Federal Reserve Bulletin, 1933-04

FEDERAL RESERVE BULLETIN APRIL 1933 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Business Conditions in the United States UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: EUGENE MEYER, Governor. WILLIAM H. WOODIN, 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. E. A. GOLDENWEISER, Director, Division of Research and Statistics. CHESTER MORRILL, Secretary. 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. GEORGE B. VEST, Assistant Counsel. J. R. VAN FOSSEN, Assistant Chief, Division of Bank LEO H. PATJLGER, Chief, Division of Examinations. Operations. FRANK J. DRINNEN, Federal Reserve Examiner. FEDERAL ADVISORY COUNCIL District no, 1 (BOSTON) THOMAS M. STEELE. District no 2 (NEW YORK) GEORGE W. DAVISON. District no, 3 (PHILADELPHIA) HOWARD A. LOEB. District no 4 (CLEVELAND) H. C. MCELDOWNEY, 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) _.- W. T. KEMPER. District no 11 (DALLAS) JOSEPH 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 R o e f— serve Bank Chairman Governor Deputy governor Cashier Boston F. H. Curtiss R. A. Young W. W. Paddock W. Willett. New York J. H. Case G. L. Harrisoo W. R. Burgess C. H. Coe.i J. E. Crane.. R. M. Gidney.i A. W. Gilbart J. W. Jones.1 E. R. Kenzel W. B. Matteson.* W. S. Logan J. M. Rice.* L. R. Rounds _ Allan Sproul.1 L. F. Sailer. L. W. Knoke.1 Philadelphia R. L. Austin.- G. W. Norris W. H. Hutt C. A. Mcllhenny. W. G. McCreedy.i Cleveland _. L. B. Williams E. R. Fancher M.J. Fleming H. F. Strater. F T 7nrHnH«n Richmond. __ W. W. Hoxton G. J. Seay C. A. Peple G. H. Keesee. R. n. 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. McDoug8l C. R. McKay W. C Bachman.1 J. H. DiUard 0. J. Netterstrom.i H. P. Preston E. A. Delaney.i St. Louis J. S. Wood W. McC. Martin O. M. Attebery S. F. Gilmore.1 J. G. McConkey A. H. Haill.« F. N. Hall.* G. 0. Hollocher.* 0. C. Phillips.* Minneapolis W. B. Geery Harry Yaeger H I. Ziemer. H. I. Ziemer F. C. Dunlop.1 Kansas City. M. L. McClure G. H. Hamilton C. A. Worthington.... J. W. Helm. T W TTftlm 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 'Assistant deputy governor. * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch __ R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch.. C. E. Daniel. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch. J. L. Hermann. Atlanta: Houston branch W. D. Gentry. New Orleans branch Marcus Walker. San Antonio branch M Crump. Jacksonville branch Hugh Foster. San Francisco: Birmingham branch 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. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking developments 209 Condition of all banks in the United States on Dec. 31, 1932 254-258 National summary of business conditions 219 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 220-223 Member and nonmember bank credit: All banks in the United States 225 All member banks 224, 250 Weekly reporting member banks in leading cities 226, 251 Brokers' loans 226 Acceptances and commercial paper 227 Discount rates and money rates 228, 252 Security prices, security issues, United States Government securities 229 Production, employment, car loadings, and commodity prices 230, 261-263 Merchandise exports and imports 231 Department stores—Indexes of sales and stocks 231 Freight-car loadings, by classes 231 Financial statistics for foreign countries: Gold reserves of central banks and governments 232 Gold production 233-234 Gold movements 235-237 Government note issues and reserves 238 Bank for International Settlements 238 Central banks 239-241 Commercial banks -. 242 Discount rates of central banks 243 Money rates 243 Foreign exchange rates 244 Price movements: Security prices - 245 Wholesale prices 245-246 Retail food prices and cost of living 246 Law department: Amendments to Emergency Banking Act 247 Federal reserve statistics by districts, etc.: Banking and financial statistics 248-253 Industrial and commercial statistics 261-264 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 19 APRIL 1933 No. 4 REVIEW OF THE MONTH volume of deposits in opened or unopened A rapid return flow of currency to the nonmember banks. Deposits at those member reserve banks has characterized the period banks that reopened between March 13 and since the reopening of licensed March 29 were approximately $25,850,000,000 Return flow of banks under the program an- on December 31, 1932, compared with total currency nounced by the President on deposits of all licensed and not licensed member March 10. Between March 4 and April 5, banks of approximately $28,565,000,000; de- $1,225,000,000 of money returned to the re- posits of the reopened member banks, therefore, serve banks, of which $645,000,000 consisted represented about 90 percent of total member of gold coin and gold certificates; the ratio of bank deposits. reserves against Federal reserve notes and From the beginning of 1933 serious developdeposits combined advanced from 45.1 to 59.7 ments in the banking situation in some sections percent. Currency brought to the reserve of the country were indicated banks by the member banks represented in °f hJ large-scale withdrawals of part a return by these banks of cash previously deposits from banks in those withdrawn for the purpose of increasing their sections. Many of these represented the transvault holdings and in part currency redeposited fer of deposit accounts from banks in which dewith the banks by the public. Funds arising positors had lost confidence to other instituout of this return flow of currency were used tions, but after the first week in February withby the member banks to reduce their borrow- drawals were to an increasing extent in the ings at the reserve banks by $1,000,000,000, and form of currency and toward the end of the in addition to reduce the acceptance holdings month withdrawals of currency included conof the reserve banks by $130,000,000. Total siderable amounts of gold. Gold withdrawals reserves of the 12 Federal reserve banks com- represented in part domestic hoarding and in bined advanced from $2,800,000,000 on March part losses of gold to foreign countries caused 4 to $3,490,000,000 on April 5, the highest by the decline in dollar exchange reflecting a level since the autumn of 1931. On April 7 the movement of funds from the United States. discount rate of the Federal Keserve Bank of As these movements developed, the pressure New York was reduced from 3% to 3 percent. was felt not only by the weaker member and By March 29, the latest date for which nonmember banks in different sections of the comprehensive figures are available, about country, but generally by member and non- 12,800 banks, out of 18,000 in member banks throughout the country and by Licensed banks operation before the crisis, had the Federal reserve banks, which were obliged been licensed to open on an unrestricted basis. to issue a large volume of Federal reserve notes Of this number, 4,766 were national banks, 621 and at the same time to reduce their reserves State member banks, and about 7,400 non- by paying out gold. member banks, including mutual savings banks The earlier transfers of deposit accounts as and private banks operating under State between institutions reflected increasing dissupervision. Approximately 5,200 banks had trust on the part of the public concerning the not received unrestricted licenses; of this num- position of individual banks rather than appreber 1,141 were national banks, 166 State hension concerning general banking conditions. member banks, and about 3,900 nonmember Depositors in many banks drew upon their banks. Figures are not yet available on the accounts and transferred funds to other banks 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 FEDERAL RESERVE BULLETIN APRIL 1933 in the same communities or other communities, The declaration of a banking holiday in or to the Postal Savings System. While the Michigan on February 14 arrested the witheffects of such transfers differed from those of drawal of deposits from banks currency withdrawals in that they did not re- Withdrawals of in that State which had been currency duce the volume of deposits in the banking causing progressive deteriorasystem as a whole, their effect upon the posi- tion in the assets of many banks. An effect tion of the institutions from which they were of this holiday outside of Michigan, however, withdrawn were the same as those of cash was to increase the movement of funds from withdrawals. To obtain funds to meet these weaker to stronger banks, and also the withtransfers, institutions under pressure were drawal of currency in many parts of the obliged to draw upon their balances with other country. The chart shows for the months of CHANGES IN DEMAND FOR CURRENCY Bij Federal Reserve Districts, Feb.-March 1933 6 M 6 I 4 0 L 0 L 0 ION N S EW YORK M 4 4 8 I 4 L 0 0 LION C S HI:AGO I \ 1 8 2 0 0 PHIl.ADELPHIK 560 400 40 / 520 360 1 1 0 .—<^—<• 200 480 320 \ CLEVELAND 440 200 \ 160 J \ 120 400 \ \ 240 f\ \ \ 80 / 360 200 J 40 320 i \ 160 0 J I 280 120 160 240 V 80 / 120 RICHMOhD —\ / 200 40 80 1 160 0 /— J 40 > 120 f 50 ST -OUIs —«^. 0 „ 40 120 80 ATLANTA . ^ 0 80 40 40 40 0 0 0 /"* J 1 6 20 0 j BOSTON r| 1 — 8 4 ^ 0 0 <ANSAS CITY rz—' 1 8 2 0 0 SAN i FRAN i CIS<:o 1 V 0 / 40 40 DALLAS 0 0 - February February March February March banks, to convert other liquid assets into cash, February and March changes in the demand or to borrow on their sound assets from the for currency in each of the 12 Federal reserve Federal reserve banks or from the Reconstruc- districts. It indicates that after February 14, tion Finance Corporation. In many cases, when the Michigan banking holiday was deafter haviiig pledged or disposed of practically clared, currency demand increased in nearly all their sound assets and disbursed the pro- all the Federal reserve districts. This increase ceeds in meeting withdrawals by depositors, the was particularly marked in the Cleveland and banks were finally compelled to close. It was Chicago districts, but was also large in the largely to avoid the continuation of this process New York district. The declaration of a and to protect remaining depositors that bank- similar holiday in Maryland on February 25, ing holidays were declared in individual States and in other States on subsequent days, was and finally in the country as a whole. accompanied by sharp increases in currency Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 211 demands throughout the country. Between of these developments the combined reserves of February 15 and March 4 these demands the 12 Federal reserve banks in excess of legal amounted altogether to $1,630,000,000, includ- requirements were reduced to $416,000,000 on ing demands for gold coin and gold certificates March 4, and the reserve ratio of the System of $300,000,000. Three fourths of these as a whole declined to 45.1 percent. demands occurred during the week beginning At the Federal Reserve Bank of New York February 27, and more than half was concen- there was a heavy demand for currency trated in the first 3 days of March. originating within the district, and a Member banks in New York City at the larger demand for funds resulting from the beginning of February had held a large amount withdrawal of bankers' balances by interior of excess reserves with the re- banks from their New York correspondents. SsinNlwberserve banks> and also carried These withdrawals were effected through the York City large deposit balances for inte- Federal reserve banks and resulted in transfers rior banks throughout the of reserves through the gold settlement fund country. The interior banks in meeting the from the Federal Reserve Bank of New York demands upon them drew on their balances with to other Federal reserve banks. While the their New York correspondents to the extent of movement to the interior was developing, the more than three quarters of a billion dollars, New York Federal Reserve Bank sold part of and the latter consequently were called upon its portfolio of United States Government securto release funds in large volume to other banks ities to other Federal reserve banks, and on at the same time that direct withdrawals of March 8 had rediscounts of $210,000,000 with currency within New York City were rapidly the Federal reserve banks of Boston, Cleveexpanding. In meeting these demands the land, Chicago, and St. Louis. Soon after the re- New York City banks drew on their reserve opening of the banks on March 13, the Federal balances to the extent of $307,000,000, thus Reserve Bank of New York retired these reeliminating their excess reserves, and borrowed discounts and repurchased United States secur- $664,000,000 at the Federal Reserve Bank of ities previously sold to other reserve banks. New York. In addition the Federal reserve The improvement in the position of the New banks put $385,000,000 into the market York bank reflected not only the return of through the purchase of acceptances, chiefly gold and currency from within the New York in New York. district, but also gains through the gold settle- On February 1, before the banking crisis ment fund, reflecting in part a return flow of had developed, the reserve banks had reserves bankers7 balances to the large member banks Position of Federal of $1,476,000,000 in excess of in New York City. Reserve banks legal requirements and the re- On April 5 the reserve ratio of the Federal serve ratio of the 12 Federal reserve banks reserve banks was 59.7 percent. Total cash combined was 65.6 percent. In the latter part reserves of the banks were $3,488,000,000 and of February and the first part of March the their excess reserves $1,262,000,000. Federal reserve banks loaned $1,170,000,000 to The accompanying chart shows the course member banks and in addition furnished funds since the end of 1914 of the total monethrough purchases of acceptances and United stock of the United Gold reserves States Government securities in the open mar- and gold in cir- States, the gold reserves of the ket, amounting to $460,000,000. The greater cu a ion Federal reserve banks, and the part of this expansion was due to an increase gold in circulation, that is, outside the Treasury of Federal reserve notes, which require a 40 and Federal reserve banks. percent gold reserve, but there were also with- The chart shows that for the whole period drawals of gold which decreased the reserves of since the establishment of the Federal Reserve the Federal reserve banks. As a consequence System in November 1914, the gold stock of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 FEDERAL RESERVE BULLETIN APRIL 1933 the country has increased from $1,812,000,000 gold held in collections or in hoards and gold to $4,275,000,000, the increase occurring largely that may have been lost altogether. Between during the war period and the period of cur- 1917 and 1931 there was a gradual return of rency disorganization in Europe prior to 1924. coin from circulation and at the end of April After a rapid gain of gold in 1930 and 1931 to a 1931 the total volume was reduced to $350,000,peak of $5,000,000,000 in September, 1931, 000. The large-scale withdrawals of currency this country lost more than $1,000,000,000 which developed in 1931 and 1932 were accomthrough the withdrawal of foreign balances panied by some increase in the demand for prior to July 1932, but regained more than gold coin, and on January 31, 1933, the total half of this amount by the end of the year. amount in circulation had risen to $480,000,000. The decrease in the country's stock of gold During the period of the recent banking crisis MONETARY GOLD STOCK OF THE UNITED STATES Distribution Between Reserve Banks and Circulation MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5000 5000 ^000 Gold Reserves of Federal Reserve Banks 3000 2000 1000 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 Figures are given on pp. 259-260 between February 1 and March 4 was $305,- further withdrawals increased the total to 000,000 and at the end of March the total $625,000,000 on March 4, an increase of stood at about the same level as last autumn $150,000,000 since January 31 and of $275,000,and somewhat above the average of the two 000 since the low point in 1931. After the declayears 1928 and 1929. ration of the banking holiday and the adoption The chart also shows the amount of gold of measures to prevent the hoarding of gold, gold coin and gold certificates in circulation. In coin was returned in large volume to the November 1914, when the Federal Eeserve Treasury and the Federal reserve banks, so that System was organized, there was about $600,- on March 31 the amount in circulation was 000,000 of gold coin in circulation, that is, reduced to $365,000,000. outside the Treasury and the Federal reserve The chart shows that at the end of 1914, banks. Included in this figure is gold held by $700,000,000 of gold certificates were in national and State banks as reserves as well as circulation and that by May 1917 this amount Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL 1933 FEDERAL RESERVE BULLETIN 213 had increased to more than $1,300,000,000. was $760,000,000, the lowest figure since 1923. Under the policy of gold mobilization adopted On April 5 the President by the Government at that time, gold certifi- ?xu??£ve i.ordSr issued the following order cates were retired gradually until the spring of forbidding hoard- „ , . , ,. ,, . &,. ing of gold forbidding the hoarding of 1922, when the total amount in circulation was reduced, to $170,000,000. After that time gold gold: certificates were again paid into circulation, and " EXECUTIVE ORDER FORBIDDING THE HOARDING OF GOLD COIN, GOLD BULLION AND GOLD in 1925 their volume reached a level of more CERTIFICATES than $1,000,000,000, which was maintained with some fluctuations until the autumn of "By virtue of the authority vested in me by section 5 (b) of the act of October 6, 1917, as 1931. After September 1931 gold certificates amended by section 2 of the act of March 9, in circulation declined to $590,000,000 on 1933, entitled 'An act to provide relief in the January 31, 1933. During February and the existing national emergency in banking, and early part of March of this year gold certificates for other purposes', in which amendatory act Congress declared that a serious emergency in circulation increased by $170,000,000, bringexists, I, Franklin D. Roosevelt, President of ing the total to $760,000,000 on March 4. the United States of America, do declare that This increase was in part a reflection of the said national emergency still continues to general increase in currency, but in part exist and pursuant to said section do hereby represented a demand by the public for gold in prohibit the hoarding of gold coin, gold bullion, and gold certificates within the continental the form of certificates as well as of coin. United States by individuals, partnerships, On March 6 further paying out by banks of associations and corporations and hereby pregold coin and certificates was prohibited by the scribe the following regulations for carrying President's proclamation, and on March 8 the out the purposes of this order: Federal Reserve Board requested the Federal "SECTION 1. For the purposes of this regulareserve banks to prepare lists of persons who tion, the term 'hoarding' means the withdrawal and withholding of gold coin, gold had recently withdrawn gold (including gold bullion or gold certificates from the recognized certificates) and had not redeposited it in a and customary channels of trade. The term bank by March 13, the date being subsequently 'person7 means any individual, partnership, extended to March 27. On March 10 the association or corporation. President issued an Executive order which "SEC. 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal prohibited the export of gold except in accor- Reserve bank or a branch or agency thereof or dance with regulations prescribed by or under to any member bank of the Federal Reserve license issued by the Secretary of the Treasury. System all gold coin, gold bullion and gold These developments in connection with gold certificates now owned by them or coming into payments, and the general recognition by the their ownership on or before April 28, 1933, except the following: public of the desirability of restoring to the country's reserves gold held privately, where " (a) Such amount of gold as may be required for legitimate and customary use under existing conditions it does not promote in industry, profession or art within a the public interest, resulted in a rapid return reasonable time, including gold prior to flow of gold and gold certificates to the reserve refining and stocks of gold in reasonable banks. Between March 4 and March 31, $260,- amounts for the usual trade requirements 000,000 of gold coin and $370,000,000 of gold of owners mining and refining such gold. " (6) Gold coin and gold certificates in certificates were returned to the Federal reserve an amount not exceeding in the aggregate banks and the Treasury. On March 31 the $100 belonging to any one person; and gold total amount of gold and gold certificates out- coins having a recognized special value to side the Treasury and the Federal reserve banks collectors of rare and unusual coins. 168276—33 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 FEDERAL RESERVE BULLETIN APRIL 1933 " (c) Gold coin and bullion earmarked addressed to the Secretary of the Treasury and or held in trust for a recognized foreign filed with a Federal reserve bank. Each appligovernment or foreign central bank or the cation must state the date to which the exten- Bank for International Settlements. sion is desired, the amount and location of the "(d) Gold coin and bullion licensed for gold coin, gold bullion and gold certificates in other proper transactions (not involving respect of which such application is made and hoarding) including gold coin and bullion the facts showing extension to be necessary to imported for reexport or held pending avoid extraordinary hardship or difficulty. action on applications for export licenses. "SEC. 8. The Secretary of the Treasury is "SEC. 3. Until otherwise ordered any person hereby authorized and empowered to issue such becoming the owner of any gold coin, gold further regulations as he may deem necessary bullion, or gold certificates after April 28, 1933, to carry out the purposes of this order and to isshall, within 3 days after receipt thereof, sue licenses thereunder, through such officers or deliver the same in the manner prescribed in agencies as he may designate, including licenses section 2; unless such gold coin, gold bullion permitting the Federal reserve banks and memor gold certificates are held for any of the pur- ber banks of the Federal Reserve System, in poses specified in paragraphs (a), (6), or (c) of return for an equivalent amount of other coin, section 2; or unless such gold coin or gold currency, or credit, to deliver, earmark, or bullion is held for purposes specified in para- hold in trust gold coin and bullion to or for graph (d) of section 2 and the person holding it persons showing the need for the same for any is, with respect to such gold coin or bullion, a of the purposes specified in paragraphs (a), (c), licensee or applicant for license pending action and (d) of section 2 of these regulations. thereon. "SEC. 9. Whoever willfully violates any pro- "SEC. 4. Upon receipt of gold coin, gold vision of this Executive order or of these regubullion or gold certificates delivered to it in lations or of any rule, regulation, or license accordance with sections 2 or 3, the Federal issued thereunder may be fined not more than Reserve bank or member bank will pay there- $10,000, or, if a natural person, may be imfor an equivalent amount of any other form of prisoned for not more than 10 years, or both; coin or currency coined or issued under the and any officer, director, or agent of any corlaws of the United States. poration who knowingly participates in any "SEC. 5. Member banks shall deliver all such violation may be punished by a like fine, gold coin, gold bullion and gold certificates imprisonment, or both. owned or received by them (other than as exempted under the provisions of sec. 2) to the Federal reserve banks of their respective dis- "This order and these regulations may be tricts and receive credit or payment therefor. modified or revoked at any time. "SEC. 6. The Secretary of the Treasury, out of the sum made available to the President by "FRANKLIN D. ROOSEVELT. section 501 of the act of March 9, 1933, will in "THE WHITE HOUSE, all proper cases pay the reasonable costs of "April 5, 1933:' transportation of gold coin, gold bullion or gold certificates delivered to a member bank or In commenting on this order, the Secretary Federal reserve bank in accordance with of the Treasury in a press statement, issued sections 2, 3, or 5 hereof, including the cost of under date of April 5,1933, said: insurance, protection, and such other incidental costs as may be necessary, upon production of "The President's order of today requiring satisfactory evidence of such costs. Voucher the turning in of hoarded gold, and at the same forms for this purpose may be procured from time providing that gold shall be available for all Federal reserve banks. proper purposes, is an expected step in the proc- "SEC. 7. In cases where the delivery of gold ess of regularizing our monetary position and coin, gold bullion, or gold certificates by the furnishing adequate banking and currency facilowners thereof within the time set forth above ities for all customary needs. will involve extraordinary hardship or diffi- "Such an order was in contemplation from culty, the Secretary of the Treasury may, in the time of the passage of the Emergency his discretion, extend the time within which such Banking Act. As the President indicated todelivery must be made. Applications for such day, while many of our citizens voluntarily extensions must be made in writing under oath, and helpfully turned in their gold, there were Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 215 others who did not so respond. In fairness, MONETARY GOLD STOCK OF THE UNITED STATES the conduct of all citizens with reference to gold [In millions of dollars] should be the same in this emergency, and this is assured by the order. Those surrendering In Treas- In circulation gold, of course, receive an equivalent amount of sury and other forms of currency, and other forms of cur- Date Total Federal reserve Certifirency may be used for obtaining gold in an banks Total Coin cates equivalent amount where authorized for proper purposes. Feb. 1 4,548 3,477 1,071 480 591 Feb. 8 4,535 3,459 1,076 487 589 "Gold held in private hoards serves no useful Feb. 15 4,511 3,418 1,093 497 596 purpose under present circumstances. When Feb. 21 4,460 3,345 1,115 516 599 added to the stock of the Federal reserve banks Feb. 27 4,397 3,212 1,185 557 628 Feb. 28 4,380 3,159 1,221 572 649 it serves as a basis for currency and credit. Mar. 1 4,344 3,105 1,239 586 653 This further strengthening of the banking 4,320 3,041 1,279 600 679 Mar. 3 4,242 2,861 1,381 623 758 structure adds to its power of service toward Mar. 4 4,242 2,853 1,389 626 763 recovery. Mar. 8 4,243 2,897 1,346 620 726 "A vital provision of the order is that author- Mar. 15 4,251 3,232 1,019 462 557 Mar. 22 4,264 3,430 834 383 451 izing the Secretary of the Treasury to issue Mar. 29.... 4,272 3, 501 771 368 403 licenses for gold for proper business needs not Apr. 5 4,283 3,538 745 365 380 involving hoarding. Applications will be passed upon as the facts in each case warrant. DEMAND FOR CURRENCY AND SOURCES OF FUNDS •"Regulations governing the procedure of the USED BY BANKS IN MEETING THE DEMAND Treasury under the new order are in course of preparation/' [In millions of dollars] Below are presented tables showing the Credit extended by reserve reserve position of the Federal reserve banks, banks the amount of gold in the Money Member bank rea T n a d b l c e u s r o re n n g c o y ld Treasury and the Federal re- Date in l a c t i i r o c n u- B co il u ls n d te i d s- bo B u il g ls ht G U S o n t v a i e t t e e r s n d - ba se la r n v c e es serve banks and in circulation, ment securities and demand for currency and sources of funds used by banks in meeting this demand. The Feb. 1__ 5,652 269 31 1,764 2,438 Feb. 8.. 5,705 253 31 1,784 2,419 tables give figures for Wednesday dates in Feb. 15. 5,854 286 31 1,809 2,236 Feb. 21. 5,988 327 180 1,834 2,271 February, March, and the first 2 weeks in Feb. 27. 6,350 450 317 1,839 2,166 April; for the 6 days, February 27 to March 4, Feb. 28. 6,545 582 336 1,866 2,141 daily figures are shown. M M a a r r . . 2 1 _ _ . . 6 6 , , 7 9 1 6 9 0 9 7 8 1 0 2 3 3 8 9 4 3 1 1 , , 8 8 3 4 6 9 2 2 , , 0 0 3 3 8 6 Mar. 3_. 7,414 1,408 417 1,856 ,953 Mar. 4.. 7,485 1,432 417 1,856 ,904 RESERVE POSITION OF FEDERAL RESERVE BANKS Mar. 8.. 7,538 1,414 417 1,881 ,776 [In millions of dollars] M Ma a r r . . 1 2 5 2 . 6 7 , , 6 2 0 6 8 9 1,2 6 3 7 2 1 3 4 5 0 2 3 1 1 , , 8 8 6 9 4 9 , , 9 9 1 6 8 4 Mar. 29. 6,353 545 310 1,838 ,987 Date re T c s o e as r t v a h l es F re n e s o d e t e r e r v s a e l Deposits r E es x e c r e v s e s s R c r e ( a e p s t n e e i r r t o ) - ve Apr. 5.. 6,261 436 286 1,837 1,976 There is given below a table showing, as of March 29, the number of all member banks, Feb 1 3,457 2,730 2,540 1,476 65.6 Feb.8 3,442 2.773 2,500 1,458 65.3 and indicating the number of Feb 15 - - 3, 387 2,891 2,376 1,399 64.3 Feb. 21 3,305 3,000 2,399 1,265 61.2 Licensed and not h banks that had received t ese Feb 27 3,178 3,268 2,265 1,078 57.4 licensed mem- ,. J . _ Feb. 28 3,126 3,417 2,236 977 55.3 ber banks licenses to reopen irom the Mar 1 3,067 3,580 2,157 880 53.5 Mar. 2 2,997 3,769 2,178 727 50.4 Secretary of the Treasury and Mar. 3 2,810 4,103 2,094 435 45.3 Mar 4 2,802 4,165 2,053 416 45.1 those that had not received such licenses on Mar. 8 2,809 4,215 1,951 440 45.6 that date. There is also shown the amount of Mar 15 3,148 4,293 2,124 688 49.1 Mar 22 3,371 3,916 2,155 1,050 55.5 deposits held by these banks on December 31, Mar. 29 . _ 3,442 3,748 2,203 1,172 57.8 1932, the latest date for which such figures are A.pr. 5 3,488 3,644 2,196 1,262 59.7 available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 FEDERAL RESERVE BULLETIN APRIL 1933 MEMBER BANKS LICENSED AND NOT LICENSED— REGULATION NO. 31 (MAR. 30) MARCH 29, 1933 Any banking institution which is a member of the Federal Reserve System and is not licensed to perform Deposits on Dec. 31, 1932, of usual banking functions, but which is duly authorized Number of member member banks licensed and to engage in the business of acting as trustee, executor, banks not licensed on Mar. 29, 1933 administrator, registrar of stocks and bonds, transfer Federal reserve (in thousands of dollars) district agent, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity, Total ce L n i s - ed N l o i- t Total Licensed Not may transact such business in the normal and usual censed manner and may make payments on account of the principal or income of trust or other fiduciary funds Boston 367 304 63 2,040,175 1,897,496 142,679 to the persons entitled thereto: Provided: That, except New York 821 668 153 10,325,124 10,042,066 283,058 to the extent permitted by other emergency banking P C h le il v a e d l e a l n p d hia-_. 6 6 8 3 8 1 4 5 7 8 1 8 1 1 0 6 0 0 2 2, ,1 5 9 3 3 6 , , 9 7 9 0 8 2 2 2 , , 0 0 4 1 4 4 , , 6 7 7 2 2 4 5 1 2 4 1 9 , , 9 32 7 6 8 regulations, no such banking institution shall withdraw Richmond 387 278 109 968,646 752, 555 216,091 or pay out any trust or other fiduciary funds on deposit Atlanta- _. 316 266 50 834,310 678,652 155,658 with any other department of such banking institution C St h . i L ca o g u o is 4 7 0 7 3 4 4 3 5 1 3 2 32 9 1 1 3,4 9 3 3 8 5 , , 1 9 3 0 9 2 2, 8 48 3 3 4 , , 6 9 5 6 3 6 9 1 5 0 4 0 , , 4 9 8 3 6 6 or make any other payment in connection with any Minneapolis. _ 533 458 75 725,381 686,877 38,504 trust or other fiduciary funds which would operate to Kansas City.. 770 692 78 1,068,033 998,323 69,710 discharge, as a whole or in part, any indebtedness, as Dallas 528 40 723,495 717, 330 6,165 distinguished from any trust or other fiduciary duty, of San Francisco. 67 2,775,014 2, 698, 325 76,689 such banking institution. Total 6,694 5,387 1,307 28,564,919 25,849,639 2,715,280 This regulation supersedes emergency banking regulation no. 13 of March 7, 1933, which is hereby revoked The Secretary of the Treasury, under the REGULATION NO. 32 (MAR. 30) authority conferred upon him by the President's Proclamations of March Any State bank which is a member of the Federal Regulations by March 9, 1933, declaring Reserve System, and is not licensed by the Secretary 6 and of the Treasury to perform usual banking functions, the Secretary of n . • , \ , *. , may permit withdrawals of deposits which are lawfully the Treasury and continuing a bank holiday, secured by collateral; Provided, that such withdrawals are (a) permissible under applicable law, (6) duly issued the following regulations authorized by the Board of Directors of such bank, during the period March 19, 1933, to March upon such terms with respect to the release of collateral as will fully protect all depositors and other creditors 31, 1933 (for Regulations 1-28, issued prior to against the creation of any preferences, and (c) ap- Mar. 19, 1933, see pp. 122-125 of the FEDERAL proved h>y the appropriate State authority having supervision of such bank. RESERVE BULLETIN for March 1933): Any such bank is authorized to carry on such usual REGULATION NO. 29 (MAR. 21) banking functions as may be essential to allow the withdrawals permitted by this regulation, subject to Any banking institution which is a member of the the provisions and restrictions above set forth and ex- Federal Reserve System and is not licensed to perform cept as otherwise prohibited. usual banking functions may rediscount or pledge with another banking institution renewals of notes which were previously rediscounted or pledged with such other The following are interpretations issued by banking institution. the Secretary of the Treasury from March 19, REGULATION NO. 30 (MAR. 28) 1933, to March 31, 1933, of cerera B l a R nk e i s n e g rv i e n s S ti y tu st t e io m n s a w nd h ic o h f a w re h i m ch e m a b c e tu rs a l o f p o th ss e e s F s e io d n - l b n y tf t u h p e r c S t e a c ti r o e .n ta s ry tai . n o . f the p ^ r ovisions of the reg&and control have been taken (a) by conservators of the Treasury ulations set lorth on pages 122appointed pursuant to the act of March 9, 1933, or (6) by appropriate State officials appointed pursuant 125 of the FEDERAL RESERVE to State law, as permitted by the President's Executive BULLETIN for March 1933 (for interpretations Order of March 18, 1933, are permitted to transact 1-11, issued prior to Mar. 19, 1933, see pp. such limited banking functions as may be authorized in accordance with law by the Comptroller of the Cur- 125-126 of the FEDERAL RESERVE BULLETIN rency, in the case of national banks, or by the approfor March 1933): priate State officials, in the case of State member banks: Provided, however, That no such banking institution shall reopen for the performance of its usual and INTERPRETATION NO. 12 (MAR. 20) normal functions until it shall have received a license Regulation no. 27 is interpreted to permit any bankfrom the Secretary of the Treasury. ing institution acting thereunder to carry on such usual This regulation shall not authorize any transaction banking functions as may be essential to permit rewith respect to the export or paying out of gold, or stricted withdrawals and payments authorized by such gold certificates, withdrawal of currency for hoarding regulation, subject to all of the provisions and restricor transactions in foreign exchange prohibited or re- tions therein contained and except as otherwise prostricted by the Executive order of March 10, 1933. hibited. 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217 APRIL 1933 FEDERAL RESERVE BULLETIN INTERPRETATION NO. 13 (MAR. 21) the bank to increase its fiduciary issue of notes Regulation no. 28 is held not to prohibit the honoring from £260,000,000 to £275,000,000, was alof checks or drafts drawn on or before March 18, 1933, lowed to expire on April 1, 1933, without being under the terms of regulation no. 6 or regulation no. 10, as amended, subject to all the provisions and restric- renewed. tions contained in such regulations and except as other- During February and March, when the Bank wise prohibited. of England was increasing its stock of gold, During March central gold reserves of the dollar quotations on sterling averaged about principal European countries taken as a whole $3.42, as compared with $3.36 for January and increased by about $95,000,000, $3.28 for December. The strength of the Gold reserves in reflecting a gain of $144,000,000 pound at a time when large amounts of sterling Europe by England; losses of $29,- were sold in order to purchase gold was due in 000,000 by Netherlands, $24,000,000 by France, part to a flow of funds into England from and $7,000,000 by Germany; and minor abroad. changes in reserves of other countries. The The chief European losers of gold in March and also in the first quarter of the year, were GOLD RESERVES OF SELECTED CENTRAL BANKS France and Netherlands, but gold reserves in [In millions of dollars] Germany also declined somewhat. Gold hold- Change from— ings of the Bank of France had reached a peak Date, Gold re- Central bank of— 1933 serves Month Year of $3,268,000,000 at the beginning of December before before 1932. Subsequent to that time they declined almost without interruption and by March 31 England Mar. 29 836 +144 +248 France Mar. 31 p 3,152 -24 +140 had been reduced to $3,152,000,000, the lowest Germany Mar. 31 P176 -7 -33 Italy Mar. 31 P330 +5 +34 figure reported by the bank since June of last Belgium Mar. 30 371 +5 +22 Netherlands- Mar. 27 381 -29 +28 year. The decline in the bank's gold stock Switzerland. . Mar. 31 489 +1 +19 amounted to $33,000,000 in January, $45,p Preliminary. 000,000 in February, and $24,000,000 in March, gold received by Europe during the month The German Reichsbank, in addition to came from the United States, from India— losing $7,000,000 of gold during March, also where hoarded gold continues to be released— lost $13,000,000 of foreign-exchange reserves. and from new production in South Africa and In the first two months of the year the bank's elsewhere. total gold and foreign-exchange reserves had Gold reserves of the Bank of England in- shown practically no change. The loss of creased throughout most of the first quarter of reserves in the past month was attributable the year, the increase beginning about the mid- to the partial repayment of credits obtained dle of January. At that time the bank's gold from abroad by the German Government and holdings stood at approximately $583,000,000, by the Reichsbank. On March 4 the $100,the level to which they had been reduced on 000,000 credit originally granted in June 1931 December 15,1932, after the sale of $95,500,000 to the Reichsbank by a group of European of gold to the British Treasury in connection central banks and the Federal reserve banks with the payment of the war-debt installment and periodically reduced since then, was reto the United States Government. The bank's duced further from $86,000,000 to $70,000,000. gold stock increased $19,000,000 in January, On April 13 this credit was completely liqui- $92,000,000 in February, and $144,000,000 in dated. On March 10 the Government repaid March; on March 29 it stood at $836,000,000, about $4,000,000 of the $125,000,000 credit the largest figure reported by the bank since which was originally granted by an interthe summer of 1928. national syndicate of bankers in November Following this growth in the Bank of Eng- 1930 but which has been reduced at intervals land's gold reserve the British Treasury's au- since that time. The outstanding amount of thorization of August 1, 1931, which permitted this credit is now approximately $102,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 FEDERAL RESERVE BULLETIN APRIL 1933 Bank Suspensions At the Federal Reserve Bank of New York Since the temporary closing of all banks by buying rates on bills of all maturities were the President's proclamation of March 6, changed during the period from March 1 to changes in the status of banks axe not com- April 7 as shown in the following table: parable with those that were previously shown in the tables on bank suspensions. Consequently, such tables have been omitted from Ito75 76 to 90 91 to 120121 to 180 days days days days this BULLETIN. A table on member banks, licensed and not licensed, appears on page 216. In effect Feb. 28 1 1 VA Changes effective- Changes in Discount and Bill Rates Mar. 1 VA VA 2 The rate on rediscounts for and advances M M a a r r . . 3 2 „ 3 2 H 3 2 H 2H 33/4 to member banks under sections 13 and 13a M M a a r r . . 1 1 7 3 3 3 1/2 3 4 V-A of the Federal Reserve Act was increased M Ma a r r . . 2 2 0 2 2 2 H V 2 A 2 2 H % 3 2H from 2% to 3% percent at the Federal Reserve Bank of New York, effective March 3, and Changes in Foreign Central Bank Discount Rates at the Federal Reserve Bank of Chicago, The following changes in discount rates effective March 4. during the month ended April 1, 1933, have The rate on rediscounts for and advances been reported by central banks in foreign to member banks under sections 13 and 13a countries: of the Federal Reserve Act was reduced from Austrian National Bank—March 24, from 6 to 5 3)4 to 3 percent at the Federal Reserve Bank percent. of New York, effective April 7. Bank of Portugal—March 13, from 6% to 6 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

219 APRIL 1833 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 27 and released for publication March 28] The course of business in the latter part of Bank credit.—During February member February and the first half of March was banks in leading cities were subjected to withlargely influenced by the development of a drawals of deposits on a large scale, reflecting crisis in banking, culminating in the proclama- in part withdrawals of balances by interior tion on March 6 of a national banking holiday by banks from their city correspondents and in the President of the United States. Production part withdrawals of currency by the public. and distribution of commodities declined by a As a consequence, net demand deposits of these substantial amount during this period, but banks declined by $1,306,000,000 during the showed some increase after banking operations month, and their time deposits by $360,000,000. were resumed in the middle of March. In order to meet these withdrawals the banks Production and employment.—Volume of reduced their loans by $539,000,000, partly output at factories and mines, which usually through the sale of acceptances to the reserve increases at this season, showed little change banks, and their investments by $363,000,000. from January to February, and declined They also increased considerably their borrowconsiderably in the first half of March. In ings at the reserve banks. March figures for the steel and automobile industries output member banks are incomplete. decreased between the middle of February and At the Federal reserve banks the banking the middle of March; subsequently some of the crisis manifested itself between February 1 automobile plants which had been closed and March 4 in a domestic demand for $1,833,resumed operations, while activity at steel 000,000 of currency, including about $300,000,mills showed little change. In February out- 000 of gold and gold certificates, and in a put at cotton and woolen mills continued at the foreign demand for about $300,000,000 of gold. level prevailing in January, while at silk mills As a consequence, the reserve ratio of the activity declined. Shoe production increased Federal reserve banks declined from 65.6 to by more than the usual seasonal amount. 45 percent. This reflected a loss of $655,000,000 Reports from important industrial States in reserves and an increase of $1,436,000,000 indicate that factory employment increased in Federal reserve note circulation, offset in between the middle of January and the middle part by a decrease of $486,000,000 in deposit of February, as is usual at this season. liabilities. Construction contracts awarded up to March Between March 4 and March 22 there was 15, as reported by the F. W. Dodge Corpora- a return flow to the reserve banks of $558,000,tion, indicate that for the first quarter of the 000 of gold coin and gold certificates and of year the total value of contracts will show a $319,000,000 of other currency, and the reserve considerable decline from the fourth quarter ratio advanced to 55.5 percent. Discounts for of 1932. member banks, which had increased to $1,432,- Distribution.—Freight traffic, which usually 000,000 by March 4, declined to $671,000,000 increases at this season, showed little change on March 22. from January to February, on a daily average Money rates in the open market advanced basis, and declined considerably in the first 2 during the banking crisis, and, on the resumpweeks of March. Department-store sales in tion of business after the banking holiday, rates the country as a whole were at about the same were at considerably higher levels than those rate in February as in January, but were sub- prevailing on March 3. Subsequently rates stantially smaller in areas affected by suspen- declined as more funds became available to sion of banking operations; early in March the market. On March 3 the discount rate of sales were sharply reduced but with the re- the Federal Reserve Bank of New York was opening of banks showed some increase. raised from 2}i to 3K percent, and on March 4 Wholesale prices.—Wholesale commodity there was a similar increase at the Federal prices declined somewhat further in February. Reserve Bank of Chicago. The New York In the early part of March the commodity reserve bank's buying rate on bills was raised exchanges were closed; when they reopened on by successive steps from one half of 1 percent March 15 and 16, prices of grains, cotton, silk, on February 26, for bills of the shorter maturnonferrous metals, hides, and sugar were sub- ities, to 3% percent on March 3. On March 13 stantially above those prevailing at the begin- the rate for these maturities was raised to ning of the month; subsequently prices of 3K percent; subsequently the rate was reduced many of these commodities declined somewhat. and on March 22 was 2 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 FEDERAL RESERVE BULLETIN APRIL 1933 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS.Of DOLLARS 7000 7000 6000 6000 MEMBER BANK RESERVE BALANCES 2000 1000 100O 1928 1929 1930 1931 1932 1933 Based on weekly averages of daily figures; latest figures are for week ending April 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 221 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 U e o n n v i t e t e r s n d e - - r O e b s a t e h n r e k v r e Total ta M s ry to o g c n k o e l - d T c a u d re r ju r a e s s n t u e c r d y y i M n l a c o ti i n o rc e n u y - M re b e s a m e n r b k v e e r d m e N e p m o o s n b i - e ts r , p c U e a n n p d e it x e a d - l curities credit balances etc. funds 1932—January 828 221 759 1,865 4,452 1,773 5,645 1,979 113 353 February. 848 151 743 1,785 4,384 1,787 5,627 1,907 73 349 March _ 714 105 809 1,652 4,372 1,792 5,531 1,899 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 40 360 December 282 34 1,854 2,192 4,429 1,915 2,435 43 1933—January 255 1,806 2,110 4,647 1,901 5,631 2,516 351 February.- 307 102 1,804 2,224 4,491 1,891 5,892 2,291 79 344 March 994 379 1,875 3,233 4,260 1,897 1,914 134 344 Week ending (Saturday)— 1932—Nov. 5 327 34 1,851 2,229 4,265 1,900 5,632 2,369 357 Nov. 12 314 34 1,851 2,211 4,272 1,917 5,657 2,344 359 Nov. 19 310 34 1,851 2,210 4,284 1,926 5,642 2,385 359 Nov. 26 309 35 1,851 2,205 4,314 1,922 5,635 2,402 359 Dec. 3 311 35 1,851 2,208 4,336 1,915 5,654 2,399 357 Dec. 10 302 34 1,851 2,202 4,352 1,916 5,682 357 Dec. 17 280 34 1,859 2,195 4,411 1,937 5,683 2,457 360 Dec. 24 271 33 1,854 2,189 4,487 1,906 5,734 2,444 362 Dec. 31 263 33 1,852 2,171 4,503 1,902 5,704 2,471 360 1933—Jan. 7 245 33 1,853 2,153 4,526 1,902 5,669 2,513 352 Jan. 14 249 32 1,829 2,127 4,548 1,905 5,616 2,563 353 Jan. 21 251 32 1,793 2,091 4,558 1,908 5,616 2,526 351 Jan. 28 267 31 1,770 2,080 4,554 1,897 5 620 2 487 350 Feb. 4 269 31 1,763 2,074 4,549 1,886 5,664 2,426 350 Feb. 11. _. 256 31 1,775 2,078 4,530 1,892 5,717 346 Feb. 18 283 45 1,809 2,155 4,505 1,871 5,850 2,256 343 Feb. 25. 335 181 1,833 2,357 4,450 1,892 6,032 2,235 342 Mar. 4 847 361 1,848 0) 3,056 4,333 1,922 6,805 2,065 345 Mar. 11.._ 1,421 417 1,876 3,661 4,244 1,922 7,532 1,803 143 349 Mar. 18 1,184 400 1,907 3,476 4,251 1,920 7,260 1,898 140 349 Mar. 25._. 356 1,882 2,931 4,263 1,871 6,643 1,952 129 341 End of month series Wednesday series 1932 1933 1933 Oct. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Mar. Mar. Mar. Mar. 31 30 31 28 31 21 15 22 29 Bills discounted 328 235 274 582 426 Bills discounted 327 712 1,4141,232 671 545 Bills bought 34 35 33 31 336 305 Bills bought 174 384 417 403 352 310 United States Government se- United States Government securities.- — 1,851 1,851 1,855 1,763 curities 1,834 1,836 1,881 1,864 1,838 Other reserve bank credit 14 22 10 Other reserve bank credit 16 -68 -1 -6 Total reserve bank credit... 2,2272,2022,1452,077 2,794 2,572 Total reserve bank credit 2,351 2,936 3,6443,5252,887 2,688 Monetary gold stock 4,2644,3404,513 4,553 4,379*4,279 Monetary gold stock 4,4604,344 4,2434,251 4,264 4,272 Treasury currency adjusted 1,909 1,925 1,923 1,872 1,939*1,887 Treasury currency adjusted 1,878 1,915 1,913 1,938 1,841 1,859 Money in circulation 5,6285,6485,6755,645 6,546 6, 319 Money in circulation 5,9886,7207,538 6,353 Member bank reserve balances. 2,3832,411 2,5092,446 2,141 1,949 Member bank reserve balances- 2,271 2,038 1,776 1,964 1,918 1,987 Nonmember deposits, etc 31 50 43 64 80 143 Unexpended capital funds, non- Unexpended capital funds 358 357 354 346 346 327 member bank deposits, etc.... 431 486 481 478 i Less thanl$500,000. v Preliminary* Back figures.—See Annual Report for 1931 (tables 1-5)* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 FEDERAL RESERVE BULLETIN APRIL 1933 RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars] Mar. 31, 1933 Feb. 28, 1933 Mar. 31, 1932 RESOURCES Gold with Federal reserve agents 2, 577,825 2,225,068 2,211,147 Gold redemption fund with United States Treasury 81,199 74, 233 44, 565 Gold held exclusively against Federal reserve notes... 2,659,024 2,299, 301 2,255,712 Gold settlement fund with Federal Reserve Board 230,002 379, 251 276, 289 Gold and gold certificates held by banks 361,375 273,198 487, 702 Total gold reserves 3,250,401 2, 951,750 3,019, 703 Reserves other than gold 204, 275 174,636 215,461 Total reserves 3, 454, 676 3,126,386 3, 235,164 N R o ed n e re m se p r t v io e n c f a u s n h d —FTederal reserve bank notes _. 114 1 , , 1 2 0 4 0 7 67,872 77,805 Bills discounted: For member banks . __ 425,036 581,605 632, 366 For intermediate credit banks .__ 35 5,916 For nonmember banks, etc ""I," 436 794 268 Total bills discounted. 426, 472 582,434 638, 550 Bills bought: Payable in dollars: B ought outright 277,974 294,592 31,843 Under resale agreement... 2,021 12,429 4,936 Payable in foreign currencies. 24,788 28, 997 30, 778 Total bills bought 304,783 336,018 67, 557 United States securities: Bought outright 1,836, 377 860,070 Under resale agreement 1,925 30,000 11, 562 Total United States securities 1,838, 341 1,866,377 871, 632 Other reserve bank credit: Federal intermediate credit bank debentures _ 200 Municipal warrants 4,953 4,552 7,646 Due from foreign banks 3,618 3,515 6,645 Reserve bank float (uncollected items in excess of deferred availability items] i 6, 230 1,598 4,611 Total reserve bank credit outstanding _ 2, 571,937 2,794,494 1,596,841 Federal reserve notes of other reserve banks 29,005 10,889 15, 792 Uncollected items not included in float _ 312,690 357,056 349,448 Bank premises 54,037 53,962 57,853 All other resources _ 71,952 53, 709 36,199 Total resources.. 6,609, 644 6, 464, 368 5,369,102 LIABILITIES Federal reserve notes: Held by other Federal reserve banks _ _ 29,005 10,889 15, 792 Outside Federal reserve banks _ 3,666, 718 3,406,430 2,547,694 Total notes in circulation 3, 695, 723 3,417,319 2,563,486 Federal reserve bank notes in actual circulation __ 14, 567 Deposits: Member bank—reserve account 1,949,107 2,140,924 1,923,533 Government 41,126 14,919 29,546 Foreign bank _ 16,384 40,125 30,630 Special deposits: Member bank 65,489 Nonmember bank 16,133 Other deposits _.- _ 44,724 40, 213 28,397 Total deposits _ 2,132,963 2, 236,181 2,012,106 Deferred availability items 312, 690 357,056 349,448 Capital paid in 149,595 150,309 155,623 Surplus _ 278, 599 278, 599 259,421 All other liabilities 25, 507 24,904 29,018 Total liabilities 6, 609, 644 6,464, 368 5, 369,102 Contingent liability on bills purchased for foreign correspondents 45,305 29,984 335,432 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal reserve banks by Federal reserve agents 4, 035, 766 3, 678,832 2,816,584 Collateral held by agents as security for notes issued to bank: Gold _ 2, 577,825 2, 225, 068 2, 211,147 Eligible paper 598,813 855,908 667,000 United States Government securities 884,700 611,600 Total collateral— __.. 4,061,338 3,692, 576 2,878,147 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal reserve banks (outstanding). 21,049 Collateral pledged against outstanding notes: Discounted and purchased bills.__ 5,258 United States Government securities. 25, 249 Total collateral. 30,507 1 Excess of deferred availbility items over uncollected items. Back figures.—See Annual Report for 1931 (table 11), 1930 (table 10), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 223 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 Gold stock Month m at o o e n f n th d I i n n d c u s r r t e i o n a c g s k e N im et p g o o rt ld fr N o l m e e t a s r e e e a - r- d D ti u c o c m p ti r e o o s n - - , From or to— (pre M lim ar i c n h ary) February F Ja e n b u ru a a ry ry month mark i etc.* Im- Ex- Im- Ex- Im- Ex- 1929—October 4,386 14.4 17.5 -4.5 1.4 ports ports ports ports ports ports November 4,367 -19.2 -23.2 1.0 3.0 December 4,284 -82.9 -64.4 -22.0 3.5 Belgium . 600 600 Total (12 mos.)_. 142.5 175.1 -55.4 22.8 England 8,900 4,939 11, 628 55,193 11, 634 France 4,213 75 3,784 29,565 3,784 1930—January - 4,291 6.8 4.0 0.5 2.3 Germany 4 1,550 1,071 1,550 February 4, 353 61.9 60.0 0.0 1.9 Netherlands - 5,883 4,223 3,421 19, 347 3,421 March 4,423 70.2 55.5 15.0 -0.3 Portugal 602 April 4,491 68.5 65.7 0.5 2.3 Switzerland 731 1,614 1 614 May 4,517 25.9 23.5 2.0 0.5 Canada 8,178 4,211 5 9,493 14 June . 4,535 17.6 13.9 2.0 1.7 Central America 164 294 July 4,517 -18.4 -19.6 -3.0 4.3 Mexico 544 1,178 August „« 4,501 -15.5 -19.6 0.0 4.2 Argentina. 15 15 September 4,511 10.2 2.5 4.0 3.7 Colombia 35 87 October - - 4,535 23.3 26.4 -6.1 3. 1 Ecuador 113 November 4,571 36.8 35, 2 -2.1 3.8 Peru 165 148 212 December 4,593 22.1 32.7 -15.2 4.5 Uruguay Venezuela 120 259 Total (12 mos.) „ 309.6 280.1 -2.4 31.9 Australia..- 510 777 1,459 British India 3,366 9,446 24, 639 1931—January 4,643 4974 34.4 11.9 3.1 China and Hong February „. „» 4,665 22.0 16.1 2.5 3.3 Kong 2,228 3,700 9,312 March 4,697 32.0 25.6 3.0 3.3 Dutch East Indies 297 417 April 4,726 28.7 49.5 -7.5 -13.3 Japan 3,729 May 4.798 72.4 49.6 4.0 18.8 Philippine Islands 276 809 June 4,956 158.0 63.8 92.3 1.9 All other countries 2- 562 317, 213 1,439 3 1,685 3 July 4.949 -6.6 19.5 -29.7 3.6 August 4,995 45.7 57.5 -16.0 4.2 Total * 15, 009« 37, 542 30, 397 112, 621 158,861 112,636 September 4,741 -254,3 20.6 -279.1 4.2 October 4,292 -448. 4 -337. 7 -107.6 -3.1 November „ 4,414 122.0 89.4 28.3 4.2 1 Differs from Department of Commerce figure since $8,900,000 de- December 4,460 45.8 56.9 -22.9 11.9 clared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until Mar. 1. Total (12 mos.).. -133.4 145.3 -320. 8 42.1 2 Includes all movements of unreported origin or destination. 3 $17,054 exported to Italy. 1932—January 4,416 -44.2 -73.0 25.4 3.4 * At New York—imports, $4,093,000, exports, $37,542,000. Elsewhere, February 4. 354 -62.3 -90.6 26.4 1.9 imports, $10,916,000. March 4,390 36.0 -24.7 58.3 2.4 April 4,367 -23. 1 -30.2 4.0 3.2 May 4,152 -214.1 -195. 5 -22.1 3.6 June 3,919 -233. 9 -206.0 -28.8 0.9 July 3,977 58-0 -3.4 56.2 5.2 KINDS OF MONEY IN CIRCULATION August 4.088 111.7 6.1 100.5 5.1 September 4,193 104.8 27.9 72.3 4.6 October 4,264 70.8 20. 6 45.8 4.5 [Money outside Treasury and Federal reserve banks. In millions of November 4,340 75.6 21.7 48.6 5.3 dollars] December 4,513 173.5 100.9 •71.0 1.6 Total (12 mos.). . 52.9 -446.2 457.5 41.6 1933 1932 1933—Januarv 4,553 40.0 128.5 3 -91.5 3.0 Kind of money * February _ 4,380 -173. 4 «17.8 -178. 3 -12.9 Mar. 31 * Feb. 28 Mar. 31 March v 4,279 -100.9 -22.5 -100.1 21.8 Total (3 mos) -234.3 •123.7 -369. 9 11.9 Gold coin . » 367 571 404 Gold certificates 393 649 779 Federal reserve notes 3,621 3,405 2,546 1 Gold released from earmark at Federal reserve banks less gold placed under earmark. Treasury currency: 2 This figure, derived from preceding columns, represents the excess of Standard silver dollars 28 28 31 domestic production over nonmonetary consumption of gold—chiefly Silver certificates 376 362 355 consumption in the arts. In any given month, however, it may be pre- Treasury notes of 1890 ' 1 1 1 dominantly affected by the fact that on the final day of the month (a) Subsidiary silver 258 252 259 gold bullion or foreign gold coin recently imported may not yet have Minor coin - . 112 111 114 reached a reserve bank or the Treasury, and (b) gold bullion recently United States notes 266 301 274 withdrawn from stock for export may not yet have been actually ex- Federal reserve bank notes 17 3 3 ported. The figures are subject to certain unavoidable inaccuracies National bank notes 879 861 693 in official reports of gold imports and exports. 1 Allowance has been made for gold earmarked at the Bank of England Total Treasury currency 1,937 1,919 1,730 for account of the Federal Reserve Bank of New York * Differs from Department of Commerce figure since $8,900,000 de- Total money in circulation 6,319 6,545 5,459 clared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until Mar. 1. p Preliminary. v Preliminary figures Backfigures.—See Annual Reports for 1931 (table 35), 1930 (table 32), Back figures.—See Annual Report for 1931 (table 30). and 1927 (table 22). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 FEDERAL RESERVE BULLETIN APRIL 1933 MEMBER BANE RESERVE BALANCES [In millions of dollars] Averages of daily figures Reserves held Excess reserves Month or week T m o b t e a a m l n — k b s e a r ll Ne C w i t Y yi ork r O e c s i t t e h i r e e v s r e "C b o a u n n k t s ry' T m o b t e a a m l n — k b s e a r ll Ne C w i t Y yi ork r O e c s i t t e h i r e e v s r e C b o a u n n k t s ry" 1931—November 2,118 774 832 512 57.0 10.7 19.4 26.9 December 2,069 766 807 503 59.5 18.5 16.9 30.9 1932—January 1,979 724 767 488 35.4 4.5 1.8 29.2 February 1,907 681 753 473 43.8 7.2 11.3 25.3 March 1,899 687 747 465 59.0 17.8 17.3 23.8 April 1,996 780 749 466 152.1 88.1 35.7 28.3 May 2,138 874 800 464 277.1 155.1 91.5 30.5 June 2,062 783 819 459 234.4 89.4 111.4 33.6 July 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 1933—January 2,516 1,109 965 442 583.8 286.2 254.2 I 43.4 February-.. 2,291 860 441 417,3 74.5 291.0 51.8 Week ending (Friday)— Jan. 6 2,508 1,121 934 453 8 308.7 219.1 Jan. 13 2,559 1,171 946 442 350.1 236.4 Jan. 20 2,536 1,141 950 445 311.8 238.1 Jan. 27 2,491 1,057 997 436 (2) 232.9 288.4 Feb. 3 2,438 997 1,007 435 173.7 298.8 Feb. 10 2,377 931 1,006 440 123.2 303.5 Feb. 17 2,275 855 984 436 60.8 281.9 Feb. 24 2,233 801 987 444 36.6 294.5 1 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 k r em l s - - C Y N i o e t r w y k i r O e c s i t t e h i r e e v s r e " b t C a r n o y k u " s n-a T l b l o a b m n t e a k r em l s - - C Y N i o e ty r w k » r O e c s i t t e h i r e e v s r e " b C t a r o n y u k " n s - a T l b l o a b m n t e a e r k m l s - - C Y N i o e t r w y k i r O e c s i t t e h i r e e v s r e 'Coun- 1931—November. 28,218 6,612 11,350 10,256 16,358 5,653 6,273 4,432 11,860 959 5,076 5,825 December. 27,438 6,414 11,048 9,976 15,985 5,546 6,106 11,453 4,942 5,643 1932—January... 26,592 6,165 10,706 9,720 15,447 5,343 . 5,921 4,183 11,145 822 4,786 5,537 February.. 25,715 5,797 10,413 9,505 14,789 5,001 5,723 4,064 10,926 796 4,690 5,440 March.... 25,431 5,760 10,291 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 9,226 14,679 5,342 5,425 3,911 10,787 816 4,656 5,315 June 25,075 5,957 10,032 9,087 14,413 5,154 5,433 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 9,833 8,827 14,141 5,217 5,283 3,641 10,603 867 4,550 5,186 September 24,973 6,308 9,853 8,811 14,408 5,440 5,316 3,652 10,565 869 4,538 5,159 October- 25,292 6,559 9,939 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 1933—January- 25,641 7,050 10,023 8,568 15,116 6,109 5,470 3,537 10,525 941 4,553 5,031 February. 24,978 6,722 9,847 8,409 14,645 5,842 3,435 10,333 880 4,479 4,974 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

225 APEIL 1933 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES—LOANS AND INVESTMENTS [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] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Date Invest- Invest- Total Loans Total Loans ments ments Invest- Invest- Total Loans ments Total Loans ments 1928—June 30. 57.265 39,464 17,801 35,061 24,303 10,758 9,242 5,518 3,723 12,962 9,643 3,320 Oct. 3— 57,219 39,671 17,549 34,929 24,325 10,604 i 9,242 i 5,518 i 3,723 12,049 9,828 3,222 Dec. 31. 58.266 40,763 17,504 35,684 25,155 10,529 9,390 5,694 3,696 13,192 9,913 3,279 1929—Mar. 27. 58,019 40, 557 17,462 35,393 24,945 10,448 19,390 i 5,694 i 3,696 13,236 9,918 3,317 June 29. 58,474 41,512 16,962 35,711 25,658 10,052 9,556 5,892 3,664 13.207 9,961 3,246 Oct. 4... 58,835 42,201 16,634 35,914 26,165 9,749 i 9,556 i 5,892 i 3, 664 13,366 10,144 3,221 Dec. 31. 58,417 41,898 16,519 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,803 3,217 1930—Mar. 27. 57,386 16,700 35,056 25,119 9,937 i 9,463 15,945 i 3,518 12,868 9,623 3,245 June 30. 58,108 40,618 17,490 35,656 25, 214 10,442 9,747 6,009 3,739 12,706 9,395 3,309 Sept. 24. 57, 590 39,715 17,875 35,472 24,738 10, 734 1 9,747 1 6,009 i 3, 739 12,371 8,968 3,402 Dec. 31. 56, 209 38,135 18,074 34,860 23,870 10,989 3,920 11,362 8,196 3,165 1931—Mar. 25. 55,924 36,813 19, 111 34,729 22,840 11,889 19,987 i 3,920 11.208 7,906 3,302 June 30. 55,021 35,384 19,637 33,923 21,816 12,106 10,506 6,169 4,337 10, 593 7,399 3,194 Sept. 29. 53,365 33,750 19, 615 33,073 20,874 12,199 i 10,506 i 6,169 i 4, 337 9,786 6,707 3,079 Dec. 31. 49, 704 31,305 18,399 30, 575 19,261 11, 314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30. 46,071 27,834 18,237 28,001 16,587 11,414 10, 316 6,130 4,186 7,755 5,117 2,637 Sept. 30. 45,852 26,985 18,867 28,045 15,924 12,121 1 10,316 i 6,130 i 4,186 7,491 4,931 2,560 Dec. 31. 44,946 26,063 18,883 27,469 15, 204 12,265 10,182 6,079 4,103 7,295 4,780 2,515 1 Figures of preceding call carried forward. ALL BANKS IN THE UNITED STATES—DEPOS- NUMBER OF BANKS ITS, EXCLUSIVE OF INTERBANK DEPOSITS [All banks in the United States; includes national banks, State com- [In millions of dollars. Includes national banks, State commercial mercial banks and trust companies, mutual and stock savings banks, banks and trust companies, mutual and stock savings banks, and all and all private banks under State supervision] private banks under State supervision] Nonmember Nonmember banks Member banks banks Member Date All banks banks Mutual Other Date Total Mu- Other s b a a v n i k n s g jb n e o r n b m a e n m ks - Total ti N on a- al State t s in u a g a v s l - m n b o e e m n r - banks banks 1928—June 30- 53, 398 32,133 12,612 Oct. 3__- 53, 720 32,138 i 8,653 12,929 Dec. 31.- 56, 766 34,826 8,849 13,091 1928—June 30— 25,941 7,685 1,244 615 16,397 Oct. 3 25,828 7,670 1,226 i 615 16,317 1929—Mar. 27.. 54,545 33, 215 12,481 Dec. 31— 25,576 8,837 7,629 1,208 612 16,127 June 29.. 53,852 32,284 8,983 12, 584 Oct. 4_._ 55,180 33,004 i 8983 13,193 1929—Mar. 27... 25,341 8,755 7,569 1,186 i 612 15,974 Dec. 31._ 55, 289 33,865 8,916 12, 507 June 29— 25,110 8,707 7,530 1,177 611 15,792 Oct. 4 24,951 8,616 7,468 1,148 i 611 15,724 1930—Mar. 27- 53,185 32,082 1 8,916 12,187 Dec. 31— 24,630 8,522 7,403 1,119 15,499 June 30_. 54,954 33, 690 9,197 12,067 Sept. 24. 52,784 31,839 i 9,197 11, 748 1930—Mar. 27... 24,223 8,406 7,311 1,095 15,208 Dec. 31._ 53,039 32, 560 9,507 10,972 June 30— 23,852 8,315 7,247 1,068 606 14,931 Sept. 24... 23, 590 8,246 7,192 1,054 1606 14,738 1931—Mar. 25 ! 51,427 31,153 1 9, 507 10,767 Dec. 31—. 22, 769 8,052 7,033 1,019 603 14,114 June 30 51,782 31, 566 10,017 10,199 Sept. 29 49,152 29,469 i 10,017 9,666 1931—Mar. 25... 22,372 7,928 6,930 1603 13,841 Dec. 31 45,821 27,432 10,105 8,284 June 30—. 21,903 7,782 6,800 600 13,521 Sept. 29... 21,294 7,599 6,653 946 1600 13,095 1932—June 30.. 41,963 24, 755 10, 020 7,188 Dec. 31— 19,966 7,246 6,368 878 597 12,123 Sept. 30. r 41,942 24,903 i 10,020 7,020 Dec. 31.. 41, 643 24,803 10,022 6,818 1932—June 30__. 19,046 6,145 835 594 11,472 Sept. 30... 18,794 6,904 6,080 824 1594 11,296 Dec. 31— 18,390 6,816 6,011 805 594 10,980 Revised. 1 Figures of preceding call carried forward. 1 Figures of preceding call carried forward. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 FEDERAL RESERVE BULLETIN APRIL 1935 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 Othe c r it l i e e a s ding Loans and investments Loans and investments Bor- Bor- Total Bor- Montn or date Investments row- Investments row- loans row- Total c L o u n o ri a t s n i e e s - s o lo A th a l n e l r s Total c U u . r S it . i s e e s - b F i a n a . n g R t k s . s Total c L o u n o ri a t s n i e e s - s o lo A th a l n e l r s Total c U u . r S it . i s e e s - b F i a n a . n g R t k s . s a m n v d e es n t i t n - s - b F i a n a . n R g t k s . s 1932—January 20,178 5,644 7,331 7,203 3,943 469 6,921 2,209 2,220 2,492 1,631 34 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 23 13,130 461 March 19,434 5,388 6,987 7,059 3,866 368 6,521 2,065 2,078 2,378 1,547 3 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 6,609 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 m October 19,026 4,437 6,168 8,421 5,140 103 6,914 1,636 1,797 3,481 2,447 12,112 November 18,987 4,280 6,120 8,587 5,279 99 7,059 1,573 1,856 3,630 2,556 11,928 103 December 18,840 4,319 6,021 8,500 5,220 75 7,047 1,619 1.841 3,587 2,513 11. 793 99 75 1933—January 18,665 4,223 5,903 8, 539 5, 200 63 7,077 1,571 1,839 3,667 2,575 11, 588 63 February.. 18,532 4,217 5,819 8,496 5,205 95 7,046 1,621 1,797 3,628 2,537 11,486 95 March 6,477 1,633 1,492 3,352 2,234 306 1932—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 89 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 5.982 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 Feb.1 18, 725 4,259 5,907 8,559 5,253 81 7,222 1,643 1,878 3,701 2,600 11,503 81 Feb 8 18,573 4,204 5,824 8,545 5,248 70 7,073 1,606 1, 799 3,668 2,572 11,500 70 Feb 15 18, 571 4,206 5,877 8,488 5,206 100 7,078 1,614 1,858 3,606 2,522 11,493 100 Feb. 21 18, 257 4,199 5,666 8,392 5,115 130 6,809 1,621 1,653 3,535 2,452 11,448 130 Mar. 1 17, 823 4,234 5,393 8,196 4,908 488 6,512 1,640 1,439 3,433 2,338 183 11,311 305 Mar 8 6,412 1,668 1,453 3,291 2,186 632 Mar. 15 6,523 1,674 1,483 3,366 2,253 483 Mar 22 6,484 1,626 1,525 3,333 2,210 147 Mar. 29 6,457 1, 555 1,563 3,339 2,185 84 NOTE.—Complete figures for dates subsequent to March 1 for reporting member banks outside of New York City are not available. Back figures.—See Annual Reports for 1931 (tables 58-60) and 1930 (tables 52-54). BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N. Y. CITY [Net borrowings on demand and on time. In millions of dollars] [In millions of dollars. Monthly data are averages of weekly figures] For ac- From New From private For count of For ac- Total York banks banks, brokers, Month or date Total own ac- out-of- count of and trust com- foreign banking count town others End of month panies agencies, etc. banksl 1932—March 531 432 94 5 1932 1933 1932 1933 1032 1933 April 500 423 70 7 May . . 436 385 44 7 June 377 342 29 6 January 512 359 374 270 138 90 July - . 335 309 18 8 February 525 360 385 298 140 62 August . . _ 344 319 17 8 March 533 311 391 247 142 64 September 409 385 19 5 October .- 411 389 16 Q April . 379 300 79 November . 354 336 12 6 May . 300 243 57 December 393 377 12 4 June 244 194 49 1933—January 380 365 11 4 February . . 433 416 10 7 July 242 195 47 March,. 398 373 18 7 A Se u p g t u e s m t ber _ . . 3 3 3 8 2 0 2 2 4 9 8 2 8 8 5 8 M M a a r r . . 8 1 . . _ . 4 4 1 1 8 3 3 3 9 9 8 5 1 9 1 1 7 1 N O o ct v o e b m er ber 3 3 2 3 5 8 2 2 6 78 3 6 6 1 1 M M a a r r . . 2 1 2 5 3 3 8 9 8 8 3 3 6 6 6 7 2 1 6 5 7 5 DftnftTTibftr 347 279 68 Mar. 29 . 371 336 31 4 ' Member and nonmember banks outside New York City (domestic Back figures.—See Annual Reports for 1931 (table 63) and 1927 banks only). (table 47). Back figures—See Annual Report for 1933 (table 62), 1930 (table 56), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 227 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 United stored BasedBased States in Total For Held on on ex- (ware- Dollar foreign End of month out- ac- by End of month Total ports house ex- counst i a n n g d- o F a w c o - n r o c e o f i u g fo n n r t - Total O bi w ll n s bo B u il g ls ht others i T n T t Q o f U ro .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 - o ed r count corre- between tween spond- domestic foreign ents points points 1930—November- 1,571 143 429 493 180 313 507 OUTSTANDING December.. 1,556 328 439 371 90 282 417 1932—February 919 142 195 271 26 284 1931—January 1,520 89 447 571 134 437 412 March 911 129 205 287 23 287 February._ 1,520 85 456 550 151 398 429 April 879 118 199 251 17 294 March 1,467 123 431 472 131 341 440 May 787 103 184 217 15 269 April.. 1,422 162 409 410 125 285 441 June 747 97 173 193 13 271 May 1,413 124 380 464 171 293 444 July 705 85 162 178 15 265 June „ 1,368 95 341 554 196 357 379 August. 681 76 152 192 11 250 July.... 1,228 39 243 668 232 436 278 September . 683 73 156 212 8 234 August 1,090 70 228 606 168 438 186 October 699 81 157 222 6 231 September-. 996 420 100 410 162 248 67 November 720 81 161 237 9 232 October 1,040 647 99 230 112 118 63 December 710 79 164 230 10 228 November.. 1,002 418 126 296 125 171 161 December.. 974 305 251 262 131 131 156 1933—January 707 71 166 222 11 237 February 704 71 174 219 9 231 1932—January 961 119 314 332 159 174 195 February... 919 76 312 343 175 168 189 HELD BY F.R. BANKS March 911 36 335 377 155 222 163 (OWN ACCOUNT) I April 879 16 292 455 188 268 115 May . 787 4 183 510 225 286 90 1932—February _. 76 9 12 27 1 25 June 747 36 98 518 200 318 96 March 36 4 6 12 1 13 July 705 12 59 563 197 366 70 April. .. 16 2 2 6 1 5 A Se u p g t u e s m t ber- 6 6 8 8 1 3 3 2 4 4 9 3 5 5 7 7 4 3 1 15 9 6 8 3 41 7 4 6 5 6 5 4 J M u a n y e. . 36 5 (2) 4 (*) 6 1 3 9 1 1 (2) 5 October 699 3 39 605 199 406 52 July 12 1 1 5 1 4 November.. 720 4 32 655 268 386 28 August. 3 (2) 1 1 2 December.. 710 4 40 604 224 380 62 September.. 2 0) 1 1 1 October . . 3 (2) 2 1 1 1933—January 707 2 41 626 256 370 38 November.. 4 (A 3 (») 1 February. __ 704 307 30 325 201 124 42 December 4 (2) 2 1 March 280 45 1933—January 2 (2) (2) 1 1 February 307 31 58 105 107 Figures for acceptances outstanding (and held by accepting banks) 5 from American Acceptance Council. 1 Total holdings of Federal reserve banks include a small amount of Back figures—See Annual Reports for 1931 (table 70), 1930 (table 64). unclassified acceptances, 1929 (table 58), and 1928 (table 61). 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 FEDERAL RESERVE BANKS COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] [In millions of dollars] i End of month 1930 1931 1932 1933 End of month 1930 1931 1932 1933 January ... 1,035 36,119 33,444 29,036 January... 404 327 108 85 February.. 1,038 23,958 33,478 28,997 February. 457 315 10* 84 March 1,040 1,063 30, 778 24,788 March 529 311 106 April 1,054 1,074 30, 736 April 553 307 108 May 1,058 1,073 30, 837 May 541 305 111 June 1,064 10,551 30, 7G2 June- 527 292 103 July 1,065 34, 371 30, 645 July— 528 289 100 August 1,071 145, 215 30,834 August 526 271 108 September 1,075 48,804 30,849 September. 513 248 110 October... 21,583 33, 501 30,659 October 485 210 113 November. 31,587 30, 652 November. 448 174 110 December. 33,429 29,489 December.. 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 (table 12), 1926 (table 24), etc. 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 FEDERAL RESERVE BULLETIN APRIL 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— Average rate Average yield Federal reserve bank e R ff a e t c e t i o n n Da l t i e s h e e s d tab- Pre ra v t i e ous Apr. 7 Call loans» U.S. B N Ph o e i w s l t a o d n Y e o lp rk h . i 1 . a . . . . . . . . 3 3 H O A O c c p t t r . . . 2 1 7 2 7 , , , 1 1 1 9 9 9 3 3 3 3 1 1 3 Month or week m m p P 4 c o e a r o t r p n i 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 c i r n e m s 0 e k p ' s e - t , - d l T o a i a 9 y m n 0 s s e 8 , New ne R w e- al c T n e a u r o r e n r t t y i a d e f s s i - - b T o u r n e r d y a s s « - Cleveland Oct. 24.1931 3 days 3 to 6 Richmond Jan. 25.1932 4 months Atlanta Nov. 14,1931 3 Chicago Mar. 4,1933 2H 1932 St. Louis 3H Oct. 22,1931 2H February 2.50 2.50 2.42 4.11 Minneapolis.. Sept. 12.1930 4 March 2H-2H 2.50 2.50 «2.25 3.92 Kansas City... Oct. 23.1931 3 April 2 -3 2.50 2.50 1.11 3.74 Dallas Jan. 28.1932 4 May 1H-2 2.50 2.50 .31 3.77 San Francisco. Oct. 21,1931 June H 2.50 2.50 «.34 3.78 July X 2.08 2.08 .22 3.65 Back figures.—See Annual Report for 1931 (table 36). August 2 - H 2.00 2.00 .14 3.57 September 2 -2X X 2.00 2.00 3.64 BUYING RATES ON ACCEPTANCES October H-X 1.35 1.35 3.54 [Buying rates at the Federal Reserve Bank of New York] November H 1.00 1.00 3.55 December m-m H 1.00 1.00 «.O4 3.48 Rate in Maturity effect on Date estab- Previous 1933 Apr. 7 lished rate i January y* 1.00 1.00 .07 February X-H 1.00 1.00 .01 3.47 March 3.27 3.32 *1.34 3.58 1-15 days.... Mar. 22,1933 2H Week ending- 16-30 days... do 2H Mar. 4 2.06 1.80 .52 3.72 31-45 days... do 2H Mar. 11*. 46-60 days... do 2H Mar. 18 3H-5 4.31 4.75 *1.40 3.53 61-90 days... do 2tt Mar. 25 2H-3 3.00 3.10 1.38 3.55 91-120 days.. do 2% 121-180 days. ..do 3 i Stock exchange call loans; new and renewal rates. > Stock exchange 90-day time loans. i For changes during March, see p. 218. • 3 issues—3^, 3%, 4 percent; yields calculated on basis of last redemption dates—1947, 1956, and 1954. NOTE.—Rates on prime bankers' acceptances. Higher rates may be « Change of insues on which yield is computed. charged for other classes of bills. * Bank holiday. Back figures.—See Annual Reports for 1931 (table 37) and 1928 (table Back figures—See Annual Report for 1931 (tables 39 and 40), 1930 35). (tables 36 and 37), 1929 (tables 35 and 36), etc. RATES CHARGED CUSTOMERS BY BANES 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 6.87 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. n 4.11 5.86 5.66 4.63 5.13 4.84 5.96 6.05 5.43 5.61 5.66 March 5.81 5.22 4.20 4.72 4.88 5.91 5.47 4.62 6.14 5.39 6.04 5.98 5.40 5.64 5.66 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 S O e c p to te b m er ber 6 6 . . 0 0 6 8 4 4. . 2 2 6 9 3 4 . . 9 2 3 7 9 4 4 . . 3 3 5 0 6 6. 2 2 5 4 4 4 .7 7 5 4 4 4 .6 4 2 8 4 5 9 0 6 3 6 6 2 2 9 7 5 5 5 6 4 5 5 5 3 3 8 2 5 5 5 6 6 3 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 6.56 5.60 NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given in preceding table). All averages are based on rates reported for 3 types of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (6) the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to the importance of that city in the group, as measured by the loans of all banks in the city. Back figures.—See Annual Report for 1931 (table 42). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 229 SECURITY PRICES AND SECURITY ISSUES SECURITY PRICES flndex 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 stocks1 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 e B m q i u n e u i g n i l p t d - - C st h o a r i e n C i h c e a m l - b C a p r o n a e p d s r - s e m t E r q i l e u e c n i c a p t - l - c M e h r i a y n - - Oil Steel T ti e l x e - Number of Issues 60 20 421 351 33 37 13 12 16 11 8 4 10 15 10 28 1932—January 81.0 96.5 58 54 37 94 64 31 57 80 36 85 48 43 32 31 February 80.3 96.3 56 53 34 93 60 30 56 79 32 77 47 42 32 31 March 80.8 96.2 57 54 32 93 55 29 58 85 30 77 47 45 32 31 April 79.4 94.2 44 42 22 73 34 22 49 61 22 57 37 38 23 26 May 75.2 90.3 40 38 17 68 30 20 42 52 20 52 33 39 20 23 June 72.2 83.6 34 34 14 55 26 18 35 48 17 40 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 February 82.5 95.7 45 42 27 73 38 23 43 74 28 54 39 42 24 25 March 76.8 93.1 43 42 26 67 34 22 40 72 29 52 37 41 23 24 Mar 1 76.4 92.4 41 39 24~ 67 32 20 3T &r 25 48 36 39 20 23 Mar 8* Mar. 15 77.3 93.9 48 46 28 74 40 24 43 81 35 59 41 43 27 25 Mar. 22 78.4 93.8 43 43 26 64 35 24 40 72 28 54 37 41 24 25 Mar. 29 76.5 93.6 43 42 26 62 34 23 40 72 29 53 37 41 23 25 1 Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. 120 high-grade industrials; average price. Back figures.—See (for principal series) Annual Report for 1931 (table 129). * Markets closed. CAPITAL ISSUES UNITED STATES GOVERNMENT SECURITIES [Long-term; i. e.f 1 year or more. In millions of dollarsj [In millions of dollars] New issues Re- Outstanding at end Increase or decrease fund- of month (—) during month Total Domestic ing Yearfcand month m e a ( f i e d o g n s o r n d t - - i ) c t T a o n - S n m a t i n a c u d i t - - e B a o C n n d o d r s po S ra to te cks e F i o g r n - m is a f ( s o d e n u o r s d - e - ti s c 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 if s pal notes eign) 1926 6,201 5,125 1,352 2,452 1,153 1,076 925 1931 1926 6,314 5,189 1,344 2,667 1,087 1,126 1,046 December- 17,528 15,092 2,436 488 137 351 1927 7,556 6,219 1,475 3,183 1,474 1,337 2,220 1928 8,040 6,789 1,379 2,385 2,961 1,251 1,858 Total (12 months). 1,754 638 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 1,235 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 1932—February— 73 73 35 35 4 0 21 April 18,287 15.103 3,184 97 1 March 162 162 109 47 1 0 29 May 18,729 15,318 3,411 442 215 April 71 71 30 15 0 0 72 June 19,161 15,715 3,446 432 397 May 91 91 84 7 0 0 32 July 19,297 15,744 3,553 136 29 June 78 78 74 4 0 0 64 August 19, 758 16,454 3,304 461 710 July 106 104 25 62 1 2 57 September 20,296 17,288 3,008 638 834 August 63 60 34 26 2 3 108 October 20,485 17,796 189 508 September- 75 73 63 6 0 2 76 November 20,476 17,796 2,680 -9 October 94 94 36 47 2 0 43 December 20,448 17,522 2,926 -28 -274 November- 44 43 28 9 2 1 32 December.. 124 124 99 6 4 0 35 Total (12 months).. 2,920 2,430 490 1933—January 65 65 33 19 3 0 45 1933 February... 20 18 17 1 0 0 37 January.. 20,454 17,528 2,926 6 6 February. 20,685 17,806 2,879 231 278 -47 1 Includes issues of Federal land banks and Federal intermediate credit March 20,991 17,805 3,186 -1 307 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 noninterest-bearing debt amounted to $371,000,000 at the end of Februreported by Department of Commerce, while monthly figures are as ary, 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). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 FEDERAL RESERVE BULLETIN APRIL 1 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 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 I ployment 3 pay loadings4 * Com- Year and Total i IManufactures1 Minerals» Total Residential All other rolls 3 modmonth pr i i t c y e s *5 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 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 1 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 64 77 84 26 26 16 15 35 36 66 66 52 58 61 66 April 64 63 63 61 72 79 31 27 16 •14 43 38 64 64 49 57 59 66 May 61 60 60 58 65 67 31 26 14 12 45 37 61 62 46 53 54 64 June 59 59 59 58 61 63 32 27 12 11 47 39 59 60 43 52 52 64 July 56 58 55 57 62 64 31 27 12 11 46 40 57 58 40 51 51 65 August ... 59 60 58 59 66 65 32 30 11 12 48 45 59 59 40 53 51 65 September 67 66 66 66 73 70 30 30 12 12 45 44 62 60 42 61 54 65 October . 68 67 66 65 80 74 28 29 12 12 41 43 62 61 44 65 57 64 November 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 1933 January.. 64 65 63 64 71 73 18 22 7 8 27 33 58 59 39 51 56 61 February- p 65 76 79 16 19 7 8 23 27 59 59 40 51 54 60 v Preliminary. * Average per working day. 1 For indexes of groups and separate industries see p. 261; for description see BULLETIN for February and March 1927; for back figures see BULLETIN for March 1932, p. 194. 13-month 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. 262; for description and back figures see BULLETIN for November 1929 and November 1930. * For indexes of groups see p. 231; for back figures see BULLETIN for February 1931, p. 108. •Index of Bureau of Labor Statistics (784 price series), 1926=100. Index numbers for groups of commodities are given on p. 263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 231 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports Merchandise imports Excess of exports Month 1929 1930 1931 1932 1933 1929 1930 1931 1932 1933 1929 1930 1931 1932 1933 January . . .. 488 411 250 150 121 369 311 183 136 96 119 100 66 15 25 February __ 442 349 224 154 *100 369 282 175 131 72 67 49 23 March 490 370 236 155 384 300 210 131 106 69 26 24 April. _ 425 332 215 135 411 308 186 127 15 24 29 9 May 385 320 204 132 400 285 180 112 —15 35 24 20 June . 393 295 187 114 353 250 173 110 40 44 14 4 July 403 267 181 107 353 221 174 79 50 46 6 27 August 381 298 165 109 369 218 167 91 11 79 -2 18 September 437 312 180 132 351 226 170 98 86 86 10 34 October 529 327 205 153 391 247 169 105 137 80 36 48 November 442 289 194 139 338 204 149 104 104 85 44 34 December 427 275 184 132 310 209 154 97 117 66 30 35 Year 5,241 3,843 2,424 1,612 4,399 3,061 2,091 1,323 842 782 334 289 v Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average=100] [Index numbers; 1923-25 average=100] Index of sales * Index of stocks (end of 1932 1933 month) Oct. Nov. Dec. Jan. Feb. Month fo A r d s j e u a s s t o e n d al se W aso it n h a o l u a t d- fo A r d s j e u a s s t o e n d al se W aso it n h a o l u a t d- Adjusted for seasonal variation variation justment variation justment Total 57 57 58 56 54 1932' 1933 1932 r 1933 1932 r 1933 1932 r 1933 Coal 68 66 69 56 65 Coke 39 40 45 40 45 Grain and grain prod- J F a e n b u ru a a ry ry 7 7 8 8 6 6 0 0 6 6 4 4 4 4 9 9 7 7 5 3 '5 5 8 6 6 6 6 9 5 5 2 4 Li u v c e t s s tock 6 5 5 2 5 5 9 1 5 5 9 0 6 5 1 0 4 5 9 8 March 72 P56 69 P50 70 73 O Fo re rest products 2 1 5 2 2 1 4 0 2 2 2 0 2 2 0 2 2 1 0 9 A M p a r y il 7 7 9 2 7 7 4 2 6 6 9 8 6 7 9 2 M M e is r c c e h l a la n n d e i o se u s l 5 6 6 9 5 6 7 8 6 5 9 7 5 6 7 9 5 6 1 6 June 69 66 67 65 July 65 46 64 59 Without seasonal adjustment August 65 49 61 59 .::::: September 68 71 60 63 Total 65 58 52 51 51 October 69 75 61 67 C C o o a k l e 4 7 0 7 4 7 1 2 7 48 4 4 6 4 3 7 5 1 2 November 63 73 61 69 Grain and grain prod- December 60 106 60 56 ucts n 63 57 59 56 Year 69 66 L Fo iv r e e s s t t o p ck ro duc . ts . . . 6 2 9 6 5 2 9 3 5 1 0 8 5 2 3 0 4 1 6 9 Ore 16 7 5 5 5 for 1 B ch a a s n e g d e t s h r fr o o u m g h m ou o t n o th n f to ig u m re o s n o th f d in a il n y u a m v b e e ra r g o e f sa S l a e t s u — rd w a i y th s a a n ll d o w fo an r c 6 e M Mi e s r c c e h ll a a n n d eo is u e s 1.. . . . 6 7 6 2 5 7 6 0 6 4 4 5 4 6 5 5 4 6 4 4 national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea- i In less-than-carload lots. sonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. Based on daily average loadings. Source of basic data: American Railway Association. v Preliminary. * Revised. Back figures.—See BULLETIN for February 1931, pp. 108-110. Back figures.—See BULLETIN for November 1930, p. 686. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 FEDERAL RESERVE BULLETIN APRIL 1933 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OP CENTRAL BANKS AND GOVERNMENTS [In millions o! dollars] Europe Total End of month (4 t 9 r i c e o s u ) n- U St n a i t t e e s d i Canada c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England France Germany 1932—January.... 11,340 4,009 6,300 352 588 2,808 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 3,717 353 608 3,115 206 June 11,348 3,466 6,841 357 663 3,218 198 July 11,420 3,522 6,871 36 670 3,221 183 August 11,562 3,639 676 3,224 183 September. 11,694 3,748 6,923 359 678 3,241 190 October.... 11,789 3,819 6,944 363 678 3,250 195 November- 11,859 3,885 6,949 362 678 3,267 197 December.. »11,893 4,045 6,826 361 3,254 192 1933—January-—. P11,919 4,074 6,818 362 602 3,221 196 February... v 11,733 3,808 6882 366 36 692 3,176 183 March *3,912 371 836 v 3,152 »176 I 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-1 Spain Sweden Sw la i n tz d er- U.S.S.R. 6 other 1932—January... 351 434 472 26 February.. 296 353 434 482 329 26 March 296 354 434 471 330 26 April 296 364 434 471 331 27 May 297 384 435 493 335 30 June «. 298 394 435 503 349 31 July 300 408 435 509 357 30 August 302 415 435 510 368 28 September. 305 416 435 509 »368 28 October 306 416 436 509 »368 28 November. 306 415 436 493 «368 28 December. 307 415 39 436 477 29 1933—January... 413 436 477 >368 29 February.. 325 410 436 488 2 368 March J>330 381 436 489 Latin America Asia and Oceania Africa End of month T c tr o ( o i 1 u e t 0 s n a ) l - A t r i g n e a n- Chile l C o b m i o a - - Peru g U u r a u y - 5 c t o o ri u t e h n s e - r T c tr o o i ( u e 7 t s n a ) l - A t l r u i a a s - - India Japan Java N l Z a e e n a w d - Siam T k u ey r- Alge- Egypt A So fr u ic th a 1932—January 350 252 13 532 162 215 40 February 347 249 14 534 162 215 37 March 347 249 15 535 162 214 31 April 343 249 13 534 162 214 34 May 346 249 13 534 162 214 35 June 347 249 13 536 162 214 38 July 348 249 14 524 162 214 34 August 348 249 14 523 162 214 35 September.. 346 249 12 523 162 214 32 October 342 249 12 524 162 214 35 November.. 341 249 11 523 162 213 33 34 December.. *342 249 P12 520 162 212 35 1933—January 249 521 162 212 42 25 38 February... P249 162 212 45 *>25 50 *> Preliminary. r Revised. 1 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. 2 The August 1932 figure is carried forward for subsequent months, as no statement has been issued by the State Bank of the U.S.S.R. since that time. 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

APRIL 1933 FEDERAL RESERVE BULLETIN 233 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year and month world Africa North and South America Far East production Total A So fr u ic th a d R e h s o ia - A W fr e ic st a B C e o l n g g ia o n Canada U S n ta i t t e e s d Mexico Co b l i o a m- Au l s ia tra- Japan India 1929—January... 33,819 29,968 18, 252 960 320 170 3,112 3,820 1,327 235 613 523 638 February.. 31,712 27,861 16,836 923 324 164 3,018 3,820 777 235 639 519 606 March 33,292 29,441 17,904 982 351 171 3,223 3,820 966 235 627 533 629 April 33,589 29,738 18,034 997 367 173 3,173 3,820 936 235 870 512 622 May. , 34,249 30,398 18,579 998 362 193 3,414 3,820 936 235 662 571 629 June 33,632 29,782 17,744 1,004 372 195 3, 524 3,820 965 235 748 565 612 July.. 34,437 30,587 18,420 959 333 211 3,294 3,820 1,512 235 654 533 616 August 34,528 30,677 18,415 961 333 217 3,401 3,820 j 1,255 235 846 582 614 September- 33, 534 29, 684 17,516 931 344 211 3,339 3,820 ' 1,253 235 747 670 618 October 35,057 31,206 18,394 970 385 221 3,765 3,820 1,341 235 820 624 631 November,. 33,504 29, 654 17,838 955 406 219 3,111 3,820 1,131 235 681 638 619 December.. 33, 517 29,667 17, 310 245 3,488 3,820 1,062 235 806 675 Total (12 mos.). 404,869 358, 664 215, 242 11, 607 4,297 2,390 39,862 45,835 13,463 2,823 8,712 6,927 7,508 1930—January 35,153 30,320 18,434 957 228 3,194 3,927 1,127 273 578 585 608 February 33,654 28,821 16,927 910 396 212 3,014 3,927 1,282 273 709 583 587 March 35,253 30,420 18,317 956 410 222 3,394 3,927 1,050 273 611 593 April 30,154 17,961 963 423 208 3,506 3,927 1,150 273 597 307 May 35,992 31,158 18,934 998 413 210 3,487 3,927 1,204 273 763 641 307 June 35,917 31,084 18,355 951 404 211 3,637 3,927 1,156 273 945 647 576 July 36, 376 31,543 19,041 960 414 207 3,529 3,927 1,115 273 796 711 569 August 36,373 31,540 18,916 964 428 216 3,515 3,927 1,139 273 876 666 619 September- 36,166 31,333 18,642 964 409 238 3,686 3,927 1,115 273 741 732 606 October 37,054 32, 221 19,142 944 419 256 3,862 3,927 1,109 273 895 756 637 November.. 36,472 31,638 18,337 935 430 272 4,087 3,927 1,171 273 781 750 675 December.. 37,327 32,494 18,519 973 440 219 4,543 3,927 1,194 273 964 741 700 Total (12 mos.). 430, 725 372,726 221,526 111, 476 4,995 43,454 47,123 13,813 3,281 9,553 8,021 6,785 1931—January 38,097 32,668 19,151 960 442 304 4,201 4,127 1,281 301 634 621 648 February... 36,077 30,648 17,427 438 246 4,051 4,127 1,011 299 869 702 580 March 37,651 32, 222 18, 791 453 256 4,235 4,127 988 340 863 594 April. 37, 769 32, 340 18,194 917 446 250 4,607 4,127 1,329 278 936 694 561 May 38, 227 32, 798 18,901 918 451 230 4,477 4,127 1,208 329 919 716 521 June, 32, 779 18,594 926 447 240 4,744 4,127 1,103 353 1,092 490 July 38,158 32,729 18,959 947 451 245 4,731 4,127 814 354 933 500 August 38, 767 33,338 18,859 918 462 254 4,738 4,127 1,228 353 1,229 654 516 September^. 38, 744 33,315 18,981 905 486 291 5,026 4,127 1,074 256 916 692 562 October 39,846 34,417 19,525 936 473 317 4,955 4,127 1,041 452 1,240 679 673 November- 38, 748 33,319 18,673 941 478 292 4,927 4,127 914 389 1,321 667 590 December. . 38,811 33,382 18,809 1,041 498 299 4,127 877 312 1,181 664 579 Total (12 mos.). 459,104 393,957 224,863 11,193 5, 524 3,224 55,687 49,524 12,866 4,016 12,134 8,109 6,815 1932—January 39, 236 33,464 19,587 921 480 295 4,834 i 3, 597 1,106 450 1,032 628 534 February 38,187 32,415 18,935 956 453 286 4,670 i 3, 535 948 386 1,063 657 525 March 39,895 34,123 19,877 996 484 304 5,285 i 3,494 862 404 1,131 741 545 April 39,433 33, 662 19, 593 976 466 281 5,093 i 3,390 1,057 380 1,164 671 590 May 41,091 35,319 19,970 977 481 298 5,551 1 4,114 1,026 447 1,234 653 567 June 41,187 35,415 19,871 1,011 482 309 5,592 i 4,362 960 405 1,172 647 603 July 41,572 35.800 20,268 981 546 319 5,176 » 4,610 924 455 1,244 692 585 August 42, 734 36,963 20,475 1,019 510 330 5,480 i 4,982 1,138 524 1, 221 696 588 September- 42,138 36,366 19,888 1,041 509 304 5,406 1 5,085 1,122 456 1,292 702 559 October 42,351 36,579 20,157 1,044 515 314 5,240 i 5, 271 1,091 455 1, 216 727 547 November... 42,091 36,319 20,190 997 526 307 5,220 »4,858 1 1,158 415 1,376 715 556 December... 41,645 35,873 20,118 1,080 539 294 5,514 i 4,651 1661 353 v 1,413 581 Total (12 mos.) P491,560 422, 298 238, 931 12,000 5,992 3,642 63,061 51,948 12,054 5,132 14, 558 8,198 6,782 1933—January... p 40,931 p 35,159 20,152 1,008 532 280 4,826 i 4,341 1,199 513 p 1,066 666 576 February.. v 37,831 p 32, 059 18, 256 i 930 1517 1 434 i 4, 858 i 3,039 1,034 344 i 1,364 *> Preliminary. i Figure reported by American Bureau of Metal Statistics. their initial publication; and it is now possible to give NOTE monthly data for 11 producing areas. The whole rec- Monthly figures of gold production were first pub- ord, so far as it is available, is presented in this issue of lished in the FEDERAL RESERVE BULLETIN in the issue the FEDERAL RESERVE BULLETIN for the period 1929 of February 1932. In that issue figures were given for to date. The sources of the data for various regions nine producing areas beginning with January 1930. A and the methods of deriving dollar figures are indicated number of revisions have been made in the figures since below. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 FEDERAL RESERVE BULLETIN APRIL 193£ Estimated world production.—Since not all producing Sierra Leone, by the Chief Inspector of Mines. Figures areas report on a monthly basis, there is a small ele- for Ashanti, Nigeria, and other sections of West Africa ment of estimate involved in monthly figures of gold are not available by months. The fineness of the production for the world as a whole. In 1932 the world figures reported for Sierra Leone varies from month to produced about $492,000,000 of gold; and of this month, and it is necessary to make conversions into fine $422,000,000 represented areas for which reports are ounces at the rates reported by the Chief Inspector of now available on a monthly basis. Areas for which Mines. Figures for the Gold Coast are reported origimonthly figures are not currently available produced nally in fine ounces. For both districts ounce figures about $70,000,000 in 1932 and $65,000,000 in 1931. are converted into dollars at the rate of $20.6718 per The principal nonreporting countries are listed below fine ounce. together with their production in millions of dollars Belgian Congo.—The figures for the Belgian Congo in 1931, the latest year for which figures have been are reported in the Bulletin d'Information et de Docupublished by the Director of the Mint: mentation of the Banque Nationale de Belgique. They cover only the Kilo-Moto mines, which in 1931 Europe: represented 72 percent of the total production of the Rumania 2 Belgian Congo. For a time official reports were pub- Sweden 2 lished covering the entire Belgian Congo on a monthly Union of Socialist Soviet Republics 35 basis; but these reports ceased in May 1932. The South America: figures for the Kilo-Moto mines are given in kilograms Brazil 2 nine-tenths fine. They have been converted into fine Ecuador 1 ounces and then into dollars at the rate of $664.62 per Peru 2 fine kilogram. Far East: Canada.—The figures for Canada are reported in China 2 releases of the Dominion Bureau of Statistics: Mines, Chosen (Korea) 4 Metallurgical, and Chemical Branch. From time to Netherlands East Indies 2 time they are revised by the bureau; but the revisions New Guinea 1 are, for the most part, of a minor character. The New Zealand 3 figures, in fine ounces, have been converted into dollars at the rate of $20.6718 per ounce. Total (11 countries) 56 United States.—The monthly production of the United States is estimated by the American Bureau of The estimates of world production published in the Metal Statistics of New York City. The bureau emtable are based on figures published in the latest Annual ploys methods similar to those employed by the Director Report of the Director of the Mint—at present that for of the Mint in making his annual estimates. The figures, 1932. The annual figures for 1929-1931 are taken which are reported in thousands of fine ounces, include directly from page 151 of the report, except that the the gold output of Alaska and the Philippine Islands. figure for 1929 is revised to take account of an increased They have been converted into dollars at the rate of estimate of production in the Union of Socialist Soviet $20.6718 per ounce. Republics in that year. This revision will appear in the Annual Report of the Director of the Mint for 1933. No monthly estimates by the bureau are available for the period 1929-31. For this period the monthly The monthly estimates of world production represent average of the annual total for the United States as rethe actual figures reported monthly plus an estimate for ported for each year by the Director of the Mint is the nonreporting areas. The estimate for the nonregiven in the table. porting areas is a simple monthly average of the differ- Mexico.—The figures for Mexico are those of the ence between the amount of world production each Secretary of Industry, Department of Special Taxes of year as published by the Director of the Mint and the the Treasury, and have been reported to the Federal aggregate production for the year of the areas reporting Reserve Board by the Banco Nacional de Mexico for monthly. the period January 1929 to June 1931 and for subse- No figure for 1932 has yet been published by the quent months by a special correspondent. They are in Director of the Mint. For this reason the monthly kilograms 0.999 fine and have been converted into fine average difference for 1931, with allowance for the kilograms and then into dollars at the rate of $664.62 monthly average increase of production in the Union of per fine kilogram. Socialist Soviet Republics reported for 1932, is carried Colombia.—The figures for Colombia are currently forward into 1932-33. reported in the Revista del Banco da la Republica. South Africa.—The figures for the Union of South No monthly data, however, were published for 1929 Africa are reported in the Monthly Bulletin of Union and 1930; and for these two years the table shows Statistics published by the Office of Census and Statisthe monthly average of the annual production as tics. The figures, in fine ounces, have been converted reported for each year by the Director of the United into dollars at the rate of $20.6718 per ounce. States Mint. For 1931 monthly figures were published Rhodesia.—The figures for Rhodesia are reported only for the Department of Antioquia; and the output direct to the Federal Reserve Board—those for North- of Colombia as a whole has been estimated by adding ern Rhodesia, by the Department of Mines; those for to the figures for Antioquia each month the figure of Southern Rhodesia, by the Department of Mines and $28,000 representing the monthly average of the annual Public Works. The figures, in fine ounces, have been production of the rest of Colombia in 1931. Beginning converted into dollars at the rate of $20.6718 per ounce.with 1932, official monthly data for the entire country West Africa.—The figures for West Africa are re- are available. The figuresa re in fine ounces and have ported direct to the Federal Reserve Board—those for been converted into dollars at the rate of $20.6718 per the Gold Coast, by the Secretary of JVIines; those for ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 235 Australia.—The figures for Australia are reported Alluvial gold was not reported on a monthly basis in direct to the Federal Reserve Board by the Common- 1929 and 1930; and for these years the monthly averwealth Bureau of Census and Statistics in Australia. age production of alluvial gold, amounting to $28,000 .The gold output of Tasmania and Northern Territory, in 1929 and $41,000 in 1930, has been added to the however, is small and is reported only by quarters. It figures reported monthly. All figures for Japan are is therefore omitted from the table. The Australian reported in fine grams and have been converted into figures are in fine ounces and have been converted into dollars at the rate of $0.66462 per gram. dollars at the rate of $20.6718 per ounce. India.—The figures for India are reported direct to Japan.—The figures for Japan are those of the Bureau the Federal Reserve Board by the Director of the of Mines, Department of Commerce and Industry, and Geological Survey of India. They represent the outare published in the Monthly Report on Current Eco- put of the Mysore State, which accounts for almost the nomic Conditions of the Tokyo Chamber of Commerce. entire Indian gold production. The figures are in fine They represent the output of mines producing more than ounces and have been converted into dollars at the rate nine tenths of the total gold production of Japan. of $20.6718 per ounce. GOLD MOVEMENTS [In thousands of dollars] United States Net imports from— Month n T p et o o r t i a m ts l - E la n n g d - France m G a e n r y - g B iu e m l- N la et n h d e s r- Sw la it n z 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 n d g a Japan c o o t A h u l e n l r - Kong tries 1931—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 34,240199,286 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 2,575 819 19, 441 1,795 March -24,671 -23 -37,532 2 -6,341 -6 7,216 2,997 2,683 3 70 2,948 3,313 April -30,239 -1,922 -24,527 -3,286 -669 -18,707 -115 7,267 3,329 7 2,402 2,013 3,967 M!ay -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 -118,27364,574 20,087 12,991 3,240 26,597 39,043 49,719 36, 383 1933—January. 128,465 50,248 29,490 1,067 15,123 5,274 634 52 15,193 5,612 3,729 2,042 February i 17, 776 1 3, 310 -3, 709 -1,546 -600 802 -1,614 4,206 544 -15 35 9,446 3,700 3,217 March P -22,533 8,899 -4, 213 —5 883 -731 8,178 3,366 2,228 2-16,579 1 Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until Mar. 1. 2 $17,054 exported to Italy. p Preliminary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 FEDERAL RESERVE BULLETIN APRIL 1933 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from— Month Total South n p et o r i t m s - U S n ta i t t e e s d France m G a e n r- y g B iu e m l- N l e a t n h d e s r- Sw la i n tz d e r- 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 e r t a n tl i t e t s s - Au l s i t a ra- A d R f e r h s i i c o a a - , , c o o A th u l e n l r - West tries Africa 1031—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 -60,836 29,446 63,080 11,280 33,260 236,921 3,904 r =a 1932—January -7,320 -64,955 -76 -134 -3,584 105 45,986 746 1,555 17,062 February -6,182 -52,712 -58 -756 -7,537 2,226 30,661 781 371 20,884 1,426 M Ap a r r i c l h - 2 2 6 ,6 ,1 9 4 1 8 - - 4 1 0 7 , , 8 7 5 9 8 5 n3 -53 - - 3 1 , , 4 9 8 5 0 5 1,002 2 1 4 7 , , 3 39 4 3 0 8 6 9 0 9 2 1 1 , , 7 0 5 8 0 3 2 2 0 4 , , 6 8 1 9 6 3 8 4 8 2 7 0 May 16,973 -10,843 -18 -2,571 -11,310 406 11,565 803 915 18,965 1,734 June 35,019 -9,035 14 -2,767 -9,394 12,812 772 794 26,248 760 July 22,675 -11,361 4 -4,778 -7,812 500 14,204 2,122 9,661 19,351 3,207 August 1,296 -20,269 45 -4,015 -10,438 300 14,279 829 175 19,712 5,010 September 5,204 -27,521 5 -85 -2,571 187 13,009 584 1,505 25,866 1,326 October 5,814 -24,895 -20 -104 -2,969 189 11,973 943 870 18,378 1,853 November 13,857 -13,519 370 -476 -4,188 527 10,488 710 830 20,006 831 December -29,582 -3,277 -1,104 -6,138 -108 181 13,684 854 23,326 602 Total (12 mos.) 81,211 -50,643 -297,040 311 -16,896 -71,376 -14,021 5,623 220,394 10,780 20,363 255,305 18,408 1933—January- -43,260 -48,314 -2,109 -11 -634 -17,471 9,495 587 793 16,530 -2,120 February.. 18,400 -6, 559 -4,623 27 -507 -7, 816 -79 374 7,175 554 794 27,815 1,245 March v... 67,222 11,802 2,953 4,992 -1,281 -5, 523 -456 294 9,881 382 16, 700 27,358 120 France Germany Net imports from— Net imports from— Month 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 - U S n ta i t t e e s 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. . S R . . c o t o A r th i u l e e l n s r - 1931—October.... 273,734 243,956 21,738 681 120 -5,951 -10,965 -20,620 5,183 78 November. 122,372 99,876 40,447 18 49 18 -16,455 -25,594 —4 December-. 13,881 3,164 26,132 7 542 56 150 103 17 Total (12 mos.) 728,176 328,130 312,561100,050 -30,160 -35,221-102,019 -55,142 -63,866 58,932 -14,475 1932—January— 74,007 65,062 10,735 6,755 328 36 16 278 4 -9 February. - 184,171 82,580 90,947 9,601 -5,262 71 71 49 -5,647 247 -53 March 147,604 71,279 49,028 12,561 -13,647 -2 -16,224 170 -2,776 5,152 33 April.... 60,340 38,080 23,888 2,019 -8. 133 —14 -5,398 -8,328 42 5,198 180 May—. 17,734 17,174 14,232 1,999 3,319 293 8 17 -7,539 6710,352 -66 June 168,000 152,072 7,541 4,601 -7,139 5 -5,800 -7,691 3,399 2,809 July 31,954 16,746 12,472 483 -13,718 -42 -4,753 -5,435 554 -4,087 August 42,940 24,149 16,241 -17 4,189 2 13 1,289 4,622 -1,791 September. 9,638 -625 4,424 1,448 8,552 -2 8 3,456 5,410 -361 October 32,695 11,927 19,995 565 5,560 29 33 41 5,461 -60 November _ 33,498 241 26,003 672 2,314 -367 -6,169 2,584 6,275 -52 December- 25,494-10,634 34,479 -3,138 -3,293 24 17 -3,331 6 -78 Total (12 , mos.) | 828,072 468,052 309,984 -27,282 367 -250 -38,170 -24,455 -7,91546,656 -3,536 1933—January..— -37, -35,361 2,558 4,423 4 -14 6,409 -2,081 February. _ — ~~ -35,505 5,459 -13,076 -5,990 -10,458 ' 873,369 -95 1 $29,233,000 imported by France from Spain in July. Preliminary figures. 1 $21,292,000 exported by France to Belgium. NOTB—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. Since German figures for individual countries are subject to semiannual revision, those given the January 1933 are preliminary in character. Figures for total net imports are final. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 237 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Net imports from— Month Total net imports United England France Germany Belgium Poland Sw la i n tz d er- B I r n i d ti i s a h All other 1931—October 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 -632 -794 -135 729 754 Total (12mos.) 198.619 39,413 117, 591 -21,024 56,059 -1,428 -365 4,553 4,548 1932—January 7,130 7,747 3,100 -3, 521 -304 -790 -516 1,166 632 February.. 2,608 8,810 5,446 -9,900 320 -462 -1,628 -354 295 81 March -1,886 6,342 3,870 -11,028 34 -821 -511 -171 476 -77 April 7,737 2,799 867 -771 8,445 -1,791 -2,325 366 147 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 -2,222 September . -13,797 -6,367 1,198 -1,708 -3,496 1,759 -923 -402 1,994 -5,852 October -6,230 -1,916 1,252 -593 -61 -5,729 -217 42 1,006 -14 November. -4,857 -3, 765 1,939 -886 -3,085 -1,313 -188 -537 3,030 -52 December.. 894 4,251 52 3,745 963 -20 -1,134 2,773 -68 Total (12mos.) 116,149 106, 623 50,070 -34,009 -12,727 -13,630 -16,137 16,423 -7,346 1933—January.. - 1,898 -14,101 14,069 -837 2,009 958 -976 -1,100 2,199 -323 February. 933 3,432 -8,177 6,722 -10,300 5,055 881 3,452 -166 34 Switzerland British India Net imports from— Net imports from— In- Increase Month Gold or de- or de- Total Total pro- crease crease 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 - France m G a e n r y - A 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 2 ,g ( o m - v ) e i e n n r t n- h in p ( o r - I l i d n ) v i d i n a n i t g a e s 3 in India 1931—October 94,339 32,919 5,346 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 4.51925-,,660044 408 12 -24,217 -3,279 -17,626 -3,311 592 359 -23,984 December 19,687 254 18,364 886 -75 203 ""69 15 -45,715 -5,286 -39,682 -747 581 -45,134 Total (12 mos.)1 222,751 36,422 41,301 19,317 39,684 72,760 47 13,220 -95,875 -17,665-72,691 -5,521 6,832 33,532-122,575 1932—January ~ 5,653 2,067 1,300 1,972 10 290 13 2863 -21,419 25••• 3= 53 •u 5 -23,512 February 17,658 1,411 5,725 5,423 5,731 76 -707 -363 -17,353 43 527 -2 -17,143 March 4,698 82 5,733 -3,952 2,769 66 -90 -18,788 209 546 -7 -18,117 April 2,538 65 116 -95 -165 2,308 309 -209 -11,229 -374 592 86 -11,306 May 46,051 41,034 116 1,718 -52 2,949 286 -9,007 72 569 -1 -8,365 June 80,872 70,247 1,734 3,554 -85 5,630 -209 -167 -13,155 95 605 -12,622 July 14,993 9,779 111 3,734 -51 1,507 -87 -374 -14,575 -1,488 586 -15,851 August. 1,503 81 90 718 38 744 -260 -2,775 -7,979 -920 589 -11,085 September -604 -361 154 -540 -34 453 -277 -5,978 -9,835 -1,388 561 34 -16,674 October. -50 82 -3,087 -102 48 -4,820 -9,010 -652 548 -13,934 November -1,395 —7 85 -2,347 -67 461 -2,420 -13,244 -997 557 -16,105 December 1,203 5 96 320 -111 837 55 -18,002 -6,286 -676 583 -24,381 Total (12 mos.) 169,786 124,354 15,342 7,418 7,880 10114,996 -304 -195,765 -38,061-151,880 -5,823 6.798 128-189,095 1933—January. _ _ 4,658 123 2,393 -77 1,176 1,040 -11,916 -10,247 -1,965 297 576 -11,337 February. 8,502 -14 82 -77 2,461 -937P-11,995 P-11,394 1 Exported from Netherlands to Czechoslovakia in August, $2,199,000; in September, $6,847,000. 2 Reported monthly production of the Mysore State plus $1,387 representing the average monthly production of the rest of India in 1931. s Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India. * $7,575,000 was exported from India to Netherlands. «$1,891,000 was exported from India to Netherlands; $2,173,000 to France. « $1,777,000 was exported from India to Netherlands. * $1,640,000 was exported from India to Netherlands. p Preliminery. 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 January, 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. 168276—33 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 FEDERAL RESERVE BULLETIN APEIL 1933 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1933 1932 1933 1932 Feb. Jan. Dec. Feb. Feb. Jan. Dec. Feb. Argentine Conversion Office (millions of Canadian Minister of Finance (millions of gold pesos): Canadian dollars): Gold 257 257 257 257 Gold reserve against Dominion notes.. 72 72 72 65 Notes issued L— _. _ '588 589 589 544 Advances to banks under finance act 42 47 57 37 Irish Currency Commission (thousands of Dominion notes: pounds sterling) *. Issued 176 180 191 162 Legal tender note fund: Outside chartered bank holdings.. 27 26 «29 29 British legal tender and bank Indian Government (millions of rupees): balances .- _. _ 86 867 686 154 Gold standard reserve: British securities 7,250 6,388 6,987 6,617 Gold 187 188 276 394 Notes issued 7,336 7,256 7,673 6,771 Foreign exchange 347 345 257 139 Consolidated bank notes:2 Paper currency reserve: Issued 4,625 4,617 4,602 4,367 Gold 257 255 187 49 Deemed such under sec. 60 (4) of Silver coin and bullion.._ 1,104 1,095 1,107 1,122 currency act, 1927- 1,353 1,363 1,376 1,603 Other assets 392 393 455 624 Notes issued _ _ . . . . 1,753 1,743 1,748 1,795 1 Includes a small quantity of subsidiary coin. a The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Feb. 4 and Jan. 7,1933, Dec. 10 and Feb. 6,1932. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. p Preliminary. • Corrected. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars converted from Swiss francs at par; 1 Swiss franc=$0.1930] 1933 1932 1933 1932 Resources Liabilities Feb. 28 Jan. 31 Feb. 29 Feb. 28 Jan. 31 Feb. 29 Cash on hand and on current account with Short-term deposits: banks 1,796 2,366 1,238 Central banks for own account: Demand funds at interest 18,669 17,113 15,887 Demand 84,153 96,005 62,063 Bediscountable bills and acceptances (at Time—Not exceeding 3 months,. 21,874 6,344 30,567 cost): Commercial bills and bankers' accept- Total- 106,027 102,350 92,630 57,598 64,622 84,588 Treasury bills. 49,348 27,510 Central banks for account of others: Demand 3,017 2,385 11,878 Total 106,946 98,522 112,099 Time—Not exceeding 3 months- 4,114 Time funds at interest—Not exceeding 3 Total., 3,017 2,385 15,992 months 43,080 46,549 42,680 Other depositors: Sundry bills and investments: Demand 76 1,146 Maturing within 3 months: Time—Not exceeding 3 months- 1,217 1,204 Treasury bills 2,882 7,726 Long-term deposits: Sundry investments 11,512 9,206 I Annuity trust account 29,677 29,677 29,677 Between 3 and 6 months: German Government deposit 14,839 14,839 14,839 Treasury bills 6,431 2,964 French Government guaranty fund.. 13,249 13,249 13,249 Sundry investments 9,212 11,501 r Over 6 months 122 120 U60 Total. 57,765 57,765 57,765 Capital paid in 24,125 24,125 20,941 Total. 30,159 31,517 21,389 Reserves: Other resources.. 1,420 1,402 1,827 Legal reserve fund 254 254 108 Dividend reserve fund 519 519 211 General reserve fund 1,038 1,038 422 Other liabilities 8,031 7,745 5,905 Total resources. 202,070 197,468 195,120 Total liabilities... 202,070 197,468 195,120 i Composed entirely of investments exceeding 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

239 APRIL 1933 FEDERAL RESERVE BULLETIN CENTRAL BANKS [For explanation of tables on this page, see BULLETIN for February 1931, pp. 81-83] Resources of banking department Liabilities of banking department Gold (in Note Bank of England m de i e s p s n a u t r e ) t - i 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 t c ie u s ri- cir ti c o u n la- Bankers' D P e u p b o l s i i c t s Other l O ia t t i b h e i s e li r - Millions of pounds sterling: 1932—Jan. 27 120.8 0.6 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 .6 35.3 11.7 86.8 360.5 54.6 27.2 34.4 18.2 Apr. 27 120.8 .7 43.0 11.5 79.4 352.8 58.3 23.4 35.3 17.7 May 25 125.0 .7 45.8 12.2 93.2 354.2 77.5 23.6 32.9 17.8 June 29 136.1 .8 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 88.2 11.2 34.6 18.1 Aug. 31 138.9 48.6 12.2 92.2 365.3 79.5 2a 7 35.4 18.2 Sept. 28 139.4 1.0 54.6 12.1 88.0 359.8 80.0 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 Feb. 22 142.2 .7 61.0 11.9 104.0 356.2 98.3 26.2 35.0 18.2 Mar. 29- 171.8 .8 79.7 11.8 74.9 367.1 92.8 21.2 35.0 18.2 Resources Liabilities Bank of France Gold e F x o ch re 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 g i b c e u o l s e t r ) i i a - - Other ci N r ti c o o u t n l e a- G m ov e e n D r t n e - posi O ts ther l O ia t t i b h e i e s l r i- Millions of francs: 1932—Jan. 29 71,625 18,805 6,555 2,744 6,899 8,278 84,723 4,722 23,552 1,910 Feb. 26 75,059 15,127 5,544 2,707 6,882 8,329 83,189 3,637 24,899 1,921 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 8,881 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 1,017 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 6,482 3,905 2,747 6,621 8,994 82,118 3,740 22,033 2,028 Aug. 26..- 82,239 5,389 3,467 2,761 6,621 8,878 79,012 3,982 23,426 2,035 Sept. 30. 4,977 2,604 2,783 6,621 82,459 3,010 21,876 2,000 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 0,008 81,536 2,931 22,969 *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 82,167 4,434 3,142 2,537 6,680 9,172 83,314 2,269 20,474 2,074 M Feb a . r . 2 31 4 . * .. . . . . . 8 8 1 0 , , 0 4 1 0 7 8 4 4 , , 4 3 0 7 1 6 3 4 , , 3 15 0 2 3 2 2, f 7 5 1 8 4 0 6 6 , , 6 6 4 2 7 0 C 9 O ,119 86,096 2 2 , , 2 2 2 3 6 3 1 1 8 6 , ,8 7 5 3 1 1 < 2 3) ,124 Resources Liabilities Reichebank Gol R d eser e v F x e o c s h re a i n g g n e Tr b ea il s l u s ry b c i O h ll e s t c h ( k a e s r n ) d Se lo c a u n ri s ty Securities Other ci N r ti c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - Millions of reichmarks: 1032—Jan. 30....— 948 145 3,632 158 161 1,008 4,407 301 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 4,231 678 1,226 Apr. 30 859 131 3,146 282 362 077 4,128 405 1,240 J M u a n y e 3 3 0 1 b 8 8 6 3 3 2 1 1 3 2 0 9 3 2 , , 1 9 0 9 0 0 2 26 5 1 7 3 3 6 6 3 4 1 1, , 0 0 3 3 8 2 3 3 , ,0 0 6 8 1 4 4 4 7 3 3 1 1 1, , 2 2 7 6 1 2 July 30 766 128 3,108 224 365 075 3,067 380 1,267 Aug. 31 768 157 3,009 207 365 060 3,817 408 1,270 Sept. 30 796 133 2,991 242 362 940 3,755 451 1,206 Oct. 31 817 123 2,857 198 057 3,620 380 1,345 Nov. 30. 827 110 2,731 207 050 3,531 418 1,314 Dec. 31 806 114 2,806 176 1,114 3,560 540 1,313 1933—Jan. 31 822 101 2,459 93 401 1,007 3,338 345 1,333 Feb. 28 769 152 2,439 270 401 1,040 3,356 402 1,343 Mar. 31 *.... 739 97 2,763 210 401 3,520 443 1,169 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. Since Aug. 1,1931, however, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been authorized by the British Treasury under section 8 of the Currency and Bank Notes Act, 1028; the maximum period for which such authorization may be granted is 2 years. «Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement). * Not yet available. * Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 FEDERAL RESERVE BULLETIN APRIL 1933 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1933 1932 Central bank Central bank Feb. Jan Dec. Feb. Feb. Jan Dec. Feb. National Bank of Albania (thousands Central Bank of China—Continued. of Albanian francs): Deposits—Government 96,105 98,105 55,520 Gold 5,507 5,511 4,954 Bank. _ 47,137 46,560 14,012 Foreign exchange 32,407 31,320 27,453 Other 14,722 9,316 8,098 Loans and discounts 3,227 3,439 4,152 Other liabilities 58, 437 27,905 33,470 Other assets. 2,331 5,194 5,243 Bank of the Republic of Colombia Note circulation 13,295 13,052 11,346 (thousands of pesos): Demand deposits 19,432 20,912 17,829 Gold at home and abroad 13,029 12,742 12,275 7,103 Other liabilities 10,745 11,499 12,627 Foreign exchange 4,090 4,167 5,553 6,459 Commonwealth Bank of Australia Loans to member banks 4,415 3,455 7,475 15,072 (thousands of Australian pounds): Note circulation 21,816 21,315 22,458 17,587 Deposits.. 21,149 19,154 19,001 14,214 S I B B s e a a s E c n n u u n k k C S D e L L r g i e i o o o e l n n t d c i i n a i p g o s e u n e n d h o t s r , p s e o d s i b s t a s n i e a i t t u r e i p n e s t b n s l . r d a m l a l i r c i l o d e t n a i n m r i n g n s , c t c e c u — e a n o l s n a u t G : d t n i o o t c s n l a d s h and -. 3 4 2 6 1 1 1 5 2 6 9 1 6 1 6 , , , , , , , , 5 4 0 5 1 8 7 4 9 9 8 7 9 3 3 0 5 9 6 5 4 5 2 2 3 4 3 6 1 1 1 6 1 1 2 0 4 7 4 , , , , , , , , 0 0 8 6 5 9 0 4 4 9 2 9 3 1 9 9 8 0 6 9 3 3 9 5 3 2 6 4 1 1 1 7 9 4 8 6 4 1 , , , , , , , 2 1 8 8 1 9 1 5 5 9 3 3 3 4 9 2 3 9 6 9 3 3 2 0 4 2 4 1 1 1 0 8 5 1 0 8 7 , , , , , , , 9 0 3 8 5 5 3 9 2 4 5 0 1 3 8 9 4 6 0 8 2 N D a a ( t n m i A N G F L D i o i s o l n o s o e o h d l r s a a i p l t a e o e d e l n o t N i t n s i g s s c o s a i n B i a n t o t r s o n i c a f b o f d u n a b n C k l l a a a a a z l d t n n i e v o k o c c B f a e i n h n n s a o g c n s a C e k l n o o s z d f e v f ( i c a c m c h k e u o i r l c s i l r r n l i e o o o n w v n li c s a q n y k u s o . . i ) — i a _ f - : . 5 1 1 1 , , , , 7 0 0 6 6 0 1 1 2 0 9 1 1 0 5 2 5 1 1 1 , , , , 7 0 3 9 6 0 0 3 0 1 9 5 3 0 4 6 6 1 1 1 , , , , 7 0 6 6 2 0 2 7 0 6 8 9 5 0 2 7 6 1 1 , , , 8 2 2 6 3 6 7 7 7 9 9 4 9 7 0 1 6 3 Austrian National Bank (millions of kroner): schillings): Gold... 133 133 133 145 Gold 150 149 149 179 Foreign bills, etc _ 10 13 22 28 Foreign exchange of the reserve.. 39 39 39 79 Loans and discounts 82 82 160 Domestic bills 301 317 379 877 Note circulation _ 316 310 332 321 Government debts 661 662 663 96 Deposits. 50 54 131 38 Note circulation 859 872 914 1,044 Bank of Danzig (thousands of Dan- Deposits. 184 181 219 129 zig gulden): Na o t f i D N L G o b o n o e o o a a l m t l g e l n d a e s . B c s s . i . t ) t a r o : i c n c u S k a l t a n o a t d f t i e o f B n o e re lg ig iu n m b il ( l m s illions 3 2 , , 3 7 5 6 6 7 1 3 3 5 3 0 2 3, , 5 6 3 7 7 0 6 7 7 5 3 3 2 3 , , 3 7 5 6 6 2 9 2 4 8 6 7 3 2 , , 9 2 7 5 4 8 1 2 5 8 5 7 N F L D G O o o o e o th r a p l t e d e e n o i r s g s c i n f i a t o r s n c r e d e u x i l c g d a h n t i a i s o n e c n x o g c e u h n o a t f s n t g h e e reserve.. 2 3 1 8 4 2 4 2 , , , , , 3 8 6 7 4 3 8 1 5 6 1 6 2 9 4 3 0 8 2 3 1 1 5 1 5 1 2 , , , , , 2 3 0 5 1 9 7 2 6 5 1 5 0 3 9 3 2 2 3 2 1 1 6 9 1 4 2 , , , , , 2 3 0 0 2 5 7 5 3 0 2 3 2 3 7 7 4 6 2 2 4 3 9 9 1 0 1 , , , , , , 8 8 6 0 0 7 1 4 8 4 2 6 9 1 9 4 0 2 Deposits. 384 307 217 189 Ce o n f t s r u al c r B e a s) n : k of Ecuador (thousands Central Bank of Bolivia (thousands Gold at home and abroad 14,803 14, 797 9,830 of bolivianos): Foreign exchange... 1,874 2,612 4,136 Gold at home and abroad 27,036 19,855 Loans and discounts... 36,602 28,663 14,244 Foreign exchange 2,416 7,417 Note circulation 24,821 24,024 17, 797 Loans and discounts 87,607 23,131 Deposits 20, 623 13,875 8,514 Note circulation 37,614 25,429 National Bank of Egypt* (thousands Deposits 42,341 12,663 of Egyptian pounds): Bank of Brazil (millions of milreis): Gold... 4,577 Currency 520 458 317 Foreign exchange 2,861 2,731 Correspondents abroad 273 311 129 British Government securities. .. 12,459 14,945 Loans and discounts 2,633 2,664 1,803 Loans and discounts 6,160 9,178 Note circulation 150 170 170 Egyptian Government securities- 20,848 15,014 Na o t f i N D G o le n o e e v a t p l d a l o f ) o s B : r i e a t i s n g . k n o e f x c B h u a l n g g a e r i i a n ( r m es il e li r o v n e s - 1,520 6 2 1 , ,5 9 2 2 1 0 1 5 2 1 , , 8 51 8 7 9 6 1 1 , , 8 5 - 7 1 8 9 2 N D O O o e t t h h p te e e o r r s c i l a i t i r s s a c s — b u e i l t l O G a s i - t t t o i i e h o v s n e e r rn .. m . ent r 1 2 3 8 5 0 7 , , , , , 0 7 1 4 7 2 0 0 5 5 3 9 9 6 1 1 1 9 3 3 7 8 , , , , , 2 4 7 8 5 1 0 7 8 8 9 7 2 0 2 Total foreign exchange 102 86 208 347 Bank of Estonia (thousands of N L G O o o o th a t v e n e e r s r c n s i a r i m n c g d u h e l t n d a t l t i i i s o a o c b b n o i l u l i i g n t a i t e s ti s ons 2 2 1 , , ,6 8 4 7 6 7 5 1 5 3 2 8 2 2 1 , , ,6 4 8 7 6 2 7 2 3 6 3 6 2 2 1 , , , 8 6 5 9 4 3 9 0 6 5 3 0 2 2 1 , , , 9 7 6 5 0 6 9 7 8 5 6 2 kro N G L N o o e o o n a t l t d i e n f ) s o : c r i a e r n i c g d u n l d a e i t x s io c c o h n u a . n n g ts e _ 2 3 1 1 2 1 7 , , , , 6 1 1 8 8 9 8 3 4 4 0 8 3 2 15 4 0 1 , , , , 5 2 3 2 5 5 7 3 6 8 5 6 2 3 1 4 5 2 1 , , , , 4 0 2 2 8 8 1 2 1 4 7 9 2 3 1 7 3 2 4 , , , , 3 7 4 6 1 0 8 0 3 0 7 7 Central Bank of Chile (millions of Deposits—Government 3,387 4,301 3,352 4,378 Bankers' 6,416 6,821 5,784 Gold at home and abroad •"84 '84 Other 3,240 3,188 3,064 2,889 Foreign exchange for account of: Bank of Finland (millions of mark- Bank '70 '70 72 kaa): Exchange commission 8 5 0 Gold - 304 304 304 304 Loans and discounts 313 308 157 Balances abroad and foreign Securities 461 461 220 credits 772 505 585 Note circulation 469 488 331 Foreign bills 328 284 236 256 Deposits. 349 319 115 Domestic bills 783 856 1,003 906 Central Bank of China 2 (thousands Note circulation 1,126 1,047 1,085 1,271 of yuan): Demand liabilities _-. 566 381 374 Gold 2,024 6,652 47 Bank of Greece (millions of drach- Silver 62,657 57,271 40,121 mas): Due from banks abroad 9,805 13,485 9,033 Gold and foreign exchange 2,009 1,887 1,824 1,507 Due from domestic banks 48,582 36,876 11,631 Loans and discounts 1,583 1,476 2,982 825 Loans and discounts 102,117 97,189 60,820 Government obligations 3,368 3,368 3,150 Securities.. 8,505 7,639 5,738 Note circulation 4,564 4,602 4,714 3,739 Other assets 30,268 29,622 13,342 Other sight liabilities- 2,354 1,960 3,451 495 Note circulation i 47,561 39,995 29,632 Liabilities in foreign exchange 192 262 225 153 i Gold coin and bullion. «Items for issue and banking departments consolidated. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 241 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1933 1932 Centra] bank Central bank Feb. Jan Dec. Feb Feb. Jan. Dec. Feb. National Bank of Hungary (millions Bank of Portugal (millions of escuofpengos): dos): 97 97 97 100 Gold... 523 343 Foreign bills, etc .. 16 14 14 15 Other reserves 556 527 649 Loans and discounts 463 467 472 396 Discounts and advances 334 338 342 Advances to treasury 51 52 52 55 Government obligations 1,054 1,058 1,051 Other assets 15 14 25 16 Note circulation 1,928 1,995 1,918 Note circulation 343 350 353 383 Other sight liabilities 586 430 437 M De is p c o e s l i l t a s neous liabilities- 20 7 0 0 20 6 2 3 20 7 1 8 8 9 1 0 Na li t o io n n s a o l f l B ei a ) n : k of Rumania (mil- Bank L T G P C O u o o r o o t e h a b t l f d a d e n l I l i r i s t c a t a n s d t a l d o e y n a h e t p d n e o p o ( d m o m c d s s i i i b e i r t i s l s a t c c l s l u i o a o l u n a n n c t s i e t o s o s - n f a l b ir r e o ) a : d 1 5 6 1 3 , , , , 2 8 1 0 9 3 7 7 1 4 0 6 8 4 2 8 0 2 1 5 5 1 1 3 , , , , , 3 6 5 8 4 3 0 0 6 5 3 0 6 4 0 7 3 0 1 6 5 1 1 3 , , , , , 3 3 5 8 6 3 0 2 3 3 7 0 5 2 9 9 2 0 1 5 5 1 1 3 , , , , , 3 7 7 6 7 9 0 0 2 5 2 3 3 0 5 5 6 8 N D G L S F O t o o o o e t a h r a l m 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 b r e c d e d t x u i e c g l d p h a n i o a t s i e n c s o x i o g t n c e u s h . n . o a . t f s n g th e e reserve.. 2 1 9 5 7 0 0 , , , , , 5 7 5 1 8 6 8 2 2 5 8 1 1 0 6 6 8 5 3 9 2 3 9 5 7 1 0 , , , , , 5 3 7 0 3 6 5 9 2 9 0 6 3 7 6 6 0 1 2 1 2 1 9 5 6 1 0 , , , , , 4 7 3 5 5 5 6 9 2 6 9 2 4 4 5 4 5 6 6 7 2 1 4 2 9 5 3 , , , , , 7 6 2 5 0 8 2 6 7 0 4 6 1 2 6 2 7 3 0 South African Reserve Bank Bank of Japan (millions of yen): (thousands of South African Gold _ 425 425 425 431 pounds): Advances and discounts 733 807 846 940 Gold 10,262 7,822 7,173 7,535 Government bonds 446 523 565 110 Foreign bills 10,555 4,270 0 73 Notes issued 1,095 1,227 1,426 1,094 Domestic bills 1,100 1,139 1,203 2,492 Total deposits 424 423 387 429 Note circulation 8,604 8,392 8,335 7,710 Deposits—Government 1,744 1,866 1,175 1,353 Bank of Java (millions of florins): Bank 15,010 6,703 4,186 Gold 111 104 104 112 Other. 815 310 141 353 F L N D o o o e r a p t e e n o i s g s c n i i a t r n s c b - d u i l l l a d s t i i s o c n ounts 20 4 3 1 7 2 4 8 20 2 4 3 1 0 4 7 2 4 3 0 1 4 1 5 9 2 2 5 3 2 7 6 3 5 Bank S B G i a o l o v l l f a d e n r S c p e a s in a b ' r ( . m oa i d llions of pesetas): 2,2 2 6 5 1 8 9 4 1 2, 2 6 2 8 1 5 1 0 9 2, 6 2 2 0 8 5 1 5 9 2, 5 2 2 3 8 4 4 6 9 Bank G F o o o r l f e d i L g a n t v e i x a c h (m an i g ll e io r n e s s e o r f v e lats): 38 N D Lo e o a p te n o s s c i i a t r s n c d u l d a i t s io co n- unt * s 4 2 , , 8 5 9 0 8 6 1 9 1 4 2 , , 9 7 6 4 5 8 7 5 9 4 2 , , 8 8 3 09 4 4 2 1 , , , 9 9 0 6 1 4 4 3 8 Bills Bank of Sweden (millions of kronor): Loans Gold 206 206 206 206 Note circulation Foreign bills, etc 261 260 214 96 Government deposits Loans and discounts 107 144 217 • 504 Other deposits _ Note circulation 542 538 598 526 Deposits. 183 229 202 191 ank N F L G D o o o e o o r a p t f l e e d n o i L . s g s c i i n i a t t r s h n c c u d u u a l r d a n r t i e i i s a n o c c n o ( y m un i t l s lions of litu): 1 1 5 2 7 0 0 0 7 0 4 2 Sw fr i a s L N F G n s o o o c o r a s l t N e d e ) n i : s a g c t n a i i r n o c b d n u a * a l l l a d a t n i i s B o c c e n a o s n u a k n n ts d ( m bi i l l l l s ions of 2 1, , 4 5 9 2 5 3 7 9 0 9 2 1 , , 4 5 8 5 0 7 9 3 1 1 2 1 , , 4 6 8 6 7 1 7 9 1 1 2 1 , , 4 5 9 9 7 0 9 6 8 5 Netherlands Bank (millions of flor- Demand deposits 1,148 1,141 1,037 1,170 ins): Central Bank of the Republic of Gold..... 1,020 1,028 1,033 879 Turkey (thousands of Turkish Foreign bills _ 73 73 71 84 pounds): Loans and discounts 106 113 118 168 Gold 21,119 20,845 20,514 12,812 Note circulation 959 951 962 1,008 Foreign exchange 1,202 1,551 756 4,573 Deposits _ 283 309 304 164 Government securities 154,456 154,517 154,835 157,199 Other securities 28,154 28,154 28,081 24,705 Bank of Norway (millions of kroner): Other assets 34,379 32,609 24,105 21,794 Gold 144 144 144 154 Note circulation _ 163,144 163,205 163,523 170,676 Foreign balances and bills. 35 32 30 15 Deposits 22,849 21,442 15,317 5,962 Domestic credits 221 246 256 239 Other liabilities 53,316 53,029 49,450 44,446 Note circulation 293 295 315 303 Bank of the Republic of Uruguay Foreign deposits 2 2 2 2 (thousands of pesos): Total deposits- 81 97 74 71 Gold 47,599 46, 730 50,544 Loans and discounts 104,477 107,302 101,885 Central Reserve Bank of Peru (thou- Other assets.. 42,031 38,114 34,225 sands of soles) : Note circulation-__ 81,189 84,641 80,502 Gold.... 39,347 50,439 Deposits—Demand 30,974 32,201 31,576 Foreign exchange. 734 371 Time 37,722 37,677 38,604 Bills 20,713 12,800 Judicial and admin- Note circulation 50,134 50,635 istrative 2,954 2,907 3,095 Deposits _ 5,551 5,068 Other liabilities 35,235 34,719 32,977 National Bank of the Kingdom of Bank of Poland (millions of zloty): Yugoslavia (millions of dinars): Gold. 513 512 502 606 Gold 1,761 1,761 1,761 1,759 Foreign exchange of the reserve.. 19 27 48 51 Foreign exchange 190 188 «209 206 Other foreign exchange 65 76 88 124 Loans and discounts 2,388 2,416 2,457 2,190 Loans and discounts 649 651 700 764 Advances to State 2,411 2,410 2,409 2,233 Note circulation 999 979 1,003 1,151 Note circulation 4,586 4,588 4,773 4,776 Other sight liabilities. 152 185 220 191 Other sight liabilities 873 844 451 «Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 FEDERAL RESERVE BULLETIN APRIL 1933 COMMERCIAL BANES 1932 1933 Country Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Argentina (millions of gold pesos): Bank of the Nation: Gold 1 1 1 1 1 1 1 1 1 1 1 1 1 Other cash 113 115 105 121 136 127 132 128 128 128 114 124 123 Loans and discounts 234 680 685 688 696 688 679 679 668 671 664 664 660 Deposits — 642 649 644 664 712 702 696 690 681 680 659 674 665 Other banks in Buenos Aires: Gold 1 1 1 1 1 1 1 1 1 1 1 1 1 Other cash . „„.... 199 206 206 212 218 218 228 243 248 250 263 258 258 Loans and discounts - - 1,251 798 794 783 775 769 761 754 747 745 740 739 739 Deposits - 933 933 922 914 907 905 909 926 928 929 937 918 923 Canada (millions of Canadian dollars): Assets entirely in Canada: Cash in vault * — . 167 158 150 154 166 161 154 151 161 2Q2 191 185 180 Cash in central gold reserves . - 20 24 23 23 23 25 22 23 21 19 20 19 19 Security loans - 130 131 122 114 110 112 114 115 117 108 103 100 97 Other current loans 1,063 1,071 1,070 1,057 1,037 1,028 1,003 1,018 999 964 946 924 Security loans abroad 99 88 73 65 74 76 95 88 99 91 84 76 Securities.- 664 671 666 663 669 674 703 699 727 759 778 784 797 Liabilities entirely in Canada: Notes in circulation - 122 121 125 119 126 123 117 124 120 116 115 108 104 Individual demand deposits 496 500 495 498 489 462 475 481 493 472 466 446 446 Individual time deposits 1,390 1,389 1,393 1,387 1,373 1,363 1,367 1,359 1,371 1,379 1,378 1,383 1,397 England (millions of pounds sterling): Cash in vault and at bank 170 171 170 176 188 188 190 190 189 190 203 211 205 Money at call and short notice. 108 111 111 110 111 120 114 110 112 112 123 110 108 A dvannfis and discounts , . , 1,093 1,103 1,105 1,102 1,114 1,138 1,176 1,179 1,171 1,161 1,167 1 179 1 137 Investments .. . 264 266 272 284 324 333 348 367 396 409 456 455 480 Deposits 1,621 1,639 1,643 1,661 1,727 1,765 1,813 1,826 1,853 1,859 1,944 1,943 1,917 France (millions of francs): Bills and national-defense bonds. 17,347 17,482 18,043 18,998 18,994 20,136 18,745 19,034 19,757 21,266 22,014 22,209 Loans and advances „..-.. 9,114 8,711 8,312 8,296 8,693 8,188 8,456 8,490 8,287 8,086 8,049 8 023 Demand deposits _ _ _ 36,435 35,983 35,929 35,826 36,351 36,031 36,148 36,372 36,197 37,257 36,491 35 308 Time deposits 1,218 1,201 1,239 1,284 1,250 1,263 1,286 1,280 1,342 1,312 1,268 1 221 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 1,736 Due from other banks 320 367 267 290 257 263 242 256 242 245 235 Miscellaneous loans 5,935 6,034 6,235 6,160 5,898 5,813 5,736 5,745 5,706 5,668 5,396 Deposits 7,276 7,289 7,539 7,562 7|541 7,457 7,397 7,439 7,401 7,307 7 159 Acceptances - 903 863 872 851 815 796 782 773 775 770 743 Japan (millions of yen): Cash on hand. ... . 130 116 136 215 156 117 212 197 185 302 286 166 186 Loans „ 2,228 2,264 2,248 2,250 2,252 2,234 2,219 2,187 2,165 2,188 2,219 2,171 2,153 Deposits 1,954 1,938 1,946 1,949 1,963 1,973 2,027 2,019 2,042 2,125 2,133 2,132 2,133 » Gold, Dominion notes, and subsidiary coin. NOTE.—Banks included are as follows: Canada—chartered banks; England—$ London clearing banks; France—4 commercial banks; Germany—5 Berlin banks; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 243 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f l a E a 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 e a a t n h n d e k s r- N S B a w t a i n o is k n s al Country R A a p 1 t r e . I s n i n e c f e f — ect Country R A a p t r e . I s n i n e c f e f — ect m In effect June 1,1931. 2 5 5H 2 2 Albania 8 July 1,1931 Japan 4.38 Aug. 18,1932 June 13 7 Austria 5 Mar. 24,1933 Java Mar. 11,1930 July 16 10 Belgium Jan. 14,1932 Latvia 5*4 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 Sept. 19,1932 Poland 6 Oct. 21,1932 Sept. 21 6 Czechoslo- Portugal 6 Mar. 13,1933 Sept. 28 .... 7 vakia Jan. 25,1933 Sept. 29 3 Rumania 7 Mar. 4,1932 Oct. 10 - 2H Danzig 4 July 12,1932 South Africa. 4 Feb. 20,1933 Dec. 10 7 Denmark.. _ Oct. 12,1932 Spain 6 Oct. 26,1932 Feb. 18,1932 5 Ecuador 4 Nov. 30,1932 Mar. 9 6 Estonia Feb. 1,1932 Sweden Sept. 1,1932 Mar. 10 4 U. S. S. R... Mar. 22,1927 Mar. 17 Finland...,. 6 Feb. 1,1933 Yugoslavia.. . July 20,1931 Mar. 21 6 Greece 9 Dec. 3,1932 Apr. 9 5M Hungary ... Oct. 18,1932 Apr. 19 India- Feb. 16, 1933 3 Apr. 28 5 May 2 5 Changes since Mar. 1: Austria—Mar. 24, down from 6 to 5 percent; May 12 Portugal—Mar. 13, down from 6*4 to 6 percent. June 30 Sept. 22 4 Jan. 9,1933 4 In effect Apr. 1,1933. 2 2*4 4 4 2 MONEY RATES IN FOREIGN COUNTRIES I England (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month 3 B a a a m c n n c c o e k e n p e s t t r , * h s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n l l a o d n w e k p a e o n r s c s i e ' 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 1032—Februarv - 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 -1*4 6.10 7.10 7.76 1.22 1.06 April 2.19 2.07 1.91 1*4-1 5.12 6.31 6.17 1.02 .94 May 1.44 1.10 1.29 1 - *4 4.87 6.96 5.91 .60 1.03 June . 1.05 .85 .99 *4 4.75 5.76 5.70 .39 1.00 July .92 .66 .67 *4 4.58 5.75 5.49 .49 1.00 August - - .74 .60 .73 *4 4.50 5.75 5.82 .37 1.00 September .67 .55 .67 *4 4.25 5.55 5.55 .37 1.00 October .82 .71 .71 *4 3.87 5.00 4.94 .37 1.00 November _ .89 .82 .73 *4 3.87 5.00 4.80 .37 1.00 December . . 1.02 1.04 .81 H 3.87 5.08 4.91 .37 1.00 1933—January . .87 .76 .73 H 3.87 5.03 4.98 .37 1.00 February - .83 .78 .73 *4 3.87 5.00 4.86 .37 1.00 Sw la i n tz d er- (B B r e u lg s i s u e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Hungary S ( h S w o t e o lm d c e k ) n - Japan [Tokyo) Month d P is r r i c a v o t a e u t n e t d P is r r i c a v o te a 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 i c a v o te a u t n e t c c ia o P l m ri p m m a e e p r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Disc b o il u ls nted ov m e C o r a n n l i e l g y h ' t 1932—February . 1.52 3.31 1.75 6.92 6*4- 9*4 4K-5*4 5*4-7 5.84-6.57 6.39 March . 1.50 3.36 1.80 6.53 5 -5*4 5 -7 6.20-6.57 5.84 April _ 1.50 3.26 1.66 6.00 5*4- 9 4*4-5 6 -7 6.20-6.57 5.48 May - 1.50 3.21 1.50 5.52 5*4- 9 4*4-4% 4*4-6 6.20-6.57 4.66 June . - .. . 1.50 3.16 1.22 5.50 5H- 9 4 -WA 4 -5*4 6.02-6. 57 4.6* July 1.50 3.17 .99 5.50 4H- 8 4 -AH 4 -5*4 0.02-6.39 4.20 August 1.50 3.12 1.02 5.50 4H- 8 4*4-4% 4 -5*4 5.84-6.21 4.02 September 1.50 3.00 1.00 5.50 47/i- 8 4 -4H 3*4-5*4 5.66-6.21 3.47 October . .. 1.50 3.00 1.01 5.00 4%- 8 3%-4H 3*4-5*4 5.66-6.02 3.28 November . 1.50 3.00 1.00 5.00 4^- 7H 3% 3*4-5*4 5.66-5.84 2.92 December 1.50 2.94 .91 5.00 4H- 7*4 SH 5.66-5.84 2.74 1933—January 1.50 2.88 1.12 4.42 3*4-5*4 5.48-5.84 3.10 Februarv v 1.50 2.78 1.89 4.25 3*4-5*4 1 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 FEDERAL RESERVE BULLETIN APRIL 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] Month A t r i g n e a n- tr A a u li s a - i Austria Belgium Brazil Bulgaria Canada Chile China Co b l i o a m- Cuba C sl z o e v c a h k o i - a m D a e r n k - 1932—March 58.2879 290.56 13.9601 13.9361 6.2121 0.7176 89.4530 12.0606 23.9213 95.2400 100.0590 2.9628 20.0112 April 58.2171 299.40 13.9544 13.9956 6.5402 .7201 89.8808 10.6538 22.3221 95.2400 99.9816 2.9629 20.5267 May 58.3242 293.42 13.9645 14.0249 7.1294 .7202 88.4430 6.0000 21.7116 95.2400 99.9299 2.9650 20.0654 June - 58.5205 291.15 13.9600 13.9366 7 5008 .7200 86.7427 6.0202 21.3125 95.2400 99.9217 2.9641 19.9248 July 58.5574 283.40 13.9813 13.8724 7.5960 .7230 87.0658 6.0250 20.6400 95.2400 99.9186 2.9589 19.2044 August 58.5695 277.50 13.9696 13.8735 7.6221 .7209 87.5513 6.0283 21.0031 95.2400 99.9094 2.9596 18.4993 September. 58.5886 277.13 13.9635 13.8606 7.6171 .7203 90.2636 6.0414 21.0404 95.2400 99.9118 2.9594 17.9781 October 58.5835 271.15 13.9550 13.8940 7.6214 .7200 91.2332 6.0250 20.8883 95.2400 99.9109 2.9606 17.6412 November. 58.5837 261.50 13.9477 13.8723 7.6302 .7200 87.3000 6.0276 20.5937 95.2400. 99.9237 2.9619 17.0613 December.. 58.5851 261.77 13.9581 13.8460 7.6327 .7200 6.0274 19.4719 95.2400 99.9261 2.9613 17.0069 1933—January._. 58.5847 267.19 13.9715 13.8629 7.6352 .7195 87.4621 6.0275 19.7916 95.2400 99.9411 2.9614 16.9097 February. 58.5804 272.17 13.9867 13.9638 7.6348 .7200 83.5084 6.0278 20.1136 94.4191 99.9790 2.9632 15.2612 March 2... 3 58.2974 272. 73 14.0121 13.9803 7.6330 .7210 83. 5205 6.0281 20. 7250 86. 2100 100.0162 2.9743 15.3180 Month Egypt England l F a i n n d - France m G a e n r y - Greece H K o o n n g g Hungary India Italy Japan Mexico N la e n th d e s r 1932-March 372.6136 363.9304 1.6015 3.9325 23.7812 1.2875 24.6855 17.4353 27.3121 5.1824 32.1562 33.6841 40.2799 April 384.7773 374.9994 1.7225 3.9430 23.7427 1.2318 23. 7187 17.4298 28.0133 5.1493 32.8063 33.3728 40.4914 May 376.8328 367.5140 1. 7171 3.9468 23.7947 .6641 23.4337 17.4384 27.3175 5.1491 31.9730 30.2540 40.5474 June 374.1009 364.6648 1.7019 3.9363 23.6878 .6387 23.3431 17.4740 27.1647 5.1162 30.2856 26.8977 40.4411 July 364.0790 354.9564 1.5350 3.9207 23.7176 .6399 22.8893 17.4612 26.6842 5.1009 27.4471 27.7321 40.2740 August _ 356.4018 347.5721 1.5114 3.9187 23.7838 .6321 23.2479 17.4507 26.1577 5.1144 24.4944 28.5682 40.2443 September 355.9494 347.1062 1.4953 3.9179 23.7814 .6060 23.4293 17.4653 26.2192 5.1264 23.6314 29.9159 40.1586 October.. _ 348.5176 339.6163 1.4823 3.9264 23.7692 .6014 22.9487 17.4452 25.6800 5.1195 23.0628 31.1060 40.2217 November 336.0492 327.5267 1.4441 3.9190 23.7536 .5743 22.4062 17.4356 24.7830 5.1124 20.6218 32.2205 40.1774 December 336.1120 327.8679 1.4239 3.9033 23.7869 .5418 21.3527 17.4265 24.7923 5.1088 20.7298 31.9923 40.1680 1933—January 344.6451 336.1385 1.4577 3.9034 23.7703 .5392 21.7525 17.4260 25.4055 5.1177 20.7393 30.1631 40.1797 February. 342.2073 1.4919 3.9228 23.8291 .5610 22.0710 17.4359 25.8336 5.1156 20.7945 28.4212 40.2691 March. 2.. 343. 2800 1. 5153 3. 9361 23.8519 .5673 22. 7442 17. 4392 25. 7900 5.1372 21. 2631 28. 3164 40. 3572 Month Ze N al e a w nd1 Norway Poland Portu- m R a u n - ia Spain S S m t e e r t a t n l i t e t s s - Sweden Sw la i n tz d er- Turkey U A S n f o i r o i u c n t a h o i f Uruguay Y sl u av g i o a - 1932—March 332.36 19.6003 11.1770 3.2832 7.5993 41.3333 19.8540 19.3405 47. 3330 474.98 47.0796 1.7753 April 342.47 19.0780 11.1847 3.3804 7.6942 42.7404 19.0910 19.4374 47.4935 473.19 47.3186 1. 7725 May 335.63 18.4823 11.1810 3. 3267 .5970 8.1169 42.2400 18.7238 19.5579 47. 5060 479.72 47.5433 1.7743 June 333.03 18.0626 11.1839 3. 3320 .5966 8. 2451 41.9567 18.7049 19.5141 47.3550 479.89 47.2115 1.7436 July 324.16 17.6386 11.1885 3. 2240 .5972 8.0518 40.9675 18.2190 19.4684 47.1604 478.31 47.5680 1.6717 August _ 317.42 17.4101 11.1771 3.1579 .5978 8.0608 40.1042 17.8485 19.4528 47.1011 477.50 47.4413 1.6903 September 316.99 17.4470 11.1800 3.1481 .5982 8.1044 40.2475 17.8055 19. 3007 47.1916 476. 79 47.3900 1.5892 October 310.15 17.1752 11.1740 3.0872 .5978 8.1871 39.4372 17. 5334 19.3041 47. 2680 475.85 47.3466 1.4094 November 299.11 16.7252 11.1769 3.0293 .5975 8.1730 38.0026 17.4314 19. 2470 47.2167 477. 58 47.3402 1.3506 December 299.42 16.8899 11.1825 3.0191 .5973 8.1506 38.0123 17.9108 19. 2354 47.0127 « 479.13 47. 3397 1.3448 1933—January 292.13 17.2684 11.1872 .5972 8.1777 18. 2982 19. 2836 47.0260 •340.63 47.3366 1.3555 February 272.87 17. 5270 11.1940 3.1017 .5958 8.2446 39.5818 18. 2670 19. 3707 47.1982 338.90 47.3363 1.3593 March 2 273.45 17. 5913 11.1834 3.1362 .5974 8. 4431 39.6078 18.1884 19. 3716 339. 88 47. 3458 1.3714 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 Finland Markka 2.52 Poland Zloty 11.22 Australia Pound 486.66 France Franc 3.92 Portugal Escudo 4 42 Austria Schilling 14.07 Germany Reichsmark 23.82 Rumania Leu. --_--.- .60 TCfllgirjTTi Belga. 13.90 Greece Drachma 1.30 Spain Peseta... 19.30 Brazil Milreis— 11.96 Hong Kong Hong Kong dollar. 6 21.63 Straits Settle- Singapore dollar... M0.05 Bulgaria Lev .72 Hungary Pengo 17.49 ments. Canada Dollar 100.00 India Rupee 46.50 Sweden Krona 26.80 Chile Peso 12.17 Italy Lira 5.26 Switzerland Franc 19.30 China Yuan «21.31 Japan Yen 49.85 Turkey Turkish pound 439.65 Colombia. Peso 97.33 Mexico Silver peso 49.85 Union of South Pound 486.66 Cuba do—. 100.00 Netherlands Florin 40.20 Africa. Egypt Egyptian pound. . 494.31 New Zealand Pound 486.66 Uruguay Peso 103.42 England Pound 486.66 Norway Krone 26.80 Yugoslavia Dinar 1.76 1 Monthly averages for Australia, New Zealand, and South Africa from March through December 1932 are taken from the League of Nations Monthly Bulletin of Statistics. 2 No quotations from Mar. 6 through Mar. 11. 3 No quotations from Mar. 6 through Mar. 13. 4 Average based on quotations for Dec. 1-27. 6 Average based on quotations for Jan. 7-31. 6 Silver currencies—figures given for parity represent gold value of unit in March 1933, computed by multiplying silver content of unit by New York average price of silver for March 1933, which was $0.27737 per fine ounce. 7 Singapore dollar is legally equivalent to seven sixtieths of 1 English pound. Figure given for parity represents seven sixtieths of average quotation of pound in New York for March 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 245 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average»100)» Month ( U a S p v r n t e i a i c r t t e a e e ) g s d e ( 1 D E 9 e 2 n c 1 g e l = m a n 1 b 0 d e 0 r ) ( a 1 g 0 F 1 e 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 » e y U S n ta i t t e e s d England France Germany Number of issues 60 87 36 421 278 300 329 1931—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 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 July 99.4 111.2 98.9 <81.4 98.2 79.2 132.6 «70.5 August 98.5 107.2 99.5 95.5 73.8 130.5 i) September. 95.6 103.5 97.7 81.7 67.2 115.5 «52.3 October 89.4 104.2 94.8 69.7 75.6 106.9 November- 89.0 104.8 94.4 71.7 74.7 104.3 December. . 81.6 102.2 90.8 57.7 68.1 94.8 1932—January 81.0 104.7 91.5 58.0 69.7 107.3 February... 80.3 106.5 90.3 56.4 68.9 126.2 March 80.8 111.6 90.5 56.8 69.6 117.6 April 79.4 110.6 89.0 <63.0 43.9 63.5 107.3 «45. 6 May 75.2 111.4 85.9 64.4 39.8 61 6 94.4 46.4 June 72.2 111.0 85.2 60.4 34.0 59.3 97.4 45.6 July 74.2 115.6 87.4 62.2 35.9 63.5 100.4 45.8 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 1933—January 84.1 116.9 86.4 81.4 49.1 72.4 101.3 59.3 February... 82.5 118.4 85.3 79.9 44.9 72.2 97.9 59.4 » Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. » New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 percent bonds. 3 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, p. 121, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Month (1 U S 9 n t 2 i a 6 t t * e e 1 d s 00) (1 C 9 a 2 n 6 a - d 10 a 0) ( E 1 n 91 g 3 l = a 1 n 0 d 0) (1 F 9 r 1 a 3 n = c 10 e 0) ( G 1 e 9 r 13 m = a 1 n 0 y 0) (19 I 1 t 3 a - l 1 y 00) 1 ( 9 O J 0 c a 0 t p = o a 1 b n 0 e 0 r ) , (1 N 9 l e 1 a t 3 n h - d e 1 s r 0 - 0) 1931—February... 77 76 106 538 114 338 158 104 March 76 75 106 539 114 339 158 10S 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 86 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 67 100 415 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 1933—January... 61 64 100 411 91 292 185 7fi February.. 60 64 99 404 91 286 180 74 168276—33- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 FEDERAL RESERVE BULLETIN APRIL 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 l c l t - s P s r io o n vi s - a t f r n I i i n n d a i d l s s u h r e e s a m - d w i- tr I i i n s a d h l u e f d s in - products products 1931—February 70 78 78 112 103 575 505 106 100 106 140 March 71 78 77 111 103 581 503 107 99 106 139 April 70 76 76 113 102 592 495 108 97 105 138 May 67 74 75 113 100 566 480 109 96 103 137 June _ 65 73 74 113 98 571 472 107 95 103 137 July 65 74 74 110 98 541 465 105 97 103 136 August. _ 64 75 74 108 95 528 452 103 96 102 136 September 61 74 74 108 95 508 443 101 94 100 135 October 69 73 73 113 100 489 429 99 99 133 November 59 71 74 115 102 482 416 99 94 99 132 December 56 69 72 113 102 491 400 95 91 97 130 1932—January 53 65 72 114 101 496 390 92 90 92 125 February 51 63 71 114 101 511 389 95 91 91 122 March 50 62 71 116 99 610 388 97 89 90 121 April 49 61 71 115 96 506 381 95 88 89 120 May 47 59 70 114 94 611 374 93 87 88 119 June 46 59 70 112 91 490 369 92 85 87 118 July . 48 61 70 108 92 498 370 93 84 87 117 August 49 62 70 107 95 453 382 91 83 88 116 September- 49 62 70 107 99 445 384 89 85 89 115 October . 47 61 70 106 98 450 379 88 83 88 115 November 47 61 70 107 98 458 373 88 81 88 114 December 44 58 69 108 97 456 375 84 80 87 114 1933—January 43 56 67 107 97 455 ••373 81 81 87 113 February 41 54 66 105 96 443 370 82 80 87 112 RETAIL FOOD PRICES COST OP 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) * (1913=100) 1914=100) 1914=100) 14=100)» Month Month 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 January 109 95 131 123 114 102 116 107 January. 147 142 125 117 Februarv 105 91 131 122 115 103 114 107 February7 147 141 122 117 March 105 129 115 114 March _ > 146 108 122 April 104 126 115 113 April 144 122 JMunaye 1 10 0 0 1 1 1 2 2 3 5 1 1 1 1 1 4 1 11 1 3 3 J M u a n y e _ _ 136 1 1 4 4 2 3 109 1 1 2 2 1 1 July 101 .... 125 108 114 July 143 122 ASelipetneimstber 1 10 0 0 1 .... 1 12 2 3 3 1 1 0 0 4 2 1 1 1 1 2 1 A Se u p g t u e s m t ber 1 1 4 4 1 1 105 •- 1 12 2 0 0 October 100 125 102 110 October 143 119 November 99 .... - 125 104 110 November 143 119 December 99 125 103 109 Decembtjr 132 143 105 118 1 Average of October 1913, January, April, and July 1914=100. •- Eevised. SOURCE: Wholesale prices—¥OT 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

247 APEIL 1933 FEDERAL RESERVE BULLETIN LAW DEPARTMENT Amendments to Emergency Banking Act 18 of the Federal Reserve Act, as amended by section There is published below the text of an act 401 of this Act, to the same extent as notes, drafts, bills of exchange, or bankers' acceptances acquired under to provide for direct loans by Federal reserve the provisions of the Federal Reserve Act. During banks to State banks and trust companies in the time that such bank or trust company is indebted certain cases, and for other purposes, which in any way to a Federal Reserve bank it shall be rewas signed by the President on March 24, 1933. quired to comply in all respects to the provisions of the Federal Reserve Act applicable to member State This act amends title IV of the Emergency banks and the regulations of the Federal Reserve Board Banking Act of March 9, 1933, by adding issued thereunder: Provided, That in lieu of subscribing thereto a new section (sec. 404), and amends to stock in the Federal reserve bank it shall maintain section 304 (title III) of that act. the reserve balance required by section 19 of the Federal Reserve Act during the existence of such indebtedness. As used in this section and in section 304, the IPUBLIC—No. 4—73D CONGRESS] term 'State bank or trust company7 shall include a [H. R. 3757] bank or trust company organized under the laws of any State, Territory, or possession of the United States, AN ACT or the Canal Zone." To provide for direct loans by Federal reserve banks to State banks and SEC. 2. (a) Section 304 of such Act of March 9, trust companies in certain cases, and for other purposes. 1933, is amended by adding after the first sentence Be it enacted by the Senate and House of Representatithveerseof the following new sentences: "Nothing in this of the United States of America in Congress assembleds,ection shall be construed to authorize the Reconstruc- That Title IV of the Act entitled "An Act to provide tion Finance Corporation to subscribe for preferred relief in the existing national emergency in banking, stock in any State bank or trust company if under the and for other purposes," approved March 9, 1933, is laws of the State in which said State bank or trust amended by adding at the end thereof the following company is located the holders of such preferred stock new section: are not exempt from double liability. In any case in "SEC. 404. During the existing emergency in bank- which under the laws of the State in which it is located ing, or until this section shall be declared no longer a State bank or trust company is not permitted to issue operative by proclamation of the President, but in no preferred stock exempt from double liability, or if such event beyond the period of one year from the date this laws permit such issue of preferred stock only by unanisection takes effect, any State bank or trust company mous consent of stockholders, the Reconstruction not a member of the Federal reserve system may apply Finance Corporation is authorized, for the purposes of to the Federal reserve bank in the district in which it this section, to purchase the legally issued capital notes is located and said Federal reserve bank, in its discre- or debentures of such State bank or trust company." tion and after inspection and approval of the collateral (b) The second sentence of said section 304 is and a thorough examination of the applying bank or amended to read as follows: "The Reconstruction trust company, may make direct loans to such State Finance Corporation may, with the approval of the bank or trust company under the terms provided in Secretary of the Treasury, and under such rules and section 10 (b) of the Federal Reserve Act, as amended regulations as he may prescribe, sell in the open market by section 402 of this Act: Provided, That loans maythe whole or any part of the preferred stock, capital be made to any applying nonmember State bank or notes, or debentures of any national banking associatrust company upon eligible security. All applica- tion, State bank or trust company acquired by the tions for such loans shall be accompanied by the written corporation pursuant to this section." approval of the State banking department or commis- Such section 304 is further amended by adding at sion of the State from which the State bank or trust the end thereof the following new sentence: (c) "As company has received its charter and a statement from used in this section, the term 'State bank or trust comthe said State banking department or commission that pany7 shall include other banking corporations enin its judgment said State bank or trust company is in gaged in the business of industrial banking and under a sound condition. The notes representing such loans the supervision of State banking departments or of the shall be eligible as security for circulating notes issued Comptroller of the Currency." under the provisions of the sixth paragraph of section Approved March 24th, 1933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 FEDERAL RESERVE BULLETIN APRIL 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 March February March Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 Boston... 23.5 12.1 35.5 Boston _ 15.731 18,677 34,070 22,037 20,386 New York 476.7 68.2 140 3 New York 280,617 772,762 614,222 248,523 170,556 Philadelphia. 130.5 53.9 96.8 126,996 142,928 156,354 123,260 101,664 Philadelphia- Cleveland 91.9 37.8 108 8 79,636 119,151 114,087 60,033 62,323 Richmond - _. 38.9 18.2 34.4 Cleveland 41,708 55,630 47,012 24,200 20,715 Atlanta 36.7 19.2 37.9 Richmond 25,083 40,665 52,061 32,672 26,077 Chicago 62.4 26.2 58.3 Atlanta 43,676 113,517 62, 220 37,742 23,004 St. Louis 10.9 5.7 19 1 Chicago 6,991 15,303 12,982 6,621 5,820 Minneapolis 13.1 10.4 10.5 St. Louis 10.732 14,835 14,181 11,513 10,707 Minneapolis-_ Kansas City 25.2 14.7 35.3 Kansas City- 16,451 30,883 30,852 20,221 21,428 Dallas..- 6.2 4.1 13.2 Dallas 5,421 6,026 7,253 6,203 5,822 San Francisco 78.1 36.1 124.1 San Francisco. 59,349 83,559 87,022 77,844 76,608 Total 994.2 306.5 714.1 Total... 712,391 1,413,936 1,232,316 670,869 545,110 Back figures.—See Annual Reports for 1931 (table 80), 1928 (table 72), Back figures—See Annual Reports for 1931 (table 83), 1930 (table 78) and 1927 (table 55). etc. RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Amounts in thousands of dollars] Averages of daily figures Total cash reserves Total deposits Federa c l ir r c e u se la rv ti e o n n o 1 tes in Reserve percentages Federal reserve bank 1933 1932 1932 1932 1933 1932 March February March March February March March February March March Fe a b ry ru- March Boston 208,468 262,145 220,929 132,131 162,336 122,802 248,620 190,957 176,494 54.8 74.2 73.8 New York.... 766,707 871,643 987,828 858,199 1,017,653 844,854 930,403 600,972 569,920 42.9 53.9 69.8 Philadelphia.. 177, 737 217,122 247, 597 113,800 135,031 121,611 295,366 245,940 260,172 43.4 57.0 64.9 Cleveland.. 293,030 260,468 293, 389 149,696 145,168 148,048 401,269 299,838 303,962 53.2 58.5 64.9 Richmond.. 162,042 112,875 102, 540 65,868 69,627 54,888 195,938 103,892 100,922 61.9 65.1 65.8 Atlanta 109,893 93,314 121,241 61,776 49,337 50,859 159,878 109,389 120,578 49.6 58.8 70.7 Chicago 778, 563 914,923 669,744 289, 455 416, 785 260,165 1,037,508 759,105 557, 551 58.7 77.8 81.9 St. Louis 153,604 135,581 109, 532 77,553 65,232 61,012 166,113 136,155 92,822 63.0 67.3 71.2 Minneapolis- 74,139 69,252 75,976 44,371 44,889 43,143 109,059 86,535 69,200 48.3 52.7 67.6 Kansas City— 132, 712 114,928 94,437 85,160 82,419 69,493 138,562 101,557 83,165 62.5 61.9 Dallas 69,404 46,296 53, 224 69,110 55,785 49,541 50,694 36,371 40,559 57.9 50.2 59.1 San Francisco. 223,895 261,063 214,391 156,426 162,002 148,847 308,941 247,983 230,139 48.1 63.7 56.6 TotaL. 3,150,194 3,359,610 3,190,828 2,103,545 2,406,264 1,975,263 4,042,351 2,918,694 2,605,484 51.3 63.1 i9.7 iIncludes "Federal reserve notes of other reserve banks'* as follows: Latest month, $23,603,000; month ago, $11,663,000; year ago, $14,334,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 249 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENTS, MAR. 31, 1933 [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i i l l - a a- C l l a e n v d e- m Ri o c n h d - Chicago L S ou t. is n M o e i l n a i - p s - K C sa a it n s y - D la a s l- F c S i r s a a c n n o - RESOURCES Gold with Federal reserve agents 2,577,825 154,494 619,843 173,000 224, 140,145 87,000 778,907 116, 52,14080,280 22,648 127, 663 Gold redemption fund with U.S. Treasury _ 81,199 6,424 18, 779 6,999 7,793 3,062 4,737 12,833 1,690 3,159 3,746 1,680 10,297 Gold held exclusively against Federal reserve notes 2, 659,024160,918 638,622 79,999 232,763143,207 91, 737 791,740118,425 55,29984,026 24,328137,960 Gold settlement fund with F.R. Board... 230,002 5,435 88,375 11,462 11,209 9,806 12,047 33,031 17,184 11,178 8,285 10,597 11,393 Gold and gold certificates held by banks- 361,375 24,728 164,238 19,562 34,690 9,569 8,733 37,294 2,707 4,441 20,536 5,620 29,257 Total gold reserves _ 3,250,401191,081 891,235 211,023 278,662162,582112,51 862,065 38,316 70,918112,84740,545 78,610 Reserves other than gold. 204,275 15,488 68,822 18,989 11,858 8,853 6,538 30,878 10,195 2,967 7,024 7,829 14,834 Total reserves _ 3,454, 676206,569 960,057 230,01 290,520171,435119,055 892,943 .48,511 73,885119,871 48,37493,444 Nonreserve cash * 114, 247 6,402 22,659 3,595 8,811 5,916 6.800 24,922 6,134 2,320 5,288 5,675 15, 725 Redemption fund—F.R. bank notes 1,100 150 550 250 50 100 Bills discounted: Secured by United States Government obligations- 136,645 7,798 56,418 16,294 5,410 3,838 5,462 1,869 456 1,607 551 14, 243 Other bills discounted 1 289,827 12,685 37,160 50,985 6,444 16,513 22,445 14,263 3,102 9,922 19,489 5,261 61,558 Total bills discounted. 426,472 20,483 93,578 67,279 59,143 21,923 19,725 4,971 10,37821,096 5,812 75,801 Bills bought 304, 783 54,587 53,900 9,467 6,872 11,871 14,523 72,969 13,680 10,656 7,602 2,124 46,532 United States Government securities: Bonds _ 422, 740 21,799 187,233 29,849 36,363 9,917 10,150 39,902 13,956 17, 26212, 558 18,020 25,731 Treasury notes 457,878 27,516 182,229 33,260 47,434 12,937 13,065 52,048 17,555 12,692 15,113 10,463 33,566 Certificates and bills 957,723 53, 797 355,949 65,031 92,743 25,295 25, 544 164,601 34,321 24,810 29,549 20,45" 65,626 Total U.S. Government securities..1,838,341 103,112 725,411 28,140 76,540 48,149 48, 759 256, 551 65,832 54,764 57, 220 48,940 24,923 Other securities.. 4,953 4,420 525 Total bills and securities. 2, 574, 549178,182 877,309 205,411 242, 55581,943 89, 565 349,245 84,483 75,806 85,918 56,876 247,256 Due from foreign banks 3,618 269 1, 348 137 123 15 10 102 1'"0I2 246 Federal reserve notes of other banks 29,005 306 6,217 766 2,167 2,020 1,394 1,592 1,501 3,411 419 2,519 Uncollected items 306,460 35,298 94, 796 22,748 26,911 23,458 8,590 34,211 11,990 7,268 15,090 16,112 Bank premises. 54,037 3,280 12,818 3,181 6,929 3,237 2,422 7,595 3,285 1,746 3,559 1,741 4,244 All other resources 71,952 754 42,870 4,492 1,904 7,824 5,291 1,210 1,134 1,917 1,230 1, 541 1,785 Total resources _ 6,609,644431, 2102,018,674470,843580,195295,970 233, 2401,317,299 257,244.64,453 234, 469 124, 716 481,331 LIABILITIES F.R. notes in actual circulation 3,695,723 241,823 841,337 271, 651360,437L85, 904152,446 939,078 .54,426.02,139 125,444 43,935277,103 F.R. bank notes in actual circulation 14, 567 1,696 10,061 1,9 782 36 Deposits: Member bank—reserve account 1,949,107 113,046 877, 549 16,361.25,137 53, 23042,148 252,489 61,724 39,081 76, 597 52, 791 38,954 Government 41,126 3,209 13,884 3,584 4,264 2, """ 785 6,086 2,248 499 817 1,595 1,566 Foreign bank _ _. 16,384 1,174 5,673 1, 1,592 627 563 2,091 547 370 466 466 1,126 Special deposits: Member bank _ 2,380 5,005 4,952 15,129 6,815 5,907 15,251, 3,941 876 772 178 4,283 Nonmember bank 16,133 2,277 1,026 684 1,487 723 5,059| 2,460 1,794 174 1 448 Other deposits _ 44,724 1,057 11,350 315 3,002 3,382 3,224 5,947! 3,094 1,263 2,325 653 9,112 Total deposits , 132,963120,866 915,7381127,927149,808 68,130 53,350 286,923 74,014 43,883 81,151 55,684 55,489 Deferred availability items 312,690 34,999 101,397 23,340 24,724 23,440 9,330 32,668 13, 268 7,238 14,978 10, 597 16,711 Capital paid in 149,595 10, 710 58,374 15,840 13,965 5,135 4,637 15,527 4,258 2,847 4,002 3,790 10,510 Surplus 278,599 20,460 85,058 29,242 28,294 11,616 10,544 39,497 10,186 7,019 8,263 8,719 19,701 All other liabilities 25,507 656 6,709 851 2,185 1,745 2,933 3,606 1,056 1,327 631 1,991 1,817 Total liabilities. 6,609,644431,2102,018,674 470,843 580,195295,970 233,240, 317,299 257,24464,453 234,469 124, 716 481,331 Reserve ratio (percent) 59.3 57.0 54.6 57.6 56.9 67.5 57.( 72.8 65.0 50.6 58.0 48.6 44.7 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F.R. bank by F.R. agent...4,035, 766265, 748 929,650 288,879174,742 .63,479 ,035,322165,473 L05,084.39,051 48,011 Held by Federal reserve bank 340,043 23,925 88,313 17,228 14,305 8,034 11,033 96,244 11,047 2,945 13,607 4,076 49,286 In actual circulation.. 3,695,723241,823 841,337 271,651360,437 .85,904 52,446 939,078 154,426 .02,139 25,444 43,935277,103 Collateral held by agent as security for notes issued to bank: Gold 577,825 54,494 619,843 173,000 224,970 .40,145 87,000 778,907 116, 73552,140 80,280 22,648 .27,663 Eligible paper. 598,813 70,084 128,035 47,031 60,668 32,192 34,306 87,045 17,016 18,003 17,367 6,038 81,028 United States Government securities . 884,700 41,500 182,000 70,000 90,000 24,000 46,000 174,000 34,000 37,700 45,000 20,500 20,000 FEDERAL RESERVE BANK NOTE STATEMENT Issued to F.R. bank (outstanding) 21,049 2,040 12,249 5,000 1,600 160 Held by Federal reserve bank 6,482 344 2,188 3,008 818 124 In actual circulation 14,567 1,696 10,061 1,992 782 Collateral pledged against outstanding notes: Discounted and purchased bills _ 5,258 2,300 2,769 189 United States Government securities- 25,249 12,249 8,000 5,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BULLETIN APRIL 1933 ALL MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures Eeserves held Borrowings at Federal reserve Federal reserve district Total 1933 1932 1933 1932 1933 1932 February January February February January February February January February Boston 155.8 147.2 119.6 43.9 34.2 1.6 12.1 12.3 39.9 New York.... 979.5 1,230.3 811.5 81.4 294.3 12.9 67.6 57.2 178.8 Philadelphia. 127.5 127.0 118.4 12.5 10.7 1.4 53.9 47.0 121.9 Cleveland- 135.6 141.5 141.0 1.5 4.9 1.1 37.7 24.5 121.7 Richmond. 62.5 52.8 51.8 15.1 3.9 1.3 18.2 16.2 36.4 Atlanta 44.8 44.2 47.6 5.0 2.5 2.3 19.2 17.4 45.0 Chicago 403.2 420.6 257.7 186.6 197.6 8.9 26.1 16.0 79.8 St. Louis 59.3 59.1 57.5 10.1 8.0 2.4 5.7 7.9 22.0 Minneapolis _ 42.1 41.4 9.1 4.8 1.9 10.3 10.1 12.2 Kansas City... 78.7 67.0 68.1 21.6 9.0 4.7 14.6 11.6 35.4 Dallas 52.4 46.4 49.2 11.6 5.3 3.8 4.1 4.4 14.6 San Francisco.. 149.7 141.7 143.6 19.0 8.5 1.6 35.9 29.8 128.5 Total. 2,291.0 2,515.9 1,907.5 417.3 583.8 43.8 305.6 254.4 836.2 Back figures.—For reserves held and borrowings at Federal reserve banks, see Annual Reports for 1931 (tables 100 and 101), 1929 (tables 91), and 1927 (tables 89 and 90). NET DEMAND AND TIME DEPOSITS OP BANES 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 1933 1932 1933 1932 1933 1932 1933 1932 Febru- Janu- Febru- Febru- Janu- Febru- Febru- Janu- Febru- Febru- Janu- February ary ary ary ary ary ary ary ary ary ary ary Boston 942 951 990 664 671 711 75 76 85 137 137 146 New York 6,574 6,854 5,818 1,894 1,955 1,892 189 192 226 459 466 500 Philadelphia 822 830 836 619 * 628 604 133 138 153 390 391 409 Cleveland 935 960 968 982 987 1,024 128 128 148 252 253 270 Richmond 316 330 345 302 301 291 74 76 86 159 159 166 Atlanta - 286 301 331 289 296 291 53 55 67 58 59 70 Chicago 1,473 1,517 1,693 1,105 1,141 1,304 125 131 162 213 221 266 St. Louis . . 348 362 389 267 279 308 79 81 91 88 91 100 Minneapolis 172 176 206 191 188 207 87 91 116 180 183 211 Kansas City— 378 381 414 208 212 217 159 164 191 110 111 124 Dallas 281 285 314 161 163 163 134 132 155 31 32 33 San Francisco 803 819 893 1,479 1,504 1,498 80 86 110 95 98 120 Total 13,330 13,767 13,198 8,161 8,324 8,510 1,315 1,349 1,591 2,172 2,201 2,416 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 251 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES OF ALL WEEKLY REPORTING MEMBER BANES, BY DISTRICTS, ON MAR. 1, 1933 [In millions of dollars] Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S i r s a a c n n o - Loans and investments 17,823 1,159 7,486 1,063 1,787 557 491 1,960 493 290 496 357 1,684 Loans 9,627 672 3,653 568 1,025 289 310 1,303 260 167 225 214 941 On securities 4,234 271 1,884 289 472 107 107 571 106 52 75 68 232 Allother 5,393 401 1,769 279 553 182 203 732 154 115 150 146 709 Investments— 8,196 487 3,833 495 762 268 181 657 233 123 271 143 743 U.S. Government securities 4,908 297 2,493 239 449 161 100 341 116 59 152 89 412 Allother _ , 3,288 190 1,340 256 313 107 81 316 117 64 119 54 331 Reserve with Federal reserve bank 1,599 114 729 67 76 46 21 282 52 27 58 47 80 Cash in vault 389 21 106 17 38 30 9 99 14 6 15 10 24 Net demand deposits 10,605 736 5,422 587 735 260 192 1,171 287 145 329 221 ••520 Time deposits _ 5,288 390 1,187 271 711 218 192 809 173 140 171 128 898 Government deposits 90 3 38 8 9 3 7 8 1 2 3 8 Due from banks 866 99 98 56 47 43 45 141 45 46 90 67 89 Due to banks 2,199 139 947 129 137 72 62 241 77 50 134 78 133 Borrowings from Federal reserve banks 488 1 217 80 63 27 16 24 2 1 6 1 50 *• Revised. NOTE.—Complete figures for dates subsequent to Mar. 1 are not available. PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO [In millions of dollars] New New York Chicago York Chicago City City Loans and investments: Reserve withlFederal reserve bank—Contd. Mar. 1 6,512 1,006 Mar. 22 609 162 Mar. 8 6,412 966 Mar. 29 739 175 Mar. 15 6,523 11,099 Cash in vault: Mar. 22 6,484 1,125 Mar. 1 ^92 64 Mar. 29 6,457 1,131 Mar. 8 131 165 Loans: Mar. 15 85 1128 Mar. 1 - _ 3,079 618 Mar. 22 [56 63 Mar. 8 3,121 607 Mar. 29 _ _ _ _ „ . 50 59 Mar. 15 3,157 1646 Net demand deposits: Mar. 22 3,151 '645 Mar. 1. . 4,983 809 Mar. 29 3,118 647 Mar. 8 4,481 742 On securities: Mar. 15 4,518 1788 Mar. 1 - 1,640 346 Mar. 22 4,640 809 Mar 8 1,668 346 Mar. 29 4 827 805 Mar. 15 1,674 Time deposits: Mar. 22 1,626 '357 Mar. 1 776 286 Mar. 29 1,555 355 Mar. 8 749 259 All other: Mar. 15 740 1359 Mar. 1 1,439 272 Mar. 22 739 357 Mar. 8 1,453 261 Mar. 29 737 360 Mar. 15 1,483 1293 Government deposits: Mar. 22. „ 1,525 '288 Mar. 1 34 4 Mar. 29 1,563 292 Mar. 8... 11 3 Investments: Mar. 15 „ 170 116 Mar. 1 3,433 388 Mar. 22 170 17 Mar. 8 3,291 359 Mar. 29- 170 16 Mar. 15 3,366 1453 Due from banks: Mar. 22 3,333 '480 Mar. 1 62 97 Mar 29 3,339 484 Mar. 8- 53 51 U.S. Government securities: Mar. 15 55 1 90 Mar 1 2,338 189 Mar. 22 . . 54 136 Mar. 8 2,186 161 Mar. 29 55 129 Mar. 15 . 2,253 1202 Due to banks: Mar 22 2,210 239 Mar. 1 898 168 Mar. 29 2,185 246 Mar. 8 690 130 All other: Mar. 15 756 1133 Mar 1 1,095 199 Mar. 22 859 191 Mar. 8 1,105 198 Mar. 29 930 194 Mar. 15 - 1,113 1251 Borrowings from Federal reserve banks: Mar 22 1,123 '241 Mar. 1 183 Mar 29 1,154 238 Mar. 8 632 66 Reserve with Federal reserve bank: Mar. 15 483 113 Mar. 1 683 226 Mar. 22 147 Mar. 8 618 132 Mar. 29 84 Mar. 15- 669 U50 «Revised. 1 On Mar. 9 a member bank in Chicago took over assets and assumed depositliabilities of a nonmember aggregating approximately $135,000,0004 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 FEDERAL RESERVE BULLETIN APRIL 1933 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Prime commercial paper s L to o c a k n - s e x se c c h u a r n e g d e b c y o l p la r t i e m ra e l 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 March February March March February March March February March March February March Boston. 4 -5 5 -5H 4 -5 5 -6 4 -5 New York. 3 -4 4 -5 4 -5 3 -4 4 4K-5 4 -4^ Buffalo 5 -6 5 -6 5 -6 6 6 6 5 -6 6 6 Philadelphia. 4 -5 5 -5M 5 -6 5 -6 5 -6 4 -5 4 -5 Cleveland _. 4 -6 5 -6 5 -6 6 6 C Pi i t n t c s i b n u n r a g t h i. . -6 6 6 5 -6 5 5 3 i ^ 6 -6 •5 -7 6 -7 6 5 -7 6 5 5 K- - 6 6 5 -6 5 -6 6 Richmond- 6 5 -5 5 -6 6 Baltimore.. 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 Charlotte- 5 -6 5 -6 6 Atlanta 5 -5K A 5 -5K 5H-6 5 -6 5 -6 4 -5 5 Birmingham. 4K8 8 -6 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 Jacksonville. - 5 -7 4H-8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 5 -6 Nashville 6 6 6 6 6 6 6 6 New Orleans . 5 -7 5H-7 V 5Vf-7 C D h e i t c r a o g i o t. - . 5 -6 5 - 6 5H 4 -5 5 -6 5 -ty2 5 5 - -6 5K 5 - ' 5 4 M H St. Louis.— 5 -6 4 -5 4 5 -6 5 -6 5 -6 4 -6 5H-6 5 -5M 5 -6 Little Rock. 6 -7 6 -6i 6 6K-7 6^-7 6 -7 6M-7 6 -7 6 -7 6 -7 6 Louisville... 6 6 6 6 6 6 5 -6 5 -6 Minneapolis.. 2 -4J 4 -4 4 -6 5 -6 4 -5} 2 -4 4 -4 5 -6 Helena 7 -8 7 -8 7 -8 7 -8 7 -8 6 -7 6 -7 6 -8 6 -7 6 -7 6 -7 Kansas City 4 -6 4 -6 5 -6 5 -6 5H-6 Denver 4 -5 6 -8 6 -8 6 6 Oklahoma City.... 6 6 6 -8 6 -8 6 -8 6 6 Omaha 5H-7 5H-7 6 -6V£ 6 s 6 -6} 6 Dallas 4 -6 3 -6 5 -6 6 -7 6 -7 6 -7 5 -7 534-6 5 -5; 5 -b\ 5 -5H El Paso 7 -8 7 -8 7 -8 6 -8 7 -8 7 -8 8 8 8 5 -6 5 -6 5K6 Houston 5 -« 6 -7 5M-7 5 -6 5 -6 5H-6 5 -5^ 5 -h\ San Antonio.. 5 -8 5 -7 6 -7 6 -7 63^-7 6 -8 6 -8 6 San Francisco 5 -5H 5 -5 5 -6 5 -6 5 -6 5 -51 L P o o s r t A la n n g d el . e . s 5M6 5 -6 6 -6 6 1 6 6 - - % 6M Y2 6 6 -7 -7 6 6 - - 6 6 1 H ^ 6 6 Salt Lake City 6 6 6 7 7 7 6 -7 -7 Seattle 6 6 -61, 6 -6V 6H-7 6 Spokane 6 -7 6 -7 6H-7 NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month 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

APRIL 1933 FEDERAL RESERVE BULLETIN 253 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OP 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 15 i d th a i y n s d 16 a 3 y 0 t s o 3 d 1 a t y o s 60 6 d 1 a y to s 90 9 m 1 t o d o s a 6 . ys 6 O m ve o r s. Net Net Bills dis- Month Ship- Re- ship- Ship- Re- ship- counted: ments ceipts ments ments ceipts ments Mar. 1 712,391 585,190 28,255 43,672 43,902 9,842 1,530 to from (-)or to from (-)or Mar. 8 1,413,9361,222,083 46,290 74,154 61,312 8,312 1,785 Europe Europe receipts Europe Europe receipts Mar. 15 1,232,316 992,30153,398 91,878 79,371 12,662 2,706 (+) (+) Mar. 22 670,869 502, 668 32,170 58,205 8,305 2,685 Mar. 29 545,110 396,353 33,408 42,898 62,495 7,639 2,317 Bills bought in January 25 3,335 +3,310 3 5,304 +5,301 open market: February. 0 5,221 +5,221 105 5,589 +5.484 Mar. 1 383, 666 65,622 75,883 110, 218 131,013 930 March.. 0 8,468 +8,468 101 13,786 +13,685 Mar. 8 417, 289 88,645 62,215 123,946 141,2621,221 April 0 4,563 +4,663 Mar. 15 403,316 106,316 62,351128,316 105,730 603 May 0 10,938 +10,938 Mar. 22 352,309 75,421 68,151136,775 71,456 506 June 12 16,265 +16, 253 Mar. 29 310,235 72,471 60,165 145,905 31,481 213 July 20 6,694 +6,674 Certificates and August. . 152 6,458 +6,306 bills: September 36 6,603 +6,567 Mar. 1 957,251 141,23133,750 89,601215,697 165,625 311,347 October 7 5,294 +5,287 Mar. 8 996,466 146,786 58,750 204,117 144,945 130, 525 311,343 November 70 6,013 +5,943 Mar. 15 1,008,937 52,750 58,050193,337 133,715 391,298179,787 December 245 3,986 +3,742 Mar. 22 50,120 60,000170, 227 248,140 292,872 162, 527 Mar. 29 957,722 31,000 60,100183,347 210,875 309,872 162,528 Municipal war- For description and back figures see BULLETIN for January 1932, rants: pp. 7-9. Mar. 1 4,719 Mar. 8 5,631 5,555 MEMBERSHIP IN tAR-COLLECTION SYSTEM Mar. 15 5,644 5,535 Mar. 22 5,394 5,280 Mar. 29 5,402 [Number of banks at end of February] Nonmember banks UNITED STATES POSTAL SAVINGS Member banks Federal reserve On par list Not on par list [Balance to credit of depositors. In millions of dollars] district End of month 1928 1929 1930 1931 1932 1933 1933 1932 1933 1932 1933 1932 January 148.9 153.5 165.1 278.4 665.6 p 942.5 United States . 6,699 7,094 7,852 8,839 2,979 3,127 Februarv 151.1 154.8 167.9 292.1 691.8 v 1,005.6 March -. 152.0 155.0 169.5 302.7 705.3 p 1,111.6 Boston 367 371 223 225 April 152.2 154.3 170.2 313.8 722.1 New York 821 833 332 335 May 152 0 153.8 171.2 325.0 742.6 Philadelphia 687 706 297 332 June 152.1 153.6 175.3 347.4 784.8 Cleveland 632 646 761 772 5 6 July 151.7 157.8 180.7 372.5 828.5 Richmond _ 390 394 421 439 352 363 A ugust 152.2 160.1 186.6 422.7 848.5 Atlanta 316 340 129 146 693 765 September 152.3 160.3 189.8 469.9 857.4 Chicago 766 864 2,133 2,477 243 247 October - - 153.1 161.6 192. fi 538.1 870.8 St. Louis 402 446 1,058 1,192 390 394 November 153.9 163.7 200.7 565.5 885.2 Minneapolis 537 575 306 379 806 870 153.9 164.3 245.4 605.1 900.8 Kansas City 769 810 1,371 1,582 216 213 Dallas 576 607 393 454 226 218 San Francisco 436 502 428 506 48 51 p Preliminary. Figures cover all incorporated banks (other than mutual savings banks). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDERAL RESERVE BULLETIN APRIL 1933 ALL BANKS IN THE UNITED STATES ALL BANKS ^PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES BY DISTRICTS [In millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figures are available] Loans and investments Deposits, exclusive of Rediscounts and interbank deposits bills payable Total Loans Investments Federal reserve district 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. 31 30 31 31 30 31 31 30 31 31 30 31 31 30 31 ALL BANKS » Boston . - - 6,385 5,940 5,791 3,835 3,477 3,356 2,550 2,463 2,435 5,897 5,613 5,502 101 57 60 New York 17,826 17,025 17,079 11,281 9,744 9,576 6,545 7,281 7,503 16,298 '15,360 15,351 216 161 141 Philadelphia 3,784 3,524 3,459 2,114 1,874 1,830 1,670 1,650 1,629 3,171 2,937 2,947 196 150 146 Cleveland 3,770 3,580 3,487 2,397 2,136 2,067 1,374 1,444 1,420 3,354 3,139 3,062 154 149 144 2,014 1,902| 1,821 1,295 1,146 1,089 719 756 732 1,845 1,719 1,681 75 86 84 Atlanta 1,243 1,163 1,145 845 763 734 398 400 411 1,153 1,042 1,047 63 78 68 Chicago -. 5,643 4,586 4,297 3,850 2,999 2,804 1,793 1,587 1,493 5,416 4,405 4,368 149 189 205 St Louis 1,541 1,386 1,332 1,006 850 800 535 536 532 1,442 1,287 1,274 47 55 61 Minneapolis - .. - 1,221 1,085 1,013 700 598 560 520 487 453 1,214 1,041 1,007 16 32 32 Kansas Oitv 1,410 1,237 1,188 860 712 666 549 525 522 1,408 1,249 1,228 42 34 27 Dallas 895 824 795 602 532 504 293 292 291 866 787 785 20 29 22 San Francisco 3,973 3,598 3,537 2,520 2,154 2,077 1,453 1,445 1,460 3,756 3,364 3,392 67 100 56 Total 49,704 45,852 44,946 31,305 26,985 26,063 18,399 18,867 18,883 45,821 '41,942 41,643 1,147 1,120 1,046 MEMBEB BANKS Boston . . ... 2,185 2,051 1,948 1,390 1,210 1,107 794 842 841 1,964 1,919 1,832 62 23 19 New York 10,565 9,915 10,045 6,609 5,192 5,066 3,956 4,723 4,979 9,276 8,456 8,403 194 126 120 Philadelphia .- 2,558 2,414 2,355 1,521 1,364 1,313 1,037 1,050 1,043 2,090 1,966 1,981 141 90 85 Cleveland . 2,865 2,715 2,643 1,807 1,593 1,538 1,058 1,122 1,105 2,500 2,344 2,296 129 94 86 Richmond 1,050 997 966 693 604 579 358 394 387 944 884 875 38 50 41 Atlanta ... . 906 852 845 593 531 616 313 321 329 817 746 758 48 59 48 Chicago 3,882 3,175 2,907 2,632 2,031 1,851 1,249 1,144 1,056 3,616 3,038 3,078 91 98 50 St. Louis 1,031 923 887 623 511 468 407 413 418 932 836 840 27 23 19 Minneapolis 789 702 658 441 374 353 349 328 304 773 671 659 8 15 14 Kansas City 1,016 899 870 574 470 441 442 429 429 980 887 883 29 19 13 Dallas - 724 666 647 480 421 402 244 245 245 686 633 634 14 17 9 San Francisco 3,005 2,735 2,699 1,898 1,623 1,570 1,107 1,112 1,129 2,854 2,525 2,564 57 83 42 Total 30,575 28,045 27,469 19,261 15,924 15,204 11,314 12,121 12,265 27,432 24,903 24,803 839 697 547 NONMEMBER BANKS Boston ._ ... . 4,201 3,889 3,844 2,445 2,267 2,249 1,756 1,622 1,594 3,934 3,694 3,670 39 33 41 New York 7,261 7,110 7,034 4,672 4,552 4,510 2,589 2,558 2,524 7,022 '6,904 6,948 21 36 20 Philadelphia 1,226 1,110 1,104 593 511 517 633 600 587 1,081 971 966 55 60 60 Cleveland -- -_ 905 865 844 590 543 528 316 323 315 854 795 766 24 55 58 Richmond 964 905 855 603 542 510 361 362 345 901 835 806 37 36 44 Atlanta _ 337 312 300 252 232 218 85 80 82 337 295 289 15 19 20 Chicago 1,761 1,411 1,391 1,218 968 954 544 444 437 1,800 1,367 1,290 58 91 154 St. Louis 510 463 446 382 339 332 128 124 114 510 451 433 21 32 42 Minneapolis^ 431 382 356 260 224 207 172 158 149 441 370 348 9 17 18 Kansas City __- 394 338 318 287 242 225 107 96 93 428 362 345 13 14 15 Dallas 171 158 148 123 111 102 49 47 45 180 154 151 6 12 13 San Francisco 969 863 838 622 530 507 346 333 331 902 840 828 10 17 14 Total 19,129 17,807 17,476 12,045 11,061 10,859 7,084 6,746 6,617 18,389 '17,040 16,840 308 423 499 i Includes all national and State banks (including stock and mutual savings banks) and all private banks under State supervision. ' Revised. Back figures.—-See BULLETIN for July 1930, and January and July 1931; also (figures of loans, investments, and deposits) Annual Report of the Federal Reserve Board for 1931 (tables 45, 46 and 92-95). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 255 ALL BANKS IN THE UNITED STATES—Continued ALL BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON DEC. 31, AND SEPT. 30, 1932, BY STATES [Amounts in thousands of dollars] Loans and investments De o p f os in it t s e , rb e a x n c k lu s d iv e e - Rediscounts and N re u p m o b rt e i r n g of posits bills payable banks Total Loans Investments State De b c e e r m- Sep b t e e r m- De b c e e r m- Sep b t e e r m- De b c e e r m- Sep b t e e r m- De b c e e r m- Septem- De b c e e r m- Septem- c D b e e m e r - - t S b e e e m p r - - New England: Maine 380,568 394,739 196,003 202,943 184,565 191,796 348,419 366,804 13,126 4,099 115 115 New Hampshire. 284,140 285,996 131,746 132,979 152,394 153,017 254,361 255,611 4,960 5,538 117 117 Vermont 202,854 208,081 125,922 128,979 76,932 79,102 194,086 195,070 11,589 11,704 100 100 Massachusetts... 3,592,637 3,677,997 2,160,605 2,243,044 1,432,032 1,434,953 3,428,090 3,505,442 23,309 24,190 417 416 Rhode Island 474,192 488,306 228, 254 243,337 245,938 244,969 448,831 457,506 805 969 34 34 Connecticut 1,128,591 1,164,779 654,173 670,667 474,418 494,112 1,080,114 1,089,829 13,665 17,697 205 206 Middle Atlantic: New York.... 15,253,85415,138,450 8,549,366 6,704,488 6,451,51113,578,081 13,601,718 84,605 94,860 New Jersey... 1,879,941 1,944,802 1,095,403 1,130,180 784,538 814,622 1,814,924 1,790,732 78,290 90,857 475 473 Pennsylvania. 4,438,808 4,542,151 2,203,996 2,274,819 2,234,812 2,267,332 3,699,672 3,745,390 151,688 156,834 1,232 1,240 East North Central: Ohio 1,837,311 1,873,843 1,256,362 1,285,747 580,949 588,096 1,711,008 1,736,994 103,160 102,690 802 802 Indiana 498,300 516,202 320,618 335,477 177,682 180,725 503,402 509,786 16,986 17,921 675 691 Illinois 1,949,628 2,060,597 1,161,688 1,247,448 787,940 813,149 2,049,041 1,990,410 106,196 83,494 1,079 1,122 Michigan 1,248,641 1,322,438 890,213 926,879 358,428 395,559 1,227,655 1,264,343 48,327 47,216 543 549 Wisconsin 625, 975 407,334 440,555 218,641 248,034 596,348 628,592 27,760 28,882 781 834 West North Central: Minnesota 644,297 691,759 357,036 379,580 287,261 312,179 650,780 670,332 12,962 11,913 794 823 Iowa 436,734 259,955 300,920 125,583 135,814 378,669 423,523 24,760 30,731 795 844 Missouri 841,507 876,842 457,587 489,783 383,920 387,059 872,187 867,053 28,107 17,248 898 North Dakota 65,895 42,732 45,063 23,163 24,022 62,652 65,788 3,453 3,562 228 233 South Dakota 72,053 78,179 42,320 46,651 29,733 31,528 66,088 69,775 5,759 6,537 240 249 Nebraska 201,646 217,954 129,334 141,428 72,312 76,526 195,096 205,107 7,291 8,915 610 Kansas 253,308 264,181 159,642 169,577 93,666 94,604 259,405 264,301 8,062 8,106 844 870 South Atlantic: Delaware 151,084 155,248 81,168 84,415 69,916 70,833 130,488 131,184 826 800 50 50 Maryland 713,556 759,171 337,858 367,098 375,698 392,073 645,314 685,777 29,409 20,918 208 205 District of Columbia- 229,183 236,455 127,102 131,623 102,081 104,832 236,912 244,150 5,691 5,960 34 34 Virginia 413,291 433,502 303,462 315,987 109,829 117,515 366,858 376,644 15,291 17,505 378 380 West Virginia 241,776 245,418 178,869 180,748 62,907 64,670 216,718 211,780 16,916 215 213 North Carolina 205,358 207,088 142,377 147,612 62,981 59,476 188,942 182,208 15,626 18,128 258 258 South Carolina 79,534 83,737 45,959 50,150 33,575 33,587 79,468 74,062 6,786 9,438 131 131 Georgia 230,677 246,610 154,108 167,914 76,569 222,196 233,295 8,816 10,414 289 306 Florida 170,798 172,830 56,134 58,411 114,664 114,419 170,439 170,381 2,664 2,761 177 184 East South Central: Kentucky. 355,049 354,730 251,048 254,540 104,001 100,190 292,857 286,523 10,039 11,781 470 470 Tennessee 298,023 305,045 224,468 232,274 73,555 72,771 261,321 27,699 26,298 364 382 Alabama.. 177,197 185,821 121,593 128,484 55,604 57,337 156,977 156,126 7,817 9,696 235 241 Mississippi 116,439 120,982 74,055 79,168 42,384 41,814 112,525 111, 045 9,432 12,139 227 227 West South Central: Arkansas 101,798 105, 520 67,213 71,295 34,585 34,225 95,463 8,204 9,553 272 274 Louisiana 347,626 335,325 243,175 244,460 104,451 90,865 314,385 296,853 24,838 31,452 190 195 Oklahoma 254,125 258,427 124,200 134,142 129,925 124,285 263,114 269,548 2,249 4,014 486 505 Texas 698,958 725, 532 444,257 468,198 254,701 257,334 691,184 696,012 15,672 22,309 1,023 1,046 Mountain: Montana- 87,948 93,184 40,872 44,833 47,076 48,351 92,545 91,608 2,315 3,684 147 149 Idaho _ 43,660 41,254 20,391 20,951 48,194 41,348 960 1,673 103 106 Wyoming 39,380 42,558 25,787 28,581 13,593 13,977 39,782 39,086 1, 3,938 71 72 Colorado 191,611 196,727 90,955 94,588 100,656 102,139 204,347 208,088 4, 5,980 207 208 New Mexico . 26,735 28,148 14,379 15,740 12,356 12,408 27,752 25,937 1,259 2,537 48 49 Arizona 39,177 39,830 17,913 19,334 21,264 20,496 44,445 41,435 648 1,348 24 26 Utah 106,408 106,010 67,132 67,039 39,276 38,971 89,862 81,256 2,115 74 73 Nevada 10,727 31,851 4,994 23,638 5,733 8,213 12,518 27,970 246 4,719 13 26 Pacific: Washington 325,916 332,180 165,757 175,110 160,159 157,070 304,476 307,842 11,187 11,850 253 255 Oregon 173,674 181,405 70,108 76,624 103,566 104,781 173,696 178,227 4,647 6,324 159 161 California 2,856,465 2,885,280 1,737,601 1,779,697 1,118,864 1,105,583 2,740,995 2,706,809 70,537 348 359 Total. 44,945,85:45,851,57226,063,224 26,985,00118,882,633 18,866,57141,642,682 41,942,2781,045,8751,119,93: 18,390 18,794 Back figures.—See (for figures of loans and investments) Annual Reports of Federal Reserve Board for 1931 (tables 96-98) and 1927 (tables 81-83). 1 Includes all national and State banks and all private banks under State supervision. Figures for State institutions are taken from p. 257 and represent in some cases the condition of banks as of dates other than Dec. 31 and Sept. 30,1932. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 FEDERAL RESERVE BULLETIN APRIL 1933 ALL BANKS IN THE UNITED STATES—Continued NATIONAL BANKS1—PRINCIPAL RESOURCES AND LIABILITIES ON DEC. 31 AND SEPT. 30, 1932 [Amounts in thousands of dollars] Loans and investments Deposits, exclusive Rediscounts and Number of Total Loans Investments o de f po i s n its terbank bills payable reporting banks State Decem- Septem- Decem- Septem- Decem- Septem- Decem- Septem- Decem- Septem-Decem-3eptem ber ber ber ber ber ber ber ber ber ber ber New England: Maine 109,394 114,954 56,875 59,413 52,519 55,541 103,848 106,730 3,555 3,717 43 New Hampshire. 63,392 65,248 33,780 35,013 29,612 30,235 52,455 53,705 1,713 2,291 53 53 Vermont. 57,310 59,172 31,022 31,974 26,288 27,198 47,904 49,396 2,918 3,194 45 45 Massachusetts... 1,013,409 1,083,658 577,680 647,347 435,729 436,311 971,336 1,043,656 5,082 5,856 141 141 Rhode Island 44,444 45,424 23,245 24,817 21,199 20,607 34,578 33,991 74 200 10 10 Connecticut 210,516 216,825 136,179 140,387 74,337 76,438 200,732 198,911 2,304 5,069 58 58 Middle Atlantic: New York.... 3,853,624 3,838,387 2,005,407 2,042,764 1,848,217 1,795,623 3,228,08: 3,280,790 43,553 49,344 496 496 New Jersey... 673,274 698,888 365,537 381,953 307,737 316,935 638,93J 638,589 35,526 39,162 269 269 Pennsylvania. 2,169,948 2,234,288 1,114,741 1,173,915 1,055,207 1,060,373 1,802,537 1,818,068 74,028 747 752 East North Central: Ohio 560,489 571,063 336,834 345,689 223,655 225,374 512,021 519,334 11,636 12,811 266 266 Indiana.. 231,214 241,257 132,516 140,224 98,698 101,033 230,404 225,998 5,200 7,478 15! 157 Illinois 1,150,132 660,332 711,219 382,063 438,913 278,269 1,293,626 676,175 10,795 12,682 337 340 Michigan 693,619 742,334 507,915 523,870 185,704 218,464 721,955 732,882 8,158 9,650 102 103 Wisconsin 309,413 341,918 199,206 214,311 110,207 127,607 300,610 311,600 5,614 6,351 127 133 West North Central: Minnesota 401,204 431,046 229,198 240,948 172,006 190,098 407,032 412, 729 3,736 3,386 229 234 Iowa 146,375 153,555 78,151 84,699 68,224 68,856 138,019 144,715 5,501 6,029 163 167 Missouri 334,180 345,739 171,414 188,101 162,766 157,638 332,416 323,081 2,099 2,816 97 99 North Dakota 48,547 51,177 27,793 29,595 20,754 21,582 46,440 2,153 2,368 77 79 South Dakota 42,643 46,449 21,321 23,767 21,322 22,682 39,467 41,420 3,038 3,826 72 76 Nebraska 136,560 145,288 81,118 87,550 55,442 57,738 132,229 134,497 4,208 5,441 156 156 Kansas 133,405 138,251 70,818 74,813 62,587 63,438 139,149 137,855 2,576 2,683 219 222 South Atlantic: Delaware .. 19,213 19,304 10,021 10,099 9,192 9,205 14,841 15,741 439 425 16 16 Maryland 183,993 186,026 72,229 76,563 111, 764 109,463 155,791 160,967 3,338 3,385 68 68 District of Columbia. 127,746 132,259 63,796 67,625 63,950 64,634 131,673 140,280 2,519 2,974 12 12 Virginia 241,475 254,969 169,468 175,838 72,007 79,131 219,928 224,256 7,382 9,098 139 139 West Virginia 117,915 120,368 82,839 84,380 35,076 35,988 104,184 100,660 6,537 8,644 84 83 North Carolina 51,696 52,206 36,697 37,930 14,999 14,276 42,171 41,615 4,113 4,998 43 42 South Carolina 40,745 42,682 24,336 25,960 16,409 16,722 37,084 35,083 4,776 6,249 21 21 Georgia 151,161 159,525 89,830 96,335 61,331 63,190 150,720 160,257 2,046 3,036 5' 61 Florida 128,210 125,245 37,194 37,166 91,016 88,079 126,044 120, 718 1,06: 1,346 49 49 East South Central: Kentucky 158,388 158,069 96,793 100,285 61,595 57,784 138,384 132,050 4,00 5,743 108 108 Tennessee 201,345 201,029 144,595 145,657 56,750 55,372 163,297 161,418 20,564 20,650 81 Alabama 130,886 135,412 86,394 47,239 49,018 112,459 112,889 4,17- 5,041 79 Mississippi 42,497 43,092 25,036 26,410 17,46: 16,682 40,066 39,227 2,690 3,223 25 West South Central: Arkansas 46,447 46,439 25,202 25,828 21, 245 20,61 43,448 42,002 1,116 1,517 52 51 Louisiana 80,880 79,405 56,57f 57,289 24,304 22,116 72,280 70,166 4,745 4,892 29 29 Oklahoma,. 214, 706 217,248 103,290 110,968 111,416 106,280 220,352 224,724 1,434 2,816 233 241 Texas. 5f>3,383 580,638 351,808 366,924 211,575 213, 71- 550,278 £50,979 7,577 13,415 483 489 Mountain: Montana 50,029 53,188 19,438 21,55: TO, 59 31,637 54,889 54,152 800 1,519 Idaho 16,099 13,41f 7,760 6,999 8,33! 6,417 17,541 12,940 424 762 28 Wyoming 24,958 27,14: 15,206 16,943 9,75: 10,198 24,973 24,664 702 2,494 25 Colorado 157,980 163,096 69,630 73,263 88,350 89,833 166,963 170,704 3,378 4,550 99 New Mexico . 19,986 21,05: 10,230 11,310 9,756 9,741 2089f 19,434 726 1,849 26 Arizona 17,343 15,648 5,904 6,290 11,439 9,358 , 15,838 242 499 10 Utah... 35,918 34,514 17,360 16,504 18,558 18,010 18,621 28.66S 449 904 15 Nevada 8,543 18,574 3,504 12,405 5,039 34,98C 13,83 246 3,824 9 9,65C Pacific: Washington- 198,950 204,562 89,988 95,616 108,961 108,946 180,763 183,84C 6,535 6,819 83 84 Oregon 138,693 146,424 49,878 56,394 88,81, 90,030 138,264 142,795 2,757 4,434 r 73 California.... 1,846,555 1,856,957 1,153,91* 1,181,866 692,637 675,091 1,736,945 1,702,453 27,435 60,086 16C 165 Total. 17,398,83217,333,740 9,828,14! 9,904,00f 7,570,69C 7,429,73516,101,26415,634,91 348,528 443,574 6,01 1 Member banks only, i.e., exclusive of national banks in Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

257 APRIL 1933 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES—Continued STATE BANKS!—PRINCIPAL RESOURCES AND LIABILITIES ON DEC. 31 AND SEPT. 30, 1932, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive of interbank Rediscounts and Number of redeposits bills payable porting banks Total Loans Investments State De b c e e r m- Septem- De b c e e r m- Se b p e te r m- De b c e e r m- Se b p e te r m- De b c e e r m- September De b c e e r m-Se b p e te r m-De b c e e r m- tem ie b p e - r New England: Maine 271,174 279, 785 139,128 143,530 132,046 136,255 244,571 260,074 9,571 382 72 72 New Hampshire 220,748 220,748 97,966 97,966 122, 782 122,782 201,906 201,906 3,247 3,247 64 64 Vermont 145,544 148,909 94,900 97,005 50,644 51,904 146,182 145,674 8,671 8,510 55 55 Massachusetts 2, 579, 2282, 594,339 1,582,925 1,595,697 996,303 998,642 2,456,754 2,461, 786 18,227 18,334 276 275 Rhode Island 429, 748 442,882 205,009 218,520 224,739 224,362 414,253 423,51 ~ 731 769 24 24 Connecticut 918,075 947,954 517, 994 530,280 400,081 417,674 879,382 890,918 11,361 12,628 147 148 Middle Atlantic- New York 11,400,23011,300,063 6,543,959 6,644,175 4,856,271 4,655,888 10,349,994 10,320,928 41,052 45, 516 487 New Jersey 1, 206,6671,245,914 729,866 748, 227 476,801 497,687 1,175,989 1,152,143 42,764 51,695 206 204 Pennsylvania 2, 268,8602,307,863 1,089, 2551,100,904 1,179, 6051, 206,9591,897,135 1,927,322 84,805 82,806 485 East North Central: Ohio 1,276,822 1,302,780 919,528 940,058 357,294 362,722 1,198,987 1, 217,6602 91,5242 89,879 536 536 Indiana.. 267,086 274,945 188,102 195,253 78,984 79,692 272,998 283,788 11,786 10,443 523 534 Illinois 799,496 1,400,265 450,469 865,385 349,027 534,880 755,415 1,314, 235 95,401 70,812 742 782 Michigan 555,022 580,104 382, 298 403,009 172,724 177,095 505,700 531,461 40,169 37,566 441 446 Wisconsin 316.562 346,671 208,128 226, 244 108,434 120,427 295, 738 316,992 22,146 22,531 654 701 West North Central: Minnesota 243,093 260,713 127,838 138,632 115,255 122,081 243,748 257,603 9,226 8,527 565 Iowa 239,163 283,179 181,804 216,221 57,359 66,958 3 240,650 3 278,808 19,259 24,702 632 677 Missouri 507,327 531,103 286,173 301,682 221,154 229,421 3 539,771 3 543,972 26,008 14,432 795 799 North Dakota 17,348 17,908 14,939 15,468 2,409 2,440 16, 212 17,351 1,300 1,194 151 154 South Dakota 29,410 31,730 20,999 22,884 8,411 8,846 26,621 28,355 2,721 2,711 168 173 Nebraska 65,086 72,666 48,216 53,878 16,870 18,788 62,867 70,610 3,083 3,474 430 454 Kansas 119,903 125,930 94, 764 31,079 31,166 3 120,256 3 126,446 5,486 5,423 625 South Atlantic: Delaware. _ 131,871 135,944 71,147 74,316 60,724 61,628 115,647 115,443 387 375 34 34 Maryland _.. 529.563 573,145 265,629 290,535 263,934 282,610 489, 523 524,810 26,071 17,533 140 137 District of Columbia.._ 101,437 104,196 63,306 38,131 40,198 105, 239 103,870 3,172 2,986 22 22 Virginia 171,816 178, 533 133,994 140,149 37,822 38,384 146,930 152,388 7,r" 8,407 239 241 West Virginia 123,861 125,050 96,030 96,368 27,831 28,682 112,534 111, 120 7,443 8,272 131 130 North Carolina 153,662 154,882 105,680 109,682 47,982 45,200 146, 771 140,593 11,513 13,130 215 216 South Carolina < 38,789 * 41,055 « 21,623 * 24,190 < 17,166 «16,865 < 42,384 * 38,979 * 2,010 < 3,189 <110 U10 Georgia 79,516 87,085 64,278 71,579 15,238 15,506 71,476 73,038 6,770 7,378 232 245 Florida 42,588 47, 585 18,940 21, 245 23,648 26,340 44,395 49,663 1,603 1,4U 128 135 East South Central: Kentucky 196, 661 196,661 154,255 154, 255 42,406 42,406 154,473 154,473 6,038 362 362 Tennessee. 96,678 104, 016 79,873 86, 617 16,805 17,399 3 98,024 3 104,671 7,135 5,648 283 301 Alabama 46,311 50,409 37,946 42,090 8,365 8,319 44, 518 43, 237 3,643 4,655 158 162 Mississippi 73,942 77,890 49,019 52, 758 24,923 25,132 72,459 71,818 6,742 8,916 202 202 West South Central: Arkansas 55, 351 59,081 42,011 45,467 13, 340 13,614 52,015 54,887 8,036 220 223 Louisiana 266,746 255,920 186,599 187,171 80,147 242,105 226,687 20,093 26,560 161 166 Oklahoma 39,419 41,179 20,910 23,174 18,509 18,005 42, 762 44,824 815 1,198 253 264 Texas.. 135, 575 144,894 92,449 101, 274 43,126 43,620 140,906 145,033 8,095 8,894 540 557 Mountain: Montana.. -.. 37,919 39,996 21,434 23,282 16,485 16,714 37,656 37,456 1,515 2,165 95 96 Idaho 27, 561 27,838 12,631 13,304 14,930 14, 534 3 28,408 536 911 75 78 Wyoming 14,422 15, 417 10,581 11, 638 3,841 3,779 14,809 14,422 693 1,444 46 47 Colorado 33,631 33,631 21,325 21, 325 12,306 12,306 37,384 37,384 1,430 1,430 109 109 New Mexico 6,749 7,097 4,149 4,430 2,600 2,667 6,857 6,503 533 22 23 Arizona 21,834 24,182 12,009 13,044 9,825 11,138 3 25,824 3 25,597 6 406 14 16 U Ne ta v h ad .. a . 7 2 0 , , 1 4 8 9 4 0 7 1 1 3 , , 4 2 9 7 6 7 49 1, , 4 7 9 7 0 2 5 1 0 1 , , 2 5 3 3 3 5 20,718 20 2 , , 9 0 6 4 1 4 54,882 5 1 2 4, , 1 5 3 8 9 7 If1 2,398 59 5 1 8 7 Pacific: Washington 126,966 127,618 75,769 79,494 51,197 48,124 123, 713 124,002 4,652 5,031 170 171 Oregon.. 34,981 34,981 20,230 20, 230 14, 751 14,751 35,432 35,432 1,890 1,890 88 88 California 1,009,910 1,028,323 597,831 426, 227 430,492 1,004,050 1,004,356 8,961 10,451 188 194 Total . 27,547,025 28,517,83216,235,08217,080,996 11,311,943 11,436,836 25,541,418 r 26,307,367 697,347 676,363 12,379 12,714 1 Includes all State banks (including stock and mutal savings banks) and all private banks under State supervision. Figures relate to dates nearest thereto for which figures are available. 2 Includes bonds borrowed. 3 Includes due to banks. * Includes 20 cash depositories on Dec. 31 and 18 cash depositories on Sept. 30. »Includes miscellaneous liabilities. ' Revised. NOTE.—All figures in the December columns are as of Dec. 31, except as follows: New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Missouri, Dec. 10; Kentucky, June 30; Oklahoma, Dec. 30; Colorado, Nov. 19; Oregon, Sept. 30. All figures in the September columns are as of Sept. 30, except as follows: Maine, Sept. 24; New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Rhode Island, State banks, Oct. 31, savings banks, June 30; Connecticut, savings banks, June 30; New York, savings banks, June 30; Indiana, June 30; Minnesota, Sept. 28; Missouri, Sept. 10; Nebraska, Sept. 3; Kansas, Sept. 12; Maryland, June 30; Georgia, June 30; Florida, June 30; Kentucky, June 30; Tennessee, June 15; Alabama, June 30; Louisiana, June 30; Oklahoma, Oct. 15; Colorado, Nov. 19. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 FEDERAL RESERVE BULLETIN APRIL 1933 ALL BANKS IN THE UNITED STATES—Continued MUTUAL SAVINGS BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON DEC. 31, AND JUNE 30, 1932 [These figures included also in the immediately preceding table which covers all State banks] [Amounts in thousands of dollars] Loans and investments De o p f o i s n it t s e , r b ex a c n l k u s d iv e- e Rediscounts and Number of re- Total Loans Investments posits bills payable porting banks State De b c e e r m- June De b c e e r m- June De b c e e r m- June De b c e e r m- June De b c e e r m- June De b c e e r m- June Maine 126,178 127,920 39,822 40,131 86,356 87,789 119,056 118,763 309 413 32 32 New Hampshire 195,271 195,271 80,266 80,266 115,005 115,005 179,879 179,879 2,187 2,187 50 50 Vermont 75,792 79,917 44,933 47,291 30,859 32,626 80,149 82,626 3,032 2,310 19 19 Massachusetts 2,153,171 2,195,043 1,312,647 1,335,750 840,524 859,293 2,074,618 2,095,250 6,339 6,758 194 194 Rhode Island . 171,086 173,574 70,331 72,166 100,755 101,408 172,614 173,712 9 9 Connecticut: District no. 1 542,095 561,125 337,965 343,132 204,130 217,993 514,152 524,453 1,540 2,936 61 61 District no. 2 151,375 155,431 93,360 94,916 58,015 60,515 144,254 146,426 910 355 14 14 New York 5,382,817 5,409,860 3,533,391 3,642, 225 1,849,426 1,867,635 5,316,775 5,286,973 146 146 New Jersey: District no. 2 298,247 307,198 174,227 176,675 124,020 130,523 304,096 298,880 1,117 22 22 District no. 3 12,828 13,601 6,045 6,224 6,783 7,377 13,460 13,216 3 3 Pennsylvania: District no. 3 450,034 458,285 109,388 111, 037 340,646 347,248 474,020 462,493 7 7 District no. 4 46,716 47,006 15,352 15,608 31,364 31,398 45,540 45,787 1 1 Delaware 30,593 30,834 14,061 14,307 16,532 16,527 27,679 27,779 2 2 Maryland 213,806 224,879 75,347 77,495 138,459 147,384 211,542 217,433 250 14 14 Indiana: District no. 7 12,764 13,235 10,672 10,990 2,092 2,245 12,749 13, 237 72 80 4 4 District no. 8. 7,868 8,148 6,910 7,121 958 1,027 6,393 6,628 687 653 1 1 Minnesota . 58,409 61,168 18,795 19,262 39,614 41,906 61,586 62,680 2 2 Wisconsin: District no. 7 6,597 7,006 4,271 4,364 2,326 2,642 6,375 6,858 418 55 5 5 District no. 9 170 196 166 192 4 187 198 1 1 Ohio 103,388 103,388 46,246 46,246 57,142 57,142 113,295 113, 295 3 3 Washington 49,054 49,054 35,302 35,302 13,752 13,752 53,026 53,026 3 3 California - 93,786 93,786 49,360 49,360 44,426 44,426 90,864 90,864 1 1 Total 10,182,04510,315,925 6,078,857 6,130,060 4,103,188 4,185,86510,022,30910,020,456 15,644 16,864 594 594 NOTE.—Figures available only for 2 call dates in each year. For call dates see note to preceding table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1933 FEDERAL RESERVE BULLETIN 259 MONETARY GOLD STOCK OF THE UNITED STATES, GOLD RESERVES OF FEDERAL RESERVE BANKS, AND GOLD IN CIRCULATION, NOVEMBER 1914- MARCH 1933 [End-of-month figures. In millions of dollars] I End of month s m T t g t o a o o o c r l n t k d y a e * l o - fr o e e b s r G f s a e a e F n o r l r v l k e r v d e e d s e - - s To G ta o l ld in C o c i i n rcula C t c e i a o r t t n e if s i- End of month s m T t g t o a o o o c r n l t k d y a e * l o - fr o e e b s r G f s a e a e F o n r l r v l r e v k d e e d e s - - s To G ta o l ld in C c o i i r n cula C t c i e a o r t n t e i s fi- 1914 1920 November. 1,807 204 1,343 604 739 May- 2,856 1,950 734 470 264 December. 1,813 241 1,309 607 702 June 2,865 1,965 734 475 259 July 2,862 1,978 728 475 253 1915 August 2,851 1,970 721 472 249 January... 1,822 253 1,327 597 730 September.. 2,873 2,012 701 465 236 February. _, 1,838 270 1,311 590 721 October 2,868 2,003 703 475 228 March 1,869 275 1,320 591 729 November.. 2,897 2,030 694 466 228 April 1,893 281 1,357 588 769 December- 2,926 2,063 694 475 219 May 1,929 298 1,396 594 802 June 1,986 329 1,410 588 822 1921 July 2,007 346 1,405 588 817 January 2,966 2,104 477 212 August 2,076 361 1,475 588 887 February 3,000 2,148 681 463 218 September.. 2,124 399 1,501 591 910 March 3,086 2,222 673 459 214 October 2,198 438 1,545 591 954 April 3,164 2,323 667 457 210 November. 2,260 489 1,551 597 954 May 3,231 2,408 658 453 205 December.. 2,312 543 1,555 605 950 June— 3,275 2,468 447 201 July.. 3,347 2,543 444 194 1916 August. 3,439 2,641 631 440 191 January... 2,325 556 1,599 606 993 September 3,519 2,728 623 437 186 February... 2,325 528 1,602 611 991 October , „ 3,572 2,791 617 434 183 March 2,323 514 1,604 609 995 November I 3,627 2,849 614 432 182 April 2,318 486 1,618 616 1,002 December 3,660 2,875 616 439 177 May __. 2,336 518 1,604 621 983 June 2,445 543 1,675 625 1,050 1922 July 2,506 524 1,688 626 1,062 January- 3,685 2,909 431 172 August 2,549 531 1,742 623 1,119 February.. 3,723 2,947 428 170 September- 2,630 581 1,782 632 1,150 March 3,750 2,975 426 172 October 2,714 634 1,820 636 1,184 April 3,764 2,996 592 422 170 November. 2,736 696 1,791 654 1,137 May- 3,771 3,008 590 419 171 December— 2,843 738 1,861 641 1,220 June 3,785 3,022 589 416 173 July 3,829 3,048 585 413 172 1917 August 3,855 3,061 606 412 194 January. _ _ 2,922 802 1,935 649 1,286 September- 3,873 3,077 625 410 215 February.. 2,996 824 1,988 645 1,343 October 3,888 3,080 644 410 234 March 3,105 914 1,996 652 1,344 November. 3,906 3,073 666 412 254 April 3,137 979 1,960 668 1,292 December— 3,929 3,047 726 423 May 3,133 975 1,979 676 1,303 June 3, 220 1,289 1,750 667 1,083 1923 July 3,190 1,372 1,660 647 1,013 January 3,953 3,076 716 415 301 August 3,165 1,353 1,643 674 969 February __ 3,963 3,073 728 413 315 September. 3,151 1,416 3,582 651 931 March 3,970 3,060 729 410 319 October 3,153 1,525 1,479 645 834 April 3,982 3,082 737 408 329 November. 3,154 1,622 1,389 640 749 May. 4,028 3,112 745 406 December— 3,155 1,675 1,321 632 689 June 4,050 3,095 790 404 July 4,079 3,101 814 402 412 1918 August 4,111 3,106 841 442 January... 3,160 1,740 1,251 598 653 September- 4,136 3,113 864 466 February... 3,162 1,776 1,218 592 626 October 4,167 3,111 395 501 March 3,165 1,817 1,180 582 598 November. 4,207 3,101 395 534 April 3,166 1,858 1,140 568 572 December.. 4,244 3,080 994 410 584 May 3,172 1,918 1,087 550 537 June 3,163 1,945 1,048 537 511 1924 July. 3,162 1,976 1,012 527 485 January— 4,289 3,143 975 401 574 August 3,161 2,015 983 518 465 February.. 4,323 3,120 1,032 633 September., 3,153 2,021 962 514 448 March 4,364 3,095 1,085 687 October 3,156 2,051 942 508 434 April 4,411 3,120 1,126 730 November.. 3,159 2,063 927 506 421 May.. 4,455 3,113 1,174 395 779 December... 3,160 2,092 905 502 403 June 4,488 3,128 1,194 393 801 July 4,511 3,143 1,191 392 799 1919 August 4,521 3,089 1,263 391 872 January.. 3,162 2,112 882 500 382 September.. 4,511 3,047 1,288 390 898 February 3,165 2,123 867 497 370 October 4,509 3,037 1,304 391 913 March 3,165 2,151 847 487 360 November.. 4,527 3,025 1,329 394 935 April 3,177 2,166 837 490 347 December.. 4,499 2,937 1,379 409 970 May 3,177 2,196 825 490 335 June 3,113 2,148 803 475 328 1925 July 3,064 2,095 803 481 322 January- 4,423 2,910 1,333 403 August 3,125 2,064 785 471 314 February 4,364 2,878 1,325 408 917 September 3,147 2,115 778 466 312 March 4,339 2,848 1,325 410 915 October _ I 3,103 2,138 765 465 300 ApriL 4,342 2,848 1,334 408 926 November 3,044 2,092 773 476 297 May 4,357 2,817 1,375 402 973 December 2,994 2,063 762 476 286 June 4,360 2,790 1,407 402 1,005 July 4,367 2,783 1,416 400 1,016 1920 August 4,382 2,767 1,434 1,036 January... 2,930 2,012 747 462 285 September- 4,382 2,760 1,449 1,053 February- 2,887 1,966 758 478 280 October 4,407 2,763 1,462 1,067 March 2,850 1,947 743 472 271 November. _. 4,397 2,715 1,504 396 1,108 April 2,841 1,937 743 468 275 December— 4,399 2,701 1,527 414 1,113 i Includes also gold held by United States Treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN APRIL 1933 MONETARY GOLD STOCK OF THE UNITED STATES, GOLD RESERVES OF FEDERAL RESERVE BANKS, AND GOLD IN CIRCULATION, NOVEMBER 1914- MARCH 1933—Continued [End-of-month figures. In millions of dollars] Total Gold Gold in circulation Total Gold Gold in circulation End of month s m t t g o a o o c r n l k y d e o - f o e b s r f a e a F n r l v e k r e e d s - - Total Coin C c e a r t t e if s i- End of month s m t g t o a o o c r n l k y d e o - f o r e b e r f a s a e F n l r k e r v e d s e - - s Total Coin C c e a r t t e i s fi- 1926 1929 January. _ 4,412 2,795 1,440 ,037 October- 4,386 3,004 1,209 363 846 February... 4,423 2,746 1,484 400 ,084 November.. 4,367 2,948 1,253 364 March 4,442 2,767 1,487 397 ,090 December.. 4,284 2,857 1,264 384 April 4,438 2,768 1,498 395 ,103 May 4,433 2,797 1,469 393 .076 1930 June 4,447 2,835 1,449 392 ,057 January... 4,291 2,960 1,168 369 799 July 4,471 2,833 1,463 391 ,072 February... 4,353 2,965 1,206 365 841 August 4,473 2,821 1,475 ,086 March 4,423 3,015 1,235 362 873 September- 4,466 2,793 1,489 ,101 April 4,491 3,073 1,246 360 886 October 4,473 2,799 1,490 ,101 May 4,517 1,313 359 954 November. 4,477 2,809 1,485 ,096 June ». 4,535 3,012 1,352 357 995 December.. 4,492 2,819 1,501 409 July 4,517 2,990 1,358 356 1,002 August 4,501 2,927 1,404 353 1,051 1927 September- 4,511 2,967 1,378 352 1,026 January ... 4,564 2,957 1,433 396 ,037 October 4,535 3,004 1,370 350 1.020 February.. 4,586 2,976 1,428 393 ,035 November- 4,571 2,981 1,427 351 1,076 March 4,597 3,010 1,409 390 ,019 December— 4,593 2,941 1,486 1,118 April 4,610 3,029 1,408 389 ,019 May 4,608 2,982 1,391 387 ,004 1931 June. 4,587 2,998 1,392 385 ,007 January.. 4,643 3,062 1,414 358 1,056 July 4,580 3,002 1,414 383 ,031 February- 4,665 3,070 1,417 356 1,061 August 4,588 2,998 1,427 382 ,045 March 4,697 3,115 1,401 354 1,047 September- 4,571 2,964 1,441 380 ,061 April 4,726 3,161 1,387 352 1,035 October 4,541 2,922 1,449 381 ,068 May 4,798 3,250 1,373 353 1,020 November- 4,451 2,805 1,478 383 ,095 June 4,956 3,409 1,360 363 997 December.. 4,379 2,733 1,476 402 ,074 July 4,949 3,431 1,339 363 976 August 4,995 3,456 1,352 363 989 1928 September- 4,741 3,138 1,413 376 1,037 January 4,373 2,797 1,405 ,016 October 4,292 2,746 1, 359 387 972 February... 4,362 2,808 1,390 ,004 November. 4,414 2,918 1,311 383 928 March 4,305 2,729 1,408 ,025 December.. 4,460 2,989 1,286 409 877 April 4,266 2,698 1,401 381 ,020 May 4,160 2,595 1,393 380 ,013 1932 June 4,109 2,549 1,396 377 ,019 January— 4,416 2,976 1,257 407 850 July-- 4,113 2,597 1,352 375 "977 February—_ 4,354 2,938 1,226 406 820 August 4,123 2,600 1,356 374 982 March 4,390 3,020 1,183 404 779 September- 4,125 2,609 1,351 373 978 April__ 4,367 3,004 1,169 411 758 October 4,142 2,641 1,333 373 960 May 4,152 2,790 1,170 435 735 November.. 4,128 2,556 1,405 374 1,031 June 3,919 2,578 1,169 453 716 December— 4,141 2,584 1,386 395 991 July 3,977 2,635 3,148 454 August 4,088 2,773 1,118 449 1929 September.. 4,193 2,893 1,089 445 644 January- 4,127 2,657 1,304 381 923 October 4,264 3,003 1,069 445 624 February... 4,153 2,677 1,313 378 935 November.. 4,340 3,049 1,089 454 635 March 4,188 2,701 1,311 374 937 December.. 4,513 3,151 1,070 601 April 4,260 2,791 1,278 372 906 May 4,301 2,813 1,314 370 944 1933 June 4,324 2,858 1,303 368 January.. 4,553 3,256 1,070 479 591 July 4,341 2,924 1,254 366 February- 4,380 2,952 1,220 571 649 August 4,360 2,945 1,252 365 887 March 4,279 3,250 760 367 393 September.. 4,372 2,971 1,214 364 850 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

261 APRIL 1933 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board, 1923-25 average =100] Without seasonal adjustment Adjusted for seasonal variation Industry 1933 1932 1933 1932 February January February February January February manufactures—Total 63 70 64 68 IRON AND STEEL . . .-. - --- 32 28 43 31 29 41 Pig iron 20 19 34 20 19 33 Steel ingots - -- -- 33 29 44 32 30 Ml TEXTILES . _ ._ .-_ 88 92 91 83 87 86 Cotton consumption 94 92 91 87 83 85 Wool ----- 70 67 69 67 66 66 Consumption - - - - - - - - - - 76 75 75 70 72 69 Machinery activity - - 82 76 74 8 8 CarDet and Tils'-loom activitv 32 31 41 Silk 102 129 122 116 Deliveries - - 102 138 137 9975 112118 128 Loom activity 101 111 93 FOOD PRODUCTS 94 91 P89 89 90 Slauehterins and meat Dackinff 89 103 100 88 86 98 Hogs - - 94 116 113 84 87 102 Cattle - 76 79 75 87 78 85 Calves - --- 83 86 90 89 93 97 Sheep - - 135 138 149 144 137 159 Wheat flour . _ -. - -.. 90 93 79 93 95 82 Siiffar mpltinsrs 63 72 95 73 PAPER AND PRINTING - ,88 100 ,85 98 Wood DUID and DaDer 93 90 Newsprint - - - 58 59 72 58 59 72 Book paper... 101 97 80 80 Fine DaDer 98 91 103 103 Wood DIIID mechanical 76 74 Wood DUID chemical 94 90 Paper boxes 138 119 152 124 135 137 NewsDrint consumption 95 94 113 96 98 114 LUMBER -- - - - 20 23 21 20 26 22 TRANSPORTATION EQUIPMENT: Automobiles - - 35 40 37 33 48 35 Locomotives ____ . 3 3 2 3 3 2 Shipbuilding 129 64 116 181 91 164 LEATHER AND PRODUCTS 91 89 Tanninc 81 79 Sole leather ___ _ _. 71 Upper leather: Cattle 88 76 Calf and kip 65 71 Goat and kid 106 101 Boots and shoes 102 '85 97 101 93 96 CEMENT AND GLASS: Cement - - - - 24 23 34 40 38 56 Glass plate 68 78 84 63 88 78 Nonferrous metals 1—Tin deliveries . 58 55 55 FUELS, MANUFACTURED: Petroleum refining - - 132 132 141 132 132 141 Gasoline 166 165 181 (2) Kerosene - - - - 82 88 69 81 86 Fuel oil 95 '94 91 Lubricating oil - -__ 75 76 89 Coke by-product 57 57 68 56 56 66 RUBBER TIRES AND TUBES - - 58 54 93 54 59 85 Tires pneumatic 61 56 96 56 61 88 Inner tubes 43 38 70 41 42 67 TOBACCO PRODUCTS 104 107 104 115 113 114 Cigars 54 52 63 63 68 74 Cigarettes 140 144 131 154 147 144 Minerals—Total 76 71 75 79 73 78 Bituminous coal 67 63 66 63 57 63 Anthracite coal 68 57 62 64 53 58 Petroleum, crude - - 108 102 107 110 107 109 Zinc 47 42 49 44 40 46 Lead 41 46 56 40 45 54 Silver _ __._ 33 36 33 30 36 31 ^Preliminary. * Revised 1 Includes also lead and zinc; see "Minerals." r* 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

262 FEDERAL RESERVE BULLETIN APKIL 1933 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Index numbers of the'Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-25 average=100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry 1933 1932 1933 1932 1933 1932 February January February February January February February January February Total 59.2 58.1 67.3 59.4 59.4 67.7 40.0 39.3 53.5 IRON AND STEEL AND PRODUCTS . . 51.8 49.6 63.0 51.4 50.6 62.4 24 7 22.7 37.2 Steel works and rolling mills 55.9 53.2 66.1 55.0 53.9 65.2 25.7 23.3 37.3 49.9 49.3 59.6 49.1 49.0 58.6 24 8 23.9 38.4 42.7 43.7 63.7 43.7 45.0 65.3 20 4 21.8 43.0 Heating apparatus - . _ _ 42.2 37.4 51.8 42.9 40.9 52.6 23 1 19.6 33.0 Steam fittings 38.4 34.6 49.7 38.1 35.7 49.2 20.8 19.1 32.5 Stoves* - 45.7 40.2 53.7 47.3 45.7 55.6 25 3 20.1 33.4 Cast-iron pipe . .. 26.7 30.8 47.9 27.7 32.2 49.8 12.9 15.0 31.9 MACHINERY. „ . 44.4 44.0 61.4 44.2 44.5 61.2 26.3 26.0 45.0 Foundry and machine-shop products - 42.9 42.3 55.8 42.7 43.2 55.5 23.2 22.6 37.3 Machine tools . _ _ 38.5 39.4 58.9 37.9 39.4 57.8 23 6 24.5 43.2 Agricultural implements 39.3 36.0 54.4 36.9 34.8 51.1 30.2 26.4 49.3 Electrical machinery 49.3 49.3 75.1 49.2 49.2 75.1 33.7 34.0 62.9 TEXTILES AND PRODUCTS _ _ . 72.3 69.6 74.4 70.4 69.2 72.4 48.2 44.2 59.8 A Fabrics 73.7 72.8 76.0 72.2 72.2 74.4 48 4 46.6 60.3 Cotton goods - - 74.3 74.9 75.6 72.5 73.9 73.7 46 6 47.1 56.9 Woolen and worsted manufactures 66.0 61.1 64.4 64.7 59.8 63.1 43.6 38.9 50.4 Woolen and worsted goods 69.8 63.7 65.8 68.4 62.4 64.4 48.2 42.1 53.4 Carpets and rugs - 45.9 47.4 57.2 44.9 46.3 55.9 22 6 24.1 36.4 Hosiery and knit goods- . . 83.9 83.4 85.9 82.9 84.3 84.9 57.8 55.9 73.2 Silk manufactures 61.3 61.4 71.3 60.4 61.7 70.3 39.7 39.0 55.8 Dyeing and finishing textiles 88.4 87.4 97.4 86.3 86.8 95.1 67.9 62.9 90.3 B. Wearing apparel - - 69.0 61.7 70.4 66.1 61.5 67.4 47.7 39.2 58.8 Clothing men's 52.9 48.2 55.7 51.5 48.3 54.2 34 1 27.3 41.6 Shirts and collars - 66.6 61.1 69.6 65.2 60.6 68.2 41 1 35.9 49.8 Clothing, women's . 92.5 80.7 95.8 85.1 78.7 88.1 67.6 54.1 84.4 Millinery 70.6 63.6 61.6 72.0 67.3 62.9 44.7 41.7 53.9 FOOD AND PRODUCTS - 78.4 78.6 82.9 79.2 79.6 83.7 62.7 64.1 76.3 Baking 81.1 81.4 87.6 82.6 83.4 89.2 66.0 67.4 81.2 Slaughtering and meat packing . 80.2 80.1 85.1 77.8 77.4 82.6 65.4 66.6 78.7 Confectionery _ „ 78.3 79.1 77.3 79.9 80.7 78.9 55.8 57.3 66.7 Ice cream . - 63.3 62.9 70.2 73.2 73.4 81.1 51.7 52.3 69.6 Flour 72.6 73.7 75.6 72.6 74.0 75.6 56.7 61.0 66.2 Sugar refining cane - - - 72.0 69.8 73.6 75.3 74.9 76.9 52.7 51.3 61.5 PAPER AND PRINTING 80.1 80.2 87.3 79.9 79.6 87.2 65.8 67.0 83.5 Printing, book and job - 76.3 77.1 88.6 75.5 75.3 87.7 61.2 64.3 83.0 93.9 94.2 98.4 93.7 93.8 98.2 84.3 86.8 100.8 Paper and pulp 75.3 75.0 80.7 75.4 75.1 80.8 50.7 49.0 66.7 Paper boxes. . 70.4 69.4 75.7 71.4 69.8 76.8 56.0 53.5 67.8 LUMBER AND PRODUCTS 33.4 33.8 42.0 34.4 35.0 43.3 16.3 16.3 25.9 Lumber, sawmills ... _ . . 28.1 29.2 34.0 29.3 30.6 35.4 12.8 13.4 19.7 Lumber, mill work 32.0 31.2 42.5 32.4 32.0 43.1 15.9 16.3 27.« Furniture - 49.4 48.4 64.4 50.1 49.3 65.3 24.0 22.4 38.2 TRANSPORTATION EQUIPMENT - 45.1 46.1 55.4 45.0 47.4 55.1 32.1 34.0 45.6 Car building and repairing - 40.6 41.3 44.8 41.1 42.0 45.4 30.8 30.8 37.0 Automobiles - 49.6 50.4 65.7 48.9 53.3 64.7 32.2 36.3 52.0 Shipbuilding.. 57.1 60.9 84.2 54.1 59.1 79.8 44.2 46.6 79.2 LEATHER AND MANUFACTURES 77.3 73.3 80.0 75.6 72.9 78.1 50.0 43.7 61.4 Boots and shoes. _ _ - 79.2 74.6 82.4 77.5 74.4 80.7 49.0 41.7 61.9 Leather 69.6 68.1 69.6 67.5 66.9 67.5 53.9 50.9 59.8 CEMENT, CLAY, AND GLASS PRODUCTS 37.8 36.7 48.4 39.9 39.4 51.4 20.9 20.2 32.9 Olay products 31.4 30.4 42.4 33.4 32.8 45.7 14.3 13.4 24.3 Brick, tile, and terra cotta - — 20.8 20.4 31.5 23.9 23.3 36.3 8.0 8.0 15.3 Pottery 60.3 57.4 72.4 59.5 58.5 71.5 31.0 28.0 48.1 Olass 54.4 52.2 62.3 56.0 55.7 64.1 37.3 36.0 51.0 Cement 30.7 31.0 44.7 33.8 34.0 49.3 16.0 16.1 31.4 NONFERROUS METAL PRODUCTS 45.3 44.4 57.2 44.4 44.8 56.0 27.4 27.5 45.0 Stamped and enameled ware 24.6 21.4 33.2 24.0 22.3 32.3 16.4 14.3 26.8 Brass, bronze, and copper 52.4 52.3 65.3 51.4 52.5 64.1 30.7 31.4 50.3 CHEMICALS AND PRODUCTS 77.3 76.2 81.1 76.4 76.4 80.2 60.8 60.7 71.0 Chemicals and drugs 80.5 80.2 84.6 78.9 79.7 82.9 61.1 60.6 71.1 Petroleum refining 75.7 75.0 80.2 76.7 76.4 81.2 64.3 64.6 75.1 Fertilizers 62.4 54.9 62.2 59.2 56.2 59.0 36.4 36.4 45.3 RUBBER PRODUCTS 59.4 59.1 68.6 59.1 59.7 68.1 35.8 35.4 54.2 Automobile tires and tubes - 62.5 61.3 70.3 62.3 62.6 70.0 35.7 34.8 56.7 Rubber boots and shoes 50.4 52.7 63.4 49.6 51.2 62.5 36.3 38.0 44.2 TOBACCO MANUFACTURES 63.4 60.4 71.9 64.1 64.9 72.8 40.2 38.3 53.4 Cigars and cigarettes, 62.3 58.8 71.6 63.7 64.3 73.1 38.4 35.4 51.8 Chewing and smoking tobacco, snuff,. . 72.1 72.6 74.5 67.9 69.4 70.1 54.4 61.7 67.4 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

APEII 1933 FEDERAL KESERVE BULLETIN 263 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics (784 price series); 1926-100] Other commodities All com- Year and month m t o ie d s i- p u r c o t d s - Foods rotal B p l r i e d o a e d t s h u a e c n r ts d p T ro ex d t u i 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 o i 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 05.1 85.4 1929 95.3 104.9 S9.9 91.6 109.1 R0 4 83.0 100.5 95.4 94.2 P4 3 82.6 1930 - 86.4 88.3 90.5 85.2 100.0 30.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 36.3 67.5 84.5 79.2 79.3 34.9 89.8 1932 84.8 48.2 61 0 70.2 72.9 54 9 70.3 80.2 71.4 73.5 76,1 84.4 1932—February. 66.3 50.6 62.5 71.3 78.3 59.8 88.3 80.9 73.4 75.5 77.5 64.7 March . 66.0 50.2 62.3 70.9 77.3 i58.7 67.9 80.8 73.2 75.3 77 1 64.7 April 65.5 49.2 61.0 70.9 75.0 V7 0 70.2 80.3 72.5 74.4 7fU 64.7 May . . 64.4 46.8 59.3 70.4 72.5 I55.6 70.7 80.1 71.5 73.8 74.8 84.4 June.. . . 63.9 45.7 58.8 70.1 70.8 I53.9 71.8 79.9 70.8 73.1 :?4.7 84.2 July 64.5 47.9 60.9 69.7 68.6 Ii? 7 72.3 79.2 69.7 73.0 f4,0 64.3 August 65.2 49.1 61.8 70.1 69.7 I54.0 72.1 80.1 69.8 73.3 re. e 84.6 September 65.3 49.1 61.8 70.4 72.2 I>7.0 70.8 80.1 70.5 72.9 \ra.7 84.7 October 64.4 46.9 60.5 70.2 72.8 Ii5 0 71.1 80.3 70.7 72.7 ra 7 84.1 November 83.9 46.7 60.8 69.8 71.4 I53.9 71.4 79.6 70.7 72.4 ra.7 63.7 December 62.6 44.1 58.3 69.0 69.6 53.0 69.3 79.4 70.8 72.3 re. 6 63.4 1933—January .. 61.0 42.8 55.8 67.3 68.9 i 66.0 78.2 70.1 71.8 !?. 9 61.2 February.. 59.8 40.9 53.7 66.0 68.0 L51.2 63.6 77.4 69.8 71.3 72.3 59.2 1931 1932 1933 Subgroups Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. FARM PRODUCTS: Grains 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 32.9 32.7 Livestock and poultry 51.7 53.4 60.3 51.4 49.2 44.4 46.7 54.1 52.8 51.2 45.0 41.9 38.7 37.8 40.1 Other farm products 61.2 54.8 52.7 62.1 51.2 49.6 48.2 48.4 50.8 52.1 52.1 53.9 51.3 48.7 44.2 FOODS: Butter, cheese, and milk 79.8 67.8 64.1 64.2 61.6 59.6 57.4 58.2 60.2 60.6 60.5 62.3 59.5 55.2 52.4 Cereal products . 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 60.9 60.4 Fruits and vegetables 63.5 62.2 61.8 62.3 62.3 61.5 62.4 59.7 55.6 52.5 52.2 52.4 52.8 53.0 52.4 Meats .. 63 2 61.9 69.5 61.4 59.8 56.5 56.0 62.0 61.9 60.9 56.4 53.7 49.4 49.5 50.2 Other foods 97.2 61.9 59.4 57.1 55.8 54.9 55.4 58.5 62.1 64.8 65.4 67.7 66.1 60.1 54.1 HIDES AND LEATHER PRODUCTS: Boots and shoes 89.2 88.8 88.5 88.5 88.4 88.4 87.5 84.4 84.4 84.4 84.6 84.2 83.8 83.3 83.3 Hides and skins 48.8 49.0 46.1 44.7 40.8 35.7 32.6 33.5 39.3 48.2 49.6 46.1 41.7 43.0 40.9 Leather 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 57.1 55.3 Other leather products.. 99.7 98.9 98.8 98.8 98.0 97.9 96.4 83.7 82.3 81.5 81.9 81.9 81.9 78.2 77.9 TEXTILE PRODUCTS: Clothing 70.8 70.7 70.6 69.0 68.7 68.2 67.4 66.0 66.0 67.3 .62.5 62.2 62.5 61.9 61.2 Cotton goods... . 56.4 55.8 56.4 58.2 55.1 52.9 51.0 50.0 52.6 57.9 56.2 63.6 51.7 50.1 49.1 Knit goods 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 48.4 48.3 Silk and rayon . . .. 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 27.0 25.6 Woolen and worsted goods... 63.9 63.3 63.1 82.7 59.7 58.3 55.0 53.6 53.4 56.7 56.5 55.3 54.2 53.4 53.2 Other textile products... 71.3 70.7 69.7 69.5 68.2 67.2 66.7 66.5 67.4 68.6 67.7 67.1 66.6 66.3 66.2 FUEL AND LIGHTING MATERJLALS: Anthracite coal 94.8 94.8 94.8 89.9 85.7 85.6 85.3 84.5 86.0 87.7 88.7 88.8 88.7 88.7 88.7 B ituminous coal 83.8 814 84.3 83.5 82.7 82.0 81.8 81.6 81.3 81.1 81.1 80.4 80.2 79.8 79.4 Coke 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 75.3 75.2 Electricity 104.1 107.5 104.8 104.4 103.5 106.1 105.5 105.8 104.4 103.4 104.6 103.1 104.1 103.2 Gas 98.2 98.6. 98.0 97.5 99.1 103.0 106.3 108.3 107.0 107.6 104.4 100.0 96.5 96.7 Petroleum products 39.6 38 8 38 6 39.8 45 5 47 2 48 2 49.7 48.9 46.7 47.4 48.2 45.0 38.7 34.3 METALS AND METAL PRODUCTS: Agricultural implements 85.5 85.5 85.1 85.0 86.0 84.9 84.9 84.9 84.9 84.9 84.7 84.6 84.5 84.5 83.1 Iron and steel 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 78.5 77.3 Motor vehicles 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 91.3 90.9 Nonferrous metals 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 46.4 46.2 BUILDING MATERIALS: Brick and tile 80.0 79.3 79.3 79.3 78.4 77.4 76.1 75.9 75.2 75.4 75.3 75.4 75.1 74.9 75.1 Cement 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 81.2 81.8 Lumber- 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 55.9 56.4 Paint materials 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 68.1 68.0 Plumbing and heating 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 62.8 59.4 Structural steel . 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 81.7 81.7 Other building materials 81.5 81.0 80,2 80.8 80.2 78.2 77.6 77.9 78.3 79.9 80.0 80.1 80.1 79.4 78.5 CHEMICALS AND DRUGS: Chemicals __ 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 79.3 79.0 Drugs and Pharmaceuticals.. 61.0 60.8 60.1 59.7 58.9 58.7 58.3 57.6 57.0 56.6 55.9 55.0 64.7 54.9 54.8 Fertilizer materials 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 62.3 61.5 Mixed fertilizers .*.. . 77.1 75.5 73.7 73.2 71.1 69.0 69.0 68.8 68.3 66.9 66.5 65.6 65.6 62.7 62.4 HOUSEFURNISHING GOODS: Furnishings 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 73.5 72.9 Furniture 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 72.3 71.9 MISCELLANEOUS: Auto tires and tubes.... 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 44.6 42.6 Oattle feed 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 38.2 40.6 Paper and pulp 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 72.0 72.1 Rubber, crude . 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 6.5 6.1 Other miscellaneous 85.9 85.2 84.4 84.5 84.5 84.6 84.6 84.5 84.2 8:$.2 82.1 81.5 81.3 76.8 73.3 1 Back figures.—FOT 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

264 FEDERAL RESERVE BULLETIN APRIL 1933 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 Total Residential Factories Commercial and public Educational All other utilities Month 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 January 84.8 83.4 27.5 12.0 3.4 4.3 9.1 5.8 24.1 42.7 4.4 1.4 16.3 17.3 February 89.0 52.7 24.4 11.8 4.4 2.8 10.1 7.6 28.3 17.2 10.8 2.2 11.0 11.0 March 112.2 33.2 4.5 10.6 29.9 9.8 24.2 April 121 7 28 9 4.5 12 9 47 3 10 7 17 5 May 146.2 25 6 3.0 12.2 61 7 6 5 37 2 June 113.1 23.1 2.1 13.0 50.1 7.2 17 6 July 128.8 19.7 3.5 8.3 60.0 6.4 30.8 August 134.0 20.8 q Q 18.4 64 2 5 5 21 9 September 127.5 22.8 6.3 8.8 68.7 7.4 13.5 October 107.1 21.9 3.2 7.0 58.5 3.6 13 1 November 105.3 19.2 1.9 6.7 54.2 3.4 19.9 December 81.2 13.0 3.3 5.7 43.3 6.7 9.2 Year 1,351.2 280.1 43.5 122.7 590.3 82.3 232.3 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] I 1932 Number 1933 1932 Federal Reserve district of cities Feb. Jan. Feb. Federal Reserve district Feb. Jan. Feb. Boston.. (J) 739 1,780 New York 5,344 9,548 N Bo ew sto Y n ork 1 3 6 , , 8 56 7 3 8 2 4 3, , 7 6 3 9 1 6 1 6 4 , , 9 3 1 1 7 5 P C h le i v la e d la e n lp d hia.. 1,093 2,0 9 8 6 7 0 5 1 , ,5 8 6 9 2 0 Philadelphia 2,751 6,084 6,821 Richmond 0) 1,286 3,042 Cleveland _... 3,634 4,074 6,731 Atlanta 1,520 655 1,277 Richmond 8,326 4,735 7,341 Chicago 0) 813 2,073 Atlanta..— 3,363 14, 325 5,603 St. Louis 498 267 1,244 Chicago _ 3,913 8,214 18,051 Minneapolis.. 262 155 574 St. Louis 2, 590 5,061 6,119 Kansas City.. 267 591 867 M Ka in n n sa e s a p C o i l t i y s 1, 3 7 9 9 3 9 4 1 , , 1 4 6 6 5 4 4 5 , , 6 0 5 16 4 D Sa a n ll a F s rancisco 0) 16, 6 4 6 9 8 7 5 1 , , 5 47 9 9 3 Dallas..: 5,501 6,807 7,478 1,009 Total.. 168 0C)1) 30,061 34,929 Total (11 districts) 52, 712 83,356 89,046 1 Figures *not available. COMMERCIAL FAILURES, BY DISTRICTS BANK DEBITS [Amounts in thousands of dollars; figures reported by Dun and Brad- [Debits to individual accounts. In millions of dollars] street] 1933 1932 Number Liabilities Number of centers Feb. Jan. Feb. Federal Reserve district 1932 1932 New York City 1 12,036 12,413 14,381 Feb. Jan. Feb. Feb. Jan. Feb. Outside New York City 140 10,401 12,053 12,870 Federal Reserve districts: Boston 274 289 253 6,353 6,560 4,610 Boston 11 1,136 1,368 1,420 New York.... 551 691 622 17,227 23,671 25,329 New York . . . 7 12,491 12,965 14,965 Philadelphia- 160 172 159 6,268 3,816 6,978 Philadelphia 10 1,150 1,201 1,261 Cleveland 200 251 256 5,292 5,951 8,783 Cleveland 13 1,103 1,204 1,282 Richmond 150 187 198 9,783 3,056 7,970 Richmond 7 383 470 490 Atlanta 145 176 154 3,724 5,372 3,410 Atlanta 15 537 597 622 Chicago 270 426 347 6,362 19,179 13,917 Chicago 21 2,364 2,859 3,155 St. Louis 103 121 148 2,709 1,864 2,805 St. Louis 5 508 674 637 Minneapolis- 83 100 66 1,094 1,207 870 Minneapolis.- 9 313 349 392 Kansas City.. 102 114 145 1,556 1,842 2,952 Kansas City,. 15 554 676 717 Dallas 93 98 121 1,666 1,693 2,568 Dallas 10 330 375 406 San Francisco. 247 294 263 3,543 4,889 4,707 San Francisco 18 1,568 1,727 1,904 Total... 2,378 2,919 2,732 65,576 79,101 84,900 Total 141 22,437 24,466 27,251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS KANSAS CITY KANS. i OKLA. Oklahoma City — BOUNDARIES OF FEDERAL RESERVE DISTRICTS .... BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis