Federal Reserve Bulletin, 1933-05

FEDERAL RESERVE BULLETIN MAY 1933 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Annual Report of German Reichsbank UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON J 1933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: EUGENE R. BLACK, Governor. WILLIAM H. WOODIN, CHARLES S. HAMLIN. Secretary of the Treasury Chairman. y ADOLPH C. MILLER. J. F. T. O'CONNOR, Comptroller of the Currency. GEORGE R. JAMES. E. M. MCCLELLAND, Assistant to the Governor. E. A. GOLDENWEISER, Director, Division of Research and Statistics. CHESTER M OR RILL, Secretary. J. C. NOELL, Assistant Secretary and Fiscal Agent, CARL E. PARRY, Assistant Director, Division of Research S. R. CARPENTER, Assistant Secretary. 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. PAULGER, 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) WALTER E. FREW. 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 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank Chairman Governor Deputy governor Cashier of— Boston F. H. Curtiss R. A. Young W. W. Paddock W. Willett. New York . . . J. H. Case G. L. Harrison J W . E . R . C . B ra u n r e gess C R . . H M . . C G o i e d . n i ey.i A. W. Gilbart J. W. Jones.* E. R. Kenzel W. B. Matteson.* W. S. Logan J. M. Rice.* L. R. Rounds Allan Sproul.1 L. F. Sailer L. W. Knoke.* Philadelphia R. L. Austin G. W. Norris . . W. H. Hutt C. A. McIIhenny. W. G. McCreedy.' Cleveland L. B. Williams E. R. Fancher -.1. M.J. Fleming H. F. Strater. F. J. Zurlinden Richmond W. W. Hoxton G. J. Seay C. A. Peple G. H. Keesee. R. H. Broaddus J. S. Walden, Jr.* Atlanta Oscar Newton W. S.Johns3 H. F. Conniff M. W. Bell. W. S. McLarin, Jr.» Chicago E. M. Stevens J. B. McDougal C. R. McKay W. H. Snyder* H. P. Preston W. C Baehman.1 J. H. Dillard 0. J. Netterstrom.* E. A. Delaney.i St. Louis J. S. Wood W. McC. Martin 0. M. Attebery S. F. Gilmore.* J. G. McConkey A. H. Haill.* F. N. Hall." G. 0. Hollocher.2 0. C. Phillips.* Minneapolis _ J. N. Peyton W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer F. C. Dunlop.a Kansas City ... M. L. McClure G. H. Hamilton C. A. Worthington..__ J. W. Helm. J. W. Helm Dallas C. C. Walsh B. A. McKinney R. R. Gilbert Fred Harris^ R. B. Coleman W. 0. Ford.» San Francisco Isaac B. Newton J, U. Calkins W. A. Day W. M. Hale. Ira Clerk i Assistant deputy governor. • Controller. 3 Acting governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch. R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. 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 Pagt Review of the month—Recent banking developments 265 Annual report of the German Reichsbank 288-292 National summary of business conditions 275 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 276-279 Member and nonmember bank credit: All banks in the United States 281 All member banks 280, 321 Weekly reporting member banks in 90 leading cities 282, 322 Brokers' loans 282 Acceptances and commercial paper 283 Discount rates and money rates 284, 325 Security prices, security issues, United States Government securities 285 Production, employment, car loadings, and commodity prices 286, 326-328 Merchandise exports and imports 287 Department stores—Indexes of sales and stocks 287 Freight-car loadings, by classes 287 Financial statistics for foreign countries: Gold reserves of central banks and governments 293 Gold production. 294 Gold movements 294-296 Government note issues and reserves 297 Bank for International Settlements 297 Central banks 298-300 Commercial banks 301 Discount rates of central banks 302 Money rates _ 302 Foreign exchange rates 303 Price movements: Security prices 304 Wholesale prices 304-305 Retail food prices and cost of living 305 Law department: Federal home loan banks as banks within the meaning of section 19 of the Federal Reserve Act 306 Changes in law relating to the Federal Reserve System made by the recent agricultural relief act (text of act of May 12, 1933) 306 Federal Reserve statistics by districts, etc.: Banking and financial statistics - 319-325 Industrial and commercial statistics 326-329 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 19 MAY 1933 No. 5 REVIEW OF THE MONTH licenses to reopen were approximately $300,- 000,000 in excess of legal requirements. Return of currency to the Federal Reserve Loans and investments of member banks in banks continued in April, though at a less rapid New York City showed an increase of $350,rate. Total volume of currencv 000,000, the increase being in loans on securities ^ returned between March 4 and and in all other loans, as well as in holdings of May 10 was $1,595,000,000, of which $300,000,000 was in gold coin and MONEY IN CIRCULATION $470,000,000 in gold certificates. Practically WeeKlu Basis-- Wednesday Series all of the currency withdrawn by banks M 7 I 6 LL 0 IO 0 NS OF DOLLARS MILLIONS OF DO 7 L 6 L 0 AR 0 S between February 1 and March 4 for the 7400 7*400 purpose of increasing their vault cash was 7200 7200 returned to the Reserve banks by the second 7000 7000 week of May, while of the currency paid out to the public during that period about $250,000,- 6800 6Q00 000 was still outstanding. 6600 6600 The chart shows the total amount of currency outside the United States Treasury and the Federal Reserve banks since the beginning of 1930. It brings out the fact that the volume of currency, which had increased by about $1,000,000,000 in 1931, remained fairly constant in 1932. In 1933, beginning in February, there was a more rapid increase than at any previous time, followed by an almost as rapid return 5000 5000 after the banks were reopened early in March. Early in May, however, the amount of money 4800 4800 in circulation was still about $400,000,000 larger 4600 ^r^ 4600 than at the same season in 1932 and $1,200,- 4400 44-00 000,000 larger than two years ago. 4200 L 4200 Reserve funds derived by the member banks Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Money outside Treasury and Federal Reserve banks in April and early May from the redeposit of currency with the Federal Reserve banks were United States Government obligations. Deused to reduce the banks' indebtedness by mand deposits of the New York banks increased $100,000,000, to liquidate $175,000,000 of by more than $500,000,000, and their balances maturing acceptances held by the Reserve held for correspondent banks by $200,000,000 banks, and to increase the member banks' re- during the period. serve balances by $170,000,000. Early in May Total reserves of the Federal Reserve banks the reserves of member banks that had received increased further in April and early May, and 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN MAY 1933 this increase, together with the decline in Fed- wise, any transactions in foreign exchange, transfers of credit from any banking institution eral Reserve notes, was reflected in a rise of the within the United States or any place subject ratio of reserves to deposit and note liabilities of to the jurisdiction thereof to any foreign branch the 12 Federal Reserve banks combined to 64.8 or office of such banking institution or to any percent on May 10. foreign bank or banker, and the export or with- On April 20 the President drawal of currency from the United States or any place subject to the jurisdiction of the Gold embargo issued the following Executive United States, by any individual, partnership, order: association, or corporation within the United States or any place subject to the jurisdiction " EXECUTIVE ORDER thereof; and the Secretary of the Treasury may require any individual, partnership, association, " RELATING TO FOREIGN EXCHANGE AND THE or corporation engaged in any transaction EARMARKING AND EXPORT OF GOLD COIN OR referred to herein to furnish under oath, com- BULLION OR CURRENCY plete information relative thereto, including the "By virtue of the authority vested in me by production of any books of account, contracts, section 5 (b) of the act of October 6, 1917, as letters or other papers, in connection therewith amended by section 2 of the act of March 9, in the custody or control of such individual, 1933, entitled 'An act to provide relief in the partnership, association, or corporation either existing national emergency in banking, and before or after such transaction is completed. for other purposes/ in which amendatory act "3. The provisions relating to foreign ex- Congress declared that a serious emergency change transactions contained in the Executive exists, I, Franklin D. Roosevelt, President of order of March 10, 1933, shall remain in full the United States of America, do declare that force and effect except as amended or supplesaid national emergency still continues to exist mented by this order and by regulations and pursuant to said section and by virtue of issued hereunder. all other authority vested in me, do hereby "4. Applicants who have gold coin, gold issue the following Executive order: bullion, or gold certificates in their possession, "1. Until further order, the earmarking for or who, in obedience to the Executive order of foreign account and the export of gold coin, April 5, 1933, have delivered gold coin, gold gold bullion, or gold certificates from the United bullion, or gold certificates shall be entitled to States or any place subject to the jurisdiction licenses as provided in section 8 of said Executhereof are hereby prohibited, except that the tive order for amounts not exceeding the equiv- Secretary of the Treasury, in his discretion and alent of such coin, bullion, or certificates held subject to such regulations as he may prescribe, or delivered. The Secretary may, in his dismay issue licenses authorizing the export of cretion, issue or decline to issue any other gold coin and bullion (a) earmarked or held in licenses under said Executive order, which shall trust for a recognized foreign government or in all other respects remain in full force and foreign central bank or the Bank for Interna- effect. tional Settlements, (b) imported for reexport "5. Whoever willfully violates any provision or gold in reasonable amounts for usual trade of this Executive order or of any rule, regularequirements of refiners importing gold-bearing tion, or license issued thereunder may be fined materials under agreement to export gold, (c) not more than $10,000, or, if a natural person, actually required for the fulfilment of any con- may be imprisoned for not more than ten years, tract entered into prior to the date of this order, or both; and any officer, director, or agent of by an applicant who, in obedience to the any corporation who knowingly participates in Executive order of April 5, 1933, has delivered any such violation may be punished by a like gold coin, gold bullion, or gold certificates, and fine, imprisonment, or both. (d) with the approval of the President, for transactions which he may deem necessary to promote the public interest. "This order may be modified or revoked at "2. Until further order, the Secretary of the any time. Treasury is authorized, through any agency that he may designate, to investigate, regulate, "FRANKLIN D. ROOSEVELT. or prohibit, under such rules and regulations as "THE WHITE HOUSE, he may prescribe, by means of licenses or other- "April 20, 1933." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

267 MAY 1933 FEDERAL RESERVE BULLETIN On April 29 the Secretary of the Treasury profession, or art, or for sale exclusively in industry, profession, or art, and (h) a statement that no other issued the following regulations relating to the application is pending. licensing of the purchase and SEC. 3. Purchase of gold.—Upon receipt of the Regulations application and after making such investigation of the export of gold. These regula- case as it may deem advisable, the Federal Reserve tions relate both to the Executive order of bank, if satisfied that the gold is necessary for the legitimate and customary requirements of the appli- April 5, which prohibited the hoarding of gold cant's business, industry, profession, or art, within a (see FEDERAL RESERVE BULLETIN for April, reasonable time, may permit the applicant to purchase such quantity of gold (not in excess of the amount p. 213) and to the order of April 20. applied for) as may be necessary for such use upon payment therefor of an equivalent amount of coin or REGULATIONS RELATING TO LICENSING THE PURCHASE currency coined or issued under the laws of the United AND EXPORT OF GOLD States. The applicant shall keep an exact record of the disposition of such gold, and, in the case of a dealer TREASURY DEPARTMENT, furnishing gold for use in industry, profession, or art, OFFICE OF THE SECRETARY, such dealer shall keep a record which shall show the April 29, 1933: amounts and dates of sales and the names and addresses of the purchasers. Such records shall be available for ARTICLE I. MISCELLANEOUS PROVISIONS examination by a representative of the Treasury Department for at least one year after the date of the SECTION 1. Authority for regulations.—In pursuance disposition of the gold. The gold so purchased shall of the provisions of section 5 (b) of the act of October 6, be used or disposed of only in accordance with this 1917, as amended by section 2 of the act of March 9, article and the Executive order of April 5, 1933. 1933, and the Executive orders of the President dated Dealers withdrawing gold under this article shall March 10, 1933, April 5, 1933, and April 20, 1933, these require of the persons who purchase gold from them regulations are prescribed. an affidavit that the gold so purchased will be used SEC. 2. Definitions.—For the purposes of these exclusively in the industry, profession, or art in which regulations, the term " person" means an individual, such purchasers are engaged. partnership, association, or corporation; and the term "United States" means the continental United States, SEC. 4. Prior regulation revoked.—Emergency Bankincluding Alaska. ing Regulation No. 25, issued March 13, 1933, is hereby SEC. 3. Licenses nontransferable.—Licenses or per- revoked. mits issued or granted under these regulations shall not be transferred. ARTICLE III. EXPORT OF GOLD COIN OR GOLD SEC. 4. Scope.—These regulations shall be operative BULLION within the United States as denned, unless otherwise SEC. 1. License required.—No gold coin, gold bullion indicated. or gold certificates shall be exported from the United SEC. 5. Penalties.—Whoever willfully violates any States or any place subject to the jurisdiction thereof, provision of these regulations or of any license issued or earmarked for foreign account unless a license therehereunder may be fined not more than $10,000, or, if a for shall first have been obtained from the Secretary natural person, may be imprisoned for not more than of the Treasury in accordance with this article or ten years, or both; and any officer, director, or agent of article IV of these regulations. Licenses may be issued, any corporation who knowingly participates in any such in the discretion of the Secretary, authorizing the export violation may be punished by a like fine, imprisonment, of gold coin and gold bullion: or both. (a) Earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank ARTICLE II. PURCHASE OF GOLD FOR USE IN INDUSTRY, for International Settlements; PROFESSION OR ART (b) Imported for reexport;l SEC. 1. Eligible applicants.—Any person having a (c) Actually required for the fulfilment of any legitimate and customary use for gold in industry, contract calling for payment or delivery of gold coin profession, or art (including research and scientific or bullion, entered into prior to April 20, 1933, by an work), or any person customarily supplying gold to applicant who, in obedience to the Executive order others for such use (hereinafter called a "dealer"), of April 5, 1933, has delivered gold coin, gold bullion, may file with a Federal Reserve bank an application to or gold certificates in accordance with such order; or purchase such quantity of gold as may be required for (d) With the approval of the President, for transaclegitimate and customary use within a reasonable time. tions which he may deem necessary to promote the SEC, 2. Applications.—Such application shall be public interest. filed in duplicate, executed under oath and verified SEC. 2. Application for licenses.—Application for before an officer duly authorized to administer oaths, license under section 1 to export from the United States and shall contain (a) the name and address of the or any place subject to the jurisdiction thereof any gold applicant, (b) the industry, profession, or art or busi- coin or gold bullion shall be made to the Secretary of ness in which the applicant is engaged, (c) the amount the Treasury. Each such application shall be executed of gold usually required for use in the applicant's in duplicate under oath and verified before an officer business for a period of 90 days, (d) the amount of gold duly authorized to administer oaths, and shall state in used or sold during the preceding calendar year, (e) detail (a) the name and address of the applicant, (b) the amount and a description of all gold on hand at the the name and address of the owner of the gold to be date of the application, (f) the amount of gold applied exported, (c) the amount and a description of gold coin for, (g) a statement that the applicant will use such or gold bullion and the location thereof, (d) the port gold as he may be permitted to purchase only for the legitimate and customary requirements of industry, i Export of gold by refiners importing gold-bearing materials is covered by article IV of these regulations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN MAY 1933 from which export will be made, (e) the name and States Mint at San Francisco, California, whichever is address of the consignee, and (f) the nature of the trans- designated by the importer. action and the facts making necessary the export. In SEC. 2. Sampling and assaying.—Promptly upon the the case of an application for a license under section 1 receipt of each importation of gold-bearing ore or mate- (c) of this article, the application, in addition to the rial at the plant where it is first to be treated, it shall above, shall state in detail (1) the amount, respectively, be weighed, sampled, and assayed for gold content. A of the gold coin, gold bullion, or gold certificates de- reserve commercial sample shall be retained at such livered in obedience to the Executive order of April 5, plant for at least one year from the date the importation 1933, and the date and place of such delivery, and (2) was received by the plant unless the assay is sooner the amount of gold coin or gold bullion actually required verified by the Treasury Department. for the fulfilment of the contract. A certified copy of SEC. 3. Plant records.—The importer shall cause an the contract or obligation shall accompany the applica- exact record, covering each importation, to be kept at tion. the plant of first treatment. The record shall show the SEC. 3. Filing of application.—The application shall gross wet weight of the importation, the weight of be filed with a Federal Reserve bank, and such bank, containers, if any, the net wet weight, the percentage after making such investigation of the case as it may and weight of moisture, the net dry weight, the gold deem necessary, shall transmit the original of such content shown by the settlement assay, and the amount application to the Secretary of the Treasury, together of gold bullion required to be exported under the with (a) such supplemental information as it may agreement. An attested copy of such record shall be deem appropriate and (b) a recommendation as to filled promptly with the assay office or the mint, whether the license should be granted or denied. A whichever has been designated to receive a copy of the copy of the application shall be retained by the Federal entry. Reserve bank for its records. SEC. 4. Application for export license.—Not later SEC. 4. Issuance of license.—If the Secretary of the than fifteen days from the date of entry the importer Treasury in his discretion determines to grant a license shall file an application with the assay office or the mint, upon an application filed under section 3, he will author- whichever has been designated to receive a copy of the ize the Federal Reserve bank through which the applica- entry, for a license to export gold bullion not in excess tion was transmitted to issue on his behalf a license to of the amount shown by the settlement sheet covering export a specified amount of gold coin or gold bullion, the importation. Such application shall be filed in and such bank shall thereupon issue such license to the duplicate, executed under oath and verified before an applicant. If the license applied for is not granted, officer duly authorized to administer oaths, and shall the bank through which the application was trans- show (a) the name and address of the applicant, (b) mitted will be advised and such bank shall thereupon the port at which the importation was formally entered, so notify the applicant. (c) the entry number, (d) the date of entry, (e) the SEC. 5. License.—Each license for the export of gold plant at which the importation was first treated, (f) the coin or bullion shall be numbered serially and shall bear gross wet weight, (g) the weight of the containers, if (a) the date of issue, (b) the name and address of the any, (h) the net wet weight, (i) the percentage and licensee, (c) the name and address of the consignee, weight of moisture, (j) the net dry weight, (k) the gold (d) the amount and description of the gold licensed, content, (1) the amount of gold bullion required to be (e) the port of export, and (f) a statement "This license exported under the agreement, and (m) the name and shall expire 15 days from date of issue." address of the proposed consignee of the exportation. SEC. 6. Notification of issuance of license.—At the The application shall be accompanied by two duly time the license is issued, the issuing Federal Reserve attested copies of the settlement sheet. bank shall transmit a copy thereof to the collector of SEC. 5. Issuance of serial numbered certificate.— customs at the port of export designated thereon. No If the superintendent of the assay office or of the mint is collector of customs shall permit the export of any gold satisfied as to the accuracy of the data shown on such coin or bullion under this article except upon surrender application, he shall issue to the importer a dated serial of a license to export, a copy of which has been received numbered certificate which shall show the amount of by him from the Federal Reserve bank issuing such gold specified by the application and the amount specilicense. fied by the settlement sheet. The Director of the Mint SEC. 7. Expiration of license.—All licenses to export shall prescribe the form of such certificate. gold coin or bullion issued under this article shall expire SEC. 6. Issuance of export license.—Upon delivery 15 days after date of issue and any person holding a to the assay office or the mint, within 120 days from the license who fails to export gold coin or bullion in ac- date it was issued, of the serial numbered certificate, cordance with the terms of the license shall forthwith the superintendent of the assay office or mint shall deliver such gold coin or bullion to a Federal Reserve issue to the importer a license to export gold bullion bank. in the amount applied for but not in excess of the amount specified by the settlement sheet as shown on such certificate. ARTICLE IV. IMPORT FOR SMELTING AND/OR REFINING SEC. 7. Licenses.—Each license for the export of AND EXPORT gold bullion under this article shall be numbered SEC. 1. Notation upon entry.—Upon the formal entry serially and shall bear (a) the date of issue, (b) the into the United States of gold-bearing ores, or any other name and address of the licensee, (c) the name and gold-bearing materials imported into the United States address of the consignee, (d) the amount and descripfor smelting and/or refining under an agreement pro- tion of the gold licensed, (e) the port of export, and viding for the export of gold bullion, the importer shall (f) a statement "This license shall expire 15 days from notify the collector of customs at the port where the date of issue." gold-bearing ore or material is formally entered that the SEC. 8. Notification of issuance of license.—At the importation is made under such agreement. The col- time the license is issued the issuing assay office or mint lector shall make a notation on the entry to this effect shall transmit a copy thereof to the collector of customs and forward a copy of the entry to the United States at the port of export designated thereon. No collector assay office at New York, New York, or to the United of customs shall permit the export of any gold bullion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDEltAL RESERVE BULLETIN 269 under this article except upon surrender of a license to in his possession, or in obedience to said Executive export, a copy of which has been received by him from order, has delivered such coin, bullion, or certificates. the assay office or mint issuing the license. A license so granted shall be for an amount of gold SEC. 9. Expiration of license.—All licenses to export coin or bullion not exceeding the amount of such coin, gold bullion issued under this article shall expire 15 bullion, or certificates held or delivered. When the days after date of issue and any person holding a license issuance of a license is approved by the Secretary of the who fails to export the gold bullion in accordance Treasury, the Federal Reserve bank through which with the terms of the license shall forthwith deliver application was made will issue a license to the applisuch bullion to a Federal Reserve bank. cant. If denied, the Federal Reserve bank will be so advised and shall immediately notify the applicant. The decision of the Secretary of the Treasury shall be AKTICLE V. ACQUISITION OR RETENTION OF GOLD final. The Federal Reserve bank shall note upon the COIN, GOLD BULLION, OR GOLD CERTIFICATES FOR retained copy of the application whether or not a PROPER TRANSACTIONS NOT INVOLVING HOARDING license has been granted, and, if granted, the date of the license and the amount of the gold coin or gold SEC. 1. Licenses for proper transactions and for purbullion covered thereby. poses not covered in preceding articles.—Any person SEC. 4. Acquisition of gold.—Upon presentation of showing the need for gold coin or gold bullion for a a license for the acquisition of gold coin or bullion to a proper transaction not involving hoarding or for gold Federal Reserve bank, such bank shall deliver to the coin or gold bullion for a purpose specified in the Execlicensee the amount of gold coin or gold bullion authorutive order of April 5, 1933, and not covered by the ized in such license upon payment therefor in an foregoing articles of these regulations, may make equivalent amount of any form of coin or currency application to the Secretary of the Treasury for a coined or issued under the laws of the United States. license to purchase, or if such coin or bullion is already in his possession, to retain such coin or bullion, in SEC. 5. Reports required on the disposition of gold amounts as may be reasonably necessary for such coin or bullion.—Any person holding a license for the proper transaction or purpose. Applications shall be retention or acquisition of gold coin or bullion issued filed with any Federal Reserve bank. The application under this article, who shall at any time dispose of such shall be filed in duplicate, executed under oath and gold coin or bullion in accordance with the terms of the verified before an officer duly authorized to administer license or otherwise, shall immediately file a written oaths and shall contain (a) the name and address of report in duplicate with the Federal Reserve bank the applicant, (b) the amount of gold coin or gold through which the license was issued. Such report bullion desired to be purchased or retained, (c) the shall be executed under oath and verified before an amount and description of the gold coin or bullion on officer duly authorized to administer oaths and shall hand, if any, at the date of the application, (d) the contain (a) the names and addresses of the person or proper transaction or purpose to which the gold coin persons to whom such gold coin or bullion was delivor gold bullion will be devoted and the facts making ered, (b) the amounts thereof and whether gold coin or necessary its purchase or retention, (e) such other gold bullion and (c) the reason for such delivery. On facts as will enable the Secretary of the Treasury to the receipt of any such report the Federal Reserve bank determine whether the transaction is proper, and (f) a receiving it shall immediately transmit the original to statement that the applicant will use such gold coin or the Secretary of the Treasury in Washington and shall gold bullion as he may be permitted to purchase or retain a copy for its records. Upon the transfer of any retain only for the transaction or purpose set forth in gold coin or bullion by a person licensed to retain or the application. In the case of an applicant for a acquire the same, such licensee shall advise the translicense who has delivered in obedience to the Executive feree of the provisions of the Executive order of April 5, order of April 5, 1933, gold coin, gold bullion, or gold 1933, and of the penalties for its violation, and such certificates, the application, in addition to the above, transferee shall deliver such gold coin or bullion so shall state in detail (1) the amount of gold coin, gold received to a Federal Reserve bank or branch or agent bullion, or gold certificates delivered in obedience to thereof or any member bank of the Federal Reserve the Executive order of April 5, 1933, (2) the date of System in accordance with the Executive order of April such delivery, and (3) the bank at which delivered. 5, 1933, and shall be subject to the penalties of said Executive order for any violation thereof. SEC. 2. Disposition of applications.—On the receipt of any such application, the Federal Reserve bank shall make such investigation of the case as it may deem advisable and shall transmit to the Secretary of the These regulations may be supplemented, modified, or Treasury the original of such application, together revoked at any time. with (a) any supplemental information it may deem W. H. WOODIN, appropriate and (b) a recommendation whether a Secretary of the Treasury. license should be granted or denied. The Federal Reserve bank shall retain a copy of the application for On May 12, 1933, the President approved its records. SEC. 3. Granting or denial of the license.—Upon an act of Congress dealing primarily with agrireceipt of the original application and the recommen- cultural purchasing power and dation of the Federal Reserve bank transmitting it, the Secretary of the Treasury will grant or deny the license. Monetary legis- farm indebtedness, which is A license will be granted on application for the reten- lation printed in full elsewhere in this tion or acquisition of gold coin or bullion made by any person showing the need for such gold coin or bullion BULLETIN (pages 306-318). in accordance with the provisions of section 8 of the Title III of the act, which deals with Federal Executive order of April 5, 1933, in cases where such person has gold coin, gold bullion, or gold certificates Reserve and monetary matters, follows. 172744—33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN MAY 1933 TITLE III FINANCING AND EXERCISING (b) If the Secretary, when directed by the POWER CONFERRED BY SECTION 8 OF ARTI- President, is unable to secure the assent of the CLE I OF THE CONSTITUTION! TO COIN several Federal Reserve banks and the Federal MONEY AND TO REGULATE THE VALUE Reserve Board to the agreements authorized THEREOF in this section, or if operations under the above provisions prove to be inadequate to meet the SEC. 43. Whenever the President finds, upon purposes of this section, or if for any other investigation, that (1) the foreign commerce of reason additional measures are required in the the United States is adversely affected by rea- judgment of the President to meet such purson of the depreciation in the value of the cur- poses, then the President is authorized— rency of any other government or governments (1) To direct the Secretary of the Treasury in relation to the present standard value of gold, to cause to be issued in such amount or amounts or (2) action under this section is necessary in as he may from time to time order, United order to regulate and maintain the parity of States notes, as provided in the Act entitled currency issues of the United States, or (3) an "An Act to authorize the issue of United States economic emergency requires an expansion of notes and for the redemption of funding thereof credit, or (4) an expansion of credit is neces- and for funding the floating debt of the United sary to secure by international agreement a States", approved February 25, 1862, and stabilization at proper levels of the currencies of Acts supplementary thereto and amendatory various governments, the President is author- thereof, in the same size and of similar color to ized, in his discretion— the Federal Reserve notes heretofore issued and (a) To direct the Secretary of the Treasury in denominations of $1, $5, $10, $20, $50, $100, to enter into agreements with the several $500, $1,000, and $10,000; but notes issued Federal Reserve banks and with the Federal under this subsection shall be issued only for Reserve Board whereby the Federal Reserve the purpose of meeting maturing Federal Board will, and it is hereby authorized to, obligations to repay sums borrowed by the notwithstanding any provisions of law or rules United States and for purchasing United and regulations to the contrary, permit such States bonds and other interest-bearing obligareserve banks to agree that they will, (1) con- tions of the United States: Provided, That duct, pursuant to existing law, throughout when any such notes are used for such purpose specified periods, open market operations in the bond or other obligation so acquired or obligations of the United States Government taken up shall be retired and canceled. Such or corporations in which the United States is notes shall be issued at such times and in the majority stockholder, and (2) purchase such amounts as the President may approve but directly and hold in portfolio for an agreed the aggregate amount of such notes outstanding period or periods of time Treasury bills or at any time shall not exceed $3,000,000,000. other obligations of the United States Govern- There is hereby appropriated, out of any ment in an aggregate sum of $3,000,000,000 in money in the Treasury not otherwise approaddition to those they may then hold, unless priated, an amount sufficient to enable the prior to the termination of such period or Secretary of the Treasury to retire and cancel periods the Secretary shall consent to their 4 per centum annually of such outstanding sale. No suspension of reserve requirements notes, and the Secretary of the Treasury is of the Federal Reserve banks, under the terms hereby directed to retire and cancel annually of section ll(c) of the Federal Reserve Act, 4 per centum of such outstanding notes. Such necessitated by reason of operations under notes and all other coins and currencies heretothis section, shall require the imposition of the fore or hereafter coined or issued by or under graduated tax upon any deficiency in reserves the authority of the United States shall be as provided in said section ll(c). Nor shall it legal tender for all debts public and private. require any automatic increase in the rates of (2) By proclamation to fix the weight of the interest or discount charged by any Federal gold dollar in grains nine tenths fine and also to Reserve bank, as otherwise specified in that fix the weight of the silver dollar in grains nine section. The Federal Reserve Board, with the tenths fine at a definite fixed ratio in relation to approval of the Secretary of the Treasury, may the gold dollar at such amounts as he finds require the Federal Reserve banks to take necessary from his investigation to stabilize such action as may be necessary, in the judg- domestic prices or to protect the foreign comment of the Board and of the Secretary of the merce against the adverse effect of depreciated Treasury, to prevent undue credit expansion. foreign currencies, and to provide for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

271 MAY 1933 FEDERAL RESERVE BULLETIN unlimited coinage of such gold and silver at the silver certificates shall be used by the Treasurer ratio so fixed, or in case the Government of the of the United States in payment of any obliga- United States enters into an agreement with tions of the United States. any government or governments under the (e) The silver so accepted and received under terms of which the ratio between the value of this section shall be coined into standard silver gold and other currency issued by the United dollars and subsidiary coins sufficient, in the States and by any such government or govern- opinion of the Secretary of the Treasury, to ments is established, the President may fix the meet any demands for redemption of such silver weight of the gold dollar in accordance with certificates issued under the provisions of this the ratio so agreed upon, and such gold dollar, section, and such coins shall be retained in the the weight of which is so fixed, shall be the Treasury for the payment of such certificates standard unit of value, and all forms of money on demand. The silver so accepted and reissued or coined by the United States shall be ceived under this section, except so much thereof maintained at a parity with this standard and as is coined under the provisions of this section, it shall be the duty of the Secretary of the shall be held in the Treasury for the sole pur- Treasury to maintain such parity, but in no pose of aiding in maintaining the parity of such event shall the weight of the gold dollar be certificates as provided in existing law. Any fixed so as to reduce its present weight by more such certificates or reissued certificates, when than 50 per centum. presented at the Treasury, shall be redeemed SEC. 44. The Secretary of the Treasury, with in standard silver dollars, or in subsidiary silver the approval of the President, is hereby author- coin, at the option of the holder of the certifiized to make and promulgate rules and regula- cates: Provided, That, in the redemption of tions covering any action taken or to be taken such silver certificates issued under this section, by the President under subsection (a) or (b) of not to exceed one third of the coin required for section 43. such redemption may in the judgment of the SEC. 45. (a) The President is authorized, Secretary of the Treasury be made in subsidiary for a period of six months from the date of the coins, the balance to be made in standard silver passage of this Act, to accept silver in payment dollars. of the whole or any part of the principal or (f) When any silver certificates issued under interest now due, or to become due within six the provisions of this section are redeemed or months after such date, from any foreign received into the Treasury from any source government or governments on account of any whatsoever, and belong to the United States, indebtedness to the United States, such silver they shall not be retired, canceled, or destroyed, to be accepted at not to exceed the price of 50 but shall be reissued and paid out again and cents an ounce in United States currency. The kept in circulation; but nothing herein shall aggregate value of the silver accepted under prevent the cancelation and destruction of this section shall not exceed $200,000,000. mutilated certificates and the issue of other (b) The silver bullion accepted and received certificates of like denomination in their stead, under the provisions of this section shall be as provided by law. subject to the requirements of existing law and (g) The Secretary of the Treasury is authorthe regulations of the mint service governing ized to make rules and regulations for carrying the methods of determining the amount of out the provisions of this section. pure silver contained, and the amount of the charges or deductions, if any, to be made; but SEC. 46. Section 19 of the Federal Reserve Act, as amended, is amended by inserting such silver bullion shall not be counted as part immediately after paragraph (c) thereof the of the silver bullion authorized or required to following new paragraph: be purchased and coined under the provisions of existing law. " Notwithstanding the foregoing provisions (c) The silver accepted and received under of this section, the Federal Reserve Board, the provisions of this section shall be deposited upon the affirmative vote of not less than five in the Treasury of the United States, to be held, of its members and with the approval of the used, and disposed of as in this section provided. President, may declare that an emergency (d) The Secretary of the Treasury shall exists by reason of credit expansion, and may cause silver certificates to be issued in such by regulation during such emergency increase denominations as he deems advisable to the or decrease from time to time, in its discretion, total number of dollars for which such silver the reserve balances required to be maintained was accepted in payment of debts. Such against either demand or time deposits." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BULLETIN MAY 1933 Publication by the Department of Commerce the outset the surplus was reflected in increases of official figures for the international balance of in foreign balances; later in an inflow of gold. , . payments of the United States Since 1928, however, there has been a marked n r Balances of in- f J . . _ _ contraction in the international income of the ternational pay- in 1932 brings out the fact that country, and the heavy inflow of gold has re- States'" United ti^8 country continued last year flected chiefly the repatriation of previously to show a surplus of interna- accumulated foreign balances. In the last two tional income on current account, which was years the excess of merchandise imports to balanced by an outflow of capital funds, and an France has been greater than the country's reinflow of gold. During the year exports of ceipts from tourists' expenditures, reparations, merchandise from the United States exceeded and income from foreign investments. As a imports by $250,000,000; and, in addition, this consequence there has been a decline in foreign country received $400,000,000 in interest and balances larger than is accounted for by the dividends and $100,000,000 on intergovern- inflow of gold. Since the beginning of Decemmental debt, largely as interest. Against these ber 1932 the flow of gold has been reversed, and international receipts were balanced large tour- up to April 21 the Bank of France had lost ist expenditures, immigrants' remittances, and $100,000,000 from its reserves. other items; but the net result was a surplus of A tendency toward a closer balance of current $130,000,000 in current international income. international transactions has also been evident Long-time capital movements were also in in England since 1931. In the direction of the United States, chiefly England 1931 there was a deficit of $470,through the repurchase by foreigners of issues 000,000, reflecting an excess of originally floated by them in the United States. imports over exports, together with a re- It was the favorable balance of current income duced income from shipping and British investand the foreign purchases of dollar bonds that ments abroad. In 1932 the income from shipprovided this country with funds to meet the ping and foreign investments declined further, withdrawals of foreign short-term balances, but the excess of merchandise imports showed which were on a large scale during the year, a larger decline, and the deficit was less than and in addition resulted in a net growth of the half as large as in the preceding year. In the country's stock of monetary gold. Excess of first four months of 1933 available figures indicurrent international income has been continucate that current international receipts and exous in this country during the past decade, penditures of England were about in balance. but has diminished in recent years. In 1930 The growth of $320,000,000 in gold reserves of it was $710,000,000; in 1931, $160,000,000; and the Bank of England between January 18 and in 1932, $130,000,000. The indications are April 26 represented largely a movement of that for the first quarter of 1933 this country's capital funds into the country. current international income has been prac- In Germany, if reparation payments be intically in balance and that the losses of gold cluded, there was until 1931 a deficit on curduring the quarter have been attributable to rent international account. In the movement of capital funds. Germany that year the deficit, which had In France a similar development has been been diminishing in preceding under way. No official statement of the counyears, disappeared and was replaced by a contry's international balance of siderable surplus. This was due in part to the France payments is published, but there cessation of reparation payments after adoption is sufficient evidence to indicate of the moratorium in July 1931, but more the broader outlines of the situation. The largely to the growing excess of German mernet current international income of France was chandise exports added to receipts from shiplargest in the years immediately before and after ping and other services. The financial crisis de facto stabilization of the franc in 1926. At Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 273 which developed toward the middle of 1931, Appointment of Chairman of the Board of Directors and Federal Reserve Agent at Minneapolis however, led to large withdrawals of short-term capital from Germany and forced the introduc- Mr. John N. Peyton has been appointed by the Federal Reserve Board a class C director of tion of a rigid exchange control and the adopthe Federal Reserve Bank of Minneapolis for tion of agreements designed to retain foreign the remainder of the term of Mr. John R. funds in Germany subject to partial repayment Mitchell, deceased, ending December 31, 1935, from time to time. In 1932 the excess of Ger- and has been designated chairman of the board man merchandise exports was cut to about one of directors of the bank and Federal Reserve agent. Mr. Peyton, who for more than two third of the volume in 1931, and in the first years served as bank commissioner of the State quarter of 1933 it has been reduced still further. of Minnesota, assumed his new duties on At the present time it is approximately equal May 15, 1933. to the service of the foreign debt, after successive reductions in the rate of interest. Changes in Foreign Central Bank Discount Rates Resignation and Appointment of Governor of the On April 5 the National Bank of Rumania Federal Reserve Board reduced its discount rate from 7 to 6 percent. This was the only change in discount rates Mr. Eugene Meyer, Governor of the Federal reported by central banks in foreign countries Reserve Board, who had held that office since during the month ended May 1. September 16, 1930, tendered his resignation on March 24, 1933, as member and Governor of the Board, and it was accepted effective May 10, 1933. On May 17, 1933, Mr. Eugene Liquidation of First Federal Foreign Banking R. Black, of Georgia, was appointed a member Corporation of the Federal Reserve Board and was designated as Governor of the Board, to fill the The First Federal Foreign Banking Corpovacancy created by Mr. Meyer's resignation. ration, a corporation organized under the Mr. Black had held the office of Governor of provisions of section 25 (a) of the Federal Rethe Federal Reserve Bank of Atlanta since serve Act, which was authorized to commence January 13, 1928. business on May 24, 1926, was placed in liquidation on April 21, 1933, by voluntary action of its shareholders. Appointment of Comptroller of Currency On May 11, 1933, Mr. J. F. T. O'Connor, of California, was appointed Comptroller of the Weekly Member Bank Statement Currency, and, as such, became an ex-officio member of the Federal Reserve Board. Publication of the Board's weekly condition statement of reporting member banks in leading cities, which was temporarily discontinued Changes in the Board's Staff early in March, was resumed as of Wednesday Mr. Floyd R. Harrison, Assistant to the May 10. The statement now covers banks in Governor of the Federal Reserve Board, ten- 90 leading cities, instead of in 101 leading dered his resignation to be effective as of the cities as formerly. The 90 cities now included close of business on May 15, 1933, and it was in the statement are those in which all or accepted by the Federal Reserve Board. nearly all reporting banks have been licensed On May 18, 1933, the Board appointed Mr. to resume full banking operations. E. M. McClelland, formerly assistant secre- Figures on the new basis, by weeks, beginning tary, to succeed Mr. Harrison as Assistant to March 1, the date of the last statement on the the Governor. The Board also on May 18, former basis, appear on pages 322 and 323 of 1933, appointed Mr. S. R. Carpenter as the BULLETIN. Corresponding data for last assistant secretary to succeed Mr. McClelland. year are in course of preparation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN MAY 1933 Member Banks Licensed and Not Licensed of the Treasury and those that had not received such licenses on that date. There is also There is given below a table showing, as of shown the amount of deposits held by these May 3, the number of all member banks, and banks on December 31, 1932, the latest date indicating the number of these banks that had for which such figures are available. received licenses to reopen from the Secretary MEMBER BANKS LICENSED AND NOT LICENSED AS OF MAY 3, 1933 Deposits on Dec. 31, 1932, of Deposits on Dec. 31, 1932, of Number of banks b ce a n n s k e s d l o ic n e n M se a d y a 3 n , d 19 n 3 o 3 t ( l i i n - Number of banks b ce a n n s k e s d l o ic n e ns M ed a y a 3 n , d 1 n 93 o 3 t ( li i - n Federal Re- thousands of dollars) Federal Re- thousands of dollars) serve district serve district Total ce L n i s - ed N ce o n t s l e i d - Total Licensedl N ce o n t s l e i d - Total ce L n i s - ed N ce o n t s e li d - Total Licensed i N ce o n t se li d - All member National banks: banks—Con. Boston 367 310 57 2,044,750 1,916,236 128,514 Minneapolis _ 495 427 68 690,849 655,416 35,433 New York... 823 685 138 10,306,649 10,063,101 243,548 Kansas City. 744 668 76 953,181 881,312 71,869 Philadelphia 686 588 98 2,181,796 2,025, 523 156,273 Dallas 513 486 27 681,567 676,748 4,819 Cleveland 633 480 153 2, 544,669 2,026,271 518,398 San Francisco. 356 302 54 2,275,527 2,204, 835 70,692 Richmond... 392 300 92 1,022,860 828,424 194,436 Total 5,889 4,822 1,067 18,301,916 16, 520,237 1,781,679 Atlanta 316 270 46 841,279 686,383 154,896 Chicasro 771 464 307 3,458,505 2, 518,670 939,835 State bank St. Louis 404 326 78 918,841 825,260 93,581 members: Boston. 29 25 4 486,430 450, 855 35,575 Minneapolis _ 530 462 68 724, 518 689,085 35,433 New York... 146 138 8 5,785,762 5, 749,327 36,435 Kansas City. 771 695 76 1,069,192 997,323 71,869 Philadelphia . 64 57 7 669, 747 640,255 29,492 Dallas 564 535 29 722,757 717,702 5,055 Cleveland 71 59 12 1,212, 639 853,923 358,716 SanFrancisco. 432 363 69 2,886,738 2,809,970 76,768 Richmond ... 40 33 7 285,652 209,381 76,271 Total 6,689 5,478 1,211 28,722, 554 26,103,948 2,618,606 Atlanta 39 34 5 198,900 70,283 128,617 Chicago 157 89 68 656,846 539,607 117,239 National banks: St. Louis 65 49 16 322, 581 274,311 48,270 Boston 338 285 53 1, 558, 320 1,465, 381 92,939 Kew York... 677 547 130 4,520, 887 4,313, 774 207,113 Minneapolis. 35 35 33,669 33,669 Philadelphia. 622 531 91 1,512,049 1, 385,268 126,781 Kansas City. 27 27 116,011 116,011 Cleveland 562 421 141 1, 332,030 1,172,348 159,682 Dallas 51 49 2 41,190 40,954 236 San Francisco 76 61 15 611,211 605,135 6,076 Bichmond... 352 267 85 737,208 619,043 118,165 Atlanta 277 236 41 642,379 616,100 26,279 Total 800 656 144 10,420, 638 9, 583,711 836,927 Chicago 614 375 239 2,801,659 1,979,063 822,596 St. Louis 339 277 62 596,260 550,949 45,311 J Exclusive of deposits of banks that were not in operation on Dec. 31,1932. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 275 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 24 and released for publication April 26] Production and distribution of commodities, the latter part of February and in the first half which declined during the latter part of Febru- of March, increased rapidly after the reopening ary and the early part of March, increased of banks. after the middle of the month. The return Wholesale prices.—Wholesale prices of leadflow of currency to the Reserve banks, which ing commodities fluctuated widely during began with the reopening of banks on March 13, March and the first 3 weeks of April. In this continued in April. Following the announce- period grain prices increased sharply, and ment by the President on April 19 that the prices of cotton, hides, nonferrous metals, pig issuance of licenses for the export of gold would iron, scrap steel, and several imported raw be suspended, the value of foreign currencies in materials advanced considerably. During the terms of the dollar advanced considerably, and same period there were reductions in the prices there was increased activity in the commodity of rayon, petroleum, and certain finished steel and security markets. products. Production and employment.—Production at Bank credit.—Currency returned rapidly to factories and mines decreased from February the Federal Reserve banks and the Treasury to March, contrary to seasonal tendency, and following the reopening of the banks, and on the Board's seasonally adjusted index declined April 19 the volume of money in circulation from 64 percent of the 1923-25 average to was $1,500,000,000 less than on March 13, 60 percent, compared with a low level of 58 when the peak of demand was reached. Funds percent in July 1932. At steel mills there was arising from the return flow of currency were a decline in activity from an average of 20 used to reduce the Reserve banks' holdings of percent of capacity in February to 15 percent discounted bills by $1,035,000,000 and their in March, followed by an increase to more than holdings of acceptances by $200,000,000; at 20 percent for the month of April, according to the same time member bank reserve balances trade reports. In the automobile industry, increased by $390,000,000. As a result of the where there was also a sharp contraction in out- decline in Federal Reserve note circulation put when the banks were closed, there was a and an increase in Federal Reserve bank rapid increase after the reopening of banks. reserves, chiefly through the redeposit of gold From February to March, production in the and gold certificates, the reserve ratio of the food and cotton textile industries showed little 12 Federal Reserve banks combined advanced change in volume; activity in the woolen in- from 46.5 percent on March 13 to 61.5 percent dustry declined sharply, and there was a reduc- on April 19. tion in daily average output at shoe factories. Deposits of reporting member banks in New At lumber mills activity increased from the low York increased rapidly after the reopening of rate of February, while output of bituminous the banks, and on April 19 net demand deposits coal declined by a substantial amount. were $620,000,000 larger than on March 15, The volume of factory employment and pay reflecting in part an increase of $380,000,000 rolls showed a considerable decline from the in bankers7 balances, as funds were redeposited middle of February to the middle of March. by interior banks. Comprehensive figures on developments since Money rates in the open market, after a the reopening of banks are not yet available. temporary advance in the early part of March, Value of construction contracts awarded declined rapidly, but were still somewhat higher in the first quarter, as reported by the F. W. than early in February. By April 21 rates on Dodge Corporation, was smaller than in the prime commercial paper had declined from 4% last quarter of 1932 by about one third. percent to a range of 2-2% percent; rates on Distribution.—Volume of freigh1>car loadings, 90-day bankers' acceptances from 3% percent on a daily average basis, declined from February to five eighths of 1 percent, and rates on to March by about 7 percent, reflecting in large renewals of call loans on the stock exchange part a substantial reduction in shipments of from 5 percent to 1 percent. •coal. Shipments of miscellaneous freight and On April 7 the discount rate of the Federal merchandise, which usually increase at this sea- Reserve Bank of New York was reduced from 3% son, declined in the early part of March and in- to 3 percent. The bank's buying rate on 90-day creased after the middle of the month. Depart- bankers' acceptances was reduced from 3}{ perment-store sales, which had declined sharply in cent on March 13 to 2 percent on March 22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN MAT 1933 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS weekly Basis vyednesdai/ Series MILLIONS OF DOLLARS 7000 7000 6000 6000 MEMBER BANK RESERVE BALANCES 2000 1000 100O 1928 1929 1930 1931 1932 1933 Based on Wednesday figures; latest figures are for May 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 277 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserve bank credit outstanding Factors of decrease Factors of increase Month or week B co il u ls n d te i d s- bo B u il g ls ht m G c U S u e o n t r n v a i i t e t t t i e e s r e s n d e s - - r c O e b r s a t e e h n d r e k v i r t e Total ta M s ry t o o n c g k o e- ld T c a u d re r ju r a e s s n t u e c r d y y in M l a o c ti i n o r e c n y u- M b r a e b e l s a a m e n n r b c k v e e e s r me N m o b n e - r p c U f e a u n n p n d e i d t x e a s d - l 1932—January 828 i 221 759 1,865 4,452 1,773 5,645 1,979 113 353 February-_ 848 i 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 5,699 2,435 43 359 1933—January... 255 32 1,806 2,110 4,547 1,901 5,631 2,516 351 February- 102 1,804 2,224 4,491 1,891 5,892 2,291 79 344 March 379 1,875 3,233 4,260 1,897 6,998 1,914 134 344 April 425 230 1,837 2,511 4,301 1,915 6,137 156 348 Week'ending (Saturday)- 1932—December 3 311 35 1,851 2,208 4,336 1,915 5,654 2,399 357 December 10... 302 34 1,851 2,202 4,352 1,916 5,682 2,388 357 December 17... 280 34 1,859 2,195 4,411 1,937 5,683 2,457 360 December 24— 271 33 1,854 2,189 4,487 1,906 5,734 2,444 362 December 31-_. 263 33 1,852 2,171 4,503 1,902 5.704 2,471 360 1933—January 7—. 245 33 1,853 2,153 4,526 1,902 5,669 2,513 352 January 14.. 249 32 1,829 2,127 4,548 1,905 5,616 2,563 353 January 21.. 251 32 1,793 2,091 4,558 1,908 5,616 2,526 351 January 28.. 267 31 1,770 2,080 4,554 1,897 5 620 2 487 350 February 4 31 1,763 2,074 4,549 1,886 5,664 2,426 350 February 11... 256 31 1,775 2,078 4,530 1,892 5,717 2,369 346 February 18— 283 45 1,809 2,155 4,505 1,871 5,850 2,256 343 February 25— 335 181 1,833 2,357 4,450 1,892 6,032 2,235 342 March 4... 847 361 1,848 0) 3,056 4,333 1,922 6,805 2,065 345 March 11. 1,421 417 1,876 3,661 4,244 1,922 7,532 1,803 143 349 March 18.. 1,184 400 1,907 3,476 4,251 1,920 7,260 140 349 March 25- 356 1,882 2,931 4,263 1,871 6,643 1,952 129 341 April 1... 524 316 1,846 2,688 4,270 1,864 6,376 1,973 141 April 8... 432 288 1,838 2,570 4,283 1,893 6,271 2,002 138 335 April 15.. 433 244 1,837 2,535 4,301 1,911 6,172 2,083 144 348 April 22,. 420 208 1,837 2,492 4,312 1,929 6,085 2,136 157 355 April 29.. 411 180 1,837 2,444 4,310 1,927 6,015 2,130 181 355 End of month series Wednesday series 1932 1933 1933 Nov. Dec. Jan. Feb. Mar. Apr. Mar. Mar. Apr. Apr. Apr. Apr. 30 31 31 28 31 30 22 29 19 26 Bills discounted 235 274 582 426 435 Bills discounted 671 545 436 428 414 385 Bills bought 35 31 305 171 Bills bought 352 310 286 247 208 177 United States Government se- United States Government securities. 1,851 1,855 1,763 1,837 curities 1,864 1,8381,837 1,837 1,837 Other reserve bank credit 8 22 9 10 16 Other reserve bank credit -1 -6 15 30 12 Total reserve bank credit...._. 2,202 2,145 2,077 2,7942,5722,459 Total reserve bank credit 2,887 2,688 2,5742,528 2,490 2,412 Monetary gold stock 4,340 4,513 4,553 4,3794,2824,312 Monetary gold stock 4,264 4,272 4,2834,293 4,313 4,310 Treasury currency adjusted 1,925 1,923 1,872 1,939 1,887 1,907 Treasury currency adjusted 1,841 1,859 1,856 1,913 1,942 1,935 Money in circulation 5,6485,6755,6456,5466,3206,003 Money in circulation 6,6086,3536,261 6,147 6,068 5,994 Member bank reserve balances 2,4112,5092,446 2,141 1,9492,132 Member bank reserve balances.. 1,918 1,9871,9762,096 2,159 2,136 Nonmember deposits, etc , 50 43 64 80 143 188 Unexpended capital funds, non- Unexpended capital funds 357 354 346 346 329 855 member bank deposits, etc 466 478 477 491 518 527 Less than $500,000. Back figuret.—Qe% Annual Report for 1931 (tables 1-5). 172744—33- 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN MAY 1933 URCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars] Apr. 30, 1933 Mar. 31, 1933 Apr. 30, 1932 EESOURCES Gold with Federal Reserve agents 2,648,692 2, 577,825 2, 274, 556 Gold redemption fund with United States Treasury 62,115 81,199 35,897 Gold held exclusively against Federal Reserve notes- 2,710,807 2, 659,024 2,310,453 Gold settlement fund with Federal Reserve Board 349,972 230,002 308,440 Gold and gold certificates held by banks 355,628 361,375 Total gold reserves _ 3,416,407 3, 250,401 3, 004,331 Reserves other than gold _ _ 216, 691 204,275 208,493 Total reserves 3, 633, 098 3, 454, 676 3,212,824 Nonteserve cash. 94,003 114, 247 66,752 Re||mption fund—Federal Reserve bank notes 3,318 1,100 Bills discounted: For member banks _ - 433, 579 425,036 550,889 For intermediate credit banks— 4,643 For nonmember banks, etc _ 233 Total bills discounted. 435,010 426,472 555,765 Bills bought: Payable in dollars: Bought outright 163, 527 277,974 16,760 Under resale agreement 2,021 307 Payable in foreign currencies _ _ 24, 788 30,736 Total bills bought _ _ _ 170,708 304,783 47,803 United States Government securities: Bought outright 1,836,488 1,836,416 1,227,814 Under resale agreement ___ 800 1,925 Total United States Government securities _ _ 1, 837,288 1,838,341 1,227,814 Other reserve bank credit: Federal intermediate credit bank debentures. Municipal warrants 5,726 4,953 4,905 Due from foreign banks 3,656 3,618 5,692 Reserve bank float (uncollected items in excess of deferred availability items). 6,738 16,230 8,206 Total reserve bank credit outstanding _ 2,459,126 2, 571,937 1,850,185 Federal Reserve notes of other Reserve banks 20,850 29,005 14,008 Uncollected items not included in float 295,372 312,690 322,590 Bank premises-__ _. ... _ 54,185 54,037 57,857 All other resources ._. . 46,103 71,952 36,134 Total resources- 6, 606, 055 6,609, 644 5, 560, 350 Federal Reserve notes: Held by other Federal Reserve banks. 20,850 29,005 14,008 Outside Federal Reserve banks 3,407,061 3,666,718 2, 552,063 Total notes in circulation 3,427,911 3, 695, 723 2, 566,07f Federal Reserve bank notes in actual circulation- 47,808 14,567 Member bank—reserve account . 2,132, 389 1,949,107 2,123,827 Government 59,197 41,126 21,928 Foreign bank 29,928 16,384 46,805 Special deposits: Member bank 81,909 65,489 Nonmember bank.. 16,699 16,133 Other deposits 59, 640 44, 724 32,413 Total deposits _ _ 2,379, 762 2,132,963 2, 224,973 Deferred availability items 295,372 312,690 322,590 Capital paid in 150,171 149, 595 155,237 Surplus..- - 278,599 278, 599 259,421 All other liabilities 26,432 25, 507 32,058 Total liabilities 6, 606,055 6, 609, 644 5, 560,350 Contingent liability on bills purchased for foreign correspondents 40,060 45,305 291,837 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents 3,678,762 4,035, 766 2, 774.204 Collateral held by agents as security for notes issued to bank: Gold 2, 648, 692 2,577,825 2, 274,556 Eligible paper.. _ __ 434,778 598,813 562,464 United States Government securities 639, 500 884, 700 Total collateral _. ... 3,722,970. 4,061,338 2, 837,020 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding). 67,374 21,049 Collateral pledged against outstanding notes: Discounted and purchased bills 40,800 5,258 United States Government securities 67,854 25,249 Total collateral. 108,654 30,507 1 Excess of deferred availability 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

MAY 1933 FEDERAL RESERVE BULLETIN 279 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 at end Increase Net re- Domes- April Januaryof in stock Net gold lease tic pro- From or to— (preliminary) March March month during import from ear- duction, month mark * etc.* Im- Ex- Im- Ex- Im- Ex- 1929—-November _ 4,367 -19.2 -23.2 1.0 3.0 ports ports ports ports ports ports December- 4,284 -82.9 -64.4 -22.0 3.5 Total (12 mos.). 142.5 175.1 -55.4 22.8 B En el g g l i a u n m d _ 2,200 8,9 1 3 9 5 9 55,193 110,5 7 6 9 9 9 1930—January 4,291 6.8 40~ France 8,993 461 4,091 30,026 7,875 February 4,353 61.9 60.0 1.9 Germany 250 1,071 1,800 March 4,423 70.2 55.5 -0.3 Netherlands 600 5,005 19,347 8,427 April , 4,491 68.5 65.7 2.3 Portugal 602 602 May 4,517 25.9 23.5 0.5 Switzerland 681 2,295 June 4,535 17.6 13.9 1.7 Canada 8,454 36 17,947 49 July 4,517 -18.4 -19.6 4.3 Central America 158 459 August 4,501 -15.5 -19.6 4.2 Mexico __ _. _ 159 503 20 1,690 20 September 4,511 10.2 2.5 3.7 Argentina. 15 October 4,535 23.3 26.4 3.1 Colombia 5 91 November 4,571 36.8 35.2 3.8 Ecuador. _ . _ 123 236 December 4,593 22.1 32.7 4.5 Peru 301 512 Uruguay 150 Total (12 mos.). 280.1 -2.4 31.9 Venezuela 112 371 150 Australia 267 871 2,329 1931—January... 4,643 34 4 11.9 3.1 British India 990 25,629 February . 4,665 16.1 2.5 3.3 China and Hong March. 4,697 25.6 3.0 3.3 Kong. 1,090 2,135 11,447 April 4,726 49.5 -7.5 -13.3 Dutch East Indies 144 561 J M% u .a n y e 4 4 , , 9 7 5 9 6 8 4 6 9 3 . . 6 8 9 4 2 . . 0 3 1 1 8 . . 9 8 J P a h p i a li n ppine Islands 2,969 451 3 1 , , 7 26 29 0 July 4,949 19.5 -29.7 3.6 All other countries K 374 4,803 234 317,055 1,919 17,058 August..... 57.5 -16.0 42 September.. 4,741 20.6 -279.1 42 Total '4,859 « 16,596 14,942 337,023 173,818 149,657 October 4,292 -337.7 -107.6 -3.1 November.. 4,414 89.4 28.3 42 December.. 4,460 56.9 -22.9 11.9 * Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal Total (12 mos.). -133.4 145.3 -320.8 42.1 Reserve Bank of New York until Mar. 1. 2 Includes all movements of unreported origin or destination. 1932—January 4,416 -44 2 -73.0 25.4 3.4 3 $17,054 exported to Italy. February... 4,354 -62.3 -90.6 26.4 1.9 « At New York—imports, $533,000, exports, $16,596,000. Elsewhere, March 4,390 36.0 -24.7 58.3 2.4 imports, $4,326,000. 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 -206.0 -28.8 0.9 July 3,977 58.0 -3.4 56.2 5.2 August 4,088 111.7 6.1 100.5 5.1 KINDS OF MONEY IN CIRCULATION September.. 4,193 104.8 27.9 72.3 4 6 October 4,264 70.8 20.6 45.8 45 November-. 4,340 75.6 21.7 48.6 5.3 Money outside Treasury and Federal Reserve banks. In millions of December—. 4,513 173.5 100.9 • 71.0 1.6 dollars] Total (12mos.). 52.9 -446.2 457.5 41.6 1933 1932 1933— F J e a b n r u u a a ry ry.. 4 4, , 3 5 8 5 0 3 -17 4 3 0 . . 4 0 128.5 3 -1 -9 78 1 . . 5 3 -12 3 . . 9 0 Kind of money March 4,282 -97.2 * -22.1 -100.1 25.0 Apr. 29 v Mar. 31 Apr. 30 April p 4,311 28.4 -11.7 33.7 6.5 Total (4 mos.)... -202.2 112.4 -336. 2 21.5 Gold coin— 335 367 411 Gold certificates 323 393 758 Federal reserve notes 3,362 3,621 2,551 i Gold released from earmark at Federal Reserve banks less gold placed under earmark. Treasury currency: » This figure, derived from preceding columns, represents the excess of Standard silver dollars 28 28 30 domestic production over nonmonetary consumption of gold—chiefly Silver certificates _. 360 376 356 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. _ 255 258 257 gold bullion or foreign gold coin recently imported may not yet have Minor coin _ 112 112 114 reached a reserve bank or the Treasury, and (b) gold bullion recently United States notes 261 266 282 withdrawn from stock for export may not yet have been actually ex- Federal reserve bank notes 50 17 3 ported. The figures are subject to certain unavoidable inaccuracies National bank notes 915 879 703 in official reports of gold imports and exports. 1 Allowance has been made for gold earmarked at the Bank of England Total Treasury currency._ 1,982 1,937 1,746 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. 6,004 6,319 5,465 clared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until Mar. 1. v Preliminary. p Preliminary figures. Back figures.—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

280 FEDERAL RESERVE BULLETIN MAY 1933 MEMBER BANK RESERVE BALANCES [In millions of dollars] Averages of daily figures Reserves held Excess reserves Month or week T m o b t e a a m l n — b ks e a r ll Ne C w i ty Y o i rk r O e c s i t t e h i r e e v s r e "C b o a u n n k t s ry' T m o b t e a a m l n — k b s e a r ll Ne C w i t Y y o i rk r O e c s i t t e h i r e e v s r e " C b o an u k n s try" 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 4822 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 43.4 February ».. 2,291 441 417.3 74.5 291.0 51.8 Week ending (Friday)— January 6... 2,508 1,121 934 453 308.7 219.1 January 13.. 2,559 1,171 946 442 350 t 236.4 January 20,. 2,536 1,141 950 445 311.8 238.1 January 27.. 2,491 1,057 997 436 0) 232.9 288.4 February 3—. 2,438 997 1,007 435 (») 173.7 298.8 F F e e b b r r u u a a r r y y 1 17 0 . . _ ,. . 2 2 , , 3 2 7 7 7 5 9 8 3 5 1 5 1,0 9 0 8 6 4 4 43 4 6 0 8 1 6 2 0 3 . . 8 2 3 2 0 81 3 . . 9 5 February 24»_. 2,233 801 987 444 36.6 294.5 2 () » Central reserve city banks only. * Figures not available by weeks. 3 March data not available. Back figures.—See Annual Report for 1931 (tables 49 and 56). MEMBER BANE DEPOSITS [In millions of dollars] Averages of daily figures Net demand and time deposits Net demand deposits Time deposits Month Total- New Other " Coun- Total- New Other " Coun- Total- New Other " Counall mem- York reserve try" all mem- York reserve try" all mem- York reserve try" YD\eorr City i cities banks Del City i cities banks Dcr Cityi cities banks banks banks banks 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 4,333 11,453 868 4,942 5,643 1932—January 26,592 6,165 10,706 9,720 15,447 5,343 5,921 4,183 11,145 822 4,786 5,537 February.. 25,715 5,797 10,413 9,505 14,789 5,001 5,723 4,064 10,926 796 4,690 5,440 March 25,431 5,760 10,291 9,380 14,575 4,959 5,622 3,993 10,856 800 4,668 5,387 April 25,386 5,950 10,109 9,327 14,589 5,138 5,492 3,959 10,797 811 4,618 5,368 May 25,466 6,159 10,081 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, 40S 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 6,145 November. 25,476 6,762 9,964 8,751 14,864 5,804 5,432 3,628 10,612 957 4,632 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 5,368 3,435 10,333 880 4,479 4,974 i Central reserve city banks only, ' March data not available. Backf igures*—See Annual Report for 1931 (table 49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 281 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 Total Loans Invest- Total Loans I m nv e e n s t t s - 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 i 9,390 i 5,694 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 15,892 13,664 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 3,217 1930—Mar. 27. 57,386 40, 686 16, 700 35,056 25,119 9,937 i 9,463 i 5,945 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 i 9,747 16,009 i 3,739 12,371 8,968 3,402 Dec. 31. 56,209 38,135 18,074 34,860 23,870 10,989 9,987 6,068 3,920 11,362 8,196 3,165 1931—Mar. 25. 55,924 36,813 19,111 34,729 22,840 11,889 ^9,987 i 6,068 13,920 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 1 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 i 10,316 i 6,130 1 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 Figures of preceding call carried forward. ALL BANKS IN THE UNITED STATES—DEPOS- NUMBER OP BANKS ITS, EXCLUSIVE OF INTERBANK DEPOSITS [All banks in the United States; includes national banks, State comfin 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 Member banks banks Date Total Mu- Other tual non- Total Na- State sav- memtional ings ber banks banks 1928—June 30. 25,941 8,929 7,685 1,244 *615 16,397 Oct. 3_.. 25,828 8,896 7,670 1,226 i 615 16,317 Dec. 31. 25,576 8,837 7,629 1,208 612 16,127 1929—Mar. 27. 25, 341 8,755 7,569 1,186 1612 15,974 June 29. 25,110 8,707 7,530 ,177 611 15,792 Oct. 4-_. 24,951 8,616 7,468 L, 148 1 611 15,724 Dec. 31. 24,630 8,522 7,403 1,119 609 15,499 1930—Mar. 27. 24, 223 8,406 7,311 1,095 i 609 15,208 June 30. 23,852 8,315 7,247 1,068 606 14,931 Sept. 24. 23,590 8,246 7,192 :1,054 i 606 14,738 Dtc. 31. 22, 769 8,052 7,033 1,019 603 14,114 1931—Mar. 25. 22, 372 7,928 6,930 998 1603 13,841 June 30. 21. 903 7,782 6,800 982 600 13,521 Sept. 29. 21, 294 7,599 6,653 946 1600 13,095 Dec. 31. 19, 966 7,246 6,368 878 597 12,123 1932—June 30. 19,046 6,980 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 Figures of preceding call carried forward. i Figures of preceding call carried forward. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN MAY 1933 REPORTING MEMBER BANKS IN 90 LEADING CITIES1 [In millions of dollars.] Total—90 leading cities New York City 89 oth c e it r i e l s eading Loans and invesfcments Loans and investments Month or date Loans All Investments r a o t B w F o in r . - R gs . Loans All Investments r a o t B w F o in r . - R gs . a T l v n o e o d a s t n a i t n - s l - r a o t B w F o in r . - R gs . Total on se- other banks Total on se- other banks ments banks curities loans Total c U u . r S it . i s e e s - curities loans Total c U u . r S i . t i s e e s - Mar. 1 15,900 3,727 4,554 7,619 4,631 414 6,512 1,640 1,439 3,433 2,338 183 9,388 231 Mar. 8- 15,728 3,759 4,551 7,418 4,427 1,066 6,412 1,668 1,453 3,291 2,186 632 9,316 434 Mar. 15 * 16,017 2 3,762 2 4,626 2 7,629 2 4,580 849 6,523 1,674 1,483 3,366 2,253 483 2 9,494 366 Mar. 22 „ 16,021 3,725 4,665 7,631 4,578 379 6,484 1,626 1,525 3,333 2,210 147 9,537 232 Mar 29 16,001 3,644 4,688 7,669 4,583 283 6,457 1,555 1,563 3,339 2,185 84 9,544 199 Apr. 5 15,927 3,617 4,640 7,670 4,585 177 6,439 1,548 1,515 3,376 2,215 18 9,488 159 Apr 12 15,887 3,584 4,661 7,642 4,584 168 6,455 1,535 1,557 3,363 2,208 27 9,432 141 Apr 19 15,876 3,583 4,627 7,666 4,635 158 6,439 1,538 1,535 3,366 2,236 23 9,437 135 Apr 26 16,048 3,638 4,703 7,707 4,678 124 6,627 1,611 1,614 3,402 2,269 9,421 124 May 3 16, 288 3,698 4,706 7,884 4,909 129 6,753 1,676 1,615 3,462 2,353 9,535 129 VSee note on p. 273, explaining the basis on which these figures have been compiled. «On Mar. 9 a member bank in Chicago took over assets and assumed deposit liabilities of a nonmember bank aggregating approximately $135,000,000. BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N. Y. CITY [In millions of dollars. Monthly data are averages of weekly figures] [Net borrowings on demand and on time. In millions of dollars] For ac- For count of For ac- From New From private Month or date Total own ac- out-of- count of Total York banks banks, brokers, count town others and trust com- foreign banking banks» End of month panies agencies, etc. 1932—March 531 432 94 5 April 500 423 70 7 1932 1933 1932 1933 1932 1933 May 436 385 44 7 June 377 342 29 6 July 335 309 18 8 January 612 359 374 270 138 90 August 344 319 17 8 February - - 525 360 385 298 140 62 September., 409 385 19 6 March 633 311 391 247 142 64 October 411 389 16 6 November- 354 336 12 6 April 379 322 300 268 79 54 December.. 393 377 12 4 May 300 243 57 1933—-January 380 365 11 4 Jane . „ 244 194 49 February... 433 416 10 7 March 398 373 18 7 July 242 195 47 April 399 374 21 4 August 332 248 85 April 5 376 347 25 4 September . 380 292 88 April 12 375 348 23 4 April 19 386 363 20 3 October - - - _- 325 263 61 April 26 461 439 18 4 November 338 278 61 PGCftTnber 347 279 68 i Member and nonmember banks outside New York City (domestic banks only). Back figures.—See Annual Reports for 1931 (table 63) and 1927 Back figures.—See Annual Report for 1933 (table 62), 1930 (table 56), (table 47). etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDEEAL EESERVE BULLETIN 283 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 Eeserve 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 i_ ports house ex- counst i a n n g d- o F a w o c n - r o c e f o i u g fo n n r t - i oiai O bi w ll n s b B ou il g ls ht others i T n T to Q f U ro .S m . s c h re ip o d r p it e s d ) change s t h r i i b p e e s p - e o d r count corre- between tween spond- domestic foreign ents points points 1930—December.. 1,556 328 439 371 90 282 417 OUTSTANDING 1931—January 1,520 89 447 571 134 437 412 1932—March 911 129 205 267 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 Q 231 September- 996 420 100 410 162 248 67 November . 720 81 161 237 9 232 October 1,040 647 99 230 112 118 63 710 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 March 671 73 175 184 8 230 February- 919 76 312 343 175 168 189 March 911 36 335 377 155 222 163 HELD BY P.E. BANKS April 879 16 292 455 188 268 115 (OWN ACCOUNT) 1 May 787 4 183 510 225 286 90 June 747 36 98 518 200 318 96 1932—March 36 4 6 12 1 13 July 705 12 59 563 197 366 70 April. 16 2 2 6 1 5 August 681 3 49 574 198 376 55 May 5 3 1 September.. 683 2 43 573 156 414 64 June 36 4 6 19 1 0 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 1 1 2 December.. 710 4 40 604 224 380 62 September . 2 /2\ 1 1 1 October 3 8 2 1 1 1933—January 707 2 41 626 256 370 38 November 4 (2) 3 (*) 1 February. __ 704 307 30 325 201 124 42 December... . 4 (2) l 2 1 .March 671 280 45 261 153 108 85 April 164 43 1933—January.. ._ 2 (2) (2) 1 1 February 307 31 58 105 5 107 March 280 33 56 87 4 97 Figures for acceptances outstanding (and held by accepting banks) 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). > Less than $500,000. Back figures.—See An:nual Reports for 1931 (tables 67 and 15), 1930 ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- (tables 61 and 14), etc. HOLDINGS OF FEDERAL RESERVE BANKS COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] [In millions of dollarsj End of month 1930 1931 1932 1933 End of month 1930 1931 1932 1933 January. __ 1,035 36,119 33,444 Januarys- 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 72 April 1,054 1,074 30, 736 7,181 April 553 307 108 64 May 1,058 1,073 30,837 May , 541 305 111 June 1,064 10,551 30, 762 June. 527 292 103 July 1,065 34,371 30,645 July.......: 528 289 100 August 1,071 145,215 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 33,386 30,652 November. 448 174 110 December. 35,983 33,429 29,489 December.. 358 118 81 Back figures.—Bee 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

284 FEDERAL RESERVE BULLETIN MAY 1933 FEDERAL RESERVE BANE RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on rediscounts for and advances to member banks under sections 13 and 13 (a) of the Federal Reserve Act] Average rate Average yield Prevailing rate on- on— Federal Reserve bank e R ff a e t c e t i o n n Date estab- Previous May 1 lished rate Call loans > U.S. B N Ph o e i w s l t a o Y d n e o l r p k hia.... A O O c p c t t r . . . 2 1 7 2 7 , , , 1 1 1 9 9 9 3 3 3 3 1 1 3 2 3 H H Month or week m m p P 4 c o e a r o r t n i p o m c m e t i h - r 6 a e , s l a P b c d e r a c a 9 i r n e m s y 0 k ' p s e - t- l d T o a i a 9 y m n 0 s s e , ' New ne R w e- al c T c n 3 e a u r a o r t e n t r t o t e y a i d e f s s s 6 i , - - b T o u r n e r d y a s s * - Cleveland Oct. 24,1931 3 months Richmond Jan. 25,1932 4 Atlanta Nov. 14,1931 3 Chicago Mar. 4,1933 2H 1932 St. Louis Oct. 22,1931 2H March 2.50 2.50 <2.25 3.92 Minneapolis 3H Sept. 12,1930 4 April 2 -3 2.50 2.50 1.11 3.74 Kansas City... Oct. 23,1931 3 May 1M-2 2.50 2.50 .31 3.77 Dallas Jan. 28,1932 4 June IK 2.50 2.50 «.34 3.78 San Francisco. Oct. 21,1931 July H 2.08 2.08 .22 3.65 August 2 -2H H 2.00 2.00 .14 3.57 September 2 -2H X 2.00 2.00 3.54 Back figures.—See Annual Report for 1931 (table 36). October 1.35 1.35 3.54 November H 1.00 1.00 3.55 The following special rates are also in effect at all December m-m H 1.00 1.00 4.04 3.48 Federal Reserve banks: Percent 1933 Advances to member banks under section 10 (b) of the Federal Reserve Act, as amended by section 402 of the act of March 9, January H-H 1.00 1.00 .07 3.39 1933 - 5 February H-Vs 1.00 1.00 .01 3.47 Advances to nonmember banks and trust companies under sec- March 1H-ZH 2H-3M 3.27 3.32 <1.34 3.58 tion 404 of the act of March 9, 1933, as amended by the act of April 1.29 1.37 .45 3.55 March 24, 1933 5 Week ending— Discounts for individuals, partnerships, and corporations under April 1 2 -2 3.00 3.00 1.27 3.56 the third paragraph of section 13 of the Federal Reserve Act, as April 8 1 -2 1.91 2.10 .79 3.53 amended by section 210 of the act of July 21,1932 6 April 15 1 1.25 1.38 .20 3.51 Advances to individuals, partnerships, and corporations secured April 22... 2 -2H l -1H 1.00 1.00 .41 3.60 g b r y a p d h ir e o c f t s o ec b t l i i o g n a ti 1 o 3 n s o f o t f h t e h e F e U de n r i a te l d R S es ta e t r e v s e u A n c d t e , r a s th a e m l e a n st d e p d a r b a- y April 29... 2 - V2 1.00 1.00 .41 3.56 section 403 of the act of March 9, 1933.. i Stock exchange call loans; new and renewal rates. BUYING RATES ON ACCEPTANCES 1 Stock exchange 90-day time loans. * 3 issues—ZH, SH. 4 percent; yields calculated on basis of last redemp- [Buying rates at the Federal Reserve Bank of New York] tion dates—1947, 1956, and 1954. * Change of insues on which yield is computed. Rate in Back figures.—See Annual Report for 1931 (tables 39 and 40), 1930 Maturity ef M fec a t y o 1 n Da l t i e s h e e s d tab- Pre r v a i t o e us (tables 36 and 37), 1929 (tables 35 and 36), etc. RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES 1-15 days—. 2 Mar. 22,1933 16-30 days... 2 ....do 2H [Weighted averages of prevailing rates] 31-45 days... 2 ....do 2\i 46-60 days... 2 ....do 8 other northern 27 southern and 61-90 days... 2 —do New York City and eastern cities western cities 91-120 days.. 2\i do 2% Month 121-180 days. 2H do 3 1931 1932 1933 1931 1932 1933 1931 1932 1933 NOTE.—Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. January 4.24 4.71 4.12 4.61 5.07 4.89 5.50 5.61 5.60 February 4.31 4.71 4.11 4.63 5.13 4.84 5.43 5.61 5.56 Back figures.—See Annual Reports for 1931 (table 37) and 1928 (table March 4.20 4.72 4.88 4.62 5.14 5.39 5.40 5.64 5.66 35). April 4.17 4.69 4.33 4.57 5.10 5.09 5.36 5.63 5.68 May 4 11 4 55 4 55 5 14 5.26 5.64 June 4.13 4.61 4.49 5.13 5.34 5.62 July . . 4.05 4.42 4.48 5.05 5.30 5.63 August 3 97 4 45 4 47 5 12 5.28 5.68 September... 3.93 4.30 4.48 5.03 5.32 5.63 October 4.27 4.35 4.62 4.96 5.38 5.56 November 4.67 4.12 4.87 4 88 5.53 5.55 December . 4.64 4.22 4.91 4.88 5.56 5.60 Back figures.—See Annual Report for 1931 (table 42). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 285 SECURITY PRICES AND SECURITY ISSUES SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926-100) Selected groups of industrial issues Pre- Month or date Bonds* ferred stocks' Total I t n r d ia u l s- R ro a a i d l- P ut u i b li l t i y c m A o u b to il - e B e m q i u n e u i g n l i d p t - - C st h o a r i e n C i h c e a m l - b C a p r o n a e p d s r - s e m t E r q l i 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 68 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 64 34 53 83 47 78 48 64 42 89 October 84.1 99.8 60 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 78 26 56 38 46 26 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 April 75.4 95.7 48 49 26 64 42 28 44 82 39 61 43 47 32 28 April 5 ~ 74.4 93.3 42 42 23 60 35 24 40 73 30 52 38 41 24 24 April 12.. . 75.0 94.4 45 45 25 63 38 26 41 78 34 57 41 44 28 26 April 19 75.4 96.4 49 52 27 63 45 31 46 86 43 65 46 49 37 29 April 26 . 76.7 98.6 54 56 31 68 51 33 49 93 48 71 47 53 40 33 * Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity, »20 high-grade industrials; average price. Back figures.—See (for principal series) Annual Report for 1931 (table 129). CAPITAL ISSUES UNITED STATES GOVERNMENT SECURITIES [Long-term; i. e., 1 year or more. In millions of dollars] [In millions of dollars] New issues Re- Outstanding at end Increase or decrease fund- of month (—) during month Domestic ing Total issues Year and month m e a ( f e i d o g n s o r n d t - - i ) c t T a o P - S n m a p t i n a c a u d l i t - - e B n a o o C n t n d o e d s r s po S r t a o te cks F ei o g r n - m e a f ( i o e d g n o r s d n - - t ) ic Month Total B n a o o n n t d e d s s C i b c a e a i n r l t t d l e i s f s - Total B n a o o n t n d e d s s C i b c a e a i n r l t d t l e s i s f- 1925 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 1,125 1,046 December- 17,528 15,092 488 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 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—April 71 71 30 15 0 0 72 April 18,287 15.103 3,184 97 May 91 91 84 7 0 0 32 May 18,729 15,318 3,411 442 June 78 78 74 4 0 0 64 June 19,161 15,715 3,446 432 July 106 104 25 62 1 2 57 July 19,297 15,744 3,553 136 August 63 60 34 25 2 3 108 August 19, 758 16,454 3,304 461 710 September- 75 73 63 6 0 2 76 September , 20,296 17,288 3,008 538 834 October 94 94 36 47 2 0 43 October 20,485 17,796 2,689 189 608 November- 44 43 28 9 2 1 32 November 20,476 17,796 2,680 -9 December.. 124 124 99 6 4 0 35 December 20,448 17,522 2,926 -28 -274 1933—January 65 65 33 19 3 0 45 Total (12 months). 2,920 2,430 February... 20 «20 17 1 0 0 37 March 16 «16 13 0 3 0 3 1933 April 25 25 8 16 1 0 20 January.. 20,454 17,528 2,926 6 February. 20,685 17,806 2,879 231 • Corrected. March 20,991 17,805 3,186 306 i Includes issues of Federal land banks and Federal intermediate credit April 21,087 17,806 3,281 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 $354,000,000 at the end of April reported by Department of Commerce, while monthly figures are as 1933. Figures include obligations held in Government trust funds. compiled currently and are subject to revision. Bonds and notes are long-term—i. e., 1 year or more (figuring from Back figures.—See (for figures of new issues—annual and quarterly date of issue); certificates and bills, shorter term. basis) Annual Report for 1931 (table 128). 172744—33 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN MAT 1933 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)J Fac- Factory em- tory Freight-car ployment 3 pay loadiiigs** Com- Year and Total i Manufactures1 Minerals * Total Residential All other rolls* modmonth ity prices' Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 98 84 139 1920 87 87 89 63 30 90 108 118 91 154 1921 . . 67 67 70 56 44 65 82 77 79 98 1922 85 86 74 79 68 88 90 81 87 97 1923 _ 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 96 96 97 98 1925 104 105 99 122 124 120 100 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927- 106 106 107 129 117 139 99 102 103 95 1928 111 112 106 135 126 142 97 102 103 97 1929 119 119 115 117 87 142 101 108 106 95 1930 96 95 99 92 50 125 88 87 92 86 81 80 84 63 37 84 74 66 75 73 1932. 64 63 71 28 13 40 62 45 56 65 1929 July 120 124 120 125 118 116 136 124 94 93 170 149 102 103 106 111 107 97 August- 122 121 122 122 121 115 129 122 84 86 166 152 104 103 111 115 107 96 September 123 121 123 121 127 118 112 110 73 73 144 140 105 102 112 121 106 96 October-. 121 118 119 119 127 116 104 107 67 67 135 139 103 101 111 118 104 95 November 108 110 107 110 114 110 94 103 66 67 116 132 99 99 103 102 102 94 December 96 103 93 101 110 116 84 102 53 61 109 136 95 97 99 89 102 93 1930 January. _ 103 106 102 105 108 110 78 95 46 56 104 128 93 96 94 89 100 93 February- 109 107 110 107 104 108 89 104 44 49 126 148 93 94 98 91 99 91 March.... 106 104 109 104 91 98 102 102 54 52 141 144 93 93 98 90 96 90 April 107 104 110 104 94 104 113 101 62 53 156 140 93 92 97 93 97 90 May 105 102 106 101 102 104 125 105 61 52 178 148 91 91 94 97 96 89 June 99 98 98 97 103 102 116 99 54 49 166 140 89 90 91 95 93 87 July . 91 93 89 92 100 100 107 95 48 47 155 135 86 87 83 95 92 84 August.— 90 90 88 89 101 96 85 81 48 49 115 106 85 84 82 96 89 84 September 92 90 90 89 101 94 82 81 52 52 108 105 86 83 83 99 87 84 October.. 90 88 87 86 105 95 75 78 51 52 94 99 84 82 81 97 86 83 November 84 86 82 85 96 92 68 76 46 48 86 99 81 81 75 86 84 81 December 77 84 74 82 89 93 59 73 37 43 77 98 79 80 74 74 84 80 1931 January.. 82 84 81 83 87 89 58 71 37 44 75 93 76 78 68 74 82 78 February. 87 86 88 86 84 87 68 79 42 47 89 104 77 78 73 74 80 77 March..._ 90 87 91 87 82 89 77 77 50 47 98 100 78 78 75 75 80 76 April 90 88 91 87 83 91 82 73 52 44 107 96 78 78 74 77 80 75 May . 89 87 90 87 84 87 78 65 47 40 104 85 77 78 72 79 79 73 June 83 83 83 82 86 87 74 63 41 37 101 84 75 76 68 77 77 72 July . - 80 82 79 82 86 86 68 61 36 35 94 82 74 75 64 78 76 72 August _-. 78 78 77 78 82 79 63 59 32 33 87 81 74 74 64 76 72 72 September 77 76 76 75 83 78 59 59 32 32 81 80 75 73 62 78 69 71 October. . 75 73 72 71 90 83 52 55 29 30 71 76 71 70 59 78 69 70 November 72 73 70 71 84 81 43 49 26 27 57 67 69 69 56 70 68 70 December 68 74 66 73 79 84 30 38 20 23 39 50 68 69 56 61 69 69 1932 January-- 71 72 70 71 74 77 25 31 16 19 33 41 66 68 52 58 64 67 February. 71 69 70 68 75 78 23 27 15 17 30 35 67 68 54 59 62 66 March 68 67 66 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- 65 64 63 62 76 79 16 19 7 8 23 27 59 59 40 51 54 60 March .61 *60 P59 .57 74 81 14 14 8 8 18 18 57 57 37 48 50 60 Preliminary. • Average per working day. 1 For indexes of groups and separate industries see p. 326; for description see BULLETIN for February and March 1927; for back figures see BULLETIN for March 1932, p. 194. * 3-mqnth moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358. 1 For indexes of groups and separate industries see p. 327; for description and back figures see BULLETIN for November 1929 and November 1930. 4 For indexes of groups see p. 287; for back figures see BULLETIN for February 1931, p. 108. 1 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities are given on p. 328. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 287 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 442 349 224 154 102 369 282 175 131 84 72 67 49 23 18 March. 490 370 236 155 »108 384 300 210 131 P 95 106 69 26 24 v 13 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 60 46 6 27 August . -_ 381 298 165 109 369 218 167 91 U 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 427 276 184 132 310 209 154 97 117 66 30 35 Year 5,241 3,843 2,424 1,611 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 salesi Index of m s o to n c th k ) s (end of 1932 1933 Nov. Dec. Jan. Feb. Mar. Adjusted Without Adjusted Without Month for seasonal seasonal ad- for seasonal seasonal ad- Adjusted for seasonal variation variation justment variation justment Total - - . - - -_ 57 58 56 54 50 1932 1933 1932 1933 1932 1933 1932 1933 Coal 66 69 56 65 55 Coke 40 45 40 45 35 Grain and grain prod- J F M a e n a b r u r c a u h r a y ry - - 7 7 7 8 2 8 '5 6 6 7 0 0 6 6 6 4 4 9 '5 4 4 0 9 9 7 7 7 5 3 0 5 5 5 8 6 3 6 6 7 6 9 3 5 5 5 5 2 4 O F L o i r u v e r c e e t s s s t t o p c r k o ducts - _- . 5 5 2 1 9 1 4 0 2 5 2 5 0 0 2 9 2 6 5 2 0 1 0 2 4 5 2 1 9 8 0 9 6 4 2 2 9 5 0 3 April 79 67 74 68 69 53 72 55 Miscellaneous - 57 57 57 51 47 May 72 72 68 69 Merchandise * 68 69 69 66 62 June 69 66 67 65 Without seasonal adjustment July 65 46 64 59 August 65 49 61 59 September 68 71 60 63 Total 58 52 51 51 48 Coal - - - - - -- 72 74 63 71 51 October 69 75 61 67 Coke - - 41 48 44 52 35 November 63 73 61 69 Grain and grain prod- December 60 106 60 56 ucts -- _- - -_ - 63 57 59 56 58 Livestock 59 50 53 46 39 Year 69 66 Forest products 23 18 20 19 21 Or A 1 Based throughout on figures of daily average sales—with allowance M M e is r c c e h l a la n n d e i o se u s * 5 7 6 0 6 4 4 5 4 6 5 5 4 6 4 4 4 6 5 3 for changes from month to month in number of Saturdays and for 6 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. >• 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

288 FEDERAL RESERVE BULLETIN MAY 1933 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE GERMAN REICHSBANK The annual report of the German Reichsbank foreign markets to a great extent by foreign for the year ended December 31, 1932, was exchange control and standstill agreements, submitted to the general meeting of share- were almost entirely dependent on the Reichsholders on April 7, 1933. The main text of the bank. Although shortly after the beginning report is given herewith.1 of the year 1932 funds became abundant in the leading foreign markets, in Germany the During the year under review many signs disturbances arising out of the credit crisis of seemed to indicate that the low point of the the previous year prevented any relaxation in depression had been reached in a number of the monetary position. The German banking countries. The most significant of these signs system was severely handicapped as a result were the revival in markets for raw materials of enormous losses of its own funds as well as and the relaxation of the money markets. huge withdrawals of foreign balances and by the The negotiations at Lausanne had also demonimpossibility of mobilizing any adequate prostrated how much the restoration of sanity in portion of its frozen credits. the political life of nations contributes to their common victory over economic difficulties. Interest rates.—The Reichsbank sought to Nevertheless, the international situation as a counteract the rigidity and high level of German whole is still almost paralyzed, and it remains interest rates by a discount policy adapted to to be seen how far the coming World Economic the needs of hard-pressed business. In con- Conference, for which the two meetings of tinuation of the policy pursued since the close experts at Geneva did preliminary work, will of 1931, the bank considered a further reduction justify the hopes built upon it. of the discount rate. The reduction was made in spite of serious exchange difficulties, which Economic developments in Germany prewere reflected in the unsatisfactory developsented a similar unsatisfactory picture and ment of the gold and foreign exchange holdings continued to be very unfavorable. It is true of the Reichsbank, in spite of the effort to mainthat in the second half of the year a few slight tain foreign credits to German business in indications of improvement were evident in sufficient volume to preserve -a balance of spite of the constantly increasing tension in the exchange transactions. The bank, therefore, political situation of the country. Industrial took energetic and not unsuccessful measures production and sales showed some revival. to stimulate a more intensive employment of For the first time in a long period, if we discredit under the standstill agreement by regard certain seasonal fluctuations, employbringing pressure to bear on banks and business ment at least showed no further decline. The enterprises and by cheapening the costs for fall in prices became more gradual. Higher standstill credits. In accordance with this quotations for stocks and bonds, the release of policy, and in connection with the decline of hoarded funds, repatriation of German capital discount rates abroad, the bank rate was which had taken flight abroad, all seemed to lowered as of March 9, 1932, from 7 to 6 indicate a gradual restoration of confidence. percent, on April 9 to 5% percent, and on April On the other hand, however, public finances 28 to 5 percent. After proclamation of the were greatly strained; the export surplus in our decree of September 19, 1932, by the President foreign trade continued to decline; economic of the Reich, the rate could again be lowered distress, especially in agriculture, increased on September 22 by 1 full percent, from 5 almost to the limits of endurance; and the yearto 4 percent, where it remained unchanged in-year-out pressure of widespread unemploythroughout the remainder of the banking year. ment was an ever-growing menace to the foun- The lombard rate was reduced from time to dations of government and the economic position time in accordance with reductions in the of the country. discount rate. Money and credit conditions.—Conditions As a result of this development German in the German money market, cut off from money rates declined gradually to a level which was indeed still rather high but at least 1 The report, available in German, contains in addition tables and charts showing the operations of the bank in detail. All amounts of more endurable. The level of rates on the money expressed in reichsmarks have been converted into dollars at money market became adjusted to the reducpar and then expressed in round figures. For earlier reports, see BUL- LETIN for April 1932, August 1931, May 1930, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 289 tions in the discount rate, though frequently grants of credit for agriculture amounted to only after some hesitation. Thus, the burden more than $119,000,000, only part of which, of interest upon German debtors was consid- however, was used. It was chiefly a matter erably lightened during the year. of agreeing to rediscount for various organiza- Increased use of trade bills.—In order to tions, which, owing to the gradual increase in make it easier for business to obtain access liquidity of the money market during the second either directly or indirectly to the credit facil- half year, did not find it necessary to make full ities of the central bank, the Reichsbank has use of the rediscount. Further credits were endeavored to stimulate, unfortunately with also opened for financing contracts between slight success as yet, the use of trade bills in- Germany and Russia. stead of open book credits. Inasmuch as Government employment program.—In conother sources of credit were not always avail- nection with the measures taken by the Reich able in adequate amount, the bank stood ready to increase employment, the Reichsbank granted throughout the year to tide German business extensive rediscount facilities to the comover the present scarcity of credit and capital mercial banks which participated in the by granting various kinds of credit for meas- interim financing of the various parts of the ures of support, for reconstruction, mobiliza- employment program. In this connection also, tion, and production. the Reichsbank offered its services in the New credit institutions.—The measures in- matter of Government tax vouchers, which troduced in 1931 for reconstruction of the were used as credit instruments in a great credit system, then seriously threatened, led to variety of ways. Altogether, vouchers were the establishment in December 1932 of two issued in the amount of $309,660,000 for tax new institutions, the German Financing In- remissions to private business; $47,640,000 for stitution (der Deutsche Finanzierungs-Institut, abatements on the transport tax of the Reich Aktiengesellschaft), and the Amortization Of- railways; and $47,640,000 as a premium to fice for Industrial Credits (die Tilgungskasse employers for taking on new workers, while a fur gewerbliche Kredite). The aim of these further $119,100,000 was allocated for a further institutions is to strengthen the liquidity of the employment program. Acceptance credits for banks by taking over certain securities and the creation of employment have thus far been thus to enable them to continue outstanding required in only small amounts. credits and to assume new obligations. For Bill portfolio.—Changes in the domestic bill the same purpose special credit assistance, portfolio of the Reichsbank reflect the comchiefly through the acceptance bank, was made plete prostration of German private business. available for middle-sized and small banks, Applications for credit were exceedingly limited, which could also have recourse to the two although the bank was prepared to extend institutions mentioned above. credit in considerable volume. As a result, Owing to rather large withdrawals of depos- the bill portfolio of the Reichsbank, including its, the German savings banks had to apply to the bills deposited as guarantee for the foreign the central bank in the summer of 1932 for a credits of both the bank of issue and the considerable volume of new credits on which German Golddiscount Bank, declined during they were soon in a position to begin repay- 1932 by more than $238,200,000 to about ment. By way of special assistance in the $833,700,000. matter of small and intermediate credits, the Gold and foreign exchange.—In spite of Reichsbank facilitated the granting of new, foreign exchange control and the standstill unsecured credits on the part of the savings agreement, the Reichsbank's stock of gold and banks by agreeing to a very gradual repay- foreign exchange declined during 1932 by alment of its own credits. most $59,550,000, and became so reduced as Assistance to agriculture.—As in pre-war to cause serious concern. It should not be times and ever since the war, the Reichsbank forgotten that the reserves shown at the end again gave special attention to agriculture. of the year included gold and foreign exchange Apart from regular credit operations, credits pledged for the repayment of obligations were made available to agriculture, particularly amounting to some $131,010,000, representing for the financing of relief measures in the East foreign rediscount credits granted to the (Osthilfe), and of the previous year's harvest. Reichsbank and to the Golddiscount Bank. The Reichsbank also participated with large The Reichsbank determined to make these amounts in financing the seasonal needs of the transfers in gold and foreign exchange in order beet-sugar industry. In the aggregate, special not to imperil the service of Government and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN MAY 1933 private foreign indebtedness, which has hitherto to the essential economic strength of Germany. been maintained without interruption. The In order to keep up a general survey of the future development of the foreign debt situa- changes in amount of German foreign indebtedtion will create serious problems for the Reichs- ness, the Registry Office for Foreign Indebtedbank unless there is a very considerable increase ness, under authority conferred upon it by in the surplus of the foreign trade balance, emergency decree, has completed new official instead of the continuous and sharp decline surveys of the position as of February 29 and which has taken place during the first two September 30, 1932, and has begun a survey of months of the current year. In this connection the position as of February 28, 1933. it must again be pointed out that no debtor The efforts to maintain the service of foreign country can be in a position to fulfill its obliga- loans required a continuous tightening of the tions if the creditor countries erect obstacles foreign exchange regulations, especially in conagainst its transfers of commodities. nection with security operations in which the Repayment of foreign credits.—The redis- Reichsbank cooperated as far as possible. count credit granted the Reichsbank by foreign Under date of September 28, 1932, the previous banks of issue and the Bank for International announcements of the Reichsbank regarding Settlements had been reduced on several transactions in foreign exchange, of July 18, occasions in connection with its renewal by 1931, October 6, 1931, and March 31, 1932, payments aggregating $30,000,000, so that were published in a new collection with certain when it was extended for the last time on amendments, generally to be regarded as March 5, 1933, for a further 3 months, it measures of relief. amounted to only $70,000,000. The American Transfer agreements.—The close economic special credit of $50,000,000 to the German relation between Germany and other countries Golddiscount Bank was extended in the sum- led to some easing of the difficulties which had mer of 1932 for another year in return for a been brought about by exchange regulations in partial repayment amounting to 10 percent. trade and in the transfer of payments. This was Payments transferred abroad on the temporary done so far as possible through special agreecredit of the Reich, which was floated through ments, some of which took the form of governthe agency of the banking house of Lee, ment conventions and others represented central Higginson & Co., totaled about $15,000,000 bank agreements. Government conventions during the year under review. The foreign governing foreign exchange were concluded in credit granted at the beginning of 1931 to the regard to some transfers of payment with the Reich in connection with the purchase of Belgian-Luxembourg Economic Union, with preference shares of the Reich railways for the Denmark, Finland, France, Holland, Italy, Reich Government Insurance Office for Em- Norway, Sweden, Switzerland, and Spain. ployment, amounting to about $30,966,000, According to these agreements, import paywas paid off entirely in the course of 1932. ments in excess of the German foreign ex- Altogether, the short-term foreign indebted- change quota are deposited in special accounts ness of Germany was reduced during 1932 by with the Reichsbank, such funds to be used more than $238,200,000. The short-term in- exclusively in paying for German exports into debtedness of the banks (exclusive of the these countries. A mutual clearing agreement Reichsbank and the Golddiscount Bank) and was concluded with Hungary, which placed the of other German enterprises to foreign bank entire settlement of intergovernmental transfers creditors amounts at present, so far as these of payment in the hands of the central banks of obligations are covered by the German credit each respective country. The Reichsbank also agreement of 1933, to $952,800,000. On the concluded agreements with the central banks of basis of available data, we estimate that since Bulgaria, Estonia, Greece, Yugoslavia, Latvia, September 1930—that is, since the beginning and Rumania, to insure the settlement of of foreign withdrawals up to the present time— transfers of payment with the least possible the aggregate foreign indebtedness of Germany friction; in these cases the idea was to centralize lias been reduced by at least $1,786,500,000. transfers of payment between the participating In addition, considerably more than $595,- countries as much as possible in the central 000,000 has been transferred abroad during the banks and, as a rule, to exclude the use of same period as interest payments. These securities of third parties. payments not only evince Germany's willing- In the interests of German export, the ness to pay, but also represent a transfer which, Reichsbank felt especially obligated to assist in the face of the economic depression, testifies in thawing out such German balances as had Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

291 MAY 1933 FEDERAL RESERVE BULLETIN been frozen in foreign countries through meas- regulations in the offer of reichsmarks, to the ures of exchange control. By means of special increased invoicing in reichsmarks, and obviarrangements with the central banks of these ously, also, to the repatriation of German countries, and in various other ways, the capital which had previously taken flight Reichsbank succeeded in course of time in abroad. mobilizing a portion of these claims. The Capital market.—The German capital market Reichsbank also endeavored to relieve Ger- had great difficulty in recovering from the man exporters by advancing money on trade unfortunate events of 1931. It is true that it acceptances. became possible to resume official trading in Credit agreements.—The foreign debts gov- securities on the German bourses on April 12, erned by the German credit agreement of 1932 1932, but only under restrictions. The interwere reduced by 10 percent. In September 1932 vention in the relations between debtors and payments on the standstill credits guaranteed creditors, as established by civil law, which by the German Golddiscount Bank began, as had been authorized by the emergency decree had been provided in the agreement. The of December 8, 1931, together with measures possibilities of consolidation offered by the of price reduction, had awakened apprehenagreement were used to the extent of $35,730,- sions lest further measures of control might 000. The new German credit agreement of be taken against creditors, and in connection 1933 is in force until February 28, 1934, and with the fear of possible experiments in curextends the possibility of consolidation very rency and credit had created a feeling of inseconsiderably while giving the Reichsbank the curity which crippled stock-exchange transrights of supervision. The interest rates on actions for a long time, hindered the improvestandstill credits are to be further reduced by ment of quotations, and checked revival of one half of 1 percent. Just as in the previous activity in security issues. year, another reduction of these credits was Improvement on the stock exchange.—A agreed upon, this time in the amount of 5 slight upward movement took place in the percent. second half of the year. The signs of improve- The credit agreement on German public ment mentioned at the beginning of this report debts for 1932, which provided for a repayment had brought about tendencies toward recovery of 10 percent on public short-term debts on the international stock exchanges; this carrying an interest rate of 6 percent, was improvement extended to the German bourses, succeeded on March 1, 1933, by the credit and became especially evident when, upon the agreement on German public debts for 1933, announcement of the economic program of the which governs the extension of the short-term Reich Government in August 1932, public foreign debts of German Provinces, communi- opinion in this country also became more ties, and other public corporations until March hopeful. The security market was reassured 15, 1934. In this new agreement the foreign not only by the repeated declarations of the creditors were given the opportunity of con- Government of the Reich that it would refrain solidating their short-term claims; and, in from any experiments in currency and credit, consideration of a repayment of 5 percent, a but also by the encouraging fact that the reduction of one half of 1 percent in credit second reduction in rates of interest for charges was agreed upon. agricultural mortgage credits indicated the Stability of the reichsmark.—The quotation prospect of a more considerate handling of the of the reichsmark in foreign countries showed rights of creditors. The German level of stock remarkable stability, which was due primarily quotations, therefore, rose very considerably to the scarcity produced by foreign exchange during the second half of the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 FEDERAL RESERVE BULLETIN MAY 1933 BALANCE SHEET OF THE GERMAN REICHSBANK AS OF DECEMBER 31, 1932 Reichs- Dollars * Reichs- Dollars Resources marks (in (in thou- Liabilities marks (in (in thouthousands) sands) thousands) Gold, not under lien (gold bars, domestic and for- Total bank-note issue 9,356,528 2,228,725 eign coins): Credit balances of giro and current accounts 539,781 128,576 In the cash offices of the bank 762,647 181,663 Noninterest-bearing deposits 75 18 With foreign banks of issue 43,577 10,380 Original capital 150,000 35,730 Legal reserve fund (including transfer from net 806,224 192,043 profits of the year 1932) 63,254 15,067 Reserve for pensions, etc 80,000 19,056 Cash balances: Reserve for probable losses 241,962 57,635 Reichsbank notes 5, 794,725 1,380,303 Subsidiary coin 177,124 42,191 Reserves for: Rentenbank notes _ 13,761 3,278 Printing of new notes.. 22,938 5,464 Notes of German private banks of issue. 3,104 739 New buildings 24,762 5,898 5,988,713 1,426,511 47,699 11,362 Credit balances in foreign currencies (of which the Special reserve fund for future payments of equivalent of 105,964,000 reichsmarks was as- dividends.. 40,235 9,584 signed as cover for the notes in circulation) 154,022 Miscellaneous: Foreign notes 7,883 1,878 Interest on bills due in 1933-_ 13,070 3,113 Foreign bills and checks 90,893 21,651 Dividends due but not yet paid 233 56 Domestic bills and checks: Dollar treasury notes of the Reich to be re- Treasury bills of the Reich.__ 580 138 deemed by the Reichsbank > 174 41 Other domestic bills and checks. 2,715,872 646,921 Liabilities in foreign currencies - 373,303 88,921 Silver _ 129 31 Other book debts 104,515 24,895 Loans against collateral (lombards), viz: 491,295 117,026 Loans against securities (sec. 21, 3b, c, d, of Net profits for the year 1932, less 10 percent asthe bank law)__ - 153,501 36,564 signed to the legal reserve fund 36,000 8,575 Loans against bills (sec. 21, 3e, of the bank law) _-. __- 2,169 517 Loans against goods (sec. 21, 3f, of the bank law) _. 16,268 3,875 Loans against treasury bills of the Reich (sec. 21, 3g, of the bank law) 4,126 983 176,063 41,938 Securities owned 323,031 76,946 Doubtful assets. 21,005 5,003 Land and buildings 30,000 7,146 Claims resulting from the settlement with the Reich 99,055 23, 595 Miscellaneous: Bank notes no longer fit for circulation 1,344 320 Postponed claim on the German Government in virtue of sec. 11, 4 of the law of Aug. 30, 1924, for the liquidation of Rentenbank notes in circulation 70,082 16,694 Credit balances with postal check offices 11,862 2,826 Bills held as security for the $100,000,000 credit. 361,019 85,995 Other claims 189,052 45,032 633,360 150,866 Total resources. 11,046,829 2,631,355 Total liabilities. 11,046,829 2,631,355 ^Conversion at par: 1 reichsmark=$0.2382. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 293 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Total End of month (4 t 9 r i c e o s u ) n- 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 e a ch k o ia - Denmark England France Germany 1932—February- 11,418 3,947 6,444 351 2,942 221 March. 11,499 3,986 6,484 349 39 688 3,012 209 April 11,515 3,956 6,531 351 588 3,052 205 May 11,416 3,717 6,665 353 3,115 206 June 11,348 3,466 6,841 357 3,218 198 July 11,420 3,522 6,871 365 670 3,221 183 August c 11, 564 6,897 364 676 3,224 183 September.. ° 11,696 3,748 6,923 359 678 3,241 190 October c 11,790 3,819 6,944 363 678 3,250 195 November- « 11,863 3,885 6,949 362 678 3,267 197 December.. 11,897 4,045 6,826 361 583 3,254 192 1933—January v11,925 4,074 6,818 362 3,221 196 February.. _ p 11, 741 3,808 6,884 366 692 3,176 183 March v 11,939 3,916 6,992 371 836 3,152 176 April v 3,976 371 905 » 3,170 I Europe—Continued End of month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Portu- Ru n m ia a- Spain Sweden Sw la i n tz d er- U.S.S.R. Y sl u av g i o a - 6 c o o u th n e - r tries 1932—February. _ 296 353 434 329 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 August 302 415 435 510 368 September. 305 416 435 509 >368 October 306 416 436 509 »368 28 November. 306 415 436 493 J368 28 December.. 307 415 477 J368 29 1933—January.... 308 413 477 »368 29 February... 325 410 436 488 1368 31 March 331 381 436 489 »368 31 April 374 460 Latin America Asia and Oceania Africa End of month c T o ( o 1 u t 0 n al - A t r i g n e a n- Chile lo C 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 co o ( u 7 t n al - 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- A r l i g a e- Egypt A So fr u ic th a tries) tries) 1932—February.. 347 249 534 162 215 23 37 March 347 249 535 162 214 31 31 April 343 249 534 162 214 32 34 May 346 249 534 162 214 33 35 June 347 249 536 162 214 33 38 July 348 249 524 162 214 33 34 August 348 249 «525 162 214 33 35 September. 346 249 "525 162 214 33 32 October 342 249 "525 162 214 33 35 November. ••342 249 «525 162 213 33 34 December.. 345 249 "522 162 212 33 35 1933—January.... *347 249 <=523 162 212 33 38 February... *>349 249 Ml 525 162 212 29 33 50 March 249 162 212 33 54 « Corrected. Preliminary. ' Revised. i 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. a 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 RSpublique de Turquie and for the Government of Siam have been added to the table. The figures for Turkey relate to the last Thursday of the month. The 6 European countries and 5 Latin American countries for which figures are not shown separately are Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; Bolivia, Brazil, Ecuador, Guatemala, and Mexico. None of these countries has had gold reserves during this period in excess of $10,000,000. For back figures—and for additional details relating to this table—see BULLETIN for May 1932. 172744—33 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 FEDERAL RESERVE BULLETIN MAT 1933 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year and month world Africa North and South America Far East pr t o io d n uc- Total A So fr u ic th a Rho- A W fr e ic st a B C e o lg n i g a 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 1930— Total (12 mos.) _ 430,725 372,726 221,526 11,476 4,995 2,699 43,454 47,123 13,813 3,281 9,553 8,021 6,785 1931—January ,. 32,668 19,151 960 442 304 4,201 4,127 1,281 301 634 621 648 February 30,648 17,427 438 246 4,051 4,127 1,011 299 869 702 580 March 32, 222 18,791 453 256 4,235 4,127 988 340 863 689 594 April 32, 340 18,194 917 446 250 4,607 4,127 1,329 278 936 694 561 May 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 1,092 663 490 July 32,729 18,959 947 451 245 4,731 4,127 814 354 933 668 500 August 33,338 918 462 254 4,738 4,127 1,228 353 1,229 654 516 September 33,315 18,981 905 486 291 5,026 4,127 1,074 256 916 692 562 October 34,417 19, 525 936 473 317 4,955 4,127 1,041 452 1,240 679 673 November 33,319 18, C73 941 478 292 4,927 4,127 914 389 1,321 667 590 December 33,382 18,809 1,041 299 4,995 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 i 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 i 4,610 924 455 1,244 692 585 August 42, 734 36,963 20,475 1,019 510 330 5,480 1 4,982 1,138 524 1,221 696 588 September- 42,138 36,366 19,888 1,041 509 304 5,406 i 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 14,858 i 1,158 415 1,376 715 556 December.. v 41, 645 35,873 20,118 1,080 539 294 5, 514 » 4, 651 i 661 353 P1,413 581 Total (12 mos.)- P491, 560 422, 2P8 238,931 12,000 5,992 3,642 63,061 51,948 v 12,054 5,132 14,558 8,198 6,782 1933—January... v 40,931 v 35,159 20,152 1,008 532 280 4,826 i 4,341 1,199 513 r>l, 066 666 February.. v 37,398 v 31,620 18,176 989 533 U34 4,718 1 3,039 1,034 344 1,098 654 March v 42, 094 v 36, 322 i19,573 i 1,013 1517 1434 5, 313 i 5, 209 1,137 487 1, 364 1622 v Preliminary. . 1 Figure reported by American Bureau of Metal Statistics. 2 This aggregate for 1932 of monthly estimates by the American Bureau of Metal Statistics in New York City differs somewhat from the official estimate for the year made by the Bureau of the Mint in cooperation with the Bureau of Mines. The official estimate is $50,626,000. NOTE.—For comparable monthly figures back to January 1929 and for explanation of the table see FEDERAL RESERVE BULLETIN for April 1933, p. 233. For annual figures of world production of gold back to 1873 see annual report of Director of the Mint for 1932, p. 151. GOLD MOVEMENTS [In thousands of dollars] United States Net imports from-— Month Total' n p et o r i t m s - E la n n g d - France m G a e n r y - g B iu e m l- N la et n h d e s r- Sw la i n tz d er- C a a d n a - Mexico A t r i g n e a n- lo C m o b - ia B I r n i d ti i s a h C H K a h o o n i n n d n g g a Japan c o t o t A r h u i l e e n l s r - 1931—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 May -195,514 -7,047 -63,216 -9,710 -19,930 -58,473 -53,554 4,699 1,510 175 3,791 2,441 3,800 June -206,047 -1,910 -111,411 -116 -26,250 -23,168 -62,603 5,424 816 4,866 5,172 3,133 July.... -3,437 1,405 -21,513 -225 4,573 1,284 13 240 3,524 4,197 3,064 August 6,103 6,093 -17,950 1,021 -8 5,257 2,273 45 467 4,783 4,122 September 27,897 5,868 50 320 ""5,"543 219 3,904 2,843 52 2,855 4,205 2,039 October 20,613 1,251 72 2,381 25 506 1,345 42 28 6,068 3,600 3,362 1,933 November 21,740 1,376 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 -96.686 -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 15,12? 5,274 634 52 15,193 5,612 3,729 2,042 February i 17, 776 i 3, 310 -3,709 -1,546 -600 802 -1,614 4.206 ••552 -15 35 9,446 3,700 ' 3,208 March -22,081 8,935 -3, 630 -250 -199 -5,005 -681 8,418 483 990 2,135 2-15,413 April P -11,737 -2, 200 -8,993 -600 159 1,090 2,969 -4,162 Preliminary. r Revised. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT 1933 FEDERAL RESERVE BULLETIN 295 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from— Month Total South n p e o t 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 la e n th d e s r- Sw la i n tz d er- A S m o e u r t i h ca B In ri d ti i s a h S S m t e r e t a t n l i t e t s s - Au l s i t a ra- A d R e f h r s i o i c a - a , , c o o A th u l e n l r - West tries Africa 1931—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 -. == . , -.I'S 1932—January -7,320 -4,129 -64,955 -76 -134 -3,584 105 45,986 .746 1,555 17,062 352 February -6,182 2,256 -52,712 -58 -756 -7,537 2,226 30,661 781 371 20,884 1,426 March -2,691 -119 -40,858 3 -53 -3,480 1,002 24,340 602 1,750 20,616 887 April 26,148 1,207 -17,795 71 -53 -1,955 17,393 899 1,083 24,893 420 May 16,973 7,541 -10,843 -18 -2,571 -11,310 406 11,565 803 915 18,965 1,734 June 35,019 15,897 -9,035 14 -2,767 -9,394 12,812 772 794 26,246 760 July 22,675 -1,671 -11,361 4 -4,778 -7,812 500 14,204 2,122 9,661 19,351 3,207 August 1,296 -4,259 -20,269 45 -4,015 -10,438 300 14,279 829 175 19,712 5,010 September 5,204 -6,887 -27,521 5 -85 -2,571 187 13,009 584 1,505 25,866 1,326 October _ 5,814 -284 -24,895 -20 -104 -2,969 189 11,973 943 870 18,378 1,853 November 13,857 -1,634 -13,519 370 -476 -4,188 527 10,488 710 830 20,006 831 December -29,582 -58,561 -3,277 -29 -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 9,495 587" 793 16,530 -2,120 February- 18,400 -6, 559 -4,623 27 -79 374 7,175 554 794 27, 815 1,245 March 77,198 11,821 3,406 5,003 -588 296 9,178 461 22, 659 28,923 2,556 April p 58, 396 -2,238 18,582 -929 204 10, 373 959 14,209 19, 435 -2,256 France Germany Net imports from— Net imports from— Month Total Total im n p e o t rts U S n ta i t t e e s d E la n n g d - m G a e n r- y N la e e n r t d - h s - S l z a w e n r i d - t- c o t o A t r h i u e l e n l s r - im n p e o t rts U S n ta i t t e e s d E la n n g d * France N la e e n r t d - h s - S l z a w e n r i d - t- c o t o A r th i u e l e n l s r - 1931—November. 122,372 99,876 40,447 22,741-42,572 1,789 -41,968 49 -16, 455-25,594 December.. 13,881 3,164 26,132 -232 -22,386 7,203 875 642 150 103 Total (12 mos.) 728,176 328,130 312,561100,050 18, 775-81, 207 149 867-247,960 -36,160-35, 221-102,019 -55,142-63,866 58,932 -14, 475 1932—January 74,007 66,062 10, 735 -46 6,755 j, 401 16 278 4 February-. 184,171 82,680 90,947 -4 9,601 -1,592 ?,639 -5,262 71 71 49 -5,647 March 147,604 71,279 49,028 13,889 12,561 17 830 -L3,647 -2 -16,224 170 -2,776 April 60,340 23,888 -15 2,019 428 -4,061 -«. 133 -14 -8,328 42 May 17,734 17,174 14, 232 2,582 1,999 -1,119 -17,135 3,319 293 8 17 -7,539 67 10,352 June 168,000 152,072 7,541 6,737 4,601 -8,234 6,281 -7,139 66 5 -5,800 -7,691 3,399 July 31,954 16, 746 12, 472 483 -1,001 3,259 -13, 718 -42 -4,753 -5,435 554 August 42,940 24,149 16,241 5,382 -17 -369 -2,447 4,189 2 13 1,289 4,622 September. 9,638 -625 4,424 3,918 1,448 249 222 8,552 —2 8 3,456 5,410 October 32,695 11,927 19,995 329 565 -270 148 5,560 29 33 41 5,461 November. 33,498 241 26,003 6,122 672 -186 645 2,314 —367 -6,169 2,584 6,275 December.. 25,494 -10,634 34,479 2-3,138 4,306 483 -3,293 24 17 3— 6 Total (12 mos.) 828,072 468,062 309,984 37,889 37,547-17,668 -7,732 -27,282 -250 -38,170-24,455 -7,91546,656 -3,536 1933—January -37,428-35,361 '2,900 200-3,814 -1,126 r-2•- 26= 4,423 4 -14 996,409 -2,081 February c~ -1, 605 -144 2,559 678 2,805 -7,127 -376 -13,076 11 -5,990 -10,458 3,369 -95 Marchp 16, 702 9,287 1,005 1,266 27, 778-23,356 723 -13,164 -4,958 -7,377 -4,979 3,993 114 i $29,233,000 imported by France from Spain in July. p Preliminary figures. r Revised. J $21,292,000 exported by France to Belgium. « February figures for France corrected. NOTE—Germany—The aggregates of the official monthly figures for gold imports in 1932 differ somewhat from the revised totals published for the year as a whole. Since German figures for individual countries are subject to semiannual revision, those given for January, February, and March 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

296 FEDERAL RESERVE BULLETIN MAT 1933 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Net imports from— Month Total net imports U S n ta i t t e e s d 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—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 -384 -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 -1,313 —188 -537 3,030 -52 December -9,668 4,251 52 3,745 963 -20 -1,134 2,773 Total (12mos.) 106,623 50,070 -34,009 26,886 -12,727 -13,630 -16,137 16,423 -7,346 1933—January ~_ 14,069 -837 2,009 958 -976 -1,100 2,199 February. -8,177 6,722 -10,300 5,055 881 3,452 -166 34 March 3,436 -19,367 4,986 -7,009 -506 —2,324 679 -1 Switzerland British India Net imports from— Net imports from— Increase Increase Month Gold or de- or de- Total Total pro- crease crease n p et o 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 ll er 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 ll er I t n i d o d u n i e a - i n 2 g r ( e o . m s - v e ) e , e r i n r v n n t es h in p ( o r - I l i d n ) v i d i a n n i t a g e a s in India 1931—November 43,572 3,224 9,805 4,519 25,604 408 -24,217 -3,279 -17,626 -3,311 592 359 -23,984 December 19,687 254 18,364 "" -75 203 -45,715 -5,286 -39,682 -747 581 -45,134 222,751 36,422 41,301 19,317 39,68472,760 47 13,220 -95,875 -17,665-72,691 -5,521 6,832 33,532-122,575 Total (12 mos.) —i i5,653 2,067 1,300 1,972 10 290 13 -24,029 -2,863-21,419 253 535 18 -23,512 1932—January „_ 17,658 1,411 6,725 5,423 5,731 76 -707 -17,672 -363 -17,353 43 527 -17,143 February 4,698 82 5,733 -3,952 2,769 -18,670 -90 -18,788 209 546 -18,117 March .._ 2; 538 65 116 -95 -165 2,308 -11,812 -209 -11,229 -374 592 l_86 -11,306 April 46,051 41,034 116 1,718 -52 2,949 286 -9,007 72 569 -8,365 May 80,872 70,247 1,734 3,554 -85 5,630 -209 -13,227 -167 -13,155 95 605 -12,622 June 14,993 9,779 111 3,734 -51 1,507 -87 -16,437 -374 -14,675 -1,488 586 -15,851 July 1,503 81 90 718 38 744 -260 -11,674 -2,775 -7,979 -920 589 -11,085 August -604 -361 154 -540 -34 453 -277 -17,201 -5,978 -9,835 -1,: 661 34 -16,674 September -3,385 -50 82 -3,087 -102 -280 48 -14,482 -4,820 -9,010 -652 548 -13,934 October -1, -7 85 -2,347 -67 480 461 -16,662 -2,420-13,244 -997 557 -16,105 November 1,203 5 320 -111 837 55 —24,964 -18,002 -6,286 -676 583 '—24,380 December Total (12 mos.) 169,786 124,354 15,342 7,418 7,880 10114,996 -304 -195,765 -38,061-151,880 -5,823 6,798 127 -189,094 1933—January 4,658 123 2,393 -77 1,176 1,040 -11,916 -10,247 -1,965 297 576 -11,340 February 8,502 -14 82 6,987 -77 2,461 -937 -12,788 -9, 589 -3,082 -116 610 -1 -12,177 March 24,440 653 907 21, 306 -40 483,802-2, 236 -13,820 *>622 v-13,198 1 Exported from Netherlands to Czechoslovakia in August, $2,199,000; in September, $6,847,000. 8 Reported monthly production of the Mysore State plus $1,387 representing the average monthly production of the rest of India in 1931. > Figures derived from preceding columns. Net i mports plus production minus increase in Government reserves in India. * $1,891,000 was exported from India to Netherlands; $2,173,000 to France. »$1,777,000 was exported from India to Netherlands. 8 $1,640,000 was exported from India to Netherlands. v Preliminary. r Revised. 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 subjec t to revision Figures for total net imports, gold production, and increase in government and private holdings are final unless otherwise indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT 1933 FEDERAL RESERVE BULLETIN 297 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1933 1932 1933 1932 Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. 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.. 70 72 72 64 Notes issued l— P581 *>588 589 544 Advances to banks under finance act_. 48 42 47 32 Irish Currency Commission (thousands of Dominion notes: pounds sterling): Issued 181 176 180 157 Legal tender note fund: Outside chartered bank holdings.. 29 27 26 28 British legal tender and bank Indian Government (millions of rupees): balances 82 86 867 71 Gold standard reserve: N Br o i t t e is s h i s s s e u c e u d rities 7,449 •7, 250 6,388 7,196 G Fo o r l e d ign exchange 3 1 5 8 0 4 3 1 4 8 7 7 3 1 4 8 5 8 3 1 9 4 1 3 Consolidated bank notes:i 7,582 7,336 7,256 7,268 Paper currency reserve: I D ss e u e e m d ed such under sec. 60 (4) of 4,630 4,625 4,617 4,393 S G i o lv ld er coin and bullion 1,1 2 1 6 9 0 1,1 2 0 5 4 7 1,0 2 9 5 5 5 1,11 5 2 3 currency act, 1927 1,344 1,353 1,363 1,580 Other assets 390 392 393 617 Notes issued 1,769 1,753 1,743 1,781 1 Includes a small quantity of subsidiary coin. « The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Mar. 4, Feb. 4, Jan. 7, 1933, and Mar. 5. 1932. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. v Preliminary. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars converted from Swiss francs at par; 1 Swiss franc=$0.1930] 1933 1932 1933 Resources Liabilities Mar. 31 Feb. 28 Mar. 31 Mar. 31 Feb. 28Mar. 31 Cash on hand and on current account with Short-term deposits: banks 2,199 1,796 2,743 Central banks for own account: Demand funds at interest _. 10,141 18, 669 14, 356 Demand 49,176 84,153 89, 365 Rediscountable bills and acceptances (at Time—Not exceeding 3 months 38,007 21,874 28,015 cost): Commercial bills and bankers' accept- Total 87,183 106,027 117,380 ances •__ .__. 53,108 57, 598 91, 397 Treasury bills 49, 690 49, 348 26, 390 Central banks for account of others: Demand. 2,567 3,017 13,154 Total. 102, 798 106,946 117, 788 Other depositors: Demand _ 634 76 1,510 Time funds at interest—Not exceeding 3 Time—Not exceeding 3 months 643 1,217 months 35,841 43,080 39,861 Long-term deposits: Annuity trust account- 29,652 29,677 29,649 Sundry bills and investments: German Government deposit 14,826 14,839 14,825 Maturing within 3 months: French Government guaranty fund 13, 217 13,249 13,249 Treasury bills 2,784 2,882 24, 466 Sundry investments.._ 13, 657 11,512 9,169 Total. 57,696 57, 765 57,723 Between 3 and 6 months: Capital paid in_ 24,125 24,125 20,941 Treasury bills 4,532 6,431 6,919 Reserves: Sundry investments 6,813 9,212 Legal reserve fund 254 254 108 Over 6 months: Dividend reserve fund 519 519 211 Treasury bills 1,127 General reserve fund 1,038 1,038 422 Sundry investments 119 Other liabilities 6,514 8,031 5,872 Total 29,032 30,159 40, 707 Other resources 1,162 1,420 1,865 Total resources. 181,173 202,070 217, 320 Total liabilities 181,173 202,070 217,320 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN MAY 1933 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 issue Note Bank of England d m e e p n a t r ) t - » Cash reserves Dis a c n ou d nts Se t c ie u s ri- cir ti c o u n la- Deposits l O ia t b h i e li r - Coin Notes advances Bankers' Public Other ties Millions of pounds sterling: 1932—Feb. 24 120.8 .6 49.4 11.5 71.0 346.4 67.9 14.1 32.2 18.2 Mar. 30 120.8 35.3 11.7 86.8 360.5 54.6 27.2 34.4 18.2 Apr. 27 120.8 43.0 11.5 79.4 352.8 58.3 23.4 35.3 17.7 May 25 125.0 45.8 12.2 93.2 354.2 77.5 23.6 32.9 17.8 June 29 136.1 48.1 14.9 93.5 363.1 86.6 18.0 34.7 iao July 27 137.7 43.4 15.3 92.5 88.2 11.2 34.6 Aug. 31 138.9 48.6 12.2 92.2 365.3 79.5 20.7 35.4 18.1 Sept. 28 139.4 1.0 54.6 12.1 88.0 359.8 80.6 23.4 33.4 18.2 Oct. 26 139.4 1.0 56.0 11.6 85.4 358.4 77.3 25.4 33.6 18.2 Nov. 30 139.4 1.0 55.6 11.9 87.1 358.8 90.5 .10.1 37.1 17.7 Dec. 28 119.8 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 17.8 1933—Jan. 25 123.6 .8 45.4 11.6 107.9 353.2 103.4 11.7 32.5 18.0 Feb. 22 142.2 .7 61.0 11.9 104.0 356.2 98.3 26.2 35.0 18.1 Mar. 29_ 171.8 .8 79.7 11.8 74.9 367.1 92.8 21.2 35.0 18.2 Apr. 26 185.9 74.0 11.6 80.0 371.9 100.9 10.8 37.1 18.2 17.7 Resources Liabilities Deposits 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 cu an ri s ty N s e e g b cu o le t r i i a - - Other ci N r ti c o o u t n l e a- Govern- l O ia t t i b h e i e s l r ities > ment Other Millions of francs: 1932—Feb. 26.-. 75,059 15,127 5,544 2,707 6,882 8,329 83,189 3,637 24,899 1,925 Mar. 26 76,832 12,632 4,820 2,716 6,881 8,371 81,782 3,526 24,962 1,980 Apr. 29.... 77,862 11,800 4,690 2,735 6,881 8,697 82,774 3, 111 24,827 1,963 May 27_... 79,470 9,001 4,160 2,700 6,881 8,684 81,418 3,432 24,128 1,917 June 24.... 82,100 6,332 3,929 2,715 6,626 8,634 80,667 2,881 24,621 2,167 July 29_-_. 82,168 6,482 3,905 2,747 6,621 8,994 82,118 3,740 22,033 2,026 Aug. 26—. 82,239 5,389 3,467 2,761 6,621 8,878 79,912 3,982 23,426 2,035 Sept. 30—, 82,681 4,977 2,604 2,783 6,621 9,686 82,459 3,010 21,876 2,009 Oct. 28.--. 82,909 4,984 3,637 2,764 6,621 9,145 82,205 4,553 21,229 2,071 Nov. 25 83,342 4,853 3,266 2,500 6,621 9,008 81,536 2,931 22,969 2,153 Dec. 30.... 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 Feb. 24.... 81,017 4,401 3,303 2,580 6,647 9,119 83,986 2,226 18,731 2,124 Mar. 31... 80,409 4,376 3,352 2,714 6,621 9,801 86,096 2,235 16,850 2,093 Apr. 28 *_. 3,846 3,805 2,649 6,595 84,992 2,340 17,181 (3) Resources Liabilities Reserves Reichsbank Gold e F x o ch 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 a O s t s h e e ts r 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: 1932—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 3,146 282 362 977 .4,128 405 1,249 May 31 863 129 2,990 257 363 1,032 3,961 431 1,262 June 30 832 130 3,100 261 364 1,038 3,984 473 1,271 July 30. 766 128 3,108 224 365 975 3,967 380 1,267 Aug. 31 768 157 3,009 207 366 960 3,817 408 1,279 Sept. 30.. 796 133 2,991 242 362 940 3,755 451 1,298 Oct. 31 817 123 2,857 198 362 957 3,620 389 1,345 Nov. 30 827 110 2,731 207 395 959 3,531 418 1,314 Dec. 31 806 114 2,806 176 398 1,114 3,560 640 1,313 1933—Jan. 31 822 101 2,459 93 401 1,097 3,338 345 1,333 Feb. 28 769 152 2,439 279 401 1,040 3,356 402 1,343 Mar. 31 739 97 2,763 210 401 869 3,520 443 1,169 Apr. 29 v 411 100 3,142 177 317 582 3,538 406 791 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. From Aug. 1,1931, to Mar 31,1933, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) was authorized by the British Treasury under section 8 of the Currency and Bank Notes Act, 1928. 2 Issued by the independent office for retirement of public debt (Caise Autonome d'Amortissement). 8 Not yet available. p Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 299 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1933 1932 Central bank Central bank Mar. Feb. Jan Mar. Mar. Feb. Jan, Mar. National Bank of Albania (thousands Central Bank of China—Continued. of Albanian francs): Deposits—Government 96,105 68,306 Gold - 5,488 5,507 4,968 Bank 47,134 19,078 Foreign exchange _-_ 32,683 32,407 27,432 Other 14, 722 4,599 Loans and discounts 3,020 3,227 4,174 Other liabilities 58, 437 35,554 Other assets. 2,593 2,331 4,769 Bank of the Republic of Colombia Note circulation - 13,480 13, 295 10, 932 (thousands of pesos): Demand deposits 19,996 19,432 18, 205 Gold at home and abroad 13,689 13,029 12,742 7,529 Other liabilities 10, 310 10, 745 12, 206 Foreign exchange 4,281 4,090 4,167 5,988 Commonwealth Bank of Australia Loans to member banks 4,656 4,415 3,455 13,963 (thousands of Australian pounds): Note circulation 22, 870 21,816 21,315 17,187 Issue department—Gold and Deposits 20, 766 21,149 19,154 14, 649 English sterling 11, 507 11,499 11, 499 110, 500 Na ( t m io il n l a io l ns B o a f n C k ze o c f h os C lo ze v c a h k o c s r lo o v w a n k s i ) a : S B B e a a c n n u k k S D C L L r i e o o o i e n n c t n a i p g i o u n n e d o t r , s s e o d s i . t b s n i - e a i t u e p i n s b n s l . d a l a i r c o l d t a i n m r i n s c , c e c u e a n o l s n a t u : t d n i o t c s n . ash. 2 3 2 7 4 1 7 5 2 7 1 1 7 , , , , , , , 1 1 8 8 6 2 4 0 8 3 9 4 1 7 7 3 5 2 0 1 2 3 2 4 6 1 1 5 6 6 2 9 1 6 , , , , , , , 0 5 1 4 5 7 8 7 9 3 0 9 8 3 2 5 5 2 5 6 4 3 3 6 4 1 1 6 0 4 2 7 4 1 , , , , , , , 0 9 0 8 0 6 5 4 1 9 3 2 9 9 8 3 5 3 6 0 9 4 2 2 7 4 1 1 2 7 1 8 6 , , , , , , 9 1 1 7 0 8 2 2 5 1 4 0 2 6 3 4 7 6 3 6 2 Dan A L N D G F is o o s o e o h d s r a p l t a e e d e n o t N i t s i g s s c o a i n i a n t o t r s n i f b c o d a u b n l l a a a a a l d n n t v k c i B o a e in s n n a g c n . a . e k . n o s d ff ( ic m c e u i l r i l r n io e _ n n li s c q y u o . i f . - . 6 1 1 1 , , , , 7 6 0 6 2 0 1 0 0 7 8 4 5 0 1 2 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 3 0 9 6 0 3 0 1 0 9 3 5 0 4 6 6 1 1 , , , 2 2 7 6 8 4 8 7 4 2 8 3 9 9 3 4 2 6 Austrian National Bank (millions of kroner): schillings): Gold 133 133 133 Gold 150 150 149 179 Foreign bills, etc 11 10 13 Foreign exchange of the reserve.. 39 39 39 60 Loans and discounts 69 80 82 145 Domestic bills 287 301 317 867 Note circulation 331 316 310 322 Government debts. 660 661 662 96 Deposits 50 54 44 Note circulation 919 859 872 1,009 Bank of Danzig (thousands of Dan- Deposits. 170 184 181 128 zig gulden): Na o t f i N L D D G o b o n o e o e o a a p l m t l g e l n d o a e s s . B c s s . i i t . ) t t a o r i : s c c n u S k a l t a n a o t d t f . i e o .. B f n o e re lg ig iu n m b il ( l m s illions 2 3 , , 8 3 4 6 5 0 6 1 6 5 4 3 8 9 9 3 2 , , 5 3 7 3 6 1 6 7 8 3 3 3 5 4 0 2 3 , , 1 3 7 3 ) 5 6 7 0 0 7 3 3 7 5 7 3 2 , , 6 9 2 2 5 6 4 6 8 1 6 5 8 4 4 Ce o n f N D F L t G O s r o o u a e o o th r l a c p l t e d e e n r o B i e r s g s c a s i n f i a ) n t o r : s n k c r e d e u x o i l c g f a d h n t i E a i s o n e c c n x g o u c e u a h d n o a o t f s n r g th ( e e th r o e u s s e a r n v d e s . 3 2 1 1 6 2 7 4 0 , , , , , 4 2 9 6 8 2 0 6 3 0 9 1 0 1 3 3 2 9 3 2 1 4 8 4 2 2 , , , , , 7 8 6 3 4 3 1 6 5 8 1 6 9 4 2 0 3 8 2 3 1 1 1 5 5 2 1 , , , , , 2 3 5 1 9 0 7 2 1 5 5 6 3 0 2 3 2 9 4 2 23 3 9 1 7 1 , , , , , , 0 0 8 6 7 6 1 1 6 5 5 7 5 7 0 8 0 1 Central Bank of Bolivia (thousands Gold at home and abroad 14,810 14,803 13,607 of bolivianos): Foreign exchange 1,846 1,874 944 Gold at home and abroad 23,586 23,466 25, 541 20, 041 Loans and discounts 37,978 36, 602 14,687 Foreign exchange 3,784 5,052 3,621 6, 581 Note circulation 25, 533 24,821 18,164 Loans and discounts 29, 576 29, 862 30, 332 22,845 Deposits 20,180 20,623 9,206 Note circulation _. 40,994 39, 884 37,998 26,156 National Bank of Egypt 2 (thousands Deposits 38,574 42,230 43, 547 11,906 of Egyptian pounds): Bank of Brazil (millions of milreis): Gold... — 6,663 6,663 6,239 Currency* 534 520 285 Foreign exchange 2,913 2,854 3,327 Correspondents abroad 213 273 129 Loans and discounts 5,829 5,939 8,622 Loans and discounts 2,609 2,633 1,929 British, Egyptian, and other Note circulation. _. 130 150 170 Government securities 33,332 33,454 30,335 Deposits. 2,861 2,921 1,903 Other assets 3,825 3,060 3,163 Na o t f i N G o le n o e v a t l d a l f ) o B : re a i n g k n o e f x c B h u an lg g a e r i i a n ( r m es il e li r o v n e s - 1,5 2 2 0 0 1,52 6 0 1, 5 1 2 5 0 1,5 4 1 1 3 N D O e o th p te e o r s c i l i t i r s a c — b u i l l O G a it t t o i i h e o v e s n e r rnment 1 2 7 5 1 7 , , , , 7 8 3 5 9 5 1 9 2 8 4 7 2 1 5 0 7 8 , , , , 4 5 5 4 4 3 1 7 5 7 6 2 1 1 4 7 9 9 , , , , 6 4 6 9 4 7 1 5 1 6 2 7 Total foreign exchange 95 102 86 331 Bank of Estonia (thousands of N L G O o o o th a t v e e n e r s r c n s i a r i m n c g d u h e l n t a d 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 t s i s ons 2 2 1 , , , 8 5 7 5 7 9 7 9 3 8 5 2 2 2 1 , , , 8 7 6 4 7 6 1 5 3 8 5 2 2 2 1 , , , 4 8 6 7 2 6 7 2 6 3 3 6 2 2 1 , , , 7 7 5 9 9 2 5 6 7 7 2 5 kr N N o L G o o e o o n a t l t d e i n f ) s o : c r i a e r n i c g d u n l a d e t i i x s o c c n o h u an n g ts e „ 2 3 1 1 2 1 7 , , , , 2 0 8 5 3 8 4 8 8 8 2 1 2 3 1 2 1 7 1 , , , , 1 1 6 8 8 8 3 9 0 8 4 4 3 2 1 0 5 4 1 , , , , 5 3 2 2 5 7 5 3 8 5 6 6 2 3 14 4 3 7 , , , , 3 0 6 3 2 0 3 6 1 9 5 9 Central Bank of Chile (millions of Deposits—Government 3,591 3,387 4,301 4,212 Bankers' 7,237 6,660 6,416 6,760 Gold at home and abroad 94 Other 3,128 3,240 3,188 N D L F S o e o o e r c a p t e e u n B E o i s r g s x c a i n i i t c a n t r i h n k s c e e . a d x u s n . c l . d a g h t i e a i s o n c c n g o o e u m n fo m ts r i a s c si c o o n u „ nt o " f: 4 3 4 3 7 7 2 6 5 1 2 2 2 4 4 3 3 7 6 4 6 1 8 0 9 9 1 3 3 2 1 1 7 3 1 3 4 0 2 6 0 0 4 Ba k n aa k F D B G ) o : a o o c o r l m l r f e a d e i n e — d g F c s i n i e t t n s i s c b l a i b l n l a i s d l b l s ro (m ad i llio a n n s d of fo m re a i r g k n - 3 7 3 7 3 8 7 0 6 5 3 4 3 3 7 7 2 8 0 7 8 3 4 2 8 2 3 5 8 0 6 4 4 8 3 2 6 5 0 4 5 0 4 2 0 Central Bank of China 2 (thousands Note circulation ._. 1,183 1,126 1,047 1,299 of yuan): Demand liabilities 431 586 566 280 Gold 2,024 706 Bank of Greece (millions of drach- Silver 62, 657 39, 322 mas): Due from banks abroad 9,805 11,000 Gold and foreign exchange 2,204 2,009 1,887 1,060 Due from domestic banks.. 48, 582 18,693 Loans and discounts 1,572 1,583 1,476 1,215 Loans and discounts 102,117 64,882 Government obligations 3,368 3,368 3,368 3,305 Securities 8,505 5,653 Note circulation 4,547 4,564 4,602 3,909 Other assets 30, 268 15, 844 Other sight liabilities 2,603 2,354 1,960 451 Note circulation 47, 561 28,563 Liabilities in foreign exchange 165 192 262 127 1 Qold coin and bullion. 1 Itemg for issue and banking departments consolidated. Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 FEDERAL RESERVE BULLETIN MAT 1933 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1933 1932 Central bank Central bank Mar. Feb. Jan Mar. Mar. Feb. Jan, Mar. National Bank of Hungary (millions Bank of Portugal (millions of escuof pengos): dos): 97 97 97 100 Gold. 671 606 569 365 Foreign bills, etc. 15 16 14 12 Other reserves 416 516 556 585 Loans and discounts... 456 463 467 407 Discounts and advances.- 329 332 334 318 Advances to treasury 51 51 52 54 Government obligations _ _ 1,054 1,054 1,054 1,058 Other assets.- _ 17 15 14 17 Note circulation 1,916 1,896 1,928 1,919 Note circulation 355 343 350 374 Other sight liabilities. _ 587 637 373 D M e is p c o e s l i l t a s n eous l - i . abilities 2 5 0 9 2 2 7 0 0 0 2 6 0 3 2 9 9 8 2 Na li t o io n n s a o l f l B ei a ): nk of Rumania (mil- Bank of Italy (millions of lire): Gold... „. 9,622 9,580 9,557 9,446 L T P G C O u o o r o t e h b a t l a d d e n l l i r i s c a t n s d t a d o e n a h e t p d n e o p o d o m c d s s i i i b r e t i s s a t c c . s . l u o a l u n a n c ti e t o s s n a _ bro _ ad _ _ . 1 5 6 1 3 , , , , 3 2 8 2 7 1 9 0 0 0 0 1 0 2 1 3 7 8 1 5 6 1 3 , , , , 9 3 2 1 8 0 0 6 7 7 1 4 0 2 8 4 2 8 1 5 5 3 1 1 , , , , , 3 4 5 6 3 8 0 3 0 0 6 5 0 3 4 6 0 7 1 5 5 1 3 1 , , , , , 3 4 6 6 5 8 0 0 3 2 3 7 0 3 4 8 8 2 N D L S F O t o o o e t a h r a m t t e e e n e i r a s g c d n n f i a e d o r n c b e r d e u t d x i l e c g d a p h n t i o a i s o e n c s n x i o g t c e u s h n o a t f n s g t e h . e — reserve.. 2 1 7 5 1 0 , , , , 2 6 7 4 1 8 2 8 5 5 5 5 5 2 6 3 6 2 1 7 0 5 0 , , , , 5 6 7 8 1 2 2 1 8 5 1 5 3 6 8 9 6 2 10 7 1 5 , , , , 3 6 7 0 3 9 3 6 2 9 0 2 1 6 6 0 1 2 1 4 2 5 3 , , , , 3 3 7 0 7 2 0 3 6 4 4 7 8 8 6 7 2 South African Reserve Bank (thou- Bank of Japan (millions of yen): sands of South African pounds): Gold 425 425 425 430 Gold 10,998 10, 262 7,822J 6,420 Advances and discounts 733 733 807 937 Foreign bills 14,437 10, 555 4, 270 63 Government bonds.- 437 446 523 118 Domestic bills 815 1,100 1,139 3,685 Notes issued 1,072 1,095 1,227 1,058 Note circulation >_ 9,847 8,604 8,392 8,431 Total deposits. _ 491 424 423 503 Deposits—Government 1,368 1,744 1,866 1,152 Bank 19,690 15,010 6,703 3,835 Bank of Java (millions of florins): Other 1,259 815 310 158 Gold. 112 111 104 105 Bank of Spain (millions of pesetas): F N L D o o o e r a p t e e n o i s g s c i n i a t r s n c b d u i l l l d a s t i i s o c n ounts 2 4 3 0 1 4 5 6 9 2 4 0 3 1 2 7 4 8 2 4 3 0 2 4 7 1 0 2 4 2 2 3 8 5 7 1 S B L G i o a o lv l a l a d n e n r s c a es n d a b d r is o c a o d u .. n _ ts ,. 2 2, , 6 2 5 2 2 0 5 8 3 3 3 9 2 2 , , 6 2 5 2 8 8 1 5 1 4 9 9 2 2 , , 6 2 6 2 8 5 1 5 1 0 5 9 2 2 , , 5 2 9 2 4 7 1 5 6 9 0 0 Bank of Latvia (millions of lats): Note circulation 4,751 4,801 4,789 4,882 Gold Deposits „ 975 961 947 1,008 Foreign exchange reserve Bank of Sweden (millions of kronor): Bills Gold 232 206 206 206 Loans Foreign bills, etc 308 261 260 117 Note circulation Loans and discounts 126 107 144 575 Government deposits Note circulation 590 542 538 601 Otherdeposits.. Deposits 227 183 229 204 Swiss National Bank (millions of Bank of Lithuania (millions of litu): francs): Gold 50 Gold.. 2,536 2,529 2,471 2,439 Foreign currency 25 Foreign balances and bills 8 39 89 107 Loans'andMiseounts 101 Loans and discounts 54 50 53 73 Note circulation 101 Note circulation 1,570 1,497 1,501 1,517 Deposits 70 Demand deposits „___ 1,042 1,148 1,141 1,123 Central Bank of the Republic of Netherlands Bank (millions of flor- Turkey (thousands of Turkish ins): pounds): Gold. 949 1,020 1,028 879 Gold- 21,441 21,119 20,845 13,223 Foreign bills 73 73 73 84 Foreign exchange 337 1,202 1,551 3,902 Loans and discounts 108 106 113 159 Government securities 154, 300154,456 154,517 156,949 Note circulation - 951 959 951 983 Other securities 28,154 28,154 28,154 24,705 225 283 309 186 Other assets.. 33, 779 34,379 32,609 17,606 Note circulation 162,988 163,144 163, 205 169,468 Bank of Norway (millions of kroner): Deposits 20,436 22,849 21,442 5,588 Gold 151 144 144 155 Other liabilities 54, 586 53, 316 53,029 41,328 Foreign balances and bills 30 35 32 16 Bank of the Republic of Uruguay Domestic credits _ 214 221 246 258 (thousands of pesos): Note circulation 301 293 295 310 Gold... 48, 201 47,599 50, 215 Foreign" deposits.- 2 2 2 3 Loans and discounts 104, 315104,477 103,088 Total deposits.. 79 81 97 85 Other assets. 39, 781 42, 031 34, 778 Note circulation 86,148 81,189 80,105 Central Reserve Bank of Peru (thou- Deposits—Demand ._ 29, 761 30,974 31, 348 sands of soles): Time _. 38,064 37, 722 38, 258 Gold P39, 274 47,201 Judicial and admin- Foreign'exchange _. 1,196 218 istrative 2,966 2,954 3,092 Bills—l 20,646 12,260 Other liabilities 35, 359 35, 235 35, 279 Note circulation 49, 723 48,960 National Bank of the Kingdom of Deposits __ 6,324 3,242 Yugoslavia (millions of dinars): Gold 1,761 1,761 1,761 1,763 Bank of Poland (millions of zloty): Foreign exchange. __ _ 170 190 188 276 Gold 491 513 512 574 Loans and discounts 2,349 2,388 2,416 2,181 Foreign exchange 97 84 103 192 Advances to State.-. 2,412 2,411 2,410 2,240 Loans and discounts 701 651 764 Note circulation 4,564 4,586 4,588 4,824 Note circulation 1,019 979 1,131 Other sight liabilities 873 844 495 Other sight liabilities 139 152 185 169 p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL KESERVE BULLETIN 301 COMMERCIAL BANKS 1932 1933 Country Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Argentina (millions of gold pesos): Bank of the Nation: Gold 1 1 1 1 1 1 1 1 1 1 1 1 Other cash 115 105 121 136 127 132 128 128 128 114 124 123 Loans and discounts 680 685 688 696 688 679 679 668 671 664 664 660 Deposits 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 Other cash 206 206 212 218 218 228 243 248 250 263 258 258 Loans and discounts 798 794 783 775 769 761 754 747 745 740 739 739 Deposits 933 922 914 907 905 909 926 928 929 937 918 923 Canada (millions of Canadian dollars): Assets entirely in Canada: Cash in vault * 158 150 154 166 161 154 151 161 202 191 185 180 177 Cash in central gold reserves 24 23 23 23 25 22 23 21 19 20 19 19 22 Security loans 131 122 114 110 112 114 115 117 108 103 100 97 96 Other current loans 1,071 1,070 1,057 1,037 1,028 1,004 1,003 1,018 999 964 946 924 925 Security loans abroad 88 73 65 74 76 96 95 88 99 91 84 76 79 Securities . 671 666 663 669 674 703 699 727 759 778 784 797 793 Liabilities entirely in Canada: Notes in circulation 121 125 119 126 123 117 124 120 116 115 108 104 110 Individual demand deposits 500 495 498 489 462 475 481 493 472 466 446 446 454 Individual time deposits... 1,389 1,393 1,387 1,373 1,363 1,367 1,359 1,371 1,379 1,378 1,383 1,397 1,389 England (millions of pounds sterling): Cash in vault and at bank 171 170 176 188 188 190 190 189 190 203 211 205 204 Money at call and short notice. 111 111 110 111 120 114 110 112 112 123 110 108 105 Advances and discounts 1,103 1,105 1,102 1,114 lr138 1,176 1,179 1,171 1,161 1,167 1,179 1,137 1,100 Investments - 266 272 284 324 333 348 367 396 409 456 455 480 492 Deposits 1,639 1,643 1,661 1,727 1,765 1,813 1,826 1,853 1,859 1,944 1,943 1,917 1,886 France (millions of francs): Bills and national-defense bonds. 17,482 18,043 18,998 18,994 20,136 18, 745 19,034 19, 757 21,266 22,014 22,209 21,287 Loans and advances 8,711 8,312 8,296 8,593 8,188 8,456 8,490 8,287 8,086 8,049 8,023 8,650 Demand deposits 35,983 35,929 35,826 36,351 36,031 38,148 36,372 36,197 37,257 36,491 35,308 34,477 Time deposits 1,201 1,239 1,284 1,250 1,263 1,286 1,280 1,342 1,312 1,268 1,221 1,117 Germany (millions of reichsmarks): Bills &n(i treasurv notes 1 380 1 613 1 652 1 660 1,661 1,665 1,651 1,674 1,631 1,736 1 676 Due from other banks 367 267 290 257 263 242 256 242 245 235 229 Miscellaneous loans 6 034 6,235 6,160 5,898 5,813 5,736 5,745 5,706 5,668 5,396 5 353 DeDOsits 7,289 7,539 7,562 7,541 7,457 7,397 7,439 7,401 7,307 7,159 7,106 Acceptances 863 872 851 815 796 782 773 775 770 743 734 Japan (millions of yen): Cash on hand 116 136 215 156 117 212 197 185 302 286 166 186 233 Loans 2,264 2,248 2,25f 2,252 2,234 2,219 2,187 2,165 2,188 2,219 2,171 2,153 2,132 Deposits 1,938 1,946 1,949 1,963 1,973 2,027 2,019 2,042 2,125 2,133 2,132 2,133 2,135 i Gold, Dominion notes, and subsidiary coin. NOTE.—Banks included are as follows: Canada—chartered banks; England—9 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

302 FEDERAL RESERVE BULLETIN MAT 1933 DISCOUNT RATES OF CENTRAL BANES Date effective o B f la a n E n d n k g- F B ra a o n n f c k e G R b e e a r ic m n h k a s n - B It a o a n f ly k N l B a e a n th n d e k s r- N S B at w a io n is n k s al Country M Ra 1 a t y e I s n i n e c f e f — ect Country M Ra 1 a t y e I s n i n e c f e f — ect In effect June 1,1931. 2 5 5H 2 2 Albania 8 July 1,1931 Japan n4.38 Aug. 18,1932 June 13 _ _ _ _ 7 Austria 5 Mar. 24,1933 Java.- Mar. 11,1930 July 16 10 Belgium Jan. 14,1932 Latvia Jan. 1,1933 July 23.. 3H Bolivia 6 July 5,1932 Lithuania Apr. 1,1930 July 30 6 Aug. 1 15 Bulgaria 8 May 25,1932 Norway 4 Sept. 1,1932 Aug. 12 10 Chile 4H 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 6 • Apr. 5,1933 Oct. 10 2H Danzig 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 Nov. 30,1932 Mar. 9 6 Estonia. .. Feb. 1,1932 Sweden F Sept. 1,1932 Mar. 10 .— 4 U.S.S.R Mar. 22,1927 Mar. 17 3H Finland 6 Feb. 1,1933 Yugoslavia- July 20,1931 Mar. 21 6 Greece 9 Dec. 3,1932 Apr. 9 5H Hungary Oct. 18,1932 Apr. 19 2H India Feb. 16, 1933 Apr. 21 3 Apr. 28 5 May 2 5 Changes since April 1: Rumania—April 5, down from 7 to 6 percent. May 12 2H June 30 2 Sept. 22 _. 4 Jan. 9, 1933 4 In effect May 1,1933. 2 4 4 2 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month Bankers' 3 a a m c n c o c e e n p s t t , h - 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 ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or 1932—March 2.59 2.28 2.40 3 -1 6.10 7.10 7.76 1.22 1.06 April 2.19 2,07 1.91 5.12 6.31 6.17 1.02 .94 May 1.44 1.10 1.29 1 — V- 4.87 5.96 5.91 .60 1.03 June 1.05 .85 .99 4.75 5.76 5.70 .39 1.00 July .92 .67 4.58 5.75 5.49 .49 1.00 August .74 .73 4.50 5.75 5.82 .37 1.00 September .67 .55 .67 4.25 5.55 5.55 .37 1.00 October—_ .82 .71 .71 3.87 5.00 4.94 .37 1.00 November. .89 .82 .73 3.87 5.00 4.80 .37 1.00 December. 1.02 1.04 .81 3.87 5.08 4.91 .37 1.00 1933—January—. .87 .76 .73 3.87 5.03 4.98 .37 1.00 February- .83 .78 .73 3.87 5.00 4.86 .37 1.00 March .62 .50 .64 3.87 5.00 4.97 .64 1.11 Sw la it n z 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 ri c v o a u t n e t d P is ri c v o a u t n e t d P is r c iv o a u t n e t d P is r c iv o a u t n e t co P m rim me e r- Day-to-day Loa to n s 3 up Discounted m C o a n l e l y rate rate rate rate cial paper money months bills overnight 1932—March 1.50 3.36 1.80 6.53 5 -5H 5 -7 6.20-6.57 5.84 April 1.50 3.26 1.66 6.00 4H-5 5 -7 6.20-6.57 5.48 May 1.50 3.21 1.50 5.52 4^-43/4 6.20-6.57 4.56 J J u u n ly e . . 5 5 0 0 3 3 . . 1 1 6 7 1 . . 9 2 9 2 5 5 . . 5 5 0 0 4 4 - - 4 4 ? ? / 4 4 6 6. . 0 0 2 2 - - & 6 5 3 7 9 4 4 . . 5 2 6 0 August .50 3.12 .02 5.50 5.84-6.21 4.02 September .50 3.00 .00 5.50 5.66-6.21 3.47 October— .50 3.00 L. 01 5.00 5. 66-6.02 3.28 November. .50 3.00 .00 5.00 5. 66-5.84 2.92 December. .50 2.94 .91 5.00 5.66-5.84 2.74 1933—January- .50 2.88 .12 4.42 5.48-5.84 3.10 February . .50 2.78 .89 4.25 ZH-5H 5.48-5.84 2.92 March 1.50 2.62 2.04 4.20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 303 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 al u i 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—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 86.5989 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 April 60. 4864 284. 79 14. 0700 14. 5285 7. 6348 .7223 84. 7233 6.0300 22.1953 86. 2100 99. 9322 3.1155 15.9502 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—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 28.6314 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 April 357.9313 1.5806 4.1019 24. 3873 .5865 23.7714 17.4812 26.8721 5. 3662 22. 0867 27. 0201 41. 9490 Month Ze N al e a w ndJ Norway Poland Po g r a t l u- m R a u n - ia Spain S S m t e r e t a t n l i e t t s s - Sweden Sw la i n tz d er- Turkey U A S n f o r i i o u c n t a h o » f Uruguay Y sla u v g i o a - 1932— April 342.47 19.0780 11.1847 3.3804 .5960 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 s 479.13 47.3397 1.3448 1933—January 292.13 17. 2684 11.1872 3. 0364 .5972 8.1777 38.9884 18. 2982 19.2836 47.0260 6 340.63 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 * 273. 45 17. 5913 11.1834 3.1362 .5974 8. 4431 39. 6078 18.1884 19.3716 339. 88 47. 3458 1. 3714 April 285. 48 18. 3161 11. 3755 3. 2133 .6107 8. 8804 41. 2350 18. 8108 20.1281 353. 74 47. 7646 1.4228 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 England Pound... 486. 66 Poland _. Zloty.. 11.22 Australia- Pound 486. 66 Finland Markka.. 2.52 Portugal Escudo. 4.42 Austria Schilling.. 14.07 France Franc. 3.92 Rumania Leu __ .60 Belgium... „ BBeellggia. 13.90 Germany Reichsmark 23.82 Spain _. 19.30 Brazil __ MMiillrreis 11.96 Greece...... Drachma 1.30 Straits Settle- Singapore dollar.._ 8 41.76 Bulgaria Lev .72 Hong Kong Hong Kong dollar. ? 24. 21 ments. Canada Dollar 100.00 Hungary Pengo 17.49 Sweden __ Krona. 26.80 Chile Peso 12.17 India — Rupee. 46.50 Switzerland- _ Franc 19.30 . China. Yuan i 23. 44 Italy Lira.... 5.26 Turkey Turkish pound- 439.65 Colombia _ Peso. 97.33 Japan. Yen. 49.85 Union of South Pound Cuba _ do 100.00 Mexico Silver peso 49.85 Africa. Czechoslovakia Koruna 2.96 Netherlands Florin 40.20 Uruguay Peso 103.42 D Eg en y m pt a . rk — K Eg ro y n p e tian pound. 49 2 4 6 . . 8 3 0 1 N No ew rw Z ay ealand P K o ro u n n e d 48 2 6 6 . . 8 6 0 6 Yugoslavia Dinar 1.76 1 Monthly averages for Australia, New Zealand, and South Africa from April 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 quotations on Shanghai for 18 days of new yuan containing 23.4934 grams of pure silver. Average quotations for 7 days of old yuan containing 23.9025 grams of pure silver was 20.5383 cents. * Average based on quotations for Dec. 1-27. 6 Average based on quotations for Jan. 7-31. i Silver currencies—figures given for parity represent gold value of unit in April 1933, computed by multiplying silver content of unit by New York average price of silver for April 1933, which was $0.31042 per fine ounce. 8 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 April 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 FEDERAL RESERVE BULLETIN MAY 1933 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 n t r e a i i c r t t a e e e s g ) d e ( 1 D E 9 e n 2 c 1 g e = l m a 1 n b 0 d 0 er ) ( a 1 g 9 F 1 e r = 3 a n 1 a 0 c v e 0 e ) r- G ( p a e r v r i e c m 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. 87 36 421 278 300 329 1931—March 100.0 111.6 97.9 121.6 155.4 April 99.6 111.3 99.0 109.2 85.1 148.5 84.8 May 99.7 110.8 98.4 98.0 76.8 138.2 76.1 June 99.4 111.1 98.8 95.1 77.8 141.2 July 99.4 111.2 98.9 98.2 79.2 132.6 * 70.5 August. ._-. 98.5 107.2 99.5 95.5 73.8 130.5 September, .v 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 43.9 63.5 107.3 «45.5 May 75.2 111.4 85.9 39.8 61.6 94.4 46.4 June. 72.2 111.0 85.2 34.0 59.3 97.4 45.8 July 74.2 115.6 87.4 35.9 63.5 100.4 45.8 August 83.2 116.1 88.6 53.3 69.5 103.4 47.9 September.. 85.8 118.4 89.5 58.2 72.7 104.3 54.1 October 84.1 120.3 89.1 49.9 72.4 97.4 52.5 November.. 81.9 115.9 88.9 47.5 72.7 100.0 53.4 December.. 81.2 116.1 87.8 47.4 72.0 104.3 56.7 1933—January... 84.1 116.9 86.4 49.1 72.4 101.3 59.3 February.. 82.5 118.4 85.3 44.9 72.2 97.9 59.4 March 76.8 118.4 81.9 43.2 72.3 92.7 64.5 i Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. i New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 percent bonds. » 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 figure*.—See BULLETIN for February 1932, p. 121, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES United Canada England France Germany Italy Japan Nether- Month (1 S 9 t 2 a 6 t = e 1 s 00) (1926=100) (1913=100) (1913=100) (1913=100) (1913=100) 1900=100) (19 l 1 a 3 n = d 1 s 00) 1931—March 76 75 106 539 114 339 158 103 April 75 74 106 540 114 337 158 102 May 73 73 104 520 113 332 154 102 June 72 72 103 518 112 327 151 100 July 72 71 102 500 112 324 153 97 August 72 71 100 488 110 322 152 94 September. 71 70 99 473 109 319 150 91 October-.. 70 70 104 457 107 322 147 89 November. 70 71 106 447 107 320 147 89 December. 69 70 106 442 104 319 151 85 1932—January... 67 69 106 439 100 317 160 84 February.. 66 69 105 446 100 314 161 83 March 66 69 105 444 100 315 159 82 April 66 68 102 439 98 311 154 80 May 64 68 101 438 97 305 150 79 June / 64 67 98 425 96 297 146 78 July J 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 75 February.. 60 64 99 404 91 286 180 74 March 60 64 98 387 91 281 177 72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 305 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) I England (1913-100) France (1913-100) Germany (1913-100) Indus- 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 a p n r F o d a d r f u m o c o t d s p I r n o tr d d ia u u l s c - ts p A r t o g u r d r i u c a u c l t l s - P s r io o n v s i- a p t f r n i r i n d o a i d l s s u h r e e c a m d w ts i- p tr I r i i n o s a d h d l u e u f d s i c n - ts - 1931—March 111 103 581 503 107 106 139 April 113 102 592 495 108 97 105 138 May 113 100 56fi 480 109 103 137 June 113 571 472 107 103 137 July. 110 541 465 105 103 136 August 108 95 528 452 103 102 136 September 108 95 508 443 101 100 135 October- 113 100 489 429 99 133 November. 115 102 482 416 99 132 December. 113 102 491 400 95 130 1932—January... 114 101 496 390 92 125 February.. 114 101 511 95 122 March 116 99 510 97 121 April 115 96 506 381 95 120 May 114 94 511 374 93 119 June 112 91 490 369 92 118 July.. 108 92 498 370 93 117 August 107 95 453 382 91 116 September 107 445 384 115 October... 106 450 379 115 November. 107 458 373 114 December. 108 456 375 114 1933—January. „ 107 455 373 113 February.. 105 443 370 112 March 102 410 367 79 112 RETAIL FOOD PRICES COST OF LIVING United England France Germany United England France Germany States (July (July (1913- States (July (Jan .-June (1913- (1913=100) 1914=100) 1914=100) 14=100) i (1913=100) 1914=100) 1914=100) 14=100) * Month Month 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 January 109 131 123 114 102 116 107 January 147 142 125 117 February 105 131 122 115 103 114 107 February.. 147 141 122 March 105 129 119 115 100 114 106 March 146 139 108 122 April 104 126 115 113 April. 144 122 May 101 125 114 113 May 143 121 June .-_ 100 123 111 113 June.. 136 142 109 121 July... 101 125 108 114 July....... 143 122 August. 101 123 104 112 August 141 120 September 100 123 102 111 September. 141 ~105 120 October. 100 125 102 no October 143 119 November 125 104 no November. 143 119 December 125 'I 103 ""I 109 December.. 132 143 118 » Average of October 1913, January, April, and July 1914=100. SOURCE: Wholesale prices.—For original sources, see BULLETIN for March 1931 (p. 159). Retail food prices and cost of living-.—United States— Bureau of Labor Statistics, Department of Labor; England— MINISTRY OF LABOUR; Germany—Statistiches Reichsamt; France—For retail food prices, Statistique Generate, and for cost of living, Commission d'Gtudes relatives au cout de la vie a Pane, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL RESERVE BULLETIN MAY 1933 LAW DEPARTMENT Federal home loan banks as banks within the mean- agricultural indebtedness, to provide for the ing of section 19 of the Federal Reserve Act orderly liquidation of joint-stock land banks, Inquiry has recently been made of the and for other purposes." Federal Reserve Board whether deposits made The President is authorized by this act, in in a member bank by a Federal home loan certain circumstances, to direct the Secretary bank may be classified by the member bank of the Treasury to enter into agreements with in computing its reserves as amounts due to the Federal Reserve banks and the Federal banks under the eighth paragraph of section Reserve Board for the conduct by the banks of 19 of the Federal Reserve Act, which provides open-market operations in obligations of the that "In estimating the balances required by United States Government or corporations in this act, the net difference of amounts due to which the United States is a majority stockand from other banks shall be taken as the holder and for the purchase by the Federal basis for ascertaining the deposits against Reserve banks of obligations of the United which required balances with Federal Reserve States Government in the aggregate sum of banks shall be determined." $3,000,000,000 in addition to those they may A Federal home loan bank is authorized by then hold. No suspension of reserve requirethe Federal Home Loan Bank Act to receive ments of the Federal Reserve banks under the deposits, not subject to check, from its mem- terms of section 11 (c) of the Federal Reserve bers and nonmember borrowers and to make Act, which may be necessitated by reason of loans to its members and nonmember bor- such open-market operations, shall require the rowers under certain prescribed conditions. imposition of a tax upon any deficiency in Moreover, the law provides that, when desig- reserves nor an automatic increase in the rates nated for that purpose by the Secretary of the of interest or discount charged by any Federal Treasury, it shall be a depositary of public Reserve bank. money and it may be employed as a financial The President may, in certain circumstances, agent of the Government. In the latter direct the Secretary of the Treasury to cause to capacities it must perform all such reasonable be issued United States notes in amounts not duties as may be required of it. exceeding $3,000,000,000 for the purpose of Upon consideration of this matter, the meeting maturing Federal obligations to repay Federal Reserve Board expressed the opinion sums borrowed by the United States and for that a Federal home loan bank may properly purchasing United States bonds and other be considered a bank within the meaning of the interest-bearing obligations of the United eighth paragraph of section 19 of the Federal States. Such notes and all other coins and Reserve Act and that deposits made by such currencies heretofore or hereafter coined or an institution in a member bank may properly issued by or under the authority of the United be classified by the latter as amounts due to States are declared to be legal tender for all banks in computing its reserves and in debts, public and private. preparing its reports of condition. The President is authorized to fix the weight of the gold dollar and also the weight of the silver dollar at a definite fixed ratio in relation to the gold dollar at such amounts as he may Changes in law relating to the Federal Reserve System find necessary to stabilize domestic prices or to made by the recent agricultural relief act protect foreign commerce, and to provide for A number of provisions amending the Fed- the unlimited coinage of gold and silver at the eral Reserve Act or affecting the Federal Re- ratio so fixed; but the weight of the gold dollar serve System are contained in the act of Con- may not be fixed so as to reduce its present gress approved May 12, 1933, entitled "An weight by more than 50 percent. act to relieve the existing national economic The President is also authorized, for a 6 emergency by increasing agricultural purchas- months' period, to accept silver in an amount ing power, to raise revenue for extraordinary not exceeding $200,000,000 from any foreign expenses incurred by reason of such emergency, government in payment of indebtedness to to provide emergency relief with respect to the United i States at a price not to exceed 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 307 cents an ounce in United States currency; and will reestablish prices to farmers at a level that will give agricultural commodities a purchasing power with silver certificates shall be issued against silver respect to articles that farmers buy, equivalent to the so accepted. purchasing power of agricultural commodities in the Section 19 of the Federal Reserve Act is base period. The base period in the case of all agriculamended so as to provide that the Federal tural commodities except tobacco shall be the prewar Reserve Board, upon the affirmative vote of period, August 1909-July 1914. In the case of tobacco, the base period shall be the postwar period, August not less than five members and with the 1919-July 1929. approval of the President, may declare that (2) To approach such equality of purchasing power an emergency exists by reason of credit ex- by gradual correction of the present inequalities therein pansion and, during such emergency, may at as rapid a rate as is deemed feasible in view of the current consumptive demand in domestic and foreign increase or decrease from time to time the markets. reserve balances required to be maintained (3) To protect the consumers' interest by readjusting against demand or time deposits by member farm production at such level as will not increase the banks of the Federal Reserve System. percentage of the consumers' retail expenditures for agricultural commodities, or products derived there- In addition to the above provisions, which from, which is returned to the farmer, above the perare contained in title III of the act of May 12, centage which was returned to the farmer in the prewar 1933, section 28 of title II thereof contains an period, August 1909-July 1914. amendment to the eighth paragraph of section PART 1—COTTON OPTION CONTRACTS 13 of the Federal Reserve Act which authorizes SEC. 3. The Federal Farm Board and all departthe use of farm loan bonds, issued by Federal ments and other agencies of the Government, not inland banks for certain purposes (under section cluding the Federal intermediate credit banks, are 21 of the act of May 12, 1933), as security for hereby directed— advances by Federal Reserve banks to mem- (a) To sell to the Secretary of Agriculture at such price as may be agreed upon, not in excess of the market ber banks for periods not exceeding 15 days. price, all cotton now owned by them. The following is a copy of the act approved (b) To take such action and to make such settle- May 12, 1933: ments as are necessary in order to acquire full legal title to all cotton on which money has been loaned or [PUBLIC—No. 10—73D CONGRESS] advanced by any department or agency of the United States, including futures contracts for cotton or which [H.K. 3835] is held as collateral for loans or advances and to make final settlement of such loans and advances as follows: AN ACT (1) In making such settlements with regard to To relieve the existing national economic emergency by increasing agri- cotton, including operations to which such cotton is cultural purchasing power, to raise revenue for extraordinary expenses incurred by reason of such emergency, to provide emergency relief with related, such cotton shall be taken over by all such respect to agricultural indebtedness, to provide for the orderly liquida- departments or agencies other than the Secretary of tion of joint-stock land banks, and for other purposes. Agriculture at a price or sum equal to the amounts directly or indirectly loaned or advanced thereon and Be it enacted by the Senate and House of Representativesoutstanding, including loans by the Government deof the United States of America in Congress assembled,partment or agency and any loans senior thereto, plus any sums required to adjust advances to growers to TITLE I—AGRICULTURAL ADJUSTMENT 90 per centum of the value of their cotton at the date of its delivery in the first instance as collateral to the de- DECLARATION OF EMERGENCY partment or agency involved, such sums to be computed by substracting the total amount already That the present acute economic emergency being in advanced to growers on account of pools of which such part the consequence of a severe and increasing discotton was a part, from 90 per centum of the value of parity between the prices of agricultural and other the cotton to be taken over as of the time of such commodities, which disparity has largely destroyed the delivery as collateral, plus unpaid accrued carrying purchasing power of farmers for industrial products, charges and operating costs on such cotton, less, howhas broken down the orderly exchange of commodities, ever, any existing assets of the borrower derived from and has seriously impaired the agricultural assets supnet income, earnings, or profits arising from such porting the national credit structure, it. is hereby cotton, and from operations to which such cotton is declared that these conditions in the basic industry of related; all as determined by the department or agency agriculture have affected transactions in agricultural making the settlement. commodities with a national public interest, have bur- (2) The Secretary of Agriculture shall make settledened and obstructed the normal currents of commerce ments with respect to cotton held as collateral for loans in such commodities, and render imperative the immedior advances made by him on such terms as in his judgate enactment of title I of this Act. ment may be deemed advisable, and to carry out the provisions of this section, is authorized to indemnify or DECLARATION OF POLICY furnish bonds to warehousemen for lost warehouse SEC. 2. It is hereby declared to be the policy of receipts and to pay the premiums on such bonds. Congress— When full legal title to the cotton referred to in (b) (1) To establish and maintain such balance between has been acquired, it shall be sold to the Secretary of the production and consumption of agricultural com- Agriculture for the purposes of this section, in the same modities, and such marketing conditions therefor, as manner as provided in (a). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 FEDERAL RESERVE BULLETIN MAY 1933 (c) The Secretary of Agriculture is hereby authorized tary is authorized to enter into similar option contracts to purchase the cotton specified in paragraphs (a) and (b). with respect to such cotton, conditioned upon a like SEC. 4. The Secretary of Agriculture shall have au- reduction of production in 1934, and permitting the thority to borrow money upon all cotton in his posses- producer in each case to exercise his option at any time sion or control and deposit as collateral for such loans up to January 1, 1935. the warehouse receipts for such cotton. SEC. 7. The Secretary shall sell the cotton held by SEC. 5. The Reconstruction Finance Corporation is him at his discretion, but subject to the foregoing prohereby authorized and directed to advance money and visions: Provided, That he shall dispose of all cotton to make loans to the Secretary of Agriculture to acquire held by him by March 1, 1936: Provided further, That such cotton and to pay the classing, carrying, and mer- the Secretary shall have authority to enter into addichandising costs thereon, in such amounts and upon tional option contracts for so much of such cotton as is such terms as may be agreed upon by the Secretary not necessary to comply with the provisions of section and the Reconstruction Finance Corporation, with 6, in combination with benefit payments as provided fer such warehouse receipts as collateral security: Provid- in part 2 of this title. ed, however, That in any instance where it is impossible or impracticable for the Secretary to deliver such ware- PART 2—COMMODITY BENEFITS house receipts as collateral security for the advances and loans herein provided to be made, the Reconstruction Finance Corporation may accept in lieu of all or GENERAL POWERS any part thereof such other security as it may consider acceptable for the purposes aforesaid, including an as- SEC. 8. In order to effecuate1 the declared policy, signment or assignments of the equity and interest of the Secretary of Agriculture shall have power— the Secretary in warehouse receipts pledged to secure (1) To provide for reduction in the acreage or reducother indebtedness. The amount of notes, bonds, de- tion in the production for market, or both, of any basic bentures, and other such obligations which the Recon- agricultural commodity, through agreements with prostruction Finance Corporation is authorized and em- ducers or by other voluntary methods, and to provide powered to issue and to have outstanding at any one for rental or benefit payments in connection therewith time under existing law is hereby increased by an or upon that part of the production of any basic agriamount sufficient to carry out the provisions of this cultural commodity required for domestic consumption, section. in such amounts as the Secretary deems fair and reason- SEC. 6. (a) The Secretary of Agriculture is hereby able, to be paid out of any moneys available for such authorized to enter into option contracts with the payments. Under regulations of the Secretary of producers of cotton to sell to any such producer an Agriculture requiring adequate facilities for the storage amount of cotton to be agreed upon not in excess of of any non-perishable agricultural commodity on the the amount of reduction in production of cotton by farm, inspection and measurement of any such comsuch producer below the amount produced by him in modity so stored, and the locking and sealing thereof, the preceding crop year, in all cases where such pro- and such other regulations as may be prescribed by the ducer agrees in writing to reduce the amount of cotton Secretary of Agriculture for the protection of such produced by him in 1933, below his production in the commodity and for the marketing thereof, a reasonable previous year, by not less than 30 per centum, without percentage of any benefit payment may be advanced increase in commercial fertilization per acre. on any such commodity so stored. In any such case, such deduction may be made from the amount of the (b) To any such producer so agreeing to reduce probenefit payment as the Secretary of Agriculture deterduction the Secretary of Agriculture shall deliver a mines will reasonably compensate for the cost of inspecnontransferable-option contract agreeing to sell to said tion and sealing, but no deduction may be made for producer an amount, equivalent to the amount of his interest. agreed reduction, of the cotton in the possession and control of the Secretary. (2) To enter into marketing agreements with proc- (c) The producer is to have the option to buy said essors, associations of producers, and others engaged cotton at the average price paid by the Secretary for the in the handling, in the current of interstate or foreign cotton produced under section 3, and is to have the commerce of any agricultural commodity or product right at any time up to January 1, 1934, to exercise his thereof, after due notice and opportunity for hearing to option, upon proof that he has complied with his con- interested parties. The making of any such agreement tract and with all the rules and regulations of the Secre- shall not be held to be in violation of any of the antitrust tary of Agriculture with respect thereto, by taking said laws of the United States, and any such agreement shall cotton upon payment by him of his option price and all be deemed to be lawful: Provided, That no such agreeactual carrying charges on such cotton; or the Secretary ment shall remain in force after the termination of this may sell such cotton for the account of such producer, Act. For the purpose of carrying out any such agreepaying him the excess of the market price at the date ment the parties thereto shall be eligible for loans from of sale over the average price above referred to after de- the Reconstruction Finance Corporation under section 5 ducting all actual and necessary carrying charges: Pro- of the Reconstruction Finance Corporation Act. Such vided, That in no event shall the producer be held re- loans shall not be in excess of such amounts as may be sponsible or liable for financial loss incurred in the hold- authorized by the agreements. ing of such cotton or on account of the carrying charges (3) To issue licenses permitting processors, associatherein: Provided further, That such agreement to cur- tions of producers, and others to engage in the handling, tail cotton production shall contain a further provision in the current of interstate or foreign commerce, of any that such cotton producer shall not use the land taken agricultural commodity or product thereof, or any out of cotton production for the production for sale, competing commodity or product thereof. Such directly or indirectly, of any other nationally produced licenses shall be subject to such terms and conditions, agricultural commodity or product. not in conflict with existing Acts of Congress or regu- (d) If any cotton held by the Secretary of Agricul- lations pursuant thereto, as may be necessary to elimture is not disposed of under subsection (c), the Secre- inate unfair practices or charges that prevent or tend * So in original. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

309 MAY 1933 FEDERAL RESERVE BULLETIN to prevent the effectuation of the declared policy and (b) The processing tax shall be at such rate as equals the restoration of normal economic conditions in the the difference between the current average farm price marketing of such commodities or products and the for the commodity and the fair exchange value of the financing thereof. The Secretary of Agriculture may commodity; except that if the Secretary has reason suspend or revoke any such license, after due notice to believe that the tax at such rate will cause such and ^opportunity for hearing, for violations of the terms reduction in the quantity of the commodity or products or conditions thereof. Any order of the Secretary thereof domestically consumed as to result in the accususpending or revoking any such license shall be final mulation of surplus stocks of the commodity or prodif in accordance with law. Any such person engaged ucts thereof or in the depression of the farm price of in such handling without a license as required by the the commodity, then he shall cause an appropriate Secretary under this section shall be subject to a fine investigation to be made and afford due notice and of not more than $1,000 for each day during which the opportunity for hearing to interested parties. If violation continues. thereupon the Secretary finds that such result will (4) To require any licensee under this section to occur, then the processing tax shall be at such rate as furnish such reports as to quantities of agricultural will prevent such accumulation of surplus stocks and commodities or products thereof bought and sold and depression of the farm price of the commodity. In the prices thereof, and as to trade practices and charges, computing the current average farm price in the case and to keep such systems of accounts, as may be neces- of wheat, premiums paid producers for protein consary for the purpose of part 2 of this title. tent shall not be taken into account. (5) No person engaged in the storage in a public (c) For the purposes of part 2 of this title, the fair warehouse of any basic agricultural commodity in the exchange value of a commodity shall be the price therecurrent of interstate or foreign commerce, shall deliver for that will give the commodity the same purchasing any such commodity upon which a warehouse receipt power, with respect to articles farmers buy, as such has been issued and is outstanding, without prior sur- commodity had during the base period specified in render and cancellation of such warehouse receipt. section 2; and the current average farm price and the Any person violating any of the provisions of this sub- fair exchange value shall be ascertained by the Secretary section shall, upon conviction, be punished by a fine of of Agriculture from available statistics of the Departnot more than $5,000, or by imprisonment for not more ment of Agriculture. than two years, or both. The Secretary of Agriculture (d) As used in part 2 of this title— may revoke any license issued under subsection (3) of (1) In case of wheat, rice, and corn, the term this section, if he finds, after due notice and oppor- "processing" means the milling or other processing tunity for hearing, that the licensee has violated the (except cleaning and drying) of wheat, rice, or corn for provisions of this subsection. market, including custom milling for toll as well as commercial milling, but shall not include the grinding PROCESSING TAX or cracking thereof not in the form of flour for feed SEC. 9. (a) To obtain revenue for extraordinary purposes only. expenses incurred by reason of the national economic (2) In case of cotton, the term "processing" means emergency, there shall be levied processing taxes as the spinning, manufacturing, or other processing (exhereinafter provided. When the Secretary of Agri- cept ginning) of cotton; and the term "cotton" shall culture determines that rental or benefit payments are not include cotton linters. to be made with respect to any basic agricultural com- (3) In case of tobacco, the term "processing" means modity, he shall proclaim such determination, and a the manufacturing or other processing (except drying processing tax shall be in effect with respect to such or converting into insecticides and fertilizers) of commodity from the beginning of the marketing year tobacco. therefor next following the date of such proclamation. (4) In case of hogs, the term "processing" means The processing tax shall be levied, assessed, and col- the slaughter of hogs for market. lected upon the first domestic processing of the com- (5) In the case of any other commodity, the term modity, whether of domestic production or imported, "processing" means any manufacturing or other procand shall be paid by the processor. The rate of tax essing involving a change in the form of the commodity shall conform to the requirements of subsection (b). or its preparation for market, as defined by regulations Such rate shall be determined by the Secretary of of the Secretary of Agriculture; and in prescribing such Agriculture as of the date the tax first takes effect, and regulations the Secretary shall give due weight to the the rate so determined shall, at such intervals as the customs of the industry. Secretary finds necessary to effectuate the declared (e) When any processing tax, or increase or decrease policy, be adjusted by him to conform to such require- therein, takes effect in respect of a commodity the ments. The processing tax shall terminate at the end Secretary of Agriculture, in order to prevent pyramidof the marketing year current at the time the Secretary ing of the processing tax and profiteering in the sale of proclaims that rental or benefit payments are to be the products derived from the commodity, shall make discontinued with respect to such commodity. The public such information as he deems necessary regardmarketing year for each commodity shall be ascertained ing (1) the relationship between the processing tax and and prescribed by regulations of the Secretary of the price paid to producers of the commodity, (2) the Agriculture: Provided, That upon any article upon effect of the processing tax upon prices to consumers of which a manufacturers' sales tax is levied under the products of the commodity, (3) the relationship, in authority of the Revenue Act of 1932 and which previous periods, between prices paid to the producers manufacturers' sales tax is computed on the basis of of the commodity and prices to consumers of the weight, such manufacturers' sales tax shall be com- products thereof, and (4) the situation in foreign puted on the basis of the weight of said finished article countries relating to prices paid to producers of the less the weight of the processed cotton contained commodity and prices to consumers of the products therein on which a processing tax has been paid. thereof. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN MAY 1933 MISCELLANEOUS ducted by the Secretary of Agriculture or such officer or employee of the Department as he may designate SEC. 10. (a) The Secretary of Agriculture may for the purpose. The Secretary may report any violaappoint such officers and employees, subject to the tion of any agreement entered into under part 2 of this provisions of the Classification Act of 1923 and Acts title to the Attorney General of the United States, amendatory thereof, and such experts as are necessary who shall cause appropriate proceedings to enforce to execute the functions vested in him by this title; such agreement to be commenced and prosecuted in and the Secretary may make such appointments the proper courts of the United States without delay. without regard to the civil service laws or regulations: Provided, That no salary in excess of $10,000 per COMMODITIES annum shall be paid to any officer, employee, or expert of the Agricultural Adjustment Administration, which SEC. 11. As used in this title, the term " basic agrithe Secretary shall establish in the Department of cultural commodity" means wheat, cotton, field corn, Agriculture for the administration of the functions hogs, rice, tobacco, and milk and its products, and any vested in him by this title. Title II of the Act entitled regional or market classification, type, or grade thereof; "An Act to maintain the credit of the United States but the Secretary of Agriculture shall exclude from the Government", approved March 20, 1933, to the extent operation of the provisions of this title, during any that it provides for the impoundment of appropria- period, any such commodity or classification, type, or tions on account of reductions in compensation, shall grade thereof if he finds, upon investigation at any not operate to require such impoundment under time and after due notice and opportunity for hearing appropriations contained in this Act. to interested parties, that the conditions of production, marketing, and consumption are such that during such (b) The Secretary of Agriculture is authorized to period this title can not be effectively administered to establish, for the more effective administration of the the end of effectuating the declared policy with respect functions vested in him by this title, State and local to such commodity or classification, type, or grade committees, or associations of producers, and to perthereof. mit cooperative associations of producers, when in his judgment they are qualified to do so, to act as agents APPROPRIATION of their members and patrons in connection with the distribution of rental or benefit payments. SEC. 1.2. (a) There is hereby appropriated, out of any (c) The Secretary of Agriculture is authorized, money in the Treasury not otherwise appropriated, the with the approval of the President, to make such sum of $100,000,000 to be available to the Secretary of regulations with the force and effect of law as may be Agriculture for administrative expenses under this title necessary to carry out the powers vested in him by and for rental and benefit payments made with respect this title, including regulations establishing conversion to reduction in acreage or reduction in production for factors for any commodity and article processed there- market under part 2 of this title. Such sum shall refrom to determine the amount of tax imposed or main available until expended. refunds to be made with respect thereto. Any viola- (b) In addition to the foregoing, the proceeds derived tion of any regulation shall be subject to such penalty, from all taxes imposed under this title are hereby apnot in excess of $100, as may be provided therein. propriated to be available to the Secretary of Agriculture for expansion of markets and removal of surplus (d) The Secretary of the Treasury is authorized to agricultural products and the following purposes under make such regulations as may be necessary to carry part 2 of this title: Administrative expenses, rental and out the powers vested in him by this title. benefit payments, and refunds on taxes. The Secre- (e) The action of any officer, employee, or agent in tary of Agriculture and the Secretary of the Treasury determining the amount of and in making any rental shall jointly estimate from time to time the amounts, in or benefit payment shall not be subject to review by addition to any money available under subsection (a), any officer of the Government other than the Secretary currently required for such purposes; and the Secreof Agriculture or Secretary of the Treasury. tary of the Treasury shall, out of any money in the (f) The provisions of this title shall be applicable to Treasury not otherwise appropriated, advance to the the United States and its possessions, except the Secretary of Agriculture the amounts so estimated. Philippine Islands, the Virgin Islands, American The amount of any such advance shall be deducted Samoa, the Canal Zone, and the island of Guam. from such tax proceeds as shall subsequently become (g) No person shall, while acting in any official available under this subsection. . capacity in the administration of this title, speculate, (c) The administrative expenses provided for under directly or indirectly, in any agricultural commodity this section shall include, among others, expenditures or product thereof, to which this title applies, or in for personal services and rent in the District of Columcontracts relating thereto, or in the stock or memberbia and elsewhere, for law books and books of refership interests of any association or corporation enence, for contract stenographic reporting services, and gaged in handling, processing, or disposing of any such for printing and paper in addition to allotments under commodity or product. Any person violating this the existing law. The Secretary of Agriculture shall subsection shall upon conviction thereof be fined not transfer to the Treasury Department, and is authorized more than $10,000 or imprisoned not more than two to transfer to other agencies, out of funds available for years, or both. administrative expenses under this title, such sums as (h) For the efficient administration of the provisions are required to pay administrative expenses incurred of part 2 of this title, the provisions, including penalties, and refunds made by such department or agencies in of sections 8, 9, and 10 of the Federal Trade Com- the administration of this title. mission Act, approved September 26, 1914, are made applicable to the jurisdiction, powers, and duties of TERMINATION OF ACT the Secretary in administering the provisions of this title and to any person subject to the provisions of SEC. 13. This title shall cease to be in effect whenthis title, whether or not a corporation. Hearings ever the President finds and proclaims that the national authorized or required under this title shall be con- economic emergency in relation to agriculture has been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 311 ended; and pending such time the President shall by suant to a further finding under this section, or the tax proclamation terminate with respect to any basic agri- or rate thereof on the basic agricultural commodity is cultural commodity such provisions of this title as he altered or terminated. In no case shall the tax imposed finds are not requisite to carrying out the declared upon such competing commodity exceed that imposed policy with respect to such commodity. The Secretary per equivalent unit, as determined by the Secretary, of Agriculture shall make such investigations and upon the basic agricultural commodity. reports thereon to the President as may be necessary (e) During any period for which a processing tax to aid him in executing this section. is in effect with respect to any commodity there shall be levied, assessed, collected, and paid upon any article SEPARABILITY OF PROVISIONS processed or manufactured wholly or in chief value SEC. 14. If any provision of this title is declared from such commodity and imported into the United unconstitutional, or the applicability thereof to any States or any possession thereof to which this title apperson, circumstance, or commodity is held invalid the plies, from any foreign country or from any possession validity of the remainder of this title and the applica- of the United States to which this title does not apply, bility thereof to other persons, circumstances, or com- a compensating tax equal to the amount of the processmodities shall not be affected thereby. ing tax in effect with respect to domestic processing at the time of importation: Provided, That all taxes collected under this subsection upon articles coming from SUPPLEMENTARY REVENUE PROVISIONS the possessions of the United States to which this title EXEMPTIONS AND COMPENSATING TAXES does not apply shall not be covered into the general fund of the Treasury of the United States but shall be SEC. 15. (a) If the Secretary of Agriculture finds, held as a separate fund and paid into the Treasury of upon investigation at any time and after due notice and the said possessions, respectively, to be used and exopportunity for hearing to interested parties, that any pended by the governments thereof for the benefit of class of products of any commodity is of such low value agriculture. Such tax shall be paid prior to the release compared with the quantity of the commodity used for of the article from customs custody or control; their manufacture that the imposition of the processing tax would prevent in whole or in large part the use of FLOOR STOCKS the commodity in the manufacture of such products and thereby substantially reduce consumption and increase SEC. 16. (a) Upon the sale or other disposition of the surplus of the commodity, then the Secretary of any article processed wholly or in chief value from any Agriculture shall so certify to the Secretary of the commodity with respect to which a processing tax is to Treasury, and the Secretary of the Treasury shall abate be levied, that on the date the tax first takes effect or or refund any processing tax assessed or paid after the wholly terminates with respect to the commodity, date of such certification with respect to such amount is held for sale or other disposition (including articles of the commodity as is used in the manufacture of such in transit) by any person, there snail be made a tax products. adjustment as follows: (b) No tax shall be required to be paid on the proc- (1) Whenever the processing tax first takes effect, essing of any commodity by or for the producer thereof there shall be levied, assessed, and collected a tax to be for consumption by his own family, employees, or paid by such person equivalent to the amount of the household; and the Secretary of Agriculture is author- processing tax which would be payable with respect ized, by regulations, to exempt from the payment of to the commodity from which processed if the processthe processing tax the processing of commodities by or ing had occurred on such date. for the producer thereof for sale by him where, in the (2) Whenever the processing tax is wholly termijudgment of the Secretary, the imposition of a process- nated, there shall be refunded to such person a sum (or ing tax with respect thereto is unnecessary to effectuate if it has not been paid, the tax shall be abated) in an the declared policy. amount equivalent to the processing tax with respect (c) Any person delivering any product to any organi- to the commodity from which processed. zation for charitable distribution or use shall, if such (b) The tax imposed by subsection (a) shall not product or the commodity from which processed, is apply to the retail stocks of persons engaged in retail under this title subject to tax, be entitled to a refund of trade, held at the date the processing tax first takes the amount of any tax paid under this title with respect effect; but such retail stocks shall not be deemed to to such product so delivered. include stocks held in a warehouse on such date, or (d) The Secretary of Agriculture shall ascertain from such portion of other stocks held on such date as are time to time whether the payment of the processing tax not sold or otherwise disposed of within thirty days upon any basic agricultural commodity is causing or thereafter. The tax refund or abatement provided in will cause to the processors thereof disadvantages in subsection (a) shall not apply to the retail stocks of competition from competing commodities by reason of persons engaged in retail trade, held on the date the excessive shifts in consumption between such commodi- processing tax is wholly terminated. ties or products thereof. If the Secretary of Agriculture finds, after investigation and due notice and EXPORTATIONS opportunity for hearing to interested parties, that such disadvantages in competition exist, or will exist, he shall SEC. 17. (a) Upon the exportation to any foreign proclaim such finding. The Secretary shall specify in country (including the Philippine Islands, the Virgin this proclamation the competing commodity and the Islands, American Samoa, and the island of Guam) of compensating rate of tax on the processing thereof any product with respect to which a tax has been paid necessary to prevent such disadvantages in competi- under this title, or of any product processed wholly or tion. Thereafter there shall be levied, assessed, and in chief value from a commodity with respect to which collected upon the first domestic processing of such a tax has been paid under this title, the exporter thereof competing commodity a tax, to be paid by the proces- shall be entitled at the time of exportation to a refund sor, at the rate specified, until such rate is altered pur- of the amount of such tax. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 FEDERAL RESERVE BULLETIN MAY 1933 (b) Upon the giving of bond satisfactory to the Sec- may issue farm-loan bonds as authorized under this retary of the Treasury for the faithful observance of the Act, for the purpose of making new loans, or for purprovisions of this title requiring the payment of taxes, chasing mortgages or exchanging bonds for mortgages any person shall be entitled, without payment of the tax, as provided in paragraph ' Second' of sectipn 13 of this to process for such exportation any commodity with Act. The aggregate amount of the bonds issued under respect to which a tax is imposed by this title, or to this paragraph shall not exceed $2,000,000,000, and such hold for such exportation any article processed wholly bonds shall be issued in such denominations as the Farm or in chief value therefrom. Loan Commissioner shall prescribe, shall bear interest at a rate not in excess of 4 per centum per annum, and shall be fully and unconditionally guaranteed as to in- EXISTING CONTRACTS terest by the United States, and such guaranty shall be SEC. 18. (a) If (1) any processor, jobber, or whole- expressed on the face thereof. In the event that it saler has, prior to the date a tax with respect to any shall appear to the Farm Loan Commissioner that the commodity is first imposed under this title, made a issuing bank or banks will be unable to pay upon debona fide contract of sale for delivery on or after such mand, when due, the interest on any such bonds, the date, of any article processed wholly or in chief value Secretary of the Treasury shall, upon the request of the from such commodity, and if (2) such contract does not Commissioner, pay the amount thereof, which is hereby permit the addition to the amount to be paid there- authorized to be appropriated out of any money in the under of the whole of such tax, then (unless the con- Treasury not otherwise appropriated. Upon the paytract prohibits such addition) the vendee shall pay so ment of such interest by the Secretary of the Treasury much of the tax as is not permitted to be added to the the amount so paid shall become an obligation to the contract price. United States of the issuing bank or banks and shall (b) Taxes payable by the vendee shall be paid to the bear interest at the same rate as that borne by the bonds vendor at the time the sale is consummated and shall upon which the interest has been so paid. After the be collected and paid to the United States by the vendor expiration of one year from the date this paragraph in the same manner as other taxes under this title. takes effect, if in the opinion of the Farm Loan Com- In case of failure or refusal by the vendee to pay such missioner any part of the proceeds of the bonds authortaxes to the vendor, the vendor shall report the facts ized to be issued under this paragraph is not required to the Commissioner of Internal Revenue who shall for the purpose of making new loans or for purchasing cause collections of such taxes to be made from the mortgages or exchanging* bonds for mortgages as herein vendee. provided, such bonds may be issued within the maximum limit herein specified for the purpose of refinancing COLLECTION OP TAXES any outstanding issues of Federal farm-loan bonds; SEC. 19. (a) The taxes provided in this title shall be but no such bonds shall be issued after two years from collected by the Bureau of Internal Revenue under the the date this paragraph takes effect for the purpose of direction of the Secretary of the Treasury. Such taxes such refinancing. Any borrower who obtains a loan shall be paid into the Treasury of the United States. from a Federal land bank after the date this paragraph takes effect may, at any time after the expiration of five (b) All provisions of law, including penalties, appliyears from the date such loan was made, tender to cable with respect to the taxe3 imposed by section 600 such bank on any regular installment date, bonds issued of the Revenue Act of 1926, and the provisions of section under this paragraph in an amount not to exceed the 626 of the Revenue Act of 1932, shall, in so far as appliunpaid principal of his loan, and the bonds so tendered cable and not inconsistent with the provisions of this shall be accepted by the bank at par in payment of any title, be applicable in respect of taxes imposed by this part of such unpaid principal." title: Provided, That the Secretary of the Treasury is authorized to permit postponement, for a period not exceeding ninety days, of the payment of taxes covered PURCHASE, REDUCTION, AND REFINANCING OF FARM by any return under this title. MORTGAGES (c) In order that the payment of taxes under this SEC. 22. Paragraph "Second" of section 13 of the title may not impose any immediate undue financial Federal Farm Loan Act, as amended, is amended by burden upon processors or distributors, any processor adding at the end thereof the following new sentence: or distributor subject to such taxes shall be eligible for "In order to reduce and/or refinance farm mortgages, loans from the Reconstruction Finance Corporation to invest such funds as may be in its possession in the under section 5 of the Reconstruction Finance Corpurchase of first mortgages on farm lands situated poration Act. within the Federal land-bank district within which it is organized or for which it is acting, or to exchange farm- TITLE II—AGRICULTURAL CREDITS loan bonds for any duly recorded first mortgages on farm lands executed prior to the date this paragraph, PART 1—AMENDMENTS TO FEDERAL FARM LOAN ACT as amended, takes effect, at a price which shall not exceed in each individual case the amount of the unpaid ISSUANCE OF BONDS BY LAND BANKS principal of the mortgage on the date of such purchase or exchange, or 50 per centum of the normal value of SECTION 21. Section 32 of the Federal Farm Loan the land mortgaged and 20 per centum of the value of Act, as amended (U.S.C., title 12, sec. 991), is amended the permanent insured improvements thereon as deby adding at the end thereof the following new para- termined upon an appraisal made pursuant to this graph: Act, whichever is the smaller: Provided, That any " Until such time as the Farm Loan Commissioner mortgagor whose mortgage is acquired by a Federal determines that Federal farm-loan bonds (other than land bank under this paragraph shall be entitled to have those issued under this paragraph) are readily salable his farm-mortgage indebtedness refinanced in accordin the open market at a yield not in excess of 4 per ance with the provisions of sections 7 and 8 of this Act centum per annum, but in no case more than two years on the basis of the amount paid by the bank for his after this paragraph takes effect, Federal land banks mortgage." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

313 MAY 1933 FEDERAL RESERVE BULLETIN of each quarter thereafter, such amount as the Farm EXTENSION OF LOANS Loan Commissioner certifies to the Secretary of the SEC. 23. Paragraph "Tenth" of section 13 of the Treasury is equal to the amount by which interest Federal Farm Loan Act, as amended (U.S.C., title payments on mortgages held by such bank have been 12, sec. 781), is amended by adding at the end thereof reduced, during the preceding quarter, by reason of this the following: "The terms of any such extension shall paragraph; but in any case in which the Farm Loan be such as will not defer the collection of any obligation Commissioner finds that the amount of interest payable due by any borrower which, after investigation by the by such bank during any quarter has been reduced by bank of the situation of such borrower, is shown to be reason of the refinancing of bonds under section 32 of within his capacity to meet. In the case of any such this Act, the amount of the reduction so found shall be extension made prior to the expiration of five years deducted from the amount payable to such bank under from the date this paragraph as amended takes effect, this paragraph. No payments shall be made to a bank or in the case of any deferment of principal as provided with respect to any period after June 30, 1938. There in paragraph * Twelfth' of section 12 of this Act, itis authorized to be appropriated, out of any money in shall be the duty of the Secretary of the Treasury, on the Treasury not otherwise appropriated, the sum of behalf of the United States, upon the request of the $15,000,000 for the purpose of enabling the Secretary of Federal land bank making the extension, and with the Treasury to make payments to Federal land banks the approval of the Farm Loan Commissioner, to sub- which accrue during the fiscal year ending June 30, scribe at such periods as the Commissioner shall 1934, and such additional amounts as may be necessary determine, to the paid-in surplus of such bank an to make payments accruing during subsequent fiscal amount equal to the amount of all such extensions years. and deferments made by the bank during the preceding period. Such subscriptions shall be subject to INCREASE OF AMOUNT OF LOANS TO BORROWERS call, in whole or in part, by the bank with the approval of the Commissioner upon thirty days' notice. To SEC. 25. Paragraph "Seventh" of section 12 of the enable the Secretary of the Treasury to make such Federal Farm Loan Act, as amended (U.S.C., title 12, subscriptions to the paid-in surplus of the Federal sec. 771) (relating to the limitations as to amount of land banks, there is hereby authorized to be appro- loans), is amended by striking out "$25,000" and inpriated the sum of $50,000,000, to be immediately serting "$50,000, but loans to any one borrower shall available and remain available until expended. Upon not exceed $25,000 unless approved by the Farm Loan payment to any Federal land bank of the amount of Commissioner.'' any such subscription, such bank shall execute and DIRECT LOANS deliver a receipt therefor to the Secretary of the SEC. 26. Section 7 of the Federal Farm Loan Act, as Treasury in form to be prescribed by the Farm Loan amended, is amended by striking out the last para- Commissioner. The amount of any subscriptions to graph and inserting in lieu thereof the following new the paid-in surplus of any such bank may be repaid paragraphs: in whole or in part at any time in the discretion of the "Whenever it shall appear to the Farm Loan Combank and with the approval of the Farm Loan Commissioner that national farm-loan associations have not missioner, and the Commissioner may at any time been formed in any locality in the continental United require such subscriptions to be repaid in whole or in States, or that the farmers residing in the territory part if in his opinion the bank has resources available covered by the charter of a national farm-loan associatherefor." tion are unable to apply to the Federal land bank of the district for loans on account of the inability of the bank to accept applications from such association, the Farm REDUCTION OF INTEREST ON LOANS AND DEFERMENT OF Loan Commissioner shall authorize said bank to make PRINCIPAL direct loans to borrowers secured by first mortgages on SEC. 24. Section 12 of the Federal Farm Loan Act, farm lands situated within any such locality or territory. as amended (U.S.C., title 12, sees. 771-772), is amended Except as herein otherwise specifically provided, all by adding at the end thereof the following new para- provisions of this Act applicable with respect to loans graph: made through national farm-loan associations shall, in- "Twelfth. Notwithstanding the provisions of para- sofar as practicable, apply with respect to such direct graph 'Second,' the rate of interest on any loans on loans, and the Farm Loan Commissioner is authorized mortgage made through national farm-loan associations to make such rules and regulations as he may deem or through agents as provided in section 15, or pur- necessary with respect to such direct loans. chased from joint-stock land banks, by any Federal "The rate of interest on such direct loans made at land bank, outstanding on the date this paragraph any time by any Federal land bank shall be one-half takes effect or made through national farm-loan asso- of 1 per centum per annum in excess of the rate of ciations within two years after such date, shall not interest charged to borrowers on mortgage loans made exceed 4}£ per centum per annum for all interest pay- at such time by the bank through national farm-loan able on installment dates occurring within a period of associations. five years commencing sixty days after the date this "Each borrower who obtains a direct loan from a paragraph takes effect; and no payment of the principal Federal land bank shall subscribe and pay for stock in portion of any installment of any such loan shall be such bank in the sum of $5 for each $100 or fraction required during such five-year period if the borrower thereof borrowed. Such stock shall be held by such shall not be in default with respect to any other condi- Federal land bank as collateral security for the loan of tion or covenant of his mortgage. The foregoing pro- the borrower and shall participate in all dividends. visions shall apply to loans made by Federal land banks Upon full payment of the loan such stock shall, if still through branches, except that the rate of interest on outstanding, be canceled at par, or, in the event that such loans for such tfive-year period shall be 5 per such stock shall have become impaired, at the estimated centum in lieu of 4% per centum. The Secretary of value thereof as approved by the Farm Loan Commisthe Treasury shall pay each Federal land bank, as soon sioner, and the proceeds thereof shall be paid to the as practicable after October 1, 1933, and after the end borrower. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN MAY 1933 "Each such borrower may covenant in his mortgage FEDERAL FARM-LOAN BONDS AS SECURITY FOR ADVANCES that, whenever there are ten or more borrowers who BY FEDERAL RESERVE BANKS have obtained from a Federal land bank direct loans under the provisions of this section aggregating not less SEC. 28. The eighth paragraph of section 13 of the than $20,000, and who reside in a locality which may, Federal Reserve Act, as amended, is amended by in the opinion of the Farm Loan Commissioner, be inserting before the period at the end thereof a comma conveniently covered by the charter of and served by a and the following: "or by the deposit or pledge of bonds national farm-loan association, he will unite with such issued pursuant to the paragraph added to section 32 other borrowers to form a national farm-loan associa- of the Federal Farm Loan Act, as amended by section tion. Such borrowers shall organize the association 21 of the Emergency Farm Mortgage Act of 1933." subject to the requirements and the conditions specified in this section, so far as the same may be applicable, and PART 2—JOINT-STOCK LAND BANKS in accordance with rules and regulations of the Farm Loan Commissioner. As soon as the organization of the LIMITATIONS ON ISSUE OF BONDS AND LENDING association has been approved by the Farm Loan Com- SEC. 29. After the date of enactment of this Act, no missioner, the stock in the Federal land bank held by joint-stock land bank shall issue any tax-exempt bonds each of the members of such association shall be can- or make any farm loans except such as are necessary celed at par, and in lieu thereof the bank shall issue in and incidental to the refinancing of existing loans or the name of the-association an equal amount of stock bond issues or to the sale of any real estate now owned in said bank, which stock shall be held by said bank as or hereafter acquired by such bank. collateral security as provided in this section with respect to other loans through national farm-loan associations. Thereupon there shall be issued to each such LOANS TO JOINT-STOCK LAND BANKS TO PROVIDE FOR member an amount of capital stock in the association ORDERLY LIQUIDATION equal to the amount which he previously held in said SEC. 30. (a) The Reconstruction Finance Corporabank, which stock shall be held by said association as tion is authorized and directed to make available to the collateral security as provided in section 8 of this Act. Farm Loan Commissioner, out of the funds of the Cor- The board of directors of said association shall adopt a poration, the sum of $100,000,000, to be used, for a resolution authorizing and directing its secretary- period not exceeding two years from the date of enacttreasurer on behalf of said association to endorse, and ment of this Act, for the purpose of making loans to thereby become liable for the payment of, the mortgages the joint-stock land banks organized and doing business taken from its charter members by the Federal land under the Federal Farm Loan Act, as amended, at a bank. When it shall appear to the satisfaction of the rate of interest not to exceed 4 per centum per annum, Farm Loan Commissioner that all the foregoing condi- payable annually. Such loans shall be made upon tions have been complied with, and upon the granting application therefor by such banks and upon compliof the charter by the Farm Loan Commissioner, the ance with the requirements of this section. The interest rate paid by each charter member of such asso- amount which may be loaned hereunder to any such ciation whose loan is in good standing shall, beginning bank shall not exceed an amount having the same prowith his next regular installment date, be reduced to the portion to the said $100,000,000 as the unpaid principal rate of interest paid by borrowers on new loans made of the mortgages held by such bank on the date of through national farm-loan associations in the same enactment of this Act bears to the total amount of the Federal land-bank district at the time the said loan was unpaid principal of the mortgages held by all the jointmade to such charter member. stock land banks on such date. " Charges to be paid by applicants for direct loans (b) Any joint-stock land bank applying for a loan from a Federal land bank shall not exceed amounts to be under this section shall deliver to the Farm Loan fixed by the Farm Loan Commissioner and shall in no Commissioner as collateral security therefor first mortcase exceed the charges which may be made to appli- gages or purchase-money mortgages on farm lands, cants for loans and borrowers through national farm- first mortgages on farm real estate owned by the bank loan associations under the provisions of sections 11 and in fee simple, or such other collateral as may be avail- 13 of this Act." able to said bank, including sales contracts and sheriff's certificates on farm lands. The real estate upon which such collateral is based shall be appraised by appraisers LOANS TO RECEIVERS appointed under the Federal Farm Loan Act, as SEC. 27. Any receiver appointed by the Federal amended, and the borrowing bank shall be entitled to Farm Loan Board pursuant to section 29 of the Federal borrow not to exceed 60 per centum of the normal value Farm Loan Act, as amended, or any receiver appointed of such real estate as determined by such appraisal. by a district court of the United States, is authorized, Fees for such appraisals shall be paid by the applicant for the purpose of paying taxes on farm real estate banks in such amounts as may be fixed by the Farm owned by the bank or securing the mortgages held by Loan Commissioner. No such loan shall be made until it, with the approval of the Farm Loan Commissioner, the applicant bank, under regulations to be prescribed to borrow from the Reconstruction Finance Corpora- by the Farm Loan Commissioner, (1) shall have agreed tion and to issue receiver's certificates against the to grant to each borrower then indebted to the bank assets of such bank as security for any loan received under the terms of a first mortgage a reduction to 5 per from the Corporation under this section, and such cer- centum per annum in the rate of interest specified in tificates shall constitute a prior lien on such assets. such mortgage, beginning at his next regular installment The Reconstruction Finance Corporation is authorized date occurring more than sixty days after the date of to make loans to such receivers for the purposes of this enactment of this Act, and (2) shall have agreed to the section. satisfaction of the Commissioner that during a period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 315 of two years from the date of enactment of this Act the for the balance of the indebtedness then or thereafter bank will not proceed against the mortgagor on account to become due under the terms of such mortgage; but of default in the payment of interest or principal due the Farm Loan Commissioner may require the bank under the terms of its mortgage and will not foreclose its to furnish additional collateral as security for such mortgage unless the property covered by such mortgage loan, if such collateral is available to the bank. is abandoned by the mortgagor or unless, in the (d) The Farm Loan Commissioner is authorized to opinion of the Commissioner, such foreclosure is make such rules and regulations as may be necessary necessary for other reasons. Such loans shall be made to carry out the purposes of this section and to make to aid the orderly liquidation of any such bank in ac- the relief contemplated immediately available. cordance with such plan as may be approved by the Farm Loan Commissioner. Before any such plan is PART 3—LOANS TO FARMERS BY FARM LOAN approved by the Commissioner he shall be satisfied COMMISSIONER that the plan carries out the purposes of this section and that such part of the proceeds of the loan as is REDUCTION OF DEBTS AND REDEMPTION OF FORECLOSED devoted to settlements with bondholders will be used FARMS only to effect an equitable settlement with all bondholders. After the plan has been approved by the SEC. 32. The Reconstruction Finance Corporation is Commissioner he shall require the bank to mail a copy authorized and directed to allocate and make available thereof to all its known bondholders and to publish a to the Farm Loan Commissioner the sum of $200,000,000, notice setting forth its provisions in at least three or so much thereof as may be necessary, to be used for newspapers having general circulation. the purpose of making loans as hereinafter provided to any farmer, secured by a first or second mortgage upon the whole or any part of the farm property, real or LOANS BY THE FABM LOAN COMMISSIONER TO JOINTpersonal, including crops, of the farmer. The amount STOCK LAND BANKS FOR EMERGENCY PURPOSES of the mortgage given by any farmer, together with all SEC. 31. (a) Out of the funds made available to him prior mortgages or other evidences of indebtedness under section 30, the Farm Loan Commissioner is secured by such farm property of the farmer, shall not authorized to make loans, in an aggregate amount not exceed 75 per centum of the normal value thereof, as exceeding $25,000,000, at a rate of interest not to determined upon an appraisal made pursuant to the exceed 4 per centum per annum, to any joint-stock Federal Farm Loan Act, as amended; nor shall a loan land bank for the purpose of securing the postpone- in excess of $5,000, be made to any one farmer. Every ment for two years from the date of the enactment of mortgage made under this section shall contain an this Act of the foreclosure of first mortgages held by agreement providing for the repayment of the loan such banks on account of (1) default in the payment on an amortization plan by means of a fixed number of of interest and principal due under the terms of the annual or semiannual installments, sufficient to cover mortgage, and (2) unpaid delinquent taxes, excluding (1) interest on unpaid principal at a rate not to exceed interest and penalties, which may be secured by the 5 per centum per annum and (2) such payments equal lien of said mortgage: Provided, That during the in amount to be applied on principal as will extinguish period of postponement of foreclosure such bank shall the debt within an agreed period of not more than ten charge the mortgagor interest at a rate not exceeding years or, in the case of a first or second mortgage 4 per centum per annum on the aggregate amount of secured wholly by real property and made for the pursuch delinquent taxes and defaulted interest and pose of reducing and refinancing an existing mortgage principal with respect to which loans are made pursuant within an agreed period no greater than that for which to this section. The amount loaned to any joint-stock loans may be made under the Federal Farm Loan Act, land bank under this section shall be made without as amended, from the date the first payment on princireappraisal: Provided, That the amount loaned with pal is due: Provided, That during the first three years respect to any mortgage on account of unpaid principal the loan is in effect payments of interest only may be shall not exceed 5 per centum of the total unpaid required if the borrower shall not be in default with principal of such mortgage, and the total amount loaned respect to any other condition or covenant of his mortto any such land bank with respect to any mortgage gage. No loan shall be made under this section unless shall not exceed 25 per centum of the total unpaid the holder of any prior mortgage or instrument of principal of such mortgage. indebtedness secured by such farm property arranges (b) No such loan shall be made with respect to any to the satisfaction of the Farm Loan Commissioner to mortgage unless the Farm Loan Commissioner is satis- limit his right to proceed against the farmer and such fied that the mortgagor, after exercising ordinary farm property for default in payment of principal. diligence to pay his accrued delinquent taxes, and meet Loans under this section shall be made for the following accrued interest and principal payments, has defaulted purposes only: (1) Refinancing, either in connection thereon; and unless the bank shall have agreed to the with proceedings under chapter VIII of the Bankruptcy satisfaction of the Farm Loan Commissioner that dur- Act of July 1, 1898, as amended (relating to agricultural ing such two-year period the bank will not foreclose compositions and extensions), or otherwise, any insuch mortgage unless the property covered thereby is debtedness, secured or unsecured, of the farmer, (2) abandoned by the mortgagor or unless in the opinion providing working capital for his farm operations, and of the Farm Loan Commissioner such foreclosure is (3) enabling any farmer to redeem and/or repurchase necessary for other reasons. farm property owned by him prior to foreclosure which (c) Each such loan shall be secured by an assign- has been foreclosed at any time between July 1, 1931, ment to the Farm Loan Commissioner of the lien of and the date of the enactment of this Act, or which is the taxes and/or of the bank's mortgage with respect foreclosed after the enactment of this Act. The proto which the loan is made: Provided, That the part visions of paragraph "Ninth" of section 13 of the of each such lien so assigned representing the interest Federal Farm Loan Act, as amended (relating to charges and principal due and unpaid in any such mortgage to applicants for loans and borrowers from the Federal which has been assigned to the farm loan registrar land banks), shall, so far as practicable, apply to loans shall be subordinate to the existing lien of the bank made under this section. As used in this section, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE BULLETIN MAY 1933 term "farmer" means any individual who is bona fide of the borrower held by the Corporation are retired, an engaged in farming operations, either personally or amount equal to the amount by which the assessments through an agent or tenant, or the principal part of against the real property within the project collected whose income is derived from farming operations, and by the borrower exceed the costs of operation and includes a personal representative of a deceased farmer. maintenance of the project and interest on its outstanding obligations; and (5) the borrower shall agree, to REGULATIONS the satisfaction of the Corporation, to reduce the outstanding indebtedness to the borrower of the land- SEC. 33. The Farm Loan Commissioner is author- owners within such project by an amount correspondized to make such rules and regulations, and to appoint, ing to that by which the indebtedness of the borrower employ, and fix the compensation of such officers, em- is reduced by reason of the operation of this section, ployees, attorneys, and agents as may be necessary to to distribute the amount of such reduction among carry out the purposes of this title and to make the such landowners on a pro rata basis, to cancel and relief contemplated by this title immediately available, retire its outstanding bonds in an aggregate amount without regard to the provisions of other laws appli- equal to the amount of the reduction so distributed, cable to the employment and compensation of officers and to permit the Corporation, in the case of the payand employees of the United States: Provided, That noment of the bonds of the borrower or the liquidation salary or compensation in excess of $10,000 shall be of such project, to participate in such payment or in paid to any person employed under the terms of the the proceeds of such liquidation on the basis of the face foregoing section. amount of the bonds so retired plus the face amount of the bonds held by the Corporation as security for the FACILITIES OP FEDERAL LAND BANKS AND NATIONAL loan. No loan shall be made under this section until FARM LOAN ASSOCIATIONS MADE AVAILABLE the Reconstruction Finance Corporation (A) has caused an appraisal to be made of the property securing and/or SEC. 34. The Federal land banks and the national underlying the outstanding bonds of the applicant, farm loan associations are authorized, upon request of (B) has determined that the project of the applicant the Farm Loan Commissioner, to make available to is economically sound, and (C) has been satisfied that him their services and facilities to aid in administering an agreement has been entered into between the applithe provisions of this title. cant and the holders of its outstanding bonds under which the applicant will be able to purchase or refund PENALTIES such bonds at a price determined by the Corporation to be reasonable after taking into consideration the SEC. 35. Any person who shall knowingly make any average market price of such bonds over the six months' material false representation for the purpose of obtain- period ending March 1, 1933, and under which a subing any loan under part 3 of this title, or in assisting in stantial reduction will be brought about in the amount obtaining any such loan, shall, upon conviction thereof, of the outstanding indebtedness of the applicant. be fined not more than $1,000, or imprisoned not more than six months, or both. SEC. 37. The Reconstruction Finance Corporation, upon request of the Secretary of the Interior, is author- PART 4—REFINANCING OF AGRICULTURAL IMPROVE- ized and empowered to advance from funds made MENT DISTRICT INDEBTEDNESS FOR THE BENEFIT available by section 2 of the Act of January 22, 1932 OF FARMERS (47 Stat.L. 5), to the reclamation fund created by the Act of June 17, 1902 (32 Stat.L. 388), such sum or LOANS BY RECONSTRUCTION FINANCE CORPORATION sums as the Secretary of the Interior may deem necessary, not exceeding $5,000,000, for the completion of SEC. 36. The Reconstruction Finance Corporation is projects or divisions of projects now under construction, authorized and empowered to make loans as hereinafter or projects approved and authorized. Funds so adprovided, in an aggregate amount not exceeding vanced shall be repaid out of any receipts and accre- $50,000,000; to drainage districts, levee districts, tions accruing to the reclamation fund within such levee and drainage districts, irrigation districts, and time as may be fixed by the Reconstruction Finance similar districts, duly organized under the laws of any Corporation, not exceeding five years from the date of State, and to political subdivisions of States, which advance, with interest at the rate of 4 per centum per prior to the date of enactment of this Act, have com- annum. Sums so advanced may be expended in the pleted projects devoted chiefly to the improvement of same way as other moneys in the reclamation fund. lands for agricultural purposes. Such loans shall be made for the purpose of enabling any such district or political subdivision (hereafter referred to as the PART 5—INCREASE OF LENDING POWER OF RECON- "borrower") to reduce and refinance its outstanding CONSTRUCTION FINANCE CORPORATION indebtedness incurred in connection with any such SEC. 38. In order to provide funds to carry out the project, and shall be subject to the same terms and purposes of this title, the amount of notes, debentures, conditions as loans made under section 5 of the Reconbonds, or other such obligations which the Reconstrucstruction Finance Corporation Act, as amended; except tion Finance Corporation is authorized and empowered that (1) the term of any such loan shall not exceed under section 9 of the Reconstruction Finance Corforty years; (2) each such loan shall be secured by poration Act, as amended, to have outstanding at any refunding bonds issued to the Corporation by the one time, is hereby increased by $300,000,000. borrower which are a lien on the real property within the project or on the amount of the assessments levied PART 6—FUNCTIONS OF FARM LOAN COMMISSIONER on such property by the borrower pursuant to State UNDER EXECUTIVE ORDERS law, or by such other collateral as may be acceptable to the Corporation; (3) the borrower shall agree not to SEC. 39. If and when any executive order heretofore issue during the term of the loan any bonds so secured transmitted to the Congress pursuant to title IV of except with the consent of the Corporation; (4) the part II of the Legislative Appropriation Act of 1933, as borrower shall pay to the Corporation, until all bonds amended, shall become effective, all functions, powers, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 317 authority, and duties conferred upon or vested in the corporations in which the United States is the majority Farm Loan Commissioner by this title shall be held and stockholder, and (2) purchase directly and hold in portexercised by him subject to all the terms and conditions folio for an agreed period or periods of time Treasury in any such Executive order the same as if such bills or other obligations of the United States Governfunctions, powers, authority, and duties were specifi- ment in an aggregate sum of $3,000,000,000 in addition cally named in such Executive order or orders. to those they may then hold, unless prior to the termination of such period or periods the Secretary shall PART 7—MISCELLANEOUS consent to their sale. No suspension of reserve requirements of the Federal Reserve banks, under the terms of PERFECTING ORGANIZATION FARM CREDIT ADMINIS- section ll(c) of the Federal Reserve Act, necessitated TRATION by reason of operations under this section, shall require the imposition of the graduated tax upon any deficiency SEC. 40. The Governor of the Farm Credit Adminisin reserves as provided in said section 11 (c). Nor shall tration is authorized, in carrying out the powers and it require any automatic increase in the rates of interest duties now or hereafter vested in him or the Farm or discount charged by any Federal Reserve bank, as Credit Administration by law or under any Executive otherwise specified in that section. The Federal order made under title IV of part II of the Legislative Reserve Board, with the approval of the Secretary of Appropriation Act of 1933, as amended, to establish, the Treasury, may require the Federal Reserve banks and to fix the powers and duties of, such divisions, to take such action as may be necessary, in the judgment agencies, corporations, and instrumentalities as he of the Board and of the Secretary of the Treasury, to may deem necessary to the efficient functioning of the prevent undue credit expansion. Farm Credit Administration and the successful execu- (b) If the Secretary, when directed by the President, tion of the powers and duties so vested in the Governor is unable to secure the assent of the several Federal and the Farm Credit Administration. This section Reserve banks and the Federal Reserve Board to the shall not be construed to restrict the authority of the agreements authorized in this section, or if operations President under title IV of such Act, as amended: under the above provisions prove to be inadequate to Provided, That no salary or compensation shall be paid meet the purposes of this section, or if for any other to any officer, agent, or other person employed under reason additional measures are required in the judgment this section in excess of $10,000 per annum. of the President to meet such purposes, then the President is authorized— LOANS TO FRUIT GROWERS (1) To direct the Secretary of the Treasury to cause SEC. 41. That'in making loans to owners of groves to be issued in such amount or amounts as he may from and orchards, including citrus-fruit groves and other time to time order, United States notes, as provided in fruit groves and orchards, the Federal land banks, the the Act entitled "An Act to authorize the issue of farm land banks, and all Government agencies making United States notes and for the redemption of funding loans upon such character of property may, in apprais- thereof and for funding the floating debt of the United ing the property offered as security, give a reasonable States", approved February 25, 1862, and Acts suppleand fair valuation to the fruit trees located and growing mentary thereto and amendatory thereof, in the same upon said property and constituting a substantial part size and of similar color to the Federal Reserve notes of its value. heretofore issued and in denominations of $1, $5, $10, PART 8—SHORT TITLE $20, $50, $100, $500, $1,000, and $10,000; but notes issued under this subsection shall be issued only for the SEC. 42. This title may be cited as the "Emergency purpose of meeting maturing Federal obligations to Farm Mortgage Act of 1933." repay sums borrowed by the United States and for purchasing United States bonds and other interest- TITLE III—FINANCING—AND EXERCISING POWER CON- bearing obligations of the United States: Provided, FERRED BY SECTION 8 OF ARTICLE I OF THE CONSTI- That when any such notes are used for such purpose the TUTION: To COIN MONEY AND TO REGULATE THE bond or other obligation so acquired or taken up shall VALUE THEREOF be retired and canceled. Such notes shall be issued at such times and in such amounts as the President may SEC. 43. Whenever the President finds, upon invesapprove but the aggregate amount of such notes outtigation, that (1) the foreign commerce of the United standing at any time shall not exceed $3,000,000,000. States is adversely affected by reason of the depreciation in the value of the currency of any other govern- There is hereby appropriated, out of any money in the ment or governments in relation to the present standard Treasury not otherwise appropriated, an amount value of gold, or (2) action under this section is neces- sufficient to enable the Secretary of the Treasury to sary in order to regulate and maintain the parity of retire and cancel 4 per centum annually of such outcurrency issues of the United States, or (3) an economic standing notes, and the Secretary of the Treasury is emergency requires an expansion of credit, or (4) an hereby directed to retire and cancel annually 4 per expansion of credit is necessary to secure by interna- centum of such outstanding notes. Such notes and all tional agreement a stabilization at proper levels of the other coins and currencies heretofore or hereafter currencies of various governments, the President is coined or issued by or under the authority of the United authorized, in his discretion— States shall be legal tender for all debts public and (a) To direct the Secretary of the Treasury to enter private. into agreements with the several Federal Reserve banks (2) By proclamation to fix the weight of. the gold and with the Federal Reserve Board whereby the dollar in grains nine tenths fine and also to fix the weight Federal Reserve Board will, and it is hereby authorized of the silver dollar in grains nine tenths fine at a definite to, notwithstanding any provisions of law or rules and fixed ratio in relation to the gold dollar at such amounts regulations to the contrary, permit such reserve banks as he finds "necessary from his investigation to stabilize to agree that they will, (1) conduct, pursuant to existing domestic prices or to protect the foreign commerce law, throughout specified periods, open market opera- against the adverse effect of depreciated foreign curtions in obligations of the United States Government or rencies, and to provide for the unlimited coinage of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN MAY 1933 such gold and silver at the ratio so fixed, or in case the Such silver certificates shall be used by the Treasurer Government of the United States enters into an agree- of the United States in payment of any obligations of ment with any government or governments under the the United States. terms of which the ratio between the value of gold and (e) The silver so accepted and received under this other currency issued by the United States and by any section shall be coined into standard silver dollars and such government or governments is established, the subsidiary coins sufficient, in the opinion of the Secre- President may fix the weight of the gold dollar in tary of the Treasury, to meet any demands for reaccordance with the ratio so agreed upon, and such demption of such silver certificates issued under the gold dollar, the weight of which is so fixed, shall be the provisions of this section, and such coins shall be restandard unit of value, and all forms of money issued tained in the Treasury for the payment of such certifior coined by the United States shall be maintained at a cates on demand. The silver so accepted and received parity with this standard and it shall be the duty of the under this section, except so much thereof as is coined Secretary of the Treasury to maintain such parity, but under the provisions of this section, shall be held in the in no event shall the weight of the gold dollar be fixed Treasury for the sole purpose of aiding in maintaining so as to reduce its present weight by more than 50 per the parity of such certificates as provided in existing centum. law. Any such certificates or reissued certificates, SEC. 44. The Secretary of the Treasury, with the when presented at the Treasury, shall be redeemed in approval of the President, is hereby authorized to make standard silver dollars, or in subsidiary silver coin, at and promulgate rules and regulations covering any the option of the holder of the certificates: Provided, action taken or to be taken by the President under sub- That, in the redemption of such silver certificates issued section (a) or (b) of section 43. under this section, not to exceed one third of the coin SEC. 45. (a) The President is authorized, for a required for such redemption may in the judgment of period of six months from the date of the passage of the Secretary of the Treasury be made in subsidiary this Act, to accept silver in payment of the whole or coins, the balance to be made in standard silver dollars. any part of the principal or interest now due, or (f) When any silver certificates issued under the to become due within six months after such date, provisions of this section are redeemed or received into from any foreign government or governments on ac- the Treasury from any source whatsoever, and belong count of any indebtedness to the United States, such to the United States, they shall not be retired, canceled, silver to be accepted at not to exceed the price of 50 or destroyed, but shall be reissued and paid out again cents an ounce in United States currency. The aggre- and kept in circulation; but nothing herein shall prevent gate value of the silver accepted under this section the cancelation and destruction of mutilated certificates shall not exceed $200,000,000. and the issue of other certificates of like denomination (b) The silver bullion accepted and received under in their stead, as provided by law. the provisions of this section shall be subject to the (g) The Secretary of the Treasury is authorized to requirements of existing law and the regulations of the make rules and regulations for carrying out the provimint service governing the methods of determining the sions of this section. amount of pure silver contained, and the amount of the SEC. 46. Section 19 of the Federal Reserve Act, as charges or deductions, if any, to be made; but such amended, is amended by inserting immediately after silver bullion shall not be counted as part of the silver paragraph (c) thereof the following new paragraph: bullion authorized or required to be purchased and 11 Notwithstanding the foregoing provisions of this coined under the provisions of existing law. section, the Federal Reserve Board, upon the affirma- (c) The silver accepted and received under the pro- tive vote of not less than five of its members and with visions of this section shall be deposited in the Treasury the approval of the President, may declare that an of the United States, to be held, used, and disposed of emergency exists by reason of credit expansion, and as in this section provided. may by regulation during such emergency increase or (d) The Secretary of the Treasury shall cause silver decrease from time to time, in its discretion, the reserve certificates to be issued in such denominations as he balances required to be maintained against either deems advisable to the total number of dollars for demand or time deposits." which such silver was accepted in payment of debts. Approved May 12th, 1933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 319 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 April March April Apr. 5 Apr. 12 Apr. 19 Apr. \ Boston 17.9 23.5 34.0 Boston 19,021 17,862 17, 507 16, 739 New York..__ 112.4 476.7 119.6 New York... 115, 615 121, 583 110,403 87,967 Philadelphia. 55.8 130.5 73.7 Philadelphia. 62, 695 55, 580 53,168 50,347 Cleveland.. 59.4 91.9 86.6 Cleveland- 53, 685 53, 908 53, 247 64,166 Richmond.. 20.7 38.9 29.2 Richmond. 18, 711 21,049 21,417 20,860 Atlanta 25.6 36.7 37.0 Atlanta 26,342 25,673 25,271 24,600 Chicago 18.4 62.4 46.2 Chicago 18,822 18,860 18,057 17,203 St. Louis 4.4 10.9 16.7 St. Louis 5,105 4,314 4,333 3,872 Minneapolis.. 13.1 9.7 Minneapolis.. 10,044 9,813 9,544 9,413 Kansas City... 20.6 25.2 32.0 Kansas City... 21,820 21,895 21,186 16,488 Dallas 6.6 6.2 12.6 Dallas.. 5,674 5,488 6,931 8,018 San Francisco . 73.2 78.1 107.6 San Francisco.. 78, 643 72,431 73, 206 65,328 Total.. 424.8 i4.2 605.1 Total . 436,177 428,456 414,270 385,001 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 Federal Reserve notes in Total cash reserves Total deposits circulation l Reserve percentages Federal Reserve bank 1933 1932 1933 1932 1933 1932 1933 1932 April March April April March April April March April April March April Boston 233,953 208, 468 218,930 132, 580 132,131 122,650 235,849 248, 620 174,263 63.5 54.8 73.7 New York 1,030,085 766, 707 1,001,905 1,029, 531 858,199 949,134 791,131 930, 403 573,491 56.6 42.9 65.8 Philadelphia- 221,533 177, 737 254,085 123, 250 113,800 123,037 260,933 295,366 253,218 57.7 43.4 67.5 Cleveland.. 284,800 293,030 295,404 152, 432 149,696 152,035 346,548 401,269 293,719 57.1 53.2 66.3 Richmond- 178, 052 162,042 101,069 72, 539 65,868 55,778 177,142 195,938 95,571 71.3 61.9 66.8 Atlanta 115, 493 109,893 122,058 54, 250 61, 776 51, 324 143,748 159,878 117,638 58.3 72.2 Chicago 882,517 778,563 676,419 300,496 289,455 273,114 903, 267 1,037, 508 546,158 73.3 58.7 82.6 St. Louis...... 150, 645 153,604 111, 642 76,823 77,553 62, 242 150,457 166,113 91,048 66.3 63.0 72.8 Minneapolis.. 74,493 74,139 81,172 44, 738 44, 371 43,939 109, 059 70,588 52.0 48.3 70.9 Kansas City... 120,828 132,712 95,484 81,960 85,160 69,202 122, 265 138,562 81,411 59.2 63.4 Dallas. 45, 617 69,404 52,906 53, 613 69,110 50,039 41,607 50, 694 37,845 47.9 57.9 60.2 San Francisco. 212,149 223,895 219, 370 158,998 156,426 149, 525 263,839 308,941 222,839 50.2 48.1 58.9 Total.. 3,550,165 3,150,194 3, 230,444 2, 281,210 2,103,545 2,102, 0193,535, 436 4,042, 3512, 557,789 61.0 51.3 69.3 i Includes "Federal Reserve notes of other banks" as follows: Latest month, $23,624,000; month ago, $23,603,000; year ago, $14,806,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDEKAL RESERVE BULLETIN MAY 1935 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, APR. 30, 1933 [In thousands of dollars] Total B t o o s n - 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 Chicago L S ou t. is n M o e l a i i n p s - - K C s a i a t 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 2,648,692187,944 665,546169,000 201,970146,135 83,015 781,347 1201,,220 51,424 79,290 18, 538144,26a Gold redemption fund with U.S. Treasury 62,115 5,655 9,636 4,966 7,836 2,454 3,684 10,131 1,678 2,465 3,183 1,479 8,94& Gold held exclusively against Fed- 2,710,807 193,599 675,182 173,966 209,806148,589 eral Reserve notes 791,478121,898 82, 473 20,017153,211 Gold settlement fund with F.R. Board.... 349,972 24,613 92,835 19,130 20,030 17,340 12,765 72,956 22,277 13,502 23,704 10,702 20,118 Gold and gold certificates held by banks- 355,628 21,972 214,605 15,240 24,220 6,892 8,736 13,987 2,600 2,645 12,660 5,929 26,142 Total gold reserves _ 3,416,407 240,184 982,622 208,336 2541,,056172,821 .08,200 878,421146,775 70,036 118,837 .99,471 Reserves other than gold. 216,691 15,836 68,506 22,328 17,022 10,552 7,653 31,238 8,993 3,025 7,758 7,950 15,830 Total reserves 3,633,098 256,020 1,, 051,128 230,664 271,078 183,373 15,853 909,659 155,768 73,061126,595 44, 598215,301 Nonreserve cash. 94,003 5,926 21,882 3,961 6,074 3,586 6,198 19,989 6,200 1,789 3,118 4,1 10,291 Redemption fund—F.R. bank notes 3,318 150 1,400 292 250 50 1,000 100 50 Bills discounted: Secured by U.S. Government obligations.-- 119,164 6,594 66,163 10,601 19,512 2,151 3,418 4,160 1,227 1,599 1,368 1,888 Other bills discounted 315,846 10,689 50,082 39,603 63, 549 19,512 21,307 12, 554 2,437 8,958 14,337 7,443 65,375 Total bills discounted . 435,010 17,283 116,245 50,204 83,061 21, 663 24, 725 16,714 3,664 9,441 15,936 8,811 67,263 Bills bought - 170,708 35, 625 27,233 5,466 3,626 3,006 8,884 46,961 7,185 7,240 4,494 20,458 U.S. Government securities: Bonds 421,648 19, 739 188,224 30,911 36,364 9,916 10,043 39,902 13,957 17,314 12, 559 16,990 25, 729 Treasury notes 513,581 27,988 204, 378 40,521 53,470 14, 583 14,727 58,671 19, 788 14,303 17,036 10, 280 37,836 Certificates and bills 902,059 45, 385 337,772 65,709 86, 706 23,650 23, 890 157,978 32,087 23, 229 27,625 16,670 61,358 Total U.S. Government securities... 1,837,288 93,112 730,374 137,141 176, 540 48,149 48,660 256,551 65,832 54,846 57,220 43,940124,923 Other securities 5,726 5,067 525 27 107 Total bills and securities 2,448,732146,020 878,919 193, 336 263,227 72,818 82, 269 320, 253 76,681 71, 634 77,650 53,281212,644 Due from foreign banks 3,656 278 1,371 399 358 141 127 494 15 10 105 105 253 Federal Reserve notes of other banks 20,850 27' 5,394 874 1,294 1,819 1,417 3,895 1, 519 907 1,671 278 1,505 Uncollected items 302,110 33,322 85,067 22,702 28,399 22,792 10, 554 40,192 12,314 7,865 15,691 9,461 13,751 Bank premises 54,185 3,280 12,818 3,272 3,237 2,422 7,601 3,285 1,746 3,559 1,792 4,244 All other resources -. 46,103 829 22, 706 3,832 1,957 3,185 5,288 1,309 984 1,863 1,156 1,467 1,527 Total resources. 6,606,055446,102 2,080, 685 459,33i 579,566 290,951 224,178 1,304,392 256,866 158,901 229,545 116,021 459, 516 F.R. notes in actual circulation 3,427,911229,349 751,192 253,988 342,400 171,444136,833 890,389 148,151 95, 284118,478 39,305 251,098 F.R. bank notes in actual circulation 47,808 5,528 26,865 4,978 3,919 89 6,015 200 Deposits: Member bank—reserve account- 2,132,389132,8681, 007,700 114,833 1291,,509 60,157 43,142 271, 29265,409 38,258 75,421 49, 44, 582 Government- 59,197 3,981 24,307 5,51 6,945 4,683 3,028 2,363 1,616 867 1,634 1,791 2,465 Foreign bank 29,928 2,563 6,545 3,686 3,476 1,369 1,229 4,564 1,194 808 1,018 1,018 2,458 Special deposits: Member bank 81,909 2,812 5,711 14,456 6,723 6,218 24,925 5,397 1,104 4,674 198 3,653 Nonmember bank 16, 699 1,633 1,473 858 1,399 399 4,755 3,247 2,229 205 501 Other deposits 59, 640 "4,"024 23,226 105 6,298 4,007 4,493 4,413 2,889 91! 318 520 8,435 Total deposits 2,379, 762146,248 1, 122 131,652 161, 54278,338 58,509 312,312 79,752 44,178 83, 27052, 745 162, 094 Deferred availability items. 295,372 33,087 82,033 22, 73326, 78522,311 10, 570 37,284 13, 287 8,277 14, 58910,411 14,005 Capital paid in 150,171 10, 737 58,491 15,800 13,899 5,368 4,627 15,573 4,136 2,835 4,247 3,787 10,671 Surplus 278,599 20,460 85,058 29, 24228,294 11,616 10, 544 39,497 10,186 7,019 8,263 8,719 19,701 All other liabilities 26,432 693 7,924 939 2,727 1,874 3,006 3,322 1,315 1,133 854 1,947 Total liabilities- 6,606,055446,102 2,080,685 459,332579, 566 290,951 224,178 1,304,392 256,866 158,901 229, 514156,021 459,516 Reserve ratio (percent). 62.6 68.2 57.7 59.8 53.8 73.4 59. 75.6 68.3 52.4 62.7 48.4 52.1 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to F.R. bank by F.R. agent _. 3,678,762243,486 831,008 266,068 355,456 180,09214'7,,201 940,204 158,85098,559 127,853 42,458 287',,527 Held by Federal Reserve bank 250,851 14,137 79,816 12,080 13,056 8,648 1~0,368 49,815 10,699 3,275 9,375 3,153 36,429 In actual circulation . 3,427,911229, 349 751,192 253,988 342,400171,444 136, 833 890,389 148,15195,284 118,47839,305 251, Collateral held by agent as security for notes issued to bank: Gold - 2,648, 692187,944 665, 546 169,000 201,970 146,13583,015 781,347120,220 51,424 79,290 18,538 144,263 Eligible paper 434,778 40,681 112,306 29,262 57,803 18,42228,148 59,488 9,263 14, 38513,125 8,621 43,274 United States Government securities.. 639, 500 17,500 54,000 70,000100,000 19,000 40,000 105,000 31,000 34,000 37,000 17,000115,000 FEDERAL RESERVE BANK NOTE STATEMENT Issued to F.R. bank (outstanding) 67,37- 10,140 32,754 5,840 6,020 520 11,400 160 340 200 Held by Federal Reserve bank 19,566 4,612 5,889 862 2,101 431 5,385 121 165 In actual circulation 47,808 5,528 26,865 4,978 3,919 89 6,015 39 175 200 Collateral pledged against outstanding notes: Discounted and purchased bills 40,800 11,290 27,946 1,068 321 17. United States Government securities. _ 67,854 32,754 8,000 20,000 5,000 2,000 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 321 ALL MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of dailyIgures Reserves held Borrowing5 at Federal Reserve banks Federal Reserve district Total Excess 1923 1932 1933 1932 1933 1932 February1 January FebruaryFebruary1 January FebruaryFebruaryi 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 38.3 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 i March data not available. 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 OF BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] Averages ofdaily figures Member banks in larger centers (places over 15,000)* Member banks in smajler 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 i ary ary ary^ ary ary ary1 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 1 March data not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN MAY 1933 WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES x PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o ew rk 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 o t u . is n M o e l a i i n p s - - K C s a a i n t s y - D la a s l- F c S i r s a a c n n o - Y N o ew rk c C a h g i o - Total loans and investments: Mar. 1. 15,900 1,159 7,480 1,041 1,093 312 302 1,290 460 290 468 357 1,648 6,512 1,006 Mar. 8 15,728 1,157 7,378 1,038 1,082 311 301 1,248 458 297 464 356 1,638 6,412 966 Mar. 15. _ 216,017 1,147 7,490 1,051 1,076 314 306 1,381 458 310 471 365 1,648 6,523 2 1,099 Mar. 22 16,021 1,171 7,450 1,037 1,070 315 306 1,406 460 306 478 368 1,654 6,484 1,125 Mar. 29 16,001 1,164 7,420 1,028 1,070 321 306 1,414 465 306 481 368 1,658 6,457 1,131 Apr. 5 15,927 1,158 7,395 1,003 1,069 318 305 1,394 465 478 365 1,668 6,439 1,110 Apr. 12.._. 15,887 1,155 7,409 994 1,072 315 307 1,361 460 479 361 1,666 6,455 1,077 Apr. 19 15,876 1,155 7,391 992 1,082 315 306 1,372 455 305 476 364 1,663 6,439 1,090 Apr. 26 ._ 16,048 1,154 7,581 1,082 314 305 1,379 452 300 473 365 1,662 6,627 1,096 Loans: Mar. 1 8,281 672 ~3,649 552 504 173 182 801 239 167 211 214 917 3,079 618 Mar. 8 8,310 669" 3,692 552 506 173 181 790 237 168 211 214 917 3,121 607 Mar. 15 2 8,388 661 3,724 556 507 174 183 828 237 172 212 214 920 3,157 2 646 Mar. 22 8,390 682 3,717 553 506 176 182 824 238 168 212 216 916 3,151 645 Mar. 29 8,332 659" 3,680 550 504 182 182 826 240 167 212 217 913 3,118 647 Apr. 5 8,257 654" 3,622 550 501 178 181 828 239 167 208 216 913 3,063 649 Apr. 12 _ 8,245 648 3,650 544 500 175 181 810 238 167 209 214 909 3,092 632 Apr. 19 8,210 650 3,630 542 498 174 180 807 234 166 208 215 906 3,073 629 Apr. 26 _. 8,341 649| 3,780 533 494 173 180 802 234 164 211 216 905 3,225 625 On securities: Mar. 1 3,727 271 1,881 285 247 60 60 415 101 52 63 224 1,640 346 Mar. 8 3, 759 271 1,912 286 248 60 61 415 100 52 63 68 223 1,668 346 Mar. 15— 2 3,762 259 1,916 290 248 60 61 421 101 52 63 223 1,674 2 353 Mar. 22 3,725 270 1,866 286 248 61 61 424 102 53 63 221 1,626 357 Mar. 29 3,644 263 1,793 286 250 64 61 420 101 53 63 220 1, 555 355 Apr. 5 3,617 258 1,783 284 247 61 60 422 100 52 62 219 1,548 356 Apr. 12 3,584 254 1,770 279 246 61 60 416 98 51 63 217 1,535 350 Apr. 19 3,583 256 1,774 279 247 61 60 413 97 51 62 215 1,538 347 Apr. 26 3,638 255 1,845 274 245 60 59 411 97 51 59 214 1,611 346 All other: Mar. 1 _ ..4,554 401 1,768 267 257 113 122 138 115 148 146 1,439 272 Mar. 8 4,551 398 1,780 266 258 113 120 375 137 116 148 146 1,453 261 Mar. 15 2 4,626 402 1,808 266 259 114 122 407 136 120 149 146 1,483 2 293 Mar. 22 4,665 412 1,851 267 258 115 121 400 136 115 149 146 1,525 288 Mar. 29 4,688 396 1,887 264 254 118 121 406 139 114 149 147 1,563 292 Apr. 5 4,640 396 1,839 266 254 117 121 406 139 115 146 147 1,515 293 Apr. 12 4,661 394 1,880 265 254 114 121 394 140 116 146 145 692 1,557 282 Apr. 19 4,627 394 1,856 263 251 113 120 394 137 115 146 147 691 1,535 282 Apr. 26 - 4,703 394 1,935 259 249 113 121 391 137 113 152 148 691 1,614 279 Investments: Mar. 1 7,619 487 3,831 139 120 221 123 257 143 731 3,433 Mar. 8 7,418 488 3,686 486 576 138 120 458 221 129 253 142 721 3,291 Mar. 15 ._ 2 7,629 3,766 495 569 140 123 553 221 138 259 151 728 3,366 2 453 Mar. 22 7,631 3,733 484 564 139 124 582 222 138 266 152 738 3,333 480 Mar. 29 7,669 505 3,740 478 566 139 124 588 225 139 269 151 745 3,339 484 Apr. 5 _ 7,670 504 3,773 453 568 140 124 566 226 142 270 149 755 3,376 461 Apr. 12 7,642 507 3,759 450 572 140 126 551 222 141 270 147 757 3,363 445 Apr. 19 7,666 505 3,761 450 584 141 126 565 221 139 268 149 757 3,366 461 Apr. 26 7,707 505 3,801 448 588 141 125 577 218 136 262 149 757 3,402 471 U.S. Government securities: Mar. 1 4,631 297 2,494 237 374 94 78 244 113 146 406 2,338 Mar. 8. 4,427 298 2,341 236 361 94 77 215 112 144 396 2,186 161 Mar. 15 2 4,580 297 2,411 246 357 95 81 257 113 149 404 2,253 2 202 Mar. 22 4,578 299 2,366 235 354 94 80 296 114 156 413 2,210 239 Mar. 29 4,583 314 2,341 229 356 95 80 304 117 158 419 2,185 246 Apr. 5__ 4,585 313 2,369 206 358 97 80 288 120 159 424 2,215 229 Apr. 12 4,584 316 2,362 204 362 96 82 289 117 159 427 2,208 229 Apr. 19 _ 4,635 315 2,389 204 374 95 82 305 117 157 427 2,236 248 Apr. 26 4,678 313 2,423 202 378 95 80 321 114 158 428 2,269 All other: Mar. 1.. 2,988 190 1,337 252 215 45 42 245 108 111 325 1,095 199 Mar. 8 2,991 190 1,345 250 215 44 43 243 109 109 325 1,105 198 Mar. 15. 2 3,049 189 1, 355 249 212 45 42 296 108 110 324 1,113 2 251 Mar. 22 3,053 190 1,367 249 210 45 44 286 108 110 325 1,123 241 Mar. 29 3,086 191 1,399 249 210 44 44 284 108 111 326 1,154 238 Apr. 5 3,085 191 1,404 247 210 43 44 278 106 111 331 1,161 232 Apr. 12.. 3,058 191 1,397 246 210 44 44 262 105 111 330 1,155 • 216 Apr. 19 3,031 190 1,372 246 210 46 44 260 104 111 330 1,130 213 Apr. 26 3,029 192 1,378 246 210 46 45 256 104 104 329 1,133 209 1 See note on p. 273, explaining the basis on which these figures have been compiled. 2 On Mar. 9 a member bank in Chicago took over assets and assumed deposit liabilities of a nonmember aggregating approximately $135,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1933 FEDERAL RESERVE BULLETIN 323 WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a C ca h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S r is a a c n n o - Y N o e r w k c C a h g i o - Reserve with F.R. banks: Mar. 1— 1,518 114 729 67 56 29 17 247 49 27 57 47 79 683 226 Mar. 8 _ 1,302 95 668 63 56 18 16 150 43 17 44 54 78 618 132 Mar. 15 2 1,438 88 721 70 70 30 21 177 47 22 58 53 81 669 2 150 Mar. 22 1,331 80 653 64 69 26 19 182 47 21 52 37 81 609 162 Mar. 29 1,453 80 781 64 68 23 19 197 40 20 48 33 80 739 175 Apr. 5--_ 1,436 82 781 69 68 25 19 176 40 19 46 30 81 734 156 Apr. 12 1,559 86 874 67 68 23 18 204 41 20 46 29 83 830 185 Apr. 19 „ ,_ 1,604 84 930 67 69 24 17 195 42 19 46 28 83 882 175 Apr. 26 1,596 87 919 67 68 25 15 193 42 17 47 28 88 874 172 Cash in vault: Mar. 1 351 21 106 17 23 25 6 85 13 6 15 10 24 92 64 Mar. 8 559 28 154 15 28 33 9 189 18 11 31 13 30 131 165 Mar. 15 2 481 31 108 17 33 24 15 155 15 9 24 17 33 85 2 128 Mar. 22 297 22 71 13 25 13 8 85 9 7 16 11 17 56 63 Mar. 29 266 20 64 12 21 11 7 77 9 6 15 9 15 50 59 Apr. 5 __ _. ___ 231 18 58 11 18 11 6 61 7 6 13 9 13 46 45 Apr. 12 229 18 58 13 19 11 6 56 7 5 13 9 14 46 41 Apr. 19 215 17 50 11 17 10 6 57 7 5 13 8 14 40 42 Apr. 26-. 219 17 52 10 18 10 5 59 7 5 13 9 14 41 45 Net demand deposits: Mar. 1 9,996 736 5,419 581 559 157 133 958 271 145 312 221 504 4,983 809 Mar. 8 9,275 719 4,893 561 529 151 122 895 257 140 297 229 482 4,481 742 Mar. 15 2 9, 475 711 4,949 573 523 165 130 945 263 151 318 232 515 4,518 2788 Mar 22% 9,601 705 5,052 573 549 168 133 964 270 145 316 219 507 4,640 809 Mar. 29 9,745 681 5,240 578 548 168 133 960 268 145 311 212 501 4,827 805 Apr 5 9,819 699 5,324 586 552 171 132 919 265 144 308 214 505 4,906 767 Apr 12 9,964 698 5,442 587 555 169 135 934 260 145 308 214 517 5,032 783 Apr 19 10,102 702 5,549 590 567 170 134 946 258 142 310 211 523 5,136 793 Apr 26 10, 393 729 5,781 589 569 171 135 974 261 141 312 212 519 5,372 815 Time deposits: Mar. 1 4,315 390 1,186 264 330 131 128 407 156 140 169 128 886 776 286 Mar. 8 4,245 386 1,150 258 366 126 123 376 153 137 164 127 879 749 259 Mar. 15 2 4, 318 382 1,145 251 366 126 123 475 155 137 162 126 870 740 2 359 Mar. 22 4,323 387 1,141 250 369 127 124 473 156 137 162 125 872 739 357 Mar. 29 4,330 385 1,144 255 369 127 124 476 156 136 163 125 870 737 360 Apr. 5 4,340 386 1,149 263 369 128 125 467 156 139 161 125 872 748 351 Apr. 12 4,334 385 1,142 261 369 128 127 465 158 140 161 124 874 740 348 Apr 19 4 343 387 1,153 261 368 128 127 462 158 140 160 124 875 749 345 Apr. 26 4,352 386 1,154 261 369 128 128 465 157 139 159 123 883 748 349 Government deposits: Mar. 1 78 3 38 8 5 1 5 5 1 2 3 7 34 4 Mar 8 42 2 13 8 2 1 4 4 1 2 3 2 11 3 Mar. 15 2 288 11 175 16 8 3 7 16 4 9 6 14 19 170 2 16 Mar. 22 291 11 175 16 10 3 7 18 4 9 6 13 19 170 17 Mar 29 290 11 175 16 10 3 7 18 4 8 6 13 19 170 16 Apr. 5 291 11 175 16 10 3 7 18 4 9 6 13 19 170 16 Apr. 12. 290 11 175 16 10 2 7 18 4 9 6 13 19 170 16 Apr 19 191 7 120 10 6 1 3 11 3 7 3 7 13 117 10 Apr 26 141 5 89 8 4 1 2 8 2 5 2 6 9 87 8 Due from banks: Mar. 1 .-- 809 99 98 56 33 33 34 124 43 46 89 67 87 62 97 Mar. 8 589 73 78 46 29 26 23 66 29 31 63 45 80 53 51 Mar. 15 2 745 80 90 55 44 33 27 109 30 37 80 56 104 55 2 90 Mar. 22 910 94 83 51 49 47 41 172 47 46 90 72 118 54 136 Mar 29 903 104 91 49 45 44 42 163 49 45 90 70 111 55 129 Apr. 5 1,025 123 102 70 52 46 46 203 56 55 89 72 111 62 161 Apr. 12 1,099 123 92 82 52 56 51 239 61 58 88 73 124 57 196 Apr. 19-_ 1,149 133 93 83 58 54 49 253 68 57 101 67 133 58 205 Apr. 26 1,214 152 91 89 62 62 50 279 74 62 104 63 126 59 226 Due to banks: Mar. 1 2,070 139 946 128 113 42 39 207 74 50 127 78 127 898 168 Mar. 8 1,713 128 734 123 100 35 32 166 62 44 104 70 115 690 130 Mar 15 2 1, 788 128 804 123 97 35 30 167 59 46 109 72 118 756 2 133 Mar 22 2,105 138 911 132 118 48 45 235 79 54 131 80 134 859 191 Mar. 29 . . 2,144 136 981 125 120 48 42 239 77 55 116 72 133 930 194 Apr. 5 - _ 2,349 150 1,104 137 127 51 45 257 82 58 131 73 134 1,050 207 Apr 12 2,423 153 1,152 143 131 52 48 266 80 58 131 69 140 1,101 216 Apr 19 . . 2,487 154 1,192 144 135 55 47 269 81 61 136 70 143 1,138 219 Apr. 26 2,564 150 1,265 144 138 55 50 273 81 61 136 69 142 1,212 223 Borrowings from F.R. banks: Mar 1 414 1 216 75 40 2® 7 1 1 1 3 1 48 183 Mar. 8 .._ 1,066 1 692 88 68 31 14 69 9 5 17 1 71 632 66 Mar. 15 -- 849 7 525 100 70 23 15 18 6 2 11 1 71 483 13 Mar 22 379 1 188 72 29 5 9 1 1 2 4 1 66 147 Mar 29 283 1 118 52 25 3 9 1 1 6 1 66 84 Apr 5 177 1 53 14 17 3 11 1 1 7 69 18 Apr 12 168 60 9 17 1 9 1 7 1 63 27 Apr 19 158 1 50 7 15 1 10 1 7 2 64 23 Apr 26 124 27 6 16 1 10 1 3 3 57 2 On Mar. 9 a member bank in Chicago took over assets and assumed deposit liabilities of a nonmember aggregating'approximately $135,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 FEDERAL RESERVE BULLETIN MAY 1933 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Loans secured by prime stock- Loans secured by warehouse Prime commercial paper exchange collateral receipts Interbank loans Federal Reserve bank or branch city- 1933 1932 1933 1932 1933 1932 1933 1932 April March April April March April April March April April March April Boston 5 -534 5 -5 5 -6 5 5 -534 New York City 434-5 4 -5 434 4 -5 434-5 4H-5 Buffalo 5 -6 5 -6 5 -6 6 6 5 -6 6 Philadelphia.. 4^-534 5 -6 5 -& 5 -6 5 -6 5 -6 5 -6 4 -5 Cleveland... 534-6 434-6 5 -6 5 -6 6 534-6 Cincinnati. _ 5 -6 5 -6 5 -6 6 -7 6 -7 5 -6 5 -6 5 -6 Pittsburgh.. 534-6 6 5 -6 6 6 6 6 5H-6 Richmond. 4K-5 5 -6 5 -6 5 5 5 -6 Baltimore.. 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 6 5H-6 5 -6 Charlotte.. 5 -6 534-6 5 -6 5 -6 534-6 6 Atlanta 5 -534 5 -5> 5 -6 5 5 -6 5 -534 5H-6 Birmingham. _. 4*4-8 4^8 5 -6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 Jacksonville.... 5 -7 5 -7 434-8 -8 6 -8 6 -8 6 -8 6 -8 6 -8 -6 Nashville 6 6 6 6 6 6 6 6 6 6 New Orleans... 5H-6 534-6 5 -7 5 -7 534-6 534-6 534-7 6 534-6 Chicago- 4 -5 4 -5 5 -534 K3 5 -5 4H-534 5 -5> -5M Detroit— 6 5 -6 6 6 5 -6 434 St. Louis 4 -6 5 -6 434-5^ 5 -€ 434-6 5 -6 534-6 534-6 534-6 Little Rock- 6 -7 6 -7 6 -7 634-7 6H-7 6H-8 i-8 6 -7 6 -7 6 -6H Louisville 6 6 6 6 5 -6 H M e i l n e n n e a apolis. 7 y 2 -8 7 -8 4 7 - -8 4} 7 5 - - 8 6 5 7 - - 8 6 5 7 - - 8 6 3 6 - - 7 5 4 6 - - 5 7 * 4 6 - - 4 8 34 6 3 4 -7 6 5 - - 7 6 6 53 4 - - 7 6 Kansas City 434-6 5 -5 5 -6 Denver 4^-6 6^-7 6 6 Oklahoma City 6 6 -8 6 -8 6 -8 6 6 Omaha 5 -5H 534-7 6 -634 6 -6> 6 6 DaUas 4 -7 4 -6 5 -6 6 -8 6 -7 SH-7 5 -7 5 -7 5 -5> 5 -by 5 -534 El Paso 7 -8 7 -8 7 -8 7 -8 6 -8 8 8 5 -8 5 -6 5 -6 Houston 5^-45 5 -6 534-6 6 6 -7 5 -6 5 -6 53^-6 5 -5V 5 -5* 5 -534 San Antonio.. 5 -8 5 -8 5 -7 6 -7 6 -7 6 -8 6 -8 San Francisco 5 -6 5 -5> 5 -6 5 -6 534-6 Los Angeles _. 5H-6 6 -634 6 -&A 6 6 -61 Portland. _ 6 6 6 -63 6 -7 6 Salt Lake City _ 6 6 6 6 -7 7 6 -7 Seattle 5M-6 5 -7 6 -63 634-7 634-7 634-7 6 Spokane 6 -7 6H-7 634-7 634-7 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

MAY 1933 FEDEKAL RESEKVE BULLETIN 325 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN MATURITY DISTRIBUTION OF BILLS AND CURRENCY TO AND FROM EUROPE SHORT-TERM SECURITIES BY SELECTED BANKS IN NEW YORK CITY [In thousands of dollars] [Paper currency only. In thousands of dollars] 1932 1933 Total W i d n a i t y 1 h s 5 - 16 d a to y s 30 3 d 1 a t y o s 60 6 d 1 a t y o s 90 91 t o d a 6 ys 6 O m v o er s. Net Net Bills discounted: Month Ship- Re- ship- Ship- Re- ship- Apr. 5 436,177 298, 33928,447 38,823 61,700 7,393 1,475 ments ceipts ments ments ceipts ments Apr. 12 428, 456 294,88128,271 33,731 63,319 6,884 1,370 to from (-)or to from (-)or Apr. 19 414, 270 287,93522,051 49,318 47, 222 6,853 891 Europe Europe rec (+ ei ) pts Europe Europe receipts Apr. 26 385,001 254,90524, 725 48,636 6,855 747 (+) Bills bought in open market: Apr. 5 285,973 71,726 69,119 129,400 15,520 January. _. 25 3,335 +3,310 3 5,304 +5,301 Apr. 12 246, 96460, 566 76, 618 100,380 9,198 202. February.. 5,221 +5,221 105 5,589 +5, 484 Apr. 19 208, 44368, 531 73, 052 59,024 7,715 1211. March 8,468 +8,468 101 13,786 +13,685 Apr. 26 177,450 71, 214 74, 240 26,022 5,923 51. April 4,563 +4,563 25 8,049 +8,024 Certificates and May 10,938 +10,938 bills: June 12 16,265 +16,253 Apr. 5 957, 723 60, 000 112, 247 139, 000 195, 075 288,872 162, 529 July 20 +6,674 Apr. 12 957, 721 95,497 156,050 163,675 319,871162, 528 August 152 6,458 +6,306 Apr. 19 957, 725 127,997 52,400 246,975 450 299, 375 163, 528 September, 6,603 +6,567 Apr. 26 909,513 91,438 85, 300 210,875 550 297,372169,978 October.. . 5,294 +5,287 Municipal war- November. 70 6,013 +5,943 rants: December. 245 +3,742 Apr. 5 5,541 5,333 51 152 Apr. 12 5,541 5,333 51 152 Apr. 19 -. 5,559 5,346 177 26 For description and back figures see BULLETIN for January 1932, Apr. 26 5,451 5.211 178 35 pp. 7-9. UNITED STATES POSTAL SAVINGS [Balance to credit of depositors. In millions of dollars] End of month 1928 1929 1930 1931 1932 1933 January 148.9 153.5 165.1 278.4 665.6 942.5 February 151.1 154.8 167.9 292.1 691.8 1,006.2 March 152.0 155.0 169.5 302.7 705.3 l, 111.6 April 152.2 154.3 170.2 313.8 722.1 1,157. 7 May 152.0 153.8 171.2 325.0 742.6 June 152.1 153.6 175.3 347.4 784.8 July 151.7 157.8 180.7 372.5 828.5 August 152.2 160.1 186.5 422.7 848.5 September- - 152.3 160.3 189.8 469.9 857.4 October 153.1 161.6 192.5 538.1 870.8 November... 153.9 163.7 200.7 565.5 885.2 December... 153.9 164.3 245.4 605.1 900.8 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN MAY 1933 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Keserve Board. 1923-25 average= 100] Without seasonal adjust- Adjusted for seasonal variment ation Industry 1933 1932 1933 1932 Febru- Febru- March ary March March ary March Manufactures—Total.. 66 64 IRON AND STEEL _ 24 38 34 Pig iron 18 32 30 Steel ingots. _, 25 39 35 TEXTILES _. 78 83 82 Cotton consumption 91 94 90 85 Wool 46 70 55 54 Consumption _ 49 76 58 57 Machinery activity 52 82 57 Carpet and rug-loom activity. 29 32 42 Silk _ 95 102 111 115 Deliveries 107 102 128 111 134 Loom activity... 72 101 78 I FOOD PRODUCTS *90 83 84 Slaughtering and meat packing- 82 83 85 88 87 Hogs 82 94 84 81 84 83 Cattle 74 76 76 85 87 87 Calves 92 83 97 91 89 96 Sheep 136 135 137 149 144 151 Wheat flour '85 79 100 84 Sugar meltings 86 72 PAPER AND PRINTING 101 99 Wood pulp and paper.. 83 93 92 Newsprint "59 77 78 Book paper 91 102 100 Wrapping paper 61 77 75 Fine paper. 82 96 91 Box board 105 105 Wood pulp, mechanical 57 78 56 72 Wood pulp, chemical 89 94 86 91 Paper boxes 111 138 140 110 124 139 Newsprint consumption 92 95 117 89 96 112 LUMBER 23 20 27 22 20 26 TRANSPORTATION EQUIPMENT: Automobiles 34 35 34 27 33 28 Locomotives 1 3 3 1 3 3 Shipbuilding 112 129 151 144 181 194 LEATHER AND PRODUCTS 95 92 Tanning... 78 80 Sole leather Upper leather: Cattle 81 Calf and kip 63 70 Goat and kid 104 102 Boots and shoes '103 105 '102 100 CEMENT AND GLASS: Cement.. 29 24 38 53 Glass, plate 59 54 49 NONFERROUS METALS 1—Tin deliveries . 55 52 FUELS, MANUFACTURED: Petroleum refining 135 132 136 135 132 136 Gasoline 171 166 172 2) 2) Kerosene 78 82 71 80 81 73 Fuel oil — 95 95 94 Lubricating oil 75 75 81 2) Coke, by-product 53 57 66 51 56 64 KUBBER TIRES AND TUBES 45 58 81 41 54 73 Tires, pneumatic 46 61 84 42 56 76 Inner tubes 32 43 59 29 41 54 TOBACCO PRODUCTS 94 104 103 99 115 109 Cigars. 47 54 59 51 63 65 125 140 133 132 154 140 Minerals—Total- 76 77 81 79 84 Bituminous coal 51 67 70 51 63 70 Anthracite coal 63 68 67 77 64 81 Petroleum, crude 120 108 107 122 110 109 Zinc 47 47 48 44 44 45 Lead 46 41 56 45 40 55 Silver 33 33 44 30 30 p Preliminary. »• Kevised. 1 Includes also lead and zinc; see "Minerals". 2 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

MAY 1933 FEDERAL RESERVE BULLETIN 327 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 employmen Factory pay rolls Adjusted for seasonal varia- Without seasonal adjustment tion Without seasonal adjustment Industry 1933 1932 1933 1932 1933 1932 March February March March February March March February March Total 56.7 59.3 66.3 56.6 59.4 66.4 36.9 40.0 53.3 IRON AND STEEL AND PRODUCTS 49.1 51.8 61.8 48.3 51.4 60.9 22.4 24.7 35.4 Steel works and rolling mills 52.7 55.9 64.9 51.6 55.0 63.4 23.2 25.7 35.6 Hardware 47.9 49.9 58.7 47.2 49.1 57.9 22.1 24.8 37.2 Structural iron work _ .. 43.3 42.7 62.3 44.4 43.7 63.9 20.2 20.4 40.4 Heating apparatus 39.3 42.2 51.4 39.6 42.9 51.8 21.0 23.1 31.6 Steam fittings . . 33.7 38.4 48.2 33.3 38.1 47.6 18.3 20.8 29.8 Stoves 44.4 45.7 54 5 45.4 47.3 55.6 23.6 25.3 33 3 Cast-iron pipe -- 22.1 26.7 43.4 22.2 27.7 43.7 12.6 12.9 29.1 MACHINERY 42.8 44.4 60.0 42.2 44.2 59.2 24.0 26.3 42.6 Foundry and machine-shop products - 41.2 42.9 54.3 40.5 42.7 53.4 20.8 23.2 35.5 Machine tools 34.0 38.5 55.4 33.4 37.9 54.4 18.9 23.6 37.7 Agricultural implements 37.9 39.3 53.6 35.3 36.9 49.9 26.5 30.2 47.5 Electrical machinery _ 48.1 49.3 73.5 48.0 49.2 73.5 32.1 33.7 59.2 TEXTILES AND PRODUCTS 67.7 72.3 73.5 65.4 70.4 71.0 41.3 48.2 59.3 A Fabrics 68.1 73.7 73.2 66.9 72.2 7L9 40.8 48.4 55.8 Cotton goods 72.0 74.3 75.0 70.6 72.5 73.4 42.8 46.6 55.4 Woolen and worsted manufactures 51.9 66.0 59.0 51.7 64.7 58.8 28.7 43.6 43.6 Woolen and worsted goods 53.4 69.8 59.3 53.4 68.4 59.4 30.0 48.2 45.0 Carpets and rugs 44.2 45.9 57.7 42.7 44.9 55.7 22.9 22.6 37.0 Hosiery and knit goods 81.3 83.9 85.9 79.6 82.9 84.1 53.2 57.8 72.2 Silk manufactures 52.8 61.3 59.7 51.4 60.4 58.1 32.1 39.7 42.0 Dyeing and finishing textiles - 85.2 88.4 97.1 83.1 86.3 94.7 59.2 67.9 86.7 B Wearing apparel 66.7 69.0 74.3 61.9 66.1 68.9 42.4 47.7 66.4 Clothing, men's _ 51.6 52.9 55.3 50.6 51.5 54.2 31.1 34.1 41.3 Shirts and collars. _. 66.2 66.6 68.9 65.2 65.2 67.8 41.3 41.1 48.8 Clothing, women's 87.4 92.5 106.0 77.1 85.1 93.4 57.6 67.6 103.3 Millinery _ _ 69.2 70.6 70.2 61.0 72.0 61.9 40.3 44.7 64.2 FOOD AND PRODUCTS 76.9 78.4 81.4 78.4 79.2 83.1 59.8 62.7 74.4 Baking __ 80.4 81.1 87.9 81.0 82.6 88.4 64.2 66.0 80.6 Slaughtering and meat packing 78.2 80.2 81.4 79.8 77.8 83.1 61.0 65.4 74.3 Confectionery. - _ 73.3 78.3 73.9 76.3 79.9 76.8 47.4 55.8 62.9 Ice cream 63.4 63.3 70.1 71.1 73.2 78.4 51.0 51.7 69.6 Flour -. 72.2 72.6 76.0 72.4 72.6 76.3 55.8 56.7 65.2 Sugar refining cane 72.6 72.0 74.4 72.0 75.3 73.8 59.4 52.7 63.7 PAPER AND PRINTING 78.7 80.1 86.4 78.5 79.9 86.2 63.3 65.8 82.4 Printing, book and job 72.6 76.3 86.0 71.7 75.5 85.0 57.9 61.2 80.2 Printing, newspapers and periodicals 92.9 93.9 98.1 92.7 93.7 97.9 81.8 84.3 100.1 Paper and pulp 75.3 75.3 80.8 75.4 75.4 80.9 49.2 50.7 66.4 Paper boxes 71.0 70.4 75.6 71.9 71.4 76.6 53.5 56.0 68.7 LUMBER AND PRODUCTS 31.8 33.4 40.3 32.5 34.4 41.2 14.3 16.3 24.5 Lumber, sawmills 27.4 28.1 33.3 28.3 29.3 34.4 12.3 12.8 19.2 Lumber, millwork 29.4 32.0 41.4 29.5 32.4 41.5 13.9 15.9 25.2 Furniture 45.7 49.4 59.4 46.3 50.1 60.1 19.0 24.0 35.6 TRANSPORTATION EQUIPMENT 42.5 45.1 54.7 41.7 45.0 53.4 29.2 32.1 45.1 Car building and repairing 40.3 40.6 45.3 40.5 41.1 45.5 29.9 30.8 37.2 Automobiles 43.9 49.6 63.7 41.9 48.9 60.9 27.0 32.2 51.3 Shipbuilding _ . 54.1 57.1 83.0 50.9 54.1 78.1 40.3 44.2 75.1 LEATHER AND MANUFACTURES 76.6 77.3 81.2 75.7 75.6 80.2 47.1 50.0 62.3 Boots and shoes - _ - 78.8 79.2 84.3 78.0 77.5 83.4 46.2 49.0 63.4 Leather 67.8 69.6 68.6 66.2 67.5 67.0 50.3 53.9 58.6 CEMENT, CLAY AND GLASS PRODUCTS 38.1 37.8 48.9 38.9 39.9 50.1 20.6 20.9 32.2 Clay products _ 31.2 31.4 42.5 32.1 33.4 44.1 13.8 14.3 23.9 Brick, tile, and terra cotta 20.7 20.8 31.5 22.4 23.9 34.2 7.4 8.0 14.6 Pottery _ -.. 59.8 60.3 72.4 58.6 59.5 71.1 30.4 31.0 48.3 Glass . _ . . 55.6 54.4 63.8 55.3 56.0 63.4 36.7 37.3 50.0 Cement 31.0 30.7 44.5 33.1 33.8 47.6 16.4 16.0 30. .K NONFERROUS METAL PRODUCTS 42.3 45.3 56.1 41.0 44.4 54.3 25.1 27.4 42.] Stamped and enameled ware - 21.2 24.6 32.6 19.9 24.0 30.6 14.6 16.4 27.0 Brass, bronze and copper 49.4 52.4 64.1 48.1 51.4 62.4 28.1 30.7 46.4 CHEMICALS AND PRODUCTS .- 78.2 77.3 81.1 75.6 76.4 78.6 60.4 60.8 70.1 Chemicals and drugs 80.1 80.5 84.1 79.1 78.9 83.0 59.8 61.1 70.7 Petroleum refining 75.8 75.7 78.7 76.6 76.7 79.5 64.5 64.3 72.9 Fertilizers _- - - 74.2 62.4 70.2 49.8 59.2 47.1 40.7 36.4 47.8 RUBBER PRODUCTS 57.0 59.4 67.4 56.6 59.1 67.0 31.1 35.8 51.3 Automobile tires and tubes 60.4 62.5 69.4 59.7 62.3 68.5 31.7 35.7 52.6 Rubber boots and shoes 46 4 50.4 61.2 47.3 49.6 62.4 28.6 36.3 46.4 TOBACCO MANUFACTURES 57.6 63.4 70.4 57.8 64.1 70.8 36.0 40.2 52.2 Cigars and cigarettes _ 56.1 62.3 70.3 56.7 63.7 71.1 34.3 38.4 51.3 Chewing and smoking tobacco, snuif 69.7 72.1 71.7 66.4 67.9 68.3 50.2 54.4 60.4 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

328 FEDERAL RESERVE BULLETIN MAY 1935 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926-100] Other commodities All com- Year and month m t o ie d s i- p U ro ft d 9 - Foods Total H p l i r e d o a e d t s h u a e c n i ts c 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 i o s s o e h d - - s l M an is e c o e u l s - 1928 96.7 10.'. 9 101.0 92.9 121.4 9* fi 84.3 97.0 94.1 95.6 95.1 85.4 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1932—March 66.0 50.2 62.3 70.9 77.3 r F.8.0 67.9 80.8 73.2 75.3 77.1 64.7 April 65.5 49.2 61.0 70.9 75.0 6fi 1 70.2 80.3 72.5 74.4 76.3 64.7 May 64.4 46.0 59.3 70.4 72.5 54.3 70.7 80.1 71.5 73.6 74.8 64.4 June 63.9 45.7 58.8 70.1 70.8 52. 7 71.6 79.9 70.8 73.1 74.7 64.2 July 64.5 47.9 60.9 69.7 68.6 51.5 V2.3 79.2 69.7 73.0 74.0 64.3 August 65.2 49.1 61.8 70.1 69.7 ' 52.7 72.1 80.1 69.8 73.3 73.6 64.6 September 65.3 49.1 bl. 8 70.4 72.2 •5*5. fi 70.8 80.1 70.5 72.9 73.7 64.7 October 64.4 46.9 60.5 70.2 72. fe 5f.. 0 71.1 80.3 70.7 72.7 73.7 64.1 November 63.9 46.7 60.8 fl9.8 71.4 63.9 71.4 79.6 70.7 72.4 73.7 63.7 December 62.6 44 1 58.3 69.0 69.6 53.0 69.3 79.4 70.8 72.3 73.6 63.4 1933—January. .. 61.0 42.6 55.8 67.3 68.9 51.9 66.0 78.2 70.1 71.6 72.9 61.2 February 59.8 40.9 53.7 66.0 68.0 51.2 P3.6 77.4 69.8 71.3 72.3 59.2 March __ 60.2 42.8 54.6 65.8 68.1 51.3 62.9 77.2 70.3 71.2 72.2 58.9 1932 1933 Subgroups Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. FARM PRODUCTS: Grains i16 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 36.0 Livestock and poultry _ [53.4 50.3 51.4 49.2 44.4 46.7 54.1 52.8 51.2 45.0 41.9 38.7 37.8 40.1 43.0 Other farm products 54.8 52.7 52.1 51.2 49.6 48.2 48.4 50.8 52.1 52.1 53.9 51.3 48.7 44.2 45.3 FOODS: Butter, cheese, and milk M 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 50.9 Cereal products - n o 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 62.7 Fruits and vegetables . t52.2 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 54.3 Meats. . iil Q 59.5 61.4 59.8 56 5 56 0 62 0 61.9 60 9 56 4 53.7 49.4 49.5 50.2 50.5 Other foods i51.9 59.4 57.1 55.8 54.9 55 4 58.5 62.1 64.6 65.4 67.7 66.1 60.1 54.1 55.8 HIDES AND LEATHER PRODUCTS: Boots and shoes . _ \W 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 83.2 Hides and skins 19.0 46.1 44.7 40.8 35.7 32 5 33. 5 3W.3 48.2 49.6 46.1 41.7 43.0 40.9 41.4 Leather 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 55.6 Other leather products. <J8.9 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 77.9 TEXTILE PRODUCTS: Clothing.._ 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 61.3 Cotton goods 55.8 56.4 56.2 55.1 52.9 51.0 50.0 52.6 57.9 56.2 53.6 51.7 50.1 49.1 50.0 Knit goods 55 8 55.8 54.9 51.9 50.5 49 6 47.8 48.5 60.4 50.9 51.0 49.3 48.4 48.3 47.1 Silk and rayon M 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 25.5 Woolen and worsted goods.. 53.3 63.1 62.7 59.7 58 3 55.0 53.6 53.4 50.7 56.5 55.3 54.2 53.4 53.2 53.2 Other textile products 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 66.7 FUEL AND LIGHTING MATERIALS: Anthracite coal H 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 88.3 Bituminous coal R4 4 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 79.3 Coke Rn s 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 75.2 Electricity . 107. R 104.8 104.4 103.5 106.1 105 5 105.8 104.4 103.4 104.6 103.1 104.1 103.2 102.9 Gas 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 96.6 Petroleum products _ . 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 33.1 METALS AND METAL PRODUCTS: Agricultural implements B5.5 85:1 85.0 85.0 84.9 84.9 84.9 84.9 84.9 84.7 84.6 84.5 84.5 83.1 83.1 Iron and steel _ 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 76.4 Motor vehicles 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 90.9 Nonferrous metals 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 47.9 BUILDING MATERIALS; Brick and tile 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 74.9 Cement 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 81.8 Lumber... 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 57.8 Paint materials 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 68.4 Plumbing and heating 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 59.4 Structural steel 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 81.7 Other building materials 81.0 80.2 80.6 80.2 78.2 77.6 77.9 78.3 79.9 80.0 80.1 80.1 79.4 78.5 78.4 CHEMICALS AND DRUGS: Chemicals 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 79.3 Drugs and Pharmaceuticals.. 60.6 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 54.8 Fertilizer materials .. 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 61.9 Mixed fertilizers 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 60.1 HOUSEFURNISHING GOODS: Furnishings 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 T .9 72.9 Furniture 79 5 79.6 79.1 77.4 74.1 74.0 73.0 72.6 72.7 72.8 72.7 72.7 72.3 71 Q 71.8 MISCELLANEOUS: Auto tires and tubes 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 41.3 Tattle feed 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 47.3 Paper and pulp 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 72.2 Rubber, crude 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 6.3 Other miscellaneous 86.2 81.4 84.5 84.6 84.6 84.6 84.5 84.2 83.2 82.1 81.5 81.3 76.8 73.3 72.6 Bad figures.—For indexes of groups see BULLETIN for March 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

329 MAY 1933 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Public works 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 60.0 33.2 16.0 4.5 6.4 10.6 7.2 29.9 17.6 9.8 1.3 24.2 11.5 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 3.3 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 BANK DEBITS DISTRICTS [Debits to individual accounts. In millions 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] 1933 1932 Number 1933 1932 of centers Federal Reserve district Mar.i Feb. Mar. Mar. Feb, Mar. New York City _ 1 12,036 16,160 Outside New York City 140 10,401 13,729 Boston 6,016 3,878 9,588 New York 15,868 16,563 21,803 Federal Reserve districts: Philadelphia 3,289 2,751 10,891 Boston 11 1,136 1,547 Cleveland 6,192 3,634 10,909 New York 7 12,491 16,727 Richmond- 4,945 8,326 12, 235 Philadelphia 10 1,150 1,313 Atlanta 3,959 3,363 4,741 Cleveland .__ 13 1,103 1,313 Chicago 7,909 3,913 20,972 Richmond 7 383 501 St. Louis 4,890 2,590 6,056 Atlanta 15 537 641 Minneapolis 815 393 4,922 Chicago 21 2,364 3,530 Kansas City 3,165 1,799 5,355 St. Louis. 5 508 679 Dallas 2,909 5,501 4,763 Minneapolis 9 313 437 Kansas City _ 15 554 749 Total (11 districts) 59, 959 52, 712 112, 235 Dallas 10 330 404 San Francisco— 18 1,568 2,048 Total 141 22, 437 29,889 COMMERCIAL FAILURES, BY DISTRICTS [Amounts in thousands of dollars; figures reported by Dun and Brad- i Complete data not available street] Number Liabilities Federal Reserve district 1933 1932 1933 1932 Mar. Feb. Mar. Mar. Feb. Mar. Boston 179 274 301 3,820 6,353 7,492 New York 518 551 616 14,853 17,227 26,333 Philadelphia ... 96 160 165 3,901 6,268 5,997 Cleveland 160 200 238 6,529 5,292 6,056 Richmond 84 150 184 1,524 9,783 6,792 Atlanta - 92 145 202 1,983 3,724 4,051 Chicago 280 270 395 6,617 6,362 12,712 St. Louis 111 103 172 2,696 2,709 10,181 Minneapolis . _. __. 61 83 98 1,409 1,094 1,475 Kansas City 79 102 140 1,359 1,556 1,908 Dallas 58 93 102 871 1,666 1,662 San Francisco 230 247 338 2,938 3,543 9,101 Total 1,948 2,378 2,951 48,500 65,576 93,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS ——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