Federal Reserve Bulletin, 1933-10

FEDERAL RESERVE BULLETIN OCTOBER 1933 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Business and Credit Developments Gold Regulations Code of Fair Competition for Bankers 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 CHESTER MORRILL, Secretary. and Statistics. 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. 0. 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 BANES Federal Reserve Bank Chairman Governor Deputy governor Cashier of- B os ton F. H. Curtiss R. A. Young W. W. Paddock W. Willett. NewYork___ J. H. Case G. L. Harrison W. R. Burgess C. H. Coe.i J. E. Crane R. M. Gidney.i A. W. Gilbart J. W. Jones.» W. S. Logan W. B. Matteson.1 L. R. Rounds J. M. Rice.i L. F. Sailer Allan Sproul.1 L. W. Knoke.i Philadelphia R. L. Austin.,. _. G. W. Norris W. H. Hutt C. A. Mcllhenny. W. G. McCreedy.* Cleveland L. B. Williams E. R. Fancher M.J. Fleming H. F. Strater. Richmond W. W. Hoxton G. J. Seay C. A. Peple --_ G. H. Keesee. R. H. Broaddus J. S. Walden, Jr.* Atlanta Oscar Newton W. S. Johns1 H. F. Conniff . . M. W. Bell. W. S. McLarin, Jr.* Chicago -. E. M. Stevens J. B. McDougal. C. R. McKay W. H. Snyder* H. P. Preston. W. C Bachman.1 J. H. Dillard R. H. Buss.1 0. J. Netterstrom.i A. T. Sihler.i E. A. Delaney.i St. Louis J. S. Wood W. McC. Martin 0. M. Attebery S. F. Gilmore.* J. G. McConkey A. H. Haill.* F. N. Hall.» G. 0. Hollocher.* 0. C. Phillips.' Minneapolis J. N. Peyton W. B. Geery Harry Yaeger H. I. Ziemer. FT T 7inmAr F. C. Dunlop.1 Kansas City_ M. L. McClure G. H. Hamilton C. A. Worthington.._. J. W. Helm. T "W "CTalin Dallas C. C. Walsh B. A. McKinney R. R. Gilbert Fred Harris R. B. Coleman W. 0. Ford.* San Francisco Isaac B. Newton J. U. Calkins. W. A. Day. W. M. Hale. Ira Clerk i Assistant deputy governor. * Controller •Acting governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch.. C. E. Daniel. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch.. J. L. Hermann. Atlanta: Houston branch W. D. Gentry. New Orleans branch... Marcus Walker. San Antonio branch M Crump Jacksonville branch Hugh Foster. San Francisco: Birmingham branch J. H. Frye. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, Jr. Portland branch R. B. West. Chicago: Salt Lake City branch.. W. L. Partner. Detroit branch W. R. Cation. Seattle branch__ C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch J. T. Moore. Memphis branch W. H. Glasgow. Little Rock branch. A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. HI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS ~~~————— Page Review of the month—Business and credit developments 593 Gold regulations 599 Code of fair competition for bankers 610 National summary of business conditions •?. 617 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 618-621 Member and nonmember bank credit: All banks in the United States 623 AH member banks 622, 657, 658 Weekly reporting member banks in 90 leading cities 624, 659 Brokers' loans 624 Acceptances and commercial paper 625 Discount rates and money rates 626, 660 Treasury finance 627 Security prices, bond yields, and security issues 628 Production, employment, car loadings, and commodity prices 629, 662-666 Merchandise exports and imports 630 Department stores—Indexes of sales and stocks 630 Freight-car loadings, by classes 630 Financial statistics for foreign countries: Gold reserves of central banks and governments 631 Gold production 632 Gold movements 632-634 Government note issues and reserves 635 Bank for International Settlements 635 Central banks 636-638 Commercial banks 639-646 Discount rates of central banks 647 Money rates 647 Foreign exchange rates 648 Price movements: Security prices 649 Wholesale prices 649, 650 Retail food prices and cost of living 650 Law department: Rulings of the Federal Reserve Board: Extension of credit by member banks to their affiliates 651 Election of Federal Reserve bank directors by member banks affiliated with the same holding company . 651 Corporation whose stock is held by a member bank as executor or trustee as an affiliate 651 Payment of interest on time deposits in excess of maximum rate under a contract made since June 16, 1933 652 Interest from first day of month on savings deposits received within few days thereafter 652 Payment of interest on certificates of deposit as to which the bank reserves the right to require notice of withdrawal 652 Definition of "savings deposit" 653 Building and loan association distinguished from a mutual savings bank 653 Applicability of section 8A of Clayton Act to corporations which do not actually make loans on stock or bond collateral 653 Necessity for obtaining permits under section 8A of the Clayton Act covering services authorized by permits under section 8 653 Application of section 8A of the Clayton Act to State member banks 654 Application of section 8A of the Clayton Act to building and loan associations 654 Federal Reserve statistics by districts, etc.: Banking and financial statistics 655-661 Industrial and commercial statistics 662-666 August crop report, by Federal Reserve districts 667 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 19 OCTOBER 1933 No. 10 REVIEW OF THE MONTH early September, when industrial output showed a decrease. The continued increase in number For the past two months there has been a of workers and in their earnings in August and reaction in industry from the exceptionally September, while production in some basic rapid expansion of activity during the spring industries was declining, is partly statistical, and early summer months. °f reflecting differences in report dates. It is Ss Notwithstanding this reaction, chiefly, however, a reflection of the increase in business was in considerably wage rates, the decline in hours, and the spreadlarger volume in August and September than ing of work. The Bureau of Labor Statistics in March. reported an increase in average hourly earn- At the time of the banking holiday industrial ings of factory workers from 42.7 cents an hour activity was close to the lowest level of the dein early July to 48.5 cents in early August, pression. Almost immediately after the rewhile the average hours worked decreased from opening of the banks there was an increase in 42.3 to 38.6. activity. The increase was accelerated by the Prices of commodities, after advancing prospects of increased costs and price advances rapidly last spring and early summer, have as a result of processing taxes and code probeen fairly stable, on the average, since July. visions and also by anticipation of inflation. This stability has reflected the net result of In particular, industries making semifinished, declines in prices of world commodities, which storable goods were influenced by these proshad advanced with the earlier decline in the pects; some industries, notably textiles and exchange value of the dollar, offset by a rise shoes, advanced production rates in the early in prices of finished goods. As the result of summer to the highest levels on record. higher crop prices the income of farmers for The decline in industrial activity during the the year is expected to be more than $1,000,past two months has come, in large measure, in 000,000 larger than last year, though still the industries in which expansion previously below the level of other recent years. had been most rapid. It has also been marked in industries in which processing taxes or codes Retail trade, as indicated by sales at departhave become effective recently. ment stores, increased from 57 percent of the Value of construction contracts awarded has 1923-1925 average in March to 77 percent in increased in recent months from the extreme August, after allowance for seasonal changes in low level prevailing in the spring to about the buying, and then declined to about 70 percent level of a year ago. There has been some in- in September. This compares with 68 percent crease in building material prices, but the of the 1923-1925 average in September 1932. growth in contracts has reflected chiefly the These figures represent dollar values and reflect larger volume of work undertaken. rising prices as well as a larger volume of pur- Employment and incomes of wage earners chases. Prices have advanced considerably have increased materially since last spring, during the past two months. Trade reports and this increase has continued in August and for September attribute the fact that sales in- 593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

594 FEDERAL RESERVE BULLETIN OCTOBEE 1933 creased by much less than is usual at this time 90-day bankers' acceptances at % percent, and of year to three principal factors—the heavy the yield on short-term obligations of the sales in August, unseasonably warm weather, United States Government at a nominal figure and buyers' resistance to higher prices. below Xo percent. Sales of chain stores continue to be in con- On October 4, 1933, the volume of money in siderably larger volume than a year ago. circulation was at a level of $5,652,000,000, in- Volume of Reserve bank credit outstanding dicating a decline of $1,929,increased further in September by about $125,- urrency 000,000 from the all-time peak 000,000, reflecting additional of $7,581,000,000 reached on March 13, 1933, Increase in purchases of United States Go v- but was still $1,200,000,000 above the average Reserve bank ^ . , ._, , low level of the present depression reached in J J credit ernment securities by the fed- the autumn of 1930. About one half of the eral Reserve banks. The decrease from March 13 reflected the return of growth of Reserve bank credit was reflected in currency from the public and the other half further increase in member bank reserve bal- the return of vault cash from banks. Money in ances, and since there was little growth in de- circulation declined rapidly after the reopenposits almost all the addition to reserves was ing of the banks on March 13-15, and con- RESERVE POSITION OF MEMBER BANKS tinued to decline from week to week until Sep- MILLI0N8 OF DOLLARS Wednesday figures 2800 tember, notwithstanding the increase in the demand for currency arising from enlargement of pay rolls and increase in the volume of retail trade. This indicates a continued return of money from hoards as banking facilities were reestablished. Since March 15 loans and investments of all commercial banks in the United States are estimated to have increased by 1929 1930 t93l W32 1933 Se°dTtth about $1,000,000,000, reflecting For reserves required estimated figures are used. chiefly the purchase by the reflected in an increase in excess reserves. Ex- banks of United States Government securities cess reserves of member banks rose during the and bankers' acceptances and an increase at month to about $775,000,000, the highest that New York City banks in loans to brokers and they have ever been. These developments are dealers in securities. Holdings of other securiillustrated by the chart which shows for the ties and loans to customers have been reduced. last 5 years changes in the volume of reserves The increase, as indicated by figures for reportheld by the member banks, compared with ing member banks in leading cities, occurred changes in their required reserves. for the most part between March and July; Money rates, which have been at low levels since then there has been relatively little for several months on all classes of loans, change in total loans and investments. showed a further slight decline From March to June deposits at banks in- Money rates in September. Open-market creased substantially, and this growth conrates at New York on prime commercial paper „ . , . tinued at a slower rate from Bank depositxs , , ~ , declined from 1 }i percent at the end of August T July to September. to 1 % percent at the end of September, the low- Total deposits of all banks other than mutual est level on record. The prevailing rate on savings banks in the United States were about call loans continued at % percent, the rate on $36,000,000,000 on December 31, 1932. At Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 595 the close of the banking holiday March 13-15, ing member banks they increased by $600,000,the deposits of open banks were a: out 000. Following enactment in June of the $27,000,000,000, about $9,000,000,000 less than Banking Act of 1933, which prohibits the payat the beginning of the year. Since the holiday, ment of interest on demand deposits by memdeposits of licensed banks other than mutual ber banks, to the middle of August, withdrawal savings banks have increased by about $5,000,- of bankers7 balances from the reporting member 000,000, or 20 percent, to about $32,000,000,000, banks in New York City amounted to reflecting chiefly the licensing of additional $400,000,000 and from the reporting member banks (including reorganized and new banks) banks elsewhere to $200,000,000. Between the and the paying out, in part, of deposits of banks middle of August and the end of September placed in liquidation or receivership; the pur- bankers' balances at leading cities increased chase of United States securities and accept- again by $100,000,000, reflecting in part proances by the banks; and the return of currency ceeds from the marketing of farm crops. and gold to the banks from hoards. In addi- Further progress has been made during recent tion there was a considerable increase in months in the reopening of closed banks, the bankers' balances which are in the nature of a return of banks to unrestricted duplication. The important factors in the dosednbank°sf operation, and the liquidation growth of deposits of licensed banks between of bank assets in the hands of March and September are summarized in the receivers or other liquidating agents. It is following table: estimated that since the end of the banking holiday, the volume of funds made available [Estimated figures in millions of dollars] in one or another of these ways for the use of Return of currency and gold to banks 1, 000 Growth in bank loans and investments 1, 000 depositors has approximated $2,000,000,000. Banks licensed, new banks organized, etc 2, 000 This figure relates to both national and State Growth of bankers7 balances 1, 000 banks, whether members of the Federal Reserve System or not, excepting mutual savings Total increase in deposits 5, 000 banks. The number of member banks in un- The rate of turnover of deposits of reporting restricted operation has increased from about member banks in leading cities, after having 5,075 in March to 5,750 at the end of Sepincreased sharply between March and July, tember, and the number of nonmember banks has been decreasing during recent months, (exclusive of mutual savings banks) from about from about 22 times per year in July to 18 times 6,800 to about 8,300. The increase of about in August and September. This decrease in 700 in the number of member banks reflected velocity of deposits reflected both a slowing in part the admission of about 130 additional down in the activity of organized exchanges, State banks to membership. At the end of such as the securities markets and the markets September there were still more than 2,500 for basic commodities, and some recession in closed banks (exclusive of mutual savings the volume of business activity in general. banks and banks in the hands of receivers) Between March 15 and June 15 the growth with total deposit liabilities approximating in bank deposits was accompanied by an $1,750,000,000. About 800 of these were accumulation of bankers' bal- national banks, with deposits of $730,000,000. bankerl^bal- ances ^n the important financial Announcement has been made by the Compances centers, chiefly in New York troller of the Currency that plans for the reor- City. At reporting member ganization of about 375 of these national banks, banks in New York City bankers' balances holding about $400,000,000 of deposits, have increased by $700,000,000, and at other report- been approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

596 FEDERAL RESERVE BULLETIN OCTOBER 1933 On October 15, 1933, the President issued possible only to the amounts of the loanable Statement by the the following statement to the value of the assets which have not already been pledged or otherwise disposed of. In cases President. press: where the condition of the closed bank will " There will be established in the Recon- justify it, proper consideration will be given to a struction Finance Corporation a special division larger distribution than 50 percent. More to make loans to closed banks. The head of than one distribution will be made as and if this division will be C. B. Merriam, a member assets improve in value. of the board of directors of the Corporation. "The object of establishing this Deposit "In order that this division may work in Liquidation Division and trying to stimulate close cooperation with the Treasury Depart- the distribution of frozen bank assets is: First, ment, the Comptroller of the Currency and the to place money in the hands of depositors with Deposit Insurance Corporation, it will be ad- the least possible delay, and second, to bring ministered by a Deposit Liquidation Board about more orderly liquidation of the assets of consisting of the following: closed banks; this will prevent dumping of "1. C. B. Merriam, the head of the Deposit assets at sacrifice prices. Liquidation Board. "Special advisory and appraisal committees "2. Jesse H. Jones, chairman of the board of will be organized throughout the country to the Reconstruction Finance Corporation. speed the appraisal of closed bank assets where "3. Dean G. Acheson, Undersecretary of such appraisals have not already been made the Treasury. by Government agencies. These committees "4. Lewis W. Douglas, Director of the organized for the appraisal and recommenda- Budget. tion of these loans will be recruited from repre- "5. J. F. T. O'Connor, Comptroller of the sentative local bankers, business men, and Currency. farmers. "6. Walter J. Cummings, chairman of the "It is estimated that the maximum available Deposit Insurance Corporation. loanable value of the assets of banks closed dur- " The purpose of the Deposit Liquidation ing the year 1933 will not exceed $1,000,000,000, Division will be to stimulate and encourage and it is hoped that the distribution will apliquidating agents of banks closed after January proximate that amount. The exact amount 1, 1933, to borrow from the Reconstruction that can be distributed will be governed by the Finance Corporation in order that funds may appraisal of the actual assets of each closed be made available to depositors as quickly as bank. Until that appraisal is made the possible. The general intention is to make loans amount involved cannot be more accurately on the assets of closed banks for the benefit of stated. depositors up to a maximum of 50 percent of "Funds for the liquidation of deposits will their deposits, inclusive of distributions here- be supplied by the Reconstruction Finance tofore made. This does not, of course, mean Corporation. These funds may be supplethat in a bank whose remaining assets are mented later by the Federal Deposit Insurance worth less, that the depositors will get 50 per- Corporation. cent. They will get in such a case only their "I am particularly anxious that this matter share in the remaining assets. It is not be handled with dispatch and to that end solicit intended that such distribution will be uniform, the cooperation of all who may have official or but that they will be limited to the orderly other authority in connection with any closed liquidation value of assets on which loans can bank. The United States Government has aube made, reserving only what will appear thority over closed national banks and can sufficient to pay taxes, expenses and interest speed up distribution in those banks if those during the liquidation period. In some cases directly interested will cooperate, but the further distributions will not be possible Government is without authority over closed because assets remaining in the bank will not State banks. If delays occur in the case of warrant any further dividends than those here- State banks, they will be due to reasons beyond tofore made. Distributions in any case will be the control of the National Government." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

597 OCTOBER 1933 FEDERAL RESERVE BULLETIN The Federal Deposit Insurance Corporation, and that in making these examinations there for which provision was made in the Banking will be "no discrimination against nonmember Act of 1933, effective June 16, State banks." Deposit Insur- organized in September. was ance Corpora- u J * i- , » a tion The board of directors oi the On pages 639-646 of this issue of the BULLE- TIN there are presented for the period since Corporation consists of the Commercial January 1930 aggregate month- Comptroller of the Currency, who is a member banks in foreign ly statements of commercial ex officio, and two others appointed by the countries ^ France, Ger- President. The members appointed on Sep- bankg in England tember 7 are Mr. Walter J. Cummings, who many, and Canada, covering as many banks in was designated chairman of the Board, and each of these countries as current reports per- Mr. E. G. Bennett. The purpose of the Cor- mit. These figures show that the low level of poration, as described by the chairman on business activity in the world during recent September 27 in a radio address, is as follows: years has affected the portfolios of commercial "The new Federal Deposit Insurance Cor- banks in these four countries in much the same poration is organized to insure the deposits of way as in the United States. The volume of all banks that are qualified under the law to loans extended by banks both here and abroad receive the benefits of deposit insurance, and has decreased, reflecting, on the one hand, a the entire resources of the Corporation are placed behind every insured bank to guarantee decline in the demand for credit due to the to each depositor the safety of his deposit. reduced volume of business operations and the "As a first step in this program the Corpora- reluctance on the part of borrowers to incur tion is directed to set up a 'Temporary Insurindebtedness in view of uncertain business ance Fund', which commences January 1, 1934 prospects and, on the other hand, a desire on (unless the President shall by proclamation fix an earlier date), to insure all deposits in eligible the part of banks to maintain liquidity. In banks up to a maximum amount of $2,500 each general the decline in loans was most rapid in until July 1, 1934. About 97 percent of the 1931 and 1932, while during the present year depositors in our banks have less than $2,500 there have been some increases. in their accounts. This means that the vast majority of the depositors have 100 percent In England gold purchases by the cenprotection even under the temporary plan. tral bank have been accompanied by a tend- "On July 1, 1934, the 'Permanent Fund' ency among the commercial goes into effect and deposits up to $10,000 will England banks to build up their more be insured 100 percent; amounts in excess of liquid assets. As a result of these purchases, $10,000 up to $50,000 will be insured 75 perwhich occurred chiefly in June 1932 and cent, and amounts in excess of $50,000 for 50 the first half of 1933, cash reserves of the percent. '' Under the law it is necessary for nonmember London clearing banks have averaged about State banks to be examined to determine their £210,000,000 in recent months, as compared eligibility for deposit insurance in the Tempo- with £175,000,000 during the period between rary Fund. All member banks of the Federal September 1931, when England suspended the Reserve System automatically become members gold standard, and June 1932, when Bank of of this Fund. Bank examiners, under direction of the Corporation, are now at work ex- England gold stock began to increase. With amining those banks that have already applied the growth in reserves the cash ratio of the for membership." clearing banks—i.e., the ratio of cash reserves The chairman said also that the act is de- to deposits—became larger than the banks were signed "to provide insurance protection for accustomed to maintain and, with a declining depositors in as many banks as possible", demand for loans on the part of customers, that the necessary examinations are to be the banks have utilized their greater resources "based upon 'solvency', not upon 'liquidity'", in the purchase of bills and gilt-edge securities. 13935—33—2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

598 FEDEKAL RESERVE BULLETIN OCTOBER 1933 In Canada total cash reserves of the chartered last November cash reserves have been reduced banks have not shown any appreciable change to meet deposit withdrawals, but they have for some time, but in the past recovered somewhat in recent months and in Canada 3 years, as the demand for July, the latest month for which complete loans has fallen off, the banks have doubled returns are available, the banks' cash ratio their holdings of securities, principally those of stood at 25 percent. the Dominion and municipal governments. In Germany the reserve position of the com- The tendency toward larger holdings of mercial banks was weakened in 1931 by the primary and secondary reserves has been less flight of capital out of the Germany evident in France than in the country and by the hoarding of France United States, England, or currency. Since the beginning of 1932 the Canada. The French banks have built up banks have been able, owing to the return of cash reserves to a marked extent, but this currency from hoards, to liquidate some of the increase has been accompanied by a decline indebtedness incurred at the Keichsbank durin the banks' holdings of foreign balances, which ing the crisis of the previous year. They have in normal times represent some of their most also added somewhat to their holdings of bills, liquid assets. Until the latter part of 1931 the and in connection with the banking reorgan- French banks invested a large part of their izations in the first half of 1932 their holdings funds in foreign centers. At that time, owing of special Treasury securities were increased. to the acute financial disturbances in Europe, But the banks' cash reserves and balances at the French repatriated their foreign balances, banks, mainly foreign banks, which represent with the exception of a small amount necessary some of their most liquid assets, have confor current working requirements. This repa- tinued to decline. triation of funds was accompanied by a heavy inflow of gold, which went to swell the reserve balances of the commercial banks at the Bank Changes in Foreign Central Bank Discount Rates of France. In the final quarter of 1931, the The following changes in discount rates for banks' ratio of cash, reserves, which include the month ending October 1, 1933, have been balances at the Bank of France, to total reported by central banks in foreign countries: deposits advanced to over 30 percent, as com- Bank of Finland—September 5, from 5}£ to 5 percent. pared with an average of less than 10 percent Bank of Italy—September 4, from 4 to S}i percent. Netherlands Bank—September 19, from 3 to 2% during 1930 and the first half of 1931. Since percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDEKAL RESERVE BULLETIN 599 GOLD REGULATIONS Prescribed by the Secretary of the Treasury under the Executive Order of August 28, 1*933, relating to the hoarding, export, and earmarking of gold coin, bullion, or currency, and to transactions in foreign exchange; and the Executive Order of August 29, 1933, relating to the sale and export of gold recovered from natural deposits TREASURY DEPARTMENT, provisions of this Order and the regulations prescribed hereunder, may be issued through such officers or OFFICE OF THE SECRETARY, agencies as the Secretary may designate. September 12, 1938. ARTICLE 2. Authority for regulations and GOLD KEGULATIONS licenses.—These Regulations are issued under the authority of Section 5(b) of the Act of Issued under the authority of Section 5 (b) October 6, 1917, as amended by Section 2 of the of the Act of October 6, 1917, as amended by Act of March 9, 1933, and the Executive Orders Section 2 of the Act of March 9, 1933, and the of the President dated August 28, 1933, and Executive Orders of August 28, 1933, Relating August 29,1933. Licenses authorized under the to the Hoarding, Export, and Earmarking of provisions of the Executive Orders of August Gold Coin, Bullion, or Currency and to Trans- 28, 1933, and August 29, 1933, may be issued in actions in Foreign Exchange, and of August 29, accordance with these Regulations by the 1933, Relating to the Sale and Export of Gold Secretary of the Treasury or by such officers or Recovered from Natural Deposits. agencies as the Secretary of the Treasury may designate. PART I EXECUTIVE OBDER OF AUGUST 28, 1933 EXECUTIVE OBDER OF AUGUST 28, 1933 SECTION 2. Definitions.—As used in this Order the By virtue of the authority vested in me by Section term "person" means an individual, partnership, 5?(b) of the Act of October 6, 1917, as amended by association, or corporation; and the term "the United Section 2 of the Act of March 9, 1933, entitled "An Act States" means the United States and any place subject to Provide Relief in the Existing National Emergency to the jurisdiction thereof. in Banking and for other Purposes", I. FRANKLIN D. ROOSEVELT, PRESIDENT of the UNITED STATES OF ARTICLE 3. Definitions.—The terms "per- AMERICA, do declare that a period of national emergency son" and "the United States" are given the same exists, and by virtue of said authority and of all other meaning in these Regulations as in the Execuauthority vested in me, do hereby prescribe the following provisions for the investigation and regulation of tive Order of August 28, 1933. the hoarding, earmarking, and export of gold coin, The term "the continental United States" gold bullion, and gold certificates by any person within means the States of the United States, the the United States or any place subject to the jurisdic- District of Columbia, and the Territory of tion thereof; and for the investigation and regulation of transactions in foreign exchange and transfers of Alaska. credit and the export or withdrawal of currency from References to "Sections " are to the designated the United States or any place subject to the jurisdic- sections of the Executive Order of August 28, tion thereof by any person within the United States or 1933, Relating to the Hoarding, Export, and any place subject to the jurisdiction thereof. Earmarking of Gold Coin, Bullion, or Currency and to Transactions in Foreign Exchange. GENERAL PROVISIONS References to "Articles" are to the numbered ARTICLE 1. Scope.—These Regulations shall Articles of these Regulations. be operative throughout the United States and The term "Mint" will be used to include any every place subject to the jurisdiction thereof, person in charge of a United States Mint or unless otherwise indicated. Assay Office. Whenever reference is made to amounts of EXECUTIVE ORDER OF AUGUST 28, 1933 gold coin or gold bullion herein or in any license SECTION 9. The Secretary of the Treasury is hereby granted under the Executive Orders of August authorized and empowered to issue such regulations as 28, 1933, and August 29, 1933, in terms of he may deem necessary to carry out the purposes of dollars, each dollar of such amount equals this Order. Such regulations may provide for the twenty-five and eight-tenths grains of gold detention in the United States of any gold coin, gold bullion, or gold certificates sought to be transported nine-tenths fine. (See R.S., sec. 3511; March beyond the limits of the continental United States, 14, 1900, c. 41, sec. 1, 31 stat. 45.) pending an investigation to determine if such coin, ARTICLE 4. General provisions affecting apbullion, or certificates are held or are to be acquired in plications.—Every application for a license to violation of the provisions of this Executive Order. Licenses and permits granted in accordance with the acquire, hold, earmark, and/or export gold coin, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

600 FEDERAL RESERVE BULLETIN OCTOBER 1933 gold bullion or gold certificates shall be made certificates shall make under oath and file as hereinupon the appropriate application form pre- after provided a return to the Secretary of the Treasury containing true and complete information relative scribed by the Secretary of the Treasury and thereto, including the name and address of the person shall be executed under oath before an officer making the return; the kind and amount of such coin, authorized to administer oaths. Considera- bullion, or certificates held and the location thereof; if tion of any application may be withheld pend- held for another, the capacity in which held and the person for whom held, together with the post office ing the furnishing of any or all of the informaaddress of such person; and the nature of the transtion required in such forms or of such additional action requiring the holding of such coin, bullion, or information as may be deemed necessary by the certificates and a statement explaining why such trans- Secretary of the Treasury, or the agency action cannot be carried out by the use of currency other through which the license is to be issued. than gold certificates; provided that no returns are required to be filed with respect to— There shall be attached to the applications such (a) Gold coin, gold bullion, and gold certificates instruments as may be specified therein or re- in an amount not exceeding in the aggregate $100 quired by the Secretary of the Treasury, or by belonging to any one person; such agency. Whenever additional information (b) Gold coin having a recognized special value to collectors of rare and unusual coin; is requested it shall be furnished under oath. (c) Gold coin, gold bullion, and gold certificates ARTICLE 5. General provisions affecting li- acquired or held under a license heretofore granted censes.—Licenses issued pursuant to the Exec- by or under authority of the Secretary of the Treasury; and utive Orders or these Regulations shall be upon (d) Gold coin, gold bullion, and gold certificates the appropriate form prescribed by the Secreowned by Federal Reserve banks. tary of the Treasury. They shall be nontrans- Such return required to be made by an individual ferable and shall entitle the licensee to hold, shall be filed with the Collector of Internal Revenue for acquire, earmark, and/or export gold coin, gold the collection district in which such individual resides, or, if such individual has no legal residence in the United bullion, or gold certificates only in accordance States, then with the Collector of Internal Revenue at with the conditions and limitations specified Baltimore, Maryland. Such return required to be therein. made by a partnership, association, or corporation Licenses may be modified or revoked at any shall be filed with the Collector of Internal Revenue of the collection district in which is located the principal time in the discretion of the Secretary of the place of business or principal office or agency of such Treasury. In the event that a license is modi- partnership, association, or corporation, or, if it has fied or revoked, the Secretary of the Treasury, no principal place of business or principal office or or the designated agency through which the agency in the United States, then with the Collector of Internal Revenue at Baltimore, Maryland. Such license was issued, shall advise the licensee by return required to be made by an individual residing letter mailed to the address of the licensee set in Alaska shall be filed with the Collector of Internal forth in the application. The licensee, upon Revenue at Seattle, Washington. Such return rereceipt of such advice, shall forthwith surrender quired to be made by a partnership, association, or corporation having its principal place of business or his license to the Secretary of the Treasury or principal office or agency in Alaska shall be filed with the the agency through which the license was issued. Collector of Internal Revenue at Seattle, Washington. If the license has been modified but not revoked, The Secretary of the Treasury may grant a reasonthe Secretary of the Treasury, or the agency able extension of time for filing a return, under such through which the original license was issued, rules and regulations as he shall prescribe. No such extension shall be for more than forty-five days from shall thereupon issue a modified license. A perthe date of this Executive Order. An extension granted son holding gold coin, gold bullion, or gold cer- hereunder shall be deemed a license to hold for a period tificates under a license that has been revoked, ending fifteen days after the expiration of the extension. shall not hold such gold coin, gold bullion, or The returns required to be made and filed under this Section shall constitute public records; but they shall gold certificates for more than fifteen days after be open to public inspection only upon order of the the delivery of the notice of revocation, and a President and under rules and regulations prescribed person holding gold coin, gold bullion, or gold by the Secretary of the Treasury. certificates under a license which has been modi- A return made and filed in accordance with this Secfied, shall not hold such gold coin, gold bullion, tion by the owner of the gold coin, gold bullion, and gold certificates described therein, or his duly authorized or gold certificates for more than fifteen days agent, shall be deemed an application for the issuance after the delivery of the notice of modification under Section 5 hereof of a license to hold such coin, except as permitted under the modified license. bullion, and certificates. SECTION 7. United States possessions—* * *.— RETURNS The provisions of Sections 3 and 5 of this Order shall not apply to gold coin, gold bullion, or gold certificates which are situated in the Philippine Islands, American EXECUTIVE ORDER OF AUGUST 28, 1933 Samoa, Guam, Hawaii, Panama Canal Zone, Puerto SECTION 3. Returns.—Within fifteen days from the Rico, or the Virgin Islands of the United States, and date of this Order every person in possession of and are owned by a person not domiciled in the continental every person owning gold coin, gold bullion, or gold United States. * * * Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 601 ARTICLE 6. Persons required to file returns before September 18, 1933, the Secretary of the (Section 3).—Except as provided in Section 3 Treasury, in his discretion, may grant such (a), (b), (c), and (d), returns must be filed with an extension of time for making the return as respect to all gold coin, gold bullion, and gold under the circumstances shall appear to be recertificates situated within the continental quired, provided, however, that any extension United States by all persons in actual or con- so granted shall not be for a period ending after structive possession thereof, and, in addition, October 12, 1933. by all persons owning such coin, bullion, and ARTICLE 10. Publication of returns (Seccertificates unless such persons are not subject tion 3).—Returns filed under Section 3 shall to laws effective within the limits of the United constitute public records, but they shall be States. Gold acquired as scrap gold or sweep- open to public inspection only upon order of ings is not to be considered as gold acquired the President and under rules and regulations under license within the meaning of Section 3 which may be prescribed by the Secretary of (c) and must be included in the return. The the Treasury. returns made and filed by the owners of the ACQUISITION coin, bullion, or certificates described in the returns, or by their duly authorized agents, shall EXECUTIVE ORDER OP AUGUST 28, 1933 be deemed to be applications for the issuance of a license under Section 5 to hold such coin, SECTION 4. Acquisition of gold coin and gold bullion.—No person other than a Federal Reserve bullion, and certificates. bank shall after the date of this Order acquire in the ARTICLE 7. Form of returns (Section 3).— United States any gold coin, gold bullion, or gold Keturns shall be made upon Form TG-1. Such certificates except under license therefor issued pursuant to this Executive Order, provided that member returns shall contain true and complete inforbanks of the Federal Reserve System may accept mation relative to all gold coin, gold bullion, delivery of such coin, bullion, and certificates for and gold certificates owned by, and/or in the surrender promptly to a Federal Reserve bank, and possession of the person making the return, or provided further that persons requiring gold for use in the industry, profession, or art in which they are on whose behalf the return is made and filed, regularly engaged may replenish their stocks of gold up and shall include all the information required to an aggregate amount of $100, by acquisitions of gold in the form of return. bullion held under licenses issued under Section 5(b), ARTICLE 8. Filing of returns (Section 3).— without necessity of obtaining a license for such acquisitions. Returns shall be executed and filed in triplicate The Secretary of the Treasury, subject to such furwith the Collector of Internal Revenue as pro- ther regulations as he may prescribe, shall issue licenses vided in Section 3. A return shall be deemed authorizing the acquisition of— to have been filed when it is received by the (a) Gold coin or gold bullion which the Secretary proper Collector of Internal Revenue or when it is satisfied is required for a necessary and lawful transaction for which currency other than gold is properly addressed and mailed and bears a certificates cannot be used, by an applicant who postmark dated prior to midnight of September establishes that since March 9, 1933, he has 18, 1933. At the close of each business day the surrendered an equal amount of gold coin, gold bullion, or gold certificates to a banking institution Collectors of Internal Revenue shall forward in the continental United States or to the Treasone executed copy of every return filed on that urer of the United States; day to the Secretary of the Treasury and an- (b) Gold coin or gold bullion which the Secreother executed copy to the Federal Reserve tary is satisfied is required by an applicant who bank of the Federal Reserve district which em- holds a license to export such an amount of gold coin or gold bullion issued under subdivisions (c) or braces the city in which the Collector of Inter- (d) of Section 6 hereof, and nal Revenue has his office. As promptly as (c) Gold bullion which the Secretary, or such possible each Federal Reserve bank shall for- agency as he may designate, is satisfied is required ward to the Secretary of the Treasury its recom- for legitimate and customary use in industry, profession, or art by an applicant regularly engaged mendations as to whether the application for a in such industry, profession, or art, or in the license to hold the gold coin, gold bullion, or business of furnishing gold therefor. gold certificates described in the return should Licenses issued pursuant to this Section shall authorize be granted or denied, in whole or in part. the holder to acquire gold coin and gold bullion only from the sources specified by the Secretary of the ARTICLE 9. Extensions of time for filing re- Treasury in regulations issued hereunder. turns (Section 3).—Upon a verified written SECTION 7. United States possessions—shipments request made to the Secretary of the Treasury thereto.—* * * The provisions of Section 4 shall by a person possessing or owning gold coin, gold not apply to acquisitions by persons within the Philippine Islands, American Samoa, Guam, Hawaii, Panama bullion, or gold certificates, setting forth reasons Canal Zone, Puerto Rico, or the Virgin Islands of the why the return cannot be made or filed on or United States of gold coin or gold bullion which has not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

602 FEDERAL RESERVE BULLETIN OCTOBER 1933 been taken or sent thereto since April 5, 1933, from the Form TG-2 and shall be filed in duplicate with continental United States or any place subject to the the Federal Reserve bank of the district in jurisdiction thereof. which the applicant has surrendered gold coin, ARTICLE 11. Acquisition of gold without gold bullion, or gold certificates since March 9, license (Sections 4 and 7).—Any person regu- 1933. larly engaged in an industry, profession, or art (2) Disposition of applications (Section 4 for which gold is required may hold, without a (a)).—The Federal Reserve bank receiving the license, a stock of gold bullion which, together application shall make such investigation of the with all other gold coin, gold bullion, and gold case as it may deem necessary and shall transcertificates held by such person, does not exmit to the Secretary of the Treasury the original ceed, in the aggregate, $100. Such person may of the application together with (i) any supplereplenish his stock of gold as it is used in the mental information it may deem appropriate, industry, profession, or art in which he is and (ii) its recommendation whether a license engaged, by acquisitions of gold bullion from should be granted or denied, in whole or in part. persons holding licenses to hold gold bullion The Federal Reserve bank shall retain the duissued in accordance with Section 5 (b) withplicate of the application for its records. out obtaining a license for such acquisitions, (3) Licenses (Section 4 (a)).—Upon receipt provided the aggregate amount of gold coin, of the application for a license and the recomgold bullion, and gold certificates owned by mendation of the Federal Reserve bank transhim after making such acquisitions does not mitting the application, the Secretary of the exceed $100. Federal Reserve banks may Treasury will grant or deny the license. A acquire gold coin, gold bullion, and gold cerlicense on Form TGL-2 will be granted to an tificates without the necessity of obtaining a applicant who has filed an application in aclicense for such acquisitions and member cordance with paragraph 1 of this Article for banks of the Federal Reserve System may the acquisition of gold coin or gold bullion acquire such coin, bullion, and certificates for surrender promptly to a Federal Reserve bank.1 which the Secretary of the Treasury is satisfied is required for a necessary and lawful transac- A person in the Philippine Islands, American tion for which currency other than gold certif- Samoa, Guam, Hawaii, Panama Canal Zone, icates cannot be used, providing the applicant Puerto Rico, or the Virgin Islands of the United shall have established that he has surrendered States may acquire gold coin or gold bullion an equal amount of gold coin, gold bullion, or situated therein, without obtaining a license gold certificates to a banking institution in the under Section 4 of the Executive Order of continental United States, to the Treasurer of August 28, 1933, excepting gold coin or gold the United States, or to a Mint, since March 9, bullion shipped or taken to any such place from 1933. A license shall not be granted for an a place in the continental United States or amount of gold coin or bullion exceeding the any place subject to the jurisdiction thereof, amount of gold coin, bullion, or certificates so after April 5, 1933, in which case a license to surrendered or for any coin, bullion, or certifacquire such gold coin or gold bullion is icates with respect to which acquisitions have necessary. been made previously under license granted by ARTICLE 12. Acquisition of gold for necesthe Secretary of the Treasury. When the issusary and lawful transactions (Section 4 (a)).— ance of a license shall have been approved by (1) Applications.—Every application for a the Secretary of the Treasury, a license will license under Section 4 (a) to acquire gold coin be issued to the applicant through the Federal or gold bullion required for a necessary and Reserve bank which received and transmitted lawful transaction for which currency other the application. Such license shall authorize than gold certificates cannot be used (not inthe applicant to hold the gold to be acquired cluding acquisitions for industry, profession, or thereunder for the period specified therein unart for which see Article 14), shall be made on less it is sooner used for the transaction with 1 The Executive Order of March 10, 1933, provides in part as follows:respect to which the license was granted. If a "No permission to any banking institution to perform any banking functions shall authorize such institution to pay out any gold coin, gold license is denied, the Federal Reserve bank will bullion, or gold certificates except as authorized by the Secretary of the Treasury, nor to allow withdrawal of any currency for hoarding, nor to be so advised and shall immediately notify the engage in any transaction in foreign exchange except such as may be applicant. The decision of the Secretary of the undertaken for legitimate and normal business requirements, for reasonable traveling and other personal requirements, and for the fulfillment of Treasury with respect to granting or denying a contracts entered into prior to March 6,1933." license is final. The Federal Reserve bank shall Under this provision Federal Reserve banks are prohibited from paying out any gold coin, gold bullion, or gold certificates except as authorizedmake a notation upon the duplicate of the appliby the Secretary of the Treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

603 OCTOBER 1933 FEDERAL RESERVE BULLETIN cation whether a license has been granted, and, if coin or gold bullion specified in such license granted, the date of the license and the amount upon payment therefor of an equivalent amount of the gold coin or gold bullion specified therein. of any form of coin or currency coined or issued (4) Delivery of gold coin or gold bullion by the United States. (Section 4 (a)).—Upon presentation and sur- (4) Report of disposition (Section 4 (b)).— render of a license issued pursuant to Section Immediately upon the disposition of gold coin 4 (a) to the Federal Reserve bank at which the or gold bullion acquired under a license issued application was received, such bank is author- pursuant to Section 4 (b), the licensee shall file ized to deliver the amount of gold coin or gold a report in duplicate with the Federal Reserve bullion specified in such license to the licensee bank through which the license was issued. upon payment therefor of an equivalent amount Such report shall be made on Form TGR-3 and of any form of coin or currency coined or issued shall be executed under oath before an officer by the United States. authorized to administer oaths. Upon the re- (5) Reports of disposition (Section 4 (a)).— ceipt of such report, the Federal Reserve bank Immediately upon the disposition of gold coin shall immediately transmit the original thereof or gold bullion acquired under a license issued to the Secretary of the Treasury and shall retain pursuant to Section 4 (a), the licensee shall file the duplicate for its records. a report in duplicate with the Federal Reserve ARTICLE 14. Acquisition of gold for use in bank through which the license was issued. industry, profession, or art (Section 4 (c)).— Such report shall be on Form TGR-2 and shall (1) Applications (Section 4 (c)).—Any perbe executed under oath before an officer au- son having a legitimate and customary use for thorized to administer oaths. Upon receipt of gold in industry, profession, or art, or any dealer such report, the Federal Reserve bank shall customarily supplying gold for such use, may immediately transmit the original thereof to file with a Mint an application for a license the Secretary of the Treasury and retain the under Section 4 (c) to acquire from time to duplicate for its records. time, and thereafter to hold in stock, such ARTICLE 13. (1) Acquisition for export (Sec- quantity of gold as may be required for this tion 4 (b)).—An application for a license to use. Such application shall be made on Form acquire gold coin or gold bullion for export TG-4 and filed with a Mint. under a license issued pursuant to Section 6 (c) (2) Licenses (Section 4 (c)).—Upon receipt or (d) shall be made in duplicate on Form TG-3 of the application and after making such inand shall be filed with a Federal Reserve bank. vestigation of the case as it may deem advisable, The Federal Reserve bank, after making such the Mint, if satisfied that the gold is necessary investigation of the case as it may deem neces- for the legitimate and customary requirements sary, shall transmit the original of the applica- of the applicant's industry, profession, art, or tion to the Secretary of the Treasury, together business, shall issue to the applicant on behalf with such supplemental information as it may of the Secretary of the Treasury a license on deem appropriate, and its recommendation as Form TGL-4 to acquire from time to time, and to whether the license should be granted or hold in stock, such quantity of gold (not in denied. The Federal Reserve bank shall retain excess of the amount applied for) as in the the duplicate of the application for its records. opinion of the Mint may be necessary for the (2) Licenses (Section 4 (b)).—If the Secre- applicant's requirements. tary of the Treasury, in his discretion, deter- Every holder of a license issued pursuant to mines to grant a license to the applicant under this Article shall be entitled to hold an amount this Article, the Federal Reserve bank through of gold not exceeding at any one time the which the application was transmitted will be amount of gold stated in the license, so long authorized to issue a license on his behalf to as he remains engaged in the industry, prosuch applicant to acquire gold coin or gold fession, art, or business stated in the applicabullion for export under a license issued pur- tion. As the licensee's stock of gold shall besuant to Section 6 (c) or (d). Such license shall come depleted by its use in the industry, probe on Form TGL-3. fession, or art in which he is engaged, or the (3) Delivery of gold coin or gold bullion industry, profession, or art which is supplied (Section 4 (b)).—Upon presentation and sur- by the licensee as a dealer, the licensee shall render to the Federal Reserve bank at which the be entitled to replenish his stock of gold by application was filed, of a license issued pur- acquisitions in accordance with the provisions suant to Section 4 (b), such bank is authorized of his license, without being required to file to deliver to the licensee the amount of gold further applications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

604 FEDERAL RESERVE BULLETIN OCTOBER 1933 (3) Eecords (Sections 4 (c) and 5 (b)).— retain any interest, legal or equitable, in any gold Every person holding a license issued pursuant coin, gold bullion, or gold certificates situated in the United States and owned by any person subject to to Sections 4 (c) or 5 (b) shall keep an exact the jurisdiction of the United States, except under record of all acquisitions and deliveries of fine license therefor issued pursuant to this Executive gold, gold contained in alloyed golds in any Order; provided, however, that licenses shall not be form for further manufacture, and gold derived required in order to hold in possession or retain an interest in gold coin, gold bullion, or gold certificates from (i) refined bars, ingots, plates, and the with respect to which a return need not be filed under like, (ii) refinings, and (iii) dental scrap, Section 3 hereof. broken-up jewelry, watch cases, optical frames, The Secretary of the Treasury, subject to such and the like, which have not been melted. further regulations as he may prescribe, shall issue Such record shall contain the name, address, licenses authorizing the holding of— (a) Gold coin, gold bullion, and gold certifiand license number of each person from whom cates, which the Secretary is satisfied are required he acquires and to whom he delivers such gold, by the person owning the same for necessary and and shall be available for examination by a lawful transactions for which currency, other than representative of the Treasury Department for gold certificates, cannot be used; (b) Gold bullion which the Secretary, or such at least one year after the date of the disposiagency as he may designate, is satisfied is required tion of such gold. for legitimate and customary use in industry, (4) Reports (Sections 4 (c) and 5 (b)).—A profession, or art by a person regularly engaged report shall be made by every person holding in such industry, profession, or art or in the business of furnishing gold therefor; a license issued pursuant to Sections 4 (c) or (c) Gold coin and gold bullion earmarked or 5 (b) for each month in which such person ac- held in trust since before April 20, 1933, for a quires, holds, or disposes of fine gold, gold recognized foreign government or foreign central contained in alloyed golds in any form for bank or the Bank for International Settlements; and further manufacture, and gold derived from (i) (d) Gold coin and gold bullion imported for unrefined bars, ingots, plates, and the like, reexport or held pending action upon application (ii) refinings, and (iii) dental scrap, broken-up for export licenses. jewelry, watch cases, optical frames, and the ARTICLE 16. Returns considered as applicalike, which have not been melted. Such re- tions to hold (Sections 3 and 5).—A return made port shall be made on Form TGR-4, shall be on Form TG-1 and filed in accordance with executed under oath before an officer author- Section 3 by the owner of gold coin, gold ized to administer oaths, and shall be filed bullion, or gold certificates described therein, with the Secretary of the Treasury on or be- or his duly authorized agent, shall be deemed fore the 15th day of each month. Such report an application for the issuance under Section shall cover the period of the calendar month 5 of a license to hold such coin, bullion, and preceding the month in which the report is certificates. Further application is not refiled. quired to be made or filed with respect to such ARTICLE 15.—Persons from whom acqui- gold. The Secretary of the Treasury may, sitions may be made (Section 4 (c)).—A however, withhold action upon any such return license to acquire and hold gold for legitimate pending receipt from the applicant, or the and customary use in industry, profession, or determination by further investigation, of such art, issued under Section 4 (c) of the Executive additional information as the Secretary deems Order shall authorize the licensee to acquire necessary to establish that the gold coin, gold only (1) gold bullion recovered from natural bullion, or gold certificates described in the deposits in the United States or any place sub- return are required by the person owning the ject to the jurisdiction thereof and sold under same for the purpose specified in Section 5 (a) consignment in accordance with Articles 29 to or (b), or that the application comes within 35, inclusive, (2) gold held under license to the provisions of Section 5(c) or (d). acquire or hold in stock for use in industry, ARTICLE 17. Licenses to hold (Sections 3 and profession, or art, or (3) dental scrap, broken- 5).—A license on Form TGL-1 to hold gold up jewelry, watch cases, optical frames, and coin, gold bullion, or gold certificates will the like, which have not been melted. entitle the holder to hold such coin, bullion, or certificates stated in the license during the HOLDING period of time, and for the purpose or purposes, specified in the license. The license will be EXECUTIVE ORDER OP AUGUST 28, 1933 mailed to the person who executed the return SECTION 5. Holding of gold coin, gold bullion, and at the address given in the return. If a license gold certificates.—After thirty days from the date of this Order no person shall hold in his possession or is denied, the Secretary of the Treasury will Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

605 OCTOBER 1933 FEDERAL RESERVE BULLETIN advise the person who executed the return by for a recognized foreign government, foreign centelegraph or by letter mailed to the address tral bank, or the Bank for International Settlements; given in the return. Failure to receive advice (6) The export of gold, (i) imported for reexport, that a license has been denied shall not be con- (ii) refined from gold-bearing materials imported strued as evidence that the license has been by the applicant under an agreement to export granted. gold, or (iii) in bullion containing not. more than five ounces of gold per ton; ARTICLE 18. (1) Reports of disposition of (c) The export of gold coin or gold bullion to gold held (Sections 8 and 5).—Any person hold- the extent actually required for the fulfillment of a ing gold coin, gold bullion, or gold certificates contract entered into by the applicant prior to under a license issued pursuant to Article 17 April 20, 1933; but not in excess of the amount of the gold coin, gold bullion, and gold certificates who shall at any time dispose of such gold surrendered by the applicant on or after March coin, gold bullion, or gold certificates in 9, 1933, to a banking institution in the conaccordance with the terms of the license (or tinental United States or to the Treasurer of the otherwise), shall immediately file a report in United States; and (d) The earmarking for foreign account and/or duplicate on the appropriate form designated export of gold coin or gold bullion, with the in the license with the Secretary of the Treas- approval of the President, for transactions which ury. Such report shall be executed under the Secretary of the Treasury may deem necesoath before an officer authorized to administer sary to promote the public interest. oaths. SECTION 7.—United States possessions—Shipments thereto.—The provisions of Sections 3 and 5 of this order shall not apply to gold coin, gold bullion, or gold EXECUTIVE ORDER OF AUGUST 28, 1933 certificates which are situated in the Philippine Islands, SECTION 7. United States possessions—Shipments American Samoa, Guam, Hawaii, Panama Canal Zone, thereto.—The provisions of Sections 3 and 5 of this Puerto Rico, or the Virgin Islands of the United States, Order shall not apply to gold coin, gold bullion, or gold and are owned by a person not domiciled in the concertificates which are situated in the Philippine Islands, tinental United States. The provisions of Section 4 American Samoa, Guam, Hawaii, Panama Canal Zone, shall not apply to acquisitions by persons within the Puerto Rico, or the Virgin Islands of the United Philippine Islands, American Samoa, Guam, Hawaii, States, and are owned by a person not domiciled in the Panama Canal Zone, Puerto Rico, or the Virgin Islands continental United States. The provisions of Section of the United States of gold coin or gold bullion which 4 shall not apply to acquisitions by persons within the has not been taken or sent thereto since April 5, 1933, Philippine Islands, American Samoa, Guam, Hawaii, from the continental United States or any place subject Panama Canal Zone, Puerto Rico, or the Virgin Is- to the jurisdiction thereof. lands of the United States of gold coin or gold bullion ARTICLE 20. Earmarking or export of gold which has not been taken or sent thereto since April coin or bullion (Sections 4 (b) and 6 (a), (c), 5, 1933, from the continental United States or any place subject to the jurisdiction thereof. and(d)).— (1) Applications.—An application for a li- ARTICLE 19. United States possessions (Seccense to export under Section 6 (a) or (c) or to tion 7).—A person not domiciled in the contiearmark for foreign account or export under nental United States who owns gold coin, gold Section 6 (d) shall be made on Form TG-3 bullion, or gold certificates situated in the and shall be filed with a Federal Reserve bank. Philippine Islands, American Samoa, Guam, The application shall also constitute an appli- Hawaii, Panama Canal Zone, Puerto Rico, or cation for a license to acquire gold for purposes the Virgin Islands of the United States is not required to obtain a license from the Secretary of Section 6 (c) and (d) as provided in Article 13. of the Treasury to hold such gold coin, gold The bank, after making such investigation of bullion, or gold certificates. the case as it may deem necessary, shall transmit the original of the application to the Secre- EARMARKING AND EXPORT tary of the Treasury, together with (a) such supplemental information as it may deem ap- EXECUTIVE ORDER OF AUGUST 28, 1933 propriate and (b) its recommendation as to whether the license should be granted or SECTION 6. Earmarking and export of gold coin and gold bullion.—After the date of this Order no person denied. The duplicate of the application shall shall earmark or export any gold coin, gold bullion, or be retained by the Federal Reserve bank for gold certificates from the United States, except under its records. license therefor issued by the Secretary of the Treasury pursuant to the provisions of this Order. (2) Licenses (Sections 4 (b) and 6 (a), (c), The Secretary of the Treasury, in his discretion and and (d)).—If the Secretary of the Treasury in subject to such regulations as he may prescribe, may his discretion determines to grant a license issue licenses authorizing— upon an application filed under this Article, he (a) The export of gold coin or gold bullion earmarked or held in trust since before April 20,1933, will advise the Federal Reserve bank through 13935—33—3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 FEDERAL RESERVE BULLETIN OCTOBER 1933 which the application was transmitted to issue, cation on Form TG-5 with the Assay Office or on his behalf, a license to export a specified the Mint, which has been designated to receive amount of gold coin or gold bullion, and to a copy of the entry, for a license to export gold acquire and hold for such export a specified bullion not in excess of the amount shown by amount of gold coin or gold bullion, and the the settlement sheet covering the importation. Federal Reserve bank shall thereupon issue on The application shall be accompanied by two behalf of the Secretary of the Treasury such duly attested copies of the settlement sheet. license to the applicant on Form TGL-3. If (5) Issuance of serial numbered certificates the license is not granted, the Federal Reserve (Section 6 (b) (ii)).—If the Mint is satisfied as bank through which the application was trans- to the accuracy of the data shown on such mitted will be advised and shall thereupon so application, it shall issue to the importer a notify the applicant. dated serial numbered certificate which shall ARTICLE 21. Import for smelting and/or refin- show the amount of gold specified by the appliing and export (Section 6 (b) (ii)).— cation and the amount specified by the settle- (1) Notation upon entry (Section 6 (b) (ii)).— ment sheet. The Director of the Mint shall Upon the formal entry into the United States prescribe the form of such certificate. of gold-bearing ores, or any other gold-bearing (6) Licenses (Section 6 (b) (ii)).—Upon materials imported into the United States for delivery to the Mint, within 120 days from the smelting and/or refining under an agreement date it w^as issued, of the serial numbered providing for the export of gold bullion, the certificate the Mint shall issue to the applicant importer shall notify the Collector of Customs on behalf of the Secretary of the Treasury a at the port where the gold-bearing ore or ma- license on Form TGL-5 to export gold bullion terial is formally entered that the importation in an amount not exceeding the amount specified is made under such agreement. The Collector in the settlement sheet as shown on such shall make a notation on the entry to this certificate. effect and forward a copy of the entry to the (7) Exportation prior to receipt of settle- United States Assay Office at New York, New ment sheets (Section 6 (b) (ii)).—Upon a York, or to the United States Mint at San showing in the application that an exportation Francisco, California, whichever is designated with respect to any gold-bearing ores or materiby the importer. als imported into the United States for smelting (2) Sampling and assaying (Section 6 (b) and/or refining under an agreement providing (ii)).—Promptly upon the receipt of each im- for the export of gold bullion is necessary prior portation of gold-bearing ore or material at the to the time when the settlement sheet can be plant where it is first to be treated, it shall be procured, the Mint may receive the applicaweighed, sampled and assayed for gold content. tion with duplicate certified copies of the report A reserve commercial sample shall be retained of the applicant's actual test assay. If prior at such plant for at least one year from the reports of such applicant have been subdate the importation was received by the stantiated approximately by the settlement plant unless the assay is sooner verified by the sheets, the Mint may grant a license to export Treasury Department. up to 90% of the amount of gold which such (3) Plant records (Section 6 (b) (ii)).—The report estimates will be realized from such importer shall cause an exact record, covering gold-bearing ores or materials. each importation, to be kept at the plant of first ARTICLE 22. Gold imported for reexport treatment. The record shall show the gross (Section 6 (b) (i)),—The provisions of Article 20 wet weight of the importation, the weight of insofar as applicable shall be complied with by containers, if any, the net wet weight, the per- every person desiring a license to export gold centage and weight of moisture, the net dry imported for reexport. A license is not required weight, the gold content shown by the settle- for the export of gold shipments from abroad ment assay, and the amount of gold bullion invoiced for continuous transshipment and required to be exported under the agreement. reexport from a designated point, if such An attested copy of such record shall be filed shipments remain under Customs' custody promptly with the Assay Office or the Mint, throughout the period of transit within the which has been designated to receive a copy of United States. the entry. ARTICLE 23. Gold contained in other metals (4) Application for export license (Section 6 (Section 6 (b) (iii)).— (b) (ii)).—Not later than sixty days from the (1) Applications.—Applications for licenses date of entry, the importer shall file an appli- under Section 6 (b) (iii) for the export of gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

607 OCTOBER 1933 FEDERAL RESERVE BULLETIN in metals containing not more than five troy ARTICLE 26. Investigation in connection with ounces of gold per short ton of such metals shipments of gold coin, gold bullion, or gold shall be made on Form TG-6 and filed with a certificates (Section 9).—Each Collector of Mint. A commercial sample of the metal shall Customs or Postmaster may cause an investiaccompany the application whenever required gation to be made to determine if any of the by the Mint. gold coin, gold bullion, or gold certificates pre- (2) Licenses (Section 6 (b) (iii)).—If the sented to him in the course of, or for, transpor- Mint is satisfied as to the accuracy of the data tation beyond the limits of the continental shown on such application and is satisfied that United States are held or are to be acquired in the exportation is made in the course of the violation of the provisions of the Executive applicant's regular business of supplying the Orders. Such gold coin, gold bullion, or gold metal other than the gold contained therein, he certificates may be detained pending such inmay issue to the applicant a license on Form vestigation and pending receipt of instructions TGL-6 to export the metal described in the from the Commissioner of Customs or the application in an amount not in excess of the Postmaster General, or the persons designated amount for which application has been made. by them for that purpose. ARTICLE 24. Notice to Collectors of Customs In the event that any gold is presented to a of license to export (Section 6).—At the time Collector of Customs or Postmaster in the any license to export gold coin or gold bullion course of, or for, transportation to any foreign (including metals containing gold) is issued, country, and the export is not covered by a the issuing Federal Reserve bank or Mint shall proper license to export, the Collector of Custransmit a copy thereof to the Collector of toms shall refuse to permit the gold to pass and Customs at the port of export designated in the Postmaster shall refuse to accept the gold the license. Collectors of Customs shall not for mailing, until the person carrying, shipping, permit the export of any gold coin or gold or mailing the gold has filed an affidavit conbullion (including metals containing gold) taining information required by the Commisexcept upon surrender of a license to export, a sioner of Customs or Postmaster General, recopy of which has been received by him from spectively, with respect to each article conthe Federal Reserve bank or the Mint issuing taining gold and until advice is received from such license. The Collector of Customs to the Commissioner of Customs or the Postmaswhom a license to export is surrendered shall ter General, or the persons designated by them cancel such license and return it to the Federal that such shipment is not in violation of the Reserve bank or Mint which issued the same. Executive Orders. In the event that the shipment is to be made by mail, a copy of the export license shall be sent EXECUTIVE ORDER OF AUGUST 28, 1933 to the Postmaster of the post office designated SECTION 10. Whoever willfully violates any provision in the application, who will act under the of this Executive Order or of any license, order, rule, or instructions of the Postmaster General in regulation issued or prescribed hereunder, shall, upon conviction, be fined not more than $10,000, or, if a regard thereto. natural person, may be imprisoned for not more than ARTICLE 25. Expiration of export licenses 10 years, or both; and any officer, director, or agent of (Section 6).—All licenses to export gold coin or any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, gold bullion shall expire 15 days after the date or both. of issue, and no person shall hold such gold coin or gold bullion in the United States after the ARTICLE 27. Penalties (Section 10).—Whoexpiration of his license to export, unless other- ever willfully violates any provision of these wise licensed to hold the gold coin or gold Regulations or of any license, order, rule, or bullion described in the license to export. regulation issued or prescribed hereunder, shall, upon conviction, be fined not more than EXECUTIVE ORDER OF AUGUST 28, 1933 $10,000, or, if a natural person, may be im- SECTION 9. The Secretary of the Treasury is hereby prisoned for not more than ten years, or both; authorized and empowered to issue such regulations as and any officer, director, or agent of any corhe may deem necessary to carry out the purposes of this Order. Such regulations may provide for the de- poration who knowingly participates in such tention in the United States of any gold coin, gold violation may be punished by a like fine, imbullion, or gold certificates sought to be transported prisonment, or both. The making and filing beyond the limits of the continental United States, of any return, application, report, or record for pending an investigation to determine if such coin, bullion, or certificates are held or are to be acquired the acquisition, earmarking, export, holding or in violation of the provisions of this Executive disposition of gold coin, gold bullion, or gold Order. * * * certificates, which contains false information is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

608 FEDERAL RESERVE BULLETIN OCTOBEE 1933 a violation of the Executive Orders of August able in the free gold markets of the world after taking 28, 1933, and August 29, 1933, and of these into consideration any incidental expenses such as shipping costs and insurance. Regulations. The disposition of gold held Such sales may be made through the Federal Reserve under a license for purposes other than those banks or such other agents as the Secretary may from stated in the application for such license or in time to time designate and shall be subject to such the license shall constitute a violation of the charges as the Secretary may from time to time in his judgment determine. Executive Orders and of these Regulations. Every person depositing gold for sale as provided herein shall be deemed to have agreed to accept as EXECUTIVE OKDER OF AUGUST 28, 1933 conclusive without any right of recourse or review, the SECTION 11. The Executive Orders of April 5, 1933, determination of the Secretary or his duly authorized forbidding the hoarding of gold coin, gold bullion, and agent as to the amount due such person as a result of gold certificates, and April 20, 1933, relating to foreign any sale. exchange and the earmarking and export of gold coin or Consignments shall be sold as nearly as may be in bullion or currency, respectively, are hereby revoked. the order of their receipt. The revocation of such prior Executive Orders shall not affect any act done, or any right accruing or accrued, or any suit or proceeding had or commenced in ARTICLE 29. Gold received on consignment any civil or criminal cause prior to said revocation, but for sale.—The Secretary of the Treasury under all liabilities under said Executive Orders shall continue and may be enforced in the same manner as if the conditions specified in this and the followsaid revocation had not been made. This Executive ing Articles of these Regulations, and subject Order and any regulations or licenses issued hereunder to the appropriate regulations governing the may be modified or revoked at any time. Mints and Assay Offices, will receive at any ARTICLE 28. Regulations of April 29, 1933, United States Mint or Assay Office on conrevoked (Section 11).—The Regulations issued signment for sale under the provisions of the April 29, 1933, under the Executive Orders of Executive Order of August 29, 1933, gold April 5 and April 20, 1933, are revoked. The recovered from natural deposits in the United revocation of such Regulations shall not affect States or any place subject to the jurisdiction any act done or any right accruing or accrued thereof, unless such gold was held prior to or any suit had or commenced in any civil or August 28, 1933, in noncompliance with the criminal cause prior to said revocation, but all terms of the Executive Order of April 5, 1933, liabilities under said Regulations shall con- and/or the Regulations issued thereunder, or tinue and may be enforced as if said revocation was held after August 28, 1933, in noncomhad not been made. pliance with the Executive Order of August 28, A license issued pursuant to the Regulations 1933, and/or the Regulations issued thereunder. issued April 29, 1933, to acquire, withhold, Gold which was at any time prior to August earmark, or export gold coin, gold bullion, and 28, 1933, in the possession of or owned in whole gold certificates shall not be deemed to have or in part by a bank (except gold in its natural modified or revoked by reason of the state purchased by a bank directly from miners oeen revocation of such Regulations. and which gold has not been held by such bank in noncompliance with the Executive Orders PART II of April 5 and August 28, 1933), Mint or Assay Office in the form of coin or bullion, will not be EXECUTIVE OKDER OF AUGUST 29, 1933 received on consignment for sale. By virtue of the authority vested in me by Section 5 (b) of the Act of October 6, 1917, as amended by Gold will be received in amounts of not less Section 2 of the Act of March 9, 1933, entitled "An than two ounces of fine gold and in the follow- Act to Provide Relief in the Existing National Emering forms: Bars, kings, buttons, retort sponge, gency in Banking and for other Purposes", I, FRANKlumps, grains, and dust in their native state LIN D. ROOSEVELT, PRESIDENT of the UNITED STATES of AMERICA, do declare that a period of national free from earth and stone, or nearly so. Conemergency exists, and by virtue of said authority and of signments shall not contain less than 200 parts all other authority vested in me, do hereby issue the of gold in 1,000 by assay. In the case of following Executive Order: The Secretary of the Treasury is hereby authorized gold forwarded to a Mint by mail or express, to receive on consignment for sale, subject to such the original package will not be opened until rules and regulations and upon such conditions as he an invoice of the description and weight of shall prescribe, gold recovered from natural deposits in each such package shall have been received. the United States or any place subject to the jurisdiction thereof. Sales may be made: When there is a material discrepancy between (a) To persons licensed to acquire gold for use the actual and invoice weights of a consignin the arts, industries, or professions, or ment, further action with regard to it will be (6) By export to foreign purchasers. deferred pending communication with the Such sales shall be made at a price which the Secretary shall determine to be equal to the best price obtain- consignor. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 609 ARTICLE 30. Rejection of gold by Mint.— ARTICLE 33. Agreement by consignor.—A Consignments which are unsuitable for Mint Mint shall not receive gold for sale under the treatment shall be rejected and returned to the provisions of the Executive Order of August 29, person delivering the same at his risk and ex- 1933, unless full compliance with these Regupense. Consignments which the Mint is not lations is shown to its satisfaction, and until satisfied were recovered from natural deposits the person owning the gold, or his duly authorin the United States or otherwise do not meet ized agent, has signed a written agreement to the requirements of these Regulations will be accept as conclusive without any right of redisposed of in accordance with applicable law. course or review, the determination of the Sec- ARTICLE 31. Affidavits accompanying deliv- retary of the Treasury or his duly authorized ery of gold.—Every person delivering gold pro- agent as to the amount due such person as a duced exclusively from a mine or placer deposit result of any sale of the gold deposited. owned, controlled, or leased by him, to the ARTICLE 34. Disposition of gold received on Secretary of the Treasury for sale shall at the consignment for sale.—When, after a delivery time of the delivery of such gold file with the of gold on consignment for sale, the Mint is Mint a proper affidavit, in duplicate, on Form satisfied that the same may properly be sold TG-7. Every person engaged in the business under the provisions of the Executive Order of of operating a custom mill, smelter, or refinery August 29, 1933, and of these Regulations, and shall at the time of such delivery file with the that the consignor has fully complied with the Mint a proper affidavit, in duplicate, on Form same, and after assay, it shall certify to the TG-8. If any person other than a person en- Federal Reserve bank in the district in which gaged in the business of operating a custom mill, the Mint is located that it has available for smelter, or refinery, who delivers gold, has pur- sale, in accordance with the Executive Order chased the same in its natural state directly of August 29, 1933, for the account of the person from persons who have recovered such gold by whom or on whose behalf the gold was eonfrom mines wholly owned, controlled, or leased signed, the amount of gold shown by such assay, by the sellers, such consignor shall at the time and shall also certify the Mint charges appliof delivery submit an affidavit, in duplicate, on cable thereto. Form TG-8 to which shall be attached affidavits The Federal Reserve banks are authorized to on Form TG-7, executed by each person from sell such gold, as nearly as may be in the order whom any of such gold was purchased. One of certification, to persons licensed to acquire copy of such affidavit shall be forwarded by gold for use in the arts, industries, or profesthe Mint to the Director of the Mint. sions, at the price determined from time to time ARTICLE 32. Records and reports.—Every by the Secretary of the Treasury. The Secreperson delivering gold on consignment for sale tary of the Treasury will telegraph daily to the shall keep accurate records of all gold mined or Federal Reserve banks the price which he deteracquired and such records shall be available for mines is equal to the best price obtainable in examination by a representative of the Treasury the free gold markets of the world less expenses Department for at least one year after such incident to shipment and sale. If such gold is delivery. Such person shall also file with the not sold upon the day of or the two days (exclu- Director of the Mint, on or before the twenty- sive of Saturdays, Sundays, and Holidays) folfifth day of each month after the date the first lowing its certification to a Federal Reserve consignment of gold is made, a report covering bank, it shall be offered for sale to foreign purthe period of the preceding calendar month, chasers by the Federal Reserve Bank of New provided, that the first report shall cover the York. period from April 1, 1933, to the end of the Proceeds of sales, less the charges determined calendar month preceding the date of the report. by the Secretary, and Mint charges, shall be Such report shall be made under oath on Form paid to the consignor by the Federal Reserve TGR-7, if the consignor produces gold exclu- bank of the district where such gold was depossively from mines or placer deposits which are ited. In cases of sales made abroad 98 percent wholly owned, controlled or leased by him, and of such net proceeds shall be paid upon receipt on Form TGR-8, if the consignor is engaged in of telegraphic remittance from abroad, the rethe business of operating a custom mill, smelter, mainder upon receipt of final statement by mail. or refinery. If the person delivering the gold is ARTICLE 35. Export of gold.—Gold sold to engaged in the business of purchasing gold in foreign purchasers under Article 34 may be exits natural state from others, such report shall ported by the Federal Reserve Bank of New be made on Form TGR-8. York without requirement of a license. Such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

610 FEDERAL RESERVE BULLETIN OCTOBER 1933 bank shall certify to the Collector of Customs granted to export articles fabricated from gold, of the port at which export is to be made that the issuing Federal Reserve bank shall notify such gold was so sold, and the Collector is the Collector of Customs at the port of export authorized to permit the export thereof. or the Postmaster designated in the application, as is required by Article 24, and the pro- EXECUTIVE ORDER OF AUGUST 29,1933 visions of that Article shall be complied with The Secretary of the Treasury, in his discretion and subject to such regulations as he may prescribe, is insofar as applicable. hereby authorized to issue licenses permitting the export of articles fabricated from gold sold pursuant to this Executive Order. PART III ARTICLE 36. Export of fabricated gold.—No ARTICLE 37. Forms available.—Any form, article fabricated from gold shall be exported the use of which is prescribed in these Regulaunless the value thereof depends upon the form tions, may be obtained at United States Mints and not upon the gold content of the article,1 and Assay Offices and Federal Reserve banks except that articles fabricated from gold sold to and at the Treasury Department, Washington. the applicant by a Federal Reserve bank pur- ARTICLE 38. Revocation of prior regulasuant to the Executive Order of August 29, tions.—The temporary Regulations issued un- 1933, may be exported under license issued purder dates of August 31, September 1, and Sepsuant to this Article. tember 5, 1933, are revoked. The revocation (1) Application for license.—Application for of such Regulations shall not affect any act license to export articles fabricated from gold done or any right accruing or accrued or any sold pursuant to the Executive Order of August suit had or commenced in any civil or crim- 29, 1933, shall be made on Form TG-9 and filed inal cause prior to said revocation, but all with the Federal Reserve bank from which the liabilities under said Regulations shall continue applicant acquired such gold. Each applicaand may be enforced as if said revocation had tion shall be executed under oath before an not been made. officer authorized to administer oaths. A license issued pursuant to the Regulations (2) Licenses.—Upon receipt of the applicaissued August 31, September 1, and September tion and after making such investigation as it 5, 1933, to acquire, hold, earmark, or export may deem advisable, the Federal Reserve bank gold coin, gold bullion, or gold certificates may issue a license on Form TGL-9 to export shall not be deemed to have been modified or articles fabricated from an amount of gold not revoked by reason of the revocation of such in excess of the gold sold to the applicant by Regulations. such bank pursuant to the Executive Order of ARTICLE 39. Modification of regulations.— August 29, 1933. The provisions of these Regulations may be (3) Notice to Collectors of Customs and revoked or modified at any time. Postmasters.—At the time any license is DEAN ACHESON, i See article 26 with respect to the export of articles the value of which Acting Secretary of the Treasury. depends upon the form* CODE OF FAIR COMPETITION FOR BANKERS There is published herewith the Bankers taining an analysis of the said Code of Fair Competi- Code of Fair Competition as submitted by the tion, together with his recommendations and findings with respect thereto, and the Administrator having American Bankers Association, approved by found that the said Code of Fair Competition complies the National Recovery Administration, and in all respects with the pertinent provisions of Title I signed by the President of the United States, of said Act and thai the requirements of clauses (1) effective October 16, 1933. This Code applies and (2) of subsection (a) of Section 3 of said Act have been met: to all national banks, State banks, savings Now, therefore, I, Franklin D. Roosevelt, President banks (except mutual savings banks), trust of the United States, pursuant to the authority vested companies, and private bankers accepting in me by Title I of the National Industrial Recovery deposits in the United States proper. Act, approved June 16, 1933, and otherwise to adopt and approve the report, recommendations, and findings EXECUTIVE ORDER of the Administrator, and do order that the said Code of Fair Competition be, and is hereby, approved. CODE OF FAIR COMPETITION FOR BANKERS An application having been duly made, pursuant to FRANKLIN D. ROOSEVELT, and in full compliance with the provisions of Title I of A . . . President. the National Industrial Recovery Act, approved June Approval recommended: 16, 1933, for my approval of a Bankers' Code of Fair HUGH S. JOHNSON, Administrator. Competition, and hearings having been held thereon and the Administrator having rendered his report con- THE WHITE HOUSE, October 8, 1988. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBEK 1933 FEDERAL RESERVE BULLETIN 611 OCTOBER 2, 1933. are established as a Code of Fair Competition THE PRESIDENT, for Banks. The White House. . MY DEAR MR. PRESIDENT: I have the honor to sub- ARTICLE I—DEFINITIONS mit and recommend for your approval the Bankers' Code of Fair Competition. The term "bank" as used herein shall in- This Code was proposed by the American Bankers' clude all national banks, State banks, savings Association, founded in 1875. The association represents slightly more than 70 percent of the total number banks (except mutual savings banks), trust of banks and more than 94 percent of the banking companies, and private bankers accepting resources of the country. Membership requirements deposits, in the United States proper. therein impose no undue restrictions. The terms "employee" or "banking em- The Bankers' Code of Fair Competition has the approval of the association, the several Advisory ployee" as used herein shall mean any person Boards of the National Recovery Administration, and employed by a bank in any capacity in connecthe cooperation of officials of the Federal Reserve tion with its banking functions and operations. Board, the Treasury Department, and the Comptroller The term "United States proper" as used of the Currency's office. No objector from nonmembers of the association herein shall mean the 48 States of the United appeared at the hearing, nor did any such nonmember States and the District of Columbia. file any objection to the code. However, representa- The term "Administrator" as used herein tion on the code committee is provided in the code for shall mean the National Recovery Adminissuch nonmember banks. A compJete report is being transmitted herewith. trator. Important features may be summarized as follows: Population for the purposes of this code (A) Reemployment "and wages.—UP questionably, shall be determined by reference to the 1930 there has been a decided increase in both number of Federal Census. employees and their wages since the signing of the modification of the President's Reemployment Agreement, except in small country towTns. Bank staffs have ARTICLE II—EFFECTIVE DATE been held together as far as possible. Labor advisors stated that banks pay employees higher wages than are The effective date of this Code, except as paid by industry generally. Nevertheless, with the specifically provided for hereinafter, shall be desire to support the President's Recovery Program and to meet reasonably the request of labor, the bankers the second Monday after its approval by the agreed to revisions of the code, principally to reduce the President of the United States. time of apprenticeship from 12 to 6 months and to confine this group of employees to approximately 5 ARTICLE III—GENERAL LABOR PROVISIONS percent of entire personnel, as against the prevailing 10 percent in leading centers. These concessions and Employers shall comply with the following the shortening of hours, both contained in the code, will provisions of section 7 (a) of Title I of the bring about additional employment and higher wages. National Industrial Recovery Act: (B) Fair trade 'practices.—(1) Uniform maximum banking hours are provided for similar institutions in (1) Employees shall have the right to organany given area. (2) Payment of interest on deposits ize and bargain collectively through repreby all banks is brought under the Banking Act of 1933 sentatives of their own choosing and shall be and the rules and regulations of the Federal Reserve free from the interference, restraint, or coer- Board. This provision should eliminate competitive bidding for deposits and thus enable the banks to invest cion of employers of labor, or their agents, in more conservatively than in the past. (3) Service the designation of such representatives or in charges: These charges form a highly complicated phase self-organization or in other concerted activiof banking. I believe the Code 'Committee will be ties for the purpose of collective bargaining or empowered more fully to handle these problems and to unify the practices thereunder than any other agency other mutual aid or protection. heretofore established. (4) Trust services: In effect (2) No employee and no one seeking emthis provision is designed as an ethical standard for trust ployment shall be required as a condition of institutions. employment to join any company union or to I find that the code complies with the pertinent provisions of clauses (1) and (2), subsection (a) of refrain from joining, organizing, or assisting a section 3 of the National Industrial Recovery Act. labor organization of his own choosing. Respectfully, (3) Employers shall comply with the maxi- HUGH S. JOHNSON, mum hours of labor, minimum rates of pay, Administrator. and other conditions of employment, approved CODE OF FAIR COMPETITION FOR BANKERS or prescribed by the President. PREAMBLE ARTICLE IV—CHILD LABOR To effectuate the policy of Title I of the On and after the effective date of this Code, National Industrial Kecovery Act during the no person under sixteen (16) years of age shall period of emergency, the following provisions be employed by any bank; provided, however, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 FEDERAL RESERVE BULLETIN OCTOBER 1933 that where a State law prescribes a higher per week; no employee in cities between250,000 minimum age no person below the age specified and 500,000 population, or in the immediate by such State law shall be employed within trade area of such cities, shall be paid less than such State. at the rate of $14.50 per week; no employee in cities between 2,500 and 250,000 population or in the immediate trade area of such cities, shall ARTICLE V—HOURS OF EMPLOYMENT be paid less than at the rate of $14 per week. In towns of less than 2,500 population the (1) On and after the effective date of this wages of all classes of employees shall be in- Code no banking employee shall work or be creased by not less than 20 percent, provided permitted to work more than 40 hours per week that this shall not require an increase in wages averaged over a period of 13 consecutive weeks. to more than the rate of $12 per week. (2) The maximum hours of employment prescribed in the foregoing paragraph shall be (2) It is provided, however, that employees subject to the following exceptions: without previous banking experience or training employed as apprentices may be paid during a (a) In districts or sections of the country continuous period of not more than 6 months where the seasonal nature of commerce, agriat the rate of 80 percent of the minimum wages culture, or industry making necessary the prescribed in the foregoing paragraph. No moving of some product within a limited bank shall include within the category of apperiod imposes upon banking facilities an prentices more than one such employee for unusual demand, employees of banks subject every 20 employees or fraction thereof. to such peak demand may work 48 hours per week for a period not to exceed 16 consecutive (3) Employers shall not reduce the compenweeks in any calendar year. Any such increase sation for employment now in excess of the in hours of employment shall be reported minimum wages provided for herein, notwithmonthly to the Banking Code Committee pro- standing that the hours worked in such emvided for in Article VII hereinafter. ployment may be hereby reduced. (b) All banking employees required to perform extra work or observe later hours in ARTICLE VII—ADMINISTRATION connection with periodic examination by Fed- (1) To effectuate further the policies of the eral or State banking authorities, over which National Industrial Recovery Act, a Banking the bank has no control either as to the time Code Committee is hereby set up to act as a of occurrence or as to the duration, shall be planning and fair-practice agency and to exempt during such periods from the limitacooperate with the Administrator in the adtions upon hours of employment prescribed in ministration and enforcement of this Code.1 the foregoing paragraphs. This Committee shall consist of 15 representa- (c) Employees in banking institutions em- tives of the American Bankers Association, who ploying not more than two (2) persons in shall be truly representative of the membership addition to executive officers, in towns of less of the Association, a representative selected than 2,500 population, not part of a larger by fifty-one (51) percent (measured by total trade area, and employees in a managerial or resources) of the nonmembers of the American executive capacity or in any other capacity of Bankers Association, and a representative or distinction or sole responsibility (regardless of representatives, without vote, appointed by the the location of the bank), who receive more President of the United States. than $35 per week, shall be exempt from the (2) The Banking Code Committee may from limitations upon hours of employment pre- time to time present to the Administrator recscribed in the foregoing paragraphs. ommendations, based upon conditions in the (d) These provisions for working hours shall banking business, which will tend to effectuate not apply to night watchmen employed to safe- the operation of the provisions of this Code and guard the assets of the bank, who cannot with the policy of the National Industrial Recovery safety be shifted or changed during the night Act. Such recommendations shall, upon apperiod. proval of the Administrator after such public ARTICLE VI—WAGES notice and hearing as he may prescribe, become operative as part of this Code. (1) On and after the effective date of this (3) The Banking Code Committee may, Code no employee in cities of over 500,000 pop- subject to the approval of the Administrator, ulation, or in the immediate trade area of such cities, shall be paid less than at the rate of $15 1 The office of the Banking Code Committee, Frank W. Simmonds. Secretary, has been established at 22 East 40th Street, New York City, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 613 require from all banks such reports as are ARTICLE VIII—FAIR TRADE PRACTICES necessary to effectuate the purposes of this To effectuate the purposes of the National Code, and shall upon its own initiative or upon Industrial Recovery Act all banks shall comply complaint of any person affected make inwith the following rules governing fair competivestigation as to the functioning and observance tion in banking practices, which shall become of any provision of the Code and report the effective 60 days after the approval of this results of such investigation to the Adminis- Code by the President of the United States: trator. (1) Hours of banking.—Within cities, trade (4) The Banking Code Committee shall, areas, counties, or such other area as is covered subject to the approval of the Administrator, by the regional clearing house, or other organsupervise the setting up of Regional Commitized group, banking institutions of the same tees according to the following plans: kind or character shall, subject to the approval (a) Where banks are now organized through of the Administrator, establish uniform maxi- State banking associations, city clearing-house mum hours of banking operations, but any associations, county groups, or otherwise, such bank in such a group may observe shorter hours organizations shall, with the approval of the than the maximum established. (Banks hav- Banking Code Committee, appoint a committee ing both commercial and savings accounts are for the purpose of assisting the Administrator to be construed as of the same character.) By and the Banking Code Committee in the ad- hours of banking operations is meant the ministration and enforcement of this Code period during which the doors of the banking within such local region. institution are open for the purpose of serving (b) Banks in regions or districts not now the public. It is not intended or required that organized shall, within 30 days after the effec- all banks within a given area shall maintain tive date of this Code, send duly qualified uniform banking hours, but it is the express representatives to a joint meeting called for intention of this provision that all banking the purpose of organizaing under the super- institutions of like kind and character shall vision of the Banking Code Committee a maintain uniform maximum hours each with Regional Clearing House Association or such the other. The uniform hours so adopted shall other committee along the lines of procedure not be less than those in effect in the majority set forth in the Manual of Organization and of the banks within any given district prior to Management of Regional Clearing House June 1, 1933, and if the hours of any bank are Associations, compiled by the American Bank- so reduced to conform with the majority, or if ers Association. any bank observes shorter hours than the (c) Where such action hereinbefore stipu- majority, then no such bank shall by reason of lated shall not have been taken within 30 days this fact reduce the number of its employees after the effective date of this Code, the Bank- below the number employed at the time such ing Code Committee may set up through the reduction in hours is made. State banking association or associations a (2) Interest.—Subject to the rules and regu- Regional Committee, or Committees. lations of the Federal Reserve Board with re- (5) The Committees provided for in the pre- spect to maximum rates of interest to be paid ceding paragraphs shall assist the Adminis- on time and savings deposits and the method of trator and the Banking Code Committee in calculation thereof, as prescribed in the Bankthe administration and enforcement of this ing Act of 1933, all banks within groups or Code within local areas and shall, subject to districts hereinbefore referred to (except investthe approval of the Administrator and of the ment banking houses accepting deposits, which Banking Code Committee, adopt local rules houses are subject to the Code of Fair Compeand regulations governing competitive prac- tition for Investment Bankers) shall maintain tices within local areas. the same maximum rates of interest and the (6) The Administrator may from time to same method of calculation thereof upon detime, after consultation with the Banking Code posits of like character, but this shall not be Committee, issue such administrative interpre- construed to require any bank to pay such tations of the various provisions of this Code maximum rates if it does not so desire. The as are necessary to effectuate its purpose within Banking Act of 1933 (sec. 11-B) provides that the provisions of the National Industrial no bank which is a member of the Federal Recovery Act of 1933, and such interpretations Reserve System may pay interest on demand shall become operative as a part of this Code. deposits; the rules and regulations provided by 13935—33 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 FEDERAL RESERVE BULLETIN OCTOBER 1933 clearing-house associations or other groups trial Recovery Act, from time to time to cancel shall contain a stipulation that no interest is or modify any order, approval, license, rule, or to be paid by any bank (except investment regulation issued under Title I of said Act, and banking houses accepting deposits, which specifically to the right of the President to houses are subject to the Code of Fair Compe- cancel or modify his approval of this Code or tition for Investment Bankers) within such any conditions imposed by him upon his group, whether member or nonmember of the approval thereof. Federal Keserve System, on demand deposits, (4) Such other provisions of this Code as are provided that nothing in these rules and regu- not required to be included therein by the lations shall be in contravention of the per- National Industrial Recovery Act may, with missive provisions of section 11-B of the the approval of the President, be modified or Banking Act of 1933. eliminated as changes in the circumstances or (3) Service charges.—Each clearing house, experience may indicate. county association, county group, or State (5) The provisions of this Code shall expire bank association, shall, subject to the approval on the expiration date of Title I of the Act or of the Administrator, adopt rules fixing uniform on the earliest date prior thereto on which the service charges to be charged by banks within President shall by proclamation, or the Consuch district or group in accordance with the gress shall by joint resolution, declare that the practice now in effect whereby services ren- emergency recognized by Section I of the dered by banks shall be compensated for either National Industrial Recovery Act has ended. by adequate balances carried or by a scale of charges. The Federal Reserve Act prohibits SCHEDULE A member banks from making any exchange A STATEMENT OP PRINCIPLES OF TRUST charge for remitting to the Federal Reserve INSTITUTIONS bank of their district for cash items, and since the Federal Reserve System provides a par TRUST DIVISION AMERICAN BANKERS ASSOCIATION, 1933 clearance plan, exchange charges as such shall FOREWORD be left to the determination of each individual This statement of principles has been formulated in bank. order that the fundamental principles of institutions engaged in trust business may be restated and thereby (4) Trust service.—Trust departments shall become better understood and recognized by the be operated in accordance with the provisions public as well as by trust institutions themselves, and of the Statement of Principles of Trust Institu- in order that H may serve as a guide for trust institions, adopted by the Trust Division of, and tutions. In the conduct of their business trusts institutions approved by, the Executive Council of the are governed by the cardinal principle that is common American Bankers Association on April 6, 1933. to all fiduciary relationships—namely, fidelity. Policies A statement of these principles is appended as predicated upon this principle have for their objective Schedule A and made a part of this Code. its expression in terms of safety, good management, and personal service. Practices developed under these policies are designed to promote efficiency in adminis- ARTICLE IX—GENERAL PROVISIONS tration and operation. -The fact that the services performed by trust institutions have become an integral part of the social (1) Membership in the American Bankers and economic structure of the United States makes the Association shall be open to all banks included principles of such institutions a matter of public interest. within the provisions of this Code, and said R. M. SIMS, Association shall impose no inequitable restric- President Trust Division, tions upon admission to membership therein. American Bankers1 Association. (2) It is expressly provided that no provision ARTICLE I—DEFINITION OF TERMS of this Code shall be interpreted or applied so as to conflict in any way with any Federal or SECTION 1. Trust institutions.—Trust insti- State banking law or any rule or order which tutions are corporations engaged in trust busihas been or may be issued by the Federal ness under authority of law. They embrace Reserve Board, the Comptroller of the Cur- not only trust companies that are engaged in rency, or by any State banking authority. trust business exclusively but also trust de- (3) This Code and all the provisions thereof partments of other corporations. are expressly made subject to the right of the SEC. 2. Trust business.—Trust business is President, in accordance with the provisions of the business of settling estates, administersection 10 (b) of Title I of the National Indus- ing trusts, and performing agencies in all Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

615 OCTOBER 1933 FEDERAL RESERVE BULLETIN appropriate cases for individuals; partnerships; conflict with the interests of the trust; to keep associations; business corporations; public, edu- and render accurate accounts with respect to cational, social, recreational, and charitable the administration of the trust; to acquaint institutions; and units of government. It is the beneficiaries with all material facts in conadvisable that a trust institution should limit nection with the trust; and, in administering the functions of its trust department to such the trust, to exercise the care a prudent man services. familiar with such matters would exercise as trustee of the property of others, adhering to ARTICLE II—ACCEPTANCE OF TRUST BUSINESS the rule that the trustee is primarily a conserver. A trust institution is under no obligation, SEC. 4. Corporate trust business.—In the either moral or legal, to accept all business that administration of corporate trusts and agencies is offered. the trust institution should render the same SECTION 1. Personal trust business.—With fine quality of service as it renders in the adrespect to the acceptance of personal trust busiministration of personal trusts and agencies. ness, the two determining factors are these: Promptness, accuracy, and protection are Is trust service needed, and can the service be fundamental requirements of efficient correndered properly? In personal trusts and porate trust service. The terms of the trust agencies the relationship is private and the instrument should be carried out with scruputrust institution is responsible to those only lous care and with particular attention to the who have or may have a financial interest in duties imposed therein upon the trustee for the account. the protection of the security holder. SEC. 2. Corporate trust business.—In considering the acceptance of a corporate trust or ARTICLE IV—OPERATION OF TRUST agency the trust institution should be satisfied DEPARTMENTS that the company concerned is in good standing and that the enterprise is of a proper nature. SECTION 1. Separation of trust properties.— The properties of each trust should be kept separate from those of all other trusts and sep- ARTICLE III—ADMINISTRATION OF TRUST arate also from the properties of the trust in- BUSINESS stitution itself. SECTION 1. Personal trusts.—In the adminis- SEC. 2. Investment of trust funds.—The intration of its personal trust business a trust vestment function of a trustee is care and maninstitution should strive at all times to render agement of property, not mere safekeeping at unexceptionable business and financial service, one extreme or speculation at the other. A but it should also be careful to render equally trust institution should devote to its trust ingood personal service to beneficiaries. The vestments all the care and skill that it has or first duty of a trust institution is to carry out can reasonably acquire. The responsibility the wishes of the creator of a trust as ex- for the investment of trust funds should not pressed in the trust instrument. Sympathetic, be reposed in an individual officer or employee tactful, personal relationships with immediate of a trust department. All investments should beneficiaries are essential to the performance be made, retained, or sold only upon the authorof this duty, keeping in mind also the interests ity of an investment committee composed of of ultimate beneficiaries. It should be the capable and experienced officers or directors of policy of trust institutions that all personal the institution. trusts should be under the direct supervision When the trust instrument definitely states of, and that beneficiaries should be brought the investment powers of the trustee, the terms into direct contact with, the administrative or of the instrument must be followed faithfully. senior officers of the trust department. If it should become unlawful or impossible or SEC. 2. Confidential relationships.—Personal against public policy to follow literally the trust service is of a confidential nature and the terms of the trust instrument, the trustee confidences reposed in a trust department by should promptly seek the guidance of the court a customer should never be revealed except about varying or interpreting the terms of the when required by law. instrument and should not act on its own SEC. 3. Fundamental duties of trustees.—It responsibility in this respect except in the face is the duty of a trustee to administer a trust of an emergency, when the guidance of the solely in the interest of the beneficiaries with- court beforehand could not be obtained. If out permitting the intrusion of interests of the the trust instrument is silent about trust intrustee or third parties that may in any way vestments or if it expressly leaves the selection Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 FEDERAL RESERVE BULLETIN OCTOBER 1933 and retention of trust investments to the judg- tomer cannot always obtain from printed ment and discretion of the trustee, the latter matter all he wishes to know about the proshould be governed by considerations of the tection and management the trust institution safety of principal and dependability of income will give his estate and the services it will and not by hope or expectation of unusual gain render his beneficiaries. through speculation. However, a trustee should SEC. 3. New trust department.—A corporanot be content with safety of principal alone tion should not enter the trust field except with to the disregard of the reasonable income re- a full appreciation of the responsibilities inquirements of the beneficiaries. volved. A new trust department should be It is a fundamental principle that a trustee established only if there is enough potential should not have any personal financial interest, trust business within the trade area of the direct or indirect, in the trust investments, institution to justify the proper personnel and bought for or sold to the trusts of which it is equipment. trustee, and that it should not purchase for it- SEC. 4. Entering corporate trust field,— self any securities or other property from any Since the need for trust and agency services to of its trusts. Accordingly, it follows that a corporations, outside of the centers of populatrust institution should not buy for or sell to tion, is much more limited than is that of trust its estates or trusts any securities or other and agency services to individuals, a trust instiproperty in which it, or its affiliate, has any tution should hestitate to enter the corporate personal financial interest, and should not pur- trust or agency field unless an actual demand chase for itself, or its affiliate, any securities or for such services is evident, and the institution other property from its estates or trusts. is specially equipped to render such service. ARTICLE V—COMPENSATION FOR TRUST ARTICLE VII—RELATIONSHIPS SERVICE SECTION 1. With public.—Although a trust SECTION 1. A trust institution is entitled to department is a distinctly private institution reasonable compensation for its services. Com- in its relations with its customers, it is affected pensation should be determined on the basis of with a public interest in its relations with the the cost of the service rendered and the community. In its relations with the public a responsibilities assumed. Minimum fees in trust institution should be ready and willing to any community for trust services should be give full information about its own financial uniform and applied uniformly and impartially responsibility, its staff and equipment, and the to all customers alike. safeguards thrown around trust business. SEC. 2. With bar.—Attorneys-at-law constitute a professional group that perform essential ARTICLE VI—PROMOTIONAL EFFORT functions in relation to trust business, and have SECTION 1. Advertising.—A trust institution a community of interest with trust institutions has the same right as any other business enter- in the common end of service to the public. prise to advertise its trust services in appro- The maintenance of harmonious relations bepriate ways. Its advertisements should be tween trust institutions and members of the dignified and not overstate or overemphasize bar is in the best interest of both, and of the the qualifications of the trust institutions. public as well. It is a fundamental principle There should be no implication that legal of this relationship that trust institutions services will be rendered. There should be no should not engage in the practice of law. reflection, expressed or implied, upon other SEC. 3. With life underwriters.—Life undertrust institutions or individuals, and the writers also constitute a group having a comadvertisements of all trust institutions should munity of interest with trust institutions in the be mutually helpful. common purpose of public service. Coopera- SEC. 2. Personal representation.—The pro- tion between trust institutions and life underpriety of having personal representatives of writers is productive of the best mutual service trust departments is based upon the same prin- to the public. It is a principle of this cooperaciple as that of advertising. Trust business is tion that trust institutions should not engage so individual and distinctive that the cus- in the business of selling life insurance. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

617 OCTOBER 1933 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled September 23 and released for publication September 25] The general level of industrial production The volume of freight shipped by rail dedeclined in August and the early part of Sep- clined slightly during August, on an average tember, reflecting reductions in activity of in- daily basis, although an increase is usual at this dustries in which there had been a rapid rise in time of year. previous months. Employment and wage pay- Commodity prices.—The general average of ments were larger in August than in July. wholesale commodity prices fluctuated within Production and employment.—The Federal a narrow range during August and early Sep- Reserve Board's seasonally adjusted index of tember at a level about 17 percent above the industrial production, which had been rising low point of last spring. Prices of individual rapidly for several months, declined from 100 commodities showed divergent movements, depercent of the 1923-25 average in July to 92 per- creases being reported for prices of domestic pent in August. The principal decreases were agricultural products, while prices of many in the primary textile industries, in flour milling, manufactured goods, of coal, petroleum, and and in output of steel ingots, which declined other industrial raw materials increased. Durfrom 59 percent of capacity in July to 49 per- ing the second and third weeks of September cent in August. Average daily output of auto- prices of commodities in organized markets admobiles declined somewhat from the level of vanced considerably. July. There were increases during the month Retail prices of food continued to advance. in production of petroleum, nonferrous metals, Foreign exchange.—In the foreign exchange and cigarettes; and output of lumber and coal markets the value of the dollar, in terms of the increased seasonally. French franc, declined from 75 percent of its During September, reports indicate further gold parity on August 15 to 65 percent on reductions in output of steel and flour; petro- September 22. leum production slackened under new restric- Bank credit.—At member banks in 90 leading tions, and output of lumber decreased. cities there was a growth of $200,000,000 in net Increases in employment between the middle demand deposits in the 4 weeks ending Septemof July and the middle of August, the latest date ber 13, following a decline of $800,000,000 befor which figures are available, were general in tween the middle of June and the middle of most lines of industry, and there were numerous August. More than half of the recent increase increases in wage rates and reductions in work- reflected a return of bankers' balances to New ing hours. Compared with the low point of York City banks. The banks gradually relast spring there has been an estimated increase duced their holdings of United States Governof 2,200,000 in number of industrial wage ment securities following an increase in the workers. week ending August 16, when a new issue of Value of construction contracts awarded, as Treasury bonds was sold, and on September 13 reported to the F. W. Dodge Corporation, in- their holdings were in about the same volume creased in August owing to awards lor public as in early August. There was some increase works, particularly highways and bridges; con- in commercial loans both at member banks in tracts for other types of construction were in New York City and in other leading cities. smaller volume than in July. Member bank balances at the reserve banks An increase of $1,000,000,000 in gross income continued to increase during August and the ol farmers for the year 1933 is indicated by esti- first 3 weeks of September, and excess reserves mates of the United States Department of Agri- of member banks reached $700,000,000. This culture, primarily as a result of higher prices increase reflected primarily additional purfor certain farm products, notwithstanding chases of Government securities by the Federal small crops of grains, hay, and potatoes. Reserve banks, which have averaged $35,000,- Distribution.—Sales by department stores 000 a week since August 16. Money in circuincreased in August, and the Board's index, lation, which usually increases at this season, which is adjusted for seasonal variations, ad- has shown little change in the past month, invanced from 71 to 75 percent of the 1923-25 dicating a continued return from hoards. average, the highest level since the spring of Money rates in the open market showed a 1932. The recent increase in dollar sales re- renewed decline during August and the first half flects to a large extent advancing prices. of September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 FEDERAL RESERVE BULLETIN OCTOBEB 1933 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS Weekly Basis: Wednesday Series MILLIONS OF DOLLARS MONEY IN CIRCULATION I 7000 7000 6000 6000 MEMBER BANK RESERVE BALANCES 2000 1000 1000 1925 1929 1930 J931. 1932 1933 Based on Wednesday figures; latest figures are for September 27. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

619 OCTOBER 1933 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES m [In millions of dollars] Averages of daily figures Reserve bank credit outstanding Factors of decrease Factors of increase Month or week B co il u ls n t d e i d s- bo B u il g ls ht m G c U S u e o n t r n v a i i t e t 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 c n g k o e- ld 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 l a o c ti i n o r e c n y u- M b r a e b e l s a a m e n n r b k c v e e e s r d m e N e p e m o t 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—May 486 41 1,413 1,960 4,273 1,788 5,456 2,138 77 350 June 495 50 1,697 2,262 3,956 1,787 5,530 2,062 65 348 July. 523 60 1,818 2,422 3,941 1,780 5,751 2,003 46 343 August. 451 37 1,850 2,353 4,031 1,796 5,720 2,073 40 347 September 387 34 1,848 2,282 4,140 1,826 5,685 2,181 35 347 October. 328 34 1,851 2,231 4,226 1,886 5,643 2,307 38 355 November 313 34 1,851 2,211 4,292 1,917 5,642 2,378 40 360 December 282 34 1,854 2,192 4,429 1,915 5,699 2,435 43 359 1933—January 255 32 1,806 2,110 4,547 1,901 5,631 2,516 60 351 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 September __ 138 2,202 2,358 4,327 1,951 5,632 2,439 169 346 Week ending (Saturday) 1933—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 1,851 2,224 4,314 1,972 5,815 2,177 164 354 June 3 305 1,880 2,213 4,315 1,965 5,814 2,165 161 353 June 10 284 1,907 2,216 4,316 1,980 5,784 2,199 178 351 June 17 255 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 1,979 2,210 4,318 1,956 5,702 2,273 163 346 July 8 2,008 2,229 4,318 1,957 5,746 2,244 169 345 J J u u l l y y 2 1 2 5 166 2 2 , , 0 0 1 1 6 3 2 2 t , 2 1 1 9 2 7 4 4 , , 3 3 1 1 9 9 1 1, , 9 9 3 2 6 8 5 5 , , 6 6 8 51 9 2 2 , , 2 2 5 6 4 7 1 18 7 8 2 3 3 4 4 6 4 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 10 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 Sept. 2 153 2,113 2,282 4,328 1,940 5,612 2,405 187 345 Sept. 9 147 2,150 2,316 4,329 1,945 5,652 2,410 181 347 Sept. 16 134 2,194 2,351 4,326 1,967 5,625 2,507 165 347 Sept. 23 _. 132 2,223 2,374 4,327 1,951 5,623 2,516 165 347 Sept. 30 132 2,260 2,408 4,326 1,949 5,622 2,556 157 348 End of month series Wednesday series 1933 1933 Apr. May June July Aug. Sept. Aug. Aug Sept. Sept. Sept. Sept. 30 31 30 31 30 23 30 6 13 20 Bills discounted 435 302 164 167 153 128 Bills discounted 150 153 145 133 130 133 Bills bought 171 20 48 7 7 Bills bought _.- 7 7 7 7 7 United States Government se- United States Government securities. _ 1,837 1,890 2,028 2,129 2,277 curities 2,094 2,129 2,166 2,203 2,238 2,274 Other reserve bank credit 16 10 Other reserve bank credit 7 9 12 14 13 Total reserve bank credit 2,459 2,218 2,220 2,209 2,297 2,421 Total reserve bank credit 2,258 2,298 2,330 2,357 2,388 2,421 Monetary gold stock ._ 4,312 4,315 4,318 4,320 4,329 4,324 Monetary gold stock . 4,328 4,328 4,329 4,327 4,327 4,324 Treasury currency adjusted 1,907 1,954 1,988 1,925 1,940 1,946 Treasury currency adjusted 1,961 1,942 1,953 1,963 1,946 1,948 Money in circulation 6,003 5,812 5,721 5,630 5,613 5, 650 Money in circulation 5,592 5,592 5,648 5,602 5,605 5,595 Member bank reserve balances, 2,132 2,167 2,292 2,294 2,409 2,538 Member bank reserve balances- 2,432 2,427 2,439 2,542 2,543 2,596 Nonmember deposits, etc 188 155 166 184 197 155 Unexpended capital funds, non- Unexpended capital funds 355 353 347 346 347 348 member bank deposits, etc 523 549 524 503 512 503 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

620 FEDERAL RESERVE BULLETIN OCTOBER 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] Sept. 30,1933 Aug. 31,1933 Sept. 30, 1932 ASSETS Gold with Federal Reserve agents 2,695,427 2, 757,676 2,188, 686 Gold redemption fund with United States Treasury _. 35,773 35,633 48,228 Gold held exclusively against Federal Reserve notes- 2,731,200 2,793,309 2,236,914 Gold settlement fund with Federal Reserve Board 608,948 553, 784 245,086 Gold and gold certificates held by banks _ 250,736 240,971 411,179 Total gold reserves-. __. 3, 590,884 3,588,064 2,893,179 Other cash i 213,962 231, 659 274, 630 Total gold reserves and other cash 3,804,846 !, 819,723 3,167,809 Redemption fund—federal Reserve bank notes. 10,045 8,024 Bills discounted: For member banks _ 127,350 152,157 330,882 For intermediate credit banks _ 285 For nonmember banks, etc _. 612" 719" 621 Total bills discounted. 127,962 152, 876 331, 788 Bills bought: Payable in dollars: Bought outright 853 2,456 Under resale agreement... Payable in foreign currencies.. 6,199 "~30,~849 Total bills bought. 6,921 6,894 33,305 United States Government securities: Bought outright 2,276, 768 2,128,286 1,851,011 Under resale agreement 74 800 2,658 Total United States Government securities... 2,276,842 2,129,086 1,853, 669 Other reserve bank credit: Municipal warrants. _. 1,837 1,854 4,824 Due from foreign banks 3,769 3,710 2,665 Reserve bank float (uncollected items in excess of deferred availability items). 3,311 2,855 6,367 Total Reserve bank credit outstanding __ 2,420,642 2, 297,275 2,232,618 Federal Reserve notes of other Reserve banks... _ 18,139 16,389 12, 540 Uncollected items not included in float __ 371,687 358,995 332,818 Bank premises 54, 554 54,455 58,126 All other assets 54,891 52,179 44,023 Total assets . 6, 734,804 6,607,040 5,847,934 Federal Reserve notes: Held by other Federal Reserve banks. 18,139 16,389 12, 540 Outside Federal Reserve banks _ 2,983,623 2,971,988 2, 737,144 Total notes in circulation 3,001,762 2,988,377 2, 749, 684 Federal Reserve bank notes in actual circulation 154,876 131,500 Deposits: Member bank—reserve account 2,537,619 2, 409,128 2, 224, 689 Government 56,179 69,005 51,347 Foreign bank 13,504 37, 376 8, 261 Special deposits: Member bank 73,151 76,883 Nonmember bank 15, 451 18,178 Other deposits 52,398 64,399 28,182 Total deposits 2, 748,302 2,674,969 2,312,479 Deferred availability items 371,687 358,995 332,818 Capital paid in 145,834 146,148 152,996 Surpplus 278, 599 278, 599 259,421 Alll otthher liabilities 33,744 28,452 40,536 Total liabilities 6, 734,804 6,607,040 5,847,934 Contingent liability on bills purchased for foreign correspondents 41,462 40,176 43,363 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Notes issued to Federal Reserve banks by Federal Reserve agents.. 3,242,433 3, 250,125 2,983,780 Collateral held by agents as security for notes issued to bank: Gold 2,695,427 2, 757,676 2,188,686 Eligible paper _ 79,588 97,898 315,325 United States Government securities 538, 200 449, 700 498, 600 Total collateral __. 3,313,215 3,305, 274 3,002, 611 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding) 180,140 152,629 Collateral pledged against outstanding notes: Discounted and purchased bills 2,093 2,724 United States Government securities. _. 207,674 179, 274 Total collateral 209,767 181,998 I 1 "Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 621 ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED STOCK STATES [In millions of dollars at par] [In thousands of dollars at par] Analysis of changes 1933 Gold stock Month m at o o e n f n th d I i m d n n u c o s r r t n e i o n a t c h g s k e N im et p g o o r l t d fr N m o l m e e a a t r s k r e e e a * - r- d D ti u c e o c t m c p t . i r e * o o s n - - , From or to— Sep li t m em in b a e r r y ( ) pre- August January-August 1932—May 4,152 -214.1 -195.5 -22.1 3.6 Im- Ex- Im- Ex- Im- Ex- June . 3,919 -233.9 -206.0 -28.8 .9 ports ports ports ports ports ports July 3,977 58.0 -3.4 56.2 5.2 August 4,088 111.7 6.1 100.5 5.1 N S D O e o e c p c v t t o e e e b m m m e b b r b e . e e r r r 4 4 4 4 , , , , 2 5 1 3 6 1 4 9 4 3 0 3 1 1 7 7 0 7 5 0 4 3 . . . . 6 8 8 5 1 2 2 2 0 0 7 1 0 . . . . 6 9 7 9 «7 4 4 7 1 8 5 2 . . . . 0 6 8 3 4 4 5 1. . . . 6 6 3 5 B E F G r n e e a l g r n g m l i c a u e a n m n d y 4 2 8 , , 8 6 1 4 7 6 7 1 3 , , 5 1 2 3 7 1 2 5 3 6 7 3 5 1 0 5 , , , 0 0 2 7 4 0 1 4 2 1 3 6 3 3 9 , , , 4 5 8 8 6 7 6 2 1 6 8 6 Total (12 mos.)- 52.9 -446.2 457.5 41.6 Netherlands 2,165 19»347 9,265 2,295 1933—January 4,553 40.0 128.5 3 -91.5 3.0 Canada 156 13 18,946 107 February 4,380 -173.4 *17.8 -178.3 -12.9 Central America 53 707 1 March 4,282 -97.2 * -22.1 -100.1 25.0 Mexico 131 6 3,170 33 April 4,312 29.5 -10.0 33.7 5.7 Argentina 6 15 May 4,315 3.6 -21.1 22.1 2.6 Colombia,._ 1 94 1 A J S J u u e u l n p y g e t u em st b — er * 4 4 4 4 , , , , 3 3 3 3 2 2 2 1 4 8 0 8 -3 7 2 2 . . . . 8 5 2 7 - - - 5 8 8 -3 5 0 3 . . . . 2 8 4 9 4 7 8 3 9 9 4 . . . . 5 3 5 5 8 2 2 1 . . . . 4 7 1 9 P V E U e e c r r u n u u e g a z u d u a o e y l r a .. . ... 15 9 5 5 6 0 9 6 6 7 8 1 6 5 2 4 0 4 Total (9 mos.) -189.1 -130.3 -97.3 38.5 Australia 2,838 British India 25,629 1 Gold released from earmark at Federal Reserve banks less gold placed Ch K in o a n g and Hong 12,821 un 1 d F er o r e a e r x m pl a a r n k a . tion of this figure, which is derived from preceding col- J D a u p t a c n h East Indies... 6,7 8 0 0 2 1 u fo m r 8 n A a s c l , c l o o se w u e n a t n B c U o e f L h L th a E e s T b I F N e e e d f n o e r r m a J l a u d R ly e e , f s o p e r . r v 4 g e 2 o 3 l B d . a e n a k rm o a f r N ke e d w a t Y t o h r e k B . ank of England A Ph ll i l o i t p h p e i r n c e o I u s n la tr n i d e s s L 2,187 6 8 4 5 3 6,504 3 2 , , 9 7 2 2 9 1 '40,068 * Differs from Department of Commerce figure since $8,900,000 de- Total 3 55,815 1,085 81,473 186,095 260,552 clared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until Mar. L v Preliminary figures. i Includes all movements of unreported origin or destination. »$21,858,000 exported to Italy. Back figures.—-See Annual Reports for 1932 (table 47), 1931 (table 30). »At New York. 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 G er o ti l f d 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 9 s s - 0 s s i S i d l u i v a b e r - r y M co in in or U S n n t o a i t t t e e e s s d R F n e e o s d e t e e r r v s a i l R F n b e e o s a d e t n e e r k r v s a ire l t n i b o N o a n t n a e a - k s l- 1932—February. 5,604 406 820 363 260 114 280 2,634 691 March 5,459 404 779 355 259 114 274 2,546 April 5,465 411 758 356 257 114 282 2,551 May 5,480 435 735 355 257 114 290 2,558 702 June 5,695 453 716 353 256 114 289 2,780 701 July. 5,726 454 351 254 113 289 2,838 700 August 5,692 449 350 255 113 285 2,793 744 September 5,653 445 644 359 257 113 2,731 785 October- 5,628 445 624 361 257 113 2,689 817 November. 5,648 454 635 361 258 113 291 2,675 826 December. 5,675 468 371 258 113 294 2,716 820 1933—January.. _ 5,645 479 591 350 250 111 287 2,707 836 February.. 6,545 571 649 362 252 111 301 3,405 3 861 March 6,320 367 393 376 258 112 266 3,621 17 879 April 6,003 335 323 360 255 112 261 3,362 50 915 May 5,812 324 280 359 256 112 265 3,167 99 922 June 5,721 321 265 361 257 113 269 3,061 125 920 July.. 5,630 320 252 365 258 113 275 2,974 129 914 August 5,612 319 242 372 261 114 277 2,952 133 911 September 5,650 313 232 385 265 115 280 2,966 156 909 v Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p4 581. Back figures.—See Annual Reports for 1932 (table 52), 1931 (table 35), 1930 (table 32), and 1927 (table 22). 13935—33-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

622 FEDERAL RESERVE BULLETIN OCTOBER 1933 MEMBER BANK RESERVE BALANCES [In millions of dollars] Average of daily figures Reserves held Month of week T m o b t e a a m l n — k b s e a r ll Ne C w i t Y 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 tr s y* T m o b e t a m a n l k b -a s er ll Ne C w i t Y y1 ork O ci t t h ie e s r "Country" 1932—January 1,979 724 767 488 35.4 4.5 1.8 29.2 February- 1,907 681 753 473 43.8 7.2 11.3 25.3 March 1,899 687 747 465 59.0 17.8 17.3 23.8 April 1,996 780 749 466 152.1 88.1 35.7 28.3 May 2,138 874 800 464 277.1 155.1 91.5 30.5 June 2,062 783 819 459 234.4 89.4 111.4 33.6 July 2,003 767 781 455 204.4 75.0 91.6 37.9 August 2,073 832 797 444 127.7 108.9 33.3 September- 2,181 927 812 443 345.5 193.4 119.6 32.4 October 2,307 1,001 863 444 435.9 241.6 160.5 33.7 November.. 2,378 1,050 887 441 482.2 266.8 181.8 33.7 December.. 2,435 1,083 911 440 525.8 283.2 206.9 35.7 1933—January _.. 2,516 1,109 965 442 286.2 254.2 43.4 February.. 2,291 860 441 417.3 74.5 291.0 51.8 March a... April »..>.. 2,040 867 742 431 379.1 150.2 129.4 99.5 May* 2,069 878 773 418 319.1 106.0 132.0 81.2 June * 2,160 861 858 441 363.1 68.9 198.0 96.2 July' 2,221 796 936 489 435.7 43.2 252.9 139.6 August 3__. 2,331 837 993 501 565.5 101.8 312.3 151.3 i Central reserve city banks only. > March data not available. 3 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 r k m l s - - C Y N i o e ty r w k * r O e c s i t t e h i r e e v s r e " b t C a r n y o k u " s n- a T l b l o a b m n t e a k r e l s m - - C Y N i o e t r y w k * r O e c s i t t e h i r e e v s r e " b t C a r n y o k " u s n-a T l b l o a b m n t e a k r e l s m - - C Y N i o e ty r w k * r O e c s i t t e h i r e e v s r e " b C t a r o n y u k " n s - 1932—January 26,592 6,165 10,706 9,720 15,447 5,343 5,921 4,183 11,145 822 4,786 6,537 February - 25,715 5,797 10,413 9,505 14,789 5,001 5,723 4,064 10,926 796 4,690 5,440 March 25,431 5,760 10,291 9,380 14,575 4,959 5,622 3,993 10,856 800 4,668 5,387 April 25,386 5,950 10,109 9,327 14,589 5,138 5,492 3,959 10,797 811 4,618 5,368 May 25,466 6,159 10,081 9,226 14,679 5,342 5,425 3,911 10,787 816 4,656 5,315 June 25,075 5,957 10,032 9,087 14,413 5,154 5,433 3,826 10,663 803 4,599 5,261 July 24,712 5,951 9,830 8,931 14,157 5,133 5,304 3,720 10,555 818 4,526 5,211 August - 24,744 6,084 9,833 8,827 14,141 5,217 5,283 3,641 10,603 867 4,550 5,186 September 24,973 6,308 9,853 8,811 14,408 5,440 5,316 3,652 10,565 869 4,538 5,159 October » - 25,292 6,559 9,939 8,795 14,679 5,629 5,402 3,649 10,612 929 4,537 5,145 November 25,476 6,762 9,964 8,751 14,864 5,804 5,432 3,628 10,612 957 4,532 5,123 December 25,492 6,877 9,941 8,674 14,965 5,937 5,424 3,604 10,527 940 4,517 5,071 1833—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 MarchJ . - AprilJ 21,710 6,120 8,520 7,071 13,078 5,331 4,756 2,990 8,633 788 3,764 4,081 May > 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 3,869 4,117 July* 23,160 6,424 9,309 7,427 14,100 5,597 5,329 3,174 9,060 826 3,980 4,253 August'.- 23,039 6,282 9,318 7,439 13,920 5,468 5,299 3,153 9,119 814 4,019 4,286 i Central reserve city banks only! 2 March data not available* 8 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

OCTOBEE 1933 FEDERAL RESERVE BULLETIN 623 ALL BANES IN THE UNITED STATES—LOANS AND INVESTMENTS [In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Date Invest- Invest- Total Loans ments Total Loans ments Invest- Invest- Total Loans ments Total Loans ments 1928—June 3O.._. 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 1 9,242 15,518 13,723 12,049 9,828 3,222 Dec. 31..... 58.266 40,763 17,504 35,684 25,155 10,529 9,390 5,694 13,192 9,913 3,279 1929—Mar. 27. 58,019 40,557 17,462 35,393 24,945 10,448 19,390 13,696 13,236 9,918 3,317 June 29.. 58,474 41,512 16,962 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,961 3,248 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 26,150 9,784 9,463 5,945 3,518 13,020 3,217 1930—Mar. 27... 57,386 40,686 16,700 35,056 25,119 9,937 19,463 15,945 13,518 12,868 9,623 3,245 June 30— 68,108 40,618 17,490 35,656 25,214 10,442 9,747 6,009 3,739 12,706 9,395 3,309 Sept. 24... 67,590 39,715 17,875 35,472 24,738 10,734 i 9,747 16,009 i 3,739 12,371 8,968 3,402 Dec. 31—. 56,209 38,135 18,074 34,860 23,870 10,989 9,987 6,068 3,920 11,362 8,196 3,165 1931—Mar. 25... 55,924 36,813 19,111 34,729 22,840 11,889 19,987 i 6,068 13,920 11,208 7,906 3,302 June 30 55,021 35,384 19,637 33,923 21,816 12,106 10,506 4,337 10,593 7,399 3,194 Sept. 29... 53,365 33,750 19,615 33,073 20,874 12,199 110,506 14,337 9,786 6,707 3,079 Dec. 31—_ 49,704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30.. 46,071 27,834 18,237 28,001 16,587 11,414 10,316 6,130 4,186 7,755 5,117 2,637 Sept. 30. 45,852 26,985 18,867 28,045 15,924 12,121 i 10,316 * 6,130 i 4,186 7,491 4,931 2,560 Dec. 31.. 44,946 26,063 18,883 27,469 15,204 12,265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30.. 2 24,786 * 12,858 »11,928 * 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 commercial banks and trust companies, mutual and stock savings banks, [In millions of dollars. Includes national banks, State commercial and all private banks under State supervision] banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] Nonmember Member banks banks Nonmember banks Date Total Mu- Other Date ba A n ll ks M b e a m nk b s er M sav u i t n u g a s l no O n t m he e r m- Total ti N on a a - l State s i t n u a g a v s l - m n b o e e m n r - banks ber banks banks banks 1928—June 30 53,398 32,133 8,653 12,612 1928—June 30 25,941 8,929 7,685 1,244 615 16,397 Oct. 3 53, 720 32,138 i 8,653 12,929 Oct. 3 25,828 8,896 7,670 1,226 1615 16,317 Dec. 31 66,766 34,826 8,849 13,091 Dec 31 25,576 8,837 7,629 1,208 612 16,127 1929—Mar. 27_ 54, 545 33, 215 18,849 12,481 1929—Mar. 27 .. - 25,341 8,755 7,569 1,186 1612 15,974 June 29 53,852 32,284 12,684 June 29 25,110 8,707 7,530 1,177 611 15,792 Oct. 4___ 55,180 33,004 i 8,983 13,193 Oct. 4 24,951 8,616 7,468 1,148 1611 15,724 Dec. 31 55,289 33,865 8,916 12,507 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 1930—Mar. 27 53,185 32,082 18,916 12,187 1930—Mar. 27 24,223 8,406 7,311 1,095 »609 15,208 June 30 54,954 33,690 9,197 12,067 June 30 23,852 8,315 7,247 1,068 606 14,931 Sept. 24-_ 52,784 31,839 1 9,197 11,748 Sept. 24 ^._ 23,590 8,246 7,192 1,054 1606 14,738 Dec, 31 53,039 32,560 9,507 10,972 Dec. 31 22,769 8,052 7,033 1,019 603 14,114 1931—Mar. 25 51,427 31,153 i 9,507 10,767 1931 Mar. 25 . .. 22,372 7,928 6,930 998 1603 13,841 June 30 51,782 31,566 10,017 10,199 June 30 21,903 7,782 6,800 982 600 13,521 Sept. 29 49,152 29,469 110,017 Sept 29 . — 21,294 7,599 6,653 946 1600 13,095 Dec. 31 45,821 27,432 10,105 8,284 Dec. 31 19,966 7,246 6,368 878 597 12,123 1932—June 30 41,963 24,755 10,020 7,188 1932—June 30 .... 19,046 6,980 6,145 835 594 11,472 Sept. 30 41,942 24,903 110,020 7,020 Sept. 30 18,794 6,904 6,080 824 1594 11,296 Dec. 31 41,643 24,803 10,022 6,818 Dec 31 18,390 6,816 6,011 805 594 10,980 1933—June 30 »23,338 1933—June 30 2 5,606 24,897 2 709 * Figures of preceding call carried forward. 1 Figures of preceding call carried forward. * Licensed banks only. 2 Licensed banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

624 FEDERAL RESERVE BULLETIN OCTOBER 1933 REPORTING MEMBER BANES IN 90 LEADING CITIES» [In millions of dollars] 89 other leading Total—90 leading cities New York City cities Loans and investments Loans and investments Date Bor- Bor- T lo o a t n a s l Bor- Investments rowings Investments rowings and in- rowings Loans All at F.R. Loans All at F.R. vest- at F.R. Total on se- other banks Total on se- other banks ments banks curities loans U.S. se- curities loans U.S. se- Total curities Total curities Apr. 5... 15,927 3,617 4,640 7,670 4,585 177 6,439 1,548 1,515 3,376 2,215 9,488 Apr. 12.. 15,887 3,584 4,661 7,642 4,584 168 6,455 1,535 1,557 3,363 2,208 9,432 141 Apr. 19.. 15,876 3,583 4,627 7,666 4,635 158 6,439 1,538 1,535 2,236 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 May3._ 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 60 6,970 1,777 1,682 3,511 2,443 9,515 60 June 14_. 16,521 3,798 4,761 7,962 4,990 53 6,993 1,840 1,677 3,476 9,528 53 June 21.. 16,805 3,769 4,731 8,305 5,307 50 7,039 1,813 1,642 3,584 2,484 9,766 50 June 28.. 16,665 3,748 4,704 8,213 5,254 26 6,913 1,791 1,609 3,513 2,438 9,752 26 July 5... 16,686 3,811 4,719 8,156 5,203 31 6,937 1,847 1,607 3,483 2,409 9,749 31 July 12.. 16,724 3,874 4,768 8,082 5,126 21 6,932 1,894 1,609 3,429 2,354 9,792 21 July 19.. 16,766 3,864 4,790 8,112 5,140 22 6,858 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 , 603 3,340 2,299 9,965 38 Aug. 23- 16,605 3,737 4,768 8,100 5,155 6,685 1,757 ,589 3,339 2,287 9,920 29 Aug. 30- 16,607 3,766 4,767 8,074 5,131 6,726 1,794 ,591 3,341 2,293 9,881 Sept. 6- 16,562 3,748 4,790 8,024 5,083 6,711 1,795 1,610 2,257 9,851 27 Sept. 13. 16,580 3,773 4,823 7,984 5,044 6,744 1,820 L,624 3,300 2,252 9,836 22 Sept. 20. 16,592 3,703 4,857 8,032 5,086 6,742 1,743 ,631 3,368 2,314 9,850 20 Sept. 27. 16,529 3,687 4,853 7,989 5,056 1,731 1,613 3,354 2,297 9,831 22 i See note on p. 273, MAY BULLETIN, explaining the basis on which these figures have been compiled. Back figures.—See August BULLETIN, pp. 519-523. BROKERS9 LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N.Y. CITY [In millions of dollars. Monthly data are averages of weekly figures] [Net borrowings on demand and on time. In millions of dollars] For ac- For count of For ac- From New From private Month or date Total own ac- out-of- count of York banks banks, brokers, count town others Total and trust com- foreign banking banks * End of month panies agencies, etc. 1932—-September., 409 19 October 411 16 1932 1933 1932 1933 1932 1933 November.. 354 12 December.. 393 377 12 1933—January 380 365 11 January . 512 359 374 270 138 90 February 433 416 10 February 525 360 385 298 140 62 March 373 18 March 533 311 391 247 142 64 April 374 21 May- 578 555 17 April 379 322 300 268 79 54 June 755 712 36 May 300 529 243 461 57 68 July 919 806 105 June . — 244 780 194 694 49 86 August 877 747 122 September.. 847 741 July 242 916 195 822 47 94 August 332 917 248 841 85 76 Sept. 6 761 September 380 897 292 806 88 91 Sept. 13 790 92 Sept. 20 825 715 103 October 325 263 61 Sept. 27 806 697 102 November 338 278 61 December 347 279 68 » Member and nonmember banks outside New York City (domestio 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

625 OCTOBER 1933 FEDERAL RESERVE BULLETIN ACCEPTANCES AND COMMERCIAL PAPER BANKERS* ACCEPTANCES OUTSTANDING (DOLLAR CLASSES OF BANKERS' ACCEPTANCES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars] H er e a l l d b a R b n y e k s F s er e v d e - Held b b y a n ac k c s epting , s 'o t B o n r a g e s o d e o d i d n s B go a o o s n d ed s United stored BaseciBasec States in End of month s T t o i a o n u n t g t a d - l - o F a w c o - n r c o e f o F a i u c o g f - o r n n r t - Total O bi w ll n s b B o i u l g l h s t o H t e b h l e y r d s End of month Total p U i i o n o m . n r t S - o t . s o p f U n r o o . r e S m t x . s - s c h ( h r w e i o p o d a u r p i r s t e e e s - d ) c D h e o a x n ll - g a e r s t f h c r o i i o r b e p e u e s p i - n g o e - n d r count corre- between tween spond- domestic foreign ents points points 1931—May 1,413 124 380 464 171 293 444 OUTSTANDING June 1,368 95 341 554 196 357 379 1932—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 4 183 610 225 286 90 July- 738 86 168 255 10 219 June 747 36 98 518 200 318 96 August 694 95 160 229 4 206 J A S u e u l p y g t u e s m t ber. 6 7 6 8 0 8 1 5 3 1 3 2 2 5 4 4 9 9 3 5 5 5 7 6 7 4 3 3 1 1 15 9 9 9 8 7 3 3 4 7 6 1 6 6 4 5 6 7 5 4 0 HEL ( D O W B N Y A F C . C O R U . NT B ) A » NKS October. _. 699 3 39 605 199 406 52 1932—August 3 ft 1 1 4 November- 720 4 32 655 268 386 28 September .. 2 1 1 2 December . 710 4 40 604 224 380 62 October 3 (3) (i) 2 1 1 November 4 (2) 3 (J) 1 1933—January.._ 707 2 41 626 256 370 38 December. 4 (*) 1 2 1 M Fe a b r r c u h ary.. 7 67 0 1 4 3 2 0 8 7 0 3 4 0 5 2 3 6 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 r r y y .. 30 2 7 (* 3 ) 1 58 10 1 5 5 10 1 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 June 687 41 36 487 201 287 123 May 13 2 3 2 6 July 738 2 37 552 248 304 147 June 41 7 6 11 16 A Se u p g t u e s m t ber. 6 71 9 5 4 1 1 4 4 0 1 4 5 9 1 9 7 2 2 3 5 6 2 2 2 4 8 7 2 1 1 5 5 6 4 A Ju u l g y u s . t ._ 2 1 (2) 1 0 (* ) ) 1 Figures for acceptances outstanding (and held by accepting banks) » Total holdings of Federal Reserve banks include a small amount of from American Acceptance Council. unclassified acceptances. * Less than $500,000. Back figures—See Annual Reports for 1932 (table 91), 1931 (table 70), 1930 (table 64), 1929 (table 58), and 1928 (table 61), Back figures.—Bee 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 29,036 January 404 327 108 85 February.. L,038 23,958 33,478 28,997 February-. 457 315 108 84 March ,040 1,063 30,778 24,788 March 529 311 106 72 April ,054 1,074 30,736 7,181 April 553 307 108 64 May ,058 1,073 30,837 6,981 May 541 305 111 60 June ],064 10,551 30,762 7,089 June 527 292 103 73 July ,065 34,371 30,645 6,821 July_ 528 289 100 97 August ,071 145,215 30,834 6,199 August 526 271 108 107 September ,075 48,804 30,849 6,068 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 Report 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

626 FEDERAL RESERVE BULLETIN OCTOBER 1933 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Bates on redisc 1 o 3 u a n n ts d f 1 o 3 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 r ate Aver o a n g — e yield U.S. B N o ew st o Y n F o e rk d - eral Reserve bank e R O ff a e c t c t e t . i 1 o n 6 n J M D u a n a y e l t i e s h 2 e 1 6 e s d , , t 1 1 a 9 9 b 3 3 - 3 3 Pre ra v t i e o 3 us 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 - 6 h a e , l s a P a b c d n e r a c a 9 i c r n e m y 0 s e k p ' s s e - t , - d l T o a i 9 a y m 0 n s s e J , N C e a w ll lo n a e R n w e s - » al c T c n 3 e u a r a o r e t n t r t t o e y a i d e f s s s 6 i , - - b T o u r n r e y d a s s 3 - Philadelphia.— 3 June 8,1933 m months Cleveland 3 June 10,1933 3H Richmond 3H Jan. 25,1932 4 August 2 -2 2.00 2.00 .14 3.57 Atlanta Nov. 14,1931 3 September 2.00 2.00 3.54 Chicago May 27,1933 October 1.35 1.35 3.54 St. Louis June 8,1933 November X 1.00 1.00 3.55 Minneapolis Sept. 12.1930 December IK-IK 1.00 1.00 «.O4 3.48 Kansas City—.. Oct. 23.1931 1933 Dallas Jan. 28.1932 January X-H X 1.00 1.00 .07 San Francisco.. June 2,1933 February ix-m X-X 1.00 1.00 .01 3.47 Back figures.—See Annual Reports for 1932 (table 53), 1931 (table 36). March 1H-4M 3.27 3.32 U.34 3.58 April 2 - l -IX 1.29 1.37 .45 3.55 The following special rates were also in effect at the May 2 - X 1 -I 1.00 1.00 .29 3.47 Federal Reserve banks on October 16, 1933: June X X-i 1.00 1.00 *.07 3.40 Advances to member banks under sec. 10 (b) of the Federal R P e e - rcent July x-x X-l 1.00 1.00 .19 3.38 serve act, as amended by sec. 402 of the act of Mar. 9,1933: August i -m .98 .98 .01 3.40 At the New York and Chicago Federal Reserve banks 4 September .75 .75 *,04 3.40 At the Boston, Philadelphia, Cleveland, Atlanta, and San Week ending- Francisco Federal Reserve banks— - 4^ At the Richmond, St. Louis, Minneapolis, Kansas City, and Sept. 2 IX .85 .85 3.38 Dallas Federal reserve banks. 5 Sept. 9 .75 .75 3.38 Ad 40 v 4 an o c f e s th e to a c n t o n o m f M em a b r e . r 9 ,1 b 9 a 3 n 3 k , s a a s n a d m e tr n u d s e t d c b om y p t a h n e i e a s c t u o n f d e M r a s r e . c 2 . 4, Sept. 16___. X-X .75 .75 3.38 1933: Sept. 23.._. H-X .75 .75 .10 3.42 At the New York and Chicago Federal Reserve banks.. 4 Sept. 30 IX .75 .75 .06 3.42 At the Boston, Philadelphia, Cleveland, Atlanta, and San Francisco Federal Reserve banks _ _ 4J^ At D t a h ll e a s R F ic e h d m er o a n l d r , e s S er t v . e L b o a u n is k , s M inneapolis, Kansas City, and 5 * J S S t t o o c c k k e e x x c c h h a a n n g g e e 9 c 0 al - l d l a o y a t n i s m ; e n e l w oa n a s n . d renewal rates. Discounts for individuals, partnerships, and corporations under * 3 issues—3%, 3%, 4 percent; yields calculated on basis of last redempthe third paragraph of sec. 13 of the Federal Reserve act, as tion dates—1947, 1956, and 1954. amended by sec. 210 of the act of July 21,1932 6 * Change of issues on which yield is computed. 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: At the New York and Chicago Federal Reserve banks.. 4 RATES CHARGED CUSTOMERS BY BANKS IN At the Boston, Philadelphia, Cleveland, Richmond, Atlanta, PRINCIPAL CITIES St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco Federal Reserve banks 4H [Weighted averages of prevailing rates] BUYING RATES ON ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York] New York City a 8 n d o th ea er s te n r o n r t c h i e ti r e n s 27 w s e o st u e t r h n e r c n i t a ie n s d Maturity e R O ff a e c c t t e . t 1 i o n 6 n Da l t i e s h e e s d tab- Pre ra v t i e ous Month 1931 1932 1933 1931 1932 1933 1931 1932 1933 1-15 days 1 June 29,1933 2 January 4.24 4.71 4.12 4.61 5.07 4.89 5.50 5.61 5.60 16-30 days... 1 do 2 February 4.31 4.71 4.11 4.63 5.13 4.84 5.43 5.61 5.56 31-45 days.._ 1 do 2 March 4.20 4.72 4.88 4.62 5.14 5.39 5.40 5.64 5.66 April 4.17 4.69 4.33 4.57 5.10 5.09 5.36 5.63 5.68 46-60 days... 1 do 2 May 4.11 4.55 4 24 4.55 5.14 4.99 5.26 5.64 5.66 61-90 days... 1 do 2 June 4.13 4.61 4. 10 4.49 5.13 4.97 5.34 5.62 5.62 9 1 1 2 - 1 1 -1 2 8 0 0 d d a a y y s s .. . I 1 K d d o o 2 2 \ H i J A S u e u ly p gu te st mber- 4 3 3 . . . 9 0 9 7 5 3 4 4 4 . . . 4 3 4 5 0 2 3 3 3 . . . 7 9 9 9 7 3 4 4 4 . . . 4 4 4 7 8 8 5 5 5 . . . 1 0 0 2 5 3 4 4 4 . . . 8 6 6 2 8 5 5 5 5 . . . 3 2 3 0 8 2 5 5 5 . . . 6 6 6 3 8 3 5 5 5 . . . 5 5 5 4 5 3 October 4.27 4.35 4.62 4.96 5.38 5.56 c " h N a O rg T ed E ? fo — r R ot a h ^ er classes of bills. N De o c v e e m m b b e e r r . . _ .. . 4 4 . . 6 6 4 7 • 4 4 .1 2 2 2 4 4 .8 9 7 1 4 4 .8 8 8 8 5 5. . 5 5 6 3 5 5 . . 5 6 5 0 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

OCTOBER 1933 FEDERAL RESERVE BULLETIN 627 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT [In millions of dollars] Interest-bearing Noninterest-bearing 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 41 269 February 18,126 17,820 14,307 795 2,200 518 40 265 March 18,507 18,190 14,307 796 2,568 520 47 270 April 18,597 18,287 14,307 796 2,562 622 40 269 May.. _ 19,037 18,729 14,277 1,041 2,792 619 40 268 June 19,487 19,161 14,250 1,465 2,831 616 60 266 July 19,612 19,297 14,257 1,487 2,907 647 50 264 August 20,067 19,758 14,257 2,197 2,656 648 47 262 September 20,611 20,296 14,257 3,031 2,385 623 55 260 October 20,813 20,485 14,257 3,539 2,044 645 55 273 November 20,807 20,476 14,257 3,539 2,038 643 52 279 December 20,805 20,448 14,223 3,299 2,284 642 64 293 1933 January 20,802 20,454 14,230 3,298 2,285 641 55 293 February 20,935 20,584 14,230 3,576 2,138 641 59 291 March 21,362 20,992 14,230 3,575 2,369 817 82 289 April 21,441 21,087 14,230 3,575 2,363 918 68 286 May 21,853 21,469 14,223 4,148 2,119 979 71 314 June 22,539 22,158 14,223 4,780 2,200 954 66 315 July 22,610 22,240 14,239 4,800 2,246 954 55 316 August 23,099 22,723 15,074 5,153 1,543 953 64 312 September 23, 051 22,672 15,074 5,151 1,495 952 70 309 SUMMARY OF TREASURY OPERATIONS [In millions of dollars] Increase or decrease (—) Expenditures during the month Excess of Month Receipts i re e c x e p i e p n ts d i o - r Total GeneralJ Emergency tures (—) fu G n e d n e b r a a l l - Gross debt ance 1932 January «. _ » _ 108 233 -125 -134 -10 February 97 371 -274 36 310 March 276 385 -110 272 381 April 99 544 -445 —355 90 May . 92 441 -349 91 440 June 244 661 —417 33 450 July 101 498 -397 -272 125 August 111 373 -262 194 455 September___ _ _ 260 281 -21 523 544 October 148 456 —308 —107 201 November 125 283 —158 -165 —6 December 352 386 -34 -35 -1 1933 January . _ _ 134 358 -224 -227 -3 February 121 360 -239 -106 133 March.__ ... _ 283 439 —156 271 428 April 131 461 -330 -252 79 May . 167 455 -288 124 412 June.-.. 306 493 -187 498 685 July 179 278 3 203 • 75 -99 -28 71 August _. - . 197 321 182 139 -124 366 489 September . 333 339 258 81 -6 -54 -48 i Total, including trust fund receipts. 1 Including trust fund expenditures and excluding public debt retirement. 1 Classification not available for earlier months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

628 FEDERAL RESERVE BULLETIN OCTOBER 1933 BOND PRICES STOCK PRICES [Averages] Preferred Common stocks (index, 1926=100) stocks Other bonds» Month or date (indus- United tri g a r l a h d i e g ) h- Total In tr d i u al s- R ro a a i d l- Utility States Corpo- Corporate Month or date Govern- rate and b m o e n n d t s m i u p n a i l c- Number of issues 20 421 351 33 37 g (h ra ig d h e - ) Total In tr d ia u l s- R ro a a i d l- Utility 1932—September 101.8 58 56 35 91 October 99.8 50 48 28 81 November 97.4 48 45 26 78 Number of issues »60 60 20 20 20 December. _ 95.4 47 45 26 80 1932—September 101.7 87.0 74.6 67.9 71.1 84.9 1933—January- 97.8 49 46 28 82 October 101.8 85.2 70.8 63.9 66.1 82.7 February ._ 95.7 45 43 27 73 November 101.7 83.1 69.2 63.0 63.0 81.7 March 93.1 43 42 26 67 December... 102.3 82.2 67.7 62.4 59.6 81.1 April 95.7 48 49 26 64 May 103.3 63 65 38 79 1933—January 103.3 84.1 70.7 64.9 63.4 83.9 June 109.7 75 77 44 97 February 102.4 82.5 68.5 62.1 62.9 80.7 July . '112.5 80 84 53 98 March 101.0 76.8 66.0 60.7 60.6 76.8 August '112.9 75 79 49 87 April - 101.3 75.4 64.8 61.0 58.9 74.7 September. 112.0 75 81 47 80 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 Sept. 6 112.8 77 82 50 84 July 103.3 89.6 81.5 75.6 82.2 86.8 Sept. 13 113.0 78 84 51 85 August 102.9 89.9 80.8 75.9 81.2 85.3 Sept. 20 111.6 76 83 47 77 September 103.0 87.9 77.5 74.5 76.8 81.4 Sept. 27 110.4 69 75 41 74 Sept. 6 103.1 88.9 78.9 75.0 79.1 82.7 Sept. 13 103.3 89.4 79.0 75.4 79.0 82.6 r Revised. Sept. 20 102.6 86.5 76.4 73.9 74.9 80.5 Sept. 27 103.0 86.6 75.7 73.5 73.7 79.8 Source.—Standard Statistics Co. i Price averages computed from yields. CAPITAL ISSUES »3 Liberty bonds and 9 Treasury bonds. 145 corporate and 15 municipal. Source.—For United States Government bonds, Federal Reserve Bank [Long-term; i.e., 1 year or more. In millions of dollars] of New York; for other bonds, Standard Statistics Co. New issues Re- BOND YIELDS1 fund- Domestic ing Total issues U.S. Munic- Corporate, by ratings » Year and month m ( e d s o t - ic State Corporate For- m a (d e n o s d - tic Month or date T u re r a y s- ( i h p i a g l h a - a fo n r d - To- m an u d - Bonds eign e f i o g r n - ) grade) Aaa Aa A Baa eign) tal * nici- and Stocks pal notes Number of issues 3 15 30 30 30 30 1925 6,201 5,125 1,352 2,452 1,153 1,076 925 1932— J J A S M A u M u e u p n l a p r g y a y e U t r u e c s m h t ber _ 3 3 3 3 3 3 3 . . . . . . . 7 5 5 7 6 7 9 4 7 4 7 5 8 2 4 4 4 4 4 4 4 . . . . . . . 7 7 3 8 5 7 7 9 7 9 1 0 8 3 4 4 4 5 5 5 5 . . . . . . . 2 3 4 9 9 1 7 6 6 1 1 8 7 0 6 6 5 6 6 5 5 . . . . . . . 5 3 8 5 1 6 8 4 8 5 1 0 0 3 8 8 6 8 6 6 7 . . . . . . . 4 1 5 8 4 8 4 0 9 0 4 5 0 8 1 1 1 1 8 8 7 0 1 0 1 . . . . . . . 8 2 6 4 5 7 6 3 2 1 6 2 9 3 1 1 1 1 1 1 1 9 9 9 9 9 9 9 2 2 3 2 3 2 3 6 9 1 7 0 8 2 1 6 8 7 6 3 1 0 , , , , , , , 3 0 1 5 9 0 0 1 6 4 5 0 9 9 4 5 0 6 9 9 1 9 5 6 6 6 2 1 , , , , , , , 1 2 1 4 7 0 8 5 8 1 2 6 8 0 7 9 9 0 0 9 4 1 1 1 1 1 1 , , , , , , 3 3 4 4 2 4 7 4 7 3 1 3 7 5 4 9 4 8 5 5 5 2 2 3 2 2 1 , , , , , , 6 9 2 1 0 3 3 4 6 8 8 7 8 0 0 7 0 5 3 8 5 2 5 1 1 1 , , , , , 5 0 4 9 9 3 0 8 7 6 2 1 2 3 7 4 1 1 0 4 1 1 1 , , , 1 3 2 9 6 2 3 2 5 0 7 2 7 5 5 1 1 9 8 2 1 1 1 , , , , 9 5 0 7 2 8 4 4 1 8 4 5 2 2 9 1 3 6 0 8 2 October 3.54 4.37 4.64 5.51 6.44 7.87 1932—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 1933— M A J F M J A S u J u e e p a u a a n l b p r n y g r y e D t r u c u e u a h m s a r t y r — b y er ' ' 3 3 3 3 3 3 3 3 3 . . . . . . . . . 4 4 4 4 5 4 5 4 3 0 0 7 7 8 0 5 0 8 4 4 4 4 4 4 5 5 4 . . . . . . . . . 5 8 2 2 5 0 2 5 7 4 8 8 7 9 5 3 9 1 = 4 4 4 4 4 4 4 4 4 . . . . . . . . . 3 3 4 4 6 7 4 6 3 5 0 4 8 8 8 6 3 6 4 4 5 5 5 5 4 5 5 . . . . . . . . . 9 3 4 3 0 7 6 8 8 6 0 0 5 9 7 1 3 1 6 6 6 6 6 5 5 5 5 . . . . . . . . . 1 7 6 2 5 3 5 8 8 6 0 4 9 8 0 1 8 5 8 8 8 9 6 7 7 7 6 . . . . . . . . . 3 2 0 9 6 7 0 1 7 6 6 1 1 2 4 7 2 7 1933— S J M A M J F A J u e u e u p a p a a l n b n g r y r t y u e r i e c u - l u . m a - h . s . . r a t y b r e y r . . . , _ _ 1 1 1 6 4 6 2 4 1 2 1 7 5 6 4 0 4 0 5 6 1 1 6 4 6 1 2 2 4 1 1 5 4 4 7 0 5 6 0 6 2 3 3 4 9 3 1 1 8 7 0 8 2 7 8 3 3 1 1 0 0 0 0 9 6 3 1 1 5 1 3 9 4 0 9 3 3 3 1 0 0 0 0 0 0 0 0 0 1 4 3 4 3 1 2 6 7 3 5 7 5 0 2 0 0 Sept. 6 3.39 4.52 4.33 4.89 5.64 7.06 Sept. 13 3.37 4.50 4.30 4.87 5.60 7.05 » Includes issues of Federal land banks and Federal intermediate credit Sept. 20 3.43 4.70 4.42 5.10 5.81 7.46 banks, not shown separately. Sept. 27 3.40 4.65 4.38 5.04 5.81 7.58 Sources— For domestic issues: Commercial and Financial Chronicle; for foreign issues (issues publicly offered) annual totals are as finally ^Monthly data are averages of daily or weekly figures. reported by Department of Commerce, while monthly figures are as «Standard Statistics Co. compiled currently and are subject to revision. 1 Moody's Investors' Service. Back figures.—See (for figures of new issues—annual and quarterly ' Revised. basis) Annual Report for 1932 (table 103). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 629 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production » * Construction contracts awarded (value)J Fac- Factory em- tory Freight-car ployment 3 pay loadings * * Com- Year and Total 5 Manufactures1 Minerals1 Total Residential All other rolls 3 modmonth ity prices* Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justedjusted justed justed justed justed justedjusted 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 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 9C 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 11 47 39 59 60 43 52 52 64 July . 56 58 55 57 62 64 31 27 12 11 46 40 57 58 40 51 51 65 August.— 59 60 58 59 66 65 32 30 11 12 48 45 59 59 40 53 51 65 September 67 66 66 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. 96 100 97 101 89 90 24 21 13 13 32 28 69 70 50 66 65 69 August.— »90 *91 *89 *91 94 91 25 24 13 13 36 33 73 73 56 65 61 70 > Preliminary. • Average per working day. 1 For indexes of groups and separate industries see pp. 662-663; for description see BULLETIN for February and March 1927; for revised figures from 1919 to date see BULLETIN for September 1933, pp. 584-585. 2 3-month moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358. » For indexes of groups and separate industries see p. 664; for description and back figures see BULLETIN for November 1929 and November 1930. 4 For indexes of groups see p. 630; for back figures see BULLETIN for February 1931, p. 108. * Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities are given on p. 665. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 FEDERAL RESERVE BULLETIN OCTOBER 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 403 267 181 107 144 353 221 174 79 143 50 46 6 27 1 August 381 298 165 109 P131 369 218 167 91 »155 11 79 -2 17 *-24 September 437 312 180 132 351 226 170 98 86 86 10 34 October 529 327 205 153 391 247 1 169 105 137 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 9 Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average ==100] [Index numbers; 1923-25 average=100] Index of sales * Index o m f s o to n c th k ) s (end of 1933 Month fo A r d s j e u a s s t o e n d al se W aso it n h a o l u a t d- fo A r d s j e u a s s t o e n d al se W as i o t n h a o l u a t d- Apr. May June July Aug variation justment variation justment Adjusted for seasonal variation 1932 1933 1932 1933 1932 1933 1932 1933 Total 53 56 60 65 61 J F a e n b u r a u r a y r y _ 7 7 8 8 6 6 0 0 6 6 4 4 4 4 9 9 7 7 3 5 5 5 7 8 6 6 6 9 5 5 2 4 C C G o o ra k a i l e n and grain prod- 5 2 3 9 5 3 2 3 6 4 3 4 6 75 3 7 6 4 1 March 72 57 69 50 70 54 73 55 ucts 99 99 95 82 53 J M A u p a n y r e il 6 7 7 9 2 9 6 6 6 7 7 8 7 7 6 4 2 6 6 6 6 7 8 4 6 6 6 9 8 7 5 5 5 7 3 5 7 6 6 2 9 5 5 5 5 5 6 6 M L O Fo i r v i e r s e e c s s e t t l o l p a c n r k o e d o u u c s ts 5 2 5 1 3 2 2 7 2 5 5 1 7 4 4 8 3 5 6 1 4 4 1 8 3 6 5 3 4 4 5 9 5 3 5 5 7 5 3 6 July 65 '70 46 49 64 60 59 56 Merchandise * 63 66 67 70 August 65 77 49 59 61 64 59 62 68 71 60 63 Without seasonal adjustment October 69 75 61 67 N D o ec v e e m m b b e e r r 6 60 3 10 7 6 3 6 60 1 6 56 9 Total 51 56 60 66 65 Coal 44 47 54 66 72 Year 69 66 Coke 27 33 44 55 55 Grain and grain products 76 81 83 98 64 1 Based throug p h P o r u e t l i o m n i n fi a g r u y r . e s of daily aver r a R g e e v s i a s l e e d s— . with allowance F L O o i r v r e e e s s t t o p c r k oducts _ 5 2 8 0 4 3 2 5 0 1 1 3 4 3 6 6 2 4 3 6 6 8 2 3 9 5 7 0 0 for changes from month to month in number of Saturdays and for 6 Miscellaneous 54 60 64 67 63 national holidays: New Year's Day, Memorial Day, Independence Day, Merchandise * 65 68 67 70 Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. * In less-than-carioad lots. NOTE.—Figures on value of department store sales in 1929 as reported Based on daily average loadings. Source of basic data: American to the U.S. Bureau of the Census are shown by Federal Reserve districts Railway Association. on p. 591. Back figures—See BULLETIN for November 1930, p. 686. Back figures.—Bee BULLETIN for February 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 631 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—August 11,564 3,639 6,897 364 676 3,224 183 Septembers- 11,696 3,748 6,923 359 678 3,241 190 October 11,791 3,819 6,944 363 678 3,250 195 Novembers- 11,862 3,885 6,949 362 678 3,267 197 December. ._ 11,897 4,045 6,826 361 683 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 6,988 371 905 3,170 May ,., p 11,917 3,991 371 907 3,173 June— v 11,892 3,997 6,856 372 922 3,185 July v 11,981 4,001 6,932 374 925 3,213 August v 12,041 4,009 375 36 926 3,223 73 September. P4,011 376 926 v 3,218 87 Europe—Continued End of month 6 other Greece Hungary Italy N l e a t n h d e s r- Norway Poland Portu- Ru n m ia a- Spain Sweden Sw la i n tz d er-U.S.S.R Y sla u v g i o a - c t o ri u e n s - 1932—August 302 415 435 510 28 September- 305 416 435 509 »368 28 October 416 436 509 >368 28 November.. 306 415 436 493 '368 28 December.. 307 415 477 29 1933—January 413 436 477 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 a 401 34 July 368 311 436 351 2 401 36 August 370 332 436 351 2 401 September.. 338 436 356 Latin America Asia and Oceania Africa End of month T c tr o o ( i 1 u t e 0 a n s l ) - g t A i e n r n a - - Chile l C o b m i o a - - M ic e o x- Peru g U u r a u y - o c t o r th i u e e n s r - T c tr o o ( i u t 7 e a n s l ) - A t l r u i a a s - - India JapanJava N l Z a e e n a w d - Siam T k u ey r- T c tr o o ( i 4 u e ta n s) l - Egypt S A o fr u ic th a c o t o r th i u e e n s r - 1932—August 348 249 523 162 214 78 10 September.. 346 249 523 162 214 75 10 October 342 249 524 162 214 78 10 November.. 342 249 523 162 213 77 10 December... 345 249 520 162 212 78 10 1933—January 347 249 521 162 212 81 10 February 348 249 524 162 212 93 10 March _ 352 249 503 162 212 96 10 April 355 249 483 162 212 95 10 May 362 249 *>483 162 212 107 10 June 249 *>482 162 212 *10 July 249 162 212 P10 August *367 249 162 212 9 28 *>10 p Preliminary. 1 Differences between these figures and those shown elsewhere in the BULLETIN for total monetary gold stock in 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

632 FEDERAL RESERVE BULLETIN OCTOBER 1933 GOLD PRODUCTION [In thousands of dollars at par] I 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 R de h s o ia - A W fr e ic st a B C e o lg n i g a o n Canada U S n ta i t t e e s d Mexico Co b l i o a m-Au l s ia tra- Japan India 1930— Total (12 mos.). 430,725 372,726 221,526 11,476 4,995 43,454 47,123 13,813 3,281 9,553 8,021 6,785 1931—-November 38,748 33,319 18,673 941 478 292 4,927 4,127 914 1,321 667 590 December 38,811 33,382 18,809 1,041 4,995 4,127 877 312 1,181 664 579 459,104 393,957 224,863 11,193 5,524 3,224 55,687 49,524 12,866 4,016 12,134 8,109 6,815 Total (12 mos.) 33,464 19,587 921 480 295 4,834 i 3,597 1,106 450 1,032 628 534 1932—January 32,415 18,935 956 453 286 4,670 1 3,535 948 386 1,063 657 525 February 34,123 19,877 996 484 304 5,285 i 3,494 862 404 1,131 741 545 March 33,662 19,593 976 466 281 5,093 13,390 1,057 380 1,164 671 590 April 35,319 19,970 977 481 298 5,551 l 4,114 1,026 447 1,234 653 567 May 35,415 19,871 1,011 482 309 5,592 1 4,362 960 405 1,172 647 603 June 35,800 20,268 981 546 319 5,176 1 4,610 924 455 1,244 692 585 July 20,475 1,019 510 330 5,480 i 4,982 1,138 524 1,221 696 588 August 36,366 1,041 509 304 5,406 15,085 1,122 456 1,292 702 559 September 36,579 20,157 1,044 515 314 5,240 i 5,271 1,091 455 1,216 727 547 October 36,327 20,190 997 526 307 5,220 14,858 1,165 415 1,376 715 556 November 35,888 20,118 1,080 539 294 5,514 1 4,651 671 353 1,418 581 December Total (12 mos.) 2490,259 420,997 238,931 12,000 5,992 3,642 63,061 2 50,626 12,070 5,132 14,563 8,198 6,782 1933—January 40,990 35,218 20,152 1,008 532 280 4,826 14,341 1,194 513 1,130 666 576 February 37,377 31,605 18,176 989 531 263 4,718 i 3,039 1,095 344 31,186 654 608 March 42,066 36,294 19,658 1,038 522 302 5,378 i 5,209 1,059 487 1,267 747 628 April 39, 317 33, 545 18, 430 1,108 528 281 4,900 13,907 905 644 1,531 726 586 May 40, 217 34,445 19,519 1,108 520 308 4,913 1 3,824 1,034 576 1,352 734 556 June v 39,300 v 33,528 v 19,008 1.131 561 308 5,404 12,935 1992 490 1,442 711 545 July v 40,375 v 34,603 v 19,094 1.133 J»549 5,285 i 3,638 11,034 797 1,442 1 744 1579 August v40,691 v 34,919 P 19, 322 1,137 ^620 *308 ! 15,168 i 3,742 1 1,075 782 1.442 1744 1579 » Preliminary. i Figure reported by American Bureau of Metal Statistics. * The total for 1932 is $1,322,000 less than the aggregate of the monthly figures. The annual estimate of $50,626,000 shown for the United States in 1932 is made by the Bureau of the Mint in cooperation with the Bureau of Mines, whereas the monthly estimates, which aggregate $51,948,000, are made by the American Bureau of Metal Statistics in New York City. 8 Beginning with February 1933, the monthly figure employed for South Australia, which represents less than 1 percent of total Australian production, is the monthly average for the period February-June 1933. 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 el m - N la e n th d e s r- Sw la i n tz d er- C a a d n a - M ic e o x- A t r i g n e a n- lo C m o b - ia B I r n i d ti i s a h H a o n n d g 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—May -195,514 -7,047 -63,216 -9,710 -19,930 -58,473 -53,554 4,699 1,510 175 3,791 2,441 3,800 June -206,047 -1,910 -111,411 -116 -26,250 -23,168 -62,603 5,424 816 4,866 5,172 3,133 July -3,437 1,405 -21,513 -225 4,573 1,284 13 240 3,524 4,197 3,064 August 6,103 6,093 -17,950 1,021 —8 5,257 2,273 45 467 4,783 4,122 September 27,897 5,868 50 320 ~~~5,~543 219 3,904 2,843 52 2,855 4,205 2,039 October 20,613 1,251 72 2,381 25 506 1,345 42 28 6,068 3,600 3,362 1,933 November 21,740 1,376 7 2,685 7 5,622 893 -1 94 4,773 2,964 3,322 December 100,859 51,928 16,357 10 8,082 7,546 744 43 4,697 4,974 3,124 3,353 Total (12mos.)--446,213 53,585-441,649 -13,356 -82,571 -96,586 -118,27364,574 20,087 12,991 3,240 26,597 39,043 49,719 36,383 1933—January 128,465 50,248 29,490 1,067 15,123 5,274 634 52 15,193 5,612 3,729 2,042 February i 17,776 i 3,310 -3,709 -1,546 -600 802 -1,614 4,206 552 -15 35 9,446 3,700 3,208 March i -22,0811-8,935 -3,630 -250 -199 -5,005 -681 8,418 483 5 990 2,135 a-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 -80,388 -1,535 -73,173 -216 -27 203 125 1 -5,708 September »__ -55,815 —2,817 -48, 646 -2,165 143 -2,187 » Preliminary. i Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until Mar. 1. > $17,054,000 exported to Italy. 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OCTOBER 1933 FEDERAL RESERVE BULLETIN 633 GOLD MOVEMENTS—Continued [In thousands of dollars at par] Great Britain Net imports from— Month Total South n p e o t r i t m s - U S n ta i t t e e s d France m G a e n r y - g B iu el m - N l e a t n h d e s r- Sw la i n tz d er- A So i m c u a e t r h - Canada B In ri d ti i s a h S S m t e e r t a t n l i t e t s s - Au l s i t a ra- A R f h ri o c - a, c o o A th u l e n l r - West tries Africa 1931—Total (12 mos.)~ -143,729 -13,401-319,989 33,754-37,050-124,101-60,836 29,446 63,083 11,280 33,260 236,921 3,904 1932—May 16,973 7,541 -10,843 -18 -2,571 -11,310 -214 406 11,565 803 915 18,965 1,734 June 35,019 15,897 -9,035 14 -2, 767 -9,394 -1,081 12,812 772 794 26,246 760 July 22,675 -1,671 -11,361 4 -4,778 -7,812 -753 500 14,204 2,122 9,661 19,351 3,207 August 1,296 -4,259 -20,269 45 -4,015 -10,438 -75 300 14,279 829 175 19,712 5,010 September 5,204 -6,887 -27, 521 rj -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 -108 181 854 23,326 602 Total (12 mos.) - 81,211-50,643-297,040 311-16,896 -71,376-14,021 5,623 220,394 10,780 20,363 255,305 18,408 1933—January -43,260 -48,314 -2,109 -11 -634 -17,471 9,495 587 793 16,530-2,120 February 18,400 -6,559 -4,623 27 -507 -7,816 -79 374 7,175 554 794 27,815 1,245 March 77,198 11,821 3,406 5,003 -1, 294 -5, 225 -588 296 9,178 461 22,659 28,923 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 1,789 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 19,519 11,715 August 25, 628 733 6,259 179 -1, 034 -13,583 -380 436 3,703 4,994 848 1,910 24, 774-3,212 September »_ 45,435 2,826 2,673 31 13 -3,576 1,151 817 4,119 11, 075 457 1,074 20,511 3,365 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 A r th i u e l e n l s r - im n p e o t rts U S n ta i t t e e s d E la n n g d - France N la e e n r t d - h s - S l z a w e n r i d - t- c o t o A t r h i u e l e n l s r - 1931—Total (12 mos.) 728,176 328,130 312,561100,050 18,775 -81,207 149,867-247,950 -38.160-35,221-102,019-55,142 -63,866 58,932-14,475 1932—May 18,636 17,174 14,232 2,582 1,999 -1,119 a-16i,,233 293 8 17 -7,539 6710,352 June 167,968 152,072 7,541 5,737 4,601 -8,234 6,250 -7,139 5 -5,800 -7,691 July 31,067 16,746 12, 472 —5 483 -1,001 2,371 -13,718 -42 -4,753 -5,435 August 42,940 24,149 16,241 5,382 —17 -2,447 4,189 2 13 1,289 September. 9,638 -625 4,424 3,918 1 448 249 222 8,552 -2 8 3,456 October 32,695 11,927 19,995 329 565 -270 148 6,560 29 33 41 November _ 33,498 241 26,003 6,122 672 -186 645 2,314 -367 -6,169 2,584 December.. 25,494-10,634 34,479 2 -3,138 4,306 483 24 17 -3,331 Total (12 mos.) 828,072 468,052 37,889 37,547-17,668 -7,732 -27,282 -250 -38,170-24,455 -7,915 46,656 -3,515 5====== 1933—January -37,399 -35,361 2,900 200 -3,814 -1,126 4,424 4 -1,976 107 6,293 February -1,659 —144 2,559 678 2,805 —7,127 -13,076 22 -5,980 -10,429 93 3,336 March 16,729 9,287 1,005 1,266 27,778 -23,356 -13,163 -4,945 -7,365 -4,925 46 3,956 April 48,252 18,583 2,283 22, 520 670 -6,377 -68,750 1 -17,822 -51,893 -4,541 75 5,411 May 96,140 -5,819 1,277 39, 785 37,113 -9,938 46 -292 -6,435 -10,102 -61 7,023 June ••46,840 5 -18,537 22,903 7,976 30, 797 -36,432 1,453 -13,676 -22,658 -5,392 34 3,833 July- 54,323 39,263 -12,572 23,430 5,695 16, 598 4,591 -161 151 133 -47 4,791 August »_.- 59,855 81,881 -11, 533 -46 -6,837 -1,397 -676 215 -186 -225 -90 * $29,233,000 imported by France from Spain in July* 2 $21,292,000 exported by France to Belgium. 3 $9,832,000 imported by France from South Africa in April; $14,412,000 in May. * $20,305,000 exported by France to Belgium. J> Preliminary figures. r Revised. 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

634 FEDERAL RESERVE BULLETIN OCTOBER 1933 GOLD MOVEMENTS—Continued (In thousands of dollars at par] Netherlands Net imports from— Month Total net imports U S n ta i t t e e s d England France Germany Belgium Poland Sw la i n tz d er- B I r n i d ti i s a h All other 1931—Total (12 mos.) 198,619 39,413 117,591 -21,024 56.059 -1,428 -365 4,553 4,548 1932—May ., 58,256 55, 317 5,470 -3,258 7,429 -713 -3,415 -3, 466 785, 107 June.—- 54,107 47,324 8,397 -1,786 9,763 -760 -3,385 -5,849 379 24 July 4,983 5,565 -276 5,376 -5,242 -482 -847 941 -52 August 7,204 8,715 -334 -1,280 -26 -281 -579 3,212 -2,222 September -13,797 -6,367 1,198 -1, 708 -3,496 1,759 -923 -402 1,994 -5,852 October -6,230 -1,916 1,252 -593 -61 -5, 729 -217 42 1,006 -14 November -4,857 -3,765 1,939 -886 -3,085 -1,313 — 188 -537 3,030 -52 December 894 -9,668 4,251 52 3,745 -20 -1,134 2,773 -68 Total (12 mos.) 116,149 106,623 50,070 -34,009 26,886 -12,727 -13,630 -16,137 16,423 -7,346 1933—January 1,898 -14,101 14,069 -837 2,009 r673 -976 -1,100 2,199 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 « --- -18,102 603 -906 -18,188 3,609 -1,522 -358 -1,259 -79 May -41, 605 -11,384 -37,068 11,178 -1,068 -1,479 -3,069 1,107 '179 June *- —45,503 115 -6,390 -41,046 5,581 -1,797 -353 -1,702 108 -18 July «_ -13, 628 -15,750 6,065 -180 -1,432 -1,174 -1,466 291 20 August 24,239 12,996 11,183 -47 17 -194 -174 [275 90 Switzerland British India Net imports from— Net imports from— In- Increase Month Gold or de- orde- Total Total pro- crease n p e o t r im ts - U S n ta i t t e e s d E la n n g d - France m G a e n r y - A So fr u ic th a N la e e n r t d - h s - o A th l e l r n p et o r i t m s - U S n ta it t e e d s E la n n g d - o A th l e l r I' t n i d- o d .u " n c i a - i * n * g ( o m ) v i e e n rn t - h p ( o r - l i d ) v i i a n n t g e s in India» in India 1931—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 1932—May 46,051 41,034 116 1,718 -52 2,949 286 -8,935 -8,923 -12 569 -1 -8,365 June 80,872 70,247 1,734 3,554 -85 5,630 -209 -13,227 -165 -12,807 -255 605 —12,622 July 14,993 9,779 111 3,734 -61 1,507 -87 -16,437 -374 —14,575 -1,488 -15,851 August 1,503 81 90 718 38 744 -260 -11,674 -2,775 -7,979 -920 -11,085 September. -604 -361 154 -540 -34 453 -277 -17,201 -5,978 -9,835 -1,388 561 34 -16,674 October -3,385 -50 82 -3,087 -102 -280 48 -14,482 -4,820 -9,010 -652 648 -13,934 November... -1,395 <7 85 -2,347 -67 480 461 -16,662 -2,420 -13,244 -997 557 -16,105 December.. 1,203 -111 837 65 -24,964 -18,002 -6,286 -676 583 —24,380 Total (12 mos.) 169,786 124,354 15,342 7,418 7,8 10114,996 -304 -195,792 -38,094-151,391 -6,307 6,798 127-189,121 1933—January 4,658 123 2,393 -77 1,176 1,040 -11,916 -10, 247 -1,965 297 576 -11,340 February 8,502 -14 8 6,987 -77 2,461 -937 -12,788 -9,589 -3,082 -116 610 -1 -12,177 March 24,440 653 907 21,306 -40 48 3,802 -2,236 -12,722 -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 J M un ay e - - 4 4 2 1, , 4 5 8 9 1 6 '1,177- - 4 3 , , 0 1 8 5 2 2 - -3 3 4 8 , , 7 7 7 5 6 1 -68 6 2,7 r- 78 -3,709 - - 1 1 3 4 , , 0 0 1 0 6 4 -1,511 -1 -8 2 , , 0 8 9 2 6 3 - - 3 1 , , 3 1 5 8 9 1 5 5 5 4 6 5 - - 1 1 2 3 , , 4 4 6 5 0 9 July -14,302 "-307 -5,739 -8, 324 -44 M -1,756 -6, 298 -4,734 -1,565 »579 P-5,717 August -1, 542 -229 1,135 57 -1,339-1,166 »-12,412 *579 -1 -ll, 832 i $2,199,000 exported by Netherlands to Czechoslovakia in August; $5,847,000 in September. 1 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. v Preliminary. c Figures corrected. ' Revised. 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

OCTOBER 1933 FEDERAL RESERVE BULLETIN 635 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1933 1932 1933 1932 Aug. July June Aug. Aug. July June Aug. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold 257 257 257 257 Gold reserve against Dominion notes. 69 70 69 66 Notes issued L - - 555 575 584 584 Advances to banks under finance act 44 50 52 29 Irish Currency Commission (thousands of Dominion notes: pounds sterling): Issued 177 182 184 154 Legal tender note fund: Outside chartered bank holdings- 29 29 30 28 British legal tender and bank Indian Government (millions of rupees): balances —_>--. 24 55 137 124 Gold standard reserve: British securities 7,165 7,214 7,365 6,580 Gold 151 153 153 332 Notes issued -- __ _ 7,189 7,270 7,501 6,703 Foreign exchange 383 381 380 201 Consolidated bank notes:s Paper currency reserve: Issued 4,701 4,686 4,669 4,532 Gold 293 291 291 111 Deemed such under sec. 60 (4) of Silver coin and bullion. 1,054 1,051 1,034 1,150 currency act, 1927 1,280 1,291 1,301 1,442 Other assets 450 446 441 494 Notes issued 1,798 1,789 1,766 1,756 i Includes a small quantity of subsidiary coin. * The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Aug. 19, July 22, June 24,1933, and Aug. 20,1932. 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 Aug. 31 July 31 Aug. 31 Aug. 31 July 31 Aug. 31 Gold in bars __ _. 5,147 5,147 0) Demand deposits (gold). 5,147 5,147 0) Cash on hand and on current account with Short-term deposits (various currencies); banks 4,307 8,495 14,872 Central banks for own account: Demand funds at interest 22,927 32, 534 91,380 Demand 1 103,831 101,420 463, 576 Rediscountable bills and acceptances (at 128,784 128,362 90,187 cost): Time—Not exceeding 3 months- Commercial bills and bankers' accept- 232,615 229,781 553, 763 ances 234, 552 231, 310 Total Treasury bills 167,839 178,481 150, 824 Central banks for account of others: Demand 11, 512 12,056 25,343 Total 402,390 409, 791 534,805 Other depositors: Demand 3,151 3,173 6,473 Time funds at interest—Not exceeding 3 Long-term deposits: months 123, 578 106,185 247, 588 Annuity trust account 154, 246 154,388 153,769 Sundry bills and investments: German Government deposit 77,123 77,194 76,884 Mat T ur r i e n a g s u w ry i th b i i n ll s 3 months: 25,160 31,175 44,424 French Government guaranty fund- 48, 030 49,805 68, 649 Betw S e u e n n d r 3 y a n in d v 6 e s m tm o e n n th ts s . : 59,943 36,008 47, 632 Total __ 2 1 7 2 9 5 , , 3 0 9 0 9 0 2 1 8 2 1 5 , , 0 3 0 8 0 6 2 1 9 2 9 5 , , 3 00 0 0 1 Treasury bills 19,169 13,189 Capital paid in._ Sundry investments 47,924 71, 942 59, 262 Reserves: 2,022 2,022 1, 318 Over 6 months: Legal reserve fund 3,895 3,895 2,690 T Su re n a d s r u y r y in b s i t l r l u s ments 7,1 5 8 9 9 4 595 1,925 D Ge iv n i e d r e a n l d r e r s e e s r e v r e v e fu f n u d n . d - 49 7 , , 7 5 9 1 0 9 4 7 6, , 0 7 5 9 0 0 3 5 0, , 1 3 7 7 5 9 Other liabilities Total 159,979 152,909 153, 243 Other assets 1,722 1,239 7,555 Total assets 720, 050 716,300 1,049,442 Total liabilities 720,050 716,300 1,049,442 1 Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 FEDERAL RESERVE BULLETIN OCTOBER 1933 CENTRAL BANES IFor explanation of tables on this page, see BULLETIN for February 1931, pp. 81-83] Assets of banking department Liabilities of banking department Gold (in Bank of England d m i e s e p s n a u t r e ) t 1 - Cash reserves D ad is v a c a n o n d u c n e t s s Se t c ie u s ri- ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - Coin Notes Bankers' Public Other Millions of pounds sterling: 1932—July 27 137.7 .9 43.4 15.3 92.5 88.2 11.2 34.6 18.1 Aug. 31 138.9 .9 48.6 12.2 92.2 365.3 79.5 20.7 35.4 18.2 Sept. 28 139.4 1.0 64.6 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 79.7 11.8 74.9 367.1 92.8 21.2 35.0 18.2 Apr. 26 185.9 74.0 11.6 80.0 371.9 100.9 10.8 37.1 17.7 May 31 186.3 1.1 72.3 11.2 83.5 374.1 77.5 33.2 39.5 17.8 June 28 189.4 1.2 74.2 16.6 87.2 375.1 105.1 14.1 42.2 18.0 July 26 190.1 1.3 72.8 11.2 103.0 377.2 98.5 14.1 67.7 18.1 Aug. 30 190.3 1.4 76.3 10.0 94.9 374.0 79.4. 42.0 42.9 18.2 Sept. 27 190.4 1.4 79.6 9.2 85.8 370.8 97.3 16.5 44.0 18.2 Liabilities Deposits Bank of France Gold e F x o c r h e a i n g g n e Do b m il e ls stic Se lo c a u n ri s ty N s e t e i g b c e o l u s e t r ^ i i a - - Other ci N t r i c o o u t n l e a- G m ov e e n r t n- Other l O ia t t i b h e i s e l r i- Millions of francs: 1932—July 29... 82,168 5,482 3,905 2,747 6,621 8,994 82,118 3,740 22,033 2,025 Aug. 26... 82,239 5,389 3,467 2,761 6,621 8,878 79,912 3,982 23,426 2,035 Sept. 30- 82,681 4,977 2,604 2,783 6,621 9,686 82,459 3,010 21,876 2,009 Oct.28... 82,909 4,984 3,637 2,764 6,621 9,145 82,205 4,553 21,229 2,071 Nov. 25... 83,342 4,853 3,266 2,500 6,621 9,008 81,536 2,931 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 9,172 83,314 2,269 20,474 2,074 Feb. 24-. 81,017 4,401 3,303 2,580 6,647 9,119 83,986 2,226 18,731 2,124 Mar. 31- 80,409 4,376 3,352 2,714 6,621 9,801 86,096 2,235 16,850 2,093 Apr. 28... 3,846 3,805 2,649 6,595 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 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 Sept. 29 p. 82,095 2,634 3,475 2,765 (3) 82,994 3.6S4 17,243 (3) Assets Liabilities Reichsbank Eeserves Gold e F x o ch re a i n g g n e Tre b a il s l u s ry bi c l O h ls e t c h ( k a e s r n ) d Se lo c a u n ri s ty Securities Other ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - Millions of reichmarks: 1932—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. 31 307 74 3,151 163 320 749 3,521 415 841 Sept. 30. 367 40 3,289 205 320 3,625 465 850 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. From Aug. 1,1931, to Mar. 31,1933, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) was authorized by the British Treasury under section 8 of the Currency and Bank Notes Act, 1928. 1 Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement). a Not yet available. » Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 637 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1932 Central bank Central bank Aug. July June Aug. Aug. July June Aug. National Bank of Albania (thou- Central Bank of China—Continued. sands of Albanian francs): Deposits—Go vernment 134,592 134,069 Gold 7,324 7,313 5,546 Bank 53,230 47,789 20,506 Foreign exchange 24,850 27,159 28, 574 Other 17,882 8,100 5,146 Loans and discounts 3,055 3,010 Other liabilities 62,118 60,885 42,625 Other assets 2,819 2,564 4,717 Bank of the Republic of Colombia Note circulation _ _ 13.017 13,429 12,148 (thousands of pesos): Demand deposits 18,595 19, 719 18,842 Gold at home and abroad 15, 537 15,310 15,198 13,903 Other liabilities .--. 7,045 11, 546 Foreign exchange 2,187 2,947 2,831 3,664 Commonwealth Bank of Australia Loans to member banks 1,257 2,009 3,426 4,432 (thousands of Australian pounds): Note circulation 25, 740 25,950 16, 774 Issue department—Gold and Deposits 21,031 20,909 19,628 19,053 English sterling 11,507 11,507 11,507 10,499 National Bank of Czechoslovakia Securities 21,672 21,633 24,316 (millions of Czechoslovak crowns): Banking department: Gold 1,708 1,707 1,707 1,640 Coin, bullion, and cash _ 951 940 1,052 1,183 Foreign balances and currency... 905 932 947 1,079 London balances 21,544 19,924 20,004 9,297 Loans and advances 1,507 1,718 2,014 1,489 Loans and discounts 15,299 15,562 15,885 15,118 Note circulation 6,168 6,253 6,568 6,144 Securities 36, 227 36,247 34,900 29,878 Deposits. 416 555 509 Deposits 75,071 73,291 73,820 57,219 Danish National Bank (millions of Note circulation 41,660 41,522 41,325 42, 349 krone): Austrian National Bank (millions of Gold 133 133 133 133 schillings): Foreign bills, etc 17 38 36 47 Gold—. - 150 150 150 149 Loans and discounts 73 74 134 Foreign exchange of the reserve,. 39 39 40 Note circulation __. 330 328 342 308 Domestic bills.. 188 239 275 872 Deposits 116 99 71 Government debts 654 659 659 92 Bank of Danzig (thousands of Dan- Note circulation 900 903 915 zig gulden): Deposits 104 216 165 Gold 33, 525 35,050 32,051 21,372 National Bank of Belgium (millions Foreign exchange of the reserve.. 5,711 6,427 2,306 24,957 of belgas): Other foreign exchange 1,277 1,168 2,728 357 Gold - 2,700 2,691 2,678 2,615 Loans and discounts.__ 9,307 9,304 9, 553 7,190 Domestic and foreign bills 765 748 730 678 Note circulation 37,984 37, 531 37,342 38,690 Loans to State 355 355 0) 367 Deposits 6,276 5,641 10, 676 Note circulation 3,612 3,603 3,590 3,652 Central Bank of Ecuador (thousands Deposits _ 359 343 324 158 of sucres): Central Bank of Bolivia (thousands Gold at home and abroad ._ 14,305 14, 275 14, 611 of bolivianos): Foreign exchange 2,822 3,074 3,519 Gold at home and abroad 13,053 12,900 17,392 23, 264 Loans and discounts 42,963 42,134 Foreign exchange. 5,336 5,328 5, 225 2,854 Note circulation _ 29,420 28,092 22,441 Loans and discounts 36, 633 36.875 46,228 32, 311 Deposits " 18,948 20, 285 9,320 Note circulation 47,659 46, 043 44,926 32, 596 National Bank of Egypt2 (thousands Deposits 40,187 42,986 47,092 14, 287 of Egyptian pounds): Bank of Brazil (millions of milreis): Gold... 6,663 6,663 6,663 Currency... -- 596 580 604 357 Foreign exchange 1,764 1,678 2,522 C orrespondents abroad 203 176 172 161 Loans and discounts 4,616 4,876 8,046 Loans and discounts 2,960 2,837 2,711 1,877 British, Egyptian, and other Note circulation 20 20 40 170 Government securities 32, 351 33,984 28,259 Deposits- 3,378 3,175 3,057 2,157 Other assets 3,786 3,752 3,617 National Bank of Bulgaria (millions Note circulation 16,933 17,781 17,174 of leva): Deposits—Government 4,201 5,230 5,058 Gold 1,521 1,521 1,521 1,517 Other 20,052 20,076 18, 708 Net foreign exchange in reserve. _ 4 12 20 12 Other liabilities 7,994 7,866 8,168 Total foreign exchange 87 129 98 268 Bank of Estonia (thousands of Loans and discounts 977 894 861 690 krooni): Government obligations 2,873 2,873 2,873 2,965 Gold - 19, 244 19,239 18, 720 11,470 Note circulation 2,674 2, 531 2,648 2,658 Net foreign exchange— 487 1,350 900 7,250 Other sight liabilities 1,624 1,748 1,599 1,620 Loans and discounts 19, 517 20, 225 21, 272 22,421 Central Bank of Chile (millions of Note circulation 30,352 30,295 29,672 31,385 pesos): Deposits—Government 2,945 3,293 3,285 4,500 Gold at home and abroad 90 Bankers',. _ 6,333 7,035 5, 591 5,753 Foreign exchange for account of: Other 3,209 4,059 3,691 2,387 Bank 72 Bank of Finland (millions of mark- Exchange commission 2 3 kaa): Loans and discounts 472 182 Gold. 323 323 309 304 Securities _ 343 343 412 Balances abroad and foreign Note circulation 483 487 455 credits.__ _ 885 782 762 510 Deposits 375 210 Foreign bills 274 318 329 230 Central Bank of China3 (thousands Domestic bills 703 756 757 of yuan): Note circulation 1,087 1,081 1,097 1,075 GoldJ 798 932 1,352 Demand liabilities _ 571 538 493 Silver 80,742 48,013 Bank of Greece (millions of drach- Due from banks abroad—. 18, 555 17,713 4,315 mas): Due from domestic banks... 29,349 22,340 GGoolldd aanndd ffoorreeiiggnn eexxcchhaannggee 3,209 3,162 2,798 1,413 Loans and discounts 120,121 122,641 83,912 LLooaannss aanndd ddiissccoouunnttss .-- 2,646 2,539 2,220 1,515 Securities J,392 12 79r 5,586 GGoovveerrnnmmeenntt oobblliiggaattiioonnss 3,355 3,368 3,368 3,321 Other assets.. 32, 720 I 19,964 Note circulation__ 51,050 46,326 31,036 1 Not available. 2 Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 FEDERAL RESERVE BULLETIN OCTOBEB 1933 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1933 1932 Central bank Central bank Aug. July June Aug. Aug. July June Aug. Bank of Greece—Continued. Bank of Portugal (millions of escu- Note circulation 4,832 4,760 4,698 4,323 dos): Other sight liabilities _. 4,763 4, 598 4,025 2,173 Gold 721 713 707 397 Liabilities in foreign exchange 222 156 193 Other reserves 370 398 391 559 National Bank of Hungary (millions Discounts and advances._ _ 330 327 328 346 of pengos): Government obligations.- 1,053 1,053 1,053 1,058 Gold 97 97 97 97 Note circulation 1,909 1,881 1,906 1,929 Foreign bills, etc 9 11 15 11 Other sight liabilities. 641 675 632 365 Loans and discounts 477 479 486 448 National Bank of Rumania (mil- Advances to treasury 50 50 51 52 lions of lei): Other assets _. 29 29 26 19 Gold. 9,766 9,748 9,712 9,476 Note circulation 354 364 372 376 Foreign exchange of the reserve _. 636 560 654 549 Deposits. _ 76 72 73 74 Other foreign exchange 2 27 15 16 Miscellaneous liabilities 203 200 201 150 Loans and discounts 9,939 9,893 10,001 11,575 Bank of Italy (millions of lire): State debt 5,704 5,704 5,748 5,730 Gold at home. 7,033 6,994 6,767 5, 750 Note circulation 21,159 21, 229 21, 355 21,194 Credits and balances abroad 318 343 321 1,393 Demand deposits.. ._ 8,001 7,576 7,640 6,735 Loans and discounts 5,103 5,001 5, 506 5,909 South African Reserve Bank (thou- Note circulation .. 13, 256 13,329 13, 028 13,382 sands of South African pounds): Public deports . —...,. 300 300 300 300 Gold __ 15, 421 16,475 14,298 7,093 Other deposits 1,312 1,803 1,076 1,345 Foreign bills 17,482 17,986 21,145 0 Bank of Japan (millions of yen): Domestic bills _. 64 61 17 2,362 Gold 425 425 425 429 Note circulation 9,383 10,198 10, 753 6,588 Advauees and discounts 752 724 765 874 Deposits—Government 1,735 1,815 1,171 1,386 Government bonds 368 425 426 118 Bank 24,079 26,322 26,163 4,146 Notes issued 1,118 1,179 1,179 1,007 Other 3,085 2,044 3,766 335 Total deposits _. 359 325 345 460 Bank of Spain (millions of pesetas): Bank N L G F D o o o o e o r a p l t f e d e n o i J s g s c a i n i a v t r s a n c b d u i ( l l m l d a s t i i i s l o c l n i o o u n n s ts of _ florins): 1 1 2 6 9 0 9 8 4 1 0 1 1 2 0 9 5 4 8 0 7 5 1 1 4 3 0 9 6 5 4 4 7 2 1 1 4 0 1 6 7 4 7 S N G B L D i o a o e o lv l a p t l a e n e o d n r s s . c c . i i a e t . r . s s n c d u a l b d a r t i o i s o a c n d ounts 2 4 2 , , , 6 2 9 4 2 7 4 4 8 6 6 4 6 8 2 8 0 2 2 4 2 , , , 6 9 2 7 2 5 4 4 8 4 6 7 2 0 0 9 0 0 2 2 4 , , , 2 6 2 8 4 6 5 4 8 9 8 5 0 2 9 5 8 5 2 2 4 , , , 5 2 9 2 8 7 8 9 8 5 1 7 5 1 7 7 2 7 Bank of Sweden (millions of kronor): Bank of Latvia (millions of lats): Gold.... 361 340 266 206 Gold 47 47 46 Foreign bills, etc. 310 307 319 172 Foreign-exchange reserve 2 2 3 Loans and discounts 56 78 125 217 Bills 67 67 67 Note circulation.. 565 547 588 555 Loans _ 46 46 49 Deposits 420 325 168 Note circulation-_. 32 32 32 Swiss National Bank (millions of Government deposits 67 67 64 francs): Other deposits _•_ 95 94 Gold 1,820 1,820 1,873 2,644 Bank of Lithuania (millions of litu): Foreign balances and bills 6 4 5 61 Gold 48 50 Loans and discounts 92 85 76 56 Foreign currency 9 11 Note circulation 1,402 1,430 1,487 1,561 Loans and discounts 82 81 Demand deposits 547 514 501 1,202 Note circulation 92 92 Central Bank of the Republic of Deposits 43 Turkey (thousands of Turkish Netherlands Bank (millions of flor- pounds): ins): Gold 23,106 22,637 22, 394 18,155 Gold 827 774 1,032 Foreign exchange 274 361 2,053 201 Foreign bills 1 22 73 71 Government securities 152,483 152, 574152, 629 156,307 Loans and discounts 181 165 131 125 Other securities 28,631 28, 621 28, 570 28,081 Note circulation -.. 912 938 922 996 Other assets 41,169 38,952 42,707 20,918 Deposits 138 73 97 278 Note circulation i161,171 161,262 161, 317 164,996 Bank G o o f l d N . o .. rway (mi — llionsof kroner): 146 151 151 142 D O e th p e o r s i l t i s abilities 3 5 0 3 , , 8 6 5 4 2 0 2 5 9 2 , ,2 6 3 5 3 0 27,346 4 1 7 0 , ,9 6 7 8 9 8 Foreign balances and bills 22 10 15 13 Bank of the Republic of Uruguay N D T Fo o o o r t m t e a e l i e g c s d n i t r e ic c d p u e o c l p r s a o e i t d s t i s o i i t t . n s . s . - .... 2 3 1 0 6 8 4 9 1 3 2 0 2 6 6 2 6 2 2 30 3 7 9 2 2 1 2 31 7 7 2 4 3 6 (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 a d ir s n s c s d e u o t l f d s a i p t s i e c o s o n o u . s n ): ts 1 4 4 8 0 0 8 2 1 , , , , 6 3 2 4 9 2 0 8 7 6 3 4 1 4 4 8 0 1 8 3 2 , , , , 7 2 9 4 0 2 1 4 3 3 3 8 1 4 8 3 0 8 3 8 7 , , , , 3 0 4 4 1 7 6 5 1 6 4 2 Central Reserve Bank of Peru (thou- Deposits—Demand 29, 517 28,657 33,667 sands of soles): Time 42,237 42,599 37,731 Gold.— 38,967 38,943 Judicial and admin- Foreign exchange 6,020 489 istrative 2,807 2,994 2,746 Bills 34,300 16,588 Other liabilities .— 37,181 39,141 Note circulation. _ 61,333 48, 767 National Bank of the Kingdom of Deposits.. 15,094 4,836 Yugoslavia (millions of dinars): Bank of Poland (millions of zlote): Gold.... 1,797 1,797 1,797 1,763 Gold 473 473 473 477 Foreign exchange 154 138 145 327 Foreign exchange. 75 81 80 147 Loans and discounts 2,247 2,252 2,243 2,416 Loans and discounts 797 789 778 777 Advances to State 2,317 2,416 2,415 2,409 Note circulation 1,004 1,003 1,004 1,082 Note circulation. 4,314 4,306 4,403 4,836 Other sight liabilities. __ 164 174 152 147 Other sight liabilities 846 1,037 957 716 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 639 COMMERCIAL BANKS ENGLAND—10 LONDON CLEARING BANKS [In millions of pounds sterling] Assets Liabilities Cash in Money Deposits Month vault a B n f a d r n o k m d u o e f a s t a h n c o d a r l t l B co il u ls n t d e i d s- Se ti c e u s ri- cus e t r o s m- O as t s h e e ts r Demand Time Total l O ia ti t b e h i s e li r - England notice 1930—January ___ 196 144 245 248 989 283 919 814 1,805 300 February- 185 130 220 244 991 276 876 803 1,751 295 March 184 135 184 240 994 277 877 781 1.719 294 April 191 136 210 240 988 280 901 797 1,750 294 May. 190 139 248 247 975 261 898 820 1,780 280 June 193 146 275 248 976 255 954 827 1,826 267 July- 194 145 286 256 969 240 936 828 1,831 261 August 191 137 281 265 953 234 916 821 1,804 258 September. 190 136 286 270 945 229 928 821 1,801 254 October 192 145 298 272 942 232 929 838 1,828 253 November- 192 139 311 280 938 231 925 844 1,838 253 December. 208 144 322 285 933 240 992 847 1,876 254 1931—January... 198 144 330 297 927 229 962 842 1,873 252 February._ 190 116 301 309 928 233 913 830 1,820 258 March 184 114 240 311 939 233 895 798 1,764 258 April 179 117 211 309 943 230 886 784 1,736 252 May _- 179 132 224 290 938 226 887 789 1,738 251 June 187 133 266 288 926 234 950 792 1,782 253 July 184 131 281 300 916 227 935 787 1,788 250 August 180 113 264 302 912 224 889 111 1,745 249 September. 174 107 237 304 915 231 885 769 1,712 255 October- _. 176 114 238 304 913 227 859 797 1,724 248 November. 173 109 241 300 904 219 810 841 1,706 239 December. 184 119 246 297 905 222 868 846 1,737 237 1932—January.._ 180 117 239 283 909 211 818 832 1,714 226 February— 173 110 208 280 906 201 775 838 1,659 218 March 174 113 217 282 906 211 799 832 1,676 226 April 173 112 240 288 884 208 789 845 1,681 225 May 179 113 247 300 875 212 810 854 1,699 226 June. 191 113 278 340 856 207 865 876 1,764 220 July 191 123 317 349 840 196 903 873 1,804 211 August 193 118 374 364 820 188 898 908 1,851 206 September. 193 114 392 383 806 180 907 921 1,865 202 October. _. 193 117 391 412 799 189 914 932 1,893 206 November. 193 116 391 425 789 194 925 929 1,898 210 December. 207 127 408 472 778 208 991 963 1,983 216 1933—January. __ 214 114 431 472 768 202 980 953 1,983 219 February. _ 208 112 386 498 769 208 955 947 1,957 223 March 207 109 348 510 769 205 936 935 1,925 223 April 219 105 338 517 767 207 950 940 1,930 222 May 206 98 346 530 779 209 962 938 1,944 224 June 213 101 352 544 779 213 1,006 942 1,978 225 July. 205 96 362 554 771 221 993 933 1,973 235 August 208 91 359 563 762 216 990 928 1,966 233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

640 FEDERAL RESERVE BULLETIN OCTOBER 193$ COMMERCIAL BANKS—Continued ENGLAND—EXPLANATORY NOTE League of Nations. The League figures continue the series first published in the summer of 1931 in the- Figures in the foregoing retrospective table are report of the Committee on Finance and Industry monthly averages of the position of 10 London clearing (Macmillan report). Demand and time deposits as banks on a specific day in the week, which is not the published, however, do not include figures for one bank,, same day for all banks. The 10 banks are: Barclays the National Bank, relating to offices outside England,, Bank; Coutts & Co.; Glyn, Mills & Co.; Lloyds Bank; so that the aggregate of these two items is somewhat Martins Bank; Midland Bank; National Bank; Nationa Provincial Bank; Westminster Bank; Williams less than the total deposits shown for the 10 banks. Deacon's Bank. The condensed balance sheet for June 1933 as shown All items are derived from statements of the banks in the table is compared below with the original detailed as reported by the Bankers' Clearing House (London), statement from which it is derived, the items on the except for two deposit items. The total of deposits in two forms being so numbered as to indicate by cross the table is as published by the clearing house, but the reference the relation between them. " Items in separate figures of demand and time deposits, which transit'', published separately by some of the banks, the clearing house does not report, are obtained cur- are included by the others in "loans to customers",, rently from the Monthly Bulletin of Statistics of the and are so classified in the table. BALANCE SHEET OF 10 LONDON CLEARING BANKS FOR JUNE 1933: CONDENSED FORM COMPARED WITH DETAILED FORM [Numbers in parenthesis in condensed form refer to items as numbered in detailed form] In mil- In millions of lions of Assets pounds Liabilities pounds sterling sterling CONDENSED FORM CONDENSED FORM Cash in vault and due from Bank of England (1) 213 Deposits: Money at call and short notice (4) 101 Demand * 1,006 Bills discounted (5) 352 Time1 942 Securities (6) „ 544 Loans to customers (3, 7) 779 Total (13) 1,978 Other assets (2, 8, 9,10) 213 Other liabilities (11, 12, 14,15, 16). 225 Total .- -- 2,203 Total . 2,203 DETAILED FORM DETAILED FORM 1. Coin, bank, and currency notes and balances with the 11. Capital paid up 74 Bank of England 213 12. Reserve fund 52 2. Balances with and checks in course of collection on other 13. Current, deposit, and other accounts _ 1,978 banks in the United Kingdom _ — 46 14. Acceptances, endorsements, etc - 97 3. Items in transit 4 15. Notes in circulation ___ 1 4. Money at call and short notice 101 16. Reduction of bank premises account.. () 5. Bills discounted 352 6. Investments 544 7. Advances to customers and other accounts 775 8. Liabilities of customers for acceptances, endorsements, etc_ 97 9. Bank premises account 45 10. Investments in affiliated banks 24 Total.. 2,203 Total. 2,203 i From Monthly Bulletin of Statistics of the League of Nations, August 1933, p. 330. 2 Less than £500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

641 OCTOBER 1933 FEDERAL RESERVE BULLETIN COMMERCIAL BANKS—Continued FRANCE—4 LARGE COMMERCIAL BANKS [In millions of francs] Assets Liabilities Cash and due from banks Deposits End of month Loans, in- Cash in Bills dis- cluding Other Own ac- Other liav d B a u u a e l n t f k ro a o n m f d Du ba e n f k ro s m Total counted se lo cu an ri s ty Demand Time Total ceptances bilities France 1930—January i1,510 13,967 6,560 21,490 9,843 1,968 33,761 1,129 34,889 1,227 3,745 February.. 1,583 4,205 6,829 21,309 10,109 1,803 33,980 1,285 35,265 1,132 3,653 March 1,847 4,498 7,617 20,619 9,947 1,778 33,726 1,479 35,205 1,039 3,716 April 1,829 5,164 8,407 19,839 10,528 1,740 34,210 1,569 35,779 965 3,769 May 2,416 5,479 10,123 19, 566 9,920 1,895 34,920 1,679 36,599 1,084 3,821 June 1,689 6,005 9,415 20, 403 10,074 1,939 35,358 1,556 36,914 1,022 3,894 July... 1,994 5,668 8,709 20.481 10,653 2,014 35,316 1,525 36,841 1,003 4,012 August 1,543 6,410 9,037 20,679 10,257 1,984 35,351 1,625 36,976 913 4,068 Septemoer. 1,802 6,318 9,196 19, 607 10, 396 2,032 34,634 1,612 36, 246 885 4,100 October 1,947 6,090 9,283 19,894 10, 651 2,108 35,106 1,735 36,841 857 4,237 November. 2.230 5,543 9,120 20, 564 10,652 2,187 35,767 1,605 37,372 854 4,297 December „ 2,419 4,675 8,408 20,448 10, 743 2,361 35,284 1,397 36,681 921 4,357 1931—January 2,402 4,439 8,455 21,081 10,042 1,703 35,090 1,521 36,611 974 3,695 February.. 2,200 4,581 8,331 21,098 10, 593 1,677 35,456 1,656 37,112 1,001 3,585 March 2,046 4,661 8,878 21,363 10,425 1,782 36,106 1,669 37, 775 1,076 3,596 April 2,131 4,909 9,353 21,869 10,316 1,882 36,971 1,623 38,384 1,113 3,712 May 1,970 5,135 9,505 22,930 9,943 1,945 37,861 1,601 39,462 1,083 3,779 June 2,403 5,009 10,337 22, 507 9,592 1,934 37,938 1,564 39,502 1,020 July 4,767 2,921 10,915 20,919 9,282 1,859 36,642 1,539 38,181 847 3,945 August 4,731 2,038 10,962 21,153 9,313 1,856 36,991 1,545 738 4,011 September. 5,123 1,812 10,524 20, 242 9,669 1,807 36,137 1,429 37,566 565 4,111 October i 6, 641 U.370 12, 776 19,006 9,445 1,901 36,972 1,370 38,342 573 4,214 November. 12,144 1,846 13,990 17,851 9,382 1,974 37,019 1,332 38,350 567 4,280 December.. 11,311 2,168 13,479 18, 441 9,274 2,130 37,023 1,222 38,245 576 4,503 1932—January 11,079 2,098 13,177 18,454 8,612 1,300 36.196 1,179 37,375 587 3,580 February.. 12,113 2,259 14,373 17,347 8,808 1,135 36,435 1,218 37,653 444 3,565 March 11,874 2,404 14,277 17.482 8,308 1,315 35,983 1,201 37,184 554 3,643 April 12, 280 1,836 14,116 18,043 7,934 1,327 35,929 1,239 37,167 532 3,720 May 11,288 1,776 13,064 7,970 1,304 35,826 1,284 37,109 453 3,773 June 11,475 1,727 13, 202 18,994 8,306 1,316 36,351 1,250 37,601 404 3,814 July....... 10,375 1,866 12,241 20,136 7,904 1,379 36,031 1,263 37, 294 394 3,971 August 11,578 1,804 13, 382 18, 745 8,211 1,422 36,148 1,286 37,435 350 3,976 September. 11,072 2,200 13, 271 19,034 8,268 1,462 36,372 1,280 37, 652 328 4,054 October 10,574 2,117 12,691 19, 757 8,058 1,546 36.197 1,342 37,539 334 4,178 November.. 10,571 1,774 12, 345 21, 266 7,898 1,576 37,257 1,312 38,568 288 4,229 December.. 9,007 1,766 10, 773 22,014 7,850 1,749 36, 491 1,268 37,759 295 4,331 1933—January... 7,445 1,996 9,441 22,209 7,785 1,131 35, 308 1,221 36, 528 336 3,703 February. 6,832 2,072 21,287 8,326 1,096 34,477 1,117 35, 573 323 3,696 March 7,181 2,052 9,233 20,261 8,586 1,163 34,163 1,045 35,208 305 3,730 April - 6,959 1,958 8,917 20,852 7,799 1,206 33, 655 979 34,634 291 3,850 May 8,184 1,960 10,144 20,048 7,777 1,227 34,145 979 35,124 247 3,824 June 8,499 1,931 10,429 19,889 7,824 1,420 34, 307 988 35. 295 372 3,895 July 8,738 1,723 10, 461 20, 236 7,848 1,521 34, 671 1,005 35,676 379 4,011 1 Figures from January 1930 through October 1931 relate to 3 banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 FEDERAL RESERVE BULLETIN OCTOBER 1933 FRANCE—EXPLANATORY NOTE Coupons to be cashed.—"coupons a encaisser" (4)— are included among "bills discounted" since they are The foregoing retrospective table is compiled from so classified by banks not reporting them separately. end-of-month statements of the four large French Security loans are included with all other loans in a commercial banks reporting monthly. These banks single total, for banks do not as a rule distinguish in are: Comptoir National d'Escompte de Paris; Credit their balance sheets between loans made against Lyonnais; Soeie*te Generate de Credit Industriel et securities and loans made against merchandise or other Commercial; Societe Ge*ne"rale pour favoriser le forms of collateral. Loans as shown in the table De"veloppement du Commerce et de P Industrie en exclude the liability of customers for acceptances, which France. is grouped with "other assets." This liability— It is not possible to show "cash in vault and due "comptes debiteurs par acceptations" (11)—is not refrom Bank of France" separately from "due from ported separately by the Credit Lyonnais or the Societe banks" for all four institutions prior to November Ge*ne*rale pour favoriser le De"veloppement du Com- 1931, for until that month they were reported as one merce et de P Industrie en France, but is included in item by the Credit Lyonnais. For the earlier period, their published statements in loans—"comptes courtherefore, these two items for the other three banks are ants, debiteurs ou divers" (6). "Comptes debiteurs given in the table. Total deposits of these three banks par acceptations" for these two banks is assumed to be during the period were as follows (in millions of francs): equivalent to "acceptations a payer" (23) and, for 1930—January, 22,482; February, 22,613; March, presentation in the table, the amount reported under 22,535; April, 22,791; May, 23,229; June, 23,306; the latter heading is transferred from (6) to (11). In July, 23,380; August, 23,577; September, 23,167; view of the efforts that have been made in recent years October, 23,320; November, 23,664; December, 23,311; to develop the Paris acceptance market, the liability of 1931—January, 23,161; February, 23,310; March, the four banks for their own acceptances is given 23,522; April, 23,992; May, 24,769; June, 24,834; separately in the retrospective table. July, 23,919; August, 23,851; September, 23,011; Octo- Security holdings of the French banks, usually of ber, 22,859; It is understood that the item "due from small and stable amount, are not given as a separate banks" represents largely balances with foreign banks. item in the table. A considerable portion of these The banks do not follow a common balance-sheet securities represents holdings of the Societe Gene*rale form. The balance sheet for the end of June 1933, as de Credit Industriel et Commercial in the stock shown in the table is compared below with a repre- of associated banks. In accordance with general sentative detailed balance sheet, the numbers in American accounting practice, unpaid capital, which parenthesis in the condensed form referring to items as appears on both sides of the original balance sheets, is numbered in the detailed form. excluded. BALANCE SHEET OF 4 FRENCH COMMERCIAL BANKS FOR JUNE 30, 1933: CONDENSED FORM COMPARED WITH REPRESENTATIVE DETAILED FORM [Numbers in parenthesis in condensed form refer to items as numbered in detailed form] In mil- In mil- Assets lions of Liabilities lions of francs francs CONDENSED FORM CONDENSED FORM Deposits: Cash in vault and due from Bank of France (1) 8,499 Demand (17,18, 19) 34,307 Due from banks (2, 7) - 1,931 Time (20, 21, 22)__ Total _._ 10,429 Total- 35,295 Bills"discounted (3, 4) _ _ 19,889 Loans, including security loans (5, 6) 7,824 Own acceptances (23) _ __. 372 Other assets (8, 9,10,11,12,13,15)—. 1,420 Other liabilities (24, 25, 26, 27, 28, 29, 30 minus 14). 3,895 Total 39,562 Total _ 39,562 Omitted: unpaid capital (14) 352 Omitted: unpaid capital (14) _ Total as shown by detailed form__ 39,914 Total as shown by detailed form. 39,914 DETAILED FORM DETAILED FORM \ 1. Especes en caisse, au Tr6sor, et a la Banque de France 8,499 17. Comptes de cheques et d'escompte 22,630 1 2. Avoir dans les banques et chez les correspondants 1,901 18. Comptes exigibles apres encaissement 236 3. Portefeuille et bons de la defense nationale 19,818 19. Comptes courants. cr6diteurs ou divers 11,441 i 4. Coupons a encaisser 71 20. Depots et bons a vue 289 1 5. Avances garanties et reports _ 1,174 21. Bons (depots) a 6che"anee fixe 700 6. Comptes courants, debiteurs ou divers 6,649 22. Depots, reports et preavis__ 7. Agenees hors d'Europe 30 23. Acceptations a payer 372 f 8. Rentes, actions, valeurs, etc 94 24. Comptes d'ordre et divers... 893 9. Participations financieres 34 25. Intents et dividendes a payer aux actionnaires. 58 10. Comptes d'ordre et divers _ 673 26. Report des exercices ant6rieurs _ 21 11. Comptes d6biteurs par acceptations 372 27. B6n6fices reportes a nouveau _. 27 12. Actions de soeie"t6s re"gionales de banque .. 106 28. Compte des actionnaires— _. 17 13. Immeubles et immobiliere -. - 141 29. Reserves 14. Actionnaires (appels differed sur actions) _ 352 30. Capital 15. Acompte de 1'exercice - Total 9,914 Total. 39,914 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 643 COMMERCIAL BANKS—Continued GERMANY—COMMERCIAL BANKS OFFICIALLY REPORTING [In millions of reiehsmarks] Assets Liabilities End of month v d C a R u u b a e e l a s i t c f n h r h a k o i s n m n - d Du b e a n f k ro s m B co il u ls n d te i d s- i s n L e c l c o o lu u a a d r n n i i s s t n y , g Securities a O s t s h e e ts r Demand D T ep im os e its Total c b o u C a b s f n t r r t a e o o k i d m m s n i e f t e o s d r r s lia O b t i h li e t r ies 1930—January * February 221 1,921 3,640 9,442 1,786 994 4,741 7,640 12,382 2,123 3,498 March , 267 1,989 3,715 9,495 1,811 981 4,875 7,734 12, 608 2,147 3,503 April 266 1,912 3,642 9,678 1,831 958 4,896 7,759 12, 654 2,136 3,497 May 229 1,917 3,660 9,600 1,860 960 4,994 7,657 12, 651 2,110 3,465 June 308 1,901 3,741 9,501 1,899 948 5,277 7,475 12, 751 2,062 3,485 July 287 2,053 3,420 9,479 1,911 975 4,921 7,631 12, 552 2,033 3,541 August _ 220 1,850 3,362 9,520 1,936 990 4,711 7,626 12,337 1,977 3,563 September 310 1,911 3,093 9,524 1,934 1,020 5,061 7,081 12,142 2,061 3,589 October 246 1,736 2,793 9,420 1,935 1,132 4,649 6,672 11, 321 2,230 3,712 November 235 1,781 2,847 9,305 1,913 1,159 4,565 6,643 11, 208 2,297 3,735 1931—January 1 February 208 1,722 2,890 8,921 1,931 1,113 4,446 6,343 10, 790 2,308 3,687 March., - > __ 284 1,797 2,913 8,832 1,928 1,081 4,519 6,467 10,985 2,186 3,664 April 246 1,758 2,925 8,797 1,921 1,059 4,339 6,628 10,967 2,108 3,631 May 241 1,608 2,922 8,588 1,950 1,039 4,302 6,382 10, 684 2,040 3, 624 June 307 1,422 2,243 8,145 1,971 1,279 4,311 5,115 9,426 2,068 3,873 July 331 1,244 1,562 7,696 2,001 1,354 4,616 3,814 8,429 1,834 3,924 August 208 1,146 1,803 7,436 2,001 1,324 4,584 3,725 8,309 1,740 3,869 September __ _- 267 1,148 1,788 7,129 2,306 1,294 4,575 3,745 8,320 1,473 4,138 October 218 1,012 1,648 6,998 2,316 1,355 3,937 3,860 7,797 1,522 4,229 November 217 995 1,678 6,834 2,304 1,374 3,870 3,776 7,646 1,531 4,224 December J 1932—January i February 245 779 1,757 5,831 2,164 ,342 3,591 3,901 7,492 1,251 3,369 March 319 865 1,605 5,925 2,125 L, 307 3,691 3,810 7,501 1.256 3,389 April 206 771 1,844 6,092 2,143 ,311 3,771 3,918 7,690 ,282 3,394 May 200 825 1,888 5,976 2,169 296 3,829 3,869 7,697 3,385 June 248 770 1 904 5,732 2,364 ,249 3,772 3,835 7,607 L, 324 3,336 July.— 188 763 1,904 5,683 2,364 ,242 3,643 3,891 7,534 ,297 3,313 August 172 746 908 5,627 2,372 ,224 3,597 3,898 7,495 ,288 3,267 September 204 762 ,885 5,601 2,366 1,212 3,637 3,888 7,525 ,266 3,239 October 178 734 1,911 5,584 2,373 L, 226 3,566 3,951 7,517 .245 3,244 November 173 727 .866 5,549 2,369 .216 3,494 3,948 7,442 1,223 3,233 December * February 140 701 1,983 5,225 2,381 1,193 3,350 3,945 7,296 1,141 3,186 March 200 712 1,908 5,152 2,385 1,177 3,354 3,884 7,237 1,116 3,181 April 166 701 1,940 4,983 2,379 1,180 3,329 3,843 7,172 1,012 3,165 May, 169 675 1,934 4,882 2,387 1,189 3,268 3,833 7,101 968 3,168 June 205 659 1,914 4,832 2,390 1,163 3,344 3,748 7,092 924 3,146 July 169 646 1,907 4,682 2,383 1,163 3,237 3,781 7,018 852 3,081 August 150 637 1,937 4,677 2,297 1,175 3,155 3,816 6,971 805 3,097 i Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

644 FEDERAL RESERVE BULLETIN OCTOBER 1933 COMMERCIAL BANKS—Continued GERMANY—EXPLANATORY NOTE finance German imports or the storage of imported commodities awaiting sale. The German banks accept The foregoing retrospective table is derived from the the liability on these credits and pass the funds on to compilation published for the end of every month, ex-their customers for the most part as " Vorschusse auf cepting December and January, as a supplement to the verfrachtete oder eingelargerte Waren" (item 7 below). Deutschen Reichs- und Preussischen Staatsanzeiger. "Loans, including security loans" does not include For the table, however, which relates to commercial the liability of the banks' customers on account of banks, the Staatsanzeiger compilation is adjusted by acceptances. This item, included in loans in the deducting the figures for the Deutsche Golddiskontbanks' own statements, is transferred to "other bank. The number of banks reporting varies from assets" in the condensed form. It is not published month to month, having decreased from 89 in Februseparately, but is assumed to equal the amount of the ary 1930 to 70 in August 1933. Some 300 banks do not banks' own liability for acceptances. Security loans report, but the nonreporting banks are comparatively are grouped with other loans in the table, partly for small and in the aggregate account for only a minor the reason that they have become unimportant in part of German commercial banking. amount. In reporting these figures the banks do not The statement presented below compares the conconsistently distinguish between security loans made densed balance sheet for June 1933 as shown in the in connection with stock exchange dealings and security table with the detailed statement from which it is deloans made for other purposes. rived. Many of the subclassifications in the detailed form are omitted, only those involved in condensing the "Securities" comprise chiefly mortgages and longbalance sheet being retained. term advances to municipalities. The only significant "Cash in vault and due from Reichsbank" contains change in recent years in securities proper ("eigene some foreign currency, security coupons fallen due, and Wertpapiere") was in 1932 when treasury bonds were balances at German note-issuing banks other than the acquired from the Government in connection with the Reichsbank; but the amount is believed to be small. bank reorganizations. "Credits obtained from banks for customers" are Unpaid capital is omitted from both sides of the mostly foreign credits and are used principally to balance sheet. BALANCE SHEET OF GERMAN COMMERCIAL BANKS OFFICIALLY REPORTING AS OF JUNE 30, 1933: CONDENSED FORM COMPARED WITH DETAILED FORM [Numbers in parenthesis in condensed form refer to items as numbered in detailed form] In mil- In millions of lions of Assets reichs- Liabilities reichsmarks marks CONDENSED FORM CONDENSED FORM Deposits: Cash in vault and due from Reichsbank (2, 3a) _ 205 Demand (18 di) 3,344 Due from banks (3 minus 3a; 5, lla) _ 659 Time (18 dii, 18 diii) 3,748 Bills discounted (4) _ 1,914 Loans, including security loans (6, 7; 11 minus lla and 19)..-. 4,832 Total 7,092 Securities (8, 9, 10,12) _. 2,390 Credits obtained from banks for customers (18a) 924 Other assets (13, 14, 15, 19) - 1,163 Other liabilities (16 minus 1; 17, 19, 20, 21) 3,146 Total.. 11,162 Total - 11,162 Omitted: Unpaid capital (1) 3 Omitted: Unpaid capital (1) - 3 Total as shown by detailed form 11,165 Total as shown by detailed form 11,165 DETAILED FORM DETAILED FORM 1. Nicht eingezahltes Aktien- bzw. Betriebskapital 16. Aktienkapital bzw. Betriebskapital.— 775 2. Kasse, fremde Geldsorten und fallige Zins- und Dividen- 17. Reserven 200 denscheine 132 18. Kreditoren 3. Guthaben bei Noten- und Abrechnungs- (Clearing-) (a) seitens der Kundschaft bei Dritten benutzte Banken _ _ 95 Kredite 924 (a) davon entfallen auf deutsche Notenbanken allein_. 73 (6) Deutsche Banken, Bankfirmen, Sparkassen und 4 5 . . N Sc o h s e t c ro k g s, u W tha e b ch en se l b u ei n B d a u n n k v e e n r z u in n s d li c B h a e n k S f e ir h m at e z n a n m w i e t i s F u a n ll g i e g n - . 1,914 (c) son so st n ig st e i g K e r d e e d u it t o sc re h n e Kreditinstitute-_. 5 1 , , 8 2 1 7 3 9 keit bis zu 3 Monaten _ _ 307 (d) von der Summeder Kreditoren unter b und c sind 6. Reports und Lombards gegen borsengangige Wertpapiere.. 33 fallig 7. Vorschusse auf verfrachtete oder eingelagerte Waren 840 (i) innerhalb 7 Tagen. 3,344 8. Eigene Wertpapiere 796 (ii) dariiber hinaus bis zu 3 Monaten 2,822 9. Konsortialbeteiligungen 176 (tiT) nach mehr als 3 Monaten 926 10. Dauernde Beteiligungen bei anderen Banken und Bank- 19. Akzepte 793 firmen _ 192 20. Langfristige Anleihen bzw. Darlehen 1,331 11. Debitoren in laufender Rechnung _ _. 21. Sonstige Passiva 50 (a) davon entfallen auf Kredite an Banken, Bankfirmen, Sparkassen und sonstige Kreditinstitute 330 12. Langfristige Ausleihungen gegen hypothekarische Sicherung oder gegen Kommunal deckung 1,227 13. Bankgebaude.. 200 14. Sonstige Immobilien 126 15. Sonstige Aktiva.. 44 Total... __. 11,165 Total. 11,165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 645 COMMERCIAL BANKS—Continued CANADA—10 CHARTERED BANKS [In millions of Canadian dollars] Assets Liabilities Deposits payable in Canada Entirely in Canada Security ("exclusive of interbank de- End of month loans posits) v t C r i a a n a u l s l c t h g e o a n i n l n - d d Se lo c a u n ri s ty l b c o i O o a ll u n t s n h s d t e a e i r n s d - d d a a f u b n o b e a r d r e n o i i r n k g a o e d s n m t Se ti c e u s ri- O as t s h e e ts r ci N t r i c o o u t n l e a- Demand Time Total lia O b t i h li e t r ies reserves 1930—January __ _ . 206 237 1,492 204 431 643 144 727 1,440 2,167 902 February . 201 227 1,474 196 423 649 146 689 1,440 2,129 895 March. 206 231 1,467 192 418 660 145 689 1,445 2,134 894 April 206 233 1,470 185 428 659 140 713 1,441 2,155 887 Mav 203 235 1,460 198 431 612 148 660 1,432 2,093 898 June . 204 239 1,425 225 444 662 146 724 ,410 2,134 919 July.. 200 232 1,386 232 447 589 139 680 ,402 2,082 86& August 195 229 1,371 243 458 569 150 660 1,404 2,064 850 September _. . 203 226 1,373 227 480 631 146 726 ,420 2,146 847 October 214 214 1,343 234 544 617 148 735 1,432 2,167 852 November 239 212 1,307 252 552 601 146 691 1,439 2,130 88& December.. __ 207 205 1, 275 171 604 602 133 689 1,426 2,115 816- 1931—January 180 192 1,273 165 593 544 129 604 1,429 2,033 785 February __ 176 186 1,258 181 654 559 131 652 1,436 2,088 79& March 175 175 1, 270 181 649 567 126 669 1,445 2,115 776 April 182 181 1,286 134 651 571 124 654 1,453 2,108 774 May 185 187 1, 285 112 669 549 129 634 1,456 2,090 768 June 178 182 1,263 151 695 568 128 671 1,450 2,122 787 Julv 173 163 1,257 118 694 529 126 607 1,451 2,059 74$ August 174 159 1,264 129 701 517 126 605 1,461 2,066 752 September 182 167 1,284 132 678 521 128 634 1,456 2,090 745 October 186 159 1,293 127 696 524 140 646 1,462 2,109 735 November 227 157 1,263 146 720 546 131 748 1,396 2,144 782 December 201 135 1,253 146 694 510 129 698 1,360 2,058 752 1932—January 197 131 1,247 118 674 477 123 622 1,368 1,991 731 February _ 187 130 1,259 122 664 482 122 596 1,390 1,986 735 March.. 182 131 1,264 122 672 483 122 608 1,389 1,996 735 April 174 122 1,263 122 666 482 125 584 1,393 1,977 726 May__ 177 114 1,247 117 663 481 119 568 1,387 1,955 72& June 189 110 1,211 120 669 482 126 546 1,373 1,919 736= July 186 112 1,179 124 674 445 123 511 ,363 1,874 724 August 176 114 1,147 149 703 448 117 527 1,367 1,893 727 September 174 115 1,142 143 699 463 124 528 1,359 1,888 724 October 183 117 1,161 151 727 472 120 579 , 371 1,949 742 November _ _ ... 220 108 1,140 199 760 469 116 609 ,379 1,988 791 December 211 103 1,104 155 778 439 115 538 L,378 1,916 760 1933—January 204 100 1,083 132 784 425 108 504 [,383 1,887 734 February 199 97 1,069 129 798 437 112 491 , 397 1,888 729 March. 200 96 1,086 117 793 443 123 494 ]1,389 1,883 729 April _. 192 94 1, 088 135 806 452 124 514 ,400 1,914 729 May__ 193 94 1,073 139 836 456 119 549 ,397 1,946 725 June 198 102 1,057 145 860 481 129 570 ,387 1,957 757 July. 197 1)9 1,042 151 866 448 120 578 ,380 1,958 733 August 192 105 1,026 146 866 437 121 551 ,373 1,924 727 CANADA—EXPLANATORY NOTE these banks largely reflect developments abroad rather than in Canada. So far as possible these foreign ac- The foregoing retrospective table relates to the 10 counts have been relegated in the table to " other chartered banks of Canada; namely, Bank of Mon- assets" and " other liabilities." "Security loans real, Bank of Nova Scotia, Bank of Toronto, Banque abroad and net due from foreign banks" represents Provinciale du Canada, Canadian Bank of Commerce, chiefly secondary reserves of the parent banks in Koyal Bank of Canada, Dominion Bank, Banque Cana- Canada. They are foreign exchange upon which the dienne Nationale, Imperial Bank of Canada, Barclaj^s parent banks can draw to meet a drain of funds out of Bank (Canada). The figures are as of the final day of the country or to replenish their domestic cash holdings. the month and are derived from the banks' statements Security loans abroad have been composed chiefly of published by the Canada Gazette. loans on the New York Stock Exchange. On the following page the detailed statement from Cash in central gold reserves, which is grouped with the Gazette is compared with the form used in the table. cash in vault as a single item, is deposited with the The Gazette does not publish the banks' statements as Canadian Bankers' Association as cover for notes issued full balance sheets since the profit and loss account is by the banks and, except for a small amount of excess customarily omitted. In the table this account is in- cover, is not available for general reserve purposes. cluded among "other liabilities." Notes in circulation outside the banks, rather than There are several important foreign branches of Ca- the total volume of notes issued by the banks, are shown nadian banks—particularly in Cuba and Argentina. in the condensed form, notes of one bank held by Movements of deposits, loans, and other accounts in another being excluded from both assets and liabilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 FEDERAL RESERVE BULLETIN OCTOBER 1933 COMMERCIAL BANKS—Continued BALANCE SHEET OP 10 CHARTERED BANKS OF CANADA FOR JUNE 30, 1933: CONDENSED FORM COMPARED WITH DETAILED FORM [Numbers in parenthesis in condensed form refer to items as numbered in detailed form] In mil- In million^ of lions of Assets Canadian Liabilities Canadian dollars dollars CONDENSED FORM CONDENSED FORM Entirely in Canada: Note circulation (29 minus 3) _ 129 Cash in vault and in central gold reserves (la, 2a, 26) 198 Deposit? payable in Canada (exclusive of inter-bank deposits): Security loans (13) 102 Demand (30, 32, 33) 570 Other loans and bills discounted (6,15,17.18,19) 1,057 Time (34) 1,387 Security loans abroad and net due from foreign banks (8,9,14 minus 38 and 39)-. ___ 145 Total___ _ 1,957 Securities (10, 11,12) 860 Other liabilities (31,35,36,37,40,41,42,43,44,45,46) 757 Other assets (lb, 2b, 4,5,7,16, 20, 21,22,23,24, 25,27,28) 481 Total 2,843 Total - 2,843 Omitted: Omitted: Notes of other banks (3) Notes of other banks (3) - Foreign balances equivalent to (38) and (39) 37 Due to foreign banks (38, 39) _ 37 Total as shown by detailed form 2,889 Total as shown by detailed form DETAILED FORM DETAILED FORM 1. Current gold and subsidiary coin: Notes in circulation (a) In Canada _ Balance due to Dominion Government, after deducting (6) Elsewhere __ advances for credits, pay lists, etc 13 Advances under the Finance Act... 52 Total. 51 Balances due to provincial Governments 22 Deposits by the public, payable on demand in Canada 535 2. Dominion notes: Deposits by the public, payable after notice or on a (a) In Canada. 138 fixed day in Canada. — 1,387 (6) Elsewhere.. Deposits elsewhere than in Canada 325 Loans from other banks in Canada, secured, including Total 138 bills rediscounted — Notes of other banks 37.Deposits made by and balances due to other banks in United States and other foreign currencies.. 22 Canada 15 Checks on other banks __. 116 Due to banks and banking correspondents in the United Loans to other banks in Canada, secured, including bills Kingdom _ rediscounted. _. Due to banks and banking correspondents elsewhere Deposits made with and balances due from other banks in than in Canada and the United Kingdom 32 Canada. _ Bills payable. 1* Due from banks and banking correspondents in the United Letters of credit outstanding 46 Kingdom Liabilities not included under foregoing heads 2 9. Due from banks and banking correspondents elsewhere Dividends declared and unpaid ._. 1 than in Canada and the United Kingdom Rest or reserve fund 162 10.Dominion Government and provincial government secur- Capital paid up — 144 ities. Profit and loss account _ 10 11. Canadian municipal securities, and British, foreign and colonial public securities other than Canadian 166 12.Railway and other bonds, debentures, and stocks 56 13. Call and short (not exceeding 30 days) loans in Canada on stocks, debentures, bonds, and other securities of a sufficient marketable value to cover 102 14. Call and short (not exceeding 30 days) loans elsewhere than in Canada on stocks, debentures, bonds, and other securities of a sufficient marketable value to cover 100 15. Other current loans and discounts in Canada... 900 16. Other current loans and discounts elsewhere than in Canada after making full provision for bad and doubtful debts 153 17.Loans to the Government of Canada 18.Loans to provincial governments , 22 19.Loans to cities, towns, municipalities, and school districts.. 135 20.Noncurrent loans, estimated loss provided for 14 21. Real estate other than bank premises 22.Mortgages on real estate sold by the bank 23. Bank premises at not more than cost, less amounts (if any) written off 24. Liabilities of customers under letters of credit as per contra. 25. Deposit with the Minister of Finance for the security of note circulation 26. Deposit in the central gold reserves 27. Shares of and loans to controlled companies 28. Other assets not included under the foregoing heads Total. Total.. 2,889 1 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 647 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f l a a E n n n d k g- F B r a a o n n f k ce G R b e e a r i m c n h k a s n - B It a o a n f ly k N l B a e a n th n d e k s r- Na S t w io is n s al Country R O a 1 c t t e . I s n i n e c f e f — ect Country R O a 1 c t t e . I s n i n e c f e f — ect In effect Oct. 1,1931. 6 2 8 7 3 2 Albania 8 July 1,1931 Japan 3.65 July 3.1933 Ont 10 Austria.- 5 Mar. 24,1933 Java Aug. 16,1933 Dec. 10 7 Belgium Jan. 14,1932 Latvia Jan. 1,1933 Feb. 18, 1932 5 Bolivia 6 July 5,1932 Lithuania 6 Apr. 1,1930 Mar. 9 6 Mar 10 4 Bulgaria 8 May 25,1932 Norway May 24,1933 Mar. 17 ZH Chile.. Aug. 23,1932 Peru 6 May 20,1932 Mar 21 6 Colombia 4 July 18,1933 Poland 6 Oct. 21,1932 Apr. 9 5H Czechoslo- Portugal 6 Mar. 13,1933 Apr. 19 2H vakia ZH Jan. 26,1933 Apr 21 3 Rumania 6 Apr. 5,1933 Apr. 28 5 Danzig __ . 3 May 6,1933 South Africa- May 15,1933 May 2 5 Denmark. __ 3 June 1,1933 Spain 6 Oct. 26,1932 May 12 Ecuador 4 Nov. 30,1932 June 30 2 2 Estonia Feb. 1,1932 Sweden 3 June 1,1933 Sept 22 4 U.S.S.R 8 Mar. 22,1927 Jan 9, 1933 4 Finland 5 Sept. 6,1933 Yugoslavia... July 20,1931 May 12 _ . Greece June fl. 1933 June 29 Hungary 4H Oct 18,1932 July 15 4 India ZH Feb. 16. 1933 July 29 3H Aug. 15 3 S S e e p p t t . 1 4 9 3>2 Ita C ly h — an S g ep es t. si 4 n , c d e o S w e n p t. f ro 1 m : F 4 in t l o an Z d l — A S p e e p r t c . e n 5 t; , N do et w h n er l f a ro n m ds — 5 S H ep t t o . 5 X 9 p , e d rc o e w n n t In effect Oct. 1,1933.. 2 2H 4 3^ 2H 2 from 3 to 2}4 percent. 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 n B l l a d o n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a u e t n e t M 1 o m ne o y n t f h or 1932—August .74 .60 .73 H 4.50 5.75 5.82 .37 .00 September .67 .55 .67 4.25 5.55 5.55 .37 ],00 October .82 .71 .71 8 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 HH 3.87 5.08 4.91 .37 LOO 1933—January .87 .76 .73 H 3.87 5.03 4.98 .37 00 February _ .83 .78 .73 H 3.87 5.00 4.86 .37 .00 March .62 .46 .64 H 3.87 5 00 4.97 .64 ] 11 A M p a r y il „ . . 5 59 0 . .3 50 7 . . 5 61 8 y H 2 3 3 . . 8 8 7 7 5 5. . 5 2 0 5 5 5 . . 2 0 4 5 2 . . 6 1 6 1 1 ] .6 0 9 0 June .50 .40 .62 H 3.87 5.50 4.93 2.18 2.06 Julv .48 .40 .62 8 3.87 5.50 5.19 3.54 2.64 August .41 .30 .62 3.87 5.50 4.94 M.07 *1.08 Sw la it n z d er- (B B r e u lg ss iu e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Hungary S ( h S w o t e o lm d c e k ) n - Japan [Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r i c a v o te a u t n e t d P is r r 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 o to n n s t 3 h u s p Disc b o il u ls nted ov m e C o r a n n l i e l g y ht 1932—August 1.50 3.12 1.02 5.50 4^-8 4H-4% 4 -5H 5.84-6.21 4.02 September L.50 3.00 1.00 5.50 4J6-8 4 -4H 5.66-6.21 3.47 October 50 3.00 1.01 5.00 4%-8 ZH-4Y4: ZH-5H 5.66-6 02 3.28 November 50 3.00 1.00 6.00 ZH 3H-5V* 5. 66-5. 84 2.92 December L.50 2.94 .91 5.00 ZH 5.66-5.84 2.74 1933—January.—... 50 2.88 1.12 4.42 5.48-5.84 3.10 February ]L 50 2 78 1.89 4.25 4%-7H zu ZH~&H 5.48-5.84 2.92 March 50 2 62 2 04 4.20 4$4-7V4 ZH 3H-6 5. 48-5.84 2.92 April L 50 2.50 1.87 4.00 ZH 5.48-5.84 2.37 May no 2.41 1.76 4.00 ZH 5.11-5.84 2.19 June SO 2 31 1.50 4.00 43/71/ ZH 3 -5 5.11-5.48 2.74 July 1 50 2.31 1.39 4.00 4H-7H ZH 3 -5 5.11-5.48 2.37 August 1.50 2.31 1.45 4.00 3 -6 v Preliminary. NOTE.—For sources and back figures, see BULLETIN for November 1926, pp. 794-796; April 1927, p. 239; 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

648 FEDERAL RESERVE BULLETIN OCTOBER 193$ FOREIGN EXCHANGE RATES [Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Month A t r i g n e a n- tr A al u i s a - i Austria Belgium Brazil Bulgaria Canada Chile China Co b l i o a m- Cuba s C lo z v ec a h k o ia - m D a en rk - 1932—September-. _ 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 20.888b 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. 2100100.0162 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 September 86.0861 371. 26 16. 6534 20. 6994 8.1508 1.2434 96. 4734 8.6743 29. 6843 78.1476 99.9583 4.4089 20.834* 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—September.. 355.9494 347.1062 1.4953 3.9179 23.7814 23.4293 17.4653 26.2192 5.1264 23.6314 29.9159 40.1586 October 348.5176 339.8163 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' 1833—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 477.0204 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* September. 466.4722 2.0693 5. 7724 35.4307 .8372 33.1050 26. 0897 35.0051 7.8075 27. 2539 28.1492 59.8831 Month Ze N al e a w nd Norway Poland Po g r a t l u- m R a u n - ia Spain S S m t e e r t a t n l i t e t s s - Sweden S l w a 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 sl u av g i o a - 1932—September 316.99 17.4470 11.1800 3.1481 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 1.344& 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 1.355& 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 September. 372.17 23.4400 16. 6963 4.4655 12.4087 54. 2920 24.0532 28.7299 448. 57 70.1510 2. 0274 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 Belg 13.90 Germany Reichsmark 23.82 Spain 19.30 Brazil Milreis. 11.96 Greece .._ Drachma 1.30 Straits Settle- Singapore dollar... Bulgaria Lev .72 Hong Kong_ Hong Kong dollar. 3 30.23 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 329.27 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 103.42 Denmark Krone _ 26.80 New Zealand Pound 486.66 Yugoslavia- Dinar.. 1.76 Egypt Egyptian pound. 494.31 Norway Krone 26.80 i Monthly averages for Australia, New Zealand, and South Africa for 1932 are taken from the League of Nations Monthly Bulletin of Statistics. a 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. 3 Silver currencies—figures given for dollar parity in September 1933 computed by multiplying silver content of unit by New York average price of silver for September 1933, which was $0.38752 per fine ounce. * Singapore dollar is legally equivalent to seven sixtieths of 1 English pound. Figure given for parity in September 1933 represents seven sixtieths of average quotation of pound in New York for September 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 649 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100)i Month ( U a S p v n r t e i a i c r t t e a e e ) g s d e ( 1 D E 9 e 2 n c 1 g e l = m a 1 n b 0 d e 0 r ) ( a 1 g F 9 e 1 r a = 3 n 1 a c 0 v e 0 e ) r- G ( p a e r v r i e c m r e a a ) g n * e y U S n ta i t t e e s d England France Germany Number of issues 60 87 36 169 421 278 300 329 1931—August.— 98.5 107.2 99.5 95.5 73.8 130.5 () September- 95.6 103.5 97.7 81.7 67.2 115.5 3 52.3 October 89.4 104.2 94.8 69.7 75.6 106.9 November- 89.0 104.8 94.4 71.7 74.7 104.3 December. 81.6 102.2 90.8 57.7 68.1 94.8 0) 1932—January. -_ 81.0 104.7 91.5 58.0 69.7 107.3 February— 80.3 106.5 90.3 56.4 68.9 126.2 March 80.8 111.8 90.5 56.8 69.6 117.6 April 79.4 110.6 89.0 43.9 63.5 107.3 3 45.5 May 75.2 111.4 85.9 39.8 61.6 94.4 46.4 June 72.2 111.0 85.2 34.0 59.3 97.4 45.6 July 74.2 115.6 87.4 35.9 63.5 100.4 45.8 August 83.2 116.1 88.6 53.3 69.5 103.4 47.9 September- 85.8 118.4 89.5 58.2 72.7 104.3 54.1 October 84.1 120.3 89.1 49.9 72.4 97.4 52.5 November- 81.9 115.9 88.9 47.5 72.7 100.0 53.4 December. 81.2 116.1 87.8 47.4 72.0 104.3 56.7 1933—January 84.1 116.9 86.4 49.1 72.4 101.3 59.3 February... 82.5 118.4 85.3 44.9 72.2 97.9 59.4 March 76.8 118.4 81.9 43.2 72.3 92.7 64.5 April 75.4 120.2 81.5 47.5 72.4 94.0 66.8 May 82.0 118.1 78.5 62.9 75.4 100.4 67.2 June 86.8 118.7 79.5 74.9 79.0 105.2 65.7 July 89.6 117.9 80.0 80.4 83.9 106.0 62 8 August 89.9 120.1 80.2 75.1 84.4 105.2 60.7 1 Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. 2 New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 percent bonds. 3 Based on data for part of month, no quotations being available for remainder of month. * 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 S 9 n t 2 i a 6 t t = e e 1 s d 00) (1 C 9 a 2 n 6 a =1 d 0 a 0) ( E 1 n 91 g 3 l = a 1 n 0 d 0) (1 F 9 r 1 a 3 n = c 10 e 0) ( G 1 e 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 e l 1 t a 3 n h = d e 1 r s 0 - 0) 1931—August 72 71 100 488 110 322 152 94 September. 71 70 99 473 109 319 150 91 October... 70 70 104 457 107 322 147 89 November. 70 71 106 447 107 320 147 89 December. 69 70 106 442 104 319 151 85 1932—January... 67 69 106 439 100 317 160 84 February.. 66 69 105 446 100 314 161 83 March 66 69 105 444 100 315 159 82 April 66 68 102 439 98 311 154 80 May 64 67 101 438 97 305 150 79 June 64 66 98 425 96 297 146 78 July 65 67 98 430 96 296 148 76 August 65 67 100 415 95 296 156 75 September. 65 67 102 413 95 300 167 76 October. __ 64 65 101 412 94 299 169 77 November. 64 65 101 413 94 298 178 77 December. 63 64 101 413 92 296 185 76 1933—January. _. 61 64 100 411 91 292 185 75 February.. 60 64 99 404 91 286 180 74 March 60 64 98 390 91 281 177 72 April 60 65 97 387 91 279 176 71 May 63 67 99 383 92 279 177 72 June 65 68 102 403 93 281 180 73 July 69 71 102 401 94 279 182 73 August 70 69 103 397 94 278 180 73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 FEDERAL RESERVE BULLETIN OCTOBER 1933 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those included in indexes shown in preceding table] United States (1926=100 England (1913=100) France (1913=100) Germany (1913=100) Month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- •• Foods p I r n o tr d d ia u u l s c - ts a p n r F d o a d r f u o m c o t d s p I r n o tr d d i u a u l s c - ts p A r t o g u r d r i u c a u c l t l s - P s r io o n v s i- a p t f r n I i r i n n o d a i d l d s s u u h r e a s c m e - w t d s i- p tr I r i i n o a s d h d l u e u f d s c in - ts - 1931—August 64 75 74 108 95 528 452 103 96 102 136 September 61 74 74 108 95 508 443 101 94 100 135 October 59 73 73 113 100 489 429 99 99 133 November 59 71 74 115 102 482 416 99 94 99 132 December. . 56 69 72 113 102 491 400 95 91 97 13a 1932—January.. 53 65 7? 114 101 496 390 92 90 92 125 February 51 63 71 114 101 511 389 95 91 91 122, March 50 62 71 116 99 510 388 97 89 90 121 April 49 61 71 115 96 506 381 95 88 89 120 May 47 59 70 114 94 511 374 93 87 88 June 46 59 70 112 91 490 369 92 85 87 llg July 48 61 70 108 92 498 370 93 84 87 117 August 49 62 70 107 95 453 382 91 83 88 lift September 49 62 70 107 99 445 384 89 85 89 115 October 47 61 70 106 98 450 379 88 88 115. November 47 61 70 107 98 458 373 88 81 88 114 December 44 58 69 108 97 456 375 84 80 87 114 1933—January 43 56 67 107 97 455 373 81 81 87 na February 41 54 66 105 96 443 370 82 80 87 March 43 55 66 102 95 417 368 83 79 87 112 April... 45 56 65 101 95 407 369 82 77 87 111 May 50 59 67 102 98 390 376 84 77 88 112- June 53 61 69 104 101 418 390 85 78 89 112 July 60 66 7? 101 103 414 389 87 77 90 113 August 58 65 74 104 102 407 389 88 76 90 na RETAIL FOOD PRICES COST OF LIVING United England France Germany United England France Germany States (July (July (1913- States (July (Jan .-June (1913- (1913=100) 1914=100) 1914=100) 14=100) i (1913=100) 1914=100) 1914=100) 14=100) * Month Month 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 January 109 95 131 123 114 102 116 107 January . 147 142 ?5 117 February. . 105 91 131 122 115 103 114 107 February 147 141 •?? 117 March 105 91 129 119 115 101 114 106 March _ 146 139 108 106 -?? 117 April 104 90 126 115 115 99 113 106 April 144 137 -?? 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 136 128 142 136 109 105 ?1 119 July .. 101 105 125 118 108 95 114 111 July 143 138 122 119 August 101 2 107 123 119 104 97 112 110 August 141 139 00 118 September 100 M07 123 102 111 Septerober 141 105 OO October 100 125 102 110 October. 143 119 November 99 125 104 110 November 143 119 December 99 125 103 109 Deeember 132 143 105 118 * Average of October 1913, January, April, and July 1914=100. i Figures for the period nearest the 15th of the month. Since August 1933 the Bureau of Labor Statistics has published semimonthly indexes, as follows: Aug. 15, 106.7; Aug. 29, 107.1, Sept. 12, 107.0. 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—Fox retail food prices, Statistique G6n6rale, 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

OCTOBER 1933 FEDERAL RESERVE BULLETIN 651 LAW DEPARTMENT Extension of credit by member banks to their affiliates their number partcipate in the nomination and election of class A and class B directors, one Section 23A of the Federal Reserve Act probank in each group participating in the nominavides that, with certain stated exceptions, no tion and election of the class A and the class B member bank shall make any loan or extension director chosen by such group; or whether in of credit to, or purchase securities under resuch case only one such bank may participate purchase agreements from, any of its affiliates, in the nomination and election of directors, or invest in the stock or obligations of such such bank, of course, participating only in the affiliates, or accept the stock or obligations as nomination and election of the class A director security for advances, if the aggregate amount and the class B director chosen by the group of thereof, in the case of any one affiliate, will which it is a member. exceed 10 percent of the capital stock and sur- Since only one director of class A and one plus of the member bank, or if, in the case of all director of class B may be elected by the such affiliates, the aggregate amount thereof member banks of any one group and the terms will exceed 20 percent of the capital and surof office of no two class A directors and no two plus of such member bank. The Federal class B directors expire in the same year, it is Reserve Board has ruled that a transaction the Board's opinion that the nomination and whereby a member bank sells certain of its election of each class A director and of each assets to an affiliate, which gives its note in class B director are separate and distinct from payment therefor, must be considered an the nomination and election of each other class extension of credit to the affiliate by the bank A or class B director. Accordingly, it is the within the prohibition of this section. Board's view that an organization which is a holding company affiliate of one or more subsidiary member banks in each group may des- Election of Federal Reserve bank directors by member ignate one of such banks in each group to parbanks affiliated with the same holding company ticipate in the nomination and election of each Section 4 of the Federal Reserve Act contains class A director and each class B director the following provision with regard to elections chosen by the group of which such bank is a of class A and class B directors of Federal member and that such member bank so desig- Reserve banks: nated may validly participate in such nomina- * * * Provided, That whenever any two or more tion and election. member banks within the same Federal reserve district are affiliated with the same holding company affiliate, participation by such member banks in such nomina- Corporation whose stock is held by a member bank as tion or election shall be confined to one of such banks, executor or trustee as an affiliate which may be designated for the purpose by such holding company affiliate. The Federal Reserve Board has been asked The question has arisen whether a holding- to consider the question whether a corporation, company affiliate having one or more subsidiary a majority of the stock of which is held by a member banks in each of the three groups into trust company as executor or trustee under a which member banks of each Federal reserve will or deed of trust for the benefit of persons district are divided for electoral purposes, named in such instrument other than the trust may designate one such bank in each group company or its shareholders, is an affiliate of which may participate in the nomination and the member bank within the meaning of the election of the director of class A and of the Banking Act of 1933. director of class B chosen by the group of Under date of September 7, 1933, the Atwhich it is a member, or whether it may torney General of the United States rendered designate only one such bank in the Federal an opinion to the Secretary of the Treasury, Reserve district which may participate in the in which he stated that "it does not seem nomination and election of the director of objectionable to say that I perceive the force class A and the director of class B chosen by the of your solicitor's conclusion that ownership group of which it is a member. In other words, and control through majority stockholding does the question is presented whether, in a case in not include a holding by a bank merely as which one or more member banks in each group executor or in some other such fiduciary or are subsidiaries of a holding company affiliate, representative capacity, subject to control by such member banks may lawfully have three of a court, or by a beneficiary, or a principal, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 FEDERAL RESERVE BULLETIN OCTOBER 1933 without the incentive and opportunities which Interest from first day of month on savings deposits might arise from a holding of the stock by the received within few days thereafter bank as its own property." Pursuant to this It is provided in section V (c) of the Federal opinion, the Federal Reserve Board has taken Reserve Board's Regulation Q that: the position that it will not require a member (1) No member bank shall pay interest, accruing bank to obtain and publish a report of a corafter October 31, 1933, on any savings deposit or any poration the majority of the stock of which is part thereof at a rate in excess of 3 percent per annum, held by the member bank as executor or trustee compounded semiannually, regardless of the basis upon provided that the member bank holds such which such interest may be computed, except * * *. stock subject to control by a court, or by a The question has arisen whether, under this beneficiary or other principal, and that the provision, interest at the maximum rate theremember bank may not lawfully exercise con- in prescribed may be paid from the first day trol of such stock independently of any order of a month on a savings deposit received by a or direction of a court, beneficiary or other member bank at any time during the first few principal. days of such month. The Board ruled that if the amount of interest paid by a member bank upon any deposit exceeds 3 percent per annum, Payment of interest on time deposits in excess of compounded semiannually, for the period durmaximum rate under a contract made since June 16, 1933 ing which the deposit is actually in the bank, whether by reason of inclusion in the interest The question has been presented to the Fedperiod of days prior to the date on which the eral Reserve Board whether member banks deposit was made or days after it was withwhich issued time certificates of deposit or drawn, the payment is at a rate in excess of other time deposit contracts subsequent to that prescribed by the regulation and in viola- June 16, 1933, providing for payment of intertion thereof. However, interest paid at a rate est at a rate in excess of the maximum preless than the maximum prescribed in the reguscribed in the Board's Regulation Q for a lation may be paid from the first day of the period extending beyond October 31, 1933, month on a savings deposit which is actually may pay interest accruing after that date at received thereafter, provided, that the amount the rate prescribed in such certificates or of interest does not exceed 3 percent per annum, contracts. compounded semiannually, for the period from In view of the fact that member banks the date on which the deposit was actually which issued certificates of deposit or entered received by the bank until actually withinto other time deposit contracts subsequent drawn. to June 16, 1933, did so presumably with knowledge of the provisions of the Banking It will be observed that the maximum rate Act of 1933 requiring the Federal Reserve of interest on savings deposits prescribed in Board to limit by regulation the rate of inter- the regulation is applicable only to interest est which may be paid by member banks on accruing after October 31, 1933. time deposits, such certificates and contracts must be considered to have been made in contemplation of this requirement of the law Payment of interest on certificates of deposit as to and with notice that the rate of interest pro- which the bank reserves the right to require notice vided therein would be subject to change to of withdrawal conform to the rate to be prescribed by the The question has been presented to the Board. Accordingly, the Board expressed the Board whether, under the provisions of section opinion that member banks may not pay 19 of the Federal Reserve Act as amended by interest accruing after October 31, 1933, at a the Banking Act of 1933, interest may be rate in excess of that prescribed in Regulation paid on certificates of deposit issued since June Q, in accordance with certificates or contracts 16, 1933, with respect to which a member bank which were entered into after June 16, 1933, reserves the right to require written notice of although such certificates or contracts provide not less than 30 days before withdrawal. In for the payment of interest at a rate in excess this connection it is to be noted that footnote of that prescribed in the regulation. 4 of the Board's Regulation Q provides that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 653 interest may not be paid on certificates of the meaning of section 19 of the FederaFRedeposit with respect to which the bank merely serve Act, as amended by section 11 (b) of the reserves the right to require notice before pay- Banking Act of 1933. Under the Building and ment. However, such certificates may be Loan Code of Pennsylvania, such associations classified as time deposits for the purpose of exist primarily for the purpose of granting loans computing reserves under the provisions of to their shareholders in order to encourage regulation D; and the Federal Reserve Board, private building enterprise, issue to their memshortly after the enactment of the Banking bers in series or nonserially shares of stock Act of 1933, advised that member banks which may be full-paid, prepaid, or paid for might continue to pay interest on time deposits in installments, and do not appear to have in accordance with their usual practice or authority to receive deposits or to perform any existing bona fide contracts until the Federal of the characteristic functions of a mutual Reserve Board should issue regulations on the savings bank. In view of these facts, the subject. In the circumstances, the Board has Board expressed the opinion that associations advised that it will offer no objection to the subject to the provisions of this Code cannot payment of interest by member banks, at a be considered mutual savings banks for the rate not in excess of that prescribed in Regu- purpose of section 19 of the Federal Reserve lation Q, in accordance with the terms of such Act as amended. certificates, which were issued after June 16, 1933, and not later than August 29, 1933, the effective date of the regulation, provided such Applicability of section 8A of Clayton Act to corporations member banks terminate or modify such cer- which do not actually make loans on stock or bond tificates of deposit as soon as possible so as to collateral bring them into conformity with the provisions In response to an inquiry regarding section of the regulation. 8A of the Clayton Antitrust Act, the Federal Reserve Board expressed the opinion that, inasmuch as section 8A of the Clayton Anti- Definition of " savings deposit " trust Act specifically applies to corporations In response to an inquiry regarding the "which shall make loans secured by stock or nature of " savings deposits " within the meaning bond collateral", it does not apply to corporaof the Federal Reserve Board's Regulation Q, tions which do not actually make such loans, the Board stated that it does not feel that it even though they have the legal power to do should undertake at this time to define in detail so. Accordingly, section 8A does not prohibit the words " bona fide thrift purposes " or further a director of a national bank from serving at to define the term " savings deposit" as used the same time as the director of a corporation in the regulation. The Board suggests that which actually does not make loans secured by each member bank exercise its best judgment stock or bond collateral, notwithstanding the in determining whether deposits are of such a fact that such loans are authorized by its nature that they may properly be classified as charter or existing law. savings deposits within the meaning of the Board's definition and, if a case arises in which the bank is in doubt as to the correctness of Necessity for obtaining permits under section 8A of its conclusion, that it submit the matter to the the Clayton Antitrust Act covering services author- Federal Reserve bank of its district for advice ized by permits under section 8 on the question. If the Federal Reserve bank The Board has ruled that, while section 8A feels the question is one which should properly of the Clayton Antitrust Act forbids certain be considered by the Federal Reserve Board, it relationships which were not forbidden by the will submit the matter to the Board for a ruling. provisions of section 8 of the Clayton Antitrust Act, nevertheless permits heretofore issued covering services within the prohibitions of Building and loan association distinguished from a section 8 authorize the persons to whom they mutual savings bank were issued to serve the same banks in the The Board has been presented with the ques- capacities named in such permits, although tion whether a Pennsylvania building and loan such banks are now within the prohibitions of association is a mutual savings bank within section 8A, as well as section 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 FEDERAL RESERVE BULLETIN OCTOBER 1933 Application of section 8A of the Clayton Act to State equally applicable to that phrase as used in member banks section 8A of the Clayton Act. In response to an inquiry as to whether section 8A of the Clayton Act prohibits an interlocking directorate between a State member Application of section 8A of the Clayton Act to building and loan associations bank and a corporation which makes loans In response to an inquiry regarding section secured by stock, the Federal Reserve Board 8A of the Clayton Antitrust Act, the Federal ruled that the phrase " organized or operating Reserve Board expressed the opinion that the under the laws of the United States", as used loans made by a building and loan association in that section, does not apply to State member to its shareholders on the security of stock of banks. The Board took the position that the the association, as a part of the general plan unreasoning of the opinion rendered September der which such associations usually operate, are 10, 1917, by the Acting Attorney General of the not loans "secured by stock or bond collateral" United States, in which he held that the phrase within the meaning of that section, and that, "organized or operating under the laws of the therefore, section 8A does not prohibit a direc- United States", as used in section 8 of the Clayton tor, officer, or employee of a national bank from Act, does not include State banks which are serving at the same time as a director, officer, or members of the Federal Reserve System, is employee of such a building and loan association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 655 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 Wednesday series (1933) Federal Reserve bank Federal Reserve bank Sep b t e e r m- August Sep be te r m- Sept. ( Sept. 13 Sept. 20 Sept. 27 Boston 5.3 6.6 16.2 Boston _ 5,233 4,594 5,240 5,871 New York-__ 42.6 46.0 81.0 New York... 43,764 40,997 40,241 41,935 Philadelphia. 29.0 31.5 56.7 Philadelphia. 28,868 28,839 28,246 28,995 Cleveland-. 11.9 11.8 30.2 Cleveland.. 12, 512 12,120 11,439 10,772 Richmond.. 11.0 12.9 24.1 Richmond. 11, 725 11,351 10,041 10, 266 Atlanta 7.0 6.7 26.5 Atlanta.. .. 7,254 7,291 6,860 Chicago 7.3 10.0 28.6 Chicago 8,130 7,065 6,810 6,413 St. Louis 3.1 2.7 10.7 St. Louis 2,898 3,041 3,541 2,590 Minneapolis.. 3.6 4.1 12.5 Minneapolis. _ 3,589 3,572 3,451 Kansas City... 4.2 4.6 18.8 Kansas City... 4,258 4,198 4,321 4,004 Dallas ..- 4.1 4.3 13.4 Dallas.__ 4,682 4,191 4,234 3,614 San Francisco. 8.5 17.8 68.3 San Francisco. 11,666 5,957 5,616 8,634 Total.. 137.6 158.9 386.9 Total 144,793 133, 233 130,161 133,233 Back figures.—See Annual Reports for 1932 (table 9), 1931 (table I 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] Average 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 ir R c e u s la e t r i v o e n n i otes in c F a e s d h e ra to l R d e e s p e o r s v i e t n a o n t d e Federal Reserve bank liabilities combined 1933 1932 1933 1932 1933 1932 1933 1932 Sept. Aug. Sept. Sept. Aug. Sept. Sept. Aug. Sept. Sept. Aug. Sept. Boston 288,960 297,718 219,006 167,931 163,670 131,072 223,742 222,839 200,987 73.8 77.0 66.0 New York 1,051, 519 1,008,184 955,501 1,078,620 1,019,899 1,081, 548 646,035 643, 473 593,796 61.0 60.6 57.0 Philadelphia. 243,658 241,028 209,448 145,166 140,342 121,974 239,312 237,097 249,359 63.4 63.9 56.4 Cleveland . 291, 044 307,059 258, 632 158,153 165, 280 149,595 298,289 300, 920 286, 267 63.8 65.9 59.3 Richmond 154,311 160,192 100, 209 86,412 88,866 58,923 138,665 136,992 105,150 68.6 70.9 61.1 Atlanta _ 121,850 127,835 88,866 62, 601 64,140 45,411 117,982 116,962 106, 511 67.5 70.6 58.5 Chicago _. 943, 926 949, 627 771,887 519, 334 471,356 318,934 750,289 754, 586 699, 733 74.3 77.5 75.8 St. Louis 150,678 158, 740 92,312 89,429 91, 536 58,197 134,582 135,172 101,082 67.3 70.0 58.0 Minneapolis 94,718 94,654 60,305 56,398 57,305 40,394 93,531 90,886 80,907 63.2 63.9 49.7 Kansas City 149,289 154,699 92, 204 110,548 108,861 68,471 109, 265 110,377 94,188 67.9 70.6 56.7 Dallas 59, 598 56,626 47, 633 62,411 60,915 45, 667 31,689 33,004 37,848 63.3 60.3 57.0 San Francisco 263,462 261,454 214,667 175,959 174, 044 146, 597 217,485 216,952 238, 796 67.0 66.9 55.7 Total 3,813,013 3,817,816 3,110, 670 2, 712,962 2, 606,214 2, 266, 783 3,000,866 2,999,260 2, 794,624 66.7 68.1 61.5 i Includes "Federal Reserve notes of other banks" as follows: Latest month, $18,540,000; month ago, $17,751,000; year ago, $16,386,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 FEDERAL RESERVE BULLETIN OCTOBER 1933 EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES, ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, SEPT. 30, 1933 [In thousands of dollars] Total B to o n s- Y N o ew rk P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S r is a a c n n o - Gold with Federal Reserve agents 2,695,427 224,677 636,706178,700 213,770117,630 87,590 738,767 114,781 68,789 99,290 34,464180, 263 Gold redemption fund with U.S. Treasury- 35,773 1,112 5,843 3,871 4,571 1,860 2,615 3,816 1,621 1,612 1,274 1,023 6,555 Gold held exclusively against F.R. notes _2,731,200 225,789 642, 549182, 571 218,341119,490 90,205 742,583 116,402 70,401100,564 35,487186,818 Gold settlement fund with F.R. Board... 608,948 19,666 230,910 13,938 41,810 24,118 18,835 145,125 29,722 17,505 29,052 26,429 11,838 Gold and gold certificates held by banks.. 250,736 21,613 145,376 15,511 4,541 1,384 3,709 7,043 423 12,571 3,836 34,400 Total gold reserves . 3,590,884267,0681,018,835 212,020 264,692144,992112,749 894,751146,453 88,329 142,187 65,752233,056 Other cash * 213,962 , 53,567 27,158 21,837 10,129 9,413 31,669 7,620 5,331 7,436 5,311 13,415 Total gold reserves and other cash.. 3,804,846288,143 1,072,402 239,178 286,529 155,121122,162 926,420154,073 93,661149,623 71,063 246,471 Redemption fund—F.R. bank notes 10,045 , 3,169 480 1,153 511 22,221100 229955 111199 115500 839 531 Bills discounted: Secured by U.S. Govt. obligations 30,485 1,496 16,339 5,310 3,314 939 190 1,057 1,021 123 134 223 339 Other bills discounted 97,477 2,932 27,661 23,934 6,790 8,394 5,987 5,444 1,354 3,320 3,841 2,940 4,880 Total bills discounted.. 127,962 4,428 44,000 29,244 10,104 6,177 6,501 2,375 3,443 3,975 3,163 5,219 Bills bought In open market.. 6,921 451 2,033 606 214 174 118 177 427 1,031 U.S. Government securities: — • — Bonds 441,354 23,752 171,705 28,322 32,605 11,551 10,747 77,138 14,366 16,373 12,301 17,419 25,075 Treasury notes 937,376 61,150 327,773 66,283 86,505 30,64228,117 158,368 36,793 23,382 32,155 19,682 66,526 Certificates and bills 898,112 57,726 295,566 62,540 81,663 28,92726,54r 176,601 34,734 22,073 30,356 18,581 62,800 Total U.S. Government securities.. 2,276,842 142,628 795,044157,145 200,773 71,12065,409 412,107 61,828 74,812 55,682154,401 Other securities- 1,837 1,271 510 56 Total bills and securities.. 2,413,562147,507 842,348187,547 211,483 80,69271,800 419,411 88,442 65,445 78,964 59,272160,651 Due from foreiern banks... 3,769 284 1,424 409 145 130 506 17 12 107 107 260 F.R. notes of other banks 18,139 516 3,795 789 1,110 1,171 887 4,951 973 384 972 272 2,319 Uncollected items 374,998 41,570 100,107 27,770 33,774 31,887 11,582 48,845 16,097 10,176 21,298 13,988 17,904 Bank premises 54,554 3,280 12,818 3,618 6,929 3,238 2,422 3,285 1,747 1,795 4,254 All other assets 54,891 707 31,546 4,017 2,475 3,879 4,325 1^732 1,245 1,977 1,335 1,055 Total assets 6,734,804482,595 2,067,609 463,808 543,821 276,133 213,8191,411,684 263,780172,789 256,650148,671 433,445 LIABILITIES F.R. notes in actual circulation 3,001,762224,588 649,170240,261290,188141,017115,894 752,997136,502 94,408 109,715 32,304214,718 F.R. bank notes in actual circulation 154,876 11,867 54,261 7,950 18,208 5,390 31,368 3,201 1,850 1,042 14,121 5,618 Deposits: Member bank—reserve account.. 164,215 1, 062,592125,359 143,354 68,873 54,260 474,637 75,938 49,852 106,71266,815145,012 Government. 3,933 17,299 3" ,43"0 3,881 8,248 2,355 6,231 2,384 966 1,566 3,142 2,744 Foreign bank 1,137 3,131 1,"" 1,542 607 545 2,025 358 452 452 1,090 Special deposits: Member bank 73,151 1,305 6,217 9,128 6,864 3,101 1,997 29,823 4,533 2,372 2,152 5,277 Nonmember bank. 15,451 969 1,987 240 953 254 6,127 3,632 332 135 822 Other deposits 52,398 ~2,"504 20,554 626 2,538 4,396 3,058 3,601 4,437 1,157 1,079 1,472 6,976 Total deposits«. 2,748,302 173,094 1,110,762 142,165 158,419 86,178 62,469 522,444 91,454 55,037112,096 72,263161,921 Deferred availability items. 371, 687 41,013 96,322 27,180 ".' 31,379 11,869 48,326 17,362 10,481 20,560 14,880 18,720 Capital paid in 145,834 10,786 58,497 15,772 12,366 4,936 4,832 13,130 4,016 2,868 4,218 3,72510,688 Surplus 278, 599 20,460 85,058 29,242 28,294 11,616 10, 544 39,497 10,186 7,019 8,263 8,719 19,701 All other liabilities... 33, 744 787 13,539 1,238 2,751 1,007 2,821 3,922 1,059 1,126 756 2,659 2,079 Total liabilities. 6,734,804 482, 595 2,067,609 463, 808 543,821276,133213,819 1,411, 684 263,780172, 789 256,651048, 671 433, 445 Ratio of total gold reserves and other cash i to deposit and F.R. note liabilities combined. _ 66.2 72.5 62.5 63.9 68.3 68.5 72.6 67.6 62.7 67.5 68.0 65.4 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to F.R. bank by F.R. agent.. 3,242,433247,939 703,341 253,594 300, 540148,638 135,009797,711143!,,80699,266 116,99136,161 259,437 Held by Federal Reserve bank 240,671 23,351 54,171 13,333 10,352 7,621 19,115 44,714 7,304 4,858 7,276 3,857 44,719 In actual circulation- 3,001,762224,588 649,170 240,261 290,188 141,017 115,894 752,997 136,50294,408109,715 32,304214,718 Collateral held by agent as security for notes issued to bank: Gold 2,695,427 224,677 636,706178,700 213,770 117,630 87,590 738,767114,781 68,789 99,290 34,464180,263 Eligible paper 79,588 2,413 29,708 13,333 8,549 6,254 4,002 2,312 1,763 1,479 2,768 3,112 3,895 U.S. Government securities. 538,200 25,000 75,000 62,000 90,000 25,000 44,000 60,000 28,000 29,200 20,000 80,000 FEDERAL RESERVE BANK NOTE STATEMENT Federal Reserve bank notes: Issued to F.R. bank (outstanding) 180,140 12,888 62,943 9,592 23,233 7,182 32,829 3,295 2,014 1,473 17,469 7,222 Held by Federal Reserve bank 25, 264 1,021 8,682 1,642 5,025 1,792 1,461 94 164 431 3,348 1,604 In actual circulation 11,867 54,261 7,950 18,208 5,390 31,368 3,201 1,850 1,042 14,121 5,618 Collateral pledged against outstanding Discounted and purchased bills.. 1,478 263 216 136 U.S. Government securities 207,674 20,000 64,274 10,000 25,000 9,000 40,000 5,000 2,400 3,000 19,000 10,000 1 "Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 657 LICENSED MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures for June-August 1933 Reserves held Federal Reserve district Borrowings at Federal Reserve banks Total Excess August July June August July June August July June Boston 153.6 160.2 153.3 45.5 51.5 47.0 6 6 8.1 11.7 New York 961.0 914.7 978.1 125.1 61.5 82.9 36.6 38.5 51.0 Philadelphia 119.0 121.2 114.8 20.3 19.7 12.4 15.7 16.4 20.5 Cleveland 138.5 138.2 126.4 29.3 27.2 14.6 9.7 8.4 29.6 Richmond __ _ 66.9 66.2 60.3 18.2 18.3 14.4 8.1 7.8 7.8 Atlanta 55.1 54.3 51.1 16.8 16.7 13.9 4.6 5.1 7.2 Chicago. __ _ 404.9 344.7 293.9 194.3 135.2 100.1 5.5 4.6 9.3 St. Louis 70.7 70.5 63.4 23.1 23.1 18.8 2.2 1.7 2.2 Minneapolis ___ _ 51.5 50.7 43.4 15.4 15.0 9.7 3.9 4.6 6.0 Kansas City 99.4 94.1 76.6 39.1 34.1 20.8 3.0 3.4 6.1 Dallas — 56.5 55.5 51.3 17.8 16.1 12.2 4.2 3.7 4.4 San Francisco 153.8 150.6 147.7 20.5 17.1 16.4 15.5 10.9 28.5 Total 2,331. 0 2,220.8 2,160,4 565.5 435.7 363.1 115.6 113.2 184.4 NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANES IN LARGER AND SMALLER CENTERS [In millions of dollars] Averages of daily figures for June-August 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 August July June August July June August July June August July June Boston _ _ 917 929 916 656 648 624 72 68 63 94 90 84 New York 6,096 6,230 6,609 1,754 1,768 1,641 184 180 179 414 410 405 Philadelphia -_ 678 715 740 579 564 527 124 123 122 345 344 340 Cleveland . 765 794 822 802 773 716 108 106 102 185 182 181 Richmond 352 346 332 271 263 254 67 67 63 129 128 123 Atlanta - 279 r277 272 265 262 249 52 '52 53 56 55 53 Chicago 1,518 1,507 1,386 762 765 737 99 96 88 123 120 113 St. Louis 346 344 320 229 229 223 81 80 78 76 74 72 Minneapolis - - 217 214 193 171 174 178 88 88 87 157 156 155 Kansas City -- 416 413 378 197 192 190 160 162 153 100 100 99 Dallas 268 273 272 159 160 158 121 124 124 32 31 29 San Francisco 835 833 812 1,486 1,494 1,508 77 80 75 75 77 74 Total 12,686 r 12,875 13,053 7,333 7,292 7,005 1,234 r 1,225 1,188 1,786 1,768 1,727 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 FEDERAL RESERVE BULLETIN OCTOBER 1933 MEMBER BANKS LICENSED AND NOT LICENSED AS OF SEPT. 27, 1933 Deposits on June 30, 1933 of banks Number of banks licensed and not licensed on Sept. 27, 1933 (in thousands of dollars) Federal Reserve district Total Licensed c N en o s t e l d i - l Total Licensed c N en o s t e l d i - i All member banks: Boston 368 339 29 2,025,189 1,994,109 31,080 New York 817 724 93 10, 244,644 10,088,585 156,059 Philadelphia-.- 680 598 82 2,135, 558 1,997,611 137,947 Cleveland 622 500 122 2,179,349 2,038, 501 140,848 Richmond 386 339 47 996,749 954,870 41,879 Atlanta 324 296 28 817,864 789,048 28,816 Chicago _ 762 533 229 3,123,184 2,920,002 203,182 St. Louis 408 348 60 884,141 830, 745 53,396 Minneapolis 532 476 56 754,990 727,963 27,027 Kansas City 761 703 58 1,054,611 1,028,373 26,238- Dallas... 558 536 22 707,353 701,350 6,00$ San Francisco. - 417 366 51 2,807,372 2,771, 707 35,665. Total- 6,635 5,758 877 27,731,004 26,842,864 888,140 National banks: Boston 338 309 29 1,556,183 31,080 New York 668 579 89 4,278,513 135,774 Philadelphia. _ 615 540 75 1,496,462 112,021 Cleveland 548 435 113 1,324,699 128,249= Richmond 345 299 46 753,928 41, 60& Atlanta 276 249 27 733, 520 IB, 227 Chicago _ 597 413 184 2,447, 693 142,394 St. Louis 337 286 51 586,006 31,386 Minneapolis—. 492 436 56 720,161 27,027 Kansas City... 728 670 58 928,639 26, 23S Dallas 509 487 22 679,118 6,00$ San Francisco. 343 302 41 2,203,683 32,156 Total 5,796 5,005 791 17, 708,605 16,978,442 730,16$ State bank members: Boston 30 30 469, 006 469,006 New York 149 145 5,966,131 5,945,846 20,285 Philadelphia 65 58 639,096 613,170 25,926 Cleveland. __ 74 65 854,650 842,051 12, 599 Richmond __ 41 40 242,821 242, 550 271 Atlanta __ 48 47 84, 344 71,755 12, 589 Chicago 165 120 675,491 614,703 60, 788 St. Louis..- 71 62 298,135 276,125 22,010> Minneapolis 40 40 34,829 34,829 Kansas City 33 33 125,972 125,972 Dallas 49 49 28,235 28, 235 San Francisco 74 64 10 603,689 600,180 3,509 Total.. 839 753 86 10,022,399 9,864, 422 157,977 ' Exclusive of banks placed in liquidation or receivership. NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, SEPT. 27, 1933 [Preliminary figures, subject to change; based on information received by Federal Reserve banks] Deposits on Dec. 31, 1932, or latest avail- Number of banks able call date (in thousands of dollars) Federal Reserve district On unre- Banks on Total stricted Total unrestricted basis basis Boston 204 158 520,822 405,103 New York.... 326 318 1,115,481 1,077,387 Philadelphia- 276 245 464,528 405,905 Cleveland 727 616 615,410 507,872 Richmond 703 599 496,531 391,731 Atlanta 766 708 213,841 193,832 Chicago 2,129 1,448 1,002,022 676,405 St. Louis 1,390 1,184 355,848 316,853 Minneapolis.. 989 912 262,899 242,342 Kansas City- 1,505 1,252 283,939 247,908 Dallas 542 521 139,342 134,897 San Francisco 409 367 513,909 502, 568 Total. _ 9,966 8,328 5,984,572 5,102,803 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 659 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 t o o s n - Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - l A a t n - ta c C a h g i o - Lo S u t i . s n M o e i l a n i p - s - K C s a i a n t s - v Dallas F c S r i a a s n c n o - Y N o e r w k c C a h g i- o Total loans and investments: Sept. 6 ._ _ 16,562 1,216 7,666 1,032 1,114 336 326 1,513 480 330 510 377 1,662 6,711 1,201 Sept. 13 16,580 1,216 7,694 1,031 1,115 335 326 1,518 472 327 509 377 1,660 6,744 1,207 Sept. 20 16,592 1,203 7,688 1,031 1,118 337 327 1,532 468 325 509 378 1,676 6,742 l,220» Sept. 27 16, 529 1,196 7,633 1,032 1,115 338 327 1,525 468 327 507 380 1,681 1,215 Loans: Sept. 6 8,538 3,953 515 465 174 176 858 228 183 213 205 3,405 678 Sept. 13 8,596 693 3,988 515 466 174 176 867 230 183 213 207 3,444 Sept. 20 8,560 697 3,916 514 465 176 177 880 232 181 214 213 895 3,374 Sept. 27. 8,540 701 3,885 514 464 177 178 882 234 181 213 214 3,344 701 On securities: Sept. 6 3,748 251 2,029 254 228 58 395 50 57 59 219 1,795 334 Sept. 13 3,773 250 2,050 254 231 59 396 50 57 59 219 1,820 335 Sept. 20 3,703 251 , 970 252 231 61 59 403 49 57 61 221 1,743 342 Sept. 27 3,687 249 ,959 250 230 63 60 402 57 59 221 1,731 342 All other: Sept. 6 4,790 437 ,924 261 237 114 118 463 140 133 156 146 661 1,610 344 Sept. 13 4,823 443 ,938 261 235 114 117 471 142 133 156 148 665 1,624 351 Sept. 20 4,857 446 ,946 262 234 115 118 477 144 132 157 152 674 1,631 356 Sept. 27 4,853 452 ,926 264 234 114 118 480 145 133 156 155 676 1,613 359 Investments: Sept. 6 8,024 528 3,713 517 649 162 150 655 252 147 297 172 782 3,306 523 Sept. 13 7,984 523 3,706 516 649 161 150 651 242 144 296 170 776 3,300 521 Sept. 20 8,032 506 3,772 517 653 161 150 652 236 144 295 165 781 3,368 522 Sept. 27 7,989 495 3,748 518 651 161 149 643 234 146 294 166 784 3,354 514 U.S. Government securities: Sept. 6 ._. 5,083 334 2,421 271 444 114 150 189 120 468 2,257 301 Sept. 13 5,044 328 2,414 270 444 113 384 140 188 118 462 2,252 300 Sept. 20 5,086 310 2,479 271 448 113 384 134 187 113 464 2,314 300 Sept. 27 5,056 2,462 271 448 113 383 131 187 114 464 2,297 299 All other: Sept. 6- 2,941 194 1,292 246 205 269 102 108 52 314 1,049 222 Sept. 13 2,940 195 1,292 246 205 48 267 102 108 52 314 1,048 221 Sept. 20 2,946 196 1,293 246 205 268 102 108 52 317 1,054 222 Sept. 27 2,933 196 1,286 247 203 260 103 107 52 320 1,057 215 Reserve with Federal Reserve banks: Sept. 6 1,790 102 891 79 71 27 339 29 847 313 Sept. 13 1,876 104 946 79 70 27 358 28 95 903 330 Sept. 20 1,883 120 921 75 68 26 382 27 94 879 355 Sept. 27 1,936 122 923 77 77 28 401 27 97 881 374 Cash in vault: Sept. 6 191 18 49 12 17 10 36 5 12 14 38 27 Sept. 13 195 19 49 12 17 10 36 5 12 15 3$ 26 Sept. 20 189 18 48 11 17 10 37 5 11 14 37 28 Sept. 27 __. 205 19 50 12 18 10 41 5 12 15 39 32 Net demand deposits: Sept. 6 _ 10,380 710 5,584 536 507 182 1,141 277 193 350 211 545 5,200 970 Sept. 13 10, 558 710 5,684 537 511 184 1,182 280 191 354 216 564 5,296 1,010 Sept. 20 10,519 711 5,661 537 506 181 1,189 272 188 347 217 564 5,278 1,017 Sept. 27 10,505 709 5,617 538 508 186 146 1,203 273 188 345 221 571 5,244 1,031 Time deposits: Sept. 6. 4,495 393 1,174 312 442 130 133 472 160 126 165 125 757 353 Sept. 13 4,484 393 1,177 312 440 130 133 468 160 125 164 124 858 761 349 Sept. 20 • 4,502 392 1,187 310 443 130 133 466 160 125 168 124 864 761 347 Sept. 27 4,501 391 1,189 309 445 130 132 465 159 125 171 124 861 763 347 Government deposits: Sept. 6 61 418 49 31 74 24 5 15 36 55 61 Sept. 13 865 61 418 49 31 74 24 5 15 36 55 61 Sept. 20 865 61 418 49 31 74 24 5 15 36 55 61 Sept. 27 863 61 418 49 30 74 24 4 15 55 61 Due from banks: Sept. 6 1,160 64 292 56 53 106 119 246 Sept. 13 1,227 100 68 64 311 60 59 116 129 261 Sept. 20 1,197 103 102 68 62 261 71 59 118 '130 217 Sept. 27 1,171 108 101 60 62 250 65 58 115 134 199 Due to banks: Sept. 6 .-. 2,521 145 1,183 138 123 57 319 79 68 158 121 1,130 263 Sept. 13 2,589 147 1,233 141 122 55 329 79 69 157 129 1,181 272 Sept. 20 ' 2,597 145 1,231 141 121 55 329 82 70 159 ••129 1,179 272 Sept. 27 2,531 141 1,174 137 119 53 326 82 71 156 129 1,122 268 Borrowings from Federal Reserve banks: Sept. 6 __. Sept. 13. Sept. 20 Sept. 27 >• Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 FEDERAL RESERVE BULLETIN OCTOBER 1933 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Loans secured by prime stock- Loans secured by warehouse Prime commercial paper exchange collateral receipts Interbank loans Federal Reserve bank or branch city 1933 1932 1933 1932 1933 1932 1932 Sep be te r m- August Sepptteemm- Sep b t e e r m- August Se b p e te r m- Se b p e te r m- August Se b p e te r m- Se b p e te r m- August Se>p b pt e et r emir- Boston 2 -5 3 ~5 334-434 4 -5 4 -434 4^-534 5 -5 5 -h% New York 3 -8J* 3 -4 4 -5 4 -5 4 -5 3 -AH 3 -4 r 334-4M 4 -5 Buffalo 4 -6 5M6 5 -6 534-6 5H-6 6 6 6 5 5 6 Philadelphia 4 -5 5 -6 5 -6 5 -6 5 -6 4 -5 4 -5 Cleveland 4 -6 5 -6 5 -6 6 6 6 5 -6 Cincinnati 5 -6 5j^-6 5 -6 5 -7 5 -7 5 -6 5 -6 5 -6 Pittsburgh 5^-6 5*4-6 534-6 6 534-6 6 534-6 Richmond 4*^-5 5 -5*4 5*46 5H Baltimore 5 -534 5 -534 5 -6 5 -6 5 -6 5 -6 534-6 Charlotte 4 -6 4 -6 5 -6 5 -6 5 -6 5*4-6 534-6 Atlanta.. 5 -5H 5 -5H 5 -5* 5 -6 53^-6 5 -7 4 -6 4 -5 5 -6 5 -6 534-6 Birmingham 434-8 4 -8 4*4-8 6 -8 8 -8 6 -8 6 -8 6 -8 6 -8 6 6 Jacksonville 5 -7 4*4-8 6 -8 6 -8 5 -8 6 -8 6 -8 6 -8 6 6 Nashville 6 5 -7 6 6 6 6 6 6 6 6 6 New Orleans 5 -6 5^-6 6 5 -7 5 -7 5*4-7 5 -6 5 -6 534-6 534-6 5J4-6 Chicago 3-5 3-5 4-5 3-5 3-5 4*4-5* 5 Detroit 3*4-6 5K-6 5-6 5-6 534-6 5-6 534-6 St. Louis 4-6 4-6 5-6 5-6 5-6 3-6 3-6 43^-6 5-6 5-6 5-6 Little Rock 6 6 6-6M 6-7 6-7 -7 6-7 6^-734 66 6 6-7 Louisville 6 6 6 6 6 5M-6 534-6 6 Minneapolis 2-4 2K-5 5-6 5-6 2-4 3-5 5-6 5M-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 4-6 3-5 434-6 534-6 5*6-6 534-6 Denver 3-6 434-5 5-7 6 6-7 6-7 6 6 Oklahoma City 6 6 8 8 6-8 6-8 6-8 6 6 Omaha 4M-534 534-6 5M-7 534-7 6 6-634 6 Dallas 4-6 4*4-6 6-8 6-7 6-7 5-6 434-5K H El o u P s a t s o o n 6 5 - - 8 6 5^ 7 4- - 6 8 5 7 - - 6 8 5-7 8 7-8 6 7-8 5-6 8 5-6 5-6 8 5-6 5-6 5-6 San Antonio 6-7 5-8 5-7 6-7 6-8 6-7 6-8 6 San Francisco 4-6 4-6 5-6 5-6 5-6 534-6 534-6 5-534 5 Los Angeles 5-6 5-6 5M-6 6-6*4 7 6-634 6 6 Portland 434-6 434-6 5-6 6-6H 6-7 6-7 6 Salt Lake City 6 6 6 6-7 7 6-7 7 6-634 Seattle 6 5*4-6 6 6-6H 6-7 634-7 634-7 6)6-7 Spokane 6 6 6-634 6-7 6-7 6-7 634-7 6^-7 'Revised. 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

OCTOBER 1933 FEDERAL RESERVE BULLETIN 661 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] JEnd of month 1928 1929 1930 1931 1932 1933 1932 Net Net January 148.9 153.5 165.1 278.4 665.6 942.5 Month m Sh en ip t - s ce R i e p - ts m sh e i n p t - s m Sh en ip t - s ce R i e p - ts m sh e i n p t - s M Fe a b r r c u h a ry _ _ . 1 15 5 2 1 . . 0 1 1 15 5 5 4 . . 0 8 1 1 6 6 7 9 . . 9 5 3 2 0 9 2 2 . . 7 1 6 70 9 5 1 . . 3 8 1 1 1 , , 0 11 0 2 6 . . 7 2 to from (-) or to from (-)or April . 152.2 154.3 170.2 313.8 722.1 1,158.4 Europe Europe receipts Europe Europereceipts May - 152.0 153.8 171.2 325.0 742.6 1,178.8 (+) +) June 152.1 153.6 175.3 347.4 784.8 1,185.1 July 151.7 157.8 180.7 372.5 828.5 PI, 176.8 January.... 25 3,335 +3,310 3 5,304 +5, 301 August _ 152.2 160.1 186.5 422.7 848.5 PI.177.6 February.. 5,221 +5,221 105 5,589 +5,484 September 152.3 160.3 189.8 469.9 857.4 PI, 180.6 March +8,468 101 13,786 +13,685 October . 153.1 161.6 192.5 538.1 870.8 April 4,563 +4,563 25 8,049 +8,024 November 153.9 163.7 200.7 565.5 885.2 May 10,938 +10,938 1 12, 523 +12,522 December 153.9 164.3 245.4 605.1 900.8 June 12 16,265 +16,253 0 6,866 +6,866 July 20 6,694 +6, 674 4 11,755 +11,751 August 152 6,458 +6,306 5 6,153 +6,148 Preliminary. September. 36 6,603 +6,567 122 4,756 +4,634 October... 7 5,294 +5,287 November. 70 6,013 +5,943 MATURITY DISTRIBUTION OF BILLS AND December. 245 +3,742 SHORT-TERM SECURITIES For description and back figures see BULLETIN for January 1932, [In thousands of dollars] pp. 7-9. PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION With- 16 to 31 to 61 to d 9 a 1 ys Over Total in 15 30 60 90 to 6 6 mos. [Outside Treasury and Federal Reserve banks. In millions of dollars] days days days mos. 1933 Denomina- Bills discounted: tions Feb. 28 Mar. 31Apr. 30 May 31June 30 July 31 Aug. 31 S S e e p p t t . . 6 13 1 1 4 3 4 3 , ,2 7 3 9 3 310 9 9 6 , , 5 6 5 7 5 0 1 11 2 , , 9 7 6 5 1 1 1 1 1 2 , , 7 4 1 1 4 5 1 9 1 , , 6 09 7 2 0 It' 6 6 5 2 $ $ 1 2_ 3 3 6 3 1 37 3 5 3 35 3 8 2 35 3 6 2 35 3 5 2 36 3 0 2 36 3 6 3 Bill S S s e e p p b t t o . . u 2 2 g 0 7 ht in 1 13 3 3 0 , , 2 1 3 6 3 1 9 9 5 9 , , 6 0 9 4 3 1 10,907 1 11 0 , ,979 1 1 2 0 , , 3 8 1 3 7 8 1,1 8 2 5 4 5 72 $5 675 729 688 660 654 656 664 open market: $10 1,190 1,254 1,206 1,150 1,143 1,138 1,153 Sept. 6_ 6,974 1, 3,052 704 1,782 $20 1,478 1,488 1,406 1,349 1,335 1,312 1,300 Sept. 13. 7,347 2,877 1,065 744 2,661 $50 404 391 377 367 Sept. 20 6,932 3,207 863 2,018 844 $100__ 686 662 636 620 Sept. 27 6,681 1,110 2,118 565 2,888 $ $ 1 50 ,0 0 00 U,924 » 1,778 11,663 2 1 8 5 8 3 2 1 7 4 3 5 2 1 5 3 4 6 2 1 4 3 6 1 Ce b r il t l i s f : icates and $5,000 12 9 8 7 Sept. 6 849,540 159,036 80,183 86, 525 135,017 233,929 154,850 $10,000 10 10 10 10 Sept. 13 869,552 187r,,431 78,088 97,472151,670 194,029 160,862 Total 5,661 5,657 5,353 5,100 5,009 4,917 4,896 Sept. 20 861,760 80,183 46,300 97,972 325,199 168,100 144,006 Sept. 27 895,010 78,088 38,425 109,867 294,179 217,945 156,506 Municipal war- » Separate figures for different denominations not available. rants: NOTE.—Figures include, in addition to currency outside the Treasury Sept. 6 1,939 1,777 33 and Federal Reserve banks, unassorted currency held by these institu- Sept. 13 1,789 1,677 tions, amounting to $60,000,000-$115,000,000 prior to May 1933 and to Sept. 20 1,789 1,710 $5,000,000-$6,000,000 since that time, and also $1,000,000 of currency of Sept. 27 1,729 1,650 unknown denominations reported by the Treasury as destroyed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BULLETIN OCTOBER 1933 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100] 1932 1933 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactures—Total 59 65 66 63 64 64 61 56 66 78 93 101 P91 IRON AND STEEL. . 23 28 31 31 28 30 31 22 35 49 72 100 80 Pig iron 18 21 21 21 18 19 20 17 20 29 43 62 63 Steel ingots .. 24 29 32 32 29 31 32 22 37 51 75 103 82 TEXTILES.-. 90 104 99 92 91 87 83 76 85 108 133 130 P114 Cotton consumption 82 99 96 95 93 88 87 86 91 113 139 135 120 Wool 73 82 77 70 67 66 67 46 58 90 116 124 107 Consumption.. ._ 88 94 83 77 76 72 70 48 66 105 134 141 118 Machinery activityl 77 89 90 76 74 76 82 52 56 91 118 129 115 Carpet and rug-loom activityl 25 33 39 38 32 31 32 29 34 42 60 62 61 Silk 134 148 140 119 123 118 97 98 113 123 147 131 Deliveries 158 170 157 1-30 133 121 95 111 132 136 172 143 113 Loom activity 1 85 105 106 96 103 111 101 72 76 96 96 105 FOOD PRODUCTS. 85 94 89 83 84 88 84 84 101 99 100 100 92 Slaughtering and meat packing 87 100 92 82 79 86 88 85 102 102 105 106 105 Hogs 89 107 101 85 83 87 84 81 107 106 107 109 105 Cattle. 77 83 74 70 67 78 87 85 90 92 99 98 102 Calves 91 95 89 92 83 93 89 91 98 101 102 103 105 Sheep 150 149 145 146 129 137 144 149 156 153 152 145 146 Wheat flour- 77 80 88 87 92 90 88 92 110 97 97 95 64 Sugar meltings 88 91 81 83 89 93 65 68 82 89 81 83 83 PAPER AND PRINTING 84 88 91 87 86 • 84 P84 *82 *101 P104 Woodpulp and paper 76 80 84 80 80 76 62 59 61 66 64 59 59 59 61 60 64 67 66 NBoeowks ppraipnet r_ 82 85 87 84 88 82 88 87 83 92 103 Wrapping paper 67 71 77 67 58 61 60 62 68 80 95 Fine paper 72 81 80 76 67 75 76 82 71 96 121 Box board 87 94 104 96 105 88 Woodpulp, mechanical 67 67 68 70 65 56 56 55 56 61 69 Woodpulp, chemical 75 82 87 84 75 85 86 87 88 99 113 Paper boxes 126 137 150 127 137 135 124 110 149 172 183 213 173 Newsprint consumption 100 101 100 98 94 98 96 89 95 96 100 102 103 LUMBER „ 23 23 24 21 23 26 20 22 24 30 38 46 46 TRANSPORTATION EQUIPMENT: Automobiles 23 24 16 31 60 48 33 27 44 51 66 70 61 Locomotives 5 5 5 4 2 3 3 1 1 0 0 1 1 Shipbuilding 22 84 216 136 78 91 181 144 32 25 16 19 15 LEATHER AND PRODUCTS 3 81 91 93 89 85 86 92 84 93 110 114 116 101 Tanning3 65 68 69 74 74 76 76 70 70 79 89 92 88 Cattle hide leathers 3 53 64 67 70 69 66 66 62 64 74 76 78 76 C G a o l a f t a a n n d d k k i i p d l e le a a th th e e rs r s * 3 9 7 2 0 7 71 6 7 74 1 8 7 3 4 7 8 6 4 10 7 5 6 10 7 1 7 7 90 1 7 85 1 7 93 9 1 10 0 9 2 13 9 2 1 12 8 6 2 Boots and shoes 92 105 108 99 93 93 102 93 107 129 131 131 110 CEMENT AND GLASS: Cement 48 54 55 53 43 38 41 40 35 42 51 56 50 Glass, plate 21 43 50 59 72 88 63 54 55 88 118 150 135 NONFERROUS METALS: a Tin deliveries * 42 45 50 55 50 55 58 55 68 80 94 109 125 FUELS, MANUFACTURED: Petroleum refining 135 133 137 138 132 132 132 135 140 147 154 155 153 Gasoline» ._ 178 173 180 179 169 165 166 171 179 187 198 198 198 Kerosene . 74 70 66 73 76 86 81 80 85 87 92 92 87 Fuel oil i 85 87 85 89 89 94 95 95 94 95 101 '106 99 Lubricating oill 66 71 72 71 68 76 75 75 81 88 80 82 84 Coke, by-product 48 52 55 56 56 56 56 51 54 61 75 91 96 RUBBER TIRES AND TUBES 68 64 68 73 67 59 54 41 65 94 115 143 111 Tires, pneumatic 72 66 71 76 70 61 56 42 67 97 120 148 116 Inner tubes 42 48 44 50 44 42 41 29 47 68 80 111 75 TOBACCO PRODUCTS 108 111 104 104 112 113 115 99 116 143 135 117 123 Cigars 64 64 63 63 60 68 63 51 61 61 66 69 68 Cigarettes- 139 145 133 132 149 147 154 132 153 204 186 151 163 Minerals—Total 65 70 74 75 76 73 79 81 72 78 84 90 91 Bituminous coal 50 58 67 66 66 57 63 51 55 57 64 76 75 Anthracite coal 48 61 61 65 75 53 64 77 44 43 65 67 61 Petroleum, crude 104 104 103 106 96 107 110 122 108 134 134 132 134 Iron ore g s 13 7 14 15 40 57 Zinc . 31 31 33 35 '39 '39 '43 44 45 45 55 71 77 Lead 33 41 38 45 39 45 40 45 45 37 41 36 36 Silver 41 36 36 37 30 36 30 44 36 '30 '24 34 28 v Preliminary. ' Revised. » Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals." « For revised figures from 1923 to date see BULLETIN for September 1933, pp. 585-587. NOTE.—For description see BULLETIN for February and March 1927.For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-585. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDEEAL EESERVE BULLETIN 663 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100] 1932 1933 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug Manufactures—Total 58 66 67 58 80 93 97 IRON AND STEEL 23 28 30 25 53 72 79 Pig iron 17 20 21 18 29 43 60 Steel ingots 24 29 31 25 56 75 81 TEXTILES 36 104 102 95 92 78 108 126 121 *108 Cotton consumption 74 96 99 98 92 94 91 116 133 122 108 Wool 70 84 81 73 67 70 46 57 85 109 115 103 Consumption 82 99 91 84 77 75 76 49 64 96 121 126 110 Machinery activity 77 89 90 76 74 76 82 52 56 91 118 129 115 Carpet and rug loom activity 25 33 39 38 32 31 32 29 34 42 60 62 61 Silk 138 154 140 121 113 129 102 95 112 122 134 126 Deliveries 165 178 157 134 118 138 102 107 131 135 153 136 118 Loom activity 85 105 106 96 103 111 101 72 76 96 96 105 JFOOD PRODUCTS... _ __ 80 91 89 87 86 92 84 82 94 99 97 85 Slaughtering and meat packing 74 88 89 91 95 103 89 82 92 105 99 90 Hogs 68 80 86 93 109 116 94 82 95 102 110 97 79 Cattle 76 93 86 81 70 79 76 74 79 89 93 97 100 Calves 84 92 93 94 79 86 83 92 106 114 106 100 96 Sheep 152 173 160 144 126 138 135 136 146 150 149 145 147 Wheat flour 82 95 98 94 85 86 100 91 92 Sugar meltings. 98 97 77 65 63 80 95 100 102 PAPER AND PRINTING 81 89 94 89 81 82 *86 *84 Wood pulp and paper 75 81 86 81 74 75 *>79 *80 Newsprint 61 59 61 65 64 59 59 59 65 65 Book paper __ 80 85 88 87 83 91 89 103 Wrapping paper 67 72 78 57 60 61 63 96 Fine paper 69 81 74 64 76 121 Box board 88 109 99 85 85 Wood pulp, mechanical 53 55 61 70 65 56 57 60 75 75 Wood pulp, chemical 74 82 89 84 73 84 89 90 90 99 114 Paper boxes... 127 151 157 130 112 119 138 111 149 172 190 204 175 Newsprint consumption 89 99 106 104 97 94 95 92 101 99 99 91 92 LUMBER _ 25 23 25 20 20 23 20 23 26 32 40 45 49 TRANSPORTATION EQUIPMENT: Automobiles __ 26 26 15 18 32 40 35 33 57 64 75 73 67 Locomotives 5 6 5 4 2 3 3 1 1 0 0 1 1 Shipbuilding ._ 33 84 158 119 60 64 129 112 31 31 20 28 22 LEATHER AND PRODUCTS I 90 105 102 85 73 80 93 87 91 101 110 114 112 Tanning i 67 73 74 72 72 73 78 68 75 87 92 90 Cattle hide leathers l 52 66 69 69 67 67 70 64 70 74 75 75 Calf and kip leathers i 85 88 84 71 65 63 71 64 75 99 106 99 Goat and kid leathers i 90 75 77 82 91 99 105 84 87 109 122 124 Boots and shoes 105 126 120 94 73 85 103 105 118 124 128 126 CEMENT AND GLASS: Cement 62 67 63 53 34 23 24 34 50 64 65 Glass, plate _ 21 43 50 57 • 54 78 68 59 61 120 148 137 NONFERROUS METALS: 2 Tinjieliveries 42 45 50 55 50 55 58 55 68 94 109 125 Fuels, manufactured: Petroleum refining 135 133 137 138 132 132 132 135 140 147 153 153 Gasoline 178 173 180 179 169 165 166 171 179 187 198 198 Kerosene 70 72 70 79 82 88 82 78 84 83 86 86 Fuel oil _. 85 87 85 89 89 94 95 95 94 95 101 ••106 Lubricating oil- ___ __ 66 71 72 71 68 76 75 75 81 88 80 82 84 Coke, by-product 47 51 55 57 57 57 57 53 54 61 73 89 93 RUBBER TIRES AND TUBES 68 61 60 55 46 54 58 45 76 118 139 140 110 Tires, pneumatic 70 63 62 57 48 56 61 46 79 123 145 145 114 Inner tubes 46 48 39 37 32 38 43 32 53 83 96 105 83 TOBACCO PRODUCTS 115 123 112 106 91 107 104 94 107 145 147 126 131 Cigars. 67 73 77 75 45 52 54 47 58 63 72 72 72 Cigarettes . 150 159 140 130 123 144 140 125 139 206 204 167 176 Minerals—Total.. _. 66 73 80 78 72 71 76 74 65 76 82 89 94 Bituminous coal __. 49 61 74 74 70 63 67 51 46 50 57 74 Anthracite coal 48 62 79 67 74 57 68 63 45 43 57 55 61 Petroleum, crude 106 108 104 105 102 108 120 108 136 137 135 136 Iron ore 17 15 22 6 21 30 81 117 Zinc 29 32 35 46 53 66 71 Lead 32 39 47 36 42 34 35 Silver 40 34 36 39 '29 28 1 For revised figures from 1923 to date see BULLETIN for September 1933, pp. 585-587. 2 Includes also lead and zinc; see "Minerals." » Preliminary. * Revised. NOTE.—For description see BULLETIN for February and March 1927. For latest revisions see BULLETIN for March 1932, pp. 194-196, and September 1933, pp. 584-585. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

664 FEDERAL RESERVE BULLETIN OCTOBER 193$ 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 Adjusted for seasonal varia- Without seasonal adjustment tion Without seasonal adjustment Industry 1933 1932 1933 1932 1933 1932 Aug. July Aug. Aug. July Aug. Aug. July Aug. Total 73.4 68.9 58.6 73.3 70.1 58.8 55.7 49.9 40.1 IRON AND STEEL AND PRODUCTS 72.7 65.3 50.4 73.2 66.3 50.6 52.7 42.4 22.1 Steel works and rolling mills 80.0 71.2 53.0 80.6 72.2 53.4 59.6 46.4 21.2 Hardware 61.0 57.0 47.3 62.9 57.8 48.7 36.9 35.4 22 & Structural iron work 52.9 48.9 51.1 51.1 48.3 49.4 32.2 25.9 29.4 Heating apparatus 62.9 56.1 41.7 62.4 59.1 41.3 41.5 36.5 23.8 Steam fittings _ 51.6 47.6 36.5 50.8 48.6 36.0 35.1 31.4 21.6 Stoves _ 73.3 63.9 46.4 73.0 68.7 46.2 47.8 41.4 25 9 Cast-iron pipe 37.2 36.5 35.0 36.3 35.4 34.1 21.7 20.6 18.1 MACHINERY. 57.1 51.8 46.4 57.1 51.7 46 4 38 9 35 7 27 1 Foundry and machine-shop products 56.8 50.9 43.2 56.7 50.6 43.1 36.0 32.5 23.3 Machine tools 48.6 41.4 37.9 49.1 42.0 38.3 32. 1 27.6 22.3 Agricultural implements 41.2 38.0 28.5 43.4 40.1 30.1 33.9 30.2 21.7 Electrical machinery 60.6 56.6 56.7 60.6 56.6 56.7 47.2 45.0 37.2 TEXTILES AND PRODUCTS 87.8 85.7 62.3 91.2 90.3 64.8 67.0 58.9 42 3 A. Fabrics 96 4 94.1 63.8 99.8 97.6 66 1 77 0 67 2 49 1 Cotton goods . ._ 103.4 101.4 61.2 108.2 104.4 64 0 85 4 71 7 37 3 Woolen and worsted manufactures 92.3 89.4 59.7 94.4 94.0 64.1 69.1 65.1 38.8 Woolen and worsted goods 96.8 94.0 62.8 98.9 98.9 61.1 73.1 69.4 42.5 Carpets and rugs „ _ 69.0 65.0 43.6 71.7 68.6 45 3 51.2 45. 3 21.6 HowSiery and knit goods 93.7 95.3 76.4 96.3 99.6 78.6 79.2 68.3 53.4 Silk manufactures 76.0 70.0 55.3 77.2 71.6 56 2 63.3 50.8 40.0 Dyeing and finishing textiles 105.3 100.1 77.0 109.8 103.8 80.2 78.8 77.3 56.7 B. Wearing apparel -- _. 66.4 64.7 58.4 69.6 71.9 61.5 46.9 41.9 42.6 Clothing, men's.. 60.4 59.1 48.3 58.7 58.6 46.9 45.2 39.5 31.1 Shirts and collars 79.2 81.0 58.0 82.2 84.9 60. 1 64.6 52.8 37.8 Clothing, women's 67.0 70.0 73.8 72.8 83.1 80.3 41.3 46.0 57 7 Millinery 71.2 53.4 57.1 85.3 76.9 68.3 55.7 32. 1 43.5 FOOD AND PRODUCTS 89.3 83.1 80.7 89.7 83.6 81.0 71.7 68.2 67.9 Baking 87.3 84.7 85.0 87.7 84.1 85 4 70.7 69.6 71.9 Slaughtering and meat packing . 97.2 87.9 80.6 98.2 87.9 81.4 80.1 73.9 67.3 Confectionery 88.8 73.4 74.2 94.9 83.7 79.2 67.0 50.4 56.5 Ice cream 84.7 82.1 83.7 72.1 68.0 71.3 68.2 66.3 73.6 Flour 76.4 78.8 74.0 74.9 78.7 72.5 56.9 64.6 62.2 Sugar refining, cane. 82.0 78.2 74.3 77.7 75.1 70.4 62.1 65.3 62.9 PAPER AND PRINTING 86.9 82.5 79.3 88.1 83.4 80.4 70.8 67.8 67.4 Printing, book and job 75.4 71.9 76.2 76.7 72.8 77.5 59.6 58.4 63.3 Printing, newspapers and periodicals 93.6 92.9 92.3 95.5 94.1 94.2 81.1 80.2 87.2 Paper and pulp 92.2 85.0 75.0 92.2 85.0 75.1 70.9 63.7 50.9 Paper boxes. 88.7 80.3 68.7 90.2 82.6 69.8 74.5 68.4 55.0 LUMBER AND PRODUCTS 47.6 44.0 36.4 46.6 43.8 35.7 28.9 24.6 19.3 Lumber, sawmills 42.9 39.4 32.6 41.7 38.5 31 7 26.0 21.9 16.6 Lumber, millwork . _ 42.4 41.4 35.6 41.6 40.8 34.9 25.1 23.9 20.0 Furniture.. 64.2 58.4 47.7 63.6 60.3 47.3 37.8 31.0 24.7 TRANSPORTATION EQUIPMENT 51.7 49.2 45.1 51.4 49.3 44.8 43.9 38.3 31.6 Car building and repairing 43.7 41.4 38.7 43.5 41.2 38.6 36.4 31.4 28.6 Automobiles 60.9 58.4 50.8 59.7 58.8 49.8 52.5 46.1 32.7 Shipbuilding 64.5 58.7 66.9 68.2 60.1 70.7 49.5- 44.9 53.6 LEATHER AND MANUFACTURES _ 88.7 85.4 76.1 86.4 85.7 74.0 69.3 64.2 51.7 Boots and shoes 88.7 86.0 79.4 85.7 86.0 76.7 67.7 62.2 52.4 Leather 88.6 83.0 62.6 89.0 84.6 62.9 75.1 71.4 49.0 CEMENT, CLAY, AND GLASS PRODUCTS 55.8 51.8 42.1 53.9 51.6 40.5 34.6 30.2 23.9 Clay products. 47.2 43.7 38.0 45.3 42 A 36.4 25.3 21.2 17.6 Brick, tile, and terra cotta 37.6 35.2 31.9 34.7 32.5 29.4 17.6 15.7 14.1 Pottery. _ . ___ 73.3 67.0 54.4 74.1 69.5 55.1 45.6 35.5 26.7 Glass 76.0 70.3 51.8 74.9 73.3 51.1 55.2 49.8 35.9 Cement _. « 50.4 47.6 39.2 46.9 45.2 36.4 31.6 27.6 25.1 NONFERROUS METAL PRODUCTS. 65.4 59.5 45.8 66.1 60.3 46.4 50 4 46.5 28.9 Stamped and enameled ware 32.8 30.8 24.7 34.1 31.6 25.7 25.4 23.4 17.4 Brass, bronze, and copper 76.4 69.3 53.0 77.1 70.0 53.4 57.8 53.2 32.2 CHEMICALS AND PRODUCTS 89.9 84 0 72.2 92 4 87 5 74 0 72 2 67 9 60 0 Chemicals and drugs 100.7 92.3 75.7 103.3 95.6 77.6 79.4 72.6 58.1 Petroleum refining 79.7 78.1 75.8 78.3 76.4 74.4 66.7 66.1 68.2 Fertilizers 56.0 51.2 37.6 72.7 74.9 48.8 36.4 33.4 28.2 RUBBER PRODUCTS 83.3 77.0 63.6 81.9 76.4 62 7 64 4 65 2 41 5 Automobile tires and tubes 91.6 86.0 66.3 89.0 84.4 64.4 66.4 69.7 43.0 Rubber boots and shoes 58.4 50.0 55.2 60.5 52.4 57.2 56.5 47.3 35.7 TOBACCO MANUFACTURES 67.6 65.6 68.3 67.7 67.3 68.3 48.2 47.3 49.4 Cigars and cigarettes 67.1 65.3 67.8 66.9 66.4 67.6 46.3 46.1 48.2 Chewing and smoking tobacco, snufl 71.3 67.7 71.5 73.4 73.7 73.7 63.2 56.6 59.7 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

OCTOBER 1933 FEDERAL RESERVE BULLETIN 665 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926-100] Other commodities All Farm Year and month m c t o i o e 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 r n ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c l t s t a s lm B a u t i e ld ri i a n l g s c C a d h l r s e u m a g n s i d - in f H u g r o g n u o is s o h e d - - s l M an i e sc o e u l s - 1928 96.7 105.9 101.0 92.9 121.4 95.5 84.3 97.0 94.1 95.6 95.1 85.4 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 — 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 _ 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1932—August. .. 65.2 49.1 61.8 70.1 69.7 52.7 72.1 80.1 69.6 73.3 73.6 64.6 September 65.3 49.1 61.8 70.4 72.2 55.6 70.8 80.1 70.5 72.9 73.7 64.7 October. _. 64.4 46.9 60.5 70.2 72.8 55.0 71.1 80.3 70.7 72.7 73.7 64.1 November, 63.9 46.7 60.6 69.8 71.4 53.9 71.4 79.6 70.7 72.4 73.7 63.7 December. 62.6 44.1 58.3 69.0 69.6 53.0 69.3 79.4 70.8 72.3 73.6 63 4 1933—January.. _ 61.0 42.6 55.8 67.3 68.9 51.9 66.0 78.2 70.1 71.6 72.9 61.2 February. 59.8 40.9 53.7 66.0 68.0 51.2 63.6 77.4 69.8 71.3 72.3 59.2 March.... 60.2 42.8 54.6 65.8 68.1 51.3 62.9 77.2 70.3 71.2 72.2 58.9 April 60.4 44.5 56.1 65.3 69.4 51.8 61.5 76.9 70.2 71.4 71.5 57.8 May 62.7 50.2 59.4 66.5 76.9 55.9 60.4 77.7 71.4 73.2 71.7 58.9 June 65.0 53.2 61.2 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 August 69.5 57.6 64.8 74.1 91.7 74.6 65.5 81.2 81.3 73.1 77.6 65.4 1932 1933 Subgroups June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. FARM PRODUCTS: Grains _ 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 64.6 Livestock and poultry 46.7 54.1 52.8 51.2 45.0 41.9 38.7 37.8 40.1 43.0 41.0 46.8 46.6 47.4 45.9 Other farm products 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 62.5 FOODS: Butter, cheese, and milk 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 65.7 Cereal products 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 84.8 Fruits and vegetables 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 71.1 Meats.. 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 51.0 Other foods 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 62.6 HIDES AND LEATHER PRODUCTS: Boots and shoes 87.5 84.4 84.4 84.4 84.6 84.2 83.8 83.3 83.3 83.2 83.2 83.6 85.5 88.3 96.1 Hides and skins.. 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 91.5 Leather __ 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 82.5 Other leather products 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 81.2 TEXTILE PRODUCTS: Clothing 62.2 61.0 61.8 62.5 62.2 62.5 61.9 61.2 61.3 61.4 61.9 64.5 70.6 74.4 Cotton goods 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 93.5 Knit goods 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 69.4 Silk and rayon 27.5 26.2 29.5 32.6 30.8 29.5 29.3 27.0 25.6 25.5 26.3 29.1 35.2 37.9 34.6 Woolen and worsted goods... 55.0 53.6 53.4 56.7 56.5 55.3 54.2 53.4 53.2 53.2 53.3 61.5 68.8 72.3 78.9 Other textile products 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 77.8 FUEL AND LIGHTING MATERIALS: Anthracite coal 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 79.2 Bituminous coal 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 83.6 Coke 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 77.4 Electricity... 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 89.4 Gas.. 106.3 108.3 107.0 107.6 104.4 100.0 96.5 96.7 96.6 96.6 97.5 103.3 101.7 100.2 Petroleum products 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 40.9 METALS AND METAL PRODUCTS: Agricultural implements 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 83.2 Iron and steel 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 78.6 Motor vehicles 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 90.4 Nonferrous metals 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 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 81.5 Cement 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 90.3 Lumber 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 79.4 Paint materials 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 77.5 Plumbing and heating 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 70.3 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 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 85.0 CHEMICALS AND DRUGS: Chemicals. _ 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 79.6 Drugs and Pharmaceuticals. 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 57.6 Fertilizer materials 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 69.0 Mixed fertilizers. 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 64.4 HOUSEFURNISHING GOODS: Furnishings 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 78.6 Furniture. 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 76.8 MISCELLANEOUS: Auto tires and tubes 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 43.2 Cattle feed 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 78.0 Paper and pulp 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 81.0 Rubber, crude 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 14.9 O ther miscellaneous 84.6 84.5 84.2 82.1 81.5 81.3 76.8 73.3 72.6 72.7 74.0 75.0 76.3 77.8 Back figures.—For indexes of groups see BULLETIN for March 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 FEDERAL RESERVE BULLETIN OCTOBER 1933: CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Value of contracts in millions of dollars, figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Public works Total Residential Factories Commercial and public Educational All other utilities Month 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 January 84.8 83.4 27.5 12.0 3.4 4.3 9.1 5.8 24.1 42.7 4.4 1.4 16.3 17.3 February 89.0 52.7 24.4 11.8 4.4 2.8 10.1 7.6 28.3 17.2 10.8 2.2 11 0 11.0 March . 112.2 60.0 33.2 16.0 4.5 6.4 10.6 7.2 29.9 17.6 9.8 1.3 24.2 11.5. April 121.7 56.6 28.9 19.1 4.5 6.2 12.9 6.6 47.3 13.6 10.7 1.1 17.5 9.9* May 146.2 77.2 25.6 26.5 3.0 9.4 12.2 8.9 61.7 19.0 6.5 1.7 37.2 11.6. June 113.1 102.3 23.1 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 134.0 106.1 20.8 21.9 3.3 14.1 18.4 10.5 64.2 51.4 5.5 2.6 21.9 5.6. September 127.5 22.8 6.3 8.8 68.7 7.4 13.5 October 107 3 21 9 3 2 7 0 58 5 3 6 13 1 November 105.3 19.2 1.9 6.7 54.2 3.4 19 9 December 81.2 13.0 3.3 5.7 43.3 6.7 9.2 Year 1,351.2 280.1 43.5 122.7 590.3 82.3 232.3 CONSTRUCTION CONTRACTS AWARDED, BY BANK DEBITS DISTRICTS [Debits to individual accounts. In millions of dollars] [Value of contracts in thousands of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] 1933 1932 Number 1933 1932 of centers August July August Federal Reserve district August July August New York City.. 1 13,076 17,354 13,458- Outside New York City 140 12,375 13,878 11,757" Boston 16,680 8,330 9,850 New York 26,527 16,460 27,495 Federal Reserve districts: Philadelphia 5,113 5,029 11,712 Boston 11 1,435 1,638 1,294 Cleveland _. 12,039 6,724 12,964 New York 7 13,543 17,923 13,929- Richmond. _ 6,157 5,479 13,611 Philadelphia 10 1,105 1,299 1,0805 Atlanta. 4,719 3,880 8,277 Cleveland 13 1,255 1,317 1,163 Chicago - 14,844 18,592 21,698 Richmond 7 457 454 477 St. Louis 6,238 5,996 9,340 Atlanta 15 583 613 545- Minneapolis 3,578 3,369 8,052 Chicago _ 21 3,089 3,464 3,039- Kansas City — 4,819 4,408 4,697 St. Louis 5 590 674 538 Dallas 5,417 4,425 6,290 Minneapolis 9 527 593 410 Kansas City 15 740 873 684 Total (11 districts) 106,131 133,988 Dallas. 10 359 390 340< San Francisco 18 1,768 1,992 1,718 COMMERCIAL FAILURES, BY DISTRICTS Total 141 25,451 31,232 25, 215 [Amounts in thousand? of dollars; figures reported by Dun and Bradstreet] Number Liabilities Federal Reserve 1933 1932 1933 1932 district Au- August July gust August July August Boston 150 138 253 3,272 1,968 8,607 New York.... 348 333 629 11,942 8,786 16,842 Philadelphia.. 80 63 136 3,048 1,347 4,882 Cleveland 118 110 279 3,791 2,668 6,331 Richmond 91 102 185 1,918 1,263 3,792 Atlanta 57 58 153 1,633 658 2,536 Chicago 189 180 402 4,169 13,249 St. Louis 45 60 104 843 1,092 3,179 Minneapolis.. 65 62 58 2,343 1,134 883 Kansas City.. 84 75 184 3,019 605 4,408 Dallas 53 42 80 1,559 799 2,238 San Francisco. 192 333 5,239 3,274 10,083 Total-.. 1,472 1,421 2,796 42,776 27,481 77,031 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1933 FEDERAL RESERVE BULLETIN 667 SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for Sept. 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 Sept. 1, 1933 1932 Sept. 1,1933 1932 Sept. 1,19331 1932 Sept. 1,1933 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,684 7,720 66 110 66 110 New York _ - - -____...-- 24, 550 23,110 4,761 4,947 4,591 4,817 170 130 Philadelphia 42,554 42,847 12,147 14,023 12,042 13,936 105 87 Cleveland 158,549 139,653 35,908 37,972 35, 735 37,843 173 129 Richmond.-. ... - _. ___ 105,912 128, 320 16,673 19,892 16,673 19,892 Atlanta 146,661 154, 285 3,063 2,992 3,063 2,992 Chicago __ _ - - 1,065,741 793,745 49,430 44,124 46,050 42,191 3,380 1,933 St. Louis... 380,505 284,650 34,128 36,199 33,885 35,900 243 299 Minneapolis 293,144 210,025 237,318 109,159 21,190 9,874 216,128 99, 285 Kansas City .-. 524,390 405,067 189,917 125,106 183,800 117,372 6,117 7,734 Dallas 116, 292 85,948 30,268 12,576 30,120 12,483 148 93 San Francisco _ - 9,588 9,429 112, 604 99,457 74, 530 43,055 38,074 56,402 Total 2,875, 570 2,284,799 726, 283 506, 557 461,679 340, 355 264,604 166,202 Oats Tame hay Tobacco White potatoes Cotton Federal Reserve district Production E S s e t p im t. a 1 t , e Production E S s e t p im t. a 1 t , e Production E S s e t p im t. a 1 t , e Production E S s e t p im t. a 1 t , e Production E S s e t p im t. a 1 t , e 1932 1933 1932 1933 1932 1933 2 1932 1933 1932 1933 3 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston -_ 7,704 6,995 2,928 2,752 30,110 21,034 47,974 46,885 . New York... 28,019 18,509 5,164 4,893 1,621 936 32,017 24,024 Philadelphia 15,136 13,689 1,938 2,237 46,310 33,630 20,896 18,429 Cleveland 55,920 35,468 3,826 3,800 121,582 131,934 19,465 14,517 Richmond 18,755 16, 581 2,542 2,791 411,132 676,793 23,932 23,288 1,410 1,364 Atlanta 10,469 8,161 2,105 2,032 99,242 162, 609 10,545 11,282 2,326 2,568 Chicago 523,589 285,383 14,194 13, 240 36,620 21,160 59,382 38,028 St. Louis ._ 47,062 34,102 4,964 5,006 261,257 306,759 13,164 8,289 * 2,942 6 2,575 Minneapolis 317,746 141, 679 9,912 7,921 2,831 1,250 54,062 40,684 Kansas City 145,427 80,937 8,809 8,372 4,807 5,640 30,854 24,908 900 1,152 Dallas . _ . . 43,699 20,690 1,004 906 4,981 4,509 5,233 4,499 San Francisco 24, 705 25,453 12,408 11,340 40,407 38,742 191 256 Total 1,238,231 687,647 69,794 j 65, 290 1,015, 512 1,361,745 357,679 293,585 13,002 12,414 1 Figures for winter wheat from estimate for Aug. 1; no estimate for Sept. 1. 2 Without allowance for reduction in acreage under Agricultural Adjustment Act. s With allowance for reduction in acreage under Agricultural Adjustment Act. 4 Includes 15,000 bales grown in miscellaneous territory. 5 Includes 10,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS W.OAK. ) * . \ MIWIEAPOLIS S.DAK. DALLAS® TEXAS *} % Houston ——BOUNDARIES OF FEDERAL RESERVE DISTRICTS ..... BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis