 196, Amendments to 145, 270, 780 263, 314, 423, 501, 553, 621, 705, 766, 836 Silver 8, 441, 567 Amendment to 781 Total 24,105, 160, Reichsbank, German. (See Germany.) 223, 286, 358, 461,527, 594, 651, 734, 799 Rent paid by Federal Reserve banks 186, 547 National summary 12, 91, 146, 209, Reports and examinations of corporations, etc., 272, 344, 447, 512, 579, 635, 717, 782 under section 21 of Banking Act of 1933; ruling Profit and loss account of Federal Reserve banks- 187 of Board 543 Public Works Administration, Government Reports of affiliates of State member banks, financing of 626, 648, 730, 795 publication of; ruling of Board 542 Publication of reports of affiliates of State mem- Reserve balances of member banks. (See Reber banks; ruling of Board 542 serves.) Railroads: Reserve city member banks: Loans to, by Reconstruction Finance Cor- Condition of, on call dates 130, 192, 418, 614 poration 103, 158, Deposits, time and demand 17, 96, 221, 284, 356, 459, 525, 592, 649, 731, 796 151, 214, 277, 349, 452, 518, 585, 641, 723, 788 Stocks and bonds, prices of 23, 104, 159, Loans and investments on call dates 97, 222, 285, 357, 460, 526, 593, 650, 733, 798 152, 215, 278, 350, 453, 519, 586, 642, 724, 789 Rates. (See Discount rates; Foreign exchange Reserve balances 17, 96, rates; Money rates.) 151, 214, 277, 349, 452, 518, 585, 641, 723, 788 Ratio of total reserves to liabilities, Federal Reserve requirements of member banks, pro- Reserve banks 45, 124, posed revision of: 184, 246, 305, 412, 493, 545, 610, 693, 756, 820 Discussion of 202 Real estate, loans on: Recommendations of Board to Congress By member banks on call dates 97, relative to 202,205 152, 215, 278, 350, 453, 519, 586, 642, 724, 789 Reserves: By reporting member banks, weekly fig- Deficient, penalties for _... 186, 547 ures 759,823 Held by Federal Reserve banks: National Housing Act, section 505 of, For losses , — 187 amending Federal Reserve Act relating Total, by Federal Reserve districts. . _ 45,124, to 488 184,246,305,412,493,545,610,693,756,820 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 859 Reserves—Continued. Rulings of the Federal Reserve Board: Gold, held by foreign central banks: Page Affiliates: Page Monthly figures 26, 107, 167, Corporate trustee under deed of trust 231, 289, 376, 472, 529, 596, 662, 736, 801 as a holding company affiliate 303 Monthly review 4, Cumulative voting of shares by hold- 71, 144, 204, 269, 320, 444, 714, 778 ing company affiliates of member Held by member banks: banks 749 All banks on call dates 129, 191, 417, 613 Existence of more than one holding Balances: company affiliate of a member bank. 182 Average of daily figures, end of Individual trustee as holding company month series 14, 126, 188, affiliate 122 307, 414, 495, 515, 582, 638, 720, 785 Limitations on loans or extensions of Chart showing 13, 92, 147, 210, credit to affiliates secured by paper 273, 345, 448, 513, 580, 636, 718, 783 eligible for rediscount 391 Discussion of 70, 142, "Loan or extension of credit", en- 201, 267, 319, 507, 559, 629, 711, 772 dorsement as, within section 23A of New York City banks, Reserve city Federal Reserve Act 391 banks, and country banks 17, Partnership as holding company af- 96, 151, 214, 277, 349, 452, 518 filiate of member bank 41 585, 641, 723, 788. Publication of reports of 542 Wednesday series. _ 14, 93, 148, 211, 274, Capital, classification of capital notes and 346, 449, 514, 581, 637, 719, 784 debentures of State member banks as 749 Computation of, against savings de- Clayton Act: posits ; rulings of Board 180 Applicability to director of a Federal Computation of, in connection with the sayings and loan association 181 payment of dividends; ruling of Applicability to directors of a corpora- Board 121 tion which extends or renews loans Excess: previously made 41 Chart showing 70, 142, 201 Applicability to Federal home loan Discussion of 70 banks 180 142, 201, 319, 507, 711, 772 Director of Morris Plan bank as direc- During November 1933 208 tor of national bank 180 Licensed banks 47, 127, 189, 249, Interlocking .relationships between na- 308, 415, 496, 548, 612, 695, 758, 822 tional banks and organizations which New York City banks, Reserve carry margin accounts 393 city banks, and country banks. 17, Organizations carrying margin ac- 96, 151, 214, 277, 349, 452, 518, 585, counts, applicability of section 8A 641, 723, 788. to 244 Licensed banks in each district 47, Permit under, necessity for, in cases in 127, 189, 249, 308, 415, 496, 548, 612, 695, which permit has been issued under 758, 822. section 32 of Banking Act of 1933__ 123 Licensed banks on call dates 130, Collection or exchange charges, absorption 192, 418, 614 of, by member banks 394, 814 Reporting banks, weekly figures 49, Corporate stock for account of customers, 131, 193, 260, 310, 419, 498, 550, 615, 696, purchase of, by State member banks 609 759, 823. Dealers in securities solely for account of Resources and liabilities. {See Assets and lia- others, applicability of section 32 of bilities.) Banking Act of 1933 to 393 Retail trade, department stores: Dealer in securities, member bank having Discussion of 1, 70, 143, 777 relations with, applicability of section 32 Monthly figures 25, 106, of Banking Act of 1933 42 161, 224, 287, 359, 462, 528, 595, 652, 735, 800 Deposits: Revision: Certificates of deposit payable 6 or 12 Factory employment index 324^343 months after date or on 30 days' Factory employment and pay rolls index. _ 270 notice 43 Treasury bond yields, average of 322 Insurance of bank deposits, effect of, Weekly statement of reporting member upon requirement of security for banks 712 trust funds used by member bank in Rubber: conduct of its business 121 Crude, wholesale prices 58, 138, Interest on: 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 Municipal ordinance requiring Products, factory employment and pay payment of, on public funds 121 rolls: Payment of banker's acceptance Index of 57, 137, 197, before maturity as indirect pay- 264, 315, 425, 503, 555, 623, 707, 768, 838 ment of interest 303 Revised employment index 327-343 Payment of, when 1st day of Tires and tubes: month falls on a Sunday or holi- Production index 55, 135, 195, day; ruling of Board 304 262, 313, 422, 500, 552, 620, 704, 765, 835 Receipt of, by nonbanking institutions, Wholesale prices 58, 138, 198, under section 21 of Banking Act of 265, 316, 426, 504, 556, 619, 703, 764, 834 1933 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
860 INDEX TO VOLUME 20 Rulings of the Federal Reserve Board—Contd. Rulings of the Federal Reserve Board—Contd. Deposits—Continued. Interpretations of Regulation T.—Contd. Renewal of certificate of deposit prior Page Foreign branches, transactions for Page to maturity 609 customers of 692 Savings: Guaranteed accounts 691 Classification of 389 Interest and cash dividends, with- Classification of account subject drawal of, from restricted accounts. _ 815 to withdrawal without presenta- Interest on dividends on securities tion of passbook 542 carried in restricted new accounts 75] Deposits represented by certifi- Joint account, individual's participacates of deposits as constituting. 390 tion in, not to be combined with his Payment of, before interest pay- individual account 751 ment dates 391 Joint accounts between members of Service charges, analysis of customers' national securities exchanges 692 accounts in determining 43 Margin: Time, the payment of which has been Demand for, confirmation of 690 deferred beyond period originally Demand for, included in confirmacontemplated 244 tion of transaction 751 Discounts for individuals, partnerships, and corporations by Federal Reserve Nature of, referred to in section banks, time limit extended by Board 485 4 (e) 687 Exchange or collection charges, absorption Requirements: of, by member banks 394, 814 Cash accounts, transactions Examinations and reports of corporations, in 690 etc., under section 21 of Banking Act of Joint account between mem- 1933 543 bers of national securities Federal savings and loan associations as exchanges 692 banks within meaning of section 19 of Fed- Market prices, fluctuations eral Reserve Act 304 in 690 Interpretations of Regulation T: Old accounts 686 Agreement, scope of, of nonmember Restricted accounts, new purbanks under section 8 (a) of Securi- chases in 688 ties Exchange Act 688 Short sales and other trans- Arbitrage accounts, calculation of net actions in restricted acdebit balance in 692 counts 690 Cancellation by nonmember bank of Time allowed for obtaining agreement under section 8 (a) of margin 691 Securities Exchange Act 687 Unrestricted accounts, trans- Cash accounts, special, manner of actions in 687 keeping 751 Market prices, fluctuations in 690 Cash accounts, transactions in 690 Market value and loan value of securi- Cash accounts, transfer of transactions ties involved in substitutions 692 from..- 750 Cash transactions 691 Nonmember banks, scope of agree- Cash transactions in unregistered se- ment of, under section 8 (a) of Securities 752 curities Exchange Act 688 Cash transactions, jurisdiction of na- Old accounts: tional securities exchange committee Accounts transferred from banks to grant extension of time in 815 not to be designated as 688 Cash transactions, time when pay- Designation of 688 ment is deemed received, in unregis- Increases in adjusted debit baltered, nonexempted securities 815 ance of 691 Cash, withdrawals of, from old accounts Margin requirements 686 on and after November 15, 1934 751 Orders executed on September 29, Combination of transactions, time 1934, as part of 686 within which it must be made in old Substitutions of unregistered, nonaccounts 690 exempted securities in, by pur- Committee of a national securities chase and sale of such securiexchange, jurisdiction of, in granting ties 815 extensions of time in connection with Sales and repurchases of securities cash transactions 815 in 750 Debit balance, adjusted, of an old Time within which combination of account, increases in 691 Debit balance, net, calculation of, in transactions must be made in__ 690 arbitrage accounts 692 Withdrawals of cash from, prior Dividends or interest on securities to October 15, 1934 690 carried in new accounts 751 Withdrawals of cash or securities Effect of section 8 (a) of Securities Ex- from, on and after November change Act on existing loans 688 15, 1934 751 Extension of credit on unregistered, Withdrawals prior to designation nonexempted securities 690, 750, 752 of 689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 861 Rulings of the Federal Reserve Board—Contd. Rulings of the Federal Reserve Board—Contd. Interpretations of Regulation T.