Federal Reserve Bulletin December 1934 - St. Louis Fed · FEDERAL RESERVE BULLETIN VOL. 20 DECEMBER...
Transcript of Federal Reserve Bulletin December 1934 - St. Louis Fed · FEDERAL RESERVE BULLETIN VOL. 20 DECEMBER...
FEDERAL RESERVEBULLETIN
DECEMBER 1934
ISSUED BY THE
FEDERAL RESERVE BOARDAT WASHINGTON
Reduction in Interest Rates on Time DepositsBusiness and Credit DevelopmentsNational 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:HENRY MORGENTHAU, Jr.,
Secretary of the Treasury, Chairman.J. F. T. O'CONNOR,
Comptroller of the Currency.
MARRINER S. ECCLES, Governor.
J. J. THOMAS, Vice Governor.CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
M. S. SZYMCZAK.
LAWRENCE CLAYTON, Assistant to the Governor.
CHESTER MORRILL, Secretary.
J. C. NOELL, Assistant Secretary.L. P. BETHEA, Assistant Secretary.S. R. CARPENTER, Assistant Secretary.WALTER WYATT, General Counsel.
GEORGE B. VEST, Assistant Counsel.
LEO H. PAULGER, Chief, Division of Examinations.FRANK J. DRINNEN, Federal Reserve Examiner.E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
LATJCHLIN CURRIE, Assistant Director, Division ofResearch and Statistics.
WOODLIEF THOMAS, Assistant Director, Division ofResearch and Statistics.
CARL E. PARRY, Chief, Division of Security Loans.E. L. SMEAD, Chief, Division of Bank Operations.J. R. VAN FOSSEN, Assistant Chief, Division of Bank
Operations.O. E. FOULK, Fiscal Agent.JOSEPHINE E. LALLY, Deputy Fiscal Agent.
District no.District no.District no.District no.District no.District no.District no.District no.District no.District no.District no.District no.
II
FEDERAL ADVISORY COUNCIL
1 (BOSTON) THOMAS M. STEELE.2 (NEW YORK) WALTER E. FREW.3 (PHILADELPHIA) HOWARD A. LOEB, Vice President.4 (CLEVELAND) H. C. MCELDOWNEY.5 (RICHMOND) HOWARD BRUCE.6 (ATLANTA) H. LANE YOUNG.7 (CHICAGO) SOLOMON A. SMITH.8 (ST. LOUIS) WALTER W. SMITH, President.9 (MINNEAPOLIS) THEODORE WOLD.10 (KANSAS CITY) W. T. KEMPER.11 (DALLAS) JOSEPH H. FROST.12 (SAN FRANCISCO) M. A. ARNOLD.
WALTER LICHTENSTEIN, Secretary
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL ADVISORY COMMITTEES
DISTRICT NO. 1 (BOSTON):Albert M. Creighton, Chairman.Robert Amory.Winthrop L. Carter.Carl P. Dennett.Edward M. Graham.
DISTRICT NO. 2 (NEW YORK):
William H. Pouch, Chairman.John A. Hartford, Vice Chairman.John B. Clark.Albert A. Hopeman.C. R. Palmer.
DISTRICT NO. 3 (PHILADELPHIA):
J. Ebert Butterworth, Chairman.Charles E. Brinley.John S. Chipman.H. W. Prentiss, Jr.Richard D. Wood.
DISTRICT NO. 4 (CLEVELAND):
F. A. Smythe, Chairman.Daniel R. Davies, Vice Chairman.Frank B. Bell.Edward C. Folsom.H. L. Kutter.
DISTRICT NO. 5 (RICHMOND):
J. G. Holtzclaw, Chairman.Overton D. Dennis.Harvey W. Moore.George E. Probest, Jr.Walker D. Stuart.
DISTRICT NO. 6 (ATLANTA):John Sanford, Chairman.William A. Parker, Vice Chairman.A. R. Forsyth.Ernest T. George.I. C. Milner.
DISTRICT NO. 7 (CHICAGO):
Max Epstein, Chairman.Maj. Howard Greene.R. R. Monroe.William R. Odell, Jr.George W. Young.
DISTRICT NO. 8 (ST. LOUIS):
William K. Norris, Chairman.Jacob Van Dyke, Vice Chairman.M. E. Finch.Henry S. Gray.Maurice Weil.
DISTRICT NO. 9 (MINNEAPOLIS):
Sheldon V. Wood, Chairman.John Bush.C. O. Follett.Harvey C. Jewett.Albert L. Miller.
DISTRICT NO. 10 (KANSAS CITY):R. L. Gray, Chairman.Walter J. Berkowitz.D. Bruce Forrester.Ed. S. Miller.L. F. Rooney.
DISTRICT NO. 11 (DALLAS):
Clarence Ousley, Chairman,T. M. Cullum.Lewis R. Ferguson.Will B. Marsh.Charles R. Moore.
DISTRICT NO. 12 (SAN FRANCISCO):Stuart L. Rawlings, Chairman.Ralph Burnside.Shannon Crandall.Henry D. Nichols.H. L. Terwilliger.
i l l
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bankof—
Chairman and FederalReserve agent Governor Deputy governor Cashier
BostonNew York
Philadelphia
Cleveland
Richmond
Atlanta.—
Chicago
St. Louis
F. H. CurtissJ. H. Case
R. L. Austin _
E. S. Burke, Jr.*
W. W. Hoxton
Oscar Newton
E. M. Stevens
R. A. YoungG. L. Harrison
G. W. Norris
E. R. Fancher
G. J. Seay
E. R. Black
G. J. Schaller
Minneapolis...
Kansas City
Dallas.
San Francisco .
J. S. Wood....
J. N. Peyton
C.C.Walsh
W. McC. Martin
W. B. Geery
G. H. Hamilton
B. A. McKinney
J. U. Calkins
W. W. PaddockW. R. BurgessJ. E. CraneW. S. LoganL. R. RoundsL.F. SailerC. H. CoeW. H. HuttJ. S. SinclairC. A. Mcllhenny
M. J. FlemingF. J. ZurlindenC. A. PepleR. H. BroaddusW. S. Johns...H. F. ConnifEC. R. McKayH. P. PrestonJ. H. Dillard
0. M. AtteberyJ. G. McConkey
Harry YaegerH. I. ZiemerC. A. WorthingtonJ. W.HelmR.R.GilbertR. B. ColemanW. A. DayIra Clerk
W. Willett.J. W. Jones.*W. B. Matteson.iJ. M. Rice.iAllan Sproul.3H. H. Kimball.iL. W. Knoke.1C. A. Mcllhenny.W. J. Davis.iL. E. Donaldson.iW. G. McCreedy 2H. F. Strater.
G. H. Keesee.J. S. Walden, Jr.2M. W. Bell.W. S. McLarin, Jr.iW. H. Snyder.aW. C. Bachman.i0. J. Netterstrom.iA. T. Sihler.iE. A. Delaney.iA. L. Olson.iS. F. Gilmore.2A. H. Haill.2F. N. Hall.2G. 0. Hollocher.20. C. Phillips.*H. I. Ziemer.F. C. Dunlop.2J. W. Helm.
Fred Harris.W. 0. Ford.iW. M. Hale.
1 Assistant deputy governor.8 Assistant to the governor.2 Controller.4 Acting chairman; W. H. Fletcher, acting Federal Reserve agent.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:Buffalo branch
Cleveland:Cincinnati branchPittsburgh branch
Richmond:Baltimore branch _Charlotte branch
Atlanta:Birmingham branchJacksonville branch.Nashville branchNew Orleans branch
Chicago:Detroit branch
St. Louis:Little Rock branch.Louisville branchMemphis branch
Managing director
R. M. O'Hara.
C. F. McCombs.T. C. Griggs.Hugh Leach.W. T. Clements.
J. H. Frye.
J. B. Fort, Jr.Marcus Walker.
R. H. Buss.
A. F. Bailey.J. T. Moore.W. H. Glasgow.
Federal Reserve Bank of—
Minneapolis:Helena branch
Kansas City:Denver branchOklahoma City branchOmaha branch
Dallas:El Paso branchHouston branchSan Antonio branch
San Francisco:Los Angeles branchPortland branchSalt Lake City branchSeattle branch ._Spokane branch
Managing director
R. E. Towle.
J. E. Olson.C. E. Daniel.L. H. Earhart.
J. L. Hermann.W. D. Gentry.M. Crump.
W. N. Ambrose.R. B. West.W. L. Partner.C. R. Shaw.D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with memberbanks of the Federal Reserve System and is the only official organ or periodical publication ofthe Board. The BULLETIN will be sent to all member banks without charge. To others thesubscription price, which covers the cost of paper and printing, is $2. Single copies will besold 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 _ 771Loans on securities by reporting member banks (101 cities and 91 cities), 1929-34 825-831National summary of business conditions 782Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc 783-787Member and nonmember bank credit:
All banks in the United States 790All member banks 788, 789, 822, 833Weekly reporting member banks in leading cities 791, 823
Brokers' loans 791Acceptances and commercial paper 792Discount rates and money rates 793Treasury finance 794Assets and liabilities of governmental credit agencies 795Reconstruction Finance Corporation—Loans, subscriptions, and allocations 796Farm Credit Administration—Loans and discounts outstanding, by institutions 797Home Owners' Loan Corporation—Summary of operations 797Federal home loan banks—Assets and liabilities 797Security prices, bond yields, and security issues 798Production, employment, car loadings, and commodity prices 799Merchandise exports and imports 800Department stores—Indexes of sales and stocks.^ 800Freight-car loadings, by classes 800
Financial statistics for foreign countries:Gold reserves of central banks and governments 801Gold production 802Gold movements 802-804Government note issues and reserves 805Bank for International Settlements 805Central banks 806-808Commercial banks 809Discount rates of central banks 810Money rates 810Foreign exchange rates 811Price movements:
Wholesale prices 812Retail food prices and cost of living 813Security prices 813
Law department:Rulings of the Federal Reserve Board:
Absorption by member banks of exchange or collection charges in trivial amounts 814Rulings nos. 37-40 interpreting Regulation T 815
Regulation Q, series of 1935 816Federal Reserve statistics by districts, etc.:
Banking and financial statistics 820-833Industrial and commercial statistics 834-839November crop report 839
Index to volume 20 841v
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETINVOL. 20 DECEMBER 1934 No. 12
REVIEW OF THE MONTHThe Federal Reserve Board has reduced
from 3 to 2% percent the maximum rate ofinterest that may be paid on
Reduction in in- time and savings deposits byterest rate on member banks, and the Federaltime deposits Deposit Insurance Corporation
made a corresponding reductionin the maximum rate that may be paid by Statebanks and trust companies which are insured bythe Corporation. The new maximum rate willbecome effective on February 1, 1935. Thereduction in the deposit rate is in harmony withthe prevailing downward trend in interest rates,and is expected to support that trend, particu-larly in regard to rates on long-time money,which are an important factor in businessrecovery.
The reduction is in line with the action takenby State banking authorities in several Statesand also with voluntary agreements made byclearing-house associations and other bankinggroups. The decrease in rates on time depositsshould have a tendency to bring about a declinein the cost to borrowers and to encourage de-positors to seek investment for their idle funds.A more favorable capital market may beexpected to create a more favorable mortgagemarket as well as encourage refunding opera-tions and the undertaking of new capital proj-ects generally, a development essential torecovery.
The Federal Reserve Board's action in thismatter is in accordance with the duty imposedupon it by the Banking Act of 1933, which pro-vides that "the Federal Reserve Board shallfrom time to time limit by regulation the rate ofinterest which may be paid by member bankson time deposits." This provision of the lawplaces upon the Federal Reserve Board the re-sponsibility of raising or lowering from time totime the maximum rate that may be paid bymember banks on time and savings deposits in
accordance with prevailing economic conditionsand the requirements of the public interest.
The Federal Reserve Board's Regulation Q,as amended to reduce the maximum rate to2}i percent, is published in this issue of theBULLETIN, page 816.
In addition to the amendment reducing themaximum rate of interest to 2}{ percent, theregulation, as amended, will (1) permit thecomputation of interest on time and savingsdeposits at a rate not in excess of 2% percentcompounded quarterly instead of (as providedin the old regulation) at a rate not in excess ofthe maximum compounded semiannually, (2)enable member banks to pay interest on timeand savings deposits received during the first 5days of any calendar month at the maximumrate prescribed in the regulation calculatedfrom the 1st day of the month, and (3) permitforeign branches of American banks to obtainauthority from the Board to pay interest ontime and savings deposits at rates consistentwith competitive conditions prevailing in thelocalities where the foreign branches are situ-ated. The action of the Board does not affectthe payment of interest by member banks at arate higher than the maximum in accordancewith the terms of any contract legally enteredinto prior to and in force on December 18, 1934.
The course of money rates in recent years isshown in the chart. Open-market rates on
short-time money at the presenttime are at the lowest level onrecord, and rates charged cus-
tomers by banks average lower than at anyother time in the post-war period. Offeringrates on bankers' acceptances, shown on the ac-companying chart, have been below 1 percent,except in March and April 1933, for over 2years and since last spring have been betweenone-eighth and one-fourth of 1 percent. Latein October a flat rate of one-eighth percent wasestablished in the market. Rates on open-
771
Recent moneyrate changes
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 1percent last April, were reduced further to arange of %-l percent in June and have remainedat that level. Call money rates have been 1percent since last December. Yields on Treas-ury issues, notwithstanding a small advance inAugust, continue to be low, with 182-day billsselling at prices to yield about 0.22 percent perannum.
Rates charged on prime loans to customers bybanks, shown on the chart, have declined slowlywith occasional interruptions during the depres-sion. This decline has been general throughoutthe United States. Rates charged by New YorkCity banks average about 3K percent as com-pared with an average of about 4}i percent from
MONEY RATESMonthly basis
1926 1927 1928 1929 1930 1931 1932 1933 1934
1925 to 1927, and banks in southern and westerncities now charge an average of about 5 percentas compared with over b% percent in the earlierperiod.
Long-term rates, as indicated by bondyields, have also declined. Long-term UnitedStates Government bonds, as shown on thechart, are selling at a price to yield about 3percent, as compared with 3% to 3% percentin the period from 1926 to 1930 and with over4 percent for a short time in 1932. In July ofthis year these bonds sold on a 2.85 percentyield basis. Prices of high-grade domesticcorporate bonds have risen this year to newhigh levels and, according to figures compiledby Moody's Investors Service, these bondshave sold since early in the summer at pricesyielding less than 4 percent, the lowest yields
Growth of bankdeposits
on such bonds since early in this century.High-grade municipal bonds have been sellingat prices yielding about 3K percent.
Anelement in the downward trend of moneyrates has been a considerable growth in bank
deposits. On the basis of re-serve computations for Octo-ber 1934, net demand and
time deposits at member banks were $28,034,-000,000, representing a growth of $4,665,000,000over October 1933. This increase was due insmall part to accession to membership of theSystem. The increase of 20 percent wasaccounted for by an increase of $3,965,000,000in net demand deposits and an increase of$700,000,000 in time deposits. The growth indeposits was general throughout the countrybut has been relatively larger at banks outsideNew York City. On the basis of figures forreporting member banks in leading cities, thegrowth of demand deposits continued in No-vember, while time deposits declined by a smallamount.
DEPOSITS—ALL LICENSED MEMBER BANKSlAmounts in millions of dollars. Averages of daily figures]
Net demand deposits.Time deposits.. - . „
Net demand and time deposits
October1934
18, 2089,826
28,034
Change from Octo-ber 1933
Amount
+3,965+700
+4,665
Percent
+28.5+7.6
+20.0
Maintenance of a large volume of excessreserves at member banks has been an impor-
tant factor in the decline inm o n e y r a t e s d u ™ g t h e P a s t 2
years. Excess reserves, whichhad amounted to $1,900,000,000 in August,declined to about $1,750,000,000 early inSeptember and continued at the reduced levelduring October, reflecting a seasonal growth ofmoney in circulation, a further increase inrequired reserves, and some increase in Treas-ury deposits with the Federal Keserve banks.In the first 3 weeks of November, however,member bank reserves showed an increase of$190,000,000, resulting principally from largegold imports and a decrease in Treasurydeposits 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$4,200,000,000 and excess reserves againexceeded $1,900,000,000. From November 21to the end of the month there was a decline of$115,000,000 in member bank reserve balances,reflecting principally a seasonal increase ofmoney in circulation and an increase in Treas-ury cash and deposits with Reserve banks,offset in part by further gold imports.
Gold imports, which increased early inNovember, following declines in foreign-ex-change quotations for gold currencies,amounted to about $120,000,000 during themonth, of which about $5,000,000 had notbecome a part of the monetary gold stock bythe end of the month. In addition, new goldproduced and other gold obtained from do-mestic sources continued to augment goldstocks by about $15,000,000 a month. TheTreasury's gold holdings are now in excess of$8,100,000,000.
A currently small but cumulatively substan-tial source of reserve funds in recent monthshas been the issuance of silver certificates by theTreasury. From July 31 to November 30 theamount of these certificates outstanding out-side the Treasury increased by $160,000,000.
Loans and investments of member banks alsoshow a recent growth. Preliminary compila-
tions of condition reports ofall member banks for October17 show aggregate loans andinvestments of $27,584,000,000,
an increase of $2,631,000,000 in a 12-monthperiod. This increase reflects in part additionsto the membership of the Federal ReserveSystem. Investments increased by $3,346,-000,000, while loans decreased by $714,000,000.Holdings of direct and fully guaranteed obli-gations of the United States Government werelarger by $3,090,000,000 and increases occurredin other securities and in open-market loans,particularly in loans to brokers and dealers inNew York and in commercial paper. Loansto banks were reduced by about one-half andloans to other customers decreased consider-ably, reflecting principally a decline in loans onsecurities. Loans to customers, other than
Member bankloans and in-vestments
loans on securities or real estate, declined by$420,000,000 between October 25, 1933, andJune 30, 1934, but increased by $290,000,000between June 30 and October 17 of this year.
LOANS AND INVESTMENTS—ALL MEMBER BANKS
[In millions of dollars]
Loans to banksLoans to other customersOpen-market loans
Total loans _
Direct obligations of United States Government _-Obligations fully guaranteed by United States
GovernmentOther securities
Total investments
Total loans arid investment*;
Oct. 17,1934
14910,8371,358
12, 344
9,171
7205,349
15, 240
27, 584
Changefrom
Oct. 25,1933
-148-686+120
-714
+2,370
+720+256
+3,346
+2,631
Both country banks and reserve city banksshowed changes in loans and investments dur-ing the 12-month period similar to those shownin the table for all member banks. Countrybank loans decreased somewhat as comparedwith a year ago, while their investments in-creased by $788,000,000, chiefly in direct andguaranteed obligations of the United StatesGovernment. From June 30 to October 17 ofthis year both loans on securities and otherloans to customers declined at country banks,reflecting a further reduction of customers in-debtedness to banks in country districts. Thisdecrease accompanied a similar decline in cropand livestock loans made by various Federalcredit agencies.
Total loans and investments of weeklyreporting member banks in leading citiesdeclined by $90,000,000 between October 17and November 28. Customers' loans, otherthan loans on securities, showed a decrease,which, like the increase in previous months,was in large part a reflection of seasonal de-velopments. There was also a decrease in loansto brokers by New York City banks, andholdings of securities other than direct orguaranteed obligations of the United StatesGovernment showed a decline of $122,000,000,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 partthe exchange on or before October 27 of interest-guaranteed bonds of the Home Owners' LoanCorporation for the fully-guaranteed bonds ofthat agency and in part retirement of certainlarge issues of short-term securities held by thebanks.
The review of applications for industrialloans at the Federal Reserve
vances'^1 **" b a n k s i s Proceeding withoutdelay, and the number of appli-
cations awaiting action has been reduced.Up to the close of business November 28
Industrial Advisory Committees at FederalReserve banks had recommended the approvalof 961 applications for $46,600,000 of indus-trial advances and commitments and theReserve banks had approved 567 applicationsfor $26,500,000 unconditionally and 261 appli-cations for $15,700,000 with certain conditionsattached. Of the applications unconditionallyapproved, advances had been made by theReserve banks in the amount of $9,990,000, ofwhich $9,770,000 were outstanding on No-vember 28. There were also $6,660,000 ofcommitments outstanding, and participationsof financing institutions amounted to $1,970,000.
Industrial activity and factory employmentincreased in October, after several months of
decline, and distribution ofcommodities at retail continuedclose to the relatively high level
maintained since the early part of the year.Wholesale prices, which had declined duringSeptember and October, showed mixed move-ments in November.
Industrial output at this time is at about thelevel of a year ago and considerably above thelowest levels of the depression. The Board'sseasonally adjusted index, which is shown onthe chart, decreased from 86 percent of the1923-25 average in May of this year to 71 per-cent in September and advanced to 74 percentin October. Preliminary figures indicate littlechange in November.
The decline in this adjusted index from Mayto July of this year reflected a sharp decrease
Recent courseof business
in the actual volume of production, especiallyin the steel industry. During August andSeptember the total volume of output failed toshow the expansion usual at that season andthe adjusted index continued to decline. The
INDUSTRIAL PRODUCTION
Adjusted for seasonal variation1923-25 avera£e=100
120
100
80
60
'40
\
\
Vs
Al\
I ^J
/\
PER CENT140
120
100
60
1929 1930 1931 1932 1933Federal Reserve Board's index.
1934-
recent advance in October was due in large partto the resumption of activity in the textileindustry following the strike in September,but there was also an increase in activity atsteel mills, contrary to seasonal tendency. InNovember steel-mill activity showed a furtherslight increase, while output in the automobileand lumber industries showed declines, largelyof a seasonal nature.
In general, fluctuations in activity this yearhave been less marked than during 1933 andthere has been no widespread buying andstocking movement, such as occurred in thelate spring and early summer of last year.While at that time output of nondurable aswell as of durable commodities increasedsharply, this year there has been little changein activity at establishments producing non-durable manufactures. In the textile industryoutput this year has been generally at a some-what lower level than a year ago, while in themeat-packing industry there has been an in-crease, reflecting heavy marketings of cattleduring recent months as a consequence of thedrought.
Fluctuations in activity in industries produc-ing durable manufactures have been pro-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
Employment
ago. A period of sharply increased output ofsteel and automobiles in the spring of the yearwas followed by a considerable decline in boththese lines. In recent weeks steel productionhas increased, contrary to the usual seasonaltendency, to about 33 percent of capacity,and, in the early part of December, automobileproduction has also shown an increase. Thelow level of activity in the steel industry duringthe summer and autumn reflected in part theaccumulation of stocks during the spring inanticipation of an announced price advance.Lumber production has fluctuated consider-ably, but less than last year. Among the min-erals, fluctuations in the output of bituminouscoal and crude petroleum have been somewhatless marked than a year ago.
The volume of factory employment increasedconsiderably between the middle of September
and the middle of October, asactivity was resumed at textile
mills, and the Board's seasonally adjusted indexadvanced from 74 percent of the 1923-25 aver-age to 77 percent. The current level of factoryemployment, as of manufacturing output, isabout the same as a year ago and considerablyabove the low level of the depression.
Increases in employment during the earlypart of the year and declines from May toSeptember were general. Employment in themeat-packing industry, however, showed anincrease. Employment in industries producingtextile fabrics was larger during October thanduring August, the month before the textilestrike. The total volume of employment inother industries declined between August andOctober, reflecting chiefly reductions in em-ployment at automobile factories, at foundries,and in the leather and tire industries.
Changes during recent months in the volumeof employment in nonmanufacturing industries,not including recovery agencies, have beenrelatively small. Currently, employment inthese lines, as in manufacturing, is at about thesame level as a year ago. Among the recoveryagencies the principal change has been in em-ployment on projects of the Public WorksAdministration. The number employed on such
projects, as reported by the Bureau of LaborStatistics, increased from about 275,000 at the be-ginning of this year to about 625,000 in July andhas since declined to about 520,000 in October.
The recent course of production, employ-ment, and pay rolls in a comparable group of
PRODUCTION, EMPLOYMENT AND PAYROLLSIN COMPARABLE MANUFACTURING INDUSTRIES
80J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J A. S 0 N D
1933 1934The index of the production of manufactures on a January to March 1933
base has been computed from the index regularly computed and pub-lished by the Federal Reserve Board on a 1923-25 base. The indexesof employment and pay rolls were computed by the Board from dataof the U. S. Bureau of Labor Statistics for industries included inthe]Board's index of the production of manufactures.
manufacturing industries—those in the Board'sindex of manufacturing production—is shownon the accompanying chart. The figuresplotted are not adjusted for seasonal variation.
By the latter part of 1933 employment andpay rolls in this group of industries had in-creased considerably more than production,reflecting in large part the spreading of workand the increasing of minimum wage ratesunder the industrial codes. This year, throughAugust, production, employment, and pay rollsall fluctuated closely together. In Septemberand October employment and pay rolls, whichare reported for the pay-roll period endingnearest the middle of the month, showed widerfluctuations than production, which is reportedfor the whole month. From the latter part of1933 to October 1934 there was little netchange 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 inthese manufacturing industries continues con-siderably higher relative to production than atthe corresponding level of output in the latespring of 1933. As is usual, fluctuations in payrolls accompanying changes in output havebeen more pronounced than changes in thenumber employed, reflecting in part changesin the amount of part-time employment.
The course of activity in the constructionindustry this year has reflected largely changes
in the volume of public work.Construction Last winter a large volume of
contracts was awarded for suchconstruction and formed the basis for a sub-stantial increase in activity during the springand summer months, when there was alsosome increase, largely of a seasonal nature, inthe volume of private building. Expendituresand employment on construction projects ofthe Public Works Administration reached apeak in the summer and since that time havedeclined considerably, reflecting chiefly a re-duction in road building. Outlays on repairsand alterations have shown an increase thisyear, particularly in recent months.
As a consequence of reduced acreage andwidespread drought, most leading crops this
year are considerably smalleroutput Ura than in other recent years and,
with feed supplies curtailed,marketings of livestock have been unusuallylarge and output of dairy products has showna decline. This has been an important factortending to increase prices of farm productssince the middle of the year during a periodwhen other commodities have shown littlechange. Small output of leading crops, ascompared with last year and the 5-year aver-age, reflects in part reduction of acreage plantedto such crops as cotton and tobacco, and inpart low yields for such crops as grains andfeedstuffs caused by the drought.
Stocks of certain agricultural raw materials,such as cotton and wheat, have been reducedconsiderably from the high levels prevailingfor several years. The reduction in domesticsupplies of corn and other feed crops hasresulted in heavy marketings of cattle from
Commodityprices
drought areas. The number of cattle on farmshas declined considerably from the peak levelreached at the beginning of the year, and withthe number of hogs on farms reduced in con-nection with the production control programof the Agricultural Adjustment Administra-tion, feedstuff requirements have been re-duced. Even with reduced feed requirementsand improvement in pastures, however,domestic supplies are relatively small and therehas already been an increase in imports ofcorn. Production of dairy and poultry prod-ucts has been less than a year ago, while outputof truck crops has been larger.
The course of wholesale commodity pricesthis year has been dominated largely by changes
in the prices of farm productsand foods, with little change re-ported for other commodities
as a group. From a level of 71 percent of the1926 average at the beginning of January, theindex of the Bureau of Labor Statisticsadvanced gradually to 74.7 percent at theend of July. Since that time there hasbeen considerable fluctuation. In the latterpart of August there was a rapid upward move-ment in the index, reflecting chiefly higherprices for livestock. Subsequently, in Sep-tember and October, with reductions in theprices of livestock, meats, grains, cotton,textiles, and building materials, the generallevel declined. In November price movementswere mixed and the general index for theweek ending December 1 was 76.5 as com-pared with 76 at the beginning of Novemberand 74.7 at the end of July. The figures since1931 are shown on the accompanying chart.
The small price changes since the beginningof the year for the group of commodities otherthan farm products and foods have reflecteddeclines in the prices of textiles, hides, andleather, offset by increases in the prices ofbituminous coal, metals and metal products,chemicals, and miscellaneous products, par-ticularly rubber and tires. Building materialprices advanced somewhat during the first halfof the year and subsequently declined by aboutthe same amount, according to the Bureau ofLabor 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 thelatter part of November retail prices of fooddeclined somewhat and on November 20 theindex of the Bureau of Labor Statistics was at115 percent of the 1913 average as comparedwith a high of 117 percent early in Septemberand 105 at the beginning of the year. Thedecline was largely in meat prices, which hadadvanced rapidly in earlier weeks. Prices ofarticles sold mainly at department stores and
PER CENT
100
WHOLESALE PRICESi926averaje=1OO
30 L 30
Incomes
1931 1932 1933 1934Indexes of U. S. Bureau of Labor Statistics; monthly for 1931 and
weekly for later years. Latest figures are for week ended Novem-ber 24.
mail-order houses apparently have shown littlechange this year.
Such income data as are available indicatethat during the early part of this year incomes
were substantially above thelow level of early 1933 and that
currently incomes are slightly larger than a yearago. For the first 10 months of 1934 as a wholesubstantial increases were shown in pay rollsat factories and mines, and in aggregate returnsto farmers. Industrial profits were also largerin the first three-quarters of the year. Incomesderived from the construction industry haveshown a growth, reflecting larger publicexpenditures on construction, and pay rollson the railroads this year have been slightlylarger than a year ago.
Wage payments at factories, mines, railroads,and public utilities in the first 10 months ofthis year were about one-fourth larger than inthe corresponding period of 1933. The largestincrease was reported for wage-earners em-ployed at factories producing durable goods.
Profits of a group of large industrial corpora-tions during the third quarter of 1934 were 25percent smaller than in the third quarter of1933 and 30 percent smaller than in the secondquarter of this year. On the basis of availablereports, building, chemical, food products,medicine and drug, nonferrous metal, oil, andretail lines, however, indicated better results inthe third quarter of this year than for thepreceding 3 months. Owing to the fact thatprofits during the first and second quarters of1934 were larger than in the correspondingquarters of 1933, industrial profits for the first9 months of this year were more than 70 percentgreater than for the corresponding period oflast year. On the other hand, public-utilityand railroad corporations reported smallerprofits during both the third quarter and thefirst 9 months of this year than in the corre-sponding periods of the previous year.
Cash returns to farmers during the first 10months of 1934 are estimated by the Depart-ment of Agriculture at $5,045,000,000 as com-pared with $4,099,000,000 in 1933 and $3,616,-000,000 in 1932. Of the increase of $946,000,-000 in farm income approximately $300,000,000represents increases in benefit payments andemergency purchases of cattle and the remain-der increased returns from marketings at higherprices.
These increases in dollar incomes have beenaccompanied by a rise in the cost of living.Retail prices of foods during the first 10 monthsof the year have been on the average about 12percent higher than last year, while rents havebeen about the same for the two periods. Atthe present time food prices are 27 percent abovethe low in April 1933.
During the first 11 months of this year ex-penditures for commodities at retail have beenT , larger than a year ago, reflecting
increased urban and rural in-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
Security markets
through November amounted to 13 percent,with the largest increases reported for agricul-tural areas, particularly in the South. Thefour Federal Keserve districts showing the mostmarked increases were Atlanta with 27 percent,Dallas with 23 percent, and Chicago and Rich-mond with 18 percent, while the smallestincreases were 5 percent in the Boston district,6 percent in New York, 9 percent in Philadel-phia, and 10 percent in San Francisco.
Sales by mail-order houses, variety stores,and chain groceries, and sales of general mer-chandise in rural stores have been larger thisyear than last year and have been well main-tained in recent months. For the iirst 11months there has also been considerable growthover a year ago in retail sales of such commodi-ties as automobiles, furniture, and mechanicalrefrigerators.
Security prices, which declined sharply dur-ing the latter part of July and the early part of
August, advanced somewhatduring October and November.
In August and September, common-stockprices reached approximately the lowest levelsof the past year, but prices of high-grade bondscontinued higher than in 1932 and 1933.
New capital issues of domestic corporationsin the last few months have been small. Forthe year to the end of November, such issuestotaled $143,000,000, as compared with totalsof $160,000,000 for the entire year 1933, andof $325,000,000 for 1932, and a yearly averageof over $4,000,000,000 in the peri9d from 1925to 1930. Refunding issues of domestic corpo-rations increased somewhat during the summerbut subsequently declined. For the year todate corporate refunding issues have beensomewhat larger than in the correspondingperiod of 1933 and about the same as in 1932.
Public offerings of State and municipalobligations, which in recent years have com-prised the bulk of new capital issues, increasedsomewhat in November, after being relativelysmall in the 3 preceding months. For the yearto date new capital issues by these agenciestotaled $730,000,000, considerably more thanin the same period of 1933 and somewhat more
than in that part of 1932, but considerably lessthan in the corresponding periods of 1930 and1931. Nearly half of all new security issuessince July 1 and a substantial portion of therefunding issues since June were composed ofFederal farm-loan and home-loan bonds.
The value of exports from the United States,after increasing substantially during the last
three quarters of 1933, has beenFo!iei£n, t r a d e , maintained at a level consider-and balance of . , , . _ .payments ably higher than a year ago.
Imports, which had expandedrapidly during the spring and summer of 1933,declined toward the end of the year, and in1934 have shown no increase over the levelreached at that time.
Value of foreign trade during the first 10months of this year, as a whole, was about26 percent larger than in the correspondingperiod last year, reflecting an increase of 36percent in exports and 14 percent in imports.Substantial increase in quantity as well as valueof exports was reported for automobiles, copperore, refined copper, iron and steel products, andmachinery. The value of cotton exports wasabout the same, in this period as a year ago butthe quantity shipped declined by 28 percent.Of the commodities imported, crude rubber,newsprint, copper, spirits, and wine show thelargest increases in quantity as well as value.
For the 12 months ending October 1934 theexport surplus was $510,000,000 as against$180,000,000 in the previous 12 months. Thisexcess of exports at a time when other majorcurrent items in our balance of payments,such as interest on foreign investments, touristexpenditures, and immigrants' remittances,approximately balanced one another, has beenan important factor in the movement of goldto this country from the rest of the world.Capital has also flowed toward the UnitedStates during most of the past year, except fora short time in the summer when a returnmovement of balances to Europe, together withAmerican purchases of silver abroad, led to areversal of the gold flow. The large seasonalexcess of merchandise exports in the autumn,however, at a time when Europe is receivinglittle 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 theUnited States.
Gold imports into the United States duringNovember came largely from the countries
comprising the so-called Euro-inOEurropTeS Peaa gold bloc. As shown by
the accompanying table, cen-tral gold reserves during November declined$25,000,000 in France, $21,000,000 in Italy,$20,000,000 in Belgium, and $18,000,000 inNetherlands, while gold reserves in Switzerlandincreased $3,000,000 and in Germany andEngland remained substantially unchanged.These figures include only reserves reported bycentral banks and governments.
CENTRAL GOLD RESERVES OF SELECTED COUNTRIES
[In millions of dollars]
FranceBelgiumNetherlands.Switzerland.ItalyGermanyEngland.... .
End ofNovem-
ber
5,443v 589
582624
v 52032
1,583
Change dur ing-
Novem-ber
- 2 5- 2 0- 1 8+3
- 2 1- 1
+ 1
October
+13- 1 7+13+31- 1 3+3+1
p Preliminary.
Change in Foreign Central Bank Discount Rate
On November 26 the Bank of Italy raisedits discount rate from 3 to 4 percent.
Appointment of Governor of the Federal Reserve Board
Effective November 15, 1934, Mr. MarrinerS. Eccles, of Utah, was appointed a memberof the Federal Reserve Board and was desig-nated as Governor of the Board, to fill thevacancy created by the resignation on August15, 1934, of Mr. Eugene R. Black.
Division of Security Loans of the Federal ReserveBoard
On November 24 the Board stated that:The Securities Exchange Act of 1934 placed
additional responsibilities on the Federal Re-serve Board looking toward the prevention ofthe excessive use of credit for the purchase or
carrying of securities. The research and ad-ministrative work of the Board's staff in thisconnection has been carried on in the Divisionof Research and Statistics. In view of the im-portance of this activity the Board has nowcreated a new division for this work which willbe called the Division of Security Loans.Dr. Carl E. Parry, who has been assistant direc-tor of the Board's Division of Research andStatistics, will be the chief of the new division.
Dr. Lauchlin Currie, who has been engagedin research in the monetary field in the TreasuryDepartment, has been appointed by the Boardas assistant director of the Division of Researchand Statistics, and Dr. Woodlief Thomas, whohas been a member of the staff of the division,has also been designated assistant director ofthe division. Under the general supervision ofDr. E. A. Goldenweiser, the director, it is con-templated that the work of the division in-volving research in the monetary field willcome under Dr. Currie and research in bankingand business fields will come under Dr. Thomas.
Appointment of Assistant to the Governor
On December 1, 1934, Mr. Lawrence Clay-ton was appointed assistant to the Governor ofthe Federal Reserve Board, succeeding Mr.H. Warner Martin, who resigned effectiveOctober 30, 1934.
Chairman and Federal Reserve Agent at the FederalReserve Bank of Cleveland
On November 28 the Federal Reserve Boardannounced the resignation of Mr. L. B. Wil-liams as chairman and Federal Reserve agentat the Federal Reserve Bank of Cleveland.
Death of Mr. McClure
Mr. M. L. McClure, chairman and FederalReserve agent at the Federal Reserve Bank ofKansas City, died on December 5, 1934.
Governor of the Federal Reserve Board on NationalEmergency Council
The Executive order of October 29, relatingto the consolidation of the Executive Councilwith the National Emergency Council, namedthe 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,the full membership of which is as follows:
The President of the United States.The Secretary of State.The Secretary of the Treasury.The Secretary of War.The Attorney General.The Postmaster General.The Secretary of the Navy.The Secretary of the Interior.The Secretary of Agriculture.The Secretary of Commerce.The Secretary of Labor.The Director of the Budget.The Secretary to the President.The Hon. L. W. Robert, Jr., Assistant Secretary of
the Treasury.The Administrator of Agricultural Adjustment.The Administrator of Federal Emergency Relief.The Chairman of the Board of the Reconstruction
Finance Corporation.The Chairman of the Board of the Tennessee Valley
Authority.The Chairman of the Federal Home Loan Bank
Board.The Chairman of the Federal Trade Commission.The Director of Emergency Conservation Work.The Federal Coordinator of Transportation.The Governor of the Farm Credit Administration.The Adviser on Consumer Problems.The Chairman of the National Industrial Recovery
Board.The Chairman of the Federal Alcohol Control
Administration.The Federal Housing Administrator.The President of the Export-Import Banks of
Washington, D. C.The Chairman of the Federal Deposit Insurance
Corporation.The Chairman of the Federal Power Commission.The Chairman of the Federal Communications
Commission.The Chairman of the Securities and Exchange
Commission.The Governor of the Federal Reserve Board.The Executive Director.
Interdepartmental Loan Committee
On November 14 the following statement wasissued from the White House:
To obtain improved cooperation among Federalagencies engaged in lending Government funds, eitherdirectly or indirectly, the President has created a LoanCommittee comprising the heads of the following de-partments and agencies, with the Secretary of theTreasury designated as chairman:
Henry Morgenthau, Jr., Secretary of the Treasury.Harold L. Ickes, Secretary of the Interior and as
Administrator of the Emergency Administration ofPublic Works and Administrator of the EmergencyPublic Works Housing Corporation.
W. I. Myers, Governor of the Farm Credit Admin-istration.
John H. Fahey, Chairman of the Federal Home LoanBank Board and as Chairman of the Home Owners'Loan Corporation.
Chester C. Davis, Administrator of the AgriculturalAdjustment Administration.
George N. Peek, President of the Export-ImportBank.
Lynn P. Talley, President of the Commodity CreditCorporation.
Leo T. Crowley, Chairman of the Federal DepositInsurance Corporation.
Jesse H. Jones, Chairman of the ReconstructionFinance Corporation.
Marriner S. Eccles, Governor of the Federal ReserveBoard.
James A. Moffett, Administrator of the FederalHousing Administration.
Foreign Exchange Regulations
On November 12 the Secretary of the Treas-ury issued the following regulations relating totransactions in foreign exchange, transfers ofcredit, and the export of coin and currency:
ARTICLE 1. These regulations are prescribed andissued under authority of section 5 (b) of the actof October 6, 1917 (40 Stat. L. 411), as amended bysection 2 of the act of March 9, 1933, and the ExecutiveOrder of January 15, 1934, Regulating Transactionsin Foreign Exchange, Transfers of Credit, and theExport of Coin and Currency.
ARTICLE 2. Licenses may be granted, and a generallicense is hereby granted, to all individuals, partner-ships, associations, and corporations, authorizing anyand all transactions in foreign exchange, transfers ofcredit, and exports of currency (other than gold certifi-cates) and silver coin. The general license hereingranted authorizes transactions to be carried out whichare permitted by the Executive Order of January 15,1934, under license therefor issued pursuant to suchExecutive Order; but does not authorize any transac-tion to be carried out which, at the time, is prohibitedby any other order or by any law, ruling, or regulation.
ARTICLE 3. In order that Federal Reserve banks maykeep themselves currently informed as to foreign ex-change transactions and transfers of credit, as requiredin section 4 of the Executive Order of January 15, 1934,every person engaging in any transaction, transfer, ex-port, or withdrawal referred to in section 1 of suchExecutive Order shall furnish to the Federal Reservebank of the district in which such person has his princi-pal place of business in the United States completeinformation relative thereto upon report forms pre-scribed by the Secretary of the Treasury, except thatreports are not required to be furnished by (1) personsnot carrying during any part of the reporting period,accounts abroad or accounts in the United States fornonresidents thereof, or (2) persons whose aggregatetransactions, transfers, exports, or withdrawals fortheir own account and the account of others do notexceed $5,000 during any seven-day period. Such in-formation shall be furnished on a weekly basis exceptas the respective Federal Reserve banks permit theinformation in certain cases or classes of cases to befurnished on the basis of longer intervals.
These regulations and the general license hereingranted may be modified or revoked at any time.
HENRY MORGENTHAU, Jr.,Secretary of the Treasury.
Approved:FRANKLIN D. ROOSEVELT,
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, 1934
The Silver Regulations of August 17, 1934, asamended, are hereby amended in article IV byadding a new section after section 48 thereof,reading as follows:
SEC. 49. Silver not required to be delivered.—Silverwhich at the close of business on November 7, 1934,falls within a category described in sections 41, 42, 44,45, or 46 shall be permanently exempt from the require-ment that such silver be delivered under the ExecutiveOrder of August 9, 1934 and these regulations. Silverwhich after November 7, 1934, but prior to the timethat it is first required to be delivered by any person, is
manufactured in good faith into articles described insection 46 shall be permanently exempt from the re-quirement that it be delivered under said ExecutiveOrder and these regulations.
The regulations, as so amended, may be modi-fied or revoked at any time.
HENRY MORGENTHAU, JR.,Secretary of the Treasury.
Approved:FRANKLIN D. ROOSEVELT,
November 2, 1984
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 factoryemployment, which usually shows little changeat this season, increased in October, reflectingchiefly the resumption of activity at textilemills. Wholesale commodity prices, after de-clining in September and October, advanced inthe first half of November.
Production and employment.—Activity atindustrial establishments, as measured by theBoard's seasonally adjusted index, showed anincrease from 71 percent of the 1923-25 aver-,age in September to 73 percent in October.Among the industries producing durable man-ufactures, output at steel mills increased from23 percent of capacity for the month of Sep-tember to 25 percent for October, while outputof automobiles and lumber declined. In No-vember activity at steel mills continued toincrease and in the week ending November 24was at about 28 percent of capacity. Auto-mobile production has declined further in con-nection with the preparation of new models.The production of nondurable manufacturesin the aggregate showed a considerable growthin October, reflecting sharp increases at cotton,woolen, and silk mills, offset in part by a declinein activity at meat-packing establishments.The increase in output at textile mills after thestrike in September brought output to a higherlevel than in August. Among the minerals,daily output of crude petroleum declined inOctober and that of anthracite increased by anamount smaller than is usual at this season.
Factory employment and pay rolls in thecountry as a whole increased considerablybetween the middle of September and themiddle of October. Sharp increases werereported at mills producing textile fabrics, whilein the automobile, shoe, and canning industriesthere were declines of a seasonal nature.
The value of construction contracts awardedwas somewhat larger in October than in anyother recent month. There was an increase inresidential work as well as in publicly financedprojects.
Agriculture.—Department of Agricultureestimates, based on November 1 conditions,indicate a cotton crop of 9,634,000 bales, 26percent smaller than the 1933 crop, and a corncrop of 1,372,000,000 bushels, 41 percentsmaller than last season and 45 percent smallerthan the 1927-31 average. The tobacco cropis also considerably smaller than usual, while
the white-potato crop is slightly above the5-year average.
Distribution.—The number of freight carsloaded per working day decreased from Septem-ber to October. Department store salesshowed a seasonal increase and were at aboutthe same level, on a seasonally adjusted basis,as in most other months since March. Ruralsales of general merchandise, as reported by theDepartment of Commerce, increased by lessthan the usual seasonal amount following anunusually large increase in September.
Commodity prices.—Wholesale commodityprices, as measured by the Bureau of LaborStatistics' weekly index, declined from 77.8percent of the 1926 average in the week endingSeptember 8 to 76 percent in the week endingNovember 3 and then rose in the following 2weeks to 76.7 percent. The decline was largelyin prices of farm products and foods, but therewere also some decreases in the prices of textilesand building materials. Increases in the firsthalf of November were largely in the prices offarm products. The price of scrap steel alsoadvanced, while lead and zinc declined.
Bank credit.—Excess reserves of memberbanks were about $1,910,000,000 on November21, showing an increase of $150,000,000 in thepreceding 5 weeks. The increase in reservesheld was $200,000,000, of which $50,000,000covered a growth in required reserves. Addi-tions to reserves resulted mainly from goldimports and further issues of silver certificates.
Loans and investments of reporting memberbanks in leading cities declined somewhat inthe 4 weeks ending November 14, following anincrease in the previous month. Substantiadeclines were shown in loans on securities andin holdings of securities other than those of theUnited States Government. Other loans, whichhad increased considerably in previous months,also showed some decline, while holdings ofdirect obligations of the United States Govern-ment and of securities fully guaranteed by theGovernment increased considerably. Custom-ers' deposits continued to increase, whileGovernment deposits declined.
There was a further decline in open-marketrates on bankers' acceptances at the end ofOctober to an offering rate of one-eighth per-cent. Yields on short-term Government secur-ities and other short-term open-market moneyrates showed little change.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 783
MILLIONS OF DOLLARS
£000
RESERVE BANK CREDIT AND RELATED ITEMS MILL10Ns OF DOLLARS
Weekly basis: Wednesday series
7000
6000
5000
4000
3000
2000
1000
MEMBER BANKRESERVE BALANCES
TREASURY CA5H3c DEPOSITS WITH F. R. BANKS
1000
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)
Reserve bank credit outstanding
Bills dis-counted
Billsbought
U. S.Govern-ment se-curities
Other re-servebankcredit
Total
Mone-tary gold
stock
Treasuryand
national-bankcur-
rency
I Money in]circula-
tion
Memberbank re-
servebalances
Treasurycash anddeposits
withFederalReservebanks
Non-mem-ber de-posits
OtherFederalReserve
ac-counts
1933—Oct. 4 . . .Oct. 11. _Oct. 18__Oct. 25. _
Nov. 1Nov. 8—.Nov. 15-Nov. 22..Nov. 29—
Dec. 6-__.Dec. 13._.Dec. 20...Dec. 27 . .
1934—Jan. 3Jan. 10—.Jan .17 . . .Jan .24 . . .Jan. 31._.
Feb. 7 . . . .Feb. 14...Feb. 21—Feb. 28...
Mar. 7—.Mar. 14...Mar. 21...Mar. 28—
Apr. 4 . . . .Apr. 11 —Apr. 18—Apr. 25. . .
May 2May 9 . . . .May 16. .May 23—May 30—
June 6June 13_ _.June 20. ..June 2 7 —
July3July 11.. .July 18_.-July25-_-
Aug. 1—-Aug. 8—-Aug. 15...Aug. 22—Aug. 29...
Sept. 5Sept. 12..Sept. 19—Sept. 26. .
Oct. 3Oct. 10. ..Oct. 17. ..Oct. 24._.Oct. 31-_.
