Federal Reserve Bulletin May 1934 - St. Louis Fed...268 FEDERAL RESERVE BULLETIN MAY 1934 Reopening...

FEDERAL RESERVEBULLETIN

MAY 1934

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Recent Banking and Business Developments

National Summary of Business Conditions

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON: 1934

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD

Ex officio members:HENRY MORGENTHAU, Jr.,

Secretary of the Treasury, Chairman,

J. F. T. O'CONNOR,Comptroller of the Currency.

EUGENE R. BLACK, Governor.

CHARLES S. HAMLIN.

ADOLPH C. MILLER.

GEORGE R. JAMES.

J. J. THOMAS.

M . S. SZYMCZAK.

H. WARNER MARTIN, 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 Researchand Statistics.

CARL E. PARRY, Assistant Directory Division of Researchand Statistics.

E. L. SMEAD, Chief, Division of Bank Operations.

J. R. VAN FOSSEN, Assistant Chief, Division of BankOperations.

0. 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.

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 LICHTENBTEIN, Secretary


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bankof—

BostonNew York . .

Philadelphia

Ij Cleveland

Richmond... -

Atlanta

Chicago

St. Louis

t

Minneapolis

Kansas City.

Dallas

San Francisco

FT

R,

L.

W

Chairman

H CurtissH. Case

L. Austin

B Williams. W. Hoxton

O^ar Nfiwt.nn

E.

J.

J.

M

C.

M. Stevens

S, Wood . .

N. Peyton.. L. McClure

C.Walsh

Isaac B. Newton

G

G.

E.

G.

W

G.

W

W

G.

B.

J.

Governor

A YoungL. Harrison

W. Norris

R. Fancher _J. Seay

S Johns 3

J. Schaller

. McC. Martin

. B. Geery...H. Hamilton __

A. McKinney

U. Calkins

Deputy governor

W. W. PaddockW. R. BurgessJ. E. CraneW. S. LoganL. R. RoundsL. F. SailerR. M. GidneyW. H. HuttJ. S. SinclairC. A. McllhennyM. J. FlemingF. J. ZurlindenC. A. PepleR. H. BroaddusH. F Conniff

C. R. McKayH. P. PrestonJ. H. Dillard-

0. M. AtteberyJ. G. McConkey

Harry Yaeger.C. A. Worthington.—J. W. HelmR. R. GilbertR. B. ColemanW. A. Day _Ira Clerk

Cashier

W. Willett.C. H. Coe.1J. W. Jones.1W. B. Matteson.1J. M. Rice.1Allan Sproul.«L. W. Knoke l

C. A. Mcllhenny.W. J. Davis.1L. E. Donaldson.1W. G. McCreedy.JH. F. Strater.G. H. Keesee.J. S. Walden, Jr.*M. W. Bell.W. S McLarin, Jr.1W. H. Snyder.2W. C. Bachman.1R. H. Buss.10. J. Netterstrom.1A. T. Sihler.1E. A. Delaney.1S. F. Gilmore.*A. H. HailUF. N. Hall*G. 0. Hollocher.i0. C. Phillips.*H. I. Ziemer.F. C. Dunlop.2J. W. Helm.

Fred Harris.W. 0. Ford.1W. M. Hale. :

1 Assistant deputy governor. » Controller. 8 Acting governor. * Assistant to the governor.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo branch

Cleveland:Cincinnati branchPittsburgh branch

Richmond:Baltimore branchCharlotte branch

Atlanta:New Orleans branch...Jacksonville branchBirmingham branch _ . .Nashville branch

Chicago:Detroit branch

St. Louis:Louisville branchMemphis branchLittle Rock branch

Managing director

R. M. O'Hara.

C. F. McCombs.J. C. Nevin.

Hugh Leach.W. T. Clements.

Marcus Walker.Hugh Foster.J. H. Frye.J. B. Fort, Jr.

W. R. Cation.

J. T. Moore.W. H. Glasgow.A. P. Bailey.

Federal Reserve Bank of—

Minneapolis:Helena branch

Kansas City:Omaha branchDenver branch _Oklahoma City branch..

Dallas:El Paso branch _Houston branchSan Antonio branch

San Francisco:Los Angeles branchPortland branchSalt Lake City branch..Seattle branchSpokane branch

Managing director

R. E. Towle.

L. H. Earhart.J. E. Olson.C. E. Daniel.

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.

in


TABLE OF CONTENTS

PageReview of the month—Recent banking and business developments 267Revised index numbers of factory employment and pay rolls 270Czechoslovak currency law 288Federal Deposit Insurance Corporation—Insured banks and deposits, Mar. 31, 1934 312

National summary of business conditions 272

Financial, industrial, and commercial statistics:Reserve bank credit, gold stock, money in circulation, etc 273-276Member and nonmember bank credit:

All banks in the United States 279All member banks__ 277, 278, 308, 309Weekly reporting member banks in 91 leading cities 280, 310

Brokers'loans 280Acceptances and commercial paper 281Discount rates and money rates 282Treasury finance l 283Reconstruction Finance Corporation—Loans, subscriptions, and allocations 284Security prices, bond yields, and security issues 285Production, employment, car loadings, and commodity prices 286, 313-316Merchandise exports and imports 287Department stores—Indexes of sales and stocks 287Freight-car loadings, by classes 287

Financial statistics for foreign countries:Gold reserve? of central banks and governments 289Gold production 290Gold movements.. . 290-292Government note issues and reserves 293Bank for International Settlements 293Central banks 294-296Commercial banks 297Discount rates of central banks 298Money rates 298Foreign exchange rates 299Price movements:

Security prices 300Wholesale prices 300, 301Retail food prices and cost of living 301

Law department:Rulings of the Federal Reserve Board:

Obligations secured by real-estate mortgages as " securities" under various sections of theBanking Act of 1933 302

Allowance in consideration of payment of banker's acceptance before maturity as indirectpayment of interest 303

Corporate trustee under deed of trust as a holding company affiliate 303Federal savings and loan associations as banks within section 19 of the Federal Reserve Act 304Payment of interest when the first day of the month falls on a Sunday or holiday 304

Act authorizing Federal Reserve banks to acquire bonds of Home Owners' Loan Corporation and toact as fiscal agents of such corporation 304

Federal Reserve statistics by districts, etc.:Banking and financial statistics 305-311Industrial and commercial statistics 313-317

rv


FEDERAL RESERVE BULLETINVOL. 20 MAY 1934 No. 5

REVIEW OF THE MONTH

Member bank reserve balances increasedfurther during April to a new high level of

$3,750,000,000, approximatelyRecent banking $i 700,000,000 in excess of legaland business . J^developments reserve requirements. I he

increase in reserves during themonth was $300,000,000 and reflected chieflyfurther imports of gold from abroad and addi-tional expenditure by the Treasury of fundspreviously held as cash and as balances withthe Reserve banks. Gold imports for themonth were $50,000,000, compared with $450,-000,000 in February and $240,000,000 inMarch. The increase during the month in ex-cess reserves of member banks was accompaniedby a slight reduction in the already low levelof money rates and a further advance in bondprices. Toward the end of April bonds ofthe highest rating were selling at the highestprices in many years.

Industrial activity increased further in Marchand in April an;d there was a considerablegrowth in factory employment and pay rolls.The general level of commodity prices at whole-sale continued stable for the third consecutivemonth. In April there was a recession inprices of cotton, wheat, and other grains andincreases in steel, automobiles, rubber, andmeats.

Changes in the composition of outstandingcurrency in recent months show a further rise

in the demand for currency forbusiness purposes, accompaniedby a continued decline in the

amount of currency held in hoards. This move-ment has been indicated by a continued de-crease in the outstanding volume of currencyof the larger denominations, accompanied byan increase in the volume of currency of the

smaller denominations. The retirement of thelarger denominations, those of $50 and over,which are little used for business purposes, hasbeen continuous since the end of the bankingcrisis in March of last year. About $350,000,-000 in currency of such denominations hasbeen returned since March 31, 1933. Circula-tion of the smaller denominations, those of $20and less, such as are commonly used in businesstransactions, began to increase in the summerof last year, and since July 31, 1933, has in-creased by more than $260,000,000 to a levelabove $4,000,000,000. The growth of the cir-culation of these denominations, of which abouthalf has occurred since the end of January, hasreflected larger demands for cash for pay rolls,for retail trade, and for similar purposes forwhich the use of currency, rather than ofchecks, is customary in the United States. Thedata cited are exclusive of figures for gold coinand gold certificates, the outstanding amountof which has been decreasing for more than ayear in response to governmental action.

Deposits of member banks continued toincrease in April, reflecting further growth of

demand and time deposits, off-f s e t i n P a r t b ^ a d e c r e a s e i n

United States Government de-posits. The time deposits of reporting memberbanks in leading cities have been increasingsteadily since last December. Their demanddeposits, which have been increasing since lastAugust, have increased more rapidly since themiddle of December, largely in consequence ofan increase in interbank deposits. The recentgrowth of demand and time deposits hasresulted in large part from the transfer toindividual accounts, through Treasury disburse-ments, of a part of the Government depositsin member banks which had been in Marchat the highest level in many years. These

267


268 FEDERAL RESERVE BULLETIN MAY 1934

Reopening ofbanks

Government deposits had been built up original-ly through the purchase by the banks, in returnfor deposit credit, of new issues of UnitedStates Government securities. Recent growthof individual deposits, therefore, is a step inthe process of creation of deposits by thepurchase by the banks of United StatesGovernment securities and of subsequent dis-bursements by the Treasury in making currentpayments.

There has been a substantial increase duringrecent months in the number of member banks

in active operation, reflectingthe reorganization and reopen-ing of more than 200 unlicensed

member banks under old and new charters andthe admission of about 75 nonmember Statebanks to membership in the Federal ReserveSystem since the first of the year. The num-ber of licensed member banks increased from6,011 on December 30, 1933, to 6,294 on April25, 1934, while the number of unlicensed mem-ber banks declined from 512 at the end of 1933,with deposits of about $500,000,000, to 218 onApril 25, 1934, with deposits of about $200,-000,000. During the same period the numberof restricted and unlicensed nonmember banks,exclusive of mutual savings banks, had beenreduced from about 1,400, with deposits ofabout $650,000,000, to less than 850, withdeposits of about $400,000,000.

During the first 4 months of 1934 about 1,400additional banks obtained from the Recon-struction Finance Corporation commitmentsfor additional funds to strengthen their capitalstructures. The total number of banks havingsuch commitments at the end of April approxi-mated 5,900, the amount of the commitmentsw as in excess of $1,000,000,000, and the aggre-gate amount disbursed was about $650,000,000.

Figures of the Federal Deposit InsuranceCorporation as of the end of March show that

at that time 13,870 banks hadtheir deposits insured under thetemporary plan, which covers

each depositor in each participating bank up to$2,500. The total deposit liabilities of theinsured banks were about $38,200,000,000,

Depositinsurance

$27,300,000,000 being in member banks, $6,400,-000,000 in 234 mutual savings banks, and$4,400,000,000 in 7,377 other nonmember banks.Considering all the classes of insured banks to-gether, about 41 percent of aggregate depositliabilities were insured under the temporaryplan. The proportion of total deposit liabilitiesinsured was 35 percent for national banks, 26percent for State member banks, 70 percent formutual savings banks, and 58 percent for othernonmember banks. The variations in thesepercentages reflect chiefly the fact that theproportion of relatively small accounts islarger for some of these classes of banks thanfor others. The figures indicate that at theend of March the banks which were operatingwithout restrictions but did not belong to theinsurance plan included about 350 mutualsavings banks with about $3,300,000,000 ofdeposits and 950 other nonmember banks withnot more than $700,000,000 of deposits.

Prices of long-term bonds have been risingsteadily in recent months, continuing an up-

ward movement that beganlast November. The advance

has been general, extending to all classes ofSECURITY PRICES( Averages, Weekly Basis )

140 ' ' " ^

120

Capital markets

1931 1932 1933

bonds—Government, municipal, railroad, pub-lic utility, and industrial—and to all grades,with the largest increases in the lower grades.


MAY 1934 FEDERAL RESERVE BULLETIN 269

Some bonds of the highest ratings were sellinglate in April at the highest prices since the war,while prices of lower-grade bonds had returnedalmost to the level that prevailed in the firsthalf of 1931. Prices of preferred stocks havealso increased during recent months.

Fluctuations during recent years in the pricesof Government bonds, of 60 medium and high-grade corporate bonds, and of common stocksare shown on the accompanying chart.

Prices of common stocks, after advancingsharply during January and early February,have moved irregularly during recent weeks.During the first 5 weeks of the year the av-erage price of 351 industrial issues increased byabout 16 percent and rose above the highestlevel reached in July 1933. Averages of rail-road and public utility shares appreciated by asmuch as 35 percent, but not to so high a levelas that of last summer. Beginning early inFebruary the trend of stock prices was down-ward until near the end of March. Duringthe subsequent 3 weeks industrial and railroadshares advanced again, almost to their highestprices of early February, and public utilityshares showed some increase in price. Allclasses of stocks declined considerably in thelast week in April and the first week in May.

New security issues, except by the UnitedStates Treasury, continued in relatively smallvolume during the first quarter of 1934, andas in 1933 were largely confined to State andmunicipal issues. New State and municipalsecurities floated during the first quarter of1934 totaled $176,000,000, as compared with$179,000,000 in the last quarter of 1933. Theseare the highest quarterly figures since themiddle of 1932, but are far below the averagequarterly volume of $350,000,000 for the years1924 to 1930. In April new municipal issuesamounted to about $100,000,000. The volumeof corporate financing during the last twoquarters was very small. Flotations in thelast quarter of 1933 were $25,000,000 of stocks,all representing new capital. During the firstquarter of 1934 the amount of new corporatefinancing was $33,000,000, of which long-termbonds, short-term bonds, and common stocks

each constituted about one third. In Aprilnew corporate issues totaled $28,000,000 andin addition there were refunding issues of about$60,000,000.

International gold movements in recentmonths have largely reflected the flow of funds

to the United States that fol-International lowed devaluation of the dollargold move-

ments at the end ol January and theaccompanying undertaking by

the Treasury to buy and sell gold at $35 anounce. Changes in gold reserves of theUnited States and the principal foreign centralbanks since the end of January are shown in thetable. The decrease in reserves of foreign

GOLD RESERVES OF PRINCIPAL COUNTRIES[In millions of dollars]

United States

EnglandFranceGermanyItalyBelgiumNetherlandsSwitzerland

Latestreportdate,1934

Apr. 30

Apr. 25 IApr. 27 !Apr. 30 !Apr. 30Apr. 26 iApr. 30 jApr. 30 j

Goldreserves

p 7, 756

1,5755.023

83*6-:,9

636539534

Changefrom lastreportdate inMarch

+61

+1+76- I S- 3+1+4

-37

Change during—

March

+43-39-22

o

- 4- 3 0

Febru-ary

+610

+ 1- 2 0 4

- 1 7

- 8 6- 5 3

v Preliminary.

central banks was largest in February. InMarch European gold movements to the UnitedStates were checked and French reserves beganto increase. This increase has representedchiefly the movement of gold from Switzerland.Reserves of other leading European countrieshave shown little change in recent weeks.Notwithstanding the fact that European centralbanks did not lose gold to the United Statesduring March, the central monetary gold hold-ings of this country continued to grow. Thetotal growth since the beginning of Februaryappears to have been about $200,000,000 inexcess of combined reported losses by othercountries, new production, gold released fromIndian hoards, and gold turned in in the UnitedStates. This additional increase representsprincipally gold that has come from privatehoards in European countries and from unre-ported holdings of foreign governments.



Errata in April Bulletin

On page 256 of the BULLETIN for April in thetable concerning the earnings and expenses ofnational banks, by districts, last 6 months of1932, the figures given for total interest ondeposits should be (in thousands of dollars):Total for all districts, 142,441; Boston, 11,845;New York, 26,590; Philadelphia, 14,298; Cleve-land, 14,232; Kichmond, 7,025; Atlanta, 5,407;Chicago, 17,496; St. Louis, 4,574; Minneapolis,6,318; Kansas City, 7,222; Dallas, 4,256; SanFrancisco, 23,178.

Change in Foreign Central Bank Discount Rate

On April 26 the National Bank of Belgiumreduced its discount rate from 3K to 3 percent.

Amendment to Gold Regulations

The following statement was released at theTreasury Department on April 25, 1934:

The Secretary of the Treasury, with theapproval of the President, has amended theprovisional regulations issued under the GoldKeserve Act of 1934 so as to continue untilJune 1, 1934, the period within which licensesissued under the Executive order of August 28,1933, may be deemed to be licenses under the

provisional regulations. The provisional regu-lations originally fixed March 15, 1934, as theexpiration of the time within which holders ofsuch licenses would be required to obtainlicenses under the new regulations. On March8, 1934, the expiration date was extended toMay 1, 1934, and it has now been extended toJune 1, 1934. These extensions of time havebeen made to enable the mints and assay officesto investigate carefully each of the manythousands of applications which have beenreceived before issuing licenses under the newregulations.

The amendment reads as follows:TREASURY DEPARTMENT,

OFFICE OF THE SECRETARY,

April 19, 1934.

AMENDMENT TO PROVISIONAL REGULATIONS ISSUED

UNDER THE GOLD RESERVE ACT OF 1934

The provisional regulations issued on January 30,1934, under the Gold Reserve Act of 1934, as amended,are further amended in sections 45 and 46 by deletingtherefrom the word and figures "May 1, 1934" wher-ever they appear in said sections, as amended March 8,1934, and inserting in lieu thereof the word and figures"June 1, 1934."

H. MORGENTHAU, Jr.,Secretary of the Treasury.

Approved:FRANKLIN D. ROOSEVELT.

THE WHITE HOUSE,April 20, 1934.

REVISED INDEX NUMBERS OF FACTORY EMPLOYMENT AND PAY ROLLS

The Bureau of Labor Statistics of the UnitedStates Department of Labor has compiledrecently new index numbers of employmentand pay rolls in manufacturing industries,giving monthly figures for the period sinceJanuary 1919. These new indexes are shownbelow and will henceforth be regularly pub-lished in the FEDERAL RESERVE BULLETIN.Publication of the unadjusted index numbers offactory employment and pay rolls heretoforecompiled by the Federal Reserve Board wil] bediscontinued in the near future, but the Boardwill continue to publish a seasonally adjustedindex of factory employment. A new adjusted

index is now being computed from the newemployment index of the Bureau of LaborStatistics.

These new factory employment and pay rollindexes of the Bureau of Labor Statistics havebeen adjusted to agree with more completedata from the Biennial Censuses of Manufac-tures and have been computed on a 1923-25base, corresponding in these respects to theindexes heretofore compiled by the FederalReserve Board. For the period from 1919 to1927 the new indexes differ very little from theBoard's indexes for that period. Since 1927there are important differences owing to the fact


M A Y 1934 FEDERAL RESERVE BULLETIN 271

that the Bureau of Labor Statistics' indexeshave been adjusted to agree with censuses of1929 and 1931 and also include representationfor a substantial number of additional manu-facturing industries.

The Bureau states that its revised indexesdiffer in two major respects from those formerlycompiled and published by the Bureau.

" First. The index for each of the 90 separateindustries surveyed each month has beenadjusted to conform with the figures on em-ployment and pay rolls for previous years aspublished by the Bureau of the Census. Simi-lar adjustments have been made for the 14groups into which these industries are classified,and for the general index for all manufacturingindustries.

"This change has been made so that theindexes may reflect as accurately as possiblethe changes in total employment and pay rolls,not only from month to month, but also over aperiod of years. The Bureau's indexes arebased on returns supplied by representativemanufacturing establishments in each of theindustries surveyed. The establishments sup-plying these monthly data employ approxi-mately 50 percent of all factory wage earnersof the country, and their combined reportsindicate with close accuracy the short-timetrend in employment and pay rolls. The

former indexes did not, however, accuratelyreflect the long-time trends. They did notfully portray the increases resulting from theestablishment of new plants, or the decreasesbrought about by the permanent shut down ofestablishments not included in the Bureau'ssample. Such changes are shown only by thecomplete coverage of every plant in each in-dustry, as made by the Biennial Census ofManufactures. As now readjusted, the Bureauof Labor Statistics' index makes allowance fornew establishments coming into existence, andold establishments dropping out.

"A second change in the revised series ofindex numbers is the shifting of the base fromthe 12-month average for 1926 to the averagefor the 3-year period, 1923-24-25. Hence-forth, the average for these years will equal100 in the Bureau's index. This broader basewas selected as preferable to the single-yearbase, not only because it minimizes any unusualcondition which would greatly affect the rela-tive position of any industry in any single year,but also to place the Bureau's indexes on abase similar to a number of other official andprivate series of indexes on employment, payrolls, and production."

The Bureau of Labor Statistics will publishin the near future a full description of the indexand detailed figures for the separate industries.

EMPLOYMENT AND P A Y - R O L L S IN MANUFACTURING INDUSTRIES

[Revised indexes of Bureau of Labor Statistics. 1923-25 average = 100]

EMPLOYMENT

Month

January -February __ __MarchApril .May . .JuneJulyAugustSeptember..OctoberNovemberDecember

Average

1919

105.3102.2102.4102.5103.1104.3106.9109.7111.7111.3112.6114 4

107.2

1920

114.9113.7116.0114.5112.0111.1108.5108.8107.5103.797.489 7

108.2

1921

81.082.683.282.181.981.079.881.283.484.184.283 3

82.3

1922

82.584.685.985.887.989.888.291.494.597.099.0

100 5

90.6

1923

100.7102.5104 6105.0105.3106.0104.9105.2105.7104.5103.2101 4

104.1

1924

100.2101.5101.799.996.893.891.092.194.495.394.896 1

96.5

1925

96.398.198 898.798.198.097.899.5

101.5102.2101.8101 5

99.4

1926

100.5101.5102.1101.4100.4100.399.4

101.4103.4103.1101.4100.0

101.2

1927

98.299.7

100.299.699.199.198.199.3

100.599.697.496 1

98.9

1928

95.096.597 697.197.097.897.7

100.1102.2102.6101.7101 2

98.9

1929

100.8102.9104.1105.3105.3105.6106.1107.9109.0107.7103.699 8

104.8

1930

97.397.496 996.394.892.989.588.889.687.784.682 3

91.5

1931

79.680.380 780.780.178.477.077.177.474.471.871 0

77.4

1932

68.769.568 466.163.461.258.960.163.364.463.462.1

64.1

1933

60.261.158 859.962.666.971.576.480.079.676.274 4

69.0

1934

73.377.780 8

PAY ROLLS

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Average.

95.389.690.089.290.092.094.899.9

104.7102.2106.7114.0

97.4

117.2115.5123.7120.9122.4124.2119.3121.6119.8115.8107.098.0

117.1

82.881.381.779.077.375.471.773.973.472.671.773.3

76.2

69.672.474.973.877.280.578.583.087.089.593.495.7

81.3

94.697.9

102.5103.8107.3107.5103.3103.8104.3106.6104.5102.9

103.3

98.8104.1104.1101.897.592.485.789.392.595.193.797.6

96.1

95.4100.8102.4100.0100.798.796.899.398.8

104.6104.6105.2

100.6

100.9105.0106.5104.4103.1103.399.0

103.4104.4107.6104.1103.5

103.8

98.4104.4105.7104.5104.0102.498.5

101.9101.4102.198.599.5

101.8

96.0101.2102.5100.5101.3101.799.0

103.3104.7108.2105.0105.6

102.4

102.3109.3111.6112.6112.9111.2107.2112.0112.9112.4104.1100.7

109.1

95.998.898.897.795.492.384.383.384.182.276.875.2

88.7

70.074.375.674.473.469.766.265.963.461.358.157.6

67.5

53.554.653.149.546.843.439.840.642.944.742.941.5

46.1

39.540.237.138.842.747.250.856.859.159.455.554.5

48.5

54.060.664.8



NATIONAL SUMMARY OF BUSINESS CONDITIONS

[Compiled Apr. 21 and released for publication Apr. 23]

Volume of industrial production increasedfurther in March and there was considerablegrowth in factory employment and pay rolls.The general level of commodity prices showedlittle change between the middle of March andthe middle of April, but in the third week ofApril there was a sharp decline in grain prices.

Production and employment.—Output ofmanufactures and minerals, as measured by theFederal Reserve Board's seasonally adjustedindex of industrial production, advanced from81 percent of the 1923-25 average in Februaryto 84 percent in March. This advance reflectedchiefly increases of more than the usual seasonalamount in the output of steel, automobiles, andlumber, and an increase contrary to seasonaltendency in the output of coal. Production oftextiles showed little change in volume on a dailyaverage basis. In the early part of April activ-ity at steel mills and automobile factories in-creased further, according to trade reports, whilecoal production declined by a more than seasonalamount.

Volume of employment at factories increasedfurther between the middle of February and themiddle of March by about 4 percent, an amountlarger than is usual at this season. Employ-ment on the railroads and at mines also showedan increase. The number on the pay rolls ofthe Civil Works Administration was reducedfrom about 3,700,000 in the middle of Februaryto about 2,400,000 in the middle of March and1,900,000 at the end of the month.

The value of construction contracts awardedin March, as reported by the F. W. Dodge Cor-poration, showed a considerable increase fromthe low level of February, followed in the firsthalf of April by a decline. For the first quarteras a whole, the value of contracts was somewhatsmaller than in the last quarter of 1933; publiclyfinanced projects continued to make up aboutthree fourths of the total.

Distribution.—Volume of freight-car loadingsshowed a further increase in March, reflectingchiefly seasonal increases in shipments of mer-chandise and miscellaneous freight and a con-tinued large volume of coal shipments, whichusually decline in March. In the early part of

April total car loadings showed a decline, re-flecting a sharp reduction in coal shipments.Dollar volume of trade at department storesincreased in March by considerably more thanthe estimated seasonal amount, after allowancefor the early date of Easter this year.

Prices.—The general level of wholesale com-modity prices, as measured by the index of theBureau of Labor Statistics, was 73.3 percent ofthe 1926 average in the week ending April 14 ascompared with 73.8 percent in the week endingMarch 10. During this period prices of steel,copper, and automobiles advanced, while pricesof farm products decreased somewhat. In thethird week of April wheat prices declinedsharply and there were also declines in theprices of other grains, cotton, and silver.

Bank credit.—During the 4 weeks endedApril 18 member bank reserve balances in-creased by $220,000,000, raising the volume ofreserves in excess of legal requirements to$1,600,000,000. This increase reflected agrowth of $105,000,000 in the monetary goldstock and further disbursements by the Treasuryof funds from its cash holdings and its depositswith the reserve banks.

At reporting member banks in leading citiesan increase of $400,000,000 in net demand andtime deposits for the 4-week period endedApril 11 reflected chiefly the deposit by thepublic of funds disbursed by the Treasury, aswell as a growth in bankers' balances. Gov-ernment deposits were reduced by about$200,000,000. Holdings by these banks ofsecurities, other than United States Governmentobligations, increased by $64,000,000, and theirloans both on securities and all other alsoincreased slightly, with the consequence thattotal loans and investments showed a growth of$100,000,000 for the period.

Money rates in the open market declinedfurther in April. Rates on prime 4- to 6-monthcommercial paper were reduced from a range of1-1% percent to 1 percent, and rates on 90-dayacceptances were reduced from % percent to arange of }%-}{ percent. Yields on Governmentsecurities also declined.



MILLIONS OF DOLLARS

aooo

RESERVE BANK CREDIT AND RELATED ITEMSWeekly basis: Wednesday series MILLIONS OF DOLLAR5

8000

7000

6000

5000

4000

3000

2000

1000

TREASURY CASH3c DEPOSITS WITH F. R. BANKS

7000

6000

5000

4000

3000

2000

1000

1929 1930 1931 1932 1933 1934

Based on Wednesday figures; latest figures are for April 25. See table on page 274.



FEDERAL RESERVE BANK CREDITRESERVE BANK CREDIT AND RELATED ITEMS

[In millions of dollars. Wednesday series; for other series, see p. 307]

Date (Wednesday)

1933-Mar. 1. . . .Mar. 8.. . .Mar. 15...Mar. 22...Mar. 29...Apr. 5__._Apr. 12. . .Apr. 19.. .A.Dr, 26 ._May3._._May 10...May 17...May 24...May 31.. .June 7June 14...June 21. . .June 28...July 5July 12. . .July 19. . .July 26. . .Aug. 2 . . . .Aug. 9 . . . .Aug. 16- .Aug. 23...Aug. 30...Sept. 6....Sept. 13...Sept. 20...Sept. 27...

Oct. 4Oct. 1 1 . . .Oct. 18. . .Oct. 25 . . .Nov. l._._Nov. 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.. .Fob. 28...Mar. 7 . . .Mar. 14. .Mar. 21 . .Mar. 28. .Apr. 4 . . . .Apr. 11. _.Apr. 18...Apr. 25...

Reserve bank credit outstanding

Bills dis-counted

7121,4141,232671545

436428414385

400338330312302

277254222191

182168163161

164156166150153

145133130133

123119113115

117112111112119

116118115111

1061041019783

73680664

59555153

48434040

Billsbought

384417403352310

286247208177

144113784320

111098

23131010

777

7777

7777

77152024

61116113111

121113112104111

97867562

46373329

26171310

UnitedStates

Govern-ment se-curities

1,836,881,899,864,838

,837,837,837,837

,837,837.837,862,890

,912,932,955,975

1,9952,0072,0172,028

2,0382,0482,0592,0942,129

2,1662,2032,2382,274

2,3092,3442,3752,4002,4202,4302,4322,4312,4322,4312,4322,4322,4322,4322,4322,4322,4322,434

2,4322,4322,4322,432

2,4322,4322,4322,4322,4322,4322,4302,430

Other re-servebankcredit

61372

18879

1214137

107

185

7- 7

6- 1

77

11252029

71

- 22

47

18

Total

Monetarygold stock

2,9363,6443,5252,8872,6882,5742,5282,4902,4122,3962,2972,2542,2192,2182,2142,2122,1942,1822,2062,2012,1972,2012,2082,2202,2402,2582,2982,3302,3572,3882,4212,4492,4772,5132,5262,5502,5422,5642,5622,5812,6152,6772,6862,674

2,6552,6462,6312,6302,6062,5932,5922,5672,5392,5322,5082,5192,5092,4922,4932,486

4,3444,2434,2514,2644,2724,2834,2934,3134,3104,3124,3134,3134,3144,3154,3164,3184,3174,3184,3184,3194,3194,3204,3204,3204,3214,3284,3284,3291,3274,3274,3244,3244,3244,3234,323

4,3234,3234,3224,3234,3234,3234,3234,3234,323

4,3234,3234,3224,322

U.033a 7,0367,0897,2037,4387,5567,6057,6407,6817,7037,7327,7467,755

Treasuryand

national-bankcur-

rency

Money incircula-tion

2,2182,2302,2562,2732,2872,2972,3032,3082,306

2,3052,3032,2992,2992,2982,2962,2952,2952,2962,2852,2842,2832,2822,2812,2812,2812,2802,2812,2802,2812,2802,2792,2792,2782,2772,277

2,2762,2752,2752,2762,2772,2772,2952,2992,3042,3032,3022,3022,3012,3022,3012,3012,3012,302

2,3122,3322,3432,3562,3692,3812,3812,380

6,7207,5387,2696,6086,3536,2616,1476,0685,994

5,9545,8925,8525,7955,8125,7675,7235,6965,6755,7525,6675,6355,6015,6185,6085,6125,5925,5925,6485,6025,6055,5955,6525,6735,6505,6085,6405,6735,6545,6545,7435,7585,7635,8495,8245,7915,6845,6435,581

»5,2895,3175,3215,3445,3555,3745,3455,3345,3365,3715,3475,3475,324

Memberbank re-

servebalances

2,0381,7761,9641,9181,9871,976

2,'1592,1362,0342,0892,1142,1942,1672,2042,2812,2052,2862,2192,2692,2902,3062,3192,3762,3712,4322.4272,4392,5422,5432,5962,5232,5672,6552,6932,5912,5782,6452,6872,5732,5612,6382,6362,6752,7102,7772,7882,8512,6522,7362,8512,8303,0933,3133,4543,4493,4393,4503,5603,6653,744

Treas-urycash

and de-positswithF.R.

banks

303317317432428441390366371487399370329345

307316405317

331353335366

333292315319339

327317334331372338284302

388373345316369

386379329315

311353407398597

> 3,4493,3913,4993,440

3. 2943,2263,2523,318

3,3233,2393,2043,148

Non-mem-ber de-posits

OtherFederalReserve

ac-counts

91138132126144

135143163172

182178175161155

197153152169

164169194186

188195197175202

178157164156

159155166167

178161163149142

156160132124

145172143137141

142130132127

133143154161

140148167167

345348349341334

342349355354

356355355353353

352351348349

344345344344

350350347348347

346346348347

346345358359

353356355355354

354355362362

358295288287287

299290291292

294301302303

297312237237

» Beginning Jan. 31,1934, "gold coin in circulation" (estimated for that date at $287,000,000) is excluded from monetary gold stock and money incirculation; see p. 276.

* By proclamation of the President dated Jan. 31, 1934, at 3:10 p.m., the weight of the gold dollar was reduced from 2L$U grains to 15^i grainsnine tenths fine. The resulting increase in the value of the monetary gold stock was covered into the Treasury as a miscellaneous receipt and isreflected in an increase in the item '* Treasury cash and deposits with Federal Reserve banks."

3 Less than $500,000.

NOTE.—For explanation of recent rearrangement of certain data in this table, see BULLETIN for February 1934, p. 93.


MAY 1934 FEDEEAL RESERVE BULLETIN 275

ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVENOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT

[In thousands of dollars]

Apr. 30, 1934 Mar. 31, 1934 Apr. 30, 1933

Gold certificates on hand and due from United States Treasury.Gold.Redemption fund—Federal Reserve notes..Other cash

Total reservesRedemption fund—Federal Reserve bank notes

Bills discounted:For member banksFor intermediate credit banks..For nonmember banks, etc

Total bills discounted.

Bills bought:Payable in dollars:

Bought outrightUnder resale agreement __

Payable in foreign currencies.

Total bills bought

United States Government securities:Bought outrightUnder resale agreement

Total United States Government securities.Other Reserve bank credit:

Federal intermediate credit bank debenturesMunicipal warrantsDue from foreign banksReserve bank float (uncollected items in excess of deferred availability items).

Total Reserve bank credit outstandingFederal Reserve notes of other Reserve banksUncollected items not included in floatBank premisesFederal Deposit Insurance Corporation stockAll other assets

Total assets.

Federal Reserve notes:Held by other Federal Reserve banks.Outside Federal Reserve banks __.

LIABILITIES

Total notes in circulationFederal Reserve bank note circulation—netDeposits:

Member bank—reserve accountUnited States Treasurer—general account.Foreign bankOther deposits

Total depositsDeferred availability itemsCapital paid inSurplusReserves (Federal Deposit Insurance Corporation stock, self-insurance, e t c ) .All other liabilities

Total liabilitiesContingent liability on bills purchased for foreign correspondents..

FEDERAL RESERVE NOTE STATEMENT

Notes issued to Federal Reserve banks by Federal Reserve agents.Collateral held by agents as security for notes issued to bank:

Gold certificates on hand and due from U.S. TreasuryEligible paperUnited 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 bills _.United States Government securities

Total collateral.

4, 589,990 4, 303, 587

31,047222,034

32, 748200, 647

4, 843,0716,333

4, 536,982

38, 641

401

53, 670

"""398

;9, 042 54, 068

3,492

~5,~670~

23,273

" 5 , " 275'

8,562 28, 548

2, 431, 273 2, 445, 6361,600

2, 431, 273

200548

3,1312,574

2, 447, 236

5633,131

11, 536

2, 485, 33018, 414

364, 27952, 567

139, 29943,772

2, 545, 08216, 569

387, 63952, 44269, 65050,980

7,953, 065 7, 668, 430

18,4143,041,690

16, 5693,021, 734

3,060,10474, 582

3, 038, 303116, 876

3, 598, 528115,302

6,228262, 041

3,457, 06939,220

5,941151,166

3,364, 279146,395138,383161, 828

25, 395

3, 653, 396387, 639146, 221138, 383161,829

25, 783

7, 953,0654,296

7, 668, 4304,937

3, 316, 776 3, 264,452

2,987, 27123, 025

350,400

2, 861, 73454, 621

385,300

3, 360, 696 3, 301, 655

88, 852 132, 895

9110, 774

971161,774

110, 783 162,745

941,8122, 412,480

62,115310,694

3, 727,1013,318

433, 579

435,010

163, 527

7,181

170, 708

1,836, 488800

1, 837, 288

5,7263,6566,738

2, 459,12620,850295, 37254,185

46,103

6, 606,055

20,8503,407,061

3, 427,91147, 808

2,132,38959,19729,928

158, 248

2, 379, 762295,372150,171278, 59912,20614, 226

6, 606,05540,060

3, 678, 762

2,648, 692434,778639, 500

3, 722,970

67,374

40,80067,854

108,654


276 FEDERAL RESERVE BULLETIN M A Y 1934

ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK

[In millions of dollars]

Month

1932—October. _..November-December..

Total (12 mo.).

1933—JanuaryFebruary-_.MarchAprilM a y .JuneJu ly .AugustSeptember-OctoberNovember -December. .

Total (12 mo.) .

1934—January

February .MarchApril p

Goldstockat end

ofmonth

Analysis of changes

Increasein goldstock

Net goldimport

Net re-

from ear-mark i

Otherfactors

$l=258io grains .of gold nine tenths fine,an ounce of fine gold=$20.67

4,2644,3404,513

4,5534,3804,2824,3124,3154,3184,3204,3284,3244,3234,3234,323

70.875.6

173.5

52.9

40.0-173.4-97.2

29.53.62.22.77.5

- 3 . 8- 0 . 7

-0.5

-190.4

20.621.7

100.9

-446. 2

128.517.8

- 2 2 . 1-10 .0- 2 1 . 1- 3 . 2

- 8 3 . 9- 8 0 . 4- 5 6 . 7-32 .4- 1 . 1- 9 . 1

-173.7

45.848.671.0

457.5

- 9 1 . 5-178.3-100.1

33.722.13.5

84.579.549.326.90.6

11.8

-58.0

4.55.31.6

41.6

3.0-12 .9

25.05.72.61.92.18.43.64.80.4

- 3 . 1

41.4

2 4,033 2-289.3 - 2 . 8 12.2 >-298.7$l=15%i grains of gold nine tenths fine; i.e.,

an ounce of fine gold=%35" " 2,883.8

20.011.0

7,7,7,

438695756

3 405.0256.860.8

452.237.

50.

669

68.7—. 8

— 1. 1

r> Preliminary figures.1 Gold released from earmark at Federal Reserve banks less gold

placed under earmark (with allowance when necessary for changes ingold earmarked abroad for account of Federal Reserve banks),

2 Decrease during January reflects primarily omission from gold stockfor end of January of "gold coin in circulation"; see note 0) at bottomof this page.

Back figures.—See Annual Reports for 1932 (table 47), 1931 (table 30).

MOVEMENTS OF GOLD TO AND FROMUNITED STATESi


From or to—

Belgium _EnglandFrance . . .GermanyNetherlandsSwitzerlandCanadaCentral AmericaMexicoArgentina .ColombiaEcuadorPeruUruguayVenezuelaAustraliaBritish IndiaChina and Hong

KongDutch East Indies—JapanPhilippine Islands. _All other countries 2-

Total

1934

April(preliminary)

Im-ports

23,6191,676

7,158

8,909

2,495

4,225

2,821

38

50. 941

Exports

March

Im-ports

136,95551 394

1933

January-March

E x P ° r t s i port's

1Q

10 8483,569

10, 302308

5,377

2,490108192

914

10, 436

2,933

1,0711,534

237 612

142376, 783175, 775

1m, 12012.65615 i 22,751

i 3799 ' 10,761

i 4, 150108224

298914

10, 436

i 3.5844

2,8212. Q75

44 fiQ2. 181

Exports

202,570

481

1,678

37

23

4,809

• With some exceptions figures represent customs valuations at rate of$20.67 a fine ounce through January 1934 and $35 a fine ounce thereafter

• Includes all movements of unreported origin or destination.

Back figures.—See Annual Report for 1932 (tables 49 and 50).

KINDS OF MONEY IN CIRCULATION[Money outside Treasury and Federal Reserve banks. In millions of dollars]

End of month Total Gold Goldcertifi-

Stand-ard

silverdollars

Silvercertifi-

Treas-ury

notesof 1890

Sub-sidiarysilver

Minorcoin

UnitedStatesnotes

Federale s e r v e | ^

Na-tional-banknotes

1933—January.. _February _MarchAprilM a y . .JuneJulyAugustSeptemberOctober. _.November.December.

1934—January —February. ,MarchApril v

5,6456,5456,3206,0035,8125,7215,6305,6125,6505,6355,7425,806

15,289i 5, 3541 5,394i 5, 368

479571367335324321320319312312311311

0)0)0)0)

591649393323280265252242232225219213

178167161157

350362376360359361365372385387394407

391399403400

250252258255256257258261265267269272

267270272275

111111112112112113113114115116117117

116117118118

287301266261265269275277280277285286

283289289282

2,7073,4053,6213,3623,1673,0612,9742,9532,9662,9302,998 |3,044 ;

!2,894 i2,949 I3,005 |3,025 !

33175099125129133156189206208

202194178162

836861879915922920914911909903913918

627938936918

v Preliminary figures.1 Omission of figures for gold coin reflects change in reporting practice of Treasury and Federal Reserve banks (effective Jan. 31, 1934, when fig-

ure would have been $287,000,000).

NOTE.—For figures of paper currency of each denomination in circulation see p . 311.Back figures.—See Annual Reports for 1932 (table 52), 1930 (table 32), and 1927 (table 22).



MEMBER BANK RESERVE BALANCES[In millions of dollars]

Average of daily figures

Month

1932—MayJuneJulyAugustSeptember..OctoberNovember-December..

1933—JanuaryFebruaryMarch 2

April 3May 3

June 3

July 3

August3

September 3_October 3

November 3 .December '_.

1934—January3...February 3 .March 3___^

Reserves held

Total—allmemberbanks

2,1382,0622,0032,0732,1812,3072,3782,435

2,5162,291

2,0402,0692,1602,2212,3312,4512,5572,5992,588

2,7402,7993,345

New YorkCity i

874783767832927

1,0011,0501,083

1,109

867878861796837

866

897872

3,227

Otherreservecities

80081978179712863887911

965

742773858936993

1,0561,1351,1811,193

1,2211,2711,422

"Country'banks

464459455444443444441440

442441

Excess reserves

Total—allmember

banks

277.1234.4204.4269.9345.5435.9482.2525.8

583.8417.3

431418441489501499529553567

622656

379.1319.1363.1435.7565.5674.5758.4794.1765.7

865.7890.8

1, 375. 1

New YorkCityi

155.189.475.0

127.7193.4241.6266.8283.2

286.274.5

150.2106.068.943.2

101.8155.2149. 0129.896.0

146.8118.3432.2

Otherreservecities

91.5111.491.6

108.9119.6160.5181.8206.9

254.2291.0

129.4132.0198.0252.9312.3371.5437.9474.7472.6

476.6509.1645.5

"Country'banks

30.533.637.933.332.433.733.735.7

43.451.8

99.581.296.2

139.6151.3147.8171. 5189.6197.1

242.4263. 4297. 4

1 Central reserve city banks only. 2 March data not available.

Back figures.—See Annual Reports for 1932 (tables 69 and 77), 1931 (tables 49 and 56).

s Licensed banks only.

MEMBER BANK DEPOSITS[In millions of dollars]

Month

T o t a l -all mem-

berbanks

Averages of daily figures

Net demand and time deposits

NewYorkCity i

Otherreservecities

"Coun-try"

banks

Total-all mem-

berbanks

Net demand deposits

NewYorkCity i

Otherreservecities

"Coun-try"

banks

Total-all mem-

berbanks

Time deposits

NewYorkCity1

Otherreservecities

"Coun-try"

banks

1332—MayJuneJulyAugustSeptember.OctoberNovember.December._

1933—JanuaryFebruaryMarch»April*May3 . .June3

July3

AugustSeptember 3_.October 3

November3..December3..

1934—January 3. _.February 3.M a r c h 3 . . . .

25,46625,07524, 71224, 74424,97325, 29225. 47625, 492

25, 64124,978

6,1595,9575,9516,0846,3086,5596,7626,877

7,0506,722

10,08110,0329,8309,8339,8539,9399,9649,941

10, 0239,847

9,2269,0878,9318,8278,8118,7958,7518,674

8,5688,409

14,67914,41314,15714,14114,40814, 67914,86414,965

15,11614, 645

5,3425,1545,1335,2175,4405,6295,8045,937

6,1095,842

5,4255,4335,3045,2835,3165,4025,4325,424

5,4705,368

3,9113,8263,7203,6413,6523,6493,6283,604

3,5373,435

10,78710,66310,55510, 60310,56510,61210,61210, 527

10,52510, 333

816803818867869929957940

4,6564,5994,5264,5504,5384,5374,5324,517

4,5534,479

21, 71022, 50922,97423,16023,03923,14023, 36923, 48623,646

24,24824, 67425, 288

6,1206,517

6,4246,2826,3186,341

6,215

6,3486.3706,671

8,5208,8429,0319,3099,3189,3459,4539,5319,659

9,96310.12410, 303

7,0717,1507,2737,4277,4397,4777,5757,6667,772

7,9528.1808, 314

13,07813,81514,24114,10013,92014,02714, 24314, 34714,567

15,02115, 34115, 851

5,3315,7665,9235,5975,4685,5165,5355,4755,452

5,5995,6245,943

4,7564,9915,1625,3295,2995,3335,4595,5435,691

5,8946,0486,172

2,9903,0583,1563,1743,1533,1783,2493,3303,424

3,5283,6683, 736

8,633

8,7329,0609,1199,1139,1269,1399,078

9,2279,3339,437

788751746826814802805814763

74974fi728

3,7643,8513,8693,9804,0194,0123,9943,9883,968

4,0434,0754,131

5,3155,2615,2115,1865,1595,1455,1235,071

5,0314,974

4,0814,0924,1174,2534,2864,2994,3264,3364,348

4,4354, 5124, 578

1 Central reserve city banks only. * March data not available.

Back figures.—See Annual Reports for 1932 (table 69), 1931 (table 49).

•'Licensed banks only.



ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS


Call date

Totalloansand

invest-ments

Loansto

banks

Loans to other customers

Total

Se-cured

bystocksand

bonds

Se-cured

by realestate

Other-wise

securedand

unse-cured

Open-market loans

Total

Purchased paper

Accept-ancespaya-ble inUnitedStates

Ac-cept-ancespaya-

bleabroad

Com-mer-cial

paper

Loansto

bro-kersin

NewYorki

Investments

Total

U.S.Gov-ern-mentsecu-rities

Othersecu-rities

Totalloans

se-cured

bystocks

andbonds

TOTAL—ALL MEMBERBANKS

1930-June 30Sept. 24Dec. 31

1931—Mar. 25June 30 -Sept. 29Dec. 31

1932—June 30Sept. 30Dec. 31

1933—June 30 »Oct. 25 « -Dec. 30 2 _._

Mar. 52

NEW YORK CITY *

1930—June 30.Sept. 24Dec. 31 -

1931—Mar. 25 .—June 30Sept. 29Dec. 31

1932—June 30. _Sept. 30Dec. 31

1933—June 30 »Oct. 25»Dec. 30 2

Mar. 52

OTHER RESERVE CITIES

1930—June 30.Sept. 24Dec. 31

1931—Mar. 25June 30Sept. 29Dec. 31


1933—June 30 >__Oct. 25 «Dec. 30 2

Mar . 5 2

" C O U N T R Y " BANKS


1931—Mar. 25June 30Sept. 29 _Dec. 31


1933—June 30 2Oct. 25 2Dec. 30 2Mar. 52

35, 65635,47234,86034, 72933, 92333, 07330, 57528,00128, 04527,46924, 78624,95325, 22026, 548

8,7988,5578,5828,4738,2878,2537,4606,7157,1127,3277,1336,971fi.9957,351

13, 70113,97113,75813,96513, 56713,01612,11511,04510,97910,5359,7809,95110,15710, 816

13,15712,94412,51912,29012,06811,80510,99910, 2409,9549,6077,8738,0318,0688,381

535466631446457599790573457444330297287225

196169283154150250374260203216162143146112

277235286235247284347254205178129120103

21, 56521,01021, 00719, 94019, 25718, 71317, 57015,26714,49713,90511,33711, 52311,31511,093

4,3084,2784,3384,0073,8393,8503,6942,8562,6382,6212,2972,4362,3952,321

9,0298,7268,9068,4098,1007,8457,4076,5196,1965,8794,8464,9124,7974,669

8,2298,0077,7627,5247,3187,0186,4695,8925,6635,4054,1944,1754,1234,103

8,0617,8647,9427,4237,1176,8426,2905,2925,0864,8483,9163,8093,7723,644

2,0222,0312,1371,9601,8971,8161,7281,3431,3001,2471,0821,0321,034

3,8113,6323,656

3,1883,0922,8062,4032,3042,1691,7021,6601,6301,566

2,2272,2002,1492,0972,0311,9351,7561,5461,4811,4321,1321,1181,1081,093

3,1553,1633,2343,2203,2183,1493,038

2,8852,8622,3722,3642,3592,382

157157147150160152153160154160157149148156

1,5241,5261,6311,6191,6211,5851,5381,4071,4061,3981,1601,1441.1511,158

1,4751,4801,4551,4491,4371,4111,3461,3281,3241,3041,0551,0701,0611,068

10, 3499,9829,8319,2988,9228,7228,2427,0816,5276,1955,0495,3505,1845,067

2,1292,0902,0541,8961,7821,8811,8131,3531,1841,2141,0571,2541.2131,180

3,6933,5673,6203,4233,2913,1683,0632,7092,4862,3121,9842,1082,0161,945

4,5274,3264,1583,9783,8493,6733,3673,0182,857

2,0071,9871,9551,942

3,1133,2622,2332,4542,1031,563901747970855

1,1911,2381,2311,387

2,0911,9121,5251,6511,4971,121695565763701964891912

7101,064531645470326135118151115184274258306

3122861771581351167164553943736295

170205315361

146313407375291303223350

144148188199296201107262341330224233170276

185412215891673538584463685064

716255101113704134343025243726

5075233663613842961401221159387164132157

3013372122121891676262654651917889

171164120114101814836362827463454

2,3652,4721,4981,6301,217928575278414357788748840855

1,8831,7141,2811,3671,063839542258391337720624706687

35364316722712456167141258100112138

1291154936303216139810232230

10, 44210, 73410, 98911,88912,10612,19911, 31411, 41412,12112,26511,92811,89412, 38613,842

2,2032,1982,4352,6622,8013,0322,6973,0333,5083,7893,7093,5013, 5423,932

3,6853,9474,0354,6764,7504,5614,2264,1544,4274,3624,6214,6455,0005,763

4,5554,5894,5194,5504,5554,6064,3924,2264,1874,1143,5983,7483,8454,148

4,0614,0954,1255,0025,3435,5645,3195,6286,3666,5406,8876,8017,254

1,1471,0911,2391,4661,6561,8301,7682,0082,4292,6032,5512,3202,3622,768

1,6861.7851.7272,3132,4082,3012,1332,1872,4662,4622,8672,8893,2093,954

1,2291,2191,1591,2241,2791,4331,4181,4321,4711,4741,4691,5921,6831,946

6,3806,6396,864

6,7636,6355,9965,7865,7555,7265,0415,0935,1325,175

1,0561,1071,1971,1961,1451,202

9281,0251,0791,1861,1581,1811,1791,164

1,9992,1612,3082,3642,3422,2602,093.,966L, 961,900,754,757.790

1,809

3,3263,3703,3593,3263,2763,1722,9742,7942,7152,6402,1292,1562.1622,202

10, 65610,5119,7549,2728,5638,0817,3205,9165,7705,4474,8844,7134,7694,606

3,9833,7983,5503,3973,0262,7802,4741,7571,8111,6991,8881,7281,8241,724

4,3064,3873,9913,7293,4593.3173.0502,5852,4562,2981,8461,8361,8091,753

2,3672,3262,2132,1472,0781,9851,7961,5741,5031,4501,1501,1481,1361,129

1 Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.2 Licensed banks (operating on an unrestricted basis).3 Central reserve city banks only.Back figures.—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (table 53), but comparable

figures of total loans secured by stocks and bonds are given for June 30,1925-28, in the board's Annual Report for 1928 (table 52); for separate figuresof United States Qovernment securities and other securities back to 1914, see Annual Report for 1932 (table 73).


MAY J934 FEDERAL RESERVE BULLETIN 279

ALL BANKS IN THE UNITED STATES[Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State

supervision]

LOANS AND INVESTMENTS[In millions of dollars]

Date

All banks

Total Loans Invest-ments

Member banks


Nonmember banks

Mutual savings banks


Other nonmember banks


1929— Mar. 27.June 29_.Oct. 4 . . .Dec. 3 1 -

1930—Mar. 27.June 30—Sept. 24.Dec. 31..

1931—Mar. 25.June 30..Sept. 29.Dec. 31..

58, 01958, 47458,83558, 417

57, 38658,10857, 59056, 209

55, 92455, 02153, 36549, 704

1932—June 30 46,071Sept. 30 45,852Dec. 31 44,946

1933—June 30* i 40,089Oct. 25 3... iDec.30.... 1^40,479

1934—Mar. 5.

40, 55741,51242, 20141, 898

40, 68640, 61839, 71538,135

36,81335, 38433, 75031, 305

27,83426,98526,063

22, 215

22, 081

17, 46216, 96216, 63416, 519

16, 70017,49017,87518,074

19,11119,63719,61518, 399

18, 23718, 86718, 883

17, 874

> 18, 398

35,39335,71135, 91435, 934

35, 05635, 65635,47234,860

34, 72933,92333,07330, 575

28,00128, 04527, 469

24,78624, 95325, 220

26,548

24, 94525,65826,16526,150

25,11925, 21424, 73823, 870

22, 84021, 81620, 87419, 261

16, 58715,92415,204

12,85813, 05912. 833

12,703

10, 44810, 0529,7499,784

9,93710, 44210, 73410, 989

11, 88912,10612,19911,314

11,41412,12112, 265

11,92811, 89412, 386

13,842

1 9, 3909,556

i 9, 5569,463

i 9, 4639,747

1 9, 747

1 9,98710, 506

1 10, 50610,488

10, 3161 10, 31610,182

10,044

P 9 , 9 3 5

I 5, 6945,892

i 5,8925,945

1 5,9456,009

i 6, 0096,068

6,169» 6,1696,218

6,130i 6,1306,079

5,941

V5,~892~

» 3, 6963,664

i 3, 6643,518

i 3, 5183,739

i 3, 7393,920

i 3, 9204,337

» 4,3374,270

4,186i 4,1864,103

4,103

13, 23613, 20713, 36613,020

12,86812, 70612,37111,362

11, 20810, 5939,7868,641

7,7557,4917,295

5,258

9,9189,96110,1449,803

9,6239,3958,9688,196

7,9067,3996,7075,827

5,1174,9314,780

3,415

3,3173,2463,2213,217

3,2453,3093,4023,165

3,3023,1943,0792,814

2,6372,5602,515

1,843

M,043 5, 322 P3,356

1 Figures of preceding call carried forward.2 Beginning June 30, 1933, all bank figures (other than mutual savings banks) represent licensed banks only, with some exceptions as to non-

member banks.3 Nonmember bank figures not available.p Preliminary.

DEPOSITS, EXCLUSIVE OFDEPOSITS


INTERBANK

Date Allbanks

11 MemberI banks

Nonmember banks

Mutualsavingsbanks

1929—Mar. 27 __J 54,545 | 33,215 i 8, 849June 29.. j 53,852 ! 32,284 8,983Oct. 4 ! 55,180 33,004 18,983Dec. 3 1 . . . | 55,289 33,865 8,916

1930—Mar. 27 | 53,185 1 32,082 1 i 8,916June30 J 54,954 I 33,690 9,197Sept. 24 I 52,784 !j 31,839 { i 9,197Dec. 31 | 53,039 | 32,560 9,507

1931—Mar. 25 I 51,427 l| 31,153 I i 9, 507June30 \ 51,782 I 31,566! 10,017Sept. 29 . . . J 49,152 29,469! i 10,017Dec. 31 | 45,821 j 27,432 10,105

1932-June30 | 41,963 24,755 10,020Sept. 30 j 41,942 I 24,903 i 10, 020Dec.31 | 41,643 ! 24,803 10,022

38,011 | 23,338 9,713I 23,453

1933-June302Oct. 253Dec. 30. | p 38, 644

1934—Mar. 5 |

23,774

25,293

P9, 653

Chernonmem-ber banks

12,48112, 58413,19312, 507

12,18712, 06711, 74810, 972

10, 76710,1999,6668,284

7,1887,0206,818

4,961

For footnotes see table above.

NUMBER OF BANKS

Date

1929—Mar. 27June 29Oct. 4Dec. 31

1930—Mar. 27June 30Sept. 24Dec. 31..

1931—Mar. 25June 30Sept. 29Dec. 31


1933—June 302

Oct. 253

Dec. 30

1934—Mar. 5

Total

25,34125,11024,95124,630

24, 22323,85223, 59022, 769

22,37221,90321, 29419,966

19, 04618,79418, 390

14, 530

P 1 5 , 2 1 1

Member banks

Total

8,7558,7078,6168,522

8,4068,3158,2468,052

7,9287,7827,5997,246

6,9806,9046,816

5,6065,8186,011

6 206

Na-tional

7,5697,5307,4687,403

7,3117,2477,1927,033

6,9306,8006,6536,368

6,1456,0806,011

4,8975,0525,154

5,288

State

1,1861,1771,1481,119

1,0951,0681,0541,019

998982946878

835824805

709766857

918

Nonmemberbanks

Mu-tualsav-ings

banks

1612611

i 611609

1609606

1606603

1603600

1600597

5941594

594

576

P 5 8 1

Othernon-mem-ber

banks

15,97415,79215,72415,499

15, 20814,93114,73814,114

13,84113,52113,09512,123

11,47211, 29610,980

8,348

p 8, 619

For footnotes see table above.



REPORTING MEMBER BANKS IN 91 LEADING CITIES


Date

1933—Nov. 1-Nov. 8_.Nov. 15.Nov. 22.Nov. 29.

Dec. 6..Dec. 13.Dec. 20.Dec. 27-

1934—Jan. 3.. .Jan. 10_.Jan. 17_.Jan. 24..Jan. 31-

Feb. 7 -Feb. 14.Feb. 21.Feb. 28.

Mar. 7-Mar. 14Mar. 21Mar. 28

Apr. 4. .Apr. 11-Apr. 18.Apr. 25.

Total—911 leading cities

Loans and investments

Total

16,74916,71916,68116,61916,672

16,60016,51916,69416, 666

16,595

16, 44716, 39617,121

17,08217,09217,49417,400

17,42517, 51317, 52617,472

17, 50817, 61117, 51317,471

Loanson se-

mrities

3,6043,5903,5573,5493,569

3,5563,5963,6003,628

3,6203,4973,4863.4983,609

3,5873,5313,6303,520

3,4953,5933,5533,514

3,5693,6123,5803,516

Allotherloans

4,9895,0035,0004,9594,999

4,9414,8754,8594,774

4,7654,7124,7324,7134,740

4,7134,7554, 7184,665

4,6734,6884, 6434,647

4,6684,6984,6234,604

Investments

Total U.S. se-curities

8,1568,1268,1248,1118,104

8,1038,0488,2358,264

8,2108,1798,2298,1858,772

8,7828,8069,1469,215

9,2579,2329,3309,311

9,2719,3019,3109,351

Borrowingsat F.R.banks

5,1645,1475,1385,1115,114

5,1365,1485,2885,267

5,2055,2105,2235,2455,786

5,8475.8676,1996,249

6,2786,2296.2726,227

6,1756,2346,2266,282

New York City

Loans and investments

Total

6,8226,7786,7546,7196,804

6,7336,6506,7306,756

6,7076,5366,5796,569

6,9646,9227,0967,006

7,0697,2137,1997,193

7,2967,4057,2387,138

Loanson se-

curities

1,6661,6571,6241.6181,651

1,6301,6631,6661,722

1,7441,624,620,646,748

,729

,677769

,649

,733

.687,663

,720,756,723

1,674

Allotherloans

1,7591,7711,7691,7281,790

1,7371,6811,6951,664

1,6701,6441,6591,6661,718

1,6911,7341,7071,662

1.6611,6731.6371,629

1,6551,6751,6011,594

Investments

Total U.S. se-curities

3,3973,3503, 3613,3733,363

3,3663,3063,3693,370

3,2933,2683,3003,2573,520

3,5443,5113,6203,675

3,7593,8073,8753,901

3,9213,9743,9143,870

2,2742,2312,2312,2302,225

2,2492.2512,2692,253

2,1872,1702,1852,2012,421

2,4852,4482,5532,585

2,6682,7042,7172,720

2,7172,8042.7422,716

Bor-rowingsat F.R.banks

90 other leadingcities

Totalloans

and in-vest-

ments

9,9279,9419,9279,900

9,8679,8699,9649,910

9,8529,8689,82710,135

10,11810,17010, 39810,394

10, 35610, 30010, 32710,279

10,21210, 20610, 27510, 333

Bor-rowingsat F.R.banks

2421212225

24252324

2521212013

12101112

1010

i Increased from 90 to 91 on Jan. 10, 1934, in order to compensate for the withdrawal from membership of a reporting member bank located inanother city.

Back figures.—See BULLETIN for August 1933, pp. 519-523.

BROKERS' LOANSREPORTED BY THE NEW YORK STOCK EXCHANGE

[Net borrowings on demand and on time. In millions of dollars]

End of month

JanuaryFebruaryMarch

AprilMayJune-

JulyAugustSeptember

OctoberNovemberDecember

Total

1933

359360311

322529780

916917897

776789845

1934

903938981

1,088

From NewYork banks

and trust com-panies

1933

270298247

268461694

822841806

706712776

1934

839862873

973

From privatebanks, brokers,foreign banking

agencies, etc.

1933

906264

546886

P47691

707769

1934

6476

108

116

Back figures.—See Annual Reports for 1932 (table 84) and 1927 (table 47).

MADE BY REPORTING MEMBER BANKS IN N.Y. CITY[In millions of dollars. Monthly data are averages of weekly figures]

Month or date

1933—AprilMayJuneJulyAugustSeptember.OctoberNovember.December.

1934—January....February..MarchAprilApr. 4Apr. 11Apr. 18. . . .Apr. 25

Total

399578755919877847779723759

802889886975

9551,002

948

Forown ac-count

374555712806747741663611631 |

657 I731 |736813

For ac-count ofout-of-cown

banks l

For ac-count of

others

798842827786

211736

10512298

111106122

137149148156

151155162154

i Member and nonmember banks outside New York City (domesticbanks only).

Back figures—See Annual Reports for 1932 (table 83), 1931 (table 62),1930 (table 56), etc.



ACCEPTANCES AND COMMERCIAL PAPERBANKERS' ACCEPTANCES OUTSTANDING (DOLLAR

ACCEPTANCES)


End of month

1931—December.__

1932—JanuaryFebruary. . .March.AprilMayJune.JulyAugustSeptember..OctoberNovember..December...

1933—JanuaryFebruary. . .March.AprilMay.JuneJuly.AugustSeptember. _OctoberNovember. _December...

1934—JanuaryFebruary. . .March

Totalout-

stand-ing

974

961919911879787747705681683699720710

707704671697669687738694715737758764

771750685

Held by Fed-eral Reserve

banks

Forownac-

count

305

1197636164

3612

32344

2307280164

1341

2111

18127

105' 5 6

23

Forac-

countof for-eign

corre-spond-ents

251

31431233529218398594943393240

41304543363637404131

34

455

Held

Tz-vtoli otai

262

332343377455510518563574573605655604

626325261404505487552499517592599442

567581576

by acceptingbanks

Ownbills

131

159175155188225200197198159199268224

256201153206229201248252236271273223

255266252

Billsbought

131

174168222268286318366376414406386380

370124108199276287304247282321326219

312315324

Heldby

others

156

1951891631159096705564522862

38428586

115123147154156112138190

9511486

rtRevised.Figures for acceptances outstanding (and held by accepting banks)

from American Acceptance Council.Back figures.—See Annual Reports for 1932 (table 91), 1931 (table 70),

1930 (table 64), 1929 (table 58), and 1928 (table 61).

ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES-HOLDINGS OP FEDERAL RESERVE BANKS


End of month


1931

36,11923,9581,0631,0741,073

10, 55134, 371

145,21548, 80433, 50133, 38633, 429

1932

33,44433, 47830, 77830, 73630,83730, 76230, 64530, 83430, 84930, 65930, 65229,489

1933

29, 03628,99724, 7887,1816, 9817,0896,8216,1996,0685,6865,8416,033

1934

5,9775.8875,2755,070

Back figures—See Annual Report for 1932 (table 24).

CLASSES OF BANKERS* ACCEPTANCES (DOLLARACCEPTANCES)


End of month

OUTSTANDING

1933—MarchApril .MayJuneJulyAugust. __September...OctoberNovember-December _

1934—JanuaryFebruaryMarch

HELD BY F. R. BANKS(OWN ACCOUNT) 1

1933—MarchApril.MayJuneJulyAugustSeptemberOctoberNovember..December


Total

671696669687738694715737758764

7717.r>0635

280164

1341

2111

18127

105"•56

23

Based

im-

intoU.S.

737777808695

103999894

8998

103

3320

27

(2)(2 )

(2 )

723

18115

Basedon ex-portsfromU.S.

175176174168168160171185200207

225203186

5635

361

(2 )

(2 )

222

21116

Basedon goodsstored inUnitedStates(ware-house

credits)or

shippedbetweendomestic

points

184199185217255229237253278277

277261226

8738

211

(2)1

(2 )

439

30157

Dollarex-

change

81099

1044544

543

42

(2 )

( 2 )1

222

Basedon

goodsstored

inforeigncoun-

tries orshipped

tweenforeignpoints

230234225213219206199195180182

175184168

9766

616

1

(2 )

( 2 )

439

31164

r Revised.1 Total holdings of Federal Reserve banks include a small amount of

unclassified acceptances.2 Less than $500,000.Back figures.—See Annual Reports for 1932 (tables 88 and 23), 1931

(table 15), 1930 (tables 61 and 14).

COMMERCIAL PAPER OUTSTANDING[In millions of dollars]

End of month

January. . .February.MarchAprilMayJuneJulyAugustSeptemberOctober. __November.December.

1931

327315311307305292289271248210174118

1932

10810310610811110310010811011311081

1933

85847264607397

107123130133109

1934

108117133

Back figures.—See Annual Report for 1930 (table 60).



FEDERAL RESERVE BANK RATESRATES ON REDISCOUNTS FOR AND ADVANCES TO

MEMBER BANKS

Federal Reservebank

Rate ineffect onMay 1

BostonNew YorkPhiladelphia.—ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco.-

Rediscounts and advances un-der sees. 13 and 13a of theFederal Reserve Act

2iy2

23

Date estab-lished

Previ-ous rate

Feb.Feb.Nov.Feb.Feb.Feb.Oct.Feb.Mar.Feb.Feb.Feb.

8,19342,193416.19333,19349,1934

10.1934

21.19338,193416.19349,19348,1934

16,1934


3H

33

Advances under sec.10b of the FederalReserve Act

Date estab-lished

Oct.Oct.Oct.Oct.Mar.JulyOct.Oct.Mar.Mar.Mar.Oct.

20,19332,193320,193321,193316,193315,193316,193321,193314,1933

23.193312.193419,1933

RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID-UALS, P A R T N E R S H I P S , AND CORPORATIONS

Federal Reservebank

BostonNew York...PhiladelphiaClevelandRichmond . ._AtlantaChicago _.St. LouisMinneapolisKansas City_-«.__ ._DallasSan Francisco

Discounts and advancesunder par. 3 of sec. 13of the Federal Re-serve Act


666665666666

Date estab-lished

Aug. 11,1933Aug. 10,1933Aug. 12,1933Aug. 20,1933Aug. 10,1933Mar. 20,1934Aug. 13,1933Aug. 10,1933

doAug. 20,1933Sept. 8,1933Sept. 2,1933

Advances secured bydirect obligations ofthe United States(last paragraph of sec.13 of the Federal Re-serve Act)


4Wi444444H4M444

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

BUYING RATES ON ACCEPTANCES

[Buying rates at the Federal Reserve Bank of New York]

Maturity! Rate in

effect onMay 1

1-15 d a y s . . .16-30 days . .31-45 days . .46-60 days. _61-90 days. .91-120 days.121-180 days

Date estab-lished

Oct. 20,1C33dodo

y2\ doVi do% do

1 do..,-

Previousrate

111111IK

NOTE.—Rates on prime bankers' acceptances,charged for other^classes of bills.

Higher rates may be

Back figures.—See Annual Reports for 1932 (table 54) and 192S (table 35).

OPEN-MARKET RATES

SHORT-TERM RATES IN NEW YORK CITY

[Percent per annum]

Month or week

1933AprilMayJuneJu ly . .AugustSeptemberOctoberNovemberDecember

1934JanuaryFebruaryMarchApril

Week end ing-Mar. 31

Apr. 7Apr. 14Apr. 21Apr. 28

Prevailing rate o n - Average rateo n -

Primecom-

mercialpaper,4 to 6

months

2 -3M2 -

IX

l -INl -IK

l -IXlll

Primebank-ers'

accept-ances,

90days

V2

XX

X-V2

xVs-Xy%-x

Timeloans,

90days 2

1 -1 -IX

-IX

l -IX

U-i3 / 4 - 1

-l

Call loans3

New Re-newal

1.291.001.001.00.98.75.75.75.94

1.001.001.001.00

1.001.001.001.001.00

U.S.Treas

urybills,

3months *

1.371.001.001.00.98.75.75.75.94

Average yieldon—1

I

1.001.001.001.00

1.001.001.001.001.00

0.78.43.26.35.26.11.13.38

.66

.63

.09

.08

.07

.08

U.S.Treas-

urynotesand

certifi-cates,3 to 6

months

0.45.29

*.07.19.01

s.04.09.22

.25

.OS*. 01

(6 )

i Yield on Treasury bonds, previously included in this table, nowshown in table on bond yields on p. 285.

^ Stock exchange 90-day time loans.3 Stock exchange call loans; new and renewal rates.4 Average rate of discount on issues sold by U.S. Treasury within

period.• Change of issue on which yield is computed,fi Negative yield.

Back figures.—See Annual Reports for 1932 (tables 56 and 57), 1931(tables 39 and 40), 1930 (tables 36 and 37), 1929 (tables 35 and 36), etc.

RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES

[Weighted averages of prevailing ratesj

Month

JanuaryFebruaryMarch. _AprilMayJuneJulyAugustSeptember-OctoberNovember...December...

New York City

1932

4.714.714.724.694.554.614.424.454.304.354.124.22

1933

4.124.114.884.334.244.103.933.973.793.763.523.48

1934

3.583.433.313.39

8 other northernand eastern cities

1932

5.075.135.145.105.145.135.055.125.034.964.884.88

1933

4.894.845.395.094.994.974.824.684.654.514.544.59

1934

4.654.494.524.52

27 southern andwestern cities

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

1934

5.405.395.405.34

mmBack figures.—See Annual Reports for 1932 (table 59), 1931 (table 42).



TREASURY FINANCE

UNITED STATES GOVERNMENT DEBTVOLUME AND KIND OF SECURITY


End of month

1932September-OctoberNovember.-December..

1933JanuaryFebruary...MarchAprilMay -.June. . .JulyAusustSeptember-OctoberNovember..December...

1934JanuaryFebruary...MarchApril

Total(grossdebt)

20, 61120,81320, 80720, 805

20, 80220, 93521, 36221,44121, 85322, 53922, 61023,09923,05123,*05023, 53423, 814

i'25,071I 26,052' 26,15726,118

Interest bearing

Total

20, 29620,48520, 47620,448

20, 45420, 58420,992.21, 08721,46922,15822, 24022. 72322, 67222, 66923,16123,450

24,72025, 70725, 69825, 599

Bonds

14,25714, 25714, 25714, 223

14, 23014, 23014, 23014.23014, 22314,22314, 23915, 07415, 07415, 07415, 56915, 569

15, 6C015, 57915,57915,718

Notes Certif-icates

3,0313,5393,5393,299

3,2983,5763,5753,5764,1484,7804,8015,1535,1515,1505,1485,125

5, 6266,4726, 9256,689

2,3852,0442,0382,284

2,2852,1382,3692, 3632,1192,2002,2461,5431,4951,4931, 4921, 753

2,2802,2781,8161,814

Bills

Nonin-terestbear-ing

623645643642

641641817918979955954953952952952

1,003

1,2141,3781,3781,378

315328331357

348350371354385381370376379381373364

351345459519

• Revised.

MATURITIES[In millions of dollars]

Interest-bearing debt

Total i Bonds' Notes i Certif- .icates > Bills

Outstanding Apr. 30, 1934—Total

Obligations maturing—Before Aug. 1, 1934Aug. 1-Oct. 31, 1934Nov. 1, 1934-Apr. 30,

1935May 1-Dec. 31, 1935 I 1,1891936. 1,3301937 1,7491938 4,4911941 ! 8341943 !After 1943

Other obligations 4

25,599 || 15,718 6,

1. 119 |l 2 1072,668 11 3 1,247

1,520

10345

8988,7631,038

49

3,141834898

8,763678

5281,1891,2811,7491,350

238

1,814

175525

1,378

827551

122 i1 Issues classified as of date of final maturity; most issues are callable

at earlier dates. Amount callable before May 1, 1935, and not yetcalled, $5,801,000,000, including certain pre-war "issues that are held ascollateral for circulating notes.

2 Approximate amount of 4th Liberties called for redemption Apr. 15,1934, and not yet redeemed.

3 Approximate amount of 4th Liberties called for redemption Oct. 15,1934.

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 special fundsare invested.

SUMMARY OF TREASURY OPERATIONS[In millions of dollars. On basis of daily statement of United States Treasury]

Period

Receipts

Total iInternal revenue I Customs

andmiscel-laneous

Incometax Other

Expenditures

Total» General3 Emer-gency *

I Increase or decreaseExcess of I during periodreceipts { I

or ex-pendi-tures

Generalfund

balanceGrossdebt

Fiscal year ending:June 1932June 1933

10 months ending:April 1933April 1934

1932OctoberNovemberDecember

JanuaryFebruary-..MarchApril _.MayJuneJulyAugustSeptember..OctoberNovember-December..

1933

January..February..MarchApril

1934

2.1212,238

1, 7655 5, 431

148125352

1341212S3131167306179197333273219342

2295 3, 0245 4355 199

1,057746

583605

1415

141

1624181191614713141361019133

102323215

504858

658

786773

7064676994106113135146195 I127158

163149167137

445475

394392

33128

302324254733373839506341

4,8624,845

3,8965 7,579

457283386

357360439461456494278321339509505703

972644624

6 2, 684

3,9733,404

2,7672,239 !

i

358 |235 !297 ;

226 '200273338249388196171248396201227

148188160305

7681,277

-2,741-2,607

1,002 -2,1313,231 -2,148

833776

112147157109192827513981104294463

- 3 0 9- 1 5 8

- 3 4

- 2 2 3 |- 2 3 9 !- 1 5 6 |- 3 3 1 !- 2 8 9 I

I- 2 3 6- 2 8 6 !- 3 6 1 :

- 5 5+445-176 i

+1,432 |

-107-165- 3 5

-227-106+271-252+124+498- 2 8

+366- 5 4

-236+198

- 8 1

-743 • +511+2,380 j +3,364

-189447450 ,370 -2,485 | -2,524

+2,686+3,052

+ 1,954+3, 580

+201- 6- 1

A

+133+428+79

+412+685+71

+489-48

0+484+280

+1, 254+984+105- 3 9

1 Total includes trust and contributed fund receipts not shown separately.2 Total includes trust and contributed fund expenditures not shown separately.3 Includes also special fund expenditures and excludes public-debt retirement. Beginning July 1933, on the basis of a new classification of accounts,

certain items formerly included in general expenditures are carried as emergency expenditures.* Prior to July 1933 emergency expenditures include only net expenditures for the Reconstruction Finance Corporation; other expenditures

later classified as emergency, are included in general expenditures.5 Includes increment, amounting to $2,808,000,000 in February; $2,000,000 in March, and a small amount in April, resulting from reduction in

the weight of the gold dollar.6 Includes $2,000,000,000 charged against increment on gold and transferred to exchange stabilization fund.



RECONSTRUCTION FINANCE CORPORATION

LOANS, SUBSCRIPTIONS, AND ALLOCATIONS

[Amount outstanding at end of month. In thousands of dollars]

LOANS AND SUBSCRIPTIONS

Loans under sec. 5 of the Reconstruction Finance Corporation Act, asamended:

Banks and trust companies (including receivers, liquidating agents,and conservators) l

Building and loan associationsInsurance companiesMortgage-loan companiesCredit unionsFederal land banksJoint stock land banks _.Agricultural credit corporationsRegional agricultural credit corporationsLivestock credit corporations.. _ . .Railroads (including receivers)State funds for insurance of public moneysProcessors or distributors for payment of processing taxes

Total

Other loans:Self-liquidating projects, sec. 201 (a) (including repairs to property

damaged by earthquakes, etc.) . . .Financing exports of agricultural surpluses, sec. 201 (c)Financing agricultural products, sec. 201 (d)Commodity credit corporation -Loans on preferred stock of banksLoans on preferred stock of insurance companiesLoan to Secretary of Agriculture for purchase of cottonLoans to drainage, levee, and irrigation districts .

Total

Subscriptions:Subscriptions for preferred stock of banksPurchases of capital notes and debentures of banks

Total

Total loans and subscriptions

ALLOCATIONSFor relief:

Federal Emergency Relief Act of 1932Federal Emergency Relief Act of 1933

Total

To other Government agencies:To Secretary of the Treasury for—

Purchase of stock of Federal home loan banksPurchase of stock of Home Owners' Loan Corporation

To Land Bank CommissionerTo Federal Farm Mortgage CorporationTo Secretary of Agriculture:

Crop loans . _ _Reallocated as capital regional agricultural credit corporationReallocated to Governor of Farm Credit Administration

Total

Total allocations

Total loans, subscriptions, and allocations.

Proceeds disbursed, less repaymei

Mar. 31,1933

691,38686,47472,260

113, 353436

18,8005,2432,227

55,3805,095

310,920

1,361, 574

20, 684

1,205

250

22,139

12,500

12, 500

1, 396, 213

201, 374

201, 374

30, 620

75, 00033, 00Q

138, 620

339,994

1, 736, 207

Jan. 31,1934

710,68563, 61757, 383

180, 497500

193, 61813, 7521,504

31, 6092,263

340, 7265,618

14

1, 601, 786

71, 7469,0633,816

130, 87914, 4324,375

2,414

236, 725

227, 555168, 485

396, 040

2, 234, 551

299, 015435,915

734,930

77, 74629,000

147, 600

115,00044, 50040, 500

454,346

1,189,276

3, 423,827

Feb. 28,1934

700, 27860,14154,249

167, 610499

193, 61813,4041,270

31,1692,119

345, 2055,092

13

1, 574, 667

71.22010,0764,371

153,52514, 7454,375

2,414

260, 726

257,438192,947

450,385

2, 285, 778

299, 01147$, 244

777,255

79,14639,000

147,60055,000

115, 00044,50040, 500

520, 746

1, 298,001

3, 583, 779

Mar. 31,1934 v

657,37955,85451,700

161, 574494

193, 61811,7311,141

24,8681,924

345,1814,214

13

1,509,691

80,19511, 0734,402

161,54916,1674,375

2,525

280, 286

354, 918221, 963

576,881

2, 366,858

299, 003487, 026

788,029

79,64659, 000

147,60055,000

115, 00044, 50040, 500

541, 246

1,327,275

3, 694,133

i t s

Apr. 30,1934 v

627,46050,79938, 575

188,008489

193, 61810, 618

90316,7171,719

344,9342,764

9

1,476,613

82, 66612, 3304, 257

163,07816, 67615,875

2,643

297, 525

393,872245,639

639,511

2,413, 648

298,898487,061

785,959

80, 44669,000

147, 60055 000

115 00044, 50040, 500

552,046

1,338,005

3, 751, 653

Proceeds not yetdisbursed

Jan. 31,1934

160,9241,8727,146

100, 238

3,3935

3,193309

9,970

11

287,061

141, 29143, 5043,008

315, 8053,323

23, 015

529,946

169, 580171, 593

341,173

1,158,180

1563,822

63,837

46, 995171 000152 400

370,395

434, 233

1, 592,413

Feb. 28,1934

151,6361,8977,208

101, 568

3,063

2,400409

5,231

4

273,416

138,86612,4384,777

287, 5917,813

26,018

477, 503

187,932160,996

348,928

2 1,099,847

1521, 448

21, 463

45, 595161 00097 400

303,995

325, 458

21,425, 305

p Preliminary.1 Loans to receivers, liquidating agents, and conservators of closed and unlicensed banks on Feb. 28,1934, amounted to $349,079,000, representing

proceeds disbursed less repayments, and $143,937,000, not yet disbursed.2 In addition the corporation as of Feb. 28, 1934, had approved in principle loans of $216,851,000 and subscriptions of $174,275,000 upon the per-

formance of specified conditions.

Back figures.—-See BULLETINS for December 1933, pp. 738-9, and February 1934, pp. 103 and 132.



BOND PRICES[Averages]

Year, month, or date

Number of issues

1932 average1933 average

1933—AprilMayJuneJuly.August..September.OctoberNovemberDecember

1934—JanuaryFebruaryMarchApril


UnitedStates

Govern-mentbonds

Corpo-rate andmunic-

ipal(high-grade)

M4

99.2102.2

101.3102.4103.2103.3102.9103.0102.9100.5100.0

100.3101.9102.8103.7

103.5103.7103.6103.9

Other bonds l

»60

81.184.0

75.482.086.889.689.987.986.582.683.6

88.392.995.197.0

95.896.997.597.6

Corporate

Total

60

69.473.4

64.872.477.781.580.877.575.372.173.6

78.584.084.887.0

85.687.087.587.9

Indus-trial

20

63.269.2

61.068.272.875.675.974.572.770.571.5

75.679.880.582.8

81.382.983.383.3

Rail-road Utility

20

64.870.5

58.969.476.182.281.276.873.568.572.2

79.085.886.488.7

86.888.789.489.8

80.580.6

74.779.584.286.885.381.479.777.377.1

80.986.587.789.7

88.789.489.990.5

1 Price indexes derived from average yields. '2 Nov. 1, 1933, to Apr. 16, 1934, 13 issues; Aug. 15, 1933, to Nov. 1, 1933

12 issues: prior to Aug. 15, 1933, 11 issues.* 45 corporate and 15 municipal.Source.—For United States Government bonds, Federal Reserve Bank

of New York; for other bonds, Standard Statistics Co.

BOND YIELDS1

Year, month, ordate

Number of issues

1932 average1933 average

1932—December

1933—JanuaryFebruaryMarch.April.. . .MayJune . .JulyAugustSeptemberOctoberNovemberDecember

1934—JanuaryFebruaryMarch..April.

Apr. 4.Apr. 11Apr. 18Apr. 25

U.S.Treas-

ury

3

3.743.47

3.48

3.393.473.583.553.473.403.383.403.403.423.603.64

3.623.493.423.35

3.363.353.363.34

Munic-ipal ^(high-grade)

15

4.654.71

4.37

4.234.284.885.055.274.714.604.544.594.604.894.89

4.674.484.244.11

4.184.144.074.05

Corporate, by ratings 3

Aaa

30

5.014.49

4.59

4.444.484.684.784.634.464.364.304.354.344.544.50

4. 354.204.134.07

4.114.094.064.04

Aa

30

5.975.23

5.60

5.305.355.615.815.405.094.834.774.964.975.355.27

5.004.704.554.43

4.494.434.424.40

A

30

7.206.09

6.61

6.166.306.646.856.295.885.585.515.705.766.226.21

5.725.245.124.97

5.064.984.934.92

Baa

30

9.307.76

8.42

8.018.368.919.127.747.076.626.777.277.497.987.75

7.016.276.266.01

6.186.025.985.90

1 Monthly data are averages of daily or weekly figures.* Standard Statistics Co.

Moody's Investors' Service.

STOCK PRICES

Year, month, or date

Preferredstocks(indus-

trial high-grade)

Number of issues..

1932 average..1933 average..

1933—AprilMayJuneJulyAugustSeptember .OctoberNovember..December. _

1934—January...February.MarchApril

20

96.1104.8

95.7103.3109.7112.5112.9112.0109.8107.5107.7

111.2116.5117.5120.1

Apr. 4 . .Apr. 11.Apr. 18.Apr. 25.

118.4119.4121.1121.6

Common stocks (index, 1926=100)

Total

421

Indus-trial

351

46

Rail-road Utility

37

7978647997988780757067

73817676

75757777

Source— Standard Statistics Co.

CAPITAL ISSUES[Long-term; i.e., 1 year or more. In millions of dollars]

Year and month

192519261927 _192819291930193119321933

1933 ADrilMayJuneJulyAugustSeptember..OctoberNovember..December..

1934—JanuaryFebruary...MarchApril

Total(do-

mesticandfor-

eign)

6,2016,3147,5568,040

10,0916,9093,0991,165

722

2544

1171224664598857

487997

143

New issues

Domestic

Total1

5,1255,1896,2196,7899,4206,0042,8601,157

710

2544

1101174664598857

487997

143

Stateandmu-nici-pal

1,3521,3441,4751,3791,4181,4341,235

755484

g4098283237568241

375981

100

Corporate

Bondsand

notes

2,4522,6673,1832,3852,0782,9801 240

30540

1613000000

0129

24

Stocks

1,1531,0871,4742,9615.9241,503

31120

120

139

5314936

16

6155

For-eign

1,0761,1251,3371,251

671905229

812

o07500000

0000

Re-fund-

ingissues(do-

mesticandfor-

eign)

9251,0462,2201,8581,422

711949583337

2022

10645

730

12

18

428

5093

1 Includes issues of Federal land banks and Federal intermediate creditbanks, not shown separately.

Sources.—For domestic issues: Commercial and Financial Chronicle;for foreign issues (issues publidy 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 ReDort for 1932 (table 103).



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

191919201921 _ . .192219231924192519261927192819291930-193119321933

1930SeptemberOctober..NovemberDecember

1931January..February-MarchAprilMayJuneJulyAugust. ~SeptemberOctober..NovemberDecember

1932January. .February.MarchAprilMayJuneJulyAugust.. .SeptemberOctober __NovemberDecember

1933January..February-MarchAprilMayJuneJulyAugust-.-SeptemberOctober. _NovemberDecember

1934January..February-March

Industrial production i *

Total

Unad-justed

83876785

10195

104108106111119968164

92908476

828789908983807877757268

717168646159565967686560

646460677991969085787269

7783

»87

Ad-justed

90888684

838687888783827876737374

726967636059586066676566

656359667892

1009184777275

7882

*85

Manufactures

Unad-justed

84876786

10194

105108106112119958063

v 76

90878274

818891919083797776727066

707066636058555866676358

636358688093978984777067

' 7 582

*86

Ad-justed

89868582

838687878782827875717172

716864615958575965666364

6361£6667893

1019184767173

r 7680

*82

Minerals

Unad-justed

77897074

1059699

108107106115

998471

101105

9689

878482838486868283908479

747578726562636674807873

717674657682899493888480

858891

Ad-justed

94959293

898789918787867978838184

777885806764656571747577

737981727884909187818185

8891

100

Construction contracts awarded (value) 2

Total

Unad-justed

636356798494

12212912913511792632825

82756859

586877827874686359524330

252326313132313230282422

181614161921242530354245

403833

Ad-justed

81787673

717977736563615959554938

312720272627273030292728

221914141618212430374857

494433

Residential

Unad-justed

443044688195

1241211171268750371311

52514637

374250524741363232292620

16151616141 0

1 12111212108

i! 7! 71 8

111314131212121211

i ]Q10

i 12

Ad-justed

52524843

444747444037353332302723

1917151412

11121212109

888

101113131212121313

121211

All other

Unad-justed

799065888694

120135139142142125844037

108948677

758998

107104101948781715739

333035434547464845413533

272318192427323645536673

6460CO

Ad-justed

105999998

93104100968584828180766750

413536383739404544434143

332718172023283345577693

807051

Factory em-ployment 3

Unad-justed

1071088290

10496

1001019997

10188746266

86848179

767778787775747475716968

6667666461

575962626160

585957586064697377767371

717578

Ad-justed

83828180

787878787876757473706969

686866646260585960616161

595957586165707374747272

7275

; 77

Fac-tory jp a y

rolls 3

Unad-justed

98118

7781

10396

10110410210210887664548

83817574

687375747268646462595656

525452494643404042444241

394037394246505658575453

: 53: 59

63

Freight-carloadings 4 *

Unad-justed

84917987

10097

10310610310310692755658

99978674

747475777977787678787061

585958575352515361655852

515148515660666568666155

; 58t 61

63

Ad-justed

87868484

828080807977767269696869

646261595452515154575758

56545053566065fil60S86062

64! 64

66

Com-mod-

i t yprices8

1391549897

10198

10410095979586736566

84838180

787776757372727271707069

676666666464658565646463

61606060636569

i 701 71

717171

727474

Preliminary. * Average per working day. r Revised.1 For indexes of groups and separate industries see pp. 313-314; for description see BULLETIN for February and March 1927; for revised figures

from 1919 to date see BULLETIN for September 1933, pp. 584-585.8 3-mqnth moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358.» For indexes of groups and separate industries see p. 315; for description and back figures see BULLETIN for November 1929 and November 1930.

For revised indexes of factory employment and pay rolls compiled by the Bureau of Labor Statistics, see p. 270 of this BULLETIN.« For indexes of groups see p. 287; for back figures see BULLETIN for February 1931, p. 108.8 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p 316.



MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

Month

JanuarvFebruaryMarch _ _

AprilMayJune. - .

JulyAugustSeptember

OctoberNovember .- --December

Year

Merchandise exports l

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

172163

p 190

Merchandise imports 2

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

Ot

CO

C

OO

O C

O

OS

Excess of exports

1930

1006769

243544

467986

808566

782

1931

664926

292414

6- 210

364430

334

1932

152324

9204

271734

483435

288

1933

251813

177

- 2

1- 2 3

13

425659

225

1934

3730

v Preliminary.' Including both domestic and foreign merchandise.» General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses,

Back figures.—See BULLETIN for January 1931, p. 18.

DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES

[Index numbers; 1923-25 average=100] [Index numbers; 1923-25 average=100]

Month

JanuaryFebruaryMarch

AprilMayJune

JulyAugustSeDtember

OctoberNovemberDecember

Year

Index of sales i

Adjustedfor seasonalvariation

1933

606057

676768

707770

706569

1934

697177

P 7 6

Withoutseasonal ad-

justment

1933

494950

686764

495973

7775

121

67

1934

575973

P72

Index of stocks (end ofmonth)

Adjustedfor seasonal

variation

1933

585754

535557

606470

706965

1934

666664

Withoutseasonal ad-justment

1933

525455

555656

566273

777862

61

1934

596366

p Preliminary.i 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 figures.—See BULLETIN for November 1930, p. 686.

TotalCoalCokeGrain and grain prod

ucts —LivestockForest productsO r e -MiscellaneousMerchandise l

TotalCoal - .CokeGrain and grain prod-

uctsLivestockForest productsOreMiscellaneous _.Merchandise 1

1933 1934

Nov. Dec. Jan. Feb. Mar.

Adjusted for seasonal variation

606653

635234246267

626454

594731336967

646861

685130346970

647876

684830346767

668771

754632416766

Without seasonal adjustment

617254

676033176168

556858

574725

85463

587767

6553268

5565

618586

6546318

5865

638271

634033106467

i In less-than-carload lots.

Based on daily average loadings.Railway Association.

Back figures.—Bee BULLETIN for February 1931, pp. 108-110.

Source of basic data: American



FOREIGN BANKING AND BUSINESS CONDITIONS

CZECHOSLOVAK CURRENCY LAW

The Czechoslovak currency law of Novem-ber 7, 1929, which was published in the FED-ERAL KESERVE BULLETIN of December 1929,pages 797-798, has been amended and supple-mented by the law of February 17, 1934. Theamendments were made to sections 1, 3, 4, and6 of the law of November 7, 1929, and were insubstance as follows:

1. The gold content of the Czechoslovakcrown, or koruna, which was formerly 44.58milligrams of fine gold, is now fixed at 37.15milligrams, representing a reduction of onesixth or 16% percent.

2. The profit arising from the revaluation ofthe gold and foreign-exchange holdings of theNational Bank of Czechoslovakia in accord-ance with the new gold content established forthe crown accrues to the Government in theform of a reduction of the Government debt tothe bank.

3. The minimum ratio of reserves of theNational Bank to its sight liabilities is fixedat 25 percent, as compared with the previousminimum of 30 percent, and reserves arelimited to gold only, instead of gold and goldexchange as formerly.

The paragraphs of the law of November 7,1929, that have been altered are given belowin their amended form.

SECTION 1

The Czechoslovak crown (Kc) as the present cur-rency unit of the Czechoslovak Republic shall be equalin value to 37.15 milligrams of fine gold.

SECTION 3

1. The bank shall be bound to purchase at the headoffice in Prague and at such branch offices as shall bedesignated by the bank, gold at the price of 1 Kc per

37.15 milligrams, but only if the seller offers aquantity of at least 12 kilograms of fine gold. Thebank shall be entitled, in effecting such purchase, tomake no other charges except for assaying, and forcoining in accordance with a scale fixed by the Gov-ernment mint (see sec. 4, par. 6).

2. The bank shall at the aforesaid premises (seepar. 1) redeem its notes at its option either by gold(either in the form of current coin or gold bullion) atthe price of 1 Kc per 37.15 milligrams of fine gold orby gold foreign exchanges at the rate of the day quotedon the Prague Bourse, but only in amounts equal invalue to at least 12 kilograms of fine gold. Should thebank fail to carry out this obligation within 24 hoursof the presentation of the notes without being able toplead force majeure, its charter shall be canceled(see sec. 12b of the Bank Act).

SECTION 4

2. One kilogram of standard gold shall be mintedinto 242.261103633 hundred-crown pieces, and onekilogram of fine gold into 269.179004037 hundred-crown pieces, the standard wreight of the hundred-crownpiece to be 4.12777 grams containing 3.715 grams offine gold.

SECTION 6

1. The bank is required to hold a gold cover of atleast 25 percent of the total amount of bank notes incirculation and other demand liabilities. The goldcover shall consist solely of gold bullion or coin.

2. The increase in the value of the stock of goldresulting from the revaluation according to the goldcontent of the Czechoslovak crown specified in section1, paragraph 1, shall be used in reducing the State-notedebt in accordance with a special agreement betweenthe State and the National Bank of Czechoslovakia.

In addition to amending the law of Novem-ber 7, 1929, the law of February 17, 1934,provides that the Czechoslovak crown at thenew parity shall be equivalent to the previousmonetary unit in all legal matters in which theCzechoslovak crown is mentioned. Other pro-visions of the law of February 17, 1934, areunrelated to the currency.


M A T 1934 FEDERAL RESERVE BULLETIN 289

FINANCIAL STATISTICS FOR FOREIGN COUNTRIES

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]

End of month

1933—MarchAprilMayJuneJulyAugustSeptember-OctoberNovember-December.

1934—January ___

1934—January 2__,February __.MarchApril

Total(50 coun-

tries)UnitedStates l Canada

Europe

countries) A u s t r i a B e l S i u m B u l ^ r i a ; !Denmark England France Germany

11,93911,97511,88911,86411,95112,01012,06312,07011,970

" 11,941* 11, 964

3,9163,9773,9913,9974,0014,0094,0114,0114,0124,0124,033

$l=i

8177777777777777777777

5Ho grains of gold nine tenths fine; i. e., an ounce of fine gold=$20.676,9926,9886,8966,8566,9326,9897,0387,0406,9426,9166,912

2121212121212424242727

371371371372374375376377378380382

1111111111111111111111

5151515151515151615151

3636363636363636363636

836905907922925926926927928928929

3,1523,1703,1733,1853,2133,2233,2183,1763,0513,0223,021

$l=155Ai grains of gold nine tenths fine: i, e., an ounce of fine gold=$85p20,250P 20, 524v 20, 718

6,8297,4387,694

> 7,756

130130130

11, 69711,358

v 11, 313

646

635636

112111111

60

1,5731,5741,5741,575

5,1094,9044,9475,023

176

4558738794979290

152134

83

Europe—Continued

End of month Greece Hungary Italy Nether-lands Norway Poland Portu- Ruma-

nia Spain Sweden Switzer-land U.S.S.R. Yugo-

slavia6 othercoun-tries

1933—MarchAprilM y , *JuneJulyAugustSeptember..OctoberNovember,.December-*

1934—January

1934—January3...F e b r u a r y -MarchApril

911131417192121232422

1717171717171717141414

$l=25$io grains of gold nine tenths fine331343352356368370371371373373373

381374336309311332338359370371370

4040404040394140403838

5555535353535353535354

3030313132323232333434

; i. e., an ounce of fine gola5858585858595959595960

436436436436436436436436436436436

6271717191971011019999100

=$20.67489460397361351351356373386386386

«368*368• 368401

»401»401416

«416»416416

3 416

3131323232323232323232

*155A\ grains of gold nine tenths fine; i, e.% an ounce of fine gold=$85

23232323

633633613

*609

626539535539

64616161

919191

586265

100101101

739739739

169169170167

653600570534

3 704»704P 7 0 63 706

53535353

3131343436353535353535

5859

Latin America

End of monthTotal

(10coun-tries)

Ar-gen-tina

ChileCo-

lom-bia

Mex-ico Peru Uru-

4othercoun-tries

Asia and Oceania

Total(7

coun-tries)

Aus-tra-lia

India Japan JavaNewZea-land

Siam Tur-key

Africa

Total(4

coun-tries)

Egypt South otherAfrica

tries

1933—MarchAprilMayJuneJulyAugustSeptember.October...November.December.

1934—January.. _

1934—January2—February. _March

352355362368365363369365358

'352*>355

249249249249249249249249244239239

1111111111111111111212

1314141515151515151414

$l=25%o grains of gold nine tenths fine912192421202623202121

111111111111111111

*11

4950505050505049505051

98888777767

503483455454453453452453456457459

214333333433

• i. e.,162162162162162162162162162162162

in ounce of fine gold=$20.67212212212212212212212212212212212

4543434240403940424445

2525252525252425252425

2828000000000

1010101111111111111212

9695107112123118115123125126127

3333333333333333333333

5452657080757280828384

405405405

2020

*>20

242425

$1 =

362934

1010101010101010101010

grains of gold nine tenths fine; i, e., an ounce of fine gold=$85778

'780778

«274«274274

359359359

767977

424242

000

202020

215 IP222

201 I

566555

143150146

* Preliminary. « Corrected.1 Differences prior to January 1934 between these figures and those shown elsewhere in BULLETIN for total monetary gold stock in United States

are due to exclusion from the former of gold coin in circulation.2 Figures given in terms of new par for purposes of comparison only; new parity did not become effective until after close of business Jan. 31,1934.* Figures of last preceding statement issued by State Bank of the U.S.S.R. carried forward.NOTE.—Figures for 35 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they

are as of last report date of month.The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin

America: Bolivia, Brazil, Ecuador, Guatemala; and in Africa: Algeria and Belgian Congo.For back figures and for additional details relating to this table, see BULLETIN for May 1932, pp. 311-318, and June 1933, pp. 368-372.



GOLD PRODUCTION[In thousands of dollars]

I

Year and month

Esti-matedworld

produc-tion

Production reported monthly

TotalAfrica

SouthAfrica

Rho-desia

WestAfrica

BelgianCongo

North and South America

UnitedStates i Mexico bia

Far East

Austra-lia Japan India

grains of gold nine tenths fine; i.e., an ounce of fine gold=$2O.671932—May

JuneJulyAugustSeptemberOctober..NovemberDecember . . .—

Total (12 mos.)

1933—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total (12 mos.)

934—January

February..March p

41,72941,82342,20543,36142,81643,00742, 62742,198

499, 049

• 41, 616• 38, 016• 42, 683' 39, 857• 40, 810

• 41, 077• 41, 245• 41, 783' 42, 50542, 08141, 805

493, 365

41,469

35,32435,41835,80036,95636,41136,60236,22235,794

422,129

r 416, 445

35,059

19,97019,87120,26820,47519,88820,15720,19020,118

238,931

20,15218,17619,65818,43019,51919,00819,22819,23518,66418,82218,61318,168

227,673

64,438 * 53, 58668, 646 57, 794

18,897

28,89330,550

9771,011981

1,0191,0411,044997

1,080

12,000

1,008989

1,0381,1081,1081,1301,1331,1671,1801,1431,1501,181

13,335

481482546510509515526539

5,992

532531522528520561571579546567586580

6,623

319330304314307294

3,642

280263302281308308306'321307302327325

8'3,631

5,5565,5955,1765,4735,4525,2645,1155,420

62,933

4,8264,7185,3784,9004,9135,4045,2855,3044,8705,0294,9815,119

60,726

1,201 546 320 4,781

grains of gold nine tenths fine; i.e.

4,1144,3624,6104,9825,0855,2714,8584,651

50, 626

4,3413,0595,2303,9283,8662,9563,6383,7425,6025,2095,2925,581

1,026960924

1,1381,1221,0911,165671

12,070

1,1941,0951,059905

1,035986

1,1651,198820

1,5011,1721.03813,169 • 6,165

1,8931,925

9271,120

P 5i\541

7,8038,295

50,338

4,858 1,080 697

an ounce of fine gold=$35.

6, 160 v 1, 925 P 945

447405455524456455415353

5,132

••504••334' 4 5 5' 5 3 5' 4 9 9' 4 3 5' 5 7 7' 5 5 5' 3 7 5' 700' 6 9 4' 5 0 3

1,2341,1721,2441,2211,2921,2161,3761,418

14, 563

1,1291,1781,2591.5221,3441,4341,4201,4381,5911,4361,5011,538

16,790

7,945 1,925 1,050

1,398

2,2692,269

647692696702727715

8,198

666654747726734711755722847825794788

721

1,2801,225

567603585688559647566581

6,782

674

585664643689575572560560673

6,919

560

949

Preliminary. r Revised.»Monthly figures for United States are those compiled by American Bureau of Metal Statistics of New York City; annual figures represent

official estimates made by Bureau of the Mint in cooperation with Bureau of Mines.NOTE.—For comparable monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-235, and Feb.

ruary 1934, p. 108.

GOLD MOVEMENTS[In thousands of dollars]

Year and month

1932—NovemberDecember

Total (12mos.)

1933—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember....OetoberNovemberDecember

Total (12mos.)

1934—January

FebruaryMarchApril v.

United States

Totalnet

importsor net

exports

21,740100,859

-446,213

128,46517,776

-22 ,081- 9 , 9 6 7

-21 ,139- 3 , 2 4 4

-83 ,879-80 ,388-56 ,736-32 ,351- 1 , 0 6 4- 9 , 1 2 8

-173,736

- 2 , 7 6 7

452, 571237, 56850,941

Net imports from or net exports (—) to—

Eng-land

1,37651,928

53,585

50,2483,310

- 8 , 9 3 5- 2 , 1 9 1

-15 ,715- 2 , 8 4 5

- 7 1 3- 1 , 5 3 5- 5 , 0 9 9- 6 , 2 4 0- 2 , 2 6 0- 1 , 6 5 0

6,375

- 2 , 6 4 2

239,800136,955

23, 619

France

716, 357

-441,649

29,490- 3 , 7 0 9- 3 , 630- 8 , 9 9 3

- 1 2 2- 7 2

-79 ,617-73 ,173-48 ,717-26 ,923

- 3 6 6- 2 0 3

-216,035

- 4 6 1

124,38151, 3741,676

Ger-many

Bel-g ium

Customs valuation

-13 ,356

1,067- 1 , 5 4 6

- 2 5 0

- 1 , 4 4 5

- 2 1 6

- 1 0 9- 5

- 2 8

- 2 , 5 3 2

1

Custom1

10

-82 ,571

- 6 0 0- 1 9 9

- 2 7- 1 3- 1 8- 2 8- 1 0

- 8 9 5

- 1 0

s valuati131

Nether-lands

s; with s2,6858,082

-96 ,586

15,123802

- 5 , 0 0 5- 7 2 4- 1 1 5

- 2 , 1 7 1- 9

7,901

- 1 , 6 7 8

ons; with57,27210,8487,158

Switzer-land

57W6 excep

7

-118,273

- 1 , 6 1 4- 6 8 1

- 4 5 3

- 8 , 8 8 3

-11 ,631

Can-ada

ions a5,6227,546

64,574

5,2744,2068,418

333110154203143224268216347

19,896

313

Mex-ico

rate of

893744

20,087

63455248348834414136912551848

240338

4,280

246

some exceptions at rate c

9,087112,1141 5,1243,56910,288 5,368

8 , 9 0 9 - .

Argen-tina

$20.67 a,

- 1

12,991

- 1 5

42

8

- 1

f$85afi

Co-lombia

fine oun

9443

3,240

5235

5

11

1

12

98

BritishIndia

ce4,7734,697

26,597

15,1939,446

990

25,629

ne ouncel,660|2,490 10,4362,495 4,225

Chinaand

HongKong

2,9644,974

39,043

5,6123,7002,1351,281

8310

12,821

6512,9332,821

Japan

3,124

49,719

3,729

2,973

6,702

4

Allothercoun-tries

3,3223,353

36,383

2,0423,208

1-15,413- 3 , 1 3 7- 5 , 7 2 9

812- 4 , 1 2 1- 6 , 7 0 8- 1 , 4 8 6

1,0851,139

960

-26 ,355

1>364

2,3473,307

38

i $17,054,000 exported to Italy. 3 Preliminary.



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-

manyBel-gium

Nether-lands

Switzer-land

SouthAmer-

icaCanada British

India

StraitsSettle-ments

Austra-lia

SouthAfrica,Rho-desia,WestAfrica

Allothercoun-tries

Official figures converted at rate of $20.67 an ounce

1932—November

December

Total (12 mos.)

1933—JanuaryFebruaryMarchApril —MayJuneJulyAugustSeptemberOctoberNovember

December..

Total(12 mos).


13,857- 2 9 , 582

84, 585

-43, 26018, 40077,19864, 76797,38677, 67189,05625,62848, 26063,91879,13879,426

677,405

62,146

184,91,471

-1,634-58,561

-50, 642 -297,050

-48,314-6, 55911,821

-62,76115, 9234,763733

3,12012, 5206,8784,441

7,9

-13,519-3 , 277

-2,109- 4 , 6233,406

-1,51932, 486- 7 , 42118,0516,2592,1631,86533,33815,130

97,016

9,805

-238,8421 283,333-130,087 66,180

370-29

333

-1128

5,00318,0921,85015, 254

48617932

-119442

41,036

-476-1,104

-13,434

-634-507

-1,294-896568

1,114-1,034

-1118

817147

-4,188-6,138

-71,378

-17,471-7,816-5, 225

12817,3656,47713, 528

-13,583-3, 633-4,163

329

- 7 , 065

-108

-14,019

-79-588-893-463-479-118-380-101-217-771-196

- 4 , 299

527181

5,747

374

140401414436920

3,611120

8,143

14, 056

8,9249,1294,1413,7034,1086,5795,0134,186

43, 374

10,48813,684

220, 394

9,4957,1759,17810, 27814,94811,28111,9424,99412, 68516,1224,8525,892

118, 817

710

10, 781

587554461

1,001624

1,359810848526782708423

8,682

- 1 3 - 2 0 5,310 - 1 7 0 5,500 4,530 8,642

Official figures converted at rate of $85 an ounce.

18,83765, 579

17,8915,522

- 3 2 0 |-171 187

4,87039

30,193137, 372

583

6471,094

830854

20, 264

79422,65920,3161,7891.7172,6921,9101,9911,9422,315

60,812

2,353

20,00623, 326

255,310

16, 53027, 81528, 92319,34319,47617,95419,51924, 77421,02720,46720,88519,460

256,177

17,667

831602

18,279

-2,1201,2452,556

-2,083-3,1696,06911,715-3,2125, 4344,4034,55812,871

41, 667

3,170

2,951 30,881 30,5873,105 36,707 5,591

Year and month

France

Totalnet

importsor net

exports()

Net imports from or net exports (—) t o -

UnitedStates

Eng-land

Ger-many

Neth-er-

lands

Swit-zer-land

Allothercoun-tries

Germany

Totalnet

importsor net

exports()


UnitedStates

Eng-land France

Neth-er-

lands

Swit-zer-land

U.S.S.R.

Allothercoun-tries

1932—November.December.-

Total (12mos.)__

1933—JanuaryFebruary-.MarchAprilMayJuneJuly -AugustSeptember _OctoberNovember-December.-

Total (12mos.). _

1934—January

Februaryp..March *__.

33,498 24125,586 -10 ,634

828,178

- 3 7 , 399- 1 , 6 5 916,72948, 25296,14046,84050,80853, 69443,04326, 233

-52,936- 4 5 , 650

•244,092

- 7 , 2 1 7

-175,837-232, 719

468,052

-35 ,361- 1 4 49,287

18, 5837,680

539,26375,68060,99047, 745

177

223,905

1,215

26,00334,479

309,984

2,9002,5591,0052,283

- 5 , 8 1 9-18 ,537-12 ,572-11 ,533- l , r ~ "- 1 , 1

-24 ,646-19 ,387

-86 ,829 57,425

6,1222

37,889

200678

1,26622, 520

1,27722,90323,430

- 4 6- 8 , 0 5 9- 5 , 969

- 3- 7 7 2

-79 ,158

- 5 , 2 5 9 | - 2

-160,1871 12,536-155, 630

Official figures converted at rate of $20.67 an ounce

672 - 1 8 6 645 2,314 1 - 3 6 7 - 6 , 1 6 9 2,5843,138 4,306 575 - 3 , 2 9 3 1 24 17 - 3 , 3 3 1

37,547

- 3 , 8 1 42,805

27, 778670

39,7857,9765,695

- 6 , 8 3 7- 6 , 1 6 6

-12,427-21,460

701

34,706

- 7 7

-17 ,668

- 1 , 1 2 6- 7 , 1 2 7

-23 , 356- 6 , 3 7 737,11330,79716, 598

- 1 , 3 9 7- 2 , 1 7 6- 3 , 369- 5 , 674-23,368

10, 538

- 1 , 1 9 6

- 7 , 627

- 1 9 7- 4 3 2

7492 10, 5742 16,102

3,695-21,605- 2 , 1 7 4

- 1 5 21,939

- 1 , 3 2 8- 2 , 8 2 3

4,348

-1,897

- 2 7 , 282

4,424-13 ,076-13 ,163- 6 8 , 750

- 9 , 9 3 8-36 ,432

4,592- 6 7 6

19,1205,8452,5722,627

-102,856

1,246

367

146

1,453

216

77

1,799

- 2 5 0

22- 4 , 9 4 5

-17 ,822- 2 9 2

-13 ,676- 1 6 2- 1 8 6- 3 2

41- 1 3

15

-37,044

- 2 0

-38 ,170

4- 5 , '- 7 , 365

-51 ,893

-22, 658153

917,9105,9334,710

691

-64,922

- 2 , 627

-24 ,455

- 1 , 9 7 6-10 ,429

- 4 , 9 2 5- 4 , 541

-10 ,102- 5 , 3 9 2

270- 2 5 61,173

- 9 4- 5 , :

590

-40,950

Official figures converted at rate of $85 and ounce.

31,25115,955

-1,7491 34,6481 -18 ,363- 2 , 9 1 4 -10 ,971 -39 ,440I I

-29 ,790- 5 5 , 568

-12 ,490- 2

286

- 4 5 5- 1 8 2

43 6,275

- 7 , 9 1 5 46,656

107934675

- 6 134

- 4 4- 8 8

55- 6 9

1641

- 8 0

6,2933,3363,9565,4117,0233,8334,612

33,1822,668

206 40,317

3,638

- 5 2- 7 8

- 3 , 5 1 5

- 1 1- 1 1 8

7019

- 1 1 9- 2 6

- 2 3 8- 3 7 2

1233

- 1 3 31,383

- 2 , 2 6 5

49

- 9 8 24,2791 192137 16,991 - 8 1 7

Preliminary. = Corrected.

i Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separatelyin the official monthly statistics.

a $9,832,000 imported by France from South Africa in April; $14,412,000 in May.»$20,305,000 exported by France to Belgium.

NOTE.—Great Britain and Germany—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised officialtotals published for the year as a whole. German net imports from individual countries for 1934 are subject to revision.


292 FEDERAL RESERVE BULLETIN M A T 1934

GOLD MOVEMENTS—Continued[In thousands of dollars]

Year and month

Netherlands

Total netimportsor netexports


UnitedStates England France Germany Belgium Poland Switzer-

landBritishIndia All other

1932—November.December..

-4,857894

Total (12 mos.)_

1933—JanuaryFebruaryMarchApril -MayJuneJulyAugustSeptemberOctober .November ._December ._.

116,149

1,898-933

-9,320-18,102-41,605-45,503-13,62824,23916,48818,562

-9,294

Total (12 mos.)_

1934—January—

-67,510

-8,629

-3,765-9,668

106,623

-14,101-3,43210,785

603

115

2,191

-3,839

Official figures converted at rate of $20.67 an ounce,1,939 -886 -3,085 -1,313 -1884,251 52 3,745 963 - 2 0

50,070

14,0698,1773,436-906

-11,384-6,390

-15,75012,9961,7981,385

-1,942-7 ,111

-1,624

-7,082

-34,009

-837-6, 722-19,367-18,188-37,068-41,046

6,06511,18313,84914,4576,096-601

-72,183

-238

26,886

2,00910,3004,9863,609

11,1785,581-180

47-903-3575,369-821

40,818

-367

-12,727

673-5,055-7,009-1,522-1,068-1,797-1,432

17-338- 2 2- 9 0

-230

-17,873

-13,630

-976-881-506-358

-1,479-353

-1,174-194- 1 0- 6 4- 3 0- 5

-6,030

-537-1,134

-16,137

-1,100-3,452- 2 , 324-1,259-3,069-1,702-1,466

-174-241

-1,232-297-658

-16,974

-1,220

3,0302,773

16,423

2,199166679

1,107108291275

2,2362,099

44131

9,632

33

- 5 2- 6 8

-7,346= - _ . . _• ,-=r

- 3 8- 3 4

—1- 7 9179

- 1 8209097

105142

567

February.March

102,784-9 ,201

- 1 7 , 262-6,248

-13,283-4,928

Official figures converted at rate of $35 an ounce.-76,485-4,132

233345

4,0776,116

- 6 2-141

-257-532

21360

246

235- 4 2

Year and month

Switzerland

Totalnet

importsor net

exports

Net imports from or net exports (—) to—

UnitedStates

Eng-land France Ger-

manySouthAfrica

J

Neth-er-

landsAll

other

British India

Totalnet

importsor net

exports()

Net imports from or netexports (-) t o -

UnitedStates

Eng-land

Allother

Goldpro-duc-

tion inIndia

In-creaseor de-crease(-)in

Govern-ment

reservesin India

Increaseor de-crease(-)inprivatehold-

ings inIndia i

1932—November—.December...

Total (12mos.)

1933—JanuaryFebruaryMarchAprilMayJune . - -July..AugustSeptember. .-OctoberNovember...December...

Total (12)mos.)

1934—January

FebruaryMarch

—If J1,203

169,786

4,6588,502

-24,440-12,078-42,481-41,596-14,302- 1 , 542

1,6564,0733,553

23,996

-41,121

1,266

124,354

- 1 4653

1,377

"-307

16502

8,756

10,983

110

Official figures converted at rate of $20.67 an ounce.85 -2,347 - 6 7 480 461 -16,662 -2 ,420-13 ,244 -997 55696 320 -111 1 837 55 -24,834 i-18,002 -6,156 -676 581

15,342

12382907

-307-4,082-3,152-5, 739-229-431-790

-1,444-9,474

-24,536

-247

7,418

2,3936,987

21,306-10, 745-38,776-34, 751-8,324

1,1351,7674,2434,684

-26,781 -379

30,109-10.898-21,567-25,403 -1,617-12,110 -7,799

180

2,2337799

101

48

1491

205

14,996

1,1762,4613,802

9942,778

2881,866

-1,33913078

191741

13,168

-304

1,040-937

- 2 , 236-1,958-3,709

1,7561,166

6412450

-13,781

-195,662

-11,916-12,788-12,722-11,1-13,016-14,004

-10,971-13,411-7,643-5,847- 5 , 734

-126,048

-38,094

- 9 , 741•-» , 413- 5 , 314-4,311-1 ,561

'-30,340

151,059

- 2 , 304-3,328-5,833-5,956-8,096

-12,823- 4 , 734-9,105

-12.789-7,301-6,023-5,438

r-83,730

82 1 1,187 - 4 7 -14,063 12,683Official figures converted at rate of $35 an ounce.

2 -365 499| -39.30711 -7,703-31,678

- 6 , 5 0 8

129r-47

-1,576-1,430-3,359-1,181-1,565-1,866

-622-342

176-296

"-11,979

- 1 , 2

6,782

574608626585554543589575572560560573

6,916

-16,106- 1 -24,252

- 2-i

- 5

311 -4,143 P - 2 0 , 0 5 0

560

?949

-189,007

-11,342-12,179-12,096-11,113-12,462-13,461

—5, 707-10,395-12,839-7 ,083- 5 , 287-5,160

-119,124

p-13,490

P -38,358v -19,101

p Preliminary. r Revised,i Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India.NOTE.—Netherlands and Swit zerland—-In some cases the annual aggregates of the official monthly figures differ somewhat from the revised

official totals published for the year as a whole.



GOVERNMENT NOTE ISSUES AND RESERVES[Figures are for last report date of month]

Argentine Conversion Office (millions ofgold pesos):

Gold —Currency issued

Irish Currency Commission (thousands ofpounds sterling):

Legal tender note fund:British legal tender and bank

balancesBritish securitiesNotes issued

Consolidated bank notes:'IssuedDeemed such under sec. 60 (4) of

currency act 1927

1934

Mar.

247548

1667,0137,179

4,763

1,214

Feb.

247553

326,8636,895

4,759

1,223

Jan.

247552

327,0137,045

4,754

1,232

11933

Mar.

257587

827,4997,582

4,630

1,344

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:GoldSilver coin and bullion.Other assetsNotes issued

1934

Mar.

6940

17330

29505

415980377

1,772

Feb.

6950

17628

68465

376989408

1,773

Jan.

7044

17728

71463

3731,003

4041,780

1933

Mar.

7048

18129

184350

2601,119

3901,769

1 Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Mar. 3, Feb. 3, and Jan. 6, 1934, and Mar. 4, 1933.Figure for notes deemed to be consolidated bank notes are as of close of business on these dates.

BANK FOR INTERNATIONAL SETTLEMENTS[In thousands of Swiss francs]

Assets

Gold in barsCash on hand and on current account with

banksDemand funds at interest

Rediscountable 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 billssold

Sundry itemsTotal assets

1934

Mar. 31 Feb. 28

28,176

2,75714,447

157,719192,103

349,822

41,211

18, 34464,929

39, 26631,490

31,60636,409

222, 044

4,6914,376

667,526

17,962

3,81917,681

157,071189,926

346,998

37,047

30,18457,291

18, 50444,717

35,86937,934224,499

4,1634,976

657,145

1933

Mar. 31

11,39652, 543

275,172257,461

532,633

185,703

14,42470, 762

23,48135,301

5,841616

150,425

} 6,023

938,722

Liabilities

Demand deposits (gold)

Short-term deposits (various currencies):Central banks for own account:

DemandTime—Not exceeding 3 months

Total.— -. -

Central banks for account of others:Demand

Other depositors:DemandTime—Not exceeding 3 months...

Long-term deposits:Annuity trust accountGerman Government depositFrench Government guaranty f u n d . . .

TotalCapital paid inReserves:

Legal reserve fundDividend reserve fundGeneral reserve fund

Other liabilities:Guaranty on commercial bills soldSundry items

Total liabilities..

1934

Mar. 31 Feb. 28

28,176

42,609108,126

150,735

9,418

1,071

153,54676,77340,903

271, 223125, 000

2,0223,8957,790

4,69163,506

17,962

42,142109,777

151,919

8,349

924

153,64076,82040,903

271,363125,000

2,0223,8957,790

4,16363,757

667, 526 657,145

1933

Mar. 31

254,796196,930

451,727

13,301

3,2853,330

153,64076,82068,481

298,941125,000

1,3182,6905,379

33,750

938,722


294 FEDEKAL RESERVE BULLETIN M A Y 1934

CENTRAL BANKS

Bank of EnglandGold

(in issuedepart-ment) »

Assets of banking department

Cash reserves

Coin

Discountsand

Notes

Securi-

Notecircula-

tion

Liabilities of banking department

Deposits

Bankers'

92.8100.977.5

105.198.579.497.3

104.1106.9101.2

100.690.394.599.5

Public

21.210.833.214.114.142.016.515.913.622.2

25.232.117.515.8

Other

35.037.139.542.257.742.944.045.836.536.5

37.837.736.937.0

Otherliabili-

ties

Millions of pounds sterling1933—Mar. 29

Apr. 26May 31June 28July 26Aug. 30Sept. 27Oct. 25Nov. 29Dec. 27

1934—Jan. 31Feb. 28Mar. 28Apr. 25 v

171.8185.9186.3189.4190.1190.3190.4190.4190.6190.7

190.9191.0191.1191.2

1.01.1

79.774.072.374.272.876.379.681.280.458.7

84.283.672.377.5

11.811.611.216.611.210.09.28.58.6

16.8

8.25.85.65.3

74.980.083.587.2

103.094.985.892.584.7

101.4

88.487.988.186.3

367.1371.9374.1375.1377.2374.0370.8369.3370.2392.0

366.7367.4378.8373.7

18.217.717.818.018.118.218.217.717.818.0

18.118.218.317.7

Bank of France

Assets

Gold

Millions of francs:1933—Mar. 31.

Apr. 28.May 26.June 30.July 28.Aug. 25.Sept. 29.Oct. 27 . .Nov. 24.Dec. 29.

1934—Jan. 26..Feb. 23.Mar. 30.Apr. 27 v

80,40980,86680,95181,24381,97682, 22782,09581, 03277,82277,098

77,05573,97174, 61375, 755

Foreign

4,3763,8463,8873,9903,9752,6522,6322,5861,2501,158

1,1301,0701,0681,067

Domesticbills

3,3523,8053,4492,7913,4613,2073,4753,5604,0924,739

4,4865,963

5,707

Securityloans

2,7142,6492,6752,7662,6612,6882,7652,7812,8142,921

2,8932,9322,9723,015

Negotia-ble

securi-ties

6,6216,5956,5826,4896,4636,4176,3936,2386,1866,122

6,1196,1146,0075,972

Other

9,8018,8618,5349,2438,5038,5438,7168,450

8,251

7,8707,9608,229()

Liabilities

Notecircula-

tion

86,09684,99283,26784,708

81,14382,99481,09980,36882,613

79,47481, 02482,83381,501

Deposits

Govern-ment

2,2352,3402,2652,3382,7522,7752,6854,0272,9562,322

2,2701,8681,7212,023

Other

16,85017,181

17,37619,26719,65717,24217,30115,01613,414

15,83613,06712,63214,199

Otherliabili-

ties

2,0932,1092,1522,1002,1682,1582,1562,2202,3591,940

1,9722,0521,900

(2)

Reichsbank

Assets Liabilities

Reserves

Gold Foreignexchange

Treasurybills

Otherbills (andchecks)

Securityloans

Securi-ties

Other Notecircula-

tion

3,5203,5383,4693,4823,4923,5213,6253,5713,5423,645

3,4583,4943,6753,640

Deposits

443406439447412415465416478640

498530547515

Otherliabili-

ties

Millions of reichsmarks:1933—Mar. 31

Apr. 29May 31June 30July 31Aug. 31Sept. 30.Oct. 31Nov. 30Dec. 30

1934—Jan. 31Feb. 28Mar. 29...Apr. 30 P

739411372189245307367396405386

376333237205

9710077857874401839

2,7633,1423,0783,2123,1713,1513,2893,1473,0013,177

2,8452,7663,1443,140

210177166210165163205143163183

81248144140

401317317321320320320319518581

620666681639

582618747736749688799773735

843801685760

1,169791782834820841850850871

768

v Preliminary figures.i In addition, the issue department holds Government and other securities and silver coin as cover for fiduciary issue, which is fixed by law at

£260,000,000. From Aug. 1,1931, to Mar. 31,1933, an increase of £15,000,000 in fiduciary issue (and securities held as cover) was authorized by Brit-ish Treasury under section 8 of the Currency and Bank Notes Act, 1928.

3 Not yet available.NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83.



CENTRAL BANKS—Continued[Figures are for last report date of month]

Central bank

Mar. Feb. Jan.

National Bank of Albania (thou-sands of francs):

GoldForeign exchangeLoans and discountsOther assetsNote circulation IDemand depositsOther l iabil i t ies .— I.

Commonwealth Bank of Australia( thousands of pounds) :

Issue depar tment :Gold and English sterlingSecurities

Banking depar tment :Coin, bullion, and cashLondon balancesLoans and discountsSecuritiesDeposits . . .

Note circulationAustrian National Bank (millions of !

schillings):Gold. -Foreign exchange of the reserve. .Other foreign billsDomestic billsGovernment debtsNote circulationDeposits

National Bank of Belgium (millionsof belgas):

GoldDomestic and foreign bi l ls .Loans to StateNote circulation. __Deposits . . .

Central Bank of Bolivia (thousandsof bolivianos):

Gold at home and abroadForeign exchangeLoans and discountsNote circulationDeposits

Bank of Brazil (millions of milreis):CurrencyCorrespondents abroadLoans and discountsNote circulationDeposits _

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 at home and abroadForeign exchange for account of:

Bank __.Exchange commission

Loans and discounts. ._Government debtNote circulationDeposits

Bank of the Republic of Colombia(thousands of pesos):

Gold at home and abroad.Foreign exchangeLoans to member b a n k s . _Note circulationDeposits

15, 50828, 625

93622, 91214, 63436,10878, 89340, 910

189024308624981154

2,700705347

3,456433

1,54719149

1,0322,7832,6031,625

7, 22324. 9332,9132, 4.7811,41715, 89310, 237

1,01524, 46614,88835,85879, 70741,155

1890

22297624993138

2,714760347

3,473486

2,7026,594

34,90328, 430

386302

2, 76620

3,009

1,5474

1091,1232,7832,4001,963

98

725

121682523359

14, 7192,9963, 662

33, 29724, 848

7,22525, 5732,8382,33011, 68016,07310, 212

15, 508 14, 50828, 875 29, 375

94919,73315, 77935, 35873, 29047,301

189017

262624909187

2,745769347

3,398

7,9172,65818,80754, 62351, 027

396304

2,75520

2,887

1,54663187

1,1272,7832,5711,802

96

732

'118'682516364

14, 6863,4034,262

31, 34924, 853

1933

Mar.

5,49032, 4442,9023,61213,95619, 20911, 283

11, 50727,640

1,10721,89217, 83535,41177,18342, 272

150390

287660919170

804363

3,559418

23, 5863,78429, 57640,99438, 574

569130

2,622110

2,957

1,5202095778

2,8732,5951,592

706

141679502357

13, 6893,2264,65622, 87020, 766

Central bank

1934 1933

Mar. Feb. | Jan . Mar,

National Bank of Czechoslovakia(millions of koruny) :

G o l d . . . .Foreign balances and currency. _.Loans and advancesNote circulationDeposits

Danish National Bank (millions ofkroner):

GoldForeign bills, etcLoans and discountsNote circulationDeposits

Bank of Danzig (thousands of gul-den):

Gold —Foreign exchange of the reserve . . |Other foreign exchangeLoans and discounts -Note circulation ~ |Deposits

Central Bank of Ecuador (thousandsof sucres):

Gold at home and abroadForeign exchangeLoans and discountsNote circulationDeposits

National Bank of Egypt a (thousandsof pounds):

Gold . . - --Foreign exchangeLoans and discountsBritish, Egypt ian , and other

Government securitiesOther assetsNote circulationDeposits—Government

OtherOther liabilities

Bank of Estonia (thousands ofkrooni):

G o l d . . . .Ne t foreign exchangeLoans and discounts -Note circulationDeposits—Government

Bankers 'Other

Bank of Finland (millions of mark-kaa):

G o l d . . . .Balances abroad and foreign

creditsForeign bills —Domestic billsNote circulationDemand liabilities

Bank of Greece (millions of drach-mas) :

Gold and foreign exchange. .Loans and discountsGovernment obligationsNote circulationOther sight liabilitiesLiabilities in foreign exchange

National Bank of Hungary (millionsof pengos):

GoldForeign bills, e t c . .Loans and discountsAdvances to treasury -Other a s s e t s . . .Note circulationDeposits .-Certificates of indebtedness jMiscellaneous liabilities I

2,66164

1, 5625,544

697

13316

36999

2 66878

1,3465. 5?3

444

30,16011, 340

12115,88141, 28010,848

20,4326,104

19, 33034, 5404,84.97, 5692,954

323

1,054328717

1,322332

3,9663,5943,3555,0986,066

7915

583493036079120171

1331071 i35178

15, 0827,195

47, 47136, 47722,188

20,4244, 03819,09933, 6124,0847, 0062,860

323 i

1,044 j311658

1,286 I390 S

7741,4245, 449874

1339

30,9

153910

161133523246220757

30,1588,814136

17,19439,18712,721

3,962 ! 4,0333,5323,3555,044 |6,030 I

76 :

79 !15 I

,588 j49 ;27 !

347 |90 !

120176

1,2081,0051,6146,272601

133116933138

22, 93314,892

46010, 60336,2197,201

14,375 i 14,7816,967 1, 059

48, 094 39,33235, 663 26, 39620,293 I 19,803

6,6633,3185,344

34, 6733,322

17, 8725,666

21,1607,622

17, 8422,238

21, 58131,0883,5917,2373, 128

304

773336785

1,183431

2,2041,5723,3684,5472,603

165

9715

4565117

355590

202

6,5463,4504,992

34, 6043,48919, 6246, 64918, 8147,995

6,6634,0845,227

33, 5943,50119,8386,22719, 0357,965

20,1353,04519,19831,5484,9496,3812,713

323

1,001350578

1, 166457

3.4773, 3555,1715,905

65

79 ;15 i

5935027348 |91 |120178

r Revised.1 Increase during February reflects in part reduction in gold content of koruna on Feb. 17,1934, from 44.58 milligrams of fine gold to 37.15 milligramss Items for issue and banking departments consolidated.



CENTRAL BANKS—Continued

[Figures are for last report date of month]

1934

Central bankMar. Feb. i Jan. Mar

1933

Central bank1934

Mar. Feb. Jan.

1933

Mar.

Bank of Italy (millions of lire):Gold at homeCredits and balances abroadLoans and discountsNote circulation —Public depos i t s . . .Other deposits

Bank of Japan (millions of yen):GoldAdvances and discountsGovernment bonds -.Notes issued ..Total deposits _

Bank of Java (millions of florins):GoldForeign billsLoans and discountsNote circulationDeposits _

Bank of Latvia (millions of lats):Gold. ~ -Foreign-exchange reserve -.Bills.LoansNote circulation..Government depositsOther deposits

Bank of Lithuania (millions of litu):GoldForeign c u r r e n c y —Loans and discountsNote circulationDeposits -.

Netherlands Bank (millions of flor-ins):

GoldForeign billsLoans and discounts.Note circulationDeposits . .

Bank of Norway (millions of kroner):Gold — . .Foreign balances and billsDomestic credits —Note circulationForeign depositsTotal deposits

Central Reserve Bank of Peru (thou-sands of soles):

G o l d . - . -Foreign exchangeBills . .Note circulationDeposi ts . . . _

Bank of Poland (millions of zlote):GoldForeign exchangeLoans and discountsNote circulation0ther sight liabilities

Bank of Portugal (millions of escu-dos):

Gold.Other reservesDiscounts and advances __.Government obligationsNote circulationOther sight liabilities.

6,87444

6,03712,963

300

5871,271

497

1130

5819128

443

65643357

107

5413869061

1172901103

13512

274330

261

7,10583

5,81012, 708

3001,426

425771528

1,138384

116 Ii !

57 i190 i

443

66643358

106

5215838759

792;1 i

173 |898 !110 j

135 !10 i

263 |313 i

2 ;63 I

48167

745955232

360334

1,0511,965

755

833 !382 '330 |

1,051 i1,925 |

771 i

I 7,099274

4,28413, 068

3001,757

425762602

1,261433

1121

6019026

66 !64 !35 !58 !

107 ;

52 |13 !85 S87 !60 !

919 |

IT} I890 |246 ;

I140

2270312

203

479 i 478 S78 i 82 i

752 ! 749 !939 947 !271 i 248 i

777 ;341 i330 !

1,051 :

1,934601

6,291802

5,70813,117

3001,203

425733437

1,072491

1121944

20635

425

6753346592

4913909455

94973

108951225

15130

214301

39, 087350

26,65153, 0217,837

49197

7011,019

139

671416329

1, 0541,916

587

National Bank of Rumania (millionsof lei):

GoldForeign exchange of the reserve. .Other foreign exchangeLoans and discounts.State debtNote circulationDemand deposits

South African Reserve Bank (thousands of pounds):

GoldForeign billsDomestic bills _.Note circulation. _.Deposits—Government

BankOther . -

Bank of Spain (millions of pesetas):GoldSilver.—Balances abroad _._ _.Loans and discountsNote circulationDeposits

Bank of Sweden (millions of kronor):Gold.Foreign bills, etc _Loans and discountsNote circulationDeposits _ _

Swiss National Bank (millions offrancs):

GoldForeign balances and billsLoans and discountsNote circulation..Demand deposits

Central Bank of the Republic ofTurkey (thousands of pounds):

GoldForeign exchangeGovernment securities.Other securitiesOther assetsNote circulationDepositsOther liabilities

Bank of the Republic of Uruguay(thousands of pesos):

GoldLoans and discountsOther assets . .Note circulation __Deposits—Demand

TimeJudicial and admin-

istrativeOther liabilities

National Bank of the Kingdom ofYugoslavia (millions of dinars):

Gold. . .Foreign exchange _Loans and discounts _Advances to StateNote circulationOther sight liabilities.

17,74022, 341

611, 9753,705

27, 2811,824

2,262674283

2,5104,668

37451354

644484

1,7461

1361,405

482

25, 4043,431

152, 57530,84633,370

159,06729,18457, 374

1,766129

1,8762,3174,232

944

9,974146

78,8925,681

20,8157,449

18,25521, 206

20110, 4291,899

32, 2611,735

2,262663281

2,5194,748

912

37351158

597562

1,8373

1161,390

557

25,1813,547

154, 82431,11432,457

159,61627,90459, 603

49,86195,95045, 33278,23133, 98842, 682

2,71033, 532

1,765169

1,9592,3174,233

959

9,94016028

9,0295,681

20,8347,474

17,32019,956

8610, 4561,755

28, 2662,951

2,262658278

2,6084,729

962

36245358

583513

1,99820

1061,391

753

25, 0275,871

155, 37429, 42335,613

160, 05731, 84658, 805

49,10995, 25245, 52377, 76632, 88042, 899

2,66133, 678

1,795139

2,0552,3174,2121,062

9,62268552

10,1565,72621,4537,285

10,99814,437

8159,8471,36819, 6901,259

2,259623283

2,5034,751975

232308126590227

2,536854

1,5701,042

21,441337

154,30028,15433,779162, 98820, 43654, 586

47, 801103, 89741, 03283, 34129, 67640, 090

2,99036, 633

1,761170

2,3492,4124, 564



COMMERCIAL BANKS

England(10 clearing banks. Figures in millions

of pounds sterling)

Assets

Cash invault anddue fromBank ofEngland

206213205208215218216213223209219

Money atcall and

shortnotice

981019691918999

119130118120

Bills dis-counted

346352362359355343317311284250202

Securities

530544554563563559569565558560547

Loans to Otherassets

Liabilities

Deposits

Total Demand1 Time J

Otherliabilities

1933—MayJuneJulyAugustSeptember.OctoberNovember.December.

1934—January.._February _.March

779779771762753752741740738746757

209213221216215222228237232231226

1,9441,9781,9731,9661,9581,9511,9281,9411,9201,8671,831

9621,006993990

1,015974932910

942933928924916905900893881

224225235233233233241244244246240

Assets Liabilities

France(4 large banks. Figures in millions of

francs)

Cash invault anddue fromBank ofFrance

1933—MayJuneJulyAugustSeptemberOctober.._NovemberDecember.

1934—January...February..

8,1848,4998,7388,0277,9077,0946,3335,8706.3734,650

Due frombanks

1,9601,9311,7231,6001,5041,4801,5451,4161,5741,724

Bills dis-counted

20,04819,88920, 23619,85119,83520, 22919,87619, 84819.16918,174

Loans,includingsecurity

loans

7,7777,8247,8487,8137,7927,8808,1278,3098, 5378,956

DepositsOtherassets Total Demand Time

1,2271,4201,5211,5651,5401,6261,7071,8271,0341,130

35,12435,29535,67634,42634,18133,78633,00932, 635

«32,80930, 736

34,14534,30734,67133, 41933, 21732,81132,07531, 773

° 31, 969

979988

1,0051,007964976933862841845

ceptances

247372379360253257258273284334

Otherliabilities

3,8243,8954,0114,0694,1444, 2664,3224,362

c 3,5923,564

I Assets Liabilities

Germany(Reporting banks. Figuresin millions of reichsmarks)

Cash invault anddue fromReichs-bank

Due frombanks

Bills dis-counted

Loans,includingsecurity

loansSecurities

Deposits

Otherassets Total Demand Time

Creditsobtained

frombanks forcustomers

Otherliabilities

1933—MayJuneJulyAugustSeptember..OctoberNovember...December 2_.

1934—January 2

169205169150186152159

675659646637657614621

1,9341,9141,9071,9371,8701,9621,970

4,8824,8324,6824,6774,6274,6424,608

2,3872,3902,3832,2972,3032,3042,331

1,1891,1631,1631,1751,1781,2071,222

7,1017,0927,0186,9716,9606,9937,015

3,2683,3443,2373,1553,2423,2003,155

3,8333,7483,7813,8163,7173,7933,859

924852805753733709

3,1683,1463,0813,0973,1103,1553,187

February.. 139 2.127 2,387 1, 196 7,159 3,254 3, 905 3,100

Canada(10 chartered banks. Figures

in millions of Canadian dol-lars) Cash in

vault andin cen-

tral goldreserves

1933—MayJuneJulyAugustSeptember.OctoberNovember.December.

1934—January...February..March

Assets

Entirely in Canada

193198197192187191210197194193187

Securityloans

94102109105110111105106104102103

Otherloans andbills dis-counted

1,0731,0571,0421,0261,0311,0371,0081,0361,0121.0111,029

Securityloans

abroadand netdue fromforeignbanks

139145151146176156149134135144159

Securities

836

881882861861832833835

Otherassets

456481448437435450444432428442427

Liabilities

Notecircula-

tion

119129120121129122121121113117128

Deposits payable in Canadaexcluding interbank deposits

Total

1,9461,9571,9581,9241,9641,9831,9251,9201.8771,8851,893

Demand

549570578551591633567563526530526

Time

1,3971,3871,3801,3731,3721,3501,3581,3571,3511,3551,367

Otherliabilities

725757733727727721732725714724718

e Corrected.i Excluding deposits of the National Bank relating to offices outside England, which are included in the total.NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646

2 Figures not available.



DISCOUNT RATES OF CENTRAL BANKS

Date effective

In effect Oct. 1,1931.Oct 10Dec. 10Feb. 18, 1932.Mar 9Mar. 10Mar. 17Mar. 21Apr. 9Apr 19Apr. 21Apr 28May 2May 12June 30Sept. 22Jan 9 1933May 12June 29July 15July 29

A -i-trr 1 X>

Sept. 4Sept 19Dec. 11Feb 9 1934In effect Mayl, 1934.

Central bank of—

Eng-land

6

5

4VA

3

2

2

France

2

33

Ger-many

8

7

6

5H

5

4

4

Italy

7

6

5

4

VA

3

3

Nether-lands

3

Switzer-land

2

2H

iVA

V4

: : : : : : : : :

*..

VA 2

Centralbank of—

AlbaniaAustriaBelgiumBolivia

Bulgaria. . .ChileColombia ..Czechoslo-

vakia

Danzig. . . . . .Denmark. . .EcuadorEstonia

FinlandGreeceHungaryIndia

RateMay

1

536

VA

VA

3

4VA

7

VA

In effectsince—

Nov. 16,1933Mar. 24,1933Apr. 26,1934July 5,1932

Jan. 2,1934Aug. 23,1932July 18,1933

Jan. 25,1933

May 6,1933Nov. 30,1933Nov. 30,1932Feb. 1,1932

Dec. 20,1933Oct. 14,1933Oct. 18,1932Feb. 16,1933

Centralbank of—

JapanJavaLatviaLithuania

NorwayPeruPolandPortugal

Rumania...South Africa .SpainSweden

U.S.S.RTurkeyYugoslavia...

RateMay

1

3.65

6 *

6 2

5

63H6

8

7

In effectsince—

July 3,1933Aug. 16,1933Jan. 1,1933Apr. 1,1930

May 24,1933May 20,1932Oct. 26,1933Dec. 8,1933

Apr. 5,1933May 15,1933Oct. 26,1932Dec. 1,1933

Mar. 22,1927Mar. 2,1933Feb. 9.1934

Changes since Apr. 1: Belgium—Apr. 26, down from 3H to 3 percent.

MONEY RATES IN FOREIGN COUNTRIES

Month

England (London)

Bankers'accept-ances,

3 months

Treasurybills, 3months

Day-to-daymoney

Bankers'allowance

on deposits

Germany (Berlin)

Privatediscount

rateMoney for1 month

Netherlands (Amster-dam)

Day-to-daym o n e > T j

Money for1 month

1933—MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.

1934—January...February.March

0.62.59.50.50.48.41.44.79

1.051.06

1.01.95.95

0.46.50.37.40.40.30.31.73.94

1.15

0 64.61.58.62.62.62.63.75.75.77

.90 I

3.873.873.873.873.873.873.873.873.873.87

3.873.873.87

5.005.255.505.505.505.505.505.505.505.50

4.784.915.00

4.975.055.244.935.194.945.005.115.184.97

4.744.784.89

0.64.66

2.112.183.541.11.77.50.45.52

.50

.781.24

1 111.001.692.062.641.081.001.001.001.00

1.001.001.07

Month

Switzer-land

Belgium(Brussels)

Privatediscount

rate

Privatediscount

rate

France(Paris)

Italy(Milan) Hungary

Sweden(Stock-holm)

Privatediscount

rate

Privatediscount

rate

Primecommer-cial paper

1933—MarchAprilMayJuneJuly..AugustSeptemberOctober. __November.December.

1934—January. __February.March

1.501.501.501.501.501.501.501.501.501.50

1.50 I1.50 !1.50 j

2.622.502.412.312.312.312.272.212.122.25

2.142.052.07

2.041.871.761.50 !1.39 !

1.45 I1.131.25 j1.852.26 I

2.122.592.75

4.204.004.004.004.004.003.553.503.503.00

3.003.003.00

Day-to-daymoney

Loans upto 3

months

VA3;3VAV/2VA

3 ^3H

VA

VA-5}/23 H 63 -53 -53 -63 -53 -53 -5

Japan (Tokyo)

Discountedbills

2H-4H2H-4H

5.48-5.845.48-5.845.11-5.845.11-5.485.11-5.485.11-5. 485.11-5.485.11-5.485.11-5.485.11-5.48

5.11-5.485.11-5.48

Callmoney

overnight

2.922.372.192.742.372.372.562.562.562.56

2.372.56

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.


MAY ] 34 FEDERAL RESERVE BULLETIN 299

FOREIGN EXCHANGE RATES[Averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency]

Year and month

1929. 95.12741930 83.50501931. 66.73751932 58.44331933 372.80091933—April 60.4864

May 67.9019June 71.0601July 80.7251August 79.4328September 86.0861October 86.1188November 92.0439December 333.3311

1934—January 33.5007February 33. 5494March 33.9553April 34.3475

Argen-tina

(peso)1

Aus-tralia

(pound)

480.83458.60351. 50279.93337. 07284. 79313.07329. 22369. 44358.13371. 26371.47409. 75407. 50402. 44400. 78405. 86410. 54

Austria(schil-ling) 2

14.057514.089114.022713.959915. 447814.070014. 558214. 200715. 671915.479416. 653416.769418.043417. 681117. 911518. 565018.911418.8724

Belgium(belga)

13.912413.952413.928513.913717.899614.528516. 271117. 046019.450519.145820. 699420. 721522. 317621. 728022. 036022. 889323. 298123. 4416

Brazil(milreis):

Bulgaria(lev) 2

11.807810.71367.02907.12237.96307.63487. 63547. 63697.87278.03318.15088.46348. 56608. 59958.56378.46668.54208. 6004

0. 7216.7209.7163.71931. 0039.7223.7825.8142.99771. 03471. 24341. 25901. 63781. 34361. 34721. 34641. 33241. 3295

Canada(dollar)

99. 247299.842496.325888.089691.958784. 723387.593089.885394.468394. 279696.473497. 5958101.1829100. 551599. 524699.167599. 7871100. 2070

Chile(peso)i

12. 060112. 078512. 06697.90797.67876.03006.28467. 52108.37528.19868. 67438.873110. 09839. 59529.44769. 596610.129410. 2595

China(yuan)

41. 900729.916622.436921. 735728. 5779<22.195324.519326.128929.266628.073729. 684329.846232.903033.446834. 000734. 307734. 619034.1506

Colom-bia

(peso)i

96.551296.493096.569795.275081. 696686. 210086. 210086.210086. 210086. 210078.147665.713666. 720063. 966866.939669.952367. 666359. 9228

Cuba(peso)

Czecho-slovakia(koruna)

99. 964799.951599.929599. 940999.946499.932299.919699.921299.919999.948199.958399.922399.961799. 9579-99. 957899.961699.953599. 9288

2.96092.96402.96192. 96183.82323.11553.50753.65274.15454. 07774. 40894.41724. 76004.64874. 70394. 44324.15314.1720

Den-mark(krone)

26. 680226. 765025.058118.831719.070915.950217. 519318.442320. 768220.115720. 834420.841322. 997522. 846322. 548722.472122. 738423. 0051

Year and month

1929193019311932.19331933—April

MayJuneJulyAugustSeptemberOctoberNovemberDecember


Egypt(pound)

498. 0689498.6002465.1111359. 5406434. 3908366.8480403.1202424. 0440477. 0204461. 7534478.1479460. 4633527. 4832524.6387518.2824516. 0390522.3447

England(pound)

Finland(markka)

485. 6879486. 2126453. 4990350. 6067423. 6821357.9313393. 2381413.5581464.9915450. 2670466. 4722466.8290514.9737511. 5890504,9336503. 2596509.3917515. 3425

2. 51602. 51692. 38751. 55471. 87081. 58061. 74671.82412. 05112.00082. 06932. 06832. 27002. 27002. 24492. 22882. 24702. 2702

France(franc)

3.91613.92493. 92003. 92765. 03134.10194. 59274.80355. 45885. 37495. 77245.81676. 26786.12166. 21106. 46486. 58016. 6161

Ger-many

(reichs-mark)

Greece(drach-

ma)

HongKong

(dollar)

Hungary(pengo)

India(rupee)

23. 808623. 854123. 630223. 749230. 517924. 387327. 362928. 809733. 262732. 714435. 430735. 426738. 236137. 324737. 587238. 884139. 659939. 5890

1 29341. 29591. 2926.8320.7233.5865.6582.6917.7902.7743.8372.8397.9053

.9253

.9413

.9452

47.166933.853024. 330523. 460429. 451623. 771427.158629.135832. 958431. 592233.105033. 282136. 689637.153737. 681138. 099938. 684238.1556

17. 441417. 493917. 452217. 4460"22. 359817. 481218.876621. 241524. 514724. 238726. 089726. 352028. 230227. 685528. 042529.119129. 612529. 7652

36. 202036. 067233. 689526. 346831.815926. 872129.572931. 065234. 928333. 848935. 005135. 036638. 340838. 387037.973937.856738. 333538.7557

Italy Japan(lira) I (yen)

Mexico(peso)

5. 23345. 23745. 20635.12536. 70945. 36626. 0888

7. 36977. 21767.80767.82088. 43318. 22048. 30768.575 '8. 57638. 5641

46. 099749.389848.850928.111225. 645722. 086723. 996725. 758728. 772726.902627. 253927: 767030. 361830.741830.113629.753630. 009330. 3124

48. 183047 133135.491931.850028.102527. 020128. 872127. 665027. 996828.110328.149228.169227. 798927. 735527. 743427. 731327. 722427.7222

Nether-lands(florin)

40.162240. 225140. 229840. 294951.720941. 949046. 950749. 008656.183355. 379959. 883159.952964. 564262.846663. 616766. 038267. 295667. 8471

I

Year and monthNew

Zealand(pound)

Norway(krone)

Poland(zloty)

Portu-gal

(escudo)

Ruma-nia

(leu)Spain

(peseta)

StraitsSettle-ments

(dollar)

Sweden * j W(franc)

Turkey(pound)

Union of!SouthAfrica(pound)

Uruguay(peso)*

Yugo-slavia(dinar)

192919301931193219331933—April

May__JuneJulyAugustSeptemberOctoberNovemberDecember


483. 21468. 22415. 29320.19340. 00285. 48313. 86330. 09370.19359. 02372.17372. 40411. 04408. 72403. 47401.81406.84411. 63

26. 682726. 759825. 054618. 003921.429218. 316120. 016420. 881123. 362722. 645123. 440023. 445125. 872325. 707525. 372225. 283525. 583425. 8824

11.194011. 205111.197011.182314. 413511. 375513. 087313. 822915. 620215. 434816. 696316. 710318. 056417. 702417. 928118. 598418. 904318.9554

4.47144. 49404. 24353.19603.91653. 21333. 57813. 76944. 24684.15214. 46554. 53154. 86234. 68924. 65054. 63214. 67094. 7085

0. 5961.5953.5946.5968.7795.6107.7025.7448.8766.8374.8934.9112.9817.9547.9614. 99231.00131. 0060

14. 683311.66709. 54538. 0438

10. 71898. 88049.987510. 363811. 654011.456512. 408712. 434313.112912. 791813.004213. 300113.617513. 7024

56.011755. 963952.445140. 397049. 232041. 235045. 661147.963054. 046052. 363454. 292054. 574060. 062559.702558. 9185M.785259. 600760. 3487

26. 783926.854325. 254018.471022. 032418.810820. 241321. 281923. 978423. 226324. 053224. 069026. 549126.391126. 041825. 955426. 262026. 5643

19. 279219.382019.400919.404924. 835520.128122. 536823. 566526. 958326. 526528. 729928. 790231. 022330. 247330. 642031.737432. 285732. 4593

48. 410547. 060847.181447. 285460.439649. 399655.359657.808565. 708064.450769.829267. 226275. 740073. 706875. 0781

483. 27483. 79480. 76476. 56414. 98353. 74388.74408. 76459.33444.39448. 57461. 23509. 29505. 76499. 09497. 42503. 42509. 43

98. 629485. 865055. 357247.063960. 336047. 764653.187555.987165.137264.758970.151070. 775576. 248474. 587075.805178. 749980.192180. 6081

1 75911. 76811. 76801.64111. 76071.42281.60731. 67081. 90321.89092. 02742. 04432. 20352.16282.18182. 24682. 26482. 2718

1 Nominal since April 1933.2 Partly nominal since April 1933.3 Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average for 1933 is for gold peso from

Jan. 1 to Dec. 10, inclusive. Average for December 1933 based on paper peso for Dec. 13-31. Average of gold peso for Dec. 1-10 was 75.8904 cents.No quotations Dec. 11 and 12.

* Beginning Apr. 10, 1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver-Average^for 1933 is for new yuan from Apr. 10 to Dec. 31, inclusive; average for old yuan from Jan. 1 to Apr. 9, inclusive, was 20.2103 cents. Aver-age for April based on new yuan for Apr. 10-30. Average of old yuan for Apr. 1-9 was 20.5383 cents.

« Silver peso quoted in place of gold peso beginning July 30, 1931. Average for 1931 is for silver peso from July 30 to Dec. 31, inclusive. Aver-age for gold peso for Jan 2-July 29 was 47.6510 cents.

Back figures.—See BULLETIN for January 1933, 1932, 1931, 1930, and 1928.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES

SECURITY PRICES[Index numbers except as otherwise specified]

Year and month

Number of issues

192619271928 _. .1929193019311932

1932—NovemberDecember.. _

1933—January . . __ ._ _.FebruaryMarch.. . ._April.May __ __JuneJuly—.AugustSeptember .October _ . . . .November ._December

1934—JanuaryFebruaryMarch ._

Bonds

UnitedStates

(averageprice)

60

97.098.998.795.798.396.181.1

83.182.2

84.182.576.775.482.086.889.689.987.986.582.683.6

88.392.995.1

England(December1921=100) 2

87

110.0110.7112.3110.2111.8108.4113.2

115.9116.1

116.9118.4118.4120.2118.1118.7117.9120.1121.2122.3122.3122.0

123.6124.3126.2

France(1913 aver-age =100)

36

57.4« 71.7

80.885.195.896.988.6

88.987.8

86.485.381.981.578.579.580.080.281.481.179.679.9

78.778.776.9

Germany(averageprice) 3

169

85.581.483.3

<83.4< 67.1

72.976.3

81.479.983.685.881.580.178.278.578.284.787.989.6

92.091.691.9

Common stocks (1926 average=

UnitedStates

421

100.0118.3149.9190.3149.894.248.4

47.547.4

49.144.943.247.562.974.980.475.174.869.569.170.4

75.680.577.1

England l

278

100.0107.0115 9119.5102.678.967.9

72 772.0

72.472.272.372 475.479.083.984.485.382.980 981.4

85.5S7.087.3

France

300

100.0123.2178.1217.6187.6132.2105.2

100.0104.3

101.397.992.794 0

100.4105.2106.0105.2103.098.395 795.3

92.391.885.0

= 100) »

Germany

329

100 0145.0136 1122.8100 2

1 78.0•50.3

53 456.7

59.359.464.566 867. 265.762 860.757.357.058 761.8

64 467.870.

«Corrected.i Stock price series for England, France, and Germany have been converted from original bases to a 1926 base.8 Annual indexes for English bonds and stocks are unweighted averages of monthly indexes.1 New series compiled by the Statistisches Reichsamt beginning with January 1928; weighted average of the prices of 169 6-percent bonds.

Annual indexes for German bonds are unweighted averages of monthly indexes.* Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months January-

June; index for 1932 represents average of months May-December.

Back figures.—See BULLETIN for February 1932, p. 121, and sources there cited.

WHOLESALE PRICES—ALL COMMODITIES

Year and monthUnitedStates

(1926=100)Canada

(1926=100)England

(1913=100)France

(1913=100)Germany

(1913=100)Italy

(1913=100)Japan

(October1900=100)

Nether-lands

(1913=100)

1926 1001927 951928. 971929 951930 861931 731932 65

1932—November 64December 63

1933—January 61February 60March 60April 60May 63June _ 65July 69August 70September 71October 71November I 71December j 71

1934—January 72February j 74March ] 74

100 148142140137120104102

101101

10099989799102102103103103103103

105105104

695642645627554502427

413413

411404390387383403401397397397403407

405400394

13413814013712511197

9492

919191919293949495

602495462445383328304

292286281279279281279278276274273275

27627.5275

237225226220181153161

178185

185180177176177180182180182180179176

176178177

1451481491421179779

77

7574727172737373757576

8079



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued

WHOLESALE PRICES—GROUPS OF COMMODITIES

[Groups are those included in indexes shown in preceding tablej

Year and month

United States (1926=100)

Farmproducts Foods

Othercommod-

ities

England (1913=100) France (1913=100)

FoodsIndus-trial

products

Farmand foodproducts

Indus-trial

products

Germany (1913=100)

Agricul-tural

productsProvi-sions

Indus-trial rawand semi-finishedproducts

Indus-trial fin-

ishedproducts

1926192719281929 -19301931 -1932

1932—November.December.

1933—January...February..MarchAprilMayJuneJuly _AugustSeptemberOctober.. _November.December.

1934—January...February-March

10099106105886548

4744

434143455053605857565756

596161

10097101100917561

6158

565455565961666565646463

6467

100949392857570

70

67

155152152145127112111

107108

107105102101102104101104105104104103

104104101

14413613413211610097

97

9796959598101103102102102102103

105106105

581599584579526542482

458456

455443417407390418414407413417425432

424416413

793678697669579464380

373375

373370368369376390389389383379384385

387386378

12913813413011310491

132129133125113

«13013213413212010389

150147159157150136118

114114

113112112111112112113113114114114114

114115115

RETAIL FOOD PRICES

Year and month

1926192719281929193019311932 _

1932—No vemberDecember _.

1933—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember . .December

1934—JanuaryFebruaryMi arch

UnitedStates

(1913=100)

161155154157147121102

9999

959191909497

105» 1073 1073 107» 107» 104

3 1053 1083 109

England(July

1914=100)

161156157154145131126

125125

123122119115114114118119122123126126

124122120

France(July

1914=100)1

113113112124125124109

104103

102103101999797959798

101103104

105103100

Germany(1913-

14=100) »

144152152155143128112

110109

107107106106110111111110111112113114

114114114

(

Year and month

1926192719281929 . . . .193019311932

1932—NovemberDecember

1933—January . . .FebruaryMarchAprilMay.June - -JulyAugustSeptemberOctoberNovemberDecember ._

1934—January _ .February. . .March

COST OF LIVING

UnitedStates

(1913 = 100)

175173171171164148134

132

128

135

England(July

1914=100)

170164166164158148144

143143

142141139137136136138139141141143143

142141140

France(Jan.-June1914=100)1

'103104105113118116107

105

106

105

105

107

Germany(1913-

14=100) »

141148152

147136121

119118

117117117117118119119118119120

« 120121

121121121

« Corrected.i This index, unlike that for wholesale prices in France, represents prices converted to the gold basis of 1914.8 Average of October 1913, January, April, and July 1914 = 100.3 Figures for the period nearest the 15th of the month. Since August 1933 the Bureau of Labor Statistics has published semimonthly indexes,

which this year have been as follows: Jan. 2, 104.5; Jan. 16, 105.2; Jan. 30, 105.8; Feb. 13, 103.3; Feb. 27, 103.1; Mar. 13, 108.5; and Mar. 27, 108.0Apr. 10, 107.4; and Apr. 24, 107.3. For indexes available in 1933 see BULLETIN for February 1934, p. 120.

. . . . _ . . _ . . . . . . . .. . Retail food prices and cost of living.—United States—Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germanp—Statistisches Reichsamt; France—For retail food

SOURCE: Wholesale prices.—For original sources, see BULLETIN for March 1931 (p. 159).jreau of Labor Statistics, Department of Labor; England—Ministry of Labour; Ger mam

prices, Statistique Ganarale, and for cost of living Commission d'etudes relatives au cout de la vie a Paris



LAW DEPARTMENTObligations secured by real-estate mortgages as

"securities" under various sections of the BankingAct of 1933

The Federal Reserve Board has had underconsideration the question whether varioustypes of obligations secured by real-estatemortgages are obligations of the kinds referredto in subsection (e) of section 5144 of the Re-vised Statutes, as amended by section 19 of theBanking Act of 1933, and in section 20 andsection 32 of the Banking Act of 1933.

The pertinent parts of those sections arequoted below, the descriptive words underconsideration being italicized in each instance:

Revised Statutes, section 5144 (e):Every such holding company affiliate shall, in its

application for such voting permit, (1) show that itdoes not own, control, or have any interest in, and isnot participating in the management or direction of,any corporation, business trust, association, or othersimilar organization formed for the purpose of, orengaged principally in, the issue, flotation, underwriting,public sale, or distribution, at wholesale or retail orthrough syndicate participation, of stocks, bonds,debentures, notes, or other securities of any sort (herein-after referred to as "securities company"); (2) agreethat * * * it will not acquire any ownership,control, or interest in any such securities company*• * *; (3) agree that if, at the time of filing theapplication for such permit, it owns, controls, or has aninterest in * * * any such securities company, itwill, within five years after the filing of such applica-tion, divest itself of its ownership, control, and interestin such securities company * * *.

Section 20 of the Banking Act of 1933:After one year from the date of the enactment of

this Act, no member bank shall be affiliated in anymanner described in section 2 (b) which definesaffiliates hereof with any corporation, association,business trust, or other similar organization engagedprincipally in the issue, flotation, underwriting, publicsale, or distribution at wholesale or retail or throughsyndicate participation of stocks, bonds, debentures,notes, or other securities. * * *

Section 32 of the Banking Act of 1933:From and after January 1, 1934, no officer or director

of any member bank shall be an officer, director, ormanager of any corporation, partnership, or unincor-porated association engaged primarily in the business ofpurchasing, selling, or negotiating secutities, * * *.

One of the principal purposes of the BankingAct of 1933 was to effect a separation of com-mercial and investment banking. It appearsthat the provisions above referred to weredesigned to aid in the accomplishment of this

purpose and consequently that they should beinterpreted with this purpose in mind. Aftera careful consideration of this subject, theFederal Reserve Board has reached the con-clusion that, although there are obligationssecured by real-estate mortgages which are ofthe kind referred to in the provisions of lawabove quoted, mortgage notes arising out ofthe ordinary type of direct loans on real estateare not " bonds, debentures, notes, or othersecurities" within the meaning of section 5144of the Revised Statutes as amended or section20 of the Banking Act of 1933 or "securities"within the meaning of that term as used insection 32 of the Banking Act of 1933.

On the other hand, it is not possible to laydown any general rule as to whether or notcertificates of participation based on mort-gages, notes issued in series, and other similarobligations secured by mortgages which arenot ordinary mortgage notes of the type re-ferred to above, are included within the pro-visions above quoted, since such obligationsvary so widely in character; and questions ofthis kind must be determined as and whenthey arise in particular cases according to thefacts involved therein.

The views expressed above should not beconstrued as an expression of opinion by theBoard that mortgage notes and other obliga-tions secured by mortgages should not be con-sidered "bonds, debentures, notes, or othersecurities" within the meaning of section 21 (a)of the Banking Act of 1933. Said section 21provides a penalty of fine or imprisonment forviolation of its provisions, and the interpreta-tion of the provisions of that section is a matterentirely within the jurisdiction of the Depart-ment of Justice. Since an expression of opinionby the Federal Reserve Board as to what wouldconstitute a violation of that section would notafford protection from criminal prosecution ifthe Department of Justice, upon considerationof the matter, should take a contrary positionand determine to prosecute for a violationthereof, the Federal Reserve Board does notfeel that it would be appropriate to undertaketo express an opinion on the question whethermortgage notes or other obligations secured bymortgages should be considered "bonds, deben-tures, notes, or other securities" within themeaning of that section.



Allowance in consideration of payment of banker'sacceptance before maturity as indirect payment ofinterest

The Board recently had occasion to considerthe question whether an allowance made by amember bank to a customer in connection withthe discharge of his obligation with respect toa banker's acceptance constitutes a payment ofinterest directly or indirectly on a deposit whichis payable on demand in violation of section 19of the Federal Reserve Act.

In consideration of the bank's agreeing toaccept time drafts, the customers of the bankagree, expressly or impliedly, to pay to thebank or its successors or assigns the amountof each such acceptance on the last businessday before its maturity or on demand at anytime prior thereto, together with the amount ofthe bank's commission and the amount of allcharges and expenses incurred by the bank inconnection with the transaction. It sometimeshappens that the customer desires to dischargehis obligation prior to the last business daybefore the maturity of the acceptance, and, inorder to encourage such desire, the bank acceptspayments at a discount rate based upon thenumber of days yet to run until the maturity,thus making an allowance for the unexpiredperiod during wliich the customer, in the ab-sence of a demand from the bank, might haveretained his funds.

On the basis of the foregoing statement offacts, the Board expressed the view that, if thefunds paid to the bank by the customer in suchcircumstances are not credited to his depositaccount on the books of the bank, but areapplied immediately to the discharge of hisobligation to place the bank in funds to retirethe acceptances, the funds do not constitutedeposits, and, therefore, the prohibition uponthe payment of interest on deposits payable ondemand is not applicable. If, however, thefunds are credited to the customer's depositaccount and are not applied in discharge of thecustomer's obligation until the date of maturityof the acceptance, it is the view of the Boardthat a deposit arises and, if such deposit is to beused to discharge the customer's obligationwithin 30 days or is otherwise payable within 30days, it constitutes a demand deposit and anallowance or discount in connection with suchdeposit, calculated according to the number ofdays remaining before maturity of the accept-ance, must be considered an indirect payment of

interest in violation of the prohibition of section19 of the Federal Reserve Act upon the pay-ment of interest on any deposit which is payableon demand.

Corporate trustee under deed of trust as a holdingcompany affiliate

There has recently been submitted to theBoard a deed of trust whereby an individualhad transferred to a trust company, as trustee,shares of stock which represent a controllinginterest in several member banks and which areheld in trust for designated beneficiaries. TheBoard was called upon to consider whether thecorporate trustee was a holding companyaffiliate of such banks within the definition insection 2 (c) of the Banking Act of 1933.

Section 2 (c) defines a holding companyaffiliate as a corporation, business trust, asso-ciation, or other similar organization which is ina position to exercise controlling influence overa member bank in any one of certain waysspecified in the definition. The deed of trustdid not create a "business trust", but thetrust company was clearly a corporation. TheAttorney General of the United States, inanswer to a question propounded by the Secre-tary of the Treasury, has stated in an opinionthat:

it does not seem objectionable to say that I perceivethe force of your solicitor's conclusion that ownershipand control through majority stockholding does notinclude a holding by a bank merely as executor or insome other such fiduciary or representative capacity,subject to control by a court, or by a beneficiary or aprincipal, and without the incentive and opportunitieswhich might arise from a holding of the stock by thebank as its own property.

Under the terms of the deed of trust thetrustee held the stock without the incentive forprivate profit, but determined the manner inwhich the stock was to be voted and in so doingapparently was not subject to control by anycourt, beneficiary, or principal. The Boardtherefore ruled that the trust company was aholding company affiliate of the member banksreferred to and accordingly could not vote anystock of such banks, owned or controlled by iteither in its capacity as trustee or otherwise,unless it first obtained from the Board a votingpermit under authority of section 5144 of theRevised Statutes of the United States, asamended.



Federal savings and loan associations as banks withinsection 19 of the Federal Reserve Act

The question whether a Federal savings andloan association organized under the provisionsof the Home Owners' Loan Act of 1933 may beconsidered a "bank" within the meaning of theprovision of section 19 of the Federal ReserveAct regarding amounts due to and from otherbanks in computing reserves has had the con-sideration of the Federal Reserve Board.

Section 5 of the Home Owners7 Loan Act of1933 provides for the organization of Federalsavings and loan associations "in order toprovide local mutual thrift institutions in whichpeople may invest their funds and in order toprovide for the financing of homes." Suchassociations are authorized to raise their capital"only in the form of payments on such sharesas are authorized in their charter, which sharesmay be retired as is therein provided" and tolend their funds "only on the security of theirshares or on the security of first liens uponhomes or combination of homes and businessproperty within 50 miles of their home office."They are expressly prohibited from acceptingdeposits and from issuing certificates of indebt-edness except for such borrowed money as maybe authorized by the regulations of the FederalHome Loan Bank Board.

In the circumstances, the Federal ReserveBoard expressed the view that Federal savingsand loan associations are not to be consideredbanks within the meaning of the provisions ofsections 19 of the Federal Reserve Act whichrelate to the computation of reserves.

Payment of interest when the first day of the monthfalls on a Sunday or holiday

In response to an inquiry received from aFederal Reserve bank, the Federal ReserveBoard has stated that it will offer no objection

to the payment of interest at a rate not in ex-cess of that prescribed in Regulation Q for aperiod beginning with the first day of anymonth, in any case in which such first dayfalls on a Sunday or legal holiday, on any timeor savings deposit received on the first businessday after such Sunday or holiday and endingwhen the deposit is actually withdrawn orceases to conform to the definition of a timeor savings deposit as contained in the Board'sRegulation Q, whichever shall first occur.

Authority of Federal Reserve banks to acquire bondsof Home Owners' Loan Corporation and to act asfiscal agents of such corporation

There is printed below the text of sections7 and 8 of an act of Congress, approved April27, 1934 (Pub. No. 178, 73d Cong.), amendingsections 13 and 14 of the Federal Reserve Actand also authorizing the Federal Reserve banks,with the approval of the Secretary of the Treas-ury, to act as depositaries, custodians, andfiscal agents for the Home Owners' LoanCorporation.

SEC. 7. (a) The first sentence of the eighth para-graph of section 13 of the Federal Reserve Act, asamended, is further amended by inserting before thesemicolon, after the words "Federal Farm MortgageCorporation Act", a comma and the following: "or bythe deposit or pledge of bonds issued under the pro-visions of subsection (c) of section 4 of the HomeOwners' Loan Act of 1933, as amended."

(b) Paragraph (b) of section 14 of the FederalReserve Act, as amended, is further amended by insert-ing after the words "bonds of the Federal Farm Mort-gage Corporation having maturities from date of pur-chase of not exceeding six months", a comma and thefollowing: "bonds issued under the provisions of sub-section (c) of section 4 of the Home Owners' Loan Actof 1933, as amended, and having maturities from dateof purchase of not exceeding six months."

SEC. 8. The Federal Reserve banks are authorized,with the approval of the Secretary of the Treasury, toact as depositaries, custodians, and fiscal agents for theHome Owners' Loan Corporation.



FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.DISCOUNTS BY MONTHS

[Averages of daily figures. In millions of dollars]

Federal Reserve bank

BostonNew YorkPhiladelphia.

Cleveland.Richmond-Atlanta

ChicagoSt. LouisMinneapolis..

Kansas City..-DallasSan Francisco.

TotaL

1934

April

1.519.413.8

2.41.6

1.5.3.6

43.1

March

1.925.417.1

3.32.01.2

1.8.4.9

.4

.11.0

1933

April

17.9114. 555.8

59.422.325.6

18.44.4

20.66.6

73.2

428. 5

Back figures.—See Annual Reports for 1932 (table 9), 1931 (table 80),1928 (table 72), and 1927 (table 55).

DISCOUNTS BY WEEKS



Boston. - ._____--_New YorkPhiladelphia _ _

Cleveland. _ _ _ _ . .RichmondAtlanta . . - . . . . . .

ChicagoSt. LouisMinneapolis

Kansas CityDallas . -_-San Francisco. _ . . . .

Total

Wednesday

Apr. 4

1,91021, 60714, 724

2,5631,710

876

2,203292660

313157514

47, 529

Apr. 11

1,25119,89013,847

2,6251,598

869

1,313262619

307175495

43, 251

series (1934)

; Apr. 18

i 1,039 i; 18,386 !; 13.381 :

2, 146 !i 1,609 !! ' 649 ,i ;I 1, 1 7 0 !1 258 !

i 2 6 i j

! 216 ii 778 i

i 40.473 :

Apr. 25

1,22618, 67512, 978

2,1581,522

729

1,210273484

283222553

40, 313

Back figures.—Bee Annual Reports for 1932 (table 13), 1931 (table 83),1930 (table 78), etc.

TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TOLIABILITIES

[Averages of daily figures. Amounts in thousands of dollars]


Boston _. . .New York__Philadelphia

ClevelandRichmondAtlanta

Chicago . _- _ . .St. LouisMinneapolis. _ . . . _

Kansas City- _ _ _ _ _ _DallasSan Francisco _ -

Total

Total reserves

1934

April

368, 4161, 467, 570

309, 240

357,196215,173139,760

962, 154193,117113,071

166, 01698, 646

295, 045

4, 685, 404

March

327, 5151, 354,115

306, 393

359,964165, 768139, 520

938,497180,481

r 116, 334

' 179, 095106,215272, 035

' 4, 445,932

1933

April

239,9961,053, 836

226,015

291, 745182, 281121, 656

905,174157,14776, 422

124, 64850, 653

223, 756

3, 653, 329

Total deposits

1934

April

265, 6281, 523, 713

215, 497

241, 270161,37889,408

598,029140, 58476, 935

146,110118,790241,142

3, 818, 484

March

229, 2091,425, 455

211,106

243, 297106,89789,106

556, 667122,129r 75, 687

149,167124, 500214, 612

' 3, 547,832

1933

April

132, 5801, 029, 531

123, 250

152,43272, 53954, 250

300, 49676,82344, 738

81,96053, 613

158, 998

2, 281, 210

Federal Reserve notes incirculation i •

1934

April

242,198633, 549243,616

298, 267143, 824129, 329

773,377134, 51296,100

107, 52139,766

199, 874

3,041,933

March

225,143617, 505238, 300

294, 651147,881126, 052

772, 542136, 395r 96, 888

109,19141, 064

198,553

1933

April

235,849791,131260,933

346, 548177,142143, 748

903, 267150, 45798, 650

122, 26541, 607

263,839

••3,004, 165 3,535,436

Ratio of total reserves todeposit and FederalReserve note liabili-ties combined

1934 \ 1933

April March April

72. 5 i 72. 1 1 65.168.0 | 66.3 ; 57.967. 4 ! 68. 2 ; 58. 8

66.2 ! 66.9 ! 58.570. 5 1 65. 1 i 73. 063.9 ! 64.8 : 61.4

70.2 : 70.6 ''• 75.270. 2 ! 69. 8 69. 165.4 67.4 53.3

65.5 69.3 61.062.2 64.2 53.266.9 ' 65.8 52.9

68.3 67.9 : 62.8

r Revised.1 Includes "Federal Reserve notes of other Reserve banks" as follows: Latest month, $17,331,000; month ago, $15,217,000; year ago, $23,024,000.Back figures.—See Annual Report for 1931 (table 8) and 1928 (table 2).



EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES; ALSO FEDERAL RESERVE NOTEAND FEDERAL RESERVE BANK NOTE STATEMENT, APR. 30, 1934


Total Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta Chicago St.

LouisMin-neap-olis

Kan-sas

CityDallas

SanFran-cisco

Gold certificates on hand and due fromU.S. Treasury

Redemption fund—F.R. notesOther cash

Total reserves.Redemption fund—F.R. bank notesBills discounted:

Secured by U.S.Govt. obligationsOther bills discounted

Total bills discounted..Bills bought in open market..

U.S. Government securites:BondsTreasury notesCertificates and bills

4, 589,990,31,047

222,034

4,843,0716,333

360,000 1,558, 765 250, 961 353, 510 215,305 120,380580 2,071 3,144 3,101 1,012 3,290

15,434 59,879 33,977 13,070 8,046 11,105

936,403179,6321,1348,977

6,95631, 264

99, 986 149,1,099

10,961

>,5161,166

10,920

87,307 278,225634| 4,860

6,610 11,791

378,014 1, 620,715 288,082 369.681 224,363 134, 775 974,623 189, 743 112,046 161, 602250 2,488 858 1,215 150

94,551 294,876474

7,54731,495

466685

4,02313, 396

1,57111,368

4051,525

2181,194

39,0428,562

1,151559

17,4192,331

12,939704 794

1,412296)

277667

944

1,209329

7710

4605

266 235

1,277940

406245

470219

271293

2431,032

406,2481,221,"""

803,

22,99181,08753,602

149,330391,918246, 507

25,60385,609 110,55,908

30,2461,037

72, 741

13,28748, 32831,947

Total U.S. Government securities._Other securities

, 431,273748

157,680 787, 75540

167,120 213,024508

93, 562

Total bills and securities..Due from foreign banksF.R. notes of other banks ..Uncollected itemsBank premisesFed. Dep. Ins. Corp. stockAll other assets

2,479, 6253,13118,414

366, 85352, 567

139, 29943, 772

159,390237409

44,1383,22410, 230

807, 545 181,271 215,1,1935,625

91'~"11, 43442,52927,005

342645

26, 3704,13114, 6214,993

>, 748301713

34,0096,78814,1471,451

95,270119

1,35830,956

3,1285,8082,007

Total assets.. 7,953,065 596, 788 2, 610, 520 521,313 644, 053

LIABILITIES

F.R. notes in actual circulation..F.R. bank note circulation—net.

3,060,10474, 582

243, 6082,212

640,972 245, 458 304, 638 142, 756 130, 54342, 347 7,042 12, 933

Deposits:Member bank—reserve accountU.S. Treasurer—general accountForeign bankOther deposits

Total depositsDeferred availability itemsCapital paid inSurplusReserves (Fed. Dep. Ins. Corp. stock,

self insurance, etc.)All other liabilities

3, 598, 528115,302

6,228262,041

266, 344 14,268

3053,787

, 472, 809 175, 613 232, 98750,45:3,459

144, 423

4,817440

16,130

4,720406

11,085

156,250645161

15, 380

3,982,099364,279146, 395138,383

161,25, 395

274, 704 143, 92510, 7029,610

11,283744|

71,148 197,000 249,198 172,43619,617 24,705 33,491 30,570

59,712 15,685 12,627 4,95645,217 13,352 14,090 5,171

12,26844, 53029, 436

86,234200

87, 666110937

13,4252,3725,2722,640

363,009 247,197 1,495, 250 307, 935 194, 475J285, 471190,677J496, 37:

69, 4744,751

14811, 506

47, 26614, 241

17,121950

16,447629

6, 963157

85, 8791 2 , " "4,4195,145

7,848375

Total liabilitiesRatio of total reserves to deposit and F.R.

notes liabilities combined

FEDERAL RESERVE NOTE STATEMENT

Federal Reserve notes:Issued to F.R. bank by F.R. agent._.Held by Federal Reserve bank

In actual circulation

7, 953, 065

3,316,776256, 672

260,37316, 765

721,825 260,836 319,030 151, 555 147, 1118 0 , 8 5 3 • - " - •

3, 060,104 243,6081 640, 972 245, 458 304, 638 142, 7561130,543) 777,049134,591

Collateral held by agent as security fornotes issued to bank:

Gold certificates on hand and duefrom U.S. Treasury

Eligible paperU.S. Government securities

2,987,27123,025350,400

66,1171,248

Total collateral. 3,360,696 267,365

F.R. BANK NOTE STATEMENT

Federal Reserve bank notes:Issued to F.R. bank (outstandingHeld by F.R. bank

In circulation—net

88,85214,270

3,111899

74, 582 2,212

Collateral pledged against outstandingnotes:

Discounted and purchased billsU.S. Government securities 110,774 5,000

Total collateral. 110, 783 5,000

43, 4221,075

42, 347

15,378 14, 392

67,490216,688153,165

13,66247,88531, 653

15, 8252 9 , " "19,882

13,19947,34831, 297

18,73031, 75420,991

437, 343 93, 200 65, 705 91,844

439, 560414

3,91548, 586

7,38219, 749

1,021

93, 85110

1,56614,0703,121'5,093

347

777,049 134, 5912,383

573, 528 119,25,247

53310,396

1,9414,204

14016, 670

609, 704 140,49, 66012, 54020, 681

1,95514, 4843,9934,756

22,7182,!" ""

»6, 394

9,2971,6573, 5101,195

92,40888

97222,1103,4854,131525

37315,3051,7554,3591,022

764

167413

580861

23,61785,91756, 797

71,475166,331

72,750 167, 772222

1,53216, 6014,0909,850

670

95, 570 107,040! 39,319 198. 5602, 232 2,926! 2, 507

67, 326 133,390 109,2,432 2,781 3,

971 1198,297| 5,442 1,

915 220,951366j 7,6141191 301917: 16,978

78,152; 141, 732)115,347 245,8449,538 21,523 16, " " '3,003! 4,163! 3,3,420| 3,613 3,

401 17,377i, 948

4,535257

16, 788 2, 610, 520 521,313644, 053 363,009,247,197 1, 495, 250 307, 935 194,475 285,471190, 677 496, 377

I I I !72.9 70.1 65.1 66.7 71.21 62.3 70.3 68.9 64.5 65.0 61. l! 66.4

8,799 16,568 35, 374 4,049

723,706 207, 000 26110, 993 4,121

50, 000

734, 699 261,121 323, 318 153, 250 150, 111

16, 0358,993

7,042

, 931 152, 340 92, 3851,387| 910 726

60,000 I 57,000

13, 25532f

742, 513 128,554

75,000

4,747421

10, 6479,645

11,465332

812,423 138, 640 100,459 114,010 44,4174,889) 6, 970 5, 098

246,09747, 537

95, 570J107, 040 39, 319 198, 560

1,936520 255

11,000 22,400

78,615 100, 290

2,5341.|

44, 675 188, 763305 1,133

17, 000873

58,000

818, 067 140,456 101, 270 117, 595| 45,808 247, 636

2,402 3, 639170! 713

12,933) \ ! | 2, 383|_

4,4541,947

44,274 16,500 15,000!

44,274! 16,500 15,000L

2, 232) 2,926 2, 50'

5,000i

5,009|_

3,000 7,000

3,000 7,000

15,000

15, 000



FEDERAL RESERVE BANK CREDIT

RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)[In millions of dollars]

Month or week Billsdis-

counted

1933—March..AprilMayJuneJulyAugust.SeptemberOctoberNovemberDecember


Week ending Saturday-1934—Jan. B

Jan. 13 _Jan. 20Jan. 27

Feb. 3 . .Feb. 10Feb. 17Feb. 24

Mar. 3Mar. 10Mar. 17Mar. 24Mar. 31



429339250170159138119114117

101705543

103105102

Billsbought

379230861216877

15101

113874016

122113112109

111

United

Govern-ment

securities

1,8751,8371,8461,9332,0162,0642,2022,3552,4372,432

2,4322,4322,4372,439

2,4342,4322,4322,432

2,4332,4332,4332,431

2,4332,4372.4322, 4382,444

2,4462,4392,4362,435

Otherreservebankcredit

Total

3,2372,5152,2862,2082,2112,2392,3582,4922,574

2,6562,5972,5352,507

2,6792,6612,6562,641

2,6312,6122,6022,584

2,5652,5492,5302,5182,534

2,5252,5042,5062,498

Mone-tary gold

stock*

4,2604,3014,3134,3174,3194,3234,3274,3244,3234,323

4,3237,1377,6027,736

4,3234,3234,3224,322

5,3167,0387,0887,202

r 7,4177,5467,6007,6427,677

7,7067,7317,7467,755

Treasuryand na-tional-bank

currency

Moneyin cir-

culation*

2,2562,3022,3012,2952,2832,2802,2802,2772,2752,293

2,3022,3032,3332,377

2,3032,3022,3022,301

2,3012,3012,3012,301

2,3022,3122,3312,3432,358

2,3692,3782,3802,380

6,1375,8765,7425,6755,6165,6325,6565,6815,811

5,3395,3685,366

5,7875,7015,6565,603

5,3085,3335,3355.345

5,3705,3865,3645,3515,358

5,3875,3705,3645,346

Memberbank

reservebalances

1,9142,0862,1252,2112,2682,3752,4892,5902,6292,616

2,7642,8223,3613,594

2,7012,7192,7972,850

2,7272,7522,8422,822

3,0473,2773,4193,4193,433

3,4733,5573,6343,698

Treasurycash anddeposits

withFederalReservebanks*

Non-memberdeposits

359390371353347316328333349357

3973,4273,2983,222

320402396385

1,7813,4353,3843,496

r 3, 4443,3153,2373,2853,319

3,2993,2393,2193,158

r Revised.

RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES)


134156173164179186169163158143

146127144170

OtherFederalReserve

ac-counts

145157144139

142140138132

131134141147159

145147169193

348350355350345348347352355358

305322299268

351307288287

290291292292

' 2 9 2295300301300

296300246238

End of month


Billsdis-

count-ed

42643530216416715312811611998

83645439

Billsbought

3051712048

9777

24133

11162299

UnitedStates

Govern-ment

securi-ties

1,8381,8371,8901,9982,0282,1292,2772,4212,4322,437

2,4342,4322,4472,431

Otherreservebankcredit

3167

1068957

20

28

156

Total

2,5722,4592,2182,2202,2092,2972,4212,5482,5812,688

2,6302,5672,5452,485

Moneta-ry goldstock*

4,2824,3124,3154,3184,3204,3294,3244,3234,3234,323

4,0337,4387,6957,756

Treasuryand

national-bank

currency

2,2892,3052,2982,2852,2812,2812,2782,2762,2772,303

2,3022,3022,3622,380

Moneyin

tion*

6,3206,0035,8125,7215,6305,6135,6505,6355,7435,804

5,2895,3555,3965,371

Member

bankreserve

balances

1,9492,1322,1672,2922,2942,4092,5382,6852,5732,729

2,6523,0933,4573,599

1933—MarchAprilMayJuneJuly.AugustSeptember.October...November.December.

1934—January...February..MarchApril

•See footnotes to table for Wednesday series on p. 274.



LICENSED MEMBER BANKS IN EACH DISTRICT

RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS


Federal Reserve district

BostonNew York _. - ._ _. . - . _._Philadelphia

ClevelandRichmond _ . 1 . _Atlanta

ChicagoSt. Louis _ . . . . -. .Minneapolis

Kansas CityDallas . . -San Francisco

Total

Averages of daily figures

Reserves held

Total

March

221.41,367.2

193.7

230.397.575.8

537.6103.568.3

134.4119.6195.5

3,344. 7

February

181.21,011.1

146.5

213.094.571.6

496.2101.858.4

123.0107.9193.4

2, 798. 7

January

174. 21, 030.1

134.2

191.091.565.0

485. 5102.459.1

125.196.9

185.3

2,740. 5

Excess

March

107.2467.080.7

107.838.929.5

285.147.130.0

64.968.448.4

1,375.1

February

69.2151.736.7

93.237.126.3

249.846.621.1

55.156.947.3

890.8

January

62.1176.727.0

75.134.621.5

249.148.821.7

59.448.341.6

865.7

Borrowings at FederalReserve banks

March

1.922.98.4

2.81.4.5

.9

.4

.9

.3

.1

.8

41.2

February

2.029.310.5

3.42.11.6

1.2

L3

.5

.11.5

54.2

January

3.744.313.7

6.34.04.3

2.11.21.7

.9

.41.9

84.6

NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER ANDSMALLER CENTERS


| Averages of daily figures


BostonNew York . . .Philadelphia

Cleveland . . - _ _ .RichmondAtlanta _ .-

ChicagoSt. LouisMinneapolis

Kansas CityDallasSan Francisco

Total . . .

Member banks in larger centers (places over 15,000)

Net demand

Mar.

9906,628

806

873424346

1,851414222

478365943

14, 340

Feb.

9726,309

778

845416341

1,804403215

467362944

13,856

Jan.

9776,256

758

821414325

1,725394220

452345927

13,613

Time

Mar.

6131,674

609

862307262

826240171

202158

1,584

7,510

Feb.

6061,687

601

832300261

801241173

202162

1,558

7,423

Jan.

5951,692

596

817300261

792232171

200159

1,540

7,356

Member banks in smaller centers (places under 15,000)

Net demand

Mar,

77186138

1279483

141102108

20117085

1,511

Feb.

78190134

1319376

131101103

19617181

1,485

Jan.

77179129

1198972

1219699

18616180

1,408

Time

Mar.

117423358

19914663

14383

171

1073582

1,927

Feb.

112421356

21014461

13981

170

1053478

1,910

Jan.

I l l418349

20214159

13580

164

1033375

1,871



MEMBER BANKS LICENSED AND NOT LICENSED AS OF APR. 25, 1934


All member banks:BostonNew YorkPhiladelphiaClevelandRichmondAtlanta....ChicagoSt. LouisMinneapolisKansas CityDallas.San Francisco-_.

Total

National banks:BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. Louis..-MinneapolisKansas CityDallasSan Francisco

Total

State bank members:BostonNew YorkPhiladelphiaClevelandRichmondAtlanta.—Chicago...-St. Louis..MinneapolisKansas CityDallasSan Francisco

Total

Number of banks

Total

374796662631401328681400539748558390

6,508

329636599534341274521326469704498312

5,543

45160639760541607470446078

965

Licensed

371779632598387316640381529729551379

6,292

326621572506328262493310459685491302

5,355

4515860925954147717044

937

Notlicensed

216

188

28

Deposits on Dec. 30, 1933, of bankslicensed and not licensed on Apr.25, 1934 (in thousands of dollars)

Total

1,995,4449, 666, 7992,091, 5582, 222,9931, 069, 215

875, 7753, 208,944

936, 553758,229

1,110, 801845, 200

2,919, 630

27, 701,141

1, 558,1254, 075, 4951,471, 5261,329,897

772,993787, 632

2, 511,'268631,139711,571978, 443802, 675

2, 300, 798

17, 931, 562

437,3195, 591, 304

620, 032

296,22288,143

697, 676305, 414

46, 658132, 358

42, 525618,832

9, 769, 579

Licensed

1,994,2519, 632,5652, 032,924% 180,8931,059, 799

3,177,400922, 316753,432

1,105,150843,829

2, 915, 084

27, 483, 512

1, 556,9324,057, 6111,418,1021, 293, 413763,855777, 726

2, 486,457618,038706, 774972, 792801, 304

2, 296, 311

17, 749, 315

437, 3195, 574,954614,822887,480295,94488,143690,943304, 27846, 658132, 35842, 525618, 773

9, 734,197

Notlicensed l

1,19334,23458, 63442,1009,4169,90631, 54414, 2374,7975,6511,3714,546

217,629

1,19317,88453,42436,4849,1389,90624,81113,1014,7975,6511,3714,487

182, 247

16,5,5,

6,1,

350210616278

733136

59

35, 382

1 Exclusive of banks placed in liquidation or receivership.

NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, APR. 25, 1934[Preliminary figures, subject to change; based on information received by Federal Reserve banks]


BostonNew York „PhiladelphiaCleveland... . .Richmond .Atlanta.Chicago _St. LouisMinneapolis. >..Kansas CityDallas -San Francisco

Total.-

Number of banks

Total i

185308266667650727

1,9961,345

9271,342

493357

9,263

On unre-stricted

basis

182297248608602709

1,5781,232

8871,266

485335

8,429

Deposits on Dec. 31,1932, or nearest priorcall date (in thou-sands of dollars)

Total »

463,3361,093,663

437,189553,827400, 590195,917961, 451341,500229,205256, 551117,083483, 621

5, 533,933

Banks onunrestricted

basis

457, 2671, 049,102

402,204492,618385, 243192, 483753, 278320, 677221, 085244,396114,644474, 841

5,107,838

1 Exclusive of banks placed in liquidation or receivership.



REPORTING MEMBER BANKS IN 91 LEADING CITIES

PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO[In millions of dollars]

Total loans and investments:Apr. 4Apr. 11 . . . .Apr. 18\ p r . 25

Loans:Apr. 4\pr. 11Apr. 18Apr. 25

On securities:Apr. 4Apr. 11__Apr. 18 __Apr. 25

All other:Apr. 4Apr. 11Apr. 18Apr. 25

Investments:Apr. 4Apr. 11 _Apr. 18Apr. 25

U.S. Government securities:Apr. 4Apr. 11Apr. 18 _Apr. 25

All other:Apr. 4Apr. 11Apr. 18Apr. 25

Reserve with Federal Reservebanks:

Apr. 4 _ _ _ _ _ __Apr. 11Apr. 18Apr. 25

Cash in vault:Apr. 4Apr. 11Apr. 18Apr. 25

Net demand deposits:Apr. 4__ __Apr. 11Apr. 18Apr. 25 _ .

Time deposits:Apr. 4 _Apr. 11Apr. 18Apr. 25

Government deposits:Apr. 4Apr. 11Apr. 18Apr. 25

Due from banks:Apr. 4Apr. 11Apr. 18Apr. 25 . _

Due to banks:Apr. 4Apr. 11 __Apr. 18Apr. 25

Borrowings from Federal Re-serve banks:

Apr. 4Apr. 11Apr 18Apr 25

Total

17, 50817,61117, 51317, 471

8,2378,3108,2038,120

3,5693,6123,5803,516

4,6684,6984 6234,604

9,2719,3019,3109,351

6,1756,2346,2266,282

3,0963,0673,0843,069

2,5312,5882,6982,779

239246240242

11,92112,13612,20012, 272

4,4084,4244,4434,477

1,3581,3051,2371,177

1,5781,5881,5851,570

3,5783,6163,6453, 595

876


Bos-ton

1,1911,2011,1901,180

680671678670

264255262

' 259

416416416411

511530512510

346363341339

165167171171

190199204209

48504949

809826834831

344345345341

121119113107

138120131136

197201206200

NewYork

8,2178,3208,1678,063

3,8893,9533,8463,786

1,9391,9821,9501,897

1,9501,9711,8961,889

4,3284,3674, 3214,277

2,9012,9722,9242,897

1,4271,3951,3971,380

1,2551,2181,2941,413

49504849

6, 3326,4196,3946,467

1,1131,1121,1081,108

783755718686

148145141133

1,6171,6441,6411,616

6656

Phila-del-phia

1,0281,0291,0261,041

498498500499

233232234233

265266266266

530531526542

287287284300

243244242242

143132134119

12121212

667658655656

312315323323

66636058

141142152140

210208215207

Cleve-land

1,1551,1611,1621,172

438437435432

210210209208

228227226224

717724727740

522529533546

195195194194

121114124130

18191819

581586594606

444447449453

65615753

9810010498

170170174174

1111

Rich-mond

347341340342

172170169169

58575758

114113112111

175171171173

125121121122

50505051

36404247

11111111

204204204211

133134134134

111099

70777980

81808589

Atlan-ta

332332336333

181182181179

61626260

120120119119

151150155154

103102105103

48485051

28312928

6666

164169170169

128131132132

31282826

79857881

81828180

Chi-cago

1,6871,6971,7561,796

738755755756

337350344343

401405411413

949942

1,0011,040

616611662701

333331339339

386446454432

50515050

1,3591,4441,4991,499

467469473492

67625753

263268235235

463463462451

1

St.Louis

512496491503

219217214211

83817978

136136135133

293279277292

198183181195

95969697

67859084

7788

334339337343

162163164165

32312928

89949591

143142144143

Min-neap-

olis

331337335338

161162162161

42414140

119121121121

170175173177

115120118123

55555554

34373936

4444

195205202200

123123123123

7766

87858783

95100100101

I

Kan-sas

City

546546542546

199198199198

61616161

138137138137

347348343348

238238233237

109110110111

76768177

11121111

398400407407

166167169172

27262523

170165176176

225224227225

Dallas

403398406402

187186188185

63616261

124125126124

216212218217

166162167166

50505151

76767570

9999

272274283275

121120119120

54525048

131130125128

131127126125

1

SanFran-cisco

1,7591,7531,7621,755

875881876874

218220219218

657661657656

884872886881

558546557553

326326329328

119134132134

14151414

606612621608

895898904914

94918580

164177182189

165175184184

i

City

NewYork

7,2967,4057,2387,138

3,3753,4313,3243,268

1,7201,7561,7231,674

1,6551,6751,6011,594

3,9213,9743,9143,870

2,7172,8042,7422,716

1,2041,1701,1721,154

1,2061,1421,2361,351

38393738

5,9195,9895,9716,042

699696690689

739713679649

9082

' 8 473

1,5551,5811,5781,554

Chi-cago

1,3341,3591,3991,423

577594594597

281295288289

296299306308

757765805826

468479512534

289286293292

343390405395

40414141

1,1381,2131,2651,265

343344347365

50454138

190192169174

375376375367

1

T Revised.



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


Total

1933

Ship-ments

toEurope

310510125

1045

122895742

554

Re-ceiptsfrom

Europe

5,3045,589

13,7868,049

12,5236,866

11,7556,1534,7565,9053,3976,976

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

+90, 504

1934

Ship-ments

toEurope

010

Re-ceiptsfrom

Europe

5,2563,7402,200

Netship-ments(-)orreceipts

(+)

+5,256+3,739+2,200

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$10$20$50. . _.$100.__$500$1,000$5,000$10,000

Total

1933

Sept. 30

38033

6851.1811,302

362612127239

10

4,937

Oct. 31

38233

6821,1781,303

357607124232

712

4,916

Nov. 30

38833

7021,2051,336

362613125239

712

5,022

Dec. 30

40233

7191,2291,342

364618125237

810

5,085

1934

Jan. 31

38632

6991,1731,288

350593119228

710

4,884

Feb. 28

39333

7221,2121,304

347587117225

710

4,957

Mar . 31

39733

7301,2301,302

346584117230

79

4,986

NOTE.—Figures include, in addition to currency outside the Treasuryand Federal Reserve banks, unassorted currency held by these institu-tions, amounting to $5,000,000-$18,000,000, 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.MarchApril.MayJuneJulyAugustSeptemberOctober...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. 71,158.41,178.81,185.11,176. 71,177. 71,180. 71,188.91,198. 71, 208.8

1934

1, 200. 8l, 200.3

pi, 199. 9pl,197.9

Preliminary.

MATURITY DISTRIBUTION OF BILLS ANDSHORT-TERM SECURITIES HELD BY FED-ERAL RESERVE BANKS


Bills discounted:Apr. 4Apr. 11Apr. 18Apr. 25

Bills bought inopen market:


Treasury certifi-cates and bills:


Municipal war-rants:


Total

47, 52943, 25140,47340,313

26,04517,05913, 49910,163

766, 2861820,848816, "802,870

563

562548

With-i n ^

32,99830,60029,82230,146

13,19311,4279,1274,111

116,831115, 530

16 to30

days

4,1604,6003,028I " " "

7,8843,3653,3712,048

65,338 107,17990, 229 115, 530

62,18043,975 103,361

31 to60

days

4,792

4*, 8186,814

3,4422,206

823

38,\ 306

61 to90

days

91 daysto 6mos.

5,3304,7252,5691,251

1,52661

1783,706

219198196181

55, 075 116, 816 205,194 216,6848975 117,466 235,441 223, 207

210 2681, , ,42, 210 268,168 227, 68921,830 287,494 230, 680

Over6 mos.

30424041

BANK DEBITS

[Debits to individual accounts. In millions of dollars]

New York CityOutside New York City

Federal Reserve district:Boston - .-Now YorkPhiladelphia . . .Cleveland _RichmondAtlanta .-Chicago _St LouisMinneapolisKansas City -DallasSan Francisco. _ _•_. _.

Total

Numberof centers

1140

11

1013

152159

151018

141

1934

March

15,60814,077

1,53316,1421,3841,297

513696

3,588728436815459

2,094

29,685

February

13, 23111, 784

1,32213, 7141,1091,158

438618

2,852647364689423

1,682

25, 015

1933 1

February

12,03610,401

1,13612,4911,1501,103

383537

2,364508313554330

1,568

22, 437

1 Figures for March 1933 not available.


FEDERAL DEPOSIT INSURANCE CORPORATION

INSURED BANKS AND DEPOSITS, BY CLASS OF BANK AND BY STATES: MAR. 31, 1934

00

to

State

A labamaArizonaArkansasC ali forniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaTdahoIllinois1 ndianaI owaKansasKentuckyLouisianaMaineMaryland -MassachusettsMichiganMinnesota.MississippiMissouriMontana ---NebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermont-VirginiaWashington . ..-West VirginiaWisconsin _. _ . _Wyoming

Total

Num-ber ofbanks

19915

206257139109462114225561

848453473413383143851832113586542026001213561057

40042

902228195648395102

., 03016822113148216092ni318916160762

Total 13, 870 55, 597, 695 15, 700. 917, 289

Numberof insuredaccounts

598,01169, 093292, 574

3, 622, 253391, 251605, 430212,193403,172411, 529737,091106,109

2,941, 8781, 070, 456741,919653, 701847, 217571, 304588, 354

1, 073, 6471, 433,1991,141,1391, 283, 364339, 382

1, 526, 990150,116448,90021, 861151, 527

3,153. 60166, 093

11, 495,130546, 473149, 351

2, 870, 350705, 532423, 752

6, 016, 925341, 959188, 539175, 060775, 379

1,820, 996209, 387339,130

1,094,222664,261673, 772

1, 343, 848110,269

Insureddeposits

$77,863, 23717, 221, 21449, 578, 596

1,155,976, 21792, 752,979169, 217,15256,112. 44396, 843,99964, 422,029109, 510, 54823, 543, 313695,820, 825206, 702, 513154, 275, 531108, 354, 230148, 427, 26688, 496, 771169, 638,086271, 953, 514467, 824, 500266,463, 328299, 589, 38460, 578, 372

321, 221, 20741, 523,85296, 240,8816,724, 456

33, 407, 437869,981,19713, 543, 480

5, 350, 356, 42089, 833, 21732, 614, 493

660, 776, 210108,810, 56790.414, 579

1, 594, 573, 90687, 337, 22130,134, 70432,500,811122,085,519350,673,99143, 002,313121,189,510194,970,241146, 313, 708101,910,868287,622,09921,988, 355

Member banks (Federal Reserve System)

National

Num-ber ofbanks

698

501317754169

495225

27211811919897263961

13680

210248748

1347

52227

244594171

243217

53676

12176371

45314

13066759825

5, 325


370, 03126, 538149,045

2,402,890302, 618298, 38324, 964171,813296, 215490, 60147, 376

1, 637, 724433, 556299, 666413, 309362,668390,913205, 053235, 031979,133428,661735, 634116,407494, 52284,660303,87816,873

132, 5491, 249, 468

51,2272, 558,910

169, 01198,137

1, 089, 575571,185314,389

2,898,88744,48489, 46986,709

447, 3021, 405,642

71,32199, 423635,891328,129378, 408536,32277, 478

State

Insured

$53, 318, 3976,929, 665

27, 009, 014704, 658,16775, 262, 74391,407,921 j7, 751,108

48, 495,16446, 251, 67268, 636, 40410, 842, 817

428, 037, 57190, 301, 71463, 829, 74772, 209, 05268, 483, 41654, 709, 42256,870,88174, 549, 350

323, 454, 059115,755,069190, 906,16820,435,944126, 000, 79025,128,18268, 885, 3575, 587,927

27,905, 487305, 640, 43410, 592, 835

738,153, 69127,155, 26624,885, 409

249, 651, 44489, 298, 72477, 294, 477745,141,17320,568, 57012,786,70618,439,06278, 543, 328

283, 307, 36815,828,90826, 664, 497

121,041,10176. 932, 22852, 891, 825

129, 337, 80014,130,839

25,052,078 6,071,898,893


Insureddeposits

11110

59, 01226, 04529, 366

637, 06231,82239,18632, 456

104, 8649,361

70,83239,010

506, 84754,173

106,19428, 492

120, 32226, 82984, 493

155,147248, 621353,464

15, 5482, 005

537,14029, 6548,562

4, 142683, 051

1,3561, 974, 501

107, 744

983, 600837

5, 309874,175285, 413

13, 58523, 29717,85289,07164,880

127, 37181. 761

US; 48397, 314

7,712

$10, 091, 6656,658,1394, 438, 259

206,101.0497, 520,129

14,017, 06112, 384, 39124, 830,166

2, 341, 59513, 258, 385

8, 743, 702140, 229,873

11,252,64721, 493, 5214,417, 867

20, 423, 3905,932, 341

15, 473, 65820,634, 06988, 423, 61589, 383,955

3, 046, 943554,695

111,978,9269,169, 8011,848,602

906, 762199, 940,362

303,165805,113,85620,116, 824

226,813, 660197, 998

1, 279,984256, 597, 59263, 602, 4852, 930, 5613,995, 6183, 658,30416,078,91614, 600, 489

934 |8, 914,961

22, 565, 07819, 396, 044?4, 483, 27924, 657, 5741, 407, 691

2, 563, 294, 686

Nonmember banks (Federal Reserve System)

Mutual savings

Num-1 Numberber of | of insuredbanks i accounts

135

90, 469

20, 992

188, 972351, 349

196, 755

510, 441

6, 218, 779

156,109

1 1957 852,677

117, 149

183, 822

234 8,890,486

Insureddeposits

$19,186, 727

8, 318, 078

73, 222, 728121, 278, 674

43, 986, 396

192, 954, 329

3, 539, 866, 065

63,470,081

32, 427329,027,941

56, S2S, 724

37, 134, 762

867, 507

4, 486,174, 439

Other nonmember

Num-ber ofbanks

1133

149112574924108917827

50832633120327711418

1044521542517546454

21434

9916 |

19717712433717743

2762

6112623931228311009168

49329

', 377


16,510114,163582,30156,811267,86164, 304126, 495105, 953175, 65819, 723

797, 307561, 735336, 059211, 900364, 227153, 562109,836332,120205, 445359, 014335, 427220, 970495, 32835, 802136, 4604,98814, 836

710, 64113,510

742, 940269, 71851,214641,066133,510103, 859

1,391,18612, 06285, 48565, 054

310, 225326, 28373,186122, 564MO, 960

70, .r>49179,881707, 435

25, 079

Insureddeposits

$14, 453,1753,633, 41018,131, 323

245, 217, 0019,970,107

63, 792,17016, 790, 21723, 518, 66915,828, 76227, 615, 7593,956, 794

127, 553, 38196,830, 07468, 952, 26331, 727, 31159, 520, 46027, 855, 00824, 070, 81955, 491, 42155, 946, 82661, 324, 30461, 649, 87739, 587, 73383, 241, 4917, 225,869

25, 506, 9221,136, 5294, 595,188

171, 446, 0722, 647, 480

267, 222, 80842,561,1277, 729, 084

120,841,02519,313,84511,807,691

263, 807. 2003,166,16614, 417, 43710, 066,13139, 883,88751, 287, 70712,572,91637, 696, 28951,364,06212,850,67424, 535, 764132, 759, 2186, 449, 825

12,740,170 2,579,549,271



INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)[Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100]

p Preliminary.> Without seasonal adjustment.s Includes also lead and zinc: see "Minerals."

Industry

Manufactures—TotalIRON AND STEEL

Pig ironSteel ingots _ __ _.

TEXTILESCotton consumption -Wool

C onsumptionMachinery activity l

Carpet and rug loom activity 1

Silk . „DeliveriesLoom activity *

FOOD PRODUCTSSlaughtering and meiit packing

HogsCattle _.CalvesSheep

Wheat flourSugar meltings

PAPER AND PRINTING .Wood pulp and paper

NewsprintBook paper _Wrapping DaperFine paper . . . _ . ._Wood pulp, mechanicalWood pulp, chemical

Paper boxesNewsprint consumption

LUMBER „ „ _„ _.

TRANSPORTATION EQUIPMENT:Automobiles.. ._LocomotivesShipbuilding. .

I .EATHER AND PRODUCTS . . .Tanning

Cattle hide leathersCalf and kip leathers -Goat and kid leathers

Boots and shoes _..CEMENT AND GLASS:

Cement . . . . . .Glass, plate

NONFERROUS METALS: J Tin deliveries 1. . .

FUELS, MANUFACTURED:Petroleum refining

Gasoline l 1 .KeroseneFuel oil iLubricating oil *.. ._ . .

Coke, byproductRUBBER TIRES AND TUBES

Tires, pneumaticInner tubes . . _ _ . _ . . .

TOBACCO PRODUCTS.Cigars . . . .Cigarettes

Minerals—TotalBituminous coal . . .Anthracite coal .Petroleum, crudeIron ore _ .ZincLeadSilver

Mar.

56

221722

76864648522998

11172

8485818591

1499268

598762825587

11089

22

271

144

847062718993

4052

55

13517180957551

414229

9951

132

81

5177

122

444544

Apr.

66

352037

859158665634

11313276

1011021079098

15611082

*>85

618368715688

14995

24

441

32

9370657185

107

3553

68

14017985948154

656747

11661

153

72

5544

108

454536

M a y

78

492951

10811390

1059142

12313696

9910210692

1011539789

*>92

609280966199

17296

30

510

25

11079747993

129

4284

80

14718787958861

949768

14361

204

78

5743

13414453730

June

93

724375

13313911613411860

14717296

10010510799

1021529782

* 101

6410395

12169

113183100

38

660

16

1148976

102109131

51112

94

15419892

1018075

11512080

13566

186

84

6465

13415554124

July

101

10062

103

13013512414112962

131143105

10010610998

1031459583

p 111P 1 0 6

67P 118p 107p 137

p 135213102

46

701

19

116948091

132131

56144

109

15519892

1068291

143148111

11769

151

90

7667

13240713634

1933

Aug.

91

806382

120107118115

61

113

951101131021051466484

v 106

69v 112

*• 99v 126

p 75P 139

173103

46

611

15

102887782

126110

60130125

15319887988496

11111675

12368

163

91

7561

13457773628

Sept.

84

665367

10396

1059667

91

10512714795

1061447075

p 104*>99

60p 118

p 93p 103

*>69p 141

167106

36

561

20

92827473

11399

37107

112

157205

82998891

10310772

11568

151

87

6574

12568775739

Oct.

76

614563

9588978367

82

85908591

1041517676

J'99»94

66P 103

p 82p 106

P 68p 137

143105

33

460

39

93827669

109100

3570

95

15219577

1028882

909368

10857

143

81

6155

12063776433

Nov.

71

473648

8980868163

103

9298

10187

1041428283

P 9 5

71P 102

p 70

*>64p 126

131104

30

322

41

92918584

11193

3952

80

1451847793

1027597

100729562

118

816573

11623727133

Dec.

73

614063

7767736948

92

86898588

1061478177

*>9267

P 103p 67

P 109P 67

p 135149106

32

483

41

94898490

10397

36106

56

13717280929277

10811368

12367

166

85

66€8

119

676729

1934

Jan.

r 76

564058

8170708348

103

9610C95

1021221399187

64

108

34

581

26

' 9 7918185

126' 1 0 1

499955

14217789

'959278

9710169

13874

188

8

6782

120

666437

Feb.

80

644566

95

8554

114

Ql9480

1121221339473

63

Mar.

675169

9772718259

129

848669

1061221319265

v 100

66

112

29

730

30

106948978

124114

619854

24418187988685

12112590

18266

181

91

7489

1.18

6664

' 3 6

112

38

80

59

878464

116

58106

58

143177

951019091

11966

158

100

84109122

685747

r Revised.

NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, andSeptember 1933, pp. 584-587.



INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)[Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average =1001

Industry

Manufactures—Total -IRON AND STEEL _. -

Pig ironSteel ingots - -

TEXTILES . . . .Cotton consumptionWool .

C onsumptionMachinery activityCarpet and rug loom activity

SilkDeliveries ._ _Loom activitv

FOOD PRODUCTS - -Slaughtering and meat-packing

HogsCattleCalvesSheep - - . .

Wheat flourSugar meltings - -

PAPER AND PRINTING __ __ . . ._Wood pulp and paper

Newsprint _ _ -Book paperWrapping paperFine paperWood DUID mechanicalWood pulp, chemical

Paper boxesNewsprint consumption.

LUMBER.

TRANSPORTATION EQUIPMENT:AutomobilesLocomotives .Shipbuilding

LEATHER AND PRODUCTSTanning. . _ _.

Cattle hide leathersCalf and kip leathersGoat and kid leathers

Boots and shoes... „ . . . __ _CEMENT AND GLASS:

Cement .Glass, plate. . .

NONFERROUS METALS: l Tin deliveries

FUELS, MANUFACTURED:Petroleum refining _.

GasolineKeroseneFuel oil _Lubricating oil _

Coke, byproductRUBBER TIRES AND TUBES ._ _

Tires, pneumaticInner tubes

TOBACCO PRODUCTSCigarsCigarettes .

Minerals—Total __Bituminous coalAnthracite coal . _Petroleum, crudeIron oreZincLeadSilver

1933

Mar.

5825182578914649522995

107728282827492

1368680

P 8 4P 8 0

598963866090

1119223

331

112876963639198

2957

55

135171789575534546329447

125745163

120

464648

Apr.

68

392141889857645634

112131

7694929579

10614610095

P 79628469756890

149101

26

571

319169656484

105

3459

68

14017984948154767953

10758

139654645

108

474536

May

80

532956

10811685969142

122135969899

10289

11415091

100»94

619080977599

1729932

640

31101

75707587

118

5092

80

14718783958361

11812383

14563

206765043

13621463629

June

93

724375

12613310912111860

1341539699

10511093

1061498698

P 1 0 2P 9 6

6510396

12175

1141909940

750

20110877599

109124

64115

94

15319886

1018073

139145

96147

72204

825757

13730534223

July

97

935996

121122115126129

6212613610597999797

10014592

101P 1 0 3

66p 110P 101P 1 2 6

P 1 2 8204

9145

731

281159478

106123128

68142

109

15419886

1068289

140145105126

72167896955

13581663429

Aug.

89

796081

P 1 0 810810311011561

118

889386

10096

1476994

P 1 0 2PIOO

68

P 9 9P 119

p 59p 136

1759249

671

22113907599

124127

65132

125

15319883988493

11011483

13172

176947461

136117713528

Sept.

84

655267

P 9 910099

1119667

95

991101101061011678380

P 1 0 5p 100

60P 1 1 9

P 9 4P 102

P 5 6P 1 4 1

183104

37

621

20107877785

119119

46108

112

1572058399888998

10172

12877

167936975

129131735437

Oct.

77

594561

P 9 49793

1078367

82

868973

1071091678672

P102P 9 6

66P 1 0 4

P 8 3P 107

p 62p 140

150111

34

410

28102877882

113112

4070

95

15219580

1028882798162

11669

150886771

122108756633

Nov.

70443744

P 9 39384938163

106

971081111001061418964

P 9 8P 9 1

70P 1 0 4

P 70P 9 4P 64

P 1 2 6134111

29

202

3688898579

11088

3850

80

1461848393

102777375529773

117847275

11519727436

Dec.

67533955

P 7 47168746948

82

8910611293

1001447844

P 9 4P 8 7

67p 102

P 6 6p 103

p 67p 131

122109

29

273

3281878177

11276

2880

56

138172869292787578499950

136806967

115

686829

1934

Jan.

»-75544055

P919571728348

117

1021191281031131408957

P 9 165

104

30

481

18

••90878270

119r 9 2

3088

55

14217791

••959278

909362

13157

185

85

7489

115

706537

Feb.

82

6746

' 6 9

10176798554

122

90948898

1141259171

p 102v 94

63

11028

780

21108

979572

129113

37106

54

14418188988687

131136

95120

57164887895

116

7166

' 3 9

Mar.

P 8 6

75S3

OO

C

O

10273738259

124

82816992

1241198677

v 102

65

117

39

97

46

P107868557

119P 1 2 1

42115

58

143177

921019094

11360

150918489

121

725852

i Includes also lead and zinc; see "Minerals." p Preliminary. r Revised.NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196 and

September 1933, pp. 584-587.



FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES[Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-25 average=100j

Industry

TotalIRON AND STEEL AND PRODUCTS

Steel works and rolling millsHardware

Heating apparatus. - - - - - - -Steam fittingsStoves

Cast-iron pipeMACHINERY

Foundry and machine-shop products . - -.Machine tools-- . . .Agricultural implementsElectrical machinery... . . .

TEXTILES AND PRODUCTSA. Fabrics

Cotton goodsWoolen and worsted manufactures

Woolen and worsted goods.-. .Carpets and rugs

Hosiery and knit goodsSilk manufactures . . . . .Dyeing and finishing textiles

B. Wearing apparel.. _ _ _ . _Clothing, men'sShirts and collars . . . . . .Clothing, women'sMillinery

FOOD AND PRODUCTS... . . . . .Baking . .Slaughtering and meat packing _ConfectioneryIce cream . - _ _ _ _ _ . .FlourSugar refining cane . .

PAPER AND PRINTINGPrinting, book and jobPrinting, newspapers and periodicalsPaper and pulpPaper boxes. . . . .

LUMBER AND PRODUCTSLumber, sawmills.Lumber, millworkFurniture .._

TRANSPORTATION EQUIPMENT ._ . . .Car building and repairing.. . _Automobiles .Shipbuilding

LEATHER AND MANUFACTURES._. ._Boots and shoes...Leather

CEMENT, CLAY, AND GLASS PRODUCTS _.Clav products. .

Brick, tile, and terra cottaPottery . _ .

Glass .Cement

NONFERROUS METAL PRODUCTS-Stamped and enameled ware . . _Brass, bronze, and copper

CHEMICALS AND PRODUCTS . . .Chemicals and drugsPetroleum refiningFertilizers. . _ _ . . _. _

RUBBER PRODUCTSAutomobile tires and tubesRubber boots and shoes . . . .

TOBACCO MANUFACTURES - __Cigars and cigarettesChewing and smoking tobacco, snuff. . . .

factory employment

Without seasonaladjustment

1934

Mar.

77. 7

75.080.478.057 959.340.876.342.6

67.766.778.471.968.1

90.095.5

105.078.980.670.4

100.171.8

114.776.160.477.688.598.4

91.093.895.885.868.486.186.2

92.079.6

101.398.887.2

45.341.740.158.9

67.745.796.177. 7

88.487.891.5

56.142.428.480.691.840.2

66.833.278.2

107.9113 388.9

139.8

83.991.760.8

69.969.176.3

Feb.

74.7

71.577.171.456.655.240.468.841.964.262.774.971.465.2

87.093.6

101.781.484.267.495.372.4

110.770.658.273.080.786.5

90.892.298.784.666.186.983.3

91.481.1

101.196.984.0

43.940.038.658.3

62.643.986.374.1

86.385.390.1

53.740.727.078.087.638.8

62.230.972.9

103.5111 089.2

105.8

81.187.661.8

67.466.476.2

1933

Mar.

56.7

49.152.747.943.339.333.744.422.1

42.841.234.037.948.1

67.768.172.051.953.444.281.352.885.266.751.666.287.469.2

76.980.478.273.363.472.272.6

78.772.692.975.371.0

31.827.429.445.7

42.540.343.954.1

76.678.867.8

38.131.220.759.855.631.0

42.321.249.4

78.280 175.874.2

57.060.446.4

57.656.169.7

Adjusted for seasonalvariation

1934

Mar.

76.9

73.978.776.959.459.940.377.842.8

66.865.576.966.968.1

87.293.8

102.978.680.667.998.069.9

112.070.859.276.478.186.7

92.794.497.789.376.786.485.5

91.878.7

101.198.888.4

46.443.140.259.6

65.945.991.973.2

87.486.989.4

57.143.830.879.191.343.0

64.731.176.2

103.1111.989.893.8

83.390.462.0

70.370.072.6

Feb.

74.7

70.976.070.358.056.340.071.343.5

63.862.473. 667.165.2

84.991.799.279.982.566.094.271.4

108.068.056.671.674.288.3

91.693.895.886.376.486.987.1

91.380.3

100.996.985.2

45.341.839.159.2

62.244.585.170.2

84.383.587.4

56.543.431.177.190.042.8

61.030.171.5

102.1108.8

90.4100.4

80.687.260.9

68.267.871.6

1933

Mar.

56.6

48.351.647.244.439.633.345.422.2

42.240.533.435.348.0

65.466.970.651.753.442.779.651.483.161.950.665.277.161.0

78.481.079.876.371.172.472.0

78.571.792.775.471.9

32.528.329.546.3

41.740.541.950.9

75.778.066.2

38.932.122.458.655.333.1

41.019.948.1

75.679.176.649.8

56.659.747.3

57.856.766.4

Factory pay rolls

Without seasonaladjustment

1934

Mar.

63. 3

53.858.554.038.039.928.850.724.4

49.946.160.471.655.0

74.378.388.258.360.249.792.661.293.266.150.769.878.482.8

76.778.284.472.056.469.459.2

77.767.791.073.278.3

28.426.524.435.2

63.239.392.565.0

74.773.280.1

36.323.813.950.268.923.9

53.425.861.4

83.188.474.684.3

74.079.054.3

49.447.467.0

Feb.

59.2

47. 751.646.436.235.527.942.925.1

46.342.457.169.351.3

69.976.083.760.163.843.385.662.291.657.746.661.468. 164.5

77.477.887.471.153.771.059.1

75.967.189.271. 172.9

26.924.622.834.7

55.436.977.660.7

72.470.578.9

35.122.513.347.067.922.3

48.622.956.1

80.887 273.664.1

68.472.153.7

49.146.868.8

1933

Mar.

36 9

22 423.222 120.221.018.323 612.6

24.020.818.926 532.1

41.340.842 828.730.022 953.232.159.242.431.141.357 640.3

59.864.261.047 451.055 859.4

63.357.981.849.253.5

14.312.313.919.0

29.229.927.040.3

47.146.250.3

20.613.87.4

30.436.716 4

25.114.628.1

60.459 864.540.7

31.131.728.6

36.034.350.2

NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 706-716, and November 1930, pp. 662-677. For revised indexes offactory employment and pay rolls compiled by the Bureau of Labor Statistics see p. 270 of this BULLETIN.



WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index of Bureau of Labor Statistics. 1926=100]

Year, month, and week

19291930 -19311932 . .-1933 . .

1933—March\priiMay -JuneJulyAugust -.SeptemberOctoberNovemberDecember

1934—JanuaryFebruary -March . - - - -

Week ending—1QQ4 J a c g

Jan 13Jan .20Jan 27

Feb 3Feb. 10F^b. 17Feb 24

Alar 3Mar. 10Mar 17Mar . 24 . .M a r 31

Anr 7

4pr . 14Apr. 21Apr. 28

Allcom-modi-ties

95.386.473.064.865 9

60.260.462.765.068.969.570.871.271.170.8

72.273.673.7

71.071.772.372.4

72.873.373.773.4

73.673.873. 773.573.4

73.373.373.373.5

Farmprod-ucts

104.988.364.848.251.4

42.844.550.253.260.157.657.055.756.655.5

58.761.361.3

57.458.659.059.5

60.561.462.161.2

62 062.062.061.461.4

60.460.559.759.1

Subgroups

F A R M PRODUCTS:GrainsLivestock and poultry-Other farm products

F O O D S :Butter, cheese, and milCereal products .Fruits and vegetables..MeatsOther foods

k

HIDES AND LEATHER PRODUCTS:Boots and shoesHides and skinsLeatherOther leather products.

TEXTILE PRODUCTS:ClothingCotton goodsKnit goodsSilk and rayonWoolen and worsted goodsOther textile products.

F U E L AND LIGHTING M A T ]Anthracite coalBituminous coalCokeElectricityGasPetroleum products

B RIALS:

Foods

99.990.574.661.060.5

54.656.159.461.265.564.864.964.264.362.5

64.366.767.3

62.764.264.665.0

65.766.867.467.0

67.568.167.767.366.5

66.165.866.666.6

1933

Mar.

36.043.045.3

50.962.754.350.555.8

83.241.455.677.9

61.350.047.125.553.266. 7

88.379.375 2

100.596.633.1

Dec.

60.438.064.3

65.184.763.046.063.4

98.674.980.187.6

87.985.571.229.684.375.9

81.590.683 694.092.251.6

Total

91.685.275.070.271.2

65.865.366.568.972.274.176.177.277.277.5

78.378.778.5

77.677.978.678.5

78.778.778.778.7

78.678.778.67878

78787879

6.6

79

Hides andleather

products

8 j!2 I

109.1100.086.172.980.9

68.169.476.982.486.391.792.389.088.289.2

89.589.688.7

90.090.290.390.4

90.590.590.490.1

89.889.088.888.889.4

89.589.889.789.6

1934

Jan.

63.741.]67.4

65.085.868.048.964.0

98.577.279.987.0

87.586.570.629.784.376.9

81.590.883 592.390.851.1

Feb.

63.248.268.3

69.185.771.753.364 1

98.478.080.186.9

87.288.667.031.084.377.8

81.291.183 591.889.350.3

Mar.

62.349.567.7

68.985.371.656.563.5

98.573.479.786.7

87.289.165.629.484.078.5

81.291.183 4

"48." 7"

Other commodities

Textileproducts

90.480.366.354.964.8

51.351.855.961.568.074.676.977. 176.876.4

76.576.976.5

76.076.176.476.4

76.576.476.676.7

76.676.376.076.075.8

75 7

Fuel andlighting

materials

83.078.567.570.366.3

62.961.560.461.565.365.570.473.673.573.4

73.172.471.4

74.374.474.274.0

73.973.973.873.6

73.573.072.672.472.4

79 fi77. 5 72. 975.275.0

73.173.5

Metalsand metalproducts

100.592.184.580.279.8

77.276.977.779.380.681.282.183.082.783.5

85.587.087.1

83.383.785.184.7

85.185.085.085.0

85.186.486.586.486.4

86.586.987.088.3

Buildingmaterials

95.489.979.271.477.0

70.370.271.474.779.581.382.783.984.985.6

86.386.686.4

85.585.686.586.2

86.486.386.786.6

86.586.286.28fi.286.3

86.786.586.387.1

Subgroups

METALS AND METAgricultural imIron and steel.Motor vehiclesNonferrous met

AL PRODUplements

alsBUILDING M A T E R I A L S :

Brick and t.ileCemLumPain

entbert, materials

Plumbing andStructural stealOthe

CHEMICACheiDrugFertiMixe

HOUSEFIFurnFurn

heating

r building materialsLS AND DRUGS:nicalsrs and phalizer mateid fertilizerJRNISHINGishings

rmaceutica*ialssGOODS:

it.11 reMISCELLANEOUS:

Auto tires and tubesCattle feedPaper and pulpRubber crudeOther miscellarleous

CTS:

Is

Chemi-cals and

drugs

94.289.179,373.5n 671,?.71A73 273.773.273.172.772.773.473.7

74.47c>. 575.7

73.373.575.075.1

75.075.175.4 |75.4 1

75.475.775.875.875.8

75. 575.475.575.3

1933

Mar.

83.176.490.947.9

74 981.857.868 459.481 778.4

79.354.861.960.1

72.971 8

41 347 372.26 3

72.6

Dec.

85.183.690.966.6

85 791.288.077 572.586 888.6

79.259.068.169.9

82.979 3

43 260.382.518 079.0

House-furnish-

ing goods

94.392.784.975.175.8

72.271.571.773.474.877.679.381.281.081.0

80.881.081.4

81.781.781.781.7

81.881.981.982.1

82.382.582 482.582.5

82.582.883.183.0

Miscel-laneous

82 677. 769. S64.462.5

58.957 858.960 864.065.465 165 365 565.7

67.568.569.3

65 966.267.568 1

68 468.568.668 5

68.668.869 269.269.3

69.869.669.369.2

1934

Jan.

85.283.696.966.1

86 693.987.478 472.586 889.8

78.865.268.471.2

82.978 8

43 268 583.018 981.8

Feb.

85.286.397.865.8

87 293.987.379 372.786 890.3

78.871.569.272.5

83.079 2

43 573 482.721 483.2

Mar .

85.286.397.866.3

88 593.986.479 772.786 889 9

79.071.969.572.6

83.279 8

44 679 682.722 883.2

Back figures.—For monthly and annual indexes of groups, see BULLETIN for March 1932, p. 199, and subsequent BULLETINS; indexes of subgroupsavailable at Bureau of Labor Statistics. For weekly indexes covering 1932 and 1933, see Annual Report for 1932 (table 111) and BULLETIN for Feb-ruary 1934, p. 139.



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

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember >December -_:

Year

Total

1933

83.4

1934

186. 552. 7 ! 9fi. 760.056.677.2

102 382.6

106 0120.1145 4

178.4

162. 3 I207.2

1, 255. 7

Residential

1933

12.011.816.019.126.527 723.621 921.521 523.623.9

249.3

1934

15.114.528.1

Factories

1933

4.32.86.46 29.4

26 817.814 115. 19 88 26.7

127.5

1934

10.74.2

15.9

Commercial

1933

5.87.67.26 68.99 6

11.510 57.49 87.37.1

99.4

1934

9.47.6

13.0

Public worksand public

utilities

1933

42.717.217.613 619.024 418 951 460 792 7

111 1133.3

602.7

1934

113.753.292.9

Educational

1933

1.42.21.31.11.73 52.92.62.22.22.6

16.3

40.0

1934

19.65.48.8

All other

1933

17.311.011.59 9

11.610 37 85 6

13 09.39 6

20.0

136.9

1934

17.911.819.6

CONSTRUCTION CONTRACTS AWARDED, BYDISTRICTS

[Value of <Rocky

<: thousands of dollars; figures for 37 States east of the--. i- reported by the F. W. Dodge Corporation]

11,64636, 4709,212

14,23315, 88120, 29225, 24116,7184,5077, 705

16, 536

5,35712, 7465,402,485

19, 34211,72416, 0825,1,7194,0955,901

COMMERCIAL FAILURES, BY DISTRICTS[Amounts in thousands of dollars; figures reported by Dun & Bradstreel]

Federal Reservedistrict

Boston _ . _ _ _..New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt LouisMinneapolisKansas City . . . .DallasSan Francisco . _ ' .

Total

Number

1934

Mar.

10729851755033

15937b.J

5628

173

1,102

Feb .

10034750866224

13332294426

116

1,049

1933

Mar.

17951896

1608492

280111617958

230

1,948

Liabilities

1934

Mar.

3,8307,8932,5551,836

8775703,610

754712604581

3,405

27, 228

1933

Feb. 1 Mar.

2, 3666,8531,3011,353

8504063, 381

289337543367

1,39919, 445

3,82014,8533,9016,5291,5241, 9836,6172, 69fi1, 4091, 359

8712,938

48, 500


FEDERAL RESERVE DISTRICTS

tTP'aso"J j

i • i BOUNDARIES OF FEDERAL RESERVE DISTRICTS—.•BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY


Federal Reserve Bulletin May 1934 - St. Louis Fed...268 FEDERAL RESERVE BULLETIN MAY 1934 Reopening...

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Transcript of Federal Reserve Bulletin May 1934 - St. Louis Fed...268 FEDERAL RESERVE BULLETIN MAY 1934 Reopening...