Federal Reserve Bulletin, 1933-12

FEDERAL RESERVE BULLETIN DECEMBER 1933 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments National Summary of Business Conditions Operations of Reconstruction Finance Corporation 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, CHABLEB 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 Agenti FEDERAL ADVISORY COUNCIL District no. 1 (BOSTON) THOMAS M. STEELE. District no.2 (NEW YORK) WALTER E. FREW. District no.3 (PHILADELPHIA) HOWARD A. LOEB. District no. 4 (CLEVELAND) H. C. MCELDOWNEY. District no.5 (RICHMOND) HOWARD BRUCE. District no.6 (ATLANTA) JOHN K. OTTLEY. District no.7 (CHICAGO) MELVIN A. TRAYLOR, Vice President. District no.8 (ST. LOUIS) WALTER W. SMITH, President. District no.9 (MINNEAPOLIS) THEODORE WOLD. District no. 10 (KANSAS CITY) W. T. KEMPER. District no. 11 (DALLAS) JOSEPH H. FROST. District no. 12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank Chairman Governor Deputy governor Cashier of— Boston F. H. Curtiss R. A. Young W. W. Paddock W. Willett. New York J. H. Case G. L. Harrison W. R. Burgess C. H. Coe.» J. E. Crane R. M. Gidney.i W. S. Logan J. W. Jones. 1 L. R. Rounds W. B. Matteson.i L. F. Sailer J. M. Rice.1 Allan Sproul.1 L. W. Knoke.1 Philadelphia R. L. Austin._ _. G. W. Norrls.. W. H. Hutt C. A. Mcllhenny. W. G. McCreedy.* Cleveland L. B. Williams- E. R. Fancher M.J. Fleming H. F. Strater. Richmond W. W. Hoiton G. J. Seay.. C. A. Peple G. H. Keesee. R. H. Broaddus J. S. Walden, Jr.» Atlanta. ~ Oscar Newton W. S. Johns1 H. F. Conniff M. W. Bell. W. S. McLarin, Jr.* Chicago E. M. Stevens J. B. MoDougal C. R. McKay.._ W. H. Snyder* H. P. Preston W. C. Bacbman.1 J.H. Dfflard ,... R. H. Buss.» 0. J. Netterstrom.i A. T. Sihler.i E. A. Delaney.1 St. Louis J. S. Wood. W. McC. Martin .. 0. M. Attebery S. F. Gilmore.1 J. G. McConkey _ A. H. Haill.» GT? . X0T. HTToolll loScher.' 0. C. Phillips.' Minneapolis J. N. Peyton- W. B. Geery Harry Yaeger H. I. Ziemer. F. C. Dunlop.1 Kansas City M. L. McClure G. H. Hamilton TCT . AT . 7Wi<vomr«trhington.... J. W. Helm. Dallas 0. C. Walsh B. A. McKinney R T . W R . T G TA i I l T b T e I rt Fred Harris R. B. Coleman W. 0. Ford.» San Francisco Isaac B. Newton J. U. Calkins. W. A. Day- W. M. Hale. Ira Clerk i Assistant deputy governor. > Controller. • Acting governor MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES 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: 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 0. 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 OP CONTENTS *-——— Pag» Review of the month—Recent banking developments _ _ _ 731 Operations of Reconstruction Finance Corporation 735-739 National summary of business conditions _. 740 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 741-744 Member and nonmember bank credit: All banks in the United States 746 All member banks 745, 775, 776 Weekly reporting member banks in 90 leading cities 747, 777 Brokers' loans 747 Acceptances and commercial paper 748 Discount rates and money rates 749, 778 Treasury finance 750 Security prices, bond yields, and security issues 751 Production, employment, car loadings, and commodity prices 752, 780-783 Merchandise exports and imports 753 Department stores—Indexes of sales and stocks 753 Freight-car loadings, by classes 753 Financial statistics for foreign countries: Gold reserves of central banks and governments 754 Gold production 755 Gold movements 755-757 Government note issues and reserves 758 Bank for International Settlements 758 Central banks . 759-761 Commercial banks * 762-763 Discount rates of central banks 764 Money rates 764 Foreign exchange rates 765 Price movements: Security prices 766 Wholesale prices - 766, 767 Retail food prices and cost of living 767 Law department: Rulings of the Federal Reserve Board: Requests for interpretations of Federal Reserve Act and the Board's regulations 768 Withdrawals of savings deposits . _ _ 768 Provisions of time certificates of deposit 768 Payment of interest on deposits of postal-savings funds 768 Banks controlled by same holding company affiliate as affiliates of each other 770 Application of sec. 32 of Banking Act of 1933 to members of stock exchanges and partners and employees of stock-exchange firms 770 Applicability of sec. 8A of Clayton Antitrust Act to corporations making loans to their own employees on their own stock 771 Applicability of sec. 8A of Clayton Antitrust Act to corporations which previously made loans on their own stock but expect to make no such loans in the future 771 Eligibility of State banks for membership in Federal Reserve System—Capital requirements for banks in places of not more than 3,000 inhabitants 772 Federal Reserve statistics by districts, etc.: Banking and financial statistics 773-779 Industrial and commercial statistics 780-784 November crop report, by Federal Reserve districts 785 Index to volume 19 786-809 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 19 DECEMBER 1933 No. 12 REVIEW OF THE MONTH creased by $600,000,000 to a level in November more than $800,000,000 in excess of legal Volume of reserve-bank credit, after increas- requirements. Money rates continued to be ing continuously for more than 3 months, low, though rates on short-time money in the showed little change during open market advanced slightly in November. Bank credit November, reflecting the grad- Discount rates at the Federal Reserve banks ual reduction after the middle of October of of Boston, Philadelphia, and San Francisco reserve-bank purchases of United States Gov- were reduced from 3 to 2% percent. ernment securities in the open market. In Member bank credit, after showing little May of this year the Federal Reserve System change in September and October, increased in resumed the policy of purchasing United November, reflecting chiefly increased holdings States Government securities in the open of United States Government securities. As market, with a view to providing an ample regards the economic situation, it appears on and ready basis of credit as economic recovery the basis of preliminary figures that the output proceeded and the credit requirements of trade of basic industries, which had declined conand industry increased. Purchases by the Re- siderably during the three months, August, serve banks were made at the rate of about September, and October, showed relative sta- $25,000,000 a week from the middle of May to bility during November, and the volume of the end of June, at the rate of about $10,000,000 construction undertaken continued to increase, a week in July and the first half of August, and reflecting chiefly expansion of public works. at about $35,000,000 a week from that time Further particulars about the business situauntil the middle of October. After that time, tion appear in the National summary of in view of the large volume of excess reserves of business conditions on page 740. the member banks, purchases were gradually The decline in the volume of money in cirreduced. On November 8 holdings of United culation over the 6 months from May to States Government securities of the Reserve November reflected largely the banks were at the highest level since the es- Demand for return of currency from hoards, currency tablishment of the Reserve System—$2,430,- while the amount of money in 000,000—a level that has remained unchanged active business use showed an increase. Weekly in recent weeks. For the 6 months from May figures of the amount of money in circulation to November purchases of United States during the past 4 years are shown on the accom- Government securities by the Federal Reserve panying chart. The chart shows that the banks amounted to about $600,000,000. There return of currency to the Reserve banks followwas at the same time a return of about ing the termination of the banking holiday in $200,000,000 of currency from circulation. March eontinued, with minor interruptions, A part of the funds derived from the open- until the end of August and that there was market purchases of the reserve banks and the some growth in circulation during September, return flow of currency was employed by the October, and November. The increase during member banks in reducing their borrowings these 3 months in currency outstanding at the reserve banks by $200,000,000. In reflected an increase of requirements arising addition, member bank reserve balances in- from a growth in pay rolls and retail trade. 731 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL RESERVE BULLETIN DECEMBER 1933 MONEY IN CIRCULATION cent months in excess reserves of banks outside WeeKly Basis Wednesday Series New York City has reflected the expenditure by MILLIONS OF DOLLARS MILLIONS OF DOLLARS 7600 77660000 the Federal Government of funds borrowed or 7400 ft 7400 EXCESS RESERVES OF MEMBER BANKS 1200 7200 7000 7000 6800 6600 1 ll 933 6600 6600 I 6400 6400 6200 6200 6000 / 6000 5800 1932 5800 "A 5600 5600 J y 5400 5400 1 5200 5200 J 5000 Y A 5000 93] 4800 r / 4800 ^ -—«... — collected in New York City and the transfer of 4600 f «* -71930 A J 4600 funds to agricultural areas in payment for 4400 1 -V 4400 crops marketed. 4200 4200 Loans and investments of weekly reporting Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec member banks in 90 cities, after showing little The growth during recent months in member change in September and Octobank reserves has not been accompanied by a Member bank ber, advanced sharply during credit corresponding growth in reserve the week ending November 1 Member bank requirements, and during the and after a moderate decline thereafter conreserves latter part of October and tinued in larger volume than in the preceding 2 throughout most of November total reserves months. Recent changes in the total of loans were more than $800,000,000 in excess of legal and investments have reflected chiefly changes requirements. The accompanying chart shows in the banks' holdings of United States Governexcess reserves of member banks from the begin- ment securities. Other securities have shown ning of 1932 through November 1933 with sepa- little change throughout the year and a decline rate figures for member banks in New York in loans on securities has offset a growth in all City and outside New York City. The excess other loans during recent months. Accomreserves of the New York City banks declined panying charts show changes since the beginin June and July, reflecting seasonal loss of ning of 1932 in the different classes of loans and funds to the interior and a considerable tem- of investments of the reporting member banks. porary loss of bankers' balances, as these bal- Changes in the banks' holdings of United ances were withdrawn following the enactment States Government securities have reflected of the Banking Act of 1933, which prohibits the course of Treasury financing. As new the payment of interest on deposits payable on issues have been made by the Treasury the demand. After the middle of July, however, banks' holdings have increased sharply and the excess reserves at New York City increased then gradually declined as some of the secuagain and during recent months have fluctuated rities were distributed by the banks to their around $150,000,000. The growth during re- customers or were sold to other nonbanking Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 733 purchasers. The banks paid for the securities in loans to brokers and dealers in securities by giving the Treasury deposit credits on their and further reduction in security loans to books, and the Treasury gradually withdrew customers, which have declined almost conthese deposits as the funds were needed. The tinuously for 3 years. The growth since March in all other loans has reflected chiefly MILLIONS OP DOLLARS MILLIONS OF DOLLARS 6000 6000 growth in the banks' holdings of acceptances. MEMBER BANKS IN 90 LEADING CITIES Commercial loans to customers have shown little change over the period. Deposits of reporting member banks in leading cities have increased during the past 4 months, reflecting a growth of $400,000,000 in United States Government deposits and of about $200,000,000 in bankers' balances. Deposits of individual customers at these banks have shown little change. At country banks, however, there has been a seasonal increase in I i i I i i I i i -1 2000 1932 1933 deposits during the autumn, as customers have balances held by the Government with the deposited the proceeds received for their reporting banks increased substantially dur- marketed crops and the funds received from the ing the period and on November 22 were in Agricultural Adjustment Administration and excess of $900,000,000, more than double the the Farm Credit Administration. amount held last year. Total gold reserves reported by leading The chart showing for reporting member European countries, after showing little change banks the volume of loans on securities and in October, declined about in°EduropeFVeS $50,000,000 in the first 3 weeks MILLIONS OF DOLLARS MILLIONS OF DOLLARS of November. This was in MEMBER BANKS IN 90 LEADING CITIES contrast with developments during the third quarter of the year when central banks acquired not only the flow coming from Indian hoards and new production but also gold released from private and unreported holdings in western 5000 countries. More recently these private and unreported holdings of gold have increased. In October the increase was sufficient to absorb the gold from India and the mines,' and in November to absorb in addition withdrawals of gold from central banks. of all other loans indicates that loans on secu- Withdrawals of gold have been concentrated rities, after increasing from April to July, at the Bank of France. The bank's losses, declined thereafter and in November were beginning early in September, were at first smaller than at any other time in the 2-year moderate and were matched by increases in period. The increase in security loans from reserves of central banks elsewhere, chiefly in April to July was in loans to brokers and the Netherlands, Switzerland, and Germany. dealers in securities and accompanied the In the latter part of October, however, gold rapid rise of prices and increased activity in stock of the Bank of France began to shrink the securities market. The reduction in secu- at the rate of about $25,000,000 a week (at rity loans after July reflected both a decline par). Gold exported by France during this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 FEDERAL RESERVE BULLETIN DECEMBER 1933 period went chiefly to the Netherlands, Switzer- by any German State or municipality or by land, Germany, and England, but only a part certain German Government credit instituof it was added to central reserves in these tions ; bonds of which the interest is guaranteed countries. The increases in the gold stocks of by the Reich or by any German State; and the Netherlands and Switzerland, amounting at fully-paid or preferential shares of German par to $32,000,000 and $26,000,000, respec- railroads. Such securities, which are to be tively, during the month of October and the bought and sold "with a view to regulating the first 3 weeks of November, represented a flow money market", have been made eligible, along of funds from abroad. The increase in the with Lombard loans, as cover against Reichsgold stock of Germany, which aggregated bank notes in circulation. Such cover pre- $50,000,000 (at par) between the end of June viously was limited to gold, foreign exchange, and November 23, was due (1) to the partial and bills. The 40-percent reserve requiremoratorium on the service and amortization of ment in gold and foreign exchange continues foreign loans which went into effect July 1 and in force, but the provisions imposing penalty (2) to the conversion into gold of about taxes and progressively higher discount rates $18,000,000 of the Reichsbank's holdings of as reserves fell below the legal requirement foreign exchange. Bank of England gold stock have been rescinded. In the week ending on November 22 remained at the $927,000,000 November 15 the Reichsbank utilized its new level reached in the middle of the summer. powers in purchasing 195,000,000 reichsmarks In addition to losing gold the Bank of France of securities. has also recently lost foreign exchange. Since The General Council, which was formerly December 14, 1928, when the chosen by the German shareholders of the Foreign bank held 33,228,000,000 francs Reichsbank, is abolished by the new law. The fngCsofgthehOld" ($1,303,000,000 at par) of for- president of the bank, heretofore elected by Bank of France eign exchange, its holdings have the General Council with the confirmation of been reduced to 1,279,000,000 the president of the Reich, is now appointed by francs ($50,000,000 at par) on November 17. the latter with the advice of the managing This decrease, amounting to $1,253,000,000, board of the Reichsbank, members of which was largely due to the purchase of gold abroad are hereafter to be nominated by the president by the bank in 1931 and 1932, but the bank has of the bank and appointed by the president of also written off losses incurred as a result of the the Reich. depreciation of currencies of the countries in which it held balances. At the end of 1931 Changes in Discount Rates the bank reduced the book value of its sterling The rate on rediscounts for and advances to holdings by 2,342,000,000 francs. During the member banks under sections 13 and 13 (a) of current year the French Government purchased the Federal Reserve Act was reduced from 3 about 2,600,000,000 francs of sterling balances to 2% percent at the Federal Reserve Bank of from the bank in order to repay the £30,000,000 Philadelphia, effective November 16. credit that it obtained from a group of London banks toward the close of last April. This Changes in Foreign Central Bank Discount Rates credit was repaid in two equal installments at The following changes in discount rates the beginning of August and the beginning of during the month ending December 1, 1933, November. have been reported by central banks in foreign Recent amendments to the Reichsbank law countries: have broadened the open-market powers of Amendments to the bank- Whereas formerly National Bank of Albania—November 16, from 8 to 7% percent. the Reichsbank the bank could freely buy and Danish National Bank—November 30, from 3 to aw sell only bills of specified types, 2% percent. it can now deal in bonds issued by the Reich or Bank of Sweden—December 1, from 3 to 2% percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 735 OPERATIONS OF THE RECONSTRUCTION FINANCE CORPORATION From February 2, 1932, when the Recon- dates, arranged according to the classification struction Finance Corporation began opera- used by the Reconstruction Finance Corporations, to November 28, 1933, cash advances of tion. The figures represent the amounts of approximately $3,544,000,000 were made by the loans disbursed and not repaid up to the that agency. These advances may be divided dates indicated. In the third table, covering into two general groups: (1) Loans and sub- allocations and grants, the figures also represcriptions made by the Reconstruction Finance sent net payments actually made from Febru- Corporation, including principally loans to finan- ary 2, 1932, up to the end of the month indicial institutions and railroads, loans on self- cated. These figures have been derived from liquidating projects, subscriptions for bank Reconstruction Finance Corporation statestock, and advances to States for relief under ments by subtracting from amounts allocated, the Emergency Relief Act of 1932; and (2) allo- shown as assets on the Corporation's balance cations and grants required by law to be made sheet, the amounts still payable on these acto other Government agencies for certain speci- counts, reported as liabilities. Some of these fied purposes, including agricultural loans, items may be considered as in the nature of capital of Government lending agencies, and loans and investments, such as the capital of relief grants made to States upon certification the Federal home loan banks and that of the of the Federal Emergency Relief Administrator regional agricultural credit corporations, while under the Emergency Relief Act of 1933. others are in the nature of expenditures, as in The total amounts of authorizations and allo- the case of the relief grants. cations in these two groups and the amounts Loans and subscriptions of the Reconstrucof advances made on them^ as obtained from tion Finance Corporation increased continupublished reports of the Reconstruction Finance ously from organization in February 1932, to a Corporation, are shown in the following table: total of $1,865,000,000 at the end of August Total disbursements up to November 28, 1933. The rate of increase varied, being largest 1933, amounted to $2,929,000,000 for the first in the spring and summer of 1932 and in the group of loans and subscriptions and to winter and spring of 1933, reflecting principally $615,000,000 for the second group. Of these loans to banks and trust companies. In 1932 amounts $967,000,000 and $20,000,000, re- loans of substantial size were also made to railspectively, have been repaid, leaving a total roads, to building and loan associations, and to of $2,557,000,000 of loans, subscriptions, alloca- insurance companies. Loans were made in tions, and grants outstanding on November 28, large volume to mortgage loan companies in 1933, representing disbursements not repaid. the first half of 1932 and again in the first half In addition about $1,000,000,000 of loans and of 1933. Relief loans, under the 1932 act, insubscriptions and $500,000,000 of allocations creased rapidly in the winter and spring of 1933. and grants, authorized and not canceled, Allocations and grants, which were confined remained at the disposal of borrowers on mostly to agricultural loans in 1932, have November 28, 1933. grown steadily this year, reflecting moderate In this issue of the BULLETIN, at the end of allocations for capital of Federal home loan this statement, tables are published showing banks and more recently large grants to States the amount of loans, subscriptions, allocations, for relief under the 1933 relief act. and grants outstanding, i.e., disbursed and not During September and October 1933, loans repaid, by end-of-month dates from February and subscriptions were reduced moderately to 1932 to November 1933, inclusive. The figures $1,830,000,000, but they were again increased for November 28 are based upon preliminary in November to a new maximum of over reports and are subject to revision. In the first $1,960,000,000. Payments on allocations and table data are shown by types of commitments grants continued to increase and reached a for aggregate authorizations, disbursements, total of nearly $600,000,000 at the end of and repayments made during the entire period November. from February 2, 1932, to October 31, 1933, During October and November there was an together with amounts not yet disbursed on increase of about $600,000,000 in amounts October 31, 1933. Complete figures by types authorized and remaining at the disposal of of loans are not yet available for November. borrowers, comprising a loan of $250,000,000 The second table gives figures for loans and to the newly organized Commodity Credit Corsubscriptions outstanding at end-of-month poration, increased loans to mortgage-loan 22296-33 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL RESERVE BULLETIN DECEMBER 1933 companies and to closed banks, and commit- declined slightly since last May. At the same ments to purchase preferred stock and capital time payments from amounts allocated for debentures of banks and trust companies. capital of the Federal home loan banks have Reflecting disbursements on these large shown a moderate increase. These banks authorizations, together with substantial ex- have now obtained more than half of the penditures under the Emergency Relief Act $125,000,000 allocated. Out of $200,000,000 and additional payments to Federal agricul- allocated for the Home Owners Loan Corporatural credit agencies, net disbursements in the tion, funds disbursed up to the end of November month of November amounted to over $250,- amounted to $14,000,000. 000,000, the largest reported for any month Loans to regional agricultural credit corpoexcept June 1932. rations have decreased by about $80,000,000 Figures given in these tables permit an since the end of July, while loans to the analysis of changes in advances, classified ac- Federal land banks and to joint-stock land cording to borrowers and purposes. Direct banks, and funds allocated to the Land Bank loans to banks and trust companies under the Commissioner and to the Governor of the Farm original Reconstruction Finance Corporation Credit Administration for loans to farmers have Act, have decreased moderately since last May. increased by a total of about $130,000,000. All of this decrease has been in loans to operat- Unused allocations in Land Bank Commising banks. Loans to receivers, liquidating sioner's account at the end of November agents, and conservators of closed banks have amounted to over $260,000,000. increased in the same period. Disbursements There has been a slight increase in payments for the purchase of preferred stock and capital on loans and contracts for self-liquidating notes and for loans on preferred stock aggregated about $110,000,000 from March to projects, although no new authorizations have November. At the end of November, more- been made on such projects since June, when over, about $80,000,000 of authorizations to this task was assigned to the Public Works purchase preferred stock and capital notes and Administration. About $60,000,000 have been debentures remained to be disbursed, and early disbursed for these purposes out of a total of in December a large volume of additional nearly $220,000,000 authorized. Advances to authorizations was announced. States under the 1932 relief act reached last Loans to railroads, which increased until the June a total of nearly $300,000,000, the maxiend of June 1933, to a total of over $350,000,000 mum permitted under that act. Relief grants were reduced by about $20,000,000 in July and to States under the 1933 act have been the have since shown little change. largest single item in payments made by the Loans to building and loan associations and Reconstruction Finance Corporation since last to insurance companies, which increased most June. Up to the end of November these grants rapidly in the spring and summer of 1932, have had exceeded $270,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 737 AGGREGATE LOANS, SUBSCRIPTIONS, ALLOCATIONS, AND GRANTS, FEB. 2, 1932, TO OCT. 31, 1933 [In thousands of dollars] A au m th o o u r n - t A n m ot o y u e n t t Amount | Amount ized i disbursed disbursed repaid LOANS AND SUBSCRIPTIONS Under sec. 5 of the Reconstruction Finance Corporation Act, as amended: Banks and trust companies (including receivers, liquidating agents, and conservators). 1,656,103 151,665 1,308,124 641,661 Building and loan associations ___ 118,933 1,820 111, 763 39,572 Insurance companies --_ __ _ 99,638 7,000 19,340 Mortgage-loan companies ___ _ 301,130 103,237 190,204 33,103 Credit unions 617 575 35 Federal land banks... 65,500 22,500 36,300 Joint-stock land banks _ _._ 21,103 6,517 12, 505 412 Federal intermediate credit banks 9,250 9,250 9,250 Agricultural credit corporations 5,426 5 5,118 2,937 Regional agricultural credit corporations 155,307 2,108 150,210 99,888 Livestock credit corporations __ 14,190 234 12, 569 9,337 Railroads (including receivers) 411, 701 20,663 386,955 56,799 State funds for insurance of public moneys __ 5,888 5,888 TotaL . 2,864,786 321,637 2,310,510 , 912,334 Under Emergency Relief and Construction Act of 1932, as amended: Self-liquidating projects, sec. 201 (a) (including repair of property damaged by earthquakes, etc.) 230,902 160,775 56,174 136 Financing exports of agricultural surpluses, sec. 201 (c)— - 52,880 48,880 4,000 Financing agricultural products, sec. 201 (d): Commodity Credit Corporation 250,000 249,514 487 Other 61,964 5,683 4,591 1,908 Relief and work relief 300,000 15 970 Total. 895, 746 464,867 365,237 3,102 Under Bank Conservation Act: Loans on preferred stock of banks 15,077 13,529 45 Subscriptions for preferred stock of banks 60,671 8,303 51,868 Purchases of capital notes and debentures of bank?.. 25,740 25,040 700 Total- 101,488 33,343 66,097 45 Under Agricultural Adjustment Act: Loan to Secretary of Agriculture for purchase of cotton. 3,500 200 3,300 Under Emergency Farm Mortgage Act: Loans to drainage, levee, and irrigation districts 4,245 4,245 Total loans and subscriptions.. 3,869,765 824,292 2,745,144 915,481 ALLOCATIONS AND GRANTS Allocated to Secretary of the Treasury: Federal Home Loan Bank Act '_ 124,741 61,395 63,346 Federal Home Owners Loan Corporation Act _ _.- _. 200,000 196,000 4,000 Allocated to Land Bank Commissioner 300,000 279,400 20,600 Allocated to Secretary of Agriculture for crop loans 2 135,000 135,000 20,000 Capital regional agricultural credit corporations _ 44,500 44, 500 Allocated to Governor of Farm Credit Administration _ 40,500 28,500 12,000 I Relief grants, Federal Emergency Relief Act of 1933 __ _ 230,665 22,996 207,669 ' Allocated for expenses, regional agricultural, credit corporations—Farm Credit Administration- 5,260 2,739 2,521 Total allocations and grants . 1,080,666 591, 030 489,636 20,000 1 Includes loans, etc., authorized and subsequently canceled or withdrawn. 2 Less amounts reallocated as capital of regional agricultural credit corporations and amounts reallocated to the Governor of Farm Credit Administration. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 FEDERAL RESERVE BULLETIN DECEMBER 1933 LOANS AND SUBSCRIPTIONS [Amounts outstanding at end of month. In thousands of dollars] 1932—Proceeds disbursed, less repayments Feb. 29 Mar. 31 Apr. 30 I May 31June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Under sec. 5 of the R.F.C. Act: Banks and trust companies (including receivers) 39,527 117,747 223,010 318,617 424,896 500,861 547,196 534,184 574,612 572,588 594,633 Building and loan associations 2,431 12,542 31,756 41,044 56,416 67,035 75,217 78,921 81,133 84,247 Insurance companies - 6,562 10,685 18,821 45,440 49,101 53,466 57,233 57,893 •58,864 62,449 Mortgage loan companies 1,277 9,097 14,065 66,036 72,268 74,026 75,506 76,710 77,396 77,080 Credit unions .. 338 364 370 368 368 367 432 431 Federal land banks _ 9,000 9,000 11,450 14,300 15,800 18,500 Joint-stock land banks _ 725 709 840 1,126 1,249 1,264 1,421 1,856 2,465 Agricultural credit corporations 21 39 284 682 1,208 1,673 2,523 2,448 2,374 Regional agricultural credit corporarations _ _ | 5,371 Livestock credit corporations 471 2,126 3,320 5,732 6,792 8,329 9,359 9,275 9,175 7,748 Railroads (including receivers) 31,322 54,966 73,782 86,865 139,487 164,043 205,781 218,410 241,431 249,952 272,472 TotaL 70,849 183,455 331,988 474,530 724,123 860,659 967,658 984,664 1,057,453 1,069,644 1,127,770 Under Emergency Relief and Construction"»Act of 1932: Self-liquidating projects, sec. 201 (a) (including repair of property damaged by earthquakes, etc.). 15,737 Financing agricultural products, sec. 201 (d) 450 1,276 1,325 Relief and work relief 3,948 14,160 30,978 51,441 79,967 Total 3,948 14,160 31,428 53,077 97,029 Total loans and subscriptions. 70,849 183,4 331,988 474,530 724,123 860, 659 971, 606 998,824 1,088,8811,122,7211,224,799 1933—Proceeds disbursed, less repayments Jan. 31 Feb. 28 Mar. 31 Apr.: May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 28 Under sec. 5 of the R.F.G. Act: Banks and trust companies (including receivers) 611,791 669,219 691,386 736,928 673,823 672,005 689,182 682,319 666,463 690,199 Building and loan associations 85,371 87,384 86,474 84,831 83, 585 81,890 80,138 78,055 75,604 72,192 68,654 Insurance companies 62,902 63,060 72,260 72,485 73,780 70,099 68,024 68,242 67,795 67, 596 65,103 Mortgage loan companies 79,464 109,812 113,353 110,300 110,257 155, 508 155,094 158,357 158,199 157,101 160, 679 Credit unions... _ _. 441 439 436 435 434 549 548 547 556 540 527 Federal land banks _ 18,800 18,800 18,800 19,800 20,300 21,800 23,800 25,800 28,800 36,300 72,800 Joint-stock land banks 2,612 4,825 5,243 6,751 7,535 7,749 8,555 9,793 10,448 12,093 13,561 Agricultural credit corporations 2,322 2,158 2,227 2,132 2,125 2,122 2,147 2,145 2,229 2,181 1,993 Regional agricultural credit corporations _ _. 20,537 37,005 55,380 72,586 93,196 106, 536 115,925 91,576 71,366 50,321 36,741 Livestock credit corporations _. 6,364 5,493 5,095 4,846 4,603 4,352 4,037 3,385 3,176 3,232 2,926 Railroads (including receivers) 280,041 296,229 310,920 323,195 340,855 354,059 331,289 331,101 331,754 330,157 333,420 State funds for insuring public moneys Total 1,170, 645 1,294,424 1,361,574 1,384,230 1,473,598 1,478,487 1,461, 562 1,458,183 1,432,246 1,398,176 1,452,491 Under Emergency Relief and Construction Act of 1932: Self-liquidating projects, sec. 201 (a) (including repair of property damaged by earthquakes, etc.) 18,337 18,664 20,684 25,126 27,231 30,134 37,972 41,801 48,540 56,038 60,028 Financing exports of agricultural surpluses, sec. 201 (c)._ .__. 1, 3,401 3,687 3,912 4,436 Financing agricultural products, sec. 201 (d): Commodity Credit Corporation.. 30,928 Other..-; 1,212 1,227 1,205 2,444 2,723 2,741 3,194 2,919 2,570 2,683 1,886 Relief and work relief ... _. 120,147 159,555 201,374 242, 741 294,845 298,074 299,372 299,192 299,015 299,015 299,015 Total 139,696 179,446 223,263 270,311 324,799 330,949 342,036 347,313 353,812 362,135 396,293 Under Bank Conservation Act: = ? Loans on preferred stock of banks 250 250 1,250 12,214 12,766 12,942 13,484 13,461 Subscriptions for preferred stock of 12,180 bankss 12,500 20,083 24,233 39,228 45,853 49,453 51,868 55,496 Purchases of capital notes and deben- 31,083 tures of banks 200 700 700 700 40,740 200 Total. 12,750 20,333 25,483 43,463 51,642 59,319 63,095 66,052 109,697 Under Agricultural Adjustment Act: Loan to Secretary of Agriculture.. 3,300 3,300 3,300 Total loans and subscriptions 1,310,3411,473,870 1,597,5871,674,874 1,823,8801,852,899 1,855,2401,864,815 1,852,453 1,829,663 1,961,781 *> Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

739 DECEMBER 1933 FEDERAL RESERVE BULLETIN PRINCIPAL ALLOCATIONS AND GRANTS [Amounts outstanding at end of month. In thousands of dollars] 1932—Proceeds disbursed, less repayments 1 Feb. 29 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31Sept. 30 Oct. 31 Nov. 30 Dec. 31 Allocated to Secretary of the Treasury: Federal Home Loan Bank Act 2C 820 Allocated to Secretary of Agriculture for crop loans 2 (3) « 75,000 75,000 75,000 75,000 75,000 60.00C 60,000 Capital regional agricultural credit corporations 8,000 15,000 25, 500 Advances for expenses regional agricultural credit corporation 460 Total __ (3) 75,000 75,000 75,000 75,000 83,000 75, 020 86, 780 1933—Proceeds disbursed, less repayments l Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 28 » Allocated to Secretary of the Treasury: Federal Home Loan Bank Act 2,520 8,220 30,620 31,820 36,870 42,970 47,970 52,470 57,370 63,346 68,546 Federal Home Owners Loan Corporation Act __ 1,000 1,000 1,000 2,000 4,000 14,000 Allnp,fl,tftd to Tiflnd Ranlr Cnmmissinripr 2,000 2,200 2,200 5,400 10,600 20,600 37, 600 Allocated to Secretary of Agriculture for crop loans 2 60,000 60,000 75,000 110,000 115,000 115,000 115, 000 115,000 115,000 115,000 115,000 Capital regional agricultural credit corporations 30,500 32,000 33,000 39,000 41,000 41,500 43, 550 44,500 44,500 44, 500 44, 500 Allocated to Governor of Farm Credit Administration 12,000 40, 500 Relief grants, Federal Emergency Relief Act of 1933 1,079 37,910 79,733 124,974 164, 720 207, 669 272, 388 Allocated for expenses regional agricultural credit corporations i _ __ 785 1,083 1,395 <1,755 <227 982 1,388 1,719 2,058 2,521 2,748 Total 93,805 101,303 140,015 182,575 196,176 241,562 290,841 345,063 396,248 469, 636 595, 282 1 Derived by subtracting amounts payable from total amounts allocated. 2 Less amounts reallocated as capital of regional agricultural credit corporations and amounts reallocated to the Governor of Farm Credit Administration. 3 Figures not published. 4 Cumulative total of advances up to Apr. 30,1933; subsequently cumulative disbursements from an allocation to Farm Credit Administration, of $5,260,000. p Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 FEDERAL RESERVE BULLETIN DECEMBER 1933 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Nov. 23 and released for publication Nov. 25] Volume of industrial output continued to pared with September by slightly less than the decline in October. Factory employment and usual seasonal amount. pay rolls, after increasing continuously for 6 Prices.—Wholesale prices, as measured by months up to the middle of September, showed the weekly index of the Bureau of Labor little change from then to the middle of October. Statistics, declined from 71.3 percent of the There was an increase in the volume of con- 1926 average in the first week of October to struction undertaken, reflecting the expansion 70.4 percent in the third week, and then of public works. advanced to 71.7 percent in the third week of Production and employment.—Volume of November, a level 20 percent above the low output in basic industries decreased in October point of last March. Following declines early as compared with September, contrary to in October, prices of cotton, grains, lard, rubber, seasonal tendency, and the Board's seasonally tin, and silver increased considerably, while adjusted index declined from 84 percent of the cattle prices continued to decline and prices of 1923-25 average to 77 percent. This compared hogs showed little change. with an index of 67 in October of last year and Foreign exchange.—The value of the dollar of 60 at the low point in March of this year. in the foreign-exchange market fluctuated At steel mills activity declined sharply between around 67 percent of its gold parity during the the middle of October and the first week in latter part of October, declined during the first November, but in the following three weeks part of November to 59 percent on November showed little change. In the automobile 16, and on November 22 was 61 percent. industry, output has been curtailed in recent Bank credit.—Between October 18 and weeks in preparation for new models. For the November 15 there was little change in the first 10 months of the year the number of cars reserves of member banks, which continued produced was 50 percent larger than in the to be more than $800,000,000 in excess of corresponding months of 1932. Output at shoe legal requirements. Purchases of United States factories showed a seasonal decline in October Government securities by the Reserve banks as compared with September, and there was declined gradually from $25,000,000 during some decrease in activity at cotton and wool the week ending October 25 to $2,000,000 textile mills, contrary to seasonal tendency. during the week ending November 15. For At meat-packing establishments activity de- the 4-week period as a whole the banks' clined sharply from the unusually high rate holdings of United States Government securiprevailing in September, which was due to the ties showed an increase of $57,000,000, while fact that in that month a large number of pigs holdings of acceptances and discounts for purchased by the Federal Government were member banks showed little change. handled. Total loans and investments of member Total number of employees at factories, banks increased by $90,000,000 during the excluding canning establishments, showed little period, reflecting a growth of $150,000,000 change from the middle of September to the in holdings of United States Government middle of October. At canning establishments securities, of $25,000,000 in holdings of other there was a decline of a seasonal character, and securities, and of $30,000,000 in all other loans, the Board's index, which includes this industry, while loans on securities declined. Net deshowed a slight decrease. mand deposits declined by $70,000,000 during Value of construction contracts awarded the period, while Government deposits induring October and the first half of November, creased by $180,000,000. as reported by the F. W. Dodge Corporation, Rates on acceptances and yields on shortshowed a considerable advance over the pre- term United States Treasury bills and certificeding 6-week period, reflecting a growing vol- cates rose slightly from mid-October to Novemume of public works. ber 20, and yields on Government and high- Distribution.—Shipments of commodities by grade corporate bonds advanced somewhat. rail showed a somewhat larger decline between Discount rates of the Federal Reserve banks of the middle of October and the middle of No- of Boston, San Francisco, and Philadelphia vember than is usual at this season. Depart- were reduced from 3 percent to 2% percent on ment-store sales increased in October as com- November 2, 3, and 16, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBEB 1933 FEDEKAL EESEEVE BULLETIN 741 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS Weekly Basis: Wednesday Series MILLIONS OF DOLLARS 7000 7000 6000 6000 MEMBER BANK RESERVE BALANCES 1000 4000 3000 2000 1000 1000 1928 1929 1930 1931 1932 1933 Based on Wednesday figures; latest figures are for November 29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 FEDEEAL RESERVE BULLETIN DECEMBER 1933 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserve bank credit outstanding Factors of decrease Factors of increase Month or week B co il u ls n d te i d s- b B ou il g ls ht m G U S o e n t n v a i e t t 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 n c g k o e- ld T c a u d re r ju r a e s s n t u e c r d y y 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 o s n b i - e ts r , p c U e a n p n e i d t x e a - d l curities credit balances etc. funds 1932—July 523 60 1,818 2,422 3,941 1,780 5,751 2,003 343 August 451 37 1,850 2,353 4,031 1,796 5,720 2,073 347 September 387 34 1,848 2,282 4,140 1,826 5,685 2,181 347 October 328 34 1,851 2,231 4,226 1,886 6,643 2,307 355 November 313 34 L,851 2,211 4,292 1,917 6,642 2,378 360 December 282 34 L,854 2,192 4,429 1,915 2,435 359 1933—January 255 32 1,806 2,110 4,547 1,901 5,631 2,516 351 February 307 102 1,804 2,224 4,491 1,891 5,892 2,291 79 344 March 994 379 1,875 3,233 4,260 1,897 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 November 114 15 2,437 2,574 4,323 1,927 5,681 2,629 158 355 Week ending (Saturday) 1933—July 1- 196 25 1,979 2,210 4,318 1,956 5,702 2,273 163 346 July8__ 179 29 2,008 2,229 4,318 1,957 5,746 2,244 169 345 July 15 169 14 2,016 2,212 4,319 1,928 5,689 2,254 172 344 July 22 166 9 2,013 2,197 4,319 1,936 5,651 2,267 188 346 July 29 164 9 2,025 2,204 4,320 1,922 5,619 2,297 185 345 Aug. 5_ 164 8 2,034 2,212 4,320 1,943 5,629 2,310 188 348 Aug. 12 159 8 2,044 2,219 4,320 1,986 5,623 2,362 191 349 Aug. 19 __. 165 8 2,054 2,237 4,321 1,974 5,622 2,372 190 348 Aug. 26 _ 155 7 2,082 2,253 4,325 1,955 5,607 2,402 177 347 Sept. 2 153 7 2,113 2,282 4,328 1,940 5,612 2,405 187 345 Sept. 9 147 7 2,150 2,316 4,329 1,945 5,652 2,410 181 347 Sept. 16 134 7 2,194 2,351 4,326 1,967 5,625 2,507 165 347 Sept. 23 132 7 2,223 2,374 4,327 1,951 5,623 2,516 165 347 Sept. 30 132 7 2,260 2,408 4,326 1,949 5,622 2,556 157 348 Oct. 7 125 7 2,295 2,436 4,324 1,910 5,663 2,503 157 347 Oct. 14 120 7 2,333 2,468 4,324 1,935 5,679 2,544 158 346 Oct. 21 119 7 2,368 2,512 4,324 1,958 5.665 2,608 165 356 Oct. 28 116 6 2,397 2,530 4,323 1,962 6,627 2,663 167 358 Nov. 4 116 7 2,424 2,556 4,323 1,926 5,652 2,625 173 355 N N N o o o v v v . . . 2 1 1 5 8 1 . 1 1 l 1 l 1 1 1oQ 3 2 2 1 0 OQ 6 < 9Z 2 2 , , , 4 4 A' 3 t 3 1oQ 9 7 v 2 2 2 , , , 5 5 5 7 7 7 5 8 0 4 4 4 , , , 3 3 3 2 2 2 3 3 3 1 1 1 , , , 9 9 9 4 1 4 7 8 0 5 5 5 , , , 6 6 6 7 8 7 2 2 3 2 2 2 , , , 6 6 6 7 0 4 1 3 9 1 1 1 4 6 6 6 9 3 3 3 3 5 5 5 6 7 6 End of month series Wednesday series 1933 1033 June July Aug. Sept. Oct. Nov. Oct. Nov. Nov. Nov. Nov. Nov. 31 31 30 31 25 15 22 29 Bills discounted 164 167 153 128 116 119 Bills discounted 115 117 112 111 112 119 Bills bought 48 7 24 Bills bought 7 7 7 15 20 24 United States Government se- United States Government securities 2,0282,129 2,277 2,421 2,432 curities 2,400 2,4202,430 2,4322,431 2,432 Other Eeserve bank credit 10 6 8 9 5 7 Other Reserve bank credit 5 -7 6 -1 7 Total Reserve bank credit 2,220 2,209 2,297 2,421 2,548 2,581 Total Reserve bank credit 2,526 2,550 2,5422,564 2,5622,581 Monetary gold stock 4,318 4,3204,329 4,324 4,323 *>4,323 Monetary gold stock _ 4,323 4,323 4,3234,322 4,3234,323 Treasury currency adjusted 1,988 1,925 1,940 1,946 1,978 1,907 Treasury currency adjusted 1,976 1,888 1,903 1,930 1,960 1,907 Money in circulation 5,721 5,630 5,613 5,650 5,635 5,743 Money in circulation 5,6085,6405,6735,6545,6545,743 Member bank reserve balances. 2,292 2,294 2,409 2,538 2,685 2,573 Member bank reserve balances. 2,591 2,578 2,6452,6872,573 Nonmember deposits, etc 166 184 197 155 173 142 Unexpended capital funds, non Unexpended capital funds 347 346 347 348 356 354 member bank deposits, etc 524 531 516 518 504 496 Back flguret—See Annual Reports for 1932 (tables 1-5), 1931 (tables 3-5). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

743 -DECEMBER 1933 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars] Nov. 30, 1933 Oct. 31, 1933 Nov. 30, 1932 ASSETS Gold with Federal Reserve agents 2,618, 254 2,635,856 2, 242,398 Gold redemption fund with United States Treasury _ 40, 888 37,369 40,048 Gold held exclusively against Federal Reserve notes ______ 2, 659,142 2,673, 225 •2,282,446 Gold settlement fund with Federal Reserve Board 673, 403 670, 739 339,926 Gold and gold certificates held by banks .. __ - .. . _ ._ _. 240, 693 247,081 426,952 Total gold reserves , _ » _ _ __ . . 3, 573, 238 3, 591, 045 3,049,324 Other cash * 204,583 225,876 269, 706 Total gold reserves and other cash __ _. 3, 777,821 3,816,921 3,319, 030 Redemption fund—Federal Reserve bank notes 11,990 11,699 Bills discounted: For member banks 1 __ 118, 590 115,002 307,883 For intermediate credit banks. . . .. * 466 For nonmember banks, etc _ _. 451 553 624 Total bills discounted 119,041 115, 555 308,973 Bills bought: Payable in dollars: Bought outright _ 18,025 965 4,228 Under resale agreement Payable in foreign currencies . _ 5,841 5,686 30, 652 Total bills bought 23,866 6,651 34,880 United States Government securities: Bought outright _ ___ 2,430,137 2,419,498 1,850,766 Under resale agreement 1,500 1,600 Total United States Government securities . 2,431, 637 2,421,098 1,850,766 Other Reserve bank credit: Municipal warrants. _ _ 1,580 1,559 5,411 Due from foreign banks 3,523 3,732 2,861 Reserve bank float (uncollected items in excess of deferred availability items) 1,602 M47 " 2 641 Total Reserve bank credit outstanding _ 2, 581, 249 2, 548,148 2, 202, 250 Federal Reserve notes of other Reserve banks _ _.. ._ 15,434 17,880 12, 256 Uncollected items not included in float 373, 730 389,998 354,109 Bank premises 54,732 54,641 58,169 All other assets 50,442 49,856 39,880 Total assets _ 6, 865,398 6,889,143 5,985, 694 LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks.. 15,434 17,880 12, 256 Outside Federal Reserve banks _ _ 3, 014, 895 2,947,715 2, 680, 030 Total notes in circulation _ 3,030, 329 2,965,595 2,692, 286 Federal Reserve bank notes in actual circulation _. . . 205, 394 188,022 Deposits: Member bank—reserve account 2, 572,942 2, 684,887 2,410, 594 Government.. 81,519 26,880 23, 535 Foreign bank _ _ _ 5.324 16,186 25, 947 Special deposits: Member bank _ _ 55,006 68, 221 Nonmember bank _ 14,331 14,086 Other deposits 67, 352 74,900 24,150 Total deposits _ __ _ 2, 796,474 2,885,160 2, 484, 226 Deferred availatilJtv items. 373, 730 389,998 354,109 Capital paid in _ _ 145,194 145, 504 151, 591 Surplus 278, 599 278, 599 259, 421 All other liabilities . " " " 35, 678 36,265 44,061 Total liabilities— 6, 865,398 6,889,143 5, 985, 694 Contingent liability on bills purchased for foreign correspondents.._ _ 2,893 31,294 32, 329 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Notes issued to Federal Reserve banks by Federal Reserve agents., 3, 264,891 3, 225,891 2,913,683 Collateral held by agents as security for notes issued to bank: Gold... 2, 618, 254 2,635,856 2, 242,398 Eligible paper _ 96,276 73,429 293,944 United States Government securities _ 597, 600 566,600 414,400 Total collateral..._ 3, 312,130 3,275,885 2,950, 742 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding) 225, 544 188, 022 Collateral pledged against outstanding notes: Discounted and purchased bills 1,948 2,129 United States Government securities ___ 247,274 241,374 Total collateral 249, 222 243,503 1 "Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. J Deferred availability items in excess of uncollected items. 22296—33 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 FEDERAL RESERVE BULLETIN DECEMBER 1933 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 stock Month at end Increase Net re- Domesmo o n f th i d m n u o s r t n i o n t c h g k N im et p g o o r l t d fr m o l m e a a r s k e e a * r-d ti u c e c tc p ti . r * o o n - , From or to— (p N re o l v im em in b a e r r y) October J O an c u to a b r e y r - 1932—July 3,977 58.0 -3.4 56.2 5.2. August 4,088 111.7 6.1 100.5 5.1 Im- Ex- Im- Ex- Im- Ex- September 4,193 104.8 27.9 72.3 4.6 ports ports ports ports ports ports October. 4,264 70.8 20.6 45.8 4.5 November___ 4,340 75.6 21.7 48.6 5.3 December 4,513 173.5 100.9 «71.0 1.6 Belgium 18 857 Total (12 mos.)._ 52.9 -446. 2 457.5 41.6 E Fr n a g n l c a e n d _ - - - - 1,2 3 1 98 2 2 6 6 , , 2 92 4 3 0 3 55 0 , , 0 2 4 0 4 3 24 4 5 4 j , 9 5 1 0 5 9 1933—J anuary 4,553 40.0 128.5 » -91.5 3.0 Germany 109 1,071 3,570 February 4,380 -173.4 «17.8 -178.3 -12.9 Netherlands 9 19, 347 11,445 March.. 4,282 -97.2 « -22.1 -100.1 25.0 Switzerland 453 2,748 April 4,312 29.5 -10.0 33.7 5.7 Canada 288 20 19, 532 201 May 4,315 3.6 -21.1 22.1 2.6 Central America 45 753 1 June 4,318 2.2 -3.2 3.5 1.9 M^exico 321 273 4,029 327 July 4,320 2.7 -83.9 84.5 2.1 Argentina 14 15 August 4,328 7.5 -80.4 79.5 8.4 Colombia 1 95 1 September 4,324 -3.9 -56.7 49.3 3.6 Ecuador - - 206 894 24 October 4,323 -0.7 -32.4 26.9 4.8 Peru . 56 1,058 November v 4.323 -1.6 .6 1.0 Uruguay 864 Total (11 mos.) -189.9 -165.2 -69.8 45.1 Venezula - 506 150 Australia 171 3,010 British India 25, 629 i Gold released from earmark at Federal Reserve banks less gold placed China and Hong under earmark. 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 458 4,765 for account of the Federal Reserve Bank of New York. All other countries K 150 3,061 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 1,610 1,696 34,046 189,335 352,880 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. Injnillions of dollars] End of month Total G co o i l n d c c G e a r o t t i e l f d s i- S d s o t i a a l l r v l n d a e d r r s - c S c e i a r l t t v i e f e s i r - o T n f u r o e r 1 t y a e 8 s 9 s - 0 s s i S i d l u i v a b e r - r y M c i o n in or U S n n t o a i t t t e e e s 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 k r s v a e l ti n b o N o a n t n a a e - k l s - 1932—February - 5,604 406 820 31 363 260 114 280 2,634 3 691 March-_ 5,459 404 779 31 355 259 114 274 2,546 3 693 April 5,465 411 758 30 356 257 114 282 2,551 3 703 May - - 5,480 435 735 30 355 257 114 290 2,558 3 702 June__ 5,695 453 716 30 353 ] 256 114 289 2,780 3 701 July 5,726 454 694 30 351 254 113 289 2,838 3 700 August -- 5,692 449 669 30 350 255 113 285 2,793 3 744 September - 5,653 445 644 29 359 257 113 286 2,731 3 . 785 October _ _ 5,628 445 624 29 361 1 257 113 289 2,689 3 817 November 5,648 454 635 29 361 1 258 113 291 2,675 3 826 December . - 5,675 468 601 29 371 1 258 113 294 2,716 3 820 1933—Januarv --.- 5,645 479 591 28 350 1 250 111 287 2,707 3 836 February - 6,545 571 649 28 362 1 252 111 301 3,405 3 861 6,320 367 393 28 376 1 258 112 266 3,621 17 879 April 6,003 335 323 28 360 1 255 112 261 3,362 50 915 May 5,812 324 280 28 359 1 256 112 265 3,167 99 922 June - - 5,721 321 265 28 361 1 257 113 269 3,061 125 920 July 5,630 320 252 28 365 258 113 275 2,974 129 914 5,612 319 242 28 372 261 114 277 2,952 133 911 September 5,650 312 232 28 385 265 115 280 2.966 156 909 October - - 5,635 312 225 29 387 267 116 277 2,930 189 903 November* 5,743 311 217 29 394 269 117 285 2,998 206 913 v Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see pi 724. Back figures.—SeeA nnual 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

DECEMBER 1933 FEDERAL RESERVE BULLETIN 745 MEMBER BANK RESERVE BALANCES [In millions of dollars] Average of daily figures Reserves held Excess reserves Month of week T m o b t e a a m l n — k b s e a r ll Ne C w it Y y o i rk r O e c s i t e t h i r e e v s r e "C b o a u n n k t s ry" T m o b t e a a m l n — k b s e a r ll Ne C w i « t Y y* ork r O e c s i t t e h i r e e v s r e "C b o a u n n k t s ry" 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 26.3 March 1,899 687 747 465 59.0 17.8 17.3 23.8 April . . .. 1,996 780 749 466 152.1 88.1 35.7 28.3 May 2,138 874 800 464 277.1 155.1 91.5 30.5 June 2,062 783 819 459 234.4 89.4 111.4 33.6 July 2,003 767 781 455 204.4 75.0 91.6 37.9 August 2,073 832 797 444 269.9 127.7 108.9 33.3 September . . . _ . _ 2,181 927 8^2 443 345.6 193.4 119.6 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 1,109 965 442 583.8 286.2 264.2 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 * 2,331 837 993 501 665.5 101.8 312.3 151.3 September 3 2,451 896 1,056 499 674.5 155.2 371.5 147.8 October3 _ 2,557 893 1,135 529 758.4 149.0 437.9 171.5 i Central reserve city banks only, « March data not available. > Licensed banks only. Back fiQures— 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 t n e a r e k l m s - - C Y N i o e t r w y k i O ci t t h ie e s r " b C t a r o n y u k " n s - a T l b l o a b m t n e e a r k m l s - < C Y N i o e t r w y k i r O e c s i t t e h i r e e v s r e " b C t a r o n y u k " n s - a T l b l o a b m n t e a e k r m l s - - C Y N i o e ty w rk » r O e c s i t t e h i r e e v s r e " b t C a r n o y k u " s n- 1932—January 26,592 6,165 10,706 9,720 15,447 5,343 5,921 4,183 11,145 822 4,786 5,537 February... 25,715 5,797 10,413 9,505 14,789 5,001 5,723 4,064 10,926 796 4,690 5,440 March 26,431 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 6,315 June 25,075 5,957 10,032 9,087 14,413 5,164 6,433 3,826 10,663 803 4,599 5,261 July 24,712 5,951 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 N O D c o e t c v o e e b m m er b b e e r r . . . . 2 2 2 5 5 5 , , , 2 4 4 9 7 9 2 6 2 6 6 6 , , , 5 7 8 5 7 6 9 7 2 9 9 9 , , , 9 9 9 3 4 6 9 1 4 8 8 8 , , , 6 7 7 5 9 7 1 5 4 1 1 1 4 4 4 , , , 6 8 9 7 6 6 9 5 4 5 5 5 , , , 6 8 9 2 0 3 9 4 7 5 5 5 , , , 4 4 4 2 0 3 4 2 2 3 3 3 , , , 6 6 6 4 2 0 9 8 4 1 1 1 0 0 0 , , , 6 6 5 1 1 2 2 2 7 9 9 9 2 5 4 9 7 0 4 4 4 , , , 5 5 5 3 1 3 7 7 2 5 6 5 , , , 1 1 0 4 2 7 5 3 1 1933—January 25,641 7,050 10,023 15,116 6,109 5,470 3,637 10,525 941 4,553 5,031 February 24,978 6,722 9,847 8,409 14,645 5,842 6,368 3,435 t10,333 880 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 • 22,509 6,517 8,842 7,150 13,815 5,766 4,991 3,058 751 3,851 4,092 June 3. 22,974 9,031 7,273 14,241 5,923 5,162 3,156 8,732 746 3,869 4,117 July1 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 September ».. 23,140 6,318 9,345 7,477 14,027 5,516 5,333 3,178 9,113 802 4,012 4,299 October 3 23,369 6,341 9,453 7,575 14, 243 5,535 5,459 3,249 9,126 805 3,994 4,326 * Central reserve city banks only. 2 March data not available. •Licensed banks only§ Back figures.—See Annual Reports for 1932 (table 69), 1931 (table 49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 FEDERAL RESERVE BULLETIN DECEMBER 1933 ALL BANKS IN THE UNITED STATES—LOANS AND INVESTMENTS [In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] All banks Member banks Nonmember banks 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 - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1928—June 30... 67,265 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 34,029 24,325 10,604 » 9,242 15,518 13,723 12,049 9,828 3,222 Dec. 31— 40,763 17,504 35,684 25,155 10,529 9,390 5,694 13,192 9,913 3,279 1929-Mar. 27.. 58,019 40,557 17,462 35,393 24,945 10,448 19,390 i 5,694 13,696 13,236 9,918 3,317 June 29... 58,474 41, 512 16,962 35,711 25,658 10,052 9,556 6,892 3,664 13,207 9,961 3,246 Oct. 4 58,835 42,201 16,634 35,914 26,165 9,749 i 9,556 »5,892 13,664 13,366 10,144 3,221 Dec. 31—. 58,417 41,898 16,519 35,934 26,150 9,784 9,463 5,945 3,618 13,020 9,803 3,217 1930—Mar. 27.. 57,386 40,686 16,700 35,056 25,119 9,937 19,463 16,945 13,618 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 »6,009 13,739 12,371 8,968 3,402 Dec. 31—. 56,209 38,135 18,074 34,860 23,870 10,989 9,987 6,068 3,920 11,362 8,196 3,166 J931—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 10,506 6,169 4,337 10,593 7,399 3,194 Sept. 29.. 53,365 33,750 19,615 33,073 20,874 12,199 110,506 i 6,169 14,337 9,786 6,707 3,079 Dec, 31... 49,704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30— 46,071 27,834 18,237 28,001 16,587 11,414 10,316 6,130 4,186 7,755 6,117 2,637 Sept. 30... 45,852 26,985 18,867 28,045 15,924 12,121 i 10,316 i 6,130 14,188 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 2,615 1933—June 30... 40,089 2 22,215 2 17,874 2 24,786 212,858 2 11,928 10, 044 5,941 4,103 2 5,258 2 3,415 2 1,843 * Figures of preceding call carried forward. 1 Licensed banks only. ALL BANKS IN THE UNITED STATES—DEPOS- NUMBER OF BANKS ITS, EXCLUSIVE OF INTERBANK DEPOSITS [All banks in the United States; includes national banks, State 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- al State s i t n u a g v a - s l m n b o e e n m r - banks ber banks banks banks 1928—June 30 - - 53,398 32,133 8,653 12,612 1928—June 30 26,941 8,929 7,685 1,244 615 16,397 D O e c c t. 3 3 1 .- 5 5 3 6 , , 7 7 2 6 0 6 3 3 2 4 , , 1 8 3 2 8 6 18 8 , , 6 8 5 4 3 9 1 1 2 3 , , 9 09 2 1 9 D O e c c t. . 3 31 2 26 6 , , 5 8 7 2 6 8 8 8, , 8 8 3 9 7 6 7 7 , , 6 62 7 9 0 1 1 , , 2 20 2 8 6 16 6 1 1 5 2 1 16 6 , , 1 3 2 1 7 7 1Q2Q Mar 27 64,545 33,215 18,849 12,481 1929-Mar. 27. 25,341 8,755 7,569 1,186 i 612 15,974 June 29 63,852 32,284 8,983 12,584 June 29.. 25,110 8,707 7,630 1,177 611 15,792 Oct. 4 66,180 33,004 18,983 13,193 Oct. 4— 24,951 8,616 7,468 1,148 1611 15,724 Dec 31 65,289 33,865 8,916 12,507 Dec. 31- 24,630 8,522 7,403 1,119 609 15,499 1930—Mar. 27 53,185 32,082 18,916 12,187 1930—Mar. 27— 24,223 8,406 7,311 1,095 15,208 June 30 64,954 33,690 9,197 12,067 June 30— 23,862 8,315 7,247 1,068 14,931 Sept 24 52,784 31,839 l 9,197 11,748 Sept. 24— 23,590 8,246 7,192 1,054 1606 14,738 Dec 31 53,039 32,660 9,507 10,972 Dec. 31— 22,769 8,052 7,033 1,019 14,114 1931 Mar. 25, 51,427 31,153 19,507 10,767 1931—Mar. 25— 22,372 7,928 6,930 13,841 June 30 51,782 31,566 10,017 10,199 June 30 21,903 7,782 6,800 982 600 13,621 Sept. 29 49,152 29,469 » 10,017 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 6,980 6,145 835 694 11,472 Sept. 30 41,942 24,903 110,020 7,020 Sept. 30. 18,794 6,904 6,080 824 1694 11,296 Dec. 31— 41,643 24,803 10,022 6,818 Dec. 31- 18,390 6,816 6,011 805 594 10,980 1933—June 30 » 38,012 2 23,338 9,713 2 4,961 1933—June 30- 214,530 15.606 »4,897 »709 576 2 8, 348 » Figures of preceding call carried forward. i Figures of preceding call carried forward. ' Licensed banks only. 1 Licensed baDks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 747 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 Bor- Bor- Total Bor- Total L on o a s n e s - o A th l e l r Investments r a o b t w a F n in . k E g s . s Total L on o a s n e- s o A th l e l r Investments r a o b t w a F n in . k R g s . s a m l n v o d e e a s n n t i t - s n s - r a o b t w a F n in k .R g s s . curities loans Total c U u .S ri . ti s e e s - curities loans Total c U u .S ri . ti s e e s - June 7_. 16,485 3,742 4,769 7,974 5,013 6,970 1,777 1,682 3,511 2,443 9,515 60 June 14_ 16,521 3,798 4,761 7,962 4,990 6,993 1,840 1,677 3,476 9,528 63 June 21. 16,805 3,769 4,731 8,305 5,307 7,039 1,813 1,642 3,584 2,484 9,766 60 June 28. 16,665 3,748 4,704 8,213 5,254 6,913 1,791 1,609 3,513 2,438 9,752 26 July 5... 16,686 3,811 4,719 8,156 5,203 6,937 1,847 1,607 3,483 2,409 9,740 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 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 Aug. 16.. 16,708 3,795 4,788 8,125 5,186 6,743 1,800 1,603 3,340 2,299 9,965 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 6,083 6,711 1,795 1,610 2,257 9,851 27 Sept. 13.. 16,580 3,773 4,823 7,984 5,044 6,744 1,820 1,624 3,300 2,252 9,836 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 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 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 Nov 16, 749 3,604 4,989 8,156 5,164 6,822 1,666 1,759 3,397 2,274 9,927 24 Nov 16,719 3,590 5,003 8,126 5,147 6,778 1,657 1,771 3,350 2,231 9,941 21 Nov 16,681 3,557 5,000 8,124 5,138 6,754 1,624 1,769 3,361 2,231 9,927 21 Nov 16, 619 3,549 4,959 8,111 5,111 6,719 1,618 1,728 3,373 2,230 9,900 22 Nov 29.. 16,672 3,569 4,999 8,104 5,114 6,804 1,651 1,790 3,363 2,225 25 * See note on p. 273, May BULLETIN, explaining the basis on which these figures have been compiled. Back figures.—See August BULLETIN, pp. 519-523. BROKERS9 LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N.Y. CITY [Net borrowings on demand and on time. In millions of dollars] [In millions of dollars. Monthly data are averages of weekly figures] From New From private For ac- York banks banks, brokers, For count of For ac- End of month Total and p tr a u n s i t e s com- fo a r g e e ig n n c i b es a , n e k t i c n . g Month or date Total ow co n u n a t c- b o t a u o n t w - k o n s f » - c o o t u h n e t r s of 1932 1933 1932 1932 1932—October 411 389 16 6 November 354 336 12 6 December. . 393 377 12 4 January... 512 359 374 270 138 1933—January 380 365 11 4 February.. 525 360 385 298 140 February . _ 433 416 10 7 March..... 633 311 391 247 142 March ._ 398 373 18 7 April 399 374 21 4 April 379 322 300 268 79 May 678 555 17 6 May 300 529 243 461 57 June 755 712 36 7 June 244 780 194 49 July 919 806 105 8 August 877 747 122 8 July 242 916 195 822 47 September _ - «.- 847 741 98 8 August 332 917 248 841 85 October 779 663 111 6 September. 380 897 292 806 88 November 723 611 106 6 October-_. 325 776 263 706 61 Nov 1 749 641 101 7 November. 338 789 278 712 61 Nov. 8 739 626 106 7 December. 347 279 68 Nov. 15 707 595 109 3 Nov 22 698 584 109 5 Nov. 29 . - 720 608 104 8 Back figures.—BeeA nnual Reports for 1932 (table 84) and 1927 (table 47). 1 Member and nonmember banks outside New York City (domestic banks only). Back figures.—See Annual Reports for 1932 (table 83), 1931 (table 62). 1930 (table 56), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE BULLETIN DECEMBER 1933 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR CLASSES OF BANKERS' ACCEPTANCES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions ol dollars] Held by Fed- eral Reserve Held by accepting banks banks Based Based Total For Held on on ex- End of month out- ac- by End of month Total im- ports stand- For count others ports from ing own of for- Own Bills into U.S. ac- eign Total bills bought U.S. count correspondents 1931—July 1,228 39 243 668 232 436 278 OUTSTANDING August 1,090 70 228 606 168 438 186 1932—October 699 81 157 September 996 420 100 410 162 248 67 November.. 720 81 161 October 1,040 647 99 230 112 118 63 December 710 79 164 November- 1,002 418 126 296 125 171 161 December.. . 974 305 251 262 131 131 156 1933—January 707 71 166 February >. 704 71 174 1932—January 961 119 314 332 159 174 195 March 671 73 175 February 919 76 312 343 175 168 189 April . . 696 77 176 March 911 36 335 377 155 222 163 May 669 77 174 April 879 16 292 455 188 268 115 June 687 80 168 May 787 4 183 510 225 286 90 July 738 86 168 June 747 36 98 618 200 318 96 August 694 95 160 July - - 705 12 59 563 197 366 70 September 715 103 171 August 681 3 49 574 198 376 55 October. «. .. . 737 99 185 September 683 2 43 673 159 414 64 HELD BT F. R. BANES October 699 3 39 605 199 406 62 (OWN ACCOUNT) » N D o ec v e e m m b b e er r. ._ 7 71 2 0 0 4 4 4 3 0 2 6 6 0 5 4 5 2 2 2 6 4 8 3 3 8 8 0 6 2 6 8 2 1932—October 3 I November.- 4 1933—January 707 2 41 626 256 370 38 4 1 February 704 307 30 325 201 124 42 1933—January 2 (i) March 671 280 45 261 153 108 85 February - 307 31 58 April. — 697 164 43 404 206 199 86 March 280 33 56 May 669 13 36 505 229 276 115 April 164 20 35 June 687 41 36 487 201 287 123 May 13 2 3 July 738 2 37 552 248 304 147 June 41 7 6 August 694 1 40 499 252 247 154 July 2 (2) 1 September 715 1 41 517 236 282 156 August 1 1 October 737 1 31 592 271 321 112 September 1 November 18 3 October 1 Figures for acceptances outstanding (and held by accepting banks) from American Acceptance Council. Back figures.—See Annual Reports for 1932 (table 91), 1931 (table 70), 1930 (table 64), 1929 (table 58), and 1928 (table 61). ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- HOLDINGS OF FEDERAL RESERVE BANKS [In thousands of dollars] End of month 1930 1931 1932 1933 January- 1,035 36,119 33,444 29,036 February.. 1,038 23,958 33,478 28,997 March 1,040 1,063 30,778 24,788 April 1,054 1,074 30,736 7,181 May 1,058 1,073 30,837 6,981 June 1,064 10,551 30,762 7,089 July 1,065 34,371 30,645 6,821 August— 1,071 145,215 30,834 6,199 September 1,075 48,804 30,849 October- 21,583 33,501 30,659 5,686 November. 31, 587 33,386 30,652 5,841 December. 35,983 33,429 29,489 Back figures—See Annual Report for 1932 (table 24). 333 Based Based [on goods on stored in goods United stored States in (ware- Dollar foreign house ex- councredits) change tries or or shipped shipped between tween domestic foreign points points 222 6 231 237 9 232 230 10 228 222 11 237 219 9 231 184 8 230 199 10 234 185 9 225 217 9 213 255 10 219 229 4 206 237 4 199 253 5 195 2 1 1 3 (2) 1 2 1 1 1 105 6 107 87 4 97 38 2 66 2 6 11 16 (2) 1 0) 333 * Total holdings of Federal Reserve banks include a small amount of unclassified acceptances. »Less than $500,000. Back figures.—Bee Annual Reports for 1932 (tables 88 and 23), 1931 (table 15), 1930 (tables 61 and 14), etc. COMMERCIAL PAPER OUTSTANDING [In millions of dollars] End of month 1930 1931 1932 1933 January.— 404 327 108 85 February-. 457 315 108 84 March 529 311 106 72 ApriL 553 307 108 64 May 541 305 111 60 June 527 292 103 73 July_ 528 289 100 97 August 526 271 108 107 September. 613 248 110 123 October- 485 210 113 130 November. 448 174 110 December. 358 118 81 Back figures.—See Annual Report for 1930 (table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER : FEDERAL RESERVE BULLETIN 749 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY Rates on redisc 1 o 3 u a n n t d s fo 1 r 3 a (a n ) d o a f d t v h a e n F ce e s d e to r a m l R em es b e e r r v e b a A n c k t s ] under sections Prevailing rate on- Aver o a n g — e rate Average yield U.S. N B e o w st o Y n F o e rk deral Reserve bank e R D ff a e e t c c e t . i o 1 n n N O D c o a t v . l t . i e s h 2 e 2 0 e s , , d t 1 1 a 9 9 b 3 3 - 3 3 Pre r v at io e us Month or week m m p P 4 c a e o r o t r p i n o m c m e t i - 6 r h a e , l s a a P b c n e a r c 9 c r i n e 0 m s e k p ' s - e t , - d l T o a i 9 a y m 0 n s s e * , N C e a w ll lo n a R e n w e s - a * l c T c 3 n e a a u r o r t n e t r t o t e y i d a e f s s 6 s i , - - b T o u r n r e y d as s - ' Philadelphia.. Nov. 16,1933 months Cleveland Oct. 21,1933 1932 Richmond Jan. 25,1932 October 1.35 1.35 3.54 Atlanta Nov. 14,1931 November 14 H 1.00 1.00 3.55 Chicago Oct. 21,1933 December.-„ 1H-1H H 1.00 1.00 '.04 3.48 St. Louis June 8,1933 Minneapolis.. Sept. 12,1930 Kansas City- Oct. 23,1931 January H-H H 1.00 1.00 .07 Dallas Jan. 28,1932 February X-K 1.00 1.00 .01 3.47 San Francisco Nov 3,1933 March 3.27 ». 32 '1.34 3.58 April 2 - l -IK 1.29 1.37 .45 3.05 Back figures.—See Annual Reports for 1932 (table 63), 1931 (table 36). May 2 -2X H 1 -IX 100 1.00 .29 3.47 June X 1.00 1.00 *.07 3.40 The following special rates were also in effect at the July 1H-IH K~ 1.00 1.00 .19 3.38 Federal Reserve banks on December 1, 1933: August %- .98 .98 .01 3.40 Percent September H .75 .75 «.O4 3.40 Advances to member banks under sec. 10 (b) of the Federal Re- October 1W H .75 .75 .09 3.42 serve act, as amended by sec. 402 of the act of Mar. 9,1933: November H-tt H-l .75 .75 .22 3.60 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 4^ Oct. 28 U H-% .75 .75 .18 3.41 At the Richmond, Minneapolis, Kansas City, and Dallas Nov. 4 H H- 3A .75 .75 .15 3.47 Advan F c e e d s e t r o a l n R o e n s m er e v m e b b e a r n b k a s n .. k s and trust co _ m panies und . er sec _ . . 5 Nov. 11 m H- % H-H .75 .75 .16 3.58 404 of the act of Mar. 9, 1933, as amended by the act of Mar. 24, Nov. 18 H .75 .75 .25 3.61 19 A 33 t : the Boston, New York, Philadelphia, Cleveland, Chicago, Nov. 25 H H-l .75 .75 .28 3.67 and San Francisco Federal Reserve banks 4 At the Atlanta Federal Reserve bank _ 4^ 1 Stock exchange call loans; new and renewal rates. Alfthe Richmond, St. Louis, Minneapolis, Kansas City, and 1 Stock exchange 90-day time loans. Dallas Federal reserve banks _ 5 13 issues—3%, 3%, 4 percent; yields calculated on basis of last redemp* Discounts for individuals, partnerships, and corporations under tion dates—1947,1956, and 1954. the third paragraph of sec. 13 of the Federal Reserve act, as * Change of issues on which yield is computed. amended by sec. 210 of the act of July 21,1932 6 Back figures.—See Annual Report for 1932 (tables 56 and 57), 1931 Advances to individuals, partnerships, and corporations secured by direct obligations of the United States under the last para- (tables 39 and 40), 1930 (tables 36 and 37), 1929 (tables 35 and 36), etc, graph of sec. 13 of the Federal Reserve act, as amended by sec. 403 of the act of Mar. 9, 1933: 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 City, and Dallas Federal Reserve banks — 4H [Weighted averages of prevailing rates] BUYING RATES ON ACCEPTANCES New York City a 8 n d o th ea er s t n er o n r t c h i e ti r e n s 27 w s e o s u te 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 f D f a e e c t c e t . i o 1 n n Da l t i e s h e e s d tab- Pre r v at 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 5.60 5.61 5.60 1-15 days... Vi Oct. 20,1933 1 M Fe a b r r c u h ary 4 4. . 2 3 0 1 4 4. . 7 7 2 1 4 4. . 8 1 8 1 4 4. . 6 6 2 3 5 5. . 1 1 4 3 4 5 . .3 8 9 4 5 5. . 4 4 0 3 5 5. . 6 6 4 1 5 5 . . 5 6 6 6 16-30 days,. do 1 April 4.17 4.69 4.33 4.57 5.10 5.09 5.36 5.63 5.68 31-45 days.. lA do.. 1 May 4.11 4.55 4 24 4.55 5.14 4.99 5.26 5.64 5.66 46-60 days.. H do 1 J J u u n ly e 4 4 . . 1 0 3 5 4 4 . . 6 4 1 2 4 3 . . 1 9 0 3 4 4 . . 4 4 9 8 5 5. . 0 1 5 3 4 4 . . 8 9 2 7 5 5 . . 3 3 4 0 5 5 . . 6 6 2 3 5 5. . 5 6 4 2 61-90 days.. M do 1 August 3.97 4.45 3.97 4.47 5.12 4.68 5.28 5.68 5.53 91-120 days. % do 1 September... 3.93 4.30 3.79 4.48 5.03 4.65 5.32 5.63 5.55 121-180 days l do m N Oc o t v ob e e m r ber- 4 4 . . 2 6 7 7 4 4. . 1 3 2 5 3 3 . . 7 5 6 2 4 4. . 8 6 7 2 4 4 . . 9 8 6 8 4 4. . 5 5 4 1 5 5 . . 3 5 8 3 5 5 . . 5 5 6 5 5 5 . . 5 4 0 2 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 (table 42) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDERAL RESERVE BULLETIN DECEMBER 1933 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [Amounts in millions of dollars] Interest-bearing Interest-bearing debt Total (gross debt) Total Bonds Notes C tif e i r - - Bills Total Bonds i Notes C c e a r t t e if s i- Bills cates Outstanding Nov. 30, 1933— 1932 Total 23,161 15,569 5,148 1,492 952 January 17,816 17,515 14,307 795 1,839 Obligations maturing: February. __ 18,126 17,820 14,307 795 2,200 Before Mar. 1,1934 1,680 728 952 March 18,507 18,190 14, 307 796 2,568 Mar. 1-May 31, 1934 1,764 U,060 244 460 April 18,597 18,287 14,3 7 796 2,562 June 1-Nov. 30,1934 520 345 175 May 19,037 18, 729 14,277 1,041 2,792 Deal, 1934-Dec.31, 1935. 770 770 June 19,487 19,161 14,250 1,465 2,831 • 1936 1,347 49 1,298 July 19,612 19,297 14,257 1,487 2,907 1937 . - 1,343 1,343 August 20,067 19,758 14,257 2,197 2,656 1938 5,291 4,389 902 September.. 20,611 20,296 14,257 3,031 2,385 1939-43 1,732 1,732 October 20,813 20,485 14, 257 3,539 2,044 After 1943 7,671 7,671 November. _ 20,807 20,476 14,257 3,539 2,038 Other obligations 3... 1,043 668 246 129 December.. 20,805 20,448 14, 223 3,299 2,284 1933 1 Issues classified as of date of final maturity; most issues are callable at earlier dates. Amount callable before Dec. 1, 1934, $8,031,000,000, January 20,802 20,454 14,230 3,298 2,285 including Fourth Liberties that have been called and certain pre-war February... 20,935 20,584 14, 230 3,576 2,138 issues that are held as collateral for circulating notes. March 21, 362 20, 992 14,230 3,575 2 Approximate amount of Fourth Liberty 4}4's called for redemption April 21,441 21,087 14, 230 3,575 2,363 as of Apr. 15, 1934, and not yet redeemed on Nov. 30, 1933. May 21,853 21,469 14, 223 4,148 2,119 3 Includes the 2 percent Consols of 1930, which are held as collateral June 22,539 22,158 14, 223 4,780 2,200 for circulating notes, and such issues as Postal Savings bonds, retirement- July 22,610 22,240 14,239 4,800 2,246 fund notes, and adjusted service certificate series, in which special funds August 23,099 22, 723 15,074 5,153 1,543 are invested. September.. 23,051 22,672 15,074 5,151 1,495 October 23, 050 22,669 15,074 5,150 1.493 November.. 