Nov. 7—-Nov. 14..Nov. 21Nov. 28. _
123119113115
117112111112119
116118115111
1061041019783
73686664
59555153
48434040
3837343434
29282827
29232321
2121202021
24232220
1512121111
1191112
7 I7
7
2024
61 i116113111
121113112104111
978675 !62|
46!373329
26171310
2,3092,3442,3752,400
2,4202,4302,4322,4312,432
2,4312,4322,4322,432
2,4322,4322,4322,4322,434
2,4322,4322,4322,432
2,4322,4322,4322,432
2,4322,4322,4302,430
2,4322,4322,4302,4302,430
2,4302,4302,4302,430
2,4322,4322,4322,432
2,4322,4322,4312,4322,432
2,4322,4312,4312,430
2,4312,4302,4302,4302,430
2,4302,4302,4302,430
107185
7- 76
- 17
7112520
2971
- 22
4718
3- 11
10853
22
- 729
12
2,4492,4772,5132,526
2,5502,5422,5642,5622,581
2,6152,6772,6862,674
2,6552,6462,6312,630
2,6062,5932,5922,567
2,5392,5322,5082,519
2,5092,4922.4932,486
2,4842,4842,4732,4692,470
2,4752,4722,4682,465
2,4882,4682,4602,456
2,4632,4582,4682,4572,463
2,4672,4692,4662,463
2,4552,4482,4572,4522,455
2,4402,4742,4702,460
4,0374,0374,0364,036
4,0364,0364,0364,0364,036
4,0364,0364,0364,036
4,0364,0364,0354,0354,033
17,0367,0897,2037,438
7,5567,6057,6407,681
7,7037,7327,7467,755
7,7567,7567,7537,7667,776
7,7907,8207,8357,846
7,8667,8817,8977,911
7,9327,9577,9797,9837,981
7,9637,9687,9727,976
7,9807,9857,9907,9938,002
8,0088,0308,0768,112
2,2792,2782,2772,277
2,2762,2752,2752,2762,277
2,2772,2952,2992,304
2,3032,3022,3022,3012,302
2,3012,3012,3012,302
2,3122,3322,3432,356
2,3692,3812,3812,380
2,3812,3802,3802,3752,371
2,3652,3612,3592,364
2,3652,3652,3632,364
2,3612,3572,3752,3902.403
2,4122,4142,4122,409
2,4072,4032,4102,4292,434
2,4422,4502,4592,469
5,3655,3865,3635,321
5,3535,386
5,3665,455
5,4715,4765,5615,537
5,5045,3975,3565,2945,289
5,3175,3215,3445,355
5,3745,3455,3345,336
5,3715,3475,3475,324
5,3595,3525,3445,3165,3385,3425,3135,3105,301
5,3975,3445,3285,291
5, 3155,3345,3435,3475,345
5,4195,4095,4125,403
5,4685,4795,4695,436
r 5,453
5,5035,4805,4555,516
2,5232,5672.6552,693
2,5912,5782,6452,6872,573
2,5612,6382,6362,675
2,7102,7772,7882,8512,652
2,7362,8512,8303,093
3,3133,4543,4493,439
3,4503,5603,6653,744
3,5703,6783,6943,7673,7633,7873,8953,7693,837
3,7463.9023,9874,020
3,9154,0594,0644,0724,127
3,9073,948
3,970
3,8953,9793,9963,9854,006
4,0324,1074,1964,108
372338284302
388373345316369
386379329315
311353407398597
1 3, 4493.3913,4993,440
3,2943,2263,2523,318
3,3233,2393,2043,148
3,1773,0983,0823,0523,0513,0342,9563,1213,077
3,1133,0142,9542,972
3,0742,9412,9762,9722,944
3,0873,0583,1243,061
3,0682,9672,9683,049
r 3, 031
2,9442,9642,9563,017
159155166167
178161163149142
156160132124
145172143137141
142130132127
133143154161
140148167167
280257252242233
230251224225
232223222220
219209211211204
203213195186
182183183165164
172163159160
346345358357
353355355355354
354355362362
357295288287287
299290291292
294301302303
297312237237
235235233233232
237238239236
230231229228
232229228228226
225224230229
229229239239237
240240239239
' 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]
Month or week
1933—SeptemberOctoberNovemberDecember
1934—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember
Week ending SaturdayAug. 4Aug. 11Aug. 18Aug. 25
Sept. 1Sept. 8Sept. 15Sept. 22Sept. 29
Oct. 6Oct. 13Oct. 20Oct. 27
Nov. 3Nov. 10Nov. 17Nov. 24
Reserve bank credit outstanding
B U l s
counted
138119114117
10170554336282321221211
77
15101
11387401665555
TJ. S.Govern-
mentsecurities
2, 2022,3552,4372,432
2,4322,4322,4372,4392,4312,4242,4322,4322,4312,4302,430
2,4322,4322,4322,432
2,4322,4322,4312,4312,431
2,4312,4292,4302,430
2,4302,4302,4302,429
Otherreservebankcredit
19
20
Total
2,3582,4922,5742,669
2,6562,5972,5352,5072. 4792,4642,4692,4642,4692,4572,466
2,4632,4642,4672,461
2,4642,4702,4732,4692,463
2,4582,4532,4612,456
2,4572,4592,4782,469
Mone-tary gold
stock
4,0404,0364,0364,036
4,035l 7,138
7,6027,7367,7597,8217,8937,9717,9717,9898,047
Treasuryand na-tional-• bank
currency
2,2802.2772,2752,293
2,3022,3032,3332,3772,3782,3632,3642,3782,4112,4152,455
Moneyin cir-
culation
5,344
5,3945,523
5,3825,3395,3685,3665,3555, 3415,3505,3555,4275,4735,494
Memberbank
reservebalances
2,4892,5902,6292,616
2,7642,8223,3613,5943,6953,7903,9284,0453,9473,9644,100
7,935 i7,961 !7,979 !7, 982 |
7.979 |7,967 |7,9687,972 '7,976 j
7.980 I7,985 !
7,989 i7,994 :
8,002 !8,009 ,8,029 ,8,069
I 2,3612,3602, 3752,390
2,4032,4132.4142,4122,408
2,4062,4032,4122,426
2,4342,4442. 4532,464
5,330 i5,349 I5,357 I5,361 |
5,368 '5,4235,4275,4305,429
i5,476 |5,489 I5,484 j5,455 !
5,470 •5,506 !5,493 '5,474 i
3,9794,0204,0724,073
4,0813,9513,9643.9203,943
3,9093,9763,9633,985
4,0044,0444,1084,159
Treasurycash anddeposits
withFederalReservebanks
328333349357
397i 3, 448
3,2983,2223,0833,0542,9992,9763,0543,0112,970
3,0102,9792,9562,962
2,9653,0473,0343,0803,061
3,0472,9613.0003,030
3,0152,9522,9552,971
Non-mem-
ber de-posits
169163158143
146136144170249226219208197177165
210208207210
205204205193186
183187178167
167172165160
OtherFederalReserve
ac-counts
347351355358
305293299268234237230228227234238
230229229227
227225225229228
229229238239
237238239239
RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES)
[In millions of dollars]
End of month
Reserve bank credit outstanding
Billsdis-
countedBills
bought
U.S .Govern-
mentsecurities
Otherreservebankcredit
Total
Mone-tary gold
stock
Treasuryand na-tional-bank
currency
Moneyin cir-
culation
i TreasuryMember ^ 0 J j £
bank d e ^ t s
reserve F J ^ a lbalances ™ « ™
1 banks
Non-mem-ber de-posits
OtherFederalReserve
ac-counts
1933—SeptemberOctoberNovember.December.
1934—January. __February-MarchAprilMayJuneJulyAugustSeptember.October. _.November.
128116119988364543931252223151111
7724133111622995555
2,2772,4212,4322,4372,4342,4322,4472,4312,4302,4322,4322,4322,4312,4302,430
57
2028
156
- 41034
11
2,4212,5482,5812,6882,6302,5672,5452,4852,4632,4722,4622,4642,4642,4552,453
4,0374,0364,0364,035
4,0331 7, 4387,6947, 7577,7797,856
«• 7,9317,9787,9788,002
» 8,132
2,2782,2772,2772,303
2,3022,3022,3612,378 i2,3682,3672,3612,4082,4052,434
P 2,469
5,3635, 3475,4555,5185,2895,3555,3945,3685,3575,3735,3175,3965,456
r 5,453P 5, 549
2,5382,6852,5732,7292,6523,0933,4573,5993,7463,8404,0294,0523,9344,0064,081
331299369287597
1 3,4403,2933,1483, 0533,0162,9712,9683,051
r 3, 031P 3,021
155173142132141127157268222233207208178164161
348356354360
287292299236232233229226228237239
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 RESERVENOTE 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..Gold-Redemption fund-Other cash
-Federal Reserve notes..
Total reserves _._Redemption fund—Federal Reserve bank notes _Bills discounted:
For member banksFor nonmember banks, etc
Total bills discounted.Bills bought:
Payable in dollars:Bought outright
Payable in foreign currencies-Total bills bought
Industrial advancesUnited States Government securities:
Bought outrightUnder resale agreement
Total United States Government securitiesOther Reserve bank credit:
Municipal warrantsDue from foreign banksReserve bank float (uncollected items in excess of deferred availability items)..
Total Reserve bank credit outstandingFederal Reserve notes of other Reserve banks _'Uncollected items not included in floatBank premises _.Allother assets..
Total assets ,
Federal Reserve notes:Held by other Federal Reserve banks.Outside Federal Reserve banks
Total notes in circulationFederal Reserve bank note circulation—netDeposits:
Member bank—reserve accountUnited States Treasurer—general account.Foreign bankOther deposits
Total deposits..Deferred availability items..Capital paid inSurplus (sec. 7)Surplus (sec. 13b)Reserve for contingenciesAll other liabilities
Total liabilities _Contingent liability on bills purchased for foreign correspondents..Commitments to make industrial advances
FEDERAL RESERVE NOTE STATEMENT
Notes issued to Federal Reserve banks by Federal Reserve agentsCollateral held by agents as security for notes issued to bank:
Gold certificates on hand and due from U. S. TreasuryGoldEligible paper _United States Government securities
Total collateral ___
FEDERAL RESERVE BANK NOTE STATEMENT
Notes issued to Federal Reserve banks (outstanding)..Collateral pledged against outstanding notes:
Discounted and purchased billsUnited States Government securities..
Total collateral
5,087,164
20,137210,153
5, 317, 4542,166
11, 227
11,296
1835,499
5,68210, 062
2,430,122
2,430,122
803i 5, 220
2,452, 74521,124
434, 56253,16450, 590
8, 331, 805
21,1243,192,181
3, 213, 30527, 523
4,081, 35070, 62115, 577
145,918
4, 313, 466
434, 562146, 885138, 383
2,68222, 29132, 708
8, 331,805491
6,510
3, 466, 978
3, 246, 416
256, 700
3, 512, 782
38, 829
32, 574
32, 574
4, 966,481
22,032223,407
5, 211, 9201,829
10,919
10, 985
5875,495
6,0826,149
2,430,171
2, 430,171
8111,054
2,455, 25219, 744
438,93952, 97448, 094
8, 228, 752
19, 7443,141,033
3,160, 77728, 664
4, 005, 99992, 2938,952
154, 558
4, 261, 802
438,939146, 777138, 383
84522, 29130, 274
8, 228, 752465
3,218
3, 443, 685
3, 224, 416
9,238277, 800
3, 511, 454
39, 792
45, 274
45, 274
942, 7942, 589, 556
40,888204, 583-
3, 777,82111, 990
118, 590-451
119, 041
18, 025-5,841
23,86$
2,430,1371.50O
2,431,637
1, 5803,5231,602
2, 581, 249-15,434
373, 73054, 73250, 442
6,865, 39S
15. 4343, 014, 895
3, 030, 329205, 394
2, 572, 94281,519
5,324136, 689
2, 796, 474
373, 730145,194278, 599
12, 09023, 588
6,865, 3982,893
3, 264, 891
843,3211, 774,935
96, 276597, 600
3, 312,130
225, 544
1,948247, 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
1933—MayJuneJulyAugustSeptemberOctoberNovemberDecember
1934—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember ".__
Total
5,5255,4345,3435,3255,3635,3475,4555,518
5,2895,3545,3945,3685,3575,3735,3175,3965,4565,4535,549
Goldcoin
Goldcertifi-cates
280265252242232225219213
178167161157153150146143139136133
ardsilverdollars
Silvercertifi-cates
Treas-ury
notesof 1890
Subsid-iary
silver
28 !28 i28 |28 !28 |29 j29 j29 '
2929303030303031313132
361 !365 i372 i385 !387 !394 I407
391399403400402401399438483510558
256257258261265267269272
267270272274277280280282284288291
Minorcoin
112113113114115116117117
116117118118120119121122122123124
! iUnited | FederalStates [Reservenotes I notes
i
FederalReserve
banknotes
275277280277285
283
282 I279 I280 j277274 !
274 !273 !273 |
3,1673,0612,9742,9532,9662,9302,9983,044
2,8942,9493,0053,0253,0383,0683,0443,1033,1313,1243,176
125129133156189206
202194178162151142133125119112107
Na-tionalbanknotes
922920914911909903913918
927938936"918906902885878870856
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 GOLDSTOCK
[In millions of dollars]
Year and month
1932—Total (12 mo.)-
Goldstockat end
ofmonth
Increasein goldstock
Net goldimport
Net re-lease
from ear-mark^
Otherfactors 2
$l=25¥\o grains of gold Mo fine: i. e., anounce of fine gold=$20.67
52.9 - 4 4 6 . 2 457.5 41. i
1933—May 4,028June 4,030July. i 4,033
4,0414,0374,036
AugustSeptember.OctoberNovember j 4,036December 4,035
Total (12 mo.).
1934—January..
FebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember p.
3. 62.22.77.5
-3.8-0.7
-21.1-3 .2
-83.9-80.4-56.7-32.4-0 .8- 9 . 1
-190.4 -173.5
4,033$1 =
7,4387,6957,7577,7797,8567,9317,9787,9788,0028,132
22.13.5
84.579.549.326.90.6
11.8
-58.0
2.61.92.18.43.64.80.1
- 3 . 1
41.1
I - 2 . 1 !l - 2 . 8155/2i grains of gold Mo
ounce of fine gold
12.2 Ifine; i.
3, 405. 0256. 861.522.477.174.447.4'0.423.5
130.0
452.6237.354.733.663. 752.337.2
-18.710.8
120.9
68.7-0 .8- 1 . 1
0.51.00.6
- 1 . 12.40.3
—0.1
,, an
2,883. 820.37.9
-11.612.521.411.216.612.49.2
"Preliminary. "Corrected.1 Gold released from earmark at Federal Reserve banks less gold placed
under earmark (with allowance when necessary for changes in gold ear-marked abroad for account of Federal Reserve banks).
2 Figures are derived from preceding columns and indicate net resultof such factors as domestic production, movements into and out of non-monetary use, imports and exports that do not aflect gold stock duringthe month or year, and increment resulting from reduction in weight ofgold dollar.
Back figures.—See Annual Report for 1933 (table 51).
MOVEMENTS OF GOLD TO AND FROMUNITED STATES1
[In thousands of dollars]
From or to—
BelgiumEnglandFrance -GermanyNetherlands . .SwitzerlandCanadaCentral AmericaMexicoArgentinaColombia . .EcuadorPeruUruguayVenezuelaAustraliaBritish IndiaChina and Hong
KongDutch East IndiesJapanPhilippine Islands __All other countries 2_
Total
November
Imports
12,8143,687
70, 351
9,906
9,628231916
1211121
72
11, 300
700
940320
121,199
Exports
25419
37
310
October
Imports
424
3,787290
3,299
3,112216226
50291
50
696964
13,010
Exports
1,122
. . . . . . . .
34
1,005
2,173
January-Octo-ber
Imports
154486, 734197, 750
75, 22912, 65669,072
2,54423,356
1214,840
1,1381,136
7191,029
52,946
15, 22374
9,7298,940
973, 223
Exports"
4,0598,438
29,991147
7,414
145
212
8
: : : : : : : :
1
1,894
52,309
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.
Back figures.—See Annual Report for 1933 (tables 53 and 54).
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]
Month or week
Eeserves held
Total—allmember
banksNew York
CityiOther
Reservecities
'Country'banks
Excess reserves
Total—allmemberbanks 2
New YorkCity*
OtherReserve
cities'Country'*
banks 2
1933—OctoberNovemberDecember
1934—JanuaryFebruary _MarchAprilMayJune.__ -_JulyAugustSeptemberOctober
Week'ending (Friday):Aug. 3Aug. 10Aug. 17Aug. 24. . .Aug. 31
Sept. 7Sept. 14Sept. 21Sept. 28
Oct. 5Oct. 12Oct. 19Oct. 26
2,5572,5992,588
2,7402,7993,3453,5823,6953,7903,9284,0453,9473,964
828
897872
1,2271,2901,3231,3911,3931,5091,4401,461
,135,181,193
,222,271
1,4221,5361,5981,6321,7251,7191,6921,667
529553567
622656696756773767810817814837
758.4794.1765.7
865.7890.8
1,375.11, 541.01, 623. 51, 684. 61,789.41,883. 61, 754.11,730.6
149.0129.896.0
146.8118.3432.2454.6484.7532.2525.7638.2562.0568.1
437.9474.7472.6
476.6509.1645.5736.4778.4799.6874.0852.2808.7766.4
3,9974,0794,0664,093
3.9603,9603,9303,940
3,9093,9673,9663,983
1,4761,4791,5211,5201,548
1,4451,3991,4371,467
1,4741,4841,4491,439
1,7131,6851,7321,7291,740
1,7021,7221,6481,671
1,6211,6511,6631,699
810833826816805
814839845802
814831855845
1,849.01,859.01, 931. 01,901. 01,915.0
1, 776. 01, 779.01, 734. 01,737.0
1,702.01, 760.01, 733.01,734.0
603.5615.5650.6649.5
561.1522.5562.3590.0
591.4601.6554.4539.1
852.8826.1864.9861.6868.7
827.2837.8790.9782.1
731.3758.1758.4792.1
171.5189.6197.1
242.4263.4297.4350.1360.4352.8389.7393.3383.4396.1
393.0417.0416.0390.0378.0
388.0419.0381.0365.0
379.0400.0420.0404.0
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 DEPOSITSfin millions of dollars. Averages of daily figures. Figures are for licensed banks only]
Month or^week T o t a l -all mem-
berbanks
1933—OctoberNovember..December..
1934—JanuaryFebruary. . .MarchAprilMay -.JuneJ u l y -AugustSeptember-October
Week ending (Friday):Aug. 3 _Aug. 10Aug. 17—Aug. 24Aug. 31
Sept. 7...Sept. 14..Sept. 21..Sept. 28..
Oct. 5__.Oct. 12. .Oct. 19-.Oct. 26. .
Net demand and time deposits
23,36923,48623, 64624,24824,67425, 28826,00926,363
27, 07327, 31027, 61528,034
NewYorkCity 2
6,3416, 2896,2156,3486,3706,6716,9927,0017,1687,2367,2527,3007,409
7,2717,1997,2537,2477,311
7,3397,2897,2707,2917,3397,3387,4237,460
OtherReserve
cities
9,4539,5319,6599,93710,12410, 30310, 56810, 78710, 929] 1,12711, 28011,43611, 587
11, 20111,19211, 28011, 29611, 332
11, 36211,44911,46611,475
11,47611, 51011,61911,663
"Coun-t ry"
banksi
T o t a l -all mem-banks 1
7,5757,6667,7727,9638,1808,3148,4498,5758,6018,7108,7778,8789,038
Net demand deposits
14, 24314, 34714, 56715,02115,34115, 85116,45716, 720
NewYorkCity 2
17, 27617,49017, 806
5,5355, 4755,4525,5995,6245,9436,256
6,4336,5006,5346,5916,704
6,5436,4736,5316, 5346,602
6,6326,5776,5626,5826,6276,6276, 7186,759
OtherReserve
cities
5,4595,5435,6915,8946,0486,1726,3846, 5416,6456,8076,9407,1037,269
6,8786,8786,950
6,978
7,0167,108
r 7,1327,1537,1617,2027,3117,332
"Coun-t ry"
banks l
T o t a l -all mem-
berbanks l
3,2493,3303,4243,528
3,7363,8173,8963,9093,9694,0164,1114,235
Time deposits
9,1269,1399,0789,2279,3339,4379,5529,6439,7119,7969,8199,809
NewYorkCity 2
805814763749746728736719735736719709705
728726722713709
707711708709712711706701
OtherReserve
cities
3,9943,9883,9684,0434,0754,1314,1844,2464,2844,3194,3404,3334,319
4,3234,3144,3304,3484,354
4,3464,341
r 4, 3344,3224,3154,3074,3084,330
"Coun-t ry"
banks 2
4,3264,3364,348
4,4354,5124,5784,6324,6794,6914,7414,7614,7674,802
i Weekly figures are not reported.Black figures.—See Annual Report for 1933 (table 73).
2 Central Reserve city banks only. r Revised,
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]
Call date
TOTAL—ALL MEMBERBANKS
1930—Dec. 31. . .1931—Mar. 25—
June 30_ _.Sept. 29__Dec. 31. . .
1932—June 30__.Sept. 30-Dec. 31. . .
1933—June 302..Oct. 25. . .Dec. 30...
1934—Mar. 5—.June 30. _Oct. 17...
NEW YORK CITY 3
1930—Dec. 31-. .1931-Mar. 25...
June 30__.Sept. 29..Dec. 31.. .
1932—June 30...Sept. 30-Dec. 31.. .
1933—June 302..Oct. 25.. .Dec. 30..
1934—Mar. 5_...June30__Oct. 17...
OTHER RESERVE CITIES
1930—Dec. 3 1 . . .1931—Mar. 25...
June30_.Sept. 29...Dec. 3 1 . . .
1932—June 30.. .Sept. 30...Dec. 3 1 . . .
1933—June 30 2..Oct. 25. . -Dec. 30. . .
1934-Mar. 5..._June 30_._Oct. 17-. .
"COUNTRY" BANKS
1930—Dec. 31.1931—Mar. 25..
June 30__.Sept. 29...Dec. 34...
1932—June 30Sept. 30...Dec. 31 . . .
1933—June 30 2..Oct. 25 . . .Dec. 30...
1934—Mar. 5..__June 30. _.Oct. 17. . .
Totalloansand
invest-ments
34,86034,72933,92333,07330,57528,00128,04527,46924,78624,95325, 22026, 54827,17527, 559
8,5828,4738,2878,2537,4606,7157,1127,3277,1336,9716,9957,3517,6667,543
13,75813,96513,56713,01612,11511,04510,97910, 5359,7809,95110,15710,81611,05411,367
12,51912,29012,06811,80510,99910,2409,9549,6077,8738,0318,0688,3818,4568,649
Loansto
banks
631446457599790573457444330297287225153149
2831541502503742602032161621431461126866
235247284347254205178129120103795355
Loans to other customers
Total
21,00719,94019,25718, 71317, 57015, 26714,49713,90511,33711,52311,31511,09310,80410, 782
4,3384,0073,8393,8503,6942,8562,6382,6212,2972,4362,3952,3212,2022,294
8,906
8,1007,8457,4076,5196,1965,8794,8464,9124,7974,6694,5864,562
7,7627,5247,3187,0186,4695,8925,6635,4054,1944,1754,1234,1034,0163,926
Se-cured
bystocks
andbonds
curedby realestate
7,9427,4237,1176,8426,2905,2925,0864,8483,9163,8093,7723,6443,5163,325
2,1371,9601,8971,8161,7281,3431,3001,2471,0821,0321,034985937876
3,6563,3663,1883,0922,8062,4032,3042,1691,7021,6601,6301,5661,5261,421
2,1492,0972,0311,9351,7561,5461,4811,4321,1321,1181,1081,0931,0531,027
3,2343,2203,2183,1493,038
2,8852,8622,3722,3642,359
2,3572,297
147150160152153160154160157149148156156150
1,6311,6191,6211,5851,5381,4071,4061,3981,1601,1441,1511,1581,1451,120
1,4551,4491,4371,4111,3461,3281,3241,3041,0551,0701,0611,0681,0561,026
Other-wise
securedand
unse-cured
9,831
8,7228,2427,0816,5276,1955,0495,3505,1845,0674,9315,161
2,0541,8961,7821,8811,8131,3531,1841,2141,0571,2541,2131,1801,1091,267
3,6203,4233,2913,1683,0632,7092,4862,3121,9842,1082,0161,9451,9152,021
4,1583,9783,8493,6733,3673,0182,8572,6692,0071,9871,9551,9421,9061,873
Open-market loans
Total
2,2332,4542,1031,563
901747970855
1,1911,2381,2311,3871,5661,361
1,5251,6511,4971,121
695565763701964891912986
1,131883
531645470326135118151115184274258306311328
1771581351167164553943736295124150
Purchased paper
Accept-ances
payablein
UnitedStates
315361389268146313407375291303223350264276
188199296201107262341330224233170276225232
1221589167353858446368506434
Ac-cept-ancespay-able
abroad
551011137041343430252437262030
Com-mer-cialpaper
3663613842961401221159387164132157200253
2122121891676262654651917889115151
1201141018148363628274634547295
Loansto
bro-kersin
NewYorki
1,4981,6301,217
928575278414357788748840855
1,082802
1,2811,3671,063839542258391337720624706687883631
16722712456167141258100112138154123
Investments
Total
10,98911,88912,10612,19911,31411,41412,12112, 26511,92811,89412,38613, 84214, 65215,267
2,4352,6622,8013,0322,6973,0333,5083,7893,7093,5013,5423,9324,2654,300
4,0354,6764,7504,5614,2264,1544,4274,3624,6214,6455,0005,7636,1046,423
4,5194,5504,5554,6064,3924,2264,1874,114
U. S.Gov-ern-mentsecu-rities
4,1255,0025,3435,5645,3195,628
6,5406,8876,8017,2548,6679,1379,186
Othersecu-rities
3,7483,8454,1484,2834,545
6,864
6,7636,6355,9965,7865,7555,7265,0415,0935,1325,1755,5156,081
1,2391,4661,6561,8301,7682,0082,4292,6032,5512,3202,3622,7683,0532,954
1,7272,3132,4082,3012,1332,1871,9612,4622,8672,8893,2093,9544,1024,240
1,1591,2241,2791,4331,4181,4321,4711,4741,4691,5921,6831,9461,9821,992
1,1971,1961,1451,202
9281,0251,0791,1861,1581,1811,1791,1641,2121,345
2,3082,3642,3422,2602,0931,9662,4661,9001,7541,7571,7901,8092,0022,183
3,3593,3263,2763,1722,9742,7942,7152,6402,1292,1562,1622,2022,3012,552
Totalloans
se-cured
bystocksand 1
bonds
9,7549,2728,5638,0817,3205,9165,7705,4474,8844,7134,7694,6064,6514,178
3,5503,3973,0262,7802,4741,7571,8111,6991,8881,7281,8241,7241,8401,531
3,9913,7293,4593,3173,0502,5852,4562,2981,8461,8361,8091,7531,7081,569
2,2132,1472,0781,9851,7961,5741,5031,4501,1501,1481,1361,1291,1021,078
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 ofUnited 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]
Date
1929—Oct. 4Dec. 31
1930—Mar. 27.June 30Sept. 24Dec. 31
1931—Mar. 25June 30Sept. 29Dec. 31
1932—June 30Sept. 30. . .Dec. 31
1933—June 30 2
Oct. 25 3
Dec. 30
1934—Mar. 5 3June 30 3
Oct. 17 3 .
All banks
Total
58,83558,417
57,38658,10857, 59056, 209
55,92455,02153,36549, 704
46,07145, 85244, 946
40, 089
40, 319
Loans
42,20141,898
40, 68640, 61839, 71538,135
36,81335, 38433, 75031, 305
27,83426,98526,063
22, 215
21, 977
Invest-ments
16,63416,519
16, 70017, 49017,87518, 074
19,11119,63719, 61518,399
18, 23718,86718,883
17,874
18,342
Member banks
Total
35,91435,934
35,05635, 65635,47234,860
34, 72933, 92333,07330, 575
28, 00128,04527,469
24, 78624,95325, 220
26, 54827,17527, 559
Loans
26,16526,150
25,11925,21424,73823,870
22,84021,81620,87419, 261
16, 58715, 92415,204
12,85813,05912,833
12, 70612, 52312,293
Invest-ments
9,7499,784
9,93710,44210, 73410, 989
11,88912,10612,19911,314
11,41412,12112, 265
11,92811,89412, 386
13,84214, 65215, 267
Nonmember banks
Mutual savings banks
Total
i 9,5569,463
i 9,4639,747
i 9, 7479,987
i 9,98710, 506
i 10, 50610, 488
10, 316i 10, 316
10,182
10, 044
9,989
Loans
i 5,8925,945
i 5, 9456,009
16,0096,068
i 6,0686,169
i 6,1696,218
6,130i 6,130
6,079
5,941
5,909
Invest-ments
i 3, 6643,518
i 3, 5183,739
i 3, 7393,920
i 3,9204,337
i 4,3374,270
4,186i 4,186
4,103
4,103
4,080
Other nonmember banks
Total
13,36613,020
12,86812, 70612, 37111, 362
11, 20810, 5939,7868,641
7,7557,4917,295
5,258
5,111
Loans
10,1449,803
9,6239,3958,9688,196
7,9067,3996,7075,827
5,1174,9314,780
3,415
3,235
Invest-ments
3,2213,217
3,2453, 3093,4023,165
3,3023,1943,0792,814
2,6372,5602,515
1,843
1,876
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 INTERBANKDEPOSITS
[In millions of dollars]
Date
1929—Oct. 4Dec. 3 1 . . .
1930—Mar. 27—June 30. _.Sept. 24. .Dec. 3 1 —
1931—Mar. 25—June 30-. .Sept. 29—Dec. 3 1 . . .
1932—June 30__-Sept. 30—Dec. 3 1 . . .
1933—June 30 2_.Oct. 25 s.-Dec. 3O._-
1934—Mar. 5 3 . .June 30 3__Oct. 17 3 . .
All banks
55,18055, 289
53,18554, 95452, 78453,039
51, 42751, 78249,15245,821
41, 96341,94241, 643
38,011
38, 505
Member
33,00433,865
32,08233, 69031, 83932, 56031,15331, 56629, 46927, 432
24, 75524, 90324,803
23, 33823, 45323, 771
25, 29326,615 .27,484 .
Nonmember banks
Mutualsavingsbanks
i 8, 9838,916
18,9169,197
i 9,1979,507
i 9, 50710, 017
1 10, 01710,105
10, 020i 10, 020
10, 022
9,713
9,711
Othernonmem-ber banks
13,19312, 507
12,18712, 06711, 74810,972
10, 76710,1999,6668,284
7,1887,0206,818
4,961
5,023
For footnotes see table above.NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank
•deposits not subject to immediate withdrawal, which aggregated $103,-4)00,000 on that date.
Back figures.—See Annual Report for 1933 (table 70).
NUMBER OF BANKS
Date
1929—Oct. 4Dec. 31
1930—Mar. 27June 30Sept. 24Dec. 31
1931—Mar. 25June 30Sept. 29Dec. 31
1932—June 30Sept. 30Dec. 31
1933—June 30 2Oct. 253
Dec. 30
1934—Mar. 5 3
June 303
Oct. 17 3
Total
24, 95124, 630
24, 22323,85223, 59022, 769
22, 37221, 90321, 29419, 966
19, 04618, 79418, 390
14, 530
15, 011
Member banks
Total
8,6168,522
8,4068,3158,2468,052
7,9287,7827,5997,246
6,9806,9046,816
5,6065,8186,011
6,2066,3756,433
Na-tional
7,4687,403
7,3117,2477,1927,033
6,9306,8006,6536,368
6,1456,0806,011
4,8975,0525,154
5,2885,4175,461
State
1,1481,119
1,0951,0681,0541,019
998982946878
835824805
709766857
918958972
Nonmemberbanks
Mutualsavingsbanks
1611609
1609606
1606603
1603•600
1600597
5941594
594
576
581
Othernon-mem-
berbanks
15,72415,499
15,20814,93114, 73814,114
13,84113, 52113,09512,123
11, 47211, 29610, 980
8,348
8,419
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
D E C E M B E R 1934 FEDERAL RESERVE BULLETIN 791
REPORTING MEMBER BANKS IN LEADING CITIES *[In millions of dollars. Monthly data are averages of weekly figures]
Month or date
1933—September-OctoberNovember-December..
1934—JanuaryFebruary. _.MarchAprilMay. _.JuneJulyAusrustSeptember-OctoberNovember-
Sept. 5...Sept. 12-Sept. 19..Sept. 26..
Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31
Nov. 7 . . .Nov. 14..Nov. 21. .Nov. 28..
Total—all weekly reporting member banks
Loans and investments
Total
16, 56616,53616,68816, 620
16, 58917,20717,48417, 52617, 32817,54217, 74917, 72117,77017,83517, 762
17, 75517, 77817, 75617, 789
17,81117,82417,85417,85017,837
17,83717, 75917,68817,764
Loanson se-
curities
3,7283,6363,5743,595
3,5423,5673,5393,5703, 5163,5533, 5313,2953,1373,0623,008
3, 2103,1623,0953,080
3,0473,0553,0823,0743,051
3,0103,0082,9983,017
Allotherloans
4,8314,9444,9904,862
4,7324,7134,6634,6484,5554, 5114,4554, 5334,6974, 7574,705
4,6794, 6934,7044,713
4,7474,7594,7654,7604,756
4,7314,7084,6934,688
Investments
Total
8,0077,9568,1248,163
8,3158,9879,2829,3089,2579,4789,7639,8939,93610,01610,049
9,8669,9239,957
10,01710,01010,00710,01610,030
10,09610,0439,99710,059
U.S. se-curities
5,0674,9905,1355,210
5, 3346,0406,2516,2296,2566,4426,6766,6506,5896, 647
Bor-row-ingsat
F. R.banks
6,5206,5736,6316,631
6, 6366, 6586,6506,6546,639
6,6836,7136,6746,715
New York City
Loans and investments
Total
6,7246,7286,7756,717
6,6756,9977,1687,2697, 0507,1907,2737,1277,1207,1057,050
7,1867,1507,0657,077
7,0777,0927,1187,1147,123
7,1237,0246,9907,064
Loanson se-
curities
1,7721,6831,6431,670
1,6761,7111,6831,7181,6801,7271,7271,5201,4551,4181,382
Allotherloans
Investments
Total
1,5051,4791,4191,416
1,4011,4021,4341,4351,417
1,3811,3781,3771,390
,620,715,763,694
,672,699,650,631,560,537,5011, 522 I1, 6101,6441,632
1,6121,6141,6081,606
1,6241,6431,6451,6521,654
1,6481,6341,6251,624
3,3323,3303, 3693,353
3,3273,5873,8353,9203,8103,9264,0454,6854,0554,0434,036
4,0694,0574,0384,055
4,0524,0474,0394,0274,052
4,0944,0123,9884,050
U.S. se-curities
2,2802,2322,2382,256
2,2332,5172,7022,7452,7352,8482,9302,8832,8202,8012,827
2,8272,8162,8262,813
2,7942,8122,8002,7982,804
2,8302,8252,8132,841
Bor-row-ingsat
F. R.banks
Other leadingcities
Totalloans
and in-vest-
ments
9,8429,8089,9139,903
9,91410, 27010,31610, 25710, 27810, 35210, 47610, 59410, 65010, 73010, 712
10, 56910, 62810, 69110,712
10,73410, 73210, 73610, 73610, 714
10, 71410, 73510. 69810,700
Bor-row-ingsat
F. R.banks
23212224
20111076565612
i For additional data see p . 823.
Back figures—See Annual Report for 1933 (tables 88-90).
BROKERS' LOANSREPORTED BY THE NEW YORK STOCK EXCHANGE[Net borrowings on demand and on time. In millions of dollars]
End of monthTotal
January...February-March
April.May-June..
JulyAugustSeptember ..
OctoberNovember-December..
359360311
322529780
916917897
776789845
1934
903938
1,0881,0161,082
923874832
827831
From NewYork banks
and trust com-panies
1933 1934
270298247
268461694
822841
706712776
839862873
973912
849803769
761765
From privatebanks, brokers,foreign bankingagencies, etc.
1933 1934
906264
546886
947691
6476
108
116104102
747162
Back figures.—See Annual Report for 1933 (table 93).
MADE BY REPORTING MEMBER BANKS IN N.Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures
Month or date
1933—OctoberNovember..December
1934—JanuaryFebruary. _,MarchAprilM a yJ u n e - . . - . _ .JulyAugustSeptemberOctoberNovember
Nov 7Nov. 14Nov. 21 . . .Nov. 28
Total
779723759
802889886975937
1,0161,042
827776746729
714707711782
Forown ac-count
663611631
657731736813766845871670633612589
576568572639
For ac-count ofout-of-town
b a n k s l
111106122
137149148156163165168156142133139
137138138142
For ac-count ofothers
566
89268631111
1111
1 Member and nonmember banks outside New York City (domesticbanks only).
Back figures.—See Annual 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 (DOLLARACCEPTANCES)
[In millions of dollars]
End of month
1932—JulyAugustSeptember-OctoberNovember...December...
1933—JanuaryFebruaryMarchAprilMay. .. .JuneJulyAugustSeptember-OctoberNovember...December...
1934—JanuaryFebruaryMarch .April . . .Mav. _JuneJulyAugustSeptember,..October
Totalout-
stand-ing
705681683699720710
707 ;
704671697669 ;687738694715737758764
771750 '085 :613569 ;534 i516520539562
Held by Fed-eral Reserve
banks
Forownac-
count
12
2344
2307280163
1341
2111
18127
1055623
3(l)( i )0)0)(!)
1
Forac-
countof for-eign
corre-spond-
ents
594943393240
41'304543363637404131
34
4554
2111
0)
Held 1
1 otal
563574573605655C04
626325261404505487552499517592599442
567581576536507480472483503510
3y acceptingbanks
Ownbills
197198159199268224
256201153206229201248252236271273223
255266252236226220222222223245
Billsbought
366376414406386380
370124108199276287304247282321326219
312315321299281260250261280?71
Heldby
others
705564522862
38428586
115123147154156112138190
95108
817059534237OB
46
i Less than $500,000.
Source: For acceptances outstanding (and held by accepting banks),American Acceptance Council.
Back figures—See Annual.Report for 1933 (table 100).
ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES-HOLDINGS OF FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
January...February..MarchAprilMayJuneJulyAugustSeptemberOctober-_ .November.December.
1931
36,11923,958
1,0631,0741,073
10, 55134, 371
145,21548,80433,50133, 38633,429
1932
33, 44433, 47830. 77830, 73630,83730,76230, G4530,83430,84930,65930,65229, 189
1933
29,03628, 99721,7887,1816,9817,0896,8216,1996,0685,6S65,8416,033
1934
5, 9775,8875,2755,0705,0765,0755,0815,0795, 6915,4955,499
Back figure*.—See Annual Repor 1for 1933 (table 26).
CLASSES OF BANKERS' ACCEPTANCES (DOLLARACCEPTANCES)
[In millions of dollars]
End of month
OUTSTANDING
1933—OctoberNovemberDecember
1934—JanuaryFebruaryMarchAprilM a yJuneJulyAugustSeptemberOctober
HELD BY F. R. BANKS(OWN ACCOUNT)̂
1933—OctoberNovember-December..
1934—JanuaryFebruary...MarchAprilMayJune—JulyAugustSeptember-October.. . .
Total
737758764
771750685613569534516520539562
118
127
10556233
88(2)
Basedonim-
portsinto
U.S .
Basedon ex-portsfromU.S .
94
1031031009794899493
Basedon goodsstored inUnitedStates(ware-house
credits)or
shippedbetweendomestic
points
185200207
225203186164150145135140138147
Dollarex-
change
253278277
277261226186164141138147166184
Basedon
goodsstored
inforeigncoun-
tries orshipped
be-tweenforeignpoints
195180182
175184168158152148144141137133
) 41 ! 39
2 ! 312 > 162 j 4
) I 2
T1 Total holdings of Federal Reserve banks include a small amount of
unclassified acceptances.2 Less than $500,000.
Back figures.—See Annual Report for 1933 (tables 97 and 25).
COMMERCIAL PAPER OUTSTANDING[In millions of dollars]
End of month
JanuaryFebruaryMarchAprilMayJuneJulyAugust .
October _ ._November .December
1931
327315311307305292289271248210174118
1932
10810310610811110310010811011311081
1933
85847264607397
107123130133109
1934
108117133139141151168188192188
Back figures.—See Annual Report for 1933 (table 96).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 793
FEDERAL RESERVE BANK RATESRATES ON REDISCOUNTS FOR AND ADVANCES TO
MEMBER BANKS
Federal Reservebank
BostonNew YorkPhiladelphia—Cleveland _RichmondAtlanta -Chicago -St. LouisMinneapolisKansas CityDallasSan Francisco..
Rediscounts and advances un-der sees. 13 and 13a of theFederal Reserve Act
Rate ineffect onDec. 1
2
2H2332H2H3332
Date estab-lished
Feb. 8,1934Feb. 2,1934Nov. 16,1933Feb. 3,1934Feb. 9,1934Feb. 10,1934Oct. 21,1933Feb. 8,1934Mar. 16,1934Feb. 9,1934Feb. 8,1934Feb. 16,1934
Previ-ous rate
2H232HZHZtt33
Ztt2H
Advances under sec.10b of the FederalReserve Act
Rate ineffect onDec. 1
44444H
4
5444
Date estab-lished
Oct. 20,1933Oct. 2,1933Oct. 20,1933Oct. 21,1933July 16,1934July 15,1933Oct. 16,1933Oct. 21,1933Mar. 14,1933July 10,1934Mar. 12,1934Oct. 19,1933
RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID-UALS, PARTNERSHIPS, AND CORPORATIONS
Federal Reservebank
BostonNew'YorkPhiladelphia _.ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas _—San Francisco
Discounts and advancesunder par. 3 of sec. 13of the Federal Re-serve Act
Rate ineffect on
Dec. 1
66655H56
6566
Date estab-lished
Aug. 11,1933Aug. 10,1933Aug. 12,1933July 24,1934July 16,1934Mar. 20,1934Aug. 13,1933July 10,1934Aug. 10,1933July 10,1934Sept. 8,1933Sept. 2,1933
Advances secured bydirect obligations ofthe United States(last paragraph of sec.13 of the Federal Re-serve Act)
Rate ineffect on
Dec. 1
4
44444
444
Date estab-lished
Oct. 20,1933Feb. 8,1934Oct. 20,1933Oct. 21,1933Feb. 19,1934Mar. 17,1934Oct. 16,1933Mar. 15,1933Apr. 15,1933Feb. 23,1934Mar. 12,1934Oct. 19,1933
NOTE.—For rates on industrial advances see p. 824.
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York)
Maturity
1-15 days . . . .16-30 days. . .31-45 days. . .46-60 days. . .61-90 days. . .91-120 days..121-180 days.
Rate ineffect on
Dec. 1
H
Date estab-lished
Oct. 20,1933do.do.dodododo
Previousrate
NOTE.—Rates on prime bankers' acceptances. Higher rates may becharged for other classes of bills.
Back figures.—See Annual Report for 1933 (table 58).
OPEN-MARKET RATESSHORT-TERM RATES IN NEW YORK CITY
[Percent per annum]
Month or week Primecom-
mercialpaper,4 to 6
months
1933November—December..
1934JanuaryFebruary...MarchAprilMayJuneJuly - .AugustSeptember-OctoberNovember. _
Week ending-Oct. 27Nov. 3Nov. 10Nov. 17Nov. 24
Prevailing rate o n - Average rateon—
1*4
•-1H-itt-m-V
1[-1
94-:
3 / 4 - 1
94-194-13 / 4 - 1
Primebank-ers'
accept-ances,
90days
H-
H-H
H- H
H-
Timeloans,
90days 1
Call loans
New Re-newal
0.7534-iHi .94
j1 -1H!
94-:
3 / 4 - 1
3 / 4 - 1
94-13 / 4 - 1
94-1
1.001.001.001.001.001.001.001.001.001.C01.00
1.001.001.001.001.00
0.75.94
1.001.001.001.001.001.001.001.001.001.001.00
1.001.001.001.001.00
Average yieldon—
U. S. Treasurybills 3
91-daybills
182-daybills
0.42
.70
.67
.63
.06
0.85.27.18.14.07.08.20.27.21.22
.19
.21
.22
.21
.23
1 Stock exchange 90-day time loans.2 Stock exchange call loans; new and renewal rates.3 Average rate of discount on issues offered by U. S. Treasury within
period.
Back figures.—See Annual Report for 1933 (tables 60 and 61).
RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES
[Weighted averages of prevailing rates]
Month
JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember-OctoberNovember-December. ._
New York City
1932 I 1933 1934
4.714.714.724.694.554.614.424.454.304.354.124.22
4.124.114.884.334.244.103.933.973.793.763.523.48
3.583.433.313.393.423.303.303.333.263.283.22
8 other northern j 27 southern andand eastern cities western cities
1932 1933 1934
5.075.135.145.105.145.135.055.125.034.964.884.88
4.894.845.395.094.994.974.824.684.654.514.544.59
4.654.494.524.524.394.304.154.124.114.134.08
1932
5.615.615.645.635.645.625.635.685.635. 565.555.60
1933
5.605.565.665.685.665.625.545.535.555.505.425.43
5.405.395.405.345.285.195.075.055.045.054.93
Back figures.—See Annual Report for 1933 (table 63).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
794 FEDERAL RESERVE BULLETIN DECEMBKB 193*
TREASURY FINANCEUNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY MATURITIES
[In millions of dollars] [In millions of dollars]
End of month
1933AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1934JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember
Total(grossdebt)
21,44121,85322, 53922, 61023,09923,05123,05023, 53423,814
25, 07126, 05526,15726,11826,15527,05327.18927,08027.19027,18827,299
Interest bearing
Total
21,08721,46922,15822, 24022, 72322, 672
23,16123,450
24, 72025, 70725, 69825, 59925, 58826,48026, 60526,49526, 62626, 64326,761
Bonds
14,23014, 22314, 22314, 23915,07415,07415,07415,56915, 569
15, 60015, 57915,57915, 71815,69416,51016, 51616, 51315, 92215,80815, 768
Notes
3,5764,1484,7804,8015,1535,1515,1505,1485,125
5,6266,4726,925
6,6786,9326,9516,9218,0208,0278,036
Certif-icates
2,3632,1192,2002,2461,5431,4951,4931,4921,753
2,2802,2781,8161,8141,8121,6351,6831,6821,1561,1541,153
Bills
Nonin-terestbear-ing
918979955954953952952952
1,003
1,2141,3791, 3781,3781,4041,4041,4541, 3791,5291. 6541,804
354385381370376379381373364
351348459519567573585585564545538
Outstanding Nov. 30,1934—Total. __ _
Obligations maturing:Before Mar. 1, 1935Mar . 1-May 31, 1935June 1-Nov. 30, 1935 _Dec. 1-31, 193519301937 - . . _19381939 . . .19411943After 1943
Other obligations 4
Interest-bearing debt
Total
26.761
1,9073,375
770418
1,8441,7493,218
529834898
10,0701,150
Bonds i
15,768
2 873 1,869
49
1,272
834898
10,070688
Notes
8,036
528770418
1,7951,749
Certif-icates
1,153
992
1,946529
301 j 160
Bills
1,804
82797?
1 Issues classified as of date of final maturity; most issues are callable-at earlier dates. Amount callable before Dec. 1, 1935, and not yet called,$3,943,000,000, including certain pre-war issues that are held as collateralfor circulating notes.
2 Approximate amount of 4th Liberties called for redemption Apr. 15,.1934, and Oct. 15, 1934, and not yet redeemed.
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 forcirculating notes, and such issues as Postal Savings bonds, retirement-fund notes, and adjusted-service-certificate series, in which specialfunds are invested.
Period
Fiscal year ending:June 1932June 1933June 1934
5 months ending:November 1932November 1933November 1934
1933JulyAugustSeptemberOctoberNovemberDecember
1934JanuaryFebruaryMarchAprilMay . .JuneJuly . .AugustSeptemberOctoberNovember . - _
SUMMARY OF TREASURY OPERATIONSfin millions of dollars. On basis of daily statements of United States Tre
General and specia
Receipts
Total
2,0062,0803,116
6811,1371,460
163188321256209332
211206420182237391218286449260247
Internal revenue
Incometax
1,057746818
202192256
1314
1361019
133
1023
2321525
1881825
1731921
Process-ing tax
353
87221
923262946
3533373244393943424947
Other
503858
1,470
314630723
113126123170
98112
128116130105119130132145176151119
Customsand mis-cellan-eous
445475475
164228260
373839506341
3834213050332973574160
funds
Expenditures
Total
4,7414,6816,745
1,8331,9042,764
271310329500494690
956635610674542733466514516669599
General i
3 3,9733 3,404
2,741
31,4321,2111,262
196171248396201227
148188160305191310230204233385209
Emer-gency
3 7683 1, 277
4,004
3 401693
1,502
7513981
104294463
808447450370350423236310283284390
asury]
Excess ofreceipts
or expend-itures(-)
- 2 , 735- 2 , 602- 3 , 630
-1,152-767
-1,304
—108-122
- 8-244-285-358
—745-430-190-492-305-342-248-227- 6 6
-409-353
Trustand con-tributedfunds,2
excess ofreceipts
or expend-itures(-)
-5-5
+835
+5+17H-73
+8—1+24-8
- 3
+2+2,810
+1-1 ,993
- 4+4+2+2
+13+29+28
Increase ordecrease during
period
Generalfund
balance
- 5 5+445
+ 1 , 720
+173+245-985
—28+366
- 5 4—236+198
- 8 1
+511+3,365
-84-2,524
-272+560-110-335+56
-381-214
Grossdebt
+2,686+3,052-+4, 514
+1,319+995+246
+71+489
-48
+484+280
+1,254+984+105
-39+37
+898+136-109+110
- 2+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 subse-
quently 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]
ASSETSLoans—total _. _ _Preferred stock, capital notes, and debentures of bank
and trust companiesCash—total __ _Investments:
United States securities.Obligations guaranteed by United StatesFederal land-bank bondsIntermediate credit-bank securitiesProduction credit associations—Class A stock __
Other assets
Total assets
LIABILITIES
Bonds, notes, and debentures:Obligations guaranteed by United StatesAll other
Other liabilities (including reserves)
Total liabilities
Excess of assets over liabilities, exclusive of interagencytransactions
Privately owned interestsUnited States Government interests
Distribution of Government interests:Capital stock _ _.SurplusInteragency interest (net)
ASSETSLoans—totalCash—total _Investments:
United States securitiesObligations guaranteed by United StatesFederal land bank bondsIntermediate credit bank securities
Other assets -._
Total assets
LIABILITIES
Bonds, notes, and debentures:Obligations guaranteed by United States _All other
Other liabilities (including reserves)
Total liabilities
Excess of assets over liabilities, exclusive of inter-agency transactions
Privately owned interestsUnited States Government interests
Distribution of Government interests:Capital stock .SurplusInter-agency interest (net) .
