Federal Reserve Bulletin, 1933-02

FEDERAL RESERVE BULLETIN FEBRUARY, 1933 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Report of Reconstruction Finance Corporation 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. Comptroller of the Currency. GEORGE R. JAMES. 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 BANES Federal Reserve Bank Chairman Governor Deputy governor Cashier of— Boston F. H. Curtiss R. A. Young W. W. Paddock W. Willett. New York J. H. Case G. L. Harrison J W . E . R . C . B ra u n r e gess R C . . H M . . C G o i e d . n i ey.i A. W. Gilbart— J. W. Jones. * E. R. Kenzel W. B. Matteson.* W. S. Logan J. M. Rice.* L. R. Rounds Allan Sproul.1 L. F. Sailer L. W. Knoke.i Philadelphia R. L. Austin G. W. Norris W. H. Hutt C. A. Mcllhenny. W. G. McCreedy.3 Cleveland George DeCamp E. R. Fancher M.J. Fleming H. F. Strater. F. J. Zurlinden. Richmond W. W. Hoxton G.J.Seay—. 0. A. Peple G. H. Keesee. R. H. Broaddus J. S. Walden, jr.* Atlanta Oscar Newton E. R. Black W. S. Johns M. W. Bell. H. F. Conniff W. S. McLarin, jr.» Chicago E. M. Stevens J. B. McDougal C. R. McKay W. C Bachman.i J. H. DiUard 0. J. Netterstrom.i E. A. Delaney.1 St. Louis. _ .. _ . J. S. Wood W. McC. Martin 0. M. Attebery S. F. GilmoreJ J. G. McConkey A. H. Haul.* F. N. Hall.* G. 0. Hollocher.' 0. C. Phillips.' Minneapolis W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer F. C. Dunlop.» Kansas City ._ M. L. McClure G. H. Hamilton C. A. Worthington.... J. W. Helm. J. W. Helm Dallas C. C. Walsh B. A. McKinney R. R. Gilbert Fred Harris. R. B. Coleman W. 0. Ford.* San Francisco Isaac B. Newton J.U. Calkins.... W. A. Day W. M. Hale. Ira Clerk i Assistant deputy governor. « Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES 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. _. J. 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 J. 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. m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking developments 59 Report of Reconstruction Finance Corporation 64 Earnings and expenses of Federal reserve banks during 1932 106, 107 National summary of business conditions 67 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 68-71 Member and nonmember bank credit— All banks in the United States 74 All member banks 72-74, 100 Weekly reporting member banks in leading cities 75, 101 Brokers' loans 75 Acceptances and commercial paper 76 Discount rates and money rates 78, 102 Bank suspensions and banks reopened 77,104, 105 Member bank holdings of eligible assets (Government securities and eligible paper) 77 Security prices, security issues, United States Government securities 79 Production, employment, car loadings, and commodity prices 80, 108-110 Merchandise exports and imports 81 Department stores—Indexes of sales and stocks 81 Freight-car loadings, by classes 81 Financial statistics for foreign countries: Gold reserves of central banks and governments 82 Gold production 83 Gold movements - 83-85 Government note issues and reserves 86 Bank for International Settlements 86 Central banks - 87-89 Commercial banks 90 Discount rates of central banks 91 Money rates 91 Foreign exchange rates . 92 Price movements— Security prices 93 Wholesale prices 93-94 Retail food prices and cost of living 94 Law department: Eligibility for rediscount of notes given in payment for insurance premiums 95 Discounts for individuals, partnerships, and corporations 95 Act extending sections 2 and 3 of the Glass-Steagall Act; together with report of Committee on Banking and Currency 95 Federal reserve statistics by districts, etc.: Banking and financial statistics 98-103 Industrial and commercial statistics 108-111 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 19 FEBRUARY, 1933 No. 2 REVIEW OF THE MONTH tion between January 4 and January 25 in Federal reserve bank holdings of United States Continued gold imports and a return flow of Government securities. This reduction in the currency from circulation contributed to a system's portfolio was in accordance with the further easing of conditions in system's policy, announced last month, of the money market * the last week of December and in maintaining a substantial amount of excess member bank reserves and from time to time, January. Gold imports, chiefly from France, in the light of current conditions, making Netherlands, and India, were reflected in an adjustments in holdings in the open-market increase of the country's stock of monetary account. Excess reserves of member banks at gold amounting to $78,000,000 between Dethe end of January were approximately at the cember 21 and January 18. During the fol- $500,000,000 level reached at the close of last lowing two weeks gold stock was reduced by year. $18,000,000, largely as the result of the pur- In view of the further declines of short-time chase by England of gold from the amount money rates in the open market, clearing-house held under earmark in London for account of banks in New York and in many other cities the Federal Reserve Bank of New York, offset announced reductions in interest rates to be in part by continued imports. This gold was paid on deposits. acquired in the middle of December in connection with Great Britain's war debt payment On February 3 the provisions of sections 2 of $95,550,000. Since then $63,387,000 of this and 3 of the Glass-Steagall Act, which would amount has been shipped to the United States Renewal of have expired by limitation on and $32,163,000 has been repurchased by Glass-Steagall March 3 of this year, were ex- England, so that no further gold is now held c tended for another year. This abroad by the Federal reserve banks. renewal was in accordance with a recommenda- Return flow of currency from circulation, tion of the Federal Eeserve Board, transmitted which is usual after the Christmas holidays, has to Congress on January 9. been in smaller volume this year than in other Section 2 of the act authorizes the Federal recent years. This decrease has reflected in reserve banks, in exceptional and exigent cirpart the fact that, owing to a reduced volume cumstances, to make advances to member of trade and lower prices, the outflow in De- banks having a capital of not exceeding cember had been smaller, and in part, particu- $5,000,000 against paper that would otherwise larly in the latter half of the month, an in- not be eligible for discount, in case these banks crease in currency withdrawals caused by bank- lack an adequate supply of eligible paper. In ing disturbances in different parts of the its letter to the congressional committees the country. The decline in currency outside of Federal Reserve Board said: the Treasury and the Federal reserve banks " While demands upon the Federal reserve was $109,000,000 from the Christmas peak to banks for accommodations under section 10 (b) February 1. have not been large, the existence of the au- Funds arising out of the gold inflow and the thority to extend such accommodations has return flow of currency were added to the been a helpful factor in the disturbed situation reserve balances of member banks, but were through which we have been passing and has offset to the extent of $88,000,000 by a reduc- enabled the Federal reserve banks to render 59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 FEDERAL RESERVE BULLETIN FEBBUARY, 1933 service to individual member banks in a num- reserve banks, together with the factors already ber of instances." mentioned, enabled the member banks to re- Section 3 of the Glass-Steagall Act authorized duce their borrowings at the reserve banks by the Federal Reserve Board, originally until $586,000,000, and at the same time to increase March 3, 1933, and now until March 3, 1934, their reserve balances by $501,000,000, the to permit the use of United States Government whole of this increase being held as reserves in securities as collateral for Federal reserve notes. excess of legal requirements. The enactment of this section of the act made The increase in reserve balances for the year possible the policy of the Federal reserve sys- has been entirely in banks in financial centers tem to purchase United States Government and chiefly at banks in New securities in amounts sufficient to enable the Member bank York City. This does not, credit member banks to meet the demands upon them however, indicate that the easfor gold from abroad and for currency with- ing effects of open-market purchases by the redrawals, and at the same time to reduce their serve banks have been confined to the leading indebtedness to the reserve bank and to ac- cities. United States Government securities cumulate a considerable volume of excess were purchased for the most part in New York, reserves. The report of the Banking and as the principal market for these securities, Currency Committee of the House of Repre- and the funds arising from the purchases were sentatives recommending the extension of these in the first instance added to the reserve two sections of the act, and the letter of the balances of New York banks. Later, however, Federal Reserve Board, are printed on page 95 these funds were distributed through Treasury of this issue. disbursements of all kinds, including advances Changes in reserve bank credit and the by the Reconstruction Finance Corporation to principal factors in these changes during the banks and other institutions throughout the year from February 3, 1932, to country. Funds acquired in this manner by February 1, 1933, are shown in the interior, not being employed locally, subsethe table. There was little quently found their way back to New York and change far the year in demand for currency, other financial centers through the redeposit while monetary gold stock increased by of funds by outside banks with their city $142,000,000. The increase in the item "Treas- correspondents. The results of these moveury currency adjusted" reflects chiefly in- ments are brought out in the table, which creased issues of national bank notes under the shows that reserve balances of member banks Glass-Borah amendment to the Federal home in leading cities increased during the year from January 27, 1932, to January 25, 1933, RESERVE BANK CREDIT AND PRINCIPAL FACTORS IN by $599,000,000, of which $346,000,000 was at CHANGES banks in New York City and $253,000,000 at [In millions of dollars] banks in other leading cities. During the Feb. 3, Feb. 1, same period amounts due by these banks to Change 1932 1933 other banks, that is, bankers' balances, increased by $1,213,000,000, of which about two- Monetary gold stock 4,406 4,548 +142 Treasury currency adjusted 1,786 1,885 +99 thirds was at New York City banks. Money in circulation 5,631 5,652 »+21 Member bank reserve balances. * 1,937 2,438 +501 Bankers' balances represent in part legal Total reserve bank credit 1,810 2,070 +260 Bills discounted 855 269 -586 reserves of nonmember banks, in part necessary Bills bought 156 31 -125 United States securities 749 1,764 +1,015 clearing balances, and in part operating reserves or surplus funds of member banks. i Reflecting chiefly increased issues of national-bank notes. The concentration of excess legal reserves at loan bank act. Purchase of $1,015,000,000 of banks in New York City and in other financial United States Government securities by the centers does not indicate that banks outside Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

61 FEBRUARY, 1933 FEDERAL RESERVE BULLETIN these centers have no reserves available for collected from investors in New York are purposes other than compliance with legal disbursed throughout the country in construcrequirements. On the contrary, the figures tion activity, in payment for materials, in indicate that the outside banks have a large shipping, and through other channels. Loans volume of idle funds held on deposit with city made by New York banks to national corporabanks whence they can be withdrawn on tions with headquarters in New York are also demand when the occasion arises. likely to be reflected directly or indirectly in a movement of funds out of New York. Treasury CHANGES IN IMPOBTANT ITEMS OF MEMBER BANKS IN operations generally tend in the same direction, LEADING CITIES BETWEEN JANUARY 27, 1932, AND and during the past year, when the other factors JANUARY 25, 1933 have been smaller than usual, Treasury opera- [In millions of dollars] tions, including those in connection with the In New O N ut e s w ide activities of the Reconstruction Finance Cor- York York Total poration, have been the principal factor in dis- City City tributing throughout the country funds raised Borrowings from Federal reserve banks. -15 -376 -391 in New York by the Treasury. Beserves with Federal reserve banks.__ +346 +253 +599 Total loans -967 -1,848 -2,815 U O n th it e e r d s S ec ta u t r e i s ti e G s overnment securities +1 + ,0 1 8 9 4 6 + -1 3 9 5 6 8 +1,442 NET1rREASURYDlSBURS:M ( E c m unw i> dt 0 iv U •) T>IDEN YOFIKDISTRICT Total loans and investments _ +313 -1,686 -1,373 Due to banks +772 +441 +1,213 / A> V The portfolio of banks in leading cities / showed considerable change in composition r during the year. Loans decreased steadily / throughout the greater part of the year, while J \ investments began to increase after the first ^ V quarter of 1932. Up to July this increase in investments was not as large as the decline in A / loans, but during the latter half of the year Jan Feb Mar Apr Maj Jun Julu Auj Sept Od Nov Dec Jan feb Mar Apr Moj Jun Juh/ Au$ Sept Oct Nov Dec there was no further decline in total loans and investments. The table shows that the liquida- That a large part of the funds acquired in tion in loans of the reporting banks amounted New York by the Treasury became available to $2,815,000,000 for the year; investments in- to banks outside New York is indicated by the creased by $1,442,000,000, the increase being chart, which shows for 1931 and 1932 the net entirely in United States Government securi- disbursements by the Treasury outside the New ties. York Federal reserve district. The chart There are several factors that tend to distrib- shows that in 1931 the net movement of funds ute throughout the country funds arising to the interior on Treasury account amounted from gold imports and from altogether to about $400,000,000, and that in Effect of inter- open-market operations of the the second quarter of 1931 this movement was district opera- r x,- x, - ^ xx ^ especially large, reflecting large disbursements tions reserve banks, which in the first in the interior arising out of loans on the bonus instance are largely concencertificates and also out of certain Farm Board trated at New York banks. New York is a operations. In 1932 these net transfers large consuming market and buys from all over amounted to about $950,000,000, reflecting in the country. Subscriptions for securities floated addition to ordinary expenditures of the Govfor the purpose of raising new capital are usually ernment the effects of emergency activities and heavy in the New York market, and the funds Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 FEDERAL RESERVE BULLETIN FEBBUARY, 1933 particularly disbursements of the Recon- mas expansion, was not so large as in other struction Finance Corporation representing recent years. The inflow of currency was loans to interior banks and other institutions. offset by the bank through the sale of securities on the open market. There was a heavy transfer of funds from bankers' to Government During January central gold reserves of the deposits as a result of the collection on Februleading European countries taken as a whole ary 1 of the final installment on the 3 per cent increased by a small amount. conversion loan issued last November. The The principal changes were a gain of $32,000,000 by Eng- BANK OF ENGLAND land and a loss of $33,000,000 by France. [In thousands of pounds sterling; figures preliminary] GOLD RESERVES OF SELECTED CENTRAL BANKS Change from— [In millions of dollars] Feb. 1, 1933 Dec. 28, Feb. 3, Change from— 1932 1932 Date, Gold Central bank of— 1933 reserves Month Year Gold _ 126,342 +6,554 +5,577 before before D Se i c sc u o ri u ti n e t s s and advances 37 1 7 1 , , 8 9 4 4 5 3 -1 -6 3 , , 5 5 6 5 6 0 + - 6 1 5 , , 6 9 9 9 1 8 Bankers' deposits 67,761 -34,649 -9,565 Public deposits 42,245 +33,380 +27,443 England Feb. 1 J>615 +32 +27 Other deposits 35,178 +1,418 +2,333 F G r e a r n m ce any J J a a n n . . 2 3 7 1 v 3 P , 1 2 9 2 6 1 - + 33 4 + - 4 3 1 0 3 Notes in circulation 357,309 -13,884 +9,643 Italy Jan. 20 J>308 +1 +12 Belgium Jan. 19 362 +1 +9 N Sw et i h tz e e r r la la n n d d s . J J a a n n . . 2 2 3 3 4 4 7 1 7 5 + + 6 9 4 funds thus obtained by the Government were to be used in retiring 5 per cent and 4% per J> Preliminary. cent treasury bonds, as a final step in the The gold stock of the Bank of England Government's program for converting about changed on two occasions between July of last a third of its long-term debt to a lower interest year and February 1, 1933: On basis. Bank of England December 15 the bank's hold- The Bank of France lost 850,000,000 francs ings declined by $95,550,000 ($33,300,000) of gold and about 48,000,000 (£19,634,000) in connection with the British francs ($1,900,000) of foreign war-debt payment to the United States; and Bank of France exchange in the four weeks in the final two weeks of January they in- ending January 27. Shipments of gold from creased by $31,896,000 (£6,554,000). From France to the United States began in the latter the end of November to the end of January part of December, after dollar quotations on dollar quotations on the pound sterling in- the franc declined to the import point, and creased from about $3.15, the lowest point continued throughout most of January. since England's suspension of the gold standard In addition to purchasing gold and foreign in September, 1931, to a level of about $3.40. exchange from the bank, the market repaid The increase was most pronounced in the first half of December. Throughout the remainder BANK OF FRANCE of December and the early part of January, [In millions of francs; figures preliminary] quotations fluctuated between $3.30 and $3.35 Change from— but advanced to $3.40 toward the close of Jan. 27, January, when the Bank of England was ac- 1933 Dec. 30, Jan. 29, 1932 1932 quiring gold. During the past month Bank of England Gold 82,167 -850 +10,542^ notes returned from circulation after the Foreign exchange -. 4,436 -48 -14,369 Domestic discounts and advances. 5,676 -277 -3,624 passing of the Christmas demand for currency. Government deposits 2,268 -43 -2,454 Other deposits 20,475 +403 -3,077 The return of notes, however, like the Christ- Notes in circulation _. 83,313 -1,715 -1,410 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

63 FEBRUARY, 1 FEDERAL RESERVE BULLETIN discounts and advances, and built up deposits German Government transferred 200,000,000 at the bank, using for these purposes funds reichsmarks of its bonds to the bank for this arising from the seasonal return of notes from purpose. It was because of this transaction circulation. that security holdings of the banks as a whole Total gold and foreign-exchange reserves of increased. The volume of deposits at the the Reichsbank remained substantially un- banks showed little change for the period. „ . . , , changed during January. There Reichsbank was f e a return & o . f curre J ncy _ trom Changes in Foreign Central Bank Discount Rates circulation, which was reflected in a reduction The following changes in discount rates durin discounts at the bank. The decrease in ing the month ended February 1, 1933, have both of these items was much greater than the been reported by central banks in foreign increase during the Christmas season, indi- countries: cating that the process of liquidation charac- National Bank of Czechoslovakia—January 25, terizing the year 1932 proceeded further in the from 4% to 3J4 per cent. Bank of Finland—February 1, from 6^ to 6 per cent. early weeks of 1933. Bank of Italy—January 9, from 5 to 4 per cent. REICHSBANK [In millions of reichsmarks; figures preliminary] Death of Mr. Mitchell Change from— Ja 1 n 9 . 3 3 3 1, De 1 c 9 . 3 3 2 1, Ja 1 n 9 . 3 3 2 1, John R. Mitchell, chairman of the board of directors and Federal reserve agent at the Gold 822 +15 -126 Foreign-exchange reserves _ 101 -13 44 Federal Reserve Bank of Minneapolis since Discounts and advances 2,596 -387 -1,227 Deposits— 345 -195 -49 September 8, 1924, and member of the Federal Notes in circulation 3,338 -223 -1,069 Reserve Board from May 12, 1921, to May 12, The return flow of currency during the past 1923, died on January 31, 1933. year and the accompanying decline in discounts and advances at the Reichsbank have had Errata in January Bulletin little effect upon the position of the German On page 2 of the BULLETIN for January, in commercial banks, which remains much the the table "All banks in the United States— same as it was at the end of February, 1932, Total loans and investments/7 the figure given when the German banking reorganization was for member banks in New York City for practically completed. The following table June 30, 1932, should be $6,715,000,000 (not gives the principal items from the consolidated $16,715,000,000). statement of the banks for the end of February, On page 4 the statement "Between 1929 and 1932, and for the end of November, 1932, the 1932 the decrease in debits to individual aclatest date for which consolidated reports of counts may be estimated at more than $700,the banks are available: 000,000,000, or 70 per cent" should read GERMAN COMMERCIAL BANKS "more than $700,000,000,000, or 60 per cent." [In millions of reichsmarks] On page 35, in the table relating to foreign Change exchange rates, the figure given for the par of from Nov. 30, Feb. 29, February exchange of the Yugoslavian dinar should be 1932 1932 to November, 1.76 (not 19.30); that given for the par of ex- 1932 Bills - 1,865 1,752 +113 change of the Canadian dollar should be 100.00 Loans to customers 5,549 5,831 -282 Securities 1,155 965 +190 (not 200.00), and in the same column the fol- Deposits. 7,442 7,492 -50 lowing figures should be inserted: Mexican dol- Total bills and loans of the commercial banks lar (China), 22.16; Shanghai tael, 30.55; Yuan declined somewhat during the 9-month period. dollar, 21.67; Hong Kong dollar, 22.00; Singa- The reduction, however, was chiefly due to the pore dollar, 40.90. In footnote 8, New York removal of certain assets from the Dresdner average price of silver should be given as Bank's balance sheet in June, 1932, when the $0.28205. 156867—33 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 QUARTERLY REPORT OF THE RECONSTRUCTION FINANCE CORPORATION The Reconstruction Finance Corporation izations aggregating $388,746,283.33. Cancelmade its fourth report to Congress on February lations or withdrawals during the fourth 3, 1933. The text of the report, together with quarter of loans authorized from February 2 a table showing aggregate loans to each class of to December 31, 1932, inclusive, aggregated borrower, is given herewith:* $25,117,892.75. Pursuant to the provisions of section 15 of During the fourth quarter the corporation the Reconstruction Finance Corporation act, advanced $330,145,572.39 and received repaythe corporation has the honor to submit its ments in the aggregate amount of $104,219,report covering its operations for the fourth 783.08. The increase in the amount outstandquarter of 1932, October 1 to December 31, ing at the end of the fourth quarter as compared 1932, inclusive, and for the period from the or- with the end of the third quarter was $225,ganization of the corporation on February 2, 925,789.31. 1932, to December 31, 1932, inclusive. During the entire period from the organiza- During the fourth quarter of 1932 the cor- tion of the corporation on February 2, 1932, poration authorized, under section 5 of the to December 31,1932, inclusive, the corporation Reconstruction Finance Corporation act, 1,882 authorized, under section 5 of the Reconstrucloans. These loans, together with increases dur- tion Finance Corporation act, 10,070 separate ing the quarter of loans previously authorized, loans to 6,767 institutions, aggregating $1,623,aggregated $214,843,326.42, as follows: $96,451,- 704,844.44, as follows: $949,858,000.09 to 710.43 to banks and trust companies (including 5,582 banks and trust companies (including $11,935,078.05 to aid in the reorganization or $56,113,587,05 to aid in the reorganization or liquidation of closed banks); $12,141,306.32 to liquidation of 535 closed banks); $99,780,044.75 building and loan associations; $7,855,731.66 to 877 building and loan associations; $83,048,to insurance companies; $10,990,902.61 to mort- 931.66 to 101 insurance companies; $93,761,gage loan companies; $67,446 to credit unions; 902.61 to 85 mortgage loan companies; $472,446 $4,246,000 to joint-stock land banks; $1,556,- to 3 credit unions; $29,000,000 to 9 Federal 476.35 to agricultural credit corporations; land banks; $6,297,000 to 14 joint stock land $7,285,972.50 (rediscounts) to regional agri- banks; $3,619,850.98 to 15 agricultural credit cultural credit corporations; $1,179,620.55 to corporations; $7,285,972.50 (rediscounts) to livestock credit corporations; and $73,068,160 2 regional agricultural credit corporations; to railroads (including $1,510,539 to railroad $13,145,602.85 to 17 livestock credit corporareceivers). tions; and $337,435,093 to 62 railroads (in- During the fourth quarter the corporation, cluding $18,040,125 to 8 railroad receivers). under the emergency relief and construction From July 21, 1932, the date of the enactact of 1932, made funds available for purposes ment of the emergency relief and construction of relief and work relief, and authorized loans act of 1932, to December 31, 1932, the corporaor contracts, aggregating $173,902,956.91, as tion made funds available for purposes of relief follows: Under the provisions of section 1, and work relief, and authorized loans or con- Title I, of the act, $77,159,502 was made avail- tracts to 98 institutions in the aggregate amount able for purposes of relief and work relief; under of $313,963,128.13, as follows: Under the prothe provisions of section 201 (a), Title II, loans visions of section 1, Title I, $112,614,673.22 or contracts totaling $93,467,534.24 were was made available to 36 States and 2 Terriauthorized for self-liquidating projects; and tories for purposes of relief and work relief; under the provisions of section 201 (d), Title under the provisions of section 201 (a), Title II, II, loans aggregating $3,275,920.67 were author- loans aggregating $146,572,534.24 were authorized to aid in financing the carrying and orderly ized to 50 institutions for self-liquidating projmarketing of agricultural commodities and live- ects; and under the provisions of section 201 stock produced in the United States. (d), Title II, loans aggregating $54,775,920.67 Under both the Reconstruction Finance were authorized to 10 institutions to aid in Corporation act and the emergency relief and financing the carrying and orderly marketing construction act of 1932 the corporation, during of agricultural commodities and livestock the fourth quarter, made funds available for produced in the United States. purposes of relief and work relief, and author- During the entire period from February 2 ized loans or contracts, as follows: 2,088 author- to December 31, 1932, inclusive, under both the Reconstruction Finance Corporation act * The report includes, in addition, 14 tables giving detailed informa- and the emergency relief and construction act tion relative to the operations of the corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBBUARY, 1933 FEDERAL RESERVE BULLETIN 65 of 1932, the corporation made funds available Corporation of Albany, N. Y. (with a branch office at for purposes of relief and work relief, and au- Bangor, Me.). District No. 2 (Pennsylvania, Maryland, Delaware, thorized loans or contracts, as follows: 10,319 Virginia, and West Virginia).—Regional Agricultural authorizations aggregating $1,937,667,972.57. Credit Corporation of Baltimore, Md. Of the total amount authorized $69,727,- During the fourth quarter the corporation 054.35 was later withdrawn or canceled. created branches of regional agricultural credit At the close of December 31, 1932, the corcorporations as follows: poration had advanced $1,524,747,138.82, and repayments amounted to $300,023,234.47, leav- At Reno, Nev.—a branch of the Regional Agricultural Credit Corporation of Salt Lake City, Utah. ing $1,224,723,904.35 outstanding on the books At Santa Fe, N. Mex.—a branch of the Regional of the corporation. Agricultural Credit Corporation of Wichita, Kans. In addition, the corporation had outstanding A temporary agency of the Regional Agricultural on December 31, 1932, agreements to make Credit Corporation of Baltimore, Md., was established at San Juan, Puerto Rico. loans totaling $89,896.29 upon the performance of specified conditions. Section 2 of the Reconstruction Finance During the fourth quarter the corporation Corporation act, as amended by the Federal allocated and made available $21,000,000 to the home loan bank act, provides that— Secretary of Agriculture in accordance with the In order to enable the Secretary of the Treasury to provisions of section 2 of the Reconstruction make payments upon stock of Federal home loan banks Finance Corporation act, making a total of subscribed for by him in accordance with the Federal home loan bank act, the sum of $125,000,000, or so $131,000,000 so allocated from February 2 to much thereof as may be necessary for such purpose, is December 31, 1932, inclusive. Of this sum, hereby allocated and made available to the Secretary of $75,000,000 had been paid over to the Secre- the Treasury out of the capital of the corporation and/or tary of Agriculture as of December 31, 1932. the proceeds of notes, debentures, bonds, and other obligations issued by the corporation. During the fourth quarter the Secretary of Agriculture returned $15,000,000 of the amount At the close of business December 31, 1932, the paid over. corporation had allocated and made available Section 201 (e) of the Emergency Relief and $820,000 to the Secretary of the Treasury in Construction act of 1932 provides that the Re- accordance with the above provisions. construction Finance Corporation shall sub- During October $75,000,000 of the $250,000,scribe for the capital of the regional agricultural 000 "third series0 3% per cent notes authorized credit corporations and pay for such capital by the board of directors on July 23, 1932, were out of the unexpended balance of the amounts sold to the Secretary of the Treasury, making a allocated and made available to the Secretary total of $675,000,000 of Sji per cent notes of of Agriculture under section 2 of the Recon- three series issued by the corporation and sold struction Finance Corporation act. During the to the Secretary of the Treasury. The authorifourth quarter the corporation subscribed for zation for the remaining $75,000,000 of notes of the capital of the regional agricultural credit the "third series'" which had not been issued corporations in the aggregate amount of $44,- was canceled. The three series of notes in the 000,000. Of this sum, $42,000,000 was paid aggregate amount of $675,000,000 matured on in by the Reconstruction Finance Corporation October 27, and the board of directors on that from the unexpended balance of the amounts date authorized the issuance of notes in the allocated and made available to the Secretary aggregate principal amount of $1,000,000,000 of Agriculture under section 2 of the Recon- designated as "Series A," maturing April 30, struction Finance Corporation act. 1933, and bearing interest at the rate of 3K per Under the authority conferred on it by the cent per annum. Of this amount $675,000,provisions of section 201 (e) of the emergency 000 was accepted by the Secretary of the Treasrelief and construction act of 1932 the corpora- ury in exchange for the corporation's outstandtion during the fourth quarter created the fol- ing notes in an equivalent principal amount. lowing three regional agricultural credit cor- Subsequently, during the quarter the Secretary porations to serve the indicated Federal land- of the Treasury purchased $135,000,000 of the bank districts: remaining $325,000,000 "Series A" notes, making a total of $810,000,000 out of the District No. 1 (New York, New Jersey, Vermont) $1,000,000,000 "Series A" notes outstanding New Hampshire, Maine, Massachusetts, Connecticut, and Rhode Island).—Regional Agricultural Credit at the close of business December 31, 1932. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 FEDERAL RESERVE BULLETIN FEBRUARY, ] AGGREGATE LOANS TO EACH CLASS OF BORROWER, FEBRUARY 2 TO DECEMBER 31, 1932, INCLUSIVE Authorized * Advanced Feb. 2 Repaid Feb. 2 to Outstanding Class Feb. 2 to Dec. 31 to Dec. 31 Dec. 31 Dec. 31, 1932 Under sec. 5 of the Reconstruction Finance Corporation act: Banks and trust companies 2 $949, 858, 000. 09 $850,882,060. 02 $256, 284, 353.11 $594,597,706.91 Building and loan associations _ 99,780,044.75 93,933,114.67 9,683, 776.91 84,249,337.76 Insurance companies 83,048,931. 66 68,037,618.92 5,588, 738. 52 62,448,880. 40 Mortgage loan companies 93,761,902.61 88,332,020.39 11, 290, 207.36 77,041,813.03 Credit unions 472,446.00 440,098.00 8,838.00 431,260.00 Federal land banks _ 29,000,000.00 18,500,000.00 18,500,000.00 Joint-stock land banks .__ __. 6, 297, 000.00 2,527,845.62 62, 544.32 2,465, 301.30 Agricultural credit corporations 3,619,850. 98 3,456, 627. 33 1,082,310.40 2,374,316.93 Regional agricultural credit corporations _ 7, 285, 972.50 5, 372,062. 60 655.03 5,371,407.57 Livestock credit corporations 13,145, 602.85 11, 810, 403. 61 4,066, 791.16 7, 743, 612.45 Railroads (including receivers) ___ ... 337,435,093.00 284, 311, 271.48 11, 839, 562. 71 272, 471, 708.77 Total, sec. 5 of the Reconstruction Finance Corporation act 1,623,704,844.44 1,427, 603,122.64 299, 907,777. 52 1,127, 695,345.12 Under the emergency relief and construction act of 1932: Self-liquidating projects under sec. 201 (a), Title II 3 146, 572, 534. 24 15, 737,000.00 15, 737,000.00 Financing of agricultural commodities and livestock, sec. 201 (d), Title II 54,775, 920. 67 1,439,974.09 115,456.95 1, 324, 517.14 Amounts made available for relief and work relief under sec. 1, Title I 112,614, 673.22 79,967,042.09 79,967,042.09 Total, emergency relief and construction act of 1932 _ 313,963,128.13 97,144,016.18 115,456.95 97,028,559.23 Grand total * 1, 937, 667, 972.57 1,524, 747,138.82 300,023,234. 47 1,224,723,904.35 * The corporation had outstanding on Dec. 31,1932, agreements to make loans (not included in the above figures) upon the performance of specified conditions, as follows: Banks and trust companies, $89,896.29. 2 Loans to banks and trust companies include loans to aid in reorganization or liquidation of closed banks as follows: $56,113,587.05 during the period from February 2 to December 31,1932, inclusive. 3 Includes authorization of two loans, aggregating $241,404.37, temporarily suspended pending further consideration. * Includes loans authorized which were subsequently canceled or withdrawn, aggregating $69,727,054.35, as follows: Banks and trust companies, $52,905,684.59; building and loan associations, $3,413,557.31; insurance companies, $3,122,883.44; mortgage loan companies, $2,446,194.40; credit unions, $32,348; Federal land banks, $5,500,000; joint-stock land banks, $319,954.68; agricultural credit corporations, $42,875.80; livestock credit corporations, $1,178,704.19; railroads (including receivers), $264,740; self-liquidating projects, $190,000; and financing of agricultural commodities and livestock, $310,111.94. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1933 FEDERAL RESERVE BULLETIN 67 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 23 and released for publication January 25] Volume of industrial production declined in 8 per cent for crude materials to 45 per cent December by slightly less than the usual for finished manufactures. Value of imports seasonal amount, while factory employment into this country during 1932 was smaller than and pay rolls snowed a decrease somewhat in 1931 by 37 per cent. larger than is usual at this season. The general Wholesale prices.—Wholesale prices of many level of wholesale commodity prices, after leading commodities, including nonagriculdeclining in December, showed relatively little tural as well as agricultural products, declined change in the first half of January. from November to December, and the monthly Production and employment.—In December index of the Bureau of Labor Statistics showed the board's seasonally adjusted index of indus- a decrease from 63.9 per cent of the 1926 trial output showed an increase from 65 per cent average to 62.6 per cent, as compared with of the 1923-1925 average to 66 per cent, the level 68.6 per cent a year ago. In the first half of prevailing in September and October. There January wheat prices advanced from the low was a substantial increase in output of automo- levels reached at the end of December, and biles in connection with the introduction of new cotton prices also increased somewhat, while models, and lumber production showed a less- prices of silk, rubber, and gasoline declined than-seasonal decline. In the textile industries considerably. there were decreases in output in accordance Bank credit.—In the four weeks from Dewith the usual seasonal tendency. Activity at cember 21 to January 18 the stock of monetary steel mills showed a substantial decline in gold increased by $80,000,000, and there was a December, followed by a seasonal increase in seasonal decline of $130,000,000 in the volume the first three weeks of January. of money in circulation—a considerably smaller Volume of employment in manufacturing decline than usual, reflecting a smaller than industries decreased from the middle of Novem- usual increase for the holiday trade in December to the middle of December by somewhat ber and some withdrawal of funds accompanymore than the usual seasonal amount. Working ing bank suspensions in the middle of January. forces were reduced in the clothing, leather, and The reserve funds arising from these two sources building-material industries, while at automo- were absorbed in part by a reduction of member bile factories there was a substantial increase in bank borrowings at the Federal reserve banks employment. and through a decline of $73,000,000 between Value of construction contracts awarded, as January 4 and January 18 in the reserve reported by the F. W. Dodge Corporation, banks' holdings of United States Government declined by more than the usual seasonal securities. Member bank reserve balances, amount in the fourth quarter, following a non- however, increased further during the 4-week seasonal increase in the third quarter. Con- period by about $100,000,000, to a level tracts awarded in the first half of January $575,000,000 higher than a year ago. Excess showed an increase, as measured by daily reserves of member banks, which have been in average figures, reflecting the award of large substantial volume for several months, alsocontracts in connection with construction of a increased during the period. bridge at New Orleans. Volume of member-bank credit continued to Distribution.—Freight traffic decreased in decline during December and the first part of December by an amount somewhat smaller January. From the middle of December to> than is usual at this season. Sales by depart- January 11 total loans and investments of ment stores increased by somewhat less than reporting member banks in leading cities the usual seasonal amount and were smaller declined by $165,000,000, to a level about than a year ago by 23 per cent, reflecting in $350,000,000 above the low point of last sumpart a decline in prices. mer. The decline was entirely in the banks' Foreign trade.—Value of exports in Decem- loans, while investments showed relatively little ber was smaller than in December, 1931, by change. about one-fourth. For the year as a whole Money rates in the open market continued at the decline was about one-third, reflecting low levels. decreases ranging, in the first 11 months, from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS Of DOLLARS MILLIONS Of DOLLARS 6000 I ' ' ' ' ' I 1 ' ' ' I ' ' ' ' ' I ' " ' ' I ' ' ' " I1 " ' ' I ' ' ' ' ' 16000 5500 5500 5000 5000 4500 4500 4000 4000 Member Bank 2500 Reserve Balances 2500 2000 2000 1500 1500 1000 1000 500 500 I L.,.,1.,,.,1 I 1 I I 1Q 1929 1930 1931 1932 1933 Based on weekly averages of daily figures; latest figures are for week ending January 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUABY, 1933 FEDERAL RESERVE BULLETIN 69 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 d te i d s- bo B u il g ls ht m G c U S u e o n t r n v a i i t t e t t i e e r s e 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 s ry t o o g c n k 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 in M l a o c ti i n o r e c n y u- M b r a e b e l s a a m e n n r b c k v e e e s r d m e N e p e m o o tc s n 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—December 775 340 777 1,951 4,450 1,782 5,611 2,069 144 359 1932—January 221 759 1,865 4,452 1,773 5,645 1,979 113 353 February 151 743 1,785 4,384 1,787 5,627 1,907 73 349 March 714 105 809 1,652 4,372 1,792 5,531 37 349 April 605 52 1,014 1,694 4,381 1,789 5,452 1,996 63 353 May - 486 41 1,413 1,960 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 December 282 34 1,854 2,192 4,429 1,915 5,699 2,435 43 1933—January.._ 255 32 1,806 2,110 4,647 1,901 5,631 2,516 60 351 Week ending (Saturday) 1932—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 2,134 346 Sept. 17 394 1,843 2,285 4,135 1,842 5,690 2,188 349 Sept. 24 362 1,852 2,262 4,164 1,814 5,660 2,196 349 Oct. 1 343 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 2,344 359 Nov. 19 310 1,851 2,210 4,284 1,926 5,642 2,385 359 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 2,388 357 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. 31 263 1,852 2,171 4,503 1,902 5,704 2,471 360 1933—Jan. 7 245 1,853 2,153 4,526 1,902 5,669 2,513 352 Jan. 14 249 1,829 2,127 4,548 1,905 5,616 2,563 353 Jan. 21 251 1,793 2,091 4,558 1,908 5,616 2,526 351 Jan. 28 267 1,770 2,080 4,551 1,897 5 620 2 487 350 End of month series Wednesday series 1932 1933 1932 1933 Aug. Sept. Oct. Nov. Dec. Jan. Dec. Dec. Jan. Jan. Jan. Jan. 30 31 30 31 31 21 28 Bills discounted 433 332 328 309 235 274 Bills discounted..- 270 267 251 248 249 265 Bills bought 34 33 34 35 33 31 Bills bought- 33 32 32 31 United States Government se- United States Government securities.- 1,852 1,854 1,851 1,851 1,855 1,763 curities.- 1,851 1,851 1,851 1,8121,778 1,763 Other reserve bank credit 12 8 22 Other reserve bank credit 25 17 29 13 9 Total reserve bank credit 2,331 2,233 2,227 2,202 2,145 2,077 Total reserve bank credit 2,1802,168 2,163 2,106 2,068 2,067 Monetary gold stock 4,0884,193 4,264 4,340 4,513*•44,,5 55522 Monetary gold stock 4,4884,505 4,5244,549 4,566 4,556 Treasury currency adjusted 1,800 1,840 1,909 1,925 1,923*1,872 Treasury currency adjusted 1,910 1,898 1,898 1,910 1,911 1,912 Money in circulation 5,6925,653 5,628 5,648 5,675*5,645 Money in circulation 5,7305,6875,6695,5895,6025,611 Member bank reserve balances. 2,146 2,225 2,383 2,411 2,509 2,446 Member bank reserve balances- 2,446 2,4822,5142,574 2,545 2,513 Nonmember deposits, etc 36 36 31 50 43 64 Unexpended capital funds, non- Unexpended capital funds 345 352 358 357 354 346 member bank deposits, etc 401 402 402 402 397 411 p Preliminary. Back figures.—See Annual Report for 1931 (Tables 1-5). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

70 FEDERAL RESERVE BULLETIN FEBRUARY, 1935 RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] Jan. 31, 1933 Dec. 31, 1932 Jan. 31,1932 Gold with Federal reserve agents _. 2,406,947 2, 351, 675 2,058,079 Gold redemption fund with United States Treasury 37,148 40, 441 56,09a Gold held exclusively against Federal reserve notes.. 2, 444,095 . 2,392,116 2,114,172 Gold settlement fund with Federal Reserve Board 429,819 340,343 339, 753- Gold and gold certificates held by banks 382, 077 418,212 521, 596 Total gold reserves _ _ 3,255,991 3,150, 671 2,975,521 Reserves other than gold 201,426 180, 529 193,463 Total reserves. 3,457,417 3,331,200 78, 961 87,027 68,070 Nonreserve cash. Bills discounted: For member banks 273, 582 233,834 887,84a For intermediate credit banks.. 349 10,801 For nonmember banks, etc 749 451 Total bills discounted 274,446 234,932 899,095- Bills bought: Payable in dollars— Bought outright 2,303 3,634 111, 167 Under resale agreement. . 8,322 Payable in foreign currencies. 29,036 29,489 33,444 Total bills bought 31,339 33,123 152,933 United States securities: Bought outright 1, 763,292 ' 1,851,031 744,925- Under resale agreement _.. ' 4, 111 1,50a Total United States securities 1, 763, 292 1,855,142 746,425 Other reserve bank credit: Federal iatermediate credit bank debentures 32,200 Federal land bank bonds _ 500 Municipal warrants.. 3,421 4,818 3,937 Due from foreign banks 3,505 2,976 8,608 Reserve bank float (uncollected items in excess of deferred availability items). 834 13,885 11,925 Total reserve bank credit outstanding 2,076,837 2,144,876 1,855,62a Gold held abroad - 72,638 Federal reserve notes of other reserve banks 12,899 17,819 16,137 Uncollected items not included in float 303, 499 368,309 318,494 Bank premises 53,880 56,000 57,821 All other resources _ 49,351 37,119 37,759 Total resources- 6,032,844 6,114,988 5, 522,88& Federal reserve notes: Held by other Federal reserve banks _ 12,899 17,819 16,137 Outside Federal reserve banks 2, 712,522 2,720,789 2,649,099 Total notes in circulation.. 2,725,421 2,738,608 2,665,236- Deposits: Member bank-reserve account 2,445, 662 2,509,490 1,947,334 Government 44,381 8,262 39,415< Foreign bank 40,003 19,446 73,672 Other deposits 23,791 23,687 33,043 Total deposits 2,553,837 2,560,885 2,093,464 Deferred availability items 1 303,499 318,494 Capital paid in 151,086 151,292 159,06a Surplus 278,599 278,599 259,421 All other liabilities — — 20,402 17,295 27,2ia Total liabilities 6,032,844 6,114,988 5,522,88a Contingent liability on bills purchased for foreign correspondents 40,914 40,170 314,035 FEDERAL RESERVE NOTE STATEMENTS Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 2,937,270 2,987,015 2,922,7ia Held by Federal reserve banks * 211,849 248,407 257,477 In actual circulation 2,725,421 2,738,608 2,665,23& Collateral held by agents as security for notes issued to banks: Gold - 2,406,947 2,351,675 2,058,079 Eligible paper - 256,497 219,888 1,006,26a United States Government securities 313,300 427,800 Total collateral- 2,976, 744 2,999,363 3,064,342 * Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation. «• Revised. 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

FEBBUARY, 1933 FEDERAL RESERVE BULLETIN 71 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 1933 1932 Gold stock Month at end Increase Net re- Domes- January Januaryof in stock Net gold lease tic pro- From or to— (preliminary) December December month during import from ear- duction, month mark * etc.* Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1929—August 4,360 18.9 18.4 -1.0 1.5 September 4,372 12.1 17.6 -6.6 1.1 October 4,386 14.4 17.5 -4.5 1.4 Belgium . 10 1,031 83,602 November 4,367 -19.2 -23.2 1.0 3.0 England 7,319 51,928 68,718 15,132 December 4,284 -82.9 -64.4 -22.0 3.5 France 31,098 16,362 5~ 16,649 458,298 Germany 382 13,738 Total (12 mos.).. 142.5 175.1 -55.4 22.8 Netherlands 17,267 8,082 18,690 115,277 Portugal 2,386 1930—January 4,291 6.8 4.0 0.5 2.3 Switzerland 287 118,560 February 4,353 61.9 60.0 0.0 1.9 Canada.. 4,995 7,554 8 64,757 March 4,423 70.2 55.5 15.0 -0.3 Central America 61 1,392 3 April _ . 4,491 68.5 65.7 0.5 2.3 Mexico 97 744 20,407 320 May 4,517 25.9 23.5 2.0 0.5 Argentina 13,000 9 June - - 4,535 17.6 13.9 2.0 1.7 43 3,242 July 4,517 -18.4 -19.6 -3.0 4.3 Ecuador 109 1,053 1,660 August 4,501 -15.5 -19.6 0.0 4.2 Peru 296 3,242 126 N D S O e o e c p t c v o t e e e b m m m e b r b b e e e r r r 4 4 4 4 , , , , 5 5 5 5 3 1 7 9 1 5 1 3 2 3 2 1 6 2 3 0 . . . . 8 2 1 3 3 2 3 2 2 6 5 . . . . 5 7 4 2 -1 - - 2 6 5 4 . . . . 1 1 2 0 4 3 3 3. . . . 8 5 7 1 A V B U r e u r i u n s t g e i t s r z u h a u a l e y I i l a n a . d . ia . 14,6 6 1 8 0 1 4,6 5 1 9 6 6 7 5 1 2 4 7 6 1 , , , , 3 5 7 5 1 8 7 9 0 6 4 0 China and Hong Total (12mos.).. 309.6 280.1 -2.4 31.9 Kong 5,477 4,974 39,044 Dutch East Indies.. 2,901 1931—January 4,643 49.4 34.4 11.9 3.1 3,724 3,124 49, 720 M Fe a b r r c u h a . ry 4 4, , 6 6 9 6 7 5 2 3 2 2 . . 0 0 2 1 5 6 . . 6 1 2 3 . . 5 0 3 3 . . 3 3 A Ph ll i l o i t p h p e i r n c e o u Is n l t a r n ie d s s *. 349 26 1,7 4 1 51 0 1 7 1 , , 0 48 5 9 2 233 April 4,726 28.7 49.5 -7.5 -13.3 J M un a e y. . ... 4 4, , 9 7 5 9 6 8 1 7 5 2 8 . . 4 0 6 4 3 9. . 6 8 9 4 2 . . 0 3 1 1 8 . . 9 8 Total 2 85,617 2 26 100,872 13 363,315 809,528 July 4,949 -6.6 19.5 -29.7 3.6 August 4,995 45.7 57.5 -16.0 4.2 i Includes all movements of unreported origin or destination. N S O e o c p t v o t e e b m m er b b e e r r 4 4 4 , , , 4 7 2 1 4 9 4 1 2 - - 2 4 1 5 4 2 8 4 2 . . . 4 3 0 -33 8 2 7 9 0 . . . 4 6 7 - -1 2 0 7 2 7 9 8 . . . 1 6 3 -3 4 4 . . . 1 2 2 im » p A o t r ts N , $ e 1 w 5 ,0 Y 39 o ,0 rk 00 — . imports, $70,578,000, exports, $26,000. Elsewhere, December 4,460 45.8 56.9 -22.9 11.9 r Figures for exports to Canada in October and November revised. Total (12 mos.).. -133. 4 145.3 -320.8 42.1 1932—January 4,416 -44.2 -73.0 25.4 3.4 KINDS OF MONEY IN CIRCULATION February _. 4,354 -62.3 -90.6 26.4 1.9 [Money outside Treasury andJFederal reserve banks. In inillions of March 4,390 36.0 -24.7 58.3 2.4 dollars] April 4,367 -23.1 -30.2 4.0 3.2 May . 4,152 -214.1 -195.5 -22.1 3.6 June 3,919 -233.9 -206.0 -28.8 0.9 1933 1932 July 3,977 58.0 -3.4 56.2 5.2 August 4,088 111.7 6.1 100.5 5.1 Kind of money S O e c p to te b m er ber 4 4, , 2 1 6 93 4 1 7 0 0 4 . . 8 8 2 2 7 0 . . 9 6 4 7 5 2 . . 8 3 4 4 . . 6 5 Jan.31» Dec. 31 Jan. 30 November 4,340 75.6 21.7 48.6 5.3 December 4,513 173.5 100.9 • 71.0 1.6 Gold coin . 479 468 407 Total (12 mos.).. 52.9 -446.2 457.5 41.6 Gold certificates . 591 601 850 Federal reserve notes 2,707 2,716 2,648 1933—January ». 4,550 37.3 85.6 3 -51.0 2.7 Treasury currency: Standard silver dollars 28 29 32 i Gold released from earmark at Federal reserve banks less gold placed Silver certificates 350 371 367 under earmark. Treasury notes of 1890 1 1 1 » This figure, derived from preceding columns, represents the excess of Subsidiary silver.. 250 258 260 domestic production over nonmonetary consumption of gold—chiefly Minor coin.. __> 111 113 115 consumption in the arts. In any given month, however, it may be pre- United States notes . 287 294 282 dominantly affected by the fact that on the final day of the month (a) Federal reserve bank notes 3 3 3 gold bullion or foreign gold coin recently imported may not yet have National bank notes 836 820 677 reached a reserve bank or the Treasury, and (b) gold bullion recently withdrawn from stock for export may not yet have been actually ex- Total Treasury currency 1,866 1,889 1,737 ported. The figures are subject to certain unavoidable inaccuracies in official reports of gold imports and exports. Total money in circulation 5,645 5,675 5,641 »Allowance has been made for gold earmarked at the Bank of England for account of the Federal Reserve Bank of New York. v Preliminary. p Preliminary figures. Back figures.—Se& Annual Reports for 1931 (Table 35), 1030 (Table 32), Baek fi§ures.—See Annual Report for 1931 (Table 30). and 1927 (Table 22). 156867—33- 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 FEDEEAL KESEEVE BULLETIN FEBBUARY, 193$ 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 n l— k b s e a r ll Ne C w i t Y y o i rk 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' T m o b t e a a m l n — b ks e a r ll Ne C w i t Y y* ork r O e c s i t t e h i r e e v s r e " C b o an u k n s try" 1931—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.» 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.& 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 33.5 July 2,003 767 781 455 204.4 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 1,001 863 444 435.9 241.6 160.5 33.7 November.. 2,378 1,050 887 441 482.2 266.8 181.8 33.7 December 2,435 1,083 911 440 525.8 283.2 206.9 35.7 Week ending (Friday)— Nov. 4 2,378 1,059 872 446 283.7 167.4 Nov. 11 2,340 1,008 443 233.4 183.8 Nov. 18 2,379 1,050 889 441 267.9 179.1 Nov. 25__ 2,401 1,076 884 440 287.5 181.3 Dec. 2 2,404 1,072 433 271.8 198.4 Dec. 9... 2,384 1,031 909 443 236.9 211.1 Dec. 16 2,443 1,091 914 438 293.9 208.7 Dec. 23 2,457 1,104 911 442 301.6 203.9 Dec. 30 2,459 1,111 911 437 309.3 203.5 i Central reserve city banks only. 1 Figures not available by weeks. 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 r e k m l s - - C Y N i o e ty r w k i r O e c s i t t e h i r e e v s r e 1 b 1 t a C r n y o k " u s n-a T l b l o a b m n t e a r k e l s m - - C Y N i o e t w r y k * r O e c s i t t e h i r e e v s r e " b t C a r n y o k " u s n-a T l b l o a b m n t e a r k e l s m - - C Y N i o e t w r 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 - 1931—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 4,333 11,453 868 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 5,368 May 25,466 6,159 10,081 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 3,826 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 8,827 14,141 6,217 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 5,123 December. 25,492 6,877 9,941 8,674 14,965 5,937 5,424 3,604 10,527 940 4,517 5,071 i Central reserve city banks only. Back figures.—See Annual Report for 1931 (Table 49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1933 FEDEKAL RESERVE BULLETIN 73 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 n T l a o v o e n a e n t n d s a t s t l s - L ba 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 a y e - t l d e O c c u w a u u n s t n h r r e i s s e e d e - e e d d r - - Total A U a c n 5 n c i i 8 c e t n e £ p e s t d a c p A n e a c c p y e t - - - s 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 c e . o i n S u e n v - s - . t - O r s i e t t c i h u e e s - r b s c o t a u o b s n n r e c y d e d - k d s s * abroad States TOTAL—ALL MEMBER BANKS 1929—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 3,863 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 9,982 3,262 205 62 523 2,472 10,734 4,095 6,639 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 2,454 361 101 361 1,630 11,889 5,002 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 6,290 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 5,628 5,786 5,916 Sept. 30_ . 28,045 457 14,497 5,086 2,885 6,527 970 407 34 115 414 12,121 6,366 5,755 5,770 Dec. 31 v.. 27,435 446 13,874 4,857 2,865 6,152 855 375 30 357 12, 261 6,540 5,721 5,456 NEW YORK CITY 3 1929—June 29— 8,160 314 4,532 1,877 175 2,480 1,496 58 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 33 1,096 1,807 989 817 3,191 Dec. 31.. 8,774 322 4,964 2,200 169 2,595 1,397 128 46 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 40 1,477 2,046 1,150 897 3,504 June 30— 8,798 196 4,308 2,022 157 2,129 2,091 144 29 1,883 2,203 1,147 1,056 3,983 Sept. 24. 8,557 169 4,276 2,031 157 2,087 ,912 148 28 1,714 2,198 1,091 1,107 3,798 Dec. 31 — 8,582 283 4,338 2,137 147 2,054 ,525 188 22 1,281 2,435 1,239 1,197 3,550 1931—Mar. 25.. 8,473 154 4,007 1,960 150 1,896 ,651 199 51 1,367 2,662 1,466 1,196 3,397 June 30— 8,287 150 3,839 1,897 160 1,782 ,497 296 44 1,063 2,801 1,656 1,145 3,026 Sept. 29.. 8,253 250 3,850 1,816 152 1,881 ,121 201 33 839 3,032 1,830 1,202 2,780 Dec. 31.. 7,460 374 3,694 1,728 153 1,813 695 107 17 542 2,697 1,768 928 2,474 1932—June 30.. 6,715 260 2,856 1,343 160 1,353 565 262 21 258 3,033 2,008 1,025 1,757 Sept. 30.. 7,112 203 2,638 1,300 154 1,184 763 341 18 391 3,508 2,429 1,079 1,811 Dec. 31 P. 7,322 216 2,620 1,247 159 1,214 701 330 15 337 3,784 2,603 1,181 1,699 OTHER RESERVE CITIES 1929—June 29 13,832 308 9,434 3,718 1,503 4,213 480 17 25 349 3,611 1,765 1,846 4,221 Oct. 4_ 13,983 294 9,775 3,869 1,491 4,415 526 8 31 75 413 1,671 1,717 4,429 Dec. 31 13,785 346 9,748 3,975 1,559 4,214 438 51 29 108 250 3,253 1,484 1,769 4,397 1930—Mar. 27 13,575 263 8,951 3,604 1,544 3,802 945 59 35 242 609 3,416 1,662 1,754 4,368 June 30 13,701 277 9,029 3,811 1,524 3,693 710 18 38 301 353 3.685 1,686 1,999 4,306 Sept. 24 13,971 235 8,726 3,632 1,526 3,567 1,064 54 31 337 643 3,947 1,785 2,161 4,387 Dec. 31 13,758 286 8,906 3,656 1,631 3,620 531 122 29 212 167 4,035 1,727 2,308 3,991 1931—Mar. 25 13,965 235 8,409 3,366 1,619 3,423 645 158 48 212 227 4,676 2,313 2,364 3,729 June 30 13,567 247 8,100 3,188 1,621 3,291 470 91 67 189 124 4,750 2,408 2,342 3,459 Sept. 29. 13,016 284 7,845 3,092 1,585 3,168 326 67 35 167 56 4,561 2,301 2,260 3,bi7 Dec. 31 12,115 347 7,407 2,806 1,538 3,063 135 35 21 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 11 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 14 65 14 4,427 2,466 1,961 2,456 Dec. 31 v 10, 530 179 5,870 2,176 1,406 2,288 115 44 13 46 12 4,366 2,462 1,903 2,306 "COUNTRY" BANKS 1929—June 29 13, 719 8,551 2,139 1,486 4,926 33 7 140 316 4,623 1,384 3,240 2,480 Oct. 4_ 13,780 8,627 2,295 1,485 4,847 553 27 6 144 376 4,554 1,361 3,193 2,694 Dec. 31 13,375 8,481 2,314 1,462 4,705 409 33 5 163 208 4,439 1,267 3,172 2,545 1930—Mar. 27 13,243 8,206 2,190 1,475 4,541 496 27 4 207 258 4,475 1,273 3,202 2,462 June30_. 13,157 8,229 2,227 1,475 4,527 312 8 4 171 129 4,554 1,229 3,326 2,367 Sept. 24 12,944 8,007 2,200 1,480 4,326 286 4 4 164 115 4,589 1,219 3,370 2,326 Dec. 31 12,519 7,762 2,149 1,455 4,158 177 5 3 120 49 4,519 1,159 3,359 2,213 1931—Mar. 25.... 12,290 7,524 2,097 1,449 3,978 158 5 2 114 36 4,550 1,224 3,326 2,147 June 30 12,068 7,318 2,031 1,437 3,849 135 2 2 101 30 4,555 1,279 3,276 2,078 Sept. 29 11,805 7,018 1,935 1,411 3,673 116 1 2 81 32 4,606 1,433 3,172 1,985 Dec. 31 10,999 6,469 1,756 1,346 3,367 71 4 2 48 16 4,392 1,418 2,974 1,796 1932—June 30 10,240 5,892 1,546 1,328 3,018 64 13 2 36 13 4,226 1,432 2,794 1,574 Sept. 30 9,954 5,663 1,481 1,324 2,857 55 8 2 36 9 4,187 1,471 2,715 1,503 Dec. 31 v 9,584 5,384 1,434 1,300 2,650 38 1 2 28 7 4,111 1,474 2,637 1,452 v Preliminary. 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. Back figures.—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (Table 53), but comparable figures of total loans secured by stocks and bonds are given for June 30, 1925-1928, 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

74 FEDEKAL EESERVE BULLETIN FEBKUARY, 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 ts t- ba A n l k l s 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 D Se ec p . t. 3 2 1 9 . . . . . 4 53 9 , , 7 3 0 6 4 5 3 3 3 1 , , 3 7 0 5 5 0 1 18 9 , , 3 6 9 1 9 5 3 3 3 0 , , 0 5 7 7 3 5 2 19 0 , , 8 2 7 6 4 1 1 1 1 2, , 1 3 9 1 9 4 2 1 0 9 . , 2 12 9 9 2 1 1 2 2 , , 8 0 7 4 6 5 7 7 , , 4 0 1 8 6 4 4 45 9 , , 8 1 2 5 1 2 2 2 9 7 , , 4 4 6 3 9 2 1 1 9 8 , , 6 38 8 9 3 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 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 tFigures for Sept. 30,1932] Non- Date Total* mem- Na- ber Total loans and Total tional State banks investments Number 1925—Dec. 31... 28,257 9,489 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 1929—June 29__ 25,110 8,707 7,530 1,177 16,403 Central reserve city banks— Dec. 31- 24,630 8,522 7,403 1,119 16.108 New York City 36 7,112 16 Chicago 11 1,192 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 Chicago 16 1931—June 30.. 21,903 7,782 6,800 982 14,121 Other Federal reserve bank 7 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 1932—June 30.. 19,046 6,980 6,145 835 12,066 Other reserve cities (25 cities)... 131 1,060 2 Sept. 30. 18,794 6,904 6,080 824 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

FEBEUARY, 1933 FEDERAL RESERVE BULLETIN 75 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 Bor- Bor- Total Bor- Month or date Total c L o u n o ri a t s i n 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 8 it t . i s e se s - b F r i a o . n a n w g t R k s - s . Total c L o u n o ri a t s i n e e s - s o lo A th a l n e l s r T I o nv ta e l stm U cu e .S r n i . t t i s e se s - b F r i a o . n a n w g t R k s - s . a m l n v o d e e a n s n i t t n - s s - b F r i a o . n a n w g t R k s - . s 1931—November. 21,023 5,859 7,586 7,578 4,072 404 7,258 2,277 2,243 2,738 1,705 13,765 December. 20,749 5,763 7,441 7,545 4,127 499 7,165 2,237 2,218 2,710 1,732 13,584 416 1932—January- _. 20,178 5,644 7,331 7,203 3,943 469 6,921 2,209 2,220 2,492 1,631 13,257 435 February- 19,775 5,497 7,214 7,064 3,856 484 6,645 2,127 2,171 2,347 1,521 13,130 461 March 19,434 5,388 7,059 3,866 368 6,521 2,065 2,078 2,378 1,547 12,913 365 April 19,096 5,150 6,820 7,126 3,875 277 6,492 1,947 2,029 2,516 1,620 12, 604 277 May 19,112 4,975 6,727 7,410 4,121 185 6,647 1,851 2,038 2,758 1,797 12,465 185 June 18,877 4,811 7,457 4,200 191 6,541 1,745 1,995 2,801 1,849 12,336 191 July 18,419 4,616 6,455 7,348 4,144 212 6,353 1,644 1,896 2,813 1,860 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 6,692 1,669 1,810 3,213 2,220 12,047 128 October—. 19,026 4,437 6,168 8,421 5,140 103 6,914 1,636 1,797 3,481 2,447 12,112 103 November. 18,987 4,280 6,120 8,587 5,279 99 7,059 1,573 1,856 3,630 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 1933—January... 18,665 4,223 5,903 8,539 5,260 63 7,077 1,571 1,839 3,667 2,575 11, 588 63 » 1932—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 99 7,044 1,570 1,850 3,624 2,555 11,982 99 Nov. 16.... 18,947 4,249 6,094 8,604 5,303 98 7,026 1,555 1,826 3,645 2,576 11,921 98 Nov. 23.... 18,933 4,257 6,118 8,558 5,252 95 7,057 1,567 1,876 3,614 2,538 11,876 95 Nov. 30.... 19,002 4,288 6,125 8,589 5,266 97 7,169 1,598 1,900 3,671 2,578 11,833 97 Dec. 7 18,841 4,307 6,057 8,477 5,226 89 7,060 1, 625 1,848 3,587 2,546 11,781 Dec. 14___. 18,839 4,322 6,009 8,508 5,209 79 7,052 1,619 1,813 3,620 2,523 11,787 79 Dec. 21. 18,874 4,331 6,037 8,506 5,236 64 7,055 1,620 1,866 3,569 2,502 11,819 64 Dec. 28.— 18,804 4,315 5,9S2 8,507 5,207 67 7,020 1,612 1,838 3,570 2,481 11,784 67 1933—Jan. 4 18, 713 • 4,271 '5,943 8,499 5, 205 61 7,037 1,584 1,849 3,604 2,502 11,676 61 Jan. 11 18,673 4,237 5,899 8,537 5,262 58 7,055 1,580 1,822 3,653 2,560 11,618 58 Jan. 18 18, 655 4,213 5,902 8,540 5,291 59 7,086 1,559 1,849 3,678 2,609 11, 569 59 Jan. 25 18, 619 4,173 5,867 8,579 5,283 76 7,132 1,562 1,836 3,734 2,631 11, 487 76 ' Revised. 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 [In millions of dollars. Monthly data are averages of weekly figures] [Net borrowings on demand and on time. In millions of dollars] 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 c n o 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. banksi 1932 1933 1932 1933 1932 1933 1932—January 544 473 65 6 February 495 417 72 6 March 531 432 94 5 January 512 359 374 270 138 90 April 500 423 70 7 February 525 385 140 May 436 385 44 7 March 533 391 142 June 377 342 29 6 July 335 309 18 8 April 379 300 79 August . . 344 319 17 8 J M un ay e . . 3 24 0 4 0 2 1 4 9 3 4 4 5 9 7 S O e c p to te b m er ber 4 4 1 0 1 9 3 3 8 8 9 5 1 1 6 9 6 5 November -_ . 354 336 12 6 July 242 195 47 December 393 377 12 4 August 332 248 85 1933—January 380 365 11 4 September 380 292 88 ., . -= Jan. 4. _ 394 379 12 October . .. 325 263 61 Jan. 11. 381 367 11 November _ 338 278 61 Jan.18 .. 367 353 11 December 347 279 68 Jan. 25. 378 362 11 Back figures.—See Annual Reports for 1931 (Table 63) and 1927 (Table 47). II ococ 3 5 i Member and nonmember banks outside New York City (domestic 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

76 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 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- Held by accepting . Based Based eral reserve banks on goods on banks stored in goods Total Based Based U S n ta i t t e e s d sto in red out- For Held \m on ex- (ware- Dollar foreign End of month stand- ac- by End of month Total ports house ex- couning o F a w c o - n r o c e o f i u g fo n n r t - m i oni ioa l i O bi w ll n s b B ou il g ls ht others U in . t S o . U fro .S m . s c h re ip o d p r it e s d ) change s t h ri i b e p e s p - e o d r count corre- between tween spond- domestic foreign ents points points 1930—September- 1,367 208 432 317 131 186 411 OUTSTANDING N D O o e ct c v o e e b m m er b b e e r. r - . 1 1 1 , , , 5 5 5 5 0 7 6 8 1 3 1 1 2 4 4 8 3 1 4 4 4 2 3 3 9 9 3 4 3 3 9 8 7 3 4 1 1 18 7 9 0 2 0 2 3 2 1 1 8 2 3 2 5 5 41 0 5 7 7 0 1931— D N e o c v e e m m b b e e r r 1,0 9 0 7 2 4 1 15 5 9 8 2 2 5 2 4 2 2 26 5 7 8 3 3 1 4 2 2 9 9 8 6 1931— J J N A A S D M M O F u u J e e u p o c e a l a n a p b y t n g r c v y r e o i t u r u e c l e e b u a h m s m m e r t a y r b r b b e y e e r . r r . . - - . . 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 0 0 2 0 3 5 4 4 4 5 9 9 4 2 9 0 2 2 6 6 2 1 9 7 0 8 0 2 0 2 8 6 7 0 3 4 4 6 4 3 1 1 1 9 2 4 3 1 8 8 7 0 2 6 2 5 0 7 9 8 9 5 0 5 4 2 3 4 3 2 4 4 4 3 2 1 2 1 4 4 4 8 2 5 0 0 3 9 2 5 3 7 1 0 8 6 9 0 1 9 6 1 6 4 5 4 4 5 6 2 5 4 2 2 1 6 9 6 5 0 1 5 3 7 7 6 0 8 6 4 4 6 0 0 0 1 2 2 2 1 1 1 1 1 1 1 1 1 1 1 3 2 3 6 1 6 9 2 5 3 7 3 2 5 4 2 2 8 6 5 1 1 1 1 3 4 4 2 4 3 3 2 2 1 1 1 3 5 3 4 3 8 9 4 9 7 1 3 6 7 8 8 7 5 3 1 8 1 8 1 4 3 4 4 4 4 2 1 1 1 6 7 4 4 7 6 8 2 1 5 4 6 7 9 4 0 8 3 6 9 2 6 1 1 1932— J N J A D A S O F M M J u u e e o e u p a c l n a a p b n c t y g v r y r e o t i e r u u e c e l b u m a h m s m e a r t . y b r r b b y e e e r r r . . _ , . 9 9 9 7 6 6 8 7 6 7 7 7 1 8 9 0 2 1 7 4 6 8 8 1 9 3 9 5 0 1 9 7 1 1 7 0 1 1 1 1 1 9 8 7 7 8 8 2 7 1 4 0 5 7 5 6 3 1 1 9 9 8 2 3 0 2 2 1 1 1 1 1 1 1 1 1 1 0 5 0 5 6 5 7 8 6 6 9 9 7 6 5 7 2 2 3 4 4 1 9 5 2 2 2 2 2 2 2 1 2 2 1 1 8 1 1 3 7 3 7 5 2 7 9 9 7 7 2 0 8 7 1 1 2 2 2 3 3 2 2 1 1 1 1 1 1 s 9 6 0 4 6 3 5 1 7 5 3 2 2 2 2 2 2 2 2 2 2 2 2 6 9 3 8 6 8 5 7 9 3 3 2 5 4 4 7 9 4 0 1 8 2 1 8 1932—January 961 119 314 332 159 174 195 HELD BY F. R. BANKS February... 919 76 312 343 175 168 189 (OWN ACCOUNT) * A M M p a a r y r i c l h 8 9 7 7 8 1 9 7 1 3 1 4 6 6 3 2 1 9 3 8 2 5 3 4 5 3 5 1 7 5 0 7 2 1 1 2 8 5 5 8 5 2 2 2 6 2 8 8 2 6 1 1 9 1 6 0 5 3 1931— D N e o c v e e m m b b e e r r- 4 3 1 0 8 5 6 4 1 3 6 5 6 5 9 8 9 4 1 1 6 4 1 1 7 0 0 4 J J A S N D O u u e u e o c n l p e t g y v e o t e u . e e b m s m m e t D r . b b e e e r r r . . . - . . 7 6 6 6 7 7 7 4 9 8 0 8 2 1 7 9 3 5 1 0 0 3 1 3 2 3 4 6 4 2 9 5 4 4 3 4 3 8 9 9 3 9 0 2 5 5 5 5 6 6 6 1 7 6 7 0 5 0 8 4 3 3 5 5 4 2 1 1 2 2 1 1 0 9 9 2 6 9 5 0 7 8 4 8 9 6 3 3 3 4 4 3 3 1 6 7 1 0 8 8 4 6 6 8 6 6 0 9 5 6 7 5 2 6 6 5 4 0 2 8 2 1932— J J F M A M u u J e p a a a l n b n y r y r e i r u c l u a h a ry ry _. 1 7 1 3 3 1 1 6 9 6 6 6 5 2 (2 1 ) 9 4 2 4 1 6 1 1 2 6 2 6 9 1 3 2 1 1 2 7 6 3 5 2 9 2 1 1 1 1 1 1 4 2 1 7 5 5 3 4 5 1933—January 2 41 A S O e u c p t g o t u e b s m e t r ber- 3 2 3 (2) ( ( 2 2) ) 2 1 1 1 1 1 2 1 1 Figures for acceptances outstanding (and held by accepting banks) November 4 (2) (2) 3 1 from American Acceptance Council* December 4 00 1 2 1 Back figures.See Annual Reports for 1931 (Table 70), 1930,(Tablel64), 1929 (Table 58), and 1928 (Table 61). * Total holdings of Federal reserve banks include a small amount of unclassified acceptances, a 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 FEDERALjRESERVE BANKS COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] [In millions of dollarsj End of month 1930 1931 1932 1933 End of month 1929 1930 1931 1932 January... 1,035 36,119 33,444 29,036 January... 407 404 327 108 February.. 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 AAppiril 351 553 307 108 May 1,058 1,073 30,837 Maay- 304 541 305 111 June 1,064 10,551 30, 762 June- 274 527 292 103 July 1,065 34,371 30, 645 July 265 528 289 100 August 1,071 145,215 30, 834 August 267 526 271 108 September 1,075 48,804 30, 849 September. 265 513 248 110 October.. . 21,583 33, 501 30, 659 October 285 485 210 113 November. 31,587 33,386 30, 652 November.. 316 448 174 110 December. 35,983 33,429 29,489 December.. 334 358 118 81 Back figures.—See Annual Reports for 1928 (Table 12), 1927 (Table Back figures.—See Annual Reports for 1931 (Table 66) and 1930 (Tabl 12), 1926 (Table 24), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBBXJARY, 1933 FEDERAL RESERVE BULLETIN 77 BANK SUSPENSIONS AND BANES 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 Na- m N b e e o m r n s - - All banks 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 - tional State National State 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 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 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_ 2,298 409 108 1,781 1, 691, 510 439,171 294,357 957,982 276 245 158,187 53,944 104,243 1932 1453 P276 •1,123 v 730,426 *215,284 55,498 *459,644 *290 *238 »275, 941 *71,666 *>204,275 1931—July 93 16 75 40, 745 7,045 1,805 31,895 t 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 I 6 6 4,258 4,258 October. >. 522 100 397 471,380 111,088 117,259 243,033 20 5,096 991 4,105 November. 175 35 132 67,939 28,039 4,216 35,684 17 13,041 3,684 9,357 December. 358 63 277 277,051 87,448 25,768 163,835 18,579 589 17,990 1932—January. _. 342 74 255 219,071 63,686 10,873 144,512 10,952 3,293 7,659 February.. 121 24 91 57, 237 17,098 8,427 31,712 14.730 3,026 11,704 March 48 7 41 15,448 4,484 10,964 19,590 9,714 9,876 April 74 6 63 31,613 2,634 11,887 17,092 11,041 1,793 9,248 May 82 14 62 34, 365 6,258 1,237 26,870 33,214 4,219 28,995 June 151 44 103 132,580 42,474 7,589 82,517 11, 501 2,891 8,610 July 132 20 108 48,567 17,546 1,769 29, 252 69,959 53,577 August 85 17 66 30,291 11,853 798 17,640 33, 498 5,018 28, 480 September. 67 12 51 13,508 1,725 8,803 14,082 2,297 11,785 October.._ 103 20 83 20,467 6,209 14,258 20, 291 18, 203 November. 95 19 70 43,946 26,208 3,358 14,380 12,487 2,078 10,409 December. J>153 z>4 *>130 * 83,333 »13,854 *7,835 p61,644 P 6,393 64 *5,729 1933—January ... *237 P15 *179 v 142, 719 • 55,921 14,798 P 72,000 P9,368 P9,368 v Preliminary. Banks suspended and banks reopened.—The statistics of bank suspensions relate to banks closed to the public either temporarily or permanently, on account of financial difficulties, by order of supervisory authorities or directors of the bank. They do not include banks closed temporarily under special or "moratorium" holidays declared by civil authorities. Reopenings are recorded as of the month in which they occur, and include for any given month reopenings both of banks closed 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 lln 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 s rn 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 2,688 5,265 929 1,773 2,702 3,506 4,461 7,968 1,029 Oct. 4_-. 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 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 3,538 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. 3O._ 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

78 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates for member banks on eligible paper) Prevailing rate on— Aver o a n g — e rate Aver o a n g — e yield Rate in Date estab- Previous Federal reserve bank ef F f e ec b t . o 1 n lished rate Call loans * U.S. N B Ph o e i w s l t a o d Y n e o lp rk hi . 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 3 3 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 n e a r c 9 i r c n e m s 0 e k p ' 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 a u r a o r e n t r t t e i a y d e f s s s i , - - b T o u r n e ry d as s - a days 3 to 6 Cleveland Oct. 24,1931 3 months Richmond Jan. 25,1932 4 Atlanta Nov. 14,1931 3 Chicago June 25,1932 3H 1931 St. Louis Oct. 22,1931 2M December 2.73 2.70 <2.41 3.92 Minneapolis- VASept. 12,1930 4 Kansas City.. Oct. 23,1931 3 1932 Dallas Jan. 28,1932 4 January 2^-3 334-4 2.61 2.65 2.48 4.27 San Francisco Oct. 21,1931 February 2M-2 2.50 2.50 2.42 4.11 March 2H-2H 2.50 2.50 «2.25 3.92 April 2 -3 2.50 2.50 1.11 3.74 Back figures.—See Annual Report for 1931 (Table 36). May 2.50 2.50 .31 3.77 June 234-3 Vs 2.50 2.50 <.34 3.78 BUYING KATES ON ACCEPTANCES July 2.08 2.08 .22 3.65 [Buying rates at the Federal Reserve Bank of New York] August 2 -2H 2.00 2.00 .14 3.57 September 2 -: 1H-1H 2.00 2.00 «.O3 3.54 October K-X 1.35 1.35 3.54 Maturity e R f F f a e e t c b e t . i o 1 n n Da l t i e s h e e s d tab- Pre ra v t i e ous N D o e v c e e m m b b e e r r... 1H-W H Vi 1 1 . . 0 0 0 0 1 L . O 00 O «.O4 3 3 . . 5 4 5 8 1933 1-15 days.... June 24,1932 January X-K H 1.00 1.00 .07 3.39 16-30 days... do Week ending- 31-45 days... do Jan. 7 y 2 1.00 1.00 3.39 46-60 days... do. Jan. 14 ZA y 2 1.00 1.00 3.38 61-90 days... do 2H Jan. 21 % y 2 1.00 1.00 3.41 91-120 days.. do 2H Jan. 28 XA H 1.00 1.00 3.38 121-180 days. do 3 1 Stock exchange call loans; new and renewal rates. ch N ar O g T ed E . f — or R o a t t h e e s r o c n la p ss r e im s o e f b b a i n ll k s. ers' acceptances. Higher rates may be * 8 3 S t i o ss c u k e e s— xc 3 h 2 a 6 n , g 3 e % 9 , 0 4 - d p a e y r t c i e m n e t; l y o i a e n ld s s . calculated on basis of last redemption dates—1947, 1956, and 1954. Back figures—See Annualpteports for 1931 (Table 37) and 1928 (Table * Change of issues on which yield is computed. 35). Back figures.—See Annual Report for 1931 (Tables 39 and 40), 1930 (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 1929 1930 1931 1932 1933 1929 1930 1931 1932 1933 1929 1930 1931 1932 1933 January 5.74 5.64 4.24 4.71 4.12 5.87 5.88 4.61 5.07 4.89 5.94 6.12 5.50 5.61 5.60 February 5.73 5.35 4.31 4.71 5.86 5.66 4.63 5.13 5.96 6.05 5.43 5.61 March . .. 5.81 5.22 4.20 4.72 5.91 5.47 4.62 5.14 6.04 5.98 5.40 5.64 April 5.85 4.91 4.17 4.69 6.00 5.22 4.57 5.10 6.07 5.86 5.36 5.63 May 5.88 4.74 4.11 4.55 6.09 5 13 4 55 5 14 6 10 5 75 5 26 5 64 June 5.93 4.59 4.13 4.61 6.02 5.06 4.49 5.13 6.16 5.69 5.34 5.62 July 5.88 4.48 4.05 4.42 6.08 4.81 4.48 5.05 6.17 5.63 5.30 5.63 August 6.05 4.41 3.97 4.45 6.11 4.79 4.47 5.12 6.22 5.58 5.28 5.68 September. 6.06 4.29 3.93 4.30 6.24 4.74 4.48 5.03 6.27 5.55 5.32 5.63 October 6.08 4.26 4.27 4.35 6.25 4 75 4 62 4 96 6 29 5 54 5 38 5 56 November 5.86 4.17 4.67 4.12 6.12 4.66 4.87 4.88 6.29 5.50 5.53 5.55 December.. 5.74 4.16 4.64 4.22 5.94 4.68 4.91 4.88 6.20 5.43 5.56 5.60 NOTB.—'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

FEBRUARY, 1933 FEDERAL RESERVE BULLETIN 79 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* Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c m A o u b to il - e B eq i u n u i g l i d p - - C st h o a r i e n C i h c e a m l - C a p o n e p d r - e t E r q l i u e c i c a p - l - c M hi a n - - Oil Steel T ti e l x e ment brass ment ery Number of issues 60 20 421 351 33 37 13 12 16 11 8 4 10 15 10 28 1931—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 3S 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 29 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 1933—January 84.1 97.8 49 46 28 82 42 25 46 82 29 61 39 46 27 27 Dec. 28 . . 81.4 95.6 46 43 24 78 38 24 46 76 23 57 36 44 23 26 Jan. 4 82.7 96.6 49 46 27 83 43 25 48 81 30 61 38 47 28 27 Jan 11 85.4 98.1 50 47 29 84 44 26 48 84 31 64 41 47 29 27 Jan. 18 83.8 98.1 48 45 27 80 40 24 45 79 27 59 39 46 26 26 Jan 25 84.6 98.2 49 46 28 81 41 25 45 83 30 61 40 46 27 27 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 dollars] [In millions of dollars] New issues Re- Outstanding at end Increase or decrease fund- of month (—) during month Domestic ing Total issues Year and month m e a ( f e i d o g n s o r d n t - - i ) c t T a o l - i S n m a p t i n a a c u d l i t - - e B n a o o C n t n d o e d s r s po S r t a o te cks F ei o g r n - m e a f ( i o d e n g r o s d - n - t ) ic Month Total B n a o o n n t d e d s s C ic b 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 r l t d l t e s i s f- 1923 4,437 4,016 1.043 1,976 659 421 682 1931 1924 5,557 4,588 L,380 2,200 829 969 759 October 17,028 14,981 2,047 -20 1 -21 1925 6,201 5,125 L,352 2,452 1,153 1,076 925 November 17,040 14,955 2,085 12 -26 38 1926 6,314 5,189 L, 344 2,667 1,087 1,125 1,046 December 17,528 15,092 2,436 488 137 351 1927 7,556 6,219 L, 475 3,183 1,474 1,337 2,220 1928 8,040 6,789 L, 379 2,385 2,961 1,251 1,858 Total (12 months). 1,754 1,116 1929 10, 091 9,420 1,418 2,078 5,924 671 1,422 1930 6,909 6,004 1,434 2,980 1,503 905 711 1932 1931 3,099 2,860 L, 235 1,240 311 229 949 January 17,515 15,102 2,413 -13 10 1932 1,165 1,157 755 305 20 8 583 February 17,820 15,102 2,718 305 March 18,190 15,102 3,088 370 370 1932—January 184 184 138 42 4 0 14 April 18,287 15,103 3,184 97 1 96 February. _. 73 73 35 35 4 0 21 May 18,729 15,318 3,411 442 215 227 March 162 162 109 47 1 0 29 June 19,161 15, 715 3,446 432 397 35 April 71 71 30 15 0 0 72 July 19,297 15,744 3,553 136 29 107 May 91 91 84 7 0 0 32 August 19,758 16,454 3,304 461 710 -249 June 78 78 74 4 0 0 64 September 20,296 17,288 3,008 538 834 -296 July 106 104 25 62 1 2 57 October 20,485 17,796 2,689 -319 August 63 60 34 25 2 3 108 November 20,476 17,796 2,680 -9 September- 75 73 63 6 0 2 76 December 20,448 17,522 2,926 -28 -274 246 October 94 94 36 47 2 0 43 November- 44 43 28 9 2 1 32 Total (12 months). 2,920 2,430 490 December. _ 124 124 99 6 4 0 35 i Includes issues of Federal land banks and Federal intermediate credit January 20,454 17,528 2,926 +6 +6 banks, not shown separately. Sources.—For domestic issues: Commercial and Financial Chronicle; NOTE.—Figures relate to interest-bearing public debt; matured and for foreign issues (issues publicly offered) annual totals are as finally non-interest-bearing debt amounted to $348,000,000 at the end of January, reported by Department of Commerce, while monthly figures are as 1933. Figures include obligations held in Government trust funds. compiled currently and are subject to revision. Bonds and notes are long-term—i. e., 1 year or more (figuring from Back figures.—See (for figures of new issues—annual and quarterly date of issue); certificates and bills, shorter term. basis) Annual Report for 1931 (Table 128). 156867—33 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 FEDERAL RESERVE BULLETIN FEBRUARY, 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 • Construction contracts awarded (value) * Fac- Factory em- tory Freight-car ployment 8 pay loadings * * Com- Year and Total i Manufactures1 Minerals i Total Residential All other rolls i modmonth ity prices* Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed 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 1932 64 63 71 28 13 40 62 45 56 65 1929 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 70 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 62 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 '66 66 65 80 74 28 29 12 12 41 43 62 61 44 65 57 64 November 65 65 63 63 78 75 24 27 10 10 35 41 61 61 42 58 57 64 December *60 *66 *58 *64 72 76 22 28 8 9 33 43 60 61 41 52 58 63 Preliminary. * Average per working day. ' Revised. 1 For indexes of groups and separate industries see p. 108; 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. • For indexes of groups and separate industries see p. 109; for description and back figures see BULLETIN for November, 1929, and November, 1930. «For indexes of groups see p. 81; for back figures see BULLETIN for February, 1931, p. 108. 1 Index of Bureau of Labor Statistics (784 price series), 1926= 100. Index numbers for groups of commodities are given on p. 110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1933 FEDERAL RESERVE BULLETIN 81 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 545 442 289 194 139 327 338 204 149 104 218 104 85 44 35 D ecember 476 427 275 184 339 310 209 154 136 117 66 30 Year 5,128 5,241 3,843 2,424 v 1,618 4,091 4,399 3,061 2,091 v 1,323 1,037 842 782 334 *295 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» Index o m f s o to n c th k ) s (end of 1932 Aug. Sept. Oct. Nov. Dec. Adjusted Without Adjusted Without Month for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Adjusted for seasonal variation Total 51 54 57 57 58 1932 1933 1932 1933 1932 1933 1932 1933 Coal 51 59 68 66 69 Coke 25 32 39 40 45 Qrain and grain prod- J F a e n b u r a u r a y ry . 7 7 8 8 *59 6 6 4 4 *49 7 7 3 5 6 6 9 7 Li u v c e t s s tock 5 6 7 8 6 5 8 4 6 5 5 2 5 5 1 9 5 5 0 9 March 72 70 70 72 Forest products 20 24 25 24 22 Ore 10 10 12 10 20 April 80 76 70 72 Miscellaneous 48 52 56 57 57 May . 73 73 68 70 Merchandise» 68 69 69 68 June 71 67 68 66 July 67 47 64 60 Without seasonal adjustment August 66 50 61 59 September 70 73 61 63 Total 53 61 65 58 52 Coal 49 64 77 72 74 October 71 77 61 67 Coke 23 31 40 41 November 65 74 62 70 Qrain and grain prod- December 62 109 60 56 ucts 83 82 72 63 57 Year 70 66 L Fo iv r e e s s t t o p c r k oducts 2 5 1 1 2 6 5 4 6 2 9 6 5 2 9 3 5 1 0 8 Ore 18 16 16 7 5 fo V r c B ha a n se g d e s t h f r ro o m ug h m ou on t t o h n t f o ig m ure o s n t o h f i d n a i n ly u m av b e e r r a g o e f s S a a le t s u — rd w ay it s h a a n ll d ow fo an r c 6 e M Mi e s r c c e h ll a a n n d e i o s u e s 1 6 5 8 3 7 6 2 2 6 7 6 2 7 5 0 6 6 4 4 5 national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects »In less-than-carload lots. upon sales of changes in the date of Easter. Based on daily average loadings. Source of basic data: American * 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

82 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Total End of month (4 t 9 r i c e o s u ) n- S U t n at i e te s d » Canada countries) Austria Bel^ium Bulgaria s C lo z v ec a h k o ia - Denmark England France Germany 1931—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 6,189 354 2,699 234 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 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- v 11,694 3,748 *6,923 359 678 3,241 190 October v 11,789 3,819 *6,944 363 678 3,250 195 November... v 11,859 3,885 *6,949 362 678 3,267 197 December... * 11,880 4,045 »6,825 361 583 3,254 192 1933—January.. v 4,064 602 * 3,221 P196 Europe—Continued End of month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden Sw la i n tz d er- U. S R . . S. Y sl u av g i o a - 6 c t o o ri u t e h n s e - r 1931—October. ... 293 336 54 434 422 25 November. 296 362 54 434 425 315 26 December.. 296 357 58 434 453 328 26 1932—January 296 351 58 434 472 February.. 296 353 57 434 482 329 March 296 354 57 434 471 330 26 April 296 364 57 434 471 331 27 May 297 384 56 435 493 335 30 June. *. 298 394 57 435 503 349 31 July 300 408 57 435 509 357 30 August 302 415 57 435 510 368 28 September, 305 416 57 435 509 28 October 306 416 57 436 509 28 November. 306 415 57 436 493 *368 28 December.. *307 415 *57 436 477 *29 1933—January 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 c T 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 Tur- Alge Egypt A So fr u ic th a 1931—October. _. 369 270 11 652 162 342 30 November. 364 265 11 593 162 271 22 37 December. 355 253 11 548 162 234 23 1932—January... 350 252 13 532 162 215 23 40 February.. 347 249 14 534 162 215 23 37 March 347 249 15 535 162 214 28 31 April 343 249 13 534 162 214 28 34 May. 346 249 13 534 162 214 28 35 June 347 249 13 536 162 214 28 38 July 348 249 14 524 162 214 28 34 August 348 249 14 523 162 214 28 35 September. 346 249 12 523 162 214 28 32 October. _. *342 249 J»12 524 162 214 28 35 November. »341 249 523 162 213 28 34 December. *249 J>522 162 212 *>28 35 v Preliminary * Differences between these figures and those shown elsewhere in the BULLETIN for total monetary gold stock of the United States are due to the exclusion from the former of gold coin in circulation. 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 Republique 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

FEBEUAEY, 1933 FEDERAL RESERVE BULLETIN 83 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Month world Africa pr t o io d n uc- Total South Rho- West Belgian Canada Mexico Co b l i o a m- t A ra u l s ia - 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—April 37,771 28,298 18,194 917 446 351 4,591 1,329 278 694 561 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 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 1,041 417 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 1,032 534 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 v 31,160 19,871 1,011 471 *426 5,592 960 405 1,172 647 603 July P 41,174 v 31, 259 20,268 981 546 M39 5,124 924 455 1,244 585 August... * 41,969 v 32,054 20,475 1,019 510 J>455 5,428 1,138 524 1,221 588 September v 41, 290 * 31,375 19,888 1,041 509 *419 5,386 1,122 456 1,292 702 559 October P 41,332 v 31,417 20,157 1,044 515 *433 5,231 1,091 455 1,216 727 547 November p 41,426 * 31, 512 20,190 997 526 P424 5,220 * 1,091 415 1,376 715 556 v Preliminary. 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 n T p et o o r t i a t m s l - E la n n g 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- 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 o A th u l e n l r - Kong tries 1931—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 c -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 2,042 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 c 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 May -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 '20,613 1,251 72 2,381 25 '506 1,345 42 28 6,068 3,600 3,362 1,933 November '21,740 1,376 7 2,685 7'5,622 893 -1 94 4,773 2,964 3,322 December 100,859 51,928 16,357 10 8,082 7,546 744 43 4,697 4,974 3,124 3,353 Total (12 mos.).-446,213 53, 585-441,649-13,356-82,571-96,586-118,27364, 57420,087 12,991 3,240 26,597 39,043 49,719 36,383 1933—January »._„— 85,591 7,319 31,098 17.267 4,995 97 14,610 5,477 3,724 1,004 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from— Month Total South net im- Africa, All ports 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 In ri d ti i s a h S S m t e r e t a t n l i t e t s s - Au l s i t a ra- d W R e h s e o i s a - t , c o t o r th i u e e n s r - Africa 1081—August -24,150 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.. -12,489 -7,548 -25,941 -517 -219 -4,536 -18,397 22,835 502 90 20,187 755 Total (12 mos.) _-143,729 -13,401 -319,989 33,754 -37,050 -124,101 29,446 63,080 11,280 33.260 236,921 3,904 1932—January -7,320 -4,129 -64,955 -76 -134 -3,584 -247 105 45,986 746 1,555 17,062 352 February— -6,182 2,256 -52,712 -58 -756 -7,537 -3,723 2,226 30,661 781 371 20,884 1,426 March -2,691 -119 -40,858 3 -53 -3,480 -7,382 1,002 24,340 602 1,750 20,616 887 April 26,148 1,207 -17,795 71 -53 -1,955 -16 17,393 899 1,083 24,893 420 May 16,973 7,541 -10,843 -18 -2,571 -11,310 -214 406 11,565 803 915 18,965 1,734 June 35,019 15,897 -9,035 14 -2,767 -9,394 -1,081 12,812 772 794 26,246 760 J A u u ly gust 22 1 , , 6 29 75 6 - - 1 4 , , 6 2 7 5 1 9 - - 1 2 1 0 , , 3 2 6 6 1 9 4 4 5 - - 4 4 , , 7 0 7 1 8 5 - - 1 7 0 , , 8 4 1 3 2 8 - - 7 7 5 5 3 3 5 0 0 0 0 1 14 4 , , 2 2 7 0 9 4 2, 8 1 2 2 9 2 9,6 1 6 7 1 5 1 H 9 , 7 3 1 51 2 3 5 , ,0 2 1 0 0 7 September- 5,204 -6,887 -27,521 5 -85 -2,571 -214 187 13,009 584 1,505 25,866 1,326 October 5,814 -284 -24,895 -20 -104 -2,969 -120 189 11,973 943 870 18,378 1,853 November.. 13,857 -1, 634 -13,519 370 -476 -4,188 -88 527 10,488 710 830 20,006 831 December.. -29, 582 -58. 561 -3,277 -29 -1,104 -6,138 -108 181 13,684 854 23,326 602 Total (12 mos.) 81,211 -297,040 311-16,896 -71,376 -14,021 5,623220,394 10,780 20,363 255,305 18,408 1933—January * -43,581 -1,422 -11 -402 -17,810 -3 6,235 797 16,462 -416 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. . c o t o A r th i u e l e n l s r - 1931—August 72,952 78,366 -29 611 934 112 216 548 -23 80 September. 418 209 902 -10 -1,818 1,137 -16,947 547 3 -5,558-11,859 -80 October 273, 734 243,956 21,738 6,060-3,553 -153 5,685 -31,473 681 120 -5,951-10,965-20,620| 5,183 78 November. 122,372 99,876 40,447 91 22,741-42,572 1,789 -41,r" 18 49 11-16,455-25,594 -4 December.. 13,881 3,164 26,132 1 -232 -22,386 7,203 875 7 542 150 103 17 Total (12 mos.) 728,176 328,130 312,561100,050 18,775-81,207 149,867-247,950 -36,160-35,221-102,019-55,142-63,866 58,932 -14,475 1932—January 74,007 65,062 10,735 -46 6,755 -9,899 1,401 i 36= ===== 16 February.. 184,171 82,580 90,947 -4 9,601 -1,592 2,639 -5,262 71 71 247 March 147,604 71,279 49,028 13,889 12,561 17 830 -13,647 -2 -16,224 5,152 April 60,340 38,080 23,888 -15 2,019 428 -4,061 -8,319 -14 5,198 May.. 17,734 17,174 14,232 2,582 '1,999 -1,119 '-17,135 3,133 8 17 6710,352 June 168,000 152,072 7,541 5,737 4,601 -8,234 6,281 -7,139 66 5 -5,800 " 3,399 July 31,954 16, 746 12,472 -5 483 -1,001 3,259 -13,718 -42 -4,763 554 August 42,940 24,149 16,241 5,382 -17 -369 -2,447 4,189 13 4,622 September. 9,638 -625 4,424 3,918 1,448 249 222 8,552 5,410 October 32,695 11,927 19,995 329 565 -270 148 5,560 29 5,461 November. '33,498 241 '26,003 6,122 672 -186 645 2,314 -367 6,275 December.. 25,494-10,634 34,479 -3,138 4,306 483 24 Total (12 mos.) 828,072 468,052 309,984 37,889 37,547-17,668 -7,732 -27,282 367 -250 -38,170-24,455 -7,91546,656 -3,536 * $29,233,000 imported by France from Spain in July, v Preliminary figures. a $21,292,000 exported by France to Belgium. r Revised. NOTE—Germany—The aggregates of the official monthly figures for gold imports in 1932 differ somewhat from the revised totals published for[the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1933 FEDERAL RESERVE BULLETIN 85 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Net imports from— Month Total net imports United Switzer- British States England France Germany Belgium Poland land India All other 1931—August.... , 60,076 60,722 39 -556 -12 -50 -78 September , 19,020 15,387 -86 -113 -55 -58 i 3,889 October 30, 598 16,413 14,781 -17,572 17,455 -233 —139 -107 November 36,551 21,551 7,982 -1,113 4,717 -35 -252 -162 3,824 38 December 19, 567 1,449 8,849 —2,325 11,672 -794 -135 729 754 Total (12 mos.) 198. 619 39,413 117, 591 -21,024 56,059 -966 -1,428 -365 4,553 4,548 1932—January 7,130 7,747 3,100 -3, 521 -304 -790 -516 1,166 632 M Fe a b r r c u h ar . y .. -1 2 , , 8 6 8 0 6 8 8 6 , , 8 3 1 4 0 2 3 5 , , 8 44 7 6 0 -1 -9 1 , , 9 0 0 2 0 8 32 3 0 4 - - 4 8 6 2 2 1 -1 - , 5 6 1 2 1 8 - - 1 35 7 4 1 4 2 7 9 6 5 81 April 7,737 2,799 867 -771 ••8,445 -1,791 -2,325 366 1n4<-7r May ' 58,256 55,317 5,470 -3,258 7,429 -713 -3,415 -3,466 785 107 June 54,107 47, 324 8,397 -1,786 9,763 -760 -3,385 -5,849 379 24 July 4,983 5,565 -276 5,376 —5, 242 -482 -847 941 -52 August 7,204 8,715 -334 -1,280 -26 -281 -579 3,212 -2 2, 222 September -.. -13, 797 -6, 367 1,198 -1, 708 -3,496 1,759 -923 -402 1,994 -25,852 October -6, 230 -1,916 1,252 -61 -5, 729 -217 42 1,006 -14 November -4,857 -3,765 1,939 -3,085 -1,313 -188 -537 3,030 -52 December 4,251 52 3,745 963 -20 -1,134 2,773 Total (12 mos.) 116,149 106,623 50, 070 -34,009 -12,727 -13,630 -16,137 16,423 -7,346 Switzerland British India * Net imports from— Net imports from— Increase Increase Month Total Total G pr o o l - d c o r r e a d s e e - c o r r et d as e e n p e o t r i t m s - U S n ta i t t e e s d E la n n g d - Francem G a e n r- yA So fr u ic th a N la e e n r t d - h s - o A th l e l r n p et o r i t m s - U S n ta it t e e d s E la n n g d - o A th l e l r I t n i d o d u n i c a - i n « r g ( e m o s - v e ) e e r i n v r n n t es - h in p ( o r - l I i d n ) v i i d a n n i t g a e s 6 in India 1931—August 18,096 186 50 11,044 a 6,752 -270 -10 -979 719 517 3,760 -3,513 September 25,505 1,722 23 1 16,577 * 7,182 175 -762 -101 1,035 564 21 718 October 94,339 32,919 5,346 3, 8,270 44,196 "-19 229 -26,126 -8,324 -10,180 -7,622 675 -353 -25,098 November 43,572 3,224 9,805 4,519 25,604 408 12 -24,217 -3,279 -17,626 -3,311 592 359 -23,984 December 19,687 254 18,364 — -75 203 15 -45,596 -5,294 -39,539 -763 581 0 -45,015 Total (12 mos.) 222,751 36,422 41,301 19,31739,684' 72,760 47 13,220 95,753-17,673-72,558 -5,537 6,835 33,532-122,483 1932—January 5,653 2,067 1,300 1,972 10 290 13 —24,029 -2,863 -21,419 253 536 18 -23,511 February 17,658 1,411 5,725 5,423 5,731 76 -707 -17,672 -363 -17,353 43 527 —2 -17,143 March 4,698 82 5,733 —3,952 -18,670 -90 -18,788 209 547 —7 -18,116 April 2,538 65 116 -95 -165 2,308 -11,812 -209 -11,229 568 592 -86 -11,134 May 46,051 41,034 116 1,718 -52 2,949 286 -8,935 -9,007 72 569 -1 -8,365 June 80,872 70,247 1,734 3,554 -85 5,630 -209 -13,227 -167 -13,155 95 605 -12,622 July.— 14,993 9,779 111 3,734 -51 1,507 -87 -16,437 -374 -14,575 »--1,488 587 -15,850 August. 1,503 81 90 ••718 '38 744 -260 -11,674 -2,775 -7,979 —920 590 -11,084 September -604 -361 154 -540 -34 453 -277 -17,201 -5,978 -9,835">- •1,388 561 34 -16,674 October -3,385 -50 82 -3,087 -102 -280 48 -14,482 4,820 ~9,010 -652 549 -13,933 November -1,395 -7 85 -2,347 -67 480 461 -16,662 -2,420 -13,244 -997 556 -16,106 December 1,203 5 -111 837 55 —24,722 —24,196 Total (12 mos.) 169,786 124,354 15,342 7,418 7,880 10114,996 -304 *-195,553 '6,775 -188,734 1 $4,020,000 imported by Netherlands from Dutch East Indies. 2 Exported from Netherlands to Czechoslovakia in August, $2,199,000; in September, $5,847,000. »$6,733,000 imported by Switzerland from Australia. * $7,293,000 imported by Switzerland from Norway. 8 Reported monthly production of the Mysore State plus $82,000 representing the average monthly production of the rest of India in 1930. « Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India. 7 $7,575,000 was exported from India to Netherlands. s $1,891,000 was exported from India to Netherlands; $2,173,000 to France. »$1,777,000 was exported from India to Netherlands. w $1,640,000 was exported from India to Netherlands. NOTES.—Netherlands—The aggregates of the official monthly figures for gold exported to Germany and gold imported from the world in 1932 differ somewhat from the revised totals published for the year as a whole. British India.—From December, 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. * 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. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 FEDEKAL EESERVE BULLETIN FEBBUABY, 1933 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1932 1931 1932 1931 Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold 257 257 257 261 Gold reserve against Dominion notes- 72 73 71 65 Notes issued * - _ J>589 »583 584 548 Advances to banks under finance act.. 57 65 27 49 Irish Currency Commission (thousands of Dominion notespounds sterling): Issued 191 199 161 174 Legal tender note fund— Outside chartered bank holdings- 28 28 30 British legal tender and bank Indian Government (millions of rupees): balances ... 686 727 150 426 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 6,987 6,269 6 6 , , 9 8 6 1 1 1 7 7, , 5 1 4 1 6 9 F G o o r l e d ign exchange 2 2 7 5 6 7 2 3 0 2 7 6 3 20 2 5 8 3 1 9 3 8 6 Consolidated bank notes *— 7,673 6,996 Paper currency reserve- I D s e su e e m d e d such under sec. 60 (4) o _ f . 4,602 4,589 4,560 4,333 G Si o lv ld er coin and bullion. 1,1 1 0 8 7 7 1,1 1 3 1 0 8 1,1 1 4 1 9 5 1,23 4 0 6 currency act, 1927 1,376 1,391 1,406 1,649 Other assets 455 509 494 518 Notes issued 1,748 1,756 1,758 1,793 * Includes a small quantity of subsidiary coin. * The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Dec. 10, Nov. 12, and Oct. 15,1932, and Dec. 12, 1931. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. » Preliminary. 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 Dec. 31 Nov. 30 Dec. 31 Dec. 31 Nov. 30 Dec. 31 Cash on hand and on current account with Short-term deposits: banks 2,905 2,111 2,972 Central banks for own account- Demand funds at interest - 19,397 17,480 27,615 Demand * _. 97,912 87,292 57,392 Bediscountable bills and acceptances (at Timecost): Not exceeding 3 months... 4,597 4,710 32,073 Commercial bills and bankers' accept- Between 3 and 6 months.ances 64,995 58,967 68,776 Treasury bills 32,792 30,417 18,518 Total. 102,509 92,001 89,464 Total., 97, 787 87,294 Central banks for account of others— Demand _ 2,646 2,427 19,566 Time funds at interest: Not exceeding 3 Time—Not exceeding 3 months... 6,594 months... - .. .......... 44,680 45,518 46,484 Total.. 2,646 2,427 26,161 Sundry bills and investments: Maturing within 3 months- Other depositors- Treasury bills 10, 438 8,534 Demand. .... 19 27 654 Sundry investments 11,455 11,438 Time—Not exceeding 3 months 1,203 1,205 Between 3 and 6 months- 31,715 Long-term deposits: Treasury bills 251 1,400 Annuity trust account 29,677 29,677 29,677 Sundry investments 9,204 9,177 German Government deposit 14,839 14,839 14,839 Over 6 months 120 120 12,524 French Government guaranty fund 13,249 13,249 13,249 Total 31,467 30,670 34,240 Total 57, 765 57,765 57,765 Other resources.. 1,357 1,614 2,276 Capital paid in 24,125 24,125 20,941 Reserves: Legal reserve fund,- , 254 254 108 Dividend reserve fund 519 519 211 General reserve fund 1,038 1,038 422 Other liabilities 7,513 7,414 5,155 Total liabilities 197,593 186,776 200,880 Total resources. 197,593 186,776 200,880 1 Composed of $2,363,000 of investments between 6 months and 1 year and $161,000 exceeding 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1933 FEDERAL RESERVE BULLETIN 87 CENTRAL BANKS [For explanation of these tables see BULLETIN for February, 1931, pp. 81-83] Resources of banking department Liabilities of banking department Gold (in issue Note Bank of England m de e p n a t r ) t * - C C o a in sh rese N rv o e t s es 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 t r i c o u n la- Bankers' D P e u p b o l s i i c t s Other l O ia ti t b e h i s e li r - Millions of pounds sterling: 1931—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 .6 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 .6 .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 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Jan. 25 123.6 .8 45.4 11.6 107.9 353.2 103.4 11.7 32.5 18.1 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 t r * i i a - - Other ci N t r i c o o u n t l e a- Govern- Other l O ia t b h i e l r iment Millions of francs: 1931—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 1,989 1932—Jan. 29... 71,625 18,805 6,555 2,744 8,278 84,723 4,722 23,552 1,910 Feb. 26- 75,059 15,127 5,544 2,707 6,882 8,329 3,637 24,899 1,925 Mar. 25.. 76,832 12,632 4,820 2,716 6,881 8,371 81,782 3,526 24,962 1,980 Apr. 29.. 77,862 11,800 4,690 2,735 6,881 8,697 82,774 3,111 24,827 1,953 May 27- 79,470 9,001 4,160 2,700 6,881 8,684 81,418 3,432 24,128 1,917 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 81,536 2,931 22,969 2,153 Dec. 30-. 83,017 4,484 3,438 2,515 6,802 9,196 85,028 2,311 20,072 2,041 1933—Jan. 27 P.. 82,167 4,436 3,140 2,536 6,679 (3) 83,313 2,268 20,475 (8) Resources Liabilities Reserves 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 O as t s h e e ts r ci N t r i c o o u n t l e a- Deposits l O ia ti t b e h i s e li r - Millions of reichmarks: 1931—Nov. 30 1,005 170 56 3,901 254 103 980 4,641 506 1,323 Dec. 31 984 172 4,144 245 161 1,065 4,776 755 1,338 1932—Jan. 30 948 145 158 161 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 30 766 128 3,108 224 365 975 3,967 380 1,267 Aug. 31 768 157 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 1933—Jan. 31 * 822 101 2,459 92 401 1,097 3,338 345 1,333 * 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. J Issued by the independent oflSce for retirement of public debt (Caisse Autonome d'Amortissement). 8 Not yet available. * Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 FEDERAL RESERVE BULLETIN FEBRUARY, 1933» CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank Dec Nov. Oct. Dec. Dec. Nov. Oct. Dec. National Bank of Albania (thousands Bank of the Republic of Colombia of Albanian francs): (thousands of pesos): Gold.... 5,508 5,487 5,094 Gold at home and abroad 11,947 11,597 9,129< Foreign exchange 29,891 29,425 24,949 Foreign exchange 5,870 4,388 4,649s Loans and discounts-- 3,413 4,532 Loans to member banks 5,963 6,275 18,228 Other assets 6,033 4,901 7,133 Note circulation 20,122 19,260 20,57& Note circulation 12,272 12,269 11,869 Deposits 20,164 20,154 10,809' Demand deposits 19,892 19,205 16,399 Other liabilities 12,680 11,778 13,441 National Bank of Czechoslovakia Commonwealth Bank of Australia (millions of Czechoslovak crowns): (thousands of Australian pounds): Gold 1,708 1,692 1,659 1,64& Issue department— Foreign balances and currency- 1,029 1,049 1,082 l,060< Gold coin and bullion 11,199 11,199 10,499 10,500 Loans and advances 1,675 1,267 1,560 2,316 Securities. _ 38,253 37,280 37,715 44,234 Assets of banking office in liqui- Banking department- dation 0 0 0 294 Coin, bullion, and cash 950 1,079 Note circulation 6,267 5,951 6,057 7,679* London balances 17,520 15,489 14,174 13,795 Deposits 602 512 634 361 Loans and discounts 14,933 13,228 14,902 12,185 Securities ... 29,839 29,471 29,765 28,795 Danish National Bank (millions of Deposits 64,143 62,446 62, 517 48,483 kroner): Bank notes in circulation 46,192 43,072 43,007 49,392 Gold 133 133 144 Austrian National Bank (millions of Foreign bills, etc — 22 37 55 36 schillings): Loans and discounts 82 82 104 172 Gold 149 149 149 190 Note circulation 332 318 333 347 Foreign exchange of the reserve._ 39 39 39 102 Deposits. 131 105 76 Other foreign exchange 0 0 0 26 Domestic bills 379 336 »336 Bank of Danzig (thousands of Dan- Government debt 663 663 >663 zig gulden): Note circulation._ ... 914 880 903 1,183 Gold 21,373 21,375 21,375 21,825. Deposits 219 196 177 128 Foreign exchange of the reserve 14,007 14,135 15,230 25,531 National Bank of Belgium (millions Other foreign exchange 252 456 248 6,310' ofbelgas): Loans and discounts 12,227 9,690 9,223 10,661: Gold 2,596 2,608 2,611 2,550 Note circulation 36,536 36,103 37,126 44,042 Domestic and foreign bills.. 728 690 683 976 Deposits 9,034 5,144 6,502 10,263 , Loans to State (3) 367 367 288 Note circulation.. 3,627 3,623 3,637 3,654 Central Bank of Ecuador (thousands Deposits 217 206 168 264 of sucres): Central Bank of Bolivia (thousands Gold at home and abroad 14,707 14,700 5,663of bolivianos): Foreign exchange 3,850 4,161 9,904 Gold at home and abroad 20,796 16,154 Loans and discounts 24,287 23,314 14,227" Foreign exchange 2,766 2,367 10,464 Note circulation 24,600 24,662 19,134 Loans and discounts 29,171 41,249 23,207 Deposits 10,782 10,667 8,975- Note circulation. _ 36,096 34,965 26,626 Bank D e o p f o B s r i a ts zil (millions of milreis): 24,929 17,497 11,229 Na o t f i o E n g a y l p B ti a a n n k o p f o u E n g d y s p ) t : * (thousands Na o t f i C C L N D N T G o le o o o n u e o o e v a p t r t a r l t a d e r a r l n o f e l e ) s o s c B : s n f i r i p a o t c e a r s n o y r i c n g e d n u k i n d g l d a o n e e i t f n x s i e o c t c B s x n o h c u u a a h l n n b g a g t r a n s e o r g i a e i a n d . ( r - m es i e ll r i v o e n . s . 2 1 1 , , , - 9 5 6 2 5 1 2 1 0 1 7 7 7 6 4 6 5 8 4 6 0 3 5 2 1 1 , , , - 5 2 5 2 1 8 5 2 5 8 7 0 6 1 7 3 5 6 1 8 0 4 7 1 1 1 , , , 6 6 5 2 4 1 1 1 1 5 1 7 1 0 7 1 2 7 1 9 4 5 0 6 B F E N G L D O O o o g r o e o t t i r h h a y p l t t e d e e e n i o p i s r r s g s t h c i i n l a i a a t i r s s n G n a c e — s b d u e x o i G l t c G v l a s O d i h e o t t i o a t i i s r v o h e v n n c s e n e e g o m r r r e u n n e n m m n t t s e e n n t s t ec s u e r c i u ti r e i s ti . es- 2 2 1 1 6 3 6 8 0 0 3 5 2 9 , , , , , , , , , , 6 6 1 7 0 8 2 5 4 0 3 6 9 2 9 2 9 4 5 1 1 3 2 2 1 3 9 9 2 5 1 1 1 1 6 4 2 6 8 3 2 9 9 9 , , , , , , , , , , 1 1 6 4 7 7 3 2 5 3 9 2 6 1 5 1 3 0 6 3 1 6 9 9 2 3 5 9 2 2 1 1 1 1 4 2 2 4 9 7 9 5 4 7 , , , , , , , , , , 2 8 5 8 7 5 8 4 4 7 4 2 3 5 8 6 7 9 1 9 3 5 & 8 7 6 4 0 7 7 " - - , Loans and discounts 795 817 852 Bank of Estonia (thousands of Government obligations. 2,935 2,935 3,029 krooni): Note circulation 2,590 2,713 2,919 Gold 15,229 13,721 11,481 6,559^ Other sight liabilities. 1,637 1,542 1,448 Net foreign exchange 4,481 5,342 6,949 14,933 Central Bank of Chile (millions of Loans and discounts 22,084 21,790 22,923 24,102 pesos): m m> Note circulation 31,217 31,881 32,944 35,159> Gold at home and abroad 86 67 Deposits—Government 3,352 6,005 Foreign exchange for account of— Bankers' 6,821 5,950 5,650 5,266 Bank 70 128 Other 3,064 2,675 2,541 3,434 Exchange commission 5 4 0 Loans and discounts 216 204 222 Bank of Finland (millions of mark- Securities .> 465 462 100 kaa): Note circulation.. 484 491 319 Gold 304 304 304 Cen D tra e l p o B s a it n s k of China * (thousands 236 219 90 Ba c l r a e n d c i e ts s abroad and foreign 505 465 413 of Yuan dollars): Foreign bills 236 206 230 204 Gold Domestic bills 1,003 1,010 985 1,085 Silver 47,574 34,568 Note circulation 1,085 1,064 1,066 1,29a Due from banks abroad 6,887 12,106 Demand liabilities 381 354 351 262 Due from domestic banks.. 31,781 9,529 Bank of Greece (millions of drach- Loans and discounts.._ 94,016 75,041 mas) : Securities _ 5,898 6,378 Gold. 654 Other assets 18,679 7,709 Foreign exchange 1,212 1,255 1,268 Note circulation 31,605 25,173 Loans and discounts 2,199 2,167 53a Deposits—Government- 88,421 76,709 Government obligations 3,322 3,322 3,126 Bank.. 32,701 8,542 Note circulation 4,488 4,750 4,003- Other 4,912 4,500 Other sight liabilities 3,176 2,955 702 Other liabilities 48,629 30,407 Liabilities in foreign exchange 223 230 217 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. 8 Figure not available. * Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1933 FEDERAL RESERVE BULLETIN 89 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank Dec. Nov. Oct. Dec. Dec. Nov. Oct Dec. National Bank of Hungary (millions Bank of Portugal (millions of escuof peng8s):jg*«>», - v . *. * dos): Gold 97 97 97 102 Gold 523 405 400 Foreign bills, etc 14 12 8 16 Other reserves __ 527 547 558 Loans and discounts 472 460 489 441 Discounts and advances 338 342 338 345 Advances to treasury __. 52 52 52 58 Government obligations 1,058 1,058 1,058 1,058 Other assets 25 23 22 27 Note circulation 1,995 1,961 1,906 2,062' Note circulation 353 348 410 423 Other sight liabilities 430 330 379 279 Deposits 78 78 55 • 126 National Bank of Rumania (millions Miscellaneous liabilities 201 190 174 66 of lei): Bank L T P O G C u o o r o t o h e b a t l f a d d e n l l i I r i s c t t a s a n d t a l d o e n y a h e t p d n e o p o ( d o m m c d s s i i i b e i t r i s s l t c a . c l s i u l o o a l u n n a n t s c i t e o s o s n f a l _ b ir r e o ) a : _ d „. 1 5 6 1 1 3 , , , , , 3 8 0 0 5 3 5 5 2 7 6 0 2 1 6 8 4 0 13 6 1 5 1 , , , , , 0 4 4 8 3 7 9 0 6 1 0 9 6 5 3 1 0 5 1 2 5 5 1 4 , , , , , 7 1 6 6 2 3 7 2 7 6 9 0 0 6 0 5 5 0 N D L S F G O o t o o e o t a h r a m l t t e d e e n e i r a s g c d n n f i a e d o r n c b e r d e u t d x i l e c g d a p h n t i a o i s o n e c s n x i g o t c e u s h n o a t f s n t g h e e reserve... 2 1 7 5 0 9 0 , , , , , 0 4 5 7 9 5 8 1 5 7 3 7 7 1 3 9 4 0 4 4 2 1 1 9 5 1 , , , , 5 7 2 1 4 1 3 3 0 8 7 3 0 5 8 0 5 6 2 1 4 3 3 9 3 , , , , , 6 5 4 7 8 8 7 1 2 5 1 5 1 7 1 7 5 7 7 0 South African Reserve Bank (thou- Bank of Japan (millions of yen): sands of South African pounds): Gold 425 429 429 470 Gold 7,173 6,925 7,189 8,104 Advances and discounts 846 771 845 1,051 Foreign bills 0 0 0 41 Government bonds 565 451 268 218 Domestic bills 1,203 1,363 1,133 3,688 Notes issued 1,426 1,077 1,130 1,286 Note circulation 8,335 6,399 7,365 8,799 Total deposits 387 586 421 290 Deposits—Government 1,175 1,676 1,042 1,277 Bank G o o l f d Java (millions of florins): 104 104 105 113 B O a th n e k r -._ 3,8 1 3 4 3 1 4,1 26 4 1 5 3,7 1 9 9 0 2 4, 5 2 3 6 3 7 N L D Fo o e o r a p t e e n o i s g s c i n i a t r s n c b d u i l l l a d s t i i s o c n ounts 2 4 3 0 1 4 1 5 9 2 4 3 0 1 8 2 8 9 2 4 1 1 9 4 9 2 2 3 5 5 7 0 8 Ban S k B L G i o a o o lv l a l f a d n e n S r s c p a e a s n i d n a b d ( r m i o s a i c l d o li u o n n t s s . of pesetas): 2 2 , , 6 2 2 8 0 8 5 0 1 5 9 9 2 2, , 5 2 6 2 9 9 9 5 8 1 0 8 2 2, , 2 5 8 2 9 1 5 9 3 0 9 8 3 2 , , 2 5 1 2 8 1 4 4 1 7 9 7 Bank of Latvia (millions of lats): Note circulation 4,834 4,802 4,856 4,949- Gold 36 32 Deposits _ 964 1,098 Foreign exchange reserve 10 12 13 Bank of Sweden (millions of kronor): Bills 70 71 78 Gold. 206 206 206 206 Loans 1 57 56 59 Foreign bills, etc 214 221 195 54 Note circulation 37 41 Loans and discounts— 217 211 187 586 Government deposits 67 58 Note circulation 598 537 571 583 Other deposits 87 87 Deposits 202 183 177 Bank N D F L G o o o o e o r a l t p f e d e n o i L s g s c n i i i a t r t h n c s c d u u . u . a l . r a d n r t i e i i s a o n c n c o ( y u m n i t l s lions of litu): 1 4 9 5 0 1 9 1 3 0 6 1 4 9 5 0 1 9 3 4 2 8 1 1 5 3 7 0 0 0 3 8 9 9 Sw fr i a s N L D G F n s o o o o e c r a s l m t N e d e ) n i : a s a g c n t n i a i d r o n c b n d u d a a l e l d l a a p t i n o i s B o c c s n e i o a t s u n s k n a n ts d ( m bi i l l l l s ions of _ 2 1 1 , , , 0 4 6 8 6 1 3 7 7 9 1 7 1 2 1 1 , , , 5 5 1 7 5 3 5 5 4 9 5 3 7 2 1 1 , , , 2 5 6 4 6 0 5 3 7 6 1 3 8 2 1 , , 9 3 1 6 6 9 4 0 0 2 9 4 7 9 - Netherlands Bank (millions of flor- Central Bank of the Republic of ins): Turkey (thousands of Turkish Gold 1,035 887 pounds): Foreign bills 71 71 71 86 Gold 20,514 19,813 19,214 Loans and discounts 118 112 122 188 Foreign exchange 756 178 373 Note circulation 962 967 1,003 1,023 Government securities 154,835 155,180 155,450 Deposits... * 304 301 264 180 Other securities 28,081 28,081 28,081 Bank of Norway (millions of kroner): Other assets 24,105 22,526 21,538 N T F D F G o o o o o o r r t l m t e e a d e i i l e g g c s d n n i t e r ic c p d b u o e a c l p l s a r a i o e t t n i s s d o c i i n e t t s s s and bills __. 2 3 1 3 5 1 4 7 2 0 6 5 4 4 2 3 1 8 5 2 0 4 3 2 4 3 1 4 3 2 1 0 5 2 8 4 3 6 4 6 0 4 2 3 1 5 3 6 5 1 2 6 4 7 4 6 Ba ( n th k N S L G O o i o o o t g u o h a l t h s d f e e n t a r s c n t d l i a h d i e r a n e s c p b d u o o i R l s l f d a i i e t t i t p i i s s p e e o c u s s n o b o u l s i n ) c : t s of Uruguay 1 5 1 6 1 3 3 , , ,5 6 1 2 4 1 3 8 9 1 1 4 5 1 6 1 0 6 1 3 0 , , , , , 7 3 8 2 6 0 3 6 1 0 3 0 8 1 7 1 1 4 1 5 6 0 6 0 0 4 9 , , , , , 7 3 1 1 1 3 7 2 4 7 9 3 3 4 8 10 5 2 0 , , 9 9 2 2 3 4 - Central Reserve Bank of Peru (thou- Other assets 39,969 39,724 32,999 sands of soles): Note circulation 86,040 83,916 81,031 N G B Fo i o o l r l t l e s e d i g . c . n i . r . c e u x l c a h t a io n n g e „_ 3 2 4 6 0 9 8 , , , , 1 8 4 8 1 1 3 5 5 9 8 4 6 3 9 3 4 1 9 5 9 9 , , , , 8 0 2 0 1 0 6 3 8 9 9 6 9 9 1 5 5 1 7 4 9 2 , , , , 6 9 7 4 7 2 1 0 8 0 0 4 5 4 6 Nati D O on e th a p l e o r s B i l t i a s a n — b k i J l T D i u t o i e t i d m f r e m i a s e c t t a i h i a n v e l d e a K n i d n g a d d o m m i ni o s f - 3 3 3 2 7 7 3 , , , , 9 0 6 2 6 6 3 0 9 4 7 0 3 3 3 2 7 7 3 , , , , 7 7 3 8 6 4 7 2 6 6 8 0 3 3 3 3 8 2 1 , , , , 1 1 9 5 4 8 0 7 1 9 5 9 Bank of Poland (millions of zlotys): Yugoslavia (millions of dinars): Gold 502 501 494 600 Gold 1,761 1,767 1,763 1,758 Foreign exchange of the reserve.. 36 36 88 Foreign exchange 806 215 347 425 Other foreign exchange 106 103 125 Loans and discounts 2,457 2,538 2,546 2,253 Loans and discounts 700 680 714 796 Advances to State 2,409 2,412 2,411 1,799 Note circulation 1,003 997 1,063 1,218 Note circulation 4,773 4,712 4,759 5,172 Other sight liabilities 220 201 130 213 Other sight liabilities 835 852 41? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 FEDERAL RESERVE BULLETIN FEBRUARY, 1932 COMMERCIAL BANES 1931 1932 Country Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Argentina (millions of gold pesos): Bank of the Nation- Gold 1 1 1 1 1 1 1 1 1 1 1 Other cash 107 111 113 115 105 121 136 127 132 128 128 128 Loans and discounts 707 675 234 680 685 688 696 688 679 679 668 671 Deposits 641 642 649 644 664 712 702 681 680 Other banks hi Buenos Aires- 1 Gold 2 1 1 1 1 1 1 1 1 1 250 Other cash 203 200 199 206 206 212 218 218 228 243 248 745 Loans and discounts.. 817 821 1,251 798 794 783 775 769 761 754 747 929 Deposits 939 936 933 922 914 907 905 909 926 928 Canada (millions of Canadian dollars): Assets entirely in Canada- Cash in vault * 175 176 167 158 150 154 166 161 154 151 161 2Q2 191 Cash in central gold re- 22 20 24 23 23 23 25 22 23 21 19 20 Security loans 135 131 130 131 122 114 110 112 114 115 117 108 103 O ther current loans 1,082 1,071 1,063 1,071 1,070 1,057 1,037 1,028 1,004 1,003 1,018 964 Security loans abroad 83 66 99 88 73 65 74 76 96 95 88 91 Securities 674 664 671 663 674 703 727 759 778 Liabilities entirely in Canada— Notes in circulation 129 123 122 121 125 119 126 123 117 124 120 116 115 Individual demand deposits :__ 567 507 496 500 495 498 462 475 481 493 472 466 Individual time deposits 1,360 1,387 1,373 1,363 1,367 1,359 1,371 1,379 1,378 England (millions of pounds steri in vault and at bank 181 177 170 171 170 176 188 188 190 190 189 190 Money at call and short notice. 118 116 108 111 111 110 111 120 114 110 112 112 Advances and discounts 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 281 268 264 266 272 284 324 333 348 367 396 409 Deposits 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- 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 9,697 9,041 9,114 8,711 8,312 8,296 8,593 8,188 8,456 8,490 8,287 Demand deposits-_ 37,023 36,196 36,435 35,983 35,929 36,351 36,031 36,148 36,372 36,197 Time deposits 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 1,503 1,380 1,613 1,652 1,660 1,661 1,665 1,651 1,674 1,631 Due from other banks 320 367 267 290 257 263 242 256 242 245 Miscellaneous loans 5,935 6,034 6,235 6,160 5,898 5,813 5,736 5,745 5,706 5,668 Deposits 7,276 7,289 7,539 7,562 7,541 7,457 7,397 7,439 7,401 7,307 Acceptances , 903 863 872 851 815 796 782 773 775 770 Japan (millions of yen): Cash on hand 140 124 130 116 136 215 156 117 212 197 185 302 286 Loans , 2,247 2,283 2,228 2,264 2,248 2,250 2,252 2,234 2,219 2,187 2,165 2,188 2,219 Deposits 2,051 2,008 1,954 1,938 1,946 1,949 1,963 1,973 2,027 2,019 2,042 2,125 2,133 * Gold, Dominion notes, and subsidiary coin. 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

FBBKtJAKY, ] FEDERAL RESERVE BULLETIN 91 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f l a a E n n n d k g- F B ra a o n n f k ce G R b e e a r ic m n h k a s n -; B It a o a 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 io n is k n s al Country R Fe a 1 b te . I s n i n e c f e f — ect Country R Fe a 1 b te . I s n i n e c f e f — ect In effect June 1,1931. 2H 2 5 5M 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 July 5,1932 Lithuania 6 Apr. 1,1930 July 30 _ _ Aug. 1 15 Bulgaria 8 May 25,1932 Norway 4 Sept. 1,1932 Aug. 12 . 10 Chile Aug. 23,1932 Peru 6 May 20,1932 Sept. 2 8 Colombia-. _ 5 2 Sept. 19,1932 Poland 6 Oct. 21,1932 Sept. 21 6 Czechoslo- Portugal Apr. 4,1932 Sept. 28 7 vakia Jan. 25,1933 Sept. 29 3 Rumania 7 Mar. 4,1932 Oct. 10- — 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 4 2 Nov. 30,1932 Mar. 9 6 Estonia Feb. 1,1932 Sweden Sept. 1,1932 Mar. 10 4 U. S. S. R_._ 8 2 Mar. 22,1927 Mar. 17 Finland 6 Feb. 1,1933 Yugoslavia—. July 20,1931 Mar. 21 6 Greece 9 Dec. 3,1932 Apr. 9 Hungary Oct. 18,1932 Apr. 19 2V& India. 4 2 July 7,1932 Apr. 21 3 Apr. 28 5 May 2 5 Changes since Jan. 1: Czechoslovakia—Jan. 25, down from 4H to 3K per J M u a n y e 3 1 0 2 2 2 f c r e o n m t; 5 F t i o n l 4 a n p d e — r c F e e n b t . . 1, down from 6)4 to 6 per cent; Italy—Jan. 9, down Sept. 22._ 4 Jan. 9,1933 4 In effect Feb. 1,1933. 2 m 4 4 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 d o n e w k p a e o n r s c s i ' e ts d P is r r i c 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 i c a v o t a e u t n e t M 1 o m ne o y n t f h or 1931—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 "l\ 6.10 7.10 7.76 1.22 1.06 April 2.19 2.07 1.91 5.12 6.31 6.17 1.02 .94 May 1.44 1.10 1.29 1 - 4.87 5.96 5.91 .60 1.03 June. 1.05 .85 .99 4.75 5.76 5.70 .39 1.00 July .92 .67 4.58 5.75 5.49 .49 1.00 August .74 .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. .89 .82 .73 3.87 5.00 4.80 .37 1.00 December- 1.02 1.04 .81 3.87 5.08 4.91 .37 1.00 Switzer- Belgium France Italy Sweden land (Brussels) (Paris) (Milan) Hungary ( h S o to lm ck ) - 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 i c 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 te a 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 o to n n s 3 t h u s p Disc b o il u ls nted ov m e C o rn a n l i e l g y ht 1931—December. 1.75 2.44 1.75 7.50 6 -73- 5.84-6.57 6.57 1932—January __. 1.68 2.91 1.75 7.50 6 -7\ 5.84-6.57 6.02 February.. 1.52 3.31 1.75 6.92 5H-7 5.84-6.57 6.39 March 1.50 3.36 1.80 6.53 5 -7 6.20-6.57 5.84 April 1.50 3.26 1.66 6.00 5 -7 6.20-6.57 5.48 May 1.50 3.21 1.50 5.52 6.20-6.57 4.56 June 1.50 3.16 1.22 5.50 4 -5} 6.02-6.57 4.56 July 1.50 3.17 .99 5.50 4 -5* 6.02-6.39 4.20 August 1.50 3.12 1.02 5.50 4 -5* 5.84-6.21 4.02 September. 1.50 3.00 1.00 5.50 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 •1.00 5.00 5.66-5.84 2.92 December. 1.50 2.94 .91 5.00 • Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 FEDERAL RESERVE BULLETIN FEBRUARY, 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 e x d i o - l- h S a h i a t n a g e - l Yuan H K o o n n g g Co b l i o a mlar dollar ig32—January . , 58.2724 13.9518 13.9140 6.1579 0.7151 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 6.0283 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 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 86. 5989 6. 0274 19.5769 27.6051 19.4719 21. 3527 95.2400 1933—January 58.5847 13 9715 138629 7.6352 .7195 87.4621 6.0275 19.8247 27.9537 19.7916 21.7525 95.2400 Month Cuba s C lo z v ec a h 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 Hungar:f India Italy Japan 1932—January 99.9296 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 336.1120 <327. 8679 1.4239 3. 9033 23. 7869 .5418 17.4265 24. 7923 5.1088 20.7298 1933—January 99. 9411 2.9614 16.9097 336.1385 1.4577 3. 9034 23. 7703 .5392 17.4260 25.4055 5.1177 20.7393 Month Mexico N la e n th 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 e t t s s - Sweden Sw la i n tz d er- Turkey Uruguay Y sla u v g i o a - 1932—January 39.3294 40.1828 18.6969 11.1934 3.1642 0.5951 8.3945 39.6900 19.1888 19.5074 47. 3484 44.9160 J 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 L. 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 L. 7725 May 30.2540 40.5474 18.4823 11.1810 3.3267 .5970 8.1169 42.2400 18. 7238 19.5579 47. 5060 47. 5433 L. 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 L. 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 L.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 L.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 L.5892 October 31.1060 40.2217 17.1752 11.1740 3.0872 .5978 8.1871 39.4372 17. 5334 19.3041 47.2680 47.3466 1.4094 November _ ._ 32.2205 40.1774 16.7252 11.1769 3.0293 .5975 8.1730 38.0026 17.4314 19.2470 47.2167 47.3402 1. 3506 December. 31. 9923 40.1680 16.8899 11.1825 3. 0191 .5973 8.1506 38. 0123 17. 9108 19.2354 47.0127 47. 3397 1.3448 1933—January 30.1631 40.1797 17. 2684 11.1872 3.0364 .5972 8.1777 38.9884 18.2982 19.2836 47.3366 1.3555 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- 39.22 [Mexican dollar 1 19.96 Greece Drachma 1.30 ments.1 ments dollar. Ch K in o a n g ( ) and Hong J I Y Sh u a a n m ghai tael »—. 2 1 7 9 . . 5 5 1 2 I H n u d n ia gary P R e u n p g e o e 3 1 6 7 . . 5 4 0 9 S S w w e it d z e e n rland K Fr r a o n n c a 2 1 6 9 . . 8 3 0 0 iHong Kong dollar 19.81 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 January, 1933, computed by multiplying silver content of unit by New York average price of silver for January, 1933, which was $0.25400 per fine ounce. 2 Straits Settlements dollar is legally equivalent to seven-sixtieths of one English pound. Figure given for parity represents seven-sixtieths ^>f average quotation of pound in New York for January, 1933. Back figures.See BULLETIN for January, 1933, 1932, 1931,1930,1929, and 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1933 FEDERAL RESERVE BULLETIN 93 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100)i Month ( U a S v n t e a i r t t a 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 9 F 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 a e y U S n ta it t e e d s England France Germany price) Number of issues 60 87 36 169 421 278 300 329 1930—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 _ 99.6 112.8 95.7 82.7 112.3 89.6 156.7 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 *70.5 August 98.5 107.2 99.5 95.5 73.8 130.5 September _ _______ 95.6 103.5 97.7 81.7 67.2 115.5 * 52 3 October _ 89.4 104.2 94.8 (3) 69.7 75.6 106.9 !? November _ 89.0 104.8 94.4 (3) 71.7 74.7 104.3 December 81.6 102.2 90.8 (3) 57.7 68.1 94.8 1932—January 81.0 104.7 91.5 L 58.0 69.7 107.3 I 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 43.9 63.5 107.3 May 75.2 111.4 85.9 64.4 39.8 61.6 94.4 *4456..54 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 August - ________---___--_ 83.2 116.1 88.6 63.2 53.3 69.5 103.4 47.9 September 85.8 118.4 89.5 67.4 58.2 72.7 104.3 54.1 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 December _ _ _ 81.2 116.1 87.8 76.3 47.4 72.0 104.3 56.7 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. 8 Figures not available because of closing of the exchange. * 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 (1 U 9 S 2 n t 6 a i = t t e e 1 s d 00) (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) 19 J ( 0 a O 0 p = c a 1 t n . 0 , 0) (1 N 9 l 1 e a 3 t n h = d e 1 s r 0 - 0) 1930—November - _ _ _ _ _ _ 81 80 112 551 120 361 162 110 December 80 78 109 541 118 350 161 107 1931—January - 78 77 107 541 115 342 158 105 February 77 76 106 538 114 338 158 104 March _ 76 75 106 539 114 339 158 103 April _ _ - 75 74 106 540 114 337 158 102 May 73 73 104 520 113 332 154 102 June _ _ _ _ 72 72 103 518 112 327 151 100 July 72 71 102 500 112 324 153 97 August 72 71 100 488 110 322 152 94 September __ 71 70 99 473 109 319 150 91 October 70 70 104 457 107 322 147 89 November - 70 71 106 447 107 320 147 89 December 69 70 106 442 104 319 151 85 1932—January 67 69 106 439 100 317 160 84 February 66 69 105 446 100 314 161 83 March 66 69 105 444 100 315 159 82 April _ _ 66 68 102 439 98 311 154 80 May 64 68 101 438 97 305 150 79 June _ 64 67 98 425 96 297 146 78 July 65 67 98 430 96 296 148 76 August _ _ -_ 65 67 300 415 95 296 156 75 September 65 67 102 413 95 300 167 76 October 64 65 101 412 94 299 169 77 November _ _ - 64 ' 65 101 '413 94 298 178 77 December 63 64 101 413 92 296 185 76 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 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 a u l 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 d l s s h u 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—November. 81 121 107 570 535 112 108 113 145 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 98 571 472 107 95 103 137 July 110 98 541 465 105 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 99 95 99 133 November. 115 102 482 416 99 94 99 132 December. 113 102 491 400 95 91 97 130 1932—January- 114 101 496 390 92 90 92 125 February.. 114 101 511 389 95 91 91 122 March 116 99 510 388 97 90 121 April 115 96 506 381 95 120 May 114 94 511 374 93 119 June 112 91 369 92 118 July 108 92 370 93 117 August 107 95 453 '382 91 116 September 107 99 445 384 89 89 115 October- 106 98 450 379 88 115 November. 107 98 458 '373 88 114 December. 108 97 456 375 84 87 114 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) 1914=100) 14=100) i (1913=100) 1914=100) 1914=100) 14=100)» Month 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 99 130 125 113 104 122 110 November.. 146 143 132 119 December. 114 99 132 125 113 103 120 109 December.. 146 132 148 143 108 130 118 ' Revised. 1 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 Generate, and for cost of living, Commission d'fitudes relatives au cout de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 3 FEDERAL RESERVE BULLETIN 95 LAW DEPARTMENT Eligibility for rediscount of notes given in payment for quoted, hereby authorizes all Federal reserve banks, insurance premiums. for a period ending at the close of business on July 31, 1933, to discount eligible notes, drafts, and bills of The Federal Reserve Board has recently exchange for individuals, partnerships, and corporabeen requested to rule upon the question tions, subject to the provisions of the law, the board's whether notes given in payment for premiums regulations, and this circular. for insurance by persons, firms, or corporations engaged in the production, manufacture, or distribution of goods are eligible for rediscount Recent amendment to the Federal reserve act (extension of sees. 2 and 3 of the Glass-Steagall Act). at a Federal reserve bank. Upon consideration of this question, the There is published below a copy of the act Federal Reserve Board expressed the opinion of Congress approved February 3, 1933, extendthat notes of such persons, firms, or corpora- ing the time during which certain provisions tions given in payment for premiums for in- of the act of February 27, 1932 (Glass-Steagall surance customarily deemed necessary in the Act), shall be effective, together with a copy business of producing, purchasing, carrying, of the report relative thereto from the Comor marketing goods, or the proceeds of which mittee on Banking and Currency of the House are used for such purposes, are notes issued for of Representatives. commercial or agricultural purposes within the meaning of the Federal Reserve ^Board's Regu- [Public—No. 326.—72d Congress.] lation A; and, accordingly, such notes are [S. 5484] eligible for discount by Federal reserve banks AN ACT To extend the time during which certain provisions of the act of February 27, 1932, relating to improving the facilities of the if they comply in other respects with the ap- Federal reserve system to meet the needs of member banks in exceptional circumstances, shall be effective plicable provisions of the law and of the board's Be it enacted by the Senate and House of Representaregulations. A note which is thus given for tives of the United States of America in Congress asseman eligible purpose is not rendered ineligible bled, That section 10 (b) of the Federal reserve act, as by the fact that it may subsequently be in- amended (U. S. C, Supp. VI, title 12, sec. 347b), and dorsed by an insurance company or an insur- the second paragraph of section 16 of the Federal reserve act, as amended by section 3 of the act entitled ance agent. "An act to improve the facilities of the Federal reserve system for the service of commerce, industry, Discounts for individuals, partnerships, and corpora- and agriculture, to provide means for meeting the tions. needs of member banks in exceptional circumstances, and for other purposes," approved February 27, 1932 Pursuant to the authority conferred upon it (U. S. C, Supp. VI, title 12, sec. 412), are amended by by the third paragraph of section 13 of the striking out the date "March 3, 1933," wherever it appears and inserting in lieu thereof "March 3, 1934." Federal reserve act, as amended by the act of Approved, February 3, 1933. July 21, 1932, the Federal Reserve Board issued a circular on July 26, 1932, which was published on page 518 of the FEDERAL RESERVE EXTENSION OF SECTIONS 2 AND 3 OF THE GLASS-STEAGALL BULLETIN for August, 1932, authorizing all ACT Federal reserve banks, for a period of six Mr. Steagall, from the Committee on Banking and Currency, submitted months beginning August 1, 1932, to discount the following report (to accompany H. R. 14252) eligible notes, drafts, and bills of exchange for The Committee on Banking and Currency, to whom individuals, partnerships, and corporations, was referred the bill (H. R. 14252) to extend the time during which certain provisions of the act of February subject to the provisions of the law, the board's 27, 1932, relating to improving the facilities of the Fedregulations, and that circular. Such authori- eral reserve system to meet the needs of member banks zation expired at the close of business on in exceptional circumstances, shall be effective, having January 31, 1933, and the Federal Reserve considered the same, report favorably thereon with the recommendation that the bill do pass. Board extended it for an additional six months. The only change the bill will make in existing law is Section II of the board's circular on the to extend until March 3, 1934, the provisions of sections subject of "Discounts for individuals, partner- 2 and 3 of the Glass-Steagall Act approved February ships, and corporations" was amended to read 27,1932. That act consists of three sections: Section 1 is permanent legislation, while sections 2 and 3 as follows: expire by limitation on March 3, 1933. On January 9, 1933, in letters to the chairman of the Senate II. AUTHOEIZATION BY THE FEDERAL RESERVE BOARD and House Committees on Banking and Currency, The Federal Reserve Board, pursuant to the power the Federal Reserve Board expressed the view that conferred upon it by the amendment hereinbefore the Congress might well consider the enactment of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 these provisions in permanent form, with whatever In the judgment of the committee, it is vitally imsafeguards may be deemed appropriate as to the exer- portant, under conditions such as those that now prevail, cise of the authority, and stated that, in any event, it is that the Federal reserve banks be adequately equipped the opinion of the board that, in view of existing con- to meet any emergency that may arise. If section 2 ditions, it would be highly desirable to extend such be not renewed, the Federal reserve banks would not authority for at least one year beyond March 3, 1933. be in position to extend to member banks that may have Section 2 of the Glass-Steagall Act, which added a exhausted their eligible collateral the service they have new section designated as 10(b), to the Federal reserve been able to render under that section during the past act, authorizes the Federal reserve banks, in exceptional year. If section 3 be not extended, the reserve banks and exigent circumstances, to make advances to mem- would not be in a position to relieve their member ber banks having a capital of not exceeding $5,000,000 banks from the pressure resulting from increased inagainst paper that would otherwise not be eligible for debtedness in case domestic hoarding were resumed or discount, in case these banks lack an adequate supply a large export movement of gold should occur. Clearly, of eligible paper. The existence of this authority has therefore, it would be in the public interest to extend made it possible for the Federal reserve banks to extend these provisions for at least a year beyond March 3,, to a considerable number of member banks credit that 1933. was urgently needed to tide them over a difficult period The letter from the Federal Reserve Board, referred and in some instances to prevent suspension. The to above, is as follows: committee feels that the Federal reserve banks should not be deprived of the ability to render this service to JANUARY 9, 1933. their member banks, and it is important, therefore, Hon. HENRY B. STEAGALL, that section 2 be continued. Chairman House Committee on Banking Under section 3 of the Glass-Steagall Act the Federal and Currency } Reserve Board was granted for one year the power to House of Representatives, Washington, D. C. permit the use of United States Government securities DEAR MR. CHAIRMAN: The Federal Reserve Board as collateral against Federal reserve notes. Having respectfully recomjnends that appropriate legislation be received this authority, the Federal reserve banks were enacted at this session of the Congress extending for at in a position, through the purchase of United States least one year from March 3, 1933, the authority con- Government securities, to enable member banks to ferred by section 10 (b) and by the second paragraph of meet the demands upon them arising from gold exports section *16 of the Federal reserve act as amended by and currency withdrawals and at the same time to the act of February 27, 1932, known as the Glassreduce their indebtedness to the reserve banks. Be- Steagall Act. tween February 27 and July 20, 1932, the Federal The Glass-Steagall Act amended the Federal reserve reserve banks bought $1,100,000,000 of Government act by adding thereto section 10 (b), which authorizes securities. the Federal reserve banks, until March 3, 1933, in In administering its authority under section 3 of the exceptional and exigent circumstances and subject to Glass-Steagall Act the Federal Reserve Board author- the affirmative action of not less than five members of ized the pledging of United States securities as collateral the Federal Reserve Board, to make advances to memonly to the extent necessary to enable the system to ber banks which lack sufficient eligible and acceptable pursue its credit policy and at the same time to main- assets to enable them to obtain adequate credit accomtain at the Federal reserve banks a sufficient supply of modations from- the Federal reserve banks by the cus- Federal reserve notes for operating purposes. The tomary methods. While demands upon the Federal requirements of the board in this matter were described reserve banks for accommodations under section 10 (b) on pages 286 and 287 of the FEDERAL RESERVE BULLE- have not been large, the existence of the authority to TIN for May, 1932. extend such accommodations has been a helpful factor Securities were first pledged on May 5, 1932; the in the disturbed situation through which we have been largest amount used as collateral at any one time was passing and has enabled the Federal reserve banks to $682,000,000 on July 6; on January 18, 1933, the render service to individual member banks in a number amount so used was $355,000,000. of instances. If section 3 were not continued in force, the Federal The Glass-Steagall Act amended the second parareserve banks probably would be obliged to sell large graph of section 16 of the Federal reserve act so as to amounts of the United States Government securities provide that until March 3, 1933, should the Federal held by them. While the committee is advised that Reserve Board deem it in the public interest, it may, it is not possible at this time to determine how large upon the affirmative vote of not less than a majority the sales would have to be, it appears likely that they of its members, authorize the Federal reserve banks to would amount to several hundreds of millions of dol- offer, and the Federal reserve agents to accept, as lars. When the necessary operations were concluded collateral security for Federal reserve notes, direct the member banks would have practically no, or greatly obligations of the United States. This amendment proreduced, excess reserves and possibly a heavier indebted- vides that such authorization shall terminate on March ness to the reserve banks. The pressure on the mem- 3, 1933, and such obligations shall be retired as security ber banks exerted by excess reserves in the direction for Federal reserve notes. On May 5, 1932, the Federal of greater activity would be lifted and a pressure to- Reserve Board authorized the Federal reserve banks to ward contraction would be exerted by increased pledge direct obligations of the United States as colindebtedness. As a consequence, the banks would be lateral for Federal reserve notes and the procedure more reluctant to lend money to business or to make therefor was set out fully in the Federal Reserve Bulinvestments. That this change would greatly retard letin for the month of May, 1932, a copy of which is business recovery is beyond question. inclosed for your convenience. In the opinion of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY, 1933 FEDERAL KESERVE BULLETIN 97 board, the authority granted by section 3 of the Glass- conferred by the second and third sections thereof could Steagall Act has served a very useful purpose. be exercised was discussed and it was pointed out then In this connection, it may be stated that the Federal that if experience should indicate the wisdom of extendreserve agents and the governors of the Federal reserve ing the period, there would be ample time before its banks have recommended unanimously that the author- expiration for Congress to take the necessary action. ity conferred by these provisions be extended for at The Federal Reserve Board feels that the Congress least one year and that the Federal Advisory Council, might well consider the enactment of these provisions in at its meeting in Washington on November 17, 1932, permanent form, with whatever safeguards may be adopted the following resolution: deemed appropriate as to the exercise of the authority "It is the sense of the Federal Advisory Council that granted by them, but, in any event, it is the opinion of Congress be asked to extend for a period of at least one the board that, in view of existing conditions, it would year the provisions of section 10 (b) and section 3 of be highly desirable to extend such authority for at least the Glass-Steagall bill, H. R. 9203." one year beyond March 3, 1933. While the Glass-Steagall Act was under consideration Respectfully, in Congress the question of the advisability of limiting EUGENE MEYER, Governor. to March 3, 1933, the period in which the authority Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 FEDERAL RESERVE STATISTICS, BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [In millions of dollars] [In thousands of dollars] 1933 1932 Wednesday series (1933) Federal reserve bank Federal reserve bank January De b c e e r m- January Jan. 4 Jan. 11 Jan. 18 Jan. 25 Boston 11,996 12,499 12,219 11,977 Boston 12.3 14.0 47.0 New York.... 58, 674 58, 562 56,348 58,681 New York 57.7 63.2 188.4 Philadelphia.. 47,380 46,616 46,798 47,615 A P C R h l i t e c l i a v l h a n e m d t l a a e o n l n p d d hia.. 4 2 1 1 7 4 6 7 . . . . 0 5 2 5 2 2 5 1 9 1 0 7 . . . . 0 5 6 0 1 1 4 4 1 2 9 3 9 3 . . . . 7 1 2 8 A R Cl i t e c la v h n e m t l a a o n n d d 2 1 1 2 6 6 , , , 0 2 1 4 8 3 1 1 5 2 1 1 5 2 6 , , , 3 9 7 1 2 2 4 8 4 2 1 1 4 7 5 , , , 7 7 7 0 1 7 6 8 1 2 1 17 6 5 , , , 7 7 5 7 7 1 9 8 8 Chicago 16.1 17.8 84.6 Chicago 16,015 15,957 14,915 15,892 St. Louis 7.9 7.6 24.5 St. Louis 7, 648 I 8,334 9,023 7,512 Minneapolis.. 10.2 11.5 11.5 Minneapolis.. 9,540 10,314 10,364 10,562 K D Sa a a n l n l s a F a s r s a n C c i i t s y co .. 2 1 4 9 1 . . . 4 8 7 3 1 5 1 2 . . . 8 3 8 8 3 1 7 3 5 . . . 6 2 3 K S D a a a n l n l s a F a s r s a n C ci i s t c y o .. . 2 1 9 4 1 , , , 8 1 3 3 9 6 1 5 6 2 1 5 1 4 , , , 5 3 0 0 2 7 4 7 2 2 1 4 5 1 , , , 1 1 4 9 7 3 2 6 8 3 1 4 6 1 , , , 0 7 5 6 5 7 2 0 2 Total... 255.3 282.2 828.0 Total- 251,102 248,151 248,668 RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Amounts in thousands of dollars] Averages of daily figures Total cash reserves Total deposits Federal re c s u e l r a v t e io n n o i tes in cir- Reserve percentages Federal reserve branch 1933 1932 1933 1932 1933 1932 1933 1932 January De b c e e r m- January January De b c e e r m- January January De b c e e r m- January Janu- De b c e e r m- J a a r n y u- Boston 253,537 231,605 214,312 151,576 123, 761 134,464 189,696 198,436 189,998 74.3 71.9 66.1 New York... 1,071,162 1,041,514 1,001,464 1,257,902 1,227,779 918,487 564,858 589,234 578,123 58.8 57.3 66.9 211,601 213,801 240,091 131,778 130,757 132,103 231,820 242,146 265,165 58.2 57.3 60.4 Philadelphia- Cleveland 2 9 5 9 6 , , 6 8 0 5 6 0 2 9 5 9 3 , , 6 2 7 1 0 6 3 1 0 1 7 0 , , 0 0 3 6 1 5 1 5 4 8 9 , , 8 2 0 2 7 3 1 5 4 6 7 , , 2 2 1 1 3 4 1 5 5 8 9 , , 6 1 2 8 9 9 2 9 8 8 0 , , 5 2 3 2 0 6 2 1 8 0 5 3 , , 9 0 8 2 4 8 3 1 2 1 0 0 , , 4 2 6 3 3 8 63.3 5 62 8 . . 6 5 6 6 4 5 . . 0 2 Richmond 84,978 79,066 107,902 47,759 46,838 53.878 97,563 97,843 121,959 58.5 54.6 61.4 Atlanta Chicago 872,811 835,225 636,340 430,958 406,810 283, 674 689,087 680,352 544,353 77.9 76.8 76.9 St. Louis 120,965 95,778 97,850 64,158 60,189 65,162 122,653 103,318 91,047 64.8 58.6 62.6 Minneapolis.. 61,961 59,244 73,836 40,466 41,000 46,490 81, 294 80,783 68,354 50.9 48.6 64.3 Kansas City.. 97,060 92,144 96,901 69,702 67,692 74.879 91,847 91,822 82,233 60.1 57.8 61.7 Dallas 43,192 43,672 58,144 49,426 48, 620 52,915 37,525 39,340 45,417 49.7 49.6 59.1 San Francisco 243,409 237,970 235,773 150,461 151,711 150, 278 229,559 227,810 234,885 64.1 62.7 61.2 Total... 3,417,132 3,282,905 3,179,709 2,602,216 2,508,584 2,130,148 2,714,658 2, 740,096 2,652,235 64.3 62.5 66.5 i Includes " Federal reserve notes of other reserve banks" as follows: Latest month, $16,702,000; month ago, $14,399,000; year ago, $18,788,000. 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

FEBRUARY, 1933 FEDERAL RESERVE BULLETIN 99 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, JANUARY 31, 1933 [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t. is M ap in o n li e s -K C an it s y as Dallas F c S i r s a a c n n o - Gold with Federal reserve agents 2,406,947 200,327 577,567 165,500183,970 77,900 60,400 712,910106,405 44,290 74,280 20,6351821,,763 Gold-redemption fund with U. S. Treasury 37,148 1,902 5,338 4,395 5,558 1,719 3,250 2,917 1,405 2,156 1,985 1,293 5,230 Gold held exclusively against Federal reserve notes 2,444,095202,229 582,905169,895189,528 79,619 63,650 715,827107,810 46,446 76,265 21,928 187,993 Gold-settlement fund with Federal Reserve Board. _ 429,819 34,541 131,668 25,137 29,884 11,573 6,042 120,351 12, 724 9,633 18,064 7,838 22,364 Gold and gold certificates held by banks__ 382,077 14,666 265,630 7,610 18,710 3,104 8,734 25,071 2,431 1,983 8,091 3,050 22,997 Total gold reserves. 3,255,991251,436 980,203 202,642 238,122 94,296 78,426 861,249122,965 58,062102,420 32,816 233,354 Reserves other than gold. 201,426 18,218 6"4", 3"9"8" 21,197 14,104 9,868 5,861 26,766 9,470 4,502 7,320 8,728 10,994 Total reserves. 3,457,417269,6541,,004444,,601223,839 252,226 104L,, 16484,287 888,015132,435 62,564 109i,,740 41,544 244,348 Nonreserve cash 78,961 6,512 20,801 4•, 2"4-2 '4 ,—597 "3,696 4,429 14,719 3,568 2,204 2,444 4,047 7,702 Bills discounted: Secured by U. S. Government obligations.. 71,952 4,041 26,243 10,541 11,172 1,759 1,769 4,032 2,881 357 725 338 8,094 Other bills discounted 202,494 8,335 30,707 35,074 18,269 14,818 18,763 14,074 3,281 10,006 12,090 3,838 33,239 Total bills discounted 274,446 12,376 50,950 45,615 29,441 16,577 20,532 18,106 6,162 10,363 12,815 4,176 41,333 Bills bought | 31,339 2,161 9,553| 3>115| 2,921 1,651 2,653 3,848 946 640 856 856| 2,139 U. S. Government securities: Bonds 420,871 20,252 187,058 31,055 36,338 9,606 9,535 41,177 13,882 17,170 11,825 17,814 25,159 Treasury notes . 322,600 17,983 128,185 25,466 33,405 8,831 8,724 37,851 12,301 8,826 10,714 7,184 23,130 Certificates and bills.. 1,019,821 53,314 383,201 75,499 99,031 26,182 25,865 172,474 36,472 26,155 31,763 21,294 68,571 Total U. S. Government securities- 1,763,292 91,549 698,444 132,020 168,774 44,619 44,124 251,502 62,655 52,151 54,302 46,292116,860 Other securities.. 3,421 2,883 525 13 Total bills and securities 2,072,498106,086 767,830181,275 201,,136 62,847 67,309 273,456 69,763 63,167 67,973 51,324 160,332 Due from foreign banks. 3,505 1,617 328 295 116 105 406 16 11 87 87 209 Federal reserve notes of other banks 12,899 5,014 258 823 924 720 1,795 759 471 855 313 659 Uncollected items 304,333 35,566 88,840 24,844 28,658 23,589 9,031 33,072 13,612 6,004 15,497 10,738 14,882 Bank premises 53,880 3,280 12,818 3,024 6,929 3,237 2,422 7,595 3,285 1,746 3,559 1,741 4,244 All other resources. 49,351 650 23,651 4,630 1,924 3,046 5,886 1,568 1,257 1,157 1,516 2,103 Total resources . 6,032,844422,284 1,965,172 442,440 496,588 201,619 174,189 1,220,626 224, 138,130 201,312 111, 310 434,479 LIABILITIES Federal reserve notes in actual circulation.2,725,421186,281 556,133 231,355 275,67696,771 98, 334 694,647133,174 82,262 97,418 36,314 237,056 Deposits: Member bank—reserve account 2, 445,662162,7011, 147,119 133,532 138,58252,515 42,759 420,946 55,159 36,082 71,615 46,091138,561 Government 44,381 3,614 939 3,289 4,174 6,875 3,693 7,273 3,249 1,826 2,346 2,359 4,744 Foreign bank 40, 003 2,442 17, 725 3,512 3,312 1,305 1,171 4,349 1,137 769 970 970 2,341 Other deposits 23,791 35 8,536 160 2,061 2,314 1,029 1,548 1,565 369 414 199 5,561 Total deposits 2, 553,837168,792 1,, 174,319 140, 493 148,12693,009 48,652 434,116 61,11039,046 75,345 49,619 151,207 Deferred availability items. 303,499 35,356 86,832 2~4-,853 28, 70523,250 9,079 33,194 14,695 5,845 15,374 11, 3"3"3" 14,983 Capital paid in 151,086 10,830 58,603 16, 03314, 056 5,158 4,709 16,109 4,351 2,873 4,037 3,913 10,414 Surplus 278, 599 20, 460 85,058 29,242 28, 29411, 61610, 544 39,497 10,186 7,019 8,263 8,719 19,701 All other liabilities 20, 402 565 4,227 464 1,728 1,815 2,871 3,063 1,179 1,085 875 1,412 1,118 Total liabilities.... 6, 032,844422,284 1,965,172 442,440 496,588 201,619 174,189 1, 220,626 224,695 138,130 201,312 111, 310 434,479 Reserve ratio (per cent).. 65.5 75.9 60.4 60.2 65.2 57.3 78.7 51.6 63.5 48.3 62.0 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal Reserve bank by Federal reserve agent 2, 937,270203,642 622,084 240, 310 286,284 102,797 116,643722,799 83, 720L05,779 39,761270,157 Held by Federal reserve bank 211,849 17,361 65, 951 8,955 10, 608 6,026 18,309 28,152 10,120 1,458 8,361 3,447 33,101 In actual circulation , 725,42186,281 556,133 231, 355 275,67696, 77198,334 694,647133,174 82, 262 97,418 36,314 237,056 Collateral held by agent as security for notes issued to bank: Gold.... 2,406,947200,327 577,567 165, 500 1813,,970 77,900 60,400 712,910106, 405 44,290 74,280 20,635 182,763 Eligible paper 256,497 12,316 53,655 45,479 29,406 16, 93720, 480 17,791 5,861 9,054 10,577 3,900 31,041 XJ. S. Government securities 313, 300 30,000 75, 000 9,000 37,000 31,100 30, 700 22,000 15, 500 63,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 ALL MEMBER BANES 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 Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- December ber ber ber ber ber ber ber ber Boston 119.8 127.6 129.0 7.8 11.9 11.6 14.0 13.0 47.5 New York 1,205.0 1,170.1 902.4 290.8 273.1 24.5 62.8 61.3 167.4 Philadelphia 126.5 120.6 124.4 9.6 4.5 1.3 50.6 48.6 117.5 Cleveland . - . - 139.5 141.0 147.0 3.4 3.7 1.1 29.0 28.4 110.6 Richmond 51.2 51.4 53.7 2.4 1.5 .4 17.0 18.6 39.5 Atlanta - 42.8 42.3 48.6 1.9 1.8 1.2 21.4 20.9 47.4 •Chicago - . . . . .. . - . 399.1 378.4 283.8 180.1 158.9 14.6 17.8 17.9 86.5 St. Louis 56.5 58.3 63.1 5.5 7.6 3.7 7.6 8.3 26.8 Minneapolis . . . . . . . 39.0 38.4 45.1 4.1 3.1 2.8 11.4 12.1 6.1 Kansas City _ - - 65.8 65.4 73.5 7.2 6.6 6.2 12.7 15.0 28.0 Dallas 45.8 44.5 49.0 4.5 3.1 2.9 5.8 8.0 17.6 San Francisco 143.4 140.5 149.8 8.6 6.4 -4.0 31.1 59.7 68.5 Total 2,434.6 2,378.5 2,069.5 525.8 482.2 66.3 281.3 311.9 763.3 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) Net demand Time Net demand Time Federal reserve district 1932 1931 1932 1931 1932 1931 1932 1931 Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- December ber ber ber ber ber ber ber ber ber ber ber Boston 940 973 985 669 683 722 78 83 93 138 139 151 New York 6,675 6,529 6,403 1,971 1,986 2,010 200 204 239 465 470 529 Philadelphia 843 830 889 608 612 611 142 143 165 388 393 414 Cleveland - _ -_ - 957 964 1,012 981 991 1,072 127 129 148 253 255 277 Richmond- 334 340 361 293 301 306 77 79 95 158 159 176 Atlanta 298 293 351 283 285 301 53 51 67 62 62 71 Chicago 1,482 1,480 1,837 1,158 1,174 1,389 134 141 176 227 233 288 St. Louis 356 350 428 290 299 317 85 86 97 96 97 107 Minneapolis -- 188 189 231 189 193 202 94 97 125 186 189 218 Kansas City 384 385 441 213 215 224 169 169 204 112 112 128 Dallas 286 287 322 161 161 170 134 134 153 31 32 32 San Francisco 834 834 973 1,495 1,466 1,587 93 94 129 99 103 125 Total 13,578 13,455 14,233 8,311 8,366 8,911 1,387 1,410 1,693 2,216 2,246 2,517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

101 FEBRUARY, ] FEDEEAL RESERVE BULLETIN 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 Boston 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 - A t tl a an-Ch g i o ca- 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 - Y N o e r w k Ch g i o ca- Loans and investments: Jan. 4 _. 18,713 1,169 8,011 1,090 1.877 564 503 2,083 519 291 604 376 1,726 7,037 1,094 Jan. 11 18,673 1,159 8,027 1,088 1.874 566 496 2,069 513 288 501 376 1,716 7,055 1,084 Jan. 18 18,655 1,157 8,053 1,086 1,874 565 499 2,042 514 285 501 373 1,706 7,086 1,065 Jan. 25.. fc 18,619 1,155 8,101 1,063 1,871 571 498 1,993 515 282 497 371 1,702 7,132 1,025 Loans: Jan.4 _ . 10.214 665 4,019 599 1,071 300 322 1,354 273 174 242 230 , 965 3,433 641 Jan.11 10,136 662 3,986 597 1.065 299 315 1,347 268 171 238 227 961 3,402 639 Jan.18 ._ 10,115 656 3,991 596 1,064 297 313 1,346 266 169 235 224 958 3,408 643 Jan. 25 10,040 651 3,980 573 1,061 297 313 1,325 265 168 233 223 951 3,398 630 On securities— Jan. 4. '4.271 272 1,833 310 484 114 108 '597 112 52 78 70 241 1,584 365 Jan. 11 4,237 270 1,828 308 481 112 105 589 109 51 77 70 237 1,580 358 Jan. 18 . .. 4,213 268 1,807 309 479 112 105 591 109 51 76 69 237 1,559 361 Jan. 25 4,173 264 1,809 288 479 112 106 575 108 51 76 69 236 1,562 346 All other- Jan. 4. ' 5,943 393 2,186 289 587 186 214 '757 161 122 164 160 724 1,849 276 Jan.11 5,899 392 2,158 289 584 187 210 758 159 120 161 157 724 1,822 281 Jan. 18 5,902 388 2,184 287 585 185 208 755 157 118 159 155 721 1,849 282 Jan. 25 5,867 387 2,171 285 682 185 207 750 157 117 157 154 715 1,836 284 Investments: Jan. 4 8,499 504 3,992 491 806 264 181 729 246 117 262 146 761 3,604 453 Jan. 11. 8,537 497 4,041 491 809 267 181 722 245 117 263 149 755 3,653 445 Jan. 18 8,540 501 4,062 490 810 268 186 696 248 116 266 149 748 3,678 422 Jan. 25. - 8,579 504 4,121 490 810 274 185 668 250 114 264 148 751 3,734 395 U. S. Govt. securities- Jan. 4 5,205 322 2.654 237 482 155 98 410 126 57 146 90 428 2,502 255 Jan. 11 5,262 318 2,711 235 488 159 98 406 126 58 147 93 423 2,560 249 Jan. 18 5,291 318 2,757 234 492 158 103 385 129 57 148 93 417 2,609 230 Jan. 25 5,283 316 2,781 233 494 162 102 352 130 55 148 93 417 2,631 198 All other- Jan. 4 3,294 182 1,338 254 324 109 83 319 120 60 116 56 333 1,102 198 Jan. 11 _ 3,275 179 1,330 256 321 108 83 316 119 59 116 56 332 1,093 196 Jan.18 3,249 183 1,305 256 318 110 83 311 119 59 118 56 331 1,069 192 Jan. 25 3,296 188 1,340 257 316 112 83 316 120 59 116 55 334 1,103 197 Reserve with F. R. bank: Jan. 4 2,050 95 1,107 77 110 36 30 373 45 20 43 28 86 1,052 305 Jan. 11 2,137 100 1,191 81 111 35 31 368 41 18 43 28 90 1,147 304 Jan. 18 2,093 101 1,149 78 107 37 29 371 43 19 43 27 89 1,099 307 Janl25 2,081 136 1,075 92 110 40 29 377 40 19 46 28 89 1,028 317 Cash in vault: Jan. 4 221 17 53 12 26 13 8 42 7 5 13 8 17 42 20 Jan.11 216 16 51 12 25 13 8 41 8 5 13 8 16 40 19 Jan. 18 208 15 47 11 24 12 7 37 16 5 12 7 15 37 18 Jan. 25 . . 211 15 46 11 24 13 7 41 11 5 14 8 16 36 18 Netfdemand deposits: Jan. 4 11,823 745 6,191 649 844 284 220 1,312 310 150 336 221 561 5,733 925 Jan. 11 11,940 732 6,319 658 843 282 217 1,324 298 149 335 221 562 5,880 939 Jan.18 »11,907 750 6,282 655 838 282 216 1,308 307 147 334 '220 568 5,845 930 Jan. 25 _ 11,936 748 6,320 648 836 291 215 1,315 296 146 332 222 567 5,871 933 Time deposits: Jan. 4 5,706 400 1,315 294 806 230 203 890 200 139 178 130 921 894 326 Jan. 11 5,701 400 1,311 297 801 231 205 883 200 139 179 131 924 894 318 Jan. 18 5,702 399 1,334 298 801 231 205 879 188 138 179 131 919 914 315 Jan. 25 5,656 401 1,293 297 803 233 203 879 185 138 178 130 916 871 317 Government deposits: Jan. 4 332 16 145 27 25 10 22 24 4 1 5 15 38 133 15 Jan. 11 286 14 123 24 21 8 19 21 3 1 4 13 35 112 13 Jan. 18 266 14 112 22 20 8 18 19 3 1 4 12 33 102 12 Jan. 25 243 13 102 20 18 7 17 18 2 1 4 11 30 93 11 Due from banks: Jan. 4 1,754 190 171 144 113 97 77 343 104 73 175 97 170 98 245 Jan. 11 1,819 214 150 157 115 90 77 360 117 75 170 100 194 85 262 Jan.18 1,830 236 139 146 118 100 73 369 88 74 174 104 209 79 270 Jan. 25_ __ _ 1,833 195 160 154 119 98 75 402 94 75 164 106 191 78 303 Due to banks: Jan. 4 3,470 176 1,610 219 238 107 89 399 110 65 175 91 191 1,542 298 Jan. 11.... _ 3,662 185 1,682 223 245 103 89 402 114 61 168 91 199 1,616 305 Jan.18 3,558 186 1,674 218 245 106 86 401 116 60 171 91 204 1,609 310 Jan. 25 3,524 180 1,681 216 250 110 85 385 111 58 165 94 189 1,616 299 Borrowings from F. R. banks: Jan 4 61 10 7 8 3 7 2 1 1 22 Jan 11 58 10 6 9 3 8 2 2 1 17 Jan 18 59 8 6 11 3 9 1 3 1 17 Jan 25 76 9 6 13 3 11 2 3 1 28 ' Revised* 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

102 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Prime commercial paper Loans e s x e c c h u a r n e g d e b c y o l p la ri t m era e l stock- Loans secu r r e e c d e i b p y ts warehouse Interbank loans Federal reserve bank or branch city 1933 1932 1933 1932 1933 1932 1933 1932 January De b c e e r m- January January De b c e e r m- January January De b c e e r m- January January De b c e e r m- January Boston.. 3 -4M 4 -5 4 -5 4 -534 434-5M 5 -5H 5 -53/2 5 -6 4 -5 4 -434 434-534 New York- 3 -4 4 -5 4 -5 4 -5 34 3 -4 3 -4 4M-5 4 -5 4H-5 4^5^ Buffalo 5 -6 5 -6 534-6 534-6 5 -6 6 6 5M-6 6 534-6 Philadelphia.. 434-5 434-5 5 -6 5 -6 5 -6 5 -6 4 -5M 434-5 4 -534 Cleveland.. 4 -6 5 -6 6 234-6 6 5 -6 6 Cincinnati.. 5H-6 5 -6 53^-6 534-6 5 -7 53/2-6 6 -7 5 -6 5 -6 53^2-6 Pittsburgh. 5M6 5K-6 6 6 6 5^6 Richmond 434 5 5 -5 5 5 6 5 5 -534 Baltimore 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 6 534-6 5 -6 Charlotte 5 -6 5 -6 534-6 534-6 53^-6 534-6 534-6 534-6 Atlanta 434-5H 5 -6 534-6 4 -5 4 -5 5 -h\ 5 -6 5 -6 5 -5H Birmingham- 434-8 4H-8 434-6 6 -7 6 -8 6 -8 6 -8 -6 6 -634 Jacksonville—. 5 -7 5 ^7 5 -8 6 -8 6 -8 6 -8 6 -8 6 -7 Nashville 6 6 6 6 6 6 New Orleans- 5 -6 5H-7 534-7 534-7 5 -6} 534-7 534-6 Chicago.. 4 -5 4 -5 4 -5 4H-534 4^-53/2 5 -5 5 -53 Detroit— 534-6 5 -6 53^2-6 53^-6 5 -6 5 -6 6 5M-6 534-6 5 -6 St. Louis- 4 -5J- 434-5 5 -6 5 -6 5 -6 4 -6 4 -6 5 -6 5 -5} 5 -6 Little Rock.. 6 -6} 6 -6 634-7 3^ 6 -6} 7 7 -73- 6 -7 6 -7 6 -7 Louisville- 6 6 6 6 5H-6 Minneapolis.. 2 -5 2 -5 4 -4 4 -6 4 -6 434-6 2 -4} 2 -534 4 -5 5^2-6 Helena 7 -8 7 -8 6 -8 7 -8 7 -8 6 -8 6 -7 6 -7 6 -8 6 -7 6 -7 Kansas City 4K-6 434-6 5 -6 53/2-6 534-6 434-6 434-6 5 -6 Denver 4H 4 -6 6 6 -8 534-8 6 5H-6 Oklahoma City 6 6 8 6 -8 6 -8 6 -8 6 Omaha 5 -5 5 -6 534-7 534-7 5H-7 6 -6H 6 -634 6 -6H 6 Dallas 3 -6 3 -7 5 -6 6 -7 4 -8 6 -7 5H-6 6 -6> 5 -5H 5 -5> 5 -5V2 El Paso 7 -8 7 -8 7 -8 7 -8 7 -8 7 -8 8 5 -6 5 -6 5 -6 Houston 534-6 5 -6 534-6 5H-7 5 -7 5 -6 534-6 5 -5- 5 -5} 434-5^ San Antonio.. 6 -7 5 -7 6 -6M 6 -7 6 -7 6 -7 6 -8 6 -8 6 S L a o n s A Fr n a g n e c le is s co 5 5 ^6 -5M 5 -5 •534 5 6 - - 6 6 5 6 - - 6 6 34 5 6 - - 6 6 ^ 5 6 3 4 - - 6 6 > 6 -6*4 5H-6 5 -5 6 3/2 534-6 5 Portland 6 6 -6^ 6 -6^ 6 -7 6' 6 -6> 6 6 Salt Lake City 6 -7 6 -7 7 5 -7 6 -7 6 -7 6 Seattle 5H-6 6 5 -7 6 -6H 6 -& 6H-7 6K-7 634-7 6 Spokane 6 6 6 -7 6 -7 6H-7 634-7 634-7 6 NOTE.—Rates at which the bulk of theloans of each class were made by representative banks during the week ending 15th of month. Rates 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

103 FEBRUARY, 1933 FEDERAL RESERVE BULLETIN OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN MATURITY DISTRIBUTION OF BILLS AND CURRENCY TO AND FROM EUROPE SHORT-TERM SECURITIES BY SELECTED BANES IN NEW YORK CITY [In thousands of dollars] [Paper currency only. In thousands of dollars] 1932 1933 Total W i d n a i t 1 y h 5 s - 16 d a to y s 30 3 d 1 a t y o s 60 6 d 1 a t y o s 9091 t o d a 6 ys 6 O m v o e s r . Bills discounted: Net Net Jan. 4__ 251,102 175, 81018,722 28,164 17,794 9,134 1,478 Month Ship- Re- ship- Ship- Re- ship- Jan. 11 248,151 170,733 21,085 26,976 18,526 9,332 1,499 ments ceipts ments ments ceipts ments Jan. 18 248,668 171,772 20,135 27,648 9,350 1,365 Eu t r o ope E f u ro ro m pe r ( ec e ) i o p r ts Eu t r o ope E f u ro ro m per ( e c ) e o ip r ts Bills J a b n o . u 2 g 5 ht in 264,698 187,706 19,352 27,967 19,225 9,052 lf396 (+) (+) open market: Jan. 4 32, 617 5,111 5,857 10, 242 11,407 Jan. 11 32, 362 6,064 6,489 11, 818 7,991 J F a e n b u r a u r a y ry 2 0 5 5 3 , , 2 3 2 3 1 5 + + 3 5 , , 3 2 1 2 0 1 3 5,304 +5,301 J J a a n n . . 2 1 5 8 3 31 1 , , 4 9 9 2 6 6 5 4 , , 1 7 6 4 1 6 6,637 1 9 0 , , 3 1 0 5 2 7 1 9 0 , , 9 5 7 8 1 4 March 0 8,468 +8,468 Certificates and April 0 4,563 +4,563 bills: May 0 10,938 +10,938 Jan. 4 133,595 108,583 83, 325 192, 750 213,031 252,763 283,143 June 12 16,265 +16, 253 Jan. 11 1,090i 219 1119,7^58 62,975 143,550 213,031 263, 263 287,642 July 20 6,694 +6, 674 Jan. 18 1,, 0"47,01283, 325 87,800 274,231 54, 250 252, 763 294, 643 August -_ 152 6,458 +6,306 Jan. 25 1,, 022,66172,975 73,550 249, 28257, 250 277,763 291,841 September 36 6,603 +6,567 Municipal war- October _ 7 5,294 +5,287 rants: November 70 6,013 +5,943 Jan. 4 5,218 4,818 387 December 245 3,986 +3,742 Jan. 11 5,102 4,089 1,000 Jan. 18 4,597 4, 558 14 Jan. 25 4,526 4,488 13 For description and back figures see BULLETIN for January, 1932, pp. 7-9. UNITED STATES POSTAL SAVINGS MEMBERSHIP IN PAR-COLLECTION SYSTEM [Balance to credit of depositors. In millions of dollars] [Number of banks at end of December] End of month 1927 1928 1929 1930 1931 1932 Member banks Nonmember banks Fed D er i a s l t r r i e c s t erve On par list Not on par list J F a e n b u r a u r a y ry 1 1 4 4 3 1 . . 8 5 1 15 4 1 8 . . 1 9 1 1 5 5 4 3 . . 8 5 1 1 6 6 7 5 . . 9 1 2 2 9 7 2 8 . . 1 4 6 6 6 9 5 1 . . 6 8 March 146.4 152.0 155.0 169.5 302.7 705.3 1932 1931 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. 6,816 7,246 8,114 9,181 3,046 3,207 A Se u p g t u em st ber 1 1 4 4 7 8 . . 2 9 1 1 5 5 2 2 . . 3 2 1 1 6 6 0 0 . . 1 3 1 1 8 8 6 9 . . 5 8 4 4 2 6 2 9 . . 7 9 8 85 4 7 8 . . 4 5 B N Ph o e i s w l t a o d Y n e o lp rk hia 8 6 36 2 9 7 7 3 3 8 7 7 1 4 3 5 1 3 2 3 2 0 3 1 3 3 3 2 3 3 4 5 4 0 8 N D O o e c c t v o e e b m m e b r b e e r r 1 1 1 4 4 4 9 8 8 . . . 0 5 7 1 1 1 5 5 5 3 3 3 . . . 9 9 1 1 1 1 6 6 6 1 3 4 . . . 6 7 3 2 1 2 9 0 4 2 0 5 . . . 7 4 5 6 5 5 0 6 3 5 5 8 . . . 5 1 1 » * 9 8 8 0 7 8 0 0 1 . . 2 . 8 1 Cleveland 630 655 764 792 5 6 A Ri t c la h n m ta ond 392 4 34 0 9 3 4 13 2 4 5 4 15 4 0 5 7 3 0 6 5 6 3 79 8 2 1 Preliminary. Chicago 792 903 2,200 2,586 251 248 St. Louis 429 465 1,112 1,240 409 405 Minneapolis 545 579 322 386 818 881 Kansas City 785 824 1,422 1,633 224 216 Dallas 584 617 421 468 220 223 San Francisco „.„• 449 522 457 549 48 55 Figures cover all incorporated banks (other than mutual savings banks). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 BANK SUSPENSIONS AND BANKS REOPENED BANK SUSPENSIONS AND BANES REOPENED, BY DISTRICTS [Banks closed to public either temporarily or permanently, on account of financial difficulties by order of supervisory authorities or directors of the bank. The figures do not include banks closed temporarily under special or "moratorium" holidays declared by civil authorities. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Depos its (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] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) Federal reserve district Members Members ba A n l k l s ti N on a- al State m N b e e o m r n s - - ba A n l k l s ti N on a- al 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 be o e r m n s - - January, 1933: Boston 1 1 2,765 2,765 New York 2 2 2,352 2,352 Philadelphia 2 2 13,012 * 13,012 Cleveland 8 1 7 3,249 835 2,414 2 i2 2,954 12,954 Richmond 7 1 6 2,313 400 1,913 Atlanta 14 3 11 12, 771 10,630 2,141 4 14 703 1703 Chicago 61 10 1 50 18,781 5,690 700 12,391 6 6 2,490 2,490 St. Louis.- 56 6 12 38 30,919 6,013 13,608 11,298 2 2 156 156 Minneapolis 16 4 12 5,704 2,795 2,909 Kansas City 44 8 36 10,407 1,407 9,000 3 3 300 300 Dallas 5 2 3 2,625 1,137 1,488 San Francisco 22 4 2 16 40,586 11,650 490 28,446 Total 237 43 15 179 142,719 55,921 14,798 72,000 18 18 9,368 9,368 i At time of suspension, 2 banks in Cleveland district with deposits of $2,954,000 and 1 bank in Atlanta district with deposits of $269,000 were State member banks. Back figures.—See BULLETINS for January, 1933, and 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

FEBRUARY, 1933 FEDERAL RESERVE BULLETIN 105 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANES REOPENED, BY STATES, DURING JANUARY, 1933 f Banks closed to public either temporarily or permanently, on account of financial difficulties, by order of supervisory authorities or directors of the bank. The figures do not include banks closed temporarily under special or " moratorium" holidays declared by civil authorities. 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 precedingsuspension] [Figures are preliminary and subject to revision] Banks suspended Banks reopened Deposits (in thousands Number Deposits (in thousands of dollars) Number of dollars) State Members Members ba A n l k l s ti N on a- al State m N b e e o m r n s - - ba A n l k l s ti N on a- al 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 - - New England: Maine - New Hampshire Vermont Rhode Island. Connecticut 1 1 2,765 2,765 Middle Atlantic: New York 2 2 2,352 2,352 New Jersey 2 2 13,012 13,012 Pennsylvania 2 1 1 835 835 0) East North Central: Ohio 5 5 1,166 1,166 2 22 2,954 2 2,954 Indiana 11 1 10 2,817 90 2,727 3 3 1,182 1,182 Illinois 18 5 13 11,924 5,352 6,5?2 Michigan 14 3 1 10 5,531 913 700 3,918 4 4 1,382 1,382* Wisconsin.. 11 3 8 6,666 5,022 1,644 West North Central: Minnesota 11 1 10 2,960 200 2,760 Iowa 21 3 18 3,038 362 2,676 Missouri 45 3 12 30 24,147 2,366 13,608 8,173 1 1 82 82 North Dakota South Dakota 2 1 1 285 193 92 NGbrssks. 19 3 16 3,067 710 2,357 Kansas 11 3 8 2,117 283 1,834 1 1 80 80- South Atlantic: Delaware Maryland -. 1 1 355 355 District of Columbia Virginia 2 2 225 225 West Virginia 2 2 1,390 1,390 North Carolina 2 1 1 460 400 60 South Carolina 1 1 1,131 1,131 Georgia 2 2 313 313 1 1 277 277 Florida East South Central: Kentucky Tennessee 12 3 9 13,053 10,630 2,423 1 1 44 44 A M l i a s b si a s m si a ppi 2 1 2 1 4 8 9 0 0 4 8 9 0 0 2 32 382 8 382- West South Central: Arkansas - 2 2 640 640 Louisiana 1 1 1,238 1,238 Oklahoma 3 3 389 389 2 2 220 22a Texas 4 2 2 1,387 1,137 250 Mountain: Idaho - 4 1 3 1,288 383 905 Wyoming Colorado .. 6 2 4 1,065 414 651 New Mexico Arizona - - . Utah Nevada - _ Pacific: Washington 3 3 1,083 1,083 Oregon 5 3 1 1 848 477 107 264 California 10 1 9 37,367 11,173 26,194 Total 237 43 15 179 142,719 55,921 14,798 72,000 18 18 9,368 9,368. 1 Deposit figures not yet available. 2 At time of suspension these were State member banks. »At time of suspension 1 bank with deposits of $269,000 was a State member bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1932 EARNINGS Total Boston New York Ph p il h a i d a el- Cleveland m R o ic n h d - Atlanta Chicago St. Louis M ap in ol n i e s - K C an it s y as Dallas San c is F c r o an- Discounted bills $17,881,058 $931,539 $3,276,595 $2,594,233 $2,214,435 $989,265 $1,186,612 $1,336,846 $496,823 $418,531 $873,477 $458,241 $3,104,461 Purchased bills 2,785,213 204,594 932,505 196,888 198,594 130,184 127,554 367,299 108,496 65,335 97,208 70, 562 285,994 United States securities 26,923,568 1,546,769 11,157,507 2,036,870 2,501,416 634,263 602,366 3,455,199 920,177 921,077 772,554 733,695 1,641,675 Deficient reserve penalties. 541,432 18,558 44,367 45,005 54,169 43,329 28, 572 53,856 40,251 17,219 13,656 22,990 159,460 Miscellaneous 1,887,546 72,843 537,969 128,102 159,940 74,082 58,092 400,471 59,685 12,931 264,573 21,758 97,100 Total earnings — 50,018,817 2,774,303 15,948,943 5,001,098 5,128,554 1,871,123 2,003,196 5,613,671 1,625,432 1,435,093 2,021,468 1,307,246 5, CURRENT EXPENSES Salaries: Officers. $2, 666,876 $134,750 $576,203 $134,715 $216,164 $173,492 $231,104 $322,012 $172,010 $110,300 $181,628 $175,670 $239,228 Clerical employees 11,259,488 3,148,016 912,773 1, 592, 591 391, 963 1,449,098 543,148 328,048 605,976 472,009 981,084 Other employees 2,768,107 127,648 641,581 136,747 388,835 153,634 410,210 147, 569 114,101 214,676 111, 522 242, 586 Governors' conferences 4,309 236 56 66 371 91 240 339 995 493 755 581 Federal reserve agents' conferences. 1,975 78 45 140 56 106 138 262 188 170 214 578 Federal advisory council 14,715 1,300 992 800 814 300 1,129 1,400 1,300 1,540 1,300 2,040 1,800 Directors' meetings 180,915 6,360 20,622 7,581 10,074 7,910 23,281 12, 532 17,158 9,750 31,060 10,058 24, 529 Traveling expenses »__ 212,328 6,376 29,173 13,315 14,974 15,372 22,319 21,429 19,714 21,810 10,469 28,897 Assessments for Federal Reserve Board's expenses 728,810 55,350 236,707 74,983 73,551 29,405 27,019 97, 988 25,528 16, 243 21,409 20,371 50, 256 Legal fees... _ _ -. 95,150 5,935 6,127 4,382 6,500 4,182 16, 598 2,453 14,104 10,791 11,256 12,123 Insurance on currency and security shipments 332,549 49,305 72,927 39.272 27,274 17,379 16,886 43,341 6,662 9,233 9,783 11,882 28, 605 Other insurance 457,595 31,362 76,682 38.273 37,022 23,050 27,361 44, 509 27,594 32,056 28, 567 42,126 Taxes on banking house. 1,502,756 133, 717 403,812 144,313 72, 347 60,822 292,193 59,916 66, 413 9,365 36,706 105,064 Light, heat, and power 339,516 24,647 66,051 21,634 37,296 15, 316 15,673 37,127 21,740 17, 568 34,231 18, 654 29,579 Repairs and alterations, banking house.. 156,071 2,320 20,947 52,042 18,144 2,030 4,182 28,194 5,725 1,731 7,220 1,820 11,716 Rent 166,356 480 1,009 87,190 14,789 4,572 3,000 1,665 53,651 Office and other supplies 315, 608 17,343 71,272 32,182 35,127 16,179 13,508 37,769 13, 847 13,028 20,309 10,910 34,134 Printing and stationery ... 349,948 31,493 66,589 23,912 32,764 20,723 18, 546 46,882 20, 308 16,898 21, 524 15, 381 34,928 Telephone 252,886 20,249 76,870 32,269 18,480 10,429 7,944 20,844 12,826 5,960 9,019 9,671 28,325 Telegraph 426,932 5,640 49,168 13,709 26,875 32,173 63, 322 33,973 34,663 15,870 53, 516 42,405 55,618 Postage 1,872,001 216,457 330,938 173,923 155,698 125,700 91,319 249,096 85,901 72,819 138,143 91,497 140, 510 Expressage 418,247 43,213 107,286 51,471 30, 738 25,229 49, 309 13,980 8,055 17, 322 17,171 25,684 Miscellaneous expenses 662,427 33,048 187,965 55,372 48,241 29,938 30,121 77,855 32,461 30, 488 36,964 34,092 65,882 Total, exclusive of cost of currency. 25,185, 565 1,773,168 6,190,062 1,858,563 2,419,428 1,378,432 1,163,232 3,292,737 1,268,104 907,198 1, 562, 3721,134,785 2,237,484 Federal reserve currency: Original cost — 985,295 96,212 156,878 121,548 153,811 21,014 48,895 122,299 85,286 16,978 46,100 5,467 110,807 Cost of redemption __ 120, 521 10,803 29,789 13,919 10, 665 6,675 5,650 17,657 7,220 2,492 4,242 1,732 9,677 Total current expenses. 26,291,381 6,376,729 1,994,030 2, 583,904 1,406,121 1,217,777 3,432,693 1,360, 610 1,612,714 1,141,984 2, 357,968 i Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1932—Continued PROFIT AND LOSS ACCOUNT Total Boston New York Ph p il h a i d a el- C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San c is F c r o an- Earnings $50,018,817 $2,774,303 $15,948, 943 $5,001,098 $5,128, 554 $1,871,123 $2,003,196 $5,613,671 $1,625,432 $1,435,093 $2,021,468 $1,307,246 $5,288,690 Current expenses 26,291,381 1,880,183 6,376, 729 1,994,030 2, 583, 904 1,406,121 1,217,777 3,432,693 1,360,610 926, 668 1,612,714 1,141,984 2,357,968 Current net earnings.. 23, 727, 436 894,120 9,572,214 3,007,068 2,544, 650 465,002 785, 419 2,180, 978 264,822 508,425 408,754 165, 262 2,930, 722 Additions to current net earnings: Withdrawn from reserve for probable losses 59,931 59, 931 Profit on United States Government securities sold 3,701,250 187,612 1,281,437 312,398 319, 843 82,101 80,652 873,140 115, 524 83,439 98,455 53, 882 212,767 Allother 123,268 18,718 80, 939 3, 277 1,186 301 1,124 11,828 814 5,021 60 Total additions 3,884,449 206,330 1, 362,376 312, 398 323,120 83, 287 80,953 874, 264 187, 283 84, 253 103, 476 53,942 212, 767 Deductions from current net earnings: B ank premises—depreciation 1,754,867 55,832 389,688 303, 565 114,218 66,513 233, 682 175, 332 90, 371 91,082 45, 743 188,841 Furniture and equipment 248,362 6,210 35,881 19,972 51, 946 4,409 6,183 14,588 29, 584 11,985 14,849 8,565 44,190 Reserve for probable losses 1,239,942 250,000 107,145 499, 224 21, 593 200,000 60, 280 101, 700 Reserve for self-insurance 1,769,075 350,000 53,695 250,000 500,000 15, 380 100,000 500,000 Allother 285,395 1,769 50, 776 28, 659 141,003 8,027 1,907 42, 654 3,704 2,604 663 981 2,648 Total deductions.. 5,297,641 413,811 530,040 48, 631 996, 514 233, 799 573,827 812, 517 208,620 320, 340 266,874 55, 289 837,379 Net deductions from current net earnings ..- 1, 413,192 207,481 +832, 336 +263, 767 673, 394 150, 512 492,874 +61, 747 21, 337 236,087 163. 398 1,347 624, 612 Net earnings. 22, 314, 244 686, 639 10,404, 550 3, 270, 835 1,871, 256 314, 490 292, 545 2, 242, 725 243, 485 272,338 245, 356 163,915 2, 306,110 Dividends paid 9, 282, 244 675, 511 3, 562,030 973, 393 858, 427 314,490 292,545 1,029, 933 268, 505 175,495 245, 356 237, 970 648, 589 Transferred to surplus 11,020,582 11,128 6, 842, 520 2, 297, 442 180,083 121,279 -25, 020 9,684 -74,055 1, 657, 521 Franchise tax paid United States Government 2,011,418 832, 746 1,091,513 87,159 SURPLUS ACCOUNT Surplus, Jan. 1, 1932 $259,420, 262$20,038,562 $75, 077,154 $26,485, 609 $27,640, 313 $11,482, 816$10,448, 658 $38,411, 011$10, C24, 77£ $6, 356,2£0 8,124, 278 $7, 2€4, 27( $17,7C6,5f;0 Credits to surplus: Transferred from net earnings 11,020,582 11,128 6,842, 520 2,297,442 180, 083 121, 279 -25, 02C 9,684 -74, CSS ], 657, 521 Withdrawn from reserve for depreciation on United States bonds 8,158,268 410,783 3,138, 747 458, 716 473, 331 133, 767 95,405 964, 743 186,47C 653, C01 138, 274 1,168,455 336, 576 Total 19,178,850 421,911 9, 981, 267 2, 756,158 653,414 133, 767 95,405 1,086,022 161,450 662, 685 138,274 1,084,4CC 1,994, C97 Surplus, Jan. 1, 1933.. 278, 599,112 20,460,473 85,058,421 29, 241, 767 28,293,727 11,616, 583 10, 544,063 39,497, 033 10,186, 225 7,018,935 8, 262, 552 8,718,676 19,7C0,657 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries _ $905,683 $22,662 $94, 501 $56, 551 $110,888 $81,432 $58, 580 $205, 067 $56,103 $38,566 $42,440 $33,481 $105, 412 Allother ._ 333, 738 10,618 34, 239 18, 383 49, 791 40, 540 26, 505 79,868 13, 397 14,899 9,678 10, 766 25,054 Total _- _ 1, 239,421 33,280 128,740 74, 934 160, 679 121, 972 85,085 284,935 69,500 53,465 52,118 44,247 130,466 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. 1923-1925 average-100] Without seasonal adjustment Adjusted for seasonal variation Annual Index Industry 1932 1931 1932 1931 1932 1931 Dec. Nov. Dec. Dec. Nov. Dec. Manufactures—Total '58 63 66 '64 63 73 '63 80 IRON AND STEEL 24 29 37 27 31 42 31 60 Pig iron _. _« .. 18 21 32 18 21 33 24 51 Steel ingots 24 29 38 28 32 43 32 61 TEXTILES . __.««_ 86 95 83 91 92 88 83 94 Cotton consumption 86 98 80 93 95 86 81 88 Wool 68 73 58 67 70 57 61 79 Consumption 77 84 65 76 77 64 68 90 Machinery activity __ _ 74 76 58 8 K 65 75 Carpet and rug-loom activity 32 38 36 34 52 Silk . 113 121 130 (8)123 118 133 Deliveries 118 134 139 133 113109 156 135 145 Loom activity .... 103 96 112 0) 85 108 FOOD PRODUCTS '85 87 99 '82 83 97 '87 90 Slaughtering and meat packing . _ _ 95 91 113 79 82 94 89 91 Hogs.. 109 93 128 83 85 98 91 90 Cattle _ 70 81 85 67 70 81 80 85 Calves.. .. _ _ 79 94 93 83 92 98 91 96 Sheep 126 144 158 129 146 161 151 153 Wheat flour. . . .. 88 94 82 92 87 86 85 90 Sugar meltings 61 72 78 127 ' 79 89 PAPER AND PRINTING '83 88 94 ' 87 86 99 ' 91 106 Wood pulp and paper >_ '76 81 85 ' 82 80 90 '83 97 Newsprint 64 65 75 64 66 75 »67 78 Book paper 85 102 83 103 '89 109 Wrapping paper 68 66 67 67 »72 84 Fine paper 74 82 76 86 '80 89 Box board 85 99 86 105 96 107 '97 115 Wood pulp, mechanical 70 81 70 81 '69 80 Wood pulp, chemical 84 81 84 84 '82 89 Paper boxes 112 130 111 137 127 136 137 151 Newsprint consumption 97 104 122 94 98 119 105 123 LUMBER 20 '20 25 23 '21 '28 25 41 TRANSPORTATION EQUIPMENT: Automobiles .. 32 18 36 60 31 66 35 60 Locomotives 4 1 4 1 5 7 Shipbuilding _. . . . 119 66 136 86 91 111 LEATHER AND PRODUCTS _ _ _ _ .. _ '73 '85 71 '85 89 82 '92 97, Tanning 73 73 87 Sole leather 74 (2) (a) (J) 81 Upper leather- Cattle - _ 75 72 76 Calf and kid 53 62 75 Goat and kid 88 82 118 Boots and shoes . 73 94 70 93 99 88 95 96 CEMENT AND GLASS: Cement . _ 34 53 47 43 53 61 51 84 Glass, plate 54 '57 74 72 '59 99 53 88 NONFERROUSJMETALS 1—Tin deliveries 50 55 59 (0 52 90 FUELS, MANUFACTURED: Petroleum refining 132 138 149 132 138 149 139 155 Gasoline > > _ . « . 169 179 193 (2) 180 198 Kerosene 82 79 75 (2) 76 73 69 75 7? Fuel oil __ 89 89 98 8 8. 91 104 Lubricating oil 68 71 86 79 95 Coke, by-product 57 57 71 8» 57 87 EUBBER TIRES AND TUBES 46 55 61 56 73 88 78 Tires, pneumatic 48 57 63 6770 76 91 81 99 Inner tubes __ 32 37 46 44 50 63 55 72 TOBACCO PRODUCTS-- 91 106 91 112 104 113 111 m Cigars 45 75 51 60 63 68 65 78 Cigarettes 123 130 120 149 132 146 144 158 Minerals—Total 72 78 79 76 75 84 71 84 Bituminous coal 70 74 69 66 66 65 58 73 Anthracite coal _ 74 67 68 75 65 69 61 74 Petroleum, crude ._ 93 105 117 96 106 121 106 116 Zinc - - - 39 35 46 38 35 45 38 54 Lead 40 47 62 40 45 62 45 68 Silver 30 39 43 30 37 43 37 49 ' Preliminary. * Revised. * Includes also lead and zinc; see " Minerals." s 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

(FEBRUARY, 1933 FEDERAL RESERVE BULLETIN 109 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 Without seasonal adjustment variation Industry 1932 1931 1932 1931 1932 1931 Dec. Nov. Dec. Dec. Nov. Dec. Dec. Nov. Dec. Total . 59.6 60.9 67.9 60.6 61.2 69.4 40.9 41.8 55.8 IRON'AND STEEL AND PRODUCTS 52.1 53.6 64.4 52.8 53.8 65.4 24.2 25.6 41.0 Steel works and rolling mills 54.9 56.1 66.4 55.8 56.8 67.4 23.8 25.0 40.3 Hardware 50.7 50.8 61.6 50.7 50.8 61.6 26.7 26.1 42.8 Structural iron work 45.8 46.2 71.3 46.2 46.1 71.9 25.6 27.6 52.2 Heating apparatus „ 45.4 50.8 55.0 46.1 49.1 56.1 25.0 30.1 36.4 Steam fittings 37.6 42.4 53.1 39.5 42.7 55.8 21.8 25.6 36.1 Stoves .._ 52.5 58.4 56.7 52.1 55.1 56.3 28.1 34.4 36.8 Cast-iron pipe. 33.1 34.3 55.9 33.9 34.9 57.3 16.9 16.4 42.3 MACHINERY _ 1 , _. 46.0 46.0 63.8 46.4 46.6 64.5 28.0 27.4 48.9 Foundry and machine-shop products ._ > _ 44.4 44.6 58.7 45.3 45.4 59.8 24.9 24.3 41.7 Machine tools 39.0 37.9 62.4 38.9 37.9 62.3 23.6 23.0 46.7 Agricultural implements - - - . 34.1 29.7 48.3 34.2 30.7 48.4 25.1 21.9 37.2 51.5 52.1 77.1 51.5 52.1 77.1 36.2 36.2 67.4 TEXTILES AND PRODUCTS 71.1 73.1 72.9 70.4 72.3 72.2 46.4 49.4 58.1 A. Fabrics 74.1 75.2 74.6 72.9 73.9 73.4 50.1 51.9 60.0 Cotton goods 75.2 75.5 73.8 73.7 74.2 72.3 48.4 50.1 55.2 Woolen and worsted manufactures 61.2 61.5 58.8 59.3 59.4 57.0 40.8 39.7 45.4 Woolen and worsted goods 63.7 63.6 58.9 61.6 61.2 56.9 43.6 41.9 46.6 Carpets and rugs _ - 48.4 51.0 58.4 47.4 50.3 57.2 27.7 29.7 40.2 Hosiery and knit goods 89.7 93.8 88.9 89.4 92.4 88.7 68.5 76.3 79.4 Silk manufactures _ - 61.4 62.5 72.9 61.2 62.7 72.8 41.9 43.1 63.0 Dyeing and finishing textiles 88.3 88.4 93.9 87.0 87.7 92.5 64.0 64.6 85.7 B. Wearing apparel 63.4 67.8 68.5 64.0 68.9 69.2 39.1 44.2 54.4 Clothing, men's . _ 50.4 54.1 51.9 51.3 55.6 52.8 26.7 33.1 37.2 Shirts and collars 73.2 74.6 74.6 70.4 72 2 71.7 49.3 51.9 51.0 Clothing,women's __> _- 82.8 88.8 96.3 84.0 90.4 97.7 54.4 59.3 82.0 Millinery 51.4 57.2 53.0 53.4 55.2 54.9 32.8 36.5 40.9 FOOD AND PRODUCTS 81.5 82.9 87 9 80.0 80 7 86.3 66.1 67.0 82.7 Baking 83.1 83.6 91.4 83.7 82.6 92.1 68.7 70.4 85.5 Slaughtering and meat packing 81.7 81.7 88.4 77.8 80.9 84.2 67.6 66.4 86.4 Confectionery. 89.6 96.1 92.5 81.2 83.5 83.9 67.5 68.9 83.8 Ice cream 63.4 65.8 70.4 72 3 72 9 80.3 52.1 55.9 70.7 Flour 74.2 74.4 76.8 73.7 72.9 76.3 61.1 62.0 69.0 Sugar refining cane 72.7 74.3 77.7 77.9 75.1 83.3 55.9 57.0 64.5 PAPER AND PRINTING 81.6 82.2 90.8 80.2 81 1 89.2 69.8 70.2 91.0 Printing, book and job .._ .„ 78.2 77.2 93.2 76.3 76.7 90.9 66.2 63.6 92.8 Printing, newspapers and periodicals 95.1 95.0 101.9 93.4 93.8 100.1 90.1 90.0 110.4 Pjiper and pulp rir ^ ,, 75.8 77.9 80.6 75.9 78.0 80.7 50.9 54.8 67.0 Paper boxes 74.1 76.4 84.0 71.1 71.5 80.6 60.4 64.1 77.7 LUMBER AND PRODUCTS - _ 36.6 38.1 45.2 36.8 37.3 45.4 18.8 20.9 31.2 Lumber, sawmills 31.6 33.1 37.4 32.2 32 9 38.2 15.2 17.4 24.4 Lumber, millwork 33.9 34.8 47.7 34.4 35.4 48.4 18.4 20.1 34.4 Furniture _. _. 52.6 54.4 65.3 51.3 50 9 63.7 27.0 29.0 43.8 TRANSPORTATION EQUIPMENT 44.8 43.3 54 4 47.4 45 6 58.0 33.8 31.9 47.1 Car building and repairing 42.7 43.4 46.9 42.8 43.6 47.0 33.5 33.7 42.6 Automobiles 45.2 40.5 60.2 51.6 45 6 68.8 32.0 27.6 48.0 Shipbuilding 62.4 62.4 87.9 62.4 65.0 87.9 52.4 48.8 84.8 LEATHER AND MANUFACTURES 70.0 72.7 73.2 72.0 73.2 75.3 42.0 43.8 50.3 Boots and shoes __ _ 70.3 73.4 74.4 72.9 74.1 77.2 38.7 40.7 47.9 Leather __ 68.6 69.6 67.9 68.3 69.1 67.6 53.9 55.0 58.8 CEMENT, CLAY, AND GLASS PRODUCTS 41.4 44.6 53.3 42.6 44.3 55.0 23.3 25.7 37.4 Clay products 36.1 39.0 48.5 37.1 39.0 50.1 17.5 19.0 30.3 Brick, tile, and terra cotta _ 25.4 29.2 39.8 26.8 29.3 42.0 10.2 11.9 22.6 Pottery ._ 65.3 65.7 72.3 65.1 65.5 72.1 36.8 37.7 50.6 Glass 56.2 57.0 64.3 57.7 56.0 66.0 37.8 39.5 51.7 Cement __ _. 34.0 42.4 50.7 35.3 41.8 52.6 18.4 24.8 37.4 NONFERROUS METAL PRODUCTS 46.8 48.4 60.3 47.4 48.9 61.1 30.1 31.9 48.6 Stamped and enameled ware 23.6 26.4 40.9 24.6 26.9 42.6 15.6 18.0 34.2 Brass, bronze, and copper . - 54.8 55.8 66.9 55.2 56.4 67.4 34.3 35.9 52.8 CHEMICALS AND PRODUCTS. .. 75.4 75.5 82.0 75.2 75.2 81.9 59.8 60.9 75.0 Chemicals and drugs 79.6 80.1 86.9 78.3 78.6 85.4 60.5 62.3 76.2 Petroleum refining 75.4 74.3 81.3 76.3 75.0 82.3 62.8 63.1 77.8 Fertilizers 47.8 50.6 53.4 51.7 53.4 57.7 34.1 34.4 46.2 RUBBER PRODUCTS 61.8 61.2 69.8 63.2 63.7 71.3 39.8 38.6 52.0 Automobile tires and tubes 62.2 62.7 69.3 65.4 67.0 72.9 36.7 36.1 50.9 60.3 56.6 71.5 56.3 53.6 66.8 52.2 48.3 56.7 TOBACCO MANUFACTURES -_ __ - 68.8 72.7 71.7 67.7 68.6 70.4 50.4 52.4 58.0 Cigars and cigarettes 68.7 72.8 71.7 67.7 68.3 70.6 49.4 51.6 58.1 Chewing and smoking tobacco, snuff 70.0 71.9 71.6 68.0 71.5 69.5 57.8 59.7 65.9 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

110 FEDERAL RESERVE BULLETIN FEBRUARY, 1933 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics (784 price series); 1926=100] Other commodities All Farm Year and month m c t o i o e m d s i - - p u r c o t d s - Foods Total H p l r i e d o a e d t s h u e a c 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 Bu at 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 - i f n 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 - 1928 98.7 105.9 101.0 92.9 121.4 95.5 84.3 97.0 94.1 95.6 95.1 85.4 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3' 82. ft 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.6 84.5 79.2 79.3 84.9 69.8 1932 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1931—D ecember. 55.7 69.1 72.3 79.8 60.8 68.3 82.2 75.7 76.1 78.5 66.8 1932—January .... 67.3 62.8 64.7 71.7 79.3 59.9 67.9 81.8 74.8 75.7 77.7 65. & February. 66.3 50.6 62.5 71.3 78.3 59.8 68.3 80.9 73.4 75.5 77.5 64.7 March 66.0 50.2 62.3 70.9 77.3 58.7 67.9 80.8 73.2 75.3 77.1 64.7 April 65.5 49.2 61.0 70.9 75.0 57.0 70.2 80.3 72.5 74.4 76.3 64.7 May 64.4 46.6 59.3 70.4 72.5 55.6 70.7 80.1 71.5 73.6 74.8 64.4 June 63.9 45.7 58.8 70.1 70.8 53.9 71.6 79.9 70.8 73.1 74.7 64.2 July 64.5 47.9 60.9 69.7 68.6 52.7 72.3 79.2 69.7 73.0 74.0 64.3 August 65.2 49.1 61.8 70.1 69.7 54.0 72.1 80.1 69.6 73.3 73.6 64.6 September 65.3 49.1 bl.8 70.4 72.2 57.0 70.8 80.1 70.5 72.9 73.7 64.7 October... 64.4 46.9 60.5 70.2 72.8 55.0 71.1 80.3 70.7 72.7 73.7 64.1 November. 63.9 46.7 60.6 C9.8 71.4 53.9 71.4 79.6 70.7 72.4 73.7 63.7 December. 62.6 44.1 58.3 69.0 53.0 69.3 79.4 70.8 72.3 73.6 ez.4 1931 WA2 Subgroups Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. FARM PRODUCTS: Grains 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 31.7 Livestock and poultry 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 38.7 Other farm products 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 51.3 FOODS: Butter, cheese, and milk 86.1 80.7 79.8 67.8 64.1 64.2 61.6 59.6 57.4 58.2 60.2 60.5 62.3 59.5 Cereal products 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 61.7 Fruits and vegetables 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 52.8 Meats.. 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 49.4 Other foods 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 66.1 HIDES AND LEATHER PRODUCTS: Boots and shoes 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 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 41.7 Leather 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 59.2 Other leather products 101.1 101.1 99.7 98.9 98.8 98.0 97.9 96.4 83.7 82.3 81.5 81.9 81.9 81.9 TEXTILE PRODUCTS: Clothing 73.9 72.6 70.8 70.7 70.6 69.0 C8.7 68.2 67.4 66.0 66.0 67.3 62.5 62.2 62.5 Cotton goods 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 51.7 Knit goods 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 49.3 Silk and rayon 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 29.3 Woolen and worsted goods 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 54.2 Other textile products 72.4 72.5 71.3 70.7 69.7 69.5 68.2 67.2 66.7 66.5 67.4 67.7 67.1 66.6 FUEL AND LIGHTING MATERIALS: Anthracite coal 94.2 94.2 94.8 94.8 94.8 85.7 85.6 85.3 84.5 86.0 87.7 88.7 88.7 Bituminous coal 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 80.2 Coke 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 75.3 Electricity 102.1 103.4 104.1 107.5 104.8 104.4 103.5 106.1 105.5 105.8 104.4 103.4 104.6 103.1 Gas _ 100.8 100.1 98.2 98.6 98.0 97.5 99.1 103.0 106.3 108.3 107.0 107.6 104.4 100.0 Petroleum products 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 45. a METALS AND METAL PRODUCTS: Agricultural implements 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 84.6 84.5 Iron and steel 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 78.8 Motor vehicles 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 93.0 Nonferrous metals 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 48.3 BUILDING MATERIALS: Brick and tile 82.6 81.4 SO.O 79.3 79.3 79.3 78.4 77.4 76.1 75.9 75.2 75.4 75.3 75.4 75.1 Cement 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 81.1 Lumber 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 56.5 Paint materials 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 68.1 Plumbing and heating 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 67.5 Structural steel ___ 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 81.7 Other building materials 82.0 81.9 81.5 81.0 80.2 80.6 78.2 77.6 77.9 78.3 79.9 80.0 80.1 80.1 CHEMICALS AND DRUGS: Chemicals 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 79.7 Drugs and Pharmaceuticals.. 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 54.7 Fertilizer materials 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 63.1 Mixed fertilizers 77.2 77.7 77.1 75.5 73.7 73.2 71.1 69.0 69.0 68.8 66.9 66.5 65.6 65.6 HOUSEFURNISHING GOODS." Furnishings _ 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 74.7 Furniture _ 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 72.7 MISCELLANEOUS: Auto tires and tubes 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 44.6 Cattle feed. 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 37.1 Paper and pulp 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 73.0 Rubber, crude _ 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 6.8 Other miscellaneous _ 86.7 85.9 85.2 84.4 84.5 84.5 84.6 84.6 84.5 84.2 83.2 82.1 81.5 si. a Back figures.-~¥oi 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

111 FEBRUARY, 1933 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] 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 21.9 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 242.1 107.1 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 19.9 December . 136.9 81.2 36.2 13.0 2.5 3.3 10.6 5.7 50.5 43.3 6.1 6.7 31.0 9.2 Year. 3,092.8 1,351.2 811.4 280.1 116.2 43.5 311.1 122.7 1,171.1 590.3 228.8 82.3 454.3 232.3 CONSTRUCTION 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 Number 1932 1931 Federal reserve district of cities Dec. Nov. Dec. Federal reserve district Dec. Nov Dec. Boston 977 1,133 2,192 New York.._. 5,784 6,997 14,774 Boston _ 5,643 12, 453 Philadelphia.. 907 1,343 1,457 New York 19,496 18,566 40,470 Cleveland 992 4,778 2,023 Philadelphia 5,984 9,261 7,732 Richmond 1,321 1,727 2,841 A R M C S K C t h i l t a . i e c l i n n a L v c h n s n a e m o a e g t l s a a u a o o p n i C n d s o d i . l t . i y . s 12 6 4 5 4 1 , , , , , , 7 1 7 8 3 5 4 0 8 0 4 8 5 8 7 5 8 5 1 1 1 2 9 9 5 3 3 , , , , , , 8 2 7 7 4 5 1 2 7 8 1 7 0 8 6 2 5 2 1 1 1 1 4 8 5 5 0 1 4 , , , , , , , 1 5 6 1 5 6 1 1 0 6 9 7 7 8 6 8 1 5 1 8 5 A D S M K S C a t h a t a . i n l l i n n a L c l s n a n F a o a s e g t r u s a a a o i n p s C c o i i l s t i y c s o . . . . 5 2 1 1 1 , , , , , 0 8 2 0 3 3 2 2 0 3 1 6 6 4 9 0 4 3 9 0 4 1 1 , , 1 3 8 3 4 5 1 1 4 7 5 9 0 8 6 9 0 1 4 3 2 3 1 1 5 , , , , , , , 4 6 6 0 1 3 7 0 2 3 4 1 9 6 4 1 0 1 2 0 3 Dallas 5,422 2,915 6,283 Total__. 168 22,031 27, 641 45, 247 Total (11 districts) 81,219 105, 302 136, 852 BANK DEBITS COMMERCIAL FAILURES, BY DISTRICTS [Debits to individual accounts. In millions of dollars] [Amounts in thousands of dollars; figures reported by R. G. Dun Co.] 1932 1931 Number Liabilities Number of centers Dec. Nov. Dec. Federal reserve district 1932 1931 1932 1931 New York City 1 13,967 9,815 19,233 Dec. Nov. Dec. Dec. Nov Dec. Outside New York City 140 12,820 10,935 17,112 Federal reserve district: Boston 219 192 264 4,675 4, 351 10,100 Boston 1,439 1,388 2,001 New York.... 590 494 566 16,609 13,801 14,019 New York 14,502 10,261 19,892 Philadelphia- 156 129 123 4,599 3,104 3,148 Philadelphia 1,327 1,033 1,701 Cleveland 197 196 262 4,909 5,984 Cleveland 1,274 1,073 1,853 Richmond 148 147 140 2,742 4,250 4,302 Richmond- _ 512 452 628 Atlanta 114 109 161 1,749 2,611 2,693 Atlanta 636 505 800 Chicago 390 257 360 13,078 10,182 14,649 Chicago 2,979 2,493 4,165 St. Louis 114 74 168 1,834 2,732 4,787 St. Louis 657 563 870 Minneapolis.. 74 70 81 945 1,181 2,915 Minneapolis 412 370 553 Kansas City.. 145 108 179 2,326 963 3,416 Kansas City 705 638 935 Dallas 75 96 134 1,644 2,112 2,365 Dallas. 434 372 508 San Francisco. 247 201 320 5,749 3,425 4,836 San Francisco 1,910 1,603 2,440 Total... 2,469 2,073 2,758 64,189 53, 621 73,213 Total 141 26,787 20,750 36,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS »* r^ #*fefen N.DAK. 4 3 \ MINN. ®AHO S.DAK. /MICH., 7J VA-3 ^ IOWA rwiTAG ^•Oma.4 f i. | - \_ ILL. tND. i —'—*7 ! KANSAS CrTYfe Hi j KANS. ij MOs T .Loyis M.* 8^ OKLA. Oklahoma City ARK. LitUe^ N.MCX. DALLAS® TEXAS — BOUNDARIES OF FEDERAL RESERVE DISTRICTS —— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis