Federal Reserve Bulletin December 1934 - St. Louis Fed · FEDERAL RESERVE BULLETIN VOL. 20 DECEMBER 1934 No. 12 REVIEW OF THE MONTH The Federal Reserve Board has reduced from 3 to

FEDERAL RESERVEBULLETIN

DECEMBER 1934

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Reduction in Interest Rates on Time DepositsBusiness and Credit DevelopmentsNational Summary of Business Conditions

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON: 1934

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

FEDERAL RESERVE BOARD

Ex officio members:HENRY MORGENTHAU, Jr.,

Secretary of the Treasury, Chairman.J. F. T. O'CONNOR,

Comptroller of the Currency.

MARRINER S. ECCLES, Governor.

J. J. THOMAS, Vice Governor.CHARLES S. HAMLIN.

ADOLPH C. MILLER.

GEORGE R. JAMES.

M. S. SZYMCZAK.

LAWRENCE CLAYTON, Assistant to the Governor.

CHESTER MORRILL, Secretary.

J. C. NOELL, Assistant Secretary.L. P. BETHEA, Assistant Secretary.S. R. CARPENTER, Assistant Secretary.WALTER WYATT, General Counsel.

GEORGE B. VEST, Assistant Counsel.

LEO H. PAULGER, Chief, Division of Examinations.FRANK J. DRINNEN, Federal Reserve Examiner.E. A. GOLDENWEISER, Director, Division of Research

and Statistics.

LATJCHLIN CURRIE, Assistant Director, Division ofResearch and Statistics.

WOODLIEF THOMAS, Assistant Director, Division ofResearch and Statistics.

CARL E. PARRY, Chief, Division of Security Loans.E. L. SMEAD, Chief, Division of Bank Operations.J. R. VAN FOSSEN, Assistant Chief, Division of Bank

Operations.O. E. FOULK, Fiscal Agent.JOSEPHINE E. LALLY, Deputy Fiscal Agent.

District no.District no.District no.District no.District no.District no.District no.District no.District no.District no.District no.District no.

II

FEDERAL ADVISORY COUNCIL

1 (BOSTON) THOMAS M. STEELE.2 (NEW YORK) WALTER E. FREW.3 (PHILADELPHIA) HOWARD A. LOEB, Vice President.4 (CLEVELAND) H. C. MCELDOWNEY.5 (RICHMOND) HOWARD BRUCE.6 (ATLANTA) H. LANE YOUNG.7 (CHICAGO) SOLOMON A. SMITH.8 (ST. LOUIS) WALTER W. SMITH, President.9 (MINNEAPOLIS) THEODORE WOLD.10 (KANSAS CITY) W. T. KEMPER.11 (DALLAS) JOSEPH H. FROST.12 (SAN FRANCISCO) M. A. ARNOLD.

WALTER LICHTENSTEIN, Secretary


INDUSTRIAL ADVISORY COMMITTEES

DISTRICT NO. 1 (BOSTON):Albert M. Creighton, Chairman.Robert Amory.Winthrop L. Carter.Carl P. Dennett.Edward M. Graham.

DISTRICT NO. 2 (NEW YORK):

William H. Pouch, Chairman.John A. Hartford, Vice Chairman.John B. Clark.Albert A. Hopeman.C. R. Palmer.

DISTRICT NO. 3 (PHILADELPHIA):

J. Ebert Butterworth, Chairman.Charles E. Brinley.John S. Chipman.H. W. Prentiss, Jr.Richard D. Wood.

DISTRICT NO. 4 (CLEVELAND):

F. A. Smythe, Chairman.Daniel R. Davies, Vice Chairman.Frank B. Bell.Edward C. Folsom.H. L. Kutter.

DISTRICT NO. 5 (RICHMOND):

J. G. Holtzclaw, Chairman.Overton D. Dennis.Harvey W. Moore.George E. Probest, Jr.Walker D. Stuart.

DISTRICT NO. 6 (ATLANTA):John Sanford, Chairman.William A. Parker, Vice Chairman.A. R. Forsyth.Ernest T. George.I. C. Milner.

DISTRICT NO. 7 (CHICAGO):

Max Epstein, Chairman.Maj. Howard Greene.R. R. Monroe.William R. Odell, Jr.George W. Young.

DISTRICT NO. 8 (ST. LOUIS):

William K. Norris, Chairman.Jacob Van Dyke, Vice Chairman.M. E. Finch.Henry S. Gray.Maurice Weil.

DISTRICT NO. 9 (MINNEAPOLIS):

Sheldon V. Wood, Chairman.John Bush.C. O. Follett.Harvey C. Jewett.Albert L. Miller.

DISTRICT NO. 10 (KANSAS CITY):R. L. Gray, Chairman.Walter J. Berkowitz.D. Bruce Forrester.Ed. S. Miller.L. F. Rooney.

DISTRICT NO. 11 (DALLAS):

Clarence Ousley, Chairman,T. M. Cullum.Lewis R. Ferguson.Will B. Marsh.Charles R. Moore.

DISTRICT NO. 12 (SAN FRANCISCO):Stuart L. Rawlings, Chairman.Ralph Burnside.Shannon Crandall.Henry D. Nichols.H. L. Terwilliger.

i l l


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bankof—

Chairman and FederalReserve agent Governor Deputy governor Cashier

BostonNew York

Philadelphia

Cleveland

Richmond

Atlanta.—

Chicago

St. Louis

F. H. CurtissJ. H. Case

R. L. Austin _

E. S. Burke, Jr.*

W. W. Hoxton

Oscar Newton

E. M. Stevens

R. A. YoungG. L. Harrison

G. W. Norris

E. R. Fancher

G. J. Seay

E. R. Black

G. J. Schaller

Minneapolis...

Kansas City

Dallas.

San Francisco .

J. S. Wood....

J. N. Peyton

C.C.Walsh

W. McC. Martin

W. B. Geery

G. H. Hamilton

B. A. McKinney

J. U. Calkins

W. W. PaddockW. R. BurgessJ. E. CraneW. S. LoganL. R. RoundsL.F. SailerC. H. CoeW. H. HuttJ. S. SinclairC. A. Mcllhenny

M. J. FlemingF. J. ZurlindenC. A. PepleR. H. BroaddusW. S. Johns...H. F. ConnifEC. R. McKayH. P. PrestonJ. H. Dillard

0. M. AtteberyJ. G. McConkey

Harry YaegerH. I. ZiemerC. A. WorthingtonJ. W.HelmR.R.GilbertR. B. ColemanW. A. DayIra Clerk

W. Willett.J. W. Jones.*W. B. Matteson.iJ. M. Rice.iAllan Sproul.3H. H. Kimball.iL. W. Knoke.1C. A. Mcllhenny.W. J. Davis.iL. E. Donaldson.iW. G. McCreedy 2H. F. Strater.

G. H. Keesee.J. S. Walden, Jr.2M. W. Bell.W. S. McLarin, Jr.iW. H. Snyder.aW. C. Bachman.i0. J. Netterstrom.iA. T. Sihler.iE. A. Delaney.iA. L. Olson.iS. F. Gilmore.2A. H. Haill.2F. N. Hall.2G. 0. Hollocher.20. C. Phillips.*H. I. Ziemer.F. C. Dunlop.2J. W. Helm.

Fred Harris.W. 0. Ford.iW. M. Hale.

1 Assistant deputy governor.8 Assistant to the governor.2 Controller.4 Acting chairman; W. H. Fletcher, acting Federal Reserve agent.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo branch

Cleveland:Cincinnati branchPittsburgh branch

Richmond:Baltimore branch _Charlotte branch

Atlanta:Birmingham branchJacksonville branch.Nashville branchNew Orleans branch

Chicago:Detroit branch

St. Louis:Little Rock branch.Louisville branchMemphis branch

Managing director

R. M. O'Hara.

C. F. McCombs.T. C. Griggs.Hugh Leach.W. T. Clements.

J. H. Frye.

J. B. Fort, Jr.Marcus Walker.

R. H. Buss.

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

Federal Reserve Bank of—

Minneapolis:Helena branch

Kansas City:Denver branchOklahoma City branchOmaha branch

Dallas:El Paso branchHouston branchSan Antonio branch

San Francisco:Los Angeles branchPortland branchSalt Lake City branchSeattle branch ._Spokane branch

Managing director

R. E. Towle.

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

J. L. Hermann.W. D. Gentry.M. Crump.

W. N. Ambrose.R. B. West.W. L. Partner.C. R. Shaw.D. L. Davis.

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE BULLETIN is the Board's medium of communication with memberbanks of the Federal Reserve System and is the only official organ or periodical publication ofthe Board. The BULLETIN will be sent to all member banks without charge. To others thesubscription price, which covers the cost of paper and printing, is $2. Single copies will besold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions,$2.60; single copies, 25 cents.

IV


TABLE OF CONTENTS

Page

Review of the month—Business and credit developments _ 771Loans on securities by reporting member banks (101 cities and 91 cities), 1929-34 825-831National summary of business conditions 782Financial, industrial, and commercial statistics:

Reserve bank credit, gold stock, money in circulation, etc 783-787Member and nonmember bank credit:

All banks in the United States 790All member banks 788, 789, 822, 833Weekly reporting member banks in leading cities 791, 823

Brokers' loans 791Acceptances and commercial paper 792Discount rates and money rates 793Treasury finance 794Assets and liabilities of governmental credit agencies 795Reconstruction Finance Corporation—Loans, subscriptions, and allocations 796Farm Credit Administration—Loans and discounts outstanding, by institutions 797Home Owners' Loan Corporation—Summary of operations 797Federal home loan banks—Assets and liabilities 797Security prices, bond yields, and security issues 798Production, employment, car loadings, and commodity prices 799Merchandise exports and imports 800Department stores—Indexes of sales and stocks.^ 800Freight-car loadings, by classes 800

Financial statistics for foreign countries:Gold reserves of central banks and governments 801Gold production 802Gold movements 802-804Government note issues and reserves 805Bank for International Settlements 805Central banks 806-808Commercial banks 809Discount rates of central banks 810Money rates 810Foreign exchange rates 811Price movements:

Wholesale prices 812Retail food prices and cost of living 813Security prices 813

Law department:Rulings of the Federal Reserve Board:

Absorption by member banks of exchange or collection charges in trivial amounts 814Rulings nos. 37-40 interpreting Regulation T 815

Regulation Q, series of 1935 816Federal Reserve statistics by districts, etc.:

Banking and financial statistics 820-833Industrial and commercial statistics 834-839November crop report 839

Index to volume 20 841v


FEDERAL RESERVE BULLETINVOL. 20 DECEMBER 1934 No. 12

REVIEW OF THE MONTHThe Federal Reserve Board has reduced

from 3 to 2% percent the maximum rate ofinterest that may be paid on

Reduction in in- time and savings deposits byterest rate on member banks, and the Federaltime deposits Deposit Insurance Corporation

made a corresponding reductionin the maximum rate that may be paid by Statebanks and trust companies which are insured bythe Corporation. The new maximum rate willbecome effective on February 1, 1935. Thereduction in the deposit rate is in harmony withthe prevailing downward trend in interest rates,and is expected to support that trend, particu-larly in regard to rates on long-time money,which are an important factor in businessrecovery.

The reduction is in line with the action takenby State banking authorities in several Statesand also with voluntary agreements made byclearing-house associations and other bankinggroups. The decrease in rates on time depositsshould have a tendency to bring about a declinein the cost to borrowers and to encourage de-positors to seek investment for their idle funds.A more favorable capital market may beexpected to create a more favorable mortgagemarket as well as encourage refunding opera-tions and the undertaking of new capital proj-ects generally, a development essential torecovery.

The Federal Reserve Board's action in thismatter is in accordance with the duty imposedupon it by the Banking Act of 1933, which pro-vides that "the Federal Reserve Board shallfrom time to time limit by regulation the rate ofinterest which may be paid by member bankson time deposits." This provision of the lawplaces upon the Federal Reserve Board the re-sponsibility of raising or lowering from time totime the maximum rate that may be paid bymember banks on time and savings deposits in

accordance with prevailing economic conditionsand the requirements of the public interest.

The Federal Reserve Board's Regulation Q,as amended to reduce the maximum rate to2}i percent, is published in this issue of theBULLETIN, page 816.

In addition to the amendment reducing themaximum rate of interest to 2}{ percent, theregulation, as amended, will (1) permit thecomputation of interest on time and savingsdeposits at a rate not in excess of 2% percentcompounded quarterly instead of (as providedin the old regulation) at a rate not in excess ofthe maximum compounded semiannually, (2)enable member banks to pay interest on timeand savings deposits received during the first 5days of any calendar month at the maximumrate prescribed in the regulation calculatedfrom the 1st day of the month, and (3) permitforeign branches of American banks to obtainauthority from the Board to pay interest ontime and savings deposits at rates consistentwith competitive conditions prevailing in thelocalities where the foreign branches are situ-ated. The action of the Board does not affectthe payment of interest by member banks at arate higher than the maximum in accordancewith the terms of any contract legally enteredinto prior to and in force on December 18, 1934.

The course of money rates in recent years isshown in the chart. Open-market rates on

short-time money at the presenttime are at the lowest level onrecord, and rates charged cus-

tomers by banks average lower than at anyother time in the post-war period. Offeringrates on bankers' acceptances, shown on the ac-companying chart, have been below 1 percent,except in March and April 1933, for over 2years and since last spring have been betweenone-eighth and one-fourth of 1 percent. Latein October a flat rate of one-eighth percent wasestablished in the market. Rates on open-

771

Recent moneyrate changes


772 FEDERAL RESERVE BULLETIN DECEMBER 1934

market commercial paper, which declined to 1percent last April, were reduced further to arange of %-l percent in June and have remainedat that level. Call money rates have been 1percent since last December. Yields on Treas-ury issues, notwithstanding a small advance inAugust, continue to be low, with 182-day billsselling at prices to yield about 0.22 percent perannum.

Rates charged on prime loans to customers bybanks, shown on the chart, have declined slowlywith occasional interruptions during the depres-sion. This decline has been general throughoutthe United States. Rates charged by New YorkCity banks average about 3K percent as com-pared with an average of about 4}i percent from

MONEY RATESMonthly basis

1926 1927 1928 1929 1930 1931 1932 1933 1934

1925 to 1927, and banks in southern and westerncities now charge an average of about 5 percentas compared with over b% percent in the earlierperiod.

Long-term rates, as indicated by bondyields, have also declined. Long-term UnitedStates Government bonds, as shown on thechart, are selling at a price to yield about 3percent, as compared with 3% to 3% percentin the period from 1926 to 1930 and with over4 percent for a short time in 1932. In July ofthis year these bonds sold on a 2.85 percentyield basis. Prices of high-grade domesticcorporate bonds have risen this year to newhigh levels and, according to figures compiledby Moody's Investors Service, these bondshave sold since early in the summer at pricesyielding less than 4 percent, the lowest yields

Growth of bankdeposits

on such bonds since early in this century.High-grade municipal bonds have been sellingat prices yielding about 3K percent.

Anelement in the downward trend of moneyrates has been a considerable growth in bank

deposits. On the basis of re-serve computations for Octo-ber 1934, net demand and

time deposits at member banks were $28,034,-000,000, representing a growth of $4,665,000,000over October 1933. This increase was due insmall part to accession to membership of theSystem. The increase of 20 percent wasaccounted for by an increase of $3,965,000,000in net demand deposits and an increase of$700,000,000 in time deposits. The growth indeposits was general throughout the countrybut has been relatively larger at banks outsideNew York City. On the basis of figures forreporting member banks in leading cities, thegrowth of demand deposits continued in No-vember, while time deposits declined by a smallamount.

DEPOSITS—ALL LICENSED MEMBER BANKSlAmounts in millions of dollars. Averages of daily figures]

Net demand deposits.Time deposits.. - . „

Net demand and time deposits

October1934

18, 2089,826

28,034

Change from Octo-ber 1933

Amount

+3,965+700

+4,665

Percent

+28.5+7.6

+20.0

Maintenance of a large volume of excessreserves at member banks has been an impor-

tant factor in the decline inm o n e y r a t e s d u ™ g t h e P a s t 2

years. Excess reserves, whichhad amounted to $1,900,000,000 in August,declined to about $1,750,000,000 early inSeptember and continued at the reduced levelduring October, reflecting a seasonal growth ofmoney in circulation, a further increase inrequired reserves, and some increase in Treas-ury deposits with the Federal Keserve banks.In the first 3 weeks of November, however,member bank reserves showed an increase of$190,000,000, resulting principally from largegold imports and a decrease in Treasurydeposits at Reserve banks. As a consequence


DECEMBER 1934 FEDERAL RESERVE BULLETIN 773

of these changes, reserves increased to nearly$4,200,000,000 and excess reserves againexceeded $1,900,000,000. From November 21to the end of the month there was a decline of$115,000,000 in member bank reserve balances,reflecting principally a seasonal increase ofmoney in circulation and an increase in Treas-ury cash and deposits with Reserve banks,offset in part by further gold imports.

Gold imports, which increased early inNovember, following declines in foreign-ex-change quotations for gold currencies,amounted to about $120,000,000 during themonth, of which about $5,000,000 had notbecome a part of the monetary gold stock bythe end of the month. In addition, new goldproduced and other gold obtained from do-mestic sources continued to augment goldstocks by about $15,000,000 a month. TheTreasury's gold holdings are now in excess of$8,100,000,000.

A currently small but cumulatively substan-tial source of reserve funds in recent monthshas been the issuance of silver certificates by theTreasury. From July 31 to November 30 theamount of these certificates outstanding out-side the Treasury increased by $160,000,000.

Loans and investments of member banks alsoshow a recent growth. Preliminary compila-

tions of condition reports ofall member banks for October17 show aggregate loans andinvestments of $27,584,000,000,

an increase of $2,631,000,000 in a 12-monthperiod. This increase reflects in part additionsto the membership of the Federal ReserveSystem. Investments increased by $3,346,-000,000, while loans decreased by $714,000,000.Holdings of direct and fully guaranteed obli-gations of the United States Government werelarger by $3,090,000,000 and increases occurredin other securities and in open-market loans,particularly in loans to brokers and dealers inNew York and in commercial paper. Loansto banks were reduced by about one-half andloans to other customers decreased consider-ably, reflecting principally a decline in loans onsecurities. Loans to customers, other than

Member bankloans and in-vestments

loans on securities or real estate, declined by$420,000,000 between October 25, 1933, andJune 30, 1934, but increased by $290,000,000between June 30 and October 17 of this year.

LOANS AND INVESTMENTS—ALL MEMBER BANKS

[In millions of dollars]

Loans to banksLoans to other customersOpen-market loans

Total loans _

Direct obligations of United States Government _-Obligations fully guaranteed by United States

GovernmentOther securities

Total investments

Total loans arid investment*;

Oct. 17,1934

14910,8371,358

12, 344

9,171

7205,349

15, 240

27, 584

Changefrom

Oct. 25,1933

-148-686+120

-714

+2,370

+720+256

+3,346

+2,631

Both country banks and reserve city banksshowed changes in loans and investments dur-ing the 12-month period similar to those shownin the table for all member banks. Countrybank loans decreased somewhat as comparedwith a year ago, while their investments in-creased by $788,000,000, chiefly in direct andguaranteed obligations of the United StatesGovernment. From June 30 to October 17 ofthis year both loans on securities and otherloans to customers declined at country banks,reflecting a further reduction of customers in-debtedness to banks in country districts. Thisdecrease accompanied a similar decline in cropand livestock loans made by various Federalcredit agencies.

Total loans and investments of weeklyreporting member banks in leading citiesdeclined by $90,000,000 between October 17and November 28. Customers' loans, otherthan loans on securities, showed a decrease,which, like the increase in previous months,was in large part a reflection of seasonal de-velopments. There was also a decrease in loansto brokers by New York City banks, andholdings of securities other than direct orguaranteed obligations of the United StatesGovernment showed a decline of $122,000,000,the larger part of which occurred at New York.



This latter decline probably reflected in partthe exchange on or before October 27 of interest-guaranteed bonds of the Home Owners' LoanCorporation for the fully-guaranteed bonds ofthat agency and in part retirement of certainlarge issues of short-term securities held by thebanks.

The review of applications for industrialloans at the Federal Reserve

vances'^1 **" b a n k s i s Proceeding withoutdelay, and the number of appli-

cations awaiting action has been reduced.Up to the close of business November 28

Industrial Advisory Committees at FederalReserve banks had recommended the approvalof 961 applications for $46,600,000 of indus-trial advances and commitments and theReserve banks had approved 567 applicationsfor $26,500,000 unconditionally and 261 appli-cations for $15,700,000 with certain conditionsattached. Of the applications unconditionallyapproved, advances had been made by theReserve banks in the amount of $9,990,000, ofwhich $9,770,000 were outstanding on No-vember 28. There were also $6,660,000 ofcommitments outstanding, and participationsof financing institutions amounted to $1,970,000.

Industrial activity and factory employmentincreased in October, after several months of

decline, and distribution ofcommodities at retail continuedclose to the relatively high level

maintained since the early part of the year.Wholesale prices, which had declined duringSeptember and October, showed mixed move-ments in November.

Industrial output at this time is at about thelevel of a year ago and considerably above thelowest levels of the depression. The Board'sseasonally adjusted index, which is shown onthe chart, decreased from 86 percent of the1923-25 average in May of this year to 71 per-cent in September and advanced to 74 percentin October. Preliminary figures indicate littlechange in November.

The decline in this adjusted index from Mayto July of this year reflected a sharp decrease

Recent courseof business

in the actual volume of production, especiallyin the steel industry. During August andSeptember the total volume of output failed toshow the expansion usual at that season andthe adjusted index continued to decline. The

INDUSTRIAL PRODUCTION

Adjusted for seasonal variation1923-25 avera£e=100

120

100

80

60

'40

\

\

Vs

Al\

I ^J

/\

PER CENT140

120

100

60

1929 1930 1931 1932 1933Federal Reserve Board's index.

1934-

recent advance in October was due in large partto the resumption of activity in the textileindustry following the strike in September,but there was also an increase in activity atsteel mills, contrary to seasonal tendency. InNovember steel-mill activity showed a furtherslight increase, while output in the automobileand lumber industries showed declines, largelyof a seasonal nature.

In general, fluctuations in activity this yearhave been less marked than during 1933 andthere has been no widespread buying andstocking movement, such as occurred in thelate spring and early summer of last year.While at that time output of nondurable aswell as of durable commodities increasedsharply, this year there has been little changein activity at establishments producing non-durable manufactures. In the textile industryoutput this year has been generally at a some-what lower level than a year ago, while in themeat-packing industry there has been an in-crease, reflecting heavy marketings of cattleduring recent months as a consequence of thedrought.

Fluctuations in activity in industries produc-ing durable manufactures have been pro-nounced this year, but not so marked as a year



Employment

ago. A period of sharply increased output ofsteel and automobiles in the spring of the yearwas followed by a considerable decline in boththese lines. In recent weeks steel productionhas increased, contrary to the usual seasonaltendency, to about 33 percent of capacity,and, in the early part of December, automobileproduction has also shown an increase. Thelow level of activity in the steel industry duringthe summer and autumn reflected in part theaccumulation of stocks during the spring inanticipation of an announced price advance.Lumber production has fluctuated consider-ably, but less than last year. Among the min-erals, fluctuations in the output of bituminouscoal and crude petroleum have been somewhatless marked than a year ago.

The volume of factory employment increasedconsiderably between the middle of September

and the middle of October, asactivity was resumed at textile

mills, and the Board's seasonally adjusted indexadvanced from 74 percent of the 1923-25 aver-age to 77 percent. The current level of factoryemployment, as of manufacturing output, isabout the same as a year ago and considerablyabove the low level of the depression.

Increases in employment during the earlypart of the year and declines from May toSeptember were general. Employment in themeat-packing industry, however, showed anincrease. Employment in industries producingtextile fabrics was larger during October thanduring August, the month before the textilestrike. The total volume of employment inother industries declined between August andOctober, reflecting chiefly reductions in em-ployment at automobile factories, at foundries,and in the leather and tire industries.

Changes during recent months in the volumeof employment in nonmanufacturing industries,not including recovery agencies, have beenrelatively small. Currently, employment inthese lines, as in manufacturing, is at about thesame level as a year ago. Among the recoveryagencies the principal change has been in em-ployment on projects of the Public WorksAdministration. The number employed on such

projects, as reported by the Bureau of LaborStatistics, increased from about 275,000 at the be-ginning of this year to about 625,000 in July andhas since declined to about 520,000 in October.

The recent course of production, employ-ment, and pay rolls in a comparable group of

PRODUCTION, EMPLOYMENT AND PAYROLLSIN COMPARABLE MANUFACTURING INDUSTRIES

80J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J A. S 0 N D

1933 1934The index of the production of manufactures on a January to March 1933

base has been computed from the index regularly computed and pub-lished by the Federal Reserve Board on a 1923-25 base. The indexesof employment and pay rolls were computed by the Board from dataof the U. S. Bureau of Labor Statistics for industries included inthe]Board's index of the production of manufactures.

manufacturing industries—those in the Board'sindex of manufacturing production—is shownon the accompanying chart. The figuresplotted are not adjusted for seasonal variation.

By the latter part of 1933 employment andpay rolls in this group of industries had in-creased considerably more than production,reflecting in large part the spreading of workand the increasing of minimum wage ratesunder the industrial codes. This year, throughAugust, production, employment, and pay rollsall fluctuated closely together. In Septemberand October employment and pay rolls, whichare reported for the pay-roll period endingnearest the middle of the month, showed widerfluctuations than production, which is reportedfor the whole month. From the latter part of1933 to October 1934 there was little netchange in the relative volumes of employment



and production, and currently employment inthese manufacturing industries continues con-siderably higher relative to production than atthe corresponding level of output in the latespring of 1933. As is usual, fluctuations in payrolls accompanying changes in output havebeen more pronounced than changes in thenumber employed, reflecting in part changesin the amount of part-time employment.

The course of activity in the constructionindustry this year has reflected largely changes

in the volume of public work.Construction Last winter a large volume of

contracts was awarded for suchconstruction and formed the basis for a sub-stantial increase in activity during the springand summer months, when there was alsosome increase, largely of a seasonal nature, inthe volume of private building. Expendituresand employment on construction projects ofthe Public Works Administration reached apeak in the summer and since that time havedeclined considerably, reflecting chiefly a re-duction in road building. Outlays on repairsand alterations have shown an increase thisyear, particularly in recent months.

As a consequence of reduced acreage andwidespread drought, most leading crops this

year are considerably smalleroutput Ura than in other recent years and,

with feed supplies curtailed,marketings of livestock have been unusuallylarge and output of dairy products has showna decline. This has been an important factortending to increase prices of farm productssince the middle of the year during a periodwhen other commodities have shown littlechange. Small output of leading crops, ascompared with last year and the 5-year aver-age, reflects in part reduction of acreage plantedto such crops as cotton and tobacco, and inpart low yields for such crops as grains andfeedstuffs caused by the drought.

Stocks of certain agricultural raw materials,such as cotton and wheat, have been reducedconsiderably from the high levels prevailingfor several years. The reduction in domesticsupplies of corn and other feed crops hasresulted in heavy marketings of cattle from

Commodityprices

drought areas. The number of cattle on farmshas declined considerably from the peak levelreached at the beginning of the year, and withthe number of hogs on farms reduced in con-nection with the production control programof the Agricultural Adjustment Administra-tion, feedstuff requirements have been re-duced. Even with reduced feed requirementsand improvement in pastures, however,domestic supplies are relatively small and therehas already been an increase in imports ofcorn. Production of dairy and poultry prod-ucts has been less than a year ago, while outputof truck crops has been larger.

The course of wholesale commodity pricesthis year has been dominated largely by changes

in the prices of farm productsand foods, with little change re-ported for other commodities

as a group. From a level of 71 percent of the1926 average at the beginning of January, theindex of the Bureau of Labor Statisticsadvanced gradually to 74.7 percent at theend of July. Since that time there hasbeen considerable fluctuation. In the latterpart of August there was a rapid upward move-ment in the index, reflecting chiefly higherprices for livestock. Subsequently, in Sep-tember and October, with reductions in theprices of livestock, meats, grains, cotton,textiles, and building materials, the generallevel declined. In November price movementswere mixed and the general index for theweek ending December 1 was 76.5 as com-pared with 76 at the beginning of Novemberand 74.7 at the end of July. The figures since1931 are shown on the accompanying chart.

The small price changes since the beginningof the year for the group of commodities otherthan farm products and foods have reflecteddeclines in the prices of textiles, hides, andleather, offset by increases in the prices ofbituminous coal, metals and metal products,chemicals, and miscellaneous products, par-ticularly rubber and tires. Building materialprices advanced somewhat during the first halfof the year and subsequently declined by aboutthe same amount, according to the Bureau ofLabor Statistics.



From the early part of September to thelatter part of November retail prices of fooddeclined somewhat and on November 20 theindex of the Bureau of Labor Statistics was at115 percent of the 1913 average as comparedwith a high of 117 percent early in Septemberand 105 at the beginning of the year. Thedecline was largely in meat prices, which hadadvanced rapidly in earlier weeks. Prices ofarticles sold mainly at department stores and

PER CENT

100

WHOLESALE PRICESi926averaje=1OO

30 L 30

Incomes

1931 1932 1933 1934Indexes of U. S. Bureau of Labor Statistics; monthly for 1931 and

weekly for later years. Latest figures are for week ended Novem-ber 24.

mail-order houses apparently have shown littlechange this year.

Such income data as are available indicatethat during the early part of this year incomes

were substantially above thelow level of early 1933 and that

currently incomes are slightly larger than a yearago. For the first 10 months of 1934 as a wholesubstantial increases were shown in pay rollsat factories and mines, and in aggregate returnsto farmers. Industrial profits were also largerin the first three-quarters of the year. Incomesderived from the construction industry haveshown a growth, reflecting larger publicexpenditures on construction, and pay rollson the railroads this year have been slightlylarger than a year ago.

Wage payments at factories, mines, railroads,and public utilities in the first 10 months ofthis year were about one-fourth larger than inthe corresponding period of 1933. The largestincrease was reported for wage-earners em-ployed at factories producing durable goods.

Profits of a group of large industrial corpora-tions during the third quarter of 1934 were 25percent smaller than in the third quarter of1933 and 30 percent smaller than in the secondquarter of this year. On the basis of availablereports, building, chemical, food products,medicine and drug, nonferrous metal, oil, andretail lines, however, indicated better results inthe third quarter of this year than for thepreceding 3 months. Owing to the fact thatprofits during the first and second quarters of1934 were larger than in the correspondingquarters of 1933, industrial profits for the first9 months of this year were more than 70 percentgreater than for the corresponding period oflast year. On the other hand, public-utilityand railroad corporations reported smallerprofits during both the third quarter and thefirst 9 months of this year than in the corre-sponding periods of the previous year.

Cash returns to farmers during the first 10months of 1934 are estimated by the Depart-ment of Agriculture at $5,045,000,000 as com-pared with $4,099,000,000 in 1933 and $3,616,-000,000 in 1932. Of the increase of $946,000,-000 in farm income approximately $300,000,000represents increases in benefit payments andemergency purchases of cattle and the remain-der increased returns from marketings at higherprices.

These increases in dollar incomes have beenaccompanied by a rise in the cost of living.Retail prices of foods during the first 10 monthsof the year have been on the average about 12percent higher than last year, while rents havebeen about the same for the two periods. Atthe present time food prices are 27 percent abovethe low in April 1933.

During the first 11 months of this year ex-penditures for commodities at retail have beenT , larger than a year ago, reflecting

increased urban and rural in-comes. For department stores the increase



Security markets

through November amounted to 13 percent,with the largest increases reported for agricul-tural areas, particularly in the South. Thefour Federal Keserve districts showing the mostmarked increases were Atlanta with 27 percent,Dallas with 23 percent, and Chicago and Rich-mond with 18 percent, while the smallestincreases were 5 percent in the Boston district,6 percent in New York, 9 percent in Philadel-phia, and 10 percent in San Francisco.

Sales by mail-order houses, variety stores,and chain groceries, and sales of general mer-chandise in rural stores have been larger thisyear than last year and have been well main-tained in recent months. For the iirst 11months there has also been considerable growthover a year ago in retail sales of such commodi-ties as automobiles, furniture, and mechanicalrefrigerators.

Security prices, which declined sharply dur-ing the latter part of July and the early part of

August, advanced somewhatduring October and November.

In August and September, common-stockprices reached approximately the lowest levelsof the past year, but prices of high-grade bondscontinued higher than in 1932 and 1933.

New capital issues of domestic corporationsin the last few months have been small. Forthe year to the end of November, such issuestotaled $143,000,000, as compared with totalsof $160,000,000 for the entire year 1933, andof $325,000,000 for 1932, and a yearly averageof over $4,000,000,000 in the peri9d from 1925to 1930. Refunding issues of domestic corpo-rations increased somewhat during the summerbut subsequently declined. For the year todate corporate refunding issues have beensomewhat larger than in the correspondingperiod of 1933 and about the same as in 1932.

Public offerings of State and municipalobligations, which in recent years have com-prised the bulk of new capital issues, increasedsomewhat in November, after being relativelysmall in the 3 preceding months. For the yearto date new capital issues by these agenciestotaled $730,000,000, considerably more thanin the same period of 1933 and somewhat more

than in that part of 1932, but considerably lessthan in the corresponding periods of 1930 and1931. Nearly half of all new security issuessince July 1 and a substantial portion of therefunding issues since June were composed ofFederal farm-loan and home-loan bonds.

The value of exports from the United States,after increasing substantially during the last

three quarters of 1933, has beenFo!iei£n, t r a d e , maintained at a level consider-and balance of . , , . _ .payments ably higher than a year ago.

Imports, which had expandedrapidly during the spring and summer of 1933,declined toward the end of the year, and in1934 have shown no increase over the levelreached at that time.

Value of foreign trade during the first 10months of this year, as a whole, was about26 percent larger than in the correspondingperiod last year, reflecting an increase of 36percent in exports and 14 percent in imports.Substantial increase in quantity as well as valueof exports was reported for automobiles, copperore, refined copper, iron and steel products, andmachinery. The value of cotton exports wasabout the same, in this period as a year ago butthe quantity shipped declined by 28 percent.Of the commodities imported, crude rubber,newsprint, copper, spirits, and wine show thelargest increases in quantity as well as value.

For the 12 months ending October 1934 theexport surplus was $510,000,000 as against$180,000,000 in the previous 12 months. Thisexcess of exports at a time when other majorcurrent items in our balance of payments,such as interest on foreign investments, touristexpenditures, and immigrants' remittances,approximately balanced one another, has beenan important factor in the movement of goldto this country from the rest of the world.Capital has also flowed toward the UnitedStates during most of the past year, except fora short time in the summer when a returnmovement of balances to Europe, together withAmerican purchases of silver abroad, led to areversal of the gold flow. The large seasonalexcess of merchandise exports in the autumn,however, at a time when Europe is receivinglittle from American tourists, has been accom-


DECEMBER 1934 FEDEKAL RESERVE BULLETIN 779

panied by a renewal of gold movements to theUnited States.

Gold imports into the United States duringNovember came largely from the countries

comprising the so-called Euro-inOEurropTeS Peaa gold bloc. As shown by

the accompanying table, cen-tral gold reserves during November declined$25,000,000 in France, $21,000,000 in Italy,$20,000,000 in Belgium, and $18,000,000 inNetherlands, while gold reserves in Switzerlandincreased $3,000,000 and in Germany andEngland remained substantially unchanged.These figures include only reserves reported bycentral banks and governments.

CENTRAL GOLD RESERVES OF SELECTED COUNTRIES


FranceBelgiumNetherlands.Switzerland.ItalyGermanyEngland.... .

End ofNovem-

ber

5,443v 589

582624

v 52032

1,583

Change dur ing-

Novem-ber

- 2 5- 2 0- 1 8+3

- 2 1- 1

+ 1

October

+13- 1 7+13+31- 1 3+3+1

p Preliminary.

Change in Foreign Central Bank Discount Rate

On November 26 the Bank of Italy raisedits discount rate from 3 to 4 percent.

Appointment of Governor of the Federal Reserve Board

Effective November 15, 1934, Mr. MarrinerS. Eccles, of Utah, was appointed a memberof the Federal Reserve Board and was desig-nated as Governor of the Board, to fill thevacancy created by the resignation on August15, 1934, of Mr. Eugene R. Black.

Division of Security Loans of the Federal ReserveBoard

On November 24 the Board stated that:The Securities Exchange Act of 1934 placed

additional responsibilities on the Federal Re-serve Board looking toward the prevention ofthe excessive use of credit for the purchase or

carrying of securities. The research and ad-ministrative work of the Board's staff in thisconnection has been carried on in the Divisionof Research and Statistics. In view of the im-portance of this activity the Board has nowcreated a new division for this work which willbe called the Division of Security Loans.Dr. Carl E. Parry, who has been assistant direc-tor of the Board's Division of Research andStatistics, will be the chief of the new division.

Dr. Lauchlin Currie, who has been engagedin research in the monetary field in the TreasuryDepartment, has been appointed by the Boardas assistant director of the Division of Researchand Statistics, and Dr. Woodlief Thomas, whohas been a member of the staff of the division,has also been designated assistant director ofthe division. Under the general supervision ofDr. E. A. Goldenweiser, the director, it is con-templated that the work of the division in-volving research in the monetary field willcome under Dr. Currie and research in bankingand business fields will come under Dr. Thomas.

Appointment of Assistant to the Governor

On December 1, 1934, Mr. Lawrence Clay-ton was appointed assistant to the Governor ofthe Federal Reserve Board, succeeding Mr.H. Warner Martin, who resigned effectiveOctober 30, 1934.

Chairman and Federal Reserve Agent at the FederalReserve Bank of Cleveland

On November 28 the Federal Reserve Boardannounced the resignation of Mr. L. B. Wil-liams as chairman and Federal Reserve agentat the Federal Reserve Bank of Cleveland.

Death of Mr. McClure

Mr. M. L. McClure, chairman and FederalReserve agent at the Federal Reserve Bank ofKansas City, died on December 5, 1934.

Governor of the Federal Reserve Board on NationalEmergency Council

The Executive order of October 29, relatingto the consolidation of the Executive Councilwith the National Emergency Council, namedthe Governor of the Federal Reserve Board as



a member of the National Emergency Council,the full membership of which is as follows:

The President of the United States.The Secretary of State.The Secretary of the Treasury.The Secretary of War.The Attorney General.The Postmaster General.The Secretary of the Navy.The Secretary of the Interior.The Secretary of Agriculture.The Secretary of Commerce.The Secretary of Labor.The Director of the Budget.The Secretary to the President.The Hon. L. W. Robert, Jr., Assistant Secretary of

the Treasury.The Administrator of Agricultural Adjustment.The Administrator of Federal Emergency Relief.The Chairman of the Board of the Reconstruction

Finance Corporation.The Chairman of the Board of the Tennessee Valley

Authority.The Chairman of the Federal Home Loan Bank

Board.The Chairman of the Federal Trade Commission.The Director of Emergency Conservation Work.The Federal Coordinator of Transportation.The Governor of the Farm Credit Administration.The Adviser on Consumer Problems.The Chairman of the National Industrial Recovery

Board.The Chairman of the Federal Alcohol Control

Administration.The Federal Housing Administrator.The President of the Export-Import Banks of

Washington, D. C.The Chairman of the Federal Deposit Insurance

Corporation.The Chairman of the Federal Power Commission.The Chairman of the Federal Communications

Commission.The Chairman of the Securities and Exchange

Commission.The Governor of the Federal Reserve Board.The Executive Director.

Interdepartmental Loan Committee

On November 14 the following statement wasissued from the White House:

To obtain improved cooperation among Federalagencies engaged in lending Government funds, eitherdirectly or indirectly, the President has created a LoanCommittee comprising the heads of the following de-partments and agencies, with the Secretary of theTreasury designated as chairman:

Henry Morgenthau, Jr., Secretary of the Treasury.Harold L. Ickes, Secretary of the Interior and as

Administrator of the Emergency Administration ofPublic Works and Administrator of the EmergencyPublic Works Housing Corporation.

W. I. Myers, Governor of the Farm Credit Admin-istration.

John H. Fahey, Chairman of the Federal Home LoanBank Board and as Chairman of the Home Owners'Loan Corporation.

Chester C. Davis, Administrator of the AgriculturalAdjustment Administration.

George N. Peek, President of the Export-ImportBank.

Lynn P. Talley, President of the Commodity CreditCorporation.

Leo T. Crowley, Chairman of the Federal DepositInsurance Corporation.

Jesse H. Jones, Chairman of the ReconstructionFinance Corporation.

Marriner S. Eccles, Governor of the Federal ReserveBoard.

James A. Moffett, Administrator of the FederalHousing Administration.

Foreign Exchange Regulations

On November 12 the Secretary of the Treas-ury issued the following regulations relating totransactions in foreign exchange, transfers ofcredit, and the export of coin and currency:

ARTICLE 1. These regulations are prescribed andissued under authority of section 5 (b) of the actof October 6, 1917 (40 Stat. L. 411), as amended bysection 2 of the act of March 9, 1933, and the ExecutiveOrder of January 15, 1934, Regulating Transactionsin Foreign Exchange, Transfers of Credit, and theExport of Coin and Currency.

ARTICLE 2. Licenses may be granted, and a generallicense is hereby granted, to all individuals, partner-ships, associations, and corporations, authorizing anyand all transactions in foreign exchange, transfers ofcredit, and exports of currency (other than gold certifi-cates) and silver coin. The general license hereingranted authorizes transactions to be carried out whichare permitted by the Executive Order of January 15,1934, under license therefor issued pursuant to suchExecutive Order; but does not authorize any transac-tion to be carried out which, at the time, is prohibitedby any other order or by any law, ruling, or regulation.

ARTICLE 3. In order that Federal Reserve banks maykeep themselves currently informed as to foreign ex-change transactions and transfers of credit, as requiredin section 4 of the Executive Order of January 15, 1934,every person engaging in any transaction, transfer, ex-port, or withdrawal referred to in section 1 of suchExecutive Order shall furnish to the Federal Reservebank of the district in which such person has his princi-pal place of business in the United States completeinformation relative thereto upon report forms pre-scribed by the Secretary of the Treasury, except thatreports are not required to be furnished by (1) personsnot carrying during any part of the reporting period,accounts abroad or accounts in the United States fornonresidents thereof, or (2) persons whose aggregatetransactions, transfers, exports, or withdrawals fortheir own account and the account of others do notexceed $5,000 during any seven-day period. Such in-formation shall be furnished on a weekly basis exceptas the respective Federal Reserve banks permit theinformation in certain cases or classes of cases to befurnished on the basis of longer intervals.

These regulations and the general license hereingranted may be modified or revoked at any time.

HENRY MORGENTHAU, Jr.,Secretary of the Treasury.

Approved:FRANKLIN D. ROOSEVELT,

The White House.



Amendment to Silver Regulations of August 17, 1934

The Silver Regulations of August 17, 1934, asamended, are hereby amended in article IV byadding a new section after section 48 thereof,reading as follows:

SEC. 49. Silver not required to be delivered.—Silverwhich at the close of business on November 7, 1934,falls within a category described in sections 41, 42, 44,45, or 46 shall be permanently exempt from the require-ment that such silver be delivered under the ExecutiveOrder of August 9, 1934 and these regulations. Silverwhich after November 7, 1934, but prior to the timethat it is first required to be delivered by any person, is

manufactured in good faith into articles described insection 46 shall be permanently exempt from the re-quirement that it be delivered under said ExecutiveOrder and these regulations.

The regulations, as so amended, may be modi-fied or revoked at any time.

HENRY MORGENTHAU, JR.,Secretary of the Treasury.

Approved:FRANKLIN D. ROOSEVELT,

November 2, 1984



NATIONAL SUMMARY OF BUSINESS CONDITIONS[Compiled Nov. 24 and released for publication Nov. 26]

Volume of industrial production and factoryemployment, which usually shows little changeat this season, increased in October, reflectingchiefly the resumption of activity at textilemills. Wholesale commodity prices, after de-clining in September and October, advanced inthe first half of November.

Production and employment.—Activity atindustrial establishments, as measured by theBoard's seasonally adjusted index, showed anincrease from 71 percent of the 1923-25 aver-,age in September to 73 percent in October.Among the industries producing durable man-ufactures, output at steel mills increased from23 percent of capacity for the month of Sep-tember to 25 percent for October, while outputof automobiles and lumber declined. In No-vember activity at steel mills continued toincrease and in the week ending November 24was at about 28 percent of capacity. Auto-mobile production has declined further in con-nection with the preparation of new models.The production of nondurable manufacturesin the aggregate showed a considerable growthin October, reflecting sharp increases at cotton,woolen, and silk mills, offset in part by a declinein activity at meat-packing establishments.The increase in output at textile mills after thestrike in September brought output to a higherlevel than in August. Among the minerals,daily output of crude petroleum declined inOctober and that of anthracite increased by anamount smaller than is usual at this season.

Factory employment and pay rolls in thecountry as a whole increased considerablybetween the middle of September and themiddle of October. Sharp increases werereported at mills producing textile fabrics, whilein the automobile, shoe, and canning industriesthere were declines of a seasonal nature.

The value of construction contracts awardedwas somewhat larger in October than in anyother recent month. There was an increase inresidential work as well as in publicly financedprojects.

Agriculture.—Department of Agricultureestimates, based on November 1 conditions,indicate a cotton crop of 9,634,000 bales, 26percent smaller than the 1933 crop, and a corncrop of 1,372,000,000 bushels, 41 percentsmaller than last season and 45 percent smallerthan the 1927-31 average. The tobacco cropis also considerably smaller than usual, while

the white-potato crop is slightly above the5-year average.

Distribution.—The number of freight carsloaded per working day decreased from Septem-ber to October. Department store salesshowed a seasonal increase and were at aboutthe same level, on a seasonally adjusted basis,as in most other months since March. Ruralsales of general merchandise, as reported by theDepartment of Commerce, increased by lessthan the usual seasonal amount following anunusually large increase in September.

Commodity prices.—Wholesale commodityprices, as measured by the Bureau of LaborStatistics' weekly index, declined from 77.8percent of the 1926 average in the week endingSeptember 8 to 76 percent in the week endingNovember 3 and then rose in the following 2weeks to 76.7 percent. The decline was largelyin prices of farm products and foods, but therewere also some decreases in the prices of textilesand building materials. Increases in the firsthalf of November were largely in the prices offarm products. The price of scrap steel alsoadvanced, while lead and zinc declined.

Bank credit.—Excess reserves of memberbanks were about $1,910,000,000 on November21, showing an increase of $150,000,000 in thepreceding 5 weeks. The increase in reservesheld was $200,000,000, of which $50,000,000covered a growth in required reserves. Addi-tions to reserves resulted mainly from goldimports and further issues of silver certificates.

Loans and investments of reporting memberbanks in leading cities declined somewhat inthe 4 weeks ending November 14, following anincrease in the previous month. Substantiadeclines were shown in loans on securities andin holdings of securities other than those of theUnited States Government. Other loans, whichhad increased considerably in previous months,also showed some decline, while holdings ofdirect obligations of the United States Govern-ment and of securities fully guaranteed by theGovernment increased considerably. Custom-ers' deposits continued to increase, whileGovernment deposits declined.

There was a further decline in open-marketrates on bankers' acceptances at the end ofOctober to an offering rate of one-eighth per-cent. Yields on short-term Government secur-ities and other short-term open-market moneyrates showed little change.



MILLIONS OF DOLLARS

£000

RESERVE BANK CREDIT AND RELATED ITEMS MILL10Ns OF DOLLARS

Weekly basis: Wednesday series

7000

6000

5000

4000

3000

2000

1000

MEMBER BANKRESERVE BALANCES

TREASURY CA5H3c DEPOSITS WITH F. R. BANKS

1000

1929 1^30 1931 1932 1933 1934

Based on Wednesday figures; latest figures are for November 28. See table on page 784.



FEDERAL RESERVE BANK CREDIT

RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES)


Date (Wednesday)

Reserve bank credit outstanding

Bills dis-counted

Billsbought

U. S.Govern-ment se-curities

Other re-servebankcredit

Total

Mone-tary gold

stock

Treasuryand

national-bankcur-

rency

I Money in]circula-

tion

Memberbank re-

servebalances

Treasurycash anddeposits

withFederalReservebanks

Non-mem-ber de-posits

OtherFederalReserve

ac-counts

1933—Oct. 4 . . .Oct. 11. _Oct. 18__Oct. 25. _

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

Dec. 6-__.Dec. 13._.Dec. 20...Dec. 27 . .

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

Feb. 7 . . . .Feb. 14...Feb. 21—Feb. 28...

Mar. 7—.Mar. 14...Mar. 21...Mar. 28—

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

May 2May 9 . . . .May 16. .May 23—May 30—

June 6June 13_ _.June 20. ..June 2 7 —

July3July 11.. .July 18_.-July25-_-

Aug. 1—-Aug. 8—-Aug. 15...Aug. 22—Aug. 29...

Sept. 5Sept. 12..Sept. 19—Sept. 26. .

Oct. 3Oct. 10. ..Oct. 17. ..Oct. 24._.Oct. 31-_.

Nov. 7—-Nov. 14..Nov. 21Nov. 28. _

123119113115

117112111112119

116118115111

1061041019783

73686664

59555153

48434040

3837343434

29282827

29232321

2121202021

24232220

1512121111

1191112

7 I7

7

2024

61 i116113111

121113112104111

978675 !62|

46!373329

26171310

2,3092,3442,3752,400

2,4202,4302,4322,4312,432

2,4312,4322,4322,432

2,4322,4322,4322,4322,434

2,4322,4322,4322,432

2,4322,4322,4322,432

2,4322,4322,4302,430

2,4322,4322,4302,4302,430

2,4302,4302,4302,430

2,4322,4322,4322,432

2,4322,4322,4312,4322,432

2,4322,4312,4312,430

2,4312,4302,4302,4302,430

2,4302,4302,4302,430

107185

7- 76

- 17

7112520

2971

- 22

4718

3- 11

10853

22

- 729

12

2,4492,4772,5132,526

2,5502,5422,5642,5622,581

2,6152,6772,6862,674

2,6552,6462,6312,630

2,6062,5932,5922,567

2,5392,5322,5082,519

2,5092,4922.4932,486

2,4842,4842,4732,4692,470

2,4752,4722,4682,465

2,4882,4682,4602,456

2,4632,4582,4682,4572,463

2,4672,4692,4662,463

2,4552,4482,4572,4522,455

2,4402,4742,4702,460

4,0374,0374,0364,036

4,0364,0364,0364,0364,036

4,0364,0364,0364,036

4,0364,0364,0354,0354,033

17,0367,0897,2037,438

7,5567,6057,6407,681

7,7037,7327,7467,755

7,7567,7567,7537,7667,776

7,7907,8207,8357,846

7,8667,8817,8977,911

7,9327,9577,9797,9837,981

7,9637,9687,9727,976

7,9807,9857,9907,9938,002

8,0088,0308,0768,112

2,2792,2782,2772,277

2,2762,2752,2752,2762,277

2,2772,2952,2992,304

2,3032,3022,3022,3012,302

2,3012,3012,3012,302

2,3122,3322,3432,356

2,3692,3812,3812,380

2,3812,3802,3802,3752,371

2,3652,3612,3592,364

2,3652,3652,3632,364

2,3612,3572,3752,3902.403

2,4122,4142,4122,409

2,4072,4032,4102,4292,434

2,4422,4502,4592,469

5,3655,3865,3635,321

5,3535,386

5,3665,455

5,4715,4765,5615,537

5,5045,3975,3565,2945,289

5,3175,3215,3445,355

5,3745,3455,3345,336

5,3715,3475,3475,324

5,3595,3525,3445,3165,3385,3425,3135,3105,301

5,3975,3445,3285,291

5, 3155,3345,3435,3475,345

5,4195,4095,4125,403

5,4685,4795,4695,436

r 5,453

5,5035,4805,4555,516

2,5232,5672.6552,693

2,5912,5782,6452,6872,573

2,5612,6382,6362,675

2,7102,7772,7882,8512,652

2,7362,8512,8303,093

3,3133,4543,4493,439

3,4503,5603,6653,744

3,5703,6783,6943,7673,7633,7873,8953,7693,837

3,7463.9023,9874,020

3,9154,0594,0644,0724,127

3,9073,948

3,970

3,8953,9793,9963,9854,006

4,0324,1074,1964,108

372338284302

388373345316369

386379329315

311353407398597

1 3, 4493.3913,4993,440

3,2943,2263,2523,318

3,3233,2393,2043,148

3,1773,0983,0823,0523,0513,0342,9563,1213,077

3,1133,0142,9542,972

3,0742,9412,9762,9722,944

3,0873,0583,1243,061

3,0682,9672,9683,049

r 3, 031

2,9442,9642,9563,017

159155166167

178161163149142

156160132124

145172143137141

142130132127

133143154161

140148167167

280257252242233

230251224225

232223222220

219209211211204

203213195186

182183183165164

172163159160

346345358357

353355355355354

354355362362

357295288287287

299290291292

294301302303

297312237237

235235233233232

237238239236

230231229228

232229228228226

225224230229

229229239239237

240240239239

' Revised.* Increase from previous date represents principally increment resulting from reduction in weight of gold dollar on Jan. 31,1934.» Less than $500,000.



RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)


Month or week

1933—SeptemberOctoberNovemberDecember

1934—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember

Week ending SaturdayAug. 4Aug. 11Aug. 18Aug. 25

Sept. 1Sept. 8Sept. 15Sept. 22Sept. 29

Oct. 6Oct. 13Oct. 20Oct. 27

Nov. 3Nov. 10Nov. 17Nov. 24


B U l s

counted

138119114117

10170554336282321221211

77

15101

11387401665555

TJ. S.Govern-

mentsecurities

2, 2022,3552,4372,432

2,4322,4322,4372,4392,4312,4242,4322,4322,4312,4302,430

2,4322,4322,4322,432

2,4322,4322,4312,4312,431

2,4312,4292,4302,430

2,4302,4302,4302,429

Otherreservebankcredit

19

20

Total

2,3582,4922,5742,669

2,6562,5972,5352,5072. 4792,4642,4692,4642,4692,4572,466

2,4632,4642,4672,461

2,4642,4702,4732,4692,463

2,4582,4532,4612,456

2,4572,4592,4782,469

Mone-tary gold

stock

4,0404,0364,0364,036

4,035l 7,138

7,6027,7367,7597,8217,8937,9717,9717,9898,047

Treasuryand na-tional-• bank

currency

2,2802.2772,2752,293

2,3022,3032,3332,3772,3782,3632,3642,3782,4112,4152,455

Moneyin cir-

culation

5,344

5,3945,523

5,3825,3395,3685,3665,3555, 3415,3505,3555,4275,4735,494

Memberbank

reservebalances

2,4892,5902,6292,616

2,7642,8223,3613,5943,6953,7903,9284,0453,9473,9644,100

7,935 i7,961 !7,979 !7, 982 |

7.979 |7,967 |7,9687,972 '7,976 j

7.980 I7,985 !

7,989 i7,994 :

8,002 !8,009 ,8,029 ,8,069

I 2,3612,3602, 3752,390

2,4032,4132.4142,4122,408

2,4062,4032,4122,426

2,4342,4442. 4532,464

5,330 i5,349 I5,357 I5,361 |

5,368 '5,4235,4275,4305,429

i5,476 |5,489 I5,484 j5,455 !

5,470 •5,506 !5,493 '5,474 i

3,9794,0204,0724,073

4,0813,9513,9643.9203,943

3,9093,9763,9633,985

4,0044,0444,1084,159

Treasurycash anddeposits

withFederalReservebanks

328333349357

397i 3, 448

3,2983,2223,0833,0542,9992,9763,0543,0112,970

3,0102,9792,9562,962

2,9653,0473,0343,0803,061

3,0472,9613.0003,030

3,0152,9522,9552,971

Non-mem-

ber de-posits

169163158143

146136144170249226219208197177165

210208207210

205204205193186

183187178167

167172165160

OtherFederalReserve

ac-counts

347351355358

305293299268234237230228227234238

230229229227

227225225229228

229229238239

237238239239

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


End of month


Billsdis-

countedBills

bought

U.S .Govern-

mentsecurities

Otherreservebankcredit

Total

Mone-tary gold

stock

Treasuryand na-tional-bank

currency

Moneyin cir-

culation

i TreasuryMember ^ 0 J j £

bank d e ^ t s

reserve F J ^ a lbalances ™ « ™

1 banks

Non-mem-ber de-posits

OtherFederalReserve

ac-counts

1933—SeptemberOctoberNovember.December.

1934—January. __February-MarchAprilMayJuneJulyAugustSeptember.October. _.November.

128116119988364543931252223151111

7724133111622995555

2,2772,4212,4322,4372,4342,4322,4472,4312,4302,4322,4322,4322,4312,4302,430

57

2028

156

- 41034

11

2,4212,5482,5812,6882,6302,5672,5452,4852,4632,4722,4622,4642,4642,4552,453

4,0374,0364,0364,035

4,0331 7, 4387,6947, 7577,7797,856

«• 7,9317,9787,9788,002

» 8,132

2,2782,2772,2772,303

2,3022,3022,3612,378 i2,3682,3672,3612,4082,4052,434

P 2,469

5,3635, 3475,4555,5185,2895,3555,3945,3685,3575,3735,3175,3965,456

r 5,453P 5, 549

2,5382,6852,5732,7292,6523,0933,4573,5993,7463,8404,0294,0523,9344,0064,081

331299369287597

1 3,4403,2933,1483, 0533,0162,9712,9683,051

r 3, 031P 3,021

155173142132141127157268222233207208178164161

348356354360

287292299236232233229226228237239

p Preliminary.r Revised.i Increase from previous date represents principally increment resulting from reduction in the weight of gold dollar on Jan. 31, 1934.



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

[In thousands of dollars]

4 Oct. 31, 1934 ' Nov. 30, 1933

Gold certificates on hand and due from U. S. Treasury..Gold-Redemption fund-Other cash

-Federal Reserve notes..

Total reserves _._Redemption fund—Federal Reserve bank notes _Bills discounted:

For member banksFor nonmember banks, etc

Total bills discounted.Bills bought:

Payable in dollars:Bought outright

Payable in foreign currencies-Total bills bought

Industrial advancesUnited States Government securities:

Bought outrightUnder resale agreement

Total United States Government securitiesOther Reserve bank credit:

Municipal warrantsDue from foreign banksReserve bank float (uncollected items in excess of deferred availability items)..

Total Reserve bank credit outstandingFederal Reserve notes of other Reserve banks _'Uncollected items not included in floatBank premises _.Allother assets..

Total assets ,

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

Total notes in circulationFederal Reserve bank note circulation—netDeposits:

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

Total deposits..Deferred availability items..Capital paid inSurplus (sec. 7)Surplus (sec. 13b)Reserve for contingenciesAll other liabilities

Total liabilities _Contingent liability on bills purchased for foreign correspondents..Commitments to make industrial advances

FEDERAL RESERVE NOTE STATEMENT

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

Gold certificates on hand and due from U. S. TreasuryGoldEligible paper _United States Government securities

Total collateral ___

FEDERAL RESERVE BANK NOTE STATEMENT

Notes issued to Federal Reserve banks (outstanding)..Collateral pledged against outstanding notes:

Discounted and purchased billsUnited States Government securities..

Total collateral

5,087,164

20,137210,153

5, 317, 4542,166

11, 227

11,296

1835,499

5,68210, 062

2,430,122

2,430,122

803i 5, 220

2,452, 74521,124

434, 56253,16450, 590

8, 331, 805

21,1243,192,181

3, 213, 30527, 523

4,081, 35070, 62115, 577

145,918

4, 313, 466

434, 562146, 885138, 383

2,68222, 29132, 708

8, 331,805491

6,510

3, 466, 978

3, 246, 416

256, 700

3, 512, 782

38, 829

32, 574

32, 574

4, 966,481

22,032223,407

5, 211, 9201,829

10,919

10, 985

5875,495

6,0826,149

2,430,171

2, 430,171

8111,054

2,455, 25219, 744

438,93952, 97448, 094

8, 228, 752

19, 7443,141,033

3,160, 77728, 664

4, 005, 99992, 2938,952

154, 558

4, 261, 802

438,939146, 777138, 383

84522, 29130, 274

8, 228, 752465

3,218

3, 443, 685

3, 224, 416

9,238277, 800

3, 511, 454

39, 792

45, 274

45, 274

942, 7942, 589, 556

40,888204, 583-

3, 777,82111, 990

118, 590-451

119, 041

18, 025-5,841

23,86$

2,430,1371.50O

2,431,637

1, 5803,5231,602

2, 581, 249-15,434

373, 73054, 73250, 442

6,865, 39S

15. 4343, 014, 895

3, 030, 329205, 394

2, 572, 94281,519

5,324136, 689

2, 796, 474

373, 730145,194278, 599

12, 09023, 588

6,865, 3982,893

3, 264, 891

843,3211, 774,935

96, 276597, 600

3, 312,130

225, 544

1,948247, 274

249, 222

i Deferred availability items in excess of uncollected items.



KINDS OF MONEY IN CIRCULATION

[Moaey outside Treasury and Federal Reserve banks. In millions of dollars]

End of month

1933—MayJuneJulyAugustSeptemberOctoberNovemberDecember

1934—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember ".__

Total

5,5255,4345,3435,3255,3635,3475,4555,518

5,2895,3545,3945,3685,3575,3735,3175,3965,4565,4535,549

Goldcoin

Goldcertifi-cates

280265252242232225219213

178167161157153150146143139136133

ardsilverdollars

Silvercertifi-cates

Treas-ury

notesof 1890

Subsid-iary

silver

28 !28 i28 |28 !28 |29 j29 j29 '

2929303030303031313132

361 !365 i372 i385 !387 !394 I407

391399403400402401399438483510558

256257258261265267269272

267270272274277280280282284288291

Minorcoin

112113113114115116117117

116117118118120119121122122123124

! iUnited | FederalStates [Reservenotes I notes

i

FederalReserve

banknotes

275277280277285

283

282 I279 I280 j277274 !

274 !273 !273 |

3,1673,0612,9742,9532,9662,9302,9983,044

2,8942,9493,0053,0253,0383,0683,0443,1033,1313,1243,176

125129133156189206

202194178162151142133125119112107

Na-tionalbanknotes

922920914911909903913918

927938936"918906902885878870856

p Preliminary figures.NOTE.—For figures of paper currency of each denomination in circulation see p. 832.

Back figures—See Annual Report for 1933 (table 56).

ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK


Year and month

1932—Total (12 mo.)-

Goldstockat end

ofmonth

Increasein goldstock

Net goldimport

Net re-lease

from ear-mark^

Otherfactors 2

$l=25¥\o grains of gold Mo fine: i. e., anounce of fine gold=$20.67

52.9 - 4 4 6 . 2 457.5 41. i

1933—May 4,028June 4,030July. i 4,033

4,0414,0374,036

AugustSeptember.OctoberNovember j 4,036December 4,035

Total (12 mo.).

1934—January..

FebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember p.

3. 62.22.77.5

-3.8-0.7

-21.1-3 .2

-83.9-80.4-56.7-32.4-0 .8- 9 . 1

-190.4 -173.5

4,033$1 =

7,4387,6957,7577,7797,8567,9317,9787,9788,0028,132

22.13.5

84.579.549.326.90.6

11.8

-58.0

2.61.92.18.43.64.80.1

- 3 . 1

41.1

I - 2 . 1 !l - 2 . 8155/2i grains of gold Mo

ounce of fine gold

12.2 Ifine; i.

3, 405. 0256. 861.522.477.174.447.4'0.423.5

130.0

452.6237.354.733.663. 752.337.2

-18.710.8

120.9

68.7-0 .8- 1 . 1

0.51.00.6

- 1 . 12.40.3

—0.1

,, an

2,883. 820.37.9

-11.612.521.411.216.612.49.2

"Preliminary. "Corrected.1 Gold released from earmark at Federal Reserve banks less gold placed

under earmark (with allowance when necessary for changes in gold ear-marked abroad for account of Federal Reserve banks).

2 Figures are derived from preceding columns and indicate net resultof such factors as domestic production, movements into and out of non-monetary use, imports and exports that do not aflect gold stock duringthe month or year, and increment resulting from reduction in weight ofgold dollar.

Back figures.—See Annual Report for 1933 (table 51).

MOVEMENTS OF GOLD TO AND FROMUNITED STATES1


From or to—

BelgiumEnglandFrance -GermanyNetherlands . .SwitzerlandCanadaCentral AmericaMexicoArgentinaColombia . .EcuadorPeruUruguayVenezuelaAustraliaBritish IndiaChina and Hong

KongDutch East IndiesJapanPhilippine Islands __All other countries 2_

Total

November

Imports

12,8143,687

70, 351

9,906

9,628231916

1211121

72

11, 300

700

940320

121,199

Exports

25419

37

310

October

Imports

424

3,787290

3,299

3,112216226

50291

50

696964

13,010

Exports

1,122

. . . . . . . .

34

1,005

2,173

January-Octo-ber

Imports

154486, 734197, 750

75, 22912, 65669,072

2,54423,356

1214,840

1,1381,136

7191,029

52,946

15, 22374

9,7298,940

973, 223

Exports"

4,0598,438

29,991147

7,414

145

212

8

: : : : : : : :

1

1,894

52,309

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

2 Includes all movements of unreported origin or destination.

Back figures.—See Annual Report for 1933 (tables 53 and 54).



MEMBER BANK RESERVE BALANCES[In millions of dollars. Averages of daily figures. Figures are for licensed banks only]

Month or week

Eeserves held

Total—allmember

banksNew York

CityiOther

Reservecities

'Country'banks

Excess reserves

Total—allmemberbanks 2

New YorkCity*

OtherReserve

cities'Country'*

banks 2

1933—OctoberNovemberDecember

1934—JanuaryFebruary _MarchAprilMayJune.__ -_JulyAugustSeptemberOctober

Week'ending (Friday):Aug. 3Aug. 10Aug. 17Aug. 24. . .Aug. 31

Sept. 7Sept. 14Sept. 21Sept. 28


2,5572,5992,588

2,7402,7993,3453,5823,6953,7903,9284,0453,9473,964

828

897872

1,2271,2901,3231,3911,3931,5091,4401,461

,135,181,193

,222,271

1,4221,5361,5981,6321,7251,7191,6921,667

529553567

622656696756773767810817814837

758.4794.1765.7

865.7890.8

1,375.11, 541.01, 623. 51, 684. 61,789.41,883. 61, 754.11,730.6

149.0129.896.0

146.8118.3432.2454.6484.7532.2525.7638.2562.0568.1

437.9474.7472.6

476.6509.1645.5736.4778.4799.6874.0852.2808.7766.4

3,9974,0794,0664,093

3.9603,9603,9303,940

3,9093,9673,9663,983

1,4761,4791,5211,5201,548

1,4451,3991,4371,467

1,4741,4841,4491,439

1,7131,6851,7321,7291,740

1,7021,7221,6481,671

1,6211,6511,6631,699

810833826816805

814839845802

814831855845

1,849.01,859.01, 931. 01,901. 01,915.0

1, 776. 01, 779.01, 734. 01,737.0

1,702.01, 760.01, 733.01,734.0

603.5615.5650.6649.5

561.1522.5562.3590.0

591.4601.6554.4539.1

852.8826.1864.9861.6868.7

827.2837.8790.9782.1

731.3758.1758.4792.1

171.5189.6197.1

242.4263.4297.4350.1360.4352.8389.7393.3383.4396.1

393.0417.0416.0390.0378.0

388.0419.0381.0365.0

379.0400.0420.0404.0

1 Central Reserve city banks only. 2 Weekly figures of excess reserves of all member banks and of country banks are estimates.Black figures.—See Annual Report for 1933 (table 73).

MEMBER BANK DEPOSITSfin millions of dollars. Averages of daily figures. Figures are for licensed banks only]

Month or^week T o t a l -all mem-

berbanks

1933—OctoberNovember..December..

1934—JanuaryFebruary. . .MarchAprilMay -.JuneJ u l y -AugustSeptember-October

Week ending (Friday):Aug. 3 _Aug. 10Aug. 17—Aug. 24Aug. 31

Sept. 7...Sept. 14..Sept. 21..Sept. 28..

Oct. 5__.Oct. 12. .Oct. 19-.Oct. 26. .

Net demand and time deposits

23,36923,48623, 64624,24824,67425, 28826,00926,363

27, 07327, 31027, 61528,034

NewYorkCity 2

6,3416, 2896,2156,3486,3706,6716,9927,0017,1687,2367,2527,3007,409

7,2717,1997,2537,2477,311

7,3397,2897,2707,2917,3397,3387,4237,460

OtherReserve

cities

9,4539,5319,6599,93710,12410, 30310, 56810, 78710, 929] 1,12711, 28011,43611, 587

11, 20111,19211, 28011, 29611, 332

11, 36211,44911,46611,475

11,47611, 51011,61911,663

"Coun-t ry"

banksi

T o t a l -all mem-banks 1

7,5757,6667,7727,9638,1808,3148,4498,5758,6018,7108,7778,8789,038

Net demand deposits

14, 24314, 34714, 56715,02115,34115, 85116,45716, 720

NewYorkCity 2

17, 27617,49017, 806

5,5355, 4755,4525,5995,6245,9436,256

6,4336,5006,5346,5916,704

6,5436,4736,5316, 5346,602

6,6326,5776,5626,5826,6276,6276, 7186,759

OtherReserve

cities

5,4595,5435,6915,8946,0486,1726,3846, 5416,6456,8076,9407,1037,269

6,8786,8786,950

6,978

7,0167,108

r 7,1327,1537,1617,2027,3117,332

"Coun-t ry"

banks l

T o t a l -all mem-

berbanks l

3,2493,3303,4243,528

3,7363,8173,8963,9093,9694,0164,1114,235

Time deposits

9,1269,1399,0789,2279,3339,4379,5529,6439,7119,7969,8199,809

NewYorkCity 2

805814763749746728736719735736719709705

728726722713709

707711708709712711706701

OtherReserve

cities

3,9943,9883,9684,0434,0754,1314,1844,2464,2844,3194,3404,3334,319

4,3234,3144,3304,3484,354

4,3464,341

r 4, 3344,3224,3154,3074,3084,330

"Coun-t ry"

banks 2

4,3264,3364,348

4,4354,5124,5784,6324,6794,6914,7414,7614,7674,802

i Weekly figures are not reported.Black figures.—See Annual Report for 1933 (table 73).

2 Central Reserve city banks only. r Revised,



ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS[In millions of dollars]

Call date

TOTAL—ALL MEMBERBANKS

1930—Dec. 31. . .1931—Mar. 25—

June 30_ _.Sept. 29__Dec. 31. . .

1932—June 30__.Sept. 30-Dec. 31. . .

1933—June 302..Oct. 25. . .Dec. 30...

1934—Mar. 5—.June 30. _Oct. 17...

NEW YORK CITY 3

1930—Dec. 31-. .1931-Mar. 25...

June 30__.Sept. 29..Dec. 31.. .

1932—June 30...Sept. 30-Dec. 31.. .

1933—June 302..Oct. 25.. .Dec. 30..

1934—Mar. 5_...June30__Oct. 17...

OTHER RESERVE CITIES

1930—Dec. 3 1 . . .1931—Mar. 25...

June30_.Sept. 29...Dec. 3 1 . . .

1932—June 30.. .Sept. 30...Dec. 3 1 . . .

1933—June 30 2..Oct. 25. . -Dec. 30. . .

1934-Mar. 5..._June 30_._Oct. 17-. .

"COUNTRY" BANKS

1930—Dec. 31.1931—Mar. 25..

June 30__.Sept. 29...Dec. 34...

1932—June 30Sept. 30...Dec. 31 . . .

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

1934—Mar. 5..__June 30. _.Oct. 17. . .

Totalloansand

invest-ments

34,86034,72933,92333,07330,57528,00128,04527,46924,78624,95325, 22026, 54827,17527, 559

8,5828,4738,2878,2537,4606,7157,1127,3277,1336,9716,9957,3517,6667,543

13,75813,96513,56713,01612,11511,04510,97910, 5359,7809,95110,15710,81611,05411,367

12,51912,29012,06811,80510,99910,2409,9549,6077,8738,0318,0688,3818,4568,649

Loansto

banks

631446457599790573457444330297287225153149

2831541502503742602032161621431461126866

235247284347254205178129120103795355

Loans to other customers

Total

21,00719,94019,25718, 71317, 57015, 26714,49713,90511,33711,52311,31511,09310,80410, 782

4,3384,0073,8393,8503,6942,8562,6382,6212,2972,4362,3952,3212,2022,294

8,906

8,1007,8457,4076,5196,1965,8794,8464,9124,7974,6694,5864,562

7,7627,5247,3187,0186,4695,8925,6635,4054,1944,1754,1234,1034,0163,926

Se-cured

bystocks

andbonds

curedby realestate

7,9427,4237,1176,8426,2905,2925,0864,8483,9163,8093,7723,6443,5163,325

2,1371,9601,8971,8161,7281,3431,3001,2471,0821,0321,034985937876

3,6563,3663,1883,0922,8062,4032,3042,1691,7021,6601,6301,5661,5261,421

2,1492,0972,0311,9351,7561,5461,4811,4321,1321,1181,1081,0931,0531,027

3,2343,2203,2183,1493,038

2,8852,8622,3722,3642,359

2,3572,297

147150160152153160154160157149148156156150

1,6311,6191,6211,5851,5381,4071,4061,3981,1601,1441,1511,1581,1451,120

1,4551,4491,4371,4111,3461,3281,3241,3041,0551,0701,0611,0681,0561,026

Other-wise

securedand

unse-cured

9,831

8,7228,2427,0816,5276,1955,0495,3505,1845,0674,9315,161

2,0541,8961,7821,8811,8131,3531,1841,2141,0571,2541,2131,1801,1091,267

3,6203,4233,2913,1683,0632,7092,4862,3121,9842,1082,0161,9451,9152,021

4,1583,9783,8493,6733,3673,0182,8572,6692,0071,9871,9551,9421,9061,873

Open-market loans

Total

2,2332,4542,1031,563

901747970855

1,1911,2381,2311,3871,5661,361

1,5251,6511,4971,121

695565763701964891912986

1,131883

531645470326135118151115184274258306311328

1771581351167164553943736295124150

Purchased paper

Accept-ances

payablein

UnitedStates

315361389268146313407375291303223350264276

188199296201107262341330224233170276225232

1221589167353858446368506434

Ac-cept-ancespay-able

abroad

551011137041343430252437262030

Com-mer-cialpaper

3663613842961401221159387164132157200253

2122121891676262654651917889115151

1201141018148363628274634547295

Loansto

bro-kersin

NewYorki

1,4981,6301,217

928575278414357788748840855

1,082802

1,2811,3671,063839542258391337720624706687883631

16722712456167141258100112138154123

Investments

Total

10,98911,88912,10612,19911,31411,41412,12112, 26511,92811,89412,38613, 84214, 65215,267

2,4352,6622,8013,0322,6973,0333,5083,7893,7093,5013,5423,9324,2654,300

4,0354,6764,7504,5614,2264,1544,4274,3624,6214,6455,0005,7636,1046,423

4,5194,5504,5554,6064,3924,2264,1874,114

U. S.Gov-ern-mentsecu-rities

4,1255,0025,3435,5645,3195,628

6,5406,8876,8017,2548,6679,1379,186

Othersecu-rities

3,7483,8454,1484,2834,545

6,864

6,7636,6355,9965,7865,7555,7265,0415,0935,1325,1755,5156,081

1,2391,4661,6561,8301,7682,0082,4292,6032,5512,3202,3622,7683,0532,954

1,7272,3132,4082,3012,1332,1871,9612,4622,8672,8893,2093,9544,1024,240

1,1591,2241,2791,4331,4181,4321,4711,4741,4691,5921,6831,9461,9821,992

1,1971,1961,1451,202

9281,0251,0791,1861,1581,1811,1791,1641,2121,345

2,3082,3642,3422,2602,0931,9662,4661,9001,7541,7571,7901,8092,0022,183

3,3593,3263,2763,1722,9742,7942,7152,6402,1292,1562,1622,2022,3012,552

Totalloans

se-cured

bystocksand 1

bonds

9,7549,2728,5638,0817,3205,9165,7705,4474,8844,7134,7694,6064,6514,178

3,5503,3973,0262,7802,4741,7571,8111,6991,8881,7281,8241,7241,8401,531

3,9913,7293,4593,3173,0502,5852,4562,2981,8461,8361,8091,7531,7081,569

2,2132,1472,0781,9851,7961,5741,5031,4501,1501,1481,1361,1291,1021,078

1 Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.2 Beginning June 30,1933, figures relate to licensed banks only.3 Central reserve city banks only.Back figures.—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (table 53), but comparable

figures of total loans secured by stocks and bonds are given for June 30, 1925-28, in the Annual Report for 1928 (table 52); for separate figures ofUnited States Government securities and other securities back to 1914, see Annual Report for 1933 (table 78).



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

included in abstracts issued by State banking departments]

LOANS AND INVESTMENTS[In millions of dollars]

Date

1929—Oct. 4Dec. 31

1930—Mar. 27.June 30Sept. 24Dec. 31

1931—Mar. 25June 30Sept. 29Dec. 31

1932—June 30Sept. 30. . .Dec. 31

1933—June 30 2

Oct. 25 3

Dec. 30

1934—Mar. 5 3June 30 3

Oct. 17 3 .

All banks

Total

58,83558,417

57,38658,10857, 59056, 209

55,92455,02153,36549, 704

46,07145, 85244, 946

40, 089

40, 319

Loans

42,20141,898

40, 68640, 61839, 71538,135

36,81335, 38433, 75031, 305

27,83426,98526,063

22, 215

21, 977

Invest-ments

16,63416,519

16, 70017, 49017,87518, 074

19,11119,63719, 61518,399

18, 23718,86718,883

17,874

18,342

Member banks

Total

35,91435,934

35,05635, 65635,47234,860

34, 72933, 92333,07330, 575

28, 00128,04527,469

24, 78624,95325, 220

26, 54827,17527, 559

Loans

26,16526,150

25,11925,21424,73823,870

22,84021,81620,87419, 261

16, 58715, 92415,204

12,85813,05912,833

12, 70612, 52312,293

Invest-ments

9,7499,784

9,93710,44210, 73410, 989

11,88912,10612,19911,314

11,41412,12112, 265

11,92811,89412, 386

13,84214, 65215, 267

Nonmember banks

Mutual savings banks

Total

i 9,5569,463

i 9,4639,747

i 9, 7479,987

i 9,98710, 506

i 10, 50610, 488

10, 316i 10, 316

10,182

10, 044

9,989

Loans

i 5,8925,945

i 5, 9456,009

16,0096,068

i 6,0686,169

i 6,1696,218

6,130i 6,130

6,079

5,941

5,909

Invest-ments

i 3, 6643,518

i 3, 5183,739

i 3, 7393,920

i 3,9204,337

i 4,3374,270

4,186i 4,186

4,103

4,103

4,080

Other nonmember banks

Total

13,36613,020

12,86812, 70612, 37111, 362

11, 20810, 5939,7868,641

7,7557,4917,295

5,258

5,111

Loans

10,1449,803

9,6239,3958,9688,196

7,9067,3996,7075,827

5,1174,9314,780

3,415

3,235

Invest-ments

3,2213,217

3,2453, 3093,4023,165

3,3023,1943,0792,814

2,6372,5602,515

1,843

1,876

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

banks.3 Non-member bank figures not available.Back figures.—See Annual Report for 1933 (tables 67-69).

DEPOSITS, EXCLUSIVE OF INTERBANKDEPOSITS


Date

1929—Oct. 4Dec. 3 1 . . .

1930—Mar. 27—June 30. _.Sept. 24. .Dec. 3 1 —

1931—Mar. 25—June 30-. .Sept. 29—Dec. 3 1 . . .

1932—June 30__-Sept. 30—Dec. 3 1 . . .

1933—June 30 2_.Oct. 25 s.-Dec. 3O._-

1934—Mar. 5 3 . .June 30 3__Oct. 17 3 . .

All banks

55,18055, 289

53,18554, 95452, 78453,039

51, 42751, 78249,15245,821

41, 96341,94241, 643

38,011

38, 505

Member

33,00433,865

32,08233, 69031, 83932, 56031,15331, 56629, 46927, 432

24, 75524, 90324,803

23, 33823, 45323, 771

25, 29326,615 .27,484 .

Nonmember banks

Mutualsavingsbanks

i 8, 9838,916

18,9169,197

i 9,1979,507

i 9, 50710, 017

1 10, 01710,105

10, 020i 10, 020

10, 022

9,713

9,711

Othernonmem-ber banks

13,19312, 507

12,18712, 06711, 74810,972

10, 76710,1999,6668,284

7,1887,0206,818

4,961

5,023

For footnotes see table above.NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank

•deposits not subject to immediate withdrawal, which aggregated $103,-4)00,000 on that date.


NUMBER OF BANKS

Date

1929—Oct. 4Dec. 31



1932—June 30Sept. 30Dec. 31

1933—June 30 2Oct. 253

Dec. 30

1934—Mar. 5 3

June 303

Oct. 17 3

Total

24, 95124, 630

24, 22323,85223, 59022, 769

22, 37221, 90321, 29419, 966

19, 04618, 79418, 390

14, 530

15, 011

Member banks

Total

8,6168,522

8,4068,3158,2468,052

7,9287,7827,5997,246

6,9806,9046,816

5,6065,8186,011

6,2066,3756,433

Na-tional

7,4687,403

7,3117,2477,1927,033

6,9306,8006,6536,368

6,1456,0806,011

4,8975,0525,154

5,2885,4175,461

State

1,1481,119

1,0951,0681,0541,019

998982946878

835824805

709766857

918958972

Nonmemberbanks

Mutualsavingsbanks

1611609

1609606

1606603

1603•600

1600597

5941594

594

576

581

Othernon-mem-

berbanks

15,72415,499

15,20814,93114, 73814,114

13,84113, 52113,09512,123

11, 47211, 29610, 980

8,348

8,419

For footnotes see table above.Back figures.—See Annual Report for 1933 (table 66).


D E C E M B E R 1934 FEDERAL RESERVE BULLETIN 791

REPORTING MEMBER BANKS IN LEADING CITIES *[In millions of dollars. Monthly data are averages of weekly figures]

Month or date

1933—September-OctoberNovember-December..

1934—JanuaryFebruary. _.MarchAprilMay. _.JuneJulyAusrustSeptember-OctoberNovember-

Sept. 5...Sept. 12-Sept. 19..Sept. 26..

Oct. 3Oct. 10Oct. 17Oct. 24Oct. 31

Nov. 7 . . .Nov. 14..Nov. 21. .Nov. 28..

Total—all weekly reporting member banks

Loans and investments

Total

16, 56616,53616,68816, 620

16, 58917,20717,48417, 52617, 32817,54217, 74917, 72117,77017,83517, 762

17, 75517, 77817, 75617, 789

17,81117,82417,85417,85017,837

17,83717, 75917,68817,764

Loanson se-

curities

3,7283,6363,5743,595

3,5423,5673,5393,5703, 5163,5533, 5313,2953,1373,0623,008

3, 2103,1623,0953,080

3,0473,0553,0823,0743,051

3,0103,0082,9983,017

Allotherloans

4,8314,9444,9904,862

4,7324,7134,6634,6484,5554, 5114,4554, 5334,6974, 7574,705

4,6794, 6934,7044,713

4,7474,7594,7654,7604,756

4,7314,7084,6934,688

Investments

Total

8,0077,9568,1248,163

8,3158,9879,2829,3089,2579,4789,7639,8939,93610,01610,049

9,8669,9239,957

10,01710,01010,00710,01610,030

10,09610,0439,99710,059

U.S. se-curities

5,0674,9905,1355,210

5, 3346,0406,2516,2296,2566,4426,6766,6506,5896, 647

Bor-row-ingsat

F. R.banks

6,5206,5736,6316,631

6, 6366, 6586,6506,6546,639

6,6836,7136,6746,715

New York City

Loans and investments

Total

6,7246,7286,7756,717

6,6756,9977,1687,2697, 0507,1907,2737,1277,1207,1057,050

7,1867,1507,0657,077

7,0777,0927,1187,1147,123

7,1237,0246,9907,064

Loanson se-

curities

1,7721,6831,6431,670

1,6761,7111,6831,7181,6801,7271,7271,5201,4551,4181,382

Allotherloans

Investments

Total

1,5051,4791,4191,416

1,4011,4021,4341,4351,417

1,3811,3781,3771,390

,620,715,763,694

,672,699,650,631,560,537,5011, 522 I1, 6101,6441,632

1,6121,6141,6081,606

1,6241,6431,6451,6521,654

1,6481,6341,6251,624

3,3323,3303, 3693,353

3,3273,5873,8353,9203,8103,9264,0454,6854,0554,0434,036

4,0694,0574,0384,055

4,0524,0474,0394,0274,052

4,0944,0123,9884,050

U.S. se-curities

2,2802,2322,2382,256

2,2332,5172,7022,7452,7352,8482,9302,8832,8202,8012,827

2,8272,8162,8262,813

2,7942,8122,8002,7982,804

2,8302,8252,8132,841

Bor-row-ingsat

F. R.banks

Other leadingcities

Totalloans

and in-vest-

ments

9,8429,8089,9139,903

9,91410, 27010,31610, 25710, 27810, 35210, 47610, 59410, 65010, 73010, 712

10, 56910, 62810, 69110,712

10,73410, 73210, 73610, 73610, 714

10, 71410, 73510. 69810,700

Bor-row-ingsat

F. R.banks

23212224

20111076565612

i For additional data see p . 823.

Back figures—See Annual Report for 1933 (tables 88-90).

BROKERS' LOANSREPORTED BY THE NEW YORK STOCK EXCHANGE[Net borrowings on demand and on time. In millions of dollars]

End of monthTotal

January...February-March

April.May-June..

JulyAugustSeptember ..

OctoberNovember-December..

359360311

322529780

916917897

776789845

1934

903938

1,0881,0161,082

923874832

827831

From NewYork banks

and trust com-panies

1933 1934

270298247

268461694

822841

706712776

839862873

973912

849803769

761765

From privatebanks, brokers,foreign bankingagencies, etc.

1933 1934

906264

546886

947691

6476

108

116104102

747162


MADE BY REPORTING MEMBER BANKS IN N.Y. CITY

[In millions of dollars. Monthly data are averages of weekly figures

Month or date

1933—OctoberNovember..December

1934—JanuaryFebruary. _,MarchAprilM a yJ u n e - . . - . _ .JulyAugustSeptemberOctoberNovember

Nov 7Nov. 14Nov. 21 . . .Nov. 28

Total

779723759

802889886975937

1,0161,042

827776746729

714707711782

Forown ac-count

663611631

657731736813766845871670633612589

576568572639

For ac-count ofout-of-town

b a n k s l

111106122

137149148156163165168156142133139

137138138142

For ac-count ofothers

566

89268631111

1111

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




ACCEPTANCES AND COMMERCIAL PAPER

BANKERS* ACCEPTANCES OUTSTANDING (DOLLARACCEPTANCES)


End of month

1932—JulyAugustSeptember-OctoberNovember...December...

1933—JanuaryFebruaryMarchAprilMay. .. .JuneJulyAugustSeptember-OctoberNovember...December...

1934—JanuaryFebruaryMarch .April . . .Mav. _JuneJulyAugustSeptember,..October

Totalout-

stand-ing

705681683699720710

707 ;

704671697669 ;687738694715737758764

771750 '085 :613569 ;534 i516520539562

Held by Fed-eral Reserve

banks

Forownac-

count

12

2344

2307280163

1341

2111

18127

1055623

3(l)( i )0)0)(!)

1

Forac-

countof for-eign

corre-spond-

ents

594943393240

41'304543363637404131

34

4554

2111

0)

Held 1

1 otal

563574573605655C04

626325261404505487552499517592599442

567581576536507480472483503510

3y acceptingbanks

Ownbills

197198159199268224

256201153206229201248252236271273223

255266252236226220222222223245

Billsbought

366376414406386380

370124108199276287304247282321326219

312315321299281260250261280?71

Heldby

others

705564522862

38428586

115123147154156112138190

95108

817059534237OB

46

i Less than $500,000.

Source: For acceptances outstanding (and held by accepting banks),American Acceptance Council.

Back figures—See Annual.Report for 1933 (table 100).

ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES-HOLDINGS OF FEDERAL RESERVE BANKS


End of month

January...February..MarchAprilMayJuneJulyAugustSeptemberOctober-_ .November.December.

1931

36,11923,958

1,0631,0741,073

10, 55134, 371

145,21548,80433,50133, 38633,429

1932

33, 44433, 47830. 77830, 73630,83730,76230, G4530,83430,84930,65930,65229, 189

1933

29,03628, 99721,7887,1816,9817,0896,8216,1996,0685,6S65,8416,033

1934

5, 9775,8875,2755,0705,0765,0755,0815,0795, 6915,4955,499

Back figure*.—See Annual Repor 1for 1933 (table 26).

CLASSES OF BANKERS' ACCEPTANCES (DOLLARACCEPTANCES)


End of month

OUTSTANDING

1933—OctoberNovemberDecember

1934—JanuaryFebruaryMarchAprilM a yJuneJulyAugustSeptemberOctober

HELD BY F. R. BANKS(OWN ACCOUNT)̂

1933—OctoberNovember-December..

1934—JanuaryFebruary...MarchAprilMayJune—JulyAugustSeptember-October.. . .

Total

737758764

771750685613569534516520539562

118

127

10556233

88(2)

Basedonim-

portsinto

U.S .

Basedon ex-portsfromU.S .

94

1031031009794899493

Basedon goodsstored inUnitedStates(ware-house

credits)or

shippedbetweendomestic

points

185200207

225203186164150145135140138147

Dollarex-

change

253278277

277261226186164141138147166184

Basedon

goodsstored

inforeigncoun-

tries orshipped

be-tweenforeignpoints

195180182

175184168158152148144141137133

) 41 ! 39

2 ! 312 > 162 j 4

) I 2

T1 Total holdings of Federal Reserve banks include a small amount of

unclassified acceptances.2 Less than $500,000.


COMMERCIAL PAPER OUTSTANDING[In millions of dollars]

End of month

JanuaryFebruaryMarchAprilMayJuneJulyAugust .

October _ ._November .December

1931

327315311307305292289271248210174118

1932

10810310610811110310010811011311081

1933

85847264607397

107123130133109

1934

108117133139141151168188192188




FEDERAL RESERVE BANK RATESRATES ON REDISCOUNTS FOR AND ADVANCES TO

MEMBER BANKS

Federal Reservebank

BostonNew YorkPhiladelphia—Cleveland _RichmondAtlanta -Chicago -St. LouisMinneapolisKansas CityDallasSan Francisco..

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

Rate ineffect onDec. 1

2

2H2332H2H3332

Date estab-lished

Feb. 8,1934Feb. 2,1934Nov. 16,1933Feb. 3,1934Feb. 9,1934Feb. 10,1934Oct. 21,1933Feb. 8,1934Mar. 16,1934Feb. 9,1934Feb. 8,1934Feb. 16,1934

Previ-ous rate

2H232HZHZtt33

Ztt2H

Advances under sec.10b of the FederalReserve Act

Rate ineffect onDec. 1

44444H

4

5444

Date estab-lished

Oct. 20,1933Oct. 2,1933Oct. 20,1933Oct. 21,1933July 16,1934July 15,1933Oct. 16,1933Oct. 21,1933Mar. 14,1933July 10,1934Mar. 12,1934Oct. 19,1933

RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID-UALS, PARTNERSHIPS, AND CORPORATIONS

Federal Reservebank

BostonNew'YorkPhiladelphia _.ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas _—San Francisco

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

Rate ineffect on

Dec. 1

66655H56

6566

Date estab-lished

Aug. 11,1933Aug. 10,1933Aug. 12,1933July 24,1934July 16,1934Mar. 20,1934Aug. 13,1933July 10,1934Aug. 10,1933July 10,1934Sept. 8,1933Sept. 2,1933

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

Rate ineffect on

Dec. 1

4

44444

444

Date estab-lished

Oct. 20,1933Feb. 8,1934Oct. 20,1933Oct. 21,1933Feb. 19,1934Mar. 17,1934Oct. 16,1933Mar. 15,1933Apr. 15,1933Feb. 23,1934Mar. 12,1934Oct. 19,1933

NOTE.—For rates on industrial advances see p. 824.

BUYING RATES ON ACCEPTANCES

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

Maturity

1-15 days . . . .16-30 days. . .31-45 days. . .46-60 days. . .61-90 days. . .91-120 days..121-180 days.

Rate ineffect on

Dec. 1

H

Date estab-lished

Oct. 20,1933do.do.dodododo

Previousrate

NOTE.—Rates on prime bankers' acceptances. Higher rates may becharged for other classes of bills.


OPEN-MARKET RATESSHORT-TERM RATES IN NEW YORK CITY

[Percent per annum]

Month or week Primecom-

mercialpaper,4 to 6

months

1933November—December..

1934JanuaryFebruary...MarchAprilMayJuneJuly - .AugustSeptember-OctoberNovember. _

Week ending-Oct. 27Nov. 3Nov. 10Nov. 17Nov. 24

Prevailing rate o n - Average rateon—

1*4

•-1H-itt-m-V

1[-1

94-:

3 / 4 - 1

94-194-13 / 4 - 1

Primebank-ers'

accept-ances,

90days

H-

H-H

H- H

H-

Timeloans,

90days 1

Call loans

New Re-newal

0.7534-iHi .94

j1 -1H!

94-:

3 / 4 - 1

3 / 4 - 1

94-13 / 4 - 1

94-1

1.001.001.001.001.001.001.001.001.001.C01.00

1.001.001.001.001.00

0.75.94

1.001.001.001.001.001.001.001.001.001.001.00

1.001.001.001.001.00

Average yieldon—

U. S. Treasurybills 3

91-daybills

182-daybills

0.42

.70

.67

.63

.06

0.85.27.18.14.07.08.20.27.21.22

.19

.21

.22

.21

.23

1 Stock exchange 90-day time loans.2 Stock exchange call loans; new and renewal rates.3 Average rate of discount on issues offered by U. S. Treasury within

period.


RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES

[Weighted averages of prevailing rates]

Month

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember-OctoberNovember-December. ._

New York City

1932 I 1933 1934

4.714.714.724.694.554.614.424.454.304.354.124.22

4.124.114.884.334.244.103.933.973.793.763.523.48

3.583.433.313.393.423.303.303.333.263.283.22

8 other northern j 27 southern andand eastern cities western cities

1932 1933 1934

5.075.135.145.105.145.135.055.125.034.964.884.88

4.894.845.395.094.994.974.824.684.654.514.544.59

4.654.494.524.524.394.304.154.124.114.134.08

1932

5.615.615.645.635.645.625.635.685.635. 565.555.60

1933

5.605.565.665.685.665.625.545.535.555.505.425.43

5.405.395.405.345.285.195.075.055.045.054.93



794 FEDERAL RESERVE BULLETIN DECEMBKB 193*

TREASURY FINANCEUNITED STATES GOVERNMENT DEBT

VOLUME AND KIND OF SECURITY MATURITIES

[In millions of dollars] [In millions of dollars]

End of month

1933AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1934JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember

Total(grossdebt)

21,44121,85322, 53922, 61023,09923,05123,05023, 53423,814

25, 07126, 05526,15726,11826,15527,05327.18927,08027.19027,18827,299

Interest bearing

Total

21,08721,46922,15822, 24022, 72322, 672

23,16123,450

24, 72025, 70725, 69825, 59925, 58826,48026, 60526,49526, 62626, 64326,761

Bonds

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

15, 60015, 57915,57915, 71815,69416,51016, 51616, 51315, 92215,80815, 768

Notes

3,5764,1484,7804,8015,1535,1515,1505,1485,125

5,6266,4726,925

6,6786,9326,9516,9218,0208,0278,036

Certif-icates

2,3632,1192,2002,2461,5431,4951,4931,4921,753

2,2802,2781,8161,8141,8121,6351,6831,6821,1561,1541,153

Bills

Nonin-terestbear-ing

918979955954953952952952

1,003

1,2141,3791, 3781,3781,4041,4041,4541, 3791,5291. 6541,804

354385381370376379381373364

351348459519567573585585564545538

Outstanding Nov. 30,1934—Total. __ _

Obligations maturing:Before Mar. 1, 1935Mar . 1-May 31, 1935June 1-Nov. 30, 1935 _Dec. 1-31, 193519301937 - . . _19381939 . . .19411943After 1943

Other obligations 4

Interest-bearing debt

Total

26.761

1,9073,375

770418

1,8441,7493,218

529834898

10,0701,150

Bonds i

15,768

2 873 1,869

49

1,272

834898

10,070688

Notes

8,036

528770418

1,7951,749

Certif-icates

1,153

992

1,946529

301 j 160

Bills

1,804

82797?

1 Issues classified as of date of final maturity; most issues are callable-at earlier dates. Amount callable before Dec. 1, 1935, and not yet called,$3,943,000,000, including certain pre-war issues that are held as collateralfor circulating notes.

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

3 Approximate amount of 4th Liberties called for redemption Apr. 15,1935.

4 Includes the 2-percent Consols of 1930, which are held as collateral forcirculating notes, and such issues as Postal Savings bonds, retirement-fund notes, and adjusted-service-certificate series, in which specialfunds are invested.

Period

Fiscal year ending:June 1932June 1933June 1934

5 months ending:November 1932November 1933November 1934

1933JulyAugustSeptemberOctoberNovemberDecember

1934JanuaryFebruaryMarchAprilMay . .JuneJuly . .AugustSeptemberOctoberNovember . - _

SUMMARY OF TREASURY OPERATIONSfin millions of dollars. On basis of daily statements of United States Tre

General and specia

Receipts

Total

2,0062,0803,116

6811,1371,460

163188321256209332

211206420182237391218286449260247

Internal revenue

Incometax

1,057746818

202192256

1314

1361019

133

1023

2321525

1881825

1731921

Process-ing tax

353

87221

923262946

3533373244393943424947

Other

503858

1,470

314630723

113126123170

98112

128116130105119130132145176151119

Customsand mis-cellan-eous

445475475

164228260

373839506341

3834213050332973574160

funds

Expenditures

Total

4,7414,6816,745

1,8331,9042,764

271310329500494690

956635610674542733466514516669599

General i

3 3,9733 3,404

2,741

31,4321,2111,262

196171248396201227

148188160305191310230204233385209

Emer-gency

3 7683 1, 277

4,004

3 401693

1,502

7513981

104294463

808447450370350423236310283284390

asury]

Excess ofreceipts

or expend-itures(-)

- 2 , 735- 2 , 602- 3 , 630

-1,152-767

-1,304

—108-122

- 8-244-285-358

—745-430-190-492-305-342-248-227- 6 6

-409-353

Trustand con-tributedfunds,2

excess ofreceipts

or expend-itures(-)

-5-5

+835

+5+17H-73

+8—1+24-8

- 3

+2+2,810

+1-1 ,993

- 4+4+2+2

+13+29+28

Increase ordecrease during

period

Generalfund

balance

- 5 5+445

+ 1 , 720

+173+245-985

—28+366

- 5 4—236+198

- 8 1

+511+3,365

-84-2,524

-272+560-110-335+56

-381-214

Grossdebt

+2,686+3,052-+4, 514

+1,319+995+246

+71+489

-48

+484+280

+1,254+984+105

-39+37

+898+136-109+110

- 2+111

* Excludes public debt retirement..2 Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, and expenditures chargeable

against increment on gold.» Prior to July 1933, emergency expenditures included only net expenditures for the Reconstruction Finance Corporation; other items subse-

quently classified as emergency expenditures were included in general expenditures.



ASSETS AND LIABILITIES OF GOVERNMENTAL CREDIT AGENCIES, SEPT. 30, 1934[Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]

ASSETSLoans—total _. _ _Preferred stock, capital notes, and debentures of bank

and trust companiesCash—total __ _Investments:

United States securities.Obligations guaranteed by United StatesFederal land-bank bondsIntermediate credit-bank securitiesProduction credit associations—Class A stock __

Other assets

Total assets

LIABILITIES

Bonds, notes, and debentures:Obligations guaranteed by United StatesAll other

Other liabilities (including reserves)

Total liabilities

Excess of assets over liabilities, exclusive of interagencytransactions

Privately owned interestsUnited States Government interests

Distribution of Government interests:Capital stock _ _.SurplusInteragency interest (net)

ASSETSLoans—totalCash—total _Investments:

United States securitiesObligations guaranteed by United StatesFederal land bank bondsIntermediate credit bank securities

Other assets -._

Total assets

LIABILITIES

Bonds, notes, and debentures:Obligations guaranteed by United States _All other

Other liabilities (including reserves)

Total liabilities

Excess of assets over liabilities, exclusive of inter-agency transactions

Privately owned interestsUnited States Government interests

Distribution of Government interests:Capital stock .SurplusInter-agency interest (net) .

Total

6,884

1793353

500143456

280

357

9, 568

2,1982, 555

400

5,153

4,415291

4,124

3,987137

Financed wholly from Government funds

Total

2,404

179349

13

26

80188

3, 553

2469895

439

3,114

3,114

2,9536398

Recon-structionFinanceCorpora-

tion

1,799

17939

Com-modityCredit

Corpora-tion

79

(2)

45 i

2,646

246

55

301

2, 346

2,346

50063

1,783

2

81

(2)

(2)

81

81

31

77

Exportimportbanks

14

(2)

14

(»)

(2)

• 13

13

14(4)

PublicWorks

Adminis-tration

203

1

2

206

206

206

3 305

- 9 9

RegionalAgricul-

turalCredit

Corpora-tions

49

2

(2)

6

58

5

5

53

53

440)

9

Produc-tion

CreditCorpora-

tion

2

3

26

801

113

3

3

110

110

no(2)

Other

274

20

9

131

435

9833

131

305

305

3 1, 977- 1

-1 ,672

Financed partly from Government funds

Total

4,480304

487143430

2169

6,015

1,9522,457

305

4,714

1,301291

1,010

1,03474

- 9 8

Federalland ]

banks

1,87029

6729

125

2,120

1,645214

1,859

26199

163

11851

- 6

Federalinter-

mediatecreditbanks

19119

74

5

289

1824

186

103

103

7033

FederalFarmMort-gage

Corpo-ration

51618

430

5

969

724

49

773

196

196

200- 4

Banksfor

cooper-atives

2310

77

21

113

(2)

(2)

1131

112

1102

Homeloan

banks

875

214

1

108

4

4

10422

82

811

HomeOwners'

LoanCorpo-ration

1,793164

24

1,980

1,22863032

1,890

90

90

200- 9

-101

FederalSavings

andLoanInsur-ance

Corpo-ration

(2)

100

1

101

101

101

10011

Federalsavings

andloanasso-

ciations

4

4

4

4

4

FederalDepositInsur-ance

Corpo-ration

60

266

3

329

1

1

328170

158

150

8

i Includes $100,000 of preferred stock of insurance companies. 2 Less than $500,000. 3 Nonstock. * Deficit less than $500,000.



RECONSTRUCTION FINANCE CORPORATIONLOANS, SUBSCRIPTIONS, AND ALLOCATIONS

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

Proceeds disbursed, less repayments

Oct. 31,1933'

July 31,1934

Aug. 31,1934

Sept. 30,1934

Oct. 31,1934

Nov. 30,1934

Proceeds not yetdisbursed

Sept. 30,1934

Oct. 31,1934

LOANS AND SUBSCRIPTIONS

Loans under sec. 5 of the Reconstruction Finance Cor-poration Act, as amended:

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

Building and loan associations 1

Insurance companiesMortgage-loan companies *__Credit unionsFederal land banks . _Joint stock land banks—Agricultural credit corporationsRegional agricultural credit corporationsLivestock credit corporationsRailroads (including receivers)State funds for insurance of public moneysFishing industry. __ _ _._Processors or distributors for payment of process-

ing taxes

661,50271,41867,425156,696

53736,30012,0762,10448,4483,171

330,157

582,200

32,619184,790

390124,951

8006,5461,643

354,4472,705

594,90531,49431,678162,081

389116,4367,676800

4,7211,616

343,1892,150

591,97228,25230,722160,767

388116,0407,696796

4,3891,604

343,2871,841

583,45225,20529,982159,327

388115,2637,323605

2,6731,546

353,1701,233

599,39723,25929,420155,874

387110,9977,132600866

1,464361,506

81125

223,001

370101,407

1,160275594173

2,757

Total.. 1,389,833 1,336,592 1, 297,138 1, 287, 756 1, 280,168 1,291, 739

222,92614

127102,194

1,16027593630

14,147

43

Other loans:For self-liquidating projects, sec. 201 (a) (including

repairs to property damaged by earthquakes,etc.) - —

For financing exports of agricultural surpluses, sec.201 (c)—

For financing agricultural products, sec. 201 (d)To commodity credit corporationOn preferred stock of banksOn preferred stock of insurance companies.To drainage, levee, and irrigation districtsTo public school authoritiesTo industrial and commercial businessesOn assets of closed banksTo Secretary of Agriculture

Total

329, 737 341,851

56,038

3,9062,673

48713,484

96,062

15,1854,507

157,66721,92215,8758,173

107,287

14,9854,422

108,64621,99425,8859,17722,300

274

111, 184

14,9545,10776,43022,28925,7859,47922,3001,916

112,291

15,2715,717

3,300

18,84925,78511,14722,3003,248

23

117,027

14,9926,09030,24218,96525,78511,32122,3004,166

22

110,078

3,7785,048

290,4822,1623,50064,370

10,041

108,034

3,3603,733

383,0252,1733,500

63,853

14,28758

20,00079,888 319,392 314,970

Purchases:Purchases of preferred stock of banks ___Purchases of capital notes and debentures of banks..Purchases of preferred stock of insurance companies

Total—Total loans and purchases

289,444 257,600 250,911 489,458 | 602,024

51,868700

515,794243, 720

532,760248,525

545,599259,772

100

562,410256,671

100

571,193259,662

100

65,82374,865

67,94374,881

52,568 759,514 781, 285 805,471 819,180 830,955 140,688 1 142,824

1,522,289 2, 393,393 2,382,671 2,356,949 2,373,605

ALLOCATIONSFor relief:

Federal Emergency Relief Act of 1932...Federal Emergency Relief Act of 1933...Emergency appropriation Act of 1935._.

299,015207,669

298,542499,591

298,524499,592

298,227499,589

298,006499,590215,000

297,774499,586325,000

959,884

15411

Total.. 506,684 798,133

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

Purchase of stock of Federal Home Loan banks.Purchase of stock of Home Owners' Loan Cor-

porationTo Land Bank CommissionerTo Federal Farm Mortgage CorporationTo Federal Housing AdministratorTo Secretary of Agriculture for:

Crop loansReallocated as capital regional agricultural

credit corporationsReallocated to Governor of Farm Credit Ad-

ministration ,

63,346

4,00020,600

115,000

44,500

12,000

81,446

174,000147,60055,00010,000

115,000

44,500

40,500

798,116

81,446

200,000147,60055,000

10,000

115,000

44,500

40,500

797,817 1,012, 596 1,122,360 426

81,446

200,000147,60055,00010,000

115,000

44,425

40,500

81,646

200,000147,60055,00015,000

115,000

44,500

40,500

81,646

200,000147,60055,00015,000

115,000

44,500

40,500

43,295

97,400

75

Total

Total allocations.*.

Total loans, subscriptions, and allocations--

259,446

766,130

668,046

1,466,179

694,046

1,492,162

693,971 699,246 699,246 140,770

1,491,788 1,711,842 1,821,606 141,196

2,288,419 3,881,677 3,885, 555 3,874,458 4,068,791 4,195,211 1,101,080

1,086,700

15410

425

43,095

97,400

140,495

140,920

1,227,620

' Revised.1 Loans to aid in the reorganization or liquidation of closed financial institutions amounted on Oct. 31,1934, to $371,083,000, representing proceeds

disbursed less repayments, and $228,767,000 not yet disbursed.

Back figures.—See BULLETINS for December 1933, pp. 738-739, and February 1934, pp. 103 and 132.



FARM CREDIT ADMINISTRATION

LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS


Farm mortgage loans b y -

End of month

Federalland banks

1933 IJanuary !February iMarch |April —_iMay jJune •July „_ |August -September IOctober _ |November IDecember _ '

LandBank

Commis-sioner

January...February...MarchAprilMayJuneJuly.AugustSeptember..October

1934

1,112,7031,110,032 i.1,107,377 ;.1,105,128 '.1,102,891 i1,102,088 \1,101,4461,104,176 '1,110,194 j1,125,681 !1,156,1701,213,523

1,287,5621,371,4681,458,3111,483,9401,548,5541,630,9001,690,4961,746,1491,792,4101,

40180664

2,1886,026

15,81534,09970,738

120,403174,308237,858258,730311,375378,526429,830477,822516,276551,873

Jointstock landbanks 1

452,166446,429440,130434,514429,380422,471420,080416,385412,525407,754400,977

381,380369,769349,425344, 773334, 680319, 585305,782295,234285,085275,698

Federal intermediatecredit bank loans toand discounts for—

Regionalagriculturalcredit cor-porationsand pro-duction

credit as-sociations 3

All otherinstitu-

tions

Produc-tion credit

associa-tions

1,2561,3051,3481,8382,483

10,39928,46749,97961,29968,85773,263

75,43176, 51586,081

102,781120,282127,470

'128,090125,270118,402104,909

87,75285,57084,80483, 24980,83079,65378,78678,54777,25771,35772,45976,200

74,58871,49670,26269,56670,35870, 55673,62674,17272,98983,088

Regionalagricul-

tural cred-it corpo-rations

157665

4,40914,39228,11738,518

' 49,82658,07460,88758,128

42,42662,03583,409

106,540127,731145,414154,321158,394155,200146,895142, 558144,636

145,198145, 760144,905

r 144,671143,093138,478128,831117,664106,72496,914

Emer-gency

crop anddrought

loans(1921-34)

87,67886,51098,283131,250137,309139,158138,727135,854135,087110,32494,29689,811

81,16472,72768,31084,13890,14790,517

' 94,411' 100, 209«• 105,438' 104,470

Agricultural Mar-keting Actrevolvingfund loansto coop-eratives

Banks forcooper-atives,

includingCentral

Bank forCooper-atives

156,976156,468 I156,793 j155,617180,264180,406177,537176,553175,040173,325172,302157,752

69,50869,21468,35367,25754,64254,87755,43755,25054,87057,310

1847,396

11,14418,697

15,38614,83515,82417,14419,31020,53921,49323,01923,05724,561

r Revised.* Includes loans outstanding of joint stock land banks in receivership.J Some of the loans made by the regional agricultural credit corporations and all of the loans made by the production credit associations are re-

discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the columns headed " Production creditassociations" and "Regional agricultural credit corporations."

HOME OWNERS' LOAN CORPORATION

SUMMARY OF OPERATIONS *

Months

1933

From opening to Sept. 30..OctoberNovemberDecember

JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember-October

1934

Cumulative total-

Numberof appli-cations

received2

403,114129,50499,23290,946

123,189136,132168, 273145,772119, 79197,67966,15772,02239,31735,675

1,742,992

Loans closed

Number

5933,424

10,94622,286

30,33932,94052, 26056,17264,17271,76878,04669,73859,24065,813

617,737

Amount

$1,688,78710,164,67831, 445,82762, 621,051

86,143,83893,499,995

150, 213, 639171,490,768208,293,766223,440,191235,467,606202,442,864179,299,857201,211,532

1,857,424,399

FEDERAL HOME LOAN BANKS

COMBINED STATEMENT OF ASSETS ANDLIABILITIES


ASSETSCash on handLoans outstandingAccrued interestInvestments—United States securitiesOther assets

Total assets _

LIABILITIES

Current liabilitiesCapital stock, fully paid and oustanding:

Members _United States Government . . .

Subscriptions to capital stock, less balance dueSurplus... ___

Total liabilities. .

Sept . 29,1934

4,86286,647

56016,090

90

108,249

3,721

18,66081,446

2,0742,349

108,249

Oct. 31,1934

5,09287,446

51616,003

126

109,184

3,699

19,28381,646

1,9312,625

109,184

1 Figures are subject to adjustment.8 Total includes 16,189 applications in connection with Detroit wholesale operations, which are not included in the monthly figures of applica-

tions. Any of these applications resulting in loans are included in "loans closed."



BOND PRICES

[Averages]

Year, month, or date

Number of issues

1932 average1933 average

1933—No vemberDecember

1934—January _FebruaryMarchAprilMayJune -July— — -AugustSeptemberOctoberNovember

Nov. 7 ----Nov. H____Nov. 21Nov. 28

UnitedStates

Govern-mentbonds

U 5

99.2102.2

100.5100.0

100.3101.9102.8103. 7104.4104.7105.2104.1102.3103.4103.5

103.3103. 3103.7103.8

Other bonds *

Corpo-rate andmunic-

ipal(high-grade)

3 60

81.184.0

82.683.6

88.392.995.197.097.699.099.397.896.798.498.8

99.098.898.599.0

Corporate

Total

60

69.473.4

72.173.6

78.584.084.887.086.186.386.183.983.084.184.3

84.284.483.985.1

Indus-trial

20

63.269.2

70.571.5

75.679.880.582.882.582.583.282.682.282.583.4

82.683.383.884.2

Rail-road

20

64.870.5

68.572.2

79.085.886.488.786.987.185.881.379.381.681.0

80.880.780.082.5

Utility

20

80.580.6

77.377.1

80.986.587.789.789.189.489.487.987.688.188.6

89.189.088.088.6

i Price indexes derived from average yields.a Now 3 Liberties and 12 Treasuries. New Treasury issues were added

Aug. 15, 1933, Nov. 1, 1933, Apr. 16, 1934, and June 15, 1931.3 45 corporate and 15 municipal.Source—For United States Government bonds, Federal Reserve Bank

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

BOND YIELDS i

Year, month, ordate

Number of issues


1933—AusjustSeptemberOctober..NovemberDecember

1934 —JanuaryFebruaryMarchAprilMay.JuneJulyAugust....SeptemberOctoberNovember


UnitedStatesTreas-ury 2

9

3.663.31

3.213.203.223.463.53

3.503.323.213.123.012.942.852.993.203.083.05

3.083.083.043.02

Munic-ipal 3(high-grade)

15

4.654.71

4.544.594.604.894.89

4.674.484.244.113.933.733.753.813.843.693.57

3.603.563.553.58

Corporate, by ratings *

Aaa

30

5.014.49

4.304.354.344.544.50

4.354.204.134.074.013.933.893.933.963.903.86

3.873.863.863.84

Aa

30

5.975.23

4.774.904.975.355.27

5.004.704.554.434.374.304.284.344.424.364.27

4.294.284.284.25

A

30

7.206.09

5.515.705.766.226.21

5.725.245.124.974.964.964.935.095.175.004.93

4.954.924.944.90

Baa

30

9.307.76

6.777.277.497.987.75

7.016.276.266.016.056.066.136.496.576.406.37

6.376.406.416.30

i Monthly data are averages of daily or weekly figures,a Average, computed by Treasury Department, of yields of all out-

standing Treasury bonds except those due or callable within 8 years.«Standard Statistics Co.* Moody's Investors' Service.

STOCK PRICES

Year, month, or date

Preferredstocks(indus-

trial high-grade)

Number of issues.


1933—November.December..

1934—January....February. .MarchAprilMayJuneJulyAugustSeptember.October....November.

Nov. 7Nov. 14 . . . .Nov. 21Nov. 2 8 . . . .

20

96.1104.8

107.5107.7

111.2116.5117.5120.2121.0122.1123.5122.6121.0120.9124.1

122.7123.5124.0126.1

Common stocks (index, 1926=100)

Total

421

71

Indus-trial

351

46

Rail-road

33

Utility

37

7978

7067

7381767670726965646361

63615861

Source.—Standard Statistics Co.

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

Year and month

1925192619271928 — -. . . .19291930193119321933

1933—No vember..December—

1934—JanuaryFebruaryMarch _April.MayJune.July. .AugustSeptember..OctoberNovember. _

New issues

Total(do-

mesticandfor-

eign)

6,2016,3147,5568,040

10,0916,9093,0891,165

722

8857

487997

14310312321718043

122107

Domestic

Total»

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

710

8857

487997

143103123

2 2173 180

433 122

107

Stateandmu-nici-pal

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

755484

8241

375981

10061

1029118363989

Corporate

Bondsand

notes

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

30540

00

0129

24260

198508

Stocks

1,1531,0871,4742,9615,9241,503

31120

120

616

61553920200

For-eign

1,0761,1251,3371,251

671905229

812

00

00000000000

Re-fund-.ingissues(do-

mesticandfor-

eign)

9251,0462,2201,8581,422

711949583340

218

428

509339

18315779263635

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

2 Includes $100,260,300 bonds of Federal Farm Mortgage Corporationsold by public offering during month.

a Includes bonds of Home Owners' Loan Corporation sold by publicoffering during month, amounting to $149,111,100 in August and$53,000,000 in October.

Sources.—For domestic issues, Commercial and Financial Chronicle;for foreign issues (issues publicly offered) annual totals are as finallyreported by Department of Commerce, while monthly figures are ascompiled currently and are subject to revision.

Back figures.—See (for figures of new issues—annual and quarterlybasis) Annual Report for 1933 (table 112).



PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]

Year andmonth

19191920192119221923192419251926192719281929lQ30193119321933

1931AprilMayJuneJulyAugust.._SeptemberOctober __NovemberDecember

1932January. .February-MarchAprilMayJuneJulyAugust. . .SeptemberOctober. _NovemberDecember

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

1934January. .February.MarchAprilMayJuneJulyAugust .._SeptemberOctober. _

Industrial production i *

Total

Unad-justed

83876785

10195

10410810611111996816476

908983807877757268

717168646159565967686560

646460677991969085787269

778386888984737373

* 75

Ad-justed

888783827876737374

726967636059586066676566

656359667891

1009184767275

788184858683767371

»74

Manufactures

Unad-justed

84876786

10194

10510810611211995806375

919083797776727066

707066636058555866676358

636258688092978984767067

758285898983717170

"74

Ad-justed

878782827875717172

716864615958575965666364

636156657793

1029183767073

768082858683747269

*73

Minerals

Unad-justed

77897074

1059699

10810710611599847181

838486868283908479

747578726562636674807873

717674657783909493888480

85889181878785838787

Ad-justed

918787867978838184

777885806764656571747577

747980727985919187818185

8891

10090898785808281

Construction contracts awarded (value)2

Total

Unad-justed

636356798494

12212912913511792632825

827874686359524330

252326313132313230282422

181614161921242530354245

40383336323130283029

Ad-justed

736563615959554938

312726272627273030292728

221914141618212430374857

49443332262627272931

Residential

Unad-justed

443044688195

1241211171268750371311

524741363232292620

16151616141212111212108

778

111314131212121211

10101214131312101112

Ad-justed

444037353332302723

19171514121111121212109

888

101113131212121313

12121112111212101112

All other

Unad-justed

799065888694

120135139142142125844037

107104101948781715739

333035434547464845413533

272318192427323645536673

64605054474645434543

Ad-justed

968584828180766750

413536383739404544434143

332718172023283345577693

80705149393839404446

Factory em-ployment 3

Unad-justed

1071088291

1049799

1019999

10592776469

818078777777747271

697068666361596063646362

606159606367727680

7674

737881828281798076

»79

Ad-justed

818079787775737272

707068666462606062636362

616259606367737678787675

757881828281797974

»77

Fac-torypay

rolls 3

Unad-justed

971177681

10396

10110410210210989684649

747370666663615858

545553504743404143454342

404037394347515759595655

546165676765606258

• 61

Freight-carloadings * *

Unad-justed

84917987

10097

10310610310310692755658

777977787678787061

585958575352515361656852

515148515561666568666056

58616360636463636764

Ad-justed

807977767269696869

646261595452515154575758

565450635562656160685963

64646662636461595957

Com-mod-ity B

prices'

1391549897

10198

10410095979586736566

757372727271707069

676666666464656565646463

616060606365697071717171

72747473747575767877

p Preliminary. * Average per working day.1 For indexes of groups and separate industries see pp. 835-836; for description see BULLETIN for February and March 1927; for revised figures

back to 1919 see BULLETIN for September 1933, pp. 584-585.2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. For

back figures see Annual Report for 1933 (table 115).8 The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For

description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factoryemployment compiled by the Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industriessee p. 837.

* For indexes of groups see p. 800; for back figures for total see Annual Report for 1933 (table 115) and for groups see BULLETIN for February1931, p. 108.

»Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p.834. For backfigures see Annual Report for 1933 (table 120).



MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

Month

January-February . - .March .

AprilMay _ - -June

JulyAugust-September . -

October -NovemberDecember

Year

Merchandise exports 1

1930

411349370

332320295

267298312

327289275

3,843

1931

250224236

215204187

181165180

205194184

2,424

1932

150154155

135132114

107109132

153139132

1,611

1933

121102108

105114120

144131160

193184193

1,675

1934

172163191

179160171

162172192

*206

Merchandise imports 8

1930

311282300

308285250

221218226

247204209

3,061

1931

183175210

186180173

174167170

169149154

2,091

1932

136131131

127112110

799198

10510497

1,323

1933

968495

88107122

143155147

151129134

1,450

1934

136133158

147155136

127120132

*130

Excess of exports

1930

1006769

243544

467986

808566

782

1931

664926

292414

6—2

10

364430

334

1932

152324

920

4

271734

483435

288

1933

251813

177

—2

1- 2 3

13

425659

225

1934

373033

336

34

345260

»77

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

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

DEPARTMENT STORES—SALES, STOCKS[Index numbers; 1923-25 average=100]

Month

JanuaryFebruarvMarch -

AprilMayJune

JulyAugustSeptember - -

OctoberNovember .December - _

Year

Index of sales *

Adjustedfor seasonalvariation

1933

606057

676768

697770

706569

1934

697177

777774

7279

-76

74P 7 2

Withoutseasonal ad-

justment

1933

494950

686764

485973

7775

121

67

1934

575973

737770

5160

'79

82»83

Index of stocks (end ofmonth)

Adjustedfor seasonal

variation

1933

585754

535557

606470

706965

1934

666665

656665

646464

64

Withoutseasonal ad-

justment

1933

525455

555656

566273

777862

61

1934

596367

686863

596167

71

J» Preliminary. r Revisedi Based throughout on figures of daily average sales—with allowance

for changes from month to month in number of Saturdays and for 6national holidays: New Year's Day, Memorial Day, Independence Day,Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea-sonal variation makes allowance in March and April for the effectsupon sales of changes in the date of Easter.

Back yigwres.—See'BuLLETiN for November 1930, p. 686; Annual Reportfor 1933 (table 115).

FREIGHT-CAR LOADINGS, BY CLASSES[Index numbers; 1923-25 average=100]

Total.._CoalCoke _ _Grain and grain productsLivestockForest productsOre —MiscellaneousMerchandise * - —

TotalCoal__-CokeGrain and grain productsLivestock..Forest productsOreMiscellaneousMerchandise l

1933 1934

Oct. June July Aug. Sept. Oct,

Adjusted for seasonal variation

586253575132495966

646656905433486865

616343798430466265

59583970

10729435965

596345638730395864

576045586230306063

Without seasonal adjustment

667054646833686970

645856784634877165

635538957030836564

635735849531736465

67684576

10331636967

. 6469466583314270

i Inless-than-carloadlots.Based on daily average loadings. Source of basic data: American

Railway Association.

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



INTERNATIONAL FINANCIAL STATISTICSGOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS


End of month

Europe

Canada Total (27icountries) Austria Belgium^ Bulgaria Denmark England France Germany

1933—OctoberNovember..December..

1934—January

1934—JanuaryFebruary __.MarchApril.MayJuneJulyAugustSeptember-OctoberNovember..

12,05711,95911,93011,951

20, 22920, 51620, 72420,82020,95721,16621, 304

t> 21,489v 21, 530v 21, 585

_r

14,011 Il 4,012» 4,012 |

4,033 |

6,8297,4387,6947,7577,7797,8567,9317,9787,9788,002

p 8,132

$l=25$io grains of gold Vio fine; i. e., an ounce of fine gold=$20.6777 7,040 |77 6,94277 6,916 !

77 6,912 j$l=155/ii grains of gold *Ko fine; i. e., an ounce of fine gold=$35

24242727

377378380382

11111111

51515151

36363636

927928928929

3,1763,0513,0223,021

130 |130 i1 3 0 '••130 !

130 !132 i133 |131 !131 I132 !

11, 69711, 35811,31311,34011,42611, 54811,59211, 747

c 11, 787p 11,813

646639635636635625618623626609

P 5 8 9

19191919191919191919

86112111111111111111111111112

6060606060606060606060

1,5731,5741,5741,5751,5771,5781,5791,5801, 5811,5821,583

5,1094,9044,9475,0235 J 365,2745,3215,4395,4555,4685,443

94979290

152134968352283030303332

E urope—C ont inued

End of monthHungary Italy ; Nether-

: lands Norway Poland Portu-gal

Ruma-nia Spain Sweden Switzer-

land U.S.S.R.2 Yugo-slavia

6 othercoun-tries

$l=25¥\o grains of gold ^io fine; i. e., an ounce of fine gold=$20.671933—October. __.

November..December..

1934—January

1934—JanuaryFebruary . . .MarchAprilM a yJ u n e . . .JulyAugustSeptember..OctoberNovember. .

17141414

371373373373

359370371370

40403838

53 [53 '53 !54 |

32333434

59595960

436 I436436 !436 !

1019999

100

373386386386

416416416416

32323232

35353535

37383941434334363637

2323232323232323232323

633 i633613 !609 i594 I576567565554541

P 520

$l=15%i grains of gold ^io fine; i. e., an ounce of fine gold=$35169 653169 600170 570167 534167 535168 535168 537169 567170 591163 621160 624

626539535539551573588588588601582

6461616161616161616161

9191919292939394949495

.58626565666767676767

100101101101102102102103103

P103

739739739739739739740740740740740

704704706706706716716716

P716P716

5353535353535353545454

58595957585858586161

End of month

1933—October.NovemberDecember

1934—January

Latin America

Total(10

coun-tries)

Ar-gen-tina

ChileCo-

lom-bia

Mex-ico

Peru Uru-guay

4othercoun-tries

Total(7

coun-tries)

i

India Japan

Asia and Oceania Africa

JavaNewZea-

land 3Tur-key

2othercoun-tries

Total(4

coun-tries)

Egypt SouthAfrica

352346342342

249244239239

111 1

12 |12 |

15 |15 |1414 ;

$1--

10 ;8 i9 :8 :

25$io grains of gold <Mo fine; i. e., an ounce of fine gold=$2O.6711111111

49505051

777

453456457459

162162162162

212212212212

40424445

25252425

11111212

3433

123 1125126127 i

33333333

80828384

$l=155ii grains of gold Yxofine; i. e., an ounce of fine gold—$351934—January... 579

February I 588March . . . ! 590April | 591May j 594June I 593July 599August.__ !P605September :P604October !*>599

1 405405405405405

j 4051 4051 403i 403i P 4 0 3

202020202020242828

P 2 9

2424 !2524242526262422

1418 '20 :

23 :26272928 :25

19 i20 !19 :19 ;19 i19 i19 !1919 .

v 19 :

86878787878482

r<82

v 82

778780778781803804806807803795

274274274275275275275275275275

359359359362382384386387388390

76 |797 7 •77 i7977 ,77 ,77 '7777

42 i42 I42 j42 i42

\41 :36 i26 i

20202021202121212222

6656656665

215 i222 .218220226 i233 !

244 !P 2 2 0 1»226 i*245 ;

56555555555555555555

143150146149154161172149155173

2othercoun-tries

10101010

17171717171717

* Preliminary.* Excludes gold coin in circulation.2 Figures reported as of end of each quarter by State Bank of U. S. S. R. carried forward for succeeding 2 months.» During August and September 1934 gold held by the 6 banks of issue (See BULLETIN for May 1932, p. 317) was transferred to the Reserve Bank

of New Zealand, which opened for business Aug. 1,1934.NOTE.—Figures for 35 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they

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

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



GOLD PRODUCTION[In thousands of dollars] *

Year and month

Esti-matedworld

produc-tion

Production reported monthly

Total

Africa

SouthAfrica

Rho-desia

WestAfrica

BelgianCongo

North and South America

Canada UnitedStates i Mexico bia

C ° !? m - Chile AufQtra" Japan

Far East

lia India

1932—Total (12mo.)__

1933—FebruaryMarchAprilMay _.June __JulyAugustSeptemberOctoberNovember. __December

499,049 I 421,979

31,75936,51533,68934,60033,78534,91535,13035,66136,53735,99235,696

43,50940,68341,59540,78043,90944,12544,65645,53244,98744, 690

Total (12 mo.)-

1934—January

515,627

FebruaryMarch _AprilMay.-JuneJulyAugustSeptember.October

45,516

71, 31375, 28174,85678,08176,03477,39278,232

p77,242'80,122

$1=25>/to grains of gold 9(to fine; i. e., an ounce of fine gold=$20.67

238,931 12,000 5,992 3,642 62,933 50,626 112,070 5,132 788 14,563 8,198 [

18,17619,65818,43019,51919,00819,22819,23518,66418,82218,61318,168

227,673

18,897

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

13,335

531522528520561571579546567586

6,623

264302281308308306321307302327325

3,631

1,201 546 320

$l=15'/$i grains oj gold

4,7375,3994,9194,9325,4265,3065,3254,8895,0485,0015,140

60,968

3,0595,2303,928

2,9563,6383,7425,6025,2095,2925,581

1,0951,059905

1,035986

1,1651,198820

1,5011,1721,038

52,843 13,169

334455535499435577555375700694503

6,165

134220222181288227274269423301281

4,781 4,858 | 1,080g fine; i. e., an ounce oj fine gold=$35

3,009-

462

1,1781,2591,5221,3441,4341,4201,4381,5911,4361,5011,538

16,790

654747726734711755722847825794

1,398 I 721

54,24358, 21157,78661,01258,96460,32261,162

p 60,173p 63,052

28,89330,55030,17331,32430,13830,77331,01529,95130,994

1,8932,0422,0142,0552,0482,0152,0852,061

p 2,065

927965941951946

1,0721,0221,072

P 1,225

502571509566547521542544

»544

7,8038,7267,9759,0908,4958,5939,2708,5469,278

6,1607,9457,5958,5058,2608,7508,3659,940

10,360

1,9061,1942,2332,4311,9411,8612,078

P 1,400P 1,820

1,067940843991

1,0031,0371,148

9401,143

656554

425 |

'832666

J>666

6,782

626585554543589575572560560573

6,919

2,2692,4152,5662,4602,7222,5792,6192,625

*2,625

1,2801,3901,3761,2681,3101,3511,4131,495

P 1,400

560

921914

938938932

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

States represent official estimates made by Bureau of the Mint in cooperation with Bureau of Mines.

NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,June 1934, p. 377, and November 1934, p. 737. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for1933, p. 104. Figures for Canada for 1934 are subject to revision.

GOLD MOVEMENTS[In thousands of dollars]

Year and month

1932—Total (12 mo.)-

1933—JuneJuly—AugustSeptemberOctoberNovemberDecember

Total (12 mo.).

1934—January

FebruaryMarch _..April _MayJune -JulyAugustSeptemberOctoberNovember

United States

Totalnet

importsor netexports

-446,213

-3,244-83,879-80,388-56,736-32,351

-783-9,128

-173,455

-2,767

452,571237,33654,74833,58363, 70552,34637,225

-18,67010,837

120,889

Net imports from or net exports (—) to:

Eng-land

53,585

-2,845-713

- 1 , 535-5,099-6,24®-2,260-1,650

6,375

-2,542

239,800135,98724,0545,927

31,28822,97822,872-950

-1,1183,687

Prance

-441,649

-72-79,617-73,173-48,717-26,923

-366-203

-216,035

-461

124,38151,8211,786

23310, 7502,212

-5,238-17,748

2670,351

Ger-many

Custom-13,356

-1,445

-216

-109- 5

-28

- 2 , 532

1Custo

1

-146

Bel-gium

s valuati-82,571

-27-13-18-28-10

-895

-10ms valua

131

16

-1,943-2,094

Nether-lands

ons; with-96 ,586

- 2 , 1 7 1—9

7,901

- 1 , 6 7 8

tions; wit57,27210,1487 234

8-4,865

-17212

-500

12,814 9,906

Switzer-land

some exce-118,273

-453

-8,883

-11,631

Can-ada

ptions a64,574

154203143224268216347

19,896

313

h some exceptions9,087; 12,1143,569 in. 272

-254

9,0698,6736,9898,9828,200

5393,7759,609

Mex-ico

t rate of

20,087

14136912551848

240338

4,280

246at rate i

5,1245,368

6402,0862 837

Argen-tina

$20.67 c

12,991

8

- 1

)f$S5aj

fi

2 664'515399

3 265880

16

Co-lombia

i fine ou

3,240

1

1

12

98

fine oun1,6602,4902,4952,554

378

2,484- 8

3,1121

BritishIndia

nee26,597

25,629

ce

~II,~4654,613

10,24012,1918,9485,489

"II,"3O6

Chinaand

HongKong

39,043

10

12,821

6512,8653,0671,8652,2863,254

67251350

700

Japan

49,719

6,702

4

Allothercoun-tries

36,383

812-4,121- 5 , 708-1,486

1,0851,419

960

-26,068

1,364

2,3473,3511,7851,9872,1903,3164,1051,1741,7291,896



GOLD MOVEMENTS—Continued[In thousands of dollars]

Year and month

Great Britain

Totalnet im-portsor net

exports()


UnitedStates

France Ger- I Bel-many ! gium lands

Nether- Switzer-land i

SouthAmer-

icaCanada British

IndiaStraitsSettle-ments

Austra-lia

SouthAfrica,Rho-desia,WestAfrica

Allothercoun-tries

1932—Total (12mo.)--

1933—JuneJulyAugust—SeptemberOctoberNovember

December

Total (12 mo.)

1934—January

FebruaryMarchApriL___MayJuneJulyAugustSeptemberOctober.November »

84,585

77,67189,05625,62848,26063,91879,13879,426

677,405

-50,642 -297,0501

15,9234,763733

3,12012, 5206,8784,441

Official figures converted at rate of $20.67 an ounce

333 - 1 3 , 4 3 4 ! - 7 1 , 3 7 8 - 1 4 , 0 1 9 « 5 , 7 4 6 . 220,3941 10,781

-7,42118,0516,2592,1631,865

33,33815,130

7,939, 97,016

62,146

184,820'91,47ll35,003'37,98653,0561

30,991'26,005;

15,25448617932

-119442

41, C

8 6,4771,114 13,528

-1 ,034-13 ,583- 1 1 -3 ,633

18 -4 ,163817 329147| 6,998

-7 ,065

-479-118-380-101-217-771-196

- 4 , 5

401414436920

3,611120

8,143

14,056

9,1294,1413,7034,1086,5795,0134,186

43,374

11,28111,9424,99412,68516,1224,8525,892

118,817

1,359810848526782708423

4,788. 9,805 - 1 3 - 2 0 | 5,310 - 1 7 0 5,500 4,530 8,642

Official figures converted at rate of $35 an ounce

30,19337,372

' 20,364

1,7172,6921,9101,9911,9422,315ir"60,812

54,069:

-238,842-130,087-19,851-5,197-35,375-29,369-15,420

6,251950

-15,659

283,33366,180-7,038-30,856

6,622-121

-6, 797-8,188-339

27,443

18,83765,5793,5248,24317,4954,099

452,890105179

3,79035844

-34218

-2,161-6,034-2,157-1,291-3,552

17,891!5,522!

523|319

- 6 5 9- 4 6 ]

- 2 0 3 |4821

79!

-176 1

-216 ,- 2 5 2

- 7 l !- 1 0 2 |

- 4 , 563!- 1 , 8 4 9 |- 1 , 1 1 8

187343284144

1,7941,7492,052

655911 j -2,357

4,870394775

7,2664,""

13,03314,14717,33012, 21325,146

9624,992

20,089

583

6471,0943594854417066151245158

255,310| 18,279

6,06911, 715-3,2125,4344,4034,55812,871

17,95419,51924, 77421,02720,46720,88519,460

256,177

2,353

2,9513,1053,8243,0863,1723,2344,6733,5073,438

17,667

30,88136,70731,92942,93530,50532, 31222,37111,31524,42017,509

41,667

3,170

30,5875,591

4,75013, 2339,0704,7741,49112,7904,873

Year and month

France'

Totalnet

importsor net

exports()


UnitedStates

Eng-land

Ger-many

Neth-er-

lands

Swit-zer-land

Allothercoun-tries

Germany

Totalnet

importsor net

exports


UnitedStates

Neth-er-

lands

Swit-zer-land

j A l lU.S. j otherS.R. i coun-

tries

1932—Total (12mo.)

1933—JuneJulyAugustSeptember..OctoberNovember..December...

Total (12mo.)

1934—January I - 7 , 2 3 6

828,178 468,052 309,984 37,

46,76054,40753, 71743,04026, 2331

-53,315 !

-45,447|

243,944;

539,26375,68060,98847, 745

177

223,894

-18,581-12,527-11, 533-1,396-1,686-25,025-19,38"

- 8 7 , 207

1,215 - 5 , 2 5 9

Official figures converted at the rate of $20.67 an ounce

37,547-17,668 -7,627 -27,282 367 -250-38,170-24,455-7,915 46,6561-3,515

21,679 9,164 30,79724,654] 5,695] 16, 598,

- 1 , 3 6 9- 2 , 1 7 6

- 4 6 - 8 , 0 2 5- 8 , 0 5 9 - 6 , 1 6 6-4,640,-12,428 -

- 3 - 2 1 , 4 6 1 -5,674—772! 701-23,443

73,0011 44,691 j 10,491

- 2 ! - 7 0 , - 1 , 1 8 7 - 1 , 9 3 4 | 1,246]

3,6952 - 1 9 , 2 7 5

- 9 9 0- 1 5 0

610- 1 , 3 2 8- 2 , 5 4 5

-36,4324,592-67619,1205,8452,5722,627

-20,926-102,856

1,453-13,676-162

216 -186-32

41-13

1577

1,799 -37,044

- 2 2 , 6 5 8153

917,9105,9334,710

-64,922

- 1 9 - 2 , 6 1 5

-5 ,392270

- 2 5 61,173

- 9 4-5 ,268

590

- 4 0 , 9 5 0

3,833)4,6.

- 2 6- 2 3 8- 3 7 2

1233

3,182| - 1 3 3~>i — 1, 5

293 -

February. __MarchApril —MayJuneJulyAugust»»September »_October *

-175,869-232,658-1,37330,9156,437

-2,895-15,105

96422,710

-92,336'-79,1581 997| 124! -9,779i -3,003; -7,290! 5,98726,296

-160,187-155,636-37,01033,581

-11,411926264

9,6063,706

12,5363781

18,1911

145-32

Off

59,19615,9551,995516

-1, 696-104-3910139

Official figures converted at rate of $35 an ounce

— 1,765;-2,914 ! -32,492!

5, 405 219,168,

-1,038!-9,226!

-15,492!-6 ,972]

6,687| - 2 0 , 4 7 2 |-10,907' - 3 9 , 4 4 0

74! - 5 , 6 5 5- 8 , 7 1 2 - 2 9 , 0 4 0- 8 , 0 3 6 : - 2 0 , 3 1 2

323 4,4691,041: 5,328

854; 62- 4 6 l | 7,872

126

-29,660- 5 5 , 529

- 3 , 515- 1 3 , 382

7-4,207-2,609

-269

-8,0541 -946- 2 -988

-8,073 -8,189-10,083-12,363-12,286

224

-8,155—5

-133- 1 8

1,891

3,610,

18,034'16,99213, 9716,761!

8,4597,829,

5,806

56

11354

146- 1 0106172237172206

«Corrected.' since they are not reported separately

p Preliminary. r Revised. Revision of figures for France applies only to 1933.1 Except during January 1933, imports of gold from Switzerland are included under "All other countries'

in the official monthly statistics.* $20,305,000 exported by France to Belgium in July 1933; $9,747,000 in May 1934.

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



GOLD MOVEMENTS—Continued[In thousands of dollars]

Year and month

Netherlands

Total netimportsor net

exports


United England France Germany Belgium Poland Switzer-land

BritishIndia

All othercountries

1932—Total (12 mo.)...

1933—June. ..JulyAugustSeptemberOctoberNovemberDecember

Total (12 mo.)

1934—January

February..MarchAprilMayJuneJuly _AugustSeptember.October, _.

116,149

-45,503-13,628 |

24,239 !16,488 j18,5629,688

-9,294 I

106,623

115

2,191

- 3 , 839

Official figures converted at rate of $20.67 an ounce50,070 -34,009 1 26,886 -12,727 -13,630

-6,390-15,750

12,9961,7981,385

-1,942- 7 , 111

- 1 , 624

- 7 , 082

-41,0466,065

11,18313,84914,4576,096-601

-72,183

-238

5,581-180

47-903-3575,369-821

40,818

-367

-1,797-1,432

17-338- 2 2- 9 0

-230

-17,873 -6,030

-16,137

-1,702-1 ,466

-174-241

-1 ,232-297-658

-16,974

Official figures converted at rate of $35 an ounce-102,784 i

-9 ,201 •3,063 '

13,859 :

9,570 !

9,170-2,737 !

-326 I.-2,386 !

-17,262- 6 , 248-4,444

-225

-194498

-13,283- 4 , 928

-418-115

27775

- 2 3-327-637

-76,485-4,132

-287-1581,701

8837

166

233345

7,95111, 8357,704

71- 4 2

34-1,864

4,0776,116

-166- 5 3174- 2

-178

- 6 2-141-102- 6 8

-291-103-278- 4 4- 6 5

-1 ,220

-257-532

2011,696- 1 2

-112-2,546-1,016

- 4

16,423 I -7 ,346

108291275

2,2362,099

44131

9,632

- 1 8209097

10514299

567

33 |

21360

5311451

16839370

246

235- 4 2164359133322

1130126

Year andjmonth

Switzerland

Totalnet

importsor netexports


UnitedStates

Eng-land France Ger-

manySouthAfrica

Neth-er-

lands

Allothercoun-tries

British India

Totalnet

importsor net

exports

Net imports from or netexports (—) to:

United I Eng-States land

Allothercoun-tries

Goldpro-duc-

India

In-creaseor de-

(-)intion in Govern-

mentreservesin India

Increaseor de-crease(-) inprivatehold-

ings inIndia i

1932—Total (12mo.)_

1933-JuneJulyAugustSeptember...OctoberNovember...December

Total (12mo.)

Official figures converted at rate of $20.67 an ounce7,418 7,880 101 14,996 -304-195,662 -38,094-151,059 -189,007

1934—January

FebruaryMarchAprilMayJuneJulyAugustSeptember . . .October

Official figures converted at rate of $85

43,753 J11,582'

-8 ,372-390

26,56921,532

-38,421-19,880-20,005-19,396-18,163-21,196-2,628-1,602

p-12,478

p Preliminary. »• Revised.i Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India.NOTE.—Netherlands and Switzerland—In some cases the annual aggrega tes of the official monthly figures differ somewhat from the revised

official .totals, published for_the year as a whole


DECEMBER 1934 FEDEEAL RESERVE BULLETIN 805

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

1934

Oct.

247519

1007,4367,536

4,838

1,151

Sept.

247520

3356,9707,305

4,831

1,158

Aug.

247522

3826,6207,002

4,822

1,165

1933

Oct.

257526

1427,3647,506

4,722

1,261

1934

Oct. Sept. Aug.

1933

Oct.

Argentine Conversion Office (millions ofgold pesos):

GoldCurrency issued.-

Irish Currency Commission (thousandsof pounds sterling):

Legal tender note fund:British legal tender and bank

balancesBritish securitiesNotes issued.-

Consolidated bank notes: 1IssuedDeemed such under sec. 60 (4) of

Currency Act, 1927,

Canadian Minister of Finance (millionsof Canadian dollars):

Gold reserve against Dominion notes. _Advances to banks under finance act—.Dominion notes:

Issued--Outside chartered bank holdings. _

Indian Government (millions of rupees):Gold standard reserve:

GoldForeign exchange

Paper currency reserve:GoldSilverOther assetsNotes issued

21031

29505

416978463

1,856

20732

29505

415986450

1,851

19831

29505

416992442

1,849

7043

17529

147386

2971,042

4611,800

i Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Oct. 13, Sept. 15, and Aug. 18, 1934, and Oct. 14,1933.Figures for notes deemed to be consolidated bank notes are as of close of business on these dates.

BANK FOR INTERNATIONAL SETTLEMENTS[In thousands of Swiss francs]

Assets

Gold in bars —Cash on hand and on current account with

banksDemand funds at interest -

Eediscountable bills and acceptances (atcost):

Commercial bills and bankers' accept-ances.__ _

Treasury bills

Total

Time funds at interest—Not exceeding 3months —

Sundry bills and investments:Maturing within 3 months:

Treasury billsSundry investments

Between 3 and 6 months:Treasury billsSundry investments

Over 6 months:Treasury billsSundry investments-

TotalOther assets:

Guaranty of central banks on billsso ld . . . .

Sundry i tems- .

Total assets

1934

Oct. 31 Sept. 30

11,744

7,7057,646

170,896159,682

330,577

19,317

20,31173,200

57,45232,016

35,14735,917

254,043

6,1722,725

11,780

10,53711,348

150, 298181,515

331,813

38,712

41,11572,934

36,74533,332

22,58336,352

243,061

6,113 \2,600 /

1933

Oct. 31

5,147

11,06012,897

227,075145,992

373,067

39,208

25,83667,433

29,47533,699

18,75237,910

213,145

2,948

659,930 655,963 657,473

Liabilities

Demand deposits (gold)

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

Demand . .Time—Not exceeding 3 months

Total..

Central banks for account of others:Demand.

Other depositors:Demand . .

Long-term deposits:Annuity trust accountGerman Government depositFrench Government guaranty fund.

TotalCapital paid in

Legal reserve fundDividend reserve fund_.General reserve fund

Other liabilities:Guaranty on commercial bills sold-.Sundry items

1934

Oct. 31 Sept. 30

11,662

46,546107,589

154,135

11,911

1,201

154,76477,38240,811

272,956125,000

2,6724,8669,732

6,17259,621

Total liabilities I 659,930

11,662

44,414108,517

152,932

11,363

1,214

154,20077,10040,480

271,780125,000

2,6724,8669,732

6,11358,629

655,963

1933

Oct. 31

5,147

60,512106,741

167, 254~—'

11,160

3,190

154,48177,24145,513

277,235125,000

2,0223,8957,790

} 54,781

657,473



CENTRAL BANKS

Bank of England

(Figures in millions of pounds sterling)

1933—Sept 27Oct. 25 - _ —Nov. 29- _-Dec 27

1934—Jan 31Feb. 28Mar. 28. _Apr. 25May 30 . . . .June 27July 25Aug. 29 -.Sept. 26 .Oct. 31 „ .Nov. 28

Bank of France

(Figures in millions of francs)

1933—Sept. 29Oct. 27Nov. 24Dec. 29

1934—Jan. 26-Feb. 23Mar. 30Apr. 27May 25 _ . _.June 29July 27-Aug. 31Sept. 28 _Oct. 26.Nov. 30

Reichsbank

(Figures in millions of reichsmarks)

1933—Sept. 30Oct. 31.— . .Nov. 30Dec. 30

1934—Jan. 31Feb. 28 . . . _Mar. 29Apr. 30May31._- .June 30July 31. _Aug. 31Sept. 29Oct. 31 ___Nov. 30

Gold(in issuedepart-ment) l

190.4190.4190.6190.7

190 9191.0191.1191 2191.3191 5191.6191.8191 9192.0192.1

Assets of banking department

Cash reserves

Coin

1.41.31.21.0

91.01.1. 9.8.7.6.6. 6.6. 6

Notes

79.681.280.458.7

84 283.672.377.573.269 867.672.574.973.672.4

Discountsand

advances

9.28.58.6

16.8

8.25.85.65.35.66.17.55.67.28.99.2

Securi-ties

85.892.584.7

101.4

88.487.988.186.387.691.994.292.592.291.690.6

Notecircula-

tion

370.8369.3370.2392.0

366.7367.4378.8373.7378.1381.7383.9379.3377.0378.4379.7

Assets

Gold

82,09581,03277,82277,098

77,05573 97174,61375, 75677, 46679, 54880, 25282,03782, 28182,47682,097

Foreignexchange

2,6322,5861, 2501,158

1,1301,0701,0681,0661,0941,1571,1551,082

962931960

Domesticbills

3,4753,5604,0924,739

4,4865,9636,1985,7075,0114,3864,2483,1164,1463,9963,068

Securityloans

2,7652,7812,8142,921

2,8932,9322,9723,0163,0603,0763,0543,1403,1343,1013,228

Negotia-ble

securi-ties

6,3936,2386,1866,122

6,1196,1146,0075,9735,9505,9295,9135,9135,8985,8985,898

Otherassets

8,7168,4508,5338,251

7,8707,9608,2298,1528,2028,2788,1509,0608,2548,2648,849

Liabilities of banking department

Deposits

Bankers'

97.3104.1106.9101.2

100.690.394.599.599.496.3

104.883.782.0

100.489.1

Public

16.515.913.622.2

25.232.117.515.814.017.610.934.037.916.927.7

Other

44.045.836.536.5

37.837.736.937.036.136.536.135.236.839.838.1

Otherliabili-

ties

18.217.717.818.0

18.118.218.317.717.818.018.118.218.317.717.8

Liabilities

Notecircula-

tion

82,99481,09980,36882,613

79,47481,02482,83381, 50279,99282,05880,80981, 73281,47979,46781,879

Assets

Reserves

Gold

367396405386

376333237205130707575758379

Foreignexchange

401839

77876734444

Treasurybills

30152649

484

90531470243

1938

Otherbills (andchecks)

3,2893,1473,0013,177

2,8452,7663,1443,1403,1743,3923,4083,5403,8113,7263,848

Securityloans

205143163183

8124814414012517110912814891

119

Securi-ties

320319518581

620666681639643685713737755750752

Otherassets

688799773735

843801685760860780886867806890881

Deposits

Govern-ment

3,6854,0272,9562,322

2,2701,8681,7212,0242,9963,2913,5153,8843,6745,2874,829

Other

17,24217,30115,01613,414

15,83613,06712,63214,19915,68115,18816,54716,88017,67317,96615, 522

Otherliabili-

ties

2,1562,2202,3591,940

1,9722,0521,9001,9442,1141,8371,9011,8531,8501,9421,869

Liabilities

Notecircula-

tion

3,6253,5713,5423,645

3,4583,4943,6753,6403,6353,7773,7683,8243,9193, 8233,810

Deposits

465416478640

498530547515538623649717848856961

Otherliabili-

ties

850850871836

863802768788778775800813851868920

i In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed bylaw at £260,000,000.

NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83.


DECEUBEE 1934 FEDERAL RESERVE BULLETIN 807

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

Central bank

National Bank of Albania (thousandsof francs):

Gold -.Foreign exchangeLoans and discountsOther assetsNote circulationDemand depositsOther liabilities..

Commonwealth Bank of Australia(thousands of pounds):

Issue department:Gold and English sterlingSecurities

Banking department:Coin, bullion, and cashLondon balancesLoans and discountsSecuritiesDeposits

Note circulationAustrian National Bank (millions of

schillings):Gold*Foreign exchange of the reserveOther foreign bills J

Domestic billsGovernment debtsNote circulationDeposits.

National Bank of Belgium (millionsof belgas):

Gold.. _Domestic and foreign billsLoans to StateNote circulationDeposits _.

Central Bank of Bolivia (thousands ofbolivianos):

Gold at home and abroadForeign exchangeLoans and discounts _Note circulationDeposits. .

Bank of Brazil (millions of milreis):CurrencyC orrespondents abroadLoans and discountsNote circulation-Deposits

National Bank of Bulgaria (millionsof leva):

GoldNet foreign exchange in reserve . . ,Total foreign exchangeLoans and discountsGovernment obligationsNote circulationOther sight liabilities

Central Bank of Chile (millions ofpesos):

Gold and foreign exchange in re-serve ,

Loans and discounts ___JGovernment debt \.Note circulation._ _.!.Deposits ___•'.

Central Bank of China 3 (millions of jyuan): I

Gold. . .Silver _ J.Due from banks abroad IDue from domestic banks I.Loans and discounts _._!Securities !Other assets j.Note circulation i

1934 1933

Oct.

15,70829,625

80021, 21717, 07235, 73578,34747, 550

242043250624954180

2, 588619344

3,563187

313247

2,60620

2,941

1,547—68178

1,1072,7552,6331,750

Sept.

7,12123,2662,8502,844

11,44413,86610, 773

15,70829,625

84122,865

35,03277,93847,550

2420

40254624965174

2,661671344

3,514310

9,1155,580

17,72872,712

(2)

352233

2,61320

2,881

1,547—51

1571,1432,7552,8591,623

14660

717503350

281241545

153173981

Aug. Oct.

7,12223,3102,6972,892

11,45813,72610,837

15,70828,125

85523,05815,34436,532

46,050

2420

44253624965175

2,647680344

3,531307

9,0957,621

17,83469,158

130,947

375213

2,60820

2,863

1,547—43

1941,0372,7832,6681,764

14865

717507349

261272841

138193679

7,34120,5672,8263,014

12,31415,5835,851

11,50729,125

97317,94818,96636,00074, 63642,398

170198

227624941101

2,710751355

3,438539

10,8114,051

46,08049, 58843,834

510222

2,72020

3,806

1,52241

2051,1972,8512,8451,627

165106672479356

122<29

3212712

*4767

Central bank

Central Bank of China—Continued.Deposits—Government

BankOther _

Other liabilitiesBank of the Republic of Colombia

(thousands of pesos):Gold at home and abroad •Foreign exchangeLoans to member banksNote circulationDeposits.

National Bank of Czechoslovakia(millions of koruny):

Gold 6Foreign balances and currency 8.__Loans and advancesNote circulation..Deposits

Danish National Bank (millions ofkroner):

GoldForeign bills, etcLoans and discountsNote circulationDeposits.

Bank of Danzig (thousands ofgulden):

" Did...GoldForeign exchange of the reserveOther foreign exchangeLoans and discountsNote circulation...Deposits

Central Bank of Ecuador (thousandsof sucres):

Gold at home and abroad. _Foreign exchangeLoans and discountsNote circulationDeposits <

National Bank of Egypt * (thousandsof pounds):

Gold..Foreign exchangeLoans and discountsB r i t i s h , Egyptian, and o t h e r

Government securities— _.Other assetsNote circulationDeposits—Government..

OtherOther liabilities

Bank of Estonia (thousands of krooni):GoldNet foreign exchange.Loans and discounts..Note circulationDeposits—Government

BankOther

Bank of Finland (millions of mark-kaa):

Gold -Balances abroad and foreign

credits _ _Foreign bills.— _Domestic bills _.Note circulationOther sight liabilities

Bank of Greece (millions of drach-mas):

Gold and foreign exchangeLoans and discounts..Government obligationsNote circulation..Other sight liabilitiesLiabilities in foreign exchange

1934

Oct. Sept. Aug

17,5832,3064,448

36,69726,852

2,675154

1,4095,461

1337

384119

25,9872,150

15418,89239,1473,150

27,7813,891

14,14736,2225,6637,2492,323

323

1,190187662

1,245 I384 i

4,0862,0113,3535,9193,488

143

213411175

18,5291,5853,599

36,82427,281

2,66589

1,5465,589

730

133

25,9424,811

8918,13539, 7785,584

15,48512,83550,18545,22030,649

6,5452,4494,899

32,1163,30820,7875,044

8,097

27, 7463,55213,44733,713

2,621

1,122274684

1,261389

1,8403,3535,9893,162166

21738875

18,8651,8763,11236,690

2,66353

1,3815,384758

133

365127

11,784197

19,11241,32111,365

15,598

50,35642,87421,662

6,5452,2693,958

30,5943,17717,8415,02415, 6768,003

20,5049,75912,82932,7634,3857,8052,372

1,073290730

1,224512

3,6591,8113,3535,4213,373

65

1933

Oct.

156572170

15,2492,4701,568

27,26824,234

1,708933

1,5506,148420

133297036882

30,63116,6431,32213,81139,41611,517

14,4484,57148,28633,16721,470

6,6632,2745,880

33,2543,685

20,8463,125

19,686

20,077916

20,74733,1533,2025,9992,676

323

922302710

1,103502

3,7212,7693,3555,5654,652

69

10,1934, gold valued at rate of 1 schilling =0.16667 gram of fine gold, instead of 0.21172 as formerly, and foreign exchange valued1 Beginning Apr. 3at market.

2 Not yet available.a Items for issue and banking departments consolidated.4 Previous to May 1934 gold held abroad was reported in " Due from banks abroad" and " Other assets."* Gold acquired since Mar. 20,1934, valued at purchase price.6 Gold content of koruna reduced on Feb. 17,1934, from 44.58 milligrams of fine gold to 37.15 milligrams.



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

Central bank

1934

Oct. Sept. Aug.

1933

Oct.Central bank

1934

Oct. Sept. Aug,

1933

Oct.

National Bank of Hungary (millionsof pengos):

Gold. -Foreign bills, etcLoans and discountsAdvances to TreasuryOther assetsNote circulationDepositsCertificates of indebtedness _.Miscellaneous liabilities

Bank of Italy (millions of lire):Gold at homeCredits and balances 'abroadLoans and discountsNote circulationPublic depositsOther deposits

Bank of Japan (millions of yen):Gold _.Advances and discountsGovernment bondsNotes issuedTotal deposits

Bank of Java (millions of florins)GoldForeign billsLoans and discountsNote circulation-Deposits

Bank of Latvia (millions of lats):GoldForeign-exchange reserveBill!LoansNote circulationGovernment depositsOther deposits .. .

Bank of Lithuania (millions of litu):Gold...Foreign currencyLoans and discountsNote circulation _Deposits

Bank of Mexico (millions of pesos):GoldSilver....Foreign exchangeLoans to member banks.Other loans and discounts _Other assets __ _.Note circulation _ _Deposits...Other liabilities

Netherlands Bank (millions of flor-ins):

GoldForeign billsLoans and discountsNote circulationDeposits

Reserve Bank of New Zealand * (thou-sands of pounds):

GoldSterling exchangeOther assetsNote circulationDemand deposits

BankGovernment

Other liabilitiesBank of Norway (millions of kroner):

GoldForeign balances and billsDomestic creditsNote circulationForeign depositsTotal deposits _

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

Gold and foreign exchangeBills;.Note circulationDeposits

7914598473137373115178

6,07128

5,09513,251

300

462764353

1,204296

11316418331

46462703445119

538

59

821241366181210890116

8831

171893208

3,20223,2221,6898,87817,70012,6775,0201,536

13522251316877

7914594473037368118176

6,21327

4,74713,455

300954

460889344

1,223408

11316618631

45462633248114

539818655

94126464201210699114

8641

171882202

4,35124,5011,6608,66520,32915,9134,4141,520

13519247322562

46,57162,41771,92828,845

7915579473336960118177

6,34337

4,68113,194

3001,155

458857441

1,172495

11316418231

44562613251112

558828559

971265622211104103117

8631

170894189

3,20224,4871,6267,97519,81016,5113,2981,530

1358

273321259

45,59558,98371,56225,163

979

4835031362770

200

7,057306

5,09213,170

3001,392

425833465

1,174454

10006618726

47167543559100

50118493

4610113464497768113

8932

173929181

14913246307170

46,56047,94566,25520,521

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

Bank of Portugal (millions of escudos):GoldOther reserves..Discounts and advancesGovernment obligationsNote circulationOther sight liabilities..

National Bank of Rumania (millionsof lei):

Gold.Foreign exchange of the reserve.—.Other foreign exchangeLoans and discountsState debtNote circulationDemand deposits

South African Reserve Bank (thou-sands of pounds):

GoldForeign billsDomestic billsNote circulation.Deposits—Government

BankOther

Bank of Spain (millions of pesetas):GoldSilverBalances abroadLoans and discountsNote circulationDeposits

Bank of Sweden (millions of kronor):GoldForeign bills, etc -Loans and discountsNote circulationDeposits - .

Swiss National Bank (millions offrancs):

GoldForeign balances and billsLoans and discounts _Note circulationDemand deposits _

Central Bank of the Republic of Tur-key (millions of pounds):

Gold.Foreign exchange. -.Government securities..Other securities.Other assetsNote circulation..DepositsOther liabilities.—

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

GoldLoans and discountsOther assetsNote circulationDeposits—Demand

TimeJudicial and adminis-

trativeOther liabilities

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

Gold.Foreign exchangeLoans and discountsAdvances to StateNote circulationOther sight liabilities

49736745

1,010181

902383314

1,0492,074725

21,0179,125

9711,2642,33820,7383,645

2,266673281

2,3774,714887

35951345662434

1,90219134

1,384

276

15333311583062

49538736975220

901381309

1,0501,988809

10,1791068

6,3125,66821,6667,221

18,77410,781

16312,5071,68020,7632,600

2,266680280

2,4504,599813

37447247

1,80822149

1,400588

275

15332381583264

46754950247

900357312

1,0501,921852

1,807189

1,8412,3204,3801,179

1,827170

1,8342,3204,2981,162

10,15613030

6,1055,66821.4637,407

18,0589,760

8512,4461,24920,4481,455

2,265684277

2,3674,542885

37347542643455

1,73522126

1,370519

275

15331381583561

1,813155

1,8452,3204,2331,141

47486822

1,046179

732282323

1,0521,942515

I9,80636534

9,8015,70420,8857,558

16,38118,451

910,3151,74127,5211,849

2,261642286

3,3364,731818

37739858589500

1,9312997

1,408677

242

15229411612561

47,46099,96943,94374,22331,58341,903

2,61141,051

1,795145

2,1852,3194,3431,026

i Bank began operations Aug. 1, 1934.



COMMERCIAL BANKS[Figures are as of end of month, except those for England, which are averages of weekly figures]

England

(10 clearing banks. Figures in millionsof pounds sterling)

Assets

Cash in! vault anddue fromBank ofEngland

Money atcall and

shortnotice

I

Bills dis-counted

Secu-rities

Loans tocustom-

ersOtherassets

Liabilities

Deposits

il !Total /Demand i Time

Otherliabilities

1933—December.1934—January-

February..MarchApril _MayJuneJulyAugustSeptemberOctober. . .

213223209219222218199210196207213

119130118120132131141138139137136

311284250202212223228224222213216

565558560547534542549550557563576

740738746757763759761762759757760

237232231226230225229220219222236

1,9411,9201,8671,8311,8531,8581,8701,8711,8561,8581,891

1,015974932910919

1 925954960 :

939948

(2)

900893881880890887888874869873

244244246240240238237235236240245

Assets Liabilities

France

(4 large banks. Figures in millions offrancs)

Cash in I

Bank ofFrance

1933—December.1934—January...

February..MarchAprilMayJuneJulyAugust—September.

Due frombanks

1,4161,5741,7241,6341,5901,4961,4781,4071,3931,419

Bills dis-counted

19,84819,16918,17417,99017,97318,04318,43518, 70518,02418,384

Loans,includingsecurity

loans

8,3098,5378,9568,5148,6168,3568,1998,5268,3278,511

DepositsOtherassets Tota l i' D e m a n d I T i m e

1,8271,0341,1301,2021,2201,1851,2011,2701,3161,395

32,635

30, 73630,39030,67730,62130,82031,88831,16532,460

31,773 I31,96929,89129,57129,81929,74629,916 I30,962 |30,275 |31,547 I

_

le

862841845819857875904926889913

Ownaccept-ances

273284334345320261208201183179

Otherliabilities

4,3623,5923,5643,6063,7083,7663,8333,9253,9764,016

AssetsGermany

(Reporting banks. FiguresIn millions of reichsmarks)

1 Cash in ;vault and

Reichs-bank

! ; Loans,Due from i Bills dis-, including

banks counted securityloans !

Secu-rities

Otherassets

Liabilities

Deposits

Total Demand Time

Credits jobtained ! Other

icustomers;

1933—December 2_.1934—January 2

Fby

FebruaryMarchAprilMayJuneJulyAugust

139179166169226176145

612610603619619601594

2,1272,0272,1032,16C2,1282,1652,223

4,4584,4824,390 !4,309 !4,220 !4,2394,211

2,3872,4172,4772,4782,5122,5152,432

1,1961,1921,1951,1841,1581,1751,167

7,1597,1537,1667,1857,1647,1517,068

3,2543,2943,2603,2603,3613,2723,189

3,9053,8603,9063,9253,8043,8793,879

661646

631

594 :581 i

3,10013,1083,120[ 3,103;3,091; 3,1271 3,123

Canada

(10 chartered banks. Fig-ures in millions of Canadiandollars)

1933—December..1934—January

February...MarchAprilMay..JuneJuly . . .AugustSeptember-October

Assets Liabilities

Entirely in Canada

Cash invault and

in cen-tral goldreserves

SecurityI loans: abroad

Security .loans I bills dis-

| counted

197 j194 !193187187187185206212219224

106 !104102103101103

100101108

bank

1,0361,0121,011 j1,029 !1,044 i1,0371,018

9961,0001,0101,029

134135144159169176183163184178162

Secu-rities

861832833835837830837850862888911

Deposits payable in Canadaexcluding interbank deposits

Other'liabilities

1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total.> Figures not available.NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646.



DISCOUNT RATES OF CENTRAL BANKS[Percent per annum]

Date effective

In effect Jan. l, 1932.Feb. 18, 1932__Mar 9Mar. 10Mar. 17Mar. 21Apr. 9Apr. 19Apr. 21Apr 28May 2May 12_ ._June 30Sept. 22Jan 9 1933May 12J u n e 2 9 _ _ _ _ _ _July 15July 29Aug 15Sept. 4Sept 19Dec. 11Feb. 9, 1934 _ _._June 1Nov 26 . _In effect Dec. 1,1934.

Central bank of—

Eng-land

65

4

3

2H

2

France

23^

3

2%

Ger-many

7

6

5 ^

5

4

4

Italy

7

6

5

4

3

Nether-lands

3

4 "

3 2

2Yi

44 2H

Switzer-land

2

2

Centralbank of—

AlbaniaAustriaBelgiumBolivia

BulgariaChileColombia...Czechoslo-

vakia

DanzigDenmark. . .Ecuador

EstoniaFinlandGreeceHungary

RateDec.

1

6

7

4 2

3i/_

4

f*5

Date effective

1Nov. 16,1933 !June 28,1934 |Aug. 28,1934July 5,1932

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

Jan. 25,1933

Sept. 21,1934Nov. 30,1933Nov. 30,1932

Oct. 1,1934Dec. 20,1933Oct. 14,1933Oct. 18,1932

Centralbank of—

IndiaJapan.JavaLatvia

LithuaniaNorwayPeruPoland .-

PortugalRumaniaSouth Africa.Spain __

SwedenTurkeyU.S.S.R.. . .Yugoslavia...

RateDec.

1

3.65

6

65

6

6

8

Date effective

Feb. 16,1933July 3,1933Nov. 1,1934Jan. 1,1933

Apr. 1,1930May 24,1933May 20,1932Oct. 26,1933

Dec. 8,1933Apr. 5,1933May 15,1933Oct. 26,1932

Dec. 1,1933Mar. 2,1933Mar. 22,1927July 16,1934

Change since Nov. 1: Italy—Nov. 26, up from 3 to 4 percent.

MONEY RATES IN FOREIGN COUNTRIES[Percent per annum]

Month

1933—September.O c t o b e r -November.December.

1934—January ~ .February.MarchAprilMayJuneJulyAugustSeptemberOctober. _.

England (London)

Bankers'accept-ances,

3 months

0.44.79

1.051.06

1.01.95.95.96.91.91.87.79.73.77

Treasurybills, 3months

0.31.73.94

1.15

.90

.86

.84

.89

.85

.85

.76

.74

.61

Day-to-daymoney

0.63.75.75.77

.86

.85

.92

.85

.81

.78

.75

Bankers'allowance

on deposits

Germany (Berlin)

Privatediscount

rate

3.873.873.873.87

3.873.873.873.873.873.763.753.753.813.81

Money for1 month

Day-to-daymoney

5.505.505.505.50

4.784.915.005.115.134.674.445.025.135.13

5.005.115.184.97

4.744.784.894.764.724.574.674.724.714.63

Netherlands (Amster-dam)

Privatediscount

rate

0.77.50.45.52

.50

.781.242.071.33.78.74.75.61.59

Money for1 month

1.001.001.001.00

1.001.001.071.851.221.001.001.001.001.00

Switzer-land

Belgium(Brussels)

France(Paris)

Italy(Milan)

HungarySweden(Stock-holm)

Japan (Tokyo)

MonthPrivatediscount

rate

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Primecommer-cial paper

Day-to-daymoney

1933—September.October-November.December.

1934—January.-_February..MarchAprilMayJuneJulyAugust—September.October. __

1.501.50.50.50

.50

.50

.50

.50

.50

.50

.50

.50

.501.50

2.272.212.122.25

2.142.052.072,141.932.112.202.312.155.10

1.131.251.852.26

2.122.592.752.702.602.091.781.751.501.45

3.553.503.503.00

3.003.003.003.003.003.003.003.003.003.00

4^-7^

Loans upto 3

monthsDiscounted

bills

3 -53 -53 -5

3H3 ^

5.11-5. 485.11-5. 485.11-5.485.11-5. 48

5.11-5. 485.11-5.485.11-5. 485.11-5. 485.11-5. 485.11-5. 29

5.115.115.11

Callmoney

overnight

2.562.562.562.56

2.372.562.562.372.372.372.562.742.56

NOTE.—For explanation of table see BULLETIN for November 1926, pp. 791-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; andMay 1930, p. 318.



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

Year and month

192919301931193219331933—November

December1934—January _

FebruaryMarchAprilMayJuneJulyAugust _--SeptemberOctober __November

Year and month

19291930 . .19311932 _.19331933—November

December1934—January

FebruaryMarchAprilMay. ___JuneJuly -AugustSeptemberOctober _Novombfir

Year and month

192919301931 .193219331933—November

December1934—January

FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember

Argen-tina

(peso)1

95.127483. 505066.737558.4433

* 72.800992.0439

* 33. 331133. 500733. 549433.955334.347534. 041333.655233.607733.766133.290432.945833. 2625

Egypt(pound)

498.0689498.6002465.1111359.5406434.3908527.4832524. 6387518. 2824516.0390522. 3447528.4813523.7236517. 7111516.9506519.5273512. 2619506. 6711

NewZealand(pound) 2

483.21468. 22415. 29320.19340.00411.04408.72403.47401.81406.84411.63408. 28403.39402.81405. 09398. 77393.67398.07

Aus-tralia

(pound) 2

480.83458.60351.50279.93337.07409. 75407. 50402. 44400. 78405. 86410. 54407.10402. 24401. 70403. 52396.50391. 52395.73

England(pound)

485.6879486.2126453.4990350.6067423.6821514.9737511. 5890504.9336503.2596509.3917515.3425510.6279504.8406504.0705506. 5076499.4056494.0809498.9022

Norway(krone)

26.682726. 759825.054618.003921.429225.872325.707525. 372225. 283525. 583425.882425. 646325. 355925.324625. 450425.092824.825825.0655

Austria(schil-ling) 3

14.057514.089114.022713. 959915. 447818. 043417. 681117.911518.565018.911418.872418. 942918.902118. 878618.998119.018518.924218.7956

Finland(mark-

ka)

2.51602.51692.38751. 55471.87082.27002.27002. 24492.22882. 24702.27022.25402. 23112. 23022. 24032. 21012.18262. 2019

Poland(zloty)

11.194011. 205111.197011.182314.413518.056417.702417.928118.598418.904318. 955418. 951418.887918.891719.082419.141319.007118.8976

Belgium(belga)

13.912413.952413.928513.913717.899622. 317621. 728022. 036022. 889323. 298123.441623. 413723.362823. 360623.705623.733223.457923.3212

France(franc)

3.91613.92493.92003.92765.03136. 26786.12166. 21106.46486. 58016.61616.61316.59936.59396. 65926. 67146. 62476. 5886

Portu-gal

(escudo)

i. 47144. 49404.24353.19603.91654.86234.68924. 65054.63214. 67094. 70854. 66774.62534.61294. 62744.55934. 50434.5384

Iff

11.807810.71367.02907.12237.96308. 56608. 59958. 56378.46668. 54208. 60048.60468.47348. 43848.48988.30968.18998. 2176

Ger-many

(reichs-mark)

23.808623.854123. 630223.749230. 517938. 236137.324737. 587238.884139. 659939.589039.471238. 295338.493839.478640. 276040. 450740. 2054

Ruma-nia

(leu)

0.5961.5953.5946.5968. 7795.9817.9547.9614.9923

1.00131.00601.00321.00201.00451. 01261.01441.0069.9998

Bul-garia(lev) 3

0.7216.7209.7163.7193

1.00391.63781. 34351.34721.34641.33241.32951. 31541. 25031. 26081.28811.28141.24281. 2134

Greece(drach-

ma)

1.29341.29591.2926.8320.7233.9053.8856.8949.9253.9413.9452.9462.9449.9453.9565.9562.9476.9392

Spain(peseta)

14.683311.66709. 54538.0438

10. 718913.112912. 791813.004213.300113.617513. 702413.705013.677613. 666813.800213.826913.727213. 6532

Canada(dollar)

99.247299.842496.325888.089691.9587

101.1829100. 551699.524699.167599. 7871

100. 2070100.1859100. 7936101. 2034102. 3779102.9387102.1226102.4719

HongKong

(dollar)

47.166933.853024. 330523.460429. 451636. 689637.153737.681138.099938.684238.155636.229336. 489037.623138.614039.332440.469541. 2418

Strai tsSett le-ments(dollar)

56.011755.963952.445140. 397049.232060.062559.702558.918558.785259.600760.348759.817359.170959.056259.348858.516457.917258.4538

Chile(peso)*

12.060112.078512.06697.90797. 6787

10.09839. 59529.44769.5966

10.129410. 259510.253110. 223310. 270510.326610. 297410. 309010.3496

H u n -gary

(pengo)3

17.441417.493917.452217.446022.359828. 230227.685528.042529.119129.612529.765229. 755929.752929.711229.883230. 021929.899529.7126

Sweden(krona)

26.783926.854325. 254018.471022. 032426. 549126. 391126.041825.955426. 262026. 564326. 319926.021125. 988026.118225.748325. 475625. 7220

China(yuan)

41.900729.916622.436921.7357

»28.597932.903033.446834.000734,307734. 619034.150632.462133.052333.911834.855335.582734.588133.3947

India(rupee)

36.202036.0672.33.689526.346831.815938. 340838. 387037.973937. 856738.333538.755738. 332937.907237.877438.061637. 548137.142637.4866

Switzer-land

(franc)

19. 279219.382019.400919.404924. 835531.022330. 247330. 642031. 737432. 285732.459332. 527732.496932. 577132.954233.023732. 774532.4713

Colom-bia

(peso)1

96. 551296.493096. 569795. 275081. 696666. 720063.966866. 939669.952367. 666359.922861.464257.890056.105255.159657.649660.201265.0391

Italy(lira)

5.23345. 23745.20635.12536.70948.43318. 22048.30768. 57578. 57638. 56418.51768. 59898. 57508.66328. 67948. 60568.5386

Turkey(pound)

48. 410547.060847.181447.285460.439675.740073.706875.078177.792379.150779. 636479.620479.466979. 291279.996980. 267179.6869

Cuba(peso)

99.964799.951599.929599.940999.946499.961799.957999.957899.961699. 953599.928899.932999. 972699.94C499.915699.915099.916599.9193

Japan(yen)

46.099749.389848.850928.111225. 645730. 361830.741830.113629. 753630.009330. 312430. 227629. 904129.843429.993329. 769328.684329.0554

UnionofSouthAfrica

(pound)2

483.27483.79480.76476. 56414.98509. 29505. 76499.09497.42503.42509.43504.80499.10498.44501. 27494. 23488.43493.42

Czecho-slovakia(koruna)

2.96092.96402.96192.96183.82324. 76004.64874.70394.44324.15314.17204.17554.15904.15404.19444.21414.19964.1777

Mexico(peso)

48.183047.1331

«35.491931.850028.102527. 798927.735527. 743427. 731327. 722427. 722222. 743227.749227.748127. 729827. 745827.751427. 7620

Uru-guay

(peso)1

98. 629485.865055.357247.063960.336076. 248474. 587075.805178.749980.192180. 608180. 553980. 266880.143380.996181.149680.552080.1486

Den-mark

(krone)

26.680226.765025.058118.831719.070922.997522.846322.548722.472122. 738423.005122.794822. 539522. 510322.621522. 298122.061522. 2724

Nether-lands(florin)

40.162240.225140.229840.294951. 720964. 564262.846663. 616766. 038267. 295667. 847167.905667. 814867.714668. 380868.574468. 086967.5988

Yugo-slavia(dinar)

1.75911.76811.76801.64111.76072.20352.16282.18182. 24682.26482. 27182. 27252. 27022. 27732. 30752. 31562. 29932.2785

1 Nominal since April 1933. 2 Nominal since April 1934. 3 Partly nominal since April 1933.* Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13,1933. Average for 1933 is for gold peso for Jan.

1-Dee. 10. Average for December 1933 based on paper peso for Dec. 13-31. Average of gold peso for Dec. 1-10 was 75.8904 cents. No quotationsDec. 11 and 12.

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

6 Silver peso quoted in place of gold peso beginning July 30, 1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold pesofor Jan. 2-July 29 was 47.6510 cents.


812 FEDERAL RESERVE BULLETIN DECEMBEE 1934

PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year and monthUnited

(19S26=ei00) I (1926=100)Canada England

(1913=100)France

(1913=100)Germany

(1913=100)Italy

(1913=100)

Japan(October

1900=100)

Nether-lands

(1913=100)

1926192719281929193019311932_1933_

1933—June

JulyAugust—September.October.. _November.December.

1934—January...February..MarchAprilMayJuneJulyAugustSeptember.October..,

100959795 I86 |7365 !

1009896968 7 ;7267 !67 I

6s!71 '7 0 !

69 |

71 |

7 1 I71 I7272 •72 I72 I71 I

148142140137120104102101

102102103103103103103

105105104103102104103106105104

695642645627554502427

403401397397397403407

405400394387381379374371365357

13413814013712511197

96

96969799100100101

602495462445383328304280

281279278276274273275

276275275273273272270271270272

237225226220181153161180

180182180182180179176

176178177177176175174177179182

145148149142117977974

73737375'767677

79807979777677787777

r Revised.

WHOLESALE PRICES—GROUPS OF COMMODITIES[Indexes for groups included in total index above]

Year and month

1926192719281929 . . __ .1930193119321933

1933—June -JulyAugust -SeptemberOctober . .November.December

1934—JanuaryFebruaryMarchApril-MayJuneJulyAugust __SeptemberOctober _ .

United States (1926=100)

Farmproducts

10099

10610588654851

53605857565756

59616160606365707371

Foods

10097

10110091756161

61666565646463

64676766677071747675

Othercommod*

ities

10094939285757071

69727476777778

78797979797878787878

England (

Foods

155152152145127112111103

104101104105104104103

10410410199

100104104111110107

1913=100)

Indus-trial

products

1441361341321161009799

101103102102102102103

105106105105104104103103103102

France (1913=100)

Farmand foodproducts

581599584579526542482420

418414407413417425432

424416413404405406396393383368

Indus-trial

products

793678697669579464380380

390389389383379384385

387386378372360356354351350347

Agricul-tural

products

1291381341301131049187

85878890939494

93929191929498

100100101

Germany

Provi-sions

132129133125113968675

78777675737373

73737374747676787878

(1913=100)

Indus-trial rawand semi-finishedproducts

1301321341321201038988

89909089898989

90919191909192929292

Indus-trial fin-

ishedproducts

150147159157150136118113

112113113114114114114

114115115115115115115IIP

r

-Sources.—See BULLETIN for March 1931, p. 159.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES-ContinuedRETAIL FOOD PRICES

[Index numbers]

COST OF LIVING[Index numbers]

Year and monthUnitedStates

(1913=100)1

England(July

1914=100)

France(July

1914=100)2

Germany(1913-

14=100)Year and month

UnitedStates

(1913=100)

England(July

1914=100)

France(Jan.-June1914=100)2

Germany(1913-

14=100)

192619271928.1929193019311932_1933

1933—JuneJulyAugustSeptemberOctober...November.December.

1934—January-February. .MarchAprilMayJuneJulyAugustSeptember.October. _.

161155154157147121102100

97105107107107107104

105108109107108109110112117116

161156157154145131126120

114118119122123126126

124122120118116117122123126125

113113112124125124109100

97959798101103104

10510310098979897979595

1926..1927.

153 1928-156 1929..146 I 1930..131116113

114114113114116117118

118117117116116118120121119119

1931.1932..1933..

1933—JuneJulyAugustSeptember.OctoberNovember..December. _

1934—JanuaryFebruary. _MarchAprilMay _.JuneJuly -AugustSeptember.October

175173171171164148134132

128

135

136

170164166164158148144140

136138139141141143143

142141140139137138141142143143

103104105113118116107106

105

105

"167

107

106

"164"

152154148136121118

118118118119119120121

120120120120120121122122122122

1 Since August 1933 the Bureau of Labor Statistics has published biweekly indexes.1 Index represents prices converted to gold basis of 1914.

Figures given are for the date nearest 15th of month.

/Source*.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministryof Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique G6n6rale, and for cost of living, Commission d'fitudes

l t i e t d l i P iof L a u r ; GrmyStatistscesrelatives au cout de la vie a Paris.

SECURITY PRICES[Index numbers except as otherwise specified]

Year and month

Number of issues

1926192719281929 . .1930193119321933

1933—JuneJulyAugust .SpptpTnhp.rOctoberNovemberDecember

1934—January . _ _ _ _FebruaryMarchAprilMayJuneJulyAugustSeptemberOctober

Bonds

UnitedStates

(averageprice)

60

97.098.998.795.798.396.181.184.0

86.889.689.987.986.582.683.6

88.392.995.197.097.699.099.397.896.798.4

England(December1921=100)1

87

110.0110.7112.3110.2111.8108.4113.2119.7

118.7117.9120.1121.2122.3122.3122.0

123.6124.3126.2126.9125.8125.3127.1127.4128.3128.9

France(1913 aver-age=100)

36

57.471.780.885.195.896.988.681.3

79.580.080.281.481.179.679.9

78.778.776.981.984.785.682.781.881.382.7

Germany(averageprice)1

169

85.581.483 3

2 83.4* 67.1

82.5

80.178 278.578 284.787.989.6

92.091.691.991.390.788.987.887.989.091.6

Common stocks (1926 average* 100)

UnitedStates

421

100.0118.3149.9190.3149.894.248.463.4

74.980.475.174.869.569.170.4

75.680.577.179.671.873.571.467.867.067.3

England l

278

100.0107.0115.9119.5102.678.967.978.6

79.083.984.485.382.980.981.4

85.587.087.388.187.186.084.883.883.684.5

France

300

100.0123.2178.1217.6187.6132.2105.299.6

105.2106.0105.2103.098.395.795.3

92.391.885.088.890.187.683.381.177.374.7

Germany

329

100.0145.0136.1122.8100.2»78.0«50.3

61.7

65.762.860.757.357.058.761.8

64.467.870.668.867.269. &71.373.476.276.3

* Annual indexes are unweighted averages of monthly indexes.« Exchange closed from July 13~to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932.

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

Sources.—See BULLETIN for February 1932, p. 121.

Index for 1931 represents average of months January-



LAW DEPARTMENT

Absorption by member banks of exchange or collectioncharges in trivial amounts

Section 19 of the Federal Reserve Act pro-vides in part that "No member bank shall,directly or indirectly by any device what-soever, pay any interest on any deposit whichis payable on demand ", and on page 394 of theFEDERAL RESERVE BULLETIN for June 1934there was published a ruling of the FederalReserve Board relating to the legality, in viewof this provision of the law, of the absorptionof exchange or collection charges by memberbanks of the Federal Reserve System in con-nection with deposits payable on demand.In that ruling there were summarized certainprinciples applicable to this subject and for thepurpose of convenient reference that summaryis repeated in the following four paragraphs:

(1) The absorption of exchange or collectioncharges in amounts which vary with or bear asubstantially direct relation to the amount of adepositor's balance amounts to an indirect pay-ment of interest in violation of section 19 ofthe Federal Reserve Act, if the deposit is pay-able on demand.

(2) The absorption or payment of suchcharges in amounts which do not vary with orbear a substantially direct relation to theamount of the depositor's balance is not pro-hibited by law.

(3) If exchange charges and other actualout-of-pocket expenses are included in ananalysis of an account which also includes acredit allowed the customer for interest or forthe reasonable value of the account to thebank, interest is paid to the extent that suchcredit offsets out-of-pocket expenses absorbedby the bank; and any such payment withrespect to a deposit payable on demand is inviolation of law.

(4) If exchange charges and other out-of-pocket expenses are omitted entirely from ananalysis of an account, credit for the earningvalue of the account to the bank may lawfullybe included in such analysis, provided no pay-ment is made to the customer with respect tosuch account and the analysis is used solely forthe purpose of determining whether the bankitself is properly compensated for the serviceswhich it renders to the customer and/or what

service charges, if any, must be assessed againstthe customer.

In connection with this subject the FederalReserve Board has recently had occasion toconsider whether member banks of the FederalReserve System may lawfully operate in accord-ance with the provisions of a clearing-houserule reading as follows:

No bank shall make a regular practice of absorbingfor any customer all exchange or collection charges orother out-of-pocket expenses incurred on behalf of suchcustomer; but, in exceptional circumstances, when itwould create friction or misunderstanding to charge acustomer for isolated items of trivial amounts, thebanks may absorb such individual items, including iso-lated exchange and collection charges and charges fortelephone calls, telegrams, and similar items, providedthat the banks act in good faith and do not utilize theabsorption of such items as a basis for soliciting accountsor attempting to obtain an advantage over competitors.

Where the amount of such items absorbeddoes not vary with or bear a substantially directrelation to the amount of the customer's bal-ance, the absorption of such items cannot beconsidered an indirect payment of interestwithin the meaning of section 19 of the FederalReserve Act, unless such items are included inan analysis of accounts which involves theirbeing offset in whole or in part by an analysiscredit allowed to the customer for interest orthe earning value of the account. Even wherethe bank analyzes accounts in this manner, itis believed that the absorption of isolated itemsof the character described above in trivialamounts may be disregarded in accordance withthe rule that the law takes no notice of inconse-quential matters. The Board, therefore, seesno objection to the adoption of a rule substan-tially in accordance with that quoted above.

In this connection the suggestion was madeto the Board that a member bank be permittedto absorb such charges in amounts up to $2per month for any one customer in order toeliminate the annoyance of inconsequentialcharges against an account. While the Boarddoes not feel that it would be advisable to pre-scribe any fixed amount of charges which mightbe absorbed under the above-quoted rule, it isbelieved that such a rule will afford a satisfac-tory basis for treatment of exchange chargesand other out-of-pocket expenses by memberbanks which may see fit to operate under a ruleof this kind.



Substitutions of unregistered, nonexempted securitiesin old accounts by sale and purchase of such securi-ties

Ruling no. 37 interpreting regulation T.—The Federal Reserve Board has been askedwhether under Regulation T the substitutionof unregistered, nonexempted securities ispermitted in a designated old account if suchsubstitution is effected by the sale of suchsecurities and the purchase of other suchsecurities. In reply to this question, theBoard rules that, if such substitution is madewithin a period of 2 successive business daysand the proceeds of the securities sold equal orexceed the cost of the securities purchased sothat the combination of transactions does notresult in an increase in the adjusted debitbalance of the account, it is permitted by theregulation, regardless of whether the saleoccurs before or after the purchase: Provided,That the broker must obtain payment for thesecurities sold before he pays for the securitiespurchased, unless the maximum loan value ofthe securities in the account exceeds theadjusted debit balance of the account by anamount not less than that to be paid for thesecurities purchased.

Withdrawal of interest and cash dividends fromrestricted accounts

Ruling no 38 interpreting regulation T.—Inresponse to several inquiries, the FederalReserve Board rules that interest and cashdividends on securities in any restricted ac-count may, at the option of the creditor, bepaid to the customer if they are paid on thesame day on which, in accordance with thecreditor's usual practice, they are credited tothe customer's account. This ruling appliesto interest on coupon bonds as well as tointerest on registered bonds and cash dividendson stocks.

Time when payment is deemed received in cashtransactions in unregistered, nonexempted secu-rities

Ruling no. 39 interpreting Regulation T.—Section 4 (f) of Regulation T provides in partthat the receipt in good faith of a check ordraft drawn on a bank which in the ordinarycourse of business is payable on presentation,or the shipment in good faith of securitieswith sight draft attached may, for the purposesof the regulation, be deemed to be the receipt

of payment of the amount of such check ordraft. The Federal Reserve Board has beenasked, in view of ruling no. 34 interpretingRegulation T, whether this applies to "cashtransactions" in unregistered, nonexemptedsecurities. In reply, the Board rules that theprovisions of section 4 (f) of the regulationregarding the time when payment is deemedto be received apply to "cash transactions"in unregistered, nonexempted securities aswell as to "cash transactions" in other securi-ties.

Jurisdiction of business conduct committee to grantextensions of time in connection with cash trans-actions

Ruling no. 40 interpreting Regulation T.—In reply to several inquiries regarding extensionsof time in connection with "cash transactions",the Federal Reserve Board rules that thejurisdiction of the business conduct committeeor other suitable committee of a nationalsecurities exchange to grant extensions of timeunder section 6 of Regulation T is not confinedto members of that exchange or to transactionson that exchange. Assuming the circumstanceswarrant an extension of time, the committeemay grant such an extension of time to anymember of that exchange or to any broker ordealer who transacts a business in securitiesthrough the medium of a member of thatexchange. Furthermore, the committee maygrant these persons such an extension of timenot only in connection with transactions effectedon the exchange, but also in connection withtransactions not effected on the exchange.This applies to "cash transactions" in unregis-tered, nonexempted securities, as well as toother "cash transactions"; and it is not neces-sary that the transaction involve a securityregistered on the exchange in question, or anyother registered security.

Regulation governing the payment of interest ondeposits

There is published below the text of theFederal Reserve Board's Regulation Q, series of



1935, amending Regulation Q, series of 1933,relating to the payment of deposits and interestthereon by member banks of the FederalReserve System. This regulation becomeseffective February 1, 1935.

REGULATION Q, SERIES OF 1935(Superseding Regulation Q, series of 1933)

PAYMENT OF INTEREST ON DEPOSITS

SCOPE OF REGULATION

This regulation relates to the payment of deposits andinterest thereon by member banks of the FederalReserve System and not to the computation and main-tenance of the reserves which member banks arerequired to maintain against deposits. The rules con-cerning reserves of member banks are contained in theFederal Reserve Board's Regulation D.

SECTION I. STATUTORY PROVISIONS

Section 19 of the Federal Reserve Act, as amendedby the Banking Act of 1933, provides in part as follows:

SEC. 19. Demand deposits within the meaning of thisAct shall comprise all deposits payable within thirtydays, and time deposits shall comprise all depositspayable after thirty days, all savings accounts andcertificates of deposit which are subject to not less thanthirty days' notice before payment, and all postalsavings deposits.

No member bank shall, directly or indirectly by anydevice whatsoever, pay any interest on any depositwhich is payable on demand: Provided, That nothingherein contained shall be construed as prohibiting thepayment of interest in accordance with the terms of anycertificate of deposit or other contract heretofore en-tered into in good faith which is in force on the date ofthe enactment of this paragraph; but no such certificateof deposit or other contract shall be renewed or extendedunless it shall be modified to conform to this paragraph,and every member bank shall take such action as maybe necessary to conform to this paragraph as soon aspossible consistently with its contractual obligations:Provided, however, That this paragraph shall not applyto any deposit of such bank which is payable only atan office thereof located in a foreign country, and shallnot apply to any deposit made by a mutual savingsbank, nor to any deposit of public funds made by or onbehalf of any State, cpunty, school district, or othersubdivision or municipality, with respect to whichpayment of interest is required under State law.

The Federal Reserve Board shall from time to timelimit by regulation the rate of interest which may bepaid by member banks on time deposits, and may pre-scribe different rates for such payment on time andsavings deposits having different maturities or subjectto different conditions respecting withdrawal or repay-ment or subject to different conditions by reason ofdifferent locations. No member bank shall pay anytime deposit before its maturity, or waive any require-ment of notice before payment of any savings depositexcept as to all savings deposits having the samerequirement.

Section 24 of the Federal Reserve Act, as amendedby the act of February 25, 1927, provides in part asfollows:

Such banks may continue hereafter as heretofore tareceive time and savings deposits and to pay intereston the same, but the rate of interest which such banks-may pay upon such time deposits or upon savings orother deposits shall not exceed the maximum rateauthorized by law to be paid upon such deposits byState banks or trust companies organized under thelaws of the State wherein such national banking asso-ciation is located.

SECTION II . DEPOSITS PAYABLE ON DEMAND

(a) Interest prohibited.—Except as hereinafterstated, no member bank of the Federal Reserve Systemshall, directly or indirectly, by any device whatsoever,pay any interest on any deposit which is payable ondemand.

(6) Exceptions.—This prohibition does not apply to—(1) Any deposit which is payable only at an

office of such bank which is located in a foreigncountry.1

(2) Any deposit made by a mutual savings bank.(3) Any deposit of public funds 2 made by or on

behalf of any State, county, school district, orother subdivision or municipality, with respect towhich payment of interest is required under Statelaw.

(4) Payment of interest in accordance with theterms of any certificate of deposit or other contractwhich was lawfully entered into in good faithbefore June 16, 1933, and in force on that date andwhich may not be terminated or modified by suchbank at its option or without liability; but no suchcertificate of deposit or other contract may berenewed or extended unless it be modified toeliminate any provision for the payment of intereston deposits payable on demand; and every memberbank shall take such action as may be necessary,as soon as possible consistently with its contractualobligations, to eliminate from any such certificate ofdeposit or other contract any provision for thepayment of interest on deposits payable on demand•

SECTION III . INTEREST ON TIME DEPOSITS

(a) Time deposits.—The term "time deposits", forthe purposes of this section, includes "time certificatesof deposit", "time deposits, open accounts", and"postal savings deposits", as defined below: 3

The Philippine Islands, Puerto Rico, Canal Zone, Hawaii, and otherTerritories, dependencies, or insular possessions of the United States arenot foreign countries, within the meaning of the above provision.

* Deposits of moneys paid into State courts by private parties pendingthe outcome of litigation are not deposits of "public funds " made by or onbehalf of any State, county, school district, or other subdivision ormunicipality, within the meaning of the above provision.

3 Under the provisions of section 19 of the Federal Reserve Act, timedeposits include savings deposits; but, for convenience, savings depositsare dealt with separately in this regulation.


DECEMBER 1934 FEDEBAL RESEBVE BULLETIN 817

(1) Time certificates of deposit.—The term"time certificate of deposit" means an instrumentevidencing the deposit with a bank of a certain sumspecified on the face of the instrument payable tobearer or to any specified person or to his order—

(i) On a certain date, specified in the in-strument, not less than 30 days after the dateof the deposit, or

(ii) At the expiration of a certain specifiedtime subsequent to the date of the instru-ment, in no case less than 30 days, or

(Hi) Upon notice in writing which is actuallyrequired 4 to be given a certain specified num-ber of days, not less than 30 days, before thedate of repayment, and

(iv) In all cases only upon presentation andsurrender of the instrument.

(2) Time deposits, open accounts.—The term"'time deposits, open accounts" means deposits,other than "time certificates of deposit", "postalsavings deposits", and "savings deposits", inrespect to which a written contract has been en-tered into with the depositor at the time the depositis made that neither the whole nor any part ofsuch deposit may be withdrawn, by check orotherwise, prior to the date of maturity, whichshall be not less than 30 days after the date of thedeposit, or on written notice wThich must be givenby the depositor a certain specified number ofdays in advance, in no case less than 30 days.5

(3) Postal savings deposits.—The term "postalsavings deposits" means deposits in banks whichconsist of postal savings funds deposited under theterms of the Postal Savings Act, approved June 25,1910, as amended by the Banking Act of 1933, andwhich comply with the requirements of paragraph1 or 2 of this subsection.

(6) Payment of interest.—Except in accordance withthe provisions of this section, no member bank shallpay interest on any time deposit in any manner, directlyor indirectly, or by any method, practice, or devicewhatsoever.

* Under the provisions of Regulation D, a certificate of deposit withrespect to which the bank merely reserves the right to require writtennotice of not less than 30 days may be classified as a time deposit forthe purpose of computing reserves; but interest may not be paid on sucha certificate of deposit, because it is in fact payable on demand unlessprior to such payment the notice of not less than 30 days is actuallyrequired, and because the prohibition in the law upon the payment bya member bank of any time deposit before its maturity clearly contem-plates that time deposits (other than savings deposits), upon whichinterest is payable, must have a definite maturity for at least 30 daysprior to payment.

* A deposit, with respect to which the bank merely reserves the rightto require notice of not less than 30 days before any withdrawal is made isnot a "time deposit, open account", within the meaning of the abovedefinition.

(c) Maximum rate of interest.—(1) No member bank shall pay interest, accruing

after January 31, 1935, on any time deposit or anypart thereof at a rate in excess of 2% percent perannum, compounded quarterly,8 regardless ofthe basis upon which such interest may be com-puted, except as otherwise provided in thissubsection.

(2) A member bank may pay interest on timedeposits in accordance with the terms of any cer-tificate of deposit or other contract which was law-fully entered into in good faith prior to December18, 1934, and in force on that date and which maynot legally be terminated or modified by suchbank at its option or without liability; but nosuch certificate of deposit or other contract shallbe renewed or extended unless it be modified toconform to the provisions of this regulation, andevery member bank shall take such action as maybe necessary, as soon as possible consistently withits contractual obligations, to bring all such certifi-cates of deposit or other contracts into conform-ity with the provisions of this regulation.

(3) The rate of interest paid by a member bankupon a time deposit shall not in any case exceed (i)the maximum rate prescribed in paragraph 1 ofthis subsection, or (ii) the maximum rate author-ized by law to be paid upon such deposits by Statebanks or trust companies organized under the lawsof the State in which such member bank is located,whichever may be less.

(4) A member bank may pay interest on a timedeposit received during the first five days of anycalendar month at the maximum rate prescribedin paragraph 1 of this subsection calculated fromthe first day of such calendar month until suchdeposit is withdrawn or ceases to constitute a timedeposit under the provisions of this regulation,whichever shall first occur.

(5) A member bank may pay interest on a timedeposit which is payable only at an office of suchbank located outside of the States of the UnitedStates and of the District of Columbia at a ratenot exceeding the maximum rate prescribed inparagraph 1 of this subsection or such higher maxi-mum rate as may be prescribed by the FederalReserve Board from time to time for payment inthe locality in which such office is located.

(d) Deposits payable within 30 days.—Interest at arate not exceeding that prescribed in subsection (c) ofthis section may be paid until maturity upon depositswhich were bona fide time deposits at the time of de-posit, although they have since become payable within

6 This limitation is not to be interpreted as preventing the compound-ing of interest at other than quarterly intervals provided that the aggre-gate amount of such interest so compounded does not exceed theaggregate amount of interest at the rate above prescribed when com-pounded quarterly.



30 days. On time deposits with respect to which noticeof withdrawal shall have been given to the bank, inter-est may be paid until the expiration of the period ofsuch notice at a rate not exceeding that prescribed insubsection (c) of this section. No interest shall bepaid by a member bank on any amount which, by theterms of any certificate or other contract or agreementor otherwise, the bank may be required to pay within30 days from the date on which such amount is de-posited in such bank.

(e) No interest after maturity or expiration ofnotice.—After the date of maturity of any time deposit,such deposit is a deposit payable on demand, and nointerest may be paid on such deposit for any periodsubsequent to such date. After the expiration of theperiod of notice given with respect to the repaymentof any time deposit, such deposit is a deposit payableon demand and no interest may be paid on such depositfor any period subsequent to the expiration of such notice.

SECTION IV. PAYMENT OF TIME DEPOSITS BEFOREMATURITY

(a) No member bank shall pay any time depositexcept in accordance with the provisions of this section,even though no interest is paid on such deposit.7

(b) No member bank shall pay any time deposit,which is payable on a specified date, before such specifieddate.

(c) No member bank shall pay any time deposit,which is payable at the expiration of a certain specifiedperiod, before such specified period has expired.

(d) No member bank shall pay any time deposit,with respect to which notice is required to be given acertain specified period before any withdrawal is made,until such required notice has been given and thespecified period thereafter has expired.

SECTION V. INTEREST ON SAVINGS DEPOSITS

(a) Definition.—The term "savings deposit" meansa deposit which consists of funds accumulated for bonafide thrift purposes 8 and in respect to which—

(1) The passbook or other form of receipt,evidencing such deposit, must be presented to thebank whenever a withdrawal is made.

T The making of a loan to the owner of a time deposit in a memberbank by such bank, or by any other bank, person, partnership or cor-poration in accordance with any agreement, arrangement or understand-ing with such bank, for the purpose of evading any prohibition of sec. IVabove, will, to the extent of such loan, be deemed to be a payment ofsuch deposit in violation of such prohibition; and, in any case in whicha loan is made to the owner of a time deposit in a member bank by suchbank or in accordance with any agreement, arrangement or understand-ing with such bank, the member bank must bo prepared to show clearlythat it was made in good faith and not for the purpose of evading anysuch prohibition.

8 If by reason of the amount of the deposit, the business of the depositoror otherwise, a question arises whether a deposit is properly classifiedby a bank as a savings deposit, the bank must be prepared to showclearly that it is a deposit consisting of funds accumulated for bona fidethrift purposes and that it otherwise complies with the above definition.

(2) The depositor is required, or may at anytime be required, by the bank to give notice inwriting of an intended withdrawal not less than30 days before a withdrawal is made, and

(3) The above requirements are included in thebank's printed regulations accepted by the de-positor or in some other written contract with thedepositor.

(b) Payment of interest.—Except in accordancewith the provisions of this section, no member bankshall pay interest on any savings deposit in any manner,directly or indirectly, or by any method, practice, ordevice whatsoever.

(c) Maximum rate of interest.—(1) No member bank shall pay interest, accruing

after January 31, 1935, on any savings deposit orany part thereof at a rate in excess of 2% percentper annum, compounded quarterly,9 regardless ofthe basis upon which such interest may be com-puted, except as otherwise provided in thissubsection.

(2) A member bank may pay interest on savingsdeposits in accordance with the terms of any con-tract, which was lawfully entered into in good faithprior to December 18, 1934, and in force on thatdate and which may not legally be terminated ormodified by such bank at its option or withoutliability; but no such contract shall be renewedor extended unless it be modified to conform tothe provisions of this regulation, and every mem-ber bank shall take such action as shall be necessary,as soon as possible consistently with its contractualobligations, to bring all such contracts into con-formity with the provisions of this regulation.

(3) The rate of interest paid by a member bankupon a savings deposit shall not in any case ex-ceed (t) the maximum rate prescribed in paragraph1 of this subsection, or (it) the maximum rate au-thorized by law to be paid upon such deposits byState banks or trust companies organized underthe laws of the State in which such member bankis located, whichever may be less.

(4) A member bank may pay interest on a sav-ings deposit received during the first five days of anycalendar month at the maximum rate prescribedin paragraph 1 of this subsection calculated fromthe first day of such calendar month until suchdeposit is withdrawn or ceases to constitute asavings deposit under the provisions of this regu-lation, whichever shall first occur.

(5) A member bank may pay interest on a sav-ings deposit which is payable only at an office ofsuch bank located outside of the States of the

• This limitation is not to be interpreted as preventing the compound-ing of interest at other than quarterly intervals provided that the aggregate amount of such interest so compounded does not exceed the aggre*gate amount of interest at the rate above prescribed when compoundedquarterly.



United States and of the District of Columbia ata rate not exceeding the maximum rate prescribedin paragraph 1 of this subsection or such highermaximum rate as may be prescribed by the Fed-eral Reserve Board from time to time for paymentin the locality in which such office is located.

(d) Deposits upon which notice of withdrawal is notgiven.—Interest at a rate not exceeding that prescribedin subsection (c) of this section may be paid upon sav-ings deposits as defined above with respect to whichnotice of intended withdrawal has not actually beenrequired or given.

(e) Deposits upon which notice of withdrawal hasbeen given.—Interest at a rate not exceeding thatprescribed in subsection (c) of this section may bepaid upon savings deposits, with respect to whichnotice of intended withdrawal may have been given tothe bank, until the expiration of the period of suchnotice.

(/) No interest after expiration of period of notice.—After the expiration of the period of notice given withrespect to the intended withdrawal of any savingsdeposit, such deposit is a deposit payable on demandand no interest may be paid on such deposit for anyperiod subsequent to the expiration of such notice,unless the owner of such deposit advise the bank inwriting that the deposit will not be withdrawn pursuantto such notice or that the deposit will thereafter againbe subject to the requirements applicable to savingsdeposits, in which event the deposit again constitutes asavings deposit after the date upon which such adviceis received by the bank.

SECTION VI. NOTICE OF WITHDRAWAL OF SAVINGS

DEPOSITS

(a) A member bank must observe the requirementsset forth below in requiring notice of intended with-drawal of any savings deposit, or in waiving such notice,or in repaying any savings deposit, or part thereof,without requiring such notice, whether such notice ofintended withdrawal is required to be given in eachcase by the terms of the bank's contract with the de-positor or may, under such contract, be required by thebank at any time at its option.

(1) If a member bank waive such notice of in-tended withdrawal as to any portion or percentage

of the savings deposits of any depositor, it shallwaive such notice as to the same portion or per-centage of the savings deposits of every other de-positor which are subject to the same require-ment.

(2) If a member bank pay any portion or per-centage of the savings deposits of any depositor,without requiring such notice, it shall, upon re-quest and without requiring such notice, pay thesame portion or percentage of the savings depositsof every other depositor which are subject to thesame requirement.

(3) If a member bank require such notice beforethe payment of any portion or percentage of thesavings deposits of any depositor, it shall requiresuch notice before the payment of the same por-tion or percentage of the savings deposits of anyother depositor which are subject to the samerequirement.

(b) No member bank shall change its practice withrespect to the requiring or waiving of notice of intendedwithdrawal of savings deposits except after duly re-corded action of its board of directors or of its executivecommittee properly authorized, and no practice in thisrespect shall be adopted which does not conform to therequirements of paragraphs 1, 2, or 3 of subsection (a)of this section.

(c) No change in the practice of a member bank withrespect to the requiring or waiving of notice of intendedwithdrawal of savings deposits subject to the same re-quirement shall be made until a reasonable time follow-ing the last preceding change in the practice with respectto savings deposits subject to the same requirementshall have elapsed.

(d) A member bank must observe the requirementsof this section with respect to savings deposits eventhough no interest be paid on such deposits.10

io The making of a loan to the owner of a savings deposit in a mem-ber bank by such bank, or by any other bank, person, partnership orcorporation in accordance with any agreement, arrangement or under-standing with such bank, for the purpose of evading any requirement ofthis section, will, to the extent of such loan, be deemed to be a paymentof such deposit or waiver of notice with respect thereto in violation ofsuch requirement; and, in any case in which a loan is made to the ownerof a savings deposit in a member bank by such bank or in accordancewith any agreement, arrangement or understanding with such bank,the member bank must be prepared to show clearly that it was made ingood faith and not for the purpose of evading any requirement of thissection.



FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.

DISCOUNTS BY MONTHS[Averages of daily figures. In millions of dollars]

Federal Reserve bank

BostonNew YorkPhiladelphia

ClevelandRichmond .Atlanta

ChicagoSt. Louis

Kansas CityDallasSan Francisco

Total

1934

Novem-ber

1.56.9.9

.4

. 1

.1

.1

.1

.1

.2

.1

.05

10.5

October

1.17.02.5

.4

. 3

.2

.02

.2

.1

.2

.04

. 1

12.2

1933

Novem-ber

5.341.724.9

9 86.86.5

6.21.53.0

3.41.13.8

114.0

Back figures.See Annual Report for 1933 (table 11)

DISCOUNTS BY WEEKS[In thousands of dollars]


BostonNew York....Philadelphia..

ClevelandRichmondAtlanta

ChicagoSt. LouisMinneapolis..

Kansas City..DallasSan Francisco.

Total...

Wednesday series (1934)

Nov. 7 Nov. 14 Nov. 21 Nov

1,4596,786

927

582160136

5054

151

2911855

10,669

1,0646,030

778

518114115

506645

3131831

9,142

1,7776,938

848

27597

134

1402229

14727541

10,723

1,5588,1641,049

310139117

2386224

956551

11,872


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

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


BostonNew York... .Philadelphia-

Cleveland..Richmond..Atlanta

ChicagoSt. LouisMinneapolis-

Kansas City...Dallas.San Francisco.

Total 5,269,859

Total reserves

1934

Novem-ber

1,768,235295, 209

387,269203,666130,830

1,085,088211, 053152,510

191,426117, 669332,021

October

386,2531,772,184296,484

378,348202,790127,817

1,058, 743200,399148, 634

179,866115,658329,562

5,196, 738

1933

Novem-ber

293,463980,048226,916

278, 771166,015126,685

955,969166,30192,310

149,86984,571273,412

Total deposits

1934

Novem-ber

273,2451,797,803

205,924

280,954132,76580, 694

713,636155,195107,516

163,676127,732270,564

October

261, 5391, 797, 566

206,161

267,917135,80280, 568

684, 914147,008103,461

154,224125,875267, 624

1933

Novem-ber

192,5241,065,024

137, 546

165,19788,98566,829

578,846100,00158,846

116,64188, 554

196,053

3,794,330 4,309,704 4,232,659 2,855,046

Federal Reserve notes incirculation *

1934

Novem-ber

264,690658,505239,837

300,653173,141137,793

771,569143,304106,585

117,44054,375

214,284

3,182,176

October

1933

Novem-ber

Novem-ber

266,262660,168240,173

304, 277167,800135,137

773,847140,949106,947

116, 20353,744213,062

218, 257645,087233,023

279, 667150,134122,370

748,489143, 26490,789

105,42939,022

213,464

3,178,569 ,2,988,995

Ratio of total reservesto deposit and Fed-eral Reserve note lia-bilities combined

1934

73.472.066.2

66.666.659.9

73.170.771.2

68.164.668.5

70.3

Octo-ber

Novem-ber

73.272.166.4

66.166.859.3

72.669.670.6

66.564.468.6

70.1

1933

71.457.361.2

62.669.467.0

72.068.461.7

67.566.366.8

64.9

i Includes Federal Reserve Notes of Other Reserve Banks as follows: Latest month, $20,799,000; month ago, $19,590,000; year ago, $16,891,000.




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


Total Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

Atlan-ta Chicago St.

LouisMin-neap-olis

Kan-sas

CityDallas

SanFran-cisco

ASSETS

Gold certificates on hand and due fromU. S. Treasury _

Redemption fund—F. R. notesOther cash

5,087,16420,137

210.153

368, 354 1, 752,295 267,000 386,127 195,052 114,855 1,164 2,766 2,428 "

25.122 43,728 31,511 10,950

10,1^11^,5771,075,0621,920 3, 615 1, 5729,079 9,882 27,184

.92,417679

11,577

.40,874 177,186 108,839 309, 381359 689 357 3,733

11,074 8,961 7,034 14,051

pi*.*>- Total reservesRedemption fund—F. R. bank notesBills discounted:

Secured by U. S. Government obliga-tions, direct and/or fully guaranteed.

Other bills discounted...Total bills discounted. _.

Bills bought in open marketIndustrial advances _

», 317,4542,166

394,3311, 797,187 301,277 399, 505 206,051128,07411,103,818 204,6731,916250

6,8154,481

1,55633

3,9303,573

597431

195214

152, 307 186,836 116,230 327,165

23124 15 36

15

11,2965, " "

10, 062

1,589404

1,663

7,5032,057

668

1,028583

1,909

409528378

139j 105,209| 302)

1,335: 738:

200706757

62115376

2380

1,058

172154257

15154678

51390245

U. S. Government securities:BondsTreasury notesCertificates and bills

395,5301,410,224

624,368

23, 20792, 61241,852

140, 95'449,273187,525

25,137! 30,55898,329.125,67543,654! 56,791

13, 79654, 69024,714

15,33934,76015,479

13, 33:54,07624,436

18,82036, 26716, 388

23,85898,12844, 345

Total U. S. Government securities-Total bills and securities

Due from foreign banksF. R. notes of other banksUncollected itemsBank premises __.All other assets

Total assets

2, 430,122 157, 671 777, 755 167,1201213,024 103, 563J 94, 218J 428,343

2,457,162 161,327| 787,983 170, 640|214, 339J105, 246i 95,363; 430,006

'3, 200 65,578 91,844 71,475 166, 331

80321,124

429, 34253,16450,590

61391

47, 3533,224

574

93, 753 66, 739 92,427 72,322 167,01'

62941

, 2267663!

87677 l,00i

8, 331, S05

107,663' 34,200 41,53211, 569 4,567 6, 78835, 642 5, 784! 1, 375

781 31 j15 2,217

"19095!-9,0953,1331,456

28797

14, 2692,3721,906

607, 511 2,748,480J517, 232!664, 622 357,229 242,809 1, 599, 346 321,904 235, 694 308,188 206,190 522,600

LIABILITIES

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

3,213,30527,523

267, 561996

678, 511 243,664 301,806 173,841137,45826,527j I

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

4,081,35070,62115,577

145,918

263,1721, 686,264 196,4211279,2', 2531 18,384 6,529 6,2421,282 3,929 1,852 1,7101,266 96,055| 2,453 3,559

130 123,139

Total depositsDeferred availability items.Capital paid inSurplus (sec. 7)__ ___Surplus (sec. 13b).___Reserve for contingenciesAll other liabilities _.

4,313,466434, 562146,885138,383

2,68222,29132, 708

267,9731,804,47, 7921 106, 35110,913 59, 5979,610

7 6 8 .1,053

845

45,217

632 207,255 290,641 131,67940,1934 , """5,171

4, 73722, 908

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

notel liabilities combined (percent)Commitments to make industrial ad-

vances _.

8,331,805

70.6

6,510

607, 5112, 748,480 517,232 664,622 357,229 242,809 1,599,346 321,904 235,694 308,188 206,190 522, 600

73.6

1,245

FEDERAL RESERVE NOTE STATEMENT

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

In actual circulation

3, 466, 978253, 673

293, 01525,454

3,213,305

Collateral held by agent as security fornotes issued to banks:

Gold certificates on hand and duefrom U. S. Treasury

Eligible paper _U. S. Government securities.

Total collateral

3,246,4169,666

256,700

267,561

291,6171,590

3,512, 782 |293,207

FEDERAL RESERVE BANK NOTE STATEMENT

Federal Reserve^bank notes:Issued to F. R. bank (outstanding)._Held by Federal Reserve bank

In circulation—net

38,82911, 306

1,511515

27,523

Collateral pledged against outstandingnotes:

Discounted and purchased billsU. S. Government securities 32, 574

Total collateral . 32, 574

996

5,000

5,000

72.4

2,147

34,56215,14713,352

2,345907

41,13, 06414,090

1832,300

67.4

750

757,835 257,905 316, 776 184,422 152,980791324 14,241 14,970678,511 243,664 301,806 173,841137,458

773,706 210,000 272,431150,3406,064 860 409

48,000 45,000779,770J258,860|317,840 185,453 155, 572

27,110583

26, 527

10, 20810, 208J

6,642677

1,221

1,155206

71,5812,697623

3,638

78, 53914,0214,3735,145378

2,486409

67.4

189

10,581

11335, 000

59.3

464

15,522

85,385188

70,000

27,5741.

27,574..

1062,87054,1847,389973

91,374

18. 7513,1272r

61,09513,0181,664865

23798

24, 2113,4854081

23355

14, 6301,757873

573,31920,4364,089517

775, 711143,482 107, 073 117,696

708,03312,5182,2442,513

133,8743,360588

10, 671

97,1783,488410

5,054

150,590 122,553 249,4153,7631,264

15, 270

3,321499

2,958

725, 308 148,49356,64612, 71920,681

63-2,9674,680

19,6704,1124,756

850541

14,1453,1203,420504

1,026276

24,3164,0503,613215619311

73.5 70.1

912

71.4 67.9

54,342 212,160

1,424499

1,260106,130 157,368 125,736 269,712

" '" 16,909 18,2674,050 10,7563,683 9, 645

1,133337

1,620440

64.5

806,011 147,123 111, 087,124, 686' 59,3,641 4,014; 6.990J 5,61230,300

775,711

200

954 255,18443,024

143,482 107,073 117,696 54,342 212,160

812,513 139,936 110,500,122,550~~ I 129

l,700j 5,00062

8,000

812,713 147,998 112,200 127,679

15

67.9

503

61,675 215,76336

44,000

61,690 259,799



LICENSED MEMBER BANKS IN EACH DISTRICT

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

[In millions of dollars. Averages of daily figures]

Federal Reserve district

Reserves held

Total

October Septem-ber August

Excess

October Septem- August

Borrowings at FederalReserve banks

October Septem-ber August

Boston -__.New York. . . .Philadelphia..


ChicagoSt. LouisMinneapolis..

Kansas City..DallasSan Francisco.

Tota l . . .

254.41,640.7

197.7

259.9130.572.8

666.5129.3

148.6121.1249.0

250.41, 615.9

190.2

255.9130.671.7

716.3121.592.9

152.2118.4230.5

289.31,687.1

197.6

261.7125.873.0

711.7117.985.4

152.5113.3229.7

125.5634.576.5

121.362.122.5

356.267.447.9

70.365.880.8

124.5626.170.9

118.564.023.2

410.761.847.7

76.165.365.3

164.6705.979.3

124.460.325.3

414.059.141.7

77.462.768.9

1.16.91.3

.2

.2

.02

.2

.07

.2

.04

.04

3, 964. 3 3, 946. 6 4,045. 0 1,730. 6 1, 754.1 ! 1, g 10.7

1.012.91.9

.4

.5

.2

.3

.2

.2

.1

.1

.1

18.0

0.311.71.7

.5

.5

.2

. 3

. 2

. 3

.1

.3

.1

16.3

NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLERCENTERS

[In millions of dollars. Averages of daily figures]

Federal Reserve^district

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

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

Net demand

Octo-ber

September August

Time

Octo-ber

Septem-ber August

Net demand

Octo-ber

Septem-ber August

Time

Octo-ber

Septem-br August

BostonNew York. . . .Philadelphia..


ChicagoSt. LouisMinneapolis. .

Kansas City. .DallasSan Francisco

Total . . .

1,1397,451

864

1,012516391

2,305457283

552397

1,108

1,1047,312

851

999501375

2,269439281

532382

1,079

1,0917,240

843

997489367

2,206432268

522365

1,039

6111,706

632

900308266

893249169

205160

1,699

6131,703

630

903310262

887248164

203160

1,706

6161,708

633

905314265

878248167

210162

1,705

92203160

14311279

172120133

224186108

91207153

14310474

166115129

221175104

89206148

14210073

162112123

21816297

123439382

22015764

15786

1093589

123439378

21815666

15686

169

1093585

123436376

21815562

15586

1103584

16,476 16,123 15,859 7,796 7,790 7,810 1,732 2,030 2,019 2,009



REPORTING MEMBER BANKS IN LEADING CITIES

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

Loans and investments—total:Nov. 7Nov. 14 .Nov. 21Nov. 28 _

Loans on securities—total:Nov. 7_._Nov. 14Nov. 21Nov. 28

To brokers and dealers inNew York:


To brokers and dealers out-side New York:


To others:Nov. 7 .Nov. 14 _Nov. 21Nov. 28 .

Acceptances and commercial

Nov. 7Nov. 14Nov. 21Nov. 28-.

Loans on real estate:Nov. 7Nov. 14Nov. 21Nov. 28

Other loans:Nov. 7Nov. 14Nov. 21Nov. 28

U. S. Government directobligations:


Obligations fully guaranteed byU. S. Government:

Nov. 7Nov. 14Nov. 21Nov. 28_-.

Other securities:Nov. 7Nov. 14. _ . . . _.Nov. 21 _Nov. 28. _.

Reserve with Federal Reservebanks:

Nov. 7 .Nov. 14Nov. 21Nov. 28

Cash in vault:Nov. 7Nov. 14Nov. 21Nov. 28

Net demand deposits:Nov. 7Nov. 14Nov. 21Nov. 28

Total

17,83717,75917,68817,764

3,0103,0082,9983,017

664653654660

148151151155

2,1982,2042,1932,202

463461466452

984982981979

3,2843 2653,2463,257

6,6836,7136,6746,715

550548549555

2,8632,7822,7742,789

2,9903,0733,1983,108

286285271 i281

13,44713,50413,563 !

'13,633 !

Federal Reserve District

Bos-ton

1,1651,1591,1501,145

219217216221

19191920

32323134

168166166167

49494847

94939493

279274266259

352357358360

10888

162161160157

217211213210

69717068

922922907907

NewYork

8,0357,9447,8957,964

1,5831,5821,5781,590

551544546547

53545454

979984978989

249240238230

251251250250

1,4311,4241,4151,421

3,0163,0183,0003,029

285284284291

1,2201,1451.1301,153

1,4111,4571,5891,519

65605764

6,8546,8066,9156,938

Phila-del-phia

1,0511,0491,0441,042

203203203205

17171719

15151516

171171171170

20212120

73737372

176174175175

283283277278

32323232

264263263260

125128129126

15151415

695700693709

Cleve-land

1,1741,1731,1721,191

179179179179

22

16666

171171171171

4442

76767676

129127126142

674575576581

21221920

191190192191

157157159166

19201920

676691696722

Rich-mond

359358353353

59595959

6666

1111

52525252

10101110

16161616

82828182

127126122122

7666

58595858

56585652

12121212

242244243239

At-lanta

342344345347

61606161

5555

3333

53525353

3323

11111111

no113114116

97979796

11111110

49494950

28262525

7766

187190188192

Chi-cago

1,9171,9231,9251,913

282282282279

29292929

21212423

232232229227

65707777

36363635

304298300293

872878869868

96969595

262263266266

510538533531

48484547

1,7241,7541,7591,759

St.Louis

524530530532

69696768

4433

4444

61616061

9101111

37373737

105108108110

188190190190

21212221

95959595

951029892

9988

376387382379

Min-neap-olis

368369365366

36363535

1

1212

34343433

6666

7777

111110110110

149149148148

3333

56585657

61616663

4444

263267265265

Kan-sas

City

582585583579

55565554

6666

3333

46474645

22222322

14141414

119119117116

244246245243

13131314

115115116116

91949189

12121112

470487466

' 471

Dallas

429431431430

49494849

4444

1111

44444344

3443

25252525

117118119119

175175172172

16161918

44444444

81808078

10999

312317317316

San-Fran-cisco

1,8911,8941,8951,902

215216215217

20171719

8988

187190190190

23222121

344343342343

321318315314

606619620628

35363737

347340345342

158161159157

16181616

726739732736

City

NewYork

7,1237,0246,9907,064

1,3811,3781,3771,390

526517521525

50515151

805810815814

246238235228

133133133133

1,2691,2631,2571,263

2,8302,8252.8132,841

265264264272

999923911937

1,3391,4021,5291,463

52484552

6,4066,3626,4716,497

Chi-cago

1,5251,5311,5381,535

232232233230

27272626

19192221

186186185183

54596766

20202020

229223224219

695700693697

77787878

218219223225

470497490486

38383537

1,4741,5031,5121,513

'Revised.



REPORTING MEMBER BANKS IN LEADING CITIES—Continued[In millions of dollars]

Time deposits:Nov. 7Nov. 14 _ . . . . _Nov 21Nov. 28 . . . . . .

Government deposits:Nov. 7Nov 14Nov. 21Nov. 28 _ _

Due from banks:Nov. 7Nov. 14Nov. 21..Nov. 28

Due to banks:Nov. 7 .Nov. 14—Nov. 21 _Nov. 28 , . -

Borrowings from Federal Re-serve banks:

Nov 7Nov 14Nov. 21Nov. 28

Total

4,4624,4484,422

' 4,395

853816781749

1,5801,6311,6221,585

3,9604,0243,993

r 3, 921

2123

i Bos-| ton

i

!

330326325323

60585451

! 116! 109i 1121 111

' 212; 2071 202i 196

NewYork

1,0691,0621,0541,050

496476458439

128129127119

1,7001,7091,7411,711

2123

Phila-del-phia

312312312300

47444139

151158155145

236239234234

Cleve-land

457451450450

33312928

112113117113

175181175173

Federal Reserve District

Rich-mond

136135136134

6655

88959593

111114109106

At-lanta

131131130131

19181817

68726964

80837977

Chi-cago

512513501496

47464444

240240235234

546552539531

St.Louis

167167167167

21201918

97949792

166169165163

Min-neap-olis

125126125

••125

8777

83919093

118122118

r H7

Kan-sas

City

166165165165

15151413

188207202198

269285276265

Dallas

123123123122

48454442

129132131133

143145144141

San-Fran-cisco

934937934932

53504846

180191192190

204218211207

City

NewYork

643638629625

473454437420

64636158

1,6351,6421,6781,650

Chi-cago

380380368363

29292828

168163161158

444449441435

r Revised.RATES ON INDUSTRIAL ADVANCES

[Approved by the Federal Reserve Board, under sec. 13 (b) of Federal Reserve Act as amended June 19,1934.wise specified. In effect on Dec. 1, 1934]

Percent per annum except as other-

Advances direct to industrial or commercialorganizations _. _.

Advances to financing institutions:On portion for which institution is obli-

gatedOn remaining portion

Commitments to make advances

Boston

4-6

33H-5fc-2

NewYork

4-6

34-51-2

Phila-delphia

4-6

0)

(0

Cleve-land

6

4

H-2

Rich-mond

6

(2)1-2

At-lanta

6

55

Chi-cago

5-6

3 5-6»5-6

1-2

St.Louis

Minne-apolis

6

4 4H-5

n

KansasCity

6

44

Dallas

5-6

45-6

SanFran-cisco

5-6

3-44-51-2

1 1 percent above prevailing discount rate.* 6 percent for nonbanking financial institutions; 1 percent below rate charged industrial or commercial borrower for banking institutions, but

not less than 4 percent.* With respect to loans received from financing institutions, Federal Reserve bank allows out of interest received on portion of loans retained by

it 1 percent per annum to financing institutions which agree to service loans and report regularly on status of borrower.4 4 ^ percent for member bank; 5 percent for nonmember bank or nonbanking financial institution.» Same as to borrower but not less than 4 percent.• 1 percent below rate charged borrower by financing institution but not less than 4 percent.7 Flat rate.8 Rate to depend upon length of commitment and other circumstances.• Flat charge for commitments not exceeding 6 months.i° A flat rate charged depending upon length of commitment and whether to a financing institution or direct to a commercial or industrial

borrower.

NOTE.—No change from previous month except change in rate on commitments for Kansas City.



LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES,FEBRUARY 1929 TO MARCH 1933


Date

Feb. 6...Feb. 13..Feb. 20..Feb. 27..

Mar. 6 . .Mar. 13_Mar. 20.Mar. 27.

Apr. 3 . . .Apr. 10..Apr. 17-Apr. 24..

May 1__M a y 8 _ .May 15..May 22,.May 29.

June 5._June 12..June 19..June 26..

July 3 . . . .July 10...July 17-July 24..July 31. .

Aug. 7—Aug. 14..Aug. 21..Aug. 28..

Sept. 4,_.Sept. 11.Sept. 18..Sept. 25.

Oct. 2—Oct. 9—Oct. 16...Oct. 23..Oct. 3 0 -

Nov. 6...Nov. 13.Nov. 20..Nov. 27..

Dec. 4...Dec. 11..Dec. 18..Dec. 24..Dec. 31..

1929

All weekly reporting member banks

Totalloans on!securi-

tiesi

Jan. 8-,.Jan. 15..Jan. 22.Jan. 29.

Feb. 5Feb. 12....Feb. 19....Feb. 26—

Mar. 5—.Mar. 12.-.Mar. 1 9 -Mar. 26--

1930

7, 5587,515 |7,4447, 573 |

7,5737,5117,6427,592 :

7,5167,3807,3537,319

7,3717,2417,2217,1447,112

7,1977,2097,3827,539

7,7617,7047,6447,6837,787

7,7157,5737,5107,515

7,6327,5787,6867,720

7,8287,6877,8757,9209,179

8,7468,3697,9917,889

7,8897,8187,8987,9318,304

7,9067,8547,7337,681

7,6927,6827,6697,641

7,7377,8838,0548,183

Loans to brokersand dealers

In NewYorkCity

1,7711,7051,574],589

1,5821,4921,5941,525

1,4281,3151,2911,349

1,3851,2801,2851,1791,073

1,1221,1351,2601,389

1,6111,5731,5411,6011,622

1,5371,4071,3441,373

1,4751,4161,4821,429

1,4551,3351,5261,4802,306

1,7761,3451,025985

1,0161,0861,0911,416

1,1831,2291,1991,202

1,3221,3611,4061,409

1,5021,7111,9312,077

Loanson se-1 on se

Outside cur"ies

New

City

816828837862

871888902865

859836831827

815810796798

796811

795808784773785

812801795778

786 i784 !797 i834

813 j801 I810 I913 |

I841 I836767715

707681684700739

679652636

607587592583

578568571

4,9714,9825,0335,122

5,1205,1315,1465,202

5,2295,2295,2315,143

5,1715,1515,1405,1675,231

5, 2675,2785,3115,342

5,3555,3235,3195,3095,380

5,3665,3655,3715,364

5,3715,3785,4075,457

5,5105,5395,5485,6305,960

6,1296,1886,1996,189

6,2136,1216,1286,1406,149

6,0445,973

Weekly reporting member banks inNew York City

Totalloans onsecuri-

ties

5,847

5,7635,7345,6715,649

5,6575,6045,5525,513

2,8572,8172,7432,863

2,8592,7492,8332,852

2,8192,7082,6822,707

2,7772,6472,6412,6142,585

2,6782,6632,7492,908

3,1173,0402,9703,0173,082

2,9612,8222,7752,819

2,9442,8462,8942,883

2,9472,8362,9643,0054,205

3,7513,4273,1053,077

3,0733,0233,0223,0453,398

3,0492,9702,895


In NewYorkCity

2,9212,9122,9132,890

2,9533,0653,1603,280

1,0781,060988

1,060

1,083970

1,0571,037

983875840883

941824824792734

797777839994

1,2131,1541,0891,1491,161

1,045924883956

1,061976

1,004981

1,025930

1,0521,0332,021

1,4721,104807785

744763781794

1,117

832

767773

877913906

9571,0961,2131,367

OutsideNewYorkCity

Loanson se-

curitiesto

others

1,7411,7191,7201,772

1,7421,7451,7421,781

1,7981,7931,8051,783

1,7981, 7831,7811,7871,812

1,8411,8421,8661,870

1,8621,8391,8341,8241,876

1,8731,8571,8501,827

1,8411,8291,8481,859

1,8761,8631,8701,9282,136

2,2312,2702, 2532,247

2,2812,2172,1902,2002,231

2,1632,1172,0812,043

1,9931,9881,9511,937

1,9471,9191,8941,856

Weekly reporting member banksoutside New York City


ties

4,7014,6984,7014,710

4,7144,7624,8094,740

4,6974,6724,6714,612

4,5944,5944,5804, 5304,527

4,5194,5464,6334,631

4,6444,6644,6744,6664,705

4,7544,7514,7354,696

4,6884,7324,7924,837

4,8814,8514,9114,9154,974

4,9954,9424,8864,812

4,8164,7954,8764,8864,906

4,8574,8844,8384,815

4,7714,7704,7564,751

4,7844,8184,8944,903


In NewYorkCity

645586529

499522537488

445440451466

444456461387339

325358421395

398419452452461

492483461417

414440478448

430405474447285

304241218200

225253305297299

351426432429

440484493503

545615718710

OutsideNewYorkCity

778790802831

837854868831

821790794

777770760763769

708752767764

753761737729740

760753742

744743755791

817770759766865

793783722670

659638633649

625602589582

561540543536

529518518

Loanson se-curities

toothers

3,2303,2633,3133,350

3,3783,3803,4043,421

3,4313,4363,4263,360

3,3733, 3G83,3593,3803,419

3,4263,4363,4453,472

3,4933,4843,4853,4853,504

3,4933,5083,5213,537

3,5303,5493,5593,598

3,6343,6763,6783,7023,824

3,8983,9183,9463,942

3,9323,9043,9383,9403,918

3,8813,8563,8173,804

3,7703,7463,7203,712

3,7103,6853,6583,657



LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES,FEBRUARY 1929 TO MARCH 1933—Continued


Date

1930Apr. 2Apr. 9Apr. 16Apr. 23Apr. 30

May 7May 14May 21May 28

June 4June 11June 18.June 25

July 2July 9.July 16.July 23 _—July 30

Aug. 6_Aug. 13Aug. 20Aug. 27

Sept. 3 . .Sept. 10Sept. 17Sept. 24

Oct. 1Oct. 8Oct. 15Oct. 22Oct. 29.-


Dec. 3Dec. 10 -Dec. 17Dec. 24Dec. 31

1931Jan.7Jan. 14Jan. 21—-Jan. 28

Feb. 4Feb. 11.Feb. 18Feb. 25

Mar. 4Mar. 11 -Mar. 18Mar. 25

Apr. 1Apr. 8Apr. 15Apr. 22Apr. 29

All weekly reporting member banks Weekly reporting member banks inNew York City


ties

8,2448,1638,2388,3268,381

8,2598,2468,3228,421

8,5988,5578,6088,479

8,4358,3598,3978,3728,391

8,4098,349

8,350

8,3578,3248,3968,454

8,4768,2608,2508,1358,065

8,0857,9047,8387,761

7,7697,7697,7477,7797,814

7,6537,5227,4257,379

7,3037,3197,3257,313

7,2567,2377,3657,349

7,2567,1467,1947,1387,052


In NewYorkCity

2,1632,1442,2172,250

2,2222,2122,2752,339

2,4612,4302,3672,173

2,1272,0732,1412,1532,189

2,2272,1572,1052,140

2,1752,1792,2852,309

2,2642,1211,9951,8901,801

1,7721,5701,5221,464

1,4641,4781,3881,3751,396

1,3591,3101,2731,269

1,2711,3081,3481,373

1,3681,3701,5031,526

1,4981,4141,4521,4751,359

OutsideNewYorkCity

606605620638631

652657663676

679681720706

708703

637646648640

650632633674

667650722

640622606

618616633621614

559543533

525520519517

528523516506

504503542514514

Loanson se-

curitiesto

others

5,4755,4145,4015,4385,411

5,3855,3775,3845,406

5,4585,4465,5215,600

5,6005,5835,5665,5505,536

5,5455,5465,5365,570

5,5325,5135,4785,471

5,5455,4895,5335,5535,596

5,6535,6945,6945,691

5,6875,6755,7265,7835,804

5,7085,6535,6095,577

5,5075,4915,4585,423

5,3605,3445,3465,317

5,2545,2295,2005,1495,179


ties

3,3933,2843,3163,4093,511

3,4093,4073,4563,565

3,753

3,7263,696

3,6523,4983,5183,5373,586

3,6323,5853,5273,608

3,6523,5233,5413,619

3,7963,6603,6403,5503,500

3,5353,3773,3523,342

3,3413,3103,2483,3663,438

3,2333,1243,0613,024

3,0143,0503,1143,137

3,1603,0823,2193,244

3,1833,0663,0833,0633,003


In NewYorkCity

1,4881,4101,4441,5181,642

1,5601,5641,5981,714

1,8451,7321,7811,698

1,6461,4941,5251,552

1,6651,5921,5401,601

1,6561,5501,5741,640

1,7451,6551,5801,4701,385

1,3841,2141,1801,177

1,1831,1551,0721,1531,219

1,0991,025

9941,0361,1121,150

1,1971,1191,2531,295

1,2701,1591,2071,2301,149

OutsideNewYorkCity

676966

6469716766

53546765

65647580

8885

122120125

128121112111

113114111109102

107107108106

105111117117

119117120119

121118117120119

Loanson se-

curitiesto

others

1,8461,8141,8141,8421,816

1,7981,7891,8011,788

1,8421,8311,8761,932

1,9421,9351,9221,9181,917

1,9141,9391,9201,942

1,9311,9091,8921,899

1,9631,9201,9381,9601,990

2,0232,0422,0602,054

2,0452,0412,0652,1042,117

2,0271,9921,9601,935

1,9151,9031,8851,870

1,8441,846., 846,830

,792,789,759,713,735



ties

4,8514,8794,9224,9174,870

4,8504,8394,8664,856

4,8454,9274,8824,783

4,7834,8614,8794,8354,805

4,7774,7644,7624,742

4,7054,8014,8554,835

4,6804,6004,6104,5854,565

4,5504,5274,4864,419

4,4284,4594,4994,4134,376

4,4204,3984,3644,355

4,2894,2694,2114,176

4,1554,1464,105

4,0734,0804,1114,0754,049


675734773732697

662648677625

616698586475

481579616601

562565565

519629711

519466415420416

356342287

281323316222177

260285280

277272236

171251250231

255245245210

547545562589578

601603606613

613614651640

644634619602600

592581575

585568558594

579565600572543

532519510495

505502522512512

479452435427

420409402400

406396387

425394395

Loanson se-

curitiesto

others

3,6293,6003,5873,5963,595

3,5873,5883,5833,618

3,6163,6153,6453,668

3,6583,6483,6443,6323,610

3,6313,6073,6163,628

3,6013,6043,5863,572

3,5823,5693,5953,5933,606

3,6303,6523,6343,637

3,6423,6343,6613,6793,687

3,6813,6613,6493,642

3,5923,5883,5733,553

3,5163,4983,5003,487

3,4623,4403,4413,4363,444



LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES,FEBRUARY 1929 TO MARCH 1933—Continued


I All weekly reporting member banks

Date , Totalloans onsecuri-

ties


In NewYorkCity

OutsideNewYorkCity

Loanson se-

curitiesto

others



ties


In NewYorkCity

OutsideNewYorkCity

Loanson se-

curitiesto

others



ties


In N e wYorkCity

183135161168

159127123127

135148163168172

178185180178

1811721579448

36425656

54688888

8099662725

30364232

37534944

3858999864

56554138

35292523

OutsideNewYorkCity

391382383378

373376375363

354366363350348

349344342342

340340337349352

344329326313

311306307301

298268294294289

277273263259

260254250253

247245248245244

239233228234

234226216218

Loanson se-

curitiesto

others

1931May 6_May 13May 20May 27

June 3June 10June 17June 24

JulylJuly 8July 15July 22July 29

Aug. 5Aug. 12Aug. 19Aug. 26

Sept. 2Sept. 9Sept. 16Sept. 23Sept. 30



Dec. 2Dec. 9Dec. 16Dec. 23Dec. 30—-

1932Jan.6Jan.13Jan. 20Jan. 27

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

Mar. 2Mar. 9Mar. 16.._Mar. 23Mar. 30

Apr. 6_Apr. 13Apr. 20Apr. 27

May 4May 11 _._May 18May 25

7,0367,0466,9816,928

6,8676,7916,7206,703

6,7456,665

6,5706,544

6,5126,4796,4536,477

6,5006,4426,4146,3616,346

6,0816,0015,9065,897

5,8675,848

5,831

5,8075,7605,7405,7335,777

5,6875,660

5,596

5,5745,5045,4745,438

5,4405,4265,4135,3375,328

5,2225,1485,1315,099

5,0634,9774,9504,910

1,3581,3771,3091,240

1,2121,1501,0821,079

1,1391,1111,0931,0761,048

1,012995

1,0021,011

1,036995955901885

739650573564

550536621589

559565533495483

450439412

388375390384

391446456423428

414389404394

405342323305

509500505497

476

479493488475474

475470470469

466452463463

439420412

391397

386354382379375

362358346340

341333327329

323321322319318

311300300305

304296285286

5,1695,1695,1675,191

5,1665,1535,1525,148

5,1275,0615,0525,0195,022

5,0255,0144,9814,997

4,9964,9815,0074,9974,998

4,9034,9314,9214,934

4,9194,9214,8714,851

4,8624,8414,8254,8594,919

4,8754,8634,8744,860

4,8454,7964,7574,725

4,7264,6594,6354,5954,582

4,4974,4594,4274,400

4,3544,3394,3424,319

3,0453,1193,0252,969

2,9202,8762,7972,791

2,8622,8032,7582,7122,685

2,6482,6332,6222,655

2,6832,6432,6412,6412,677

2,4692,4032,3002,305

2,2872,2702,2972,255

2,2392,2102,2082,2312,295

2,2232,2162,2052,194

2,1782,1242,1122,092

2,1092,0972,0662,0092,043

,979[,933,950,925

,845, 840,810

,175,242,148,072

,053,023959952

1,004963930908876

834810

855823798807837

703608517508

496468533501

479466467468458

420403370364

351322341340

353388357325364

358334363356

370313298282

118118122119

116112111113

125127125125126

126126128127

128126115114111

959186

,697,672,695

,700,6941,7281,7201,729

1,6711,7041,6971,711

,704,717,674,664

,672,658,653,678,751

,718,728,752,749

,746,723,694,676

,633,635,610

,549,532,515,498

,468,462, 473[,460

3,9913,9273,956

3,9473,9153,9233,912

3,8623,8753,8583,859

3,8643,8463,8313,822

3,8173,7993,7733,7203,669

3,612

3,6063,592

3,5803,5783,5923,576

3,5683,5503,5323,5023,482

3,4643,4443,4273,402

3,396

3,346

3,3313,3293,347

3,285

3,2433,2153,1813,174

3,1553,1323,1103,100

3,4173,4103,4123,413

3,4153,4123,4253,422

3,3943,3483,3493,3403,339

3,3373,3173,309

3,2963,2873,2793,2773,269

3,2323,2273,2243,223

3,2153,2043,1973,187

3,1903,1833,1723,1813,168

3,1573,1353,1223,111

3,0733,0633,049

3,0463,0263,0002,9852,977

2,9482,9272,9122,902

2,8862,8772,8692,859



LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 101 LEADINGFEBRUARY 1929 TO MARCH 1933—Continued

CITIES,


Date



ties


In NewYorkCity

OutsideNewYorkCity

Loanson se-

curitiesto

others



ties

1,8151,7371,7591,7201,696

1,6471, 6501,6481,630

1,6691,6721,6621,6511,632

1,6461,6861,6621,683

1,6691,6541,6531,569

1,5761,5701,5551,5671,598

1,6251,6191,6201,612

1,5841,5801,5591,562

1,6431,6061,6141,621

1,640


In NewYorkCity

301268298259251

239253244244

246259258

1 269257

| 2861 347I 321

338

1 340! 349I 348| 270

1 280279

i 264270

! 275

315317313319

320! 306

292302

377344348347

335

OutsideNewYorkCity

6867666565

666-16362

6161626161

62616262

62616362

6362626262

61606660

59616160

61616263

63

Loanson se-

curitiesto

others



ties


In NewYorkCity

OutsideNewYorkCity

Loanson se-

curitiesto

others

June 1—.June 8—.June 15—June 22...June 29...

July 6...July 13..July 20..July 27..

Aug. 3—Aug. 10.Aug. 17_.Aug. 24..Aug. 31.

Sept. 7...Sept. 14..Sept. 21.Sept. 28.

Oct. 5_._Oct. 12..Oct. 19_.Oct. 26..

Nov. 2..Nov. 9-.Nov. 16..Nov. 23.Nov. 30.

Dec. 7—_Dec. 14...Dec. 21...Dec. 28...

Jan. 4..Jan. 11.Jan.18.Jan. 25.

Feb. 1.—Feb. 8—.Feb. 15-_.Feb. 21...

Mar. 1___

1932

1933

4,9074,7984,8284,7784,745

4,6324,6264,6184,587

4,6324,6124,5864,5514,512

4,5194,5474,5114,521

4,4814,4674,4474,352

4,3114,2954,2494,2574,288

4,3074,3224,3314,315

4,2714,2374,2134,173

4,2594,2044,2064,199

4,234

322287318277261

247260250249

251266264274263

293354329346

348357356277

287286271277282

321340335340

346331320310

384353354355

340

283276287273283

272267262260

270258260256256

256260257254

250255259252

239235230230232

229231242239

237232237216

227218223215

237

4,3024,2354,2234,2284,201

4,1134,0994,1064,078

4,111 i4,0884,062 .4,0213,993 i

3,970 :3,9333, 925 !3,921 j

3,883 i3,855 !3,8323,823 |

3,785 I3,774 '3, 748 !3,7503,774 i

3,757 |3,7513,7543,736

3,6883,6743,6563,647

3,6483,6333,629 !3,629 ''

3,657

1,4461,4021,3951,3961,380

1,3421, 3331,3411,324

1,3621,3521,3421,3211,314

1,2981,2781,2791,283

1,2671,2441,2421,237

1,2331,2291,2291,2351,261

1,2491,2421,2411,233

1,2051,2131,2061,200

1,2051,2011,2041,211

1,242

3,0923,0613,0693,0583,049

2,9852,9762,9702,957

2,9632,9402,9242,9002,880

2,8732,8612,8492,838

2,8122,8132,7942,783

2,7352,7252,6942,6902,690

2,6822,7032,7112,703

2,6872,6572,6542,611

2,6162,5982,5922,578

2,594 'I

215209221208218

206203199198

209197198195195

194199195192

188194196190

176173168168170

168171176179

178171176156

166157161152

174

2,8562,8332,8282,8322,821

2,7712,7662,7652,754

2,7492,7362,7202,7002,679

2,6722,6552,6462,638

2,6162,6112,5902,586

2,5522,5452,5192,5152,513

2,5082,5092,5132,503

2,4832,4612,4502,447

2,4432,4322,4252,418

2,415

NOTE.—Not available prior to February, 1929, nor after Mar. 1,1933; for corresponding figures for 91 cities, beginning with 1932, see next table.



LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 91 LEADING CITIES,JANUARY 1932 TO NOVEMBER 1934


Date




In NewYorkCity

OutsideNewYorkCity

Loanson se-

curitiesto

others




In NewYorkCity

OutsideNewYorkCity

Loanson se-

curitiesto

others


ties



In NewYorkCity

OutsideNewYorkCity

Loanson se-

curitiesto

others

Jan. 6...Jan. 13..Jan. 20-.Jan. 27-

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

Mar. 2 . .Mar. 9. .Mar. 16.Mar. 23.Mar. 30.

Apr. 6—Apr. 13-.Apr. 20-Apr. 27-

May4_.May 11.May 18.May 25_

June 1—June 8. _June 15.June 22..June 29-

July 6—July 13...July 20..July 27-

Aug. 3_.Aug. 10_.Aug. 17..Aug. 24..Aug. 31_.

Sept. 7__Sept. 14.Sept. 21-Sept. 28.

Oct. 5—.Oct. 12-Oct. 19-Oct. 26-

Nov. 2__Nov. 9..Nov. 16.Nov. 23.Nov. 30.

1932

Dec. 7Dec. 14—.Dec. 21....Dec. 28.—

Jan. 4 —Jan. 11-Jan. 18..Jan. 25..

Feb. 1..Feb. 8 —Feb.15-Feb. 22-

1933

5,0865,0475,0224,992

4,9704,9094,8784,846

4,8514,8364,8314,7594,744

4,6434,5704,5534,518

4,4894,4084,3744,339

4,3354,2264,2654,2124,185

4,0774,0764,0664,040

4,0804,0604,0424,0103,971

3,9804,0073,9743,984

3,9483,9353,9173,822

3,7863,7713,7223,7353,764

3,7843,7973,8053,789

3,7513,7233,6993,662

3,751

3,6943,693

446435408393

373386383

390441453422424

410385399392

404342321305

322287318276261

247262250249

251265264274

293354329

348357356277

287286270277281

320340335340

345331320309

384353354354

333328317311

312303301

293297292292

285274276278

279272261261

255249261247257

247242237237

246232238233231

233235235230

225231234227

218213207209209

203210221218

216215216199

210202204201

4,3074,2844,2974,288

4,2724,2334,1914,164

4,1634,1024,0814,0454,028

3,9113,8783,848

3,8063,7943,7923,773

3,7583,6903,6863,6893,667

3,5833,5743,5793,554

3,5833,5633,5403,5033,478

3,4543,4183,4103,408

3,3753,3473,3273,318

3, 2813,2723,2453,2493,274

3,2613,2473,2493,231

3,1903,1773,1633,154

3,1573,1413,1363,138

2,2232,2162,2052,194

2,1782,1242,1122,092

2,1092,0972,0662,0092,043

1,9791,9331,9501,925

1,9081,8451,8401,810

1,8151,7371,7591,7201,696

1,6471,6501,6481,630

1,6691,6721,6621,6511,632

1,6461,6861,6621,683

1,6691,6541,6531,569

1,5761,5701,5551,5671,598

1,6251,6191,6201,612

1,5841,5801,5591,562

1,6431,6061,6141,621

420403370364

351322341340

353388357325

358334363356

370313298

301268298259251

239253244244

246259258269257

347321338

340349348270

280279264270275

315317313319

320306292

377344348347

67

1,7181,7281,7521,749

1,7461,7231,6941,676

1,6801,6331,6351,6101,605

1,5491,5321,5151,498

1,4681,4621,4731,460

1,4461,4021,3951,3961,380

1,3421,3331,3411,324

1,3621,3521,3421,3211,314

1,2981,2781,2791,283

1,2671,2441,2421,237

1,2331,2291,2291,2351,261

1,2491,2421,2411,233

1,2051,2131,2061,200

1,2051,2011,2041,211

2,8632,8312,8172,798

2,7922,7852,7662,754

2,7422,7392,7652,7502,701

2,6642,6372,6032,593

2,5812,5632,5342, 529

2,5202,4892,5062,4922,489

2,4302,4262,4182,410

2,4112,3882,3802,3592,339

2,3342,3212,3122,301

2,2792,2812,2642,253

2,2102,2012,1672,1682,166

2,1592,1782,1852,177

2,1672,1432,1402,100

2,1082,0902,0802,072

248243234230

231224224223

222217223218218

213207204207

209202192193

187182195182192

181178174175

185171176172170

171174173168

163170171165

155151145147147

142150155158

157154155139

149141142138

2,5892,5562,5452,539

2,5262,5102,4972,488

2,4832,4692, 4462,4352,423

2,3992,3792,3632,350

2,3382,3322, 3192, 313

2,3122,2882,2912,2932,287

2,2412,2412,2382,230

2,2212.2112,1982,1822,164

2,1562,1402,1312,125

2,1082,1032,0852,081

2,0482,0432,0162,0142,013

2,0122,0052,0081,998

1,9851,9641,9571,954

1,9521,9401,9321,927



LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 91 LEADING CITIES,JANUARY 1932 TO NOVEMBER 1934—Continued


Date




In NewYorkCity

OutsideNewYorkCity

Loanson se-

curitiesto

others



ties


In NewYorkCity

OutsideNewYorkCity

Loanson se-

curitiesto

others


ties



In NewYorkCity

OutsideNewYorkCity

Loanson se-

curitiesto

others

Mar. 1...Mar. 8...Mar, 15..Mar. 22..Mar. 29..

Apr. 5—Apr. 12..Apr. 19..Apr. 26-

M a y 3 . _May 10.May 17.May 24.May 31.

June 7—June 14..June 21 _.June 28..

July 5...July 12..July 19..July 26..

Aug. 2Aug. 9Aug. 16. . .Aug. 23 . . .Aug. 30 . . .

Sept. 6...Sept. 13..Sept. 20..Sept. 27..

Oct. 4 . . .Oct. 11..Oct. 18..Oct. 25__

Nov. 1_.Nov. 8. .Nov. 15.Nov. 22.Nov. 29.

Dec. 6—Dec. 13..Dec. 20..Dec. 27..

1933

Jan. 3...Jan. 10..Jan. 17..Jan. 24.Jan. 31.

Feb. 7-—..Feb 14....Feb. 21.....Feb. 28—_

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

3,7273,7593,7623,7253,644

3,6173,5843,5833,638

3,7153,7243,6483,713

3,7423,7983,7693,748

3,8113,8743,8643,789

3,7723, 7683,7953, 7373,766

3,7483, 7733,7033,687

3,6513,6373,6733,584

3,6043,5903,5573,5493,569

3,5563,5963,600

19343,6203,4973,4863,498

3,5873,5313,6303,520

3,4953,5933,5533,514

340337311318292

301298313392

442492546493563

626706705682

776860870801

784790808767797

784808740720

702693726645

660650626611628

634669661712

753653663684795

803760856759

751841812801

220217201211199

197193196192

201182177180176

177177153157

159166167167

163158164159160

159162163166

164165167170

172170162164163

162161163158

149143139140146

147145151151

151164176159

3,1673,2053,2503,1963,153

3,119

3,0743,054

3,0553,0413,0012,9752,974

2,9392,9152,9112,909

2,8762,8482,8272,821

2,8252,8202,8232,8112,809

2,8052,8032,8002,801

2,7852,7792,7802,769

2,7722,7702,7692,7742,776

2,7602,7662,7762,758

2,7182,7012,6842,6742,668

2,6372,6262,6232,610

2,5932,5882,5652,554

1,6401,6681,6741,6261,555

1,5481,5351,5381,611

1,6761,7111,7351,6631,733

1,7771,8401,8131,791

1,8471,8941,8621,790

1,7781,7751,8001,7571,794

1,7951,8201,7431,731

1,6991,6831,7121,636

1,6661,6571,6241,6181.651

1.6301,6631,6661,722

1,7441,6241,6201,6461,748

1,7291,6771.'1,669

1,6491,7331,6871,663

335332

275

287287303381

433483535481553

616694681

745803787718

699702723686718

718747672652

617643574

594580552542565

562586577628

665561564587

651744651

641727

1,2421,2731,3081,2591,219

1,2011,1871,1751,172

1,1851,1701,1411,1241,122

1,1021,0861,0941,092

1,0631,0481,0291,029

1,0361,0331,0361,0311,035

1,0341,0301,0281,034

1,0221.0191,0211,016

1,0251.0311,0291,0341,043

1.0251,0341,0451,051

1,0351,0191,0121,0161,017

981979971

960958941928

2,0872,0912,0882,099

2,0692,0492,0452,027

2,0222,0041,9891,9851,980

1,9651,9581,9561,957

1,9641,9802,0021,999

1,9941,9931,9951,9801,972

1,9531,9531,9601,956

1,9521,9541,9611,948

1,9381,9331,9331,9311,918

1,9261.9331,9341,906

1,8761,8731,8661,8521,861

1.8581,8541,8611,851

1,8461,8601,8661,851

9299 '97 ;107 j

107 i109112 i108 !

110114 I114 i113

157154139150138

137132136134

143124118122118

118117115118

120123121124

120118123119119

116119120121

119118119124

125124119122120

119118119115

105999597103

102100105104

103116128112

1,9251,9321,9421,9371,934

1,9181,9061,8991,882

1,8701,8711,8601,8511,852

1,8371,8291,8171,817

1,8131,8001,7981,792

1,7891,7871,7871,7801,774

1,7711,7731,7721,767

1,7631,7601,7591,753

1,7471,7391,7401,7401,735

1,7351,7321,7311,707

1,6831,6821,6721,6581,651

1,6491,6451,6441,639

1,6331,6301,6241,626



LOANS ON SECURITIES BY WEEKLY REPORTING MEMBER BANKS IN 91 LEADING CITIES,JANUARY 1932 TO NOVEMBER 1934—Continued


Apr. 4—.Apr. 11...Apr. 18...Apr. 26...

May2__May 9. .May 16 _May23_May 30.

June 6—June 13..June 20-.June 27—

July 4—July 11-July 18-July 25-

Aug. 1_.Aug. 8_.Aug. 15_.Aug. 22..Aug. 29_.

Sept. 5-.Sept. 12.Sept. 19.Sept. 26.

Oct. 3 —Oct. 10_.Oct. 1 7 -Oct. 2 4 -Oct. 3 1 -

Nov. 7 . .Nov. 14.Nov. 21.Nov. 28.

Date

1934

All weekly reporting member banks*


ties

3,6123,5803,516

3,5773,5543,5053,4683,476

3,5573,5563,5713,529

3,5563,5533,5223,493

3,3043,2943,2713,247

3,2103,1623,0953,080

3,0473,0553,0823,0743,051

3,0103,0082,9983,017


In NewYorkCity

924915873

873867828838

911933955935

980962938

812758750741722

757741695686

672706708

664653654660

OutsideNewYorkCity

161174168173

174171168162160

174171183180

185179175170

163162165164170

176153149148

148151149151153

148151151155

Loanson se-

curitiesto

others

2.5402,5142,4972,470

2,5072,5102,4702,4782,478

2,4722,4522,4332,414

2,3942,3852,385

2,3832,3842,3792,3662,355

2,2772,2682,2512,246

2,2302,2322,2272,2152,205

2,1982,2042,1932,202



ties

1,7201,7661,7231,674

1,7291,7181,6631,6441,646

1,7271,7281,7411,711

1,7491,7521,7181,690

1,5711,5201,5201,5031,485

1,5051,4791,4191,416

1,4011,4021,4341,4351,417

1,3811,3781,3771,390


In NewYorkCity

751794779740

756731725

771787815793

841833804783

667.613615602581

621605558555

541544576587564

526517521525

OutsideNewYorkCity

47484846

4646464645

54635554

55555755

5353535560

544747

Loanson se-

curitiesto

others

922914

927941892909903

902888871864

853864857852

851854852846844

830827814813

811

799803

805810

814



ties

1,8491,8561,8571,842

1,8481,8361,8421,8241,830

1,8301,8281,8301,818

1,8071,8011,8041,803

1,7871,7841,7741,7681,762

1,7051,6831,6761,664

1,6461,6531,6481,6391,634

1,6291,6301,6211,627


In NewYorkCity

117130136133

140142142139140

140146140142

141147158155

145145135139141

136136137131

128128130121129

138136133135

OutsideNewYorkCity

Loanson se-curities

toothers

114126120127

128125122116115

120118128126

130124118115

110109112109110

122106102100

102

102103

100100104

1,6181,6001,6011,582

1,5801,5691,5781,5691,575

1,5701,5641,6621,550

1,5361,5301,5281,533

1,5321,5301,5271,5201,511

1,4471,4411,4371,433

1,4191,4231,4191,4161,402

1,3931,3941,3881,388

NOTE.—Not available prior to January 1932, but for corresponding figures for 101 cities back to February 1929, see preceding table.


832 FEDERAL KESERVE BULLETIN DECEMBER 1934

OTHER BANKING AND FINANCIAL STATISTICS

SHIPMENTS AND RECEIPTS OF AMERICANCURRENCY TO AND FROM EUROPE

BY SELECTED BANKS IN NEW YORK CITY[Paper currency only. In thousands of dollars]

Month

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total

1933

Ship-ments

toEurope

105101251045

122895742

554

Re-ceiptsfrom

Europe

5,3045,58913,7868,04912,5236,86611,7556,1534,7565,9053,3976,976

91,058

Netship-ments(-)or

receipts(+)

+5,301+5,484

+13, 685+8,024

+12, 522+6,866

+11,751+6,148+4, 634+5,816+3,340+6,934

1934

Ship-ments

toEurope

0101

108

630

230

199

+90, 504

Re-ceiptsfrom

Europe receipts(+)

5,2563,7402,2002,9003,7803,4713,6015,1934,2542,524 j2,129 I

Netship-ments(- )or

+5,256+3,739+2,200+2,899+3,770+3,463+3, 538+5,193+4, 231+2,524+1,930

For description and back figures see BULLETIN for January 1933, p. 43.

PAPER CURRENCY OF EACH DENOMINATIONIN CIRCULATION

[Outside Treasury and Federal Reserve banks. In millions of dollars

Denomina-tion

$1$ 2 ' : : ; ; . . . .$5$i6""""I—$20$50$100$500$1,000$5 000$10,000

Total.

1933

Oct. 31

38233

6821,1781,303

357607124232

712

4,916

1934

May 31

39633

7191,2251,288

341579116228

79

4,941

June 30

39633

7241,2311,293

342579117225

67

4,952

July 31

39332

7191,2191,277

336569113223

58

4,896

Aug. 31

40333

7411,2501,294

335568112222

58

4,972

Sept. 30

41132

7551,2661,311

336571113223

57

5,031

Oct. 31

41032

7521,2651,314

335571112221

57

5,025

SNOTE.—Figures include, in addition to currency outside the Treasuryand Federal Reserve banks, unassorted currency held by these institu-tions amounting to $4,000,000-$12,000,000, and also $1,000,000 of currencyof unknown denominations reported by the Treasury as destroyed.

UNITED STATES POSTAL SAVINGS[Balance to credit of depositors. In millions of dollars]

End of month

January-February..MarchAprilMayJuneJuly -August—September.October—.November.December.

1929

153.5154.8155.0154.3153.8153.6157.8160.1160.3161.6163.7164.3

1930

165.1167.9169.5170.2171.2175.3180.7186.5189.8192.5200.7245.4

1931

278.4292.1302.7313.8325.0347.4372.5422.7469.9538.1565.5605.1

1932

665.6691.8705.3722.1742.6784.8828.5848.5857.4870.8885.2900.8

1933

942.51,006. 21,112. 71,158.41,178.81,185.1

, 176.7, 177. 7., 180. 7, 188.9

"«. 71, 208. 8

1934

1.200.81,200.01, 200.01,197.51.196.91,197.91,190. 31,192. 21,192.8

PI, 198.4v 1,203.4

^Preliminary.

BANK DEBITS[Debits to individual accounts. In millions of dollars]

New York City.Outside New York City.

Federal Reserve districts:Boston _New YorkPhiladelphiaCleveland _.RichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas _._San Francisco

Total

Numberof

centers

1140

1934

Oct.

12,28614,464

1,61212,8891,2781,409

593732

3,495772544841522

2,062

26, 750

Sept.

11,12212,887

1,22811,6981,0971,277533615

3,203649531792471

1,914

24,009

1933

Oct.

13,28013,027

1,54613,8011,2371,239488633

3,107696507770465

1,818

26,307

MATURITY DISTRIBUTION OF- BILLS ANDSHORT-TERM SECURITIES HELD BY FEDERALRESERVE BANKS


Bills discounted:Nov. 7...Nov. 14Nov. 21Nov. 28

Bills bought inopen market:


Industrial ad-vances:

Nov. 7Nov. 14Nov. 21Nov. 28.

Treasury certifi-cates and bills:


Total

10,6699,142

10,72311,872

6,0735,7085,685

6,6177,7538,6739,769

622,886623,687624,368624,368

With-in 15days

16 to 30 31 to 60 61 to 90

8,0957,1438,9929,884

1,140578

3,0152,745

36,42516,875

days

865278

1,034

418224250

jl73,~825195,575

days

1,194296398

237520

1,7821,799

70191164

229,924233,92573,349

days

91 daysto 6mos.

293379310

4,0984,192

664

180200232235

1461468925

434945919

1,294

49,050 288,04765,75,317 282,32078,200 284,694

Over 6mos.

5,8226,4607,2247,951

19,44021,35019, 557



BANKS LICENSED AND NOT LICENSED

All member banks:Mar. 15, 1933.. _Apr. 12, 1933June 30, 1933....Oct. 25, 1933Dec. 30, 1933Mar. 5, 1934June 30, 1934Aug. 22, 1934_._Oct. 31, 1934Nov. 28, 1934...

National banks:Mar. 15, 1933. _.Apr. 12, 1933....June 30, 1933....Oct. 25, 1933.....Dec. 30, 1933Mar. 5, 1934June 30, 1934—.Aug. 22, 1934...

Number of banks

Total Licensed

Oct. 31, 1934.Nov. 28, 1934

State-bank members:Mar. 15, 1933Apr. 12, 1933June 30, 1933Oct. 25, 1933Dec. 30, 1933 ._ _Mar. 5, 1934June 30, 1934Aug. 22, 1934Oct. 31, 1934Nov. 28. 1934 _

Nonmember banks other than mutual savings banks:3

Apr. 12, 1933June 30, 1933Oct. 25, 1933Dec. 30, 1933Mar. 7, 1934June 27, 1934Aus. 22, 1934 _.Oct. 31, 1934Nov. 28, 1934

5,0785,4255, 60G5,8186,0116,2066,3756,4076,4456,449

4,5074,7894,8975,0525,1545, 2885,4175,4435,4725,471

571636709766857918958964973978

7,3928,1888,3458,3338,3958, 6298,7138,7698,791

Notlicensed1

1,6211,2561,095759512308113682116

1,4001,10898568345227095581510

22114811076

2,9591,9831,5421,257942509364254213

Deposits 2 (in thousands of dollars)

Total

28,421,03828, 646,10627,829, 94227,330,86927, 694,82829, 615,02631,124, 36131,099,41431,099,36831, 071, 630

18,137, 71918, 313,09017, 769, 63617, 632, 59617,990, 21719, 048,53319,993,89619,975, 34719,954,90519,923,958

10, 283, 31910,333,01610,060,3069,698, 2739, 704,61110, 566,49311,130,46511,124,06711,144,46311,147, 672

6, 341, 3706,135, 6485,947,8925, 559, 9965, 363, 5925, 213, 6945,160, 5355,119,452 i5, 111, 668 i

Licensed

25, 554, 28725,986,18326, 563, 92726, 584,00127,166,97429, 324,82531,012, 36731,027, 25931,080, 63831, 055,344

16,195,14516,494,54916,741,28917,022,13317,555, 23918,801, 35219,895,89719,909,93119,940, 47219,911,969

9,359,1429, 491, 6349,822, 6389, 561,8689,611, 73510, 523, 47311,116, 47011,117,32811,140,16611,143,375

5,020,0615,071, 6645,130, 6275,062,9084,940, 5834,979,4604,981,0745,001,8225, 006, 808

Notlicensed

2,866, 7512,659,9231, 266,015

746,868527,854290, 201111,99472,15518, 73016, 286

1, 942, 5741,818,5411,028, 347

610, 463434,978247,18197,99965,41614,43311,989

924,177841,382237,668136,40592,87643,02013,9956,7394,2974,297

1,321,3091,063,984

817, 265497,088423,009234, 234179,461117,630104, 860

1 Includes a number of national banks whose Federal Reserve bank stock had been canceled and membership terminated but which, on the datesgiven, were still included in the Comptroller of the Currency's records of unlicensed banks.

2 Deposits of national banks and State bank members are as of the nearest call dates; deposits of nonmember banks for Apr. 12, June 30, andOct. 25, 1933, are as of Dec. 31, 1932, or the nearest available call date prior thereto; deposits of nonmember banks for Dec. 30,1933, and subsequentdates are as of Dec. 30, 1933, or the nearest available call date prior thereto.

3 Nonmember bank figures are not available for some of the dates for which data are shown for member banks.

BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP,JAN. 1 TO NOV. 30, 1934

[Preliminary figures, subject to change]

National banksState bank members. ._Nonmember banks

Total

Licensed banks suspendedi

Number ofbanks

1

a 52

53

Deposits 3 (inthousands of

dollars)

40

6 36,562

36,602

Nonlicensed banks placedin liquidation or receiver-ship 2

Number ofbanks

388<21490

399

Deposits 3 (inthousands of

dollars)

394,862* 37, 256199, 731

631,849

1 Includes banks placed on a restricted basis.2 Includes nonlicensed banks absorbed or succeeded by other banks.3 Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or

receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearestcall dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reportedclosing of the banks.

4 Includes 12 banks with deposits of $10,849,000, which did not receive licenses following the banking holiday and withdrew from the FederalReserve System before being placed in liquidation.

«Includes 1 bank with deposits of $58,000 reported suspended in November; excludes 1 bank with deposits of $70,000 reported suspended priorto Nov. 1, which according to later reports went into voluntary liquidation.



WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index of Bureau of Labor Statistics. 1926=100]

Year, month, and weekAll

com-modi-

ties

Farmprod-ucts

Foods

Other commodities

TotalHides and

leatherproducts

Textileproducts

Fuel andlighting

materials

Metalsand metalproducts

Buildingmaterials

Chemi-cals and

drugs

House-furnish-

ing goodsMiscel-laneous

1929.1930.1931.1932.1933.

1933—October. __.November..December..

1934—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember..October

Week ending—1934—Aug. 4...

Aug. 11..Aug. 18..Aug. 25..

Sept. 1..Sept. 8..Sept. 15.Sept. 22..Sept. 29.

Oct. 6 . . .Oct. 13. .Oct. 20. _Oct. 27. .

Nov. 3 . . .Nov. 10..Nov. 17..Nov. 24..

95.386.473.064.865.9

71.271.170.8

72.273.673.773.373.774.674.876.477.676.5

104.988.364.848.251.4

55.756.655.5

58.761.361.359.659.663.364.569.873.470.6

75.1-75.476.176.9

77.577.877.577.577.2

76.676.476.276.2

76.076.676.776.3

66.667.368.971.8

73.574.373.773.672.8

71.071.070.970.8

71.171.570.6

99.990.574.661.®60.5

64.264.362.5

64.366.767.366.267.169.870.673.976.174.8

:71.872.274.175.5

76.677.276.276.776.0

75.274.874.975.4

75.475.975.575.0

91.685.275.070.271.2

77.277.277.5

78.378.778.578.678.978.278.478.378.378.0

:78.478.478.478.4

78.478.578.578.478.4

78.278.177.978.0

77.878.178.378.1

109.1100.086.172.980.9

89.088.289.2

89.589.688.788.987.987.186.383.884.183.8

90.480.366.354.964.8

77.176.876.4

76.576.976.575.373.672.771.570.871.170.3

85.184.684.284.6

84.584.684.884.984.9

84.384.484.684.5

84.484.984.984.9

71.170.871.171.1

71.370.670.670.870.7

70.270.170.0

69.569.469.369.3

83.078.567.570.366.3

73.673.573.4

73.172.471.471.772.572.873.974.674.674.6

74.775.375.275.2

75.175.475.575.575.5

75.575.474.875.0

74.975.676.175.6

100.592.184.580.279.8

83.082.783.5

85.587.087.187.989.187.786.886.786.686.3

86.285.985.985.9

85.985.985.985.785.7

85.785.685.685.5

85.585.485.385.3

95.489.979.271.477.0

83.984.985.6

86.386.686.486.787.387.887.085.885.685.2

94.289.179.373.572.6

72.773.473.7

74.475.575.775.575.475.675.475.776.577.1

94.392.784.975.175.8

81.281.081.0

80.881.081.481.682.082.081.681.881.881.7

87.186.586.486.4

86.386.385.985.485.3

85.485.285.085.2

84.985.185.084.9

75.575.575.976.0

76.376.376.576.877.0

77.377.177.277.2

76.976.877.077.1

83.082.882.982.9

82.982.983.083.183.1

82.882.882.882.8

82.882.782.782.7

82.677.769.864.462.5

65.365.565.7

67.568.569.369.569.870.269.970.270.269.7

70.170.370.1

70.370.670.770.470.3

70.169.769.769.8

70.570.670.6

Subgroups1933 I 1934

Oct. July Aug. Sept. Oct.Subgroups

Oct.

1934

July Aug. Sept. Oct.

FARM PRODUCTS:GrainsLivestock and poultryOther farm products

FOODS:Butter, cheese, and milkCereal productsFruits and vegetablesM e a t s —Other foods

HIDES AND LEATHER PRODUCTS:Boots and shoesHides and skins _..Leather. _.Other leather products

TEXTILE PRODUCTS:ClothingCotton goodsKnit goodsSilk and rayonWoolen and worsted goods...Other textile products.

FUEL AND LIGHTING MATERIALS:Anthracite.. _.Bituminous coalCoke_ _Electricity-_.GasPetroleum products

58.245.461.2

66.085.062.551.064.4

71.283.285.1

84.888.874.732.084.575.3

81.889.882.692.3

100.552.7

74.848.870.5

74.888.968.263.464.5

98.066.675.186.8

81.985.159.524.580.7

78.695.785.692.499.251.3

86.056.273.1

77.391.065.669.468.9

97.957.471.386.8

79.586.459.324.478.969.7

79.996.285.692.699.251.6

88.164.174.4

76.291.966.076.670.0

97.960.470.686.5

79.787.859.924.378.069.1

81.396.385.695.299.351.3

85.055.375.4

77.191.067.670.071.0

97.759.770.585.9

79.186.660.524.874.868.5

82.096.485.6

50.4

METALS AND METAL PRODUCTS:Agricultural implementsIron and steelMotor vehiclesNonferrous metals

BUILDING MATERIALS:Brick and tileCementLumberPaint materialsPlumbing and heatingStructural steel.Other building materials

CHEMICALS AND DRUGS:ChemicalsDrugs and Pharmaceuticals .Fertilizer materialsMixed fertilizers

HOUSEFURNISHING GOODS:FurnishingsFurniture

MISCELLANEOUS:Auto tires and tubes. -Cattle feed.._Paper and pulpRubber, crudeOther miscellaneous

83.782.490.967.0

84.691.284.276.174.786.887.1

78.656.867.668.3

82.879.8

43.260.482.415.678.6

92.086.794.668.8

91.393.985.379.875.092.590.9

78.573.067.672.8

84.878.5

44.688.882.429.982.3

92.086.694.668.9

91.393.981.879.975.092.090.0

79.272.764.873.0

84.678.9

44.7104.082.431.781.0

92.086.594.768.4

91.393.982.379.571.692.0

80.372.766.473.0

84.878.8

44.7100.782.431.581.4

92.086.294.768.1

91.293.982.079.468.192.089.3

81.173.565.773.0

84.479.0

44.797.682.428.681.1

Back figures.—For monthly and annual indexes of groups, see Annual Report for 1933 (table 120); indexes of subgroups available at Bureau ofLabor Statistics. For weekly indexes covering 1932 and 1933, see Annual Report for 1933 (table 121) and BULLETIN for February 1934, p. 139.



INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)tlndex numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100]

Industry

Manufactures—Total

IRON AND STEELPig ironSteel ingots

Cotton consumptionWool

ConsumptionMachinery activity l .. _.Carpet and rug loom activity1

Silk deliveries

FOOD PRODUCTSSlaughtering and meat packing

HogsCattleCalvesSheep . . -.

Wheat flourSugar meltings

PAPER AND PRINTING:Newsprint productionNewsprint consumption

LUMBER

TRANSPORTATION EQUIPMENT:Automobiles -Locomotives _Shipbuilding

LEATHER AND PRODUCTSTanning

Cattle hide leathersCalf and kip leathers - - . .

• Goat and kid leathersBoots and shoes .

CEMENT AND GLASS:CementGlass, plate _ _ - _ ._

NONFERROUS METALS: i

Tin deliveriesx

FUELS, MANUFACTURED:Petroleum refining _ _ . ___

Gasoline1

Kerosene . . . . .Fuel oil i _Lubricating oil *

Coke, byproduct.

RUBBER TIRES AND TUBESTires, pneumatic _Inner tubes

TOBACCO PRODUCTSCigarsCigarettes

Minerals—Total

Bituminous coalAnthracitePetroleum, crude .- ._Iron oreZincLead - - --Silver

1933

Oct.

76

604562

958897836782

85908591

1041517676

66105

33

450

39

93827669

109100

3570

95

15219577

1018882

909368

10857

143

81

6155

12163776433

Nov.

70

4736

1 48

8980868163

103

9198

10187

1041428282

71104

30

302

41

92918584

11193

3952

80

1461847796

10275

97100

72

9562

118

81

6573

11723727133

Dec.

73

604062

776773694892

86898588

1061478178

67106

32

453

41

94898490

10397

36106

56

13717180969277

10811368

12367

166

85

6668

119

676729

1934

Jan.

76

564057

9170708348

103

96100

951021221399187

64108

34

562

26

97918185

126101

4999

55

14217789959278

9710169

13874

188

88

6782

120

666437

Feb.

80

634565

9573728554

114

919480

1121221339473

63112

29

710

30

107948978

124116

6198

54

14418187988685

100103

74

13266

181

91

7489

118

666436

Mar.

82

665168

9772718259

129

848669

1061221319265

66112

38

780

59

106888472

116118

58106

58

14317795

1019091

10611082

11966

158

100

84109122

685747

Apr.

85

765578

9766687153

115

9310295

1101201299164

68115

33

851065

116959085

118130

5598

71

1521919899

10093

97100

76

12866

175

90

7273

125

645645

May

86

846685

9565637257

112

981081041101281278971

68115

33

781039

117938978

118133

5783

73

15319195

101108102

818363

12862

178

89

7276

12740656644

June

83

856687

7463616862

109

96103

871231391289080

64118

31

822

38

10087858299

109

5877

68

15419594

10395

100

848762

13265

183

87

6769

13054575645

July

74

474248

79

'67'44101

10212092

1551981348169

63116

29

783

28

99868174

114107

5392

64

156201

921009278

838568

12863

177

85

6563

12852575340

Aug.

72

383639

86

654796

106128

791922441457964

63117

36

615

95

97838267

101'106

4886

65

157202

911039074

798256

12666

172

80

6150

12447604439

Sept.

69

373138

64*>39

404199

12014289

2162251628594

65121

32

517

133

8880796797

' 9 3

5084

68

15219385

1029173

79' 8 2

61

12566

171

82

6462

12244615536

Oct.

*73

413142

94

p 646146

135

107119

95144145228

83101

62116

29

418

848079689586

4687

58

15319692989073

828560

12066C

O

OC

6453

12235765639

'Includes also lead and zinc; see "Minerals." ' Preliminary. »• Revised.* Without seasonal adjustment.NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and

September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, mechanical wood pulp,chemical wood pulp, and paper boxes, usually published in this table, are in process of revision.



INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)[Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100]

Industry

Manufactures—Total

IRON AND STEELPig iron - . .Steel ingots

Cotton consumption _Wool

Consumption - -Machinery activityCarpet and rug loom activitySilk deliveries __

FOOD PRODUCTSSlaughtering and meat packing

HogsCattleCalves _ . _ . _Sheep

Wheat flourSugar meltings ______

PAPER AND PRINTING:Newsprint productionNewsprint consumption

LUMBER

TRANSPORTATION EQUIPMENT:AutomobilesLocomotivesShipbuilding

LEATHER AND PRODUCTSTanning _

Cattle hide leathersCalf and kip leathersGoat and kid leathers

Boots and shoes _ _CEMENT AND GLASS:

CementGlass, plate. . _ __

NONFERROUS METALS'.lTin deliveries

FUELS, MANUFACTURED:Petroleum refining

GasolineKeroseneFuel oilLubricating oil

Coke, byproduct 'RUBBER TIRES AND TUBES

Tires, pneumaticInner tubes

TOBACCO PRODUCTSCigarsCigarettes _ _ _ _

Minerals—Total

Bituminous coal.._ __ __Anthracite .Petroleum, crude _ _ _Iron oreZincLeadSilver

1933

Oct.

76

594560

9793

107836782

868973

107109167

8672

66111

34

40o

28

102877882

113112

4070

95

152195

80101

8882

798162

11669

150

88

6771

122108

756633

Nov.

70

433744

9384938163

106

961081111001061418964

70111

29

192

36

88898579

11088

3850

80

147

1848396

10277

737552

9773

117

84

7275

11619727436

Dec.

67

533954

716874694882

89106112

93100144

7845

67109

29

254

32

81878177

11276

2880

56

138171

86969278

757849

9950

136

80

6967

115

686829

1934

Jan.

75

534055

9571728348

117

1021191281031131408957

65104

30

461

18

90878270

11992

3088

55

142

17791959278

909362

13157

185

85

7489

115

706537

Feb.

82

664668

10176798554

122

90948898

114125

9171

63110

28

760

21

109979572

129117

37106

54

144181

88988687

108112

78

12057

164

88

7895

116

716639

Mar.

85

7553

' 77

10273738259

124

82816992

124119

8677

65117

39

960

46

110888564

119124

42115

58

143177

92101

9094

117121

89

11360

150

91

8489

121

725852

Apr.

89

845987

10465657153

114

87928497

131121

8375

69123

35

1099

63

114939076

117127

53108

71

152191

9799

10094

115118

87

11862

159

81

6076

125

675546

May

89

916793

9762587257

111

96105100107144124

8480

69119

35

981050

108888574

109121

6890

73

153191

92101108101

102106

77

13064

179

87

6276

12860666543

June

83

856687

716055686297

9510289

116144126

8095

66117

32

932

47

9786837999

103

7279

68

154195

87103

9598

102105

74

14470

202

87

6060

132106

555744

July

71

444044

72

p 55' 67'44

96

10011382

154192134

7884

61103

29

823

41

98867986

105105

6491

64

15620186

1009275

818365

13967

194

85

5952

131105535134

Aug.

71

383538

77J»58

6547

100

100115

60188224146

8572

61104

38

675

140

10785808199

'121

6287

65

157202

87103

9072

788162

13569

186

83

6050

12695564339

Sept.

70

373038

62

v 394041

104

122138

67240216188100100

64118

33

567

133

101858277

102111

6385

68

152193

87102

9171

'76'78

61

13976

188

87

6862

12585585234

Oct.

P 7 4

403141

197

v 706146

135

110120

81168152251

9396

62123

30

388

928581819997

5387

58

154196

97989073

737554

12981

169

87

7168

12360735839

1 Includes also lead and zinc; see "Minerals." Preliminary. * Revised.NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196 and

September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, mechanical wood pulpchemical wood pulp, and paper boxes, usually published in this table, are in process of revision.



FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]

Industry and group

Factory employment


1934

Oct. Sept.

1933

Oct.

Adjusted for seasonal varia-tion

1934

Oct. Sept.

1933

Factory pay rolls


1934

Oct. Oct.

1933

Oct.

Total,IRON AND STEEL AND PRODUCTS.. _ . .

Blast furnaces and steel worksCast-iron pipe _Cutlery and edge toolsHardwareSteam, hot-water heating apparatus, etc.Stoves _Structural metal work__ _.Tin cans, etc —Wirework

MACHINERY _Agricultural implements..- —Electrical machinery, etcEngines, turbines, etcFoundry and machine-shop products..Machine toolsRadios and phonographs --.Textile machinery -.

TRANSPORTATION EQUIPMENTAutomobilesCars, electric and steam railroad.LocomotivesShipbuilding. -

RAILROAD REPAIR SHOPS..Electric railroadsSteam railroads

NONFERROUS METALS AND PRODUCTS.Brass, bronze, and copperLighting equipmentSilverware and plated wareSmelting and refiningStamped and enameled ware

LUMBER AND PRODUCTS .FurnitureLumber, millworkLumber, sawmills

STONE, CLAY, AND GLASS PRODUCTS_Brick, tile, and terra cotta.—Cement ._-Glass. _Pottery _

TEXTILES AND PRODUCTS. _ _.A. Fabrics

Carpets and rugsCotton goodsDyeing and finishingKnit goodsSilk and rayon goodsWoolen and worsted goods—.

R. Wearing anoarelUlotUing, men'sClothing, women'sMillineryShirts and collars

LEATHER AND PRODUCTS..Boots and shoesLeather

*78.6

66.065.450.878.145.849.695.257.093.1

121.1

77.672.965.072.366.469.1

223.661.0

68.474.934.138.071.2

53.965.153.1

75.171.067.170.673.182.9

49.666.836.333.9

52.129.951.086.169.2

92.389.762.594.5

106.7109.575.968.194.480.8

121.768.8

103.4

83.382.387.8

75.8

66.065.352.176.745.848.891.658.6

101.0120.2

'77.767.865.971.166.869.7

219.9'62.4

73.880.941.837.771.3

55.765.755.0

73.270.864.569.569.984.4

49.365.034.634.1

52.930.454.087.366.2

73.162.064.652.091.1

100.658.235.895.589.5

121.076.0

103.5

85.785.586.8

79.6

70.247.378.558.255.496.254.685.0

123.7

73.052.460.653.463.654.0

238.277.8

59.164.227.922.666.1

55.065.854.1

75.677.561.667.964.093.3

55.278.538.736.2

51.631.841.481.169.6

97.796.779.1

100.887.5

114.279.290.795.887.8

118.677.5

113.5

88.988.391.4

*>77.0

65.665.950.677.645.548.886.155.793.3

120.4

75.576.465.073.166.968.4

157.762.2

73.981.435.639.376.1

53.765.152.8

74.171.965.167.772.382.8

47.861.436.033.3

50.229.249.081.768.8

90.788.862.893.8

106.2108.275.466.591,385.9

115.867.799.3

81.379.787.9

73.

65.65.51.79.

9

4442

Preliminary.

45.947.985.657.095.3

119.4

"75.772.465.971.466.669.8

164.7'62.8

75.282.140.938.676.0

55.465.754.7

73.671.664.268.771.785.8

48.063.034.333.0

51.128.750.985.366.3

72.962.767.152.592.3

102.258.736.293.487. O

118.672.1

102.082.481.486.7

r Revised*

77.8

69.470.747.278.057.954.587.153.485.2

123.0

70.855.060.654.064.153.5

168.079.3

63.969.829.123.370.7

54.765.853.8

74.878.459.765.162.393.2

53.172.238.435.6

49.731.139.876.969.2

96.195.879.4

100.387.1

112.878.788.692.786.8

112.876.6

109.286.785.691.4

P60.7

42.839.227.555.730.632.472.740.682.395.4

56.874.449.348.447.650.3

138. 844.6

47.249.131.617.056.2

46.957.346.2

57.549.556.353.845.970.4

35.247.524.122.6

35.716.933.169.446.3

74.773.145.078.683.0

107.163.746.873,462. G04.854.8

64.360.476.8

57.9

41.137.328.253.229.230.765.840.596.292.0

'55.366.748.046.146.750.8

127.0'46.1

51.954,336.717.457.0

45.656.944.9

54.048.752.052.142.766.7

33.944.621.822.3

34.716.133.967.441.1

57.549.146.540.475.691.041.124.370.902.285.275.593.2

69.267.773.6

59.4

47.648.023.254.239.130.769.235.975.695.7

50.247.441.531.743.339.6

142.865.1

43.346.124.28.5

47.5

48.954.248.6

53.852.546.750.637.0

38.155.023.523.3

33.614.924.763.547.1

77.477.565.180.868.2

106.261.466.572.7C>2. 6

01.259.0

101.9

72.370.178.8



FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]

Industry and group

Factory employment


1934

Oct. Sept. Oct.

Adjusted for seasonal varia-tion

1934

Oct. Sept.

1933

Oct.

Factory pay rolls


1934

Oct. Sept.

1933

Oct.

FOOD PRODUCTSBakingButterCanning and preservingConfectionery _Flour _Ice creamSlaughtering and meat packingSugar refining, cane

TOBACCO PRODUCTS -Chewing and smoking tobacco and snuffCigars and cigarettes _

PAPER AND PRINTINGBoxes, paperPaper and pulp lBook and job printingPrinting, newspapers and periodicals

CHEMICALS AND PETROLEUM PRODUCTSA. Chemical group, except petroleum

ChemicalsDruggists' preparationsExplosivesFertilizersPaints and varnishes _.Rayon and allied products _._.Soap

B. Petroleum refining

RUBBER PRODUCTSRubber boots and shoes _.Rubber tires and inner tubes

119.5116.177.7

137.396.680.569.1

117.690.9

65.373.564.2

96.590.0

106.687.099.2

109.2108.4106.6107.391.889.999.4

307.0105.7112.6

77.555.769.4

127.1115.781.1

204.493.180.277.3

121.288.1

64.773.763.5

95.3'86.5105.486.398.5

108.6107.6108.0103.093.295.098.8

305.598.6

112.9

78.456.470.4

115.9110.182.0

158.599.674.768.0

101.590.5

64.678.662.9

94.591.6

104.182.998.0

109.1109.2103.299.892.691.094.0

331.3101.7108.8

88.763.974.7

109.2114.376.794.780.078.570.6

116.789.4

62.574.161.0

96.185.4

106.687.899.0

107.3106.0105.4102.688.996.199.1

307.0102.7112.8

78.253.371.8

110.5113.775.990.083.978.670.9

122.486.1

62.974.461.4

95.6'85.1105.486.8

108.2107.6108.5100.891.6

103.4100.0305.597.6

110.9

79.055.471.7

104.6108.480.9

109.382.572.969.4

100.789.1

61.979.259.8

94.286.9

104.183.797.8

106.9106.4102.195.489.697.393.7

331.398.8

109.0

89.461.177.3

103.398.358.3

134.484.168.554.5

107.074.0

49.063.947.1

82.682.483.273.789.9

91.289.492.096.772.571.978.0

217.294.697.4

58.854.2

109.399.660.4

199.582.668.660.5

109.272.4

50.368.747.9

80.3'77.879.672.488.2

87.992.192.369.578.575.8

215.587.396.3

56.150.447.6

91.190.663.7

132.680.459.952.677.769.7

51.2

76.075.677.565.684.4

85.584.385.791.068.968.470.7

218.381.189.4

62.958.649.7

r Revised,NOT*;.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics.

For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally-adjusted index ofactory employment computed by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343.

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION[Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation]

Month

JanuaryFebruary __ _ _MarchApril. —MayJune _.JulyAugust -September ._October _.NovemberDecember

Year_ _

Total

1933

83.452.760.056.677.2

102.382.6

106.0120.1145.4162.3207.2

1, 255.7

186.596.7

178.3131.4134.4127.1119.7120.0110.2135.2

Residential

1933

12.011.816.019.126.527.723.621.921.521.523.623.9

249.3

1934

15.114.528.122.824.826.619.818.617.926.3

Factories

1933

4.32.86.46.29.4

26.817.814.115.19.88.26.7

127.5

1934

10.74.2

15.98.48.38.7

25.710.06.18.5

Commercial

1933

5.87.67.26.68.99.6

11.510.57.49.87.37.1

99.4

1934

9.47.6

13.011.924.711.912.913.513.113.8

Public worksand public

utilities

1933

42.717.217.613.619.024.418.951.460.792.7

111.1133.3

602.7

1934

113.753.292.969.956.857.439.150.650.065.2

Educational

1933

1.42.21.31.11.73.52.92.62.22.22.6

16.3

40.0

1934

19.65.48.88.6

10.49.77.8

12.2'12.5

9.0

All other

1933

17.311.011.59.9

11.610.37.85.6

13.09.39.6

20.0

136.9

1934

17.911 819.69 89.5

12.814.4

'15.210.612.7

*• Revised.



CONSTRUCTION CONTRACTS AWARDED, BYDISTRICTS

[Value of contracts in thousands of dollars; figures for 37 States east of theRocky Mountains, as reported by the F . W. Dodge Corporation]


1934

October

BostonNew York.PhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City.Dallas _

Total (11 districts)

15,29326,38212,81710,30410,9377,920

22,96010, 7345,6187,5394,720

135,225

Septem-

' 11,89921,5586,454'9,33612,0577,023

'20,0487,6176,5473,8533,759

••110,151

1933

October

11,34324,7299,048

'14,77410,75317,13721,227'10,5458,6447,6929,475

145,367

r Revised.

COMMERCIAL FAILURES, BY DISTRICTS

[Amounts in thousands of dollars; figures reported by Dun & Bradstreet]


BostonNew YorkPhiladelphiaCleveland..RichmondAtlanta -Chicago .-St. LouisMinneapolis - _ __Kansas CityDallasSan Francisco

Total . . .

]Number

1934

Oct.

13834650654825

12436225420

163

1,091

Sept.

7821343592735

10733193617

123

790

1933

Oct.

15032151957440

17742433940

134

1,206

Liabilities

1934

Oct.

1,6866,8391,2681,515

778967

2,607432459321189

2,907

19,968

Sept.

1,5584,7541,7921,475

432420

2,649493192279173

2,223

16,440

1933

Oct.

2,37810,4522,3002,548

852582

6,3411,019

384412

1,4001,915

30,582

NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS

[Based on estimates, by States, for Nov. 1,1934,1 as reported by the Department of Agriculture]

[In thousands of units]


Corn

Production1933

EstimateNov. 1,1934

Total wheat

Production1933

EstimateNov. 1,1934

Winter wheat

Production1933

EstimateNov. 1,1934

Spring wheat

Production1933

EstimateNov. 1,1934

BostonNew YorkPhiladelphia-ClevelandRichmondAtlanta..ChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco.

T o t a l - .

Bushels7,545

20,82144,551

150,851133,164151,672835,127296,955219,136389,33485,0359,692

Bushels7,861

47,890126,507132,405160,355471,280159,780116,93253,30163, 0728,314

Bushels120

5,17514,189

19,6693,039

46, 74238, 556

115,137131,990

13, 719100,776

Bushel*120

5,04913,64337,44022,306

Bushels Bushels

48,70744,85566,108144,60926,14584,402

5,05114,10438,76619,6693,03944,42638,4349,775

123,61413, 62641,104

4,91713,57037, 37222,3063,59846,97344,8139,698

140, 70226,07050,503

Bushels12012485

100

Bushels1201327368

2,316122

105,3628,376

9359,672

1,73442

56,4103,907

75

2, 343,883 1,371, 527 527,978 496,982 351,608 400,522 176,370 96,460


Oats

Produc-tion 1933

EstimateNov. 1,

1934

Tame hay

Produc-tion 1933

EstimateNov. 1,

1934

Tobacco

Produc-tion 1933

EstimateNov. 1,

1934

White potatoes

Produc-tion 1933

EstimateNov. 1,

1934

Cotton

Produc-tion 1933

EstimateNov. 1,

1934

BostonNew YorkPhi ladelphia-ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis—.Kansas City. . .DallasSan Francisco .

Total 731,524 545,938

Bushels7,446

17,87713,10635,15916,9428,183

314,08937, 207

146,95284,23422,34727,982

Bushels7,541

24,71315, 25736, 49915, 6279,973

198, 21319, 574

111, 90650,84635,66420,125

Ton*2,8544,8502,2883,9292,9181,92713,2895,2497,8968,675881

11,227

Tons2,8113,9761,9353,2392,7772,1699,6274,2195,0285,733

73210,195

Pounds24,012

90625,330

117,615748,327167,156

17,814277,750

1,2314,966

Pounds17,973

71222, 231

102,875593,417121,99914,633

238,0541,0432,874

Bushels49,77028,31420,78615,50122, 50611,03039, 7529,107

42,53930,4734,419

46,156

Bushels Bales Bales

36,31530,54620,92932, 28314,89864,6599,49944,12516,6784,764

41, 603

1,4562,569

1,3802,442

2 2, 554 2,261

1,0515,114303

2902,917344

65,983 52,441 1,385,107 1,115,811 320,353 383,105 13,047 9,634

i Figures for spring wheat, oats, and tame hay from estimates for Oct. 1; for winter wheat from Aug. 1; no estimates made for Nov. 1.* Includes 15,000 bales grown in miscellaneous territory.* Includes 12,000 bales grown In miscellaneous territory.


INDEX TO VOLUME 20

Acceptances: P a s e

Buying rates on 21, 101,156, 219, 282, 354, 457, 523, 590, 646, 728, 793

Classes of 20, 100,155, 218, 281, 353, 456, 522, 589, 645, 727, 792

Held by Federal Reserve banks:Discussion of 319Payable in foreign currencies 20, 100,

155, 218, 281, 353, 456, 522, 589, 645, 727, 792Held by member banks:

All banks on call dates 97,152, 215, 278, 350, 453, 519, 586, 642, 724, 789

Licensed banks on call dates 130,192, 418, 614

Reporting banks 759, 823Open-market rates:

Foreign countries 36, 117;176, 240, 298, 385, 481, 538, 605, 671, 745, 810

New York City 21, 101,156, 219, 282, 354, 457, 523, 590, 646, 728, 793

Outstanding 20, 100,155, 218, 281, 353, 456, 522, 589, 645, 727, 792

Payable in foreign currencies, held by Fed-eral Reserve banks 20, 100,

155, 218, 281, 353, 456, 522, 589, 645, 727, 792Payment of, before maturity, as indirect

payment of interest on deposits; rulingof Board 303

Revision of member bank weekly state-ment to include 712, 759

Acts:Canada Banking Act 653Cuban Currency Act 468, 660Continuing functions of Reconstruction

Finance Corporation 123Czechoslovakia currency law, amendment

to 288Extending for 1 year the temporary plan

for deposit insurance 486Federal Farm Mortgage Act, section 16 of,

amending Federal Reserve Act 123Federal Reserve Act, amendments to,

made by:Federal Farm Mortgage Act 123Gold Reserve Act of 1934 63Home Owners' Loan Act 304Loans to Industries Act 430National Housing Act 488

Glass-Steagall Act, extension of 182Gold Reserve Act of 1934 63Home Owners' Loan Act, sections 7 and 8

of, amending Federal Reserve Act 304National Housing Act, section 505 of,

amending Federal Reserve Act relatingto loans by national banks on real estate. 488

Providing for punishment for offensesagainst banks 410

Securities Exchange Act of 1934 321, 396Silver Purchase Act of 1934 436

Advances to member banks:Discount rates 21, 101,

156, 219, 282, 354, 457, 523, 590, 646, 728, 793Glass-Steagall Act, extension of:

Discussion of 142Proclamation of President 1821

Text of act _ 18aAdvertising by insured banks under Federal

Deposit Insurance Corporation 577Advisory Council, Federal:

Conferences, expenses of 186, 547Meeting of 145*

Affiliates, rulings of Board regarding:Corporate trustee under deed of trust as a

holding company affiliate 303Cumulative voting of shares by holding

company affiliates of member banks 749Existence of more than one holding com-

pany affiliate of a member bank 182Individual trustee as holding company affil-

iate 122;Limitations on loans to affiliates secured by

paper eligible for rediscount 391"Loan or extension of credit", endorsement

as, within section 23A of Federal ReserveAct 391

Partnership as holding company affiliate ofmember bank 41

Publication of reports of 542Africa, gold production 27, 108, 168, 232,

290, 377, 473, 530, 597, 663, 737, 802Agricultural credit corporations:

Government financing of 626, 648, 730, 795Loans to:

By Farm Credit Administration. 713, 732, 797By Reconstruction Finance Corpora-

tion 103, 158, 221,284, 356, 459, 525, 592, 649, 731, 796

Agricultural implements:Factory emplovment and pay rolls:

Index of_I 57, 137, 197, 264,315, 424, 502, 554, 622, 706, 767, 837

Revision of employment index 327-343Wholesale prices 58, 138, 198, 265,

316, 426, 504, 556, 619, 703, 764, 834Albania, National Bank of:

Condition of 32, 113,173, 237, 295, 382, 478, 535, 602, 668, 742, 807

Discount rates 36, 117, 176, 240,298, 385, 481, 538, 605, 671, 745, 810

Amendments to Federal Reserve Act. (SeeActs; Federal Reserve Act.)

Amendments to foreign banking laws:Canada 653Cuba 468, 660Czechoslovakia 280

Annual reports:Bank for International Settlements 360Bank of France 162

841


842 INDEX TO VOLUME 20

Annual reports—Continued.German Reichsbank 225Netherlands Bank 463

Argentina:Foreign exchange rates:

Monthly averages 37, 118, 177,241, 299, 386, 482, 539, 606, 672, 746, 811

Yearly averages, 1925-33 38Gold imports and exports to and from

United States 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787

Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801

Government note issues and reserves 30,111, 171, 235, 293, 380, 476, 533, 600, 666,740, 805

Assessment for expenses of Federal ReserveBoard 186, 547

Assets and liabilities:All banks in United States on call dates. _ 52-54Bank for International Settlements:

Balance sheet, March 31, 1934 375Monthly figures 30, 111, 171,

235, 293, 380, 476, 533, 600, 666, 740, 805Banks insured by Federal Deposit In-

surance Corporation 575-577, 763Federal home loan banks 732, 797Federal Reserve banks:

All banks combined. 15, 94, 149,212, 275, 347, 450, 516, 583, 639, 721, 786

Each bank 46, 125, 185,247, 306, 413, 494, 546, 611, 694, 757, 821

Foreign central banks 31, 112, 172,236, 294, 381, 477, 534, 601, 667, 741, 806

Foreign commercial banks 34, 115, 175,239, 297, 384, 480, 537, 604, 670, 744, 809

Government credit agencies 626, 648, 730, 795Member banks:

All banks on call dates 129, 191, 417, 613Licensed banks on call dates. 130, 192, 418, 614Reporting banks:

Revision of weekly statement 712, 759Weekly figures 49, 131, 193, 260,

310, 419, 498, 550, 615, 696, 759, 823National banks:

All banks on call dates 53Licensed banks on call dates. 130, 192, 418, 614

State banks:All banks on call dates 54Licensed member banks on call dates,- 130,

192, 418, 614Australia:

Bank of:Condition of 32, 113, 173,

237, 295, 382, 478, 535, 602, 668, 742, 807Gold reserves.26, 107, 167, 231, 289, 376, 472

Foreign exchange rates:Monthly averages 37, 118, 177,

241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38

Gold imports and exports to and fromUnited States 16, 95, 150,

213, 276, 348, 451, 517, 584, 640, 722, 787Gold production 27,108,

168, 232, 290, 377, 473, 530, 597, 663, 737, 802

Austria:Foreign exchange rates:


Yearly averages, 1925-33 38

Austria—Continued.National Bank of: Page

Condition of. 32, 113, 173,237, 295, 382, 478, 535, 602, 668, 742, 807

Discount rates:Changes in 445Monthly figures 36, 117, 176, 240,

298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167, 231,

289, 376, 472, 529, 596, 662, 736, 801Automobiles:

Factory employment and pay rolls:Index of 57, 137, 197, 264,

315, 424, 502, 554, 622, 706, 767, 837Revision of employment index 327-343

Production index 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835

Balance of payments:England, France, Germany 444United States 445, 716, 778

Balance sheets:Bank for International Settlements 375Bank of France 166German Reichsbank 230Netherlands Bank 468(See also Assets and liabilities; Condition

of banks.)Balances, reserve, of member banks. (See

Reserves.)Bank credit. (See Credit.)Bank debits 59, 140,

194, 261, 311, 427, 505, 557, 617, 697, 761, 832Bank deposits. (See Deposits.)Bank failures 251,762,833Bank for International Settlements:

Annual report 360Condition of:

Balance sheet March 31, 1934 375Monthly figures 30, 111, 171,

235, 293, 380, 476, 533, 600, 666, 740, 805Bank premises, Federal Reserve banks:

All banks combined 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721, 786

Each bank 46, 125,185, 247, 306, 413, 494, 546, 611, 694, 757, 821

Depreciation charges 187Bank suspensions 251, 762, 833Bank stock, loans, on, by Reconstruction

Finance Corporation... 103,158, 221, 284, 356, 459, 525, 592, 649, 731, 796

Discussion of 508Bankers' acceptances. (See Acceptances.)Bankers' balances, member banks:

All banks, on call dates 129, 191, 417, 613Discussion of 71Licensed banks on call da t e s . . . 130, 192, 418, 614Reporting banks 49, 131,

193, 260, 310, 420, 498, 550, 615, 696, 760, 824Banking Act of 1933, rulings of Board under.

(See Rulings.)Bankruptcies. (See Failures.)Banking laws, foreign:

Canada 653Cuba 468, 660Czechoslovakia 288

Banks:Act providing for punishment of offenses

against 410Licensed. (See Licensed banks.)Loans to, by Reconstruction Finance Cor-

poration 103,158,221, 284, 356, 459, 525, 592, 649, 731, 796


INDEX TO VOLUME 20 843

Banks—Continued. PageNumber of, in United States 18, 98, 153, 216,

279, 351, 454, 520, 587, 643, 725, 790(See also Federal Reserve banks; Members

banks; Nonmember banks.)Banks for cooperatives:

Government financing of 626, 648, 730, 795Loans to 732, 797

Belgium:Foreign-exchange rates:

Monthly averages 37, 118, 177, 241, 299,386, 482, 539, 606, 672, 746, 811


United States 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787

Money rates 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810

National Bank of:Condition of_ 32, 113, 173,

237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates:

Changes in 270, 561Monthly figures 36, 117, 176, 240,

298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,

231, 289, 376, 472, 529, 596, 662, 736, 801Bills:

Bought by Federal Reserve banks:All banks combined 15, 94, 149,

212, 275, 347, 450, 516, 583, 639, 721, 786Averages of daily figures, end of month

series 14, 126, 188,248, 307, 414, 495, 515, 582, 638, 719, 784

Discussion of 142Each bank 46, 125, 185,

247, 306, 413, 493, 546, 611, 694, 757, 821Earnings on 186, 547Maturities 51, 133, 194,

261, 311, 421, 499, 551, 617, 697, 761, 832Outright and under resale agreement.. 15,

94, 149, 212, 275, 347, 450, 516, 583, 639,721, 786

Wednesday series 14, 93, 148,211, 274, 346, 449, 514, 581, 637, 720, 785

Buying rates:Federal Reserve Bank of New York,. 21,

191, 156, 219, 282, 354, 457, 523, 590, 646,728, 793

Foreign central banks 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810

Discounted by Federal Reserve banks:All banks combined 15, 94, 149,

212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125, 185,

247, 306, 413, 493, 546, 611, 694, 757, 821Averages of daily figures, end of

month series 14, 12, 61, 88, 248,307, 414, 495, 515, 582, 638, 720, 785

Discussion of 142Earnings on 186, 547Maturities 51, 133, 194,261,

311, 421, 499, 551, 617, 697, 761, 832Wednesday series 14, 93, 148, 211,

274, 346, 449, 514, 581, 637, 719, 784Pledged against Federal Reserve bank

notes:All Federal Reserve banks combined 15,

94, 149, 212, 275, 347, 450, 516, 583, 639,721, 786

Each Federal Reserve bank 46, 125, 185,247, 306, 413, 494, 546, 611, 694, 757, 821

Bills payable and rediscounts:All banks in United States on call dates 52National banks on call dates 53State banks on call dates 54

Black, Eugene R.:Recommendations to Congress relative to

proposed revision of reserve require-ments 202, 205

Resignation as governor of Federal ReserveBoard 561

Resumes position as governor of FederalReserve Bank of Atlanta 561

Statement by, relative to gold reserve bill(S. 2366) 73

Bolivia, Central Bank of:Condition of 32, 113,

173, 237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates 36, 117,

176, 240, 298, 385, 481, 538, 605, 671, 745, 810Bonds:

Issues of 23, 104,159, 222, 285, 357, 460, 526, 593, 650, 733, 798

Federal Farm Mortgage Corporation bondsas security for advances by Federal Re-serve banks; act amending FederalReserve Act 123

Home Owners' Loan Corporation bonds,act permitting Federal Reserve banksto acquire 304

Prices of:Domestic 23,104, 159, 222,

285, 357, 460, 526, 593, 650, 733, 798Principal countries 39, 119, 178, 242,

300, 388, 484, 541, 608, 674, 748, 813United States Government. (See United

States Government securities.)Yield on:

Discussion of 771Monthly figures 23, 104, 159, 222,

285, 357, 460, 526, 593, 650, 733, 798New averages of Treasury bond yields.. 322

Boots and shoes:Factory employment and pay rolls:

Index of 57, 137, 197, 264,315, 424, 502, 554, 622, 706, 767, 837

Revision of employment index 327-343Production index 55, 135, 195,

262, 313, 422, 500, 552, 620, 704, 765, 835Wholesale prices 58, 138, 198,

265, 316, 426, 504, 556, 619, 703, 764, 834Borrowings of member banks at Reserve banks:

Licensed banks in each district 47, 127, 189,249, 308, 415, 496, 548, 612, 695, 758, 822

Reporting banks:Total 19, 99, 154, 217,

280, 352, 455, 521, 588, 644, 726, 791Weekly figures 49, 132, 193, 260,

310, 420, 498, 550, 616, 696, 760, 824Branch banks, number of 699-701Branch office of dealer in securities, manager of,

applicability of sec. 32 of Banking Act of 1933to; ruling of Board 750

Brazil:Bank of, condition of 32, 113, 173,

237, 295, 382, 478, 535, 602, 668, 742, 807Foreign exchange rates:

Monthly averages 37, 118, 177, 241,299, 386, 482, 539, 606, 672, 746, 811

Yearly averages, 1925-33 38Brick, wholesale prices 58, 138,

198, 265, 316, 426, 504, 556, 619, 703, 764, 834



British India, gold imports and exports:Net imports 29, 110, 170, 234,

292, 379, 475, 532, 599, 665, 739, 804To and from United States 16, 95, 150,

213, 276, 348, 451, 517, 584, 640, 722, 787Brokers and dealers in securities:

Correspondent relationships of memberbanks with, in connection with under-writing and dealing in municipal andother securities; ruling of Board 485

Dealers in securities solely for account ofothers, applicability of section 32 ofBanking Act of 1933 to; ruling of Board. 393

Loans to:As reported by New York Stock Ex-

change 19, 99, 154,217,280,352,455, 521, 588,644, 726, 791

By all member banks on call dates__ 97, 152,215,278, 350,453, 519,586,642,724,789

By reporting member banks:Discussion of 203, 507, 629, 712, 773In 91 leading cities, 1932-34.._ 829-831In 101 leading cities, 1929-33. . 825-828In New York City 19, 99, 154, 217,

280, 352, 455, 521, 588, 644, 726, 791Weekly statement 759, 823

Revision of 712Manager of branch office, applicability of

section 32 of Banking Act of 1933 to;ruling of Board 750

Member bank haying relations with, appli-cability of section 32 of Banking Act of1933; ruling of Board 42

Permits to act as correspondent bank forcertain dealers in securities under section32 of Banking Act of 1933; ruling ofBoard 392

Regulation T governing:Discussion of 629-634Rulings of Board interpreting. (See

Rulings.)Text of 675-686

Revision of member bank weekly state-ment to include loans to 712, 759

Securities company within provisions ofseep. 20 and 32 of Banking Act of 1933:ruling of Board 485

Building:Contracts awarded:

By types of building and by districts 59,140, 199, 266, 317,427, 505,557, 624,708,768, 838.

Chart showing 3Discussion of 3, 70, 776Total 24, 105, 160,

223, 286, 358,461,527, 594,651, 734, 799Materials, wholesale prices 58, 138, 198, 265,

316, 426, 504, 556, 619, 703, 764, 834Building and loan associations, loans to, by Recon-

struction Finance Corporation 103,158, 221, 284, 356, 459, 525, 592, 649, 731, 796

Bulgaria:Foreign exchange rates:

Monthly averages 37,118,177,241, 299, 386, 482, 539, 606, 672, 746, 811

Yearly averages, 1925-33 _ 38National Bank of:

Condition of 32, 113, 173,237, 295, 382, 478, 535, 602, 668, 742, 807

Bulgaria—Continued.National Bank of—Continued.

Discount rates:Changes in 73Monthly figures 36, 117, 176, 240,

298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,

231, 289, 376, 472, 529, 596, 662, 736, 801Business and financial conditions:

Discussion of 1, 4, 70, 143, 267, 774National summary 12, 91,

146, 209, 272, 344, 447, 512, 579, 635, 717, 782Business failures 59, 140,

199, 266, 317, 427, 505, 557, 624, 708, 769, 839Call money rates:

Foreign countries 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810

New York City 21, 101,156, 219, 282, 354, 457, 523, 590, 646, 728, 793

Canada:Act to incorporate Bank of 653Commercial banks, condition of:

Discussion of 509Monthly figures 35, 116, 175,

239, 297, 384, 480, 537, 604, 670, 744, 809Commodity prices, wholesale 39, 119,

178, 242, 300, 387, 483, 540, 607, 673, 747, 812Foreign exchange rates:



United States 16, 95,150,213. 276,348,451, 517, 584, 640, 722,787

Gold production 27, 108,168, 232, 290, 377, 473, 530, 597, 663, 737, 802

Gold reserves 26, 107,167, 231, 289, 376, 472, 529, 596, 662, 736, 801

Government note issues and reserves 30, 111,171, 235, 293, 380, 476, 533, 600, 666, 740, 805

Capital:Capital notes and debentures of State mem-

ber banks as; ruling of Board 749Federal Reserve banks:

All banks combined 15, 94, 149,212, 275, 347, 450, 516, 583, 639, 721, 786

Each bank 46, 125, 185,247, 306, 413, 494, 546, 611, 694, 757, 821

Member banks:All banks on call dates 129, 191, 417, 613Licensed banks on call dates 130,

192, 418, 614National banks 252, 256, 258State bank members 252, 257, 259

Capital issues:Discussion of 778Monthly figures 23, 104, 159,

222, 285, 357, 460, 526, 593, 650, 733, 798Car loadings, freight:

By classes 25, 106, 161,224, 287, 359, 462, 528, 595, 652, 735, 800

Years 1929-33 14QTotal 24, 105, 160,

223, 286, 358, 461, 527, 594, 651, 734, 799Cash:

Chart, Treasury cash and deposits withReserve banks 147,

210, 273, 345, 448, 513, 580, 636, 718, 783Held by Federal Reserve banks:




Cash—Continued. PageHeld by Federal Reserve banks—Continued.

Each bank 46, 125, 185,247, 306, 413, 493, 546, 611, 694, 757, 821

Held by member banks:All banks on call dates 129, 191, 417, 613Licensed banks on call dates 130,

192, 418, 614Reporting banks 49, 131, 193,

260, 310, 419, 498, 550, 615, 696, 760, 824Cement:

Factory employment and pay rolls:Index of.: 57, 137, 197,

264, 315, 424, 502, 554, 622, 706, 767, 837Revision of employment index 327-343


Wholesale prices 58,138, 198, 265, 316, 426, 504, 556, 619, 764, 834

Central America, gold imports and exports 16, 95,150, 213, 276, 348, 451, 517, 584, 640, 722, 787

Certificates of indebtedness, Treasury:Held by Federal Reserve banks 46, 125,

185, 247, 306, 413, 494, 546, 611, 694, 757, 821Maturities of, held by Federal Reserve

banks 51, 133,194, 261, 311, 421, 499, 551, 617, 697, 761, 832

Chairman of board of directors of Federal Re-serve banks. (See Federal Reserve agent.)

Charts:Borrowings of member banks at Federal Re-

serve banks 319Business conditions 4Construction contracts awarded 3Denominations of paper currency 711Discounts for member banks 319Factory employment 2, 324, 325, 775Money rates 204, 772Pay rolls 775Production, industrial 2, 774Reserve bank credit 13, 92,

147, 210, 273, 345, 448, 513, 580, 636, 718, 783Reserves, excess, of member banks 70, 142, 201Security prices 268Wholesale prices 776

Chemicals:Factory employment and pay rolls:

Index of 57, 137, 197,264, 315, 425, 503, 555, 623, 707, 768, 838

Revision of employment index 327-343Wholesale prices 58, 138,

198, 265, 316, 426, 504, 556, 619, 703, 764, 834Chile:

Central Bank of:Condition of 32, 113, 173,

237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates 36, 117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,



Yearly averages, 1925-33 38China:

Central Bank of, condition of 478,535, 602, 668, 742, 807

Foreign exchange rates:Monthly averages 37, 118,

177, 241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38

China—Continued. PageGold imports and exports 16, 95,

150, 213, 276, 348, 451, 517, 584, 640, 722, 787Cigars and cigarettes:

Factory employment and pay rolls:Index of 57, 137,

197, 264, 315, 425, 503, 555, 623, 707, 768, 838Revision of employment index 327-343

Production index 55, 135,195, 262, 313, 422, 500, 552, 620, 704, 765, 835

Clayton Act, rulings of Board under:Applicability to Federal home loan banks__ 180Director of a corporation which extends

loans previously made, applicability ofsec. 8A to 41

Director of a Federal savings and loanassociation, applicability of sec. 8A to 181

Director of Morris Plan bank as director ofnational bank 180

Margin accounts, interlocking relationshipsbetween national banks and organizationswhich carry 393

Margin accounts, organizations carrying,applicability of sec. 8A to 244

Permit, necessity for, in case in which per-mit has been issued under sec. 32 ofBanking Act of 1933 123

Clayton, Lawrence, appointed assistant to theGovernor of the Federal Reserve Board 779

Clearing-house bank debits 59, 140, 194,261, 311, 427, 505, 557, 617, 697, 761, 832

Clothing:Factory employment and pay rolls:

Index of 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837

Revision of employment index 327-343Wholesale prices 58, 138, 198,

265, 316, 426, 504, 556, 619, 703, 764, 834Coal:

Freight-car loadings:By classes 25, 106, 161,

224, 287, 359, 462, 528, 595, 652, 735, 800Production index 55, 135, 195,

262, 313, 422, 500, 552, 620, 704, 765, 835Years 1929-33 140

Wholesale prices 58, 138, 198,265, 316, 426, 504, 556, 619, 703, 764, 834

Coin circulation 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787

Coinage of silver:Proclamation of President regarding 7Statement by President regarding 6

Collateral held as security against FederalReserve notes:

All Federal Reserve banks combined 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721, 786

Each Federal Reserve bank 46, 125,185, 247, 306, 413, 494, 546, 611, 694, 757, 821

Extension of Glass-Steagall Act 142, 182, 183Collection and exchange charges, absorption of,

by member banks; ruling of Board 394, 814Colombia:


237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates 36, 117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,

231, 289, 376, 472, 529, 596, 662, 736, 801



C olombia—Continued.Foreign exchange rates:



United States 16,95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787

Gold production 27, 108, 168,232, 290, 377, 473, 530, 597, 663, 737, 802

Commercial failures 59, 140, 199,266, 317, 427, 505, 557, 624, 708, 769, 839

Commercial paper:Held by member banks on call dates 97, 152,

215, 278, 350, 453, 519, 586, 642, 724, 789Held by reporting member banks, weekly

figures 759, 823Open-market discount rates 21, 101, 156,

219, 282, 354, 457, 523, 590, 646, 728, 793Outstanding 20, 100, 155,

218, 281, 353, 456, 522, 589, 645, 727, 792Revision of member bank weekly statement

to include 712, 759Committee:

Industrial advisory, approved by FederalReserve Board 510

Interdepartmental loan 780Commodity Credit Corporation, Government

financing of 626, 648, 730, 795Commodity prices. (See Prices.)Comptroller of Currency, circular of, to national

bank examiners relative to industrial loans._ 752Condition of banks:

All banks in United States on call dates 52-54Bank for International Settlements:

Balance sheet, Mar. 31, 1934 375Monthly figures 30, 111, 171,

235, 293, 380, 476, 533, 600, 666, 740, 805Banks insured by Federal Deposit Insur-

ance Corporation 575-577, 763Federal home loan banks 732, 797Federal Reserve banks:


Each bank 46, 125, 185,247, 306, 413, 494, 546, 611, 964, 757, 821

Foreign central banks 31, 112,172, 236, 294, 381, 477, 534, 601, 667, 741, 806

Foreign commercial banks 34, 115,175, 239, 297, 384, 480, 537, 604, 670, 744, 809

Member banks:All banks on call dates 129, 191, 417, 613Licensed banks on call dates_130, 192, 418, 614Reporting banks:

Revision of weekly statement __ 712, 759Weekly figures 49, 131, 193, 260,

310, 419, 498, 550, 615, 696, 759, 823National banks:

All banks on call dates 53Licensed banks on call dates_130, 192, 418, 614

State banks:All banks on call dates 54Licensed banks on call dates 130,

192, 418, 614Condition of governmental credit agencies 626,

648, 730, 795Construction contracts awarded:

By types of building and by districts 59, 140,199, 266, 317, 427, 505, 557, 624, 708, 768, 838

Chart showing 3

Construction contracts awarded—Continued.Discussion of 3, 70, 776Total 24, 105,

160, 223, 286, 358, 461, 527, 594, 651, 734, 799Corn crop estimates 60,

558, 625, 709, 769, 839Costof living 40, 120,

179, 243, 301, 388, 484, 541, 608, 674, 748, 813Cotton:

Crop estimates 60,625, 709, 769, 839

Loans on, by Reconstruction Finance Cor-poration for purchase of 103,

158, 221, 284, 356, 459, 525, 592, 649, 731, 796Country member banks:

Deposits, time and demand 17, 96,151, 214, 277, 349, 452, 518, 585, 641, 723, 788

Loans and investments on call dates 97,152, 215, 278, 350, 453, 519, 586, 642, 724, 789

Reserve balances 17, 96,151, 214, 277, 349, 452, 518, 585, 641, 723, 788

Credit, bank:Federal Reserve:

Averages of daily figures, end of monthseries 14, 126, 188, 248>

307, 414, 495, 515, 582, 638, 720, 785Chart showing 13,92, 147,210,

273, 345, 448, 513, 580, 636t 718, 783Wednesday series 14, 93, 148, 211,

274, 346, 449, 514, 581, 637, 719, 784Member bank, discussion of 71,

142, 203, 507, 559, 629, 711National summary 12, 91,

146, 209, 272, 344, 447, 512, 579, 635, 717, 782Credit unions, loans to, by Reconstruction Fi-

nance Corporation 103,158, 221, 284, 356, 459, 525, 592, 649, 731, 796

Crops:Discussion of 776Estimates 60, 558; 625, 709, 769, 839Loans on:

By Farm Credit Administration. 713, 732, 797By Reconstruction Finance Corpora-

tion , 103, 158,221, 284,356, 459, 525,592,649, 731,796

Cuba:Currency legislation 468Foreign exchange rates:


Yearly averages, 1925-33 38Currie, Lauchlin, appointed assistant director of

Division of Research and Statistics of FederalReserve Board 779

Currency:Circulation:

By denominations 51, 133, 194,261, 311, 421, 499, 551, 617, 697, 761, 832

By kinds 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787

Chart showing:By denominations 711Monthly data 13, 92, 147, 210,

273, 345, 448, 513, 580. 636, 718, 783Discussion of 267, 507, 711

Foreign:Acceptances payable in, held by Fed-

eral Reserve banks __ 20, 100, 155,218, 281, 353, 456, 522, 589, 645, 727, 792

Bills payable in, bought by FederalReserve banks 15, 94, 149,

212, 275, 347, 450, 516, 583, 639, 721, 786



Currency—Continued.Gold. (See Gold). PageShipments from and to Europe 51, 133,

194, 261, 311, 421, 499, 551, 617, 697, 761, 832Czechoslovakia:

Currency law, amendment to 288Foreign exchange rates:


Yearly averages, 1925-33 38National bank of:

Condition of 32, 113, 173,237, 295, 382, 478, 535, 602, 668, 742, 807

Discount rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810

Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801

Danzig, Bank of:Condition of 32, 113,

173, 237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates:

Change in 634Monthly figures 36, 117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Debentures of State member banks, classification

of, as capital; ruling of Board 749Debits to individual account 59,

140, 194, 261, 311, 427, 505, 557, 617, 697, 761, 832Debt, United States Government 22,

102, 157, 220, 283, 355, 458, 524, 591, 647, 729, 794Deferred availability items, Federal Reserve

banks:All banks combined 15, 94,

149, 212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125,

185, 247, 306, 413, 494, 546, 611, 694, 757, 821Deficiencies in reserves, penalties on 186, 547Denmark:


241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38

National Bank of:Condition of 32, 113,

173, 237, 295, 382, 478, 535, 602, 742, 807Discount rates 36,117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,

231, 289, 376, 472, 529, 596, 662, 736, 801Department stores, sales and stocks:

Discussion of 1, 70, 143, 777Monthly figures 25, 106, 161,

224, 287, 359, 462, 528, 595, 652, 735, 800Deposits:

All banks in United States on call dates:By States, June 30, 1933 52Total 18,98, 153, 216,

279, 351, 454, 520, 587, 643, 725, 790Banks suspended 251, 762, 833Certificates of deposit payable 6 or 12

months after date or on 30 days' notice;ruling of Board 43

Foreign central banks 31, 112,172,236, 294, 381, 477, 534, 601, 667, 741, 806

Held by Federal Reserve banks:All banks combined 15, 94, 149,212,

275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125, 185, 247,

306, 413, 494, 546, 611, 694, 757, 821Total, by Federal Reserve districts. 45,124,184,

246, 305, 412, 493, 545, 610, 693, 756, 820

Deposits—Continued.Held by member banks: Page

All banks on call dates 129, 191, 417, 613Discussion of 71,

142, 203, 267, 507, 629, 711, 772Licensed and not licensed 48, 128, 190,

250, 309, 416, 497, 549, 618, 698, 762, 833Licensed banks on call dates. 130, 192, 418, 614Reserve account with Federal Reserve

banks:All banks combined 15, 94. 149,

212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125, 185, 247,

306, 413, 494, 546, 611, 694, 757, 821Time and demand:

In larger and smaller centers 47, 127,189, 249, 308, 415, 496, 548, 612,695, 758, 822

New York City, reserve cities, andcountry banks 17, 96, 151, 214,

277, 349, 452, 518, 585, 641, 723, 788Reporting banks 49, 131, 193, 260,

310, 419, 498, 550, 615, 696, 760, 824Interest on:

Absorption of exchange charges bymember banks; ruling of Board 394, 814

Municipal ordinance requiring paymentof, on public funds; ruling of Board_ _ 121

Payment of bankers' acceptances beforematurity as indirect payment ofinterest; ruling of Board 303

Payment of, before interest paymentdates; ruling of Board 391

Payment of, when first day of monthfalls on a Sunday or holiday; rulingof Board 304

Reduction of rates on time deposits 771Regulations of Federal Deposit Insur-

ance Corporation 89, 90, 446, 577Regulation Q of Federal Reserve Board,

revision of 815Insurance of:

Act extending for 1 year the temporaryplan 486

Effect of, upon requirement of securityfor trust funds used by member bankin conduct of its business; ruling ofBoard 121

National banks, on call dates 53Nonmember banks:

On call dates 18, 98, 153,216, 279, 351, 454, 520, 587, 643, 725, 790

Licensed and not licensed 48, 128, 190,250, 309, 416, 496, 549, 618, 698, 762, 833

Under sec. 21 of Banking Act of 1933;ruling of Board 41

Number of, insured by Federal Deposit In-surance Corporation-. 134,312,421, 499, 551, 702

Postal savings 51, 133,194, 261, 311, 421, 499, 551, 617, 697, 761, 832

Renewal of certificate of deposit prior tomaturity; ruling of Board 609

Savings:Classification of, under regulation Q__ 389Classification of account subject to

withdrawal without presentation ofpassbook; ruling of Board 542

Computation of reserves against; rul-ing of Board 180

Deposits represented by certificates ofdeposit as constituting; ruling ofBoard 390



Deposits—Continued. PageService charges, analysis of customers' ac-

counts in determining; ruling of Board_ 43State banks, on call dates 54Time, reduction of interest rates on 771Time, the payment of which has been de-

ferred; ruling of Board 244United States Government. (See United

States Government deposits.)Director of corporation which extends loans pre-

viously made, applicability of Clayton Act to;ruling of Board 41

Directorates, interlocking:Director of Morris Plan Bank as director of

national bank under Clayton Act; rulingof Board 180

Permits under sec. 32 of Banking Act of1933; ruling of Board 392

Relationships under Clayton Act betweennational banks and organizations whichcarry margin accounts; ruling of Board._ 393

Directors of Federal Reserve banks:Expenses of meetings 186, 547(See also Federal Reserve agent.)

Discount rates:Federal Reserve banks:

Changes in 73, 144, 207Discussion of 204Monthly data 21, 101, 156,

219, 282, 354, 457, 523, 590, 646, 728, 793Foreign central banks:

Changes in:Austrian National Bank 445Bank of Danzig 634Bank of Estonia 634Bank of Finland 6Bank of France 73, 321Bank of Italy 6, 779Bank of Java 445, 715Bank of Portugal 6National Bank of Belgium 270, 561National Bank of Bulgaria 73National Bank of Yugoslavia-__ 73, 510

Monthly figures 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810

Industrial advances under section 13 (b) ofFederal Reserve Act 558, 618, 698, 760, 824

Open-market rates in New York City 21, 101,156, 219, 282, 354, 457, 523, 590, 646, 728, 793

Discounts, Federal Reserve banks, by districts. 45,124,184, 246, 305, 412, 493, 545, 610, 693, 756, 820

Discounts for individuals, partnerships, andcorporations:

Rates of discount 21, 101,156, 219, 282, 354, 457, 523, 590, 646, 728, 793

Time limit extended by Board 485Dividends:

Computation of reserve balances of memberbank in connection with payment of;ruling of Board 121

Federal Reserve banks 187, 547Member banks 252-255National banks 252, 256, 258State member banks 252, 257, 259

Drugs:Factory employment and pay rolls:

Index of 57, 137, 197,264, 315, 425, 503, 555, 623, 707, 768, 838

Revision of employment index 327-343Wholesale prices I 58, 138,

198, 265, 316, 426, 504, 556, 619, 703, 764, 834

Due to and from banks and bankers, reporting Pagemember banks 49, 132,

260, 310, 420, 498, 550, 615, 696, 760, 824Dutch East Indies, gold imports and exports. 16,

95, 150, 213, 276, 348, 451, 517, 584, 640, 722, 787Earmarked gold 16r

95, 150, 213, 276, 348, 451, 517, 584, 640, 722, 787Earnings and expenses:

Federal Reserve banks 186, 547Member banks 252-255National banks 256, 258

Errata 270State bank members 257, 259

Eccles, Marriner S.:Appointed Governor of Federal Reserve

Board 779Member of interdepartmental loan com-

mittee 780Member of National Emergency Council-. 779

Ecuador:Central Bank of:

Condition of 32, 113, 173,237, 295, 382, 478. 535, 602, 668, 742, 807

Discount rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810

Gold imports and exports to and fromUnited States 16, 95,150,

213, 276, 348, 451, 517, 584, 640, 722, 787Egypt:


241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38

National Bank of:Condition of 32, 113, 173,

237, 295, 382, 478, 535, 602, 668, 742; 807Gold reserves 26, 107, 167,

231, 289, 376, 472, 529, 596, 662, 736? 801Eligible paper held as security against Federal

Reserve notes:All Federal Reserve banks combined. 15, 94,

149, 212, 275, 347, 450, 516, 583, 639, 721, 786Each Federal Reserve bank 46, 125,

185, 247, 306. 413, 494, 546, 611, 694, 757, 821Employment, factory:

Chart showing 2, 324, 325, 775Discussion of 1, 70, 143, 775Index of:

By industries 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837

Revision of 270, 324-343Total 24, 105, 160,

223, 286, 358, 461, 527, 594, 651, 734, 799National summary 12, 91, 146,

209, 272, 344, 447, 512, 579, 635, 717, 782England:

Balance of international payments 444Bank of:

Condition of 31, 112, 172, 236,294, 381, 477, 534, 601, 667, 741, 806

Discount rates 36, 117, 176, 240,298, 385, 481, 538, 605, 671, 745, 810

Gold reserves:Monthly figures. 26, 107, 167, 231,

289, 376, 472, 529, 596, 662, 736, 801Monthly review 4, 72,

204, 269, 444, 715, 779Commercial banks, condition of:

Discussion of 508Monthly figures 34, 115, 175, 239,

297, 384, 480, 537, 604, 670, 744, 809



England—Continued.Commodity prices, wholesale 39, 40, 119, 178,

242, 300, 387, 483, 540, 607, 673, 747, 812Food prices and cost of living___ 40, 120, 179, 243,

301, 388, 484, 541, 608, 674, 748, 813Foreign exchange rates:



United States 16, 95, 150, 213,276, 348, 451, 517, 584, 640, 722, 787

Money rates 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810

Security prices (stocks and bonds) ___ 39, 119, 178,242, 300, 388, 484, 541, 608, 674, 748, 813

Errata, earnings and expenses of nationalbanks 270

Estonia, Bank of:Condition of 32, 113,

173, 237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates:

Change in 634Monthly figures 36, 117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Examinations and reports of corporations, etc.,

under section 21 of Banking Act of 1933;ruling of Board 543

Examiners, national bank, circular of Comp-troller of Currency to, relative to industrialloans 752

Excess reserves. (See Reserves.)Exchange or collection charges, absorption of,

by member bank; ruling of Board 394,814Executive orders:

Gold and foreign exchange 76, 77, 78Silver 564

Expenditures and receipts, United States Gov-ernment 22, 102,

157, 220, 283, 355, 458, 524, 591, 647, 729, 794Export-import banks, Government financing

of. 626, 648, 730, 795Exports. (See Imports and exports.)Expressage, Federal Reserve banks, cost of__ 186, 547Factory employment and pay rolls:

Chart showing 2, 324, 325, 775Discussion of 1, 70, 143, 775Index of:

By industries 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837

Revision of employment index. _ 270, 324-343Total 24, 105, 160,

223, 286, 358, 461, 527, 594, 651, 734, 799National summary 12,91,

146, 209, 272," 344, 447, 512, 579, 635, 717, 782Failures:

Bank 251, 762, 833Commercial 59, 140,

199, 266, 317, 427, 505, 557, 624, 708, 769, 839Farm Credit Administration, loans and discounts

of 732, 797Farm products, prices of:

Discussion of 776Principal countries 40, 120,

179, 243, 301, 387, 483, 540, 607, 673, 747, 812United States 58, 138,

198, 265, 316, 426, 504, 556, 619, 703, 764, 834Federal Advisory Council:

Conferences, expenses of 186, 547Meeting of 145

Federal Deposit Insurance Corporation:Condition of insured banks 575, 577, 763

Federal Deposit Insurance Corporation—Contd. PageDiscussion of operations 1, 71, 142, 268, 508Government financing of 626, 648, 730, 795Number of banks, insured accounts, insured

deposits 134, 312, 421, 499, 551, 702, 763Regulations of 89, 90, 446, 577Report of chairman to board of directors 575Stock of, held by Federal Reserve banks:

All banks combined 94,149, 212, 275, 347, 450, 516

Each bank. __ 125, 185, 247, 306, 413, 494, 546Federal Farm Mortgage Act, section 16 of,

amending Federal Reserve Act 123Federal Farm Mortgage Corporation:

Bonds, eligibility of, for security for ad-vances by Federal Reserve banks; actamending Federal Reserve Act 123

Government financing of 626, 648, 730, 795Federal home loan banks:

Applicability of Clayton Act to; ruling ofBoard 180

Assets and liabilities 732Federal intermediate credit banks:

Bills discounted for, by Federal Reservebanks 1 15, 94,

149, 212, 275, 347, 450, 516, 583, 639, 721, 786Government financing of 626, 648, 730, 795

Federal land banks:Government financing of 626, 648, 730, 795Loans to:

By Farm Credit Administration 713,732, 797

By Reconstruction Finance Corpora-tion 103, 158, 221,

284, 356, 459, 525, 592, 649, 731, 796Federal Reserve Act, amendments to, made by:

Federal Farm Mortgage Act, section 16 of. 123Gold Reserve Act of 1934 63Home Owners Loan Act 304Loans to Industries Act 430National Housing Act, section 505 of 488

Federal Reserve agents:Conferences, expenses of 186, 547McClure, M. L., death of, at Kansas City. 779Williams, L. B., resignation of, at Cleve-

land 779Federal Reserve bank notes:

Circulation:All Federal Reserve banks combined 15,

94, 149, 212, 275, 347, 450, 516, 583, 639,721, 786.

Each bank 46, 125, 185, 247,306, 413, 494, 546, 611, 694, 757, 821

Outside Treasury and Federal Reservebanks 16, 95, 150, 213,

276, 348, 451, 517, 584, 640, 722, 787Tax on 186, 547

Collateral pledged against:All Federal Reserve banks combined 15,

94, 149, 212, 275, 347, 450, 516, 583, 639,721, 786.

Each Federal Reserve bank 46,125, 185, 247, 306, 413, 494, 546, 611, 694,757, 821.

Redemption fund 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721,786.

Federal Reserve banks:Black, Eugene R., resumes position as gov-

ernor at Atlanta 561Condition of. (See Condition of banks.)Discount rates. (See Discount rates.)



Federal Reserve banks—Continued. PageDividends paid 186, 547Earnings and expenses 186, 547Fiscal agency expenses of 187, 547

Federal Reserve Board:Assessment for expenses of 186, 547Authorization by, extending time limit for

discounts to individuals, partnerships,and corporations 485

Black, Eugene R., Governor, resignationof 561

Clayton, Lawrence, appointed assistant tothe Governor 779

Currie, Lauchlin, appointed assistant direc-tor of Division of Research and Statistics- 779

Division of Security Loans created 779Eccles, Marriner S.:

Appointed Governor 779Member of Interdepartmental loan

committee 780Member of National Emergency Coun-

cil 779Letter of President to, relative to Gold Re-

serve Act 61Martin, H. Warner, resignation of, as assist-

ant to Governor 715Members of industrial advisory committees

approved by 510Miller, Adolph C , reappointed member 561Morgenthau, Henry, Jr., appointed chair-

man 6Parry, Carl E., appointed chief of Division

of Security Loans 779Recommendations to Congress relative to

proposed revision of reserve require-ments 202, 205

Regulation Q, revision of 815Regulation S—Loans to industries 488Regulation T—Stock exchange:

Discussion of 629-634Rulings interpreting. (See Rulings.)Text of 675-686

Rulings of. (See Rulings.)Statement of, relative to gold reserve bill

(S. 2366) 73Statement of, relative to loans to industries. 429Statement of, relative to margin require-

ments under Securities Exchange Act 434Thomas, J. J., designated vice governor 561Thomas, Woodlief, appointed assistant di-

rector of Division of Research and Sta-tistics 779

Woodin, William, resignation of, as chair-man 6

Federal Reserve notes:Circulation:

All Federal Reserve banks combined 15,94, 149, 212, 275, 347, 450, 516, 583, 639,721, 786.


Outside Treasury and Federal Reservebanks 16, 95, 150,

213, 276, 348, 451, 517, 584, 640, 722, 787Total, by Federal Reserve districts 45,

124, 184, 246, 305, 412, 493, 545, 610,693, 756, 820.

Collateral held as security for:All banks combined 15,94, 149,

212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125, 185,

247, 306, 413, 494, 546, 611, 694, 757, 821Extension of Glass-Steagall Act. 142, 182, 183

Federal Reserve notes—Continued. PageCost of 186, 547Issued to Reserve banks by Federal Reserve

agents:All banks combined 15, 94, 149,

212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125, 185,

247, 306, 413, 494, 546, 611, 694, 757, 821Federal savings and loan associations:

As banks within meaning of section 19 ofFederal Reserve Act; ruling of Board 304

Director of, applicability of Clayton Act to;ruling of Board 181

Government financing of 626, 648, 730, 795Federal Savings and Loan Insurance Corpora-

tion, Government financing of 626, 648, 730, 795Financing, Treasury 22, 102,

157, 220, 283, 355, 458, 524, 591, 647, 729, 794Finland:


237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates:

Changes in 6Monthly figures 36, 117, 176, 240,

298, 385, 481, 538, 605, 671, 745, 810Foreign exchange rates:

Monthly averages 37, 118,177,241, 299, 386, 482. 539, 606, 672, 746, 811

Yearly averages, 1925-33 38Fiscal agencv expenses of Federal Reserve

b a n k s . . - : . 187,547Float, Reserve bank 15, 94,

149, 212, 275, 347, 450, 516, 583, 639, 721, 786Flour:

Factory employment and pay rolls:Index of 57. 137, 197,

264, 315, 425, 502, 554, 622, 707, 767, 837Revised employment index 327-343


Food and food products:Factory employment and pay rolls:

Index of.l 57, 137, 197,264, 315, 425, 502, 554, 622, 707, 767, 837

Revision of employment index 327-343Prices, retail, principal countries. _ 40, 120, 179,

243, 301, 388, 484, 541, 608, 674, 748, 813Production index:

Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835

Unadjusted 56. 136,196,263, 314, 423, 501, 553, 621, 705, 766, 836

Wholesale prices:Principal countries 40, 120, 179,

243, 301, 387, 483, 540, 607, 673, 747, 812United States 58, 138, 198,

265, 316, 426, 504, 556, 619, 703, 764, 834Foreign banks:

Central banks:Annual reports. (See Annual reports.)Balance sheets. (See Balance Sheets.)Condition of. (See Condition of

banks.)Discount rates. (See Discount rates.)Gold reserves. (See Gold.)

Commercial banks, condition of:Discussion of 508Monthly figures 34,115,175,

239, 297, 384, 480, 537, 604, 670, 744, 809Deposits of, held by Federal Reserve banks:




Foreign banks—Continued. PageDeposits of, held by Federal Reserve banks—Con.

Each bank 46, 125, 185,247, 306, 413, 494, 546, 611, 694, 757, 821

Due from, to Federal Reserve banks:All banks combined 15,94,149,

212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46,125,185,

247, 306, 413, 494, 546, 611, 694, 757, 821Foreign exchange:

Discussion of 141Executive orders of President regarding 76, 78Rates:


Yearly averages, 1925-33 38Regulations of Secretary of Treasury 76,

79, 82, 780Foreign trade 444, 716, 778France:

Balance of international payments 444Bank of:

Annual report 162Condition of 31,112,172,

236, 294, 381, 477, 534, 601, 667, 741, 806Discount rates:

Changes in 73,321Monthly figures 36,

117, 176, 240, 298, 385, 481, 538,605, 671, 745, 810.

Gold reserves:Monthly figures 26, 107,

167, 231, 289, 376, 472, 529, 596,662, 736, 801.

Monthly review 5, 72,205, 269, 320, 444, 714, 778

Commercial banks, condition of:Discussion of 509Monthly figures 34, 115, 175, 239,

297, 384, 480, 537, 604, 670, 744, 809Commodity prices, wholesale 39, 40, 119, 178,

242, 300, 387, 483, 540, 607, 673, 747, 812Food prices and cost of living 40, 120, 179,

243, 301, 388 , 484, 541, 608, 674, 748, 813Foreign exchange rates:

Monthly averages 37, 118, 177, 241,299,386, 482, 539, 606, 672, 746, 811

Yearly averages, 1925-33 38Gold imports and exports:

Net imports 28, 109, 169, 233, 291, 378,474, 531, 598, 664, 738, 803

To and from United States 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787

Money rates 36, 117, 176, 240, 298, 385,481, 538, 605, 671, 745, 810

Security prices (stocks and bonds)-. 39, 119, 178,242, 300, 388, 484, 541, 608, 674, 748, 813

Freight-car loadings, index of:By classes 25, 106, 161, 224,

m-W&-- 287, 359, 462, 528, 595, 652, 735, 800Years 1929-33 140TotaL 24, 105, 160,

223, 286, 538, 461, 527, 594, 651, 734, 799Furniture:



Wholesale prices 58, 138, 198, 265,316, 426, 504, 556, 619, 703, 764, 834

Gasoline production 55, 135,195, 262, 313, 422, 500, 552, 620, 704, 765, 835

Germany: PageBalance of international payments 444Commercial banks, condition of:

Discussion of 509Monthly figures 35, 116, 175,

239, 297, 384, 480, 537, 604, 670, 744, 809Commodity prices, wholesale 39, 40, 119,

178, 242, 300, 387, 483, 540, 607, 673, 747, 812Food prices and cost of living 40, 120,




Net imports 28, 109, 169,233, 291, 378, 474, 531, 598, 664, 738, 803

To and from United States 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787

Money rates 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810

Reichsbank:Annual report 225Condition of 31, 112, 172,

236, 294, 381, 477, 534, 601, 667, 741, 806Discount rates 36, 117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves:

Monthly figures 26, 107, 167, 231,289, 376, 472, 529, 596, 662, 736, 801

Monthly review 5,72, 205, 269, 244, 715, 779

Security prices (stocks and bonds) __ 39, 119, 178,242, 300, 388, 484, 541, 608, 674, 748, 813

Glass:Factory employment and pay rolls:

Index of 57,137,197,264, 315, 424, 502, 554, 622, 706, 767, 837


262, 313, 422, 500, 552, 620, 704, 765, 835Glass-Steagall Act, extension of:

Discussion of 142Proclamation of President 182Text of act 183

Gold:Coin and certificates in circulation 16, 95,

150, 213, 276, 348, 451, 517, 584, 640, 722, 787Earmarked 16, 95,

150, 213, 276, 348, 451, 517, 584, 640, 722, 787Executive orders relative to _ 76, 77, 78Held by Federal Reserve agents as security

for Federal Reserve notes:All banks combined 15, 94, 149,

212, 275, 347, 450, 516, 583, 639, 721, 786Each bank 46, 125, 185,

247, 306, 413, 493, 546, 611, 694, 757, 821Held by Federal Reserve banks:


Each bank 46, 125, 185,247, 306, 413, 493, 546, 611, 694, 757, 821

Hoarding, discussion of 711Imports and exports:

Discussion of , — 141, 773Monthly review 4,71,

144, 204, 269, 320, 444, 714, 778Movements to and from United States. 16,

95, 150, 213, 276, 348, 451, 517, 584, 640,722, 787.



Gold—Continued.Imports and exports—Continued. Page

Net imports, principal countries 27,108, 168, 232, 290, 377, 473, 530, 597, 663,737, 802.

International transactions of United States. 716Message of President to Congress regard-

ing 61Order of Secretary of Treasury regarding

delivery of gold to Treasurer 9, 79Price of newly mined 51, 133Proclamations of President relative to 11, 68Production, world 27, 108, 168, 232, 290,

377, 473, 530, 597, 663, 737, 802Purchase of, discussion of 141Regulations of Secretary of Treasury under

Gold Reserve Act of 1934 82Amendments to 145, 270, 780

Reserves held by foreign central banks:Monthly figures 26, 107, 167,

231, 289, 376, 472, 529, 596, 662, 736, 801Monthly review 4,

71, 144, 204, 269, 320, 444, 714, 779Settlement fund 15, 46Statement of Governor of Federal Reserve

Board relative to gold reserve bill (S.2366) 73

Statements by Secretary of Treasury rela-tive to purchase of 69, 76, 145

Stock, monetary, in United States:Analysis of changes in 16, 95, 150,

213, 276, 348, 451, 517, 584, 640, 722, 787Averages of daily figures, end of month

series 14, 926, 188, 248,307, 414, 495, 515, 582, 638, 720, 785

Wednesday series 14, 93, 148, 211,274, 346, 449, 514, 581, 637, 719, 784

Chart showing 13, 92, 147, 210,273, 345, 448, 513, 580, 636, 718, 783

Discussion of 141, 559, 773Weight of dollar:

Discussion of 141Proclamation by President 68Statement by President regarding 67

Gold Reserve Act of 1934:Legislative history 73Letter of President to Federal Reserve

Board regarding 61Text of 63

Government note issues and reserves, Argen-tina, Ireland, Canada, India 30, 111,

171, 235, 293, 380, 476, 533, 600, 666, 740, 805Governmental credit agencies:

Condition of 626, 648, 730, 795Interdepartmental loan committee created- 780

Governor of Federal Reserve Board:Black, Eugene R.:

Recommendations to Congress rela-tive to proposed revision of reserverequirements 202, 205

Resignation of 561Statement of, relative to gold reserve

bill (S. 2366) 73Eccles, Marriner S.:

Appointment of 779Member of interdepartmental loan

committee 780Member of National Emergency

Council 779Governors of Federal Reserve banks, expenses

of conferences 186, 547

Grain:Freight-car loadings: Page

By months 25, 106,161,224, 287, 359, 462, 528, 595, 652, 735, 800

Years 1929-33 140Wholesale prices 58, 138,

198, 265, 316, 426, 504, 556, 619, 703, 764, 834Great Britain, gold imports 28, 109,

169, 233, 291, 378, 474, 531, 598, 664, 738, 803Greece:


237, 295, 382, 478, 535, 602, 668, 742, 807Discount rates 36, 117,176,

240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,



Yearly averages, 1925-33 38Hay crop estimates 60, 558, 625, 709, 769, 839Holiday, payment of interest on deposits when

1st day of month falls on; ruling of Board 304Home loan banks, Government financing of 626,

648, 730, 795Home Owners Loan Act, amendment to, amend-

ing Federal Reserve Act 304Home Owners Loan Corporation:

Act permitting Federal Reserve banks toacquire bonds of 304

Government financing of 626, 648, 730, 795Loans by Reconstruction Finance Corpora-

tion for purchase of stock of 103158, 221, 284, 356, 459, 525, 592, 649, 731, 796

Summary of operations 732, 797Hong Kong, foreign exchange rates:

Monthly averages 37, 118,177, 241, 299, 386, 482, 539, 606, 672, 746, 811

Yearly averages, 1925-33 38Hungary:


241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38

Money rates 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810

National Bank of:Condition of: 32, 113, 173,

237, 295, 382, 479, 536, 603, 669, 743, 808Discount rates 36, 117,176,

240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,

231, 289, 376, 472, 529, 596, 662, 736, 801Imports and exports:

Acceptances based on 20, 100, 155,218. 281, 353, 456, 522, 589, 645. 727, 792

Discussion of 444, 716, 778Gold:

Discussion of 141, 773Movements to and from United States. 16,

95, 150, 213, 276, 348, 451, 517, 584, 640,722, 787

Net imports, principal countries 27,108, 168, 232, 290, 377, 473, 530, 597, 663,737, 802

Monthly review 4. 71, 144,204, 269, 320, 444; 714, 778

Merchandise:Monthly figures 25, 106, 161,

224, 287, 359, 462, 528, 595, 652, 735, 800Years 1927-30 199



PageIncome tax receipts, "United States Govern-

ment 22, 102,157, 220, 283, 355, 458, 524, 591, 647, 729, 794

India:Bank of:

Discount rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810

Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801

Foreign exchange rates:Monthly averages. 37, 118. 177,

241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38

Gold production 27,108,168, 232, 290, 377, 473, 530, 597, 663, 737, 802

Government note issues and reserves 30. I l l ,171, 235, 293, 380, 476, 533, 600, 666, 740, 805

Industrial production:Chart showing 2, 774Discussion of 2,70, 143,774Index of:

Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835

Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836

Total 24, 105, 160,223, 286, 358, 461, 527, 594, 651, 734, 799

National summary 12, 91,146, 209, 272, 344, 447, 512, 579, 635, 717, 782

Industries, loans to, by Federal Reserve banks:Act, text of 430Circular of Comptroller of Currency to

national-bank examiners regarding 752Discussion of 507, 560, 629, 713, 774Discount for establishment located in

another Federal Reserve district; rulingof Board 675

Investment banking firm as financing in-stitution within meaning of section 13bof Federal Reserve Act; ruling of Board- - 675

List of members of advisory committees 510Participation by national banks in, circular

of Comptroller of Currency 752Rates of discount on______ 558, 618, 698, 760, 824Regulation S_ 488Statement of Federal Reserve Board regard-

ing 429Insurance companies, loans to, by Reconstruc-

tion Finance Corporation 103,158, 221, 284, 356, 459, 525, 592, 649, 731, 796

Insurance, cost of, Federal Reserve banks 186, 547Insured banks under Federal Deposit Insurance

Corporation:Condition of 575, 577, 763Number of banks and deposits 134,

312, 421, 499, 551, 702, 763Regulations governing 89, 90, 577Report of chairman to board of directors. 575-577(See also Federal Deposit Insurance Corpora-

tion.)Interdepartmental loan committee, members of. 780Interest rates:

Charged customers by banks:In Federal Reserve bank and branch

cities 50In New York and other cities__ 21, 101, 156,

219, 282, 354, 457, 523, 590, 646, 728, 793On deposits. (See Deposits.)Open market, in New York City 21, 101,

156, 219, 282, 354, 457, 523, 590, 646, 728, 793

PageInternal-revenue receipts, United States Gov-

ernment 22, 102r157, 220, 283, 355, 458, 524, 591, 647, 729, 794

Interlocking bank directorates. (See ClaytonAct; Rulings of Board.)

Intermediate credit banks:Bills discounted for, by Federal Reserve

banks 15, 94, 149r212, 275, 347, 450, 516, 583, 639, 721, 786

Government financing of 626, 648, 730, 795International payments of the United States,

balance of 716, 778Investments. (See Loans and investments.)Ireland, Government note issues and reserves. 30, 11 l r

171, 235, 293, 380, 476, 533, 600, 666, 740, 805Iron and steel:

Factory employment and pay rolls:Index of 57, 137, 197,


Production index:Adjusted 55, 135, 195r

262, 313, 422, 500, 552, 620, 704, 765, 835Unadjusted 56, 136, 196,

263, 314, 423, 501, 553, 621, 705, 766, 836Wholesale prices 58, 138,

198, 265, 316, 426, 504, 556, 619, 703, 764, 834Iron-ore production, index of 55, 135,

195, 262, 313, 422, 500, 552, 620, 704, 765, 835Italy:

Bank of:Condition of 33, 114, 174r

238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates:

Change in 6, 779Monthly figures 36, 117, 176, 240,

298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,




Yearly averages, 1925-33 38Money rates 36, 117,

176, 240, 298, 385, 481, 538, 605, 671, 745, 810Japan:


238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,

231, 289, 376, 472, 529, 596, 662, 736, 801Commodity prices, wholesale 39, 119, 178,

242, 300, 387, 483, 540, 607, 673, 747, 812Foreign-exchange rates:



United States 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787

Gold production 27, 108, 168,232, 290, 377, 473, 530, 597, 663, 737, 802

Money rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810

Java, Bank of:Condition of 33, 114, 174,

238, 296, 383, 479, 536, 603, 669, 743, 808



Java, Bank of—Continued.Discount rates:

Change in 445, 715Monthly figures 36, 117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107,167,

231, 289, 376, 472, 529, 596, 662, 736, 801Joint stock land banks, loans to:

By Farm Credit Administration 732, 797By Reconstruction Finance Corporation 103,

158, 221, 284, 356, 459, 525, 592, 649, 731, 796Latvia, Bank of:

Condition of 33, 114,174, 238, 296, 383, 476, 536, 603, 669, 743, 808

Discount rates 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810

Law Department:Act continuing functions of Reconstruction

Finance Corporation 123Act extending for 1 year the temporary plan

for deposit insurance, etc 486Act providing for punishment for offenses

committed against banks 410Federal Farm Mortgage Act, section 16 of,

amending Federal Reserve Act 123Glass-Steagall Act, extension of 182Gold Reserve Act of 1934 63Home Owners' Loan Act, sections 7 and 8 of,

amending Federal Reserve Act 304Loans to industries act 430National Housing Act, section 505 of,

amending Federal Reserve Act relating toloans by national banks on real estate 488

Regulation Q, Revision of 815Regulation S, Loans to industries 488Regulation T, Stock exchange 675Rulings of the Federal Reserve Board.

{See Rulings.)Securities Exchange Act of 1934 396Silver Purchase Act of 1934 436

Laws, foreign banking:Canada 653Cuba 468, 660Czechoslovakia 288

Lead production 55, 135,195, 262, 313, 422, 500, 552, 620, 704, 765, 835

Leather:Factory employment and pay rolls:

Index of 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837

Revision of employment index 327-343Production index:

Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835

Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836

Wholesale prices 58, 138,198, 265, 316, 426, 504, 556, 619, 703, 764, 834

Legal fees, Federal Reserve banks 186, 547Licensed banks:

Condition of national and State memberson call dates 130, 192, 418, 614

Discussion of 268, 508Net demand and time deposits 47, 127,

189, 249, 308, 415, 496, 548, 612, 695, 758, 822Number and deposits 48, 128,

190, 250, 309, 416, 497, 549, 618, 698, 762, 833Reserves and borrowings at Federal Reserve

banks 47, 127,189, 249, 308, 415, 496, 548, 612, 695, 758, 822

Suspensions 251, 762, 833

PageLiquidation, corporation in process of, applica-

bility of sec. 32 of Banking Act of 1933; rulingof Board 42

Lithuania, Bank of:Condition of 33, 114,

174, 238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117,

176, 240, 298, 385, 481, 538, 605, 671, 745, 810Livestock:

Freight-car loadings:By months 25, 106, 161,

224, 287, 359, 462, 528, 595, 652, 735, 800Years 1929-33 140


Living, cost of 40, 120,179, 243, 301, 388, 484, 541, 608, 674, 748, 813

Loans:Farm Credit Administration 714, 732, 797Home Owners' Loan Corporation._ 714, 732, 797On securities, by reporting member banks:

Discussion of 203, 507, 629, 712, 773In 91 leading cities, 1932-34 829-831In 101 leading cities, 1929-33 825-828Weekly statement 49, 131, 193,

260, 310, 419, 498, 550, 615, 696, 759, 823Revision of. 712

Reconstruction Finance Corporation 103, 158,221, 284, 356, 459, 525, 592, 649, 731, 796

Discussion of 714Revised group 132

To brokers. {See Brokers and dealers insecurities.)

To industries, by Federal Reserve banks:Act, text of 430Circular of Comptroller of Currency to

national bank examiners regarding. _ 752Discussion of 507, 560, 629, 713, 774Discount for establishment located in

another Federal Reserve district;ruling of Board 675

Investment banking firm as financinginstitution within meaning of section13b of Federal Reserve Act; rulingof Board 675

Members of advisory committees, listof 510

Participation by national banks in,circular of Comptroller of Currency. 752

Rates of discount on_. 558, 618, 698, 760, 824Regulation S 488Statement of Federal Reserve Board

regarding 429Loans and investments:

All banks in United States on call dates:June 30, 1933, by States 52-54Total 18, 98, 153,

216, 279, 351, 454, 520, 587, 643, 725, 790Federal home loan banks 732, 797Governmental credit agencies. _ 626, 648, 730, 795

Discussion of __ 714Member banks:

All banks on call dates 129, 191, 417, 613Classification of 97, 152, 215,

278, 350, 453, 519, 586, 642, 724, 789Discussion of 71,

142, 203, 507, 559, 629, 712, 773Earnings on 252-255Licensed banks on call dates 130,

192, 418, 614



Loans and investments—Continued. PageMember banks—Continued.

Reporting banks:Revision of weekly statement. _ 712, 759Total 19, 99, 154, 217,

280, 352, 455, 521, 588, 644, 726, 791Weekly figures 49, 131, 193, 260,

310, 419, 498, 550, 615, 696, 759, 823National banks, on call dates 53State banks, on call dates 54

Locomotives, production index 55, 135,195, 262, 313, 422, 500, 552, 620, 704, 765, 835

Losses and depreciation, reserves for:Federal Reserve banks 186Member banks 252-255

Lumber:Factory employment and pay rolls:

Index of 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837


Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835

Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836

Wholesale prices 58,138,198, 265, 316, 426, 504, 556, 619, 703, 764, 834

Machinery, factory employment and pay rolls:Index of 57,137,

197, 264, 315, 424, 502, 554, 622, 706, 767, 837Revision of employment index 327-343

Manager of branch office of dealer in securities,applicability of section 32 of Banking Act of1933 to; ruling of Board 750

Manufactures, index of production:By industries:

Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835

Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836

Total 24, 105,160, 223, 286, 358, 461, 527, 594, 651, 734, 799

Margin accounts:Applicability of section 8A of Clayton Act to

organizations carrying; ruling of Board._ 244Discussion of 629-634Interlocking relationships between national

banks and organizations which carry;ruling of Board 393

Interpretations under Regulation T of Fed-eral Reserve Board. (See Rulings ofFederal Reserve Board.)

Martin, H. Warner, assistant to Governor, resig-nation of 715

Maturities:Bills and short-term securities 51, 133,

194, 261, 311, 421, 499, 551, 617, 697, 761, 832Interest-bearing debt of United States 22,

102, 157, 220, 283, 355, 458, 524, 591, 647, 729,794.

McClure, M. L., Federal Reserve agent at Kan-sas City, death of 779

Meats, wholesale prices 58, 138,198, 265, 316, 426, 504, 556, 619, 703, 764, 834

Member banks:Bills discounted for, by Federal Reserve

banks. (See Bills discounted.)Borrowings at Federal Reserve banks. (See

Borrowings.)Condition of. (See Condition of banks.)Deposits. (See Deposits.)

Member banks—Continued.Dividends paid 252Earnings and expenses 252-255Licensed:

Condition of, on call dates. 130, 192, 418, 614Discussion of 268, 508Net demand and time deposits- 47, 127, 189,

249, 308, 415, 496, 548, 612, 695, 758, 822Number and deposits 48, 128, 190,

250, 309, 416, 497, 549, 618, 698, 762, 833Reserves and borrowings at Federal

Reserve banks 47, 127, 189,249, 308, 415, 496, 548, 612, 695, 758, 822

Suspensions 251, 762, 833Loans and investments. (See Loans and

investments.)National banks. (See National banks.)Number of 18, 98, 153,

216, 279, 351, 454, 520, 587, 643, 725, 790Reserves. (See Reserves.)State banks:

Branches of 699,700Condition of, on call dates. 130, 192, 418, 614Earnings and expenses 252, 257, 259Insured banks, condition of 576, 763Number and deposits of licensed banks. 48, 128,

190, 250, 309, 416, 497, 549,618,698,762,833Number of 18, 98,

153, 216, 279, 351, 454, 520,587,643,725,790Suspensions 251, 762, 833

Membership in Federal Reserve System:Discussion of 268Trust company doing substantially no bank-

ing business; ruling of Board 486Merchandise:

Freight-car loadings:By months 25, 106, 161,

224, 287, 359, 462, 528, 595, 652, 735, 800Years 1929-33 140

Imports and exports:Monthly figures 25, 106, 161, 224, 287,

359, 462, 528, 595, 652, 735, 800Years 1927-30 199

International transactions of United States716, 778

Messages of President to Congress:Gold 61Silver, purchasing of 435

Mexico:Foreign exchange rates:

Monthly averages 37, 118, 177, 241, 299,386, 482, 539, 606, 672, 746, 811

Yearly averages, 1925-33 38Gold imports and exports to and from the

United States 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787

Gold production 27, 108, 168,232, 290, 377, 473, 530, 597, 663, 737, 802

Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801

Miller, Adolph C., reappointed member ofFederal Reserve Board 561

Minerals, index of production:By industries:

Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835

Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836

Total 24, 105,160,223, 286, 358, 461, 527, 594, 651, 734, 799



Money: PageCirculation:

Averages of daily figures, end of monthseries 14, 126, 248, 307,

414, 495, 515, 582, 638, 720, 785By kinds 16, 95, 150,

213, 276, 348, 451, 517, 584, 640, 722, 787Charts:

Denominations of paper currency. _ 11Monthly data 13, 92, 147,210,

273, 345448,, 513, 580, 636, 718, 783Discussion of 267, 507,711Paper currency, by denominations. 51,133,194

261, 311, 421, 499, 551, 617, 697, 761Wednesday series 14, 93, 148,

211, 274, 346, 449, 514, 581, 637, 719, 784Gold. (See Gold.)Hoarding, discussion of 711Rates:

Charts showing 204, 772Discussion of 204, 771Foreign countries 36, 117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Open-market 21, 101, 156,

219, 282, 354, 457, 523, 590, 646, 728, 793(See also Currency.)

Morgenthau, Henry, Jr., appointed Secretaryof Treasury 6

Morris Plan banks:Director of, as director of national bank under

Clayton Act; ruling of Board. 180Insured banks 763

Mortgage-loan companies, loans to, by Recon-struction Finance Corporation 103,

158, 221, 284, 356, 459, 525, 592, 649, 731, 796Municipal warrants held by Reserve banks:

Maturities 51, 133,194, 261, 311, 421, 499, 551, 617, 697, 761, 832

Monthly figures 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721, 786

Mutual savings banks:Branches of 701Deposits, on call dates 18, 98,

153, 216, 279, 351, 454, 520, 587, 643, 725, 790Insured banks 576, 702Loans and investments on call dates 18, 98,

153, 216, 279, 351, 454, 520, 587, 643, 725, 790Number of 18, 98,

153, 216, 279, 351, 454, 520, 587, 643, 725, 790National bank examiners, circular of Comp-

troller of Currency to, relative to industrialloans 1 752

National bank note circulation 16, 95,150, 213, 276, 348, 451, 517, 584, 640, 722, 787

National banks:Branches of 699, 700Condition of, on call dates:

All banks 53Licensed banks 130, 192, 418, 614

Deposits, on call dates:All banks 53Licensed banks___ 130, 192, 418, 614

Earnings and expenses 252, 256, 258Errata 270

Insured banks, condition of 576, 763Loans and investments on call dates:

All banks 53Licensed banks 130, 192, 418, 614

Number and deposits of licensed banks 48, 128,190, 250, 309, 416, 497, 549, 618, 698, 762, 833

National banks—Continued.Number of 18, 98,

153, 216, 279, 351, 454, 520, 587, 643, 725, 790Suspensions 251, 762, 833

National Emergency Council, members of 779National summary of business conditions 12, 91,

146, 209, 272, 344, 447, 512, 579, 635, 717, 782Netherlands:

Bank of:Annual report 463Condition of 33,114,174,

238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,





Net imports 29, 110, 170,234, 292, 379, 475, 532, 599, 665, 739, 804

To and from the United States.. 16, 95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787

Money rates 36, 117,176, 240, 298, 385, 481, 538, 605, 671, 745, 810

New Zealand:Foreign exchange rates:


Yearly averages, 1925-33 38Gold reserves 26,107,

167, 231, 289, 376, 472, 529, 596, 662, 736, 801Nonferrous metals:

Factory employment and pay rolls:Index of 57,137,197,


Production index:Adjusted 55, 135, 195,

262, 313, 422, 500, 552, 620, 704, 765, 835Unadjusted 56, 136, 196,


198, 265, 316, 426, 504, 556, 619, 703, 764, 834Nonmember banks:

Bills discounted for 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721, 786

Branches of 699, 700Deposits:

Averages of daily figures, end of monthseries 14, 126, 188,

248, 307, 414, 495, 515, 582, 638, 720, 785On call dates 18, 98, 153,

216, 279, 351, 454, 520, 587, 643, 725, 790Receipt of, under section 21 of Banking

Act of 1933; ruling of Board 41Wednesday series 14, 93, 148,

211, 274, 346, 449, 514, 581, 637, 719, 784Insured banks, condition of 576, 763Loans and investments on call dates 18, 98,

153, 216, 279, 351, 454, 520, 587, 643, 725, 790Number and deposits of licensed banks 48, 128,

190, 250, 309, 416, 496, 549, 618, 698, 762, 833Number of 18,98,

153, 216, 279, 351, 454, 520, 587, 643, 725, 790Proclamation of President relative to con-

trol over 11Suspensions 151, 762, 833



Norway: PageBank of:

Condition of 33, 114, 174,238, 296, 383, 479, 536, 603, 669, 743, 808

Discount rates 36, 117,176,240, 298, 385, 481, 538, 605, 671, 745, 810

Gold reserves 26, 107, 167, 231,289, 376, 472, 529, 596, 662, 736, 801

Foreign exchange rates:Monthly averages 37, 118,

177, 241, 299, 386, 482, 539, 606, 746, 811Yearly averages, 1925-33 38

Number of banks in the United States 18, 98,153, 216, 279, 351, 454, 520, 587, 643, 725, 790

Number of banks maintaining branches 699,700Number of banks suspended 251, 762, 833Number of member banks licensed and not li-

censed 48,128,190, 250, 309, 416, 497, 549, 618, 698, 762, 833

Number of nonmember banks licensed and notlicensed 48,

128,190, 250, 309, 416, 496, 549, 618, 698, 762, 833Oats crop estimates 60, 558, 625, 709, 769, 839Offenses committed against banks, act providing

punishment for 410Oil production index 55, 135,

195, 262, 313, 422, 500, 552, 620, 704, 765, 835Paper:

Factory employment and pay rolls:Index of 57, 137, 197,264,


Production index:Adjusted 55, 135, 195,

262, 313, 422, 500, 552, 620, 704, 765, 835Unadjusted 56, 136, 196,


198, 265, 316, 426, 504, 556, 619, 703, 764, 834Par of exchange (foreign currency) 37, 38Par value of capital stock, licensed member

banks 130, 192, 418, 614Parry, Carl E.; appointed chief of Division of Se-

curity Loans of Federal Reserve Board 779Pay rolls, factory:

Chart showing 775Discussion of 1, 70, 143, 775Index of:

By industries 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837

Revision of 270Total 24, 105, 160,

223, 286, 358, 461, 527, 594, 651, 734, 799(See also Employment)

Penalties for deficient reserves 186, 547Permit for interlocking directorates under sec. 32

of Banking Act of 1933; ruling of Board 392Permit to act as correspondent bank for certain

dealers in securities under section 32 of Bank-ing Act of 1933; ruling of Board 392

Permit under Clayton Act, necessity for, in casein which permit has been issued under section32 of Banking Act of 1933; ruling of Board.. 123

Peru:Central Bank of:

Condition of 33, 114, 174,238, 296, 383, 479, 536, 603, 669, 743, 808

Discount rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810

Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801

Peru—Continued. PageGold imports and exports to and from

United States 16,95, 150,213, 276, 348, 451, 517, 584, 640, 722, 787

Petroleum refining:Factory employment and pay rolls:

Index of 57, 137, 197,264, 315, 425, 503, 555, 623, 707, 768, 838


262, 313, 422, 500, 552, 620, 704, 765, 835Wholesale prices 58, 138, 198,

265, 316, 426, 504, 556, 619, 703, 764, 834Philippine Islands, gold imports and exports 16, 95,

150, 213, 276, 348, 451, 517, 584, 640, 722, 787Poland:


238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,



Yearly averages, 1925-33 38Portugal:


238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates:

Changes in 6Monthly figures.__ 36, 117, 176, 240, 298,

385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,



Yearly averages, 1925-33 38Postage, Federal Reserve banks, cost of 186, 547Postal Savings deposits 51, 133,

194, 261, 311, 421, 499, 551, 617, 697, 761, 832Potato crop estimates 60, 558, 625, 709, 769, 839President of United States:

Executive orders:Gold 76, 77, 78Silver 564

Letter of, to Federal Reserve Board, relativeto Gold Reserve Act 61

Messages to Congress:Gold 61Silver 435

Proclamations:Coinage of silver 7Control over State banking institu-

tions 11Extension of Glass-Steagall Act 182Fixing weight of gold dollar 68Silver, purchase of 562

Statement by, fixing weight of gold dollar._ 67Prices:

Commodity, wholesale:Chart showing 777Discussion of 1, 70, 144, 776National summary 12, 91, 146,

209, 272, 344, 447, 512, 579, 635, 717, 782Principal countries 39, 40, 119, 178,

242, 300, 387, 483, 540, 607, 673, 747, 812



Prices—Continued. PageCommodity, wholesale—Continued.

United States:By weeks__. 139By months 58, 138, 198, 265,

316, 426, 504, 556, 619, 703, 764, 834Total 24, 105, 160, 223,

286, 358, 461, 527, 594, 651, 734, 799Food, retail 40,120,

179, 243, 301,388, 484, 541, 608, 674, 748, 813Gold:

Message of President to Congressregarding 61

Newly mined 51, 133Security (stocks and bonds):

Chart showing 268Discussion of 268, 778Domestic 23,104,159,

222,285, 357, 460, 526, 593, 650, 733, 798Principal countries 39, 119, 178,

242, 300, 388, 484, 541, 608, 674, 748, 813Silver, proclamation of President relative to. 7, 562

Printing and stationery, Federal Reserve banks,cost of 186,547

Proclamations of President of United States:Coinage of silver 7Control over State banking institutions 11Extension of Glass-Steagall Act 182Fixing weight of gold dollar 68Silver, purchase of 562

Production credit corporations:Government financing of 626, 648, 730, 795Loans to, by Farm Credit Administration 732, 797

Production, industrial:Chart showing 2, 774Discussion of 2, 70, 143, 774Index of:

Adjusted 55,135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835

Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836

Total 24,105, 160,223, 286, 358, 461,527, 594, 651, 734, 799

National summary 12, 91, 146, 209,272, 344, 447, 512, 579, 635, 717, 782

Profit and loss account of Federal Reserve banks- 187Public Works Administration, Government

financing of 626, 648, 730, 795Publication of reports of affiliates of State mem-

ber banks; ruling of Board 542Railroads:

Loans to, by Reconstruction Finance Cor-poration 103, 158,

221, 284, 356, 459, 525, 592, 649, 731, 796Stocks and bonds, prices of 23, 104, 159,

222, 285, 357, 460, 526, 593, 650, 733, 798Rates. (See Discount rates; Foreign exchange

rates; Money rates.)Ratio of total reserves to liabilities, Federal

Reserve banks 45, 124,184, 246, 305, 412, 493, 545, 610, 693, 756, 820

Real estate, loans on:By member banks on call dates 97,

152, 215, 278, 350, 453, 519, 586, 642, 724, 789By reporting member banks, weekly fig-

ures 759,823National Housing Act, section 505 of,

amending Federal Reserve Act relatingto 488

Real estate, loans on—Continued.Mortgages, obligations secured by, as "se-

curities" under Banking Act of 1933;ruling of Board 302

Revision of member bank weekly state-ment to include 712, 759

Receipts and expenditures of United StatesGovernment 22, 102,

157, 220, 283, 355, 458, 524, 591, 647, 729, 794Reconstruction Finance Corporation:

Act continuing functions of 123Discussion of operations 71, 268, 320, 508Government financing of 626, 648, 730, 795Loans, subscriptions, and allocations 103,158,

158, 221, 284, 356, 459, 525, 592, 649, 731, 796Revised group 132

Reimbursable expenditures by FederalReserve banks for 187, 547

Redemption fund:All Federal Reserve banks combined 15, 94,

149, 212, 275, 347, 450, 516, 583, 639, 721, 786Each Federal Reserve bank 46, 125,

185, 247, 306, 413, 493, 546, 611, 694, 757, 821Rediscounts and bills payable:

All banks in United States on call dates 52National banks on call dates 53State banks on call dates 54

Regulations:Federal Deposit Insurance Corporation 89,

90, 446, 577Federal Reserve Board:

Regulation Q, revision of 815Regulation S, Loans to industries 488Regulation T, Stock Exchange:

Discussion of 629-634Rulings of Board interpreting.

(See Rulings.)Text of 675-686

Secretary of Treasury:Foreign exchange 76, 79, 82, 780Gold 82

Amendments to 145, 270, 780Silver 8, 441, 567

Amendment to 781Reichsbank, German. (See Germany.)Rent paid by Federal Reserve banks 186, 547Reports and examinations of corporations, etc.,

under section 21 of Banking Act of 1933; rulingof Board 543

Reports of affiliates of State member banks,publication of; ruling of Board 542

Reserve balances of member banks. (See Re-serves.)

Reserve city member banks:Condition of, on call dates 130, 192, 418, 614Deposits, time and demand 17, 96,

151, 214, 277, 349, 452, 518, 585, 641, 723, 788Loans and investments on call dates 97,

152, 215, 278, 350, 453, 519, 586, 642, 724, 789Reserve balances 17, 96,

151, 214, 277, 349, 452, 518, 585, 641, 723, 788Reserve requirements of member banks, pro-

posed revision of:Discussion of 202Recommendations of Board to Congress

relative to 202,205Reserves:

Deficient, penalties for _... 186, 547Held by Federal Reserve banks:

For losses , — 187Total, by Federal Reserve districts. . _ 45,124,

184,246,305,412,493,545,610,693,756,820



Reserves—Continued.Gold, held by foreign central banks: Page

Monthly figures 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801

Monthly review 4,71, 144, 204, 269, 320, 444, 714, 778

Held by member banks:All banks on call dates 129, 191, 417, 613Balances:

Average of daily figures, end ofmonth series 14, 126, 188,

307, 414, 495, 515, 582, 638, 720, 785Chart showing 13, 92, 147, 210,

273, 345, 448, 513, 580, 636, 718, 783Discussion of 70, 142,

201, 267, 319, 507, 559, 629, 711, 772New York City banks, Reserve city

banks, and country banks 17,96, 151, 214, 277, 349, 452, 518585, 641, 723, 788.

Wednesday series. _ 14, 93, 148, 211, 274,346, 449, 514, 581, 637, 719, 784

Computation of, against savings de-posits ; rulings of Board 180

Computation of, in connection with thepayment of dividends; ruling ofBoard 121

Excess:Chart showing 70, 142, 201Discussion of 70

142, 201, 319, 507, 711, 772During November 1933 208Licensed banks 47, 127, 189, 249,

308, 415, 496, 548, 612, 695, 758, 822New York City banks, Reserve

city banks, and country banks. 17,96, 151, 214, 277, 349, 452, 518, 585,641, 723, 788.

Licensed banks in each district 47,127, 189, 249, 308, 415, 496, 548, 612, 695,758, 822.

Licensed banks on call dates 130,192, 418, 614

Reporting banks, weekly figures 49,131, 193, 260, 310, 419, 498, 550, 615, 696,759, 823.

Resources and liabilities. {See Assets and lia-bilities.)

Retail trade, department stores:Discussion of 1, 70, 143, 777Monthly figures 25, 106,

161, 224, 287, 359, 462, 528, 595, 652, 735, 800Revision:

Factory employment index 324^343Factory employment and pay rolls index. _ 270Treasury bond yields, average of 322Weekly statement of reporting member

banks 712Rubber:

Crude, wholesale prices 58, 138,198, 265, 316, 426, 504, 556, 619, 703, 764, 834

Products, factory employment and payrolls:

Index of 57, 137, 197,264, 315, 425, 503, 555, 623, 707, 768, 838

Revised employment index 327-343Tires and tubes:


Wholesale prices 58, 138, 198,265, 316, 426, 504, 556, 619, 703, 764, 834

Rulings of the Federal Reserve Board:Affiliates: Page

Corporate trustee under deed of trustas a holding company affiliate 303

Cumulative voting of shares by hold-ing company affiliates of memberbanks 749

Existence of more than one holdingcompany affiliate of a member bank. 182

Individual trustee as holding companyaffiliate 122

Limitations on loans or extensions ofcredit to affiliates secured by papereligible for rediscount 391

"Loan or extension of credit", en-dorsement as, within section 23A ofFederal Reserve Act 391

Partnership as holding company af-filiate of member bank 41

Publication of reports of 542Capital, classification of capital notes and

debentures of State member banks as 749Clayton Act:

Applicability to director of a Federalsayings and loan association 181

Applicability to directors of a corpora-tion which extends or renews loanspreviously made 41

Applicability to Federal home loanbanks 180

Director of Morris Plan bank as direc-tor of national bank 180

Interlocking .relationships between na-tional banks and organizations whichcarry margin accounts 393

Organizations carrying margin ac-counts, applicability of section 8Ato 244

Permit under, necessity for, in cases inwhich permit has been issued undersection 32 of Banking Act of 1933__ 123

Collection or exchange charges, absorptionof, by member banks 394, 814

Corporate stock for account of customers,purchase of, by State member banks 609

Dealers in securities solely for account ofothers, applicability of section 32 ofBanking Act of 1933 to 393

Dealer in securities, member bank havingrelations with, applicability of section 32of Banking Act of 1933 42

Deposits:Certificates of deposit payable 6 or 12

months after date or on 30 days'notice 43

Insurance of bank deposits, effect of,upon requirement of security fortrust funds used by member bank inconduct of its business 121

Interest on:Municipal ordinance requiring

payment of, on public funds 121Payment of banker's acceptance

before maturity as indirect pay-ment of interest 303

Payment of, when 1st day ofmonth falls on a Sunday or holi-day; ruling of Board 304

Receipt of, by nonbanking institutions,under section 21 of Banking Act of1933 41



Rulings of the Federal Reserve Board—Contd.Deposits—Continued.

Renewal of certificate of deposit prior Pageto maturity 609

Savings:Classification of 389Classification of account subject

to withdrawal without presenta-tion of passbook 542

Deposits represented by certifi-cates of deposits as constituting. 390

Payment of, before interest pay-ment dates 391

Service charges, analysis of customers'accounts in determining 43

Time, the payment of which has beendeferred beyond period originallycontemplated 244

Discounts for individuals, partnerships,and corporations by Federal Reservebanks, time limit extended by Board 485

Exchange or collection charges, absorptionof, by member banks 394, 814

Examinations and reports of corporations,etc., under section 21 of Banking Act of1933 543

Federal savings and loan associations asbanks within meaning of section 19 of Fed-eral Reserve Act 304

Interpretations of Regulation T:Agreement, scope of, of nonmember

banks under section 8 (a) of Securi-ties Exchange Act 688

Arbitrage accounts, calculation of netdebit balance in 692

Cancellation by nonmember bank ofagreement under section 8 (a) ofSecurities Exchange Act 687

Cash accounts, special, manner ofkeeping 751

Cash accounts, transactions in 690Cash accounts, transfer of transactions

from..- 750Cash transactions 691Cash transactions in unregistered se-

curities 752Cash transactions, jurisdiction of na-

tional securities exchange committeeto grant extension of time in 815

Cash transactions, time when pay-ment is deemed received, in unregis-tered, nonexempted securities 815

Cash, withdrawals of, from old accountson and after November 15, 1934 751

Combination of transactions, timewithin which it must be made in oldaccounts 690

Committee of a national securitiesexchange, jurisdiction of, in grantingextensions of time in connection withcash transactions 815

Debit balance, adjusted, of an oldaccount, increases in 691

Debit balance, net, calculation of, inarbitrage accounts 692

Dividends or interest on securitiescarried in new accounts 751

Effect of section 8 (a) of Securities Ex-change Act on existing loans 688

Extension of credit on unregistered,nonexempted securities 690, 750, 752

Rulings of the Federal Reserve Board—Contd.Interpretations of Regulation T.—Contd.

Foreign branches, transactions for Pagecustomers of 692

Guaranteed accounts 691Interest and cash dividends, with-

drawal of, from restricted accounts. _ 815Interest on dividends on securities

carried in restricted new accounts 75]Joint account, individual's participa-

tion in, not to be combined with hisindividual account 751

Joint accounts between members ofnational securities exchanges 692

Margin:Demand for, confirmation of 690Demand for, included in confirma-

tion of transaction 751Nature of, referred to in section

4 (e) 687Requirements:

Cash accounts, transactionsin 690

Joint account between mem-bers of national securitiesexchanges 692

Market prices, fluctuationsin 690

Old accounts 686Restricted accounts, new pur-

chases in 688Short sales and other trans-

actions in restricted ac-counts 690

Time allowed for obtainingmargin 691

Unrestricted accounts, trans-actions in 687

Market prices, fluctuations in 690Market value and loan value of securi-

ties involved in substitutions 692Nonmember banks, scope of agree-

ment of, under section 8 (a) of Se-curities Exchange Act 688

Old accounts:Accounts transferred from banks

not to be designated as 688Designation of 688Increases in adjusted debit bal-

ance of 691Margin requirements 686Orders executed on September 29,

1934, as part of 686Substitutions of unregistered, non-

exempted securities in, by pur-chase and sale of such securi-ties 815

Sales and repurchases of securitiesin 750

Time within which combination oftransactions must be made in__ 690

Withdrawals of cash from, priorto October 15, 1934 690

Withdrawals of cash or securitiesfrom, on and after November15, 1934 751

Withdrawals prior to designationof 689



Rulings of the Federal Reserve Board—Contd.Interpretations of Regulation T.—Contd.

Restricted accounts:Dividends or interest on securities Page

carried in 751Market value and loan value of

securities involved in substitu-tions 692

Short sales and other transactionsin 690

Withdrawal of interest and cashdividends from 815

Ruling no. 34 revoking rulings nos. 16and 27 752

Sale and purchase of unregistered, non-exempted securities, substitution inold accounts 815

Sale of unregistered, nonexempted secu-rities, withdrawal of proceeds of, fromrestricted new account 752

Sale, securities deposited for 752Sales and repurchases of securities in

old accounts 750Securities deposited for sale 752Short sales and other transactions in

restricted accounts 690Substituted securities, market value

and loan value of 692Substitutions of unregistered, nonex-

empted securities in old accounts bysale and purchase of such securities. 815

Time allowed for obtaining margin 691Time, extension of, by committee of a

national securities exchange, juris-diction of 815

Time when payment is deemed receivedin cash transactions in unregistered,nonexempted securities 815

Time within which combination oftransactions must be made in oldaccounts 690

Withdrawal of cash from old accountsprior to October 15, 1934 690

Withdrawal of cash or securities fromold accounts on and after November15, 1934 751

Withdrawal of interest and cash divi-dends from restricted accounts 815

Withdrawal of proceeds of sale of un-registered, nonexempted securitiesfrom restricted new account 752

Withdrawal prior to designation of oldaccounts 689

Liquidation, corporation in process of,applicability of section 32 of BankingAct of 1933 42

Loans to industries \byZ Federal Reservebanks:

Discount for establishment located inanother Federal Reserve district 675

Investment banking firm as financinginstitution within meaning of sec-tion 13b of Federal Reserve Act 675

Manager of branch office of dealer in securi-ties, applicability of section 32 of Bank-ing Act of 1933 to 750

Membership in Federal Reserve System oftrust company doing substantially nobanking business _. _ _ _ _ 486

Rulings of the Federal Reserve Board—Contd.Permit to member bank relating to partici-

pation in underwriting and dealing inmunicipal and other securities under sec- Pagetion 32 of Banking Act of 1933 485

Permit for interlocking directorates undersection 32 of Banking Act of 1933 392

Permit to act as correspondent bank for cer-tain dealers in securities under section 32of Banking Act of 1933 392

Real-estate mortgages, obligations securedby, as "securities" under Banking Actof 1933 302

Reserve, member-bank, computation of:Against savings deposits 180In connection with the payment of

dividends 121Securities company within provisions of

sections 20 and 32 of Banking Act of1933 _- 485

Stocks, corporation engaged solely inholding; applicability of section 32 ofBanking Act of 1933 42

(See also Law department.)Rumania:


241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38

National Bank of:Condition of 33, 114, 174,

238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,

231, 289, 376, 472, 529, 596, 662, 736, 801Russia. (See Union of Soviet Socialist Re-

publics.)Salaries:

Federal Reserve banks 186, 547Member banks 252-255National banks 256,258State bank members 257, 259

Savings deposits. (See Deposits; Rulings,)Secretary of Treasury:

Morgenthau, Henry, Jr., appointed. , 6Order requiring delivery of gold to Treas-

urer 9, 79Regulations:

Foreign exchange 76, 79, 82, 780Gold 82

Amendments to 145, 270Silver 8, 441, 567

Amendment to 781Statements of, relative to purchase of gold- 69,

76, 80, 81, 145Statements of, relative to purchase of silver. 438,

439, 440, 562, 565, 566, 567Woodin, William H., resignation of 6

Securities:Loans on, by reporting member banks:

In 91 leading cities, 1932-34 829-831In 101 leading cities, 1929-33 825-828Weekly figures 49, 131, 193, 260,

310, 419, 498, 550, 615, 696, 759, 823(See also Brokers and dealers in securi-

ties.)United States Government. (See United

States Government securities.)



Securities Exchange Act of 1934:Regulation T: Page

Discussion of 629-634Rulings of Board interpreting. (See


Statement of Federal Reserve Board relativeto margin requirements under 434

Text 321, 396Security issues:

Discussion of 269Monthly figures 23, 104,

159, 222, 285, 357, 460, 526, 593, 650, 733, 798Security prices (stocks and bonds):

Chart showing 268Discussion of 268Domestic 23, 104,

159, 222, 285, 357, 460, 526, 593, 650, 733, 798Principal countries 39, 119,

178, 242, 300, 388, 484, 541, 608, 674, 748, 813Shipbuilding:



Production index 55, 135,195, 262, 313, 422, 500, 552, 620, 704, 765, 835

Shipments of currency to and from Europe 51,133, 194, 261, 311, 421, 499, 551, 617, 697, 761, 832

Siam, gold reserves 26, 107, 167, 231, 289, 376, 472Signs, displaying of, by insured banks under

Federal Deposit Insurance Corporation 577Silk manufactures:



Production index 55, 135, 195, 262,313, 422, 500, 552, 620, 704, 765, 835

Wholesale prices 58, 138, 198, 265,316, 426, 504, 556, 619, 703, 764, 834

Silver:Coin and certificates in circulation 16, 95,

150, 213, 276, 348, 451, 517, 584, 640, 722, 787Executive order of President relating to 564Message of President to Congress relative to

purchase of 435Production index 55, 135, 195, 262,

313, 422, 500, 552, 620, 704, 765, 835Proclamation of President relative to 7, 562Purchase Act of 1934, text of 436Purchase of, statements by Secretary of

Treasury regarding 438,439, 440, 562, 565, 566, 567

Regulations of Secretary of Treasury.. 8, 441, 567Amendment to 781

Statement by President relative to 6Weight of dollar 439, 562

Silver Purchase Act of 1934, text of 436Slaughtering and meat packing:



Production index 55, 135, 195, 262,313, 422, 500, 552, 620, 704, 765, 835

South Africa:Foreign exchange rates:


Yearly averages, 1925-33.._ 38

South Africa—Continued. PageGold production 27,108,

168, 232, 290, 377, 473, 530, 597, 663, 737, 802Reserve Bank:

Condition of 33, 114, 174,238, 296, 383, 479, 536, 603, 669, 743, 808

Discount rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810

Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801

Spain:Bank of:

Condition of 33, 114, 174,238, 296, 383, 479, 536, 608, 669, 743, 808

Discount rates.—.__^_._.___-. 36, 117, 176,240, 298, 385, 481, 538, 606, 671, 746, 810

Gold reserves ._.___.__. 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801


241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33.- 38

State banks:Branches of member banks 699, 700Condition of all banks on call dates ^ 54Condition of licensed member banks on call

dates 130, 192, 418, 614Earnings and expenses of member banks 252,

257, 259Insured member banks, condition of 576, 763Number and deposits of licensed banks 48, 128,

190, 250, 309, 416, 497, 549, 618, 698, 762, 833Number of member banks 18, 98,

153, 216, 279, 351, 454, 520, 587, 643, 725, 790Proclamation of President relative to con-

trol over ^ 11Suspensions 251, 762, 833

Stock, bank, loans by Reconstruction FinanceCorporation on 103,158,

221, 284, 356, 459, 525, 592, 692, 694, 731, 796Discussion of .. 509

Stock, corporate, purchase of, by State memberbank for account of customer; ruling ofBoard 609

Stock exchange:Act regulating 321, 396Regulation T:

Discussion of 629-634Rulings of Board interpreting. (See


Statement of Federal Reserve Board rela-tive to margin requirements 434

Stocks and bonds:Applicability of section 32 of Banking Act

of 1933 to corporations engaged solely inholding of stocks; ruling of Board 42

International transactions of the UnitedStates 716

Issues of:Discussion of 269Monthly figures 23, 104, 159,

222, 285, 357, 460, 526, 593, 650, 733, 798Loans by member banks secured by _ __ 97, 152,

215, 278, 350, 453, 519, 586, 642, 724, 789Prices:

Chart showing 268Discussion of __ 268Domestic 23, 104, 159,

222, 285, 357, 460, 526, 593, 650, 733, 798Principal countries 39, 119, 178,

242, 300, 388, 484, 541, 608, 674, 748, 8ia



Stocks and bonds—Continued. PageYield on 23, 104,

159, 222, 285, 357, 460, 526, 593, 650, 733, 798Stocks, department stores 25, 106,

161, 224, 287, 359, 462, 528, 595, 652, 735, 800Straits Settlements, foreign exchange rates:

Monthly averages 37, 118,177, 241, 299, 386, 482, 539, 606, 672, 746, 811

Yearly averages, 1925-33 38Sunday, payment of interest on deposits when

1st day of month falls on; ruling of Board 304Surplus:

Federal Reserve banks:All banks 15, 94, 149,

212, 275, 347, 450, 516, 583, 639, 721, 786Amounts transferred 187Each bank 46, 125, 185,

247, 306, 413, 494, 546, 611, 694, 757, 821Member banks:

All banks on call dates 129, 191, 417, 613Licensed banks on call dates 130,

192, 418, 614National banks 256, 258State bank members 257, 259

Suspensions, bank 251, 762, 833Sweden:


238, 296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,

231, 289, 376, 472, 529, 596, 662, 736, 801Foreign-exchange rates:


Yearly averages, 1925-33 38Money rates 36, 117, 176,

240, 298, 385, 481, 538, 605, 671, 745, 810Switzerland:

Foreign-exchange rates:Monthly averages 37, 118, 177, 241,

299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38

Gold imports and exports:Net imports 29, 110, 170, 234,

292, 379, 475, 532, 599, 665, 739, 804To and from the United States__ 16, 95, 150,

213, 276, 348, 451, 517, 584, 640, 722,787.

Money rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810

Swiss National Bank:Condition of 33, 114, 174, 238,

296, 383, 479, 536, 603, 669, 743, 808Discount rates 36, 117, 176, 240,

298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167, 231,

289, 376, 472, 529, 596, 662, 736, 801Taxes:

Federal Reserve bank note circulation 186, 547Federal Reserve bank premises 186, 547Income, United States Government 22, 102,

157, 220, 283, 355, 458, 524, 591, 647, 729, 794Telephone and telegraph expenses of Federal

Reserve banks 186, 547Textiles:



Textiles—Continued.Production index: Page

Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835

Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836


Thomas, J. J., designated vice governor ofFederal Reserve Board 561

Thomas, Woodlief, appointed assistant directorof Division of Research and Statistics ofFederal Reserve Board 779

Tires and tubes, rubber:Factory employment and pay rolls:

Index of 57, 137, 197,264, 315, 425, 503, 555, 623, 707, 768, 838


Adjusted 55, 135, 195,262, 313, 422, 500, 552, 620, 704, 765, 835

Unadjusted 56, 136, 196,263, 314, 423, 501, 553, 621, 705, 766, 836

Wholesale prices 58,138198, 265, 316, 426, 504, 556, 619, 703, 764, 834

Tobacco:Crop estimates 60, 558, 625, 709, 769, 839Manufactures:


315, 425, 503, 555, 623, 707, 768, 838Revised employment index 327-343

Production index:Adjusted 55, 135, 195, 262,

313, 422, 500, 552, 620, 704, 765, 835Unadjusted 56, 136, 196, 263,

314, 423, 501, 553, 621, 705, 766, 836Trade, retail, department stores:

Discussion of 1, 70, 143, 777Monthly figures 25, 106,

161, 224, 287, 359, 462, 528, 595, 652, 735, 800Traveling expenses, Federal Reserve banks __ 186, 547Traylor, Melvin A., member Federal Advisory

Council, death of 145Treasury bonds, yield on:

Discussion of 771By months, 1926-34 322By weeks, 1928-34 323Weekly figures 23, 104,

159, 222, 285, 357, 460, 526, 593, 650, 733, 798Treasury certificates of indebtedness:

Held by Federal Reserve banks 46, 125,185, 247, 306, 413, 494, 546, 611, 694, 757, 821

Maturities of 51, 133,194, 261, 311, 421, 499, 551, 617, 697, 761, 832

Treasury finance 22, 102,157, 220, 283, 355, 458, 524, 591, 647, 729, 794

Treasury notes:Circulation 16, 95,

150, 213, 276, 348, 451, 517, 584, 640, 722, 787Held by Federal Reserve banks 46, 125,

185, 247, 306, 413, 494, 546, 611, 694, 757, 821Trust company doing substantially no banking

business, membership in Federal ReserveSystem; ruling of Board 486

Turkey:Central Bank of:

Condition of 33, 114, 174,238, 296, 383, 479, 536, 603, 669, 743, 808

Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801



Turkey—Continued.Foreign exchange rates: Page


Yearly averages, 1925-33 38Union of Soviet Socialist Republics, Bank of:

Discount rates 36, 117, 176,240, 298, 385, 481, 538, 605, 671, 745, 810

Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801

United States Government debt 22, 102, 157,220, 283, 355, 458, 524, 591, 647, 729, 794

United States Government deposits:Held by Federal Reserve banks:

All banks 15, 94, 149, 212,275, 347, 450, 516, 583, 639, 721, 786

Each bank 46, 125, 185, 247,306, 413, 494, 546, 611, 694, 757, 821

Held by member banks:All banks on call dates 129, 191, 417, 613Licensed banks on call dates 130,

192, 418, 614Reporting banks 49, 131, 193, 260,

310, 420, 498, 550, 615, 696, 760, 824United States Government securities:

Bills discounted by Federal Reserve bankssecured by 46, 125, 185, 247,

306, 413, 494, 546, 611, 694, 757, 821Bonds:

Held by Federal Reserve banks_ 46, 125, 185,247, 306, 413, 494, 546, 611, 694, 757,821.

Prices of 23, 104, 159, 222,285, 357, 460, 526, 593, 650, 733, 798

Yield on:By months, 1926-34 322By weeks, 1928-34 323Discussion of 771Monthly figures. 23, 104, 159, 222, 285,

357, 460, 526, 593, 650, 733, 798Revision of averages 322

Certificates of indebtedness:Held by Federal Reserve banks. _ 46, 125, 185,

247, 306, 413, 494, 546, 611, 694, 757, 821Maturities 51, 133, 194,

261, 311, 421, 499, 551, 617, 697, 761, 832Held as security against Federal Reserve

notes:All Federal Reserve banks 15, 94, 149,

212, 275, 347, 450, 516, 583, 639, 721, 786Each Federal Reserve bank 46, 125, 185,

247, 306, 413, 494, 546, 611, 694, 757, 821Extension of time limit under Glass-

Steagall Act:Discussion of 142Proclamation of President 182Text of act 183

Held by Federal Reserve banks:All banks 15, 94, 149,

212, 275, 347, 450, 516, 583, 639, 721, 786Averages of daily figures, end-of-month

series 14, 126, 188,248, 307, 414, 495, 515, 582, 638, 720, 785

Discussion of 319Each bank 46, 125, 185,

247, 306, 413, 494, 546, 611, 694, 757, 821

United States Government securities—Contd.Held by Federal Reserve banks—Contd. Page

Earnings on 186, 547Wednesday series 14, 93, 148,

211, 274, 346, 449, 514, 581, 637, 719, 784Held by member banks:

All banks on call dates 97, 152,215, 278, 350, 453, 519, 586, 642, 724, 789

Weekly figures of reporting banks 49,131,193, 260, 310, 419, 498, 550, 615, 696, 759,823.

Pledged against Federal Reserve banknotes:

All Federal Reserve banks combined.- 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721,786.


Treasury bonds, yield on:By months, 1926-34 ___ __ 322By weeks, 1928-34 323Monthly figures 23, 104, 159,

222, 285, 357, 460, 526, 593, 650, 733, 798Revision of averages 322

Treasury notes:Circulation 16, 95, 150,

213, 276, 348, 451, 517, 584, 640, 722, 787Held by Federal Reserve banks.. 46, 125, 185,

247, 306, 413, 494, 546, 611, 694, 757, 821Yield on, new series 322, 323

United States postal savings deposits 51, 133194, 261, 311, 421, 499, 551, 617, 697, 761, 832

Uruguay:Bank of:

Condition of 33, 114, 174,238, 296, 383, 479, 536, 603, 669, 743, 808

Gold reserves 26, 107, 167,231, 289, 376, 472, 529, 596, 662, 736, 801


241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38

Gold imports and exports to and from theUnited States 16,95,150,

213, 276, 348, 451, 517, 584, 640, 722, 787Venezuela, gold imports and exports to and from;^the United States 16,95,

150, 213, 276, 348, 451, 517, 584, 640, 722, 787Voting of shares by holding company affiliates of

member banks; ruling of Board 749Wages. (See Pay rolls.)Warehouse receipts, acceptances based on 20,100,

155, 218, 281, 353, 456, 522, 589, 645, 727, 792Warrants, municipal, held by Reserve banks:

Maturities 51,133,194, 261, 311, 421, 499, 551, 617, 697, 761, 832

Monthly figures 15, 94,149, 212, 275, 347, 450, 516, 583, 639, 721, 786

Weight of gold dollar 68,141Weight of silver dollar 439, 562Wheat crop estimates 60, 558, 625, 709, 769, 839Wholesale prices. (See Prices.)Williams, L. B., resignation as Federal Reserve

agent at Cleveland 779Woodin, William H., resignation of, as Secretary

of the Treasury __ 6



Wood manufactures:Factory employment and pay rolls: Page

Index of 57, 137, 197,264, 315, 424, 502, 554, 622, 706, 767, 837

Revision of employment index 327-343Production index 55, 135,

195, 262, 313, 422, 500, 552, 620, 704, 765, 835Wholesale prices 58, 138,

198, 265, 316, 426, 504, 556, 619, 703, 764, 834Yugoslavia:


241, 299, 386, 482, 539, 606, 672, 746, 811Yearly averages, 1925-33 38

Yugoslayia—Continued.National Bank of: Page

Condition of 33, 114, 174,238, 296, 383, 479, 536, 603, 669, 743, 808

Discount rates:Changes in 73, 510Monthly figures 36, 117, 176,240,

298, 385, 481, 538, 605, 671, 745, 810Gold reserves 26, 107, 167,

231, 289, 376, 472, 529, 596, 662, 736, 801


FEDERAL RESERVE DISTRICTS

ARK. Memphis 1

i in irBOUNDARIES OF FEDERAL RESERVE DISTRICTS-•—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY


Documents

Federal Reserve Bulletin December 1934 - St. Louis Fed · FEDERAL RESERVE BULLETIN VOL. 20 DECEMBER 1934 No. 12 REVIEW OF THE MONTH The Federal Reserve Board has reduced from 3 to