Federal Reserve Bulletin, 1933-09

FEDERAL RESERVE BULLETIN SEPTEMBER 1933 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Executive Orders Relating to Gold Regulation of Interest on Deposits UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: EUGENE R. BLACK, Governor. WILLIAM H. WOODIN, CHARLES S. HAMLIN. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. GEORGE R. JAMES. J. F. T. O'CONNOR, J. J. THOMAS. Comptroller of the Currency, M. S. SZYMCZAK. H. WARNER MARTIN, Assistant to the Governor. E. A. GOLDENWEISER, Director, Division of Research and Statistics. CHESTER MORRILL, Secretary. J. C. NOELL, Assistant Secretary. CARL E. PARRY, Assistant Director, Division of Research L. P. BETHEA, Assistant Secretary, and Statistics. S. R. CARPENTER, 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 s - erve Bank Chairman Governor Deputy governor Cashier Boston F. H. Curtiss R. A. Yjoung W. W. Paddock W. Willett. New York J. H. Case G. L. Harrison - W. R. Burgess C. H. Coe.» J. E. Crane R. M. Gldney.i A. W. Gilbart J. W. Jones.* W. S. Logan W. B. Matteson.» L. R. Rounds J. M. Rice.* L. F. Sailer Allan Sproul.1 L. W. Knoke.1 Philadelphia R. L. Austin G. W. Norris W. H. Hutt C. A. Mcllhenny. W. G. MeCreedy.* Cleveland _ L. B. Williams E. R. Fanchftr 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. McDougal C. R. McKay W. H. Snyder» H. P. Preston W. C Bachman.* J. H. Dillard ._ R. H. Buss.* 0. J. Netterstrom.i A. T. Sihler.i E. A. Delaney.1 St. Louis _ J. S. Wood W. McC. Martin 0. M. Attebery S. F. Gilmore.1 J. G. McConkey A. H. Haill.i F. N. Hall.* G. 0. Hollocher.' 0. C. Phillips.' Minneapolis J. N. Peyton.. W. B. Geery Harry Yaeger H. I. Ziemer. F. C. Dunlop.* Kansas City M. L. McClure G. H. Hamilton TCT. AT . 7WifitonrAthrington.__. J. W. Helm. T "W TTolm Dallas C. C. Walsh B. A. McKinney R. R. Gilbert .. 1—. Fred Harris R. B. Coleman W. 0. Ford.* San Francisco Isaac B. Newton. __ .J. U. Calkins W. A. Day W. M. Hale. Ira Clerk i Assistant deputy governor. 1 Controller. * 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 PKICE OP BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking developments 531 Executive orders relating to gold 535 Quarterly report of the Reconstruction Finance Corporation 538 Condition of all member banks on June 30,1933 (from Member Bank Call Report No. 58) 582, 583 National summary of business conditions 539 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 540-543 Member and nonmember bank credit: All banks in the United States 545 All member banks 544, 577, 578 Weekly reporting member banks in 90 leading cities 546, 579 Brokers' loans 546 Acceptances and commercial paper 547 Discount rates and money rates 548, 580 Treasury finance 549 Security prices, bond yields, and security issues 550 Production, employment, car loadings, and commodity prices 551, 584-590 Merchandise exports and imports 552 Department stores—Indexes of sales and stocks 552 Freight-car loadings, by classes 552 Financial statistics for foreign countries: Gold reserves of central banks and governments 553 Gold production 554 Gold movements 554-556 Government note issues and reserves 557 Bank for International Settlements 557 Central banks 558-560 Commercial banks 561 Discount rates of central banks 562 Money rates 562 Foreign exchange rates 563 Price movements: Security prices . 564 Wholesale prices 564, 565 Retail food prices and cost of living 565 Law department: Rulings of the Federal Reserve Board: Issuance of nonassessable stock by State member banks 566 Loans by member banks to affiliates on security of real-estate mortgages 566 Capital debentures not considered "capital" in determining eligibility for membership 566 Interest on deposits made by cooperative banks in member banks 568 Interest on deposits of trust funds 568 Effect of section 8A of Clayton Antitrust Act as amended by section 33 of Banking Act of 1933 569 Opinion of the Attorney General as to the meaning of the term '' executive officer " 569 Opinion of Attorney General regarding reports and examinations of affiiliates of national banks 570 Interest on deposits—Regulation Q of the Federal Reserve Board 571 Federal Reserve statistics by districts, etc.: Banking and financial statistics 575-581 Industrial and commercial statistics 584-591 August crop report, by Federal Reserve districts 592 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 19 SEPTEMBER 1933 No. 9 REVIEW OF THE MONTH member banks outside New York City have increased from less than $300,000,000 to During the month of August there was an more than $450,000,000, while excess reserves increase of about $90,000,000 in the volume of Reserve bank credit outstand- EXCESS RESERVES OF MEMBER BANKS Increase in [ n g^ reflecting a further increase M1U.IQN5 or DOLLARS Wednesday Figure credit™ ** of $100,000,000 in Reserve bank holdings of United States Government securities that was partly offset by further reduction in member bank borrowings at the Reserve banks. The growth of Reserve bank credit, together with some return of currency from circulation, was reflected in further increase in member bank reserve balances to $2,410,000,000, the highest level since last February. There was some decrease during the month in reserve requirements of member J P M A M J J A S O N D U F M A M J J A S O HD banks, caused chiefly by a further reduction in interbank deposits, with the consequence that of member banks in New York City, after a the entire growth of reserves of the member temporary reduction, have increased to approxibanks was reflected in an increase of their excess mately*$150,000,000. reserves, which rose during the month to a Total loans and investments of reporting memlevel approximating $625,000,000. Rates in ber banks in 90 leading cities, after increasing the money market eased further; the renewal considerably from the middle of rate on call money was at % percent, yields on Member bank April to the middle of July, credit short-term bankers' acceptances at }{ percent, showed little net change from and yields on short-term United States Gov- that time to the end of August. Net demand ernment obligations at less than one tenth of 1 and time deposits of these banks decreased, percent. however, by about $300,000,000 during this The volume of excess reserves held by the period, reflecting chiefly further reduction in member banks since the beginning of last interbank balances payable on demand. These year is shown by weeks on the balances have been decreasing since the middle Excess reserves accompanying chart, with sepof June, when the Banking Act of 1933, which of member ± Z % u i • AT prohibits the payment of interest on demand banks arate ngures lor banks in New deposits by member banks, became effective. York City and banks outside Interbank deposits represent a duplication of New York City. The chart shows that at the deposits, and funds held in banks by individuals end of August member banks were holding the and business concerns are best measured by largest aggregate volume of excess reserves total deposits exclusive of Government and that they have held at any time during the interbank deposits. The amount of these period except in one week of last January. It deposits at the reporting member banks shows also that since the middle of June, when remained during recent weeks at about the level member banks ceased to pay interest on interattained in the middle of July, which was bank demand balances, excess reserves of 531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 FEDERAL RESERVE BULLETIN SEPTEMBER ] about $1,000,000,000 higher than last March, rency taken out of hoards, since it occurred at the increase reflecting chiefly the redeposit in a time when the demand for currency for active the banks of currency withdrawn at the time use by the public was increasing with the of the banking crisis. growth in the volume of pay rolls and retail The growth in the volume of bank deposits trade. That the return flow of currency was since last March has been accompanied by an from hoards and not from active circulation is increase in the use made of indicated by the fact that the larger part of the Increased existing deposits, as shown by paper currency returned to the Federal Reserve' velocity of . & ^ . \ . J banks since last March has been in the larger fi deposits an increase m the volume of denominations, $50 and over, such as are used checks drawn against them. relatively little in day-to-day transactions. This increase in the turnover, or velocity, of Figures of currency by denominations are deposits has, in fact, been a more important available only for end-of-month dates, and it factor in financing the increased volume of is impossible, therefore, to analyze the return business activity than the actual growth in the flow of currency by denominations from the volume of deposits. Between March and July, maximum amount reached on March 13. while industrial production increased by 60 From the end of February, when money in percent and factory pay rolls by almost 40 per- circulation was about $1,000,000,000 less than cent, deposits of member banks in 90 leading at the peak, to the end of July currency of cities increased by less than 10 percent, while denominations of $50 and over declined by the velocity of their turnover increased by about about $500,000,000, or 26 percent, whereas 30 percent. In March net demand plus time currency of $20 denomination declined by deposits of these banks were turning over at $165,000,000, or 11 percent, and the circulation the rate of about 17 times per year, while in of the denominations of $10 and under, which July they were turning over at the rate of about is the currency used largely for business pur- 22 times per year. poses, declined by $75,000,000, or 3 percent. The volume of check payments at the report- The chart shows by denominations changes ing member banks increased from March to in the volume of paper currency in circulation July by about $8,000,000,000, and amounted from month to month since the end of Novemin July to about $29,000,000,000. About two ber 1930, when the public began to withdraw thirds of the increase was at New York City and currency for hoarding. It brings out the fact Chicago, where it reflected in part increased that whenever there was a sharp increase activity in the organized exchanges for corduring this period it was most pronounced porate securities and for basic commodities for the denominations of $50 and over, less such as cotton and grain. The increase was pronounced for denominations of $20 and $10, general throughout the country, however. At and seldom substantial for denominations 139 cities, not including New York and Chicago, as low as $5. At the end of July, the latest bank debits, which measure the volume of paydate for which figures are available, the outments by check, increased from April to July by standing volume of the larger denominations about $2,600,000,000, or approximately 30 was lower than a year ago, reflecting chiefly the percent, and increases were reported for every return of currency from hoards, while that of Federal Reserve district. $5 and $10 bills was higher, reflecting chiefly Currency returned to the Federal Reserve the improvement in business. The volume of banks and the Treasury between March 13 and $1 and $2 bills shows relatively little change August 30 amounted to about in over the period. $2,000,000,000. This repre- The reduction in circulation since March sented currency returned by has been chiefly in gold coin and gold certifibanks from their holdings of vault cash and cur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

533 SEPTEMBER 1933 FEDERAL RESERVE BULLETIN cates, the hoarding of which has been prohib- central gold reserves in France, Germany, the ited, and inFederal Reserve notes. The amount Netherlands, and Italy have grown by an of gold coin and gold certificates outside the aggregate amount of $95,000,000 (at par) and Treasury and Federal Reserve banks is at the drain on Swiss reserves has ceased. present smaller than at any other time in many This recent increase in the gold stock of years, while the circulation of Federal Reserve countries whose currencies are stable is in connotes, after a considerable reduction since last trast with developments in the second quarter March, is still much larger than at any other of this year, following suspension of gold paytime since early in 1921. Circulation of Fed-ments in the United States. At that time gold reserves of these countries declined as the DEN0M1NATI0NS OF PAPER CURRENCY result both of domestic hoarding and of a move- End of Month Figures MILLIONS OF DOLLARS MILLIONS OF DOLLARS ment of funds to England. The Bank of Eng- 2000 2000 land, which had been acquiring gold since the 1800 1800 beginning of the year, continued to add to its reserves. The movement of funds from France was offset by a credit of £30,000,000 obtained 1600 1600 $50 and over in London late in April by the French Government, and thereafter the Bank of France ac- 1^00 lA-00 quired gold. A In the Netherlands and Switzerland, how- 1200 1200 ever, the central banks lost a considerable amount of gold, not through paying out 1000 1000 gold directly for hoarding, which they are under no legal obligation to do, but through ©00 600 triangular operations in the exchange market $5 600 600 which had the same effect. Funds were withdrawn from these countries to France, where ^00 they could be exchanged for gold, which could then be hoarded. These withdrawals were on 200 200 a considerable scale, owing in part to the previous accumulation of foreign short-term funds in the Netherlands and Switzerland. These 1931 1932 1933 withdrawals, in turn, made it necessary for Denominations of paper currency outside Treasury and Federal Reserve banks. For figures see table on page 581. these countries to export gold in order to maineral Reserve bank notes has increased during tain their currencies at par. Between the recent months, and the amount of national-bank middle of April and the first week of July the notes in circulation, after a considerable in- Netherlands Bank lost $85,000,000 of gold (at crease since the middle of last year, is at the par) and the Swiss National Bank $140,000,000. highest level since 1914. During this period there was a considerable shrinkage in the aggregate reported gold re- Since the first week of July there has been serves of the central banks and governments a substantial increase in the central gold reof the world, notwithstanding the continued serves of several of the chief flow of gold from the mines and from India. Gold reserves in European countries that have Eur°Pe maintained the gold value of The indications are that a quarter of a billion dollars of gold (at par) passed into hoards or their currencies. On the basis unreported holdings during the spring. of reports through the third week of August Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 On July 8 representatives of the gold-stand- With the foreign debt service thus reduced, ard countries agreed among themselves not only the Reichsbank has steadily acquired gold, to use all their individual resources to maintain additions to its reserves from June 30 to Authe gold standard, but to cooperate with one gust 23 aggregating $23,000,000 (at par), as another toward this end. Following upon this compared with a decline of $3,000,000 in the agreement the Netherlands Bank regained in 6 bank's foreign-exchange reserves. There has weeks more than a third of the gold lost during been no improvement, however, in the German the previous quarter, and was able to make the balance of trade or any significant movement of first of a series of reductions in its discount rate, capital into the country. which had been raised twice during the period of gold exports. Gold again began to move back Changes in Foreign Central Bank Discount Rates from hoards and unreported holdings, and the world's reported gold reserves increased by On August 16 the Bank of Java reduced its more than the flow from India and the mines. discount rate from 5 to 4K percent. Reserves of the German Eeichsbank have followed much the same course as those of the Annual Report of the Federal Reserve Board „ . . , . gold-standard countries, but for The complete edition of the annual report of Reichsbank % ' the Federal Reserve Board, covering operations different reasons. With Gerfor the year 1932, is now available. It conman exchange under strict control, there was tains, in addition to the text of the report, no loss during the difficult spring period from statistics relating to banking and business flight of capital or from hoarding. The reduc- conditions generally. It also gives recommention in Reichsbank reserves in the second quar- dations made by the Federal Advisory Council during 1932, amendments made during the ter of the year was largely attributable to the year to the Federal Reserve Act, the Board's repayment of the credits extended to the Reichscomments and recommendations on the Glass bank and the Golddiskontbank by foreign bill (S. 4115) as transmitted to the Senate banks during the 1931 crisis. For this purpose Committee on Banking and Currency in March funds amounting to $131,000,000 (at par) were 1932, opinion of the general counsel of the Board concerning the constitutionality of legislation required, which is the amount of the Reichsproviding^ unified commercial banking system bank's loss of gold. At the same time foreignfor the United States, and the report on member exchange reserves of the bank were declining, bank reserves made by the Federal Reserve as the surplus of merchandise exports was prov- Svstem Committee on Bank Reserves. ing insufficient to cover the service of the remaining foreign debt. By the end of June Reprinting of Federal Reserve Act Reichsbank gold holdings had been reduced to $45,000,000 (at par) and its foreign-exchange The Federal Reserve Act, as amended to reserves to $20,000,000. July 1, 1933, has recently been reprinted # by the Board, with an appendix containing various On July 1 a partial moratorium was put into provisions of certain acts of Congress which effect on the service of the foreign debt. Credaffect, directly or indirectly, the operations of its covered by the standstill agreements were the Federal Reserve banks and banks which are unaffected, and service on the Dawes loan members of the Federal Reserve System. was maintained in full, also interest on the Copies may be obtained from the Superintendent of Documents, Government Printing Office. Young loan. On other loans, however, the transfer abroad of amortization and interest Executive Orders Relating to Gold charges was discontinued, although a plan to On August 28 and 29, 1933, the Presipermit the payment abroad of one half the dent issued the following executive orders relatinterest charges, not to exceed 2 percent per ing to gold coin, bullion, and currency: annum, is pending final agreement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

535 SEPTEMBER 1933 FEDERAL RESERVE BULLETIN EXECUTIVE ORDER RELATING TO THE HOARDING, (b) Gold coin having a recognized special EXPORT, AND EARMARKING OF GOLD COIN, value to collectors of rare and unusual BULLION, OR CURRENCY AND TO TRANSAC- coin; TIONS IN FOREIGN EXCHANGE (c) Gold coin, gold bullion, and gold certificates acquired or held under a license By virtue of the authority vested in me by heretofore granted by or under authorsection 5 (b) of the act of October 6, 1917, as ity of the Secretary of the Treasury; amended by section 2 of the act of March 9, and 1933, entitled "An act to provide relief in the (d) Goid coin, gold bullion, and gold certifiexisting national emergency in banking and for other purposes7', I, Franklin D. Roosevelt, cates owned by Federal Reserve banks. President of the United States of America, do Such return required to be made by an declare that a period of national emergency individual shall be filed with the collector of exists, and by virtue of said authority and of internal revenue for the collection district in all other authority vested in me, do hereby which such individual resides, or, if such indiprescribe the following provisions for the vidual has no legal residence in the United investigation and regulation of the hoarding, States, then with the collector of internal earmarking, and export of gold coin, gold revenue at Baltimore, Md. Such return bullion, and gold certificates by any person required to be made by a partnership, associawithin the United States or any place subject to tion, or corporation shall be filed with the the jurisdiction thereof; and for the investiga- collector of internal revenue of the collection tion and regulation of transactions in foreign district in which is located the principal place exchange and transfers of credit and the export of business or principal office or agency of such or withdrawal of currency from the United partnership, association, or corporation, or, if States or any place subject to the jurisdiction it has no principal place of business or principal thereof by any person within the United States office or agency in the United States, then with or any place subject to the jurisdiction thereof. the collector of internal revenue at Baltimore, SEC. 2. Definitions.—As used in this order Md. Such return required to be made by an the term "person" means an individual, part- individual residing in Alaska shall be filed with nership, association, or corporation; and the the collector of internal revenue at Seattle, term "the United States" means the United Wash. Such return required to be made by a States and any place subject to the jurisdiction partnership, association, or corporation having thereof. its principal place of business or principal office SEC. 3. Returns.—Within 15 days from the or agency in Alaska shall be filed with the date of this order every person in possession collector of internal revenue at Seattle, Wash. of and every person owning gold coin, gold The Secretary of the Treasury may grant a bullion, or gold certificates shall make under reasonable extension of time for filing a return, oath and file as hereinafter provided a return under such rules and regulations as he shall to the Secretary of the Treasury containing prescribe. No such extension shall be for true and complete information relative thereto, more than 45 days from the date of this including the name and address of the person Executive order. An extension granted heremaking the return; the kind and amount of such under shall be deemed a license to hold for a coin, bullion, or certificates held and the loca- period ending 15 days after the expiration of tion thereof; if held for another, the capacity the extension. in which held and the person for whom held, The returns required to be made and filed together with the post-office address of such under this section shall constitute public person; and the nature of the transaction records; but they shall be open to public inspecrequiring the holding of such coin, bullion, or tion only upon order of the President and under certificates and a statement explaining why rules and regulations prescribed by the Secresuch transaction cannot be carried out by the tary of the Treasury. use of currency other than gold certificates; A return made and filed in accordance with provided that no returns are required to be this section by the owner of the gold coin, gold filed with respect to— bullion, and gold certificates described therein, (a) Gold coin, gold bullion, and gold certifi- or his duly authorized agent, shall be deemed cates in an amount not exceeding in an application for the issuance under section 5 the aggregate $100 belonging to any hereof of a license to hold such coin, bullion, one person; and certificates. 8629—33 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDEKAL BESERVE BULLETIN SEPTEMBER 1933 SEC. 4. Acquisition of gold coin and gold cates situated in the United States and owned bullion.—No person other than a Federal by any person subject to the jurisdiction of the Reserve bank shall after the date of this order United States, except under license therefor acquire in the United States any gold coin, issued pursuant to this Executive order; progold bullion, or gold certificates except under vided, however, that licenses shall not be license therefor issued pursuant to this Execu- required in order to hold in possession or retain tive order, provided that member banks of the an interest in gold coin, gold bullion, or gold Federal Reserve System may accept delivery certificates with respect to which a return need of such coin, bullion, and certificates for sur- not be filed under section 3 hereof. render promptly to a Federal Reserve bank, The Secretary of the Treasury, subject to and provided further that persons requiring such further regulations as he may prescribe, gold for use in the industry, profession, or art shall issue licenses authorizing the holding of— in which they are regularly engaged may (a) Gold coin, gold bullion, and gold certifireplenish their stocks of gold up to an aggregate cates, which the Secretary is satisfied amount of $100, by acquisitions of gold bullion are required by the person owning the held under licenses issued under section 5(b), same for necessary and lawful transwithout necessity of obtaining a license for actions for which currency, other than such acq lisitions. gold certificates, cannot be used; The Secretary of the Treasury, subject to (b) Gold bullion which the Secretary, or such further regulations as he may prescribe, such agency as he may designate, is shall issue licenses authorizing the acquisition satisfied is required for legitimate and of— customary use in industry, profession, (a) Gold coin or gold bullion which the Sec- or art by a person regularly engaged retary is satisfied is required for a in such industry, profession, or art or necessary and lawful transaction for in the business of furnishing gold which currency other than gold certifi- therefor; cates cannot be used, by an applicant (c) Gold coin and gold bullion earmarked who establishes that since March 9, or held in trust since before April 1933, he has surrendered an equal 20, 1933, for a Recognized foreign amount of gold coin, gold bullion, or government or foreign central bank or gold certificates to a banking institu- the Bank for International Settletion in the continental United States ments; and or to the Treasurer of the United (d) Gold coin and gold bullion imported for States; reexport or held pending action upon (b) Gold coin or goldfbullion which the Sec- application for export licenses. retary is satisfied is required by an applicant who holds a license to export SEC. 6. Earmarking and export of gold coin such an amount of gold coin or gold and gold bullion.—After the date of this order bullion issued under subdivisions (c) no person shall earmark or export any gold or (d) of section 6 hereof, and coin, gold bullion, or gold certificates from the (c) Gold bullion which the Secretary, or such United States, except under license therefor agency as he may designate, is satis- issued by the Secretary of the Treasury purfied is required for legitimate and suant to the provisions of this order. customary use in industry, profession, The Secretary of the Treasury, in his discreor art by an applicant regularly tion and subject to such regulations as he may engaged in such industry, profession, prescribe, may issue licenses authorizing— or art, or in the business of furnishing (a) The export of gold coin or gold bullion gold therefor. earmarked or held in trust since before Licenses issued pursuant to this section shall April 20,1933, for a recognized foreign authorize the holder to acquire gold coin and government, foreign central bank, or gold bullion only from the sources specified by the Bank for International Settlethe Secretary of the Treasury in regulations ments; issued hereunder. (b) The export of gold, (i) imported for SEC. 5. Holding of gold coin, gold bullion, reexport, (ii) refined from gold-bearing and gold certificates.—After 30 days from the materials imported by the applicant date of this order no person shall hold in his under an agreement to export gold, possession or retain any interest, legal or equita- or (iii) in bullion containing not more ble, in any gold coin, gold bullion, or gold certifi- than 5 ounces of gold per ton; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 537 (c) The export of gold coin or gold bullion lations may provide for the detention in the to the extent actually required for the United States of any gold coin, gold bullion, or fulfillment of a contract entered, into gold certificates sought to be transported by the applicant prior to April 20, beyond the limits of the continental United 1933; but not in excess of the amount States, pending an investigation to determine of the gold coin, gold bullion, and if such coin, bullion, or certificates are held or gold certificates surrendered by the are to be acquired in violation of the provisions applicant on or after March 9, 1933, of this Executive order. Licenses and permits to a banking institution in the con- granted in accordance with the provisions of tinental United States or to the this order and the regulations prescribed here- Treasurer of the United States; and under, may be issued through such officers or (d) The earmarking for foreign account agencies as the Secretary may designate. and/or export of gold coin or gold SEC. 10. Whoever willfully violates any pro- # bullion with the approval of the Presi- vision of this Executive order or of any license, dent, for transactions which the Secre- order, rule, or regulation issued or prescribed tary of the Treasury may deem neces- hereunder, shall, upon conviction, be fined not sary to promote the public interest. more than $10,000, or, if a natural person, may be imprisoned for not more than 10 years, or SEC. 7. United States possessions—Shipboth; and any officer, director, or agent of any ments thereto.—The provisions of sections 3 corporation who knowingly participates in such and 5 of this order shall not apply to gold coin, violation may be punished by a like fine, imgold bullion, or gold certificates which is situprisonment, or both. ated in the Philippine Islands, American Samoa, SEC. 11. The Executive orders of April 5, Guam, Hawaii, Panama Canal Zone, Puerto 1933, forbidding the hoarding of gold coin, gold Rico, or the Virgin Islands of the United States, bullion, and gold certificates, and April 20, and is owned by a person not domiciled in the 1933, relating to foreign exchange and the earcontinental United States. The provisions of marking and export of gold coin or bullion or section 4 shall not apply to acquisitions by currency, respectively, are hereby revoked. persons within the Philippine Islands, American The revocation of such prior Executive orders Samoa, Guam, Hawaii, Panama Canal Zone, shall not affect any act done, or any right ac- Puerto Rico, or the Virgin Islands of the cruing or accrued, or any suit or proceeding United States of gold coin or gold bullion which had or commenced in any civil or criminal cause has not been taken or sent thereto since April 5, prior to said revocation, but all liabilities under 1933, from the continental United States or any said Executive orders shall continue and may place subject to the jurisdiction thereof. be enforced in the same manner as if said revo- SEC. 8. Until further order, the Secretary of cation had not been made. This Executive the Treasury is authorized, through any agency order and any regulations or licenses issued herethat he may designate, to investigate, regulate, under may be modified or revoked at any time. or prohibit, under such rules and regulations as he may prescribe, by means of licenses or other- FRANKLIN D. ROOSEVELT. wise, any transactions in foreign exchange, THE WHITE HOUSE, August 28, 1983. transfers of credit from any banking institution within the United States to any foreign branch [No. 6260] or office of such banking institution or to any foreign bank or banker, and the export or EXECUTIVE ORDER RELATING TO THE SALE AND withdrawal of currency from the United States, EXPORT OF GOLD RECOVERED FROM NATURAL by any person within the United States; and DEPOSITS the Secretary of the Treasury may require any person engaged in any transaction referred to By virtue of the authority vested in me by herein to furnish under oath complete informa- section 5(b) of the act of October 6, 1917, as tion relative thereto, including the production amended by section 2 of the act of Marchl9, of any books of account, contracts, letters, or 1933, entitled "An act to provide relief in the other papers, in connection therewith in the existing national emergency in banking and for custody or control of such person either before other purposes", I, Franklin D. Roosevelt, or after such transaction is completed. President of the United States of America, SEC. 9. The Secretary of the Treasury is do declare that a period of national emergency hereby authorized and empowered to issue such exists, and by virtue of said authority and of regulations as he may deem necessary to carry all other authority vested in me, do hereby out the purposes of this order. Such regu- issue the following Executive order: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 The Secretary of the Treasury is hereby Every person depositing gold for sale as authorized to receive on consignment for sale, provided herein shall be deemed to have agreed subject to such rules and regulations and upon to accept as conclusive without any right of such conditions as he shall prescribe, gold recourse or review, the determination of the recovered from natural deposits in the United Secretary or his duly authorized agent as to the States or any place subject to the jurisdiction amount due such person as a result of any sale. thereof. Sales majr be made: Consignments shall be sold as nearly as may (a) To persons licensed to acquire gold for be in the order of their receipt. use in the arts, industries, or pro- The Secretary of the Treasury, in his discrefessions, or tion and subject to such regulations as he may (b) By export to foreign purchasers. prescribe, is hereby authorized to issue licenses Such sales shall be made at a price which the permitting the export of articles fabricated Secretary shall determine to be equal to the from gold sold pursuant to this Executive order. best price obtainable in the free gold markets of the world after taking into consideration any incidental expenses such as shipping costs and This Executive order may be modified or insurance. revoked at any time. Such sales may be made through the Federal FRANKLIN D. ROOSEVELT. Reserve banks or such other agents as the Secretary may from time to time designate and shall THE WHITE HOUSE, be subject to such charges as the Secretary may August 29, 1983, from time to time in his judgment determine. [No. 6261] QUARTERLY REPORT OF THE RECONSTRUCTION FINANCE CORPORATION On July 29 the Reconstruction Finance Cor- June 30, 1933. In addition to the text, the poration made its report to Congress covering report contains tables covering various phases operations for the quarter ended June 30, of the Corporation's operations. A summary 1933, and for the period from the organization table derived from table 1 of this report is of the Corporation on February 2, 1932, to given herewith: OPERATIONS OF THE RECONSTRUCTION FINANCE CORPORATION—AGGREGATE LOANS AND PREFERRED STOCK SUBSCRIPTIONS, FEB. 2, 1932, TO JUNE 30, 1933, INCLUSIVE [In thpusands of dollars] Outstand- Class A i u ze th d o i r- Disbursed Repaid < J i u n n g e o 3 n 0, 1933 Under sec. 5 of the Reconstruction Finance Corporation Act, as amended: Banks and trust companies (including receivers) 31,395,057 1,158,957 473,429 685, 528 Building and loan associations 115,434 109,072 26, 773 82, 299 Insurance companies 97,813 83,8-17 9,895 73,922 Mortgage loan companies 190,150 176, 274 20,368 155,907 Credit unions _ 607 565 16 549 Federal land banks. 30,500 21,800 21,800 Joint-stock land banks _ 17,594 7,945 190 7,755 Federal intermediate credit banks _ 9,250 9,250 9,250 Agricultural credit corporations 4,789 4,324 2,186 2,138 Regional agricultural credit corporations 123,394 118,906 11,556 107,350 Livestock credit corporations __. 13,789 12,256 7,871 4,384 Railroads (including receivers) _ 407,839 379, 728 20,544 359,184 Total, sec. 5 of the Reconstruction Finance Corporation Act, as amended - 2,406,216 2,082,895 582,078 1,500,817 Under the Emergency Relief and Construction Act of 1932, as amended: Self-liquidating projects, sec. 201 (a), title II (including loans for financing repair or reconstruction of buildings damaged by earthquake, fire, tornado, or cyclone in 1933) 230,900 30,176 37 30,139 Financing of agricultural commodities and livestock, sec. 201 (d), title II 56,010 3,679 931 2,749 Amounts made available for relief and work relief, sec. 1, title I ._ 300,000 298,540 466 298,074 Total, Emergency Relief and Construction Act of 1932, as amended. 586,910 332,396 1,434 330,961 Under sec. 304, title III, of the Bank Conservation Act, as amended: Loans on preferred stock of banks 12,185 12,185 12,185 Subscriptions for preferred stock of banks _ _. 35,033 31,083 31,083 Purchases of capital notes and debentures of banks 200 200 200 Total, sec. 304, title III of the Bank Conservation Act, as amended. 47,418 43,468 43,468 Grand total '3,040,544 2,458,758 583,512 1,875,246 »The Corporation had outstanding on June 30, 1933, agreements to lend or to subscribe to preferred stock, upon the performance of specified conditions, an aggregate amount of $274,494,035. * Exclusive of repayments unallocated, pending advices, as of June 30,1933. 8 Includes $160,998,570 authorized to aid in the reorganization or liquidation of closed banks. 4 Includes loans authorized which were subsequently withdrawn or canceled aggregating $246,511,697, of which $165,849,276 was for banks and trust companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 539 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled August 22 and released for publication August 24] Industrial production increased further from but in recent weeks shipments, particularly of June to July, contrary to seasonal tendency, miscellaneous freight and grains, have been and in recent weeks has continued at a rela- somewhat smaller. Department-store sales tively high level. Since the middle of July declined in July by about the usual seasonal there have been reductions in wholesale prices amount; they were larger than a year ago, howof leading raw materials, while prices of many ever, and trade reports for the first half of other products have advanced. August indicate an increase in sales. Production and employment.—Volume of Wholesale prices.—Wholesale prices of comindustrial output, as measured by the Board's modities increased further during the first three seasonally adjusted index, advanced from 91 weeks of July and, according to the index of the percent of the 1923-25 average in June to 98 Bureau of Labor Statistics, there has been percent in July, which compares with 60 per- little change in their general level since that cent in March. The principal increase in July time. Prices of grains, cotton, and many imwas at steel plants, where activity advanced ported raw materials, however, were considerafrom 46 percent of capacity to 59 percent. bly lower in the third week of August than in Production in the lumber and coal industries the middle of July, while prices of textiles were was also in larger volume, and daily average higher, reflecting in part the application of the output of automobiles showed none of the processing tax on cotton. Prices of leather and usual seasonal decline. Output at shoe facto- coal also advanced during this period. ries and woolen mills continued at an unusually Foreign exchange.—In the exchange market high rate, while consumption of cotton by the value of the dollar, in terms of the French domestic mills decreased somewhat. Cigarfranc, advanced from a low of 69 percent of its ette production declined sharply from the high gold parity on July 18 to 75 percent at the belevel of May and June. Since the middle of ginning of August and since that time has July a decrease has been reported in the output fluctuated between 73 and 75 percent. of steel. Bank credit.—Net demand deposits of weekly Working forces and pay rolls at factories inreporting member banks in 90 cities declined creased considerably between the middle of between the middle of July and the middle of June and the middle of July. As in other re- August, owing in large part to further withcent months, the largest increases were generdrawals of bankers' balances from banks in New ally at establishments fabricating raw mate- York City and elsewhere. The banks7 loans rials into semifinished products. decreased by $71,000,000 during the period, Value of construction contracts awarded, as reflecting chiefly a reduction in loans to brokers reported by the F. W. Dodge Corporation, and dealers in secirities. Their holdings of showed a decline in July, followed by an in- United States Government securities, after crease in the first half of August. Total awards declining between July 19 and August 9, induring the 6 weeks were in about the same creased during the week ending August 16 in volume as in the preceding 6 weeks and in connection with Treasury financing at that larger volume than in earlier periods this year. time. Department of Agriculture estimates as of August 1 indicate harvests generally smaller Total reserves of all member banks increased than a year ago. The cotton crop is forecast by $81,000,000 during the 4-week period endat 12,314,000 bales, a reduction of 700,000 ing August 16, reflecting chiefly the purchase bales from last season, reflecting curtailment of $42,000,000 of United States Government in acreage as a part of the program of the securities by the Reserve banks and a return of Agricultural Adjustment Administration, offset $23,000,000 of currency from circulation. The in large part by an unusually high yield per acre. growth in member-bank reserves, occurring at The wheat crop is estimated at 500,000,000 a time when reserve requirements were being bushels, a reduction of 225,000,000 bushels reduced in consequence of a decline in their from last year's small harvest, and feed crops deposits, brought their excess reserves to a level are expected to be unusually small. above $550,000,000. Distribution.—Freight traffic increased fur- Money rates in the open market generally ther from June to July by a substantial amount, continued at low levels. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS Weekly Basis-- Wednesday Series MILLIONS OF DOLLARS 7000 7000 6000 6000 MEMBER BANK RESERVE BALANCES 3000 2000 1000 iOOO 1926 1929 1930 1931 1932 1933 Based on Wednesday figures; latest figures are for August 30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

541 SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 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- b B ou il g ls ht m G c U S u e o n t r n v a i i t t e t t i e e r s e s n d e s - - r c O e b r s a t e e h n d r e k v i r t e Total ta M s ry t o o g c 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 k c v e e e s r d m e N e p e m t o o c s n b . i - e ts r , p c U f e a u n n p n d e i d t x e a s d - l 1932—April 605 52 1,014 1,694 4,381 1,789 5,452 1,996 353 May 486 41 1,413 1,960 4,273 1,788 5,456 2,138 350 June 495 50 1,697 2,262 3,956 1,787 5,530 2,062 348 July.... 523 60 1,818 2,422 3,941 1,780 5,751 2,003 343 August. 451 37 1,850 2,353 4,031 1,796 5,720 2,073 347 September 387 34 1,848 2,282 4,140 1,826 5,685 2,181 347 October 328 34 1,851 2,231 4,226 1,886 5,643 2,307 355 November 313 34 1,851 2,211 4,292 1,917 5,642 2,378 360 December 282 34 1,854 2,192 4,429 1,915 2,435 359 1933—January 255 32 1,806 2,110 4,547 1,901 5,631 2,516 351 February ... 307 102 1,804 2,224 4,491 1,891 5,892 2,291 79 344 March 994 379 1,875 3,233 4,260 1,897 6,998 1,914 134 344 April 425 230 1,837 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 August 159 2,064 2,239 4,323 1,964 5,616 2,375 186 349 Week ending (Saturday) 1933—Apr. 1 524 316 1,846 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 1,837 2,535 4,301 1,911 6,172 2,083 144 348 Apr. 22 420 208 1,837 2,492 4,312 1,929 6,085 2,136 157 355 Apr. 29 - 411 180 ' 1,837 2,444 4,310 1,927 6,015 2,130 181 355 May 6 404 148 1,837 2,407 4,311 1,873 5,972 2,080 184 355 May 13 .... 343 115 1,837 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 Aug. 5 164 2,034 2,212 4,320 1,943 5,629 2,310 188 348 Aug. 12 159 2,044 2,219 4,320 1,986 5,623 2,362 191 349 Aug. 19 165 2,054 2,237 4,321 1,974 5,622 2,372 190 348 Aug. 26 ___, 155 2,082 2,253 4,325 1,955 5,607 2,402 177 347 End of month series Wednesday series 1933 1933 Mar. Apr. May June July July Aug. Aug. Aug. Aug. Aug. 31 30 31 30 31 26 30 Bills'discounted.. 426 435 302 164 167 153 Bills discounted 161 164 156 166 150 153 Bills bought 305 171 20 48 9 Bills bought 10 7 United States Government se- United States Government securities 1,838 1,837 1,890 1,998 2,028 2,129 curities 2,028 2,038 2,048 2,059 2,094 2,129 Other reserve bank credit 3 16 7 10 6 Other reserve bank credit Total reserve bank credit _ 2,572 2,459 2,218 2,220 2,209 2,297 Total reserve bank credit 2,201 2,208 2,220 2,240 2,258 2,298 Monetary gold stock 4,282 4,312 4,315 4,318 4,320*4,329 Monetary gold stock 4,320 4,320 4,320 4,321 4,328 4,328 Treasury currency adjusted 1,887 1,907 1,954 1,988 1,925 1,940 Treasury currency adjusted 1,916 1,948 1,989 1, 1,961 1,942 Money in circulation 6,320 6,003 5,812 5,721 5,630*5,613 Money in circulation _ 5,601 5,618 5,608 5,612 5,592 5,592 Member bank reserve balances. 1,949 2,132 2,167 2,292 2,294 2,409 Member bank reserve balances. 2,306 2,319 2,376 2,371 2,432 2,427 Nonmember deposits, etc 143 188 155 166 184 197 Unexpended capital funds, non- Unexpended capital funds 329 355 353 347 346 347 member bank deposits, etc 529 538 545 544 523 549 v Preliminary. Back figures—See Annual Reports for 1932 (tables 1-5), 1931 (tables 3-5). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars] Aug. 31, 1933 July 31, 1933 Aug. 31, 1932 ASSETS Gold with Federal Reserve agents 2, 757, 676 2,759, 572 2,081,761 Gold redemption fund with United States Treasury 35,633 38,761 57,668 Gold held exclusively against Federal Reserve notes. 2,793,309 2,798,333 2,139,429 Gold settlement fund with Federal Reserve Board 553,784 506,224 273,486 Gold and gold certificates held by banks 240,971 243,265 360,046 Total gold reserves 3, 588,064 3,547,822 2, 772,961 Other cash1 231, 659 245,171 206,702 Total gold reserves and other cash 3,819,723 3,792,993 2,979,663 Redemption fund—Federal Reserve bank notes. 8,024 7,993 75,119 Bills discounted: = For member banks 152,157 432,324 For intermediate credit banks 166,312 80 For nonmember banks, etc 719" 352 853' Total bills discounted. 152,876 167,165 432,756 Bills bought: Payable in dollars: Bought outrighK; 695 1,719 3,264 Under resale agreement Payable in foreign currencies- ~6,~l99~ '~6,~82T "§6,"834 Total bills bought 6,894 8,540 34,098 United States Government securities: Bought outright 2,128,286 2,027,221 1,838,815 Under resale agreement 800 500 12,900 Total United States Government securities 2,129,086 2,027,721 1,851,715 Other reserve bank credit: Municipal warrants 1,854 1,847 5,915 Due from foreign banks 3,710 4,029 2,668 Reserve bank float (uncollected items in excess of deferred availability items). 2,855 14 3,476 Total Reserve bank credit outstanding 2,297, 275 2,209,316 2,330,628 Federal Reserve notes of other Reserve banks 20,104 15,082 Uncollected items not included in float 358,995 303,930 308,796 Bank premises 54,455 54,370 58,121 All other assets 52,179 52,801 47,613 Total assets.. 6, 607,040 6,441,507 5,815,022 Federal Reserve notes: Held by other Federal Reserve banks. 20,104 15,082 Outside Federal Reserve banks 2,971,988 2,992,381 2,798,938 Total notes in circulation 2,988,377 3,012,485 2,814,020 Federal Reserve bank notes in actual circulation. 131,500 127,357 Deposits: Member bank—reserve account 2,409,128 2,293,876 2,146,183 Government « 69,005 66,023 59,429 Foreign bank 37,376 19,023 14,187 Special deposits: Member bank 76,883 80,661 Nonmember bank.. 18,178 20,966 Other deposits 64,399 63,707 21,485 Total deposits 2, 674,969 2,544,255 2,241,284 Deferred availability items.. 358,995 303,930 308,796 Capital paid in 146,148 146,100 153,099 Surplus.. 278,599 278,599 259,421 All other liabilities 28,452 28,781 38,402 Total liabilities 6,607,040 6,441,507 5,815,022 Contingent liability on bills purchased for foreign correspondents- 40,176 37,120 49,043 Federal Reserve notes: FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents- 3,250,125 3,265,310 3,051,999 Collateral held by agents as security for notes issued to bank: Gold 2,757,676 2,759,572 2,081,761 Eligible paper 97,898 102,542 416,786 United States Government securities 449,700 469,200 578,100 Total collateral.. 3,305,274 3,331,314 3,076,647 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding) 152,629 147,412 Collateral pledged against outstanding notes: Discounted and purchased bills 2,724 2,302 United States Government securities 179,274 171,274 Total collateraL. 181,998 173,576 > "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

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 543 ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED STOCK STATES [In millions of dollars] [In thousands of dollars] Analysis of changes 1933 Gold stock Month at end Increase Net re- Domes- August (pre- July January-July of in stock Net gold lease tic pro- From or to— liminary) month during import from ear- duction, month mark i etc. 2 Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1932—April.-.. 4,367 -23.1 -30.2 4.0 3.2 May 4,152 -214.1 -195.5 -22.1 3.6 June 3,919 -233.9 -206.0 -28.8 .9 Belgium 799 July 3,977 58.0 -3.4 56.2 5.2 England 713 55, 202 32,041 August 4,088 111.7 6.1 100.5 5.1 France 73,169 79, 617 30,044 96, 696 September 4,193 104.8 27.9 72.3 4.6 Germany 216 1,071 3,245 October 4,264 70.8 20.6 45.8 4.5 Netherlands 19,347 9,265 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 215 12 18, 789 93 23 1 653 1 Total (12 mos.).. 52.9 -446. 2 457.5 41.6 Mexico 376 6 3,039 27 6 15 1933—January 4,553 40.0 128.5 3 -91.5 3.0 Colombia 93 1 February 4,380 -173.4 4 17.8 -178.3 -12.9 Ecuador 202 24 597 24 March 4,282 -97.2 « -22.1 -100.1 25.0 Peru 40 951 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 4,320 2.7 -83.9 84.5 2.1 British India 25, 629 August p 4,329 8.3 -79.9 79.5 8.7 China and Hong 12,821 Total (8 mos.) -184.5 -74.0 -146.6 36.1 Dutch East indies 801 Japan. 6,702 1 Gold released from earmark at Federal Reserve banks less gold placed A Ph ll i l o ip th p e i r n e c o I u s n la tr n ie d s s . * _ _ 4 6,504 4 1 9 4 3 8 5,002 3 2, , 6 2 3 8 6 6 2 33, 564 under earmark. 8 For explanation of this figure, which is derived from preceding col- Total... 34 79,889 1,497 85, 375 85,010 179,078 umns, see BULLETIN for July, p. 423. 3 Allowance has been made for gold earmarked at the Bank of England for account of the Federal Reserve Bank of New York. 1 Includes all movements of unreported origin or destination. «Differs from Department of Commerce figure since $8,900,000 de- 2 $21,858,000 exported to Italy, clared for export on Feb. 28 was not actually taken from the Federal s At New York. Reserve Bank of New York until Mar. 1. v Preliminary figures. Back figures.—See Annual Reports for 1932 (table 47), 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 l a 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 f e s i r - o T n f u r o e 1 r t y a 8 e s 9 s - 0 s s i S d il u i v a b e r - r y M c i o n 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 s v 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 3 703 May 5,480 435 735 30 355 1 257 114 290 2,558 3 702 June 5,695 453 716 30 353 1 256 114 289 2,780 3 701 July 5,726 454 694 30 351 1 254 113 289 2,838 3 700 August 5,692 449 669 30 350 1 255 113 285 2,793 3 744 September 5,653 445 644 29 359 1 257 113 286 2,731 3 785 October __ __ __ _5,628 445 624 29 361 1 257 113 289 2,689 3 817 November 5,648 454 635 29 361 1 258 113 291 2,675 3 826 December .. 5,675 468 601 29 371 1 258 113 294 2,716 3 820 1933—January . _ 5,645 479 591 28 350 1 250 111 287 2,707 3 836 February 6,545 571 649 28 362 1 252 111 301 3,405 3 861 March _ _ . 6,320 367 393 28 376 1 258 112 266 3,621 17 879 April. 6,003 335 323 28 360 1 255 112 261 3,362 50 915 Mav 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 5,630 320 252 28 365 1 258 113 275 2,974 129 914 August " 5,613 320 242 28 372 1 261 114 277 2,952 133 911 v Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p. 581. Back figures.—See Annual Reports for 1932 (table 52), 1931 (table 35), 1930 (table 32), and 1927 (table 22). 8629—33 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 MEMBER BANK RESERVE BALANCES [In millions of dollars] Average of daily figures Reserves held Excess reserves Month of week T m o b e t a m a n l k b -a e s l r l Ne C w i t Y y* ork 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 l n — k b s e a r ll Ne C w i t Y y» ork r O e c s i t t e h i r e e v s r e "C b o a u n n k t s ry" 1931—December. 2,069 766 807 503 59.5 18.5 16.9 1932—January 1,979 724 767 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 2,073 832 797 444 127.7 108.9 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 1,109 442 583.8 286.2 254.2 43.4 February.,. 2,291 860 441 417.3 74.5 291.0 51.8 March a__. Aprils—_. 2,040 867 742 431 379.1 150.2 129.4 99.5 May3..... 2,069 878 773 418 319.1 106.0 132.0 81.2 June 8 2,160 861 858 441 363.1 68.9 198.0 96.2 July 3 2,221 796 435.7 43.2 252.9 139.6 i Central reserve city banks only, a March data not available. 1 Licensed banks only. Back figures.—See Annual Reports for 1932 (tables 69 and 77), 1931 (tables 49 and 56). MEMBER BANK DEPOSITS [In millions of dollars] Averages of daily figures Net demand and time deposits Net demand deposits Time deposits Month a T l b l o a b m n t e a e k r m l s - - C Y N i o e ty r w k * r O e c s i t e t 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 b a m n t e a e k r m l s - - C Y N i o e t r w y k i r O e c s i t t e h i r e e v s r e " 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 t r w y k i r O e c s i t t e h i r e e v s r e ' b C t a r o n y u " k n s - 1931—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 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 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 10,333 880 4,479 4,974 March *„. April8 21,710 6,120 8,520 7,071 13,078 5,331 4,756 2,990 788 3,764 4,081 May 3 22,509 6,517 8,842 7,150 13,815 5,766 4,991 3,058 8,694 751 3,851 4,092 June • 22,974 6,669 9,031 7,273 14,241 5,923 5,162 3,156 8,732 746 4,117 July 3 23,160 6,424 9,309 7,427 14,100 5,597 5,329 3,174 9,060 826 3,980 4,253 * Central reserve city banks only. 3 March data not available. ' Licensed banks only. Back figures.—See Annual Reports for 1932 (table 69), 1931 (table 49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 545 ALL BANKS IN THE UNITED STATES—LOANS AND INVESTMENTS (In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Date Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Invest- Invest- Total Loans ments Total Loans ments 1928—June 30.... 57,265 39,464 17,801 35,061 24,303 10,758 9,242 5,518 3,723 12,962 9,643 3,320 Oct. 3 57,219 39,671 17,549 34,929 24,325 10,604 19,242 15,518 13,723 12,049 9,828 3,222 Dec. 31 58,266 40,763 17,604 35,684 25,155 10,529 9,390 5,694 13,192 9,913 3,279 1929—Mar. 27... 58,019 40,557 17,462 35,393 24,945 10,448 19,390 15,694 13,236 9,918 3,317 June 29.... 58,474 41,512 16,962 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,961 3,240 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 58,417 41,898 16,519 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,803 3,217 1930-Mar. 27.. 57,386 40,686 16,700 35,056 25,119 9,937 »9,463 15,945 13.518 12,868 9,623 3,245 June 30- 58,108 40,618 17,490 35,656 25,214 10,442 9,747 6,009 3,739 12,706 9,395 3,309 Sept. 24.. 57,590 39,715 17,875 35,472 24,738 10,734 »9,747 16,009 i 3,739 12,371 8,968 3,402 Dec. 31... 56,209 38,135 18,074 34,860 23,870 10,989 9,987 6,068 3,920 11,362 8,196 3,165 1931—Mar. 25.. 55,924 36,813 19,111 34,729 22,840 11,889 19,987 16,068 13,920 11,208 7,906 3,302 June 30- 55,021 35,384 19,637 21,816 12,106 10,506 6,169 4,337 10,593 7,399 3,194 Sept. 29.. 53,365 33,750 19,615 33,073 20,874 12,199 i 10,506 i 6,169 i 4,337 9,786 6,707 3,079 Dec. 31... 49,704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30., 46,071 27,834 18,237 28,001 16,587 11,414 10,316 6,130 4,186 7,755 5,117 2,637 Sept. 30.. 45,852 26,985 18,867 28,045 15,924 12,121 110,316 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 1933—June 30.. «24,786 3 12,858 a 11,928 1 Figures of preceding call carried forward 2 Licensed banks only. ALL BANKS IN THE UNITED STATES—DEPOS- NUMBER OP BANKS ITS, EXCLUSIVE OF INTERBANK DEPOSITS [All banks in the United States; includes national banks, State 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] Member banks Nonmember Nonmember 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 s i t gn a u g v a s - l m n b o e e m n r - baannks 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 1,244 615 16,397 Oct. 3.... 25,828 8,896 7,670 1,226 1615 16,317 1929—Mar. 27-. 54,545 33,215 18,849 12,481 Dec. 31... 25,576 8,837 7,629 1,208 612 16,127 June 29.. 53,852 32,284 8,983 12,584 Oct. 4___ 55,180 33,004 i 8,983 13,193 1929—Mar. 27. .. 25,341 8,755 7,569 1,186 1612 15,974 Dec. 31.. 55,289 8,916 12,507 June 29... 25,110 8,707 7,530 1,177 611 15,792 Oct. 4 24,951 8,616 7,468 1,148 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 15,499 June 30- 54,954 33,690 9,197 12,067 Sept. 24. 52,784 31,839 1 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 14,931 Sept. 24. 23,590 8,246 7,192 1,054 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 1603 13,841 Dec. 31.. 45,821 27,432 10,105 8,284 June 30 21,903 7,782 6,800 600 13,521 Sept. 29.— 21,294 7,599 6,653 946 1600 13,095 1932—June 30. _ 41,963 24,755 10,020 7,188 Dec. 31 19,966 7,246 878 597 12,123 Sept. 30.. 41,942 24,903 i 10,020 7,020 Dec. 31.. 41,643 24,803 10,022 6,818 1932—June 30... 19,046 6,145 594 11,472 Sept. 30... 18,794 6,904 6,080 1594 11,296 1933—June 30_. 2 23,338 Dec. 31— 18,390 6,816 6,011 805 594 10,980 1933—June 30— 2 5,606 4,897 709 1 Figures of preceding call carried forward. 2 Licensed banks only. 1 Figures of preceding call carried forward. 2 Licensed banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 REPORTING MEMBER BANKS IN 90 LEADING CITIES1 [In millions of dollars] Total—90 leading cities New York City- 89 other leading cities Loans and investments Loans and investments Date Total L o o n a s n e- s o A th l e l r Investments r a o b t B w a F n o in r . k R - g s s . Total L on oa se n - s o A th l e l r Investments r a o b t B w a F o n in r . k R - g s s . a m T l n v o d o e e a s t n n i a t t n s - l s - r a o b t B w a F n o in r k . - g R s s . jurities loans U.S. se- jurities loans U.S. se- Total curities Total curities Mar. 1— 15,900 3,727 4,554 7,619 4,631 414 6,512 1,640 1,439 3,433 2,338 183 9,388 231 Mar. 8— 15,728 3,759 4,551 7,418 4,427 1,066 6,412 1,668 1,453 3,291 2,186 632 9,316 434 Mar. 15.. 16,017 2 3,762 2 4,626 7,629 4,580 849 6,523 1,674 1,483 3,366 2,253 483 > 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 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 18 159 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 4,706 7,884 4,909 129 6,753 1,676 1,615 3,462 2,353 9,535 129 May 10- 16,318 3,715 4,689 7,914 4,908 80 6,790 1,711 1,594 3,485 2,357 9,528 80 May 17.. 16,346 3,724 4,697 7,925 4,934 85 6,847 1,735 1,617 3,495 2,378 9,499 85 May 24.. 16,329 3,648 4,704 7,977 4,963 78 6,786 1,663 1,624 3,499 2,384 9,543 78 May 31.. 16,426 3,713 4,772 7,941 4,948 76 6,933 1,733 1,694 3,506 2,429 9,493 76 June 7... 16,485 3,742 4,769 7,974 5,013 6,970 1,777 1,682 3,511 2,443 9,515 60 June 14.. 16, 521 3,798 4,761 7,962 4,990 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 7,039 1,813 1,642 3,584 2,484 9,766 50 June 28.. 16,665 3,748 4,704 8,213 5,254 6,913 1,791 1,609 3,513 2,438 9,752 July 5... 16,686 3,811 4,719 8,156 5,203 6,937 1,847 1,607 3,483 2,409 9,749 31 Julyl2._ 16,724 3,874 4,768 8,082 5,126 6,932 1,894 1,609 3,429 2,354 9,792 21 July 19.. 16,766 3,864 4,790 8,112 5,140 6,858 1,862 1,596 3,400 2,332 9,908 22 July 26.. 16, 662 3,789 4,772 8,101 5,117 6,731 1,790 1,579 3,362 2,293 9,931 28 Aug. 2... 16, 557 3,772 4,774 8,011 5,048 6,732 1,778 1,596 3,358 2,300 9,825 31 Aug. 9— 16,524 3,768 4,770 7,986 5,037 6,722 1,775 1,590 3,357 2,307 9,802 28 Aug. 16.. 16, 708 3,795 4,788 8,125 5,186 6,743 1,800 1,603 3,340 2,299 9,965 38 Aug. 23_. 16, 605 3,737 4,768 8,100 5,155 6,685 1,757 1,589 3,339 2,287 9,920 29 Aug. 30.. 16, 607 3,766 4,767 8,074 5,131 6,726 1,794 1,591 3,341 2,293 9,881 30 i See note on p. 273, MAY BULLETIN, explaining the basis on which these figures have been compiled. * On Mar. 9 a member bank in Chicago took over assets and assumed deposit liabilities of a nonmember bank aggregating approximately $135,000,000. Back figures.—See August BULLETIN, 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 Total an Y d o t r r k u s b t a c n o k m s - b fo a r n e k ig s n , b b r a o n k k e i r n s g , count b t a o n w k n sl others End of month panies agencies, etc. 1932—August 344 319 17 8 September- 409 385 19 5 1932 1933 1932 1933 1932 1933 October 411 389 16 6 November.. 354 336 12 6 December.. 393 377 12 4 January 512 374 270 138 1933—January 380 365 11 4 February 525 360 385 298 140 February... 433 416 10 7 March 533 311 391 247 142 March 398 373 18 7 April 399 374 21 4 April 379 322 300 79 May _. 578 555 17 6 May 300 529 243 461 57 June 755 712 36 7 June 244 780 194 49 July 919 806 105 8 August 877 747 122 8 July 242 916 195 822 47 Aug. 2 876 742 125 9 August 332 917 248 841 85 Aug. 9 880 742 131 7 292 Aug. 16 894 764 123 7 September- Aug. 23 853 726 119 8 325 263 Aug. 30 881 759 114 8 October 338 278 November- 347 279 December.. * Member and nonmember banks outside New York City (domestic banks only). Back figures—See Annual Reports for 1932 (table 84) and 1927 Back figures—See Annual Reports for 1932 (table 83), 1931 (table 62) (table 47). 1930 (table 50), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 547 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR CLASSES OF BANKERS' ACCEPTANCES (DOLLAR ACCEPTANCES) ACCEPTANCES) fin millions of dollars] [In millions of dollars] H er e a l l d b a R b n y e k s s F er e v d e - Held b b y a n a k cc s epting s o t B n o 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 Basec Basec States in End of month s T t o i a o n u n t g t a d - l - o F w o n r o c F f o a c u o f - o n r r t - Own Bills o H th b e e y ld rs End of month Total p i i o n o m n r to - ts o p f U n r o o .S r e m t . x s - c ( h r w e o o d a u r i r s t e e s - ) c D h e o a x n l - l g a e r s f t h c r o i i o r e p e u s p i n g e o - n d r ac- eign Total bills bought U.S. shipped becount corre- between tween spond- domestic foreign ents points points 1931—April 1,422 162 409 410 125 285 441 OUTSTANDING May 1,413 124 380 464 171 293 444 1932—July 705 85 162 178 15 265 June 1,368 95 341 554 196 357 379 August 681 76 152 192 11 250 July 1,228 39 243 668 232 436 278 September... 683 73 156 212 8 234 August 1,090 70 228 606 168 438 186 October 699 81 157 222 6 231 September- 996 420 100 410 162 248 67 November 720 81 161 237 9 232 October 1,040 647 99 230 112 118 63 December 710 79 164 230 10 228 November... 1,002 418 126 296 125 171 161 December. __ 974 305 251 262 131 131 156 1933—January 707 71 166 222 11 237 February. . .. 704 71 174 219 9 231 1932—January 961 119 314 332 159 174 195 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 May 787 4 183 510 225 286 90 July 738 86 168 255 10 219 June _. 747 36 98 518 200 318 96 July 705 12 59 563 197 366 70 HELD BY F. R. BANKS August 681 3 49 574 198 376 55 (OWN ACCOUNT) 1 S O e c p to te b m er ber... 6 69 8 9 3 3 2 4 3 3 9 6 5 0 7 5 3 1 1 5 9 9 9 4 4 0 1 6 4 6 5 4 2 1932— A Ju u l g y ust 1 3 2 I 1 1 5 1 1 1 4 5 November. __ 720 4 32 655 268 386 28 September 2 1 1 2 December... 710 4 40 604 224 380 62 October 3 s 2 1 1 November 4 (2) 3 1 1933—January 707 2 41 256 370 38 December 4 1 2 1 M Fe a b r r c u h ary 7 67 0 1 4 3 28 0 0 7 3 4 0 5 3 26 2 1 5 2 1 0 5 1 3 1 1 0 2 8 4 8 4 5 2 1933— F J e a b n r u u a a ry ry 30 2 7 (2 3 ) 1 (8 5 ) 8 10 1 5 5 10 I 7 April 697 164 43 404 206 199 86 March 280 33 56 87 4 97 May.. __ 669 13 36 505 229 276 115 April 164 20 35 38 2 66 J J A u u u l n y g e u st -. 6 7 8 3 7 8 4 2 1 1 3 4 3 7 0 6 4 55 8 2 7 2 2 4 0 8 1 287 1 14 2 7 3 J J M u u a n ly y e.._ 4 1 1 2 3 (2) 7 2 3 6 1 (2) 1 2 1 ( ( 3 2 ) ) 1 6 6 1 Figures for acceptances outstanding (and held by accepting banks) 1 Total holdings of Federal Reserve banks include a small amount of from American Acceptance Council. unclassified acceptances. Back figures.—See Annual Reports for 1932 (table 91), 1931 (table 70), »Less than $500,000. 1930 (table 64), 1929 (table 58), and 1928 (table 61). Back figures.—See Annual Reports for 1932 (tables 88 and 23), 1931 (table 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 January... 404 327 108 85 February. . 1,038 23,958 33,478 28,997 February.. 457 315 108 84 March \,040 1,063 30, Z78 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 97 August 1,071 145, 215 30,834 6,199 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.—See Annual Reports for 1932 (table 24). Back figures.—See Annual Report for 1930 (table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 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 IS r a (a n ) d o a f d t v h a e n F c e es d e to ra m l R em es b e e r r v e b a A n c k t s ] under sections Prevailing rate on- Aver o a n g — e rate Aver o a n g — e yield U.S. Federal Reserve bank e R f S f a e e t c p e t t . i o n 1 n Da l t i e s h e e s d tab- Pre ra v t i e ous Month or week m m p P 4 c e a o r o r t p i n o m c m e t i - r h 6 a e , l s a a P b c n e a r c 9 c i r n e 0 m s e k p ' s e - t , - d l T o a i 9 a y m 0 n s s e 3 , N C e a w ll lo n a R e n w e s - » al T c c n e u a r a o r e n t r t t e y a i d e f s s s i , - - b T o u r n r e y d a s s 3 days 3 to 6 Boston June 1,1933 months New York.... May 26,1933 Philadelphia.. June 8,1933 1932 Cleveland June 10,1933 3H July IX-1H 2.08 2.08 .22 3.65 Richmond Jan. 25.1932 4 August 2 - IX-IX 2.00 2.00 .14 3.57 Atlanta Nov. 14,1931 3 September 2 -2H 2.00 2.00 3.54 Chicago. 1 May 27.1933 3H October 1H-2K 1.35 1.35 3.54 St. Louis June 8,1933 3H November 1.00 1.00 3.55 Minneapolis.. Sept. 12,1930 4 December. _- H 1.00 1.00 *.O4 3.48 Kansas City.. Oct. 23,1931 3 Dallas 3H Jan. 28,1932 4 January X-X 1.00 1.00 .07 3.39 San Francisco. June 2,1933 3H February X-K 1.00 1.00 .01 3.47 March 3.27 3.32 •1.34 3.58 Back figures.—See Annual Reports for 1932 (table 53), 1931 (table 36). April - 2 -ZK 1.29 1.37 .45 3.55 May 2 -2H l -I 1.00 1.00 .29 3.47 The following special rates were also in effect at the June 1M-2 1.00 1.00 «.07 3.40 Federal Reserve banks on August 5, 1933: July K-iX 1.00 1.00 .19 3.38 Percent August .-- n- .01 3.40 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 29 ix x 1.00 1.00 .13 3.39 Chicago, and San Francisco Federal reserve banks 4H Aug. 5 1H-1H 1.00 1.00 .08 3.41 At the Richmond, St. Louis, Minneapolis, Kansas City, and Dallas Federal reserve banks.. 5 Aug. 12 1.00 1.00 3.40 Advances to nonmember banks and trust companies under sec. Aug. 19 m 1.00 1.00 3.39 404 of the act of Mar. 9,1933, as amended by the act of Mar. 24, Aug. 26..... -H 1.00 1.00 3.38 1933: At the Boston, New York, Philadelphia, Cleveland, Atlanta, Chicago, and San Francisco Federal reserve banks 4H$ 1 Stock exchange call loans; new and renewal rates. At the Richmond, St. Louis, Minneapolis, Kansas City, and 8 Stock exchange 90-day time loans. Dallas Federal reserve banks 5 »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 • 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 1932 (tables 56 and 57), 1931 by direct obligations of the United States under the last para- (tables 39 and 40), 1930 (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 4H RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES BUYING RATES ON ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York] [Weighted averages of prevailing rates] Maturity e R f S f a e ec t p e t t . i o n 1 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 ti a e 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 5.60 5.61 5.60 February 4.31 4.71 4.11 4.63 5.13 4.84 5.43 5.61 5.56 Sl^days... 1 do March 4.20 4.72 4.S8 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 May - 4.11 4.55 124 4.55 5.14 4.99 5.26 5.64 5.66 91-120 days. 1 do. J J u u n ly e 4 4 . . 1 0 3 5 4 4 . . 6 4 1 2 3 4 . . 9 1 3 0 4 4 . . 4 4 9 8 5 5 . . 0 1 5 3 4 4 . . 9 8 7 2 5 5 . . 3 3 4 0 5 5 . . 6 6 2 3 5 5. . 5 6 4 2 121-180 days. m do August 3.97 4.45 3.97 4.47 5.12 4.68 5.28 5.68 5.53 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. (10 Back figures.—See Annual Reports for 1932 (table 54), 1931 (table 37) and 1928 (table 35). Back figures.—See Annual Reports for 1932 (table 59), 1931 (table 42) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 549 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT [In millions of dollars] Interest-bearing Noninterest-beari 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 t r u i r ti e e d s Other 1932 January 17,816 17,515 14,307 795 1,839 575 259 February 18,126 17,820 14,307 795 2,200 518 m March 18,607 18,190 14,307 796 2,568 520 April 18,597 18,287 14,307 796 2,562 622 May 19,037 18,729 14,277 1,041 2,792 619 270 June 19,487 19,161 14,250 1,465 2,831 616 269 July 19,612 19,297 14,257 1,487 2,907 647 268 20,067 19,758 14,257 2,197 2,656 266 20,611 20,296 14,257 3,031 2,385 264 20,813 20,485 14,257 3,539 2,044 645 262 November 20,807 20,476 14,257 3,539 643 260 December 20,805 20,448 14,223 3,299 2,284 642 273 279 1933 January 20,802 20,454 14,230 3,298 2,285 641 February 20,935 20,584 14,230 8,576 2,138 641 291 March 21,362 20,992 14,230 3,575 2,369 817 April 21,441 21,087 14,230 3,575 2,363 918 May 21,853 21,469 14,223 4,148 2,119 979 314 June 22,539' 22,158 14,223 4,780 2,200 954 315 July 22,610 22,240 14,239 4,800 2,246 954 316 August.. 23,099 22,723 15,074 5,153 1,543 953 312 SUMMARY OF TREASURY OPERATIONS (In millions of dollars] Expenditures Inc d re u a r s i e n g o r t h d e e c m re o a n se th (—) Excess of Month Keceipts» receipts or Total General« Emergency t e u x r p es e n ( d — i- ) f G un e d n e b r a al l- Gross debt ance 1932 January 108 -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 -34 -35 -1 1933 January 134 -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 «203 »75 -99 -28 71 August 197 321 182 139 -124 366 489 iTotal, including trust fund receipts. * Including trust fund expenditures and excluding public debt retirement. * Classification not available for earlier months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEDERAL RESERVE BULLETIN SEPTEMBE R 1933 BOND PRICES STOCK PRICES [Averages] Preferred Jommon stocks (index, 1926=100) Other bonds i stocks Month or date (indus- U S n ta i t t e e s d Corpo- Corporate ;r g ia r l a d h e ig ) h- Total In tr d i u al s- R ro a a i d l- Utility Month or date Govern- rate and ment municbonds (h ip ig a h 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 grade) 1932—August:— 98.6 84 September. 101.8 91 Number of issues 3 11 60 20 20 20 October 99.8 81 November.. 97.4 78 1932—August 101.3 84.3 72.4 66.4 68.2 82.7 December— 95.4 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; November _ 101.7 83.1 69.2 63.0 63.0 81.7 February. 95.7 73 December... 102.3 82.2 67.7 62.4 59.6 81.1 March.... 93.1 67 April 95.7 64 1933—January... 103.3 84.1 70.7 64.9 63.4 83.9 May 103.3 79 February- 102.4 82.5 68.5 62.1 62.9 80.7 June 109.7 97 March 101.0 76.8 66.0 60.7 60.6 76.8 July. 112.5 98 April 101.3 75.4 64.8 61.0 58.9 74.7 August 112.7 87 May. 102.4 82.0 72.4 68.2 69.4 79.5 June 103.2 86.8 77.7 72.8 76.1 84.2 Aug. 2... 112.6 90 July r 103. 3 89.6 81.5 75.6 82.2 86.8 Aug. 9— 112.8 90 August— 102.9 89.9 80.8 75.9 81.2 85.3 A A u u g g . . 1 2 6 3 . . . . 1 1 1 1 2 3. . 7 8 8 8 4 5 Aug. 2 102.9 90.0 81.1 76.0 81.2 86.0 Aug. 30.. 112.8 87 Aug. 9 102.9 90.0 81.1 75.9 81.8 85.8 Aug. 16 102.9 89.9 80.7 75.9 80.8 85.4 Aug. 23 103.0 89.9 80.6 75.7 81.1 85.2 Source.—Standard Statistics Co. Aug. 30 103.0 89.7 80.0 75.5 80.7 84.0 CAPITAL ISSUES i Price averages computed from yields. * 3 Liberty bonds and 8 Treasury bonds. »45 corporate and 15 municipal. [Long-term; i.e., 1 year or more. In millions of dollars] * Revised. Source.—For United States Government bonds, Federal Reserve Bank New issues of New York; for other bonds, Standard Statistics Co. Re- BOND YIELDS1 Domestic fu in n g d- Total issues Month or date T U u re r .S y as . - M g ( i h r p u a ig d n a h l e ic ) - - Aaa Corpo A ra a te, by ratings 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 l^ - S n m a t i n a c u d t i - e - B a C o n n d o d 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 pal notes Number of issues.. 15 30 30 30 1925 6,201 5,125 1,352 2,452 1,153 1,076 925 1932—February. _. 4.11 5.03 5.23 6.13 7.06 8.87 1 1 9 9 2 2 6 7 6 7 , , 3 5 1 5 4 6 5 6 , , 1 2 8 1 9 9 1 1 , ,3 4 4 7 4 5 2 3 , , 6 18 6 3 7 1 1 , , 0 4 8 7 7 4 1 1, , 3 1 3 2 7 5 2 1, , 0 2 4 2 6 0 March 3.92 4.79 4.98 5.85 6.80 8.83 1928 8,040 6,789 1,379 2,385 2,961 1,251 1,858 April 3.74 4.73 5.17 6.10 7.48 10.46 1929 10,091 9,420 1,418 2,078 5,924 671 1,422 May 3.77 4.77 5.36 6.38 8.40 11.63 1930 6,909 6,004 1,434 2,980 1,503 905 711 June 3.78 4.81 5.41 6.60 8.50 11.52 1931 _ 3,099 2,860 1,235 1,240 311 229 949 July 3.65 4.78 5.26 6.51 8.19 10.79 1932 1,165 1,157 755 305 20 8 583 August 3.57 4.50 4.91 5.83 6.84 8.22 September.. 3.54 4.39 4.70 5.54 6.45 7.61 1932—August 63 60 34 25 2 3 108 October 3.54 4.37 4.64 5.51 6.44 7.87 September- 75 73 63 6 0 2 76 November. _ 3.55 4.38 4.63 5.57 6.53 8.24 October 94 94 36 47 2 0 43 December... 3.48 4.37 4.59 5.60 6.61 8.42 November- 44 43 28 9 2 1 32 December.. 124 124 99 6 4 0 35 193S— M F J e a a b n r u r c u a h r a y ry. _. 3 3 . . 4 5 7 8 4 4 4 . . . 2 8 2 8 8 3 4 4 4 . . . 4 4 6 4 8 8 5 5 5 . . . 3 3 6 0 5 1 6 6 6. . . 6 3 1 4 0 6 • 8 8 8 . . . 9 0 3 1 1 6 1933— M F J e a a b n r u r c u a h r a y ry... 6 2 1 5 0 6 6 2 1 5 0 6 3 1 1 3 7 3 1 0 1 9 0 3 3 0 0 0 4 3 3 5 7 April 3.55 5.05 4.78 5.81 6.85 9.12 April 25 25 8 16 1 0 20 J J M A u u u a l n y g y e ust 3 3 3 3 . . . . 4 4 3 3 7 0 8 9 4 4 4 5 . . . . 2 5 5 7 7 4 9 1 4 4 4 4 . . . . 4 6 3 3 6 3 0 6 4 5 5 4 . . . . 4 0 8 7 0 9 3 7 6 5 5 5 . . . . 2 8 5 5 9 8 8 1 7 7 6 6 . . . . 7 0 6 7 4 7 2 7 J J M A u u u a l n y g y e ust 1 1 4 4 1 1 4 6 7 0 1 1 4 4 1 1 4 6 7 0 2 3 4 9 8 2 0 8 0 0 3 1 5 1 9 3 3 4 0 0 0 0 1 6 4 1 7 0 5 2 : Aug. 2 3.39 4.59 4.30 4.77 5.50 6.64 Aug. 9 3.41 4.54 4.29 4.73 5.48 6.69 i Includes issues of Federal land banks and Federal intermediate credit Aug. 16 3.40 4.51 4.31 4.73 5.51 6.78 banks, not shown separately. Aug. 23 3.39 4.52 4.29 4.77 5.52 6.82 Aug. 30 3.38 4.52 4.32 4.82 5.56 6.91 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. 1 Standard Statistics Co. Back figures.—See (for figures of new issues—annual and quarterly 3 Moody's Investors' Service. basis) Annual Report for 1932 (table 103). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

551 SEPTEMBER 1933 FEDERAL RESERVE BULLETIN PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] I ( n J^ d p u tH st c r o i H a l • p c r o o o d rv u ct K i Q o . n A. * \ Construction contracts awarded (value) 2 Fac- Factory em- tory Freight-car ployment 3 pay loadings * * Com- Year and Total i Manufactures1 Minerals * Total Residential All other rolls 3 modmonth ity prices5 Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 98 84 139 1920 87 87 89 63 30 90 108 118 91 154 1921 67 67 70 56 44 65 82 77 79 98 1922 85 86 74 79 68 88 90 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 96 96 97 98 1925 104 105 99 122 124 120 100 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928 111 112 106 135 126 142 97 102 103 97 1929 119 119 115 117 87 142 101 108 106 95 1930 96 95 99 92 50 125 88 87 92 86 1931 81 80 84 63 37 84 74 66 75 73 1932 . . 64 63 71 28 13 40 62 45 56 65 1929 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 '103 109 104 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 '90 93 89 92 100 100 107 95 48 47 155 135 86 87 83 95 92 84 August. -. 90 90 88 '88 101 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 '76 84 74 82 89 93 59 73 37 43 77 98 79 80 74 74 84 80 1931 January.. 82 '83 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 '89 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 '72 79 84 30 38 20 23 39 50 68 69 56 61 69 69 1932 January.. 71 72 70 71 74 77 25 31 16 19 33 41 66 68 52 58 64 67 February- 71 69 70 68 75 78 23 27 15 17 30 35 67 68 54 59 62 66 March 68 67 66 64 77 84 26 26 16 15 35 36 66 66 52 58 61 66 April 64 63 63 61 72 79 31 27 16 14 43 38 64 64 49 57 59 66 May _ 61 60 '60 '58 65 67 31 26 14 12 45 37 61 62 46 53 54 64 June 59 59 '58 58 61 63 32 27 12 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 '65 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 '80 '78 '80 '78 76 78 19 16 13 11 24 20 60 61 42 56 56 63 June '91 '92 '93 '93 82 84 21 18 14 13 27 23 64 65 46 60 60 65 July P96 P100 ,97 P101 89 90 24 21 13 13 32 28 69 70 50 66 65 69 Preliminary. ' Revised. • Average per working day. 1 For indexes of groups and separate industries see p. 588; for description see BULLETIN for February and March 1927; revised figures from 1919 to date see pp. 584-585. 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. 589; for description and back figures see BULLETIN for November 1929 and November 1930. * For indexes of groups see p. 552; for back figures see BULLETIN for February 1931, p. 108. 5 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities are given on p. 590. 8629—33 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports Merchandise imports Excess of exports Month 1929 1930 1931 1932 1933 1929 1930 1931 1932 1933 1929 1930 1931 1932 1933 January 488 411 250 150 121 369 311 183 136 96 119 100 66 15 25 February 442 349 224 154 102 369 282 175 131 84 72 67 49 23 18 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 393 295 187 114 120 353 250 173 110 122 40 44 14 4 -2 July 403 267 181 107 353 221 174 79 50 46 6 27 P2 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 v Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average=100] [Index numbers; 1923-25 average=100] Index of stocks (end of 1933 Index of sales * month) Mar. Apr. May June July 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 50 53 56 60 65 Coal 55 53 52 63 75 Coke 35 29 33 44 63 January 78 60 64 49 75 58 66 52 Grain and grain prod- February 78 60 64 49 73 57 69 54 ucts 69 99 99 95 82 March 72 57 69 50 70 54 73 55 Livestock 45 53 54 54 55 Forest products 20 22 28 34 39 April 79 67 74 68 69 53 72 55 Ore 23 17 14 18 34 May 72 67 72 67 68 55 69 56 Miscellaneous 47 52 57 61 64 June 69 68 66 64 67 57 65 56 Merchandise * 62 63 66 67 70 July 65 71 46 49 64 60 59 56 Without seasonal adjustment August 65 »75 49 P 57 61 59 September ,._ 68 71 60 63 Total 48 61 56 60 66 October 69 75 61 67 Coal 51 44 47 54 66 November 63 73 61 69 Coke 35 27 33 44 55 December 60 ...... 106 60 56 Grain and grain products - 58 76 81 83 98 Year 69 66 Livestock 39 50 51 46 46 Forest products - 21 24 30 36 38 Ore 5 8 21 32 62 p Preliminary. Miscellaneous .._ 45 54 60 64 67 Merchandise * 63 65 68 67 70 * 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, i 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 February 1931, pp. 108-110. NOTE.—Figures on value of department store sales in 1929 as reported to the U.S. Bureau of the Census are shown by Federal Reserve districts on p. 591. Back figures.—See BULLETIN for November 1930, p. 686. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 553 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars at par] Europe Total End of month (5 t 0 r i c e o s u ) n- S U t n at i e te s d i Canada c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England France Germany 1932-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 98 May—... * 11,917 3,991 371 907 3,173 89 June p 11,892 3,997 6,856 372 922 3,185 45 July v 11,981 4,001 p 6,932 374 925 3,213 58 August... M,009 375 926 3,223 *73 Europe—Continued End of month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden S l w a i n tz d er-U.S.S.R. Y sla u v g i o a - 6 c t o o r u i t e h n s e - r 1932-July 300 408 435 509 357 30 August 302 415 38 435 510 368 28 September- 305 416 435 509 2 368 28 October 306 416 436 509 »368 28 November- 306 415 436 493 *368 28 December. . 307 415 477 2 368 29 1933—January 308 413 477 29 February... 325 410 436 488 31 March. 331 381 436 489 2 368 31 April 343 374 436 460 2 368 31 May 352 336 436 397 2 368 34 June. 356 309 436 361 M01 34 July 311 436 351 36 August 332 351 Latin America Asia and Oceania Africa End of month T c tr o o ( i 1 u t e 0 a s n l ) - g t A i e n r n a - - Chile l C o b m i o a - - M ic e o x- Peru g U u r a u y - c o t o r th i u e e n s r - T c tr o o ( i u t e 7 a n s 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 a s - ) l TE?g _ y _ p _ t t A S f o r u ic t a h c o t o r t u h ie n e s - r 1932—July 348 249 524 162 214 10 August 348 249 523 162 214 10 September-. 346 249 523 162 214 10 October 342 249 524 162 214 10 November.. 342 249 523 162 213 10 December.._ 345 249 520 162 212 10 1933—January 347 249 521 162 212 33 10 February 348 249 524 162 212 10 March 352 249 503 162 212 10 April 355 249 483 162 212 95 10 May 362 249 *483 162 212 107 10 June P368 249 *482 162 212 July *>367 P249 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 Figures of last preceding statement issued by the State Bank of the U.S.S.R. carried forward. 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. 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, pp. 311-318, and June 1933, pp. 368-372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 GOLD PRODUCTION [In thousands of dollars at par] Production reported monthly Estimated Year and month world Africa North and South America Far East pr t o io d n uc- Total A So fr u ic th a d R e h s o ia - A W fr e ic st a B C e o l n g g ia o n Canada U S n ta i t t e e s d Mexico Co b l i o a m-Au 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 8,021 6,785 1931—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 1,240 679 673 November.. 38,748 33,319 18,673 941 478 292 4,927 4,127 914 389 1,321 667 December.. 38,811 33,382 18,809 1,041 498 299 4,995 4,127 877 312 1,181 664 579 Total (12 mos.).. 459,104 393,957 224,863 11,193 5,524 3,224 55,687 49,524 12,866 4,016 12,134 8,109 6,815 1932—January 39,236 33,464 19,587 921 480 295 4,834 i 3, 597 1,106 450 1,032 628 534 February.. 38,187 32,415 18,935 956 453 286 4,670 » 3,535 948 386 1,063 657 525 March 39,895 34,123 19,877 996 484 304 5,285 * 3,494 862 404 1,131 741 545 April 39,433 33,662 19,593 976 466 281 5,093 i 3,390 1,057 380 1,164 671 590 May 41,091 35,319 19,970 977 481 298 5,551 i 4,114 1,026 447 1,234 653 567 June 41,187 35,415 19,871 1,011 482 309 5,592 i 4,362 960 405 1,172 647 603 July 41,572 35,800 20,268 981 546 319 5,176 14,610 924 455 1,244 585 August 42,734 36,963 20,475 1,019 510 330 5,480 i 4,982 1,138 524 1,221 588 September. 42,138 36,366 19,888 1,041 509 304 5,406 1 5,085 1,122 456 1,292 702 559 October 42,351 36,579 20,157 1,044 515 314 5,240 1 5,271 1,091 455 1,216 727 547 November.. 42,099 36,327 20,190 997 526 307 5,220 * 4,858 1,165 415 1,376 715 556 December.. 41,659 20,118 1,080 539 294 5,514 l 4,651 671 353 1,418 668 581 Total (12 mos.)-. 491,581 422,319 238,931 12,000 5,992 3,642 63,061 2 51,948 12,070 5,132 14,563 8,198 6,782 1933—January 40,990 »35,218 20,152 1,008 532 280 4,826 * 4,341 1,194 513 1,130 576 February. *37,370 v31,598 18,176 989 533 263 4,718 1 3,039 1,095 344 1,179 654 608 March P 42,061 * 36,289 19,658 1,038 524 302 5,378 1 5,209 1,059 487 1,260 •747 628 April v 39,311 v 33,539 18, 430 1,108 529 281 4,900 13,907 905 644 1,523 726 586 May *40,210 * 34,438 19,519 1,108 522 308 4,913 13,824 1,034 576 1, 345 734 556 June p39,303 v 33,531 *> 18,990 1,131 1579 308 5,404 1 2,935 992 490 1,435 711 545 July *40,140 v 34,368 v 19,094 i 1,116 1599 *>308 ' 5,023 1 3, 638 1 1,034 797 1,435 1 744 1579 p 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 at par] United States Net imports from— Month Total China All n p e o t r i t m s - E la n n g d - France m G a e n r y - g B iu e m l- N la e n th d e s r-Sw la i n tz d er- C ad an 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 H a o nd ng Japan c o o th u e n 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—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 1 17,776 1 3,310 -3,709 —1,546 -600 802 -1,614 4,206 552 -15 35 9,446 3,700 3,208 March 1-22,0811 -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 no 344 2 1 83 -5,729 June -3,244 -2,845 -72 -1,445 141 1 10 812 July -83,879 -713 -79,617 154 369 -4,121 August p __ -79,885 -73,169 -216 203 -6,500 » Preliminary. * 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 555 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 So m ic u a e t r h - Canada 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 r - Africa 1931—Total (12mos.)- -143,729 -13,401-319,989 ;3,754-37,050 -124,101-60,836 29,446 63,083 11, 280 33, 260 236,921 3,904 1932—April 26,148 1,207 -17,795 -53 -1,955 -16 17,393 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 4, -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 -2,969 -120 189 11,973 943 870 18, 378 1,853 November 13,857 -1,634 -13,519 370 -476 -4,188 -88 527 10,488 710 830 20,006 831 December -29,582 -58, 561 -3, 277 -29 -1,104 -6,138 -108 181 13,684 854 23,326 602 Total (12mos.)- 81,211-50,643-297,040 311-16,896 -71,376-14,021 5,623 220, 394 10, 780 20,363 255,305 18,408 1933—January -43,260 -48, 314 -2,109 -11 -634 -17,471 9,495 587 793 16,530-2,120 February 18,400 -6, 559 -4, 623 27 -507 -7,816 -79 374 7,175 554 794 27,815 1,245 March 77,198 11,821 3,406 5,003 -1,294 -5, 225 -588 296 9,178 461 22,659 2,556 April 64, 767 -6 -1,519 18,092 -89 128 -893 198 10, 278 1,001 20,316 19,343 2,083 May 97, 386 2,761 32,486 1,850 656 17,365 -463 140 8,924 14,948 624 I,1 19,476-3,169 June 77, 671 15,923 -7,421 15, 254 8 6,477 -479 401 9,129 11,281 1,359 1,717 17,954 July 89,056 4,763 18,051 486 1,114 13, 528 -118 414 4,141 11,942 810 2,692 19, 51911,715 August *> 29, 598 8.014 177 -1,001 -13,482 299 247 4,670 6,385 573 2,427 24,098-3,617 France Germany Net imports from— Net imports from— Month Total Total n p e o t r i t m s - U S n ta i t t e e s d E la n n g d 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 r t A h i u e l e n l s r - r im n p e o t rts U S n ta it t e e d s 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 u i D e e n s r - 1931-Total (12 mos.) 728,176 328.130 312. 561 100, 050 18.775-81,207 149,867-247,950 -36.160 -35. 221-102,019 -55,142-63,866 58,932 -14,475 n—5= 1932—April ~60,358 38,080 23,8*8 -15 2,019 -14 -5,398 -8,328 5,198 180 May 18,636 17,174 14,232 2,582 1.999 293 8 17 -7, 539 10,352 -6G June 167,968 152, 072 7,541 5,737 4,601 66 5 -5,800 -7.691 3,; 2,80$ July 31,067 16, 746 12, 472 -6 483 -42 -4,753 -5,435 534 -4,087 August 42,940 24,149 16, 241 5,382 -17 2 13 1,289 4,622 -1,791 September 9,638 -625 4,424 3,918 1 448 8 3,456 5,410 -361 October 32,695 11,927 19,995 329 565 29 33 41 5,461 -60 November 33,498 241 26,003 6,122 672 -367 -6,169 2,584 6,275 -52 December- 25, 494-10,634 34, 479 2 -b. 138 24 17 -3,331 -78 Total (12 mos.)-- - 828, 072 468. 052 309,984 37,889 37, 547-17,668 -7,732 -27,282 367 -250 -38.170 -24,455 -7,915 46,656 -3,515 1933—January -37,399 -35,361 2,900 200 -3,814 -1,126 -197 4,424 6 4 -1,976 107 6,293 -11 February... -1,659 -144 2,559 678 2,805 -7,127 —432 -13,076 22 -5,980 -10,429 93 3,336 -118 March 16,729 9.287 1,005 1,266 27, 778-23.356 749 -13,163 -4,945 -7,365 -4,925 46 3,956 70 April 48,252 18, 583 2,283 22, 520 670 -6, 377 U0,574 -68, 750 1 -17,822 -51,893 -4, 541 75 5,411 19 May __ 96,140 7,680 -5,819 1,277 39, 785 37,113 316,102 -9, 938 46 -292 -6,435 -10,102 -61 7,023 -119 June 47,977 5 -18,537 22,903 7,976 30, 797 4,831 -36,432 1,453 -13,675 -22, 658 -5,392 34 3,833 -26 July v 53, 225 39, 263 -12,572 24,685 5,695 16, 598* -20, 443 4,592 -161 150 133 -47 4,791 -275 I 1 $29,233,000 imported by France from Spain in July. 2 $21,292,000 exported by France to Belgium. s Imported by France from South Africa in April, $9,832,000; in May, $14,412,000. 4 Exported by France to Belgium, $20,305,000. v Preliminary figures. r Revised to include gold movements between France and her colonies. NOTE.—Germany*The annual aggregates of the official monthly figures for net gold imports in 1932 differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 GOLD MOVEMENTS—Continued [In thousands of dollars at par] Netherlands Month Net imports from— Total net imports U S n ta i t t e e s d England France Germany Belgium Poland Sw la i n tz d er- B I r n i d ti i s a h All other 1931—Total (12 mos.)-. 108,619 39,413 117,691 -21,024 56,059 -1,428 -365 4,553 4,548 1932—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 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 -9,668 4,251 52 3,745 963 -20 -1,134 2,773 Total (12 mos.) 116,149 106,623 50,070 -34,009 -12,727 -13,630 -16,137 16,423 -7,346 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 IIS' -6,390 -41,046 5,581 -1,797 -353 -1,702 108 -18 July -9, 758 -10,834 2,951 -1,036 -843 -1,050 192 1,130 Switzerland British India Net imports from— Net imports from— In- Increase Month Gold or de- or de- Total Total crease crease n p et o r i t m s - U S n ta i t t e e s d E la n n g d - France m G a e n r y - A So fr u ic th a N la e e n r t - d h s - o A th l e l r n p et o r i t m s - U S n ta it t e e d s E la n n g d - o A th l e l r I t n io d [ u mn i c a i - i l > n r g ( e m o - s v e ) e e r i n v r n n t es - h in p ( o r - l I i d ) n v i i d n a n t g i e a s 3 in India I 931—Total (12 mos.)- 222,751 36,422 41,301 19,317 39,684 72,760 47 13,220 -95,875 —17,665-72,691 -5,521 6,832 33,532-122,575 193&-April~ 116 -95 -165 2,308 309 -11,812 -209 -11,230 -373 592 -11,306 May 116 1,718 -52 2,949 286 -8,935 -8,923 -12 569 -1 -8,365 June 1,734 3,554 -85 5,630 -209 -13,227 -165 -12,807 -255 605 -12,622 July 111 3,734 -51 1,507 -87 -16,437 -374 -14,575 < -1,488 586 -15,851 August 90 718 38 744 -260 -11,674 -2,775 -7,979 -920 589 -11,085 September 154 -540 -34 453 -277 -17,201 -5,978 -9,835 »-1,388 561 34 -16,674 October 82 -3,087 -102 -280 48 -14,482 -4,820 -9,010 -652 548 -13,934 November 85 -2,347 -e; 480 461 -16,662 -2,420 -13,244 -997 557 -16,105 December. 96 837 55 -24,964 -18,002 -6,286 -676 —I —24,380 -111 Total (12 mos.) 169,786 124,354 15,342 7,418 7,880 10114,996 -304 -195,792 -38,094-151,391 -6,307 6,798 127-189,121 = 1938—January 4,658 123 2,393 -77 1,176 1,040 -10,24 -1,965 297 576 -11,340 February 8,502 -14 82 6,987 -77 2,461 -937 -9, 589 -3,082 -116 610 -12,177 March 24,440 653 907 21,306 —40 3,802-2,236 -5, 314 -5,833 -1,576 628 -12,094 April -12,078 -307 -10,745 -62 994-1,958 -4,311 -5,956 -1,430 586 -11,112 May -42,481 1,377 -4,08! -38, 776 -68 2,778-3,709 -1,511 -8,096 -3,359 556 -12,460 June '-41,596 -3,152 '-34,751 '288*-3, 988 -12,823 -1,181 545 -13,459 July -14,302 "-307 -5,739 -8,324 1,866-1,756 P579 P-8, 092 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. v Preliminary. e Corrected. NOTE.—Netherlands—The annual 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDEEAL BESEEVE BULLETIN 557 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1933 1932 1933 1932 July June May July July June May July 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. 70 69 70 65 Notes issued * 575 584 579 583 Advances to banks under finance act 50 52 42 39 Irish Currency Commission (thousands of Dominion notes: Dounds sterling): Issued 182 184 175 166 Legal tender note fund: Outside chartered bank holdings- 29 30 30 29 British legal tender and bank Indian Government (millions of rupees): balances - - .. - 55 137 44 196 Gold standard reserve: British securities 7,214 7,365 7,614 6,674 Gold 153 153 179 335 Notes issued 7,270 7,501 7,658 6,870 Foreign exchange 381 380 354 198 Consolidated bank notes: > Paper currency reserve: Issued 4,686 4,669 4,665 4,518 Gold 291 291 264 109 Deemed such under sec. 60 (4) of Silver coin and bullion 1,051 1,034 1,092 1,144 currency act, 1927 1,291 1,301 1,312 1,461 Other assets - - - 446 441 400 490 Notes issued 1,789 1,766 1,757 1,742 i Includes a small quantity of subsidiary coin. »The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended July 22, June 24, May 27,1933, and July 23,1932. 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 Assets Liabilities July 31 June 30 July 31 July 31 June 30 July 31 Gold in bars . 5,147 0) 0) Demand deposits (gold).. 5,147 0) 0) Cash on hand and on current account with Short-term deposits (various currencies): banks - 8,495 6,053 7,487 Central banks for own account: Demand funds at interest 32,534 35,767 65,800 Demand _ 101,420 129,207 490,631 Rediscountable bills and acceptances (at Time—Not exceeding 3 months 128,362 93,454 84,273 cost): Commercial bills and bankers' accept- Total- 229,781 222,660 574,905 ances 231,310 232,140 436,884 Treasury bills 178,481 168,303 148,577 Central banks for account of others: Demand 12,056 11,687 24,168 Total- 409,791 400,443 585,460 Other depositors: Demand 3,173 3,044 6,460 Time funds at interest—Not exceeding 3 Long-term deposits: months— 106,185 113, 214 247,604 Annuity trust account 154,388 152,899 153,769 Sundry bills and investments: German Government deposit 77,194 76,449 76,884 Maturing within 3 months: French Government guaranty fund 49,805 53,792 68,649 Treasury bills 31,175 30, 277 44,432 Sundry investments _ 36,008 35,658 35,923 Total _. 281,386 283,140 299,301 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 , , 9 1 4 8 2 9 7 1 1 3 , , 2 6 3 5 9 4 } 71,246 Rese L r e v g e a s l : reserve fund 2,022 2,022 1,318 Over 6 months 595 594 1,926 Dividend reserve fund 3,895 3,895 2,690 General reserve fund 7,790 7,790 5,379 Total-. 152,909 151,421 153, 527 Profits allocated for distribution on July 1: Other assets. 1,239 5,500 7,059 Dividend to shareholders (6 percent) _. 7,335 Participation of long-term depositors per article 53 (e) of statutes... 2,411 Other liabilities— 46, 050 43,415 27,716 Total assets 716,300 712,397 1,066,938 Total liabilities.. 716,300 712,397 1,066,938 1 Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 FEDERAL RESERVE BULLETIN SEPTEMBER 1S33 CENTRAL BANES [For explanation of tables on this page, see BULLETIN for February 1931, pp. 81-83] Assets 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—June 29 136.1 .8 48.1 14.9 93.5 363.1 86.6 18.0 34.7 18.0 July 27 137.7 43.4 15.3 92.5 369.3 88.2 11.2 34.6 18.1 Aug. 31 138.9 48.6 12.2 92.2 365.3 79.5 20.7 35.4 18.2 Sept. 28 139.4 1.0 54.6 12.1 88.0 359.8 80.6 23.4 33.4 18.2 Oct. 26. 139.4 1.0 56.0 11.6 85.4 358.4 77.3 25.4 33.6 17.7 Nov. 30 139.4 1.0 55.6 11.9 87.1 358.8 90.5 10.1 37.1 17.8 Dec. 28 119.8 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Jan. 25_ 123.6 .8 45.4 11.6 107.9 353.2 103.4 11.7 32.5 18.1 Feb. 22 142.2 .7 61.0 11.9 104.0 356.2 98.3 26.2 35.0 18.2 Mar. 29 171.8 .8 79.7 11.8 74.9 367.1 92.8 21.2 35.0 18.2 Apr. 26 185.9 .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 26 190.1 1.3 72.8 11.2 103.0 377.2 98.5 14.1 57.7 18.1 Aug. 30 190.3 1.4 76.3 10.0 94.9 374.0 79.4 42.0 42.9 18.2 Assets 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 e s r 8 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—June 24. . 82,100 6,332 3,929 2,715 6,626 8,634 80,667 2,881 24,621 2,167 July29... 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.. 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 June 30. _ 81,243 3,990 2,791 2,766 6,489 9,243 84,708 2,338 17,376 2,100 July 28... 81,976 3,975 3,461 2,661 6,463 8,503 82,853 2,752 19, 267 2,168 Aug. 25__. 82, 227 2,652 3,207 2,688 6,417 8,543 81,143 2,775 19, 657 2,158 Assets Liabilities Eeserves Reichsbank Foreign Tre b a il s l u s ryb c il O h ls e t c h ( k a e n s r ) d Se lo c a u n ri s ty Securities a O s t s h e e ts r ci N t r i c o o u n t l e a- Deposits l O ia ti t b e h i s e li r - Gold exchange Millions of reichmarks: 1932—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 31 245 78 3,171 165 320 736 3,492 412 820 Aug. 31 v 307 74 3,151 163 320 751 3,521 415 841 * In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. From Aug. 1,1931, to Mar. 31,1933, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) was authorized by the British Treasury under section 8 of the Currency and Bank Notes Act, 1928. * Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement). v Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 559 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1932 Central bank Central bank July June May July July June May July National Bank of Albania (thou- Central Bank of China—Continued sands of Albanian francs): Deposits—Government 134,069 132,514 76,842 Gold... - - 7,324 7,313 7,316 5, 554 Bank 47,789 38,987 23,104 Foreign exchange 24,850 27,159 27,852 27,875 Other.. 8,100 10,387 5,373 Loans and discounts 3,055 3,010 2,919 3,766 Other liabilities 60,885 68,885 43,858 Other assets 2,819 2,564 2,564 4,563 Bank of the Republic of Colombia Note circulation 13,017 13,429 13,627 11,501 (thousands of pesos): Demand deposits 18,595 19,719 19,145 18,684 Gold at home and abroad 15,310 15,198 14,783 13,416 Other liabilities 6,436 7,045 7,879 11,573 Foreign exchange _. 2,947 2,831 3,271 3,268 Commonwealth Bank of Australia Loans to member banks 2,009 3,426 3,751 6,257 (thousands of Australian pounds): Note circulation 25,950 26,099 25,256 17,997 Issue department—Gold and Deposits.. 20,909 19,628 19,115 19,309 English sterling . _. 11,507 11,507 11, 507 110,499 National Bank of Czechoslovakia Securities — 21,633 24,316 24,852 39,173 (millions of Czechoslovak crowns): Banking department: Gold. 1,707 1,707 1,707 1,640 Coin, bullion, and cash 940 1,052 965 1,246 Foreign balances and currency ... 932 947 998 1,061 London balances 19,924 20,004 18, 533 9,742 Loans and advances . 1,718 2,014 1,597 1,632 Loans and discounts 15,562 15,885 16,390 18,081 Note circulation _ 6,253 6,568 6,138 6,224 Securities 36, 247 34,900 33,990 28,962 Deposits. 555 509 632 499 Deposits.- 73, 291 73,820 71,367 59, 634 Danish National Bank (millions of Note circulation __ 41,522 41,325 41,961 43,574 krone): Austrian National Bank (millions of Gold 133 133 133 133 schillings): Foreign bills, etc 38 15 24 Gold 150 150 150 149 Loans and discounts _. 74 80 71 138 Foreign exchange of the reserve- - 39 39 41 Note circulation 328 342 331 314 Domestic bills 239 275 264 883 Deposits.. 116 74 80 Government debts 659 659 659 92 Bank of Danzig (thousands of Dan- Note circulation 903 893 949 zig gulden): Deposits 198 216 193 148 Gold.... 35,050 32,051 31,914 31,645 National Bank of Belgium (millions Foreign exchange of the reserve.. 6,427 2,306 7,483 16,338 of belgas): Other foreign exchange 1,168 2,728 1,409 230 Gold - 2,691 2,678 2,671 2,568 Loans and discounts 9,304 9,553 6,999 Domestic and foreign bills 748 730 741 763 Note circulation 37, 531 37,342 37,083 38,857 Loans to State 355 (2) 363 367 Deposits 5,641 7,341 12,063 Note circulation 3,603 3,590 3,638 Central Bank of Ecuador (thousands Deposits 343 324 291 210 of sucres): Central Bank of Bolivia (thousands Gold at home and abroad. 14,275 14,275 14,593 of bolivianos): Foreign exchange _. 3,752 1,874 3,103 Gold at home and abroad 12,900 17,392 18,604 23,401 Loans and discounts 42,134 40,898 20,200 Foreign exchange __ 5,328 5,225 4,115 4,073 Note circulation 28,092 28,311 21,230 Loans and discounts 36,875 27,129 32,420 Deposits — 20,285 19,399 9,822 Note circulation 46,043 44,926 44,127 31,148 National Bank of Egypt 3 (thousands Deposits 42,986 47,092 31,354 16,284 of Egyptian pounds): Bank of Brazil (millions of milreis) : Gold 6,663 6,663 6,663 Currency 604 573 343 Foreign exchange 1,678 1,739 2,577 Correspondents abroad 176 172 156 126 Loans and discounts 4,876 4,762 8,361 Loans and discounts 2,837 2,711 2,614 1,880 British, Egyptian, and other Note circulation 20 40 40 170 Government securities 33,984 34,522 29,692 Deposits 3,175 3,057 2,997 2,108 Other assets 3,752 3,522 •3,599 National Bank of Bulgaria (millions Note circulation .- 17,781 17, 795 17,391 of leva): Deposits—Government 5,230 5,605 5,800 Gold 1,521 1,521 1,521 1,516 Other.. 20,076 19, 921 19,548 Net foreign exchange in reserve. _ 12 20 1 Other liabilities 7,866 7,887 8,160 Total foreign exchange 129 98 79 269 Bank of Estonia (thousands of Loans and discounts 894 861 860 700 krooni): Government obligations 2,873 2,873 2,873 2,965 Gold.— - - 19, 239 18,720 18,721 11,468 Note circulation 2,531 2,648 2,673 2,638 Net foreign exchange 1,350 900 1,201 8,035 Other sight liabilities 1,748 1,599 1,527 1,696 Loans and discounts 20,225 21, 272 20,754 22,590 Central Bank of Chile (millions of Note circulation 30,295 29, 672 30, 247 31,685 Deposits—Government 3,285 3,094 4,407 Gold at home and abroad 90 90 Bankers' 7,035 5,591 7,554 6,361 Foreign exchange for account of: Other 4,059 3,691 2,731 2,432 Bank... 72 Bank of Finland (millions of mark- Exchange commission 2 4 7 kaa): Loans and discounts 472 488 473 Gold — - - 309 309 304 Securities 343 343 349 Balances abroad and foreign Note circulation 483 487 511 458 credits.._ 782 762 756 438 Deposits -. 375 353 147 Foreign bills 318 329 353 238 Central Bank of China 3 (thousands Domestic bills -. 756 757 749 804 of yuan): Note circulation 1,081 1,097 1,124 1,088 Gold 932 1,984 605 Demand liabilities.. 538 493 465 220 Silver 80,742 76,825 49,132 Bank of Greece (millions of drach- Due from banks abroad—. 17,713 13,863 6,101 mas): Due from domestic banks 29, 349 22,085 25, 208 Gold and foreign exchange 3,162 2,798 2,531 1,454 Loans and discounts 122,641 126,143 74,662 Loans and discounts 2,539 2,220 1,867 1,303 Securities.. - 12, 793 8,371 5,694 Government obligations 3,368 3,368 3,368 3,321 Other assets 32,999 47, 694 17,908 Note circulation 46,326 46,192 JZO, 133 i Gold. a Not available. a Items for issue and banking departments consolidated. 8629—33 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1933 1932 Central bank Central bank July June May July July June May July Bank of Greece—Continued Bank of Portugal (millions of escu- Note circulation.. 4,760 4,698 4,574 4,202 dos): Other sight liabilities 4,598 4,025 3,555 1,764 Gold 713 707 701 394 Liabilities in foreign exchange 222 156 164 196 Other reserves 398 391 385 536 National Bank of Hungary (millions Discounts and advances 327 328 331 314 of pengos): Government obligations._ - 1,053 1,053 1,053 1,058 Gold. 97 97 97 97 Note circulation 1,881 1,906 1,889 1,886 Foreign bills, etc 11 15 16 11 Other sight liabilities 675 632 635 357 Loans and discounts. 479 486 466 454 National Bank of Rumania (mil- Advances to treasury 50 51 51 53 lions of lei): Other assets - 29 26 22 20 Gold 9,748 9,712 9,682 9,458 Note circulation 364 372 347 403 Foreign exchange of the reserve.. 560 654 721 104 Deposits 72 73 65 63 O ther foreign exchange 27 15 25 24 Miscellaneous liabilities 200 201 211 141 Loans and discounts 9,893 10,001 9, 863 11,998 Bank of Italy (millions of lire): State debt 5,704 5,748 5,726 5,730 Gold at home..- - 6,994 «6,767 6,688 5,700 Note circulation 21,229 21,355 21,470 20,891 Credits and balances abroad 343 *321 369 1,390 Demand deposits 7,576 7,640 7,736 5,762 Loans and discounts 5,001 «5,506 5,228 5,638 South African Reserve Bank (thou- Note circulation 13,329 <13,028 12,991 13,492 sands of South African pounds): Public deposits 300 300 300 300 Gold 16,475 14,298 13,257 7,041 Other deposits _ 1,803 «1,076 1,285 1,405 Foreign bills 17,986 21,145 18,745 7 Bank of Japan (millions of yen): Domestic bills. _ 61 17 816 2,694 Gold 425 425 425 429 Note circulation 10,198 10,753 9,503 7,974 Advances and discounts. _ 724 765 728 881 Deposits—Go vernment 1,815 1,171 1,721 1,252 Government bonds 425 426 413 118 Bank 26,322 26,163 24,294 4,137 Notes issued 1,179 1,179 1,055 1,057 Other 2,044 3,766 2,905 Total deposits.. _ 325 345 418 410 Bank of Spain (millions of pesetas): Bank N L D G F o o o o e o r a l p t f e d e n o i J s g c s a n i a i v r t n a c s b d u . i . ( l l m d l a s i t i s i l o c li n o o u n n s ts of florins): 1 1 2 5 9 0 4 8 5 7 0 1 1 4 3 0 9 6 5 4 4 7 1 1 3 3 0 9 1 7 7 7 9 1 2 1 2 5 1 0 0 0 9 5 N S L D G B i o a o e o lv a l p l t a d e e n o n r s s c c i e i a t r s s n c d u a l b a d r t i o i s o a c n d o unts -_ _ _ 4 2 2 , , , 2 9 7 6 2 5 8 4 4 4 6 7 0 0 2 9 0 0 2 4 2 , , , 2 8 6 2 4 6 9 8 5 4 8 5 5 2 0 9 8 5 2 2 4 , , , 9 2 2 6 7 5 1 5 8 0 3 1 5 0 9 4 0 3 2 2 4 , , , 2 9 9 2 5 7 1 4 5 8 8 8 3 2 9 0 6 2 Bankof Sweden (millions of kronor): Bank of Latvia (millions of lats): Gold 340 266 206 Gold 47 46 45 Foreign bills, etc _. 307 319 264 163 Foreign-exchange reserve 2 3 3 Loans and discounts. 78 125 152 241 Bills 67 67 67 Note circulation 547 544 556 Loans 46 49 50 Deposits 422 325 317 182 Note circulation 32 32 32 Swiss National Bank (millions of Government deposits 67 64 62 francs): Other deposits _ 94 96 97 Gold 1,820 1,873 2,056 2,637 Bank of Lithuania (millions of litu): Foreign balances and bills 4 5 63 Gold 50 48 Loans and discounts 85 76 58 59 Foreign currency 11 10 Note circulation— ._ 1,430 1,487 1,514 1,571 Loans and discounts 81 87 Demand deposits. 514 501 1,185 Note circulation.. 92 92 Central Bank of the Republic of Deposits 46 51 Turkey (thousands of Turkish Netherlands Bank (millions of flor- pounds): ins): Gold... 22,637 22, 394 22,045 17,703 Bank N D F L G G o o o e o o o r f a p l l t e d d e n o N i s g s c o i n i a t r r s n w c b d u i a l l y l d a s i t ( s i m c o o n il u . l n _ io t _ s ns of kr _ oner): 9 7 1 1 3 7 7 6 2 5 8 3 4 5 2 1 9 1 1 9 2 7 5 3 7 2 3 1 1 8 9 1 1 1 3 5 7 2 5 3 7 2 3 7 1 9 1, 9 2 0 1 1 8 6 8 1 3 4 3 9 1 6 8 2 N D F G O O O o o e t o t t h h h r p v t e e e e e o e i r r r g r s c n i n l a s i t i r m e s s a c e s c b u e e x u n i t l c r l s a i h t i t t t a i i s i e o n e e s n g s c . - e u . rities 1 1 3 2 2 5 6 5 8 1 2 8 9 2 , , , , , , 3 9 2 6 6 2 5 6 3 5 5 2 6 7 1 3 2 0 1 2 4 1 1 « 4 c 2 6 2 5 2 7 8 1 2 2 , , , , , , 7 3 3 6 0 5 0 4 2 1 5 7 7 6 9 7 3 0 1 1 4 2 2 6 5 5 1 0 8 6 6 2 , , , , , , 2 2 7 6 9 0 6 6 8 4 2 9 3 8 8 1 8 6 4 0 2 1 16 5 2 4 1 5 6 8 8 7 1 8 , , , , , , , 4 0 0 9 7 4 3 8 8 6 7 0 8 8 1 1 0 1 0 8 0 Foreign balances and bills 10 15 25 113 Bank of the Republic of Uruguay D N T Fo o o o r t m t e a e l i e g c s d n i t r e i c c p d u o e c l p s r a i o e t t i d s s o i i n t t s s 2 3 6 2 0 2 2 6 6 2 30 7 3 2 9 1 2 2 2 9 9 2 1 2 6 8 > 2 3 8 7 1 2 0 9 7 (th L N G O o o o o t u h a l t s d e e n a r s n c a d i a r s n s c s d u e o t l f d s a p i t s i e o c s o n o * u . s n ): ts ._ 1 8 4 4 0 1 8 3 2 , , , , 4 7 9 2 4 0 1 2 8 3 3 3 1 4 4 8 0 1 3 8 0 , , , , 0 0 4 9 2 7 4 6 7 5 2 5 1 8 3 4 0 4 7 8 5 , , , , 7 5 5 7 6 0 3 3 3 2 5 8 Central Reserve Bank of Peru (thou- Deposits—Demand 28,657 28,709 31,227 sands of soles): Time 42,599 41,828 37,953 Gold- H2,719 39,405 38,497 Judicial and admin- Foreign exchange 6,020 11,934 333 istrative 2,994 3,024 2,839 Bills.. .. 34,300 27,198 17,426 Other liabilities 39,141 37,894 35,515 Note circulation. _ 61,333 60,012 50,879 National Bank of the Kingdom of Deposits. _..__. 15,094 14,499 2,759 Yugoslavia (millions of dinars): Bank of Poland (millions of zloty): Gold 1,797 1,797 1,796 1,763 Gold 473 473 472 480 Foreign exchange 138 145 146 304 Foreign exchange 81 80 89 145 Loans and discounts 2,252 2,243 2,325 2,397 Loans and discounts 789 «778 «783 803 Advances to State 2,416 2,415 2,414 2,408 Note circulation.. 1,003 1,004 1,004 1,089 Note circulation _ 4,306 4,403 4,453 4,855 Other sight liabilities. _ 174 152 156 155 Other sight liabilities 1,037 957 944 629 F Corrected. ? Preliminary, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 561 COMMERCIAL BANKS 1932 1933 Country July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Argentina (millions of gold pesos): Bank of the Nation: Gold - 1 1 1 1 1 1 1 1 1 1 1 1 Other cash_ .__ 127 132 128 128 128 114 124 123 126 115 116 130 Loans and discounts 688 679 679 668 671 664 664 660 658 652 650 649 Deposits 702 681 659 674 665 678 672 630 Other banks in Buenos Aires: Gold 1 1 1 1 1 1 1 1 1 1 1 1 Other cash 218 228 243 248 250 263 258 258 260 270 267 266 Loans and discounts 769 761 754 747 745 740 739 739 737 735 731 720 Deposits 905 926 928 929 937 918 923 913 933 920 Canada (millions of Canadian dollars) : Assets entirely in Canada: Cash in vault * 161 154 151 161 202 191 185 180 177 172 173 177 177 Cash in central gold reserves.- 25 22 23 21 19 20 19 19 22 21 19 21 21 Security loans 112 114 115 117 108 103 100 97 96 94 94 102 109 Other current loans 1,028 1,004 1,003 1,018 964 946 924 925 913 897 900 889 Security loans abroad 76 96 95 88 91 84 76 79 82 90 100 80 Securities 674 703 727 759 778 784 797 793 836 866 Liabilities entirely in Canada: Notes in circulation 123 117 124 120 116 115 108 112 123 124 119 J29 120 Individual demand deposits 462 475 481 493 472 466 446 446 454 499 535 501 Individual time deposits 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 188 190 190 189 190 203 211 205 204 216 202 210 202 Money at call and short notice- 120 114 110 112 112 123 110 108 105 101 94 98 94 Advances and discounts 1,138 1,176 1,179 1,171 1,161 1,167 1,179 1,137 1,100 1,087 1,107 1,113 1,115 Investments - 333 348 367 396 409 456 455 480 492 499 512 526 536 Deposits 1,765 1,813 1,826 1,853 1,859 1,944 1,943 1,917 1,886 1,891 1,904 1,939 1,934 France (millions of francs) : Bills and national-defense bonds- 20,136 18, 745 19,034 19,757 21,266 22,014 22,209 21,287 20,261 20,852 Loans and advances 8,188 8,456 8,490 8,287 8,049 8,023 8,650 7,965 Demand deposits 36,031 36,148 36,372 36,197 37,257 36,491 35,308 34,477 34,163 33,655 Time deposits 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 1,661 1,665 1,651 1,674 1,631 1,736 1,676 1,699 1,660 1,636 Due from other banks 263 242 256 242 245 235 229 217 191 188 Miscellaneous loans 5,813 5,736 5,745 5,706 5,396 5,353 5,180 5,055 5,003 4,824 Deposits 7,457 7,397 7,439 7,401 7,307 7,159 7,106 6,934 6,797 6,737 6,594 Acceptances 796 782 773 775 770 743 734 727 730 710 709 Japan (millions of yen): Cash on hand 117 212 197 185 302 286 166 186 233 284 228 146 Loans 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 1,973 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

562 FEDERAL RESERVE BULLETIN SEPTEMBEE 1933 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 c k e G R b e e a r ic m n h k a s n - B It a o a n f ly k N l B a e a n th n d e k s r- N S a B t w a io n is n k s al Country S R e a 1 p te t. I s n i n e c f e f — ect Country S R e a 1 p te t. I s n i n e c f e f — ect I A n u e g ff e 1 ct Aug. 1,1931. 2 1 1 5 5 5K 2 2 2 A A u lb s a tr n i i a a 5 8 J M u a ly r . 2 1 4 , , 1 1 9 9 3 3 1 3 J J a a p v a a n - -- _ 3.65 J A u u ly g . 1 3 6 , , 1 1 9 9 3 3 3 3 Aug. 12 10 Belgium Jan. 14,1932 Latvia _ Jan. 1,1933 Sept 2 8 Bolivia 6 July 5,1932 Lithuania 6 Apr. 1,1930 Sept. 21— 6 Sept. 28 _ 7 Bulgaria 8 May 25,1932 Norway May 24,1933 Sept. 29 3 Chile Aug. 23,1932 Peru 6 May 20,1932 Oct. 10- m Colombia- _. 4 July 18,1933 Poland 6 Oct. 21,1932 Dec. 10 7 Czechoslo- Portugal 6 Mar. 13,1933 Feb. 18,1932 5 vakia _ Jan. 25,1933 Mar. 9 6 Rumania __ 6 Apr. 5,1933 Mar. 10 -. in Danzig 3 May 6,1933 South Africa- May 15,1933 Mar. 17 Denmark. __ 3 June 1,1933 Spain 6 Oct. 26,1932 Mar 21 6 Ecuador 4 Nov. 30,1932 Apr. 9 534 Estonia Feb. 1,1932 Sweden _ 3 June 1,1933 Apr 19 2H U.S.S.R 8 Mar. 22,1927 Apr. 21 3 Finland . June 3,1933 Yugoslavia- July 20,1931 Apr 28 5 Greece June 6,1933 May 2 r 5 Hungary Oct. 18,1932 May 12 India Feb. 16, 1933 June 30. Sept. 22__ 4 Jan. 9,1933 4 Changes since Aug. 15: Java—August 16, down from 5 to 4^ percent, May 12 June 29 e Corrected. July 15 4 2 July 29 _ Aug 15 In effect Sept. 1,1933. 2 21/2 4 4 °3 2 MONEY RATES IN FOREIGN COUNTRIES Netherlands (Amster- England (London) Germany (Berlin) dam) Month 3 B a a m a c n n c o c k e e n p e s t t r , h - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r 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—July .92 .66 .67 4.58 5.75 5.49 .49 .00 August .74 .60 .73 4.50 5.75 5.82 .37 .00 September. .67 .55 .67 4.25 5.55 5.55 .37 .00 October .82 .71 .71 3.87 5.00 4.94 .37 .00 November. .89 .82 .73 3.87 5.00 4.80 .37 .00 December. _ 1.02 1.04 .81 3.87 5.08 4.91 .37 .00 1933—January— .87 .76 .73 3.87 5.03 4.98 .37 .00 February. .83 .78 .73 3.87 5.00 4.86 .37 .00 March .62 .46 .64 3.87 5.00 4.97 .64 .11 April .59 .50 .61 3.87 5.25 5.05 .66 1.00 May .50 .37 .58 3.87 5.50 5.24 2.11 1.69 June. .50 .40 .62 3.87 5.50 4.93 2.18 2.06 July .40 .62 3.87 5.50 5.19 3.54 2.64 Sw la i n tz d er- (B B r e u lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c ia o P l m r i p m m ap e e r e - r Da m y- o to n - e d y ay L m oa t o o n n s 3 t h u s p Disc b o il u ls nted ov m e C o rn a n l i e l g y ht 1932—July 1.50 3.17 .09 5.50 4 -AH 8.02-6. 39 4.20 S A e u p g t u em st ber. 1 1 . . 5 5 0 0 3 3 . . 0 1 0 2 1 1. . 0 0 0 2 5 5 . . 5 5 0 0 4 -m 5 5. . 6 8 6 4 - - 6 6 . . 2 2 1 1 4 3 . .4 0 7 2 October- 1.50 3.00 1.01 5.00 5.66-6. 02 3.28 November. 1.50 3.00 1.00 5.00 WA 5. 66-5. 84 2.92 December. 1.50 2.94 .91 5.00 5.66-5.84 2.74 1933—January- 1.50 2.88 1.12 4.42 3H-5* 5.48-5.84 3.10 February . 1.50 2.78 1.89 4.25 5. 48-5.84 2.92 March 1.50 2.62 2.04 4.20 5. 48-5.84 2.92 April 1.50 2.50 1.87 4.00 5.48-5. 84 2.37 May 1.50 2.41 1.76 4.00 5.11-5. 84 2.19 June 1.50 2.31 1.50 4.00 3-5 5.11-5.48 2.74 July 1.50 2.31 1.39 4.00 3-5 «Corrected. NOTE.—For sources and back figures, see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 563 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 De a n rk - 1932—August 58.5695 277.50 13.9696 13.8735 7.6221 .7209 87.5513 6.0283 21.0031 95.2400 99.9094 2.9596 18.4993 September. 58.5886 277.13 13.9635 13.8606 7.6171 .7203 90.2636 6.0414 21.0404 95.2400 99.9118 2.9594 17.9781 October. _. 58.5835 271.15 13.9550 13.8940 7.6214 .7200 91.2332 6.0250 20.8883 95.2400 99.9109 2.9606 17.6412 November. 58.5837 261.50 13.9477 13.8723 7.6302 .7200 87.3000 6.0276 20.5937 95.2400 99.9237 2.9619 17.0613 December. 58.5851 261.77 13.9581 13.8460 7.6327 .7200 86.5989 6.0274 19.4719 95.2400 99.9261 2.9613 17.0069 1933—January... 58.5847 267.19 13.9715 13.8629 7.6352 .7195 87.4621 6.0275 19. 7916 95.2400 99.9411 2.9614 16.9097 February. 58.5804 272.17 13.9867 13.9638 7.6348 .7200 83.5084 6.0278 20.1136 94.4191 99.9790 2.9632 15.2612 March *.._ 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 August 79. 4328 358.13 15. 4794 19.1458 8. 0331 1.0347 94. 2796 8.1986 28. 0737 86. 2100 99. 9481 4.0777 20.1157 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—August 356.4018 347.5721 1.5114 3.9187 23.7838 .6321 23.2479 17.4507 26.1577 5.1144 24.4944 28.5682 40.2443 September _ 355. 9494 347.1062 1.4953 3.9179 23. 7814 .6060 23.4293 17.4653 26.2192 5.1264 23.6314 29.9159 40.1586 October... 348.5176 339.6163 1.4823 3.9264 23.7692 .6014 22.9487 17. 4452 25.6800 5.1195 23.0628 31.1060 40.2217 November 336.0492 327.5267 1.4441 3.9190 23.7536 .5743 22.4062 17.4356 24.7830 5.1124 20.6218 32.2205 40.1774 December __ 336.1120 327.8679 1.4239 3.9033 23.7869 .5418 21.3527 17.4265 24.7923 5.1088 20.7298 31.9923 40.1680 1933—January... 344.6451 336.1385 1.4577 3.9034 23.7703 .5392 21.7525 17. 4260 25.4055 5.1177 20.7393 30.1631 40.1797 February. 350. 8940 342.2073 1.4919 3.9228 23.8291 .5610 22.0710 17. 4359 25.8336 5.1156 20.7945 28.4212 40.2691 March *__. 351. 9434 343. 2800 1. 5153 3.9361 23. 8519 .5673 22. 7442 17. 4392 25. 7900 5.1372 21. 2631 28.3164 40. 3572 April 366. 8480 357.9313 1.5806 4.1019 24.3873 . 5865 23. 7714 17.4812 26. 8721 5. 3662 22.0867 27. 0201 41.9490 May. 403.1202 393. 2381 1. 7467 4. 5927 27.3629 .6582 27.1586 18. 8766 29.5729 6.0888 23.9967 28.8721 46.9507 June. 424.0440 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 August 450. 2670 2. 0008 5. 3749 32. 7144 .7743 31. 5922 24. 2387 33.8489 7. 2176 26.9026 28.1103 55. 3799 Month Ze N al e a w nd 1 Norway Poland Po g r a t l u- m R a u n - ia Spain S S m t e r e t a t n l i t e t s s - Sweden Sw la i n tz d er- Turkey U A S n f o i r o i u c n t a h o » f Uruguay Y sla u v g i o a - 1^32—August 317.42 17.4101 11.1771 3.1579 .5978 8.0608 40.1042 17.8485 19.4528 47.1011 477.50 47.4413 1.6903 September 316.99 17.4470 11.1800 3.1481 .5982 8.1044 40. 2475 17.8055 19.3007 47.1916 476.79 47.3900 1.5892 October. 310.15 17.1752 11.1740 3.0872 .5978 8.1871 39.4372 17. 5334 19.3041 47.2680 475.85 47.3466 1.4094 November 299.11 16. 7252 11.1769 3.0293 .5975 8.1730 38.0026 17. 4314 19.2470 47.2167 477.58 47.3402 1.3506 December _ 299.42 16.8899 11.1825 3.0191 .5973 8.1506 38. 0123 17.9108 19. 2354 47.0127 «479.13 47.3397 1.3448 1933—January ___ 292.13 17.2684 11.1872 3.0364 .5972 8.1777 38.9884 18.2982 19. 2836 47.0260 • 340.63 47.3366 1.3555 February 272.87 17. 5270 11.1940 3.1017 .5958 8.2446 39.5818 18.2670 19.3707 47.1982 338.90 47.3363 1. 3593 March* 273.45 17. 5913 11.1834 3.1362 .5974 8.4431 39. 6078 18.1884 19. 3716 47.4384 339.88 47. 3458 1.3714 April 285. 48 18. 3161 11. 3755 3.2133 .6107 8.8804 41. 2350 18.8108 20.1281 49.3996 353. 74 47. 7646 1.4228 May 313.86 20. 0164 13. 0873 3.5781 .7025 9.9875 45.6611 20. 2413 22.5368 55.3596 388.74 53.1875 1.6073 June 330.09 20.8811 13.8229 3. 7694 .7448 10. 3638 47.9630 21. 2819 23. 5665 57.8085 408. 76 55. 9871 1. 6708 July 370.19 23. 3627 15. 6202 4. 2468 .8766 11.6540 54. 0460 23. 9784 26. 9583 65.7080 459. 33 65.1372 1. 9032 August.. _..| 359. 02 22. 6451 15. 4348 4.1521 .8374 11.4565 52. 3634 23. 2263 26. 5265 444.39 64. 7589 1.8909 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 52.53 Bulgaria . Lev .72 Hong Kong Hong Kong dollar. 7 28.38 ments. Canada . Dollar 100.00 Hungary Pengo.. 17.49 Sweden Krona 26.80 Chile Peso 12.17 India ... Rupee 36.50 Switzerland . Franc 19.30 China. Yuan 7 27.48 Italy Lira 5.26 Turkey Turkish pound 439. 65 Colombia. _ Peso 97 33 Japan Yen 49.85 Union of South Pound 486. 66 Cuba do 100. 00 Mexico Silver peso 49.85 Africa. Czechoslovakia . Koruna 2.96 Netherlands Florin 40.20 Uruguay Peso 103.42 Denmark Krone 26.80 New Zealand Pound 486.66 Yugoslavia. Dinar 1.76 Egypt Egyptian pound__ 494. 31 Norway Krone 26.80 1 Monthly averages for Australia, New Zealand, and South Africa for 1932 are taken from the League of Nations Monthly Bulletin of Statistics. 2 No quotations from Mar. 6 through Mar. 11. 3 No quotations from Mar. 6 through Mar. 13. * 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. 8 Average based on quotations for Dec. 1-27. • Average based on quotations for Jan. 7-31. 7 Silver currencies—figures given for parity computed by multiplying silver content of unit by New York average price of silver for August 1933, which was $0.36386 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 August 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100)1 Month ( U a S p v n r t e a i i c r t t e a e e ) g s d e ( 1 D E 9 e n 2 c 1 g e = l m a 1 n 0 b d 0 e ) r ( a 1 g 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 m c r e a a ) g n > e y United England France Germany Number of issues. 60 87 36 421 278 300 1931—July 99.4 111.2 3 81.4 98.2 79.2 132.6 8 70.5 August 98.5 107.2 99.5 (4) 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 8 69.7 75.6 106.9 0) November- 89.0 104.8 94.4 71.7 74.7 104.3 (4) December-. 81.6 102.2 90.8 57.7 68.1 94.8 1932—January 81.0 104.7 91.5 8 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 0) 43.9 63.5 107.3 3 45.5 May 75.2 111.4 85.9 3 63.0 39.8 61.6 94.4 46.4 June 72.2 111.0 85.2 64.4 34.0 59.3 97.4 45.6 July 74.2 115.6 87.4 60.4 35.9 63.5 100.4 45.8 August 83.2 116.1 88.6 62.2 53.3 69.5 103.4 47.9 September- 85.8 118.4 89.5 63.2 58.2 72.7 104.3 54.1 October 84.1 120.3 89.1 67.4 49.9 72.4 97.4 52.5 November- 81.9 115.9 88.9 70.1 47.5 72.7 100.0 53.4 December.. 81.2 116.1 87.8 72.9 47.4 72.0 104.3 56.7 76.3 1933—January... 84.1 116.9 86.4 81.4 49.1 72.4 101.3 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 86.8 118.7 79.5 80.1 74.9 79.0 105.2 65.7 July 89.6 117.9 80.0 78.2 80.4 83.9 106.0 62.8 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. * 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 (1 U 9 S 2 n t 6 a i = t t e e 1 s d 00) (1 C 92 a 6 n = a 1 d 0 a 0) (1 E 9 n 1 g 3 l = a 1 n 0 d 0) (1 F 9 r 1 a 3 n = c 1 e 00) ( G 1 e 91 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a = l 1 y 00) 1 ( 9 O J 0 c a 0 t p = o a 1 b n 0 e 0 r ) (1 N 9 l 1 e a 3 t n h = d e 1 s r 0 - 0) 1931—July... „-— 102 500 112 324 153 97 August 100 488 110 322 152 94 September- 99 473 109 319 150 91 October 104 457 107 322 147 November- 106 447 107 320 147 December.. 106 442 104 319 151 85 1932—January 67 106 439 100 317 160 84 February... 105 446 100 314 161 83 March 105 444 100 315 159 82 April 102 439 98 311 154 80 May 101 438 97 305 150 79 June 425 96 297 146 78 July... 430 96 296 148 76 August 100 415 95 296 156 75 September- 102 413 95 300 167 76 October 101 412 94 299 169 77 November- 101 413 94 298 178 77 December.. 101 413 92 296 185 76 1933—January 100 411 91 292 185 75 February.. . 99 404 91 286 180 74 March 98 390 91 281 177 72 April 97 387 91 279 176 71 May 99 383 92 279 177 72 June 102 403 93 281 180 73 July 102 401 94 279 182 73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 565 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those included in indexes shown in preceding table] United States (1926=100) England (1913=100) France (1913=100) Germany (1913=100) Indus- Month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n t o r d d ia u u l c s- ts a p n r F d o a d r f u o m o ct d s p I r n t o r d d ia u u l s c - ts p A r t g o u r d r i u c a u c l t l- s P s r io o n v s i- a t f r n i i n d a i l s s h r em a e w d i- tr I i i n s a h d l e u f d i s n - products products 1931—July 110 541 465 105 103 136 August 108 95 528 452 103 102 136 September 108 95 508 443 101 100 135 October- 113 100 489 429 99 99 133 November. 115 102 482 416 99 99 132 December. 113 102 491 400 95 97 130 1932—January „. 114 101 390 92 92 125 February.. 114 101 511 389 95 91 122 March 116 99 510 388 97 90 121 April 115 96 506 381 95 120 May 114 94 511 374 93 119 June 112 91 490 369 92 118 July. 108 92 498 370 93 117 August 107 95 453 382 91 116 September 107 99 445 384 115 October... 106 450 379 115 November. 107 458 373 114 December. 108 97 456 375 114 1933—January... 67 107 97 455 373 113 February. 105 96 443 370 112 March 102 95 417 368 112 April 101 95 407 369 111 May 102 98 390 376 112 June 104 101 418 390 112 July 72 101 103 414 90 113 RETAIL FOOD PRICES COST OF LIVING United England France Germany United England France Germany States (July (July (1913- States (July (Jan .-June (1913- (1913=100) 1914=100) 1914=100) 14=100) i (1913=100) 1914=100) 1914=100) 14=100) i Month Month 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 January 109 95 131 123 114 102 116 107 January 147 142 125 117 February 105 91 131 122 115 103 114 107 February... 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 97 113 111 June 136 128 142 136 109 121 119 July 101 105 125 118 108 95 114 111 July 143 138 122 119 August _. 101 123 104 112 August 141 120 September 100 123 102 111 September.. 141 120 October 100 125 102 110 October 143 119 November 125 104 110 November.. 143 119 December 125 103 109 December.. 132 143 "lO5 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 Gen6rale, and for cost of living, Commission d'6tudes relatives au cout de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 FEDERAL RESERVE BULLETIN SEPTEMBER 1935 LAW DEPARTMENT Issuance of nonassessable stock by State member shall be secured by collateral in the form of stocks, banks bonds, debentures, or other such obligations having a market value at the time of making the loan or extension In response to an inquiry whether the of credit of at least 20 per centum more than the amount Federal Reserve Board would object to the of the loan or extension of credit, or of at least 10 per issuance of stock not subject to assessment in centum more than the amount of the loan or extension reorganizations of State member banks, the of credit if it is secured by obligations of any State, or of any political subdivision or agency thereof. Board replied that it does not require that the # capital stock of State banks admitted to mem- In view of the requirement that each loan bership in the Federal Reserve System shall be to an affiliate be secured by " collateral in the subject to assessment where, under the laws form of stocks, bonds, debentures, or other of the vState under which the bank is organized, such obligations" having a certain "market nonassessable stock may lawfully be issued; value", the answer to the above inquiry and in a number of instances it has admitted depends upon whether the real-estate mortgages banks to membership having capital stock not in question are "other such obligations having subject to assessment. In the circumstances, a market value" within the meaning of the the Board would not object to the issuance of above provision. stock not subject to assessment in the reor- Since it follows the words, "stocks, bonds, ganization of a State member bank where the debentures", the phrase "other such obligaissuance of such stock is authorized under the tions" clearly includes only obligations which laws under which the bank is organized. are of the same general character as stocks, In this connection, attention was called to bonds, and debentures—i. e., obligations of the the fact that, under the provisions of section 22 kind commonly known as "investment securiof the Banking Act of 1933, the additional ties", which ordinarily do not arise out of direct liability imposed upon shareholders of national loans but are issued for sale to investors on the banking associations by the provisions of open market. Furthermore, the phrase "havsection 5151 of the Revised Statutes, as ing a market value * * * of at least 20 amended, does not apply with respect to shares per centum more than the amount of the loan in a national bank issued after the date of the or extension of credit" indicates strongly that enactment of the Banking Act of 1933. the law refers to obligations for which there are sufficient price quotations on the open market to make it possible to determine their Loans by member banks to affiliates on security of market value with reasonable accuracy. real-estate mortgages While it is not impossible for real-estate The question has been presented to the mortgages to conform to the above require- Federal Reserve Board whether, under the ments, it is believed that those arising out of the provisions of section 23A of the Federal Reordinary type of direct loans on real estate serve Act, as amended by section 13 of the usually are not obligations of the kind con- Banking Act of 1933, a member bank may make templated by the statute; and, where a member loans to an affiliate secured by real-estate bank transfers to an affiliated corporation real mortgages. It was stated that, "The affiliate estate which the bank has acquired in satisin question is a company to which the member faction of debts and either takes a mortgage trust company has transferred assets or properfrom the corporation as consideration for such ty taken over from time to time on debts transfer or subsequently makes a loan to the previously contracted, including certain parcels affiliate secured by a mortgage on such real of real estate, the affiliate managing and operatestate, such a mortgage is not an obligation of ing such properties until they can be disposed the kind contemplated by the statute. of in a satisfactory way. The loans by the member trust company to the affiliate would be secured by mortgages on the real estate, Capital debentures not considered "capital" in deterwhich, in the opinion of the officers of the mining eligibility for membership member trust company, would have a market The question has been raised whether debenvalue of at least 20 percent in excess of the tures issued by a bank under the provisions of amount of the credit." the laws of the State of New York and pur- Section 23A reads, in part, as follows: chased by the Reconstruction Finance Corporation may be considered capital by the Federal Within the foregoing limitations, each loan or extension of credit of any kind or character to an affiliate Reserve Board in determining whether or not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 567 such bank has a capital sufficient to make it poration, the holders of such debentures appareligible for membership in the Federal Reserve ently are not entitled to voting rights in the System. management of the corporation. It appears that the laws of the State of New In the circumstances described above, it York authorize a State banking institution "to seems clear that the New York law and the issue by its board of directors capital notes or form of debenture prescribed by the Recondebentures when so specifically authorized by struction Finance Corporation contemplate the superintendent of banks." The New York that such debentures shall represent borrowed laws apparently do not in terms prescribe any money of the issuing bank and are not intended of the qualities or rights and liabilities of such to represent a proprietary interest in the bank debentures or of the holders thereof. However, as is usually represented by capital stock of a it appears that, under the provisions of the bank or other corporation. Constitution of the State of New York, any Under the provisions of the Federal Reserve stock issued by banks located in that State, Act, banks become members of the Federal including preferred stock, is subject to double Reserve System through subscriptions for stock liability and that the amendment to the laws of in a Federal Reserve bank, and, except in the the State of New York authorizing banks to case of mutual savings banks or similar instituissue debentures was enacted in order to enable tions which are not here involved, the Federal banks in that State to obtain funds for the pro- Reserve Act requires that the subscription for tection of depositors without the holders of Federal Reserve bank stock shall be made on such debentures being subject to double liability the basis of the "paid-up capital stock and as in the case of holders of capital stock of banks surplus " of the subscribing bank. The Federal in that State. Reserve Act also provides that a State bank It has also been noted that, under the pro- shall not be admitted to membership unless it visions of section 304 of the act of March 9, possesses ua paid-up unimpaired capital suffi- 1933, as amended, the Reconstruction Finance cient to entitle it to become a national banking Corporation is not authorized to purchase pre- association in the place where it is situated", ferred stock in a State banking institution if except that banks located in a place having a under the laws of the State in which such insti- population of not exceeding 3,000 inhabitants tution is located the holders of preferred stock may be admitted under certain circumstances are not exempt from double liability. How- with a capital of not less than $25,000. In this ever, in any State where a State banking insti- connection, attention is called to the fact that, tution is not permitted to issue preferred stock under the provisions of section 303 of the act exempt from double liability the Reconstruc- of March 9, 1933, the term "capital77, as used tion Finance Corporation is authorized to pur- in provisions of law relating to the capital of chase legally issued capital notes or debentures national banking associations "shall mean the of State banking institutions located in such amount of unimpared common stock plus the State. It has also been noted that, under the amount of preferred stock outstanding and provisions of Reconstruction Finance Corpora- unimpaired." The term "capital", as used in tion Form P.S. 2 (form of bank debentures), connection with the capital requirements of debentures which will be purchased by the Re- national banks, therefore, includes only comconstruction Finance Corporation represent mon and preferred stock, and, in view of the promises to pay on a specified date the amount facts described above, this definition of "capof money paid in on such debentures and to ital", applicable to national banks, is also pay the holders of the debentures a prescribed applicable to capital requirements for admission rate of interest semiannually, and that so long of State institutions to membership in the as any of the debentures are outstanding the Federal Reserve System. bank may not, except under certain circum- In view of the above circumstances and the stances, issue additional debentures or incur provisions of law referred to, it seems clear any "other indebtedness" except for certain that, under the provisions of the Federal Respecified purposes. Such form further pro- serve Act, the eligibility of a State bank for vides that, except under certain circumstances, membership in the Federal Reserve System no debentures shall be called for redemption depends upon the amount of its capital stock unless the unimpaired capital, surplus and un- and cannot be determined upon the basis of divided profits of the bank is in excess of a pre- its capital stock plus borrowed money obtained scribed amount. Under the provisions of the through the issuance of debentures or other laws of New York and the form of debenture methods. In this connection, it may be noted prescribed by the Reconstruction Finance Cor- that, under the law and the consistent position Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 of the Board, the surplus of a bank is not in- setts are engaged primarily in making loans on cluded in determining whether the bank has the security of real estate, and do not accept sufficient capital to make it eligible for ad- deposits of money, and it would seem clear that mission to membership. they are not "savings banks". On the other In the opinion of the Federal Reserve Board, hand, they are substantially similar to organizatherefore, debentures issued under the pro- tions commonly known as "building and loan visions of the laws of the State of New York, associations", and it would appear that they as described above, may not be included in should be so classified. The fact that the cordetermining whether a State bank has a capital porate structure of such institutions may be sufficient to make it eligible for membership in similar to that of a "mutual savings bank" the Federal Reserve System. cannot affect this conclusion, since the question whether an organization is a "savings bank" ultimately depends upon the kind of business done, and not merely upon the form of corporate Interest on deposits made by cooperative banks in structure. member banks Accordingly, it is the opinion of the Board The question has been raised whether coop- that such institutions cannot be said to be erative banks organized under the laws of "mutual savings banks" within the meaning of Massachusetts are "mutual savings banks" the act, and that payment of interest by a within the meaning of section 19 of the Federal member bank on any deposit made by such an Reserve Act, as amended by section 11 (b) of institution, which is payable on demand, is the Banking Act of 1933, which excepts from prohibited by section 19 of the Federal Reserve the prohibition against the payment of interest Act, as amended. on deposits payable on demand deposits made by a " mutual savings bank." It appears that, under the provisions of the Interest on deposits of trust funds Massachusetts statutes (ch. 170 of the General The question has been raised whether, under Laws of Massachusetts as amended by ch. 144 the provisions of section 19 of the Federal Reof the acts of 1933), a cooperative bank may be serve Act, as amended by the Banking Act of incorporated for the declared purpose of 1933, a trust company which is a member of the " accumulating the savings of its members and Federal Reserve System may pay interest on loaning such accumulations to them", and such deposits of funds belonging to an estate or trust institutions appear to be organized for the pri- of which it is acting as executor or trustee and mary purpose of making loans to aid in home which are deposited by the trust department in construction. Capital is obtained by issuing the commercial department of the trust comin series either paid-up shares, or unmatured pany, subject to immediate withdrawal. The shares for which payment is made in fixed law of the State in which the trust company periodical installments. Under the law, the giving rise to the question is located requires a accumulated funds in any such institution trust company to pay interest on funds received may be loaned in limited amounts to applicant by it in a fiduciary capacity; but the law does members on the security of real estate or un- not appear to require that deposits of such pledged shares, or may be invested in the man- funds in another department of the trust comner prescribed by law. Net profits, less certain pany shall necessarily be made payable on reserves, are distributed annually, semiannu- demand. ally, or quarterly to the shares then existing Section 19 of the Federal Reserve Act, as before the close of business on each day when a amended by section 11 (b) of the Banking Act new series of shares is issued. It does not of 1933, forbids a member bank, directly or appear that such institutions accept deposits of indirectly, to pay interest on any deposit which moneys, or that they are authorized to engage is payable on demand, except in accordance in any of the primary banking functions of with a contract entered into in good faith prior deposit, discount, or circulation. to June 16, 1933, and in force on that date; and After careful consideration of the nature of a a member bank is required to eliminate from cooperative bank in Massachusetts, it is the any such contract any provision for the payopinion of the Federal Reserve Board that such ment of interest on deposits payable on demand institutions may not properly be considered as soon as possible consistently with its con- "mutual savings banks" within the meaning of tractual obligations. Deposits of certain kinds section 19 of the Federal Reserve Act, as are excepted from the provision of law in amended. Cooperative banks in Massachu- question; but deposits of the kind described Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 569 above do not come within any of the exceptions ships between a national bank and another mentioned in the statute, unless they are banking institution making loans on stock or payable only at an office of a member bank bond collateral. This result is inevitable not located in a foreign country. The Federal only because of the use of the words " a corpora- Reserve Board has no authority to make any tion * * * organized for any purpose additional exceptions to the prohibition of the whatsoever ", which necessarily include banking law against the payment of interest on deposits institutions, but also because of the express payable on demand. exception of one type of banking institution, It is the opinion of the Board, therefore, that namely, mutual savings banks, since, under a a member bank is forbidden by law to pay well-established rule of statutory construction, interest on deposits of funds payable on demand the express mention of one type imports the which belong to an estate or trust in which it is intentional omission of all others. acting as executor or trustee and which are Section 8 of the Clayton Antitrust Act, howdeposited by the trust department in the comever, contains a proviso, commonly known as mercial department of the bank, except in the Kern amendment, which reads as follows: accordance with a contract entered into in good faith before June 16, 1933, and existing on that And provided further, That nothing in this Act shall date, and such a contract must be modified by prohibit any private banker from being an officer, director, or employee of not more than two banks, the bank as soon as possible to eliminate any banking associations, or trust companies, or prohibit provision for the payment of interest on deany officer, director, or employee of any bank, banking posits payable on demand. association, or trust company, or any class A director of a Federal reserve bank, from being an officer, director, or employee of not more than two other banks, banking associations, or trust companies, whether organized Effect of section 8 A of Clayton Antitrust Act as amended under the laws of the United States or any State, if in by section 33 of Banking Act of 1933 any such case there is in force a permit therefor issued Two questions have been raised with respect by the Federal Reserve Board; and the Federal Reserve Board is authorized to issue such permit if in its judgto the Clayton Antitrust Act as amended by ment it is not incompatible with the public interest, and the Banking Act of 1933: to revoke any such permit whenever it finds, after (1) Does section 8A of the Clayton Antitrust reasonable notice and opportunity to be heard, that the Act (which was added by section 33 of the public interest requires its revocation. Banking Act of 1933) prohibit the service of a By the provisions of section 33 of the Banking director, officer, or employee of a bank organ- Act of 1933, quoted above, the new section 8A ized and operating under the laws of the United becomes a part of the Clayton Antitrust Act. States as an officer, director, employee, or mem- The Kern amendment provides that " nothing ber of any organization which makes loans in this act shall prohibit" the services therein secured by stocks and bonds, or only of described if there is in force a permit therefor nonbanking organizations which make such issued by the Federal Reserve Board, and the loans? Board is authorized to issue such permit if in (2) May the Board issue permits covering its judgment it is not incompatible with the services of the kinds referred to in section 8A? public interest. The Board is therefore author- Section 33 of the Banking Act of 1933 reads ized, under the provisions of the Kern amendas follows: ment, to issue permits covering services to bank- SEC. 33. The Act entitled "An Act to supplement ing institutions, of the kinds described in section existing laws against unlawful restraints and monopo- 8A as well as those described in section 8. lies, and for other purposes", approved October 15, 1914, as amended (U.S.C., title 15, sec. 19), is hereby Regulations pertaining to the issuance of amended by adding after section 8 thereof the follow- permits by the Federal Reserve Board to serve ing new section: banking institutions in the capacities affected "SEC. 8A. That from and after the 1st day of Janu- by section 8A and forms for use in applying ary 1934, no director, officer, or employee of any bank, banking association, or trust company, organized or for such permits are in course of preparation operating under the laws of the United States shall be and will be issued as soon as possible. at the same time a director, officer, or employee of a corporation (other than a mutual savings bank) or a member of a partnership organized for any purpose whatsoever which shall make loans secured by stock Opinion of the Attorney General of the United States or bond collateral to any individual, association, part- as to the meaning of term "executive officer" nership, or corporation other than its own subsidiaries. There is set forth below the text of an opinion The wording of section 8A is so clear that it of the Attorney General of the United States, does not admit of a construction which would rendered under date of August 18, 1933, with exclude from its effect interlocking relation- regard to the interpretation of the term "execu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 tive officer" as used in section 22 (g) of the Upon the question who are executive officers, your Federal Reserve Act, as amended by the Solicitor quotes from Arkansas Amusement Corporation v. Kempner, 33 S.W. (2d) 42, to the effect that "an Banking Act of 1933. executive officer or employee is one who assumes command or control and directs the course of the business, OFFICE OF THE ATTORNEY GENERAL, or some part thereof, and who outlines the duties and Washington, D.C., August 18, 1983. directs the work of subordinate employees", as usually provided for in the articles of association, the bylaws, The honorable the SECRETARY OF THE TREASURY. MY DEAR MR. SECRETARY: I have the honor to refer or a resolution of the directors. The Supreme Court to your letter of August 4, 1933, requesting my opinion of Oklahoma, determining that "the cashier of a (1) concerning the legality, under section 12 of the national bank clearly is an executive officer", derived Banking Act of 1933 (approved June 16, 1933), of the assistance from statutory provisions concerning his proposed acquisition by a new national bank in the duties. First National Bank v. Mee, 126 Okla. 265, District of Columbia of notes evidencing indebtedness 269. of its executive officers to closed banks whose assets I approve these general conclusions, but, they perwill be taken over by the new bank, and (2) as to what mit no categorical answer to the question which you officers of a bank are comprised within the term have submitted. "It is not the designation under "executive officer." which one is known but the nature of his duties which Section 12 amends the Federal Reserve Act (U.S.C. characterizes him as an 'executive officer'." Small v. title 12, 221 et seq.) by adding thereto the following Gibbs Press, 225 N.Y.S. 141, 142. paragraph:. It is the duty of the banks and of all officers who by any possibility might be affected to keep within the "No executive officer of any member bank shall statute and to weigh carefully all the facts and cirborrow from or otherwise become indebted to any cumstances (peculiarly within their possession) before member bank of which he is an executive officer, and acting. If cases arise in which it appears that the no member bank shall make any loan or extend credit statute may have been violated, I shall be glad to conin any other manner to any of its own executive officers: sider the advisability of prosecutions; and I shall, of Provided, That loans heretofore made to any such course, be glad to advise you in connection with any officei may be renewed or extended not more than two such cases wherein you may have some duty to peryears from the date this paragraph takes effect, if in form. In either event, however, it would be necessary accord with sound banking practice. If any executive that I be fully informed as to the facts. officer of any member bank borrow from or if he be or Respectfully, become indebted to any bank other than a member HOMER S. CUMMINGS, bank of which he is an executive officer, he snail make Attorney General. a written report to the chairman of the board of directors of the member bank of which he is an executive officer, stating the date and amount of such loan or indebtedness, the security therefor, and the purpose for Opinion of the Attorney General of the United States which the proceeds have* been or are to be used. Any regarding reports and examinations of affiliates of executive officer of any member bank violating the national banks provisions of this paragraph shall be deemed guilty of There is published below the text of an a misdemeanor and shall be imprisoned not exceeding opinion of the Attorney General of the United one year, or fined not more than $5,000, or both; and any member bank violating the provisions of this para- States, which was rendered under date of graph shall be fined not more than $10,000 and may be September 7, 1933, in regard to reports and fined a further sum equal to the amount so loaned or examinations of affiliates of national banks. credit so extended." If a bank should acquire by purchase a note evidenc- OFFICE OF THE ATTORNEY GENERAL, ing an indebtedness of one of its executive officers, the Washington. B.C. September 7, 1933. officer would certainly "become indebted to" the bank, The honorable the SECRETARY OF THE TREASURY. within the literal meaning of the words, and it is to be MY DEAR Mr. SECRETARY: I have the honor to refer borne in mind that a contrary conclusion might make to your letter of August 23, requesting my reconsiderapossible the circumvention of the statute by subterfuges. tion of the questions submitted in your letter of August However, it is provided that loans made prior to the 11 as arising under the Banking Act of 1933. enactment of the statute may be renewed or extended I understand from your letters and from conferences not more than 2 years, if in accord with sound bank- between members of our respective Departments that ing practice, with evident purpose to avoid the harsh- the Comptroller has called upon the national banks ness and possible losses consequent upon immediate to render reports and, in connection therewith, to foreclosures and cancellations; and I do not perceive furnish reports of their affiliates, as provided by section that there is less reason for application of the principle 27 of the banking act, and the banks, finding it burdenwhen, during the 2-year period, the bank is affected some or otherwise objectionable to follow the letter of by a reorganization or other such turn in its affairs the statute and conceiving that it may not be literally which results in the transfer of its assets to another applied in all instances, have submitted to your Departcorporation in which some or all of its officers will serve. ment many questions with requests for rulings. As Understanding, therefore, that the loans in question stated in my letter of August 18, I cannot properly were proper and lawful when made and come within undertake to resolve such questions for the banks. the spirit of the proviso authorizing renewals or exten- You refer to the duty of the Comptroller to detersions for not more than 2 years, if in accord with sound mine whether or not the banks have complied with the banking practice, I perceive no objection to approval statutory obligation to furnish reports of their affiliates of the proposed organization because of the fact that in response to his call. This question, I think, cannot notes evidencing such loans are among the assets which properly be said to arise except as particular banks may will be acquired by the new bank. fail or refuse to furnish the reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEFTE MBER 1933 FEDERAL RESERVE BULLETIN 571 You also call attention to the statutory provision con- Regulation governing the payment of interest on cerning the examination of affiliates in connection with deposits examination of national banks. Section 28 (a) provides There is published below the text of the for examining affiliates "as shall be necessary to disclose fully the relations between such bank and such Federal Reserve Board's Regulation Q, Series affiliates and the effect of such relations upon the affairs of 1933, relating to the payment of deposits of such bank." The ordinary and preferable course and interest thereon by member banks of the would be to decide the question of the Comptroller's Federal Reserve System. This regulation was power to examine particular affiliates as occasion may arise and in the light of the facts and circumstances approved by the Federal Reserve Board on then apparent. August 29, 1933, and became effective immedi- While, as stated, I prefer not to pass upon these ques- ately, except that, in accordance with sections tions except as particular cases actually arise, it does III(c) and V(c) of the regulation, the maximum not seem objectionable to say that 1 perceive the force rate of interest of 3 percent which may be of your Solicitor's conclusion that ownership and control through majority stockholding does not include a hold- paid on time deposits or savings deposits will ing by a bank merely as executor or in some other such become effective November 1, 1933. fiduciary or representative capacity, subject to control by a court, or by a beneficiary or a principal, and with- REGULATION Q, SERIES OF 1933 out the incentive and opportunities which might arise from a holding of the stock by the bank as its own PAYMENT OF INTEREST ON DEPOSITS property. SCOPE OF REGULATION . Upon the question of excluding from the operation of This regulation relates to the payment of deposits the statute classes of concerns which the bank owns or controls, or by which the bank is owned or controlled, and interest thereon by member banks of the Federal or in which a majority of the directors are also directors Reserve System and not to the computation and mainof the bank, upon consideration of the nature of the tenance of the reserves which member banks are rebusiness of the concern or the manner in which ownerquired to maintain against deposits. The rules conship or control was obtained, the only safe course is to assume that the statute means just what it says, with cerning reserves of member banks are contained in the the burden upon anyone assuming an exception in the Federal Reserve Board's Regulation D. particular case to establish it. In interpreting the act of Congress I could not properly be concerned with the SECTION I. STATUTORY PROVISIONS scruples of the banks about literal compliance, but it is Section 19 of the Federal Reserve Act, as amended nevertheless worthy of note that the Senate committee by the Banking Act of 1933, provides in part as follows: which reported the bill stated a purpose to discourage "affiliates of all kinds" (S.Rept. 77, p. 10). I am SEC. 19. Demand deposits within the meaning of familiar with the statements of Members of Congress this Act shall comprise all deposits payable within made to your Department and to mine, that Congress thirty days, and time deposits shall comprise all dedid not intend to go so far as apparently it has in the posits payable after thirty days, all savings accounts definition of "affiliates." However this may be, the and certificates of deposit which are subject to not less executive department must accept the law as Congress than thirty days' notice before payment, and all postal has written it, leaving it to Congress to correct by savings deposits. amendment any inequities which may appear. * * * ** To illustrate the difficulties confronting us in any No member bank shall, directly or indirectly by any attempt to distinguish between "affiliates" upon a device whatsoever, pay any interest on any deposit consideration of the nature of their business, I invite which is payable on demand: Provided, That nothing your attention to the following: Section 13 of the act herein contained shall be construed as prohibiting the regulates certain transactions between a bank and its payment of interest in accordance with the terms of affiliate—and it is quite probable that the reports by any certificate of deposit or other contract heretofore and examinations of affiliates are required largely in entered into in good faith which is in force on the date aid of this and similar provisions. If an unsecured of the enactment of this paragraph; but no such certifiloan, forbidden without qualification by section 13, is cate of deposit or other contract shall be renewed or to be deemed as forbidden when the affiliate is engaged extended unless it shall be modified to conform to this in one business but permissible if the affiliate is engaged paragraph, and every member bank shall take such in another, perhaps equally hazardous, my attention action as may be necessary to conform to this paragraph has not yet been directed to any provision making such as soon as possible consistently with its contractual a distinction. obligations: Provided, however, That this paragraph I have thus gone into the matter at some length in shall not apply to any deposit of such bank which is order that you may understand the difficulties that payable only at an office thereof located in a foreign would be encountered in attempting to answer at this country, and shall not apply to any deposit made by time the questions submitted by you and, aside from a mutual savings bank, nor to any deposit of public that, the apparent inadvisability of doing so. Please funds made by or on behalf of any State, county, school be assured, however, that I shall be glad to advise you district, or other subdivision or municipality, with promptly and definitely, upon your request, in connec- respect to which payment of interest is required under tion with any particular cases in which banks may fail State law. to submit reports of "affiliates," observing the letter The Federal Reserve Board shall from time to time of the statutory definition, or in which it may be desired limit by regulation the rate of interest which may be to make some examination and the right to do so is paid by member banks on time deposits, and may challenged by the parent bank or by the "affiliate." prescribe different rates for such payment on time and Respectfully, savings deposits haying different maturities or subject to different conditions respecting withdrawal or re- HOMER S. CUMMINGS, Attorney General. payment or subject to different conditions by reason of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 different locations. No member bank shallJpay^any of deposit", "time deposits, open accounts", and time deposit before its maturity, or waive any require- "postal savings deposits", as defined below:$ ment of notice before payment of any savings deposit except as to all savings deposits having the same (1) Time certificates of deposit.—The term requirement. "time certificate of deposit" means an instrument evidencing the deposit with a bank of a Section 24 of the Federal Reserve Act, as amended by certain sum specified on the face of the instruthe act of February 25, 1927, provides in part as follows: ment payable to bearer or to any specified person Such banks may continue hereafter as heretofore to or to his order— receive time and savings deposits and to pay interest (i) On a certain date, specified in the instruon the same, but the rate of interest which such banks may pay upon such time deposits or upon savings or ment, not less than 30 days after the date of the other deposits shall not exceed the maximum rate au- deposit, or thorized by law to be paid upon such deposits by State (it) At the expiration of a certain specified banks or trust companies organized under the laws of time subsequent to the date of the instrument, the State wherein such national banking association is located. in no case less than 30 days, or (tit) Upon notice in writing which is actually SECTION II. DEPOSITS PAYABLE ON DEMAND required * to be given a certain specified number of days, not less than 30 days, before the date of (a) Interest prohibited.—Except as hereinafter repayment, and stated, no member bank of the Federal Reserve System (iv) In all cases only upon presentation and shall, directly or indirectly, by any device whatsoever, surrender of the instrument. pay any interest on any deposit which is payable on demand. (2) Time deposits, open accounts.—The term "time deposits, open accounts" means deposits, (6) Exceptions.—This prohibition does not apply to— other than "time certificates of deposit", "postal (1) Any deposit which is payable only at an savings deposits", and "savings deposits", in office of such bank which is located in a foreign country.1 respect to which a written contract has been entered into with the depositor at the time the (2) Any deposit made by a mutual savings bank. (3) Any deposit of public funds 2 made by or on deposit is made that neither the whole nor any part of such deposit may be withdrawn, by check behalf of any State, county, school district, or other or otherwise, prior to the date of maturity, which subdivision or municipality, with respect to which shall be not less than 30 days after the date of the payment of interest is required under State law. deposit, or on written notice which must be given (4) Payment of interest in accordance with the by the depositor a certain specified number of days terms of any certificate of deposit or other contract in advance, in no case less than 30 days.6 which was lawfully entered into in good faith before (3) Postal savings deposits.—The term "postal June 16, 1933, and in force on that date and which savings deposits" means deposits in banks which may not be terminated or modified by such bank at consist of postal savings funds deposited under the its option or without liability; but no such certifiterms of the Postal Savings Act, approved June cate of deposit or other contract may be renewed 25, 1910, as amended by the Banking Act of or extended unless it be modified to eliminate any 1933, and which comply with the requirements of provision for the payment of interest on deposits paragraph 1 or 2 of this subsection. payable on demand; and every member bank shall (b) Payment of interest.—Except in accordance with take such action as may be necessary, as soon as the provisions of this section, no member bank shall possible consistently with its contractual obligations, to eliminate from any such certificate of a Under the provisions of section 19 of the Federal Reserve Act, time deposit or other contract any provision for the deposits include savings deposits; but, for convenience, savings deposits payment of interest on deposits payable on de- are dealt with separately in this regulation. * Under the provisions of Regulation D, a certificate of deposit with mand. respect to which the bank merely reserves the right to require written notice of not less than 30 days may be classified as a time deposit for the SECTION III. INTEREST ON TIME DEPOSITS purpose of computing reserves; but interest may not be paid on such a certificate of deposit, because it is in fact payable on demand unless (a) Time deposits.—The term "time deposits", for prior to such payment the notice of not less than 30 days is actually rethe purposes of this section, includes "time certificates quired, and because the prohibition in the law upon the payment by a member bank of any time deposit before its maturity clearly contemi The Philippine Islands, Puerto Rico, Canal Zone, Hawaii, and other plates that time deposits (other than savings deposits), upon which Territories, dependencies, or insular possessions of the United States are interest is payable, must have a definite maturity for at least 30 days not foreign countries within the meaning of the above provision. prior to payment. * Deposits of moneys paid into State courts by private parties pending « A deposit, with respect to which the bank merely reserves the right the outcome of litigation are not deposits of "public funds" made by or to require notice of not less than 30 days before any withdrawal is made on behalf of any State, county, school district, or other subdivision or is not a "time deposit, open account", within the meaning of the above municipality, within the meaning of the above provision. definition. 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SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 573 pay interest on any time deposit in any manner, directly period of notice given with respect to the repayment or indirectly, or by any method, practice, or device of any time deposit, such deposit is a deposit payable whatsoever. on demand and no interest may be paid on such (c) Maximum rate of interest.— deposit for any period subsequent to the expiration (1) No member bank shall pay interest, ac- of such notice. cruing after October 31, 1933, on any time deposit SECTION IV. PAYMENT OF TIME DEPOSITS BEFORE or any part thereof at a rate in excess Of 3 percent per annum, compounded semiannually,6 regardless MATURITY of the basis upon which such interest may be com- (a) No member bank shall pay any time deposit puted, except as provided in paragraph 2 hereof. except in accordance with the provisions of this sec- (2) A member bank may pay interest on time tion, even though no interest is paid on such deposit.7 deposits in accordance with the terms of any (b) No member bank shall pay any time deposit, certificate of deposit or other contract which was which is payable on a specified date, before such specilawfully entered into in good faith prior to June fied date. 16, 1933, and in force on that date and which may (c) No member bank shall pay any time deposit, not legally be terminated or modified by such which is payable at the expiration of a certain specified bank at its option or without liability; but no such period, before such specified period has expired. certificate of deposit or other contract shall be (d) No member bank shall pay any time deposit, renewed or extended unless it be modified to with respect to which notice is required to be given a conform to the provisions of this regulation*, and certain specified period before any withdrawal is made, every member bank shall take such action as may until such required notice has been given and the specibe necessary, as soon as possible consistently with fied period thereafter has expired. its contractual obligations, to bring all such certificates of deposit or other contracts into con- SECTION V. INTEREST ON SAVINGS DEPOSITS formity with the provisions of this regulation. (3) The rate of interest paid by a member bank (a) Definition.—The term "savings deposit" means upon a time deposit shall not in any case exceed a deposit which consists of funds accumulated for (i) the maximum rate prescribed in paragraph 1 of bona fide thrift purposes 8 and in respect to which— this subsection, or (it) the maximum rate author- (1) The pass book or other form of receipt, ized by law to be paid upon such deposits by State evidencing such deposit, must be presented to the banks or trust companies organized under the bank whenever a withdrawal is made. laws of the State in which such member bank is (2) The depositor is required, or may at any located, whichever may be less. time be required, by the bank to give notice in (d) Deposits payable within 30 days.—Interest at a writing of an intended withdrawal not less than rate not exceeding that prescribed in subsection (c) of 30 days before a withdrawal is made, and this section may be paid until maturity upon deposits (3) The above requirements are included in the which were bona fide time deposits at the time of bank's printed regulations accepted by the deposideposit, although they have since become payable tor or in some other written contract with the within 30 days. On time deposits with respect to depositor. which notice of withdrawal shall have been given to (6) Payment of interest.—Except in accordance with the bank, interest may be paid until the expiration of the provisions of this section, no member bank shall the period of such notice at a rate not exceeding that pay interest on any savings deposit in any manner, prescribed in subsection (c) of this section. No interest directly or indirectly, or by any method, practice, or shall be paid by a member bank on any amount which, device whatsoever. by the terms of any certificate or other contract or agreement or otherwise, the bank may be required to 7 The making of a loan to the owner of a time deposit in a member bank by such bank, or by any other bank, person, partnership or corpay within 30 days from the date on which such amount poration in accordance with any agreement, arrangement, or understandis deposited in such bank. ing with such bank, for the purpose of evading any prohibition of section (e) No interest after maturity or expiration of no- IV above, will, to the extent of such loan, be deemed to be a payment of tice.—After the date of maturity of any time deposit, such deposit in violation of such prohibition; and, in any case in which a loan is made to the owner of a time deposit in a member bank by such such deposit is a deposit payable on demand, and no bank or in accordance with any agreement, arrangement, or understandinterest may be paid on such deposit for any period ing with such bank, the member bank must be prepared to show clearly subsequent to such date. After the expiration of the that it was made in good faith and not for the purpose of evading any such prohibition. « This limitation is not to be interpreted as preventing the compound- 8 If by reason of the amount of the deposit, the business of the depositor ing of interest at other than semiannual intervals provided that the or otherwise, a question arises whether a deposit is properly classified aggregate amount of such interest so compounded does not exceed the by a bank as a savings deposit, the bank must be prepared to show clearly aggregate amount of interest at a rate of 3 percent per annum when com- that it is a deposit consisting of funds accumulated for bona fide thrift pounded semiannually. purposes and that it otherwise complies with the above definition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 (c) Maximum rate of interest.— SECTION VI. NOTICE OF WITHDRAWAL OP SAVINGS (1) No member bank shall pay interest, accru- DEPOSITS ing after October 31, 1933, on any savings deposit (a) A member bank must observe the requirements or any part thereof at a rate in excess of 3 percent set forth below in requiring notice of intended withper annum, compounded semiannually,9 regardless drawal of any savings deposit, or in waiving such notice, of the basis upon which such interest may be com- or in repaying any savings deposit, or part thereof, puted, except as provided in paragraph 2 hereof. without requiring such notice, whether such notice of (2) A member bank may pay interest on savings intended withdrawal is required to be given in each deposits in accordance with the terms of any con- case by the terms of the bank's contract with the detract, which was lawfully entered into in good faith positor or may, under such contract, be required by prior to June 16, 1933, and in force on that date the bank at any time at its option. and which may not legally be terminated or modi- (1) If a member bank waive such notice of infied by such bank at its option or without liability; tended withdrawal as to any portion or percentage but no such contract shall be renewed or extended of the savings deposits of any depositor, it shall unless it be modified to conform to the provisions waive such notice as to the same portion or perof this regulation, and every member bank shall centage of the savings deposits of every other detake such action as shall be necessary, as soon as positor which are subject to the same requirement. possible consistently with its contractual obliga- (2) If a member bank pay any portion or pertions, to bring all such contracts into conformity centage of the savings deposits of any depositor, with the provisions of this regulation. Avithout requiring such notice, it shall, upon re- (3) The rate of interest paid by a member bank quest and without requiring such notice, pay the upon a savings deposit shall not in any case exceed same portion or percentage of the savings deposits (i) the maximum rate prescribed in paragraph 1 of of every other depositor which are subject to the this subsection, or (ii) the maximum rate authorsame requirement. ized by law to be paid upon such deposits by State (3) If a member bank require such notice before banks or trust companies organized under the laws the payment of any portion or percentage of the of the State in which such member bank is located, savings deposits of any depositor, it shall require whichever may be less. such notice before the payment of the same por- (d) Deposits upon which notice of withdrawal is not tion or percentage of the savings deposits of any given.—Interest at a rate not exceeding that prescribed other depositor which are subject to the same rein subsection (c) of this section may be paid upon sav- quirement. ings deposits as defined above with respect to which (6) No member bank shall change its practice with notice of intended withdrawal has not actually been respect to the requiring or waiving of notice of intended required or given. withdrawal of savings deposits except after duly re- (e) Deposits upon which notice of withdrawal has corded action of its board of directors or of its executive been given.—Interest at a rate not exceeding that committee properly authorized, and no practice in this prescribed in subsection (c) of this section may be respect shall be adopted which does not conform to the paid upon savings deposits, with respect to which notice requirements of paragraphs 1, 2, or 3 of subsection (a) of intended withdrawal may have been given to the of this section. bank, until the expiration of the period of such notice. (c) No change in the practice of a member bank (/) No interest after expiration of period of notice.— with respect to the requiring or waiving of notice of After the expiration of the period of notice given with intended withdrawal of savings deposits subject to the respect to the intended withdrawal of any savings de- same requirement shall be made until a reasonable posit, such deposit is a deposit payable on demand and time following the last preceding change in the pracno interest may be paid on such deposit for any period tice with respect to savings deposits subject to the subsequent to the expiration of such notice, unless the same requirement shall have elapsed. owner of such deposit advise the bank in writing that (d) A member bank must observe the requirements the deposit will not be withdrawn pursuant to such of this section with respect to savings deposits even notice or that the deposit will thereafter again be sub- though no interest be paid on such deposits.10 ject to the requirements applicable to savings deposits, i° The making of a loan to the owner of a savings deposit in a member in which event the deposit again constitutes a savings bank by such bank, or by any other bank, person, partnership, or cordeposit after the date upon which such advice is received poration in accordance with any agreement, arrangement, or understandby the bank. ing with such bank, for the purpose of evading any requirement of this section, will, to the extent of such loan, be deemed to be a payment of such deposit or waiver of notice with respect thereto in violation of euch 9 This limitation is not to be interpreted as preventing the compound- requirement; and, in any case in which a loan is made to the owner of a ing of interest at other than semiannual intervals provided that the savings deposit in a member bank by such bank or in accordance with aggregate amount of such interest so compounded does not exceed the any agreement, arrangement, or understanding with such bank, the aggregate amount of interest at a rate of 3 percent per annum when com- member bank must be prepared to show clearly that it was made in good pounded semiannually. faith and not for the purpose of evading any requirement of this section. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 575 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 August July August Aug. 2 Aug. 9 Aug. 16 Aug. 23 Aug. 30 Boston 6.6 8.1 19.2 Boston. 7,061 6,797 5,983 6,336 7,014 New York 46.0 51.4 93.2 New York 47,871 45, 649 47,571 42,856 46, 066 31.5 33.8 65.1 32, 724 31,546 31,148 30,495 30, 643 Philadelphia- Philadelphia- 11.8 10.7 35.5 10,935 11,016 11,902 12,497 11, 778 Cleveland 12.9 13.8 27.7 Cleveland 13, 757 13,593 12, 440 12,445 12,627 Richmond 6.7 8.3 33.5 Richmond 8,687 5,651 6,218 6,446 6,422 Atlanta 10.0 11.9 33.2 Atlanta 10, 724 10,805 9,766 8,464 Chicago .- 2.7 2.4 12.4 Chicago 2,593 2,143 2,623 2,687 3,185 St. Louis 4.1 4.6 13.7 S M t. i n L n o e u a i p s olis.. 4,265 4,202 4,059 3,947 3,909 Minneapolis- 4.6 7.3 21.1 Kansas City.. 4,876 4, 789 4,343 4,233 4,333 4.3 3. 8 16.8 Dallas 4,744 4, 421 4,021 4,252 4,235 Kansas City.. 17.8 13.5 79.5 San Francisco 15,305 15,656 26,817 15, 553 14, 544 Dallas 158.9 169. € 450.8 Total... 163, 542 156, 268 165,891 150,145 153, 220 San Francisco. Total- Back figures.See Annual Reports for 1932 (table 9), 1931 (table 80), Back figures.—See Annual Reports for 1932 (table 13), 1931 (table 83), 1928 (table 72), and 1927 (table 55). 1930 (table 78), etc. CASH HOLDINGS, DEPOSITS, NOTE CIRCULATION, AND RATIO OF CASH HOLDINGS TO LIABILITIES [Amounts in thousands of dollars] Averages of daily figures Ratio of gold and other Total gold re c s a e s r h ves and other Total deposits Federa c l i r R c e u s la er ti v o e n n * otes in c F a e s d h e r t a o 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 August July August August July August August July August August July August Boston 297,718 312,990 220, 837 163,670 172,942 134, 633 222,839 224,173 202,666 77.0 78.8 65.5 New York 1,008,184 970, 974 869,116 1,019,899 984, 293 992,614 643,473 657,972 601,056 60.6 59.1 54.5 Philadelphia 241,028 245, 239 206, 219 140, 342 142, 007 120, 634 237, 097 239,951 255,869 63.9 64.2 54.8 Cleveland 307,059 316, 243 258,444 165,280 170,412 147, 506 300,920 305,113 293,356 65.9 66.5 58.6 Richmond 160,192 168, 306 88, 944 88, 866 92,167 54, 900 136,992 139,467 102,445 70.9 72.7 56.5 Atlanta 127,835 128, 571 85, 477 64,140 63,378 45,418 116,962 117,950 110, 278 70.6 70.9 54.9 Chicago 949, 627 924,813 753,828 471,356 407, 569 300, 980 754, 586 776,334 718,396 77.5 78.1 73.9 St. Louis 158, 740 163, 312 88, 819 91, 536 89,558 56, 670 135,172 139,053 100,872 70.0 71.4 56.4 Minneapolis 94, 654 94, 971 58, 423 57, 305 58,014 41, 000 90,886 90,688 79, 709 63.9 63.9 48.4 Kansas City 154, 699 156, 952 91,302 108,861 108, 408 69, 207 110,377 112,053 95,027 70.6 71.2 55.6 Dallas _ . . 56, 626 54,176 45, 631 60,915 59,714 45,387 33,004 34,868 37, 582 60.3 57.3 55.0 San Francisco 261, 454 273, 798 212, 670 174, 044 171, 362 144,907 216,952 224,163 250,040 66.9 69.2 53.8 Total 3,817,816 3, 810, 345 2,979, 710 2,606, 214 2, 519,824 2,153,856 2,999, 260 3,061, 785 2,847,296 68.1 68.3 59.6 1 Includes "Federal Reserve notes of other banks" as follows: Last month, $17,751,000; month ago, $18,095,000; year ago, $14,781,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

576 FEDERAL RESERVE BULLETIN SEPTEMBER 1933. EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES, ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, AUG. 31, 1933 fin thousands of dollars] Total B to os n - Y N o ew rk - P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a 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 - Dal- F c S i r s a a c n n o - ASSETS Gold with Federal Reserve agents 2,757,676 231,156 651,706 83,000 227,770121,130 95,500 747,292 111, 766 68,789 104,290 27,014188,26a Gold redemption fund with U.S.Treasury. 35,633 1,320 6,812 3,559 4,675 1,336 2,392 3,279 1,240 1,715 1,385 1,079 6,841 Gold held exclusively against F.R. notes 2, 793,309232,476 658,518 86,559 232,44522,466 97,892 750,571113,006 70,504 105,675 28,093 195,104 Gold settlement fund with F.R. Board... 553,784 17,365 193,850 "14", 5"0~8 42,312 28,038 16,749 134,114 25,694 19,996 19,356 11,863 29,939 Gold and gold certificates held by banks— 240,971 21,425 143,039 15,017 4,248 1,344 3,475 7,793 583 12, 767 5,244 25,768 Total gold reserves 3, 588,064 271,266 995,407 !16,084279,005 .51,848 18,116 892,478 139, 283 90, 768 137,798 45,200 250,811 Other cash * 231, 659 18,564 63,255 26,420 21,801 11,064 11,155 30,244 10,296 5,670 9,818 7,293 16,079 Total gold reserves and other cash..3,819,723 289,8301,058,662 242, 504300,806162,912 29,271 922, 722 149, 579 96,438 147,616 52,493 266,890 Redemption fund—F.R. bank notes 8,024 753 2,736 380 500 103 2,575 98 97 50 491 241 Bill discounted: Secured by U.S. Government obliga^ tions _ 37,604 2,402 16,922 4,829 3,464 2,353 375 2,019 1,043 441 241 3,419 Other bills discounted _.. 115,272 4,437 29,124 25, 516 7,754 10, 222 6,128 6,542 2,168 3,8161 3,926 4,014 11,625 Total bills discounted _ 152,876 6,839 46,046 30,345 11, 21812, 575 6,503 8,561 3,211 3,912 4,367 4,255 15,044 Bills bought in open market 6,894 436 2,298 627 586 231 207 777 167 113 172 171 1,109 U.S. Government securities: Bonds... _ 441,993 22,872 175,946 29,002 33,632 11,235 10,584 72, 63114,421 16,555 12,969 16,939 25,207 Treasury notes 860,954 54,216 308,702 62, 77482, 25627,474 25,850 135,593 34,048 22,087 29,317 16,976 61,661 Certificates and bills 826,139 50,511 284,465 58,454 76, 63625,596 24,083 153, 52531, 72120,568 27,313 15,817 57,450 Total U.S. Government securities._2,129,086127, 599 769,113.50, 230192, 52464,305 60,517 361,749 80,190 59,210 9,599 49, 732 .44,318 Other securities- 1,854 1,252 510 50 42 Total bills and securities.. 2, 290,71034,874 818,709 181,712204,328 77, 11167,227 371,137 83, 56863,277 74,138 54,158 60,471 Due from foreign banks __. 3,710 308 1,151 443 399 157 141 548 28 19 ir 117 282 A U B F. a l n R l n c o . o k t l n h l p e o e r c t r e e t m e s a d s i o s s i f e e t t s e o s m th s er ban _ k _ s 36 1 5 5 1 6 4 2 , , , , 3 4 8 1 8 5 5 7 9 5 0 9 39 3 , , 3 9 7 2 8 8 5 8 9 8 8 0 1 2 0 1 4 7 0 2 , , , , 8 8 9 8 5 2 1 3 9 2 8 0 2 3 4 8 , , , 6 5 1 0 3 0 3 0 0 1 5 8 3 6 3 1 2 , , , , 9 1 3 5 2 9 0 1 4 9 2 8 3 3 0 1 3 , , , , 0 2 5 9 5 3 7 5 1 4 8 4 1 2 4 0 , , , 9 4 5 9 0 2 2 4 8 2 2 2 4 3 7 7 1 , , , , 8 9 6 8 4 0 0 2 9 2 9 7 14 3 , , 6 6 2 3 5 4 8 0 3 7 5 6 9 1 1 , , , 5 4 3 7 5 2 0 4 4 1 7 3 1 3 2 1 8 , , , , 1 0 5 2 2 6 5 7 1 7 9 1 1 1 1 2 , , , 7 4 0 2 9 4 2 7 3 5 3 7 1 4 1 1 6 , , , , 0 1 2 1 0 5 4 4 1 2 4 5 Total assets. 6,607,040470,1802,027,68:461,313549,976 278,997215,5361,358,169 252,164 172,856246,939 122,797 450,426 LIABILITIES F.R. notes in actual circulation 2,988,377223, 501 644,820 238,534 299, 587 138,331917,390 746,457132,965 91,606108,511 32,075214, 592 F.R. bank notes in actual circulation 131,500 12,852 53,646 7,393 9,583 1,91" 31,682 583 1,546 966 7,310 4,022 Deposits: Member bank—reserve account 2, 409,128149,925 1,017,591120,511146,670 70,636 53,246 417,578 71,242 50,120 100,45653, 241157,912 Government _ _ _. 69,005 4,336 21,407 3,730 4,701 8,783 3,121 6,540 3,509 4, 723 2,204 1,807 4,144 Foreign bank 37,376 2,915 10, 782 4,193 3,953 1,557 1,398 5,191 1,358 918 1,158 1,158 2,795 Special deposits: Member bank 76,883 1,996 6,033 10,727 6,311 4,345 4,954 28,569 4,451 1,619 2,100 281 5,497 Othe N r o d n e m po em sit b s er bank 6 1 4 8 , , 3 1 9 7 9 8 "§,"64; 21, 8 0 0 2 8 3 1, 5 7 2 1 4 8 2, 1 6 8 1 0 0 4 2 , , 7 83 8 2 3 4,0 19 6 6 4 1 7 1 , , 2 3 2 7 8 0 3 3 , ,1 6 6 8 9 2 1, 5 04 27 1 2 1 2 5 6 1 681 11,8 8 6 5 1 6 Total deposits 2,674, 162,2191,077, 644 14,1403164, 42592,936 66,979 476,476 87,411 58,948 106i,,295 57,168183,065 Deferred availability items.. 358,991 39, 754 97,073 27,999 33,109 30,132 10,990 47,091 15,980 9,711 17,993 12,490 16,673 Capital paid in 146,148 10, 749 58, 52515, 74812,365 5,016 4,936 13, 272 4,010 2,873 4,223 3,736 10,695 Surplus 278, 599 20,460 85,058 29,242 28,294 11,6H 10, 544 39,497 10,186 7,019 8,263 8,719 19,701 All other liabilities 28,452 645 10,921 994 2,613 958 2,780 3,694 1,029 1,153 688 1,299 1,678 Total liabilities 6,607,04i 470,18C2,027, 687461,313549,976278,997215,536 1,358,169 252,164 172,856 246, 939 122, 797 450,426 Ratio of total gold reserves and other cash 1 to deposit and F.R. note liabilities combined 67.4 75.1 61.5 63.8 64.8 70.4 70.1 75.5 67.9 64.1 58.8 67.1 FEDEKAL EESERVE NOTE STATEMENT Federal reserve notes: Issued to F.R. bank by F.R. agent...3,250,125245, 711 725,580 252,624 315,56!144,84:140, 499 778,03'142, 258 915117,689 34,854 2581,558 Held by F.R. bank 261,748 22,210 80,760 1"4,09C 15,974 6,503 23,109 31,57' 9,293 2,309 9,178 2,779 43,966 In actual circulation.. 223, 50] 644,82C238,534 299, 587 138,33S117,390 746,457132,965 91,606 108, 5111 32,075214, 592 Collateral held by agent as security for notes issued to bank: Gold 2, 757, 676231,156 651,706 183,00C227, 770 121,,13C 95,500 747,292111, 76668,789 104,290 27,01' 188,263 Eligible paper 97,898 3,945 30,426 13,73' 9,507 7,24S 4,475 3,835 2,336 2,012 2,973 3,976 13,427 U.S. Government securities 449,700 12,000 65,000 56,00C 85,000 20.00C 42,000 30,000 29,000 25,200 15,000 5,500 65,000 FEDERAL RESERVE BANK NOTE STATEMENT F.R. bank notes: Issued to F.R. bank (outstanding) 152,629 14,633 63, 510 7,523 11,960 2,123 33,195 718 1,617 12,12; 4,241 Held by F.R. bank 21,129 1,781 9,864 13C 2,377 206 1,513 135 7: 22 4,811 219 In actual circulation. 131,50C 12,852 53,646 9,583 1,917 31,682 583 1,546 4,022 Collateral pledged against outstanding notes: Discounted and purchased bills 2,724 1,606 256 374 37J 113 U.S. Government securities 179, 274 20,000 64,274 8,000 15,000 3,000 40,00C 5,000 1,000 13,00C 5,000 i "Other cash" does not include F.R. notes or a bank's own F.R. bank notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 577 LICENSED MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANES [In millions of dollars] Averages of daily figures for May-July 1933 Reserves held Federal Reserve district Borrowings at Federal Reserve banks Total Excess July June May July June May July June May Boston __ 160.2 153.3 126.6 51.5 47.0 22.1 8.1 11.7 15.2 New York 914.7 978.1 990.8 61.5 82.9 118.2 38.5 51.0 63.5 Philadelphia 121.2 114.8 109.9 19.7 12.4 7.6 16.4 20.5 24. & Cleveland 138 2 126 4 118 0 27 2 14 6 9 6 8 4 29 6 52 3 Richmond __ 66.2 60.3 56.6 18.3 14.4 11.0 7.8 7.8 8.9 Atlanta _ _ 54.3 51.1 45.2 16.7 13.9 9.3 5.1 7.2 14.4 Chicago 344.7 293.9 255.3 135.2 100.1 71.9 4.6 9.3 9.3 St. Louis _ _ 70.5 63.4 61.7 23.1 18.8 17.8 1.7 2.2 ••2.2 Minneapolis-. _ 50.7 43.4 40.0 15.0 9.7 8.3 4.6 6.0 7.8 Kansas City _ 94.1 76.6 69.9 34.1 20.8 16.2 3.4 6.1 7.2 Dallas 55.5 51.3 49.5 16.1 12.2 10.5 3.7 4.4 5.8 San Francisco 150.6 147.7 145.5 17.1 16.4 16.6 10.9 28.5 41.7 Total 2, 220. 8 2,160. 4 2,068. 9 435.7 363.1 319.1 113.2 184.4 252.8 r Revised. NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] Averages of daily figures for May-July 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 July June May July June May July June May July June May Boston 929 916 896 648 624 621 68 63 62 90 84 82 New York- 6,230 6,609 6,434 1,768 1,641 1,636 180 179 172 410 405 400 Phil adelphia 715 740 739 564 527 525 123 122 119 344 340 341 Cleveland 794 822 790 773 716 707 106 102 101 182 181 180 Richmond 346 332 330 263 254 252 67 63 63 128 123 121 Atlanta _ - _ - . 275 272 263 262 249 243 53 53 51 55 53 52 Chicago 1,507 1,386 1,307 765 737 724 96 88 84 120 113 110 St. Louis 344 320 315 229 223 224 80 78 75 74 72 70 Minneapolis 214 193 173 174 178 183 88 87 81 156 155 154 Kansas City 413 378 360 192 190 189 162 153 148 100 99 99 Dallas 273 272 271 160 158 158 124 124 123 31 29 29 San Francisco 833 812 786 1,494 1,508 1,522 80 75 69 77 74 74 Total 12,873 13, 053 12, 665 7,292 7,005 6,982 1,227 1,188 1,150 1,768 1,727 1,712 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 MEMBER BANKS LICENSED AND NOT LICENSED AS OF AUGUST 30, 1933 Deposits on June 30, 1933, of banks Number of banks licensed and not licensed on Aug. 30, 1933 (in thousands of dollars) Federal Keserve district Not Not Total Licensed licensedJ Total Licensed licensed * All member banks: Boston 367 332 35 2,030,970 1,984,981 45,989 New York 822 723 10,231,212 10, 066,986 164, 226 Philadelphia 681 593 2,137,411 1, 987, 485 149,926 Cleveland 629 495 134 2,181,873 2,030, 434 151,439 Richmond 387 331 56 1,002,805 940, 466 62,339 Atlanta 323 294 29 815,372 786, 503 Chicago 772 525 247 3,136,819 2, 910,668 226,151 St. Louis 407 343 64 883,165 828,909 54, 256 Minneapolis 534 473 61 756,353 724,855 31,498 Kansas City 769 702 67 1,055,887 1,027, 265 28,622 Dallas 559 535 24 707,594 700, 619 6,975 San Francisco. _. 420 368 52 2,815,336 2, 778, 241 37, 095 Total 6,670 5,714 956 27,754, 797 !6, 767,412 987, 385 National banks: Boston 337 302 35 1,561,964 1, 515, 975 45,989 New York 671 576 95 4,279, 252 4,135, 311 143,941 Philadelphia 616 535 81 1,498, 315 1,374,315 124,000 Cleveland 557 431 126 1,329,063 1,188, 363 140, 700 Richmond 346 291 55 759, 984 697,916 62,068 Atlanta 277 249 28 733, 573 717, 293 16, 280 Chicago 608 410 198 2,451,701 2, 304, 230 147,471 St. Louis 339 284 55 585,821 553, 575 32, 246 Minneapolis 494 433 61 721, 515 690,017 31,498 Kansas City 736 669 67 929,915 901, 293 28, 622 Dallas 510 486 24 679, 359 672,384 6,975 San Francisco 346 304 42 2, 211, 647 2,178,061 33, 586 Total 5,837 4,970 17,742,109 16,928, 733 813,376 State bank members: Boston 30 30 469,006 469,006 New York 151 147 5,951,960 5,931, 675 20, 285 Philadelphia 65 58 639,096 613,170 25,926 Cleveland 72 64 852,810 842,071 10,739 Richmond 41 40 242,821 242, 550 271 Atlanta 46 45 81, 799 69, 210 12, 589 Chicago 164 115 685,118 606, 438 78, 680 St. Louis 68 59 297,344 275, 334 22,010 Minneapolis 40 40 34,838 34,838 Kansas City 33 33 125,972 125,972 Dallas 49 49 28, 235 28, 235 San Francisco... 74 64 10 600,180 3,509 Total 833 744 10,012,688 9, 838, 679 174,009 i Exclusive of banks placed in liquidation or receivership. NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, AUGUST 30, 1933 [Preliminary figures, subject to change; based on information received by Federal Reserve banks] Deposits (m Dec. 31, Number of banks 1932, or latest available call date (in thousands of dollars) Federal Reserve district On unre- Banks on Total stricted Total unrestrictbasis ed basis Boston 205 •158 521,875 405,167 New York 324 315 1,115,158 1,076,190 Philadelphia- 276 242 455, 614 395,056 Cleveland 731 615 621, 377 509, 238 Richmond 721 601 504, 093 381, 589 Atlanta 765 706 216, 544 196,048 Chicago 2,139 1,434 1,003, 297 668,861 St. Louis 1,399 1,192 357,939 318, 093 Minneapolis- 998 908 263, 237 240,924 Kansas City.. 1,513 1,250 285, 362 247,962 Dallas 544 522 139,696 135,102 San Francisco. 410 365 513,958 502, 211 Total-_ 10,025 8,308 5,998,150 5, 076, 441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

579 SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 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 p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S r is a a c n n o - Y N o e r w k Chi- Total loans and investments: Aug. 2 16,557 1,205 7,673 1,018 1,108 327 315 1,558 480 327 520 362 1,664 6,732 1,257 Aug. 9 - 16,524 1,202 7,666 1,012 1,103 329 313 1,552 478 328 518 361 1,662 6,722 1,251 Aug. 16 16,708 1,218 7,692 1,036 1,123 338 327 1,581 486 331 522 379 1,675 6,743 1,270 Aug. 23. 16,605 1,212 7,635 1,035 1,118 338 326 1,563 483 331 519 380 1,665 6,685 1,252 Aug. 30.. 16,607 1,208 7,678 1,032 1,116 336 327 1,541 480 512 379 6,726 1,231 Loans: Aug. 2 8,546 3,914 523 470 172 176 230 181 222 205 877 3,374 709 Aug. 9 8,538 3,910 520 470 173 175 230 181 221 205 879 3,365 706 Aug. 16 8,583 3,946 517 471 175 176 891 231 182 220 206 882 3,403 711 Aug. 23._- 8,505 3,890 517 470 175 175 880 229 184 219 206 880 3,346 700 Aug. 30 8,533 682 3,930 515 467 174 177 873 228 183 214 207 883 On securities: Aug. 2 3,772 254 2,006 259 235 62 59 423 49 58 60 218 1,778 359 Aug. 9... -.. 3,768 252 2,007 257 235 62 59 419 49 57 222 1,775 355 Aug. 16.. 3,795 253 2,030 255 237 62 59 422 49 57 222 1,800 359 Aug. 23 3,737 251 1,988 253 234 61 59 414 50 57 221 1,757 351 Aug. 30.. .- 3,766 251 2,025 253 231 410 50 57 220 1,794 348 All other: Aug. 2 4,774 1,908 264 235 110 117 465 141 132 164 145 659 1,596 350 Aug. 9 4,770 1,903 263 235 111 116 467 141 132 164 145 657 1,590 351 Aug. 16 4,788 433 1,916 262 234 113 117 469 142 133 163 146 1,603 352 Aug. 23 4,768 429 1,902 264 236 114 116 466 140 134 162 146 1,589 349 Aug. 30 4,767 431 1,905 262 236 114 117 463 139 133 157 147 663 1,591 346 Investments: Aug. 2 8,011 517 3,759 495 638 155 139 670 250 146 157 787 3,358 548 Aug. 9 7,986 514 3,756 492 633 156 138 248 147 297 156 783 3,357 545 Aug. 16 8,125 532 3,746 519 652 163 151 255 149 302 173 793 3,340 559 Aug. 23 8,100 532 3,745 518 648 163 151 683 254 147 300 174 785 3,339 552 Aug. 30 8,074 526 3,748 517 649 162 150 252 147 298 172 785 3,341 537 U.S. Government securities: Aug. 2 5,048 323 2,457 250 431 108 87 146 84 190 106 470 2,300 320 Aug. 9 5,037 320 2,463 247 427 108 87 394 145 85 189 106 466 2,307 319 Aug. 16 5,186 338 2,462 275 445 115 97 420 152 88 195 121 478 2,299 335 Aug. 23 5,155 337 2,450 273 443 115 100 413 151 87 193 123 470 2,287 328 Aug. 30 5,131 2,457 271 444 114 399 149 190 120 470 2,293 314 All other: Aug. 2 2,963 194 1,302 245 207 47 274 104 108 51 317 1,058 228 Aug. 9 2,949 194 1,293 245 206 48 272 103 108 50 317 1,050 226 Aug. 16 2,939 194 1,284 244 207 48 270 103 107 52 315 1,041 224 Aug. 23 2,945 195 1,295 245 205 48 270 103 107 51 315 1,052 224 Aug. 30 2,943 194 1,291 246 205 48 103 108 52 315 1,048 223 Reserve with Federal Reserve banks: Aug. 2 1,664 95 794 72 70 322 30 90 749 292 Aug. 9 1,708 110 809 76 329 29 36 92 761 302 Aug. 16 1,710 103 840 77 315 28 97 783 291 Aug. 23 1,778 108 909 77 70 314 26 93 862 289 Aug. 30- 1,784 105 905 78 71 324 29 90 860 300 Cash in vault: Aug. 2 178 17 45 10 15 10 34 5 13 36 Aug. 9__ 189 18 47 11 17 10 35 5 14 37 26 Aug. 16.. 183 18 46 11 16 9 35 5 13 36 Aug. 23.. 187 19 46 11 16 10 35 5 13 36 Aug. 30 199 18 52 12 17 10 37 5 15 41 27 Net demand deposits: Aug. 2 _ 10, 475 714 5,587 556 524 179 141 1,180 286 189 545 5,221 1,008 Aug. 9 10,495 719 5,610 550 516 180 141 1,185 285 192 362 207 548 5,244 1,015 Aug. 16 10,363 708 5,512 539 512 179 140 1,175 278 192 364 209 555 5,128 1,005 Aug. 23—- 10,378 702 5,578 535 510 185 143 1,143 277 190 356 209 550 5,199 976 Aug. 30 10,427 701 5,633 535 505 177 144 1,150 276 194 208 555 5,257 982 Time deposits: Aug. 2 4,533 394 1,206 305 435 133 132 473 161 129 164 127 874 776 354 Aug. 9 4,537 397 1,208 306 436 133 134 473 160 129 164 127 870 772 354 Aug. 16 - 4,534 397 1,202 308 439 133 135 472 160 129 165 126 868 776 353 Aug. 23 4,516 399 1,181 311 439 133 135 472 160 128 165 126 867 755 352 Aug. 30 4,508 394 1,180 313 443 133 134 471 159 126 165 125 865 755 352 Government deposits: Aug. 2 560 43 276 55 29 5 16 49 12 4 10 22 254 42 Aug. 9—_ ••560 43 276 55 29 5 16 '49 12 4 10 22 39 254 42 Aug. 16 '897 64 435 92 '50 32 77 25 5 16 37 56 403 64 Aug. 23 875 62 423 90 50 31 75 24 5 15 37 55 393 62 Aug. 30 865 61 418 49 31 74 24 5 15 36 55 61 Due from banks: Aug. 2 1,118 107 106 54 55 237 51 60 114 70 122 184 Aug. 9 1,136 109 104 55 60 243 54 57 107 70 133 191 Aug. 16 1,128 105 101 55 58 247 53 55 108 75 132 202 Aug. 23 1,123 103 98 60 55 268 55 52 101 71 128 222 Aug. 30 1,139 104 100 59 61 280 55 51 105 70 127 234 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO— Continued [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o ew rk P p d h h e i l l i - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S r is a a c n n o - Y N o e r w k c C a h g i o - Due to banks: Aug. 2 2,560 151 1,172 145 130 59 54 322 86 71 170 68 132 1,116 263 Aug. 9 -. 2,588 152 1,196 146 129 58 55 328 85 71 167 68 133 1,142 269 Aug. 16 2,480 146 1,131 143 126 57 54 318 80 68 161 66 130 1,079 262 Aug. 23 2,448 142 1,142 134 124 56 53 310 78 66 154 66 123 1,091 255 Aug. 30 _-. 2,459 141 1,175 135 113 53 53 307 76 66 152 67 121 1,125 253 Borrowings from Federal Reserve banks: Aug 2 31 11 2 3 2 1 1 1 10 Aug. 9 28 10 2 3 1 1 1 10 Aug 16 38 10 2 4 1 1 20 Aug. 23 29 11 2 5 1 10 Aug. 30 - 31 13 2 4 1 1 1 9 1 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Prime commerical paper s L to o c a k n - s e x se c c h u a r n e g d e b c y o l p la r t i e m ra e l Loans secu r r e ed ce b ip y t s warehouse Interbank loans Federal Reserve bank or branch city 1933 1932 1933 1932 1933 1932 1933 1932 August July August August July August August July August August July August Boston 3 -5 3 -5 4 -434 4 -4*4 4 -5 5 -6 5 -534 5 -534 4 -5 5% New York City 3 -334 3 -334 4 -4H 4 -5 4 -5 434-5 334-434 3 -434 3 4 -5 4 -5 Buffalo 534-6 5 -6 5H-6 534-6 5J4-6 5H6 6 6 6 5 5 6 Philadelphia.. 4 -5 434-5 4J4-5 434-534 434-6 4H-6 5 -6 5 -51/2 534-6 4 -5 4 -5 334-5 Cleveland... 434-6 4 -6 5 -6 6 5 -6 534-6 6 5 -1 3 -4 3 -4 P C i i t n ts c b in u n rg at h i . . . . 5 5 3 ^ 4 - - 6 6 5 53 3 4 4 - - 6 6 5 -6 6 5 5 3 J4 4 - - 6 6 5 5 3 3 4 4 - - 6 6 5 -6 6 5 -7 6 6 -7 6 5 -6 5 -6 5 53 4 - - 6 6 6 Richmond-. 4J4-5 5 -534 434-5% 534-6 5 5 -5H Baltimore... 5 -534 5 -534 5 -6 5 -6. 5 -6 6 534-6 534-6 Charlotte 4 -6 434-6 5 -6 5 -6 534-6 534-6 5 -6 534-6 6 Atlanta 5 -5J4 5 -5> 5 -5 5J4-6 5 -7 4 -5 4 -4\ 5 -6 5 -6 5 -6 Birmingham- 4 -8 4 -8 5 -6 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 6 Jackson ville~. 5 -7 5 -7 434-8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 6 Nashville 6 6 6 6 6 6 6 6 6 6 New Orleans.. 534-6 534-6 53^-6 5 -7 5 -7 534-7 5 -6 5 -6 534-7 5J4-6 5 -634 Chicago.. 3 -5 3 -5 4 -5 3 -5 4 -5 434-534 434-534 5 -534 434-534 5 -534 424-534 Detroit... 3J4-6 5 -6 534-6 5 -6 5 -6 534-6 5 -6 5 -6 6 534-6 St. Louis—. 334-534 434-5H 5 -6 5 -6 5 -6 3 -6 4 -6 5 -6 5 -534 5 -534 Little Rock.. 6-634 6-7 6-7 634-7 6-7 634-7 7-734 6 6 6-634 Louisville 6 6 6 534-6 5-6 5-6 Minneapolis.. 3 2-4 3-5 5-6 5-6 434-6 3-5 3-334 3-5 534-6 5-6 534-6 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*4-5 5-534 534-6 534-6 3-434 334-5 534-6 534-6 534-6 Denver 3-6 3-5 4-6 534-7 6 6-7 6-8 6-8 6 534-6 Oklahoma City 6 6 6 8 8 6-8 6-8 6-8 6 Omaha 4^-534 4J4-5H 5-6 6-6J4 6-634 6 Dallas— 3-7 5-6 6-7 6-7 6-8 334-6 534-6 434-534 5-534 El Paso 7-8 7-8 7-8 7-8 7-8 7-8 8 8 8 5-6 5-6 5-6 Houston 534-6 5-6 5-6 6 6 534-7 5-6 5-6 5-6 5-534 5-534 5-534 San Antonio.. 5-8 5-8 6-634 6-8 6-7 6-7 7-8 6 6 San Francisco 4-6 434-534 5-6 5-6 5-6 534-6 *4 5-5^2 Los Angeles. 5-6 53^-6 6-634 6-634 7 6-6J4 6-634 Portland 5-6 6 6 6 6-7 6-7 S S e al a t t t L le ake City 5*4-6 6 6 5 - - 7 7 6-634 6 6^ 6 - - 7 7 63 6 4 - - 7 7 6-7 6J4-7 7 Spokane 6 6-7 6-7 634-7 634-7 634-7 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

SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 581 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN UNITED STATES POSTAL SAVINGS CURRENCY TO AND FROM EUROPE [Balance to credit of depositors. In millions of dollars] BY SELECTED BANKS IN NEW YORK CITY [Paper currency only. In thousands of dollars] End of month 1928 1929 1930 1931 1932 1933 1932 1933 January... 148.9 153.5 165.1 278.4 665.6 942.5 February, 151.1 154.8 167.9 292.1 691.8 1,006.2 March 152.0 155.0 169.5 302.7 705.3 1.112.7 Net Net April 152.2 154.3 170.2 313.8 722.1 1,158.4 Month Ship- Re- ship- Ship- Re- ship- May 152.0 153.8 171.2 325.0 742.6 1.178.8 ments ceipts ments ments ceipts ments June 152.1 153.6 175.3 347.4 784.8 1,185.1 to from (-) or to from (-)or July 151.7 157.8 180.7 372.5 828.5 pi, 176.8 Europe Europe rec ( e + i ) pts Europe Europerece + i ) pts A Se u p g t u e s m t ber. 1 15 5 2 2 . . 3 2 1 1 6 6 0 0 . . 1 3 1 18 8 9 6 . . 8 5 4 46 2 9 2 . . 9 7 8 8 4 5 8 7 . . 5 4 pl,177.6 October. _. 153.1 161.6 192.5 538.1 870.8 November. 153.9 163.7 200.7 565.5 885.2 January... 3,335 +3,310 3 5,304 +5,301 December. 153.9 164.3 245.4 605.1 900.8 February_. 5,221 +5,221 105 5,589 +5,484 M Ap a r r i c l h 8 4, , 5 4 6 6 3 8 + + 8 4 , , 4 5 6 6 8 3 1 2 0 5 1 1 8 3 , , 0 7 4 8 9 6 + + 1 8 3 , , 0 6 2 8 4 5 Preliminary. May 10,938 +10,938 1 12, 523 +12,522 June 12 16,265 +16,253 0 6,866 +6,866 MATURITY DISTRIBUTION OF BILLS AND July 20 +6,674 4 11,755 +11,751 SHORT-TERM SECURITIES August 152 6,458 +6,306 5 6,153 +6,148 September. 36 6,603 +6, 567 October 7 5,294 +5,287 [In thousands of dollars] November. 70 6,013 +5,943 December. 245 ' 3,986 +3, 742 For description and back figures see BULLETIN for January 1932, Total W i d n a i t y 1 h s 5 - d 16 a 3 0 y t s o 3 d 1 a 6 0 y t s o 6 d 1 9 a y 0 to s 91 m t o d o s a . 6 ys 6 O m ve o r s. pp. 7-9. Bills discounted: PAPER CURRENCY OF EACH DENOMINATION ' Aug. 2 163,5421211,, 06113,839 14,671 11,782 2,152 37 IN CIRCULATION Aug. 9 156, 268 1155,, 5 5889913,580 16,160 1, 38 Aug. 16 165,, 8911266,,99556613,277 13,370 2,572 36 [Outside Treasury and Federal Reserve banks. In millions of dollars] Aug. 23 11550,1104455, 1,11111 ,0 0336613,529 15,058 9,071 1,405 46 Aug. 30 153, 220 18181,9109011,150 12,840 9,768 1,219 53 Bills bought in open market: 1933 Aug. 2__ 8,213 1,250 488 5,786 Denominations Aug. 9 7,636 1,317 157 1,325 4,837 Aug. 16 7,456 968 409 892 5,187 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 23 7,350 199 631 1,450 5,070 Aug. 30 6,900 1,756 2,552 1,495 1,097 Certificates and $1 —- 375 358 356 355 360 bills: 33 33 32 32 32 32 Aug. 2 865, 787 113,644 46,700 275,00173,413 203,829153,200 $5l —IIIII! 675 729 688 660 654 656 Aug. 9- 870, 401116,995 48,450 279,189 !,233 $10— 1,190 1,254 1,206 1,150 1,143 1,138 Aug. 16 789,141 46, 700 15588 , 667766 113399,441133 I, 350 $ $ $1 2 5 0 0 0 0. 1,478 1,488 1,406 1,3 4 6 4 0 8 9 4 6 1,3 3 6 3 6 9 5 2 1 1,3 6 3 1 3 7 2 6 7 Muni A A c u u i g g p . . a l 3 2 0 3 war- 8 80 2 2 6 , , 1 6 4 0 0 5 5 19 0, , ,4 5 5 0 0 0 1 1 ,6 9 7 0 , , ,1 0 0 3 1 1 1 1 2 1 5 0, ,8 9 8 1 3 3 9 8 7 2 , , 8 9 6 7 7 2 2 2 2 5 2 2 , , 3 9 4 7 9 9 1 1 5 5 4 3 , , 8 8 5 5 0 0 $ $ 1 5 , 0 00 0 0 - 1,924 1, 778 U,6 2 1 8 5 8 3 2 1 7 4 3 5 2 1 5 3 4 6 ran A t u s g. : 2 1,846 1,706 $5,000 12 9 8 Aug. 9 1,861 1,701 $10,000 10 10 10 Aug. 16 1,851 1,701 Aug. 23 1,854 1,739 Total 5,661 5, 657 5,353 5,100 5,009 4,917 Aug. 30 1,854 1,739 1 Separate figures for different denominations not available. NOTE.—Figures include, in addition to currency outside the Treasury and Federal Reserve banks, unassorted currency held by these institutions, amounting to $60,000,000-$115,000,000 prior to May 1933 and to $5,000,000-$6,000,000 since that time, and also $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON CALL DATES MARCH 27, 1930, TO JUNE 30, 1933 S8 [Amounts in thousands of dollars] to 1930 1931 1932 1933 Mar. 27 June 30 Sept. 24 Dec. 31 Mar. 25 June 30 Sept. 29 Dec. 31 June 30 Sept. 30 Dec. 31 June 301 Loans (including overdrafts) 25,118,783 25,213,770 24,738,011 23,870,488 22,839,946 21,816,243 20,874,084 19,260,685 16,587,185 15,923,841 15,204,050 12,858,099 United States Government securities 4,085,006 4,061,395 4,095,270 4,124,776 5,002, 262 5,343,032 5,564,461 5,318,654 5, 627,854 6,366,099 6,539,706 6,887,123 Other securities 5,851,908 6,380,494 6,864, 247 6,886,357 6,763, 247 6,634,689 5,995,786 5,785,764 5, 754,743 5,725,714 5,041,149 Total loans and investments 35,055,697 35,655,659 35,472,250 34,859,511 34,728,565 33,922,522 33,073,234 30,575,125 28,000,803 28,044,683 27,469,470 24,786,371 Customers' liability on account of acceptances 1, 111, 153 928,807 912,852 1,117,833 1,035,978 888, 454 662,415 718,500 458,952 440, 276 412, 248 424,263 Banking house, furniture, and fixtures»_ 1,202,486 1,217,963 1, 230, 7541,240, 444 1,239,935 1, 234, 404 1,220,317 1,174,957 1,166, 263 1,167, 763 1,150,245 Other real estate owned 188,815 190,995 197,869 191,169 199,935 206, 569 209,518 211, 755 233,014 253,342 268,945 227,074 Cash in vault 496,633 484,262 470,367 592,504 461,267 519,135 554,150 522,551 478,224 406,688 422,838 404,502 Reserve with Federal Reserve banks 2,352,738 2,407,960 2,414,991 2,474, 509 2,364,478 2,396,421 2,339,230 1,975,169 1,997, 656 2,234,919 2,511,374 2,235,179 Items with Federal Reserve banks in process of collection 719,201 836,471 698,871 757,216 524,765 629,418 531.691 598, 285 419, 706 387, 225 449,848 423,163 Due from banks in United States. 1,901,517 2,360,377 2,462,827 2,455,948 2,791,204 2,517,096 1,935,119 1,662,226 1, 730,770 2,048,644 2,415, 656 2,008,218 Due from banks in foreign countries (including own branches) 247,612 220,793 202,447 260,818 296,376 351,320 215.692 174,183 192,619 175,377 193,881 214, 111 Exchanges for clearing house and other checks on local banks 1,616,954 2,645,057 1,146,915 2,076,189 975,215 1,771,312 959,218 1,388,409 859,340 802,881 1,008,400 Outside checks and other cash items 65,331 118,552 51,706 92,766 43,344 87,358 50,696 108,128 58,092 • 47,102 77,406 53,780 Redemption fund and due from United States Treasurer- 32,823 32,658 32,604 32,318 32,264 32,001 31,524 31,372 32,548 37,627 39,242 37,261 Acceptances of other banks and bills of exchange or drafts sold with endorsement 612,193 557,748 592,732 524,104 452,045 329,756 310,502 55, 022 18,558 14,869 7,948 S O e t c h u e r r i t a ie s s s e b ts orrowed 2 2 3 5 1 , , 7 4 4 8 4 2 22 2 3 6 , , 1 3 1 2 4 4 24 23 2 , , 8 0 6 6 6 2 2 2 22 1 , , 9 0 1 6 1 9 30 2 0 4 , , 0 8 2 2 4 2 2 2 6 0 0 , , 2 2 7 5 9 4 2 1 4 7 9 , , 1 0 5 6 0 7 22 1 3 3 , ,4 6 7 8 3 7 2 1 1 1 6 , , 3 6 8 6 8 4 2 1 3 1 3 , , 2 5 5 0 9 1 12,928 22 6 7 , , 6 8 5 2 4 0 i 226, 281 Total assets. 45,860,379 47,906,740 46,153,113 47,057,891 45,542,276 45, 288, 58842,378, 77739,688,322 35,911,061 36,309,845 36,259,926 33,046,780 3 LIABILITIES ===== Demand deposits. 18.061,977 16,838,351 17, 501,55016,338,728 16,622,224 15, 526,182 14,955,400 13,203,732 13,081,243 13,393,235 12,927,778 Time deposits 13.811,978 13,944,868 13, 546, 20113,663,258 13,515,468 12,776,332 11,315,842 10,636,021 10, 601,689 10, 549, 579 8,980,860 United States deposits 280, 769 257,185 267, 415 502,204 395,397 526,161 411,845 387,463 737,769 474, 741 806, 297 1 Due to Federal Reserve banks 46,206 47,147 49, 267 43,323 41,073 41,070 48,381 38,362 32,196 36, 663 34,004 Due to other banks in United States _ 3,831,656 3,817,132 3,872,842 4,236,451 4,004,077 3,222,466 2,832,296 2,870,029 3,268,854 3,607,649 3,047,327 Due to banks in foreign countries (including own branches).— - - 498,075 571,766 660,612 634,927 566,579 657,285 747,282 433, 740 200,569 262,676 295,989 168, 276 Certified and officers' checks outstanding— 1,134,283 1,493,437 771,941 1,223,777 626,747 999,310 617,053 729, 301 503,336 464,006 369,891 609,484 Cash letters of credit and travelers' checks outstanding. 25,038 41,389 26,638 20,960 22, 506 33,231 23,701 19, 581 24, 475 17,958 15,250 13,430 Total deposits 35,836,156 38,139,178 36,363,874 37,116,939 35,999,796 36,268,065 33,480,247 30,746,386 27,863,987 28,466,391 28,742,997 26,587,456 National-bank notes outstanding 647,481 649,098 648,999 639,640 642,284 636,041 628,334 624, 234 648,906 739,793 776,749 727,110 Agreements to repurchase U.S. Government or other securities sold 66,214 37,164 38,144 158,141 23,599 15,371 25,303 81,583 62,983 42, 111 45,579 14,244 Bills payable and rediscounts: With Federal Reserve banks 206,124 273,880 172,578 248,017 165,106 146,819 323,354 622,652 440,504 331,345 234,524 99, 226 Allother 140,467 161,090 143,402 107,151 116,336 70,079 142,357 216,476 374, 619 365,404 312,261 92,002 Acceptances of other banks and bills of exchange or drafts sold with endorsement 612,193 557,748 592,732 524,104 452,045 329,756 310, 502 55,022 18,558 14,869 7,948 Acceptances executed for customers ._ 1,125,907 925,576 929,337 1,138,624 1,063,334 901,351 681,145 732,253 483,064 448,440 429,738 434,997 Acceptances executed by other banks for account of reporting banks 24,654 34,998 18,127 15,031 15, 553 11,514 13,197 14,169 6,912 5,416 7,335 7,302 Securities borrowed 25,744 26,324 23,866 21,069 24,822 20,279 17,150 13,473 11, 664 11,259 12,928 6,654 Interest, taxes, and other expenses accrued and unpaid- 175,896 148,960 182,397 121,190 158,416 127,345 162,507 98,668 109,927 129,969 73,276 67, 111 Other liabilities - 239,961 226,915 212,698 236,366 210,885 209,455 216,728 228,597 192,553 179,998 200,501 165,648 Capital stock 2, 744,975 2,721,997 2,728,664 2, 665,151 2, 657,172 2,620,606 2,580,550 2,499,098 2,440,467 2,431,688 2,409,859 32,220,330 Surplus 2,881,944 2,870,800 2,903,258 2,822,091 2,804,906 2, 741,351 2,695, 285 2,524, 460 2,366, 239 2, 262,122 2,148,260 1,847,462 Undivided profits—net 956,053 950,072 1,009,435 894,388 910,480 804,199 811,456 605,403 510,696 516,491 438,521 373,258 Reserves for contingencies 2 176, 610 182,940 185,602 211,407 225,483 264,068 271,408 370,368 343,518 360,860 412,529 396,032 Total liabilities, including capital account- 45,860,379 47,906,740 46,153,113 47,057,891 45,542,276 45,288,588 42,378,777 39,688,322 35,911,061 36,309,845 36,259,926 33,046,780 Number of banks- 8,406 8,315 8,246 8,052 7,928 7,782 7,246 6,904 6,816 5,606 1 Licensed banks (banks operating on an unrestricted basis). 2 Prior to Dec. 31,1932, included reserves for dividends, etc. s See memorandum on p. 583. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LICENSED NATIONAL AND STATE MEMBERS—CONDITION ON JUNE 30, 1933, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks National banks 1 State bank members Total C r b e e c a s n i e n t r t y k r v a s e l s O e b t r h v a e n e r k c s r i e t > y C b o a u n n k t s ry Total C r b e e c a s n i e n t r t y k r v a s e l !O b s t c a e h i r n e t v y k r e s re- C b o a u n n k tr s y Total C r b e e c a s n i e n t r t y k r v a s e l O b s t c h a e i n e r t v r k y e s re- Country ASSETS Loans (including overdrafts) 12,858,099 4,100,892 4, 481, 773 4,275,434 8,101,687 1,938,020 3,020),, 027 3,143,640 4,756,412 162,872 1,461,746 1,131,794 U.S. Government securities _. 6,887,123 2,935,908 2,482,571 1 468,644 4,026,007 998,8511,840, 264 186,892 2,861,116 1,937,057 642,307 281, 752 Other securities 5,041,149 1, 383, 685 1, 528,124 129, 340 3,332,385 710, 783 970, 787 1,650,815 1, 708, 764 672,902 557, 337 478, 525 Total loans and investments ___ _.34,786,371 8,420,485 8,493,468 7,873,418 15,460,079 3,647,654 5,831,078 5,981,347 9,336,293 4,773,831 661,3901,,893,071 Customers' liability on account of acceptances 424, 263 375,438 45, 237 3,588 225,834 181,705 42,750 1,379 198, 429 193,733 2,487 2,209 Banking house, furniture, and fixtures - 982,036 274,930 337, 699 369,407 640,115 116, 587 235,038 288,490 341,921 158, 343 102,661 80, 917 Other real estate owned _ 227,074 18,898 91, 042 117,134 132,102 40,908 84,889 94,9721 12,593 50,134 32,245 Cash in vault 404, 502. 80, 269 121, 572 202,661i 286,165| 34,070 87,440 164, 655, 118,337i 46,199 34,132 38,006 Reserve with Federal Reserve banks 2, 235,179 1, 078,116 705,034 452,029 1, 412,127 536,835 515, 269 360,023 823,052 541,281 189,765 92,006 Items with Federal Reserve banks in process of collection 423,163 129, 224 197,956 95,983 282,450 70, 766 142, 759 68,925 140, 713 58, 458 55,197 27,058 Due from banks in United States... 2, 008, 218 303,822 1,002,399 701, 997 1, 564,331 188, 772 794,960 580, 599 443,887 115,050 207,439 121,398 Due from banks in foreign countries (including own branches) 214, 111 167,051 44, 539 2,521 161, 551 121,120 38,608 1,' 52, 560 45,931 5,931 698 Exchanges for clearing house and other checks on local banks 1,008,400 799, 055 169, 678 39,667 444,827 287, 675 130, 702 26, 450 563,573 511,380 38,976 13, 217 Outside checks and other cash items.. 53, 780 7,21: 33,099 13,469 36,955 2,314 24,026 10,615 16,825 9,073 2,854 Redemption fund and due from United States Treasurer 37,261 2,53< 13, 926 20,800 37, 261 2,535 13, 926 20,800 Acceptances of other banks and bills of exchange or drafts sold with endorsement _. 7,948 5,286 2,211 451 4,864 2,685 1,729 450 3,084 2,601 482 1 Securities borrowed. _ 6,654 1,606 5,048 4,359 904 3,455 2,295 702 1,593 Other assets _ ___ 227,820 89,152 90,129 48,539 124, 589 43,574 51,467 29, 548 103,231 45,578 38,662 18,991 Total assets. 33,046, 78011, 751,473 11, 348, 595 9,946, 71220,817,609 5, 242,597 7,951, 564 7,623,44812, 229,1716,508,876 3,397,031 2,323, 264 LIABILITIES Demand deposits _ ... 12,927, 778 5, 732, 732 4,061, 598 3,133, 448 7,880,836 2, 589,365 2,886,396 2,405,07, 5,046,942 3,143,367 1,, 175, 202728,373 Time deposits __ 8, 980,860 1,172,969 3,597,""" {, 210,882 6,199,806 600,052 2, 394, 093 3, 205,661 2, 781,054 572,917 1,, 202,916 10,05, 221 United States deposits _ ._ 806, 297 377, 659 312,314 116,324 447,919 139, 563 220, 706 87, 650 358,378 238,096 91,608 28,674 Due to Federal Reserve banks- 34,004 7,344 26, 660 26, 373 5, 778 20, 595 7,631 1,566 6,065 Due to other banks in United States 3,047,327 1,510,949 1,311,091 225, 287 1,875, 442 685,130 1,017, 313 172,999 1,171, 885 825,819 293, 778 52,288 Due to banks in foreign countries (including own branches) 168,276 152, 931 14, 508 837 91,191 80,368 10,319 504 77,085 72, 563 4,189 333 Certified and officers' checks outstanding _ 609,484 468, 416 96,151 44,917 235,034 128, 561 73, 407 33,066 374,450 339,855 22,744 11,851 Cash letters of credit and travelers checks outstanding.. 13, 430 8,789 4,428 213 8,217 3,937 4,202 78 5,213 4,852 135 Total deposits— _ 36,587,456 9,434,445 9,404, ~ ',758,568 16,764,818 4,336,976 6,612,314 5,935,638 9,822,638 5,197,446699 2,792,2291,832,940 National-bank notes outstanding 727,110 45,668 267, 097 414,345 727,110 45, 668 267,097 414,34f A Bi g ll r s e e p m ay en ab ts l e t o a n re d p u re rc d h is a c s o e u U nt . s S : . Government or other securities sold—. 14, 244 3,331 3,645 7f~" 9,223 1,476 3, 577 4,170 5,021 1,855 With Federal Reserve banks_ 99, 226 7,788 91, 438 68,471 4,641 63,830 30, 755 3,147 27,608 Allother 92,002 8,300 8,392 75, 310 49,320 2,748 46, 572 42,682 8,300 5,644 28,738 Acceptances of other banks and bills of exchange or drafts sold with endorsement _. 7,948 5,286 2,211 451 4,864 2,685 1,729 450 3,084 2,601 482 1 Acceptances executed for customers 435,002 385, 569 46,861 2,572 229, 303 183,853 44, 276 1,174 205,699 201, 716 2,585 1,398 Acceptances executed by other banks for account of reporting banks.. 7,297 3,715 2,389 1,193 3,374 1,356 1,780 238 3,923 2,359 609 955 Securities borrowed _ 6,654 1,606 5,048 4,359 904 3,455 2,295 702 1,593 Interest, taxes, and other expenses accrued and unpaid 67,111 25,126 24, 648 17,337 41, 539 15,134 16,048 10,357 25, 572 9,992 8,600 Other liabilities 165, 648 63,444 46,085 56,119 64,972 31, 434 18,05' 15,481 100, 676 32,010 28,028 40, 638 Capital stock (see memorandum below) 2, 220,330 754,848 723,134 742,348 1,512,222 412,958 519,061 580, 203 708,108 341,890 204,073 162,145 Surplus. 1,847,462 730, 597 565,369 551,496 938, 536 219,848 307,240 411,448 908,926 510, 749 258,129 140,048 Undivided profits—net _ 373, 258 107, 5.34 123,044 142, 680 235, 507 30,814 116,008 137,751 76, 720 34,359 26,672 Reserves for contingencies.._ _ 396,032 193,610 121,883 80, 539 163,991 70,395 63, 507 30,089 232,041 123, 215 58,376 50,450 Total liabilities, including capital account 33,046, 780 11. 751, 47311, 348, 5959,946, 71220, 817. 6095. 242, 597 7,951, 564 7,623, 44812, 229,1716,508,876 3,397,031 2,323, 264 Mem S F C o e i o r c r m s o a t n n m p d d o r u e p n f m r e e r — f r e e r ¥ d re & d i or retirable * _ value of capital stock: 2,16 6 2 2 7 , , , 4 9 0 3 0 9 1 0 9 754,848 68 3 1 2 8 , , , 5 9 6 0 6 7 0 0 4 7 2 2 8 5 , , 1 9 4 3 0 0 9 9 0 1,45 58 2 9 , , , 7 9 5 0 8 9 0 7 6 412,958 4 3 8 2 5 1 , , , 5 5 0 0 0 6 0 0 1 5 2 6 3 5 , , 2 0 9 0 9 6 0 6 8 702 8 , , 5 2 4 0 0 4 3 0 4 341,890 20 3 0 , , 4 61 6 3 0 15 5 9 , , 2 0 9 4 0 4 0 1 3 Total - 2, 23 5 2 , , 6 4 0 3 6 0 754,84 6 8 2 723,1 2 3 8 4 5 754 5 , , 2 4 5 4 9 8 1, 521 4 , ,8 2 9 8 7 3 412,9 2 5 2 8 519,0 2 6 0 1 6 589 4 , , 264 711,1 7 4 0 7 9 341,89 4 0 0 204,0 7 7 9 3 165, 5 1 9 8 0 4 Number of banks i Member banks only, i.e., exclusive of national banks in Alaska and Hawaii. 2 Where retirable value exceeds par value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 INDEX^OF INDUSTRIAL PRODUCTION, 191&-1933 [1923-25=100] Total Manufactures Minerals Total Manufactures Minerals Year and month Year and month Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed 1919. 84 77 1924 1920. 87 87 89 January 100 99 100 103 1921. 67 67 70 February 104 102 105 101 100 105 1922. 85 86 74 March 103 100 105 100 93 1923. 101 101 105 April 96 95 95 83 1924. 95 94 May 90 89 88 93 93 1925. 104 105 June 84 85 84 96 93 1926. 108 108 108 July 81 84 83 95 93 1927. 106 106 107 August 87 89 89 96 92 1928. 111 112 106 September 95 94 93 103 97 1929. 119 119 115 October. 98 95 95 104 96 1930. 96 95 99 November 99 97 97 100 97 1931. 81 80 84 December 97 101 102 95 99 1932. 64 63 71 11925 1919 January 105 105 106 105 101 105 January February 107 104 109 105 95 100 February March 107 103 109 104 90 96 March AApprriill 104 102 106 103 89 100 April MMay 103 102 103 102 105 104 May June 100 102 100 102 104 101 June July 99 103 97 103 107 104 July August 101 103 99 102 112 107 August September. 102 101 103 103 97 89 September... October 107 104 108 106 90 October November 108 107 110 109 95 November December 103 109 106 112 89 December— 1926 1920 January 105 106 108 109 91 January 82 February 108 105 111 107 95 February 78 March 110 106 112 106 106 March 80 April 108 107 110 106 108 April 73 May 107 106 108 106 103 104 May 86 June 106 108 106 108 109 107 June 95 July 103 108 102 108 110 108 July 94 August 109 110 108 110 115 109 August 98 September... 113 111 112 111 119 110 September. _. 94 October '115 111 113 111 124 113 October 100 November- 110 110 108 '109 123 118 November- 78 97 December 101 107 99 105 113 119 December 87 1927 1921 January 106 107 105 106 112 115 January February 111 108 110 107 113 117 February March 113 110 114 108 111 120 March April 110 108 112 108 96 106 April. May 112 109 112 110 108 109 May June 107 107 106 108 108 106 June July 102 106 102 107 103 101 July August 105 106 104 106 111 106 August September. _. 106 104 105 104 111 104 September.. October 105 102 104 102 112 103 October November 101 101 100 101 105 102 November—. December 102 95 102 97 102 December. .- 1928 1922 January 105 107 106 107 100 103 January 73 73 77 February 111 109 113 110 99 102 February 76 74 85 March 112 108 114 109 98 105 March 80 78 92 April 110 108 113 109 95 105 April 77 81 53 May 110 108 111 108 104 106 May 81 86 54 June 108 108 '108 109 104 102 June 85 90 59 July 105 109 105 110 104 102 July 85 90 57 August 110 110 110 111 111 105 August 83 87 62 September... 116 113 116 114 115 107 September... 88 89 81 October 118 115 117 116 123 111 October 93 94 90 November... 115 117 115 118 118 114 November... 97 97 94 December... 109 118 110 120 106 111 December iop 100 94 100 1929 1923 January 117 119 117 120 114 116 January 99 99 97 101 February 121 '118 122 '118 116 119 February '101 100 103 100 94 99 March 124 ••118 126 120 101 109 March 105 103 '106 103 97 103 April 124 121 128 122 103 114 April 107 106 109 '105 99 111 May 126 122 128 123 116 117 May 108 106 108 106 107 108 June 125 125 127 127 116 114 June 105 106 104 105 112 108 July 120 124 120 125 118 116 July 101 104 103 115 111 August 122 121 122 122 121 115 August 100 103 101 116 110 September-.. 123 121 123 121 127 118 September... 101 '100 100 101 106 97 October 121 118 119 '118 127 116 October 102 100 98 113 104 November... 108 110 107 110 114 110 November 99 97 108 106 December... 103 93 101 110 116 December 92 97 92 97 93 99 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

585 SEPTEMBEB 1933 FEDERAL RESERVE BULLETIN INDEX OF INDUSTRIAL PRODUCTION, 1919-1933—Continued [1923-25=100] Total Manufactures Minerals Total Manufactures Minerals Year and month Year and month Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed ujsted justed justed justed justed justed justed 1930 1932 January 103 106 102 105 108 110 January 77 February... 109 107 110 107 104 108 February... 78 March 106 '103 109 104 91 98 March 84 April 107 104 110 104 94 104 April.. 79 May 105 102 106 101 102 104 May 67 June 99 98 98 97 103 102 June 63 July— '90 93 89 92 100 100 July 64 August 90 90 88 '88 101 96 August 65 September.. 92 90 90 89 101 94 September-. 70 October 90 88 87 86 105 95 October 74 November.. 84 86 82 85 96 92 November-. 75 December... '76 84 74 82 89 93 December-.. 76 1931 1933 January 82 '83 81 83 87 89 January 64 65 64 73 February... 87 86 88 86 84 87 February. __ 64 63 61 79 March '89 87 91 87 82 89 March 60 60 56 81 April 90 88 91 87 83 91 April 67 66 66 72 May 89 87 90 87 84 87 May '80 '78 '78 78 June 83 83 83 82 86 87 June '91 '92 '93 84 July 80 82 79 82 86 86 July *100 90 August 78 78 77 78 82 79 September. . 77 76 76 75 83 78 October 75 73 72 71 90 83 November.. 72 73 70 71 84 81 December... 68 74 66 '72 79 84 v Preliminary. ' Revised. NOTE.—Indexes of manufactures and of industrial production revised slightly from 1923 to date to take account of revisions in the leather-tanning PRODUCTION OF LEATHER AND LEATHER PRODUCTS: REVISED INDEX NUMBERS [1923-25=100] Without adjustment for seasonal variation Adjusted for seasonal variation Tanning Tanning Year and month L p e u a r a c n o t t d d h s - er Group le c h a a A t i t h d l t l l e e e rsl a e n a C d t a h k l e f i r p sl a e n G a d t o h k a e t i r d s B s a h o n o o d e t s s Year and month L p e u a r a c n o t t d h d s - er Group le c h a a A t i t h d l t l l e e e rs l a e n a C d t a h k l e f i r p s a le n G a d t o h k a e t i r d s B s a h o n o o d e t s s 1923 108 111 110 114 113 107 1923 108 111 110 114 113 107 1924 95 94 94 101 86 95 1924 95 94 94 101 86 95 1925 97 95 96 85 101 98 1925 97 95 96 85 101 98 1926 99 99 92 97 119 99 1926 99 99 92 97 119 99 1927 103 102 94 104 121 104 1927 103 102 94 104 121 104 1928 102 98 87 96 131 105 1928 102 98 87 96 131 105 1929 104 96 82 94 133 110 1929 104 96 82 94 133 110 1930 92 90 76 87 132 92 1930 92 90 76 87 132 92 1931 90 81 70 76 116 96 1931 90 81 70 76 116 96 1932 85 70 63 71 88 95 1932 85 70 63 71 88 95 1923 1923 January 112 114 111 117 122 110 January HI 111 109 110 116 111 February 119 121 118 125 126 118 February 111 112 110 114 114 111 March 122 117 116 110 127 125 March 114 115 115 113 117 113 April 118 118 119 108 123 119 April 114 120 119 121 121 111 May . . . 112 114 114 109 119 110 May 115 120 120 124 118 112 June 106 109 110 99 119 103 June 113 115 112 114 124 112 July 100 109 110 109 105 94 July 111 115 113 115 121 108 .Aiisnist 105 108 107 116 102 103 106 110 109 111 111 104 111 113 109 131 105 108 September 106 109 105 120 111 104 October 105 106 102 119 103 105 October 102 103 99 114 103 101 November 102 104 104 111 97 100 November 102 105 105 108 100 100 December 94 105 101 111 110 86 December 99 105 104 106 104 96 Sources of basic data: Leather production: Bureau of the Census, January 1923-April 1932; Tanners' Council of America, May 1932 to date. Shoe production: Bureau of the Census. * Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 PRODUCTION OF LEATHER AND LEATHER PRODUCTS: REVISED INDEX NUMBERS—Continued [1923-25=100] Without adjustment for seasonal variation Adjusted for seasonal variation Tanning Tanning Year and month L p e u a r a c n o t t d h d s e - r Group e c h a a A t i t h d l t l l e e e rs l m e C a d t a h l k e f i r p sl a e n G a d t o h a k e t i r d s B s a h o n o o d e t s s Year and month L p e u a r a c n o t t d h d s - er Group le c h a a A i t t d h l t l l e e e rsl a e n a C d t a h l k e f i r p s l m e G a d t o h a k e t i r d s B s a h o n o o d e t s s 1924 1924 January 104 104 106 102 95 January 101 103 99 96 February 103 109 109 115 104 100 February 100 102 104 95 March 104 102 103 101 101 105 March 99 102 100 96 April 96 91 94 84 90 100 April 93 94 95 95 May 89 85 86 78 89 92 May 90 90 91 95 June 84 84 87 86 76 84 June... 89 89 99 July 78 83 95 65 76 July 87 85 100 August.. 91 89 113 64 93 August 90 91 108 September 100 94 95 109 76 103 September,,. 91 91 101 95 October 102 97 107 85 106 October 94 94 103 98 November 95 90 113 83 96 November... 94 91 110 December 92 97 104 92 December... 97 100 1925 1925 January 95 109 97 95 January 94 100 90 99 February 105 108 107 108 108 103 February 100 99 94 98 March 104 99 99 95 104 107 March 95 95 99 April 101 94 99 80 93 105 April 91 92 101 .May 92 94 64 99 93 May 99 74 97 100 June 85 90 67 94 84 June 92 78 100 93 July 86 78 79 87 July 92 81 98 August 100 81 96 104 August 100 78 106 September- 104 93 82 100 111 September-_. 90 76 106 October 105 100 81 111 109 October 98 78 111 November- 95 93 83 107 96 November,.. 94 81 111 97 December, __ 91 128 87 December.,,. 91 118 1926 1926 January 95 101 92 100 124 91 January 96 91 92 115 February 102 104 95 135 100 February 95 95 90 117 95 March 101 88 130 103 March 96 96 93 121 96 April 96 87 126 95 April __. 98 100 110 125 96 May 90 94 84 125 88 May 98 99 102 124 97 June 90 92 86 108 89 June 99 98 106 115 99 July 92 94 89 103 91 July 100 101 92 101 125 99 August 102 95 92 92 108 106 August 98 98 94 89 119 98 September 112 102 99 98 111 118 September.. 100 99 96 91 117 101 October 112 107 106 105 114 115 October 104 104 103 100 114 103 November 100 102 97 99 115 100 November,-. 103 103 98 97 120 103 December 94 101 91 101 127 December.._ 101 99 94 95 117 102 1927 1927 January 105 97 104 129 93 January 101 101 120 101 February 108 111 104 106 135 106 February 102 102 97 119 102 March 103 93 85 116 107 March 100 97 92 114 102 April 100 95 82 112 103 April 103 98 93 113 106 May 96 91 91 112 95 May 104 102 103 117 105 June 100 97 89 119 98 June 106 106 106 124 107 July 103 99 95 112 98 106 July 108 106 114 118 109 August 114 104 94 115 118 120 August 107 105 110 126 108 September 119 108 98 117 125 126 September. . 105 104 108 127 106 October 113 107 92 123 130 118 October 104 102 HI 127 105 November 98 99 84 116 123 97 November _. 100 100 115 127 101 December 93 104 87 115 138 86 December... 103 102 109 127 1928 1928 January 101 106 113 137 January 105 103 106 130 106 February 111 111 115 139 110 February 106 103 106 129 107 March 109 104 102 136 113 March 106 104 110 134 108 April 99 99 89 133 99 April 102 101 100 135 102 May 93 90 83 121 94 May 101 97 93 130 104 June 98 95 80 133 99 June 103 99 96 133 106 July 101 94 89 117 105 July 104 100 90 138 107 August 111 97 101 128 120 August 103 97 92 135 106 September 116 105 109 142 123 September.. 101 99 94 138 103 October 109 100 111 133 114 October 94 128 102 November 95 89 82 120 98 November. _. 90 124 104 December 87 92 77 135 December—. 100 94 90 124 104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

587 SEPTEMBER 1933 FEDERAL RESERVE BULLETIN PRODUCTION OF LEATHER AND LEATHER PRODUCTS: REVISED INDEX NUMBERS—Continued [1923-25=100] Without adjustment for seasonal variation Adjusted for seasonal variation Tanning Tanning Year and month Le p u a a r c n t o t d h d s e - r Group le c h a a A i t t l h t d l l e e r e sl a e n C a d t a h l k e f i r p sl a e n G a d o t h a k e t i r d s B s a o h n o o d e t s s Year and month L p e u a r a c n o t t d h d s - er Group le c a h a A t i t h d l t l l e e e rs l a e n a C d t a h l k e f i r p s a le n G a d t o h a k e t i r d s B s a h o n o o d e t s s 1929 1929 January 95 91 85 75 122 97 January 101 94 123 106 February 103 96 85 85 137 108 February... 101 93 130 106 March 104 90 78 87 122 113 March 100 90 120 107 April 99 90 78 85 124 105 April 102 92 126 108 May .._. 97 86 75 85 116 104 May 106 92 125 114 June 103 97 82 93 142 107 June 107 99 142 113 July. 103 96 79 110 128 108 July 105 97 141 110 August 116 98 81 118 124 127 August 106 96 130 112 September- 123 103 88 112 135 136 September.. 107 97 129 113 October 119 107 91 110 146 127 October 108 100 140 114 November- 103 100 86 95 141 106 November.. 107 101 145 111 December... 87 98 81 77 162 80 December... 100 148 102 1930 1930 January 94 93 83 77 134 95 January 101 140 104 February 99 96 83 85 143 100 February... 97 137 100 March 101 96 83 82 147 104 March 144 99 April 99 91 81 80 132 103 April. 101 133 106 May 89 88 75 84 128 89 May_. 97 138 98 June 89 90 76 81 135 89 June 135 94 July. 88 91 74 104 124 86 July 133 88 August 99 92 73 106 129 104 August 134 90 September... 103 94 76 96 139 109 September.. 133 91 October 93 91 72 100 133 95 October 128 85 November... 77 81 67 77 122 74 November.. 123 78 December. _. 69 80 67 72 121 63 December... 112 79 1931 1931 January 73 74 63 70 106 72 January 79 112 80 February 89 82 67 76 125 93 February... 87 121 92 March 95 79 66 69 126 105 March 92 123 100 April 98 85 73 76 124 107 April 100 125 109 May 97 83 71 81 115 106 May 105 124 117 June _. 93 84 73 81 116 99 June 97 116 105 July 95 87 71 97 118 100 July _.. 96 127 102 August 110 90 74 98 127 122 August 99 130 106 September... 105 88 72 84 131 117 September.. 91 125 97 October 86 81 72 72 114 89 October 78 109 79 November... 72 72 67 56 101 72 November.. 75 102 76 December... 69 67 63 54 88 70 December... 81 1932 1932 January 77 71 68 55 95 81 January 100 February 89 76 69 67 104 97 February... 100 March _. 93 74 66 64 102 105 March 100 100 April 85 70 62 65 96 95 April 97 97 May 75 62 55 57 86 84 May 92 92 June 75 62 53 67 82 84 June 82 89 July 74 67 55 86 81 78 July 87 79 August 90 67 52 85 90 105 August 92 92 September- 105 73 66 88 75 126 September.. 71 105 October 102 74 69 84 77 120 October 74 108 November... 85 72 69 71 82 94 November.. 83 December... 73 72 67 65 91 73 December... 84 1933 1933 January 80 73 67 63 99 85 January 76 105 93 February 93 78 70 71 105 103 February. _. 92 77 101 102 March 87 69 63 63 92 98 March 84 71 90 93 April 91 68 64 64 84 105 April 93 71 85 107 May 101 75 70 75 87 118 May 110 79 93 129 June 110 87 74 99 109 124 June 114 102 109 131 July 114 92 75 106 122 128 July 116 91 132 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. 1923-25 average=100] Without seasonal Adjusted for sea- Without seasonal Adjusted for seaadjustment sonal variation adjustment sonal variation Industry 1933 1932 1933 1932- Industry 1933 1932 1933 1932 July June July July June July July June July July June July Manufactures—Total ,97 93 55 ,10! 93 57 LEATHER AND PRODUCTS K 114 110 74 116 114 74 Tanning 92 87 67 92 89 67 IRON AND STEEL 93 72 24 100 72 25 Cattle hide leathers 75 74 55 78 76 57 Pig iron 59 43 19 62 43 20 Calf and kip leathers 106 99 86 91 102 74 Steel ingots 96 75 24 103 75 26 Goat and kid leathers 122 109 81 132 109 87 Boots and shoes 128 124 78 131 '131 79 TEXTILES 121 126 64 130 133 69 Cotton consumption 122 133 57 135 139 63 CEMENT AND GLASS: Wool 115 109 53 124 116 56 Cement 68 64 61 56 51 50 C onsumption 126 121 59 141 134 66 Glass, plate 148 120 36 150 118 36 Machinery activity 129 118 58 (0 0) (0 Carpet and rug-loom NONFERROUS METALS:2 Tin deactivity . _ . __ 62 60 26 (0 (0 liveries 109 94 50 (0 0) 0) Silk 126 134 99 131 147 103 Deliveries 136 153 117 143 172 123 FUELS, MANUFACTURED: Loom activity 105 96 62 0) 0) Petroleum refining 154 153 141 155 154 141 FOOD PRODUCTS _ . _ 97 99 81 100 100 82 K G e a r s o o s li e n n e e . . . 1 8 9 6 8 18968 1 7 8 3 3 C1) 92 79 Slaughtering and meat pack- Fuel oil 105 101 90 0) ing 99 105 76 106 105 81 Lubricating oil 82 80 82 0) Hogs. 97 110 69 109 107 78 Coke, by-product 89 73 48 91 75 50 Cattle 97 93 79 98 99 80 Calves 100 106 81 103 102 84 RUBBER TIRES AND TUBES 140 139 87 143 115 89 Sheep 145 149 144 145 152 144 Tires, pneumatic 145 145 92 148 120 93 Wheat flour 92 86 81 95 97 84 Inner tubes 105 96 55 111 80 58 Sugar meltings 102 96 103 83 81 84 TOBACCO PRODUCTS 126 147 123 117 135 114 PAPER AND PRINTING P97 102 80 P104 101 86 Cigars 72 72 66 69 66 63 Wood pulp and paper 96 73 96 78 Cigarettes 167 204 167 151 186 152 Newsprint 66 67 62 67 66 63 Book paper 103 75 103 81 Minerals—Total 89 82 62 90 84 64 Wrapping pape"r 96 62 95 65 Fine paper 121 68 121 74 Bituminous coal 69 57 42 76 64 46 Box board 93 96 Anthracite coal 55 57 45 67 65 55 Wood pulp, mechanical. 75 54 69 63 PfitrnlfinTn crude 135 137 106 132 134 104 Wood pulp, chemical 114 71 113 75 Iron Ore 81 30 15 40 15 8 Paper boxes 204 '190 129 213 '183 135 Zinc 66 53 31 71 55 34 Newsprint consumption 91 99 91 102 100 102 Lead 34 42 29 36 41 31 Silver 29 28 34 34 29 40 LUMBER 45 40 25 46 38 25 TRANSPORTATION EQUIPMENT: Automobiles 73 75 34 70 66 33 1 0 5 1 0 5 Shipbuilding 28 20 79 19 16 54 v Preliminary. r Revised. 1 Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals." 1 For revised figures from 1923 to date see pp. 585-587. NOTE.—For description see BULLETIN for February and March 1927. For latest revisions see BULLETIN for March 1932, pp. 194-196, and this issue pp. 584-585. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1933 FEDERAL EESERVE BULLETIN 589 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-25 average=100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for t i s o e n asonal varia- Without seasonal adjustment Industry 1933 1932 1933 1932 1933 1932 July June July July June July July June July Total 68.9 64.1 57.2 70.1 64.8 58.3 49.9 46.2 39.6 IRON AND STEEL AND PRODUCTS 65.3 58.1 51.4 66.3 58.1 52.1 42.4 36.2 22.2 S teel works and rolling mills 71.2 62.6 54.5 72.2 62.8 55.3 46.4 39.1 21.4 Hardware 57.0 53.6 48.5 57.8 53.4 49.2 35.4 31.6 23.1 Structural iron works 48.9 45.1 51.8 48.3 44.7 51.2 25.9 24.7 29.4 Heating apparatus _ _ 56.1 50.7 39.7 59.1 50.4 41.8 36.5 32.8 22.4 Steam fittinss 47.6 44.2 35.9 48.6 43.9 36.7 31.4 28.8 21.3 Stoves - - 63.9 56.6 43.2 68.7 56.4 46.4 41.4 36.6 23.6 36.5 33.4 36.5 35.4 32.7 35.4 20.6 18.4 19.6 MACHINERY 51.8 48.0 48.4 51.7 47.7 48.3 35.7 32.0 28.8 Foundry and machine-shop products 50.9 46.9 45.3 50.6 46.4 45.1 32.5 28.9 24.3 Machine tools 41.4 38.9 38.2 42.0 39.2 38.8 27.6 25.4 22.3 Agricultural imDlements 38.0 36.4 26.0 40.1 36.7 27.4 30.2 30.3 19.6 Electrical machinerv - 56.6 52.8 58.9 56.6 52.8 58.9 45.0 40.7 41.2 TEXTILES AND PRODUCTS 85.7 79.9 53.9 90.3 81.6 56.9 58.9 53.6 32.5 A Fabrics - 94.1 85.8 56.4 97.6 86.7 58.6 67.2 60.5 34.4 Cotton goods 101.4 91.7 55.4 104.4 92.6 57.2 71.7 63.3 32.0 Woolen and worsted manufactures- - 89.4 78.6 49.2 94.0 80.1 51.8 65.1 56.7 30.3 Woolen and worsted goods 94.0 83.2 50.7 98.9 84.7 53.4 69.4 60.9 32.4 Caroets and russ 65.0 54.7 41.1 68.6 56.1 43.4 45.3 37.9 20.9 Hosiery and knit goods _ 95.3 93.9 71.0 99.6 93.7 74.2 68.3 68.8 46.6 70.0 61.4 42.5 71.6 62.2 43.4 50.8 42.8 28.1 Dyeing and finishing textiles - - - - - 100.1 91.7 72.6 103.8 92.6 75.2 77.3 72.1 45.3 B Wearing apparel - - - - 64.7 64.9 47.5 71.9 68.7 52.9 41.9 39.4 28.6 59.1 54.2 43.7 58.6 54.1 43.3 39.5 32.1 22.6 Shirts and collars _-.__ 81.0 74.4 58.7 84.9 76.8 61.6 52.8 51.2 36.3 70.0 78.7 50.6 83.1 89.9 60.1 46.0 46.1 35.6 53.4 58.8 40.9 76.9 60.0 58.8 32.1 39.1 25.3 FOOD AND PRODUCTS -.-- 83.1 81.9 79.3 83.6 82.3 79.4 68.2 66.3 68.3 Baking _ 84.7 83.4 85.9 84.1 81.9 85.3 69.6 67.7 73.2 Slaughtering and meat packing . - 87.9 85.6 80.7 87.9 86.0 80.7 73.9 72.1 69.4 Confectionery 73.4 76.4 60.9 83.7 85.1 69.4 50.4 51.6 45.9 82.1 80.0 85.6 68.0 69.7 70.9 66.3 65.2 76.5 Flour 78.8 74.2 74.6 78.7 76.6 74.4 64.6 57.4 63.0 Sugar refining cane 78.2 76.1 73.7 75.1 74.8' 70.9 65.3 62.9 63.4 PAPER AND PRINTING - 82.5 80.9 80.5 83.4 81.6 81.4 67.8 66.6 69.1 "Printing, book and job - «. 71.9 72.4 79.4 72.8 73.4 80.4 58.4 58.3 66.9 Printing newspapers and periodicals - 92.9 93.3 93.1 94.1 93.6 94.3 80.2 81.4 89.4 Paper and pulp -- 85.0 80.3 75.0 85.0 80.4 75.1 63.7 58.9 50.0 Paper boxes 80.3 75.9 68.6 82.6 78.8 70.6 68.4 63.9 55.0 LUMBER AND PRODUCTS 44.0 39.9 36.3 43.8 40.0 36.1 24.6 21.7 19.0 Lumber, sawmills 39.4 34.9 32.7 38.5 34.0 32.0 21.9 18.4 17.2 Lumber, millwork _ 41.4 37.3 35.8 40.8 36.9 35.3 23.9 21.2 20.9 Furniture ______ 58.4 55.5 46.6 60.3 58.7 48.0 31.0 29.2 21.8 TRANSPORTATION EQUIPMENT 49.2 44.6 49.2 49.3 43.9 49.3 38.3 36.0 37.3 Car building and repairing - 41.4 38.4 40.7 41.2 38.2 40.4 31.4 29.8 29.6 Automobiles 58.4 51.6 57.9 58.8 50.3 58.1 46.1 43.2 43.4 Shipbuilding 58.7 53.8 71.4 60.1 53.2 73.0 44.9 40.3 64.9 LEATHER AND MANUFACTURES 85.4 79.6 71.6 85.7 83.9 71.9 64.2 57.4 46.2 Boots and shoes. _. 86.0 80.1 74.2 86.0 84.7 74.1 62.2 54.9 46.1 Leather »___ __ 83.0 77.9 61.3 84.6 80.3 62.4 71.4 66.4 46.6 CEMENT CLAY AND QLASS PRODUCTS 51,8 48.4 43.4 51.6 46.8 43.1 30.2 29.1 24.4 Clay products - 43.7 39.1 38.7 42.4 37.5 37.6 21.2 18.8 17.8 Brick tile and terra cotta 35.2 29.6 31.4 32.5 27.6 29.1 15.7 12.7 13.6 Pottery 67.0 64.8 58.4 69.5 64.7 60.7 35.5 34.9 29.1 Glass 70.3 69.4 53.6 73.3 67.7 55.9 49.8 52.1 36.9 Cement 47.6 44.1 41.9 45.2 42.1 39.8 27.6 25.1 25.9 NONFERROUS METAL PRODUCTS 59.5 53.5 45.4 60.3 53.6 46.0 46.5 41.4 29.4 Stamped and enameled ware 30.8 28.7 21.8 31.6 28.1 22.3 23.4 23.6 16.3 Brass, bronze, and copper 69.3 62.0 53.5 70.0 62.4 54.0 53.2 46.5 33.2 CHEMICALS AND PRODUCTS 84.0 79.4 72.3 87.5 82.3 74.7 67.9 64.6 60.0 Chemicals and drugs _ . . 92.3 85.0 75.6 95.6 86.7 78.2 72.6 66.9 57.8 Petroleum refining 78.1 78.1 77.4 76.4 77.4 75.7 66.1 66.3 68.9 Fertilizers 51.2 48.7 33.4 74.9 71.4 49.0 33.4 31.3 26.9 RUBBER PRODUCTS 77.0 68.1 65.0 76.4 67.8 64.6 65.2 57.3 45.9 Automobile tires and tubes - ...... 86.0 76.4 69.4 84.4 75.0 68.1 69.7 62.0 49.7 Rubber boots and shoes 50.0 43.2 51.9 52.4 46.2 54.3 47.3 38.4 30.8 TOBACCO MANUFACTURES 65.6 '66.4 68.4 67.3 '66.9 70.2 47.3 47.3 51.4 Cigars and cigarettes * 65.3 '65.9 68.1 66.4 '66.3 69.3 46.1 '45.9 50.6 Chewing and smoking tobacco, snuff 67.7 '70.5 70.7 73.7 '71.9 76.9 56.6 '58.9 58.2 ' Revised. 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

590 FEDERAL RESERVE BULLETIN SEPTEMBER 1933 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Year and month m c t o o ie m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e a c n r ts c1 pr T o e d x u t c il t e s m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c l t s t a s l m 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 g a s n i- d in f H u g r o n g u i o s s o h e- d - s l M an is e c 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—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 f>0.5 70.2 72.8 55.0 71.1 80.3 70.7 72.7 73.7 64.1 November 63. 46 7 t 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 68 9 82.4 61.5 61 5 79.3 74.7 73.7 73.4 60.8 July 68.9 60.1 65.5 72.2 86.3 68.0 65.3 80.6 79.5 73.2 74.8 64.0 1932 1933 Subgroups May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July FARM PRODUCTS: Grains 42 6 37 7 36 7 38 2 37 4 34 4 33 2 31 7 32 9 32.7 36.0 44.8 52.8 57.4 73.4 Livestock and poultry 44.4 46.7 54.1 52.8 51 2 45 0 41 £ 38.7 37.8 40.1 43.0 41.0 46.8 46.6 47.4 Other farm products 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 63.7 FOODS: Butter, cheese, and mill 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 66.1 Cereal products 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 83.3 Fruits and vegetables 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 75.6 Meats. 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 50.8 Other foods . 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 63.7 HIDES AND LEATHER PRODUCTS: Boots and shoes. 88.4 87 5 84 4 84.4 84 4 84.6 84 2 83.8 83.3 83.3 QO O 83.2 83.6 85.5 88.3 Hides and skins 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 88.7 Leather 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 78.0 Other leather products 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 80.0 TEXTILE PRODUCTS: Clothing. 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 70.6 Cotton goods 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 80.2 Knit goods 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 55.2 Silk and rayon 29.1 27.5 26.2 29 5 32 6 30 8 29.5 29.3 27.0 >5 fi 25.5 26.3 29.1 35.2 37.9 Woolen and worsted go<)ds... 58.3 55.0 53.6 53.4 56.7 56.5 55.3 54.2 53.4 53.2 53.2 63.3 61.5 68.8 72.3 Other textile products.. 67.2 66.7 66.5 67.4 68.6 67.7 67.1 66.6 66.3 66.2 66.7 67.5 70.7 73.6 76.7 FUEL AND LIGHTING MATERIALS: Anthracite coal 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 77.9 Bituminous coal 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 81.0 Coke 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 76.0 Electricity 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 91.4 Gas 103.0 106 3 108 3 107 0 107 6 104 4 100 0 96 5 96.7 96.6 96.6 97.5 103.3 101.7 Petroleum products 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 41.3 METALS AND METAL PRODUCTS: Agricultural implements 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 83.0 Iron and steel. 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 77.7 Motor vehicles 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 90.4 Nonferrous metals 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 67.6 BUILDING MATERIALS: Brick and tile 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 78.2 Cement 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 88.2 Lumber 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 75.9 Paint materials 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 77.9 Plumbing and heating . 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 69.4 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 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 83.3 CHEMICALS AND DRUGS: Chemicals 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 80.3 Drugs and Pharmaceuticals.. 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 56.8 Fertilizer materials . 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 68.6 Mixed fertilizers 69.0 69.0 68.8 68.3 66 9 66.5 65.6 65.6 62.7 62.4 60.1 60.0 63.1 63.0 63.3 HOUSEFURNISHING GOODS: Furnishings . 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 75.1 Furniture 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 74.6 MISCELLANEOUS: Auto tires and tubes 39.2 39.6 40.1 40.1 42.7 44.6 44.6 44.6 44.6 42.6 41.3 37.4 37.6 40.1 41.4 Cattle feed 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 82.4 Paper and pulp 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 78.1 Rubber, crude 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 16.3 Other miscellaneous 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 76.3 Bank figures.—For indexes of groups see BULLETIN for March 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics. 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SEPTEMBER 1933 FEDERAL RESERVE BULLETIN 591 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 ' 102. 3 23.1 r 27. 7 2.1 «-26.8 13.0 9.6 50.1 24.4 7.2 3.5 17.6 10.3 July 128.8 82.7 19.7 23.6 3.5 17.8 8.3 11.5 60.0 18.9 6.4 3.0 30.8 7.8 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 No vein ber 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 ' Revised. CONSTRUCTION CONTRACTS AWARDED, BY BANK DEBITS DISTRICTS [Debits to individual accounts. In millions of dollars] [Value of contracts in thousands of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] 1933 1932 Number of 1933 1932 centers July June July Federal Reserve district July June July New York City 1 17,354 16,743 12, 728 Outside New York City 140 13,878 12,968 12,511 Boston 8,330 ' 8,707 .9,648 Federal Reserve districts: N S P C K D A C M R t h l h e i a a t . i e c l i w i l n n a l v c h L l a n s a n a e m o a d e s Y g l t u s a a e a o o o i n p l n C s p r d o d k h i l t . i i y s a _ _ _ _ -. . 1 1 4 4 5 3 3 8 6 5 5 6 , , , , , , , , , , 7 4 4 0 8 3 4 9 4 5 2 7 2 8 9 6 2 0 6 9 4 9 9 0 5 6 9 8 0 2 r r r r 2 1 1 1 4 2 5 8 4 0 8 2 0 6 , , , , , , , , , , 5 2 2 3 4 7 4 0 8 7 1 0 5 4 4 2 2 7 8 6 0 7 6 2 6 0 8 7 0 8 2 2 1 1 1 9 7 5 8 2 6 0 0 2 6 , , , , , , , , , , 1 6 3 6 1 6 9 0 0 5 9 1 4 5 3 2 2 1 8 3 5 9 4 1 5 4 1 5 3 3 A N M B P R S C C K h t o h i l e t a . i e c l i i w s n n a l v c h L t a n s n o a e m o a d Y e g n t l u s a a e a o o o i n l p n C s p r d o d k h i l - t i i y a s- . . . _. 1 2 1 1 1 1 5 9 7 1 1 7 0 3 5 5 1 3 1 1 1 7 , , , , , 2 6 4 3 9 8 4 6 6 5 9 3 1 6 7 2 5 7 9 1 9 8 7 3 4 4 4 3 3 3 1 3 1 1 1 7 , , , , , 5 2 0 2 3 5 6 7 4 5 6 7 7 8 1 9 1 6 6 4 9 9 7 7 2 6 5 0 3 3 1 3 1 3 1 1 , , , , , 3 2 0 2 4 6 4 5 7 2 9 0 8 7 1 1 3 8 4 9 5 6 4 3 9 4 9 8 3 8 Total (11 districts) 82, 693 102,342 128, 769 D Sa a n ll a F s rancisco 1 1 8 0 1,9 3 9 9 2 0 1,8 3 2 8 8 3 1,8 3 2 5 9 0 *• Revised. Total 141 31, 232 29,711 25, 239 COMMERCIAL FAILURES, BY DISTRICTS DEPARTMENT STORE SALES IN 1929 [Amounts in thousands of dollars; figures reported by Dun and Bradstreet] Percentage distribution ]Numbei Liabilities Num- Sales (in Federal Reserve district ber of thousands stores of dollars) Num- Federal Reserve ber of Sales district 1933 1932 1933 1932 stores July June July July June July Boston - 211 309,688 5.0 7.1 New York 305 722,217 7.2 16.6 Philadelphia 196 340, 273 4.6 7.8 Boston 138 143 321 1,968 2,508 7,132 Cleveland 378 431,068 9.0 9.9 New York 333 420 606 8,786 9,845 26,848 Richmond 353 224,498 8.4 5.2 Philadelphia 63 92 163 1,347 2,588 5,562 Atlanta 252 162,438 6.0 3.7 Cleveland 110 135 203 2,668 3,627 7,877 Chicago 772 916,143 18.3 21.1 Richmond. 102 84 173 1,263 1,646 4,546 St. Louis _ 232 174,101 5.5 4.0 Atlanta 58 92 128 658 2,154 6,218 Minneapolis 272 182, 765 6.4 4.2 Chicago 180 201 331 3,888 5,975 14, 242 Kansas City _ - - 384 259,738 9.1 6.0 St. Louis 60 60 109 1,092 1,050 2,094 Dallas ._ 297 151,001 7.0 3.5 Minneapolis 62 63 71 1,134 1,224 904 San Francisco - 569 476,169 13.5 10.9 Kansas City 75 108 141 605 1,019 3,639 Dallas 42 57 72 799 819 2,197 Total 4,221 4,350,099 100.0 100.0 San Francisco 198 193 278 3,274 2,889 5,931 Total 1,421 1,648 2,596 27,481 35, 345 87,190 NOTE.—Figures compiled by United States Bureau of the Census; they include retail department stores operated by mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 FEDERAL RESERVE BULLETIN SEPTEMBER 193 3 AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for August 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 Aug. 1, 1933 1932 Aug. 1, 1933 1932 Aug. 1, 1933 1932 Aug. 1, 1933 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,684 7,715 66 110 66 110 New York 24,550 23,599 4,761 4,942 4,591 4,817 170 125 Philadelphia 42, 554 43,630 12,147 14,021 12,042 13,936 105 85 Cleveland 158,549 125, 297 35,908 37,941 35,735 37,843 173 98 Richmond _ _ _ _ . 105,912 126,112 16, 673 19,892 16,673 19,892 Atlanta 146, 661 155,191 3,063 2,992 3,063 2,992 Chicago _ _ _ _ __ 1,065,741 779,588 49,430 44,106 46,050 42,191 3,380 1,915 St. Louis 380, 505 269,902 34,128 36,036 33,885 35,900 243 136 Minneapolis 293,144 233, 585 237,318 106,013 21,190 9,874 216,128 96,139 Kansas City _ _ _ 524, 390 413,836 189,917 124,851 183,800 117,372 6,117 7,479 Dallas 116, 292 85,349 30,268 12, 576 30,120 12,483 148 93 San Francisco 9,588 9,215 112,604 96,191 74, 530 43,055 38,074 53,136 Total 2,875, 570 2,273,019 726, 283 499, 671 461,679 340, 355 264,604 159,316 Oats Tame hay Tobacco White potatoes Cotton Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate Production Estimate 1932 Aug. 1, 1933 1932 Aug. 1, 1933 1932 A 1 u 93 g 3 . 1 l, 1932 Aug. 1, 1933 1932 A 1 u 9 g 3 . 3 1 2 , Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston 7,704 6,831 2,928 2,666 30,110 21,011 47,974 46,252 New York _. 28,019 18,036 5,164 4,689 . 1,621 971 32,017 22,751 Philadelphia _. 15,136 13,681 1,938 2,188 46,310 46,020 20,896 17, 746 Cleveland 55,920 36,162 3,826 3,940 121,582 124,112 19,465 . 14,330 Richmond- 18,755 16, 603 2,542 2,750 411,132 647,602 23,932 23,650 1,410 1,532 Atlanta 10,469 8,076 2,105 1,985 99, 242 141, 366 10,545 11,182 2,326 2,790 Chicago... _. 523, 589 283,130 14,194 13,193 36, 620 19,874 59,382 38,491 St. Louis 47,062 32, 758 4,964 4,994 261,257 291, 722 13,164 8,435 3 2,942 42,653 Minneapolis 317, 746 126,837 9,912 7,928 2,831 1,141 54,062 43, 532 Kansas City 145,427 79,134 8,809 8,307 4,807 5,335 30,854 23,988 900 866 Dallas 43, 699 20,331 1,004 861 4,981 4,505 5,233 4,225 San Francisco 24,705 25,165 12,408 11,409 40,407 37,806 191 248 Total— _ 1, 238,231 666,745 69, 794 64,910 1,015, 512 1, 299,154 357,679 292,668 13,002 12,314 1 Without allowance for reduction in acreage under Agricultural Adjustment Act. 2 With allowance for reduction in acreage under Agricultural Adjustment Act. s Includes 15,000 bales grown in miscellaneous territory. < Includes 10,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS N.DAK, { MINN. MINNEAPOLIS S.DAK. MO ST.LOUIS harjotg. OKLA. Oklahoma City MiBOUNDARIES OF FEDERAL RESERVE DISTRICTS —BOUNDARIES OF FEDERAL RESERVE: BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis