Federal Reserve Bulletin, 1933-11

FEDERAL RESERVE BULLETIN NOVEMBER 1933 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Regulation L—Interlocking Bank Directorates, etc. Regulation R—Relationships with Dealers in Securities. UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: EUGENE R. BLACK, Governor. WILLIAM H. WOODIN, CHARLES S. HAMLIN. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. GEORGE R. JAMES. J. F. T. O'CONNOR, J. J. THOMAS. Comptroller of the Currency. M. S. SZYMCZAK. H. WARNER MARTIN, Assistant to the Governor. E. A. GOLDENWEISER, Director, Division of Research and Statistics. CHESTER MORRILL, Secretary. J. C. NOELL, Assistant Secretary. CARL E. PARRY, Assistant Director, Division of Research L. P. BETHEA, Assistant Secretary. and Statistics. S. R. CARPENTER, Assistant Secretary. E. L. SMEAD, Chief, Division of Bank Operations. WALTER WYATT, General Counsel. J. R. VAN FOSSEN, Assistant Chief, Division of Bank GEORGE B. VEST, Assistant Counsel. Operations. LEO H. PAULGER, Chief', Division of Examinations. O. E. FOULK, Fiscal Agent. FRANK J. DRINNEN, Federal Reserve Examiner. JOSEPHINE E. LALLY, Deputy Fiscal AgenU 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 R o e f s - erve Bank Chairman Governor Deputy governor Cashier Boston F. H. Curtiss R. A. Young W. W. Paddock W. Willett. New York J. H. Case G. L. Harrison W. R. Burgess C. H. Coe.» J. E. Crane R. M. Gidney.i A. W. Gilbart J. W. Jones, i W. 8. Logan W. B. Matteson.* L. R. Rounds J. M. Rice.» L. F. Sailer Allan Sproul.1 L. W. Knoke.1 Philadelphia R. L. Austin „ G. W. Norris .. — W. H. Hutt C. A. Mcllhenny. W. G. McCreedy.* Cleveland L.B.Williams . E. R. Fancher M.J. Fleming H. F. Strater. F. J. Zurlinden-. Richmond W. W. Hoxton G.J. Seay C. A. Peple G. H. Keesee. R. H. Broaddus J. S. Walden, Jr.* Atlanta Oscar Newton W. S. Johns' H. F. ConnifE 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.» 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. H. I. Ziemer F. C. Dunlop.8 Kansas City M. L. McClure G. H. Hamilton C. A. Worthington. J. W. Helm. J. W. Helm Dallas C. C. Walsh B. A. McKinney R. R. Gilbert Fred Harris R. B. Coleman W. 0. Ford.» San Francisco Isaac B. Newton J. U. Calkins. W. A. Day W. M. Hale. Ira Clerk * Assistant deputy governor. i 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. m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review .of the month—Recent banking developments 669 National summary of business conditions 679 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 680-683 Member and nonmember bank credit: All banks in the United States 685 All member banks 684, 720, 721 Weekly reporting member banks in 90 leading cities 686, 723 Brokers' loans L 686 Acceptances and commercial paper 687 Discount rates and money rates 688, 723 Treasury finance 689 Security prices, bond yields, and security issues 690 Production, employment, car loadings, and commodity prices 691, 725-728 Merchandise exports and imports 692 Department stores—Indexes of sales and stocks 692 Freight-car loadings, by classes 692 Financial statistics for foreign countries: Gold reserves of central banks and governments 693 Gold production 694 Gold movements 694-696 Government note issues and reserves 697 Bank for International Settlements 697 Central banks 698-700 Commercial banks 701-702 Discount rates of central banks 703 Money rates * 703 Foreign exchange rates 704 Price movements: Security prices 705 Wholesale prices 705, 706 Retail food prices and cost of living 706 Law department: Rulings of the Federal Reserve Board: Application of section 8A of the Clayton Antitrust Act to directors of Federal Reserve banks and branch banks 707 Interest on time deposits after maturity 707 Removal of branch from one town to another 707 Forms of time certificates of deposit 708 Opinion of Attorney General as to right of national banks in California, South Carolina, and Tennessee to establish out of town branches 708 Interlocking bank directorates and other relationships under the Clayton Act—Regulation L 711 Relationships with dealers in securities under section 32 of the Banking Act of 1933—Regulation R_ 715 Federal Reserve statistics by districts, etc.: Banking and financial statistics 718-724 Industrial and commercial statistics 725-729 October crop report, by Federal Reserve districts 730 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 19 NOVEMBER 1933 No. 11 REVIEW OF THE MONTH "No one who considers the plain facts of our situation believes that commodity prices, On October 22, in an address delivered by especially agricultural prices, are high enough Statement by radio, President Roosevelt said yet. the President { n part: "Some people are putting the cart before the "The last pillar [of recovery] of which I horse. They want a permanent revaluation of speak is that of the money of the country in the dollar first. It is the Government's policy the banks of the country. There are two to restore the price level first. I would not simple facts. know, and no one else could tell, just what the " First, the Federal Government is about to permanent valuation of the dollar will be. spend $1,000,000,000 as an immediate loan on To guess at a permanent gold valuation now the frozen or nonliquid assets of all banks would certainly require later changes caused by closed since January 1, 1933, giving a liberal later facts. appraisal to those assets. This money will be "When we have restored the price level, we in the hands of the depositors as quickly as it shall seek to establish and maintain a dollar is humanly possible to get it out. which will not change its purchasing and debt- " Secondly, the Government bank-deposit paying power during the succeeding generation. insurance on all accounts up to $2,500 goes I said that in my message to the American deleinto effect on January 1. We are now en- gation in London last July. And I say it now gaged in seeing to it that on or before that once more. date the banking capital structure will be "Because of conditions in this country and built up by the Government to the point that because of events beyond our control in other the banks will be in sound condition when the parts of the world, it becomes increasingly iminsurance goes into effect. portant to develop and apply the further meas- "Finally, I repeat what I have said on many ures which may be necessary from time to time occasions, that ever since last March the to control the gold value of our own dollar at definite policy of the Government has been to home. restore commodity price levels. The object "Our dollar is now altogether too greatly inhas been the attainment of such a level as will fluenced by the accidents of international trade, enable agriculture and industry once more to by the internal policies of other nations, and give work to the unemployed. It has been to by political disturbance in other continents. make possible the payment of public and pri- Therefore the United States must take firmly vate debts more nearly at the price level at in its own hands the control of the gold value which they were incurred. It has been gradof our dollar. This is necessary in order to ually to restore a balance in the price structure prevent dollar disturbances from swinging us so that farmers may exchange their products away from our ultimate goal, namely, the confor the products of industry on a fairer extinued recovery of our commodity prices. change basis. It has been and is also the "As a further effective means to this end, I purpose to prevent prices from rising beyond am going to establish a Government market the point necessary to attain these ends. The for gold in the United States. Therefore, under permanent welfare and security of every class of our people ultimately depends on our at- the clearly defined authority of existing law, I tainment of these purposes. am authorizing the Reconstruction Finance Corporation to buy gold newly mined in the "Obviously and because hundreds of differ- United States at prices to be determined from ent kinds of crops and industrial occupations in the huge territory that makes up this Nation time to time after consultation with the Secreare involved we cannot reach the goal in only tary of the Treasury and the President. a few months. We may take 1 year or 2 Whenever necessary to the end in view, we years or 3 years. shall also buy or sell gold in the world market. 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

670 FEDERAL RESERVE BULLETIN NOVEMBER 1933 "My aim in taking this step is to establish Finance Corporation just created for the purpose of and maintain continuous control. making loans to closed banks. In order that this special "This is a policy and not an expedient. division may work in close cooperation with the Treas- "It is not to be used merely to offset a ury Department, the Comptroller of the Currency and temporary fall in prices. We are thus continu- the Deposit Insurance Corporation, a Deposit Liquidaing to move towards a managed currency. tion Board has been appointed and is composed of the "You will recall the dire predictions made last following members: C. B. Merriam, chairman of the spring by those who did not agree with our Deposit Liquidation Board, Director of the Reconstruccommon policies of raising prices by direct tion Finance Corporation; Jesse H. Jones, chairman of means. What actually happened stood out in the board, Reconstruction Finance Corporation; sharp contrast with those predictions. Gov- Dean G. Acheson, Under Secretary of the Treasury; ernment credit is high; prices have risen in part. Lewis W. Douglas, Director of the Budget; J. F. T. Doubtless prophets of evil still exist in our O'Connor, Comptroller of the Currency; W. J. Cummidst. But Government credit will be main- mings, Chairman of the Deposit Insurance Corporation. tained and a sound currency will accompany a The purpose of the Deposit Liquidation Division.— rise in the American commodity price level." The purpose of this division will be to make available as quickly as possible to liquidating agents of banks The Deposit Liquidation Board, appointed closed after January 1, 1933, advances against assets by the President on September 7, announced under their control so as to release funds for dividend on October 18 that the follow- distributions to depositors of closed banks. Later on Deposit Liquida- { telegram had been sent to it is expected that loans will be considered for the tion Board r> 6 purpose of enabling receivers of banks closed prior all State banking authorities: to January 1, 1933, to make dividend distributions to In order to effect speedily the pronouncements of depositors. The amount which depositors can be the President in creating the Deposit Liquidation paid will be governed by the amount of money that can Board I ask your hearty cooperation and request that be loaned upon a fair valuation of the assets of the bank you wire me immediately care Reconstruction Finance based on an orderly liquidation of such assets over a Corporation, Washington, the following information: period of from 3 to 5 years, after reserving only what Number of State banks now closed which closed since will appear sufficient to pay taxes, expenses, and interest January 1, 1933. during the liquidation period. In some cases where Do laws of your State authorize receiver of State distributions have already been made, it will not be bank to borrow for the purpose of making distribution possible to make further distributions because the to depositors? assets remaining in the bank do not warrant the pay- How soon after appointment of receiver can he under ment of additional dividends. On the other hand, if your laws borrow for purpose last above mentioned? the condition of a closed bank's assets will justify it, Do you have a current appraisal of the assets of each more than one distribution may be made as and when trust with detailed estimate of their liquidating values? assets improve in value. In cases where there are Will you please supplement your wire by letter giving existing loans against assets, full consideration will be list of such closed banks, date of appointment of given to the value of equities above such loans in receiver, last figures on total resources, deposit liabili- determining what, if any, additional advances may b© ties, bills payable, and estimated liquidating values? made to receivers or liquidators. If conservators have been appointed for banks which The members of the Deposit Liquidation Board did not reopen after any moratorium declared since desire that you and the members of your committee January 1, 1933, will you please furnish similar and keep constantly in mind the fact that the paramount other relative information concerning such trusts? object of establishing the Deposit Liquidation Division Will greatly appreciate prompt consideration of these of the Reconstruction Finance Corporation is to place requests and will thank you for your cooperation. money in the hands of depositors with the least possible The Deposit Liquidation Board has an- delay. Incidentally, in doing this, we shall bring nounced the selection of committee chairmen about a more orderly liquidation of the assets of closed banks over a period of years and thus prevent dumping to serve in their respective Federal Reserve of assets at sacrifice prices. districts, and on October 21 addressed the fol- It is contemplated that the district chairmen will lowing letter to these chairmen: appoint local appraisal committees composed of ex- Dear Mr. : You have kindly consented to perienced bankers, business men, and farmers throughserve as chairman of the special advisory and appraisal out their districts, to be located where they can most committee of the Federal Reserve District as a efficiently and expeditiously contact the closed banks part of the special division in the Reconstruction in their respective communities. These committees Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER FEDERAL RESERVE BULLETIN 671 will be fully qualified to intelligently and constructively able to place the receivers of closed national banks in appraise local securities in closed banks, having in contact with you. mind the conditions prevailing in the community and Application forms are being sent to you for use by the formula of a sound and fair valuation of assets the receivers or other persons in charge of closed State based on an orderly liquidation, over a period of years. banks when applying for loans. Provision is made in These local committees will receive from their district the forms for the proper listing of the collateral offered, chairman for initial attention the latest appraisals by together with the valuations of the receiver and the the receiver, liquidator, National examiners, State local committee. There may be some cases in connecexaminers, or the Reconstruction Finance Corporation tion with which you and your local committees might examiners as may pertain to the cases before them. In require some time before being able to report a comthose cases where the appraisal reports of the super- plete appraisal and final recommendation. Nevervisory authority or receiver are not sufficiently current theless you and the committees might be willing, pendor, in your opinion, do not reflect a fair valuation based ing the completion of the final appraisal, to recommend on an orderly liquidation over a period of years, you a moderate loan upon the collateral tendered. will necessarily have a new appraisal made of the assets. The applying receiver or liquidator will fill out the While your committee will be independent of the application form and the appropriate schedules for existing loan agencies of the Reconstruction Finance listing the collateral tendered. On the basis of the Corporation, the agencies will be glad to place at the information contained in the application form and in committee's disposal, temporarily or permanently, the appraisal reports discussed in this letter, your local office space, supplies, and personnel. committees will certify to their recommendations and Arrangements will be made to take care of the ex- will send them to you as district chairman for your penses incurred by your committee in connection with approval, and you in turn will forward them to C. B. this work. Merriam, chairman of the Deposit Liquidation Board, Suggested initial procedure to be followed by dis- in care of the Reconstruction Finance Corporation, trict committees.—The President has stated that he is Washington, D.C. All papers should be made out in particularly anxious that this matter be handled with triplicate, in order that you and the local committees the greatest possible dispatch, and he has requested may retain copies. Some questions are likely to arise the cooperation of all persons who may have authority regarding provisions of the application form, particuin connection with closed bank affairs. We therefore larly with reference to legal requirements. At the time suggest that you proceed immediately to get in touch the forms are sent out, Mr. Merriam will write you with the following persons: with reference to these questions. The Governor of the Federal Reserve bank of the Inasmuch as the funds to be loaned for the purpose district and the State superintendent or commissioner of making dividend distributions to depositors of closed of banks, with respect to closed State banks which are banks will be provided by the Reconstruction Finance members of the Federal Reserve System. Corporation, all questions regarding the handling and The State superintendent or commissioner of banks, custodianship of collateral will be settled directly bewith respect to closed State banks which are not tween the Reconstruction Finance Corporation and the members of the Federal Reserve System. receiver or liquidating agent of the closed bank. The above mentioned individuals will be able to Mr. Merriam will write you from time to time as new provide you with a current statement of condition of developments occur in connection with this highly imeach closed State bank in your district and probably portant work. We trust that you will feel free to with a fairly current appraisal of the bank's assets. communicate with us at any time in connection with With regard to closed national banks in your district, it, and we shall particularly appreciate your keeping you will receive information in a separate letter. us informed of the progress made in your district. It is earnestly desired that you do what you can to Very truly yours, impress upon the State superintendents or commis- DEPOSIT LIQUIDATION BOARD, sioners of banks the importance of having their repre- DEAN G. ACHESON, sentatives, receivers, and liquidators in closed banks LEWIS W. DOUGLAS, apply to your local committees for loans in order that J. F. T. O'CONNOR, there may be made available to depositors promptly W. J. CUMMINGS, the maximum amount of their deposits that may be J. H. JONES, released to them on a fair valuation of assets based on C. B. MERRIAM. an orderly liquidation over a period of years. Through By C. B. MERRIAM, the Comptroller's office in Washington we shall be Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

672 FEDERAL RESERVE BULLETIN NOVEMBER 1933 On October 23 the President sent the follow- one of the major steps of the recovery program. I ing letter to Mr. Jesse H. Jones, chairman of count on the cooperation of everyone concerned to get this job done and done quickly. the Keconstruction Finance Now we are taking another important step to help Stock subscrip- Corporation, relating to the tions to non- f ' ° in the recovery of business and agriculture. Everybody member banks matter of preferred stock sub- knows that you cannot have business or farming carried on without a banking system to serve business scriptions to nonmember State and farmers. We are building up such a banking banks applying for admission to the Federal system. Ever since the bank holiday and the reopendeposit insurance fund: ing under license of many thousand banks the Gov- The attached statement explains the conclusions I ernment has been at work on this. It has reorganized have reached regarding the matter of preferred stock banks through the Comptroller's office and the Resubscriptions to nonmember State banks applying for construction Finance Corporation. Hundreds of admission to the deposit insurance fund. We de- banks have been put on a stronger basis. Recently veloped a good plan for dealing with the question of the Reconstruction Finance Corporation has urged paying off as much as possible of deposits in the banks banks needing additional capital in order that they closed since January 1, 1933, and it is well started. I might give credit to business men and farmers to want to follow the same line in respect of the provision secure that capital by the sale to the Reconstruction of capital to nonmember State banks. I ask, there- Finance Corporation of preferred stock. This is fore, that you suggest to your Board that they create already being done in many cases. But we hope a special division of cooperation with State banks and that all banks will take advantage of this opportunity that Mr. Harvey Couch be designated to head this to put themselves in an easy cash position to help in division. Sitting with him to recommend action to the work of recovery. your Board, in addition to yourself, ex officio, I have I repeat, banks are essential to the recovery. A designated the following gentlemen: Eugene Black, bank can operate freely and with confidence in its Governor of the Federal Reserve Board; Dean Acheson, future only if it has a capital sufficient for the volume Under Secretary of the Treasury; Lewis Douglas, of business that it should do and can do as business Director of the Budget; J. F. T. O'Connor, Comptroller speeds up. We need the banks and want them to of the Currency; Walter J. Cummings, chairman of have adequate capital. As a rule such capital * cannot the Board, Federal Deposit Insurance Corporation; now easily be found in the communities. As recovery Henry Bruere; Frank Walker. continues such capital will be found. But in the In this way all the different angles of Government meanwhile and temporarily, but for such length of contact with this question will be made available to time as may be necessary, the Government will supply your Board, and a responsible body made available for the necessary capital through the Reconstruction speeding up the work and making its recommendations Finance Corporation in its purchase of preferred to your Board for official action. stock. The Reconstruction Finance Corporation will Sincerely yours, thus serve as a recovery finance corporation. FRANKLIN D. ROOSEVELT. The banks must feel free to function well and the Government will help them prepare themselves to The statement referred to in the above letter play their important part. There is widespread response already from the follows: banks to our invitation to cooperate in this way in We began last week through the Deposit Liquidation improving the nation's banking facilities. This re- Board to distribute money to depositors in banks sponse is coming from all types of banks—the greatest closed since January 1, 1933. There are about 3,500 as well as the small banks, and is coming from all of such banks. parts of the country. By making loans on the assets in liquidation up to To accept the Government's offer to purchase an amount justified by liquidation we hope to distribute preferred stock does not mean that a bank is weak, to depositors up to a billion dollars with the least but that it is eager to cooperate in the recovery effort possible delay. Where delays occur they will be due to the fullest possible extent and thus undertake to to lawsuits beyond our control and not to a lack of put this additional capital to work. We are not effort or readiness to help on the part of the Federal thinking of idle capital. We are thinking of working Government. capital—capital working for recovery. The thawing out of frozen deposits will put money While this is going on we are getting ready to in the hands of thousands who desperately need that operate the new Federal Deposit Insurance Corporamoney to live on, and it will restore working capital tion. Automatically on January 1 all the National anti credit to business men and farmers all over the banks and State banks which are members of the country. This drive to distribute frozen deposits is Federal Reserve System will have their deposits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER FEDERAL RESERVE BULLETIN 673 insured up to $2,500 for each depositor. The State Currency: Walter J. Cummings, Chairman of the banks, of which there are about 8,600 in the country Board, Federal Deposit Insurance Corporation; Henry which are not members of the Federal Reserve System, Bruere; Frank Walker. will have their deposits insured in the same way if Governor Black is to head a subcommittee on coopthey apply for admission to the fund, and are accepted. eration with member banks in this same effort. I hope they will all apply. Under the law when they On October 28 the creation of special maapply an examination must be made of their condition. chinery by the Reconstruction Finance Cor- That gives us the opportunity to do a very important poration to carry out the work of the nonthing in strengthening the banking structure, in which State nonmember banks play sucb an important member preferred stock board was announced part. by Harvey Couch, director of the Corporation This opportunity is along the lines of giving these and head of the nonmember bank division. banks adequate working capital. It is well known The announcement follows: that the Federal Government has no supervisory relation with State banks not members of the Federal Twelve supervisors, one for each Federal Reserve Reserve System. We are getting our first official district, and special committees—at least one in every and general contact with them since the bank holiday State—have been named for the task which is inthrough the new Federal Deposit Insurance Corpora- tended to reach all of^jthe 9,000 nonmember banks tion. We want to take advantage of this contact for throughout the country in the campaign to strengthen the benefit of the banks and the communities they their capital structure through the sale of preferred serve by taking up with them at this time the question stock and capital notes to the Reconstruction Finance of the adequacy of their working capital. We want Corporation. them to be able to do their part and if they find use The twelve supervisors, specially trained men fafor more capital to do their part well and comfortably miliar with all aspects of the preferred stock program, we should do everything humanly possible to see that expect to be on the job at the various Federal Reserve they get it. In other words, deposit insurance gives centers tomorrow. State supervisors have been us the opportunity not only to protect depositors but designated for every State capital, where they will to make more serviceable our whole banking system. cooperate with representatives of the Federal Deposit By doing that we shall bring a powerful force, an Insurance Commission and examiners of the Reconindispensable force, into action to speed recovery. struction Finance Corporation in informing banks of There is a big job to be done in having the eight or the preferred stock plan and assisting them in such nine thousand State banks apply and be examined and programs. At least two leading nonmember bankers have their needs considered and acted on between now are being invited to serve with these men in each and January 1. The questions involved need to be State as a special committee. In larger States two considered from the standpoint of the recovery effort such committees will be set up. in general, from the banking standpoint, public welfare, Through these committees it is expected to obtain and the welfare of depositors and borrowers. This the closest possible cooperation between all State and means that many decisions have to be reached wisely governmental agencies in the purchase of preferred from all these angles and that an effort be put forth stock by the Reconstruction Finance Corporation. to promote the interest and cooperation of every The committees have been instructed to cooperate to bank in our program as well as that of all the State the fullest extent with State banking authorities and governments. To facilitate this work I have sug- it was to bring about this coordination that the State gested to the Reconstruction Finance Corporation capitals have been selected as the scene of operation. that they set up a special division for bank cooperation Two purposes are included in the efforts of these in recovery and make recommendations to the Board committees. One is to be of all possible assistance in for purchase by Reconstruction Finance Corporation the qualification of State nonmember banks for deposit of preferred stock. This will be done and will follow insurance and the second is to strengthen the capithe plan announced last week for dealing with closed tal structure of all banks so that they may have bank loans. The head of this new division will be ample capital to meet the normal and local needs Mr. Harvey Couch, a member of the Reconstruction of their communities in connection with the President's Finance Corporation Board, and serving with him recovery program. on the Advisory Administrative Committee in charge District and State supervisors have been instructed of this effort will be Mr. Jesse Jones, the chairman of to do everything in their power to acquaint nonmember the Reconstruction Finance Corporation Board, banks with the possibility and desirability of the sale ex officio, and the following: Eugene Black, Governor of preferred stock to the Reconstruction Finance of the Federal Reserve Board; Dean Acheson, Under Corporation in order that State banks which wish to Secretary of the Treasury; Lewis Douglas, Director do so may avail themselves of Federal deposit insurance of the Budget; J. F. T. O'Connor, Comptroller of the by January 1, 1934. 18169-33 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE NOVEMBER There were issued under date of October SEC. 6. This Executive order and any regulations issued hereunder may be modified or 25 an Executive order and a set of Treasury revoked at any time. regulations relating to gold, as follows: FRANKLIN D. ROOSEVELT EXECUTIVE ORDER THE WHITE HOUSE, October 25, 1933. RELATING TO GOLD RECOVERED FROM NATURAL DEPOSITS OCTOBER 25, 1933. By virtue of the authority vested in me by GOLD REGULATIONS section 5 (b) of the act of October 6, 1917, as Issued under the authority of section 5 (b) of amended by section 2 of the act of March 9, the act of October 6, 1917, as amended by sec- 1933, entitled "An Act to Provide Relief in the Existing National Emergency in Banking and tion 2 of the act of March 9, 1933, and the for other Purposes", I, Franklin D. Roosevelt, Executive order of October 25, 1933, Relating President of the United States of America, do to Gold Recovered from Natural Deposits. declare that a period of national emergency Part II and part III of the Gold Regulations exists, and by virtue of said authority and of issued by the Secretary of the Treasury Sepall other authority vested in me, do hereby issue the following Executive order: tember 12, 1933, under the authority of section SECTION 1. The Executive order of August 5 (b) of the act of October 6, 1917, as amended 29, 1933, Relating to the Sale and Export of by section 2 of the act of March 9, 1933, and Gold Recovered from Natural Deposits, is the Executive orders of August 28, 1933, Relathereby revoked: Provided, however, That the ing to the Hoarding, Export, and Earmarking Secretary of the Treasury is authorized to sell in accordance therewith gold received on con- of Gold Coin, Bullion, or Currency and to signment for sale on or before the date of this Transactions in Foreign Exchange, and of Executive order. August 29, 1933, Relating to the Sale and SEC. 2. The United States mints and assay Export of Gold Recovered from Natural Deposoffices are hereby authorized, subject to such its, are hereby amended to read as follows: regulations as may from time to time be prescribed by the Secretary of the Treasury, to receive on consignment gold which the mint or "PART II assay office to whicn the gold is delivered is " EXECUTIVE ORDER OF OCTOBER 25, 1933 satisfied has been recovered from natural deposits in the United States or any place "By virtue of the authority vested in me by subject to the jurisdiction thereof. section 5 (b) of the act of October 6, 1917, as SEC. 3. The Reconstruction Finance Cor- amended by section 2 of the act of March 9, poration is authorized, subject to such regula- 1933, entitled 'An Act to Provide Relief in the tions as may from time to time be prescribed Existing National Emergency in Banking and by the Secretary of the Treasury, to acquire for other Purposes', I, Franklin D. Roosevelt, gold which has been received on consignment President of the United States of America, do by a United States mint or assay office, and declare that a period of national emergency to hold, earmark for foreign account, export, or exists, and by virtue of said authority and of otherwise dispose of such gold. all other authority vested in me, do hereby SEC. 4. The Executive order of August 28, issue the following Executive order: 1933, Relating to the Hoarding, Export, and "SECTION 1. The Executive order of August Earmarking of Gold Coin, Bullion, or Cur- 29, 1933, Relating to the Sale and Export of rency and to Transactions in Foreign Exchange, Gold Recovered from Natural Deposits, is is hereby amended to permit, subject to such hereby revoked: Provided, however, That the regulations as may from time to time be pre- Secretary of the Treasury is authorized to sell scribed by the Secretary of the Treasury, the in accordance therewith gold received on conexport of articles fabricated from gold. signment for sale on or before the date of this SEC. 5. The Secretary of the Treasury is Executive order. hereby authorized and empowered to issue such "SEC. 2. The United States mints and assay regulations as he may deem necessary to carry offices are hereby authorized, subject to such out the purpose of this Executive order. regulations as may from time to time be pre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

675 1933 RESERVE BULLETIN scribed by the Secretary of the Treasury, to "ART. 30. Rejection of gold by mint.—Conreceive on consignment gold which the mint or signments which are unsuitable for mint treatassay office to which the gold is delivered is ment shall be rejected and returned to the persatisfied has been recovered from natural de- son delivering the same at his risk andjexposits in the United States or any place subject pense. Any consignment of gold which the to the jurisdiction thereof. mint is not satisfied meets the requirements of "SEC. 3. The Reconstruction Finance Cor- these regulations will be disposed of in accordporation is authorized, subject to such regula- ance with applicable law. tions as may from time to time be prescribed "ART. 31. Affidavits and agreements to acby the Secretary of the Treasury, to acquire company delivery of gold.—Persons delivering gold which has been received on consignment gold to a mint for sale under the provisions of by a United States mint or assay office, and to the Executive order of October 25, 1933, shall hold, earmark for foreign account, export, or accompany each such delivery with a properly otherwise dispose of such gold. executed affidavit and consignment agreement "SEC. 4. The Executive order of August 28, in duplicate as follows: 1933, relating to the hoarding, export, and " 'An affidavit and consignment agreement on earmarking of gold coin, bullion, or currency form TG-7A shall be filed with each delivery of and to transactions in foreign exchange, is gold by persons who have recovered such gold hereby amended to permit, subject to such by mining or panning in the United States or regulations as may from time to time be preany place subject to the jurisdiction thereof. scribed by the Secretary of the Treasury, the export of articles fabricated from gold. " 'An affidavit and consignment agreement on * * * ** form TG-8A shall be filed with each delivery of gold by persons who have recovered such gold "ART. 29. Gold received on consignment.— from gold-bearing materials in the regular The United States mints and assay offices course of their business of operating a custom under the conditions specified in this and the mill, smelter or refinery. following articles of these regulations and subject to the appropriate regulations governing " 'An affidavit and consignment agreement on any United States mint or assay office, will form TG-8A, together with a statement also receive on consignment for delivery to the under oath giving (a) the names of the persons Reconstruction Finance Corporation gold which from whom the gold was purchased, (b) amount such mint or assay office is satisfied has been and description of each lot of gold purchased, .recovered from natural deposits in the United (c) the location of the mine or placer deposit States or any place subject to the jurisdiction from which each lot was taken, and (d) the thereof: Provided, however, That no gold shall period within which such gold was taken from be received under the provisions hereof which the mine or placer deposit, shall be filed with in the opinion of the mint was held at any time each such delivery of gold by persons who have in noncompliance with the Act of March 9, purchased such gold directly from persons who 1933, and the Executive orders and regulations have mined or panned such gold. issued thereunder, and provided further that no "ART. 32. Records and reports.—Every permint or assay office shall receive on consignment son delivering gold on consignment in accordany gold which in its opinion has theretofore ance with article 29 of these regulations shall entered into industrial or monetary use. keep accurate records of all gold mined or "Gold will be received in amounts of not less acquired, and such records shall be available than two ounces of fine gold and in the following for examination by a representative of the forms: Bars, kings, buttons, retort sponge, Treasury Department for at least 1 year lumps, grains, and dust, in their native state after such delivery. Such person shall also free from earth and stone, or nearly so. Con- file with the Director of the Mint, on or before signments shall not contain less than 200 parts the twenty-fifth day of each month after the of gold in 1,000 by assay. In the case of gold date the first consignment is made, a report forwarded to a mint by mail or express, the covering the period of the preceding calendar original package will not be opened until an month, provided, that the first report shall invoice of the description and weight of each cover the period from April 1, 1933, to the end such package shall have been received. When of the calendar month preceding the date of the there is a material discrepancy between the report. Such report shall be made under oath actual and invoice weights of a consignment, and on the appropriate form as follows: further action with regard to it will be deferred If the consignor has recovered such gold by pending communication with the consignor. mining or panning in the United States or any Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN NOVEMBER i933 place subject to the jurisdiction thereof such assay offices and Federal Reserve banks and at report shall be made on form TGR-7A. the Treasury Department, Washington. If the consignor has recovered such gold from "ART. 37. Modification of regulations.—The gold-bearing material in the regular course of provisions of these regulations may be revoked his business of operating a custom mill, smelter or modified at any time.77 or refinery such report shall be made on form W. H. WOODIN, TGR-8A. Approved: Secretary of the Treasury. If the consignor (other than a person operat- FRANKLIN D. ROOSEVELT, ing a custom mill, smelter or refinery) has pur- The White House, October 25,1933. chased such gold directly from persons who have mined or panned such gold such report On Tuesday, October 24, the President apshall be made on form TGR-8B. pointed a committee to fix the price at which " ART. 33. Agreement by consignor.—A mint the Reconstruction Finance Corshall not receive gold on consignment under the Price of gold poration should acquire gold provisions of the Executive order of October 25, 1933, unless full compliance with these regula- newly mined in the United States. This comtions is shown to its satisfaction, and until the mittee consisted of Jesse H. Jones, Chairman person owning the gold, or his duly authorized of the Reconstruction Finance Corporation; agent, has signed a written agreement to accept Dean Acheson, Under Secretary of the Treasas conclusive without any right of recourse or ury; and Henry Morgenthau, Jr., Governor of review, the determination of the Reconstruction Finance Corporation or its duly authorized the Farm Credit Administration. The comagent as to the face amount of its notes due such mittee met the next morning, Wednesday, person in consideration of the gold deposited. October 25, and at 10 a.m. the following "ART. 34. Disposition of gold received on announcement was made: consignment.—When, after a delivery of gold as provided in article 29, the mint is satisfied "The Reconstruction Finance Corporation that the same may properly be accepted under will accept subscriptions today for its 90-day the provisions of the Executive order of Octo- debentures, payable in newly mined gold, that ber 25, 1933, and of these regulations, and that is, gold recovered from natural deposits in the the consignor has fully complied with the same, United States and any territory subject to its and after assay and receipt of mint charges, it jurisdiction, at the rate of $31.36 per ounce of shall certify to the Federal Reserve bank in the fine gold. The procedure for depositing gold district in which the mint is located that it has in payment of subscriptions will be established" available, in accordance with the Executive today by Executive order of the President and order of October 25, 1933, for the account of regulations of the Treasury Department." the person by whom or on whose behalf the A similar statement on October 26 announced gold was consigned, the amount of gold shown that the Corporation would "accept subscripby such assay. Upon receipt of information tions today for its issue of notes maturing from the Federal Reserve banks that gold has been accepted by the Reconstruction Finance February 1, 1934/' at the rate of $31.54 per Corporation, the mint shall dispose of such gold ounce of fine gold. On the same date the in accordance with instructions from the Re- Reconstruction Finance Corporation made the construction Finance Corporation or its agent. following statement to the press: "ART. 35. Export of fabricated gold.—Articles fabricated from gold may be exported with- STATEMENT OF JESSE H. JONES, CHAIRMAN OF out the necessity of obtaining a license for such THE RECONSTRUCTION FINANCE CORPORATION export if the collector of customs at the port of The Reconstruction Finance Corporation notes that export or the postmaster at the place of mailing are to be issued for newly mined gold, will mature on is satisfied that the export of such articles is in February 1, 1934, and be sold to the gold owner at the course of a usual and normal business trans- one fourth of 1 percent per annum discount, in order to action and is not being made for the purpose of net the gold owner the quoted price from day to day at selling the gold content of such articles for the which gold will be accepted. bullion value. Subscriptions for these notes may be made through "ART. 36. Forms available.—Any form, the the Federal Reserve banks as fiscal agents for the R.F.C. use of which is prescribed in these regulations, For the time being the gold will be held for the account may be obtained at United States mints and of the R.F.C. by the Federal Reserve banks, or at the mints. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 677 The gold owner who wishes to buy notes, in the man- States mint or assay office; and they will mature on ner provided, will have no difficulty in converting his February 1, 1934, when the face amount will be paynotes into cash at any bank that is a member of the able at the office of the Treasurer of the United States, Federal Reserve System for the quoted price for gold Washington. on the day that he subscribes for the R.F.C. notes. 3. As provided in section 10 of the Reconstruction The following telegram was sent today to the 12 Finance Corporation Act, the notes " shall be exempt Federal Reserve banks: both as to principal and interest from all taxation This Corporation with the concurrence of the Secre- (except surtaxes, estate, inheritance, and gift taxes) tary of the Treasury has authorized an issue of $50,000,- now or hereafter imposed by the United States, by any 000 short-term notes payable without interest Feb- Territory, dependency, or possession thereof, or by any ruary 1, 1934, at the Treasury of the United States, State, county, municipality, or local taxing authority." Washington, D.C., bearing the statement on their face that they are fully and unconditionally guaranteed by APPLICATION AND PAYMENT the United States. In accordance with the provisions of section 7 of the Reconstruction Finance Corporation 4. Application for the notes must be made on R.F.C. Act you are requested to act as fiscal agent of this form N-l and filed at the United States mints in Phila- Corporation in carrying out distribution of this issue. delphia, San Francisco, or Denver, or at the United In payment for these notes this Corporation will accept only newly mined gold recovered from natural deposits States assay offices in New York or Seattle. Gold in the United States or any place subject to the juris- tendered in payment of the notes must be deposited diction thereof under regulations for consignment and at the mint or assay office where the application is tender prescribed by the Secretary of the Treasury made and must be accompanied by the affidavit and which will be placed in your hands by the Secretary. consignment agreement (form TG-7A or form TG-8A) The notes will be issued in odd amounts so as to equal the fixed value as of the day of tender of the gold taken and any supplementary affidavits required by the in payment with adjustment for discount at one quarter regulations prescribed under the Executive order of percent per annum based upon tables to be furnished October 25, 1933. The United States mints and you in circulars. The gold will be accepted in payment assay offices will receive gold tendered in payment for at rates of which you will be advised fixed from time to time by this Corporation with the approval of the the notes only if satisfied that such gold may be received Secretary of the Treasury. Obligations for delivery on consignment therefor in accordance with the Execuwill be furnished you as promptly as possible. Circu- tive order of October 25, 1933, and the regulations lars giving full instructions are now in preparation. prescribed thereunder. On October 27 the Reconstruction Finance ISSUANCE AND DELIVERY Corporation issued the following circular de- 5. The mint or assay office to which the gold is scribing the notes which it would exchange for tendered, when satisfied that the gold is receivable newly mined gold and the procedure in making under the Executive order of October 25, 1933, and applications: the regulations prescribed thereunder, and after assay of the gold and receipt of the mint charges, will certify PUBLIC ADVERTISEMENT REGARDING NOTES OP to the Federal Reserve bank in the district in which THE [RECONSTRUCTION FINANCE CORPORA- the mint or assay office is located, the amount of gold TION, SERIES OF FEBRUARY 1, 1934 so received. The Reconstruction Finance Corporation, 1. Reconstruction Finance Corporation offers for acting through the Federal Reserve bank as fiscal subscription under the authority of the Reconstruc- agent, will issue to the applicant such an amount of tion Finance Corporation Act of January 22, 1932, notes as may be purchased in accordance with the table as amended and supplemented, an issue of notes, series appended hereto with the amount of gold so certified of February 1, 1934, payment for which will be received at the rate for such gold last announced by the Reconin gold as hereinafter provided. The amount of the struction Finance Corporation prior to the time offering is $50,000,000, or thereabout. certification by the mint or assay office, is received by the proper Federal Reserve bank. DESCRIPTION OF NOTES 6. Upon receipt by the Federal Reserve bank of 2. The notes will be bearer obligations of the Re- the certification of a deposit of gold, such bank will construction Finance Corporation and will be fully and forward to the applicant at the address given in the unconditionally guaranteed by the United States. application R.F.C. form N-l the notes (or interim They will be issued on a discount basis, the discount certificates) purchased with such deposit of gold. being equal to interest at the rate of one quarter of 1 Thereafter, the mint or assay office will hold the gold percent per annum on the purchase price from the with which the notes were purchased for the account date of issue to February 1, 1934, the date of maturity; of the Reconstruction Finance Corporation. Pending they will be issued and dated as of the time certifica- the engraving of the notes, delivery thereof will be tion of the gold offered in payment therefor is received postponed, but the Federal Reserve banks may issue by the proper Federal Reserve bank from a United iinterim certificates when request therefor is made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN NOVEMBER 1933 GENERAL On October 29 the following announcement 7. The Reconstruction Finance Corporation reserves was made: "At an informal meeting in the the right to withdraw, amend, or supplement this cir- White House the following gentlemen conferred cular and the offer of notes made hereby and all deposits with the President: Eugene Black, Governor of gold, and applications for notes hereunder will be received subject to such right to withdraw, amend, or of Federal Reserve Board; Jesse Jones, Chairsupplement. H. A. MULLIGAN, man Reconstruction Finance Corporation; Treasurer Reconstruction Finance Corporation.Dean G. Acheson, Under Secretary of the Treasury; George L. Harrison, Governor of TABLE SHOWING FACE AMOUNT OF NOTE MATURING FEB. 1, 1934, PER ONE DOLLAR ($1.00) OP PUR- Federal Reserve Bank, New York; Henry Mor- CHASE PRICE genthau, Jr., Governor of Farm Credit Admin- Num- Num- istration; Henry Bruere; J. E. Crane, Federal Date b o e f r Value Date b o e f r Value Reserve Bank, New York; George Warren; days days Fred I. Kent, Federal Reserve Bank, New 1933 1933 Oct. 25 99 $1.0006780822 Dec. 15 48 $1.0003287671 York; James H. Rogers. Oct. 26 98 1.0006712329 Dec. 16 47 1.0003219178 Oct. 27 97 1.0006643836 Dec. 17 46 1.0003150685 "The subject under discussion was the imme- Oct. 28 96 1.0006575342 Dec. 18 45 1.0003082192 Oct. 29_..._. 95 1.0006506849 Dec. 19 44 1.0003013699 diate setting up of machinery under which the Oct. 30 94 1.0006438356 Dec. 20 43 1.0002945205 Oct. 31 93 1.0006369863 Dec. 21 _ 42 1.0002876712 Government, through the Reconstruction Fi- Nov. 1 92 1. 0006301370 Dec. 22 41 .0002808219 Nov. 2 91 1. 0006232877 Dec. 23 40 . 0002739726 nance Corporation, will be enabled to buy gold Nov. 3 90 1.0006164384 Dec. 24 39 . 0002671233 Nov. 4 89 1.0006095890 Dec. 25 38 . 0002602740 in foreign markets." Nov. 5 88 1.0006027397 Dec. 26 37 . 0002534247 Nov. 6 87 1.0005958904 Dec. 27 36 . 0002465753 In a radio speech on November 1, the Chair- Nov. 7 86 1. 0005890411 Dec. 28 35 . 0002397260 Nov. 8. 85 1. 0005821918 Dec. 29 34 . 0002328767 man of the Reconstruction Finance Corporation Nov. 9 84 1. 0005753425 Dec. 30 33 .. 0002260274 Nov. 10 83 1.0005684932 Dec. 31 32 .. 0002191781stated that the Corporation had authorized the Nov. 11 82 1.0005616438 Nov. 12 81 1.0005547945 1934 Federal Reserve Bank of New York to dispose of Nov. 13 80 1.0005479452 Jan. 1 31 . 0002123288 Nov. 14 79 1.0005410959 Jan. 2 ___ . 30 I. 0002054795 the notes of the Corporation and take in payment Nov. 15 78 1.0005342466 Jan. 3 29 1L 0001986301 Nov. 16 77 1.0005273973 Jan. 4 28 L. 0001917808 foreign gold imported after November 1, 1933. Nov. 17 76 1.0005205479 Jan. 5 27 L. 0001849315 Nov. 18 75 1.0005136986 Jan. 6 26 L. 0001780822 Nov. 19 74 1. 0005068493 Jan. 7 25 L 0001712329 Nov. 20 73 1.0005000000 Jan. 8 24 L. 0001643836 Nov. 21 72 1.0004931507 Jan. 9— 23 L. 0001575342 Changes in Discount and Bill Rates Nov. 22 71 1.0004863014 Jan. 10 22 1.0001506849 Nov. 23 70 1.0004794521 Jan. 11 21 ]. 0001438356 The rate on rediscounts for and advances to Nov. 24 69 1,0004726027 Jan. 12 20 . 0001369863 member banks under sections 13 and 13 (a) of Nov. 25 68 1.0004657534 Jan. 13 19 ].0001301370 Nov. 26 67 1.9004589041 Jan. 14 18 .. 0001232877the Federal Reserve Act was reduced from Nov. 27 66 1.9004520548 Jan.15 17 . 0001164384 Nov. 28 65 1.0004452055 Jan.16 16 ].0001095890 2}i to 2 percent at the Federal Reserve Bank of Nov. 29 64 1.0004383562 Jan.17 15 :.. 0001027397New York, effective October 20, and from 3 to Nov. 30 63 1.0004315068 Jan. 18 14 •. 0000958904 Dec. 1 62 1.0004246575 Jan 19 13 iL 0000890411 2}i percent at the Federal Reserve banks of Dec. 2 61 1.0004178082 Jan. 20 - 12 L. 0000821918 Dec. 3 60 1.0004109589 Jan. 21 11 .0000753425 Cleveland and Chicago, effective October 21, Dec. 4 59 1.0004041096 Jan. 22 10 . 0000684932 at the Federal Reserve Bank of Boston effec- Dec. 5 58 1.0003972603 Jan. 23 9 ]. 0000616438 Dec. 6 57 1.0003904110 Jan. 24 8 .. 0000547945tive November 2, and at the Federal Reserve Dec. 7_. 56 1.0003835616 Jan. 25 7 .. 0000479452 Dec. 8 55 1.0003767123 Jan. 26 6 L. 0000410959 Bank of San Francisco, effective November 3. Dec. 9 54 1.0003698630 Jan. 27 5 .0000342466 At the Federal Reserve Bank of New York Dec. 10 53 1.0003630137 Jan. 28.. 4 .0000273973 Dec. 11 52 1.0003561644 Jan. 29 3 .. 0000205479buying rates on bills of all maturities were re- Dec. 12 51 1.0003493151 Jan. 30 2 L. 0000136986 Dec. 13 50 1.0003424658 Jan. 31 1 I. 0000068493 duced on October 20 as follows: Bills having Dec. 14 49 1.0003356164 Feb. 1 0 1.0000000000 maturities up to 90 days, from 1 to }i percent; The official price of gold newly mined in the 91 to 120 days, from 1 to % percent; 4 to 6 months, from Ij4 to 1 percent. United States, as first established on October 25, 1933, and on subsequent days through Novem- Changes in Foreign Central Bank Discount Rates ber 4, was as follows: October 25, $31.36; October 26, $31.54; October 27, $31.76; October 28, The following changes in discount rates for the month ending November 1,1933, have been $31.82; October 30, $31.96; October 31, $32.12; reported by central banks in foreign countries: November 1, $32.26; November 2, $32.36; Bank of Greece—October 14, from 7% to 7 percent. November 3, $32.57; November 4, $32.67. Bank of Poland—October 26, from 6 to 5 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL EESERVE BULLETIN 679 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Oct. 24 and released for publication Oct. 26] During September and the first half of Distribution.—Sales at department stores in October industrial activity declined, as it had leading cities increased less than seasonally in in August, following the rapid expansion of September, following an unusually large inthe spring and early summer. Factory employ- crease in sales in August. Trade reports indiment and pay rolls increased further between cate that sales volume was affected by unseathe middle of August and the middle of sonably warm weather and by price advances. September. Sales of chain variety stores continued in Production.—Industrial production, as meas- somewhat larger volume than in 1932. ured by the Board's seasonally adjusted index, On the railroads, average daily freight shipdeclined from 91 percent of the 1923-25 aver- ments during September increased by someage in August to 84 percent in September. what less than is usual in the early autumn, but Activity decreased in most lines of industry, were in larger volume than at any time since and particularly in those in which output had the latter part of 1931. In the first 2 weeks increased rapidly in earlier months. Produc- of October car loadings were at a higher level tion of steel, lumber, cement, bituminous coal, than in late September. and petroleum declined considerably and auto- Prices.—During September and the first 2 mobile output was reduced. Deliveries of silk weeks of October the general average of to mills were small in September, while con- wholesale prices in the United States was relsumption of cotton and wool, although reduced atively stable at about 71 percent of the 1926 during the month, was nevertheless larger than average, reflecting, however, widely divergent in other recent years at this season. Meat- movements in prices of individual commodities. packing plants were more active partly because Prices of raw materials traded on organized of processing of pigs under the Government's exchanges declined sharply during the first 2 emergency marketing program; and output of weeks of October and then recovered somewhat. flour was larger than the exceptionally small There have been further advances during revolume produced in August. cent weeks in prices of fuels, iron and steel, building materials, and housefurnishings, while In the first half of October further declines prices of cotton textiles and leather have in output of automobiles, bituminous coal, and declined. petroleum were reported. Steel-mill activity, Retail prices of food showed little change in after increasing in the first half of October, September, while prices of clothing continued receded in the third week. to advance. Employment.—Employment of factory work- Foreign exchange.—The value of the dollar ers increased between the middle of August and in the foreign exchange market fluctuated the middle of September, and total earnings around 65 percent of its gold parity during the were larger, partly as a result of further adlatter part of September and the first half of vances in wage rates and the expansion of October, advanced to 71 percent in the third operations in seasonally active industries, such week, and declined to 70 percent on October 23. as canning. Employment in public utilities, Bank credit.—Excess reserves of member railroads, stores, and mines also increased, and banks increased by $100,000,000 between it is estimated that about 600,000 industrial September 13 and October 20 in consequence wage earners found work during the period. of the purchase by the Federal Reserve banks Preliminary reports for the first half of of $170,000,000 of United States Government October indicate some decrease in employment securities during the period, offset in part by and a continuation of about the same volume a further decline in discounts and a seasonal of earnings in basic manufacturing industries. increase in the demand for currency. While Construction.—Construction contracts these purchases of United States Government awarded increased in September to the highest securities were made chiefly in New York level for the year, according to reports by the City, member bank funds arising from these F. W. Dodge Corporation, the largest volume purchases were transferred to other parts of of new awards being for public works and for the country through expenditures in outlying other nonresidential projects. In the third areas by Federal agencies and through payquarter of the year value of construction ment for crops marketed. contracts was 25 percent of the 1923-25 At reporting member banks in leading cities average. there was little change in loans and invest- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN NOVEMBER 1933 ments during this period; a decline in the for different maturities to a range from % to volume of loans on securities was offset by 1 percent. The rediscount rate at New York growth in all other loans. was reduced from 2y percent to 2 percent, ef- 2 Money rates in the open market continued fective October 20, and on October 21 the at low levels. On October 20 the Federal Federal Reserve banks of Cleveland and Eeserve Bank of New York reduced its buying Chicago reduced their rediscount ra'tes from rate on bills from a range from 1 to l}i percent 3 percent to 2}{ percent. RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS weekly Basis: Wednesday Series MILLIONS Of DOLLARS 7000 7000 6000 6000 MEMBER BANK RESERVE BALANCES 3000 2000 1000 1000 1929 1930 1931 1932 1933 Pased on Wednesday figures; latest figures are for October 26. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 681 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserve bank credit outstanding Factors of decrease Factors of increase Month or week B co il u ls n d te i d s- b B ou il g ls ht m G U S e o n t n v a i t t e t e e r s n s d e - - r O e b s a t e h n r e v k r e Total ta M s r t y o o c g n k o e l - d T c a u d re r ju r a e s s n t u e c r d y y i M n la c o ti i n o rc e n u y - M re b e s a m e n r b v k e e r d m e N e p m o on s b i - e ts r , p c U e a n n p d e it x e a d - l curities credit balances etc. funds 1932—June. 495 50 1,697 2,262 3,956 ,787 5,530 2,062 348 July 523 60 1,818 2,422 3,941 ,780 5,751 2,003 343 August— 451 37 1,850 2,353 4,031 796 5,720 2,073 347 September 387 34 1,848 2,282 4,140 5,685 2,181 347 October 328 34 1,851 2,231 4,226 5,643 2,307 355 November 313 34 1,851 2,211 4,292 ,917 5,642 2,378 360 December 282 34 1,854 2,192 4,429 ,915 2,435 359 1933—January 255 32 1,806 2,110 4,547 1,901 5,631 2,516 351 February 307 102 1,804 2,224 4,491 1,891 5,892 2,291 79 344 March 994 379 1,875 3,233 4,260 1,897 6,998 1,914 134 344 April 425 230 1,837 2,511 4,301 1,915 6,137 2,086 156 348 May 339 86 1,846 2,286 4,313 1,930 5,876 2,125 173 355 June 250 12 1,933 2,208 4,317 1,943 5,742 2,211 164 351 July 170 16 2,016 2,211 4,319 1,937 5,675 2,268 179 345 August 159 8 2,064 2,239 4,323 1,964 5,616 2,375 186 349 September 138 7 2,202 2,358 4,327 1,951 5,632 2,489 169 346 October 119 7 2,355 2,492 4,324 1,944 5,656 2,590 163 352 Week ending (Saturday) 1933—June 3 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 1 196 1,979 2,210 4,318 1,956 5,702 2,273 163 346 July 8.. 179 2,008 2,229 4,318 1,957 5,746 2,244 169 345 July 15.. 169 2,016 2,212 4,319 1,928 2,254 172 344 July 22.. 166 2,013 2,197 4,319 1,936 5,651 2,267 188 346 July 29. 164 2,025 2,204 4,320 1,922 5,619 2,297 185 345 Aug. 5 164 2,034 2,212 4,320 1,943 5,629 2,310 188 348 Aug. 12 159 2,044 2,219 4,320 1,986 5,623 2,362 191 349 Aug. 19 165 2,054 2,237 4,321 1,974 5,622 2,372 190 348 Aug. 26 155 2,082 2,253 4,325 1,955 5,607 2,402 177 347 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 Oct. 7 125 2,295 2,436 4,324 1,910 5,663 2,503 157 347 Oct. 14 120 2,333 2,468 4,324 1,935 5,679 2,544 158 346 Oct. 21 119 2,368 2,512 4,324 1,958 5.665 165 356 Oct. 28 116 2,397 2,530 4,323 1,962 5,627 2,663 167 End of month series Wednesday series 1933 May June July Aug. Sept. Oct. Sept. Sept. Oct. Oct. Oct. Oct. 31 30 31 31 30 31 20 27 11 18 25 Bills discounted 302 164 167 153 128 116 Bills discounted 130 133 123 119 113 115 Bills bought 20 48 7 7 7 Bills bought 7 United States Government se- United States Government securities 1,890 1,8 2,028 2,129 2,277 2,421 curities 2,238 2,274 2,309 2,344 2,375 2,400 Other Reserve bank credit 7 10 6 & 9 5 Other Reserve bank credit 13 7 10 7 18 5 Total Reserve bank credit 2,218 2,220 2,209 2,297 2,421 2,548 Total Reserve bank credit 2,388 2,421 2,449 2,477 2,513 2,526 T M r o ea n s e u ta ry ry c g u o rr l e d n s c t y oc a k djusted 4 1 , , 3 9 1 5 5 4 4 1 , , 3 9 1 8 8 8 4 1 , , 3 92 2 5 0 4 1 , , 3 9 2 4 9 0 4 1 , , 3 9 2 4 4 6 M 1 , , 9 3 7 2 8 3 T M r o ea n s e u ta ry ry c g u o rr l e d n s c t y o c a k djusted 4 1 , , 3 94 2 6 7 4 1 , , 3 9 2 48 4 4 1 , , 3 90 2 7 4 4,324 4 1, ,3 9 23 4 1 , ,9 3 7 2 6 3 V Money in circulation 5,812 5,721 5,630 5,613 5, 650 5, 635 Money in circulation 5,605 5,595 5,652 5,650 5,608 Member bank reserve balances. 2,167 2,292 2,294 2,409 2,538 2,685 Member bank reserve balances- 2,543 2,596 2,523 5,673 2,655 2,693 Nonmember deposits, etc 155 166 184 197 155 173 Unexpended capital funds, non- 2,567 Unexpended capital funds 353 347 346 347 348 356 member bank deposits, etc 512 503 505 524 524 500 p Preliminary. Back figures—See Annual Reports for 1932 (tables 1-5), 1931 (tables 3-5). 18169—33 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDEEAL RESERVE BULLETIN NOVEMBER 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] Oct. 31, 1933 Sept. 30,1933 Oct. 31, 1932 ASSETS Gold with Federal Reserve agents 2, 635,856 2,695,427 2,192,084 Gold redemption fund with United States Treasury 37,369 35,773 43,102 Gold held exclusively against Federal Reserve notes.. 2, 673, 225 2,731, 200 2, 235,186 Gold settlement fund with Federal Reserve Board 670, 739 608,948 346,123 Gold and gold certificates held by banks 247, 081 250,736 421,634 Total gold reserves 3,591,045 3,590,884 3,002, 943 Other cash * 225,876 213,962 266, 500 Total gold reserves and other cash , 3,816,921 3,804,846 3,269,443 Redemption fund—Federal Reserve bank notes. 11, 699 10,045 Bills discounted: For member banks. 115,002 127,350 327,367 For intermediate credit banks 330 For nonmember banks, etc 553 612 Total bills discounted. 127,962 328,390 Bills bought: Payable in dollars: Bought outright 853 3,160 Under resale agreement Payable in foreign currencies 5,686 ~6,~068 ~§6,~659 Total bills bought 6,651 6,921- 33,819 United States Government securities: Bought outright. 2,419,498 2,276,768 1,850,895 Under resale agreement 1,600 Total United States Government securities 2,421,098 2,276,842 1,850,895 Other Reserve bank credit: Municipal warrants. _ _ 1,559 1,837 5,425 Due from foreign banks 3,732 3,769 2,873 Reserve bank float (uncollected items in excess of deferred availability items) _ 2 447 3,311 5,610 Total Reserve bank credit outstanding _ 2, 548,148 2,420, 642 2, 227,012 Federal Reserve notes of other Reserve banks .. 17, f" 18,139 15, 799 Uncollected items not included in float 389.! 371,687 295,428 Bank premises _ 54,641 54, 554 58,137 All other assets _ 49,856 54,891 38,840 Total assets . 6,889,143 6,734,804 5,904,659 Federal Reserve notes: Held by other Federal Reserve banks. 17,: 18,139 15,799 Outside Federal Reserve banks. _ 2,947,715 2,983,623 2,693,616 Total notes in circulation 2,965, 595 3,001, 762 2,709,415 Federal Reserve bank notes in actual circulation. 188,022 154,876 Deposits: Member bank—reserve account 2,684,887 2, 537,619 2,382,880 Government 26,880 56,179 31,826 Foreign bank 16,186 13, 504 10,356 Special deposits: Member bank 68,221 73,151 Nonmember bank _ 14,086 15,451 Other deposits _ 74,900 52,398 21,071 Total deposits 2,885,160 2, 748,302 2,446,133 Deferred availability items.. 371,687 295,428 Capital paid in 145,504 145,834 152,096 Surplus.._ 278, 599 278, 599 259,421 All other liabilities 33,744 42,166 Total liabilities- _ _ _ 6,889,143 6,734,804 5,904,659 Contingent liability on bills purchased for foreign correspondents 31,294 41,462 38,649 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Notes issued to Federal Reserve banks by Federal Reserve agents 3,225,891 3,242,433 2,918,087 Collateral held by agents as security for notes issued to bank: Gold 2,635.856 •,427 2,192,084 Eligible paper.. _ 73,429 79,588 312,467 United States Government securities 566, 600 538, 200 454,700 Total collateral 3, 275,885 3, 313, 215 2,959,251 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding).. 188, 022 180,140 Collateral pledged against outstanding notes: Discounted and purchased bills _ 2,129 2,093 United States Government securities. 241, 374 207, 674 Total collateral.... 243,503 209, 767 1 "Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. 8 Deferred availability items in excess of uncollected items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 683 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 Gold 1933 Month m a s t t o o o e n c f n t k h 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 e e m a t a r s k r e e e a * - r- d D ti u c e o t c m c p t . i r e * o o s n - - , From or to— (pre O l c im to i b n e a r ry) September S J e a p n t u em ar b y e - r 1932—June 3,919 -233 9 -206.0 -28.8 0 9 July - - 3,977 58.0 -3.4 56.2 5.2 Im- Ex- Im- Ex- Im- Ex- August... 4,088 111.7 6.1 100 5 5.1 ports ports ports ports ports ports SeptPTTihpr 4,193 104 8 27 9 72.3 4.6 October 4,264 70.8 20 6 45.8 4.5 November 4,340 75.6 21.7 48.6 5.3 Belgium _ _ 13 838 December 4,513 173. 5 100.9 •71.0 1.6 England 5,537 1 5,100 55,203 38,675 Total (12 mos.)~ 52.9 -446.2 457.5 41.6 G Fr e a r n m ce any 26,919 48,717 3 1 0 , , 0 0 7 4 1 4 21 3 8 , , 4 5 6 8 1 6 1933—J hnuary 4,553 40.0 128.5 »-91.5 3.0 Netherlands 2,171 19,347 11,436 February __ 4,380 -173.4 *17.8 -178. 3 — 12.9 Switzerland 453 2,295 March 4,282 -97.2 * -22.1 -100.1 25.0 Canada 298 74 19,244 180 April 4,312 29.5 -10.0 33.7 5.7 Central America 2 708 1 May 4,315 3.6 -21.1 22.1 2.6 Mexico 538 21 3,708 53 June 4,318 2.2 -3.2 3.5 1.9 Argentina 8 14 15 July . . 4,320 2 7 -83.9 84 5 2.1 Colombia 94 1 August 4.328 7.5 -80 4 79 5 8.4 Ecuador 91 688 24 September 4,324 -3.9 -56.7 49.3 3.6 Peru 36 1,003 October * 4,323 -0.7 -32.9 26.9 5.3 Uruguay 864 Total (10 mos.) -189.9 -164.1 -70.4 44.6 V A e u n st e r z a u l l i a a- 1 2,8 5 3 0 9 6 150 British India 25, 629 * Gold released from earmark at Federal Reserve banks less gold placed China and Hong under earmark. Kong 12,821 » For explanation of this figure, which is derived from preceding col- Dutch East Indies 801 umns, see BULLETIN for July, p. 423. Japan 6,702 » Allowance has been made for gold earmarked at the Bank of England Philippine Islands 379 4,307 for account of the Federal Reserve Bank of New York. All other countries i_ 190 2,187 2,910 2 42, 255 * Differs from Department of Commerce figure since $8,900,000 declared for export on Feb 28 was not actually taken from the Federal Total 32, 909 1,544 58, 281 187,639 318,833 Reserve Bank of New York until Mar. 1. v Preliminary figures. i Includes all movements of unreported origin or destination. Back figures.—See Annual Reports for 1932 (table 47), 1931 (table 30). »$24,044,000 exported to Italy. KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total G c o oi l n d c c G e a r o t t i l e f d s i- d S s o t i a l a l r l v n d a e d r r - s c S c e i r a l t t i v e f e s i r - o T n f r u o e r 1 t a 8 y e s 9 s - 0 s s i S i d u l i b v a - e r r y M c i o n i o n r U S n n t o i a t t t e e e s d s R F n e e o s d e t e e r r s v a e lR F n b e e o a s d e t n e e r r k s v a e l t n i b N o o a n a t n a e - k l s - 1932— J J A D S N M A M O F u u e p e o u c a e a p n l c v r t y b r g y t e e o i e c e r l u m m b h m u s e a b b b t r r e e . e . y . r r . r . . . . . 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , 6 6 6 6 7 6 6 4 4 4 6 7 5 2 2 4 9 9 8 5 6 0 5 3 6 8 8 2 5 0 9 5 4 4 4 4 4 4 4 4 4 4 4 4 6 4 4 4 5 5 1 5 3 0 0 8 5 5 9 4 3 1 4 5 4 6 6 6 6 6 7 7 8 7 7 0 3 4 2 1 5 3 7 2 1 5 4 4 6 8 5 9 0 3 3 3 3 3 3 3 3 3 3 7 6 6 5 5 5 5 5 5 5 1 1 1 9 1 0 3 5 6 5 2 2 2 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 5 5 6 8 7 8 7 4 5 6 7 7 9 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 4 3 4 4 4 4 2 2 2 2 2 2 2 2 2 2 2 9 9 8 8 8 8 8 9 8 8 7 1 4 9 5 6 9 9 0 2 0 4 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , 7 6 7 6 7 8 7 5 5 5 6 1 8 7 3 3 9 8 4 5 3 5 6 9 5 1 8 3 0 6 8 4 1 8 8 8 7 7 7 7 7 7 2 2 1 4 8 0 0 0 0 6 0 7 4 5 0 1 3 2 1933— A J J O A M S M F J u u e u e p a c a a p n l b t g n r y r y o t e r i u u , c e l b u s a h m e t a r r b y r . y » e _ _ r - . . 5 6 6 5 5 5 5 5 6 5 , , , . , , , , , , 7 6 6 8 6 6 5 3 6 0 2 1 1 5 3 3 2 4 4 0 1 2 2 0 5 0 0 5 5 3 3 3 5 3 3 3 3 4 3 3 1 2 2 7 1 1 2 7 3 6 3 1 4 1 9 2 0 9 5 7 6 2 2 2 2 3 3 2 5 2 2 4 5 9 9 4 3 2 8 6 5 9 2 3 1 2 2 3 0 5 3 3 3 3 3 3 3 3 3 3 7 6 6 8 8 7 5 6 5 6 2 1 5 5 7 6 9 2 0 0 2 2 2 2 2 2 2 2 2 2 6 5 6 5 6 5 5 5 5 5 1 8 5 7 7 5 6 8 2 0 1 1 1 1 1 1 1 1 1 1 1 1 1 J 1 1 1 1 1 1 1 3 6 4 3 5 1 2 2 2 2 3 2 2 2 2 2 2 2 2 0 6 7 7 7 8 6 6 6 8 1 1 5 7 7 0 6 9 5 7 3 3 2 2 3 3 3 2 2 2 , , , , , , , , . 9 1 6 0 9 9 3 7 4 9 7 6 2 6 5 3 0 6 0 6 4 7 1 1 2 0 7 2 5 6 1 1 1 1 1 5 9 1 2 5 8 2 3 0 9 7 9 8 9 5 3 8 8 9 8 9 9 9 9 9 9 6 7 1 1 3 0 1 2 2 0 1 9 5 1 6 9 4 2 0 3 v Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p, 724. Back figures.—See Annual Reports for 1932 (table 52), 1930 (table 32), and 1927 (table 22). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 FEDERAL RESERVE BULLETIN NOVEMBER 1933 MEMBER BANK RESERVE BALANCES [In millions of dollars] Average of daily figures Reserves held Excess reserves Month of week T m o b e t a a m n l k b - s a er ll Ne C w i ty Y * ork r O e c s i t e t h i r e e v s r e "C b o a u n n k t s ry" T m o b e t a m a n l b k - e s a r ll Ne C w i t Y y' ork r O e c s i t t e h i r e e v s r e "C b o a u n n k t s ry" 1932—January 1,979 724 767 488 35.4 4.5 1.8 29.2 February 1,907 681 753 473 43.8 7.2 11.3 25.3 March . _ _ _ _ . 1,899 687 747 465 59.0 17.8 17.3 23.8 April 1,996 780 749 466 152.1 88.1 35.7 28.3 May 2,138 874 800 464 277.1 155.1 91.5 30.5 June 2,062 783 819 459 234.4 89.4 111.4 33.6 July . .. . . .. 2,003 767 781 455 204.4 75.0 91.6 37.9 August. 2,073 832 797 444 269.9 127.7 108.9 33.3 Rep timber 2,181 927 812 443 345.5 193.4 119.6 32.4 October 2,307 1,001 863 444 435.9 241.6 160.5 33.7 November 2,378 1,050 887 441 482.2 266.8 181.8 33.7 December _ . _ _ _ _ 2,435 1,083 911 440 525.8 283.2 206.9 35.7 1933—January _ __ . . . _ . _ _ 2,516 1,109 965 442 583.8 286.2 254.2 43.4 February. 2,291 860 989 441 417.3 74.5 291.0 51.8 April'. 2,040 867 742 431 379.1 150.2 129.4 99.5 May8 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* _ 2,331 837 993 501 565.5 101.8 312.3 151.3 September3 2,451 896 1,056 499 674.5 155.2 371.5 147.8 * Central reserve city banks only. • March data not available. »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 r e k m l s - - C Y N i o e ty w rk * r O e c s i t t e h i r e e v s r e " b C t a r o n y u " k n s - a T l b l o a b m t n e a r k e l m s - - C Y N i o e ty w rk » r O e c s i t t e h i r e e v s r e 1 b 1 t a C r n y o k " u s n-a T l b l o a b m n t e a r k e l s m - - C Y N i o e t w r y k * r O e c s i t t e h i r e e v s r e 1 b 1 t a C r n y o k " u s n- 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 8,827 14,141 5,217 5,283 3,641 10,603 867 4,550 5,186 September. 24,973 6,308 9,853 8,811 14,408 5,440 5,316 3,652 10,565 869 4,538 5,159 October 25,292 6,559 9,939 8,795 14,679 5,629 5,402 3,649 10,612 929 4,537 5,145 November.. 25,476 6,762 9,964 8,751 14,864 5,804 5,432 3,628 10,612 957 4,532 5,123 December.. 25,492 6,877 9,941 8,674 14,965 5,937 5,424 3,604 10,527 940 4,517 5,071 1933—January 25,641 7,050 10,023 8,568 15,116 6,109 5,470 3,537 10,525 941 4,553 5,031 February... 24,978 6,722 9,847 8,409 14,645 5,842 5,368 3,435 10,333 4,479 4,974 March * April». 21,710 6,120 8,520 7,071 13,078 5,331 4,756 2,990 8,633 788 3,764 4,081 May s 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 9,031 7,273 14,241 5,923 5,162 3,156 8,732 746 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 September3 23,140 6,318 9,345 7,477 14, 027 5,516 5,333 3,178 9,113 802 4,012 4,299 * Central reserve city banks only. 2 March data not available. 1 Licensed banks only. Back figure*.-See Annual Reports for 1932 (table 69), 1931 (table 49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 685 ALL BANKS IN THE UNITED STATES—LOANS AND INVESTMENTS [In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] All banks Member banks Nonmember banks Date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s t t s - Total Loans* I m nv e e n s t t s - 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 19,242 i 5,518 13,723 12,049 9,828 3,222 Dec. 31 58,266 40,763 17,504 35,684 25,155 10,529 9,390 5,694 3,696 13,192 9,913 3,279 1929-Mar. 27. 58,019 40,557 17,462 24,945 10,448 1 9,390 15,694 13,696 13,236 9,918 3,317 June 29- 58,474 41,512 16,962 35,711 10,052 9,556 5,892 3,664 13,207 9,961 3,246 Oct. 4— 58,835 42,201 16,634 35,914 26,165 9,749 1 9,556 15,892 13,366 10,144 3,221 Dec. 31- 58,417 41,898 16,519 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,803 3,217 1930-Mar.27- 57,386 40,686 16,700 35,056 25,119 9,937 19,463 15,945 13,518 12,868 9,623 3,245 June 30— 58,108 40,618 17,490 35,656 25,214 10,442 9,747 6,009 3,739 12,706 9,395 3,309 Sept. 24.. 57,590 39,715 17,875 35,472 24,738 10,734 19,747 16,009 13,739 12,371 8,968 Dec. 31— 56,209 38,135 18,074 34,860 23,870 10,989 9,987 6,068 3,920 11,362 8,196 3,165 1931—Mar. 25.. 55,924 36,813 19, 111 34,729 22,840 11,889 19,987 16,068 13,920 11,208 7,906 3,302 June 30— 55,021 35,384 19,637 33,923 21,816 12,106 10,606 6,169 4,337 10,593 7,399 3,194 Sept. 29.. 53,365 33,750 19,615 33,073 20,874 12,199 110,506 i 6,169 i 4,337 9,786 6,707 3,079 Dec. 31... 49,704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30- 46,071 27,834 18,237 28,001 16,587 11,414 10,316 6,130 4,186 7,755 6,117 2,637 Sept. 30.. 45,852 26,985 18,867 28,045 15,924 12,121 110,316 * 6,130 14,186 7,491 4,931 2,560 Dec. 31-. 44,946 26,063 18,883 27,469 15,204 12,265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30.. '24,786 »12,858 Ul,928 i Figures of preceding call carried forward. > 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 i t n u g a s l m n b o e e m n r - banks ber banks bank 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 i 8,849 12,481 1929—Mar. 27. 25,341 8,755 7,569 1,186 1612 15,974 June 29- 53,852 32,284 12,584 June 29.. 25,110 8,707 7,530 1,177 611 15,792 Oot. 4__. 55,180 33,004 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 15,499 1930-Mar. 27.. 53,185 32,082 18,916 12,187 1930—Mar. 27... 24,223 8,406 7,311 1,095 15,208 June 30- 54,954 33,690 9,197 12,067 June 30— 23,852 8,315 7,247 1,068 14,931 Sept. 24. 52,784 31,839 i 9,197 11, 748 Sept. 24... 23,590 8,246 7,192 1,054 14,738 Dec. 31.. 53,039 32,560 9,507 10,972 Dec. 31— 22,769 8,052 7,033 1,019 14,114 1931—Mar. 25- 51,427 31,153 » 9,507 10, 767 1931—Mar. 25.. 22,372 7,928 13,841 June 30- 61,782 31, 566 10,017 10,199 June 30— 21,903 7,782 6,800 982 600 13, 521 Sept. 29. 49,152 29,469 U0,017 9,666 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 7,246 878 597 12,123 1932—June 30- 41,963 24,755 10,020 7,188 1932—June 30.. 19,046 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 10,980 1933—June 30- «23,338 1933—June 30- 5,606 H,897 *709 1 Figures of preceding call carried forward. i Figures of preceding call carried forward, * Licensed banks only. 3 Licensed banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL RESERVE BULLETIN NOVEMBER 1933 REPORTING MEMBER BANKS IN 90 LEADING CITIES1 [In millions of dollars] 89 other leading Total—90 leading cities New York City cities Loans and investments Loans and investments Date Investments ro B w o in r- gs Investments ro B w o i r n - gs a T l n o d o a t n a in s l - ro B w o in r- gs Loans All at F.R. Loans All at F.R. vest- at F.R. Total on se- other banks Total onse- other banks ments banks curities loans U.S. se- surities loans U.S. se- Total curities Total curities May 3— 16,288 4,706 7,884 4,909 129 6,753 1,676 1,615 3,462 2,353 9,535 129 May 10.. 16,318 3,715 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, 7,925 4,934 85 6,847 1,735 1,617 3,495 2,378 9,499 85 May 24.. 16,329 3,648 4,704 7,977 4,963 78 6,786 1,663 1,624 3,499 2,384 9,543 78 May 31... 16,426 3,713 4,772 7,941 4,948 76 6,933 1,733 1,694 3,506 2,429 9,493 76 June 7... 16,485 3,742 4,769 7,974 5,013 6,970 1.777 1,682 3,511 2,443 9,515 60 June 14.. 16,521 3,798 4,781 7,962 4,990 6,993 1,840 1,677 3,476 9,528 .53 June 21.. 16,805 3,769 4,731 8,305 5,307 7,039 1,813 1,642 3,584 2,484 9,766 50 June 28.. 16,665 3,748 4,704 8,213 5,254 6,913 1,791 1,609 3,513 9,752 26 July5... 3,811 4,719 8,156 5,203 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 6,932 1,894 1,609 3,429 2,354 9,792 21 July 19.. 16, 766 3,864 4,790 8,112 5,140 6,858 1,862 1,596 3,400 2,332 9,908 22 July 26.. 16,662 3,789 4,772 8,101 5,117 6,731 1,790 1,579 3,362 2,293 9,931 28 Aug. 2... 16,557 3,772 4,774 8,011 5,048 6,732 1,778 1,596 3,358 2,300 9,825 31 Aug. 9— 16,524 3,768 4,770 7,986 5,037 6,722 1,775 1,590 3,357 2,307 9,802 28 Aug. 16.. 16,708 3,795 4,788 8,125 5,186 6,743 1,800 1,603 3,340 2,299 9,965 38 Aug. 23.. 16,605 3,737 4,768 8,100 5,155 6,685 1,757 1,589 3,339 2,287 9,920 29 Aug. 30- 16,607 3,766 4,767 8,074 5,131 6,726 1,794 1,591 3,341 2,293 9,881 30 Sept 6 16,562 3,748 4,790 8,024 5,083 6,711 1,795 1,610 3,306 2,257 9,851 27 Sept 13... 16,580 3,773 4,823 7,984 5,044 6,744 1,820 1,624 3,300 2,252 22 Sept. 20... 16, 592 3,703 4,857 8,032 5,086 6,742 1,743 1,631 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 Oct. 4__ 16, 548 3,651 4,914 7,983 5,022 6,728 1,699 1,666 3,363 2,271 9,820 20 Oct. 11. 16, 536 3,637 4,933 7,966 4,994 6,733 1,683 1,706 3,344 2,236 9,803 23 Oct. 18. 16,592 3,673 4,970 7,949 4,987 6,782 1,712 1,749 3,321 2,226 9,810 20 Oct. 25. 16,467 3,584 4.959 7.924 4,956 6,670 1,636 1,741 3,293 2,194 9,797 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. BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N.Y. CITY [In millions of dollars. Monthly data are averages of weekly figures] [Net borrowings on demand and on time. In millions of dollars] For ac- For count of For ac- From New From private Month or date Total own ac- out-of- count of York banks banks, brokers, count town others Total and trust com- foreign banking banks * End of month panies agencies, etc. 193<j—October 411 389 16 6 November 354 336 12 6 1932 1933 1932 1933 1932 1933 December 393 377 12 4 1933—January . _ 380 365 11 4 February 433 416 10 7 January. _. 512 359 374 270 138 March 398 373 18 7 February- 525 360 385 298 140 April 399 374 21 4 March 533 311 391 247 142 May 578 555 17 6 June 755 712 36 7 April 379 322 300 268 79 July 919 806 105 8 May.. 300 529 243 461 57 August 877 747 122 8 June 244 780 194 694 49 September 847 741 98 8 October . .. .. 779 663 111 5 July 242 916 195 47 ===== ===== August 332 917 248 841 85 Oct. 4 790 677 107 6 September. 380 897 292 Oct. 11 781 664 114 3 Oct 18 815 691 117 7 October-.. 325 776 706 Oct 25 731 620 105 6 November. 338 278 December. 347 279 i Member and nonmember banks outside New York City (domestic banks only). Back figures.—See Annual Reports for 1932 (table 84) and 1927 Back figures.—See Annual Reports for 1932 (table 83), 1931 (table 62). (table 47). - .. - 1930 (table 56), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 687 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR CLASSES OF BANKERS' ACCEPTANCES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions o/ dollars] Held by Fed- Held by accepting Based eral b a R n e k s s erve banks go o o n ds stored in Total For Held on Dollar foreign End of month st o i a n u n g t d - - o F w o n r o c f o a c u f - o n r t - Own Bills oth b e y rs End of month Total p i i o n m r to t - s ch e a x n - gi s t h r c i i o p e u s p n e o - d r ac- eign Total bills bough U.S. becount corre- tween spond' foreign ents points 1931—June 1,368 95 341 554 196 357 379 OUTSTANDING July 1,228 39 243 668 232 436 278 1932—September 73 156 212 234 A Se u p gu te st mber- 1,0 9 9 9 0 6 42 7 0 0 2 1 2 0 8 0 4 6 1 0 0 6 1 1 6 6 2 8 4 2 3 4 8 8 1 6 8 7 6 N O o ct v o e b m er ber- 720 8 8 1 1 1 1 6 5 1 7 2 2 3 2 7 2 2 23 3 1 2 October 1,040 647 99 230 112 118 63 December.. 710 79 164 230 228 November— 1,002 418 126 296 125 171 161 December... 974 305 251 262 131 131 156 1933—January. 707 71 166 222 237 February.... 704 71 174 219 231 1932—January 961 119 314 332 174 195 March 671 73 175 184 230 February... 919 76 312 343 175 168 189 April 77 176 199 234 March 911 36 335 377 155 222 163 May 77 174 185 225 April 879 16 292 455 188 268 115 June 687 80 168 217 213 May 787 4 183 610 225 286 90 July 738 86 168 255 219 June 747 36 98 518 200 318 96 August 95 160 229 206 July 705 12 59 563 197 366 70 September. 715 103 171 237 199 A S O e u c p g t t o u e s b m t e b r. e . r - - . 681 3 3 2 4 4 3 9 3 9 6 5 5 0 7 7 5 4 3 1 1 1 9 9 5 9 8 9 3 4 4 7 0 1 6 6 4 5 6 5 5 4 2 HBL ( D O W B N Y A F C . C O B U . NT B ) A * NES November.. 720 4 32 655 268 386 28 1932—September 1 1 December. _ 710 4 40 604 224 380 62 October. ._ 2 1 1 November 3 (*) 1 1933—January 707 2 41 256 370 December 2 1 February.. _ 704 307 30 325 201 124 42 1933—January. 2 1 1 J A M M u p a a n r y r e i c l . h 6 6 6 6 6 7 8 9 9 1 7 7 2 1 4 8 1 6 1 0 3 4 4 3 3 4 3 6 6 5 4 4 5 2 8 0 0 6 7 4 5 1 2 2 2 1 0 2 0 5 1 9 6 3 2 2 1 1 7 8 9 0 6 7 9 8 1 1 8 8 2 1 6 5 3 5 M M A F p e a a r b y r i c l r h uary- 2 3 1 8 6 0 1 4 0 7 3 1 8 3 0 2 7 8 5 10 9 6 7 7 6 6 July 738 2 37 552 248 304 147 June 41 11 16 August 694 1 . 40 499 252 247 154 July 2 1 S O e c p to t b e e m r ber- 715 1 1 4 3 1 1 517 236 282 156 A Se u p g t u e s m t ber.. 1 1 ( ( * ) ) Figures for acceptances outstanding (and held by accepting banks) i Total holdings of Federal Reserve banks include a small amount of from American Acceptance Council. unclassified acceptances, * 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 End ot month 1930 1931 1932 January- 1,035 36,119 33,444 29,036 January . 404 327 108 85 February.. 1,038 23,958 33,478 28,997 February 457 315 108 84 March 1,040 1,063 30,778 24,788 March 529 311 106 72 April 1,054 1,074 30,736 7,181 April 553 307 108 64 May 1,058 1,073 30,837 6,981 May 541 305 111 60 June 1,064 10,551 30,762 7,089 June 527 292 103 73 July 1,065 34,371 30,645 6,821 July_ 528 289 100 97 August 1,071 145, 215 30,834 6,199 August 526 271 108 107 September 1,075 48,804 30,849 6,068 September _ 513 248 110 123 October- 21,583 33,501 30,659 5,686 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

688 FEDERAL RESERVE BULLETIN NOVEMBER 1933 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on redisc 1 o 3 u a n n ts d fo 1 r 3 a (a n ) d o a f d t v h a e n c F e e s d e to ra m l e R m es b e e r r v e b a A n c k t s ] under sections Prevailing rate on-i Average rate Aver o a n g — e yield U.S. N Bo ew st o Y n F o e rk deral Reserve bank e R N ff a e o t c v e t . i o 4 n n N O D o c a t v l . t i . e s h 2 e e 2 0 s d , , t 1 1 a 9 9 b 3 3 - 3 3 Pre r v at i e ous Month or week m m p P 4 c e a o r o t r p i n o m c m e t i r - h 6 a e , l s a P a b c d n e a r c a 9 i r c n e m s y 0 e k p ' s s e - t , - d l T o a i a 9 y m n 0 s s e 8 , N C e a w ll lo n a e R n w e s - a * l T c c n 3 e u a r a o r e n t r t t t o e y i a d e f s s s i 6 , - - b T o u r n r e y d as s - 3 Philadelphia.. June 8,1933 months Cleveland Oct. 21,1933 1932 Richmond Jan. 25.1932 September 2 -2M H 2.00 2.00 •.03 3.54 Atlanta 3H Nov. 14,1931 October 1H-2H .35 1.35 3.54 Chicago Oct. 21.1933 November .00 1.00 3.55 St. Louis June 8,1933 December. .. 1X-1H y* .00 1.00 *.O4 3.48 Minneapolis.. Sept. 12.1930 1933 Kansas City- Oct. 23.1931 January X-H .00 1.00 .07 3.39 Dallas Jan. 28.1932 February X-H .00 1.00 .01 3.47 San Francisco. Nov. 3,1933 March . 3.27 3.32 <1.34 3.58 April . 2 - 1.29 1.37 .45 3.56 Back figures.—See Annual Reports for 1932 (table 53), 1931 (table 36). May 2 -2H H 1 -IX 1 00 1.00 .29 3.47 Fe T de he ra l f o R ll e o s w er in v g e b sp a e n c k i s a l o r n a t N es o v w e e m re b e a r l s 4 o , i 1 n 9 e 3 f 3 fe : ct at the J J u u l n y e- H H % -i -m 1 1 . . 0 0 0 0 1 1 .0 0 0 0 «. . 0 1 7 9 3 3 . .4 3 0 8 Percent August - H i -m .98 .98 .01 3.40 Advances to member banks under sec. 10 (b) of the Federal Re- September. X H- x .75 .75 <.O4 3.40 serve act, as amended by sec 402 of the act of Mar 9. 1933: October VA H .75 .75 .09 3.42 At the Boston, New York, Philadelphia, Cleveland, Chicago, and San Francisco Federal Reserve banks 4 Week ending- At the Atlanta and St. Louis Federal Reserve banks 4J4 Sept. 30 IX X .75 .75 .06 3.42 At the Richmond, Minneapolis, Kansas City, and Dallas Oct. 7___ IX V .75 .75 .04 3.43 Federal Reserve banks 5 Advances to nonmember banks and trust companies under sec. Oct. 14 IX X .75 .75 .01 3.42 404 of the act of Mar. 9, 1933, as amended by the act of Mar. 24, Oct. 21 IX X .75 .75 .07 3.40 1933: Oct. 28 m .75 .75 .18 3.41 At the Boston, New York, Philadelphia, Cleveland, Chicago, and San Francisco Federal Reserve banks 4 At the Atlanta Federal Reserve bank 4H i Stock exchange call loans; new and renewal rates. At the Richmond. St Louis. Minneapolis, Kansas City, and » Stock exchange 90-day time loans. Dallas Federal reserve banks 6 «3 issues—3^, 3M, 4 percent; yields calculated on basis of last redemp- Discounts for individuals, partnerships, and corporations under tion dates—1947, 1956, and 1954. the third paragraph of sec. 13 of the Federal Reserve act, as * Change of issues on which yield i? computed. amended by sec 210 of the act of July 21, 1932 6 Back figures—See Annual Report for 1932 (tables 56 and 57), 1931 Advances to individuals, partnerships, and corporations secured (tables 39 and 40), 1930 (tables 36 and 37), 1929 (tables 35 and 36), etc by direct obligations of the United States under the last paraeraph of sec. 13 of the Federal Reserve act, as amended by sec. 40"* of the aft of M«r 9. 1933: RATES CHARGED CUSTOMERS BY BANKS IN At the Boston, New York, Philadelphia, Cleveland, Chicago, PRINCIPAL CITIES and San Francisco Federal Reserve banks 4 At the Richmond, Atlanta, St. Louis, Minneapolis, Kansas [Weighted averages of prevailing rates] City, and Dallas Federal Reserve banks 4H BUYING RATES ON ACCEPTANCES New York City a 8 n d o th e e a r s te n r o n r t c h i e ti r e n s 27 w s e o st u e t r h n e r c n i ti a e n s d [Buying rates at the Federal Reserve Bank of New York] Month Maturity e R N ff a e o c t v e t . i o 4 n n Da l t i e s h e e s d tab- Pre ra v t i e ous 1931 1932 1933 1931 1932 1933 1931 1932 1933 January 4.24 4.71 4.12 4.61 5.07 4.89 5 50 5.61 5.60 1-15 days... Oct. 20,1933 February 4.31 4.71 4. 11 4.63 5.13 4.84 5.43 5.61 5.56 March 4.20 4.72 4 88 4.62 5.14 5.39 5.40 5.64 5.66 16-30 days.. ___.do_ April. 4.17 4.69 4.33 4.57 5.10 5.09 5.36 5.63 5.68 31-45 days.. ....do May 4.11 4.55 4 24 4.55 5.14 4.99 5.26 5.64 5,66 46-60 days.. ....do June 4.13 4.61 4. 10 4.49 5.13 4.97 5.34 5.62 5.62 fil-90days_. ....do J A u u ly gust 4 3. . 9 0 7 5 4 4 . . 4 4 6 2 3 3 . . 9 9 7 3 4 4 . .4 4 7 8 5 5 . . 1 0 2 5 4 4 . .6 8 8 2 5 5 . . 3 2 0 8 5 5 . . 6 6 3 8 5 5 . . 5 5 4 3 91-120 days. ....do September... 3.93 4.30 3.79 4.48 5.03 4.65 5.32 5.63 5.55 121-180 days 1 —..do October 4.27 4.35 3.76 4.62 4.96 4.51 5.38 5.56 5.50 November... 4.67 4.12 4.87 4.88 5.53 5.55 December 4 64 4 22 4 91 4 88 5.56 5.60 NOTE.—Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. Back figures,—See Annual Reports for 1932 (ta ble 54) and 1928 (table 35). Back figures.—See Annual Reports for 1932 (table 59), 1931 (tabJe 42). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDEKAL EESEBVE BULLETIN 689 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 41 259 February 18,126 17,820 14,307 795 2,200 518 40 265 March 18,507 18,190 14,307 796 2,568 520 47 270 April 18,597 18,287 14,307 796 2,562 622 40 269 May 19,037 18,729 14,277 1,041 2,792 619 40 268 June 19,487 19,161 14, 250 1,465 2,831 616 60 266 July 19,612 19,297 14,257 1,487 2,907 647 50 264 August 20,067 19,758 14,257 2,197 2,656 648 47 262 September 20, 611 20,296 14,257 3,031 2,385 623 55 260 October 20,813 20,485 14,257 3,539 2,044 645 55 273 November 20,807 20,476 14,257 3,539 2,038 643 52 279 December 20,805 20,448 14,223 3,299 2,284 642 64 293 1933 January 20,802 20,454 14,230 3,298 2,285 641 55 293 February 20,935 20,584 14, 230 3,576 2,138 641 59 291 March 21,362 20,992 14,230 3,575 2,369 817 82 280 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 October 23,050 22, 669 15,074 5,150 1,493 952 72 309 SUMMARY OF TREASURY OPERATIONS [In millions of dollars] ]Expenditures Inc d re u a r s in e g o r t h d e e c m re o a n s t e h (—) Excess of Month Receipts1 re e c x e p i e p n ts d i o - r Total General3 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 AUffUSt 111 373 —262 194 455 September ____ _„«_ 260 281 -21 523 544 October 148 456 —308 —107 201 November - - - - - - 125 283 -158 —165 —6 D ecember 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 «203 * 75 -99 -28 71 August _ 197 321 182 139 -124 366 489 September - - 339 258 81 -6 -54 -48 October _ - - __ 273 509 405 104 -236 -236 0 i Total, including trust fund receipts. > Including trust fund expenditures and excluding public debt retirement. * Classification not available for earlier months. 18169-33 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 FEDERAL RESERVE BULLETIN NOVEMBER 1933 BOND PRICES STOCK PRICES [Averages] Preferred Common stocks (index, 1926=100) Other bonds * stocks Month or date (indus- U S n ta i t t e e s d Corpo- Corporate tri g a r l a d h e ig ) h- Total In tr d ia u l s- R ro a a i d l- Utility Month or date Govern- rate and ment municbonds g (h r ip a ig d a h e l ) - Total In tr d ia u l s- R ro a a i d l- Utility Number of issues.. 20 421 351 33 37 September . 101.8 91 1932—October—. 99.8 81 Number of issues a 12 •60 60 20 20 20 N D o ec v e e m m b b e e r r . . . . 9 9 7 5 . . 4 4 8 7 0 8 1932—October . . 101.7 85.2 70.8 63.9 66.1 82.7 November— 101.7 83.1 69.2 63.0 63.0 81.7 1933—January 97.8 82 December 102.3 82.2 67.7 62.4 59.6 81.1 M Fe a b r r c u h ary.. 9 9 5 3 . . 7 1 7 6 3 7 1933— J A J M M F u u J e p a l a n a b n y r y r e i r u c l u a h a r y r _ y 1 1 1 1 1 1 1 0 0 0 0 0 0 0 2 1 3 2 1 3 3 . . . . . . . 4 4 2 3 0 3 3 8 8 8 8 7 8 7 2 5 2 6 4 9 6 . . . . . . . 4 5 0 8 6 7 1 7 8 7 6 6 6 7 7 1 2 0 6 4 8 . . . . . . . 4 7 7 0 8 5 5 6 6 6 6 6 7 7 1 4 0 8 2 2 5 . . . . . . . 0 9 7 8 6 2 1 6 6 6 5 6 8 7 9 2 8 3 0 2 6 . . . . . . . 4 9 9 4 6 2 1 8 8 8 7 8 7 7 4 0 9 6 3 4 6 . . . . . . . 2 7 5 8 9 7 8 A J S J A M O u u e p u c n a l p g r y t y e t i o u e l s m b t e b r e . r . . - . 1 1 1 1 1 1 9 0 0 1 1 0 1 5 3 9 2 2 2 9 . . . . . . . 7 7 3 5 9 0 8 6 9 7 9 8 8 7 4 7 9 8 0 7 5 August 102.9 89.9 80.8 75.9 81.2 85 3 September.. 103.0 87.9 77.5 74.5 76.8 81.4 Oct. 4_. 110.3 October 102.9 86.5 75.3 72.7 73.5 79.7 O Oc c t t . . 1 1 8 1 _ . 1 1 1 09 0 . . 4 2 7 7 7 2 Oct. 4 102.8 86.4 75.1 73.2 73.3 78.9 Oct. 25_ 109.4 74 Oct. 11 102.9 86.7 76.2 73.2 75.0 80 4 Oct. 18_ 103.1 86.6 75.5 72.4 74.0 80.3 Source.—Standard Statistics Co. Oct 25 102.8 86.4 75.1 72.1 73.2 80.1 CAPITAL ISSUES i Price averages computed from yields. »3 Liberty bonds and 9 Treasury bonds. »45 corporate and 15 municipal. [Long-term; i.e., 1 year or more. In millions of dollars] Source.—For United States Government bonds, Federal Reserve Bank of New York; for other bonds, Standard Statistics Co. New issues Re- BOND YIELDS1 fund- Domestic ing Total issues Month or date T U u re r .S a y s . - M g ( i h r p u a i a g d n l h e i a c ) - - Aaa Corporate, by ratings B 3 aa Year and month m e a ( f i e d o g n s o r n d t - - i ) c t T a o U - S n m a t i n a c u d t i - e - B a o C n n o d d r s po S ra to te cks F ei o g r n - m e a ( f i d e o g n o s r n d - t - ) ic pal notes Number of issues 15 30 30 30 30 1925 6,201 5,125 1,352 2,452 1,153 1,076 925 1932— J M J A S O A u u e u c p a n l p t y g r y e o i t u l b e s e m t r ber.. _ _ . _ _ . _ 3 3 3 3 3 3 3 . . . . . . . 7 7 5 5 7 5 6 4 7 4 4 8 7 5 4 4 4 4 4 4 4 . . . . . . . 7 7 7 3 8 5 3 7 3 8 9 1 0 7 5 5 5 4 5 4 4 . . . . . . . 1 6 2 3 9 7 4 4 1 0 7 6 6 1 6 6 6 6 5 5 5 . . . . . . . 1 3 6 5 5 5 8 0 8 0 1 4 1 3 8 7 8 8 6 6 6 . . . . . . . 4 5 4 1 8 4 4 8 0 0 9 4 5 4 1 1 1 1 8 7 7 0 0 1 1 . . . . . . . 2 8 4 7 6 5 6 7 2 6 9 2 3 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 2 2 2 2 3 3 3 6 7 8 9 0 2 1 _ 1 6 8 7 6 3 1 0 , , , , , , , 3 0 5 9 0 1 0 1 5 4 6 0 9 9 4 6 0 9 9 5 1 6 9 6 5 6 2 1 , , , , , , , 2 1 4 7 0 1 8 1 8 5 2 8 0 6 9 9 0 7 9 4 0 1 1 1 1 1 1 , , , , , , 3 3 4 4 4 2 7 4 7 3 1 7 3 5 4 9 4 8 5 5 5 2 3 2 2 2 1 , , , , , , 6 1 3 9 0 2 3 6 8 4 8 7 8 0 3 7 5 8 0 0 5 2 1 1 5 1 , , , , , 0 4 9 5 9 3 8 7 0 6 2 2 1 7 4 1 3 4 0 1 1 1 1 , , , 1 3 2 9 6 2 3 2 5 0 2 7 7 5 1 8 5 9 1 2 1 1 1 , , , , 0 8 4 2 9 7 5 4 5 2 2 4 8 1 6 8 0 2 9 3 1 November 3.55 4.38 4.63 5.57 6.53 8.24 1932—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 S A O J u u e e p a c u a a n l b p n r y t g y r e o i t r u c u l e u b a h s m a e r t y r r b y er 3 3 3 3 3 3 3 3 3 . . . . . . . . . 4 5 4 4 5 4 3 4 4 7 8 7 0 5 0 8 0 2 4 4 4 5 4 4 4 4 5 4 . . . . . . . . . . 2 2 8 6 5 2 5 6 7 0 8 3 8 0 9 4 0 1 7 5 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . 4 3 3 3 4 6 6 7 4 3 4 5 4 0 8 8 3 8 6 6 4 5 4 4 5 5 5 5 4 5 . . . . . . . . . . 9 9 3 7 8 4 3 0 6 8 6 7 7 3 0 0 5 9 1 1 6 6 5 5 5 5 6 6 6 5 . . . . . . . . . . 7 1 7 6 5 2 5 3 8 8 6 6 0 4 8 9 1 0 8 5 '7 8 8 8 9 7 7 6 7 6 . . . . . . . . . . 2 7 3 4 0 9 0 1 6 7 7 4 9 7 6 1 1 2 2 7 1933— S M A J J F M A O J u u e e a c u p a a l n p b n t y g r y r e o t u r i c u e b u l a h s m . e r a t . y r b ry e . r . - _ . 1 1 6 2 2 4 6 1 4 1 1 5 5 5 0 4 4 6 6 7 0 9 1 1 6 2 2 4 1 4 6 5 1 1 5 0 5 4 6 6 4 9 7 0 3 1 2 3 1 4 9 3 5 8 3 7 8 2 3 0 8 7 6 1 1 0 0 0 0 0 1 3 1 9 6 5 1 0 3 3 9 3 9 3 3 1 4 0 0 0 0 0 0 0 0 0 0 1 4 3 2 6 4 3 1 3 5 7 7 1 0 0 5 0 2 Oct. 4 3.43 4.57 4.37 5.00 5.86 7.59 Oct. 11 3.43 4.60 4.32 4.92 5.72 7.42 i Includes issues of Federal land banks and Federal intermediate credit Oct. 18 3.40 4.60 4.31 4.93 5.68 7.41 banks, not shown separately. Oct. 25 3.41 4.61 4.31 4.99 5.74 7.45 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. •Moody's Investors' Service. Back figures.—See (for figures of new issues—annual and quarterly r Revised. basis) Annual Report for 1932 (table 103). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

691 NOVEMBER 1933 FEDERAL RESERVE BULLETIN PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production * * Construction contracts awarded (value) J Fac- Factory em- tory Freight-car ployment 3 pay loadings 4 * Com- Year and Total Manufactures Minerals Total Residential All other rolls 3 modmonth ity prices5 Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 98 84 139 1920 87 87 89 63 30 90 108 118 91 154 1921 67 67 70 56 44 65 82 77 79 98 1922 85 86 74 79 68 88 90 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 96 96 97 98 1925 104 105 99 122 124 120 100 101 103 104 1926 _ 108 108 108 129 121 135 101 104 106 100 1927 106 1 106 107 129 117 139 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 1930 January.. 103 106 102 105 108 110 78 95 46 56 104 128 93 96 94 89 100 93 February- 109 107 110 107 104 108 89 104 44 49 126 148 93 94 98 91 99 91 March 106 103 109 104 91 98 102 102 54 52 141 144 93 93 98 90 96 90 April 107 104 110 104 94 104 113 101 62 53 156 140 93 92 97 93 97 90 May 105 102 106 101 102 104 125 105 61 52 178 148 91 91 94 97 96 89 June - - 99 98 98 97 103 102 116 99 54 49 166 140 89 90 91 95 93 87 July 90 93 89 92 100 100 107 95 48 47 155 135 86 87 83 95 92 84 August. -. 90 90 88 88 101 96 85 81 48 49 115 106 85 84 82 96 89 84 September 92 90 90 89 101 94 82 81 52 52 108 105 86 83 83 99 87 84 October. . 90 88 87 86 105 95 75 78 51 52 94 99 84 82 81 97 86 83 November 84 86 82 85 96 92 68 76 46 48 86 99 81 81 75 86 84 81 December 76 84 74 82 89 93 59 73 37 43 77 98 79 80 74 74 84 80 1931 January.. 82 83 81 83 87 89 58 71 37 44 75 93 76 78 68 74 82 78 February . 87 86 88 86 84 87 68 79 42 47 89 104 77 78 73 74 80 77 March 89 87 91 87 82 89 77 77 50 47 98 100 78 78 75 75 80 76 April 90 88 91 87 83 91 82 73 52 44 107 96 78 78 74 77 80 75 May 89 87 90 87 84 87 78 65 47 40 104 85 77 78 72 79 79 73 June 83 83 83 82 86 87 74 63 41 37 101 84 75 76 68 77 77 72 July 80 82 79 82 86 86 68 61 36 35 94 82 74 75 64 78 76 72 August 78 78 77 78 82 79 63 59 32 33 87 81 74 74 64 76 72 72 September 77 76 76 75 83 78 59 59 32 32 81 80 75 73 62 78 69 71 October. _ 75 73 72 71 90 83 52 55 29 30 71 76 71 70 59 78 69 70 November 72 73 70 71 84 81 43 49 26 27 57 67 69 69 56 70 68 70 December 68 74 66 72 79 84 30 38 20 23 39 50 68 69 56 61 69 69 1932 January. _ 71 72 70 71 74 77 25 31 16 19 33 41 66 68 52 58 64 67 February. 71 69 70 68 75 78 23 27 15 17 30 35 67 68 54 59 62 66 March__. 68 67 66 64 77 84 26 26 16 15 35 36 66 66 52 58 61 66 April 64 63 63 61 72 79 31 27 16 14 43 38 64 64 49 57 59 66 May 61 60 60 '59 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 ••63 ••65 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 62 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 61 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 September ,85 ,84 ,83 ,93 ,86 30 30 12 12 45 45 77 74 58 68 60 71 v Preliminary • r Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 725-726; 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. 3 For indexes of groups and separate industries see p. 727; for description and back figures see BULLETIN for November 1929 and November 1930. * For indexes of groups see p. 692; 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. 728. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN NOVEMBER 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 381 298 165 109 131 369 218 167 91 155 11 79 -2 17 -24 September 437 312 180 132 351 226 170 98 86 86 10 34 October 529 327 205 153 391 247 169 105 137 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 * Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average=100] [Index numbers; 1923-25 average=100] Index of sales1 Index o m f s o to n c th k ) s (end of 1933 May June July Aug. Sept, Month Adjusted Without Adjusted Without for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Adjusted for seasonal variation 1932 1933 1932 1933 1932 1933 1932 1933 Total 56 60 65 61 60 Coal 52 63 75 74 67 Coke 33 44 63 61 January 78 60 64 49 75 58 66 52 Grain and grain prod February 78 60 64 49 73 57 69 54 ucts 99 95 82 53 57 March 72 57 69 50 70 54 73 55 Livestock. 54 54 55 56 53 Forest products.... 28 34 39 35 33 April 79 67 74 68 69 53 72 55 Ore 14 18 34 53 59 May 72 67 72 67 68 55 69 56 M iscellaneous 57 61 64 57 57 June 69 68 66 64 67 57 65 56 Merchandise * 66 67 70 69 68 July 65 70 46 49 64 60 59 56 August 65 77 49 59 61 64 59 62 Without seasonal adjustment September 68 70 71 73 60 70 63 73 O N D c e o t c v o e e b m m e b r b e e r r _ _ 6 6 6 9 3 0 1 7 7 0 5 3 6 6 6 6 1 1 0 6 6 5 7 9 6 Tota C C l o o a k l e 5 4 3 6 7 3 4 6 5 4 0 4 6 5 6 6 5 6 6 5 7 5 5 2 i 7 5 2 9 Grain and grain prod- Year _ 69 66 ucts 81 83 98 64 69 Livestock 51 46 46 50 63 * Based throughout on figures of daily average sales—with allowance Forest products 30 36 38 37 35 for changes from month to month in number of Saturdays and for 6 Ore,__. 21 32 62 90 96 n L a a t b io o n r a D l h ay o , l id T a h y a s n : k N sg ew iv i Y ng e ar D 's a D y, ay an , d M e C m h o ri r s i t a m l D as a . y, A In d d ju e s p t e m n e d n e t n c f e o r D s a e y a , - M M i e s r c c e h ll a a n n d e i o s u e s l 6 6 0 8 6 6 4 7 6 7 7 0 6 6 3 9 6 7 8 0 sonal variation makes allowance in March and April for the effects upon sal p e s P o re f l c im ha i n n g a e r s y . in the date of Easter. 1 In less-than-carload 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 February 1931, pp. 108-110. Back figures.—See BULLETIN for November 1930, p. 686. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 693 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars at par] Europe Total End of month (50 coun- United Canada tries) States i c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England France Germany 1932—September 11,696 3,748 6,923 359 678 3,241 190 October 11,791 3,819 6,944 363 678 3,250 195 November., _ 11,862 3,885 6,949 362 678 3,267 197 December. _-. 11,897 4,045 6,826 361 583 3,254 192 1933—January 11,925 4,074 6,818 362 602 3,221 196 February 11,741 3,808 6,884 366 692 3,176 183 March 11,939 3,916 6,992 371 836 3,152 176 April 11,975 3,977 371 905 3,170 98 May v 11,917 3,991 371 36 907 3,173 89 June. v 11,892 3,997 6,856 372 922 3,185 45 July * 11,979 4,001 6,932 374 925 3,213 58 August v 12,038 4,009 6,989 375 926 3,223 73 September.-. v 12,076 4,011 v 7,023 376 926 3, 218 87 October. _ M,011 v 3,176 Europe—Continued End of month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Portu- Ru n m ia a- Spain Sweden Sw la i n tz d er- U.S.S.R. s Y la u v g i o a - 6 c t o o ri u t e h n s e - r 1932—September.. 305 416 435 55 509 »368 28 October 306 416 436 55 509 28 November- 415 436 55 493 »368 28 December-. 307 415 436 55 477 2 368 29 1933—January 413 55 477 February. __ 325 410 436 55 488 »368 31 March 331 381 436 62 489 »368 31 April 343 374 436 71 460 31 May 352 436 71 397 »368 34 June 356 436 71 361 401 34 July. 368 311 436 91 351 36 August 370 332 436 97 351 »401 35 September.. 371 338 436 101 356 2 401 October P372 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 - c o t o r th i u e e n s r - T c tr o o ( i t u 7 e a n s l ) - A t l r u i a a s - > India Japan Java N l Z a e e n a w d - Siam T ke u y r T c tr o o ( i u 4 e t n a s) l - Egypt S A o fr u ic th a o c t o r th i u e e n s r - 1932—September.. 346 249 11 50 523 162 214 75 10 October 342 249 10 524 162 214 78 10 November.. 342 249 10 523 162 213 77 10 December.._ 345 249 10 520 162 212 78 10 1933—January 347 249 10 521 162 212 81 10 February 348 249 10 524 162 212 93 10 March 352 249 11 503 162 212 96 10 April 355 249 11 483 162 212 95 10 May 362 249 11 P483 162 212 107 10 June 368 249 11 P482 162 212 i»112 *10 July 249 11 J>481 162 212 P123 P10 August 249 »11 *481 162 212 September... 2*369 P249 v\\ M81 162 212 J>28 * 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. 3 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 renting to this table, see BULLETIN for May 1932, pp. 3U-318, and June 1933, pp. 368-372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL RESERVE BULLETIN NOVEMBER 1933 GOLD PRODUCTION [In thousands of dollars at par] I Production reported monthly Esti- Year and month m w a o t r e ld d Africa North and South America Far East pr t o io d n uc- Total S A o fr u ic th a d R e h s o ia - A W fr e ic st a B C e o lg n i g a o n Janada U St n a i t t e e s d Mexico Co b l i o a m-Au l s i t a ra- Japan India 1931— Total (12 mos.)-. 459,104 393,957 224,863 11,193 5,524 3,224 55,687 49,524 12,866 4,016 12,134 8,109 6,815 1932—January 39,236 33,464 19,587 921 480 295 4,834 i 3,597 1,106 450 1,032 628 :: - 53-•4:; February 38,187 32,415 18,935 956 453 286 4,670 13,535 948 386 1,063 657 525 March 39,895 34,123 19,877 996 484 304 5,285 ' 3,494 862 404 1,131 741 545 April 39, 433 33, 662 19, 593 976 466 281 5,093 i 3,390 1,057 380 1,164 671 590 May... 41,091 35,319 19,970 977 481 298 5,551 i 4,114 1,026 447 1,234 663 567 June 41,187 35,415 19,871 1,011 482 309 5,592 U,362 960 405 1,172 647 603 July 41, 572 35,800 20, 268 981 546 319 5,176 i 4, 610 924 455 1,244 692 585 August 42, 734 36,963 20,475 1,019 510 330 5,480 i 4,982 1,138 524 1,221 696 588 September.. 42,138 36,366 19,888 1,041 509 304 5,406 1 5,085 1,122 456 1,292 702 559 October 42,351 36, 579 20,157 1,044 515 314 5,240 » 5,271 1,091 455 1,216 727 547 November. _. 42,099 36,327 20,190 997 526 307 5,220 i 4,858 1,165 415 1,376 715 556 December- 41,659 35,888 20,118 1,080 539 294 5,514 i 4, 651 671 353 1,418 581 Total (12 mos.)-. 490, 259 420,997 238,931 12,000 5,992 3,642 63,061 50, 626 12,070 5,132 14, 563 8,198 1933—January 40,988 20,152 1,008 532 280 4,826 » 4,341 1,194 513 1.13Q February._ 37,375 18,176 989 531 263 4,718 1 3, 039 1,095 344 1,186 654 March 42,065 19,658 1,038 522 302 5,378 15,209 1,059 487 1,267 747 April 39, 315 18,430 1,108 528 281 4,900 i 3,907 905 644 1,531 726 May 40,215 19,519 1,108 520 308 4,913 i 3,824 1,035 576 1,352 734 June v 39, 297 19,008 1,130 561 308 5,404 12,935 *992 490 1,442 711 July v 40, 674 19, 228 1.133 571 306 5,285 » 3,638 1 1,158 797 1,442 755 August v 40,936 v 19, 322 1,167 P571 325 5,304 l 3, 742 i 1,199 782 1.442 722 September. v 41,878 i 18, 625 1,158 *325 i 5,065 i 5,602 i 1,199 1786 1,442 1744 p Preliminary. * Figure reported by American Bureau of Metal Statistics. NOTE.—For comparable monthly figures back to January 1929 and for explanation of the table see FEDERAL RESERVE BULLETIN for April, p. 233, and October, p. 632. 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— Year and month Total 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 i e u l m - N la e n th d e s r-Sw la i n tz d er- C ad an a - M ic e o x- A t r i g n e a n- lo C m o b - ia B In ri d ti i s a h C H a h o n i n d n g a Japan c o o A th u l e n l r - Kong tries 1931—Total (12mos.) 145,325 6,797-344,514 36,026-15,583-50,327 -19,76881,136 22,267 141,263 15,116 8,064 34,240199,286 31,322 1932—June -206,047 -1,910 -111,411 -116 -26,250 -23,168 -62,603 5,424 816 4,866 5,172 3,133 July -3, 437 1,405 -21,513 -225 4,573 1,284 13 240 3,524 4,197 3,064 August 6,103 6,093 -17,950 1,021 -8 5,257 2,273 45 467 4,783 4,122 September 27,897 5,868 50 320 5,543 219 3,904 2,843 52 2,855 4,205 2,039 October 20,613 1,251 72 2,381 25 506 1,345 42 28 6,068 3,600 3,362 1,933 November 21,740 1,376 7 2,685 7 5,622 893 —1 94 4,773 2,964 3,322 December 100,859 51,928 16,357 10 8,082 7,546 744 43 4,697 4,974 3,124 3,353 Total (12mos.).-446,213 53,585-441,649 -13,356 -82,571-96,586 -118,27364,574 20,087 12,991 3,240 26,597 39,043 49,719 36,383 1933—January 128,465 50,248 29,490 1,067 15,123 5,274 634 52 15,193 5,612 3,729 2,042 February i 17, 776 i 3,310 -3,709 -1,546 -600 802 -1,614 4,206 552 -15 35 9,446 3,700 3,208 March i -22,0811-8,935 -3,630 -250 -199 -5,005 -681 8,418 483 5 990 2,135 2-15,413 April -9,973 -2,191 -8,993 -724 327 488 4 1,281 2,973 -3,137 May -21,139 -15,715 -122 —115 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 A S O e u c p t g o t u e b m s e t r b e * r - - - 5 8 3 6 0 2 , , , 9 7 3 0 3 8 9 8 8 - - -5 5 1 , , , 5 0 5 3 9 3 9 5 7 - - - 4 2 7 8 6 3 , , , 9 1 7 1 7 1 9 3 7 """"-216 """- - 2 1 7 3 -2,171 —453 2 2 1 0 2 4 3 4 3 5 1 1 2 8 5 8 1 - - 5 1 , ,4 7 8 0 3 8 * Preliminary. » Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until Mar. 1. 2 $17,054,000 exported to Italy, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER FEDERAL RESERVE BULLETIN 695 GOLD MOVEMENTS—Continued [In thousands of dollars at par] Great Britain Net imports from— Year and month Total South n p et o r i t m s - U S n ta i t t e e s d France m G a e n r- y g B iu e m l- N l e a t n h d e s r- Sw la i n tz d er- A So m ic u a e th r- Canada B In ri d ti i s a h S S m t e r e t a t n l i e t t s s - Au l s ia tra- A d W R e fr h s e i o i c s a - a t , , c o t o A r th i u e l e n l s r - Africa 1931—Total (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—June 35,019 15,897 -9,035 14 -2, 767 -9,394 -1,081 12,812 772 794 26,246 760 July 22,675 -1,671 -11,361 4 -4, 778 -7,812 -753 500 14, 204 2,122 9,661 19,351 3,207 August 1,296 -4, 259 -20, 269 45 -4,015 -10, 438 -75 300 14, 279 829 175 19,712 5,010 September 5,204 -6,887 -27,521 5 -85 -2,571 -214 187 13,009 584 1,505 25,866 1,326 October. 5,814 -284 -24,895 -20 -104 -2,969 -120 189 11,973 943 870 18,378 1,853 November 13,857 -1,634 -13,519 370 -476 -4,188 -88 527 10,488 710 830 20,006 831 December -29,582 -58,561 -3, 277 -29 -1,104 -6,138 -108 181 13,684 854 23,326 602 Total (12mos.). 81,211-50,643-297,040 311-16,896 -71,376-14,021 5,623 220,394 10, 780 20,363 255,305 18,408 1933—January -43, 260 -48,314 -2,109 -11 -634 -17,471 9,495 587 793 16,530-2,120 February 18,400 -6,559 -4, 623 27 -507 -7,816 -79 374 7,175 554 794 27,815 1,245 March 77,198 11,821 3,406 5,003 -1,294 -5,225 -588 296 9,178 461 22,659 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 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 6,069 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 48, 260 3,120 2,163 32 -11 -3,633 -101 920 4,108 12, 685 526 1,991 21,027 5,434 France Germany Net imports from— Net imports from— Year and 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 E la n n g d - France N la e e n r t d - h s - S l z a w e n r i d - t- U S. . K S. . c o t o A t r h i u l e e l n s r - 1931—Total (12 mos.) 728,176 328,130 312,561100,050 18, 775-81,207 149,867-247,950 -102,019 -55,142 -63,866 58,932-14, 475 1932—June. 167,968 152,072 7,541 5,737 4,601 -8,234 ~~ 6,250 -7,139 -7,691 3,399 2,809 July 31,067 16, 746 12, 472 483 -1,001 2,371 -13, 718 -6,435 534 -4,087 August 42, 940 24,149 16,241 5,382 -17 -369 -2, 447 4,189 1,289 4,622 -1,791 September. 9,638 -625 4,424 3,918 1,448 249 222 8,552 3,456 5,410 -361 October 32,695 11,927 19,995 329 565 -270 148 5,560 41 5,461 -60 November - 33,498 241 26,003 6,122 672 -186 645 2,584 6,275 -52 December.. 25,494-10,634 34,479 2 -3,138 4,306 483 -78 Total (12 mos.) 828,072 468,052 309,984 37,889 37, 547-17,668 -7,732 -27,282 -38,170 -24,455 -7,915 46,656 -3,515 1933—January -37,399 -35,361 200 -197 4,424 6 4 -1,976 107 6,293 -11 February- -1.659 -144 678 -432 -13,076 22 -5, -10,429 93 3,336 -118 March 16,729 9,287 1,266 749 -13,163 -4,94, -7,365 -4,925 46 3,956 70 April 48,252 18, 583 22, 520 210,574 -68, 750 -17,822 -51,893 -4,541 75 5,411 19 May 96,140 7,680 1,277 216.102 -9,938 -292 -6,435 -10,102 -61 7,023 -119 June 46.840 5 22,903 3,695 -36,432 -13,676 -2,2,658 -5,392 34 3,833 -26 July 54, 323 39,263 23,430 3 -18,090 4,591 -161 151 133 -4' 4,791 -275 August 59,855 81. 881 -46 -2,213 -676 -186 9 -225 -90 -399 September 43,926 60,990 -7, -327 * $29,233,000 imported by France from Spain in July. 2 $9,832,000 imported by France from South Africa in April; $14,412,000 in May. a $20,305,000 exported by France to Belgium. 9 Preliminary ngures. NOTE.—Germany—The annual aggregates of the official monthly ngures for net gold imports ii11932 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

696 FEDERAL RESERVE BULLETIN NOVEMBER 1933 GOLD MOVEMENTS—Continued [In thousands of dollars at par] Netherlands Net imports from— Year and 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 1—Total (12 rnos.).. 198,619 117,591 -21,024 56,059 -1,428 -365 4,553 4,548 1932—June 54,107 8,397 -1,786 9,763 -760 -3,3••.' 85= -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 3,745 963 -20 -1,134 2,773 -68 Total (12mos.)_. 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 2,009 673 -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 -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 September _ 16,488 1,798 13,849 -903 -338 -10 -241 2,236 97 Switzerland British India Net imports from— Net imports from— Inc Increase Year and month Gold or de- or de- Total Total pro- crease n p e o t r im ts - U S n ta i t t e e s d E la n n g d - France m G a e n r y - S A o 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 ti n d o u d n c i - a i n ' g ( o m — v e e ) n r i n t n - h p ( o r - l i d ) v i i n a n t g e s reserves in India 3 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 1982—June 80,872 70,247 1,734 3,554 -85 5,630 -209 -13,227 -165 -12,807 -255 July 14,993 9,779 111 3,734 -51 1,507 -87 -16,437 -374 -14,575 -1,488 August 1,503 81 90 718 38 744 -260 -11,674 -2,775 -7,979 -920 September -604 -361 154 -540 -34 453 -277 -17,201 -5,978 -9,835 -1,: 561 October... -3,385 -50 82 -3,087 -102 -280 48 -14,482 -4,820 -9,010 -652 548 November —1,395 —7 85 -2,347 -67 480 461 —16,662 -2,420 -13,244 -997 557 December 1,203 5 96 320 -111 837 55 -24,964 -18,002 -6,286 -676 583 Total (12 mos.) 169,786 124,354 15,342 7,418 7,880 101 14,996 -304 -195,792 -38,094-151,391 -6,307 6,798 127-189,121 1933—January 4, 658 123 -77 1,176 1,040 297 576 -11,340 February 8,502 -14 82 -77 2,461 -937 -116 610 -1 -12,177 March 24. 440 653 907 -40 3,802 -2,236 -1, 576 628 -12,094 April -12,078 -307 -62 994 -1,958 -1, 430 586 -11,112 May -42, 481 1,377-4,082 -68 2,778 -3,709 -3,359 556 -12,460 June -41, 596 -3,152 6 -3,988 -1,181 545 -13,459 July.. -14,302 "-307 -5, 739 -44 -1,756 -1.565 590 -5,705 August -1, 542 -229 57 -1, 339 -1,166 -1, "-10,380 September 1,656 -431 -41 149 130 64 -10,973 1 $2,199,000 exported by Netherlands to Czechoslovakia in August; $5,847,000 in September. 2 Reported monthly production in the Mysore State plus $1,387 representing the average monthly production in the rest of India in 1931 3 Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India. p Preliminary. 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

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 697 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1933 1932 1933 1932 Sept. Aug. July Sept. Sept. Aug. July Sept. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold _ 257 257 257 257 Gold reserve against Dominion notes. . 70 69 70 68 Notes issued 1 558 555 575 584 Advances to banks under finance act. 41 44 50 23 [rish Currency Commission (thousands of Dominion notes: pounds sterling): Issued 173 177 182 153 Legal tender note fund: Outside chartered bank holdings. _ 29 29 29 British legal tender and bank Indian Government (millions of rupees): balances 160 24 55 74 Gold standard reserve: Con N B so r o l i t i t d e is s a h t i e s s d s e u c b e u a d r n it k ie s n — ote . s: .2. . . _ _ 7 7, , 1 3 6 2 5 5 7 7 , , 1 1 8 6 9 5 7 7 , , 2 2 1 7 4 0 6 6, , 7 6 6 9 7 4 Pape G F r o o c r l e d u i r g r n e n e c x y c h re an se g r e v _ e : . . 3 1 8 4 5 9 3 1 8 5 3 1 3 1 8 5 1 3 2 3 0 3 3 0 Deem Is e su d ed s u _ ch . under sec. 60 (4) of 4,708 4,701 4,686 4,541 G Si o lv l e d r - co _ i n . an . d b . ullion 1,0 2 4 9 8 5 1,0 2 5 9 4 3 1,0 2 5 9 1 1 1,1 1 5 1 3 3 currency act, 1927 1,271 1,280 1,291 1,423 Other assets 454 450 446 491 Notes issued __ 1,797 1,798 1,789 1,758 1 Includes a small quantity of subsidiary coin. 2 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Sept. 16, Aug. 19, July 22,1933, and Sept. 17, 1932. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. 3 Not yet availaDle. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1933 1932 1933 1932 Assets Liabilities Sept. 30 Aug. 31 Sept. 30 Sept. 30 Aug 31 Sept. 30 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 40, 766 4,307 13,602 Central banks for own account: Demand funds at interest 14,311 22,927 40,440 Demand 69,016 103,831 371,188 Eediscountable bills and acceptances (at Time—Not exceeding 3 months— 110,642 128,784 85,814 cost): Commercial bills and bankers' accept- Total.. 179,658 232, 615 457,002 ances 218,486 234,552 355,486 Treasury bills 139,861 167,839 127, 634 Central banks for account of others: Demand 11,946 11,512 13,144 Total 358,348 402,390 483,120 Other depositors: Demand 3,247 3,151 180 Time funds at interest—Not exceeding 3 Time 6,258 months 79,299 123, 578 245,600 Long-term deposits: Sundry bills and investments: Annuity trust account 154, 623 154, 246 153, 769 Maturing within 3 months: German Government deposit 77,311 77,123 76,884 Treasury bills 13,182 25,160 29,986 French Government guaranty fund.. 44,824 48,030 68, 649 Sundry investments 71, 939 59,943 47, 589 Between 3 and 6 months: Total 276, 758 279,399 299,301 Treasury bills 40,993 19,169 14, 315 Capital paid in 125, 000 125,000 125,000 Sundry investments 35, 950 47,924 59,235 Reserves: Over 6 months: Legal reserve fund 2,022 2,022 1,318 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 9 9 0 4 7,1 5 8 9 9 4 } 1,920 D Ge iv n i e d r e al n d r e r s e e s r e v r e v e fu n f d und. 3 7 , , 8 7 9 9 5 0 3 7 , , 8 7 9 90 5 2 5 , , 6 3 9 7 0 9 Other liabilities 53,966 49, 519 32, 289 Total 169,848 159,979 153,045 Other assets 1,709 1,722 6,755 Total assets 669,429 720,050 942,561 Total liabilities.. 669,429 720, 050 942,561 1 Not available. 18169—33 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 FEDERAL RESERVE BULLETIN NOVEMBER 1933 CENTRAL BANKS [For explanation of tables on this page, see BULLETIN for February 1931, pp. 81-83] Assets of banking department Liabilities of banking department Gold (in Note 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 t r i c o u n la- Deposits l O ia t t i b h e i s e li r - <?bin Notes Bankers' Public Other Millions of pounds sterling: 1932—Aug. 31 138.9 48.6 12.2 92.2 365.3 79.5 20.7 35.4 18.2 Sept. 28 139.4 1.0 54.6 12.1 88.0 359.8 80.6 23.4 33.4 18.2 Oct. 26 139.4 1.0 56.0 11.6 85.4 358.4 77.3 25.4 33.6 17.7 Nov. 30 139.4 1.0 55.6 11.9 87.1 358.8 90.5 10.1 37.1 17.8 Dec. 28 119.8 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Jan. 25 123.6 .8 45.4 11.6 107.9 353.2 103.4 11.7 32.5 18.1 Feb. 22 142.2 .7 61.0 11.9 104.0 356.2 98.3 26.2 • 35.0 18.2 Mar. 29 171.8 .8 79.7 11.8 74.9 367.1 92.8 21.2 35.0 18.2 Apr. 26 185.9 .9 74.0 11.6 80.0 371.9 100.9 10.8 37.1 17.7 May 31 186.3 1.1 72.3 11.2 83.5 374.1 77.5 33.2 39.5 17.8 June 28 189.4 1.2 74.2 16.6 87.2 375.1 105.1 14.1 42.2 18.0 July26_ 190.1 1.3 72.8 11.2 103.0 377.2 98.5 14.1 57.7 18.1 Aug. 30 190.3 1.4 76.3 10.0 94.9 374.0 79.4 42.0 42.9 18.2 Sept. 27 190.4 1.4 79.6 9.2 85.8 370.8 97.3 16.5 44.0 18.2 Oct. 25 v__._ 190.4 1.4 81.1 8.5 92.5 369.3 104.1 15.9 45.8 17.7 Assets Liabilities Deposits Bank of France Negotia- Note Other 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 cu an ri s ty se ti b c e u l s e r > i- Other cir ti c o u n la- G m ov e e n r t n- Other lia ti b e i s li- Millions of francs: 1932—Aug. 26— 82,239 5,389 3,467 2,761 6,621 8,878 79,912 3,982 23,426 2,035 Sept. 30— 82,681 4,977 2,604 2,783 6,621 9,686 82,459 3,010 21,876 2,009 Oct. 28 82,909 4,984 3,637 2,764 6,621 9,145 82,205 4,553 21,229 2,071 Nov. 25— 83,342 4,853 3,266 * 2,500 6,621 9,008 81, 536 2,931 22,969 2,153 Dec. 30 83,017 4,484 3,438 2,515 6,802 9,196 85,028 2,311 20,072 2,041 1933—Jan. 27 82,167 4,434 3,142 2,537 6,680 9,172 83,314 2,269 20,474 2,074 Feb. 24.._. 81,017 4,401 3,303 2,580 6,647 9,119 83,986 2,226 18,731 2,124 Mar. 31— 80,409 4,376 3,352 2,714 6,621 9,801 86,096 2,235 16,850 2,093 Apr. 28— 3,846 3,805 2,649 6,595 8,861 84,992 2,340 17,181 2,109 May 26— 80,951 3,887 3,449 2,675 6,582 8,534 83,267 2,265 18,393 2,152 June 30 81,243 3,990 2,791 2,766 6,489 9,243 84,708 2,338 17,376 2,100 July 28 81,976 3,975 3,461 2,661 6,463 8,503 82,853 2,752 19,267 2,168 Aug. 25.... 82,227 2.652 3,207 2,688 6,417 8,543 81,143 2,775 19,657 2,158 Sept. 29— 82,095 2,632 3,475 2,765 6,393 8,716 82,994 3,685 17, 242 2,156 Oct. 27 P.._ 81,032 2,588 3,560 2,730 6,238 (3) 81,098 4,026 17,301 (3) Assets Liabilities Reichsbank 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—Aug. 31 768 157 37 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 3,289 205 320 688 3.625 465 850 Oct. 31P 396 18 3,147 143 319 799 3,571 416 850 * 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). »Not yet available. » Preliminary figures* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 699' CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1932 Central bank Central bank Sept. Aug. July Sept. Sept. Aug. July Sept. National Bank of Albania (thou- Bank of the Republic of Colombia sands of Albanian francs): (thousands of pesos): Gold - 7,335 7,324 5,520 Gold at home and abroad 15,537 15,310 13, 261 Foreign exchange 23,182 24,850 29,176 Foreign exchange _. 2,187 2,947 3,323 Loans and discounts 3,053 3,055 3,402 Loans to member banks 1,257 2,009 5,305 Other assets. 2,833 2,819 5,001 Note circulation _. 25, 740 25,950 18,255 Note circulation. ._. ___ 12,760 13,017 12,002 Deposits. 21, 031 20,909 18,674 Demand deposits 17,532 18,595 19,293 National Bank of Czechoslovakia Other liabilities ... 6,111 11,804 (millions of Czechoslovak crowns): Commonwealth Bank of Australia Gold _ - 1,707 1,708 1,707 1,659 (thousands of Australian pounds): Foreign balances and currency. _. 922 905 932 1,098 Issue department—Gold and Loans and advances 1,744 1,507 1,718 1,628 English sterling 11,507 11,507 11,507 10,499 Note circulation 6,310 6,168 6,253 6,218 . Securities ___ 29,125 21, 672 21,633 38,053 Deposits _ 500 416 555 579 Banking department: °~ Danish National Bank (millions of Coin, bullion, and cash 993 951 940 1,218 krone): London balances _ 20,360 21, 544 19,924 13,666 Gold. 133 133 133 133 Loans and discounts 15,299 15,562 34,903 Foreign bills, etc 29 17 38 55 Securities 36,054 36,227 36, 247 29,874 Loans and discounts 70 73 74 118 Deposits. 72, 916 75, 071 73,291 62,147 Note circulation 355 330 328 315 Note circulation 42,131 41, 660 41,522 42,705 Deposits 94 116 Austrian National Bank (millions of Bank of Danzig (thousands of Danschillings): zig gulden): Gold 170 150 150 149 Gold 32,017 33, 525 35,050 21,371 Foreign exchange of the reserve-. 19 39 39 40 Foreign exchange of the reserve.. 10,021 5,711 6,427 18,839 Domestic bills 225 188 239 867 Other foreign exchange 1,181 1,277 1,168 302 Government debts 624 654 659 92 Loans and discounts .-_ 11,556 9,307 9,304 8,851 Note circulation 943 900 903 902 Note circulation _ _ 39,170 37,984 37,531 37,963 Deposits , 83 104 198 173 Deposits 10,120 6,276 8,863 6,861 National Bank of Belgium (millions Central Bank of Ecuador (thousands of belgas): of sucres): Gold 2,708 2,700 2,691 2,582 Gold at home and abroad. 14,418 14,305 14,648 Domestic and foreign bills _ 766 765 748 655 Foreign exchange 3,466 2,822 4,502 Loans to State 355 355 355 367 Loans and discounts 45,412 42,963 21,960 Note circulation 3,454 3,612 3,603 3,631 Note circulation 30,901 29,420 24,127 Deposits 543 359 343 128 Deposits 20,100 18,948 9,766 National Bank of Egypt i (thousands Central Bank of Bolivia (thousands of Egyptian pounds): of bolivianos): Gold — 6,663 6,663 6,663 Gold at home and abroad 10,587 13,053 12,900 21,322 Foreign exchange 1,871 1,764 1,953 Foreign exchange _ 3,919 5,336 5,328 3,050 Loans and discounts.. 4,441 4,616 6,161 Loans and discounts 36,695 36,875 38,703 British, Egyptian, and other N D o e t p e o c s i i r t c s u .. l . ation 4 3 8 7 , , 2 7 1 3 3 5 4 4 7 0 , , 6 1 5 8 9 7 4 4 6 2 , , 0 98 4 6 3 3 1 3 6 , , 9 1 6 6 0 5 Ot G he o r v e a r s n se m ts e . n _ t securities _ _. 3 3 1 , , 5 4 5 03 9 32 3 , , 7 3 8 5 6 1 2 3 9 , , 6 33 3 4 4 Bank of Brazil (millions of milreis): Note circulation _. 17,112 16,933 18,935 Currency. _ 596 580 454 Deposits—Government 2,872 4,201 2,830 Correspondents abroad 203 176 215 Other 19,996 20,052 17,901 Loans and discounts 2,960 2,837 1,806 Other liabilities. 7,958 7,994 8,080 Note circulation 20 20 170 Bank of Estonia (thousands of Deposits 3,378 3,175 2,238 krooni): National Bank of Bulgaria (millions Gold — 19, 250 19, 244 19, 239 11, 475 of leva): Net foreign exchange 973 487 1,350 6,973 Gold 1,522 1,521 1,521 1,517 Loans and discounts - — 20,405 19, 517 20, 225 23, 296 Net foreign exchange in reserve. _ 37 4 12 8 Note circulation _. 31,404 30,352 30, 295 32.060 Total foreign exchange 144 87 129 254 Deposits—Government 3,562 2,945 3,293 4,398 Loans and discounts 1,025 977 894 784 Bankers' 6,077 6,333 7,035 5,644 Government obligations 2,873 2,873 2,873 2,945 Other 3,217 4,059 2,318 Note circulation 2,738 2,674 2,531 2,773 Bank of Finland (millions of mark- Other sight liabilities 1,606 1,624 1,748 1,478 kaa): Gold 323 323 323 304 Central Bank of Chile (millions of Balances abroad and foreign pesos): credits _ 862 782 Gold at home and abroad-. 90 93 Foreign bills 250 274 318 225 L F D S N o e o e o c r a p t e u e n E B o i r s g s x i c a t i n i a c n i t r e s h n k c e s a d u x n l c d a g h i t e a s i o n c c n o g o e u m n f m t o s r i s a s c io c n o unt of: _ 4 3 4 3 7 4 7 8 7 2 2 3 2 3 5 2 4 4 2 0 8 1 3 3 0 0 2 9 Ba m n a N k D D L G s ) o o o o e : o a m l m t d f e n e a s G c a s n i a n t d r r i n d c c e d u l e f i b c l a o d a i e b r l i t e l i s i s i l o ( c g i m n o t n i u e il e s n l x i t o s c n h s a n o g f e drach- 3 2 1 , , , 7 4 4 6 1 2 0 7 2 6 8 2 0 5 4 3 2 1, , , 2 6 7 5 0 0 4 0 7 8 9 6 3 1 7 1 3 2 , , , 7 5 0 5 1 5 3 8 3 6 6 8 1 9 2 1 1 1 , , , 9 3 0 5 9 4 4 9 4 6 6 1 0 9 6 Central Bank of China 1 (thousands G overnment obligations _ 3,355 3,355 3,368 3,321 of yuan): Note circulation 5,304 4,832 4,760 4,683 Gold — 798 Other sight liabilities _ _ 4,420 4,763 4,598 2,454 Silver 108,800 46,762 Liabilities in foreign exchange 142 222 197 Due from banks abroad 18,555 3,559 National Bank of Hungary (millions Due from domestic banks 28,486 22,348 Loans and discounts 120,121 93,119 Gold .... 97 97 97 97 Securities 9,392 5,832 Foreign bills, etc 5 9 11 11 Other assets. __ 32, 720 19,338 Loans and discounts 488 477 479 459 Note circulation 51,050 30,842 Advances to treasury 50 50 50 52 Deposits—Government 134,592 87,603 Other assets 30 29 29 20 Bank 53, 230 23,891 Note circulation 361 354 364 372 Other 17,882 4,902 Deposits. 79 76 72 81 Other liabilities - 62,118 44,528 Miscellaneous liabilities 199 203 200 159 Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

'700 FEDERAL RESERVE BULLETIN NOVEMBER 1933 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1933 1932 Central bank Central bank Sept. Aug. July Sept. Sept. Aug. July Sept. Bank of Italy (millions of lire): National Bank of Rumania (millions Gold at home _ 7,046 7,033 6,994 5,789 of lei): Credits and balances abroad 304 318 343 1,400 Gold 9,786 9,766 9,748 9,476 Loans and discounts... 4,980 5,103 5,001 6,028 Foreign exchange of the reserve. _. 524 636 560 589 Note circulation 13,303 13,256 13,329 13,814 Other foreign exchange 24 2 27 78 Public deposits 300 300 300 300 Loans and discounts 9,915 9,939 9,893 11,312 Other deposits 1,258 1,312 1,803 1,274 State debt. 5,704 5,704 5,704 5,730 Bank of Japan (millions of yen) : Note circulation 21,194 21,159 21,229 21,313 Gold 425 425 425 429 Demand deposits 7,652 8,001 7,576 6,957 Advances and discounts 915 752 724 828 South African Reserve Bank (thou- Government bonds__ 385 368 425 118 sands of South African pounds): Notes issued. _ 1,184 1,118 1,179 979 Gold 14,830 15,421 16,475 6,512 Total deposits 458 359 325 469 Foreign bills 18,935 17,482 17,986 Bank of Java (millions of florins): Domestic bills 69 64 61 1,862 Gold _ 100 100 104 Note circulation 10,775 9,383 10,198 7,933 Foreign bills _ 1 4 18 Deposits—Go vernment 1,851 1,735 1,815 1,171 Loans and discounts 68 55 49 Bank . 23,544 24,079 26,322 3,997 Note circulation-_ 194 197 216 Other 1,120 3,085 2,044 142 Deposits _ 29 28 3 Bank of Spain (millions of pesetas): Bank of Latvia (millions of lats): Gold 2,260 2,260 2,260 2,257 Gold 47 47 36 Silver 647 646 642 586 Foreign-exchange reserve. _ 2 2 12 Balances abroad 281 282 280 289 Bills.. 67 67 71 Loans and discounts 2,583 2,468 2,570 2,803 Loans. 46 46 52 Note circulation _ 4,743 4,742 4,749 4,818 Note circulation 32 32 36 Deposits 872 948 940 918 Government deposits 67 67 68 Bank of Sweden (millions of kronor) : Other deposits 95 94 85 Gold 378 361 340 206 Bank of Lithuania (millions of litu): Foreign bills, etc 345 310 307 179 Gold 50 49 Loans and discounts 60 56 78 209 Foreign currency 11 16 Note circulation 625 565 547 612 Loans and discounts 81 96 Deposits 412 420 422 133 Note circulation.. 92 98 Swiss National Bank (millions of Deposits.. _ 46 58 francs): Netherlands Bank (millions of flor- Gold 1,846 1,820 1,820 2,638 ins): Foreign balances and bills 18 6 4 61 Gold 841 827 774 1,035 Loans and discounts 108 92 85 56 Foreign bills.. 1 1 22 71 Note circulation 1,419 1,402 1,430 1,575 Loans and discounts.. 176 181 165 119 Demand deposits 582 547 514 1,187 Note circulation 897 912 938 974 Central Bank of the Republic of Deposits 157 138 73 294 Turkey (thousands of Turkish Bank of Norway (millions of kroner): pounds): Gold ... 153 146 151 142 Gold 23,387 23,106 22,637 18,439 Foreign balances and bills. 16 22 10 29 Foreign exchange 274 361 387 Domestic credits 217 218 226 261 Government securities 152,457 152,483 152,574 155,840 Note circulation 305 304 306 311 Other securities 28,632 28,631 28,621 28,081 Foreign deposits 1 1 2 3 Other assets 39,535 41,169 38,952 22,488 Total deposits 65 62 83 Note circulation 161,145 161,171 161,262 164,529 Central Reserve Bank of Peru (thou- Deposits 29, 786 30,852 29,650 11,473 sands of soles): Other liabilities 54,449 53,640 52, 233 49,232 Gold. *39,863 *>39,775 39,277 Bank of the Republic of Uruguay Foreign exchange. .__ _ 9,995 11,343 92 (thousands of pesos): Bins.. :: 40,426 41,303 15,143 Gold 48,126 47,906 Note circulation 66,034 66,929 47,388 Loans and discounts. 101,298 101,203 108,167 Deposits. 17,145 19,114 4,587 Other assets 42,574 42,326 39,257 Bank of Poland (millions of zlote): Note circulation 78,458 80,484 82,383 Gold 474 473 473 Deposits—Demand 29,491 29,517 35,029 Foreign exchange _ 74 75 81 138 Time 41,997 42,237 37,477 Loans and discounts 827 797 789 741 Judicial and admin- Note circulation _ 1,031 1,004 1,003 1,056 istrative 2,679 2,807 2,715 Other sight liabilities 160 164 174 152 Other liabilities 39,373 37,181 37,728 Bank of Portugal (millions of escu- National Bank of the Kingdom of dos): Yugoslavia (millions of dinars): Gold 727 721 713 Gold 1,798 1,797 1,797 1,763 Other reserves 311 370 398 544 Foreign exchange 148 154 138 354 Discounts and advances 320 330 327 339 Loans and discounts 2,211 2,247 2,252 2,482 Government obligations 1,053 1,053 1,053 1,058 Advances to State 2,318 2,317 2,416 2,410 Note circulation 1,939 1,909 1,881 1,920 Note circulation 4,372 4,314 4,306 4,833 Other sight liabilities 555 641 675 355 Other sight liabilities. _ 915 846 1,037 795 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

701 NOVEMBER 1933 FEDEEAL EESERVE BULLETIN COMMERCIAL BANKS [For back figures and explanation of these tables see BULLETIN for October, pp. 639-642] Assets Liabilities ENGLAND Cash in Deposits (10 clearing banks) a B n v f a d r a n o u k d m l u t o e f M a s t a h o n c o n d a r e t l y l B co il u ls n d te i d s- Se t c ie u s ri- L cu o s a e t n r o s s m to - O as t s h e e ts r Demand Time Total l O ia t b h i e li r - England notice Millions of pounds sterling: 1932—January 180 117 239 283 211 818 832 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 1,983 216 1933—January. 214 114 431 472 768 202 953 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 1,966 233 September 215 91 355 563 753 215 (0 0) 1,958 Assets Liabilities FRANCE Cash in Loans, in- Deposits (4 large banks) vault andDue from Bills dis- cluding Other uwn ac- Other lia- Q B ii a 6 n i k r o o m f banks counted se l c o u an ri s ty assets Demand Time Total ceptances bilities France Millions of francs: 1932—January... 11,079 2,098 18,454 8,612 1,300 36,196 1,179 37,375 587 3,580 February.. 12,113 2,259 17,347 8,808 1,135 36,435 1,218 37,653 444 3,565 March 11,874 2,404 17,482 8,308 1,315 35,983 1,201 37,184 554 3,643 April 12,280 1,836 18,043 7,934 1,327 35,929 1,239 37,167 532 3,720 May 11,288 1,776 18,998 7,970 1,304 35,826 1,284 37,109 453 3,773 June 11,475 1,727 18,994 8,306 1,316 36,351 1,250 37, 601 404 3,814 July. 10, 375 1,866 20,136 7,904 1,379 36,031 1, 263 37,294 394 3,971 August 11, 578 1,804 18,745 8,211 1,422 36,148 1,286 37,435 350 3,976 September 11,072 2,200 19,034 8,268 1,462 36,372 1,280 37,652 328 4,054 October... 10, 574 2,117 19,757 8,058 1,546 36,197 1,342 37,539 334 4,178 November. 10, 571 1,774 21,266 7,898 1,576 37,257 1,312 38, 568 288 4,229 December. 9,007 1,766 22,014 7,850 1,749 36,491 1,268 37,759 295 4,331 1933—January. .. 7,445 1,996 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 20, 261 8,586 1,163 34,163 1,045 35, 208 305 3,730 April 6,959 1,958 20, 852 7,799 1,206 33, 655 979 34,634 291 3,850 May 8,184 1,960 20,048 7,777 1,227 34,145 979 35,124 247 3,824 June 8,499 1,931 19, 889 7,824 1,420 34,307 988 35, 295 372 3,895 July 8,738 1,723 20,236 7,848 1,521 34,671 1,005 35,676 379 4,011 August 8,027 1,600 19,851 7,813 1,565 33,419 1,007 34,426 360 4,069 1 Not yet available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

702 FEDERAL RESERVE BULLETIN NOVEMBER 1933 COMMERCIAL BANKS—Continued [For back figures and explanation of these tables see BULLETIN for October, pp. 643-646] Assets Liabilities GERMANY Cash in Deposits Credits (Reporting banks) v d a R u u e e l i t c f r h a o s n m d Du b e a n f k ro s m B co il u ls n t d e i d s- i s n L e c c o l u u a r d n i i s t n y , gSecurities a O s t s h e e ts r b o a b f n t r a o k i m s n e fo d r lia O b t i h li e t r ies bank loans Demand Time Total customers Millions of reichsmarks: 1932—January J February 245 779 1,752 5,831 2,164 1,342 3,591 3,901 7,492 1,251 3,369 March 319 865 1,605 5,925 2,125 1,307 3,691 3,810 7,501 1,256 3,389 April 206 771 1,844 6,092 2,143 1,311 3,771 3,918 7,690 1,282 3,394 May 200 825 1,888 5,976 2,169 1,296 3,829 3,869 7,697 1,271 3,385 June 248 770 1,904 5,732 2,364 1,249 3,772 3,835 7,607 1,324 3,336 July 188 763 1,904 5,683 2,364 1,242 3,643 3,891 7,534 1,297 3,313 August 172 746 1,908 5,627 2,372 1,224 3,597 3,898 7,495 1,288 3,267 September _ __ 204 762 1,885 5,601 2,366 1,212 3,637 3,888 7,525 1,266 3,239 October 178 734 1,911 5,584 2,373 1,226 3,566 3,951 7,517 1,245 3,244 November - - - 173 727 1,866 5,549 2,369 1,216 3,494 3,948 7,442 1,223 3,233 December^ 1933—January 1 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 Assets Liabilities Deposits payable in Canada Entirely in Canada (exclusive of interbank de- Security posits) CANADA loans (10 chartered banks) v C a a u s lt h a i n n d Other . d a a u n b e d r o f r n a o e d m t Se ti c e u s ri- O as t s h et e s r ci N t r i c o o u t n l e a- lia O b t i h li e t r ies tr i a n l c g e o n l - d Se lo c a u n ri s ty l b o i a l n ls s d a i n s d - f b o a re n i k g s n Demand Time Total reserves counted Millions of Canadian dollars: 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 L,390 L,986 735 March 182 131 1,264 122 672 483 122 608 ,389 ,996 735 April 174 122 1,263 122 666 482 125 584 , 393 ,977 726 May 177 114 1,247 117 663 481 119 568 ,387 , 955 726 June 189 110 1,211 120 669 482 126 546 , 373 ,919 736 July 186 112 1,179 124 674 445 123 511 , 363 ,874 724 August 176 114 1,147 149 703 448 117 527 367 ,893 727 September __ . 174 115 1,142 143 699 463 124 528 ,359 ,888 724 October 183 117 1,161 151 727 472 120 579 1,371 ,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 L, 383 ]L,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 ,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__ __ 197 109 1,042 151 866 448 120 578 ].380 ,958 733 August 192 105 1,026 146 866 437 121 551 1,373 1,924 727 i Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVSMBSE 1983 FEDERAL &ESERVE BULLETIN 703 DISCOUNT RATES OF CENTRAL BANKS £>ate elective o B f l a a E n n n d k g- F B ra a o n n f k ce G R b e e a r ic m n h k a s n - B It a o a n f ly k N l B e a a n th n d e k s r- Na S Jt t f w i a o n is n K s al Country N R o a 1 v te . I s n i n e c f e f — ect Country N R o a 1 t v 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 Oct. 10 Austria 5 Mar. 24,1933 Java.. Aug. 16,1933 Dec. 10 7 Belgium ... ZH Jan. 14,1932 Latvia $ Jan. 1,1933 M Fe a b r . . 1 9 8 , 193 _ 2 5 6 Bolivia 6 July 5,1932 Lithuania 6 Apr. 1,1930 Mar. 10 4 Bulgaria. __ 8 May 25,1932 Norway _ ZH May 24.193*5 Mar. 17 ZH Chile 4H Aug. 23,1932 Peru_-_ 6 May 20,1932 Mar. 21. ___ 6 Colombia 4 July 18,1933 Poland 5 Oct. 26,1933 Apr. 9... Czechoslo- Portugal 6 Mar. 13,1933 Apr. 19 _ 2M vakia ZH Jan. 25,1933 Apr. 21... 3 Rumania 6 Apr. 5,193b Apr. 28 5 Danzig 3 May 6,1933 South Africa. ZH May 15,1933 May 2 5 Denmark 3 June 1,1933 Spain 6 Oct. 26,1932 May 12.. * 2H Ecuador 4 Nov. 30,1932 June 30 2 Estonia Feb. 1,1932 Sweden 3 June 1,1933 Sept. 22_. 4 U.S.S.R 8 Mar. 22,192? Jan. 9, 1933 4 Finland 5 Sept. 5,1933 Yugoslavia—. 7H July 20,1931 J M un ay e 2 1 9 2 _ H Gr u e n e g c a e ry 4 7 H1 O O f c i t t . 1 1 4 8 ,1 1 9 Q 3 3 2 S July 15 4 India SH Feb. 16. 1933 July 29 3H Aug. 15 __. 3 Sept. 4 zte Sept. 19 2H Changes since Oct. 1: Greece-— Oct. 14, down from 7% to 7 percent; In effect Nov. 1,1933. 2 4 ZH 2 Poland—Oct. 26, down from 6 to 5 percent. MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month 3 B a a a m c n n c o c k e e n p e s t t r , h - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n l l a o d n w e k p a o e n r s c s i e t ' s * d P is r r c i a v o te a u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or 1932—September 0.67 0.55 0.67 H 4.25 5.55 5.55 0.37 1.00 October .82 .71 .71 3.87 5.00 4.94 .37 1.00 November .89 .82 .73 H 3.87 5.00 4.80 .37 1.00 1.02 1.04 .81 3.87 5.08 4.91 .37 1.00 1933—January .87 .76 .73 Ha 3.87 5.03 4.98 .37 1.00 February. _ .83 .78 .73 3.87 5.00 4.86 .37 1.00 March .62 .46 .64 3.87 5.00 4.97 .64 1.11 April .59 .50 .61 3.87 5.25 5.05 .66 1.00 May .50 .37 .58 H 3.87 5.50 5.24 2.11 1.69 June .50 .40 .62 3.87 5.50 4.93 2.18 2.06 Julv.__ .48 .40 .62 H 3.87 5.50 5.19 3.54 2.64 August .41 .30 .62 M 3.87 5.50 4.94 1.11 1.08 September.. .44 .31 .63 3.87 5.50 5.00 .77 1.00 Sweden Switzer- Belgium France Italy Hungary (Stock- Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) Month . d P is r r i c a v o t a e u t n e t d P is r r i c a v o te a u t n e t d P is r r i c a v o te a u t n e t d P is r r i c a v o te a u t n e t c c ia o P l m ri p m m a e p e r e - r Da m y- o t n o e -d y ay L m oa o to n n s t 3 h u s p Disc b o i u ll n s ted ov m e C o rn a n l i e l g y ht 1932—September _ . 1.50 3.00 1.00 5.50 4H-8 4 -m 3H-&U 5.66-6. 21 3.47 October _ - 1.50 3.00 1.01 5.00 4^-8 ZH-5H 5.66-6 02 3.28 November 1.50 3.00 1.00 5.00 4H-7H 384 ZU-5U 5.66-5.84 2.92 December 1.50 2.94 .91 5.00 4H-7H zn 3H-5H 5.66-5.84 2.74 1933—January 1.50 2.88 1.12 4.42 i%-7h ZH 3^-5^ 5.48-5.84 3.10 February 1.50 2.78 1.89 4.25 4%-7H 3% 5.48-5. 84 2.92 March 1.50 2.62 2.04 4.20 4H-7H ZH 3^-6 5. 48-5.84 2.92 April 1.60 2.60 1.87 4.00 m-7H 3H-5H 5. 48-5.84 2.37 May 1.50 2.41 1.76 4.00 4H-7H z\$ 3^-6 5.11-5.84 2.19 June . 1.50 2.31 1.50 4.00 4H-7H 3H 3 -5 5.11-6. 48 2.74 July 1.50 2.31 1.39 4.00 4S4-7H ZH 3 -5 5.11-5.48 2.37 August ..- 1.50 2.31 1.45 4.00 4H-7H ZH 3 -6 5.11-5.48 2.37 September 1.50 2.27 1.13 3.55 NOTB—For spurces and back figures, see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 738 find May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 FEDEKAL RESERVE BULLETIN NOVEMBER 1933 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Month Ar t g in 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 e r n- k 1932—October- 58.5835 271.15 13.9550 13.8940 7.6214 0.7200 91.2332 6.0250 20.8883 95.2400 99.9109 2.9606 17.6412 November. 58.5837 261.50 13.9477 13.8723 7.6302 .7200 87.3000 6.0276 20.5937 95.2400 99.9237 2.9619 17.0613 December. 58.5851 261.77 13.9581 13.8460 7.6327 .7200 6.0274 19.4719 95.2400 99.9361 2.9613 17.0069 1933—January _.. 58. 5847 267.19 13.9715 13.8629 7.6352 .7195 87.4621 6.0275 19.7916 95.2400 99.9411 2.9614 16.9097 February. 58.5804 272.17 13.9867 13.9638 7.6348 .7200 83.5084 6.0278 20.1136 94.4191 99.9790 2.9632 15.2612 March 58. 2974 272.73 14.0121 13. 9803 7.6330 .7210 83. 5205 6. 0281 20.7250 86. 2100 100.0162 2.9743 15.3180 April 60. 4864 284.79 14.0700 14. 5285 7.6348 .7223 84. 7233 6. 0300 22.1953 86. 2100 99.9322 3.1155 15.9502 May 67.9019 313.07 14. 5582 16. 2711 7. 6354 . 7325 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 20.8344 October. __ 86.1188 371. 47 16. 7694 20. 7215 8. 4634 1. 2590 97. 5958 8.8731 29.8462 65.7136 99.9223 4. 4172 20. 8413 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—October.— 348.5176 339. 6163 1.4823 3.9264 23.7692 0.6014 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 1033—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 October 446. 8290 2.0683 5. 8167 35. 4267 .8397 33. 2821 26. 3520 35. 0366 7. 8208 27. 7670 28.1692 59. 9529 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 r e t a t n l i e t t s s - Sweden Sw la i n tz d er- Turkey U A S n f o i r o i u c n t a h o i f Uruguay Y sla u v g i o a - 1932—October 310.15 17.1752 11.1740 3.0872 0.5978 8.1871 39.4372 17.5334 19.3041 47.2680 475.85 47.3466 1.4094 November. 299.11 16.7252 11.1769 3.0293 .5975 8.1730 38.0026 17.4314 19.2470 47.2167 477.58 47.3402 1.3506 December- 299.42 16.8899 11.1825 3.0191 .5973 8.1506 38.0123 17.9108 19.2354 47.0127 479.13 47.3397 1.3448 1933—January 292.13 17.2684 11.1872 3.0364 .5972 8.1777 38.9884 18.2982 19.2836 47.0260 340.63 47.3366 1.3555 February 272.87 17. 5270 11.1940 3.1017 .5958 8.2446 39.5818 18.2670 19.3707 47.1982 338.90 47.3363 1.3593 March 273. 45 17. 5913 .11.1834 3.1362 .5974 8.4431 39.6078 18.1884 19. 3716 47.4384 339.88 47.3458 1.3714 April.... 285.48 18. 3161 11.3755 3.2133 .6107 8.8804 41. 2350 18. 8108 20.1281 49.3996 353. 74 47. 7646 1.4228 May— 313. 86 20.0164 13. 0873 3. 5781 .7025 9.9875 45. 6611 20.2413 22. 5368 55.3596 388. 74 53.1875 1. 6073 June... 330. 09 20. 8811 13. 8229 3. 7694 .7448 10.3638 47.9630 21.2819 23. 5665 57.8085 408. 76 55.9871 1. 6708 July 370.19 23. 3627 15. 6202 4.2468 .8766 11. 6540 54.0460 23.9784 26.9583 65.7080 459.33 65.1372 1.9032 August 359. 02 22. 6451 15.4348 4.1521 .8374 11.4565 52.3634 23. 2263 26.5265 64.4507 444.39 64. 7589 1.8909 September 372.17 23. 4400 16. 6963 4.4655 .8934 12.4087 54. 2920 24. 0532 28. 7299 448. 57 70.1510 2. 0274 October 372. 40 23.4451 16. 7103 4.5315 .9112 12. 4343 54. 5740 24. 0690 28. 7902 461. 23 70.7755 2.0443 Monetary units and pars of exchange (in cents per unit of foreign currency): Par of Par of Par of Country Monetary unit ex- Country Monetary unit ex- Country Monetary unit exchange change change Argentina Gold peso 96.48 England Pound 486.66 Poland Zloty 11.22 Australia _ Pound 486.66 Finland Markka 2.52 Portugal Escudo 4.42 Austria. Schilling 14.07 France Franc 3.92 Rumania Leu .60 Belgium Belga __ 13.90 Germany Reichsmark 23.82 Spain Peseta 19.30 Brazil Milreis. _ 11.96 Greece. Drachma— - 1.30 Straits Settle- Bulgaria Lev .72 Hong Kong Hong Kong dollar. 3 30.23 ments. jsingapore dollar... «54.42 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 3 29.27 Italy. Lira 5.26 Turkey 439. 65 Colombia Peso 97 33 Japan.. Yen 49.85 Union of South Turkish pound— Cuba. do. . 100. 00 Mexico Silver peso.. 49.85 Africa. jpound 486.66 Czechoslovakia Koruna 2.96 Netherlands Florin __ 40.20 Uruguay 103.42 Denmark Krone 26.80 New Zealand Pound 486.66 Yugoslavia _ DPeisnoar. 1.76 Egypt Egyptian pound__ 494.31 Norway Krone _ 26.80 » 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 grama of pure silver. Average quotations for 7 days of old yuan containing 23.9025 grams of pure silver was 20.5383 cents. 1 Silver currencies—figures given for dollar parity in October 1933 computed by multiplying silver content of unit by New York average price of silver for October 1933, which was $0.38502 per fine ounce. 4 Singapore dollar is legally equivalent to seven sixtieths of 1 English pound. Figure given for parity in October 1933 represents seven sixtieths of average quotation of pound in New York for October 1933. NOTE.—Quotations for Argentina, Brazil, Chile, Colombia, and Uruguay have been nominal since Apr. 14,1933; those for Bulgaria are frequently nominal; those for Austria and Hungary are nominal occasionally. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

705 NOVEMBER 1933 FEDEBAL EESERVE BULLETIN 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 n 2 c 1 g e = l m a 1 n 0 b d 0 e ) r ( a 1 g F 9 e 1 r = a 3 n 1 a c 0 v e 0 e ) r- G ( p a e r v r i e 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—September . 95.6 103.5 97.7 3 70.4 81.7 67.2 115.5 3 52.3 N O o ct v o e b m er ber- 8 8 9 9. . 4 0 1 1 0 0 4 4 . . 8 2 9 9 4 4 . . 4 8 ) 6 71 9 . . 7 7 7 7 4 5 . . 7 6 1 1 0 06 4 . . 9 3 88 December . 81.6 102.2 57.7 68.1 94.8 1932—January. __ 81.0 104.7 91.5 (*) 58.0 69.7 107.3 (*) J J N A M A S D O F M u u e e p o u c e a n l a p b t y r c v g y r e o i t r e e u c l e b u m h m s m e a t r b r b b y e e e _ r r r . - _ . . 8 8 8 7 8 8 8 7 7 8 7 1 1 4 5 8 2 4 5 0 9 0 . . . . . . . . . . . 2 9 1 8 2 2 2 2 4 3 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 0 8 5 5 6 1 1 0 6 0 1 6 . . . . . . . . . . . 4 9 6 4 0 1 3 6 1 6 5 8 8 8 8 8 8 8 8 9 9 8 8 9 7 8 7 9 5 9 5 0 0 . . . . . . . . . . . 9 4 6 8 1 0 2 9 5 5 3 (? 3 6 6 7 6 6 6 7 7 6 3 6 2 2 4 7 0 0 3 . . . . . . . . 2 9 3 4 4 2 4 1 .0 3 3 4 4 4 3 5 5 4 5 5 7 5 9 9 8 3 3 7 4 6 6 . . . . . . . . . . . 4 9 9 8 2 9 3 5 0 8 4 7 7 7 6 6 6 6 7 5 2 2 2 2 1 3 9 3 9 . . . . . . . . . 7 0 4 7 6 5 5 5 3 1 1 1 1 1 1 1 1 9 9 9 0 0 0 1 0 0 2 0 7 4 7 0 4 3 7 0 4 6 7 . . . . . . . . . . . 4 4 4 0 4 3 4 6 3 2 3 ( ( 0 * 4 )) ) ) 3 3 5 4 4 4 5 5 5 4 4 6 7 3 2 5 5 4 6 5 . . . . . . . . 7 9 4 5 6 . 8 1 4 5 1933—January.... 84.1 116.9 86.4 81.4 49.1 72.4 101.3 59.3 February... 82.5 118.4 85.3 79.9 44.9 72.2 97.9 59.4 March 76.8 118.4 81.9 83.6 43.2 72.3 92.7 64.5 April 75.4 120.2 81.5 85.8 47.5 72.4 94.0 66.8 May 82.0 118.1 78.5 81.5 62.9 75.4 100.4 67.2 June 86.8 118.7 79.5 80.1 74.9 79.0 105.2 65.7 July 89.6 117.9 80.0 78.2 80.4 83.9 106.0 62.8 August 89.9 120.1 80.2 78.5 75.1 84.4 105.2 60.7 September- 87.9 121.2 81.4 78.2 74.8 85.3 103.0 57.3 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 Beichsamt; 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 United Japan Nether- Month States Canada England France Germany Italy (October lands (1926=100) (1926=100) (1913=100) (1913=100) (1913=100) (1913=100) 1900=100) (1913=100) 1931—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 Dpofirnhftr 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 ••66 102 413 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 September 71 69 103 395 95 276 182 75 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL RESERVE BULLETIN NOVEMBER 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) Month Farm Other products Foods commod- ]Foods ities 1931—September.. 61 74 74 108 October 59 73 73 113 November 59 71 74 115 December 56 69 7? 113 1932—J anuary 53 65 72 114 February , 51 63 71 114 March 50 62 71 116 April 49 61 71 115 May 47 59 70 114 June 46 59 70 112 July . - 48 61 70 108 August ._ 49 62 70 107 September 49 62 70 107 October 47 61 70 106 November 47 61 70 107 December _ 44 58 69 108 1933—January 43 56 67 107 February 41 54 66 105 March 43 55 66 102 April 45 56 65 May - _. 50 59 67 June 53 61 69 July 60 66 72 August 58 65 74 September.— 57 65 76 oooooo France (1913=100) Germany (1913« 100) p I r n o tr d d ia u u l c s- ts a p n r F d o a d f r u o m c o t d s p I r n o tr d d ia u u l s c - ts p A r t g o u r d r i u c a u l ct l s - P s r io o n v s i- a t f r n I i i n n d a i d l s s u h r e a s m e - w d i- p tr I r i i n o a s d h d l u e u f d s i c n - ts products 95 508 443 101 94 100 135 100 489 429 99 95 99 133 102 482 416 99 94 99 132 102 491 400 95 91 97 130 101 496 390 92 90 92 125 101 511 389 95 91 91 122 99 510 388 97 89 90 121 96 506 381 95 88 89 120 94 511 374 93 87 88 119 91 490 369 92 85 87 118 92 498 370 93 84 87 117 95 453 382 91 83 88 116 99 445 384 89 85 89 115 98 450 379 88 83 88 115 98 458 373 88 81 88 114 97 456 375 84 80 87 114 97 455 373 81 81 87 113 96 443 370 82 80 87 112 95 417 368 83 79 87 112 95 407 369 82 77 87 111 98 390 376 84 77 88 112 101 418 390 85 78 89 112 103 414 389 87 77 90 113 102 407 389 88 76 90 113 102 409 383 90 75 89 114 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) * (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 147 142 125 117 February 105 91 131 122 115 103 114 107 February . 147 141 122 117 March 105 91 129 119 115 101 114 106 March 146 139 108 106 122 117 April . 104 90 126 115 115 99 113 106 April 144 137 122 117 May 101 94 125 114 114 97 113 110 May 143 136 121 118 June 100 97 123 114 111 97 113 111 June 136 128 142 136 109 105 121 119 July.._ 101 105 125 118 108 95 114 111 July 143 138 122 119 August 101 2107 123 119 104 97 112 110 August 141 139 120 118 September 100 « 107 123 122 102 98 111 111 SeptembBr 141 141 105 120 119 October 100 2 107 125 102 110 October 143 119 November _ 99 125 104 110 November 143 119 December 99 125 103 109 December _ 132 ... 143 105 118 * Average of October 1913, January, April, and July 1914=100. 1 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; Sept. 26, 107.4; Oct. 10,107.3. SOURCE: Wholesale prices.—For original sources, see BULLETIN for March 1931 (p. 159). Retail food prices and cost of living.—United States- Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique GenSrale, and for cost of living, Commission d'6tudes relatives au coflt de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER : FEDERAL RESERVE BULLETIN 707 LAW DEPARTMENT Application of section 8A of the Clayton Antitrust tween the maturity date of a certificate of de- Act to directors of Federal Reserve banks and posit and the date on which a renewal certificate branch banks of deposit is actually issued, even though-such In response to an inquiry from a national renewal certificate is dated back to the date of bank, the Federal Reserve Board has expressed maturity of the original certificate. the opinion that, in view of the fact that Federal Reserve banks are organized and operating Removal of branch from one town to another under the laws of the United States and make A State bank which has in operation a branch loans secured by bonds, the service of a perestablished prior to February 25, 1927, beyond son at the same time as a director, officer, or the limits of the city in which the head office is employee of a national bank and as a director situated, has inquired of the Federal Reserve of a branch of a Federal Reserve bank is within Board, whether the eligibility of the bank for the provisions of section 8A of the Clayton membership in the Federal Reserve System will Antitrust Act which prohibit interlocking direcbe affected if such branch is now removed to torates in certain circumstances between banks another town. and corporations which make loans secured by Under the provisions of section 9 of the stock or bond collateral. For like reasons, the Federal Reserve Act, a State bank may not service of a person at the same time as a direcretain or acquire stock in a Federal Reserve tor, officer, or employee of a national bank and bank except upon the relinquishment of any as a class A director of a Federal Reserve bank branch or branches established after February is within the provisions of section 8A of the 25, 1927, beyond the limits of the city, town, Clayton Act. However, under authority of or village in which the parent bank is situated, section 8 of the Clayton Act, the Federal Reunless any such branch is established and operserve Board may issue permits, under certain ated on the same terms and conditions and conditions and subject to certain limitations, subject to the same limitations and restrictions covering the service of not more than three as are applicable to the establishment of banking institutions coming within the probranches by national banks. In the opinion of visions of section 8 or section 8A. the Federal Reserve Board, the removal of a branch from one town to another in which the Interest on time deposits after maturity parent bank has no branch constitutes the The question has been presented to the Fed- establishment of a branch within the meaning eral Reserve Board whether, in a case in which of section 9 of the Federal Reserve Act, and, a renewal certificate of deposit is dated back accordingly, the Board advised the inquiring to the date of maturity of the original certifi- bank that if it should at this time remove its cate, interest may be paid by a member bank branch from one town to another in which it for the period intervening between the matur- has no branch, it would result in the establishity date of the original certificate and the date ment of a branch in the latter town and, unless of issuance of the renewal certificate. Under such branch should be established and operated the law no interest may be paid by a member on the same terms and conditions and subject bank on a deposit which is payable on demand to the same limitations and restrictions as are and, after the date of maturity of any time de- applicable to the establishment of branches by posit, such a deposit is a deposit payable on national banks, the bank would not be eligible demand. The Board expressed the opinion, for admission to membership in the Federal therefore, that a member bank may not law- Reserve System so long as it retained and fully pay interest for the period intervening be- operated such branch. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 FEDEKAL KESEKVE BULLETIN NOVEMBER 1933 Forms of time certificates of deposit (Form No. 4) The First National Bank of. There are printed below forms of certificates Place. No of deposit which, in the opinion of the Federal (Date) Keserve Board, comply with the definition of has deposited not subject to check _ time certificates of deposit contained in the Dollars ($ ) payable to the order of ___ in current funds only upon the expiration of a period of days Board's Regulation Q. No particular form of (Not less than 30 days) time certificate of deposit is required, however, after notice in writing of intended withdrawal shall have been given to the bank and upon surrender of this certificate properly endorsed, with and a deposit evidenced by any form which interest as herein provided. Interest payable for full months only complies in all respects with the definition of at percent per annum if left __. or percent if left more (days or months) time certificates of deposit set forth in Regulathan No interest after expiration of notice of withdrawal. tion Q may, of course, be treated as a time (days or months) The rate of interest payable hereunder is subject to change by the bank deposit for the purposes of the regulation. to such extent as may be necessary to comply with requirements of the Federal Reserve Board made from time to time pursuant to the Federal (Form No. 1) Reserve Act. The First National Bank of (Cashier) Place No Right of national banks in California, South Carolina, (Date) and Tennessee to establish out of town branches has deposited not subject to check Dollars ($ ) payable to the order of in There is printed below the text of an opinion current funds on 19 , upon surrender of this of the Acting Attorney General of the United (Not less than 30 days hence) States, rendered under date of October 27, certificate properly endorsed, with interest at the rate of 3 percent per 1933, with respect to the right of a national annum from date to maturity only. The rate of interest payable herebanking association located in the State of under is subject to change by the bank to such extent as may be necessary to comply with requirements of the Federal Reserve Board made California, South Carolina, or Tennessee to from time to time pursuant to the Federal Reserve Act. establish branch banks beyond the limits of the (Cashier) city, town, or village in which the banking association is situated. (Form No. 2) The First National Bank of. DEPARTMENT OF JUSTICE, Place. No Washington, B.C., October 27, 1933. SIR: I have the honor to refer to your letters of Au- (Date) gust 22, and October 2, requesting my opinion concernhas deposited not subject to check ing the authority of the Comptroller of the Currency Dollars ($—_ _-.) payable to the order of in to approve applications of national banking associations current funds after date, upon surrender of this certificate in the States of California, Maryland, South Carolina, (Not less than 30 days) and Tennessee, for permission to establish branch properly endorsed, with interest at the rate of 3 percent per annum from banks within those States beyond the limits of the city, date to maturity only. The rate of interest payable hereunder is sub- town, or village in which the banking association is ject to change by the bank to such extent as may be necessary to comply situated. with requirements of the Federal Reserve Board made from time to Section 23 of the Banking Act of 1933 (approved time pursuant to the Federal Reserve Act. June 16, 1933) amended section 5155 of the Revised Statutes (U.S.C. title 12, section 36) so as to read, in (Cashier) part, as follows: (Form No. 3) "(c) A national banking association may, with the The First National Bank of _ approval of the Comptroller of the Currency, establish and operate new branches: (1) Within the limits of the Place . No city, town, or village in which said association is (Date) situated, if such establishment and operation are at has deposited not subject to check the time expressly authorized to State banks by the Dollars ($ ) payable to the order of in law of the State in question; and (2) at any point within current funds days after notice in writing of intended with- the State in which said association is situated, if such (Not less than 30 days) establishment and operation are at the time authorized drawal shall have been given to the bank and upon surrender of this to State banks by the statute law of the State in quescertificate properly endorsed, with interest as herein provided. Interest tion by language specifically granting such authority payable for full months only at percent per annum if left affirmatively and not merely by implication or recognition, and subject to the restrictions as to location (days or months) imposed by the law of the State on State banks." or percent if left more than No interest after expira- (days or months) A statute of the State of Oregon provides that "any tion of notice of withdrawal. The rate of interest payable hereunder is bank * * * may establish or operate a branch or subject to change by the bank to such extent as may be necessary to branches * * *," under the conditions and with comply with requirements of the Federal Reserve Board made from the approval therein provided for. (Act of Feb. 28, 1933; Ore. Laws 1933, p. 172.) On the other hand, time to time pursuant to the Federal Reserve Act. (Cashier) statutes of California, Michigan, Ohio, Maryland, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 709 South Carolina, and Tennessee employ less direct forms the following statement, which no one refuted (Cong. of expression, commonly providing, in effect, that "no Rec, v. 76, p. 2206): branch bank shall be established" except with specified "Under the terms of the amendment submitted by approval, etc. You state that the Comptroller of the the Senator from New Mexico (Mr. Bratton) there can Currency has approved applications from Oregon, be no branch banking, not even in bankless communities, California, Michigan, and Ohio, and it appears that not even in communities where a branch might take applications are now pending from California, South over an existing unit and save it and save the money Carolina, and Tennessee. of its depositors except in a few States. Under the Your inquiry raises the question whether any of terms of the amendment now pending, submitted by these statutes, save that of Oregon, may be regarded as the Senator from New Mexico, there cannot be a branch bank even in circumstances of the utmost need containing " language specifically granting such authorand utility in any except nine States of the Union, ity affirmatively and not merely by implication or namely, Arizona, California, Delaware, Maryland, recognition," within the meaning of the act of Con- North Carolina, Rhode Island, South Carolina, Vergress ; and the exigencies require a careful consideration mont, and Virginia. Unless there be new affirmative of the legislative history of the Federal enactment. legislation in each of the other 39 States of the Union, Section 5155 R.S. originally authorized State banks, this particular banking resource to save depositors and having branches to which definite portions of a joint to save communities is denied to 39 States of the capital were assigned, to become national banking Union. * * *" associations and to retain such branches. This was The Bratton amendment, modified to accord with amended by the act of February 25, 1927, c. 191, 44 the view of Senator Wheeler, prevailed, and the bill Stat. 1224, 1228, so- as to provide, inter alia, that was passed by the Senate with the controversial pronational banking associations might establish and vision reading as hereinafter indicated (Cong. Rec, v. operate branches within the city, town, or village in 76, pp. 2205, 2208, 2517). which the association is situated, if of not less than The Seventy-second Congress came to an end with- 25,000 population, provided that "such establishment out action upon the bill by the House of Representaand operation are at the time permitted to State banks tives. During the special session of the Seventy-third by the law of the State in question." Congress, separate banking bills were passed in the The Senate on May 6, 1932, began consideration of House and in the Senate. The House bill contained a bill reported by the Committee on Banking and no provision for such extension of branch banking. Currency with purpose to amend the law so as to The Senate bill contained the identical provision which authorize State-wide branch banking without regard the Senate had previously approved (Cong. Rec, v. 77, to State laws or policies, and Senator Glass, the chair- p. 3814), and the entire Senate bill was ingrafted upon man of the Committee, pointed out that the question the House bill by way of amendment. In such shape was highly controversial and had been mooted over a the matter was referred to a committee of conference, period of years (Cong. Rec. v. 75, pp. 9711, 9890). The embodying members of both the House and the Senate, suggested provision, after much discussion, amendment, in accordance with the ordinary procedure in cases of and revision, finally emerged as it now appears in the disagreement between the two bodies. act of June 16, 1933. The language approved by the Senate had provided The one outstanding objection to the proposal was for branch banks beyond city, town, or village limits—• characterized by the Committee chairman as founded "if such establishment and operation are at the time upon a view of the opponents that it would constitute expressly authorized to State banks by the law of the "an invasion of the sovereign rights of the States" for State in question * * *." the Federal Government to establish within their borders The conference committee rewrote the section a species of banking not sanctioned by the local policy. (Cong. Rec v. 77, p. 5866) so as to authorize such The objections actually voiced by individual members branches— were of such import and indicated a view that most "if such establishment and operation are at the time States did not permit branch banking (Cong. Rec. v. authorized to State banks by the statute law of the 75, p. 9890, 13002; v. 76, pp. 1449, 1997, 2079, 2080, state in question by language specifically granting such 2090, 2205, 2206). authority affirmatively and not merely by implication or Senator Bratton offered an amendment to authorize recognition * * *." branch banks only when "permitted to State banks It will be observed that the committee eliminated by the law of the State in question", but acquiesced in the word "expressly" and added the words which are a modification suggested by Senator Wheeler that italicized. It reported no explanation of this change "authorized", instead of "permitted" should be used, and the bill, as thus amended, became law without the latter explaining (Cong. R. v. 76, p. 1997): further pertinent discussion save as indicated below. "In the State of Montana and in a number of other Mr. Luce, one of the conferees on the part of the States there is no law expressly either prohibiting or House, made this explanation (Cong. Rec. v. 77, p. permitting State branch banking; but the State bank 5995): examiner has held that there is nothing in the charter "Let me put upon record my appreciation of as of the State banks permitting a branch bank. Under fine an exhibition of patriotism and sacrifice as I ever that construction, in my humble opinion, branch banks witnessed, that to be found in the action of another could be established in that State unless they were ex- member of the conference committee, the gentleman pressly prohibited by the law of the State. Conse- from Maryland (Mr. Goldsborough). He did an quently, I wanted a provision to be placed in the statute honorable, a loyal, and in view of his convictions a that branch banks shall not be permitted in a State very difficult thing, in waiving his judgment as to unless the legislature or the people themselves, through one phase of this measure. Without his thus waiving an initiative, actually by law say that they shall be judgment the conference report would not have now permitted there." reached the floor of the House and the Senate. By Senator Vandenberg, who opposed the suggested putting the public welfare above individual opinion, amendment and offered another, less restrictive, made he did a service to his country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDEEAL KESERVE BULLETIN NOVEMBER 1933 "He has withdrawn the obstacle in the way by con- the course of debate and were not regarded as accusenting to branch banking in States that explicitly rately indicative of the limited authority intended. permit it for banks chartered under their own laws, It had been stated repeatedly in the Senate that the such States being now a dozen or so in number. In words "expressly authorized" required "affirmative" the controversy over the respective merits of what are legislative action by the States, but not with any known as 'unit banking and branch-banking systems', apparent idea that this went to the form or phraseology a controversy that has been alive and sharp for years, of the State statutes. (Cong. Rec. v. 76, p. 2206.) branch banking has been steadily gaining in favor. The words "statute law," "specifically," "not merely It is not, however, here proposed to give the advocates by implication or recognition," would appear to have of branch banking any advantage. We do not go peculiar application to a situation such as that described an inch beyond saying that the two ideas shall com- by Senator Wheeler where branch banking was neither pete on equal terms and only where the States make expressly authorized nor expressly prohibited and the the competition possible by letting their own institu- authority might possibly be implied from the charter tions have branches. In short, we say only that if a or from mere legislative silence. It might have appli- State invites the race, let the better horse win. That cation in a situation such as that described by the system which proves itself the better able to serve Supreme Court of California, in Bank of Italy v. the people will in the end prevail.'' Johnson, as existing in some States in which branch Senator Glass, another of the conferees, explaining banking is prohibited but the prohibition does not to the Senate the changes made by the committee, did apply to branches previously established. Of course, not refer to the branch-banking provision nor to any I do not mean to suggest that these examples mark change therein. (Cong. Rec, v. 77, p. 5959.) Senator the limit of possible restrictive operation of the statute. Walcott, who had not been a member of the conference, The pertinent portions of the State statutes concernmade the following statement (Cong. Rec, v. 77, p. ing which you have requested my opinion, save that of 5962): Maryland, are copied below: "We have persistently aimed at the adoption of a California (act of May 6, 1929; laws 1929, p. 442): branch-banking system. The branch-banking plan, as "No bank * * * shall hereafter open or keep an contained in this bill, is embryonic at the present time, office other than its principal place of business, withbut there are in the bill provisions which will enable a out first having obtained the written approval of the branch-banking system to grow as rapidly as the State superintendent of banks to the opening of such branch laws will allow it to grow. It starts out now, or when office * * *. Every bank, before it opens a branch this bill is signed, will be in seven or eight States; I office, shall obtain the certificate of authority of the believe that other State legislatures will advance the superintendent of banks for the opening of each of said cause of branch banking rapidly. branch offices. * * *" "The smaller banks of several States have been in South Carolina (sec. 7835, subsec. 5, and sec. 7836, dire distress because they have no branch-banking pro- Civil Code of 1932): visions. This should be a very useful and important Section 7835 (5). "Banking corporations and comfeature of this bill as a measure of relief and safety." panies shall be granted charters by the Secretary of It will be observed that Mr. Luce did not speak of State only after the State treasurer, State bank exany compromise or yielding on the part of the Senate aminer, and the Secretary of State have all made an but that he did indicate unmistakably a yielding on the investigation and have approved in writing the applipart of the House. His explanation that "we do not cation for charter. This investigation shall be made go an inch beyond saying that the two ideas shall com- to see whether or not the applicants have complied with pete on equal terms and only where the States make the the provisions of the existing law and the provisions of competition possible by letting their own institutions this section: Provided, That all of the provisions of this have branches", does not differ except in phraseology subsection shall apply to the establishment of branch from the views previously stated in the Senate. banks in South Carolina: Provided,. That for each His estimation, concerning the States in which the branch bank that is established the parent bank must bill would permit establishment of branches, as being have a total unimpaired capital of at least twenty-five "now a dozen or so in number", does not evidence a thousand ($25,000) dollars above the minimum review that the committee's language would have a more quirements herein set forth." limited effect than that of the Senate, under which it Section 7836. "Brancji banks are required to have had been estimated that branches might be established subscribed to and paid in cash, or allocated to, for in nine States, as hereinbefore indicated. each branch established, the same amount of capital Such estimates are not controlling and can be helpful stock and surplus as is now required for the establishonly in the most general way, but it appears worth while ment of independent banks in any given locality in to consider the probable sources of these figures. The South Carolina." Supreme Court of California, in 1926, stated upon Tennessee (sec. 5950, Code of 1932): authority of evidence presented to a committee of Con- "No corporation, firm, or individual, after said date, gress that "in two States county-wide branch banking shall create and operate any branch bank, office, or is authorized and in nine States State-wide branch agency, for the purpose of receiving deposits paying banking is permitted." Bank of Italy y. Johnson, 200 checks, making loans, or receiving or discounting bills Calif. 1, 14. Mr. Luce, in connection with his estimate or notes in any place whatsoever other than the county that the bill might have application in "a dozen or so" wherein its principal office is located and its principal States, mentioned that "branch banking has been banking business is carried on." steadily gaining in favor." It appears from memoranda submitted by you that Considering the foregoing, it is a logical deduction State-wide branch banking has long existed in Calithat the Committee, in revising the language of the fornia, South Carolina, and Tennessee, but in tne lastsection, was actuated largely, if not altogether, in named State is now confined to county limits, as accomplishing the result that the permission granted appears from the foregoing statute, insofar as the would not be extended in practice beyond the intent establishment of new branches is concerned. The actually indicated in the Senate but evidenced by Supreme Court of California, referring to evidence words which had been suggested from the floor during which had been presented to Congress, (Bank of Italy Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEKAL RESERVE BULLETIN 711 NOVEMBER 1933 v. Johnson) stated that " California is one of the nine I have not herein considered the statute of the State States in wnich State-wide branch banking is per- of Maryland for the reason that your letter does not mitted;" and counsel for the State banking department deal with or mention any actually pending application have expressed their opinion in a letter to a San Fran- by a national banking association within that State. cisco bank that "California has specifically granted Respectfully, such authority affirmatively and not merely by impli- J. CRAWFORD BIGGS, cation or recognition." In South Carolina, prior to Acting Attorney General. the adoption of general incorporation laws the legis- The honorable the SECRETARY OF THE TREASURY. lature had specially incorporated banks with branches in various parts of the State since 1810; and the attorney general of that State, in a recent opinion to Regulation L regarding interlocking bank directorates the State board of bank control, has stated his view and other relationships under the Clayton Act that "the * * * proviso * * * which says that 'all of the provisions of this subsection shall apply The Board's Regulation L, dealing with to the establishment of branch banks in South Caro- interlocking bank directorates and other relalina', is specific authority for the establishment of such banks, as in South Carolina a law may be made tionships under the Clayton Act, has been applicable to a subject without reenactment of exist- revised, effective November 1, 1933, so as to ing law". The superintendent of banks in Tennessee has stated his concurrence in an opinion of private conform to the change in the law made by counsel that the present Tennessee statute, when read section 33 of the Banking Act of 1933. The in connection with earlier legislation, is affirmative authority for the establishment of branch banks within text of the Board's Regulation L, as revised, the same county. is as follows: I cannot doubt that in each of these States the legislative sanction and authority for branch banking is REGULATION L, SERIES OF 1933 just as real and substantial as though the legislature had said in more direct terms that banks "may estab- (Superseding Regulation L, Series of 1930) lish" branches. "Was it intended, nevertheless, to discriminate against such a State merely because of the INTERLOCKING BANK DIRECTORATES AND OTHER RELATIONSHIPS UNDER THE CLAYTON ACT form of expression used by its legislature? It is hardly to be thought that this was contemplated by SECTION I. STATUTORY PROVISIONS men who debated the subject from the viewpoint of States' rights in matters affecting local policy. Sections 8 and 8A of the Clayton Antitrust Act ap- On the other hand, there may be opposition in some proved October 15, 1914, as amended by the acts of States to increased activities by national banks, aside May 15, 1916, May 26, 1920, March 9, 1928, March from the question of policy. If it was intended to permit any State so actuated to defeat the Federal 2, 1929, and June 16, 1933.1 policy and exclude branch banking by national banks, SEC. 8. That from and after two years from the while freely extending the privilege to State banks, by date of the approval of this Act no person shall at the the mere expedient of rephrasing its statutes without same time be a director or other officer or employee of change of substance or intention, the resulting situation more than one bank, banking association, or trust comis both novel and potentially harmful. pany organized or operating under the laws of the The very fact that the bill passed both Houses with- United States, either of which has deposits, capital, out a voice being raised in objection to the change made surplus, and undivided profits aggregating more than in the joint committee is very strong evidence that $5,000,000; and no private banker or person who is a Congress did not foresee or intend any such results; director in any bank or trust company organized and and I think the conclusion is required that we must operating under the laws of a State, having deposits, avoid it by a more reasonable interpretation of the capital, surplus, and undivided profits aggregating statute. To do so it is only necessary to read the words, more than $5,000,000, shall be eligible to be a director "affirmatively and not merely by implication or recog- in any bank or banking association organized or opernition", as emphasizing the previously expressed ating under the laws of the United States. The requirement that the authority must be specifically eligibility of a director, officer, or employee under the granted, rather than as relating to the form or language foregoing provisions shall be determined by the average of the State statute. While we are not to imply amount of deposits, capital* surplus, and undivided authority when such is not specifically granted, it is profits as shown in the official statements of such bank, not required that we shall read the State statute blindly banking association, or trust company filed as prowithout regard to related legislation and the situation vided by law during the fiscal year next preceding the actually existing in the State. date set for the annual election of directors, and when Considering the language of the statutes of Califor- a director, officer, or employee has been elected or nia, South Carolina, and Tennessee, the related and selected in accordance with the provisions of this Act antecedent legislation of the two latter States, and the it shall be lawful for him to continue as such for one actual situation existing in each State in the matter of year thereafter under said election or employment. branch banking, as hereinbefore indicated, it is my No bank, banking association, or trust company opinion that the statutes of the said three States may be organized or operating under the laws of the United considered as meeting the requirements of section 23 States, in any city or incorporated town or village of of the Banking Act of 1933, and that national banking more than two hundred thousand inhabitants, as shown associations may establish and operate branches therein, by the last preceding decennial census of the United with the approval of the Comptroller of the Currency "and subject to the restrictions as to location imposed 1 Amended by sec. 25 of the Federal Reserve Act as amended Sept. 7, by the law of the State on State banks", as provided 1916, and by act approved Dec. 24,1919, amending the Federal Reserve in the Federal statute. Act, as to corporations engaged in foreign banking and financial operations. See sees. 25 and 25(a) of Federal Reserve Act, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 FEDERAL RESERVE BULLETIN NOVEMBER 1933 States, shall have as a director or other officer or em- under the laws of the United States or of any State ployee any private banker or any director or other thereof. officer or employee of any other bank, banking association, or trust company located in the same place: The term "national bank" shall be construed to Provided, That nothing in this section shall apply to apply not only to national banking associations but mutual savings banks not having a capital stock also to banks, banking associations, and trust comrepresented by shares, to joint-stock land banks organized under the provisions of the Federal Farm Loan panies organized or operating under the laws of the Act, or to other banking institutions which do no United States, including all banks and trust companies commercial banking business: Provided further, That a doing business in the District of Columbia, regardless of director or other officer or employee of such bank, the sources of their charters. banking association, or trust company may be a director or other officer or employee of not more than one other The term "resources" shall be construed to mean an bank or trust company organized under the laws of the amount equal to the sum of the deposits, capital, sur- United States or any State where the entire capital plus, and undivided profits, and, in the case of a bank, stock of one is owned by stockholders in the other: And provided further, That nothing contained in this banking association, or trust company, shall be detersection shall forbid a director of class A of a Federal mined by the average amount of deposits, capital, reserve bank, as defined in the Federal Reserve Act, surplus, and undivided profits as shown in the official from being an officer or director, or both an officer and statements of such bank, banking association, or trust director, in one member bank: And provided further, company filed as provided by law during the fiscal That nothing in this Act shall prohibit any private banker from being an officer, director, or employee of year next preceding the date set for the annual election not more than two banks, banking associations, or of directors. trust companies, or prohibit any officer, director, or employee of any bank, banking association, or trust The term "State bank" shall include any bank, bankcompany, or any class A director of a Federal reserve ing association, or trust company incorporated under bank, from being an officer, director, or employee of State law, except banks doing business in the District not more than two other banks, banking associations, of Columbia, referred to above. or trust companies, whether organized under the laws of the United States or any State, if in any such case The term "private banker" shall apply to any unthere is in force a permit therefor issued by the Federal incorporated individual engaging in one or more phases Reserve Board; and the Federal Reserve Board is of the banking business as that term is generally underauthorized to issue such permit if in its judgment it is not incompatible with the public interest, and to stood and to any member of an unincorporated firm revoke any such permit whenever it finds, after reason- engaging in such business. able notice and opportunity to be heard, that the The term "Edge corporation" shall mean any corpublic interest requires its revocation. poration organized under the provisions of section The consent of the Federal Reserve Board may be procured before the person applying therefor has been 25 (a) of the Federal Reserve Act, as amended. elected as a class A director of a Federal reserve bank The term "city of over 200,000 inhabitants" includes or as a director of any member bank. any city, incorporated town, or village of more than * * * * * ** 200,000 inhabitants, as shown by the last preceding When any person elected or chosen as a director or decennial census of the United States. Any bank loofficer or selected as an employee of any bank or other corporation subject to the provisions of this Act is cated anywhere within the corporate limits of such eligible at the time of his election or selection to act city is located in a city of over 200,000 inhabitants for such bank or other corporation in such capacity within the meaning of the Clayton Act, even though it his eligibility to act in such capacity shall not be is located in a suburb or an outlying district at some affected and he shall not become or be deemed amenable to any of the provisions hereof by reason of any distance from the principal part of the city. change in the affairs of such bank or other corporation from whatsoever cause, whether specifically excepted SECTION III. PROHIBITIONS OP CLAYTON ACT by any of the provisions hereof or not, until the expiration of one year from the date of his election or (a) Under section 8 of the Clayton Antitrust Act, employment. except as noted below under section IV (a)— SEC. 8A. That from and after the 1st day of January (1) No person who is a director or other 1934, no director, officer, or employee of any bank, banking association, or trust company, organized or officer 2 or employee of a national bank having operating under the laws of the United States shall be resources aggregating more than $5,000,000 can at the same time a director, officer, or employee of a legally serve at the same time as director, officer, corporation (other than a mutual savings bank) or a or employee of any other national bank, regardless member of a partnership organized for any purpose whatsoever which shall make loans secured by stock or of its location. bond collateral to any individual, association, partner- (2) No person who is a director in a State ship, or corporation other than its own subsidiaries. bank or trust company having resources aggregating more than $5,000,000 or who is a private SECTION II. DEFINITIONS banker having resources aggregating more than Within the meaning of this regulation— $5,000,000 can legally serve at the same time as The term "bank" shall include any bank, banking director of any national bank, regardless of its association, or trust company organized or operating location. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 713 (3) No person can legally be a director, officer,2 State institutions are not located in the same city or employee of a national bank located in a of over 200,000 inhabitants as the national bank city of more than 200,000 inhabitants who is at and do not have resources aggregating in the case the same time a private banker in the same city or of any one bank more than $5,000,000. a director, officer, or employee of any other bank (7) Do not prohibit a person from serving at the (State or national) located in the same city, re- same time as director, officer, or employee of any gardless of the size of such bank. number of national banks, provided no two of (6) Under section 8A of the Clayton Antitrust Act, them are located in the same city of over 200,000 except as noted below under section IV (6)— inhabitants and no one of them has resources From and after January 1, 1934, no perstfn can aggregating over $5,000,000. legally be a director, officer, or employee of a na- (8) Do not prohibit a person who is not a ditional bank who is at the same time a director, rector, officer, or employee of any national bank officer, or employee of a corporation (other than a from serving at the same time as officer, director, mutual savings bank) or a member of a partner- or employee of any number of State banks or trust ship organized for any purpose whatsoever which companies, regardless of their locations and shall make loans secured by stock or bond col- resources. lateral to any individual, association, partnership, (9) Do not prohibit a person who is an officer or or corporation other than its own subsidiaries, employee but not a director of a State bank from (c) The prohibitions of section 8 and section 8A are serving as director, officer, or employee, of a cumulative, i.e., the prohibitions contained in section national bank, even though either or both of such 8A of the Clayton Antitrust Act are in addition to those banks have resources aggregating over $5,000,000, contained in section 8 thereof. provided both banks are not located in the same city of over 200,000 inhabitants. SECTION IV. EXCEPTIONS (10) Do not prohibit a person who is an officer There are certain exceptions to section 8 and certain or employee but not a director of a national bank exceptions to section 8A, but they are not identical. from serving at the same time as director, officer, Therefore, all the exceptions applicable to each section or employee of a State bank, even though either or are stated separately below in order to avoid confusion. both of such banks have resources aggregating (a) The provisions of section 8 of the Clayton Act— over $5,000,000, provided both banks are not (1) Do not apply to mutual savings banks not located in the same city of over 200,000 inhabitants. having a capital stock represented by shares. (11) Do not prohibit a director, officer, agent, or (2) Do not apply to joint-stock land banks or- employee of a member bank which has invested in ganized under the provisions of the Federal Farm the stock of any corporation principally engaged Loan Act. in international or foreign banking or financial (3) Do not apply to banking institutions which operations or banking in a dependency or insular do no commercial banking business. possession of the United States, under the provi- (4) Do not prohibit a person from being at the sions of section 25 of the Federal Reserve Act, same time a director, officer, or employee of a from being at the same time a director, officer, national bank and not more than one other national agent, or employee of any such foreign bank or bank, State bank, or trust company, where the financial corporation, if the Federal Reserve entire capital stock of one is owned by stockholders Board has granted its approval.3 in the other. (12) Do not prohibit any officer, director, agent, (5) Do not prohibit a person from being at the or employee of any member bank from being at same time a class A director of a Federal Reserve the same time a director, officer, agent, or embank and also an officer or director, or both an ployee of any Edge corporation in whose capital officer and a director, in one member bank. 3 If a director, officer, agent, or employee is affected only by section 8 (6) Do not prohibit a person who is serving as of the Clayton Act, informal application for the approval of the Federal director, officer, or employee of a national bank, Reserve Board under section 25 or 25 (a) of the Federal Reserve Act may even though it has resources aggregating over be made in the form of a letter addressed to the Board either by the director, officer, agent, or employee involved or in his behalf by one of $5,000,000, from serving at the same time as the banks which he is serving, such application to be delivered to the director, officer, or employee of any number of Federal Reserve agent at the Federal Reserve bank of the district in which State banks and trust companies, provided such the bank now served by the applicant is located. However, if a director, officer or employee is affected by section 8A of the Clayton Act, it is 2 The Federal Reserve Board has ruled that a conservator of a national necessary for him to apply for and obtain a formal permit in accordance bank is not a director, officer, or employee of such bank within the mean- with the provisions of section V of this regulation, since the above exceping of the Clayton Antitrust Act. tions do not apply to section 8A of the Clayton Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL RESERVE BULLETIN NOVEMBER 1933 stock the member bank shall have invested under The above exceptions are cumulative, but apply only the provisions of section 25 or section 25 (a) of the to the prohibitions of section 8A. The exceptions to Federal Reserve Act, if the Federal Reserve Board section 8 are stated separately in section IV (a) of has granted its approval.3 this regulation. (13) Do not prohibit an officer, director, agent, or employee of an Edge corporation from being at SECTION V. PERMISSION OP THE FEDERAL RESERVE the same time a director, officer, agent, or em- BOARD ployee of any other corporation in whose capital (a) In general.—Section 8 of the Clayton Antitrust stock such Edge corporation shall have invested Act, as amended by the acts of May 15, 1916, May 26, under the provisions of section 25 (a) of the 1920, • and March 9, 1928, authorizes the Federal Federal Reserve Act, if the Federal Reserve Board Reserve Board to permit any private banker or any has granted its approval.3 officer, director, or employee of any bank, banking (14) Do not prohibit a private banker or an association, or trust company, or any class A director officer, director, or employee of any bank or a class of a Federal Reserve bank to serve as director, officer, A director of a Federal Reserve bank from being at or employee of not more than two other banks, banking the same time an officer, director, or employee of associations, or trust companies coming within the not more than two other banks within the prohibi- prohibitions of the Clayton Act, if in the judgment of tions of the Clayton Act, if there is in force a permit the Federal Reserve Board it is not incompatible with therefor issued by the Federal Reserve Board. the public interest, and permits may be issued covering The above exceptions are cumulative; but apply relationships between banks which are prohibited by only to the prohibitions of section 8. The exceptions section 8A as well as those prohibited by section 8. to section 8A are stated below. The Federal Reserve Board is authorized only to (b) The provisions of section 8A of the Clayton issue permits covering private bankers and directors, Acir— officers, and employees of banks, banking associations, (1) Do not prohibit a person who is a director, and trust companies, and therefore cannot issue a officer, or employee of a national bank from being permit to a director, officer, or employee of a national at the same time a director, officer, or employee of a bank or a class A director of a Federal Reserve bank to mutual savings bank. be a director, officer, or employee of a corporation other (2) Do not prohibit a person who is a director, than a bank, banking association, or trust company, officer, or employee of a national bank from being or to be a member of a partnership other than a firm at the same time a director, officer, or employee of a of private bankers.4 corporation or a member of a partnership which (6) When obtained.—Inasmuch as this exception to shall make lqans secured by stock or bond collateral the prohibitions of the Clayton Act applies only when only to its own subsidiaries. "there is in force a permit therefor issued by the Federal (3) Do not prohibit a person who is a director, Reserve Board", it is a violation of the law to serve officer, or employee of a national bank from being two or more banks in the prohibited classes before at the same time a director, officer, or employee of a such a permit has been obtained. A permit should be corporation or a member of a partnership which obtained, therefore, before becoming an officer, director, does not actually make loans secured by stock or or employee of more than one bank in the prohibited bond collateral, even though such corporation or classes. It may be procured before the person applypartnership is permitted by law to make such ing therefor has been elected a director or appointed loans. an officer or employee of any bank in the prohibited (4) Do not prohibit a person who is not a direc- classes. tor, officer, or employee of any national bank from (c) Applications for permission.—A person wishing serving at the same time as an officer, director, or to obtain a permit from the Federal Reserve Board to employee of any number of State banks or trust serve banks coming within the prohibitions of the companies, whether members of the Federal Clayton Act should— Reserve System or not. (1) Make formal application on F.R.B. Form (5) Do not prohibit a private banker or an 94, or, if a private banker, on F.R.B. Form 94d. officer, director, or employee of any bank or a (2) Obtain from each of the banks involved a class A director of a Federal Reserve bank from statement on F.R.B. Form 94a, showing the being at the same time an officer, director, or character of its business, together with a copy of employee of not more than two other banks its last published statement of condition, and, if within the prohibitions of the Clayton Act, if a private banker, make a statement on F.R.B. there is in force a permit therefor issued by the Form 94e showing the character of his or his firm's Federal Reserve Board. business. 1 See footnote on page 713. < See, however, exceptions nos. 11,12, and 13 on page 713. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 715 (3) Forward all these papers, in duplicate, to (h) Effect of permits.—A permit once granted continthe Federal reserve agent of his district, who will ues in force until revoked, and need not be renewed. attach his recommendation on F.R.B. Form 94b (i) Revocation.—All permits, however, are subject and forward them to the Federal Reserve Board. to revocation whenever the Federal Reserve Board, Each of the forms referred to in this subsection is after giving reasonable notice to the persons to whom made a part of this regulation. they were issued and affording them an opportunity (d) Compatibility with the public interest.—In de- to be heard, finds that the public interest requires their termining whether the issuance of such a permit would revocation. be compatible with the public interest, the Federal Reserve Board will consider*— Regulation R regarding relationships with dealers in (1) Whether the banks involved are natural securities under section 32 of the Banking Act of competitors; 1933 (2) Whether their having the same directors, There is printed below the text of Regulation officers, or employees would tend to lessen com- II regarding relationships with dealers in securpetition or to restrict credit; ities under section 32 of the Banking Act of (3) The condition and the character of the 1933, which has been adopted by the Board, management of the banks with which the applicant is connected and the extent of his responsi- effective November 1, 1933: bility therefor; REGULATION R, SERIES OF 1933 (4) Whether the applicant discharges the duties and responsibilities of his office by attending RELATIONSHIPS WITH DEALERS IN SECURITIES UNDER SECTION 32 OF BANKING ACT OF 1933 directors' meetings or otherwise; (5) Whether the applicant, his family, or his SECTION I. STATUTORY PROVISIONS interests have abused the credit facilities of the Section 32 of the Banking Act of 1933 provides as bank or banks he is already serving; follows: (6) Whether the applicant's influence upon the SEC. 32. From and after January 1, 1934, no officer banks involved in his application is likely to be or director of any member bank shall be an officer, director, or manager of any corporation, partnership, or helpful or harmful to such banks; unincorporated association engaged primarily in the (7) The nature and extent of the loans made by business of purchasing, selling, or negotiating securities, each of such banks secured by stock or bond col- and no member bank shall perform the functions of a lateral and the policy of each bank with respect correspondent bank on behalf of any such individual, partnership, corporation, or unincorporated associato making such loans; and tion and no such individual, partnership, corporation, (8) Any other factors having a bearing upon the or unincorporated association shall perform the funceffect which the issuance of the permit may have tions of a correspondent for any member bank or hold upon the public interest. on deposit any funds on behalf of any member bank, unless in any such case there is a permit therefor issued (e) Burden is upon applicant and banks involved.— by the Federal Reserve Board; and the Board is In view of the fact that sections 8 and 8A of the Clayton authorized to issue such permit if in its judgment it is Antitrust Act forbid interlocking relationships between not incompatible with the public interest, and to revoke any such permit whenever it finds after reasonbanks of certain classes except in cases where the able notice and opportunity to be heard, that the public Federal Reserve Board fin'ds the specific interlocking interest requires such revocation. relationships not incompatible with the public interest SECTION II. DEFINITIONS and grants permits therefor, the burden must rest upon Within the meaning of this regulation, the term— each applicant for such a permit, and upon the banks involved, to show to the satisfaction of the Board that "Member bank'* shall include any national bank, it would not be incompatible with the public interest to State bank, savings bank, trust company, Morris permit him to serve the banks involved. Plan bank, mutual savings bank, or other banking (/) Approval or disapproval.—As soon as an appli- institution which is a member of the Federal Reserve cation is acted upon by the Board, the applicant System. will be advised of the action taken. "Securities" shall include stocks, bonds, debentures, If the Board approves the application, a formal per- and other similar obligations. mit to serve the banks involved will be issued to the "Dealer in securities" shall include any corporation, applicant. partnership, unincorporated association, or individual (g) Hearing.—If it appears to the Board that it engaged1 primarily in the business of purchasing, selling would be incompatible with the public interest to or negotiating securities. grant such a permit, the Board will so notify the applii This definition does not include organizations which were formerly cant and will afford him every opportunity to present engaged in such business but which are not currently engaged in it; beany additional facts or arguments bearing on the subcause the statute has reference only to the business presently transacted ject before making final decision in the case. by the organization in question. 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716 FEDERAL RESERVE BULLETIN NOVEMBER 1933 ' * Manager '' shall include any person who manages, prohibited by the provisions of that section, if in the controls, or directs the business of a dealer in securities, judgment of the Federal Reserve Board it is not incomor participates in such management or control, either patible with the public interest. at the main office or at any branch, agency, or other (6) When obtained.—Inasmuch as this exception to office of such dealer, and shall include any general the prohibitions of section 32 applies only when " there partner in a partnership which is a dealer in securities; is a permit therefor issued by the Federal Reserve but shall not include a partner in such a partnership Board", a permit should be obtained before the prowho has no voice in the management or control of its hibited relationship is entered into, or before January business and whose liability is limited to the amount 1, 1934, whichever is later. of his contribution to the partnership. (c) Application for permission— •{ Correspondent bank '' shall include any member (1) An officer or director of a member bank wishing bank which shall act as the medium or agent or in any to obtain a permit from the Federal Reserve Board to similar capacity for, or shall be regularly associated serve as an officer, director, or manager of a dealer in with, a dealer in securities in connection with the pur- securities should— chasing, selling, underwriting, flotation, or negotia- (i) Make formal application on F.R.B. Form tion of securities; but shall not include (1) a member 99a. bank which shall merely purchase or sell securities (ii) Obtain from each member bank a statement without recourse solely upon the order and for the on F.R.B. Form 99b. account of its customers, and/or which shall merely (iii) Obtain from the dealer in securities a purchase or sell investment securities for its own ac- statement on F.R.B. Form 99c. count as authorized by applicable law, through such a (iv) Forward all of these papers to the Federal dealer in securities, or (2) a member bank which shall Reserve agent of his district, who will attach his merely accept deposits of funds, handle items for col- recommendation on F.R.B. Form 99d and forlection (with or without securities attached) or perform ward them to the Federal Reserve Board. other ordinary banking functions for such dealer. If the applicant desires to serve as an officer, director, "Correspondent dealer" shall include any dealer or manager of more than one dealer in securities, a in securities which shall perform any banking functions, separate application should be filed with respect to including the holding on deposit of any funds, on behalf each such dealer in securities. If the applicant desires of any member bank, or which shall act as the medium to serve only one dealer in securities, only one applicaor agent or in any similar capacity for a member bank tion is necessary even though the applicant desires to in connection with the underwriting, flotation, or serve more than one member bank. negotiating of securities, but shall not include a dealer (2) A member bank wishing to obtain a permit from who shall merely execute orders received from or the Federal Reserve Board to act as correspondent through such member bank for the purchase or sale of bank for a dealer in securities should— securities. (i) Make formal application on F.R.B. Form 99e. SECTION III. PROHIBITIONS OF SECTION 32 (ii) Submit a statement on F.R.B. Form 99b. From and after January 1, 1934, unless there is a (iii) Obtain from the dealer in securities a permit therefor issued by the Federal Reserve Board— statement on F.R.B. Form 99c. (1) No officer or director of a member bank can (iv) Forward all of these papers to the Federal legally serve at the same time as an officer, director, or Reserve agent of its district, who will attach his manager of any corporation, partnership, or unincor- recommendation on F.R.B. Form 99d and forporated association engaged primarily in the business ward them to the Federal Reserve Board. of purchasing, selling, or negotiating securities. If the applicant member bank desires to act as (2) No member bank can legally perform the func- correspondent bank for more than one dealer in securitions of a correspondent bank on behalf of a dealer in ties, a separate application should be filed by the memsecurities. ber bank with respect to each such dealer in securities. (3) No dealer in securities can legally perform the (3) A dealer in securities wishing to obtain from the functions of a correspondent dealer for any member Federal Reserve Board a permit to perform the funcbank, or hold on deposit any funds on behalf of any tions of a correspondent dealer for a member bank member bank. should— (i) Make formal application on F.R.B. Form SECTION IV. PERMISSION OF THE FEDERAL RESERVE 99f, if incorporated, or on F.R.B. Form 99g, if BOARD unincorporated. (a) In general.—Section 32 of the Banking Act of (ii) Submit a statement on F.R.B. Form 99c. 1933 authorizes the Federal Reserve Board to issue a (iii) Obtain from the member bank a statement permit covering any of the relationships which are on F.R.B. Form 99b. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 717 (iv) Forward all of these papers to the Federal (/) Burden is on applicant.—In view of the fact Reserve agent of its district, who will attach his that section 32 of the Banking Act of 1933 forbids recommendation on F.R.B. Form 99d and forward relationships of certain kinds except in cases where them to the Federal Reserve Board. the Federal Reserve Board finds the specific relation- If the applicant dealer in securities desires to act as ships not incompatible with the public interest and correspondent dealer for more than one member bank, grants a permit therefor, the burden must rest upon each a separate application should be filed, covering each applicant for such a permit to show to the satisfaction such member bank. of the Board that it would not be incompatible with the public interest to permit the relationship covered (d) Papers to be filed in duplicate.—All papers by the application. filed with the Federal Reserve agent pursuant to this (g) Approval or disapproval.—As soon as an applicasection should be filed in duplicate tion is acted upon by the Board, the applicant will be The forms referred to in this section are made a advised of the action taken. part of this regulation. If the Board approves the application, a formal per- (e) Compatibility with the public interest.—In mit will be issued to the applicant. determining whether the issuance of such a permit will (h) Hearing.—If the Board is not satisfied that it is be compatible with the public interest, the Federal compatible with the public interest to grant such permit, Reserve Board will consider— the Board will so notify the applicant and will afford (1) Whether the proposed relationship may him or it every opportunity to present any additional tend to result in the undue use of bank credit in facts or arguments bearing on the subject before connection with the purchasing, selling, under- making any final decision in the case. writing, flotation, or negotiation of securities. (i) Continuing effect of permits.—A permit once (2) Whether the proposed relationship will have granted continues in force until revoked, and need not any undesirable effect upon the member bank's be renewed, unless otherwise stated therein. financial condition, its credit or investment policies, (j) Revocation.—All permits, however, are subject or its policies in dealing with its other customers. to revocation whenever the Federal Reserve Board, (3) Any other facts having a bearing upon the after giving reasonable notice to the holder and affordeffect which the issuance of the permit may have ing him or it an opportunity to be heard, finds that the upon the public interest. public interest requires their revocation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN NOVEMBER 1933 FEDERAL RESERVE STATISTICS, BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures. In millions of dollars] [In thousands of dollars] 1933 1932 Wednesday series (1933) Federal Reserve bank Federal Reserve bank October Se b p e te r m- October Oct. 4 Oct. 11 Oct. 18 Oct. 25 Boston 4,222 4,246 3,711 3,874 Boston _- 4.1 5.3 13.2 New York.... 40,848 39,787 39, 688 41,716 New York 41.1 42.6 64.6 Philadelphia.. 26,457 26,875 25,564 25,941 Philadelphia- 26.3 29.0 49.4 Cleveland 10,278 10,176 9,833 9,764 Cleveland.. 10.2 11.9 30.1 Richmond 8,930 8,753 8,064 7,633 Richmond- 8.4 11.0 20.5 Atlanta 6,097 5,706 5,991 6,077 Atlanta 6.0 7.0 19.8 Chicago 6,247 5,806 5,806 5,702 Chicago 5.9 7.3 20.4 St. Louis 1,839 1,964 1,878 1,862 St. Louis 1.8 3.1 8.9 Minneapolis. . 3,349 3,150 3,150 3,006 Minneapolis.. 3.2 3.6 11.6 Kansas City.. 3,778 3,504 3,586 3,710 Kansas City.. _ 3.7 4.2 16.7 Dallas 2,786 2,451 1,827 1, 570 Dallas 2.1 4.1 10.1 San Francisco. 8,153 3,656 3,738 San Francisco. 6.6 8.5 62.3 Total... 122, 984 119,307 112, 754 114,593 Total.. 119.5 137.6 327.5 Back figures.—See Annual Reports for 1932 (table 13), 1931 (table Back figures.—See Annual Reports for 1932 (table 9), 1931 (table 80), 1930 (table 78), etc. 1928 (table 72), and 1927 (table 55). CASH HOLDINGS, DEPOSITS, NOTE CIRCULATION, AND RATIO OF CASH HOLDINGS TO LIABILITIES [Amounts in thousands of dollars] Averages in daily figures Ratio of gold and other Total gold re c s a e s r h ves and other Total deposits Federa c l i r R cu es 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 rv si e t n a o n t d e liabilities combined 1933 1932 1933 1932 1933 1932 1933 1932 Oct. Sept. Oct. Oct. Sept. Oct. Oct. Sept. Oct. Oct. Sept. Oct. Boston 288,911 288,960 224,712 181,980 167,931 130,735 222, 304 223,742 199, 369 71.5 73.8 68.1 New York 1,020,092 ., 051, 519 1,081,609 1,078,620 1,151,518 644,884 646,035 587, 629 59.1 61.0 59.8 Philadelphia- 239,216 243,658 209,135 145,759 145,166 121,642 237,431 239,312 241,782 62.4 63.4 57.6 Cleveland. . 281,717 291, 044 247,580 160,924 158,153 148, 599 282,574 276,385 63.5 58.3 Richmond- 156,936 154,311 100,225 85,938 86,412 58, 275 145,968 138,665 102, 617 67.7 62.3 Atlanta 124,594 121, 850 90,690 65,304 62,601 45,783 118,040 117,982 102,489 68.0 67.5 61.2 Chicago 957,925 943,926 805,894 567,747 519,334 367,267 751,991 750,289 678, 790 72.6 74.3 77.0 St. Louis 156,854 150,678 93, 053 92,514 57,265 139,515 134,582 100,807 67.6 67.3 58.9 Minneapolis- 93, 874 94, 718 59,562 56, 752 39,377 93, 742 93,531 80, 573 62.4 63.2 49.7 Kansas City.... 148,039 149,289 90, 278 112,030 110,548 67,729 108, 870 109,265 91, 595 67.0 67.9 56.7 Dallas 79,242 59, 598 45,078 80,390 62,411 45,821 34,252 31,689 37,707 69.1 63.3 54.0 San Francisco _ 262,816 263,462 215, 018 181,002 175, 959 147,286 215,541 217,485 232,607 66.3 67.0 56.6 Total.. 3,810,216 3,813,013 3, 221,124 2, 811,949 2,712,962 2,381, 297 2,995,112 3, 000,866 2, 732,350 65.6 66.7 63.0 » Includes "Federal Reserve notes of other banks" as follows: Latest month, $18,093,000; month ago, $18,540,000; year ago, $15,857,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER : FEDERAL RESERVE BULLETIN 719 EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES, ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, OCT. 31, 1933 [In thousands of dollars] Total B t o o s n - Y N o e r w k P d h e il l- a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t i . s n M e i a n p - - Kan- Dallas F S ra an nphia olis City cisco RESOURCES Gold with Federal Reserve agents 2, 635,856 208,329 611,706 170,000206, 770 117,075 92,365 735, 272 116,053 64,669 92,390 39,464 181, 763 Gold redemption fund with U.S. Treasury 37,369 1,878 6,470 4,195 4,791 1,927 2,676 3,621 1,507 1,708 1,359 954 6,283 Gold held exclusively against F.R. notes 2,673, 225 210, 207 618,176 174,195 211, 561119,002 95,041 738, 893 117, 560 66,377 93, 74940,418 188,046 Gold settlement fund with F.R. Board... 670, 739 18, 685 231,149 13,274 39, 620 26,041 12, 542 194,04: 32, 398 15,999 27,498 26, 047 33,439 Gold and gold certificates held by banks... 247,081 21, 987 146, 903 15, 726 4,725 1,397 2,929 3,112 345 706 11,986 3,958 33,307 Total gold reserves . 3, 591, 045 250, 879 996, 228 203,195255, 906 146,440 110, 512 993366,, 005522 15500,, 3 3003383, 082 133, 23370,423254, 792 Other cash i 225,876 20, 419 51,408 27, 628 22,809 11,983 11, 606 33, 276 9,434 7,226 6,373 14,405 Total gold reserves and other cash..3, 816,921271, 298 1,047, 636 230, 823278, 715158, 423 122,118 969, 328 159, 737 90, 308 142, 54276,796 269,197 Redemption fund—F.R. bank notes 11, 699 950 3,081 700 1,698 100 425 2,124 384 263 400 958 616 Bills discounted: Secured by U.S. Govt. obligations 27, 018 822 13, 595 4,739 3,531 59' 399 990 645 93 203 1,020 Other bills discounted 88, 53" 3,112 27, 685 21, 263 6,667 7,041 5,419 4,850 2,934 3,450 1,111 4,018 Total bills discounted. _ 115, 555 3,934 41, 280 26,002 10,198 5,818 5,840 1,632 3,027 3,834 1,314 Bills bought in open market.. 6,651 424 2,394 611 569 224 201 756 15" 106 167 775 U.S. Government securities: Bonds. 442, 911 24,337 170,003 28,078 32, 207 11, 815 10,816 77,172 14, 46616, 33014,076 18, 535 25,076 Treasury notes 994, 087 66, 694 341, 351 69, 813 90, 890 33, 340 30, 257 168,065 39,424 24, 71334,693 24,084 70,763 Certificates and bills 984,100 64,106 329, 769 67, 070 87, 362 32, 047 29, 081 188, 50637, 89423, 75833,345 23,148 68,014 Total U.S. Govt. securities. 2,421,098 155,137 841,123164,961210, 459 77, 202 70.154 433, 74391, 78464, 80182,114 65, 76' 163,853 Other securities 1,559 993 510 56 Total bills and securities 2, 544,863 159, 495 885, 790 .92, 084 221, 226 85, 064 76,173 440, 33993, 57367, 99086,115 67, 348 69, 666 Due from foreign banks 3,732 279 1,426 401 361 142 127 497 19 13 106 106 255 F.R. notes of other banks 17, 375 4,562 476 937 1,474 641 4,729 803 59; 1,184 327 1,777 Uncollected items 389, 551 46,992 103, 050 28, 227 34, 932 36,160 13, 664 45,154 16, (SSI 9, 51422, 97414, 383 17,816 Bank premises 54, 641 3,280 12,818 3,703 6,929 3,238 2,422 7, 3,285 1,747 3,559 1,797 4,254 All other resources— 49, 856 749 26, 787 4,839 2,442 3,569 4,138 1,450 631 1,179 1, 1,230 977 Total resources.._ 6,889,143 483, 418 085,150 461, 253 547, 240 288,170219, 7081, 471, 230 275,117171,609 258, 745 162,945 C64, 558 LIABILITIES F.R. notes in actual circulation 2,965,595 215,152 637, 600 233,931278, 343147,899118, 956 744, 611.41, 56391, 643107,097 35,966 !12, 834 F.R. bank notes in actual circulation 20,349 54,488 11, 298 26, 556 856 5,946 30, 515 5,018 3,349 5,770 14, 763 9,114 Deposits: 2,684,887 .62,304 078,311126, 654 47,316 74, 662 54, 457 552, 33977,951 50, 558L04,941 78, 291.77,103 Member bank-reserve account 26,880 2,484 6,843 2,404 2,669 2,613 1,811 236 1,280 2,395 1,373 1,931 841 Government - --- 16,186 1T " 4,347 1,866 1,760 622 2,311 604 409 516 516 1,244 Foreign bank Special deposits: 68, 221 5,870 8,026 6,538 3,064 2,094 4, 1,231 2,211 411 2,565 Member bank. _. 14,086 1,102 2,009 161 742 285 4, 3,975 324 127 670 Nonmember bank 74,900 2,250 37,589 615 4,876 4,229 3,592 2,933 5,483 1,190 1,632 9,918 Otherdeposits Total deposits 2, 885,160 169,1691,134,062 .41, 574163, 320 62,861 593,008 94,173 56,107.09, 76182, 781 92,341 Deferred availability items 389, 998 46, 723 100, 234 27, 726 35,475 35, 829 14,070 45,988 18, 948 9,370 22,485 15,041 18,109 Capital paid in 145, 504 10, 778 58, 504 15, 756 12, 363 4,941 4,577 13, 091 4,006 2,878 4,245 3,716 10, 649 Surplus.., 278, 599 20, 460 85, 058 29, 242 28, 294 11, 616 10, 544 39, 49710,186 7,019 8,263 8,719 19, 701 All other liabilities 787 15,204 1,726 2,889 1,026 2,754 4,520 1,223 1,243 1,124 1,959 1,810 Total liabilities 6,889,143 483,418 2,085,150 461, 253 547, 240 288,170219,708 471, 230275,117.71,609258, 745 162, 945t64, 558 Ratio of total gold reserves and other cash i to deposit and F.R. note liabilities combined (percent)— 65.2 70.6 59.1 61.5 63.1 67.7 67.2 72.4 67.8 61.1 65.7 64.7 66.4 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to F.R. bank by F.R. agent.„ 3, 225,891 235,442 707,171 250, 619 292, 249 55,112 789,305 .48,181 96,807 15,102 39,190 258, 617 Held by Federal Reserve banks 260,296 20,290 69,571 16, 688 13,906 7,213 19,140 44, 694 6,618 5,164 8,005 3,224 45,783 In actual circulation 2,965, 595 215,152 637,600 233,931 278,343 .47,899 .18,956 744, 61141, 56391,643.07, 09735,966 12,834 Collateral held^by agent as security for notes issued to bank: Gold , 635,8561208,329 611,70670,000 206,770 .17,07592,365 735, 272.16, 05364, 66992,390 39,464 .81, 763 Eligible paper 73, 429 1,950 28,141 11,736 8,528 5,376 3,763 2,146 1, 1,534 2,901 1,237 4,909 ¥ U.S. Government securities 566, 600 29,000 80,000 70,000 80,000 35,000 44, 000 60,000 32,000 31, 60025,000 80,000 FEDERAL RESERVE BANK-NOTE STATEMENT Federal Reserve bank notes: Issued to*F.R. bank (outstanding) 217,445 23,828 63,935 14,998 32,228 1,800 6,395 32,244 5,204 3,688 7,351 15, 988 9,786 HeldJ)y FederaliReserve bank 29,423 3,479 9,447 3,700 5,672 I 944 449 1,729 186 339 1,581 1,225 672 In actual circulation .- 188,022 20, 349 11,298 26, 556 856 5,946 30,515 5,018 3,349 5,770 14, 763 9,114 Collateral pledged against outstanding notes: Discounted and purchased bills 2,129 1,593 201 252 U.S. Governmentsecarities 241,374 30,000 64,274 15,000 35,000 2,000 9,000 40,000 6,000 4,100 8,000 18,000 10,000 "Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 FEDEBAL RESERVE BULLETIN NOVEMBER 1933 LICENSED MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures for July-September 1933 Reserves held Borrowings at Federal Federal Reserve district Reserve banks Total Excess Sep b t e e r m- August July Sep b t e e r m- August July Sep b t e e r m- August July Boston 158.6 153.6 160.2 50.0 45.5 51.5 5.3 6.6 8.1 New York.... 1,015.1 961.0 914.7 172.9 125.1 61.5 35.5 36.6 38.5 Philadelphia. 121.7 119.0 121.2 23.2 20.3 19.7 14.2 15.7 16.4 Cleveland 134.3 138.5 138.2 25.4 29.3 27.2 10.0 9.7 8.4 Richmond 66.6 66.9 66.2 16.8 18.2 18.3 7.7 8.1 7.8 Atlanta 53.9 55.1 54.3 15.3 16.8 16.7 5.3 4.6 5.1 Chicago 463.7 404.9 344.7 250.5 194.3 135.2 4.8 5.5 4.6 St. Louis 71.8 70.7 70.5 24.8 23.1 23.1 2.7 2.2 1.7 Minneapolis.. 50.4 51.5 50.7 14.3 15.4 15.0 3.5 3.9 4.6 Kansas City.. 101.5 99.4 94.1 42.2 39.1 34.1 3.0 3.0 3.4 Dallas- 57.9 56.5 55.5 18.4 17.8 16.1 4.0 4.2 3.7 San Francisco 155.6 153.8 150.6 20.8 20.5 17.1 6.5 15.5 10.9 Total... 2,451. 2 2,331. 0 2,220.8 674.5 565.5 435.7 102.5 115.6 113.2 NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] Averages of daily figures for July-September 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 te S m ep b - er August July te S m e b p- er August July te S m e b p- er August July tember August July Boston 919 917 929 655 656 648 76 72 97 94 90 New York.... 6,149 6,096 6,230 1,738 1,754 1,768 184 184 180 414 414 410 Philadelpbia.. 672 678 715 582 579 564 128 124 123 348 345 344 Cleveland 759 765 794 807 802 773 109 108 106 188 185 182 Richmond 364 352 346 271 271 263 70 67 67 130 129 128 Atlanta 285 279 277 264 265 262 50 52 52 55 56 55 Chicago 1,541 1,518 1,507 763 762 765 101 96 125 123 120 St. Louis 339 346 344 229 229 229 81 81 80 77 76 74 216 217 214 168 171 174 91 88 158 157 156 Minneapolis- 405 416 413 200 197 192 161 160 162 101 100 100 Kansas City.. 274 268 273 156 159 160 126 121 124 32 32 31 Dallas _. 854 835 833 1,482 1,486 1,494 75 77 74 75 77 San Francisco 12,775 12,686 12,875 7,314 7,333 7,292 1,252 1,234 1,225 1,799 1,786 1,768 Total... Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER FEDERAL RESERVE BULLETIN MEMBER BANKS LICENSED AND NOT LICENSED AS OF NOV. 1, 1933 Deposits on June 30, 1933 of banks Number of banks licensed and not licensed on Nov. 1,1933 (in thousands of dollars) Federal Reserve district Total Licensed c N en o s t e l d i - » Total Licensed c N en o s t e l d i - 1 All member banks: Boston _ 346 22 2,021, 785 2, 000, 639 21,146 New York 810 731 79 10,220,857 10,098,944 121,913 Philadelphia 677 601 76 2,133,734 2,002,390 131,344 Cleveland 617 511 106 2,175,387 2,047,515 127,872 Richmond 386 346 40 989,296 959, 550 29,746 Atlanta 322 298 24 817,098 789,785 27,313 Chicago _„ 706 544 162 3,096,495 2,931,175 165,320 St. Louis 406 354 52 879,822 46,430 Minneapolis 530 483 47 752,897 732,320 20,577 Kansas City 749 703 46 1,053,219 1,032,476 20,743 Dallas 555 537 18 707,149 701,673 5,476 San Francisco 413 376 37 2, 798, 505 2,783,543 14,962 Total _.. 6,539 5,830 709 27, 646,244 26, 913,402 732,842 National banks: Boston 337 315 22 1, 551,548 1,530,402 21,146 New York 660 585 75 4, 252,824 4,151,196 101,628 Philadelphia 613 543 70 1,495,144 1,389,220 105,924 Cleveland 541 444 97 1,318,291 1, 203,018 115, 273 Richmond 343 304 39 744,514 715,039 29,475 Atlanta _._. 273 250 23 732,391 717, 667 14,724 Chicago 544 421 123 2,435,424 2,314,905 120,519 St. Louis — 336 291 45 584,645 557,121 27, 524 Minneapolis 486 439 47 717,280 696, 703 20,577 Kansas City 715 669 46 926,370 905, 627 20,743 Dallas _ 506 488 18 678, 790 673, 314 5,476 San Francisco 341 311 30 2,198,944 2,186,091 12,853 Total __. 5,695 5,060 635 17,636,165 17,040, 303 595,862 State bank members: Boston 31 31 470,237 470, 237 New York _ 150 146 5,968,033 5,947,748 20,285 Philadelphia 64 58 613,170 25,420 Cleveland _. 76 67 857,096 844,497 12,599 Richmond 43 42 244, 782 244,511 271 Atlanta 49 48 84,707 72,118 12, 589 Chicago 162 123 661,071 616,270 44,801 St. Louis 70 63 295,177 276, 271 18,956 Minneapolis 44 44 35,617 35, 617 Kansas City 34 34 126,849 126,849 Dallas 49 49 28,359 28,359 San Francisco 72 65 599, 561 597,452 2,109 Total — 844 770 74 10,010,079 9,873,099 136,980 1 Exclusive of banks placed in liquidation or receivership. NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, NOV. 1, 1933 [Preliminary figures, subject to change; based on information received by Federal Reserve banks] Deposits on Dec. 31, Number of banks a 19 b 3 l 2 e , o c r a ll l ate d s a t t e ava (i i n l thousands of dollars) Federal Reserve district On unre- Banks on Total stricted Total unrestricted basis basis B oston - - 202 161 519,651 421,904 New York .. - —- - 325 317 1,113,217 1,075,123 Philadelphia 269 245 455,288 405,362 Cleveland - __ _ - 713 616 603,010 509,438 Richmond.. _. 698 603 490,471 394,099 Atlanta - 761 706 213,187 193,786 Chicago - - -- - 2,107 1,457 992,928 678,544 St. Louis . _- - _ 1,383 1,178 360,144 320,803 Minneapolis 978 916 259, 583 242,654 Kansas City -- .. -- 1,493 1,252 281,660 250, 323 Dallas 538 521 138,037 134, 565 San Francisco 406 372 517,637 507,383 Total - 9,873 8,344 5,944,813 5,133,984 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE NOVEMBER 1933 WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i i l l a - a- la C n le d ve- m Ri o c n h d - At t l a an- c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - D la a s l- F c S r is a a c n n o - Y N o ew rk c C a h g i o - Total loans and investments: Oct. 4 16,548 1,201 7,664 1,024 1,114 340 323 1,515 467 331 508 381 1,680 6,728 1,204 Oct. 11. 16, 536 1,190 7,668 1,025 1,121 337 325 1,508 468 329 506 383 1,676 6,733 1,197 Oct. 18 .— 16, 592 1,194 7,725 1,032 1,113 335 323 1,510 472 329 507 379 1,673 6,782 1,201 Oct. 25 16,467 1,198 7,608 1,032 1,121 335 321 1,489 471 330 508 381 1,673 6,670 1,181 Loans: Oct. 4 8,565 704 3,907 506 464 179 177 185 214 214 3,365 Oct. 11 — 8,570 697 3,931 505 462 177 179 871 237 184 214 216 897 3,389 689 Oct. 18 .-..- — 8,643 702 4,007 504 462 178 179 873 236 184 212 213 3,461 691 Oct. 25 8,543 3,920 461 178 179 870 235 182 213 214 3,377 689 On securities: Oct. 4 3,651 248 1,928 246 229 62 57 403 90 49 57 60 222 343 Oct. 11 -. 3,637 251 1,914 245 229 62 59 401 49 57 60 221 1, 341 Oct. 18 3,673 252 1,948 243 229 63 59 404 50 57 60 220 1,712 344 Oct. 25 3,584 251 1,869 240 228 63 58 402 87 48 57 60 221 1,636 342 All other: Oct. 4. 4,914 456 1,979 260 235 117 120 477 147 136 157 154 676 1,666 355 Oct. 11 4,933 446 2,017 260 233 115 120 470 148 135 157 156 676 1,706 348 Oct. 18 - - 4,970 450 2,059 261 233 115 120 469 148 134 155 153 673 1,749 347 Oct. 25 - 4,959 448 2,051 259 233 115 121 468 148 134 156 154 672 1,741 347 Investments: Oct. 4 7,983 497 3,757 518 650 161 146 635 230 146 294 167 782 3,363 506 Oct. 11 — 7,966 493 3,737 520 659 160 146 637 231 145 292 167 779 3,344 508 Oct. 18 — 7,949 492 3,718 528 651 157 144 637 236 145 295 166 780 3,321 510 Oct. 25. 7,924 499 533 660 157 142 619 236 148 295 167 780 3,293 492 U.S. Government securities: Oct. 4_ 5,022 301 2,436 273 447 113 94 377 130 87 187 114 463 2,271 293 Oct. 11 4,994 300 2,400 274 457 113 94 381 129 87 185 115 459 2,236 297 Oct. 18 4,987 301 2,389 282 449 110 92 382 135 87 188 113 459 2,226 300 Oct. 25 4,956 310 2,353 458 110 90 364 134 90 188 114 459 2,194 All other: Oct. 4 2,961 196 1,321 245 203 48 52 258 100 59 107 53 319 1,092 213 Oct. 11 2,972 193 1,337 246 202 47 52 256 102 58 107 52 320 1,108 211 Oct. 18 2,962 191 1,329 246 202 47 52 255 101 58 107 53 321 1,095 210 Oct. 25 2,968 189 1,335 247 202 47 52 255 102 58 107 53 321 1,099 209 Reserve with Federal Reserve banks: • Oct. 4 1,844 123 859 79 77 28 384 65 814 357 O O c c t t . . 1 1 8 1 1 1 , , 8 9 9 5 4 5 1 1 2 1 5 8 8 9 6 2 9 4 7 8 9 3 7 7 5 8 3 2 0 8 4 41 0 7 5 6 6 4 3 8 8 2 7 4 8 378 Oct. 25 2,002 115 964 73 76 28 441 57 919 Cash in vault: Oct. 4 200 19 50 11 17 10 42 5 11 39 33 Oct. 11_._ 217 18 56 14 17 10 45 5 12 45 36 Oct. 18 208 19 49 12 17 11 44 5 12 38 36 Oct. 25__. 207 19 48 11 17 10 45 5 12 37 Net demand deposits: Oct. 4 10,448 725 5,571 537 515 186 1,178 192 343 224 5,195 1,006 Oct. 11__ • 10, 525 722 5,591 540 526 188 143 1,199 r277 193 340 229 577 5,208 1,028 Oct. 18__. 10,700 727 5,719 559 525 184 142 1,215 281 191 345 233 579 5,331 1,040 Oct. 25_ 10,685 727 5,695 550 532 187 141 1,228 283 192 340 233 577 5,311 1,051 Time deposits: Oct. 4___ ._. 4,486 382 1,188 310 441 130, 132 465 159 125 171 124 766 347 Oct. 11 ' 4,478 382 1,185 311 434 130 132 464 ••159 125 173 123 860 762 345 Oct. 18 ___ 4,476 382 1,180 311 434 131 132 464 159 125 172 124 757 346 Oct. 25 „ 4,472 379 1,181 313 434 131 132 462 160 124 170 124 757 345 Government deposits: Oct. 4 863 61 418 49 8 30 74 24 4 15 55 61 Oct. 11 863 61 "518 49 8 30 74 24 4 15 55 388 61 Oct. 18 _ 780 54 378 45 7 28 66 22 4 13 51 351 54 Oct. 25 725 50 350 74 40 7 26 61 21 4 12 49 50 Due from banks: Oct. 4 1,197 102 110 99 65 51 63 254 67 56 114 127 75 200 Oct. 11 1,200 101 115 102 50 62 58 246 71 57 118 131 72 192 Oct. 18 1,239 125 114 94 58 58 62 243 75 58 126 134 75 191 Oct. 25 1,212 118 119 52 63 233 72 53 122 134 81 183 Due to banks: Oct. 4___ 2,640 151 1,208 152 127 60 334 87 75 166 126 1,155 272 Oct. 11 2,601 152 1,186 151 122 55 325 75 162 100 129 1,135 267 Oct. 18 2,740 159 1,273 161 127 66 326 73 167 103 135 1,219 268 Oct. 25. ___ 2,675 155 1,243 153 127 64 319 91 70 164 103 130 1,191 264 Borrowings from Federal Reserve banks: Oct. 4 Oct. 11 Oct. 18 Oct. 25 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1833 FEDERAL RESERVE BtJLLETitt 723 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 ba F n e k d o e r r a b l r a R n e c s h e r c v i e ty 1932 1933 1932 1933 1932 1933 1932 October Sep b t e e r m- October October Sep b t e e r m- October October Sep b t e e r m- October October Septem- October Boston- 2 -5 2 -5 4 -5 4 -5 5 -5M 5 -5 New York- 2K-3 4 -5 4 -5 4 -5 3 -4H 3 -4K 3K-5 3H-5 4 -5 Buffalo 5 -6 4 -6 5 -6 6 6 6 5 5 6 Philadelphia- 4 -5 43^-5 4H-6 5 -6 5 -6 5 -6 5 -5H 4 -5 4 -5 Cleveland-. 1H-6 4 -6 4 -6 5 -6 5 -6 6 6 6 3 -4 5 -6 6 Cincinnati- 5 -6 5^-6 5 -6 5 -6 5 -6 5 -7 5 -6 5 -6 5 -6 Pittsburgh. 5*4-6 5^-6 6 Richmond- _ 3 -5 5 5 B C a h l a ti r m lo o t r t e e . - . 4 5 - - 6 5H 5 5 - - 6 6 5 5 - - 6 6 5 5 - - 6 6 5 -6 5 -6 6 534-6 5^-6 6 Atlanta 4 -5 5 -5 5 -6 5 -6 5 -6 3 -5 4 -6 4 -5 5 -6 5 -6 Birmingham.. 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 6 Jacksonville. - 4 -8 5 -7 4^-7 6 -8 5 -8 6 -8 6 -8 6 -8 Nashville 6 6 6 5 -6 6 6 6 6 New Orleans. 5 -6 5 -6 5 -7 5 -7 5 -6 5 -6 5^-6 5 -6 Chicago _ 3 -5 3 -5 4 -5 3 -5 3 -5 A 434-5M 5 -5 5 Detroit-. 5 -6 5 -6 5 -6 5 -6 534-6 St. Louis 3 -5 4 -6 5 -6 5 -6 5 -6 3 -6 5 -5H 5 -6 5 -5 Little Rock- 6 6 -7 6 -7 6 6 -6V2 6 -7 Louisville--. 6 5H-6 53^-6 5 -6 Minneapolis.. 2 -4 2 -4 2 -5 5 -6 5 -6 4 -6 2 -4 2 -4 2 -53/ 5 -6 5 -6 Helena 7 -8 7 -8 7 -8 7 -8 7 -8 7 -8 6 -7 6 -7 6 -7 6 -7 6 -7 -7 Kansas City 53^-6 3 -5 3 -5 5^-6 53^-6 Denver 5H-7 5 -7 6 -6} 6 6 -7 6 Oklahoma City 8 8 6 -8 6 -8 6 2-8 6 Omaha 5H-7 534-7 534-7 6 6 -6H Dallas 3 -6 4 -6 4 -6 6 -7 6 -8 6 -7 3 -6 5 -6 5 -6 5 -hy El Paso 7 -8 6 -8 7 -8 7 -8 8 7 -8 8 8 8 5 -6 5 -6 5 -6 Houston 5 -7 5 -7 5 -6 5 -6 5 -6 5 -5H 5 -h\ 5 -hy San Antonio.. 6 -7 * 5 -7 6 -8 6 -7 6 2-7 6 -8 6 6 S L a o n s A Fr n a g n e c le is s co 4 5 - - 6 6 4 5 - - 6 6 5 6 - - Q 6 } 5 -6 5 6 - - 6 6 3> 534-6 5 -6 7 5 6 V 2- - 6 7 5 -5H Portland 5 -6 434-6 6 6 6 -63. 6 -7 6 -7 6 -7 Salt Lake City 5 -6 6 6 -1 6 534-7 6^-7 7 Seattle 6 6 -6} 6 -6H 634-7 634-7 Spokane 6 6 -7 6 -7 6 -7 6 -7 634-7 NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. Rate 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

724 FEDERAL RESERVE BULLETIN NOVEMBER 1933 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OP AMERICAN UNITED STATES POSTAL SAVINGS CURRENCY TO AND FROM EUROPE [Balance to credit of depositors. In millions of dollars] BY SELECTED BANES IN NEW YORK CITY [Paper currency only. In thousands of dollars] find of month 1928 1929 1930 1931 1932 1932 1933 Net Net January... 148.9 153.5 165.1 278.4 665.6 942.5 Month m Sh e i n p t - s ce R i e p - ts m sh e i n p t - s m Sh e i n p t - s ce R i e p - ts m sh e i n p t - s F M e a b r r c u h ary . 1 1 5 5 1 2 . . 1 0 1 1 5 5 4 5 . . 8 0 1 1 6 6 7 9 . . 9 5 3 29 0 2 2 . . 1 7 6 7 9 0 1 5 . . 8 3 0 1 0 12 6 . . 7 2 to from (-) or to from (-)or April 152.2 154.3 170.2 313.8 722.1 158.4 Europe Europe rec ( e + i ) pts Europe Europe receipts May 152.0 153.8 171.2 325.0 742.6 178.8 (+) June 152.1 153.6 175.3 347.4 784.8 185.1 July 151.7 157.8 180.7 372.5 828.5 176.7 January... 3,335 +3,310 5,304 +5,301 August. 152.2 160.1 186.5 422.7 848.5 177.6 February.. 5,221 +5,221 105 5,589 +5,484 September. 152.3 160.3 189.8 469.9 857.4 180.6 March 8,468 +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. 6,603 +6,567 122 4,756 +4,634 October- 5,294 +5,287 November. 70 6,013 +5,943 MATURITY DISTRIBUTION OF BILLS AND December. 245 3,986 +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 91 IN CIRCULATION With- 16 to 31 to 61 to days Over Total in 15 30 60 90 to 6 [Outside Treasury and Federal Reserve banks. In millions of dollars] days days days days mos. Denomina- 1933 Bills discounted: tions Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30 O Oc c t t . . 4 11 1 1 2 1 2 9 , , 9 3 8 0 4 7 8 9 7 0, , 2 5 0 4 4 1 9,057 1 9 0 , , 7 6 3 9 0 9 1 1 2 2 , , 5 0 0 2 3 3 792 8 9 7 0 Oct. 18 112,754 81,632 9,456 11,988 8,660 920 $1 375 358 356 355 360 366 380 Oct. 25 114,593 84,056 15,061 6,028 1,081 $2 33 32 32 32 32 33 33 Bills bought in $5 729 688 660 654 656 664 685 open market: $10 1,254 1,206 1,150 1,143 1,138 1,153 1,181 Oct. 4 7,195 1,903 386 3,910 $20 1,488 1,406 1,349 1,335 1,312 1,300 1,302 Oct. 11 6,906 3,645 559 1,986 716 $50 404 391 377 367 362 Oct. 18 3,408 475 2,118 568 $100 686 662 636 620 612 Oct. 25 6,523 285 737 4,602 $ $ 1 5 , 0 0 0 00 U,778 » 1,663 2 1 8 5 8 3 2 1 7 4 3 5 2 1 5 3 4 6 2 1 4 3 6 1 2 1 3 27 9 Ce b r i t l i l f s i : cates and $5,000 12 9 8 7 7 Oct. 4 896,534 46,300 42, 225 148,118 297,975 205, 410 156, 506 $10,000 10 10 10 10 10 Oct. 11 926, 722 38,425 62, 047 158, 771 309, 024 201,950 156, 505 Total.. 5,657 5,353 5,100 5,009 4,917 4,896 4,937 Oct. 18 957, 723 42, 225 63, 747 337, 202 152, 245 205, 798 156,506 Oct. 25 964, 796 64,047 59,820 329,681164,443 190,300 156,505 Municipal wari Separate figuresf or different denominations not available. rants: NOTE.—Figures include, in addition to currency outside the Treasury Oct. 4 1,837 1,717 and Federal Reserve banks, unassorted currency held by these institu- Oct. 11 1,737 1,617 tions, amounting to $60,000,000-$115,000,000 prior to May 1933 and to Oct. 18 1,559 1,449 $5,000,000-$6,000,000 since that time, and also $1,000,000 of currency of Oct. 25 1,559 1,449 unknown denominations reported by the Treasury as destroyed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 725 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1932 Industry Sept. Oct. Manufactures—Total 65 IRON AND STEEL 28 Pig iron 21 Steel ingots 29 TEXTILES 104 Cotton consumption 99 Wool _ 82 Consumption 94 Machinery activityl 89 Carpet and rug loom activity 1 33 Silk 148 Deliveries 170 Loom activity * 105 FOOD PRODUCTS 94 Slaughtering and meat packing _ _ __ _ 100 Hogs 107 Cattle 83 Calves _ - 95 Sheep 149 Wheat flour 80 Sugar meltings _. . __ 91 PAPER AND PRINTING 88 Wood pulp and paper 80 59 NBoeowks ppraipnetr 85 Wrapping paper 71 Fine paper 81 Box board 94 "W"ood DUID mechanical 67 Wood pulp chemical 82 Paper boxes 137 Newsprint consumption 101 LUMBER _ _ _ _ 23 TRANSPORTATION EQUIPMENT: 24 Locomotives 5 Shipbuilding 84 LEATHER AND PRODUCTS 91 Tanning _ - 68 Cattle hide leathers _ 64 Calf and kip leathers 76 Goat and kid leathers - - 71 Boots and shoes 105 CEMENT AND GLASS: Cement 54 Glass, plate - 43 NONFERROUS METALS: 2 Tin deliveries * 45 FUELS, MANUFACTURED: 133 Gasoline * - - 173 Kerosene 70 Fuel oil1 87 Lubricating oil * 71 Coke, byproduct ._ 52 RUBBER TIRES AND TUBES 64 TMreP, pflpVimfltlO 66 Inner tubes 48 TOBACCO PRODUCTS . 111 Cigars 64 Cigarettes - - .- 145 Minerals—T ota 1 70 Bituminous coal 58 Anthracite coal 61 Petroleum, crude - 105 Iron ore 8 Zinc 31 Lead - - - - 41 Silver _ - -- 36 CO CO<N 32 99 96 77 83 90 39 140 157 106 89 92 101 74 89 145 88 OO OS Nov. 63 31 21 84 61 87 77 80 104 68 87 150 100 24 16 5 216 93 69 67 71 74 108 55 50 50 137 180 66 '86 72 55 68 71 44 104 63 133 74 67 61 104 13 33 38 36 OC OC ot ot 1923-25 averag;e=100] 1933 Dec. Jan. 64 64 28 30 18 19 29 31 91 87 95 93 88 70 67 66 77 76 72 76 74 76 38 32 31 119 123 118 130 133 121 96 103 111 83 84 88 82 79 86 85 83 87 70 67 78 92 83 93 146 129 137 87 92 90 83 89 93 87 86 84 80 80 76 66 64 59 84 88 82 67 58 61 76 67 75 96 105 88 70 65 56 84 75 85 127 137 135 98 94 98 21 23 26 31 60 48 4 2 3 136 78 89 85 74 74 70 69 74 76 83 84 99 93 53 43 59 72 55 50 138 132 179 169 73 76 89 '90 71 68 56 56 73 67 76 70 50 44 104 112 63 60 132 149 75 76 66 66 65 75 106 96 7 35 39 45 39 37 30 OC OO Feb. Mar. Apr. May June July 61 56 66 78 93 101 31 22 35 49 72 100 20 17 20 29 43 62 32 22 37 51 75 103 83 76 85 108 133 130 87 86 91 113 139 135 67 46 58 90 116 124 70 48 66 105 134 141 82 52 56 91 118 129 32 29 34 42 60 62 97 98 113 123 147 131 95 111 132 136 172 143 101 72 76 96 96 105 84 84 101 99 100 100 88 85 102 102 105 106 84 81 107 106 107 109 87 85 90 92 99 98 89 91 98 101 102 103 144 149 156 153 152 145 88 92 110 97 97 95 65 68 82 89 81 83 »77 59 59 61 60 64 67 88 87 83 92 103 60 62 68 80 95 76 82 71 96 121 56 55 56 61 69 86 87 88 99 113 124 110 149 172 183 213 96 89 95 96 100 102 20 22 24 30 38 46 33 27 44 51 66 70 3 1 1 0 0 1 181 144 32 25 16 92 84 93 110 114 76 76 70 70 79 89 66 66 62 64 74 76 76 77 71 71 79 102 105 101 90 85 93 109 93 102 93 107 129 131 38 41 40 35 42 51 88 63 54 55 88 118 55 58 55 68 80 94 132 132 135 140 147 154 165 166 171 179 187 198 86 81 80 85 87 92 94 95 95 94 95 101 76 75 75 81 88 80 56 56 51 54 61 75 59 54 41 65 94 115 61 56 42 67 97 120 42 41 29 47 68 80 113 115 99 116 143 135 68 63 51 61 61 66 147 154 132 153 204 186 73 79 81 72 78 84 57 63 51 55 57 64 53 04 77 44 43 65 107 110 122 108 134 134 14 15 39 43 44 45 45 55 45 40 45 45 37 41 36 30 44 36 30 24 OS CC Aug. Sept. 91 *83 80 66 63 53 82 67 99 120 103 107 96 118 105 115 96 61 67 113 91 '95 105 '110 127 '113 147 102 95 105 106 146 144 64 70 83 76 66 61 173 162 103 106 46 36 61 56 1 15 20 '102 92 92 88 82 78 76 74 91 82 73 132 126 113 131 110 98 56 50 37 150 135 112 109 125 112 155 153 198 198 92 87 106 99 82 84 91 96 91 143 111 148 116 111 75 117 123 115 69 68 68 151 163 151 90 91 *86 76 75 65 67 61 74 132 134 *>124 40 57 68 71 77 77 36 36 57 34 28 39 1 Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals." v Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 FEDERAL RESERVE BULLETIN NOVEMBER 1933 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100] 1932 1933 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. 66 67 63 58 63 63 58 68 80 93 97 89 28 30 29 24 29 33 25 39 53 72 93 79 20 21 21 18 19 20 18 21 29 43 59 60 29 31 30 25 30 34 25 41 56 75 96 81 104 102 95 86 92 88 78 88 108 126 121 PIOS 96 99 98 86 92 94 91 98 116 133 122 108 84 81 73 68 67 70 46 57 85 109 115 103 99 91 84 77 75 76 49 64 96 121 126 110 89 90 76 74 76 82 52 56 91 118 129 115 33 39 38 32 31 32 29 34 42 60 62 61 154 140 121 113 129 102 95 112 122 134 126 178 157 134 118 138 102 107 131 135 153 136 105 106 96 103 111 101 72 76 96 96 105 91 89 87 86 92 84 82 94 98 99 97 88 89 91 95 103 89 82 92 99 105 99 80 86 93 109 116 94 82 95 102 110 97 93 86 81 70 79 76 74 79 89 93 97 92 93 94 79 86 83 92 106 114 106 100 173 160 144 126 138 135 136 146 150 149 145 95 98 94 88 88 85 86 100 91 86 92 97 77 65 51 61 63 80 95 100 96 102 89 94 89 81 82 *>102 81 86 81 74 75 59 61 65 64 59 59 59 62 61 65 66 85 88 86 87 83 91 89 84 90 103 72 78 68 57 60 61 63 69 80 96 80 81 74 64 76 82 86 75 97 121 99 109 99 85 85 55 61 70 65 56 57 60 68 75 75 82 89 84 73 84 89 90 90 99 114 151 157 130 112 119 138 111 149 172 190 204 99 106 104 97 94 95 92 101 99 99 91 23 25 20 20 23 20 23 26 32 40 45 26 15 18 32 40 35 33 57 64 75 73 6 5 4 2 3 3 1 1 0 0 1 84 158 119 60 64 129 112 31 31 20 28 105 102 85 73 80 93 87 91 101 110 114 73 74 72 72 73 78 69 68 75 87 92 66 69 69 67 67 70 63 64 70 74 75 88 84 71 65 63 71 63 64 75 99 106 75 77 82 91 99 105 92 84 87 109 122 126 120 94 73 85 103 98 105 118 124 128 67 63 53 34 23 24 29 34 50 64 68 43 50 57 54 78 68 59 61 96 120 148 45 50 55 50 55 58 55 68 80 94 109 133 137 138 132 132 132 135 140 147 153 154 173 180 179 169 165 166 171 179 187 198 198 72 70 79 82 88 82 78 84 83 86 86 87 '86 89 '90 94 95 95 94 95 101 106 71 72 71 68 76 75 75 81 88 80 82 51 55 57 57 57 57 53 54 61 73 89 61 60 55 46 54 58 45 76 118 139 140 63 62 57 48 56 61 46 79 123 145 145 48 39 37 32 38 43 32 53 83 96 105 123 112 106 91 107 104 94 107 145 147 126 73 77 75 45 52 54 47 58 63 72 72 159 140 130 123 144 140 125 139 206 204 167 73 80 78 72 71 76 74 65 76 82 89 01 74 74 70 63 67 51 46 50 57 69 62 79 67 74 57 68 63 45 43 57 55 108 '105 105 93 102 108 120 108 136 137 135 15 22 6 21 30 81 29 32 35 40 41 46 46 47 46 53 66 39 39 47 39 46 41 46 45 36 42 34 34 36 39 30 36 33 48 36 29 23 29 "00 Sept. Manufactures—Total *>84 IRON AND STEEL 65 Pig iron . 52 Steel ingots 67 TEXTILES Cotton consumption 100 Wool- 99 Consumption 111 Machinery activity 96 Carpet and rug loom activity 67 Silk Deliveries 95 Loom activity FOOD PRODUCTS '87 99 Slaughtering and meat packing '93 110 Hogs '86 110 Cattle 100 106 Calves 96 101 Sheep- 147 167 Wheat flour 69 83 Sugar meltings... ... 93 81 PAPER AND PRINTING Wood pulp and paper Newsprint 65 61 Book paper Wrapping paper Fine paper _ Box board Wood pulp, mechanical Wood pulp, chemical Paper boxes 175 179 Newsprint consumption - 92 104 LUMBER 49 37 TRANSPORTATION EQUIPMENT: Automobiles- -- 67 62 Locomotives..- 1 Shipbuilding-. 22 20 LEATHER AND PRODUCTS '113 106 Tanning 90 87 Cattle hide leathers... 75 77 Calf and kip leathers 99 85 Goat and kid leathers 124 118 Boots and shoes '127 118 CEMENT AND GLASS: Cement 65 46 Glass, plate 137 113 NONFERROUS METALS: 1 Tin deliveries- 125 112 FUELS, MANUFACTURED: Petroleum refining 153 Gasoline— 198 Kerosene 83 Fuel oil 99 Lubricating oil 84 Coke, byproduct 93 89 RUBBER TIRES AND TUBES 110 Tires, pneumatic 114 Inner tubes 83 TOBACCO PRODUCTS 131 128 Cigars 72 77 Cigarettes— 176 167 Minerals—Total — — 94 *>93 Bituminous coal 74 69 Anthracite coal. 61 75 Petroleum, crude 136 P127 Iron ore. 117 131 Zinc 71 73 Lead 35 54 Silver _.. __ 28 37 1 Includes also lead and zinc; see "Minerals." v Preliminary. ' Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1933 FEDERAL RESERVE BULLETIN 727 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through1927. 1923-25 avera^je=100] Factory employment Factory pay rolls Adjusted for seasonal Without seasonal adjustment variation Without seasonal adjustment Industry 1933 1932 1933 1932 1933 1932 Sept. Aug. Sept. Sept. Aug. Sept. Sept. Aug. Sept. Total 76.6 73.4 61.5 74.3 73.3 60.3 57.6 55.7 42.1 IRON AND STEEL PRODUCTS 75.3 72.7 51.7 74.7 73.2 51.3 49.0 52.7 23.4 Steel works and rolling mills __ 82.3 80.0 54.1 82.4 80.6 54.1 53.6 59.6 22.2 Hardware 60.1 61.0 49.2 59.4 62.9 48.6 35.4 36.9 24.3 Structural iron work 58.0 52.9 49.0 56.1 51.1 47.4 36.5 32.2 28.0 Heating apparatus _. 68.9 62.9 47.4 65.8 62.4 45.2 44.9 41.5 29.0 Steam fittings 53.4 51.6 39.2 52.2 50.8 38.3 34.8 35.1 23.4 Stoves _ _ _ _ __ __ 83.2 73.3 54.8 78.2 73.0 51.6 54.7 47.8 34.4 Cast-iron pipe... _ ._ 38.8 37.2 32.0 38.3 36.3 31.6 20.8 21.7 18.1 MACHINERY 60.9 57.1 45.9 61.1 57.1 46.0 41.2 38.9 27.0 Foundry and machine-shop products 60.4 56.8 43.8 60.6 56.7 43.9 38.0 36.0 23.5 Machine tools 55.3 48.6 37.6 56.0 49.1 38.0 37.7 32.1 22.2 Agricultural implements 45.6 41.2 27.6 49.1 43.4 29.8 38.0 33.9 20.3 Electrical machinery . 64.4 60.6 53.7 64.4 60.6 53.7 49.8 47.2 36.6 TEXTILES AND PRODUCTS 88.0 87.8 71.9 88.4 91.2 72.2 70.7 67.0 53.1 A. Fabrics . _ _ 94.5 96.4 72.6 95.9 99,8 73.6 75.1 77.0 51.7 Cotton goods 101.4 103.4 71.9 102.9 108.2 73.0 83. 2 85.4 48.9 Woolen and worsted manufactures 88.6 92.3 64.0 89.8 94.4 64.8 63.5 69.1 43.1 Woolen and worsted goods. ... 91.6 96.8 67.8 92.6 98.9 68.6 69.2 73.1 47.5 Carpets and rugs 72.6 69.0 43.7 75.0 71.7 45.2 54.8 51.2 22.6 Hosiery and knit goods 100.1 93.7 85.2 101.1 96.3 86.0 87.1 79.2 67.3 Silk manufactures 74.6 76.0 62.9 75.3 77.2 63.5 59.2 63.3 44.9 Dyeing and finishing textiles 87.6 105.3 88.0 89.9 109.8 90.2 63.1 78.8 71.9 B. Wearing apparel 71.4 66.4 70.3 69.8 69.6 68.6 61.8 46.9 56.0 Clothing, men's _ 61.1 60.4 53.0 59.6 58.7 51.8 49.1 45.2 37.3 Shirts and collars 79.6 79.2 65.6 80.4 82.2 66.2 65.0 64.6 41.3 Clothing, women's 79.1 67.0 95.6 77.4 72.8 93.6 71.3 41.3 79.6 Millinery 80.1 71.2 74.7 74.6 85.3 69.6 76.3 55.7 65.0 FOOD AND PRODUCTS 96.0 89.3 83.8 93.9 89.7 81.8 78.2 71.7 70.8 Baking _. _ 92.6 87.3 84.7 91.3 87.7 83.4 76.9 70.7 73.1 Slaughtering and meat packing 105.6 97.2 82.6 106.7 98.2 83.4 86.8 80.1 70.3 Confectionery _ _ _ _ 98.3 88.8 92.2 89.4 94.9 83.9 80.3 67.0 73.4 Ice cream 86.1 84.7 78.4 78.9 72.1 71.9 67.7 68.2 68.2 Flour 84.3 76.4 75.8 81.4 74.9 73.2 64.8 56.9 63.1 Sugar refining, cane 84.2 82.0 75.3 83.2 77.7 74.4 59.4 62.1 62.6 PAPER AND PRINTING 91.0 86.9 80.9 91.2 88.1 81.1 74.6 70.8 70.0 Printing, book and job _ 77.8 75.4 77.1 78.2 76.7 77.5 63.1 59.6 65.3 Printing, newspapers and periodicals 97.8 93.6 93.4 98.9 95.5 94.4 86.7 81.1 89.0 Paper and pulp 97.5 92.2 76.9 97.5 92.2 77.0 72.3 70.9 53.8 Paper boxes. _ __ 93.7 88.7 72.0 92.3 90.2 70.9 79.4 74.5 61.5 LUMBER AND PRODUCTS 51.1 47.6 37.7 49.4 46.6 36.6 33.1 28.9 20.9 Lumber, sawmills 45.4 42.9 33.2 44.1 41.7 32.2 29.8 26.0 17.4 Lumber, millwork _____ ___ 42.6 42.4 35.4 42.0 41.6 34.9 25.4 25.1 20.1 Furniture 72.2 64.2 51.9 69.4 63.6 49.9 45.3 37.8 29.1 TRANSPORTATION EQUIPMENT 53.4 51.7 43.1 52.8 51.4 42.8 43.0 43.9 27.3 Car building and repairing _ _ _ _ 44.2 43.7 40.1 44.0 43.5 40.0 35.9 36.4 28.9 Automobiles 63.4 60.9 44.3 61.5 59.7 43.0 50.1 52.5 22.2 Shipbuilding 71.9 64.5 64.5 77.2 68.2 69.2 56.8 49.5 52.4 LEATHER AND MANUFACTURES 86.6 88.7 78.0 83.3 86.4 74.9 68.7 69.3 54.5 Boots and shoes..- 86.0 88.7 81.1 81.9 85.7 77.3 67.0 67.7 55.2 Leather- 89.0 88.6 65.0 88.9 89.0 65.0 74.8 75.1 52.3 CEMENT, CLAY, AND GLASS PRODUCTS 55.8 55.8 43.4 53.9 53.9 41.9 34.1 34.6 24.6 Clay products 47.2 47.2 38.5 45.7 45.3 37.3 25.0 25.3 18.4 Brick, tile, and terra cotta 36.8 37.6 31.6 34.8 34.7 29.9 16.8 17.6 14.1 Pottery _ 75.4 73.3 57.2 75.6 74.1 57.3 46.4 45.6 29.8 Glass . 78.5 76.0 53.4 75.9 74.9 51.6 57.4 55.2 35.8 Cement _ - . 45.4 50.4 43.3 43.1 46.9 41.1 25.6 31.6 26.3 NONFERROUS METAL PRODUCTS.- _. ._ 67.7 65.4 46.6 68.6 66.1 47.2 51.4 50.4 30.3 Stamped and enameled ware 36.1 32.8 24.7 37.1 34.1 25.4 25.7 25.4 17.5 Brass, bronze, and copper 78.4 76.4 54.0 79.3 77.1 54.6 58.9 57.8 34.0 CHEMICALS AND PRODUCTS 96.2 89.9 74.0 95.9 92.4 73.7 74.3 72.2 59.8 Chemicals and drugs. _ 106.4 100.7 76.9 106.6 103.3 77.0 80.0 79.4 58.4 PetrolPHTTI refining 84.4 79.7 76.6 83.0 78.3 75.2 69.8 66.7 66.3 Fertilizers _ _ 71.8 56.0 46.7 72.8 72.7 47.4 47.6 36.4 33.2 RUBBER PRODUCTS __ ______ 84.4 83.3 60.2 82.2 81.9 58.6 62.9 64.4 36.4 Automobile tires and tubes 89.6 91.6 63.3 87.2 89.0 61.6 62.8 66.4 35.6 Rubber boots and shoes 69.1 58.4 50.7 67.4 60.5 49.4 63.4 56.5 39.9 TOBACCO MANUFACTURES 67.1 67.6 69.9 65.2 67.7 67.9 52.3 48.2 51.0 Cigars and cigarettes _ . . __ 66.4 67.1 69.9 64.2 66.9 67.5 50.8 46.3 49.7 Chewing and smoking tobacco, snuff 72.1 71.3 70.6 72.9 73.4 71.3 64.1 63.2 61.7 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

728 FEDERAL RESERVE BULLETIN NOVEMBER 1933 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926-100] Other commodities All com- Year and month m ti o e d s i- p u r c o t d s - Foods Total ]l p i l r e d o a e d t s h u a e c n r 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 l m B a u t i e ld ri i a n l g s c C a d h l r s e u m a g n s i d - i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1928 96.7 105.9 101.0 92.9 121.4 95.5 84.3 970 94.1 95.6 i 85.4 1929 95.3 104.9 99. ft 91.6 109.1 90.4 83.0 100 95 4 94.2 iJ4.3 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—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 R5 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 65.5 812 81.3 73.1 77.6 65.4 September 70.8 57.0 S4.9 76.1 92.3 76.9 70.4 82.1 82.7 72.7 79.3 65.1 1932 1933 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. FARM PRODUCTS: Grains 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 63.9 Livestock and poultry 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 46.7 Other farm products .. 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 61.2 FOODS: Butter, cheese, and mills 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 65.8 Cereal products 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 84.7 Fruits and vegetables 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 66.8 Meats 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 51.5 Other foods 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 64.5 HIDES AND LEATHER PRODUCTS: Boots and shoes 84 4 84.4 84.4 84.6 84.2 83.8 83.3 83.3 DO 9 83.2 83.6 85.5 88.3 96.1 98.9 Hides and skins 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 84.1 Leather 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 85.4 Other leather products 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 84.6 TEXTILE PRODUCTS: Clothing 60.9 61.0 61.8 62.5 62.2 62.5 61.9 61.2 61.3 61.4 61.9 64.5 70.6 74.4 81.1 Cotton goods 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 91.3 Knit goods. 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 74.8 Silk and rayon 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 34.5 Woolen and worsted goods 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 82.7 Other textile products. 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 76.5 FUEL AND LIGHTING MATERIALS: Anthracite coal 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 82.0 Bituminous coal 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 84.7 Coke 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 79.7 Electricity 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 88.8 Qas 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 99.5 Petroleum products 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 49.6 METALS AND METAL PRODUCTS: Agricultural implements 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 83.2 Iron and steel 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 80.3 Motor vehicles 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 90.4 Nonferrous metals 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 68.2 68.5 BUILDING MATERIALS: Brick and tile. 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 82.6 Cement 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 90.8 Lumber. _ _ 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 82.0 Paint materials _. 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 77.3 Plumbing and heating.. 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 74.7 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 82.4 Other building materials 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 85.9 CHEMICALS AND DRUGS: Chemicals 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 78.8 Drugs and Pharmaceuticals. . 57.6 57.0 56.6 55.9 55.0 54.7 54.9 54.8 54.8 54.6 55.0 55.5 56.8 57.6 56.8 Fertilizer materials 66.8 66.4 63.6 63.4 63.5 63.1 62.3 61.5 61.9 62.9 66 8 68.0 68.6 69.0 66 6 Mixed fertilizers 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 67 8 HOUSEFURNISHING GOODS: Furnishings ... 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 80 5 Furniture 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 78 4 MISCELLANEOUS: Auto tires and tubes . 40.1 40.1 42.7 44.6 44.6 44 ft 44.6 42.6 41.3 37.4 37 6 40.1 41.4 43 2 43 2 Cattle feed _ 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 64.2 Paper and pulp 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 82 2 Kubber, crude 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 14.9 Other miscellaneous. 84.5 84.2 83.2 82.1 81.5 81.3 76.8 73.3 72.6 72.7 74.0 75.0 76.3 77.8 78.1 Back figures.—Foi 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

NOVEMBER : FEDERAL RESERVE BULLETIN 729 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Value of contracts in millions of dollars; figures for 37 States east of the Eocky 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 11.6 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 fiflptflmhpr 127.5 122.6 22.8 23.9 6.3 15.2 8.8 7.5 68.7 60.7 7.4 2.3 13.5 13.0 October 107.3 21.9 Q O 7.0 68 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 Septem- Septem- Federal Reserve district ber August ber Septem- September August ber New York City ._ 1 12,340 13,076 14,163 Outside New York City 140 12,215 12,375 11,768 Boston 10,726 16,680 10,363 New York _ . . 23,437 26,527 27,284 Federal Reserve districts: Philadelphia _ _ .„_ 4,527 5,113 6,952 Boston 11 1,385 1,435 1,301 Cleveland 8,318 12,039 10,551 New York _._ 7 12,850 13,543 14,655 Richmond 9,839 6,157 10,685 Philadelphia 10 1,112 1,105 1,138 Atlanta 7,194 4,719 9,470 Cleveland 13 1,178 1,255 1,126 Chicago 19,566 14,844 22,043 Richmond 7 435 457 483 St. Louis, 14,432 6,238 10,064 Atlanta - « 15 583 583 580 Minneapolis 5,808 3,578 4,948 Chicago __ __ _ 21 3,010 3,089 2,860 Kansas City 14,733 4,819 9,166 St. Louis 5 608 590 599 Dallas _ 4,035 5,417 6,002 Minneapolis 9 500 527 437 Kansas City 15 732 740 681 Total (11 districts) 122, 616 106,131 127,527 Dallas 10 414 359 354 San Francisco— -_ 18. 1,750 1,768 1,716 COMMERCIAL FAILURES, BY DISTRICTS Total 141 24,555 25,451 25,931 [Amounts in thousands of dollars; figures reported by Dun and Bradstreet] ]dumber Liabilities Federal Reserve 1933 1932 1933 1932 district te S m e b p- er g A u u s - t te S m e b p- er te S m e b p- er August tem Se b p e - r Boston 122 150 194 1,683 3,272 4,407 New York 268 348 417 5,592 11,942 14,920 Philadelphia 45 80 117 923 3,048 4,582 Cleveland 116 118 220 2,331 3,791 4,619 Richmond 72 91 150 1,644 1,918 2,638 Atlanta - - 39 57 125 612 1,633 2,069 Chicago 136 189 338 4,863 4,169 12,082 St Louis 47 45 95 657 843 1,428 Minneapolis _ «_ 43 65 84 461 2,343 1,052 Kansas City 71 84 122 731 3,019 1,484 Dallas 17 53 65 538 1,559 1,238 San Francisco 140 192 255 1,814 5,239 5,608 Total 1,116 1,472 2,182 21,847 42,776 56,128 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL RESERVE BULLETIN NOVEMBER 1933 OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for Oct. 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 Oct. 1, Oct. 1, Oct. 1, Oct. 1, 1932 1933 1932 1933 1932 19331 1932 1933 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,684 7,692 66 115 66 115 New York _ _ _ _ _ _ 24,550 23,191 4,761 4,972 4,591 4,817 170 155 Philadelphia _._ 42,554 43,551 12,147 14,021 12,042 13,936 105 85 Cleveland 158, 549 150,113 35,908 37,959 35,735 37,843 173 116 Richmond _ __ 105,912 128,000 16,673 19,892 16,673 19,892 Atlanta 146,661 155,161 3,063 2,992 3,063 2,992 Chicago 1,065,741 797,823 49,430 44,317 46,050 42,191 3,380 2,126 St. Louis _ ._ .- 380, 505 288,012 34,128 36,048 33,885 35,900 243 148 Minneapolis 293,144 209,949 237,318 111,, 408 21,190 9,874 216,128 101,534 Kansas City 524,390 392,852 189,917 124,775 183,800 117,372 6,117 7,403 Dallas 116, 292 85,426 30,268 12,577 30,120 12,483 148 94 San Francisco 9,588 9,628 112,604 105,740 74, 530 43,055 38,074 62,685 Total 2,875, 570 2, 291,398 726,283 514,816 461, 679 340,355 264, 604 174,461 Oats Tame hay Tobacco White potatoes Cotton Federal Reserve district Prod 19 u 3 c 2 tion E O st 1 c i 9 m t 3 . 3 a 1 t , e Prod 19 u 3 c 2 tion E O s 1 t c i 9 m t 3 . 3 a 1 t , e Prod 19 u 3 c 2 tion E O s 1 t 9 c i 3 t m . 3 a 1 2 , te Prod 19 u 3 c 2 tion E O st 1 c i 9 m t 3 . 3 a 1 te , Prod 19 u 3 c 2 tion E O s 1 t 9 c i 3 m t 3 . a 1 3 t , e Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston 7,704 7,238 2,928 2,857 30,110 20,216 47,974 49,602 New York 28,019 18,944 5,164 4,903 1,621 981 32,017 24,997 Philadelphia 15,136 13,409 1,938 2,303 46,310 33,630 20,896 19,011 Cleveland 55, 920 36,640 3,826 3,969 121, 582 137,092 19,465 15,254 Richmond 18,755 16,448 2,542 2,916 411,132 709,487 23,932 23,030 1,410 1,418 Atlanta 10,469 8,161 2,105 2,088 99, 242 167, 619 10, 545 11, 282 2,326 2,618 Chicago 523, 589 285, 630 14,194 13,580 36,620 21, 532 59,382 39,738 St. Louis 47, 062 36,200 4,964 5,091 261, 257 315,901 13,164 8,451 4 2,942 5 2, 520 Minneapolis 317,746 146,847 9,912 8,257 2,831 1,275 54,062 40,758 Kansas City 145,427 8L148 8,809 8,780 4,807 5,640 30,854 28, 989 900 1,195 Dallas 43,699 20,354 1,004 940 4,981 4,497 5,233 4,864 San Francisco 24, 705 27, 512 12,408 11,653 40,407 41, 773 191 270 Total 1, 238, 231 698, 531 69, 794 67,337 1,015, 512 1,413,373 357, 679 307,382 13,002 12,885 1 Figures for winter wheat from estimate for Aug 1; no estimate for Oct. 1. 2 Without allowance for reduction in acreage under Agricultural Adjustment Act. s With allowance for reduction in acreage under Agricultural Adjustment Act. < Includes 15,000 bales grown in miscellaneous territority. «Includes 10,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS .... Hm' Omaha IXTA-J. I KANSAS —'' Oklahoma City U-, 30ALLAS® 1i •••BOUNDARIES OF FEDERAL RESERVE DISTRICTS -—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis