Federal Reserve Bulletin, 1933-07

FEDERAL RESERVE BULLETIN JULY 1933 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Course of Banking and Business Annual Report of the Netherlands Bank UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: EUGENE R. BLACK, Governor. WILLIAM H. WOODIN, CHARLES S. HAMLIN. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. GEORGE R. JAMES. J. F. T. O'CONNOR, J. J. THOMAS. Comptroller of the Currency. M. S. SZYMCZAK. E. M. MCCLELLAND, Assistant to the Governor. E. A. GOLDENWEISER, Director, Division of Research and Statistics. CHESTER MORRILL, 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. STEBLE. 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANES Federal Reserve Bank Chairman Governor Deputy governor Cashier of— Boston F. H. Curtiss R. A. Young W. W. Paddock.. W. Willett. New York J. H. Case G. L. Harrison W. R. Burgess C. H. Coe.» J. E. Crane R. M. Gidney.i A. W. Gilbart J. W. Jones.* E. R. Kenzel W. B. Matteson.» W. S. Logan J. M. Rice.» L. R. Rounds Allan SprouL1 L. F. Sailer L. W. Knoke.1 Philadelphia R. L, Austin.- G. W. Norris W. H. Hutt C. A. Mcllhenny. W. G. McCreedy.* Cleveland L. B. Williams- E. R. Fanchar M.J. Fleming H. F. Strater. 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. Johns1 H. F. Conniff M. W. Bell. W. S. McLarin, Jr.i Chicago E. M. Stevens J. B. McDougal. C. R. McKay W. H. Snyder* H. P. Preston W. C Baebman.* J.H. Dillard. R. H. Buss.1 0. J. Netteretrom.» A. T. Sihler.i E. A. Delaney.» 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.» 0. C. Phillips.* Minneapolis J. N. Peyton W. B. Geery Harry Yaeger H. I. Ziemer. TT T 7iATnAr F. C. Dunlop.* Kansas City M. L. McClure G. H. Hamilton 0. A. Worthington. J. W. Helm. T "W TTalm 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. * Acting governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES 1 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.. 0. 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 OP BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent course of banking and business 413 Annual report of the Netherlands Bank 432-435 National summary of business conditions 419 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 420-423 Member and nonmember bank credit: All banks in the United States 425 All member banks 424, 452-456 Weekly reporting member banks in 90 leading cities 426, 457 Brokers' loans 426 Acceptances and commercial paper 427 Discount rates and money rates 428, 458 Security prices, security issues, United States Government securities 429 Production, employment, car loadings, and commodity prices 430, 460-462 Merchandise exports and imports 431 Department stores—Indexes of sales and stocks 431 Freight-car loadings, by classes 431 Financial statistics for foreign countries: Gold reserves of central banks and governments 436 Gold production 437 Gold movements 437-439 Government note issues and reserves 440 Bank for International Settlements ^ 440 Central banks 441-443 Commercial banks 444 Discount rates of central banks 445 Money rates 445 Foreign exchange rates 446 Price movements: Security prices 447 Wholesale prices 447, 448 Retail food prices and cost of living 448 Law department: Purchase of stock in other corporations by member banks 449 Right of member bank to continue to hold stock purchased prior to enactment of Banking Act of 1933_ 449 Federal Reserve statistics by districts, etc.: Banking and financial statistics 450-459 Industrial and commercial statistics 460-463 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 19 JULY 1933 No. 7 REVIEW OF THE MONTH At the reporting member banks in 90 leading cities total loans and investments in- Keturn of currency to the Federal Reserve creased further in June by about $240,000,000. banks continued during June, notwithstanding This increase represented a growth of about the fact that an increased $300,000,000 in holdings of United States volume of industrial and trade Government securities at reporting member activity was reflected in larger banks outside New York City, offset in part by demands for cash for pay-roll purposes and for decreases in their other investments and in retail trade. The movement indicates that the their loans, as well as in the loans of the return of cash previously held in hoards has New York City banks. Loans of the reporting been in larger volume than the increase in curbanks secured by stocks and bonds increased by rency requirements arising from the revival of $35,000,000 between May 31 and June 28, business activity. Funds arising from the return while all other loans decreased by $68,000,000. of currency and from the purchase of $85,000,- The increase in security loans during the month, 000 of United States Government securities as during the preceding 2 months, reflected an by the Reserve banks were used by member increase in loans to brokers at New York City, banks in retiring $110,000,000 of discounts and offset in part by a decrease, both at New York $10,000,000 of maturing acceptances at the and elsewhere, in security loans to other bor- Reserve banks, and in increasing their reserve rowers. The accompanying table summarizes balances by $120,000,000. the changes during June in the loans and invest- Excess reserves of the member banks at the ments of the reporting member banks, with end of June were about $500,000,000, the separate figures for New York City and other increase of about $150,000,000 for the month leading cities. reflecting in part the increase in reserve balances held and in part a reduction in required REPORTING MEMBER BANKS reserves resulting from a decline in net demand [In millions of dollars] deposits. The decline in these deposits oc- Changes between curred after the middle of June following the May 31 and June 28 prohibition laid down by the Banking Act of New- York 89 other 1933, which became effective June 16, on the City cities payment of interest by member banks on deposits payable on demand. Funds pre- Loans and investments, total -20 +259 viously held by depositors in this form were A Lo ll a n ot s h o e n r l s o e a c n u s rities _ + -8 5 5 8 + -2 1 3 7 shifted in part into time deposits, on which U O n th i e te r d s e S c t u a r te it s ie s s ecurities _ + -2 9 + - 2 3 9 2 7 interest is paid, and in the case of deposits of country banks with their city correspondents The restoration of banking facilities through were transferred in part into balances with the reopening of closed banks and the removal Federal Reserve banks. This transfer of funds of restrictions on the withfrom member banks to the Reserve banks was Licensed banks drawal of deposits proceeded reflected in a considerable growth of member further in June. The number bank reserve balances at interior Federal of member banks licensed by the Secretary of Reserve banks. the Treasury to open on an unrestricted basis 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDERAL RESERVE BULLETIN JULY 1933 increased between May 31 and June 28 by 66, banks. The data are summarized in the folto 5,602, the figures reflecting in part the ad- lowing table and presented in detail on pages mission of additional State banks to the Federal 454-456. Reserve System. In the same period the num- LICENSED MEMBER BANKS (5,500 BANKS)—NUMBER ber of member banks not so licensed decreased OF DEPOSIT ACCOUNTS, BY SIZE OF ACCOUNT, MAY from 1,163 to 1,104, reflecting both the granting 13, 1933 of additional licenses and the placing of banks Percentage in receivership or liquidation. The proportion distribution Average m of e m to b ta e l r m ba e n m k b s e s r t il b l a u n n k l ic d e e n p s o e s d it s b y r e t p h r e e s S e e n c te re d t a b ry y Size group N a u c m co b u e n r t s of A d m ep o o u s n i t t s of c N b o e a u u r c m n - o t - s f p T o d o s e t i - a t l s c si o z a u e c n - o t f s of the Treasury on June 28 was approximately Deposit accounts of— 5 percent. During the same 4-week period $2,500 or less 29,482,384 $5,580,327,000 96.5 23.7 $189 $2,501 to $5,000.... 569,833 1,912,132,000 1.9 8.1 3,356 there was an increase in the number of non- $5,001 to $10,000... 269,903 1,840,791,000 .9 7.8 6,820 $10,001 to $50.000.. 187,115 3,720,403,000 .6 15.8 19,883 member banks that were operating on an Over $50,000 46,870 10,488, 654,000 .1 44.6 223, 782 unrestricted basis by action of the banking Total (5,500 banks) 30, 556,10523, 542, 307,000 100.0 100.0 770 authorities of the several States, and in the proportion of the total deposits of all non- In view of the decline in money rates for member banks represented by such unrestricted open-market loans and in the prevailing rates banks. Details relative to licensed and un- charged bank customers, the licensed banks are given on page 453. f^Sf btTowers Federal Reserve Board recently Comprehensive information has recently be- made a special inquiry among come available for the first time relating to the member banks to find out to what extent rates number and size of deposit ac- charged borrowers on small loans have changed Keounty ^ counts in member banks. This since 1928. About 200 member banks in 38 information, which relates to cities were requested to report the range of licensed banks, was collected as of May 13, rates charged on two classes of small customer 1933, by the Comptroller of the Currency for loans, ranging in amount from $500 to $1,000 national banks and by the Federal Reserve in May 1928 and in May 1933. The classes of Board for State member banks. It shows that loans selected were, first, prime customers' on this date, when the total number of licensed commercial paper, such as would be eligible member banks was 5,500 and their total de- for rediscount at the Federal Reserve banks, posits were $23,542,307,000, they had alto- and, second, loans secured by stock-exchange gether 30,556,105 deposit accounts, and that the collateral. The information brought in by average size of the accounts was $770. The this inquiry is summarized in a table printed classification by size shows that 96.5 percent of at the end of this review. these accounts were in amounts of $2,500 or less, On small commercial loans, 147 member the average account of this class being $189. banks of the 175 reporting showed no change in While the number of accounts of more than rates since 1928, 20 banks showed a slight $2,500 was relatively small, constituting only decrease in rates, and 8 banks showed a slight 3.5 percent of the total number, the amount of increase. A simple average of all the rates funds held in the larger accounts constituted reported by the 175 banks shows a decline for 76.3 percent of total deposits of the banks in- the period from 6.42 percent in May 1928 to cluded in the tabulation. Accounts in the 6.38 percent in May 1933. On small loans highest bracket shown in the table, those of secured by stock-exchange collateral 150 banks over $50,000, numbered less than 50,000, and of the 182 banks reporting showed no change, constituted a small fraction of 1 percent of the 22 banks showed a slight decrease in rates, total number of accounts, but these accounts and 10 a slight increase. A simple average averaged $224,000 and in the aggregate held 45 of all the rates reported under this classificapercent of total deposits of licensed member tion showed a decline from 6.45 percent in May Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1933 FEDEKAL RESERVE BULLETIN 415 1928 to 6.40 percent in May 1933. During the the usual seasonal variations. The chart same period the Federal Eeserve Board's con- shows that the increase in total volume of tinuing average of rates charged on customers' manufacturing output from March to May loans in leading cities, which is in general based was about one half in durable goods and one on larger commercial loans and on larger loans on half in nondurable goods; this is in contrast stock-exchange collateral, declined from 5.16 per- to developments in the autumn of 1932 when cent in May 1928 to 4.92 percent in May 1933. the output of textiles and other nondurable The physical volume of industrial produc- products increased considerably, while output tion, including both manufactures and minerals, of durable products showed little change. The increased rapidly during April chart also brings out the fact that output of Recent course of J A/T J J- X xi~ nondurable manufactures in May reached a production an(* ^aJj anc^ according to the level approximately equal to the 1923-25 Board's seasonally adjusted inaverage, while output of durable manufactures, dex was at 77 percent of the 1923-25 average which had previously declined to extremely in May as compared with 60 percent in March. low levels, amounted in May to about 50 per- Preliminary reports indicate a further subcent of the 1923-25 average. stantial increase in June. Activity in the con- Analysis of the recent increase in output of struction industry, which is not represented nondurable manufactures shows that the addirectly in the index of industrial production, vance in this group was general. At cotton is currently at a level considerably lower, mills activity advanced sharply to the highest relative to the 1923-25 average, than the rate since the autumn of 1929, and in the volume of industrial production. The value woolen industry production reached a level of contract awards showed a nonseasonal inhigher than in most other months since that crease in May and June but the total for the time. Output of shoes increased sharply in second quarter was smaller than a year ago. April and May and was larger in May than in The course of manufacturing output from the corresponding month of any other recent January 1919 to May 1933 is shown on the year. The quantity of cigarettes manufacaccompanying chart, with separate lines for the tured in May was much larger than that total, for durable manufactures—including iron reported for any previous month. VOLUME OF MANUFACTURING PRODUCTION Among the durable goods industries the most AGGREGATES IN f R. BOARD INDEX ADJUSTED FOR SEASONAL VARIATION rapid advance was in the steel industry, where activity increased from 16 percent of capacity AII MalUfdCtures / in March to 34 percent in May and 46 percent /\ f\ J \\ in June. This advance was largely in response / V \ to demands from miscellaneous sources and, \ \ r/ \ / to a lesser extent, to increased orders from the V M automobile industry. Demand for steel from A/'' Y V * J Stee " l I , Autos 1 , L um " b M er, etc. \^ the construction and railroad industries con- $\ / i. 1/ tinued at low levels. Lumber production in May, although larger than in other recent 1919 1920 1921 1922 1923 192*t 1925 1926 1927 1928 1929 193•0 1931 1932 1933 months, was less than one third of the 1923-25 Weighted aggregates in millions. "Steel, autos, lumber, etc.," includes also vessels built, locomotives, nonferrous metals, cement, polished average. The limited demand for structural plate glass, and coke. "Other manufactures" includes textiles, leather products, foods, tobacco products, paper and printing, petro- steel, lumber, and other building materials releum refining, and automobile tires and tubes. flected current conditions in the construction inand steel, nonferrous metals, coke, lumber, dustry. Increased demand for steel from the automobiles, locomotives, and ships—and for automobile industry reflected growth in activity nondurable manufactures — mainly textiles, in that industry during April, May, and June. leather, food, tobacco, rubber, and paper prod- Production of cars in these 3 months totaled ucts. The underlying data are adjusted for about 650,000, as compared with about 500,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN JULY 1933 in the corresponding period of last year and have also been influenced by increased trading about 1,800,000 in the corresponding months in the organized commodity markets in expecof 1929. tation of further price advances, and, particu- Prices of commodities at wholesale have been larly in the case of international raw materials, advancing for 4 successive months, and in June by the change in the value of the dollar in the the index of wholesale corn- foreign exchange market. In cases where the Commodity odity prices computed by the price of raw materials constitutes an important m Bureau of Labor Statistics factor in the cost of finished products, advancreached 65.0 percent of its 1926 average, ing prices for these materials have been genas compared with 59.8 percent in February. erally accompanied by advancing prices for The extent to which commodities in the dif- such products. WHOLESALE COMMODITY PRICES WHOLESALE PRICE MOVEMENTS FOUR MAJOR GROUPS [1926=100] PER CENT 1929 -100 1 A 1 SELECTED FOODS =^ TEXTILE S Percent- Febru- June, age V\ ary, 1933 1933 change Manufactured Products t 4 \ Products Farm products 40.9 53.2 +30.1 V\ \^ H Te id x e ti s l e a n p d ro l d e u at c h ts er products. 6 51 8 . . 2 0 8 6 2 1 . . 4 5 + + 2 2 1 0 . . 2 1 \ \ V J Foods _ _ 53.7 61.2 +14.0 wH Rd All commodities 59.8 65.0 +8.7 Matsrials j* Building materials— 69.8 74.7 +7.0 _ _| •V. / Ma R te a r > / ; ' j .1 Chemicals and drugs 71.3 73.7 +3.4 L_ \(\ Miscellaneous 59.2 60.8 +2.7 Metals and metal products. 77.4 79.3 +2.5 u House-furnishing goods 72.3 73.4 +1.5 1 Fuel and lighting 63.6 61.5 -3.3 LEATHER IRON AND STEEL 1 i Leather ^ Pioducts fw Manufactured ferent major groups which compose the index \ \ contributed to this advance is indicated in the i table, which shows that prices of farm products, A • Stsel Scrap hides and leather products, textiles, and foods N • rose much more rapidly than the index as a Hidesandiskins i I \ / ' whole. Prices of commodities in most of the V- j \j other groups entering into the index showed a 1929 1930 1931 1932 1933 1929 1930 1931 1932 1933 much smaller advance, and there was a small Index numbers computed from selected data; for details see BULLETIN for December 1932, page 734. decline in prices of products in the fuel and lighting group. Relative changes in the prices of finished In general, the widest price advances have products and the raw materials from which occurred in raw materials. The demand for they are wholly or mainly produced are illusthese primary products, which are generally trated on the chart for four different groups of quoted in organized markets and many of commodities. The groups are selected foods, which enter actively into international trade, textiles, leather, and iron and steel products. usually responds quickly to changes in market In each case the comparison is made in terms of conditions. Since February prices of these index numbers with the average for 1929 as 100. commodities have reflected increased demands, The chart shows that during the past 4 including forward buying, accompanying sharp years the price of raw materials in each of these increases in industrial output and, in the case groups declined to a much greater extent than of some agricultural commodities, prospects of the price of the finished product. During reduced supplies owing to weather conditions recent months, however, when the direction of and proposed reductions in acreage. They price movements has been reversed, raw mate- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1933 FEDERAL RESERVE BULLETIN 417 rial quotations have risen in general much more tions on sterling, however, which average'd rapidly than prices of finished products, with about $3.42 in February and March, increased the result that for the groups shown on the BANK OF ENGLAND chart the spread between the two types of [In thousands of pounds sterling; figures preliminary] quotations has been considerably reduced. In some particular cases, however, where de- Change from— mand has been especially heavy, analysis of the June 28, 1933 May 31, June 29, underlying data shows that prices of finished 1932 goods have risen at about the same rate as the price of raw materials. Gold - 189,359 +3,027 +53,216 Discounts 16,642 +5,392 +1,753 Securities— 87,239 +3,784 -6,282 Bankers' deposits- 105,120 +27,647 +18,555 Public deposits 14,061 -19,186 -3,921 Other deposits 42,164 +2,628 +7,428 Central gold reserves of the principal Euro- Notes in circulation 375,124 +1,061 +12,041 pean countries taken as a whole declined by about $48,000,000 (at par) in to $3.58 in April, $3.93 in May, and to $4.14 the latter Part of May and the in June. On July 11 sterling was quoted at early part of June, reflecting $4.74. losses of $34,000,000 by Switzerland, $35,000,- During the past month, funds disbursed by the British Treasury in paying interest on the GOLD RESERVES OF SELECTED CENTRAL BANKS public debt were transferred to bankers' bal- [In millions of dollars at par] ances, which were further increased through the purchase of securities by the Bank of Eng- Change from— land and through the increase in market bor- Central bank of—• D 19 a 3 te 3 , G s o e l r d v e r s e- Month Year rowing at the bank. A building up of bankers' before before balances usually occurs toward the close of England June 28 *922 +15 +259 June when the London clearing banks are France . .. _ June 23 p 3,185 +11 -34 accumulating liquid reserves in order to show Germany ...do—. 53 -35 -143 I B ta e l l y gium. J J u u n n e e 2 2 0 2 *> 3 3 7 5 2 5 +6 + + 5 1 7 5 a strong cash position in their midyear state- Netherlands June 19 326 —11 -67 ments. Switzerland _ _ .. . June 23 374 -34 -129 At the Bank of France in the four weeks p Preliminary ending June 23 gold reserves increased by 000 by Germany, and $11,000,000 by Nether- 293,000,000 francs ($11,500,lands, and gains of $15,000,000 by England, Bank of France 000 at par). Bank of France $11,000,000 by France, and $6,000,000 by notes in circulation again Italy. The gold stock of Belgium showed no declined during the past month, the funds thus change for the period. BANK OF FRANCE There was an increase of £3,027,000 ($14,- [In millions of francs;figures preliminary] Bank of Eng- 700,000 at par) in the gold stock land of the Bank of England during Change from— June 23, the 4 weeks ending June 28, bringing the bank's 1933 May 26, June 24, holdings to £189,359,000 ($921,500,000) as 1933 1932 compared with £136,143,000 ($662,600,000) a Gold 81,244 +293 -856 year ago, and £135,574,000 ($659,800,000) on Foreign exchange 3,941 +54 -2,391 Domestic discounts and advances,. 6,088 -36 -556 September 16, 1931, prior to England's suspen- Government deposits 2,510 +245 -371 Other deposits 18,979 +586 -5,642 sion of the gold standard. Acquisition of gold Notes in circulation 82,590 -677 +1,923 by the Bank of England has been largely since the close of last January during a period when made available to the market being added to the pound sterling has shown little fluctuation "other" deposits, in which reserve balances of in relation to gold currencies. Dollar quota- the French commercial banks are included. 321—33 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN JULY 1933 From the end of March to June 23 the note ministered by the Reichsbank and guaranteed circulation declined by about 3,500,000,000 by the German Government. francs. This decrease during the second quarter of the year contrasts with the increase of Changes in Foreign Central Bank Discount Rates over 1,000,000,000 francs during the first quar- The following changes in discount rates ter. At the end of March, Bank of France between June 2 and July 15, 1933, have been notes in circulation amounted to 86,096,000,000 reported by central banks in foreign countries: francs as compared with 85,028,000,000 francs Bank of Finland, June 3, from 6 to 5^ percent. at the close of 1932 when the holiday demand Bank of Greece, June 6, from 9 to 7% percent. Bank of Java, July 1, from 4J4 to 5 percent. for currency was at its height. Netherlands Bank, June 29, from Z% to 4% percent; Total gold and foreign-exchange reserves of July 15, from 4% to 5 percent. Bank of Japan, July 3, from 4.38 to 3.65 percent. the Reichsbank were reduced by 155,000,000 . . , . reichsmarks ($36,900,000 at o Reichsbank . v 7 INTEREST RATES CHARGED ON SMALL LOANS ($500 TO $1,000) par) m the month ended June 23. This loss of reserves was largely Rates charged by 175 member banks on Rates charged by 182 in connection with the repayment in full on small prime commer- member banks on cial loans ($500 to small loans ($500 to July 1 of the credit granted to the Gold Dis- $1,000), such as would $1,000) secured by be eligible for redis- prime stock exchange count Bank by a syndicate of American pri- City count at Federal Re- collateral serve banks vate banks in April 1924. The credit, originally for $5,000,000 but subsequently increased to REICHSBANK N b b a e u n r m k o s - f M 19 a 2 y 8 M 19 a 3 y 3 N b b a e u r n m k o - s f M 19 a 2 y 8 M 19 a 3 y 3 [In millions of reichsmarks] Percent Percent Percent Percent Boston 5-6 5-6 5-6 5-6 Change from— New York City- 3-6 4^-6 4 -6 June 23, 1933 May 23, June 23, Philadelphia 12 5 -6 5-6 13 5-6 5-6 1933 1932 Cleveland- 6 6 Cincinnati. 5-6 5 - i 5-6 Pittsburgh. 6 Gold 223 —149 -600 Foreign-exchange reserves 81 -6 -57 Richmond- 6 Discounts and advances 3,047 +114 +75 Baltimore— 4^-6 Deposits -- - - - - 428 +57 +28 Charlotte- 6 Notes in circulation 3,200 -46 -517 A Bi t r la m n i t n a gham.. 5 6 y2 - - 8 7 5 6 -7 Jacksonville- 5 - i $50,000,000, had been renewed in July 1932 for Nashville 6 - I New Orleans.. 6-8 6 - { 1 year in the reduced amount of $45,000,000. During the month there was an increase in D Ch e i t c r a o g it o .. - 3-6 6 4 - I discounts and advances and in deposits at St. Louis 5-6 5-6 Little Rock. - 7 6-7 6-8 the Reichsbank and a decrease in notes in Louisville 6 6 6 Memphis- __ 6 6 circulation. Minneapolis . 534- 6 The Reichsbank has announced a partial Helena.. 8 moratorium, to go into effect July 1, on the Kansas City 5-8 6 -8 Denver 6 -10 6-8 6 -10 payment abroad of both principal and interest Oklahoma City. 6 -10 6 -10 6 -10 6 -10 Omaha 6-8 6-8 of a large part of Germany's foreign indebted- Dallas 5 - ! ness, two major exceptions being credits El Paso Houston coming under the standstill agreements and San Antonio.. 6 -10 6 -10 6 -10 6 -10 Fort Worth „ 6 -10 6 -10 6 -10 credits used in the current financing of Ger- Waco 7 -10 6 -10 6 -10 many's foreign trade. The moratorium is San Francisco—. 5-7 5-7 5-7 5-8 for the transfer of payments only; German L P o o s rt l A a n n g d eles 5 6 - - 8 8 5 6 - - 8 8 5-8 5-8 Salt Lake City- 7-8 7-8 debtors will be required to make payments Seattle 6-8 6-8 6-8 in reichsmarks into a conversion fund ad- Spokane Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1933 FEDERAL RESERVE BULLETIN 419 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 22 and released for publication June 24] Industrial activity increased rapidly in May ending June 17. This increase reflected a rapid and the early part of June, and there was an rise in the prices of commodities traded in on advance in the general level of commodity organized exchanges, including wheat, cotton, prices. Prices of raw materials traded in on wool, hides, lard, sugar, silk, rubber, and nonorganized exchanges showed wide fluctuations ferrous metals, and also in the prices of flour, and a general rapid upward movement, while textiles, and leather; while prices of petroleum prices of other commodities as a group showed were reduced and most other prices showed relatively little increase. relatively little change. Production and employment.—Volume of in- Foreign exchange.—The value of the dollar dustrial production, as measured by the Board's in the exchange market declined by 18 percent seasonally adjusted index, increased from 67 between the middle of April and June 21. On percent of the 1923-25 average in April to the latter date the noon buying rate on cable 76 percent in May, as compared with 60 percent transfers for the French franc was 4.81 cents, in March 1933. Operations at steel mills con- as compared with a gold par of 3.92 cents, and tinued to increase in May and the early part of the English pound was quoted at $4.16, as June, contrary to seasonal tendency, and in the compared with a rate of $3.41 on April 12. week ending June 24 activity is reported at Bank credit.—A return flow of $156,000,000 about 50 percent of capacity. Output of the of currency from circulation and purchase automobile industry was larger in May than in of $118,000,000 of United States Government April and, according to trade reports, has in- securities by the Reserve banks placed a concreased further in June, although a decline is siderable volume of reserve funds at the disusual at this season. Lumber output in May posal of member banks during the five weeks showed a considerable increase from previous ending June 21. These funds were used in part low levels. Activity at textile mills increased to reduce further the member banks' indebtedsharply to a higher level for the season than in ness to the Reserve banks and the Reserve any other month since November 1929; and banks7 holdings of acceptances, and in part output of shoe factories in May was larger than were added to the member banks' reserve in May of any previous year. accounts. Employment in manufacturing industries in- Loans and investments of member banks in creased considerably between the middle of 90 leading cities increased by $175,000,000 in April and the middle of May, and the Board's the four weeks ending June 14, representing index, which is adjusted to allow for seasonal chiefly a growth of security loans and other variations, advanced from 58 percent of the loans at New York City banks. Loans to 1923-25 average to 61 percent. Factory pay brokers and dealers in securities made by New rolls increased by a larger percentage to about York City banks increased by $160,000,000 42 percent of the 1923-25 average. during the period, while security loans to other Value of construction contracts awarded customers declined. Net demand deposits during May and the first half of June, as at the reporting banks increased by over reported by the F. W. Dodge Corporation, $500,000,000, reflecting in part a further showed a nonseasonal increase from the ex- growth of bankers' balances, principally in treme low levels prevailing earlier in the year. New York City. Distribution.—Freight traffic increased from Money rates in the open markets continued April to May by more than the seasonal to decline during the period and in the middle amount, reflecting chiefly larger shipments of of June were only slightly above the lowest miscellaneous freight and merchandise. De- levels of recent years. partment-store sales, which had increased sub- On May 26 the discount rate of the Federal stantially from March to April, showed little Reserve Bank of New York was reduced from change in May. 3 to 2K percent and in the following three weeks Wholesale prices.—Wholesale commodity rates were lowered from 3K to 3 percent at the prices, as measured by the weekly index of the Federal Reserve Banks of Chicago, Boston, Bureau of Labor Statistics, advanced from San Francisco, Philadelphia, St. Louis, and 60.3 percent of the 1926 average in the week Cleveland. At the other Federal Reserve ending April 15 to 64.5 percent in the week banks a rate of 3K percent prevails. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN JOLT 1933 "RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS Weekly Basis: Wednesday Series MILLIONS Of DOLLARS 7000 7000 6000 6000 MEMBER BANK RESERVE BALANCES 2000 2000 1000 1000 1928 1929 1930 1931 1932 1933 Based on Wednesday figures; latest figures are for June 30 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

421 FEDERAL RESERVE BULLETIN JULY 1933 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserve bank credit outstanding Factors of decrease Factors of increase Month or week B co il u ls n t d e i d s- bo B u il g ls ht m G c U u e o n r n v i i t e t t i e r s e 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 c n 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 k c v e e e s r d m e N e p e m t o o c s n b . i - e ts r , p c U f e a n u p n e n i d t d x e a s - d l 1932—February. 848 151 74S 1,785 4,384 1,787 5,627 1,907 349 March 714 105 809 1.652 4,372 1,792 5,531 1,899 349 April 605 52 1,014 1,694 4,381 1,789 5,452 1,996 353 May 486 41 1,413 1,960 4,273 1,788 5,456 2,138 350 June - 495 50 1,697 2,262 3,956 1,787 5,530 2,062 348 July.. 523 60 1,818 2,422 3,941 , 780 5,751 2,003 343 August 451 37 1,850 2,353 4,031 ,796 5,720 2,073 347 September 387 34 1,848 2,282 4,140 ,826 5,685 2,181 347 October 328 34 1,851 2,231 4,226 ,886 5,643 2,307 355 November 313 34 1,851 2,211 4,292 ,917 5,642 2,378 360 December 282 34 1,854 2,192 4,429 ,915 5,699 2,435 359 1933—January __. 255 1,806 2,110 4,547 901 5,631 2,516 351 February 307 102 1,804 2,224 4,491 ,891 5,892 2,291 79 344 March 994 379 1,875 3,233 4,260 ,897 1,914 134 344 April 425 230 1,837 2,511 4,301 ,915 6,137 2,086 156 348 May 339 1,846 2,286 4,313 ,930 5,876 2,125 173 355 June 250 1,933 2,208 4,317 ,943 5,742 2,211 164 351 Week ending (Saturday)— 1933—February 4 •. 31 1,763 2,074 4,54S 5,664 2,426 350 February 11 256 31 1,775 2,078 4,530 ,892 5,717 2,369 68 346 February 18 45 1,809 2,155 4,505 ,871 5,850 2,256 82 343 February 25 181 1,833 2,357 4,450 ,892 6,032 2,235 90 342 March 4 847 361 1,848 3,056 4,333 ,922 6,805 2,065 96 345 March 11 1,421 417 1,876 3,661 4,244 ,922 7,532 1,803 143 849 March 18 1,184 400 1,907 3,476 4,251 ,920 7,260 1,898 140 349 March 25 356 1,882 2,931 4,263 ,871 6,643 1,952 129 341 April 1 524 316 1,846 4,270 6,376 1,973 141 April 8 432 288 1,838 2,570 4,283 ,893 6,271 2,002 138 335 April 15 433 244 1,837 2,535 4,301 ,911 6,172 2,083 144 348 April 22 420 208 1,837 2,492 4,312 ,929 6,085 2,136 157 355 April 29 411 180 1,837 2,444 4,310 ,927 6,015 2,130 181 355 May 6 404 148 1,837 2,407 4,311 ,873 5,972 2,080 184 355 May 13__ 343 115 1,837 2,311 4,312 ,910 5,910 2,090 178 355 May20-_. 331 81 1,843 2,272 4,313 ,933 2,126 175 354 May27___ 314 46 1,851 2,224 4,314 ,972 5,815 2,177 164 354 June 3 305 20 1,880 2,213 4,315 1,965 5,814 2,165 161 353 June 10 ._. 284 11 1,907 2,216 4,316 1,980 5,784 2,199 178 351 June 17 255 10 1,925 2,207 4,317 1,947 5,742 2,215 164 350 June 24 228 1,950 2,198 4,318 1,892 5,711 2,193 155 349 End of month series Wednesday series 1933 1933 Jan. Feb. Mar. Apr. May June May May June June June June 31 28 31 30 31 30 24 31 14 21 28 Bills discounted 274 582 426 435 302 164 Bills discounted 312 302 277 254 222 191 Bills bought 31 336 305 171 20 Bills bought 20 11 10 United States Government se- United States Government securities 1,763 1,866 1,838 1,837 1,890 curities- 1,862 1,912 1,932 1,955 1,975 Other reserve bank credit 9 10 3 16 7 10 Other reserve bank credit 15 15 Total reserve bank credit 2,077 2,794 2,572 2,459 2,218 2,220 Total reserve bank credit 2,219 2,218 2,214 2,212 2,194 2,182 Monetary gold stock 4,553 4,379 4,282 4,312 4,315P4, 317 Monetary gold stock 4,314 4,315 4,316 4,318 4,317 4,318 Treasury currency adjusted 1,872 1,939 1,887 1,907 1,954 1,988 Treasury currency adjusted 1,969 1,954 lr" 1,980 1,979 Money in circulation 5,645 6,546 6,320 6,003 5,812P5, 721 Money in circulation 5,795 5,812 5,767 5,723 5,675 Member bank reserve balances 2,446 2,141 1,949 2,132 2,167 2,292 Member bank reserve balances.. 2,194 2,167 2,204 2,281 2,205 2,286 Nonmember deposits, etc 64 80 143 188 155 166 Unexpended capital funds, non- Unexpended capital funds 346 346 329 355 353 345 member bank deposits, etc 514 508 548 504 500 517 i Less than $500,000. v Preliminary. Back figures.—See Annual Report for 1931 (tables 1-5). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 FEDERAL RESERVE BULLETIN JULY 1933 RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars] June 30,1933 May 31, 1933 June 30,1932 RESOURCES Gold with Federal Reserve agents _ 2,784,201 2,813,639 1,956,267 Gold redemption fund with United States Treasury. 44,068 44,353 59, 784 Gold held exclusively against Federal Reserve notes... 2,857,992 2,016,051 Gold settlement fund with Federal Reserve Board 504,551 409, 834 223,421 Gold and gold certificates held by banks.. 210,366 252,072 338,337 Total gold reserves 3, 543,186 3, 519,898 2, 577,809 Other cash i _ 270, 239 286, 770 266, 301 Total gold reserves and other cash 3,813,425 3,806,668 2,844,110 Redemption fund—Federal Reserve bank notes. 7,392 6,242 Bills discounted: For member banks 162,707 300,843 439,307 For intermediate credit banks 528 For nonmember banks, etc. 977 155 Total bills discounted 163, 684 301,974 439, 990 Bills bought: Payable in dollars: Bought outright 1,089 12,881 21,677 Under resale agreement 39,837 14,155 Payable in foreign currencies _ 7,089 30, 762 Total bills bought 48,015 19,862 66, 594 United States Government securities: Bought outright 1,997, 652 1, 889, 278 1, 761,669 Under resale agreement .__ 300 22,052 Total United States Government securities 1,997,652 1, 889, 578 1,783,721 Other reserve bank credit: Federal intermediate credit bank debentures _ Municipal warrants 2,677 4,823 5,214 Due from foreign banks _ 3,729 3,815 3,655 Reserve bank float (uncollected items in excess of deferred availability items) _ 3,830 2 2,035 10,720 Total Reserve bank credit outstanding _ 2, 219,587 2, 218, 017 2, 309,894 Federal Reserve notes of other Reserve banks _ _ 15, 549 15,143 13, 325 Uncollected items not included in float _ 369,841 318,082 343,845 Bank premises --- _ 54,313 54,255 58, 086 All other resources 50,645 48,020 45,462 Total resources _ 6, 530, 752 6, 466, 427 5, 614, 722 LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks _ . 15,549 15,143 13,325 Outside Federal Reserve banks 3,078,405 3,187,959 2,781,638 Total notes in circulation 3,093,954 3,203,102 2, 794,963 Federal Reserve bank notes in actual circulation 123, 394 96,280 Deposits: Member bank—reserve account 2,292,360 2,166,721 1,982,127 Government 35,481 72,328 3,756 Foreign bank _ 15, 523 7,848 9,002 Special deposits: Member bank 75,889 Nonmember bank 18,814 18,059 Other deposits 56,193 45,180 33,378 Total deposits 2,494,260 2,393,773 2,028,263 Deferred availability items _. 369,841 318,082 343,845 Capital paid in 146,763 150,271 154,812 Surplus 278, 599 278,599 259,421 All other liabilities 23,941 26,320 33,418 Total liabilities 6,530,752 6,466,427 5,614,722 Contingent liability on bills purchased for foreign correspondents— 35,854 35,731 97,729 FEDEKAL RESERVE NOTE STATEMENT Federal Reserve notes: Notes issued to Federal Reserve banks by Federal Reserve agents.. 3,336,867 3,436,872 3,028,396 Collateral held by agents as security for notes issued to bank: Gold 2, 784, 201 2,813,639 1,956, 267 Eligible paper 134,459 190,397 452,596 United States Government securities _ 442, 700 480,900 634,500 Total collateral 3,361, 360 3,484,936 3,043,363 FEDERAL RESERVE BANF NOTE STATEMENT INotes issued to Federal Reserve banks (outstanding). 138,744 123,134 •Collateral pledged against outstanding notes: Discounted and purchased bills 1,981 26,039 United States Government securities 160,974 136,274 Total collateral 162,955 162, 313 i " Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. » Excess of deferred availability items over uncollected items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

423 JULY 1933 FEDERAL RESERVE BULLETIN 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 o e f nd I i n n c s r t e o a c s k e Net gold Net re- p ti o c m pr e o s - - From or to— (prel J im un i e nary) May Jan M u a a y rymonth during import from ear- duction, month mark i etc.* Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1932—February.. 4,354 -90. e 26.4 1.9 March 4,390 36.0 -24.7 58.3 2.4 April 4,367 -23.1 -30.2 4.0 3.2 Belgium 799 May - 4,152 -214.1 -195.5 -22.1 3.6 England 2,100 15, 714 55,202 28,483 June 3,919 -233.9 -206.0 -28.8 0.9 France 55 121 30,044 17,007 July 3,977 58-0 -3.4 56.2 5.2 Germany 1,445 1,071 1,800 August 4,088 111.7 6.1 100.5 5.1 Netherlands 115 19,347 9,265 September. 4,193 104.8 27.9 72.3 4.6 Portugal October 4,264 70.8 20.6 45.8 4.5 Switzerland 2,295 November- 4,340 75.6 21.7 48.6 5.3 Canada 120 10 18,404 64 December.. 4,513 173.5 100.9 »71.0 1.6 Central America 62 587 Mexico 344 2,522 20 Total (12 mos.)- 52.9 -446.2 457.5 41.6 Argentina 2 6 15 •"•'•• Colombia 1 92 1933—January 4,553 » -91.5 3.0 Ecuador 6 245 February. 4,380 -178. 3 -12.9 Peru 84 788 March 4,282 -100.1 25.0 Uruguay 864 864 April 4,312 33.7 5.7 Venezuela 506 150 J M u a n y e? 4 4, , 3 3 1 1 7 5 2 3 2 . . 5 1 2 1 . . 6 6 A Br u i s t t i r s a h l i I a ndia 113 2 2 5 , , 8 6 3 2 8 9 China and Hong Total (6 mos.) -195.8 89.7 -310. 5 25.0 Kong 83 12,811 Dutch East Indies 115 801 Japan 6,702 i Gold released from earmark at Federal Reserve banks less gold placed Philippine Islands 755 2,492 under earmark. All other countries *_ 239 100 6,100 2,292 2 28, 562 * This figure, derived from preceding columns, represents the excess of domestic production over nonmonetary consumption of gold—chiefly Total 3 239 3 3,600 1,785 22,925 182, 378 89,323 consumption in the arts. In any given month, however, it may be predominantly affected by the fact that on the final day of the month (a) gold bullion or foreign gold coin recently imported may not yet have 1 Includes all movements of unreported origin or destination. reached a reserve bank or the Treasury, and (6) gold bullion recently 2 $22,462,000 exported to Italy. withdrawn from stock for export may not yet have been actually ex- 3 At New York—imports, $239,000, exports, $3,600,000. ported. The figures are subject to certain unavoidable inaccuracies in official reports of gold imports and exports. 1 Allowance has been made for gold earmarked at the Bank of England for account of the Federal Reserve Bank of New York 4 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. v Preliminary figures. Back figures.— See Annual Report for 1931 (table 30). KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars! End of month Total G co o i l n d c c G e a r o t t e i l f d s i- d S s a o i t l r a l v d l n a e d r r s - c S c e i a r l t t v i e f e s i r - o T n f u r o e r 1 t y a 8 e 9 s s - 0 s s i S d il u i v a b e r - r y M co in in or U S n t n o a i t t e t e e s s d R F n e e o s d e t e e r r v s a e l R F n b e e o a s d e t n e e r k r s v a e l t n b i N o o a n t a n e a - k s l 1932—January . _ 5,641 407 850 32 367 1 260 115 282 2,648 3 677 February 5,604 406 820 31 363 1 260 114 280 2,634 3 691 March. 5,459 404 779 31 355 1 259 114 274 2,546 3 693 April 5,465 411 758 30 356 1 257 114 282 2,551 3 703 May . . 5,480 435 735 30 355 1 257 114 290 2,558 3 702 June 5,695 453 716 30 353 1 256 114 289 2,780 3 701 July 5,726 454 694 30 351 1 254 113 289 2,838 3 700 August 5,692 449 669 30 350 1 255 113 285 2,793 3 744 September. . _ _ . . 5,653 445 644 29 359 1 257 113 286 2,731 3 785 October 5,628 445 624 29 361 1 257 113 289 2,689 3 817 N^VftTTibpT* , ....... 5,648 454 635 29 361 1 258 113 291 2,675 3 826 December 5,675 468 601 29 371 1 258 113 294 2,716 3 820 1933—January 5,645 479 591 28 350 1 250 111 287 2,707 3 836 February 6,545 571 649 28 362 1 252 111 301 3,405 3 861 March. _ _. 6,320 367 393 28 376 1 258 112 266 3,621 17 879 April 6,003 335 323 28 360 1 255 112 261 3,362 50 915 May 5,812 324 280 28 359 1 256 112 265 3,167 99 922 June p... 5,721 321 265 28 361 1 257 113 269 3,061 125 920 v Preliminary figures. Back figures .—See Annual Reports for 1931 (table 35), 1930 (table 32), and 1927 (table 22). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 FEDERAL RESERVE BULLETIN JULY 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 n l— b k e s a r ll Ne C w i t Y y* ork r O c es 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 n l— b k e s a r ll Ne C w i t Y y o i rk r O c es i t t e h i r e e v s r e C b o a u n n k t s ry" 1931—November... 2,118 774 832 512 57.0 10.7 19.4 26.9 December... 2,069 766 807 503 59.5 18.5 16.9 30.9 1932—January 1,979 724 767 488 35.4 4.5 1.8 29.2 February.... 1,907 681 753 473 43.8 7.2 11.3 25.3 March 1,899 687 747 465 59.0 17.8 17.3 23.8 April 1,996 780 749 466 152.1 88.1 35.7 28.3 May 2,138 874 800 464 277.1 155.1 91.5 30.5 June 2,062 783 819 459 234.4 89.4 111.4 33.6 July 2,003 767 781 455 204.4 75.0 91.6 37.9 August 2,073 832 797 444 269.9 127.7 108.9 33.3 September- 2,181 927 812 443 345.5 193.4 119.6 32.4 October 2.307 1,001 863 444 435.9 241.6 160.5 33.7 November. _ 2,378 1,050 887 441 482 2 266.8 181.8 33.7 December... 2,435 1,083 911 440 525.8 283.2 206.9 35.7 1933—January 2,516 1,109 965 442 583.8 286.2 254.2 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 1,171 946 442 350.1 236.4 January 20 1,141 950 445 311.8 238.1 January 27 2,491 1,057 997 436 232.9 288.4 February 3 2,438 997 1,007 435 173.7 February 10 2,377 931 1,006 440 123.2 303.5 February 17 2,275 855 984 436 60.8 281.9 February 24» 2,233 801 987 444 294.5 * Central reserve city banks only. * Figures not available by weeks. > March, April, and May 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 a T l b l o a b m t n e a r e k m l s - - C Y N i o e t r w y k * r O c es i t t e h i r e e v s r e " b t C a r n o y u k " n s - a T l b l o a b m t n e a r e k m l s - - C Y N i o e t r y w k » r O e c s i t t e h i r e e v s r e " b t C a r n o y k u " s n-a T l b l o a b m n t e a r k e l m s - C Y N i o e t r w y k i r O e c s i t t e h i r e e v s r e 11 b t C a r n o y u k " n s - 1931—November. 25,218 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 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 6,957 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 6,186 September 24,973 6,308 9,853 8,811 14,408 5,440 5,316 3,652 10,565 869 4,538 5,159 October. ~ 25,292 6,559 9,939 8,795 14,679 5,402 3,649 10,612 929 4,537 5,145 November. 25,476 6,762 9,964 8,751 14,864 5,804 5,432 3,628 10,612 957 4,532 5,123 December. 25,492 6,877 9,941 8,674 14,965 5,937 5,424 3,604 10,527 940 4,517 5,071 1033—January 25,641 7,050 10,023 8,568 15,116 6,109 5,470 3,537 10,525 941 4,553 5,031 February» 24,978 6,722 9,847 8,409 14,645 5,842 3,435 10,333 4,479 4,974 i Central reserve city banks only. • March, April, and May data not available. Back figuTts.—See Annual Report for 1931 (table 49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1933 FEDERAL RESERVE BULLETIN 425 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 I m nv e e n s ts t- Total Loans Invest- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 1928—June 30... 57,265 39,464 17,801 35,061 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 1 9,242 1 5,518 13,723 12,049 9,828 3,222 Dec. 31—. 58,266 40,763 17,504 35,684 25,155 10,529 9,390 5,694 13,192 9,913 3,279 1929—Mar. 27... 58,019 40,557 17,462 35,393 24,945 10,448 i 9,390 1 5,694 13,696 13,236 9,918 3,317 June 29.... 58,474 41,512 16,962 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,961 3,246 Oct. 4 58,835 42,201 16,634 35,914 26,165 9,749 19,556 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 9,803 3,217 1930—Mar. 27... 57,386 40,686 16,700 35,056 25,119 9,937 19,463 15,945 13,518 12,868 9,623 3,245 June 30... 58,108 40,618 17,490 35,656 25,214 10,442 9,747 6,009 3,739 12,706 9,395 3,309 Sept. 24... 57,590 39, 715 17,875 35,472 24,738 10,734 1 9,747 16,009 13,739 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 19,987 16,068 13,920 11,208 7,906 3,302 June 30—. 55,021 35,384 19,637 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 U0506 14,337 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 14,186 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 i Figures of preceding call carried forward. ALL BANKS IN THE UNITED STATES—DEPOS- NUMBER OF BANKS ITS, EXCLUSIVE OF INTERBANK DEPOSITS [All banks in the United States; includes national banks, State com- (In millions of dollars. Includes national banks, State commercial mercial banks and trust companies, mutual and stock savings banks, banks and trust companies, mutual and stock savings banks, and all and all private banks under State supervision] private banks under State supervision] Nonmember Nonmember banks Member banks banks All Member Date banks banks Mutual Other Date Total Mu- Other s b a a v n in k g s b n e o r n b m a e n m ks - Total ti N on a a - l State s i t n u a g v a s l - m n b o e e m n r - banks banks 1928—June 30-. 53,398 32,133 8,653 12,612 Oct. 3__. 53, 720 32,138 i 8,653 12,929 Dec. 31-. 56, 766 34,826 13,091 1928—June 30. 25,941 8,929 7,685 1,244 615 16,397 Oct. 3- 25,828 8,896 7,670 , 226 1615 16,317 1929—Mar. 27- 54, 545 33, 215 i 8,849 12,481 Dec. 31. 25,576 8,837 7,629 1,208 612 16,127 June 29_. 53,852 32,284 8,983 12,584 Oct. 4__. 55,180 33,004 13,193 1929—Mar. 27. 25,341 8,755 7,569 ,186 1612 15,974 Dec. 31.. 55,289 33,865 8,916 12,507 June 29. 25,110 8,707 7,530 ,177 611 15,792 Oct. 4-_ 24,951 8,616 7,468 ,148 1611 15,724 1930—Mar. 27. 53,185 32,082 i 8,916 12,187 Dec. 31. 24,630 8,522 7,403 ,119 609 15,499 June 30.. 54,954 33,690 9,197 12,067 Sept. 24. 52,784 31,839 i 9,197 11,748 1930—Mar. 27. 24,223 8,406 7,311 1,095 1609 15,208 Dec. 31- 53,039 32,560 9,507 10,972 June 30- 23,852 8,315 7,247 1,068 606 14,931 Sept. 24. 23,590 8,246 7,192 1,054 1606 14,738 1931—Mar. 25. 51,427 31,153 i 9,507 10, 767 Dec. 31- 22,769 8,052 7,033 1,019 14,114 June 30.. 51,782 31,566 10,017 10,199 Sept. 29. 49,152 29,469 i 10,017 9,666 1931—Mar. 25. 22,372 7,928 6,930 1603 13,841 Dec. 31.. 45,821 27,432 10,105 8,284 June 30. 21,903 7,782 6,800 600 13,521 Sept. 29. 21,294 7,599 6,653 946 1600 13,095 1932—June 30_. 41,963 24,755 10,020 7,188 Dec. 31. 19,966 7,246 6,368 878 597 12,123 Sept. 30. 41, 942 24,903 i 10,020 7,020 Dec. 31.. 41,643 24,803 10,022 6,818 1932—June 30. 19,046 6,980 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. 1 Figures of preceding call carried forward. 321—33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BULLETIN JULY 1933 REPORTING MEMBER BANKS IN 90 LEADING CITIES * [In millions of dollars] Total—90 le£iding cities New York City 89 other leading cities Loans and investments Loans and investments Date Bor- Bor- Total Bor- Investments rowings Investments rowings loans rowings Loans All at F.R. Loans All at F.R an v d e st i - n- at F.R. Total on se- other banks Total on se- other banks ments banks curities loans Total c U u . r S i . t s i e e - s curities loans Total c U u . r S i . t i s e e s - Jan. 4 16,708 3,751 5,051 7,906 4,916 39 7,037 1,584 1,849 3,604 2,502 9,671 39 Jan 11 16,677 3,723 5,011 7,943 4,968 33 7,055 1,580 1,822 3,653 2,560 9,622 33 Jan.18 16,660 3,699 5,015 7,946 4,998 34 7,086 1,559 1,849 3,678 2,609 9,574 34 Jan 25 16,631 3,662 4,986 7,983 4,991 46 7,132 1,562 1,836 3,734 2,631 9,499 46 Feb 1 16,756 3,751 5,031 7,974 4,971 50 7,222 1,643 1,878 3,701 2,600 9,534 50 Feb. 8 16 622 3 696 4,950 7,976 4,982 36 7,073 1,606 1,799 3,668 2,572 9,549 36 Feb. 15 16, 617 3,694 5,007 7,916 4,934 52 7,078 1,614 1,858 3,606 2,522 9,539 52 Feb. 22 16, 315 3,693 4,807 7,815 4,836 65 6,809 1,621 1,653 3,535 2,452 9,506 65 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 2 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 May 10 16,318 3,715 4,689 7,914 4,908 80 6,790 1,711 1,594 3,485 2,357 9,528 80 May 17 16,346 3,724 4,697 7,925 4,934 85 6,847 1,735 1,617 3,495 2,378 9,499 85 May 24 16, 329 3,648 4,704 7,977 4,963 78 6,786 1,663 1,624 3,499 2,384 9,543 78 May 31 16,426 3,713 4,772 7,941 4,948 76 6,933 1,733 1,694 3,506 2,429 9,493 76 June 7 16 485 3,742 4,769 7,974 5,013 60 6,970 1,777 1,682 3,511 2,443 9,515 60 June 14 16, 521 3,798 4,761 7,962 4,990 53 6,993 1,840 1,677 3,476 2,398 9,528 53 June 21 16 805 3 769 4 731 8,305 5,307 50 7,039 1,813 1,642 3,584 2,484 9,766 50 June 28 16, 665 3,748 4,704 8,213 5,254 26 6,913 1,791 1,609 3,513 2,438 9, 752 26 i See note on p. 273, MAY BULLETIN, 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 an Y d o r tr k u s b t a c n o k m s - b fo a r n ei k g s n , b b r a o n k k e i r n s g , count b t a o n w k n s» others End of month panies agencies, etc. 1932—May 436 385 June 377 342 1932 1933 1932 1933 1932 1933 July 335 309 August 344 319 September 409 385 January 512 359 374 270 138 90 October.-. 411 389 February - - 525 360 385 298 140 62 November. 354 336 March 533 311 391 247 142 64 December. 393 377 1933—January-_. 380 365 April 379 322 300 268 79 54 February.. 433 416 May 300 529 243 461 57 68 March 398 373 June 244 780 194 694 49 86 April 399 374 May 578 555 July 242 195 47 June -. 755 712 S A e u p g te u m st ber 3 3 3 8 2 0 2 29 4 2 8 8 8 5 8 J J u u n n e e 7 14 6 7 9 8 9 2 6 75 7 4 5 O N c o t v o e b m er ber 3 33 2 8 5 2 2 6 7 3 8 6 6 1 1 J J u u n n e e 2 2 8 1 7 7 6 7 4 5 719 December 347 279 68 * 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 1931 (table 62), 1930 (table 56) (table 47). etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

427 JULY 1933 FEDERAL RESERVE BULLETIN ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR CLASSES OF BANKERS' ACCEPTANCES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars] Held by Fed- Held by accepting Based Based eral Reserve banks on goods on banks stored in goods United stored Based States in End of month s T t o i a o n u n t g t a d - l - o F a w c o - n r o c e o f F a i c u g o f - o n n r r t - i otai O bi w lls n b B ou il g ls ht o H t b h e y e ld rs End of month Total p U i i o o n . m r n S t t - . o s o p f U n r o o . S r m e t . x s - s c h ( h r w e i o p o d a u p r i r s t e e e s d - ) c D h e o a x l n l - g ar e s t f h r c o i i o b r e p e e u s p - i n g o e - n d r count corre- between tween spond- domestic foreign ents points points 1931—February.., 1,520 85 456 550 151 398 429 OUTSTANDING March 1,467 123 431 472 131 341 440 April - 1,422 162 409 410 125 285 441 1932—May 787 217 269 May . 1,413 124 380 464 171 293 444 June 747 193 271 June 1,368 95 341 554 196 357 379 July 705 178 265 July 1,228 39 243 668 232 436 278 August 681 192 250 August 1,090 70 228 606 168 438 186 September 683 212 234 September- 996 420 100 410 162 248 67 October 699 222 231 October 1,040 647 99 230 112 118 63 November ... 720 237 232 November- 1,002 418 126 296 125 171 161 December 710 228 December.. 974 305 251 262 131 131 156 1933—January 707 222 237 1932—January 961 119 314 332 159 174 195 February 704 219 231 February... 919 76 312 343 175 168 189 March 671 184 230 March 911 36 335 377 155 222 163 April 199 10 234 April 879 16 292 455 188 268 115 May 185 225 May 787 4 183 510 225 286 90 June ._ 747 36 98 518 200 318 96 HELD BY F.R. BANKS July 705 12 59 563 197 366 70 (OWN ACCOUNT) * August 681 3 49 574 198 376 55 September- 683 2 43 573 159 414 64 1932—May 1 N O o ct v o e b m er ber. . 6 7 9 2 9 0 3 4 3 3 9 2 6 6 0 5 5 5 1 2 9 6 9 8 4 3 0 8 6 6 5 2 2 8 J J u u n ly e . . 12 1 1 (*> 5 Decembsr.. 710 4 • 40 604 224 380 62 A Se u p g t u e s m t ber.. 8 1 1 4 2 1933— M F Ja e a n b r a r c a u h r a y ry. _. 7 7 6 0 0 7 4 7 1 2 3 8 0 0 7 2 4 4 3 1 5 0 3 6 2 2 2 6 5 6 1 2 2 1 0 5 5 1 6 3 3 1 1 2 7 0 4 0 8 3 4 8 8 2 5 N O D o c e t c v o e e b m m er b b e e r r . . . . 4 4 8 co1 1 1 1 J M A u p n a r e y il 6 6 9 6 7 9 1 4 6 1 1 4 3 4 3 3 3 6 6 4 5 0 0 4 5 2 2 0 2 6 9 2 1 7 9 6 9 1 8 1 6 5 1933— F M J e a a b n r r c u u h a a r r y y . . . . . 3 2 0 8 2 7 0 1 8 0 7 1 5 10 1 1 7 April 164 38 97 Figures for acceptances outstanding (and held by accepting banks) May 13 2 6 from American Acceptance Council. Back figures—See Annual Reports for 1931 (table 70), 1930 (table 64), 1929 (table 58), and 1928 (table 61). un * c l T a o ss t i a f l i e h d o l a d c i c n e g p s ta o n f c F e e s. deral Reserve banks include a small amount of «Less than $500,000. ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- HOLDINGS OF FEDERAL RESERVE BANKS Back figures.—See Annual Reports for 1931 (tables 67 and 15), 1930 (tables 61 and 14), etc. fin thousands of dollars] COMMERCIAL PAPER OUTSTANDING End of month I 1930 1931 1932 1933 [In millions of dollars] January 1,035 36,119 33,444 29,036 End of month 1930 1931 1932 1933 February... 1,038 23,958 33,478 28,997 March 1,040 1,063 30, 778 24, 788 April 1,054 1,074 30, 736 7,181 January 404 327 108 85 May 1,058 1,073 30,837 6,981 February... 457 315 103 84 June 1,064 10,551 30, 762 7,089 March 629 311 106 72 July 1,065 34,371 30,645 April 553 307 108 64 August 1,071 145,215 30,834 May 541 305 111 60 September.. 1,075 48,804 30,849 June 527 292 103 October 21,583 33,501 30,659 July 528 289 100 November.. 31,587 33,386 30,652 August 526 271 108 December... 33,429 29,489 September. 513 248 110 October 485 210 113 November.. 448 174 110 Back figures—See Annual Reports for 1928 (table 12), 1927 (table December,.. 358 118 81 12), 1926 (table 24), etc. Back figures.—See Annual Reports for 1931 (table 66) and 1930 (table ) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN JULY 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 Keserve Act] Prevailing rate on- Aver o a n g — e rate Aver o a n g — e yield Bate in Date estab- Previous Federal Reserve bank ef J f u e l c y t o 1 n lished rate Call loans» U.S. N P B h o e i w s l t a o d n Y e o lp r h k i . a , - .. . J J M u u a n n y e e 2 8 1 6 , , , 1 1 1 9 9 9 3 3 33 3 3 Month or week m m p P 4 c o e a r o r n p i t m o c m e t i h r - a e 6 , s l a P a b c n e a r c 9 i c r n e m 0 s e 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 e a u a r o r e n t r t t e y a i d e f s s s i , - - b T o u r n e ry a d s s - ' days 3 to 6 Cleveland June 10,1933 3H months Richmond Jan. 25.1932 4 Atlanta Nov. 14.1931 3 Chicago May 27.1933 1932 St. Louis June 8,1933 May 2.50 2.50 0.31 3.77 Minneapolis.. Sept. 12,1930 June 2H-3 2.50 2.50 «.34 3.78 Kansas City.. Oct. 23,1931 July H 2.08 2.08 .22 3.65 Dallas Jan. 28.1932 August 2 -2H H 2.00 2.00 .14 3.57 San Francisco June 2,1933 September 2 -2X X 2.00 2.00 3.54 October YrVt 1.35 1.35 3.54 November H 1.00 1.00 3.55 Back figures.—See Annual Report for 1931 (table 36). December H 1.00 1.00 «.O4 3.48 The following special rates were also in effect at all 1933 Federal Reserve banks on July 1, 1933: January 1.00 1.00 .07 3.39 Percent February 1.00 1.00 .01 3.47 Ad se v r a v n e c e a s c t t , o a s m a e m m e b n e d r e d b a b n y k s s e u c n . d 40 e 2 r o se f c t . h 1 e 0 a c (b t ) o f o M f t a h r e . 9 F , e 1 d 9 e 3 r 3 a l Re- 5 March ltt-89* 3.27 3.32 «1.34 3.58 April 2 -Q 1.29 1.37 .45 3.55 Ad 40 v 4 a n o c f e t s h e to a c n t o o n f m M em ar b . e 9 r , 1 b 9 a 3 n 3 k , s a s a a n m d e t n ru d s e t d c b o y m t p h a e n a ie c s t o u f n M de a r r s . e 2 c 4 . , May 2 -2 l -V 1.00 1.00 .29 3.47 1933 5 June 1.00 1.00 <.07 3.40 Week ending- Discounts for individuals, partnerships, and corporations under the third paragraph of sec. 13 of the Federal Reserve act, as May 27 2 -2H l -13* 1.00 1.00 .23 3.44 amended by sec. 210 of the act of July 21,1932 6 June 3 2 1.00 1.00 .15 3.43 Advances to individuals, partnerships, and corporations secured June 10 1.00 1.00 .08 3.41 by direct obligations of the United States under the last para- June 17 _. 1.00 1.00 *.O8 3.40 graph of sec. 13 of the Federal Reserve act, as amended by sec. June 24 1.00 1.00 .05 3.39 403 of the act of Mar. 9,1933 4K BUYING RATES ON ACCEPTANCES i Stock exchange call loans; new and renewal rates. > Stock exchange 90-day time loans. [Buying rates at the Federal Reserve Bank of New York] * 3 issues— 3H, 3%, 4 percent; yields calculated on basis of last redemption dates—1947, 1956, and 1954. « Change of issues on which yield is computed. Rate in Maturity effect on Date estab- Previous Back figures—See Annual Report for 1931 (tables 39 and 40), 1980 Julyl lished rate (tables 36 and 37), 1929 (tables 35 and 36), etc. RATES CHARGED CUSTOMERS BY BANES IN 1-15 days.... June 29.1933 PRINCIPAL CITIES 16-30 days... do 81-45 days— do [Weighted averages of prevailing ratesl 46-60 days... do 9 6 1 1 - - 1 9 2 0 0 d d a a y y s— s.. .....d d o o New York City a 8 n d o t e h a e s r te n r o n r t c h i e ti r e n s 27 w s e o st u e t r h n e r c n i t a ie n s d 121-180 days. do Month 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 Back figures.—See Annual Reports for 1931 (table 37) and 1928 (table February 4.31 4.71 4.11 4.63 5.13 4.84 5.43 5.61 5.56 35). March 4.20 4.72 4.88 4.62 5.14 5.39 5.40 5.64 5.66 April... 4.17 4.69 4.33 4.57 5.10 5.09 5.36 5.63 5.68 May 4.11 4.55 1.24 4.55 5.14 4.99 5.26 5.64 5.66 June 4.13 4.61 4.10 4.49 5.13 4.97 5.34 5.62 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

JULY 1933 FEDERAL RESERVE BULLETIN 429 SECURITY PRICES AND SECURITY ISSUES SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926=100) Pre- Selected groups of industrial issues Month or date Bonds*ferred stocks1 Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c m A o u b to il - e e B m q i u n e u i g n 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 i l e u c e n c a ip t - l - c M e h r i a y n - - Oil Steel T ti e l x e - Number of issues. 60 20 421 351 33 37 13 12 16 11 8 4 10 15 10 28 1932—March 83.7 103.2 57 54 32 93 55 29 58 85 30 77 47 45 32 31 April 80.2 94.2 44 42 22 73 34 22 49 61 22 67 37 38 23 26 May 76.0 90.3 40 38 17 68 30 20 42 52 20 52 33 39 20 23 June _ - 72.8 83 6 34 34 14 55 28 18 35 48 17 40 29 37 16 20 July 75.1 85.3 36 36 16 55 26 19 36 50 20 43 30 42 18 22 August 84.3 98.6 53 52 29 84 45 30 49 75 38 73 44 55 33 33 September 87.0 101.8 58 56 35 91 54 34 53 83 47 78 48 54 42 SO October 85.2 99.8 50 48 28 81 43 28 48 74 34 63 42 47 33 33 November 83.1 97.4 48 45 26 78 40 25 47 71 32 60 39 47 28 30 December 82.2 95.4 47 45 26 80 40 25 47 76 26 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 '43 27 73 38 23 43 74 28 54 39 42 24 26 March 76.7 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 May - 82.0 103.3 63 65 38 79 68 45 54 104 55 84 57 58 51 43 June 86.8 109.7 75 77 44 97 82 60 63 122 64 99 71 70 63 54 June 7 _ 86.6 108.6 73 75 43 94 80 56 60 120 67 99 67 66 61 53 June 14_. .__ 86.2 109.6 74 76 43 99 79 58 63 120 64 99 72 68 61 52 June 21 86.6 110.2 75 78 44 98 82 62 63 123 62 99 71 73 64 53 June 28 ___--_ _ 87.6 110.4 77 80 46 97 87 63 66 127 62 99 72 74 68 58 »• Revised. * 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 Total Domestic ing Year and month m e a ( f i e d o g n s o r n d t - - i ) c t T a o l - i S n m a p t i n a a c u d t i l - e - B n a o o C n t n d e o d s r s po S r t a o te cks e F i o g r n - i m e s a f ( i s o e d n g u r s o d n - e t - ) i s c Month Total B a o n n d ds 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 n t d e d s s C io b a e a i n r l t d l t e i s f s - 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 Total (12 months) . 1,754 1,116 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 1932 1829 10,091 9,420 1,418 2,078 5,924 671 1,422 January 17,615 15,102 2,413 -13 10 -23 1930 6,909 6,004 1,434 2,980 1,503 905 711 February 17,820 15,102 2,718 305 306 1031 3,099 2,860 1,235 1,240 311 229 949 March 18,190 15.102 3,088 370 ....... 370 1932 1,165 1,157 755 305 20 8 583 April 18,287 15.103 3,184 07 96 1932— J S N A O D J u e u u c o e l p n t y g c v o e t u e e b e m s m e m t r b b b e e e r r r . - - . 1 1 4 9 0 7 6 7 2 4 4 6 8 3 5 4 1 1 9 4 2 0 7 6 7 8 4 3 4 4 0 3 6 3 2 9 2 3 7 3 6 8 9 5 4 4 6 2 4 9 4 6 6 2 5 7 0 4 0 2 2 2 1 0 3 0 2 2 0 1 10 6 5 7 4 3 3 8 4 7 6 3 2 5 J N J A S D M O u u e o e u c l n a p c y v t g y e t o e e u e b m m m s e t b b r b e . e e r r r -^.., 2 2 2 2 1 1 1 1 0 0 0 0 9 8 9 9 , , , , , , , , 2 4 4 4 1 7 7 2 9 7 8 6 4 2 5 9 6 6 5 1 8 9 8 7 1 1 1 1 1 1 1 1 5 7 7 7 7 5 6 5 , , , , , , , , 7 7 2 5 7 4 3 7 9 9 8 4 5 2 1 1 6 6 8 4 4 2 8 5 2 3 3 3 3 3 2 , , , , , , , 4 0 3 4 6 0 5 1 0 2 8 4 0 5 1 4 6 0 6 8 3 4 4 4 5 1 1 6 3 3 3 4 8 1 2 8 6 2 9 -27 8 6 3 2 7 4 3 0 2 0 1 1 4 8 0 7 6 0 - - - 2 2 3 4 2 2 1 - 0 1 0 0 0 4 2 3 6 0 7 6 7 6 1933—January 65 65 33 19 3 0 45 February-__ 20 20 17 1 0 0 37 Total (12 months).. 2,920 2,430 400 March 16 16 13 0 3 0 3 1933 J A M u p a n y r e i l. .- 1 2 1 4 5 0 4 1 2 1 4 5 0 4 4 9 8 0 8 1 3 6 1 3 9 1 0 0 0 1 6 2 1 0 0 2 J M F a e n a b r u r c a u h r a y ry,.- 2 2 2 0 0 0 , , , 4 9 6 5 9 8 4 1 5 1 1 1 7 7 7 , , , 5 8 8 2 0 0 8 6 5 2 3 2 , , , 1 9 8 8 2 7 6 6 9 3 2 0 3 6 6 1 2 -1 7 6 8 - 3 4 0 7 7 April 21,087 17,806 3,281 96 1 95 * Includes issues of Federal land banks and Federal intermediate credit May 21,469 18,371 3,098 382 565 -183 banks, not shown separately. June 22,158 19,003 3,155 632 57 Sources.—For domestic issues: Commercial and Financial Chronicle; for foreign issues (issues publicly offered) annual totals are as finally NOTE.—Figures relate to interest-bearing public debt; matured and reported by Department of Commerce, while monthly figures are as noninterest-bearing debt amounted to $381,000,000 at the end of June compiled currently and are subject to revision. 1933. Figures include obligations held in Government trust funds. Back figures.—See (for figures of new issues—annual and quarterly Bonds and notes are long-term—i. e., 1 year or more (figuring from basis) Annual Report for 1931 (table 128). date of issue); certificates and bills .shorter term. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL RESERVE BULLETIN JULY 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)» Fac- Factory em- tory Freight-car ployment 3 pay loadings * * Com- Year and Total i Manufactures1 Minerals i Total Residential All other rolls» modmonth ity prices8 Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Jnad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adusted justed usted justed usted justed usted usted usted justed usted usted usted justed usted justed justed 1919 83 84 77 63 44 79 107 98 84 139 1920 87 87 89 63 30 90 108 118 91 154 1921 67 67 70 56 44 65 82 77 79 98 1922 85 86 74 79 68 88 90 81 87 97 1923- . . 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 96 ~" "" 96 97 98 1925. 104 105 99 122 124 120 100 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928 111 112 106 135 126 142 97 102 103 97 1929 119 119 115 117 87 142 101 108 106 95 1930 96 95 99 92 50 125 88 87 92 86 1931 81 80 84 63 37 84 74 66 75 73 1932 64 63 71 28 13 40 62 45 56 65 1929 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 78 April 90 88 91 87 83 91 82 73 62 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 Septembe 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 Novembe 72 73 70 71 84 81 43 49 26 27 57 67 69 69 56 70 68 70 Decembe 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 '61 '59 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 Septembe 67 66 66 66 73 70 30 30 12 12 45 44 62 60 42 61 54 65 October . 68 67 '67 '66 80 74 28 29 12 12 41 43 62 61 44 65 57 64 Novembe 65 65 63 63 78 75 24 27 10 10 35 41 61 61 42 58 57 64 Decembe 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 "64 '63 63 '6 76 79 16 19 7 8 23 27 59 * 59 40 51 54 60 March... "60 60 '58 '56 74 81 14 14 8 8 18 18 57 57 37 48 50 60 ADril 67 66 68 66 65 72 16 14 11 10 19 17 58 58 39 51 53 60 May P78 vll *79 P76 76 78 19 16 13 11 24 20 60 61 42 56 56 63 Preliminary. • Revised. *Average per working day. 1 For indexes of groups and separate industries see p. 462; for description see BULLETIN for February and March 1927; for back figures see BULLETIN for March 1932, p. 194. 13-month moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358. » For indexes of groups and separate industries see p. 463; for description and back figures see BULLETIN for November 1929 and November 1930. 4 For indexes of groups see p. 431; for back figures see BULLETIN for February 1931, p. 108. 1 Index of Bureau of Labor Statistics; 1926s 100. Index numbers for groups of commodities are given on p. 464. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 431 JULY 1933 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 18 490 370 236 155 108 384 300 210 131 95 106 69 26 24 13 April 425 332 215 135 105 411 308 186 127 88 15 24 29 9 17 May 385 320 204 132 400 285 180 112 P107 -15 35 24 20 Juno 393 295 187 114 353 250 173 110 40 44 14 4 July 403 267 181 107 353 221 174 79 50 46 6 27 August 381 298 165 109 369 218 167 91 11 79 -2 ••17 Santember 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 NTnvATTii)f*r 442 289 194 139 338 204 149 104 104 85 44 34 427 275 184 132 310 209 154 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 "•288 » Preliminary. r Revised. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers;1923-25 average=100] [Index numbers; 1923-25 average-100] Index of sales * Index of m s o to n c th k ) s (end of 1933 Jan. Feb. Mar. Apr. May Adjusted Without Adjusted Without Month for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Adjusted for seasonal variation Total 56 54 50 53 56 1932 1933 1932 1933 1932 1933 1932 1933 Coal 56 65 55 53 52 Coke 40 45 35 29 33 Grain and grain prod- January 78 60 64 49 75 58 66 52 ucts 61 58 69 99 February 78 60 64 49 73 57 69 54 Livestock 50 49 45 53 54 March 72 57 69 50 70 54 73 55 Forest products 22 19 20 22 28 Ore 20 20 23 17 14 April 79 67 74 68 69 53 72 55 Miscellaneous 57 51 47 52 57 May 72 67 72 67 68 55 69 56 Merchandise * 69 66 62 63 June 69 *>66 66 ?63 67 65 July 65 46 64 59 Without seasonal adjustment August 65 49 61 59 September 68 71 60 63 Total.. 51 51 48 51 56 N D O o e c c v to e e m b m e b b r e . e . r r - 6 6 6 0 3 9 1 7 7 0 5 3 6 6 6 6 1 1 0 ,„.__. 6 6 5 7 9 6 C C G o o r u a a k c i l e t n s and grain prod- 6 4 5 3 4 9 7 5 5 1 2 6 5 3 5 1 5 8 4 2 7 4 7 6 4 3 8 7 3 1 Year 69 66 L Fo iv r e e s s t t o p c r k oducts 5 2 3 0 4 1 6 9 3 2 9 1 5 2 0 4 3 5 0 1 Ore 5 5 5 8 21 i v B P a r s e e l d im t i h n r a o r u y g . hout on figures of daily average sales—with allowance M M i e s r c c e h l a la n n d e i o se u s l 4 6 5 5 4 6 4 4 4 6 5 3 6 5 5 4 6 6 0 8 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- * In less-than-carload lots. sonal variation makes allowance in March and April for the effects Based on daily average loadings. Source of basic data: American upon sales of changes in the date of Easter. Railway Association. Back figures.—See BULLETIN for November 1930, p. 686. Back figures.—See> BULLETIN for February 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN JULY 1933 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE NETHERLANDS BANK The annual report of the Netherlands Bank the aims which they themselves declared necfor the year ended March 31, 1933, was pre- essary at Lausanne, we shall have to consider sented to the general meeting of shareholders how this country, thrown on its own resources, on May 30, 1933. Sections of the report are can best deal with the exceptional difficulties given herewith:1 which will then arise. Then all possibility of general international cooperation will be cut The world will do well to abstain from artioff, and all energies will have to be concenficial measures in monetary policy and to contrated on immediate self preservation. Then centrate on the two remedial measures without also Netherlands capital can no longer be made which no recovery can be achieved. These available for foreign investment, but will have measures are: to be reserved entirely for the country's own (1) Improving and strengthening internarequirements. The interests of the Nethertional relations for a return to freer exchanges lands no less than of other countries demand of goods and services and to the international that matters should not come to such a pass. gold standard; The Netherlands realizes this fully and is pre- (2) Putting its own national economy in order pared to accept the consequences of that posiby each country. tion; but the decision whether or not the in- To the extent that these remedial measures dispensable measures for world recovery shall are applied and their influence makes itself felt, be taken rests with the other countries. a revival of the international flow of credit and capital will take place, and conditions will be Putting in order the Netherlands economy.— created for a gradual but sound and permanent Whatever may be the outcome of the first recovery of the general price level. remedy suggested above, there is no question that the application of the second—the putting Position of the Netherlands.—These remein order of one's own national economy—is dies are no less essential for the Netherlands imperative for the Netherlands. While this than for other countries. It is superfluous to task will undoubtedly be made easier by any repeat that this country has been seriously afimprovement in international relations, it will fected by present world conditions. The harmby no means be obviated. Internal adjustful effects of the depression on Netherlands ments will continue to be indispensable.' Agriproduction, commercial enterprises, harbors— culture, industry, commerce, shipping, in short on national income in general—are obvious. the entire productive plant of the nation, either Like any other country, the Netherlands is works at little or no profit or works at a loss, powerless by its own efforts alone to exert a and can maintain itself only with the help of dominant influence for good on the world's reserves accumulated in previous years. Even commercial policy and on the innumerable obthough an improvement in international relastacles to international trade. Such influence tions should take place within a short time, the can be exercised only through cooperative ac- Netherlands will still have to reduce costs of tion by all the great countries. The Netherproduction all along the line. This is the only lands can, however, testify that it renounced way by which Netherlands business will be able the principle of free trade only through necesto maintain and gradually expand employment, sity, and even then to only a limited extent; to continue or resume the activities which are moreover, it has lent its cooperation and exindispensable to the country and its people. If erted strong pressure to bring about an imno improvement takes place, the world as a provement in this respect. The forthcoming whole as well as the Netherlands will be further World Economic Conference will afford the impoverished and will have to accept an even opportunity both for cooperation and improvemore severe adjustment. ment along these lines. If, however, the Conference should fail to bring about an improve- Government finances.—Reorganization is parment, if Governments prove unable to realize ticularly needed in Government finance. The Netherlands budgetary position is altogether 1 The report, available in Dutch, contains in addition tables showing unsatisfactory. Drastic measures will have to the operations of the bank in detail, and sections dealing with the development of the international situation, the Lausanne Conference, the be taken not only by the State, but by the World Economic Conference, work of the Preparatory Commissions, etc. All amounts of money expressed in florins have been converted municipalities, the railways, and Government into dollars at par and then expressed in round figures. For earlier undertakings. It cannot be denied that the reports see Bulletin for September 1932, August 1931, 1930, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1933 FEDERAL RESERVE BULLETIN 433 level at which public expenditures have been The position of the florin is unquestionably maintained is considerably above the capacity strong. The existing foreign balances held at of the national income now or in any meas- short term, as was stated in last year's report, ureable future time. This level has been can occasion no difficulty. As the figures given maintained hitherto by drawing in consider- above show, there was a considerable net flow of able amount on reserves accumulated from gold to the Netherlands. The only loss of any previous years. Obviously, this cannot go on; importance during the year was recorded in the henceforth the coat will have to be cut accord- week immediately following the announcement ing to the cloth. The matter is the more in America of the moratorium in connection urgent in view of the large expenditures for with the banking difficulties. In the week of relief of unemployment and for assistance to March 6-13, 1933, the bank lost about numerous branches of industry, in particular $24,300,000 of gold. This loss was due to to agriculture. uneasiness and an unwarranted lack of confi- Reorganization of Government finance is the dence; as soon as these subsided, exchange first step toward adjustment of the Netherlands quotations again became favorable to the economy. Then there must be a genuine and Netherlands. The same conclusion can be vigorous effort on the part of Netherlands busi- drawn from the figures for gold imports and ness enterprises to reduce their operating costs exports. These figures show that against the as a whole to a level at which industry can gold which was delivered by the Netherlands increase employment and purchasing power Bank for export, gold to the value of more and provide the means of defraying Govern- than half the above-mentioned amount of ment expenditures. $24,300,000 was imported and was absorbed in Balanced budgets on the part of Government private gold stocks in this country. The other authorities constitute one of the most important half can readily be explained as the result of conditions which must be fulfilled if the central the transfer of that part of the proceeds of bank is to perform its monetary tasks. Central- French and Belgian Treasury bills disposed of bank authorities should regard it as both their in the Netherlands, which was originally left privilege and their duty to insist as strongly as in this country, but when the crisis of confidence possible on the fulfillment of this condition. began was suddenly withdrawn. The gold Position of the bank.—The position of the losses which took place after America's suspen- Netherlands Bank as a central institution of sion of the gold standard on April 20, 1933, issue and credit was further strengthened dur- were occasioned partly by the resulting general ing the past banking year. lack of confidence and partly by the further dislocation of the international gold standard. The gold stock rose from $355,000,000 on March 31, 1932, to $381,500,000 on March 31, The strength of the financial position of the 1933, an increase of $26,500,000. Demand lia- Netherlands in relation to foreign countries is bilities during the same period rose from especially clear from two circumstances. The $471,000,000 to $476,000,000 an increase of first is that the unfavorable trade balance has $5,000,000. The result was a rise in the ratio been reduced since 1929 by about $121,000,000. of gold cover from 75.38 to 80.12 percent. Second, the investment of Netherlands capital Investments of the bank were further re- in foreign securities has practically ceased. duced, declining from $10,000,000 at the be- The total of foreign issues in 1928 amounted to ginning of the year to $8,000,000 at its close. about $121,000,000. On the basis of available As the foreign bills and balances remained at data it may be assumed that the reduction menthe same level, and represented almost exclu- tioned above, which strengthened our balance sively pounds sterling sold to the Netherlands of payments, fully offset the weakening of the Indies, the reduction was nearly all on account balance resulting from the decline of receipts of domestic advances, which amounted to only from foreign investments, especially from capi- $49,300,000 on March 31 of this year, as com- tal invested in the Netherlands Indies, from the pared with $67,700,000 on March 31, 1932. profits of shipping, etc. Such a development as this indicates a further An emphatic warning should be given here increase in liquidity of the Netherlands Bank against the wholly unwarranted conclusions and Netherlands industrial enterprises. The drawn in some quarters from the strong posiliquid position is also reflected in the low return tion of the Netherlands Bank and Netherlands on short-term funds, as shown in the summary currency. These conclusions are justified only (omitted) of money-market quotations in insofar as they concern the present technical Amsterdam. position of our currency, and show that no im- 321—83—r-^4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN JULY 1933 mediate danger threatens that position. They liquid funds as a result of stagnation in various cannot, and they must not, however, be taken lines of business, and the decline in acceptance to mean that the measures of adjustment, ad- business under the influence of further convocated above as urgent and indispensable for traction of foreign trade, led to an almost the Netherlands, need not be taken. On the uninterrupted decline of rates, which at times contrary, these facts afford evidence of the were merely nominal. The revival on the stock need for readjustment. exchange in the summer of 1932 failed to pro- The decline in imports is directly related to duce any advance in the rates for renewals. The the decline in exports; it reflects a shrinkage of recent events in the United States, however, employment and hence an increase of unem- produced some tightening in the money market, ployment. The almost complete suspension of which was reflected especially in the rates for the issue of foreign loans in this country is not renewals and discounts for individual account. wholly due to lack of confidence, but also indi- The total volume of bank acceptances offered cates a decline in the volume of available to the Netherlands Bank arising out of comcapital. The great liquidity of the money mercial transactions with or between foreign market is due primarily to the impossibility of countries, showed a further decline, and at the finding sound and profitable investment, and end of the banking year amounted to hardly to the enforced idleness of part of the capital more than $30,200,000. which in former years was employed in Nether- The interest rate at which the Government lands industrial enterprises. The large gold was able to issue Treasury bills clearly reflected stock of the Netherlands Bank is in considerthe situation in the money market. As may be able part the result of the conversion of interseen from the following table (omitted) the est-bearing foreign investments and balances yield declined considerably; the yield for 3 into non-interest-bearing gold, and so can no months' Treasury bills declined in October to longer be regarded as a favorable sign. To a 0.127 percent, after which a moderate advance considerable extent the possession of this gold took place. is a crisis phenomenon. An outflow of this Discount rate.—The discount rate of the superfluous gold to other countries with inade- Netherlands Bank was changed only once durquate gold stock, and hence the resumption of ing the banking year. On April 19, 1932, the its true function as a result of improved trade discount rate for bills was reduced by one half conditions and a gradual restoration of the of 1 percent and the rate on loans and advances international flow of credit and capital, would on current account by a full 1 percent, so that be highly desirable. the previous relation between the rates was The cooperation of private banks with the restored. The rate on discounted bills became Netherlands Bank continued to develop satis- 2y percent, and the other rates 3 percent. No 2 factorily. The information regarding gold further change was made during the year. stocks in this country, and balances and debts On May 12, 1933, however, as rates in the open at short term abroad, was furnished regularly. market became more attractive, and it seemed In connection with the German standstill desirable to limit grants of credit so far as agreement, the bank was in constant communi- possible in view of the general uncertainty, cation with the private banks, especially with the bank raised its rates by one full percent, so the commission representing the banks in these that the discount rate was fixed at 3K percent negotiations. The plan, announced in the an- and the other rates at 4 percent. nual report of last year,2 to have the Nether- Capital market.—The demands made on the lands Bank furnished regularly with such data Netherlands capital' market during the past as should enable it to form a correct judgment year considerably exceeded those of the year of the tendencies shown in the management of before. The total public issues, not including the private banks, was put into effect. The issues privately placed and after deducprivate banks cooperated also in opposing the tion of conversion operations, amounted to rising movement of speculation which developed $142,700,000 as compared with $89,700,000 in during the current year after the fall of the the previous year. dollar. Foreign issues declined from $15,600,000 to Money market.—In the Amsterdam money $13,100,000. In October and November 1932 market, the same factors that had influenced some revival of international issue operations conditions during the preceding year continued took place and continued during January 1933. to be operative. Uncertainty in regard to the Under existing circumstances, of course, foreign development of financial relations, abundance of issues are out of the question. Even before the situation in America became acute, the 8 See BULLETIN for September 1932, p. 683. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

435 JULY 1933 FEDERAL RESERVE BULLETIN bank had privately recommended that until additional $60,100,000. The loans of other international relations became more settled, public bodies remained practically unchanged. long-term foreign loans should not be floated. The volume of issues floated by private enter- Domestic issues rose from $74,100,000 to prises, which were reduced during the previous $129,600,000; this increase was entirely for year to $10,200,000, declined further to account of the Government, which floated an $6,400,000 at the close of the past year. BALANCE SHEET OP THE NETHERLANDS BANK AS OF MAR. 31, 1933 Florins Dollars 1 Florins Dollars» Resources (in thou- (in thou- Liabilities (in thou- (in thousands) sands) sands) sands) Gold coin 98,200 39,476 Notes in circulation.. 989, 728 397,871 Gold bullion _ 850,869 342,049 Current accounts _ 194,681 78,262 Silver coin 22,990 9,242 Other demand liabilities „_ 166 67 Correspondents abroad 3,251 Capital 20,000 8,040 Foreign bills 72,813 29, 271 Reserve fund 3,749 1,507 Domestic bills __ 37,491 1/5,071 Special reserve (art. 9 of the Bank Act of 1919).. 5,000 2,010 Loans 39,051 15,699 Pension fund 8,566 3,444 Advances in current account 46,054 18, 514 Unearned discount on domestic bills.. 36 14 Advances to the Government (law of May 27, Unearned discount on foreign bills 51 21 1932).. _ 18,331 7,369 Dividends payable _ _ 15 6 Investments in shares listed by the Amsterdam Balance of profits at the disposal of the general Brokers' Association 17,035 meeting—. 15 6 Shares of the Bank for International Settlements, of which 25 percent is paid in 1,200 Other investments 4,212 1,693 Net balance with banking correspondents 27 11 Cash items 47 19 Interest accrued on loans 175 70 Interest accrued on advances in current account- 201 81 Interest accrued on investments. 152 61 Commission account _. 69 28 Bank premises and furniture.— .__ _. 5,000 2,010 Total resources 1,222,006 491, 246 Total liabilities. 1,222,006 491,246 1 Conversion at par: 1 florin«= $0,402. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FEDERAL RESERVE BULLETIN JULY 1933 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars at par] Europe Total United End of month (5 t 0 r i c e o s u ) n- States * Canada c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England France Germany 1932—April 11,517 3,956 6,531 351 588 3,052 205 May 11,418 3,717 6,665 353 608 3,115 206 June 11,350 3,466 6,841 357 663 3,218 198 July 11,422 3,522 6,871 365 670 3,221 183 August 11,564 3,639 364 676 3,224 183 September- 11,696 3,748 6,923 359 678 3,241 190 October 11, 791 3,819 6,944 363 678 3,250 195 November.. 11,862 3,885 6,949 362 678 3,267 197 December,- 11,897 4,045 6,826 361 583 3,254 192 1933—January 11,925 4,074 6,818 362 602 3,221 196 February... 11,741 3,808 6,884 366 3,176 183 March 11,939 3,916 6,992 371 3,152 176 April 11,975 3,977 6,988 371 905 3,170 98 May 11,917 3,991 p 6,896 371 907 3,173 89 June * 3,996 » 922 p 3,185 *45 Europe—Continued End of month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden Sw la i n tz d er- U.S.S.R. Y sl u av g i o a - 6 c t o o r u i t e h n s e - r 1932-April 296 364 434 471 331 27 May 297 384 435 493 335 30 June 298 394 435 503 349 31 July 300 408 435 509 357 30 August 302 415 435 510 368 28 September- 305 416 435 509 *368 28 October 306 416 436 509 «368 28 November- 306 415 39 436 493 »368 28 December.. 307 415 436 477 >368 29 1933—January 413 436 477 >368 February... 325 410 436 488 »368 31 March 331 381 436 489 »368 31 343 374 436 460 «368 31 lay— 352 336 436 397 >368 »34 June.. 309 Latin America Asia and Oceania Africa End of month t T c r o ( i o 1 e u t 0 s n a ) l - g t A i e n r n a - - Chile l C o b m i o a - - M ic e o x- Peru g U u r a u y - o c tr t o h i u e e n s r - t T c r o i o ( e u 7 t s n a ) l - A t l r u i a a s - - India JapanJava N l Z a e e n a w d - Siam Tur- T c tr o o ( i u e 4 t n a s) l - EgyptA So fr u ic th a o c tr o t i h u e e n s r - 1932—April 343 249 534 162 214 76 10 May 346 249 534 162 214 79 10 June 347 249 536 162 214 82 10 July 348 249 524 162 214 78 10 August 348 249 «523 162 214 78 10 September.. 346 249 «523 162 214 75 10 October 342 249 «524 162 214 78 10 November.. 342 249 '523 162 213 "28 77 10 December... 345 249 «520 162 212 78 10 1933—January 347 249 «521 162 212 • 28 81 10 February. _. 348 249 "524 162 212 «28 93 33 10 March.. 352 249 503 162 212 28 96 10 April 355 249 »483 162 212 P28 95 10 May *362 P249 i* 483 162 212 *28 •107 *33 P10 • Corrected. » Preliminary. 1 Differences between these figures and those shown elsewhere in the BULLETIN for total monetary gold stock of the United States are due to the exclusion from the former of gold coin in circulation. 8 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. NOTE.—Figures for 35 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, and June 1933, p. 372. The countries for which figures are not shown separately are for Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; Latin America: Bolivia, Brazil, Ecuador, Guatemala; and Africa: Algeria and Belgian Congo. 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 and June 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Jm.Y 1933 FEDERAL EESERVE BULLETIN 437 GOLD PRODUCTION [In thousands of dollars at par] 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 1 R de h s p i - a A W fr e ic s a t B C e o l n g g ia o n Canada U S n ta i t t e e s d Mexico Co b l i o a m- Au li s a 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—July 38,158 32,729 18,959 947 451 245 4,731 4,127 814 • 354 933 . .5 •0 0-, August 38,767 918 462 254 4,738 4,127 1,228 353 1,229 654 516 September- 38,744 33,315 18,981 905 486 291 5,026 4,127 1,074 256 916 692 562 October 34,417 19,525 936 473 317 4,955 4,127 1,041 452 1,240 679 673 November. 38,748 33,319 18,673 941 478 292 4,927 4,127 914 389 1,321 667 590 December. _ 38,811 33,382 18,809 1,041 498 299 4,995 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—J anuary 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 13,535 386 1,063 657 525 March 34,123 19,877 996 484 304 5,285 i 3,494 404 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 5,551 1 4,114 1,026 447 1,234 653 567 June 41,187 35,415 19,871 1,011 482 5,592 1 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 i 4,982 1,138 524 1,221 696 588 September- 42,138 1,041 509 304 5,406 15,085 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- 9 42,091 36,319 20,190 997 526 307 5,220 i 4,858 11,158 415 1,376 715 556 December.. P 41,645 35,878 20,118 1,080 539 294 5,514 1 4,651 i 661 353 1,418 581 Total (12 mos.).. *491,565 422,303 238,931 5,992 3,642 63,061 2 51,948 »12, 054 5,132 14,563 8,198 6,782 1933—January... * 40,995 * 35,223 20,152 532 280 4,826 i 4,341 i 1,199 513 1,130 576 February . v 37,370 * 31, 599 18,176 533 263 4,718 i 3,039 11,096 344 v 1,179 654 608 March * 42, 019 * 36,247 19,658 1,032 524 302 5,378 1 5,209 i 1,064 487 p 1,230 747 April * 39,300 P 33,528 18,430 P 1,107 629 281 4,900 i 3,907 1910 644 i 1,509 726 May v 40,446 » 34,674 * 19,527 i 1,075 *558 »281 i 4,941 i 3,824 1992 11,550 1724 1558 * Preliminary. i Figure reported by American Bureau of Metal Statistics. 3 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 n T p e o t o r t i t a m s l - E la n n g d - France m G a e n r y - g B iu el m - N la e n th d e s r- Sw la i n tz d er- C a a d n a - M ic e o x- A t r i g n e a n- lo C m o b - ia B I r n i d ti i s a h C H a h o n i n d n g a Japan c o o A th u l e n l r - Kong tries 1931—Total(12mos.)._ 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—February -90,567 -235 -98,203 -495 -17,859 -8,672 -254 8,406 950 1,157 7 2,575 819 19,441 1,795 March... -24,671 -23 -37,532 2 -6,341 -6 7,216 2,997 12,683 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 -10,930-58,473 -53,554 4,699 1,510 175 3,791 2,441 3,800 June - -206,047 -1,910 -111,411 -116 -26,250 -23,168 -62,603 5,424 816 4,866 5,172 3,133 July - -3,437 1,405 -21,513 -225 4,573 1,284 13 240 3,524 4,197 3,064 August 6,103 6,093 -17,950 1,021 -8 5,257 2,273 45 467 4,783 4,122 September 27,897 5,868 50 320 5,543 219 3,904 2,843 52 2,855 4,205 2,039 October. 20,613 1,251 72 2,381 25 506 1,345 42 28 6,068 3,600 3,362 1,933 November 21,740 1,376 7 2,685 7 5,622 893 -1 94 4,773 2,964 3,322 December 100,859 51,928 16,357 10 8,082 7,546 744 43 4,697 4,974 3,124 3,353 Total (12 mos.)-446,213 53,585-441,649 -13,356 -82,571-96,586 -118,27364,574 20,087 12,991 3,240 26,597 39,043 49,719 36,383 1933—January 128,465 50,248 29,490 1,067 15,123 5,274 634 52 15,193 5,612 3,729 2,042 February U7,776 i 3,310 -3,709 -1,546 -600 802 -1,614 4,206 552 -15 35 9,446 3,700 3,208 March i -22,081i -8,935 -3,630 -250 -199 -5,005 -681 8,418 483 5 990 2,135 2-15,413 April -9,973 -2,191 -8,993 -724 327 488 4 1,281 2,973 -3,137 May -21,139 -15,715 -122 -115 110 344 i 1 83 -5,729 June p -3,361 -2,100 -55 -1,445 239 9 Preliminary. i 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. » $17,054,000 exported to Italy. 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438 FEDEBAL RESERVE BULLETIN JOLT 1933 GOLD MOVEMENTS—Continued [In thousands of dollars at par] Great Britain Net imports from— Month I Total South n p et o r i t m s - U S n ta i t t e e s d France m G a e n r y - g B iu e m l- N l e a t n h d e s r- Sw la i n tz d er- A S m o e u r t i h ca B 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 R fr h i o c - a, c o o A th u n e n - r - West tries Africa 1931—Total (12 mos.)—-143,729 -13,401 -319,989 33,754 -37,050 -124,101 29,446 63,080 11,280 33,260 236,921 3,904 — ,.. 1932—February -6,182 2,256 -52,712 -58 -756 -3,723 2,226 30,661 781 371 20,884 1,426 March -2,691 -119 -40,858 3 -53 -7,382 1,002 24,340 602 1,750 20,618 887 April 26,148 1,207 -17,795 71 -53 -16 17,393 899 1,083 24,893 420 May 16,973 7,541 -10,843 -18 -2,571 -214 406 11,565 803 915 18,965 1,734 June.. 35,019 15,897 -9,035 14 -2,767 -1,081 12,812 772 794 26,246 760 July 22,675 -1,671 -11,361 4 -4,778 -753 500 14,204 2,122 9,661 19,351 3,207 August 1,296 -4,259 -20,269 45 -4,015 -75 300 14,279 829 175 19,712 5,010 September 5,204 -6,887 -27,521 5 -85 -214 187 13,009 584 1,505 25,866 1,326 October 5,814 -284 -24,895 -20 -104 -120 189 11,973 943 870 18,378 1,853 November 13,857 -1,634 -13,519 370 -476 -88 527 10,488 710 830 20,006 831 December -29,582 -58,561 -3,277 -29 -1,104 -108 181 13,684 854 23,326 602 Total (12 mos). 81,211 -50,643 -297,040 311 -16,896 -71,376 -14,021 5,623 220,394 10,780 20,363 255,305 18,408 1933—January -43,260 -48,314 -2,109 -11 -634 -17,471 -8 9,495 587 793 16,530 -2,120 February- 18,400 -6,559 -4,623 27 -507 -7,816 -79 374 7,175 554 794 27,815 1,245 March 77,198 11,821 3,406 5,003 -1,294 -5,225 296 9,178 461 22,659 28,923 2.556 April. 64, 767 -6 -1,519 18,092 -89 128 198 10,278 1,001 20,316 19,343 -2; 082 May__ 97,386 2,761 32, 486 1,850 656 17, 365 -463 140 14,948 624 1,789 19,476 1 5,754 June v_ 16,585 17,250 34 8,729 2,753 18,346 1,529 1,989 21,228 10,424 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- U S. . R S. . c o t o A t r h i u l e e n l s r - 1931—Total (12 mos.) 728,176 328,130 312,561100,0501 18,775-81,207 »49,867-247,950-36,160-36,221-102,019-55,142-63,866 58,932-14,475 1932—February. _ 184,171 82,580 90,947 -4 9,601 -1,592 2.639 -6,262 71 71 49 -5,647 247 -53 March 147,604 71,279 49,028 13,889 12,561 17 S30 -13.647 -2 -16,224 170 -2,776 5,152 April. 60,340 38,080 23,888 -15 2,019 428 -4,061 '-8 319 -14 -5,398 -8,328 42 5,198 ' 180 May 17,734 17,174 14,232 2,582 1,999 -1,119 -17,135 ° 3,133 293 8 17 -7,539 67 10,352 -66 June 168,000 152,072 7,541 5,737 4,601 -8,234 6,281 -7,139 5 -5,800 -7,691 72 2,809 July 31,954 16,746 12,472 —6 483 -1,001 3,259 -13,718 -42 -4,753 -5,435 65 534 -4,087 August 42,940 24,149 16,241 5,382 -17 -369 -2,447 4,189 2 13 1,289 51 4,622 -1,791 September. 9,638 -625 4,424 3,918 1,448 249 222 8,562 -2 8 3,456 41 5,410 -361 October 32,695 11,927 19,995 329 565 -270 148 5,560 29 33 41 55 5,461 -60 November _ 33,498 241 26,003 6,122 672 -186 645 2,314 -367 -6,169 2,584 43 6,275 -52 December.. 25,494-10,634 34,479 2 -3,138 4,306 -3,293 24 17 -3,331 68 -78 Total (12 mos.) 828,072 468,052 309.984 37,889 "37,647-17,668 -7,732 -27,282 367 -260 -38,170-24,455 -7,91546,656 1933—January -37,428-35,361 2,900 200 -3,814 -1,126 -226 4,423 6 4 -14 99 6,409 -2,081 February -1,605 -144 2,559 678 2,805 -7,127 -376 -13,076 11 -5,990-10,458 87 -95 March 15,931 9,287 1,005 1,266 27,778-23,356 -50 -13,164 -4,958 -7,377 -4,979 43 3,993 114 April 47, 825 18, 583 2,283 22,520 670 -6,377 10,146 -68,749 -17,837 -51,915 -4,544 69 5,411 66 May p 96,140 7, —5,819 1,277 39,785 37,113 16,103 —9,938 46 —291 —4,836 -10,149 —67 5,999 —640 1 $10,425 imported by England from Canada. " Corrected. 2 $29,233,000 imported by France from Spain in July. » Preliminary figures. • $21,292,000 exported by France to Belgium. NOTE—Germany—The aggregates of the official monthly figures for gold imports in 1932 differ somewhat from the revised totals published or the year as a whole. Since German figures for individual countries are subject to semiannual revision, those given for January-May 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

JULY 1933 FEDERAL RESEBVE BULLETIN 439 GOLD MOVEMENTS—Continued {In thousands of dollars at par] 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 In ri d ti i s a h All other 1931—Total (12mos.). 198,619 39,413 117,591 -21,024 56,059 -1,428 -365 4,553 4,548 1932—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 -61 -5, 729 -217 42 1,006 -14 November. -4,857 -3, 765 1,939 -3,085 -1,313 -188 -537 3,030 -52 December. _ 894 4,251 52 3,745 -20 -1,134 2,773 Total (12mos.) 116,149 106,623 50,070 -34,009 -12,727 -13,630 -16,137 16,423 -7,346 1933—January... 1,898 -14,101 14,069 -837 2,009 958 -976 -1,100 2,199 -323 February. 933 3,432 -8,177 6,722 -10,300 5,055 881 3,452 -166 34 March -9,320 10, 785 3,436 -19,367 4,986 -7,009 -506 -2,324 679 —1 April! -12,565 -567 -12,429 2,283 -1,064 -264 -870 -50 May -41,859 -11, 494 -37,068 11,178 -1,068 -1,479 -3,069 1,107 35 Switzerland British India Net imports from— Net imports from— Inreai Increase Month Gold orde- or de- Total Total pro- crease n p e o t r im ts - U S n ta i t t e e s d E la n n g d - Francem G a e n r y - A So fr u ic th a N la e e n r t d - h s - o A th l e l r n p e o t r i t m s - U S n ta it t e e d s E la n n g d - o A th l e l r I t n i d o d u n e i - a i * ngo ( m • - v ) e e i n r n n t - h in p ( o r - l I i d ) n v i i d a n n i t g a e s > in India 1931—Total (12mos.)~ 222, 751 ;6,422 41,301 19,317 39,684 72,760 47 13,220 -95,875 -17,665-72,691 -5,521 6,832 33,532-122,575 1932—February 17,658 1,411 5,725 5,423 5,731 76 ::,' - 70 • 7 •• -17,672 -407 -17,269 4 527 -2 -17,143 March 4,698 82 5,733 -3,952 2,769 66 -18,697 -91 -18,803 197 546 -7 -18,144 April 2,538 65 116 -95 -165 309 -11,812 -209 -11,229 -373 592 -11,306 May 46,051 41,034 116 1,718 -52 2,949 286 -8,935 -9,007 72 569 -8,365 June 80,872 70,247 1,734 3,554 -85 -209 -13,227 -167 -13,155 95 605 -12,622 July 14,993 9,779 111 3,734 -51 1,507 -87 -16,437 -374 -14,575 •-1,488 586 -15,851 August 1,503 81 90 718 38 744 -260 -11,674 —2,775 -7,979 -920 689 -11,085 September -604 -361 154 -540 -34 453 -277 -17,201 -5,978 -9,835 « -1,388 561 34 —16,674 October -3,385 -50 82 -3,087 -102 -280 48 -14,482 -4,820 -9,010 -652 548 -13,934 November -1,395 7 85 -2,347 -67 480 461 -16,662 -2,420 -13,244 -997 557 -16,105 December 1,203 5 -111 837 55 —24,964 -18,002 -6,286 -676 -1 —24,380 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 „ _ 123 2,393 -77 1,176 1,040 10,247 -1,965 297 576 -11,340 February -14 82 -77 2,461 -937 -9, 589 -3,082 -116 610 -12,177 March. 653 907 21,306 -40 48 3,802-2, 236 -5,314 -5,833 -1,576 628 -12,094 April -307 -10,745 -62 994-1,""" -4,311 -5,956 -1, 430 586 -11,112 May 1,377 -4,082-38, 776 2,778~3, 709 P-15,755 1 Exported from Netherlands to Czechoslovakia in August, $2,199,000; in September, $5,847,000. » 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 imports plus production minus increase in Government reserves in India. 4 $1,777,000 was exported from India to Netherlands. «$1,640,000 was exported from India to Netherlands. v Preliminary. 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.—For May and June 1932 figures for net imports from individual countries are preliminary and subject to revision. Figures for total net imports, gold production, and increase in government and private holdings are final unless otherwise indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 FEDERAL RESERVE BULLETIN JULY 1933 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1933 1932 1933 1932 May Apr. Mar. May May Apr. Mar. May Argentine Conversion Office (millions of Canadian Minister of Finance (millions of Canadian dollars): 257 257 257 257 Gold reserve against Dominion notes. 70 70 70 64 Notes issued * 579 582 587 572 Advances to banks under finance act. 42 39 48 30 Irish Currency Commission (thousands of Dominion notes: pounds sterling): Issued " 175 172 181 155 Legal tender note fund: Outside chartered bank holdings. 30 30 29 28 British legal tender and bank Indian Government (millions of rupees): balances 44 28 82 79 Gold standard reserve: British securities __ 7,614 7,613 7,499 6,936 Gold 179 181 184 336 Notes issued 7,658 7,641 7,582 7,016 Foreign exchange 354 352 350 197 Consolidated bank notes: * Paper currency reserve: Issued 4,665 4,642 4,630 4,443 Gold 264 263 260 107 Deemed such under sec. 60 (4) of Silver coin and bullion 1,092 1,116 1,119 1,105 currency act, 1927 . 1,312 1,334 1,344 1,503 Other assets ._ 400 388 390 473 Notes issued 1,757 1,767 1,769 1,685 1 Includes a small quantity of subsidiary coin. 2 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended May 27, Apr. 1, Mar. 4, 1933, and May 28, 1932. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1933 1932 1933 1932 Resources Liabilities May 31 Apr. 30 May 31 May 31 Apr. May 31 Cash on hand and on current account with Short-term deposits: banks... 6,962 8,070 13,084 Central banks for own account: Demand funds at interest 43,897 23, 598 68, 257 Demand 95, 528 103,462 314,405 Undiscountable bills and acceptances (at Time—Not exceeding 3 months.... 139,599 164, 283 351,743 cost): Commercial bills and bankers' accept- Total.. 235,127 267,745 666,149 ances 238,175 234,716 469,136 Treasury bills 167, 320 237,495 182,625 Central banks for account of others: Demand 10,189 10,050 53, 393 Total 405,495 472, 211 651,761 Other depositors: Demand 6,567 3,330 8,147 Time funds at interest—Not exceeding 3 Time—Not exceeding 3 months 3,271 months 110, 732 95,228 Long-term deposits: Sundry bills and investments: Annuity trust account 152,624 153,084 153,769 Maturing within 3 months: German Government deposit 76,312 76, 542 76,884 Treasury bills 35, 573 20, 244 92,917 French Government guaranty fund... 56,918 60,507 68,649 Betw S e u e n n d r 3 y a i n n d v e 6 s m tm o e n n th ts s - : > 47, 777 71, 724 59, 721 Total 285,853 290,133 299, 301 S T u re n a d s r u y r y in b v i e ll s s tments , 59 8 , , 3 5 0 4 0 0 2 35 3 , , 8 7 1 7 6 9 23, 759 Capital paid in_. 125, 000 125,000 125,000 Over 6 months: 594 601 1,933 Legal reserve fund 2,022 1,318 1,318 Dividend reserve fund 3,895 2,690 2,690 Total 151,785 152,165 178, 329 General reserve fund 7,790 5,379 5,379 Other resources— 1,696 1,015 11, 250 Profits allocated for distribution on July 1, 1932: Dividend to shareholders (6 percent).. 7,335 6,447 Participation of long-term depositors per article 53 (e) of statutes 2,411 3,191 Other liabilities 34,377 43, 369 20,696 Total resources 720,565 752,286 1,191,711 TotfiUiabilities-. 720,565 752,286 1,191,711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1933 FEDERAL RESERVE BULLETIN 441 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 Bank of England m d i e e s p s n a u t r ) e t * - C C o a in sh rese N rv o e t s es D ad is v a c a n o n d u c n e t s s Se ti c e u s ri- ci N t r i c o o u t n l e a- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i s e li r Millions of pounds sterling: 1932—Apr, 27 120.8 .7 43.0 11.5 79.4 352.8 58.3 23.4 35.3 17.7 May 25 125.0 .7 45.8 12.2 93.2 354.2 77.5 23.6 32.9 17.8 June 29 136.1 .8 48.1 14.9 93.5 383.1 86.6 18.0 34.7 18.0 July 27 137.7 .9 43.4 15.3 92.5 369.3 88.2 11.2 34.6 18.1 Aug. 31 138.9 .9 48.6 12.2 92.2 365.3 79.5 20.7 35.4 18.2 Sept. 28 139.4 1.0 54.6 12.1 88.0 359.8 80.6 23.4 33.4 18.2 Oct. 26 139.4 1.0 56.0 11.6 85.4 358.4 77.3 25,4 33.6 17 7 Nov. 30 139 4 1.0 55.6 11.9 87.1 358.8 90.5 10.1 37.1 17 8 Dec. 28 119.8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Jan. 25- 123.6 45.4 11.6 107.9 353.2 103.4 11.7 32.5 18.1 Feb. 22 142.2 61.0 11.9 104.0 356.2 98.3 26.2 35.0 18.2 Mar. 29 171.8 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 17.7 May 31 186.3 1.1 72.3 11.2 83.5 374.1 77.5 33.2 39.5 17.8 June 28 » 189.4 1.2 74.2 16.6 87.2 375.1 105.1 14.1 42.2 18.0 Resources Liabilities Bank of France Gold e F x o c r h e a i n g g n e Do b m il e l s s tic Se lo c a u n ri s ty N s e e b g c l o u e t r i i a - - Other ci N t r i c o o u t n l e a- Gove D rn e - posits i O ia t b h i e l r ities « ment Other Milllons of francs: 1932—Apr. 29 77,862 11,800 4,690 2,735 6,881 8,697 82,774 3,111 24,827 1,953 May 27 79,470 9,001 4,160 2,700 6,881 8,684 81,418 3,432 24,128 1,917 June 24 82,100 6,332 3,929 2,715 6,626 8,634 80,667 2,881 24,621 2,167 July 29 82,168 5,482 3,905 2,747 6,621 8,994 82,118 3,740 22,033 2,025 Aug. 26 82,239 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 2,615 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 80.866 3,846 3,805 2,649 6,595 8,861 84,992 2,340 17,181 2,109 May 26 80,951 3,887 3,449 2,675 6,582 8,534 2,265 18,393 2,152 June 30 * 81,242 3,990 2,791 2,766 6,488 (3) 84,707 2,337 17,376 (3) Resources Liabilities Reichsbank Gol R d eser e v F x e o c s r h e a i n g g n e Tre b a il s l u s ry b c i O l h l e s t c h ( k e a s r n ) d Se lo c a u n ri s ty Securities Other ci N t r i c o o u n t l e a- Deposits l O ia t t i b e h i s e li r - Millions of reichmarks: 1932—Apr. 30 859 131 3,146 282 362 977 4,128 405 May 31 863 129 2,990 257 363 1,032 3,961 431 ,262 June 30—.— 832 130 3,100 261 364 1,038 3,984 473 ,271 July 30 766 128 3,108 224 365 975 3,967 380 ,267 Aug. 31 768 157 3,009 207 365 960 3,817 408 ,279 Sept. 30 796 133 2,991 242 362 940 3,755 451 ,298 Oct. 31 817 123 2,857 198 362 957 ! 3,620 389 ,345 Nov. 30 827 110 2,731 207 395 959 3,531 418 ,314 Dec. .31 806 114 2,806 176 398 1,114 3,560 540 ,313 1933—Jan. 31 822 101 2,459 93 401 1,097 3,338 345 ,333 Feb. 28 769 152 2,439 279 401 1,040 3,356 402 ,343 Mar. 31 739 97 2,763 210 401 869 3,520 443 ,169 Apr. 29. 411 100 3,142 177 317 582 3.538 406 791 May 31 372 77 3,078 166 317 618 3,469 439 782 June 30 *> 189 85 3,212 210 321 747 3,482 447 834 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. * Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement). » Not yet available. *> Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 FEDERAL RESERVE BULLETIN JULY 1933 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1933 1932 Central bank Central bank May Apr. Mar. May May Apr. j Mar May National Bank of Albania (thousands Central Bank of China—Continued. of Albanian francs): Deposits—Government 21,315 79,250 Gold._ 5,475 5,490 5,556 Bank- 59,896 17,700 Foreign exchange. _. 31, 220 32,444 27,885 Other ___. 11,121 5,643 Loans and discounts 2,832 2,902 3,648 Other liabilities 63, 795 40,513 Other assets 2,673 3,612 4,696 Bank of the Republic of Colombia Note circulation 14,020 13,956 11, 347 (thousands of pesos): Demand deposits 20,106 19,209 18,746 Gold at home and abroad.. 14,783 14,307 13,689 11,030 Other liabilities 8,075 11,283 11,692 Foreign exchange... 3,271 3,455 3,226 « 5,007 Commonwealth Bank of Australia Loans to member banks 3,751 3,448 4,656 11,023 (th Is o s u u s e a nd d s e o p f a r A tm us e t n r t a — lia G n o p ld o un a d n s d ): N De o p te o s c i i t r s c ulation _ 2 1 5 9 , , 2 1 5 1 6 5 2 24 0 , , 6 A8 0 1 9 2 2 0 2 , , 7 8 6 7 6 0 1 19 8 , , 4 6 9 6 0 8 English sterling _ 11,507 11,507 11,507 10,500 National Bank of Czechoslovakia Securities 24,852 25,889 27,640 41,248 (millions of Czechoslovak crowns): Banking department: Gold _ 1,707 1,708 1,708 1,641 Coin, bullion, and cash 965 1,035 1,107 1,130 Foreign balances and^currency... 998 1,009 1,005 1,129 London balances 18,533 19,543 21,892 14,387 Loans and advances 1,597 1,696 1,614 1,162 Loans and discounts 16,390 18,051 17,835 15,618 Assets of banking office in liqui- Securities . 34,990 34,746 35,411 27,195 dation 0 0 0 286 Deposits 71,367 74, 766 77,183 61,817 Note circulation. _ 6,138 6,182 6,272 6,582 Bank notes in circulation 41,961 43,122 42,272 45,428 Deposits 632 733 601 350 Austrian National Bank (millions of Danish National Bank (millions of schillings): kroner): Gold. 150 150 150 164 Gold 133 133 133 145 Foreign exchange of the reserve -- 39 39 39 33 Foreign bills, etc 15 10 11 17 Domestic bills 264 279 287 874 Loans and discounts 71 72 148 Government debts 659 660 95 Note circulation 331 337 331 318 Note circulation- _ 912 919 995 Deposits 74 44 49 Deposits 193 179 170 112 Bank of Danzig (thousands of Dan- National Bank of Belgium (millions zig gulden): of belgas): Gold __ _ 31,914 22, 934 22,933 37, 222 Gold 2,671 2,671 2,542 Foreign exchange of the reserve.. 7,483 11,511 14,892 10,752 Domestic and foreign bills 741 783 936 O ther foreign exchange 1,409 1,334 460 480 Loans to State 363 363 288 Loans and discounts 8,969 10,974 10,603 8,581 Note circulation.. 3,638 3,620 3,559 3,608 Note circulation __ 37,083 35,924 36, 219 39,593 Deposits 291 338 418 288 Deposits 7,341 5,552 7,201 13,257 Central Bank of Bolivia (thousands Central Bank of Ecuador (thousands of bolivianos): of sucres) : Gold at home and abroad 18,406 23,586 22,652 Gold at home and abroad 14,275 14,775 14, 781 14,016 Foreign exchange 3,052 3,784 4,280 Foreign exchange 1,874 802 1,059 1,803 Loans and discounts 27,820 29,576 24,944 Loans and discounts 40,898 39,444 39, 332 16,222 Note circulation. _ 42,648 40,994 27,239 Note circulation 28,311 27,076 26, 396 19,913 Deposits 35, 417 38,574 12,863 Deposits 19,399 18, 639 19,803 7,890 Bank of Brazil (millions of milreis) National Bank of Egypt * (thousands Currency 553 569 329 of Egyptian pounds): Correspondents abroad 135 130 174 Gold 6,663 6,663 6,662 Loans and discounts 2,634 2,622 2,049 Foreign exchange. 2,577 3,318 2,297 Note circulation 90 110 170 Loans and discounts 5,191 5,344 8,277 Deposits 2,846 2,957 2,077 British, Egyptian, and other National Bank of Bulgaria (millions Government securities 34,835 34, 673 30,218 of leva): Other assets 3,461 3,322 3,433 Gold --.. 1,521 1,520 1,520 1,514 Note circulation__ 18,014 17,872 17,750 Net foreign exchange in reserve- _ 1 3 20 19 D eposits—Go vernment 5,888 5,666 5,184 Total foreign exchange 79 61 95 317 Other 21,157 21,160 18,993 Loans and discounts 860 833 778 728 Other liabilities _ _. 7,667 7, 622 8,961 Government obligations 2,873 2,873 2,873 2,965 Bank of Estonia (thousands of Note circulation 2,673 2,730 2, 595 2,675 krooni): Other sight liabilities _ _ 1,527 1,380 1,592 1,651 Gold 18,721 17,845 17,842 7,331 Central Bank of Chile (millions of Net foreign exchange 1,201 2,145 2,238 13,066 pesos): Loans and discounts 20, 754 21,281 21, 581 22,463 Gold at home and abroad 87 95 Note circulation 30,247 31, 530 31,088 32,186 Foreign exchange for account of: Deposits—Government 3,094 3,247 3,591 4,921 Bank 70 70 Bankers' _. 7,554 7,105 7,237 6,931 Exchange commission 7 6 14 Other 2,731 2,638 3,128 2,072 Loans and discounts 473 472 472 142 Bank of Finland (millions of mark- Securities 349 349 349 280 kaa): Note circulation 511 508 502 354 Gold 309 304 304 304 Deposits 353 352 357 147 Balances abroad and foreign Central Bank of China * (thousands credits 756 772 773 550 of yuan): Foreign bills 353 337 . 336 222 Gold . . 2,415 208 Domestic bills 749 759 785 786 Silver 88, 353 49, 322 Note circulation-. 1,124 1,178 1,183 1,168 Due from banks abroad 10,384 5,699 Demand liabilities 465 392 431 219 Due from domestic banks... 40,923 24,415 Bank of Greece (millions of drach- Loans and discounts 118,874 65,908 mas): Securities 7,667 5,487 Gold and foreign exchange 2,531 2,368 2,204 956 Other assets 32, 760 20,629 Loans and discounts 1,867 1,880 1,572 1,397 Note circulation. __ _. 45,249 28,562 Government obligations 3,368 3,368 3,368 3,311 1 Gold coin and bullion. * Items for issue and banking departments consolidated. c Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1933 FEDERAL RESERVE BULLETIN 443 CENTRAL BANKS—Continued 1933 1932 1933 1932 Central bank Central bank May Apr. Mar. May May Apr. Mar, May Bank of Greece-^-Continued. Bank of Portugal (millions of escu- Note circulation 4,574 4,627 4,547 4,060 dos): L O i t a h b e i r l i s t i i g es h t i n l ia fo b r i e l i i g t n ie e s x .. change 3,5 1 5 6 5 4 3,2 1 1 7 3 3 2, 1 6 6 0 5 3 1,0 7 5 7 3 9 G O o th ld e r reserves _ r_. 7 3 0 8 1 5 399 4 6 1 7 6 1 3 5 8 3 7 0 National Bank of Hungary (millions Discounts and advances 331 326 329 310 of pengos): Government obligations _ 1,053 1,053 1,054 1,058 Gold 97 97 97 Note circulation . 1,889 1,859 1,916 1,864 Foreign bills, etc 16 17 15 15 O ther sight liabilities 647 587 375 Loans and discounts 466 468 456 409 National Bank of Rumania (mil- Advances to treasury — 51 51 51 54 lions of lei): Other assets 22 19 17 19 Gold 9,682 9,650 9,622 9,416 Note circulation 347 357 355 370 Foreign exchange of the reserve. _. 721 731 685 151 Deposits 65 56 59 74 Other foreign exchange 25 52 52 34 Miscellaneous liabilities 211 209 202 123 Loans and discounts 9,863 10,082 10,156 13,117 Bank of Italy (millions of lire): State debt 5,726 5,726 5,726 o,767 Gold at home.__ _ -. 6,517 6,291 5,650 Note circulation 21,470 21, 322 21, 453 21,982 Credits and balances abroad 369 584 802 1,436 Demand deposits 7,736 7, 6£8 7,285 4,729 Loans and discounts _. 5,228 5,602 5,708 6,819 South African Reserve Bank (thou- Total note circulation 12,991 13,070 13,117 13,137 sands of South African pounds): Public deposits 300 300 300 300 Gold 13, 257 10,621 10,998 7,290 Other deposits 1,285 1,189 1,203 1,272 Foreicn bills 18, 745 18, 296 14,437 48 Bank of Japan (IT illions of yen): Domestic bills 816 814 815 1,354 Gold 425 425 42o 429 Note circulation 9,503 10,023 9,847 7,640 Advances and discounts. - 728 739 733 843 Deposits—Government 1,721 1,428 1,368 1,282 Government bonds 413 <;04 438 117 Bank.. 24, 294 20,835 19,690 4,107 Notes issued .1,055 1,180 1,072 1,017 Other - 2.905 2,026 1,259 278 Total deposits. 418 501 491 491 Bank of Spain (millions of pesetas): Bank of Java (millions of florins): Gold 2,259 2,259 2,259 2,253 Gold - - 107 107 112 103 Silver... 634 629 623 565 Foreign bills 11 21 19 25 Balances abroad 280 286 283 28ft Loans and discounts — 37 50 44 49 Loans and discounts 2,510 3,169 2,503 2,978 Note circulation _ - 199 203 206 221 Note circulation.. 4,703 4,742 4,751 4,830 Deposits 37 35 32 Deposits -. 915 810 975 887 Bank of Latvia (millions of lats): Bank of Sweden (millions of kronor): Gold -— 45 42 36 Gold 232 206 Foreign-exchange reserve 3 5 12 Foreign bills, etc... -- 264 258 308 124 Bills.. —- - 67 67 73 Loans and discounts 152 125 126 357 Loans 50 53 51 Note circulation -- 544 559 590 55a Note circulation ~ 32 34 37 Deposits -. 317 227 257 Government deposits 62 65 72 Swiss National Bank (millions of Other deposits 97 92 83 francs): Bank of Lithuania (millions of litu): Gold 2,056 2,383 2,536 2,555 G Fo o r l e d ign currency — 4 1 8 0 4 1 9 3 5 2 0 1 L Fo o r a e n i s g n a n b d a l d a i n s c c e o s u a n n ts d . b _ ills 5 4 8 5 5 3 5 8 4 7 6 9 2 Loans and discounts 87 90 Note circulation 1,514 1,557 1,570 1,535 Note circulation.- 92 94 Demand deposits 903 1,042 1,166 Deposits 51 55 55 Central Bank of the Republic of Netherlands Bank (millions of flor- Turkey .(thousands of Turkish ins G F ): o o r l e d ign bills 83 7 7 3 93 7 0 3 94 7 9 3 9 8 5 9 5 po G F u o n o r d l e d s ig ) . : . n . exchange 22, 2 0 6 4 8 5 21, 6 7 8 6 2 9 21, 3 44 3 1 7 1 2 3 , , 6 6 2 5 3 9 Loans and discounts 127 111 108 151 G o vernment securities 152,994 153, 740154,300 156,630 Note circulation 952 954 951 1,006 Other securities : 28, 281 28,332 28,154 27,126 Deposits 139 200 225 216 Other assets 40, 748 31,932 33, 779 18,875 Bank of Norway (millions of kroner): Note circulation 161,682 162,428 162,988 167,603 Gold . 151 151 151 155 Deposits... 18, 525 20,436 7,698 Foreign balances and bills 25 29 30 11 Other liabilities— 56,030 55, 501 54, 586 43,612 Domestic credits 228 217 214 269 Bank of the Republic of Uruguay Ce sa n n N T F F t G r d o o o a o o s r r l t l t e e a d e o R l i i f g g c e d n n i s s r e o e c e p d l r u e x o e v l s c p s e a ) h i o : t t B a i s s o n i a n t g n s e k of Peru (thou- 2 9 9 2 1 6 3 8 0 2 0 3 39, 3 3 0 0 7 5 8 2 1 9 0 7 40, 3 0 2 9 0 4 3 2 6 4 1 3 (th G L N D O o o o e o t u h a p l t s d e e n o a r s s n c i a a i d t r s s n s c s — d u e o t l T f d D s a t i i p e i s m e o m c s n e o o a u s n n ) d : ts 1 4 8 2 4 4 0 8 8 1 3 1 0 , , , , , , 7 4 9 0 0 8 0 6 4 7 2 2 9 5 2 5 7 8 1 4 8 4 2 4 0 8 8 1 1 1 1 , , , , , , 7 1 9 1 2 4 1 4 0 9 6 4 3 9 3 5 9 0 1 4 4 4 8 2 0 3 7 0 1 9 3 , , , , , , 8 0 0 6 8 3 0 9 7 3 9 4 1 0 6 2 7 1 1 4 3 3 3 8 0 7 8 6 1 0 3 , , , , , , 1 8 9 2 6 8 4 9 0 1 9 3 9 7 2 9 9 2 B N D i e o l p l t s e o s c i i t r s culation - 2 5 6 3 7 , , , 6 0 8 5 2 3 1 1 7 4 1 4 7 7 , , , 1 3 0 8 1 4 7 5 5 Nati O on th a e l r B li a a n b k il J i u t o i i d s e f i t s c r t i a h a t l e i v e K an in d g d a o d m m i o n f - 3 3 7 , , 0 8 2 94 4 3 3 7 , , 0 0 1 5 0 5 36 2 , , 9 6 9 3 0 3 3 3 5 , , 1 4 6 6 8 4 Bank of Poland (millions of zloty): Yugoslavia (millions of dinars): L F G o o o r a l e d n i s g n a n e d x c d h i a sc n o ge unts 4 6 8 7 7 9 7 2 4 6 9 2 6 1 5 7 4 7 9 9 0 1 7 1 7 5 1 5 5 5 5 5 6 A F L G o o d o r a l v e d n a i s g n n c a e n e s d x t c o d h i a s S n c t g o a e t u e nts 2 1 2 , , , 7 4 1 3 9 1 4 2 6 4 6 5 2 2 1 , , , 4 7 3 1 6 1 4 7 2 3 7 3 2 2 1, , , 7 4 3 1 6 1 4 7 1 2 0 9 1 2 2 , , , 7 3 3 4 6 2 4 0 3 6 5 5 Note circulation 1,004 1,021 1,019 1,103 Note circulation 4,453 4,502 4,564 4,942 Other sight liabilities 156 172 139 161 Other sight liabilities 944 940 617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BULLETIN JULY 1933 COMMERCIAL BANKS 1932 1933 Country May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Argentina (millions of gold pesos): Bank of the Nation: Gold 1 1 1 1 1 1 1 1 1 1 1 1 Other cash 121 136 127 132 128 128 128 114 124 123 126 115 Loans and discounts 688 696 688 679 679 668 671 664 664 660 658 652 Deposits 664 712 702 696 690 681 680 659 674 665 678 672 Other banks in Buenos Aires: Gold 1 1 1 1 1 1 1 1 1 1 1 1 Other cash 212 218 218 228 243 248 250 263 258 258 260 270 Loans and discounts 783 775 769 761 754 747 745 740 739 739 737 735 Deposits _ 914 907 905 909 926 928 929 937 918 923 913 933 Canada (millions of Canadian dollars): Assets entirely in Canada: Cash in vaultl i54 166 161 154 151 161 2Q2 191 185 180 177 172 173 Cash in central gold reserves 23 23 25 22 23 21 19 20 19 19 22 21 19 Security loans .. - — 114 110 112 114 115 117 108 103 100 97 96 94 94 Other current loans 1,057 1,037 1,028 1,004 1,003 1,018 999 964 946 924 925 913 897 Security loans abroad 65 74 76 96 95 88 99 91 84 76 79 82 90 Securities. __ 663 669 674 703 699 727 759 778 784 797 793 806 836 Liabilities entirely in Canada: Notes in circulation „ 119 126 123 117 124 120 116 115 108 112 123 124 119 Individual demand deposits 498 489 462 475 481 493 472 466 446 446 454 484 499 Individual time deposits. __ 1,387 1,373 1,363 1,367 1,359 1,371 1,379 1,378 1,383 1,397 1,389 1,400 1,397 England (millions of pounds sterling): Cash in vault and at bank 176 188 188 190 190 189 190 203 211 205 204 216 202 Money at call and short notice. 110 111 120 114 110 112 112 123 110 108 105 101 94 Advances and discounts 1,102 1,114 1,138 1,176 1,179 1,171 1,161 1,167 1,179 1,137 1,100 1,087 1 107 Investments ._ 284 324 333 348 367 396 409 456 455 480 492 499 512 Deposits 1,661 1,727 1,765 1,813 1,826 1,853 1,859 1,944 1,943 1,917 1,886 1,891 1,904 France (millions of francs): Bills and national-defense bonds. 18,998 18,994 20,136 18,745 19,034 19, 757 21,266 22,014 22,209 21,287 20,261 Loans and advances 8,296 8,593 8,188 8,456 8,490 8,287 8,086 8,049 8,023 8,650 8,808 Demand deposits 35,826 36,351 36,031 36,148 36,372 36,197 37,257 36,491 35,308 34,477 34,163 Time deposits 1,284 1,250 1,263 1,286 1,280 1,342 1,312 1,268 1,221 1,117 1,045 Germany (millions of reichsmarks): Bills and treasury notes 1,652 1,660 1,661 1,665 1,651 1,674 1,631 1,736 1 676 1 699 1 686 Due from other banks 290 257 263 242 256 242 245 235 229 217 208 Miscellaneous loans 6,160 5,898 5,813 5,738 5,745 5,706 6,668 5,396 5,353 5,180 5,055 Deposits 7,562 7,541 7,457 7,397 7,439 7,401 7,307 7,159 7,106 6,934 6,797 Acceptances 851 815 796 782 773 775 770 743 734 727 730 Japan (millions of yen): Cash on hand 215 156 117 212 197 185 302 286 166 186 233 284 228 Loans 2.25T 2,252 2,234 2,219 2,187 2,165 2,188 2,219 2,171 2,153 2,132 2,093 2,128 Deposits 1,949 1,963 1,973 2,027 2,019 2,042 2,125 2,133 2,132 2,133 2,135 2,185 2,216 » Gold, Dominion notes, and subsidiary coin. NOTE.—Banks included are as follows: Canada—chartered banks; England—Q 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

JULY 1933 FEDERAL RESERVE BULLETIN 445 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f l a E a n n n d k g- F B ra a o n n f k ce G R b e e a r i m c n h k a s n - B It a o a n f ly k N l B a e a t n h n d e k s r- Na S B t w a io n is n k s al Country J R u 1 a l 5 t y e I s n i n e c f e f — ect Country R Ju 1 a 5 l t y e I s n i n e c f e f — ect In effect June 15,1931. 2H 2 7 5H 2 2 Albania 8 July 1,1931 Japan 3.65 July 3,1933 July 16 10 Austria 5 Mar. 24,1933 Java 5 July 1,1933 July 23 Belgium Jan. 14,1932 Latvia 5H Jan. 1,1933 July 30 AH Bolivia 6 July 5,1932 Lithuania 6 Apr. 1,1930 Aug. 1 15 Aug. 12 10 Bulgaria 8 May 25,1932 Norway May 24,1933 Sept 2 8 Chile- Aug. 23,1932 Peru 6 May 20,1932 Sept. 21 6 Colombia... t*Sept. 19,1932 Poland 6 Oct. 21,1932 Sept. 28 7 Czechoslo- 6 Mar. 13,1933 Sept. 29 3 vakia Jan. 25,1933 Portugal Oct. 10 2H ZH Rumania 6 Apr. 5,1933 Dec 10 7 Danzig 3 May 6,1933 South Africa. May 15,1933 Feb. 18, 1932 5 Denmark. __ 3 June 1,1933 Spain 6 Oct. 26,1932 Mar 9 6 Ecuador 4 Nov. 30,1932 Mar. 10 4 Estonia Feb. 1,1932 Sweden 3 June 1,1933 Mar. 17 ZH U.S.S.R 8 Mar. 22,1927 AMparr.. 921 f>H 6 F G i r n e l e a c n e d hi J J u u n n e e 6 3 , , 1 1 9 9 3 3 3 3 Yugoslavia- 7 July 20,1931 Apr. 19 2\6 Hungary Oct. 18,1932 Apr. 21 3 India Feb. 16, 1933 Apr. 28 5 May 2 5 May 12 Changes since June 1: Finland—June 3, down from 6 to 5H percent; June 30 2 Greece—June 6, down from 9 to 7H percent; Java—July 1, up from 4H Sept. 22 4 to 5 percent; Netherlands—June 29, up from ZH to 4^ percent and July Jan. 9,1933 4 15 down from 4J^ to 4 percent; Japan—July 3, down from 4.38 to 3.65 May 12 percent. June 29 July 15.. .- 4 In effect July 15,1933. 2 2H 4 4 4 2 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month 3 B a a a m c n n c c o k e e e n p s r t t , s 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 l l a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n f t o h r Da m y o -t n o e - y day d P is r r c i a v o t a u e t n e t M 1 o m ne o y n f t o h r 1932—-May 1.44 1.10 1.29 i- h 4.87 6.96 5.91 0.60 1.03 June - - 1.05 .85 .99 4.75 5.76 5.70 .39 1.00 July .92 .66 .67 L£ 4.58 5.75 5.49 .49 1.00 August .74 .60 .73 L£ 4.50 5.75 5.82 .37 1.00 September .67 .55 .67 H 4.25 5.55 5.55 .37 1.00 October .82 .71 .71 8 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 Vi 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 .46 .64 \A 3.87 5.00 4.97 .64 1.11 April .59 .50 .61 v/ 3.87 5.25 5.05 .66 1.00 May .50 .37 .58 H 3.87 5.50 5.24 2.11 1.69 Sw la it n z d er- (B B r e u lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c ia o P l m ri p m m a e p e r e - r Da m y- o to ne -d y ay L m oa t o o n n s t 3 h u s p Disc b o il u l n s ted ov m e C o rn a n l i e l g y ht 1932— May 1.50 3.21 1.50 5.52 5^-9 iH-4% 4^-6 6.20-6.57 4.56 June 1.50 3.16 1.22 5.50 5^-9 4 -4% 4 -5H 6.02-6. 57 4.66 July 1.50 a 17 .99 6.50 4^-8 4 -4% 4 -5H fl. 02-6.39 4.20 August 1.50 3.12 1.02 5.50 m-s 4H-4H 4 -5H 5.84-6.21 4.02 September 1.50 3.00 1.00 5.50 4 -4*4 5.66-6. 21 3.47 October . -. 1.50 3.00 1.01 5.00 4%-8 ZH-4U ZH-5H 5.66-6.02 3.28 November 50 3.00 1.00 6.00 4H-7H 3H-5H 5.66-5.84 2.92 December L.50 2.94 .91 5.00 OS/ 5.66-5.84 2.74 U74 1933—Jan uary L. 50 2.88 1.12 4.42 z% 5.48-5.84 3.10 M Fe a b r r c u h a . r , y . ] 5 5 0 0 2 2 . . 7 6 8 2 2 1 . . 0 8 4 9 4 4 . . 2 2 5 0 ZZU% 3V&-6 5 5. . 4 4 8 8 - - 5 5 . . 8 8 4 4 2 2. . 9 9 2 2 April 50 2.50 1.87 4.00 5. 48-5.84 2.37 May I 50 2.41 1.76 4.00 3^-6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 FEDERAL RESERVE BULLETIN JULY 1933 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Month A t r i g n e a n- tr A a u li s a - i Austria Belgium Brazil Bulgaria Canada Chile China Co b l i o a m- Cuba s C lo ze v c a h k o ia - m De a n r - k 1932—June ... 68.5205 291.15 13.9600 13.9366 7.5008 0.7200 86.7427 6.0202 21.3125 95.2400 99.9217 2.9641 19.9248 July 58.5574 283.40 13.9813 13.8724 7.5960 .7230 87.0658 6.0250 20.6400 95.2400 99.9186 2.9589 19.2044 August 58.5695 277.50 13.9696 13.8735 7.6221 .7209 87.5513 6.0283 21.0031 95.2400 99.9094 2.9596 18.4993 September... 58.5886 277.13 13.9635 13.8606 7.6171 .7203 90.2636 6.0414 21.0404 95.2400 99.9118 2.9594 17.9781 October 58.5835 271.15 13.9550 13.8940 7.6214 .7200 91.2332 6.0250 20. 8883 95.2400 99.9109 2.9606 17.6412 November... 58.5837 261.50 13.9477 13.8723 7.6302 .7200 87.3000 6.0276 20. 5937 95.2400 99.9237 2.9619 17.0613 December 58.5851 261.77 13.9581 13.8460 7.6327 .7200 6.0274 19.4719 95.2400 99.9261 2.9613 17.0069 1933—January 58.5847 267.19 13.9715 13.8629 7.6352 .7195 87.4621 6.0275 19.7916 95.2400 99.9411 2.9614 16.9097 February 58.5804 272.17 13.9867 13.9638 7.6348 .7200 83.5084 6.0278 20.1136 94.4191 99.9790 2.9632 15.2612 March 2 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 May 67.9019 313.07 14.5582 16. 2711 7. 6354 .7825 87. 5930 6. 2846 24. 5193 86. 2100 99. 9196 3. 5075 17. 5193 June 71. 0601 329. 22 14. 2007 17.0460 7.6369 .8142 89. 8853 7. 5210 26.1289 86. 2100 99.9212 3. 6527 18. 4423 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—June 374.1009 364.6648 1.7019 3.9363 23.6878 0.6387 23.3431 17. 4740 27.1647 5.1162 30.2856 26.8977 40. 4411 July 364.0790 354.9564 1.5350 3.9207 23.7176 .6399 22.8893 17.4612 26. 6842 5.1009 27.4471 27. 7321 40. 2740 August 356.4018 347.5721 1. 5114 3.9187 23.7838 .6321 23.2479 17.4507 26.1577 5.1144 24. 4944 28.5682 40. 2443 September. 355. 9494 347.1062 1.4953 3.9179 23.7814 .6060 23. 4293 17.4653 26.2192 5.1264 23.6314 29.9159 40.1586 October 348.5176 339. 6163 1.4823 3.9264 23.7692 .6014 22.9487 17. 4452 25.6800 5.1195 23.0628 31.1060 40. 2217 November.. 336.0492 327.5267 1.4441 3.9190 23.7536 .5743 22. 4062 17.4356 24. 7830 5.1124 20.6218 32.2205 40.1774 December.. 336.1120 327.8679 1.4239 3.9033 23.7869 .5418 21.3527 17.4265 24.7923 5.1088 20.7298 31.9923 40.1680 1933—January... 344.6451 336.1385 1.4577 3.9034 23.7703 .5392 21.7525 17.4260 25.4055 5.1177 20. 7393 30.1631 40.1797 February. 350. 8940 342.2073 1.4919 3.9228 23.8291 .5610 22.0710 17.4359 25.8336 5.1156 20. 7945 28.4212 40. 2691 March »... 351.9434 343. 2800 1. 5153 3.9361 23.8519 .5673 22. 7442 17.4392 25. 7900 5.1372 21.2631 28. 3164 40. 3572 April 366.8480 357.9313 1.5806 4.1019 24. 3873 .5865 23. 7714 17.4812 26.8721 5. 3662 22. 0867 27. 0201 41.9490 May 393. 2381 1.7467 4. 5927 27.3629 .6582 27.1586 18.8766 29. 5729 6. 0888 23.9967 28. 8721 46.9507 June 413.5581 1.8241 4.8035 28.8097 .6917 29.1358 21. 2415 31. 0652 6. 3789 25. 7587 27. 6650 49.0086 Month Ze N al e a w nd Norway Poland Po g r a t l u- ma Ru n - ia Spain S S m t e e r t a t n l i t e t s s - Sweden Sw la i n tz d er- Turkey U A S n f o i r o i u c n t a h o J f Uruguay Y sla u v g i o a - 1932—June 333.03 11.1839 3.3320 0.5966 8.2451 41.9567 18.7049 19.5141 47. 3550 479.89 47. 2115 1.7436 July..... 324.16 11.1885 3.2240 .5972 8.0518 40.9675 18.2190 19.4684 47.1604 478.31 47. 5680 1.6717 August 317.42 11.1771 3.1579 .5978 8.0608 40.1042 17.8485 19.4528 47.1011 477.50 47.4413 1.6903 September 316.99 11.1800 3.1481 .5982 8.1044 40.2475 17.8055 19. 3007 47.1916 476.79 47. 3900 1.5892 October. 310.15 11.1740 3.0872 .5978 8.1871 39.4372 17.5334 19.3041 47.2680 475.85 47.3466 1.4094 November 299.11 11.1769 3.0293 .5975 8.1730 38.0026 17.4314 19.2470 47.2167 477.58 47.3402 1.3506 December 299.42 11.1825 3.0191 .5973 8.1506 38.0123 17.9108 19.2354 47.0127 • 479.13 47.3397 1. 3448 1933—January 292.13 11.1872 3.0364 .5972 8.1777 38.9884 18. 2982 19. 2836 47.0260 • 340.63 47.3366 1. 3555 February , 272.87 11.1940 3.1017 .5958 8.2446 39. 5818 18. 2670 19.3707 47.1982 338.90 47. 3363 1.3593 March *_._ 273. 45 11.1834 3.1362 .5974 8.4431 39. 6078 18.1884 19. 3716 47. 4384 339.88 47. 3458 1. 3714 April 285.48 11.3755 3.2133 .6107 8.8804 41. 2350 18.8108 20.1281 49.3996 353.74 47. 7646 1.4228 May 313. 86 13. 0873 3. 5781 .7025 9.9875 45.6611 20. 2413 22. 5368 388.74 53.1875 1. 6073 June 330.09 13.8229 3. 7694 .7448 10. 3638 47.9630 21. 2819 23. 5665 408.76 55.9871 1. 6708 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 Belga 13.90 Germany Reichsmark 23.82 Spain.._ Peseta— _. 19.30 Brazil Milreis 11.96 Greece Drachma 1.30 Straits Settle- Singapore dollar.._ 8 48.25 Bulgaria Lev .72 Hong Kong Hong Kong dollar. 7 28.06 ments. Canada Dollar 100.00 Hungary Pengo 17.49 Sweden Krona _ 26.80 Chile Peso 12.17 India Rupee. 36.50 Switzerland Franc 19.30 China Yuan 7 27.17 Italy Lira 5.26 Turkey.. Turkish pound .._ 439. 65 Colombia Peso 97.33 Japan Yen 49.85 Union of South Pound 486.66 Cuba do- 100.00 Mexico _. Silver peso 49.85 Africa. Czechoslovakia.. _ Koruna__ _ 2.96 Netherlands . Florin 40.20 Uruguay Peso 103. 42 Denmark Krone. ._ 26.80 New Zealand Pound 486.66 Yugoslavia Dinar 1.76 Egypt... Egyptian pound ._ 494.31 Norway Krone 26.80 1 Monthly averages for Australia, New Zealand, and South Africa from June 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. • Average based on quotations for Jan. 7-31. ' Silver currencies—figures given for parity represent gold value of unit in June 1933, computed by multiplying silver content of unit by New York average price of silver for June 1933, which was $0.35975 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 June 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1933 FEDERAL RESERVE BULLETIN 447 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average = 100)l Month ( U a S p v n r t e a i i c r t t a e e e ) g s d e ( 1 D E 9 e n 2 c 1 g e = l m a 1 n 0 b d 0 er ) ( a 1 g 9 F e 1 r 3 a = n 1 a c 0 v e 0 e ) r- G ( p a e r v r i e 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 60 87 36 169 421 278 300 329 1931—May 99.7 110.8 98.4 84.2 98.0 76.8 138.2 76.1 June _ - - - 99.4 111.1 98.8 82.4 95.1 77.8 141.2 69.6 July. 99.4 111.2 98.9 <81.4 98.2 79.2 132.6 •70.5 August - - 98.5 107.2 99.5 (3) 95.5 73.8 130.5 (8) September 95.6 103.5 97.7 4 70.4 81.7 67.2 115.5 <52.3 N D O o e c c t v o e e b m m e b r b e e r r - - 8 8 8 9 1 9 . . . 4 6 0 1 1 1 0 0 0 4 4 2 . . . 2 8 2 9 9 9 0 4 4 . . . 8 4 8 5(8) 5 6 7 7 1 9 . . . 7 7 7 6 7 7 8 4 5 . . . 7 1 6 1 1 9 0 0 4 4 6 . . . 8 3 9 8 (8) 1932—January - - - - - 81.0 104.7 91.5 58.0 69.7 107.3 8 February 80.3 106.5 90.3 56.4 68.9 126.2 March . 80.8 111.6 90.5 56.8 69.6 117.6 April 79.4 110.6 89.0 •63.0 43.9 63.5 107.3 (8)«45.6 May 75.2 111.4 85.9 64.4 39.8 61.6 94.4 46.4 June 72.2 111.0 85.2 60.4 34.0 59.3 97.4 45.6 July 74.2 115.6 87.4 62.2 35.9 63.5 100.4 45.8 August 83.2 116.1 88.6 63.2 53.3 69.5 103.4 47.9 September 85.8 118.4 89.5 67.4 58.2 72.7 104.3 54.1 October 84.1 120.3 89.1 70.1 49.9 72.4 97.4 52.5 November 81.9 115.9 88.9 72.9 47.5 72.7 100.0 53.4 December 81.2 116.1 87.8 76.3 47.4 72.0 104.3 56.7 1933—January 84.1 116.9 86.4 81.4 49.1 72.4 101.3 59.3 February 82.5 118.4 85.3 79.9 44.9 72.2 97.9 59.4 March 76.8 118.4 81.9 83.6 43.2 72.3 92. 7 64 5 April _ 75.4 120.2 81.5 85.8 47.5 72.4 94.0 66.8 May 82.0 118.1 78.5 81.5 62.9 75.4 100.4 67.2 * Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. > New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 percent bonds. * Figures not available because of closing of the exchange. * Based on data for part of month, no quotations being available for remainder of month. Back figures.—See BULLETIN for February 1932, p. 121, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Month (1 U 9 S 2 n t 6 a i = t t e e 1 s d 00) (1 C 92 a 6 n = a 1 d 0 a D a 0O)) (1 E 9 n 1 g 3 l = a 1 n 0 d 0) (1 F 91 r 3 a = n 1 ce 00) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a = ly 100) 1 ( 9 O J 0 a c 0 t p = o a 1 b n 0 e 0 r ) , (1 N 9 l 1 e a 3 t n h = d e 1 s r 0 - 0) 1931—May 73 104 520 113 332 154 102 June 72 103 518 112 327 151 100 July. 71 102 500 112 324 153 97 August 71 100 488 110 322 152 94 September. 70 99 473 109 319 150 91 October--. 70 104 457 107 322 147 89 November. 71 106 447 107 320 147 89 December . 70 106 442 104 319 151 85 1932—January... 67 69 106 439 100 317 160 84 February.. 69 105 446 100 314 161 83 March..—. 69 105 444 100 315 159 82 April 68 102 439 98 311 154 80 May 67 101 438 97 305 150 79 June 67 98 425 96 297 146 78 July.. 67 98 430 96 296 148 76 August 67 100 415 95 296 156 75 September. 67 102 413 95 300 167 76 October... 65 101 412 94 299 169 77 November. 65 101 413 94 298 178 77 December. 64 101 413 92 296 185 76 1933—January... 64 100 411 91 292 185 7fi February. _ 64 99 404 91 286 180 74 March 64 98 390 91 281 177 72 April 65 97 387 91 279 176 71 May 67 99 383 92 279 177 72 * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 FEDERAL RESERVE BULLETIN JULY 1933 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those included in indexes shown in preceding table] United States (1926-100) England (1913-100) France (1913-100) Germany (1913-100) Month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n o tr d d i u a u l c s- 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 g o u r d r i u c a u c l l t - s P s r io o n v s i- a t f r n I i i n d n a i d l s s h u r e e a s m d - w i- tr I i i n s a d h l u e f d s in - products products 1931—May *. 67 74 75 113 100 566 480 109 96 103 137 June 65 73 74 113 98 571 472 107 95 103 137 July 65 74 74 110 98 541 465 105 97 103 136 August 64 75 74 108 95 528 452 103 96 102 136 September.._ 61 74 74 108 95 508 443 101 94 100 135 October 59 73 73 113 100 489 429 99 95 99 133 November 59 71 74 115 102 482 416 99 94 99 132 December 56 69 72 113 102 491 400 95 91 97 130 1932—January 53 65 72 114 101 496 390 92 90 92 125 February 51 63 71 114 101 511 389 95 91 91 122 March 50 62 71 116 99 510 388 97 89 90 121 April 49 61 71 115 96 506 381 95 88 89 120 May 47 59 70 114 94 511 374 93 87 88 119 June 46 59 70 112 91 490 369 92 85 87 118 July 48 61 70 108 92 498 370 93 84 87 117 August 49 62 70 107 95 453 382 91 83 88 116 September... 49 62 70 107 99 445 384 89 85 89 115 October 47 61 70 106 98 450 379 88 83 88 115 November . 47 61 70 107 98 458 373 88 81 88 114 December 44 58 69 108 97 456 375 84 80 87 114 na 1933—January 43 56 67 107 97 455 373 81 81 87 February 41 54 66 105 96 443 370 82 80 87 112 March ._ 43 55 66 102 95 417 368 83 79 87 112 April 45 56 65 101 95 407 369 82 77 87 111 May 50 59 67 102 98 390 376 84 77 88 112 1RETAIL 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 1932\ 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 January 109 9t 131 123 114 102 116 107 January- 147 142 :125 117 Februarv 105 91 131 122 115 103 114 107 FebruaryT 147 141 1?? 117 March 105 91 129 119 115 114 106 March 146 139 108 106 •1?? 117 April 104 9() 126 115 115 99 113 106 April 144 137 117 May 101 94 125 114 114 97 113 110 May 143 136 i?i 118 June 100 123 111 113 June 136 128 142 109 July- 101 - 125 108 114 July 143 122 August 101 123 104 112 August 141 l?0 100 123 102 111 September 141 105 120 October 100 - 125 102 110 October- 143 119 November 99 125 104 110 Novembar 143 119 December 99 - 125 103 109 December 132 143 105 118 c Corrected. » 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 Gfinerale, and for cost of living, Commission d'fitudes relatives au cout de la vie a Paris., Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1933 FEDERAL RESERVE BULLETIN 449 LAW DEPARTMENT Purchase of stock in other corporations by member chased prior to June 16, 1933, and held by it banks on that date. The Federal Reserve Board recently received Paragraph "Seventh" of section 5136 of the a request from a State member bank for per- Revised Statutes of the United States, as mission to purchase stock in a national bank amended by section 16 of the Banking Act of being organized to take over the assets of 1933, which was approved June 16, 1933, another bank. Such purchase was to be provides that "Except as hereinafter provided effected after June 16, 1933, the date of the or otherwise permitted by law, nothing herein approval of the Banking Act of 1933. The contained shall authorize the purchase by" provisions of section 9 of the Federal Reserve a national bank of any shares of stock of any Act, as amended by section 5(c) of the Banking corporation; and, under section 5 (b) of the Act of 1933, make State member banks subject Banking Act of 1933, this provision is also to the same limitations and conditions with applicable to State member banks. As conrespect to the purchase of stock in other corpo- tained in an earlier draft of a similar bill conrations as are applicable in the case of national sidered in the Seventy-second Congress, this banks under paragraph "Seventh" of section provision read "Except as hereinafter pro- 5136 of the Revised Statutes as amended by vided or otherwise permitted by law, nothing section 16 of the Banking Act of 1933. Under herein contained shall authorize the purchase such provisions of section 5136 national banks or holding by" a member bank of any shares may not purchase stock in another corporation, of stock of any corporation. The words "or other than in certain cases permitted by law holding" are omitted from this provision in which do not include the purchase of stock in the law, however; and, accordingly, it is the another national bank. Accordingly, the view of the Federal Reserve Board that the Board held that under the law the State law does not forbid a member bank of the member bank could not purchase stock in the Federal Reserve System to continue to hold national bank. corporate stocks which were lawfully acquired prior to June 16, 1933, and held by it on that date. This does not mean, however, that a Right of member bank to continue to hold stock pur- State member bank is authorized to continue chased prior to enactment of Banking Act of 1933. to hold stocks which may have been acquired The question has been presented to the by it in violation of the provisions of any con- Federal Reserve Board whether, under the dition of membership which it accepted at the provisions of the Banking Act of 1933, a State time of its admission to the Federal Reserve member bank of the Federal Reserve System may continue to hold corporate stocks pur- System. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 FEDERAL RESERVE BULLETIN JULY 1933 FEDERAL RESERVE STATISTICS, BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures. In millions of dollars] [In thousands of dollars] 1933 1932 Wednesday series (1933) Federal Keserve Bank Federal Reserve bank June May June June 7 June 14 June 21 June 28 Boston 11.7 15.2 29.8 Boston 12,990 11,301 10,270 9,901 New York 61.9 78.8 103.7 New York 63,705 58,771 59,601 58,155 Philadelphia.. 39.6 46.1 66.2 Philadelphia _ 41,633 40,186 37,518 36,785 Cleveland 39.1 68.1 51.8 Cleveland 53,815 47,309 24,065 20,706 Richmond 15.8 18.8 25.3 Richmond 17,323 15,050 14,769 14, 214 Atlanta 11.0 20.4 33.7 Atlanta - - 12,198 9,547 8,765 7,624 Chicago 15.1 16.1 33.5 Chicago - - - 15,730 15,664 15,289 13,691 St. Louis 2.9 3.3 13.3 St. Louis 2,583 2,719 3,019 2,578 Minneapolis.. 6.1 7.9 10.6 M inneapolis 6,493 6,133 5,819 5,338 Kansas City.. 10.9 13.5 24.1 Kansas City 12,092 11,149 10,171 9,537 Dallas 4.6 6.2 13.7 Dallas 4,710 4,508 4,186 4,104 San Francisco 31.3 44.8 89.4 San Francisco 33,393 31,425 28,584 8,348 Total— 249.9 338.9 495.0 Total 276,665 253,762 222,056 190,981 Back figures.—SeeA nnual 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. CASH HOLDINGS, DEPOSITS, NOTE CIRCULATION, AND RATIO OF CASH HOLDINGS TO LIABILITIES [Amounts in thousands of dollars] Averages of daily figures Ratio of gold and other Total gold reserves and Federal Reserve notes in cash to deposit and other cash Total deposits circulation i Federal Reserve note Federal Reserve bank liabilities combined 1933 1932 1933 1932 1932 1933 1932 June May June June May June June May June June May June Boston 318,924 271,424 230,496 173,824 138,967 139, 217 222,368 223,746 195, 560 80.5 74.8 68.9 New York 1,031,586 1,061,167 803,802 1,031,435 1,039, 264 957,515 664,399 714, 538 574,967 60.8 60.5 52.5 Philadelphia- 235,236 231,523 210,008 133, 294 128,010 122,918 241,869 248,168 248,848 62.7 61.5 56.5 Cleveland.. 288,844 276,860 250,643 160,054 159, 293 149,517 312, 667 327,774 61.1 56.8 57.2 Richmond- 174,105 182,931 84,080 90,984 80,342 62,453 143,313 160,948 88,749 74.3 75.8 55.6 Atlanta 137,848 126, 245 87,536 66,541 59,836 48,148 124,032 131,881 113,393 72.3 65.8 54.2 Chicago 927,044 942,876 714,726 354,365 315,727 317,735 807,224 861,235 607,513 79.8 80.1 77.2 St. Louis 162,653 164,086 87,332 82,147 78,706 59,522 142,580 146,980 91,032 72.4 72.7 58.0 Minneapolis.. 86,858 79,334 62,881 51,398 45,848 43,689 90,447 93,445 74, 389 61.2 57.0 53.3 Kansas City.__ 139,118 132,442 84,186 91,016 81,820 72,005 112, 376 116, 264 81,821 68.4 54.7 Dallas 49,812 50,905 47,646 54,661 52,873 47,452 35,846 38,072 35, 213 55.0 56.0 57.6 San Francisco- 261,650 250,405 204,686 165,424 145,726 230, 542 242,022 230,010 65.8 61.5 54.5 Total.. 3,813,678 3,770,198 2,868,022 2,456,588 2,346,110 2,165,897 3,127, 6 3,305,073 2,630,151 66.7 59.8 i Includes "Federal Reserve notes of other banks" as follows: Latest month, $18,655,000; month ago, $18,318,000; year ago, $14,360,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

451 JULY 1933 FEDERAL RESERVE BULLETIN EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, JUNE 30, 1933 [In thousands of dollars] Total B to os 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 a it n s y - D la a s l- F c S i r s a a c n n o - RESOURCES Gold with Federal Reserve agents ,784,201 231,929 622, 706 186,000 210, 770133,835 101,550 777,467122,309 63,279101,290 25,803 207, 263 Gold redemption fund with U.S. Treasury. 44,068 4,814 7,057 4,219 6,459 978 2,607 4,403 1,174 1,951 1,664 1,225 7,517 Gold held exclusively against F.R. notes _ , 828, 269236,743 629, 763 190, 219217,229 34,813 104:,, 157 781,870 123,483 65,230 02,954 27,028 214t,, 780 Gold settlement fund with F.R. Board.-. 504,551 33,997 171,364 16,826 57,024 12,669 10,167 96,849 2-'0 ,1•7-5 20, 502 25,742 12,981 26, 255 Gold and gold certificates held by banks- 210,366 22,942 105,902 14,172 5,167 4,737 "i, 679 7,045 1,223 13,107 5,947 26,177 Total gold reserves _ 3, 543,186293,682 907, 029 221,217279,420152,219118,003 885, 764 144:,,881 86,000 141,803 45,956 267,212 Other cash i _... 270, 239 18, 527 77,439 25, 618 23,572 15,103 1"•4 , 5—82 38,022 12, 595 4,380 11,006 9,029 20,369 Total gold reserves and other cash..3,813,425312,209 984,468 246,835 302,992 167,322 132,585 923, 786 157,,476 90,380 152,809 54,985 287,578 Redemption fund—F.R. bank notes 7,392 1,000 3,000 2"9- 2 —35 0 150 2,000 100 100 50 100 250 Bills discounted: Secured by U.S. Govt. obligations 34,112 2,034 18,020 5,026 3,419 1,939 505 1,100 652 128 801 120 Other bills discounted 129,572 6,993 32,568 29,087 7,201 11,615 7,401 11,578 1,434 4,885 7,544 3,243 6,023 Total bills discounted 163,684 9,027 50,588 34,113 10, 620 13, 554 7,906 12,678 2,086 5,013 8,345 3,363 6,391 Bills bought in open market >. 48,015 522 42, 276 750 702 277 248 929 207 140 206 305 1,453 U.S. Government securities: Bonds _ 441,451 21,559 181,728 29, 732 34,435 10, 776 10, 512 67,266 14,285 16,895 11,884 17,307 25,072 Treasury notes _._ 708,487 42,248 269,329 53,441 69, 761 21,830 21,078 94,741 27,928 18,810 23, 724 14,805 50, 792 Certificates and bills 847, 714 48,023 305,812 60, 746 79, 295 24,812 23,959 150,424 31, 744 21,370 26,968 16,828 57,733 Total U.S. Govt. securities. 1,997,652 111,830 756,869 143,919 183,491 57, 418 55, 549 312, 431 73,957 57,075 62,576 48,940 133,597 Other securities 2,677 2,092 525 50 10 Total bills and securities 2, 212,028 121,379 851,825 179,307 194,813 71,249 63, 703 326,088 76,250 62, 238 71,127 52,608 141,441 Due from foreign banks 3,729 286 1,371 411 369 146 131 508 18 12 108 108 261 F.R. notes of other banks. 15,549 403 4,359 521 822 1,011 3,058 886 351 1,518 310 1,374 Uncollected items 373,671 42, 541 112,514 33,977 31,980 28, 545 9,238 42,774 13,597 10,397 18, 501 10,520 19,087 Bank premises 54,313 3,280 12,818 3,394 6,929 3,238 2,422 7,605 3,285 1,747 3,559 1,792 4,244 All other resources 50,645 721 23,456 3,913 5,712 4,035 4,987 1,854 716 1,555 908 1,468 1,320 Total resources 6,530,752481,819 1,993,811 468, 650 544,081 275,357214,227 1,307,673 252,328 166,780 248,580 121,891 455,555 LIABILITIES F.R. notes in actual circulation. 3,093,954 223,220 667,311 240,469 305,035 141,472 119, 790,348 141,113 90,187 112, 21035,728 227,168 F.R. bank notes in actual circulation 123,394 13,233 57,507 5,678 5,190 2,523 31,193 320 1,004 971 1,557 4,218 Deposits: Member bank—reserve account 2, 292,360159,479 972,262128, 621141,327 72,445 54, 742 339,360 67, 707 45, 944 96, 543 56,634 157, Government 35, 481 2,520 8,112 2,152 3,954 769 4,064 4,014 2,179 1,488 1,874 2,034 2,321 Foreign bank 15,523 1,221 4,383 1,756 1,656 652 585 2,17." 569 385 485 1,171 Special deposits: Member bank 75,889 2,966 5,491 8,411 5,908 5,641 2,505 29,749 3,495 1,328 5,206 295 4,894 Nonmember bank 18,814 1,162 1,840 207 3,054 210 7,086 3,480 931 169 675 Other deposits 56,193 "5,"079 19,436 46 4,089 4,414 2,683 5,934 2,986 3,855 228 618 6,825 Total deposits 2,494,260 171,265 1010,846 142,826 157,141 86,97< 64, 789 388,318 80, 41653,931104, 50560,066 173,182 Deferred availability items. 369,841 42, 519 107,094 33, 63633,013 28, 731 8,937 42,051 14,967 10, 77217,828 11,122 19,171 Capital paid in 146, 763 10, 609 58,535 15,806 12,902 5,446 4,867 13,077 4,008 2,822 4,249 3,881 10, 561 Surplus 278,599 20, 460 85,058 29,242 28,294 11,616 10, 544 39,497 10,186 7,019 8,263 8,719 19, 701 All other liabilities _... 23,941 513 7,460 993 2,506 1,11" 2,874 3,189 1,318 1,045 554 818 1,554 Total liabilities 6,530,75: 481,819 1,993,811 468,650 544,081 275,357214, 227 1,307, 673 252, 328 166, 780 248,580 121,891 455,555 Ratio of total gold reserves and other cash i i to deposit and F.R. note liabilities combined (percent) 58. 64.4 73.2 71.9 78.4 71.1 62. 70.5 71.8 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: IHsseulde db yto F Fe.dRe.r abla Rnkes ebryv eF .bRa.n akg.ent.__3,3 2 3 42 6 , , 8 9 6 1 7 3 23 1 6 3 , , 6 4 2 0 9 9 74 7 3 5 , , 1 88 9 3 4 25 13 4 , , 7 2 5 2 9 8 . 3 1 1 2 7 , , 5 5 5 9 5 0 1 5 47 g , M 2861 2 4 3 2 , , 1 83 4 3 0 81 2 7 7 , , 3 7 7 2 3 11 1 5 0 1, , , 6 7 2 4 9 2 9 3 3 , , 1 3 5 4 3 012 8 0 , ,5 30 1 7 39 4 , , 0 7 5 8 5 3 2 4 7 4 2 , , 8 0 3 0 6 4 In actual circulation . 3,093,954 223,220 667,311 240, 469 305,035 141,47119, 693 790, 348 141,11390,187112,210 35, 728 227, Collateral held by agent as security for notes issued to bank: Gold.. 2, 784,201231,929 622, 706186,000 210,770 133,83,101, 550 777, 467 122!,,309 63, 279 101, .290 25,803 207',,263 Eligible paper 134,459 9,002 70,142 14, 244 8,981 7,162 4,006 5,665 1,127 2,973 3,396 3,211 4,550 U.S. Government securities 442, 700 55,000 55,000100,000 7,000 39,000 40,000 29,000 27,200 17,000 11,500 62,000 FEDERAL RESERVE BANK NOTE STATEMENT Federal Reserve bank notes: Issued to F.R. bank (outstanding) 138, 744 14,280 64,274 6,280 7, 2,920 33,380 480 1,060 1,000 2,390 5,000 Held by Federal Reserve bank 15,350 1,04" 6,76" 602 2,490 39" 2,187 160 56 29 833 782 In actual circulation 123,394 13, 233 57, 507 5,678 5,190 2,523 31,193 320 1,004 971 1, 55' 4,218 Collateral pledged against outstanding notes: Discounted and purchased bills 1,98: 1,096 481 289 115 U.S. Government securities 160,97' 20,000 64,274 8,000 10,000 3,000 40,000 5,000 2,000 1,000 2,700 5,000 1 " Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 FEDERAL RESERVE BULLETIN JULY 1933 ALL MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES. AND BORROWINGS AT FEDERAL RESERVE BANES [In millions of dollars] Averages of daily figures Reserves held Borrowings at Federa1 Reserve banks Federal Reserve district Total Excess 1933 1932 1933 1932 1933 1932 February * January February February i January February February * January February Boston - - -- 155.8 147.2 119.6 43.9 34.2 1.6 12.1 12.3 39 9 New York 979.5 1,230.3 811.5 81.4 294.3 12,9 67.6 57.2 178.8 PhiladelDhia 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 45.0 403.2 420.6 257.7 186.6 197.6 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 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 - 2,201.0 2,515.9 1,907.5 417.3 583.8 43.8 305.6 254.4 836.2 i March, April, and May 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 of daily figures Member banks in larger centers (places over 15,000) Member banks in smaller|centers^(places under 15,000) Federal Reserve district Net demand Time Net demand Time 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 ary i 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 822 830 836 619 628 604 133 138 153 390 391 409 935 960 968 982 987 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 MinneaDolis 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 i March, April, and May data not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1933 FEDERAL RESERVE BULLETIN 453 MEMBER BANKS LICENSED AND NOT LICENSED AS OF JUNE 28, 1933 Deposits on Dec. 31, 1932, of banks Number of banks licensed and not licensed on June 28,1933 (in thousands of dollars) Federal Reserve district Total Licensed c N en o s t e l d i - 1 Total Licensed * c N en o s t e l d i - ! All member banks: Boston 367 315 52 2,027,347 1,904,744 122,603 New York . . 828 711 117 10,315,310 10,105,598 209,712 Philadelphia 685 587 98 2,181,481 2,025,208 156,273 Cleveland 633 486 147 2,206,596 2,038,430 168,166 Richmond 393 316 77 1,029,082 861,846 167,236 Atlanta.. __ _ 322 282 40 761,258 723, 592 37,666 Chicago.. - 775 500 275 3,051,979 2, 716,902 335,077 St. Louis 408 337 71 932,015 860,888 71,127 Minneapolis 531 469 62 724,824 692,673 32,151 Kansas City 771 696 75 1,064,441 993,151 71,290 Dallas 563 536 27 724,318 719,454 4,864 San Francisco 430 367 63 2,859,344 2,810,145 49,199 Total _ 6,706 5,602 1,104 27,877,995 26,452,631 1,425,364 National banks: Boston- 338 290 48 1,558,875 1,471,847 87,028 New York. _ 677 566 111 4,521,028 4,339, 203 181,825 Philadelphia 621 530 91 1, 511,734 1,384,953 126, 781 Cleveland 562 424 138 1,338,480 1,182, 527 155,953 Richmond 351 279 72 737,586 631,480 106,106 Atlanta _ 278 240 38 673,654 651,413 22,241 Chicago ___ 614 398 216 2,383,487 2,147,479 236,008 St. Louis 341 280 61 608,187 563,326 44,861 Minneapolis 495 433 62 691,014 658,863 32,151 Kansas City. . . _ ._ .. 743 668 75 947, 291 876,001 71,290 Dallas 512 487 25 683,128 678,437 4,691 San Francisco... _ 354 304 50 2,247,885 2,204,020 43,865 Total 5,886 4,899 987 17,902,349 16,789, 549 1,112,800 State bank members: Boston.. _. _. __ 29 25 4 468,472 432,897 35,575 New York 151 145 6 5, 794,282 5,766, 395 27,887 Philadelphia _ 64 57 7 669,747 640, 255 29,492 Cleveland 71 62 9 868,116 855,903 12, 213 Richmond ._ __ 42 37 5 291,496 230,366 61,130 Atlanta 44 42 2 87,604 72,179 15,425 Chicago 161 102 59 668,492 569, 423 99,069 St. Louis 67 57 10 323,828 297, 562 26, 266 Ml inneapolis 36 36 33,810 33,810 Kansas City 28 28 117 150 117,150 Dallas 51 49 2 41,190 41,017 173 San Francisco ... _ 76 63 13 611,459 606,125 5,334 Total 820 703 117 9,975,646 9,663,082 312, 564 1 Exclusive of banks placed in liquidation or receivership. 2 See tables on pages 454-456 for deposits of licensed member banks (5,500 banks) on May 13, 1933. NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, JUNE 28, 1933 [Preliminary figures, subject to change; based on information received by Federal Reserve banks] Deposits on latest avail- Number of banks able call date (in thousands of dollars) Federal Reserve district On unre- Banks on Total stricted Total unrestricted basis basis Boston . ._ . _ -__ __ _. _. __ 205 155 527,867 398,168 New York . -. ..- 324 314 1,123,437 1,083,094 Philadelphia 277 242 457, 313 393,591 Cleveland _ _ - . 742 604 629,091 498,882 Richmond - .__ 737 588 511,979 358,506 Atlanta 783 711 264, 416 232, 480 Chicago 2,188 1,367 1,034,999 660, 791 St Louis 1,409 1,172 364,345 313,309 Minneapolis 1,015 879 264,430 232,986 Kansas City 1,532 1,247 299,257 251, 782 Dallas . . - - - 546 521 144, 525 139,583 SanvFrancisco -._ - 426 368 522,998 508,602 Total -. -. 10,184 8,168 6,144,657 5,071,774 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 FEDERAL RESERVE BULLETIN JULY 1933 LICENSED MEMBER BANKS (5,500 BANKS)—NUMBER OF DEPOSIT ACCOUNTS BY SIZE OF ACCOUNT, MAY 13, 1933 TABLE L—DATA FOR THE UNITED STATES AS A WHOLE Size group N a u c m co b u e n r t s of t P b o e c e ta r r o c l u o e n n f n u t t s m a o c- f - Amo p u o n s t i t o s f de- P t e o p r t c o a e s l n i d t t s e o - f s A i c z v e o e u o r n f a t g a s e c- 5,500 licensed member banks—Total 30,556,105 100.0 $23,542,307,000 100.0 $770 Deposit accounts of: $2,500 or less... - 29,482,384 96.5 5, 580, 327,000 23.7 189 $2,501 to $5,000 569,833 1.9 1,912,132,000 8.1 3,356 $5,001 to $10,000.. _..- 269,903 .9 1,840, 791,000 7.8 6,820 $10,001 to $50,000 - 187,115 .6 3,720,403,000 15.8 19,883 Over $50,000 46, 870 .1 10,488,654,000 44.6 223,782 4,836 licensed National banks—Total 22,476, 727 100.0 14,909,352,000 100.0 663 Deposit accounts of: $2,500 or less 21, 748,754 96.8 3,983,711,000 26.7 183 $2,501 to $5,000 399,014 1.8 1,324,300,000 8.9 3,319 $5,001 to $10,000- — 180,575 .8 1,228,618,000 8.2 6,804 $10,001 to $50,000 120,028 .5 2,366,331,000 15.9 19,715 Over $50,000 28,356 .1 6,006,392,000 40.3 211,821 664 licensed State bank members—Total 8,079,378 100.0 8,632,955,000 100.0 1,069 Deposit accounts of: $2,500 of less 7,733,630 95.7 1, 596, 616,000 18.5 206 $2,501 to $5,000 170,819 2.1 587,832,000 6.8 3,441 $5,001 to $10,000__ 89,328 1.1 612,173,000 7.1 6,853 $10,001 to $50,000. 67,087 .8 1, 354,072,000 15.7 20,184 Over $50,000 18,514 .23 4,482, 262,000 51.9 242,101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1933 FEDERAL RESERVE BULLETIN 455 LICENSED MEMBER BANKS (5,500 BANKS)—NUMBER OF DEPOSIT ACCOUNTS BY SIZE OF ACCOUNT, MAY 13, 1933—Continued TABLE II.—DATA BY FEDERAL RESERVE DISTRICTS [Amounts of deposits in thousands of dollars] Total—All deposit accounts Deposit accounts of— Number of li- $2,500 or less $2,501 to $5,000 $5,001 to $10,000 $10,001 to $50,000 Over $50,000 Federal Reserve district censed mem- Number Amount ba b n er ks c o o f u n ac t - s of d i e ts pos- N c o u o f m u n a b c t e - s r A p o m o f s o d i u e ts - nt c N b o e a u u c r m - n o t - f s A p o m o f s o i d u t e s n - t c N b o e a u u c r m - n o t - s f A p o m o f s o d i u t e s - nt c N b o e a u u c r m - n o t - s f A p o m o f s o i d u t e s n - t c N b o e a u u c r m - n o t - f s A p m o o f o s i u d ts n e- t All member banks: Boston 311 2,013,075 1,749,767 1,919,435 444,104 49,386 169,186 24,060 159,450 16, 394 318,577 3,800 658,450 New York 693 5, 971,402 8,938, 531 5, 661,843 1.,323,505 156,034 493,560 75,117 518,161 58, 7911,226,138 19,617 5,377,167 Philadelphia 587 2,893,373 1,806,063 2,794,670 534,950 56, 766 191,163 24,967 169,876 14,005 266,731 2,965 643,343 Cleveland 480 3,095,121 1, 792, 732 3,002, 724 540,073 51,534 178,769 23,327 159,055 14,306 276,463 3,230 638,372 Richmond ._- 305 1,687,903 823,101 1,641,888 263,915 24,891 85,911 11,823 80, 731 7,755 149,323 1,546 243,221 Atlanta 272 1,629,673 661,339 1,595,175 194,354 18,475 60,214 8,572 6,168 122,806 1,283 225,097 Chicago 470 3,413,151 2, 530,128 3, 303,967 582,757 55,479 192,099 27, 575 188,385 20,834 417,972 5,296 1,148,915 St. Louis 327 1, 514, 343 742,185 1,475,032 244,806 22,176 70,992 9,121 61,173 6,600 129,883 1,414 235,331 M inneapolis 462 1,199,182 648,908 1,163,121 220,669 20,073 70,226 9,170 61,803 5,748 112,570 1,070 183,640 Kansas City 695 1, 745, 598 915,584 1, 702,727 263,125 21,070 76,905 10, 778 74, 614 9,024 183,092 1,999 317,848 Dallas 535 1,374,017 629,7511 1, 339,406 199,849 17,301 9,082 63,015 6,991 135,559 1,237 170,460 San Francisco 363 4,019, 267 2,304,218! 3,882, 396 768, 220 76,648 262, 239 36, 311 245,660 20,499 381,289 3,413 646,810 Total.. 5,500 30, 556,105 23, 542,307j29,482,384 5, 580,327569,833 1,912,132 269,9031,840,791 187,115 3,720,40346,870 10,488,654 National bank members Boston 1,464,332 1,334,108 1, 398,636 329,816 35,365 121,950 16,261 110,095 11,100 225,870 2,970 546,377 New York 553 3, 345,640 3, 701,195 3,198,188 83, 594 242,301 33,977 231,647 22,640 456,886 7,241 2,084,152 Philadelphia 530 2, 251,654 1, 243,134 2,178, 576 411,175 43,557 144,417 18,153 122,659 9,492 179,831 1,876 385,052 Cleveland 421 1,883,343 1,085,832 1,827,875 334, 311 30, 656 106,419 13,873 93,932 8,831 171,806 2,108 379, 364 Richmond 271 1,314, 980 627, 532 1, 279, 210207,932 19, 539 67,338 9,279 63,151 5,814 111, 270 1,138 177,841 Atlanta 236 1, 503,195 599,352 1, 471,658 175, 888 16,907 54, 741 7,797 53,608 5,642 112,166 1,191 202,949 C St h . ic L a o g u o is... - 2 3 7 7 7 9 2 1 , , 4 0 9 3 8 8 , , 0 9 5 5 8 1 2,0 5 1 1 0 6 , , 4 87 0 7 2 2 1 , ,0 4 1 1 0 8 , , 0 2 2 1 4 5 4 1 2 6 1 3 , , 1 5 9 3 2 0 4 1 0 5 , , 3 3 7 3 9 8 1 4 40 7 , , 9 2 9 7 5 3 2 6 0 , , 5 2 3 87 9 1 4 3 3 8 , , 8 3 5 9 0 2 1 4 5 , , 9 95 4 5 0 32 98 1 , , 8 4 2 6 3 5 4 1 , ,0 3 2 0 6 6 163,495 Minneapolis 427 1,127,463 617, 725 1,093, 255 209,032 19,016 66,571 8,684 58, 613 5,473 107,413 1,035 176,096 Kansas City 668 1, 565,914 810,910 1, 526, 647245,417 19, 627 71,693 9,824 67,852 162,712 1,728 263, 236 Dallas___ 486 1, 270,043 1, 237, 333 187,052 16,340 57,501 8,590 59,630 6,600 127,907 1,180 164, 559 San Francisco 302 3,213,154 1, 765, 636 3,109,137 612,157 58,696 203,101 27, 311 185,189 15,453 290,182 2,557 475, 007 Total - 4,836 22, 476, 727 14,909, 35221, 748, 754 3,983, 711399, 014 1, 324, 300180, 575 1, 228,618120,028 2,366, 33128,356 6, 006, 392 State bank members: Boston 25 548,743 415,659 520,799 114,288 14,021 47,236 7,799 49,355 5,294 92,707 830 112,073 New York... 140 2,625,762 5,237, 336 2, 463, 655 637,296 72, 440 251,259 41,140 286, 514 36,151 769,252 12,376 3,293,015 Philadelphia _. 641, 719 562,929 616,094 123, 775 13,209 46,746 6,814 47,217 4,513 86,900 258,291 Cleveland 1,211, 778 706,900 1,174,849 205, 762 20,878 72,350 9,454 65,123 5,475 104,657 M22 259,008 Richmond 372,923 195, 569 362,678 55,983 5,352 18, 573 2,544 17,580 1,941 38,053 408 65, 380 Atlanta 126, 478 61,987 123, 517 18,466 1,568 5,473 775 5,260 526 10,640 92 22,148 Chicago.. 914,200 519, 726 885,943 161, 565 15,100 51,826 7,288 49,535 4,879 96,149 990 160,651 St. Louis 476,285 225,308 464,817 81,276 6,838 22,997 2,582 17,781 1,660 31,418 388 71,836 Minneapolis 71,719 31,183 69,866 11,637 1,057 3,655 486 3,190 275 5,157 35 7,544 Kansas City 179, 684 104,674 176,080 17,708 1,443 5,212 954 6,762 936 20,380 271 54,612 Dallas 103,974 33,102 102,073 12, 797 961 3,367 492 3,385 391 7,652 57 5,901 San Francisco 806,113 538, 582 773,259 156,063 17,95! 59,138 9,000 60,471 5,046 91,107 856 171,803 Total 664 8,079, 378 8, 632,955 7, 733, 630 1, 596, 611670,819 587,832 89, 328 612,173 67,087 1,354,07218, 5144,482,262 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 FEDERAL RESERVE BULLETIN JULY 1933 LICENSED MEMBER BANKS (5,500 BANKS)—NUMBER OF DEPOSIT ACCOUNTS BY SIZE OF ACCOUNT, MAY 13, 1933—Continued TABLE HI.—DATA BY STATES [Amounts of deposits in thousands of dollars] Deposit accounts of— Num- Total—All deposit ber of accounts licens- $2,500 or less $2,501 to $5,000 $5,001 to $10,000 $10,001 to $50,000 Over $50,000 State ed memba b n e k r s N c o u o f m u a n b c t e - s r o A f m d i e t o s p u o n s t - N c o u o f m u a n c b t - e s r A p o m o f o s d i u t e n s - t c N b o e a u u r c m n - o t - s f A p o m o f o s d u it e n s - t c N b o e a u u r c m n - o t - s f A p o m o f o s d i u t e n s - t c N b o e a u u r c m n - o t - s f A p o m o f o s d i u t e n s - t c N b o e a u u r c m n - o t - f s A p o m o f o s d i u t e s n - t New England: Maine 25 112,077 64,960 106,860 26,982 3,225 10,870 1,326 8,644 10,892 68 7,572 New Hampshire- 49 114,957 48,369 111, 941 20,548 1,768 6,105 747 4,937 429 7,710 72 9,069 Vermont 31 71,291 28,340 69,041 14,860 1,461 5,042 557 3,695 220 3,773 12 970 Massachusetts 145 1,101,006 1,186,427 1,045,743 256,297 28,547 99,061 13,518 92,145 10,289 212,654 2,909 526,270 Rhode Island 13 371,568 233,797 352,853 70,687 9,294 30,358 5,60i 34,429 3,423 55,121 393 43,202 Connecticut 59 302,582 222,707 290,995 68,507 6,512 22,654 2,891 19,282 1,783 35,157 401 77,107 Middle Atlantic: New York 500 4,494,982 8,137,060 4,250,910 997,140 111,732 61,299 424, 552 52,2801,,099,054 18,761 5,228,230 New Jersey 260 1,799,060 927,487 1,725,906 374,860 48,929 121,441 15,875 107,767 7,390 142,121 960 181,298 Pennsylvania- 3,499,088 2,463,879 3,374,778 653,694 70,255 238,009 31,112 211,558 18,439 355,287 4,504 1,005,331 East North Central: Ohio 245 1,829,876 845,649 1,781,411 314,118 27,315 94,788 12,356 84,629 7,459 143,975 1,335 208,139 Indiana 107 431,334 181,267 421,920 64,596 5,070 17,594 2,314 15,429 32,890 342 50,758 Illinois 272 1,905,581 1,733,826 1,837,490 331,821 32,894 113,791 17,332 119,058 13', 875 281,908 3,990 887,248 Michigan— 88 640,971 383,453 620,170 121,766 11,968 41,700 5,272 35,888 3,057 57,052 504 127,047 Wisconsin 92 604,649 279,807 589,348 101, 586 8,674 29,735 3,692 24,936 2,471 49,158 464 74,392 West North Central: Minnesota 204 753,746 444,707 730,819 137,691 12, 592 44,002 5,681 38,608 3,857 76,976 797 147,430 Iowa _ 101 277,384 129,649 270,725 42, 777 3,439 11,748 1,708 11, 523 1,279 25,710 233 37,891 Missouri 118 862,941 607,137 834,736 152,623 15,183 50,991 6,313 42,890 5,338 108,780 1,371 251,853 North Dakota 67 94,775 37,898 92,384 16,986 1,357 4,725 637 4,194 349 6,605 48 5,388 South Dakota 74 99,122 40,193 96,930 15,197 1,194 4,156 563 3,822 370 7,410 65 9,608 Nebraska- 132 284, 581 142,388 277,157 47,859 3,693 12,494 1,876 12,741 1,572 31,002 283 Kansas 206 390,398 139,307 383,103 55,305 3,807 12, 795 1,829 12,677 1,412 29,579 247 28,951 South Atlantic: Delaware 19 65,665 55,468 62,767 12,181 1,476 5,111 780 5,291 510 9,868 132 23,017 Maryland __ 44 215,400 208,344 49,676 5,864 20,475 3,105 21,122 2,059 39,395 387 77,676 District of Columbia- 10 231,945 162,485 223,265 44,837 4,598 15,982 2,243 15,404 1,507 29,080 332 57,182 Virginia. 132 247, 554 633,979 95,991 8,620 29,499 3,715 25,475 2,214 42,446 356 54,143 West Virginia 72 371,538 108,955 364,922 46,303 3,939 13,545 1,634 11,057 894 17,018 149 21,032 North Carolina 37 204,669 97,113 200,032 27,664 2,183 7,492 1,158 7,835 1,074 21,434 222 32,688 South Carolina 19 65,123 19,921 63,801 8,169 643 2,208 352 2,439 198 3,752 129 3,353 Georgia 71 540,842 197,451 530,435 54,925 5,937 16,324 2,340 15,858 1 680 34,483 450 75,861 Florida 46 234,391 135,309 228,313 32,881 2,957 10,429 1,558 10,937 1,: 24, 541 265 56, 521 East South Central: Kentucky 435,319 153,303 426, 312 59,015 5,024 17,292 2,313 15,377 1,432 27,448 238 34,171 Tennessee 433,471 159, 507 424,361 53,499 4,735 16,765 2,409 16, 331 1,677 33, 291 289 39, 621 Alabama. 364,054 116, 235 357,344 40,153 3,614 12,307 1,— 12,068 1,172 22,320 161 29,387 Mississippi 89,456 33,331 87,198 13,307 1,254 4,393 596 4,106 368 6,691 40 4,834 West"South Central: Arkansas 51 122, 501 50,783 119,502 18,213 1,620 5,639 77; 5,311 526 10,241 80 11,379 Louisiana- 22 206,157 124,12: 200,13- 30,88: 2,895 10,64" l,60J 11,179 1,237 26,262 280 45,146 Oklahoma 217 466,474 214,407 457,099 56,823 4,400 15,434 2,348 16,050 2,139 43,303 488 82,797 Texas 497 1,295, 764 579,919 1,263, 594 185,608 16,204 56,629 8,408 58,308 6,426 124, 524 1,132 154,850 Mountain: Montana 101,491 65,428 97,555 21,489 2,071 7,599 1,098 7, 662 12,776 105 16,232 Idaho.— 25,702 57,521 10,105 710 2,498 344 2,468 245 4,607 49 6,024 Wyoming 61,811 27,106 60,237 9,279 849 2,950 379 2,716 291 6,041 55 6,120 Colorado 284,100 177,9ie 275, 222 56,604 4,811 16,95' 2,233 15,626 1,474 27,473 360 61,256 New Mexico- 44,372 16,43S 43, 523 6,240 444 1,591 1,493 156 3,035 32 4,080 Arizona 44,759 23,836 43,700 9,104 580 2,045 251 1,798 190 3, 568 38 7,321 Utah 113,762 56, 71S 110,376 18,462 1,768 6,286 934 6,216 57' 11,261 10' 14,494 Nevada 12,964 7,65C 12,329 3,186 37i 1,332 186 1,238 1,120 9 774 Pacific: Washington- 83 316,655 168,37S 307, 589 54,714 4,836 16,718 2, 251 15, 613 1,642 32,491 48,843 Oregon 61 302,489 150, 294,830 54, 548 4,510 15, 635 1, 12,769 1,022 19,405 234 47,818 California 145 3,181,211 1,880,444 3,067, 236 620, 564 64,007 218,207 30, 511 205,970 16, 802 309,715 2,655 525,988 Total . 5,500 30, 556,10523,542, 30729,482,384 5, 580, 327 569,833 1,912,132 269,9031,840, 791 187,1153, 720,403 46,87010,488,654 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1933 FEDERAL RESERVE BULLETIN 457 WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B t o o s n - Y N o e r w k P a p d h h e i i l l a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o ea l i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Y N o e r w k c C a h g i o - Total loans and investments: June 7 _ _ 16,485 1,138 7,914 982 1,097 314 304 1,484 438 294 482 355 1,683 6,970 1,197 June 14 16,521 1,142 7,933 984 1,094 315 304 1,484 442 296 484 355 1,688 6,993 1,198 June 21_ 16,805 1,170 7,985 1,016 1,115 320 316 1,543 456 308 501 371 1,704 7,039 1,249 June 28 16,665 1,184 7,842 1,014 1,117 321 318 1,542 459 316 504 1,680 6,913 1,247 Loans: June 7. 8,511 650 4,002 522 485 171 177 814 215 161 211 210 3,459 640 June 14 8,559 649 4,057 521 481 171 176 814 215 161 212 209 3,517 641 June 21 _-. 8,500 641 3,993 519 481 171 174 821 217 164 212 209 3,455 647 June 28 8,452 651 3,936 518 481 171 178 831 219 172 214 207 874 3,400 656 On securities: June 7 3,742 251 2,002 264 238 60 57 398 49 58 211 1,777 334 June 14 3,798 249 2,064 263 236 60 56 398 48 58 67 211 1,840 333 June 21 3,769 245 2,037 260 236 60 55 400 50 58 65 214 1,813 336 June 28__ .-. 3, 748 246 2,014 259 236 60 56 402 87 49 57 64 218 1,791 339 All other: June 7.-_ 4,769 2,000 258 247 111 120 416 127 112 153 144 682 1,682 306 June 14_._ .-- 4,761 400 1,993 258 245 111 120 416 127 113 154 142 682 1,677 308 June 21 4,731 396 1,956 259 245 111 119 421 128 114 154 144 684 1,642 311 June 28__ 4,704 405 1,922 259 245 111 122 429 132 123 157 143 656 1,609 317 Investments: June 7 7,974 3,912 460 612 143 127 670 223 133 271 145 790 3, 511 557 June 14 7,962 3,876 463 613 144 128 670 227 135 272 146 795 3,476 557 June21__ 8,305 529 3,992 497 149 142 722 239 144 289 162 806 3,584 602 June 28 8,213 533 3,906 496 150 140 711 240 144 290 161 3,513 591 U.S. Government securities: June 7 5,013 2,600 212 400 97 417 123 161 92 463 2,443 350 June 14 4,990 303 2,555 215 401 98 417 126 161 93 469 2,398 351 June 21 5,307 338 2,648 250 423 103 468 137 179 108 479 2,484 395 June 28. 5,254 341 2,594 249 425 104 456 138 182 108 484 2,438 383 All other: June 7__- 2,961 189 1,312 248 212 46 253 100 110 53 327 1,068 207 June 14 2,972 190 1,321 248 212 46 253 101 111 53 326 1,078 206 June 21___ 2,998 191 1,344 247 211 46 254 102 110 54 327 1,100 207 June 28 2,959 192 1,312 247 211 255 102 108 53 322 1,075 208 Reserve with Federal Reserve banks: June 7. 1,636 106 897 76 25 20 221 37 20 49 89 856 200 June 14 1,709 109 951 75 23 19 239 20 49 90 907 217 June 21 1,627 123 840 73 23' 21 240 23 52 92 794 215 June 28 1,697 119 832 100 76 27 20 266 26 63 96 788 232 Cash in vault: June 7 — 194 16 49 10 16 10 5 5 12 13 38 32 June 14_ 198 16 50 10 18 10 5 44 5 12 13 40 33 June 21 189 16 47 10 17 10 5 41 7 5 12 13 37 32 June 28-_ 196 16 49 10 17 10 5 41 7 5 13 15 39 30 Net demand deposits: June 7 10,983 725 6,187 597 601 178 142 1,061 259 162 327 210 534 5,758 903 June 14 11,207 746 6,304 603 603 177 142 1,091 271 166 334 216 554 928 June 21 10,823 724 5,932 587 592 178 142 1,121 267 168 345 212 555 5,522 956 June 28 10, 741 723 5,816 604 578 176 142 1,130 176 350 212 566 5,428 958 Time deposits: June 7___ 4,275 378 1,074 262 367 127 127 474 157 140 160 124 885 687 356 June 14 4,263 377 1,075 262 365 127 127 477 157 136 160 124 876 687 359 June 21 4,336 1,151 264 369 127 125 469 159 135 160 124 873 752 350 June 28 4,406 1,149 276 392 129 129 475 160 138 162 125 875 749 355 Government deposits: June 7 _ __. 181 94 10 8 2 4 1 1 42 87 7 June 14 158 82 9 7 2 3 7 1 1 37 76 6 June 21 633 315 59 32 6 17 52 12 4 11 56 290 45 June 28-._ 315 59 32 17 52 12 4 11 56 290 45 Due from banks: June 7 1,451 130 117 80 283 101 135 148 219 June 14 1,531 120 134 93 301 98 146 160 77 238 June 21 1,364 139 117 132 75 255 81 134 137 79 191 June 28_ „_ 1,295 129 122 94 65 272 71 129 129 76 218 Due to banks: June 7 2,969 161 1,455 167 168 77 157 1,398 274 June 14 - 3,079 167 1,531 171 177 78 170 162 1,474 280 June 21 2,819 164 1,333 163 152 328 77 173 153 1,278 271 June 28 2,754 161 lf306 156 146 322 72 150 1,248 264 Borrowings from Federal Reserve banks: June 7 June 14 June 21 June 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 FEDERAL RESERVE BULLETIN JULY 1933 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Prime commercial paper Loan e s x s c e h c a u n r g e e d c b o y l l p a r t i e m ra e l stock Loans secu r r e e c d e i b p y t s warehouse Interbank loans Federal Reserve bank or branch city 1933 1932 1933 1932 1933 1932 1933 1932 June May June June May June June May June June May June Boston 3 -5 3 -5 4 -5 4 -5 5 -h\ 5 -5H 5 -6 4H-5 5 -5 New York City 3 -4 4 -4H 3 -Q 334-4 4 -43, 4 -5 43^-5 Buffalo 5 -6 5 5 -6 5H-6 6 6 6 6 5 -6 6 Philadelphia.. 434-5 4H-6 5 -6 5 -h\ 5 -5} 5 -5} 4H-5 434-5 Cleveland.. 4 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 3 -4 C Pi i t n t c sb in u n r a g t h i . - 5^-6 5 -6 6 5 5 3 J 4 4 - 6 6 6 -7 6 -7 6 -7 6 3 5 - - 4 6 5 -6 5 5 H- - 6 6 6 B R a ic lt h i m m o or n e d - . _ . 5 -6 5 5 - - 6 hy2 5 -6 5 -6 5 -6 6 5 5 - -6 5M Charlotte- 4H-6 5H-6 5 -6 5 -6 5 -6 5 -6 Atlanta 5 -5} 5 -6 6 -8 4 -6 4 -5 5 5H-6 53^-6 5 -6 Birmingham- 434-8 6 -8 6 -8 6 -8 6 -8 6 -8 -8 6 6 6 Jacksonville. - 5 -7 5 -7 5 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 6 6 Nashville 6 6 6 6 6 6 6 6 6 6 6 New Orleans. 534-6 5 -7 5 -7 5 -6 5 -7 Chicago - 4 -5 4 -5 4 -5 4 -5 5 -5 5 -5 Detroit. - 6 53^-6 6 St. Louis.- 5 -6 5 -6 3 -6 434-6 5 -6 5 -6 5 -5 Little Rock.. 6 -7 6 -7 6 -% 7 -73* 6 6 -6 6 -6 Louisville.-. 6 6 6 5 -6 5H-6 5 -6 Minneapolis.. 3 -5 5 -6 5 -6 5 -5 3 -5 3 -5 4 -41. 34 Helena 7 -8 7 -8 7 -8 7 -8 7 -8 7 -8 6 -7 6 -7 6 -8 6 -7 6 -7 6 -7 Kansas City 33^ 4 -6 3& J4 4 -6 334-6 5 -6 -6 534-6 -6 Denver 4M-7 53^-7 6 -8 6 -8 6 -6^ 6 6 6 O O m kl a a h h a oma City 4 -5 6 534- 8 7 8 6 -8 6 6 - - 8 6H 6 6 - - 6 8 ^ 6 6 Dallas 4 -7 4 -7 5 -6 4 -8 6 -7 6 -7 3H-7 5 -53, 5 -53> 5 El Paso. 7 -8 7 -8 7 -8 7 -8 6 -8 7 -8 8 8 8 5 -6 5 -6 5 -6 Houston 534-6 5 -6 6 6 5 -6 5 -6 5H-6 5 -51/ 5 -53> 5 -5H San Antonio.. 5 -8 5 -8 5 -7 6 -7 6 -7 634-7 6 -8 6 -8 6 -8 6 6 6 San Francisco 5 -6 •5 -6 5 -6 5 -6 5 -6 5H-6 5 5 -5H 5 L P o o s r t A la n n g d eles. 6 6 6 -6 6 J 6 -6 6 > 6 6 - - 6 e H y2 6 6 -7' 6 6 -7 6 6 - - 6 6 3 > > 6 6 6 6 Salt Lake City 5 -6 6 -7 6 6 6 6 -8 7 6 -7 y Seattle 5 -7 6 -6} 6 -63> 634-7 Spokane 6 -6} 6 -7 6 -7 6 2-7 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 larger banks in their respective cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1933 FEDERAL RESERVE BULLETIN 459 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OP AMERICAN MATURITY DISTRIBUTION OF BILLS AND CURRENCY TO AND FROM EUROPE SHORT-TERM SECURITIES BY SELECTED BANES IN NEW YORK CITY [In thousands of dollars] [Paper currency only. In thousands of dollarsj With- 91 days 1932 1933 Total i d n a y 1 s 5 1 d 6 a t y o s 30 3 d 1 a t y o s 60 6 d 1 a y to s 90 m to o s 6 . 6 O m ve o r s. Net Net Month m Sh e i n p t - s ce R ip e- ts m sh en ip ts - m Sh e i n p t - s ce R ip e- ts m sh e i n p t - s Bills J u d n i e s c 7 o - unted: 276,665181,962 20,062 21,039 5,394 119 to from (-)or to from (-)or June 14 253,762167,914 17,844 46,819 15,639 5,440 106 Europe Europe receipts Europe Europe receipts June 21 222,056 146,300 14,036 35,965 20,653 5,042 60 June 28.- 190,981136,381 16,677 14, 555 4,853 47 (+) Bills bought in open market: June 7 11,411 3,860 3,504 724 3,222 January 25 3,335 +3,310 3 5,304 +5,301 June 14 10,200 4,708 1,314 1,333 2,845 M A Fe p a b r r i r c l u h ary... 8 5 4 , , , 2 4 5 2 6 6 1 3 8 + + + 8 5 4 , , , 4 2 5 6 2 6 8 1 3 1 1 2 0 0 5 1 5 1 8 5 3 , , , 5 0 7 8 4 8 9 6 9 + + + 1 5 8 3 , , , 4 0 6 2 8 8 4 4 5 Cert J J if u u i n n c e e a te 2 2 s 8 1 and _. 8 8, , 1 8 8 2 6 7 4 1, , 3 3 7 3 0 6 1, 8 5 9 5 4 2 1 2 , , 4 6 3 9 1 7 2 2 , , 1 5 6 6 6 7 May 10,938 +10,938 1 12,523 +12,522 bills: S J J A O u u e u c p n l t g y o t e u e b s m e t r ber.. 1 3 2 1 5 7 6 0 2 2 1 6 6 5 6, , , , 4 2 6 2 5 9 0 6 8 4 3 5 + + + + + 1 6 5 6 6 6 , , , , , 5 2 3 6 2 6 8 0 7 5 7 7 6 4 3 0 +6,866 J J J J u u u u n n n n e e e e 7 2 2 1 8 1 4 -.8 8 8 7 2 2 0 9 9 0 7 4 , , , , 3 1 7 9 2 6 4 6 9 2 7 8 1 1 4 3 0 3 7 1 5 1 r , , , , , 9 6 1 7 7 1 1 2 5 3 3 5 4 44 33 2 6 0 44 8 6, , ,, , 00 33 7 9 2 22 3 8 5 55 8 8 11 1 0 5 7 3 0 3 33 6 8 88 8 , ,, , , , , 4 5 4 88 9 2 9 5 44 2 5 2 5 0 44 7 7 2 2 22 1 1 , 1 8 6 8 6 5 55 , 4 9 8 9 4 99, , , , 5, , 8 55 5 7 6 9 77 6 79 2 6 66 9 2 6 2 6 2 2 2 2 2 2 2 2 2 7 2 2 1 3 0 4 3 1 4 6 ,7 , , , 7 , 4 5 8 , 2 7 2 4 4 7 67 9 9 ,6 6 1 1 2 2 2 1 20 0 4 7 04 2 , , 4 , 5 7 7 , 5 3 8 7 5 3 5 5 3 5 3 5 November.. 70 6,013 +5,943 Municipal war- December— 245 +3,742 ra J n u ts n : e 7 5,029 4,906 June 14 3,624 3, 501 For description and back figures see BULLETIN for January 1932, June 21 2,923 2,803 pp. 7-9. June 28 2,848 2,727 10 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 1,112.7 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 *1,178.3 June 152.1 153.6 175.3 347.4 784.8 pi, 184.9 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

460 FEDERAL RESERVE BULLETIN JULY 1933 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. 1923-25 average=100] Without seasonal Adjusted for sea- Without seasonal Adjusted for seaadjustment sonal variation adjustment sonal variation Industry Industry 1933 1932 1933 1932 1933 1932 1933 1932 May April May May April May May April May May April May Manufactures—Total... P79 68 '61 *76 66 '59 LEATHER AND PRODUCTS. »99 *>92 78 M07 84 Tanning 69 73 IRON AND STEEL. 53 39 32 49 35 29 Sole leather 69 (1) (0 Pig iron 29 21 26 29 20 25 Upper leather: Steel ingots 56 41 32 51 37 30 Cattle 60 67 Calf and kip 57 60 TEXTILES 106 88 60 106 85 59 Goat and kid 90 97 Cotton consumption 116 98 65 113 91 63 Boots and shoes 118 105 84 129 107 92 Wool 85 '57 35 90 58 37 Consumption 96 64 35 105 66 38 CEMENT AND GLASS: Machinery activity 91 56 36 0) 0) Cement 50 34 55 42 35 46 Carpet- and rug-loom 0) Glass, plate 96 61 38 88 55 35 activity. . 42 34 32 0) 0) Silk.. . 122 112 84 123 113 0) NONFERRIOUS METAL 2—T i n Deliveries 135 131 98 136 132 85 deliveries 80 68 56 (i) (i) (l) Loom activity 96 76 56 0) (0 0)99 FUELS, MANUFACTURED: FOOD PRODUCTS *>98 94 '89 *99 101 '90 Petroleum refining 147 140 146 147 140 146 Slaughtering and meat Gasoline 187 179 187 0) 0) (0 pa H ck o i g n s g _ 1 9 0 9 2 9 9 2 5 9 9 3 7 1 1 0 0 2 6 1 10 0 7 2 1 9 0 6 1 K Fu e e ro l s o e i n l e 8 9 3 5 9 8 4 4 9 8 4 2 87 08)5 0) 86 C C a al t v tl e e s . ... 1 8 1 9 4 1 7 0 9 6 1 7 0 9 0 1 9 0 2 1 9 9 0 8 8 8 2 8 Cok L e ub b r y ic p a r t o in d g uc o t il 8 61 8 8 5 1 4 8 5 5 5 (i 6 ) 1 (1 5 ) 4 (i) 56 Sheep 150 146 150 153 156 153 Wheat flour 100 79 110 84 RUBBER TIRES AND TUBES 76 91 65 72 Sugar meltings ._ 100 95 89 82 '81 Tires, pneumatic 79 95 67 75 Inner tubes _ 53 62 47 51 PAPER AND PRINTING. _ _ 92 *>85 90 Wood pulp and paper 83 v 77 81 TOBACCO PRODUCTS 145 107 111 143 116 110 Newsprint. 61 62 70 60 61 69 Cigars 63 58 66 61 61 64 Book paper 84 93 83 95 Cigarettes. . 206 139 145 204 153 144 Wrapping paper 69 66 68 66 Fine paper 75 79 71 78 Minerals—Total 76 65 65 78 72 67 Box board 94 88 Wood pulp, mechanical 68 80 56 66 BjtnTnjTiftiis o.nf\] 50 46 43 57 55 49 Wood pulp, chemical 90 79 88 79 Anthracite coal 43 45 49 43 44 49 Paper boxes 149 141 149 141 Petroleum, crude 136 108 110 134 108 109 Newsprint consumption 99 101 111 96 95 107 Iron ore, shipments 21 3 14 2 Zinc 46 47 39 46 45 39 LUMBER 32 26 29 30 24 28 Lead 36 45 48 37 45 49 Silver.. .__ 35 36 35 36 36 36 TRANSPORTATION EQUIPMENT: Automobiles 64 57 57 51 44 45 Locomotives 0 1 9 0 1 10 Shipbuilding 31 31 94 25 32 75 p Preliminary. ' Revised. 1 Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals". 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

FEDERAL RESERVE BULLETIN 461 JULY 1933 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-25 average=100] ]factory employment Factory pay rolls Without seasonal adjustment Adjusted for t i s o e n asonal varia- Without seasonal adjustment Industry 1933 1932 1933 1932 1933 1932 May Apr. May May Apr. May May Apr. May Total 60.0 57.8 61.3 60.6 57.7 62.1 42.0 38.6 46.2 IRON AND STEEL AND PRODUCTS 53.2 50.6 57.2 52.5 50.0 56.5 29.5 24.4 30.4 Steel works and rolling mills 57.1 54.1 60.7 56.3 53.0 59.8 31.2 25.4 30.8 Hardware 49.4 48.1 54.3 49.0 48.9 53.7 26.2 22.4 30 0 Structural iron work _ 43.5 44.2 56.6 43.8 45.2 57.0 23.2 21.8 35.7 Heating apparatus 46.3 42.9 45.4 45.9 42.6 45.1 28.4 24.0 27.0 Steam fittings - - 40.5 37.6 37.4 40.2 37.2 37.1 25.0 20.6 23.4 Stoves 51.7 47.9 52.9 51.2 47.6 52.4 31.8 27.2 30 5 Cast-iron pipe -- - 27.9 26.8 38.4 27.4 26.4 37.6 15.1 14.2 22.8 MACHINERY 44.5 43.1 54.4 44.2 42.6 54.1 27.4 24.4 35 9 Foundry and machine-shop products -- _ 43.1 41.6 50.3 42.7 40.9 49.8 24.1 21.0 30.7 Machine tools _ 34.5 33.4 44.2 34.4 33.1 44.1 19.4 18.4 27.6 Agricultural implements 33.4 36.2 37.4 32.4 34.1 36.3 25.6 25.9 31.7 Electrical machinery __ 50.1 48.4 66.9 50.1 48.4 66.9 36.7 33.4 49.6 TEXTILES AND PRODUCTS 73.0 69.7 62.0 73.4 68.5 62.4 46.8 45.2 41 5 A. Fabrics _- 75.7 69.6 62.3 75.9 69.2 62.4 50.1 43.0 40.3 Cotton goods 79.3 73.4 63.6 79.6 73.4 63.9 51.0 44.4 39.7 Woolen and worsted manufactures . 64.2 53.9 46.1 65.4 54.4 46.8 41.7 31.4 28.7 Woolen and worsted goods 67.4 55.8 45.2 68.9 56.7 46.2 44.4 33.4 29.1 Carpets and rugs 47.4 43.8 50.9 47.0 42.7 50.4 29.4 22.6 27.0 Hosiery and knit goods 87.1 83.1 79.8 86.3 81.3 79.1 62.4 56.3 57.8 Silk manufactures 58.7 53.2 47.3 58.4 52.4 47.1 38.9 32.1 31.2 D yeing and finishing textiles 87.3 86.4 84.7 87.4 83.9 84.9 66.1 64.0 59.2 B. Wearing apparel 66.1 69.8 61.3 67.4 66.8 62.5 40.1 49,8 44.0 Clothing, men's 50.1 51.2 46.4 52.7 52.9 48.8 27.1 28.3 26.3 Shirts and collars 67.8 67.2 63.4 68.7 67.2 64.2 42.9 41.7 39.9 Clothing, women's 88.4 96.2 84.3 90.9 88.5 86.6 54.2 74.9 68.8 Millinery 66.0 73.7 55.1 60.9 62.9 50.8 43.9 60.1 40.4 FOOD AND PRODUCTS 80.2 78.2 81.0 82.6 81.2 83.2 64.8 62.6 72.9 Baking 82.4 81.4 87.2 82.9 82.7 87.7 66.4 65.4 77.0 Slaughtering and meat packing 82.9 78.9 82.3 85.2 82.3 85.2 69.2 65.4 75.5 Confectionery __ 76.9 76.6 67.8 85.5 84.2 75.4 54.1 51.4 55.7 69.2 64.8 78.7 66.1 67.4 75.1 56.4 52.3 74.5 Flour ___ 75.2 74.6 75.8 78.4 78.1 78.9 60.7 61.2 66.6 Sugar refining cane 75.9 73.0 73.9 75.4 71.7 73.5 62.2 59.4 62.8 PAPER AND PRINTING 79.4 78.4 83.8 79.9 78.8 84.3 64.9 62.4 77.0 Printing, book and job 71.7 71.7 83.2 72.4 72.2 84.1 57.9 56.0 74.6 Printing, newspapers and periodicals— 93.6 93.6 96.4 93.3 93.3 96.2 81.4 81.0 96.7 Paper and pulp 77.7 75.4 77.9 77.8 75.4 78.0 54.7 49.7 59.7 Paper boxes _ 71.2 69.1 71.2 74.0 71.1 74.0 58.1 53.3 61.0 LUMBER AND PRODUCTS 35.3 32.8 38.6 35.7 33.3 39.0 18.0 15.6 22.2 Lumber, sawmills 30.2 28.4 33.8 29.8 28.7 33.3 14.8 13.1 19.3 Lumber, millwork 34.0 31.4 39.1 33 7 31 2 38.8 18.3 16 2 24 1 Furniture 50.2 45.9 51.6 53.4 47.7 54.9 24.8 21.0 27.2 TRANSPORTATION EQUIPMENT 43.7 41.4 52.4 41.9 40.1 50.2 35.3 30.6 45.9 Car building and repairing 39.7 38.5 44.2 39.4 38.3 43.9 30.6 28.6 37.3 Automobiles.. -_ 47.8 44.4 59.7 43.8 41.5 54.7 40.4 32.3 53.5 Shipbuilding 53.4 49.8 81.4 52.1 47.0 79.4 40.3 37.4 71.0 LEATHER AND MANUFACTURES . 76.4 75.0 72.7 79.7 76.4 75.8 50.8 45.9 45.7 Boots and shoes - 77.8 77.7 74.4 81.4 79.3 77.9 49.2 46.0 44.4 Leather 70.9 63.9 65.4 72.6 64.4 67.0 56.6 45.4 50.3 CEMENT, CLAY, AND GLASS PRODUCTS 43.7 40.5 47.0 42.6 40.2 45.8 25.1 22.0 30.2 Clay products 35.3 32.5 42.6 34.2 32.2 41.1 15.9 14.2 22.4 Brick, tile, and terra cotta 25.7 22.7 33.8 24.3 22.5 31.9 10.0 8.3 16.2 Pottery 61.6 59.4 66.9 61.1 58.5 66.3 31.3 29.9 38.6 Glass _ 63.2 58.6 57.9 62.3 57.8 57.1 45.9 39.9 46.2 Cement 38.4 36.7 42.7 37.6 37.3 41.9 21.2 18.3 30.0 NONFERROUS METAL PRODUCTS 47.9 44.4 51.4 47.4 43.4 50.8 34.5 27.4 34.5 Stamped and enameled ware 25.9 24.0 32.1 24.9 22.9 30.9 19.4 16.5 22.3 Brass, bronze, and copper 55.4 51.4 57.9 55.1 50.5 57.6 38.9 30.6 38.1 CHEMICALS AND PRODUCTS 78.9 82.4 78.3 80.3 77.6 79.7 61.9 60.8 66.9 Chemicals and drugs 80.8 78.8 80.6 82.1 78.1 81.9 62.0 58.4 65.6 Petroleum refining 76.8 75.9 78.2 76.9 75.9 78.4 65.1 63.8 72.5 Fertilizers 73.9 129.1 64.1 81.2 80.0 70.4 41.2 66.4 46.0 RUBBER PRODUCTS _ 60.2 57.1 66.0 59.7 56.7 65.8 46.2 34.2 48.7 Automobile tires and tubes 66.6 60.6 69.1 65.3 59.6 67.7 49.0 35.2 50.4 Rubber boots and shoes 40.8 46.7 56.9 42.9 47.9 59.9 34.7 30.2 41.6 TOBACCO MANUFACTURES 64.2 56.3 67.3 65.4 57.5 68.4 45.5 35.9 48.4 Cigars and cigarettes 63.4 54.9 66.9 64.4 56.2 67.9 43.9 34.0 47.1 Chewing and smoking tobacco, snuff. 69.9 66.9 70.2 72.6 67.5 72.9 58.8 51.8 59.6 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

462 FEDERAL RESERVE BULLETIN JULY 1933 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities Year and month m c t A o i o e m l d s l i - - F p u r a c o r t d m s - Foods Total H p l i r e d o a e d t s h u e a c r n ts d p T ro e d x u ti c le ts F li u g e h l t i a n n g d a p n M r d o e d m t u a e c ls t t a s l m B a u t i e ld ri i a n l g s c C a d h l r s e u m a g n s i d - i f n H u g r o n g u i o s s o h e d - - s l M an i e sc o e u l s - 1928 96.7 105.9 101.0 92.9 121.4 95.5 84.3 97.0 94.1 95.6 95.1 85.4 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 —- 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 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—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 72.3 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 69.6 73.3 73.6 64.6 September 65.3 49.1 61.8 70.4 72.2 55.6 70.8 80.1 70.5 72.9 73.7 64.7 October. _. 64.4 46.9 60.5 70.2 72.8 55.0 71.1 80.3 70.7 72.7 73.7 64.1 November. 63.9 46.7 60.6 69.8 71.4 53.9 71.4 79.6 70.7 72.4 73.7 63.7 December. 62.6 44.1 58.3 69.0 53.0 69.3 79.4 70.8 72.3 73.6 63.4 1933—January- 61.0 42.6 55.8 67.3 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 63.6 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 April 60.4 44.5 56.1 65.3 69.4 51.8 61.5 76.9 70.2 71.4 71.5 57.8 May 62.7 50.2 59.4 66.5 76.9 55.9 60.4 77.7 71.4 73.2 71.7 58.9 1932 1933 Subgroups Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May FARM PRODUCTS: Grains.._ 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 44.8 52.8 Livestock and poultry 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 41.0 46.8 O ther farm products 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 46.7 51.8 FOODS: Butter, cheese, and milk 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 53.1 58.8 Cereal products 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 65.9 69.3 Fruits and vegetables 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 57.8 58.8 Meats.- 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 50.3 52.3 Other foods 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 56.6 60.4 HIDES AND LEATHER PRODUCTS: Boots and shoes 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 83.2 83.6 Hides and skins 44.7 40.8 35.7 32.5 33.5 39.3 48.2 49.6 46.1 41.7 43.0 40.9 41.4 45.8 67.3 Leather 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 57.2 68.3 Other leather products 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 77.2 77.2 TEXTILE PRODUCTS: Clothing '66.1 '64.9 '62.9 '62.2 '60.9 '61.0 '61.8 62.5 62.2 62.5 61.9 61.2 61.3 61.4 61.9 Cotton goods 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 50.7 57.9 Knit goods 54.9 51.9 50.5 49.6 47.8 48.5 50.4 50.9 51.0 49.3 48.4 48.3 47.1 47.2 48.0 Silk and rayon _ 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 26.3 29.1 Woolen and worsted goods.. 62.7 59.7 58.3 55.0 53.6 53.4 56.7 56.5 55.3 54.2 53.4 53.2 53.2 53.3 61.5 Other textile products ._ 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 67.5 70.7 FUEL AND LIGHTING MATERIALS: Anthracite coal__ 85.7 85.6 85.3 84.5 86.0 87.7 88.7 88.7 88.7 88.7 81.4 78.5 Bituminous coal._ 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 78.1 78.3 Coke. 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 75.2 75.2 Electricity _..- 104.4 103.5 106.1 105.5 105.8 104.4 103.4 104.6 103.1 104.1 103.2 102.9 100.5 98.3 Gas 97.5 99.1 103.0 106.3 108.3 107.0 107.6 104.4 100.0 96.5 96.7 96.6 96.6 97.5 Petroleum products 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 32.5 31.2 METALS AND METAL PRODUCTS: Agricultural implements 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 83.1 83.0 Iron and steel 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 75.7 75.2 Motor vehicles... 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 90.4 90.4 Nonferrous metals 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 49.2 56.6 BUILDING MATERIALS: Brick and tile _ 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 75.0 75.2 Cement 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 81.8 81.8 Lumber 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 57.9 59.6 Paint materials 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 68.9 70.7 Plumbing and heating 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 59.4 61.3 Structural steel 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 81.7 81.7 Other building materials 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 77.9 78.8 CHEMICALS AND DRUGS: Chemicals 79.7 79.1 78.6 78.9 79.7 79.8 79.8 79.7 79.7 79.3 79.0 79.3 79.5 80.9 Drugs and Pharmaceuticals. 59.7 58.9 58.7 58.3 57.6 57.0 56.6 55.9 55.0 54.7 54.9 54.8 54.8 54.6 55.0 Fertilizer materials 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 62.9 Mixed fertilizers__ 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 60.0 HOUSEFURNISHING GOODS.* Furnishings 75.4 75.4 75.5 75.4 75.1 74.8 74.7 74.7 74.7 74.7 73.5 72.9 72.9 71.7 72.0 Furniture— 79.1 77.4 74.1 74.0 73.0 72.6 72.7 72.8 72.7 72.7 72.3 71.9 71.8 71.5 71.6 MISCELLANEOUS: Auto tires and tubes 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 37.4 37.6 Cattle feed 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 49.5 54.4 Paper and pulp 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 70.6 70.7 Rubber, crude 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 7.4 10.2 Other miscellaneous 84.5 84.5 84.6 84.6 84.5 84.2 83.2 82.1 81.5 81.3 76.8 73.3 72.6 72.7 74.0 ' Revised. Back figures.—For indexes of groups see BULLETIN for March 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 463 JULY 1933 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Value of contracts In millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Public works Total Residential Factories Commercial and public Educational All other utilities Month 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 January 84.8 83.4 27.5 12.0 3.4 4.3 9.1 5.8 24.1 42.7 4.4 1.4 16.3 17.3 February . 89.0 62.7 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 56.6 28.9 19.1 4.5 6.2 12.9 6.6 47.3 13.6 10.7 1.1 17.5 9.9 May 146.2 77.2 25.6 26.5 3.0 9.4 12.2 8.9 61.7 19.0 6.5 1.7 37.2 11.6 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 SeDtember 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 Nov6fib©r 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 of 1933 1932 centers May April May Federal Reserve district May April May New York City 1 13,977 12,012 12,913 Outside New York City 140 11,509 r 10, 616 12,498 Boston 8,542 6,011 11,200 New York 17,518 14,453 26, 506 Federal Reserve districts: Philadelphia 5,013 4,316 8,064 Boston 11 1,335 1,230 1,407 Cleveland. -. 6,604 4,944 14, 072 New York 7 14,504 12,512 13,444 Richmond— 5,409 6,376 30,540 Philadelphia 10 1,066 1,033 1,194 Atlanta 5,214 2,695 6,884 Cleveland. 13 1,062 1,003 1,281 Chicago 10,429 6,919 24,446 Richmond 7 405 390 471 St. Louis 8,296 3,266 8,788 Atlanta 15 555 506 594 Minneapolis 2,503 3,519 5,087 Chicago 21 2,770 r 2,499 3,120 Kansas City 4,095 2,027 6,005 St. Louis _ _ __ 5 647 540 693 Dallas 3,548 2,047 4,628 Minneapolis 9 454 402 415 Kansas City 15 663 605 703 Total (11 districts) 77,172 56, 573 146, 221 D Sa a n ll a F s rancisco._ 1 1 0 8 1,6 3 7 5 3 2 1,5 3 7 3 3 4 1,7 3 2 6 3 6 Total 141 25,486 r 22, 628 25,411 COMMERCIAL FAILURES, BY DISTRICTS rRevised. [Amounts in thousand's of dollars; figures reported by Dun and Bradstreet] Number Liabilities Federal Reserve district 1933 1932 1933 1932 May April May May April May Boston 214 196 322 3,925 5,602 4,982 New York.... 476 475 701 11,641 16,493 30, 215 Philadelphia.. 87 118 103 2,848 5,081 5,301 Cleveland 145 182 240 6,620 6,008 6,710 Richmond 124 98 165 3,876 1,449 2,033 Atlanta 90 73 134 2,571 1,401 2,351 Chicago 249 258 329 7,228 7,982 11,143 St. Louis 59 68 128 1,414 996 8,063 Minneapolis.. 54 64 77 755 578 590 Kansas City.. 92 121 131 1,595 1,479 3,028 Dallas 63 65 95 1,297 852 2,330 San Francisco. 256 203 363 4,201 3,174 7,018 Total. _. 1,909 1,921 2,78 47, 972 51, 097 83, 764 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS KANSASC KANS. OKLA. Oklahoma City L.., DALLAS® Jil — 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