Federal Reserve Bulletin, 1933-08

FEDERAL RESERVE BULLETIN AUGUST 1933 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Business and Credit Conditions New Regulations of the Federal Reserve Board UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1935 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. H. WARNER MARTIN, Assistant to the Governor. E. A. GOLDENWEISER, Director, Division of Research CHESTER MORRILL, Secretary. and Statistics. J. C. NOELL, Assistant Secretary. CARL E. PARRY, Assistant Director, Division of Research S. R. CARPENTER, Assistant Secretary. and Statistics. L. P. BETHEA, Assistant Secretary. E. L. SMEAD, Chief, Division of Bank Operations. WALTER WYATT, General Counsel. J. R. VAN FOSSEN, Assistant Chief, Division of Bank GEORGE B. VEST, Assistant Counsel. Operations. LEO H. PAULGER, Chief, Division of Examinations. O. E. FOULK, Fiscal Agent. FRANK J. DRINNEN, Federal Reserve Examiner. JOSEPHINE E. LALLY, Deputy Fiscal Agent: FEDERAL ADVISORY COUNCIL District no.1 (BOSTON) THOMAS M. STEELE. District no.2 (NEW YORK)- WALTER E. FREW. District no.3 (PHILADELPHIA) HOWARD A. LOEB. District no.4 (CLEVELAND) H. C. MCELDOWNEY District no.5 (RICHMOND) HOWARD BRUCE. District no.6 (ATLANTA) JOHN K. OTTLEY. District no.7 (CHICAGO) MELVIN A. TRAYLOR, Vice President. District no.8 (ST. LOUIS) WALTER W. SMITH, President. District no.9 (MINNEAPOLIS) THEODORE WOLD. District no.10 (KANSAS CITY) W. T. KEMPER. District no.11 (DALLAS) : JOSEPH H. FROST. District no.12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal R o e f— serve Bank Chairman Governor Deputy governor Cashier Boston F. H. Curtiss R. A. Young W. W. Paddock W. Willett. New York J. H. Case G. L. Harrison W. R. Burgess C. H. Coe.i J. E. Crane. R. M. Gidney.» A. W. Gilbart J. W. Jones, i E. R. Kenzel ... W. B. Matteson.* W. S. Logan J. M. Rice.* L. R. Rounds Allan Sproul.1 L. F. Sailer L. W. Knoke.» Philadelphia R. L. Austin G. W. N orris W. H. Hutt C. A. Mcllhenny. W. G. McCreedy.8 Cleveland L. B. Williams E. R. Fancher M.J. Fleming H. F. Strater. F. J. Zurlinden Richmond W. W. Hoxton G. J. Seay C. A. Peple G. H. Keesee. R. H. Broaddus. J. S. Walden, Jr.* Atlanta Oscar Newton W. S. Johns' H. F. Conniff M. W. Bell. W. S. McLarin, Jr.» Chicago E. M. Stevens J. B. McDougsl C. R. McKay W. H. Snyder» H. P. Preston. W. C Bachman.i J. H. Dillard R. H. Buss.* 0. J. Netterstrom.i A. T. Sihler.i E. A. Delaney.i St. Louis _ J. S. Wood W. McC. Martin 0. M. Attebery S. F. Gilmore.1 J. G. MeConkey. A. H. Halll.* F. N. Hall.* G. 0. Holloeher.i 0. C. Phillips.* Minneapolis J. N. Peyton.. W B. Geery. Harry Yaeger H. I. Ziemer. H. I. Ziemer F. C. Dunlop.* Kansas City M. L. McClure G. H. Hamilton C. A. WorthiDgton.... J. W. Helm. J. W. Helm.. Dallas C. C. Walsh... B. A. McKinney R. R. Gilbert Fred Harris R. B. Coleman W. 0. Ford.i San Francisco Isaac B. Newton J, U. Calkins. W. A. Day W. M. Hale. Ira Clerk i Assistant deputy governor. J Controller 3 Acting governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch. R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch.. C E. Daniel. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch W. D. Gentry. New Orleans branch... Marcus Walker San Antonio branch M Crump Jacksonville branch Hugh Foster. San Francisco: Birmingham branch._. J. H. Frye. Los Angeles branch W. N. Ambrose. Nashville branch. J. B. Fort, Jr Portland branch. R. B. West. Chicago: Salt Lake City branch.. W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St Louis: Spokane branch D. L. Davis. Louisville branch J. T. Moore. Memphis branch W H. Glasgow, Little Rock branch.... A F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Business and credit conditions 465 Earnings and expenses of Federal Reserve banks during six months ending June 30, 1933 515 National summary of business conditions 472 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 473-476 Member and nonmember bank credit: All banks in the United States 478 All member banks 477, 516, 517 Weekly reporting member banks in 90 leading cities 479, 528-523 Brokers' loans 479 Acceptances and commercial paper 480 Discount rates and money rates 481, 523 Treasury finance ^ 482 Security prices, bond yields, and security issues 483 Production, employment, car loadings, and commodity prices 484, 525-527 Merchandise exports and imports 485 Department stores—Indexes of sales and stocks 485 Freight-car loadings, by classes 485 Financial statistics for foreign countries: Gold reserves of central banks and governments 486 Gold production 487 Gold movements 487-489 Government note issues and reserves 490 Bank for International Settlements 490 Central banks 491-493 Commercial banks 494 Discount rates of central banks 495 Money rates 495 Foreign exchange rates 496 Price movements: Security prices 497 Wholesale prices 497, 498 Retail food prices and cost of living 498 Law department: Rulings of the Federal Reserve Board: Branches of State member banks 499 Eligibility of banks located in cities of less than 3,000 inhabitants for admission to membership in Federal Reserve System 499 Increase of collateral loans of a member bank after official warning to the contrary 499 Interest on deposits of moneys paid into State courts 500 State law requiring the payment of interest on deposits of public funds 500 Indirect payment of interest on deposits payable on demand 500 Loans to "executive officers" of member banks 501 Organization indirectly controlled by trustees as an affiliate 501 Loans by member banks to their affiliates 501 Application of Clayton Antitrust Act to conservators of national banks 502 Regulations of the Federal Reserve Board: Regulation M—Open market operations 502 Regulation N—Relations with foreign banks and bankers 505 Regulation P—Holding company affiliates—voting permits 505 Federal Reserve statistics by districts, etc.: Banking and financial statistics 713-524 Industrial and commercial statistics 525-527 July crop report, by Federal Reserve districts 529 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 19 AUGUST 1933 No. 8 REVIEW OF THE MONTH developments as the regulation of hours and wages under the new codes and the imposition A rapid rise in business activity and a sharp of processing taxes under the Agricultural advance in commodity and security prices have Adjustment Act. occurred during recent months. Wholesale prices in the United States as a Business and Industrial production increased whole have advanced by about 16 percent from conditions from 60 percent of the 1923-25 their low point. Of the major groups, farm average at the end of the first products and foods, which had declined to low quarter to 90 percent in June and about 95 levels, showed greater advances than other percent in July. The advance has not been commodities. Certain raw materials that are confined to consumption goods, as was the case traded in on organized exchanges and have last autumn, but has included the durable world-wide markets advanced in this country goods industries, which constitute a large part by as much as 100 percent from February to of our production and the part that shows July, the rise reflecting both the advance in greater changes from prosperity to depression. their world prices and the depreciation of the Of the increase in steel, the major heavy indollar on the exchanges. Prices of some of dustry, however, the larger part has reflected a these commodities, particularly grains, declined growth in orders from miscellaneous sources sharply in the middle of July, when there was and from the automobile industry, rather than also a sharp reaction in security prices. from the other big consumers, such as railroads Member bank credit has expanded somewhat, and the construction industry. Building activchiefly through the purchase of United States ity is still at a relatively low level, although Government securities by the member banks contract awards have shown considerable inand through the growth of brokers' loans, and crease. Movement of freight has also increased activity of bank deposits has shown a submaterially. stantial increase. Employment has expanded at a much slower Member bank reserves have been increased rate than production, as is usual in the early through the return flow of currency, and excess stages of recovery, since giving more work to reserves are once more between $400,000,000 those already on the pay roll precedes the hiring and $500,000,000. Purchases of United States of new workers. More than 1,500,000 persons Government securities by the Reserve banks were reemployed during the second quarter— have been reflected in a further decline of but the number still idle in June approximated member bank indebtedness and in a reduction 11,000,000. of the Reserve banks' holdings of acceptances Activity in some industries, such as textiles, to a small amount. Total volume of Reserve shoes, and cigarettes, was at such a rapid rate bank credit has remained practically unchanged in the second quarter as to indicate accumula- at $2,200,000,000 since the last week in May. tion of stocks in anticipation of demand. The Money rates, which had increased sharply rapid increase in activity was due in part to during the banking crisis, have declined since anticipation of further advance in commodity that time and are now near the extreme low prices and of the effects of such impending levels of last year. 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 FEDERAL RESERVE BULLETIN AUGUST 1933 Distribution of excess reserves of member Gold coin outside of the Reserve banks and banks between banks in New York, in Chicago, the Treasury on July 26 was $320,000,000, less and elsewhere, is shown on the than at any other time in Excess reserves chart. The chart brings out Gold in the Q years, and the amount of 5 the fact that these excess reserves are not, as hands of the J \ . previously, concentrated largely in the two public gold certificates m circulation central reserve cities. Their redistribution is was $254,000,000, less than at due chiefly to the fact that, since no interest any other time since 1922. These figures make no allowance for such gold coin and gold EXCESS RESERVES OF MEMBER BANKS Wednesdaq Figures_ certificates as have been lost, destroyed, or exported without record. During the current depression approximately $470,000,000 of gold went into hoards—$275,- MONEY IN CIRCULATION WeeKlu Basis. Wednesday Series MILLIONS OF DOLLARS MILLIONS OF DOLLARS 7600 I 1 H 1 1 1 1 1 n 1 1 1 7600 7ifOO 1 1 f-ft—I 1 1 1 1 1 1 1 1 1 7*400 may now be paid by member banks on bank balances payable on demand, the interior banks have withdrawn a considerable part of their balances from New York, and have either added them to their own reserve balances at the Reserve banks or invested them in United States Government securities or open-market paper. On July 26 the volume of money in circulation was at a level of $5,600,000,000, indicating a decline of about $2,000,000,- Currency 000 from the all time peak reached on March 13, at the time of the bank- 4.300 ing crisis, but was still more than $1,000,000,000 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec above the lowest level of the present depression reached in the autumn of 1930 before the 000,000 in the form of gold coin, $170,000,000 hoarding movement began. Money in circu- in the form of gold certificates, and about lation declined rapidly after the reopening of $25,000,000 in the form of bullion. All of these the banks on March 13 to 15, and still continues gold certificates, three fourths of the gold to decline from week to week, notwithstanding bullion, and more than half of the gold coin the increase in the demand for currency arising were withdrawn by the public during the first from enlargement of pay rolls and increase in quarter of 1933. Since the first week in the volume of retail trade. This indicates a March, about $300,000,000 of gold coin, continued return of money from hoards as $500,000,000 of gold certificates, and $25,000,banking facilities are reestablished. The chart 000 of gold bullion, or about $825,000,000 altoshows the volume of money in circulation for gether, have been returned to the Federal several past years. Reserve banks and the Treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 467 The recent increase in total volume of manu- industries transforming raw materials into facturing output, amounting to 59 percent dur- semifinished goods than in those in later stages ing the second quarter, has been of manufacture. At steel works and rolling mwlctures much more raPid than at an^ mills, for example, activity increased much other time in recent years. The more rapidly than in steel consuming industries. increase was about equally distributed between Pay rolls at establishments producing cotton, durable manufactures—including iron and steel, wool, and silk fabrics showed an advance nonferrous metals, coke, lumber, automobiles, during the quarter of more than 50 percent, locomotives, and ships—and nondurable manu- contrary to seasonal tendency, while changes factures—mainly textiles, leather, food, to- reported by clothing manufacturers were small. bacco, rubber, and paper products. Output of Similarly, activity in the paper industry nondurable manufactures in June reached a increased, although there was little change in level considerably above the 1923-25 average, the amount of printing done; and in the leather while output of durable manufactures, which industry there was a larger increase in activity had previously declined to extremely low at tanning establishments than at shoe factories. levels, after its recent increase was in June still Changes in the dollar volume of work being 35 percent below the 1923-25 average. undertaken in the construction industry are The recent increase in output of nondurable indicated on the accompanying manufactures was widespread, but was especi- The construc- chart of contracts awarded for tion industry ally large at cotton and woolen mills and at residential and other types of cigarette factories. construction. The figures plotted are 3-month Among the heavy industries, automobile out- moving averages of the F. W. Dodge data for put was considerably larger in the second quar- 37 States, adjusted for the usual seasonal ter than a year ago, but about one third as large variations. The last point in each instance is as in the corresponding period in 1929. In July based on reports for May, June, and July. there was little change in the number of cars produced, although a decline is usual at this CONSTRUCTION CONTRACTS AWARDED Adjusted for Seasonal Venation season. The most rapid advance in output in the durable goods industries was in steel, where activity increased from 16 percent of capacity in March to 46 percent in June. In the first half of July there was a further substantial growth, with a slight decline reported for the last 2 weeks of the month. The increase in the spring was largely in response to demands from miscellaneous sources and, to a lesser extent, to increased orders from the automobile 1919 1920 1921 1922 1923 !92«* 1925 t926 1927 1928 1929 1930 1931 1932 1933 industry; demand for steel from the construc- Figures are 3-month moving average, adjusted for usual seasonal variations; data for 1919-April 1924 partly estimated. tion and railroad industries continued at low levels. Lumber production, although consider- The chart shows that contracts awarded both ably larger in June and July than in other recent for residential and for other types of construcmonths, was less than 50 percent of the 1923-25 tion work have increased somewhat. Monthly average. Limited demand for structural steel, figures, which often fluctuate widely, show lumber, and other building materials reflected larger increases. Total awards increased from the current small volume of activity in the $57,000,000 in April, usually the peak month construction industry. of the year, to $77,000,000 in May, and to Further analysis indicates that the increase $103,000,000 in June; in July they declined in output has generally been more rapid in to $83,000,000. As the construction work in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 FEDERAL RESERVE BULLETIN AUGUST 1933 volved in any contract is spread over several steel, increased output substantially without a months, recent increases in contracts have not corresponding increase in the amount of labor yet been fully reflected in the volume of con- required or in pay rolls. In the cotton textile struction work that is actually going on. and shoe industries, where activity was already The current level of contracts, while con- at a fairly high level in March, pay rolls insiderably higher than in other recent months, creased by about the same amount as output. is, nevertheless, only about one fifth of the As measured by current indexes, output of 1923-25 average. There has been a sub- manufactures as a whole increased in the second stantial decline in costs in the interval, so that quarter by about three fifths, pay rolls by one a given value of contracts represents more fourth, and the number of persons employed building now than it did then, and work done by one eighth. A considerable part of the without contracts by public utilities and difference between the increase shown for pay governmental agencies has not declined so rolls and for production can be attributed to the much as contract work, but after making increased output per man-hour accompanying rough allowance for these factors it is clear that fuller utilization of plant. A part of the difthe physical volume of work being undertaken ference, however, arises out of differences in in this industry is currently much smaller, the statistical information available. The relative to the 1923-25 average, than the cur- Board's index of manufactures is based largely rent volume of industrial activity. on activity in the fabrication of raw materials During the coming months the enlarged ex- into semifinished products, while the Board's penditures by the Federal Government will be index of factory pay rolls is based on all stages of a factor of some importance. Such expendi- manufacture. The fact that in recent months tures in the year ending June 30, 1933, are activity has increased much more rapidly in estimated at about $500,000,000, and the industries producing semifinished than in those maximum outlay provided for in the public producing finished goods has been a factor in works program is $3,300,000,000, of which the more rapid rise of the production index $100,000,000 is set aside for the Agricultural than of the index of pay rolls. Adjustment Administration and the Farm In wholesale commodity markets the average Credit Administration. Expenditures allo- level of prices advanced between early March cated through August 1 and in considerable and mid-July by 17 percent, part to be made within a year are about Commodity according to the index of the prices $900,000,000—comprising chiefly $400,000,000 Bureau of Labor Statistics for roads, $238,000,000 for Navy building (not which includes 784 commodity quotations. included in the usual totals of "construction"), Subsequently this index declined slightly as a $63,000,000 for the Grand Coulee Dam project, result of decreases in prices of many raw mate- $50,000,000 for national forest highways, $50,- rials. 000,000 for the Tennessee Valley project, and Wholesale prices of manufactured goods and $38,000,000 for Boulder Dam. Further pro- of materials not sold in organized markets have posals are now under consideration. Total advanced much more slowly than those of construction outlays in 1932, public and pri- staple raw materials. This is especially true of vate, approximated $4,000,000,000. prices for finished and semifinished metal prod- The rapid growth in industrial output during ucts, fuel and lighting materials, household the second quarter made additional jobs articles, and chemicals. In textiles, foods, available and furnished more leather, and other industries, in which raw Employment work to employees already on materials constitute an important factor in cost pay roll. As is usual after a period of inactivity, of output and in which there has been an inhowever, many producers, especially in highly crease in demand, prices of finished goods have mechanized industries such as automobiles and advanced rather rapidly. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 469 The chart shows the course of prices of all crease of $15,000,000 reflecting chiefly larger commodities and of farm products, foods, and shipments of cotton sold at higher prices. At all other commodities since 1929. The large in- the same time, imports advanced from crease in prices of farm products through mid- $88,000,000 to $122,000,000, and in June, for July reflected in large part a rapid advance in the first time since August 1931, there was a grains, accompanying weather conditions harm- small excess of imports over exports. Quantiful to the growing crops, and in cotton, accom- ties as well as values of imports increased, with the largest advances reported for semifinished WHOLESALE PRICES manufactures, and for crude materials, such as Index of Bureau of Labor Statistics-, 1926=100 silk, hides, and wool. r—^~^- Security prices, after an irregular decline from September of last year to March of this s year, began to advance early in security prices .._Other Comraocities April, both for stocks and for * ''j$ bonds, and continued to advance without « Foods '•*'"' J important interruption until after the middle of July, when there was an abrupt decline. The Farm Products gains in stock prices had been very rapid, the Standard Statistics weekly index rising in a 1929 1930 1931 1932 1933 little over 3 months by about 100 percent. Monthly figures 1929-31. Weekly figures 1932 to date, except for "other commodities" for which only monthly figures are available. In bonds the advance has been largest in the panying the development of measures for cur- more speculative issues. United States Govtailing production; considerable improvement ernment obligations, which declined sharply in prices of dairy products, fruits, and vege- during the spring banking crisis, have adtables; and a moderate advance in livestock. vanced since then by about the same amount, In the third week in July prices of grains, and, except for a few days in January and cotton, and lard declined sharply. February of this year, are at their highest In general, prices of raw materials have ad- level since September 1931. vanced much faster than those of finished Except for offerings of United States Govproducts, reversing the movement of the ernment securities, which exceeded retirements past 4 years, when the prices of raw materials by $1,700,000,000 during the Security issues declined in general to a much greater extent first half of 1933, new bond and than the prices of finished products. Since the stock issues have been few and small. Corporamiddle of April, when the dollar began to de- tion offerings, including refunding issues, have preciate in the foreign-exchange market, many been about $200,000,000, while State and of the raw materials that are traded in on the municipal offerings have been less than organized exchanges of different countries have $250,000,000. These new issues have been advanced rapidly, both in the world market exceeded in volume by maturities and redempand in the American market. In the American tions of outstanding securities, which for cormarket many of these commodities have ad- porations alone amounted to over $800,000,000. vanced in price more rapidly than world prices During this half year corporations obtained by an amount that equals or exceeds the $650,000,000 in advances from the Reconstrucdepreciation in the dollar. tion Finance Corporation, an amount much In recent months, accompanying the deprecia- larger than they raised in the security markets. tion of the dollar, there has been a moderate in- Advances to State and local governments by crease in the foreign trade of the United States. the Reconstruction Finance Corporation and Exports in June amounted to $120,000,000, as the Emergency Relief Administration were compared with $105,000,000 in April, the in- about $250,000,000. The recent improvement 3862—33- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 FEDERAL RESERVE BULLETIN AUGUST 1933 in security prices has been a factor in stimulat- ings of central banks; in fact, such holdings both ing some increase in flotations, but as yet the in Europe and in the world as a whole were less increase has been small. at the end of June than at the beginning of the The revival of business has not resulted in a year, notwithstanding the substantial moveconsiderable growth of bank credit, but has ment of United States gold coin from circulation been reflected in a more active into the Federal Reserve banks. Changes in Member bank ^ uge Q£ credit aJready Qut- GOLD RESERVES OF SELECTED CENTRAL BANKS standing. [In millions of dollars at par] Since the middle of June loans of member banks have reflected chiefly a growth in brokers' Change from— Central bank of— Date, Gold reloans, accompanying increased activity on the 1933 serves Month Year before before stock market and the rise in security prices. England July 26 *925 +3 +255 France... July 21 »3,204 +19 -23 Bank loans to brokers in New York City in- Germany. _; July 22 *54 +1 -126 creased from a low point of $375,000,000 on I B ta e l lg y i .. um,.. J J u u l l y y 2 1 0 8 P3 3 6 7 1 3 + + 6 2 + + 6 1 2 2 Netherlands July 17 298 -28 -108 April 12 to $782,000,000 on June 14 and to Switzerland _ July 22 351 -23 -158 $894,000,000 on July 26. The increase was for v Preliminary. the most part in brokers' loans by New York aggregate central reserves, when compared banks for their own account, though loans for with the amount of gold becoming available account of out-of-town banks also increased. from production and from India, indicate that Security loans to others than brokers declined. monetary gold held outside reported centra] Member bank investments in United States bank holdings, chiefly in Europe, increased by Government securities, which had increased as much as $200,000,000 (at par) in the first rapidly between the middle of March and the quarter of this year and by as much as $300,middle of June, declined somewhat after that 000,000 more in the second quarter. time. Investments in other securities showed Gold stock of the Bank of England increased little change and loans other than security £693,000 ($3,370,000 at par) in the 4 weeks loans showed no considerable growth. ended July 26. There was a The banks' deposit accounts since the middle England ne^ increase in the volume of of June have reflected chiefly the effects of the Bank of England credit out- Glass bill, which prohibits the payment of standing, reflecting a growth in the bank's openinterest on demand deposits. Between June market holdings of securities partly offset by a 14 and July 26 net demand deposits of the repayment of discounts and advances. Funds reporting member banks in 90 cities declined thus made available to the market were added by about $600,000,000, accompanying a de- to deposits at the bank; deposits of British crease of about $500,000,000 in bankers' balances payable on demand, while time deposits BANK OF ENGLAND increased by $275,000,000. [In thousands of pounds sterling; figures preliminary] Change from— July 26, Central gold reserves in Europe declined 1933 July 28, July 27, 1933 1932 further during the past month, largely as a Gold and advances 190,053 +693 +52,327 result of additional losses by Discounts- 11,243 -5,400 -4,037 Securities _ 359,372 +15,770 -4,360 in°EuropfVCS Netherlands and Switzerland, Bankers' deposits 98,510 -6,611 +10,324 Public deposits 14,136 +74 +2,893 as shown by the accompanying Other deposits 57,659 +15,494 +23,098 Notes in circulation 377, 220 +2,095 +7,934 table. Since last April Europe has been importing gold at the rate of about $50,000,000 banks declined and those of the British Governa month from South Africa and other producing ment showed practically no change, but other areas and from India, where gold continues to deposits increased substantially, representing be released from hoards in considerable volume. apparently a growth in balances of foreign This gold has not gone into the reported hold- banks and governments. Short-term rates on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 471 the London money market continued easy, with this credit was finally liquidated and when the the rate on prime bankers' acceptances at partial moratorium on the payment abroad of about one half of 1 percent. service on Germany's foreign debts went into The British Government announced on July effect, Reichsbank reserves began to increase. 19 that holders of the 20-year 5% percent gold There was a substantial increase during the bonds issued in the United States by the British month in miscellaneous assets and in the Government in 1917, of which approximately $136,000,000 are now outstanding, will be REICHSBANK given the opportunity during the month of [InHmillions of reichsmarks; figures preliminary] August to convert their holdings into 2% percent Change from— sterling bonds at the rate of £260 for each July 22, 1933 June 23, July 23, $1,000 bond. This privilege of conversion at 1933 1932 the rate of S3.85 per pound sterling may be Gold 228 +6 -526 Foreign-exchange reserves 84 +3 -54 compared with the average quotation of $4.65 Nonreserve cash 318 -32 +11 Discounts and advances 3,032 -15 +3 per pound during July. Other assets _ _. . . 800 +74 -324 Deposits 396 -33 +36 The Bank of France acquired 485,000,000 Notes in circulation 3,261 +61 -461 Other liabilities 803 +4 -468 francs ($19,010,000 at par) of gold in the 4 weeks ended July 21. Funds amount of currency in circulation, while Bank of France arising from these gold imports deposits at the Reichsbank, in which balances and from a return of currency from circulation of the German commercial banks are included, were used to retire discounts with the Bank of declined. France and to build up deposits. Changes in Foreign Central Bank Discount Rates BANK OF FRANCE During the period July 15-August 15 the [In millions of francs; figures preliminary] following changes in discount rates have been Change from- reported by central banks in foreign countries: J July 21, 1933 June 23, July 22, Bank of the Republic of Colombia, July 18, from 1933 1932 5 to 4 percent. Netherlands Bank, July 29, from 4 to 3% percent; Gold 81,729 +485 -581 Foreign exchange ..- 3,977 +37 -2,339 August 15, from 3J^ to 3 percent. Domestic discounts and advances 5,649 -438 -284 Government deposits. 2,634 +122 -1,528 Other deposits __ 19, 219 +241 -3,998 Notes in circulation 82, 253 -338 +1,451 Changes in Board's Staff E. M. McClelland, assistant to the Governor On July 4 the French Treasury opened sub- of the Federal Reserve Board since May 18, scriptions for a 2,000,000,000 franc issue of 4%- 1933, died on July 27, 1933. Mr. McClelland percent bonds at a price of 962.50 francs, to had been in the service of the Board in various capacities since March 16, 1920. be redeemed in 1943 at a price of 1,100 francs, H. Warner Martin, of Atlanta, Ga., was as compared with a par value of 1,000 francs. appointed, effective August 16, 1933, as assist- Reichsbank gold and foreign-exchange reant to the Governor of the Federal Reserve serves increased 9,000,000 reichsmarks ($2,070,- Board, succeeding Mr. McClelland. 000 at par) in the month ending Effective August 16, 1933, Oliver E. Foulk, Reichsbank July 22, reflecting a loss of formerly deputy fiscal agent, was appointed fiscal agent of the Federal Reserve Board, and 30,000,000 reichsmarks ($7,260,000) in the final Miss Josephine E. Lally was appointed deputy week of June and a gain of 39,000,000 reichsfiscal agent, J. C. Noell, formerly assistant marks ($9,330,000) in the first 3 weeks of July. secretary and fiscal agent of the Board, con- The bank lost reserves throughout June in tinuing as assistant secretary. connection with the repayment of the $45,000,- Effective August 22, 1933, L. P. Bethea wa;s appointed assistant secretary of the Federal 000 outstanding on the credit obtained by the Reserve Board. Mr. Bethea was formerly German Gold Discount Bank from a group of assistant secretary of the Reconstruction Fi- American banks in 1924. After July 1, when nance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 FEDERAL RESERVE BULLETIN AUGUST 1933 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled July 24 and released for publication July 26] In June, as in the 2 preceding months, in- Wholesale prices.—Wholesale prices of comdustrial activity increased rapidly, and in the modities advanced from 64 percent of the 1926 first half of July there was some further ad- average in the first week of June to 69 percent vance. Factory employment and pay rolls in the middle of July, according to the index showed a considerable increase. Wholesale of the Bureau of Labor Statistics. This commodity prices rose rapidly until the third marked upward movement reflected large week of July, when prices of leading raw mate- increases in the prices of most basic raw rials showed a sharp decline. materials, including grains, cotton, hides, non- Production and employment.—Volume of ferrous metals, steel scrap, petroleum, and industrial production, as measured by the rubber; most of these commodities are traded in Board's seasonally adjusted index, advanced on organized exchanges and enter into world from 77 percent of the 1923-25 average in trade. The prices of many manufactured May to 89 percent in June, as compared with products, particularly textiles, leather, and 60 percent in March. Activity in the steel gasoline, also advanced substantially. On July industry continued to increase during June 19, 20, and 21, following rapid advances in and, according to trade reports, during the the preceding period, prices of leading raw first 2 weeks of July; in the third week of the materials declined sharply. month it showed little change. Demand for Foreign exchange.—In the exchange market, steel from the railroads and the construction the value of the dollar in terms of the French industry continued at a low level. Output of franc declined to 69 percent of its gold parity automobiles, which usually declines at this on July 18 and then advanced to 72 percent on season, increased in June and showed little July 21. change in July. Consumption of cotton by Bank credit.—During the 4 weeks following domestic mills was larger in June than in any the enactment on June 16 of the Banking Act previous month, and continued at a high rate of 1933, which prohibits the payment of interest during the first half of July. At woolen mills on demand deposits, net demand deposits of and shoe factories activity increased further weekly reporting member banks in 90 cities dein June to unusually high levels. clined by $500,000,000, reflecting the with- Working forces at factories increased sub- drawal of $300,000,000 in bankers' balances stantially between May and June, and the from banks in New York City and elsewhere, Board's seasonally adjusted index of factory and the transfer of funds from demand to time employment advanced from 61 percent of the accounts. Time deposits increased by $260,- 1923-25 average to 65 percent. Factory pay 000,000. The banks' holdings of United States rolls also increased by a considerable amount, Government securities increased during the 4 to 46 percent of the 1923-25 average. weeks ending July 12, and there was a further Value of construction contracts awarded, as rapid growth in open-market brokers' loans, . reported by the F. W. Dodge Corporation, while loans to customers declined. showed an increase in May and June, contrary Return flow of currency amounted to $90,to the usual seasonal movement. 000,000 during the 5 weeks ending July 19. Department of Agriculture estimates as of During the same period the Federal Reserve July 1 indicated a wheat crop of about banks purchased $85,000,000 of United States 500,000,000 bushels, 350,000,000 bushels below Government obligations and member banks rethe average of 1926-30, reflecting chiefly duced their indebtedness to the Reserve banks adverse weather conditions. Feed crops have by $90,000,000. The withdrawal of bankers' also been seriously damaged. Cotton acreage balances from New York City reduced excess on July 1 was estimated at about 41,000,000 reserves of member banks in that city, while acres, an increase of 4,000,000 acres over last surplus reserves of member banks outside New year, but it is proposed as a part of the program York increased substantially. of the Agricultural Adjustment Administration Money rates in the open market generally to reduce the area by about 10,000,000 acres. continued at low levels, although recently Distribution.—Freight traffic continued to slight increases have occurred in acceptance increase during June, reflecting in large part rates, time money against stock-exchange colheavier shipments of coal, miscellaneous freight, lateral, and yields on short-term United States and lumber products. Distribution of com- Government securities. modities through department stores showed about the usual seasonal decline in June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ATJGUST 1933 FEDERAL RESERVE BULLETIN 473 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 1000 1000 4000 4000 3000 2000 2000 1000 1000 1928 1929 1930 1931 1932 1933 Based on Wednesday figures; latest figures are for July 26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 FEDERAL RESERVE BULLETIN AUGUST 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 U S e o n t n v a i t e t t e e r s s n d e - - 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 to o c g n k o e l - d c a T u d r r j e u r a e s s n t u e c d r y y i M n la c o ti i n o rc e n u y - M b r a e b e l s a a m e n n r b c k v e e e s r d m e N e p e m o t 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 curities 1932—March 714 105 809 1,652 4,372 1,792 5,531 1,899 349 April 605 52 ,014 1,694 4,381 1,789 5,452 1,996 353 May 486 41 ,413 1,960 4,273 1,788 5,456 2,138 350 June -. 495 50 697 2,262 3,956 1,787 5,530 2,062 348 July.. 523 60 818 2,422 3,941 1,780 5,751 2,003 343 August— 451 37- 850 2,353 4,031 1,796 5,720 2,073 347 September 387 34 848 2,282 4,140 1,826 5,685 2,181 347 October. 328 34 851 2,231 4,226 1,886 5,643 2,307 355 November 313 34 ,851 2,211 4,292 1,917 5,642 2,378 360 December 282 34 .,854 2,192 4,429 1,915 2,435 359 1933—January 255 32 i,806 2,110 4,547 1,901 5,631 2,516 60 351 F M e a b r r c u h ary.—t 9 3 9 0 4 7 3 1 7 0 9 2 , , 8 8 0 7 4 5 3 2 , , 2 2 3 2 3 4 4 4, , 2 4 6 9 0 1 1 1 , ,8 8 9 9 7 1 5,892 2 1, , 9 2 1 9 4 1 1 7 3 9 4 3 3 4 4 4 4 April 425 230 ,837 2,511 4,301 1,915 6,137 2,086 156 348 May 339 86 1,846 2,286 4,313 1,930 5,876 2,125 173 355 June - - 250 12 1,933 2,208 4,317 1,943 5,742 2,211 164 351 July 170 16 2,016 2,211 4,319 1,937 5,675 2,268 179 345 Week ending (Saturday)— 1933—Mar. 4 847 361 1,848 C) 3,056 4,333 1,922 6,805 2,065 96 345 Mar. 11 1,421 417 1,876 3,6fil 4,244 1,922 7,532 1,803 143 349 Mar. 18 1,184 400 1,907 3,476 4,251 1,920 7,260 1,898 140 349 Mar. 25 356 1,882 2,931 4,263 1,871 6,643 1,952 129 341 Apr. 1 524 316 1,846 2,688 4,270 1,864 6,376 1,973 141 332 Apr. 8 432 288 1,838 2,570 4,283 1,893 6,271 2,002 138 335 Apr. 15- 433 244 "., 837 2,535 4,301 1,911 6,172 2,083 144 348 Apr. 22 420 208 ,837 2,492 4,312 1,929 6,085 2,136 157 355 Apr. 29 - 411 180 ,837 2,444 4,310 1,927 6,015 2,130 181 355 May 6 404 148 ,837 2,407 4,311 1,873 5,972 2,080 184 355 May 13 343 115 ,837 2,311 4,312 1,910 5,910 2,090 178 355 May 20 331 81 1,843 2,272 4,313 1,933 5,863 2,126 175 354 May 27 314 46 1,851 2,224 4,314 1,972 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 July 1 196 1,979 2,210 4,318 1,956 5,702 2,273 163 346 July 8 179 2,008 2,229 4,318 1,957 5,746 2,244 169 345 July 15 169 2,016 2,212 4,319 1,928 5,689 2,254 172 344 July 22... 166 2,013 2,197 4,319 1,936 5,651 2,267 188 346 July 29 164 2,025 2,204 4,320 1,922 5,619 2,297 185 345 End of month series Wednesday series 1933 1933 Feb. Mar. Apr. May June July June June July July July July 28 31 30 31 30 31 21 28 5 12 19 Bills discounted 582 426 435 302 164 167 Bills discounted 222 191 182 168 163 161 Bills bought 336 305 171 20 48 9 Bills bought 9 8 23 13 10 10 United States Government se- United States Government securities ... 1,866 1,838 1,837 1,890 1,998 curities 1,955 1,975 1,995 2,007 2,017 2,028 Other reserve bank credit 10 3 16 7 10 Other reserve bank credit 8 7 6 13 7 Total reserve bank credit 2,794 2,572 2,459 2,218 2,220 2,209 Total reserve bank credit 2,194 2,182 2,206 2,201 2,197 2,201 Monetary gold stock 4,379 4,282 4,312 4,315 4,318H,320 Monetary gold stock 4,317 4,318 4,318 4,319 4,319 4,320 Treasury currency adjusted 1,939 1,887 1,907 1,954 1,988 1,925 Treasury currency adjusted 1,890 1,979 1,955 1,930 1,947 1,916 Money in circulation 6,546 6 320 6,003 5,812 5,721*>5,630 Money in circulation 5,696 5,675 5,752 5,667 5,635 5,601 Member bank reserve balances 2,141 1,949 2,132 2,167 2,292 2,294 Member bank reserve balances. 2,205 2,286 2,219 2,269 2,290 2,306 Nonmember deposits, etc 80 143 188 155 166 184 Unexpended capital funds, non- Unexpended capital funds 346 329 355 353 347 346 member bank deposits, etc.... 500 517 508 514 538 529 i Less than $500,000. Preliminary. Back figures—See Annual Report for 1931 (tables 1-5). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

475 AUGUST 1933 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars] July 31,1933 June 30,1933 July 31,1932 ASSETS Gold with Federal Reserve agents 2,759,572 2,784,201 1,969,152 Gold redemption fund with United States Treasury 38,761 44,068 62,944 Gold held exclusively against Federal Reserve notes. 2,798,333 2,032,096 Gold settlement fund with Federal Reserve Board 506,224 504,551 242,370 Gold and gold certificates held by banks 243,265 210,366 360,945 Total gold reserves.. 3,547,822 3,543,186 2,635,411 Other cashi _ _ 245,171 270,153 270,804 Total gold reserves and other cash 3,792,993 r 3,813,339 2,906, 215 Redemption fund—Federal Reserve bank notes. 7,993 7,392 Bills discounted: For member banks 166,312 162,707 537,450 For intermediate credit banks 605 For nonmember banks, etc 977 163 Total bills discounted. 167,165 163,684 538,218 Bills bought: Payable in dollars: Bought outright 1,719 1,089 7,445 Under resale agreement... 39,837 4,840 Payable in foreign currencies.. "6,~82T 7,089 30,645 Total bills bought. 8,540 48,015 42,930 United States Government securities: Bought outright 2,027, 221 1,997,652 1,828,828 Under resale agreement 500 12,500 Total United States Government securities 2,027,721 1,997,652 1,841,328 Other reserve bank credit: Municipal warrants 1,847 2,677 5,957 Due from foreign banks 4,029 3,729 2,887 Reserve bank float (uncollected items in excess of deferred availability items). 14 3,830 7,621 Total Reserve bank credit outstanding,. 2,209,316 2,219,587 2,438,941 Federal Reserve notes of other Reserve banks _ 20,104 15,549 14,939 Uncollected items not included in float _ 303,930 369,841 297,613 Bank premises,. 54,370 54,313 58,119 All other assets. 52,801 50,645 48,439 Total assets. 6,441, 507 ••6,530,666 5,764,266 Federal Reserve notes: LIABILITES Held by other Federal Reserve banks. 20,104 15,549 14,939 Outside Federal Reserve banks. 2,992,381 ' 3,077,862 2,843,970 Total notes in circulation 3, 012,485 '3,093,411 2,858,909 Federal Reserve bank notes in actual circulation. 127,357 *• 123,851 Deposits: Member bank—reserve account 2,293,875 2,292,360 2,051,505 Government 66,023 35,481 57,367 Foreign bank 19,023 15,523 8,922 Special deposits: Member bank 80, 661 75,889 Nonmember bank 20,966 18,814 Other deposits 63,707 56,193 39,723 Total deposits 2,544,255 2,494,260 2,157,517 Deferred availability items.. 303,930 369,841 297,613 Capital paid in 146,100 146, 763 153, 738 Surplus 278, 599 278, 599 259,421 All other liabilities 28, 781 23,941 37, 068 Total liabilities 6,441, 507 r 6,530, 666 5, 764,-266 Contingent liability on bills purchased for foreign correspondents- 37,120 35,854 59,498 Federal Reserve notes: FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents.. 3,265, 310 3,336, 867 3,079, 771 Collateral held by agents as security for notes issued to bank: ===== Gold 2, 759, 572 2,784, 201 1,969,152 Eligible paper 102, 542 134,459 524, 874 United States Government securities. 469,200 442,700 611, 400 Total collateral.. 3, 331, 314 3,361,360 3,105,426 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding). 147,412 138, 744 Collateral pledged against outstanding notes: Discounted and purchased bills 2,302 1,981 United States Government securities 171, 274 160,974 Total collateral.. 173, 576 162,955 r Revised. " 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

476 FEDERAL RESERVE BULLETIN AUGUST 1933 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 N le e a t s r e e- D tic o m pr e o s - - From or to— July i n ( a p r r y e ) lim- June January-June month during import from ear- duction, month mark i etc2 Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 932—March 4,390 36.0 -24.7 58.3 2.4 April 4,367 -23.1 -30.2 4.0 3.2 May.. 4,152 -214.1 -195.5 -22.1 Belgium 799 June 3,919 -233.9 -206.0 -28.8 England 2,845 55,202 31,328 July 3,977 58.0 -3.4 56.2 5.2 France . 79,562 72 30,044 17,078 August 4,088 111.7 6.1 100.5 5.1 Germany 1,445 1,071 3,245 September. 4,193 104.8 27.9 72.3 4.6 Netherlands 19,347 9,265 October 4,264 70.8 20.6 45.8 4.5 Portugal November. 4,340 75.6 21.7 48.6 5.3 Switzerland 2,295 December.. 4,513 173.5 100.9 3 71.0 1.6 Canada __ _ . 171 17 18,575 81 Central America 44 631 Total (12 mos.). 52.9 -446.2 457.5 41.6 Mexico . 141 2,663 20 Argentina 6 15 1933—January... 4,553 40.0 128.5 3 -91. 5 3.0 Colombia 1 1 93 1 February. 4,380 -173.4 •17.8 -178.3 -12.9 Ecuador. .. _ . . 150 394 March 4,282 -97.2 * -22.1 -100.1 25.0 Peru 123 911 April 4,312 29.5 -10.0 33.7 5.7 Uruguay 864 May 4,315 3.6 -21.1 22.1 2.6 Venezuela. _ 506 150 June 4,318 2.2 -3.2 3.5 1.9 Australia 2,838 July p 4,320 2.3 -84.6 84.5 2.4 British India.. 25,629 China and Hong Total (7mos.)_ -193.1 5.3 -226.0 27.6 Kong 10 12,821 Dutch East Indies 801 Japan 6,702 1 Gold released from earmark at Federal Reserve banks less gold placed Philippine Islands 301 2,793 under earmark. All other countries i_ 8 5,002 196 1 2,488 2 28,562 2 For explanation of this figure, which is derived from preceding columns, see BULLETIN for July, p. 423. Total.. - 38 3 84,564 1,136 4,380 183,514 93, 703 3 Allowance has been made for gold earmarked at the Bank of England for account of the Federal Reserve Bank of New York. * Differs from Department of Commerce figure since $8,900,000 de- 1 Includes all movements of unreported origin or destination. clared for export on Feb. 28 was not actually taken from the Federal 2 $21,858,000 exported to Italy. Reserve Bank of New York until Mar. 1. 3 At New York—imports, $8,000, exports, $84,564,000. 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 i e l f d s i- d S s o t i a a l l r v l n d a e d r r s - c S c e i a r l t t v i e e f s i r - o T n f u r o e r 1 t a y e 8 s 9 s - 0 s s i S i d l u i v a b e r - r y M co in in or U S n n t o a i t t t e e e s s d R F n e e o s d e t e e r r v s a e lR F n b e e o a s d e t n e e r k r s v a e l ti n b o N o a n t n a a e - k l s - 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 70a May 5,480 435 735 30 355 257 114 290 2,558 3 702 June .- - - 5,695 453 716 30 353 256 114 289 2,780 3 701 July. 5,726 454 694 30 351 ] 254 113 289 2,838 3 700 August 5,692 449 669 30 350 255 113 285 2,793 3 744 September .. _ . - 5,653 445 644 29 359 257 113 286 2,731 3 785 October 5,628 445 624 29 361 257 113 289 2,689 3 817 November 5,648 454 635 29 361 258 113 291 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 - - 5,721 321 265 28 361 1 257 113 269 3,061 125 920 July v . 5,630 320 252 28 365 1 258 113 275 2,973 129 914 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

AUGUST 1933 FEDERAL RESERVE BULLETIN 477 MEMBER BANK RESERVE BALANCES [In millions of dollars] Average of daily figures Reserves held Excess reserves Month of week T m o b t e a a m n l— k b s e a r ll Ne C w i t Y y o i rk r O e c s i t e t 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— k b s e a r ll Ne C w i t Y y o i rk r O e c s i t t e h i r e e v s r e "C b o a u n n k t s ry" 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.. 2,291 989 441 417.3 74.5 291.0 51.8 March 2__ April 3..._ 2,040 867 742 431 379.1 150.2 129.4 99.5 May 3 2,069 878 773 418 319.1 106.0 132.0 81.2 June 3 2,160 861 858 441 363.1 198.0 96.2 1 Central reserve city banks only. 2 March data not available. 3 Licensed banks only. Back figures,—See Annual Report for 1931 (tables 49 and 56). MEMBER BANK DEPOSITS [In millions of dollars] Averages of daily figures Net demand and time deposits Net demand deposits Time deposits Month a T ll o b m t e a e r m l- - C Y N i o e ty w rk * r O e c s i t t e h i r e e v s r e " b C t a r o n y u k " n s - a T l b l o a b m n t e a e k r m l s - - C Y N i o e ty r w k i re O c s i t t e h i r e e v s r e " b t C a r n y o k u " n s -a T l b l o a b m n t e a k e r m l s - - C Y N i o e ty r w k i r O e c s i t t e h i r e e v s r e " b t C a r n y o k " u s n- 1931—November. 28,218 6,612 11,350 10, 256 16,358 5,653 6,273 4,432 11,860 959 5,076 5,825 December.. 27,438 6,414 11,048 9,976 15,985 5,546 6,106 4,333 11,453 4,942 5,643 1932—January 26,592 6,165 10,706 9,720 15,447 5,343 5,921 4,183 11,145 822 4,786 5,537 February. _ 25, 715 5,797 10, 413 9,505 14,789 5,001 5,723 4,064 10,926 796 4,690 5,440 March 25,431 5,760 10, 291 9,380 14, 575 4,959 5,622 3,993 10,856 800 4,668 5,387 April 25,386 5,950 10,109 9,327 14,589 5,138 5,492 3,959 10,797 811 4,618 5,368 May 25,466 6,159 10,081 9,226 14,679 5,342 5,425 3,911 10,787 816 4,656 5,315 June 25, 075 5,957 10, 032 9,087 14,413 5,154 5,433 3,826 10,663 803 4,599 5,261 July 24, 712 5,951 9,830 8,931 14,157 5,133 5,304 3,720 10,555 818 4,526 5,211 August 24, 744 6,084 9,833 8,827 14,141 5,217 5,283 3,641 10,603 867 4,550 5,186 September. 24,973 6,308 9,853 8,811 14,408 5,440 5,316 3,652 10, 565 869 4,538 5,159 October 25,292 6,559 9,939 8,795 14,679 5,629 5,402 3,649 10,612 929 4,537 5,145 November. 25,476 6,762 9,964 8,751 14,864 5,804 5,432 3,628 10,612 957 4,532 5,123 December.. 25,492 6,877 9,941 8,674 14,965 5,937 5,424 3,604 10,527 940 4,517 5,071 1933—January.. _ 25, 641 7,050 10,023 8,568 15,116 6,109 5,470 3,537 10, 525 941 4,553 5,031 February. 24,978 6,722 9,847 8,409 14,645 5,842 5,368 3,435 10,333 4,479 4,974 March 2... April3 21, 710 6,120 8,520 7,071 13,078 5,331 4,756 2,990 788 3,764 4,081 May3 22,509 6,517 8,842 7,150 13,815 5,766 4,991 3,058 8,694 751 3,851 4,092 June 3 22,974 9,031 7,273 14, 241 5,923 5,162 3,156 8,732 746 4,117 1 Central reserve city banks only. 3 March data not available. 3 Licensed banks only. Back figures.—Bee Annual Report for 1931 (table 49). 3862—33 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 FEDERAL RESERVE BULLETIN AUGUST 1933 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 banki Date Invest- Invest- Total Loans ments Total Loans ments Invest- Invest- Total Loans ments Total Loans ments 1928—June 30 57,265 39,464 17,801 35,061 24,303 10,758 9,242 5,518 3,723 12,962 9,643 3,820 Oct. 3 57,219 39,671 17,549 34,929 24,325 10,604 »9,242 i 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 24,945 10,448 19,390 15,694 i 3,696 13,236 9,918 3,317 June 29—. 58,474 41,512 16,962 35,711 25,658 10,052 9,556 5,892 3,664 13.207 9,961 3,240 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—-. 68,417 41,898 16,519 35,934 26,150 9,784 9,463 6,945 3,518 13,020 3,217 1930-Mar. 27.... 57,386 40,686 16,700 35,056 25,119 9,937 i 9,463 15,945 i 3,518 12,868 9,623 3,245 June 30 58,108 40,618 17,490 35,656 25,214 10,442 9,747 6,009 3,739 12,706 9,395 3,309 Sept. 24.... 57,590 39,715 17,875 35,472 24,738 10,734 19,747 16,009 i 3,739 12,371 8,968 3,402 Dec. 31— 56,209 38,135 18,074 34,860 23,870 10,989 9,987 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 June 30- 55,021 35,384 19,637 33,923 21,816 12,106 10,506 6,169 4,337 10,593 7,399 3,194 Sept. 29. 53,365 33,750 19,615 33,073 20,874 12,199 i 10,506 i 6,169 i 4,337 9,786 6,707 3,079 Dec. 31.. 49,704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 X932—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 1 Figures of preceding call carried forward. ALL BANKS IN THE UNITED STATES—DEPOS- NUMBER OF BANKS ITS, EXCLUSIVE OF INTERBANK DEPOSITS [All banks in the United States; includes national banks, State com- [In millions of dollars. Includes national banks, State commercial mercial banks and trust companies, mutual and stock savings banks, banks and trust companies, mutual and stock savings banks, and all and all private banks under State supervision] private banks under State supervision] Nonmember Nonmember banks Member banks banks All Member Date banks banks Mutual Other Date Total Mu- Other s b a a v n i k n s g b n e o r n b m a e n m ks - Total ti N on a a - l State t s in u a g a v l s - 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 8,849 13,091 1928—June 30™ 25,941 8,929 7,685 ,244 615 16,397 Oct. 3— 25,828 7,670 ,226 1615 16,317 1929—Mar. 27- 54,545 33,215 18,849 12,481 Dec. 31— 25,576 8,837 7,629 ,208 612 16,127 June 29— 53,852 32,284 8,983 12,584 Oct. 4-__ 55,180 33,004 i 8,983 13,193 1929-Mar. 27- 25,341 8,755 7,569 L,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 1,119 609 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 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 19,507 10,767 Dec. 31— 22,769 8,052 7,033 1,019 603 14,114 June 30— 51,782 31,566 10,017 10,199 Sept. 29.. 49,152 29,469 110,017 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 6,800 982 600 13,521 Sept. 29— 21,294 7,599 6,663 946 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 24,903 110,020 7,020 Dec. 31... 41,643 24,803 10,022 6,818 1932—June 30... 19,046 6,145 835 594 11,472 Sept. 30— 18,794 6,904 6,080 824 1594 11,296 Dec. 31—. 18,390 6,816 6,011 805 594 10,980 i Figures of preceding call carried forward. 1 Figures of preceding call carried forward. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 479 REPORTING MEMBER BANKS IN 90 LEADING CITIES1 [In millions of dollars] Total—90 leading cities New York City 89 oth c e it r i e le s ading Loans and investments Loans and investments Date Investments ro B w o in r- gs Investments ro B w o in r- gs a T l n o d o a t n a in s l - ro B w o in r- gs Loans All at F.R. Loans All at F.R. vest- atF.R. Total on se- other banks Total on se- other banks ments banks curities loans Total c U u . r S i . t i s e e s - curities loans Total c U u . r S i . t i s e e s - 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. I... . 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. 15 216,017 2 3, 762 2 4, 626 2 7, 629 2 4, 580 849 6,523 1,674 1,483 3,366 2,253 483 a 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 L, 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 ,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 L, 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 L, 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 i,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 ,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 July 5 16,686 3,811 4,719 8,156 5,203 31 6,937 ,847 1,607 3,483 2,409 9,749 31 July 12 16,724 3,874 4,768 8,082 5,126 21 6,932 L, 894 1,609 3,429 2,354 9,792 21 July 19 16, 766 3,864 4,790 8,112 5,140 22 6,858 ,86?, 1,596 3,400 2,332 9,908 22 July 26 16, 662 3,789 4,772 8,101 5,117 28 6,731 t, 790 1,579 3,362 2,293 9,931 28 1 See note on p. 273, MAY BULLETIN, explaining the basis on which these figures have been compiled. 2 On Mar. 9 a member bank in Chicago took over assets and assumed deposit liabilities of a nonmember bank aggregating approximately $135,000,000. Back figures.—See pp. 519-523. 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 York banks banks, brokers, count town others Total and trust com- foreign banking banksi End of month panies agencies, etc. 1932—June 377 342 29 July 335 309 18 1932 1933 1932 1933 1932 1933 August 344 319 17 September. 409 385 19 October... 411 389 16 January 512 359 374 270 138 November. 354 336 12 February ... 525 360 385 298 140 December. 393 377 12 March.. 533 311 391 247 142 1933—January... 380 365 11 February.. 433 416 10 April 379 322 300 268 79 March 398 373 18 May 300 529 243 461 57 April 399 374 21 June 244 780 194 694 49 May 578 555 17 June 755 712 36 July 242 916 195 822 47 July 919 105 A Se u p g t u e s m t ber.. 3 3 3 8 2 0 2 29 4 2 8 8 8 5 8 J J u u l l y y 5 1 . 2 . . — ... . . 8 9 5 5 8 5 8 7 4 8 6 4 10 6 1 4 10 N Oc o t v o e b m er ber... 3 3 2 3 5 8 2 2 6 7 3 8 6 6 1 1 J J u u l l y y 2 1 6 9 967 761 1 1 2 2 8 7 December... 347 279 68 i Member and nonmember banks outside New York City (domestic banks only). Back figure8.—SGQ Annual Reports for 1931 (table and 1927 Back figures.—Bee 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

480 FEDERAL RESERVE BULLETIN AUGUST 1933 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR CLASSES OF BANKERS9 ACCEPTANCES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars] H er e a l l d b a R b n y e k s s e F r e v d e - Held b b y a n a k c s cepting s o t B o n r a g e s o d e o d i d n s B go a o o s n e d d s United stored End of month s T t o a o u n t t a d - l - For c F o a o c u - r nt o H th b e e y ld rs End of month Total B p i a o o m n s r - e ts d o B p f n r a o o s r e m e t x s d - c S ( h r w e o ta d a u t i r s e t e e s s - ) c D h e a o x n l - l g a e r t f c r o i o r e i e u n s i n g o * n r ing own of for- Own Bills into U.S. or shipped ac- eign 1 Oldl bills bought U.S. shipped becount corre- between tween spond- domestic foreign ents points points 1931—March 1,467 123 431 472 131 341 440 OUTSTANDING A J J M A S u u e a p u l n y p y r g e i - t l u em st b -. er. __ 1 1 1 1 1 , , , , , 3 4 4 0 2 9 6 2 1 9 9 2 6 8 2 3 0 8 4 1 1 2 6 2 9 3 7 0 2 4 5 9 0 4 3 3 2 2 1 0 8 4 4 2 0 9 0 1 3 8 0 4 4 6 4 5 6 6 1 0 1 5 6 4 0 6 0 4 8 2 1 1 1 1 1 3 7 2 9 6 6 2 1 5 6 2 8 2 3 4 2 4 2 5 3 8 9 3 4 7 6 5 3 8 8 4 4 3 2 1 4 4 7 7 8 6 4 1 9 8 ( 7 3 1932— J A S N O J u e u u o c l p n t y g v o t e u e e b m s m e t r b b e e r r 7 6 6 6 7 7 9 8 0 8 4 2 9 3 5 1 7 0 9 8 8 8 7 7 7 5 1 1 6 3 1 1 1 1 1 1 5 6 5 5 6 7 6 1 7 2 2 3 2 2 2 1 1 1 1 2 3 7 9 9 2 2 7 8 2 3 1 1 1 3 5 1 8 9 6 2 2 2 2 2 2 3 3 3 5 6 7 1 2 4 0 5 1 October 1,040 647 99 230 112 118 63 December 710 79 164 230 10 228 November— 1,002 418 126 296 125 171 161 December. .- 974 305 251 262 131 131 156 1933—January 707 71 166 222 11 237 February 704 71 174 219 9 231 1932—January 961 119 314 332 159 174 195 March 671 73 175 184 8 230 February 919 76 312 343 175 168 189 April 696 77 176 199 10 234 March 911 36 335 377 155 222 163 May 669 77 174 185 9 225 April 879 16 292 455 188 268 115 June 687 80 168 217 9 213 J M J u u n a ly y e . - .- 7 7 7 8 4 0 7 7 5 3 1 6 2 4 18 9 5 3 8 9 5 5 5 1 1 6 0 8 3 2 2 1 0 2 9 0 5 7 3 3 2 1 6 8 8 6 6 9 9 7 6 C C HEL ( D OW N B Y A F C . C O E U . N B T A ) 1 NKS August 681 3 49 574 198 376 55 1932—June 36 4 6 19 1 September— 683 2 43 573 159 414 64 July... 12 1 1 5 1 5 October 699 3 39 605 199 406 52 August. _. 3 (2) (2) 1 1 4 November- 720 4 32 655 268 386 28 September 2 (2) (2) 1 1 2 December. __ 710 4 40 604 224 380 62 October 3 (2) (2) 2 1 1 November 4 (2) (2) 3 (2) 1 1933—January 707 2 41 626 256 370 38 December 4 (2) 1 2 1 February 704 307 30 325 201 124 42 1933—January 2 (2) (2) 1 1 J A J M M u u p n a l a r y y e r i c l h. ._ _ 6 6 6 6 8 6 9 7 7 9 7 1 2 1 8 6 4 1 0 4 1 3 2 3 4 3 4 3 7 3 6 5 6 4 5 4 2 0 8 0 6 4 7 5 1 2 2 2 1 0 0 2 5 1 6 9 3 2 2 1 1 8 7 9 0 7 6 9 8 1 1 2 1 8 8 3 5 6 5 J A M M F u e p n a a b r y r e i r c l u h ary 3 2 1 0 8 6 4 1 7 0 4 1 3 3 3 2 1 3 0 7 2 5 5 3 8 6 5 6 3 10 8 3 1 5 7 8 1 2 ( ( 2 2 ) ) 5 4 2 10 6 9 1 7 6 7 6 6 Figures for acceptances outstanding (and held by accepting banks) i Total holdings of Federal Reserve banks include a small amount of from American Acceptance Council. unclassified acceptances. Back figures.—See Annual Reports for 1931 (table 70), 1930 (table 64), * Less than $500,000. 1929 (table 58), and 1928 (table 61). Back figures.—See Annual Reports for 1931 (tables 67 and 15), 1930 (tables 61 and 14), etc. ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- HOLDINGS OF FEDERAL RESERVE BANKS COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] [In millions of dollars] End of month 1930 1931 1932 1933 End of month 1930 1931 1932 1933 January—. 1,035 36,119 33,444 29,036 January 404 327 108 85 February.. 1,038 23,958 33,478 28,997 February. _ 457 315 108 84 March 1,040 1,063 30,778 24,788 March 529 311 106 72 April 1,054 1,074 30,736 7,181 April 553 307 108 64 May 1,058 1,073 30,837 6,981 May 541 305 111 60 June 1,064 10,551 30,762 7,089 June 527 292 103 73 July 1,065 34,371 30,645 6,821 July. 528 289 100 August 1,071 145, 215 30,834 August 526 271 108 September 1,075 48,804 30.849 September . 513 248 110 October... 21,583 33,501 30,659 October 485 210 113 November. 31, 587 33,386 30,652 November.. 448 174 110 December. 35,983 33,429 29,489 December,. 358 118 81 Back figures—Be* Annual Reports for 1928 (table 12), 1927 (table 12) Back figures.—See Annual Reports for 1931 (table 66) and 1930 1926 (table 24), etc. (table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

481 AUGUST 1933 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on redisc 1 o 3 u a n n ts d fo 1 r 3 a (a n ) d o a f d t v h a e n c F e e s d e to ra m l e R m es b e e r r v e b a A n c k t s ] under sections Prevailing rate on— Aver o ag n e - rate Aver o a n g — e yield U.S. Boston Federal Reserve bank e R A ff a e u t c e g t . i o 1 n n J D un a e l t i e s h e e 1 s d , t 1 a 9 b 3 - 3 Pre r v at i e ous Month or week m m p P 4 c e a o r o t r p i n o m c m e t i r h - 6 a e , s l a P a b c d n e a r c a 9 r i c n e m s y 0 e k p ' s s e - t , - l T o i 9 a m n 0 s e , N C e a w ll lo n a e R n w e s - a * l m c T c n 3 e a u a o r o r t e n t r t n o t e i a y d e f t s s i s h 6 , - - s b T o u r n r e y d a s s - s New York May 26,1933 Philadelphia.. June 1932 Cleveland June 10,1933 June 2^-3 2.50 2.50 * 0.34 3.78 Richmond Jan. 25.1932 July X 1X-1H 2.08 2.08 .22 3.65 Atlanta Nov. 14,1931 August 2 -2fc 1X-1H 2.00 2.00 .14 3.57 Chicago May 27.1933 September 2 -2M 1X-1H 2.00 2.00 3.54 St. Louis June 8,1933 October 1.35 1.35 3.54 Minneapolis.. 3H Sept. 12.1930 November H 1.00 1.00 3.55 Kansas City— 3H Oct. 23.1931 December 1.00 1.00 4.04 3.48 Dallas 3M Jan. 28.1932 1933 San Francisco 3 June 2,1933 January 1.00 1.00 .07 3.39 February X-i H-iX 1.00 1.00 .01 3.47 Back figures.—See Annual Report for 1931 (table 36). March 3.27 3.32 «1.34 3.58 April.. 2 -3 l - 1.29 1.37 .45 3.55 The following special rates were also in effect at the May 2 -2 H l -IX 1.00 1.00 .29 3.47 Federal Reserve banks on August 5, 1933: June 1.00 1.00 <.O7 3.40 Percent July 1.00 1.00 .19 3.38 Advances to member banks under sec. 10 (b) of the Federal Reserve act, as amended by sec. 402 of the act of Mar. 9, 1933: Week ending- At the Boston, New York, Philadelphia, Cleveland, Atlanta, July 1 VT-% 1.00 1.00 .06 3.39 At C t h h i e c a R g i o c , h a m nd o n S d a , n S F t r . a L nc o i u s i c s o , F M e i d n e n r e a a l p re o s l e is r , v e K b a a n n s k a s s City, and 4H» July 8 X 1.00 1.00 .09 3.37 Dallas Federal reserve banks.- 5 July 15 l -IX 1.00 1.00 .25 3.38 Advances to nonmember banks and trust companies under sec. July 22 VA-VA 1.00 1.00 .25 3.39 404 of the act of Mar. 9, 1933, as amended by the act of Mar. 24, July 29 VA IX-1H 1.00 1.00 .13 3.39 1933: At the Boston, New York, Philadelphia, Cleveland, Atlanta, Chicago, and San Francisco Federal reserve banks. 4^ 1 Stock exchange call loans; new and renewal rates. At the Richmond, St. Louis, Minneapolis, Kansas City, and 2 Stock exchange 90-day time loans. Dallas Federal reserve banks ..- 5 3 3 issues—3%, 3%, 4 percent; yields calculated on basis of last redemp- Discounts for individuals, partnerships, and corporations under tion dates—1947, 1956, and 1954. the third paragraph of sec. 13 of the Federal Reserve act, as 4 Change of issues on which yield is computed. amended by sec. 210 of the act of July 21, 1932 6 Advances to individuals, partnerships, and corporations secured Back figures—See Annual Report for 1931 (tables 39 and 40), 1930 by direct obligations of the United States under the last para- (tables 36 and 37), 1929 (tables 35 and 36), etc. graph of sec. 13 of the Federal Reserve act, as amended by sec. 403 of the act of Mar. 9, 1933 4^ RATES CHARGED CUSTOMERS BY BANKS IN BUYING RATES ON ACCEPTANCES PRINCIPAL CITIES [Buying rates at the Federal Reserve Bank of New York] [Weighted averages of prevailing rates] Maturity e R f A f a e u c t g e t . i o 1 n n Da l t i e s h e e s d tab- Pre ra v t i e ous Month New York City a 8 n d o th ea er s 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 1931 1932 1933 1931 1932 1933 1931 1932 1933 1-15 days... 1 June 29,1933 16-30 days.. 1 do January 4.24 4.71 4.12 4.61 5.07 4.89 5.50 5.61 5.60 February 4.31 4.71 4.11 4.63 5.13 4.84 5.43 5.61 5.56 31-45 days.. 1 do_ March 4.20 4.72 4.88 4.62 5.14 5.39 5.40 5.64 5.66 46-60 days.- 1 do April 4.17 4.69 4.33 4.57 5.10 5.09 5.36 5.63 5.68 61-90 days.. 1 .....do J M u a n y e -. 4 4 . . 1 1 1 3 4 4 . . 5 6 5 1 4 4 . . 1 2 0 4 4 4. . 4 5 9 5 5 5 . .1 1 4 3 4 4 .9 9 7 9 5 5 .3 2 4 6 5 5 .6 6 2 4 5 5 .6 6 2 6 91-120 days. 1 do July 4.05 4.42 3.93 4.48 5.05 4.82 5.30 5.63 5.54 121-180 days 1H do 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 NOTE.—Rates on prime bankers' acceptances. Higher rates may be November 4.67 4.12 4.87 4.88 5.53 5.55 charged for other classes of bills. December 4 64 4 22 4 91 4 88 5.56 5.60 Back figures.—See Annual Reports for 1931 (table 37) and 1928 (table 35). Back figures.—See Annual Report for 1931 (table 42). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 FEDERAL RESERVE BULLETIN AUGUST 1933 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT [In millions of dollars] Noninterest-bear- Interest-bearing ing Total End of month (gross debt) Total Bonds Notes C c e a r t t e if s i- Bills s M ec a u tu ri r ti e e d s Other 1932 January 17,816 17,515 14,307 795 1,839 575 41 259 February --- 18,126 17,820 14,307 795 2,200 518 40 265 March 18,507 18,190 14,307 796 2,568 520 47 270 April...— 18,597 18,287 14,307 796 2,562 622 40 269 May . 19,037 18,729 14,277 1,041 2,792 619 40 268 June 19,487 19,161 14,250 1,465 2,831 616 60 266 July —- 19, 612 19,297 14, 257 1,487 2,907 647 50 264 August 20,067 19,758 14, 257 2,197 2,656 648 47 262 September 20,611 20,296 14, 257 3,031 2,385 623 55 260 October 20,813 20,485 14,257 3,539 2,044 645 55 273 November 20,807 20,476 14, 257 3,539 2,038 643 52 279 December 20,805 20,448 14, 223 3,299 2,284 642 64 293 1933 January 20,802 20,454 14,230 3,298 2,285 641 55 293 February 20,935 20,584 14,230 3,576 2,138 641 59 291 March 21,362 20,992 14,230 3,575 2,369 817 82 289 April 21,441 21,087 14,230 3,575 2,363 918 68 286 May 21,853 21,469 14,223 4,148 2,119 979 71 314 June 22, 539 22,158 14,223 4,780 2,200 954 66 315 July 22,610 22,240 14,239 4,800 2,246 954 55 316 SUMMARY OF TREASURY OPERATIONS [In millions of dollars] Expenditures Increase or <lecrease (—) during tbe month Excess of receipts or Month Receipts 1 expendi- Total General2 Emergency tures (-) fu G n e d n e b r a a l l - Gross debt ance 1932 January 108 233 -125 -134 -10 February 97 371 —274 36 310 March 276 385 -110 272 381 April 99 544 -445 -355 90 May 92 441 -349 91 440 June 244 661 —417 33 450 July 101 498 -397 -272 125 August 111 373 -262 194 455 September 260 281 -21 523 544 October 148 456 -308 -107 201 November 125 283 -158 -165 -6 December 352 386 —34 -35 —1 1933 January 134 358 -224 -227 —3 February 121 360 -239 -106 133 March 283 439 — 156 271 428 April 131 461 —330 —252 79 May 167 455 -288 124 412 June __.^ 306 493 -187 498 685 July 179 278 3 203 3 75 -99 -28 71 1 Total, including trust fund receipts. 2 Including trust fund expenditures and excluding public debt retirement. 3 Classification not available for earlier months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 483 BOND PRICES STOCK PRICES [Averages] Preferred Common stocks (index, 1926=100) Other bonds 1 stocks Month or date (indus- U S n ta i t t e e s d Corpo- Corporate tri g a r l a h d i e g ) h- Total In tr d ia u l s- R ro a a i d l- Utility Month or date Govern- rate and ment municbonds g (h r i a p ig d a h e l ) - Total In tr d ia u l s- R ro a a i d l- Utility Number of issues 20 421 351 33 37 1932—July 85.3 36 36 16 55 August 98.6 53 52 29 84 Number of issues 2 11 3 60 60 20 20 20 September 101.8 58 56 35 91 October 99.8 50 48 28 81 1932—July 100.3 75.1 62.1 56.5 54.8 75.1 November 97.4 48 45 26 78 August 101.3 84.3 72.4 66.4 68.2 82.7 December 95.4 47 45 26 80 September 101.7 87.0 74.6 67.9 71.1 84.9 October 101.8 85.2 70.8 63.9 66.1 82:7 1933—January 97.8 49 46 28 82 November 101.7 83.1 69.2 63.0 63.0 81.7 February.. .. 95.7 45 43 27 73 December 102.3 82.2 67.7 62.4 59.6 81.1 March 93.1 43 42 26 67 April 95.7 48 49 26 64 1933—January 103.3 84.1 70.7 64.9 63.4 83.9 May 103.3 63 65 38 79 February 102.4 82.5 68.5 62.1 62.9 80.7 June 109.7 75 77 44 97 March 101.0 76.8 66.0 60.7 60.6 76.8 July 112.5 80 84 53 98 April 101.3 75.4 64.8 61.0 58.9 74.7 May 102.4 82.0 72.4 68.2 69.4 79.5 July5 111.4 82 85 54 99 June 103.2 86.8 77.7 72.8 76.1 84.2 July 12 113.0 83 87 55 101 July 103.2 89.6 81.5 75.6 82.2 86.8 July 19 113.4 82 85 54 99 July 26 112. 3 75 77 48 91 July 5 - 103.4 88.4 80.0 74.2 80.0 85.9 July 12 103.3 89.3 81.6 75.4 82.5 87.0 July 19 103.2 90.7 83.5 77.1 84.9 88.5 Source—Standard Statistics Co. July 26 103.2 89.9 81.6 75.9 82.2 86.8 CAPITAL ISSUES 1 Price averages computed from yields. 2 3 Liberty bonds and 8 Treasury bonds. 3 45 corporate and 15 municipal. [Long-term; i.e., 1 year or more. In millions of dollars] Source.—For United States Government bonds, Federal Reserve Bank of New York; for other bonds, Standard Statistics Co. New issues Re- BOND YIELDS1 Domestic fu in n g d- Total issues Month or date T U u re . r S a y . s- M g ( i h r p u a i a g d n l h e i * c ) - - Aaa Corpo A ra a te, by r A atings 3 Baa 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 li - S n m a p t i n a a c u d l t i - e -. B n a o C o n t n o d e d s rp s o S r t a o t c e ks e F i o g r n - m e a ( f i e d o g n s o r n d - t - ) ic Number of issues 3 15 30 30 30 30 1 1 9 9 2 2 6 5 - 6 6 , , 3 2 1 0 4 1 5 5, , 1 1 8 2 9 5 1 1, , 3 3 4 5 4 2 2 2 , , 6 4 6 5 7 2 1 1, , 0 1 8 5 7 3 1 1 , , 0 1 7 2 6 5 1,0 9 4 2 6 5 1932— J M M A F u J e p a n a a b r n y r e i r c u l u h a a r r y y . _ 4 3 3 4 3 3 . . . . . . 7 2 7 9 7 1 4 7 8 2 7 1 4 4 4 4 4 5 . . . . . . 9 7 7 0 7 8 2 9 7 3 3 1 5 4 5 5 5 5 . . . . . . 3 1 2 2 9 4 6 7 3 0 8 1 6 6 5 6 6 6 . . . . . . 8 0 1 3 1 6 5 7 0 8 3 0 7 8 8 7 6 7 . . . . . . 0 4 5 0 8 4 6 0 0 6 0 8 1 1 1 9 8 8 1 0 1 . . . . . . 1 8 8 4 6 5 4 7 3 6 3 2 1 1 1 1 1 1 9 9 9 9 9 9 2 2 2 3 3 3 7 9 8 0 1 2 - - 1 8 7 6 3 1 0 , , , , , , 0 5 9 0 1 0 4 5 6 9 0 9 0 6 5 9 9 1 6 6 9 6 2 1 , , , , , , 2 1 4 7 0 8 1 5 2 8 0 6 9 7 0 9 4 0 1 1 1 1 1 , , , , , 3 4 4 4 2 7 7 7 1 3 3 5 9 5 8 4 5 5 3 2 2 2 1 , , , , , 1 0 3 9 2 3 8 7 8 4 8 0 3 8 5 0 0 5 2 1 5 1 , , , , 9 4 5 9 3 6 7 0 2 1 2 1 4 3 4 1 0 1 1 , , 3 2 9 6 2 3 5 0 2 7 7 1 5 9 1 8 2 1 1 , , , 8 2 4 9 7 5 5 2 2 4 8 1 8 2 0 9 3 1 July 3.65 4.78 5.26 6.51 8.19 10.79 1932—July 106 104 25 62 1 2 57 August. 3.57 4.50 4.91 5.83 6.84 8.22 August 63 60 34 25 2 3 108 September 3.54 4.39 4.70 5.54 6.45 7.61 September- 75 73 63 6 0 2 76 October 3.54 4.37 4.64 5.51 6.44 7.87 October 94 94 36 47 2 0 43 November 3.55 4.38 4.63 5.57 6.53 8.24 November.. 44 43 28 9 2 1 32 December 3.48 4.37 4.59 5.60 6.61 8.42 December.. 124 124 99 6 4 0 35 1933— J J M A F M u J u e p a a n l a b n y r r y e i r u c l u a h a ry ry 3 3 3 3 3 3 3 . . . . . . . 3 4 4 4 5 3 5 9 7 7 0 8 8 5 4 4 4 4 4 5 5 . . . . . . . 2 2 2 8 5 0 7 8 7 3 8 9 5 1 4 4 4 4 4 4 4 . . . . . . . 4 3 4 4 6 6 7 4 6 8 6 8 3 8 4 5 5 5 5 5 5 . . . . . . . 3 0 3 4 8 6 8 0 9 5 0 3 1 1 6 6 6 6 5 5 6 . . . . . . . 1 6 8 3 2 5 8 6 4 8 0 9 8 5 8 8 8 9 7 7 6 . . . . . . . 3 0 9 7 1 0 6 6 1 1 4 2 7 2 1933— J M A J F M J u u e a p a a n l b n y r r y e i r u c l u a h a ry ry—. 1 1 6 1 1 2 2 4 1 5 7 0 0 5 4 6 1 1 6 2 2 4 1 1 1 5 0 5 4 7 0 6 2 9 3 1 4 1 8 8 3 7 0 8 3 1 1 0 0 3 9 6 1 1 53 0 3 3 9 3 1 0 0 0 0 0 0 0 1 4 3 2 6 4 1 5 7 0 0 5 2 3 July 5 3.37 4.62 4.40 4.93 5.75 6.71 * Includes issues of Federal land banks and Federal intermediate credit July 12 3.37 4.60 4.37 4.86 5.61 6.62 banks, not shown separately. July 19 3.39 4.58 4.34 4.75 5.47 6.44 July 26 3.39 4.58 4.34 4.77 5.50 6.64 Sources.—For domestic issues: Commercial and Financial Chronicle; for foreign issues (issues publicly offered) annual totals are as finally reported by Department of Commerce, while monthly figures are as i Monthly data are averages of daily or weekly figures. compiled currently and are subject to revision. 3 Standard Statistics Co. Back figures.—See (for figures of new issues—annual and quarterly 3 Moody's Investors' Service. basis) Annual Report for 1931 (table 128). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 FEDERAL RESERVE BULLETIN AUGUST 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) 2 Fac- Factory em- tory Freight-car ployment 3 pay loadings** Com- Year and Total i Manufactures1 Minerals l Total Residential All other rolls 3 modmonth ity trices5 Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justedjusted justed justed justed 1919 83 84 77 63 44 79 107 98 84 139 1920 87 87 89 63 30 90 108 118 91 154 1921 67 67 70 56 44 65 82 77 79 98 1922 85 86 74 79 68 88 90 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 96 96 97 98 1925 104 105 99 122 124 120 100 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928 111 112 106 135 126 142 97 102 103 97 1929 119 119 115 117 87 142 101 108 106 95 1930 96 95 99 92 50 125 88 87 92 86 1931 81 80 84 63 37 84 74 66 75 73 1932 64 63 71 28 13 40 62 45 56 65 1929 October.. 121 118 119 119 127 116 104 107 67 67 135 139 103 101 111 118 104 95 November 108 110 107 110 114 110 94 103 66 67 116 132 99 99 103 102 102 94 December 96 103 93 101 110 116 84 102 53 61 109 136 95 97 99 89 102 93 1930 January-. 103 106 102 105 108 110 78 95 46 56 104 128 93 96 94 89 100 93 February. 109 107 110 107 104 108 89 104 44 49 126 148 93 94 98 91 99 91 March 106 104 109 104 91 98 102 102 54 52 141 144 93 93 98 90 96 90 April 107 104 110 104 94 104 113 101 62 53 156 140 93 92 97 93 97 90 May 105 102 106 101 102 104 125 105 61 52 178 148 91 91 94 97 96 89 June 99 98 98 97 103 102 116 99 54 49 166 140 89 90 91 95 93 87 July 91 93 89 92 100 100 107 95 48 47 155 135 86 87 83 95 92 84 August... 90 90 88 89 101 96 85 81 48 49 115 106 85 84 82 96 89 84 September 92 90 90 89 101 94 82 81 52 52 108 105 86 83 83 99 87 84 October _. 90 88 87 86 105 95 75 78 51 52 94 99 84 82 81 97 86 83 November 84 86 82 85 96 92 68 76 46 48 86 99 81 81 75 86 84 81 December 77 84 74 82 89 93 59 73 37 43 77 98 79 80 74 74 84 80 1931 January. _ 82 84 .81 83 87 89 58 71 37 44 75 93 76 78 68 74 82 78 February. 87 86 88 86 84 87 68 79 42 47 89 104 77 78 73 74 80 77 March 90 87 91 87 82 89 77 77 50 47 98 100 78 78 75 75 80 76 April 90 88 91 87 83 91 82 73 52 44 107 96 78 78 74 77 80 75 May 89 87 90 87 84 87 78 65 47 40 104 85 77 78 72 79 79 73 June 83 83 83 82 86 87 74 63 41 37 101 84 75 76 68 77 77 72 July 80 82 79 82 86 86 68 61 36 35 94 82 74 75 64 78 76 72 August- -. 78 78 77 78 82 79 63 59 32 33 87 81 74 74 64 76 72 72 September 77 76 76 75 83 78 59 59 32 32 81 80 75 73 62 78 69 71 October-- 75 73 72 71 90 83 52 55 29 30 71 76 71 70 59 78 69 70 November 72 73 70 71 84 81 43 49 26 27 57 67 69 69 56 70 68 70 December 68 74 66 73 79 84 30 38 20 23 39 50 68 69 56 61 69 69 1932 January.. 71 72 70 71 74 77 25 31 16 19 33 41 66 68 52 58 64 67 February. 71 69 70 68 75 78 23 27 15 17 30 35 67 68 54 59 62 66 March 68 67 66 64 77 84 26 26 16 15 35 36 66 66 52 58 61 66 April 64 63 63 61 72 79 31 27 16 14 43 38 64 64 49 57 59 66 May 61 60 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 September 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 November 65 65 63 63 78 75 24 27 10 10 35 41 61 61 42 58 57 64 December 60 66 58 64 72 76 22 28 8 9 33 43 60 61 41 52 58 63 1933 January. _ 64 65 63 64 71 73 18 22 7 8 27 33 58 59 39 51 56 61 February. 64 63 63 61 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 April 67 66 68 66 65 72 16 14 11 10 19 17 58 58 39 51 53 60 May 79 77 79 77 76 78 19 16 13 11 24 20 60 61 42 56 56 63 June "90 »90 »91 .91 82 84 21 18 14 13 27 23 64 65 46 60 60 65 Preliminary. p Revised. ' Average per working day. * For indexes of groups and separate industries see p. 525; for description see BULLETIN for February and March 1927; for back figures see BULLE- TIN for March 1932, p. 194. 2 3-month moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358. 3 For indexes of groups and separate industries see p. 526; for description and back figures see BULLETIN for November 1929 and November 1930 * For indexes of groups see p. 485; for back figures see BULLETIN for February 1931, p. 108. 6 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities are given on p. 527. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 485 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] • Merchandise exports Merchandise imports Excess of exports Month 1929 1930 1931 1932 1933 1929 1930 1931 1932 1933 1929 1930 1931 1932 1933 January . 488 411 250 150 121 369 311 183 136 96 119 100 66 15 25 February 442 349 224 154 102 369 282 175 131 84 72 67 49 23 18 March 490 370 236 155 108 384 300 210 131 95 106 69 26 24 13 April 425 332 215 135 105 411 308 186 127 88 15 24 29 9 17 May 385 320 204 132 114 400 285 180 112 107 -15 35 24 20 7 June 393 295 187 114 *120 353 250 173 110 P122 40 44 14 4 v 2 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 September 437 312 180 132 351 226 170 98 86 86 10 34 October 529 327 205 153 391 247 169 105 137 80 36 48 November 442 289 194 139 338 204 149 104 104 85 44 34 December 427 275 184 132 310 209 154 97 117 66 30 35 Year 5,241 3,843 2,424 1,611 4,399 3,061 2,091 1,323 842 782 334 288 p Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average=100] [Index numbers; 1923-25 average=100] Index of sales 1 Index o m f s o to n c th k ) s (end of 1933 Feb. Mar. Apr. May June Month Adjusted Without Adjusted Without for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Adjusted for seasonal variation 1932 1933 1932 1933 1932 1933 1932 1933 Total... 54 50 53 56 60 Coal 65 55 53 52 63 Coke 45 35 29 33 44 January _ 78 60 64 49 75 58 66 52 Grain and grain prod February 78 60 64 49 73 57 69 54 ucts 58 69 99 99 95 March. _ __ 72 57 69 50 70 54 73 55 Livestock 49 45 53 54 54 Forest products 19 20 22 28 34 April 79 67 74 68 69 53 72 55 Ore 20 23 17 14 18 J M un ay e 7 6 2 9 6 6 7 8 7 6 2 6 6 6 4 7 6 6 8 7 5 5 5 7 6 6 5 9 5 5 6 6 M M i e s r c c e h l a la n n d e i o se u s l 5 6 1 6 4 6 7 2 5 6 2 3 5 6 7 6 6 6 7 1 July 65 46 P48 64 59 Without seasonal adjustment August 65 49 61 59 September 68 71 60 63 Total _ 51 48 51 56 60 October 69 75 61 67 Coal 71 51 44 47 54 November 63 73 61 69 Coke 52 35 27 33 44 December 60 106 60 56 Grain and grain prod ucts 56 58 76 81 83 Year 69 66 Livestock 46 39 50 51 46 Forest products. _ 19 21 24 30 Ore 5 5 8 21 v Preliminary. Miscellaneous 44 45 54 60 64 Merchandise i 64 63 65 68 67 1 Based throughout on figures of daily average sales—with allowance for changes from month to month in number of Saturdays and for 6 national holidays: New Year's Day, Memorial Day, Independence Day, 1 In less-than-carload lots. Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea- Based on daily average loadings. Source of basic data: American sonal variation makes allowance in March and April for the effects upon Railway Association. sales of changes in the date of Easter. Back figures.—See BULLETIN for November 1930, p. 686. Back figures—See BULLETIN for February 1931, pp. 108-110. 3862—33 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 FEDERAL RESERVE BULLETIN AUGUST 1933 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars at par] Europe Total End of month (50 coun- United Canada tries) States i 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—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 6,897 364 676 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 6,884 366 692 3,176 183 March 11,939 3,916 6,992 371 836 3,152 176 April 11,975 3,977 371 905 3,170 May p 11,917 3,991 371 907 3,173 June v 11,853 3,997 *6,823 372 922 3,185 45 July v 4,000 374 925 3,213 58 Europe—Continued End of month 6 other 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- Sweden Sw la i n tz d er-U.S.S.R. Y sla u v g i o a - c t o ri u e n s - 1932—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 2 368 28 October 306 416 436 509 2 368 28 November- 306 415 436 493 2 368 28 December.. 307 415 436 477 29 1933—January 413 436 477 29 February... 325 410 436 31 March 331 381 436 2 368 31 April.. 343 374 436 460 31 May 352 336 436 397 2 368 34 June 356 309 436 361 2 368 July 311 351 Latin America Asia and Oceania Africa End of month T c tr o o ( i 1 u t e a 0 s n l ) - g t A e i r n n - - a Chile l C o b m i o a - - M ic e o x- Peru g U u r a u y - c o t o r th i 4 u e e n s r - T c tr o o ( i u t e 7 a s n l ) - A t l r i u a a s - - IndiaJapan Java N l Z a e e n a w d - Siam T k u ey r- T c tr o o ( i u e 4 t n s a ) l - EgyptA So fr u ic th a c o t o r t i h u e e n s r - 1932—June 347 249 11 536 162 214 82 10 July 348 249 11 524 162 214 78 10 August 348 249 11 523 162 214 78 10 September. . 346 249 11 523 162 214 75 10 October 342 249 11 524 162 214 78 10 November,. 342 249 11 523 162 213 77 10 December. __ 345 249 11 520 162 212 78 10 1933—January 347 249 11 521 162 212 81 10 February 348 249 11 524 162 212 93 10 March 352 249 11 503 162 212 96 10 April... 355 249 11 483 162 212 95 10 May *362 249 Ml *483 162 212 P107 June. 249 P482 162 212 v 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. 2 The August 1932 figure is carried forward for subsequent months, as no statement has been issued by the State Bank of the U.S.S.R. since that time. 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

AUGUST 1933 FEDERAL RESERVE BULLETIN 487 GOLD PRODUCTION [In thousands of dollars at par] Production reported monthly Esti- Year and month m w a o t r e ld d Africa North and South America Far East pr t o io d n uc- Total A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o l n g g ia o n Canada United 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 43,454 47,123 13,813 3,281 9,553 6,785 1931—August. 38,767 18,859 918 462 254 4,738 4,127 1,228 353 1,229 516 September 38,744 33,315 18,981 905 486 291 5,026 4,127 1,074 256 916 562 October. 39,846 34,417 19,525 936 473 317 4,955 4,127 1,041 452 1,240 673 November 38,748 33,319 18,673 941 478 292 4,927 4,127 914 389 1,321 590 December 38,811 33,382 18,809 1,041 498 299 4,995 4,127 877 312 1,181 579 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 39, 236 33,464 19,587 921 295 4,834 1 3,597 1,106 450 1,032 534 February. 38,187 32, 415 18,935 956 453 286 4,670 1 3, 535 386 1,063 657 525 March 39,895 34,123 19,877 996 484 304 5,285 13,494 404 1,131 741 545 April _ 39, 433 33,662 19, 593 976 466 281 5,093 1 3,390 1,057 380 1,164 671 590 May _ 41,091 35,319 19,970 977 481 298 5,551 i 4,114 1,026 447 1,234 653 567 June 41,187 35,415 19,871 1,011 482 309 5,592 1 4, 362 960 405 1,172 647 603 July 41, 572 35,800 20,268 981 546 319 5,176 1 4, 610 924 455 1,244 692 585 August— _. 42,734 20,475 1,019 510 330 1,138 524 1,221 696 588 September 42,138 36, 366 19,888 1,041 509 304 5,406 1 5,085 1,122 456 1,292 702 559 October 42, 351 36, 579 20,157 1,044 615 314 5,240 1 5,271 1,091 455 1,216 727 547 November 42,091 v 36, 319 20,190 997 526 307 5,220 i 4,858 11,158 415 1,376 715 556 December 41,645 v 35,878 20,118 1,080 539 294 5,514 1 4, 651 1661 353 1,418 581 Total (12 mos.) *>491, 565P422, 303 238,931 12,000 5,992 3,642 63, 061 2 51,948 12,054 5,132 14, 563 8,198 6,782 1933—January v 40,995 v 35,223 20,152 1,008 532 280 4,826 i 4, 341 i 1,199 513 1,130 666 576 February.- v 37,371 J-31,599 18,176 989 533 263 4,718 i 3,039 1 1,096 344 v 1,179 654 March.__ * 42,049 v36, 278 19, 658 * 1,032 524 302 5,378 i 5, 209 i 1,054 487 v 1,260 747 April * 39,300 v 33,528 18,430 P 1,107 529 281 4,900 i 3,907 i 910 644 i 1, 509 726 586 May v 40, 350 * 34, 578 * 19, 527p 1,103 522 4,913 i 3,824 i 992 576 i 1, 550 734 556 June 39,159 p 33, 387 18,990 1 1,116 1579 1 4,961 i 2,935 i 1,034 *>576 i 1,633 1744 1537 v Preliminary. 1 Figure reported by American Bureau of Metal Statistics. 2 This aggregate for 1932 of monthly estimates by the American Bureau of Metal Statistics in New York City differs somewhat from the official estimate for the year made by the Bureau of the Mint in cooperation with the Bureau of Mines. The official estimate is $50,626,000. NOTE.—For comparable monthly figures back to January 1929 and for explanation of the table see FEDERAL RESERVE BULLETIN for April 1933, p. 233. For annual figures of world production of gold back to 1873 see annual report of Director of the Mint for 1932, p. 151. GOLD MOVEMENTS [In thousands of dollars] United States Net imports from— Month Total n p et o r i t m s - E la n n g d - France m G a e n r y - g B i e u l m - N l e a t n h 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—March -24,671 -23 -37,532 2 -6, 341 -6 7,216 2,997 2,683 3 70 2,948 3,313 April -30, 239 -1,922 -24, 527 -3,286 -669 -18, 707 -115 7,267 3,329 7 2,402 2,013 3,967 May -195,514 -7,047 -63,216 -9, 710-19,930 -58,473 -53,554 4,699 1,510 175 3,791 2,441 3,800 June -206,047 -1,910 -111,411 -116 -26, 250-23,168 —62,603 5,424 816 4,866 5,172 3,133 July -3,437 1,405 -21, 513 -225 4,573 1,284 13 240 3,524 4,197 3,064 August.. 6,103 6,093 -17,950 1,021 -8 5,257 2,273 45 467 4,783 4,122 September 27,897 5,868 50 320 5,543 219 3,904 2,843 52 2,855 4,205 2,039 October _ 20,613 1,251 72 2,381 25 506 1,345 42 28 6,068 3,600 3,362 1,933 November 21, 740 1,376 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 (12mos.).-446, 213 53, 585-441, 649 -13,356 -82, 571-96,586 -118,27364, 574 20,087 12,991 3,240 26, 597 39,043 49, 719 36,383 1933—January 128,465 50,248 29, 490 1,067 15,123 5,274 634 52 15,193 5,612 3,729 2,042 February i 17, 776 i 3,310 -3,709 -1, 546 -600 802 -1,614 4,206 552 -15 35 9,446 3,700 3,208 March i -22,0811-8,935 -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 2 1 83 -5,729 June.. . -3,244 -2,845 -72 -1, 445 154 141 1 10 812 July p _. -84, 556 —79, 562 -4,994 » 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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488 FEDERAL RESERVE BULLETIN AUGUST 1933 GOLD MOVEMENTS—Continued [In thousands of dollars at par] Great Britain Net imports from— Month Total South n p et o r i t m s - U S n ta i t t e e s d France m G a e n r y - g B iu e m l- N l e a t n h d e s r- Sw la i n tz d er- A S m o e u r t i h ca B I r n i d ti i s a h S S m t e e r t a n tl i t e t s s - Au l s i t a ra- A d W R f e r h s e i o i c s a - a t , , c o t o A r th i u e l e n l s i - Africa 1931—Total (12 mos.)—-143,729 -13,401 -319,989 33,754 -37,060 -124,101 -60,836 29,446 63,080 11,280 33,260 236,921 3,904 1932—February -6,182 2,256 -52,712 -58 -756 -7,537 -3,723 2,226 30,661 781 371 20,884 1,426 March -2,691 -119 -40,858 3 -53 -3,480 -7,382 1,002 24,340 602 1,750 20,616 887 April 26,148 1,207 -17,795 71 -53 -1,955 -16 17,393 899 1,083 24,893 420 May 16,973 7,541 -10,843 -18 -2,571 -11,310 -214 406 11,565 803 915 18,965 1,734 June 35,019 15,897 -9,035 14 -2,767 -9,394 -1,081 12,812 772 794 26,246 760 July 22,675 -1,671 -11,361 4 -4,778 -7,812 -753 500 14,204 2,122 9,661 19,351 3,207 August 1,296 -4,259 -20,269 45 -4,015 -10,438 -75 300 14,279 829 175 19,712 5,010 September.... 5,204 -6,887 -27,521 5 -85 -2,571 -214 187 13,009 584 1,505 25,866 1,326 October 5,814 -284 -24,895 -20 -104 -120 189 11,973 943 870 18,378 1,853 November 13,857 -1,634 -13,519 370 -476 -4,188 -88 527 10,488 710 830 20,006 831 December _ -29,582 -58,561 -3,277 -29 -1,104 -6,138 -108 181 13,684 854 23,326 602 Total (12 mos). 81,211 -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 -17,471 -8 9,495 587 793 16, 530 -2,120 February- 18, 400 -6,559 -4,623 27 -7,816 -79 374 7,175 554 794 27,815 1,245 March 77,198 11,821 3,406 5,003 -5,225 -588 296 9,178 461 22,659 28,923 2.556 April 64,767 -6 -1,519 18,092 128 -893 198 10,278 1,001 20,316 19,343 -2,082 May 97,386 2,761 32,486 1,850 17,365 -463 140 14,948 624 1,789 19,476 » 5, 754 June 77, 671 15,923 -7,421 15, 254 6,477 -479 401 11, 281 1,359 1,717 17,954 15,198 July v 112,647 6,173 23, 253 632 1,473 17,434 10, 581 431 13, 555 1,015 2,761 26,361 8,976 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.) 728,176 328,130 312,561100,050 18,775 -81,207 »49,867-247,950 -30,160-35,221-102,019-55,142-63,866 58,932-14, 475 ======== 1932—March 147,604 71,279 49,028 13,889 12,661 17 830 -13.647 -2 170 -2,776 5,152 33 April.... 60,340 38,080 23,888 -15 2,019 428 -4,061 -8 319 -14 -16,224 -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 8,552 -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 2,584 43 6,275 -52 December.. 25,494-10,634 34,479 2 -3,138 4,306 483 -3,293 24 -3,331 -78 Total (12 mos.) 828,072 468,052 309,984 37,889 37,547-17,668 -7,732 -27,282 -250 -38,170-24,455 -7,91546,656«-3,515 1933—January -37,428 -35,361 2,900 200 -3,814 -1,126 -226 4,424 6 4 -1,976 107'6,293 -11 February... -1,605 -144 2,559 678 2,805 -7,127 -376 -13,076 22 -5,' -10,429 93 3,336 -118 March 15,931 9,287 1,005 1,266 27,778-23,356 -50 -13,163 -4,945 -7,365 -4,925 46 3,956 70 April 47,825 18,583 2,283 22,520 670 -6,377 10,146 -68,750 1-17,822 -51,893 -4, 541 75 5,411 19 May 95,956 7,680 -5,819 1,277 39, 785 37,113 15,918 -9,938 46 -292 -6,435 -10,1021 -61 7,023 -119 June p 49,360 5 -18,537 22,903 7,976 30,797 6,216 -36,432 1,453-13, 675 -22,658 -5,392 34 3,833 -26 i $10,425 imported by England from Canada. »$21,292,000 exported by France to Belgium. 1 $29,233,000 imported by France from Spain in July. v Preliminary figures. c Corrected. NOTE—Germany— The annual aggregates of the official monthly figures for net gold imports in 1932 differ somewhat from the revised ofllcial totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Atrarar 1933 FEDEKAL KESERVE BULLETIN 489 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 (12 mos.)- 198,619 19,413 117,591 -21,024 56,059 -1,428 -365 4,553 4,548 ===== = 1932—March -1,886 6,342 3,870 -11,028 34 -821 -511 -171 476 -77 April 7,737 2,799 867 -771 8,445 -1,791 -2, 325 366 147 May 58,256 55,317 5,470 -3, 258 7,429 -713 -3,415 -3, 466 785 107 June 54,107 47,324 8,397 -1,786 9,763 -760 -3,385 -5,849 379 24 July 4,983 5,565 -276 5,376 -5,242 -482 -847 941 -52 August 7,204 8,715 -334 -1,280 -26 -281 -579 3,212 -2,222 September . -13, 797 -6, 367 1,198 -1, 708 -3,496 1,759 -923 -402 1,994 -5,852 October -6,230 -1,916 1,252 -593 -61 -5, 729 -217 42 1,006 -14 November . -4,857 -3, 765 1,939 -886 -3,085 -1,313 -188 -537 3,030 -52 December.. 894 4, 251 52 3,745 963 -20 -1,134 2,773 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. -12,565 396 -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 June -45,503 115 -41,046 5,581 -1, 797 -353 -1, 702 108 -18 Switzerland British India Net imports from— Net imports from— Increase Increase Month Gold or de- or de- Total Total pro- crease crease net im- Neth net im- duc- (-)in (-)in ports 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 la e n r d - s o A th l e l r ports 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 io d n ia i « n go m v e e n rn t h p o r l i d v in at g e s reservesin India 3 in India 1931—Total (12 mos.)- 222, 751 36,422 41,301 19, 317 39,684 72,760 13,220 -95,875 -17,665-72,691 -5,521 33,532-122,575 1932—March 4, 82 5,733 -3,952 2,769 -18,697 -91 197 646 -7 -18,144 April 2,538 65 116 -95 -165 2,308 309 -11,812 -373 592 86 -11,306 May 46,051 41,034 116 1,718 -52 2,949 286 -8,935 12 569 -1 -8,365 June 80,872 70,247 1,734 3,554 -85 5,630 —209 -13,227 -167 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 -920 589 -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, -9,010 -652 548 -13,934 N D o ec v e e m m b b e e r r -1, 1•,•"2"•0•3 -7 5 85 -2,3 3 4 2 7 0 -1 -6 1 7 1 4 83 8 7 0 46 5 1 5 - - 1 2 6 4, , 9 6 6 6 4 2 - - 1 2 8 , , 4 0 2 0 0 2 -13,244 - - 9 67 9 6 7 5 5 5 8 7 3 — -1 2 6 4 ,1 ,3 0 8 5 0 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— J A M F M u J e p a n a a b r n r e y i r c u l u h a a r r y y . - - -2 1 4 2 0 8 2 2 4 0 , , , , , 5 0 4 4 5 0 7 4 8 0 8 2 0 1 5 1, - 3 6 1 7 5 4 7 3 - -1 4 - 6 3 ,0 1 9 0 1 8 0 6 8 7 2 7 2 1 2 3 - - - 1 1 3 2 6 0 8 1 2 6 , 7 , , , , 3 7 3 3 9 7 5 4 9 0 8 7 6 5 6 3 6 7 - - - - - - 6 6 4 7 7 2 8 2 0 7 7 2 2 3 1, , , , 1 7 4 8 9 7 7 6 0 9 6 1 8 2 4- - - - 1 1 2 3 , , 1 6 - , 9 9 , 9 7 0 2 5 3 0 8 4 3 7 8 9 7 0 6 - - - - - f 1 1 1 1 1 1 3 1 2 1 2 6 , , , , , , 0 6 7 9 7 6 1 9 2 1 8 6 6 8 2 6 8 7 - - - - -8 5 3 1 5 , , , , , 9 0 9 8 0 5 8 6 3 9 6 2 5 3 6 - - -3 1 1, - , , 1 3 4 5 2 1 5 3 7 9 6 9 0 6 7 6 5 5 5 6 5 8 2 7 1 6 6 8 6 0 -1 * - - - - - > 1 1 1 1 1 -1 1 2 2 2 1 6 , , , , , 1 0 , 1 4 3 1 1 9 7 6 4 3 2 4 7 0 0 0 i 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. * $1,777,000 was exported from India to Netherlands. «$1,640,000 was exported from India to Netherlands. » 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 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

490 FEDERAL RESERVE BULLETIN AUGUST 1933 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1933 1932 1933 1932 June May Apr. June June May Apr. June Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold 257 257 257 257 Gold reserve against Dominion notes_ 69 70 70 65 Notes issued l . 584 579 582 592 Advances to banks under finance act 52 42 39 41 Irish Currency Commission (thousands of Dominion notes: pounds sterling): Issued 184 175 172 168 Legal tender note fund: Outside chartered bank holdings- 30 30 30 29 British legal tender and bank Indian Government (millions of rupees): balances 137 44 28 36 Gold standard reserve: Con N s B o r o l i i t t d e i s s a h t i e s d s s e u c b e u a d r n i k ti e n s otes:2 7 7 , , 5 3 0 6 1 5 7 7 , , 6 6 1 5 4 8 7 7 , , 6 6 4 1 1 3 6 6 , , 9 93 7 6 2 Pape F G r o o c r l e d u i r g r n e n e c x y c h re a s n e g r e v e: _- 3 1 8 5 0 3 3 1 5 7 4 9 3 1 5 8 2 1 3 1 3 9 6 8 I D s e su em ed ed such under sec. 60 (4) of 4,669 4,665 4,642 4,492 S G i o lv ld er coin and bullion. _ 1,0 2 3 9 4 1 1,0 2 9 6 2 4 1,1 2 1 6 6 3 1,1 1 1 0 9 8 currency act, 1927 -_ 1,301 1,312 1,334 1,480 Other assets 441 400 388 482 Notes issued _ _ 1,766 1,757 1,767 1,709 1 Includes a small quantity of subsidiary coin. 2 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended June 24, May 27, Apr. 1,1933, and June 25,1932. 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 Eesources Liabilities June 30 May 31 June 30 June 30 May 31 June 30 Cash on hand and on current account with Short-term deposits: banks 6,053 6,962 17,933 Central banks for own account: Demand funds at interest 35,767 43,897 51, 637 Demand 129,207 95,528 396,346 Rediscountable bills and acceptances (at Time—Not exceeding 3 months 93,454 139, 599 '210,289 cost): Commercial bills and bankers' accept- Total _ 222,660 235,127 606, 636 ances - 232,140 238,175 453,672 Treasury bills 168,303 167,320 177,402 Central banks for account of others: Demand 11,687 10,189 30,380 Total 400,443 405,495 631,074 Other depositors: Demand... ... 3,044 6,567 6,031 Time funds at interest—Not exceeding 3 Long-term deposits: months.. — 113, 214 110,732 248,185 Annuity trust account 152,899 152, 624 153,769 Sundry bills and investments: German Government deposit 76, 449 76, 312 76,884 Maturing within 3 months: French Government guaranty fund—. 53, 792 56,918 68, 649 Treasury bills 30, 277 35,573 44,394 Sundry investments 35,658 47,777 35,937 Total— _ -. 283,140 285,853 299,301 Between 3 and 6 months: Capital paid in 125,000 125,000 125,000 T Su re n a d s r u y r y in b v i e ll s s tments 7 1 1 3 , , 2 6 3 5 9 4 5 8 9 , , 3 5 0 40 0 } 47,616 Rese L r e v g e a s l : reserve fund 2,022 2,022 1,318 Over 6 months 594 594 25,587 Dividend reserve fund. -._ 3,895 3,895 2,690 General reserve fund 7,790 7,790 5,379 Total 151,421 151,785 153, 534 Profits allocated for distribution on July 1: Other resources — 5,500 1,696 7,565 Dividend to shareholders (6 percent).. 7,335 7,335 6,447 Participation of long-term depositors per article 53 (e) of statutes... 2,411 2,411 3,191 Other liabilities 43,415 34,377 23, 556 Total resources 712,397 720, 565 1,109,928 Total liabilities 712,397 720,565 1,109,928 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 491 CENTRAL BANKS [For explanation of tables on this page, see BULLETIN for February 1931, pp. 81-83] Resources of banking department Liabilities of banking department Gold (in issue Note Bank of England d m e e p n a t r ) t 1 - Cash reserves D ad is v a c a n o n d u c n e t s s Se ti c e u s ri- ci t r i c o u n la- Deposits l O ia ti t b e h i s e li r - Coin Notes Bankers' Public Other Millions of pounds sterling: 1932—May 25 125.0 0.7 45.8 12.2 93.2 354.2 77.5 23.6 32.9 17.8 June 29 136.1 48.1 14.9 93.5 363.1 86.6 18.0 34.7 18.0 July 27 137.7 43.4 15.3 92.5 369.3 88.2 11.2 34.6 18.1 Aug. 31 138.9 .9 48.6 12.2 92.2 365.3 79.5 20.7 35.4 18.2 Sept. 28... __-. 139.4 1.0 54.6 12.1 88.0 359.8 80.6 23.4 33.4 18.2 Oct. 26 139.4 1.0 56.0 11.6 85.4 358.4 77.3 25.4 33.6 17.7 Nov. 30 139.4 1.0 55.6 11.9 87.1 358.8 90.5 10.1 37.1 17.8 Dec. 28 119.8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 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 .7 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 July 26 p.. 190.1 1.3 72.8 11.2 103.0 377.2 98.5 14.1 57.7 18.1 Resources Liabilities Deposits Bank of France Negotia- Note Other Gold e F x o ch re a i n g g n e Do b m ill e s stic Se lo c a u n ri s ty s t e i b c e l u s e r 2 i- Other ci t r i c o u n la- G m ov e e n r t n- Other lia ti b e i s li- Millions of francs: 1932—May 27. 79,470 9,001 4,160 2,700 6,881 8,684 81,418 3,432 24,128 1,917 June 24. 82,100 6,332 3,929 2,715 6,626 8,634 80, 667 2,881 24,621 2,167 July 29. 82,168 5,482 3,905 2,747 6,621 8,994 82,118 3,740 22,033 2,025 Aug. 26. 82, 239 5,389 3,467 2,761 6,621 8,878 79, 912 3,982 23,426 2,035 Sept. 30. 82,681 4,977 2,604 2,783 6,621 9,686 82,459 3,010 21,876 2,009 Oct. 28. 82,909 4,984 3,637 2,764 6,621 9,145 82,205 4,553 21,229 2,071 Nov. 25. 83,342 4,853 3,266 2,500 6,621 9,008 81, 536 2,931 22,969 2,153 Dec. 30_ 83,017 4,484 3,438 2,515 6,802 9,196 85, 028 2,311 20, 072 2,041 1933—Jan. 27.. 82,167 4,434 3,142 2,537 6,680 9,172 83,314 2,269 20,474 2,074 Feb. 24. 81,017 4,401 3,303 2,580 6,647 9,119 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 83,267 2,265 18,393 2,152 J Ju u l n y e 2 3 8 0 . v 8 81 1 , , 2 9 4 7 3 6 3 3 , , 9 9 9 7 0 6 2 3, , 4 7 6 9 1 1 2 2 , , 7 6 6 6 6 1 6 6 , , 4 4 8 6 9 2 9 (3 , ) 243 8 8 4 2 , , 7 8 0 5 8 2 2 2 , , 3 7 3 5 8 1 1 1 7 9 , , 3 2 7 6 6 7 (3 2 ) ,100 Resources Liabilities Reichsbank Reserves Foreign Tre b a il s l u s ry bi c l O h ls e t ( c h a k e n s r ) 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 ti t b e h i s e li r - Gold exchange Millions of reichmarks: 1932—May 31 863 129 2,990 257 363 1,032 3,961 431 1,262 June 30 832 130 3,100 261 364 1,038 3,984 473 2,171 July 30 766 128 3,108 224 365 975 3,967 380 1,267 Aug. 31 768 157 3,009 207 365 960 3,817 408 1,279 Sept. 30 796 133 2,991 242 362 940 3,755 451 1,298 Oct. 31 817 123 2,857 198 362 957 3,620 389 1,345 Nov. 30 827 110 2,731 207 395 959 3,531 418 1,314 Dec. 31 806 114 2,806 176 398 1,114 3,560 540 1,313 1933—Jan. 31 822 101 2,459 93 401 1,097 3,338 345 1,333 Feb. 28 769 152 2,439 279 401 1,040 3,356 402 1,343 Mar. 31 739 97 2,763 210 401 869 3,520 443 1,169 Apr. 29 411 100 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 July 31 v 245 77 3,171 165 320 738 3,492 412 820 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. From Aug. 1,1931, to Mar. 31,1933, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) was authorized by the British Treasury under section 8 of the Currency and Bank Notes Act, 1928. 2 Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement). 3 Not yet available. » Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN AUGUST 1933 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1933 1932 Central bank Central bank June May Apr. June June May Apr. June National Bank of Albania (thou- Central Bank of China—Continued. sands of Albanian francs): Deposits—Government 127, 376 72,890 Gold 7,316 5,475 5,562 Bank 42, 336 23, 382 Foreign exchange 27,852 31, 220 27, 395 Other 14, 654 6,666 Loans and discounts 2,919 2,832 3,813 Other liabilities 69, 508 38, 587 Other assets 2,564 2,673 4,819 Bank of the Republic of Colombia Note circulation 13, 627 14,020 11,395 (thousands of pesos): Demand deposits 19,145 20,106 18, 565 Gold at home and abroad 15,198 14, 783 14, 307 12, 968 Other liabilities 7,879 8,075 11, 629 Foreign exchange 2,831 3,271 3,455 3,302 Commonwealth Bank of Australia Loans to member banks 3,426 3,751 3,448 8,425 (thousands of Australian pounds) : Note circulation 26,099 25, 256 24,181 19,153 Issue department—Gold and Deposits 49, 628 19,115 20, 609 18, 799 English sterling 11,507 11, 507 11,507 10, 500 National Bank of Czechoslovakia Securities 24,316 24,852 25,889 40, 748 (millions of Czechoslovak crowns): Banking department: Gold 1,707 1,707 1,708 1,641 Coin, bullion, and cash 1,052 965 1,035 1,170 Foreign balances and currency 947 998 1,009 1,047 London balances 20,004 18, 533 19, 543 15,157 Loans and advances 2,014 1,597 1,696 1,643 Loans and discounts 15,885 16, 390 18,051 15, 371 Assets of banking office in liqui- Securities 34,900 33,990 34,746 27, 826 dation 0 0 0 0 Deposits -- 73,820 71, 367 74,766 63, 206 Note circulation 6,568 6,138 6,182 6,410 Bank notes in circulation 41,325 41,961 43,122 44,600 Deposits 509 632 733 348 Austrian National Bank (millions of Danish National Bank (millions of schillings): krone): Gold.... 150 150 150 149 Gold 133 133 133 172 Foreign exchange of the reserve.. 39 39 39 43 Foreign bills, etc 36 15 10 58 Domestic bills 275 264 279 881 Loans and discounts 80 71 72 87 Government debts 659 659 659 93 Note circulation 342 331 337 343 Note circulation 893 898 912 962 Deposits 74 44 39 Deposits. 216 193 179 149 Bank of Danzig (thousands of Dan- National Bank of Belgium (millions zig gulden): of belgas) : Gold 32, 051 31, 914 22, 934 38, 251 Gold 2,678 2,671 2,671 2,566 Foreign exchange of the reserve.. 2,306 7,483 11, 511 9,058 Domestic and foreign bills 730 741 783 894 Other foreign exchange 2,728 1,409 1,334 414 Loans to State 363 363 285 Loans and discounts 9,553 10,974 7,309 Note circulation 3,590 3,638 3,620 3,660 Note circulation 37, 342 37,083 35,924 39, 081 Deposits 324 291 338 223 Deposits 5,641 7,341 5,552 11, 219 Central Bank of Bolivia (thousands Central Bank of Ecuador (thousands of bolivianos): of sucres): Gold at home and abroad 17,392 18,604 18, 406 23,413 Gold at home and abroad 14, 275 14,775 14, 034 Foreign exchange 5,225 4,115 3,052 4,073 Foreign exchange 1,874 802 2,036 Loans and discounts .-- 46, 228 27,129 27,820 27,491 Loans and discounts 40,898 39, 444 18, 461 Note circulation 44,926 44,127 42, 648 37, 749 Note circulation 28, 311 27, 076 20, 340 Deposits 47,092 31,354 35, 417 14, 456 Deposits ._ 19,399 18, 639 9,457 Bank of Brazil (millions of milreis) : National Bank of Egypt2 (thousands Currency 573 553 375 of Egyptian pounds): Correspondents abroad 156 135 116 Gold 6,663 6,663 6,663 Loans and discounts 2,614 2,634 1,859 Foreign exchange 1,739 2,577 2,504 Note circulation 40 90 170 Loans and discounts 4,762 5,191 8,424 Deposits 2,997 2,846 2,024 British, Egyptian, and other National Bank of Bulgaria (millions G overnment securities 34, 522 34, 835 29, 712 of leva): Other assets 3,522 3,461 3,488 Gold 1,521 1,521 1,520 1,515 Note circulation 17, 795 18, 014 18,069 Net foreign exchange in reserve._ 20 1 3 32 Deposits—Government 5,605 5,888 6,572 Total foreign exchange 98 79 61 338 Other _. 19, 921 21,157 18,100 Loans and discounts 861 860 833 719 Other liabilities 7,887 7,667 8,050 Government obligations 2,873 2,873 2,873 2,965 Bank of Estonia (thousands of Note circulation 2,648 2,673 2,730 2,628 krooni): Other sight liabilities 1,599 1,527 1,380 1,650 Gold 18, 720 18, 721 17,845 11, 465 Central Bank of Chile (millions of Net foreign exchange 900 1,201 2,145 8,302 pesos) : Loans and discounts 21,272 20, 754 21, 281 22, 460 Gold at home and abroad 90 95 Note circulation 29,672 >, 247 31, 530 31, 266 Foreign exchange for account of: Deposits—Government 3,285 3,247 4,756 Bank 69 70 Bankers' 5,591 7,554 7,105 6,760 Exchange commission 4 7 8 10 Other.. 3,691 2,731 2,638 2,388 Loans and discounts 488 473 472 166 Bank of Finland (millions of mark- Securities 343 349 349 310 kaa): Note circulation. 487 511 508 453 Gold 309 309 304 304 Deposits .- 353 352 96 Balances abroad and foreign Central Bank of China 2 (thousands credits _ 762 756 772 454 of yuan): Foreign bills 329 353 337 236 Gold - 6,818 645 Domestic bills 757 749 759 769 Silver 79,311 44,663 Note circulation 1,097 1,124 1,178 1,136 Due from banks abroad— 16,188 6,556 Demand liabilities 465 392 159 Due from domestic banks ._ 22,657 29,121 Bank of Greece (millions of drach- Loans and discounts 125,353 67, 350 mas) : Securities _ 8,027 5,495 Gold and foreign exchange 2,798 2,531 2,368 1,456 Other assets _ 41,040 16,489 Loans and discounts... 2,220 1,867 1,880 1,326 Note circulation 45, 520 28, 794 Government obligations 3,368 3,368 3,368 3,314 1 Gold coin and bullion. 8 Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1922 FEDERAL RESERVE BULLETIN 493 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1932 Central bank Central bank June May Apr. June June May Apr. June Bank of Greece—Continued. Bank of Portugal (millions of escu- Note circulation __. 4,698 4,574 4,627 dos): Other sight liabilities 4,025 3,555 3,213 1, 270 Gold 707 701 683 391 Liabilities in foreign exchange.._ 156 164 173 753 Other reserves 391 385 399 516 National Bank of Hungary (millions Discounts and advances 328 . 331 326 310 of pengos): Government obligations 1,053 1,053 1,053 1,058 Gold 97 97 97 97 Note circulation 1,906 1,889 1,859 1,908 Foreign bills, etc 15 16 17 11 Other sight liabilities 632 635 647 324 Loans and discounts 486 466 468 435 National Bank of Rumania (mil- Advances to treasury 51 51 51 53 lions of lei): Other assets 26 22 19 21 Gold 9,707 9,682 9,650 9,425 Note circulation 372 347 357 389 Foreign exchange of the reserve _. 674 721 731 101 Deposits 73 65 56 72 Other foreign exchange 2 25 52 63 Miscellaneous liabilities 201 211 209 129 Loans and discounts 10,039 9,863 10, 082 13, 036 Bank of Italy (millions of lire): State debt 5,726 5,726 5,726 5,767 Gold at home 6,717 6,688 6,517 5,664 Note circulation 21,459 21, 470 21, 322 20, 895 Credits and balances abroad 358 369 584 1,420 Demand deposits 7,603 7,736 7,658 5,699 Loans and discounts 5,122 5,228 5,602 South African Reserve Bank (thou- Total note circulation 12, 841 12, 991 13, 070 13, 035 sands of South African pounds): Public deposits... 300 300 300 300 Gold 14,298 13, 257 10, 621 7,861 Other deposits 1 1,302 1,285 1,189 1,389 Foreign bills 21,145 18, 745 18, 296 15 Bank of Japan (millions of yen): Domestic bills 17 816 814 797 Gold 425 425 425 429 Note circulation 10, 753 9,503 10, 023 6,541 Advances and discounts 765 728 739 837 Deposits—Government 1,171 1,721 1,428 1,432 Government bonds 426 413 604 135 Bank 26,163 24, 294 20, 835 4, 314 Notes issued 1,179 1, 055 1,180 1,042 Other 3,766 2,905 2,026 314 Total deposits 345 418 501 456 Bank of Spain (ii.illions of pesetas) : Gold 2,259 2,259 2,259 2,255 Ban N D k L G F o o e o o o r a p t l f e e d n o i J s s g c a i n i a t v r s n c a b d u i l l ( l d a m s t i i s i o l c l n o io u n n s t s of florins): 1 1 3 4 9 0 4 6 5 7 4 1 1 3 3 9 1 0 7 7 9 1 7 2 1 3 0 5 2 0 6 3 0 1 7 2 1 3 2 5 2 0 4 0 0 3 5 Bank N D B L S i o o a e o l l v a f p t a e n e o S n r s s w c c i i e a t e r s s n c d d u a e l b n a d r t i o ( i s o m a c n d o il u li n o t n s s of kronor): 4 2 , , 8 6 2 4 6 9 5 8 8 4 5 2 8 0 5 4 2 , , 9 7 6 2 5 1 0 8 3 1 5 0 3 4 0 4 3, , 8 1 6 2 7 1 6 8 2 4 0 9 6 9 2 4 3 , , 7 2 0 5 5 0 9 7 2 3 0 5 Bank of Latvia (millions of lats): Gold 266 266 206 Gold 46 45 43 36 Foreign bills, etc 319 264 258 134 Foreign-exchange reserve 3 3 4 12 Loans and discounts 125 152 125 364 Bills 67 67 67 72 Note circulation 588 544 559 594 Loans 49 50 52 49 Deposits 325 317 230 Note circulation 32 32 32 36 Swiss National Bank (millions of Government deposits 64 62 65 71 francs): Other deposits 96 97 92 81 Gold 1,873 2,056 2,383 2,607 Bank of Lithuania (millions of litu): Foreign balances and bills 5 4 5 56 Gold 48 48 49 50 Loans and discounts 76 58 53 66 Foreign currency 11 10 12 20 Note circulation. _ 1,487 1,514 1, 557 1,574 Loans and discounts 86 87 89 98 Demand deposits 501 903 1,158 Note circulation 91 92 93 96 Central Bank of the Republic of Deposits 51 51 67 Turkey (thousands of Turkish Netherlands Bank (millions of flor- pounds): ins): Gold 22, 394 22,045 21, 769 18, 532 Gold 768 837 930 980 Foreign exchange 2,052 268 682 1,737 Foreign bills 73 73 73 69 Government securities 52,629 152,994 .53, 740 156,405 Loans and discounts 131 127 111 144 Other securities 34, 794 28, 281 28,332 27,126 Note circulation 922 952 954 981 Other assets 36,482 40, 748 31,932 17,899 Deposits 97 139 200 257 Note circulation 61,317 161, 682 .62,428 166, 752 Bank F G o o o r f l e d N ig o n r w ba a l y a n ( c m es i ll a i n o d n s b o i f l l k s roner): 15 1 1 5 1 2 5 5 1 1 2 5 9 1 15 7 0 Bank D O e th o p f e o r s t i l h t i s a e b i R lit e i p e u s blic of Uruguay 2 59 7 , , 3 3 4 4 1 6 2 5 6 6 , , 0 6 3 2 0 6 5 1 5 8 , , 5 5 0 2 1 5 47 7 , , 2 6 9 5 3 4 T D N F o o o o r t m t a e e l i e g c s d n i t e r i c c p d u o e c l p s a r i o e t t i s d s o i i n t t s s 3 2 0 7 3 2 9 1 2 2 2 9 9 2 1 2 6 8 3 2 8 0 1 2 0 3 7 3 2 8 1 7 1 2 8 8 (th N L O G o o o o t u h a l t s d e e n a r s n c a i a d r s n s c s d u e o l t f s a d t p i i s e o c s n o o u s n ): ts 1 4 8 4 0 3 1 8 0 , , , , 0 4 9 0 2 6 4 7 7 5 2 5 . 4 8 0 1 1 1 , , , 9 1 7 9 0 1 5 3 3 1 3 8 0 4 7 6 8 3 , , , , 0 5 7 6 1 7 7 1 6 4 5 5 Central Reserve Bank of Peru (thou- Deposits—Demand 28, 709 28,440 31, 714 sands of soles): Time 41,828 41,149 38, 526 Gold 38, 990 38, 456 Judicial and admin- Foreign exchange 329 istrative 3,024 3,010 3,207 Bills 15, 223 Other liabilities 37,894 37,055 36, 503 Note circulation 54, 732 48, 345 National Bank of the Kingdom of Deposits 7,641 3,115 Yugoslavia (millions of dinars): Bank of Poland (millions of zloty): Gold 1,797 1,796 1,762 1,763 Gold 473 472 491 484 Foreign exchange ..- 145 146 177 302 Foreign exchange . 80 89 67 158 Loans and discounts 2,243 2,325 2,343 2,292 Loans and discounts 670 677 625 795 Advances to State.. 2,415 2,414 2,413 2,406 Note circulation. _. 1,004 1,004 1,021 1,105 Note circulation 4,403 4,453 4,502 4,933 Other sight liabilities 152 156 172 130 Other sight liabilities 957 944 940 543 3862—33- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

494 FEDERAL RESERVE BULLETIN AUGUST 1933 COMMERCIAL BANKS 1932 1933 Country June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun< Argentina (millions of gold pesos): Bank of the Nation: Gold 1 1 1 1 1 1 1 1 1 1 1 Other cash 136 127 132 128 128 128 114 124 123 126 115 Loans and discounts 696 688 679 679 668 671 664 664 660 658 652 Deposits 712 702 690 681 659 674 665 678 672 Other banks in Buenos Aires: Gold 1 1 1 1 1 1 1 1 1 1 1 Other cash 218 218 228 243 248 250 263 258 258 260 270 Loans and discounts 775 769 761 754 747 745 740 739 739 737 735 Deposits 907 905 909 928 929 937 918 923 913 933 Canada (millions of Canadian dollars): Assets entirely in Canada: Cash in vault* 166 161 154 151 161 202 191 185 180 172 173 177 Cash in central gold reserves -. 23 25 22 23 21 19 20 19 19 22 21 19 21 Security loans 110 112 114 115 117 108 103 100 97 96 94 94 102 Other current loans 1,037 1,028 1,004 1,003 1,018 964 946 924 925 913 897 900 Security loans abroad 74 76 96 95 88 91 84 76 79 82 90 100 Securities 674 703 727 759 778 784 797 793 836 860 Liabilities entirely in Canada: Notes in circulation 126 123 117 124 120 116 115 108 112 123 124 119 129 Individual demand deposits 489 462 475 481 493 472 446 446 454 484 499 535 Individual time deposits... 1,373 1,363 1,367 1,359 1,371 1,379 1,378 1,383 1,397 1,389 1,400 1,397 1,387 England (millions of pounds sterling) : Cash in vault and at bank 188 190 190 189 190 203 211 205 204 216 202 210 Money at call and short notice- 111 120 114 110 112 112 123 110 108 105 101 94 98 Advances and discounts 1,114 1,138 1,176 1,179 1,171 1,161 1,167 1,179 1,137 1,100 1,087 1,107 1,113 Investments 324 333 348 367 396 409 456 455 480 492 499 512 526 Deposits 1,727 1,765 1,813 1,826 1,853 1,859 1,944 1,943 1,917 1,886 1,891 1,904 1,939 France (millions of francs) : Bills and national-defense bonds. 18, 994 20,136 18,745 19,034 19,757 21,266 22,014 22, 209 21,287 20, 261 20,852 Loans and advances 8,593 8,188 8,456 8,490 8,287 8,086 8,049 8,023 8,650 8,808 7,965 Demand deposits _. 36,351 36,031 36,148 36,372 36,197 37,257 36,491 35, 308 34,477 34,163 33, 655 Time deposits 1,250 1,263 1,286 1,280 1,342 1,312 1,268 1,221 1,117 1,045 979 Germany (millions of reichsmarks): Bills and treasury notes 1,660 1,661 1,665 1,651 1,674 1,631 1,736 1,676 1,699 1,686 Due from other banks 257 263 242 256 242 245 235 229 217 208 Miscellaneous loans 5,898 5,813 5,736 5,745 5,706 5,668 5,396 5,353 5,180 5,055 Deposits 7,541 7,457 7,397 7,439 7,401 7,307 7,159 7,106 6,934 6,797 Acceptances 815 796 782 773 775 770 743 734 727 730 Japan (millions of yen): Cash on hand 156 117 212 197 .185 302 286 166 186 233 284 228 146 Loans 2,252 2,234 2,219 2,187 2,165 2,188 2,219 2,171 2,153 2,132 2,093 2,128 2,194 Deposits 1,963 1,973 2,027 2,019 2,042 2,125 2,133 2,132 2,133 2,135 2,185 2,216 2,247 1 Gold, Dominion notes, and subsidiary coin. NOTE.—Banks included are as follows: Canada—chartered banks; England—-9 London clearing banks; France—4 commercial banks; Germany—5 Berlin banks; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDEKAL RESERVE BULLETIN 495 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f l a E a n n n d k g- F B ra a o n n f k ce G R b e e a r ic m n h k a s n - B It a o a n f ly k N B la e a n th n d e k s r- N S B at w a io n is n k s al Country R A 1 a u 5 t g e . I s n i n e c f e f — ect Country A R 1 u a 5 t g e . I s n i n e c f e f — ect In effect June 15,1931. 2 7 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 ZH Jan. 14,1932 Latvia Jan. 1,1933 July 30 $ 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.,. 4 July 18,1933 Poland 6 Oct. 21,1932 Sept. 28 7 Czechoslo- Portugal 6 Mar. 13,1933 Sept. 29 3 vakia ZH Jan. 25,1933 Oct. 10- Rumania 6 Apr. 6,1933 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 U.S.S.R 8 Mar. 22,1927 Mar. 21 6 Finland June 3,1933 Yugoslavia—. July 20,1931 Apr. 9 5H Greece June 6,1933 7H Apr. 19 2H Hungary... Oct. 18,1932 Apr. 21 3 India Feb. 16, 1933 Apr. 28 5 May 2 5 May 12 2H Changes since July 15: Colombia—July 18, down from 5 to 4 per cent; June 30 . _. 2 Netherlands—July 29, down from 4 to 3J^ percent; Aug. 15, down from Sept. 22 4 3K> to 3 nercent. Jan. 9, 1933 4 May 12 June 29 ___ July 15 4 July 29 Aug. 15 15 In effect Aug. 15,1933. 2 21/2 4 4 3 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 o c k e e n p e s t t r , h - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n l l a o d n w e k p a e o n r s c s i e ' ts d P is r r i c a v o te a u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or 1932—June 1.05 0 85 0.99 4.75 5.76 5.70 0.39 1.00 July .92 .66 .67 H 4.58 5.75 5.49 .49 1.00 August .74 .60 .73 4.50 5.75 5.82 .37 1.00 September .67 .55 .67 i£ 4.25 5.55 5.55 .37 1.00 October -- .82 .71 .71 H 3.87 5.00 4.94 .37 1.00 November .89 .82 .73 3.87 5.00 4.80 .37 1.00 December 1.02 1.04 .81 3.87 6.08 4.91 .37 1.00 1933—January .87 .76 .73 3.87 5.03 4.98 .37 1.00 February .83 .78 .73 •\L 3.87 5.00 4.86 .37 1.00 March . . - .62 .46 .64 \L 3.87 5.00 4.97 .64 1.11 April .59 .50 .61 IZ 3.87 5.25 5.05 .66 1.00 May . .50 .37 .58 n 3.87 5.50 5.24 2.11 1.69 June - .50 .40 .62 3.87 5.50 4.93 2.18 2.06 Sw la it n z d er- (B B r e u lg s i s u e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r i c a v o t a e u t n e t d P is r r i c a v o te a u t n e t d P is r r i c a v o te a u t n e t d P is r r i c a v o t a e u t n e t c c ia o P l m ri p m m a e e p r e - r Da m y- o t n o e -d y ay L m oa o to n n s t 3 h u s p Disc b o il u ls nted ov m e C o rn a n l i e l g y ht I 1932—June 1.50 3.16 1.22 5.50 4 -4% 4 -5M 6.02-6.57 4.66 July 1.50 3.17 .99 5.50 4 -4% 4 -6H 6.02-6.39 4.20 August 1.50 3.12 1.02 5.50 4H-AH 4 -5J4 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 3^-5^ 6.66-6.02 3.28 November _ 1.50 3.00 1.00 5.00 z% 3V£-5V$ 5.66-5.84 2.92 December - 1.50 2.94 .91 5.00 Z% ZH~&H 6.66-5.84 2.74 1933—January 1.50 2.88 1.12 4.42 3% ZH-SH 5.48-5.84 3.10 February 1.50 2.78 1.89 4.25 Z% 3H-5H 5.48-5.84 2.92 March 1.50 2.62 2.04 4.20 3% 5.48-5.84 2.92 April 1.50 2.50 1.87 4.00 31^-5^ 5.48-5.84 2.37 May 1 50 2.41 1.76 4.00 3^-6 5.11-5. 84 2.19 1.50 2.31 1.50 4.00 3-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 FEDERAL RESERVE BULLETIN AUGUST 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 al u i s a - i Austria Belgium Brazil Bulgaria Canada Chile China Co b l i o a m- Cuba s C lo z v ec a h k o ia - m D a en r - k 1932—July... —. 58.5574 283.40 13.9813 13.8724 7.5960 0 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 July 80. 7251 369. 44 15. 6719 19. 4505 7.8727 .9977 94. 4683 8. 3752 29. 2666 86. 2100 99.9199 4.1545 20. 7682 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—July — 364.0790 354. 9564 .. 5350 3.9207 23.7176 0. 6399 22. 8893 17.4612 26.6842 5.1009 27.4471 27.7321 40.2740 August 356.4018 347. 5721 , 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 .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 .. 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 . 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 .4239 3.9033 23.7869 .5418 21.3527 17.4265 24.7923 5.1088 20.7298 31.9923 40.1680 3933—January.. _ 344.6451 336.1385 . 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 . 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 .. 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 July 464. 9915 2. 0511 5.4588 33. 2627 .7902 32. 9584 24. 5147 34.9283 7. 3697 28.7727 27.9968 56.1833 Month Ze N al e a w n - d Norway Poland Po g r a t l u- ma R n u i - a 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 r io i u c n t a h o i f Uruguay Y sl u a g v o i - a 1032—July 324.16 17.6386 11.1885 3.2240 0.5972 8.0518 40.9675 18.2190 19.4684 47.1604 478. 31 47. 5680 .. 6717 August 317.42 17.4101 11.1771 3.1579 .5978 8.0608 40.1042 17.8485 19.4528 47.1011 477.50 47.4413 .. 6903 September 316.99 17.4470 11.1800 3.1481 .5982 8.1044 40.2475 17.8055 19.3007 47.1916 476.79 47.3900 .. 5892 October 310.15 17.1752 11.1740 3.0872 .5978 8.1871 39.4372 17.5334 19.3041 47.2680 475.85 47.3466 .4094 November... 299.11 16. 7252 11.1769 3.0293 .5975 8.1730 38. 0026 17.4314 19.2470 47.2167 477.58 47.3402 .3506 December.... 299.42 16.8899 11.1825 3.0191 .5973 8.1506 38.0123 17.9108 19.2354 47.0127 479.13 47.3397 . 3448 1933—January... 292.13 17.2684 11.1872 3.0364 .5972 8.1777 18.2982 19. 2836 47.0260 340.63 47.3366 . 3555 February. 272.87 17.5270 11.1940 3.1017 .5958 8. 2446 39. 5818 18. 2670 19. 3707 47.1982 338.90 47.3363 . 3593 March »___ 273. 45 17. 5913 11.1834 3.1362 .5974 8. 4431 39. 6078 18.1884 19. 3716 47. 4384 339. 88 47. 3458 . 3714 April 285. 48 18. 3161 11.3755 3.2133 .6107 8.8804 41.2350 18.8108 20.1281 49.3996 353.74 47. 7646 .. 4228 May 313.86 20.0164 13. 0873 3. 5781 .7025 9.9875 45. 6611 20. 2413 22. 5368 388. 74 53.1875 . 6073 June. 330.09 20.8811 13.8229 3. 7694. .7448 10. 3638 47. 9630 21. 2819 23. 5665 408. 76 55.9871 .. 6708 July 370.19 23.3627 15. 6202 4.2468 .8766 11. 6540 54. 0460 23.9784 26. 9583 459. 33 65.1372 .. 9032 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 54.25 Bulgaria Lev .72 Hong Kong Hong Kong dollar. 1 29. 59 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 '28.65 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 i Monthly averages for Australia, New Zealand, and South Africa from July through December 1932 are taken from the League of Nations Monthly Bulletin of Statistics. 8 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. 7 Silver currencies—figures given for parity represent gold value of unit in July 1933, computed by multiplying silver content of unit by New York average price of silver for July 1933, which was $0.37942 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 July 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 497 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100) * Month ( U a S p v n r t e i a i c r t t e a e e ) g s d e ( 1 D E 92 e n c 1 g e l = m a 1 n b 0 d e 0 r ) ( a 1 g F 9 e 1 r a = 3 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 2 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—June 99.4 111.1 82.4 95.1 77.8 141.2 69.6 July 99.4 111.2 3 81.4 98.2 79.2 132.6 3 70. 5 August 98.5 107.2 99.5 ) 95.5 73.8 130.5 () September. 95.6 103.5 97.7 3 70.4 81.7 67.2 115.5 3 52.3 October 89.4 104.2 94.8 69.7 75.6 106.9 November- 89.0 104.8 94.4 71.7 74.7 104.3 December.. 81.6 102.2 90.8 57.7 68.1 94.8 1932—January 81.0 104.7 91.5 58.0 69.7 107.3 February. _. 80.3 106.5 90.3 56.4 68.9 126.2 March 80.8 111.6 90.5 () 56.8 69.6 117.6 ) April 79.4 110.6 89.0 3 63.0 43.9 63.5 107.3 3 45.5 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 June 118.7 79.5 80.1 74.9 79.0 105.2 65.7 1 Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. 2 New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 percent bonds. 3 Based on data for part of month, no quotations being available for remainder of month. 4 Figures not available because of closing of the exchange. Back figures.—See BULLETIN for February 1932, p. 121, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Month (19 U S 26 t n a = i t t e e 1 s d 00) (1 C 92 a 6 n = a d 10 a 0) (1 E 9 n 13 g = la n 10 d 0) (19 F 1 r 3 a = n c 1 e 00) ( G 19 e 13 rm = a 1 n 0 y 0) (19 I 1 t 3 a = ly 100) 1 ( 9 O J 0 a c 0 p t = o a 1 b n 0 e 0 r ) (1 N 9 l 1 a e 3 n th = d e 1 s r 0 - 0) 1931—June 72 72 103 518 112 327 151 100 July . .. 72 71 102 500 112 324 153 97 August 72 71 100 488 110 322 152 94 September 71 70 99 473 109 319 150 91 October 70 70 104 457 107 322 147 89 November 70 71 106 447 107 320 147 89 December _ _ _____ 69 70 106 442 104 319 151 85 1932—January 67 69 106 439 100 317 160 84 February _ _ _ . 66 69 105 446 100 314 161 83 March 66 69 105 444 100 315 159 82 April 66 68 102 439 98 311 154 80 May •_. 64 67 101 438 97 305 150 79 June 64 '66 98 425 96 297 146 78 July . _ 65 67 98 430 96 296 148 76 August 65 67 100 415 95 296 156 75 September 65 67 102 413 95 300 167 76 October _ 64 65 101 412 94 299 169 77 November 64 65 101 413 94 298 178 77 December 63 64 101 413 92 296 185 76 1933—January 61 64 100 411 91 292 185 75 February _ _ . 60 64 99 404 91 286 180 74 March 60 64 98 390 91 281 177 72 April 60 65 97 387 91 279 176 71 May _ _ . 63 67 99 383 92 279 177 72 June 65 68 102 403 93 281 180 73 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 FEDERAL RESERVE BULLETIN AUGUST 1933 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OP COMMODITIES [Groups are those included in indexes shown in preceding table] United States (1926=100) England (1913=100) France (1913=100) Germany (1913=100) Month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n o tr d d i u a u l s c - ts a p n r F d o a d r f u o m c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u c l t l s - P s r io o n v s i- a t f r n I i i n n d a i d l s s u r h e a s m e w - d i- tr I i i n s a d h l u e f d s in - products products 1931—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 1933—January 43 56 67 107 97 455 373 81 81 87 113 February 41 54 66 105 96 443 370 82 80 87 112 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 June 53 61 69 104 101 418 390 85 78 89 112 RETAIL FOOD PRICE S COST OF LIVING United England France Germany United England France Germany States (July (July (1913- States (July (Jan .-June (1913- Month (1913=100) 1914=100) 1914=100) 14=100) i Month (1913=100) 1914=100) 1914=100) 14=100) i 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 January 109 95 131 123 114 102 116 107 January 147 142 125 117 February 105 91 131 122 115 103 114 107 FebruaryT 147 141 122 117 March 105 91 129 119 115 101 114 106 March 146 139 108 106 122 117 April 104 90 126 115 115 99 113 106 April 144 137 122 117 May 101 94 125 114 114 97 113 110 May _ 143 136 121 118 June 100 97 123 114 111 97 113 June 136 128 142 136 109 121 July 101 125 108 114 July 143 122 August 101 123 104 112 August. 141 120 September 100 123 102 111 September. ._ _ 141 105 120 October 100 125 102 110 October- 143 119 November 99 125 104 110 November 143 119 December 99 125 103 109 Decembc>r __ _ _ 132 143 105 118 1 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—Statistisches Reichsamt; France—For retail food prices, Statistique Generate, and for cost of living, Commission d'etudes relatives au cout de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 499 LAW DEPARTMENT Branches of State member banks 1927, beyond the limits of the city in which The question has been raised whether a the parent bank is situated, unless such bank State bank, which has a paid-in and unimpaired has a paid-up and unimpaired capital stock of capital stock of less than $500,000 and which is not less than $500,000 and also complies with located in a State having a population of more the other requirements applicable to the estabthan 1,000,000 inhabitants, may become a lishment and operation of branches by a national member of the Federal Keserve System and bank beyond the limits of the city in which continue to operate, outside of the city in which such bank is situated, including the requirethe parent bank is situated, offices or receiving ment that the aggregate capital of such bank stations whose functions would be limited to and its branches shall not be less than the receiving deposits and cashing checks. aggregate minimum capital required by law for Section 9 of the Federal Reserve Act, as the establishment of an equal number of amended by the Banking Act of 1933, provides national banks situated in the various places in part as follows: where such bank and its branches are situated. Any such State bank which, at the date of the approval of this Act, has established and is operating a branch or branches in conformity with the State law, Eligibility of banks located in cities of less than 3,000 may retain and operate the same while remaining or inhabitants for admission to membership in Federal upon becoming a stockholder of such Federal reserve Reserve System bank; but no such State bank may retain or acquire stock in a Federal reserve bank except upon relinquish- Under the provisions of section 9 of the ment of any branch or branches established after the Federal Reserve Act, as amended by section 17 date of the approval of this Act beyond the limits of of the Banking Act of 1933, a State bank or the city, town, or village in which the parent bank is trust company organized prior to June 16,1933, situated. Provided, however, That nothing herein the date of the approval of the Banking Act of contained shall prevent any State member bank from establishing and operating branches in the United 1933, and situated in a place the population of States or any dependency or insular possession thereof which does not exceed 3,000 inhabitants and or in any foreign country, on the same terms and having a capital of not less than $25,000 is conditions and subject to the same limitations and eligible for admission to membership in the restrictions as are applicable to the establishment of branches by national banks. Federal Reserve System. In connection with an application for admission to membership, Section 5155 of the Revised Statutes, as the Federal Reserve Board has ruled that a amended by section 23 of the Banking Act of State bank organized prior to June 16, 1933, 1933, requires, among other things, that a which is so situated and which had a capital national bank, located in a State having a popuof less than $25,000 on that date will be lation of 1,000,000 or more inhabitants, have a eligible if, prior to admission to membership, paid-in and unimpaired capital stock of not less its capital is increased to at least $25,000 and than $500,000, in order to establish a branch it complies with all other requirements for outside of the city, town, or village in which it membership. is situated; and, under the above provision of section 9 of the Federal Reserve Act, a State member bank must also meet this requirement Increase of collateral loans of a member bank after in order to establish a branch outside of the official warning to the contrary city in which it is situated. The eighth paragraph of section 13 of the The Federal Reserve Board has given careful Federal Reserve Act, as amended by section 9 consideration to the question presented and is of the Banking Act of 1933, provides as follows: of the opinion that an office or receiving station Any Federal reserve bank may make advances for of a State bank at which deposits are received periods not exceeding fifteen days to its member banks and checks are cashed must be considered a on their promissory notes secured by the deposit or branch within the meaning of the above pro- pledge of bonds, notes, certificates of indebtedness, or vision of section 9 of the Federal Reserve Act. Treasury bills of the United States, or by the deposit or pledge of debentures or other such obligations of Federal Accordingly, it is the Board's view that a intermediate credit banks which are eligible for pur- State bank located in a State which has a pop- chase by Federal reserve banks under section 13 (a) ulation of more than 1,000,000 inhabitants may of this Act; and any Federal reserve bank may make notjbecome or remain a member of the System advances for periods not exceeding ninety days to its member banks on their promissory notes secured by andfcontinue to operate such an office or resuch notes, drafts, bills of exchange, or bankers' ceiving station established after February 25, acceptances as are eligible for rediscount or for pur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 FEDERAL RESERVE BULLETIN AUGUST 1933 chase by Federal reserve banks under the provisions of behalf of any State, county, school district, this Act. All such advances shall be made at rates or other subdivision or municipality. Accordto be established by such Federal reserve banks, such ingly, unless deposits of this kind fall within rates to be subject to the review and determination of the Federal Reserve Board. If any member bank to one of the other exceptions to the prohibition which any such advance has been made shall, during of law on this subject, a member bank may the life or continuance of such advance, and despite an not lawfully pay interest on such deposits official warning of the reserve bank of the district or of when they are payable on demand. the Federal Reserve Board to the contrary, increase its outstanding loans secured by collateral in the form of stocks, bonds, debentures, or other such obligations, or loans made to members of any organized stock ex- State law requiring the payment of interest on deposits change, investment house, or dealer in securities, upon of public funds any obligation, note, or bill, secured or unsecured, for the purpose of purchasing and/or carrying stocks, bonds, In response to an inquiry regarding section 19 or other investment securities (except obligations of the of the Federal Reserve Act, as amended by the United States) such advance shall be deemed immediately due and payable, and such member bank shall Banking Act of 1933, the Federal Reserve be ineligible as a borrower at the reserve bank of the Board advised that this section does not forbid district under the provisions of this paragraph for a member bank to pay interest on a deposit of such period as the Federal Reserve Board shall deterpublic funds payable on demand which is mine: Provided, That no temporary carrying or clearance loans made solely for the purpose of facili- made by or on behalf of any State, county, tating the purchase or delivery of securities offered for school district or other subdivision or municipublic subscription shall be included in the loans pality, with respect to which payment of interreferred to in this paragraph. est at the time of the accrual thereof is required In reply to an inquiry with respect to the under State law, regardless of whether the State interpretation of the above-quoted paragraph, law in question was in effect on the date of the the Federal Reserve Board advised that a mem- approval of the Banking Act of 1933 (June 1.6, ber bank which has obtained advances from a 1933) or is enacted by the State legislature at Federal Reserve bank pursuant to the authority a later date. contained therein is not required to refrain from making further loans secured by collateral or to Indirect payment of interest on deposits payable on dealers in securities until an official warning is demand given by the Federal Reserve bank of the dis- The question has been presented to the trict in which the member bank is located or by Federal Reserve Board whether the payment the Federal Reserve Board, as provided in the by a member bank of the amount of the prestatute; and an increase by a member bank in mium on a bond given to secure the deposit the amount of such collateral loans or loans to with such bank of public funds payable on desecurities dealers during the life or continuance mand is forbidden by the provision of section of an advance under the provisions of the said 19 of the Federal Reserve Act, as amended by paragraph does not subject the bank to the the Banking Act of 1933, prohibiting the paypenalties prescribed therein unless such inment by a member bank of interest on deposits crease takes place after the issuance of such payable on demand. It was understood that an official warning. the amount of premium paid by the member bank on such a bond is a certain prescribed percentage of the average amount of such Interest on deposits of moneys paid into State courts funds on deposit with such bank over the Section 19 of the Federal Reserve Act, as period covered by the bond with provision for amended by the Banking Act of 1933, forbids a minimum premium where the average amount a member bank to pay interest on deposits is less than a certain amount fixed in advance. payable on demand, with certain exceptions In view of the fact that the amount paid by which include "any deposit of public funds the member bank in the form of premium on made by or on behalf of any State, county, such a bond is in the usual case a fixed percentschool district, or other subdivision or munici- age of the amount of such funds on deposit in pality, with respect to which payment of inter- the bank, the Board expressed the opinion that est is required under State law." In response the payment of such premium constitutes an to an inquiry on this subject, the Federal Re- indirect payment of interest on such deposit serve Board expressed the opinion that deposits within the meaning of the provision of section of moneys paid into State courts by private 19 of the Federal Reserve Act, as amended by parties pending the outcome of litigation are section ll(b) of the Banking Act of 1933, pronot deposits of public funds made by or on hibiting the payment of interest on deposits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 501 payable on demand. Attention was called to the matter should take the position that such a the fact, however, that the prohibition in ques- person was within the statute and should feel it tion does not apply to any deposit of public necessary to prosecute for violation of this funds made by or on behalf of any State, provision. Accordingly, the Federal Reserve county, school district, or other subdivision or Board does not feel that it would be approprimunicipality, with respect to which payment ate for it to undertake to express opinions upon of interest is required under State law. questions of this kind. Organization indirectly controlled by trustees as an Loans to "executive officers" of member banks affiliate The Federal Reserve Board has been re- The Board has had occasion to construe secquested to express its views on the question tion 2, subparagraph (b), subdivision (2), of the who is to be considered an " executive officer" Banking Act of 1933, which provides in part of a member bank within the meaning of secthat an affiliate shall include any corporation tion 22 (g) of the Federal Reserve Act, as of which control is held, directly or indirectly, amended by the Banking Act of 1933, which through stock ownership or in any other manprohibits borrowings from a member bank by ner, by trustees for the benefit of the sharean executive officer of such bank and requires holders of any member bank. The facts of the reports of borrowings by such an executive case considered by the Board were that trustees officer from any other bank. held for the benefit of the stockholders of a mem- The question whether a person is to be conber bank all the stock of an investment corporasidered an executive officer of a member bank tion, which in turn owned all the stock of a cattle within the meaning of this provision would loan company and all the stock of a nonmember seem to depend primarily upon the character bank, and the question presented was whether of his duties and the functions which he actually the cattle loan company and nonmember bank performs rather than upon his official title or were " affiliates" of the member bank within the name of the position which he occupies. the meaning of the act. The Board ruled that A person haying a certain title or holding a the trustees controlled the investment corporacertain position in one bank may have duties tion directly, and controlled the cattle loan comand may perform functions which would bring pany and nonmember bank indirectly through him within the meaning of the term " executive the medium of the investment corporation, for officer", while the duties and functions of a the benefit of the shareholders of the member person holding a title or position of the same bank, and that both the cattle loan company name in another bank might be of such a differand the nonmember bank were "affiliates'7 of ent character that he would not be regarded as the member bank within the meaning of secan executive officer of such bank. It is betion 2 (b) (2) of the act. lieved, therefore, that no classification of persons according *to their titles or the names of their positions would be an accurate guide in Loans by member banks to their affiliates determining whether they are executive officers A question has been presented to the Federal within the meaning of the provision of law in Reserve Board with respect to the interpretaquestion. Each case must depend upon the tion of section 23A of the Federal Reserve Act, facts involved, and no general rule can be as amended by section 13 of the Banking Act promulgated with safety. of 1933, which reads in part as follows: The law provides a penalty of fine or imprisonment for violations and the determina- SEC. 23A. No member bank shall (1) make any loan or any extension of credit to, or purchase securities under tion of the question whether persons should be repurchase agreement from, any of its affiliates, or (2) prosecuted for such violations is a matter en- invest any of its funds in the capital stock, bonds, tirely within the jurisdiction of the Depart- debentures, or other such obligations of any such ment of Justice. The Federal Reserve Board affiliate, or (3) accept the capital stock, bonds, debenis not specifically authorized to prescribe tures, or other such obligations of any such affiliate as collateral security for advances made to any person, regulations on this subject; and, in the circumpartnership, association, or corporation, if, in the case stances, an expression of opinion by the Federal of any such affiliate, the aggregate amount of such Reserve Board on the question who is to be loans, extensions of credit, repurchase agreements, considered an executive officer would not afford investments, and advances against such collateral security will exceed 10 per centum of the capital stock protection from criminal prosecution if the and surplus of such member bank, or if, in the case of Department of Justice upon consideration of all such affiliates, the aggregate amount of such loans, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

502 FEDERAL RESERVE BULLETIN AUGUST 1933 extensions of credits, repurchase agreements, invest- vided by law. Such conservator shall have all ments, and advances against such collateral security the rights, powers, and privileges now poswill exceed 20 per centum of the capital stock and sursessed by or hereafter given receivers of inplus of such member bank. [Italics supplied.] solvent national banks and shall be subject to It appears that a member bank has two the obligations and penalties, not inconsistent affiliates and that the investments which it with the provisions of this title, to which rehad made in the capital stock of such affiliates ceivers are now or may hereafter become subprior to June 16, 1933, exceed the limits preject. During the time that such conservator scribed by section 23A. To conform to other remains in possession of such bank, the rights provisions of the Banking Act of 1933, these of all parties with respect thereto shall, subject affiliates are now being liquidated; but during to the other provisions of this title, be the same the period of liquidation, they desire to borrow as if a receiver had been appointed therefor/' reasonable sums for expenses and other purposes, It appears, therefore, that a conservator of a and the question arises whether in these cirnational bank is an official appointed by the cumstances the member bank may make loans Comptroller of the Currency to take possession to these affiliates. of the bank; and the effect of his appointment is In view of the words italicized, it is clear to remove control of the affairs of the bank from that the provisions of section 23A do not require its board of directors and to vest such control a member bank to dispose of any such loans or in the conservator, under the direction of the investments acquired prior to June 16, 1933; Comptroller. In these respects, the office of but they forbid a member bank to make a conservator is very similar to that of a receiver additional loans or investments of this characof a national bank. ter, if the addition of the amount of such new The Federal Reserve Board is of the opinion, loans or investments to the amount of those therefore, that a conservator of a national bank previously existing will increase the aggregate is not a director, officer, or employee of such to an amount exceeding 10 percent of the capital bank within the meaning of the Clayton Antiand surplus of such member bank, in the case of trust Act; and, consequently, a person who is any one affiliate, or 20 percent of the capital serving as a conservator of a national bank is and surplus of such member bank, in the case of not by reason of such service prohibited by the all affiliates of such bank. provisions of the Clayton Antitrust Act from Since the investments made by the member serving at the same time as a director, officer, or bank in the capital stock of its affiliates, prior employee of any other bank or other to June 16, 1933, exceed the limits prescribed institution. by the law, the member bank may not lawfully make loans to such affiliates while it holds such investments. New regulations of the Federal Reserve Board There is published below the text of the Federal Reserve Board's Regulation M, series of Application of Clayton Antitrust Act to conservators of national banks 1933, with regard to open-market operations The question has been presented to the Fed- of Federal Reserve banks, Regulation N, series eral Reserve Board whether a conservator of a of 1933, with regard to the regulations of Fednational bank is to be considered a director, eral Reserve banks with foreign banks and officer, or employee of a bank within the meanbankers, and Regulation P, series of 1933, with ing of section 8 or section 8A of the Clayton Antitrust Act, which forbids directors, officers, regard to holding company affiliates—voting or employees of banks of certain classes to serve permits. Regulations M and N were made at the same time as directors, officers, or em- effective on August 10, 1933, and Regulation P ployees of certain other banks or other instituwas made effective on August 4, 1933. tions. Section 203 of the act of March 9, 1933, au- REGULATION M, SERIES OF 1933 thorizes the Comptroller of the Currency, under OPEN-MARKET OPERATIONS certain conditions, to appoint a conservator for a bank who shall "take possession of the books, SECTION I records, and assets of every description of such Pursuant to the authority conferred upon it by bank, and take such action as may be neces- section 12A of the Federal Reserve Act, as amended, sary to conserve the assets of such bank pend- and by other provisions of the Federal Reserve Act, ing further disposition of its business as pro- the Federal Reserve Board prescribes the following Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 503 regulations governing the procedure to be followed (c) Functions.—It shall be the duty of the comordinarily in the conduct of open-market operations mittee to consider the needs of commerce and business, of the Federal Reserve banks. the general credit situation of the country, and such The specific mention in this regulation of any power other matters as may be called to its attention by the or authority of the Federal Reserve Board or of the Federal Reserve Board or by any member of the com- Federal Reserve banks, or the failure to mention mittee and to formulate and submit to the Federal specifically any such power or authority, shall not be Reserve Board for its action recommendations in construed as an interpretation of the law as to the writing concerning the open-market policy of the existence, extent, or absence of such power or author- Federal Reserve System. ity; and the Federal Reserve Board expressly reserves (d) Open market policy.—Any open-market policy the right to alter, amend, or repeal this regulation in recommended by the Federal open-market committee whole or in part at any time. shall be considered by the Federal Reserve Board and shall be effective only when and to the extent approved SECTION II. DEFINITIONS by the Board. Any such policy shall be subject to reconsideration at any time after it has become effective (a) Government securities.—The term "Governand before it has been fully executed; and a meeting of the ment securities" shall include bonds, notes, certificates Federal open-market committee shall be called for that of indebtedness, and Treasury bills of the United States. purpose whenever requested by the Federal Reserve (b) Obligations.—The term "obligations" shall Board or by any three members of the committee. The include all bankers' acceptances, bills of exchange, Board reserves the right to modify or revoke its approval cable transfers, bonds, notes, warrants, debentures, after the committee shall have had a reasonable opporand other obligations, including Government securities, tunity to reconsider any such policy and submit further which Federal Reserve banks are authorized by law recommendations to the Federal Reserve Board. The to purchase in the open market. Federal Reserve Board will notify each Federal Reserve (c) System account.—The term "system account" bank and the chairman of the Federal open-market a'pplies to Government securities held for two or more committee of all decisions respecting any such policy. participating Federal Reserve banks under the control (e) Participation by Federal Reserve banks.—If any of the executive committee. Federal Reserve bank shall decide not to participate (d) Executive committee.—The term "executive in open-market operations recomended by the Federal committee" shall mean the executive committee of open-market committee and approved by the Federal the Federal open-market committee. Reserve Board, it shall file written notice of its decision with the chairman of the committee within 30 days SECTION III. GENEBAL PRINCIPLES after notification by the Federal Reserve Board of its The time, character, and volume of all purchases action respecting such recommendation and shall and sales in the open market by Federal Reserve banks transmit a copy of such notice to the Federal Reserve shall be governed with a view to accomodating com- Board. Any Federal Reserve bank which shall fail merce and business and with regard to their bearing within the time prescribed to file such notice of its upon the general credit situation of the country. decision not to participate in such open-market operations shall be deemed to have agreed to participate SECTION IV. FEDERAL OPEN-MARKET COMMITTEE in the same and will be expected to cooperate fully (a) Organization.—The Federal open-market com- in carrying out the policy so decided upon. mittee created by section 12A of the Federal Reserve (f) Undertaking to sell securities purchased.— Act, as amended by the Banking Act of 1933, consists Whenever the Federal Reserve Board has approved an of one member from each Federal Reserve district open-market policy involving the purchase of Governselected annually by the board of directors of the ment securities for System account, all banks parti- Federal Reserve bank of such Federal Reserve district. cipating therein shall be deemed to have agreed to the The committee shall select its own chairman, vice sale of any part or all of the Government securities chairman, and secretary. so purchased or of an equivalent amount of other (b) Meetings.—The committee shall meet in Wash- Government securities held for System account, ington, D.C., at least four times each year and oftener whenever such sale shall be recommended by the if deemed necessary. Meetings shall be held upon Federal open-market committee and approved by the the call of the Governor of the Federal Reserve Board Federal Reserve Board. or at the request of any three members of the committee SECTION V. EXECUTIVE COMMITTEE and, in the discretion of the Board, may be attended by the members of the Board. The committee shall (a) Organization.—The Federal open-market comkeep minutes of all its meetings and furnish copies mittee, at its first meeting in each calendar year, shall thereof to the Federal Reserve Board and to each select from its own membership an executive committee Federal Reserve bank. consisting of five members and shall appoint the chair- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

504 FEDERAL RESERVE BULLETIN AUGUST 1933 man thereof. The executive committee shall keep as may be appropriate in the light of purchases and minutes of all its meetings and furnish copies thereof sales made for their own account by individual Federal to the Federal Reserve Board and to each Federal Reserve banks. Reserve bank. The Board reserves the right, in its discretion, to (b) Functions.—It shall be the duty of the executive require the sale of any Government securities purchased committee: by an individual Federal Reserve bank under the au- (1) To execute purchases and sales of Government thority of this section. securities and other obligations in the open market in Any Federal Reserve bank may purchase United accordance with open-market policies approved by the States temporary certificates of indebtedness for the Federal Reserve Board; accommodation of the Treasury of the United States (2) To allocate among all participating Federal in amounts requested by the Treasury and may sell Reserve banks the aggregate amount of Government participations therein; but such certificates shall not securities and other obligations held for their account be held for more than 7 days without the approval of and to adjust such allocation from time to time to meet the-Federal Reserve Board. the changing needs of the respective Federal Reserve banks. Such allocations shall be made with the view SECTION VII. OTHER OPEN-MARKET OPERATIONS primarily of (a) enabling each Federal Reserve bank Each Federal Reserve bank may engage in opento maintain a suitable reserve position, and (b) equalmarket operations other than the purchase or sale of izing as far as practicable the net earning position of Government securities, subject to the following conthe Federal Reserve banks. ditions: (3) To keep the Federal Reserve Board and each (1) All such transactions shall be reported daily to Federal Reserve bank informed of all transactions the Federal Reserve Board. executed by the committee and of all allocations and (2) Purchases of acceptances and bills of exchange reallocations of Government securities and other shall be in accordance with the provisions of regulaobligations held for participating banks; and tion B and the rates of interest or discount shall be in (4) To perform such other functions and duties in accordance with schedules approved by the Federal connection with open-market policies approved from Reserve Board: Provided, however, That no obligations time to time by the Federal Reserve Board as may be payable in foreign currency shall be purchased without assigned to it from time to time by the Federal openthe consent of the Federal Reserve Board. market committee with the approval of the Federal (3) All purchases by Federal Reserve banks of Reserve Board. bills, notes, revenue bonds, and warrants of States, counties, districts, political subdivisions or munici- SECTION VI. PURCHASES AND SALES OF GOVERNMENT palities shall be in accordance with the provisions of SECURITIES regulation E. No Federal Reserve bank shall purchase or sell Gov- (4) No Federal Reserve bank shall engage in the purernment securities except in accordance with an open- chase or sale of cable transfers for its own account withmarket policy approved by the Federal Reserve Board out first obtaining the approval of the Federal Reserve and in effect at the time, except that: Board, except that the Federal Reserve Bank of Atlanta (1) In an emergency, any Federal Reserve bank may may purchase and sell cable transfers through its purchase Government securities when necessary to Habana agency in accordance with the resolutions or afford relief in a situation involving specific banking regulations of the Federal Reserve Board governing institutions in its district; and the operations of such agency. (2) After obtaining the consent of the Federal Re- (5) Except with the approval of the Federal Reserve serve Board, any Federal Reserve bank may purchase Board, no Federal Reserve bank shall engage in any or sell Government securities for other specific pur- open-market transactions which are not of the. cusposes, for its own account. tomary character, which do not occur in the ordinary All purchases and sales of Government securities by course of business, which are engaged in for the purany Federal Reserve bank for its own account shall be pose of affecting general credit conditions or which reported promptly to the Federal Reserve Board and may have a material effect upon general credit condito the chairman of the executive committee; and the tions: Provided, however, That any Federal Reserve executive committee may make such compensatory bank may purchase obligations for the purpose of purchases or sales for the System account and such affording relief in a situation involving specific banking reallocations of the obligations in the System account institutions in its district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 505 REGULATION N, SERIES OF 1933 tive of any Federal Reserve bank and any officers or RELATIONS WITH FOREIGN BANKS AND BANKERS representatives of any foreign bank or banker or any group of foreign banks or bankers; and the Board shall SECTION I be given reasonable notice in advance of the time and Pursuant to the authority conferred upon it by place of any such negotiations. section 12A and subsection (g) of section 14 of the A full report of all such conferences or negotiations Federal Reserve Act, as amended, and by other pro- and all understandings or agreements arrived at or visions of law, the Federal Reserve Board prescribes transactions agreed upon and all other material facts the following regulations governing relationships and appertaining to such conferences or negotiations shall transactions between Federal Reserve banks and be filed with the Federal Reserve Board in writing by foreign banks or bankers or groups of foreign banks or a duly authorized officer of each Federal Reserve bank bankers. which shall have participated in such conferences or negotiations, including copies of all correspondence SECTION II. INFORMATION TO BE FURNISHED TO THE appertaining thereto. BOARD In order that the Federal Reserve Board may per- SECTION IV. AGREEMENTS WITH FOREIGN BANKS OR form its statutory duty of exercising special super- BANKERS vision over all relationships and transactions of any No Federal Reserve bank shall hereafter enter into kind entered into by any Federal Reserve bank with any agreement, contract, or understanding with any any foreign bank or banker or with any group of foreign bank or banker or with any group of foreign foreign banks or bankers, each Federal Reserve bank banks or bankers without first obtaining the permisshall promptly submit to the Federal Reserve Board sion of the Federal Reserve Board. When any Fedin writing full information concerning all existing relaeral Reserve bank has entered into such an agreetionships and transactions of any kind heretofore ment, contract, or understanding with the consent of entered into by such Federal Reserve bank with any the Federal Reserve Board, any other Federal Reserve foreign bank or banker or with any group of foreign bank desiring to do so may participate in transactions banks or bankers and copies of all written agreements pursuant to such agreement with the approval of the between it and any foreign bank or banker or any Federal Reserve Board. group of foreign banks or bankers which are now in force, unless copies have heretofore been furnished to SECTION V. AMENDMENTS the Board, in which case the Federal Reserve bank shall inform the Board as to the dates upon which The Federal Reserve Board reserves the right, in its such copies were furnished. Each Federal Reserve bank discretion, to alter, amend, or repeal these regulations shall also keep the Federal Reserve Board promptly and to prescribe such additional regulations, condiand fully advised of all transactions with any foreign tions, and limitations as it may deem desirable respectbank or banker or with any group of foreign banks or ing relationships and transactions of any kind entered bankers, except transactions of a routine character. into by any Federal Reserve bank with any foreign bank or banker or with any group of foreign banks or bankers. SECTION III. CONFERENCES AND NEGOTIATIONS WITH FOREIGN BANKS AND BANKERS REGULATION P, SERIES OF 1933 Without first obtaining the permission of the Federal Reserve Board, no officer or other representative HOLDING COMPANY AFFILIATES—VOTING PERMITS of any Federal Reserve bank shall conduct negoti- SECTION I. STATUTORY PROVISIONS ations of any kind with the officers or representatives of any foreign bank or banker or any group of foreign Section 2 of the Banking Act of 1933 provides, in banks or bankers, except communications in the ordi- part, as follows: nary course of business in connection with transactions (c) The term "holding company affiliate" shall pursuant to agreements previously approved by the include any corporation, business trust, association, or Federal Reserve Board. Any request for the Board's other similar organization— (1) Which owns or controls, directly or indirectly, permission to conduct any such negotiations shall be either a majority of the shares of capital stock of a memsubmitted in writing and shall include a full state- ber bank or more than 50 per centum of the number ment of the occasion and objects of the proposed of shares voted for the election of directors of any one negotiations. bank at the preceding election, or controls in any manner the election of a majority of the directors of The Federal Reserve Board reserves the right, in any one bank; or its discretion, to be represented by such representa- (2) For the benefit of whose shareholders or members tive or representatives as it may designate in any all or substantially all the capital stock of a member negotiations between any officer or other representa- bank is held by trustees. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 FEDERAL RESERVE BULLETIN AUGUST 1933 Section 9 of the Federal Reserve Act, as amended by public interest may require. In acting upon such application, the Board shall consider the financial section 5 (c) of the Banking Act of 1933, reads, in part, condition of the applicant, the general character of its as follows: management, and the probable effect of the granting Each State member bank affiliated with a holding of such permit upon the affairs of such bank, but no company affiliate shall obtain from such holding com- such permit shall be granted except upon the following pany affiliate, within such time as the Federal Reserve conditions: Board shall prescribe, an agreement that such holding (a) Every such holding company affiliate shall, in company affiliate shall be subject to the same conditions making the application for such permit, agree (1) to and limitations as are applicable under section 5144 of receive, on dates identical with those fixed for the exthe Revised Statutes, as amended, in the case of holding amination of banks with which it is affiliated, examincompany affiliates of national banks. A copy of each ers duly authorized to examine such banks, who shall such agreement shall be filed with the Federal Reserve make such examinations of such holding company affili- Board. Upon the failure of a State member bank ate as shall be necessary to disclose fully the relations affiliated with a holding company affiliate to obtain between such banks and such holding company affiliate such an agreement within the time so prescribed, the and the effect of such relations upon the affairs of such Federal Reserve Board shall require such bank to sur- banks, such examinations to be at the expense of the render its stock in the Federal reserve bank and to holding company affiliate so examined; (2) that the reforfeit all rights and privileges of membership in the ports of such examiners shall contain such information Federal Reserve System as provided in this section. as shall be necessary to disclose fully the relations be- Whenever the Federal Reserve Board shall have re- tween such affiliate and such banks and the effect of voked the voting permit of any such holding company such relations upon the affairs of such banks; (3) that affiliate, the Federal Reserve Board may, in its discre- such examiners may examine each bank owned or contion, require any or all State member banks affiliated trolled by the holding company affiliate, both individwith such holding company affiliate to surrender their ually and in conjunction with other banks owned or stock in the Federal reserve bank and to forfeit all controlled by such holding company affiliate; and rights and privileges of membership in the Federal (4) that publication of individual or consolidated state- Reserve System as provided in this section. ments of condition of such banks may be required; (b) After five years after the enactment of the Bank- Section 5144 of the Revised Statutes of the United ing Act of 1933, every such holding company affiliate States, as amended by section 19 of the Banking Act of (1) shall possess, and shall continue to possess during the life of such permit, free and clear of any lien, 1933, reads as follows: pledge, or hypothecation of any nature, readily mar- SEC. 5144. In all elections of directors, each share- ketable assets other than bank stock in an amount holder shall have the right to vote the number of not less than 12 per centum of the aggregate par value shares owned by him for as many persons as there are of all bank stocks controlled by such holding company directors to be elected, or to cumulate such shares and affiliate, which amount shall be increased by not less give one candidate as many votes as the number of than 2 per centum per annum of such aggregate par directors multiplied by the number of his shares shall value until such assets shall amount to 25 per centum equal, or to distribute them on the same principle among of the aggregate par value of such bank stocks; and as many candidates as he shall think fit; and in deciding (2) shall reinvest in readily marketable assets other all other questions at meetings of shareholders, each than bank stock all net earnings over and above 6 per shareholder shall be entitled to one vote on each share centum per annum on the book value of its own shares of stock held by him; except (1) that shares of its own outstanding until such assets shall amount to such 25 stock held by a national bank as sole trustee shall not per centum of the aggregate par value of all bank stocks be voted, and shares of its own stock held by a national controlled by it; bank and one or more persons as trustees may be voted (c) Notwithstanding the foregoing provisions of this by such other person or persons, as trustees, in the section, after five years after the enactment of the same manner as if he or they were the sole trustee, and Banking Act of 1933, (1) any such holding company (2) shares controlled by any holding company affiliate affiliate the shareholders or members of which shall be of a national bank shall not be voted unless such hold- individually and severally liable in proportion to the ing company affiliate shall have first obtained a voting number of shares of such holding company affiliate permit as hereinafter provided, which permit is in held by them respectively, in addition to amounts inforce at the time such shares are voted. Shareholders vested therein, for all statutory liability imposed on may vote by proxies duly authorized in writing; but such holding company affiliate by reason of its control no officer, clerk, teller, or bookkeeper of such bank shall of shares of stock of banks, shall be required only to esact as proxy; and no shareholder whose liability is tablish and maintain out of net earnings over and above past due and unpaid shall be allowed to vote. 6 per centum per annum on the book value of its own For the purposes of this section shares shall be shares outstanding a reserve of readily marketable deemed to be controlled by a holding company affiliate assets in an amount of not less than 12 per centum of if they are owned or controlled directly or indirectly the aggregate par value of bank stocks controlled by by such holding company affiliate, or held by any trustee it, and (2) the assets required by this section to be for the benefit of the shareholders or members thereof. possessed by such holding company affiliate may be Any such holding company affiliate may make appli- used by it for replacement of capital in banks affiliated cation to the Federal Reserve Board for a voting permit with it and for losses incurred in such banks, but any entitling it to cast one vote at all elections of directors deficiency in such assets resulting from such use shall and in deciding all questions at meetings of share- be made up within such period as the Federal Reserve holders of such bank on each share of stock controlled Board may by regulation prescribe; by it or authorizing the trustee or trustees holding the (d) Every officer, director, agent, and employee of stock for its benefit or for the benefit of its shareholders every such holding company affiliate shall be subject so to vote the same. The Federal Reserve Board may, to the same penalties for false entries in any book, rein its discretion, grant or withhold such permit as the port, or statement of such holding company affiliate as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 507 are applicable to officers, directors, agents, and em- (3) Which controls in any manner the election of a ployees of member banks under section 5209 of the majority of the directors of any member bank; or Revised Statutes, as amended (U.S.C., title 12, sec. 592); and (4) For the benefit of whose shareholders or members (e) Every such holding company affiliate shall, in all or substantially all the capital stock of a member its. application for such voting permit, (1) show that bank is held by trustees. it does not own, control, or have any interest in, and is not participating in the management or direction of, (b) Member bank.—The term "member bank", any corporation, business trust, association, or other unless otherwise qualified, means any national bank, similar organization formed for the purpose of, or or any State bank, savings bank, trust company, engaged principally in, the issue, flotation, under- Morris Plan bank, mutual savings bank, or other writing, public sale, or distribution, at wholesale or retail or through syndicate participation, of stocks, banking institution which is a member of the Federal bonds, debentures, notes, or other securities of any sort Reserve System. (hereinafter referred to as "securities company"); (2) (c) Nonmember bank.—The term "nonmember agree that during the period that the permit remains in force it will not acquire any ownership, control, or bank" includes any banking institution which is not a interest in any such securities company or participate member of the Federal Reserve System. in the management or direction thereof; (3) agree that (d) Shares controlled.—Shares shall be deemed to if, at the time of filing the application for such permit, it owns, controls, or has an interest in, or is participating be controlled by a holding company affiliate if they are in the management or direction of, any such securities owned or controlled directly or indirectly by such company, it will, within five years after the filing of holding company affiliate, or if they are held by any such application, divest itself of its ownership, control, trustee for the benefit of the shareholders or members and interest in such securities company and will cease participating in the management or direction thereof, of such holding company affiliate. and will not thereafter, during the period that the per- (e) Subsidiary.—The term "subsidiary" includes mit remains in force, acquire any further ownership, any national bank or any State bank, savings bank, control, or interest in any such securities company or participate in the management or direction thereof; trust company, Morris Plan bank, mutual savings and (4) agree that thenceforth it will declare dividends bank, private bank, mortgage loan company, title only out of actual net earnings. company, safe deposit company, insurance company, If at any time it shall appear to the Federal Reserve and any other organization of any kind whatsoever Board that any holding company affiliate has violated engaged in any kind of business whatsoever— any of the provisions of the Banking Act of 1933 or of any agreement made pursuant to this section, the (1) Of which any corporation, business trust, associ- Federal Reserve Board may, in its discretion, revoke ation, or other similar organization owns or controls, any such voting permit after giving sixty days' notice directly or indirectly, a majority of the shares of capiby registered mail of its intention to the holding comtal stock; or pany affiliate and affording it an opportunity to be heard. Whenever the Federal Reserve Board shall (2) Of which any corporation, business trust, assohave revoked any such voting permit, no national bank ciation, or other similar organization owns or controls, whose stock is controlled by the holding company directly or indirectly, more than 50 percent of the affiliate whose permit is so revoked shall receive deposits of public moneys of the United States, nor shall number of shares voted for the election of the directors, any such national bank pay any further dividend to trustees, or other persons exercising similar functions such holding company affiliate upon any shares of such at the preceding election; or bank controlled by such holding company affiliate. (3) Of which any corporation, business trust, asso- Whenever the Federal Reserve Board shall have revoked any voting permit as hereinbefore provided, ciation, or other similar organization controls in any the rights, privileges, and franchises of any or all manner the election of a majority of the directors, national banks the stock of which is controlled by such trustees, or other persons exercising similar functions; or holding company affiliate shall, in the discretion of the (4) Of which all or substantially all the capital stock Federal Reserve Board, be subject to forfeiture in accordance with section 2 of the Federal Reserve Act, is held by trustees for the benefit of the shareholders as amended. or members of any corporation, business trust, asso- SECTION II. DEFINITIONS ciation, or other similar organization. (a) Holding company affiliate.—The term " holding (f) Subsidiary member bank.—The term "subsidiary company affiliate" includes any corporation, business member bank" includes any member bank which is trust, association, or other similar organization— affiliated with a holding company affiliate in any (1) Which owns or controls, directly or indirectly, manner set forth in subdivision (e) of this section. a majority of the shares of capital stock of a member (g) Subsidiary nonmember bank.—The term "subbank; or sidiary nonmember bank" includes any banking insti- (2) Which owns or controls, directly or indirectly, tution, other than a member bank, which is affiliated more than 50 percent of the number of shares voted for with any corporation, business trust, association, or the election of directors of any member bank at the other similar organization in any manner set forth in preceding election; or subdivision (e) of this section. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 FEDERAL RESERVE BULLETIN AUGUST 1933 (h) Affiliate.—The term "affiliate" includes any by made a part of this regulation, that such holding corporation, business trust, association, or other company affiliate will be subject to the same condisimilar organization— tions and limitations as are applicable under section (1) Of which a member bank, directly or indirectly, 5144 of the Revised Statutes, as amended, in the case owns or controls a majority of the voting shares; or of holding company affiliates of national banks. Every (2) Of which a member bank, directly or indirectly, State member bank which hereafter becomes a subowns or controls more than 50 percent of the number sidiary of any holding company affiliate shall obtain of shares voted for the election of any such organiza- from such holding company affiliate a like agreement tion's directors, trustees, or other persons exercising within 90 days after such member bank shall have similar functions at the preceding election; or become a subsidiary thereof. (3) Of which a member bank controls in any manner Upon the failure of a State member bank which is the election of a majority of any such organization's now or becomes hereafter a subsidiary of a holding directors, trustees, or other persons exercising similar company affiliate to obtain the requisite agreement functions; or within the time prescribed, the Board will require such (4) Of which control is held, directly or indirectly, bank to surrender its stock in the Federal Reserve bank through stock ownership or in any other manner, by and to forfeit all rights and privileges of membership the shareholders of a member bank who own or control in the Federal Reserve System. a majority of the shares of such bank; or Any State banking institution applying for member- (5) Of which control is held, directly or indirectly, ship in the Federal Reserve System which is a subsidithrough stock ownership or in any other manner, by ary of any corporation, business trust, association, or the shareholders of a member bank who own or con- other similar organization, will be required to obtain an trol more than 50 percent of the number of shares agreement from each such organization with which it is voted for the election of directors of such bank at the so affiliated on F.R.B. Form P-6, which is hereby made preceding election; or a part of this regulation, and the application of such (6) Of which control is held, directly or indirectly, organization for a voting permit must be approved by through stock ownership or in any other manner, by the Board before such banking institution will be trustees for the benefit of the shareholders of any admitted to membership. member bank; or The original and one copy of each such agreement (7) Of which a majority of its directors, trustees, or must be filed promptly with the Federal Reserve agent other persons exercising similar functions are directors of the district in which the applicant's principal office of any one member bank. is located, and the original of such agreement shall be (i) When deemed affiliated.—A corporation, busi- sent by such Federal Reserve agent to the Board. ness trust, association, partnership, or other organization of any kind whatsoever shall be " deemed to be SECTION IV. NECESSITY FOR OBTAINING VOTING affiliated" with another such organization if it is affil- PERMITS iated with such other organization in any manner set forth in subdivision (e) or subdivision (h) of this No holding company affiliate of a national bank, and section. no holding company affiliate of a State member bank (j) Securities company.—The term " securities comwhich has executed an agreement such as that required pany" means any corporation, business trust, associaby section III of this regulation, may lawfully vote any tion, or other similar organization formed for the purshare of stock in any such bank with which it is so pose of, or engaged principally in, the issue, flotation, affiliated unless such holding company affiliate shall underwriting, public sale, or distribution, at wholesale have first obtained a voting permit which is in force at or retail or through syndicate participation of stocks, the time such shares are voted, and before voting any bonds, debentures, notes, or other securities of any sort. such stock, each such holding company affiliate must (k) Board.—The term "Board" means the Federal obtain a voting permit pursuant to the provisions of Reserve Board. section 5144, Revised Statutes, as amended, and of this regulation. SECTION III. REQUIREMENTS IN RESPECT TO STATE No State banking institution applying for member- MEMBER BANK'S OBTAINING AND FILING WITH BOARD ship in the Federal Reserve System which is a sub- AGREEMENT BY HOLDING COMPANY AFFILIATE, AND sidiary of any corporation, business trust, association, EFFECT OF FAILURE TO OBTAIN SUCH AGREEMENT or other similar organization, will be admitted to mem- On or before October 1, 1933, each State member bership in the Federal Reserve System until the applibank which is a subsidiary of a holding company affil- cation for a voting permit of each organization of which iate shall obtain from such holding company affil- such banking institution is a subsidiary has been iate an agreement, on F.R.B. Form P-5, which is here- approved by the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 509 SECTION V. APPLICATION FOR VOTING PERMIT SECTION VI. INFORMATION AND DOCUMENTS TO BE FILED WITH APPLICATION Any holding company affiliate of a member bank, and any organization affiliated in any manner described in The statute vests in the Board discretionary authorsubdivision (a) of section II of this regulation with a ity to grant or withhold any voting permit applied for nonmember bank applying for membership in the as the public interest may require. In acting upon Federal Reserve System, may make application for a each application for a voting permit, the Board is voting permit entitling it to cast one vote on each required to consider the financial condition of the share of stock controlled by it at all elections of direc- applicant, the general character of its management, tors and in deciding all questions at meetings of share- and the probable effect of the granting of such permit holders of each of its subsidiary member banks. In upon the affairs of each subsidiary member bank. In the event that the stock is held by a trustee, or trustees, order that the Board may give adequate consideration for the benefit of a holding company affiliate or of its to these subjects, each applicant for a voting permit shareholders or members, the permit may authorize must furnish with its application the following inforsuch trustee or trustees so to vote the same, except that mation and documents: no such permit to vote shares of stock of a national (1) Names and addresses of all subsidiary member banking association held by it as sole trustee will be banks. granted. (2) Certified copy of charter or articles of associa- Each application must be submitted on F.R.B. tion and bylaws of applicant, with all amendments to Form P-l, which is made a part of this regulation. It date. is necessary for an applicant hereunder to file only one (3) Statement of financial condition of applicant, as application, notwithstanding that such applicant may of date of application, including detailed list of investown or control more than one subsidiary member bank. ments. However, a separate agreement on F.R.B. Form P-3 (4) Copy of report of last audit of applicant by an to permit examinations and furnish reports of condi- independent auditor or auditors, if any. tion must be filed by each organization (other than a (5) Detailed statement in regard to management member bank) with which the applicant or any of its and personnel of applicant, including list of directors subsidiaries is affiliated (including a similar and sepa- and principal officers and stockholders, and their rate agreement by each of applicant's subsidiary non- principal business interests. member banks, notwithstanding that any or all of (6) List of all of applicant's subsidiaries and all such subsidiary nonmember banks may also be apply- other corporations, business trusts, associations, or ing for membership in the System). other similar organizations with which applicant or In preparing the application, all forms (except any of its subsidiaries is affiliated, with description of signatures of persons executing same) should be filled their functions, and detailed statement of relations of out by typewriter. The original and two executed applicant with each such organization. counterparts of the application must be sent to the (7) Statement of financial condition of each subsid- Federal Reserve agent of the district in which the iary member bank, as of a date not in excess of 60 days applicant's principal office is located, and if any subsid- prior to date of application. iary member bank or subsidiary nonmember bank ap- (8) Copy of report of last examination, if any, by plying for membership is situated in any district other State authorities of each of applicant's subsidiaries than that in which the applicant's principal office is and of each other corporation, business trust, associalocated, a copy of the application must be filed with tion, or other similar organization with which applicant the Federal Reserve agent of each such other district. or any of its subsidiaries is affiliated (other than a The Federal Reserve agent of the district in which the member bank). applicant's principal office is located will forward the (9) Copy of report of last examination, if any, by original and one executed counterpart of such appli- applicant of each of its subsidiaries and of each other cation to the Board with his recommendation and that corporation, business trust, association, or other of the executive committee of the Federal Reserve similar organization with which applicant or any of bank of such district. The Federal Reserve agent of its subsidiaries is affiliated. any other district in which a subsidiary member bank (10) Detailed statement of any plan of reorganizaor a subsidiary nonmember bank applying for member- tion involving any subsidiary or any other corporation, ship is located will forward to the Board his recom- business trust, association, or other similar organization mendation and that of the executive committee of the with which applicant or any of its subsidiaries is Federal Reserve bank in his district. affiliated, effected since last examination of any such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDERAL RESERVE BULLETIN AUGUST 1933 organization, and of any such reorganization proposed (6) Detailed list of any and all contingent liabilities or pending. of applicant. (11) Agreements by subsidiary nonmember banks (b) Statement of relationship of applicant to suband affiliated organizations (other than member sidiaries and affiliated organizations.—There must banks) to submit to examination and furnish reports also be attached to each application for a voting of condition (F.R.B. Form P-3). permit, as exhibit G, a list of all of the applicant's (12) Statement as to whether any certificate repre- subsidiaries and all other organizations with which senting stock of applicant represents stock of any other the applicant or any of its subsidiaries is affiliated, corporation, and whether ownership, sale, or transfer of with a description of their functions, and a detailed any certificate representing the stock of applicant is statement of the relationship of the applicant to its conditioned in any manner whatsoever upon the owner- subsidiaries and to any and all other organizations ship, sale, or transfer of a certificate representing the with which the applicant or any of its subsidiaries is stock of any other corporation. If so, information affiliated. Among other things, this statement must as to manner in which the ownership, sale, or transfer set forth: of a certificate representing stock in applicant affects (1) The total number of shares of capital stock of the ownership, sale, or transfer of a certificate repre- each subsidiary and each other affiliated organization senting stock in such other corporation. authorized and outstanding; (13) Statement as to whether applicant owns, con- (2) The number of shares owned or controlled by trols, or has any interest in, and whether it is partici- applicant, or held by any trustee for the benefit of pating in the management or direction of, any securi- the shareholders or members thereof; ties company. (3) The form of control, whether sole or joint; (4) The manner in which, and object for which, y SECTION VII. REQUIREMENTS REGARDING EXHIBITS D, G control was established and is maintained; AND H (5) The extent of control; (a) Statement of financial condition of applicant.— (6) Whether control is direct or indirect; and There must be attached to each application for a voting (7) The names of the intermediaries through which permit, as exhibit D, a statement of the financial con- control, if indirect, was established and is maintained. dition of the applicant as of the date of the application. If control is held through any trustee, there should This statement must be taken from the books of the be attached to exhibit G a copy of the agreement applicant, must show each control account separately, creating the trust and a copy of each other instrument and must give detailed information in respect to the directly affecting the trust; and the exhibit must set following: forth, in addition to the information required above: (1) Loans, extensions of credit, and advances in any (1) The name of such trustee or trustees; form (including repurchase agreements and securities (2) The names of the beneficiaries for whom the loaned) by each subsidiary bank to applicant, the trust is maintained; and amounts, forms, and maturity dates thereof, the in- (3) The purpose of the trust. terest rates thereon, and the collateral pledged therefor. (c) Statement of financial condition of each sub- (2) Investments of applicant in capital stock of each sidiary member bank.—There must be attached to the subsidiary bank and each other organization with which application, as exhibit H, a statement of the financial applicant or any of its subsidiaries is affiliated, the condition of each subsidiary member bank as of a number of shares of stock of each such affiliated organ- date not in excess of 60 days prior to the date of appliization authorized and outstanding, the par and book cation. Such statement must be taken from the books value thereof, and the number of shares pledged, if any. of the bank, and must be supplemented by full and* (3) Other investments: complete information in respect to: (i) Bonds.—Names of obligors, par value, book (1) Funds of each subsidiary member bank invested value, interest rate, maturity, and bonds in capital stock, bonds, debentures, or other such pledged, if any. obligations of applicant, or of any subsidiary of appli- (ii) Stocks.—Number of shares, par value, book cant, or of any other organization with which applicant value, class of stock, and stocks pledged, or any of its subsidiaries is affiliated. if any. (2) Loans, advances, or extensions of credit made to (4) Capital stock of applicant, classes of such stock, any person, partnership, association, business trust, number of shares authorized and outstanding in each corporation, or other organization against the capital class, the par value thereof, and any options or stock- stock, bonds, debentures, or other obligations of purchase warrants outstanding. applicant, or of any subsidiary of applicant, or of any (5) Accounts due to and from each subsidiary and other organization with which applicant or any of the each affiliate of applicant or of any of its subisidiaries. subsidiaries is affiliated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST : FEDERAL RESERVE BULLETIN 511 (3) Balances "due to" and "due from" each sub- (6) That thenceforth it will declare dividends only sidiary of applicant and each other organization with out of actual net earnings. which applicant or any of its subsidiaries is affiliated. (7) That it will maintain the required reserves of If a subsidiary member bank of the applicant is readily marketable assets, as set forth in section IX exercising fiduciary powers, a supplementary statement hereof. must be attached to exhibit H, which statement must (8) That it will furnish such information to the set forth the amount of capital stock, bonds, deben- Board as it may require. tures or other obligations of, or guaranteed by, the (9) That copies of reports of examinations by conapplicant or any subsidiary or other organization with stituted authorities, and any other information they which the applicant or any of its subsidiaries is affili- may have relating to applicant or its subsidiaries of the ated, which have been purchased for account of any other organizations with which applicant or any of its of the trusts held in the trust department of such subsidiaries is affiliated, may be furnished to the Fedsubsidiary member bank. This supplementary state- eral Reserve Board, the Federal Reserve agent, the ment must set forth the name of the trust, the amount Comptroller of the Currency, or other duly constituted of the corpus thereof, and the amount invested in such authority, upon request therefor. capital stock or other obligations. (10) That any permit for which application is made may be granted for a temporary period in the discretion SECTION VIII. CONDITIONS WITH RESPECT TO ISSUANCE of the Board. OF PERMIT (11) That, if so requested by the Board, applicant will require any subsidiary nonmember bank to apply No voting permit will be granted unless the applicant for membership in the Federal Reserve System, or will agrees, among other things: surrender any voting permit granted hereunder upon (1) To permit at its expense such examinations of failure of any such bank to make such application and its affairs by examiners duly authorized to examine become a member of the Federal Reserve System, or banks with which it is affiliated as may be necessary to will divest itself of its ownership or control of such disclose fully the relations between applicant and such bank. banks, and any other subsidiaries and other organiza- In the event that the applicant, at the time of filing tions with which applicant or any of its subsidiaries is the application for such permit, owns, controls, or has affiliated, and the effect of such relations upon the an interest in, or is participating in the management or affairs of such banks and other organizations. direction of, any securities company, it must agree (2) That the reports of such examiners may contain that, within 5 years after the filing of such application, such information as may be necessary to disclose fully (i) it will divest itself of its ownership, control, and the relations between applicant and the banks with interest in such securities company, (ii) will cease parwhich it is affiliated, and any other subsidiaries and ticipating in the management or direction thereof, and other organizations with which applicant or any of its (in) will not thereafter, during the period that the persubsidiaries is affiliated, and the effect of such relations mit remains in force, acquire any further ownership, upon the affairs of such banks and other organizations. control, or interest in any such securities company or (3) That such examiners may examine each banking participate in the management or direction thereof.1 institution or other organization owned or controlled by applicant either individually or in conjunction with SECTION IX. RESERVE REQUIREMENTS other banks or other organizations owned or controlled by applicant. (a) Holding company affiliate whose shareholders (4) That publication of individual or consolidated are not personally liable.—Beginning June 16, 1938, statements of the condition of the subsidiaries of ap- every holding company affiliate, the shareholders or plicant and other organizations with which applicant members of which are not individually and severally or any of its subsidiaries is affiliated may be required liable in proportion to the number of shares of such by the Board. holding company affiliate held by them respectively, (5) That during the period that any permit granted to applicant remains in force it will not acquire any i Section 20 of the Banking Act of 1933 provides that, after June 15, ownership, control, or interest in any securities com- 1934, no member bank may be affiliated in any manner described in subpany, and will not participate in the management or division (h) of section II of this regulation with any securities company, and for every violation thereof the member bank involved is subject to a direction of any such company other than one in the penalty not exceeding $1,000 per day for each day during which such management or direction of which applicant is par- violation continues. If any such violation continues for 6 calendar ticipating at the time of the filing of the application, months after the member bank shall have been warned by the Board to and will not engage principally in the business of a discontinue the same the rights, privileges and franchises of the national bank, or the rights and privileges of membership of the State bank, as securities company in any manner or by any device the case may be, may be forfeited as provided in the Federal Reserve whatsoever. Act, as amended. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN AUGUST 1933 in addition to the amounts invested therein, for all officers, directors, agents, and employees of member statutory liability imposed on such holding company banks under section 5209 of the Revised Statutes, as affiliate by reason of its control of shares of stock of amended (U.S.C., title 12, sec. 592). banks, must, during the life of any voting permit granted by the Board to such holding company SECTION XI. REVOCATION OF PERMIT affiliate: (1) Own, and continue to own, free and clear of any (a) Grounds and method of revocation.—If it aplien, pledge, or hypothecation of any nature, readily pears to the Board that any holding company affiliate marketable assets other than bank stock in an amount has violated any of the provisions of the Banking Act not less than 12 per centum of the aggregate par value of 1933 or of any agreement made pursuant thereto, of all bank stocks controlled by such holding company the Board may, in its discretion, revoke any such votaffiliate; and ing permit after giving 60 days' notice by registered (2) Increase such amount by not less than 2 per mail of its intention to the holding company affiliate centum per annum of such aggregate par value until and affording it an opportunity to be heard. such assets amount to 25 per centum of the aggregate (b) Effect on national banks.—Whenever a voting par value of such bank stocks; and permit of a holding company affiliate of a national (3) Reinvest in readily marketable assets other than bank shall have been revoked, no national bank, whose bank stock all net earnings over and above 6 per centum stock is controlled by the holding company affiliate per annum on the book value of its own shares out- whose permit is so revoked, may receive deposits of standing until such assets shall amount to such 25 per public moneys of the United States, or pay any further centum of the aggregate par value of all bank stocks dividend to such holding company affiliate upon any controlled by it. shares of such bank controlled by such holding com- (b) Holding company affiliate whose shareholders pany affiliate; and, in the discretion of the Board, the are personally liable.—Beginning June 16, 1938, a rights, privileges, and franchises of any or all such holding company affiliate, the shareholders or members banks, the stock of which is controlled by such holding of which are individually and severally liable in propor- company affiliate, are subject to forfeiture in accordance tion to the number of shares of such holding company with section 2 of the Federal Reserve Act, as amended. affiliate held by them respectively, in addition to the (c) Effect on State member banks.—Whenever the amounts invested therein, for all statutory liability Board shall have revoked the voting permit of a holding imposed on such holding company affiliate by reason company affiliate of a State member bank, the Board of its control of shares of stock of banks, is required may, in its discretion, require any or all State member only to establish and maintain out of net earnings over banks affiliated with such holding company affiliate to and above 6 per centum per annum on the book value surrender their stock in the Federal Reserve bank and of its own shares outstanding a reserve of readily to forfeit all rights and privileges of membership in marketable assets in an amount of not less than 12 the Federal Reserve System, as provided in section 9 per centum of the aggregate par value of bank stocks of the Federal Reserve Act, as amended. controlled by it. (c) Use of reserves.—Beginning June 16, 1938, the SECTION XII. PARTICIPATION BY SUBSIDIARY MEMBER assets required to be maintained as reserves may be BANKS OF SAME HOLDING COMPANY AFFILIATE WITHIN used by the holding company affiliate for replacement THE SAME FEDERAL RESERVE DISTRICT IN NOMINAof capital in banks affiliated with it and for losses TION OR ELECTION OF DIRECTORS OF FEDERAL REincurred in such banks; but any deficiency in such assets SERVE BANKS resulting from such use must be made up within a Whenever two or more member banks within the period of 2 years after the date such assets were so same Federal Reserve district are subsidiaries of the depleted, unless the Federal Reserve Board, in its same holding company affiliate, only one such bank discretion, extends such period for cause. may participate in any nomination or election of direc- SECTION X. PENAL PROVISIONS tors of the Federal Reserve bank for such district, and the holding company affiliate of such subsidiary mem- Under subparagraph (d) of section 5144 of the Reber banks may designate the particular subsidiary vised Statutes, as amended, every officer, director, member bank which is to participate in such nominaagent, and employee of every holding company affiliate tion or election. of a national bank, or of a State member bank which has entered into an agreement such as that required by SECTION XIII. RIGHT TO AMEND section III hereof, is made subject to the same penalties for false entries in any book, report, or statement of The right to alter, amend, or repeal this regulation, such holding company affiliate as are applicable to in whole or in part, is expressly reserved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

513 AUGUST 1933 FEDERAL RESERVE BULLETIN 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 Reserve bank Federal Reserve bank July June July July 5 July 12 July 19 July 26 Boston __, 8.1 11.7 25.4 Boston.. 8,837 8,210 7,831 7,529 New York 51.4 61.9 103.5 New York 54,756 53,823 48, 563 49,179 Philadelphia _ _ 33.8 39.6 72.3 Philadelphia.. 34,413 33, 580 33, 321 33,326 Cleveland. _ _ _ 10.7 39.1 51.7 Cleveland 11, 543 10, 651 11,044 9,949 Richmond 13.8 15.8 28.5 Richmond 13, 540 13, 730 13,940 13, 539 Atlanta . 8.3 11.0 39.9 Atlanta 8,293 8,163 8,616 8,116 Chicago 11.9 15.1 41.2 Chicago.- 12,447 12,450 12,055 10,608 St. Louis > . _ _- 2.4 2.9 13.5 St. Louis 2,595 2,284 2,108 2,062 M inneapolis 4.6 6.1 12.7 Minneapolis-. 4,914 4,767 4,499 4,438 Kansas City 7.3 10.9 23.1 Kansas City.. 8,715 8,250 7,570 4,900 Dallas ._ _ ______ 3.8 4.6 16.0 Dallas 3,258 3,561 3,964 4,108 San Francisco 13.5 31.3 95.2 San Francisco. 18,492 8,397 9,618 13,609 Total 169.6 249.9 522.9 Total... 181,803 167,866 163,129 161,363 Back figures— See Annual Reports for 1931 (table 80), 1928 (table 72), Back figures—See Annual Reports for 1931 (table 83), 1930 (table 78), etc. and 1927 (table 55). CASH HOLDINGS, DEPOSITS, NOTE CIRCULATION, AND RATIO OF CASH HOLDINGS TO LIABILITIES [Amounts in thousands of dollars] Average daily figures Ratio of gold and othe Total g o o t l h d e r r e c s a e s r h ves and Total deposits Federa c l ir R c e u s la e t r i v o e n n l otes in c F a e s d h e ra to l R d e e s p e o r s v i e t n a o n t d e Federal Reserve bank liabilities combined 1933 1932 1933 1932 1933 1932 1933 1932 July June July July June July July June July July June July Boston 312,990 318,924 231,094 172,942 173,824 143,050 224,173 222,368 207,068 78.8 80.5 66.0 New York 970,974 1,031,586 811,106 984, 293 1,031,435 940,561 657.972 664,399 607,446 59.1 60.8 52.4 Philadelphia 245, 239 235,236 201,857 142,007 133,294 120,408 239, 951 241,869 257,030 64.2 62.7 53.5 Cleveland 316,243 288,844 249,308 170,412 160,054 151,249 305,113 312,667 294,872 66.5 61.1 55.9 Richmond __ __168,306 174,105 77,177 92,167 90,984 55,193 139,467 143,313 92,641 72.7 74.3 52.2 Atlanta- 128, 571 137,848 77,686 63,378 66, 541 44,805 117: 950 124,032 113,363 70.9 72.3 49.1 Chicago _ 924, 813 927,044 738,896 407, 569 354,365. 284,578 776,334 . 807,224 731,387 78.1 79.8 72.7 St. Louis. _ 163,312 *• 162,650 87,629 89, 558 82,147 57,989 139,053 r 142,577 98, 216 71.4 72.4 56.1 Minneapolis 94,971 86,858 61,612 58,014 51,398 42,468 90,688 90,447 79,455 63.9 61.2 50.5 Kansas City 156,952 139,118 85,405 108,408 91,016 68, 753 112,053 112,376 91,105 71.2 68.4 53.4 Dallas- 54,176 r 49,813 48,348 59, 714 54,661 47,560 34,868 35,846 37,669 57.3 55.0 56.7 San Francisco 273,798 261,650 193,126 171,362 166,869 137,729 224,163 230, 542 252,381 69.2 65.8 49.5 Total 3,810,345 ' 3,813,676 2,863,244 2, 519,824 2,456,588 2,094,343 3,061. 785 ' 3,127,660 2,862,633 68.3 68.3 57.8 1 Includes "Federal Reserve notes of other banks" as follows: Latest month, $18,095,000: month ago, $18,655,000: year ago, $15,252,000. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN AUGUST 1933 EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES, ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, JULY 31, 1933 [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l i - l a a- C l l a e 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 - ASSETS Gold with Federal Reserve agents.. 2, 759, 572 230, 609 616, 706 180, 000 237, 770 .124,83594, 550 774,282 119,474 67, 779 106,290 24,014 183,263 Gold redemption fund with U.S. Treasury- 38, 761 1, 544 7,843 3,901 4,818 1,266 2,616 3,792 1,342 1,870 1,522 1,129 7,118 Gold held exclusively against F.R. notes 2,798,333 232,153 624, 549 183,901 242,588 126,10197,166 778,074 120,816 69, 649 107, ,812 25,14i 190,381 Gold settlement fund with F.R. Board 506, 224 18,886 164,942 10,447 51,602 22,89; 12,493 126, 252 24,191 18,139 25, 203 13, 670 17,504 Gold and gold certificates held by banks. _. 243, 265 22,119 135,079 14, 746 4,074 4,776 3,786 9,211 475 12, 525 5,203 30,577 Total gold reserves. 3, 547,822273,158 924, 570 209, 094 298, 264 153, 772 113,445913,537 145,701 88, 263145, 540 44,016 238,462 Other cash i 245,171 16, 658 70, 85026,456 23, 341 13,169 12,059 31,159 10,260 4,994 10,639 7,465 18,121 Total gold reserves and other cash...3, 792, 993289, 816 995, 420 235, 550 321, 605 166,941125, 504 944,696 155,961 93, 257156,179 51,481 256, 583 Redemption fund—F.R. bank notes 7,993 895 3,253 390 528 220 1,908 100 100 50 299 250 Bills discounted: Secured by U.S. Government obligations _. 40,836 2,034 16, 477 5, 759 2,687 2,115 320 1,192 528 108 290 992 8,334 Other bills discounted 126, 329 5,783 32,029 27,985 7,073 11, 707 8,614 9,753 1,896 4,249 4,713 3,748 8,779 Total bills discounted.. 167,16, 7,817 48, 50633, 744 9,760 13,822 8,934 10,945 2,424 4,357 5,003 4,740 17,113 Bills bought in open market. 8,540 522 2,681 750 702 276 248 929 207 140 206 305 1,574 U.S.Government securities: Bonds 441,266 21,973 179,779 29, 56434, 223 10,922 10,455 68,161 14, 353 16, 746 12,458 17, 200 25,432 Treasury notes 728,166 44,402 271, 57654, 71671,451 22, 797 21,812 100, 529 28, 916 19, 248 24, 602 15, 029 53,088 Certificates and bills 85.8,289 49,700 304,511 61,244 79,977 25, 514 24,414 155, 255 32, 363 21, 534 27, 536 16,821 59, 420 Total U.S. Government securities...2,027,721 116,075 755,866 145,524 185,651 59, 233 56,681 323,945 75, 632 57, 528 64, 596 49, 050 137,940 Other securities- 1' 1,268 510 50 19 Total bills and securities.. 2, 205, 273124, 414 808,321 180,528 196,113 73,331 65,863 335,! 78,263 62,044 69,805 54, 095 1561,,627 Due from foreign banks 4,029 286 1,671 411 146 131 508 18 12 108 108 261 F.R. notes of other banks 20,104 380 7,228 666 1,212 1,405 614 4,248 947 540 853 307 1,704 Unconnected items 303,944 37,113 78,481 23, 27631,660 25,028 7,812 40,108 11, 282 9,400 16,921 10,192 12,671 Bank premises 54, 370 3,280 12,818 3,448 6,929 3,238 2,422 7,608 3,285 1,747 3,559 1,792 4,244 All other assets 52,801 756 27, 627 3,772 2,589 3,895 V 1,931 665 1,430 2,835 1,454 1,183 Total assets.. 6,441,507 456,940 1,934,819 448,041 561,005 273, 984 207, 230 1,336,876 250,521168,530 250,310 119,728 433, 523 F.R. notes in actual circulation 3,012,485 223,198 646, 581 237,267 302, 560 1356,56 116,197 761,617 137,328 90,406 111, 657 33,461216, 557 F.R. bank notes in actual circulation 127,357 12, 309 53,781 7,730 9,075 2,231 31, 377 453 1,331 989 3,883 4,198 Member bank—reserve account- 2,293,875 138,261 954,322 119,338 151, 79374,295 52,882 382,128 68,125 49,3''9 102,058 53, 666 147, Government— 66,023 5,334 13, 866 3,313 8,652 6,982 2,077 13,191 3,167 2,79"3~ 1,385 2,934 2,329 Foreign bank 19,023 1,394 6,301 2,006 1,891 745 669 2,483 650 439 554 554 1,337 Special deposits: Member bank 80,661 3,417 5,788 8,671 6,155 4,782 3,390 34,108 3,! 1,618 2,867 311 5,588 Nonmember bank 20,966 897 1,896 114 3,158 203 7,023 5,938 789 165 783 Other deposits 63, 707 4,441 23, 259 5,544 5,480 2,943 8,644 3,055 1,304 301 494 8,159 Total deposits 2,544, 25, 152,847 1,004,433 135,307 174,149 95,442 62,164 447,577 84,901 56,322 1077,,330 57,959 165, 824 Deferred availability items. 303,930 36,848 74,994 21,763 32,191 25,306 8,278 39,706 12,603 9,366 17,122 10, 870 14,883 Capital paid in __ 146,100 10,746 58,532 15,814 12,167 5,034 4,!" " " 13, 228) 4,020 2,869 4,311 3,741 10, 710 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 28, 781 532 11,440 918 2,569 930 2,888 3,874 1,030 1,217 638 1,095 1,650 Total liabilities 6,441, 507456,940 1,934,819 448,041561,005 273, 984 207, 230 1,336,876 250,521168, 530 250,310 119, 728 433, 523 Ratio of total gold reserves and other cash* to deposit and F.R. note liabilities combined (percent) 60.3 63.2 67.5 72.2 70.4 78.1 70.2 63.6 71.31 56.3 67.1 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F. R. bank by F. R. agent..3,265,310 241,627 718,708 252,779 317,935 144,489 138, 376 791,008 147,486 1,224121,002 36,445 262,231 Held by F. R. bank 252,825 18,429 72,127 15, 51215,375 8,833 22,179 29,391 10,158 2,818 9,345 45,674 In actual circulation 3,012,485 223,198 646, 581 237, 267 302, 560 135, 656 116,197 761,617 137,328 90,406 111, 65733,461 216, 557 Collateral held by agent as security for notes issued to bank: Gold 2, 759, 572230,609 616,706 180,000 237,770 124,835 94, 550 774,2821191,,474 67, 779 106,290 24,014 183,263 E U. l S ig . ib G le o v p e a r p n e m r ent securities 4 1 6 02 9 , , 2 5 0 4 0 2 1 7 0, , 0 6 0 5 0 3 1 2 0 9 0 , , 6 00 1 0 8 6 1 0 5 , , 0 3 0 0 0 6 7 8 5 _, , 1 0 _7 0 .4 0 1 ^ 5 5 , 4 0 7 00 4 5 2 , , 4 0 9 0 1 0 2 4 0 , , 4 0 5 0 7 0 27 1, , 4 0 9 0 2 0 2 2 3 , , 5 2 4 00 6 1 3 5 , , 1 0 7 0 3 0 1 4 0, , 0 4 0 7 0 8 7 1 2 2 , , 0 6 0 0 0 7 FEDERAL RESERVE BANK NOTE STATE- MENT F. R. bank notes: Issued to F. R. bank (outstanding)... 147,412 14,175 64,027 7,798 11,488 2,240 33,408 560 1,380 7, 4,250 Held by F. R. bank 20,055 1,866 10,246 2,413 2,031 107 49 3,205 52 In actual circulation 127,357 12,309 53,781 7,730 9,075 2,231 31, 377 453 1,331 4,198 Collateral pledged against outstanding notes: Discounted and purchased bills 2,302 1,476 283 329 214 U.S. Government securities _. 171,274 20,000 64,274 8,000 15,000 3,000 40,000 5,000 2,000 1,000 8,000 5,000 *"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

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING SIX MONTHS ENDING JUNE 30, 1933 Total Boston New York Ph p il h a i d a el- Cleveland m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas San ci s F c r o an- Earnings: Discounted bills _ _ $6,842,801 $249, 730 $1,977, 787 $883, 816 $328, 302 $390, 541 $497,832 $98, 805 $165, 783 $235,364 $93,779 $994,163 Purchased bills 1, 097, 263 212,088 245, 315 47, 573 58, 513 46, 676 39, 848 218,131 40,131 34, 303 21, 322 15, 318 118,045 United States securities 16, 871,479 6, 656,885 1, 223,982 1,611,873 434,003 442,945 2, 341,857 599, 827 555, 586 523,093 483, 550 1,116,918 Deficient reserve penalties 152, 360 2,030 15, 705 23,988 13,869 10,891 18, 600 16,496 8,500 5,971 4,452 5,940 25,918 Miscellaneous 677, 237 26, 018 205,876 12, 438 43, 322 15, 997 50, 895 114, 731 29, 214 22,613 112,905 6,839 36,389 Total earnings 25,641,140 1, 370, 826 9,101, 568 2,191, 797 2, 654, 476 835,869 942, 829 3,189, 047 776, 477 784, 256 897,136 605,426 2, 291,433 Current expenses: Salaries: Officers 1,279,462 65, 973 284, 652 65, 794 115,424 82, 440 99,990 149, 040 86, 240 48, 772 83,683 79, 656 117, 798 Clerical employees 5, 645, 226 401, 215 1, 533, 356 489, 027 520, 930 289,020 186, 905 692, 980 283, 234 175,850 301, 659 235, 809 535, 241 Other employees 1, 607,495 77,098 427,411 78,972 218,199 78,999 43,050 231, 894 74, 050 61, 239 105,383 57,474 153,726 Governors' conferences 2,498 116 56 45 225 51 166 120 328 223 319 F F e e d d e e r r a a l l A Re d s v e i r s v o e ry a g C e o n u t n s' c c il onferences 7,99 9 9 8 7 9 0 8 0 465 500 300 150 472 764 650 799 550 849 1,800 a T D r i a re v c e t l o in rs g ' e m x e p e e t n in se g s s l 1 9 3 0 9 , , 5 7 7 1 3 3 4 3 , , 5 5 4 8 6 0 1 12 1 , , 1 2 4 6 8 5 12 4 , , 0 0 5 3 4 9 6 7 , , 0 8 7 4 5 0 4 9 , ,1 6 2 8 8 0 1 12 1 , , 4 4 1 2 7 9 19 6 , , 7 5 3 1 7 8 8 9 , , 3 7 5 00 5 1 4 3 , , 6 1 3 3 6 1 1 1 4 0 , , 1 8 0 3 0 7 4 7 , , 5 3 5 6 7 3 2 1 0 1 , , 7 3 8 6 9 2 Assessments for Federal Reserve Board expenses 408,826 29, 782 136, 637 43,068 40, 317 15, 945 14, 477 52,927 13,833 9,419 11,711 12, 010 28,700 Legal fees 46. 681 1,200 10 7,331 1,884 *• 1,577 3,931 ' 6,909 273 17,869 5,069 5,097 5,531 Insurance on currency and security shipments. _ 213, 575 23, 565 41,968 18, 257 17,526 11, 047 17,903 32,158 5,675 6,888 7,240 7,686 23, 662 Other insurance 258, 570 16, 052 47, 208 19,060 19,448 14,967 13,880 25,819 23, 738 16, 994 24,030 14, 472 22,902 tr1 L Ta ig x h e t s , o h n e a b t a , n p k o i w ng er h , o a u n s d e w . ater 6 1 6 7 6 8 , ,4 7 6 0 0 9 12, 537 1 2 8 9 3 , , 2 1 5 9 5 3 2 1 8 2 , , 3 8 3 3 0 9 7 1 0 8 , , 5 7 9 56 5 34 8 , , 7 6 5 1 6 3 30 8 , , 8 6 5 2 9 1 2 7 6 9 , , 3 5 2 9 2 0 2 1 7 1 , , 1 2 4 6 6 0 3 9 2 , , 7 9 5 7 1 0 4 1 4 5 , , 0 5 8 2 2 7 16 8 , , 2 3 5 0 8 8 5 1 0 6 , , 9 6 3 1 8 5 w Repairs and alterations 63,071 1,855 22,288 3,295 8,564 558 1,837 6,433 2,472 4,200 892 10,046 Rent 84, 512 240 494 44,347 7,690 2,192 1,079 1,500 740 26,230 00 Office and other supplies _- 166,957 8,182 33,504 17, 318 20,497 8,969 7,358 20, 943 7,144 8,004 11,059 5,001 18,978 tel Printing and stationery 270, 727 19,417 45, 766 21,541 31, 722 13, 616 12, 535 43, 349 13,283 10, 046 13,800 9,101 36, 551 Telephone _. 170, 930 11, 530 44, 535 21, 216 14, 617 7,743 6,990 18, 361 9,315 5,140 6,109 5,972 19,402 Telegraph _ 249,347 5,643 51,497 16,884 14,151 16, 319 23, 989 19,871 18,283 9,067 30,118 15,909 27, 616 tel E P x o p st r a e g ss e a . g e _ - 1, 2 2 8 7 1 7 , , 3 7 8 3 0 8 1 2 2 8 8 , , 9 1 9 8 1 3 2 6 1 1 2 , , 9 3 2 8 1 9 10 2 9 8 , , 3 7 4 4 2 8 1 2 1 1 2 , , 9 9 6 3 2 3 8 1 2 7 , , 0 6 3 3 0 6 8 1 2 8 , , 6 6 2 5 5 4 17 4 7 1 , , 5 7 1 5 4 6 56 9 , , 4 9 7 5 6 2 57 8 , , 7 9 8 2 1 2 8 1 6 4 , , 1 9 9 4 9 1 5 1 4 2 , , 5 5 2 1 9 4 1 1 1 6 6 , , 5 5 3 8 2 8 I W Miscellaneous expenses 336, 920 15,170 95,312 32,896 23,493 13,118 14,150 41,015 17,141 17, 747 17, 557 16, 526 32, 795 Total, exclusive of cost of currency 13,447,467 923, 721 3, 274, 836 1,031, 050 1, 329,805 719,052 614, 530 1, 695,145 679,840 505,984 808, 077 571,042 1, 294,385 Federal Reserve currency: tel Original cost, including shipping charges 1, 403,934 129,413 214,418 72,887 122,109 52,829 56, 764 347, 559 89,571 68,481 71, 366 41,635 136,902 82,847 5,885 20,191 7,587 10,443 4,652 3,927 14,198 4,936 1,485 2,518 1,449 5,576 Cost of redemption, including shipping charges.. 54, 216 46,136 1,600 Taxes on Federal Reserve bank note circulation- 14, 988,464 1,059,019 3, 555, 581 1,118,004 1,462, 357 776, 533 675,221 2, 056,902 775,947 575,950 881, 961 614,126 1,436,863 Total current expenses = - :.- Current net earnings 10,652,676 311,807 5, 545,987 1, 073, 793 1,192,119 59,336 267,608 1,132,145 530 208,306 15,175 -8, 700 854,570 4, 502,090 322, 468 1, 755, 255 476, 573 417, 722 157,822 140, 758 465, 620 126,504 85,489 123,197 115, 509 315,173 Dividends paid Reimbursable expenditures of fiscal agency department: Salaries 809,256 14,955 93,426 41,609 95, 606 67, 391 52,860 220,043 51, 053 33,108 37,218 22,377 79,610 Allother 212,673 8,348 19,437 7,937 10,434 24, 756 17, 689 61,480 14,467 8,188 7,859 5,887 26,191 TotaL 1,021,929 23,303 112,863 49, 546 106,040 92,147 70, 549 281, 523 65, 520 41,296 45,077 28,264 105,801 i Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Ox ©I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN AUGUST 1933 LICENSED MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures for April-June 1933 Reserves held Federal Reserve district Borrowings at Federal Reserve banks Total Excess June May April June May April June May April Boston 153.3 126.6 132.6 47.0 22.1 29.4 11.7 15.2 17.9 New York 978.1 990.8 978.8 82.9 118.2 162.1 51.0 63.5 92.9 PhiladelDhia 114.8 109.9 107.7 12.4 7.6 6.4 20.5 24.6 33.0 Cleveland - 126.4 118.0 115.4 14.6 9.6 8.9 29.6 52.3 40.1 Richmond 60.3 56.6 51.3 14.4 11.0 10.2 7.8 8.9 11.1 Atlanta 51.1 45.2 42.5 13.9 9.3 8.8 7.2 14.4 17.6 Chicago 293.9 255.3 247.9 100.1 71.9 80.7 9.3 9.3 8.8 St Louis --- 63.4 61.7 60.6 18.8 17.8 16.8 2.9 3.3 2.3 MinneaDolis 43.4 40.0 40.0 9.7 8.3 9.5 6.0 7.8 9.7 Kansas Citv 76.6 69.9 71.8 20.8 16.2 19.3 6.1 7.2 13.7 Dallas -- - .__ 51.3 49.5 50.4 12.2 10.5 11.4 4.4 5.8 6.0 San Francisco 147.7 145.5 140.8 16.4 16.6 15.5 28.5 41.6 69.8 Total 2,160.4 2,068.9 2,039.9 363.1 319.1 379.1 184.4 252.8 323.4 NOTE.—March data not available. NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] Averages of daily figures for April-June, 1933 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 June May April June May April June May April June May April Boston 916 896 881 624 621 624 63 62 62 84 82 83 New York 6,609 6,434 5,998 1,641 1,636 1,687 179 172 162 405 400 394 Philadelphia 740 739 729 527 525 526 122 119 119 340 341 342 Cleveland 822 790 769 716 707 716 102 101 102 181 180 181 Richmond 332 330 295 254 252 227 63 63 59 123 121 116 Atlanta 272 263 247 249 243 225 53 51 50 53 52 50 Chicago 1,386 1,307 1,180 737 724 696 88 84 79 113 110 108 St. Louis - 320 315 314 223 224 225 78 75 71 72 70 70 Minneapolis 193 173 163 178 183 179 87 81 78 155 154 153 Kansas City . 378 360 349 190 189 190 153 148 145 99 99 100 Dallas 272 271 273 158 158 157 124 123 122 29 29 30 San Francisco 812 786 763 1,508 1,522 1,480 75 69 67 74 74 75 Total . 13,053 12,665 11,961 7,005 6,982 6,931 1,188 1,150 1,117 1,727 1,712 1,702 NOTE.—March data not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 517 MEMBER BANKS LICENSED AND NOT LICENSED AS OF JULY 26, 1933 Deposits on Dec. 31, 1932, of banks Number of banks licensed and not licensed on July 26, 1933 (in thousands of dollars) Federal Reserve district Not Not Total Licensed licensed Total Licensed licensed l All member banks: Boston 325 43 2, 034,817 1,958, 720 76,097 New York 825 717 108 10,313,091 10,115, 578 197, 513 Philadelphia 686 589 97 2,183, 388 2, 028,881 154, 507 Cleveland 633 488 145 2, 208, 331 2, 041, 099 167,232 Richmond 392 325 67 1, 024, 000 877, 626 146,374 Atlanta 324 290 34 760, 465 727,910 32, 555 Chicago 778 513 265 3, 058, 948 2, 740, 825 318,123 St. Louis 410 340 70 934, 312 863, 291 71,021 Minneapolis 530 469 61 724, 750 31,286 Kansas City 774 700 74 1, 029, 037 994, 257 34, 780 Dallas 562 536 26 723, 470 718, 670 4,800 San Francisco 430 372 58 2,859,401 2, 815, 275 44,126 Total 6,712 5,664 1,048 27,854,010 26, 575, 596 1,278,414 National banks: Boston 338 297 41 1, 556, 080 1,489, 392 66,688 New York 674 570 104 4, 518,809 4, 343, 695 175,114 Philadelphia 621 531 90 1,511,734 1, 386, 719 125, 015 Cleveland 561 425 136 1, 338,166 1,183,147 155, 019 Richmond 351 287 64 734,885 640,331 94, 554 Atlanta 279 246 33 673,157 655,448 17,709 Chicago 614 402 212 2, 383,333 2,158, 710 224,623 St. Louis 343 282 61 609,366 564, 505 44,861 Minneapolis 494 433 61 690,940 659,654 31, 286 Kansas City 742 668 74 910, 369 875, 589 34, 780 Dailas 511 25 682,280 677,589 4,691 San Francisco 354 46 2,247,860 2, 209,000 Total 5,882 1,935 947 17,856,979 16,843,779 1,013,200 State bank members: Boston 30 28 478, 737 469,328 9,409 New York 151 147 5,794,282 5,771,883 22,399 Philadelphia 65 58 671, 654 642,162 29,492 Cleveland 72 63 870,165 857,952 12,213 Richmond 41 38 289,115 237,295 51,820 Atlanta 45 44 87, 308 72,462 14,846 Chicago 164 111 675,615 582,115 93,500 St. Louis 67 58 324,946 298, 786 26,160 Minneapolis 36 36 33,810 33,810 Kansas City 32 32 118, 668 118, 668 Dallas 51 50 41,190 41, 081 109 San Francisco 76 64 611,541 606,275 5,266 Total 830 729 101 9,997, 031 9, 731,817 265,214 i Exclusive of banks placed in liquidation or receivership. NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, JULY 26, 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 - - - - -- 207 160 523,456 406,748 New York - - - - - - - 325 315 1,123, 725 1,083,382 Philadelphia 276 241 455, 614 391,892 Cleveland - - - - - - - - -- ___ 736 609 621, 317 505,989 Richmond - - - - - 732 593 510, 480 362, 598 Atlanta - - 771 708 217,141 197,935 Chicago -___ _ _ _ - ___ 2,176 1,408 1,027, 703 664,680 St. Louis - - - - - 1,404 1,185 363, 219 317,419 Minneapolis 1,005 897 263,540 237,059 Kansas City --__ _ 1,523 1,246 295, 348 250, 351 Dallas 545 521 144, 510 135,009 San Francisco - 416 367 516,908 504, 534 Total 10,116 8,250 6,062,961 5,057,596 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 FEDERAL RESERVE BULLETIN AUGUST : WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to os 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 e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Y N o e r w k c C a h g i o - Total loans and investments: ^ July 5 16,686 1,183 7,871 1,015 1,108 322 315 1,553 464 317 505 363 1,670 6,937 1,257 _>. July 12 16,724 1,187 7,869 1,013 1,105 327 315 1,579 470 316 513 365 1,665 6,932 1,276 tei July 19 —. 16,766 1,230 7,800 1,017 1,105 329 316 1,597 481 327 520 374 1,670 6,858 1,294 «, July 26 16,662 1,224 7,676 1,020 1,109 330 316 1,616 483 326 520 373 1,669 6,731 1,311 Loans: July 5 8,530 659 520 476 172 176 846 223 173 215 204 878 3,454 670 July 12 8,642 678 4,041 519 474 175 177 866 229 176 220 207 880 3,503 689 July 19 8,654 696 4,000 520 473 175 178 892 231 182 222 210 875 3,458 713 July 26 8,561 692 3,913 521 473 175 178 891 231 181 222 208 876 712 On securities: July 5 3,811 249 2,06? 235 60 58 405 90 48 57 61 224 1,847 341 July 12 3,874 252 2,117 260 233 62 58 406 92 52 58 63 221 1,894 342 July 19 3,864 256 2,091 259 233 62 59 421 91 51 58 64 219 1,862 357 July 26 3,789 251 2,020 259 233 62 60 426 92 50 58 218 1,790 363 All other: July 5 4,719 410 1,920 264 241 112 118 441 133 125 158 143 654 1,607 329 July 12 - 4,768 426 1,924 259 241 113 119 460 137 124 162 144 659 1,609 347 July 19 4,790 440 1,909 261 240 113 119 471 140 131 164 146 656 1,596 356 July 26 4,772 441 1,893 262 240 113 118 465 139 131 164 148 658 1,579 349 Investments: July 5 8,156 524 3,883 495 150 139 707 241 144 290 159 792 3,483 587 July 12 8,082 509 494 631 152 138 713 241 140 293 158 785 3,429 587 July 19 r 8, 112 534 3,800 497 632 154 138 ••705 250 145 164 795 3,400 '581 U.S. Jul G y o 2 v 6 ernment securi- 8,101 532 3,763 499 636 155 138 725 252 145 165 793 3,362 599 ties: July 5 5,203 331 2,567 249 421 104 451 140 183 106 479 2,409 377 July 12_ 5,126 316 2,511 249 423 105 452 140 185 107 471 2,354 374 July 19 5,140 338 2,489 251 426 107 433 148 189 112 476 2,332 355 July 26 5,117 335 2,451 253 429 108 450 148 189 113 472 2,293 371 All other: July 5 2,953 193 1,316 246 211 46 256 101 107 53 313 1,074 210 July 12 2,956 193 1,317 245 208 47 261 101 108 51 314 1,075 213 July 19 2,972 196 1,311 246 206 47 '272 102 109 52 319 1,068 '226 Reserve J w ul i y th 2 6 Federal reserve 2,984 197 1,312 246 207 47 51 275 104 109 52 321 1,069 228 banks: July 5 1,601 123 747 82 80 29 22 271 25 703 232 July 12 — 1,637 115 783 78 73 29 22 280 28 742 252 July 19 1,649 116 783 83 73 28 21 297 28 740 270 July 26 - 1,674 97 71 73 26 22 30 782 272 Cash in vault: July 5 203 17 53 11 16 11 5 43 5 12 15 42 34 July 12 201 18 51 12 17 10 5 41 5 13 15 40 31 July 19 - 188 17 48 10 17 10 5 36 5 12 7 14 37 27 July 26..- 188 17 48 11 17 10 5 36 5 12 7 14 38 27 Net demand deposits: July 5 10,642 720 5,757 581 562 179 143 1,143 272 180 352 210 543 5,374 July 12 10, 709 716 5,793 567 545 183 136 1,179 280 181 365 212 552 5,420 1,006 July 19 10,667 743 5,690 571 537 180 140 ' 1,192 287 193 368 212 554 5,318 1,023 July 26 10, 598 721 5,630 557 539 178 143 1,218 290 190 371 212 549 5,263 1,048 Time deposits: July 5 4,492 397 1,204 287 406 131 132 484 160 131 164 127 785 363 July 12 4,521 399 1,214 297 420 132 138 476 161 130 162 127 865 782 357 July 19 4,547 399 1,228 299 423 133 134 478 161 131 162 128 871 795 359 July 26 4,538 398 1,216 303 427 133 133 470 160 130 163 128 877 351 Government deposits: July 5. '606 45 302 57 31 5 17 51 4 10 22 50 278 44 July 12 581 44 288 56 30 5 16 50 4 10 22 44 265 43 July 19 581 44 288 56 30 5 16 50 4 10 22 44 265 43 July 26 560 43 276 55 29 5 16 49 4 10 22 39 254 42 Due from banks: July 5 1,329 150 136 109 65 58 242 76 129 137 85 190 July 12 1,276 123 119 106 65 65 58 240 75 133 134 73 186 July 19 - 1,196 113 108 89 65 63 62 241 64 122 133 71 187 July 26 1,114 102 101 56 59 55 223 65 118 125 66 171 Due to banks: July 5 2,846 174 1,328 165 146 61 334 77 172 152 1,265 267 July 12 2,771 170 1,285 158 140 57 329 75 176 149 1,226 266 July 19 ... 2,690 163 1,222 151 136 58 337 75 178 143 1,162 275 July 26 2,564 155 1,157 145 131 53 327 74 174 134 1,099 266 Borrowings from Federal Reserve banks: July 5 July 12....... July 19. .- July 26... Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

519 AUGUST 1933 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES, JANUARY 1932 JULY 1933 [In millions of dollars] Loans Investments Bor- Total Reserve Gov- rowloans U.S. with Cash i\ 6i de- Time ern- Due Due ings i m n a v e n e n d s t t s - Total se O K c J u n u ri- o A th l e l r Total m G er e o n n v - t - s Ou e it c Vn u ie r or i r - R F b e e a s d n e e k r r v s a e l va in ult p m o d a s e n i - t d s po d s e i - ts p m o d e s e n i - t t s b f a ro n m ks ba t n o ks R F f e e r s o d e e m r r v a e l ties securi- ties banks ties 1932 Jan. 6.. 18,134 11,440 5,086 6,354 6,694 3,782 2,912 1,421 220 10,924 4,744 271 885 2,375 346 Jan.13_. 18, Oil 11,378 5,047 6,331 6,633 3,718 2,915 1,398 214 10,783 4,733 242 828 2,244 313 Jan. 20.. 17,786 11,291 5,022 6,269 6,495 3,599 2,896 1,388 208 10,658 4,706 229 795 2,208 310 Jan. 27- 17,734 11,216 4,992 6,224 6,518 3,563 2,955 1,371 204 10,645 4,664 215 768 2,140 314 Feb. 3_. 17,724 11,194 4,970 6,224 6,530 3,645 2,885 1,349 191 10, 365 4,649 427 827 2,180 Feb. 10. 17,538 11,092 4,909 6,183 6,446 3,570 2,876 1,331 203 10,299 4,623 370 809 2,133 321 Feb. 17. 17,486 11,065 4,878 6,187 6,421 3,558 2,863 1,321 187 10, 273 4,605 331 798 2,122 346 Feb. 24. 17, 375 10,994 4,846 6,148 6,381 3,527 2,854 1,307 194 10,202 4,595 283 787 2,091 337 Mar. 2... 17,297 10,975 4,851 6,124 6,322 3,465 2,857 1,319 176 10, 208 4,600 219 819 2,206 331 Mar. 9. _ 17,093 10, 834 4,836 5,998 6,259 3,428 2,831 1,335 180 10,184 4,614 148 784 2,168 270 Mar. 16. 17,374 10,802 4,831 5,971 6,572 3,724 2,848 1,339 174 10, 201 4,586 507 883 2,267 218 Mar. 23. 17, 202 10,676 4,759 5,917 6,526 3,666 2,860 1,339 183 10,062 4,577 445 826 2,205 228 Mar. 30.. 17,164 10, 631 4,744 5,887 6,533 3,649 2,884 1,349 184 10,153 4,585 414 864 2,226 214 Apr. 6-. 16,994 10,486 4,643 5,843 6,508 3,614 2,894 1,365 173 10,099 4,564 345 919 2,387 212 Apr. 13- 16,881 10,399 4,570 5,829 6,482 3,589 2,893 1,437 177 10,192 4,546 296 981 2,403 209 Apr. 20. 16,947 10,402 4,553 5,849 6,545 3,607 2,938 1,406 17,0 10, 283 4,569 191 993 2,439 165 Apr. 27.. 16,870 10,319 4,518 5,801 6,551 3,620 2,931 1,547 178 10,370 4,597 159 1,063 2,504 155 May 4... 17,118 10,287 4,489 5,798 6,831 3,893 2,938 1,559 173 10,329 4,617 443 1,144 2,646 143 May 11.. 16,993 10,172 4,408 5,764 6,821 3,877 2,944 1,574 179 10,385 4,627 339 1,133 2,608 123 May 18.. 16,898 10,117 4,374 5,743 6,781 3,832 2,949 1,610 179 10,382 4,608 295 1,136 2,577 128 May 25_. 16,862 10,052 4,339 5,713 6,810 3,822 2,988 1,649 180 10,411 4,607 248 1,114 2,559 127 June 1__. 16, 886 10,092 4,335 5,757 6,794 3,774 3,020 1,552 175 10, 360 4,594 223 L, 104 2,560 147 June 8__. 16,590 9,864 4,226 5,638 6,726 3,819 2,907 1,522 180 10,253 4,560 102 1,113 2,551 150 June 15.. 16,947 9,991 4,265 5,726 6,956 4,056 2,900 1,523 180 10, 358 4,537 413 L, 149 2,572 148 June 22_. 16,694 9,775 4,212 5,563 6,919 4,030 2,889 1,501 184 10,173 4,508 355 L, 124 2,484 143 June 29.. 16, 645 9,748 4,185 5,563 6,897 3,993 2,904 1,472 211 10,174 4,481 308 L,068 2,396 126 July 6.. . 16,424 9,606 4,077 5,529 6,818 3,942 2,876 1,394 202 10,059 4,481 180 1,079 2,459 138 July 13. . 16,380 9,648 4,076 5,572 6,732 3,857 2,875 1,453 200 10,148 4,472 113 1,096 2,460 151 July 20.. 16, 240 9,529 4,066 5,463 6,711 3,843 2,868 1,474 198 10,022 4,484 80 1,074 2,432 168 July 27.. 16, 249 9,501 4,040 5,461 6,748 3,872 2,876 1,520 188 10,039 4,531 59 1,062 2,393 161 Aug. 3... 16,600 9,506 4,080 5,426 7,094 4,209 2,885 1,450 177 10,040 4,546 329 1,121 2,512 142 Aug. 10- 16, 531 9,472 4,060 5,412 7,059 4,203 2,856 1,510 185 10,079 4,575 277 1,148 2,547 121 Aug. 17- 16,492 9,427 4,042 5,385 7,065 4,222 2,843 1,528 177 10,102 4,578 230 1,186 2,572 123 Aug. 24.. 16,427 9,355 4,010 5,345 7,072 4,216 2,856 1,593 179 10,148 4,580 201 1,174 2,551 109 Aug. 31.. 16,472 9,325 3,971 5,354 7,147 4,261 2,886 1,610 181 10, 272 4,574 165 1,194 2,597 117 Sept. 7_... 16, 501 9,344 3,980 5,364 7,157 4,262 2,895 1,599 179 10,301 ' 4,562 134 1,249 2,704 116 Sept. 14... 16,495 9,303 4,007 5,296 7,192 4,283 2,909 1,709 190 10, 513 4,555 133 1,354 2,827 110 Sept. 21... 16,859 9,270 3,974 5,296 7,589 4,689 2,900 1,659 174 10, 385 4,572 551 1,315 2,782 85 Sept. 28._. 16, 856 9,252 3,984 5,263 7,604 4,679 2,925 1,722 180 10, 515 4,584 551 1,321 2,806 75 Oct. 5... 16,826 9,186 3,948 5,238 7,640 4,713 2,927 1,721 173 10, 500 4,595 537 1,418 3,007 79 Oct. 12.. 16,936 9,189 3,935 5,254 7,747 4,778 2,969 1,699 180 10, 604 4,615 496 1,447 3,004 79 Oct. 19.. 17,068 9,189 3,917 5,272 7,879 4,897 2,982 1,768 178 10, 676 4,648 542 1,481 3,028 70 Oct. 26.- 17,066 9,074 3,822 5,252 7,992 5,002 2,990 1,874 179 10, 769 4,676 505 1,448 2,984 80 Nov. 2... 16,977 9,003 3,786 5,217 7,974 4,986 2,988 1,827 167 10, 763 4,666 483 1,486 3,059 77 Nov. 9__. 16,982 8,989 3,771 5,218 7,993 4,995 2,998 1,805 190 10, 798 4,666 437 1,510 3,107 70 Nov. 16.. 16,902 8,905 3,722 5,183 7,997 5,006 2,991 1,854 176 10, 871 4,658 423 1,570 3,150 Nov. 23.. 16,902 8,943 3,735 5,208 7,959 4,961 2,998 1,862 186 10, 856 4,648 398 1,530 3,088 Nov. 30.. 16,970 8,982 3,764 5,218 7,988 4,973 3,015 1,888 183 11, 041 4,633 383 1,545 3,116 Dec. 7_. 16,819 8,932 3,784 5,148 7,887 4,942 2,945 1,855 188 10,860 4,617 333 1,541 3,127 58 Dec. 14. 16,822 8,903 3,797 5,106 7,919 4,926 2 993 1,895 202 11,012 4,623 314 1,604 3,152 50 Dec. 21. 16,854 8,943 3,805 5,138 7,911 4,947 2^964 1,913 215 11, 034 4,608 385 1,586 3,129 Dec. 28. 16, 781 8,871 3,789 5,082 7,910 4,916 2,994 1,946 206 11, 051 4,622 359 1,598 3,125 35 1933 Jan. 4_. 16, 708 8,802 3,751 5,051 7,906 4,916 2,990 1,944 198 11,113 4,653 298 1,625 3,273 39 Jan. 11.. 16, 677 8,734 3,723 5,011 7,943 4,968 2,975 2,035 188 11,232 4,655 258 1,703 3,372 33 Jan. 18.. 16, 660 8,714 3,699 5,015 7,946 4,998 2,948 1,991 184 11,213 4,657 238 ,720 3,372 34 Jan. 25. 16,631 8,648 3,662 4,986 7,983 4,991 2,992 1,978 186 11, 236 4,614 218 ,728 3,345 46 Feb. 1__ 16,756 8,782 3,751 5,031 7,974 4,971 3,003 1,891 168 11, 233 4,611 265 L, 716 3,378 50 Feb. 8-. 16, 622 8,646 3,696 4,950 7,976 4,982 2,994 1,864 183 11,055 4,599 219 L, 635 3,271 36 Feb. 15-. 16, 617 8,701 3,694 5,007 7,916 4,934 2,982 1,684 220 10,923 4,582 167 L, 476 3,061 52 Feb. 22.. 16,315 8,500 3,693 4,807 7,815 4,836 2,979 1,722 243 10, 667 4,492 129 L, 213 2,635 65 1 See note on p. 273, May BULLETIN, explaining the basis on which these figures have been compiled. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN AUGUST 1933 WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES—Continued PRINCIPAL ASSETS AND LIABILITIES, JANUARY 1932-JULY 1933—Continued [In millions of dollars] Loans Investments Bori m T n lo a v o e n a e n t n d a s t s t l s - Total se t O c ie u n s ri- o A th l e l r Total s m G e U e c r o . e u S n n v r . - i t - - s O e t c t i h e u s e ri r - R R F b w e e e a s s d n i e e t e k r r h r v v s a e e l v C a i a n u s l h t N m po e d a e s t n i - d t d s e- p T o d im e s - it e s p m G e o d r o e e s n v n - i - t - t s b f D r a o n u m k e s b D a t n u o k e s R F b r f e i e a r o n s o d n w g e m e k r s r - v s a e l ties 1933 Mar. 1 15,900 8,281 3,727 4,554 7,619 4,631 1,518 351 9,996 4,315 78 2,070 414 Mar. 8 15,728 8,310 3,759 4,551 7,418 4,427 2,991 1,302 559 9,275 4,245 42 589 1,713 1,066 Mar. 15— 16,017 8,388 3,762 4,626 7,629 4,580 3,049 1,438 481 9,475 4,318 288 745 1,788 849 Mar. 22— 16,021 8,390 3,725 4,665 7,631 4,578 3,053 ., 331 297 9,601 4,323 291 910 2,105 379 Mar. 29— 16,001 8,332 3,644 7,669 4,583 3,086 ,453 266 9,745 4,330 290 903 2,144 283 Apr. 5 15,927 8,257 3,617 4,640 7,670 4,585 3,085 ,436 231 9,819 4,340 291 1,025 2,349 177 Apr. 12___. 15,887 8,245 3,584 4,661 7,642 4,584 3,058 ,559 229 9,964 4,334 290 1,099 2,423 168 Apr. 19.... 15,876 8,210 3,583 4,627 7,666 4,635 3,031 ,604 215 10,102 4,343 191 1,149 2,487 158 Apr. 26--.. 16,048 8,341 3,638 4,703 7,707 4,678 3,029 ,596 219 10, 393 4,352 141 1, 214 2,564 124 May 3 16,288 8,404 4,706 7,884 4,909 2,975 ,464 207 10, 348 4,330 258 1,217 2,623 129 May 10 16,318 8,404 3,715 4,689 7,914 4,908 3,006 ,536 211 10, 509 4,318 231 1,255 2,700 80 May 17-- 16,346 8,421 3,724 4,697 7,925 4,934 2,991 ,557 199 10, 681 4,271 218 1,328 2,762 85 May 24 16,329 8,352 3,648 4,704 7,977 4,963 3,014 ,635 198 10, 725 4,278 219 1,317 2,754 78 May 31-.. 16, 426 8,485 3,713 4,772 7,941 4,948 2,993 ,624 205 10,918 4,282 218 1,333 2,812 76 June 7 16,485 8,511 3,742 4,769 7,974 5,013 2,961 ,636 194 10, 983 4,275 181 1,451 60 June 14-.. 16, 521 8,559 3,798 4,761 7,962 4,990 2,972 ,709 198 11, 207 4,263 158 1,531 3,079 53 June 21 16,805 8,500 3,769 4,731 8,305 5,307 ,627 189 10,823 4,336 633 364 2,819 50 June 28-.. 16,665 8,452 3,748 4,704 8,213 5,254 2,959 ,697 196 10, 741 4,406 633 295 2,754 26 July 5 8,530 3,811 4,719 8,156 5,203 2,953 1,601 203 10, 642 4,492 606 ,329 2,846 31 July 12____ 16, 724 8,642 3,874 4,768 8,082 5,126 2,956 1,637 201 10, 709 4,521 581 ,276 2,771 21 July 19 16, 766 8,654 3,864 4,790 8,112 5,140 2,972 1,649 188 10, 667 4,547 581 ,196 2,690 22 July26._.. 16, 662 8,561 3,789 4,772 8,101 5,117 2,984 1,674 188 10, 598 4,538 560 ,114 2,564 WEEKLY REPORTING MEMBER BANKS IN NEW YORK CITY PRINCIPAL ASSETS AND LIABILITIES, JANUARY 1932-JULY 1933 [In millions of dollars] Loans Investments Bori m n T lo a v o e n a e n t n d a s t s t l s - Total se t O c ie u n s ri- o A th l e l r Total s m G e U e c r . o e S u n n v . r - t i - - s O e t c i t e h u s e ri r - R R F b w e e e a s s d i e e n t e r r h k r v v a e e l v C a i a n u s l h t N m po e d a e s t n i - t d d s e- p T o d im e si - t e s p m G e o d r o e e s n n v i - - t t - s b f D a ro n u m k e s b D a t n u o k e s R F b f e r e i r o n a s d o e w g n m e r s k - r v a e l ties 1932 Jan 6 7,039 4,472 2,223 2,249 2,567 1,722 845 705 52 5,148 775 139 68 942 60 Jan. 13 6,988 4,465 2,216 2,249 2,523 1,676 847 685 51 5,066 789 124 61 867 45 Jan 20 6,838 4,416 2,205 2,211 2,422 1,578 844 682 48 5,003 779 118 58 862 15 Jan 27 6,819 4,365 2,194 2,171 2,454 1,547 907 682 47 5,050 756 111 58 844 15 Feb 3 6,794 4,359 2,178 2,181 2,435 1,593 842 654 43 4,809 758 249 105 836 35 Feb.10 . . 6,638 4,292 2,124 2,168 2,346 1,520 826 646 50 4,744 757 219 99 819 15 Feb 17 6,603 4,289 2,112 2,177 2,314 1,496 818 633 41 4, 735 743 201 103 815 20 Feb 24 6,544 4,250 2,092 2,158 2,294 1,477 817 623 44 4,693 742 175 100 804 20 Mar. 2 - 6,540 4,269 2,109 2,160 2,271 1,445 826 639 40 4,727 744 140 96 876 15 Mar. 9 6,421 4,174 2,097 2,077 2,247 1,437 810 643 41 4,701 756 95 77 836 Mar 16 6,617 4,148 2,066 2,082 2,469 1,643 826 648 38 4,739 751 253 85 909 Mar. 23 6,486 4,048 2,009 2,039 2,438 1,601 837 659 40 4,666 753 214 73 885 Mar 30 6,541 4,074 2,043 2,031 2,467 1,610 857 689 43 4,814 758 193 70 902 Apr. 6 - .- 6,455 3,992 1,979 2,013 2,463 1, 596 867 700 40 4,790 760 152 64 995 Apr 13 6,420 3,944 1,933 2,011 2,476 1,589 887 754 40 4,866 755 129 68 1,014 Apr. 20 6,568 4, 008 1,950 2,058 2,560 1,643 917 707 39 4,946 771 82 62 1,040 Apr 27 6,525 3,958 1,925 2,033 2,567 1,652 915 832 40 5,040 779 67 69 1,099 May 4 6,727 3,963 1,908 2,055 2,764 1,820 944 820 39 5,071 773 185 72 1,153 May 11 6,673 3,890 1,845 2,045 2,783 1,826 957 821 40 5,094 776 139 67 1,133 May 18 6,604 3,879 1,840 2,039 2,725 1,759 966 850 43 . 5,092 766 120 68 1,098 May 25 6,583 3,825 1,810 2,015 2,758 1,781 977 899 42 5,133 766 101 62 1,108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESERVE BULLETIN 521 WEEKLY REPORTING MEMBER BANKS IN NEW YORK CITY—Continued PRINCIPAL ASSETS AND LIABILITIES, JANUARY 1932-JULY 1933—Continued [In millions of dollars] Loans Investments Bori m T n lo a v o e n a e n t n d a s t s t l s - Total se t O c ie u n s ri- o A th l e l r Total s m G e U e c r e o . u n S n v r - . t - i- s O e t c t i h e u s e ri r - R R F b w e e e a s s d i e e n e t r r h k r v v a e e l v C a i a n u s l h t N m po e d a t s e n i - d t d e s ^ p T o d i s m e i - t e s p m G e o d r e o s e n n i v - - t t - s b f D a ro n u m k e s b D a t n o u k e s R F b f e r e i r o a s n d o e w n g e m r k s r - v a e l ties 1932 June 1 6,635 3,875 1,815 2,060 2,760 1,777 781 5,065 767 90 1,100 June 8 6,430 3,703 1,737 1,966 2,727 1,789 741 4,967 759 40 1,082 June 15 6,645 3,824 1,759 2,065 2,821 1,878 943 742 5,013 758 166 1,093 June 22 6,462 3,645 1,720 1,925 2,817 1,881 936 762 4,898 755 143 1,054 June 29 6,534 3,653 1,696 1,957 2,881 1,921 960 4,934 756 123 1,021 July 6__. 6,420 3,564 1,647 1,917 2,856 1,901 955 4,885 71 1,051 July 13_. 6,391 3,606 1,650 1,956 2,785 1,831 954 728 4,916 764 43 1,081 July20__ 6,285 3,499 1,648 1,851 2,786 1,839 947 750 4,857 774 29 1,066 July 27.. 6,317 3,492 1,630 1,862 2,825 1,870 955 778 800 20 1,060 Aug. 3— 6,556 3,501 1,669 1,832 3,055 2,087 720 4,920 802 162 1,114 Aug. 10- 6,515 3,493 1,672 1,821 3,022 2,065 957 782 4,953 820 136 1,149 Aug. 17- 6,501 3,482 1,662 1,820 3,019 2,073 946 789 4,957 827 112 1,157 Aug. 24.. 6,473 3,454 1,651 1,803 3,019 2,067 952 862 5,025 830 98 1,156 Aug. 31- 6,543 3,451 1,632 1,819 3,092 2,116 976 5,124 80 1,207 Sept. 7... 6,575 3,478 1,646 1,832 3,097 2,109 5,142 820 64 1,233 Sept. 14_. 6, 599 3,493 1,686 1,807 3,106 2,108 957 5,295 816 64 1,300 Sept. 21.. 6,796 3,468 1,662 1,806 3,328 2,344 924 5, 218 824 273 1,256 Sept. 28- 6,801 3,479 1,683 1,796 3,322 2,321 1,001 961 5,296 829 273 1,270 Oct. 5— 6,779 3.425 1,669 1,756 3,354 2,350 1,004 946 5,277 843 267 1,354 Oct. 12.. 6,906 3,450 1,654 1,796 3,456 2,422 1,034 913 5,365 867 246 1,371 Oct. 19.. 6,989 3,475 1,653 1,822 3,514 2,469 1,045 959 5,406 887 265 1,389 Oct. 26. 6,982 3,384 1,569 1,815 3,598 2,548 1,050 1,055 5,476 913 247 1,360 Nov. 2.. 3,404 1,576 1,828 3,594 2,534 1,060 1,006 5,466 901 236 1,403 Nov. 9.. 7,044 2,420 1,570 1,850 3,624 2,555 1,069 969 5,476 910 214 1,419 Nov, 7,026 3,381 1,555 1,826 3,645 2,576 1,069 1,026 5,558 910 205 1,444 Nov 7,057 3,443 1,567 1,876 3,614 2, 538 1,076 1,039 5, 595 904 193 1,439 Nov 7,169 3, 498 1,598 1,900 3,671 2,578 1,093 1,047 5,768 893 186 1,480 Dec. 7... 7,060 3, 473 1,625 1,848 3,587 2, 546 V041 995 5,606 895 160 1,444 Dec. 14. 7,052 3,432 1,619 1,813 3,620 2,523 1,097 , 055 5,692 898 153 1,467 Dec. 21. 7, 055 3,486 1,620 1,866 3,569 2,502 1,067 ,066 5,674 885 176 1,450 Dec. 28. 7,020 3,450 1,612 1, 838 3,570 2,481 1,089 ,103 5,728 163 1,457 1933 Jan. 4 7,037 3,433 1,584 1,849 3,604 2,502 1,102 ,052 5,733 894 133 1,542 Jan. 11 7,055 3,402 1,580 1,822 3,653 2,560 1,093 ,147 5,880 894 112 1,616 Jan. 18 7,086 3,408 1,559 1,849 3,678 2,609 1,069 ,099 5,845 914 102 1,609 Jan. 25 7,132 3,398 1,562 1,836 3,734 2,631 1,103 1,028 5,871 871 1,616 Feb. 1... 7,222 3,521 1,643 1,878 3,701 2,600 1,101 967 5,862 859 114 1,655 Feb. 8... 7,073 3,405 1,606 1,799 3,668 2,572 1,096 924 5,717 849 92 1,537 Feb. 15.. 7,078 3,472 1,614 1,858 2,522 1,084 775 5,545 847 71 1,418 Feb. 22. 6,809 3,274 1,621 1,653 3,535 2,452 1,083 782 5,380 803 54 1,176 Mar. 1... 6,512 3,079 1,640 1,439 3,433 2,338 1,095 683 92 4,983 776 34 183 Mar. 8... 6,412 3,121 1,668 1,453 3,291 2,186 1,105 . 618 131 4,481 749 11 632 Mar. 15.. 6,523 3,157 1,674 1,483 3,366 2,253 1,113 85 4,518 740 170 756 483 Mar. 22.. 6,484 3,151 1,626 1,525 3,333 2,210 1,123 56 4,640 739 170 859 147 Mar. 29.. 6,457 3,118 1,555 1,563 3,339 2,185 1,154 739 50 4,827 737 170 930 84 Apr. 5- — 6,439 3,063 1,548 1,515 3,376 2,215 1,161 734 46 4,906 748 170 1,050 18 Apr. 12.. 6,455 3,092 1,535 1,557 3,363 2,208 1,155 830 46 5,032 740 170 1,101 27 Apr. 19.. 6,439 3,073 1,538 1,535 3,366 2,236 1,130 882 40 5,136 749 117 1,138 23 Apr. 26.. 6,627 3,225 1,611 1,614 3,402 2,269 1,133 874 41 5,372 748 87 1,212 May3._. 6,753 3,291 1,676 1,615 3,462 2,353 1,109 734 38 5,318 731 124 1,186 May 10.. 6,790 3,305 1,711 1,594 3,485 2,357 1,128 797 38 5,425 723 112 1,251 May 17.. 6,847 3,352 1,735 1,617 3,495 2,378 1,117 823 36 5,558 105 1,300 May 24., 6,786 3,287 1,663 1,624 3,499 2,384 1,115 913 37 5,601 105 1,300 May31_. 6,933 3,427 1,733 1,694 3,506 2,429 1,077 5,749 105 1,356 June 7_. 6,970 3,459 1,777 1,682 3,511 2,443 1,068 856 5,758 687 87 1,398 June 14. 6,993 3,517 1,840 1,677 3,476 2,398 1,078 907 5,869 687 76 1,474 June 21. 7,039 3,455 1,813 1,642 3,584 2,484 1,100 794 5,522 752 290 1,278 June28_ 6,913 3,400 1,791 1,609 3,513 2,438 1,075 5,428 749 290 1,248 July 5.. 6,937 3,454 1,847 1,607 3,483 2,409 1,074 703 5,374 785 278 1,265 July 12. 6,932 3,503 1,894 1,609 3,429 2,354 1,075 742 5,420 782 265 1,226 July 19. 6,858 3,458 1,862 1,596 3,400 2,332 1,068 740 5,318 795 265 1,162 July 26. 6,731 1,790 1,579 3,362 2,293 1,069 782 5,263 783 254 1,099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN AUGUST 1933 WEEKLY REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY (89 CITIES) PRINCIPAL ASSETS AND LIABILITIES, JANUARY 1932-JULY 1933 [In millions of dollars] Loans Investments Bori m n T lo a v o e n a e n t n d a s t s t l s - Total se O cu n ri- o A th l e l r Total m G U e o . e r S v n n . - t s O ec th u e ri r - R R F b w e e e a s s d n i e e t e k r r h r v v s a e e l v C a a i u s n l h t N m e d a e t n - d d e- T d im e- e p m G e o d r o e e s n v n - i - - t t s b f D a ro n u m k e s b D a t n o u k e s R F f r e i e r o n s o d w g e e m r - s r v a e l ties securi- ties banks ties 1932 Jan. 6 11,095 6,968 2,863 4,105 4,127 2,060 2,067 716 168 5,776 3,969 132 817 1,433 286 Jan.13 11,023 6,913 2,831 4,082 4,110 2,042 2,068 713 163 5,717 3,944 118 767 1,377 268 Jan. 20 10,948 6,875 2,817 4,058 4,073 2,021 2,052 706 160 5,655 3,927 111 737 1,346 295 Jan. 27 10,915 6,851 2,798 4,053 4,064 2,016 2,048 157 5,595 3,908 104 710 1,296 299 Feb. 3 10,930 6,835 2,792 4,043 4,095 2,052 2,043 695 148 5,556 3,891 178 722 1,344 302 Feb.10 10,900 6,800 2,785 4,015 4,100 2,050 2,050 685 153 5,555 3,866 151 710 1,314 306 Feb. 17.... 10,883 6,776 2,766 4,010 4,107 2,062 2,045 146 5,538 3,862 130 695 1,307 326 Feb. 24_... 10,831 6,744 2,754 3,990 4,087 2,050 2,037 684 150 5,509 3,853 108 687 1,287 317 Mar. 2 10, 757 6,706 2,742 3,964 4,051 2,020 2,031 136 5,481 3,856 79 723 1,330 316 Mar. 9 10,672 2,739 3,921 4,012 1,991 2,021 692 139 5,483 3,858 53 707 1,332 270 Mar. 16.._. 10, 757 6,654 2,765 4,103 2,081 2,022 691 136 5,462 3,835 254 798 1,358 218 Mar. 23..,. 10, 716 6,628 2,750 3,878 4,088 2,065 2,023 680 143 5,396 3,824 231 753 1,320 228 Mar. 30.... 10,623 6,557 2,701 3,856 4,066 2,039 2,027 660 141 5,339 3,827 221 794 1,324 214 Apr. 6 10,539 6,494 2,664 3,830 4,045 2,018 2,027 665 133 5,309 3,804 193 855 1,392 212 Apr. 13 10,461 6,455 2,637 3,818 4,006 2,000 2,006 683 137 5,326 3,791 167 913 1,389 209 Apr. 20.... 10,379 6,394 2,603 3,791 3,985 1,964 2,021 699 131 5,337 3,798 109 931 1,399 165 Apr. 27.-- 10,345 6,361 3,768 3,984 1,968 2,016 715 138 5,330 3,818 92 1,405 155 May 4 10,391 6,324 2,581 3,743 4,067 2,073 1,994 739 134 5,258 3,844 258 1,072 1,493 143 May 11—. 10,320 6,282 2,563 3,719 4,038 2,051 1,987 753 139 5,291 3,851 200 1,066 1,475 123 May 18 10,294 6,238 2,534 3,704 4,056 2,073 1,983 760 136 5,290 3,842 175 1,068 1,479 128 May 25—. 10,279 6,227 2,529 4,052 2,041 2,011 750 138 5,278 3,841 147 1,052 1,451 127 June 1 10, 251 6,217 2,520 3,697 4,034 1,997 2,037 771 135 5,295 3,827 133 1,029 1,460 147 June 8 10,160 6,161 2,489 3,672 2,030 1,969 781 139 5,286 3,801 62 1,047 1,469 150 June 15 10,302 6,167 2,506 3,661 4,135 2,178 1,957 781 140 5,345 3,779 247 1,073 1,479 148 June 22— 10,232 6,130 2,492 3,638 4,102 2,149 1,953 739 144 5,275 3,753 212 1,053 1,430 143 June 29 10, 111 6,095 2,489 3,606 4,016 2,072 1,944 776 166 5,240 3,725 185 989 1,375 126 July 6 10,004 6,042 2,430 3,612 3,962 2,041 1,921 706 160 5,174 3,719 109 1,002 1,408 138 July 13-... 9,989 6,042 2,426 3,616 3,947 2,026 1,921 725 160 5,232 3,708 70 1,020 1,379 151 July 20.... 9,955 6,030 2,418 3,612 3,925 2,004 1,921 724 160 5,165 3,710 51 1,000 1,366 168 July 27 9,932 6,009 2,410 3,599 3,923 2,002 1,921 742 148 5,141 3,731 39 988 1,333 161 Aug. 3 10,044 6,005 2,411 3,594 4,039 2,122 1,917 730 140 5,120 3,744 167 1,031 1,398 142 Aug. 10— 10,016 5,979 3,591 4,037 2,138 1,899 728 146 5,126 3,755 141 1,060 1,398 121 Aug. 17.... 9,991 5,945 2,380 3,565 4,046 2,149 1,897 739 140 5,145 3,751 118 1,105 1,415 123 Aug. 24.... 9,954 5,901 2,359 3,542 4,053 2,149 1,904 731 141 5,123 3,750 103 1,107 1,395 109 Aug. 31—. 9,929 5,874 2,339 3,535 4,055 2,145 1,910 744 143 5,148 3,746 85 1,120 1,390 117 Sept. 7 9,926 5,866 2,334 3,532 4,060 2,153 1,907 763 140 5,159 3,742 70 1,178 1,471 116 Sept. 14.... 9,896 5,810 2,321 3,489 4,086 2,175 1,911 752 147 5,218 3,739 69 1,285 1,527 110 Sept. 21.... 10,063 5,802 2,312 3,490 4,261 2,345 1,916 735 138 5,167 3,748 278 1,245 1,526 85 Sept. 28-... 10,055 5,773 2,301 3,472 4,282 2,358 1,924 761 142 5,219 3,755 278 1,248 1,536 75 Oct. 5 10,047 5,761 2,279 3,482 4,286 2,363 1,923 775 135 5,223 3,752 270 1,335 1,653 79 Oct. 12 10,030 5,739 2,281 3,458 4,291 2,356 1,935 786 141 5,239 3,748 250 1,364 1,633 79 Oct. 19 10,079 5,714 2,264 3,450 4,365 2,428 1,937 809 142 5,270 3,761 277 1,400 1,639 70 Oct. 26 10,084 5,690 2,253 3,437 4,394 2,454 1,940 819 142 5,293 3,763 258 1,367 1,624 80 Nov. 2 9,979 5,599 2,210 3,389 4,380 2,452 1,928 821 133 5,297 3,765 247 1,399 1,656 77 Nov. 9 9,938 5,569 2,201 3,368 4,369 2,440 1,929 836 149 5,322 3,756 223 1,428 1,688 70 Nov. 16.... 9,876 5,524 2,167 3,357 4,352 2,430 1,922 828 140 5,313 3,748 218 1,485 1,706 68 Nov. 23.... 9,845 5,500 2,168 3,332 4,345 2,423 1,922 823 144 5,261 3,744 205 1,452 1,649 69 Nov. 30.... 9,801 5,484 2,166 3,318 4,317 2,395 1,922 841 141 5,273 3,740 197 1,455 1,636 68 Dec. 7 9,759 5,459 2,159 3,300 4,300 2,396 1,904 860 149 5,254 3,722 173 1,455 1,683 58 Dec. 14.... 9,770 5,471 2,178 3,293 4,299 2,403 1,896 840 158 5,320 3,725 161 1,519 1,685 50 Dec. 21 9,799 5,457 2,185 3,272 4,342 2,445 1,897 847 163 5,360 3,723 209 1,499 1,679 39 Dec. 28.... 9,761 5,421 2,177 3,244 4,340 2,435 1,905 843 162 5,323 3,739 196 1,517 1,668 35 1933 Jan. 4 9,671 5,369 2,167 3,202 4,302 2,414 1,888 892 156 5,380 3,759 165 1,527 1,731 39 Jan. 11 9,622 5,332 2,143 3,189 4,290 2,408 1,882 888 148 5.352 3,761 146 1,618 1,756 33 Jan. 18 9,574 5,306 2,140 3,166 4,268 2,389 1,879 892 147 5,368 3,743 136 1,641 1,763 34 Jan. 25 9,499 5,250 2,100 3,150 4,249 2,360 1,889 950 150 5,365 3,743 125 1,650 1,729 46 Feb. 1 9,534 5,261 2,108 3,153 4,273 2,371 1,902 924 134 5,371 3,752 151 1,638 1,723 50 Feb. 8 9,549 5,241 2,090 3,151 4,308 2,410 940 145 5,338 3,750 127 1,560 1,734 36 Feb. 15.... 9,539 5,229 2,080 3,149 4,310 2,412 1,8 909 178 5,368 3,735 96 1.403 1,643 52 Feb. 22—. 9,506 5,226 2,072 3,154 4,280 2,384 1,8 940 195 5,287 3.689 75 1,141 1,459 65 Mar. 1.... 9,388 5,202 2,087 3,115 4,186 2,293 1,893 835 259 5,013 3,539 44 747 1,172 231 Mar. 8 9,316 5,189 2,091 4,127 2,241 1,886 684 428 4,794 3,496 31 536 1,023 434 Mar. 15—. 9,494 5,231 2,088 3,143 4,263 2,327 1,936 769 396 4,957 3,578 118 690 1,032 366 Mar. 22.... 9,537 5,239 3,140 4,298 2,368 1,930 722 241 4,961 3,584 121 856 1,246 232 Mar. 29.... 9,544 5,214 2,089 4,330 2,398 2,398 1,932 714 216 4,918 3,593 120 848 1,214 199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

523 AUGUST 1933 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY—Continued PRINCIPAL ASSETS AND LIABILITIES, JANUARY 1932-JULY 1933—Continued [In millions of dollars] Loans Investments Bori m T n lo a v o e n a e t n n d a s t s l t s - Total se t O c ie u n s ri- o A th l e l r Total s m G e U e c r o e . u S n n v r . - t - i- s O e t c i t e h u s e ri r - R R F b w e e e a s s d n i e e t e k r r h r v v s a e e l v C a i a n u s l h t N m po e d a t e s n i - d t d s e- p T o d im e s - it e s m G e d r o e e n n v - - t - b f D a ro n u m k e s b D a t n o u k e s R F b f r e e i a r o n s d o n w e g e m k r s r - v s a e l ties 1933 Apr. 5 5,194 3,125 4,294 2,370 1,924 702 185 4,913 3,592 121 963 1,299 159 Apr. 12 9,432 5,153 2,049 3,104 4,279 2,376 1,903 729 183 4,932 3,594 120 1,042 1,322 141 Apr. 19..- 9,437 5,137 2,045 3,092 4,300 2,399 1,901 722 175 4,966 3,594 74 1,091 1,349 135 Apr. 26--. 9,421 5,116 2,027 3,089 4,305 2,409 1,896 722 178 5,021 3,604 54 1,155 1,352 124 May 3 9,535 5,113 2,022 3,091 4,422 2,556 1,866 730 5,030 3,599 134 1,127 1,437 129 May 10 9,528 5,099 2,004 3,095 4,429 2,551 1,878 739 173 5,084 3,595 119 1,174 1,449 80 May 17— 9,499 5,069 1,989 3,080 4,430 2,556 1,874 734 163 5,123 3,579 113 1,247 1,462 85 May 24— _ 9,543 5,065 1,985 3,080 4,478 2,579 1,899 722 161 5,124 3,593 114 1,242 1,454 78 May 31 5,058 1,980 3,078 4,435 2,519 1,916 756 161 5,169 3,594 113 1,256 1,456 76 June 7 9,515 5,052 1,965 3,087 4,463 2,570 1,893 780 156 5,225 3,588 94 1,366 1,571 June 14 9,528 5,042 1,958 3,084 4,486 2,592 1,894 802 158 5,338 3,576 82 1,454 1,605 53 June 21 9,766 5,045 1,956 3,089 4,721 2,823 1,898 833 152 5,301 3,584 343 285 1,541 50 June 28 9,752 5,052 1,957 3,095 4,700 2,816 1,884 157 5,313 3,657 343 219 1,506 26 July 5 9,749 5,076 1,964 3,112 4,673 2,794 1,879 161 5,268 3,707 328 244 1,581 31 July 12-.. 9,792 5,139 1,980 3,159 4,653 2,772 1,881 895 161 5,289 3,739 316 203 1,545 21 July 19.__. 9,908 5,196 2,002 3,194 4,712 2,808 1,904 909 151 5,349 3,752 316 125 1,528 22 July26 9,931 5,192 1,999 3,193 4,739 2,824 1,915 150 5,335 3,755 306 ,048 1,465 28 I RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Loans secured by prime stock Loans secured by warehouse Prime commercial paper exchange collateral receipts Interbank loans Federal Reserve bank o ci r t y branch 1933 1932 1933 1932 1933 1932 1933 1932 July June July July June July July June July July June July Boston 3 -5 3 -5 4 -4} 4 -5 4 -5 5 -5 5 -5; 5 -5 4 -4} 5 New York City. 3 -V/2 3 -4 4 -4} 4 -5 4 -5 3 -A 3 -4; 4 -5 4 -5 4 -5 4 -4 Buffalo 5 -6 5 -6 5 -6 5^-6 6 6 5 6 Philadelphia—. 4H-5 5 -6 5 -53, 5 -by2 5 -6 4 -5 4 -5 Cleveland 4 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 3 -4 3 -4 534-6 Cincinnati 5 -6 5 6 -7 6 -7 5 -6 5 -6 5 -6 Pittsburgh 6 6 6 6 534-6 Richmond 5 -b\ 5 -6 4^-6 Baltimore 5 -5> 5 -6 5 -6 6 5H-6 Charlotte 4H-6 5 -6 5 -6 5 -6 5H-6 6 6 Atlanta 5 -b\ 5 -6 5 -7 4 -43, 4 -6 53^-6 534-6 534-6 B irmingham 4 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 Jacksonville 5 -7 5 -7 6 -8 6 -8 6 -8 6 -8 6 -8 6 Nashville 6 6 6 6 6 6 6 6 New Orleans..- 5 -7 5 -7 5 -6 5 -6 5H-6 Chicago... 3 -5 4 -5 4 -5 4 -5 5 -53, 5 -5H 5 -sy2 5 -5M Detroit 5 -6 5 -6 5 -6 6 6 St. Louis., 43/4-5 5 -6 5 -6 5 -6 3 -6 3 -6 434-6 5 -s 5 -6 5 -5 L L o it u t i le s v R il o le ck 6 -7 6 6 -7 6 6 -7 6 6H-7 6 6 7 - 6 iy2 5 -6 6 5 -6 6 6 -6 6 3 Minneapolis 2 -4 3^ 3 -5 5 -6 5 -6 3 -33. 3 -5 3 -5 5 -6 5H-6 5H-6 Helena 7 -8 7 -8 7 -8 7 -8 7 -8 7 -8 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 Kansas City 4 -6 534-6 4 -6 5 -6 Denver.. 3 -5 4 -6 5^-7 6 6 -8 6 -8 6 -8 6 Oklahoma City- 6 6 8 6 -8 6 -8 6 -8 6 Omaha.-- 5 -6 6 -6} 6 -6 6 -6M 6 Dallas 3 -7 4 -7 5 -6 6 -7 4 -8 6 -63, 3H-6 5 -7 5 -53> 5 -53> 5 -by El Paso- 7 -8 7 -8 7 -8 7 -8 7 -8 7 -8 8 5 -6 5 -6 5 -6 Houston 5 -6 6 6 5 -6 5 -5H 5 -5} 5 -V San Antonio 5 -8 5 -8 5 -7 6 -7 6 -7 7 -8 6 San Francisco. _ 5 -6 5 -6 5 -6 5 -6 5H-6 L P o o s rt A la n n g d eles 6 6 -6 6 6 -6 6 ^ 6 6 - - 6 6 ^ ^ 6 6 - - % 7 y2 6 -7 6 Salt Lake City. 5 -6 6 -7 6 6 6 -7 6 -7 6 -8 7 6 -7 Seattle 5 -7 6 -% 6 -6^ Spokane. 6 -6> 6 -7 6 -7 634-7 6 -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

524 FEDERAL RESERVE BULLETIN AUGUST 1933 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN MATURITY DISTRIBUTION OF BILLS AND CURRENCY TO AND FROM EUROPE SHORT-TERM SECURITIES BY SELECTED BANKS IN NEW YORK CITY [In thousands of dollars] [Paper currency only. In thousands of dollars] 1932 1933 Total W i d n a i ^ y th s - d 16 3 a y 0 to s 3 d 1 6 a y 0 to s 61 9 0 to 91 m t o d o a s 6 y . s 6 O m ve o r s. Net Net Bills discounted: Month Ship- Re- ship- Ship- Re- ship- July 5_. 181,803 127, 54212,614 14,870 23,274 3,461 42 ments ceipts ments ments ceipts ments July 12 167,866 122, 58113,149 13,147 15,775 3,163 51 to from (-) or to from (-) or July ]9 163,129 118, 34213,027 15,127 14,100 2,483 50 Europe Europe receipts Europe Europe rec(e+i)pts July 26 161, 363 116,058 11,906 15,598 15, 323 2,437 41 ( Bills bought in open market: July 5 23,084 15,769 1,731 1,942 3,642 January 25 3,335 +3,310 3 5,304 +5,301 July 12 13,194 6,578 1,880 3,053 1,683 February. _ 0 5,221 +5,221 105 5,589 +5,484 July 19 9,848 3,476 2,233 3,020 1,119 March 0 8,468 +8,468 101 13, 786 +13,685 July 26 9,616 2,295 1,100 411 5,809 April 0 4,563 +4, 563 25 8,049 +8,024 Certificates and May 0 10,938 +10,938 1 12, 523 +12, 522 bills: June 12 16, 265+16,253 0 6,866 +6,866 July 5 856,965 34,325 43,100 150,446 277, 326 223,993 127,775 July 20 +6, 674 4 11,755 +11,751 July 12 ._. 868,973 40,825 15,205 167,445 293, 689 216, 534 135,275 August 152 6,458 +6,306 July 19 870, 06134,550000 113., 644 270, 575 103,313 203,829 144, 200 September. 36 6,603 +6, 567 July 26. 868,290 15,200 116,997 290, 556 84,883 215,454145,200 October 7 5,294 +5,287 Municipal war- November. 70 6,013 +5,943 rants: December. . 245 +3, 742 July 5. 2,297 2,177 July 12 2,157 2,037 July 19 2,026 1,897 For description and back figures see BULLETIN for January 1932, July 26 1,862 1,732 38 pp. 7-9. UNITED STATES POSTAL SAVINGS [Balance to credit of depositors. In millions of dollars] End of month 1928 1929 1930 1931 1932 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 1,158. 4 May 152.0 153.8 171.2 325.0 742.6 1,178.8 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 '1,176.8 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

525 AUGUST 1933 FEDERAL RESERVE BULLETIN 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 1933 1932 1932 Industry 1933 1932 1933 1932 June May June June May June June May June June May June Manufactures—Total - _ 79 P91 77 58 TRANSPORTATION EOUIPMENT: IRON AND STEEL 72 53 72 49 26 Automobiles 54 47 Pig iron 43 29 43 29 22 Locomotives 8 8 Steel ingots.._ 75 56 75 51 26 Shipbuilding 100 80 TEXTILES 126 •108 133 108 63 LEATHER AND PRODUCTS: Cotton consumption 133 116 139 113 64 Boots and shoes 124 118 84 130 129 Wool 109 85 116 90 39 Consumption 121 96 134 105 43 CEMENT AND GLASS: Machinery activity 118 91 0) 0) 0) Cement 64 50 51 52 Carpet and rug-loom Glass, plate 120 118 61 activity 60 42 25 0) 0) 0) Silk 134 122 88 147 123 97 NONFERROUS METALS:2—Tin Deliveries 153 135 107 172 136 121 deliveries 94 80 57 0) 0) Loom activity 52 0) 0) 0) FUELS, MANUFACTURED: FOOD PRODUCTS 82 100 82 Petroleum refining 153 147 146 154 147 146 Sl i a n u g g . htering and meat pack- 105 99 82 105 102 K G e a r s o o s li e n n e e . 1 9 8 8 6 1 8 8 3 7 1 7 8 3 6 0 9 ) 2 0) 0) 79 110 102 79 107 106 76 Fuel oil 101 95 91 87 0) Cattle 93 89 79 99 92 84 Lubricating oil 80 99 0) 0) Calves 106 114 95 102 101 91 Coke, byproduct 73 50 0) 51 Sheep 149 150 153 152 153 156 61 Wheat flour 91 75 97 97 85 RUBBER TIRES AND TUBES - 139 118 129 115 94 107 : Sugar meltings _ 100 92 81 77 Tires, pneumatic 145 123 134 120 97 111 Inner tubes 96 83 93 80 68 78 PAPER AND PRINTING 85 85 TOBACCO PRODUCTS 147 145 128 135 143 118 Wood pulp and paper 76 75 Cigars 72 63 69 66 61 63 Newsprint 67 66 67 Cigarettes 204 206 173 204 157 Book paper 85 Wrapping paper 56 Minerals—Total. 82 76 84 78 Fine paper Box board Bituminous coaL. 57 50 40 64 57 45 Wood pulp, mechanical 61 Anthracite coal... 57 43 37 65 43 42 Wood pulp, chemical... 74 74 Petroleum, crude - 137 136 107 134 134 105 Paper boxes 240 179 131 231 179 126 Iron ore 30 21 6 15 14 3 Newsprint consumption 105 100 96 106 Zinc 53 46 36 55 46 38 Lead 42 36 50 41 37 49 LUMBER 40 32 27 38 30 26 Silver 28 '36 44 29 '37 45 v 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

526 FEDEKAL KESERVE BULLETIN AUGUST 1933 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Index numbers of the Federal Reserve Board; adjusted to Census of Manufacturers through 1927. 1923-1925 average= 100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variationWithout seasonal adjustment Industry 1933 1932 1933 1932 1933 1932 June May June June May June June May June Total— 64.1 60.0 59.1 64.8 60.6 60.0 46.2 42.0 42.6 IRON AND STEEL AND PRODUCTS 58.1 53.2 54.8 58.1 52.5 54.8 36.2 29.5 26.0 Steel works and rolling mills 62.6 57.1 57.9 62.8 56.3 58.0 39.2 31.2 25.4 Hardware 53.6 49.4 53.4 53.4 49.0 53.2 31.6 26.2 28.7 Structural ironwork _ 45.1 43.5 54.6 44.7 43.8 54.2 24.7 23.2 31.8 Heating apparatus 50.7 46.3 43.4 50.4 45.9 43.2 32.8 28.4 25.4 Steam fittings.. 44.2 40.5 37.3 43.9 40.2 37.0 28.8 25.0 23.4 Stoves. 56.6 51.7 49.1 56.4 51.2 48.9 36.6 31.8 27.3 Cast-iron pipe.. . 33.4 27.9 35.7 32.7 27.4 34.8 18.4 15.1 20.0 MACHINERY -. 48.0 44.5 51.3 47.7 44.2 51.0 32.0 27.4 32.3 Foundry and machine-shop products- 46.9 43.1 47.6 46.4 42.7 47.1 28.9 24.1 27.5 Machine tools - 38.9 34.5 42.9 39.2 34.4 43.2 25.4 19.4 25.4 Agricultural implements 36.4 33.4 29.1 36.7 32.4 29.3 30.3 25.6 22.9 Electrical machinery 52.8 50.1 63.2 52.8 50.1 63.2 40.7 36.7 45.6 TEXTILES AND PRODUCTS 79.9 73.0 57.2 81.6 73.4 58.5 53.6 46.8 35.8 A. Fabrics 85.8 75.7 58.2 86.7 75.9 58.7 60.5 50.1 37.0 Cotton goods.._ 91.7 79.3 57.4 92.6 79.6 57.9 63.3 51.0 34.3 Woolen and worsted manufactures. 78.6 64.2 44.5 80.1 65.4 45.4 56.7 41.7 26.8 Woolen and worsted goods 83.2 67.4 43.8 84.7 68.9 44.6 60.9 44.4 27.4 Carpets and rugs 54.7 47.4 48.2 56.1 47.0 49.4 37.9 29.4 23.4 Hosiery and knit goods 93.9 87.1 78.7 93.7 86.3 78.5 68.8 62.4 56.7 Silk manufactures 61.4 58.7 42.3 62.2 58.4 42.9 42.8 38.9 27.1 Dyeing and finishing textiles 91.7 87.3 80.9 92.6 87.4 81.7 72.1 66.1 59.3 B. Wearing apparel 64.9 66.1 54.7 68.7 67.4 58.1 39.4 40.1 33.4 Clothing, men's 54.2 50.1 43.4 54.1 52.7 43.3 32.1 27.1 22.6 Shirts and collars 74.4 67.8 62.9 76.8 68.7 64.9 51.2 42.9 40.5 Clothing, women's 78.7 88.4 70.6 89.9 90.9 80.7 46.1 54.2 45.7 Millinery. 58.8 66.0 47.0 60.0 60.9 47.9 39.1 43.9 32.6 FOOD AND PRODUCTS 81.9 80.2 80.9 82.3 82.6 81.1 66.3 64.8 71.4 Baking. 83.4 82.4 86.8 81.9 82.9 85.1 67.7 66.4 75.9 Slaughtering and meat packing 85.6 82.9 81.7 86.0 85.8 82.1 72.1 69.2 73.1 Confectionery 76.4 76.9 67.6 85.1 85.5 75.3 51.6 54.1 54.3 Ice cream 80.0 69.2 86.9 69.7 66.1 75.7 65.2 56.4 78.6 Flour. 74.2 75.2 74.2 76.6 78.4 76.6 57.4 60.7 62.6 Sugar refining cane 76.1 75.9 72.7 74.8 75.4 71.4 62.9 62.2 60.9 PAPE P R r in A t N in D g P , R b I o N o T k I a N n G d . . job 8 7 0 2 . . 9 4 7 7 9 1 . . 4 7 8 8 2 0 . . 0 7 8 7 1 3 . . 6 4 7 72 9 . . 4 9 8 8 2 1 . . 8 8 6 5 6 8 . . 6 3 6 5 4 7 . . 9 9 7 7 2 0 . . 9 0 Printing, newspapers and periodicals- 93.3 93.6 94.8 93.6 93.3 95.1 81.4 81.4 92.9 Paper and pulp 80.3 77.7 76.1 80.4 77.8 76.2 58.9 54.7 54.3 Paper boxes 75.9 71.2 71.2 78.8 74.0 73.9 63.9 58.1 60.3 LUM L P u E m R b A e N r, D s a P w RO m D i U ll C s. T ._ S 3 3 9 4 . . 9 9 3 3 5 0 . . 3 2 3 3 7 3 . . 8 8 4 3 0 4 . . 0 0 3 2 5 9 . . 7 8 3 3 7 3 . . 9 0 2 1 1 8 . . 7 4 1 1 8 4 . . 0 8 2 1 0 8 . . 9 6 Lumber, millwork 37.3 34.0 37.4 36.9 33.7 37.1 21.2 18.3 22.4 Furniture 55.5 50.2 49.3 58.7 53.4 52.1 29.2 24.8 25.1 TRAN C S a P r O b R u T i A ld T i I n O g N a n E d Q U re IP p M ai E ri N n T g 4 3 4 8 . . 6 4 4 3 3 9 . . 7 7 5 41 0 . . 6 8 4 3 3 8 . . 9 2 4 3 1 9 . . 9 4 5 4 0 1 . . 0 3 3 2 6 9 . . 0 8 3 3 5 0. . 6 3 4 32 0 . . 9 7 Automobiles 51.6 47.8 59.6 50.3 43.8 58.0 43.2 40.4 47.1 Shipbuilding 53.8 53.4 78.5 53.2 52.1 77.6 40.3 40.3 67.4 LEA B TH o E o R ts A an N d D s M ho A e N s UFACTURES 8 7 0 9 . . 1 6 7 7 6 7 . . 4 8 7 72 0 . . 7 5 8 8 3 4 . . 9 7 8 7 1 9 . . 4 7 7 7 6 4 . . 9 3 5 5 7 4 . . 4 9 4 5 9 0 . . 2 8 4 4 5 4 . . 0 3 Leather 77.9 70.9 61.6 80.3 72.6 63.4 66.4 56.6 47.4 CEM C E l N a T y , p C r L o A d Y u , c t A s N . D GLASS PRODU - CTS 4 3 8 9 . . 4 1 4 3 3 5 . . 7 3 4 39 5 . . 6 0 4 37 6 . . 5 8 4 3 2 4 . . 6 2 4 3 3 8 . . 4 0 2 1 9 8 . . 1 8 2 1 5 5. . 9 1 2 1 7 9. . 0 3 Brick, tile, and terra cotta 29.6 25.7 31.8 27.6 24.3 29.6 12.7 10.0 14.2 Pottery 64.8 61.6 60.9 64.7 61.1 60.7 34.9 31.3 31.5 Glass.. 69.4 63.2 56.9 67.7 62.3 55.5 52.1 45.9 43.2 Cement 44.1 38.4 42.8 42.1 37.6 40.9 25.1 21.2 28.5 NONFERROUS METAL PRODUCTS 53.5 47.9 48.6 53.6 47.4 48.7 41.4 34.5 32.0 Stamped and enameled ware 28.7 25.9 27.6 28.1 24.9 26.9 23.6 19.4 20.0 Brass, bronze, and copper 62.0 55.4 55.8 62.4 55.1 56.1 46.5 38.9 35.5 CHEM C I h C e A m L i S c a A ls N a D n d P R d O r D u U gs CTS 8 7 5 9. . 4 0 8 7 0 8 . . 8 9 7 7 4 8 . . 2 0 8 86 2 . . 7 3 8 8 0 2 . . 3 1 7 7 6 9 . . 4 6 6 6 4 6 . . 6 9 6 6 1 2 . . 9 0 6 6 3 1 . . 2 1 Petroleum refining 78.1 76.8 78.1 77.4 76.9 77.4 66.3 65.1 72.1 Fertilizers 48.7 73.9 35.8 71.4 81.2 52.4 31.3 41.2 28.1 RUB A B u ER to m P o R b O i D le U t C ir T e S s .. a nd tu . b _ es 6 7 8 6. . 4 1 6 66 0 . . 6 2 6 7 7 0 . . 0 3 6 7 7 5 . . 8 0 5 6 9 5 . . 7 3 6 68 7 . . 9 0 5 62 7 . . 0 3 4 4 9 6 . . 0 2 5 5 9 5 . . 4 1 Rubber boots and shoes 43.2 40.8 57.1 46.2 42.9 61.1 38.4 34.7 37.9 TOBA C C ig C a O r s M a A n N d U c F ig A a C r T e U tte R s ES 6 6 6 5 . . 3 5 6 6 4 3 . . 2 4 6 6 9 8 . . 0 6 6 6 6 5 . . 8 8 6 6 5 4 . . 4 4 6 6 9 8 . . 4 9 4 4 7 5. . 8 3 4 43 5 . . 9 5 5 5 1 2 . . 2 2 Chewing and smoking tobacco, snuff.. 72.7 69.9 72.0 74.1 72.6 73.5 59.8 58.8 60.9 NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 706-716, and November 1930, pp. 662-677. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1933 FEDERAL RESEEVE BULLETIN 527 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 r i e d o a e d t s h u e a c r n ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c l t s t a s lm B a u t i e ld ri i a n l g s c C a d h l r s e u m a g n s i d - in f H u g r o n g u i o s s o 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—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 69.6 53.0 69.3 79.4 70.8 72.3 73.6 63 4 1933—January.. _ 61.0 42.6 55.8 67.3 68.9 51.9 66.0 78.2 70.1 71.6 72.9 61.2 February. 59.8 40.9 53.7 66.0 68.0 51.2 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 June 65.0 53.2 61.2 82.4 61.5 61.5 79.3 74.7 73.7 73.4 60.8 i932 1933 Subgroups Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June FARM PRODUCTS: Grains 44.5 42.6 37.7 36.7 38.2 37.4 34.4 33.2 31.7 32.9 32.7 36.6 44.8 52.8 57.4 Livestock and poultry. 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 46.6 Other farm products.. 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 56.2 FOODS: Butter, cheese, and milk 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 63.1 Cereal products 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 70.7 Fruits and vegetables 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 63.9 Meats. _ 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 52.4 Other foods 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 61.1 HIDES AND LEATHER PRODUCTS: Boots and shoes 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 85.5 Hides and skins _ ... 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 81.4 Leather 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 74.3 Other leather products 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 78.5 TEXTILE PRODUCTS: Clothing 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 64.5 Cotton goods 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 67.1 Knit goods 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 50.9 Silk and rayon 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 35.2 Woolen and worsted goods... 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 68.8 Other textile products 68.2 67.2 66.7 66.5 67.4 68.6 67.7 67.1 66.3 66.2 66.7 67.5 70.7 73.6 FUEL AND LIGHTING MATERIALS: Anthracite coal 85.7 85.6 85.3 84.5 86.0 87.7 88.7 88.8 88.7 88.7 88.7 88.3 81.4 78.5 76.8 Bituminous coal _. 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 78.3 Coke 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 75.3 Electricity 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 94.6 Gas 99.1 103.0 106.3 108.3 107.0 107.6 104.4 100.0 96.5 96.7 96.6 96.6 97.5 103.3 Petroleum products 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 34.4 METALS AND METAL PRODUCTS: Agricultural implements 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 83.0 Iron and steel 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 76.2 Motor vehicles 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 90.4 Nonferrous metals__ 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 63.2 BUILDING MATERIALS: Brick and tile 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 77.0 Cement 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 81.8 Lumber 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 67.4 Paint materials 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 71.9 Plumbing and heating 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 67.4 Structural steel 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 81.7 Other building materials 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 80.6 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 81.5 Drugs and Pharmaceuticals.. 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 55.5 Fertilizer materials 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 66.8 68.0 Mixed fertilizers 71.1 69.0 69.0 68.3 66.5 65.6 65.6 62.7 62.4 60.1 60.0 63.1 63.0 HOUSEFURNISHING GOODS! Furnishings 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 73.6 Furniture 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 73.4 MISCELLANEOUS: Auto tires and tubes 39.2 39.2 40.1 40.1 42.7 44.6 44.6 44.6 44.6 42.6 41.3 37.4 37.6 40.1 Cattle feed 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 55.8 Paper and pulp 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 73.5 Rubber, crude 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 12.6 Other miscellaneous 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 75.0 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

528 FEDERAL RESERVE BULLETIN AUGUST 1933 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Value of contracts in millions of dollars, figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Public works Total Residential Factories Commercial and public Educational All other utilities Month 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 January 84.8 83.4 27.5 12.0 3.4 4.3 9.1 5.8 24.1 42.7 4.4 1.4 16.3 17.3 February 89.0 52.7 24.4 11.8 4.4 2.8 10.1 7.6 28.3 17.2 10.8 2.2 11.0 11.0 March 112.2 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 _ 113.1 103.0 23.1 27.8 2.1 27.3 13.0 9.6 50.1 24.4 7.2 3.5 17.6 10.3 July 128.8 19.7 3.5 8.3 60.0 6.4 30.8 August 134.0 20.8 3.3 18.4 64.2 5.5 21.9 September 127.5 22.8 6.3 8.8 68.7 7 4 13.5 October 107.3 21.9 3.2 7 0 58.5 3 6 13.1 November 105.3 19.2 1.9 6.7 54 2 3 4 19 9 December 81.2 13 0 3.3 5.7 43.3 6.7 9.2 Year 1,351. 2 280.1 43.5 122.7 590.3 82.3 232. 3 CONSTRUCTION CONTRACTS AWARDED, BY BANK DEBITS DISTRICTS [Debits to individual accounts. In millions of dollars] [Value of contracts in thousands of dollars; figures for 37 States east of the Rocky Mountains,*as reported by the F. W. Dodge Corporation] 1933 1932 Number of centers 1933 1932 June May June Federal Reserve district June May June New York City 1 16, 743 13,977 14,202 Outside New York City 140 12,968 11,509 12,901 Boston 9,122 8,542 10,098 Federal Reserve districts: New York 21,033 17,518 28,234 Boston 11 1,569 1,335 1,346 Philadelphia 5,352 5,013 9,519 New York. . 7 17,313 14,504 14,741 Cleveland 8,210 6,604 12,749 Philadelphia 10 1,277 1,066 1,256 Richmond 10,425 5,409 7,785 Cleveland 13 1,279 1,062 1,292 Atlanta 4,246 5,214 7,463 Richmond 7 443 405 488 Chicago 12,811 10,429 18, 356 Atlanta 15 560 555 564 St. Louis 8,085 8,296 5,768 Chicago 21 3,082 2,770 3,373 Minneapolis 2,507 2,503 5,724 St. Louis 5 696 647 696 Kansas City 4,428 4,095 4,009 Minneapolis 9 517 454 428 Dallas 16,760 3,548 3,369 Kansas City 15 765 663 741 Dallas 10 383 352 370 Total (11 districts) 102,980 77,172 113, 075 San Francisco 18 1,828 1,673 1,808 Total 141 29, 711 25,486 27,103 COMMERCIAL FAILURES, BY DISTRICTS [Amounts in thousands of dollars; figures reported by Dun and Bradstreet] Number Liabilities Federal Reserve district 1933 1932 1933 1932 June May June June May June Boston 143 214 2,508 3,925 6,223 New York.__. 420 476 545 9,845 11,641 20,378 Philadelphia.. 92 87 130 2,588 2,848 4,652 Cleveland 135 145 296 3,627 6,620 7,895 Richmond 84 124 179 1,646 3,876 Atlanta 92 90 124 2,154 2,571 2,185 Chicago 201 249 390 5,975 7,228 13,498 St. Louis 60 59 132 1,050 1,414 1,987 Minneapolis.. 63 54 87 1,224 755 738 Kansas City.. 108 92 108 1,019 1,595 3,238 Dallas 57 63 112 819 1,297 2,283 San Francisco. 193 256 4,201 6,857 Total. _. 1,648 1, 35,344 47,972 76,931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

529 AUGUST 1933 FEDERAL RESERVE BULLETIN JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for July 1, 1933, as reported by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1932 July 1,1933 1932 July 1,1933 1932 July 1,1933 1932 July 1,1933 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,684 7,896 66 110 66 110 New York 24,550 24,869 4,761 4,852 4,591 4,712 170 140 Philadelphia. 42, 554 43,859 12,147 14,059 12,042 13,974 105 85 Cleveland 158,549 131,400 35,908 38,853 35,735 38,755 173 Richmond 105,912 120,548 16,673 19, 286 16, 673 19,286 Atlanta 146, 661 136,989 3,063 2,872 3,063 2,872 Chicago 1,065,741 808, 757 49,430 44,116 46,050 42,121 3,380 1,995 St. Louis 380, 505 283,157 34,128 36, 330 33,885 36,189 243 141 Minneapolis- 293,144 292,594 I 237,318 108,805 21,190 11,163 216,128 97, 642 Kansas City— 524,390 443,239 189, 917 122, 273 183,800 114, 608 6,117 7,665 Dallas. 116,292 81, 645 30, 268 12, 534 30,120 12,449 148 85 San Francisco 9,588 9,079 112,604 91,591 74, 530 39,638 38,074 51,953 Total— 2,875, 570 2,384,032 726, 283 495, 681 461, 679 335, 767 264, 604 159,914 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1932 July 1,1933 1932 July 1,1933 1932 July 1,1933 1932 July 1,1933 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 7,704 2,928 2,874 30,110 20,765 47,974 44,772 New York 28,019 22,831 5,164 4,910 1,621 916 32,017 23, 736 Philadelphia. 15,136 15,145 1,938 2,298 46,310 42,480 20,896 18,456 Cleveland 55,920 38,420 3,826 3,967 121,582 119,037 19,465 15, 215 Richmond 18, 755 16, 901 2,542 2,729 411,132 616, 679 23,932 25,191 Atlanta 10,469 8,076 2,105 1,957 99,242 141,934 10,545 10,981 Chicago 523, 589 293,092 14,194 13,624 36,620 18,782 59,382 40,839 St. Louis 47,062 30,904 4,964 4,936 261,257 278,685 13,164 8,921 Minneapolis.- 317, 746 141, 589 9,912 8,565 2,831 1,091 54,062 51,053 Kansas City- 145,427 80, 222 8,054 4,807 4,268 30,854 26,006 Dallas 43, 699 20, 319 1,004 855 4,981 4,490 San Francisco 24,705 24,507 12,408 11, 278 40,407 36,763 Total— 1, 238, 231 698,941 69,794 66, 047 1, 015, 512 1, 244,637 357,679 306,423 NOTE.—Figures for 1932 are as revised in July, 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS —••BOUNDARIES OF FEDERAL RESERVE DISTRICTS —BOUNDARIES OF FEDERAL RESERVE BRANCH ® 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