—Contd. Permit to member bank relating to partici- Restricted accounts: pation in underwriting and dealing in Dividends or interest on securities Page municipal and other securities under sec- Page carried in 751 tion 32 of Banking Act of 1933 485 Market value and loan value of Permit for interlocking directorates under securities involved in substitu- section 32 of Banking Act of 1933 392 tions 692 Permit to act as correspondent bank for cer- Short sales and other transactions tain dealers in securities under section 32 in 690 of Banking Act of 1933 392 Withdrawal of interest and cash Real-estate mortgages, obligations secured dividends from 815 by, as "securities" under Banking Act Ruling no. 34 revoking rulings nos. 16 of 1933 302 and 27 752 Reserve, member-bank, computation of: Sale and purchase of unregistered, non- Against savings deposits 180 exempted securities, substitution in In connection with the payment of old accounts 815 dividends 121 Sale of unregistered, nonexempted secu- Securities company within provisions of rities, withdrawal of proceeds of, from sections 20 and 32 of Banking Act of restricted new account 752 1933 _- 485 Sale, securities deposited for 752 Stocks, corporation engaged solely in Sales and repurchases of securities in holding; applicability of section 32 of old accounts 750 Banking Act of 1933 42 Securities deposited for sale 752 (See also Law department.) Short sales and other transactions in Rumania: restricted accounts 690 Foreign exchange rates: Substituted securities, market value Monthly averages 37, 118, 177, and loan value of 692 241, 299, 386, 482, 539, 606, 672, 746, 811 Substitutions of unregistered, nonex- Yearly averages, 1925-33 38 empted securities in old accounts by National Bank of: sale and purchase of such securities. 815 Condition of 33, 114, 174, Time allowed for obtaining margin 691 238, 296, 383, 479, 536, 603, 669, 743, 808 Time, extension of, by committee of a Discount rates 36, 117, 176, national securities exchange, juris- 240, 298, 385, 481, 538, 605, 671, 745, 810 diction of 815 Gold reserves 26, 107, 167, Time when payment is deemed received 231, 289, 376, 472, 529, 596, 662, 736, 801 in cash transactions in unregistered, Russia. (See Union of Soviet Socialist Renonexempted securities 815 publics.) Time within which combination of Salaries: transactions must be made in old Federal Reserve banks 186, 547 accounts 690 Member banks 252-255 Withdrawal of cash from old accounts National banks 256,258 prior to October 15, 1934 690 State bank members 257, 259 Withdrawal of cash or securities from Savings deposits. (See Deposits; Rulings,) old accounts on and after November Secretary of Treasury: 15, 1934 751 Morgenthau, Henry, Jr., appointed. , 6 Withdrawal of interest and cash divi- Order requiring delivery of gold to Treasdends from restricted accounts 815 urer 9, 79 Withdrawal of proceeds of sale of un- Regulations: registered, nonexempted securities Foreign exchange 76, 79, 82, 780 from restricted new account 752 Gold 82 Withdrawal prior to designation of old Amendments to 145, 270 accounts 689 Silver 8, 441, 567 Liquidation, corporation in process of, Amendment to 781 applicability of section 32 of Banking Statements of, relative to purchase of gold- 69, Act of 1933 42 76, 80, 81, 145 Loans to industries \byZ Federal Reserve Statements of, relative to purchase of silver. 438, banks: 439, 440, 562, 565, 566, 567 Discount for establishment located in Woodin, William H., resignation of 6 another Federal Reserve district 675 Securities: Investment banking firm as financing Loans on, by reporting member banks: institution within meaning of sec- In 91 leading cities, 1932-34 829-831 tion 13b of Federal Reserve Act 675 In 101 leading cities, 1929-33 825-828 Manager of branch office of dealer in securi- Weekly figures 49, 131, 193, 260, ties, applicability of section 32 of Bank- 310, 419, 498, 550, 615, 696, 759, 823 ing Act of 1933 to 750 (See also Brokers and dealers in securi- Membership in Federal Reserve System of ties.) trust company doing substantially no United States Government. (See United banking business _. _ _ _ _ 486 States Government securities.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
862 INDEX TO VOLUME 20 Securities Exchange Act of 1934: South Africa—Continued. Page Regulation T: Page Gold production 27,108, Discussion of 629-634 168, 232, 290, 377, 473, 530, 597, 663, 737, 802 Rulings of Board interpreting. (See Reserve Bank: Rulings.) Condition of 33, 114, 174, Text of 675-686 238, 296, 383, 479, 536, 603, 669, 743, 808 Statement of Federal Reserve Board relative Discount rates 36, 117, 176, to margin requirements under 434 240, 298, 385, 481, 538, 605, 671, 745, 810 Text 321, 396 Gold reserves 26, 107, 167, Security issues: 231, 289, 376, 472, 529, 596, 662, 736, 801 Discussion of 269 Spain: Monthly figures 23, 104, Bank of: 159, 222, 285, 357, 460, 526, 593, 650, 733, 798 Condition of 33, 114, 174, Security prices (stocks and bonds): 238, 296, 383, 479, 536, 608, 669, 743, 808 Chart showing 268 Discount rates.—.__^_._.___-. 36, 117, 176, Discussion of 268 240, 298, 385, 481, 538, 606, 671, 746, 810 Domestic 23, 104, Gold reserves ._.___.__. 26, 107, 167, 159, 222, 285, 357, 460, 526, 593, 650, 733, 798 231, 289, 376, 472, 529, 596, 662, 736, 801 Principal countries 39, 119, Foreign exchange rates: 178, 242, 300, 388, 484, 541, 608, 674, 748, 813 Monthly averages 37, 118, 177, Shipbuilding: 241, 299, 386, 482, 539, 606, 672, 746, 811 Factory employment and pay rolls: Yearly averages, 1925-33.- 38 Index of 57, 137, 197, State banks: 264, 315, 424, 502, 554, 622, 706, 767, 837 Branches of member banks 699, 700 Revision of employment index 327-343 Condition of all banks on call dates ^ 54 Production index 55, 135, Condition of licensed member banks on call 195, 262, 313, 422, 500, 552, 620, 704, 765, 835 dates 130, 192, 418, 614 Shipments of currency to and from Europe 51, Earnings and expenses of member banks 252, 133, 194, 261, 311, 421, 499, 551, 617, 697, 761, 832 257, 259 Siam, gold reserves 26, 107, 167, 231, 289, 376, 472 Insured member banks, condition of 576, 763 Signs, displaying of, by insured banks under Number and deposits of licensed banks 48, 128, Federal Deposit Insurance Corporation 577 190, 250, 309, 416, 497, 549, 618, 698, 762, 833 Silk manufactures: Number of member banks 18, 98, Factory employment and pay rolls: 153, 216, 279, 351, 454, 520, 587, 643, 725, 790 Index of 55, 137, 197, 264, Proclamation of President relative to con- 315, 424, 502, 554, 622, 706, 767, 837 trol over ^ 11 Revision of employment index 327-343 Suspensions 251, 762, 833 Production index 55, 135, 195, 262, Stock, bank, loans by Reconstruction Finance 313, 422, 500, 552, 620, 704, 765, 835 Corporation on 103,158, Wholesale prices 58, 138, 198, 265, 221, 284, 356, 459, 525, 592, 692, 694, 731, 796 316, 426, 504, 556, 619, 703, 764, 834 Discussion of .. 509 Silver: Stock, corporate, purchase of, by State member Coin and certificates in circulation 16, 95, bank for account of customer; ruling of 150, 213, 276, 348, 451, 517, 584, 640, 722, 787 Board 609 Executive order of President relating to 564 Stock exchange: Message of President to Congress relative to Act regulating 321, 396 purchase of 435 Regulation T: Production index 55, 135, 195, 262, Discussion of 629-634 313, 422, 500, 552, 620, 704, 765, 835 Rulings of Board interpreting. (See Proclamation of President relative to 7, 562 Rulings.) Purchase Act of 1934, text of 436 Text of 675-686 Purchase of, statements by Secretary of Statement of Federal Reserve Board rela- Treasury regarding 438, tive to margin requirements 434 439, 440, 562, 565, 566, 567 Stocks and bonds: Regulations of Secretary of Treasury.. 8, 441, 567 Applicability of section 32 of Banking Act Amendment to 781 of 1933 to corporations engaged solely in Statement by President relative to 6 holding of stocks; ruling of Board 42 Weight of dollar 439, 562 International transactions of the United Silver Purchase Act of 1934, text of 436 States 716 Slaughtering and meat packing: Issues of: Factory employment and pay rolls: Discussion of 269 Index of 57, 137, 197, 264, Monthly figures 23, 104, 159, 315, 425, 502, 554, 622, 707, 767, 837 222, 285, 357, 460, 526, 593, 650, 733, 798 Revision of employment index 327-343 Loans by member banks secured by _ __ 97, 152, Production index 55, 135, 195, 262, 215, 278, 350, 453, 519, 586, 642, 724, 789 313, 422, 500, 552, 620, 704, 765, 835 Prices: South Africa: Chart showing 268 Foreign exchange rates: Discussion of __ 268 Domestic 23, 104, 159, Monthly averages 37, 118, 177, 222, 285, 357, 460, 526, 593, 650, 733, 798 241, 299, 386, 482, 539, 606, 672, 746, 811 Principal countries 39, 119, 178, Yearly averages, 1925-33.._ 38 242, 300, 388, 484, 541, 608, 674, 748, 8ia Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 863 Stocks and bonds—Continued. Page Textiles—Continued. Yield on 23, 104, Production index: Page 159, 222, 285, 357, 460, 526, 593, 650, 733, 798 Adjusted 55, 135, 195, Stocks, department stores 25, 106, 262, 313, 422, 500, 552, 620, 704, 765, 835 161, 224, 287, 359, 462, 528, 595, 652, 735, 800 Unadjusted 56, 136, 196, Straits Settlements, foreign exchange rates: 263, 314, 423, 501, 553, 621, 705, 766, 836 Monthly averages 37, 118, Wholesale prices 58, 138, 177, 241, 299, 386, 482, 539, 606, 672, 746, 811 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 Yearly averages, 1925-33 38 Thomas, J. J., designated vice governor of Sunday, payment of interest on deposits when Federal Reserve Board 561 1st day of month falls on; ruling of Board 304 Thomas, Woodlief, appointed assistant director Surplus: of Division of Research and Statistics of Federal Reserve banks: Federal Reserve Board 779 All banks 15, 94, 149, Tires and tubes, rubber: 212, 275, 347, 450, 516, 583, 639, 721, 786 Factory employment and pay rolls: Amounts transferred 187 Index of 57, 137, 197, Each bank 46, 125, 185, 264, 315, 425, 503, 555, 623, 707, 768, 838 247, 306, 413, 494, 546, 611, 694, 757, 821 Revision of employment index 327-343 Member banks: Production index: All banks on call dates 129, 191, 417, 613 Adjusted 55, 135, 195, Licensed banks on call dates 130, 262, 313, 422, 500, 552, 620, 704, 765, 835 192, 418, 614 Unadjusted 56, 136, 196, National banks 256, 258 263, 314, 423, 501, 553, 621, 705, 766, 836 State bank members 257, 259 Wholesale prices 58,138 Suspensions, bank 251, 762, 833 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 Sweden: Tobacco: Bank of: Crop estimates 60, 558, 625, 709, 769, 839 Condition of 33, 114, 174, Manufactures: 238, 296, 383, 479, 536, 603, 669, 743, 808 Factory employment and pay rolls: Discount rates 36, 117, 176, Index of 57, 137, 197, 264, 240, 298, 385, 481, 538, 605, 671, 745, 810 315, 425, 503, 555, 623, 707, 768, 838 Gold reserves 26, 107, 167, Revised employment index 327-343 231, 289, 376, 472, 529, 596, 662, 736, 801 Production index: Foreign-exchange rates: Adjusted 55, 135, 195, 262, Monthly averages 37, 118, 177, 241, 313, 422, 500, 552, 620, 704, 765, 835 299, 386, 482, 539, 606, 672, 746, 811 Unadjusted 56, 136, 196, 263, Yearly averages, 1925-33 38 314, 423, 501, 553, 621, 705, 766, 836 Money rates 36, 117, 176, Trade, retail, department stores: 240, 298, 385, 481, 538, 605, 671, 745, 810 Discussion of 1, 70, 143, 777 Switzerland: Monthly figures 25, 106, Foreign-exchange rates: 161, 224, 287, 359, 462, 528, 595, 652, 735, 800 Monthly averages 37, 118, 177, 241, Traveling expenses, Federal Reserve banks __ 186, 547 299, 386, 482, 539, 606, 672, 746, 811 Traylor, Melvin A., member Federal Advisory Yearly averages, 1925-33 38 Council, death of 145 Gold imports and exports: Treasury bonds, yield on: Net imports 29, 110, 170, 234, Discussion of 771 292, 379, 475, 532, 599, 665, 739, 804 By months, 1926-34 322 To and from the United States__ 16, 95, 150, By weeks, 1928-34 323 213, 276, 348, 451, 517, 584, 640, 722, Weekly figures 23, 104, 787. 159, 222, 285, 357, 460, 526, 593, 650, 733, 798 Money rates 36, 117, 176, Treasury certificates of indebtedness: 240, 298, 385, 481, 538, 605, 671, 745, 810 Held by Federal Reserve banks 46, 125, Swiss National Bank: 185, 247, 306, 413, 494, 546, 611, 694, 757, 821 Condition of 33, 114, 174, 238, Maturities of 51, 133, 296, 383, 479, 536, 603, 669, 743, 808 194, 261, 311, 421, 499, 551, 617, 697, 761, 832 Discount rates 36, 117, 176, 240, Treasury finance 22, 102, 298, 385, 481, 538, 605, 671, 745, 810 157, 220, 283, 355, 458, 524, 591, 647, 729, 794 Gold reserves 26, 107, 167, 231, Treasury notes: 289, 376, 472, 529, 596, 662, 736, 801 Circulation 16, 95, Taxes: 150, 213, 276, 348, 451, 517, 584, 640, 722, 787 Federal Reserve bank note circulation 186, 547 Held by Federal Reserve banks 46, 125, Federal Reserve bank premises 186, 547 185, 247, 306, 413, 494, 546, 611, 694, 757, 821 Income, United States Government 22, 102, Trust company doing substantially no banking 157, 220, 283, 355, 458, 524, 591, 647, 729, 794 business, membership in Federal Reserve Telephone and telegraph expenses of Federal System; ruling of Board 486 Reserve banks 186, 547 Turkey: Textiles: Central Bank of: Factory employment and pay rolls: Condition of 33, 114, 174, Index of 57, 137, 197, 238, 296, 383, 479, 536, 603, 669, 743, 808 264, 315, 424, 502, 554, 622, 706, 767, 837 Gold reserves 26, 107, 167, Revision of employment index 327-343 231, 289, 376, 472, 529, 596, 662, 736, 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
864 INDEX TO VOLUME 20 Turkey—Continued. United States Government securities—Contd. Foreign exchange rates: Page Held by Federal Reserve banks—Contd. Page Monthly averages 37, 118, 177, Earnings on 186, 547 241, 299, 386, 482, 539, 606, 672, 746, 811 Wednesday series 14, 93, 148, Yearly averages, 1925-33 38 211, 274, 346, 449, 514, 581, 637, 719, 784 Union of Soviet Socialist Republics, Bank of: Held by member banks: Discount rates 36, 117, 176, All banks on call dates 97, 152, 240, 298, 385, 481, 538, 605, 671, 745, 810 215, 278, 350, 453, 519, 586, 642, 724, 789 Gold reserves 26, 107, 167, Weekly figures of reporting banks 49,131, 231, 289, 376, 472, 529, 596, 662, 736, 801 193, 260, 310, 419, 498, 550, 615, 696, 759, United States Government debt 22, 102, 157, 823. 220, 283, 355, 458, 524, 591, 647, 729, 794 Pledged against Federal Reserve bank United States Government deposits: notes: Held by Federal Reserve banks: All Federal Reserve banks combined.- 15, 94, All banks 15, 94, 149, 212, 149, 212, 275, 347, 450, 516, 583, 639, 721, 275, 347, 450, 516, 583, 639, 721, 786 786. Each bank 46, 125, 185, 247, Each Federal Reserve bank 46, 125, 185, 306, 413, 494, 546, 611, 694, 757, 821 247, 306, 413, 494, 546, 611, 694, 757, 821 Held by member banks: Treasury bonds, yield on: All banks on call dates 129, 191, 417, 613 By months, 1926-34 ___ __ 322 Licensed banks on call dates 130, By weeks, 1928-34 323 192, 418, 614 Monthly figures 23, 104, 159, Reporting banks 49, 131, 193, 260, 222, 285, 357, 460, 526, 593, 650, 733, 798 310, 420, 498, 550, 615, 696, 760, 824 Revision of averages 322 United States Government securities: Treasury notes: Bills discounted by Federal Reserve banks Circulation 16, 95, 150, secured by 46, 125, 185, 247, 213, 276, 348, 451, 517, 584, 640, 722, 787 306, 413, 494, 546, 611, 694, 757, 821 Held by Federal Reserve banks.. 46, 125, 185, Bonds: 247, 306, 413, 494, 546, 611, 694, 757, 821 Held by Federal Reserve banks_ 46, 125, 185, Yield on, new series 322, 323 247, 306, 413, 494, 546, 611, 694, 757, United States postal savings deposits 51, 133 821. 194, 261, 311, 421, 499, 551, 617, 697, 761, 832 Prices of 23, 104, 159, 222, Uruguay: 285, 357, 460, 526, 593, 650, 733, 798 Bank of: Yield on: Condition of 33, 114, 174, By months, 1926-34 322 238, 296, 383, 479, 536, 603, 669, 743, 808 By weeks, 1928-34 323 Gold reserves 26, 107, 167, Discussion of 771 231, 289, 376, 472, 529, 596, 662, 736, 801 Monthly figures. 23, 104, 159, 222, 285, Foreign exchange rates: 357, 460, 526, 593, 650, 733, 798 Monthly averages 37, 118, 177, Revision of averages 322 241, 299, 386, 482, 539, 606, 672, 746, 811 Certificates of indebtedness: Yearly averages, 1925-33 38 Held by Federal Reserve banks. _ 46, 125, 185, Gold imports and exports to and from the 247, 306, 413, 494, 546, 611, 694, 757, 821 United States 16,95,150, Maturities 51, 133, 194, 213, 276, 348, 451, 517, 584, 640, 722, 787 261, 311, 421, 499, 551, 617, 697, 761, 832 Venezuela, gold imports and exports to and from Held as security against Federal Reserve ;^the United States 16,95, notes: 150, 213, 276, 348, 451, 517, 584, 640, 722, 787 All Federal Reserve banks 15, 94, 149, Voting of shares by holding company affiliates of 212, 275, 347, 450, 516, 583, 639, 721, 786 member banks; ruling of Board 749 Each Federal Reserve bank 46, 125, 185, Wages. (See Pay rolls.) 247, 306, 413, 494, 546, 611, 694, 757, 821 Warehouse receipts, acceptances based on 20,100, Extension of time limit under Glass- 155, 218, 281, 353, 456, 522, 589, 645, 727, 792 Steagall Act: Warrants, municipal, held by Reserve banks: Discussion of 142 Maturities 51,133, Proclamation of President 182 194, 261, 311, 421, 499, 551, 617, 697, 761, 832 Text of act 183 Monthly figures 15, 94, Held by Federal Reserve banks: 149, 212, 275, 347, 450, 516, 583, 639, 721, 786 All banks 15, 94, 149, Weight of gold dollar 68,141 212, 275, 347, 450, 516, 583, 639, 721, 786 Weight of silver dollar 439, 562 Averages of daily figures, end-of-month Wheat crop estimates 60, 558, 625, 709, 769, 839 series 14, 126, 188, Wholesale prices. (See Prices.) 248, 307, 414, 495, 515, 582, 638, 720, 785 Williams, L. B., resignation as Federal Reserve Discussion of 319 agent at Cleveland 779 Each bank 46, 125, 185, Woodin, William H., resignation of, as Secretary 247, 306, 413, 494, 546, 611, 694, 757, 821 of the Treasury __ 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 865 Wood manufactures: Yugoslayia—Continued. Factory employment and pay rolls: Page National Bank of: Page Index of 57, 137, 197, Condition of 33, 114, 174, 264, 315, 424, 502, 554, 622, 706, 767, 837 238, 296, 383, 479, 536, 603, 669, 743, 808 Revision of employment index 327-343 Discount rates: Production index 55, 135, Changes in 73, 510 195, 262, 313, 422, 500, 552, 620, 704, 765, 835 Monthly figures 36, 117, 176,240, Wholesale prices 58, 138, 298, 385, 481, 538, 605, 671, 745, 810 198, 265, 316, 426, 504, 556, 619, 703, 764, 834 Gold reserves 26, 107, 167, Yugoslavia: 231, 289, 376, 472, 529, 596, 662, 736, 801 Foreign exchange rates: Monthly averages 37, 118, 177, 241, 299, 386, 482, 539, 606, 672, 746, 811 Yearly averages, 1925-33 38 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS ARK. Memphis 1 i in irBOUNDARIES OF FEDERAL RESERVE DISTRICTS -•—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1934, November 30). Federal Reserve Bulletin, 1934-12. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_193412
@misc{wtfs_bulletin_193412,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1934-12},
year = {1934},
month = {Nov},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_193412},
note = {Retrieved via When the Fed Speaks corpus}
}