Federal Reserve Bulletin, 1933-01

FEDERAL RESERVE BULLETIN JANUARY, 1933 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Volume and Velocity of Bank Credit "Condition of All Banks in the United States UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: EUGENE MEYER, Governor. OGDEN L. MILLS, CHARLES S. HAMLIN. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. GEORGE R. JAMES. Comptroller of the Currency. WAYLAND W. MAGEE. FLOYD R. HARRISON, Assistant to the Governor. LEO H. PATJLGER, Chief, Division of Examinations. E. A. GOLDENWEISER, Director, Division of Research CHESTER MORRILL, Secretary. and Statistics. E. M. MCCLELLAND, Assistant Secretary. CARL E. PARRY, Assistant Director, Division of Research J. C. NOELL, Assistant Secretary and Fiscal Agent. and Statistics. WALTER WYATT, General Counsel. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) THOMAS M. STEELE. District No. 2 (NEW YORK) ROBERT H. TREMAN. District No. 3 (PHILADELPHIA) HOWARD A. LOEB. District No. 4 (CLEVELAND) J. A. HOUSE. District No. 5 (RICHMOND) HOWARD BRUCE. District No. 6 (ATLANTA) JOHN K. OTTLEY. District No. 7 (CHICAGO) MELVIN A. TRAYLOR, Vice President. District No. 8 (ST. LOUIS) WALTER W. SMITH, President. District No. 9 (MINNEAPOLIS) THEODORE WOLD. District No. 10 (KANSAS CITY) WALTER S. MCLUCAS. District No. 11 (DALLAS) J. H. FROST. District No. 12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary n 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 Frederic H. Curtiss... Roy A. Young W. W. Paddock W. Willett New York J. H. Case Geo. L. Harrison W. R. Burgess C. H. Coe.i J. E. Crane Ray M. Gidney.i A. W. Gilbart J. W. Jones.* E. R. Kenzel W. B. Matteson.i Walter S. Logan J. M. Rice.» L. R. Rounds Allan SprouD L. F. Sailer L. Werner Knoke.* Philadelphia R. L. Austin Geo. W. Norris Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy.2 Cleveland George DeCamp E. R. Fancher M.J. Fleming H. F. Strater. Frank J.Zurlinden.._. Richmond Wm. W. Hoxton George J. Seay C. A. Peple.. Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* Atlanta Oscar Newton Eugene R. Black W. S. Johns M. W. Bell H. F. Conniff W. S. McLarin, jr.* Chicago Eugene M. Stevens. _. J. B. McDougal C. R. McKay W. C. Bachman.i John H. Blair D. A. Jones. * J. H. Dillard 0. J. Netterstrom.1 E. A. Delaney.1 St. Louis John S. Wood Wm. McC. Martin... 0. M. Attebery S. F. Gilmore.3 J. G. McConkey A. H. Haill.» F. N. Hall.* G. 0. Hollocher.2 0. C. Phillips.2 Minneapolis John R. Mitchell. W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer Frank C. Dunlop.* Kansas City M. L. McClure Geo. H. Hamilton C. A. Worthington.... J. W. Helm. Dallas C. C. Walsh B. A. McKinney RT . "ORT. GTTiallbmert... Fred Harris. R. B. Coteman W. 0. Ford.» San Francisco Isaac B. Newton Jno. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk 1 Assistant deputy governor. J Controller. 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. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch.. C. E. Daniel. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch. _ J. L. Hermann. Atlanta: Houston branch W. D. Gentry. New Orleans branch... Marcus Walker. San Antonio branch M. Crump. Jacksonville branch Hugh Foster. San Francisco: Birmingham branch John H. Frye. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch.. W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch John T. Moore. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. 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 the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Volume and velocity of bank credit . 1 Earnings and expenses of member banks 47-48 Condition of all banks in the United States on September 30, 1932 49-52 National summary of business conditions 9 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 10-13 Member and nonmember bank credit— All banks in the United States 16 All member banks 14-16, 40 Weekly reporting member banks in leading cities 17, 41 Brokers' loans 17 Acceptances and commercial paper 18 Discount rates and money rates 20, 42 Bank suspensions and banks reopened .. 19, 44-46 Member bank holdings of eligible assets (Government securities and eligible paper) 19 Security prices, security issues, United States Government securities 21 Production, employment, car loadings, and commodity prices 22, 53-55 Merchandise exports and imports : 23 Department stores—Indexes of sales and stocks 23 Freight-car loadings, by classes 23 Financial statistics for foreign countries: Gold reserves of central banks and governments 24 Gold production _— 25 Gold movements - 25-27 Government note issues and reserves 28 Bank for International Settlements 28 Central banks 29-31 Commercial banks 32 Discount rates of central banks 33 Money rates_._ 33 Foreign exchange rates— By months, December, 1931-December, 1932 34 Annual averages, 1924-1932 __ 35 Price movements— Security prices 36 Wholesale prices . 36,37 Retail food prices and cost of living 37 Federal reserve statistics by districts, etc.: Banking and financial statistics _ 38-43 Industrial and commercial statistics 53-56 December crop report, by Federal reserve districts 57 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 19 JANUARY, 1933 No. 1 tion of $20,000,000 to the monetary gold stock. REVIEW OF THE MONTH Thus member banks began the new year Demand upon the reserve banks for cur- with excess reserves of about $575,000,000 and rency in connection with holiday trade this with aggregate indebtedness to the reserve year was about $120,000,000, banks reduced to $270,000,000, representing a compared with $225,000,000 to reduction in this indebtedness of $585,000,000 $275,000,000 in other recent from the peak of the early part of last Febyears. This decreased demand for currency ruary. Further decline in the volume of reflected both a diminished dollar volume of money in circulation usually occurs in January, retail trade, due chiefly to the prevailing lower reflecting both a return flow to the reserve level of prices, and a continued return of banks of currency used in holiday trade and a currency from hoarding. The demand for cur- seasonal reduction in the volume of trade and rency did not result this year, as it usually does, of pay rolls. The return flow from holiday in an increase in the outstanding volume of uses this year may be expected to be smaller reserve bank credit, since additions of about than usual, because the outflow was smaller. $150,000,000 of gold to the country's monetary On January 5 the Federal Reserve Board stock were more than sufficient to provide to issued the following statement which appeared member banks the funds necessary for meet- in the press of January 6: " The ing currency withdrawals. Of the gold added Open-market Open Market Policy Conference policy to the monetary stock the larger part, $95,- of the Federal Reserve System, 550,000, represented a transfer of gold from with representatives from all of the 12 Federal Great Britain in connection with the current reserve banks in attendance, concluded its meetpayment on its war debt. The gold was ear- ings with the Federal Reserve Board to-day. marked in London for account of the Fed- The sessions of the conference were devoted to eral Reserve Bank of New York, to be shipped a review of economic, business, financial, and to New York in the course of a few weeks, banking conditions in each of the 12 Federal and an equivalent credit was given by that reserve districts and to the economic and finanbank to the United States Treasury. The cial situation in the country as a whole. Par- Treasury, in turn, in connection with its fiscal ticular reference was made in the discussions operations on December 15, transferred these to the workings and effects of the open-market funds to member banks, which were thereby policy thus far pursued by the Federal reserve put in reserve funds with which to meet the system during the course of the economic holiday demand for currency. depression. Consideration was also given to As a consequence of these developments, the attitude of the system in adjusting its following upon a continuous growth of mem- operations to conditions and needs as they may ber bank reserves since last July, these banks change and develop. at the peak of the seasonal demand for reserve "The first and immediate objective of the funds had balances at the reserve banks open-market policy was to contribute factors of approximately $500,000,000 in excess of the safety and stability in meeting the forces of amount required by law. In the first few days deflation. The larger objectives of the sysafter the Christmas holidays these balances tem's open-market policy, to assist and accelerwere increased further by a return of ate the forces of economic recovery, are now $70,000,000 from circulation and by the addi- assuming importance. l Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY, 1933 "With this purpose in mind, the conference $7,869,000,000 since October 4, 1929. The has decided that there should be no change in table shows that the increase in bank loans the system's policy intended to maintain a and investments between June and September substantial amount of excess member bank occurred altogether at banks in New York City, reserves, the continuance of which is deemed while at member banks in other reserve cities desirable in present conditions. Adjustments they showed little change, and at country in the system's holdings in the open-market member banks and at nonmember banks they account will be in accordance with this policy." continued to decline. Volume of member bank credit, as indicated by weekly statements of reporting member ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS banks in leading cities, declined hJ $250,000,000 between [In millions of dollars] the middle of October and the Member banks middle of December. This decline represented All New- Other a further decrease in loans, both loans on banks York reserve Coun- Total City city securities and all other loans, with little change banks banks banks in the volume of the banks' investments. At Oct. 4, 1929 58,835 35,914 8,150 13,983 13,780 banks in New York City there was little change June 30,1932 46,071 28,001 16,715 11,045 10,240 Sept. 30, 1932..A 45,852 28,045 7,112 10,979 9,954 in loans and some increase in investments, Change: while at banks outside New York City both Oct. 4,1929, to June 30, 1932 -12,764 -7,913 -1,435 -3,540 loans and investments were further reduced. June 30 to Sept. 30,1932. -219 +44 +397 —66 The decrease of $250,000,000 in loans and investments of these banks during the past two The increase in total loans and investments months followed upon an increase of nearly at member banks between June 30 and Sep- $800,000,000 between July and October, so tember 30, 1932, represented that the volume of their credit outstanding in Open-market increases of $738,000,000 in and customer ' ' December was still $550,000,000 above its low loans holdings ot Umted States Govlevel in midsummer. ernment securities and $223,- Notwithstanding the decline in loans and 000,000 in open-market loans, chiefly loans to investments, net demand plus time deposits of brokers in New York City and acceptances the reporting banks continued to increase, purchased in the open market. Loans to cuslargely as the result of disbursements by the tomers, on the other hand, declined by $770,- Government and an increase in the volume of 000,000, and holdings of investments other balances redeposited by country banks with than United States Government securities detheir city correspondents. clined by $31,000,000. The following table For all banks in the United States the com- shows that the total decrease since October 4, pilation for September 30, 1932, shows total 1929, has occurred entirely in loans, including All banks loans and investments of both loans to customers and loans made in the $45,852,000,000, indicating a open market, while member bank holdings of decrease of $219,000,000 for the preceding three investments increased during the 3-year months and a decrease of $12,983,000,000, or period. The largest absolute decrease was in 22 per cent, since October 4, 1929. About one- loans to customers, which declined by $8,752,fifth of the decline shown by these figures may 000,000. In terms of percentage decline, howbe attributed to the elimination of banks which ever, the largest decrease was in open-market have suspended operations during the 3-year loans. The open-market loans of member period. For all member banks, the latest banks declined by 57 per cent between October report shows an increase of $44,000,000 during 4, 1929, and September 30, 1932, while their the third quarter of 1932 and a decrease of loans to customers declined by 38 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUABY, 1933 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—LOANS AND INVESTMENTS in rates. This decrease is proportionately [Amounts in millions of dollars] much larger than the decrease in bank loans to customers, which amounted for member Loans to United custom- Open- States Other banks to 38 per cent. ers (ex- market Govern- securiclusive of loans ment se- ties Customers' loans, which represent the larger banks) curities part of the total volume of bank credit out- Oct. 4, 1929 23,219 2,276 4,022 5,727 standing, show the largest reduction in absolute Sept. 30,1932 14,497 970 6,366 5,755 figures of any class of loans. This reduction Change between Oct. 4, 1929 and Sept. 30,1932: reflects a large number of influences—all of -8,752 -1.306 +2,344 +28 Per cent . . -38 -57 +58 them related to the depressed condition of business and agriculture. It reflects a reduc- The total volume of funds borrowed in the tion in the demand for credit due to a reduced open market, by all classes of borrowers other volume of business operations. It also reflects than the United States Treasury, decreased at the reluctance on the part of business to incur an even faster rate between 1929 and 1932 than indebtedness in view of the uncertainty of is indicated by the figures for member banks. business prospects and the desire on the part of This is due in part to the exclusion of loans banks to maintain an unusual degree of liquidby nonmember banks, but more particularly ity. Reduction in open-market loans has been to the fact that in 1929 a large proportion of smaller in absolute amount than the reduction funds available for open-market loans was in customer loans, but larger in proportion. derived from sources other than banks. The It represents a decrease in the demand for funds table shows for the four principal classes of because of the low level of business activity, open-market loans the decline in the volume rather than a shortage in the supply. That of funds borrowed and compares this decline open-market funds are available in large volume is indicated by the fact that the rates VOLUME OP OPEN-MARKET LOANS charged for them are the lowest on record. [End of month figures. Amounts in millions of dollars] The demand, however, has been small. The Amount Rate charged demand for funds for stock-exchange purposes Per- has dwindled to insignificant amounts in centage Sep- Sep- change Sep- Sep- keeping with the low level of operations in the tember, tember, tember,tember, 1929 1932 1929 1932 securities markets. The volume of openmarket commercial paper outstanding has also P.ct. P.ct. Total 10,086 1,173 -88.4 declined by a large percentage, and the decline Stock-exchange loans: in bankers' acceptances in the market has been Call 7,832 270 -96.5 9 2 Time 717 110 -84.7 1 considerable, reflecting at least in part the Commercial loans: Open - market commer- reduction in the volume of foreign trade. cial paper 265 110 -58.5 6K 2-2H Prime bankers' acceptances 1,272 683 -46.3 % Decline in the volume of business payments of all kinds may be measured roughly by the with changes in rates charged on these loans. decrease in the total amounts At the end of September, 1929, the amount Volume of pay- charged by banks to the ac _ of funds borrowed of the four classes com- counts of their depositors, repbined—at rates ranging from 5}i to 9% per resenting chiefly transfers by check. The cent—was $10,086,000,000, while on September total volume of money payments during a year 30, 1932—with rates reduced to a range of exceeds many times the national income, for % to 2){ per cent—the amount borrowed was these payments include not only those made $1,173,000,000. In the three years, therefore, on account of salaries, wages, services, profits, borrowing in the open market declined by 88 and other items of net income, but also payper cent, notwithstanding a drastic reduction ments made at each stage in the manufacture Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY, 1933 and merchandising of commodities, as well as cities, and in 102 smaller cities throughout the payments involved in all other money transac- country. Annual debits at these three classes of tions, such as the transfer of securities and the banks are shown in terms of relatives, with the purchase of real estate. Between 1929 and average for 1923-1925 equal to 100. The chart 1932 the total decrease in debits to individual shows that between 1923-1925 and 1929, debits accounts may be estimated at more than at New York City banks increased by 125 per $700,000,000,000, or 70 per cent, of which cent, while the increase outside New York was about two-thirds represents a decline in debits 45 per cent for banks in 38 other large cities and at banks in New York City. The greater part 23 per cent for banks in 102 smaller cities. Since 1929, debits have decreased most rapidly DEBITS TO INDIVIDUAL ACCOUNTS in the same cities at which they had previously Annual Basis 1923-25-100 PER CENT PERCENT shown the most rapid growth. In 1932 the total volume of money payments at New York City 220 AA l 220 banks was below the 1923-1925 average by 38 J \ per cent, at banks in the 38 other large cities by 200 200 33 per cent, and at banks in 102 smaller cities by NewVorKC 41 per cent. 160 160 Changes in debits to individual accounts have / J been much larger than changes in the deposit 160 160 Other Large accounts themselves. This Cities (36) \ Changes in more rapid decline in the voly posits " ume of money payments than 120 / \\ 120 in the volume of bank deposits Smaller Citi2S(1O2) represents a decline in the velocity of turnover A 100- 100 of bank deposits. The difference between the decline in deposits and in velocity is shown on 60 V ©0 the chart, which compares by quarters for the period 1923-1932 the net demand plus time 60 60 deposits held at member banks in leading cities with an estimate of the velocity of these de- 1923 1924- 1925 1926 1927 1926 1929 1930 1931 1932 posits. The velocity of the deposits is shown Based on debits to individual accounts for 141 cities as a rate of annual turnover. The upper secof this decline in New York reflects a decrease tion of the chart shows that from the beginning in the volume of security transactions and a of 1923 through the summer of 1925 deposits sharp decline in security prices. Developments at these banks increased at about the same rate in the security markets have also been an as payments made through the accounts, with important factor in the decline in debits at the result that the turnover fluctuated around banks outside New York City, but at these a rate of between 26 and 32 times per year. banks changes in the total volume of money From the autumn of 1925 to 1929, however, payments have been affected in an important the volume of money payments increased much degree by decreases in business activity and more rapidly than deposits at these banks, and lower levels of prices and wages. the turnover increased to a rate of 45 times That changes in the total volume of money per year. In 1930, while deposits continued payments outside New York, especially at to grow, there was a decrease in their use smaller centers, have been on a smaller scale becau © of the depression, with the consequence is shown on the chart, which compares relative that the rate of turnover declined by the final changes in the total annual volume of debits quarter of the year to a rate of about 26 at banks in New York City, in 38 other leading times a year. Since 1930 deposits have de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, ] FEDERAL RESERVE BULLETIN clined rapidly, but business activity and other activity and in the price level between 1929 factors determining the volume of money pay- and 1932 has been accompanied by a correments have declined even more rapidly, with sponding decrease in the volume of money paythe result that turnover in the last quarter ments, and that the decrease in the rate of of 1932 was reduced to a rate of 16 times per turnover of deposits has been much larger than year. The lower section of the chart, which the decrease in the total volume of deposits. compares deposits and turnover at reporting member banks outside New York City, indi- The principal change in the central gold recates that at these banks the increase of velocity serves of European countries during the latter prior to 1929 was much less pronounced than part of November and the early RATE OF TURNOVER in°EuropeFVeS Par^ °^ December was a loss of ( TIMES PER ANNUM) REPORTING MEMBER BANKS IN LEADING CITIES $95,550,000 (£19,634,000) by England, but gold reserves of France, Germany, Belgium, and Switzerland also declined. GOLD RESERVES OF SELECTED CENTRAL BANKS [In millions of dollars] Change from— Date, Gold Central bank of— 1932 reserves Month Year before before 5000 England Dec. 21 683 -96 -4 France.. Dec. 23 3,258 -8 +574 20000 Germany Dec. 23 191 -4 -44 REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY Italy - Dec. 20 *307 +1 +11 Belgium Dec. 22 361 -2 +6 Netherlands.. Dec. 19 415 +54 15000 Deposits 30 Switzerland.. Dec. 23 477 +33 V p Preliminary. 10000 20 The loss of reserves by the Bank of England Rate of Turnover ( Times per Annum) occurred on December 15 as a result of the 5000 payment in gold of $95,550,000 England t0 the United States Govern- 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 ment by the British Treasury, Based on estimated figures of debits to individual accounts for report- which obtained the gold from the Bank of ing member banks in leading cities. Figures of deposits are for net demand plus time deposits of these banks England in exchange for an equivalent amount in the country as a whole, including New York, of British Government securities. The bank's and the decrease since 1929 has been likewise holdings of securities increased by more than at a slower rate. But at these banks also, this amount, since the bank in addition purvelocity of deposits, which measures the rate chased securities in the open market. These at which available funds are used, has declined purchases, together with a reduction in public to new low levels, not only as compared with deposits during the month, furnished funds 1929 but also as compared with the period for building up bankers' balances and for from 1923 to 1928. Both sections of the chart meeting an increase in notes in circulation. show that the decline in deposits was arrested The increase in Bank of England notes in during the current year, but that the rate of circulation during the month as a whole was turnover continued to decline. much smaller than is usual at this season, when This analysis of the rate at which bank de- a large volume of currency is ordinarily reposits are utilized by the depositors indicates quired by the public for Christmas purchases. that the decline in the volume of business During the first three weeks of the period notes 152893—33 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 FEDERAL RESERVE BULLETIN JANUARY, 1933 in circulation increased by the customary ment of the banks for November and May, amount; but in the week ending December 21, with changes for the period. when Christmas buying was approaching its For the first five months of 1932 cash repeak, there was actually a decline in the cir- serves of the clearing banks averaged about culation, indicating that the London clearing £175,000,000, but in June, at the time when the Bank of England was buying gold, they BANK OF ENGLAND increased to about £190,000,000 and have [In thousands of pounds sterling] since remained at that level. As a result of Change from— the increase in reserves last June, the cash Dec. 21, ratio of the banks—i. e., the ratio of cash re- 1932 Nov. 23, Dec. 23, 1932 1931 serves to deposits—advanced to 10.84 per cent for that month, the highest figure since Decem- Gold ._.. 119,788 -19,634 -931 ber, 1930. This ratio was much larger than Discounts and advances 11,833 -125 -1,704 Government securities- 365,804 +32,216 +45,062 the banks were accustomed to maintain and, Other securities. 26,637 +2,434 -27,253 Bankers' deposits 98,898 +20,816 +26,616 with a declining demand on the part of cus- Public deposits 7,826 -18,705 -6,815 Other deposits 33,989 -1-247 -4, 732 tomers for loans, they began to utilize their Notes in circulation 370,098 +12,251 +67 greater resources in the purchase of bills and banks were not only meeting the full trade securities. In doing so they contributed to demand for currency from their own vault the ease in the London money market that has holdings but were also transferring currency characterized the period covered by the table. from their vaults to the Bank of England. As It was at the beginning of this period that a result of this operation, the working reserves the British Government inaugurated the proof the Bank of England, which had been nearly gram for converting about a third of its longcut in half by the debt payment, were not term debt from an interest rate averaging reduced further in connection with the Christ- nearly 5 per cent to one of less than 3% per mas demand for currency. At the same time cent. The conversion program, enlarged from the reduction in vault cash of the clearing time to time, culminated on December 1, 1932, banks was compensated by the increase in although there is a final set of payments to be their balances of the Bank of England and the made on February 1, 1933. strength of their combined reserve position The Bank of France lost 189,000,000 francs was maintained. ($7,400,000) of gold and 151,000,000 francs of The cash reserves of the 10 London clearing . , „ foreign exchange in the five n banks, including both cash in vault and bal- Bank of France ,& &._ weeks ending December 23. ances with the Bank of England, have increased There was a substantial increase during the substantially since last May and are at present period in the volume of notes in circulation, due larger than they have been at any other time to active Christmas trade, accompanied by a in the past two years. The table gives the decline in Government deposits large enough principal items from the consolidated state- BANK OF FRANCE TEN LONDON CLEARING BANKS [In millions of francs] [In millions of pounds sterling] Change from— Change Dec. 23, b N e o r, v 1 e 9 m 3 - 2 M 19 a 3 y 2 , N M o f a r v o y e m m to - 1932 No 1 v 9 . 3 2 18, De 1 c 9 . 3 2 1 4, ber Gold 83,119 -189 +14,638 Cash in vault and at Bank of England.. 193 179 +14 Foreign exchange 4,735 -151 -16,765 Bills 391 246 +145 Domestic discounts and advances 5,678 +424 -4,109 Securities 425 300 +125 Government deposits 2,332 -928 -3,542 Loans to customers 789 875 -86 Other deposits... 22,054 -105 -1,585 Deposits 1,898 1,699 +199 Notes in circulation 82,565 +960 -982 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDEEAL RESERVE BULLETIN to provide the market with the funds needed Changes in Foreign Central Bank Discount Rates to meet the increased demand for currency. The following changes in discount rates But since the market obtained gold and foreign during the month ended January 1,1933, have exchange as well as notes from the central been reported by central banks in foreign bank, discounts and advances increased and countries: "other deposits/7 which include balances of Bank of Greece—December 3, from 10 to 9 per cent; the French commercial banks, were reduced. Bank of Latvia—January^!, from 6 to hY% per cent; The Reichsbank lost 16,000,000 reichsmarks ($3,800,000) of gold and foreign-exchange re- Election of Class A and Class B Directors . . . . serves in the month ending w Reichsbank _ , ^ _... _ ° The member banks have elected the follow- December 23. The loss was at- ing as Class A and Class B directors of Federal tributable to the bank's repayment of $4,000,- reserve banks for the 3-year term beginning 000 of the credit granted by a group of central January 1, 1933: banks in June, 1931. This credit, originally for CLASS A the amount of $100,000,000, was reduced in Boston—Alfred L. Ripley (reelected). New York—Edward K Mills. March, 1932, to $90,000,000, and has been re- Philadelphia—Joseph Wayne, jr. (reelected). newed at intervals since that time. At the time Cleveland—Robert A. Wardrop (reelected)• REICHSBANK Richmond—L. E. Johnson (reelected). [In millions of reichsmarks] Atlanta—G. G. Ware (reelected). Chicago—George J. Schaller (reelected). Change from— St. Louis—John G. Lonsdale (reelected). Dec. 23, Minneapolis—H. R. Kibbee (reelected). 1932 Nov. 23, Dec. 23, Kansas City—E. E. Mullaney (reelected). 1932 1931 Dallas—Alf Morris. San Francisco—T. H. Ramsay (reelected). Gold... 800 -19 -185 Foreign-exchange reserves 118 +3 -52 Discounts and advances.. 2,657 +35 -1,315 CLASS B Deposits 386 -43 -21 Boston— Notes in circulation 3,371 +65 -1,141 Philip R. Allen (reelected). Edward J. Frost.1 of the last renewal in September, 1932, it was New York—Walter C. Teagle. agreed that upon the expiration of three months Philadelphia—Arthur W. Sewall (reelected). Cleveland—George D. Crabbs (reelected). the Reichsbank should repay a percentage of Richmond— the credit equivalent to the percentage increase D. R. Coker (reelected). in its total gold and foreign-exchange holdings Charles C. Reed.2 during the period. It was in accordance with Atlanta—Leon C. Simon (reelected). this agreement that the credit was reduced on Chicago—Nicholas H. Noyes. December 5 to $86,000,000. St. Louis—M. P. Sturdivant (reelected). Minneapolis—J. E. O'Connell (reelected). Reichsbank notes in circulation, which have Kansas City—L. E. Phillips (reelected). declined steadily since the beginning of 1932, in- Dallas—John D. Middleton. creased during the month in connection with San Francisco—A. B. C. Dohrmann (reelected). Christmas trade. In order to obtain currency, 1 Elected to succeed A. Farwell Bemis, resigned; term expires Dec. 31, the market drew upon its deposits and, in addi- 1933. 2 Elected to succeed W. M. Addison, resigned; term expires Dec. 31, tion, increased its discounts at the bank* 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 FEDERAL RESERVE BULLETIN JANUARY, 1933 Appointment of Class C Directors Philadelphia—Richard L. Austin. The Federal Reserve Board has appointed Cleveland—George DeCamp. Richmond—William W. Hoxton. the following as Class C directors of Federal Atlanta—Oscar Newton. reserve banks for the 3-year term beginning Chicago—Eugene M. Stevens. January 1, 1933: St. Louis—John S. Wood. Minneapolis—John R. Mitchell. Boston—Frederic H. Curtiss""(reappointed). New York—Owen D. Young (reappointed). Kansas City—M. L. McClure. Philadelphia—Richard'L. Austin (reappointed). Dallas—C. C. Walsh. Cleveland—George DeCamp (reappointed). San Francisco—Isaac B. Newton. Richmond—William W. Hoxton (reappointed). Atlanta—Oscar Newton (reappointed). The Federal Reserve Board has appointed Chicago—James Simpson (reappointed). the following as deputy chairmen of Federal St. Louis—John R. Stanley. reserve banks for terms of one year, beginning Minneapolis—John R. Mitchell (reappointed). January 1, 1933: Kansas City—M. L. McClure* (reappointed). Dallas—E. R. Brown (reappointed). Boston—Allen Hollis. San Francisco—Isaac B. Newton (reappointed). New York—Owen D. Young. Philadelphia—Alba B. Johnson. Appointment of Chairmen and Deputy Chairmen Cleveland—L. B. Williams. . The Federal Reserve Board has designated Richmond—Frederic A. Delano. the following as Federal reserve agents and Atlanta—W. H. Kettig. chairmen of the boards of directors of Federal Chicago—James Simpson. reserve banks for terms of one year, beginning St. Louis—Paul Dillard. Minneapolis—Homer P. Clark. January 1, 1933: Kansas City—H. M. Langworthy. Boston—Frederic H. Curtiss. Dallas—S. B. Perkins. New York—J. H. Case. San Francisco—Walton N. Moore. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUABY, 1933 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled December 22 and released for publication December 24] Industrial activity declined in November by ment-store sales, which ordinarily expands at somewhat more than the usual seasonal this season, showed a decline. amount. Changes in factory employment and Wholesale prices.—During early November pay rolls, reported for the middle of the month, the general level of wholesale commodity were largely seasonal in character. Prices in prices advanced somewhat, reflecting chiefly inwholesale commodity markets were somewhat creases in prices of domestic agricultural prodlower, on the average, in November than in ucts; in the latter part of the month, however, October, and declined further during the first prices of livestock, cotton, and grains declined three weeks of December. considerably; and, during the first three weeks Production and employment.—Volume of in- of December, further declines in livestock dustrial production, as measured by the prices were reported. By the third week of board's seasonally adjusted index, declined December, prices of textiles, copper, and silver, from 66 per cent of the 1923-1925 average in as well as of livestock, were substantially lower October to 65 per cent in November, compared than in the middle of November, and the with a low level of 58 per cent in July. Output general average of wholesale prices was at a at woolen mills, silk mills, and shoe factories de- level slightly below that prevailing before the clined in November from the relatively high lev- advance that occurred last summer. els of the autumn, while cotton mills continued Bank credit.—During the four weeks ended active. Lumber production declined by consid- December 14 there was an addition of $85,erably more than the usual seasonal amount. 000,000 to the country's stock of monetary gold. Steel production decreased during November The funds derived from this source were utilized and the first three weeks of December, while in meeting an increase in the demand for curautomobile output increased considerably in rency, which was smaller than usual at this connection with the introduction of new models. season; in further reducing by $23,000,000 the The number employed at factories declined indebtedness of member banks to the reserve somewhat from October to November, reflect- banks; and in increasing by $25,000,000 the ing in large part developments of a seasonal volume of member bank reserve balances. On character. Working forces in the woolen, silk, December 15 there was a further increase of shoe, and canning industries were reduced, $95,500,000 in the stock of monetary gold in while at car-building shops and at factories pro- connection with the current payment by Great ducing automobiles and agricultural imple- Britain on the war debt. This amount of gold ments there were increases in employment. was earmarked in London for account of the Construction contracts awarded up to De- Federal Reserve Bank of New York, and an cember 15, as reported by the F. W. Dodge equivalent credit was given by that bank to Corporation, indicate for the last three months the United States Treasury. This transaction, of the year a decline from the third quarter of together with other fiscal operations on Desomewhat more than the usual seasonal amount, cember 15, resulted in a temporary addition of following a nonseasonal increase from the sec- $100,000,000 to the reserves of member banks, ond to the third quarter. which were subsequently reduced by Christmas Estimates of the Department of Agriculture, currency demands, and an increase in Treasury based on December 1 reports, indicate a cotton deposits with the reserve banks. crop of 12,727,000 bales—about 800,000 bales Loans and investments of reporting member larger than the estimate a month earlier but banks declined by more than $100,000,000 be- 4,400,000 bales smaller than last year's un- tween November 16 and December 14, reflectusually large crop. Wheat, tobacco, flaxseed, ing reductions in the banks' holdings of United and other leading cash crops are also consid- States Government securities and in loans other erably smaller than a year ago, while feed crops than security loans. Loans on securities inare substantially larger. Acreage of winter creased both at New York City and at other wheat planted this fall was slightly smaller than reporting member banks. a year ago, and condition of the crop on De- Money rates in the open market declined cember 1 was unusually poor, according to the further, rates on 90-day bankers7 acceptances Department of Agriculture. declining from one-half of 1 per cent to three- Distribution.—Distribution of commodities eighths of 1 per cent, and rates on prime comby rail decreased seasonally from October to mercial paper from a range of 1^-1% per cent November, while the dollar volume of depart- to a range of 1^-1% per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN JANUARY, 1 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIOHS OF DOLLARS eooo r™—i i i'—••!•••• i—•—i i i • 1 i • ' • 16000 5500 5500 5000 WOO 4000 Member Bank Reserve Balances 2500 2000 500 1927 1928 1929 1930 1931 1932 Based on weekly averages of daily figures; latest figures are for week ending December 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDERAL RESERVE BULLETIN 11 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserve bank credit outstanding Factors of decrease Factors of increase Month or week B co il u ls n t d e i d s- bo B u il g ls ht m G c U S u o e n t r n v a i i t t e t t i e e r e s s d n e s - - r c O e b r s a t e e h n d r e k v i r t e Total ta M r s y t o o n g ck o e- ld T c a u d re r ju r a e s s n t u e c r d y y i M n l a c o ti i n r o c e n u y - M b r a e b e l s a m a e n n r b c v k e e e r s m de N e p e m o t o c n s b . i - e ts r , p c U f e a u n n p n d e i d t x e a s - d l 1931—July 79 674 954 4,958 1,784 2,407 83 370 August 222 135 712 1,107 4,975 1,764 4,947 2,345 187 367 September. 280 259 736 1,313 4,948 1,768 5,133 2,333 199 364 October 613 692 733 2,088 4,447 1,768 5,478 2,256 208 361 November. 695 560 727 2,035 4,363 1,766 5,518 2,118 171 357 December.. 775 340 777 1,951 4,450 1,782 5,611 2,069 144 359 1932—January 221 759 4,452 1,773 5,645 1,979 113 353 February.. 848 151 743 ,785 4,384 1,787 5,627 1,907 73 349 March 714 105 809 ,652 4,372 1,792 5,531 1,899 37 349 April 605 52 1,014 ,694 4,381 1,789 5,452 1,996 63 353 May 486 41 1,413 ,960 4,273 1,788 5,456 2,138 77 350 June 495 50 1,697 2,262 3,956 1,787 5,530 2,062 65 348 July 523 60 1,818 2,422 3,941 1,780 5,751 2,003 46 343 August 451 37 1,850 2,353 4,031 1,796 5,720 2,073 40 347 September. 387 34 1,848 2,282 4,140 1,826 5,685 2,181 35 347 October 328 34 1,851 2,231 4,226 1,886 5,643 2,307 38 355 November. 313 34 1,851 2,211 4,292 1,917 5,642 2,378 40 360 December.. 282 34 1,854 2,192 4,429 1,915 5,699 2,435 43 359 Week ending (Saturday)- Aug. 6 494 1,846 2,395 3,987 1,764 5,738 2,014 345 Aug. 13 458 1,851 2,363 4,002 1,793 5,725 2,041 345 Aug. 20 443 1,851 2,346 4,040 1,803 5,725 2,078 345 Aug. 27 432 1,851 2,330 4,060 1,814 5,706 2,122 346 Sept. 3.. 433 1,851 2,332 4,082 1,803 5,709 2,129 346 Sept. 10. 422 1,842 2,313 4,107 1,825 5,732 2,134 Sept. 17. 394 1,843 2,285 4,135 1,842 2,188 Sept. 24. 1,852 2,262 4,164 1,814 5,660 2,196 Oct. 1... 1,853 2,244 4,184 1,836 5,635 2,241 351 Oct. 8... 336 1,852 2,241 4,200 1,869 5,666 2,256 350 Oct. 15. 331 1,851 2,232 4,211 1,874 5,662 2,260 353 Oct. 22. 318 1,851 2,229 4,230 1,895 5,641 2,314 358 Oct. 29. 321 1,851 2,222 4,256 1,905 5,608 2,385 357 Nov. 5-. 327 1,851 2,229 4,265 1,900 5,632 2,369 357 Nov. 12. 314 1,851 2,211 4,272 1,917 5,657 2,344 Nov. 19. 310 1,851 2,210 4,284 1,926 5,642 2,385 Nov. 26. 309 1,851 2,205 4,314 1,922 5,635 2,402 359 Dec. 3— 311 1,851 2,208 4,336 1,915 5,654 2,399 357 Dec. 10- 302 1,851 2,202 4,352 1,916 5,682 357 Dec. 17- 280 1,859 2,195 4,411 1,937 5,683 2,457 360 Dec. 24.. 271 1,854 2,189 4,487 1,906 5,734 2,444 362 Dec. 31- 1,852 2,171 4,503 1,902 5,704 2,471 360 End of month series Wednesday series July Aug. Sept. Oct. Nov. Dec. Nov. Nov. Dec. Dec. Dec. Dec. 31 31 30 31 30 31 23 30 28 Bills discounted 538 433 328 235 Bills discounted 284 270 267 Bills bought 34 33 34 35 33 Bills bought 35 35 34 34 United States Government se- United States Government securities 1,841 1,852 1,854 1,851 1,851 1,855 curities _ _. 1,851 1,851 1,851 1,851 1,851 1.851 Other reserve bank credit 17 12 14 22 Other reserve bank credit 14 20 25 17 Total reserve bank credit 2,439 2,331 2,233 2,227 2,202 2,145 Total reserve bank credit 2,201 2,202 2,197 2,189 2,180 2,168 Monetary gold stock 3,974 4,088 4,193 4,264 4,340 P4, 513 Monetary gold stock 4,3204,340 4,352 4,3694,4884,505 Treasury currency adjusted 1,758 1,800 1,840 1,909 1,925 1,923 Treasury currency adjusted 1,925 1,925 1,914 1,924 1,910 1,898 Money in circulation 5,726 5,692 5,653 5,628 5,648 *5,676 Money in circulation 5,6355,6485,6695,6645,7305,687 Member bank reserve balances.. 2,052 2,146 2,225 2,383 2,411 2,509 Member bank reserve balances.. 2,4002,411 2,3952,4252,4462,482 Nonmember deposits, etc 49 36 36 31 50 43 Unexpended capital funds, non- Unexpended capital funds 344 345 352 358 357 354 member bank deposits, etc 410 407 397 401 402 v Preliminary. Back figures.—See Annual Report for 1931 (Tables 1-5) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN JANUARY, 1933 RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] Dec. 31, 1932 Nov. 30,1932 Dec. 31, 1931 RESOURCES Gold with Federal reserve agents 2,351,675 2,242,398 2,13Z0,12 Gold redemption fund with United States Treasury 40,441 40,048 55, 616 Gold held exclusively against Federal reserve notes... 2,392,116 2,282, 446 2,185,738 Gold settlement fund with Federal Reserve Board 340,343 339,926 314,090 Gold and gold certificates held by banks 418, 212 426,952 489,064 Total gold reserves 3,150, 671 3, 049, 324 2,988,892 Reserves other than gold _ 180,529 192, 635 168,770 Total reserves 3,331,200 3, 241, 959 3,157,662 Nonreserve cash _. 87,027 77, 071 72,612 Bills discounted: • • •• : For member banks 307,883 626,791 For intermediate credit banks 349 466 11,044 For nonmember banks, etc J 749 624 458 Total bills discounted 308,973 638,293 Billss bboouugghhtt:: Payable in dollars- Bought outright 4,228 257,649 Under resale agreement... 81,038 Payable in foreign currencies. 29,489 ~30,~652" Total bills bought 33,123 338,687 United States securities: Bought outright 1,854,429 1,850,766 771,931 Under resale agreement 713 45,029 Total United States securities 1.855,142 1,850,766 816,960 Other reserve bank credit: Federal intermediate credit bank debentures 26,185 Federal land bank bonds 500 Municipal warrants 4,818 5,411 4,463 Due from foreign banks 2,976 2,861 8,662 Reserve bank float (uncollected items in excess of deferred availability items). 13,885 2-641 19,652 Total reserve bank credit outstanding 2,144,876 2,202, 250 1,853,402 Gold held abroad. 72,638 Federal reserve notes of other reserve banks 17,819 12,256 20,055 Uncollected items not included in float 354,109 478, 229 Bank premises 56,000 57,668 All other resources _ 37,119 32, 697 Total resources- 6,114, 988 5,985,694 5, 672,325 Federal reserve notes: Held by other Federal reserve banks. 17,819 12,256 20,055 Outside Federal reserve banks 2,720,789 2, 680, 030 2,604,416 Total notes in circulation. 2, 738,608 2, 692, 286 2, 624,471 Deposits: Member bank—reserve account- 2, 509,490 2, 410, 594 1,961,410 Government 8,262 23, 535 53, 637 Foreign bank _ 19, 446 25, 947 79,099 Other deposits 23, 687 24,150 30,728 Total deposits 2, 560,885 2,484, 226 2,124, 874 Deferred availability items... 354,109 478, 229 Capital paid in... 151, 292 151, 591 160,568 Surplus -.-. 278, 599 259,421 259, 421 All other liabilities 17,295 44,061 24,762 Total liabilities 6,114,988 5,985,694 5, 672,325 Contingent liability on bills purchased for foreign correspondents 40,170 32, 329 250, 621 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 2,987,015 2,913,683 2,926,038 Held by Federal reserve banks * 248,407 221,397 301,567 In actual circulation. 2,738,608 2, 692, 286 2,624, 471 Collateral held by agents as security for notes issued to banks: Gold 2,351,675 2, 242, 398 2,130,122 Eligible paper 219,888 293,944 915,125 United States Government securities 427,800 414,400 Total collateral.. 2,999,363 2,950, 742 3,045, 247 * Includes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation. * Deferred availability items in excess of uncollected items. Back figures.See Annual Report for 1931 (Table 11), 1930 (Table 10), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUABY, 1933 FEDERAL RESERVE BULLETIN 13 ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM .UNITED STOCK STATES [In millions of dollars] [In thousands of dollars] Analysis of changes 1932 Gold stock Month at end Increase Net re- Domes- December Januaryof in stock Net gold tic pro- From or to— (preliminary) November November month during import from ear- duction, month mark ! etc. 2 Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1929—June 4,324 23.4 30.2 -7.5 0.7 July 4,341 16.3 34.7 -22.0 3.6 August 4,360 18.9 18.4 -1.0 1.5 •Rfllgimri _ „ . 1,021 83,602 September _ 4,372 12.1 17.6 -6.6 1.1 England 54,453 1,376 16,790 15,132 October 4,386 14.4 17.5 -4.5 1.4 France 13,948 7 287 458,293 November.. 4,367 -19.2 -23.2 1.0 3.0 Germany 381 13,738 December.. 4,284 -82.9 -64.4 -22.0 3.5 Netherlands 5,925 2,685 10,608 115,277 Portugal _> 2,386 Total (12 mos.)._ 142.5 175.1 -55.4 22.8 Switzerland 7 287 118, 560 1930—January 4,291 6.8 4.0 0.5 2.3 C C a e n n a tr d a a l America __ 7,197 5,6 1 2 1 9 3 3 5 1 7 , , 3 2 3 03 1 16 3 8 A M Fe p a b r r i r c l u h ary,. 4 4 , , 3 4 5 2 3 3 6 6 7 1 8 0 . . . 9 5 2 6 5 65 0 5 . . . 7 0 5 1 0 0 5 . . . 0 5 0 -0 2 1 . . . 3 3 9 A M r e g x e i n co tina 209 89 7 3 9 1 13 9 , , 0 6 0 6 0 3 32 9 0 J J M u u l n a y y e 4 4 4 , , , 5 5 5 1 1 3 7 7 5 -1 2 1 8 5 7 . . . 4 9 6 -1 2 1 9 3 3 . . . 6 9 5 -3 2 2 . . . 0 0 0 4 0 1 . . . 3 5 7 E U Pe c r r u u u a g d u o a r y 114 3 9 9 4 4 4 7 2 4 3, , , 1 9 3 9 9 4 8 4 9 5 4 4 1,6 1 6 2 0 6 August 4,501 -15.5 —19.6 0.0 4.2 Venezuela. 93 1,609 September- 4,511 10.2 2.5 4.0 3.7 Australia 564 487 6,945 October 4,535 23.3 26.4 -6.1 3.1 British India . . 3,525 4,773 21,899 November.. 4,571 36.8 35.2 -2.1 3.8 China and Hong December,. 4,593 22.1 32.7 -15.2 4.5 Kong 4,891 2,964 34,069 Total (12 mos.)- 309.6 280.1 -2.4 31.9 J D a u p t a c n h East Indies 3,122 231 4 2 6 , , 9 59 0 6 1 Philippine Islands 666 6,601 1931— F J e a b nu ru ar a y ry... 4 4, , 6 6 6 4 5 3 4 2 9 2 . . 4 0 3 1 4 6 . . 4 1 1 2 1 . . 5 9 3 3 . . 3 1 All other countries *. 1,645 5 1,292 9,779 233 A M p a r r i c l h 4 4 , , 7 6 2 9 6 7 3 28 2 . . 7 0 4 2 9 5 . . 5 6 -7 3 .5 .0 -13 3 . . 3 3 Total _ 295, 593 25 21,756 12 262,443 809,507 May 4,798 72.4 49.6 4.0 18.8 June 4,956 158.0 63.8 92.3 1.9 1 Includes all movements of unreported origin or destination. July 4,949 -6.6 19.5 -29.7 3.6 8 At New York—imports, $79,610,000; exports, $5,000. Elsewhere, August 4,995 45.7 57.5 -16.0 4.2 imports, $15,983,000. September- 4,741 -254. 3 20.6 -279.1 4.2 October 4,292 -448. 4 -337. 7 -107. 6 -3.1 November.. 4,414 122.0 89.4 28.3 4.2 December- 4,460 45.8 56.9 -22.9 11.9 KINDS OF MONEY IN CIRCULATION Total (12 mos.)_ -133.4 145.3 -320.8 42.1 - — 1932—January 4,416 -44.2 -73.0 25.4 3.4 [Money outside Treasury and Federal reserve banks. In millions of February.-. 4,354 -62.3 -90.6 26.4 1.9 dollars] March 4,390 36.0 -24.7 58.3 2.4 April 4,367 -23.1 -30.2 4.0 3.2 May 4,152 -214.1 -195. 5 -22.1 3.6 1932 1931 June 3,919 -233. 9 -206.0 -28.8 0.9 July 3,977 «58.0 -3.4 56.2 5.2 Kind of money A Se u p g t u e s m t ber. . 4 4 , , 1 0 9 8 3 8 1 1 0 1 4 1 . . 8 7 2 6 7. . 9 1 1 7 0 2 0 . . 3 5 4 5 . . 6 1 Dec. 31 v Nov. 30 Dec. 31 October 4,264 70.8 20.6 45.8 4.5 N De o c v e e m m b b e e r r P .. . 4 4, , 5 3 0 4 8 0 1 7 6 5 8 . . 6 0 9 2 5 1 . . 6 7 8 4 7 8 1 . . 6 0 5 1. .3 4 G G o o l l d d c c o e i r n tificates 4 6 7 0 0 1 6 4 3 5 5 4 8 4 7 0 7 9 Total (12 mos.)- 47.4 -451.5 457.5 41.4 Federal reserve notes 2,716 2,675 2,603 Treasury currency: *"i Gold released from earmark at Federal reserve banks less gold placed Standard silver dollars 29 29 33 under earmark. Silver certificates 370 361 389 - 2 This figure, derived from preceding columns, represents the excess of Treasury notes of 1890 1 1 1 domestic production over nonmonetary consumption of gold—chiefly Subsidiary silver 258 258 271 consumption in the arts. In any given month, however, it may be pre- Minor coin -. 113 113 117 dominantly affected by the fact that on the final day of the month (a) United States notes 294 291 288 gold bullion or foreign gold coin recently imported may not yet have Federal reserve bank notes _. 3 3 3 reached a reserve bank or the Treasury, and (6) gold bullion recently National bank notes 822 826 656 withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies Total Treasury currency 1,890 1,882 1,758 in official reports of gold imports and exports. 3 Allowance has been made for gold earmarked at the Bank of England Total money in circulation 5,676 5,648 5,647 for account of the Federal Reserve Bank of New York. p Preliminary figures. p Preliminary. • Corrected. Back figures.—See Annual Reports for 1931 (Table 35), 1930 (Table 32), Back figures.—Sea Annual Report for 1931 (Table 30). and 1927 (Table 22). 152893—33 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN JANUARY, 1933 MEMBER BANK RESERVE BALANCES [In millions of dollars] Averages of daily figures Reserves held Excess reserves Month or week T m o b t e a a m l n — k b s e a r ll Ne C w i t Y yi ork r O e c s i t t e h i r e e v s r e 'C b o a u n n k t s ry'1 T m o b t e a a m l n — k b s e a r ll Ne C w i t Y yi ork r O e c s i t t e h i r e e v s r e " C b o a u nk n s try" 1931—August 2,345 843 943 559 100.6 34.3 35.7 30.6 September 2,333 864 918 551 120.3 53.8 36.7 29.8 October- 2,256 848 872 536 129.1 52.5 39.7 37.0 November 2,118 774 832 512 57.0 10.7 19.4 26.9 December 2,069 766 807 503 59.5 18.5 16.9 30.9 1932—January 1,979 724 767 488 35.4 4.5 1.8 29.2 February 1,907 681 753 473 43.8 7.2 11.3 25.3 March 1,899 687 747 465 59.0 17.8 17.3 23.8 April 1,996 780 749 466 152.1 88.1 35.7 28.3 May 2,138 874 800 464 277.1 155.1 91.5 30.5 June -2,062 783 819 459 234.4 89.4 111.4 33.6 July 767 781 455 204.4 75.0 91.6 37.9 August 2,073 832 797 444 269.9 127.7 108.9 33.3 September 2,181 927 812 443 345.5 193.4 119.6 32.4 October. _ 2.307 1,001 863 444 r435.9 241.6 160.5 33.7 November- - 2,378 1,050 887 441 482.2 266.8 181.8 33.7 Week ending (Friday)— Oct. 7. 2,253 453 217.3 137.7 Oct. 14 2,260 957 861 442 202.8 163.1 Oct. 21 2,302 983 872 447 219.4 168.8 Oct. 28-. 2,377 1,066 874 437 295.9 168.3 Nov. 4 2,378 1,059 872 446 283.7 167.4 Nov. 11 2,340 1,008 889 443 233.4 183.8 Nov. 18 2,379 1,050 889 441 267.9 179.1 Nov. 25 2,401 1,076 884 440 287.5 181.3 i Central reserve city banks only. 2 Figures not available by weeks. r Revised. Back figures.—See Annual Report for 1931 (Tables 49 and 56). MEMBER BANK DEPOSITS [In millions of dollars] Averages of daily figures Net demand and time deposits Net demand deposits Time deposits Month a T l b l o a b m n t e a k r em l s - - C Y N i o e t r w y k i r O e c s i t t e h i r e e v s r e " b t C a r n o y u k " n s -a T l b l o a b m n t e a k r em l s - - C Y N i o e t r w y k i r O e c s i t t e h i r e e v s r e " b C t a r o n y u k " n s - a T l b l o a b m n t e a r e k m l s - - C Y N i o e t r w y k i r O e c s i t t e h i r e e v s r e ' b t C a r n o y u k " n s - 1931—August 31,041 7,147 12,702 11,192 17,783 5,946 7,012 4,825 13,259 1,201 5, 691 6,367 September. 30,500 7,126 12,356 11,018 17,525 5,962 6,805 4,758 12,974 1,163 5,552 6,259 October 29,138 6,937 11,657 10,544 16,859 5,872 6,421 4,567 12,279 1,065 5,236 5,977 November. 28,218 6,612 11,350 10,256 16,358 5,653 6,273 4,432 11,860 959 5,076 5,825 December. 27,438 6,414 11,048 9,976 15,985 5,546 6,106 11,453 4,942 5,643 1932—January __. 26,592 6,165 10,706 9,720 15,447 5,343 5,921 4,183 11,145 822 4,786 5,537 February.. 25,715 5,797 10,413 9,505 14,789 5,001 5,723 4,064 10,926 796 4,690 5,440 March.— 25,431 5,760 10,291 9,380 14,575 4,959 5,622 3,993 10,856 800 4,668 5,387 April 25,386 5,950 10,109 9,327 14,589 5,138 5,492 3,959 10,797 811 4,618 May 25,466 6,159 10,081 9,226 14,679 5,342 5,425 3,911 10,787 816 4,656 5,315 June 25,075 5,957 10,032 9,087 14,413 5,154 .5,433 10,663 803 4,599 5,261 July....— 24,712 5,951 9,830 8,931 14,157 5,133 5,304 3,720 10,555 818 4,526 5,211 August 24,744 6,084 9,833 8,827 14,141 5,217 5,283 3,641 10,603 867 4,550 5,186- September 24,973 6,308 9,853 8,811 14,408 5,440 5,316 3,652 10,565 869 4,538 5,159 October— '25,292 6,559 8,795 '14,679 5,629 5,402 '3,649 10,612 929 4,537 5,145 November. 25,476 6,762 9,964 8,751 14,864 5,804 5,432 3,628 10,612 957 4,532 5,12a i Central reserve city banks only. ' Revised. Bach figures.—See Annual Report for 1931 (Table 49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDERAL RESERVE BULLETIN 15 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Total Purchased paper loans Call date i m T n l a o v o e n a e n t n d a s t s t l s - b L a o t n o a k n s s Total s b c t a o u o S b n n r c e y e d d k - d s s e c r s u S b e t r e a y a e - t l d e O c c u w a u u n t s n h r r e i s s e e d e - e e d d r - - Total A U S a p a c n t n i b a a c i c n t e y t l e e e e p - s s d t- a a b c p a A n e r b a c o p c y l e a - e t - - s d p C m c a o i p e a m r e l - r - Y L N k b o o i t e r e n r o a o r w k n s - i s Total m r s U G e i e t r e c o . i n e S u n v - s . - t - O r s i e t t c i h e u e s - r b s c o t a u o b s n n r e c y e d d - k d s s 3 TOTAL—ALL MEMBER BANKS 1929—Mar. 27 35,393 548 21, 903 7,540 3,123 11,240 2,494 146 376 1,879 10,448 4,454 5,994 June 29 35,711 670 22, 517 7,734 3,164 11,618 2,472 108 90 249 2,025 10,052 4,155 5,898 10,094 Oct.4__ 35,914 640 23,249 8,109 3,152 11,988 2,276 93 70 228 1,885 9,749 4,022 5,727 10,314 Dec. 31 35,934 714 23,193 3,191 11,515 2,243 212 80 291 1,660 9,784 5,921 10,505 1930—Mar. 27 35,056 527 21,494 7,730 3,170 10, 595 3,097 175 79 499 2,344 9,937 4,085 5,852 10,334 June 30 35,656 535 21,565 8,061 3,155 10,349 3,113 170 71 507 2,365 10,442 4,061 6,380 10,656 Sept. 24_ 35,472 466 21,010 7,864 3,163 3,262 205 62 523 2,472 10,734 4,095 10,511 Dec. 31. 34,860 631 21,007 7,942 3,234 9,831 2,233 315 55 366 1,498 10,989 4,125 6,864 9,754 1931—Mar. 25 34,729 446 19,940 7,423 3,220 9,298 2,454 361 101 361 1,630 11,889 5,002 6,886 9,272 June 30 33,923 457 19,257 7,117 3,216 8,922 2,103 389 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29.. 33,073 599 18,713 6,842 3,149 8,722 1,563 268 70 296 928 12,199 5,564 6,635 8,081 Dec. 31 30,575 790 17,570 3,038 8,244 901 146 41 140 575 11,314 5,319 5,996 7,320 1932—June 30 28,001 573 15,267 5,292 2,894 7,081 747 313 34 122 278 11,414 5,786 5,916 Sept. 30 28,042 457 14,497 5,086 2,885 6,527 970 407 34 115 414 12,121 6,366 5,755 5,770 NEW YORK CITY 3 1929—Mar. 27 7,726 251 4,253 1,744 148 2,361 1,250 59 1,102 1,972 1,135 838 2,971 June 29 8,160 314 4,532 1,877 175 2,480 1,496 58 1,359 1,819 1,006 813 3,396 Oct. 4 8,150 302 4,846 1,944 176 2,726 1,196 59 1,096 1,807 989 817 3,191 Dec. 31- 8,774 322 4,964 2,200 169 2,595 1,397 128 1,202 2,091 1,112 979 3,562 1930—Mar. 27 8,238 199 4,338 1,936 150 2,252 1,655 89 1,477 2,046 1,150 897 3,504 June 30 8,798 196 4,308 2,022 157 2,129 2,091 144 1,883 2,203 1,147 1,056 3,983 Sept. 24 8,557 4,276 2,031 157 2,087 1,912 148 1,714 2,198 1,091 1,107 3,798 Dec. 31._ 4,338 2,137 147 2,054 1,525 188 1,281 2,435 1,239 1,197 3,550 1931—Mar. 25 8,473 154 4,007 1,960 150 1,896 1,651 1,367 2,662 1,466 1,196 3,397 June 30 8,287 150 1,897 160 1,782 1,497 1,063 2,801 1,656 1,145 3,026 Sept. 29.... 8,253 250 3,850 1,816 152 1,881 1,121 201 839 3,032 1,830 1,202 2,780 Dec. 31 7,460 374 1,728 153 1,813 695 107 542 2,697 1,768 928 2,474 1932—June 30 6,715 260 2,856 1,343 160 1,353 565 262 258 3,033 2,008 1,025 1,757 Sept. 30 7,112 203 2,638 1,300 154 1,184 763 341 14 391 3,508 2,429 1,079 1,811 OTHER RESERVE CITIES 1929—Mar. 27 13,925 258 3,740 1,509 4,036 645 43 147 423 3,736 1,896 1,840 4,292. June 29 13,832 308 9,434 3,718 1,503 4,213 480 17 88 349 3,611 1,765 1,846 4,221 Oct. 4_ 13,983 294 9,775 3,869 1,491 4,415 526 8 75 413 1,671 1,717 4,429* Dec. 31 13,785 346 9,748 3,975 1,559 4,214 438 51 108 250 3,253 1,484 1,769 4,397 1930—Mar. 27 13,575 263 8,951 3,604 1,544 3,802 945 59 242 609 3,416 1,662 1,754 4,368- June 30 13,701 277 9,029 3,811 1,524 3,693 710 18 301 353 3,685 1,686 1,999 4,306. Sept. 24 13,971 235 8,726 3,632 1,526 3,567 1,064 54 337 643 3,947 1,785 2,161 4,387 Dec. 31 13,758 286 8,906 3,656 1,631 3,620 531 122 212 167 4,035 1,727 3,991 1931—Mar. 25 13,965 235 8,409 1,619 3,423 645 158 212 227 4,676 2,313 2,364 3,729. June30 13,567 247 8,100 3,188 1,621 3,291 470 91 189 124 4,750 2,408 2,342 3,459- Sept. 29 13,016 284 7,845 3,092 1,585 3,168 326 67 167 56 4,561 2,301 2,260 3,317 Dec. 31 12,115 347 7,407 2,806 1,538 3,063 135 35 62 16 4,226 2,133 2,093 3,050- 1932—June 30 11,045 254 6,519 2,403 1,407 2,709 118 38 62 7 4,154 2,187 1,966 2,585 Sept. 30 10,979 205 6,196 2,304 1,406 2,486 151 58 65 14 4,427 2,466 1,961 2,456. "COUNTRY" BANKS 1929—Mar. 27.... 13,741 8,364 2,056 1,465 4,843 598 192 354 4,740 1,424 3,316 2,429- June 29 13,719 8,551 2,139 1,486 4,926 496 140 316 4,623 1,384 3,240 2,480 Oct. 4_ 13,780 8,627 2,295 1,485 4,847 553 144 376 4,554 1,361 3,193 2,694 Dec. 31 13,375 8,481 2,314 1,462 4,705 409 163 208 4,439 1,267 3,172 2,545 1930—Mar. 27 13,243 8,206 2,190 1,475 4,541 496 207 258 4,475 1,273 3,202 2,462: June30__ 13,157 8,229 2,227 1,475 4,527 312 171 129 4,554 1,229 3,326 2,367 Sept. 24 12,944 8,007 2,200 1,480 4,326 286 164 115 4,589 1,219 3,370 2,326 Dec. 31.— 12,519 7,762 2,149 1,455 4,158 177 120 49 4,519 1,159 3,359 2,213- 1931—Mar. 25_... 12,290 7,524 2,097 1,449 3,978 158 114 36 4,550 1,224 3,326 2,147 June 30. 12,068 7,318 2,031 1,437 3,849 135 101 30 4,555 1,279 3,276 2,078 Sept. 29 11,805 7,018 1,935 1,411 3,673 116 81 32 4,606 1,433 3,172 1,985 Dec. 31 10,999 1,756 1,346 3,367 71 48 16 4,392 1,418 2,974 1,796 1932—June 30 10,240 5,892 1,546 1,328 3,018 64 36 13 4,226 1,432 2,794 1, 574 Sept. 30 9,954 5,663 1,481 1,324 2,857 55 36 4,187 1,471 2,715 1,503 1 Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. »Including loans to banks secured by stocks and bonds, reported separately after 1929 and estimated for preceding dates as one-half of total loans to banks. » Central reserve city banks only. Backf igures.—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, 1925-1928, in the board's Annual Report for 1928 (Table 52); for separate* figures of United States Government securities and other securities back to 1914, see Annual Report for 1931 (Table 52). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN JANUARY, 1933 ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, DEPOSITS In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] Total loans and investments Deposits, exclusive of interbank deposits All banks Member banks Nonmember banks Date Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s t t s - ba A n H ks M b e a m nk b s er m b N e a m o n n b k - e s r 1928—June 30— 57.265 39,464 17,801 35,061 24, 303 10,758 22,204 15,161 7,043 53,398 32,133 21,265 Oct. 3 57,219 39,671 17,549 34,929 24,325 10,604 22.291 15, 346 6,945 53,720 32,138 21,582 Dec. 31— 58.266 40,763 17,504 35,684 25,155 10. 529 22, 582 15,607 6,975 56,766 34,826 21,940 1929—Mar. 27... 58,019 40,557 17,462 35,393 24,945 10,448 22,626 15,612 7,013 54,545 33,215 21,330 June 29— 58,474 41,512 16,962 35,711 25,658 10,052 22,763 15,853 6,910 53,852 32,284 21,567 Oct. 4 58,835 42,201 16, 634 35,914 26,165 9,749 22,922 16,036 6,885 55,180 33,004 22,176 Dec. 31.... 58,417 41,898 16, 519 35, 934 26,150 9,784 22,483 15,748 6,735 55,289 33,865 21,423 1930—Mar. 27-_ 57,386 40,686 16,700 35,056 25,119 9,937 22, 331 15, 568 6,763 53,185 32,082 21,103 June 30— 58,108 40,618 17, 490 35,656 25, 214 10,442 22,453 15,404 7,048 54,954 33,690 21,264 Sept. 24... 57,590 39,715 17,875 35,472 24,738 10,734 22,118 14,977 7,141 52, 784 31,839 20,945 Dec. 31— 56,209 38,135 18,074 34,860 23,870 10,989 21, 349 14,264 7,085 53,039 32,560 20,479 1931—Mar 25—. 55,924 36,813 19, 111 34,729 22,840 11,889 21,195 13,974 7,222 51,427 31,153 20,274 June 30— 55,021 35,384 19,637 33,923 21,816 12,106 21,099 13,568 7,531 51,782 31, 566 20, 216 Sept. 29_. 53,365 33,750 19,615 33,073 20,874 12,199 20.292 12,876 7,416 49,152 29,469 19,683 Dec. 31... 49,704 31,305 18, 399 30,575 19,261 11,314 19,129 12,045 7,084 45,821 27,432 18, 389 1932—June 30— 46,071 27,834 18, 237 28,001 16, 587 11,414 18, 071 11, 247 6,823 41,963 24, 755 17,208 Sept. 30- 45,852 26,985 18,867 28,045 15,924 12,121 17,807 11,061 6,746 41,779 24,903 16,876 Back figures.—See Annual Report for 1931 (Tables 45 and 46). NUMBER OF BANKS BANK LOANS AND INVESTMENTS, PERCENT- AGE DISTRIBUTION Member banks t Figures for Sept. 30,1932] Non- Date Total i mem- Total ti N on a a - l State ba b n e k r s To in ta v l e l s o tm an e s n a ts nd Number 1925—Dec. 31- 28,257 8,048 1,441 18,768 of banks Amount Percent- (millions age dis- 1926—Dec. 31.. 27,367 9,260 7,906 1,354 18.107 of dollars) tribution 1927—June 30.. 26,765 9,099 7,790 1,309 17,666 Dec. 31-. 26,416 9,034 7,759 1, 275 17,382 All banks in the United States 18, 794 45,852 100 1928—June 30 25,941 8,929 7,685 1,244 17,012 Member banks—total __ 6,904 28,045 61 Dec. 31 25,576 8,837 7,629 1,208 16,739 Reserve city banks (62 cities) 374 18,091 39 1929—June 29.. 25,110 8,707 7,530 1,177 16,403 Central reserve city banks— Dec. 29-. 24,630 8,522 7,403 1,119 16.108 New York City... 36 7,112 16 Chicago 11 1,192 3 1930—June 30... 23,852 8,315 7,247 1,068 15,537 Other reserve city banks— Dec. 31... 22,769 8,052 7,033 1,019 14, 717 New York City___ _. 9 27 1931—June 30.. 21,903 7,782 6,800 982 14,121 Othe C r h ic F a e g d o eral reserve bank 7 16 Sept. 29.. 21,294 7,599 6,653 946 13,695 cities (10 cities) 4,832 11 Dec. 31.. 19,966 7,246 6,368 878 12, 720 Federal reserve branch cities 92 (25 cities) 3,852 8 1932—June 30.. 19,046 6,145 835 12, 066 Other reserve cities (25 cities).__ 131 1,060 2 Sept. 30.. 18,794 6,904 824 11,890 "Country" banksl 88 9,954 22 1 All banks in the United States; includes national banks, State com- Nonmember banks 1 6 1 , , 5 8 3 9 0 0 17,807 39 mercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision. 1 Includes certain outlying banks in reserve cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDERAL RESERVE BULLETIN 17 REPORTING MEMBER BANKS IN LEADING CITIES [In millions of dollars. Monthly data are averages of weekly figures] Total—all weekly reporting member banks New York City Other leading cities Loans and investments Loans and investments Month or date Total c L o u n o ri a t s n i e e s - s o lo A th a l n e l s r T In o v ta e l stm U cu e .S r n i . t t i s s e e s - b F r B i a o . n a o n w g t R r k s - - s . Total c L o u n o ri a t s n i e e s - s o lo A th a l n e l s r T In o v ta e l stm U cu e . r n S it t . i s e se s - b F B r i a . o n a n o w g t R r k s - - . s a m T l n v o d e o e a s n t n i a t t n s - l s - b F r B i a o . n a o n w g t R r k s - - . s 1931—September. 22,078 6,413 7,870 7,795 4,154 127 7,744 2,657 2,375 2,712 1,652 14,334 124 October.... 21,425 5,971 7,679 7,775 4,171 7,466 2,272 2,825 1,750 13,959 324 November. 21,023 5,859 7,586 7,578 4,072 404 7,258 2,277 2,243 2,738 ., 705 13,765 388 December. 20,749 5,763 7,441 7,545 4,127 499 7,165 2,237 2,218 2,710 ,732 13,584 416 1932—January... 20,178 5,644 7,331 7,203 3,943 6,921 2,209 2,220 2,492 ,631 13,257 435 February— 19,775 5,497 7,214 7,064 3,856 484 6,645 2,127 2,171 2,347 ,521 13,130 461 March 19,434 5,388 6,987 7,059 3,866 368 6,521 2,065 2,078 2,378 ,547 12,913 365 April 19,096 5,150 6,820 7,126 3,875 277 6,492 1,947 2,029 2,516 ,620 12,604 277 May 19,112 4,975 6,727 7,410 4,121 185 6,647 1,851 2,038 2,758 ,797 12,465 185 June _. 18,877 4,811 6,609 7,457 4,200 191 6,541 1,745 1,995 2,801 ,849 12,336 191 July. 18,419 4,616 6,455 7,348 4,144 212 6,353 1,644 1,896 2,813 ,860 12,066 212 August 18,587 4,578 6,319 7,690 4,499 164 6,517 1,657 1,819 3,041 2,081 12,070 164 September. 18,739 4,524 6,229 7,986 4,759 128 1,669 1,810 3,213 2,220 12,047 128 October- 19,026 4,437 6,168 8,421 5,140 6,914 1,636 1,797 3,481 2,447 12,112 103 November. 18,987 4,280 6,120 8,587 5,279 7,059 1,573 1,856 2,556 11,928 99 December. 18,840 4,319 6,021 8,500 5,220 75 7,047 1,619 1,841 3,587 2,513 11,793 75 Oct. 5 18,882 4,481 6,156 8,245 5,003 107 6,779 1,669 1,756 3,354 2,350 12,103 107 Oct. 12 18,981 4,467 6,167 8,347 5,064 107 1,654 1,796 3,456 2,422 12,075 107 Oct. 19____ 19,121 4,447 6,185 5,195 94 1,653 1,822 3,514 2,469 12,132 94 Oct. 26.. __ 19,118 4,352 6,164 8,602 5,298 103 6,982 1,569 1,815 2,548 12,136 Nov. 2 19,026 4,311 6,130 8,585 5,284 105 1,576 1,828 3,594 2,534 12,028 105 Nov. 9 19,026 4,295 6,130 8,601 5,291 7,044 1,570 , 850 3,624 2,555 11,982 99 Nov. 16.... 18,947 4,249 6,094 8,604 5,303 7,026 1,555 ,826 3,645 2,576 11,921 Nov. 23.... 18,933 4,257 6,118 8,558 5,252 7,057 1,567 ,876 3,614 11,876 95 Nov. 30.... 19,002 4,288 6,125 8,589 5,266 7,169 1,598 ,900 3,671 2,578 11,833 97 Dec. 7 18,841 4,307 6,057 8,477 5,226 7,060 1,625 2,546 11,781 Dec. 14._._ 18,839 4,322 6,009 5,209 7,052 1,619 ,813 3,620 2,523 11,787 79 Dec. 21 18,874 4,331 8,506 5,236 7,055 1,620 3,569 2,502 11,819 64 Dec. 28— 18,804 4,315 5,982 8,507 5,207 7,020 1,612 3,570 2,481 11,784 67 Back figures.—See Annual Reports for 1931 (Tables 58-60) and 1930 (Tables 52-54). BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N. Y. CITY [Net borrowings on demand and on time. In millions of dollars] [In millions of dollars. Monthly data are averages of weekly figures] For ac- From New From private For count of For ac- Total an Y d o t r r k u s b t a n co k m s - f b o a r n ei k g s n , b b r a o n k k e i r n s g , Month or date Total o c w o n u n a t c- o t u o t w -o n f- c o o t u h n e t r s of End of month panies agencies, etc. banks * 1931 1932 1931 1932 1931 1932 1931—December . 655 554 13 1932—January... 544 473 6 February.. 495 417 6 January... 1,720 512 1,557 374 163 138 March 531 432 5 February.. 1,840 525 1,646 385 194 140 April 500 423 7 March 1,909 533 1,692 391 217 142 May 436 385 7 June _. 377 342 6 April 1,651 379 1,466 300 185 79 July 335 309 May 1,435 300 1,293 243 141 57 August 344 319 June 1,391 244 1,221 194 170 49 September. 409 385 October... 411 389 July 1,344 242 1,171 195 173 47 November. 354 336 August 1,354 332 1,160 248 194 84 December . 377 September 1,044 380 292 112 Dec. 7 392 376 October... 796 325 263 108 Dec 14.... 377 November. 730 338 582 278 148 Dec. 21.-.. 395 379 December . 587 347 455 279 132 Dec. 28-.-- 394 379 Back figures.—See Annual Reports for 1931 (Table 63) and 1927 i Member and nonmember banks outside New York City (domestic (Table 47). banks only). Back figures—See Annual Report for 1931 (Table 62), 1930 (Table 56), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDEBAL RESERVE BULLETIN JANUABY, 193a ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR CLASSES OF BANKERS' ACCEPTANCES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars] Held by Fed- Based Based eral reserve Held by accepting on goods on banks banks stored in goods United stored End of month s T t o i a o n u n t g t a d - l - c o F o a w u o c- n r nt o c c e f F o o a i r u o g c f r o - n r n e r t - - Total O bi w ll n s bo B u il g ls ht o H t b h e y e ld rs End of month Total B p U i i o o a n m . s n r t S e o - ts . dB o p U f n r a o o . s r S e m e t x s . d - s c b ( h h r e w e i o t o p d w a u r p i r s e t e e e s e - d ) n c D h e o a x l n l - a g r e s t f h t r c o w i i o r ; e i e e u n s i e n g o n - n r spond- domestic foreign ents points points 1930—August 1,339 167 471 267 95 172 434 OUTSTANDING N S D O e o c e p t c v o t e e e b m m m er b b b e e e r r r - . - . . 1 1 1 1 , , , , 5 5 5 3 5 0 6 7 6 8 7 1 3 2 1 1 2 0 4 4 8 8 3 1 4 4 4 4 3 2 3 3 3 9 9 2 3 3 4 3 1 7 9 8 7 1 3 4 1 1 1 9 3 8 7 0 1 0 2 2 3 2 1 1 8 1 8 3 6 2 2 4 5 5 4 1 5 0 1 1 0 7 7 1931— N D O o e c c v to e e b m m er b b e e r r . - . 1 1 , , 0 0 9 4 0 7 0 2 4 1 1 1 5 5 7 8 9 3 2 2 2 6 5 2 1 4 2 2 2 6 5 7 8 34 3 2 2 3 9 9 0 6 8 1931— J J A A S M M N F O J u u e e p a u c o a n a l p n b y r t g y v r e o i u t r c u l e e b a u h s m m r e t a y r r b b y e e . r r . - - . 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 5 5 3 4 4 0 4 2 0 0 9 2 2 6 2 6 9 1 2 4 0 9 0 0 8 2 7 0 3 8 0 2 6 1 1 4 1 6 4 8 8 9 3 7 2 2 6 2 4 1 5 9 5 9 0 4 3 2 0 7 8 4 4 4 4 3 3 2 2 1 1 5 3 0 4 4 4 8 2 9 2 0 6 1 9 1 7 3 0 8 9 6 0 5 4 5 4 4 5 6 4 6 2 2 7 5 7 5 1 6 0 1 6 9 3 1 0 2 4 0 4 6 0 8 6 0 1 1 1 2 1 1 1 1 1 1 1 5 3 3 7 2 9 3 6 6 1 2 1 1 4 1 5 6 2 8 2 2 5 4 3 3 2 2 3 4 4 2 1 1 4 3 3 8 9 9 5 3 4 7 1 1 7 6 5 3 8 7 8 8 1 8 4 4 4 4 4 3 2 1 1 4 1 2 6 6 7 4 4 7 8 6 0 2 9 7 3 9 1 4 8 6 1 1932— J A J M F M A N S O J u u e e p u a o c a a n l p b n r t y g v y r e o i t u r c u e l e b u a h s m m e r a t y r b b ry e e r . r . . . . . . 9 9 9 8 7 7 7 6 7 1 7 8 4 6 1 0 2 8 9 9 7 7 1 1 5 1 0 1 1 1 1 1 9 8 7 8 7 8 2 0 5 1 4 7 5 6 1 3 1 9 3 0 8 2 2 2 1 1 1 1 1 1 1 1 1 0 0 9 7 9 8 5 6 6 5 5 5 7 5 3 9 4 6 1 2 2 7 2 2 2 2 2 2 2 2 1 1 1 7 1 5 6 1 7 2 3 9 7 9 1 7 1 7 2 2 2 7 3 8 2 2 2 2 2 2 2 2 2 2 2 3 7 6 8 3 8 6 9 3 5 1 1 9 4 4 7 5 4 2 0 December. . 974 251 262 131 131 156 HELD BY P. B. BANKS 1932—January 961 119 314 159 174 195 (OWN ACCOUNT) * A F M Ml e p a a a b y r r y r c i . u l h . a . r " y " . " .. 9 9 8 7 1 7 1 8 9 9 1 7 7 3 1 4 6 6 6 3 3 2 1 1 3 9 8 2 5 2 3 3 4 3 5 4 5 7 1 3 5 7 0 2 1 1 1 2 5 7 8 5 5 5 8 2 2 2 1 8 6 2 6 6 8 2 8 1 1 1 9 8 1 6 0 9 5 3 1931— N D O e o c v c e t e o m m b b e b e r e . r . r . . - . . 6 4 3 4 1 0 7 8 5 1 9 8 2 9 4 9 2 1 1 8 0 7 5 4 0 J J N A S D O u u e u o e c n l p c y g v t e t e o u e e m b s m m t e b b b r e e e . r . r r . - . . 7 7 6 7 4 0 8 2 7 5 1 0 3 1 4 3 2 3 6 2 9 5 4 4 3 3 4 8 9 9 3 9 2 0 5 5 5 5 6 6 1 6 7 7 0 5 8 3 3 4 5 5 2 1 2 1 1 1 0 9 5 9 6 9 0 7 6 9 8 8 3 3 3 4 4 1 6 7 0 1 8 6 6 6 4 9 7 5 6 5 2 6 0 5 4 2 8 1932— J J A M M F J u u e p a a a n l b n r y y r e i u r c l u a h r a y ry.. . 1 7 3 3 1 1 1 5 6 6 6 9 6 2 3 2 1 1 6 3 2 5 7 2 9 4 2 1 5 7 5 5 3 August 3 1 2 9 Preliminary. S O e c p to te b m er ber- 2 3 2 1 1 1 Figures for acceptances outstanding (and held by accepting banks) November- 4 3 0) 1 from American Acceptance Council* Back figures.—See Annual Reports for 1931 (Table 70), 1930;(Tablel64), 1 Total holdings of Federal reserve banks include a small amount of 1929 (Table 58), and 1928 (Table 61). unclassified acceptances. * Less than $500,000. Back figures.—See Annual Reports for 1931 (Tables 67 and 15), 1930 ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- (Tables 61 and 14), etc. HOLDINGS OF FEDERAL RESERVE BANKS COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] [In millions of dollarsj End of month 1929 1930 1931 1932 End of month 1929 1930 1931 1932 January- ,019 1,035 36,119 33,444 January- 407 404 327 108 February.. ,029 1,038 23,958 33,478 February. . 411 457 315 103 March 1,040 1,063 30,778 March 387 529 311 106 April 1,054 1,074 30,736 April...... 351 553 307 108 May ,040 1,058 1,073 30,837 May 304 541 305 111 June 1,043 1,064 10,551 30,762 June 274 527 292 103 July . 2,061 1,065 34,371 30,645 July 265 528 289 100 August 12,346 1,071 145,215 30,834 August. 267 526 271 108 September. 16,955 1,075 48,804 30,849 September. 265 513 248 110 October. _. 17,064 21,583 33,501 30,659 October... 285 485 210 113 November. 1,027 31,587 33,386 30,652 November. 316 448 174 110 December. 1,030 35,983 33,429 29,489 December. 334 358 118 Back figures.—See Annual Reports for 1928 (Table 12), 1927 (Table Back figures.—See Annual Reports for 1931 (Table 66) and 1930 (Table 12), 1926 (Table 24), etc. 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDEKAL RESERVE BULLETIN 19 BANK SUSPENSIONS AND BANKS REOPENED Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits d ( o in ll a th rs o ) usands of Year and month Members Members ba A n l k l s ti N on a a - l State m N b e e o m r n s - - All banks National State m N b e e o m r n s - - ba A n l k l s M be e r m s - m N b e e o m r n s - - ba A n l k l s M be e r m s - m N b e e o m r n s - - 1921 501 51 19 431 196,460 21,285 21,218 153,957 60 50 17,493 3,132 14,361 1922 354 45 12 297 110,721 19,092 5,151 86,478 65 41 35,565 11,618 23,947 1923 648 90 34 524 188,701 32,904 18,324 137,473 37 23 11,674 5,068 6,606 1924 776 122 37 617 213,338 60,889 13,580 138,869 94 74 22,462 7,190 15,272 1925 612 118 28 466 172,900 58, 537 8,727 105,636 62 48 16,618 6,779 9,839 1926 956 125 35 796 272,488 47,866 20,946 203,676 149 135 60,610 8,179 52,431 1927 662 91 33 538 193,891 46,581 19,755 127,555 95 84 35,729 8,311 27,418 1928 491 57 16 418 138,642 31,619 10,621 96,402 39 34 15,727 6,610 9,117 1929 642 64 17 561 234,532 37,007 20,128 177, 397 58 53 25,829 2,273 23,556 1930 1,345 161 26 1,158 864,715 173,290 207,150 484,275 147 140 61,599 3,538 58,061 1931__ ... 409 108 1,781 1,691,510 439,171 294,357 957,982 276 245 158,187 53,944 104,243 1932 1,453 276 64 1,123 730,426 215,284 55,498 459,644 290 238 275,941 71,666 204,275 1931—May. 91 24 65 43,210 12,320 5,055 25,835 9 7 401 3,489 June 167 26 131 190,480 31,368 39,434 119,678 8 3 24,522 23,816 706 July 93 16 75 40,745 7,045 1,805 31,895 9 9 2,525 2,525 August 158 29 117 180,028 31,629 52,660 95,739 4 4 14,396 14,396 September. 305 46 243 233,505 79,446 30,272 123,787 6 6 4,258 4,258 October... 522 100 397 471,380 111,088 117,259 243,033 22 20 5,096 991 4,105 November. 175 35 132 67,939 28,039 4,216 35,684 21 17 13,041 3,684 9,357 December. 358 63 277 277,051 87,448 25,768 163,835 31 18,579 589 17,990 1932—January... 342 74 255 219,071 63,686 10,873 144,512 19 10,952 7,659 February.. 121 24 91 57,237 17,098 8,427 31,712 43 14,730 3,026 11,704 March 48 7 41 15,448 4,484 10,964 38 19,590 9,714 9,876 April 74 6 63 31,613 2,634 11,887 17,092 22 11,041 1,793 9,248 May 82 14 62 34,365 6,258 1,237 26,870 23 33,214 4,219 28,995 June 151 44 103 132,580 42,474 7,589 82,517 21 11,501 2,891 8,610 July 132 20 108 48,567 17,546 1,769 29,252 24 16,382 53,577 August 85 17 66 30,291 11,853 798 17,640 25 5,018 28,480 September. 67 12 51 13,508 2,980 1,725 8,803 16 14,082 2,297 11,785 October... '103 20 '83 '20,467 6,209 '14,258 27 38,494 20,291 18,203 November. 95 19 6 70 ' 43,946 ••3,358 '14,380 18 12,487 2,078 10,409 December. »153 P4 v 83,333 13,854 p 7,835 v 61,644 *6,393 '5,729 Preliminary. ' Revised. Banks suspended and banks reopened.—The statistics of bank suspensions relate to banks closed to the public, on account of financial difficulties, by order of supervisory authorities or directors of the bank. Some banks reopen before the end of the calendar month in which they were closed; such banks are included in the record of suspensions for the month as given in the table. Reopenings are recorded as of the month in which they occur, and include for any given month reopenings both 6f banks closea during the month and of banks closed earlier. Deposits.—Figures of deposits in banks suspended are as of date of suspension whenever data as of this date are available; otherwise they are as'of the latest available call date prior to suspension. For banks reopened the figures of deposits are not as of date of reopening, which are seldom available, but are taken from the record of suspensions. Back figures.—See Annual Reports for 1931 (Table 73) and 1928 (Table 64). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS [In millions of dollars] Holdings of Government securities i and eligible paper (including paper under rediscount) Member By reserve city banks By "country" banks By all member banks b b or a r n o k w- Call date ings at U.S. U. S. U. S. Federal m G e o n v t e r s n e - - E p li a g p i e b r le Total m Go en v t e r s n e - - E p li a g p i e b r le Total m G e o n v t e r s n e - - E p li a g p i e b r le Total r b e a se n r k v s e curities curities curities 1929—June 29 2,577 5,265 1,773 2,702 3,506 4,461 7,968 1,029 Oct. 4 2,469 2,865 5,334 912 1,733 2,645 3,381 4,598 7,979 899 Dec. 31-.~ 2,403 2,713 5,116 814 1,684 2,498 3,217 4,397 7,614 646 1930—Mar. 27.... 2,619 2,542 5,161 818 1,662 2,480 3,438 4,204 7,642 206 June 30 2,640 2,285 4,925 772 1,620 2,392 3,412 3,905 7,317 274 Sept. 24.... 2,682 2,271 4,953 764 1,541 2,305 3,446 3,812 7,258 173 Dec. 31.... 2,777 2,100 4,877 708 1,438 2,146 3,485 7,023 248 1931—Mar. 25 3,584 2,045 5,629 776 1,373 2,149 4,360 3,418 7,778 165 June 30 3,871 1,870 5,741 836 1,328 2,164 4,707 3,198 7,905 147 Sept. 29.... 3,942 1,787 5,729 994 1,209 2,203 4,936 2,996 7,932 323 Dec. 31 3,706 1,505 5,211 989 1,068 2,056 4,694 2,573 7,267 623 1932—June 30-~ 3,985 1,457 5,442 994 971 1,965 4,979 2,428 7,407 440 Sept. 30.... 4,623 1,508 6,131 1,003 916 1,919 5,626 2,424 8,050 331 i Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation. Back figures.-—See Annual Report for 1931 (Table 50). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN JANUARY, ] FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates for member banks on eligible paper] Prevailing rate on— Average rate Average yield on— Federal reserve bank e R f J f a a ec t n e t . i 1 o n n Da l t i e s h e e s d tab- Pre ra v t i e ous CaU loans * u. s. B N Ph o e i w s l t a o d Y n e o l r p k h _ i _ a _ .. . J O O u c c n t t e . . 2 2 1 4 2 7 , , , 1 1 1 9 9 9 3 3 3 2 1 1 Month or week m m p P 4 c o e a r o t r p i n o m c m e t i h r 6 - a e , s l a P a b c d n e r a c a 9 i r c n e s m y 0 e k ' p s s e - t , - d l T o a i 9 a y m n 0 s , s e 2 , New ne R w e- al c T c n e u a a r o r e n t r t t e a y i e d f s s s i , - - b T o u r n e ry d as s - 3 Cleveland Oct. 24,1931 3 to 6 Richmond Jan. 25,1932 months Atlanta Nov. 14,1931 Chicago June 25,1932 1931 St. Louis Oct. 22,1931 November 2.50 2.50 1.77 3.69 Minneapolis- Sept. 12,1930 December 2.73 2.70 4 2.41 3.92 Kansas City.. Oct. 23,1931 Dallas Jan. 28,1932 1932 San Francisco Oct. 21,1931 January 2%-Z 3H-4 2.61 2.65 2.48 4.27 February 3H-3^ 2.50 2.50 2.42 4.11 March 2^-3^ 2.50 2.50 *2.25 3.92 Back figures.—See Annual Report for 1931 (Table 36). April _ 2 -3 2.50 2.50 1.11 3.74 May 2.50 2.50 .31 3.77 BUYING RATES ON ACCEPTANCES June 2^-3 2.50 2.50 4.34 3.78 July 2M-2£ 2.08 2.08 .22 3.65 [Buying rates at the Federal Reserve Bank of New York] August 2 -2} 2.00 2.00 .14 3.57 September 2 -21 2.00 2.00 4.03 3.54 Maturity e R f J f a a ec t n e t . i 1 o n n Da l t i e s h e e s d tab- Pre ra v t i e ous N O o ct v o e b m er ber lA 1 1 . . 3 0 5 0 1 L . O 35 O 3 3 . . 5 5 4 5 December 1.00 1.00 4.04 3.48 Week ending- 1-15 days._. June 24,1932 Dec. 3 H 1.00 1.00 3.55 16-30 days.., do Dec. 10 1.00 1.00 3.53 31-45 days... do Dec. 17 1.00 1.00 4.15 3.49 46-60 days.. do Dec. 24 1.00 1.00 3.44 61-90 days _. do Dec. 31 1.00 1.00 3.40 91-120 days. do 121-180 days do i Stock exchange call loans; new and renewal rates. 3 Stock exchange 90-day time loans. a 3 issues—3H, 3U, 4 per cent; yields calculated on basis of last redemp- NOTE.—Rates on prime bankers' acceptances. Higher rates may be tion dates—1947,1956, and 1954. charged for other classes of bills. 4 Change of issues on which yield is computed. Back figures.—See Annual Reports for 1931 (Table 37) and 1928 (Table Back figures.—See Annual Report for 1931 (Tables 39 and 40), 1930 35). (Tables 36 and 37), 1929 (Tables 35 and 36), etc. RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Weighted averages of prevailing rates] New York City 8 other northern and eastern cities 27 southern and western cities Month 1928 1929 1930 1931 1932 1928 1929 1930 1931 1932 1928 1929 1930 1931 1932 January ... 4.56 5.74 5.64 4.24 4.71 4.73 5.87 5.88 4.61 5.07 5.53 5.94 6.12 5.50 5.61 February.. 4.44 5.73 5.35 4.31 4.71 4.76 5.86 5.66 4.63 5.13 5.53 5.96 6.05 5.43 5.61 March 4.59 5.81 5.22 4.20 4.72 4.81 5.91 5.47 4.62 5.14 5.54 6.04 5.98 5.40 5.64 April 4.72 5.85 4.91 4.17 4.69 4.91 6.00 5.22 4.57 5.10 5.54 6.07 5.86 5.36 5.63 May 4.97 5.88 4.74 4.11 4.55 5.04 6.09 5.13 4.55 5.14 5.56 6.10 5.75 5.26 5.64 June 5.09 5.93 4.59 4.13 4.61 5.36 6.02 5.06 4.49 5.13 5.67 6.16 5.69 5.34 5.62 July. 5.38 5.88 4.48 4.05 4.42 5.57 6.08 4.81 4.48 5.05 5.77 6.17 5.63 5.30 5.63 August 5.56 6.05 4.41 3.97 4.45 5.59 6.11 4.79 4.47 5.12 5.80 6.22 5.58 5.28 5.68 September 5.63 6.06 4.29 3.93 4.30 5.80 6.24 4.74 4.48 5.03 5.82 6.27 5.55 5.32 5.63 October. .. 5.63 6.08 4.26 4.27 4.35 5.80 6.25 4.75 4.62 4.96 5.87 6.29 5.54 5.38 5.56 November 5.56 5.86 4.17 4.67 4.12 5.82 6.12 4.66 4.87 4.88 5.90 6.29 5.50 5.53 5.55 December. 5.63 5.74 4.16 4.64 4.22 5.91 5.94 4.68 4.91 4.88 5.91 6.20 5.43 5.56 5.60 NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given in preceding table). All averages are based on rates reported for 3 types of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (6) the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to the importance of that city in the group, as measured by the loans of all banks in the city. Back figures.—See Annual Report for 1931 (Table 42). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

21 JANTJABY, 1933 FEDERAL RESERVE BULLETIN SECURITY PRICES AND SECURITY ISSUES SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926=100) Pre- Selected groups of industrial issues Month or date Bonds* ferred stocks* Indus- Rail- Public Total trial road utility m A o u b to il - e B e m q i u n e u i g n l i d p t - - C st h o a r i e n C i h c e a m l - b C a p r o n a e p d r s - s e t m E r q i l e u c e n a c ip t l - - c M e h r i a y n - - Oil Steel T ti e l x e - Number of issues 60 20 421 351 33 37 13 12 16 11 8 4 10 15 10 28 1931—November 89.0 108.5 72 68 46 115 75 39 69 96 45 114 61 57 59 36 December 81.6 99.1 58 54 33 96 65 31 57 79 35 94 46 44 41 31 1932—January. . 81.0 96.5 58 54 37 94 64 31 57 80 36 85 48 43 32 31 February 80.3 96.3 56 53 34 93 60 30 56 79 32 77 47 42 32 31 March 80.8 96.2 57 54 32 93 55 29 58 85 30 77 47 45 32 31 April 79.4 94.2 44 42 22 73 34 22 49 61 22 57 37 38 23 26 May 75.2 90.3 40 38 17 68 30 20 42 52 20 52 33 39 20 23 June 72.2 83.6 34 34 14 55 26 18 35 48 17 40 37 16 20 July 74.2 85.3 36 36 16 55 26 19 36 50 20 43 30 42 18 22 August 83.2 98.6 53 52 29 84 45 30 49 75 38 73 44 55 33 33 September 85.8 101.8 58 56 35 91 54 34 53 83 47 78 48 54 42 39 October. 84.1 99.8 50 48 28 81 43 28 48 74 34 63 42 47 33 33 November 81.9 97.4 48 45 26 78 40 25 47 71 32 60 39 47 28 30 December 81.2 95.4 47 45 26 80 40 25 47 76 26 56 38 46 25 28 Nov. 30 81.1 96.2 46 44 24 76 38 24 45 69 30 56 37 46 26 29 Dec. 7 80.9 95.4 48 46 26 79 41 25 46 73 30 59 38 48 26 29 Dec. 14 ._ 81.1 95.5 49 46 27 82 43 26 47 79 28 64 40 47 26 29 Dec. 21 81.2 95.2 47 44 25 79 40 25 47 76 25 59 37 45 24 27 Dec. 28 81.4 95.6 46 43 24 78 38 24 46 76 23 57 36 44 23 26 i Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. 2 20 high-grade industrials; average price. Back figures.—See (for principal series) Annual Report for 1931 (Table 129). CAPITAL ISSUES UNITED STATES GOVERNMENT SECURITIES [Long-term; i. e., 1 year or more. In millions of dollarsj [In millions of dollars] New issues Refund- Outstanding at end Increase or decrease Total Domestic is i s n u g es of month (—) during month Year and month m e a ( f i e d o g n s o r n d t - - i ) c t T a o P - S n m a p t i n a a c u d t i l - e - B n a o o C n t n e d o d s r s po S ra to te cks F ei o g r n - m e a f ( i o e d g n r s o n d - t - ) ic Month Total B n a o o n n t d e d s s C i b c a e a i n r l t t d l e i s f s - Total B n a o o n t n d e d s s C i b c a e a i n l r t d l t e s i s f- 1923 4,437 4,016 3.043 1,976 659 421 682 1924 5,557 4,588 L, 380 2,200 829 969 759 1931 1925 6,201 5,125 L,352 2,452 1,153 1,076 925 July 16,522 14.178 2,344 2 26 -24 1926 6,314 5,189 1,344 2,667 1,087 1,125 1,046 August 16,585 14.179 2,406 63 1 62 1927 7,556 6,219 L, 475 3,183 1,474 1,337 2,220 September 17,048 14,980 2,068 463 801 -338 1928 8,040 6,789 L,379 2,385 2,961 1,251 1,858 October 17,028 14,981 2,047 -20 1 -21 1929 10,091 9,420 L,418 2,078 5,924 671 1,422 November 17,040 14,955 2,085 12 -26 38 1930 6,909 6,004 L,434 2,980 1,503 905 711 December 17,528 15,092 2,436 137 351 1931 3,099 2,860 1,235 1,240 311 229 949 1931—November., 112 110 54 26 24 2 21 Total (12 months). 1,754 1,116 December.. 123 123 44 28 39 0 21 1932 1932—January 184 184 138 42 4 0 14 January- 17,515 15,102 2,413 -13 10 -23 February. __ 73 73 35 35 4 0 21 February. . 17,820 15,102 2,718 305 305 March 162 162 109 47 1 0 29 March 18,190 15.102 3,088 370 370 April 71 71 30 15 0 0 72 April 18,287 15.103 3,184 97 1 96 May 91 91 84 7 0 0 32 May 18, 729 15,318 3,411 442 215 227 June 78 78 74 4 0 0 64 June 19,161 15, 715 3,446 432 397 35 July... 106 104 25 62 1 2 57 July 19,297 15,744 3,553 136 29 107 August 63 60 34 25 2 3 108 August 19,758 16,454 3,304 461 710 -249 September- 75 73 63 6 0 2 76 September. 20,296 17,288 3,008 538 834 -296 October 94 94 36 47 2 0 '43 October 20,485 17,796 2,689 189 508 -319 November. . 44 43 28 9 2 1 32 November- 20,476 17,796 2,680 -9 -9 December.. 20,448 17,522 2,926 -28 -274 246 1 Includes issues of Federal land banks and Federal intermediate credit banks, not shown separately. Total (12 months). 2,920 2,430 490 ' Revised. Sources.—For domestic issues: Commercial and Financial Chronicle; NOTE.—Figures relate to interest-bearing public debt; matured nonfor foreign issues (issues publicly offered) annual totals are as finally interest-bearing debt amounted to $357,000,000 at the end of December, reported by Department of Commerce, while monthly figures are as 1932. Figures include obligations held in Government trust funds compiled currently and are subject to revision. amounting to $351,000,000 at the end of December, 1932. Back figures.—See (for figures of new issues—annual and quarterly Bonds and notes are long-term—i. e., 1 year or more (figuring from basis) Annual Report for 1931 (Table 128). date of issue); certificates and bills, shorter term. 152893—33 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN JANUARY, 1933 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production * Building contracts awarded (value) * Fac- Factory em- tory Freight-car ployment 3 pay loadings 4 * Com- Year and Total i Manufactures1 Minerals i Total Residential All other rolls' modmonth ity )nces« Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed iusted justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 98 84 139 1920 87 87 89 63 30 90 108 118 91 154 1921. 67 67 70 56 44 65 82 77 79 98 1922 85 86 74 79 68 88 90 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 96 96 97 98 1925 104 105 99 122 124 120 100 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928 111 112 106 135 126 142 97 102 103 97 1929 119 119 115 117 87 142 101 108 106 95 1930. 96 95 99 92 50 125 88 87 92 86 1931 81 80 84 63 37 84 74 66 75 73 1929 January. . 117 119 117 120 114 116 98 120 81 97 111 139 97 100 101 95 108 96 February. 121 119 122 119 116 119 102 118 84 94 116 137 100 100 108 99 107 95 March 124 119 126 120 101 109 121 121 106 101 133 137 101 101 111 98 105 96 April 124 121 128 122 103 114 139 123 117 100 158 142 102 102 111 102 108 96 May 126 122 128 123 116 117 143 121 113 97 168 141 102 102 111 109 107 95 June 125 125 127 127 116 114 144 126 102 95 178 152 102 103 110 110 108 95 July 120 124 120 125 118 116 136 124 94 93 170 149 102 103 106 111 107 97 August- _- 122 121 122 122 121 115 129 122 84 86 166 152 104 103 111 115 107 96 September 123 121 123 121 127 118 112 110 73 73 144 140 105 102 112 121 106 96 October.. 121 118 119 119 127 116 104 107 67 67 135 139 103 101 111 118 104 95 November 108 110 107 110 114 110 94 103 66 67 116 132 99 99 103 102 102 94 December 96 103 93 101 110 116 84 102 53 61 109 136 95 97 99 89 102 93 1930 January- - 103 106 102 105 108 110 78 95 46 56 104 128 93 96 94 89 100 93 February. 109 107 110 107 104 108 89 104 44 49 126 148 93 94 98 91 99 91 March.... 106 104 109 104 91 98 102 102 54 52 141 144 93 93 98 90 96 90 April 107 104 110 104 94 104 113 101 62 53 156 140 93 92 97 93 97 90 May 105 102 106 101 102 104 125 105 61 52 178 148 91 91 94 97 96 89 June 99 98 98 97 103 102 116 99 54 49 166 140 89 90 91 95 93 87 July 91 93 89 92 100 100 107 95 48 47 155 135 86 87 83 95 92 84 August- _. 90 90 88 89 101 96 85 81 48 49 115 106 85 84 82 96 89 84 September 92 90 90 89 101 94 82 81 52 52 108 105 86 83 83 99 87 84 October. _ 90 88 87 86 105 95 75 78 51 52 94 99 84 82 81 97 86 83 November 84 86 82 85 96 92 68 76 46 48 86 99 81 81 75 86 84 81 December 77 84 74 82 89 93 59 73 37 43 77 98 79 80 74 74 84 80 1931 January. _ 82 '84 81 83 '87 '89 58 71 37 44 75 93 76 78 68 74 82 78 February- 87 86 88 86 84 '87 68 79 42 47 89 104 77 78 73 74 80 77 March '90 87 91 87 82 89 77 77 50 47 98 100 78 78 75 75 80 76 April 90 88 91 87 83 91 82 73 52 44 107 96 78 78 74 77 80 75 May 89 87 90 87 84 87 78 65 47 40 104 85 77 78 72 79 79 73 June 83 83 83 82 '86 '87 74 63 41 37 101 84 75 76 68 77 77 72 July 80 82 79 82 '86 86 68 61 36 35 94 82 74 75 64 78 76 72 August _.- 78 78 77 78 82 79 63 59 32 33 87 81 74 74 64 76 72 72 September 77 76 76 75 '83 '78 59 59 32 32 81 80 75 73 62 78 69 71 October. . 75 73 72 71 '90 '83 52 55 29 30 71 76 71 70 59 78 69 70 November 72 73 70 71 '84 81 43 49 26 27 57 67 69 69 56 70 68 7C December 68 74 66 73 79 84 30 38 20 23 39 50 68 69 56 61 69 69 1932 January. _ 71 72 70 71 74 77 25 31 16 19 33 41 66 68 52 58 64 67 February- 71 69 70 68 75 78 23 27 15 17 30 35 67 68 54 59 62 66 March 68 67 66 65 77 84 26 26 16 15 35 36 66 66 52 58 61 66 April 64 63 63 61 72 79 31 27 16 14 43 38 64 64 49 57 59 66 May 61 60 60 58 65 67 31 26 14 12 45 37 61 62 46 53 54 64 June 59 59 59 58 61 63 32 27 12 11 47 39 59 60 43 52 52 64 July 56 58 55 57 62 64 31 27 12 11 46 40 57 58 40 51 51 65 August—. 59 60 58 59 66 65 32 30 11 12 48 45 59 59 40 53 51 65 September 68 66 67 66 73 70 30 30 12 12 45 44 62 60 42 61 54 65 October-. 68 67 66 65 80 74 28 29 12 12 41 43 62 61 44 65 57 64 November P63 P64 78 75 24 27 10 10 35 41 61 61 42 58 57 64 Preliminary. ' Revised. * Average per working day. i For indexes of groups and separate industries see p. 53; for description see BULLETIN for February and March, 1927; for back figures see BULLETIN for March, 1932, p. 194. * 3-mqnth moving average, centered at second month; for description and back figures see BULLETIN for July, 1931, p. 358. 3 For indexes of groups and separate industries see p. 54; for description and back figures see BULLETIN for November, 1929, and November, 1930. «For indexes of groups see p. 23: for back figures see BULLETIN for February, 1931, p. 108. « Revised index of Bureau of Labor Statistics (784 price series), 1926= 100. Index numbers for groups of commodities are given on p. 55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUABY, 1933 FEDERAL RESERVE BULLETIN 23 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports Merchandise imports Excess of exports Month 1928 1929 1930 1931 1932 1928 1929 1930 1931 1932 1928 1929 1930 1931 1932 January 411 488 411 250 150 338 369 311 183 136 73 119 100 66 15 February 371 442 349 224 154 351 369 282 175 131 20 72 67 49 23 March 421 490 370 236 155 380 384 300 210 131 40 106 69 26 24 April 364 425 332 215 135 345 411 308 186 127 19 15 24 29 9 May 423 385 320 204 132 354 400 285 180 112 69 -15 35 24 20 June - _ _ 389 393 295 187 114 317 353 250 173 110 71 40 44 14 4 July 379 403 267 181 107 318 353 221 174 79 61 50 46 6 27 August 379 381 298 165 109 347 369 218 167 91 32 11 79 -2 18 September 422 437 312 180 132 320 351 226 170 98 102 86 86 10 34 October 550 529 327 205 153 355 391 247 169 106 195 137 80 36 48 November . 545 442 289 194 327 338 204 149 »104 218 104 85 44 December 476 427 275 184 339 310 209 154 136 117 66 30 Year 5,128 5,241 3,843 2,424 4,091 4,399 3,061 2,091 1,037 842 782 334 v Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-1925 average=100] [Index numbers; 1923-1925 average=100] Index of sales 1 Index o m f s o to n c th k ) s (end of 1932 July Aug. Sept. Oct. Nov. Adjusted Without Adjusted Without Month for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Adjusted for seasonal variation Total 51 51 54 57 57 1931 1932 1931 1932 1931 1932 1931 1932 Coal 49 51 59 68 66 Coke 24 25 32 39 40 Grain and grain prod' J F a e n b u ru a a ry ry .. . . . 9 9 8 7 8 7 0 9 8 7 1 8 6 6 9 7 Li u v c e t s s tock 5 7 4 0 6 5 8 7 6 54 8 6 52 5 5 5 1 9 March 97 92 87 72 Forest products 21 20 24 25 24 Ore 9 10 10 12 10 April.. 106 101 87 72 Miscellaneous 49 48 52 56 57 May.. 97 97 85 70 Merchandisei 69 68 69 69 68 June.. 95 90 80 66 July 91 65 Without seasonal adjustment August 88 67 September . 84 87 Total 51 53 61 65 58 Coal 43 49 64 77 72 N O o ct v o e b m er ber- 8 8 3 6 9 9 3 5 C G o ra k i e n and grain prod- 21 23 31 40 41 December.. 81 142 ucts 84 83 82 72 63 Livestock 45 51 64 69 59 Year. 82 Forest products 21 21 25 26 23 Ore 17 18 16 16 7 fo 1 r B ch a a s n e g d e t s h r f o ro u m gh o m u o t n o th n f t i o g u m re o s n o th f d in ai l n y u a m v b e e ra r g o e f s a S le a s tu — rd w a i y th s a a l n lo d w f a o n r c 6 e M M e is r c c e h l a la n n d e i o se u s * - 6 5 8 2 5 68 3 6 7 2 2 6 7 6 2 5 70 6 national holidays: New Year's Day, Memorial Day, Independence Day, s L o a n b a o l r v D ar a i y at , i o T n h a m nk a s k g e i s v i a n l g lo w D a a n y c , e a n in d M Ch a r r i c s h tm a a n s d . A A p d r j i u l st f m or e n th t e f o e r f f s e e c a t - s 1 In less-than-carload lots. upon sales of changes in the date of Easter. Based on daily average loadings. Source of basic data: American v Preliminary. Railway Association. Back figures.—See BULLETIN for November, 1930, p. 686. Back figures.—See BULLETIN for February, 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN JANUARY, 1933 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Total End of month (49 coun- United Canada tries States coSSries) Austria Bel«lum Bu*aria Denmark England France Germany 1931—August 11,296 4,632 5,415 221 649 2,296 325 September- 11,275 4,364 346 656 2,326 310 October 11,139 3,905 6,066 357 2,534 273 November... 11,249 4,031 6,113 356 587 2,659 239 December... 11,289 4,051 354 234 1932—January 11,340 4,009 6,300 352 588 2,808 226 February 11,418 3,947 6,444 351 588 2,942 221 March 11,499 3,986 6,484 349 588 3,012 209 April 11, 515 3,956 6,531 351 588 3,052 205 May 11,416 3,717 6,665 353 608 3,115 206 June. 11, 348 3,466 6,841 357 663 3,218 198 July 11,420 3,522 6,871 365 670 3,221 183 August 11,562 3,639 6,897 364 676 3,224 183 September- » 11,694 3,748 v 6,923 359 678 3,241 190 October ' 11, 789 3,819 v 6,944 363 678 3,250 195 November... ' 11,859 3,885 *6,949 362 678 3,267 197 December *4,038 361 583 v 3,254 192 Europe—Continued End of month Greece Hungary Italy Ne l t a h n e d r s - Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden Sw l i a tz n e d r- U. S R . . S. Y sl u a g v o i - a 6 c o o u th n e - r tries 1931—August 18 283 260 39 64 10 53 439 62 229 280 27 21 September. 18 286 282 39 64 10 54 439 53 328 293 29 21 October. _. 18 293 336 46 67 12 54 434 57 422 309 31 25 November. 18 296 362 42 67 12 54 434 55 425 315 31 December- 18 296 357 41 67 13 58 434 55 453 328 31 1932—January... 18 296 351 42 67 13 58 434 55 472 329 31 26 February.. 17 296 353 42 68 15 57 434 55 482 329 31 26 March 17 296 354 42 64 16 57 434 55 471 330 31 26 April 17 296 364 42 64 17 57 434 55 471 331 31 27 May 17 297 384 42 62 17 56 435 55 493 335 31 30 June 17 298 394 40 54 17 57 435 55 503 349 31 31 July 17 300 408 38 54 17 5"< 435 55 509 357 31 August 17 302 415 38 54 18 57 435 55 510 368 31 September. 17 305 416 38 55 18 57 435 55 509 *368 31 28 October... 17 306 416 39 55 18 57 436 55 509 *368 31 28 November. 17 306 415 39 56 18 *57 436 55 493 P368 31 28 December. 17 415 39 477 31 Latin America Asia and Oceania Africa End of month T c tr o ( o i 1 u e t 0 s n a ) l - A t r i g n e a n- Chile l C o b m i o a - - Peru g U u r a u y - 5 c t o o ri u t e h n s e - r T c tr o o i ( u e 7 t s n a ) l - A t l r u i a a s - - India Japan Java N l Z a e e n a w d - Siam T k u ey r- Alge- Egypt A So fr u ic th a 1931—August 402 309 162 406 31 September.. 372 281 706 162 408 32 October 369 270 652 162 342 30 November.. 364 265 593 162 271 22 37 December. . 355 253 548 162 234 23 39 1932—January 350 252 532 162 215 23 40 February... 347 249 534 162 215 23 37 March. 347 249 535 162 214 28 31 April 343 249 534 162 214 28 34 May 346 249 534 162 214 28 35 June 347 249 536 162 214 28 38 July 348 249 524 162 214 28 34 August 348 249 523 162 214 28 35 September.. 346 249 523 162 214 28 32 October *>342 249 524 162 214 28 35 November.. "341 P249 *523 162 213 *>28 34 v Preliminary. NOTES Figures for 34 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are as of last report date of month. See BULLETIN for May, 1932, p. 315. Since the note in the BULLETIN for May, 1932, was prepared, figures for the Banque Centrale de la RSpublique de Turquie and for the Government of Siam have been added to the table. The figures for Turkey relate to the last Thursday of the month. The 6 European countries and 5 Latin American countries for which figures are not shown separately are Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; Bolivia, Brazil, Ecuador, Guatemala, and Mexico. None of these countries has had gold reserves during this period in excess of $10,000,000. For back figures—and for additional details relating to this table—see BULLETIN for May, 1932. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

25 JANUARY, 1933 FEDERAL RESERVE BULLETIN GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Month world Africa p t r i o o d n u » c • - Total South Rho- West Belgian Canada Mexico Co b l i o a m- t A ra u l s i - a Japan India Africa desia Africa Congo 1930-Total 430,725 326,032 221, 526 11,476 4,995 3,618 43,454 13,813 3,281 9,553 7,531 6,785 1931—March 37,643 28,170 18, 791 886 453 349 4,218 988 340 863 689 594 April 37, 771 28,298 18,194 917 446 351 4,591 1,329 278 936 694 561 May . 38,231 28, 757 18,901 918 451 334 4,460 1,208 329 919 716 521 June 38,207 28,734 18, 594 926 447 340 4,725 1,103 353 1,092 663 490 July . 38,153 28, 680 18, 959 947 451 342 4,711 814 354 933 668 500 August __•_ 38,763 29,290 18,859 918 462 353 4,718 1,228 353 1,229 654 516 September 38,748 29,275 18,981 905 486 397 5,005 1,074 256 916 692 562 October 39,860 30, 387 19, 525 936 473 437 4,933 1,041 452 1,240 679 673 November . 38,760 29,287 18, 673 941 477 408 4,906 914 389 1,321 667 590 December 38,825 29, 352 18, 809 1,041 498 417 4,974 877 312 1,181 664 579 Total (12mos.) 459,104 345, 426 224, 863 11,193 5,524 4,448 55,458 12,866 4,016 12,134 8,109 6,815 1932—January 39,872 29,957 19, 587 921 460 405 4,834 1,106 450 1,032 628 534 February . ^ 38,889 28,975 18,935 956 453 381 4,670 948 386 1,063 657 525 March 40, 664 30, 750 19, 877 996 484 424 5,285 862 404 1,131 741 545 April 40,296 30, 381 19, 593 976 466 391 5,093 1,057 380 1,164 671 590 May 41, 232 31, 317 19,970 977 481 409 5,551 1,026 448 1,234 653 567 June -. _- * 41, 074 i » 31,160 19, 871 1,011 471 P426 5,592 960 405 1,172 647 603 July * 41,174 * 31, 259 20, 268 981 546 P439 5,124 924 455 1,244 692 585 August __- v 41, 969 v 32,054 20, 475 1,019 510 P455 5,428 1,138 524 1,221 696 588 September » 41,306 P 31, 391 19,888 1,041 509 P419 5,386 v 1,138 456 1,292 702 «559 October * 41,347 v 31,432 20,157 1,044 P509 P433 5,231 p 1,138 455 1,216 *702 547 v Preliminary. ' Revised. «Corrected. NOTE.—The annual figures for total world production in 1930 and 1931 are those published in the annual report of the Director of the Mint for 1932. The difference between the 1931 figure and the aggregate of production reported monthly for that year is $113,679,000, or $9,473,000 on a monthly average basis. The monthly estimates of world production in 1931 represent the sum of this average difference and the figures actually reported monthly. For 1932 this average difference, more than two-fifths of which represents United States production, is increased by 4.7 per cent—the ratio of increase of United States production in 1932 according to the preliminary estimate of the Director of the Mint. The figures reported monthly are not in every instance complete for the area indicated. Those for West Africa represent the output of the Gold Coast and Sierra Leone; those for Australia, total output with the exception of Tasmania and Northern Territory; those for Japan, the output of the leading mines; and those for India, the output of the Mysore State. Official figures for all mines in Colombia are available on a monthly basis only for the year 1932. Monthly output in Colombia previous to 1932 has been estimated by adding to the official monthly figures for the Department of Antioquia the figure $27,762, representing the average monthly output of the rest of Colombia in 1931. For annual figures of world production of gold extending back to 1873 see the annual report of the Director of the Mint for 1932, p. 150. GOLD MOVEMENTS [In thousands of dollars) United States Net imports from— Month Total n p et o r i t m s - E la n n g d - France m G a e n r y - g B iu e m l- N la et n h d e s r- Sw la i n tz d er- C a a d n a - Mexico A t r i g n e a n- lo C m o b - ia B I r n i d ti i s a h C H a h o n i n d n g a Japan c o A o t l h u l e n r - Kong tries 1931—June 63,847 21 25,990 -17 20,725 438 4,923 155 6,361 399 4,852 July 19,503 -4 8 4,871 466 8,305 87 1,544 1,246 2,980 August 57,500 1,501 -16 11,000 5 2,208 8,802 5,383 142 4 1,046 25,000 2,435 September. 20,561 23 -24,087 2 -4,172 -349 8,837 4,260 25,770 3,095 3,596 3,584 October -337,685 685-324,500 -831 -9,678 -35,904 -17,617 5,666-1, 239 15, 474 16 5,533 22,501 2,209 November 89,436 333 -10 -115 -57 -394 -515 7,408 989 267 4,895 1,644 75,932 941 December 56,858 4,249 -15,150 -62 -5,861 -9,857 -1, 270 4,513 1,344 "2,"642 3,165 623 68,285 4,837 Total (12 mos.). 145,325 6,797-344, 514 36,026-15, 583-50, 327 -19,76881,136 22,267 141,263 15,116 8,064 34,240 199,286 31,322 1932—January -72,950 -3,199 -83,783 -71 -12,553 -6, 257 -1,759 4,154 1,103 9,110 2,948 4,677 167 9,969 2,542 February— -90,567 -235 -98, 203 -495 -17,859 -8,672 -254 8,406 950 1,157 7 2,575 819 19,441 1,795 March -24,671 -23 -37, 532 2 -6, 341 -6 7,216 2,997 2,683 3 70 2,948 3,313 April -30, 239 -1,922 -24, 527 -3,286 -669 -18,707 -115 7,267 3,329 7 2,402 2,013 3,967 Mav -195, 514 -7,047 -63,216 -9, 710-19,930 -58, 473 -53, 554 4,699 1,510 175 3,791 2,441 3,800 June _ -206,047 -1,910 -111,411 -116 -26,250 -23,168 -62,603 5,424 816 4,866 5,172 3,133 July -3,437 1,405 -21,513 -225 4,573 1,284 13 240 3,524 4,197 3,064 August -. 6,103 6,093 -17,950 1,021 -8 5,257 2,273 45 467 4,783 4,122 September 27,897 5,868 50 320 5,543 219 3,904 2,843 52 2,855 4,205 2,039 October 20,617 1,251 72 2,381 25 510 1,345 42 28 6,068 3,600 3,362 1,933 November 21,744 1,376 7 2,685 7 5,626 893 -1 94 4,773 2,964 3,322 December * 95,588 54, 453 13, 948 5,925 7,197 209 3,525 4,891 3,122 2,318 Total (12 mos.) v-451, 476 56,110-444, 058-13, 356-82, 581-98, 743-118, 27364,233 19, 552 12,991 3,197 25,425 38,960 49, 717 35,348 v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN JANUARY, 1933 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from— Month Total South n p et o r i t m s - U S n ta i t t e e s d France m G a e n r- y g B iu e m l- N l e a t n h d e s r- Sw la i n tz d er- A S m o e u r t i h ca B I r n i d ti i s a h S S m t e e r t a n tl i t e t s s - Au li s a tra- A d W R f e r h s e i o i c s a - a t , , c o t o A r th i u e l e l n s r - Africa 1931—June 54,300 -232 37,514 -19 -82 -3,338 -25 1,205 511 21,024 -2,647 July -130,808 -1,506 -110,144 1,765 -10,751 -50,133 -1,658 6,028 3,132 1,703 10,096 21,042 -382 August -24,160 11 -13,333 7 -9,145 -24,373 -13,218 602 984 1,504 15,549 17,861 -599 September -9,302 -843 -819 -82 -43 -21,353 -10,189 811 682 765 16 20,554 1,197 October 15,775 1,122 -6,769 -119 -8 -9,462 -2,502 1,370 8,353 444 572 21,681 1,093 November -45,386 -4,637 -63,524 -91 -14,101 -9,936 733 26,597 267 1,501 16,052 1,754 December* -15,602 -7,086 -24,939 -515 -155 -4,290 -18, 564 19, 527 417 64 19,499 442 Total(12mos.)*--146,542 -12,939 -318,987 33,756 -123,855 -61,003 29,446 59,775 11,195 33,234 236,232 3,591 ______ 1932— M A F J e p a a b n r r i r u c l u a h a ry ry - - - 2 6 7 2 6 , , , 1 3 6 ,1 8 2 9 4 2 0 1 8 -4 2 1 - , 1 1 , ,2 2 1 2 0 5 9 9 7 6 - - - - 6 5 1 4 4 2 7 0 , , , , 9 7 7 8 5 9 1 5 5 5 2 8 - - 7 5 7 6 8 3 1 - - - - 1 7 5 5 5 3 3 3 6 4 - - - - 3 7 1 3 , , , , 5 5 9 4 3 8 5 8 7 4 5 0 2 1 , , 2 1 0 2 0 0 5 6 2 4 3 2 1 0 5 4 7 , , , , 6 9 3 3 6 8 9 4 1 6 3 0 7 7 8 6 8 4 9 0 1 6 9 2 1 1 1 , , , 3 5 0 7 7 8 5 5 1 3 5 0 2 2 2 1 0 4 0 7 , , , , 8 8 6 0 9 8 1 6 3 4 6 2 1,4 3 8 4 2 5 8 2 6 2 7 0 May 16,973 7,541 -10,843 -18 -2, 571 -11,310 406 11, 565 803 915 18, 965 1,734 June 35,019 15,897 -9,035 14 -2,767 -9,394 12,812 772 794 26,246 760 July 22,675 -1,671 -11,361 4 -4,778 —7,812 500 14,204 2,122 9,661 19,351 3,207 August 1,296 -4,259 -20,269 45 -4,015 -10,438 300 14,279 829 175 1J, 712 5,010 September.... 5,204 -6,887 -27,521 5 -85 -2, 571 187 13,009 584 1,505 25,866 1,326 October 5,814 -284 -24,895 -20 -104 -2,969 189 11,973 943 870 18,378 1,853 November 13,857 -1,634 -13,519 370 -476 -4,188 527 10,488 710 830 20,006 831 December * -13,590 -21,566 -755 114 -173 -3,005 -19 4,139 139 51 6,789 697 Total (12mos.)*- 66,235 -62,790 -296,238 714-16,359 -75,090 -13,977 5,442 220,281 10,247 19,676 254,: 20,091 France Germany Net imports from— Net imports from— Month Total Total im n p e o t rts U S n ta i t t e e s d E la n n g d - m G a e n r y - N la e e n r t - d h s - S l z a w e n r i d - t- c o t o A r th i u e l e n l s r - im n p e o t rts U S n ta i t t e e s d E la n n g d - France N la e e n r t d - h s - S l z a w e n r i d - t- U S. . R S. . 1931—June -9,558 -6,326 316 4,114 —21 -8,262 621-205,543 -25,927 -40,029 -97,630 -24,159 -6,113 5,154 July 149,150 29,520 89,786 -19 ' 29,872 -6,243 -10,963 -1,949 54 151 18 5,218 August 72,952 -29 -5, 611 934 112 216 548 -23 September. 418 209 902 -10 -1,818 1,137 -16,947 547 3 -5,558-11,859 N O o ct v o e b m e b r. e . r .. . 2 1 1 7 2 3 3 2 , , , 7 3 8 3 7 8 4 2 1 2 9 4 3 9 3 , , , 1 8 9 6 7 5 4 6 6 2 4 26 1 0 , , , 1 7 4 3 3 4 r 8 7 6,06 9 0 1 1 - 2 3 2 - , , 2 5 7 3 5 4 r 3 1- - 4 2 2 2 - , , 1 3 5 5 8 7 3 6 2 5 7 1, , , 7 6 2 8 8 0 9 5 3 - -4 3 1 1 , , 9 4 8 6 7 7 8 3 5 6 1 8 7 8 1 5 1 4 4 2 2 9 0 -5,95 1 5 1 8 6 - - 1 1 0 6 , , 9 4 1 6 5 5 5 5 0 - -2 2 5 0 , , 5 6 1 9 2 0 4 0 3 5,183 December- Total (12 mos.) 728,176 328,130 312,561 100,050 18,775-81,207 49,867-247,950 -36,160-35,221-102,019-55,142-63,866 58,932 -14,475 1932—January.. _ _ 74,007 10, 735 -46 6,755 1,401 328 16 278 February-. 184,171 90,947 —4 9,601 -1,592 2,639 -5, 262 71 71 49 -5,647 247 -53 March 147,604 49,028 13,889 12,561 17 830 -13,647 -2 -16,224 170 -2,776 5,152 33 AprU 60,340 23,888 -15 2,019 428 -4,061 -8,319 -14 -5,398 -8,328 42 5,198 180 May 17,735 14,232 2,582 2,006 -1,1193-17,141 3,133 293 8 17 -7,539 67 10,352 -66 June 168,000 7,541 5,737 4,601 -8,234 6,281 -7,139 66 5 -5,800 3,399 2,809 July.. 31,954 12,472 -5 483 -1,001 3,259 -13,718 -42 -4,757 -5^ 474 549 -4,065 August 42,940 16,241 5,382 -17 -369 -2,44- 4,189 11 1,129 4,624 -1,627 September 9,638 4,424 3,918 1,448 249 222 8,551 6 3,379 5,409 -283 October- 32,695 19,995 329 565 -270 148 5,560 30 31 -52 5,458 36 November 33,402 25,907 6,122 672 645 2,314 -365 -6,175 2,577 -87 1 $17,555,000 exported by Germany to Belgium. 8 $29,233,000 imported by France from Spain. «$21,292,000 exported by France to Belgium. p Preliminary figures. NOTES Great Britain.—Net import figures for September, October, and November, 1931, are now final. The figures for December, 1931, will be revised as the final figures become available. Germany.—Since figures for individual countries are subject to semiannual revision, those given for the period July-November, 1932, are preliminary in character. Figures for total net imports are final. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDERAL RESERVE BULLETIN 27 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Switzerland Net imports from— Net imports from— Month Total Total net im- All net im- All ports U S n ta i t t e e s d England France m G a e n r y - c o o th u e n r - ports U S n ta i t t e e s d England France m G a e n r y - A So fr u ic th a c o o th u e n r tries tries 1931—June 24,384 -21 24,176 207 17,475 3,269 8,220 6,110 -146 July 9,397 9,820 -229 -232 3,597 23 1,072 2,300 -36 -69 August 60,076 60,722 -556 -128 18,096 186 66 50 11,044 * 6, 751 September 19,020 15,387 -113 * 3,831 25,505 1,722 23 16,577 3 7,181 October........ 30,598 16,413 14,781 -17,572 17,455 -479 94,339 32,919 5,346 3,398 8,270 44,196 209 November 36,551 21,551 7,982 -1,113 4,717 < 3,413 43,572 3,224 9,805 4,519 25,604 408 11 December 19,567 1,449 8,849 -2,325 11,672 -78 19,687 254 18,364 -75 203 55 Total (12 mos.) 198,619' 19,413 117,591 -21,024 56,059 6,580 222,751 36,422 41,301 19,317 39,684 72,760 13,267 1932—January 7,130 7,747 3,100 -3,521 -304 109 5,653 2,067 1,300 1,972 10 304 February 2,608 8,810 5,446 -9,900 320 -2,069 17,658 1,411 5,725 5,423 5,731 -630 March -1,886 6,342 3,870 -11,028 34 -1,105 4,698 82 5,733 886 65 April 7,737 2,799 867 -771 8,445 *-3,602 2,538 65 116 -95 -165 « 2,616 May 58,256 55,317 5,470 -3,258 7,429 s-6,703 46,051 41,034 116 1,718 -52 6 3, 235 June 54,107 47,324 8,397 -1,786 9,763 5-9,590 80,872 70,247 1,734 3,554 -85 e 5,422 July 4,983 5,565 -276 5,376 5-5,681 14,993 9,779 111 3,734 -51 61, 420 August 7,204 8,715 -334 -1,280 «103 1,503 81 90 757 -1 485. September -13,797 -6,367 1,198 -1,708 -3,496 5 3,423 -604 -361 154 -34 177 October -6,230 —1,916 1,252 -61 5-4,912 -3,385 -50 82 -3,087 -102 -232 November -4,857 -3,765 1,939 -3,085 British India* Month T im ot p al o r n t e s t U S n ta i t t e e s d England A I a Z S n u J e d e s a t t l N r i a m a e n l w d i p a - orts I f r ro a m q — A So fr u ic th a A co l u l n o t t r h ie e s r G in d o u I l c n d t d i p o i r a n o * -c e i I r r i n n e n e r o n s a c r I e G s m r n r e e d o v d a e e ( v e i s n — - a s e - t ) i c i n h I n r n e o o p a c I l r d s r n r e e i d i d v n a e ( i g a s — - a e s t 8 e ) 1931 June -1,752 -4 -2,254 170 146 25 165 491 3,397 -4, 658 July -803 .-1,539 404 7d 253 502 7,362 -7, 663 August -270 -10 -979 224 202 70 223 517 3,760 -3, 513 September 175 -762 -101 444 161 256 177 564 21 718 October -26,058 -8, 273 -10,179 23 279 479 »-8,388 675 -353 -25,030 November _. -24, 217 -3,307 -17,610 372 io-3,673 592 359 -23,984 December -45, 596 -5,294 -39, 539 152 -921 581 0 -45,015 Total (12 mos) -17, 650 -72,531 2,071 1,343 6,835 33, 532 -122, 385 1932—January -24,029 -2,863 -21, 419 536 18 -23,511 February —17, 672 -363 -17, 353 527 -2 —17,143 March -18,670 -90 -18,788 547 —7 -18,116 April -11,812 -209 -11, 229 592 -86 -11,134 May -8,935 -9,007 569 -1 -8, 365 June -13,227 -167 -13,155 605 —12,622 July —16, 437 -374 -14, 575 587 -15,850 August -11,674 -2, 775 -7,979 590 -11,084 September -17,201 -5,978 —9,835 «561 34 "-16, 674 October '-13, 384 549 p-12,835 November -16,973 P549 v-16,424 i $6,733,000 imported by Switzerland from Australia. a $4,020,000 imported by Netherlands from Dutch East Indies. 3 $7,293,000 imported by Switzerland from Norway. < $3,824,000 imported by Netherlands from British India. «Exported from Netherlands: To Poland—April, $1,791,000; May, $3,415,000; June, $3,349,000. To Switzerland—April, $2,325,000; May, $3,466,000; June, $5,849,000. To Belgium—July, $5,581,000; October, $5,737,000; November, $1,321. To Czechoslovakia—August, $2,199,000; September, $5,847,000. Imported by Netherlands: From British India—August, $3,212,000; September, $1,994,000; October, $1,006,000; November, $3,030,000. From Belgium—September, $1,843,000. «Imports by Switzerland from Netherlands: April, $2,308,000; May, $2,949,000; June, $5,632,000; July, $1,507,000. * Reported monthly production of the Mysore State plus $82,000 representing the average monthly production of the rest of India in 1930. s Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India. »$7,575,000 was exported from India to Netherlands. io $1,891,000 was exported from India to Netherlands; $2,173,000 to France. » $1,777,000 was exported from India to Netherlands. 12 $1,640,000 was exported from India to Netherlands. * From November, 1931, through June, 1932, figures for net imports from individual countries are preliminary and subject to revision. Figures for total net imports, gold production, and increase in Government and private holdings are final unless otherwise indicated. v Preliminary. c Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN JANUARY, 1933 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1932 1931 1932 1931 Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): 257 257 257 273 Gold reserve against Dominion notes.. 73 71 68 «69 Notes issued * _ . . *583 584 580 542 Advances to banks under finance act_. 65 27 23 66 Irish Currency Commission (thousands of Dominion notes— pounds sterling): Issued 199 161 153 197 Legal tender note fund— Outside chartered bank holdings 28 29 29 British legal tender and bank Indian Government (millions of rupees): balances 727 150 74 22 Gold standard reserve- B N r o i t t e is s h i s s s e u c e u d rities 6,269 6 6 , , 9 8 6 1 1 1 6,694 7,219 F G o o r l e d ign exchange 3 2 2 0 6 7 3 20 2 5 8 3 2 3 0 0 3 3 1 9 3 9 5 Consolidated bank notes *— 6,996 6,767 7,241 Paper currency reserve— I D ss e u e e m d e d . s u . c h unde _ r . s ec. 60 (4) _ o f _4,589 4,560 4,541 4,293 S G i o lv ld er coin and bullion 1,1 1 3 1 0 8 1,1 1 4 1 9 5 1,1 1 5 1 3 3 1,29 4 4 5 currency act, 1927 1,391 1,406 1,423 1,667 Other assets 509 494 491 285 Notes issued 1,756 1,758 1,758 1,624 1 Includes a small quantity of subsidiary coin. * The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Nov. 12, Oct. 15, and Sept. 17,1932, and Nov. 14 1931. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. p Preliminary. • Corrected. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars converted from Swiss francs at par; 1 Swiss franc=$0.1930] 1932 1931 1932 1931 Resources Liabilities Nov. 30 Oct. 31 Nov. 30 Nov. 30 Oct. 31 Nov. 30 Cash on hand and on current account with Short-term deposits: banks 2,111 1,734 2,717 Central banks for own account— Demand funds at interest 17,480 9,668 29,228 Demand 87,292 67,977 62,981 Rediscountable bills and acceptances (at Timecost): Not exceeding 3 months 4,710 13,026 35,552 Commercial bills and bankers* accept- Between 3 and 6 months ances 58,967 61,483 69,026 Treasury bills 30,417 25,661 27,942 Total. 92,001 81,004 98,533 Total.. 89,384 87,143 Central banks for account of others— Demand 2,427 2,792 19,400 Time funds at interest: Not exceeding 3 Time—Not exceeding 3 months... 11,022 months 45,518 44,853 48,027 Total.... 2,427 2,792 30,422 Sundry bills and investments: Maturing within 3 months- Other depositors— Treasury bills 8,534 2,762 Demand . 27 32 655 Sundry investments 11,438 13,736 Time—Not exceeding 3 months. 1,205 1,211 Between 3 and 6 months— 27,730 Long-term deposits: Treasury bills 1,400 6,967 Annuity trust account 29,677 29,677 29,677 Sundry investments 9,177 6,871 German Government deposit 14,839 14,839 14,839 Over 6 months 120 318 16,709 French Government guaranty fund. 13,249 13,249 13,249 Total 30,670 30,654 34,439 Total 57,765 57,765 57,765 Other resources- 1,614 1,545 2,332 Capital paid in 24,125 24,125 20.941 Legal reserve fund 254 254 108 Dividend reserve fund. 519 519 211 General reserve fund... 1,038 1,038 422 Other liabilities 7,414 6,857 14,654 Total liabilities.. 186,776 175,598 213,710 Total resources. 186,776 175,598 213,710 i Composed of $6,529,000 of investments between 6 months and 1 year and $180,000 exceeding 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANCAET, 1933 FEDERAL RESERVE BULLETIN 29 CENTRAL BANKS [For explanation of these tables see BULLETIN for February, 1931, pp. 81-83] Kesources of banking department Liabilities of banking department Gold (in Bank of England m d i e e s p s n a u t r ) e t * - Cash reserves D ad is v a c a n o n d u c n e t s s Se ti c e u s ri- ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - Coin Notes Bankers' Public Other Millions of pounds sterling: 1931—Oct. 28 135.7 1.3 54.6 10.5 84.6 356.0 63.5 17.3 52.6 17.7 Nov. 25 120.7 1.0 41.3 12.7 87.8 354.4 59.8 27.0 38.1 17.8 Dec. 30 120.7 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Jan. 27 120.8 49.9 12.9 82.5 345.9 74.3 15.3 38.2 18.1 Feb. 24 120.8 49.4 11.5 71.0 346.4 67.9 14.1 32.2 18.2 Mar. 30 ... 120.8 35.3 11.7 86.8 360.5 54.6 27.2 34.4 18.2 Apr. 27 120.8 43.0 11.5 79.4 352.8 58.3 23.4 35.3 17.7 May 25 125.0 45.8 12.2 93.2 354.2 77.5 23.6 32.9 17.8 June 29 136.1 48.1 14.9 93.5 363.1 86.6 18.0 34.7 18.0 July 27 137.7 43.4 15.3 92.5 369.3 88.2 11.2 34.6 18.1 Aug. 31 138.9 .9 48.6 12.2 92.2 365.3 79.5 20.7 35.4 18.2 Sept. 28 139.4 1.0 54.6 12.1 88.0 359.8 80.6 23.4 33.4 18.2 Oct. 26 139.4 1.0 56.0 11.6 85.4 358.4 77.3 25.4 33.6 17.7 Nov. 30 139.4 1.0 55.6 11.9 87.1 358.8 90.5 10.1 37.1 17.8 Dec. 28 119.8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 Resources Liabilities Deposits Bank of France Gold e F x o c r h e a i n g g n e Do b m il e ls stic Se lo c a u n ri s ty N s e t e i b g c e l o u s e r t « i i a - - Other ci N t r i c o o u t n l e a- G m ov e e n r t n- Other l O ia t t i b h e i e s l r i- Millions of francs: 1931—Oct. 30__. 27,600 8,809 2,712 5,065 8,428 8,227 22,954 2,441 Nov. 27... 67,844 - 24,273 7,766 2,731 5,065 8,647 82,543 7,170 24,171 2,442 Dec. 30._. 21, 111 7,389 2,730 7,157 8,545 85,725 5,898 22,183 ',989 1932—Jan. 29—. 71,625 18,805 6,555 2,744 6,899 8,278 84,723 4,722 23,552 ,910 Feb. 26— 75,059 15,127 5,544 2,707 6,882 8,329 83,189 3,637 24,899 ,925 Mar. 25... 76,832 12,632 4,820 2,716 6,881 8,371 81,782 3,526 24,962 ,980 Apr. 29— 77,862 11,800 4,690 2,735 6,881 8,697 82,774 3,111 24,827 ,953 May 27— 79,470 9,001 4,160 2,700 6,881 8,684 81,418 3,432 24,128 ,917 June 24... 82,100 6,332 3,929 2,715 6,626 8,634 80,667 2,881 24,621 2,167 July 29.. . 82,168 5,482 3,905 2,747 6,621 8,994 82,118 3,740 22,033 2,025 Aug. 26— 82,239 5,389 3,467 « 2,761 6,621 8,878 79,912 3,982 23,426 2,035 Sept. 30... 82,681 4,977 2,604 2,783 6,621 9,686 82,459 3,010 21,876 2,009 Oct. 28. _. 82,909 4,984 3,637 2,764 6,621 9,145 82,205 4,553 21,229 2,071 Nov. 25... 83,342 4,853 3,266 2,500 6,621 9,008 81,536 2,931 22,969 2,153 Dec. 30 p.. 83,016 4,483 3,436 2,515 6,801 (a) 85,027 2,310 20,072 ) Resources Liabilities Reichsbank Gold e F x o c r h e a i n g g n e Tre b a il s l u s ry b c i O h ll e s t c h ( k e a s r n ) d Se lo c a u n ri s ty Securities Other ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - Millions of reichmarks: 1931—Oct. 31 1,145 131 4,010 240 103 4,746 518 1,326 Nov. 30 1,005 170 3,901 254 103 4,641 506 1,323 Dec. 31 984 172 4,144 245 161 1,065 4,776 755 1,338 1932—Jan. 30. 948 145 3,632 158 161 1,098 4,407 394 1,373 Feb. 29 928 149 3,324 303 162 1,100 4,268 423 1,318 Mar. 31 879 142 3,258 290 362 1,044 4,231 578 1,226 Apr. 30 859 131 3,146 282 362 977 4,128 405 1,249 May 31 863 129 2,990 257 363 1,032 3,961 431 1,262 June 30 832 130 3,100 261 364 1,038 3,984 473 1,271 July 30 128 3,108 224 365 975 3,967 380 1,267 Aug. 31 157 3,009 207 365 960 3,817 408 1,279 Sept. 30 796 133 2,991 242 362 940 3,755 451 1,298 Oct. 31 817 123 2,857 198 362 957 3,620 389 1,345 Nov. 30 827 110 2,731 207 395 959 3,531 418 1,314 Dec. 31 806 114 2,806 176 398 1,114 3,560 540 1,313 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. Since Aug. 1,1931, however, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been authorized by the British Treasury under section 8 of the Currency and Bank Notes Act, 1928: the maximum period for which such authorization may be granted is two years. 2 Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement). 3 Not yet available. c Corrected. * Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN JANUARY, 1933 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank Nov. Oct. Sept, Nov. Nov. Oct. Sept. Nov. National Bank of Albania (thousands Bank of the Republic of Colombia of Albanian francs): (thousands of pesos): Gold... .... 5,508 5,487 5,520 5,123 Gold at home and abroad 11,947 11,597 13,261 10,684 Foreign exchange 29,891 29,425 29,176 24,641 Foreign exchange 5,870 4,388 3,323 4,634 Loans and discounts 3,413 3,439 3,402 4,623 Loans to member banks 5,963 6,275 18,771 Other assets 6,033 4,901 5,001 7,496 Note circulation 20,122 19,260 18,255 19,711 Note circulation 12,272 12,269 12,002 11,927 Deposits 20,164 20,154 18,674 11,330 Demand deposits 19,892 19,205 19,293 16,110 National Bank of Czechoslovakia Other liabilities 12,680 11,778 11,804 13,845 (millions of Czechoslovak crowns): Commonwealth Bank of Australia Gold 1,692 1,659 1,659 1,567 (thousands of Australian pounds): Foreign balances and currency. ~ 1,049 1,082 1,098 1,146 Issue department— Loans and advances 1,267 1,560 1,628 1,656 Gold coin and bullion 11,199 10,499 10,499 10,500 Assets of banking office in liqui- Securities. _ 37,280 37,715 38,053 41,248 dation 0 0 0 299 Banking department- Note circulation 5,951 6,057 6,218 7,166 Coin, bullion, and cash 950 1,079 1,218 Deposits 512 634 579 194 London balances 15,489 14,174 13,666 Danish National Bank (millions of Loans and discounts 13,228 14,902 14,903 18,901 kroner): Securities.. 29,471 29,765 29,874 17,684 Gold 133 133 133 144 Deposits 62,446 62, 517 62,147 47,810 Foreign bills, etc 37 55 55 39 Bank notes in circulation 43,072 43,007 42,705 45,778 Loans and discounts 82 104 118 155 Austrian National Bank (millions of Note circulation 318 333 315 340 schillings): Deposits 105 76 49 Gold 149 149 149 190 Bank of Danzig (thousands of Dan- Foreign exchange of the reserve._ 39 39 40 116 zig gulden): Other foreign exchange 0 0 0 41 Gold... 21,375 21,375 21,371 21,830 Domestic bills 336 2 336 867 820 Foreign exchange of the reserve... 14,135 15,230 18,839 21,533 Government debt 663 «663 92 96 Other foreign exchange 456 248 302 6,403 Note circulation 880 903 902 1,130 Loans and discounts 9,690 9,223 8,851 9,457 Deposits ... 196 177 173 140 Note circulation 36,103 37,126 37,963 42,747 National Bank of Belgium (millions Deposits 5,144 6,502 6,861 6,111 of belgas): Central Bank of Ecuador (thousands Gold 2,608 2,611 2,582 2,558 of sucres): Domestic and foreign bills. _ 690 683 655 936 Gold at home and abroad 14,700 14,648 5,653 Loans to State 367 367 367 290 Foreign exchange 4,161 4,502 10,860 Note circulation 3,623 3,637 3,631 3,550 Loans and discounts 23,314 21,960 14,408 Deposits- 206 168 128 334 Note circulation.,. 24,662 24,127 19,598 Central Bank of Bolivia (thousands Deposits.. 10,667 9,766 9,595 of bolivianos): National Bank of Egypt 3 (thousands Gold at home and abroad 16,669 20,796 21,322 12,489 of Egyptian pounds): Foreign exchange 2,766 2,367 3,050 13,788 Gold... 6,663 4,225 Loans and discounts 29,171 41,249 38,703 22,190 Foreign exchange 2,126 1,953 1,619 Note circulation. 36,096 34,965 33,960 25,706 British Government securities... 12,759 12,159 15,098 Deposits __ _ 24,929 17,497 16,165 11,016 Loans and discounts 6,302 6,161 9,709 Bank of Brazil (millions of milreis): Egyptian Government securities- 19,565 17,175 14,757 Currency _ 563 586 454 274 Other assets.. 3,739 3,634 3,870 Correspondents abroad 276 255 215 75 Note circulation 19,219 18,935 19,057 Loans and discounts 1,905 1,804 1,806 1,618 Deposits—Government 4,412 2,830 5,120 Note circulation 170 170 170 170 Other 19,332 17,901 16,916 Deposits 2,674 2,571 2,238 1,583 Other liabilities 8,191 8,080 8,184 National Bank of Bulgaria (millions Bank of Estonia (thousands of of leva): krooni): Gold— 1,518 1,517 1,517 1,510 Gold _- 13, 721 11,481 11,475 6,552 Net foreign exchange in reserve. _ -16 8 51 Net foreign exchange 5,342 6,949 6,973 13,970 Total foreign exchange 245 254 478 Loans and discounts 21, 790 22,923 23,296 23,166 Loans and discounts. 795 817 784 881 Note circulation 31,881 32,944 32,060 37,124 Government obligations. 2,935 2,935 2,945 3,031 Deposits—Government 3,280 4,398 4,893 Note circulation 2,590 2,713 2,773 2,981 Bankers' _. 5,950 5,650 5,644 3,429 Other sight liabilities 1,637 1,542 1,478 1,460 Other 2,675 2,541 2,318 2,071 Ce p n e t s r o a s l ): Bank of Chile (millions of Bank of Finland (millions of mark- F G o o r l e d i g a n t h ex o c m h e a n a g n e d f o a r b r a o c a c d o u _ n . t of— 86 93 67 ka G a) o : ld 304 304 304 304 N L S D e o o e c a p t u e n B E o r s s c i x a t i i a c n i t r e s h n k c s a d u n l d a g i t e s i o c c n o o u m n m ts iss _ ion ,. 4 4 2 2 6 1 8 7 3 5 5 6 4 0 6 «2 4 4 2 0 9 6 1 4 4 1 2 9 4 2 4 2 0 1 8 3 3 0 2 0 9 2 3 1 1 0 1 7 3 0 0 8 1 9 1 0 B D N F D o a o o e c r l m r m t a e e e n i d a e g c c n s i n i e t t d r s i s c c b u l i i b l l a l a a i s b l b t l i i r s o l o i n t a i e d s an _ d foreign 1 1 , , 4 2 3 0 0 0 5 5 1 6 6 9 4 0 4 1, 4 2 9 3 0 6 3 8 5 6 5 0 5 1 6 1, 9 4 2 3 0 4 9 2 4 9 6 9 5 1 0 1 1 , , 2 1 3 2 2 3 1 0 0 0 7 5 3 7 1 Central Bank of China 3 (thousands Bank of Greece (millions of drachof Yuan dollars): Gold 1,433 Gold 654 617 Silver 47,574 46,762 44,773 Foreign exchange 1,212 1,255 932 1,480 Due from banks abroad 6,887 3,559 19,763 Loans and discounts 2,199 2,167 1,966 523 Due from domestic banks 31,781 22,348 23,700 Government obligations 3,322 3,322 3,321 3,128 Loans and discounts 94,016 93,119 72,127 Note circulation 4,488 4,750 4,683 3,987 Securities 5,898 5,832 10,493 Other sight liabilities 3,176 2,955 2,454 891 Other assets.. 18,679 19,338 8,198 Liabilities in foreign exchange 223 230 197 195 Note circulation 31,605 30,842 34,417 Central bank of Guatemala (thou- Deposits—Go vernment 88,421 87,603 94,684 sands of quetzales): Bank 32,701 23,891 9,854 Gold coin 1,778 2,228 Other 4,912 4,902 4,735 Balances abroad 414 307 Other liabilities 48,629 44,528 35,364 Loans and discounts , 6,144 5,998 i "Gold and English sterling/' a Bills and acceptances rediscounted for the Credit-Anstalt, amounting to 571,000,000 schillings, were transferred to Government account. 3 Items for issue and banking departments consolidated. 'Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDERAL EESERVE BULLETIN 31 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. Central bank of Guatemala—Contd. Bank of Portugal (millions of escu- Other assets 1,515 1,560 dos): Note circulation 5,478 6,351 Gold — 405 400 272 Demand deposits 1,337 1,170 Other reserves .- 547 558 544 591 Other deposits 122 77 Discounts and advances 342 338 339 348 Other liabilities 2,914 2,496 Government obligations •— 1,058 1,058 1,058 1,058 National Bank of Hungary (millions Note circulation 1,961 1,906 1,920 1,936 of pengos): Other sight liabilities 330 379 355 312 Gold 97 97 97 105 National Bank of Rumania (millions Foreign bills, etc 12 8 11 12 of lei): Loans and discounts 460 489 459 421 Gold 9,476 9,476 Advances to treasury 52 52 52 58 Foreign exchange of the reserve.., 530 589 1,721 Other assets 23 22 20 37 Other foreign exchange 105 78 34 Note circulation 348 410 372 392 Loans and discounts 11,135 11,312 13,962 Deposits 78 55 81 148 State debt 5,730 5,730 5,237 Miscellaneous liabilities 190 174 159 63 Note circulation 21,288 21,313 23,519 Bank of Italy (millions of lire): Demand deposits ._ 6,569 6,957 5,966 Gold at home. 5,826 5,811 5,789 5,626 South African Reserve Bank (thou- Credits and balances abroad 1,352 1,405 1,400 2,361 sands of South African pounds): Loans and discounts 6,078 6,463 6,028 5,109 Gold 6,925 7,189 6,512 7,700 Total note circulation 13, 564 13,795 13,814 14,254 Foreign bills 0 0 0 29 Public deposits 300 300 300 300 Domestic bills 1,363 1,133 1,862 3,755 Other deposits 1,051 1,096 1,274 1,910 Note circulation .— 7,365 7,933 8,067 Bank of Japan (millions of yen): Deposits—Government.. 1,676 1,042 1,171 1,672 Gold 429 429 429 558 Bank 4,145 3,790 3,997 4,115 Advances and discounts 771 845 828 931 Other _ 261 192 142 501 Government bonds 451 268 118 118 Bank of Spain (millions of pesetas): Notes issued 1,077 1,130 979 1,087 Gold 2,258 2,258 2,257 2,247 Total deposits - 586 421 469 519 Silver - - 598 590 526 Bank of Java (millions of florins): Balances abroad 290 293 282 Gold. 104 105 104 132 Loans and discounts 2,691 2,819 2,803 3,160 Foreign bills 19 19 18 5 Note circulation _ 4,802 4,856 4,818 4,954 Loans and discounts 48 49 49 50 Deposits — 964 918 1,135 Note circulation 208 214 216 234 Bank of Sweden (millions of kronor): Deposits 32 33 32 28 Gold. — 206 206 206 206 Bank of Latvia (millions of lats): Foreign bills, etc. 221 195 179 31 Gold _ - 36 36 36 32 Loans and discounts 211 187 209 553 Foreign exchange reserve 11 12 12 13 Note circulation 537 571 612 576 Bills 70 71 71 79 Deposits 285 183 133 119 Loans 57 56 52 59 Swiss National Bank (millions of Note circulation 36 37 36 41 francs): Government deposits .. 66 67 68 58 Gold 2,553 2,638 2,638 2,201 Other deposits 88 87 85 87 Foreign balances and bills 74 47 61 84 Bank of Lithuania (millions of litu): Loans and discounts 59 66 56 135 Gold.. — 49 49 49 48 Note circulation 1,535 1,553 1,575 1,477 Foreign currency 16 18 16 40 Demand deposits 1,157 1,201 1,187 953 Loans and discounts 91 93 96 118 Central Bank of the Republic of Note circulation _ 100 102 98 113 Turkey (thousands of Turkish Deposits 53 54 58 80 pounds): Netherlands Bank (millions of flor- Gold 19,813 19,214 18,439 ins): Foreign exchange 178 373 387 Gold .--. 1,033 1,035 1,035 901 Government securities 155,180 155,450 155,840 Foreign bills 71 71 71 66 Other securities 28,081 28,081 28,081 Loans and discounts 112 122 119 219 Other assets . 22, 526 21,538 22,488 Note circulation _ 967 1,003 974 1,051 Note circulation 1 163,868 164,139 164, 529 Deposits 301 264 294 199 Sight deposits. _ 11,303 10,373 9,082 Bank of Norway (millions of kroner): Other liabilities. 50,607 50,144 51,623 Gold... - 144 144 142 158 Bank of the Republic of Uruguay Foreign balances and bills ... 23 26 29 8 (thousands of pesos): Domestic credits 254 254 261 236 Gold 46,723 47,906 51, 214 Note circulation _ 301 306 311 288 Loans and discounts 109,178 108,167 103,193 Foreign deposits 3 3 3 2 Other assets 39, 724 39, 257 36,379 Total deposits 82 80 83 Note circulation 83,916 82, 383 77, 592 Central Reserve Bank of Peru (thou- Deposits—Demand 33,746 35,029 33,398 sands of soles): Time 37,378 37,477 38,652 Gold. 39,066 39,277 60,416 Judicial and adminis- Foreign exchange 191 93 805 trative _. 2,766 2,715 3,255 Bills <. 19,089 15,143 12, 534 Other liabilities 37,820 37,728 37,888 Note circulation 49,239 47,388 56,308 National Bank of the Kingdom of Deposits 5,809 4,587 Yugoslavia (millions of dinars): Bank of Poland (millions of zlotys): Gold. _ 1,767 1,763 1,763 1,758 Gold. 501 494 Foreign exchange 215 347 354 491 Foreign exchange of the reserve.. 36 36 35 84 Loans and discounts 2,538 2,546 2,482 2,161 Other foreign exchange 106 103 103 126 Advances to State 2,412 2,411 2,410 2,100 Loans and discounts 680 714 741 751 Note circulation 4,712 4,759 4,833 5,239 Note circulation 997 1,063 1,056 1,211 Other sight liabilities 835 852 795 552 Other sight liabilities 201 130 152 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN JANUARY, 1933 COMMERCIAL BANKS 1931 1932 Country Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Argentina (millions of gold pesos): Bank of the Nation— Gold 1 1 1 1 1 1 1 1 1 1 1 1 Other cash _. 109 107 111 113 115 105 121 136 127 132 128 128 Loans and discounts 696 707 675 234 680 685 688 696 688 679 679 668 652 641 642 649 644 664 712 702 681 Other banks in Buenos Aires— Gold...- - 2 2 1 1 1 1 1 1 1 1 1 1 Other cash 194 203 200 199 206 206 212 218 218 228 243 248 Loans and discounts 830 817 821 1,251 798 794 783 775 769 761 754 747 Deposits 933 922 914 907 905 909 926 928 Canada (millions of Canadian dollars): Assets entirely in Canada— Cash in vault * _ 201 175 176 167 158 150 154 166 161 154 151 161 202 Cash in central gold re- 25 26 22 20 24 23 23 23 25 22 23 21 19 Security loans 157 135 131 130 131 122 114 110 112 114 115 117 108 Other current loans. 1,102 1,071 1,063 1,071 1,070 1,057 1,037 1,028 1,004 1,003 1,018 999 Security loans abroad 113 66 99 88 73 65 74 76 96 95 88 99 Securities _ 719 674 664 671 674 703 727 759 Liabilities entirely in Canada- Notes in circulation 131 129 123 122 121 125 119 126 123 117 124 120 116 Individual demand deposits 617 567 507 496 500 495 489 462 475 481 493 472 Individual time deposits. __ 1,360 1,390 1,387 1,373 1,371 1,379 England (millions of pounds sterling): Cash in vault and at bank 170 181 177 170 171 170 176 188 188 190 190 190 Money at call and short notice. 108 118 116 108 111 111 110 111 120 114 110 112 112 Advances and discounts 1,125 1,131 1,128 1,093 1,103 1,105 1,102 1,114 1,138 1,176 1,179 1,171 1,161 Investments 284 281 268 264 266 272 284 324 333 348 367 396 409 Deposits _ 1,670 1,700 1,677 1,621 1,639 1,643 1,661 1,727 1,765 1,813 1,826 1,853 1,859 France (millions of francs): Bills and national-defense bonds. 17,851 18,441 18,454 '17,347 17,482 18,043 18,998 18,994 20,136 18,745 19,034 19,757 Loans and advances 9,797 9,697 9,041 9,114 8,711 8,312 8,296 8,188 8,456 8,490 8,287 Demand deposits._ 37,019 37,023 36,196 36,435 35,983 35,929 35,826 36,351 36,031 36,372 36,197 Time deposits 1,332 1,222 1,179 1,218 1,201 1,239 1,284 1,250 1,263 1,286 1,280 1,342 Germany (millions of reichsmarks): Bills and treasury notes 1,431 1,503 1,380 1,613 1,652 1,660 1,661 1,665 1,651 1,674 1,631 Due from other banks 345 320 367 267 290 257 263 242 256 242 245 Miscellaneous loans 6,748 5,935 6,034 6,235 6,160 5,898 5,813 5,736 5,745 5,706 5,668 Deposits 7,390 7,276 7,289 7,539 "7,562 7,541 7,457 7,397 7,439 7,401 7,307 Acceptances 910 903 872 851 815 796 782 773 775 770 Japan (millions of yen): Cash on hand 146 140 124 130 116 136 215 156 117 212 197 185 Loans _ 2,208 2,247 2,283 2,228 2,264 2,248 2,250 2,252 2,234 2,219 2,187 2,165 2,188 Deposits 2,059 2,051 2,008 1,954 1,938 1,946 1,949 1,963 1,973 2,027 2,019 2,042 2,125 i Gold, Dominion notes, and subsidiary coin. e Corrected. NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks; Germany—six Berlin banks previous to consolidation of Dresdner Bank and Darmstadter und Nationalbank in February, 1932, five Berlin banks thereafter; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDEKAL RESERVE BULLETIN 33 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f la E a n n n d k g- F B ra o a n n f c k e G R b e e a r ic m n h k a s n - B It a a o n f ly k N l B a e a n th n d e k s r- N S B a w t a i n o is k n s al Country R Ja a 1 n t . e I s n i n e c f e f — ect Country R Ja a 1 n t . e I s n i n e c f e f — ect In effect June 1,1931. 2H 2 5 2 2 Albania 8 July 1,1931 Japan 4.38 Aug. 18,1932 June 13 7 Austria 6 Aug. 24,1932 Java Mar. 11,1930 July 16 - 10 Belgium Jan. 14,1932 Latvia Jan. 1,1933 July 23.. Bolivia 6 2 July 5,1932 Lithuania 6 Apr. 1,1930 July 30 - 4H Aug. 1 15 Bulgaria 8 May 25,1932 Norway 4 Sept. 1,1932 Aug. 12 10 Chile- f* Aug. 23,1932 Peru 6 May 20,1932 Sept. 2. 8 Colombia. .. Sept. 19,1932 Poland 6 Oct. 21,1932 Sept. 21. 6 Czechoslo- Portugal Apr. 4,1932 Sept. 28 7 vakia Sept. 26,1932 Sept. 29 3 Rumania 7 Mar. 4,1932 Oct. 10- 2M Danzig 4 July 12,1932 South Africa- 5 Oct. 7,1932 Dec. 10 7 Denmark... Oct. 12,1932 Spain _- 6 Oct. 26,1932 Feb. 18, 1932 5 Ecuador. _ 6 2 Sept. 23,1932 Mar. 9 6 Estonia 5H Feb. 1,1932 Sweden Sept. 1,1932 Mar. 10 4 U. S. S. R— 8 2 Mar. 22,1927 Mar. 17 Finland Apr. 19,1932 Yugoslavia- July 20,1931 Mar. 21 . 6 Greece 9 2 Dec. 3,1932 Apr. 9 5^ Hungary Oct. 18,1932 Apr. 19 2M India 4 2 July 7,1932 Apr. 21 3 Apr. 28 5 May 2 5 Changes since Dec. 1: Greece-Dec. 3, down from 10 to 9 per cent May 12 . Latvia—Jan. 1, down from 6 to 5H per cent. June 30 2 2 Sept. 22 4 In effect Jan. 1,1933. 2 4 5 2H 2 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month 3 B a a m a c n n c o c k e e n p e s t t r , h - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n l l a o d n w e k p a e o n r s c s i e t ' s d P is r r c i a v o te a u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or 1931—November. 5.75 5.55 4.96 4 8.00 9.31 8.69 J.59 1.73 December.. 5.85 5.60 4.27 4 7.33 7.40 8.45 1.57 1.59 1932—January 5.52 4.94 4.20 4 6.94 7.58 7.86 2.24 2.37 February __ 4.63 4.08 3.84 4 -3 6.67 7.98 7.81 1.87 1.69 March 2.59 2.28 2.40 3 -1H 6.10 7.10 7.76 1.22 1.06 April 2.19 2.07 1.91 1*6-1 5.12 6.31 6.17 1.02 .94 May 1.44 1.10 1.29 l - 4.87 f.96 5.91 .60 1.03 June 1.05 .85 .99 4.75 5.76 5.70 1.00 July .92 .66 .67 4.58 5.75 5.49 1.00 August .74 .60 .73 4.50 5.75 5.82 .37 1.00 September. .67 .55 .67 4.25 5.55 5.55 '.37 1.00 October .82 .71 .71 3.87 5.00 4.94 ".37 1.00 November. .82 .73 3.87 5.00 4.80 .37 1.00 Sw la i n tz d er- (B B r e u lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r i c a v o t a e u t n e t d P is r r c i a v o te a u t n e t d P is r r c i a v o te a u t n e t d P is r r c i a v o t a e u t n e t c c ia o P l m ri p m m ap e e r e - r Da m y o -t n o e - y day L m oa t o o n n s t 3 h u s p Dis b co il u ls nted ov m e C o r a n n l i e l g y ht 1931—November. 1.77 2.44 1.90 7.50 734-10 5 -6 6 - 5. 48-6. 57 5.66 December. 1.75 2.44 1.75 7.50 734-10 5 -6 6 -Y 5.84-6. 57 6.57 1932—January.. . 1.68 2.91 1.75 7.50 6H-10 6 -7H 5.84-6.57 6.02 February. 1.52 3.31 1.75 6.92 5H7 5.84-6.57 6.39 March 1.50 3.36 1.80 6.53 5 -5H 5 -7 6. 20-6. 57 5.84 April 1.50 3.26 1.66 6.00 5H- 9 4H-5 5 -7 6. 20-6. 57 5.48 May 1.50 3.21 1.50 5.52 4^-43/4 4*4-6 6.20-6.57 4.56 June 1.50 3.16 1.22 5.50 4 -4% 4 -5 6.02-6. 57 4.56 July 1.50 3.17 .99 5.50 4 -4M1 4 -h 6.02-6.39 4.20 August 1.50 3.12 1.02 5.50 4^-434 4 -5 5.84-6.21 4.02 September 1.50 3.00 1.00 5.50 4- 4K 5.66-6. 21 3.47 October.. _ 1.50 3.00 1.01 5.00 5.66-6.02 3.28 November. 1.50 3.00 1.11 * Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN JANUARY, 1933 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] China (and Hong Kong) Month A t r i g n e a n- Austria Belgium Brazil Bulgaria Canada Chile c M an l e a d x r o i- l-k h S a h i a t n a g e - l Yuan d H K o o o l n n la g g r Co b l i o a m- 1931—December. 58.5196 13.9460 13.9039 6.2010 0.7148 82.7064 12.0669 23.6010 32. 8054 23.7323 24.8704 96.5692 1932—January... 58.2724 13.9518 13.9140 6.1579 .7151 85.1301 12.0500 23.5237 32.6357 23.6966 24.8396 95.6656 February- 58.2204 13.9516 13.9384 6.1720 .7145 87. 2936 12.0500 24.4696 33.1449 24.3587 25. 3353 95.2400 March..... 58.2879 13.9601 13.9361 6.2121 .7176 89.4530 12.0606 23.9969 32.8061 23.9213 24. 6855 95.2400 April 58.2171 13.9544 13.9956 6.5402 .7201 89.8808 10. 6538 22.3173 31. 2481 22. 3221 23. 7187 95.2400 May 58.3242 13.9645 14.0249 7.1294 .7202 88.4430 6.0000 21.6412 30.4700 21. 7116 23.4337 95.2400 June 58.5205 13.9600 13.9366 7.5008 .7200 86.7427 6.0202 21.2319 30. 2007 21. 3125 23. 3431 95.2400 July 58.5574 13.9813 13.8724 7.5960 .7230 87.0658 6.0250 20. 5462 29.3650 20.6400 22. 8893 95.2400 August 58.5695 13.9696 13.8735 7.6221 .7209 87.5513 8.0283 20.9710 30.4332 21.0031 23.2479 95.2400 September. 58. 5886 13.9635 13.8606 7.6171 .7203 90.2636 6.0414 21. 2737 30. 6262 21. 0404 23. 4293 95.2400 October. _. 58. 5835 13. 9550 13.8940 7. 6214 .7200 91.2332 6.0250 21.0250 30.0206 20.8883 22. 9487 95.2400 November. 58.5837 13.9477 13.8723 7. 6302 .7200 87.3000 6.0276 20. 6406 29. 3164 20. 5937 22. 4062 95.2400 December. 58.5851 13.9581 13.8460 7.6327 .7200 6.0274 19. 5769 27.6051 19.4719 21. 3527 95.2400 Month Cuba sl ) o z v e a ch k o ia - m D a e r n k - Egypt England l F a i n n d - France m G a e n r y - Greece Hungary India Italy Japan 1931—December.. 99.9470 2.9626 18.5875 345.9793 337.3707 3.9229 23.6192 1.2879 17.4580 25. 3612 5.1094 43.4644 1932—January 2.9627 18.8801 351. 7897 343.1210 1. 5036 3.9294 23. 6475 1. 2877 17.4500 25,8179 5.0441 35.9866 February. . 99.9622 2.9627 19.0192 354. 4697 345. 6316 1.5014 3. 9379 23. 7392 1.2875 17.4397 26.0329 5.1799 34. 3233 March 100.0590 2.9628 20.0112 372. 6136 363.9304 1. 6015 3. 9325 23. 7812 1.2875 17. 4353 27.3121 5.1824 32.1562 April 99.9816 2.9629 20. 5267 384. 7773 374.9994 1.7225 3.9430 23. 7427 1.2318 17.4298 28.0133 5.1493 32.8063 May 99.9299 2.9650 20.0654 376.8328 367. 5140 1. 7171 3.9468 23. 7947 .6641 17.4384 27. 3175 5.1491 31.9730 June 99.9217 2.9641 19.9248 374.1009 364. 6648 1. 7019 3. 9363 23. 6878 .6387 17.4740 27.1647 5.1162 30. 2856 July _. 99.9186 2. 9589 19. 2044 364.0790 354.9564 1. 5350 3.9207 23. 7176 .6399 17.4612 26.6842 5.1009 27. 4471 August 99.9094 2.9596 18. 4993 356. 4018 347. 5721 1. 5114 3.9187 23. 7838 .6321 17.4507 26.1577 5.1144 24. 4944 September- 99.9118 2.9594 17.9781 355. 9494 347.1062 1. 4953 3.9179 23. 7814 .6060 17.4653 26. 2192 5.1264 23. 6314 October 99.9109- 2.9606 17. 6412 348. 5176 339. 6163 1. 4823 3. 9264 23. 7692 .6014 17.4452 25. 6800 5.1195 23.0628 November. 99.9237 2.9619 17.0613 336.0492 327. 5267 1.4441 3.9190 23. 7536 .5743 17. 4356 24. 7830 5.1124 20. 6218 December. _ 99. 9261 2. 9613 17.0069 327. 9679 1.4239 3.9033 23. 7869 .5418 17.4265 24. 7923 5.1088 20. 7298. Month Mexico N l e a t n h d e s r- Norway Poland Po g r a t l u- m R a u n - ia Spain S S m t e r e t a t n l i t e t s s - Sweden Sw la i n tz d er- Turkey Uruguay Y sl u av g i o a - 1931—December. 39.0086 40.2338 18.4831 11.1902 3.2302 .5959 8.3992 39.0313 18.7098 19.4805 47.2100 44. 5487 1. 7796 1932—January... 39.3294 40.1828 18. 6969 11.1934 3.1642 .5951 8.3945 39.6900 19.1888 19.5074 47.3484 44.9160 1.7784 February.. 37.8712 40. 3479 18. 7701 11.1896 3.1830 .5950 7. 7671 39.7745 19.2922 19.4961 47.4678 46.1521 1. 7803 March 33.6841 40.2799 19.6003 11.1770 3.2832 .5958 7.5993 41.3333 19.8540 19.3405 47.3330 47.0796 1. 7753 April 33.3728 40.4914 19.0780 11.1847 3.3804 .5960 7.6942 42.7404 19.0910 19.4374 47.4935 47.3186 1. 7725 May 30.2540 40.5474 18.4823 11.1810 3.3267 .5970 8.1169 42.2400 18. 7238 19.5579 47.5060 47^33 1. 7743 June 26.8977 40.4411 18.0626 11.1839 3. 3320 .5966 8.2451 41.9567 18. 7049 19.5141 47.3550 47.2115 1. 7436 July 27. 7321 40.2740 17.6386 11.1885 3.2240 .5972 8.0518 40.9675 18.2190 19.4684 47.1604 47. 5680 1.6717 August 28.5682 40.2443 17.4101 11.1771 3.1579 .5978 8.0608 40.1042 17.8485 19.4528 47.1011 47.4413 1.6903 September 29.9159 40.1586 17.4470 11.1800 3.1481 .5982 8.1044 40.2475 17.8055 19. 3007 47.1916 47.3900 1.5892 October... 31.1060 40.2217 17.1752 11.1740 3.0872 .5978 8.1871 39.4372 17.5334 19. 3041 47.3466 1.4094 November. 32.2205 40.1774 16.7252 11.1769 3.0293 .5975 8.1730 38.0026 17.4314 19.2470 47.3402 1.3506 December. 31.9923 40.1680 16.8899 11.1825 3. 0191 .5973 8.1506 38. 0123 17. 9108 19.2354 47. 3397 1.3448 Monetary units and pars of exchange (in cents per unit of foreign currency): Par of Par of Par of Country Monetary unit ex- Country Monetary unit ex- Country Monetary unit exchange change change Argentina Gold peso 96.48 Czechoslovakia- -. Koruna 2.96 Netherlands Florin 40.20 Austria Schilling.... 14.07 Denmark Krone 26.80 Norway Krone 26.80 Belgium Belga. 13.90 Egypt Egyptian pound 494.31 Poland Zloty 11.22 Brazil.. Milreis 11.96 England Pound 486.66 Portugal Escudo 4.42 Bulgaria Lev .72 Finland Markka 2.52 Rumania Leu .60 Canada Dollar 100.00 France Franc 3.92 Spain Peseta 19.30 Chile Peso. 12.17 Germany Reichsmark 23.82 Straits Settle Straits Settle- 38.93 [Mexican dollar * 19.90 Greece Drachma 1.30 ments.8 ments dollar. China (and Hong I Shanghai taeU.._. 27.43 Hungary Pengo 17.49 Sweden Krona 26.80 Kong) iYuani 19.45 India Rupee 36.50 Switzerland Franc 19.30 IHong Kong dollar] 19. 75 Italy Lira .. 5.26 Turkey Turkish pound 439.65 Colombia Peso 97.33 Japan Yen 49.85 Uruguay Peso 103.42 Cuba ....do 100.00 Mexico Silver peso 49.85 Yugoslavia Dinar 1.76 1 Silver currencies—Figures given for parity represent gold value of unit in December, 1932, computed by multiplying silver content of unit by New York average price of silver for December, 1932, which was $0.27010 per fine ounce. 2 Straits Settlements dollar is legally equivalent to seven-sixtieths of one English pound. Figure given for parity represents seven-sixtieths of average quotation of pound in New York for December, 1932. Back figures.—See BULLETIN for January, 1932,1931,1930,1929, and 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDEKAL BESEEVE BTJLLETIN 35 FOREIGN EXCHANGE RATES, YEARLY AVERAGES, 1924-1932 [In cents per unit of foreign currency. For explanation see note on p. 34] Present monetary Par of Country unit * exchange 1925 1926 1927 1928 1929 1930 1931 1932 Europe: Austria Schilling i 14.07 0.0014 2 14.0612 14.0740 14.0764 14.0743 14.0575 14.0891 14.0227 13.9599 Belgium Belga1 13.90 4. 6438 4.7580 «3.3721 13.9157 13.9281 13.9124 13.9524 13.9285 13.9137 Bulgaria.. Lev* .72 .7281 .7317 .7210 .7235 .7207 .7216 .7209 .7163 .7193 Czechoslovakia Crown *2.96 2.9542 2.9656 2.9618 2.9622 2.9625 2.9609 2.9640 29.6186 2.9618 Denmark _ Krone 26.80 16.7228 21.1310 26. 2257 26.7251 26.7426 26.6802 26.7650 25.0581 18.8317 England Pound... 486.66 441. 7064482.8944 485.8235 486.1024 486.6223 485.6879 486.2126 453.4990 350.6067 Finland Markka i 2.52 2.5076 2.5218 2. 5209 2.5197 2.5173 2.5160 2.5169 2.3875 1.5547 France Franc1 3.92 5.2368 4.7671 3. 2427 3.9240 3.9210 3.9161 3.9249 3.9200 3.9276 Germany Reichsmark i 23.82 8 22.9980 23.8013 23. 7996 23.7638 23.8614 23.8541 23.6302 23.7492 Greece _ Drachma * 1.30 1.7900 1.5614 1.2579 1.3173 1.3044 1.2934 1.2959 1.2926 .8320 Hungary Pengo * 17.49 .0017 .0014 17. 5612 17.4741 17.4443 17.4414 17.4939 17.4522 17.4460 Italy Lira1 5.26 4.3580 3.9776 3.8894 5.1560 5.2571 5.2334 5.2374 5.2063 5.1253 Netherlands Florin 40.20 38.2109 40.1601 40.0984 40.1065 40.2238 40.1622 40.2251 40.2298 40.2949 Norway Krone 26.80 13.9403 17.8836 22.3347 26.0477 26.6876 26.6827 26.7598 25.0546 18.0039 Poland Zloty1 11.22 619.2280 17. 7432 11.1796 11.2881 11.2097 11.1940 11.2051 11.1970 11.1823 Portugal Escudo1 4.42 3.3850 5.0397 5.1254 5.0290 4.4675 4.4714 4.4940 4.2435 3.1960 Rumania ___ Leu1 ._ .60 .4982 .4832 .4620 .6042 .6133 .5961 .5953 .5946 .5968 Spain Peseta 19.30 13.3375 14.3443 14.8959 17.0592 16.5942 14.6833 11.6670 9.5453 8.0438 Sweden Krona. 26.80 26.5223 26.8479 26. 7646 26.8148 26.8002 26.7839 26. 8543 25.2540 18.4710 Switzerland— Franc 19.30 18.2228 19. 3268 19. 3130 19.2618 19. 2596 19.2792 19.3820 19.4009 19.4049 Yugoslavia _. Dinar 19.30 1.2818 1.7054 1. 7647 1.7598 1.7598 1.7591 1. 7681 1.7680 1.6411 North America: Canada Dollar.. 200.00 98.7322 99.9615 99.9720 99.9094 99.2472 99.8424 96.3258 Cuba 100.00 99.9783 99.9359 99. 9310 99.9675 99.9634 99.9647 99.9515 99.9295 99.9409 Mexico Silver peso 1 49.85 48.5143 49.3926 48.3087 47.2049 48.1067 48.1830 47.1331 7 35.4919 31.8500 South America: Argentina ____do... 96.48 78.1308 91.3822 92.1497 96. 2950 96.4801 95.1274 83.5050 66.7375 58.4433 Brazil Milreis L 11.96 10.9403 12.1962 14.4357 11.8383 11.9737 11.8078 10.7136 7.0290 7.1223 Chile Peso i— 12.17 10.5448 11.6031 12.0766 12.0652 12.1451 12.0601 12.0785 12.0669 7.9079 Colombia .do- 97.33 98.4547 97.6879 97.6937 96. 5512 96.4930 96.5697 95.2750 Uruguay Peso 103. 42 82.2695 98.4009 101.4740 101.3361 102.6567 85.8650 55.3572 47.0639 Asia: China Mexican dollar 8_. 52.3642 55. 5471 49.9159 45.0315 46.4710 42.1541 30.0861 22.4629 21.7560 Do Shanghai tael8— 72.6814 75.7738 68.4214 62.0994 64. 3014 58.4153 41.8159 31.1243 30.6471 Do Yuan dollar8 52.6973 56.9066 49.9807 43.9414 46.1378 41.9007 29.9166 22.4369 21.7357 Hong Kong Dollar8 52.4691 56. 5199 53. 3290 49.2085 50.0717 47.1669 33.8530 24.3305 23.4604 India. Rupee» 36.50 31.7835 36. 2642 36.3267 36.3117 36.4663 36.2020 36.0672 33.6895 26.3468 Japan. Yen 49.85 41.1857 41.0362 47.1163 47.4113 46.4096 46.0997 49.3898 48.8509 28.1112 Java Florin 40.20 40.2862 40.2377 40.2208 40.0568 40.2328 40.2313 40.2155 Straits Settlements- Singapore dollar». 51.2523 56.1546 56. 2705 56.0476 56.2838 56.0117 55.9639 52.4451 40.3970 Turkey Turkish pound- 439.65 52.2549 51.3204 50.9987 48.4105 47.0608 47.1814 Africa: Egypt Egyptian pound.. 494.31 498.0954 498. 3123 499.0254 498.0689 498.6002 465.1111 i In the following cases the present monetary unit with present par value was quoted for only a part of the period 1924-1932, and the averages given for earlier years are for the unit which has been superseded: Country Pr u i e n n s e i N t n f e t i w r m s t Y o q n u o e o r ta t k e r - y d Previou u s n m it onetary pr P e u a v n r i i o t o u f s Country Pr u i e n n s i e N t n f e t i w r m s t Y o q n u o e o r ta t k e r - y d Previou u s n m it onetary pr P e u a v n r i i o t o u f s Austria Mar. 13, 1926 Krone 20.26 Greece May 14, 1928 Drachma 19.30 Belgium Oct. 25, 1926 Franc. _ _ _ 19.30 Hungary Jan. 2, 1926 Krone 20.26 Brazil Dec. 18,1926 Milreis. 32.44 India Apr. 1,1927". Rupee 48.66 Bulgaria Nov. 22, 1928 19.30 Italy _ Dec. 21,1927 Lira 19.30 Chile Aug. 21, 1925 LPeesvo 36.50 Mexico July 30, 1931 Gold peso.._ 49.85 Finland Jan. 2, 1926 Markka.... 19.30 Poland. _ Oct. 13, 1927 Zloty t- 19.30 France _ June 25, 1928 . _. Franc 19.30 Portugal July 1, 1931.. Escudo 108.50 Germany _. Oct. 29, 1924 Mark 23.82 Rumania Feb. 7, 1929 _. Leu. — 19.30 t The zloty (par value 19.30 cents) superseded the Polish mark) par value 23.82 cents) May 26,1924. 2 Average for schilling Mar. 13 to Dec. 31, inclusive. Average for krone, Jan. 2 to Mar. 12, was 0.0014 cent. 3 Average for franc Jan. 2 to Oct. 25, inclusive. Average for belga, Oct. 26 to Dec. 31, was 13.9095 cents. * Established by new currency law, effective Nov. 27,1929; for previous status of Czechoslovak crown see BULLETIN for November, 1929, p. 737. s Average for 1,000,000,000,000 marks Jan. 2 to Oct. 28, inclusive. Average for reichsmark, Oct. 29 to Dec. 31, was 23.8008 cents. « Average for zloty May 26 to Dec. 31, inclusive. Average for Polish mark, Jan. 2 to May 24, was 0.0113 cents per thousand. i Average for silver peso July 30 to Dec. 31, inclusive. Average for gold peso, Jan. 2 to July 29, was 47.6510 cents. s Silver currency. Par of exchange represents gold value of unit in 1932 computed by multiplying silver content of unit by New York average price of silver for 1932, which was $0. Corresponding parities for the years 1924 to 1931 are as follows: 1924 1925 1926 1927 1928 1929 1930 1931 Mexican dollar 52.72 54.53 49.04 44.53 45 95 41.88 30.22 22.80 Shanghai tael _ . .. 73.25 75.76 68.14 61.87 63.84 58.18 41.67 31.43 Yuan dollar 52.15 53.93 48.51 44.05 45.45 41.42 29.56 22.30 Hong Kong dollar 52.35 54.14 48.69 44.21 45.62 41.58 30.00 22.63 » Legally equivalent to seven-sixtieths of 1 English pound sterling. Par of exchange represents seven-sixtieths of average quotation of pound in New York for the year 1932. Corresponding parities for the years 1924 to 1931 are as follows: 1924, 51.53 cents; 1925, 56.34 cents; 1926, 56.68 cents; 1927, 56.71 cents; 1928, 56.77 cents; 1929, 56.66 cents; 1930, 56.72 cents; 1931, 52.91 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN JANUARY, 1933 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100)1 Month ( U a S p v n r t e a i i c r t t a e e e ) g s d e ( 1 D E 9 e n 2 c 1 g e = l m a 1 n 0 b d 0 e ) r, ( a 1 g F 9 e 1 r 3 a = n 1 a c 0 v e 0 e ) r- G ( p a e r v r i e m c r e a a ) g n 2 e y U S n ta i t t e e s d England France Germany Number of issues 87 36 169 421 278 300 329 1930—October... 113.1 95.4 83.7 127.6 95.4 169.5 87.9 November- 99.1 112.8 94.7 83.2 116.7 94.1 162.2 84.7 December . 97.8 112.5 94.1 82.7 109.4 89.0 149.8 80.0 1931—January.... 112.8 95.7 82.7 112.3 156.7 75.0 February... 99.4 109.7 97.1 82.7 119.8 89.3 160.1 78.5 March 100.0 111.6 97.9 83.8 121.6 89.4 155.4 83.6 April 99.6 111.3 99.0 84.8 109.2 85.1 148.5 84.8 May 99.7 110.8 98.4 84.2 98.0 76.8 138.2 76.1 June 99.4 111.1 98.8 82.4 95.1 77.8 141.2 69.6 July. 99.4 111.2 98.9 4 81.4 98.2 79.2 132.6 4 70.5 August 98.5 107.2 99.5 (3) 95.5 73.8 130.5 '3) S O e c p to te b m er ber. 9 89 5 . . 4 6 1 1 0 0 3 4 . . 5 2 9 9 7 4 . . 7 8 4 70.4 8 6 1 9 . . 7 7 6 7 7 5. . 6 2 1 10 1 6 5 . . 9 5 ' 4 52.3 November.. 89.0 104.8 94.4 71.7 74.7 104.3 December.. 81.6 102.2 90.8 57.7 68.1 94.8 I 1932—January 81.0 104.7 91.5 58.0 69.7 107.3 February... 80.3 106.5 90.3 56.4 68.9 126.2 March 80.8 111.6 90.5 56.8 69.6 117.6 April 79.4 110.6 89.0 <63.0 43.9 63.5 107.3 May 75.2 111.4 85.9 64.4 39.8 61.6 94.4 46.4 June. 72.2 111.0 85.2 60.4 34.0 59.3 97.4 45.6 July 74.2 115.6 87.4 62.2 35.9 63.5 100.4 45.8 N A Se u p g t u e s m t ber- 8 85 3 . . 8 2 1 1 1 1 6 8 . . 1 4 8 8 8 9 . . 6 5 6 6 7 3 . . 4 2 5 58 3 . . 2 3 6 72 9 . . 7 5 1 1 0 0 3 4 . . 4 3 4 5 7 4 . . 9 1 October 84.1 120.3 89.1 70.1 49.9 72.4 97.4 52.5 November- 81.9 115.9 88.9 72.9 47.5 72.7 100.0 53.4 1 Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. 2 New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 per cent bonds. 3 Figures not available because of closing of the exchange. 4 Based on data for part of month, no quotations being available for remainder of month. Back figures.—See BULLETIN for February, 1932, page 121, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Month U S n ta i t t e e s d (1 C 92 a 6 n = a 1 d 0 a 0) (1 E 9 n 1 g 3 l = a 1 n 0 d 0) (19 F 1 r 3 a = n 1 ce 00) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a = ly 100) J (O ap c a t n ., N la e n th d e s r- (1926=100) 1900=100) (1913=100) 1930—October--. 113 552 120 364 165 111 November. 112 551 120 361 162 110 December . 109 541 118 350 161 107 1931—January... 107 541 115 342 158 105 February.. 106 538 114 338 158 104 March 106 539 114 339 158 103 April 106 540 114 337 158 102 May 104 520 113 332 154 102 June 103 518 112 327 151 100 July 102 500 112 324 153 97 August 100 488 110 322 152 94 September. 99 473 109 319 150 91 October. _. 104 457 107 322 147 89 November. 106 447 107 320 147 89 December. 106 442 104 319 151 85 1932—January... 67 106 439 100 317 160 84 February.. 105 446 100 314 161 83 March 105 444 100 315 159 82 April 102 439 98 311 154 80 May 101 438 97 305 150 79 June _. 425 96 297 146 78 July 430 96 296 148 76 August 100 415 95 296 156 75 September. 102 413 95 300 167 76 October. _. 101 412 94 299 169 77 November. 101 414 94 178 77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDERAL RESERVE BULLETIN 37 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those included in indexes shown in preceding table] United States (1926=100) England (1913=100) France (1913=100) Germany (1913=100) Month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n o tr d d i u u al s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u c l t l s - P s r io o n v s i- a p t f r n I i r i n n d o a i d l d s s u h u e r e s a c m - d w ts i- p tr I r i i n o s a d d h l u u e f d s c in - ts - 1930—October— 121 109 562 109 108 114 147 November. 121 107 570 535 112 108 113 145 December. 116 105 570 516 110 105 110 143 1931—January- 113 104 580 507 107 102 108 142 February.. 112 103 575 505 106 100 106 140 March 111 103 581 503 107 99 106 139 April 113 102 592 495 108 97 105 138 May 113 100 566 480 109 96 103 137 June 113 571 472 107 95 103 137 July 110 541 465 105 97 103 136 August 108 95 528 452 103 96 102 136 September. 108 95 508 443 101 94 100 135 October- 113 100 489 429 95 99 133 November. 115 102 482 416 94 99 132 December. 113 102 491 400 91 97 130 1932—January- 114 101 496 390 90 92 125 February.. 114 101 511 389 91 91 122 March 116 510 388 90 121 April 115 506 381 120 May 114 511 374 119 June 112 490 369 118 July. 108 498 370 117 August 107 95 453 383 116 September. 107 445 384 115 October— 106 450 379 115 November. 107 458 375 114 RETAIL FOOD PRICES COST OF LIVING United England France Germany United England France Germany States (July, (July, (1913- States (July, (Jan.-June, (1913- (1913=100) 1914=100) 14=100) i 1913=100) 1914=100) 1914=100) 14=100) i Month 1914=100) Month 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 January 133 109 138 131 132 114 134 116 January 153 147 140 125 February.. 127 105 136 131 132 115 131 114 February.. 152 147 139 122 March 126 105 134 129 131 115 130 114 March 150 146 120 108 138 122 April 124 104 129 126 130 115 129 113 April 147 144 137 122 May 121 101 129 125 129 114 130 113 May 147 143 137 121 June 118 100 127 123 128 111 131 113 June 150 136 145 142 120 109 138 121 July 119 101 130 125 125 108 130 114 July 147 143 137 122 August 120 101 128 123 121 104 126 112 August 145 141 135 120 September . 119 100 128 123 119 102 125 111 September. 145 141 115 105 134 120 October 119 100 128 125 116 102 123 110 October 145 143 133 119 November. 117 130 125 113 104 122 110 November. 146 143 132 119 December.. 114 132 113 120 December.. 146 148 108 130 i Average of October, 1913, January, April, and July, 1914=100. SOURCE: Wholesalt prices.—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost of living.—United States— Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistiches Reichsamt; France—For retail food prices, Statistique G6ne"rale, and for cost of living, Commission d'fitudes relatives au cout de ]a vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETIN JANUABY, 1933 FEDERAL RESERVE STATISTICS, BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [In millions of dollars] [In thousands of dollars] 1932 1931 Wednesday series (1932) Federal reserve bank Federal reserve bank Decem- Novem- Decem- Dec. 7 Dec. 14 Dec. 21 Dec. 28 ber ber ber Boston 13,848 14,187 14,733 13,383 Boston . . _ . . . - 14.0 13.0 47.5 New York.... 65,360 62,947 63,577 60,209 New York 63.2 61.7 167.7 Philadelphia- 50,279 50,415 49,855 49,755 Philadelphia 50.6 48.6 117.5 Cleveland 30,954 30,530 27,985 26,176 A C S C R t h l l t . o e l i a v c L h n a e r o n g t l u a a o o i n s n d d 2 2 1 1 7 9 1 7 7 . . . . . 6 0 5 8 0 2 2 1 1 8 8 1 8 8 . . . . . 3 4 0 0 6 1 3 8 5 2 1 6 9 1 6 0 . . . . . 6 5 6 8 6 A R S C t h i t . c l i a L c h n a m o g t u a o o i n s d 2 1 1 2 8 7 7 , , , , 6 5 6 3 5 9 0 9 8 9 8 5 2 1 1 3 6 8 7 , , , , 4 5 2 1 6 9 2 0 3 4 8 3 1 1 1 8 6 9 6 , , , , 0 9 9 3 2 9 2 2 5 9 5 4 2 1 1 7 4 7 6 , , , , 0 0 5 5 1 6 8 2 6 3 0 8 "Minneapolis 11.5 12.2 8.0 Minneapolis-. 12,017 11,737 11,442 10,430 Kansas City 12.8 15.4 30.3 Kansas City.. 13,360 13,281 12,453 11,860 Dallas 5.8 8.0 17.6 Dallas 6,061 5,719 5,423 5,265 San Francisco 31.3 59.9 70.9 San Francisco. 40,479 30,269 23,574 25,117 Total 282.2 313.0 774.5 Total-.. 298,618 284,473 270,315 267,382 Back figures.-See Annual Report for 1931 (Table 80), 1928 (Table 72), Back figures.—See Annual Report for 1931 (Table 83), 1930 (Table 78), and 1927 (Table 55). etc. RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Amounts in thousands of dollars] Averages of daily figures Total cash reserves Total deposits Federal rese l r a v t e io n n o i tes in circu- Reserve percentages Federal reserve bank 1932 1931 1932 1931 1932 1931 1932 1931 Decem- Novem- Decem- Decem- Novem- Decem- Decem- Decem- Decem- Novem-December ber ber ber ber ber ber November ber ber ber ber Boston 231,605 235,397 187,446 123,761 131,185 139,968 198,436 194,255 175,457 71.9 72.3 59.4 New York— 1,041,514 1,055,286 1,010,289 1,227,779 1,195, 741 953,477 589,234 584,972 544,106 57.3 59.3 67.5 Philadelphia. 213,801 206,720 130,757 124,725 138,976 242,146 r 238,932 275,787 57.3 56,8 62.8 Cleveland... 253,216 244,462 326,745 147,214 147,378 170,248 285,984 276,045 320,610 58.5 57.7 66.6 Richmond- 99,670 96,484 90,890 56,213 56,819 60,813 103,028 101,078 102,043 62.6 61.1 55.8 Atlanta 79,066 79,077 95,888 45,584 54,710 97,843 98,555 121,652 54.6 54.9 54.4 Chicago 835,225 804,817 593,416 406,810 383,402 303,648 680,352 672,198 511,934 76.8 76.2 72.8 St. Louis 95,778 95,962 94,266 60,189 62,030 69,514 103,318 101,491 86,929 58.6 58.7 60.3 Minneapolis- 59,244 56,087 75,497 41,000 40,200 49,505 80,783 79,063 68,214 48.6 47.0 64.1 Kansas City- 92,144 89,687 98,127 67,692 67,789 78,634 91,822 90,635 82,798 57.8 56.6 60.8 Dallas 43,672 43,457 56,319 48,620 46,746 54,233 39,340 39,241 48,597 49.6 50.5 54.8 San Francisco. 237,970 210,274 241,962 151,711 148,293 167,590 227,810 225,710 62.7 55.4 61.5 Total.. 3,282,905 3,217,710 3,131,513 2,508,584 2,449,892 2, 241, 316 2,740,096 '2,707,400 2,563,837 62.5 62.4 65.2 » Includes "Federal reserve notes of other reserve banks" as follows: Latest month, $14,399,000; month ago, $13,428,000; year ago, $16,746,000. t Revised. Back figures.—See Annual Report for 1931 (Table 8), and 1928 (Table 2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDERAL RESERVE BULLETIN 39 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, DECEMBER 31, 1932 [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - l A a t nt - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - RESOURCES Gold with Federal reserve agents 2,351,675 181,027 616,630 152,000 192,970 73,000 62,000 199,870 73,255 41,540 61,480 20,640 177,263 Oold redemption fund with U. S. Treasury- 40,441 2,123 6,155 5,497 5,833 1,857 2,878 3,392 1,513 2,214 2,101 1,256 5,622 Gold held exclusively against Federal reserve notes _ 2,392,116 183,150 622,785 157,497 198,803 74,857 64,878 703,262 74,768 43,754 63,581 21,896182,885 Gold settlement fund with Federal Re- 340,343 14,426 103,793 20,283 31,180 11,069 8,185 92,717 13,963 7,797 13,876 7,244 15,810 serve Boards _ 418,212 13,808 289,510 7,391 18,919 3,393 9,104 27, 749 2,566 2,340 9,601 4,247 29,584 Gold and gold certificates held by banks_. Total gold reserves . 3,150,671 211, 384 1,016,088 185,171 248,902 89, 319 82,167 823,728 91,297 53,891 87,058 33,387 228,279 Reserves other than gold. 180,529 16,561 52,385 20,206 11,169 8,163 5,060 27,811 9,816 5,103 6,762 8,354 9,139 Total reserves. 3,331,200 227,945 1,068,473 205,377 260,071 97,482 87,227 851, 539 101,113 58,994 93,820 41,741237,418 Nonreserve cash 87,027 4,926 21,158 4,921 6,058 3,746 5,018 19,279 3,921 2,146 3,224 3,734 Bills discounted: Secured by U. S. Government obligations. 61,000 3,086 25, 332 11,149 7,087 2,256 1,063 3,813 3,981 352 465 572 1,844 Other bills discounted 173,932 8,727 36,451 12,989 13,953 13,886 11,156 2,357 9,252 11,047 4,630 21,215 Total bills discounted.. 234,932 11,813 53,601 47,600 20,076 16,209 14,949 14,969 9,604 11,512 5,202 23,059 Bills bought 33,123 2,248 9,780 3,054 2,978 1,867 3,964 973 612 826 2,527 U. S. Government securities: Bonds. 421,862 20, 334 187,266 31,171 36,692 10,281 40,775 13,940 17, 397 11, 774 17,314 25,270 Treasury notes 299, 703 16, 527 118,675 23,404 33,900 8,116 8,111 34,301 11,306 8,110 9,846 6,150 21,257 Certificates and bills 1,133, 577 59,807 427,413 84, 694 111, 090 29,368 29,012 187,134 40,910 29,343 35,632 22,257 76,917 Total U. S. Government securities..1,855,142 733,354 139,269 181,682 47,132 47,404 262,210 66,156 54,850 57, 252 45,721123,444 Other securities.. 4,818 2,907 1,000 500 411 Total bills and securities 2,128,015 110,729 799,642190,923 204,736 65, 208 66,292 281,143 73,467 65,477 69,619 51,749 149,030 Gold held abroad 72,638 72,638 Due from foreign banks __. 2,976 237 1,065 322 301 119 110 419 17 11 86 206 Federal reserve notes of other banks 17,819 439 6,091 965 1,216 1,195 1,239 2,674 1,312 717 772 318 881 Uncollected items 382,194 44, 702 118,170 30,956 28,260 11,199 43,214 15,917 10,817 18,336 12, 513 17,751 Bank premises 56,000 3,280 14,393 7,509 3,237 2,422 7,595 3,285 1,746 3,559 1,741 4,244 All other resources 37,119 945 1,339 1,299 3,054 4,164 1,454 1,082 1,723 818 1,226 1,626 Total resources. 6,114,988 393,203 2,120,019 437,195 512,146 202,301177,6711,207,317 200,114 141,631190,234 113,105 420,052 LIABILITIES Federal reserve notes in actual circulation .2,738,608 195,960 587,566 238,125 285,386 101,501 97,139 692,150103,930 80,967 90,490 38,783 226,611 Deposits: Member bank—reserve account 2,509,490119,420 1,256,951121,686 146,559 51,951 49,760 409,360 62,027 37,760 68,490 46,779 138,747 Government 8,262 1,951 647 1,215 244 159 1,782 394 468 268 125 341 Foreign bank 19,446 1,592 5,331 2,157 2.115 838 775 2,806 733 461 607 586 1,445 Other deposits 23,687 7,634 85 3,062 2,045 1,056 2,080 1,201 159 5,321 Total deposits 2,560,885121,7181,271,867 124,575 152,951 55,078 51,750 416,028 64,355 39,037 48,148145,854 Deferred availability items 368,309 43,754 114,499 28,853 29,758 27,188 10,747 40,898 16,373 10,738 16,631 12,500 16,370 Capital paid in 151,292 10,856 58,619 16,045 14,101 5,150 4,679 16,157 4,360 2,885 4,052 3,910 10,478 Surplus - 278, 599 20,460 85,058 29,242 28,294 11,616 10,544 39,497 10,186 7,019 8,263 8,719 19,701 All other liabilities - 17,295 455 2,410 355 1,656 1,768 2,812 2,587 910 1,274 1,045 1,038 Total liabilities 6,114,988393,203 2,120,019 437,195 512,146 202, 301177, 6711,207, 317 200,114 141, 631190,234 113,105 420,052 Reserve ratio (per cent) 62.9 71.8 57.5 56.6 59.3 62.3 58.6 76.8 60.1 49.2 58.6 48.0 63.7 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve bank by Federal reserve agent 2,987, 015214,440 671, 069 251,389 296,433 107,292 115,324 733,788 Hi, 870 82,853 98, 611 43, 908 260,038 Held by Federal reserve bank 248,407 18,480 83, 503 13,264 11,047 5,791 18,185 41, 638 7,940 1,886 8,121 5,125 33,427 In actual circulation 2,738,608195,960 587,566 238,125 285,386 101,501 97,139 692,150103,930 80,967 90,490 38,783 226,611 Collateral held by agent as security for notes issued to bank: Gold , 351,675181,027 616,630152,000192,970 73,000 62,000 699,870 73,255 41,540 61,480 20,640 177,263 Eligible paper.._ 219,888 11,790 50,862 47,463 20,029 16,873 15,781 14,681 6,201 7,525 10,639 4•, 9—20 13,124 U. S. Government securities 427,800 21,900 5,000 52,000 85,000 18,000 39,000 22,000 32,500 34,900 29,000 18,500 70,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 FEDERAL. RESERVE BULLETIN JANUARY, 1933 ALL MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures Reserves held Borrowings at Federal reserve banks Federal reserve district Total Excess 1932 1931 1932 1931 1932 1931 No b v e e r m- October No b v e e r m- No b v e e r m- October No b v e e r m- No b v e e r m- October No b v e e r m- Boston 127.6 127.4 135.8 11.9 10.5 4.1 13.0 13.2 26.0 New York 1,170.1 1,123.4 915.7 273.1 249.0 17.3 61.3 64.3 120.2 Philadelphia 120.6 118.5 128.2 4.5 3.5 2.6 48.6 49.4 108.3 Cleveland _ 141.0 143.0 150.3 3.7 4.5 1.8 28.4 30.1 98.9 Richmond 51.4 50.5 55.6 1.5 1.8 .8 18.6 20.5 40.5 Atlanta. _ . . . 42.3 42.4 49.4 1.8 1.9 1.6 20.9 19.7 46.7 Chicago - . . . -_ - -. 378.4 362.9 289.0 158.9 143.9 ' 9.8 17.9 20.3 69.8 St. Louis 58.3 53.8 64.6 7.6 3.4 5.1 8.3 8.9 25.8 Minneapolis 38.4 37.8 45.9 3.1 2.7 2.5 12.1 11.5 6.4 Kansas City 65.4 65.3 74.1 6.6 6.0 6.0 15.0 16.6 32.1 Dallas 44.5 43.4 50.2 3.1 2.8 3.2 8.0 10.1 22.9 San Francisco _-. 140.5 139.1 159.5 6.4 5.9 2.2 59.7 62.1 86.4 Total 2, 378. 5 2,307.4 2,118.1 482.2 435.8 57.0 311.9 326.6 684.0 Back figures.—For reserves held and borrowings at Federal reserve banks, see Annual Reports for 1931 (Tables 100 and 101), 1929 (Table 91), and 1927 (Tables 89 and 90). NET DEMAND AND TIME DEPOSITS OF BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] Averages of daily figures Member banks in larger centers (places over 15,000) Member banks in smaller centers (places under 15,000) Federal reserve district Net demand Time Net demand Time 1932 1931 1932 1931 1932 1931 1932 1931 No b v e e r m- October No b v e e r m- No b v e e r m- October No b v e e r m- No b v e e r, m- October No b v e e r m- No b v e e r m- October No b v e e r m- Boston 973 981 1,101 683 692 803 83 83 100 139 140 156 New York 6,529 6,363 6,526 1,986 1,959 2,127 204 209 253 470 473 553 Philadelphia 830 818 896 612 606 645 143 146 169 393 394 427 Cleveland 964 972 1,023 991 1,002 1,107 129 132 152 255 256 283 Richmond 340 329 371 301 299 317 79 77 96 159 160 181 Atlanta... . 293 290 347 285 283 297 51 55 72 62 66 79 Chicago . 1,480 1,475 1,905 1,174 1,177 1,437 141 145 184 233 236 297 St. Louis 350 347 420 299 300 334 86 87 100 97 98 111 Minneapolis 189 184 240 193 193 199 97 96 129 189 192 221 Kansas City 385 389 445 215 216 228 169 169 206 112 114 132 "Dallas 287 283 328 161 158 170 134 130 156 32 32 34 San Francisco 834 826 1,005 1,466 1,465 1,594 94 93 133 103 103 129 Total 13,455 13,258 14,608 8,366 8,349 9,258 1,410 1,423 1,751 2,246 2,263 2,602 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDERAL RESERVE BULLETIN 41 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S r is a a c n n o - Y N o e r w k Ch g i o ca- Loans and investments: Dec 7 18,841 1,187 8,048 1,103 1,892 578 501 2,102 510 295 510 385 1.730 7,060 1,098 Dec. 14 - 18,839 1,192 8,037 1,117 1,893 573 503 2,104 507 292 507 383 1,731 7,052 1,103 Dec 21 18,874 1,199 8,041 1,130 1,895 576 507 2,090 507 290 511 388 1,740 7,055 1,092 Dec. 28 18,804 1,189 8,003 1,124 1,891 577 508 2,082 515 289 508 385 1,733 7,020 1,088 Loans; Dec. 7 10,364 700 4,069 598 1,085 310 323 1,367 278 177 247 241 969 3,473 645 Dec. 14 - 10,331 704 4,026 612 1,084 306 324 1,369 276 175 246 239 970 3.432 648 Dec 21 10,368 701 4,080 614 1,083 304 324 1,360 275 174 245 238 970 3,486 640 Dec 28 10,297 687 4,041 609 1,081 304 322 1,357 273 173 244 236 970 3,450 639 On securities- Dec. 7 4,307 270 1,876 298 490 117 107 597 110 52 78 72 240 1,625 361 Dec 14 4,322 278 1,870 313 490 115 107 597 110 52 78 72 240 1,619 361 Dec. 21 4,331 280 1,871 314 490 115 109 597 111 52 79 72 241 1,620 361 Dec 28 4,315 276 1,S62 315 488 114 107 599 111 52 79 71 241 1,612 362 All other- Dec. 7 6,057 430 2,193 300 595 193 216 770 168 125 169 169 729 1,848 284 Dec. 14 6,009 426 2,156 299 594 191 217 772 166 123 168 167 730 1,813 287 Dec. 21 6,037 421 2,209 300 593 189 215 763 164 122 166 166 729 1,866 279 Dec. 28 . 5,982 411 2,179 294 593 190 215 758 162 121 165 1615 729 1,838 277 Investments: Dec. 7_ _ . 8,477 487 3,979 505 807 268 178 735 232 118 263 144 761 3,587 453 Dec. 14 8,508 488 4,011 505 809 267 179 735 231 117 261 144 761 3,620 455 Dec. 21. _ _ _ 8,506 498 3,961 516 812 272 183 730 232 116 266 150 770 3,569 452 Dec. 28.. 8,507 502 3,962 515 810 273 186 725 242 116 264 149 763 3,570 449 U. S. Govt. securtiies— Dec. 7 5,226 312 2,698 232 481 154 94 420 116 59 146 89 425 2,546 260 Dec. 14 * 5,209 314 2,675 232 484 153 94 424 113 58 146 89 427 2,523 265 Dec. 21 5,236 324 2,657 244 488 157 99 414 116 58 149 94 436 2,502 257 Dec. 28 5,207 323 2,635 244 487 158 102 409 125 57 146 92 429 2,481 253 All other- Dec. 7 3,251 175 1,281 273 326 114 84 315 116 59 117 55 336 1,041 193 Dec. 14 3,299 174 1,336 273 325 114 85 311 118 59 115 55 334 1,097 190 Dec. 21 3,270 174 1,304 272 324 115 84 316 116 58 117 56 334 1,067 195 Dec. 28 . 3,300 179 1,327 271 323 115 84 316 117 59 118 57 334 1,089 196 Reserve with F. R. bank: Dec. 7 . . 1,955 87 1,041 99 106 36 29 338 38 21 44 27 89 995 277 Dec. 14 1,992 83 1,101 79 106 34 27 347 37 20 43 27 88 1,055 287 Dec. 21 2,014 82 1,119 75 107 33 30 352 37 19 43 28 89 1,066 289 Dec. 28-_ 2,049 82 1*147 73 108 34 29 359 38 20 45 27 87 1,103 296 Cash in vault: Dec. 7 212 16 51 15 26 13 7 37 7 5 13 7 15 39 16 Dec. 14 229 17 56 16 29 13 8 39 7 5 14 8 17 44 17 Dec 21 242 19 65 15 29 14 8 41 8 5 14 8 16 52 19 Dec. 28 233 18 56 13 29 13 8 44 8 5 14 8 17 44 20 Net demand deposits: Dec. 7. 11,552 729 6,028 659 835 281 216 1,240 287 158 332 222 565 5,606 862 Dec. 14 11,714 729 6,122 660 841 282 220 1,270 296 161 341 224 568 5,692 890 Dec. 21 11,727 726 6,118 663 840 290 221 1,283 293 156 343 223 571 5,674 910 Dec. 28 11,758 722 6,173 646 842 280 223 1,302 293 157 338 222 560 5,728 915 Time deposits: Dec. 7— - 5,644 400 1,321 273 792 227 192 889 200 140 180 128 902 895 318 Dec 14 5,653 399 1,324 274 794 226 191 886 200 140 180 128 911 898 315 Dec 21 5,641 398 1,304 275 797 227 190 883 199 139 180 128 921 885 313 Dec. 28 5,656 398 1,302 288 797 228 191 884 200 139 179 129 921 883 316 Government deposits: Dec. 7 368 16 173 31 27 13 20 31 6 1 5 16 29 160 21 Dec. 14 348 15 165 30 25 12 19 29 5 1 5 14 28 153 20 Dec. 21 . 426 21 192 35 oo 14 27 31 5 1 5 19 44 176 21 Dec. 28 399 19 178 33 30 13 26 29 5 1 5 18 42 163 19 Due from banks: Dec. 7 1,646 179 139 135 86 95 67 332 111 74 154 102 172 86 239 Dec. 14 1,714 172 140 136 91 99 69 352 118 79 169 104 185 85 254 Dec 21 1,691 161 143 124 92 94 64 350 122 79 174 99 189 87 260 Dec. 28 1,710 161 153 129 103 88 68 359 111 81 172 96 189 81 262 Due to banks; Dec. 7 3,308 167 1,506 224 226 103 82 392 105 56 164 93 190 1,444 300 Dec. 14 3,330 164 1,526 223 228 100 81 397 103 56 164 92 196 1,467 303 Dec. 21 3,309 156 1,512 211 228 96 81 394 107 60 173 90 201 1,450 300 Dec. 28 3,304 158 1,519 198 234 99 83 390 106 62 170 89 196 1,457 295 Borrowings from F. R. banks: Dec. 7 89 13 7 15 5 13 2 1 1 2 30 Dec 14 79 1 11 7 15 4 14 2 1 2 22 Dec. 21 64 1 10 7 13 3 11 2 1 1 15 Dec. 28 67 9 7 12 3 15 2 1 1 17 Back figures.—See Annual Report for 1931 (Tables 112-122), 1930 (Tables 106-116), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 FEDERAL RESERVE BULLETIN JANUARY, 1933 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Prime commercial paper L s o t a o n c s k e s x e c c h u a r n ed g e b co y l la p te r r i a m l e Loans secu r r e e c d e i b p y ts warehouse Interbank loans Federal reserve bank or branch 1932 1931 1932 1931 1932 1931 1932 1931 city Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- December ber ber ber ber ber ber ber ber ber ber ber Boston 4 -5M 5 -5H 5 -5H 5 -5 4 -4M 434-5 New York. 3 -4 4 -5 4 -5 4 -5 4^-5 3-4 3 -4 Buffalo 5 -6 5 -6 5 -6 5H-6 6 6 6 6 5 Philadelphia 434-5 4H-6 5 -6 4H-6 5 -6 5 -6 5 -5K 4H-5 4 -5> 4 -5 Cleveland. 334-6 53^-6 5 -6 2H-6 5 -6 4 -5 6 5 -5 Cincinnati 5M-6 5 -6 5H-6 5^-6 5M-6 5 -7 6 -6} 5 -6 5 -5M 5 -6 Pittsburgh 6 5 -6 534-6 6 53^-6 6 Richmond 5 5 5 534-6 5 5 -5 Baltimore 5 -6 5 -6 5 -6 5 -6 4^-6 6 534-6 5 -6 Charlotte 5 -6 5 -6 53^-6 53^-6 534-6 6 Atlanta 5 -6 5 -6 5 -6 5 -6 4 -5 4 5 -6 5 -bV J B a i c r k m s i o n n g v h il a l m e 5 2-7 4 5 H- - 8 7 6 5 - - 7 7 6 6 - - 8 8 6 5 - - 8 8 6 5 - - 8 7 6 6 - - 8 8 6 6 - - 8 8 6 -8 5 -6 5 -6 6 Nashville 6 6 6 6 6 6 New Orleans 5 -7 534-7 5M-7 6 -6M 5M-6 534^ 534-6 Chicago 4 -5 4 -5 it 4 -5 4 -5 4 -6 5 -5H 5 -5 Detroit 5H-6 53^-6 6 -6H 5K6 St. Louis 4H-5 434-5 43^-5 5 -6 5 -6 5 -6 4 -6 4 -6 5 -6 5 -53 5 -6 43^-6 L L i o t u tl i e s v E il o le ck 6 -6 6 -7 6 6 6 6 -6 7 -7 6 > 634-7H 6 6 6 -7 6 5 - - 7 6 5 -6 6 Minneapolis 2 -5 2 -5 4 -4\ 4 -6 4 -6 2 -5> 2 -5} 4 -5 53^-6 5H-6 53^-6 Helena 7 -8 7 -8 6 -8 7 -8 7 -8 6 -7 6 -7 6 -8* 6 -7 6.-7 6 -8 Kansas City 4 -6 434-5 5H-6 5H-6 5 -6 53^-6 Denver 6 534-7 53^-6 6 Oklahoma City 6 8 6 -8 6 Omaha. 5 -5H 53^-7 53^-7 6 -6H 6 -8 6 Dallas 3 -7 4 -6 4 -6 4 -8 6 -7 6 -63- 5H-6 5 -7 5 -5H IT 5 -5H El Paso 7 -8 7 -8 6 -8 7 -8 7 -8 6 -8 8 8 5 -6 5 -6 Houston 5 -6 5 -6 5M-7 534-7 5 -6 5 -6 it! 5 -5 5 -5M San Antonio 5 -7 6 -6H 6 -6K 6 -7 6 -7 6 -7 6 -8 6 -8 6 San Francisco 5 -5 5 -6 5 -6 5 -6 534-6 5 5 -5H 5 L Po os r t A la n n g d eles 6 6 6 -6K 6 6 - - 6 6 3 > * 6 6 - - 6 6 6 5 - -7 6H 6 -6 6 K 6 -7 XT 6 6 6 6 5M-6 6 S S a e l a t t t L le ake City 6 -7 5 -7 6 534-6 6 6 - - €> 7 6 634-7 6 5 -7 634-7 7 6 -7 6 -6 6 Spokane... 6 -7 6 -7 63^-7 63^-7 NOTE.—-Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. Bates from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDERAL RESERVE BULLETIN 43 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN MATURITY DISTRIBUTION OP BILLS AND CURRENCY TO AND FROM EUROPE SHORT-TERM SECURITIES BY SELECTED BANKS IN NEW YORK CITY [In thousands of dollars] [Paper currency only. In thousands of dollars] Total W 15 i t d h a i y n s 1 d 6 a t y o s 30 3 d 1 a y t s o 60 d 6 a 1 y t s o 9910 m t o d os a . 6 ys 6 O v m e o r s. 1931 1932 Bills discounted: Net Net Dec. 7 298,618 214,37122,697 30,209 20,403 9,279 1,659 Month Ship- Re- ship- Ship- Re- ship- Dec. 14 284,473 198,22922,969 32,119 19,724 9,700 1,732 ments ceipts ments ments ceipts ments Dec. 21 270,315 189,21220,297 30,095 19,446 9,595 1,670 to from (-)or to from (-)or Dec. 28 267,382 187,58120,288 29,013 19,503 9,364 1,633 Europe Europe receipts Europe Europereceipts Bills bought in (+) (+) open market: Dec. 7 33,717 2,738 4,559 2,258 24,162 Dec. 14 33,769 4,074 2,766 1,923 25,006 J F a e n b u r a u r a y ry.. 4 1 7 3 0 0 4,0 96 5 0 1 +3 + ,5 8 8 3 1 0 3 5, , 2 3 2 3 1 5 + + 5 3 , ,3 2 1 2 0 1 D D e e c c . . 2 2 8 1 3 3 3 3 , , 2 3 2 0 1 7 6 8 , ,0 4 6 5 1 2 4 5 , , 8 7 5 4 5 2 1 1 0 1 , , 3 0 8 0 5 3 1 9 0 , , 3 7 0 2 2 8 March 1,380 863 -517 8,468 +8,468 Certificates and J J A A M u u p u l n a y r g y e i u l st 1 8 2 3 0 , , , , 8 2 5 2 9 1 2 7 5 1 1 0 6 6 5 3 2 1 , , , 7 4 1 7 3 6 2 9 0 7 4 9 3 3 9 ~ -8 9 + + - , , 4 0 8 4 5 6 3 6 9 5 7 2 2 4 7 1 2 5 1 0 2 2 1 1 6 6 4 6 0 , , , , , 4 6 5 2 9 5 9 6 6 3 8 4 3 5 8 + + + + + 1 1 6 6 6 4 0 , , , , , 3 6 5 9 2 0 7 6 3 5 6 4 3 8 3 bil D D D D ls e e e e : c c c c . . . . 2 2 1 7 1 8 4 1 1 1 1 , , , , 1 1 0 0 4 3 7 5 3 3 2 0 , , , , 6 0 5 8 0 8 7 6 9 8 8 5 6 5 5 8 3 6 , , , 0 2 3 0 5 5 0 0 5 1 1 6 5 0 1 8 8 8 9 ,, , , , 5 3 0 7 6 5 0 . 5 _ 4 6 0 8 1 1 1 1 6 5 7 7 2 1 7 1 , , ,, ,1 8 5 7 2 3 2 3 5 9 5 3 2 1 2 1 7 6 2 4 0 4 3 4 , , , , 7 5 2 3 5 5 8 1 5 0 4 0 2 3 3 5 3 3 0 3 0 7 7 , 2 , 7 , , 2 6 7 0 7 3 7 1 4 2 9 2 3 7 2 3 2 8 7 2 2 , 1 7 6 , , , 5 2 8 9 5 0 8 5 2 4 1 September- 8,433 3,290 -5,143 6,603 +6,567 Municipal war- N D O e c o t c v o e e b m m er b b e e r r . . . 3 1 , ,5 0 2 8 5 3 8 2 1 7 3 1 , , , 0 7 5 3 4 8 9 8 9 + + + 2 6 8 , , , 2 9 5 2 8 0 6 7 0 24 7 5 0 3 6 5 , , , 9 0 2 1 8 9 3 6 4 + + + 5 3 5 , , , 7 9 2 4 4 8 2 3 7 ran D D D e e e t c c c s: . . . 2 7 1 1 4 5 5 5, , , 5 3 3 7 7 3 1 8 7 3 4 4 , , , 9 1 7 5 5 3 6 1 5 1,1 6 8 3 2 2 9 2 3 2 5 8 5 8 9 Dec. 28 5,649 5,340 296 For description and back figures see BULLETIN for January, 1932, pp. 7-9. MEMBERSHIP IN PAR-COLLECTION SYSTEM UNITED STATES POSTAL SAVINGS [Number of banks at end of November] [Balance to credit of depositors. In millions of dollars] Member banks Nonmember banks End of month 1927 1928 1929 1930 1931 1932 Fede d r i a st l r r i e c s t erve On par list Not onpar list J F a e n b u ru a a ry ry .. . . . 1 1 4 4 3 1 . . 8 5 1 1 5 4 1 8. . 9 1 1 1 5 5 4 3 . . 8 5 1 1 6 6 7 5 . . 9 1 2 2 9 78 2 . . 4 1 6 6 6 9 5 1 . . 6 8 1932 1931 March 146.4 152.0 155.0 169.5 302.7 705.3 April 147.1 152.2 154.3 170.2 313.8 722.1 1932 1931 1932 1931 May 147.4 152.0 153.8 171.2 325.0 742.6 June 147.4 152.1 153.6 175.3 347.4 784.8 July 147.1 151.7 157.8 180.7 372.5 828.5 United States. 6,845 7,358 8,233 9,431 3,065 3,261 August 147.9 152.2 160.1 186.5 422.7 848.5 September 148.2 152.3 160.3 189.8 469.9 v 854.8 Boston ._ 367 383 221 252 October... 148.7 153.1 161.6 192.5 538.1 v 858.0 New York .. 826 859 333 362 November. 149.0 153.9 163.7 200.7 565.5 P 881.1 Philadelphia 695 718 305 370 December. 148.5 153.9 164.3 245.4 605.1 Cleveland 633 664 762 808 5 6 Richmond 391 416 428 447 367 403 Atlanta 328 352 134 152 710 798 p Preliminary. Chicago. 800 922 2,248 2,667 253 250 St. Louis 433 474 1,122 1,278 409 418 M inneapolis 545 583 326 395 832 888 Kansas City 786 830 1,456 1,662 221 215 Dallas 587 622 427 475 220 225 San Francisco 454 535 471 563 48 58 Figures cover all incorporated banks (other than mutual savings banks). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 FEDERAL RESERVE BULLETIN JANUARY, 1933 BANK SUSPENSIONS AND BANKS REOPENED BANK SUSPENSIONS AND BANES REOPENED, BY DISTRICTS [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures for latest month are preliminary] Banks suspended Banks reopenecI Number Deposits (in thousands of dollars) JSTumbei Deposits (in thousands of dollars) Federal reserve district Members Members ba A n ll ks Na- State m N b e e o m r n s - - ba A n l k l s Na- State m N b e e o m r n s - - ba A n l k l s M be e r m s1 - m N b e e o m r n s - - ba A n ll ks M be e r m s i - m N b e e o m r n s - tional tional December, 1932: New York 1 1 664 664 Philad elDhia Cleveland 2 1 1 434 269 165 1 1 116 116 Richmond 3 3 324 324 Atlanta 17 3 1 13 5,203 1,414 481 3,308 3 *. * 3 8 3,328 Chicago 56 5 1 50 43,141 1,872 4,616 36,653 3 3 1,214 1,214 St Louis - - 9 1 1 7 4,553 1,121 2,455 977 3 3 440 440 Minneapolis 18 3 15 3,982 1,115 2,867 Kansas City -- 24 1 23 3,687 410 3,277 2 2 422 422 Dallas 5 1 1 3 429 31 283 115 1 1 209 209 San Francisco 19 4 15 21,580 7,622 13,958 Total 153 19 4 130 83,333 13,854 7,835 61,644 14 1 13 6,393 664 5,729 January-December, 1932: Boston 11 2 1 8 72,563 4,031 0,258 58,274 3 2 1 8,571 2,271 6,300 New York 14 10 1 3 25,773 20,580 797 4,396 10 4 6 23,274 14,287 8,987 Philadelphia 27 10 17 30,682 6,358 24,324 7 7 7,446 7,446 Cleveland - _. 58 22 1 35 36,870 22,655 512 13,703 18 2 3 16 68, 776 1,000 3 67,776 Richmond 70 12 58 53, 595 14,526 39,069 41 11 30 29,377 13,152 16,225 Atlanta 89 21 6 62 23,718 8,490 2,655 12,573 26 1 3. <25 11,916 680 8 11,236 Chicago ._ 506 78 21 407 272,367 70,092 29,318 172,957 79 12 3 67 80,031 19,231 8 60,800 St. Louis 154 22 6 126 46,653 16,144 5,834 24,675 38 5 »33 11,076 1,133 3 9,943 Minneapolis 136 25 111 28,531 6,681 21,850 14 1 13 5,582 1,132 4,450 Kansas City 204 28 2 174 31,137 9,070 481 21,586 24 24 4,234 4,234 Dallas 38 10 3 25 9,553 3,941 433 5,179 10 3 7 5,767 4,231 1,536 San Francisco _. 146 36 13 97 98,984 32,716 5,210 61,058 20 4 16 19,891 7,103 12,788 Total 1,453 276 54 1,123 730,426 215,284 55,498 459,644 290 52 238 275,941 71,666 204,275 1 Represents national banks only, except as follows: January-December, 1 State member in New York district with deposits of $12,170,000; 4 in Chicago district with deposits of $1,930,000; 1 in St. Louis district with deposits of $339,000; and 2 in San Francisco district with deposits of $960,000. 2 At time of suspension, this was a State member bank. 3 At time of suspension 6 banks in Cleveland district with deposits of $41,464,000, 2 banks in Atlanta district with deposits of $889,000, 9 banks in Chicago district with deposits of $36,151,000, and 1 bank in St. Louis district with deposits of $400,000 were State member banks. * Includes 1 newly organized bank, with 4 branches, which took over 6 banks previously suspended. Back figures—See BULLETIN for February, 1932, also Annual Reports for 1931 (Table 123), 1930 (Table 117), 1929 (Table 111), 1928 (Table 115) 1927 (Table 111), and 1926 (Table 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUAEY, 1933 FEDERAL RESERVE BULLETIN 45 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, DURING DECEMBER, 1932 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures are preliminary and subject to revision] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) State Members Members ba A n l k l s Na- State m N b e e o m r n s - - ba A n l k l s National State me N m o b n e - rsba A n l k l s M be e r m s1 - m N b e e o m r n s - - ba A n l k l s M be e r m s J - m N b e e o m r n s - tional New England: Maine New Hampshire Vermont Massachusetts _.. Rhode Island Connecticut Middle Atlantic: New York New Jersey 1 1 664 664 Pennsyl van ia East North Central: Ohio 1 1 165 165 1 1 116 116 Indiana - _ 3 1 2 373 85 288 Illinois 16 1 2 13 10,783 1,121 7,071 2,591 Michigan 8 1 7 5,897 230 5,667 3 3 1,214 1,214 Wisconsin . 14 1 13 3,356 1,019 2,337 West North Central: Minnesota 7 3 4 1,811 1,115 696 Iowa _. _ _ 26 2 24 28,399 538 27,861 Missouri 6 6 743 743 3 3 440 440 North Dakota South Dakota 3 3 256 256 Nebraska 7 7 1,730 1,730 Kansas 9 9 874 874 1 1 250 250 South Atlantic: Delaware Maryland District of Columbia Virginia West Virginia 2 1 1 426 269 157 N So o u r t t h h C C a a r r o o l l i i n n a a 2 2 167 167 F G l e o o r r i g d i a a _ 6 2 2 1 1 3 1 1,2 9 0 4 2 1 1,1 2 6 4 6 8 , 481 2 3 1 6 2 1 21 358 2 358 East South Central: Kentucky _ Tennessee 2 2 286 286 Alabama 1 1 40 40 Mississippi West South Central: Arkansas 2 2 77 77 Louisiana 7 7 2,970 2,970 2 32 2,970 2,970 Oklahoma 2 2 187 187 1 1 172 172 Texas _ 5 1 1 3 429 31 283 115 1 1 209 ::::::: 209 Mountain: Montana Idaho 1 1 63 63 Wyoming Colorado . _ _ 3 1 2 641 410 231 New Mexico Arizona Utah 13 2 11 18,868 6,017 12,851 Pacific- Washington Oregon 1 1 1,487 1,487 California 4 1 3 1,162 118 1,044 Total 153 19 4 130 83,333 13,854 7,835 61,644 14 1 13 6,393 664 5,729 i Represents national banks only. a At time of suspension, this was a State member bank. 8 Includes 1 Dewly organized bank, with 4 branches, which took over 6 banks previously suspended. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 FEDERAL RESERVE BULLETIN JANUARY, 1933 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, JANUARY 1 TO DECEMBER 31, 1932 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures included for latest month are preliminary and subject to revision] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) State Members Members ba A n l k l s ti N on a- al State m N b o e e n m r - s - ba A n l k l s ti N on a- al State m N b o e e n m r - s - ba A n l k l s M be e r m s1 - m N b e e o m r n s - - ba A n l k l s M be em rs - 1 m N b e e o m r n s - - New England: Maine.. New Hampshire 1 1 402 402 Vermont Massachusetts 5 1 1 3 29,678 1,334 10,258 18,086 2 1 1 8,169 1,869 6,300 Rhode Island Connecticut 6 1 5 42,885 2,697 40,188 Middle Atlantic: New York 10 8 2 15,316 12,016 3,300 5 2 3 18,453 12,677 5,776 New Jersey 8 5 1 2 14,369 10,680 797 2,892 7 4 3 9,389 6,178 3,211 Pennsylvania . _ _. 42 20 1 21 50,937 22,208 512 28,217 6 5 1 5,575 2,509 3,066 East North Central: Ohio 26 2 24 8,293 1,678 6,615 14 1 2 13 64,140 577 2 63,563 Indiana _ _ _ _ 68 12 56 37,216 11,366 25,850 11 11 5,725 5,725 Illinois 208 46 11 151 128,023 46,781 20,002 61,240 23 6 17 10,018 5,720 4,298 Michigan 84 5 10 69 35,448 2,634 6,661 26,153 36 6 2 30 30,968 11,394 2 19,574 Wisconsin _ 67 4 63 19,115 2,932 16,183 16 2 14 9,364 2,220 7,144 West North Central: Minnesota 62 9 53 12,154 2,302 9,852 4 4 1,205 1,205 Iowa 150 24 3 123 85,468 18,314 5,561 61,593 7 1 26 31,327 1,409 2 29,918 N M o is r s th o u D ri akota 8 1 2 4 8 3 1 7 1 3 1 1 1 4 , , 0 8 6 1 6 3 4,3 2 2 43 4 455 10,0 82 3 3 4 4 7 4 7 1,0 5 1 97 3 1,0 5 1 97 3 South Dakota 23 6 17 5,219 1,027 4,192 Nebraska— 51 3 2 46 7,154 408 481 6,265 13 13 2,650 2,650 Kansas - - 69 9 60 9,540 3,304 6,236 3 3 536 536 South Atlantic: Delaware - - - 1 1 792 792 1 1 792 792 Maryland 4 1 3 5,520 839 4,681 8 8 2,957 2,957 District of Columbia-- 4 4 3,497 3 497 Virginia 9 2 7 879 339 540 2 1 1 591 567 24 West Virginia 6 2 4 954 411 543 11 6 5 12,961 8,043 4,918 North Carolina. 31 5 26 14,129 9,967 4,162 14 4 10 11,800 4 542 7,258 South Carolina - - - 18 3 15 28,993 3,239 25,754 8 8 2,215 2,215 Georgia 25 8 2 15 3 989 986 839 2 164 2 2 2 667 2 667 Florida 11 2 9 4,081 1,598 2,483 4 4 933 933 East South Central: Kentuckv 38 10 1 27 10,493 4,186 2,347 3,960 8 1 7 1,084 160 924 Tennessee - - 28 3 25 4,810 1,616 3,194 5 5 642 642 Alabama 18 6 3 9 5,797 3 155 1 285 1 357 2 2 803 803 Mississippi 10 1 9 1,506 455 1,051 15 2 15 7,411 2 7,411 West South Central: Arkansas 12 1 1 10 929 85 126 718 7 2 5 1,216 593 623 Louisiana ' 14 1 1 12 5,420 680 531 4,209 8 1 2 37 6,067 680 2 5,387 Oklahoma 31 9 22 8,259 4,219 4,040 6 6 613 613 Texas 35 10 3 22 8,526 3,941 433 4,152 10 3 7 5,767 4,231 1,536 Mountain: Montana 8 3 5 1,364 716 648 Idaho .... 24 6 2 16 12,410 8,181 173 4,056 8 1 7 8,254 5,258 2,996 Wyoming 2 2 878 878 Colorado... 24 6 18 2,905 1,096 1,809 New Mexico 1 1 83 83 Arizona 7 1 6 5,862 354 5,508 Utah 14 2 12 9,816 863 8,953 5 2 3 2,194 960 1,234 Nevada 16 2 14 19,849 6,017 13,832 Pacific: Washington 28 5 5 18 23,764 3,955 2,521 17,288 2 2 1,223 1,223 Oregon 26 8 4 14 8,032 3,731 1,653 2,648 3 1 2 6,726 885 5,841 California 33 14 19 20,195 10,478 9,717 2 2 1,494 1,494 Total 1,453 276 54 1,123 730,426 215,284 55,498 459,644 290 52 238 275,941 71,666 204,275 1 Represents national banks only, except as follows: 1 State member in New York with deposits of $12,170,000; 1 in Illinois with deposits of $628,000; 3 in Michigan with deposits of $1,302,000; 1 in Arkansas with deposits of $339,000; and 2 in Utah with deposits of $960,000. 2 At time of suspension 6 banks in Ohio with deposits of $41,464,000; 8 in Michigan with deposits of $9,293,000; 1 in Iowa with deposits of $26,858,000; 1 in Georgia with deposits of $358,000; 1 in Mississippi with deposits of $400,000; and 1 in Louisiana with deposits of $531,000, were State member banks. »Includes 1 newly organized bank, with 4 branches, which took over 6 banks previously suspended. Back figures.—See BULLETIN for February, 1932; also ANNUAL REPORTS for 1931 (Table 124), 1930 (Table 118), 1929 (Table 112), 1928 (Table 116), 1927 (Table 112), 1926 (Table 100), and 1925 (Tables 97 and 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDERAL RESERVE BULLETIN 47 EARNINGS AND EXPENSES OF MEMBER BANKS NATIONAL BANKS,1 BY FEDERAL RESERVE DISTRICTS, FIRST SIX MONTHS OF 1932 NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from report submitted by national banks. [In thousands of dollars] Federal reserve district Total San Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C a i n t s y as Dallas F ci r s a c n o - Gross earnings: Interest received— On loans2 294,100 23, 734 61,253 26,511 23,334 13,845 12, 760 39, 707 9,996 11,160 15,737 14,698 41,365 On investments3 148, 495 12,445 40,585 15, 747 13,727 5,395 5,173 13,815 4,929 7,024 8,279 4,058 17,318 On balances with other banks « 6,670 617 390 430 592 284 489 767 271 436 789 712 893 Domestic exchange and collection charges 4,924 197 344 170 177 218 564 905 218 671 486 323 651 Foreign exchange department 8,352 221 6,438 346 154 14 105 551 18 45 4 23 433 Commissions received 235 1 1 1 2 2 47 12 127 21 2 19 Trus* department - 10,319 963 4,195 485 469 340 394 722 123 75 397 154 2,002 Profits on securities sold 9,582 846 4,038 485 1,040 265 290 628 162 198 267 267 1,096 Other earnings 41,460 3,545 11,972 1,811 2,963 1,520 2,167 5,175 1,012 1,361 2,600 1,872 5,462 Total earnings 524,137 42,568 129,216 45,986 42,457 21,883 21,944 62,317 16, 741 21,097 28,580 22,109 69,239 Expenses: Salaries and wages - - 114,907 8,512 26,559 8,766 8,218 4,708 5,215 13,509 3,923 5,090 7,727 5,627 17,053 Interest paid— On borrowed money 2 13,919 591 2,268 1,867 988 593 812 1,092 404 243 699 404 3,958 On deposits- Time 108,153 8,971 18,826 11,633 10,589 5,640 3,975 13,044 3,747 5,671 4,908 2,552 18,597 Demand - - 32,139 2,927 8,788 2,480 3,536 919 1,120 4,462 868 930 1,933 1,573 2,603 Bank . 12,080 768 3,474 391 1,309 327 536 1,180 448 521 928 714 1,484 Taxes 21, 787 900 3,189 1,613 1,959 993 1,063 4,506 928 1,488 1,348 1,829 1,971 Other expenses 68,232 4,831 17,380 4,975 4,941 2,520 3,078 8,309 1,999 3,265 4,352 3,127 9,455 Total expenses 371, 217 27,500 80,484 31,725 31,540 15,700 15,799 46,102 12,317 17,208 21,895 15,826 55,121 Net earnings __ _ 152,920 15,068 48,732 14,261 10,917 6,183 6,145 16, 215 4,424 3,889 6,685 6,283 14,118 Recoveries on charged-off assets: Loans and discounts - 8,655 226 3,095 324 476 247 257 1,291 231 648 634 672 554 B onds, s ecurities, etc 4,016 825 1,181 797 245 28 68 237 75 108 177 54 221 All other 11, 503 246 8,096 236 294 80 190 492 147 76 283 127 1,236 Total net earnings and recoveries... 177,094 16,365 61,104 15,618 11,932 6,538 6,660 18,235 4,877 4,721 7,779 7,136 16,129 Losses charged off: On loans and discounts 148, 301 11.443 61,641 6,821 8,539 3,345 3,143 26,006 2,184 4,068 7,200 6,478 7,433 On bonds, securities, etc.-.. 89,062 10, 797 29,439 8,781 8,854 2,534 2,003 10, 773 2,261 4,228 3,191 1,502 4,699 On banking house, furniture and fixtures - 6,444 232 1,909 258 480 199 188 653 77 52 431 216 1,749 On foreign exchange 1,534 8 1,198 14 16 7 11 5 3 3 264 All other losses 9,338 334 3,704 640 478 406 411 646 336 149 614 407 1,213 Total losses charged off 254,679 22,814 97,891 16, 514 18, 367 6,491 5,756 38,078 4,858 8,502 11,444 8,606 15, 358 Net addition to profits * 77, 585 <6,449 4 36, 787 *896 « 6, 435 47 904 ^19,843 19 * 3, 781 * 3, 665 41,470 771 Dividends declared 75,385 6,331 26,270 7,975 3,622 2,692 2,288 5,908 2,496 1,896 1,697 1,679 12,531 Capital stock paid in s 1,565, 558 140,150 419,630 124,062 112, 638 70,806 75,285 170,395 54,594 57, 210 81,233 76, 692 182,863 Surplus fund« 1, 257,362 100,490 382,553 189,627 118,381 52, 754 46,174 120,303 30,934 32,843 37,148 38,312 107,843 Capital and surplus 5_. 2,822,920 240,640 802,183 313,689 231,019 123,560 121,459 290,698 85,528 90,053 118,381 115,004 290, 706 Number of banks 5 6,145 338 683 638 571 355 296 673 362 524 775 535 395 1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. * Net loss. 2 3 I I n n c c l l u u d d e e s s d d i i s v c i o d u en nt d . s. s As of June 30, 1932. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 FEDERAL RESERVE BULLETIN JANUARY, 193$ EARNINGS AND EXPENSES OF MEMBER BANKS—Continued STATE BANK MEMBERS, BY FEDERAL RESERVE DISTRICTS, FIRST SIX MONTHS OF 1932 [In thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P el h p il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is n M o e l a i i n p s - - K C a i n t s y as Dallas F c S r i a s a n c n o - Gross earnings: Interest received— On loans l . 163,682 8,795 72,537 10,981 25,003 4,068 3,534 21,966 5,936 665 1,266 1,116 7,815 On investments2 80,908 4,034 40,097 7,476 9,451 1,185 912 9,291 3,294 392 742 223 3,811 On balances with other banks. . 2,462 71 712 186 208 210 178 399 117 24 79 35 243 Domestic exchange and collection charges 1,355 47 213 28 116 101 79 461 162 30 7 17 87 Foreign department 3.540 45 2,504 21 122 17 28 696 19 2 84 Commissions received 9,408 153 7,989 64 129 127 68 447 249 13 13 25 131 Trust department 21,566 1,966 8,810 3,178 2,335 264 210 3,664 430 15 97 14 583 Profits on securities sold 5,481 278 2,745 586 131 123 103 1,089 101 19 198 70 38 Other earnings 16,857 742 5,598 1,036 3,506 627 592 2,261 690 92 395 114 1,204 Total earnings 305,259 16,140 141,205 23,556 41,001 6,722 5,704 40,274 10,998 1,250 2,799 1,614 13,996 Expenses: Salaries and wages 70,411 3,385 32,419 5,745 8,489 1,651 1,309 9,632 2,621 329 781 494 3,556 Interest paid— On borrowed money J 8,345 302 2,193 871 2,225 487 629 754 668 26 23 47 120 On deposits- Time 46,606 4,164 13,525 2,985 9,152 1,241 864 7,287 2,284 362 280 96 4,366 Demand 22,450 1,154 11,605 1,903 3,004 424 400 2,290 504 41 303 97 725 Bank 6,794 144 3,426 500 775 239 231 753 172 19 156 58 321 Taxes 11,254 749 4,268 885 1,897 271 478 1,596 455 48 119 85 40a Other expenses 41,580 1,885 19,154 3,603 4,192 1,239 1,038 5,600 1,728 165 633 260 2, OSS Total expenses 207,440 11,783 86,590 16,492 29,734 5,552 4,949 27,912 8,432 990 2,295 1,137 11,574 Net earnings _ 97,819 4,357 54,615 7,064 11,267 1,170 755 12,362 2,566 260 504 477 2,422 Recoveries on charged-off assets: Loans and discbunts . 2,512 200 1,341 75 141 33 78 246 300 15 18 24 41 Bonds, securities, etc 2,716 3 2,400 41 15 2 6 60 38 1 1 149 All other 5,735 43 4,267 24 135 54 100 1,036 26 3 27 3 17 Total net earnings and recoveries _ 108,782 4,603 62,623 7,204 11,558 1,259 939 13, 704 2,930 279 549 505 2,629 Losses charged off: On loans and discounts 77,439 934 60,038 3,706 2,892 1,070 321 5,301 1,479 168 306 312 912 On bonds, securities, etc 60,849 4,795 39, 845 4,402 4,304 1,160 224 4,099 856 194 66 114 79a On banking house, furniture, and fixtures _„ 2,068 103 950 175 374 13 28 108 86 5 9 217 All other losses _ 5,560 217 2,134 384 1,302 117 28 793 212 29 44 25 275 Total losses charged off 145,916 6,049 102,967 8,667 8,872 2,360 601 10,301 2,633 396 416 460 2,194 Net addition to profits * 37,134 «1,446 * 40,344 * 1,463 2,686 *1,101 338 3,403 297 133 45 435 Dividends declared _ 57,504 2,340 34,182 5,115 4,905 684 636 6,589 1,461 24 327 152 1,089 Capital stock paid in3 874,909 35,905 422,571 56,121 90,601 25,025 19,095 132,841 38,210 3,165 8,755 6,735 35,885 Surplus • 1,108,877 42,290 603, 857 128,054 141,505 16,019 13,004 113,329 21, 541 1, 708 3,341 2,122 22,107 Capital and surplus 3 1,983,786 78,195 1,026,428 184,175 232,106 41,044 32,099 246,170 59,751 4,873 12, 096 8,857 57,992 Number of banks • . 835 29 141 69 70 32 42 156 83 40 23 64 86 1 Includes discount. * Includes dividends* « As of June 30, 1932. * Net loss. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDERAL RESERVE BULLETIN 49 ALL BANKS IN THE UNITED STATES ALL BANKS *—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, BY DISTRICTS [In millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figures are available] Loans and investments Deposits, exclusive of Rediscounts and interbank deposits bills payable Total Loans Investments Federal reserve district 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 Sept. June Sept. Sept. June Sept. Sept. June Sept. Sept. June Sept. Sept. June Sept. 29 30 30 29 30 30 29 30 30 29 30 30 29 30 30 ALL BANKS1 Boston 6,754 5,951 5,940 4,065 3,525 3,477 2,690 2,426 2,463 6,269 5,542 5,613 43 79 57 New York 18,953 16, 726 17,025 11,856 9,927 9,744 7,097 6,799 7,281 17,028 15,187 15,196 114 184 161 Philadelphia 4,137 3,578 3,524 2,313 1,946 1,874 1,824 1,633 1,650 3,520 2,947 2,937 106 165 150 Cleveland _ 4,249 3,604 3,580 2,700 2,214 2,136 1,549 1,390 1,444 3,852 3,124 3,139 90 159 149 Richmond _ 2,163 1,902 1,902 1,425 1 174 1 146 738 728 756 1,983 1,705 1,719 59 86 86 Atlanta 1,328 1,170 1,163 916 773 763 412 396 400 1,223 1,045 1,042 60 76 78 Chicago .... 6,236 4,835 4,586 4,366 3,257 2,999 1,871 1,578 1,587 6,016 4,531 4,405 71 211 189 St. Louis 1,675 1,416 1,386 1,114 874 850 561 542 536 1,570 1,296 1,287 40 55 55 Minneapolis 1,303 1,138 1,085 748 629 598 556 510 487 1,293 1,106 1,041 12 29 32 Kansas City . . .. 1,520 1,238 1,237 958 723 712 563 515 525 1,549 1,232 1,249 27 36 34 Dallas 970 873 824 676 566 532 294 307 292 928 828 787 26 30 29 San Francisco 4,072 3,641 3,598 2,616 2,227 2,154 1,457 1,413 1,445 3,921 3,420 3,364 59 128 100 Total... 53,361 46,071 45,852 33,752 27,834 26,985 19,609 18,237 18,867 49,152 41,963 41,779 695 1,238 1,120 MEMBER BANKS Boston . 2,432 2,009 2,051 1,543 1,229 1,210 889 780 842 2,203 1,831 1,919 25 37 23 New York 11,515 9,590 9,915 7,165 5,346 5,192 4,350 4,244 4,723 9,694 8,262 8,456 96 154 126 Philadelphia 2,740 2,428 2,414 1,619 1,407 1,364 1,121 1,021 1,050 2,286 1,963 1,966 72 105 9G Cleveland.. .. _ 3,203 2,743 2,715 2,012 1,676 1,593 1,191 1,067 1,122 2,884 2,330 2,344 67 116 94 Richmond 1,137 989 997 772 620 604 365 369 394 1,027 869 884 36 48 50 Atlanta 960 856 852 635 543 531 325 313 321 863 747 746 34 57 59 Chicago 4,238 3,352 3,175 2,869 2,242 2,031 1,369 1,110 1,144 3,989 3,100 3,038 27 110 98 St. Louis . 1,109 940 923 683 526 511 426 414 413 1,000 843 836 19 23 23 Minneapolis _._... 821 735 702 456 392 374 365 343 328 800 710 671 5 13 15 Kansas City 1,064 926 899 614 495 470 450 431 429 1,044 910 887 15 22 19 Dallas 776 671 666 532 430 421 244 242 245 738 631 633 17 16 17 San Francisco 3,077 2,761 2,735 1,973 1,681 1,623 1,104 1,080 1,112 2,941 2,560 2,525 52 113 83 Total 33,073 28,001 28,045 20,874 16,587 15,924 12,199 11,414 12,121 29,469 24,755 24,903 466 815 697 NONMEMBEE BANKS Boston 4,322 3,942 3,889 2,522 2,295 2,267 1,801 1,646 1,622 4,066 3,711 3,694 18 42 33 New York 7,438 7,136 7,110 4,691 4,581 4,552 2,748 2,555 2,558 7,334 6,926 6,741 18 30 36 Philadelphia 1,396 1,151 1,110 694 538 511 703 612 600 1,234 983 971 33 61 60 Cleveland 1,046 860 865 688 537 543 358 323 323 967 794 795 23 43 55 Richmond 1,026 913 905 653 554 542 372 359 362 955 836 835 23 38 36 Atlanta . . . .. 368 314 312 281 230 232 87 83 80 361 299 295 15 19 19 Chicago 1,998 1,483 1,411 1,496 1,015 968 502 468 444 2,027 1,431 1,367 44 100 91 St. Louis 566 476 463 431 349 339 135 128 124 570 453 451 21 32 32 Minneapolis 482 403 382 292 237 224 190 167 158 493 396 370 7 15 17 Kansas City 456 312 338 344 229 242 112 84 96 505 323 362 12 14 14 Dallas 194 202 158 144 136 111 50 65 47 190 196 154 9 14 12 San Francisco . 995 879 863 642 546 530 353 333 333 980 860 840 8 15 17 Total 20,288 18,071 17,807 12,877 11, 247 11,061 7,410 6,823 6,746 19,682 17,208 16,876 230 423 423 i Includes all National and State banks (including stock and mutual savings banks) and all private banks under State supervision. Back figures.—See Bulletin for July, 1930, and January and July, 1931; also (figures of loans, investments, and deposits) Annual Report of the Federal Reserve Board for 1931 (Tables 45, 46, and 92-95). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 FEDERAL RESERVE BULLETIN JANUARY, 193& ALL BANKS IN THE UNITED STATES—Continued ALL BANKS l—PRINCIPAL RESOURCES AND LIABILITIES ON SEPTEMBER 30 AND JUNE 30, 1932, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive Number of of interbank de- Rediscounts and reporting State Total Loans Investments posits bills payable banks Septem- June Sep b t e e r m- June Sep b t e e r m- June Se b p e te r m- June Sep b t e e r m- June Sep- June New England: Maine 394,739 399,260 202,943 207,942 191,796 191,318 366,804 358,003 4,099 12,116 115 New Hampshire 285,996 287,502 132,979 134,802 153,017 152,700 255,611 254,154 5,538 7,831 117 117 Vermont 208,081 214,023 128,979 132,992 79,102 81,031 195,070 200,629 11,704 12,126 100 ioa Massachusetts 3,677,997 3,663,418 2,243,044 2,258,596 1,434,953 1,404,822 3,505,442 3,441,946 24,190 35,396 416 Rhode Island 488,306 491,875 243,337 253,299 244,969 238,576 457,506 456,570 969 1,128 34 416 Connecticut 1,164,779 1,178,320 670,667 684,292 494,112 494,028 1,091,023 17,697 18,045 206 34 Middle Atlantic- 207 New York 15,138,450141,,821,693 8,831,561 6,451,511 5,990,132 13,438,378 13,406,172 94,860 114, 043 984 New Jersey 1,944,802 "1,965,574 1,130,180 1,170,428 814,622 795,146 1,790,732 1,813, 661 90,857 102, 831 473 475 Pennsylvania 4,542,151 4,591,053 2,274,819 2,384,383 2, 267,3322,206,670 3,745,390 3,756,574 156,834 162,596 1,240 1,26a East North Central: Ohio 1,873,843 1,893,545 1,285,747 1,315,670 577,875 1,736,994 1,719,809 102,690 113, 219 802 807 Indiana ... 516,202 335,477 347,158 180,725 183,531 509,786 530,154 17,921 17,710 691 695 Illinois 2,060,597 2,188,262 1,247,448 1,410,218 813,149 778,044 1,990,410 1,987,172 83,494 120,827 1,122 1,149- Michigan 1,322,438 1, 374,148 926,879 966,754 395, 559 407,394 1,264,343 1,290, 029 47,216 47, 607 549 557 Wisconsin 729,080 440,555 476,656 248,034 252,424 628, 592 20,557 834 857 West North Central: Minnesota 691,759 725,417 379,580 398,765 312,179 326,652 670,332 710,119 11,913 10, 611 823 840 Iowa 436,734 466,554 300,920 319,733 135,814 146,821 423,523 454,103 30,731 23,843 844 880 Missouri 876,842 908,521 489,783 509,779 387,059 398,742 867,053 872,987 17,248 18,330 898 914 North Dakota 69,085 70,923 45,063 45,964 24,022 24,959 65, 788 3,562 2,644 233 237 South Dakota 78,179 85, 233 46,651 50,961 31,528 34, 272 69,775 78,635 6,537 5,835 249 257 Nebraska 217,954 220,758 141,428 146,063 76,526 74,695 205,107 213,186 8,915 8,614 610 615 264,181 276,514 169,577 178,415 94,604 98,099 264,301 267,516 8,106 10, 236 870 South Atlantic: Delaware 155,248 154,898 84,415 86,914 70,833 67,984 131,184 126,942 800 2,406 50 '50 Maryland 759,171 753,284 367,098 371,805 392,073 381,479 685,777 678,233 20,918 20,820 205 205 District of Columbia. 236,455 241,162 131,623 140,545 104,832 100,617 244,150 242,772 5,960 4,294 34 39 Virginia 433, 502 436,793 315,987 328,401 117,515 108,392 376, 644 372,242 17,505 19, 277 380 39a West Virginia 245, 418 243, 202 180,748 179,100 64,670 64,102 211,780 215,114 16,916 15,092 213 210 North Carolina 207,088 203, 569 147,612 146.744 59,476 56,825 182, 208 174,510 18,128 18, 622 258 257 South Carolina 83,737 88,928 50,150 55, 679 33,587 33, 249 74,062 77,854 9,438 11, 202 131 125 246,610 247,019 167,914 173,873 78,696 73,146 233,295 226,953 10,414 10,459 306 307 Florida 172,830 177,354 58, 411 58,582 114,419 118,772 170,381 178, 279 2,761 2,609 184 184 East South Central: Kentucky 354,730 354,302 254,540 256.745 100,190 97,557 286,523 286,504 11,781 10,896 470 471 Tennessee— _. 305,045 301,495 232,274 233,485 72,771 68,010 266,089 269,521 26,298 22,855 382 38S Alabama 185,821 186,922 128,484 130,506 57,337 56,416 156,126 155,228 9,696 10,500 241 243 Mississippi 120,982 122,035 79,168 80,229 41,814 41,806 111,045 114,649 12,139 10,826 22' 226 West South Central: Arkansas 105,520 105,945 71,295 72,223 34,225 33,722 96,889 99,451 9,553 8,925 274 273 Louisiana 335,32f 337,783 244,460 246,379 90,865 91,404 296,853 294,148 31,452 31,848 195 195 Oklahoma 258,427 269,517 134,142 142,041 124,285 127,476 269,548 275,376 4,014 8,151 505 510 Texas 725,532 730,307 468,198 476,218 257,334 254,089 692, 591 22,309 21,671 1,046 1,053 Mountain: Montana 93,184 96,379 44,833 46,498 48,351 49,881 91,608 95,990 3,684 3,10! 149 151 Idaho 41,254 53,714 20,303 28,864 20,951 24,850 41,348 55,321 1,673 1,586 106 112 Wyoming.-.- 42,558 44,809 28, 581 30,537 13,977 14,272 39,086 41,609 3,938 3,291 72 7a Colorado— 196,727 204,154 94,588 101,491 102,139 102,663 208,088 211,005 5,980 5,192 208 New Mexico 28,148 29,114 15,740 16,366 12,408 12,748 25,937 28,378 2,537 1,813 49 221 Arizona 39,830 41,109 19,334 20,601 20,496 20,508 41,435 43,682 1,348 1,416 26 49 Utah 106,010 106,177 67,039 68,507 38,971 37,670 81,256 81,446 3,302 3,018 73 26 Nevada 31,851 32,580 23,638 24,275 8,213 8,305 27,970 29,473 4,719 2,494 26 71 Pacific: 28 Washington 332,180 338,364 175,110 183,144 157,070 155,220 307,842 323,949 11,850 11,624 255 259 Oregon 181,405 184,713 76,624 79,546 104,781 105,167 178,227 179,425 6,324 6,183 161 169 California 2,885,280 2,903,390 1,779,697 1,830,608 1,105,583 1,072,782 2,706,809 2,726,986 70,537 102,147 359 363 Total - 45,851,57246,071,38026,985,001 27,834,337 18,866,57118,237,043 41,778,938 41,962,9501,119,93' 1,238,467 18,794 19,037 1 Includes all National and State banks and all private banks under State supervision. Figures for State institutions are taken from page 52 and represent in some cases the condition of banks as of dates other than Sept. 30, and June 30,1932. ' Revised. Back figures.—See (for figures of loans and investments) Annual Reports of Federal Reserve Board for 1931 (Tables 96-98) and 1927 (Tables 81-83). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDERAL RESERVE BULLETIN 51 ALL BANKS IN THE UNITED STATES—Continued NATIONAL BANKS ^PRINCIPAL RESOURCES AND LIABILITIES ON SEPTEMBER 30 AND JUNE 30, 1932, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive of interbank de- Rediscounts and Number of re- State Total Loans Investments posits bills payable porting banks Se b p e te r m- June Se b p e te r m- June Sep b t e e r m- June Se b p e te r m- June te S m ep b - er June te S m ep b - er June New England: Maine.- 114,954 117,064 59,413 61,523 55,541 55,541 106,730 105,510 3,717 4,387 43 New Hampshire . 65,248 66,754 35,013 30,235 29,918 53,705 52,248 2,291 4,584 53 53 Vermont. 59,172 60,547 31,974 32,875 27,198 27,672 49,396 49,495 3,194 4,004 45 45 Massachusetts... 1,083,658 1,022,627 647,347 632,243 436,311 390,384 1,043,656 968,559 5,856 141 141 Rhode Island 45,424 45, 576 24,817 25,202 20,607 20,374 33,991 33,745 200 648 10 10 Connecticut 216,825 224,321 140,387 148,912 76,438 75,409 198,911 199,249 5,069 5,813 58 58 Middle Atlantic: New York 3,838,387 3,785,236 2,042,764 2,096,930 1,795,623 3,280,790 3,210,941 49,344 59,847 496 497 New Jersey 710,146 381,953 397,030 316,935 ' 313', 116 638,589 648,121 39,162 47,536 269 268 Pennsylvania 2, 234,288 2,224,595 1,173,915 1,204,621 1,060,373 1,019,974 1,818,068 1,832,812 74,028 75,547 752 762 East North Central: Ohio 571, 063 579,773 345,689 360,922 225,374 218,851 519,334 517,861 12,811 16,622 267 Indiana 241,257 255,744 140,224 151,905 101,033 103,839 225,998 246,366 7,478 7,267 157 161 Illinois. 660,332 712, 791 382,063 438,765 278,269 274,026 676,175 661,680 12,682 16,087 340 345 Michigan 742,334 772,157 523,870 548, 021 218,464 224,136 732,882 742,500 9,650 11,197 103 103 Wisconsin.._ 341,918 352, 654 214,311 230,788 127,607 121,866 311,600 336,631 6,351 5,179 133 135 West North Central: Minnesota 431,046 453,420 240,948 254,014 190,098 199,406 412,729 3,113 234 237 Iowa 153,555 173,934 84,699 96,485 68,856 77,449 144, 715 164,878 6,029 4,676 167 177 Missouri 345,739 355,054 188,101 199,226 157,638 155,828 323,081 323,077 2,816 99 101 North Dakota.... 51,177 52,603 29,595 30,316 21,582 22,287 48,437 50,823 1,697 79 81 South Dakota 46,449 48,904 23,767 22,682 24,015 41,420 44,785 3,826 3,183 76 78 Nebraska. 145, 288 145,898 87, 550 90,097 57,738 55,801 134,497 139,251 5,441 5,286 156 156 Kansas 138,251 146,125 74,813 80,229 137,855 141,211 2,683 3,889 222 222 South Atlantic: Delaware 19,304 19,446 10,099 10,196 9,205 9,250 15,741 14,522 425 1,074 16 16 Maryland. _ 186,026 180,139 76,563 81,270 "109,463 160,967 153,423 3,385 3,287 68 68 District of Columbia. - 132,259 131,685 67,625 71,225 64,634 60,460 140,280 133,665 2,974 3,361 12 12 Virginia .'— 254,969 253,914 175,838 183,343 79,131 70,571 224.256 221,982 10,004 139 142 West Virginia—. 120,368 116,878 84,380 81,405 35,473 100,660 99,511 8,644 8,076 83 80 North Carolina. _ 52,206 51,729 37,930 37,906 14,276 13,823 41,615 39,848 4,998 5,449 42 41 South Carolina- 42,682 43,993 25,960 27,582 16, 722 16,411 35,083 37,162 6,249 5,609 21 21 Georgia 159,525 159,934 96,335 102,294 63,190 57,640 160.257 153,915 3,036 3,081 61 62 Florida 125,245 129,769 37,166 37,337 88,079 92,432 120,718 128,616 1,346 1,194 49 49 East South Central: Kentucky 158,069 157, 641 100,285 102.490 57,784 55,151 132,050 132,031 5,743 4,858 108 109 Tennessee... 201,029 197,479 145,657 146,868 55,372 50,611 161,418 164,850 20,650 17,207 81 82 Alabama 135, 412 136,513 86,394 88,416 49,018 48,097 112,889 111, 991 5,041 5,845 79 81 Mississippi 43,092 43,390 26,410 27,394 16, 682 15,996 39, 227 40,898 3,223 2,817 25 26 West South Central: Arkansas 46,439 46,480 25, 705 20,611 20,775 42,002 42,273 1,517 1,238 51 50 Louisiana. 79,405 81,863 57,289 59,208 22,116 22,655 70,166 67,461 4,892 5,288 29 29 Oklahoma 217,248 224, 587 110,968 116, 955 106,280 107,632 224,724 229,542 2,816 6,502 241 242 Texas 580,638 582, 531 366,924 372,345 213, 714 210,186 550,979 550,296 13,415 12,336 489 493 Mountain: Montana 53,188 54, 315 21, 551 22,183 31,637 32,132 54,152 55,527 1,519 1,412 53 53 Idaho 13, 416 23,331 6,999 13,628 6,417 9,703 12,940 23,223 762 842 28 31 Wyoming 27,141 28,136 16,943 17,865 10,198 10, 271 24,664 26,121 2,494 1,618 25 25 Colorado 163, 096 166,925 73,263 77, 274 89,651 170,704 172,162 4,550 3,640 100 New Mexico 21,051 21,750 11,310 11,807 9,741 9,943 19,434 21,166 1,849 1,284 26 Arizona ... 15,648 15, 757 6,290 6,934 9,358 8,823 15,838 16,284 499 540 10 Utah 34, 514 34,914 16,504 17,206 18,010 17,708 29,202 904 856 15 Nevada 18, 574 18, 217 12,405 11, 769 6,448 13,831 13,811 3,824 2,494 10 Pacific: Washington 204,562 95, 616 100,496 108,946 106,502 183,840 189,229 6,819 6,505 84 86 Oregon 146,424 147, 575 56,394 58,019 90,030 89,556 142,795 141,638 4,434 4,205 73 78 California 1,856,957 1,866,528 1,181,866 1,214,310 675,091 652, 2181,702,453 1,709,849 60,086 92,071 165 168 Total 17,333,74017,448,340 9,904,00510,265,259 7,429,735 7,183,08115,634,91115,628,831 443,574 506,815 6,080 6,145 1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 FEDERAL RESERVE BULLETIN JANUARY, 1933 ALL BANKS IN THE UNITED STATES—Continued STATE BANKS *—PRINCIPAL RESOURCES AND LIABILITIES ON SEPTEMBER 30, AND JUNE 30, 1932, BY STATES [In thousands of dollars] Loans and investments Deposits, exclusive of interbank de-Rediscounts and Number of reposits. bills payable porting banks State Total Loans Investments ieptem- Septem- Septem- Septem- Sep- Sepber June ber June ber June ber June tember June tember June New England: Maine 279,785 282,196 143,530 146,419 136,255 135,777 260,074 252,493 382 7,729 72 72 New Hampshire- 220,748! 220,748 97,966 97,966 122,782 122,782 201,906 201,906 3,247 3,247 64 64 Vermont 148,909 153,476 97,005 100,117 51,904 53,359 145,674 151,134 8,510 8,122 55 55 Massachusetts 2,594,339 2,640,791 1,595,697 1,626,353 998,642 1,014,438 2,461,786 2,473,387 18,334 25.532 275 275 Rhode Island 442,882 446,299 218,520 228,097 224,362 218,202 423,515 422,825 769 480 24 24 Connecticut 947,954 953,999 535,380 417,674 418,619 890,918 891,774 12,628 12,232 148 149 Middle Atlantic- New York 11,300,063 1i1, 036,4576,644,175 6,734,631 4,655,888 4,301,826 101,,157,588101,,195,231 45,516 54,196 487 487 New Jersey 1,245,914 "1,255,428 748,227 773,398 497,687 482,030 1,152,143 1,165,540 51,695 55,295 204 207 Pennsylvania 2,307,863 2,366,458 1,100,904 1,179,762 1,206,959 1,186,696 1,927,322 1,923,762 82,806 87,049 488 498 East North Central: Ohio 1,302,780 1,313,772 940,058 954,748 362,722 359,024 1,217,660 1,201,948 89,8792 96,597 536 540 Indiana 274,945 274,945 195,253 195,253 79,692 79,692 283,788 10,443 10,443 534 534 Illinois 1,400,265 1,475,471 865,385 971,453 534,880 504,018 1,314,235 1,325,492 70,812 104,740 782 804 Michigan __. 580,104 601,991 403,009 418,733 177,095 183,258 531,461 547,529 37,566 36,410 446 454 Wisconsin 346,671 376,426 226,244 245,868 120,427 130,558 316,992 357,318 22,531 15,378 701 722 West North Central: Minnesota 260,713 271,997 138,632 144,751 122,081 127,246 257,603 271,229 8,527 7,498 603 Iowa 283,179 292,620 216,221 223,248 66,958 69,372 »278,808 a 289,225 24,702 19,167 677 703 Missouri 531,103 553,467 301,682 310,553 229,421 242,914 a 543,972 3 549,910 14,432 14,634 799 813 North Dakota 17,908 18,320 15,468 15,648 2,440 2,672 17,351 ' 18,105 1,194 947 154 156 South Dakota 31,730 22,884 26,072 8,846 10,257 28,355 33,850 2,711 2,652 173 179 Nebraska 72,666 74,860 53,878 55,966 18,788 70,610 73,935 3,474 3,328 454 459 125,930 130,389 94,764 98,186 31,166 32,203 126,446 3126,305 5,423 6,347 648 658 South Atlantic: Delaware 135,944. 135,452 74,316 76,718 61,628 58,734 115,443 112,420 375 1,332 34 '34 Maryland 573,145 573,145 290,535 290,535 282,610 282,610 524,810 624,810 17,533 17.533 137 137 District of Columbia- 104,196 109,477 63,998 40,198 40,157 103,870 109,107 933 22 27 Virginia 178,533 182,879 140,149 145,058 38,384 37,821 152,388 150,260 8,407 9,273 241 248 West Virginia 125,050 126,324 96,368 97,695 28,682 111,120 115,603 8,272 7,016 130 130 North Carolina 154,882 151,840 109,682 108,838 45,200 43,002 140,593 134,662 13,130 13,173 216 216 South Carolina * 41,055 < 44,935 424,190 •28,097 * 16,865 < 16,838 < 38,979 «40,692 < 3,189 <5,593 *110 *102 Georgia 87,085 87,085 71,579 71,579 15,506 15,506 73,038 73,038 7,378 7,378 245 245 Florida 47,585 47,585 21,245 21,245 26,340 26,340 49,663 49,663 1,415 1,415 135 135 East South Central: Kentucky 196,661 196,661 154,255 154,255 42,406 42,406 154,473 154,473 6,038 6,038 362 362 Tennessee 104,016 104,016 86,617 86,617 17,399 17,399 104,671 «104,671 5,648 5,648 301 301 Alabama 50,409 60,409 42,090 42,090 8,319 8,319 43,237 43,237 4,655 4,655 162 162 Mississippi - 77,890 78,645 52,758 52,835 25,132 25,810 71,818 73,751 8,916 8,009 202 200 West South Central: Arkansas 59,081 59,465 45,467 "46,518 13,614 12,947 54,887 57,178 8,036 7,687 223 223 Louisiana .— 255,920 255,920 18V, 171 187,171 68,749 68,749 226,687 226,687 26,560 26,560 166 166 Oklahoma 41,179 44,930 23,174 25,086 18,005 19,84i 44,824 45,834 1,198 1,649 264 268 Texas 144,894 147,776 101,274 103,873 43,620 43,903 145,033 142,295 8,894 9,335 557 560 Mountain: Montana 39,996 42,064 23,282 24,315 16,714 17,749 37,456 40,463 2,165 1,693 96 Idaho 27,838 13,304 15,236 14,534 15,147 28,408 «32,098 911 744 78 81 Wyoming 15,417 16,673 11,638 12,672 3,779 4,001 14,422 15,488 1,444 1,673 47 48 Colorado 33,631 37,229 21,325 24,217 12,306 13,012 37,384 38,843 1,430 1,552 109 121 New Mexico .... 7,097 7,364 4,430 4,559 2,667 2,805 6,503 7,212 688 «529 23 23 Arizona 24,182 25,352 13,044 13,667 11,138 11,685 25,597 •27,398 849 876 16 16 Utah 71,496 71,263 50,535 51,301 20,961 19,962 52,587 52,244 2,398 2,162 58 56 Nevada 13,277 14,363 11,233 12,506 2,044 1,857 14,139 15,662 895 1 18 Pacific: Washington 127,618 131,366 79,494 82,648 48,124 48,718 •124,002 •134,720 5,031 5,119 171 173 Oregon 34,981 37,138 20,230 21,527 14,751 15,611 35,432 37,787 1,890 1,978 88 91 California 1,028,323 1,036,862 597,831 616,298 430,492 420,564 1,004,356 1,017,137 10,451 10,076 194 195 Total 28,517,832 28,623,040 17,080,996 17,569,078 11,436,836 11,053,962 26,144,027 26,334,119 676,363731,652 12,714 '12,892 1 Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates nearest thereto for which figures are available. * Includes bonds borrowed. »Includes due to banks. < Includes 10 cash depositories on June 30, and 18 cash depositories on Sept. 30. * Includes miscellaneous liabilities. ' Revised. NOTE.—All figures in the September columns are as of Sept. 30, except as follows: Maine, Sept. 24; New Hampshire, June 30: Massachusetts, savings banks, Oct. 31; Rhode Island, State banks, Oct. 31, savings banks, June 30; Connecticut, savings banks, June 30: New York, savings banks, June 30; Indiana, June 30; Minnesota, Sept. 28; Missouri, Sept. 10; Nebraska, Sept. 3; Kansas, Sept. 12; Marj land, June 30; Georgia, June 30; Florida, June 30; Kentucky, June 30; Tennessee, June 15; Alabama, June 30; Louisiana, June 30; Oklahoma, Oct. 15; Colorado, Nov. 19. All figures in the June columns are as of June 30, except as follows: Tennessee, June 15; Oklahoma, June 27; Colorado, June 25. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

53 JANUARY, 1933 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. 1923-1025 average^ 100] Without seasonal adjustment Adjusted for seasonalvariation Industry 1932 1931 1932 1931 Nov. Oct. Nov. Nov. Oct. Nov. Manufactures—Total 66 70 65 71 IRON AND STEEL . _ .. . .. 29 30 47 31 31 51 Pig iron 21 21 37 21 21 37 Steel ineots . . __ . . .. 29 31 48 32 32 52 TEXTILES - . . . .. . . _ 95 102 92 92 99 89 Cotton consumption - 98 99 88 95 96 84 Wool 73 81 67 70 77 64 Consumption . . ._ 84 91 79 77 83 73 Machinery activity 76 90 60 8 8 Carpet and rug-loom activity . . 38 39 41 Silk 121 140 143 140 Deliveries 134 157 162 111390 114507 157 Loom activity. _ - .. . . . __ .. .- 96 106 105 FOOD PRODUCTS ._ ._ .» .. .. ._ 87 89 95 83 89 91 Slaughtering and meat packing 91 89 101 82 92 91 Hogs ... - 93 86 108 85 101 99 Cattle 81 86 82 70 74 72 Calves 94 93 92 92 89 91 Sheep.- . - - _. 144 160 163 146 145 164 Wheat flour 94 98 102 87 88 94 Sugar meltings . 61 75 65 78 79 83 PAPER AND PRINTING .. . .. .. 93 101 '90 91 99 Wood pulp and paper 84 91 84 90 Newsprint 65 61 78 66 61 79 Book paper . __ _ . . .. .. 86 98 86 96 Wrapping DaDer 78 74 77 73 Fine paper . _ 81 84 80 87 Box board 109 108 104 104 Wood pulp, mechanical 61 90 68 90 Wood pulp, chemical— . , - _ 89 90 87 90 Paper boxes 130 157 142 127 150 139 Newsprint consumption 104 106 125 98 100 117 LUMBER ._ . _ _ 22 22 27 27 26 26 TRANSPORTATION EQUIPMENT: Automobiles 18 31 36 Locomotives _ _. 4 155 222 4 '165 2 Shipbuilding 119 158 118 136 216 134 LEATHER AND PRODUCTS v 104 75 » 89 *94 77 Tanning . _ . 79 80 Sole leather _ _ 81 Upper leather- Cattle - 78 76 Calf ind kiD 56 59 Goat and kid . 103 105 Boots and shoes 94 120 72 99 '108 76 CEMENT AND GLASS: Cement 53 63 67 53 55 67 Glass, plate. . 60 52 46 62 52 48 NONFERROUS METALS l—Tin deliveries 55 50 77 FUELS, MANUFACTURED: Petroleum refining 138 137 156 138 137 155 Gasoline 179 180 200 Kerosene - - - . 79 70 79 73 66 73 Fuel oil 89 85 101 <? (2) Lubricatine oil - . . ._ 71 72 93 (2) Coke, by-product 57 55 74 56 55 7a RUBBER TIRES AND TUBES ... _ 55 60 63 73 68 84 Tires, pneumatic 57 62 65 76 71 86 Inner tubes . . .. . . - - - - . 37 39 47 50 44 64 TOBACCO PRODUCTS 106 112 317 104 104 113 Cigars - - - 75 77 89 63 63 75 Cigarettes - «_ _ .. . 130 140 140 132 133 142 Minerals—Total. _ 78 80 '84 75 74 81 Bituminous coal 74 74 '76 66 67 '68 Anthracite COHI «.-- 67 79 68 65 61 66 Petroleum, crude - 105 104 121 106 103 123 Zinc - 35 32 45 35 33 45 Lead 47 39 61 45 38 58 Silver 40 36 41 37 36 38 Iron ore - - 6 22 10 7 13 12 v Preliminary. ' Revised. »Includes also lead and zinc; see " Minerals." J Without seasonal adjustment. NOTE.—For description see BULLETIN for February and March, 1927. For latest revisions see BULLETIN for March, 1932, pp. 194-196. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 FEDERAL RESERVE BULLETIN JANUARY, 1933 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average=100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry 1932 1931 1932 1931 1932 1931 Nov. Oct. Nov. Nov. Oct. Nov. Nov. Oct. Nov. Total 60.9 62.0 68.7 61.2 61.1 69.3 41.8 43.5 56.2 IRON AND STEEL AND PRODUCTS .. 53.6 53.3 65.0 53.8 53.2 65.3 25.6 26.2 41.2 Steel works and rolling mills 56.1 55.9 65.8 56.8 66.3 66.6 25.0 25.2 39.4 Hardware . - _-._. 50.8 50.1 62.4 50.8 50.4 62.4 26.1 25.9 43.5 Structural iron work 46.2 47.2 73.1 46.1 46.1 72.9 27.6 27.7 54.1 TTeating apparatus 50.8 50.4 60.4 49.1 47.4 58.7 30.1 33.9 42.1 Steam fittings. ... .... 42.4 41.2 56.9 42.7 40.4 57.2 25.6 27.0 39.3 Stoves 58.4 58.9 63.7 55.1 53.9 60.1 34.4 40.4 44.7 Cast-iron pipe . ... .. . ... 34.3 33.8 56.6 34.9 33.7 57.6 16.4 17.0 41.4 MACHINERY .. 46.0 45.8 63.8 46.6 46.1 64.6 27.4 27.7 48.3 Foundry and machine-shop products.. - 44.6 44.4 58.4 45.4 44.8 59.6 24.3 24.8 40.4 Machine tools _ . .. 37.9 36.8 62.4 37.9 36.9 62.5 23.0 21.4 45.9 Agricultural implements - 29.7 25.5 44.9 30.7 26.8 46.3 21.9 19.6 34.6 Electrical machinery.. . .. . 52.1 52.3 77.8 52.1 52.3 77.8 36.2 36.5 68.6 TEXTILES AND PRODUCTS « _ . . 73.1 75.7 74.3 72.3 74.3 73.6 49.4 55.6 59.3 A Fabrics 75.2 76 2 74.9 73.9 75.5 73.7 51.9 55.2 60.1 Cotton goods . -. 75.5 75.9 73.4 74.2 75.3 72.2 50.1 52.1 54.5 Woolen and worsted manufactures. 61.5 65.6 60.1 59.4 64.3 58.1 39.7 44.9 46.4 Woolen and worsted goods . . . 63.6 68.5 60.1 61.2 66.9 57.8 41.9 47.9 47.1 Carpets and rugs.. . . .. 51.0 50.1 60.3 50.3 50.6 59.5 29.7 31.0 43.0 TToswy and Imit goods 93.8 91.4 90.3 92.5 90.7 89.1 76.3 77.1 81.2 Silk manufactures . . .. 62.5 66.7 72.7 62.7 66.3 72.9 43.1 48.9 62.2 Dyeing and finishing textiles 88.4 88.1 93.3 87.7 87.9 92.6 64.6 69.0 84.3 B. Wearing apparel 67.8 74.4 72.8 68.9 71.2 73.4 44.2 56.3 57.8 Clothing, men's . . . .. 54.1 55.0 54.1 55.6 64.4 55.6 33.1 38.2 37.4 Shirts and collars 74.6 73.0 82.1 72.2 71.6 79.5 51.9 49.9 59.8 Clothing, women's .. .. 88.8 104.4 101.9 90.4 98.1 103.7 59.3 83.9 87.5 Millinery 57.2 71.6 57.9 55.2 65.1 55.9 36.5 47.5 45.4 FOODAND PRODUCTS 82.9 85.0 88.0 80.7 81.3 85.9 67.0 70.9 83.2 Baking 83.6 85.2 92.6 82.6 82.5 91.6 70.4 72.9 88.0 Slaughtering and meat packing 81.7 83.1 85.7 80.9 83.5 84.9 66.4 70.3 82.3 Confectionery _ _ 96.1 100.9 93.7 83.5 83.6 81.4 68.9 78.1 83.9 Icecream . . .. 65.8 70.3 71.9 72.9 71.8 79.7 55.9 60.9 73.3 Flour 74.4 75.9 78.8 72.9 73.0 77.2 62.0 66.3 76.4 Sugar, refining, cane. .. . . 74.3 75.7 79.9 75.1 73.1 80.7 57.0 59.1 67.8 PAPER AND PRINTING -. — .. .. 82.2 82.3 91.0 81.1 82.0 89.7 70.2 71.7 90.6 Printing, book and job 77.2 78.1 92.1 76.7 78.8 91.6 63.6 66.4 89.9 Printing, newspapers and periodicals 95.0 94.4 101.7 93.8 94.3 100.4 90.0 89.8 109.7 Paper and pulp _. 77.9 78.1 81.4 78.0 78.2 81.4 54.8 56.7 69.3 Paper boxes 76.4 75.9 86.5 71.5 72.0 81.0 64.1 66.4 81.7 LUMBER AND PRODUCTS 38.1 39.0 48.4 37.3 37.6 47.4 20.9 22.4 34.4 Lumber, sawmills 33.1 34.1 41.4 32.9 33.4 41.1 17.4 18.4 28.9 Lumber, millwork . .. _ 34.8 35.1 49.0 35.4 35.1 49.8 20.1 20.2 34.9 Furniture 54.4 55.4 68.1 50.9 50.8 63.8 29.0 32.5 46.3 TRANSPORTATION EQUIPMENT . . .. 43.3 41.3 50.6 45.6 41.4 53.4 31.9 2J.1 45.2 Car building and repairing 43.4 42.1 47.4 43.6 41.9 47.6 33.7 31.4 43.9 Automobiles 40.5 37.3 49.9 45.6 37.3 56.1 27.6 23.3 42.3 Shipbuilding . . 62.4 63.4 87.3 65.0 67.6 90.8 48.8 53.4 81.4 LEATHER AND MANUFACTURES 72.7 79.0 69.6 73.2 76.1 70.1 43.8 55.0 47.0 Boots and shoes _ . 73.4 81.7 69.6 74.1 78.1 70.3 40.7 54.6 43.1 Leather 69.6 67.9 69.6 69.1 67.9 69.1 55.0 56.3 61.1 CEMENT, CLAY, AND GLASS PRODUCTS 44.6 44.9 56.3 44.3 43.8 55.9 25.7 26.4 40.9 Clay products . 39.0 39.4 52.8 39.0 38.8 52.8 19.0 20.0 34 2 Brick, tile, and terra cotta 29.2 30.7 44.3 29.3 30.0 44.4 11.9 13.4 26.6 Pottery 65.7 63.1 75.8 65.5 62.7 75.7 37.7 37.4 54.1 Glass 57.0 56.0 64.2 56.0 54.4 63.2 39.5 38.7 52 8 Cement 42.4 44.3 54.4 41.8 42.6 53.7 24.8 27.0 43.7 NONFERROUS METAL PRODUCTS.- 48.4 47.1 60.8 48. d 47.8 61.4 31.9 32.2 48 8 Stamped and enameled ware 26.4 24.2 41.4 26.9 24.7 42.2 18.0 17.4 33.0 Brass, bronze, and copper . 55.8 55.0 67.3 56.4 55.6 68.1 35.9 36.4 53.3 CHEMICALS AND PRODUCTS 75.5 75.1 83.5 75.2 74.9 83.1 60 9 60.7 76 4 Chemicals and drugs 80.1 79.4 89.7 78.6 78.6 88.0 62.3 61.9 78 8 Petroleum refining 74.3 74.6 81.4 75.0 74.7 82.2 63.1 63.3 77.9 Fertilizers . 50.6 49.6 51.4 53.4 51.4 54.4 34.4 33.7 42.9 RUBBER PRODUCTS . . . _ . _, 61.2 60.5 70.7 63.7 60.7 73.3 38.6 38.9 50 1 Automobile tires and tribes 62.7 62.9 69.4 67.0 64.0 74.2 36.1 38.1 48.0 Rubber boots and shoes 56.6 53.3 74.2 53.6 51.0 70.3 48.3 42.4 58.7 TOBACCO MANUFACTURES 72.7 71.9 79.3 68.6 68.3 74.8 52.4 52.6 64.5 Cigars and cigarettes . 72.8 71.8 80.4 68.3 67.7 75.4 51.6 51.6 64.9 Chewing and smoking tobacco, snuff 71.9 72.4 70.5 71.5 73.0 70.1 59.7 60.9 62.0 NOTE.—For description of these indexes see BULLETIN for November, 1929, pp. 706-716, and November, 1930, pp. 662-677. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

jANtJABT, ] FEDERAL RESERVE BULLETIN 55 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Revised index of Bureau of Labor Statistics (784 price series); 1926=100] Other commodities All com- Year and month m ti o e d s i- p u r c o t d s - Foods Total H p l r i e o d a e d t s h u e c a r n ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c l t s t a s l m B a u t i e ld ri i a n l g s c C a d h l r s e u m a g n s i d - in f H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1927 95.4 99.4 Qfi 7 94.0 107.7 W 6 88.3 96.3 94.7 96.8 \W 5 91.0 1928 96.7 105.9 101.0 92.9 121.4 }5 5 84.3 97.0 94.1 95.6 {)& 1 85.4 1929 95.3 104.9 99.9 91.6 109.1 W.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 i?0.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 ?3.0 64.8 74 6 75.0 86.1 ffi 3 67.5 84.5 79.2 79.3 84.9 69.8 1931—November. 70.2 58.7 71 0 73.5 81.6 =>? ?, 69.4 82.6 76.2 76.1 t 68.7 December 68.6 55.7 69.1 72.3 79.8 (50.8 68.3 82.2 75.7 76.1 re. 5 66.8 1932—January _ 67.3 52.8 64.7 71.7 79.3 59.9 67.9 81.8 74.8 75.7 r7.7 65.6 February 66.3 50.6 62.5 71.3 78.3 59.8 68.3 80.9 73.4 75.5 r7.5 64.7 March. _ 66.0 50.2 6? 3 70.9 77.3 >8 7 67.9 80.8 73.2 75.3 n i 64.7 April 65.5 49.2 61.0 70.9 75.0 57.0 70.2 80.3 72.5 74.4 ;re. 3 64. <T May _ 64.4 46.6 V) 3 70.4 72.5 )5 6 70.7 80.1 71.5 73.6 74 8 64.4 June . . 63.9 45.7 58 8 70.1 70.8 >3 9 71.6 79.9 70.8 73.1 4 7 64.2 July 64.5 47.9 60.9 69.7 68.6 52.7 V2.3 79.2 69.7 73.0 r4.o 64.3 August 65.2 49.1 61 8 70.1 69.7 I>4 0 72.1 80.1 69.6 73.3 3 6 64.6 September.. _ . 65.3 49.1 61.8 70.4 72.2 t>7.0 ;o.8 80.1 70.5 72.9 r3.7 64.7 October 04.4 46.9 60 5 70.2 72.8 i>5.0 71.1 80.3 70.7 72.7 W 7 64.1 November 63.9 46.7 60.6 69.8 71.4 i53.9 71.4 79.6 70.7 72.4 r3.7 63.7 1931 1932 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. FARM PRODUCTS: Grains.. _. 44.2 44.3 51.3 47.0 46.7 46.1 43.5 44.5 42.6 37.7 36.7 38.2 37.4 34.4 33.2 Livestock and poultry,.. 61.0 57.6 55.7 51.7 53.4 50.3 51.4 49.2 44.4 46.7 54.1 52.8 51.2 45.0 41.9 Other farm products 65.4 64.2 63.1 61.2 54.8 52.7 52.1 51.2 49.6 48.2 48.4 50.8 52.1 52.1 53.9 FOODS: Butter, cheese, and milk 84.6 86.1 80.7 79.8 67.8 64.1 64.2 61.6 59.6 57.4 58.2 60.2 60.6 60.5 62.3 Cereal products 70.3 70.6 73.1 72.2 71.0 69.6 68.3 68.2 68.1 66.8 65.7 66.0 65.8 64.1 62.7 Fruits and vegetables 71.0 68.2 65.1 63.5 b2. 2 61.8 62.3 62.3 61.5 62.4 59.7 55.6 52.5 52.2 52.4 Meats . . 73.6 71.1 67.7 63.2 61.9 59.5 61.4 59.8 56.5 56.0 62.0 61.9 60.9 56.4 53.7 Other foods 68.5 69.7 68.0 67.2 61.9 59.4 57.1 55.8 54.9 55.4 58.5 62.1 64.6 65.4 67.7 HIDES AND LEATHER PRODUCTS: Boots and shoes 93.5 93.1 92.5 89.2 88.8 88.5 88.5 88.4 88.4 87.5 84.4 84.4 84.4 84.6 84.2 Hides and skins. _ . 58.6 50.0 49.0 48.8 49.0 46.1 44.7 40.8 35.7 32.5 33.5 39.3 48.2 49.6 46.1 Leather 83.4 80.7 78.8 78.6 77.5 76.5 73.4 67.2 60.6 58.7 60.0 60.0 63.2 64.1 61.9 Other leather products 101.1 101.1 101.1 99.7 98.9 98.8 98.8 98.0 97.9 96.4 83.7 82.3 81.5 81.9 81.9 TEXTILE PRODUCTS: Clothing. . 75.5 73.9 72.6 70.8 70.7 70.6 69.0 68.7 68.2 67.4 66.0 66.0 67.3 62.5 62.2 Cotton goods 61.5 59.7 58.1 56.4 55.8 56.4 56.2 55.1 52.9 51.0 50.0 52.6 57.9 56.2 53.6 Knit goods. 59.2 59.2 59.0 58.5 55.8 55.8 54.9 51.9 50.5 49.6 47.8 48.5 50.4 50.9 51.0 Silk and rayon 43.5 41.7 41.8 39.0 37.7 36.5 33.5 31.3 29.1 27.5 26.2 29.5 32.6 30.8 29.5 Woolen and worsted goods 65.7 64.6 64.2 63.9 63. 3 63.1 62.7 59.7 58.3 55.0 53.6 53.4 56.7 56.5 55.3 Other textile products 74.1 72.4 72.5 71.3 70.7 69.7 69.5 68.2 67.2 66.7 66.5 67.4 68.6 67.7 67.1 FUEL AND LIGHTING MATERIALS: Anthracite coal.. ... 94.3 94.2 94.2 94.8 94.8 94.8 89.9 85.7 85.6 85.3 84.5 86.0 87.7 88.7 88.8 Bituminous coal 83.9 83.6 83.7 83.8 84.4 84.3 83.5 82.7 82.0 81.8 81.6 81.3 81.1 81.1 80.4 Coke . 81.5 81 5 81 4 81.1 80.5 80.4 80.4 79.8 77.1 76.9 76.3 76.7 76.7 76.7 75.6 Electricity 100.6 102.1 103.4 104.1 107.5 104.8 104.4 103.5 106.1 105.5 105.8 104.4 103.4 104.6 Gas 103.4 100.8 100.1 98.2 98.6 98.0 97.5 99,1 103.0 106.3 108.3 107.0 107.6 104.4 Petroleum products 38.9 39.2 42.5 39.6 38.8 38.6 39.8 45.5 47.2 48.2 49.7 48.9 46.7 47.4 48.2 METALS AND METAL PRODUCTS: Agricultural implements 94.1 85.6 85.5 85.5 85.5 85.1 85.0 85.0 84.9 84.9 84.9 84.9 84.9 84.7 8-4,6 Iron and steel 82.3 81.7 81.5 81.0 79.9 79.3 79.7 80.1 80.0 79.8 77.2 78.7 79.7 80.4 79.4 Motor vehicles 95.4 95.4 95.2 95.2 95.3 95.3 95.3 93.8 93.8 93.8 95.3 95.3 92.7 92.7 92.7 Nonferrous metals 59.0 54.9 54.7 53.8 55.4 52.7 50.5 49.3 48.3 47.5 47.0 48.5 51.6 50.7 49.1 BUILDING MATERIALS: Brick and tile 82.6 82.6 81.4 80.0 79.3 79.3 79.3 78.4 77.4 76.1 75.9 75.2 75.4 75.3 75.4 Cement 75.8 75.1 74.6 74.6 75.2 75.3 75.0 75.0 75.0 77.1 77.3 79.0 79.0 79.0 79.0 Lumber 66.9 65.2 65.9 65.8 65.6 62.9 61.5 60.0 59.5 57.6 56.9 55.5 56.3 56.6 56.6 Paint materials 77.6 77.0 77.5 76.6 75.4 75.1 75.4 74.7 73.9 73.3 66.8 67.2 68.2 68.3 68.5 Plumbing and heating. _ 82.6 81.6 81.4 79.9 74.1 65.8 64.4 64.4 64.4 66.7 67.1 67.1 66.8 67.5 67.5 Structural steel 81.7 81.7 81.7 81.7 77.3 77.9 79.7 81.7 81.7 81.7 81.7 81.7 81.7 81.7 81.7 Other building materials 82.6 82.0 81.9 81.5 81.0 80.2 80.6 80.2 78.2 77.6 77.9 78.3 79.9 80.0 80.1 CnEMICALS AND DRUGS: Chemicals _ 79.8 79.7 80.6 80.8 80.6 80.8 80.9 79.7 79.1 78.6 78.9 79.7 79.8 79.8 79.7 Drugs and Pharmaceuticals,. 61.7 61.6 61.3 61.0 60.6 60.1 59.7 58.9 58.7 58.3 57.6 57.0 56.6 55.9 55.0 Fertilizer and materials 74.2 70.2 70.1 70.1 69.9 69.8 68.6 70.1 69.4 68.0 66.8 66.4 63.6 63.4 63.5 Mixed fertilizers 77.6 77.2 77.7 77.1 75.5 73.7 73.2 71.1 69.0 69.0 68.8 68.3 66.9 66.5 65.6 HOUSEFURNISH1NG GOODS: Furnishings 81.2 79.8 79.7 76.6 76.1 75.9 75.4 75.4 75.5 75.4 75.1 74.8 74.7 74.7 74.7 Furniture 84.6 82.4 82.3 80.6 79.5 79.5 79.1 77.4 74.1 74.0 73.0 72.6 72.7 72.8 72.7 MISCELLANEOUS: Auto tires and tubes 46.0 46.0 46.0 40.8 39.7 39.5 39.2 39.2 39 2 39.6 40.1 40.1 42.7 44.6 44.6 Cattle feed 44.4 49.4 59.8 53.9 53.0 48.2 52.4 53.4 45.9 42.1 42.2 47.4 45.9 42.7 40.8 Paper and pulp. 80.7 80.5 80.8 80.8 78.0 76.7 76.8 76.8 76.5 76.2 76.2 76.3 75.5 73.4 73.4 Rubber, crude 10.6 10.2 9.6 9.5 9.3 8.6 7.2 6.6 6.7 5.8 6.1 7.9 8.2 7.3 7.2 Other miscellaneous 86.7 86.9 86.7 85.9 85.2 81.4 84.5 84.5 84.6 84.6 84.5 84.2 83.2 82.1 81.5 Back figures.—For revised indexes of groups see BULLETIN for March, 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 FEDERAL RESERVE BULLETIN JANUARY, 193S BUILDING CONTRACTS AWARDED, BY TYPES OP BUILDING [Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Public works and Total Residential Factories Commercial public utilities Educational All other Month 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 January ._ 228.0 84.8 54.4 27.5 10.1 3.4 26.9 9.1 96.8 24.1 19.4 4.4 20.5 16.3 February 235.4 89.0 77.9 24.4 7.3 4.4 27.1 10.1 79.0 28.3 16.7 10.8 27.3 11.0* March 370.0 112.2 100.9 33.2 20.6 4.5 36.2 10.6 152.2 29.9 24.3 9.8 35.7 24.2 April 336.9 121.7 95.9 28.9 11.3 4.5 26.2 12.9 133.4 47.3 23.0 10.7 47.1 17.5 May 306.1 146.2 88.9 25.6 16.3 3.0 25.7 12.2 109.6 61.7 23.8 6.5 41.8 37.2 June 316.1 113.1 72.7 23.1 8.9 2.1 26.9 13.0 141.6 50.1 22.5 7.2 43.6 17.6 July 286.0 128.8 63.9 19.7 10.4 3.5 28.4 8.3 117.4 60.0 26.1 6.4 39.8 30.8 August 233.1 134.0 60.2 20.8 4.7 3.3 19.1 18.4 73.3 64.2 19.3 5.5 56.5 21. & September 251.1 127.5 54.6 22.8 11.0 6.3 28.6 8.8 86.5 68.7 21.2 7.4 49.3 13.5 October 242.1 107.5 60.5 21.9 8.9 3.2 41.3 7.0 83.0 58.5 14.7 3.6 33.8 13.1 November 151.2 105.3 45.3 19.2 4.2 1.9 14.1 6.7 48.0 54.2 11.8 3.4 27.8 19. & December 136.9 36.2 2.5 10.6 50.5 6.1 31.0 Year 3,092.8 811.4 116.2 311.1 1,171.1 228.8 454.3 BUILDING CONTRACTS AWARDED, BY BUILDING PERMITS ISSUED, BY DISTRICTS DISTRICTS [Value of permits in thousands of dollars] [Value of contracts in thousands of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] 1932 1931 Federal reserve district Number of cities 1932 1931 Nov. Oct. Nov. Federal reserve district Nov. Oct Nov. Boston 1,133 1,055 2,120- New York.... 6,997 21,923 Philadelphia.. 1,343 1,251 2,201 Boston 9,125 16,346 Cleveland 4,778 2,023 2,564 New York 18,566 22,780 44,897 Richmond 1,727 3,032 3,661 Philadelphia 9,261 5,398 6,621 Atlanta 1,118 2,517 2,883 Cleveland 13,786 9,830 14,479 Chicago 879 1,715 4,839 Richmond 9,810 13,464 19,644 St. Louis 346 1,310 857 Atlanta 12,572 7,387 5,859 Minneapolis.. 491 628 1,188 Chicago 13,415 11,924 21,190 Kansas City.. 1,310 716 1,265 St. Louis 9,228 7,303 5,996 Dallas 550 705 2,652 Minneapolis 3,689 3,234 7,161 San Francisco. 6,968 3,270 6,241 Kansas City 5,772 10,380 4,411 Dallas 2,915 6,649 4,591 Total... 168 27,641 24,114 52,394 Total (11 districts) 105,302 107,474 151,196 BANE DEBITS [Debits to individual accounts. In millions of dollars] COMMERCIAL FAILURES, BY DISTRICTS {Amounts in thousands of dollars; figures reported by R. G. Dun Co.] 1932 1931 Number ofcenters Number Liabilities Nov. Oct. Nov. Federal reserve district 1932 1931 1932 1931 N O e u w ts i Y de o r N k e C w i t Y y ork City 14 1 0 1 9 0 , , 8 9 1 3 5 5 1 1 2 2 , , 9 3 4 5 4 4 1 1 4 4 , , 4 6 6 0 4 5 Federal reserve district: Nov. Oct. Nov. Nov. Oct. Nov. Boston 11 1,388 1,643 1,770 New York... 7 10,261 13,443 15,023 Philadelphia.— 10 1,033 1,167 1,372 Boston 192 188 201 4,351 4,187 3,262 Cleveland 13 1,073 1,217 1,465 New York.... 494 486 487 13,801 12,535 13,283 Richmond \. 7 452 505 542 Philadelphia.. 129 94 130 3,104 3,370 5,199 Atlanta 15 505 592 689 Cleveland 196 234 191 4,909 6,387 6,425 Chicago 21 2,493 2,845 3,650 Richmond 147 119 139 4,250 1,934 2,571 St. Louis 5 563 633 715 Atlanta 109 137 117 2,611 2,181 2,353 Minneapolis 9 370 424 493 Chicago 257 312 317 10,182 8,784 16,380 Kansas City 15 638 690 845 St. Louis 74 82 117 2,732 1,648 3,357 Dallas _ 10 372 395 450 Minneapolis.. 70 93 66 1,181 1,397 681 San Francisco 18 1,603 1,744 2,056 Kansas City.. 108 103 146 963 840 1,619 Dallas 96 105 103 2,112 2,763 1,726 Total i 141 20,750 25,298 29,069 San Francisco 201 320 181 3,425 6,846 3,801 Total--. 2,073 2,273 2,195 53,621 52,870 60,660 i For back figures see Annual Reports for 1931 (Table 71) and 1925 (Table 100). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1933 FEDERAL RESERVE BULLETIN 57 DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for December 1,1932, as reported by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1931 Dec. 1,1932 1931 Dec. 1,1932 1931 Dec. 1,1932 1931 Dec. 1,1932 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,929 7,684 65 66 65 New York.... 25,837 24,550 6,197 4,761 6,012 4,591 185 170 Philadelphia- 55,305 42,554 18,764 12,147 18,577 12,042 187 105 Cleveland 207,557 158,548 56,276 56,022 35,735 254 173 Richmond 146,866 105,913 30,194 16,673 30,194 16,673 Atlanta 165,562 146,661 4,612 3,063 4,612 3,063 Chicago 889,599 1,098,216 78,026 49,978 74,379 46,522 3,647 3,456 St. Louis 387,747 380,505 67,317 34,128 66,991 33,885 326 243 Minneapolis.. 173,846 293,144 90,269 237,318 8,737 21,190 81,532 216,128 Kansas City.. 392,551 524,390 402,247 189,917 398,041 183,800 4,206 6,117 Dallas 106,326 116,292 58,514 30,268 58,349 30,120 165 148 San Francisco. 8,181 9,588 87,738 112,604 65,479 74,530 22,259 38,074 Total.- 2,567,306 2,908,045 900,219 726,831 787,393 462,151 112,826 264,680 Oats Tame hay Tobacco White potatoes Cotton Federal reserve district Production Estimate Production Estimate Production Estimate Production Estimate Production Estimate 1931 Dec. 1,1932 1931 Dec. 1,1932 1931 Dec. 1,1932 1931 Dec. 1,1932 1931 Dec. 1,1932 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston 7,704 3,346 2,928 39,043 27,950 57,825 New York.... 25,819 28,019 5,561 5,164 1,852 1,603 32,651 32,017 Philadelphia.. 17,687 15,136 2,304 1,938 57, 669 43,363 25,212 20,897 Cleveland 75,328 55,920 4,750 191,458 129,568 19,864 19,464 Richmond 23,671 18,755 2,940 2,542 682,203 401,641 32,550 23,932 1,803 1,363 Atlanta 14, 558 10,469 2,146 2,105 172,950 101,875 14,806 10,545 3,597 2,285 Chicago 474,230 527,795 12,152 14,011 50,892 36,741 50,154 59,272 St. Louis 63,521 47,062 5,568 4,962 398,272 282,951 12,506 13,164 13,740 '2,515 Minneapolis. . 183, 597 317,746 7,561 9,912 5,113 2,831 50,262 54,062 Kansas City.. 150,490 145,427 7,341 4,774 4,807 27,415 30,854 1,336 1,181 Dallas 61,997 43,699 1,007 1,004 5,924 4,981 6,339 5,183 San Francisco. 20,713 24,705 10,382 12,408 46,141 40,407 281 200 Total. - 1,117,970 1, 242, 437 65, 058 1, 604, 226 1,033, 330 375, 310 356, 589 17,096 12,727 1 Includes 12,000 bales grown in miscellaneous territory. 2 Includes 10,000 bales grown in miscellaneous territory. NOTE.—1931 figures for all crops except cotton are as revised in December, 1932. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS N.DAK, 9 \ MINN. MINNEAPOLIS S.DAK. ——BOUNDARIES OF FEDERAL RESERVE DISTRICTS •—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis