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FEDERAL RESERVE BULLETIN November 1934

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FEDERAL RESERVE BULLETIN November 1934 FEDERAL RESERVE BULLETIN NOVEMBER 1934 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Credit Extended by Banks and Governmental Agencies National Summary of Business Conditions UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1934 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD Ex officio members: f Governor. HENRY MORGENTHAU, Jr., J. J. THOMAS, Vice Governor. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. F. T. O'CONNOR, ADOLPH C. MILLER. Comptroller of the Currency. GEORGE R. JAMES. M. S. SZYMCZAK. CHESTER MORRILL, Secretary. E. A. GOLDENWEISER, Director, Division of Research J. C. NOELL, Assistant Secretary. and Statistics. L. P. BETHEA, Assistant Secretary. CARL E. PARRY, Assistant Director, Division of Research S. R. CARPENTER, Assistant Secretary. and Statistics. E. L. SMEAD, Chief, Division of Bank Operations. WALTER WYATT, General Counsel. J. R. VAN FOSSEN, Assistant Chief, Division of Banki GEORGE B. VEST, Assistant Counsel. Operations. LEO H. PAULGER, Chief, Division of Examinations. 0. E. FOULK, Fiscal Agent. FRANK J. DRINNEN, Federal Reserve Examiner. JOSEPHINE E. LALLY, Deputy Fiscal Agent. FEDERAL ADVISORY COUNCIL District no. 1 (BOSTON) THOMAS M. STEELE. District no. 2 (NEW YORK) WALTER E. FREW. District no. 3 (PHILADELPHIA) HOWARD A. LOEB, Vice President. Di trict no. 4 (CLEVELAND) H. C. MCELDOWNEY. District no. 5 (RICHMOND) HOWARD BRUCE. District no. 6 (ATLANTA) H. LANE YOUNG. District no. 7 (CHICAGO SOLOMON A. SMITH. District no. 8 (ST. LOUIS) WALTER W. SMITH, President. Dist ict no. 9 MINNEAPOLIS) THEODORE WOLD. District no. 10 (KANSAS CITY) ^ W. T. KEMPER. District no. 11 (DALLAS). JOSEPH H. FROST. District no. 12 (SAN FRANCISCO) M. A. ARNOLD. WALTER LICHTENSTEIN, Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston F H. Curtiss R A. Young. W. W. Paddock W . Willett. New York _ J. H. Case.. G. L. Harrison W. R. Burgess J. W Jones.* J. E. Crane W. B. Matteson.1 W. S. Logan J. M Rice » L. R Rounds Allan Sprout.3 L. F Sailer H. H. Kimball* C. H Coe _ L. W. Knoke.i Philadelphia R L. Austin G. W. Norris W. H. Hutt C A. Mcllhenny. J. S. Sinclair W. J. Davis." C. A. Mcllhenny L. E. Donaldson.» W. G. McCreedy.a Cleveland T, B. Williams F, R. Fancher M. J. Fleming H. F. Strater. F. J. Zurlinden Richmond W . W. HnYton G J Seay. C. A Peple G H. Keesee. R H. Broaddus. S. Walden, Jr.* Atlanta Oscar Nfiwtrm E. R. Black W S. Johns M . W. Bell H. F. Conniff W S. McLarin, Jr.i Chicago E M. Stevens G, J. Schaller „ W. H. Snyder.2 HC . RP. PrestoMcKany W. C. Bachman.1 J. H. Dillard . 0 J. Netterstrom.1 A T. Sihler.i E. A. Delaney.1 A. L. Olson.i St. Louis. J. S. Wood W McC. Martin 0. M. Attebery ..._ 8. F. Gilmore.2 J. G. McConkey - A H Haill.2 F. N Hall.» G 0. Hollocher.8 0 C. Phillips.* Minneapolis _ J. N. Peyton. W. B. Geery Harry Yaeger H I. Ziemer. H T Ziemer F C Dunlop.2 Kansas City M . L. McClure G. H. Hamilton C. A Worthington J. W. Helm. J W Helm Dallas C. Walsh B. A. McKinney R. R. Gilbert Fred Harris. c R. B. Coleman_ W. 0. Ford.* San Francisco J U. Calkins W. A. Day W. M. Hale. Ira Clerk 1 Assistant deputy governor. J Controller. • Assistant to the governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Denver branch J. E Olson. Pittsburgh branch Oklahoma City branch C E. Daniel. Richmond: Omaha branch.. L. H. Earhart. Baltimore branch. Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch _ _ J. L. Hermann. Atlanta: Houston branch W. D. Gentry. Birmingham branch J. H Frye. San Antonio branch M. Crump. Jacksonville branch San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch W. N. Ambrose. New Orleans branch Marcus Walker. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch R. H. Buss. Seattle branch _ C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Little Rock branch A. F. Bailey. Louisville branch J. T. Moore. Memphis branch W. H. Glasgow. SUBSCRIPTION PRICE OF BULLETIN The 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 of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of t he United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS Page Review of the month—Credit extended by banks and governmental agencies 711 Balance of international payments of the United States 716 Federal Deposit Insurance Corporation—Condition of insured banks and trust companies, June 30, 1934_ 763 National summary of business conditions 717 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 718-722 Member and nonmember bank credit: All banks in the United States 725 All member banks 723, 724, 758, 762 Weekly reporting member banks in leading cities 726, 759 Brokers' loans 726 Acceptances and commercial paper 727 Discount rates and money rates 728 Treasury finance 729 Assets and liabilities of governmental credit agencies 730 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 731 Farm Credit Administration—Loans and discounts outstanding, by institutions 732 Home Owners' Loan Corporation—Summary of operations 732 Federal home loan banks—Assets and liabilities 732 Security prices, bond yields, and security issues 733 Production, employment, car loadings, and commodity prices 734 Merchandise exports and imports 735 Department stores—Indexes of sales and stocks 735 Freight-car loadings, by classes : 735 Financial statistics for foreign countries: Gold reserves of central banks and governments 736 Gold production 737 Gold movements 737-739 Government note issues and reserves 740 Bank for International Settlements 740 Central banks 741-743 Commercial banks 744 Discount rates of central banks 745 Money rates 745 Foreign exchange rates 746 Price movements: Wholesale prices 747 Retail food prices and cost of living 748 Security prices 748 Law department: Rulings of the Federal Reserve Board: Classification of capital notes and debentures of State member banks as capital 749 Cumulative voting by holding company affiliates of member banks 749 Applicability of section 32 of Banking Act of 1933 to "manager" of branch office of dealer in securities 750 Rulings nos. 26-36 interpreting Regulation T 750-752 Participation by national banks in industrial loans under act of June 19, 1934—Circular issued by Comptroller of the Currency ^ 752 Federal Reserve statistics by districts, etc.: Banking and financial statistics 756-762 Industrial and commercial statistics 764-769 October crop report 769 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 20 NOVEMBER 1934 No. 11 REVIEW OF THE MONTH crisis in 1933 there was a rapid return flow of During October there was little change in the currency of the higher denominations. Since volume of excess reserves of member banks, June 1933 the demand for currency of the which remained at about $1,750,- lower denominations, used most actively in Member bank 000,000. This constant volume daily transactions, has increased, while the reserves of excess reserves represented volume of currency in denominations of $50 and the result of offsetting factors—chief among over, which constitute the bulk of hoarded which were an increase in required reserves, money, has declined considerably. Notwith- reflecting a growth in deposits at member standing the reduction since March 1933, the banks, and a seasonal increase in money in reported circulation of paper currency of de- circulation, offset by a reduction of Treasury nominations of $50 and over on September 29, cash and deposits with the Reserve banks. Volume of Reserve bank credit outstanding DENOMINATIONS OF PAPER CURRENCY decreased slightly during the month. MILLIONS OF DOLLARS ( End of month figures ) MILLIONS OF DOLLARS Since the end of July the volume of money in circulation increased by about $150,000,000, and during September and Demand for October it averaged about currency $100,000,000 larger than a year ago. While the recent expansion in the volume of currency in circulation has been largely seasonal in character, the growth compared with a year ago has reflected an increase in the demand for currency arising from an enlarged volume of wage payments and retail trade at higher prices, offset in part by a return of cur- rency from hoarding. These developments are illustrated by the accompanying chart. The chart shows changes in the volume of paper currency in circulation by denominations from month to month since the end of October 1930, when the public began to withdraw cur- 1934, was $600,000,000 larger than in October rency for hoarding. The sharp increases in out- 1930, before the hoarding movement began. standing currency that occurred on several Volume of bank deposits has shown a further occasions from October 1930 to March 1933 considerable growth in recent weeks, increases were most pronounced in denominations of $50 being shown in customers' de- and over, less pronounced in denominations of Member bank credit mand deposits and in bankers' $20 and $10, and seldom substantial in denomi- balances, while Government nations of $5 and under.
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