federal reserve bulletin april 1934 - st. louis fed · 2018. 11. 6. · federal reserve bulletin...

FEDERAL RESERVEBULLETIN

APRIL 1934

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Monetary and Banking DevelopmentsNational Summary of Business ConditionsAnnual Report of German Reichsbank

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON: 1934

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

FEDERAL RESERVE BOARD

Ex officio members:HENRY MORGENTHAU, Jr.,

Secretary of the Treasury, Chairman.

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

EUGENE R. BLACK, Governor.CHARLES S. HAMLIN.ADOLPH C. MILLER.GEORGE R. JAMES.J. J. THOMAS.M. S. SZYMCZAK.

H. WARNER MARTIN, Assistant to the Governor.

CHESTER MORRILL, Secretary.

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

GEORGE B. VEST, Assistant Counsel.

LEO H. PAULGER, Chiefy Division of Examinations.FRANK J. DRINNEN, Federal Reserve Examiner.

E. A. GOLDENWEISER, Director, Division of Researchand Statistics.

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

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

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

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


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bankof—

BostonNew York

Philadelphia.

Cleveland

Richmond...

Atlanta

Chicago

St. Louis

Minneapolis.. .

Kansas City...

Dallas

San Francisco..

Chairman

F. H. CurtissJ. H. Case.

R. L. Austin.

L. B. Williams..

W. W. Hoxton..

^scar Newton...

E. M. Stevens..

J. S. Wood

J. N. Peyton..

M. L. McClunC. C. Walsh

Isaac B. Newton.

Governor

R. A. Young—G. L. Harrison.

G. W. Norris..

E. R. Fancher.

G. J. Seay

W. S. Johns »_„

G. J. Schaller .

W. McC. Martin

W. B. Geery

G. H. Hamilton...

B. A. McKinney..

J. U. Calkins

Deputy governor

W. W. Paddock...W. R. BurgessJ. E. CraneW. S. LoganL. R. RoundsL. F. SailerR. M. GidneyW. H. HuttJ. S. SinclairC. A. Mcllhenny.

M. J. FlemingF. J. ZurlindenC. A. PepleR. H. Broaddus.—H. F. Conniff

C. R. McKay..H. P. Preston..J. H. Dillard...

O. M. Attebery—.J. G. McConkey...

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

Cashier

W. Willett.O. H. Coe.1J. W. Jones.1W. B. Matteson.iJ. M. Rice.iAllan Sproul.*L. W. Knoke1C. A. Mcllhenny.W. J. Davis.iL. E. Donaldson.1W. G. McCreedy.'H. F. Strater.

G. H. Keesee.J. S. Walden, Jr.*M. W. Bell.W. S. McLarin, Jr.*W. H. Snyder.2W. C. Bachman.1R. H. Buss.1O. J. Netterstrom.iA. T. Sihler.1E. A. Delaney.1S. F. Gilmore.*A. H. Haill.2F. N. Hall.'G. O. Hollocher.10. O. Phillips.^H. I. Ziemer.F. C. Dunlop.*J. W. Helm.

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

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

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo branch

Cleveland:Cincinnati branchPittsburgh branch

Richmond:Baltimore branchCharlotte branch

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

Chicago:Detroit branch

St. Louis:Louisville branchMemphis branchLittle Rock branch

Managing director

R. M. O'Hara.

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

Hugh Leach.W. T. Clements.

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

W. R. Cation.

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

Federal Reserve Bank of—

Minneapolis:Helena branch

Kansas City:Omaha branchDenver branchOklahoma City branch..

Dallas:El Paso branch. _Houston branchSan Antonio branch

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

Managing director

R. E. Towle.

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

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

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

SUBSCRIPTION PRICE OF BULLETIN

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

in


TABLE OF CONTENTS

PageReview of the month—Monetary and banking developments 201Annual report of the German Reichsbank 225-230Banks suspended and nonlicensed banks placed in liquidation or receivership, Jan. 1 to Dec. 1, 1933 251Earnings and expenses of member banks 252-259

National summary of business conditions 209

Financial, industrial, and commercial statistics:Reserve bank credit, gold stock, money in circulation, etc 210-213Member and nonmember bank credit:

All banks in the United States 216All member banks 214, 215, 249, 250Weekly reporting member banks in 91 leading cities 217, 260

Brokers1 loans 217Acceptances and commercial paper 218Discount rates and money rates 219Treasury finance 220Reconstruction Finance Corporation—Loans, subscriptions, and allocations 221Security prices, bond yields, and security issues 222Production, employment, car loadings, and commodity prices 223, 262-265Merchandise exports and imports 224Department stores—Indexes of sales and stocks 224Freight-car loadings, by classes 224

Financial statistics for foreign countries:Gold reserves of central banks and governments 231Gold production 232Gold movements 232-234Government note issues and reserves 235Bank for International Settlements 235Central banks 236-238Commercial banks 239Discount rates of central banks 1 240Money rates 240Foreign exchange rates 241Price movements:

Security prices 242Wholesale prices 242,243Retail food prices and cost of living 243

Law department:Rulings of the Federal Reserve Board:

Deposits the time of payment of which has been deferred beyond the period originally con-templated 244

Applicability of section 8A of Clayton Act to organizations carrying margin accounts 244

Federal Reserve statistics by districts, etc.:Banking and financial statistics 246-261Industrial and commercial statistics . _ _ 262-266

IV


FEDERAL RESERVE BULLETINVOL. 20 APRIL 1934 No. 4

REVIEW OF THE MONTH

Further growth of member bank reservesduring March carried the total to $3,400,000,000at the end of the month, a larger figure than atany previous time, and $1,500,000,000 abovelegal reserve requirements. The increase forthe month amounted to $345,000,000 and re-flected chiefly imports of gold from abroad andthe expenditure by the Treasury of funds pre-viously held as cash and as balances with theReserve banks.

Excess reserves of member banks have beenin considerable and growing volume since the

second quarter of 1932, as iss h o w n hJ t n e c h a r t - Duringmost of the period of their

growth they have reflected chiefly purchases ofUnited States Government securities by theFederal Reserve banks in pursuance of an open-market policy adopted for the purpose of pro-moting easy conditions in the money market.During the entire period from the end ofFebruary 1932 to March 28, 1934, the FederalReserve banks' holdings of Government securi-ties increased by $1,700,000,000. During thesame period the member banks paid off$800,000,000 of discounts to the Federal Re-serve banks and the holdings of acceptances bythe Reserve banks were reduced by $100,000,-000. At the same time, member bank reservebalances were increased from the low level of$1,878,000,000 to $3,439,000,000, an increase ofabout $1,600,000,000. Since the end of Janu-ary of this year, another factor resulting in anincrease in member bank reserves has been theimport of gold from abroad.

The chart also indicates that during 1932 thelarger part of excess reserves of member banks

were held by banks in New YorkCity but that in 1933, partly asa result of the passage of the

Banking Act of 1933 which prohibits the pay-ment of interest on demand deposits, there has

been a much wider distribution of excess re-serves and that the larger part of them arenow held by member banks outside of NewYork. In recent weeks, however, there hasbeen a growth of reserve balances in New York

MILLIONS OF DOLLA

EXCESS RESERVES OF MEMBER BANKS( Wednesday figures) MILLIONS OF DOLLARS

owing to the fact that the gold received fromabroad was imported chiefly for the account ofNew York banks. There has also been an in-crease in balances held by country banks inNew York City, notwithstanding the fact thatsuch balances no longer earn interest.

In view of the interest attaching to thedistribution of excess reserves, which con-stitute a basis for credit expansion, a survey hasbeen made by the Federal Reserve System ofthe amounts of excess reserves carried by banksin cities of different size and by banks havingdifferent volumes of deposits. The surveyrelates to the reserve period November 1-15,1933.

The accompanying table shows the distribu-tion of the total volume of excess reserves heldby all member banks during the period by classof city*

The table shows that at that time the largerpart of excess reserves was in New York,

201


202 FEDERAL RESERVE BULLETIN APRIL 1934

Chicago, and other Reserve cities, whilecountry banks had a relatively small propor-tion of the total. A distribution of the excess

EXCESS RESERVES, NOV. 1-15, 1933

Member banks

Total -

New York CityChicago _Reserve citiesCountry banks in places with popuiation of—

More than 15,000Less than 15,000

Amount(in mil-lions ofdollars)

787

139229236

9488

Percentof total

100

182930

1211

reserves by size of bank shows, furthermore,that 82 percent were held by banks withdeposits of $5,000,000 or over.

This concentration of the aggregate of excessreserves in large banks reflects in part the factthat these banks, having a large part of totaldeposits, hold also the larger part of totalreserves and of excess reserves. The propor-tion of banks having a substantial amount ofexcess reserves relative to requirements, how-ever, was larger among the small banks thanamong the large banks, and the proportion ofbanks with deficient reserves was small amongall groups of banks, amounting to 6 percentfor all member banks. This proportion how-ever, was somewhat higher among the smallthan among the large banks. The followingtable shows the percentage of banks of desig-nated size that held reserves that were morethan 20 percent above requirements, that wereless than 20 percent above requirements, andthat were below legal reserve requirements.

EXCESS RESERVES, NOV. 1-15, 1933

Member banks with net demand andtime deposits of—

Less than $250,000$250,000-$500,000$500,000-$1,000,000$l,000,000-$5,000,000$5,000,000 and over—

All member banks _

Percent of banks withreserves-

Morethan 20percent

above re-quire-ments

6060534743

53

Less than20 percentabove re-

quire-ments

3234424853

41

Defi-cient

86554

6

Tables giving in more detail the results ofthe survey of the distribution of excess reservesin the first half of November 1933 appear onpage 208.

In view of the large volume of excess reservesheld by member banks at the present time,Pro osed anC* ^ P o s ^i l i ty of theirchange in further growth through goldreserve imports, return of currencyr e q u i r e m e n t s ? * •>> i . -

from hoarding, and issuance oladditional bank notes by national banks, theFederal Reserve Board has given renewed con-sideration to the significance of member bankreserves and to the question whether the reserverequirements prescribed by existing law wouldbe, under all circumstances, best adapted toeffective credit administration in the publicinterest. At the present time excess reserveshelp to maintain easy conditions in the moneymarket and tend to exert an influence towardmore liberal extension of credit by memberbanks to trade and industry. They constitute,therefore, a factor favorable to business re-covery. It is with this end in view that theFederal Reserve banks contributed to theirgrowth through open-market operations.

How soon these idle reserves will begin to beutilized and how rapid their absorption will be,will depend upon the progress of economicrecovery. It also remains for the future todetermine what proportion of the present excessreserves will be used when business activity willhave attained a normal volume. It wouldappear on the basis of past experience that theexisting volume of excess reserves is far inexcess of probable business needs, and that itis not likely that these excess reserves will beentirely absorbed by increased requirementsarising out of a growth of industrial and tradeactivity. There would, therefore, still remaina surplus of reserves and the question mightarise as to how to prevent their use in producingspeculative inflations.

Conditions may develop when, in order toprevent a recurrence of speculative excesses, itwill become important for the Federal ReserveSystem to be in position rapidly to absorb theexcess reserves. At such a time it would bedesirable to have reserve requirements increase


APRIL 1934 FEDERAL RESERVE BULLETIN

rapidly and have the increase apply particularlyto the member banks at which speculativeactivity would be in evidence. With a view tobeing prepared for such a contingency the Fed-eral Reserve Board has reiterated its recom-mendation to the Congress that legal reserverequirements applicable to member banks beso changed as to make the amount of reservesrequired depend not only on the volume of amember bank's deposits, as is the case underexisting law, but also on the extent to whichthese deposits are utilized; in other words, onthe rate of turnover of deposits. This methodof determining reserves was presented to theFederal Reserve Board in 1931 by a committeeappointed to study the problem, and wasrecommended to the Congress by the Board inthe spring of 1932. If this proposal wereadopted, reserve requirements would increaserapidly and automatically when speculativeactivity developed, and the increase would fallupon the banks at which a rapid turnover ofdeposits would indicate a growth of speculativeactivity, while for other banks reserve require-ments might not increase. In general, theobject would be to discourage excessive specu-lation without exerting a retarding influence oncommercial and industrial activity. A state-ment on this subject recently presented by Gov-ernor Black on behalf of the Federal ReserveBoard to the Committee on Banking and Cur-rency of the United States Senate is printed onpage 205 of this issue of the BULLETIN.

Figures on the condition of all memberbanks on December 31, 1933, that have

recently become available, showS t b e r b a n k t h a t o n t h a t d a t e l o a n s a n d in-

vestments of all member banksamounted to $25,220,000,000, reflecting anincrease of $435,000,000 from June 30. Thisincrease was due in part to the admission ofnew members to the Federal Reserve Systemand to the issuance of licenses to previouslyinactive banks. The growth in loans and in-vestments was chiefly in the banks7 holdings ofUnited States Government securities as well as,to a smaller extent, of other investments. Allclasses of loans to customers declined during

203

the last half of 1933, while, among loans madein the open market, commercial paper and ac-ceptances showed a slight decline and loans tobrokers and dealers in securities increased.Changes from June to December 1933 in prin-cipal classes of loans and investments of themember banks are shown in the accompanyingtable.

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

Total loans and investments

United States Government securities-Other securitiesAcceptances and commercial paper

purchasedLoans to brokers in New York City-All remaining loans

Dec. 30,1933

25, 220

7,2545,132

391840

11, 602

June 30,1933

24,786

6,8875,041

403788

11,667

Change

+434

+367+91

-12+52- 6 5

Developments during the first quarter of1934 were similar to those of the last half of1933, according to figures of reporting memberbanks in leading cities. Between December27, 1933, and March 28, 1934, holdings ofUnited States Government and other securitiesincreased by more than $1,000,000,000. Loansto brokers and dealers in New York City andholdings of acceptances and commercial paperalso increased, while direct loans to customersdeclined.

Deposits of member banks increased bynearly $600,000,000 during the second half of1933, the growth arising chiefly from additionsto the member banks' investments. During

REPORTING MEMBER BANKS IN LEADING CITIES[In millions of dollars]

Net demand deposits._.Time depositsUnited States Government depositsDue to banks

Mar. 28,1934

11, 7944,4191,4133,447

Dec. 27,1933

10,8664,339

8252,699

Change

+928+80

+588+748

the first quarter of 1934 deposits of reportingmember banks increased further by more than$1,500,000,000, reflecting largely a growth ofGovernment deposits and of bankers' balances.Demand and time deposits exclusive of inter-bank deposits also increased during the period.The data are summarized in the accompanyingtable.



Money rates, which increased slightly towardthe end of 1933, largely in response to seasonal

influences, declined in FebruaryMoney rates , . . ' , . /

and March to new low levels.The open-market rate on 90-day bankers'acceptances declined to one fourth of 1 percent,corresponding to the low level of last year, andrates on open-market commercial paper at 1to 1% percent reached the lowest level onrecord. United States Government securitiesmaturing within less than 6 months have beenselling on a basis which returns no yield, andrecent issues of Treasury bills have sold on adiscount basis of 0.08 percent per annum for91-day bills and of 0.19 percent for 182-daybills.

Early in February the discount rate of theFederal Reserve Bank of New York wasreduced from 2 percent to IK percent, and laterthe discount rates at 8 other Federal Reservebanks were also reduced by one half percent.On March 16 the discount rate of the FederalReserve Bank of Minneapolis was reduced from3% percent to 3 percent. At present the dis-count rate stands at 3 percent in 5 Reservebanks, at 2% percent in 3 banks, at 2 percent in 3banks, and at 1% percent in 1 bank. This is, onthe whole, the lowest level of discount ratesever established by the Federal Reserve banks.

Declines in discount rates and open-marketmoney rates since the beginning of the yearo , ™ RATES CHARGED CUSTOMERS „„„„

Sou hern.&

Other Northern 8c Eastern,/***\/v+ Cities / /

New York r.ifu"X

\V

\

1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934

have been accompanied by further reductions inrates charged on ordinary customers' loans bybanks in leading cities, following substantialdeclines in the course of 1933. As shown on theaccompanying chart, the average of customers'

Gold reserves in

rates among New York City banks has reacheda new low level, and the averages of such ratesin the two groups of other leading cities areclose to the low levels reached in the summer of1931.

Withdrawal of gold from the leading Europeancentral banks for shipment to the United States,

which began after the new parityfor ^ ^ ^ w a g e s t a b H s h e don January 31, was reduced in

March. Between the end of February and thelatest date in March for which reports are nowavailable total gold held by these banks de-creased by about $40,000,000, as contrastedwith a decrease of $370,000,000 during February.Nevertheless there was in March a substantialmovement of gold from Europe to the UnitedStates, amounting to about $210,000,000. Themovement occurred chiefly in the first half ofthe month and represented in large part goldthat in the preceding month had been with-drawn from foreign central banks for export,

GOLD R E S E R V E S OF SELECTED C E N T R A L B A N K S

[In millions of dollars]

Central bank of—

EnglandFrance—GermanyItalyBelgiumNetherlands.Switzerland..

Latestreport

date 1934

Mar. 28Mar. 30Mar. 31Mar. 20Mar. 15Mar. 26Mar. 31

Goldreserves

1,5744,947

96622637535570

Changefrom lastreportdate in

February

+43-38- 1 1- 1- 4

-30

p Preliminary figures.

gold previously held abroad under earmark forthe United States Treasury, gold from new pro-duction in South Africa and elsewhere, and goldfrom hoards in India. Diminished gold lossesby European central banks to the United Statesreflected the adjustment of the exchange valueof the dollar to its new parity at the turn of themonth, as indicated by the rise in dollar quota-tions of foreign gold currencies to a point atwhich little profit could be obtained by trans-ferring gold from Europe to the United States.


APRIL 1934 FEDERAL RESERVE BULLETIN 205

France

France was the only European country toacquire an appreciable amount of gold reserves

in March. Holdings of the cen-tral bank increased $43,000,000.

This increase was accompanied by a building upof the deposits at the bank in which reservesof the French commercial banks are included.Deposits of the French Government, how-ever, were further reduced and amounted to1,720,000,000 francs on March 30, as comparedwith 2,320,000,000 francs at the end of 1933and the peak of 14,330,000,000 francs in Janu-ary 1931. Shrinkage in cash reserves of theFrench Government has been accompanied byan increase in the budgetary deficit and in thepublic debt. In the latter part of March theFrench Treasury negotiated a foreign loan of100,000,000 florins with a syndicate of Dutchbanks in the form of 90-day Treasury billsrenewable at the option of the French Govern-ment up to a total period of 1 year. The billsare repayable on a gold basis. In case legalor administrative changes prevent delivery ofgold in Amsterdam, either the gold must bedelivered abroad or else florins in an amountsufficient to purchase the gold in an openmarket must be paid.

The country showing the largest loss in goldreserves during recent weeks was Germany.

Reichsbank reserves, whichhave followed a generally

downward course since the German financialcrisis in the summer of 1931, declined furtherduring March by $38,000,000. On March 31the bank's total gold and foreign-exchange re-serves amounted to $99,000,000. A detailedaccount of the factors affecting the bank's re-serve position in the past year is given in theannual report of the Reichsbank for 1933printed elsewhere in this issue of the BULLETIN.During January and February of this yearGerman purchases of goods on foreign marketsexceeded sales for the first time in 4 years. Inorder to correct this situation and to assure, sofar as possible, the maintenance of essentialimports and service on the foreign debt, theamount of exchange allowed importers forgeneral purposes has again been cut and a

Germany

system of controlling stocks of raw materialsis being introduced.

MEMORANDUM REGARDING PROPOSEDREVISION OF RESERVE REQUIREMENTS

Presented by Governor Black, on behalf of the FederalReserve Board, to the Committee on Banking andCurrency of the United States Senate on March 23,1934

As an amendment to the bill regulatingsecurity exchanges, the Federal Reserve Boardwishes to reiterate its recommendation made2 years ago for basing member bank reserverequirements not solely on the volume ofdeposits but also on the rapidity of their turn-over, in other words, on the extent to which thedeposits are utilized.

Member bank reserve balances are high-power money. On the basis of 1 billiondollars of excess reserves, member banks canextend credit amounting to between 10 and 15billion dollars without having to resort toborrowing at the Federal Reserve banks. Thevolume of excess reserves at the present time is1% billion dollars, and these excess reservesfurthermore may increase greatly when a periodof credit expansion sets in. Under existinglaw national banks can issue an additional 600million dollars of bank notes, which when de-posited with the Federal Reserve banks add tothe reserves of member banks. There is alsostill a billion or a billion and one half of currencythat has not returned from hoarding but islikely to be utilized and thus flow back into thebanks when an expansion sets in. In thesecircumstances if an expansion of credit shouldget under way, the member banks will have alarge volume of reserves without recourse to theFederal Reserve banks. These banks thereforewould be out of touch with the market andthus not in a position to exert a restraininginfluence through discount policy.

The Board's proposal carries out to itslogical conclusion the existing distinction be-tween time deposits, which require a 3 percentreserve, and demand deposits, which requirea 7, 10, or 13 percent reserve, depending



upon the location of the bank. The proposalwould result in an automatic increase of re-serve requirements when boom conditions ariseand an automatic decrease of reserve require-ments in times of depression. The proposalfurthermore has the advantage of making theincrease in reserves applicable not to all banksin all localities alike, but rather to those banksin those communities only where excessivespeculative activity is manifesting itself. Ifthis proposal were adopted, its operation, to-gether with the authority existing under theThomas amendment to raise reserve require-ments with the consent of the President whenan emergency arises from excessive creditexpansion, would make it possible for theFederal Reserve Board to combat the recur-rence of speculative excesses. The proposal,therefore, presents a logical complement to thebill for the regulation of security exchanges.

The proposal would counteract two abusesthat have developed under existing law andhave created serious obstacles to credit con-trol. One is the evasion of reserve require-ments by classifying as time deposits manydeposits that to all intents and purposes aredemand deposits, a practice that has devel-oped since the classification of deposits in oneor the other category has determined the vol-ume of reserves that a bank must carry. Andthe other, the reduction of actual reservescarried through diminishing the volume oftill money which under existing law does notcount as reserve. The proposal would permitbanks within certain limitations to count theirvault cash as reserves and would thereforeclose the door to the practice of greatly reduc-ing actual reserves by diminishing cash hold-ings to a nominal amount.

In times of great speculative activity, suchas 1928 and 1929, the banks under a law likethe one proposed would have had to carrythree or four hundred millions of additionalreserves and would, therefore, have had toincrease their borrowings at the Reserve banksby that amount. This would have greatlyincreased the power of the System to exercisea restraining influence at an early date. On

the other hand, in times of depression whendeposits are inactive, member bank reserverequirements would diminish and there wouldbe a decrease in the volume of idle funds thatthe banks would be required to carry as re-serves. In effect, the plan would supplementopen-market operations by the Reserve banks,by withdrawing funds from the market underboom conditions and furnishing additionalfunds at times of depression.

The plan would also work for a more equi-table distribution of reserves as between citybanks and country banks. City banks, owingto their proximity to the Reserve banks, havebeen able to reduce their vault cash to a verysmall proportion of their deposits, while atcountry banks a much more considerableproportion has been necessary. As a conse-quence the actual distribution of effectivereserves differs from that contemplated by thelaw and is much more favorable to banks infinancial centers. The Board's proposal woulddo away with this disparity.

Most important of all, however, the proposedplan would result in an increase of reserverequirements not only at the time when such anincrease will be in the interests of sound bankingconditions but also at the spot where speculativeexcesses get under way, and at the banks whereenhanced activity of deposits will be caused bya rising tide of speculation. Big nation-widebooms develop at financial centers, and thisproposal, by imposing restraints on speculationin these centers without increasing the burdenof idle reserves for banks in those communitiesto which the boom has not penetrated, will notonly be more equitable but will serve the pur-pose of applying restraining influences auto-matically at the right time, in the right places,and to the right institutions.

With the heavy responsibilities imposedupon the Federal Reserve System in connectionwith the possibilities of speculative expansion,the adoption of this plan would place into theirhands an instrument that would be of greatassistance in serving the interests of trade andindustry by restraining the use of credit forspeculative purposes.



Concretely under the proposal, memberbanks would be required to carry 5 percentreserves against their net deposits plus 50percent of the amount of the bank's averagedaily debits to deposit accounts. In order toavoid too heavy burdens in extreme cases, theproposal provides that in no case shall aggregatereserves required of a bank exceed 15 percent ofits gross deposits.

In computing their reserves, the memberbanks would be permitted to count as reservesa certain proportion of their vault cash. Atbanks in cities near the Federal Reserve banksor branches, the banks would be required tocarry four fifths of their total reserves asdeposits with the Federal Reserve banks, whileat other banks they would only be required tocarry two fifths of their reserves as balanceswith the Reserve banks.

As an exhibit in connection with this state-ment I should like to submit the report of acommittee of the Federal Reserve System onbank reserves presented to the Federal Reserve

Board in 1931.1 Your attention is particularlycalled to the chart on page 10 of this reportwhich shows that demand deposits and conse-quently reserve balances of member banksshowed practically no increase during the periodof the greatest credit expansion in 1928 and1929, while bank debits during that periodincreased at a very rapid rate. Another charton page 19 of the report shows how, under theproposed plan, reserve requirements would haverisen rapidly during the expansion and wouldhave declined much more rapidly than actualreserves after the depression set in.

Change in Discount Rate

The rate on discounts for and advances tomember banks under sections 13 and 13a of theFederal Reserve Act was reduced from 3% per-cent to 3 percent at the Federal Reserve Bankof Minneapolis effective March 16, 1934.

1 This report was reprinted in the Annual Report of the FederalReserve Board for 1932, pp. 260-285.



EXCESS RESERVES OF MEMBER BANKSNOV. 1-15, 1933

NUMBER OP MEMBER BANKS, BY RESERVE POSITIONAND BY CLASS OF CITY

Reserve position

DeficientLess than 20 percent in excess

of requirementFrom! 20 to 50 percent in

excessFrom 50 to 100 percent in

excessFrom 100 to 200 percent in

excess __More than 200 percent in

excess

Total -

Number of banks

Allmem-

berbanks

347

2,386

1,263

798

573

480

5,847

NewYorkCity

24

8

2

2

36

Chi-cago

12

4

1

6

2

25

Re-servecities

7.

.151

63

44

26

19

310

Countrybanks in

placeswith—

Morethan15,000popu-lation

52

467

173

114

77

64

947

15,000popu-lationand

under

288

1,732

1,015

637

462

395

4,529

NUMBER OF MEMBER BANKS, BY RESERVE POSITIONAND BY SIZE OF BANKS

Size groups; average net demandand time deposits

Less^than $250,000$250,000 and less than $500",0(Jb__$500,000 and less than $1,000,000$1,000,000 and less than $5,000,000..._$5,000,000 and over

Total

Totalnumber

ofbanks

1 2111,3051,2121,618

501

5,847

Number of banks withreserves that were—

Morethan 20percentm ex-cess of

require-ment

723779645753214

3,114

Lessthan 20percentin ex-cess of

require-ment

386451506779264

2,386

Defi-cient

10275618623

347

EXCESS RESERVES OF MEMBER BANKS, BY CLASS OFCITY AND BY SIZE OF BANK

[In thousands of dollars]

Banks with averagenet demand andtime deposits of—

Less than $250,000....$250,000 and less than

$500,000$500,000 and less than

$1,000,000...$1,000,000 and less

$5,000,000$5,000,000 and over

Tota l . .

Allmemberbanks

8,019

18,640

29,764

87,821642,480

786, 726

Member banks

NewYorkCity

51

471138,831

139,353

Chicago

147

59

1,131228,046

229,383

In Re-servecities

115

159

11,632223,926

235,704

Countrybanks in

places with—

Morethan15,000popu-lation

88

415

3,365

39,34750,992

94, 207

15,000

lationand

under

7,931

18,093

26,130

35,240685

88,079

1 Deficiency.

NUMBER OF MEMBER BANKS, BY RESERVE POSITIONAND BY FEDERAL RESERVE DISTRICTS

Federal Reservedistrict

Boston.New YorkPhiladelphiaCleveland . .RichmondAtlanta .ChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total

Totalnum-ber ofbanks

348734601517348299548355484703537373

5,847

Number of bankswith reservesthat were—

Morethan

20 per-cent inexcessof re-quire-ments

197354199238168168420204253431325157

3,114

Lessthan


147350317252141117111133193238181206

2,386

Defi-cient

43085273914171838343110

347

Percentage distribu-tion

Morethan


56.648.233.146.048.356.276.657.452.361.360.542.1

53.3

Lessthan


42.247.752.748.740.539.120.337.539.933.933.755.2

40.8

Defi-cient

1.14.1

14.15.2

11.24.73.15.17.94.85.82.7

5.9


APEIL 1934 FEDEKAL RESERVE BULLETIN 209

NATIONAL SUMMARY OF BUSINESS CONDITIONS

[Compiled Mar. 24 and released for publication Mar. 27]

Volume of industrial activity increased inFebruary for the third consecutive month andthere was a considerable growth in factoryemployment and pay rolls. Wholesale com-modity prices, after advancing for 2 months,showed little change between the middle ofFebruary and the middle of March.

Production and employment.—Output ofmanufactures and minerals, as measured bythe Board's seasonally adjusted index of in-dustrial production, increased from 78 percentof the 1923-25 average in January to 81 percentin February. The advance reflected chieflyincreases of considerably more than the usualseasonal amount in the output of steel andautomobiles, while activity at meat-packingestablishments declined. Activity at textilemills, which in January had increased from thelow level prevailing at the end of the year,showed a further moderate increase in Febru-ary, partly of seasonal character. In the firstweek of March steel production showed a fur-ther increase and in the following 2 weeksremained unchanged.

Factory employment and pay rolls increasedsubstantially between the middle of Januaryand the middle of February to a level higher,on a seasonally adjusted basis, than at any othertime since the summer of 1931. Working forceson railroads also showed an increase, while atmines there was little change in the volume ofemployment. The'number on the pay rolls ofthe Civil Works Administration declined fromabout 4,000,000 in January to about 2,900,000in the week ending March 1. At automobilefactories there was a large increase in the num-ber employed to approximately the level pre-vailing 4 years ago. Substantial increases werereported also for the textile, clothing, shoe, andtobacco industries.

Value of construction contracts awarded, asreported by the F. W. Dodge Corporation,showed a decline in February, followed by anincrease in the first half of March. The totalvolume indicated for the first quarter is some-what smaller than in the last quarter of 1933 but

considerably larger than in the first quarters of1932 and 1933.

Distribution.—Freight traffic increased sea-sonally during February and the early part ofMarch. Dollar volume of department-storesales on a daily average basis showed littlechange in February.

Dollar exchange.—The foreign exchangevalue of the dollar in relation to gold cur-rencies declined in the second week of Febru-ary to within 2 percent of its new parity and inthe latter part of February and the first threeweeks of March showed a further slight decline.

Commodity prices.—Wholesale prices of com-modities showed little change from the middleof February to the middle of March, after aconsiderable increase earlier in the year. Theindex of the Bureau of Labor Statistics for theweek ended March 17 was at 73.7 percent of the1926 average, compared with 73.8 percent theweek before, and 72.4 percent at the end ofJanuary.

Bank credit.—Between the middle of Febru-ary and the third week of March imports ofgold from abroad resulted in a growth of about$550,000,000 in the country's monetary goldstock. Funds arising from these imports ofgold and from expenditure by the Treasury ofabout $140,000,000 of its cash and depositswith the Federal Reserve banks were for themost part added to the reserves of memberbanks, which consequently increased by $600,-000,000 during the 4-week period. At the closeof the period member bank reserves were nearly$1,500,000,000 in excess of legal requirements.

Total deposits of reporting member banksincreased by about $1,000,000,000 between themiddle of February and the middle of March,reflecting the imports of gold, purchases by thebanks of United States Government and othersecurities, and a growth of bankers' balances.

During March money rates in the open mar-ket declined further. Rates on 90-day bankers'acceptances were reduced from % percent to %percent, and rates on prime commercial paperwere reduced by }i percent to a range of 1 to 1^percent. Yields on United States Governmentsecurities also declined considerably. On March16 the Federal Reserve Bank of Minneapolisreduced its discount rate from 3% to 3 percent.


210 FEDEKAL KESERVE BULLETIN APRIL 1934

MILLIONS OF DOLLARS

6000

RESERVE BANK CREDIT AND RELATED ITEMSWeekly basis-. Wednesday series

7000

6000

5000

4000 i

3000

2000

1000

MILLIONS OF DOLLARS18000

17000

6000

5000

4000

3000

2000

1000

1929 1930 1931 1932 1933 1934

Based on Wednesday figures; latest figures are for March 28. See table on page 211.



FEDERAL RESERVE BANK CREDITRESERVE BANK CREDIT AND RELATED ITEMS

[In millions of dollars. Wednesday series; for other series, see p. 248]

Date (Wednesday)

1933-Feb. I . . .Feb. 8 . . .Feb. 15..Feb. 22. _

Mar. 1—Mar. 8__.Mar. 15-Mar. 22_-Mar. 29..

Apr. 5 . . .Apr. 12..Apr. 19..Aor. 26 .

May 3 . . .May 10..May 17..May 24..May 3 1 -

June 7__.June 14..June 21. .June 28. .

July 5 . . .July 12..July 19..July26_.

Aug. 2 . . .Aug. 9—Aug. 16-Aug. 2 3 -Aug. 30-

Sept. 6...Sept. 13-.Sept. 20..Sept. 27..

Oct. 4__.Oct. 11 . .Oct. 18...Oct. 25. .

Nov.NovNov,Nov,Nov,

Dec. 6 . . .Dec. 13..Dec. 20..Dec. 2 7 -

1934—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.

]

Bills dis-counted

269253286327

7121,4141,232

671545

436428414385

400338330312302

277254222191

182168163161

164156166150153

145133130133

123119113115

117112111112119

116118115111

1061041019783

7368f>664

59555153

Reserve bank credit outstanding

Billsbought

313131

174

384417403352310

286247208177

144113784320

111098

23131010

88777

7777

7777

77

152024

61116113111

121113112104111

97867562

46373329

UnitedStates

Govern-ment se-curities

1,7641,7841,8091,834

,836,881,899,864,838

,837,837

1,8371,837

1,8371,8371,8371,8621,890

1,9121,9321, 9551,975

1,9952,0072,0172,028

2,0382,0482,0592,0942,129

2,1662,2032,2382,274

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

Other re-servebankcredit

7171016

468

916

15163012

159937

1515

87

613

72

18879

121413

7

107

185

7- 7

6- 1

7

7112520

2971

- 22

47

188

28

—95

Total

2,0702,0852,1362,351

2,9363,6443,5252,8872,688

2,5742,5282,4902,412

2,3962,2972,2542,2192,218

-2,2142,2122,1942,182

2,2062,2012,1972,201

2,2082,2202,2402,2582,298

2,3302,3572,3882,421

2,4492,4772,5132,526

2,5502,5422,5642,5622,581

2 tei52,6772,6862,674

2,6882,6552,6462,6312,630

2,6062,5932,5922,567

2, 5392, 5322,5082,519

Monetarygold stock

4,5484,5354,5114,460

4,3444,2434,2514,2644,272

4,2834,2934,3134,310

4,3124,3134,3134,3144,315

4,3164,3184,3174,318

4,3184,3194,3194,320

4,3204,3204,3214,3284,328

4,3291,3274,3274,324

4,3244,3244,3234,323

4,3234,3234,3224,3234,323

4,3234,3234,3234,323

4,3234,3234,3224,322

U,033

2 7,0387,0897,2037,438

7, 5567,6057,6407,681

Treasuryand

national-bankcur-

rency

2,2042,2032,2032,203

2,2182,2302,2562,2732,287

2,2972,3032,3082,306

2,3052,3032,2992,2992,298

2,2962,2952,2952,296

2,2852,2842,2832,282

2,2812,2812,2812,2802,281

2,2802,2812,2802,279

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

Money incircula-

tion

5,6525,7055,8545,988

6,7207,5387,2696,6086,353

6,2616,1476,0685,994

5,9545,8925,8525,7955,812

5,7675,7235,6965,675

5, 7525,6675,6355,601

5,6185,6085,6125,5925,592

5,6485,6025,6055,595

5,6525,6735,6505,608

5,6405,6735,6545,6545,743

5,7585,7635,8495,824

5,7915,6845,6435,581

15,289

5,3175, 3215,3445,355

5,3745,3455, 3345,336

Memberbank re-

servebalances

2,4382,4192,2362,271

2,0381,7761,9641,9181,987

1,9762,0962,1592,136

2,0342,0892,1142,1942,167

2,2042,2812,2052,286

2,2192,2692,2902,306

2,3192,3762,3712,4322.427

2,4392,5422,5432,596

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

Treas-urycash

and de-positswithF.R.

banks

319285330325

303317317432428

441390366371

487399370329345

307316405317

331353335366

333292315319339

327317334331

372338284302

388373345316369

386379329315

311353407398597

» 3,4493, 3913,4993,440

3,2943,2263,2523,318

Non-mem-ber de-posits

66688888

91138132126144

135143163172

182178175161155

197153152169

164169194186

188195197175202

178157164156

159155166167

178161163149142

156160132124

145172143137141

142130132127

133143154161

OtherFederalReserve

ac-counts

348345342343

345348349341334

342349355354

356355355353353

352351348349

344345344344

350350347348347

346346348347

346345358359

353356355355354

354355362362

358295288287287

299290291292

29430130230

1 Beginning Jan. 31,1934, "gold coin in circulation" (estimated for that date at $287,000,000) is excluded from monetary gold stock and money incirculation; see p. 213.

2 By proclamation of the President dated Jan. 31, 1934, at 3:10 p.m., the weight of the gold dollar was reduced from 25*Ko grains to 155Ai grainsnine tenths fine. The resulting increase of $2,810,000,000 (as of Mar. 28,1934) in the value of the monetary gold stock was covered into the Treasuryas a miscellaneous receipt and is reflected in an increase in the item "Treasury cash and deposits with Federal Reserve banks."

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



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


Mar. 31,1934 Feb. 28,1934 Mar. 31,1933

Gold certificates on hand and due from United States Treasury.Gold ___ _Redemption fund—Federal Reserve notesOther cash > _ _._ _ _

Total reserves.-Redemption fund—Federal Reserve bank notes.Bills discounted:

For member banks _ _For intermediate credit banksFor nonmember banks, etc

Total bills discountedBills bought:

Payable in dollars:Bought outrightUnder resale agreement _

Payable in foreign currencies _Total bills bought..

United States Government securities:Bought outright.._ _Under resale agreement _ _.

Total United States Government securities _ _Other Reserve bank credit:

Municipal warrants _ _Due from foreign banks _ _Reserve 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 _Federal Deposit Insurance Corporation stock _All other assets _

Total assets.

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

Total notes in circulationFederal Reserve bank note circulation—net.Deposits:

Member bank—reserve accountGovernment _ __Foreign bankSpecial deposits:

Member bank _.Nonmember bank

Other depositsTotal deposits. _ _

Deferred availability itemsCapital paid in _'SurplusSubscription for Federal Deposit Insurance Corporation stock:

Paid _Called for payment on Apr. 15

All other liabilitiesTotal liabilities

Contingent liability on bills purchased for foreign correspondents..FEDERAL RESERVE NOTE STATEMENT

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

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

Total collateral..

FEDERAL RESERVE BANK NOTE STATEMENT

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

Discounted and purchased billsUnited States Government securities

Total collateral

4,303, 587 3,895,811

32, 748200, 647

35,138208, 727

4, 536,982 4,139,67612,595

53, 670

54,068

23, 273

"5, " 275"

28, 548

2,445, 6361,600

2,447,236

5633,131

11, 536

2,545, 08216, 569

387,63952, 44269,65050,980

7, 668, 430

16, 5693, 021, 734

3,038,303116, 876

3,457, 06939, 220

5,941

21,88711,026

118, 253

3,653, 396387,639146, 221138, 383

69, 65069, 65048, 312

7, 668, 4304,937

3, 264,452

2,861,73454, 621

385,300

3,301, 655

132, 895

392

64, 390

56,458

"~5,~887

62,345

2,430,3511,600

2,431,951

6533,485

2,566,70613, 293

406,90952, 38269, 65047, 791

7,309,002

13, 2932,966, 344

2,979, 637195, 376

3,093,11945, 261

3,433

29, 24811,994

3,265,381406,909145,310138,383

69, 65069,65038,706

7,309,0024,835

3, 224, 644

2, 765,31895,149

412,800

3, 273, 267

219, 744

971161, 774

1,144249,774

162, 745 250,918

914,7622, 254,440

81,199318, 522

3, 568,9231,100

425,036

1,436

426,472

277,9742,021

24, 788

304, 783

1,836,4161,925

1,838,341

4,9533,618

i 6, 230

2,571,93729,005

312,69054, 03754,03271, 957

6, 609, 644

29,0053, 666, 718

3, 695, 72314,567

1,949,10741,12616, 384

65,48916,13344,724

2,132,963312, 690149, 595278, 599

25, 507

6, 609, 64445,305

4,035, 766

2,577,825598,813884, 700

4,061,338

21, 049

5,25825, 249

30, 507

i Deferred availability items in excess of uncollected items.



ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK


MOVEMENTS OF GOLD TO AND FROMUNITED STATES1

[In thousands of dollars}

Month

1932—September-OctoberNovember-December..

Total (12mos.).

1933—JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December..

Total (12mos.)_

34—January...

February.March *>._.

Goldstockat end

ofmonth

Analysis of changes

Increasein goldstock

Net goldimport

Net re-lease

from ear-mark i

Otherfactors

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

4,1934,2644,3404,513

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

2 4,033

104.870.875.6

173.5

52.9

40.0-173.4-97.2

29.53.62.22.77.5

-3 .8-0 .7

-0 .5

-190.42-289. 3

27.920.621.7

100.9

-446. 2

128.517.8

-22.1-10.0-21.1-3 .2

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

-173.7

- 2 . 8

72.345.8

71.0

457.5

-91.5-178.3-100.1

33.722.13.5

84.579.549.326.90.6

11.8

-58.0

12.2

i.e.,

4.64.55.31.6

41.6

3.0-12.9

25.05.72.61.92.18.43.64.80.4

-3 .1

41.4

»-298.72 g--155M grains of gold nine tenths fine; i.e

an ounce of fine gold=$357,438 3,405.0 I 452.6 68.7 27,695 256.8 | 210.9 - . 8 46.7

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

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

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

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

From or to—

BelgiumEnglandFranceGermanyNetherlandsSwitzerlandCanadaCentral AmericaMexicoArgentinaColombiaEcuadorPeru ...UruguayVenezuelaAustraliaBritish IndiaChina and Hong

KongDutch East Indies-JapanPhilippine Islands..All other countries 2.

Total

122,94446,728

1934

March(preliminary)

Im-ports Exports

9,4891,069

10, 769

4,739

~2,~489"

12, 493

51

152

210, 923

February

Im-ports

142239, 828124, 381

157,2729,08712,126

715,124

1,660

207210

651

4968

452, 622

Exports

142239,828124,381

157, 272

12

1933

January-February

Im-ports

12,44971

5,384

1,660

32

207210

651

41,7501,441

454, 570

Exports

202,570

461

1,678

4,765

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

»Includes all movements of unreported origin or destination.

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

End of month Total GoldGold

certifi-cates

Stand-ard

silverdollars

Silvercertifi-cates

Treas-ury

notesof 1890

Sub-sidiarysilver

Minorcoin

UnitedStatesnotes

FederalReserve

notes

FederalReserve

banknotes

Na-tional-banknotes

1933—January.. _February .MarchAprilMayJuneJulyAugustSeptemberOctober. _.November.December -

1934—January . . .February..March p__.

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

1 5, 2891 5, 3541 5, 395

479571367335324321320319312312311311

0)f1)0)

591649393323280265252242232225219213

178167161

350362376360359361365372385387394407

391399403

250252258255256257258261265267269272

267270273

111111112112112113113114115116117117

116117118

287301266261265269275277280277285286

283289289

2,7073,4053,6213,3623,1673,0612,9742,9532,9662,9302,9983,044

2,8942,9493,006

3175099125129133156189206208

202194178

836861879915922920914911909903913918

927

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

ure would have been $287,000,000).NOTE.—For figures of paper currency of each denomination in circulation see p. 261.Back figures.—See Annual Reports for 1932 (table 52), 1930 (table 32), and 1927 (table 22).



MEMBER BANK RESERVE BALANCES[In millions of dollars]

Month

1932—April..MayJuneJulyAugustSeptember-OctoberNovember-December..

1933—JanuaryFebruaryMarch 2April 3 .M a y 3June 3July 3August3September3.October3November 3_December 3__

1934—January 3_.February3

Average of daily figures

Reserves held

Total—allmemberbanks

1,9962,1382,0622,0032,0732,1812,3072,3782,435

2,5162,291

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

2,7402,799

New YorkCityi

780874783767832927

1,0011,0501,083

1,109860

867878861796837896893866828

897872

Otherreservecities

"Country'banks

74980081978179712863887911

965

742773858

1,0561,1351,1811,193

1,2211,271

466464459455444443444441440

442441

431418441489501499529553567

622656

Excess reserves

Total—allmember

banks

152.1277.1234.4204.4269.9345.5435.9482.2525.8

583.8417.3

379.1319.1363.1435.7565.5674.5758.4794.1765.7

'865.7890.8

New YorkCity1

88.1155.189.475.0

127.7193.4241.6266.8283.2

286.274.5

150.2106.068.943.2

101.8155.2149.0129.896.0

146.8118.3

Otherreservecities

35.791.5

111.491.6

108.9119.6160.5181.8206.9

254.2291.0

129.4132.0198.0252.9312.3371.5437.9474.7472.6

476.6509.1

"Country"banks

28.330.533.637.933.332.433.733.735.7

43.451.8

99.581.296.2

139.6151.3147.8171.5189.6197.1

'242.4263.4

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

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

MEMBER BANK DEPOSITS[In millions of dollars]

3 Licensed banks only.

Month

1932—AprilMayJuneJulyAugust... _"September . ._ _.OctoberNovemberDecember

1933—JanuaryFebruaryMarch 2April3

M a y 3 . . _ . .June 3July 3August -September3October3November3December>

1934—January 3February 3

Averages of daily figures

Net demand and time deposits

T o t a l -all mem-

berbanks

25,38625, 46625,07524, 71224, 74424, 97325, 29225, 47625,492

25, 64124,978

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

'24,24824,674

NewYorkCityi

5,9506,1595,9575,9516,0846,3086,5596,7626,877

7,0506,722

6,1206,5176,6696,4246,2826,3186,3416,2896,215

6,3486,370

Otherreservecities

10,10910,08110,0329,8309,8339,8539,9399,9649,941

10,0239,847

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

'9,96310,124

"Coun-try"banks

9,3279,2269,0878,9318,8278,8118,7958,7518,674

8,5688,409

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

7,9528,180

Net demand deposits

T o t a l -all mem-

berbanks

14,58914,67914,41314,15714,14114,40814, 67914,86414,965

15,11614,645

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

15,02115,341

NewYorkCity i

5,1385,3425,1545,1335,2175,4405,6295,8045,937

6,1095,842

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

5,5995,624

Otherreservecities

5,4925,4255,4335,3045,2835,3165,4025,4325,424

5,4705,368

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

5,8946,048

"Coun-try"banks

3,9593,9113,8263,7203,6413,6523,6493,6283,604

3,5373,435

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

3,5283,668

Time deposits

T o t a l -all mem-

berbanks

10,79710,78710,66310, 55510,60310,56510, 61210,61210,527

10, 52510,333

8,6338,6948,7329,0609,1199,1139,1269,1399,078

'9,2279,333

NewYorkCity i

811816803818867869929957940

941880

788751746826814802805814763

749746

Otherreservecities

4,6184,6564,5994,5264,5504,5384,5374,5324,517

4,5534,479

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

4,0434,075

" Coun-try"banks

5,3685,3155,2615,2115,1865,1595,1455,1235,071

5,0314,974

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

'4,4354,512

' Revised. l Central reserve city banks only. * March data not available.


* Licensed banks only.



ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS


Call date

Totalloansand

invest-ments

Loansto

banks

Loans to other customers

Total

Se-cured

bystocksand

bonds

Se-cured

by realestate

Other-wise

securedand

unse-cured

Open-market loans

Total

Purchased paper

Accept-ancespaya-ble inUnitedStates

Ac-cept-ancespaya-ble

abroad

Com-mer-cial

paper

Loansto

bro-kersin

NewYorki

Investments

Total

U.S.Gov-ern-

mentsecu-rities

Othersecu-rities

Totalloans

se-cured

bystocksand

bonds

TOTAL—ALL MEMBERBANKS

1930—Mar. 27June 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 K.Oct. 25». .Dec. 30 2..

NEW YORK CITY 3

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 «..Oct. 25 2..Dec. 30 K.

OTHER RESERVE CITIES

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 KOct. 25 2..Dec. 30 2..

" C O U N T R Y " BANKS

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 2..Dec. 30 2_.

35,05635, 65635, 47234, 86034, 72933,92333, 07330, 57528, 00128,04527,46924, 78624,95325,220

8,2388,7988,5578,5828,4738,2878,2537,4606,7157,1127,3277,1336,9716,995

13,57513,70113,97113,75813,96513,56713,01612,11511,04510,97910,5359,7809,95110,157

13,24313,15712,94412, 51912, 29012,06811,80510,99910,2409,9549,6077,8738,0318,068

527535466631446457599790573457444330297287

199196169283154150250374260203216162143146

263277235286235247284347254205178129120103

21,49421, 56521, 01021, 00719, 94019, 25718, 71317, 57015, 26714, 49713,90511,33711, 52311,315

4,3384,3084,2784,3384,0073,8393,8503,6942,8562,6382,6212,2972,4362,395

8,9519,0298,7268,9068,4098,1007,8457,4076,5196,1965,8794,8464,9124,797

8,2068,2298,0077,7627,5247,3187,018

5,8925,6635,4054,1944,1754,123

7,7308,0617,8647,9427,4237,1176,8426,2905,2925,0864,8483,9163,8093,772

1,9362,0222,0312,1371,9601,8971,8161,7281,3431,3001,2471,0821,0321,034

3,6043,8113,6323,6563,3663,1883,0922,8062,4032,3042,1691,7021,6601,630

2,1902,2272,2002,1492,0972,0311,9351,7561,5461,4811,4321,1321,1181,108

3,1703,1553,1633,2343,2203,2183,1493,0382,8942,8852,8622,3722,3642,359

150157157147150160152153160154160157149148

1,5441,5241,5261,6311,6191,6211,5851,5381,4071,4061,3981,1601,1441,151

1,4751,4751,4801,4551,4491,4371,4111,3461,3281,3241,3041,0551,0701,061

10,59510, 3499,9829,8319,2988,9228,7228,2427,0816,5276,1955,0495,3505,184

2,2522,1292,0902,0541,8961,7821,8811,8131,3531,1841,2141,0571,2541,213

3,8023,6933,5673,6203,4233,2913,1683,0632,7092,4862,3121,9842,1082,016

4,5414,5274,3264,1583,9783,8493,6733,3673,0182,8572,6692,0071,9871,955

3,0973,1133,2622,2332,4542,1031,563901747970855

1,1911,2381,231

1,6552,0911,9121,5251,6511,4971,121695665763701964891912

945710

1,064531645470326135118151115184274258

49631228617715813511671645539437362

175170205315361389268146313407375291303223

144148188199296201107262341330224233170

591854122158916735385844636860

797162551011137041343430252437

4995075233663613842961401221159387164132

24230133721221218916762626546519178

2071711641201141018148363628274634

2,3442,3652,4721,4981,6301,217928575278414357788748840

1,4771,8831,7141,2811,3671,063839542258391337720624706

35364316722712456167141258100112

258129115493630321613

9,93710, 44210, 73410, 98911,88912,10612,19911,31411, 41412,12112, 26511,92811,89412, 386

2,0462,2032,1982,4352,6622,8013,0322,6973,0333,5083,7893,7093,5013,542

3,4163,6853,9474,0354,6764,7504,5614,2264,1544,4274,3624,6214,6455,000

4,4754,5554,5894,5194,5504,5554,6064,3924,2264,1874,1143,5983,7483,845

4,0854,0614,0954,1255,0025,3435,5645,3195,6286,3666,5406,8876,8017,254

1,1501,1471,0911,2391,4661,6561,8301,7682,0082,4292,6032,5512,3202,362

1,6621,6861,7851,7272,3132,4082,3012,1332,1872,4662,4622,8672,8893,209

1,2731,2291,2191,1591,2241,2791,4331,4181,4321,4711,4741,4691,5921,683

6,852

6,6396,864

6,7636,6355,9965,7865,7555,7265,0415,0935,132

8971,0561,1071,1971,1961,1451,202

9281,0251,0791,1861,1581,1811,179

1,7541,9992,1612,3082,3642,3422,2602,0931,9661,9611,9001,7541,7571,790

3,2023,3263,3703,3593,3263,2763,1722,9742,7942,7152,6402,1292,1562,162

10,33410, 65610, 5119,7549,2728,5638,0817,3205,9165,7705,4474,8844,7134,769

3,5043,9833,7983,5503,3973,0262,7802,4741,7571,8111,6991,8881,7281,824

4,3684,3064,3873,9913,7293,4593.3173,0502,5852,4562,2981,8461,8361,809

2,4622,3672,3262,2132,1472,0781,9851,7961,5741,5031,4501,1591,1481,136

* Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.> Licensed banks {operating on an unrestricted basis).' 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


ALL BANKS IN THE UNITED STATES

[Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under Statesupervision]

LOANS AND INVESTMENTS[In millions of dollars]

Date

All banks

Total Loans Invest-ments

Member banks


Nonmember banks

Mutual savings banks


Other nonmember banks


iy28—Oct. 3 —Dec. 31 . .

929—Mar. 27.June 2 9 -Oct. 4__.Dec. 31 . .

57, 21958, 266

58, 01958,47458, 83558, 417

57,38658,10857, 59056, 209

31—Mar. 25 55,924June30._. I 55,021

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

Sept. 29.Dec. 3 1 -

932—June 30-Sept. 30.Dec. 31..

933—June 30—Oct. 25..Dec. 30. _

53,36549, 704

46,07145, 85244,946

40,089

39,67140, 763

40, 55741, 51242, 20141, 89840, 68640, 61839, 71538,135

36,81335,38433, 75031, 305

27, 83426,98526, 063

22, 215

17, 54917, 504

17, 46216,96216, 63416, 519

16,70017,49017,87518,074

19, 11119,63719, 61518, 399

18, 23718,86718, 883

17,874

34,92935, 684

35, 39335, 71135, 91435,934

35, 05635,65635,47234,860

34, 72933,92333, 07330, 575

28,00128, 04527,469

a 24, 786* 24,9532 25, 220

24, 32525,155

24,94525,65826,16526,150

25,11925,21424,73823,870

22,84021, 81620,87419, 261

16, 58715,92415,204

2 12,8582 13, 0592 12,833

10, 60410, 529

10, 44810,0529,7499,784

9,93710, 44210, 73410,989

11, 88912,10612,19911,314

11,41412,12112, 265

« 11,9282 11,8942 12,386

i 9, 2429,390

i 9, 3909,556

i 9, 5569,463

i 9, 4639,747

i 9,7479,987

i 9,98710,506

» 10, 50610,488

10,316i 10, 31610,182

10, 044

i 5, 5185,694

1 5, 6945,892

1 5,8925,945

i 5,9456,009

^ O t W

1 6,0686,169

i 6,1696,218

6,130i 6,1306,079

5,941

* 3, 723

i 3, 6963,664

i 3,6643,518

i 3,5183,739

i 3, 7393,920

i 3,9204,337

i 4, 3374,270

4,1861 4,1864,103

4,103

13, 04913,192

13, 23613,20713,36613, 020

12,86812,70612, 37111,362

11,20810, 5939,7868,641

7,7557,4917,295

3 5, 258

9,8289,913

9,9189,96110,1449,803

9,6239,3958,9688,196

7,9067,3996,7075,827

5,1174,9314,780

2 3,415

3,2223,279

3,3173,2463,2213,217

3,2453,3093,4023,165

3,3023,1943,0792,814

2,6372,5602,515

»1,843

1 Figures of preceding call carried forward.

DEPOSITS, EXCLUSIVE OF INTERBANKDEPOSITS


Date

1928— Oct. 3 . . .Dec. 3 1 . .

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

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

1931—Mar. 25-June30._Sept. 29..Dec. 31..

1932—June 30-_Sept. 30-Dec. 31 . .

1933—June 30.-Oct. 25..Dec. 30..

Allbanks

53,72056,766

54,54553,85255,18055,289

53,18554,95452, 78453,039

51,42751,78249,15245,821

41,96341,94241,643

38,011

Memberbanks

32,13834,826

33, 21532,28433,00433,865

32,08233,69031,83932, 560

31,15331,56629,46927,432

24,75524,90324,803

2 23,3382 23,4532 23,774

Nonmember banks

Mutualsavingsbanks

8,849

i 8,8498,983

i 8,9838,916

18,9169,197

i 9,1979,507

i 9,50710,017

i 10,01710,105

10,020i 10,020

10,022

. 9,713

Othernonmem-ber banks

12,92913,091

12,48112,58413,19312, 507

12,18712,06711, 74810,972

10, 76710,1999,6668,284

7,1887,0206,818

2 4,961

* Figures of preceding call carried forward.^Licensed banks only

2 Licensed banks only.

NUMBER OF BANKS

Date

1928-Oct. 3.Dec. 31 -.

1929—Mar. 27June 29Oct. 4Dec. 31

1930—Mar. 27.June 30Sept. 24Dec. 31

1931—Mar. 25June 30Sept. 29Dec. 31

1932—June 30Sept. 30Dec. 31

1933—June 30Oct. 25Dec. 30

Total

25,82825,576

25,34125,11024,95124,630

24, 22323,85223, 59022, 769

22,37221,90321,29419,966

19,04618, 79418,390

14, 530

Member banks

Total

8,8968,837

8,7558,7078,6168,522

8,4068,3158,2468,052

7,9287,7827,5997,246

6,9806,9046,816

2 5,6062 5,8182 6,011

Na-tional

7,6707,629

7,5697,5307,4687,403

7,3117,2477,1927,033

6,9306,8006,6536,368

6,1456,0806,011

2 4,8972 5,0522 5,154

State

1,2261,208

1,1861,1771,1481,119

1,0951,0681,0541,019

998982946878

835824805

2 7092 7662 857

Nonmemberbanks

Mu-tualsav-ings

banks

1615612

1612611

1611609

1609606

1606603

1603600

1600597

594i 594

594

576

Othernon-

mem-ber

banks

16,31716,127

15,97415,79215,72415,499

15,20814,93114,73814,114

13,84113,52113,09512,123

11,47211,29610,980

2 8,348

i Figures of preceding call carried forward.1 Licensed banks only.



REPORTING MEMBER BANKS IN 91 LEADING CITIES


Data

1933—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.

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

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

Mar. 7_.Mar. 14Mar. 21.Mar. 28

Total—91! leading cities

Loans and investments

Total

16,54816,53616,59216,467

16,74916, 71916, 68116,61916, 672

16, 60016,51916, 69416, 666

16,59516, 38816,44716,39617,121

17,08217,09217,49417,400

17, 42517, 51317, 52617,472

Loanson se-

curities

3,6513,6373,6733,584

3,6043,5903,5573,5493,569

3,5563,5963,6003,628

3,6203,4973,4863.4983,609

3,5873,5313,6303,520

3,4953,5933,5533,514

Allotherloans

4,9144,9334,9704,959

4,9895,0035,0004,9594,999

4,9414,8754,8594,774

4,7654,7124,7324,7134,740

4,7134,7554,7184,665

4,6734,6884,6434,647

Investments

TotalU.S. se-curities

7,9837,9667,9497,924

8,1568,1268,1248,1118,104

8,1038,0488,2358,264

8,2108,1798,2298,1858,772

8,7828,8069,1469,215

9,2579,2329,3309,311

Bor-rowingsat F.R.banks

5,0224,9944,9874,956

5,1645,1475,1385,1115,114

5,1365,148

5,267

5,2055,2105,2235,2455,786

5,8475,8676,1996,249

6,2786,2296,2726,227

New York City

Loans and investments

Total

6,7286,7336,7826,670

6,8226,7786,7546,7196,804

6,7336,6506,7306,756

6,7076,5366,5796,569

6,9646,9227,0967,006

7,0697,2137, 1997,193

Loanson se-

curities

1,6991,6831,7121,636

1,6661,6571,6241.6181,651

1,6301,6631,6661,722

1,7441,6241,6201,6461,748

1,7291,6771,7691,669

1,6491,7331,6871,663

Allotherloans

1,6661,7061,7491,741

1,7591,7711,7691,7281,790

1,7371,6811,6951,664

1,6701,6441,6591,6661,718

1,6911,7341,7071,662

1,6611,6731,6371,629

Investments

Total U.S. se-curities

3,3633,3443,3213,293

3,3973,3503,3613,3733,363

3,3663,3063,3693,370

3,2933,2683,3003,2573,520

3,5443,5113,6203,675

3,7593,8073,8753,901

Borrowingsat F.R.banks

2,2712,2362,2262,194

2,2742,2312,2312,2302,225

2,2492,2512,2692,253

2,1872,1702,1852,2012,421

2,4852,4482,5532,585

2,6682,7042,7172,720

90 other leadingcities

Totalloans

and in-vest-

ments

Bor-rowingsat F.R.banks

9,8209,8039,8109,797

9,9279,9419,9279,900

9,8679,8699,9649,910

9,8529,8689,827

10,135

10,11810,17010,39810,394

10,35610,30010, 32710,279

20232022

2421212225

24252324

2521212013

12101112

1010

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

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

BROKERS' LOANSREPORTED BY THE NEW YORK STOCK EXCHANGE

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

End of month

JanuaryFebruaryMarch

AprilMayJune

JulyAugustSeptember

OctoberNovemberDecember

Total

1933

359360311

322529780

916917897

776789845

1934

903938981

From NewYork banks

and trust com-panies

1933

270298247

268461694

822841806

706712776

1934

839862873

From privatebanks, brokers,foreign banking

agencies, etc.

1933

906264

546886

947691

707769

1934

6476

108

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

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

Month or date

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

1934—January...February,.March

Mar. 7Mar. 14....Mar. 2L__.Mar. 28....

Total

578755919877847779723759

802

844923

For)wn ac-count

373374555712806747741663611631

657731736

775746735

For ac-count ofout-of-town

banks l

For ac-count of

others

18211736

10512298

111106122

137149148

150147147149

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

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



ACCEPTANCES AND COMMERCIAL PAPER

BANKERS' ACCEPTANCES OUTSTANDING (DOLLARACCEPTANCES)


End of month

1931—No vember.December..

1932—JanuaryFebruary. .MarchAprilMayJuneJuly -AugustSeptember.October-...November.December..

1933—January....February. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

1934—January....February. .

Totalout-

standing

1,002974

961919911879787747705681

720710

707704671

687738694715737758764

771750

Held by Fed-eral Reserve

banks

Forownac-

count

418305

1197636164

361232344

230728016413412111

18127

10551

Forac-

countof for-eign

corre-spond-ents

126251

31431233529218398594943393240

4130454336363740413134

45

Held by acceptingbanks

Total

296262

332343377455510518563574573605655604

325261404505487552499517592599442

567581

Ownbills

Billsbought

125131

159175155188225200197198159199268224

256201153206229201248252236271273223

255266

171131

174168222268286318366376414406386380

370124108199276287304247282321326219

312315

Heldby

others

161156

19518916311590967055645228

38428586115123147154156112138190

95114

Figures for acceptances outstanding (and held by accepting banks)from American Acceptance Council.

Back figures.—See Annual Reports for 1932 (table 91), 1931 (table 70),1930 (table 64), 1929 (table 58), and 1928 (table 61).

ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES-HOLDINGS OF FEDERAL RESERVE BANKS


End of month

January.. .February.MarchAprilMayJuneJuly -AugustSeptember,October. __November.December.

1931

36,11923,9581,0631,0741,073

10, 55134,371145,21548,80433,50133,38633,429

1932

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

1933

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

1934

5,9775,8875,275

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

CLASSES OF BANKERS' ACCEPTANCES (DOLLARACCEPTANCES)

[In millions of dollars

End of month

OUTSTANDING

1933—February-MarchAprilMayJune.July.AugustSeptember-OctoberNovember-December..

1934—January,.,.February..

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

1933—FebruaryMarchAprilMayJuneJuly.August..SeptemberOctoberNovemberDecember

1934—January...February..

Total

704671696669687738694715737758764

771750

3072801641341211118127

10557

onim-

portsintoU.S.

Basedon ex-portsfromU.S.

95103

94

Basedon goodsstored inUnitedStates(ware-house

credits)or

shippedbetweendomestic

points

174175176174168168160171185200207

225203

8(8)

222

Dollarex-

change

219184199185217255229237253278277

277261

1058738

211

8

Basedon

goodsstored

inforeigncoun-

tries orshipped

be-tweenforeignpoints

231230234225213219206199195180182

175184

10797666

16

(>)

8 439

3116

* Total holdings of Federal Reserve]banks include a small amount ofunclassified acceptances.

* Less than $500,000.* Back figures.—See Annual Reports for 1S32 (tables 88 and 23), 1931(table 15), 1930 (tables 61 and 14).

COMMERCIAL PAPER OUTSTANDING{In millions of dollars]

End of month

January. . .February..MarchAprilMayJuneJulyAugustSeptember.October. __November.December-

1931

327315311307305292289271248210174118

1932

10810310610811110310010811011311081

1933

85847264607397107123130133109

1934

108117

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



FEDERAL RESERVE BANK RATES

DISCOUNT RATES

[Rates on rediscounts for and advances to member banks under sections13 and 13 (a) of the Federal Reserve Act]

Federal Reserve bank

BostonNew YorkPhiladelphia.ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco

Rate ineffect onApr. 1

Date estab-lished

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

8,1934

2,1934

16.1933

3,1934

9,1934

10.1934

21.1933

8,1934

16.1934

9,1934

8,1934

16,1934

Previousrate

VA33sy2

Back figures—See Annual Reports for 1932 (table 53), 1931 (table 36).

The following special rates were also in effect at theFederal Reserve banks on April 1, 1934:

PercentAdvances to member banks under sec. 10 (b) of the Federal Re-

serve Aot, as amended by sec. 402 of the act of Mar. 9,1933:At the Boston, New York, Philadelphia, Cleveland, Chicago,

Dallas, and San Francisco Federal Reserve Banks. 4At the Atlanta and St. Louis Federal Reserve Banks 4*^At the Richmond, Minneapolis, and Kansas City Federal

Reserve Banks _ 5Discounts for individuals, partnerships, and corporations under

the third paragraph of sec. 13 of the Federal Reserve Act, asamended by sec. 210 of the act of July 21, 1932:

At the Atlanta Federal Reserve Bank 5At the Boston, New York, Philadelphia, Cleveland, Rich-

mond, Chicago, St. Louis, Minneapolis, Kansas City,Dallas, and San Francisco Federal Reserve Banks 6

Advances to individuals, partnerships, and corporations securedby direct obligations of the United States under the last para*graph of sec. 13 of the Federal Reserve Act, as amended by sec.403 of the act of Mar. 9, 1933:

At thft New York Federal Reserve Bank __, _ Z\iAt the Boston, Philadelphia, Cleveland, Richmond, Altanta,

Chicago, Kansas City, Dallas, and San Francisco FederalReserve Banks.. 4

At the St. Louis and Minneapolis Federal Reserve Banks 4J^

BUYING RATES ON ACCEPTANCES

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

Maturity

1-15 days16-30 days. .31-45 days. .46-60 days. .61-90 days. .91-120 days.121-180 days

Rate ineffect onApr. 1

Date estab-lished

Oct. 20,1933dodododododo

Previousrate

111111IX

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

Backfigures.—See Annual Reports for 1932 (table 54) and 1928 (table 35).

OPEN-MARKET RATESSHORT-TERM RATES IN NEW YORK CITY

[Percent per annum]

Month or week

1933MarchAprilMay. . .June _July . . .AugustSeptemberOctoberNovemberDecember

1934JanuaryFebruaryMarch

Week ending—Mar. 3.Mar. 10Mar. 17Mar. 24Mar. 31

Prevailing rate o n -

Primecom-

mercialpaper,4 to 6

months

2 -ty2 -2}tffr-2

VA-VA

IXIX

l - IN

-m

Primebank-

ers'accept-ances,

90days

XX

X-V2

H-

Timeloans,

90days 3

l -l -IX

l -IXVr-%

1 -IX

K-l

Average rate

Call loans3

New Re-newal

3.271.291.001.001.00.98.75.75.75.94

1.001.001.00

1.001.001.001.001.00

U.S.Treas-

urybills,

3months4

3.321.371.001.001.00.98.75.75.75.94

1.001.001.00

1.001.001.001.001.00

Average yieldon—1

2.20.78.43.26.35.26.11.13

.09

U.S.Treas-

urynotesand

certifi-cates,3 to 6

months

«1.34.45.29

«.O7.19.01

«.O4.09.22

».29

.25

.08

.03(6)».O2

1 Yield on Treasury bonds, previously included in this table, nowshown in table on bond yields on p. 222.

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

period.* Change of issue on which yield is computed.6 Negative yield.

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

RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES

(Weighted averages of prevailing rates]

Month

JanuaryFebruaryMarchAprilM a y . . .JuneJulyAugustSeptember-OctoberNovember.. _December . . .

New York City

1932

4.714.714.724.694.554.614.424.454.304.354.124.22

1933

4.124.114.884.334.244.103.933.973.793.763.523.48

1934

3.583.433.31

------

8 other northernand eastern cities

1932

5.075.135.145.105.145.135.055.125.034.964.884.88

1933

4.894.845.395.094.994.974.824.684.654.514.544.59

1934

4.654.494.52

------

27 southern andwestern cities

1932

5.615.615.645.635.645.625.635.685.635.565.555.60

1933

5.605.565.665.685.665.625.545.535.555.505.425.43

1934

5.405.395.40




TREASURY FINANCE

UNITED STATES GOVERNMENT DEBTVOLUME AND KIND OF SECURITY


End of month

1932

August...SeptemberOctoberNovemberDecember

1933JanuaryFebruaryMarchAprilMayJuneJulyAugust..SeptemberOctoberNovemberDecember

1934January. 25,068February 26,052March I 26,157

Total(grossdebt)

20,06720,61120,81320,80720,805

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

Interest bearing

Total

19, 75820,29620,48520,47620,448

20,45420, 58420,99221,08721,46922,15822, 24022, 72322, 67222, 66923,16123,450

24,71725, 70725, 698

Bonds

14,25714, 25714, 25714, 25714, 223

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

15, 59715, 57915, 579

Notes

2,1973,0313,5393,5393,299

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

5,6266,4726, 925

Certif-icates

2,6562,3852,0442,0382,284

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

2,2802,2781,816

Bills

Nonin-terestbear-ing

648623645643642

641641817918979955954953952952952

1,003

1,2141,3781,378

309315328331357

348350371354385381370376379381373364

351345459

MATURITIES[In millions of dollars]

Outstanding Mar. 31,1934—Total .

Obligations maturing—Before July 1, 1934July 1-Sept. 30, 1934 . .Oct. 1, 1934-Mar. 31,

1935Apr. 1-Dec. 31, 193519361937 ._193819411943After 1943

Other obligations 2 _

Interest-bearing debt

Total

25, 698

2,4521,221

1,5201,1891,3301,7495,738

834898

7,7261,041

Bondsi

15, 579

federal reserve bulletin april 1934 - st. louis fed · 2018. 11. 6. · federal reserve bulletin...

Documents