Total
6,884
1793353
500143456
280
357
9, 568
2,1982, 555
400
5,153
4,415291
4,124
3,987137
Financed wholly from Government funds
Total
2,404
179349
13
26
80188
3, 553
2469895
439
3,114
3,114
2,9536398
Recon-structionFinanceCorpora-
tion
1,799
17939
Com-modityCredit
Corpora-tion
79
(2)
45 i
2,646
246
55
301
2, 346
2,346
50063
1,783
2
81
(2)
(2)
81
81
31
77
Exportimportbanks
14
(2)
14
(»)
(2)
• 13
13
14(4)
PublicWorks
Adminis-tration
203
1
2
206
206
206
3 305
- 9 9
RegionalAgricul-
turalCredit
Corpora-tions
49
2
(2)
6
58
5
5
53
53
440)
9
Produc-tion
CreditCorpora-
tion
2
3
26
801
113
3
3
110
110
no(2)
Other
274
20
9
131
435
9833
131
305
305
3 1, 977- 1
-1 ,672
Financed partly from Government funds
Total
4,480304
487143430
2169
6,015
1,9522,457
305
4,714
1,301291
1,010
1,03474
- 9 8
Federalland ]
banks
1,87029
6729
125
2,120
1,645214
1,859
26199
163
11851
- 6
Federalinter-
mediatecreditbanks
19119
74
5
289
1824
186
103
103
7033
FederalFarmMort-gage
Corpo-ration
51618
430
5
969
724
49
773
196
196
200- 4
Banksfor
cooper-atives
2310
77
21
113
(2)
(2)
1131
112
1102
Homeloan
banks
875
214
1
108
4
4
10422
82
811
HomeOwners'
LoanCorpo-ration
1,793164
24
1,980
1,22863032
1,890
90
90
200- 9
-101
FederalSavings
andLoanInsur-ance
Corpo-ration
(2)
100
1
101
101
101
10011
Federalsavings
andloanasso-
ciations
4
4
4
4
4
FederalDepositInsur-ance
Corpo-ration
60
266
3
329
1
1
328170
158
150
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 CORPORATIONLOANS, SUBSCRIPTIONS, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
Proceeds disbursed, less repayments
Oct. 31,1933'
July 31,1934
Aug. 31,1934
Sept. 30,1934
Oct. 31,1934
Nov. 30,1934
Proceeds not yetdisbursed
Sept. 30,1934
Oct. 31,1934
LOANS AND SUBSCRIPTIONS
Loans under sec. 5 of the Reconstruction Finance Cor-poration Act, as amended:
Banks and trust companies (including receivers,liquidating agents, and conservators) l
Building and loan associations 1
Insurance companiesMortgage-loan companies *__Credit unionsFederal land banks . _Joint stock land banks—Agricultural credit corporationsRegional agricultural credit corporationsLivestock credit corporationsRailroads (including receivers)State funds for insurance of public moneysFishing industry. __ _ _._Processors or distributors for payment of process-
ing taxes
661,50271,41867,425156,696
53736,30012,0762,10448,4483,171
330,157
582,200
32,619184,790
390124,951
8006,5461,643
354,4472,705
594,90531,49431,678162,081
389116,4367,676800
4,7211,616
343,1892,150
591,97228,25230,722160,767
388116,0407,696796
4,3891,604
343,2871,841
583,45225,20529,982159,327
388115,2637,323605
2,6731,546
353,1701,233
599,39723,25929,420155,874
387110,9977,132600866
1,464361,506
81125
223,001
370101,407
1,160275594173
2,757
Total.. 1,389,833 1,336,592 1, 297,138 1, 287, 756 1, 280,168 1,291, 739
222,92614
127102,194
1,16027593630
14,147
43
Other loans:For self-liquidating projects, sec. 201 (a) (including
repairs to property damaged by earthquakes,etc.) - —
For financing exports of agricultural surpluses, sec.201 (c)—
For financing agricultural products, sec. 201 (d)To commodity credit corporationOn preferred stock of banksOn preferred stock of insurance companies.To drainage, levee, and irrigation districtsTo public school authoritiesTo industrial and commercial businessesOn assets of closed banksTo Secretary of Agriculture
Total
329, 737 341,851
56,038
3,9062,673
48713,484
96,062
15,1854,507
157,66721,92215,8758,173
107,287
14,9854,422
108,64621,99425,8859,17722,300
274
111, 184
14,9545,10776,43022,28925,7859,47922,3001,916
112,291
15,2715,717
3,300
18,84925,78511,14722,3003,248
23
117,027
14,9926,09030,24218,96525,78511,32122,3004,166
22
110,078
3,7785,048
290,4822,1623,50064,370
10,041
108,034
3,3603,733
383,0252,1733,500
63,853
14,28758
20,00079,888 319,392 314,970
Purchases:Purchases of preferred stock of banks ___Purchases of capital notes and debentures of banks..Purchases of preferred stock of insurance companies
Total—Total loans and purchases
289,444 257,600 250,911 489,458 | 602,024
51,868700
515,794243, 720
532,760248,525
545,599259,772
100
562,410256,671
100
571,193259,662
100
65,82374,865
67,94374,881
52,568 759,514 781, 285 805,471 819,180 830,955 140,688 1 142,824
1,522,289 2, 393,393 2,382,671 2,356,949 2,373,605
ALLOCATIONSFor relief:
Federal Emergency Relief Act of 1932...Federal Emergency Relief Act of 1933...Emergency appropriation Act of 1935._.
299,015207,669
298,542499,591
298,524499,592
298,227499,589
298,006499,590215,000
297,774499,586325,000
959,884
15411
Total.. 506,684 798,133
To other Government agencies:To Secretary of the Treasury for:
Purchase of stock of Federal Home Loan banks.Purchase of stock of Home Owners' Loan Cor-
porationTo Land Bank CommissionerTo Federal Farm Mortgage CorporationTo Federal Housing AdministratorTo Secretary of Agriculture for:
Crop loansReallocated as capital regional agricultural
credit corporationsReallocated to Governor of Farm Credit Ad-
ministration ,
63,346
4,00020,600
115,000
44,500
12,000
81,446
174,000147,60055,00010,000
115,000
44,500
40,500
798,116
81,446
200,000147,60055,000
10,000
115,000
44,500
40,500
797,817 1,012, 596 1,122,360 426
81,446
200,000147,60055,00010,000
115,000
44,425
40,500
81,646
200,000147,60055,00015,000
115,000
44,500
40,500
81,646
200,000147,60055,00015,000
115,000
44,500
40,500
43,295
97,400
75
Total
Total allocations.*.
Total loans, subscriptions, and allocations--
259,446
766,130
668,046
1,466,179
694,046
1,492,162
693,971 699,246 699,246 140,770
1,491,788 1,711,842 1,821,606 141,196
2,288,419 3,881,677 3,885, 555 3,874,458 4,068,791 4,195,211 1,101,080
1,086,700
15410
425
43,095
97,400
140,495
140,920
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
DECEMBER 1934 FEDERAL RESERVE BULLETIN 797
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans b y -
End of month
Federalland banks
1933 IJanuary !February iMarch |April —_iMay jJune •July „_ |August -September IOctober _ |November IDecember _ '
LandBank
Commis-sioner
January...February...MarchAprilMayJuneJuly.AugustSeptember..October
1934
1,112,7031,110,032 i.1,107,377 ;.1,105,128 '.1,102,891 i1,102,088 \1,101,4461,104,176 '1,110,194 j1,125,681 !1,156,1701,213,523
1,287,5621,371,4681,458,3111,483,9401,548,5541,630,9001,690,4961,746,1491,792,4101,
40180664
2,1886,026
15,81534,09970,738
120,403174,308237,858258,730311,375378,526429,830477,822516,276551,873
Jointstock landbanks 1
452,166446,429440,130434,514429,380422,471420,080416,385412,525407,754400,977
381,380369,769349,425344, 773334, 680319, 585305,782295,234285,085275,698
Federal intermediatecredit bank loans toand discounts for—
Regionalagriculturalcredit cor-porationsand pro-duction
credit as-sociations 3
All otherinstitu-
tions
Produc-tion credit
associa-tions
1,2561,3051,3481,8382,483
10,39928,46749,97961,29968,85773,263
75,43176, 51586,081
102,781120,282127,470
'128,090125,270118,402104,909
87,75285,57084,80483, 24980,83079,65378,78678,54777,25771,35772,45976,200
74,58871,49670,26269,56670,35870, 55673,62674,17272,98983,088
Regionalagricul-
tural cred-it corpo-rations
157665
4,40914,39228,11738,518
' 49,82658,07460,88758,128
42,42662,03583,409
106,540127,731145,414154,321158,394155,200146,895142, 558144,636
145,198145, 760144,905
r 144,671143,093138,478128,831117,664106,72496,914
Emer-gency
crop anddrought
loans(1921-34)
87,67886,51098,283131,250137,309139,158138,727135,854135,087110,32494,29689,811
81,16472,72768,31084,13890,14790,517
' 94,411' 100, 209«• 105,438' 104,470
Agricultural Mar-keting Actrevolvingfund loansto coop-eratives
Banks forcooper-atives,
includingCentral
Bank forCooper-atives
156,976156,468 I156,793 j155,617180,264180,406177,537176,553175,040173,325172,302157,752
69,50869,21468,35367,25754,64254,87755,43755,25054,87057,310
1847,396
11,14418,697
15,38614,83515,82417,14419,31020,53921,49323,01923,05724,561
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 re-
discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the columns headed " Production creditassociations" and "Regional agricultural credit corporations."
HOME OWNERS' LOAN CORPORATION
SUMMARY OF OPERATIONS *
Months
1933
From opening to Sept. 30..OctoberNovemberDecember
JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember-October
1934
Cumulative total-
Numberof appli-cations
received2
403,114129,50499,23290,946
123,189136,132168, 273145,772119, 79197,67966,15772,02239,31735,675
1,742,992
Loans closed
Number
5933,424
10,94622,286
30,33932,94052, 26056,17264,17271,76878,04669,73859,24065,813
617,737
Amount
$1,688,78710,164,67831, 445,82762, 621,051
86,143,83893,499,995
150, 213, 639171,490,768208,293,766223,440,191235,467,606202,442,864179,299,857201,211,532
1,857,424,399
FEDERAL HOME LOAN BANKS
COMBINED STATEMENT OF ASSETS ANDLIABILITIES
[In thousands of dollars]
ASSETSCash on handLoans outstandingAccrued interestInvestments—United States securitiesOther assets
Total assets _
LIABILITIES
Current liabilitiesCapital stock, fully paid and oustanding:
Members _United States Government . . .
Subscriptions to capital stock, less balance dueSurplus... ___
Total liabilities. .
Sept . 29,1934
4,86286,647
56016,090
90
108,249
3,721
18,66081,446
2,0742,349
108,249
Oct. 31,1934
5,09287,446
51616,003
126
109,184
3,699
19,28381,646
1,9312,625
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 applica-
tions. 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
[Averages]
Year, month, or date
Number of issues
1932 average1933 average
1933—No vemberDecember
1934—January _FebruaryMarchAprilMayJune -July— — -AugustSeptemberOctoberNovember
Nov. 7 ----Nov. H____Nov. 21Nov. 28
UnitedStates
Govern-mentbonds
U 5
99.2102.2
100.5100.0
100.3101.9102.8103. 7104.4104.7105.2104.1102.3103.4103.5
103.3103. 3103.7103.8
Other bonds *
Corpo-rate andmunic-
ipal(high-grade)
3 60
81.184.0
82.683.6
88.392.995.197.097.699.099.397.896.798.498.8
99.098.898.599.0
Corporate
Total
60
69.473.4
72.173.6
78.584.084.887.086.186.386.183.983.084.184.3
84.284.483.985.1
Indus-trial
20
63.269.2
70.571.5
75.679.880.582.882.582.583.282.682.282.583.4
82.683.383.884.2
Rail-road
20
64.870.5
68.572.2
79.085.886.488.786.987.185.881.379.381.681.0
80.880.780.082.5
Utility
20
80.580.6
77.377.1
80.986.587.789.789.189.489.487.987.688.188.6
89.189.088.088.6
i Price indexes derived from average yields.a Now 3 Liberties and 12 Treasuries. New Treasury issues were added
Aug. 15, 1933, Nov. 1, 1933, Apr. 16, 1934, and June 15, 1931.3 45 corporate and 15 municipal.Source—For United States Government bonds, Federal Reserve Bank
of New York; for other bonds, Standard Statistics Co.
BOND YIELDS i
Year, month, ordate
Number of issues
1932 average1933 average
1933—AusjustSeptemberOctober..NovemberDecember
1934 —JanuaryFebruaryMarchAprilMay.JuneJulyAugust....SeptemberOctoberNovember
Nov. 7Nov. 14Nov. 21Nov. 28
UnitedStatesTreas-ury 2
9
3.663.31
3.213.203.223.463.53
3.503.323.213.123.012.942.852.993.203.083.05
3.083.083.043.02
Munic-ipal 3(high-grade)
15
4.654.71
4.544.594.604.894.89
4.674.484.244.113.933.733.753.813.843.693.57
3.603.563.553.58
Corporate, by ratings *
Aaa
30
5.014.49
4.304.354.344.544.50
4.354.204.134.074.013.933.893.933.963.903.86
3.873.863.863.84
Aa
30
5.975.23
4.774.904.975.355.27
5.004.704.554.434.374.304.284.344.424.364.27
4.294.284.284.25
A
30
7.206.09
5.515.705.766.226.21
5.725.245.124.974.964.964.935.095.175.004.93
4.954.924.944.90
Baa
30
9.307.76
6.777.277.497.987.75
7.016.276.266.016.056.066.136.496.576.406.37
6.376.406.416.30
i Monthly data are averages of daily or weekly figures,a Average, computed by Treasury Department, of yields of all out-
standing Treasury bonds except those due or callable within 8 years.«Standard Statistics Co.* Moody's Investors' Service.
STOCK PRICES
Year, month, or date
Preferredstocks(indus-
trial high-grade)
Number of issues.
1932 average1933 average
1933—November.December..
1934—January....February. .MarchAprilMayJuneJulyAugustSeptember.October....November.
Nov. 7Nov. 14 . . . .Nov. 21Nov. 2 8 . . . .
20
96.1104.8
107.5107.7
111.2116.5117.5120.2121.0122.1123.5122.6121.0120.9124.1
122.7123.5124.0126.1
Common stocks (index, 1926=100)
Total
421
71
Indus-trial
351
46
Rail-road
33
Utility
37
7978
7067
7381767670726965646361
63615861
Source.—Standard Statistics Co.
CAPITAL ISSUES[Long-term; i. e., 1 year or more. In millions of dollars]
Year and month
1925192619271928 — -. . . .19291930193119321933
1933—No vember..December—
1934—JanuaryFebruaryMarch _April.MayJune.July. .AugustSeptember..OctoberNovember. _
New issues
Total(do-
mesticandfor-
eign)
6,2016,3147,5568,040
10,0916,9093,0891,165
722
8857
487997
14310312321718043
122107
Domestic
Total»
5,1255,1896,2196,7899,4206,0042,8601,157
710
8857
487997
143103123
2 2173 180
433 122
107
Stateandmu-nici-pal
1,3521,3441,4751,3791,4181,4341,235
755484
8241
375981
10061
1029118363989
Corporate
Bondsand
notes
2,4522,6673,1832,3852,0782,9801,240
30540
00
0129
24260
198508
Stocks
1,1531,0871,4742,9615,9241,503
31120
120
616
61553920200
For-eign
1,0761,1251,3371,251
671905229
812
00
00000000000
Re-fund-.ingissues(do-
mesticandfor-
eign)
9251,0462,2201,8581,422
711949583340
218
428
509339
18315779263635
1 Includes issues of Federal land banks and Federal intermediate creditbanks, not shown separately.
2 Includes $100,260,300 bonds of Federal Farm Mortgage Corporationsold by public offering during month.
a Includes bonds of Home Owners' Loan Corporation sold by publicoffering during month, amounting to $149,111,100 in August and$53,000,000 in October.
Sources.—For domestic issues, Commercial and Financial Chronicle;for foreign issues (issues publicly offered) annual totals are as finallyreported by Department of Commerce, while monthly figures are ascompiled currently and are subject to revision.
Back figures.—See (for figures of new issues—annual and quarterlybasis) 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]
Year andmonth
19191920192119221923192419251926192719281929lQ30193119321933
1931AprilMayJuneJulyAugust.._SeptemberOctober __NovemberDecember
1932January. .February-MarchAprilMayJuneJulyAugust. . .SeptemberOctober. _NovemberDecember
1933January. .February .MarchAprilMayJuneJulyAugust. . .SeptemberOctober. _NovemberDecember
1934January. .February.MarchAprilMayJuneJulyAugust .._SeptemberOctober. _
Industrial production i *
Total
Unad-justed
83876785
10195
10410810611111996816476
908983807877757268
717168646159565967686560
646460677991969085787269
778386888984737373
* 75
Ad-justed
888783827876737374
726967636059586066676566
656359667891
1009184767275
788184858683767371
»74
Manufactures
Unad-justed
84876786
10194
10510810611211995806375
919083797776727066
707066636058555866676358
636258688092978984767067
758285898983717170
"74
Ad-justed
878782827875717172
716864615958575965666364
636156657793
1029183767073
768082858683747269
*73
Minerals
Unad-justed
77897074
1059699
10810710611599847181
838486868283908479
747578726562636674807873
717674657783909493888480
85889181878785838787
Ad-justed
918787867978838184
777885806764656571747577
747980727985919187818185
8891
10090898785808281
Construction contracts awarded (value)2
Total
Unad-justed
636356798494
12212912913511792632825
827874686359524330
252326313132313230282422
181614161921242530354245
40383336323130283029
Ad-justed
736563615959554938
312726272627273030292728
221914141618212430374857
49443332262627272931
Residential
Unad-justed
443044688195
1241211171268750371311
524741363232292620
16151616141212111212108
778
111314131212121211
10101214131312101112
Ad-justed
444037353332302723
19171514121111121212109
888
101113131212121313
12121112111212101112
All other
Unad-justed
799065888694
120135139142142125844037
107104101948781715739
333035434547464845413533
272318192427323645536673
64605054474645434543
Ad-justed
968584828180766750
413536383739404544434143
332718172023283345577693
80705149393839404446
Factory em-ployment 3
Unad-justed
1071088291
1049799
1019999
10592776469
818078777777747271
697068666361596063646362
606159606367727680
7674
737881828281798076
»79
Ad-justed
818079787775737272
707068666462606062636362
616259606367737678787675
757881828281797974
»77
Fac-torypay
rolls 3
Unad-justed
971177681
10396
10110410210210989684649
747370666663615858
545553504743404143454342
404037394347515759595655
546165676765606258
• 61
Freight-carloadings * *
Unad-justed
84917987
10097
10310610310310692755658
777977787678787061
585958575352515361656852
515148515561666568666056
58616360636463636764
Ad-justed
807977767269696869
646261595452515154575758
565450635562656160685963
64646662636461595957
Com-mod-ity B
prices'
1391549897
10198
10410095979586736566
757372727271707069
676666666464656565646463
616060606365697071717171
72747473747575767877
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 factoryemployment compiled by the Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industriessee 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 February1931, 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 backfigures 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]
Month
January-February . - .March .
AprilMay _ - -June
JulyAugust-September . -
October -NovemberDecember
Year
Merchandise exports 1
1930
411349370
332320295
267298312
327289275
3,843
1931
250224236
215204187
181165180
205194184
2,424
1932
150154155
135132114
107109132
153139132
1,611
1933
121102108
105114120
144131160
193184193
1,675
1934
172163191
179160171
162172192
*206
Merchandise imports 8
1930
311282300
308285250
221218226
247204209
3,061
1931
183175210
186180173
174167170
169149154
2,091
1932
136131131
127112110
799198
10510497
1,323
1933
968495
88107122
143155147
151129134
1,450
1934
136133158
147155136
127120132
*130
Excess of exports
1930
1006769
243544
467986
808566
782
1931
664926
292414
6—2
10
364430
334
1932
152324
920
4
271734
483435
288
1933
251813
177
—2
1- 2 3
13
425659
225
1934
373033
336
34
345260
»77
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[Index numbers; 1923-25 average=100]
Month
JanuaryFebruarvMarch -
AprilMayJune
JulyAugustSeptember - -
OctoberNovember .December - _
Year
Index of sales *
Adjustedfor seasonalvariation
1933
606057
676768
697770
706569
1934
697177
777774
7279
-76
74P 7 2
Withoutseasonal ad-
justment
1933
494950
686764
485973
7775
121
67
1934
575973
737770
5160
'79
82»83
Index of stocks (end ofmonth)
Adjustedfor seasonal
variation
1933
585754
535557
606470
706965
1934
666665
656665
646464
64
Withoutseasonal ad-
justment
1933
525455
555656
566273
777862
61
1934
596367
686863
596167
71
J» Preliminary. r Revisedi Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and for 6national holidays: New Year's Day, Memorial Day, Independence Day,Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea-sonal variation makes allowance in March and April for the effectsupon sales of changes in the date of Easter.
Back yigwres.—See'BuLLETiN for November 1930, p. 686; Annual Reportfor 1933 (table 115).
FREIGHT-CAR LOADINGS, BY CLASSES[Index numbers; 1923-25 average=100]
Total.._CoalCoke _ _Grain and grain productsLivestockForest productsOre —MiscellaneousMerchandise * - —
TotalCoal__-CokeGrain and grain productsLivestock..Forest productsOreMiscellaneousMerchandise l
1933 1934
Oct. June July Aug. Sept. Oct,
Adjusted for seasonal variation
586253575132495966
646656905433486865
616343798430466265
59583970
10729435965
596345638730395864
576045586230306063
Without seasonal adjustment
667054646833686970
645856784634877165
635538957030836564
635735849531736465
67684576
10331636967
. 6469466583314270
i Inless-than-carloadlots.Based on daily average loadings. Source of basic data: American
Railway Association.
Back figures.—See BULLETIN for February 1931, pp. 108-110.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 801
INTERNATIONAL FINANCIAL STATISTICSGOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
Europe
Canada Total (27icountries) Austria Belgium^ Bulgaria Denmark England France Germany
1933—OctoberNovember..December..
1934—January
1934—JanuaryFebruary __.MarchApril.MayJuneJulyAugustSeptember-OctoberNovember..
12,05711,95911,93011,951
20, 22920, 51620, 72420,82020,95721,16621, 304
t> 21,489v 21, 530v 21, 585
_r
14,011 Il 4,012» 4,012 |
4,033 |
6,8297,4387,6947,7577,7797,8567,9317,9787,9788,002
p 8,132
$l=25$io grains of gold Vio fine; i. e., an ounce of fine gold=$20.6777 7,040 |77 6,94277 6,916 !
77 6,912 j$l=155/ii grains of gold *Ko fine; i. e., an ounce of fine gold=$35
24242727
377378380382
11111111
51515151
36363636
927928928929
3,1763,0513,0223,021
130 |130 i1 3 0 '••130 !
130 !132 i133 |131 !131 I132 !
11, 69711, 35811,31311,34011,42611, 54811,59211, 747
c 11, 787p 11,813
646639635636635625618623626609
P 5 8 9
19191919191919191919
86112111111111111111111111112
6060606060606060606060
1,5731,5741,5741,5751,5771,5781,5791,5801, 5811,5821,583
5,1094,9044,9475,0235 J 365,2745,3215,4395,4555,4685,443
94979290
152134968352283030303332
E urope—C ont inued
End of monthHungary Italy ; Nether-
: lands Norway Poland Portu-gal
Ruma-nia Spain Sweden Switzer-
land U.S.S.R.2 Yugo-slavia
6 othercoun-tries
$l=25¥\o grains of gold ^io fine; i. e., an ounce of fine gold=$20.671933—October. __.
November..December..
1934—January
1934—JanuaryFebruary . . .MarchAprilM a yJ u n e . . .JulyAugustSeptember..OctoberNovember. .
17141414
371373373373
359370371370
40403838
53 [53 '53 !54 |
32333434
59595960
436 I436436 !436 !
1019999
100
373386386386
416416416416
32323232
35353535
37383941434334363637
2323232323232323232323
633 i633613 !609 i594 I576567565554541
P 520
$l=15%i grains of gold ^io fine; i. e., an ounce of fine gold=$35169 653169 600170 570167 534167 535168 535168 537169 567170 591163 621160 624
626539535539551573588588588601582
6461616161616161616161
9191919292939394949495
.58626565666767676767
100101101101102102102103103
P103
739739739739739739740740740740740
704704706706706716716716
P716P716
5353535353535353545454
58595957585858586161
End of month
1933—October.NovemberDecember
1934—January
Latin America
Total(10
coun-tries)
Ar-gen-tina
ChileCo-
lom-bia
Mex-ico
Peru Uru-guay
4othercoun-tries
Total(7
coun-tries)
i
India Japan
Asia and Oceania Africa
JavaNewZea-
land 3Tur-key
2othercoun-tries
Total(4
coun-tries)
Egypt SouthAfrica
352346342342
249244239239
111 1
12 |12 |
15 |15 |1414 ;
$1--
10 ;8 i9 :8 :
25$io grains of gold <Mo fine; i. e., an ounce of fine gold=$2O.6711111111
49505051
777
453456457459
162162162162
212212212212
40424445
25252425
11111212
3433
123 1125126127 i
33333333
80828384
$l=155ii grains of gold Yxofine; i. e., an ounce of fine gold—$351934—January... 579
February I 588March . . . ! 590April | 591May j 594June I 593July 599August.__ !P605September :P604October !*>599
1 405405405405405
j 4051 4051 403i 403i P 4 0 3
202020202020242828
P 2 9
2424 !2524242526262422
1418 '20 :
23 :26272928 :25
19 i20 !19 :19 ;19 i19 i19 !1919 .
v 19 :
86878787878482
r<82
v 82
778780778781803804806807803795
274274274275275275275275275275
359359359362382384386387388390
76 |797 7 •77 i7977 ,77 ,77 '7777
42 i42 I42 j42 i42
\41 :36 i26 i
20202021202121212222
6656656665
215 i222 .218220226 i233 !
244 !P 2 2 0 1»226 i*245 ;
56555555555555555555
143150146149154161172149155173
2othercoun-tries
10101010
17171717171717
* 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] *
Year and month
Esti-matedworld
produc-tion
Production reported monthly
Total
Africa
SouthAfrica
Rho-desia
WestAfrica
BelgianCongo
North and South America
Canada UnitedStates i Mexico bia
C ° !? m - Chile AufQtra" Japan
Far East
lia India
1932—Total (12mo.)__
1933—FebruaryMarchAprilMay _.June __JulyAugustSeptemberOctoberNovember. __December
499,049 I 421,979
31,75936,51533,68934,60033,78534,91535,13035,66136,53735,99235,696
43,50940,68341,59540,78043,90944,12544,65645,53244,98744, 690
Total (12 mo.)-
1934—January
515,627
FebruaryMarch _AprilMay.-JuneJulyAugustSeptember.October
45,516
71, 31375, 28174,85678,08176,03477,39278,232
p77,242'80,122
$1=25>/to grains of gold 9(to fine; i. e., an ounce of fine gold=$20.67
238,931 12,000 5,992 3,642 62,933 50,626 112,070 5,132 788 14,563 8,198 [
18,17619,65818,43019,51919,00819,22819,23518,66418,82218,61318,168
227,673
18,897
1,0381,1081,1081,1301,1331,1671,1801,1431,1501,181
13,335
531522528520561571579546567586
6,623
264302281308308306321307302327325
3,631
1,201 546 320
$l=15'/$i grains oj gold
4,7375,3994,9194,9325,4265,3065,3254,8895,0485,0015,140
60,968
3,0595,2303,928
2,9563,6383,7425,6025,2095,2925,581
1,0951,059905
1,035986
1,1651,198820
1,5011,1721,038
52,843 13,169
334455535499435577555375700694503
6,165
134220222181288227274269423301281
4,781 4,858 | 1,080g fine; i. e., an ounce oj fine gold=$35
3,009-
462
1,1781,2591,5221,3441,4341,4201,4381,5911,4361,5011,538
16,790
654747726734711755722847825794
1,398 I 721
54,24358, 21157,78661,01258,96460,32261,162
p 60,173p 63,052
28,89330,55030,17331,32430,13830,77331,01529,95130,994
1,8932,0422,0142,0552,0482,0152,0852,061
p 2,065
927965941951946
1,0721,0221,072
P 1,225
502571509566547521542544
»544
7,8038,7267,9759,0908,4958,5939,2708,5469,278
6,1607,9457,5958,5058,2608,7508,3659,940
10,360
1,9061,1942,2332,4311,9411,8612,078
P 1,400P 1,820
1,067940843991
1,0031,0371,148
9401,143
656554
425 |
'832666
J>666
6,782
626585554543589575572560560573
6,919
2,2692,4152,5662,4602,7222,5792,6192,625
*2,625
1,2801,3901,3761,2681,3101,3511,4131,495
P 1,400
560
921914
938938932
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 for1933, p. 104. Figures for Canada for 1934 are subject to revision.
GOLD MOVEMENTS[In thousands of dollars]
Year and month
1932—Total (12 mo.)-
1933—JuneJuly—AugustSeptemberOctoberNovemberDecember
Total (12 mo.).
1934—January
FebruaryMarch _..April _MayJune -JulyAugustSeptemberOctoberNovember
United States
Totalnet
importsor netexports
-446,213
-3,244-83,879-80,388-56,736-32,351
-783-9,128
-173,455
-2,767
452,571237,33654,74833,58363, 70552,34637,225
-18,67010,837
120,889
Net imports from or net exports (—) to:
Eng-land
53,585
-2,845-713
- 1 , 535-5,099-6,24®-2,260-1,650
6,375
-2,542
239,800135,98724,0545,927
31,28822,97822,872-950
-1,1183,687
Prance
-441,649
-72-79,617-73,173-48,717-26,923
-366-203
-216,035
-461
124,38151,8211,786
23310, 7502,212
-5,238-17,748
2670,351
Ger-many
Custom-13,356
-1,445
-216
-109- 5
-28
- 2 , 532
1Custo
1
-146
Bel-gium
s valuati-82,571
-27-13-18-28-10
-895
-10ms valua
131
16
-1,943-2,094
Nether-lands
ons; with-96 ,586
- 2 , 1 7 1—9
7,901
- 1 , 6 7 8
tions; wit57,27210,1487 234
8-4,865
-17212
-500
12,814 9,906
Switzer-land
some exce-118,273
-453
-8,883
-11,631
Can-ada
ptions a64,574
154203143224268216347
19,896
313
h some exceptions9,087; 12,1143,569 in. 272
-254
9,0698,6736,9898,9828,200
5393,7759,609
Mex-ico
t rate of
20,087
14136912551848
240338
4,280
246at rate i
5,1245,368
6402,0862 837
Argen-tina
$20.67 c
12,991
8
- 1
)f$S5aj
fi
2 664'515399
3 265880
16
Co-lombia
i fine ou
3,240
1
1
12
98
fine oun1,6602,4902,4952,554
378
2,484- 8
3,1121
BritishIndia
nee26,597
25,629
ce
~II,~4654,613
10,24012,1918,9485,489
"II,"3O6
Chinaand
HongKong
39,043
10
12,821
6512,8653,0671,8652,2863,254
67251350
700
Japan
49,719
6,702
4
Allothercoun-tries
36,383
812-4,121- 5 , 708-1,486
1,0851,419
960
-26,068
1,364
2,3473,3511,7851,9872,1903,3164,1051,1741,7291,896
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]
Year and month
Great Britain
Totalnet im-portsor net
exports()
Net imports from or net exports (—) to:
UnitedStates
France Ger- I Bel-many ! gium lands
Nether- Switzer-land i
SouthAmer-
icaCanada British
IndiaStraitsSettle-ments
Austra-lia
SouthAfrica,Rho-desia,WestAfrica
Allothercoun-tries
1932—Total (12mo.)--
1933—JuneJulyAugust—SeptemberOctoberNovember
December
Total (12 mo.)
1934—January
FebruaryMarchApriL___MayJuneJulyAugustSeptemberOctober.November »
84,585
77,67189,05625,62848,26063,91879,13879,426
677,405
-50,642 -297,0501
15,9234,763733
3,12012, 5206,8784,441
Official figures converted at rate of $20.67 an ounce
333 - 1 3 , 4 3 4 ! - 7 1 , 3 7 8 - 1 4 , 0 1 9 « 5 , 7 4 6 . 220,3941 10,781
-7,42118,0516,2592,1631,865
33,33815,130
7,939, 97,016
62,146
184,820'91,47ll35,003'37,98653,0561
30,991'26,005;
15,25448617932
-119442
41, C
8 6,4771,114 13,528
-1 ,034-13 ,583- 1 1 -3 ,633
18 -4 ,163817 329147| 6,998
-7 ,065
-479-118-380-101-217-771-196
- 4 , 5
401414436920
3,611120
8,143
14,056
9,1294,1413,7034,1086,5795,0134,186
43,374
11,28111,9424,99412,68516,1224,8525,892
118,817
1,359810848526782708423
4,788. 9,805 - 1 3 - 2 0 | 5,310 - 1 7 0 5,500 4,530 8,642
Official figures converted at rate of $35 an ounce
30,19337,372
' 20,364
1,7172,6921,9101,9911,9422,315ir"60,812
54,069:
-238,842-130,087-19,851-5,197-35,375-29,369-15,420
6,251950
-15,659
283,33366,180-7,038-30,856
6,622-121
-6, 797-8,188-339
27,443
18,83765,5793,5248,24317,4954,099
452,890105179
3,79035844
-34218
-2,161-6,034-2,157-1,291-3,552
17,891!5,522!
523|319
- 6 5 9- 4 6 ]
- 2 0 3 |4821
79!
-176 1
-216 ,- 2 5 2
- 7 l !- 1 0 2 |
- 4 , 563!- 1 , 8 4 9 |- 1 , 1 1 8
187343284144
1,7941,7492,052
655911 j -2,357
4,870394775
7,2664,""
13,03314,14717,33012, 21325,146
9624,992
20,089
583
6471,0943594854417066151245158
255,310| 18,279
6,06911, 715-3,2125,4344,4034,55812,871
17,95419,51924, 77421,02720,46720,88519,460
256,177
2,353
2,9513,1053,8243,0863,1723,2344,6733,5073,438
17,667
30,88136,70731,92942,93530,50532, 31222,37111,31524,42017,509
41,667
3,170
30,5875,591
4,75013, 2339,0704,7741,49112,7904,873
Year and month
France'
Totalnet
importsor net
exports()
Net imports from or net exports (—) to:
UnitedStates
Eng-land
Ger-many
Neth-er-
lands
Swit-zer-land
Allothercoun-tries
Germany
Totalnet
importsor net
exports
Net imports from or net exports (—) to:
UnitedStates
Neth-er-
lands
Swit-zer-land
j A l lU.S. j otherS.R. i coun-
tries
1932—Total (12mo.)
1933—JuneJulyAugustSeptember..OctoberNovember..December...
Total (12mo.)
1934—January I - 7 , 2 3 6
828,178 468,052 309,984 37,
46,76054,40753, 71743,04026, 2331
-53,315 !
-45,447|
243,944;
539,26375,68060,98847, 745
177
223,894
-18,581-12,527-11, 533-1,396-1,686-25,025-19,38"
- 8 7 , 207
1,215 - 5 , 2 5 9
Official figures converted at the rate of $20.67 an ounce
37,547-17,668 -7,627 -27,282 367 -250-38,170-24,455-7,915 46,6561-3,515
21,679 9,164 30,79724,654] 5,695] 16, 598,
- 1 , 3 6 9- 2 , 1 7 6
- 4 6 - 8 , 0 2 5- 8 , 0 5 9 - 6 , 1 6 6-4,640,-12,428 -
- 3 - 2 1 , 4 6 1 -5,674—772! 701-23,443
73,0011 44,691 j 10,491
- 2 ! - 7 0 , - 1 , 1 8 7 - 1 , 9 3 4 | 1,246]
3,6952 - 1 9 , 2 7 5
- 9 9 0- 1 5 0
610- 1 , 3 2 8- 2 , 5 4 5
-36,4324,592-67619,1205,8452,5722,627
-20,926-102,856
1,453-13,676-162
216 -186-32
41-13
1577
1,799 -37,044
- 2 2 , 6 5 8153
917,9105,9334,710
-64,922
- 1 9 - 2 , 6 1 5
-5 ,392270
- 2 5 61,173
- 9 4-5 ,268
590
- 4 0 , 9 5 0
3,833)4,6.
- 2 6- 2 3 8- 3 7 2
1233
3,182| - 1 3 3~>i — 1, 5
293 -
February. __MarchApril —MayJuneJulyAugust»»September »_October *
-175,869-232,658-1,37330,9156,437
-2,895-15,105
96422,710
-92,336'-79,1581 997| 124! -9,779i -3,003; -7,290! 5,98726,296
-160,187-155,636-37,01033,581
-11,411926264
9,6063,706
12,5363781
18,1911
145-32
Off
59,19615,9551,995516
-1, 696-104-3910139
Official figures converted at rate of $35 an ounce
— 1,765;-2,914 ! -32,492!
5, 405 219,168,
-1,038!-9,226!
-15,492!-6 ,972]
6,687| - 2 0 , 4 7 2 |-10,907' - 3 9 , 4 4 0
74! - 5 , 6 5 5- 8 , 7 1 2 - 2 9 , 0 4 0- 8 , 0 3 6 : - 2 0 , 3 1 2
323 4,4691,041: 5,328
854; 62- 4 6 l | 7,872
126
-29,660- 5 5 , 529
- 3 , 515- 1 3 , 382
7-4,207-2,609
-269
-8,0541 -946- 2 -988
-8,073 -8,189-10,083-12,363-12,286
224
-8,155—5
-133- 1 8
1,891
3,610,
18,034'16,99213, 9716,761!
8,4597,829,
5,806
56
11354
146- 1 0106172237172206
«Corrected.' since they are not reported separately
p Preliminary. r Revised. Revision of figures for France applies only to 1933.1 Except during January 1933, imports of gold from Switzerland are included under "All other countries'
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 officialtotals 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]
Year and month
Netherlands
Total netimportsor net
exports
Net imports from or net exports (—) to:
United England France Germany Belgium Poland Switzer-land
BritishIndia
All othercountries
1932—Total (12 mo.)...
1933—June. ..JulyAugustSeptemberOctoberNovemberDecember
Total (12 mo.)
1934—January
February..MarchAprilMayJuneJuly _AugustSeptember.October, _.
116,149
-45,503-13,628 |
24,239 !16,488 j18,5629,688
-9,294 I
106,623
115
2,191
- 3 , 839
Official figures converted at rate of $20.67 an ounce50,070 -34,009 1 26,886 -12,727 -13,630
-6,390-15,750
12,9961,7981,385
-1,942- 7 , 111
- 1 , 624
- 7 , 082
-41,0466,065
11,18313,84914,4576,096-601
-72,183
-238
5,581-180
47-903-3575,369-821
40,818
-367
-1,797-1,432
17-338- 2 2- 9 0
-230
-17,873 -6,030
-16,137
-1,702-1 ,466
-174-241
-1 ,232-297-658
-16,974
Official figures converted at rate of $35 an ounce-102,784 i
-9 ,201 •3,063 '
13,859 :
9,570 !
9,170-2,737 !
-326 I.-2,386 !
-17,262- 6 , 248-4,444
-225
-194498
-13,283- 4 , 928
-418-115
27775
- 2 3-327-637
-76,485-4,132
-287-1581,701
8837
166
233345
7,95111, 8357,704
71- 4 2
34-1,864
4,0776,116
-166- 5 3174- 2
-178
- 6 2-141-102- 6 8
-291-103-278- 4 4- 6 5
-1 ,220
-257-532
2011,696- 1 2
-112-2,546-1,016
- 4
16,423 I -7 ,346
108291275
2,2362,099
44131
9,632
- 1 8209097
10514299
567
33 |
21360
5311451
16839370
246
235- 4 2164359133322
1130126
Year andjmonth
Switzerland
Totalnet
importsor netexports
Net imports from or net exports (—) to:
UnitedStates
Eng-land France Ger-
manySouthAfrica
Neth-er-
lands
Allothercoun-tries
British India
Totalnet
importsor net
exports
Net imports from or netexports (—) to:
United I Eng-States land
Allothercoun-tries
Goldpro-duc-
India
In-creaseor de-
(-)intion in Govern-
mentreservesin India
Increaseor de-crease(-) inprivatehold-
ings inIndia i
1932—Total (12mo.)_
1933-JuneJulyAugustSeptember...OctoberNovember...December
Total (12mo.)
Official figures converted at rate of $20.67 an ounce7,418 7,880 101 14,996 -304-195,662 -38,094-151,059 -189,007
1934—January
FebruaryMarchAprilMayJuneJulyAugustSeptember . . .October
Official figures converted at rate of $85
43,753 J11,582'
-8 ,372-390
26,56921,532
-38,421-19,880-20,005-19,396-18,163-21,196-2,628-1,602
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
Oct.
247519
1007,4367,536
4,838
1,151
Sept.
247520
3356,9707,305
4,831
1,158
Aug.
247522
3826,6207,002
4,822
1,165
1933
Oct.
257526
1427,3647,506
4,722
1,261
1934
Oct. Sept. Aug.
1933
Oct.
Argentine Conversion Office (millions ofgold pesos):
GoldCurrency issued.-
Irish Currency Commission (thousandsof pounds sterling):
Legal tender note fund:British legal tender and bank
balancesBritish securitiesNotes issued.-
Consolidated bank notes: 1IssuedDeemed such under sec. 60 (4) of
Currency Act, 1927,
Canadian Minister of Finance (millionsof Canadian dollars):
Gold reserve against Dominion notes. _Advances to banks under finance act—.Dominion notes:
Issued--Outside chartered bank holdings. _
Indian Government (millions of rupees):Gold standard reserve:
GoldForeign exchange
Paper currency reserve:GoldSilverOther assetsNotes issued
21031
29505
416978463
1,856
20732
29505
415986450
1,851
19831
29505
416992442
1,849
7043
17529
147386
2971,042
4611,800
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]
Assets
Gold in bars —Cash on hand and on current account with
banksDemand funds at interest -
Eediscountable bills and acceptances (atcost):
Commercial bills and bankers' accept-ances.__ _
Treasury bills
Total
Time funds at interest—Not exceeding 3months —
Sundry bills and investments:Maturing within 3 months:
Treasury billsSundry investments
Between 3 and 6 months:Treasury billsSundry investments
Over 6 months:Treasury billsSundry investments-
TotalOther assets:
Guaranty of central banks on billsso ld . . . .
Sundry i tems- .
Total assets
1934
Oct. 31 Sept. 30
11,744
7,7057,646
170,896159,682
330,577
19,317
20,31173,200
57,45232,016
35,14735,917
254,043
6,1722,725
11,780
10,53711,348
150, 298181,515
331,813
38,712
41,11572,934
36,74533,332
22,58336,352
243,061
6,113 \2,600 /
1933
Oct. 31
5,147
11,06012,897
227,075145,992
373,067
39,208
25,83667,433
29,47533,699
18,75237,910
213,145
2,948
659,930 655,963 657,473
Liabilities
Demand deposits (gold)
Short-term deposits (various currencies):Central banks for own account:
Demand . .Time—Not exceeding 3 months
Total..
Central banks for account of others:Demand.
Other depositors:Demand . .
Long-term deposits:Annuity trust accountGerman Government depositFrench Government guaranty fund.
TotalCapital paid in
Legal reserve fundDividend reserve fund_.General reserve fund
Other liabilities:Guaranty on commercial bills sold-.Sundry items
1934
Oct. 31 Sept. 30
11,662
46,546107,589
154,135
11,911
1,201
154,76477,38240,811
272,956125,000
2,6724,8669,732
6,17259,621
Total liabilities I 659,930
11,662
44,414108,517
152,932
11,363
1,214
154,20077,10040,480
271,780125,000
2,6724,8669,732
6,11358,629
655,963
1933
Oct. 31
5,147
60,512106,741
167, 254~—'
11,160
3,190
154,48177,24145,513
277,235125,000
2,0223,8957,790
} 54,781
657,473
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
806 FEDERAL RESERVE BULLETIN DECEMBER 1934
CENTRAL BANKS
Bank of England
(Figures in millions of pounds sterling)
1933—Sept 27Oct. 25 - _ —Nov. 29- _-Dec 27
1934—Jan 31Feb. 28Mar. 28. _Apr. 25May 30 . . . .June 27July 25Aug. 29 -.Sept. 26 .Oct. 31 „ .Nov. 28
Bank of France
(Figures in millions of francs)
1933—Sept. 29Oct. 27Nov. 24Dec. 29
1934—Jan. 26-Feb. 23Mar. 30Apr. 27May 25 _ . _.June 29July 27-Aug. 31Sept. 28 _Oct. 26.Nov. 30
Reichsbank
(Figures in millions of reichsmarks)
1933—Sept. 30Oct. 31.— . .Nov. 30Dec. 30
1934—Jan. 31Feb. 28 . . . _Mar. 29Apr. 30May31._- .June 30July 31. _Aug. 31Sept. 29Oct. 31 ___Nov. 30
Gold(in issuedepart-ment) l
190.4190.4190.6190.7
190 9191.0191.1191 2191.3191 5191.6191.8191 9192.0192.1
Assets of banking department
Cash reserves
Coin
1.41.31.21.0
91.01.1. 9.8.7.6.6. 6.6. 6
Notes
79.681.280.458.7
84 283.672.377.573.269 867.672.574.973.672.4
Discountsand
advances
9.28.58.6
16.8
8.25.85.65.35.66.17.55.67.28.99.2
Securi-ties
85.892.584.7
101.4
88.487.988.186.387.691.994.292.592.291.690.6
Notecircula-
tion
370.8369.3370.2392.0
366.7367.4378.8373.7378.1381.7383.9379.3377.0378.4379.7
Assets
Gold
82,09581,03277,82277,098
77,05573 97174,61375, 75677, 46679, 54880, 25282,03782, 28182,47682,097
Foreignexchange
2,6322,5861, 2501,158
1,1301,0701,0681,0661,0941,1571,1551,082
962931960
Domesticbills
3,4753,5604,0924,739
4,4865,9636,1985,7075,0114,3864,2483,1164,1463,9963,068
Securityloans
2,7652,7812,8142,921
2,8932,9322,9723,0163,0603,0763,0543,1403,1343,1013,228
Negotia-ble
securi-ties
6,3936,2386,1866,122
6,1196,1146,0075,9735,9505,9295,9135,9135,8985,8985,898
Otherassets
8,7168,4508,5338,251
7,8707,9608,2298,1528,2028,2788,1509,0608,2548,2648,849
Liabilities of banking department
Deposits
Bankers'
97.3104.1106.9101.2
100.690.394.599.599.496.3
104.883.782.0
100.489.1
Public
16.515.913.622.2
25.232.117.515.814.017.610.934.037.916.927.7
Other
44.045.836.536.5
37.837.736.937.036.136.536.135.236.839.838.1
Otherliabili-
ties
18.217.717.818.0
18.118.218.317.717.818.018.118.218.317.717.8
Liabilities
Notecircula-
tion
82,99481,09980,36882,613
79,47481,02482,83381, 50279,99282,05880,80981, 73281,47979,46781,879
Assets
Reserves
Gold
367396405386
376333237205130707575758379
Foreignexchange
401839
77876734444
Treasurybills
30152649
484
90531470243
1938
Otherbills (andchecks)
3,2893,1473,0013,177
2,8452,7663,1443,1403,1743,3923,4083,5403,8113,7263,848
Securityloans
205143163183
8124814414012517110912814891
119
Securi-ties
320319518581
620666681639643685713737755750752
Otherassets
688799773735
843801685760860780886867806890881
Deposits
Govern-ment
3,6854,0272,9562,322
2,2701,8681,7212,0242,9963,2913,5153,8843,6745,2874,829
Other
17,24217,30115,01613,414
15,83613,06712,63214,19915,68115,18816,54716,88017,67317,96615, 522
Otherliabili-
ties
2,1562,2202,3591,940
1,9722,0521,9001,9442,1141,8371,9011,8531,8501,9421,869
Liabilities
Notecircula-
tion
3,6253,5713,5423,645
3,4583,4943,6753,6403,6353,7773,7683,8243,9193, 8233,810
Deposits
465416478640
498530547515538623649717848856961
Otherliabili-
ties
850850871836
863802768788778775800813851868920
i In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed bylaw 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]
Central bank
National Bank of Albania (thousandsof francs):
Gold -.Foreign exchangeLoans and discountsOther assetsNote circulationDemand depositsOther liabilities..
Commonwealth Bank of Australia(thousands of pounds):
Issue department:Gold and English sterlingSecurities
Banking department:Coin, bullion, and cashLondon balancesLoans and discountsSecuritiesDeposits
Note circulationAustrian National Bank (millions of
schillings):Gold*Foreign exchange of the reserveOther foreign bills J
Domestic billsGovernment debtsNote circulationDeposits.
National Bank of Belgium (millionsof belgas):
Gold.. _Domestic and foreign billsLoans to StateNote circulationDeposits _.
Central Bank of Bolivia (thousands ofbolivianos):
Gold at home and abroadForeign exchangeLoans and discounts _Note circulationDeposits. .
Bank of Brazil (millions of milreis):CurrencyC orrespondents abroadLoans and discountsNote circulation-Deposits
National Bank of Bulgaria (millionsof leva):
GoldNet foreign exchange in reserve . . ,Total foreign exchangeLoans and discountsGovernment obligationsNote circulationOther sight liabilities
Central Bank of Chile (millions ofpesos):
Gold and foreign exchange in re-serve ,
Loans and discounts ___JGovernment debt \.Note circulation._ _.!.Deposits ___•'.
Central Bank of China 3 (millions of jyuan): I
Gold. . .Silver _ J.Due from banks abroad IDue from domestic banks I.Loans and discounts _._!Securities !Other assets j.Note circulation i
1934 1933
Oct.
15,70829,625
80021, 21717, 07235, 73578,34747, 550
242043250624954180
2, 588619344
3,563187
313247
2,60620
2,941
1,547—68178
1,1072,7552,6331,750
Sept.
7,12123,2662,8502,844
11,44413,86610, 773
15,70829,625
84122,865
35,03277,93847,550
2420
40254624965174
2,661671344
3,514310
9,1155,580
17,72872,712
(2)
352233
2,61320
2,881
1,547—51
1571,1432,7552,8591,623
14660
717503350
281241545
153173981
Aug. Oct.
7,12223,3102,6972,892
11,45813,72610,837
15,70828,125
85523,05815,34436,532
46,050
2420
44253624965175
2,647680344
3,531307
9,0957,621
17,83469,158
130,947
375213
2,60820
2,863
1,547—43
1941,0372,7832,6681,764
14865
717507349
261272841
138193679
7,34120,5672,8263,014
12,31415,5835,851
11,50729,125
97317,94818,96636,00074, 63642,398
170198
227624941101
2,710751355
3,438539
10,8114,051
46,08049, 58843,834
510222
2,72020
3,806
1,52241
2051,1972,8512,8451,627
165106672479356
122<29
3212712
*4767
Central bank
Central Bank of China—Continued.Deposits—Government
BankOther _
Other liabilitiesBank of the Republic of Colombia
(thousands of pesos):Gold at home and abroad •Foreign exchangeLoans to member banksNote circulationDeposits.
National Bank of Czechoslovakia(millions of koruny):
Gold 6Foreign balances and currency 8.__Loans and advancesNote circulation..Deposits
Danish National Bank (millions ofkroner):
GoldForeign bills, etcLoans and discountsNote circulationDeposits.
Bank of Danzig (thousands ofgulden):
" Did...GoldForeign exchange of the reserveOther foreign exchangeLoans and discountsNote circulation...Deposits
Central Bank of Ecuador (thousandsof sucres):
Gold at home and abroad. _Foreign exchangeLoans and discountsNote circulationDeposits <
National Bank of Egypt * (thousandsof pounds):
Gold..Foreign exchangeLoans and discountsB r i t i s h , Egyptian, and o t h e r
Government securities— _.Other assetsNote circulationDeposits—Government..
OtherOther liabilities
Bank of Estonia (thousands of krooni):GoldNet foreign exchange.Loans and discounts..Note circulationDeposits—Government
BankOther
Bank of Finland (millions of mark-kaa):
Gold -Balances abroad and foreign
credits _ _Foreign bills.— _Domestic bills _.Note circulationOther sight liabilities
Bank of Greece (millions of drach-mas):
Gold and foreign exchangeLoans and discounts..Government obligationsNote circulation..Other sight liabilitiesLiabilities in foreign exchange
1934
Oct. Sept. Aug
17,5832,3064,448
36,69726,852
2,675154
1,4095,461
1337
384119
25,9872,150
15418,89239,1473,150
27,7813,891
14,14736,2225,6637,2492,323
323
1,190187662
1,245 I384 i
4,0862,0113,3535,9193,488
143
213411175
18,5291,5853,599
36,82427,281
2,66589
1,5465,589
730
133
25,9424,811
8918,13539, 7785,584
15,48512,83550,18545,22030,649
6,5452,4494,899
32,1163,30820,7875,044
8,097
27, 7463,55213,44733,713
2,621
1,122274684
1,261389
1,8403,3535,9893,162166
21738875
18,8651,8763,11236,690
2,66353
1,3815,384758
133
365127
11,784197
19,11241,32111,365
15,598
50,35642,87421,662
6,5452,2693,958
30,5943,17717,8415,02415, 6768,003
20,5049,75912,82932,7634,3857,8052,372
1,073290730
1,224512
3,6591,8113,3535,4213,373
65
1933
Oct.
156572170
15,2492,4701,568
27,26824,234
1,708933
1,5506,148420
133297036882
30,63116,6431,32213,81139,41611,517
14,4484,57148,28633,16721,470
6,6632,2745,880
33,2543,685
20,8463,125
19,686
20,077916
20,74733,1533,2025,9992,676
323
922302710
1,103502
3,7212,7693,3555,5654,652
69
10,1934, gold valued at rate of 1 schilling =0.16667 gram of fine gold, instead of 0.21172 as formerly, and foreign exchange valued1 Beginning Apr. 3at 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]
Central bank
1934
Oct. Sept. Aug.
1933
Oct.Central bank
1934
Oct. Sept. Aug,
1933
Oct.
National Bank of Hungary (millionsof pengos):
Gold. -Foreign bills, etcLoans and discountsAdvances to TreasuryOther assetsNote circulationDepositsCertificates of indebtedness _.Miscellaneous liabilities
Bank of Italy (millions of lire):Gold at homeCredits and balances 'abroadLoans and discountsNote circulationPublic depositsOther deposits
Bank of Japan (millions of yen):Gold _.Advances and discountsGovernment bondsNotes issuedTotal deposits
Bank of Java (millions of florins)GoldForeign billsLoans and discountsNote circulation-Deposits
Bank of Latvia (millions of lats):GoldForeign-exchange reserveBill!LoansNote circulationGovernment depositsOther deposits .. .
Bank of Lithuania (millions of litu):Gold...Foreign currencyLoans and discountsNote circulation _Deposits
Bank of Mexico (millions of pesos):GoldSilver....Foreign exchangeLoans to member banks.Other loans and discounts _Other assets __ _.Note circulation _ _Deposits...Other liabilities
Netherlands Bank (millions of flor-ins):
GoldForeign billsLoans and discountsNote circulationDeposits
Reserve Bank of New Zealand * (thou-sands of pounds):
GoldSterling exchangeOther assetsNote circulationDemand deposits
BankGovernment
Other liabilitiesBank of Norway (millions of kroner):
GoldForeign balances and billsDomestic creditsNote circulationForeign depositsTotal deposits _
Central Reserve Bank of Peru (thou-sands of soles):
Gold and foreign exchangeBills;.Note circulationDeposits
7914598473137373115178
6,07128
5,09513,251
300
462764353
1,204296
11316418331
46462703445119
538
59
821241366181210890116
8831
171893208
3,20223,2221,6898,87817,70012,6775,0201,536
13522251316877
7914594473037368118176
6,21327
4,74713,455
300954
460889344
1,223408
11316618631
45462633248114
539818655
94126464201210699114
8641
171882202
4,35124,5011,6608,66520,32915,9134,4141,520
13519247322562
46,57162,41771,92828,845
7915579473336960118177
6,34337
4,68113,194
3001,155
458857441
1,172495
11316418231
44562613251112
558828559
971265622211104103117
8631
170894189
3,20224,4871,6267,97519,81016,5113,2981,530
1358
273321259
45,59558,98371,56225,163
979
4835031362770
200
7,057306
5,09213,170
3001,392
425833465
1,174454
10006618726
47167543559100
50118493
4610113464497768113
8932
173929181
14913246307170
46,56047,94566,25520,521
Bank of Poland (millions of zlote):GoldForeign exchangeLoans and discountsNote circulationOther sight liabilities
Bank of Portugal (millions of escudos):GoldOther reserves..Discounts and advancesGovernment obligationsNote circulationOther sight liabilities..
National Bank of Rumania (millionsof lei):
Gold.Foreign exchange of the reserve.—.Other foreign exchangeLoans and discountsState debtNote circulationDemand deposits
South African Reserve Bank (thou-sands of pounds):
GoldForeign billsDomestic billsNote circulation.Deposits—Government
BankOther
Bank of Spain (millions of pesetas):GoldSilverBalances abroadLoans and discountsNote circulationDeposits
Bank of Sweden (millions of kronor):GoldForeign bills, etc -Loans and discountsNote circulationDeposits - .
Swiss National Bank (millions offrancs):
GoldForeign balances and billsLoans and discounts _Note circulationDemand deposits _
Central Bank of the Republic of Tur-key (millions of pounds):
Gold.Foreign exchange. -.Government securities..Other securities.Other assetsNote circulation..DepositsOther liabilities.—
Bank of the Republic of Uruguay(thousands of pesos):
GoldLoans and discountsOther assetsNote circulationDeposits—Demand
TimeJudicial and adminis-
trativeOther liabilities
I National Bank of the Kingdom ofYugoslavia (millions of dinars):
Gold.Foreign exchangeLoans and discountsAdvances to StateNote circulationOther sight liabilities
49736745
1,010181
902383314
1,0492,074725
21,0179,125
9711,2642,33820,7383,645
2,266673281
2,3774,714887
35951345662434
1,90219134
1,384
276
15333311583062
49538736975220
901381309
1,0501,988809
10,1791068
6,3125,66821,6667,221
18,77410,781
16312,5071,68020,7632,600
2,266680280
2,4504,599813
37447247
1,80822149
1,400588
275
15332381583264
46754950247
900357312
1,0501,921852
1,807189
1,8412,3204,3801,179
1,827170
1,8342,3204,2981,162
10,15613030
6,1055,66821.4637,407
18,0589,760
8512,4461,24920,4481,455
2,265684277
2,3674,542885
37347542643455
1,73522126
1,370519
275
15331381583561
1,813155
1,8452,3204,2331,141
47486822
1,046179
732282323
1,0521,942515
I9,80636534
9,8015,70420,8857,558
16,38118,451
910,3151,74127,5211,849
2,261642286
3,3364,731818
37739858589500
1,9312997
1,408677
242
15229411612561
47,46099,96943,94374,22331,58341,903
2,61141,051
1,795145
2,1852,3194,3431,026
i Bank began operations Aug. 1, 1934.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 809
COMMERCIAL BANKS[Figures are as of end of month, except those for England, which are averages of weekly figures]
England
(10 clearing banks. Figures in millionsof pounds sterling)
Assets
Cash in! vault anddue fromBank ofEngland
Money atcall and
shortnotice
I
Bills dis-counted
Secu-rities
Loans tocustom-
ersOtherassets
Liabilities
Deposits
il !Total /Demand i Time
Otherliabilities
1933—December.1934—January-
February..MarchApril _MayJuneJulyAugustSeptemberOctober. . .
213223209219222218199210196207213
119130118120132131141138139137136
311284250202212223228224222213216
565558560547534542549550557563576
740738746757763759761762759757760
237232231226230225229220219222236
1,9411,9201,8671,8311,8531,8581,8701,8711,8561,8581,891
1,015974932910919
1 925954960 :
939948
(2)
900893881880890887888874869873
244244246240240238237235236240245
Assets Liabilities
France
(4 large banks. Figures in millions offrancs)
Cash in I
Bank ofFrance
1933—December.1934—January...
February..MarchAprilMayJuneJulyAugust—September.
Due frombanks
1,4161,5741,7241,6341,5901,4961,4781,4071,3931,419
Bills dis-counted
19,84819,16918,17417,99017,97318,04318,43518, 70518,02418,384
Loans,includingsecurity
loans
8,3098,5378,9568,5148,6168,3568,1998,5268,3278,511
DepositsOtherassets Tota l i' D e m a n d I T i m e
1,8271,0341,1301,2021,2201,1851,2011,2701,3161,395
32,635
30, 73630,39030,67730,62130,82031,88831,16532,460
31,773 I31,96929,89129,57129,81929,74629,916 I30,962 |30,275 |31,547 I
_
le
862841845819857875904926889913
Ownaccept-ances
273284334345320261208201183179
Otherliabilities
4,3623,5923,5643,6063,7083,7663,8333,9253,9764,016
AssetsGermany
(Reporting banks. FiguresIn millions of reichsmarks)
1 Cash in ;vault and
Reichs-bank
! ; Loans,Due from i Bills dis-, including
banks counted securityloans !
Secu-rities
Otherassets
Liabilities
Deposits
Total Demand Time
Credits jobtained ! Other
icustomers;
1933—December 2_.1934—January 2
Fby
FebruaryMarchAprilMayJuneJulyAugust
139179166169226176145
612610603619619601594
2,1272,0272,1032,16C2,1282,1652,223
4,4584,4824,390 !4,309 !4,220 !4,2394,211
2,3872,4172,4772,4782,5122,5152,432
1,1961,1921,1951,1841,1581,1751,167
7,1597,1537,1667,1857,1647,1517,068
3,2543,2943,2603,2603,3613,2723,189
3,9053,8603,9063,9253,8043,8793,879
661646
631
594 :581 i
3,10013,1083,120[ 3,103;3,091; 3,1271 3,123
Canada
(10 chartered banks. Fig-ures in millions of Canadiandollars)
1933—December..1934—January
February...MarchAprilMay..JuneJuly . . .AugustSeptember-October
Assets Liabilities
Entirely in Canada
Cash invault and
in cen-tral goldreserves
SecurityI loans: abroad
Security .loans I bills dis-
| counted
197 j194 !193187187187185206212219224
106 !104102103101103
100101108
bank
1,0361,0121,011 j1,029 !1,044 i1,0371,018
9961,0001,0101,029
134135144159169176183163184178162
Secu-rities
861832833835837830837850862888911
Deposits payable in Canadaexcluding interbank deposits
Other'liabilities
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]
Date effective
In effect Jan. l, 1932.Feb. 18, 1932__Mar 9Mar. 10Mar. 17Mar. 21Apr. 9Apr. 19Apr. 21Apr 28May 2May 12_ ._June 30Sept. 22Jan 9 1933May 12J u n e 2 9 _ _ _ _ _ _July 15July 29Aug 15Sept. 4Sept 19Dec. 11Feb. 9, 1934 _ _._June 1Nov 26 . _In effect Dec. 1,1934.
Central bank of—
Eng-land
65
4
3
2H
2
France
23^
3
2%
Ger-many
7
6
5 ^
5
4
4
Italy
7
6
5
4
3
Nether-lands
3
4 "
3 2
2Yi
44 2H
Switzer-land
2
2
Centralbank of—
AlbaniaAustriaBelgiumBolivia
BulgariaChileColombia...Czechoslo-
vakia
DanzigDenmark. . .Ecuador
EstoniaFinlandGreeceHungary
RateDec.
1
6
7
4 2
3i/_
4
f*5
Date effective
1Nov. 16,1933 !June 28,1934 |Aug. 28,1934July 5,1932
Jan. 2,1934Aug. 23,1932July 18,1933
Jan. 25,1933
Sept. 21,1934Nov. 30,1933Nov. 30,1932
Oct. 1,1934Dec. 20,1933Oct. 14,1933Oct. 18,1932
Centralbank of—
IndiaJapan.JavaLatvia
LithuaniaNorwayPeruPoland .-
PortugalRumaniaSouth Africa.Spain __
SwedenTurkeyU.S.S.R.. . .Yugoslavia...
RateDec.
1
3.65
6
65
6
6
8
Date effective
Feb. 16,1933July 3,1933Nov. 1,1934Jan. 1,1933
Apr. 1,1930May 24,1933May 20,1932Oct. 26,1933
Dec. 8,1933Apr. 5,1933May 15,1933Oct. 26,1932
Dec. 1,1933Mar. 2,1933Mar. 22,1927July 16,1934
Change since Nov. 1: Italy—Nov. 26, up from 3 to 4 percent.
MONEY RATES IN FOREIGN COUNTRIES[Percent per annum]
Month
1933—September.O c t o b e r -November.December.
1934—January ~ .February.MarchAprilMayJuneJulyAugustSeptemberOctober. _.
England (London)
Bankers'accept-ances,
3 months
0.44.79
1.051.06
1.01.95.95.96.91.91.87.79.73.77
Treasurybills, 3months
0.31.73.94
1.15
.90
.86
.84
.89
.85
.85
.76
.74
.61
Day-to-daymoney
0.63.75.75.77
.86
.85
.92
.85
.81
.78
.75
Bankers'allowance
on deposits
Germany (Berlin)
Privatediscount
rate
3.873.873.873.87
3.873.873.873.873.873.763.753.753.813.81
Money for1 month
Day-to-daymoney
5.505.505.505.50
4.784.915.005.115.134.674.445.025.135.13
5.005.115.184.97
4.744.784.894.764.724.574.674.724.714.63
Netherlands (Amster-dam)
Privatediscount
rate
0.77.50.45.52
.50
.781.242.071.33.78.74.75.61.59
Money for1 month
1.001.001.001.00
1.001.001.071.851.221.001.001.001.001.00
Switzer-land
Belgium(Brussels)
France(Paris)
Italy(Milan)
HungarySweden(Stock-holm)
Japan (Tokyo)
MonthPrivatediscount
rate
Privatediscount
rate
Privatediscount
rate
Privatediscount
rate
Primecommer-cial paper
Day-to-daymoney
1933—September.October-November.December.
1934—January.-_February..MarchAprilMayJuneJulyAugust—September.October. __
1.501.50.50.50
.50
.50
.50
.50
.50
.50
.50
.50
.501.50
2.272.212.122.25
2.142.052.072,141.932.112.202.312.155.10
1.131.251.852.26
2.122.592.752.702.602.091.781.751.501.45
3.553.503.503.00
3.003.003.003.003.003.003.003.003.003.00
4^-7^
Loans upto 3
monthsDiscounted
bills
3 -53 -53 -5
3H3 ^
5.11-5. 485.11-5. 485.11-5.485.11-5. 48
5.11-5. 485.11-5.485.11-5. 485.11-5. 485.11-5. 485.11-5. 29
5.115.115.11
Callmoney
overnight
2.562.562.562.56
2.372.562.562.372.372.372.562.742.56
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; andMay 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]
Year and month
192919301931193219331933—November
December1934—January _
FebruaryMarchAprilMayJuneJulyAugust _--SeptemberOctober __November
Year and month
19291930 . .19311932 _.19331933—November
December1934—January
FebruaryMarchAprilMay. ___JuneJuly -AugustSeptemberOctober _Novombfir
Year and month
192919301931 .193219331933—November
December1934—January
FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember
Argen-tina
(peso)1
95.127483. 505066.737558.4433
* 72.800992.0439
* 33. 331133. 500733. 549433.955334.347534. 041333.655233.607733.766133.290432.945833. 2625
Egypt(pound)
498.0689498.6002465.1111359.5406434.3908527.4832524. 6387518. 2824516.0390522. 3447528.4813523.7236517. 7111516.9506519.5273512. 2619506. 6711
NewZealand(pound) 2
483.21468. 22415. 29320.19340.00411.04408.72403.47401.81406.84411.63408. 28403.39402.81405. 09398. 77393.67398.07
Aus-tralia
(pound) 2
480.83458.60351.50279.93337.07409. 75407. 50402. 44400. 78405. 86410. 54407.10402. 24401. 70403. 52396.50391. 52395.73
England(pound)
485.6879486.2126453.4990350.6067423.6821514.9737511. 5890504.9336503.2596509.3917515.3425510.6279504.8406504.0705506. 5076499.4056494.0809498.9022
Norway(krone)
26.682726. 759825.054618.003921.429225.872325.707525. 372225. 283525. 583425.882425. 646325. 355925.324625. 450425.092824.825825.0655
Austria(schil-ling) 3
14.057514.089114.022713. 959915. 447818. 043417. 681117.911518.565018.911418.872418. 942918.902118. 878618.998119.018518.924218.7956
Finland(mark-
ka)
2.51602.51692.38751. 55471.87082.27002.27002. 24492.22882. 24702.27022.25402. 23112. 23022. 24032. 21012.18262. 2019
Poland(zloty)
11.194011. 205111.197011.182314.413518.056417.702417.928118.598418.904318. 955418. 951418.887918.891719.082419.141319.007118.8976
Belgium(belga)
13.912413.952413.928513.913717.899622. 317621. 728022. 036022. 889323. 298123.441623. 413723.362823. 360623.705623.733223.457923.3212
France(franc)
3.91613.92493.92003.92765.03136. 26786.12166. 21106.46486. 58016.61616.61316.59936.59396. 65926. 67146. 62476. 5886
Portu-gal
(escudo)
i. 47144. 49404.24353.19603.91654.86234.68924. 65054.63214. 67094. 70854. 66774.62534.61294. 62744.55934. 50434.5384
Iff
11.807810.71367.02907.12237.96308. 56608. 59958. 56378.46668. 54208. 60048.60468.47348. 43848.48988.30968.18998. 2176
Ger-many
(reichs-mark)
23.808623.854123. 630223.749230. 517938. 236137.324737. 587238.884139. 659939.589039.471238. 295338.493839.478640. 276040. 450740. 2054
Ruma-nia
(leu)
0.5961.5953.5946.5968. 7795.9817.9547.9614.9923
1.00131.00601.00321.00201.00451. 01261.01441.0069.9998
Bul-garia(lev) 3
0.7216.7209.7163.7193
1.00391.63781. 34351.34721.34641.33241.32951. 31541. 25031. 26081.28811.28141.24281. 2134
Greece(drach-
ma)
1.29341.29591.2926.8320.7233.9053.8856.8949.9253.9413.9452.9462.9449.9453.9565.9562.9476.9392
Spain(peseta)
14.683311.66709. 54538.0438
10. 718913.112912. 791813.004213.300113.617513. 702413.705013.677613. 666813.800213.826913.727213. 6532
Canada(dollar)
99.247299.842496.325888.089691.9587
101.1829100. 551699.524699.167599. 7871
100. 2070100.1859100. 7936101. 2034102. 3779102.9387102.1226102.4719
HongKong
(dollar)
47.166933.853024. 330523.460429. 451636. 689637.153737.681138.099938.684238.155636.229336. 489037.623138.614039.332440.469541. 2418
Strai tsSett le-ments(dollar)
56.011755.963952.445140. 397049.232060.062559.702558.918558.785259.600760.348759.817359.170959.056259.348858.516457.917258.4538
Chile(peso)*
12.060112.078512.06697.90797. 6787
10.09839. 59529.44769.5966
10.129410. 259510.253110. 223310. 270510.326610. 297410. 309010.3496
H u n -gary
(pengo)3
17.441417.493917.452217.446022.359828. 230227.685528.042529.119129.612529.765229. 755929.752929.711229.883230. 021929.899529.7126
Sweden(krona)
26.783926.854325. 254018.471022. 032426. 549126. 391126.041825.955426. 262026. 564326. 319926.021125. 988026.118225.748325. 475625. 7220
China(yuan)
41.900729.916622.436921.7357
»28.597932.903033.446834.000734,307734. 619034.150632.462133.052333.911834.855335.582734.588133.3947
India(rupee)
36.202036.0672.33.689526.346831.815938. 340838. 387037.973937. 856738.333538.755738. 332937.907237.877438.061637. 548137.142637.4866
Switzer-land
(franc)
19. 279219.382019.400919.404924. 835531.022330. 247330. 642031. 737432. 285732.459332. 527732.496932. 577132.954233.023732. 774532.4713
Colom-bia
(peso)1
96. 551296.493096. 569795. 275081. 696666. 720063.966866. 939669.952367. 666359.922861.464257.890056.105255.159657.649660.201265.0391
Italy(lira)
5.23345. 23745.20635.12536.70948.43318. 22048.30768. 57578. 57638. 56418.51768. 59898. 57508.66328. 67948. 60568.5386
Turkey(pound)
48. 410547.060847.181447.285460.439675.740073.706875.078177.792379.150779. 636479.620479.466979. 291279.996980. 267179.6869
Cuba(peso)
99.964799.951599.929599.940999.946499.961799.957999.957899.961699. 953599.928899.932999. 972699.94C499.915699.915099.916599.9193
Japan(yen)
46.099749.389848.850928.111225. 645730. 361830.741830.113629. 753630.009330. 312430. 227629. 904129.843429.993329. 769328.684329.0554
UnionofSouthAfrica
(pound)2
483.27483.79480.76476. 56414.98509. 29505. 76499.09497.42503.42509.43504.80499.10498.44501. 27494. 23488.43493.42
Czecho-slovakia(koruna)
2.96092.96402.96192.96183.82324. 76004.64874.70394.44324.15314.17204.17554.15904.15404.19444.21414.19964.1777
Mexico(peso)
48.183047.1331
«35.491931.850028.102527. 798927.735527. 743427. 731327. 722427. 722222. 743227.749227.748127. 729827. 745827.751427. 7620
Uru-guay
(peso)1
98. 629485.865055.357247.063960.336076. 248474. 587075.805178.749980.192180. 608180. 553980. 266880.143380.996181.149680.552080.1486
Den-mark
(krone)
26.680226.765025.058118.831719.070922.997522.846322.548722.472122. 738423.005122.794822. 539522. 510322.621522. 298122.061522. 2724
Nether-lands(florin)
40.162240.225140.229840.294951. 720964. 564262.846663. 616766. 038267. 295667. 847167.905667. 814867.714668. 380868.574468. 086967.5988
Yugo-slavia(dinar)
1.75911.76811.76801.64111.76072.20352.16282.18182. 24682.26482. 27182. 27252. 27022. 27732. 30752. 31562. 29932.2785
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 quotationsDec. 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 yuanfor 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 pesofor 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 COUNTRIESWHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year and monthUnited
(19S26=ei00) I (1926=100)Canada England
(1913=100)France
(1913=100)Germany
(1913=100)Italy
(1913=100)
Japan(October
1900=100)
Nether-lands
(1913=100)
1926192719281929193019311932_1933_
1933—June
JulyAugust—September.October.. _November.December.
1934—January...February..MarchAprilMayJuneJulyAugustSeptember.October..,
100959795 I86 |7365 !
1009896968 7 ;7267 !67 I
6s!71 '7 0 !
69 |
71 |
7 1 I71 I7272 •72 I72 I71 I
148142140137120104102101
102102103103103103103
105105104103102104103106105104
695642645627554502427
403401397397397403407
405400394387381379374371365357
13413814013712511197
96
96969799100100101
602495462445383328304280
281279278276274273275
276275275273273272270271270272
237225226220181153161180
180182180182180179176
176178177177176175174177179182
145148149142117977974
73737375'767677
79807979777677787777
r Revised.
WHOLESALE PRICES—GROUPS OF COMMODITIES[Indexes for groups included in total index above]
Year and month
1926192719281929 . . __ .1930193119321933
1933—June -JulyAugust -SeptemberOctober . .November.December
1934—JanuaryFebruaryMarchApril-MayJuneJulyAugust __SeptemberOctober _ .
United States (1926=100)
Farmproducts
10099
10610588654851
53605857565756
59616160606365707371
Foods
10097
10110091756161
61666565646463
64676766677071747675
Othercommod*
ities
10094939285757071
69727476777778
78797979797878787878
England (
Foods
155152152145127112111103
104101104105104104103
10410410199
100104104111110107
1913=100)
Indus-trial
products
1441361341321161009799
101103102102102102103
105106105105104104103103103102
France (1913=100)
Farmand foodproducts
581599584579526542482420
418414407413417425432
424416413404405406396393383368
Indus-trial
products
793678697669579464380380
390389389383379384385
387386378372360356354351350347
Agricul-tural
products
1291381341301131049187
85878890939494
93929191929498
100100101
Germany
Provi-sions
132129133125113968675
78777675737373
73737374747676787878
(1913=100)
Indus-trial rawand semi-finishedproducts
1301321341321201038988
89909089898989
90919191909192929292
Indus-trial fin-
ishedproducts
150147159157150136118113
112113113114114114114
114115115115115115115IIP
r
-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-ContinuedRETAIL FOOD PRICES
[Index numbers]
COST OF LIVING[Index numbers]
Year and monthUnitedStates
(1913=100)1
England(July
1914=100)
France(July
1914=100)2
Germany(1913-
14=100)Year and month
UnitedStates
(1913=100)
England(July
1914=100)
France(Jan.-June1914=100)2
Germany(1913-
14=100)
192619271928.1929193019311932_1933
1933—JuneJulyAugustSeptemberOctober...November.December.
1934—January-February. .MarchAprilMayJuneJulyAugustSeptember.October. _.
161155154157147121102100
97105107107107107104
105108109107108109110112117116
161156157154145131126120
114118119122123126126
124122120118116117122123126125
113113112124125124109100
97959798101103104
10510310098979897979595
1926..1927.
153 1928-156 1929..146 I 1930..131116113
114114113114116117118
118117117116116118120121119119
1931.1932..1933..
1933—JuneJulyAugustSeptember.OctoberNovember..December. _
1934—JanuaryFebruary. _MarchAprilMay _.JuneJuly -AugustSeptember.October
175173171171164148134132
128
135
136
170164166164158148144140
136138139141141143143
142141140139137138141142143143
103104105113118116107106
105
105
"167
107
106
"164"
152154148136121118
118118118119119120121
120120120120120121122122122122
1 Since August 1933 the Bureau of Labor Statistics has published biweekly indexes.1 Index represents prices converted to gold basis of 1914.
Figures given are for the date nearest 15th of month.
/Source*.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministryof Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique G6n6rale, and for cost of living, Commission d'fitudes
l t i e t d l i P iof L a u r ; GrmyStatistscesrelatives au cout de la vie a Paris.
SECURITY PRICES[Index numbers except as otherwise specified]
Year and month
Number of issues
1926192719281929 . .1930193119321933
1933—JuneJulyAugust .SpptpTnhp.rOctoberNovemberDecember
1934—January . _ _ _ _FebruaryMarchAprilMayJuneJulyAugustSeptemberOctober
Bonds
UnitedStates
(averageprice)
60
97.098.998.795.798.396.181.184.0
86.889.689.987.986.582.683.6
88.392.995.197.097.699.099.397.896.798.4
England(December1921=100)1
87
110.0110.7112.3110.2111.8108.4113.2119.7
118.7117.9120.1121.2122.3122.3122.0
123.6124.3126.2126.9125.8125.3127.1127.4128.3128.9
France(1913 aver-age=100)
36
57.471.780.885.195.896.988.681.3
79.580.080.281.481.179.679.9
78.778.776.981.984.785.682.781.881.382.7
Germany(averageprice)1
169
85.581.483 3
2 83.4* 67.1
82.5
80.178 278.578 284.787.989.6
92.091.691.991.390.788.987.887.989.091.6
Common stocks (1926 average* 100)
UnitedStates
421
100.0118.3149.9190.3149.894.248.463.4
74.980.475.174.869.569.170.4
75.680.577.179.671.873.571.467.867.067.3
England l
278
100.0107.0115.9119.5102.678.967.978.6
79.083.984.485.382.980.981.4
85.587.087.388.187.186.084.883.883.684.5
France
300
100.0123.2178.1217.6187.6132.2105.299.6
105.2106.0105.2103.098.395.795.3
92.391.885.088.890.187.683.381.177.374.7
Germany
329
100.0145.0136.1122.8100.2»78.0«50.3
61.7
65.762.860.757.357.058.761.8
64.467.870.668.867.269. &71.373.476.276.3
* 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.
June; index for 1932 represents average of months May-December.
Sources.—See BULLETIN for February 1932, p. 121.
Index for 1931 represents average of months January-
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 collectioncharges in trivial amounts
Section 19 of the Federal Reserve Act pro-vides in part that "No member bank shall,directly or indirectly by any device what-soever, pay any interest on any deposit whichis payable on demand ", and on page 394 of theFEDERAL RESERVE BULLETIN for June 1934there was published a ruling of the FederalReserve Board relating to the legality, in viewof this provision of the law, of the absorptionof exchange or collection charges by memberbanks of the Federal Reserve System in con-nection with deposits payable on demand.In that ruling there were summarized certainprinciples applicable to this subject and for thepurpose of convenient reference that summaryis repeated in the following four paragraphs:
(1) The absorption of exchange or collectioncharges in amounts which vary with or bear asubstantially direct relation to the amount of adepositor's balance amounts to an indirect pay-ment of interest in violation of section 19 ofthe Federal Reserve Act, if the deposit is pay-able on demand.
(2) The absorption or payment of suchcharges in amounts which do not vary with orbear a substantially direct relation to theamount of the depositor's balance is not pro-hibited by law.
(3) If exchange charges and other actualout-of-pocket expenses are included in ananalysis of an account which also includes acredit allowed the customer for interest or forthe reasonable value of the account to thebank, interest is paid to the extent that suchcredit offsets out-of-pocket expenses absorbedby the bank; and any such payment withrespect to a deposit payable on demand is inviolation of law.
(4) If exchange charges and other out-of-pocket expenses are omitted entirely from ananalysis of an account, credit for the earningvalue of the account to the bank may lawfullybe included in such analysis, provided no pay-ment is made to the customer with respect tosuch account and the analysis is used solely forthe purpose of determining whether the bankitself is properly compensated for the serviceswhich it renders to the customer and/or what
service charges, if any, must be assessed againstthe customer.
In connection with this subject the FederalReserve Board has recently had occasion toconsider whether member banks of the FederalReserve System may lawfully operate in accord-ance with the provisions of a clearing-houserule reading as follows:
No bank shall make a regular practice of absorbingfor any customer all exchange or collection charges orother out-of-pocket expenses incurred on behalf of suchcustomer; but, in exceptional circumstances, when itwould create friction or misunderstanding to charge acustomer for isolated items of trivial amounts, thebanks may absorb such individual items, including iso-lated exchange and collection charges and charges fortelephone calls, telegrams, and similar items, providedthat the banks act in good faith and do not utilize theabsorption of such items as a basis for soliciting accountsor attempting to obtain an advantage over competitors.
Where the amount of such items absorbeddoes not vary with or bear a substantially directrelation to the amount of the customer's bal-ance, the absorption of such items cannot beconsidered an indirect payment of interestwithin the meaning of section 19 of the FederalReserve Act, unless such items are included inan analysis of accounts which involves theirbeing offset in whole or in part by an analysiscredit allowed to the customer for interest orthe earning value of the account. Even wherethe bank analyzes accounts in this manner, itis believed that the absorption of isolated itemsof the character described above in trivialamounts may be disregarded in accordance withthe rule that the law takes no notice of inconse-quential matters. The Board, therefore, seesno objection to the adoption of a rule substan-tially in accordance with that quoted above.
In this connection the suggestion was madeto the Board that a member bank be permittedto absorb such charges in amounts up to $2per month for any one customer in order toeliminate the annoyance of inconsequentialcharges against an account. While the Boarddoes not feel that it would be advisable to pre-scribe any fixed amount of charges which mightbe absorbed under the above-quoted rule, it isbelieved that such a rule will afford a satisfac-tory basis for treatment of exchange chargesand other out-of-pocket expenses by memberbanks which may see fit to operate under a ruleof 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 securitiesin old accounts by sale and purchase of such securi-ties
Ruling no. 37 interpreting regulation T.—The Federal Reserve Board has been askedwhether under Regulation T the substitutionof unregistered, nonexempted securities ispermitted in a designated old account if suchsubstitution is effected by the sale of suchsecurities and the purchase of other suchsecurities. In reply to this question, theBoard rules that, if such substitution is madewithin a period of 2 successive business daysand the proceeds of the securities sold equal orexceed the cost of the securities purchased sothat the combination of transactions does notresult in an increase in the adjusted debitbalance of the account, it is permitted by theregulation, regardless of whether the saleoccurs before or after the purchase: Provided,That the broker must obtain payment for thesecurities sold before he pays for the securitiespurchased, unless the maximum loan value ofthe securities in the account exceeds theadjusted debit balance of the account by anamount not less than that to be paid for thesecurities purchased.
Withdrawal of interest and cash dividends fromrestricted accounts
Ruling no 38 interpreting regulation T.—Inresponse to several inquiries, the FederalReserve Board rules that interest and cashdividends on securities in any restricted ac-count may, at the option of the creditor, bepaid to the customer if they are paid on thesame day on which, in accordance with thecreditor's usual practice, they are credited tothe customer's account. This ruling appliesto interest on coupon bonds as well as tointerest on registered bonds and cash dividendson stocks.
Time when payment is deemed received in cashtransactions in unregistered, nonexempted secu-rities
Ruling no. 39 interpreting Regulation T.—Section 4 (f) of Regulation T provides in partthat the receipt in good faith of a check ordraft drawn on a bank which in the ordinarycourse of business is payable on presentation,or the shipment in good faith of securitieswith sight draft attached may, for the purposesof the regulation, be deemed to be the receipt
of payment of the amount of such check ordraft. The Federal Reserve Board has beenasked, in view of ruling no. 34 interpretingRegulation T, whether this applies to "cashtransactions" in unregistered, nonexemptedsecurities. In reply, the Board rules that theprovisions of section 4 (f) of the regulationregarding the time when payment is deemedto be received apply to "cash transactions"in unregistered, nonexempted securities aswell as to "cash transactions" in other securi-ties.
Jurisdiction of business conduct committee to grantextensions of time in connection with cash trans-actions
Ruling no. 40 interpreting Regulation T.—In reply to several inquiries regarding extensionsof time in connection with "cash transactions",the Federal Reserve Board rules that thejurisdiction of the business conduct committeeor other suitable committee of a nationalsecurities exchange to grant extensions of timeunder section 6 of Regulation T is not confinedto members of that exchange or to transactionson that exchange. Assuming the circumstanceswarrant an extension of time, the committeemay grant such an extension of time to anymember of that exchange or to any broker ordealer who transacts a business in securitiesthrough the medium of a member of thatexchange. Furthermore, the committee maygrant these persons such an extension of timenot only in connection with transactions effectedon the exchange, but also in connection withtransactions not effected on the exchange.This applies to "cash transactions" in unregis-tered, nonexempted securities, as well as toother "cash transactions"; and it is not neces-sary that the transaction involve a securityregistered on the exchange in question, or anyother registered security.
Regulation governing the payment of interest ondeposits
There is published below the text of theFederal 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,relating to the payment of deposits and interestthereon by member banks of the FederalReserve System. This regulation becomeseffective February 1, 1935.
REGULATION Q, SERIES OF 1935(Superseding Regulation Q, series of 1933)
PAYMENT OF INTEREST ON DEPOSITS
SCOPE OF REGULATION
This regulation relates to the payment of deposits andinterest thereon by member banks of the FederalReserve System and not to the computation and main-tenance of the reserves which member banks arerequired to maintain against deposits. The rules con-cerning reserves of member banks are contained in theFederal Reserve Board's Regulation D.
SECTION I. STATUTORY PROVISIONS
Section 19 of the Federal Reserve Act, as amendedby the Banking Act of 1933, provides in part as follows:
SEC. 19. Demand deposits within the meaning of thisAct shall comprise all deposits payable within thirtydays, and time deposits shall comprise all depositspayable after thirty days, all savings accounts andcertificates of deposit which are subject to not less thanthirty days' notice before payment, and all postalsavings deposits.
No member bank shall, directly or indirectly by anydevice whatsoever, pay any interest on any depositwhich is payable on demand: Provided, That nothingherein contained shall be construed as prohibiting thepayment of interest in accordance with the terms of anycertificate of deposit or other contract heretofore en-tered into in good faith which is in force on the date ofthe enactment of this paragraph; but no such certificateof deposit or other contract shall be renewed or extendedunless it shall be modified to conform to this paragraph,and every member bank shall take such action as maybe necessary to conform to this paragraph as soon aspossible consistently with its contractual obligations:Provided, however, That this paragraph shall not applyto any deposit of such bank which is payable only atan office thereof located in a foreign country, and shallnot apply to any deposit made by a mutual savingsbank, nor to any deposit of public funds made by or onbehalf of any State, cpunty, school district, or othersubdivision or municipality, with respect to whichpayment of interest is required under State law.
The Federal Reserve Board shall from time to timelimit by regulation the rate of interest which may bepaid by member banks on time deposits, and may pre-scribe different rates for such payment on time andsavings deposits having different maturities or subjectto different conditions respecting withdrawal or repay-ment or subject to different conditions by reason ofdifferent locations. No member bank shall pay anytime deposit before its maturity, or waive any require-ment of notice before payment of any savings depositexcept as to all savings deposits having the samerequirement.
Section 24 of the Federal Reserve Act, as amendedby the act of February 25, 1927, provides in part asfollows:
Such banks may continue hereafter as heretofore tareceive time and savings deposits and to pay intereston the same, but the rate of interest which such banks-may pay upon such time deposits or upon savings orother deposits shall not exceed the maximum rateauthorized by law to be paid upon such deposits byState banks or trust companies organized under thelaws of the State wherein such national banking asso-ciation is located.
SECTION II . DEPOSITS PAYABLE ON DEMAND
(a) Interest prohibited.—Except as hereinafterstated, no member bank of the Federal Reserve Systemshall, directly or indirectly, by any device whatsoever,pay any interest on any deposit which is payable ondemand.
(6) Exceptions.—This prohibition does not apply to—(1) Any deposit which is payable only at an
office of such bank which is located in a foreigncountry.1
(2) Any deposit made by a mutual savings bank.(3) Any deposit of public funds 2 made by or on
behalf of any State, county, school district, orother subdivision or municipality, with respect towhich payment of interest is required under Statelaw.
(4) Payment of interest in accordance with theterms of any certificate of deposit or other contractwhich was lawfully entered into in good faithbefore June 16, 1933, and in force on that date andwhich may not be terminated or modified by suchbank at its option or without liability; but no suchcertificate of deposit or other contract may berenewed or extended unless it be modified toeliminate any provision for the payment of intereston deposits payable on demand; and every memberbank shall take such action as may be necessary,as soon as possible consistently with its contractualobligations, to eliminate from any such certificate ofdeposit or other contract any provision for thepayment of interest on deposits payable on demand•
SECTION III . INTEREST ON TIME DEPOSITS
(a) Time deposits.—The term "time deposits", forthe purposes of this section, includes "time certificatesof deposit", "time deposits, open accounts", and"postal savings deposits", as defined below: 3
The Philippine Islands, Puerto Rico, Canal Zone, Hawaii, and otherTerritories, dependencies, or insular possessions of the United States arenot foreign countries, within the meaning of the above provision.
* Deposits of moneys paid into State courts by private parties pendingthe outcome of litigation are not deposits of "public funds " made by or onbehalf of any State, county, school district, or other subdivision ormunicipality, within the meaning of the above provision.
3 Under the provisions of section 19 of the Federal Reserve Act, timedeposits include savings deposits; but, for convenience, savings depositsare 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"time certificate of deposit" means an instrumentevidencing the deposit with a bank of a certain sumspecified on the face of the instrument payable tobearer or to any specified person or to his order—
(i) On a certain date, specified in the in-strument, not less than 30 days after the dateof the deposit, or
(ii) At the expiration of a certain specifiedtime subsequent to the date of the instru-ment, in no case less than 30 days, or
(Hi) Upon notice in writing which is actuallyrequired 4 to be given a certain specified num-ber of days, not less than 30 days, before thedate of repayment, and
(iv) In all cases only upon presentation andsurrender of the instrument.
(2) Time deposits, open accounts.—The term"'time deposits, open accounts" means deposits,other than "time certificates of deposit", "postalsavings deposits", and "savings deposits", inrespect to which a written contract has been en-tered into with the depositor at the time the depositis made that neither the whole nor any part ofsuch deposit may be withdrawn, by check orotherwise, prior to the date of maturity, whichshall be not less than 30 days after the date of thedeposit, or on written notice wThich must be givenby the depositor a certain specified number ofdays in advance, in no case less than 30 days.5
(3) Postal savings deposits.—The term "postalsavings deposits" means deposits in banks whichconsist of postal savings funds deposited under theterms of the Postal Savings Act, approved June 25,1910, as amended by the Banking Act of 1933, andwhich comply with the requirements of paragraph1 or 2 of this subsection.
(6) Payment of interest.—Except in accordance withthe provisions of this section, no member bank shallpay interest on any time deposit in any manner, directlyor indirectly, or by any method, practice, or devicewhatsoever.
* Under the provisions of Regulation D, a certificate of deposit withrespect to which the bank merely reserves the right to require writtennotice of not less than 30 days may be classified as a time deposit forthe purpose of computing reserves; but interest may not be paid on sucha certificate of deposit, because it is in fact payable on demand unlessprior to such payment the notice of not less than 30 days is actuallyrequired, and because the prohibition in the law upon the payment bya member bank of any time deposit before its maturity clearly contem-plates that time deposits (other than savings deposits), upon whichinterest is payable, must have a definite maturity for at least 30 daysprior to payment.
* A deposit, with respect to which the bank merely reserves the rightto require notice of not less than 30 days before any withdrawal is made isnot a "time deposit, open account", within the meaning of the abovedefinition.
(c) Maximum rate of interest.—(1) No member bank shall pay interest, accruing
after January 31, 1935, on any time deposit or anypart thereof at a rate in excess of 2% percent perannum, compounded quarterly,8 regardless ofthe basis upon which such interest may be com-puted, except as otherwise provided in thissubsection.
(2) A member bank may pay interest on timedeposits in accordance with the terms of any cer-tificate of deposit or other contract which was law-fully entered into in good faith prior to December18, 1934, and in force on that date and which maynot legally be terminated or modified by suchbank at its option or without liability; but nosuch certificate of deposit or other contract shallbe renewed or extended unless it be modified toconform to the provisions of this regulation, andevery member bank shall take such action as maybe necessary, as soon as possible consistently withits contractual obligations, to bring all such certifi-cates of deposit or other contracts into conform-ity with the provisions of this regulation.
(3) The rate of interest paid by a member bankupon a time deposit shall not in any case exceed (i)the maximum rate prescribed in paragraph 1 ofthis subsection, or (ii) the maximum rate author-ized by law to be paid upon such deposits by Statebanks or trust companies organized under the lawsof the State in which such member bank is located,whichever may be less.
(4) A member bank may pay interest on a timedeposit received during the first five days of anycalendar month at the maximum rate prescribedin paragraph 1 of this subsection calculated fromthe first day of such calendar month until suchdeposit is withdrawn or ceases to constitute a timedeposit under the provisions of this regulation,whichever shall first occur.
(5) A member bank may pay interest on a timedeposit which is payable only at an office of suchbank located outside of the States of the UnitedStates and of the District of Columbia at a ratenot exceeding the maximum rate prescribed inparagraph 1 of this subsection or such higher maxi-mum rate as may be prescribed by the FederalReserve Board from time to time for payment inthe locality in which such office is located.
(d) Deposits payable within 30 days.—Interest at arate not exceeding that prescribed in subsection (c) ofthis section may be paid until maturity upon depositswhich were bona fide time deposits at the time of de-posit, although they have since become payable within
6 This limitation is not to be interpreted as preventing the compound-ing of interest at other than quarterly intervals provided that the aggre-gate amount of such interest so compounded does not exceed theaggregate amount of interest at the rate above prescribed when com-pounded quarterly.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
818 FEDERAL RESERVE BULLETIN DECEMBER 1934
30 days. On time deposits with respect to which noticeof withdrawal shall have been given to the bank, inter-est may be paid until the expiration of the period ofsuch notice at a rate not exceeding that prescribed insubsection (c) of this section. No interest shall bepaid by a member bank on any amount which, by theterms of any certificate or other contract or agreementor otherwise, the bank may be required to pay within30 days from the date on which such amount is de-posited in such bank.
(e) No interest after maturity or expiration ofnotice.—After the date of maturity of any time deposit,such deposit is a deposit payable on demand, and nointerest may be paid on such deposit for any periodsubsequent to such date. After the expiration of theperiod of notice given with respect to the repaymentof any time deposit, such deposit is a deposit payableon demand and no interest may be paid on such depositfor any period subsequent to the expiration of such notice.
SECTION IV. PAYMENT OF TIME DEPOSITS BEFOREMATURITY
(a) No member bank shall pay any time depositexcept in accordance with the provisions of this section,even though no interest is paid on such deposit.7
(b) No member bank shall pay any time deposit,which is payable on a specified date, before such specifieddate.
(c) No member bank shall pay any time deposit,which is payable at the expiration of a certain specifiedperiod, before such specified period has expired.
(d) No member bank shall pay any time deposit,with respect to which notice is required to be given acertain specified period before any withdrawal is made,until such required notice has been given and thespecified period thereafter has expired.
SECTION V. INTEREST ON SAVINGS DEPOSITS
(a) Definition.—The term "savings deposit" meansa deposit which consists of funds accumulated for bonafide thrift purposes 8 and in respect to which—
(1) The passbook or other form of receipt,evidencing such deposit, must be presented to thebank whenever a withdrawal is made.
T The making of a loan to the owner of a time deposit in a memberbank by such bank, or by any other bank, person, partnership or cor-poration in accordance with any agreement, arrangement or understand-ing with such bank, for the purpose of evading any prohibition of sec. IVabove, will, to the extent of such loan, be deemed to be a payment ofsuch deposit in violation of such prohibition; and, in any case in whicha loan is made to the owner of a time deposit in a member bank by suchbank or in accordance with any agreement, arrangement or understand-ing with such bank, the member bank must bo prepared to show clearlythat it was made in good faith and not for the purpose of evading anysuch prohibition.
8 If by reason of the amount of the deposit, the business of the depositoror otherwise, a question arises whether a deposit is properly classifiedby a bank as a savings deposit, the bank must be prepared to showclearly that it is a deposit consisting of funds accumulated for bona fidethrift purposes and that it otherwise complies with the above definition.
(2) The depositor is required, or may at anytime be required, by the bank to give notice inwriting of an intended withdrawal not less than30 days before a withdrawal is made, and
(3) The above requirements are included in thebank's printed regulations accepted by the de-positor or in some other written contract with thedepositor.
(b) Payment of interest.—Except in accordancewith the provisions of this section, no member bankshall pay interest on any savings deposit in any manner,directly or indirectly, or by any method, practice, ordevice whatsoever.
(c) Maximum rate of interest.—(1) No member bank shall pay interest, accruing
after January 31, 1935, on any savings deposit orany part thereof at a rate in excess of 2% percentper annum, compounded quarterly,9 regardless ofthe basis upon which such interest may be com-puted, except as otherwise provided in thissubsection.
(2) A member bank may pay interest on savingsdeposits in accordance with the terms of any con-tract, which was lawfully entered into in good faithprior to December 18, 1934, and in force on thatdate and which may not legally be terminated ormodified by such bank at its option or withoutliability; but no such contract shall be renewedor extended unless it be modified to conform tothe provisions of this regulation, and every mem-ber bank shall take such action as shall be necessary,as soon as possible consistently with its contractualobligations, to bring all such contracts into con-formity with the provisions of this regulation.
(3) The rate of interest paid by a member bankupon a savings deposit shall not in any case ex-ceed (t) the maximum rate prescribed in paragraph1 of this subsection, or (it) the maximum rate au-thorized by law to be paid upon such deposits byState banks or trust companies organized underthe laws of the State in which such member bankis located, whichever may be less.
(4) A member bank may pay interest on a sav-ings deposit received during the first five days of anycalendar month at the maximum rate prescribedin paragraph 1 of this subsection calculated fromthe first day of such calendar month until suchdeposit is withdrawn or ceases to constitute asavings deposit under the provisions of this regu-lation, whichever shall first occur.
(5) A member bank may pay interest on a sav-ings deposit which is payable only at an office ofsuch bank located outside of the States of the
• This limitation is not to be interpreted as preventing the compound-ing of interest at other than quarterly intervals provided that the aggregate amount of such interest so compounded does not exceed the aggre*gate amount of interest at the rate above prescribed when compoundedquarterly.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1034 FEDERAL RESERVE BULLETIN 819
United States and of the District of Columbia ata rate not exceeding the maximum rate prescribedin paragraph 1 of this subsection or such highermaximum rate as may be prescribed by the Fed-eral Reserve Board from time to time for paymentin the locality in which such office is located.
(d) Deposits upon which notice of withdrawal is notgiven.—Interest at a rate not exceeding that prescribedin subsection (c) of this section may be paid upon sav-ings deposits as defined above with respect to whichnotice of intended withdrawal has not actually beenrequired or given.
(e) Deposits upon which notice of withdrawal hasbeen given.—Interest at a rate not exceeding thatprescribed in subsection (c) of this section may bepaid upon savings deposits, with respect to whichnotice of intended withdrawal may have been given tothe bank, until the expiration of the period of suchnotice.
(/) No interest after expiration of period of notice.—After the expiration of the period of notice given withrespect to the intended withdrawal of any savingsdeposit, such deposit is a deposit payable on demandand no interest may be paid on such deposit for anyperiod subsequent to the expiration of such notice,unless the owner of such deposit advise the bank inwriting that the deposit will not be withdrawn pursuantto such notice or that the deposit will thereafter againbe subject to the requirements applicable to savingsdeposits, in which event the deposit again constitutes asavings deposit after the date upon which such adviceis received by the bank.
SECTION VI. NOTICE OF WITHDRAWAL OF SAVINGS
DEPOSITS
(a) A member bank must observe the requirementsset forth below in requiring notice of intended with-drawal of any savings deposit, or in waiving such notice,or in repaying any savings deposit, or part thereof,without requiring such notice, whether such notice ofintended withdrawal is required to be given in eachcase by the terms of the bank's contract with the de-positor or may, under such contract, be required by thebank at any time at its option.
(1) If a member bank waive such notice of in-tended withdrawal as to any portion or percentage
of the savings deposits of any depositor, it shallwaive such notice as to the same portion or per-centage of the savings deposits of every other de-positor which are subject to the same require-ment.
(2) If a member bank pay any portion or per-centage of the savings deposits of any depositor,without requiring such notice, it shall, upon re-quest and without requiring such notice, pay thesame portion or percentage of the savings depositsof every other depositor which are subject to thesame requirement.
(3) If a member bank require such notice beforethe payment of any portion or percentage of thesavings deposits of any depositor, it shall requiresuch notice before the payment of the same por-tion or percentage of the savings deposits of anyother depositor which are subject to the samerequirement.
(b) No member bank shall change its practice withrespect to the requiring or waiving of notice of intendedwithdrawal of savings deposits except after duly re-corded action of its board of directors or of its executivecommittee properly authorized, and no practice in thisrespect shall be adopted which does not conform to therequirements of paragraphs 1, 2, or 3 of subsection (a)of this section.
(c) No change in the practice of a member bank withrespect to the requiring or waiving of notice of intendedwithdrawal of savings deposits subject to the same re-quirement shall be made until a reasonable time follow-ing the last preceding change in the practice with respectto savings deposits subject to the same requirementshall have elapsed.
(d) A member bank must observe the requirementsof this section with respect to savings deposits eventhough no interest be paid on such deposits.10
io The making of a loan to the owner of a savings deposit in a mem-ber bank by such bank, or by any other bank, person, partnership orcorporation in accordance with any agreement, arrangement or under-standing with such bank, for the purpose of evading any requirement ofthis section, will, to the extent of such loan, be deemed to be a paymentof such deposit or waiver of notice with respect thereto in violation ofsuch requirement; and, in any case in which a loan is made to the ownerof a savings deposit in a member bank by such bank or in accordancewith any agreement, arrangement or understanding with such bank,the member bank must be prepared to show clearly that it was made ingood faith and not for the purpose of evading any requirement of thissection.
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[Averages of daily figures. In millions of dollars]
Federal Reserve bank
BostonNew YorkPhiladelphia
ClevelandRichmond .Atlanta
ChicagoSt. Louis
Kansas CityDallasSan Francisco
Total
1934
Novem-ber
1.56.9.9
.4
. 1
.1
.1
.1
.1
.2
.1
.05
10.5
October
1.17.02.5
.4
. 3
.2
.02
.2
.1
.2
.04
. 1
12.2
1933
Novem-ber
5.341.724.9
9 86.86.5
6.21.53.0
3.41.13.8
114.0
Back figures.See Annual Report for 1933 (table 11)
DISCOUNTS BY WEEKS[In thousands of dollars]
Federal Reserve bank
BostonNew York....Philadelphia..
ClevelandRichmondAtlanta
ChicagoSt. LouisMinneapolis..
Kansas City..DallasSan Francisco.
Total...
Wednesday series (1934)
Nov. 7 Nov. 14 Nov. 21 Nov
1,4596,786
927
582160136
5054
151
2911855
10,669
1,0646,030
778
518114115
506645
3131831
9,142
1,7776,938
848
27597
134
1402229
14727541
10,723
1,5588,1641,049
310139117
2386224
956551
11,872
Back figures.—See Annual Report for 1933 (table 15).
TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TOLIABILITIES
[Averages of daily figures. Amounts in thousands of dollars]
Federal Reserve bank
BostonNew York... .Philadelphia-
Cleveland..Richmond..Atlanta
ChicagoSt. LouisMinneapolis-
Kansas City...Dallas.San Francisco.
Total 5,269,859
Total reserves
1934
Novem-ber
1,768,235295, 209
387,269203,666130,830
1,085,088211, 053152,510
191,426117, 669332,021
October
386,2531,772,184296,484
378,348202,790127,817
1,058, 743200,399148, 634
179,866115,658329,562
5,196, 738
1933
Novem-ber
293,463980,048226,916
278, 771166,015126,685
955,969166,30192,310
149,86984,571273,412
Total deposits
1934
Novem-ber
273,2451,797,803
205,924
280,954132,76580, 694
713,636155,195107,516
163,676127,732270,564
October
261, 5391, 797, 566
206,161
267,917135,80280, 568
684, 914147,008103,461
154,224125,875267, 624
1933
Novem-ber
192,5241,065,024
137, 546
165,19788,98566,829
578,846100,00158,846
116,64188, 554
196,053
3,794,330 4,309,704 4,232,659 2,855,046
Federal Reserve notes incirculation *
1934
Novem-ber
264,690658,505239,837
300,653173,141137,793
771,569143,304106,585
117,44054,375
214,284
3,182,176
October
1933
Novem-ber
Novem-ber
266,262660,168240,173
304, 277167,800135,137
773,847140,949106,947
116, 20353,744213,062
218, 257645,087233,023
279, 667150,134122,370
748,489143, 26490,789
105,42939,022
213,464
3,178,569 ,2,988,995
Ratio of total reservesto deposit and Fed-eral Reserve note lia-bilities combined
1934
73.472.066.2
66.666.659.9
73.170.771.2
68.164.668.5
70.3
Octo-ber
Novem-ber
73.272.166.4
66.166.859.3
72.669.670.6
66.564.468.6
70.1
1933
71.457.361.2
62.669.467.0
72.068.461.7
67.566.366.8
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 NOTEAND FEDERAL RESERVE BANK NOTE STATEMENT, NOV. 30, 1934
[In thousands of dollars]
Total Bos-ton
NewYork
Phila-del-phia
Cleve-land
Rich-mond
Atlan-ta Chicago St.
LouisMin-neap-olis
Kan-sas
CityDallas
SanFran-cisco
ASSETS
Gold certificates on hand and due fromU. S. Treasury _
Redemption fund—F. R. notesOther cash
5,087,16420,137
210.153
368, 354 1, 752,295 267,000 386,127 195,052 114,855 1,164 2,766 2,428 "
25.122 43,728 31,511 10,950
10,1^11^,5771,075,0621,920 3, 615 1, 5729,079 9,882 27,184
.92,417679
11,577
.40,874 177,186 108,839 309, 381359 689 357 3,733
11,074 8,961 7,034 14,051
pi*.*>- Total reservesRedemption fund—F. R. bank notesBills discounted:
Secured by U. S. Government obliga-tions, direct and/or fully guaranteed.
Other bills discounted...Total bills discounted. _.
Bills bought in open marketIndustrial advances _
», 317,4542,166
394,3311, 797,187 301,277 399, 505 206,051128,07411,103,818 204,6731,916250
6,8154,481
1,55633
3,9303,573
597431
195214
152, 307 186,836 116,230 327,165
23124 15 36
15
11,2965, " "
10, 062
1,589404
1,663
7,5032,057
668
1,028583
1,909
409528378
139j 105,209| 302)
1,335: 738:
200706757
62115376
2380
1,058
172154257
15154678
51390245
U. S. Government securities:BondsTreasury notesCertificates and bills
395,5301,410,224
624,368
23, 20792, 61241,852
140, 95'449,273187,525
25,137! 30,55898,329.125,67543,654! 56,791
13, 79654, 69024,714
15,33934,76015,479
13, 33:54,07624,436
18,82036, 26716, 388
23,85898,12844, 345
Total U. S. Government securities-Total bills and securities
Due from foreign banksF. R. notes of other banksUncollected itemsBank premises __.All other assets
Total assets
2, 430,122 157, 671 777, 755 167,1201213,024 103, 563J 94, 218J 428,343
2,457,162 161,327| 787,983 170, 640|214, 339J105, 246i 95,363; 430,006
'3, 200 65,578 91,844 71,475 166, 331
80321,124
429, 34253,16450,590
61391
47, 3533,224
574
93, 753 66, 739 92,427 72,322 167,01'
62941
, 2267663!
87677 l,00i
8, 331, S05
107,663' 34,200 41,53211, 569 4,567 6, 78835, 642 5, 784! 1, 375
781 31 j15 2,217
"19095!-9,0953,1331,456
28797
14, 2692,3721,906
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...F . R. bank note circulation—net...
3,213,30527,523
267, 561996
678, 511 243,664 301,806 173,841137,45826,527j I
Deposits:Member bank—reserve accountU. S. Treasurer—general accountForeign bank _Other deposits...
4,081,35070,62115,577
145,918
263,1721, 686,264 196,4211279,2', 2531 18,384 6,529 6,2421,282 3,929 1,852 1,7101,266 96,055| 2,453 3,559
130 123,139
Total depositsDeferred availability items.Capital paid inSurplus (sec. 7)__ ___Surplus (sec. 13b).___Reserve for contingenciesAll other liabilities _.
4,313,466434, 562146,885138,383
2,68222,29132, 708
267,9731,804,47, 7921 106, 35110,913 59, 5979,610
7 6 8 .1,053
845
45,217
632 207,255 290,641 131,67940,1934 , """5,171
4, 73722, 908
Total liabilitiesRatio of total reserves to deposit and F. R.
notel liabilities combined (percent)Commitments to make industrial ad-
vances _.
8,331,805
70.6
6,510
607, 5112, 748,480 517,232 664,622 357,229 242,809 1,599,346 321,904 235,694 308,188 206,190 522, 600
73.6
1,245
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:Issued to F. R. bank by F. R. agent. _.Held by F. R. bank...
In actual circulation
3, 466, 978253, 673
293, 01525,454
3,213,305
Collateral held by agent as security fornotes issued to banks:
Gold certificates on hand and duefrom U. S. Treasury
Eligible paper _U. S. Government securities.
Total collateral
3,246,4169,666
256,700
267,561
291,6171,590
3,512, 782 |293,207
FEDERAL RESERVE BANK NOTE STATEMENT
Federal Reserve^bank notes:Issued to F. R. bank (outstanding)._Held by Federal Reserve bank
In circulation—net
38,82911, 306
1,511515
27,523
Collateral pledged against outstandingnotes:
Discounted and purchased billsU. S. Government securities 32, 574
Total collateral . 32, 574
996
5,000
5,000
72.4
2,147
34,56215,14713,352
2,345907
41,13, 06414,090
1832,300
67.4
750
757,835 257,905 316, 776 184,422 152,980791324 14,241 14,970678,511 243,664 301,806 173,841137,458
773,706 210,000 272,431150,3406,064 860 409
48,000 45,000779,770J258,860|317,840 185,453 155, 572
27,110583
26, 527
10, 20810, 208J
6,642677
1,221
1,155206
71,5812,697623
3,638
78, 53914,0214,3735,145378
2,486409
67.4
189
10,581
11335, 000
59.3
464
15,522
85,385188
70,000
27,5741.
27,574..
1062,87054,1847,389973
91,374
18. 7513,1272r
61,09513,0181,664865
23798
24, 2113,4854081
23355
14, 6301,757873
573,31920,4364,089517
775, 711143,482 107, 073 117,696
708,03312,5182,2442,513
133,8743,360588
10, 671
97,1783,488410
5,054
150,590 122,553 249,4153,7631,264
15, 270
3,321499
2,958
725, 308 148,49356,64612, 71920,681
63-2,9674,680
19,6704,1124,756
850541
14,1453,1203,420504
1,026276
24,3164,0503,613215619311
73.5 70.1
912
71.4 67.9
54,342 212,160
1,424499
1,260106,130 157,368 125,736 269,712
" '" 16,909 18,2674,050 10,7563,683 9, 645
1,133337
1,620440
64.5
806,011 147,123 111, 087,124, 686' 59,3,641 4,014; 6.990J 5,61230,300
775,711
200
954 255,18443,024
143,482 107,073 117,696 54,342 212,160
812,513 139,936 110,500,122,550~~ I 129
l,700j 5,00062
8,000
812,713 147,998 112,200 127,679
15
67.9
503
61,675 215,76336
44,000
61,690 259,799
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]
Federal Reserve district
Reserves held
Total
October Septem-ber August
Excess
October Septem- August
Borrowings at FederalReserve banks
October Septem-ber August
Boston -__.New York. . . .Philadelphia..
ClevelandRichmondAtlanta
ChicagoSt. LouisMinneapolis..
Kansas City..DallasSan Francisco.
Tota l . . .
254.41,640.7
197.7
259.9130.572.8
666.5129.3
148.6121.1249.0
250.41, 615.9
190.2
255.9130.671.7
716.3121.592.9
152.2118.4230.5
289.31,687.1
197.6
261.7125.873.0
711.7117.985.4
152.5113.3229.7
125.5634.576.5
121.362.122.5
356.267.447.9
70.365.880.8
124.5626.170.9
118.564.023.2
410.761.847.7
76.165.365.3
164.6705.979.3
124.460.325.3
414.059.141.7
77.462.768.9
1.16.91.3
.2
.2
.02
.2
.07
.2
.04
.04
3, 964. 3 3, 946. 6 4,045. 0 1,730. 6 1, 754.1 ! 1, g 10.7
1.012.91.9
.4
.5
.2
.3
.2
.2
.1
.1
.1
18.0
0.311.71.7
.5
.5
.2
. 3
. 2
. 3
.1
.3
.1
16.3
NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLERCENTERS
[In millions of dollars. Averages of daily figures]
Federal Reserve^district
Member banks in larger centers(places over 15,000)
Member banks in smaller centers(places under 15,000)
Net demand
Octo-ber
September August
Time
Octo-ber
Septem-ber August
Net demand
Octo-ber
Septem-ber August
Time
Octo-ber
Septem-br August
BostonNew York. . . .Philadelphia..
ClevelandRichmondAtlanta
ChicagoSt. LouisMinneapolis. .
Kansas City. .DallasSan Francisco
Total . . .
1,1397,451
864
1,012516391
2,305457283
552397
1,108
1,1047,312
851
999501375
2,269439281
532382
1,079
1,0917,240
843
997489367
2,206432268
522365
1,039
6111,706
632
900308266
893249169
205160
1,699
6131,703
630
903310262
887248164
203160
1,706
6161,708
633
905314265
878248167
210162
1,705
92203160
14311279
172120133
224186108
91207153
14310474
166115129
221175104
89206148
14210073
162112123
21816297
123439382
22015764
15786
1093589
123439378
21815666
15686
169
1093585
123436376
21815562
15586
1103584
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]
Loans and investments—total:Nov. 7Nov. 14 .Nov. 21Nov. 28 _
Loans on securities—total:Nov. 7_._Nov. 14Nov. 21Nov. 28
To brokers and dealers inNew York:
Nov. 7Nov. 14Nov. 21Nov. 28
To brokers and dealers out-side New York:
Nov. 7Nov. 14Nov. 21Nov. 28
To others:Nov. 7 .Nov. 14 _Nov. 21Nov. 28 .
Acceptances and commercial
Nov. 7Nov. 14Nov. 21Nov. 28-.
Loans on real estate:Nov. 7Nov. 14Nov. 21Nov. 28
Other loans:Nov. 7Nov. 14Nov. 21Nov. 28
U. S. Government directobligations:
Nov. 7Nov. 14Nov. 21Nov. 28
Obligations fully guaranteed byU. S. Government:
Nov. 7Nov. 14Nov. 21Nov. 28_-.
Other securities:Nov. 7Nov. 14. _ . . . _.Nov. 21 _Nov. 28. _.
Reserve with Federal Reservebanks:
Nov. 7 .Nov. 14Nov. 21Nov. 28
Cash in vault:Nov. 7Nov. 14Nov. 21Nov. 28
Net demand deposits:Nov. 7Nov. 14Nov. 21Nov. 28
Total
17,83717,75917,68817,764
3,0103,0082,9983,017
664653654660
148151151155
2,1982,2042,1932,202
463461466452
984982981979
3,2843 2653,2463,257
6,6836,7136,6746,715
550548549555
2,8632,7822,7742,789
2,9903,0733,1983,108
286285271 i281
13,44713,50413,563 !
'13,633 !
Federal Reserve District
Bos-ton
1,1651,1591,1501,145
219217216221
19191920
32323134
168166166167
49494847
94939493
279274266259
352357358360
10888
162161160157
217211213210
69717068
922922907907
NewYork
8,0357,9447,8957,964
1,5831,5821,5781,590
551544546547
53545454
979984978989
249240238230
251251250250
1,4311,4241,4151,421
3,0163,0183,0003,029
285284284291
1,2201,1451.1301,153
1,4111,4571,5891,519
65605764
6,8546,8066,9156,938
Phila-del-phia
1,0511,0491,0441,042
203203203205
17171719
15151516
171171171170
20212120
73737372
176174175175
283283277278
32323232
264263263260
125128129126
15151415
695700693709
Cleve-land
1,1741,1731,1721,191
179179179179
22
16666
171171171171
4442
76767676
129127126142
674575576581
21221920
191190192191
157157159166
19201920
676691696722
Rich-mond
359358353353
59595959
6666
1111
52525252
10101110
16161616
82828182
127126122122
7666
58595858
56585652
12121212
242244243239
At-lanta
342344345347
61606161
5555
3333
53525353
3323
11111111
no113114116
97979796
11111110
49494950
28262525
7766
187190188192
Chi-cago
1,9171,9231,9251,913
282282282279
29292929
21212423
232232229227
65707777
36363635
304298300293
872878869868
96969595
262263266266
510538533531
48484547
1,7241,7541,7591,759
St.Louis
524530530532
69696768
4433
4444
61616061
9101111
37373737
105108108110
188190190190
21212221
95959595
951029892
9988
376387382379
Min-neap-olis
368369365366
36363535
1
1212
34343433
6666
7777
111110110110
149149148148
3333
56585657
61616663
4444
263267265265
Kan-sas
City
582585583579
55565554
6666
3333
46474645
22222322
14141414
119119117116
244246245243
13131314
115115116116
91949189
12121112
470487466
' 471
Dallas
429431431430
49494849
4444
1111
44444344
3443
25252525
117118119119
175175172172
16161918
44444444
81808078
10999
312317317316
San-Fran-cisco
1,8911,8941,8951,902
215216215217
20171719
8988
187190190190
23222121
344343342343
321318315314
606619620628
35363737
347340345342
158161159157
16181616
726739732736
City
NewYork
7,1237,0246,9907,064
1,3811,3781,3771,390
526517521525
50515151
805810815814
246238235228
133133133133
1,2691,2631,2571,263
2,8302,8252.8132,841
265264264272
999923911937
1,3391,4021,5291,463
52484552
6,4066,3626,4716,497
Chi-cago
1,5251,5311,5381,535
232232233230
27272626
19192221
186186185183
54596766
20202020
229223224219
695700693697
77787878
218219223225
470497490486
38383537
1,4741,5031,5121,513
'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]
Time deposits:Nov. 7Nov. 14 _ . . . . _Nov 21Nov. 28 . . . . . .
Government deposits:Nov. 7Nov 14Nov. 21Nov. 28 _ _
Due from banks:Nov. 7Nov. 14Nov. 21..Nov. 28
Due to banks:Nov. 7 .Nov. 14—Nov. 21 _Nov. 28 , . -
Borrowings from Federal Re-serve banks:
Nov 7Nov 14Nov. 21Nov. 28
Total
4,4624,4484,422
' 4,395
853816781749
1,5801,6311,6221,585
3,9604,0243,993
r 3, 921
2123
i Bos-| ton
i
!
330326325323
60585451
! 116! 109i 1121 111
' 212; 2071 202i 196
NewYork
1,0691,0621,0541,050
496476458439
128129127119
1,7001,7091,7411,711
2123
Phila-del-phia
312312312300
47444139
151158155145
236239234234
Cleve-land
457451450450
33312928
112113117113
175181175173
Federal Reserve District
Rich-mond
136135136134
6655
88959593
111114109106
At-lanta
131131130131
19181817
68726964
80837977
Chi-cago
512513501496
47464444
240240235234
546552539531
St.Louis
167167167167
21201918
97949792
166169165163
Min-neap-olis
125126125
••125
8777
83919093
118122118
r H7
Kan-sas
City
166165165165
15151413
188207202198
269285276265
Dallas
123123123122
48454442
129132131133
143145144141
San-Fran-cisco
934937934932
53504846
180191192190
204218211207
City
NewYork
643638629625
473454437420
64636158
1,6351,6421,6781,650
Chi-cago
380380368363
29292828
168163161158
444449441435
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.wise specified. In effect on Dec. 1, 1934]
Percent per annum except as other-
Advances direct to industrial or commercialorganizations _. _.
Advances to financing institutions:On portion for which institution is obli-
gatedOn remaining portion
Commitments to make advances
Boston
4-6
33H-5fc-2
NewYork
4-6
34-51-2
Phila-delphia
4-6
0)
(0
Cleve-land
6
4
H-2
Rich-mond
6
(2)1-2
At-lanta
6
55
Chi-cago
5-6
3 5-6»5-6
1-2
St.Louis
Minne-apolis
6
4 4H-5
n
KansasCity
6
44
Dallas
5-6
45-6
SanFran-cisco
5-6
3-44-51-2
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]
Date
Feb. 6...Feb. 13..Feb. 20..Feb. 27..
Mar. 6 . .Mar. 13_Mar. 20.Mar. 27.
Apr. 3 . . .Apr. 10..Apr. 17-Apr. 24..
May 1__M a y 8 _ .May 15..May 22,.May 29.
June 5._June 12..June 19..June 26..
July 3 . . . .July 10...July 17-July 24..July 31. .
Aug. 7—Aug. 14..Aug. 21..Aug. 28..
Sept. 4,_.Sept. 11.Sept. 18..Sept. 25.
Oct. 2—Oct. 9—Oct. 16...Oct. 23..Oct. 3 0 -
Nov. 6...Nov. 13.Nov. 20..Nov. 27..
Dec. 4...Dec. 11..Dec. 18..Dec. 24..Dec. 31..
1929
All weekly reporting member banks
Totalloans on!securi-
tiesi
Jan. 8-,.Jan. 15..Jan. 22.Jan. 29.
Feb. 5Feb. 12....Feb. 19....Feb. 26—
Mar. 5—.Mar. 12.-.Mar. 1 9 -Mar. 26--
1930
7, 5587,515 |7,4447, 573 |
7,5737,5117,6427,592 :
7,5167,3807,3537,319
7,3717,2417,2217,1447,112
7,1977,2097,3827,539
7,7617,7047,6447,6837,787
7,7157,5737,5107,515
7,6327,5787,6867,720
7,8287,6877,8757,9209,179
8,7468,3697,9917,889
7,8897,8187,8987,9318,304
7,9067,8547,7337,681
7,6927,6827,6697,641
7,7377,8838,0548,183
Loans to brokersand dealers
In NewYorkCity
1,7711,7051,574],589
1,5821,4921,5941,525
1,4281,3151,2911,349
1,3851,2801,2851,1791,073
1,1221,1351,2601,389
1,6111,5731,5411,6011,622
1,5371,4071,3441,373
1,4751,4161,4821,429
1,4551,3351,5261,4802,306
1,7761,3451,025985
1,0161,0861,0911,416
1,1831,2291,1991,202
1,3221,3611,4061,409
1,5021,7111,9312,077
Loanson se-1 on se
Outside cur"ies
New
City
816828837862
871888902865
859836831827
815810796798
796811
795808784773785
812801795778
786 i784 !797 i834
813 j801 I810 I913 |
I841 I836767715
707681684700739
679652636
607587592583
578568571
4,9714,9825,0335,122
5,1205,1315,1465,202
5,2295,2295,2315,143
5,1715,1515,1405,1675,231
5, 2675,2785,3115,342
5,3555,3235,3195,3095,380
5,3665,3655,3715,364
5,3715,3785,4075,457
5,5105,5395,5485,6305,960
6,1296,1886,1996,189
6,2136,1216,1286,1406,149
6,0445,973
Weekly reporting member banks inNew York City
Totalloans onsecuri-
ties
5,847
5,7635,7345,6715,649
5,6575,6045,5525,513
2,8572,8172,7432,863
2,8592,7492,8332,852
2,8192,7082,6822,707
2,7772,6472,6412,6142,585
2,6782,6632,7492,908
3,1173,0402,9703,0173,082
2,9612,8222,7752,819
2,9442,8462,8942,883
2,9472,8362,9643,0054,205
3,7513,4273,1053,077
3,0733,0233,0223,0453,398
3,0492,9702,895
Loans to brokersand dealers
In NewYorkCity
2,9212,9122,9132,890
2,9533,0653,1603,280
1,0781,060988
1,060
1,083970
1,0571,037
983875840883
941824824792734
797777839994
1,2131,1541,0891,1491,161
1,045924883956
1,061976
1,004981
1,025930
1,0521,0332,021
1,4721,104807785
744763781794
1,117
832
767773
877913906
9571,0961,2131,367
OutsideNewYorkCity
Loanson se-
curitiesto
others
1,7411,7191,7201,772
1,7421,7451,7421,781
1,7981,7931,8051,783
1,7981, 7831,7811,7871,812
1,8411,8421,8661,870
1,8621,8391,8341,8241,876
1,8731,8571,8501,827
1,8411,8291,8481,859
1,8761,8631,8701,9282,136
2,2312,2702, 2532,247
2,2812,2172,1902,2002,231
2,1632,1172,0812,043
1,9931,9881,9511,937
1,9471,9191,8941,856
Weekly reporting member banksoutside New York City
Totalloans onsecuri-
ties
4,7014,6984,7014,710
4,7144,7624,8094,740
4,6974,6724,6714,612
4,5944,5944,5804, 5304,527
4,5194,5464,6334,631
4,6444,6644,6744,6664,705
4,7544,7514,7354,696
4,6884,7324,7924,837
4,8814,8514,9114,9154,974
4,9954,9424,8864,812
4,8164,7954,8764,8864,906
4,8574,8844,8384,815
4,7714,7704,7564,751
4,7844,8184,8944,903
Loans to brokersand dealers
In NewYorkCity
645586529
499522537488
445440451466
444456461387339
325358421395
398419452452461
492483461417
414440478448
430405474447285
304241218200
225253305297299
351426432429
440484493503
545615718710
OutsideNewYorkCity
778790802831
837854868831
821790794
777770760763769
708752767764
753761737729740
760753742
744743755791
817770759766865
793783722670
659638633649
625602589582
561540543536
529518518
Loanson se-curities
toothers
3,2303,2633,3133,350
3,3783,3803,4043,421
3,4313,4363,4263,360
3,3733, 3G83,3593,3803,419
3,4263,4363,4453,472
3,4933,4843,4853,4853,504
3,4933,5083,5213,537
3,5303,5493,5593,598
3,6343,6763,6783,7023,824
3,8983,9183,9463,942
3,9323,9043,9383,9403,918
3,8813,8563,8173,804
3,7703,7463,7203,712
3,7103,6853,6583,657
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]
Date
1930Apr. 2Apr. 9Apr. 16Apr. 23Apr. 30
May 7May 14May 21May 28
June 4June 11June 18.June 25
July 2July 9.July 16.July 23 _—July 30
Aug. 6_Aug. 13Aug. 20Aug. 27
Sept. 3 . .Sept. 10Sept. 17Sept. 24
Oct. 1Oct. 8Oct. 15Oct. 22Oct. 29.-
Nov. 5Nov. 12Nov. 19Nov. 26
Dec. 3Dec. 10 -Dec. 17Dec. 24Dec. 31
1931Jan.7Jan. 14Jan. 21—-Jan. 28
Feb. 4Feb. 11.Feb. 18Feb. 25
Mar. 4Mar. 11 -Mar. 18Mar. 25
Apr. 1Apr. 8Apr. 15Apr. 22Apr. 29
All weekly reporting member banks Weekly reporting member banks inNew York City
Totalloans onsecuri-
ties
8,2448,1638,2388,3268,381
8,2598,2468,3228,421
8,5988,5578,6088,479
8,4358,3598,3978,3728,391
8,4098,349
8,350
8,3578,3248,3968,454
8,4768,2608,2508,1358,065
8,0857,9047,8387,761
7,7697,7697,7477,7797,814
7,6537,5227,4257,379
7,3037,3197,3257,313
7,2567,2377,3657,349
7,2567,1467,1947,1387,052
Loans to brokersand dealers
In NewYorkCity
2,1632,1442,2172,250
2,2222,2122,2752,339
2,4612,4302,3672,173
2,1272,0732,1412,1532,189
2,2272,1572,1052,140
2,1752,1792,2852,309
2,2642,1211,9951,8901,801
1,7721,5701,5221,464
1,4641,4781,3881,3751,396
1,3591,3101,2731,269
1,2711,3081,3481,373
1,3681,3701,5031,526
1,4981,4141,4521,4751,359
OutsideNewYorkCity
606605620638631
652657663676
679681720706
708703
637646648640
650632633674
667650722
640622606
618616633621614
559543533
525520519517
528523516506
504503542514514
Loanson se-
curitiesto
others
5,4755,4145,4015,4385,411
5,3855,3775,3845,406
5,4585,4465,5215,600
5,6005,5835,5665,5505,536
5,5455,5465,5365,570
5,5325,5135,4785,471
5,5455,4895,5335,5535,596
5,6535,6945,6945,691
5,6875,6755,7265,7835,804
5,7085,6535,6095,577
5,5075,4915,4585,423
5,3605,3445,3465,317
5,2545,2295,2005,1495,179
Totalloans onsecuri-
ties
3,3933,2843,3163,4093,511
3,4093,4073,4563,565
3,753
3,7263,696
3,6523,4983,5183,5373,586
3,6323,5853,5273,608
3,6523,5233,5413,619
3,7963,6603,6403,5503,500
3,5353,3773,3523,342
3,3413,3103,2483,3663,438
3,2333,1243,0613,024
3,0143,0503,1143,137
3,1603,0823,2193,244
3,1833,0663,0833,0633,003
Loans to brokersand dealers
In NewYorkCity
1,4881,4101,4441,5181,642
1,5601,5641,5981,714
1,8451,7321,7811,698
1,6461,4941,5251,552
1,6651,5921,5401,601
1,6561,5501,5741,640
1,7451,6551,5801,4701,385
1,3841,2141,1801,177
1,1831,1551,0721,1531,219
1,0991,025
9941,0361,1121,150
1,1971,1191,2531,295
1,2701,1591,2071,2301,149
OutsideNewYorkCity
676966
6469716766
53546765
65647580
8885
122120125
128121112111
113114111109102
107107108106
105111117117
119117120119
121118117120119
Loanson se-
curitiesto
others
1,8461,8141,8141,8421,816
1,7981,7891,8011,788
1,8421,8311,8761,932
1,9421,9351,9221,9181,917
1,9141,9391,9201,942
1,9311,9091,8921,899
1,9631,9201,9381,9601,990
2,0232,0422,0602,054
2,0452,0412,0652,1042,117
2,0271,9921,9601,935
1,9151,9031,8851,870
1,8441,846., 846,830
,792,789,759,713,735
Weekly reporting member banksoutside New York City
Totalloans onsecuri-
ties
4,8514,8794,9224,9174,870
4,8504,8394,8664,856
4,8454,9274,8824,783
4,7834,8614,8794,8354,805
4,7774,7644,7624,742
4,7054,8014,8554,835
4,6804,6004,6104,5854,565
4,5504,5274,4864,419
4,4284,4594,4994,4134,376
4,4204,3984,3644,355
4,2894,2694,2114,176
4,1554,1464,105
4,0734,0804,1114,0754,049
Loans to brokersand dealers
675734773732697
662648677625
616698586475
481579616601
562565565
519629711
519466415420416
356342287
281323316222177
260285280
277272236
171251250231
255245245210
547545562589578
601603606613
613614651640
644634619602600
592581575
585568558594
579565600572543
532519510495
505502522512512
479452435427
420409402400
406396387
425394395
Loanson se-
curitiesto
others
3,6293,6003,5873,5963,595
3,5873,5883,5833,618
3,6163,6153,6453,668
3,6583,6483,6443,6323,610
3,6313,6073,6163,628
3,6013,6043,5863,572
3,5823,5693,5953,5933,606
3,6303,6523,6343,637
3,6423,6343,6613,6793,687
3,6813,6613,6493,642
3,5923,5883,5733,553
3,5163,4983,5003,487
3,4623,4403,4413,4363,444
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
Date , Totalloans onsecuri-
ties
Loans to brokersand dealers
In NewYorkCity
OutsideNewYorkCity
Loanson se-
curitiesto
others
Weekly reporting member banks inNew York City
Totalloans onsecuri-
ties
Loans to brokersand dealers
In NewYorkCity
OutsideNewYorkCity
Loanson se-
curitiesto
others
Weekly reporting member banksoutside New York City
Totalloans onsecuri-
ties
Loans to brokersand dealers
In N e wYorkCity
183135161168
159127123127
135148163168172
178185180178
1811721579448
36425656
54688888
8099662725
30364232
37534944
3858999864
56554138
35292523
OutsideNewYorkCity
391382383378
373376375363
354366363350348
349344342342
340340337349352
344329326313
311306307301
298268294294289
277273263259
260254250253
247245248245244
239233228234
234226216218
Loanson se-
curitiesto
others
1931May 6_May 13May 20May 27
June 3June 10June 17June 24
JulylJuly 8July 15July 22July 29
Aug. 5Aug. 12Aug. 19Aug. 26
Sept. 2Sept. 9Sept. 16Sept. 23Sept. 30
Oct. 7Oct. 14Oct. 21Oct. 28
Nov. 4Nov. 11Nov. 18Nov. 25
Dec. 2Dec. 9Dec. 16Dec. 23Dec. 30—-
1932Jan.6Jan.13Jan. 20Jan. 27
Feb. 3Feb.10Feb. 17Feb. 24
Mar. 2Mar. 9Mar. 16.._Mar. 23Mar. 30
Apr. 6_Apr. 13Apr. 20Apr. 27
May 4May 11 _._May 18May 25
7,0367,0466,9816,928
6,8676,7916,7206,703
6,7456,665
6,5706,544
6,5126,4796,4536,477
6,5006,4426,4146,3616,346
6,0816,0015,9065,897
5,8675,848
5,831
5,8075,7605,7405,7335,777
5,6875,660
5,596
5,5745,5045,4745,438
5,4405,4265,4135,3375,328
5,2225,1485,1315,099
5,0634,9774,9504,910
1,3581,3771,3091,240
1,2121,1501,0821,079
1,1391,1111,0931,0761,048
1,012995
1,0021,011
1,036995955901885
739650573564
550536621589
559565533495483
450439412
388375390384
391446456423428
414389404394
405342323305
509500505497
476
479493488475474
475470470469
466452463463
439420412
391397
386354382379375
362358346340
341333327329
323321322319318
311300300305
304296285286
5,1695,1695,1675,191
5,1665,1535,1525,148
5,1275,0615,0525,0195,022
5,0255,0144,9814,997
4,9964,9815,0074,9974,998
4,9034,9314,9214,934
4,9194,9214,8714,851
4,8624,8414,8254,8594,919
4,8754,8634,8744,860
4,8454,7964,7574,725
4,7264,6594,6354,5954,582
4,4974,4594,4274,400
4,3544,3394,3424,319
3,0453,1193,0252,969
2,9202,8762,7972,791
2,8622,8032,7582,7122,685
2,6482,6332,6222,655
2,6832,6432,6412,6412,677
2,4692,4032,3002,305
2,2872,2702,2972,255
2,2392,2102,2082,2312,295
2,2232,2162,2052,194
2,1782,1242,1122,092
2,1092,0972,0662,0092,043
,979[,933,950,925
,845, 840,810
,175,242,148,072
,053,023959952
1,004963930908876
834810
855823798807837
703608517508
496468533501
479466467468458
420403370364
351322341340
353388357325364
358334363356
370313298282
118118122119
116112111113
125127125125126
126126128127
128126115114111
959186
,697,672,695
,700,6941,7281,7201,729
1,6711,7041,6971,711
,704,717,674,664
,672,658,653,678,751
,718,728,752,749
,746,723,694,676
,633,635,610
,549,532,515,498
,468,462, 473[,460
3,9913,9273,956
3,9473,9153,9233,912
3,8623,8753,8583,859
3,8643,8463,8313,822
3,8173,7993,7733,7203,669
3,612
3,6063,592
3,5803,5783,5923,576
3,5683,5503,5323,5023,482
3,4643,4443,4273,402
3,396
3,346
3,3313,3293,347
3,285
3,2433,2153,1813,174
3,1553,1323,1103,100
3,4173,4103,4123,413
3,4153,4123,4253,422
3,3943,3483,3493,3403,339
3,3373,3173,309
3,2963,2873,2793,2773,269
3,2323,2273,2243,223
3,2153,2043,1973,187
3,1903,1833,1723,1813,168
3,1573,1353,1223,111
3,0733,0633,049
3,0463,0263,0002,9852,977
2,9482,9272,9122,902
2,8862,8772,8692,859
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 LEADINGFEBRUARY 1929 TO MARCH 1933—Continued
CITIES,
[In millions of dollars]
Date
All weekly reporting member banks
Totalloans onsecuri-
ties
Loans to brokersand dealers
In NewYorkCity
OutsideNewYorkCity
Loanson se-
curitiesto
others
Weekly reporting member banks inNew York City
Totalloans onsecuri-
ties
1,8151,7371,7591,7201,696
1,6471, 6501,6481,630
1,6691,6721,6621,6511,632
1,6461,6861,6621,683
1,6691,6541,6531,569
1,5761,5701,5551,5671,598
1,6251,6191,6201,612
1,5841,5801,5591,562
1,6431,6061,6141,621
1,640
Loans to brokersand dealers
In NewYorkCity
301268298259251
239253244244
246259258
1 269257
| 2861 347I 321
338
1 340! 349I 348| 270
1 280279
i 264270
! 275
315317313319
320! 306
292302
377344348347
335
OutsideNewYorkCity
6867666565
666-16362
6161626161
62616262
62616362
6362626262
61606660
59616160
61616263
63
Loanson se-
curitiesto
others
Weekly reporting member banksoutside New York City
Totalloans onsecuri-
ties
Loans to brokersand dealers
In NewYorkCity
OutsideNewYorkCity
Loanson se-
curitiesto
others
June 1—.June 8—.June 15—June 22...June 29...
July 6...July 13..July 20..July 27..
Aug. 3—Aug. 10.Aug. 17_.Aug. 24..Aug. 31.
Sept. 7...Sept. 14..Sept. 21.Sept. 28.
Oct. 5_._Oct. 12..Oct. 19_.Oct. 26..
Nov. 2..Nov. 9-.Nov. 16..Nov. 23.Nov. 30.
Dec. 7—_Dec. 14...Dec. 21...Dec. 28...
Jan. 4..Jan. 11.Jan.18.Jan. 25.
Feb. 1.—Feb. 8—.Feb. 15-_.Feb. 21...
Mar. 1___
1932
1933
4,9074,7984,8284,7784,745
4,6324,6264,6184,587
4,6324,6124,5864,5514,512
4,5194,5474,5114,521
4,4814,4674,4474,352
4,3114,2954,2494,2574,288
4,3074,3224,3314,315
4,2714,2374,2134,173
4,2594,2044,2064,199
4,234
322287318277261
247260250249
251266264274263
293354329346
348357356277
287286271277282
321340335340
346331320310
384353354355
340
283276287273283
272267262260
270258260256256
256260257254
250255259252
239235230230232
229231242239
237232237216
227218223215
237
4,3024,2354,2234,2284,201
4,1134,0994,1064,078
4,111 i4,0884,062 .4,0213,993 i
3,970 :3,9333, 925 !3,921 j
3,883 i3,855 !3,8323,823 |
3,785 I3,774 '3, 748 !3,7503,774 i
3,757 |3,7513,7543,736
3,6883,6743,6563,647
3,6483,6333,629 !3,629 ''
3,657
1,4461,4021,3951,3961,380
1,3421, 3331,3411,324
1,3621,3521,3421,3211,314
1,2981,2781,2791,283
1,2671,2441,2421,237
1,2331,2291,2291,2351,261
1,2491,2421,2411,233
1,2051,2131,2061,200
1,2051,2011,2041,211
1,242
3,0923,0613,0693,0583,049
2,9852,9762,9702,957
2,9632,9402,9242,9002,880
2,8732,8612,8492,838
2,8122,8132,7942,783
2,7352,7252,6942,6902,690
2,6822,7032,7112,703
2,6872,6572,6542,611
2,6162,5982,5922,578
2,594 'I
215209221208218
206203199198
209197198195195
194199195192
188194196190
176173168168170
168171176179
178171176156
166157161152
174
2,8562,8332,8282,8322,821
2,7712,7662,7652,754
2,7492,7362,7202,7002,679
2,6722,6552,6462,638
2,6162,6112,5902,586
2,5522,5452,5192,5152,513
2,5082,5092,5132,503
2,4832,4612,4502,447
2,4432,4322,4252,418
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]
Date
All weekly reporting member banks
Totalloans onsecuri-
Loans to brokersand dealers
In NewYorkCity
OutsideNewYorkCity
Loanson se-
curitiesto
others
Weekly reporting member banks inNew York City
Totalloans onsecuri-
Loans to brokersand dealers
In NewYorkCity
OutsideNewYorkCity
Loanson se-
curitiesto
others
Totalloans onsecuri-
ties
Weekly reporting member banksoutside New York City
Loans to brokersand dealers
In NewYorkCity
OutsideNewYorkCity
Loanson se-
curitiesto
others
Jan. 6...Jan. 13..Jan. 20-.Jan. 27-
Feb. 3...Feb. 10..Feb.17-Feb. 24-
Mar. 2 . .Mar. 9. .Mar. 16.Mar. 23.Mar. 30.
Apr. 6—Apr. 13-.Apr. 20-Apr. 27-
May4_.May 11.May 18.May 25_
June 1—June 8. _June 15.June 22..June 29-
July 6—July 13...July 20..July 27-
Aug. 3_.Aug. 10_.Aug. 17..Aug. 24..Aug. 31_.
Sept. 7__Sept. 14.Sept. 21-Sept. 28.
Oct. 5—.Oct. 12-Oct. 19-Oct. 26-
Nov. 2__Nov. 9..Nov. 16.Nov. 23.Nov. 30.
1932
Dec. 7Dec. 14—.Dec. 21....Dec. 28.—
Jan. 4 —Jan. 11-Jan. 18..Jan. 25..
Feb. 1..Feb. 8 —Feb.15-Feb. 22-
1933
5,0865,0475,0224,992
4,9704,9094,8784,846
4,8514,8364,8314,7594,744
4,6434,5704,5534,518
4,4894,4084,3744,339
4,3354,2264,2654,2124,185
4,0774,0764,0664,040
4,0804,0604,0424,0103,971
3,9804,0073,9743,984
3,9483,9353,9173,822
3,7863,7713,7223,7353,764
3,7843,7973,8053,789
3,7513,7233,6993,662
3,751
3,6943,693
446435408393
373386383
390441453422424
410385399392
404342321305
322287318276261
247262250249
251265264274
293354329
348357356277
287286270277281
320340335340
345331320309
384353354354
333328317311
312303301
293297292292
285274276278
279272261261
255249261247257
247242237237
246232238233231
233235235230
225231234227
218213207209209
203210221218
216215216199
210202204201
4,3074,2844,2974,288
4,2724,2334,1914,164
4,1634,1024,0814,0454,028
3,9113,8783,848
3,8063,7943,7923,773
3,7583,6903,6863,6893,667
3,5833,5743,5793,554
3,5833,5633,5403,5033,478
3,4543,4183,4103,408
3,3753,3473,3273,318
3, 2813,2723,2453,2493,274
3,2613,2473,2493,231
3,1903,1773,1633,154
3,1573,1413,1363,138
2,2232,2162,2052,194
2,1782,1242,1122,092
2,1092,0972,0662,0092,043
1,9791,9331,9501,925
1,9081,8451,8401,810
1,8151,7371,7591,7201,696
1,6471,6501,6481,630
1,6691,6721,6621,6511,632
1,6461,6861,6621,683
1,6691,6541,6531,569
1,5761,5701,5551,5671,598
1,6251,6191,6201,612
1,5841,5801,5591,562
1,6431,6061,6141,621
420403370364
351322341340
353388357325
358334363356
370313298
301268298259251
239253244244
246259258269257
347321338
340349348270
280279264270275
315317313319
320306292
377344348347
67
1,7181,7281,7521,749
1,7461,7231,6941,676
1,6801,6331,6351,6101,605
1,5491,5321,5151,498
1,4681,4621,4731,460
1,4461,4021,3951,3961,380
1,3421,3331,3411,324
1,3621,3521,3421,3211,314
1,2981,2781,2791,283
1,2671,2441,2421,237
1,2331,2291,2291,2351,261
1,2491,2421,2411,233
1,2051,2131,2061,200
1,2051,2011,2041,211
2,8632,8312,8172,798
2,7922,7852,7662,754
2,7422,7392,7652,7502,701
2,6642,6372,6032,593
2,5812,5632,5342, 529
2,5202,4892,5062,4922,489
2,4302,4262,4182,410
2,4112,3882,3802,3592,339
2,3342,3212,3122,301
2,2792,2812,2642,253
2,2102,2012,1672,1682,166
2,1592,1782,1852,177
2,1672,1432,1402,100
2,1082,0902,0802,072
248243234230
231224224223
222217223218218
213207204207
209202192193
187182195182192
181178174175
185171176172170
171174173168
163170171165
155151145147147
142150155158
157154155139
149141142138
2,5892,5562,5452,539
2,5262,5102,4972,488
2,4832,4692, 4462,4352,423
2,3992,3792,3632,350
2,3382,3322, 3192, 313
2,3122,2882,2912,2932,287
2,2412,2412,2382,230
2,2212.2112,1982,1822,164
2,1562,1402,1312,125
2,1082,1032,0852,081
2,0482,0432,0162,0142,013
2,0122,0052,0081,998
1,9851,9641,9571,954
1,9521,9401,9321,927
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]
Date
All weekly reporting member banks
Totalloans onsecuri-
Loans to brokersand dealers
In NewYorkCity
OutsideNewYorkCity
Loanson se-
curitiesto
others
Weekly reporting member banks inNew York City
Totalloans onsecuri-
ties
Loans to brokersand dealers
In NewYorkCity
OutsideNewYorkCity
Loanson se-
curitiesto
others
Totalloans onsecuri-
ties
Weekly reporting member banksoutside New York City
Loans to brokersand dealers
In NewYorkCity
OutsideNewYorkCity
Loanson se-
curitiesto
others
Mar. 1...Mar. 8...Mar, 15..Mar. 22..Mar. 29..
Apr. 5—Apr. 12..Apr. 19..Apr. 26-
M a y 3 . _May 10.May 17.May 24.May 31.
June 7—June 14..June 21 _.June 28..
July 5...July 12..July 19..July 26..
Aug. 2Aug. 9Aug. 16. . .Aug. 23 . . .Aug. 30 . . .
Sept. 6...Sept. 13..Sept. 20..Sept. 27..
Oct. 4 . . .Oct. 11..Oct. 18..Oct. 25__
Nov. 1_.Nov. 8. .Nov. 15.Nov. 22.Nov. 29.
Dec. 6—Dec. 13..Dec. 20..Dec. 27..
1933
Jan. 3...Jan. 10..Jan. 17..Jan. 24.Jan. 31.
Feb. 7-—..Feb 14....Feb. 21.....Feb. 28—_
Mar. 7 . . . -Mar. 14...Mar. 21 . . .Mar. 28. . .
3,7273,7593,7623,7253,644
3,6173,5843,5833,638
3,7153,7243,6483,713
3,7423,7983,7693,748
3,8113,8743,8643,789
3,7723, 7683,7953, 7373,766
3,7483, 7733,7033,687
3,6513,6373,6733,584
3,6043,5903,5573,5493,569
3,5563,5963,600
19343,6203,4973,4863,498
3,5873,5313,6303,520
3,4953,5933,5533,514
340337311318292
301298313392
442492546493563
626706705682
776860870801
784790808767797
784808740720
702693726645
660650626611628
634669661712
753653663684795
803760856759
751841812801
220217201211199
197193196192
201182177180176
177177153157
159166167167
163158164159160
159162163166
164165167170
172170162164163
162161163158
149143139140146
147145151151
151164176159
3,1673,2053,2503,1963,153
3,119
3,0743,054
3,0553,0413,0012,9752,974
2,9392,9152,9112,909
2,8762,8482,8272,821
2,8252,8202,8232,8112,809
2,8052,8032,8002,801
2,7852,7792,7802,769
2,7722,7702,7692,7742,776
2,7602,7662,7762,758
2,7182,7012,6842,6742,668
2,6372,6262,6232,610
2,5932,5882,5652,554
1,6401,6681,6741,6261,555
1,5481,5351,5381,611
1,6761,7111,7351,6631,733
1,7771,8401,8131,791
1,8471,8941,8621,790
1,7781,7751,8001,7571,794
1,7951,8201,7431,731
1,6991,6831,7121,636
1,6661,6571,6241,6181.651
1.6301,6631,6661,722
1,7441,6241,6201,6461,748
1,7291,6771.'1,669
1,6491,7331,6871,663
335332
275
287287303381
433483535481553
616694681
745803787718
699702723686718
718747672652
617643574
594580552542565
562586577628
665561564587
651744651
641727
1,2421,2731,3081,2591,219
1,2011,1871,1751,172
1,1851,1701,1411,1241,122
1,1021,0861,0941,092
1,0631,0481,0291,029
1,0361,0331,0361,0311,035
1,0341,0301,0281,034
1,0221.0191,0211,016
1,0251.0311,0291,0341,043
1.0251,0341,0451,051
1,0351,0191,0121,0161,017
981979971
960958941928
2,0872,0912,0882,099
2,0692,0492,0452,027
2,0222,0041,9891,9851,980
1,9651,9581,9561,957
1,9641,9802,0021,999
1,9941,9931,9951,9801,972
1,9531,9531,9601,956
1,9521,9541,9611,948
1,9381,9331,9331,9311,918
1,9261.9331,9341,906
1,8761,8731,8661,8521,861
1.8581,8541,8611,851
1,8461,8601,8661,851
9299 '97 ;107 j
107 i109112 i108 !
110114 I114 i113
157154139150138
137132136134
143124118122118
118117115118
120123121124
120118123119119
116119120121
119118119124
125124119122120
119118119115
105999597103
102100105104
103116128112
1,9251,9321,9421,9371,934
1,9181,9061,8991,882
1,8701,8711,8601,8511,852
1,8371,8291,8171,817
1,8131,8001,7981,792
1,7891,7871,7871,7801,774
1,7711,7731,7721,767
1,7631,7601,7591,753
1,7471,7391,7401,7401,735
1,7351,7321,7311,707
1,6831,6821,6721,6581,651
1,6491,6451,6441,639
1,6331,6301,6241,626
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 831
LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 91 LEADING CITIES,JANUARY 1932 TO NOVEMBER 1934—Continued
[In millions of dollars]
Apr. 4—.Apr. 11...Apr. 18...Apr. 26...
May2__May 9. .May 16 _May23_May 30.
June 6—June 13..June 20-.June 27—
July 4—July 11-July 18-July 25-
Aug. 1_.Aug. 8_.Aug. 15_.Aug. 22..Aug. 29_.
Sept. 5-.Sept. 12.Sept. 19.Sept. 26.
Oct. 3 —Oct. 10_.Oct. 1 7 -Oct. 2 4 -Oct. 3 1 -
Nov. 7 . .Nov. 14.Nov. 21.Nov. 28.
Date
1934
All weekly reporting member banks*
Totalloans onsecuri-
ties
3,6123,5803,516
3,5773,5543,5053,4683,476
3,5573,5563,5713,529
3,5563,5533,5223,493
3,3043,2943,2713,247
3,2103,1623,0953,080
3,0473,0553,0823,0743,051
3,0103,0082,9983,017
Loans to brokersand dealers
In NewYorkCity
924915873
873867828838
911933955935
980962938
812758750741722
757741695686
672706708
664653654660
OutsideNewYorkCity
161174168173
174171168162160
174171183180
185179175170
163162165164170
176153149148
148151149151153
148151151155
Loanson se-
curitiesto
others
2.5402,5142,4972,470
2,5072,5102,4702,4782,478
2,4722,4522,4332,414
2,3942,3852,385
2,3832,3842,3792,3662,355
2,2772,2682,2512,246
2,2302,2322,2272,2152,205
2,1982,2042,1932,202
Weekly reporting member banks inNew York City
Totalloans onsecuri-
ties
1,7201,7661,7231,674
1,7291,7181,6631,6441,646
1,7271,7281,7411,711
1,7491,7521,7181,690
1,5711,5201,5201,5031,485
1,5051,4791,4191,416
1,4011,4021,4341,4351,417
1,3811,3781,3771,390
Loans to brokersand dealers
In NewYorkCity
751794779740
756731725
771787815793
841833804783
667.613615602581
621605558555
541544576587564
526517521525
OutsideNewYorkCity
47484846
4646464645
54635554
55555755
5353535560
544747
Loanson se-
curitiesto
others
922914
927941892909903
902888871864
853864857852
851854852846844
830827814813
811
799803
805810
814
Weekly reporting member banksoutside New York City
Totalloans onsecuri-
ties
1,8491,8561,8571,842
1,8481,8361,8421,8241,830
1,8301,8281,8301,818
1,8071,8011,8041,803
1,7871,7841,7741,7681,762
1,7051,6831,6761,664
1,6461,6531,6481,6391,634
1,6291,6301,6211,627
Loans to brokersand dealers
In NewYorkCity
117130136133
140142142139140
140146140142
141147158155
145145135139141
136136137131
128128130121129
138136133135
OutsideNewYorkCity
Loanson se-curities
toothers
114126120127
128125122116115
120118128126
130124118115
110109112109110
122106102100
102
102103
100100104
1,6181,6001,6011,582
1,5801,5691,5781,5691,575
1,5701,5641,6621,550
1,5361,5301,5281,533
1,5321,5301,5271,5201,511
1,4471,4411,4371,433
1,4191,4231,4191,4161,402
1,3931,3941,3881,388
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 AMERICANCURRENCY TO AND FROM EUROPE
BY SELECTED BANKS IN NEW YORK CITY[Paper currency only. In thousands of dollars]
Month
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
1933
Ship-ments
toEurope
105101251045
122895742
554
Re-ceiptsfrom
Europe
5,3045,58913,7868,04912,5236,86611,7556,1534,7565,9053,3976,976
91,058
Netship-ments(-)or
receipts(+)
+5,301+5,484
+13, 685+8,024
+12, 522+6,866
+11,751+6,148+4, 634+5,816+3,340+6,934
1934
Ship-ments
toEurope
0101
108
630
230
199
+90, 504
Re-ceiptsfrom
Europe receipts(+)
5,2563,7402,2002,9003,7803,4713,6015,1934,2542,524 j2,129 I
Netship-ments(- )or
+5,256+3,739+2,200+2,899+3,770+3,463+3, 538+5,193+4, 231+2,524+1,930
For description and back figures see BULLETIN for January 1933, p. 43.
PAPER CURRENCY OF EACH DENOMINATIONIN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars
Denomina-tion
$1$ 2 ' : : ; ; . . . .$5$i6""""I—$20$50$100$500$1,000$5 000$10,000
Total.
1933
Oct. 31
38233
6821,1781,303
357607124232
712
4,916
1934
May 31
39633
7191,2251,288
341579116228
79
4,941
June 30
39633
7241,2311,293
342579117225
67
4,952
July 31
39332
7191,2191,277
336569113223
58
4,896
Aug. 31
40333
7411,2501,294
335568112222
58
4,972
Sept. 30
41132
7551,2661,311
336571113223
57
5,031
Oct. 31
41032
7521,2651,314
335571112221
57
5,025
SNOTE.—Figures include, in addition to currency outside the Treasuryand Federal Reserve banks, unassorted currency held by these institu-tions amounting to $4,000,000-$12,000,000, and also $1,000,000 of currencyof unknown denominations reported by the Treasury as destroyed.
UNITED STATES POSTAL SAVINGS[Balance to credit of depositors. In millions of dollars]
End of month
January-February..MarchAprilMayJuneJuly -August—September.October—.November.December.
1929
153.5154.8155.0154.3153.8153.6157.8160.1160.3161.6163.7164.3
1930
165.1167.9169.5170.2171.2175.3180.7186.5189.8192.5200.7245.4
1931
278.4292.1302.7313.8325.0347.4372.5422.7469.9538.1565.5605.1
1932
665.6691.8705.3722.1742.6784.8828.5848.5857.4870.8885.2900.8
1933
942.51,006. 21,112. 71,158.41,178.81,185.1
, 176.7, 177. 7., 180. 7, 188.9
"«. 71, 208. 8
1934
1.200.81,200.01, 200.01,197.51.196.91,197.91,190. 31,192. 21,192.8
PI, 198.4v 1,203.4
^Preliminary.
BANK DEBITS[Debits to individual accounts. In millions of dollars]
New York City.Outside New York City.
Federal Reserve districts:Boston _New YorkPhiladelphiaCleveland _.RichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas _._San Francisco
Total
Numberof
centers
1140
1934
Oct.
12,28614,464
1,61212,8891,2781,409
593732
3,495772544841522
2,062
26, 750
Sept.
11,12212,887
1,22811,6981,0971,277533615
3,203649531792471
1,914
24,009
1933
Oct.
13,28013,027
1,54613,8011,2371,239488633
3,107696507770465
1,818
26,307
MATURITY DISTRIBUTION OF- BILLS ANDSHORT-TERM SECURITIES HELD BY FEDERALRESERVE BANKS
[In thousands of dollars]
Bills discounted:Nov. 7...Nov. 14Nov. 21Nov. 28
Bills bought inopen market:
Nov. 7Nov. 14Nov. 21Nov. 28
Industrial ad-vances:
Nov. 7Nov. 14Nov. 21Nov. 28.
Treasury certifi-cates and bills:
Nov. 7Nov. 14Nov. 21Nov. 28
Total
10,6699,142
10,72311,872
6,0735,7085,685
6,6177,7538,6739,769
622,886623,687624,368624,368
With-in 15days
16 to 30 31 to 60 61 to 90
8,0957,1438,9929,884
1,140578
3,0152,745
36,42516,875
days
865278
1,034
418224250
jl73,~825195,575
days
1,194296398
237520
1,7821,799
70191164
229,924233,92573,349
days
91 daysto 6mos.
293379310
4,0984,192
664
180200232235
1461468925
434945919
1,294
49,050 288,04765,75,317 282,32078,200 284,694
Over 6mos.
5,8226,4607,2247,951
19,44021,35019, 557
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 833
BANKS LICENSED AND NOT LICENSED
All member banks:Mar. 15, 1933.. _Apr. 12, 1933June 30, 1933....Oct. 25, 1933Dec. 30, 1933Mar. 5, 1934June 30, 1934Aug. 22, 1934_._Oct. 31, 1934Nov. 28, 1934...
National banks:Mar. 15, 1933. _.Apr. 12, 1933....June 30, 1933....Oct. 25, 1933.....Dec. 30, 1933Mar. 5, 1934June 30, 1934—.Aug. 22, 1934...
Number of banks
Total Licensed
Oct. 31, 1934.Nov. 28, 1934
State-bank members:Mar. 15, 1933Apr. 12, 1933June 30, 1933Oct. 25, 1933Dec. 30, 1933 ._ _Mar. 5, 1934June 30, 1934Aug. 22, 1934Oct. 31, 1934Nov. 28. 1934 _
Nonmember banks other than mutual savings banks:3
Apr. 12, 1933June 30, 1933Oct. 25, 1933Dec. 30, 1933Mar. 7, 1934June 27, 1934Aus. 22, 1934 _.Oct. 31, 1934Nov. 28, 1934
5,0785,4255, 60G5,8186,0116,2066,3756,4076,4456,449
4,5074,7894,8975,0525,1545, 2885,4175,4435,4725,471
571636709766857918958964973978
7,3928,1888,3458,3338,3958, 6298,7138,7698,791
Notlicensed1
1,6211,2561,095759512308113682116
1,4001,10898568345227095581510
22114811076
2,9591,9831,5421,257942509364254213
Deposits 2 (in thousands of dollars)
Total
28,421,03828, 646,10627,829, 94227,330,86927, 694,82829, 615,02631,124, 36131,099,41431,099,36831, 071, 630
18,137, 71918, 313,09017, 769, 63617, 632, 59617,990, 21719, 048,53319,993,89619,975, 34719,954,90519,923,958
10, 283, 31910,333,01610,060,3069,698, 2739, 704,61110, 566,49311,130,46511,124,06711,144,46311,147, 672
6, 341, 3706,135, 6485,947,8925, 559, 9965, 363, 5925, 213, 6945,160, 5355,119,452 i5, 111, 668 i
Licensed
25, 554, 28725,986,18326, 563, 92726, 584,00127,166,97429, 324,82531,012, 36731,027, 25931,080, 63831, 055,344
16,195,14516,494,54916,741,28917,022,13317,555, 23918,801, 35219,895,89719,909,93119,940, 47219,911,969
9,359,1429, 491, 6349,822, 6389, 561,8689,611, 73510, 523, 47311,116, 47011,117,32811,140,16611,143,375
5,020,0615,071, 6645,130, 6275,062,9084,940, 5834,979,4604,981,0745,001,8225, 006, 808
Notlicensed
2,866, 7512,659,9231, 266,015
746,868527,854290, 201111,99472,15518, 73016, 286
1, 942, 5741,818,5411,028, 347
610, 463434,978247,18197,99965,41614,43311,989
924,177841,382237,668136,40592,87643,02013,9956,7394,2974,297
1,321,3091,063,984
817, 265497,088423,009234, 234179,461117,630104, 860
1 Includes a number of national banks whose Federal Reserve bank stock had been canceled and membership terminated but which, on the datesgiven, 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, andOct. 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 subsequentdates 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]
National banksState bank members. ._Nonmember banks
Total
Licensed banks suspendedi
Number ofbanks
1
a 52
53
Deposits 3 (inthousands of
dollars)
40
6 36,562
36,602
Nonlicensed banks placedin liquidation or receiver-ship 2
Number ofbanks
388<21490
399
Deposits 3 (inthousands of
dollars)
394,862* 37, 256199, 731
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 nearestcall dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reportedclosing 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 FederalReserve 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 priorto 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]
Year, month, and weekAll
com-modi-
ties
Farmprod-ucts
Foods
Other commodities
TotalHides and
leatherproducts
Textileproducts
Fuel andlighting
materials
Metalsand metalproducts
Buildingmaterials
Chemi-cals and
drugs
House-furnish-
ing goodsMiscel-laneous
1929.1930.1931.1932.1933.
1933—October. __.November..December..
1934—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember..October
Week ending—1934—Aug. 4...
Aug. 11..Aug. 18..Aug. 25..
Sept. 1..Sept. 8..Sept. 15.Sept. 22..Sept. 29.
Oct. 6 . . .Oct. 13. .Oct. 20. _Oct. 27. .
Nov. 3 . . .Nov. 10..Nov. 17..Nov. 24..
95.386.473.064.865.9
71.271.170.8
72.273.673.773.373.774.674.876.477.676.5
104.988.364.848.251.4
55.756.655.5
58.761.361.359.659.663.364.569.873.470.6
75.1-75.476.176.9
77.577.877.577.577.2
76.676.476.276.2
76.076.676.776.3
66.667.368.971.8
73.574.373.773.672.8
71.071.070.970.8
71.171.570.6
99.990.574.661.®60.5
64.264.362.5
64.366.767.366.267.169.870.673.976.174.8
:71.872.274.175.5
76.677.276.276.776.0
75.274.874.975.4
75.475.975.575.0
91.685.275.070.271.2
77.277.277.5
78.378.778.578.678.978.278.478.378.378.0
:78.478.478.478.4
78.478.578.578.478.4
78.278.177.978.0
77.878.178.378.1
109.1100.086.172.980.9
89.088.289.2
89.589.688.788.987.987.186.383.884.183.8
90.480.366.354.964.8
77.176.876.4
76.576.976.575.373.672.771.570.871.170.3
85.184.684.284.6
84.584.684.884.984.9
84.384.484.684.5
84.484.984.984.9
71.170.871.171.1
71.370.670.670.870.7
70.270.170.0
69.569.469.369.3
83.078.567.570.366.3
73.673.573.4
73.172.471.471.772.572.873.974.674.674.6
74.775.375.275.2
75.175.475.575.575.5
75.575.474.875.0
74.975.676.175.6
100.592.184.580.279.8
83.082.783.5
85.587.087.187.989.187.786.886.786.686.3
86.285.985.985.9
85.985.985.985.785.7
85.785.685.685.5
85.585.485.385.3
95.489.979.271.477.0
83.984.985.6
86.386.686.486.787.387.887.085.885.685.2
94.289.179.373.572.6
72.773.473.7
74.475.575.775.575.475.675.475.776.577.1
94.392.784.975.175.8
81.281.081.0
80.881.081.481.682.082.081.681.881.881.7
87.186.586.486.4
86.386.385.985.485.3
85.485.285.085.2
84.985.185.084.9
75.575.575.976.0
76.376.376.576.877.0
77.377.177.277.2
76.976.877.077.1
83.082.882.982.9
82.982.983.083.183.1
82.882.882.882.8
82.882.782.782.7
82.677.769.864.462.5
65.365.565.7
67.568.569.369.569.870.269.970.270.269.7
70.170.370.1
70.370.670.770.470.3
70.169.769.769.8
70.570.670.6
Subgroups1933 I 1934
Oct. July Aug. Sept. Oct.Subgroups
Oct.
1934
July Aug. Sept. Oct.
FARM PRODUCTS:GrainsLivestock and poultryOther farm products
FOODS:Butter, cheese, and milkCereal productsFruits and vegetablesM e a t s —Other foods
HIDES AND LEATHER PRODUCTS:Boots and shoesHides and skins _..Leather. _.Other leather products
TEXTILE PRODUCTS:ClothingCotton goodsKnit goodsSilk and rayonWoolen and worsted goods...Other textile products.
FUEL AND LIGHTING MATERIALS:Anthracite.. _.Bituminous coalCoke_ _Electricity-_.GasPetroleum products
58.245.461.2
66.085.062.551.064.4
71.283.285.1
84.888.874.732.084.575.3
81.889.882.692.3
100.552.7
74.848.870.5
74.888.968.263.464.5
98.066.675.186.8
81.985.159.524.580.7
78.695.785.692.499.251.3
86.056.273.1
77.391.065.669.468.9
97.957.471.386.8
79.586.459.324.478.969.7
79.996.285.692.699.251.6
88.164.174.4
76.291.966.076.670.0
97.960.470.686.5
79.787.859.924.378.069.1
81.396.385.695.299.351.3
85.055.375.4
77.191.067.670.071.0
97.759.770.585.9
79.186.660.524.874.868.5
82.096.485.6
50.4
METALS AND METAL PRODUCTS:Agricultural implementsIron and steelMotor vehiclesNonferrous metals
BUILDING MATERIALS:Brick and tileCementLumberPaint materialsPlumbing and heatingStructural steel.Other building materials
CHEMICALS AND DRUGS:ChemicalsDrugs and Pharmaceuticals .Fertilizer materialsMixed fertilizers
HOUSEFURNISHING GOODS:FurnishingsFurniture
MISCELLANEOUS:Auto tires and tubes. -Cattle feed.._Paper and pulpRubber, crudeOther miscellaneous
83.782.490.967.0
84.691.284.276.174.786.887.1
78.656.867.668.3
82.879.8
43.260.482.415.678.6
92.086.794.668.8
91.393.985.379.875.092.590.9
78.573.067.672.8
84.878.5
44.688.882.429.982.3
92.086.694.668.9
91.393.981.879.975.092.090.0
79.272.764.873.0
84.678.9
44.7104.082.431.781.0
92.086.594.768.4
91.393.982.379.571.692.0
80.372.766.473.0
84.878.8
44.7100.782.431.581.4
92.086.294.768.1
91.293.982.079.468.192.089.3
81.173.565.773.0
84.479.0
44.797.682.428.681.1
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1933 (table 120); indexes of subgroups available at Bureau ofLabor 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]
Industry
Manufactures—Total
IRON AND STEELPig ironSteel ingots
Cotton consumptionWool
ConsumptionMachinery activity l .. _.Carpet and rug loom activity1
Silk deliveries
FOOD PRODUCTSSlaughtering and meat packing
HogsCattleCalvesSheep . . -.
Wheat flourSugar meltings
PAPER AND PRINTING:Newsprint productionNewsprint consumption
LUMBER
TRANSPORTATION EQUIPMENT:Automobiles -Locomotives _Shipbuilding
LEATHER AND PRODUCTSTanning
Cattle hide leathersCalf and kip leathers - - . .
• Goat and kid leathersBoots and shoes .
CEMENT AND GLASS:CementGlass, plate _ _ - _ ._
NONFERROUS METALS: i
Tin deliveriesx
FUELS, MANUFACTURED:Petroleum refining _ _ . ___
Gasoline1
Kerosene . . . . .Fuel oil i _Lubricating oil *
Coke, byproduct.
RUBBER TIRES AND TUBESTires, pneumatic _Inner tubes
TOBACCO PRODUCTSCigarsCigarettes
Minerals—Total
Bituminous coalAnthracitePetroleum, crude .- ._Iron oreZincLead - - --Silver
1933
Oct.
76
604562
958897836782
85908591
1041517676
66105
33
450
39
93827669
109100
3570
95
15219577
1018882
909368
10857
143
81
6155
12163776433
Nov.
70
4736
1 48
8980868163
103
9198
10187
1041428282
71104
30
302
41
92918584
11193
3952
80
1461847796
10275
97100
72
9562
118
81
6573
11723727133
Dec.
73
604062
776773694892
86898588
1061478178
67106
32
453
41
94898490
10397
36106
56
13717180969277
10811368
12367
166
85
6668
119
676729
1934
Jan.
76
564057
9170708348
103
96100
951021221399187
64108
34
562
26
97918185
126101
4999
55
14217789959278
9710169
13874
188
88
6782
120
666437
Feb.
80
634565
9573728554
114
919480
1121221339473
63112
29
710
30
107948978
124116
6198
54
14418187988685
100103
74
13266
181
91
7489
118
666436
Mar.
82
665168
9772718259
129
848669
1061221319265
66112
38
780
59
106888472
116118
58106
58
14317795
1019091
10611082
11966
158
100
84109122
685747
Apr.
85
765578
9766687153
115
9310295
1101201299164
68115
33
851065
116959085
118130
5598
71
1521919899
10093
97100
76
12866
175
90
7273
125
645645
May
86
846685
9565637257
112
981081041101281278971
68115
33
781039
117938978
118133
5783
73
15319195
101108102
818363
12862
178
89
7276
12740656644
June
83
856687
7463616862
109
96103
871231391289080
64118
31
822
38
10087858299
109
5877
68
15419594
10395
100
848762
13265
183
87
6769
13054575645
July
74
474248
79
'67'44101
10212092
1551981348169
63116
29
783
28
99868174
114107
5392
64
156201
921009278
838568
12863
177
85
6563
12852575340
Aug.
72
383639
86
654796
106128
791922441457964
63117
36
615
95
97838267
101'106
4886
65
157202
911039074
798256
12666
172
80
6150
12447604439
Sept.
69
373138
64*>39
404199
12014289
2162251628594
65121
32
517
133
8880796797
' 9 3
5084
68
15219385
1029173
79' 8 2
61
12566
171
82
6462
12244615536
Oct.
*73
413142
94
p 646146
135
107119
95144145228
83101
62116
29
418
848079689586
4687
58
15319692989073
828560
12066C
O
OC
6453
12235765639
'Includes also lead and zinc; see "Minerals." ' Preliminary. »• Revised.* Without seasonal adjustment.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]
Industry
Manufactures—Total
IRON AND STEELPig iron - . .Steel ingots
Cotton consumption _Wool
Consumption - -Machinery activityCarpet and rug loom activitySilk deliveries __
FOOD PRODUCTSSlaughtering and meat packing
HogsCattleCalves _ . _ . _Sheep
Wheat flourSugar meltings ______
PAPER AND PRINTING:Newsprint productionNewsprint consumption
LUMBER
TRANSPORTATION EQUIPMENT:AutomobilesLocomotivesShipbuilding
LEATHER AND PRODUCTSTanning _
Cattle hide leathersCalf and kip leathersGoat and kid leathers
Boots and shoes _ _CEMENT AND GLASS:
CementGlass, plate. . _ __
NONFERROUS METALS'.lTin deliveries
FUELS, MANUFACTURED:Petroleum refining
GasolineKeroseneFuel oilLubricating oil
Coke, byproduct 'RUBBER TIRES AND TUBES
Tires, pneumaticInner tubes
TOBACCO PRODUCTSCigarsCigarettes _ _ _ _
Minerals—Total
Bituminous coal.._ __ __Anthracite .Petroleum, crude _ _ _Iron oreZincLeadSilver
1933
Oct.
76
594560
9793
107836782
868973
107109167
8672
66111
34
40o
28
102877882
113112
4070
95
152195
80101
8882
798162
11669
150
88
6771
122108
756633
Nov.
70
433744
9384938163
106
961081111001061418964
70111
29
192
36
88898579
11088
3850
80
147
1848396
10277
737552
9773
117
84
7275
11619727436
Dec.
67
533954
716874694882
89106112
93100144
7845
67109
29
254
32
81878177
11276
2880
56
138171
86969278
757849
9950
136
80
6967
115
686829
1934
Jan.
75
534055
9571728348
117
1021191281031131408957
65104
30
461
18
90878270
11992
3088
55
142
17791959278
909362
13157
185
85
7489
115
706537
Feb.
82
664668
10176798554
122
90948898
114125
9171
63110
28
760
21
109979572
129117
37106
54
144181
88988687
108112
78
12057
164
88
7895
116
716639
Mar.
85
7553
' 77
10273738259
124
82816992
124119
8677
65117
39
960
46
110888564
119124
42115
58
143177
92101
9094
117121
89
11360
150
91
8489
121
725852
Apr.
89
845987
10465657153
114
87928497
131121
8375
69123
35
1099
63
114939076
117127
53108
71
152191
9799
10094
115118
87
11862
159
81
6076
125
675546
May
89
916793
9762587257
111
96105100107144124
8480
69119
35
981050
108888574
109121
6890
73
153191
92101108101
102106
77
13064
179
87
6276
12860666543
June
83
856687
716055686297
9510289
116144126
8095
66117
32
932
47
9786837999
103
7279
68
154195
87103
9598
102105
74
14470
202
87
6060
132106
555744
July
71
444044
72
p 55' 67'44
96
10011382
154192134
7884
61103
29
823
41
98867986
105105
6491
64
15620186
1009275
818365
13967
194
85
5952
131105535134
Aug.
71
383538
77J»58
6547
100
100115
60188224146
8572
61104
38
675
140
10785808199
'121
6287
65
157202
87103
9072
788162
13569
186
83
6050
12695564339
Sept.
70
373038
62
v 394041
104
122138
67240216188100100
64118
33
567
133
101858277
102111
6385
68
152193
87102
9171
'76'78
61
13976
188
87
6862
12585585234
Oct.
P 7 4
403141
197
v 706146
135
110120
81168152251
9396
62123
30
388
928581819997
5387
58
154196
97989073
737554
12981
169
87
7168
12360735839
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 pulpchemical 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]
Industry and group
Factory employment
Without seasonal adjustment
1934
Oct. Sept.
1933
Oct.
Adjusted for seasonal varia-tion
1934
Oct. Sept.
1933
Factory pay rolls
Without seasonal adjustment
1934
Oct. Oct.
1933
Oct.
Total,IRON AND STEEL AND PRODUCTS.. _ . .
Blast furnaces and steel worksCast-iron pipe _Cutlery and edge toolsHardwareSteam, hot-water heating apparatus, etc.Stoves _Structural metal work__ _.Tin cans, etc —Wirework
MACHINERY _Agricultural implements..- —Electrical machinery, etcEngines, turbines, etcFoundry and machine-shop products..Machine toolsRadios and phonographs --.Textile machinery -.
TRANSPORTATION EQUIPMENTAutomobilesCars, electric and steam railroad.LocomotivesShipbuilding. -
RAILROAD REPAIR SHOPS..Electric railroadsSteam railroads
NONFERROUS METALS AND PRODUCTS.Brass, bronze, and copperLighting equipmentSilverware and plated wareSmelting and refiningStamped and enameled ware
LUMBER AND PRODUCTS .FurnitureLumber, millworkLumber, sawmills
STONE, CLAY, AND GLASS PRODUCTS_Brick, tile, and terra cotta.—Cement ._-Glass. _Pottery _
TEXTILES AND PRODUCTS. _ _.A. Fabrics
Carpets and rugsCotton goodsDyeing and finishingKnit goodsSilk and rayon goodsWoolen and worsted goods—.
R. Wearing anoarelUlotUing, men'sClothing, women'sMillineryShirts and collars
LEATHER AND PRODUCTS..Boots and shoesLeather
*78.6
66.065.450.878.145.849.695.257.093.1
121.1
77.672.965.072.366.469.1
223.661.0
68.474.934.138.071.2
53.965.153.1
75.171.067.170.673.182.9
49.666.836.333.9
52.129.951.086.169.2
92.389.762.594.5
106.7109.575.968.194.480.8
121.768.8
103.4
83.382.387.8
75.8
66.065.352.176.745.848.891.658.6
101.0120.2
'77.767.865.971.166.869.7
219.9'62.4
73.880.941.837.771.3
55.765.755.0
73.270.864.569.569.984.4
49.365.034.634.1
52.930.454.087.366.2
73.162.064.652.091.1
100.658.235.895.589.5
121.076.0
103.5
85.785.586.8
79.6
70.247.378.558.255.496.254.685.0
123.7
73.052.460.653.463.654.0
238.277.8
59.164.227.922.666.1
55.065.854.1
75.677.561.667.964.093.3
55.278.538.736.2
51.631.841.481.169.6
97.796.779.1
100.887.5
114.279.290.795.887.8
118.677.5
113.5
88.988.391.4
*>77.0
65.665.950.677.645.548.886.155.793.3
120.4
75.576.465.073.166.968.4
157.762.2
73.981.435.639.376.1
53.765.152.8
74.171.965.167.772.382.8
47.861.436.033.3
50.229.249.081.768.8
90.788.862.893.8
106.2108.275.466.591,385.9
115.867.799.3
81.379.787.9
73.
65.65.51.79.
9
4442
Preliminary.
45.947.985.657.095.3
119.4
"75.772.465.971.466.669.8
164.7'62.8
75.282.140.938.676.0
55.465.754.7
73.671.664.268.771.785.8
48.063.034.333.0
51.128.750.985.366.3
72.962.767.152.592.3
102.258.736.293.487. O
118.672.1
102.082.481.486.7
r Revised*
77.8
69.470.747.278.057.954.587.153.485.2
123.0
70.855.060.654.064.153.5
168.079.3
63.969.829.123.370.7
54.765.853.8
74.878.459.765.162.393.2
53.172.238.435.6
49.731.139.876.969.2
96.195.879.4
100.387.1
112.878.788.692.786.8
112.876.6
109.286.785.691.4
P60.7
42.839.227.555.730.632.472.740.682.395.4
56.874.449.348.447.650.3
138. 844.6
47.249.131.617.056.2
46.957.346.2
57.549.556.353.845.970.4
35.247.524.122.6
35.716.933.169.446.3
74.773.145.078.683.0
107.163.746.873,462. G04.854.8
64.360.476.8
57.9
41.137.328.253.229.230.765.840.596.292.0
'55.366.748.046.146.750.8
127.0'46.1
51.954,336.717.457.0
45.656.944.9
54.048.752.052.142.766.7
33.944.621.822.3
34.716.133.967.441.1
57.549.146.540.475.691.041.124.370.902.285.275.593.2
69.267.773.6
59.4
47.648.023.254.239.130.769.235.975.695.7
50.247.441.531.743.339.6
142.865.1
43.346.124.28.5
47.5
48.954.248.6
53.852.546.750.637.0
38.155.023.523.3
33.614.924.763.547.1
77.477.565.180.868.2
106.261.466.572.7C>2. 6
01.259.0
101.9
72.370.178.8
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]
Industry and group
Factory employment
Without seasonal adjustment
1934
Oct. Sept. Oct.
Adjusted for seasonal varia-tion
1934
Oct. Sept.
1933
Oct.
Factory pay rolls
Without seasonal adjustment
1934
Oct. Sept.
1933
Oct.
FOOD PRODUCTSBakingButterCanning and preservingConfectionery _Flour _Ice creamSlaughtering and meat packingSugar refining, cane
TOBACCO PRODUCTS -Chewing and smoking tobacco and snuffCigars and cigarettes _
PAPER AND PRINTINGBoxes, paperPaper and pulp lBook and job printingPrinting, newspapers and periodicals
CHEMICALS AND PETROLEUM PRODUCTSA. Chemical group, except petroleum
ChemicalsDruggists' preparationsExplosivesFertilizersPaints and varnishes _.Rayon and allied products _._.Soap
B. Petroleum refining
RUBBER PRODUCTSRubber boots and shoes _.Rubber tires and inner tubes
119.5116.177.7
137.396.680.569.1
117.690.9
65.373.564.2
96.590.0
106.687.099.2
109.2108.4106.6107.391.889.999.4
307.0105.7112.6
77.555.769.4
127.1115.781.1
204.493.180.277.3
121.288.1
64.773.763.5
95.3'86.5105.486.398.5
108.6107.6108.0103.093.295.098.8
305.598.6
112.9
78.456.470.4
115.9110.182.0
158.599.674.768.0
101.590.5
64.678.662.9
94.591.6
104.182.998.0
109.1109.2103.299.892.691.094.0
331.3101.7108.8
88.763.974.7
109.2114.376.794.780.078.570.6
116.789.4
62.574.161.0
96.185.4
106.687.899.0
107.3106.0105.4102.688.996.199.1
307.0102.7112.8
78.253.371.8
110.5113.775.990.083.978.670.9
122.486.1
62.974.461.4
95.6'85.1105.486.8
108.2107.6108.5100.891.6
103.4100.0305.597.6
110.9
79.055.471.7
104.6108.480.9
109.382.572.969.4
100.789.1
61.979.259.8
94.286.9
104.183.797.8
106.9106.4102.195.489.697.393.7
331.398.8
109.0
89.461.177.3
103.398.358.3
134.484.168.554.5
107.074.0
49.063.947.1
82.682.483.273.789.9
91.289.492.096.772.571.978.0
217.294.697.4
58.854.2
109.399.660.4
199.582.668.660.5
109.272.4
50.368.747.9
80.3'77.879.672.488.2
87.992.192.369.578.575.8
215.587.396.3
56.150.447.6
91.190.663.7
132.680.459.952.677.769.7
51.2
76.075.677.565.684.4
85.584.385.791.068.968.470.7
218.381.189.4
62.958.649.7
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 ofactory 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]
Month
JanuaryFebruary __ _ _MarchApril. —MayJune _.JulyAugust -September ._October _.NovemberDecember
Year_ _
Total
1933
83.452.760.056.677.2
102.382.6
106.0120.1145.4162.3207.2
1, 255.7
186.596.7
178.3131.4134.4127.1119.7120.0110.2135.2
Residential
1933
12.011.816.019.126.527.723.621.921.521.523.623.9
249.3
1934
15.114.528.122.824.826.619.818.617.926.3
Factories
1933
4.32.86.46.29.4
26.817.814.115.19.88.26.7
127.5
1934
10.74.2
15.98.48.38.7
25.710.06.18.5
Commercial
1933
5.87.67.26.68.99.6
11.510.57.49.87.37.1
99.4
1934
9.47.6
13.011.924.711.912.913.513.113.8
Public worksand public
utilities
1933
42.717.217.613.619.024.418.951.460.792.7
111.1133.3
602.7
1934
113.753.292.969.956.857.439.150.650.065.2
Educational
1933
1.42.21.31.11.73.52.92.62.22.22.6
16.3
40.0
1934
19.65.48.88.6
10.49.77.8
12.2'12.5
9.0
All other
1933
17.311.011.59.9
11.610.37.85.6
13.09.39.6
20.0
136.9
1934
17.911 819.69 89.5
12.814.4
'15.210.612.7
*• Revised.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1934 FEDERAL RESERVE BULLETIN 839
CONSTRUCTION CONTRACTS AWARDED, BYDISTRICTS
[Value of contracts in thousands of dollars; figures for 37 States east of theRocky Mountains, as reported by the F . W. Dodge Corporation]
Federal Reserve district
1934
October
BostonNew York.PhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City.Dallas _
Total (11 districts)
15,29326,38212,81710,30410,9377,920
22,96010, 7345,6187,5394,720
135,225
Septem-
' 11,89921,5586,454'9,33612,0577,023
'20,0487,6176,5473,8533,759
••110,151
1933
October
11,34324,7299,048
'14,77410,75317,13721,227'10,5458,6447,6929,475
145,367
r Revised.
COMMERCIAL FAILURES, BY DISTRICTS
[Amounts in thousands of dollars; figures reported by Dun & Bradstreet]
Federal Reserve district
BostonNew YorkPhiladelphiaCleveland..RichmondAtlanta -Chicago .-St. LouisMinneapolis - _ __Kansas CityDallasSan Francisco
Total . . .
]Number
1934
Oct.
13834650654825
12436225420
163
1,091
Sept.
7821343592735
10733193617
123
790
1933
Oct.
15032151957440
17742433940
134
1,206
Liabilities
1934
Oct.
1,6866,8391,2681,515
778967
2,607432459321189
2,907
19,968
Sept.
1,5584,7541,7921,475
432420
2,649493192279173
2,223
16,440
1933
Oct.
2,37810,4522,3002,548
852582
6,3411,019
384412
1,4001,915
30,582
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]
Federal Reserve district
Corn
Production1933
EstimateNov. 1,1934
Total wheat
Production1933
EstimateNov. 1,1934
Winter wheat
Production1933
EstimateNov. 1,1934
Spring wheat
Production1933
EstimateNov. 1,1934
BostonNew YorkPhiladelphia-ClevelandRichmondAtlanta..ChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco.
T o t a l - .
Bushels7,545
20,82144,551
150,851133,164151,672835,127296,955219,136389,33485,0359,692
Bushels7,861
47,890126,507132,405160,355471,280159,780116,93253,30163, 0728,314
Bushels120
5,17514,189
19,6693,039
46, 74238, 556
115,137131,990
13, 719100,776
Bushel*120
5,04913,64337,44022,306
Bushels Bushels
48,70744,85566,108144,60926,14584,402
5,05114,10438,76619,6693,03944,42638,4349,775
123,61413, 62641,104
4,91713,57037, 37222,3063,59846,97344,8139,698
140, 70226,07050,503
Bushels12012485
100
Bushels1201327368
2,316122
105,3628,376
9359,672
1,73442
56,4103,907
75
2, 343,883 1,371, 527 527,978 496,982 351,608 400,522 176,370 96,460
Federal Reserve district
Oats
Produc-tion 1933
EstimateNov. 1,
1934
Tame hay
Produc-tion 1933
EstimateNov. 1,
1934
Tobacco
Produc-tion 1933
EstimateNov. 1,
1934
White potatoes
Produc-tion 1933
EstimateNov. 1,
1934
Cotton
Produc-tion 1933
EstimateNov. 1,
1934
BostonNew YorkPhi ladelphia-ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis—.Kansas City. . .DallasSan Francisco .
Total 731,524 545,938
Bushels7,446
17,87713,10635,15916,9428,183
314,08937, 207
146,95284,23422,34727,982
Bushels7,541
24,71315, 25736, 49915, 6279,973
198, 21319, 574
111, 90650,84635,66420,125
Ton*2,8544,8502,2883,9292,9181,92713,2895,2497,8968,675881
11,227
Tons2,8113,9761,9353,2392,7772,1699,6274,2195,0285,733
73210,195
Pounds24,012
90625,330
117,615748,327167,156
17,814277,750
1,2314,966
Pounds17,973
71222, 231
102,875593,417121,99914,633
238,0541,0432,874
Bushels49,77028,31420,78615,50122, 50611,03039, 7529,107
42,53930,4734,419
46,156
Bushels Bales Bales
36,31530,54620,92932, 28314,89864,6599,49944,12516,6784,764
41, 603
1,4562,569
1,3802,442
2 2, 554 2,261
1,0515,114303
2902,917344
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: P a s e
Buying rates on 21, 101,156, 219, 282, 354, 457, 523, 590, 646, 728, 793
Classes of 20, 100,155, 218, 281, 353, 456, 522, 589, 645, 727, 792
Held by Federal Reserve banks:Discussion of 319Payable in foreign currencies 20, 100,
155, 218, 281, 353, 456, 522, 589, 645, 727, 792Held by member banks:
All banks on call dates 97,152, 215, 278, 350, 453, 519, 586, 642, 724, 789
Licensed banks on call dates 130,192, 418, 614
Reporting banks 759, 823Open-market rates:
Foreign countries 36, 117;176, 240, 298, 385, 481, 538, 605, 671, 745, 810
New York City 21, 101,156, 219, 282, 354, 457, 523, 590, 646, 728, 793
Outstanding 20, 100,155, 218, 281, 353, 456, 522, 589, 645, 727, 792
Payable in foreign currencies, held by Fed-eral Reserve banks 20, 100,
155, 218, 281, 353, 456, 522, 589, 645, 727, 792Payment of, before maturity, as indirect
payment of interest on deposits; rulingof Board 303
Revision of member bank weekly state-ment to include 712, 759
Acts:Canada Banking Act 653Cuban Currency Act 468, 660Continuing functions of Reconstruction
Finance Corporation 123Czechoslovakia currency law, amendment
to 288Extending for 1 year the temporary plan
for deposit insurance 486Federal Farm Mortgage Act, section 16 of,
amending Federal Reserve Act 123Federal Reserve Act, amendments to,
made by:Federal Farm Mortgage Act 123Gold Reserve Act of 1934 63Home Owners' Loan Act 304Loans to Industries Act 430National Housing Act 488
Glass-Steagall Act, extension of 182Gold Reserve Act of 1934 63Home Owners' Loan Act, sections 7 and 8
of, amending Federal Reserve Act 304National Housing Act, section 505 of,
amending Federal Reserve Act relatingto loans by national banks on real estate. 488
Providing for punishment for offensesagainst banks 410
Securities Exchange Act of 1934 321, 396Silver Purchase Act of 1934 436
Advances to member banks:Discount rates 21, 101,
156, 219, 282, 354, 457, 523, 590, 646, 728, 793Glass-Steagall Act, extension of:
Discussion of 142Proclamation of President 1821
Text of act _ 18aAdvertising by insured banks under Federal
Deposit Insurance Corporation 577Advisory Council, Federal:
Conferences, expenses of 186, 547Meeting of 145*
Affiliates, rulings of Board regarding:Corporate trustee under deed of trust as a
holding company affiliate 303Cumulative voting of shares by holding
company affiliates of member banks 749Existence of more than one holding com-
pany affiliate of a member bank 182Individual trustee as holding company affil-
iate 122;Limitations on loans to affiliates secured by
paper eligible for rediscount 391"Loan or extension of credit", endorsement
as, within section 23A of Federal ReserveAct 391
Partnership as holding company affiliate ofmember bank 41
Publication of reports of 542Africa, gold production 27, 108, 168, 232,
290, 377, 473, 530, 597, 663, 737, 802Agricultural credit corporations:
Government financing of 626, 648, 730, 795Loans to:
By Farm Credit Administration. 713, 732, 797By Reconstruction Finance Corpora-
tion 103, 158, 221,284, 356, 459, 525, 592, 649, 731, 796
Agricultural implements:Factory emplovment and pay rolls:
Index of_I 57, 137, 197, 264,315, 424, 502, 554, 622, 706, 767, 837
Revision of employment index 327-343Wholesale prices 58, 138, 198, 265,
316, 426, 504, 556, 619, 703, 764, 834Albania, National Bank of:
Condition of 32, 113,173, 237, 295, 382, 478, 535, 602, 668, 742, 807
Discount rates 36, 117, 176, 240,298, 385, 481, 538, 605, 671, 745, 810
Amendments to Federal Reserve Act. (SeeActs; Federal Reserve Act.)
Amendments to foreign banking laws:Canada 653Cuba 468, 660Czechoslovakia 280
Annual reports:Bank for International Settlements 360Bank 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.German Reichsbank 225Netherlands Bank 463
Argentina:Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Gold imports and exports to and from
United States 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787
Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801
Government note issues and reserves 30,111, 171, 235, 293, 380, 476, 533, 600, 666,740, 805
Assessment for expenses of Federal ReserveBoard 186, 547
Assets and liabilities:All banks in United States on call dates. _ 52-54Bank for International Settlements:
Balance sheet, March 31, 1934 375Monthly figures 30, 111, 171,
235, 293, 380, 476, 533, 600, 666, 740, 805Banks insured by Federal Deposit In-
surance Corporation 575-577, 763Federal home loan banks 732, 797Federal Reserve banks:
All banks combined. 15, 94, 149,212, 275, 347, 450, 516, 583, 639, 721, 786
Each bank 46, 125, 185,247, 306, 413, 494, 546, 611, 694, 757, 821
Foreign central banks 31, 112, 172,236, 294, 381, 477, 534, 601, 667, 741, 806
Foreign commercial banks 34, 115, 175,239, 297, 384, 480, 537, 604, 670, 744, 809
Government credit agencies 626, 648, 730, 795Member banks:
All banks on call dates 129, 191, 417, 613Licensed banks on call dates. 130, 192, 418, 614Reporting banks:
Revision of weekly statement 712, 759Weekly figures 49, 131, 193, 260,
310, 419, 498, 550, 615, 696, 759, 823National banks:
All banks on call dates 53Licensed banks on call dates. 130, 192, 418, 614
State banks:All banks on call dates 54Licensed member banks on call dates,- 130,
192, 418, 614Australia:
Bank of:Condition of 32, 113, 173,
237, 295, 382, 478, 535, 602, 668, 742, 807Gold reserves.26, 107, 167, 231, 289, 376, 472
Foreign exchange rates:Monthly averages 37, 118, 177,
241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38
Gold imports and exports to and fromUnited States 16, 95, 150,
213, 276, 348, 451, 517, 584, 640, 722, 787Gold production 27,108,
168, 232, 290, 377, 473, 530, 597, 663, 737, 802
Austria:Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38
Austria—Continued.National Bank of: Page
Condition of. 32, 113, 173,237, 295, 382, 478, 535, 602, 668, 742, 807
Discount rates:Changes in 445Monthly figures 36, 117, 176, 240,
298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167, 231,
289, 376, 472, 529, 596, 662, 736, 801Automobiles:
Factory employment and pay rolls:Index of 57, 137, 197, 264,
315, 424, 502, 554, 622, 706, 767, 837Revision of employment index 327-343
Production index 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835
Balance of payments:England, France, Germany 444United States 445, 716, 778
Balance sheets:Bank for International Settlements 375Bank of France 166German Reichsbank 230Netherlands Bank 468(See also Assets and liabilities; Condition
of banks.)Balances, reserve, of member banks. (See
Reserves.)Bank credit. (See Credit.)Bank debits 59, 140,
194, 261, 311, 427, 505, 557, 617, 697, 761, 832Bank deposits. (See Deposits.)Bank failures 251,762,833Bank for International Settlements:
Annual report 360Condition of:
Balance sheet March 31, 1934 375Monthly figures 30, 111, 171,
235, 293, 380, 476, 533, 600, 666, 740, 805Bank premises, Federal Reserve banks:
All banks combined 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721, 786
Each bank 46, 125,185, 247, 306, 413, 494, 546, 611, 694, 757, 821
Depreciation charges 187Bank suspensions 251, 762, 833Bank stock, loans, on, by Reconstruction
Finance Corporation... 103,158, 221, 284, 356, 459, 525, 592, 649, 731, 796
Discussion of 508Bankers' acceptances. (See Acceptances.)Bankers' balances, member banks:
All banks, on call dates 129, 191, 417, 613Discussion of 71Licensed banks on call da t e s . . . 130, 192, 418, 614Reporting banks 49, 131,
193, 260, 310, 420, 498, 550, 615, 696, 760, 824Banking Act of 1933, rulings of Board under.
(See Rulings.)Bankruptcies. (See Failures.)Banking laws, foreign:
Canada 653Cuba 468, 660Czechoslovakia 288
Banks:Act providing for punishment of offenses
against 410Licensed. (See Licensed banks.)Loans to, by Reconstruction Finance Cor-
poration 103,158,221, 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. PageNumber of, in United States 18, 98, 153, 216,
279, 351, 454, 520, 587, 643, 725, 790(See also Federal Reserve banks; Members
banks; Nonmember banks.)Banks for cooperatives:
Government financing of 626, 648, 730, 795Loans to 732, 797
Belgium:Foreign-exchange rates:
Monthly averages 37, 118, 177, 241, 299,386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Gold imports and exports to and from
United States 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787
Money rates 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810
National Bank of:Condition of_ 32, 113, 173,
237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates:
Changes in 270, 561Monthly figures 36, 117, 176, 240,
298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Bills:
Bought by Federal Reserve banks:All banks combined 15, 94, 149,
212, 275, 347, 450, 516, 583, 639, 721, 786Averages of daily figures, end of month
series 14, 126, 188,248, 307, 414, 495, 515, 582, 638, 719, 784
Discussion of 142Each bank 46, 125, 185,
247, 306, 413, 493, 546, 611, 694, 757, 821Earnings on 186, 547Maturities 51, 133, 194,
261, 311, 421, 499, 551, 617, 697, 761, 832Outright and under resale agreement.. 15,
94, 149, 212, 275, 347, 450, 516, 583, 639,721, 786
Wednesday series 14, 93, 148,211, 274, 346, 449, 514, 581, 637, 720, 785
Buying rates:Federal Reserve Bank of New York,. 21,
191, 156, 219, 282, 354, 457, 523, 590, 646,728, 793
Foreign central banks 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810
Discounted by Federal Reserve banks:All banks combined 15, 94, 149,
212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125, 185,
247, 306, 413, 493, 546, 611, 694, 757, 821Averages of daily figures, end of
month series 14, 12, 61, 88, 248,307, 414, 495, 515, 582, 638, 720, 785
Discussion of 142Earnings on 186, 547Maturities 51, 133, 194,261,
311, 421, 499, 551, 617, 697, 761, 832Wednesday series 14, 93, 148, 211,
274, 346, 449, 514, 581, 637, 719, 784Pledged against Federal Reserve bank
notes:All Federal Reserve banks combined 15,
94, 149, 212, 275, 347, 450, 516, 583, 639,721, 786
Each Federal Reserve bank 46, 125, 185,247, 306, 413, 494, 546, 611, 694, 757, 821
Bills payable and rediscounts:All banks in United States on call dates 52National banks on call dates 53State banks on call dates 54
Black, Eugene R.:Recommendations to Congress relative to
proposed revision of reserve require-ments 202, 205
Resignation as governor of Federal ReserveBoard 561
Resumes position as governor of FederalReserve Bank of Atlanta 561
Statement by, relative to gold reserve bill(S. 2366) 73
Bolivia, Central Bank of:Condition of 32, 113,
173, 237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates 36, 117,
176, 240, 298, 385, 481, 538, 605, 671, 745, 810Bonds:
Issues of 23, 104,159, 222, 285, 357, 460, 526, 593, 650, 733, 798
Federal Farm Mortgage Corporation bondsas security for advances by Federal Re-serve banks; act amending FederalReserve Act 123
Home Owners' Loan Corporation bonds,act permitting Federal Reserve banksto acquire 304
Prices of:Domestic 23,104, 159, 222,
285, 357, 460, 526, 593, 650, 733, 798Principal countries 39, 119, 178, 242,
300, 388, 484, 541, 608, 674, 748, 813United States Government. (See United
States Government securities.)Yield on:
Discussion of 771Monthly figures 23, 104, 159, 222,
285, 357, 460, 526, 593, 650, 733, 798New averages of Treasury bond yields.. 322
Boots and shoes:Factory employment and pay rolls:
Index of 57, 137, 197, 264,315, 424, 502, 554, 622, 706, 767, 837
Revision of employment index 327-343Production index 55, 135, 195,
262, 313, 422, 500, 552, 620, 704, 765, 835Wholesale prices 58, 138, 198,
265, 316, 426, 504, 556, 619, 703, 764, 834Borrowings of member banks at Reserve banks:
Licensed banks in each district 47, 127, 189,249, 308, 415, 496, 548, 612, 695, 758, 822
Reporting banks:Total 19, 99, 154, 217,
280, 352, 455, 521, 588, 644, 726, 791Weekly figures 49, 132, 193, 260,
310, 420, 498, 550, 616, 696, 760, 824Branch banks, number of 699-701Branch office of dealer in securities, manager of,
applicability of sec. 32 of Banking Act of 1933to; ruling of Board 750
Brazil:Bank of, condition of 32, 113, 173,
237, 295, 382, 478, 535, 602, 668, 742, 807Foreign exchange rates:
Monthly averages 37, 118, 177, 241,299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Brick, wholesale prices 58, 138,
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:Net imports 29, 110, 170, 234,
292, 379, 475, 532, 599, 665, 739, 804To and from United States 16, 95, 150,
213, 276, 348, 451, 517, 584, 640, 722, 787Brokers and dealers in securities:
Correspondent relationships of memberbanks with, in connection with under-writing and dealing in municipal andother securities; ruling of Board 485
Dealers in securities solely for account ofothers, applicability of section 32 ofBanking Act of 1933 to; ruling of Board. 393
Loans to:As reported by New York Stock Ex-
change 19, 99, 154,217,280,352,455, 521, 588,644, 726, 791
By all member banks on call dates__ 97, 152,215,278, 350,453, 519,586,642,724,789
By reporting member banks:Discussion of 203, 507, 629, 712, 773In 91 leading cities, 1932-34.._ 829-831In 101 leading cities, 1929-33. . 825-828In New York City 19, 99, 154, 217,
280, 352, 455, 521, 588, 644, 726, 791Weekly statement 759, 823
Revision of 712Manager of branch office, applicability of
section 32 of Banking Act of 1933 to;ruling of Board 750
Member bank haying relations with, appli-cability of section 32 of Banking Act of1933; ruling of Board 42
Permits to act as correspondent bank forcertain dealers in securities under section32 of Banking Act of 1933; ruling ofBoard 392
Regulation T governing:Discussion of 629-634Rulings of Board interpreting. (See
Rulings.)Text of 675-686
Revision of member bank weekly state-ment to include loans to 712, 759
Securities company within provisions ofseep. 20 and 32 of Banking Act of 1933:ruling of Board 485
Building:Contracts awarded:
By types of building and by districts 59,140, 199, 266, 317,427, 505,557, 624,708,768, 838.
Chart showing 3Discussion of 3, 70, 776Total 24, 105, 160,
223, 286, 358,461,527, 594,651, 734, 799Materials, wholesale prices 58, 138, 198, 265,
316, 426, 504, 556, 619, 703, 764, 834Building and loan associations, loans to, by Recon-
struction Finance Corporation 103,158, 221, 284, 356, 459, 525, 592, 649, 731, 796
Bulgaria:Foreign exchange rates:
Monthly averages 37,118,177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 _ 38National Bank of:
Condition of 32, 113, 173,237, 295, 382, 478, 535, 602, 668, 742, 807
Bulgaria—Continued.National Bank of—Continued.
Discount rates:Changes in 73Monthly figures 36, 117, 176, 240,
298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Business and financial conditions:
Discussion of 1, 4, 70, 143, 267, 774National summary 12, 91,
146, 209, 272, 344, 447, 512, 579, 635, 717, 782Business failures 59, 140,
199, 266, 317, 427, 505, 557, 624, 708, 769, 839Call money rates:
Foreign countries 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810
New York City 21, 101,156, 219, 282, 354, 457, 523, 590, 646, 728, 793
Canada:Act to incorporate Bank of 653Commercial banks, condition of:
Discussion of 509Monthly figures 35, 116, 175,
239, 297, 384, 480, 537, 604, 670, 744, 809Commodity prices, wholesale 39, 119,
178, 242, 300, 387, 483, 540, 607, 673, 747, 812Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Gold imports and exports to and from
United States 16, 95,150,213. 276,348,451, 517, 584, 640, 722,787
Gold production 27, 108,168, 232, 290, 377, 473, 530, 597, 663, 737, 802
Gold reserves 26, 107,167, 231, 289, 376, 472, 529, 596, 662, 736, 801
Government note issues and reserves 30, 111,171, 235, 293, 380, 476, 533, 600, 666, 740, 805
Capital:Capital notes and debentures of State mem-
ber banks as; ruling of Board 749Federal Reserve banks:
All banks combined 15, 94, 149,212, 275, 347, 450, 516, 583, 639, 721, 786
Each bank 46, 125, 185,247, 306, 413, 494, 546, 611, 694, 757, 821
Member banks:All banks on call dates 129, 191, 417, 613Licensed banks on call dates 130,
192, 418, 614National banks 252, 256, 258State bank members 252, 257, 259
Capital issues:Discussion of 778Monthly figures 23, 104, 159,
222, 285, 357, 460, 526, 593, 650, 733, 798Car loadings, freight:
By classes 25, 106, 161,224, 287, 359, 462, 528, 595, 652, 735, 800
Years 1929-33 14QTotal 24, 105, 160,
223, 286, 358, 461, 527, 594, 651, 734, 799Cash:
Chart, Treasury cash and deposits withReserve banks 147,
210, 273, 345, 448, 513, 580, 636, 718, 783Held by Federal Reserve banks:
All banks combined 15, 94, 149,212, 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. PageHeld by Federal Reserve banks—Continued.
Each bank 46, 125, 185,247, 306, 413, 493, 546, 611, 694, 757, 821
Held by member banks:All banks on call dates 129, 191, 417, 613Licensed banks on call dates 130,
192, 418, 614Reporting banks 49, 131, 193,
260, 310, 419, 498, 550, 615, 696, 760, 824Cement:
Factory employment and pay rolls:Index of.: 57, 137, 197,
264, 315, 424, 502, 554, 622, 706, 767, 837Revision of employment index 327-343
Production index 55, 135, 195,262, 314, 422, 500, 552, 620, 704, 765, 835
Wholesale prices 58,138, 198, 265, 316, 426, 504, 556, 619, 764, 834
Central America, gold imports and exports 16, 95,150, 213, 276, 348, 451, 517, 584, 640, 722, 787
Certificates of indebtedness, Treasury:Held by Federal Reserve banks 46, 125,
185, 247, 306, 413, 494, 546, 611, 694, 757, 821Maturities of, held by Federal Reserve
banks 51, 133,194, 261, 311, 421, 499, 551, 617, 697, 761, 832
Chairman of board of directors of Federal Re-serve banks. (See Federal Reserve agent.)
Charts:Borrowings of member banks at Federal Re-
serve banks 319Business conditions 4Construction contracts awarded 3Denominations of paper currency 711Discounts for member banks 319Factory employment 2, 324, 325, 775Money rates 204, 772Pay rolls 775Production, industrial 2, 774Reserve bank credit 13, 92,
147, 210, 273, 345, 448, 513, 580, 636, 718, 783Reserves, excess, of member banks 70, 142, 201Security prices 268Wholesale prices 776
Chemicals:Factory employment and pay rolls:
Index of 57, 137, 197,264, 315, 425, 503, 555, 623, 707, 768, 838
Revision of employment index 327-343Wholesale prices 58, 138,
198, 265, 316, 426, 504, 556, 619, 703, 764, 834Chile:
Central Bank of:Condition of 32, 113, 173,
237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates 36, 117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38China:
Central Bank of, condition of 478,535, 602, 668, 742, 807
Foreign exchange rates:Monthly averages 37, 118,
177, 241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38
China—Continued. PageGold imports and exports 16, 95,
150, 213, 276, 348, 451, 517, 584, 640, 722, 787Cigars and cigarettes:
Factory employment and pay rolls:Index of 57, 137,
197, 264, 315, 425, 503, 555, 623, 707, 768, 838Revision of employment index 327-343
Production index 55, 135,195, 262, 313, 422, 500, 552, 620, 704, 765, 835
Clayton Act, rulings of Board under:Applicability to Federal home loan banks__ 180Director of a corporation which extends
loans previously made, applicability ofsec. 8A to 41
Director of a Federal savings and loanassociation, applicability of sec. 8A to 181
Director of Morris Plan bank as director ofnational bank 180
Margin accounts, interlocking relationshipsbetween national banks and organizationswhich carry 393
Margin accounts, organizations carrying,applicability of sec. 8A to 244
Permit, necessity for, in case in which per-mit has been issued under sec. 32 ofBanking Act of 1933 123
Clayton, Lawrence, appointed assistant to theGovernor of the Federal Reserve Board 779
Clearing-house bank debits 59, 140, 194,261, 311, 427, 505, 557, 617, 697, 761, 832
Clothing:Factory employment and pay rolls:
Index of 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837
Revision of employment index 327-343Wholesale prices 58, 138, 198,
265, 316, 426, 504, 556, 619, 703, 764, 834Coal:
Freight-car loadings:By classes 25, 106, 161,
224, 287, 359, 462, 528, 595, 652, 735, 800Production index 55, 135, 195,
262, 313, 422, 500, 552, 620, 704, 765, 835Years 1929-33 140
Wholesale prices 58, 138, 198,265, 316, 426, 504, 556, 619, 703, 764, 834
Coin circulation 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787
Coinage of silver:Proclamation of President regarding 7Statement by President regarding 6
Collateral held as security against FederalReserve notes:
All Federal Reserve banks combined 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721, 786
Each Federal Reserve bank 46, 125,185, 247, 306, 413, 494, 546, 611, 694, 757, 821
Extension of Glass-Steagall Act 142, 182, 183Collection and exchange charges, absorption of,
by member banks; ruling of Board 394, 814Colombia:
Bank of:Condition of 32, 113, 173,
237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates 36, 117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Gold 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.Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Gold imports and exports to and from
United States 16,95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787
Gold production 27, 108, 168,232, 290, 377, 473, 530, 597, 663, 737, 802
Commercial failures 59, 140, 199,266, 317, 427, 505, 557, 624, 708, 769, 839
Commercial paper:Held by member banks on call dates 97, 152,
215, 278, 350, 453, 519, 586, 642, 724, 789Held by reporting member banks, weekly
figures 759, 823Open-market discount rates 21, 101, 156,
219, 282, 354, 457, 523, 590, 646, 728, 793Outstanding 20, 100, 155,
218, 281, 353, 456, 522, 589, 645, 727, 792Revision of member bank weekly statement
to include 712, 759Committee:
Industrial advisory, approved by FederalReserve Board 510
Interdepartmental loan 780Commodity Credit Corporation, Government
financing of 626, 648, 730, 795Commodity prices. (See Prices.)Comptroller of Currency, circular of, to national
bank examiners relative to industrial loans._ 752Condition of banks:
All banks in United States on call dates 52-54Bank for International Settlements:
Balance sheet, Mar. 31, 1934 375Monthly figures 30, 111, 171,
235, 293, 380, 476, 533, 600, 666, 740, 805Banks insured by Federal Deposit Insur-
ance Corporation 575-577, 763Federal home loan banks 732, 797Federal Reserve banks:
All banks combined 15, 94, 149,212, 275, 347, 450, 516, 583, 639, 721, 786
Each bank 46, 125, 185,247, 306, 413, 494, 546, 611, 964, 757, 821
Foreign central banks 31, 112,172, 236, 294, 381, 477, 534, 601, 667, 741, 806
Foreign commercial banks 34, 115,175, 239, 297, 384, 480, 537, 604, 670, 744, 809
Member banks:All banks on call dates 129, 191, 417, 613Licensed banks on call dates_130, 192, 418, 614Reporting banks:
Revision of weekly statement __ 712, 759Weekly figures 49, 131, 193, 260,
310, 419, 498, 550, 615, 696, 759, 823National banks:
All banks on call dates 53Licensed banks on call dates_130, 192, 418, 614
State banks:All banks on call dates 54Licensed banks on call dates 130,
192, 418, 614Condition of governmental credit agencies 626,
648, 730, 795Construction contracts awarded:
By types of building and by districts 59, 140,199, 266, 317, 427, 505, 557, 624, 708, 768, 838
Chart showing 3
Construction contracts awarded—Continued.Discussion of 3, 70, 776Total 24, 105,
160, 223, 286, 358, 461, 527, 594, 651, 734, 799Corn crop estimates 60,
558, 625, 709, 769, 839Costof living 40, 120,
179, 243, 301, 388, 484, 541, 608, 674, 748, 813Cotton:
Crop estimates 60,625, 709, 769, 839
Loans on, by Reconstruction Finance Cor-poration for purchase of 103,
158, 221, 284, 356, 459, 525, 592, 649, 731, 796Country member banks:
Deposits, time and demand 17, 96,151, 214, 277, 349, 452, 518, 585, 641, 723, 788
Loans and investments on call dates 97,152, 215, 278, 350, 453, 519, 586, 642, 724, 789
Reserve balances 17, 96,151, 214, 277, 349, 452, 518, 585, 641, 723, 788
Credit, bank:Federal Reserve:
Averages of daily figures, end of monthseries 14, 126, 188, 248>
307, 414, 495, 515, 582, 638, 720, 785Chart showing 13,92, 147,210,
273, 345, 448, 513, 580, 636t 718, 783Wednesday series 14, 93, 148, 211,
274, 346, 449, 514, 581, 637, 719, 784Member bank, discussion of 71,
142, 203, 507, 559, 629, 711National summary 12, 91,
146, 209, 272, 344, 447, 512, 579, 635, 717, 782Credit unions, loans to, by Reconstruction Fi-
nance Corporation 103,158, 221, 284, 356, 459, 525, 592, 649, 731, 796
Crops:Discussion of 776Estimates 60, 558; 625, 709, 769, 839Loans on:
By Farm Credit Administration. 713, 732, 797By Reconstruction Finance Corpora-
tion , 103, 158,221, 284,356, 459, 525,592,649, 731,796
Cuba:Currency legislation 468Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Currie, Lauchlin, appointed assistant director of
Division of Research and Statistics of FederalReserve Board 779
Currency:Circulation:
By denominations 51, 133, 194,261, 311, 421, 499, 551, 617, 697, 761, 832
By kinds 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787
Chart showing:By denominations 711Monthly data 13, 92, 147, 210,
273, 345, 448, 513, 580. 636, 718, 783Discussion of 267, 507, 711
Foreign:Acceptances payable in, held by Fed-
eral Reserve banks __ 20, 100, 155,218, 281, 353, 456, 522, 589, 645, 727, 792
Bills payable in, bought by FederalReserve banks 15, 94, 149,
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 20 847
Currency—Continued.Gold. (See Gold). PageShipments from and to Europe 51, 133,
194, 261, 311, 421, 499, 551, 617, 697, 761, 832Czechoslovakia:
Currency law, amendment to 288Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38National bank of:
Condition of 32, 113, 173,237, 295, 382, 478, 535, 602, 668, 742, 807
Discount rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810
Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801
Danzig, Bank of:Condition of 32, 113,
173, 237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates:
Change in 634Monthly figures 36, 117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Debentures of State member banks, classification
of, as capital; ruling of Board 749Debits to individual account 59,
140, 194, 261, 311, 427, 505, 557, 617, 697, 761, 832Debt, United States Government 22,
102, 157, 220, 283, 355, 458, 524, 591, 647, 729, 794Deferred availability items, Federal Reserve
banks:All banks combined 15, 94,
149, 212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125,
185, 247, 306, 413, 494, 546, 611, 694, 757, 821Deficiencies in reserves, penalties on 186, 547Denmark:
Foreign exchange rates:Monthly averages 37, 118, 177,
241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38
National Bank of:Condition of 32, 113,
173, 237, 295, 382, 478, 535, 602, 742, 807Discount rates 36,117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Department stores, sales and stocks:
Discussion of 1, 70, 143, 777Monthly figures 25, 106, 161,
224, 287, 359, 462, 528, 595, 652, 735, 800Deposits:
All banks in United States on call dates:By States, June 30, 1933 52Total 18,98, 153, 216,
279, 351, 454, 520, 587, 643, 725, 790Banks suspended 251, 762, 833Certificates of deposit payable 6 or 12
months after date or on 30 days' notice;ruling of Board 43
Foreign central banks 31, 112,172,236, 294, 381, 477, 534, 601, 667, 741, 806
Held by Federal Reserve banks:All banks combined 15, 94, 149,212,
275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125, 185, 247,
306, 413, 494, 546, 611, 694, 757, 821Total, by Federal Reserve districts. 45,124,184,
246, 305, 412, 493, 545, 610, 693, 756, 820
Deposits—Continued.Held by member banks: Page
All banks on call dates 129, 191, 417, 613Discussion of 71,
142, 203, 267, 507, 629, 711, 772Licensed and not licensed 48, 128, 190,
250, 309, 416, 497, 549, 618, 698, 762, 833Licensed banks on call dates. 130, 192, 418, 614Reserve account with Federal Reserve
banks:All banks combined 15, 94. 149,
212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125, 185, 247,
306, 413, 494, 546, 611, 694, 757, 821Time and demand:
In larger and smaller centers 47, 127,189, 249, 308, 415, 496, 548, 612,695, 758, 822
New York City, reserve cities, andcountry banks 17, 96, 151, 214,
277, 349, 452, 518, 585, 641, 723, 788Reporting banks 49, 131, 193, 260,
310, 419, 498, 550, 615, 696, 760, 824Interest on:
Absorption of exchange charges bymember banks; ruling of Board 394, 814
Municipal ordinance requiring paymentof, on public funds; ruling of Board_ _ 121
Payment of bankers' acceptances beforematurity as indirect payment ofinterest; ruling of Board 303
Payment of, before interest paymentdates; ruling of Board 391
Payment of, when first day of monthfalls on a Sunday or holiday; rulingof Board 304
Reduction of rates on time deposits 771Regulations of Federal Deposit Insur-
ance Corporation 89, 90, 446, 577Regulation Q of Federal Reserve Board,
revision of 815Insurance of:
Act extending for 1 year the temporaryplan 486
Effect of, upon requirement of securityfor trust funds used by member bankin conduct of its business; ruling ofBoard 121
National banks, on call dates 53Nonmember banks:
On call dates 18, 98, 153,216, 279, 351, 454, 520, 587, 643, 725, 790
Licensed and not licensed 48, 128, 190,250, 309, 416, 496, 549, 618, 698, 762, 833
Under sec. 21 of Banking Act of 1933;ruling of Board 41
Number of, insured by Federal Deposit In-surance Corporation-. 134,312,421, 499, 551, 702
Postal savings 51, 133,194, 261, 311, 421, 499, 551, 617, 697, 761, 832
Renewal of certificate of deposit prior tomaturity; ruling of Board 609
Savings:Classification of, under regulation Q__ 389Classification of account subject to
withdrawal without presentation ofpassbook; ruling of Board 542
Computation of reserves against; rul-ing of Board 180
Deposits represented by certificates ofdeposit as constituting; ruling ofBoard 390
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
848 INDEX TO VOLUME 20
Deposits—Continued. PageService charges, analysis of customers' ac-
counts in determining; ruling of Board_ 43State banks, on call dates 54Time, reduction of interest rates on 771Time, the payment of which has been de-
ferred; ruling of Board 244United States Government. (See United
States Government deposits.)Director of corporation which extends loans pre-
viously made, applicability of Clayton Act to;ruling of Board 41
Directorates, interlocking:Director of Morris Plan Bank as director of
national bank under Clayton Act; rulingof Board 180
Permits under sec. 32 of Banking Act of1933; ruling of Board 392
Relationships under Clayton Act betweennational banks and organizations whichcarry margin accounts; ruling of Board._ 393
Directors of Federal Reserve banks:Expenses of meetings 186, 547(See also Federal Reserve agent.)
Discount rates:Federal Reserve banks:
Changes in 73, 144, 207Discussion of 204Monthly data 21, 101, 156,
219, 282, 354, 457, 523, 590, 646, 728, 793Foreign central banks:
Changes in:Austrian National Bank 445Bank of Danzig 634Bank of Estonia 634Bank of Finland 6Bank of France 73, 321Bank of Italy 6, 779Bank of Java 445, 715Bank of Portugal 6National Bank of Belgium 270, 561National Bank of Bulgaria 73National Bank of Yugoslavia-__ 73, 510
Monthly figures 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810
Industrial advances under section 13 (b) ofFederal Reserve Act 558, 618, 698, 760, 824
Open-market rates in New York City 21, 101,156, 219, 282, 354, 457, 523, 590, 646, 728, 793
Discounts, Federal Reserve banks, by districts. 45,124,184, 246, 305, 412, 493, 545, 610, 693, 756, 820
Discounts for individuals, partnerships, andcorporations:
Rates of discount 21, 101,156, 219, 282, 354, 457, 523, 590, 646, 728, 793
Time limit extended by Board 485Dividends:
Computation of reserve balances of memberbank in connection with payment of;ruling of Board 121
Federal Reserve banks 187, 547Member banks 252-255National banks 252, 256, 258State member banks 252, 257, 259
Drugs:Factory employment and pay rolls:
Index of 57, 137, 197,264, 315, 425, 503, 555, 623, 707, 768, 838
Revision of employment index 327-343Wholesale prices I 58, 138,
198, 265, 316, 426, 504, 556, 619, 703, 764, 834
Due to and from banks and bankers, reporting Pagemember banks 49, 132,
260, 310, 420, 498, 550, 615, 696, 760, 824Dutch East Indies, gold imports and exports. 16,
95, 150, 213, 276, 348, 451, 517, 584, 640, 722, 787Earmarked gold 16r
95, 150, 213, 276, 348, 451, 517, 584, 640, 722, 787Earnings and expenses:
Federal Reserve banks 186, 547Member banks 252-255National banks 256, 258
Errata 270State bank members 257, 259
Eccles, Marriner S.:Appointed Governor of Federal Reserve
Board 779Member of interdepartmental loan com-
mittee 780Member of National Emergency Council-. 779
Ecuador:Central Bank of:
Condition of 32, 113, 173,237, 295, 382, 478. 535, 602, 668, 742, 807
Discount rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810
Gold imports and exports to and fromUnited States 16, 95,150,
213, 276, 348, 451, 517, 584, 640, 722, 787Egypt:
Foreign exchange rates:Monthly averages 37, 118, 177,
241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38
National Bank of:Condition of 32, 113, 173,
237, 295, 382, 478, 535, 602, 668, 742; 807Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736? 801Eligible paper held as security against Federal
Reserve notes:All Federal Reserve banks combined. 15, 94,
149, 212, 275, 347, 450, 516, 583, 639, 721, 786Each Federal Reserve bank 46, 125,
185, 247, 306. 413, 494, 546, 611, 694, 757, 821Employment, factory:
Chart showing 2, 324, 325, 775Discussion of 1, 70, 143, 775Index of:
By industries 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837
Revision of 270, 324-343Total 24, 105, 160,
223, 286, 358, 461, 527, 594, 651, 734, 799National summary 12, 91, 146,
209, 272, 344, 447, 512, 579, 635, 717, 782England:
Balance of international payments 444Bank of:
Condition of 31, 112, 172, 236,294, 381, 477, 534, 601, 667, 741, 806
Discount rates 36, 117, 176, 240,298, 385, 481, 538, 605, 671, 745, 810
Gold reserves:Monthly figures. 26, 107, 167, 231,
289, 376, 472, 529, 596, 662, 736, 801Monthly review 4, 72,
204, 269, 444, 715, 779Commercial banks, condition of:
Discussion of 508Monthly figures 34, 115, 175, 239,
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.Commodity prices, wholesale 39, 40, 119, 178,
242, 300, 387, 483, 540, 607, 673, 747, 812Food prices and cost of living___ 40, 120, 179, 243,
301, 388, 484, 541, 608, 674, 748, 813Foreign exchange rates:
Monthly averages 37, 118, 177, 241,299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Gold imports and exports to and from
United States 16, 95, 150, 213,276, 348, 451, 517, 584, 640, 722, 787
Money rates 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810
Security prices (stocks and bonds) ___ 39, 119, 178,242, 300, 388, 484, 541, 608, 674, 748, 813
Errata, earnings and expenses of nationalbanks 270
Estonia, Bank of:Condition of 32, 113,
173, 237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates:
Change in 634Monthly figures 36, 117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Examinations and reports of corporations, etc.,
under section 21 of Banking Act of 1933;ruling of Board 543
Examiners, national bank, circular of Comp-troller of Currency to, relative to industrialloans 752
Excess reserves. (See Reserves.)Exchange or collection charges, absorption of,
by member bank; ruling of Board 394,814Executive orders:
Gold and foreign exchange 76, 77, 78Silver 564
Expenditures and receipts, United States Gov-ernment 22, 102,
157, 220, 283, 355, 458, 524, 591, 647, 729, 794Export-import banks, Government financing
of. 626, 648, 730, 795Exports. (See Imports and exports.)Expressage, Federal Reserve banks, cost of__ 186, 547Factory employment and pay rolls:
Chart showing 2, 324, 325, 775Discussion of 1, 70, 143, 775Index of:
By industries 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837
Revision of employment index. _ 270, 324-343Total 24, 105, 160,
223, 286, 358, 461, 527, 594, 651, 734, 799National summary 12,91,
146, 209, 272," 344, 447, 512, 579, 635, 717, 782Failures:
Bank 251, 762, 833Commercial 59, 140,
199, 266, 317, 427, 505, 557, 624, 708, 769, 839Farm Credit Administration, loans and discounts
of 732, 797Farm products, prices of:
Discussion of 776Principal countries 40, 120,
179, 243, 301, 387, 483, 540, 607, 673, 747, 812United States 58, 138,
198, 265, 316, 426, 504, 556, 619, 703, 764, 834Federal Advisory Council:
Conferences, expenses of 186, 547Meeting of 145
Federal Deposit Insurance Corporation:Condition of insured banks 575, 577, 763
Federal Deposit Insurance Corporation—Contd. PageDiscussion of operations 1, 71, 142, 268, 508Government financing of 626, 648, 730, 795Number of banks, insured accounts, insured
deposits 134, 312, 421, 499, 551, 702, 763Regulations of 89, 90, 446, 577Report of chairman to board of directors 575Stock of, held by Federal Reserve banks:
All banks combined 94,149, 212, 275, 347, 450, 516
Each bank. __ 125, 185, 247, 306, 413, 494, 546Federal Farm Mortgage Act, section 16 of,
amending Federal Reserve Act 123Federal Farm Mortgage Corporation:
Bonds, eligibility of, for security for ad-vances by Federal Reserve banks; actamending Federal Reserve Act 123
Government financing of 626, 648, 730, 795Federal home loan banks:
Applicability of Clayton Act to; ruling ofBoard 180
Assets and liabilities 732Federal intermediate credit banks:
Bills discounted for, by Federal Reservebanks 1 15, 94,
149, 212, 275, 347, 450, 516, 583, 639, 721, 786Government financing of 626, 648, 730, 795
Federal land banks:Government financing of 626, 648, 730, 795Loans to:
By Farm Credit Administration 713,732, 797
By Reconstruction Finance Corpora-tion 103, 158, 221,
284, 356, 459, 525, 592, 649, 731, 796Federal Reserve Act, amendments to, made by:
Federal Farm Mortgage Act, section 16 of. 123Gold Reserve Act of 1934 63Home Owners Loan Act 304Loans to Industries Act 430National Housing Act, section 505 of 488
Federal Reserve agents:Conferences, expenses of 186, 547McClure, M. L., death of, at Kansas City. 779Williams, L. B., resignation of, at Cleve-
land 779Federal Reserve bank notes:
Circulation:All Federal Reserve banks combined 15,
94, 149, 212, 275, 347, 450, 516, 583, 639,721, 786.
Each bank 46, 125, 185, 247,306, 413, 494, 546, 611, 694, 757, 821
Outside Treasury and Federal Reservebanks 16, 95, 150, 213,
276, 348, 451, 517, 584, 640, 722, 787Tax on 186, 547
Collateral pledged against:All Federal Reserve banks combined 15,
94, 149, 212, 275, 347, 450, 516, 583, 639,721, 786.
Each Federal Reserve bank 46,125, 185, 247, 306, 413, 494, 546, 611, 694,757, 821.
Redemption fund 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721,786.
Federal Reserve banks:Black, Eugene R., resumes position as gov-
ernor at Atlanta 561Condition of. (See Condition of banks.)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. PageDividends paid 186, 547Earnings and expenses 186, 547Fiscal agency expenses of 187, 547
Federal Reserve Board:Assessment for expenses of 186, 547Authorization by, extending time limit for
discounts to individuals, partnerships,and corporations 485
Black, Eugene R., Governor, resignationof 561
Clayton, Lawrence, appointed assistant tothe Governor 779
Currie, Lauchlin, appointed assistant direc-tor of Division of Research and Statistics- 779
Division of Security Loans created 779Eccles, Marriner S.:
Appointed Governor 779Member of Interdepartmental loan
committee 780Member of National Emergency Coun-
cil 779Letter of President to, relative to Gold Re-
serve Act 61Martin, H. Warner, resignation of, as assist-
ant to Governor 715Members of industrial advisory committees
approved by 510Miller, Adolph C , reappointed member 561Morgenthau, Henry, Jr., appointed chair-
man 6Parry, Carl E., appointed chief of Division
of Security Loans 779Recommendations to Congress relative to
proposed revision of reserve require-ments 202, 205
Regulation Q, revision of 815Regulation S—Loans to industries 488Regulation T—Stock exchange:
Discussion of 629-634Rulings interpreting. (See Rulings.)Text of 675-686
Rulings of. (See Rulings.)Statement of, relative to gold reserve bill
(S. 2366) 73Statement of, relative to loans to industries. 429Statement of, relative to margin require-
ments under Securities Exchange Act 434Thomas, J. J., designated vice governor 561Thomas, Woodlief, appointed assistant di-
rector of Division of Research and Sta-tistics 779
Woodin, William, resignation of, as chair-man 6
Federal Reserve notes:Circulation:
All Federal Reserve banks combined 15,94, 149, 212, 275, 347, 450, 516, 583, 639,721, 786.
Each Federal Reserve bank 46, 125, 185,247, 306, 413, 494, 546, 611, 694, 757, 821
Outside Treasury and Federal Reservebanks 16, 95, 150,
213, 276, 348, 451, 517, 584, 640, 722, 787Total, by Federal Reserve districts 45,
124, 184, 246, 305, 412, 493, 545, 610,693, 756, 820.
Collateral held as security for:All banks combined 15,94, 149,
212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125, 185,
247, 306, 413, 494, 546, 611, 694, 757, 821Extension of Glass-Steagall Act. 142, 182, 183
Federal Reserve notes—Continued. PageCost of 186, 547Issued to Reserve banks by Federal Reserve
agents:All banks combined 15, 94, 149,
212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125, 185,
247, 306, 413, 494, 546, 611, 694, 757, 821Federal savings and loan associations:
As banks within meaning of section 19 ofFederal Reserve Act; ruling of Board 304
Director of, applicability of Clayton Act to;ruling of Board 181
Government financing of 626, 648, 730, 795Federal Savings and Loan Insurance Corpora-
tion, Government financing of 626, 648, 730, 795Financing, Treasury 22, 102,
157, 220, 283, 355, 458, 524, 591, 647, 729, 794Finland:
Bank of:Condition of 32, 113, 173,
237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates:
Changes in 6Monthly figures 36, 117, 176, 240,
298, 385, 481, 538, 605, 671, 745, 810Foreign exchange rates:
Monthly averages 37, 118,177,241, 299, 386, 482. 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Fiscal agencv expenses of Federal Reserve
b a n k s . . - : . 187,547Float, Reserve bank 15, 94,
149, 212, 275, 347, 450, 516, 583, 639, 721, 786Flour:
Factory employment and pay rolls:Index of 57. 137, 197,
264, 315, 425, 502, 554, 622, 707, 767, 837Revised employment index 327-343
Production index 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835
Food and food products:Factory employment and pay rolls:
Index of.l 57, 137, 197,264, 315, 425, 502, 554, 622, 707, 767, 837
Revision of employment index 327-343Prices, retail, principal countries. _ 40, 120, 179,
243, 301, 388, 484, 541, 608, 674, 748, 813Production index:
Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835
Unadjusted 56. 136,196,263, 314, 423, 501, 553, 621, 705, 766, 836
Wholesale prices:Principal countries 40, 120, 179,
243, 301, 387, 483, 540, 607, 673, 747, 812United States 58, 138, 198,
265, 316, 426, 504, 556, 619, 703, 764, 834Foreign banks:
Central banks:Annual reports. (See Annual reports.)Balance sheets. (See Balance Sheets.)Condition of. (See Condition of
banks.)Discount rates. (See Discount rates.)Gold reserves. (See Gold.)
Commercial banks, condition of:Discussion of 508Monthly figures 34,115,175,
239, 297, 384, 480, 537, 604, 670, 744, 809Deposits of, held by Federal Reserve banks:
All banks combined 15, 94, 149,212, 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. PageDeposits of, held by Federal Reserve banks—Con.
Each bank 46, 125, 185,247, 306, 413, 494, 546, 611, 694, 757, 821
Due from, to Federal Reserve banks:All banks combined 15,94,149,
212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46,125,185,
247, 306, 413, 494, 546, 611, 694, 757, 821Foreign exchange:
Discussion of 141Executive orders of President regarding 76, 78Rates:
Monthly averages 37,118,177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Regulations of Secretary of Treasury 76,
79, 82, 780Foreign trade 444, 716, 778France:
Balance of international payments 444Bank of:
Annual report 162Condition of 31,112,172,
236, 294, 381, 477, 534, 601, 667, 741, 806Discount rates:
Changes in 73,321Monthly figures 36,
117, 176, 240, 298, 385, 481, 538,605, 671, 745, 810.
Gold reserves:Monthly figures 26, 107,
167, 231, 289, 376, 472, 529, 596,662, 736, 801.
Monthly review 5, 72,205, 269, 320, 444, 714, 778
Commercial banks, condition of:Discussion of 509Monthly figures 34, 115, 175, 239,
297, 384, 480, 537, 604, 670, 744, 809Commodity prices, wholesale 39, 40, 119, 178,
242, 300, 387, 483, 540, 607, 673, 747, 812Food prices and cost of living 40, 120, 179,
243, 301, 388 , 484, 541, 608, 674, 748, 813Foreign exchange rates:
Monthly averages 37, 118, 177, 241,299,386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Gold imports and exports:
Net imports 28, 109, 169, 233, 291, 378,474, 531, 598, 664, 738, 803
To and from United States 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787
Money rates 36, 117, 176, 240, 298, 385,481, 538, 605, 671, 745, 810
Security prices (stocks and bonds)-. 39, 119, 178,242, 300, 388, 484, 541, 608, 674, 748, 813
Freight-car loadings, index of:By classes 25, 106, 161, 224,
m-W&-- 287, 359, 462, 528, 595, 652, 735, 800Years 1929-33 140TotaL 24, 105, 160,
223, 286, 538, 461, 527, 594, 651, 734, 799Furniture:
Factory employment and pay rolls:Index of 57, 137, 197, 264,
315, 424, 502, 554, 622, 706, 767, 837Revision of employment index 327-343
Wholesale prices 58, 138, 198, 265,316, 426, 504, 556, 619, 703, 764, 834
Gasoline production 55, 135,195, 262, 313, 422, 500, 552, 620, 704, 765, 835
Germany: PageBalance of international payments 444Commercial banks, condition of:
Discussion of 509Monthly figures 35, 116, 175,
239, 297, 384, 480, 537, 604, 670, 744, 809Commodity prices, wholesale 39, 40, 119,
178, 242, 300, 387, 483, 540, 607, 673, 747, 812Food prices and cost of living 40, 120,
179, 243, 301, 388, 484, 541, 608, 674, 748, 813Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Gold imports and exports:
Net imports 28, 109, 169,233, 291, 378, 474, 531, 598, 664, 738, 803
To and from United States 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787
Money rates 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810
Reichsbank:Annual report 225Condition of 31, 112, 172,
236, 294, 381, 477, 534, 601, 667, 741, 806Discount rates 36, 117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves:
Monthly figures 26, 107, 167, 231,289, 376, 472, 529, 596, 662, 736, 801
Monthly review 5,72, 205, 269, 244, 715, 779
Security prices (stocks and bonds) __ 39, 119, 178,242, 300, 388, 484, 541, 608, 674, 748, 813
Glass:Factory employment and pay rolls:
Index of 57,137,197,264, 315, 424, 502, 554, 622, 706, 767, 837
Revision of employment index 327-343Production index 55, 135, 195,
262, 313, 422, 500, 552, 620, 704, 765, 835Glass-Steagall Act, extension of:
Discussion of 142Proclamation of President 182Text of act 183
Gold:Coin and certificates in circulation 16, 95,
150, 213, 276, 348, 451, 517, 584, 640, 722, 787Earmarked 16, 95,
150, 213, 276, 348, 451, 517, 584, 640, 722, 787Executive orders relative to _ 76, 77, 78Held by Federal Reserve agents as security
for Federal Reserve notes:All banks combined 15, 94, 149,
212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125, 185,
247, 306, 413, 493, 546, 611, 694, 757, 821Held by Federal Reserve banks:
All banks combined 15, 94, 149,212, 275, 347, 450, 516, 583, 639, 721, 786
Each bank 46, 125, 185,247, 306, 413, 493, 546, 611, 694, 757, 821
Hoarding, discussion of 711Imports and exports:
Discussion of , — 141, 773Monthly review 4,71,
144, 204, 269, 320, 444, 714, 778Movements to and from United States. 16,
95, 150, 213, 276, 348, 451, 517, 584, 640,722, 787.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
852 INDEX TO VOLUME 20
Gold—Continued.Imports and exports—Continued. Page
Net imports, principal countries 27,108, 168, 232, 290, 377, 473, 530, 597, 663,737, 802.
International transactions of United States. 716Message of President to Congress regard-
ing 61Order of Secretary of Treasury regarding
delivery of gold to Treasurer 9, 79Price of newly mined 51, 133Proclamations of President relative to 11, 68Production, world 27, 108, 168, 232, 290,
377, 473, 530, 597, 663, 737, 802Purchase of, discussion of 141Regulations of Secretary of Treasury under
Gold Reserve Act of 1934 82Amendments to 145, 270, 780
Reserves held by foreign central banks:Monthly figures 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Monthly review 4,
71, 144, 204, 269, 320, 444, 714, 779Settlement fund 15, 46Statement of Governor of Federal Reserve
Board relative to gold reserve bill (S.2366) 73
Statements by Secretary of Treasury rela-tive to purchase of 69, 76, 145
Stock, monetary, in United States:Analysis of changes in 16, 95, 150,
213, 276, 348, 451, 517, 584, 640, 722, 787Averages of daily figures, end of month
series 14, 926, 188, 248,307, 414, 495, 515, 582, 638, 720, 785
Wednesday series 14, 93, 148, 211,274, 346, 449, 514, 581, 637, 719, 784
Chart showing 13, 92, 147, 210,273, 345, 448, 513, 580, 636, 718, 783
Discussion of 141, 559, 773Weight of dollar:
Discussion of 141Proclamation by President 68Statement by President regarding 67
Gold Reserve Act of 1934:Legislative history 73Letter of President to Federal Reserve
Board regarding 61Text of 63
Government note issues and reserves, Argen-tina, Ireland, Canada, India 30, 111,
171, 235, 293, 380, 476, 533, 600, 666, 740, 805Governmental credit agencies:
Condition of 626, 648, 730, 795Interdepartmental loan committee created- 780
Governor of Federal Reserve Board:Black, Eugene R.:
Recommendations to Congress rela-tive to proposed revision of reserverequirements 202, 205
Resignation of 561Statement of, relative to gold reserve
bill (S. 2366) 73Eccles, Marriner S.:
Appointment of 779Member of interdepartmental loan
committee 780Member of National Emergency
Council 779Governors of Federal Reserve banks, expenses
of conferences 186, 547
Grain:Freight-car loadings: Page
By months 25, 106,161,224, 287, 359, 462, 528, 595, 652, 735, 800
Years 1929-33 140Wholesale prices 58, 138,
198, 265, 316, 426, 504, 556, 619, 703, 764, 834Great Britain, gold imports 28, 109,
169, 233, 291, 378, 474, 531, 598, 664, 738, 803Greece:
Bank of:Condition of 32, 113, 173,
237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates 36, 117,176,
240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Hay crop estimates 60, 558, 625, 709, 769, 839Holiday, payment of interest on deposits when
1st day of month falls on; ruling of Board 304Home loan banks, Government financing of 626,
648, 730, 795Home Owners Loan Act, amendment to, amend-
ing Federal Reserve Act 304Home Owners Loan Corporation:
Act permitting Federal Reserve banks toacquire bonds of 304
Government financing of 626, 648, 730, 795Loans by Reconstruction Finance Corpora-
tion for purchase of stock of 103158, 221, 284, 356, 459, 525, 592, 649, 731, 796
Summary of operations 732, 797Hong Kong, foreign exchange rates:
Monthly averages 37, 118,177, 241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Hungary:
Foreign exchange rates:Monthly averages 37, 118, 177,
241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38
Money rates 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810
National Bank of:Condition of: 32, 113, 173,
237, 295, 382, 479, 536, 603, 669, 743, 808Discount rates 36, 117,176,
240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Imports and exports:
Acceptances based on 20, 100, 155,218. 281, 353, 456, 522, 589, 645. 727, 792
Discussion of 444, 716, 778Gold:
Discussion of 141, 773Movements to and from United States. 16,
95, 150, 213, 276, 348, 451, 517, 584, 640,722, 787
Net imports, principal countries 27,108, 168, 232, 290, 377, 473, 530, 597, 663,737, 802
Monthly review 4. 71, 144,204, 269, 320, 444; 714, 778
Merchandise:Monthly figures 25, 106, 161,
224, 287, 359, 462, 528, 595, 652, 735, 800Years 1927-30 199
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 853
PageIncome tax receipts, "United States Govern-
ment 22, 102,157, 220, 283, 355, 458, 524, 591, 647, 729, 794
India:Bank of:
Discount rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810
Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801
Foreign exchange rates:Monthly averages. 37, 118. 177,
241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38
Gold production 27,108,168, 232, 290, 377, 473, 530, 597, 663, 737, 802
Government note issues and reserves 30. I l l ,171, 235, 293, 380, 476, 533, 600, 666, 740, 805
Industrial production:Chart showing 2, 774Discussion of 2,70, 143,774Index of:
Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835
Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836
Total 24, 105, 160,223, 286, 358, 461, 527, 594, 651, 734, 799
National summary 12, 91,146, 209, 272, 344, 447, 512, 579, 635, 717, 782
Industries, loans to, by Federal Reserve banks:Act, text of 430Circular of Comptroller of Currency to
national-bank examiners regarding 752Discussion of 507, 560, 629, 713, 774Discount for establishment located in
another Federal Reserve district; rulingof Board 675
Investment banking firm as financing in-stitution within meaning of section 13bof Federal Reserve Act; ruling of Board- - 675
List of members of advisory committees 510Participation by national banks in, circular
of Comptroller of Currency 752Rates of discount on______ 558, 618, 698, 760, 824Regulation S_ 488Statement of Federal Reserve Board regard-
ing 429Insurance companies, loans to, by Reconstruc-
tion Finance Corporation 103,158, 221, 284, 356, 459, 525, 592, 649, 731, 796
Insurance, cost of, Federal Reserve banks 186, 547Insured banks under Federal Deposit Insurance
Corporation:Condition of 575, 577, 763Number of banks and deposits 134,
312, 421, 499, 551, 702, 763Regulations governing 89, 90, 577Report of chairman to board of directors. 575-577(See also Federal Deposit Insurance Corpora-
tion.)Interdepartmental loan committee, members of. 780Interest rates:
Charged customers by banks:In Federal Reserve bank and branch
cities 50In New York and other cities__ 21, 101, 156,
219, 282, 354, 457, 523, 590, 646, 728, 793On deposits. (See Deposits.)Open market, in New York City 21, 101,
156, 219, 282, 354, 457, 523, 590, 646, 728, 793
PageInternal-revenue receipts, United States Gov-
ernment 22, 102r157, 220, 283, 355, 458, 524, 591, 647, 729, 794
Interlocking bank directorates. (See ClaytonAct; Rulings of Board.)
Intermediate credit banks:Bills discounted for, by Federal Reserve
banks 15, 94, 149r212, 275, 347, 450, 516, 583, 639, 721, 786
Government financing of 626, 648, 730, 795International payments of the United States,
balance of 716, 778Investments. (See Loans and investments.)Ireland, Government note issues and reserves. 30, 11 l r
171, 235, 293, 380, 476, 533, 600, 666, 740, 805Iron and steel:
Factory employment and pay rolls:Index of 57, 137, 197,
264, 315, 424, 502, 554, 622, 706, 767, 837Revision of employment index 327-343
Production index:Adjusted 55, 135, 195r
262, 313, 422, 500, 552, 620, 704, 765, 835Unadjusted 56, 136, 196,
263, 314, 423, 501, 553, 621, 705, 766, 836Wholesale prices 58, 138,
198, 265, 316, 426, 504, 556, 619, 703, 764, 834Iron-ore production, index of 55, 135,
195, 262, 313, 422, 500, 552, 620, 704, 765, 835Italy:
Bank of:Condition of 33, 114, 174r
238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates:
Change in 6, 779Monthly figures 36, 117, 176, 240,
298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Commodity prices, wholesale 39, 119,
178, 242, 300, 387, 483, 540, 607, 673, 747, 812Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Money rates 36, 117,
176, 240, 298, 385, 481, 538, 605, 671, 745, 810Japan:
Bank of:Condition of 33, 114, 174,
238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Commodity prices, wholesale 39, 119, 178,
242, 300, 387, 483, 540, 607, 673, 747, 812Foreign-exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Gold imports and exports to and from
United States 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787
Gold production 27, 108, 168,232, 290, 377, 473, 530, 597, 663, 737, 802
Money rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810
Java, Bank of:Condition of 33, 114, 174,
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.Discount rates:
Change in 445, 715Monthly figures 36, 117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107,167,
231, 289, 376, 472, 529, 596, 662, 736, 801Joint stock land banks, loans to:
By Farm Credit Administration 732, 797By Reconstruction Finance Corporation 103,
158, 221, 284, 356, 459, 525, 592, 649, 731, 796Latvia, Bank of:
Condition of 33, 114,174, 238, 296, 383, 476, 536, 603, 669, 743, 808
Discount rates 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810
Law Department:Act continuing functions of Reconstruction
Finance Corporation 123Act extending for 1 year the temporary plan
for deposit insurance, etc 486Act providing for punishment for offenses
committed against banks 410Federal Farm Mortgage Act, section 16 of,
amending Federal Reserve Act 123Glass-Steagall Act, extension of 182Gold Reserve Act of 1934 63Home Owners' Loan Act, sections 7 and 8 of,
amending Federal Reserve Act 304Loans to industries act 430National Housing Act, section 505 of,
amending Federal Reserve Act relating toloans by national banks on real estate 488
Regulation Q, Revision of 815Regulation S, Loans to industries 488Regulation T, Stock exchange 675Rulings of the Federal Reserve Board.
{See Rulings.)Securities Exchange Act of 1934 396Silver Purchase Act of 1934 436
Laws, foreign banking:Canada 653Cuba 468, 660Czechoslovakia 288
Lead production 55, 135,195, 262, 313, 422, 500, 552, 620, 704, 765, 835
Leather:Factory employment and pay rolls:
Index of 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837
Revision of employment index 327-343Production index:
Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835
Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836
Wholesale prices 58, 138,198, 265, 316, 426, 504, 556, 619, 703, 764, 834
Legal fees, Federal Reserve banks 186, 547Licensed banks:
Condition of national and State memberson call dates 130, 192, 418, 614
Discussion of 268, 508Net demand and time deposits 47, 127,
189, 249, 308, 415, 496, 548, 612, 695, 758, 822Number and deposits 48, 128,
190, 250, 309, 416, 497, 549, 618, 698, 762, 833Reserves and borrowings at Federal Reserve
banks 47, 127,189, 249, 308, 415, 496, 548, 612, 695, 758, 822
Suspensions 251, 762, 833
PageLiquidation, corporation in process of, applica-
bility of sec. 32 of Banking Act of 1933; rulingof Board 42
Lithuania, Bank of:Condition of 33, 114,
174, 238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117,
176, 240, 298, 385, 481, 538, 605, 671, 745, 810Livestock:
Freight-car loadings:By months 25, 106, 161,
224, 287, 359, 462, 528, 595, 652, 735, 800Years 1929-33 140
Wholesale prices 58, 138,198, 265, 316, 426, 504, 556, 619, 703, 764, 834
Living, cost of 40, 120,179, 243, 301, 388, 484, 541, 608, 674, 748, 813
Loans:Farm Credit Administration 714, 732, 797Home Owners' Loan Corporation._ 714, 732, 797On securities, by reporting member banks:
Discussion of 203, 507, 629, 712, 773In 91 leading cities, 1932-34 829-831In 101 leading cities, 1929-33 825-828Weekly statement 49, 131, 193,
260, 310, 419, 498, 550, 615, 696, 759, 823Revision of. 712
Reconstruction Finance Corporation 103, 158,221, 284, 356, 459, 525, 592, 649, 731, 796
Discussion of 714Revised group 132
To brokers. {See Brokers and dealers insecurities.)
To industries, by Federal Reserve banks:Act, text of 430Circular of Comptroller of Currency to
national bank examiners regarding. _ 752Discussion of 507, 560, 629, 713, 774Discount for establishment located in
another Federal Reserve district;ruling of Board 675
Investment banking firm as financinginstitution within meaning of section13b of Federal Reserve Act; rulingof Board 675
Members of advisory committees, listof 510
Participation by national banks in,circular of Comptroller of Currency. 752
Rates of discount on_. 558, 618, 698, 760, 824Regulation S 488Statement of Federal Reserve Board
regarding 429Loans and investments:
All banks in United States on call dates:June 30, 1933, by States 52-54Total 18, 98, 153,
216, 279, 351, 454, 520, 587, 643, 725, 790Federal home loan banks 732, 797Governmental credit agencies. _ 626, 648, 730, 795
Discussion of __ 714Member banks:
All banks on call dates 129, 191, 417, 613Classification of 97, 152, 215,
278, 350, 453, 519, 586, 642, 724, 789Discussion of 71,
142, 203, 507, 559, 629, 712, 773Earnings on 252-255Licensed banks on call dates 130,
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. PageMember banks—Continued.
Reporting banks:Revision of weekly statement. _ 712, 759Total 19, 99, 154, 217,
280, 352, 455, 521, 588, 644, 726, 791Weekly figures 49, 131, 193, 260,
310, 419, 498, 550, 615, 696, 759, 823National banks, on call dates 53State banks, on call dates 54
Locomotives, production index 55, 135,195, 262, 313, 422, 500, 552, 620, 704, 765, 835
Losses and depreciation, reserves for:Federal Reserve banks 186Member banks 252-255
Lumber:Factory employment and pay rolls:
Index of 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837
Revision of employment index 327-343Production index:
Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835
Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836
Wholesale prices 58,138,198, 265, 316, 426, 504, 556, 619, 703, 764, 834
Machinery, factory employment and pay rolls:Index of 57,137,
197, 264, 315, 424, 502, 554, 622, 706, 767, 837Revision of employment index 327-343
Manager of branch office of dealer in securities,applicability of section 32 of Banking Act of1933 to; ruling of Board 750
Manufactures, index of production:By industries:
Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835
Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836
Total 24, 105,160, 223, 286, 358, 461, 527, 594, 651, 734, 799
Margin accounts:Applicability of section 8A of Clayton Act to
organizations carrying; ruling of Board._ 244Discussion of 629-634Interlocking relationships between national
banks and organizations which carry;ruling of Board 393
Interpretations under Regulation T of Fed-eral Reserve Board. (See Rulings ofFederal Reserve Board.)
Martin, H. Warner, assistant to Governor, resig-nation of 715
Maturities:Bills and short-term securities 51, 133,
194, 261, 311, 421, 499, 551, 617, 697, 761, 832Interest-bearing debt of United States 22,
102, 157, 220, 283, 355, 458, 524, 591, 647, 729,794.
McClure, M. L., Federal Reserve agent at Kan-sas City, death of 779
Meats, wholesale prices 58, 138,198, 265, 316, 426, 504, 556, 619, 703, 764, 834
Member banks:Bills discounted for, by Federal Reserve
banks. (See Bills discounted.)Borrowings at Federal Reserve banks. (See
Borrowings.)Condition of. (See Condition of banks.)Deposits. (See Deposits.)
Member banks—Continued.Dividends paid 252Earnings and expenses 252-255Licensed:
Condition of, on call dates. 130, 192, 418, 614Discussion of 268, 508Net demand and time deposits- 47, 127, 189,
249, 308, 415, 496, 548, 612, 695, 758, 822Number and deposits 48, 128, 190,
250, 309, 416, 497, 549, 618, 698, 762, 833Reserves and borrowings at Federal
Reserve banks 47, 127, 189,249, 308, 415, 496, 548, 612, 695, 758, 822
Suspensions 251, 762, 833Loans and investments. (See Loans and
investments.)National banks. (See National banks.)Number of 18, 98, 153,
216, 279, 351, 454, 520, 587, 643, 725, 790Reserves. (See Reserves.)State banks:
Branches of 699,700Condition of, on call dates. 130, 192, 418, 614Earnings and expenses 252, 257, 259Insured banks, condition of 576, 763Number and deposits of licensed banks. 48, 128,
190, 250, 309, 416, 497, 549,618,698,762,833Number of 18, 98,
153, 216, 279, 351, 454, 520,587,643,725,790Suspensions 251, 762, 833
Membership in Federal Reserve System:Discussion of 268Trust company doing substantially no bank-
ing business; ruling of Board 486Merchandise:
Freight-car loadings:By months 25, 106, 161,
224, 287, 359, 462, 528, 595, 652, 735, 800Years 1929-33 140
Imports and exports:Monthly figures 25, 106, 161, 224, 287,
359, 462, 528, 595, 652, 735, 800Years 1927-30 199
International transactions of United States716, 778
Messages of President to Congress:Gold 61Silver, purchasing of 435
Mexico:Foreign exchange rates:
Monthly averages 37, 118, 177, 241, 299,386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Gold imports and exports to and from the
United States 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787
Gold production 27, 108, 168,232, 290, 377, 473, 530, 597, 663, 737, 802
Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801
Miller, Adolph C., reappointed member ofFederal Reserve Board 561
Minerals, index of production:By industries:
Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835
Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836
Total 24, 105,160,223, 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: PageCirculation:
Averages of daily figures, end of monthseries 14, 126, 248, 307,
414, 495, 515, 582, 638, 720, 785By kinds 16, 95, 150,
213, 276, 348, 451, 517, 584, 640, 722, 787Charts:
Denominations of paper currency. _ 11Monthly data 13, 92, 147,210,
273, 345448,, 513, 580, 636, 718, 783Discussion of 267, 507,711Paper currency, by denominations. 51,133,194
261, 311, 421, 499, 551, 617, 697, 761Wednesday series 14, 93, 148,
211, 274, 346, 449, 514, 581, 637, 719, 784Gold. (See Gold.)Hoarding, discussion of 711Rates:
Charts showing 204, 772Discussion of 204, 771Foreign countries 36, 117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Open-market 21, 101, 156,
219, 282, 354, 457, 523, 590, 646, 728, 793(See also Currency.)
Morgenthau, Henry, Jr., appointed Secretaryof Treasury 6
Morris Plan banks:Director of, as director of national bank under
Clayton Act; ruling of Board. 180Insured banks 763
Mortgage-loan companies, loans to, by Recon-struction Finance Corporation 103,
158, 221, 284, 356, 459, 525, 592, 649, 731, 796Municipal warrants held by Reserve banks:
Maturities 51, 133,194, 261, 311, 421, 499, 551, 617, 697, 761, 832
Monthly figures 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721, 786
Mutual savings banks:Branches of 701Deposits, on call dates 18, 98,
153, 216, 279, 351, 454, 520, 587, 643, 725, 790Insured banks 576, 702Loans and investments on call dates 18, 98,
153, 216, 279, 351, 454, 520, 587, 643, 725, 790Number of 18, 98,
153, 216, 279, 351, 454, 520, 587, 643, 725, 790National bank examiners, circular of Comp-
troller of Currency to, relative to industrialloans 1 752
National bank note circulation 16, 95,150, 213, 276, 348, 451, 517, 584, 640, 722, 787
National banks:Branches of 699, 700Condition of, on call dates:
All banks 53Licensed banks 130, 192, 418, 614
Deposits, on call dates:All banks 53Licensed banks___ 130, 192, 418, 614
Earnings and expenses 252, 256, 258Errata 270
Insured banks, condition of 576, 763Loans and investments on call dates:
All banks 53Licensed banks 130, 192, 418, 614
Number and deposits of licensed banks 48, 128,190, 250, 309, 416, 497, 549, 618, 698, 762, 833
National banks—Continued.Number of 18, 98,
153, 216, 279, 351, 454, 520, 587, 643, 725, 790Suspensions 251, 762, 833
National Emergency Council, members of 779National summary of business conditions 12, 91,
146, 209, 272, 344, 447, 512, 579, 635, 717, 782Netherlands:
Bank of:Annual report 463Condition of 33,114,174,
238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Commodity prices, wholesale 39, 119,
178, 242, 300, 387, 483, 540, 607, 673, 747, 812Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Gold imports and exports:
Net imports 29, 110, 170,234, 292, 379, 475, 532, 599, 665, 739, 804
To and from the United States.. 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787
Money rates 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810
New Zealand:Foreign exchange rates:
Monthly averages 37,118,177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Gold reserves 26,107,
167, 231, 289, 376, 472, 529, 596, 662, 736, 801Nonferrous metals:
Factory employment and pay rolls:Index of 57,137,197,
264, 315, 424, 502, 554, 622, 706, 767, 837Revision of employment index 327-343
Production index:Adjusted 55, 135, 195,
262, 313, 422, 500, 552, 620, 704, 765, 835Unadjusted 56, 136, 196,
263, 314, 423, 501, 553, 621, 705, 766, 836Wholesale prices 58, 138,
198, 265, 316, 426, 504, 556, 619, 703, 764, 834Nonmember banks:
Bills discounted for 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721, 786
Branches of 699, 700Deposits:
Averages of daily figures, end of monthseries 14, 126, 188,
248, 307, 414, 495, 515, 582, 638, 720, 785On call dates 18, 98, 153,
216, 279, 351, 454, 520, 587, 643, 725, 790Receipt of, under section 21 of Banking
Act of 1933; ruling of Board 41Wednesday series 14, 93, 148,
211, 274, 346, 449, 514, 581, 637, 719, 784Insured banks, condition of 576, 763Loans and investments on call dates 18, 98,
153, 216, 279, 351, 454, 520, 587, 643, 725, 790Number and deposits of licensed banks 48, 128,
190, 250, 309, 416, 496, 549, 618, 698, 762, 833Number of 18,98,
153, 216, 279, 351, 454, 520, 587, 643, 725, 790Proclamation of President relative to con-
trol over 11Suspensions 151, 762, 833
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 857
Norway: PageBank of:
Condition of 33, 114, 174,238, 296, 383, 479, 536, 603, 669, 743, 808
Discount rates 36, 117,176,240, 298, 385, 481, 538, 605, 671, 745, 810
Gold reserves 26, 107, 167, 231,289, 376, 472, 529, 596, 662, 736, 801
Foreign exchange rates:Monthly averages 37, 118,
177, 241, 299, 386, 482, 539, 606, 746, 811Yearly averages, 1925-33 38
Number of banks in the United States 18, 98,153, 216, 279, 351, 454, 520, 587, 643, 725, 790
Number of banks maintaining branches 699,700Number of banks suspended 251, 762, 833Number of member banks licensed and not li-
censed 48,128,190, 250, 309, 416, 497, 549, 618, 698, 762, 833
Number of nonmember banks licensed and notlicensed 48,
128,190, 250, 309, 416, 496, 549, 618, 698, 762, 833Oats crop estimates 60, 558, 625, 709, 769, 839Offenses committed against banks, act providing
punishment for 410Oil production index 55, 135,
195, 262, 313, 422, 500, 552, 620, 704, 765, 835Paper:
Factory employment and pay rolls:Index of 57, 137, 197,264,
315, 425, 503, 555, 623, 707, 768, 838Revision of employment index 327-343
Production index:Adjusted 55, 135, 195,
262, 313, 422, 500, 552, 620, 704, 765, 835Unadjusted 56, 136, 196,
263, 314, 423, 501, 553, 621, 705, 766, 836Wholesale prices 58, 138,
198, 265, 316, 426, 504, 556, 619, 703, 764, 834Par of exchange (foreign currency) 37, 38Par value of capital stock, licensed member
banks 130, 192, 418, 614Parry, Carl E.; appointed chief of Division of Se-
curity Loans of Federal Reserve Board 779Pay rolls, factory:
Chart showing 775Discussion of 1, 70, 143, 775Index of:
By industries 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837
Revision of 270Total 24, 105, 160,
223, 286, 358, 461, 527, 594, 651, 734, 799(See also Employment)
Penalties for deficient reserves 186, 547Permit for interlocking directorates under sec. 32
of Banking Act of 1933; ruling of Board 392Permit to act as correspondent bank for certain
dealers in securities under section 32 of Bank-ing Act of 1933; ruling of Board 392
Permit under Clayton Act, necessity for, in casein which permit has been issued under section32 of Banking Act of 1933; ruling of Board.. 123
Peru:Central Bank of:
Condition of 33, 114, 174,238, 296, 383, 479, 536, 603, 669, 743, 808
Discount rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810
Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801
Peru—Continued. PageGold imports and exports to and from
United States 16,95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787
Petroleum refining:Factory employment and pay rolls:
Index of 57, 137, 197,264, 315, 425, 503, 555, 623, 707, 768, 838
Revision of employment index 327-343Production index 55, 135, 195,
262, 313, 422, 500, 552, 620, 704, 765, 835Wholesale prices 58, 138, 198,
265, 316, 426, 504, 556, 619, 703, 764, 834Philippine Islands, gold imports and exports 16, 95,
150, 213, 276, 348, 451, 517, 584, 640, 722, 787Poland:
Bank of:Condition of 33, 114, 174,
238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Portugal:
Bank of:Condition of 33, 114, 174,
238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates:
Changes in 6Monthly figures.__ 36, 117, 176, 240, 298,
385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Postage, Federal Reserve banks, cost of 186, 547Postal Savings deposits 51, 133,
194, 261, 311, 421, 499, 551, 617, 697, 761, 832Potato crop estimates 60, 558, 625, 709, 769, 839President of United States:
Executive orders:Gold 76, 77, 78Silver 564
Letter of, to Federal Reserve Board, relativeto Gold Reserve Act 61
Messages to Congress:Gold 61Silver 435
Proclamations:Coinage of silver 7Control over State banking institu-
tions 11Extension of Glass-Steagall Act 182Fixing weight of gold dollar 68Silver, purchase of 562
Statement by, fixing weight of gold dollar._ 67Prices:
Commodity, wholesale:Chart showing 777Discussion of 1, 70, 144, 776National summary 12, 91, 146,
209, 272, 344, 447, 512, 579, 635, 717, 782Principal countries 39, 40, 119, 178,
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. PageCommodity, wholesale—Continued.
United States:By weeks__. 139By months 58, 138, 198, 265,
316, 426, 504, 556, 619, 703, 764, 834Total 24, 105, 160, 223,
286, 358, 461, 527, 594, 651, 734, 799Food, retail 40,120,
179, 243, 301,388, 484, 541, 608, 674, 748, 813Gold:
Message of President to Congressregarding 61
Newly mined 51, 133Security (stocks and bonds):
Chart showing 268Discussion of 268, 778Domestic 23,104,159,
222,285, 357, 460, 526, 593, 650, 733, 798Principal countries 39, 119, 178,
242, 300, 388, 484, 541, 608, 674, 748, 813Silver, proclamation of President relative to. 7, 562
Printing and stationery, Federal Reserve banks,cost of 186,547
Proclamations of President of United States:Coinage of silver 7Control over State banking institutions 11Extension of Glass-Steagall Act 182Fixing weight of gold dollar 68Silver, purchase of 562
Production credit corporations:Government financing of 626, 648, 730, 795Loans to, by Farm Credit Administration 732, 797
Production, industrial:Chart showing 2, 774Discussion of 2, 70, 143, 774Index of:
Adjusted 55,135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835
Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836
Total 24,105, 160,223, 286, 358, 461,527, 594, 651, 734, 799
National summary 12, 91, 146, 209,272, 344, 447, 512, 579, 635, 717, 782
Profit and loss account of Federal Reserve banks- 187Public Works Administration, Government
financing of 626, 648, 730, 795Publication of reports of affiliates of State mem-
ber banks; ruling of Board 542Railroads:
Loans to, by Reconstruction Finance Cor-poration 103, 158,
221, 284, 356, 459, 525, 592, 649, 731, 796Stocks and bonds, prices of 23, 104, 159,
222, 285, 357, 460, 526, 593, 650, 733, 798Rates. (See Discount rates; Foreign exchange
rates; Money rates.)Ratio of total reserves to liabilities, Federal
Reserve banks 45, 124,184, 246, 305, 412, 493, 545, 610, 693, 756, 820
Real estate, loans on:By member banks on call dates 97,
152, 215, 278, 350, 453, 519, 586, 642, 724, 789By reporting member banks, weekly fig-
ures 759,823National Housing Act, section 505 of,
amending Federal Reserve Act relatingto 488
Real estate, loans on—Continued.Mortgages, obligations secured by, as "se-
curities" under Banking Act of 1933;ruling of Board 302
Revision of member bank weekly state-ment to include 712, 759
Receipts and expenditures of United StatesGovernment 22, 102,
157, 220, 283, 355, 458, 524, 591, 647, 729, 794Reconstruction Finance Corporation:
Act continuing functions of 123Discussion of operations 71, 268, 320, 508Government financing of 626, 648, 730, 795Loans, subscriptions, and allocations 103,158,
158, 221, 284, 356, 459, 525, 592, 649, 731, 796Revised group 132
Reimbursable expenditures by FederalReserve banks for 187, 547
Redemption fund:All Federal Reserve banks combined 15, 94,
149, 212, 275, 347, 450, 516, 583, 639, 721, 786Each Federal Reserve bank 46, 125,
185, 247, 306, 413, 493, 546, 611, 694, 757, 821Rediscounts and bills payable:
All banks in United States on call dates 52National banks on call dates 53State banks on call dates 54
Regulations:Federal Deposit Insurance Corporation 89,
90, 446, 577Federal Reserve Board:
Regulation Q, revision of 815Regulation S, Loans to industries 488Regulation T, Stock Exchange:
Discussion of 629-634Rulings of Board interpreting.
(See Rulings.)Text of 675-686
Secretary of Treasury:Foreign exchange 76, 79, 82, 780Gold 82
Amendments to 145, 270, 780Silver 8, 441, 567
Amendment to 781Reichsbank, German. (See Germany.)Rent paid by Federal Reserve banks 186, 547Reports and examinations of corporations, etc.,
under section 21 of Banking Act of 1933; rulingof Board 543
Reports of affiliates of State member banks,publication of; ruling of Board 542
Reserve balances of member banks. (See Re-serves.)
Reserve city member banks:Condition of, on call dates 130, 192, 418, 614Deposits, time and demand 17, 96,
151, 214, 277, 349, 452, 518, 585, 641, 723, 788Loans and investments on call dates 97,
152, 215, 278, 350, 453, 519, 586, 642, 724, 789Reserve balances 17, 96,
151, 214, 277, 349, 452, 518, 585, 641, 723, 788Reserve requirements of member banks, pro-
posed revision of:Discussion of 202Recommendations of Board to Congress
relative to 202,205Reserves:
Deficient, penalties for _... 186, 547Held by Federal Reserve banks:
For losses , — 187Total, by Federal Reserve districts. . _ 45,124,
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.Gold, held by foreign central banks: Page
Monthly figures 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801
Monthly review 4,71, 144, 204, 269, 320, 444, 714, 778
Held by member banks:All banks on call dates 129, 191, 417, 613Balances:
Average of daily figures, end ofmonth series 14, 126, 188,
307, 414, 495, 515, 582, 638, 720, 785Chart showing 13, 92, 147, 210,
273, 345, 448, 513, 580, 636, 718, 783Discussion of 70, 142,
201, 267, 319, 507, 559, 629, 711, 772New York City banks, Reserve city
banks, and country banks 17,96, 151, 214, 277, 349, 452, 518585, 641, 723, 788.
Wednesday series. _ 14, 93, 148, 211, 274,346, 449, 514, 581, 637, 719, 784
Computation of, against savings de-posits ; rulings of Board 180
Computation of, in connection with thepayment of dividends; ruling ofBoard 121
Excess:Chart showing 70, 142, 201Discussion of 70
142, 201, 319, 507, 711, 772During November 1933 208Licensed banks 47, 127, 189, 249,
308, 415, 496, 548, 612, 695, 758, 822New York City banks, Reserve
city banks, and country banks. 17,96, 151, 214, 277, 349, 452, 518, 585,641, 723, 788.
Licensed banks in each district 47,127, 189, 249, 308, 415, 496, 548, 612, 695,758, 822.
Licensed banks on call dates 130,192, 418, 614
Reporting banks, weekly figures 49,131, 193, 260, 310, 419, 498, 550, 615, 696,759, 823.
Resources and liabilities. {See Assets and lia-bilities.)
Retail trade, department stores:Discussion of 1, 70, 143, 777Monthly figures 25, 106,
161, 224, 287, 359, 462, 528, 595, 652, 735, 800Revision:
Factory employment index 324^343Factory employment and pay rolls index. _ 270Treasury bond yields, average of 322Weekly statement of reporting member
banks 712Rubber:
Crude, wholesale prices 58, 138,198, 265, 316, 426, 504, 556, 619, 703, 764, 834
Products, factory employment and payrolls:
Index of 57, 137, 197,264, 315, 425, 503, 555, 623, 707, 768, 838
Revised employment index 327-343Tires and tubes:
Production index 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835
Wholesale prices 58, 138, 198,265, 316, 426, 504, 556, 619, 703, 764, 834
Rulings of the Federal Reserve Board:Affiliates: Page
Corporate trustee under deed of trustas a holding company affiliate 303
Cumulative voting of shares by hold-ing company affiliates of memberbanks 749
Existence of more than one holdingcompany affiliate of a member bank. 182
Individual trustee as holding companyaffiliate 122
Limitations on loans or extensions ofcredit to affiliates secured by papereligible for rediscount 391
"Loan or extension of credit", en-dorsement as, within section 23A ofFederal Reserve Act 391
Partnership as holding company af-filiate of member bank 41
Publication of reports of 542Capital, classification of capital notes and
debentures of State member banks as 749Clayton Act:
Applicability to director of a Federalsayings and loan association 181
Applicability to directors of a corpora-tion which extends or renews loanspreviously made 41
Applicability to Federal home loanbanks 180
Director of Morris Plan bank as direc-tor of national bank 180
Interlocking .relationships between na-tional banks and organizations whichcarry margin accounts 393
Organizations carrying margin ac-counts, applicability of section 8Ato 244
Permit under, necessity for, in cases inwhich permit has been issued undersection 32 of Banking Act of 1933__ 123
Collection or exchange charges, absorptionof, by member banks 394, 814
Corporate stock for account of customers,purchase of, by State member banks 609
Dealers in securities solely for account ofothers, applicability of section 32 ofBanking Act of 1933 to 393
Dealer in securities, member bank havingrelations with, applicability of section 32of Banking Act of 1933 42
Deposits:Certificates of deposit payable 6 or 12
months after date or on 30 days'notice 43
Insurance of bank deposits, effect of,upon requirement of security fortrust funds used by member bank inconduct of its business 121
Interest on:Municipal ordinance requiring
payment of, on public funds 121Payment of banker's acceptance
before maturity as indirect pay-ment of interest 303
Payment of, when 1st day ofmonth falls on a Sunday or holi-day; ruling of Board 304
Receipt of, by nonbanking institutions,under section 21 of Banking Act of1933 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.Deposits—Continued.
Renewal of certificate of deposit prior Pageto maturity 609
Savings:Classification of 389Classification of account subject
to withdrawal without presenta-tion of passbook 542
Deposits represented by certifi-cates of deposits as constituting. 390
Payment of, before interest pay-ment dates 391
Service charges, analysis of customers'accounts in determining 43
Time, the payment of which has beendeferred beyond period originallycontemplated 244
Discounts for individuals, partnerships,and corporations by Federal Reservebanks, time limit extended by Board 485
Exchange or collection charges, absorptionof, by member banks 394, 814
Examinations and reports of corporations,etc., under section 21 of Banking Act of1933 543
Federal savings and loan associations asbanks within meaning of section 19 of Fed-eral Reserve Act 304
Interpretations of Regulation T:Agreement, scope of, of nonmember
banks under section 8 (a) of Securi-ties Exchange Act 688
Arbitrage accounts, calculation of netdebit balance in 692
Cancellation by nonmember bank ofagreement under section 8 (a) ofSecurities Exchange Act 687
Cash accounts, special, manner ofkeeping 751
Cash accounts, transactions in 690Cash accounts, transfer of transactions
from..- 750Cash transactions 691Cash transactions in unregistered se-
curities 752Cash transactions, jurisdiction of na-
tional securities exchange committeeto grant extension of time in 815
Cash transactions, time when pay-ment is deemed received, in unregis-tered, nonexempted securities 815
Cash, withdrawals of, from old accountson and after November 15, 1934 751
Combination of transactions, timewithin which it must be made in oldaccounts 690
Committee of a national securitiesexchange, jurisdiction of, in grantingextensions of time in connection withcash transactions 815
Debit balance, adjusted, of an oldaccount, increases in 691
Debit balance, net, calculation of, inarbitrage accounts 692
Dividends or interest on securitiescarried in new accounts 751
Effect of section 8 (a) of Securities Ex-change Act on existing loans 688
Extension of credit on unregistered,nonexempted securities 690, 750, 752
Rulings of the Federal Reserve Board—Contd.Interpretations of Regulation T.—Contd.
Foreign branches, transactions for Pagecustomers of 692
Guaranteed accounts 691Interest and cash dividends, with-
drawal of, from restricted accounts. _ 815Interest on dividends on securities
carried in restricted new accounts 75]Joint account, individual's participa-
tion in, not to be combined with hisindividual account 751
Joint accounts between members ofnational securities exchanges 692
Margin:Demand for, confirmation of 690Demand for, included in confirma-
tion of transaction 751Nature of, referred to in section
4 (e) 687Requirements:
Cash accounts, transactionsin 690
Joint account between mem-bers of national securitiesexchanges 692
Market prices, fluctuationsin 690
Old accounts 686Restricted accounts, new pur-
chases in 688Short sales and other trans-
actions in restricted ac-counts 690
Time allowed for obtainingmargin 691
Unrestricted accounts, trans-actions in 687
Market prices, fluctuations in 690Market value and loan value of securi-
ties involved in substitutions 692Nonmember banks, scope of agree-
ment of, under section 8 (a) of Se-curities Exchange Act 688
Old accounts:Accounts transferred from banks
not to be designated as 688Designation of 688Increases in adjusted debit bal-
ance of 691Margin requirements 686Orders executed on September 29,
1934, as part of 686Substitutions of unregistered, non-
exempted securities in, by pur-chase and sale of such securi-ties 815
Sales and repurchases of securitiesin 750
Time within which combination oftransactions must be made in__ 690
Withdrawals of cash from, priorto October 15, 1934 690
Withdrawals of cash or securitiesfrom, on and after November15, 1934 751
Withdrawals prior to designationof 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.Interpretations of Regulation T.—Contd.
Restricted accounts:Dividends or interest on securities Page
carried in 751Market value and loan value of
securities involved in substitu-tions 692
Short sales and other transactionsin 690
Withdrawal of interest and cashdividends from 815
Ruling no. 34 revoking rulings nos. 16and 27 752
Sale and purchase of unregistered, non-exempted securities, substitution inold accounts 815
Sale of unregistered, nonexempted secu-rities, withdrawal of proceeds of, fromrestricted new account 752
Sale, securities deposited for 752Sales and repurchases of securities in
old accounts 750Securities deposited for sale 752Short sales and other transactions in
restricted accounts 690Substituted securities, market value
and loan value of 692Substitutions of unregistered, nonex-
empted securities in old accounts bysale and purchase of such securities. 815
Time allowed for obtaining margin 691Time, extension of, by committee of a
national securities exchange, juris-diction of 815
Time when payment is deemed receivedin cash transactions in unregistered,nonexempted securities 815
Time within which combination oftransactions must be made in oldaccounts 690
Withdrawal of cash from old accountsprior to October 15, 1934 690
Withdrawal of cash or securities fromold accounts on and after November15, 1934 751
Withdrawal of interest and cash divi-dends from restricted accounts 815
Withdrawal of proceeds of sale of un-registered, nonexempted securitiesfrom restricted new account 752
Withdrawal prior to designation of oldaccounts 689
Liquidation, corporation in process of,applicability of section 32 of BankingAct of 1933 42
Loans to industries \byZ Federal Reservebanks:
Discount for establishment located inanother Federal Reserve district 675
Investment banking firm as financinginstitution within meaning of sec-tion 13b of Federal Reserve Act 675
Manager of branch office of dealer in securi-ties, applicability of section 32 of Bank-ing Act of 1933 to 750
Membership in Federal Reserve System oftrust company doing substantially nobanking business _. _ _ _ _ 486
Rulings of the Federal Reserve Board—Contd.Permit to member bank relating to partici-
pation in underwriting and dealing inmunicipal and other securities under sec- Pagetion 32 of Banking Act of 1933 485
Permit for interlocking directorates undersection 32 of Banking Act of 1933 392
Permit to act as correspondent bank for cer-tain dealers in securities under section 32of Banking Act of 1933 392
Real-estate mortgages, obligations securedby, as "securities" under Banking Actof 1933 302
Reserve, member-bank, computation of:Against savings deposits 180In connection with the payment of
dividends 121Securities company within provisions of
sections 20 and 32 of Banking Act of1933 _- 485
Stocks, corporation engaged solely inholding; applicability of section 32 ofBanking Act of 1933 42
(See also Law department.)Rumania:
Foreign exchange rates:Monthly averages 37, 118, 177,
241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38
National Bank of:Condition of 33, 114, 174,
238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Russia. (See Union of Soviet Socialist Re-
publics.)Salaries:
Federal Reserve banks 186, 547Member banks 252-255National banks 256,258State bank members 257, 259
Savings deposits. (See Deposits; Rulings,)Secretary of Treasury:
Morgenthau, Henry, Jr., appointed. , 6Order requiring delivery of gold to Treas-
urer 9, 79Regulations:
Foreign exchange 76, 79, 82, 780Gold 82
Amendments to 145, 270Silver 8, 441, 567
Amendment to 781Statements of, relative to purchase of gold- 69,
76, 80, 81, 145Statements of, relative to purchase of silver. 438,
439, 440, 562, 565, 566, 567Woodin, William H., resignation of 6
Securities:Loans on, by reporting member banks:
In 91 leading cities, 1932-34 829-831In 101 leading cities, 1929-33 825-828Weekly figures 49, 131, 193, 260,
310, 419, 498, 550, 615, 696, 759, 823(See also Brokers and dealers in securi-
ties.)United States Government. (See United
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:Regulation T: Page
Discussion of 629-634Rulings of Board interpreting. (See
Rulings.)Text of 675-686
Statement of Federal Reserve Board relativeto margin requirements under 434
Text 321, 396Security issues:
Discussion of 269Monthly figures 23, 104,
159, 222, 285, 357, 460, 526, 593, 650, 733, 798Security prices (stocks and bonds):
Chart showing 268Discussion of 268Domestic 23, 104,
159, 222, 285, 357, 460, 526, 593, 650, 733, 798Principal countries 39, 119,
178, 242, 300, 388, 484, 541, 608, 674, 748, 813Shipbuilding:
Factory employment and pay rolls:Index of 57, 137, 197,
264, 315, 424, 502, 554, 622, 706, 767, 837Revision of employment index 327-343
Production index 55, 135,195, 262, 313, 422, 500, 552, 620, 704, 765, 835
Shipments of currency to and from Europe 51,133, 194, 261, 311, 421, 499, 551, 617, 697, 761, 832
Siam, gold reserves 26, 107, 167, 231, 289, 376, 472Signs, displaying of, by insured banks under
Federal Deposit Insurance Corporation 577Silk manufactures:
Factory employment and pay rolls:Index of 55, 137, 197, 264,
315, 424, 502, 554, 622, 706, 767, 837Revision of employment index 327-343
Production index 55, 135, 195, 262,313, 422, 500, 552, 620, 704, 765, 835
Wholesale prices 58, 138, 198, 265,316, 426, 504, 556, 619, 703, 764, 834
Silver:Coin and certificates in circulation 16, 95,
150, 213, 276, 348, 451, 517, 584, 640, 722, 787Executive order of President relating to 564Message of President to Congress relative to
purchase of 435Production index 55, 135, 195, 262,
313, 422, 500, 552, 620, 704, 765, 835Proclamation of President relative to 7, 562Purchase Act of 1934, text of 436Purchase of, statements by Secretary of
Treasury regarding 438,439, 440, 562, 565, 566, 567
Regulations of Secretary of Treasury.. 8, 441, 567Amendment to 781
Statement by President relative to 6Weight of dollar 439, 562
Silver Purchase Act of 1934, text of 436Slaughtering and meat packing:
Factory employment and pay rolls:Index of 57, 137, 197, 264,
315, 425, 502, 554, 622, 707, 767, 837Revision of employment index 327-343
Production index 55, 135, 195, 262,313, 422, 500, 552, 620, 704, 765, 835
South Africa:Foreign exchange rates:
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33.._ 38
South Africa—Continued. PageGold production 27,108,
168, 232, 290, 377, 473, 530, 597, 663, 737, 802Reserve Bank:
Condition of 33, 114, 174,238, 296, 383, 479, 536, 603, 669, 743, 808
Discount rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810
Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801
Spain:Bank of:
Condition of 33, 114, 174,238, 296, 383, 479, 536, 608, 669, 743, 808
Discount rates.—.__^_._.___-. 36, 117, 176,240, 298, 385, 481, 538, 606, 671, 746, 810
Gold reserves ._.___.__. 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801
Foreign exchange rates:Monthly averages 37, 118, 177,
241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33.- 38
State banks:Branches of member banks 699, 700Condition of all banks on call dates ^ 54Condition of licensed member banks on call
dates 130, 192, 418, 614Earnings and expenses of member banks 252,
257, 259Insured member banks, condition of 576, 763Number and deposits of licensed banks 48, 128,
190, 250, 309, 416, 497, 549, 618, 698, 762, 833Number of member banks 18, 98,
153, 216, 279, 351, 454, 520, 587, 643, 725, 790Proclamation of President relative to con-
trol over ^ 11Suspensions 251, 762, 833
Stock, bank, loans by Reconstruction FinanceCorporation on 103,158,
221, 284, 356, 459, 525, 592, 692, 694, 731, 796Discussion of .. 509
Stock, corporate, purchase of, by State memberbank for account of customer; ruling ofBoard 609
Stock exchange:Act regulating 321, 396Regulation T:
Discussion of 629-634Rulings of Board interpreting. (See
Rulings.)Text of 675-686
Statement of Federal Reserve Board rela-tive to margin requirements 434
Stocks and bonds:Applicability of section 32 of Banking Act
of 1933 to corporations engaged solely inholding of stocks; ruling of Board 42
International transactions of the UnitedStates 716
Issues of:Discussion of 269Monthly figures 23, 104, 159,
222, 285, 357, 460, 526, 593, 650, 733, 798Loans by member banks secured by _ __ 97, 152,
215, 278, 350, 453, 519, 586, 642, 724, 789Prices:
Chart showing 268Discussion of __ 268Domestic 23, 104, 159,
222, 285, 357, 460, 526, 593, 650, 733, 798Principal countries 39, 119, 178,
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. PageYield on 23, 104,
159, 222, 285, 357, 460, 526, 593, 650, 733, 798Stocks, department stores 25, 106,
161, 224, 287, 359, 462, 528, 595, 652, 735, 800Straits Settlements, foreign exchange rates:
Monthly averages 37, 118,177, 241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Sunday, payment of interest on deposits when
1st day of month falls on; ruling of Board 304Surplus:
Federal Reserve banks:All banks 15, 94, 149,
212, 275, 347, 450, 516, 583, 639, 721, 786Amounts transferred 187Each bank 46, 125, 185,
247, 306, 413, 494, 546, 611, 694, 757, 821Member banks:
All banks on call dates 129, 191, 417, 613Licensed banks on call dates 130,
192, 418, 614National banks 256, 258State bank members 257, 259
Suspensions, bank 251, 762, 833Sweden:
Bank of:Condition of 33, 114, 174,
238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,
231, 289, 376, 472, 529, 596, 662, 736, 801Foreign-exchange rates:
Monthly averages 37, 118, 177, 241,299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Money rates 36, 117, 176,
240, 298, 385, 481, 538, 605, 671, 745, 810Switzerland:
Foreign-exchange rates:Monthly averages 37, 118, 177, 241,
299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38
Gold imports and exports:Net imports 29, 110, 170, 234,
292, 379, 475, 532, 599, 665, 739, 804To and from the United States__ 16, 95, 150,
213, 276, 348, 451, 517, 584, 640, 722,787.
Money rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810
Swiss National Bank:Condition of 33, 114, 174, 238,
296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117, 176, 240,
298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167, 231,
289, 376, 472, 529, 596, 662, 736, 801Taxes:
Federal Reserve bank note circulation 186, 547Federal Reserve bank premises 186, 547Income, United States Government 22, 102,
157, 220, 283, 355, 458, 524, 591, 647, 729, 794Telephone and telegraph expenses of Federal
Reserve banks 186, 547Textiles:
Factory employment and pay rolls:Index of 57, 137, 197,
264, 315, 424, 502, 554, 622, 706, 767, 837Revision of employment index 327-343
Textiles—Continued.Production index: Page
Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835
Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836
Wholesale prices 58, 138,198, 265, 316, 426, 504, 556, 619, 703, 764, 834
Thomas, J. J., designated vice governor ofFederal Reserve Board 561
Thomas, Woodlief, appointed assistant directorof Division of Research and Statistics ofFederal Reserve Board 779
Tires and tubes, rubber:Factory employment and pay rolls:
Index of 57, 137, 197,264, 315, 425, 503, 555, 623, 707, 768, 838
Revision of employment index 327-343Production index:
Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835
Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836
Wholesale prices 58,138198, 265, 316, 426, 504, 556, 619, 703, 764, 834
Tobacco:Crop estimates 60, 558, 625, 709, 769, 839Manufactures:
Factory employment and pay rolls:Index of 57, 137, 197, 264,
315, 425, 503, 555, 623, 707, 768, 838Revised employment index 327-343
Production index:Adjusted 55, 135, 195, 262,
313, 422, 500, 552, 620, 704, 765, 835Unadjusted 56, 136, 196, 263,
314, 423, 501, 553, 621, 705, 766, 836Trade, retail, department stores:
Discussion of 1, 70, 143, 777Monthly figures 25, 106,
161, 224, 287, 359, 462, 528, 595, 652, 735, 800Traveling expenses, Federal Reserve banks __ 186, 547Traylor, Melvin A., member Federal Advisory
Council, death of 145Treasury bonds, yield on:
Discussion of 771By months, 1926-34 322By weeks, 1928-34 323Weekly figures 23, 104,
159, 222, 285, 357, 460, 526, 593, 650, 733, 798Treasury certificates of indebtedness:
Held by Federal Reserve banks 46, 125,185, 247, 306, 413, 494, 546, 611, 694, 757, 821
Maturities of 51, 133,194, 261, 311, 421, 499, 551, 617, 697, 761, 832
Treasury finance 22, 102,157, 220, 283, 355, 458, 524, 591, 647, 729, 794
Treasury notes:Circulation 16, 95,
150, 213, 276, 348, 451, 517, 584, 640, 722, 787Held by Federal Reserve banks 46, 125,
185, 247, 306, 413, 494, 546, 611, 694, 757, 821Trust company doing substantially no banking
business, membership in Federal ReserveSystem; ruling of Board 486
Turkey:Central Bank of:
Condition of 33, 114, 174,238, 296, 383, 479, 536, 603, 669, 743, 808
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
864 INDEX TO VOLUME 20
Turkey—Continued.Foreign exchange rates: Page
Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811
Yearly averages, 1925-33 38Union of Soviet Socialist Republics, Bank of:
Discount rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810
Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801
United States Government debt 22, 102, 157,220, 283, 355, 458, 524, 591, 647, 729, 794
United States Government deposits:Held by Federal Reserve banks:
All banks 15, 94, 149, 212,275, 347, 450, 516, 583, 639, 721, 786
Each bank 46, 125, 185, 247,306, 413, 494, 546, 611, 694, 757, 821
Held by member banks:All banks on call dates 129, 191, 417, 613Licensed banks on call dates 130,
192, 418, 614Reporting banks 49, 131, 193, 260,
310, 420, 498, 550, 615, 696, 760, 824United States Government securities:
Bills discounted by Federal Reserve bankssecured by 46, 125, 185, 247,
306, 413, 494, 546, 611, 694, 757, 821Bonds:
Held by Federal Reserve banks_ 46, 125, 185,247, 306, 413, 494, 546, 611, 694, 757,821.
Prices of 23, 104, 159, 222,285, 357, 460, 526, 593, 650, 733, 798
Yield on:By months, 1926-34 322By weeks, 1928-34 323Discussion of 771Monthly figures. 23, 104, 159, 222, 285,
357, 460, 526, 593, 650, 733, 798Revision of averages 322
Certificates of indebtedness:Held by Federal Reserve banks. _ 46, 125, 185,
247, 306, 413, 494, 546, 611, 694, 757, 821Maturities 51, 133, 194,
261, 311, 421, 499, 551, 617, 697, 761, 832Held as security against Federal Reserve
notes:All Federal Reserve banks 15, 94, 149,
212, 275, 347, 450, 516, 583, 639, 721, 786Each Federal Reserve bank 46, 125, 185,
247, 306, 413, 494, 546, 611, 694, 757, 821Extension of time limit under Glass-
Steagall Act:Discussion of 142Proclamation of President 182Text of act 183
Held by Federal Reserve banks:All banks 15, 94, 149,
212, 275, 347, 450, 516, 583, 639, 721, 786Averages of daily figures, end-of-month
series 14, 126, 188,248, 307, 414, 495, 515, 582, 638, 720, 785
Discussion of 319Each bank 46, 125, 185,
247, 306, 413, 494, 546, 611, 694, 757, 821
United States Government securities—Contd.Held by Federal Reserve banks—Contd. Page
Earnings on 186, 547Wednesday series 14, 93, 148,
211, 274, 346, 449, 514, 581, 637, 719, 784Held by member banks:
All banks on call dates 97, 152,215, 278, 350, 453, 519, 586, 642, 724, 789
Weekly figures of reporting banks 49,131,193, 260, 310, 419, 498, 550, 615, 696, 759,823.
Pledged against Federal Reserve banknotes:
All Federal Reserve banks combined.- 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721,786.
Each Federal Reserve bank 46, 125, 185,247, 306, 413, 494, 546, 611, 694, 757, 821
Treasury bonds, yield on:By months, 1926-34 ___ __ 322By weeks, 1928-34 323Monthly figures 23, 104, 159,
222, 285, 357, 460, 526, 593, 650, 733, 798Revision of averages 322
Treasury notes:Circulation 16, 95, 150,
213, 276, 348, 451, 517, 584, 640, 722, 787Held by Federal Reserve banks.. 46, 125, 185,
247, 306, 413, 494, 546, 611, 694, 757, 821Yield on, new series 322, 323
United States postal savings deposits 51, 133194, 261, 311, 421, 499, 551, 617, 697, 761, 832
Uruguay:Bank of:
Condition of 33, 114, 174,238, 296, 383, 479, 536, 603, 669, 743, 808
Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801
Foreign exchange rates:Monthly averages 37, 118, 177,
241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38
Gold imports and exports to and from theUnited States 16,95,150,
213, 276, 348, 451, 517, 584, 640, 722, 787Venezuela, gold imports and exports to and from;^the United States 16,95,
150, 213, 276, 348, 451, 517, 584, 640, 722, 787Voting of shares by holding company affiliates of
member banks; ruling of Board 749Wages. (See Pay rolls.)Warehouse receipts, acceptances based on 20,100,
155, 218, 281, 353, 456, 522, 589, 645, 727, 792Warrants, municipal, held by Reserve banks:
Maturities 51,133,194, 261, 311, 421, 499, 551, 617, 697, 761, 832
Monthly figures 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721, 786
Weight of gold dollar 68,141Weight of silver dollar 439, 562Wheat crop estimates 60, 558, 625, 709, 769, 839Wholesale prices. (See Prices.)Williams, L. B., resignation as Federal Reserve
agent at Cleveland 779Woodin, William H., resignation of, as Secretary
of the Treasury __ 6
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 20 865
Wood manufactures:Factory employment and pay rolls: Page
Index of 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837
Revision of employment index 327-343Production index 55, 135,
195, 262, 313, 422, 500, 552, 620, 704, 765, 835Wholesale prices 58, 138,
198, 265, 316, 426, 504, 556, 619, 703, 764, 834Yugoslavia:
Foreign exchange rates:Monthly averages 37, 118, 177,
241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38
Yugoslayia—Continued.National Bank of: Page
Condition of 33, 114, 174,238, 296, 383, 479, 536, 603, 669, 743, 808
Discount rates:Changes in 73, 510Monthly figures 36, 117, 176,240,
298, 385, 481, 538, 605, 671, 745, 810Gold 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
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 CITIESO FEDERAL RESERVE BANK AGENCY
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis