-
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 STATESGOVERNMENT PRINTING OFFICE
WASHINGTON: 1934
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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
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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
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OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bankof
Chairman and FederalReserve agent Governor Deputy governor
Cashier
BostonNew York
Philadelphia
ClevelandRichmondAtlanta.Chicago
St. Louis
F. H. CurtissJ. H. Case
R. L. Austin _
E. S. Burke, Jr.*W. W. HoxtonOscar NewtonE. M. Stevens
R. A. YoungG. L. Harrison
G. W. Norris
E. R. FancherG. J. SeayE. R. BlackG. J. Schaller
Minneapolis...Kansas CityDallas.San Francisco .
J. S. Wood....
J. N. Peyton
C.C.Walsh
W. McC. Martin
W. B. GeeryG. H. HamiltonB. A. McKinneyJ. U. Calkins
W. W. PaddockW. R. BurgessJ. E. CraneW. S. LoganL. R. RoundsL.F.
SailerC. H. CoeW. H. HuttJ. S. SinclairC. A. McllhennyM. 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 BULLETINThe FEDERAL RESERVE BULLETIN is
the Board's medium of communication with member
banks of the Federal Reserve System and is the only official
organ or periodical publication 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
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TABLE OF CONTENTS
PageReview of the monthBusiness 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
CorporationLoans, subscriptions, and allocations 796Farm Credit
AdministrationLoans and discounts outstanding, by institutions
797Home Owners' Loan CorporationSummary of operations 797Federal
home loan banksAssets and liabilities 797Security prices, bond
yields, and security issues 798Production, employment, car
loadings, and commodity prices 799Merchandise exports and imports
800Department storesIndexes 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
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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
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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.
DEPOSITSALL 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 2years. Excess reserves, which
had 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
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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 INVESTMENTSALL 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 investmentsTotal loans arid investment*;
Oct. 17,1934
14910,8371,358
12, 344
9,171720
5,34915, 24027, 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.
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774 FEDERAL RESERVE BULLETIN DECEMBER 1934
This latter decline probably reflected in partthe exchange on or
before October 27 of interest-guaranteed bonds of the Home Owners'
LoanCorporation for the fully-guaranteed bonds ofthat agency and in
part retirement of certainlarge issues of short-term securities
held by thebanks.
The review of applications for industrialloans at the Federal
Reserve
vances'^1 **" b a n k s i s Proceeding withoutdelay, and the
number of appli-
cations awaiting action has been reduced.Up to the close of
business November 28
Industrial Advisory Committees at FederalReserve banks had
recommended the approvalof 961 applications for $46,600,000 of
indus-trial advances and commitments and theReserve banks had
approved 567 applicationsfor $26,500,000 unconditionally and 261
appli-cations for $15,700,000 with certain conditionsattached. Of
the applications unconditionallyapproved, advances had been made by
theReserve banks in the amount of $9,990,000, ofwhich $9,770,000
were outstanding on No-vember 28. There were also $6,660,000
ofcommitments outstanding, and participationsof financing
institutions amounted to $1,970,000.
Industrial activity and factory employmentincreased in October,
after several months of
decline, and distribution ofcommodities at retail continuedclose
to the relatively high level
maintained since the early part of the year.Wholesale prices,
which had declined duringSeptember and October, showed mixed
move-ments in November.
Industrial output at this time is at about thelevel of a year
ago and considerably above thelowest levels of the depression. The
Board'sseasonally adjusted index, which is shown onthe chart,
decreased from 86 percent of the1923-25 average in May of this year
to 71 per-cent in September and advanced to 74 percentin October.
Preliminary figures indicate littlechange in November.
The decline in this adjusted index from Mayto July of this year
reflected a sharp decrease
Recent courseof business
in the actual volume of production, especiallyin the steel
industry. During August andSeptember the total volume of output
failed toshow the expansion usual at that season andthe adjusted
index continued to decline. The
INDUSTRIAL PRODUCTIONAdjusted for seasonal variation
1923-25 averae=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
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DECEMBER 1934 FEDERAL RESERVE BULLETIN 775
Employment
ago. A period of sharply increased output ofsteel and
automobiles in the spring of the yearwas followed by a considerable
decline in boththese lines. In recent weeks steel productionhas
increased, contrary to the usual seasonaltendency, to about 33
percent of capacity,and, in the early part of December,
automobileproduction has also shown an increase. Thelow level of
activity in the steel industry duringthe summer and autumn
reflected in part theaccumulation of stocks during the spring
inanticipation of an announced price advance.Lumber production has
fluctuated consider-ably, but less than last year. Among the
min-erals, fluctuations in the output of bituminouscoal and crude
petroleum have been somewhatless marked than a year ago.
The volume of factory employment increasedconsiderably between
the middle of September
and the middle of October, asactivity was resumed at textile
mills, and the Board's seasonally adjusted indexadvanced from 74
percent of the 1923-25 aver-age to 77 percent. The current level of
factoryemployment, as of manufacturing output, isabout the same as
a year ago and considerablyabove the low level of the
depression.
Increases in employment during the earlypart of the year and
declines from May toSeptember were general. Employment in
themeat-packing industry, however, showed anincrease. Employment in
industries producingtextile fabrics was larger during October
thanduring August, the month before the textilestrike. The total
volume of employment inother industries declined between August
andOctober, reflecting chiefly reductions in em-ployment at
automobile factories, at foundries,and in the leather and tire
industries.
Changes during recent months in the volumeof employment in
nonmanufacturing industries,not including recovery agencies, have
beenrelatively small. Currently, employment inthese lines, as in
manufacturing, is at about thesame level as a year ago. Among the
recoveryagencies the principal change has been in em-ployment on
projects of the Public WorksAdministration. The number employed on
such
projects, as reported by the Bureau of LaborStatistics,
increased from about 275,000 at the be-ginning of this year to
about 625,000 in July andhas since declined to about 520,000 in
October.
The recent course of production, employ-ment, and pay rolls in a
comparable group of
PRODUCTION, EMPLOYMENT AND PAYROLLSIN COMPARABLE MANUFACTURING
INDUSTRIES
80J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J A. S 0
N D
1933 1934The index of the production of manufactures on a
January to March 1933
base has been computed from the index regularly computed and
pub-lished by the Federal Reserve Board on a 1923-25 base. The
indexesof employment and pay rolls were computed by the Board from
dataof the U. S. Bureau of Labor Statistics for industries included
inthe]Board's index of the production of manufactures.
manufacturing industriesthose in the Board'sindex of
manufacturing productionis 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
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776 FEDERAL RESERVE BULLETIN DECEMBER 1934
and production, and currently employment inthese manufacturing
industries continues con-siderably higher relative to production
than atthe corresponding level of output in the latespring of 1933.
As is usual, fluctuations in payrolls accompanying changes in
output havebeen more pronounced than changes in thenumber employed,
reflecting in part changesin the amount of part-time
employment.
The course of activity in the constructionindustry this year has
reflected largely changes
in the volume of public work.Construction Last winter a large
volume of
contracts was awarded for suchconstruction and formed the basis
for a sub-stantial increase in activity during the springand summer
months, when there was alsosome increase, largely of a seasonal
nature, inthe volume of private building. Expendituresand
employment on construction projects ofthe Public Works
Administration reached apeak in the summer and since that time
havedeclined considerably, reflecting chiefly a re-duction in road
building. Outlays on repairsand alterations have shown an increase
thisyear, particularly in recent months.
As a consequence of reduced acreage andwidespread drought, most
leading crops this
year are considerably smalleroutput Ura than in other recent
years and,
with feed supplies curtailed,marketings of livestock have been
unusuallylarge and output of dairy products has showna decline.
This has been an important factortending to increase prices of farm
productssince the middle of the year during a periodwhen other
commodities have shown littlechange. Small output of leading crops,
ascompared with last year and the 5-year aver-age, reflects in part
reduction of acreage plantedto such crops as cotton and tobacco,
and inpart low yields for such crops as grains andfeedstuffs caused
by the drought.
Stocks of certain agricultural raw materials,such as cotton and
wheat, have been reducedconsiderably from the high levels
prevailingfor several years. The reduction in domesticsupplies of
corn and other feed crops hasresulted in heavy marketings of cattle
from
Commodityprices
drought areas. The number of cattle on farmshas declined
considerably from the peak levelreached at the beginning of the
year, and withthe number of hogs on farms reduced in con-nection
with the production control programof the Agricultural Adjustment
Administra-tion, feedstuff requirements have been re-duced. Even
with reduced feed requirementsand improvement in pastures,
however,domestic supplies are relatively small and therehas already
been an increase in imports ofcorn. Production of dairy and poultry
prod-ucts has been less than a year ago, while outputof truck crops
has been larger.
The course of wholesale commodity pricesthis year has been
dominated largely by changes
in the prices of farm productsand foods, with little change
re-ported for other commodities
as a group. From a level of 71 percent of the1926 average at the
beginning of January, theindex of the Bureau of Labor
Statisticsadvanced gradually to 74.7 percent at theend of July.
Since that time there hasbeen considerable fluctuation. In the
latterpart of August there was a rapid upward move-ment in the
index, reflecting chiefly higherprices for livestock. Subsequently,
in Sep-tember and October, with reductions in theprices of
livestock, meats, grains, cotton,textiles, and building materials,
the generallevel declined. In November price movementswere mixed
and the general index for theweek ending December 1 was 76.5 as
com-pared with 76 at the beginning of Novemberand 74.7 at the end
of July. The figures since1931 are shown on the accompanying
chart.
The small price changes since the beginningof the year for the
group of commodities otherthan farm products and foods have
reflecteddeclines in the prices of textiles, hides, andleather,
offset by increases in the prices ofbituminous coal, metals and
metal products,chemicals, and miscellaneous products, par-ticularly
rubber and tires. Building materialprices advanced somewhat during
the first halfof the year and subsequently declined by aboutthe
same amount, according to the Bureau ofLabor Statistics.
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DECEMBER 1934 FEDERAL RESERVE BULLETIN 777
From the early part of September to thelatter part of November
retail prices of fooddeclined somewhat and on November 20 theindex
of the Bureau of Labor Statistics was at115 percent of the 1913
average as comparedwith a high of 117 percent early in Septemberand
105 at the beginning of the year. Thedecline was largely in meat
prices, which hadadvanced rapidly in earlier weeks. Prices
ofarticles sold mainly at department stores and
PER CENT
100
WHOLESALE PRICESi926averaje=1OO
30 L 30
Incomes
1931 1932 1933 1934Indexes of U. S. Bureau of Labor Statistics;
monthly for 1931 and
weekly for later years. Latest figures are for week ended
Novem-ber 24.
mail-order houses apparently have shown littlechange this
year.
Such income data as are available indicatethat during the early
part of this year incomes
were substantially above thelow level of early 1933 and that
currently incomes are slightly larger than a yearago. For the
first 10 months of 1934 as a wholesubstantial increases were shown
in pay rollsat factories and mines, and in aggregate returnsto
farmers. Industrial profits were also largerin the first
three-quarters of the year. Incomesderived from the construction
industry haveshown a growth, reflecting larger publicexpenditures
on construction, and pay rollson the railroads this year have been
slightlylarger than a year ago.
Wage payments at factories, mines, railroads,and public
utilities in the first 10 months ofthis year were about one-fourth
larger than inthe corresponding period of 1933. The largestincrease
was reported for wage-earners em-ployed at factories producing
durable goods.
Profits of a group of large industrial corpora-tions during the
third quarter of 1934 were 25percent smaller than in the third
quarter of1933 and 30 percent smaller than in the secondquarter of
this year. On the basis of availablereports, building, chemical,
food products,medicine and drug, nonferrous metal, oil, andretail
lines, however, indicated better results inthe third quarter of
this year than for thepreceding 3 months. Owing to the fact
thatprofits during the first and second quarters of1934 were larger
than in the correspondingquarters of 1933, industrial profits for
the first9 months of this year were more than 70 percentgreater
than for the corresponding period oflast year. On the other hand,
public-utilityand railroad corporations reported smallerprofits
during both the third quarter and thefirst 9 months of this year
than in the corre-sponding periods of the previous year.
Cash returns to farmers during the first 10months of 1934 are
estimated by the Depart-ment of Agriculture at $5,045,000,000 as
com-pared with $4,099,000,000 in 1933 and $3,616,-000,000 in 1932.
Of the increase of $946,000,-000 in farm income approximately
$300,000,000represents increases in benefit payments andemergency
purchases of cattle and the remain-der increased returns from
marketings at higherprices.
These increases in dollar incomes have beenaccompanied by a rise
in the cost of living.Retail prices of foods during the first 10
monthsof the year have been on the average about 12percent higher
than last year, while rents havebeen about the same for the two
periods. Atthe present time food prices are 27 percent abovethe low
in April 1933.
During the first 11 months of this year ex-penditures for
commodities at retail have beenT , larger than a year ago,
reflecting
increased urban and rural in-comes. For department stores the
increase
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778 FEDERAL RESERVE BULLETIN DECEMBER 1934
Security markets
through November amounted to 13 percent,with the largest
increases reported for agricul-tural areas, particularly in the
South. Thefour Federal Keserve districts showing the mostmarked
increases were Atlanta with 27 percent,Dallas with 23 percent, and
Chicago and Rich-mond with 18 percent, while the smallestincreases
were 5 percent in the Boston district,6 percent in New York, 9
percent in Philadel-phia, and 10 percent in San Francisco.
Sales by mail-order houses, variety stores,and chain groceries,
and sales of general mer-chandise in rural stores have been larger
thisyear than last year and have been well main-tained in recent
months. For the iirst 11months there has also been considerable
growthover a year ago in retail sales of such commodi-ties as
automobiles, furniture, and mechanicalrefrigerators.
Security prices, which declined sharply dur-ing the latter part
of July and the early part of
August, advanced somewhatduring October and November.
In August and September, common-stockprices reached
approximately the lowest levelsof the past year, but prices of
high-grade bondscontinued higher than in 1932 and 1933.
New capital issues of domestic corporationsin the last few
months have been small. Forthe year to the end of November, such
issuestotaled $143,000,000, as compared with totalsof $160,000,000
for the entire year 1933, andof $325,000,000 for 1932, and a yearly
averageof over $4,000,000,000 in the peri9d from 1925to 1930.
Refunding issues of domestic corpo-rations increased somewhat
during the summerbut subsequently declined. For the year todate
corporate refunding issues have beensomewhat larger than in the
correspondingperiod of 1933 and about the same as in 1932.
Public offerings of State and municipalobligations, which in
recent years have com-prised the bulk of new capital issues,
increasedsomewhat in November, after being relativelysmall in the 3
preceding months. For the yearto date new capital issues by these
agenciestotaled $730,000,000, considerably more thanin the same
period of 1933 and somewhat more
than in that part of 1932, but considerably lessthan in the
corresponding periods of 1930 and1931. Nearly half of all new
security issuessince July 1 and a substantial portion of
therefunding issues since June were composed ofFederal farm-loan
and home-loan bonds.
The value of exports from the United States,after increasing
substantially during the last
three quarters of 1933, has beenFo!iein, 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-
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DECEMBER 1934 FEDEKAL RESERVE BULLETIN 779
panied by a renewal of gold movements to theUnited States.
Gold imports into the United States duringNovember came largely
from the countries
comprising the so-called Euro-inOEurropTeS Peaa gold bloc. As
shown by
the accompanying table, cen-tral gold reserves during November
declined$25,000,000 in France, $21,000,000 in Italy,$20,000,000 in
Belgium, and $18,000,000 inNetherlands, while gold reserves in
Switzerlandincreased $3,000,000 and in Germany andEngland remained
substantially unchanged.These figures include only reserves
reported bycentral banks and governments.CENTRAL GOLD RESERVES OF
SELECTED COUNTRIES
[In millions of dollars]
FranceBelgiumNetherlands.Switzerland.ItalyGermanyEngland....
.
End ofNovem-
ber
5,443v 589
582624
v 52032
1,583
Change dur ing-
Novem-ber
- 2 5- 2 0- 1 8+3
- 2 1- 1+ 1
October
+13- 1 7+13+31- 1 3+3+1
p Preliminary.
Change in Foreign Central Bank Discount Rate
On November 26 the Bank of Italy raisedits discount rate from 3
to 4 percent.
Appointment of Governor of the Federal Reserve Board
Effective November 15, 1934, Mr. MarrinerS. Eccles, of Utah, was
appointed a memberof the Federal Reserve Board and was desig-nated
as Governor of the Board, to fill thevacancy created by the
resignation on August15, 1934, of Mr. Eugene R. Black.
Division of Security Loans of the Federal ReserveBoard
On November 24 the Board stated that:The Securities Exchange Act
of 1934 placed
additional responsibilities on the Federal Re-serve Board
looking toward the prevention ofthe excessive use of credit for the
purchase or
carrying of securities. The research and ad-ministrative work of
the Board's staff in thisconnection has been carried on in the
Divisionof Research and Statistics. In view of the im-portance of
this activity the Board has nowcreated a new division for this work
which willbe called the Division of Security Loans.Dr. Carl E.
Parry, who has been assistant direc-tor of the Board's Division of
Research andStatistics, will be the chief of the new division.
Dr. Lauchlin Currie, who has been engagedin research in the
monetary field in the TreasuryDepartment, has been appointed by the
Boardas assistant director of the Division of Researchand
Statistics, and Dr. Woodlief Thomas, whohas been a member of the
staff of the division,has also been designated assistant director
ofthe division. Under the general supervision ofDr. E. A.
Goldenweiser, the director, it is con-templated that the work of
the division in-volving research in the monetary field willcome
under Dr. Currie and research in bankingand business fields will
come under Dr. Thomas.
Appointment of Assistant to the Governor
On December 1, 1934, Mr. Lawrence Clay-ton was appointed
assistant to the Governor ofthe Federal Reserve Board, succeeding
Mr.H. Warner Martin, who resigned effectiveOctober 30, 1934.
Chairman and Federal Reserve Agent at the FederalReserve Bank of
Cleveland
On November 28 the Federal Reserve Boardannounced the
resignation of Mr. L. B. Wil-liams as chairman and Federal Reserve
agentat the Federal Reserve Bank of Cleveland.
Death of Mr. McClure
Mr. M. L. McClure, chairman and FederalReserve agent at the
Federal Reserve Bank ofKansas City, died on December 5, 1934.
Governor of the Federal Reserve Board on NationalEmergency
Council
The Executive order of October 29, relatingto the consolidation
of the Executive Councilwith the National Emergency Council,
namedthe Governor of the Federal Reserve Board as
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780 FEDERAL RESERVE BULLETIN DECEMBER 1934
a member of the National Emergency Council,the full membership
of which is as follows:
The President of the United States.The Secretary of State.The
Secretary of the Treasury.The Secretary of War.The Attorney
General.The Postmaster General.The Secretary of the Navy.The
Secretary of the Interior.The Secretary of Agriculture.The
Secretary of Commerce.The Secretary of Labor.The Director of the
Budget.The Secretary to the President.The Hon. L. W. Robert, Jr.,
Assistant Secretary of
the Treasury.The Administrator of Agricultural Adjustment.The
Administrator of Federal Emergency Relief.The Chairman of the Board
of the Reconstruction
Finance Corporation.The Chairman of the Board of the Tennessee
Valley
Authority.The Chairman of the Federal Home Loan Bank
Board.The Chairman of the Federal Trade Commission.The Director
of Emergency Conservation Work.The Federal Coordinator of
Transportation.The Governor of the Farm Credit Administration.The
Adviser on Consumer Problems.The Chairman of the National
Industrial Recovery
Board.The Chairman of the Federal Alcohol Control
Administration.The Federal Housing Administrator.The President
of the Export-Import Banks of
Washington, D. C.The Chairman of the Federal Deposit
Insurance
Corporation.The Chairman of the Federal Power Commission.The
Chairman of the Federal Communications
Commission.The Chairman of the Securities and Exchange
Commission.The Governor of the Federal Reserve Board.The
Executive Director.
Interdepartmental Loan CommitteeOn November 14 the following
statement was
issued from the White House:To obtain improved cooperation among
Federal
agencies 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 RegulationsOn 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.
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DECEMBER 1934 FEDERAL RESERVE BULLETIN 781Amendment 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
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782 FEDERAL RESERVE BULLETIN DECEMBER 1934
NATIONAL SUMMARY OF BUSINESS CONDITIONS[Compiled Nov. 24 and
released for publication Nov. 26]
Volume of industrial production and factoryemployment, which
usually shows little changeat this season, increased in October,
reflectingchiefly the resumption of activity at textilemills.
Wholesale commodity prices, after de-clining in September and
October, advanced inthe first half of November.
Production and employment.Activity atindustrial establishments,
as measured by theBoard's seasonally adjusted index, showed
anincrease from 71 percent of the 1923-25 aver-,age in September to
73 percent in October.Among the industries producing durable
man-ufactures, output at steel mills increased from23 percent of
capacity for the month of Sep-tember to 25 percent for October,
while outputof automobiles and lumber declined. In No-vember
activity at steel mills continued toincrease and in the week ending
November 24was at about 28 percent of capacity. Auto-mobile
production has declined further in con-nection with the preparation
of new models.The production of nondurable manufacturesin the
aggregate showed a considerable growthin October, reflecting sharp
increases at cotton,woolen, and silk mills, offset in part by a
declinein activity at meat-packing establishments.The increase in
output at textile mills after thestrike in September brought output
to a higherlevel than in August. Among the minerals,daily output of
crude petroleum declined inOctober and that of anthracite increased
by anamount smaller than is usual at this season.
Factory employment and pay rolls in thecountry as a whole
increased considerablybetween the middle of September and themiddle
of October. Sharp increases werereported at mills producing textile
fabrics, whilein the automobile, shoe, and canning industriesthere
were declines of a seasonal nature.
The value of construction contracts awardedwas somewhat larger
in October than in anyother recent month. There was an increase
inresidential work as well as in publicly financedprojects.
Agriculture.Department of Agricultureestimates, based on
November 1 conditions,indicate a cotton crop of 9,634,000 bales,
26percent smaller than the 1933 crop, and a corncrop of
1,372,000,000 bushels, 41 percentsmaller than last season and 45
percent smallerthan the 1927-31 average. The tobacco cropis also
considerably smaller than usual, while
the white-potato crop is slightly above the5-year average.
Distribution.The number of freight carsloaded per working day
decreased from Septem-ber to October. Department store salesshowed
a seasonal increase and were at aboutthe same level, on a
seasonally adjusted basis,as in most other months since March.
Ruralsales of general merchandise, as reported by theDepartment of
Commerce, increased by lessthan the usual seasonal amount following
anunusually large increase in September.
Commodity prices.Wholesale commodityprices, as measured by the
Bureau of LaborStatistics' weekly index, declined from 77.8percent
of the 1926 average in the week endingSeptember 8 to 76 percent in
the week endingNovember 3 and then rose in the following 2weeks to
76.7 percent. The decline was largelyin prices of farm products and
foods, but therewere also some decreases in the prices of
textilesand building materials. Increases in the firsthalf of
November were largely in the prices offarm products. The price of
scrap steel alsoadvanced, while lead and zinc declined.
Bank credit.Excess reserves of memberbanks were about
$1,910,000,000 on November21, showing an increase of $150,000,000
in thepreceding 5 weeks. The increase in reservesheld was
$200,000,000, of which $50,000,000covered a growth in required
reserves. Addi-tions to reserves resulted mainly from goldimports
and further issues of silver certificates.
Loans and investments of reporting memberbanks in leading cities
declined somewhat inthe 4 weeks ending November 14, following
anincrease in the previous month. Substantiadeclines were shown in
loans on securities andin holdings of securities other than those
of theUnited States Government. Other loans, whichhad increased
considerably in previous months,also showed some decline, while
holdings ofdirect obligations of the United States Govern-ment and
of securities fully guaranteed by theGovernment increased
considerably. Custom-ers' deposits continued to increase,
whileGovernment deposits declined.
There was a further decline in open-marketrates on bankers'
acceptances at the end ofOctober to an offering rate of one-eighth
per-cent. Yields on short-term Government secur-ities and other
short-term open-market moneyrates showed little change.
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DECEMBER 1934 FEDERAL RESERVE BULLETIN 783
MILLIONS OF DOLLARS000
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 1934Based on Wednesday figures; latest
figures are for November 28. See table on page 784.
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784 FEDERAL RESERVE BULLETIN DECEMBER 1934
FEDERAL RESERVE BANK CREDITRESERVE BANK CREDIT AND RELATED ITEMS
(WEDNESDAY SERIES)
[In millions of dollars]
Date (Wednesday)
Reserve bank credit outstanding
Bills dis-counted
Billsbought
U. S.Govern-ment se-curities
Other re-servebankcredit
Total
Mone-tary gold
stock
Treasuryand
national-bankcur-
rency
I Money in]circula-
tion
Memberbank re-
servebalances
Treasurycash anddeposits
withFederalReservebanks
Non-mem-ber de-posits
OtherFederalReserve
ac-counts
1933Oct. 4 . . .Oct. 11. _Oct. 18__Oct. 25. _Nov. 1Nov. 8.Nov.
15-Nov. 22..Nov. 29Dec. 6-__.Dec. 13._.Dec. 20...Dec. 27 . .
1934Jan. 3Jan. 10.Jan .17 . . .Jan .24 . . .Jan. 31._.Feb. 7 . .
. .Feb. 14...Feb. 21Feb. 28...Mar. 7.Mar. 14...Mar. 21...Mar.
28Apr. 4 . . . .Apr. 11 Apr. 18Apr. 25. . .May 2May 9 . . . .May
16. .May 23May 30June 6June 13_ _.June 20. ..June 2 7 July3July
11.. .July 18_.-July25-_-Aug. 1-Aug. 8-Aug. 15...Aug. 22Aug.
29...Sept. 5Sept. 12..Sept. 19Sept. 26. .
Oct. 3Oct. 10. ..Oct. 17. ..Oct. 24._.Oct. 31-_.
Nov. 7-Nov. 14..Nov. 21Nov. 28. _
123119113115
117112111112119
116118115111
10610410197837368666459555153484340403837343434
2928282729232321
2121202021242322201512121111
1191112
7 I7
7
202461 i
116113111121113112104111
978675 !62|46!37332926171310
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
2,4322,4322,4322,4322,4322,4322,4302,4302,4322,4322,4302,4302,4302,4302,4302,4302,4302,4322,4322,4322,4322,4322,4322,4312,4322,4322,4322,4312,4312,4302,4312,4302,4302,4302,430
2,4302,4302,4302,430
1071857
- 76
- 17
71125202971
- 22
4718
3- 11
1085322
- 729
12
2,4492,4772,5132,5262,5502,5422,5642,5622,5812,6152,6772,6862,674
2,6552,6462,6312,6302,6062,5932,5922,5672,5392,5322,5082,5192,5092,4922.4932,4862,4842,4842,4732,4692,4702,4752,4722,4682,4652,4882,4682,4602,4562,4632,4582,4682,4572,4632,4672,4692,4662,4632,4552,4482,4572,4522,4552,4402,4742,4702,460
4,0374,0374,0364,0364,0364,0364,0364,0364,0364,0364,0364,0364,0364,0364,0364,0354,0354,033
17,0367,0897,2037,4387,5567,6057,6407,6817,7037,7327,7467,7557,7567,7567,7537,7667,7767,7907,8207,8357,8467,8667,8817,8977,9117,9327,9577,9797,9837,9817,9637,9687,9727,9767,9807,9857,9907,9938,0028,0088,0308,0768,112
2,2792,2782,2772,2772,2762,2752,2752,2762,2772,2772,2952,2992,3042,3032,3022,3022,3012,3022,3012,3012,3012,3022,3122,3322,3432,3562,3692,3812,3812,3802,3812,3802,3802,3752,3712,3652,3612,3592,3642,3652,3652,3632,3642,3612,3572,3752,3902.4032,4122,4142,4122,4092,4072,4032,4102,4292,4342,4422,4502,4592,469
5,3655,3865,3635,3215,3535,386
5,3665,4555,4715,4765,5615,5375,5045,3975,3565,2945,2895,3175,3215,3445,3555,3745,3455,3345,3365,3715,3475,3475,3245,3595,3525,3445,3165,3385,3425,3135,3105,3015,3975,3445,3285,2915,
3155,3345,3435,3475,3455,4195,4095,4125,4035,4685,4795,4695,436
r 5,4535,5035,4805,4555,516
2,5232,5672.6552,6932,5912,5782,6452,6872,5732,5612,6382,6362,6752,7102,7772,7882,8512,6522,7362,8512,8303,0933,3133,4543,4493,4393,4503,5603,6653,7443,5703,6783,6943,7673,7633,7873,8953,7693,8373,7463.9023,9874,0203,9154,0594,0644,0724,1273,9073,948
3,9703,8953,9793,9963,9854,0064,0324,1074,1964,108
372338284302
388373345316369
386379329315311353407398597
1 3,
4493.3913,4993,4403,2943,2263,2523,3183,3233,2393,2043,1483,1773,0983,0823,0523,0513,0342,9563,1213,0773,1133,0142,9542,9723,0742,9412,9762,9722,9443,0873,0583,1243,0613,0682,9672,9683,049
r 3, 0312,9442,9642,9563,017
159155166167178161163149142
156160132124
145172143137141
142130132127
133143154161
140148167167280257252242233230251224225232223222220219209211211204203213195186182183183165164
172163159160
346345358357353355355355354354355362362
357295288287287299290291292294301302303297312237237235235233233232237238239236230231229228232229228228226225224230229
229229239239237
240240239239
' Revised.* Increase from previous date represents principally
increment resulting from reduction in weight of gold dollar on Jan.
31,1934. Less than $500,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal
Reserve Bank of St. Louis
-
DECEMBER 1934 FEDERAL RESERVE BULLETIN 785
RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY
FIGURES)[In millions of dollars]
Month or week
1933SeptemberOctoberNovemberDecember
1934JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember
Week ending SaturdayAug. 4Aug. 11Aug. 18Aug. 25Sept. 1Sept.
8Sept. 15Sept. 22Sept. 29Oct. 6Oct. 13Oct. 20Oct. 27Nov. 3Nov.
10Nov. 17Nov. 24
Reserve bank credit outstanding
B U l s
counted
138119114117
10170554336282321221211
77
1510111387401665555
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
2,4322,4322,4312,4312,4312,4312,4292,4302,430
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
2,4632,4642,4672,4612,4642,4702,4732,4692,463
2,4582,4532,4612,4562,4572,4592,4782,469
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
2,2802.2772,2752,2932,3022,3032,3332,3772,3782,3632,3642,3782,4112,4152,455
Moneyin cir-
culation
5,3445,3945,5235,3825,3395,3685,3665,3555,
3415,3505,3555,4275,4735,494
Memberbank
reservebalances
2,4892,5902,6292,6162,7642,8223,3613,5943,6953,7903,9284,0453,9473,9644,100
7,935 i7,961 !7,979 !7, 982 |7.979 |7,967 |7,9687,972 '7,976
j7.980 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
2,4062,4032,4122,4262,4342,4442. 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
4,0813,9513,9643.9203,9433,9093,9763,9633,9854,0044,0444,1084,159
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
3,0472,9613.0003,0303,0152,9522,9552,971
Non-mem-
ber de-posits
169163158143
146136144170249226219208197177165
210208207210
205204205193186
183187178167
167172165160
OtherFederalReserve
ac-counts
347351355358
305293299268234237230228227234238
230229229227
227225225229228
229229238239
237238239239
RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES)[In
millions of dollars]
End of month
Reserve bank credit outstanding
Billsdis-
countedBills
boughtU.S .
Govern-ment
securities
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 l
balances 1 banks
Non-mem-ber de-posits
OtherFederalReserve
ac-counts
1933SeptemberOctoberNovember.December.
1934January.
__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
4,0374,0364,0364,0354,033
1 7, 4387,6947, 7577,7797,856
7,9317,9787,9788,002
8,132
2,2782,2772,2772,3032,3022,3022,3612,378
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
348356354360287292299236232233229226228237239
p Preliminary.r Revised.i Increase from previous date represents
principally increment resulting from reduction in the weight of
gold dollar on Jan. 31, 1934.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal
Reserve Bank of St. Louis
-
786 FEDERAL RESERVE BULLETIN DECEMBER 1934
ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO
FEDERAL RESERVENOTE STATEMENT AND FEDERAL RESERVE BANK NOTE
STATEMENT
[In thousands of dollars]
4 Oct. 31, 1934 ' Nov. 30, 1933
Gold certificates on hand and due from U. S.
Treasury..Gold-Redemption fund-Other cash
-Federal Reserve notes..
Total reserves _._Redemption fundFederal 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
circulationnetDeposits:
Member bankreserve accountUnited States Treasurergeneral
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
1835,4995,682
10, 062
2,430,122
2,430,122
803i 5, 220
2,452, 74521,124
434, 56253,16450, 590
8, 331, 805
21,1243,192,1813, 213, 305
27, 523
4,081, 35070, 62115, 577
145,9184, 313, 466
434, 562146, 885138, 383
2,68222, 29132, 708
8, 331,805491
6,510
3, 466, 978
3, 246, 416
256, 7003, 512, 782
38, 829
32, 57432, 574
4, 966,481
22,032223,407
5, 211, 9201,829
10,919
10, 985
5875,4956,0826,149
2,430,171
2, 430,171
8111,054
2,455, 25219, 744
438,93952, 97448, 094
8, 228, 752
19, 7443,141,0333,160, 777
28, 664
4, 005, 99992, 2938,952
154, 5584, 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, 27445, 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, 8953, 030, 329
205, 394
2, 572, 94281,519
5,324136, 689
2, 796, 474373, 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, 274249, 222
i Deferred availability items in excess of uncollected
items.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal
Reserve Bank of St. Louis
-
DECEMBER 1934 FEDERAL RESERVE BULLETIN 787KINDS OF MONEY IN
CIRCULATION
[Moaey outside Treasury and Federal Reserve banks. In millions
of dollars]
End of month
1933MayJuneJulyAugustSeptemberOctoberNovemberDecember
1934JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember
".__
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 figuresSee Annual
Report for 1933 (table 56).
ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK
[In millions of dollars]
Year and month
1932Total (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
1933May 4,028June 4,030July. i 4,033
4,0414,0374,036
AugustSeptember.OctoberNovember j 4,036December 4,035
Total (12 mo.).1934January..
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 -173.54,033
$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
41.1I - 2 . 1 !l - 2 . 8155/2i grains of gold Mo
ounce of fine gold12.2 I
fine; i.
3, 405. 0256. 861.522.477.174.447.4'0.423.5
130.0
452.6237.354.733.663. 752.337.2
-18.710.8
120.9
68.7-0 .8- 1 . 1
0.51.00.6
- 1 . 12.40.3
0.1
,, an
2,883. 820.37.9
-11.612.521.411.216.612.49.2
"Preliminary. "Corrected.1 Gold released from earmark at Federal
Reserve banks less gold placed
under earmark (with allowance when necessary for changes in gold
ear-marked abroad for account of Federal Reserve banks).2
Figures are derived from preceding columns and indicate net
resultof such factors as domestic production, movements into and
out of non-monetary use, imports and exports that do not aflect
gold stock duringthe month or year, and increment resulting from
reduction in weight ofgold dollar.
Back figures.See Annual Report for 1933 (table 51).
MOVEMENTS OF GOLD TO AND FROMUNITED STATES1
[In thousands of dollars]
From or to
BelgiumEnglandFrance -GermanyNetherlands .
.SwitzerlandCanadaCentral AmericaMexicoArgentinaColombia .
.EcuadorPeruUruguayVenezuelaAustraliaBritish IndiaChina and
Hong
KongDutch East IndiesJapanPhilippine Islands __All other
countries 2_
Total
November
Imports
12,8143,687
70, 351
9,906
9,628231916
1211121
72
11, 300
700
940320
121,199
Exports
25419
37
310
October
Imports
424
3,787290
3,299
3,112216226
50291
50
696964
13,010
Exports
1,122
. . . . . . . .
34
1,005
2,173
January-Octo-ber
Imports
154486, 734197, 750
75, 22912, 65669,072
2,54423,356
1214,840
1,1381,136
7191,029
52,946
15, 22374
9,7298,940
973, 223
Exports"
4,0598,438
29,991147
7,414
145
212
8
: : : : : : : :
1
1,894
52,309
1 With some exceptions figures represent customs valuations at
rate of$20.67 a fine ounce for January 1934 and $35 a fine ounce
thereafter.2
Includes all movements of unreported origin or destination.Back
figures.See Annual Report for 1933 (tables 53 and 54).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal
Reserve Bank of St. Louis
-
788 FEDERAL RESERVE BULLETIN DECEMBER 1934
MEMBER BANK RESERVE BALANCES[In millions of dollars. Averages of
daily figures. Figures are for licensed banks only]
Month or week
Eeserves held
Totalallmember
banksNew York
CityiOther
Reservecities
'Country'banks
Excess reserves
Totalallmemberbanks 2
New YorkCity*
OtherReserve
cities'Country'*
banks 2
1933OctoberNovemberDecember
1934JanuaryFebruary _MarchAprilMayJune.__
-_JulyAugustSeptemberOctober
Week'ending (Friday):Aug. 3Aug. 10Aug. 17Aug. 24. . .Aug. 31
Sept. 7Sept. 14Sept. 21Sept. 28
Oct. 5Oct. 12Oct. 19Oct. 26
2,5572,5992,5882,7402,7993,3453,5823,6953,7903,9284,0453,9473,964
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
758.4794.1765.7865.7890.8
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
3,9974,0794,0664,0933.9603,9603,9303,940
3,9093,9673,9663,983
1,4761,4791,5211,5201,5481,4451,3991,4371,4671,4741,4841,4491,439
1,7131,6851,7321,7291,7401,7021,7221,6481,6711,6211,6511,6631,699
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
171.5189.6197.1242.4263.4297.4350.1360.4352.8389.7393.3383.4396.1
393.0417.0416.0390.0378.0
388.0419.0381.0365.0379.0400.0420.0404.0
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
DEPOSITS
fin millions of dollars. Averages of daily figures. Figures are
for licensed banks only]
Month or^week T o t a l -all mem-
berbanks
1933OctoberNovember..December..
1934JanuaryFebruary. . .MarchAprilMay -.JuneJ u l y
-AugustSeptember-October
Week ending (Friday):Aug. 3 _Aug. 10Aug. 17Aug. 24Aug. 31Sept.
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, 36211,44911,46611,47511,47611, 51011,61911,663
"Coun-t ry"
banksiT 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,
4755,4525,5995,6245,9436,2566,4336,5006,5346,5916,704
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
6,9787,0167,108
r 7,1327,1537,1617,2027,3117,332
"Coun-t ry"
banks lT o t a l -
all mem-ber
banks l
3,2493,3303,4243,5283,7363,8173,8963,9093,9694,0164,1114,235
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
4,3234,3144,3304,3484,3544,3464,341
r 4, 3344,3224,3154,3074,3084,330
"Coun-t ry"
banks 2
4,3264,3364,3484,4354,5124,5784,6324,6794,6914,7414,7614,7674,802
i Weekly figures are not reported.Black figures.See Annual
Report for 1933 (table 73).
2 Central Reserve city banks only. r Revised,
Digitized for FRASER http://fraser.stlouisfed.org/ Federal
Reserve Bank of St. Louis
-
DECEMBER 1934 FEDERAL RESERVE BULLETIN 789ALL MEMBER
BANKSCLASSIFICATION OF LOANS AND INVESTMENTS
[In millions of dollars]
Call date
TOTALALL MEMBERBANKS
1930Dec. 31. . .1931Mar. 25
June 30_ _.Sept. 29__Dec. 31. . .
1932June 30__.Sept. 30-Dec. 31. . .
1933June 302..Oct. 25. . .Dec. 30...
1934Mar. 5.June 30. _Oct. 17...
NEW YORK CITY 3
1930Dec. 31-. .1931-Mar. 25...
June 30__.Sept. 29..Dec. 31.. .
1932June 30...Sept. 30-Dec. 31.. .
1933June 302..Oct. 25.. .Dec. 30..
1934Mar. 5_...June30__Oct. 17...
OTHER RESERVE CITIES
1930Dec. 3 1 . . .1931Mar. 25...
June30_.Sept. 29...Dec. 3 1 . . .
1932June 30.. .Sept. 30...Dec. 3 1 . . .
1933June 30 2..Oct. 25. . -Dec. 30. . .
1934-Mar. 5..._June 30_._Oct. 17-. .
"COUNTRY" BANKS
1930Dec. 31.1931Mar. 25..
June 30__.Sept. 29...Dec. 34...
1932June 30Sept. 30...Dec. 31 . . .
1933June 30 2..Oct. 25 . . .Dec. 30...
1934Mar. 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
8,9068,1007,8457,4076,5196,1965,8794,8464,9124,7974,6694,5864,562
7,7627,5247,3187,0186,4695,8925,6635,4054,1944,1754,1234,1034,0163,926
Se-cured
bystocks
andbonds
curedby realestate
7,9427,4237,1176,8426,2905,2925,0864,8483,9163,8093,7723,6443,5163,325
2,1371,9601,8971,8161,7281,3431,3001,2471,0821,0321,034985937876
3,6563,3663,1883,0922,8062,4032,3042,1691,7021,6601,6301,5661,5261,421
2,1492,0972,0311,9351,7561,5461,4811,4321,1321,1181,1081,0931,0531,027
3,2343,2203,2183,1493,038
2,8852,8622,3722,3642,359
2,3572,297
147150160152153160154160157149148156156150
1,6311,6191,6211,5851,5381,4071,4061,3981,1601,1441,1511,1581,1451,120
1,4551,4491,4371,4111,3461,3281,3241,3041,0551,0701,0611,0681,0561,026
Other-wise
securedand
unse-cured
9,831
8,7228,2427,0816,5276,1955,0495,3505,1845,0674,9315,161
2,0541,8961,7821,8811,8131,3531,1841,2141,0571,2541,2131,1801,1091,267
3,6203,4233,2913,1683,0632,7092,4862,3121,9842,1082,0161,9451,9152,021
4,1583,9783,8493,6733,3673,0182,8572,6692,0071,9871,9551,9421,9061,873
Open-market loans
Total
2,2332,4542,1031,563
901747970855
1,1911,2381,2311,3871,5661,361
1,5251,6511,4971,121
695565763701964891912986
1,131883
531645470326135118151115184274258306311328
1771581351167164553943736295124150
Purchased paper
Accept-ances
payablein
UnitedStates
315361389268146313407375291303223350264276
188199296201107262341330224233170276225232
1221589167353858446368506434
Ac-cept-ancespay-able
abroad
551011137041343430252437262030
Com-mer-cialpaper
3663613842961401221159387164132157200253
2122121891676262654651917889115151
1201141018148363628274634547295
Loansto
bro-kersin
NewYorki
1,4981,6301,217
928575278414357788748840855
1,082802
1,2811,3671,063839542258391337720624706687883631
16722712456167141258100112138154123
Investments
Total
10,98911,88912,10612,19911,31411,41412,12112,
26511,92811,89412,38613, 84214, 65215,267
2,4352,6622,8013,0322,6973,0333,5083,7893,7093,5013,5423,9324,2654,300
4,0354,6764,7504,5614,2264,1544,4274,3624,6214,6455,0005,7636,1046,423
4,5194,5504,5554,6064,3924,2264,1874,114
U. S.Gov-ern-mentsecu-rities
4,1255,0025,3435,5645,3195,628
6,5406,8876,8017,2548,6679,1379,186
Othersecu-rities
3,7483,8454,1484,2834,545
6,864
6,7636,6355,9965,7865,7555,7265,0415,0935,1325,1755,5156,081
1,2391,4661,6561,8301,7682,0082,4292,6032,5512,3202,3622,7683,0532,954
1,7272,3132,4082,3012,1332,1871,9612,4622,8672,8893,2093,9544,1024,240
1,1591,2241,2791,4331,4181,4321,4711,4741,4691,5921,6831,9461,9821,992
1,1971,1961,1451,202
9281,0251,0791,1861,1581,1811,1791,1641,2121,345
2,3082,3642,3422,2602,0931,9662,4661,9001,7541,7571,7901,8092,0022,183
3,3593,3263,2763,1722,9742,7942,7152,6402,1292,1562,1622,2022,3012,552
Totalloans
se-cured
bystocksand 1
bonds
9,7549,2728,5638,0817,3205,9165,7705,4474,8844,7134,7694,6064,6514,178
3,5503,3973,0262,7802,4741,7571,8111,6991,8881,7281,8241,7241,8401,531
3,9913,7293,4593,3173,0502,5852,4562,2981,8461,8361,8091,7531,7081,569
2,2132,1472,0781,9851,7961,5741,5031,4501,1501,1481,1361,1291,1021,078
1 Loans (secured by stocks and bonds) to brokers and dealers in
securities at New York City.2 Beginning June 30,1933, figures
relate to licensed banks only.3 Central reserve city banks
only.Back figures.This classification of loans is not available for
dates prior to Oct. 3,1928, see Annual Report for 1931 (table 53),
but comparable
figures of total loans secured by stocks and bonds are given for
June 30, 1925-28, in the Annual Report for 1928 (table 52); for
separate figures ofUnited States Government securities and other
securities back to 1914, see Annual Report for 1933 (table 78).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal
Reserve Bank of St. Louis
-
790 FEDERAL RESERVE BULLETIN DECEMBER 1934
ALL BANKS IN THE UNITED STATES{Includes national banks, State
commercial banks and trust companies, mutual and stock savings
banks, and all private and industrial banks
included in abstracts issued by State banking departments]LOANS
AND INVESTMENTS
[In millions of dollars]
Date
1929Oct. 4Dec. 31
1930Mar. 27.June 30Sept. 24Dec. 31
1931Mar. 25June 30Sept. 29Dec. 31
1932June 30Sept. 30. . .Dec. 31
1933June 30 2Oct. 25 3Dec. 30
1934Mar. 5 3June 30 3Oct. 17 3 .
All banks
Total
58,83558,417
57,38658,10857, 59056, 209
55,92455,02153,36549, 704
46,07145, 85244, 946
40, 089
40, 319
Loans
42,20141,898
40, 68640, 61839, 71538,135
36,81335, 38433, 75031, 305
27,83426,98526,063
22, 215
21, 977
Invest-ments
16,63416,519
16, 70017, 49017,87518, 074
19,11119,63719, 61518,399
18, 23718,86718,883
17,874
18,342
Member banks
Total
35,91435,934
35,05635, 65635,47234,860
34, 72933, 92333,07330, 575
28, 00128,04527,469
24, 78624,95325, 220
26, 54827,17527, 559
Loans
26,16526,150
25,11925,21424,73823,870
22,84021,81620,87419, 261
16, 58715, 92415,204
12,85813,05912,833
12, 70612, 52312,293
Invest-ments
9,7499,784
9,93710,44210, 73410, 989
11,88912,10612,19911,314
11,41412,12112, 265
11,92811,89412, 386
13,84214, 65215, 267
Nonmember banks
Mutual savings banks
Total
i 9,5569,463
i 9,4639,747
i 9, 7479,987
i 9,98710, 506
i 10, 50610, 488
10, 316i 10, 316
10,182
10, 044
9,989
Loans
i 5,8925,945
i 5, 9456,009
16,0096,068
i 6,0686,169
i 6,1696,218
6,130i 6,130
6,079
5,941
5,909
Invest-ments
i 3, 6643,518
i 3, 5183,739
i 3, 7393,920
i 3,9204,337
i 4,3374,270
4,186i 4,186
4,103
4,103
4,080
Other nonmember banks
Total
13,36613,020
12,86812, 70612, 37111, 362
11, 20810, 5939,7868,641
7,7557,4917,295
5,258
5,111
Loans
10,1449,803
9,6239,3958,9688,196
7,9067,3996,7075,827
5,1174,9314,780
3,415
3,235
Invest-ments
3,2213,217
3,2453, 3093,4023,165
3,3023,1943,0792,814
2,6372,5602,515
1,843
1,876
1 Figures of preceding call carried forward.2 Beginning June
30,1933, all figures (other than for mutual savings banks) relate
to licensed banks only, with some exceptions as to nonmember
banks.3 Non-member bank figures not available.Back figures.See
Annual Report for 1933 (tables 67-69).
DEPOSITS, EXCLUSIVE OF INTERBANKDEPOSITS
[In millions of dollars]
Date
1929Oct. 4Dec. 3 1 . . .
1930Mar. 27June 30. _.Sept. 24. .Dec. 3 1
1931Mar. 25June 30-. .Sept. 29Dec. 3 1 . . .
1932June 30__-Sept. 30Dec. 3 1 . . .
1933June 30 2_.Oct. 25 s.-Dec. 3O._-
1934Mar. 5 3 . .June 30 3__Oct. 17 3 . .
All banks
55,18055, 28953,18554, 95452, 78453,03951, 42751,
78249,15245,82141, 96341,94241, 64338,011
38, 505
Member
33,00433,86532,08233, 69031, 83932, 56031,15331, 56629, 46927,
43224, 75524, 90324,80323, 33823, 45323, 77125, 29326,615 .27,484
.
Nonmember banks
Mutualsavingsbanks
i 8, 9838,916
18,9169,197
i 9,1979,507
i 9, 50710, 017
1 10, 01710,10510, 020
i 10, 02010, 0229,713
9,711
Othernonmem-ber banks
13,1931