23, 534 23,161 15, 569 5,148 1,492 ! SUMMARY OF TREASURY OPERATIONS [In millions of dollars. On basis of daily statement of United States Treasury] Receipts Expenditures Excess of (—) during month receipts Month Total i I I n n c t t a e o x r m n e al re O ve th n e u r e C l m a u n a i s s e n t c o o d e u m l s - s Total 2 General 3 g E e m nc e y r - 4 p t o e u r n r e d e s x i- - G ba f e u l n a n e n d r c a e l G d r e o b s t s 1932 January 108 20 40 34 233 223 0 -125 -135 -10 February 97 22 36 30 304 291 67 -274 +36 +310 March 276 195 39 29 289 276 96 -109 +272 +381 April 99 20 35 27 366 355 178 -445 -355 +90 May 92 23 36 24 260 248 181 -349 +91. +440 June 244 161 46 24 416 403 245 -417 +33 +450 July. 101 17 42 27 348 351 150 -397 -272 +125 August 111 15 55 29 257 236 116 -262 +194 +455 September 260 142 73 31 266 252 15 -21 +523 +544 October 148 14 78 37 373 358 83 -308 -107 +201 November 125 15 67 31 246 235 37 -158 -165 December 352 141 73 93 310 297 76 -34 -35 -1 1933 January 134 16 70 26 358 226 112 -224 -227 -3 February 121 24 64 20 360 200 147 -239 -106 +133 March 283 181 67 22 439 273 157 -156 +271 +428 April 131 19 69 22 461 338 109 -330 -252 +79 May 167 16 94 45 455 249 192 -288 +124 +412 June... _ 306 147 106 29 493 388 82 -187 +498 +685 July... 179 13 113 37 278 5196 -99 -28 +71 August _ 197 14 135 38 321 171 139 -124 +366 +489 September 333 136 146 39 339 248 81 -6 -54 -48 October- 273 10 195 50 509 396 104 -236 -236 0 November 219 19 127 63 505 201 294 -286 + 198 +484 1 Total includes special fund and trust and contributed fund receipts not shown separately. 2 Total includes trust and contributed fund expenditures not shown separately. 3 Includes also special fund expenditures and excludes public debt retirement. Beginning July 1933, on the basis of a new classification of accounts, certain items formerly included in general expenditures are carried as emergency expenditures. 4 Prior to July 1933 emergency expenditures include only net expenditures for the Reconstruction Finance Corporation; other expenditures r later classified as emergency, are included in general expenditures. 5 Beginning with July 1933 figures are not strictly comparable w ith those for earlier months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 751 BOND PRICES STOCK PRICES [Averages] Preferred Common stocks (index, 1926=100) Other bonds i stocks Month or date (indus- U S n ta i t t e e s d Corporate tri g a r l a h d i e g ) h- Total In tr d i u al s- R ro a a i d l- Utility Month or date Government bonds Number of issues 20 421 351 33 37 Totai Indus- Rail- Utility trial road 1932—October 99.8 60 48 28 81 November 97.4 48 45 26 78 Number of issues '60 60 20 20 December . 95.4 47 45 26 80 1932—November 101.7 83.1 69.2 63.0 63.0 81.7 1933—January 97.8 49 46 28 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 3 5 . . 1 7 4 43 5 4 4 2 3 2 2 6 7 6 7 7 3 1933—January 103.3 84.1 70.7 64.9 63.4 83.9 April 95.7 48 49 26 64 February 102.4 82.5 68.5 62.1 62.9 80.7 May , . 103.3 63 65 38 79 March 101.0 76.7 66.0 60.7 60.6 76.8 June 109.7 75 77 44 97 April 101.3 75.4 64.8 61.0 58.9 74.7 July 112.5 80 84 53 98 May 102.4 82.0 72.4 68.2 69.4 79.5 August 112.9 75 79 49 87 June 103.2 86.8 77.7 72.8 76.1 84.2 September 112.0 75 81 47 80 July 103.3 81.5 75.6 82.2 86.8 October 109 8 70 76 40 75 August _ 102.9 80.8 75.9 81.2 85.3 November 107.5 69 77 38 70 September 103.0 87.9 77.5 74.5 76.8 81.4 October.. 102.9 86.5 75.3 72.7 73.5 79.7 Nov. 1 108.7 65 71 37 69 November _ 100.5 82.6 72.1 70.5 68.5 77.3 Nov. 8 108.8 70 76 40 73 Nov. 15 107.5 69 77 38 69 Nov 102.3 84.8 73.6 71.6 70.8 78.5 Nov 22 106.0 72 80 40 69 Nov. 101.3 84.0 73.5 71.3 70.6 78.7 Nov. 29 106.4 71 79 39 70 Nov. 100.2 81.7 71.5 70.2 67.3 7710 Nov. 99.1 80.2 70.2 69.5 65.7 75.4 Nov. 100.2 82.1 71.8 70.3 76.3 Source.—Standard Statistics-Co. CAPITAL ISSUES 1 Price averages computed from yields. 2 Three liberty bonds and now 10 Treasury bonds; prior to Nov. 1, [Long-term; i.e., 1 year or more. In millions of dollars] 1933, 9 Treasury bonds, and prior to Aug. 15, 1933, 8 Treasury bonds. »45 corporate and 15 municipal. Source.—For United States Government bonds, Federal Reserve Bank New issues of New York; for other bonds, Standard Statistics Co. Refund- Domestic ing BOND YIELDS1 Total issues Month or date T U u re r .S a y s . - M ( i h p u i a g n h l i ' c - - Corporate, by ratings a Year and month m e ( a f i e d o g n s o r n d t - - i ) c t T a o l* - S n m a p t i n a a c u d l t i - e - B n a o o C n n t o d e d r s 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 grade) Aaa Aa A Baa 1925 6,201 5,125 1,352 2,452 1,163 1,076 925 Number of issues 3 15 30 30 30 30 1926 6,314 5,189 1,344 2,667 1,087 1,125 1,046 1932— J A J S O M u u e u c p n l a g t y t e y o u e b m st e b r. e . r _ 3 3 3 3 3 3 . . . . . . 5 5 5 6 7 7 4 7 4 5 7 8 4 4 4 4 4 4 . . . . . . 7 3 7 3 8 5 7 7 8 9 1 0 4 5 5 5 4 4 . . . . . . 9 2 4 3 6 7 1 6 1 6 4 0 6 6 6 5 5 5 . . . . . . 5 3 6 5 5 8 1 8 0 1 4 3 8 8 8 6 6 6 . . . . . . 5 1 4 4 8 4 0 9 0 5 4 4 1 1 1 8 7 7 0 1 1 . . . . . . 8 2 6 7 6 5 7 2 1 9 3 2 1 1 1 1 1 1 9 9 9 9 9 9 2 3 2 2 3 3 9 1 7 8 0 2 - 1 8 6 3 7 1 0 , , , , , , 0 0 9 5 1 0 6 9 5 0 4 9 5 9 6 9 0 1 6 9 6 6 2 1 , , , , , , 2 4 1 7 0 8 1 5 6 8 0 2 9 7 0 9 0 4 1 1 1 1 1 , , , , , 3 4 4 2 4 7 7 7 1 3 3 5 9 5 8 5 4 5 3 2 2 2 1 , , , , , 1 9 3 0 2 3 8 8 8 7 4 0 3 5 0 8 0 5 2 5 1 1 , , , , 4 9 6 9 3 7 0 6 2 1 2 4 3 1 4 1 0 1 1 , , 3 2 6 9 2 3 5 7 0 2 7 1 8 1 5 9 2 1 1 , , , 2 8 4 7 9 5 5 2 2 1 4 8 8 2 0 1 9 3 N De o c v e e m m b b e e r r 3 3 . . 5 4 5 8 4 4 . . 3 3 8 7 4 4. . 5 6 9 3 5 5 . . 5 6 7 0 6 6. . 6 5 1 3 8 8 . . 2 4 4 2 1932— D N ec o e v m em be b r e r .. - 1 4 2 4 4 1 4 2 3 4 2 9 8 9 9 6 2 4 0 1 3 3 2 5 1933— A F M M J J N A S O J u u e a e p o c u a n b l a n p r t v y g r o e u r t i y c e l e u u b a - h m m s r a e t y r r b . b - y e e r r „ 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . 4 3 4 5 5 3 4 6 4 4 4 7 9 7 8 5 8 0 0 0 2 0 4 4 4 6 4 4 5 4 4 4 4 . . . . . . . . . . . 2 2 8 0 2 6 5 5 6 7 8 3 8 8 5 7 0 9 4 0 1 9 4 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . . 4 4 6 7 3 3 6 4 5 3 3 4 8 8 8 5 4 3 6 4 6 0 5 4 5 5 5 5 5 4 4 4 5 . . . . . . . . . . . 3 3 4 6 8 9 8 9 0 7 3 0 5 0 1 1 6 3 7 9 7 5 6 6 6 6 6 5 5 5 5 6 5 . . . . . . . . . . . 1 6 8 7 3 2 8 5 7 5 2 6 4 5 6 0 9 8 8 0 1 2 8 8 8 9 7 7 7 6 6 7 7 . . . . . . . . . . . 0 3 9 0 1 4 7 2 7 6 9 1 6 1 7 2 9 4 7 7 2 8 1 - 9 33— M S F A M J A J N O J u u e e p u a c o a p a n l b n t r g y v r y t e o r i u e c u e l u b m a h s m a e r t b y r r b y e e r — — r. . _ 1 1 6 2 4 2 6 1 1 4 8 5 1 5 0 4 5 4 7 6 6 8 9 0 1 1 6 2 4 1 2 6 4 5 8 1 1 5 0 4 6 5 4 6 9 8 7 0 3 1 4 9 1 2 3 3 5 8 8 3 7 0 8 3 8 2 7 6 2 1 1 0 0 0 1 0 3 0 9 1 0 6 5 1 3 0 3 3 9 9 1 3 6 3 4 0 0 0 0 0 0 0 0 0 0 0 1 4 3 2 6 3 4 1 3 5 7 7 2 0 0 0 1 5 2 Nov. 1. 3.45 4.69 4.38 5.06 5.89 7.63 Nov. 8. 3.53 4.70 4.43 5.19 5.98 7.66 i Includes issues of Federal land banks and Federal intermediate credit Nov. 15 3.61 5.05 4.56 5.45 6.27 8.07 banks, not shown separately. Nov. 22 3.71 5.03 4.67 5.54 6.48 8.34 Nov. 29 3.64 4.97 4.60 5.37 6.33 8.06 Sources.—For domestic issues: Commercial and Financial Chronicle; for foreign issues (issues publicly offered) annual totals are as finally reported by Department of Commerce, while monthly figures are as i Monthly data are averages of daily or weekly figures. compiled currently and are subject to revision. > Standard Statistics Co. Back figures.—See (for figures of new issues—annual and quarterly * Moody's Investors' Service. basis) Annual Report for 1932 (table 103). 22296—33 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDERAL RESERVE BULLETIN DECEMBER 1933 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] 1 Industrial production * * Construction contracts awarded (value) * Fac- Factory em- tory Freig]it-car 1 ployment pay loadings «* )Com- Year and Total Vlanufactures Minerals Total Residential All other rolls » modmonth ity )nces * Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adusted justed justed justed justed usted usted usted usted usted usted justed usted justed lusted justed justed 1919 _ 83 84 77 63 44 79 107 98 84 139 1920 87 87 89 63 30 90 108 118 91 154 1921 67 67 70 56 44 65 82 77 79 98 1922 85 86 74 79 68 88 90 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 96 96 97 98 1925 104 105 99 122 124 120 100 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928 111 112 106 135 126 142 97 102 103 97 1929 119 119 115 117 87 142 101 108 106 95 1930 96 95 99 92 50 125 88 87 92 86 1931 81 80 84 63 37 84 74 66 75 73 1932 64 63 71 28 13 40 62 45 56 65 1930 February- 109 107 110 107 104 108 89 104 44 49 126 148 93 94 98 91 99 01 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 61 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 69 78 69 70 November 72 73 70 71 84 81 43 49 26 27 67 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 1 58 64 72 76 22 28 8 9 33 43 60 61 41 52 58 63 1933 January.. 64 65 63 64 71 73 18 22 7 8 27 33 58 59 39 51 56 61 February. 64 63 63 61 76 79 16 19 7 8 23 27 69 59 40 51 54 60 March 60 60 58 56 74 81 14 14 8 8 18 18 57 57 37 48 50 60 April 67 •66 68 66 65 72 16 14 11 10 19 17 58 58 39 51 53 60 May 80 78 80 78 76 78 19 16 13 11 24 20 60 61 42 56 66 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 '12 '12 36 33 73 73 56 65 61 70 September 85 84 84 84 93 87 30 30 12 12 45 45 77 74 58 68 60 71 October-_ *79 i. 77 *77 »77 88 81 35 37 12 12 53 57 76 74 57 66 58 71 r v Preliminary. ' Revised. * Average per working day. i For indexes of groups and separate industries see pp. 780-781; for description see BULLETIN for February and March 1927; for revised figures from 1919 to date see BULLETIN for September 1933, pp. 584-585. »3-month moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358. ' For indexes of groups and separate industries see p. 782: for description and back figures see BULLETIN for November 1929 and November 1930. * For indexes of groups see p. 753; for back figuress ee BULLETIN for February 1931, p. 108. 4 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities are given on p. 783* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBE R FEDERAL RESERVE BULLETIN 753 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 -23 September 437 312 180 132 160 351 226 170 98 147 86 86 10 34 13 October __ 529 327 205 153 391 247 169 105 J>151 137 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. Back figures.—See BULLETIN for January* 1931, p. 18. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average=100] [Index numbers; 1923-25 average=100] Index of stocks (end of Index of sales i month) June July Aug. Sept. Oct. Month Adjusted Without Adjusted Without for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Adjusted for seasonal variation i 1932 1933 1932 1933 1932 1933 1932 1933 Total 60 65 61 60 58 Coal _ 63 75 74 67 62 Coke 44 63 61 60 53 January— Grain and grain prod- February. ucts 95 82 53 57 57 March Livestock 54 55 56 53 51 Forest products 34 39 35 33 32 April.. Ore 18 34 53 59 49 May.. Miscellaneous 61 64 57 57 59 June.. Merchandisel 67 70 69 68 66 July 46 August 49 Without seasonal adjustment September. 71 N O D o c e t c v o e e b m m e b r b e e r r 63 10 7 7 6 3 5 70 Tota C C l o o .. a k l e 6 5 4 0 4 4 6 6 5 6 6 5 6 7 5 5 2 5 7 6 5 2 8 9 7 5 0 4 Qrain and grain prod- Year. ucts 83 98 64 69 64 Livestock 46 46 50 63 68 v Preliminary. Forest products 36 38 37 35 33 1 Based throughout on figures of daily average sales—with allowance M Or i e s - cellaneous. 3 i4 2 6 6 2 7 9 6 0 3 9 6 6 8 for changes from month to month in number of Saturdays and for 6 Merchandise * 67 70 69 70 70 national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects upon 1 In less-than-carload lots. sales of changes in the date of Easter. Back figures.—SQZ BULLETIN for November 1930, p. 686. Based on daily average loadings. Source of basic data: American Railway Association. Bach figures.—See BULLETIN for February 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDEEAL RESERVE BULLETIN DECEMBER 1933 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars at par] Europe End of month (6 T t 0 r o i c e t o s a u ) l n- S U t n a i t t e e s d » Canada c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v e a ch k o ia - Denmark England France Germany 1932—October 11,791 3,819 6,944 11 49 36 678 3,250 195 November 11,862 3,885 6,949 362 11 50 36 678 3,267 197 December... 11,897 4,045 6,826 361 11 51 36 583 3,254 192 1933—January 11,925 4,074 6,818 11 51 36 602 3,221 196 February 11,741 3,808 6,884 11 51 36 3,176 183 March. 11,939 3,916 6,992 371 11 51 36 3,152 178 April 11,975 3,977 6,988 371 11 51 36 905 3,170 96 May p 11,917 3,991 371 11 51 36 907 3,173 89 June. v 11,892 3,997 6,856 372 11 51 36 922 3,185 45 July P11,979 4,001 6,932 374 11 51 36 925 3,213 58 August * 12,038 4,009 6,989 375 11 51 36 926 3,223 73 September P 12,091 4,011 7,038 376 11 51 36 926 3,218 87 October v 12,101 4,011 »7,040 377 11 51 36 927 3,176 94 November. P 4,012 * 3,051 Europe—Continued End of month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden Sw la it n z d er- U.S.S.R. Y sla u v g i o a - 6 c t o o r u t i h e n s e - r 1932—October 416 55 509 >368 28 November.. 306 415 39 55 493 >368 28 December.. 307 415 436 55 477 >368 29 1933—January 413 436 55 477 29 February. __ 325 410 436 55 488 31 March 331 381 436 62 489 >368 31 April 343 374 436 71 460 31 May 352 336 436 71 397 34 June 356 309 436 71 361 401 34 July 368 311 436 91 351 •401 36 August 370 332 436 97 351 «401 35 September- 371 338 436 101 356 416 35 October 371 359 436 101 373 2 416 November.. P381 Latin America Asia and Oceania Africa End of month T c t o r o (1 i 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 t r h 4 u ie e n s r - T c tr o o ( i u t 7 e a n s l ) - A t l r i u a a s - - IndiaJapan Java N l Z a e e n a w d - Siam T k u e r y - c T t o r o ( i u 4 e t n a s) l - EgyptA So fr u ic th a c o t o t r h u ie e n s r - 1932-October 342 249 11 524 162 214 27 78 10 November-. 342 249 10 523 162 213 27 28 77 33 10 December.— 345 249 10 520 162 212 25 28 78 10 1933—January 347 249 10 521 162 212 25 28 81 10 February 348 249 9 524 162 212 25 28 93 10 March 352 249 9 503 162 212 25 28 96 10 April 355 249 8 483 162 212 25 28 95 10 May 362 249 8 P483 162 212 25 P28 107 10 June 368 249 8 P482 162 212 25 P28 P112 PIO July 365 249 8 P481 162 212 25 P28 P123 PIO August *363 249 7 P481 162 212 25 P28 P118 PIO September "369 249 P7 P480 162 212 24 P28 P115 PIO October P369 *249 *480 162 212 J»24 P28 P123 p Preliminary. 1 Differences between these figures and those shown elsewhere In the BULLETIN for total monetary gold stock in the United States are due to the exclusion from the former of gold coin in circulation. 1 Figures of last preceding statement issued by the State Bank of the U.S.S.R. carried forward. NOTE.—Figures for 35 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are as of last report date of month. The countries for which figures are not shown separately are for Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania: Latin America: Bolivia, Brazil, Ecuador, Guatemala; and Africa: Algeria and Belgian Congo. None of these countries has had gold reserves during this period in excess of $10,000,000. For back figures and for additional details relating to this table, see BULLETIN for May 1932, pp. 311-318, and June 1933, pp. 68-372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

755 DECEMBER 1933 FEDERAL RESERVE BULLETIN GOLD PRODUCTION [In thousands of dollars at par] Production reported monthly Esti- Year and month m wo a r te ld d Africa North and South America Far East pr t o io d n uc- Total A So fr u i t c h a d R e h s o i - a A W fr e i s c t a B C e o lg n i g a o n Canada U S n ta i t t e e s d Mexico Co b l i o a m-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 6,810 1932—January 33,464 19,587 921 480 295 4,834 1 3,597 1,106 460 1,032 628 534 February 38,187 32,415 18,935 956 453 286 4,670 13,535 948 386 1,063 657 625 March 39,895 34,123 19,877 996 484 304 5,285 13,494 862 404 1,131 741 545 April _ 39,433 33,662 976 466 281 6,093 13,390 1,057 380 1,164 671 590 May 41,091 35,319 19,970 977 481 298 5,551 14,114 1,026 447 1,234 653 667 June 41,187 35,415 19,871 1,011 482 309 5,592 14,362 960 405 1,172 647 603 July _„. 41,572 35,800 20,268 981 546 319 5,176 14,610 924 455 1,244 692 685 August 42,734 36,963 20,475 1,019 510 330 5,480 U.982 1,138 524 1,221 696 September 42,138 36,366 19,888 1,041 509 304 5,406 15,085 1,122 456 1,292 702 October 42,351 36,579 20,157 1,044 515 314 5,240 16,271 1,091 455 1,216 727 647 November 42,099 36,327 20,190 997 626 307 6,220 14,858 1,165 415 1,376 715 666 December 41,659 35,888 20,118 1,080 294 5,514 1 4,651 671 353 1,418 681 Total (12 mos.) 490,259 420,997 238,931 12,000 5,992 3,642 63,061 50,626 12,070 5,132 14,663 8,198 6.782; 1933—January 35,216 20,152 1,008 532 280 4,826 14,341 1,194 513 1,130 57S February.. 31.6C3 18,176 989 531 263 4,718 1 3,039 1,095 344 1,186 654 608. March 36,293 19,658 1,038. 522 302 5,378 15,209 1,059 487 1,267 747 62$ April 33,543 18,430 1,108 528 281 4,900 13,907 905 644 1,531 726 585 May 34,443 19,519 1,108 520 308 4,913 13,824 1,035 676 1,352 734 554 June v 33,520 19,008 1.130 561 308 5,404 12,935 986 490 1,442 711 643 July v 34,954 19,228 1.133 571 306 5,285 13,638 1,165 797 1,487 755 August v 35,088 19,235 1,167 579 325 5,304 1 3,742 1,198 782 1.447 722 S O e c p to te b m er ber v * 3 3 5 5 , , 6 6 8 0 3 1 i i 1 1 8 8 , , 7 6 9 2 1 5 i 1 1 1 , ,1 1 7 8 8 0 1 5 6 4 2 6 0 *>325 1 4 5 , , 8 0 7 6 0 5 1 1 5 5, , 6 2 0 0 2 9 1 1 1 , , 1 0 9 3 9 4 16 5 2 5 0 5 v 1 1 , , 4 4 4 4 7 7 1744 *589 *> Preliminary. 1 Figure reported by American Bureau of Metal Statistics. NOTE.—For comparable monthly figures back to January 1929 and for explanation of table see BULLETIN for April, p. 233, and October, p. 632 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 iu e m l- N l e a t n h d e s r- Sw la i n tz d er- C a a d n a - M ic e o x- Japan c o o A th u l e n l r tries 1931—Total (12 mos.). 145,325 6,797-344, 514 -15,583-50,327 -19,768 81,136 31,322 1932— J A N D S O J u u e u o e c p l n c t v g y o t e e e u e b m m m s e t b r b b e e e r r r __. -2 1 - 2 2 2 0 0 3 1 0 7 6 6 0 , , , , , , , 4 8 6 8 1 0 7 3 5 1 9 0 4 4 7 9 3 7 7 3 0 - 5 1 1 5 6 1 1 1 , , , , , , , 9 9 8 0 3 2 4 1 2 5 6 9 7 0 0 8 8 1 3 6 5 " - " 1 3 1 2 6 0 - " 2 "1 6 7 , 0 2 2 1 5 1 0 0 -23 8 5 2 , , , , 1 3 0 5 8 6 8 4 1 8 2 3 7 3 5 4 5 5 , , , , , , 5 5 9 2 5 6 4 4 0 0 5 7 2 2 6 6 4 7 3 2 4 3 4 4 4 3 2 4 , , , , , , , 5 9 8 9 2 6 7 2 7 6 6 0 0 8 4 4 6 4 6 0 3 3 3 3 4 2 3 1 , , , , , , , 0 1 0 3 1 3 9 6 3 3 5 2 3 2 4 3 9 3 2 3 2 Total (12 mos.).-446,213 53,585-441, 649 -13,356-82,571 -118,273 64,574 36,383 1933—January 128,465 50,248 29,490 15,123 5,274 2,042 February i 17, 776 i 3,310 -3,709 -600 802 -1,614 4,r 3,208 March -22,081 -8,935 -3,630 -199 -5,005 -681 8,418 -16,413 April -9,973 -2,191 -8,993 -724 327 -3,137 May _.. -21,139 -15, 715 -122 -115 110 -6,729> June -3,244 -2,845 -72 -1,445 154 812*. July -83,879 -713 -79,617 203 -4.121 August -80,388 -1,535 -73,173 ""-216 -27 143 -5,708. S N O e o c p t v o t e e b m m er b b e e r r p._. - - - 5 3 6 1 2 , , , 6 3 7 1 5 3 0 1 8 - - -6 1 5 , , , 2 0 2 1 9 4 2 9 0 - - 4 2 8 6 , , 9 7 2 17 3 —ion - - 1 1 3 8 -2,171 -453 224 -1 1 , , 4 0 8 8 8 5. » Preliminary. 1 Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal Reserve? 2 $17,054,000 exported to Italy. Back figures.—For gold imports and exports of United States see Annual Report for 1932 (tables 49 and 50). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 FEDERAL RESERVE BULLETIN DECEMBER 1933 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 t r h - Canada B I r n i d ti i s a h S S m t e r e t a t n l i t e t s s - Au l s i t a ra- A d W R f e r h s e i o i c s a a - t , , c o t o A r th i u l e e n l s r - Africa 1931—Total (12 mos.)-— -143,729 -13,401 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 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 -17,471 -8 9,495 587 793 16, 530-2,120 February... 18,400 -6,559 -4, 623 27 -507 -7,816 -79 374 7,175 554 794 27,815 1,245 March 77,198 11,821 3,406 5,003 -1, 294 -5,225 -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, 36; -463 140 8,924 14,948 624 1,789 19,476-3,169 June 77,671 15,923 -7,421 15,254 8 6,477 -479 401 9,129 11, 281 1,359 1,717 17, 954 6,069 July. 89 056 4, 763 18,051 486 1,H4 13,528 -118 414 4,141 11,942 810 2,092 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 October 63,918 12,520 1,865 -11 18 -4,163 -217 3,611' 6,579 16,122 78: 1,942 20,467 4,403 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 r A th i u e l e n l s r - im n p e o t rts U S n ta i t t e e s d E la n n g d - France N la e e n r t d - h s - S l z a w e n r i d - t- U S. . R S. . c o t o A t r h u i l e e n l s r - 1931—Total (12 mos.) 728,176 328,130 312,561100,050 18,775-81,207 149,867-247,950 -38,160 -35,221 -102,019 -55,142 -63,866 58, 932-14,475 1932—June. 167,968 7,541 5,737 4,601 -8,234 6,250 -7,139 5 3,399 2,809 July 31,067 12,472 -5 483 -1,001 2,371 -13,718 -42 534 -4,087 August 42,940 16, 241 5,382 -17 -369 -2,447 4,189 2 4,622 -1,791 September _ 9,638 4,424 3,918 1,448 249 222 8,552 -2 5,410 -361 October 32,695 19,995 329 565 -270 148 5,560 29 5,461 -60 November. 33,498 26,003 6,122 672 -186 64, 2,314 -367 -6,169 6,275 -52 December- 25,494 34,479 2 -b, 138 4,30 - 6 I- 483 -3,293 24 17 6 -78 Total (12 mos.) 828,072 468,052 309,984 37,889 37, 547-17,668 -7,732 -27,282 367 -250 -38,170 -24,465 -7,915 46,656 -3,515 1933—January —37,399]-35,361 2,900 200 -3,814 -1,126 -197 6 -1,976 107 6,293 -11 February... -144 2,559 678 2,805 -7,127 -432 22 -10,429 93 3,336 -118 March 16)729 9,287 1,005 1,266 27,778 -23,356 749 -13,163 -4,945 -4,925 46 3,956 70 April 48,252 18,583 2,283 22,520 670 -6,377 »10,574 -68,750 -17,822 -4, 541 75 5,411 19 May 96,140 7,680 -5,819 1,277 39, 785 37,113 »16,102 -9,938 46 -292 -10,102 -61 7,023 -119 June 46,840 5-18,537 22,903 7,976 30, 797 3,695 -36,432 1,453 -13, 676 -5,392 34 3,833 -26 July '50,808 39,263-12, 572 23,430 5,695 16, 598*-21,605 4,591 -161 133 -47 4,791 -275 August r 53,694 '75,680 -11,533 -46 -6,837 -1,397 ' -2,174 -676 215 -186 -225 -90 -399 September- 43,043 60,990 -1,396 -8,059 -6,166 -2,176 -152 19,120 -32 1,136 40 2,227 October *»__ 26,233 47,745 —1,""" -5,969 -12,427 -3,369 1,939 ! i $29,233,000 Imported by France from Spain in Julyt a $9,832,000 imported by France from South Africa in April; $14,412,000 in May. »$20,305,000 exported by France to Belgium. p Preliminary figures. * Revised. NOTE.—Germany—ThQ annual aggregates of the official monthly figures for net gold imports in 1932 differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

757 DECEMBER 1933 FEDERAL RESERVE BULLETIN 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 In ri d ti i s a h All other 1931—Total (12 mos.)- 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 -3,385 -5,849 379 ! 24 July 4,983 5,565 -276 5,376 -5,242 -482 -847 941 —52 August 7,204 8,715 -334 -1,280 -26 -281 -579 3,212 1-2,222 September. -13,797 -6,367 1,198 -1,708 -3,496 1,759 -923 -402 1,994 1-5, 852 October -6,230 -1,916 1,252 -61 -5,729 -217 42 1,006 -14 November. -4,857 -3, 765 1,939 -3,085 -1,313 -188 -537 3,030 -52 December- 894 4,251 52 3,745 963 -20 -1,134 2,773 Total (12 mos.). 116,149 106,623 50, 070 -34,009 26,886 -12,727 -13,630 -16,137 16, 423 -7,2 1983—January 1,898 -14,101 14,069 -837 2,009 •; • • 673= -976 -1,100 •- 2••,: 199= February o.- -933 -3,432 8,177 -6, 722 10,300 -5,055 -881 -3,452 166 -34 March -9,320 10,785 3,436 -19, 367 4,986 -7,009 -506 -2,324 679 -1 April -18,102 603 -906 -18,188 3,609 -1,522 -358 -1,259 -79 May -41,605 -11,384 -37,068 11,178 -1,068 -1,479 -3,069 1,107 179 June -45,503 115 -6,390 -41,046 j 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 12,996 11,183 -47 17 -194 -174 275 90 September. 16,488 1,798 13,849 -903 -338 -10 -241 2, 236 97 October 18, 562 2,191 1,385 14,457 -357 -22 -64 -1,232 2,099 105 Switzerland British India Net imports from— Net imports from— In- Increase Year and month Gold or de- orde- Total Total pro- crease n p e o t r Im ts - U S n ta i t t e e s d E la n n g d - France m G a e n r y - A So fr u ic th a N la e e n r t d - h s - o A th l e l r n p et o r i t m s - U S n ta it t e e d s E la n n g d - o A th l e l r I t n i d o d u n c i a - in ' g ( m o - v ) e e i n r n n t - h p ( o r - l i d ) v i i a n n t g e s in India i in India 1931—Total (12 mos.)~ 222,751 36, 422 41,301 19,317 39,684 72,760 47 13,220 -95,875 -17,665 -72,691 -5,521 6,832 33,532 -122, 575 1932—June 80,872 70,247 1,734 3,654 -85 2 5,630 -12,807 -255 605 -12, 622 July. 14,993 9,779 111 3,734 -51 .— 1,507 -14,675 -1,488 -15,851 August 1,503 81 90 718 38 92l 744 -7,979 -920 -11, 085 September -604 -361 154 -540 -34 -9,835 -1, 561 34 -16, 674 October . -3,385 -50 82 -3,087 -102 -280 -9,010 -652 548 -13,934 November -1,395 —7 85 -2,347 -67 -13,244 -997 557 -16,105 December 1,203 5 96 320 -111 -6,286 -676 583 -24, 380 Total (12 mos.) 169,786 124,354 15,342 7,418 7,880 10114,996 -3041-195,792 -28, 094 151,391 -6, 307 6,798 127-189,121 1933—January 4,658 123 2,393 -77 3 1,176 1,040 297 576 -11, 340 February 8,502 -14 82 6,987 -77 2,461 -937 -116 610 -12,177 March 24, 440 653 907 21,306 -40 48 3,802 -2, 236 -1,576 628 -12, 094 April -12,078 -307 -10,745 -62 994 -1, 958 -1,430 586 —11,112 May -42, 481 ~I,~377-4,082 -38,776 -68 2,778 -3, 709 -3,359 556 -12,460 June -41, 596 -3,152 -34, 751 6 288 -3,988 -1,181 545 -13,459 July -14, 302 -307 -5, 739 -8, 324 -44 1,866 -1,756 -1,565 590 -2 -5, 705 August -1,542 -229 1,135 57 -1, 339| -1,166 -1,866 *>590 -1 »-10, 380 September 1,656 16 -431 1,767 -41 149 130 641 -622 *>590J. P-12,821 October. 4,073 502 -790 4,243 1 124 i *>-7,269 i $2,199,000 exported by Netherlands to Czechoslovakia in August; $5,847,000 in September. » Reported monthly production in the Mysore State plus $1,387 representing the average monthly production in the rest of India in 1981. 3 Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India. v 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

758 FEDERAL RESERVE BULLETIN DECEMBER 1933 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1933 1932 1933 1932 Oct. Sept. Aug. Oct. Oct. Sept. Aug. Oct. 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.. 71 Notes issued 1 _ 526 558 555 584 Advances to banks under finance act.. 28 Irish Currency Commission (thousands of Dominion notes: pounds sterling): Issued 175 173 177 161 Legal tender note fund: Outside chartered bank holdings._ 29 30 29 28 British legal tender and bank Indian Government (millions of rupees) : balances.-.. 142 160 24 150 Gold standard reserve: British securities _ 7,364 7,165 7,165 6,811 Gold 147 149 151 328 Notes issued _ _ 7,506 7,325 7,189 6,961 Foreign exchange 386 385 383 205 Consolidated bank notes: 2 Paper currency reserve: Issued ___ _ 4,722 4,708 4,701 4,560 Gold _ 297 295 293 115 Deemed such under sec. 60 (4) of Silver coin and bullion 1,042 1,048 1,054 1,149 currency act, 1927 1,261 1,271 1,280 1,406 Other assets 461 454 450 494 Notes issued 1,300 1,797 1,798 1,758 1 Includes a small quantity of subsidiary coin. »The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Oct. 14, Sept. 16, Aug. 19,1933, and Oct. 15,1932, The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1933 1932 1933 1932 Assets Liabilities Oct. 31 Sept. 30 Oct. 31 Oct. 31 Sept. 30 Oct. 31 Gold in bars 5,147 5,147 0) Demand deposits (gold) 5,147 5,147 Cash on hand and on current account with Short-term deposits (various currencies): banks _ 11,060 40,766 8,987 Central banks for own account: Demand funds at interest 12,897 14,311 50,091 Demand 60,512 69,016 352,214 Rediscountable bills and acceptances (at Time—Not exceeding 3 months- 106,741 110,642 67,494 cost): Commercial bills and bankers' accept- Total.. 167,254 179,658 419,708 ances 227,075 218,486 318,563 Treasury bills 145,992 139,861 132,956 Central banks for account of others: Demand 11,160 11,946 14,465 Total 373,067 358,348 451,519 Other depositors: Demand _ 3,190 3,247 166 Time funds at interest—Not exceeding 3 Time 6,273 months _ ___. 39,208 79,299 232,400 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account 154,481 154,623 153,769 Treasury bills 25,836 13,182 14,309 German Government deposit 77,241 77,311 76,884 Sundry investments _ 67,433 71,939 71,173 French Government guaranty fund_ 45,513 44,824 68,649 Between 3 and 6 months: Treasury bills 29,475 40,993 36,100 Total 277,235 276,758 299,301 Sundry investments 33,699 35,950 35,603 Capital paid in- 125,000 125,000 125,000 Over 6 months: T Su re n a d s r u y r y in b s i t l r l u s ments 3 18 7 , . 9 7 1 5 0 2 7,190 1,647 L D e i g v a id l e re n s d e r r v e e s e f r u v n e d fund- 3 2 , , 8 02 9 2 5 2,022 2 1 , ,3 6 1 9 8 0 General reserve fund. _. 7,790 7,790 5,379 Total 213,145 169,848 158,831 Other liabilities 54, 781 53,966 35,531 Other assets 2,948 1,709 8,004 Total liabilities- 657,473 669,429 909,832 Total assets 657,473 669,429 909,832 1 Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

759 DECEMBER 1933 FEDERAL RESERVE BULLETIN CENTRAL BANES [For explanation of tables on this page, see BULLETIN for February 1931, pp. 81-83] Assets of banking department Liabilities of banking department Gold (in Note Bank of England d m i e s e p s n a u t r e ) t 1 - Cash reserves Dis a c n o d unts Securi- ci t r i c o u n la- Deposits l O ia t b h i e li r advances ties Coin Notes Bankers' Public Other Millions of pounds sterling: 1932— Sept. 28 139.4 1.0 54.6 12.1 88.0 359.8 80.6 23.4 33.4 18.2 Oct. 26 139.4 1.0 56.0 11.6 85.4 358.4 77.3 25.4 33.6 17.7 Nov. 30 139.4 1.0 55.6 11.9 87.1 358.8 90.5 10.1 37.1 17.8 Dec. 28__ 119.8 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Jan. 25_ 123.6 .8 45.4 11.6 107.9 353.2 103.4 11.7 32.5 18.1 Feb. 22.- 142. 2 .7 61.0 11.9 104.0 356.2 98.3 26.2 35.0 18.2 Mar. 29_ 171.8 .8 79.7 11.8 74.9 367.1 92.8 21.2 35.0 18.2 Apr. 26 185.9 .9 74.0 11.6 80.0 371.9 100.9 10.8 37.1 17.7 May 31 186.3 1.1 72.3 11.2 83.5 374.1 77.5 33.2 39.5 17.8 June 28. 189.4 1.2 74.2 16.6 87.2 375.1 105.1 14.1 42.2 18.0 July 26 _ 190.1 1.3 72.8 11.2 103.0 377.2 98.5 14.1 67.7 18.1 Aug. 30 190.3 1.4 76.3 10.0 94.9 374.0 79.4 42.0 42.9 18.2 Sept. 27 190.4 1.4 79.6 9.2 85.8 370.8 97.3 16.5 44.0 18.2 Oct. 25 190.4 1.3 81.2 8.5 92.5 369.3 104.1 15.9 45.8 17.7 Nov. 29 v 190.6 1.2 80.4 84.7 370.2 106.9 13.6 36.5 17.8 Assets Liabilities Deposits Bank of France Negotia- Gold e F x o c r h e a i n g g n e Do b m il e ls stic Se lo c a u n ri s ty s t e i b c e l u s e r * i- Other ci N t r i c o o u t n l e a- G m ov e e n r t n- Other l O ia t t i b h e i s e li r - Millions of francs: 1932—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 6,417 8,543 81,143 2,775 19,657 2,158 Sept. 29 82,095 2,632 3,475 2,765 8,716 82,994 3,685 17, 242 2,156 Oct. 27 81, 032 2,586 3,560 2,781 6,238 8,450 81,099 4,027 17,301 2.220 Nov. 24 77,822 1,294 4,093 2,814 6,186 (3) 80,368 2,955 15,016 ( Assets Liabilities Reichsbank Eeserves Gold e F x o ch re a i n g g n e Tre b a il s l u s ry bi c l O h ls e t c h ( k a e s r n ) d Se lo c a u n ri s ty Securities Other ci N t r i c o o u n t l e a- Deposits I l O ia ti t b e h i s e li r - Millions of reichsmarks: 1932—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 3,660 540 1,313 1933—Jan. 31 822 101 2,459 93 401 1,097 345 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 3,142 177 317 682 3,538 406 791 May 31- 372 77 3,07* 166 317 618 3,469 439 782 June 30 189 85 3, 2i2 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. 31 396 18 3,147 143 319 799 3,571 416 850 Nov. 30 v 405 3 3,001 163 518 773 3,542 478 871 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. From Aug. 1,1931, to Mar. 31,1933, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) was authorized by the British Treasury under section 8 of the Currency and Bank Notes Act, 1928. 2 Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement). 3 Not yet available. v Preliminary figures. 22296—33 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 FEDERAL RESERVE BULLETIN DECEMBER 1933 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1933 1932 Central bank Central bank Oct. Sept. Aug, Oct. Oct. Sept. Aug Oct. National Bank of Albania (thou- Bank of the Republic of Colombia sands of Albanian francs): (thousands of pesos): Gold._ 7,329 7,335 5,487 Gold at home and abroad , 15,249 15, 569 15,537 11,597 Foreign exchange 21, 531 23,182 29,425 Foreign exchange 2,470 2,103 2,187 4,388 Loans and discounts 2,757 3,053 3,439 Loans to member banks 1,568 793 1,257 6,275 Other assets 2,987 2,833 4,901 Note circulation 27,268 26,081 25, 740 19,260 Note circulation - 12,745 12, 760 12, 269 Deposits 24, 234 22,117 21,031 20,154 Demand deposits! 16,161 17, 532 19, 205 National Bank of Czechoslovakia Other liabilities 5,699 6,111 11, 778 (millions of Czechoslovak crowns): Commonwealth Bank of Australia Gold _. 1,708 1,707 1,708 1,659 (thousands of Australian pounds): Foreign balances and currency. _. 933 922 905 1,082 Issue department—Gold and Loans and advances 1,550 1,744 1,507 1,560 English sterling 11, 507 11,507 10,499 Note circulation 6,148 6,310 6,168 6,057 Securities _-- 29,125 21,672 37,715 Deposits 420 500 416 634 Banking department: Danish National Bank (millions of Coin, bullion, and cash 951 1,079 kroner): London balances 20,360 21, 544 14,174 Gold 133 133 133 133 Loans and discounts 8,880 15,299 14,902 'Foreign bills, etc 29 29 17 55 Securities ... 36,054 36,227 29,765 Loans and discounts 70 70 73 104 Deposits 72,916 75,071 62,517 Note circulation _ 368 355 330 333 Note circulation 42,131 41, 660 43,007 Deposits _. 82 94 76 Austrian National Bank (millions of Bank of Danzig (thousands of Danschillings): zig gulden): Gold 170 170 150 149 Gold 30, 631 32,017 33, 525 21,375 Foreign exchange of the reserve.. 19 19 39 39 Foreign exchange of the reserve.. 10, 643 10, 021 5,711 15,230 Domestic bills ... 227 225 188 336 Other foreign exchange. 1,322 1,181 1,277 248 Government debts 624 624 654 663 Loans and discounts 13,811 11, 556 9,307 9,216 Note circulation — 941 943 900 903 Note circulation _. 39,416 39,170 37,984 37,126 Deposits 101 83 104 177 Deposits 11,517 10,120 6,276 6,502 National Bank of Belgium (millions Central Bank of Ecuador (thousands of belgas): of sucres): Gold 2,710 2,708 2,700 2,611 Gold at home and abroad 14,418 14,700 Domestic and foreign bills 751 766 765 683 Foreign exchange _. 3,466 4,161 Loans to State 355 355 355 367 Loans and discounts 45,412 23,314 Note circulation.... 3,438 3,454 3,612 3,637 Note circulation 30,901 24,662 Deposits. .__. 539 543 359 168 Deposits.. _ _ 20,100 10, 667 Central Bank of Bolivia (thousands National Bank of Egyptl (thousands of bolivianos): of Egyptian pounds): N G F L D o o o o e r a l p t e d e n o i s g c a s n i a t i r t n h c s e d u . o x . l c m d a h i t e a i s o n c a n g o n e u d n a ts bro _ ad 4 4 4 1 4 6 9 3 0 , , , , , 0 8 0 5 8 5 1 8 3 8 1 1 8 4 0 3 4 1 3 3 6 8 0 7 , . , , , 9 6 2 5 7 1 9 1 8 3 9 5 3 7 5 3 4 4 1 7 5 6 0 3 , , , , , 3 6 0 1 6 3 3 5 8 5 6 3 3 7 9 4 3 2 1 1 2 4 0 7 , , , , , 2 3 7 9 4 4 6 9 6 9 9 7 6 5 7 F L G B O o o r o t G r i h a l t e d e n o i i s r s g v h n e a a , r s n n e s d x e m E t c s d g e h i n y a s t p n c g t o s i e u e a c n n u t , s rit a ie n s d _ other _ 3 2 5 1 , , , 0 2 9 2 9 3 1 8 5 3 4 6 1 1 3 , , , , , 8 6 4 4 5 7 6 4 0 5 1 3 1 3 9 3 6 6 2 2 3 , , , , , 3 6 1 7 3 0 6 2 3 2 2 3 6 9 4 Bank of Brazil (millions of milreis): Note circulation 18,892 17,112 19,219 Currency 552 596 586 Deposits—Government 2,773 2,872 4,412 Correspondents abroad 228 203 255 Other _ 19,915 19,996 19,332 Loans and discounts... 2,950 2,960 1,804 Other liabilities 8,032 7,958 8,191 Note circulation 20 20 170 Bank of Estonia (thousands of Deposits 3,360 3,378 2,571 krooni): National Bank of Bulgaria (millions Gold 20, 077 19, 250 19,244 11,481 of leva): Net foreign exchange... 916 973 487 6,949 Gold 1,522 1,522 1,521 1,517 Loans and discounts _. 20, 747 20, 405 19, 517 22,923 Net foreign exchange in reserve.. 41 37 4 -23 Note circulation 33,153 31, 404 30, 352 32,944 Total foreign exchange 205 144 87 268 Deposits—Government, _. 3,202 3,562 2,945 Loans and discounts.. 1,197 1,025 977 817 Bankers' 5,999 6,077 6,333 5,650 Government obligations 2,851 2,873 2,873 2,935 Other _ 2,676 3,217 3,209 2,541 Note circulation 2,845 2,738 2,674 2,713 Bank of Finland (millions of mark- Other sight liabilities 1,627 1,606 1,624 1,542 kaa): Central Bank of Chile (millions of Gold. _. 323 323 304 pe G F L so o o o s r a l ) e d n : B E i s g x a a n t a c n h n k h e a d o x n m c d g h i e e a s n c a c o g n o e u m d n f m a t o s b r i r s a o s c i a o c d n ount of: 4 9 7 3 4 2 2 1 4 9 7 5 1 4 2 2 2 8 0 4 4 6 B N D F D o a o o e c r l m m t r a e e e n i e a d g c c s n i n e i t t d r s i s c c b u l i i b l l a a l a i s b b l t l i r i s o l o n i a t d ie s.. and _ fo _ reign 1, 9 3 7 5 1 2 0 1 0 0 2 2 0 2 3 1, 8 2 7 4 1 6 5 0 2 2 2 0 2 8 5 1, 2 7 5 0 7 7 0 8 1 4 3 7 1, 4 2 9 3 0 5 6 8 3 6 1 5 5 0 6 Securities 343 343 462 Bank of Greece (millions of drach- N D o ep te o c si i t r s c . ulation 4 3 9 3 6 0 4 3 8 5 9 7 4 2 9 1 1 9 ma L G s o o ): a ld n s a a n n d d f o d r i e s i c g o n u n ex ts change 3 2 , , 7 7 2 6 1 9 3 2 , , 4 6 7 6 0 4 3 2 , , 2 6 0 4 9 6 2 1 , , 1 90 6 9 7 Central Bank of China * (thousands Government obligations 3,355 3,355 3,355 3,322 of yuan): Note circulation. 5,565 5,304 4,832 4,750 Gold 1,433 Other sight liabilities 4,652 4,420 4,763 2,955 Silver _ 47,574 Liabilities in foreign exchange 142 86 230 Due from banks abroad 6,887 National Bank of Hungary (millions Due from domestic banks 31,781 of pengos): Loans and discounts 94,016 97 97 97 97 Securities.. 5,898 Foreign bills, etc. 5 9 Other assets _ _ 18,679 Loans and discounts 488 477 Note circulation 31,605 Advances to treasury 50 50 50 52 Deposits—Government 88,421 Other assets _ 31 30 29 22 Bank 32,701 Note circulation.. 362 361 354 410 Other.... 4,912 Deposits. 77 79 76 55 Other liabilities 48,629 Miscellaneous liabilities.. 200 199 203 174 * Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 761 CENTRAL BANKS—Continued IFigures are for last report date of month] 1933 1932 1932 Central bank Central bank Oct. Sept. Aug Oct. Oct. Sept. Aug. Oct. Bank of Italy (millions of lire): National Bank of Rumania (millions Gold at home 7,057 7,046 7,033 5,811 of lei): Credits and balances abroad 306 304 318 1,405 Gold 9,806 9,786 »,766 9,476 Loans and discounts 5,092 4,980 5,103 6,463 Foreign exchange of the reserve.. _ 363 524 636 530 Note circulation. 13,170 13,303 13, 256 13, 795 Other foreign exchange _ 34 24 2 105 Public deposits.. 300 800 300 300 Loans and discounts 9,801 9,915 9,939 11,135 Other deposits 1,392 1,258 1,312 1,096 State debt.... 5,704 5,704 5,704 5,730 Bank of Japan (millions of yen): Note circulation 20,885 21,194 21,159 21,288 Gold— 425 425 425 429 Demand deposits 7,558 7,652 8,001 6,5619 Advances and discounts 833 915 752 845 South African Reserve Bank (thou- Government bonds 465 385 368 268 sands of South African pounds): Notes issued.. _ _. 1,174 1,184 1,118 1,130 Gold 16, 381 14,830 15,421 7,189 Total deposits- 454 458 421 Foreign bills 18,451 18,935 17,482 0 Bank of Java (millions of florins): Domestic bills _. 9 69 64 1,133 Gold _ 100 105 Note circulation._. .___ 10,315 10,775 9,383 7,365 Foreign bills 1 19 Deposits—Government 1,741 1,851 1,735 1,042 Loans and discounts 68 49 Bank... 27, 521 23,544 24,079 3,790 Note circulation. 191 194 214 Other 1,849 1,120 3,085 192 Deposits.. 22 29 33 Bank of Spain (millions of pesetas): Bank of Latvia (millions of lats): Gold 2,261 2,260 2,260 2,258 Gold. 47 47 47 36 Silver— _ 642 647 646 590 Foreign-exchange reserve 1 2 2 12 Balances abroad 286 281 282 293 Bills 67 67 67 71 Loans and discounts 3,336 2,583 2,468 2,819 Loans 54 49 46 56 Note circulation.. 4,731 4,743 4,742 4,856 Note circulation 35 33 32 37 Deposits. _ _ _ 818 872 948 Government deposits 59 62 67 67 Bank of Sweden (millions of kronor): Other deposits 100 95 87 Gold... 377 378 361 206 Bank of Lithuania (millions of litu): Foreign bills, etc 398 345 310 195 Gold _ 50 48 49 Loans and discounts 58 60 56 187 Foreign currency 11 9 18 Note circulation 589 625 565 571 Loans and discounts 84 82 93 Deposits... 500 412 420 183 Note circulation 93 92 102 Swiss National Bank (millions of Deposits 43 54 francs): Netherlands Bank (millions of flor- Gold... 1,931 1,846 1,820 2,638 ins): Foreign balances and bills. 29 18 6 47 Gold 893 841 827 1,035 Loans and discounts 97 108 92 66 Foreign bills 2 1 1 71 Note circulation 1,408 1,419 1,402 1,553 Loans and discounts.. 173 176 181 122 Demand deposits 677 582 547 1,201 Note circulation 929 897 912 1,003 Central Bank of the Republic of Deposits 181 157 264 Turkey (thousands of Turkish Bank of Norway (millions of kroner): pounds): Gold.... 149 153 146 144 Gold. _ 23,775 23,387 23,106 19,214 Foreign balances and bills 13 16 22 26 Foreign exchange 1,809 1,369 274 373 Domestic credits _ 246 217 218 254 Government securities 152,199 152,457152,483 155,450 Note circulation 307 305 304 306 Other securities 28,648 28,632 28,631 28,081 Foreign deposits 1 1 1 3 Other assets.. 41,117 39,535 41,169 21,538 Total deposits 70 65 80 Note circulation 160,887161,145 161,171 164,139 Central Reserve Bank of Peru (thou- Deposits 25,195 29,786 30,852 11,138 sands of soles): Other liabilities- _ 61,466 54,449 53,640 49,379 Gold *40,099 38,889 38, 914 Bank of the Republic of Uruguay Foreign exchange. 9,338 10,037 192 (thousands of pesos): Bills.. __ 43,789 40,424 19,089 Gold 47,963 48,126 46,723 Note circulation 66, 576 66, 034 49, 239 Loans and discounts 101, 441101, 298 109,178 Deposits .. 17,434 17,189 5,809 Other assets __ 42, 736 42,574 39,724 Bank of Poland (millions of zlote): Note circulation 75,851 78,458 83,916 Gold 474 474 473 494 Deposits—Demand 31, 263 29,491 33,746 Foreign exchange 86 74 75 140 Time 42,022 41,997 37,378 Loans and discounts 822 827 797 714 Judicial and admin- Note circulation __ ._ 1,046 1,031 1,004 1,063 istrative 2,714 2,679 2,766 Other sight liabilities 179 160 164 130 Other liabilities 40,290 39,373 37,820 Bank of Portugal (millions of escu- National Bank of the Kingdom of dos): Yugoslavia (millions of dinars) : Gold __ 732 727 721 400 Gold 1,795 1,798 1,797 1,763 Other reserves ._ 282 311 370 558 Foreign exchange 145 148 154 347 Discounts and advances 323 320 330 338 Loans and discounts 2,185 2,211 2,247 2,546 Government obligations 1,052 1,053 1,053 1.058 Advances to State 2,319 2,318 2,317 2,411 Note circulation 1,942 1,939 1,909 1,906 Note circulation. 4,343 4,372 4,314 4,759 Other sight liabilities 515 555 641 379 Other sight liabilities 1,026 915 846 852 Preliminary. p Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL RESERVE BULLETIN DECEMBER 1933 COMMERCIAL BANES [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 m d l u t o e f M a n s t a o h o n t c o n i d a c r e l t e y l B co il u ls n d te i d s- Se ti c e u s ri- L cu oa s e t n r o s s m to - Other Demand i Time1 Total l O ia t t i b h e i s e li r - England Millions of pounds sterling: 1932—January 180 117 239 211 818 832 1,714 226 February 173 110 208 280 906 201 775 838 1,659 218 March 174 113 217 282 906 211 799 832 1,676 226 April. -_ 173 112 240 288 884 208 789 845 1,681 225 May 179 113 247 300 875 212 810 854 1,699 226 June 191 113 278 340 856 207 865 876 1,764 220 July._ 191 123 317 349 840 196 903 873 1,804 211 August... 193 118 374 364 820 188 898 908 1,851 206 September 193 114 392 383 806 180 907 921 1,865 202 October.... 193 117 391 412 799 189 914 932 1,893 206 November 193 116 391 425 789 194 925 929 1,898 210 December 207 127 408 472 778 208 991 963 1,983 216 1933—January _ 214 114 431 472 768 202 980 953 1,983 219 February 208 112 386 498 769 208 955 947 1,957 223 March.. 207 109 348 510 769 205 936 935 1,925 223 April.... 219 105 338 517 767 207 950 940 1,930 222 May 206 98 346 530 779 209 962 938 1,944 224 June 213 101 352 544 779 213 1,006 942 1,978 225 July 205 96 362 554 771 221 993 933 1,973 235 August 208 91 359 563 762 216 990 928 1,966 233 September 215 91 355 563 753 215 989 924 1,958 233 October _. 218 343 559 752 222 983 916 1,951 233 Assets Liabilities France Cash in Deposits (4 large banks) v d B a u u a e l n t f k r a o o n m f dDu b e a n fr k o s m B co il u ls n d te is d - S i L s e o e l l a u o c n u d a s n i r , n i s t i g y n- O as t s h e e ts r Demand Time Total c O ep w ta n n a c c e - s O b t i h l e i r ti l e i s a- 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 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 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 "., 379 36, 031 1,263 37, 294 394 3,971 August 11, 578 1,804 18, 745 8,211 ,422 36,148 1,286 37,435 350 3,976 September. 11,072 2,200 19,034 8,268 ,462 36,372 1,280 37,652 328 4,054 October... 10, 574 2,117 19, 757 8,058 ,546 36.197 1,342 37, 539 334 4,178 November. 10, 571 1,774 21,266 7,898 ,576 37, 257 1,312 38, 568 288 4,229 December. 9,007 1,766 22,014 7,850 ,749 36,491 1,268 37,759 295 4,331 1933—January... 7,445 1,996 22,209 7,785 ,131 35,308 1,221 36, 528 336 3,703 February.. 6,832 2,072 21,287 8,326 ,096 34,477 1,117 35, 573 323 3,696 March 7,181 2,052 20,261 8,586 ,163 34,163 1,045 35, 208 305 3,730 April 6,959 1,958 20,852 7,799 ,206 33,655 979 34,634 291 3,850 May_ 8,184 1,960 20,048 7,777 ,227 34,145 979 35,124 247 3,824 June 8,499 1,931 19,889 7,824 ,420 34,307 988 35,295 372 3,895 July 8,738 1,723 20, 236 7,848 ,521 34,671 1,005 35,676 379 4,011 August 8,027 1,600 19,851 7,813 ,565 33,419 1,007 34,426 360 4,069 September. 7,907 1,504 19,835 7,792 .,540 33, 217 964 34,181 253 4,144 i Excluding deposits of the National Bank relating to offices outside England, which are included in the total. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 763 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 a h o n s m - d Du b e a n f k ro s m B co il u ls n d te i d s- i s n L e c c o l u u a r n d i i s t n y , g Securities Other b o a b f n t r a o k i m s n f e o d r lia O b t i h li e t r ies bank loans Demand Time Total customers Millions of reichsmarks: 1932—-January» February 245 779 1,752 5,831 2,164 1,342 3,591 3,901 7,492 1,251 March 319 865 1,605 5,925 2,125 1,307 3,691 3,810 7,501 1,256 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 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 1,216 3,494 3,948 7,442 1,223 3,233 December1- — 1933—January »__ 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 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 September . 186 657 1,870 4,627 2,303 1,178 3,242 3,717 6,960 753 3,110 Assets Liabilities Deposits payable in Canada Entirely in Canada (exclusive of interbank de- Security posits) Canada loans (10 chartered banks) abroad Securi- Other Note Other v t C r i a n a a u l s l c t g h e o a n i l n n - d d Se lo c a u n ri s ty l b c o i o O a l n l u t s s n h d t e a e i r n d s d - d a f u b o n e a r d e n f i n r k g o e s n m t ties assets ci t r i c o u n la- Demand Time Total liabilities 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 1,390 1,986 735 March 182 131 1,264 122 672 483 122 608 1,389 1,996 735 April 174 122 1,263 122 666 482 125 584 1,393 1,977 726 May 177 114 1,247 117 663 481 119 568 1,387 1,955 726 June.- -.- 189 110 1,211 120 669 482 126 546 1,373 1,919 736 July - 186 112 1,179 124 674 445 123 611 1,363 1,874 724 August-. 176 114 1,147 149 703 448 117 527 1,367 1,893 727 September 174 115 1,142 143 699 463 124 528 1,359 1,888 724 October 183 117 1,161 151 727 472 120 579 1,371 1,949 742 November 220 108 1,140 199 760 469 116 609 1,379 1,988 791 December— 211 103 1,104 155 778 439 115 538 1,378 1,916 760 1933—January 204 100 1,083 132 784 425 108 504 1,383 1,887 734 February 199 97 1,069 129 798 437 112 491 1,397 1,888 729 March 200 96 1,086 117 793 443 123 494 1,389 1,883 729 April 192 94 1,088 135 806 452 124 514 1,400 1,914 729 May _ 193 94 1,073 139 456 119 549 1,397 1,946 725 June - 198 102 1,057 145 481 129 570 1,387 1,957 757 July _ 197 109 1,042 151 448 120 578 1,380 1,958 733 August - 192 105 1,026 146 437 121 551 1,373 1,924 727 September _ 187 110 1,031 176 881 435 129 591 1,372 1,964 727 October. _ 191 111 1,037 156 450 122 633 1,350 1,983 721 > Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL RESERVE BULLETIN DECEMBER 1933 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f l a a E n n n d k g- F B r a o a n f n k ce G R b e e r a ic m n h k a s n - B It a o a n f ly k N l B e a a t n h n d e k s r- Na S B t w a io n is n k s al Country R D a e 1 t c e . I s n in e c f e f — ect Country R D a e 1 t c e . I s n in e c f e f — ect In effect Oet. 1,1931. 6 2 8 7 3 2 Albania Nov. 16,1933 Japan 3.65 July 3,1933 Oct. 10- 2H Austria Mar. 24,1933 Java Aug. 16,1933 Dec. 10 .:-_. 7 Belgium Jan. 14,1932 Latvia Jan. 1,1933 Feb. 18,1932. 5 Bolivia 6 July 5,1932 Lithuania 6 Apr. 1,1930 Mar. 9 6 Mar. 10 4 Bulgaria 8 May 25,1932 Norway May 24,1933 Mar. 17 Chile Aug. 23,1932 Peru _ 6 May 20,1932 Mar. 21 6 Colombia... 4 July 18,1933 Poland 5 Oct. 26,1933 Apr. 9 5H Czechoslo- Portugal 6 Mar. 13,1933 Apr. 19 vakia ZH Jan. 25,1933 Apr. 21 3 Rumania 6 Apr. 5,1933 Apr. 28 5 Danzig 3 May 6,1933 South Africa. May 15.1983 May 2 5 Denmark.._ Nov. 30,1933 Spain 6 Oct. 26,1932 May 12... Ecuador Nov. 30,1932 June 30. Estonia Feb. 1,1932 Sweden Dec. 1,1933 Sept. 22 4 U.S.S.R Mar. 22,1927 Jan. 9, 1933 4 Finland 5 Sept. 5,1933 Yugoslavia—. July 20,1931 May 12 Greece 7 Oct. 14,1933 June 29 Hungary Oct. 18,1932 July 15 4 India ZH Feb. 16, 1933 July 29 3H Aug. 15 3 Sept. 4 §h Changes since Nov. 1: Albania—Nov. 16, down from 8 to 7H percent; Sept. 19 2H Denmark—Nov. 30, down from 3 to 2H percent; Sweden—Dec. 1, down In effect Dec. 1,1933. 2 2H 4 ZH 2H 2 from 3 to 2H percent. MONEY RATES IN FOREIGN COUNTRIES Netherlands (Amster- England (London) Germany (Berlin) dam) Month 3 B a a a m c n n c o c k e n e p e s t r t , 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 -d y ay o a B n l l a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a u e t n e t M 1 o m ne o y n t f h or Da m y- o t n o e -d y ay d P is r r c i a v o t a u e t n e t M 1 o m ne o y n t f h or 1932—October.... 0 82 0 71 0 71 3.87 5.00 4.94 0 37 1.00 November. .89 .82 .73 3.87 6.00 4.80 .37 1.00 December.. 1.02 1.04 .81 3.87 5.08 4.91 .37 1.00 1933—January .87 .76 .73 3.87 5.03 4.98 .37 1.00 February... .83 .78 .73 3.87 5.00 4.86 .37 1.00 March .62 .46 .64 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 3.87 5.60 5.24 2.11 1.69 June .50 .40 .62 3.87 5.60 4.93 2.18 2.06 July .48 .40 .62 3.87 5.60 5.19 3.54 2.64 August .41 .30 .62 3.87 5.60 4.94 1.11 1.08 September. .44 .31 .63 3.87 5.50 5.00 .77 1.00 October .79 .73 .75 3.87 5.50 5.11 .50 1.00 Sw la it n z d er- (B B r e u lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Hungary S ( h S w o t e o lm d ck e ) n - Japan (Tokyo) Month d P is r r c i a v o t a u e t n e t d P is r r c i a v o t a u e t n e t d P is r r c i a v o t a u e t n e t d P is r r c i a v o t a u e t n e t c c ia o P l m ri p m m a e p e r e - r Da m y- o to n - 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 r o n a n l i e l g y ht 1932— October - 1.50 3.00 1.01 5.00 5.66-6.02 3.28 November 1.50 3.00 1.00 5.00 6.68-5.84 2.92 December 1.50 2.94 .91 5.00 5.66-5.84 2.74 1933—January 1.50 2.88 1.12 4.42 6.48-5.84 3.10 February 1.50 2.78 1.89 4.25 5.48-5.84 2.92 March 1.50 2.62 2.04 4.20 5. 48-6.84 2.92 April 1.50 2.50 1.87 4.00 5.48-5.84 2.37 May.. 1.50 2.41 1.76 4.00 5.11-5.84 2.19 June 1.50 2.31 1.50 4.00 4H-7H 5.11-5.48 2.74 July ... 1.50 2.31 1.39 4.00 iH-7H 5.11-5.48 2.37 August 1.60 2.31 1.46 4.00 4H-7H 5.11-5.48 2.37 September 1.50 2.27 1.13 3.55 5.11-5.48 2.56 October 1.50 2.21 1.25 3.50 NOTB.—For sources and back figures, see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBKlt 1933 FEDERAL RESERVE BULLETIN 765 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Month A t r i g n e a n i - tr A al u i s a - * Austria 3Belgium Brazil i ga B r u i l a - 3 Canada Chile i China Co b l i o a m i - Cuba s C lo z v ec a h k o ia - m D a e r n k - 1932—November. 58.5837 261.50 13.9477 13.8723 7. 6302 0.7200 87.3000 6.0276 20.5937 95.2400 99.9237 2.9619 17.0613 December.. 58.5851 261. 77 13.9581 13.8460 7.6327 .7200 86.6989 6.0274 19.4719 95.2400 99.9261 2.9613 17.0069 1933—January 58.5847 267.19 13.9715 13.8629 7.6352 .7195 87.4621 6.0275 19. 7916 95.2400 99.9411 2.9614 16.9097 February. _ 58.5804 272.17 13.9867 13.9638 7.6348 .7200 83.5084 6,0278 20.1136 94.4191 99.9790 2.9632 15.2612 March 58. 2974 272. 73 14.0121 13. 9803 7. 6330 .7210 83. 5205 6.0281 120. 7250 86. 2100100. 0162 2.9743 15.3180 April 60.4864 284.79 14.0700 14. 5285 7. 6348 .7223 84. 7233 6.0300 22.1953 86. 2100 99.9322 3.1155 15.9502 May _ 67.9019 313.07 14. 5582 16. 2711 7. 6354 . 7825 87. 5930 6. 2846 24. 5193 86. 2100 99. 9196 3. 5075 17.5193 June _ 71. 0601 329.22 14. 2007 17. 0460 7. 6369 .8142 89.8853 7. 5210 26.1289 86.2100 99.9212 3.6527 18.4423 July 80.7251 369. 44 15. 6719 19. 4505 7. 8727 .9977 94 4683 8. 3752 29. 2666 86. 2100 99.9199 4.1545 20. 7682 August 79. 4328 358.13 15. 4794 19.1458 8.0331 1.0347 94. 2796 8.1986 28.0737 86.2100 99.9481 4.0777 20.1157 September. 86.0861 371. 26 16. 6534 20. 6994 8.1508 1.2434 96. 4734 8.6743 29. 6843 78.1476 99.9583 4.4089 20.8344 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 November- 92. 0439 409. 75 18. 0434 22.3176 8. 5660 1.6378 101.1829 10. 0983 32. 9030 66. 7200 99. 9617 4.7000 22.9975 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 H ga u ry n - 3 India Italy Japan Mexico N la e n th d e s r- 1932—November- 336.0492 327.5267 1.4441 3.9190 23.7536 0.5743 22. 4062 17.4356 24.7830 5.1124 20.6218 32.2205 40.1774 December.. 336.1120 327.8679 1.4239 3.9033 .5418 21. 3527 17.4265 24.7923 5.1088 20. 7298 31.9923 40.1680 1833—January 344.6451 336.1385 1.4577 3.9034 23.7703 .5392 21. 7525 17.4260 25.4055 5.1177 20.7393 30.1631 40.1797 February __ 350. 8940 342.2073 1.4919 3.9228 23.8291 .5610 22.0710 17.4359 25.8336 5.1156 20.7945 28.4212 40.2691 March 351.9434 343. 2800 1. 5153 3. 9361 23. 8519 .5673 22. 7442 17. 4392 25.7900 5.1372 21.2631 28. 3164 40. 3572 April 366.8480 357.9313 1.5806 4.1019 24. 3873 .5865 23. 7714 17. 4812 26.8721 5. 3662 22.0867 27.0201 41. 9490 May 403.1202 393. 2381 1. 7467 4. 5927 27.3629 .6582 27.1586 18.8766 29.5729 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 461.7534 450. 2670 2.0008 5.3749 32. 7144 .7743 31. 5922 24. 2387 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 November. 514. 9737 2. 2700 6. 2678 38.2361 .9053 28. 2302 38. 3408 8.4331 30. 3618 27. 7989 64. 5642 Month Ze N al e a w nd2 Norway Poland Po g r a t l u- m R a u n - ia Spain S S m t e e r t n a t i l t t e s - s Sweden Sw l i a t n z d er- Turkey U A n S f i o ri u o c n t a h o a f g U u r a u- y1 Y sla u v g i o a - 1932—November. _____ 299.11 16.7252 11.1769 3.0293 0.5975 8.1730 38.0026 17.4314 19.2470 47.2167 477. 68 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 November 411. 04 25.8723 18.0564 4.8623 .9817 13.1129 60. 0625 26. 5491 31. 0223 509.29 76. 2484 2. 2035 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 Bleellggaa.... 13.90 Germany Reichsmark.. 23.82 Spain 19.30 B B r u a l z g i a l r ia _ _ _. M L l e iil v lr . eis.. 11 . . 7 9 2 6 H G o re n e g c e Kong. H D o ra n c g h K m o a n g doll _ a _ r. . 5,3 1 3. . 7 3 6 0 St m ra e i n ts ts . Settle- ^Singapore dollar.. 6 60. 08 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™. «32.69 Italy Lira_ 5.26 Turkey Turkish pound— 439. 65 C C o u l b o a mbia Pe _ s . o do 1 9 0 7 0 , . 3 0 3 0 J M ap ex a i n co Y Si e lv n e . r peso 4 4 9 9 . . 8 8 5 5 Un A i f o r n ic a. of South [Pound 486.66 Czechoslovakia. _ Koruna 2.96 Netherlands Florin. 40.20 Uruguay Peso 103.42 Denmark.. Krone 26.80 New Zealand Pound___ 486. 66 Yugoslavia Dinar 1.76 Egypt.... Egyptian pound . 494. 31 Norway Krone.. 26.80 1 Nominal since April 1933. 2 Monthly averages for Australia, New Zealand, and South Africa for 1932 are taken from the League of Nations Monthly Bulletin of Statistics. 3 Partly nominal since April 1933. « Average quotations on Shanghai for 18 days of new yuan containing 23.4934 grams of pure silver. Average quotations for 7 days of old yuan containing 23.9025 grams of pure silver was 20.5383 cents. « Silver currencies—figures given for dollar parity in November 1933 computed by multiplying silver content of unit by New York average price ol silver for November 1933, which was $0.43286 per fine ounce. • Singapore dollar is legally equivalent to seven sixtieths of an English pound. Figure given for parity in November 1933 represents seven sixtieths of average quotation of pound in New York for November 1933. Back figures.—See BULLETIN for January 1933, 1932, 1931, 1930, 1929, and 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 FEDERAL RESERVE BULLETIN DECEMBER 1933 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average-100)» Month ( U a S p v n t r e a i i r c t t a e e e ) g s d e ( 1 D E 9 e n 2 c g 1 e - l m a 1 n 0 b 0 d e ) r ( a 1 F g 91 e r 3 - a 1 n a 0 c v 0 e e ) r- G ( p a e r v r i e m c r e a a ) g n » e y U S n ta it t e e d s England France Germany Number of issues. 60 87 36 421 278 300 329 1931—October.... 89.4 104.2 94.8 69.7 75.6 106.9 November.. 89.0 104.8 94.4 71.7 74.7 104.3 December.. 81.6 102.2 90.8 57.7 68.1 94.8 1932—January 81.0 104.7 91.5 58.0 69.7 107.3 February- 80.3 106.5 90.3 56.4 68.9 126.2 (8) March 80.8 111.6 90.5 56.8 69.6 117.6 April 79.4 110.6 89.0 43.9 63.5 107.3 •45.5 May 75.2 111.4 85.9 64.4 39.8 61.6 94.4 46.4 June 72.2 111.0 85.2 60.4 34.0 59.3 97.4 45.6 July 74.2 115.6 87.4 62.2 35.9 63.5 100.4 45.8 August 83.2 116.1 88.6 63.2 53.3 69.5 103.4 47.9 September- 85.8 118.4 89.5 67.4 58.2 72.7 104.3 54.1 October 84.1 120.3 89.1 70.1 49.9 72.4 97.4 52.5 November.. 81.9 115.9 88.9 72.9 47.5 72.7 100.0 53.4 December.. 81.2 116.1 87.8 76.3 47.4 72.0 104.3 56.7 1933—January 84.1 116.9 86.4 81.4 49.1 72.4 101.3 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 October 86.5 122.3 81.1 84.7 69.5 82.9 98.3 57.0 1 Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. 8 New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 percent bonds. * Figures not available because of closing of the exchange. * Based on data for part of month, no quotations being available for remainder of month. Back figures.—See BULLETIN for February 1932, p. 121, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Month (1 U S 9 n t 2 i a 6 t t = e e 1 s d 00) (1 C 9 a 2 n 6 a - d 10 a 0) ( E 1 n 91 g 3 l = a 1 n 0 d 0) (1 F 9 r 1 a 3 n = c 10 e 0) ( G 1 e 91 r 3 m - a 1 n 0 y 0) (19 I 1 t 3 a = l 1 y 00) 1 ( 9 O J 0 c a 0 t p - o a 1 b n 0 e 0 r ) (1 N 9 e l 1 a t 3 n h = d e 1 s r 0 - 0) 1931—October... 70 70 104 457 107 322 147 89 November. 70 71 106 447 107 320 147 89 December. 69 70 106 442 104 319 151 85 1932—January... 67 69 106 439 100 317 160 84 February.. 66 69 105 446 100 314 161 83 March 66 69 105 444 100 315 159 82 April 66 68 102 439 98 311 154 80 May 64 67 101 438 97 305 150 79 June 64 66 98 425 96 297 146 78 July 65 67 98 430 96 296 148 76 August 65 67 100 415 95 296 156 75 September. 65 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 '397 95 276 182 75 October... 71 68 103 397 96 274 180 75 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 767 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those Included In indexes shown in preceding table] United States (1926=100) England (1913=100) France (1913=100) Germany (1913=100) Month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n t o r d d ia u u l c s- ts a p n r F o d a d r f u m o c o t d s p I r n t o r d d i u a u l s c - ts p A r t g o u r d r i u c a u c l t l- s P s r io o n v s i- a p t f r n I i r i n n o d a i d d l s s u u h e r m a c s e - t d w s i- p tr I r i i n o s a h d d l e u u f d s c in - ts - 1931—October 59 73 73 113 100 489 429 99 95 99 133 November 59 71 74 115 102 482 416 99 94 99 132 December. . 56 69 72 113 102 491 400 95 91 97 130 1932—J anuary 53 65 79, 114 101 496 390 92 90 92 125 February 51 63 71 114 101 511 389 95 91 91 122 March 50 62 71 116 99 510 388 97 89 90 121 April 49 61 71 115 96 506 381 95 88 89 120 May — 47 59 70 114 94 511 374 93 87 88 119 June 46 59 70 112 91 490 369 92 85 87 118 July- 48 61 70 108 92 498 370 93 84 87 117 August 49 62 70 107 95 453 382 91 83 88 116 September __ 49 62 70 107 99 445 384 89 85 89 115 October 47 61 70 106 98 450 379 88 83 88 115 November 47 61 70 107 98 458 373 88 81 88 114 December 44 58 69 108 97 456 375 84 80 87 114 1933—January 43 56 67 107 97 455 373 81 81 87 113 February 41 54 66 105 96 443 370 82 80 87 112 March . _ 43 55 66 102 95 417 368 83 79 87 112 April 45 56 65 101 95 407 369 82 77 87 111 May . . _ 50 59 67 102 98 390 376 84 77 88 112 June 53 61 69 104 101 418 390 85 78 89 112 July 60 66 7? 101 103 414 389 87 77 90 113 August 58 65 74 104 102 407 389 88 76 90 113 September 57 65 76 105 102 r413 383 90 75 89 114 October _ 56 64 77 104 102 417 380 93 73 89 114 RETAIL FOOD PRICES COST OF LIVING United England France l Germany United England France * Germany States (July (July (1913- States (July (Jan .-June (1913- (1913=100) 1914=100) 1914=100) 14=100)2 (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 3 107 123 119 104 97 112 110 August 141 139 120 118 September 100 3 107 123 122 102 98 111 111 SeptembBr 141 141 105 105 120 119 October 100 3 107 125 123 102 101 110 112 October- 143 141 119 120 November 99 125 104 110 November 143 119 December 99 125 103 109 December 132 143 105 118 r Revised. 1 This index, unlike that for wholesale prices, represents prices converted to a gold basis. 2 Average of October 1913, January, April, and July 1914=100. 3 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; Oct. 24, 106.6; Nov. 7,106.7. 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 GenGrale, and for cost of living, Commission d'6tudes relatives au cout de la vie a Paris. 22296—33 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN DECEMBER 1933 LAW DEPARTMENT Requests for interpretations of Federal Reserve Act savings deposits of every other depositor which and the Board's regulations are subject to the same requirement. The In order to simplify and expedite the period during which such specified amount may handling of such matters, it is requested that be withdrawn under the conditions stated may member banks and others desiring to obtain be prescribed by the bank, but the requirements interpretations of the Federal Reserve Act of paragraphs (b) and (c) of section VI of the or the Board's regulations make their requests regulation relating to changes in the practice for such interpretations in the form of letters of a member bank with respect to the withaddressed to the Federal Reserve agents at drawal of savings deposits, as well as the other the Federal Reserve banks of their respective provisions of tins section, must be observed. districts and include in such letters complete statements of all material facts pertaining to the transactions giving rise to such requests. Provisions of time certificates of deposit The Federal Reserve agent will answer Under section 19 of the Federal Reserve Act, any such inquiry himself unless the matter is the Federal Reserve Board is required from one which should be referred to the Federal time to time to limit, and is authorized to pre- Reserve Board for consideration. If the scribe, the rate of interest which may be paid inquiry is one which should receive the con- by member banks on time deposits, and it is sideration of the Federal Reserve Board, the believed desirable that time certificates of de- Federal Reserve agent will forward it to the posit and other time deposit contracts here- Federal Reserve Board and advise the person after issued or entered into by member banks from whom the inquiry was received that he should refer to this fact, in order that the dehas done so. In forwarding any such inquiry positors may have actual knowledge that the to the Board, each Federal Reserve agent will rate stated in such certificates or contracts is be expected to furnish the Board all informa- subject to such modification as may be necestion necessary to enable the Board to answer sary to conform to the rate on time deposits the inquiry. as limited or prescribed by the Federal Reserve It is believed that the procedure herein Board from time to time under the law. Acoutlined will materially facilitate the promul- cordingly, it is suggested that member banks gation of rulings involving the interpretations should print or stamp on each time certificate of the Federal Reserve Act and the Board's of deposit or other time deposit contract which regulations. they may propose to use a provision substantially in the following form: The rate of interest payable hereunder is subject to Withdrawals of savings deposits change by the bank to such extent as may be necessary The Federal Reserve Board has had under to comply with requirements of the Federal Reserve consideration the question whether, under the Board made from time to time pursuant to the Federal Reserve Act. provisions of section 19 of the Federal Reserve Act and section VI of the Board's regulation Q, a member bank may waive notice of intended Payment of interest on deposits of postal savings[funds withdrawal of a specified amount of a savings The Federal Reserve Board has received a deposit during any given period provided, that number of inquiries with respect to the quesduring such period it waive notice of intended tion whether deposits of postal-savings funds, withdrawal of the same amount of all other subject to the provisions of the regulations savings deposits which are subject to the same of the Postal Savings System governing the requirement. deposit of such funds in banks, are deposits on After careful consideration of this question, which interest may be paid by member banks the Federal Reserve Board has stated that the under the provisions of section 19 of the Federal word "portion", as used in section VI of regu- Reserve Act. lation Q, is to be interpreted as including a By order of the Postmaster General, dated specified amount and that a member bank may August 30, 1933, paragraph 1 of section 15 of pay any specified amount of the savings deposit the regulations of the Postal Savings System of any depositor without requiring notice of on this subject was amended so as to read as intended withdrawal; provided that, upon re- follows: quest and without requiring such notice, it All funds deposited prior to July 1, 1933, in deposishall pay the same specified amount of the tory banks of the Postal Savings System shall be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 769 treated as time deposits, to remain on deposit in such banks for one calendar month from July 1, 1933. All funds deposited after July 1, 1933, in such banks shall likewise be treated as time deposits, for the period including the calendar month next following the date of deposit. At the expiration of such periods and in the event that withdrawal is not made of the deposit at the end of such calendar periods by the Board of Trustees of the Postal Savings System, then such funds shall be considered as having been redeposited for the succeeding calendar month; and likewise redeposited for each and every calendar month thereafter until withdrawal is made. All postal-savings funds held by any qualified depository bank in excess of the security value of its collateral shall be promptly disposed of in accordance with the provision of section 17 of the Banking Regulations. The Federal Reserve Board understands that, under the provisions of the regulations amended as above quoted, the withdrawal of postal-savings funds from banks was authorized only on the first day of any calendar month and funds not withdrawn on such day were considered as having been redeposited for another full calendar month; and also that no such funds were authorized to be withdrawn except on the first day of any calendar month even though no interest was paid on such deposits. It is the view of the Federal Reserve Board that deposits withdrawable only under these conditions may properly be classified, during the period in which the regulations in the form as amended August 30, 1933, were in effect, as time deposits on which interest may be paid in accordance with the provisions of the Board's Regulation Q. It is understood that the paragraph of the regulations of the Postal Savings System above quoted was further amended by order of the Postmaster General No. 4420, under date of October 24, 1933, so as to read as follows: In compliance with rulings of the Federal Reserve Board concerning time deposits, and to secure uniformity of procedure among all depository banks of the Postal Savings System, the calendar year is divided into specific periods of not less than 30 days each, with the beginning and termination dates of such periods shown, as follows: Number From— To— of days Jan. 1 rJan. 31 Feb. 1 iMar. 2 Mar. 3 Apr. 1 Apr. 2 May 1 May 2 May 31 June 1 _ June 30 ? 00 ^0 CO CO CO CO banks for the specified period beginning July 1, 1933. All funds deposited after July 1, 1933, in such banks shall likewise be treated as time deposits from the date of the deposit to and including the date of termination of the specific period next following the period in which the deposit is made, unless such deposit shall have been made on the first day of a period—in other words, the initial time period for deposits made subsequent to July 1, 1933, will be the period from and including the date of the deposit to the expiration of the next succeeding specified period, unless such deposit shall have been made on the first day of a period, in which case the initial time period will be the period from and including the date of the deposit to and including the date of termination of the period in which the deposit is made. At the expiration of such periods and in the event that withdrawal is not made of the deposit by the Board of Trustees of the Postal Savings System, then such funds shall be considered as having been redeposited for the succeeding specified period; and likewise redeposited for each and every specified period until withdrawal is made. In accordance with the foregoing, postal-savings funds on deposit in qualified banks, the fixed time period having expired, may be withdrawn by the Board of Trustees of the Postal Savings System or relinquished voluntarily by depository banks only on the first day of a succeeding specified period: Provided, that all unsecured postal-savings funds held by any qualified bank to the credit of the Board of Trustees shall be subject to the provisions of section 17 of these regulations. It is the view of the Federal Reserve Board, after careful consideration of the regulations of the Postal Savings System, as amended on October 24, 1933, that deposits withdrawable only at the times and under the conditions stated in the regulations as thus amended may be classified as time deposits on which interest may be paid in accordance with the provisions of the Board's Regulation Q, except as noted in the last paragraph hereof. The Federal Reserve Board advised all Federal Reserve banks in a telegram dated June 21, 1933 (Trans. No. 1826) that, since the provisions regarding payment of interest on deposits are incorporated in section 19 of the Federal Reserve Act, definitions contained in section II of the Board's Regulation D should be considered in determining what are time deposits pending the issuance of further regulations relating to the payment of interest on Num- deposits and that member banks might con- From— To— ber of tinue to pay interest on time deposits in accorddays ance with their usual practice or existing bona fide contracts until the Board should issue regu- July 1 July 31 31 Aug. 1 Aug. 31~- 31 lations on the subject; and it is to be noted Sept. 1 Sept. 30—. 30 Oct. 1 Oct. 31 31 that, under the provisions of section II of Nov. 1 Nov. 30,._- 30 Regulation D, deposits of postal-savings funds Dec. 1— Dec. 31 31 in banks under the terms of the act of June i 30 or 31 days according to whether or not year is leap year. 25, 1910 as amended constitute time deposits. The Federal Reserve Board's Regulation Q All funds deposited prior to July 1, 1933, in deposi- relating to the payment of interest on deposits tory banks of the Postal Savings System shall be was'adopted and made effective on August 29, treated as time deposits, to remain on deposit in such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN DECEMBER 1933 1933; and, as above stated, the regulations of subparagraph (b), subdivision (2) of that Act the Postal Savings System, governing the de- contemplates control by "shareholders" of a posits of postal-savings funds in banks, were member bank other than a "holding company amended by order of the Postmaster General affiliate", and that, if banks are controlled by dated August 30, 1933, so that deposits subject a "holding company affiliate", as distinguished to the conditions thereof were time deposits. from "shareholders", such banks are not affili- In the circumstances, the Federal Reserve ates within the meaning of that Act. Board offers no objection to the payment by It is the opinion of the Board that the word member banks of interest on postal-savings "shareholders", as used in section 2, subparafunds accruing during the period from June 16, graph (b), subdivision (2) of the Banking Act 1933, until* August 30, 1933; except that no of 1933 means any person or organization of member bank, which during such period may any kind whatsoever which holds stock in a have lawfully terminated its agreement with member bank, including a " holding company the Ppstal Savings System to pay interest on affiliate" of a member bank, and therefore that deposits of postal-savings fuiids payable on each subsidiary nonmember bank of a holding demand, may pay interest on such deposits company affiliate is an "affiliate" of each subpayable on demand which accrued after the sidiary member bank of such holding company effective date of the termination of such affiliate, and that the subsidiary member banks agreement. of a holding company affiliate are "affiliates" It is to be observed that the regulations of of each other, within the meaning of the Bankthe Postal Savings System, as amended on ing Act of 1933. October 24, 1933, contain the provision that all unsecured postal-savings funds held by any qualified bank to the credit of the Board of Application of section 32 of Banking Act of 1933 to members of stock exchanges and partners and Trustees shall be subject to the provisions of employees of stock exchange firms section 17 of the regulations, which provides Three questions have been raised with that an amount in a qualified bank in excess of respect to section 32 of the Banking Act of the maximum balance authorized for such bank 1933: shall at once be returned in accordance with (1) Is that section applicable to directors of the procedure prescribed therein to the Board a member bank who are members of a stock of Trustees. A provision similar in effect was exchange? included in the regulations as amended on (2) Is that section applicable to directors of August 30, 1933. It would appear that an a member bank who are partners in firms which amount in excess of the maximum balance do a stock exchange business? authorized for any qualified bank is not sub- (3) Is that section applicable to directors of ject to the conditions with respect to withdrawal a member bank who are employed by or to which other deposits of postal-savings funds associated with a stock exchange firm? are subject under the amended regulations. Section 32 of the Banking Act of 1933 reads Such excess amounts, therefore, do not conas follows: form to the requirements with respect to time deposits and must be considered deposits pay- SEC. 32. From and after January 1, 1934, no officer able on demand upon which no interest may or director of any member bank shall be an officer, director, or manager of any corporation, partnership, lawfully be paid by a member bank. or unincorporated association engaged primarily in the business of purchasing, selling, or negotiating securities, and no member bank shall perform the functions of a correspondent bank on behalf of any such individual, Banks controlled by same holding company affiliate partnership, corporation, or unincorporated association as affiliates of each other and no such individual, partnership, corporation, or unincorporated association shall perform the functions There has been presented to the Federal of a correspondent for any member bank or hold on Reserve Board an inquiry as to whether banks deposit any funds on behalf of any member bank, controlled by the same corporation are affiliates unless in any such case there is a permit therefor issued of each other within the meaning of the Banking by the Federal Reserve Board; and the Board is authorized to issue such permit if in its judgment it is not Act of 1933. When the question was submitted, incompatible with the public interest, and to revoke the contention was made that banks controlled any such permit whenever it finds after reasonable by the same holding company affiliate are not notice and opportunity to be heard, that the public affiliated with each other in any manner de- interest requires such revocation. scribed in the Banking Act of 1933. In support By its express terms, section 32 is applicable of this contention, it was argued that section 2, to the service, from and after January 1, 1934, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 771 of an officer or a director of a member bank as make loans secured by stock or bond collateral "an officer, director, or manager of any corpo- to any individual, association, partnership, or ration, partnership, or unincorporated associa- corporation other than its own subsidiaries." tion" engaged primarily in the business of The wording of the provision would seem to buying, selling, or negotiating securities. Since leave no room for a construction which would the statute refers only to an "officer, director, make it inapplicable to a corporation making or manager" of an organization of the kind loans to its own employees, secured by its own designated in that section, the mere fact that stock, either for the purpose of enabling such directors of a member bank may be members employees to become stockholders of the corof a stock exchange would not make that poration or for any other purpose. section applicable to such persons. Under the provisions of section 8 of the In regard to the second inquiry, it appears Clayton Antitrust Act, the Federal Reserve that the word "manager" in section 32 includes Board is authorized, under certain circumany person who manages, controls, or directs stances, to issue permits covering services of the business of an organization engaged pri- the kinds referred to in sections 8 and 8A. marily in purchasing, selling, or negotiating However, the provision of section 8 which securities, or who participates in such manage- authorizes the Board to issue permits refers ment or control, either at the main office or at a only to banking institutions of certain classes branch office, branch, etc., of such organization, and accordingly, the Board is without authorand, therefore, it is the opinion of the Federal ity to issue permits involving relationships Reserve Board that it includes any general between national banks and nonbanking organpartner in a partnership principally engaged in izations which come within the provisions of such business. This conclusion is supported section 8A. by the reference in that section to a "partner- It should be noted, however, that section 8A ship" following the words "officer, director, or refers to any corporation which "shall make" manager". However, the provision in ques- loans of the kind described. Since the statute tion will not be applicable to an inactive does not refer to the business which may have partner in such a partnership, if such partner been transacted by a corporation in the past, shall have no voice in the management or but refers only to the business which shall be control of the partnership business and if his transacted, the prohibitions of section 8A are liability shall be limited to the amount of his inapplicable to the service of a director of a contribution to the partnership. national bank as a director of a manufacturing In connection with the third question, it will corporation which in the past has made loans be noted that section 32 does not contain a secured by stock or bond collateral, if such reference to "employees", and it is the opinion corporation shall make no further loans of that of the Board that the section will not be character after January 1, 1934, the effective applicable to directors of member banks who date of section 8A. may be employed or associated with a stock exchange firm unless such persons may properly be classed as "directors", "officers", or Applicability of section 8A of Clayton Antitrust Act to "managers" of such firm. corporations which previously made loans on their own stock but expect to make no such loans in the future Applicability of section 8A of Clayton Antitrust Act to In connection with an inquiry as to whether corporations making loans to their own employees section 8A of the Clayton Antitrust Act would on their own stock prohibit the officers of a certain corporation There has been presented the question from serving after January 1, 1934, as direcwhether section 8A of the Clayton Antitrust tors of a national bank, it appeared that the Act will make it unlawful, after January 1, employees of the corporation had pledged 1934, for directors of a national bank to serve stock owned by them in that corporation as at the same time as directors, officers, or collateral security for loans made to them by employees of local manufacturing corporations various banks, and that the corporation took which occasionally make loans to their own over these loans in 1929 and has since been employees secured by the capital stock of the allowing its employees to make payments corporations making the loans. periodically in reduction thereof. It was Section 8A applies to any corporation (other further stated that the corporation is not than a mutual savings bank), "which shall engaged in the business of making loans on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN DECEMBER 1933 securities, and does not intend to make such When is such a bank " entitled to the benefits of loans in the future. insurance under section 12B ", within the mean- Section 8A of the Clayton Antitrust Act ing of section 9 of the Federal Reserve Act? reads as follows: The Federal Reserve Board understands SEC. 8A. That from and after the 1st day of Janu- that, in order to be entitled to the benefits of ary, 1934, no director, officer, or employee of any insurance under section 12B of the Federal bank, banking association, or trust company, organ- Reserve Act between January 1, 1934, and ized or operating under the laws of the United States July 1, 1934, a nonmember State bank must shall be at the same time a director, officer, or employee of a corporation (other than a mutual savings bank) have been admitted by the Federal Deposit or a member of a partnership organized for any pur- Insurance Corporation to the Temporary pose whatsoever which shall make loans secured by Federal Deposit Insurance Fund, pursuant to stock or bond collaterial to any individual, associa- the provisions of subsection (y) of section 12B, tion, partnership, or corporation other than its own and that, in order to be entitled to the benefits subsidiaries. of insurance between July 1, 1934, and July 1, In view of the fact that section 8A refers to 1936, a nonmember State bank must have becorporations and partnerships " which shall come a member of the Federal Deposit Insurmake loans secured by stock or bond collateral" ance Corporation either by subscribing for the to any individual, association, partnership, or same amount of class A stock of the corporation corporation other than its own subsidiaries, as it would be required to subscribe and pay it is clear that this section is prospective in its for upon becoming a member bank, or by deoperation, and it is the opinion of the Board positing with the corporation an amount equal that it will not apply to a corporation or to the amount it would have been required to partnership which shall not actually make pay in on account of subscription to such stock, loans secured by stock or bond collateral if it is not permitted to subscribe for such stock after January 1, 1934, even though it is by the laws under which it was organized. authorized to do so and although loans pre- A State bank organized after June 16, 1933, viously made remain outstanding. and having a capital of only $25,000 is not Accordingly, if the corporation in question legally eligible for membership in the Federal shall make no further loans secured by stock Reserve System, therefore, until it shall have or bond collateral after January 1, 1934, become entitled to the benefits of insurance section 8A will not prohibit its officers from under the provisions of section 12B of the Fedserving as directors of a national bank. eral Reserve Act by one of the two methods described in the preceding paragraph. The Temporary Federal Deposit Insurance Eligibility of State banks for membership in Federal Fund does not become effective until January Reserve System—Capital requirements for banks in places of not more than 3,000 inhabitants 1, 1934; but a State bank desiring to be admitted to membership in the Federal Reserve Under the provisions of section 9 of the Fed- System under the provision of section 9 referred eral Reserve Act, a State bank organized on or to above could apply for membership in the after June 16, 1933, in a place with a population Federal Reserve System prior to that date and of not more than 3,000 inhabitants is required the Federal Reserve Board could approve to have a capital of $50,000, in order to be such application, effective if and when the eligible for membership in the Federal Reserve System, unless it is at the time entitled to the bank is admitted to the benefits of the Tembenefits of insurance under section 12B of the porary Federal Deposit Insurance Fund, pro- Federal Reserve Act, in which event it is eligible vided that such bank is otherwise eligible and for membership if it has a capital of not less acceptable for membership in the Federal than $25,000; and the question has arisen: Reserve System. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 773 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 Novem- Octo- Novem- Nov. 1 Nov. 8 Nov. 15 Nov. 22 Nov. 29 ber ber ber Boston 3,979 4,907 4,816 5,717 6 503 Boston 5.3 4.1 13.0 New York 39, 571 40,194 41,192 41,991 45,208 New York-_. 41.7 41.1 61.7 Philadelphia- 24, 762 24,141 24,816 25,495 25,922 Philadelphia. 24.9 26.3 48.6 Cleveland-. 10,143 10, 452 9,919 9,197 9,596 Cleveland 10.2 28.4 Richmond- 7,277 6,774 6,819 6,740 6,485 Richmond 6.8 8.4 18.6 Atlanta 6,191 6,211 5,779 6,239 7,679 Atlanta 6.5 6.0 21.0 Chicago 5,819 5,434 5,847 6,280 7,098 Chicago 6.2 5.9 18.0 St. Louis 1,577 1,546 1,427 1,285 1,391 St. Louis 1.5 1.8 8.3 Minneapolis- 2,956 3,032 3,067 2,981 Minneapolis-. 3.0 3.2 12.2 Kansas City... 3,881 4,002 4,094 2,679 2,510 Kansas City__ 3.4 3.7 15.4 Dallas 1,248 1,100 1,028 881 1,260 Dallas 1.1 2.1 8.0 San Francisco . 9,103 4,468 2,633 2,667 2,503 San Francisco 3.8 59.9 Total 116,507 112, 261 111,437 112,152 119,041 Total... 114.0 119.5 313.0 I Back figures.—See Annual Reports for 1932 (table 13), 1931 (table 83), 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 [In thousands of dollars] Averages in daily figures Ratio of gold and other Total gold reserves and other Federal Reserve notes in cir- cash to deposit and cash Total deposits culation l Federal Reserve note liabilities combined Federal Reserve bank 1933 1932 1933 1932 1933 1932 1933 1932 Novem- Novem- Novem- Novem- Novem- Novem- No- Octo- Nober October ber ber October ber ber October ber vember ber vember Boston 293,463 288,911 239, 751 192, 524 181,980 131,185 218,257 222,304 194, 255 71.4 71.5 73.7 New York 980,048 1,020,092 1,074, 567 1,065,026 1,081,609 1,195, 741 645,087 644,884 584, 972 57.3 59.1 60.3 Philadelphia. 226,916 239, 216 210, 922 137, 546 145, 759 124,725 233,023 237,431 238,932 61.2 62.4 58.0 Cleveland 278,771 281, 717 248, 285 165,197 160,924 147,378 279, 667 282,574 276,045 62.6 63.5 58.6 Richmond 166,015 156,936 99,542 88,985 85,938 56,819 150,134 145, 968 101,078 69.4 67.7 63.0 Atlanta __ 126,685 124,594 84,340 66,829 65,304 45,584 122,370 118,040 98,555 67.0 68.0 58.5 Chicago 955, 969 957,925 819,057 578,846 567, 747 383, 402 748,489 751,991 672,198 72.0 72.6 77.6 St. Louis 166,301 156,854 99,561 100,001 92,514 62, 030 143,264 139,515 101, 491 68.4 67.6 60.9 Minneapolis— 92, 310 93,874 58,156 58,846 56, 752 40,200 90, 789 93,742 79,063 61.7 62.4 48.8 Kansas City- 149,869 148,039 92, 401 116, 641 112,030 67, 789 105,429 108,870 90,635 67.5 67.0 58.3 Dallas 84, 571 79,242 46,271 88, 554 80,390 46,746 39,022 34,252 39,241 66.3 69.1 53.8 San Francisco 273,412 262,816 218,425 196,053 181,002 148,293 213,464 215, 541 230,935 66.8 66.3 57.6 Total— 3,794,330 3,810,216 3,291,278 2,855,048 2,811,949 2,449,892 2,988,995 2,995,112 2,707,400 64.9 65.6 63.8 1 Includes " Federal Reserve notes of other banks", as follows: Latest month, $16,891,000; month ago, $18,058,000; year ago, $13,428,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN DECEMBER 1033 EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES, ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, NOV. 30, 1933 [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Gold with Federal Reserve agents 2,618,254221,872 551,706163,000 209,770130,475 95,200 737,972120,578 65,354 96,490 44,074181,763 Gold redemption fund with U.S. Treasury. 40,888 1,681 9,732 4,287 5,007 1.6 2,922 4,256 1,414 1,654 1,268 920 6,165 Gold held exclusively against F.R. notes 2,659,142223,553 561,438 167,287 214,777 132,057 98,122 742,228121,992 67,008 97,758 44,994187,928 Gold settlement fund with F.R. Board 673,403 26,915 179,790 13,135 60,346 24,987 13,399 193,279 33,451 18,250 32,364 3"'4 ,~95"2 42,535 Gold and gold certificates held by banks— 240,693 21,705 147,621 12,538 4,799 1,""' 2,794 278 455 11,686 3,709 31,066 Total gold reserves 3,573,238272,173 888,849 192,960 279,922 158,103 114,504 938,301155,721 85,713141,808 83,655 261,529 Other cash i 204,583 16,028 45,033 27,834 18,372 10,569 12,196 29,070 9,825 8,301 6,205 11,622 Total gold reserves and other cash. >_3, 777,821288,201 933,882 220,794 298,294 168,672 126, 700 967,371165,546 94,014151,336 89,860 273,151 Redemption fund—F.R. bank notes 11,990 1,250 2,932 1,015 1,360 248 247 2,250 358 309 500 854 667 Bills discounted: Secured by U.S. Govt. obligations 36,959 17,646 5,336 2,710 1,072 1,884 2,624 651 103 227 198 Other bills discounted 82,082 2,634 27, 562 20,586 6,886 5,413 5,795 4,474 740 2,783 2,283 621 2,305 Total bills discounted 119,041 6,503 45,208 25,922 9,596 6,485 7,679 7,' 2,510 1,260 2,503 Bills bought in open market 23,866 1,548 8,114 2,039 2,089 823 2,631 765 595 704 U.S. Government securities: Bonds.. _. 442,671 24,390 170,046 28,068 32,161 11,860 10,759 76,951 14,493 16,301 14,009 18,526 25, 111 Treasury notes 1,034,003 69,607 355,069 72,636 94,458 34,836 31,575 173,943 41,104 25,771 36,209 25,041 73,754 Certificates and bills 954,959 63, 674 306,566 66,416 86,405 31,867 28,932 186,449 37,603 23,550 33,123 22,908 67,466 Total U.S. Govt. securities- 2,431,637 157, 671 831,681167,120 213,024 78,563 71,266 437,343 93,200 65,622 83,341 66,475 166,331 Other securities _ 1,580 993 510 77 Total bills and securities.. 2, 576,124 165,722 885,996195,591 224,709 85,931 79,768 447,072 95,356 69,180 86,540 68,439 171,820 Due from foreign banks __. 3,523 285 1,159 410 370 146 131 508 22 15 108 1"0"8 261 F.R. notes of other banks 15,434 370 4,893 568 682 1,055 1,053 2,674 694 590 1,160 291 1,404 Uncollected items _ 375,332 43,869 100,599 29,242 34,676 31,536 12,391 45,320 15,511 9,539 21,313 14,529 16,807 Bank premises 54,732 12,818 3,791 6,932 3,238 2,422 7,609 3,285 1,747 3,559 1,797 4,254 All other assets^ 50,442 431 29,001 4,579 2,106 3,321 3,852 1,672 596 1,050 1,705 1,178 951 Total assets 6,865,398'503,408 1,971,280 455,990 569,129 294,147 226,564 1,474,476 281,368 176,444 266,221177,056 469, 315 LIABILITIES F.R. notes in actual circulation 3,030,329 224,545 663,789 233,284 282,074 154,095 122,504 757,181143,370 90,669 104,731 40,405 213,682 F.R. bank notes in actual circulation 205,394 21,177 53, 751 18,283 26,186 4,598 5,528 30,242 5,938 5,027 9,471 13,103 12,090 Deposits: Member bank—reserve account 2, 572,942 172,480 934,795 116,603 166(,,521 74,591 55,965 540,202 83,043 53,576 111, 36889,865 173,933 Government 81,519 6,460 24,656 3,351 8,230 5,091 4,949 16,070 1,993 3,118 2,293 1, 307 4,001 Foreign bank.-_ _ 5,324 502 745 722 681 241 234 158 199 199 481 Special deposits: Member bank 55,006 544 4,924 7,227 5,984 2,054 2,207 21,340 3,928 1,192 2,402 413 2,791 Nonmember bank 14, 331 1,249 1,948 170 678 211 3,930 5,157 291 40 657 Other deposits 67,352 1,640 32,862; 504 1,535 3,831 5,539 1,117 4,307 1,800 616 2,189 11,412 Total deposits._ 2,796,474 181,626 999,231130,355 183,121 86,513 69,112 583,553 98,662 60,135 116,918 93,973 193,275 Deferred availability items 373, 730 43,963 95,330 27,436 34,137 31,383 11,623 46, 299 18,116 9,476 21,725 16,109 18,133 Capital paid in.__ _ 145,194 10,863 58,467 15,737 12,372 4,934 4,428 12,945 3,998 2,870 4,243 3,725 10,612 Surplus 278, 599 20,460 85,058 29,242 28,294 11,616 10, 544 39,497 10,186 7,019 8,263 8,719 19,701 All other liabilities 35,678 774 15,654 1,653 2,945 1,008 2,825 4,759 1,098 1,248 870 1,022 1,822 Total liabilities. 6,865,398 503,408 1,971,280 455,990 569,129 294,147 226, 564 1,474,476 281,368 176,444 266,221177,056 469,315 Ratio of total gold reserves and other cash i to deposit and F.R. note liabilities combined 64.8 71.0 56.2 60.7 64.1 70.1 66.1 72.2 68.4 62.3 68.3 66.9 67.1 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to F.R. bank by F.R. agent. _3,264,891237,886 731,888 246,025 297,640161,265 142,392 791,951151,,414 94,749 112, 56244, 512 252, 607 Held by Federal Reserve bank 234,562 13,341 68,0—9 9 12,741 15,566 7,17019,888 34,770 8,044 4,080 7,831 4,107 38,925 In actual circulation 3,030,329224, 545 663,789 233,284 282,074 154,095 122,504 757,181143,370 90,669 104,731 40,405 213, 682 Collateral held by agent as security for =!= notes issued to bank: Gold 2, 618, 254221,872 551,706163,000 209,7701301,,475 95,200 737,972120>,,578 65,354 96,490 44,074181,763 Eligible paper. 96, 276 6,547 37,641 13,776 9,561 "5,446 5,679 5,581 1,712 1,897 2,095 1,726 4,615 U.S. Government securities 597,600 14,000 165,000 70,000 80,000 26,000 48,000 50,000 30,000 28,600 16,000 70,000 FEDERAL RESERVE BANK NOTE STATE- MENT Federal Reserve bank notes: Issued to F.R. bank (outstanding).... 225,544 23,363 20,283 27,299 4,598 6,217 31,370 6,138 5,544 9,900 14,509 12,457 Held by Federal Reserve bank 20,150 2,186 10,115 2,000 1,113 1,128 200 517 429 1,406 367 Inactu al circulation— 205,394 21,177 53, 75118,283 26,186 5,528 30,242 5,938 5,027 9,471 13,103 12,090 Collateral pledged against outstanding notes: Discounted and purchased bills 1,948 1,546 159 U.S. Government securities 247,274 30,000 64,274 21,000 30,000 5,000 7,000 36,000 7,000 10,000 16,000 15,000 * "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

DECEMBER 1933 FEDERAL RESERVE BULLETIN 775 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 August-October 1933 Reserves held Borrowings at Federal Re- Federal Reserve district serve banks Total Excess Septem- Septem- Septem- October ber August October ber August October ber August Boston 171.5 158.6 153. 6 61.6 50.0 45.5 4.1 5.3 6.6 New York.__. 1,015.2 1,015.1 961.0 170.0 172.9 125.1 35.0 35.5 36.6 Philadelphia.. 124.5 121.7 119.0 24.5 23.2 20.3 12.9 14.2 15.7 Cleveland 136.6 134.3 138.5 26.0 25.4 29.3 8.7 10.0 9.7 Richmond 69.9 66.6 66.9 18.7 16.8 18.2 6.7 7.7 8.1 Atlanta _. 55.8 53.9 55.1 16.5 15.3 16.8 4.5 5.3 4.6 Chicago 516.5 463.7 404.9 298.1 250.5 194.3 3.8 4.8 5.5 St. Louis 73.7 71.8 70.7 26.3 24.8 23.1 1.6 2.7 2.2 Minneapolis- _ 50.8 50.4 51.5 14.1 14.3 15.4 3.1 3.5 Kansas City-. 102.1 101.5 99.4 42.6 42.2 39.1 2.8 3.0 3.0 Dallas _. 75.6 57.9 56.5 33.2 18.4 17.8 2.0 4.0 4.2 San Francisco. 164.3 155.6 153.8 26.8 20.8 20.5 5.9 6.5 .5.5 Total... 2, 556. 5 2,451. 2 2,331.0 758.4 674.5 565. 5 91.0 102.5 115. 6 NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] Avera?es of daily figures for August-October 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 October Sep be te r m- August October Septem- August October Septem- August October Sep b t e e r m- August Boston 932 919 917 645 655 656 79 76 72 101 97 94 New York 6,171 6,149 6,096 1,743 1,738 1,754 181 184 184 417 414 414 Philadelphia 685 672 678 587 582 579 130 128 124 348 348 345 Cleveland _ _____ 777 759 765 799 807 802 110 109 108 190 188 185 Richmond 373 364 352 276 271 271 74 70 67 133 130 129 Atlanta 288 285 279 263 264 265 55 50 52 57 55 56 Chicago 1,579 1,541 1,518 762 763 762 106 101 99 129 325 123 St. Louis , 341 339 346 229 229 229 84 81 81 77 77 76 Minneapolis 220 216 217 169 168 171 93 91 88 158 158 157 Kansas City _ 402 405 416 204 200 197 167 161 160 101 101 100 Dallas 293 274 268 156 156 159 143 126 121 31 32 32 San Francisco 881 854 835 1,476 1,482 1,486 78 75 77 75 74 75 Total _ _ 12, 943 12, 775 12, 686 7,309 7,314 7,333 1,300 1,252 1,234 1,817 1,799 1,786 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN DECEMBER 1933 MEMBER BANKS LICENSED AND NOT LICENSED AS OF NOV. 22, 1933 Deposits on June 30, 1933 of banks Number of banks licensed and not licensed on Nov. 22,1933 (in thousands of dollars) Federal Reserve district Not li- Not li- Total Licensed eensed 1 Total Licensed censed » All member banks: Boston 351 18 2,035,450 2, 017,055 18,395 New York 736 72 10,213, 578 10,105,438 108,140 Philadelphia 673 601 72 2,132,791 2,002,390 130,401 Cleveland 619 520 99 2,170,486 2, 055, 783 114,703 Richmond 390 353 37 961,671 28,194 Atlanta 325 302 23 819,100 792,082 27,018 Chicago _._ 699 554 145 3,076,841 2,952,735 124,106 St. Louis ._ 402 357 45 878,155 834,049 44,106 Minneapolis 535 490 45 753,846 734,446 19,400 Kansas City 750 704 46 1,053,561 1, 032,818 20, 743 Dallas 551 537 14 711,481 706, 248 5,233 San Francisco 407 373 34 2,794,071 2,780,420 13, 651 Total 6,528 5,878 650 27,629, 225 26,975,135 654,090 National banks: Boston 318 18 1, 549,862 1,531,467 18,395 New York 657 589 4, 245,149 4,157,294 87,855 Philadelphia 609 543 1,494,201 1, 389, 220 104, 981 Cleveland _ 540 450 90 1,312,888 1, 210,784 102,104 Richmond 342 306 36 743,492 715,569 27,923 Atlanta —_ 273 251 22 732,633 718,204 14,429 Chicago 538 427 111 2,422, 328 2, 326,162 96,166 St. Louis 332 293 39 583,869 557, 561 26,308 Minneapolis 486 441 45 717,060 697,660 19,400 Kansas City 715 669 46 926,370 905,627 20,743 Dallas.. 501 487 14 678,413 673,180 5,233 San Francisco 335 27 2,194,510 2,182,968 11,542 Total 5,664 5,082 582 17,600,775 17,065,696 535,079 State bank members: Boston 33 485, 588 485,588 New York 151 147 5,968,429 5, 948,144 20, 285 Philadelphia 64 58 613,170 25, 420 Cleveland 79 70 857, 598 844,999 12, 599 Richmond 48 47 246,373 246,102 271 Atlanta. 52 51 86,467 73,878 12,589 Chicago _-_ 161 127 654,513 626, 573 27,940 St. Louis _ 70 64 294,286 276, 488 17, 798 Minneapolis 49 49 36,786 36, 786 Kansas City 35 35 127,191 127,191 Dallas 50 50 33,068 33,068 San Francisco 72 65 599,561 597,452 2,109 Total 864 796 10, 028,450 9,909.439 119, 011 1 Exclusive of banks placed in liquidation or receivership. NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, NOV, 22 1933 9 [Preliminary figures, subject to change; based on information received by Federal Reserve banks] Deposits on Dec. 31, 1932, or latest avail Number of banks able call date (in thousands of dollars) Federal Reserve district On unre- Banks on Total stricted Total unrestricted basis basis Boston... 199 159 500,348 404,773 New York.... 324 316 1,112,838 1,074,744 Philadelphia- 269 245 455, 288 405, 362 Cleveland 709 614 602, 968 509, 906 Richmond 688 598 488,817 392, 744 Atlanta 754 700 210,063 190, 811 Chicago 2,100 1,462 987,620 668,271 St. Louis 1,382 1,176 361,038 320,044 Minneapolis.. 966 915 253,574 244, 269 Kansas City.. 1,483 1,254 280,227 250, 285 Dallas 536 518 133,351 129,844 San Francisco 397 514,160 504,176 Total... 9,807 8,323 5,900,292 5,095, 229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 777 WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to os n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o Lo S u t i . s n M o e i l a i n p s - - K C s a i a n t - s y Dallas F c S r is a a c n n o - Y N o e r w k c C a h g i- o Total loans and investments: Nov. 1 16,749 1,217 7,771 1,044 1,129 340 335 l,.509 478 334 509 393 1,690 6,822 1,190 Nov. 8 .__. 16,718 1,200 7,726 1,050 1,128 340 338 1,531 479 332 512 392 1,691 6,778 1,213 Nov. 15. 16,681 1,199 7,704 1,052 1,118 340 341 1,516 483 333 512 395 1,688 6,754 1,197 Nov. 22 16,619 1,199 7,663 1,051 1,115 340 343 1,491 484 329 512 397 1,695 6,719 1,173 Nov. 29 16, 672 1,192 7,744 1,045 1,107 338 342 1,484 485 326 513 1,700 6,804 1,165 Loans: Nov. 1 8,593 696 3,967 500 459 182 182 865 236 183 212 217 894 3,425 Nov. 8 8,593 692 3,971 506 458 180 186 860 238 182 212 215 3,428 681 Nov. 15 8,557 3,936 508 457 178 189 855 239 182 211 218 676 Nov. 22 _ . 8,508 3,888 508 455 178 193 855 239 180 209 218 891 3,346 677 Nov. 29 3,974 508 450 175 193 842 240 177 208 217 891 3,441 On securities: Nov. 1 3,604 247 1,898 238 227 65 56 402 48 55 222 1,666 343 Nov. 8 _. 3,590 244 1,889 241 227 63 57 402 87 46 55 59 220 1,657 341 Nov. 15 3,557 248 1,857 240 226 60 58 399 87 48 55 60 219 1,624 338 N N o o v v . . 2 2 9 2 3 3 , , 5 5 4 6 9 9 2 2 4 4 9 9 1 1 , , 8 8 7 4 5 5 240 2 2 2 2 4 2 6 6 2 1 58 4 3 0 9 0 5 9 8 0 7 4 4 8 8 5 5 5 5 6 6 3 0 2 2 1 1 9 8 1 1 , , 6 6 1 5 8 1 339 All other: Nov. 1 4,989 449 2,069 262 232 117 126 463 150 135 157 157 672 1,759 343 Nov. 8 5,003 448 2,082 265 231 117 129 458 151 136 157 156 673 1,771 340 Nov. 15 5,000 447 2,079 268 231 118 131 456 152 134 156 158 670 1,769 338 Nov. 22 4,959 450 2,038 268 231 116 135 455 152 132 154 155 673 1,728 338 Nov. 29 4,999 444 2,099 272 228 114 134 447 150 129 153 157 672 1,790 332 Investments: Nov. 1 8,156 521 3,804 544 670 158 153 644 242 151 297 176 796 3,397 504 Nov. 8 _ 8,126 508 3,755 544 670 160 152 671 241 150 300 177 798 3,350 532 Nov. 15 .._ 8,124 504 3,768 544 661 162 152 661 244 151 301 177 799 3, 361 521 Nov. 22 8,111 500 3,780 543 660 162 150 636 245 149 303 179 804 3,373 496 Nov. 29 8,104 499 3,770 537 657 163 149 642 245 149 305 179 U.S. Government securities: Nov. 1 5,164 333 2,445 298 467 113 101 385 140 93 189 123 477 2,274 290 Nov. 8 5,147 326 2,400 298 468 114 101 417 140 92 191 122 478 2,231 323 Nov. 15 5,138 323 2,402 300 459 115 101 407 142 93 193 124 479 2, 231 311 Nov. 22 5,111 320 2,402 300 459 115 100 376 143 92 194 125 485 2, 230 280 Nov. 29 5,114 320 2,397 294 457 115 143 93 196 125 2,225 288 All other: Nov. 1 2,992 188 1,359 246 203 259 102 58 108 319 1,123 214 Nov. 8 2,979 182 1,355 246 202 254 101 58 109 320 1,119 209 Nov. 15 181 1,366 244 202 254 102 58 108 320 1,130 210 Nov. 22... 3.000 180 1,378 243 201 260 102 57 109 319 1,143 216 Nov. 29 .... 2,990 179 1,373 243 200 256 102 56 109 320 1,138 211 Reserve with Federal Reserve banks: Nov. 1 1,911 112 903 77 79 417 27 58 95 859 389 Nov. 8 1,878 134 843 71 75 403 30 62 100 796 372 Nov. 15 1,925 129 871 74 79 408 30 73 104 829 378 Nov. 22 . 1,965 138 879 74 78 433 30 68 101 835 403 Nov. 29 1,864 125 813 67 82 421 29 69 99 768 385 Cash in vault: Nov. 1 200 23 46 11 16 43 5 11 15 36 35 Nov. 8 226 26 56 13 17 45 10 5 12 16 44 Nov. 15 215 29 50 12 16 45 9 4 11 15 39 Nov. 22 225 33 50 12 17 47 9 5 12 15 39 38 Nov. 29.— 231 13 15 49 9 4 11 16 40 Net demand deposits: Nov. 1 _ 10, 653 726 5,670 556 528 190 1,213 283 199 339 237 570 5,283 1,034 Nov. 8 10, 531 707 5,553 556 515 193 144 1,225 288 200 340 238 572 5,169 1,047 Nov. 15 10,629 710 5,566 567 521 192 147 1,233 290 206 364 248 585 5,180 1,051 Nov. 22 10, 676 725 5,608 563 518 191 145 1,238 292 204 357 250 585 5,214 1,060 Nov. 29 10, 751 720 5,675 570 524 146 1,228 295 201 358 255 590 5,274 1,040 Time deposits: Nov. 1 4,470 379 1,187 313 436 128 131 463 159 124 167 121 862 761 347 Nov. 8 4,495 377 1,201 312 441 129 132 468 159 123 169 122 862 775 350 Nov. 15 4,472 377 1,200 311 435 129 132 457 159 119 170 122 861 774 339 Nov. 22 4,445 378 1,185 311 434 129 131 451 159 119 168 122 858 772 333 Nov. 29 4,410 374 1,158 304 431 129 131 459 159 117 168 121 751 341 Government deposits: Nov. 1 1,012 101 90 57 36 67 26 4 14 36 84 453 49 Nov. 8 999 100 90 57 36 65 26 4 14 35 83 446 48 Nov. 15 960 97 460 86 54 35 61 26 4 13 33 82 428 44 Nov. 22 915 93 436 81 53 34 57 25 4 12 32 80 406 40 Nov. 29 817 85 390 70 47 31 23 3 10 27 76 364 33 Due from banks: Nov. 1 1,236 129 129 60 57 237 72 58 115 134 84 188 Nov. 8 1,154 119 116 50 55 225 68 55 107 127 77 171 Nov, 15 1,209 115 119 58 53 234 68 62 121 136 79 181 Nov. 22 1,164 97 110 79 58 62 47 232 70 57 122 139 74 180 Nov. 29 1,135 94 114 54 45 236 68 59 111 138 - 72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 FEDERAL RESERVE BULLETIN DECEMBER 1933 WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES—Continued PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO— Continued [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Y N o e r w k c C a h g i o - Due to banks: Nov. 1 2,715 158 1,277 156 126 66 55 317 93 73 163 104 127 1,226 261 Nov. 8 . 2,676 156 1,232 150 123 68 57 323 100 77 160 107 123 1,179 265 Nov. 15 2,737 154 1,234 155 126 71 59 332 102 78 179 115 132 1,179 273 Nov. 22 _ . _ 2,674 154 1,196 147 121 70 57 327 101 76 174 118 133 1,144 269 Nov. 29 2,646 151 1,199 143 123 69 54 321 97 T2 168 116 133 1,148 263 Borrowings from Federal Reserve banks: Nov. 1 24 11 1 4 2 6 Nov 8 21 12 1 4 2 2 Nov. 15 21 13 2 4 2 Nov 22 22 13 2 3 3 1 Nov. 29 25 14 2 3 4 1 1 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 L Federal Reserve bank or branch 1933 1932 1933 1932 1933 1932 1933 1932 city -I I Novem- Novem- Novem- Novem- Novem- Novem- November October ber ber October ber ber October ber ber October ber Boston.. 2 -5 2 -5 4 -5 4 -5 4 -514 4 -5 5 -534 5 -5; 5 -5 4 -4H New York. 2 -3*4 3 -4 4 -434 4 -5 4 -5 3 -4 3 -434 Buffalo 4H6 5 -6 5 -6 5M6 I 5 -6 6 6 Philadelphia. 4 -5 5 -6 5 -6 5 -6 5 -6 4 -5 4 -5 4 -5 Cleveland 1H-6 5 -6 5 -6 6 5 -6 3 -4 3 -4 5^-6 Cincinnati 5 -6 5V2-6 5 -6 5 -7 5 -h\ 5 -6 5 -5 5 -6 53^-6 Pittsburgh _.. Richmond 4 -5 3 -5 5 3^-6 5 5 Baltimore 4 -6 5 -6 5 -6 5 -6 5 -6 6 6 534-6 Charlotte 4 -6 5 -6 5 -6 5 -6 4 -6 , 5 -6 5 5^6 Atlanta 4 -5 4 -5 5 -6 5 -6 5 -6 5 -6 3 -5 I 3 -5 4 5 -6 5 -6 Birmingham , 4 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 Jacksonville 5 -7 4 -8 5 -7 6 -8 6 -8 5 -8 6 -8 6 -8 6 Nashville 6 6 6 5 -6 6 6 6 6 6 New Orleans 5 -6 5 -6 5*4" 6 5 -7 -6 5H-6 5 -6 534-6 Chicago _ 4 -5 3 -5 3 -5 4 -5 5 5 5^ -534 Detroit 5 -6 5 -6 534-6 5 534-6 53^-6 St. Louis 3 -5 3 -5H 5 -6 5 -6 5 -6 3 -6 i 3 -6 4 -6 5 -6 5 -53^ 5 -6 Little Rock 6 6 -7 6 -7 6 -7 6^-7 6 -7 I 634-734 6 6 6 -7 Louisville 6 6 6 6 6 6 e| 6 5>4-6 5}4-6 5 -6 Minneapolis 2 -4 2 -4 2 -5 5 -6 5 -6 4 -6 2 -4 , 2 -4 2 -534 5 -6 5 -6 534-6 Helena 7 -8 7 -8 7 -8 7 -8 7 -8 7 -8 6 -7 6 -7 6 -7 6 -7 6 6 -7 Kansas City 4 -6 53^-6 534-6 3 -5 3 -5 43- 5}4-6 5^-6 Denver 434-5 5 -8 6 53'i-s 6 6 6 Oklahoma City 6 8 6 -8 6 -8 6 6 6 6 Omaha 5 -534 6 6 -634 6 6 6 Dallas 3 -6 3 -6 4 -6 6 -7 6 -7 6 -7 5 -6 3 -6 5 -7 5 -6 5 -6 5 El Paso 7 -8 7 -8 7 -8 7 -8 7 -8 7 -8 8 8 8 5 -6 5 -6 5 -6 Houston 5 -6 5M-6 5 -6 5 -7 5 -7 5 -6 5 -6 5 -6 5 -53^ 5 —5^4 5 —53^ San Antonio 6 -7 6 6 -63 6 -7 6 -8 6 -7 6 -8 6 -8 6 6 6 San Francisco 4 -6 4 -6 4^-53 5 -6 5 -6 5 -6 5),i-6 5 5 -534 5 -534 Los Angeles 5 -6 53^-6 6 -634 6 -6} 7 6 6 6 6 Portland 5 -6 5 -6 6 6 -6} 6 -7 6 -7 6 -7 6 6 6 Salt Lake City 6 5 -6 5 -7 534-7 634-7 7 6 6 6 -634 Seattle 534-6 5H-6 6 6 -634 6 -63 6K2 6^-7 6H-7 6^-7 6 6 6 Spokane 6 -63 6 -7 6 -7 -7 6 -7 6 -7 6}i-7 6 6 6 NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. Reporting banks are usually the larger banks in their respective cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER : FEDERAL RESERVE BULLETIN 779 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN UNITED STATES POSTAL SAVINGS CURRENCY TO AND FROM EUROPE [Balance to credit of depositors. In millions of dollars] BY SELECTED BANKS IN NEW YORK CITY (Paper currency only. In thousands of dollars] End of month 1928 1929 1930 1931 1932 1933 1932 1933 January 148.9 153.5 165.1 278.4 665.6 942.5 February 151.1 154.8 167.9 292.1 691.8 1,006.2 Net Net March 152.0 155.0 169.5 302.7 705.3 1,112.7 Month E m S u h e r to o i n p p t - s e E c u f e R r r o i e o p m - p ts e r ( m e - s c ) h e o e i n r i p p t - s ts E m S u h e r to o i n p p t - s e E c u f e R r r o i e o p m - p ts e r m e ( s - c h e ) e i n o i p p t - s r ts J J A M u u p n l a y r y e il 1 1 1 1 5 5 5 5 2 2 1 2 . . . . 0 7 2 1 1 1 1 1 5 5 5 5 3 3 7 4 . . . . 6 8 8 3 1 1 1 1 7 8 7 7 1 0 0 5 . . . . 2 7 3 2 3 3 3 3 4 7 2 1 7 2 5 3 . . . . 4 5 0 8 8 7 7 7 2 4 8 2 8 2 4 2 . . . . 6 5 8 1 1 1 1 1 , , , , 1 1 1 1 7 5 8 7 6 8 8 5 . . . . 7 4 8 1 (+) August 152.2 160.1 186.5 422.7 848.5 1,177.7 September 152.3 160.3 189.8 469.9 857.4 "1,180.6 January... 3,335 +3,310 5,304 +5,301 October. 153.1 161.6 192.5 538.1 870.8 n, 189.6 February.. 5,221 +5,221 105 5,589 +5,484 November 153.9 163.7 200.7 565.5 885.2 March.._. 8,468 +8,468 101 13,786 +13,685 December. 153.9 164.3 245.4 605.1 900.8 April 4,563 +4,563 25 8,049 +8,024 May 10,938 +10,938 1 12,523 +12,522 » Preliminary. June 12 16,265 +16,253 0 +6,866 July 20 6,694 +6,674 4 11,755 +11,761 MONTHLY DISTRIBUTION OF BILLS AND A Se u p g t u e s m t ber. 1 3 5 6 2 6 6 , , 4 6 5 0 8 3 + +6 6 , , 5 3 6 0 7 6 12 5 2 6 4 , , 1 7 5 5 3 6 + +4 6 , , 6 1 3 4 4 8 SHORT-TERM SECURITIES October- 7 5,294 +5,287 5,905 +5,816 November. 70 6,013 +5,943 [In thousands of dollars] December. 245 3,986 +3,742 With- 91 days pp F . o 7 r - 9. description and back figures see BULLETIN for January 1932, Total i d n a y 1 s 5 1 d 6 a to y s 30 3 d 1 a t y o s 60 6 d 1 a t y o s 90 m to o s 6 . 6 O m v o er s. PAPER CURRENCY OF EACH DENOMINATION Bills discounted: IN CIRCULATION N N o o v v . . 8 1_ — ._ 1 1 1 1 6 2 , , 5 2 0 6 7 1 8 8 7 0 , ,8 0 7 3 7 7 9 7 , , 2 9 1 5 7 1 1 15 3 , , 4 7 4 9 5 6 6 5 , , 5 1 3 33 4 1 1 , , 3 2 1 0 8 3 1 13 2 6 1 [Outside Treasury and Federal Reserve banks. In millions of dollars! Nov. 15 111,437 80,979 9,986 12,449 6,444 1,423 156 Nov. 22 112,152 83,502 12,031 8,881 6,527 1,046 165 Denomina- 1933 Nov. 29... 119,041 91,804 9,584 8,507 7,856 ir~ 194 tions Apr. 30 May 31June 30 July 31 Aug. 31Sept. 30 Oct. 31 Bills bought in $1 358 356 355 360 366 380 OOO open market: $2"::....:... 32 32 32 32 33 33 33 Nov. 1 6,644 639 325 863 4,817 $5 688 660 654 656 664 685 682 Nov. 8 6,737 293 616 1,045 4,783 $10 1,206 1,150 1,143 1,138 1,153 1,181 1,178 Nov. 15.. 15,180 499 5,156 4,491 4,887 147 $20 1,406 1,349 1,335 1,312 1,300 1,302 1,303 Nov. 22 20,294 3,511 5,170 5,287 6,176 150 $50 404 391 377 367 362 357 Nov. 29 23,866 5,623 4,687 4,775 8,700 81 $100 686 662 636 620 612 607 Certificates and $500 _ _. 153 145 136 131 127 124 bills: $1,000 11,663 288 273 254 246 239 232 Nov. 1 969, 297 69, 747 106,070 322, 773 140, 698 173,503 156, 506 $5,000 12 9 8 7 7 7 Nov. 8 967,912 71,620 121,099 331,026 103,251184,410 156,506 $10,000 10 10 10 10 10 12 Nov. 15 967,910106; 070 246; 179 17< 24, 98,711186,200156,505 Total.. 5.353 5,100 5,009 4,917 4,896 4,937 4,916 N N o o v v . . 2 2 2 9 __ 9 9 5 5 8 4 , , 4 9 0 5 9 9 1 6 2 6 1 , , 0 1 9 4 2 9 2 2 7 33 4 , , 9 8 2 8 8 2 1 1 4 7 6 0 , , 4 6 4 9 3 8 8 88 2 , , 0 7 8 1 3 4 1 2 9 2 4 2 , , 3 0 0 6 0 7 1 1 5 5 6 6 ,5 ,5 0 0 6 6 1 Separate figures for different denominations not available. M r u a n n i t c s: ipal war- NoTK.—Figures include, in addition to currency outside the Treasury Nov. 1 1,559 1,439 and Federal Reserve banks, unassorted currency held by these institu- Nov. 8 1,559 1,439 tions, amounting to $60,000,000-$l 16,000,000 prior to May 1933 and to Nov. 15 1,569 1.449 $5,000,000-$6,000,000 since that time, and also $1,000,000 of currency of Nov. 22 1,580 1,486 unknown denominations reported by the Treasury as destroyed. Nov. 29 1,580 1,486 PRICE OF GOLD OFFICIAL PRICE OF GOLD i—SEPT. 8-OCT. 24, 1933 OFFICIAL PRICE OF GOLD *—OCT. 25-DEC. 1, 1933 [Under Executive order of Oct. 25, 1933] [Under Executive order of Aug. 29, 1933] Price (per Price (per Pricei (per Price! (per Date f o in u e n c g e o l o d f ) m Date f o in u e n c g e o o ld f ) Date f o in u e n c g e o l o d f ) Date f o in u e n c g e o l o d f ) Sent. 8 $29.62 Oot. 2 $31.88 ' 9 29.12 ' 3 32.12 ' 1 ' 1 1 1 1 3 2 2 2 29 9 9 . . 1 2 4 0 1 8 1 ' 1 4 6 5___ 3 3 3 1 1 1 . . . 7 7 5 2 9 5 O O O c c c t t t . . . 2 2 2 5 7 6 .. . $ 3 3 3 1 1 1 . . . 5 7 3 4 6 6 N N N o o o v v v . 1 1 1 4 3 5 $ 3 3 3 3 3 3 . . 5 4 5 6 5 6 '14 29.77 ' 7 ..- 31.20 Oct. 28 31.82 Nov. 16 33 56 ' 15 30 41 1 9 31.14 Oct. 30 31.96 Nov 17 33.56 ' 16 30.49 '10 31.26 Oct. 31 32.12 Nov. 18 33 56 ' 18 . 31.44 ' 11 30.91 Nov. 1 32 26 Nov 20 33 66 ' 19 31.64 ' 13.. 30.62 Nov. 2 32.36 Nov 21 33.76 ' 20 32.28 ' 14 29.83 Nov. 3 _ 32.57 Nov. 22 33.76 ' 21 31.33 ' 16 29.00 Nov. 4 32 67 Nov 23 33 76 ' 22 31.75 ' 17 29.86 Nov. 6 32 84 Nov 24 33 76 ' 23 _• 31.86 ' 18... _ _ 30.33 Nov. 7 _. 32.84 Nov. 25 33 76 ' 25__ 31.30 ' 19 29.18 Nov. 8 33.05 Nov 27 33.76 ' 26 31.49 '20 29.13 Nov. 9 . 33.15 Nov 28 33 85 '27 31.35 ' 21 _. 29.01 Nov. 10 33 20 Nov 29 33 93 ' 28 31.05 ' 23 29.59 Nov. 11 33.32 Dec 1 34.01 '29 31.33 « 24 29.80 ' 30 31.46 1 Rate for subscriptions to R.F.C. notes payable in gold newly mined 1 Price fixed by Secretary of Treasury for sales to industry of consigned in the United States (notes maturing Feb. 1,1934—except that the offergold newly mined in the United States. ing on October 25 was one of 90-day debentures). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDEKAL RESERVE BULLETIN DECEMBER 1933 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100] 1932 1933 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactures—Total - 66 63 64 64 61 56 66 78 93 101 91 84 P77 IRON AND STEEL . 31 31 28 30 31 22 35 49 72 100 80 66 61 Pig iron 21 21 18 19 20 17 20 29 43 62 63 53 45 Steel ingots . 32 32 29 31 32 22 37 51 75 103 82 67 63 TEXTILES . 99 92 91 87 83 76 85 108 133 130 P114 P99 P91 Cotton consumption 96 95 93 88 87 86 91 113 139 135 120 103 95 Wool 77 70 67 66 67 46 58 90 116 124 107 96 88 Consumption 83 77 76 72 70 48 66 105 134 141 118 105 97 90 76 74 76 82 52 56 91 118 129 115 96 83 Carpet and rug loom activity * 39 38 32 31 32 29 34 42 60 62 61 67 67 Silk 140 119 123 118 97 98 113 123 147 131 Deliveries 157 130 133 121 95 111 132 136 172 143 113 91 82 Loom activity 1 - . 106 96 103 111 101 72 76 96 96 105 FOOD PRODUCTS _ _ _ _ 89 83 84 88 84 84 101 99 100 100 95 105 85 Slaughtering and meat packing 92 82 79 86 88 85 102 102 105 106 110 127 90 Hogs 101 85 83 87 84 81 107 106 107 109 •113 147 85 Cattle - - 74 70 67 78 87 85 90 92 99 98 102 95 91 Calves. _ 89 92 83 93 89 91 98 101 102 103 105 106 104 Sheep 145 146 129 137 144 149 156 153 152 145 146 144 151 Wheat flour . 88 87 92 90 88 92 110 97 97 95 64 70 76 Sugar meltings. 81 83 89 93 65 68 82 89 83 '75 76 PAPER AND PRINTING 91 87 86 84 P82 92 P101 pill P106 P104 Wood pulp and paper 84 80 80 76 *77 P78 P77 p P96 P106 P102 P99 p 99 Newsprint . . . 61 66 64 59 59 59 61 60 64 67 69 60 66 Book paper 87 84 88 82 88 87 83 92 103 P118 P112 P118 Wrapping paper 77 67 58 61 60 62 68 80 95 P 107 Fine paper 80 76 67 75 76 82 71 96 121 P137 P126 P103 Box board 104 96 105 88 Wood pulp, mechanical . 68 70 65 56 56 55 56 61 69 P76 P75 P69 Wood pulp, chemical 87 84 75 85 86 87 88 99 113 v 135 »139 P141 Paper boxes 150 127 137 135 124 110 149 172 183 213 173 162 143 Newsprint consumption — ._ 100 98 94 98 96 89 95 96 100 102 103 106 105 LUMBER 24 21 23 26 20 22 24 30 38 46 46 36 33 TRANSPORTATION EQUIPMENT: Automobiles . . 16 31 60 48 33 27 44 51 66 70 61 56 46 Locomotives 5 4 2 3 3 1 1 o 0 1 1 1 Shipbuilding 216 136 78 91 181 144 32 25 16 19 15 20 LEATHER AND PRODUCTS ._____>.. 93 89 85 86 92 84 93 110 114 116 102 92 93 Tanning _ 69 74 74 76 76 70 70 79 89 92 88 82 82 Cattle hide leathers 67 70 69 66 66 62 64 74 76 78 76 74 76 Calf and kip leathers _ 71 74 76 76 77 71 71 79 102 91 82 73 69 Goat and kid leathers- 74 83 84 105 101 90 85 93 109 132 126 113 109 Boots and shoes 108 99 93 93 102 93 107 129 131 131 110 '99 100 CEMENT AND GLASS: Cement 55 53 43 38 41 40 35 42 51 56 50 37 35 Glass, plate 50 59 72 88 63 54 55 88 118 150 135 112 73 NONFERROUS METALS: 8 Tin deliveries L.. . 502 55 50 55 58 55 68 80 94 109 125 112 95 FUELS, MANUFACTURED: Petroleum refining.. 137 138 132 132 132 135 140 147 154 155 153 157 152 Gasoline l 180 179 169 165 166 171 179 187 198 198 198 205 195 Kerosene __ 66 73 76 86 81 80 85 87 92 92 87 82 77 Fuel oil i 86 89 90 94 95 95 94 95 101 106 '98 99 102 Lubricating oil * 72 71 68 76 75 75 81 88 80 82 84 88 88 Coke, byproduct _ _ 55 56 56 56 56 51 54 61 75 91 96 91 81 RUBBER TIRES AND TUBES 68 73 67 59 54 41 65 94 115 143 111 103 Tires, pneumatic . . . 71 76 70 61 56 42 67 m 120 148 116 107 Inner tubes 44 50 44 42 41 29 47 68 80 111 75 72 TOBACCO PRODUCTS 104 104 112 113 115 99 116 143 135 117 123 115 108 Cigars 63 63 60 68 63 51 61 61 66 69 68 68 57 Cigarettes ... 133 132 149 147 154 132 153 204 186 151 163 151 143 Minerals—Total 74 75 76 73 79 81 72 78 84 90 91 87 81 Bituminous coal . .. 67 66 66 57 63 51 55 57 64 76 75 65 61 Anthracite coal 61 65 75 53 64 77 44 43 65 67 61 74 55 Petroleum, crude 104 106 96 107 110 122 108 134 134 132 134 125 120 Iron ore 13 7 14 15 40 57 68 63 Zinc 33 35 39 39 43 44 45 45 55 71 77 77 77 Lead - . 38 45 39 45 40 45 45 37 41 36 36 57 64 Silver 36 37 30 36 30 44 36 30 24 34 28 39 33 » Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals." p Preliminary. ' Revised. • Corrected. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and Sep- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 781 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100] 1932 Industry Oct. Nov. Dec. Jan. Feb. Mar. Manu fac tures—Tot al 67 63 58 63 63 58 IRON AND STEEL 30 29 24 29 33 25 Pig iron _ . 21 21 18 19 20 18 Steel ingots 31 30 25 30 34 25 TEXTILES 102 95 86 92 88 78 Cotton consumption _ 99 98 86 92 94 91 Wool 81 73 68 67 70 46 Consumption 91 84 77 75 76 49 Machinery activity 90 76 74 76 82 52 Carpet and rug loom activity 39 38 32 31 32 29 Silk . . 140 121 113 129 102 95 Deliveries.- 157 134 118 138 102 107 Loom activity - 106 96 103 111 101 72 FOOD PRODUCTS 89 87 86 92 84 82 Slaughtering and meat packing _ 89 91 95 103 89 Hogs 86 93 109 116 94 Cattle 86 81 70 79 76 Calves 93 94 79 86 83 Sheep 160 144 126 138 135 Wheat flour 98 94 88 88 85 Sugar meltings 77 65 51 61 63 PAPER AND PRINTING 94 89 81 82 Wood pulp and paper __ 86 81 74 75 Newsprint 61 65 64 59 59 Book paper . . . 88 86 87 83 91 Wrapping paper 78 68 57 60 61 Fine paper 81 74 64 76 82 Box board 109 99 85 85 Wood pulp, mechanical 61 70 65 56 57 Wood pulp, chemical _ 89 84 73 84 89 Paper boxes 157 130 112 119 138 Newsprint consumption 106 104 97 94 95 LUMBER 25 20 20 26 20 TRANSPORTATION EQUIPMENT: Automobiles 15 18 32 40 35 Locomotives _ _ . _ . 5 4 2 3 3 Shipbuilding 158 119 60 64 129 LEATHER AND PRODUCTS 102 85 73 80 93 Tanning 74 72 72 73 78 Cattle hide leathers 69 69 67 67 70 Calf and kip leathers 84 71 65 63 71 Goat and kid leathers 77 82 91 99 105 Boots and shoes 120 94 73 85 103 CEMENT AND GLASS: Cement -- 63 53 34 23 24 Glass plate 50 57 54 78 68 NONPERROUS METALS:1 Tin deliveries 50 55 50 55 58 FUELS, MANUFACTURED: Petroleum refining 137 138 132 132 132 Gasoline— - 180 179 169 165 166 Kerosene 70 79 82 88 82 Fuel oil. _ 86 89 90 94 95 Lubricating oil 72 71 68 76 75 Coke, byproduct _ 55 57 57 57 57 RUBBER TIRES AND TUBES 60 55 46 54 58 Tires, pneumatic __ _______ 62 57 48 56 61 Inner tubes 39 37 32 38 43 TOBACCO PRODUCTS -- 112 106 91 107 104 Cigars 77 75 45 52 54 Cigarettes -- - - 140 130 123 144 140 Minerals—Total - 80 78 72 71 76 Bituminous coal 74 74 70 63 67 Anthracite coal 79 67 74 57 68 Petroleum crude - - 105 105 93 102 108 Iron ore - - 22 6 Zinc _ - - 32 35 40 41 46 Lead - - - _ _ _ 39 47 39 46 41 Silver 36 39 30 36 33 OOtOO OtO» !£<• 1933 Apr. May June July Aug. Sept. Oct. 68 80 93 97 89 84 P77 39 53 72 93 79 65 59 21 29 43 59 60 52 45 41 56 75 96 81 67 61 88 108 126 121 P108 P99 98 116 133 122 108 100 97 57 85 109 115 103 99 93 64 96 121 126 110 111 107 56 91 118 129 115 96 83 34 42 60 62 61 67 67 112 122 134 126 131 135 153 136 118 95 82 76 96 96 105 94 98 99 97 "88 99 86 92 99 105 99 93 no 89 95 102 110 97 86 110 73 79 89 93 97 100 106 107 92 106 114 106 100 96 101 109 136 146 150 149 145 147 167 167 86 100 91 86 92 69 83 86 80 95 100 «98 « 101 '94 72 P84 P94 P102 P102 P105 P105 P80 P10© P100 PlOO 59 62 61 65 66 68 60 66 89 84 90 103 no L09 119 63 69 80 96 P 101 P94 86 75 97 121 P126 P119 P102 60 68 75 75 P65 P59 P56 90 90 99 114 P128 P136 P141 111 149 172 190 204 175 179 150 92 101 99 99 91 92 104 111 23 26 32 40 45 49 37 34 33 57 64 75 73 67 62 41 1 1 0 0 1 1 1 0 112 31 31 20 28 22 20 87 91 101 110 114 113 106 102 69 68 75 87 92 90 87 87 63 64 70 74 75 75 77 78 63 64 75 99 106 99 85 82 92 84 87 109 122 124 118 114 98 105 118 124 128 127 ••119 112 29 34 50 64 68 65 46 40 59 61 96 120 148 137 113 73 55 68 80 94 109 125 112 95 135 140 147 153 154 153 157 152 171 179 187 198 198 198 205 195 78 84 83 86 86 83 83 80 95 94 95 101 106 '98 99 102 75 81 88 80 82 84 88 88 53 54 61 73 89 93 89 81 45 76 118 139 140 110 98 46 79 123 145 145 114 101 32 53 83 96 105 83 72 94 107 145 147 126 131 128 116 47 58 63 72 72 72 77 69 125 139 206 204 167 176 167 150 74 65 76 82 89 94 93 88 51 46 50 57 69 74 69 67 63 45 43 57 55 61 75 71 120 108 136 137 135 136 129 122 21 30 81 117 131 108 46 47 46 53 66 71 73 75 46 45 36 42 34 35 54 66 48 36 29 23 29 28 37 33 1 Includes also lead and zinc; see "Minerals." p Preliminary. •• Revised. • Corrected. 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

782 FEDERAL RESERVE BULLETIN DECEMBER 1933 FACTORY EMPLOYMENT AND PAY ROLLS BY INDUSTRIES [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-25 average=100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry 1933 1932 1933 1932 1933 1932 Oct. Sept. Oct. Oct. Sept. Oct. Oct. Sept. Oct. Total. 75.8 76.6 62.0 73.9 74.3 61.1 57.4 57.6 43.5 IRON AND STEEL AND PRODUCTS 73.8 75.3 53.3 73.6 74.7 53.2 49.3 49.0 26.2 Steel works and rolling mills 80.5 82.3 55.9 81.1 82.4 56.3 53.8 53.6 25.2 Hardware 56.3 60.1 50.1 56.6 59.4 50.4 32.7 35.4 25.9 Structural iron work 58.7 58.0 47.2 57.4 56.1 46.1 38.7 36.5 27.7 Heating apparatus 69.4 68.9 50.4 65.1 65.8 47.4 46.9 44.9 33.9 Steam fittings.-_ 49.3 53.4 41.2 48.3 52.2 40.4 31.9 34.8 27.0 Stoves 87.8 83.2 58.9 80.4 78.2 53.9 61.4 54.7 40.4 Cast-iron pipe 40.0 38.8 33.8 39.9 38.3 33.7 21.7 20.8 17.0' MACHINERY 62.7 45.8 63.1 61.1 46.1 43.4 41.2 27.7 Foundry and machine-shop products.. 61.7 60.4 44.4 62.2 60.6 44.8 39.8 38.0 24.8. Machine tools 59.8 55.3 36.8 59.9 56.0 36.9 41.4 37.7 21.4 Agricultural implements 49.5 45.6 25.5 52.0 49.1 26.8 43.4 38.0 19.6 Electrical machinery 66.7 64.4 52.3 66.7 64.4 52.3 52.2 49.8 36.5 TEXTILES AND PRODUCTS... 87.6 88.0 75.7 86.2 88.4 74.3 69.2 70.7 55.6 A. Fabrics 94.0 94.5 76.2 93.1 95.9 75.5 75.2 75.1 55.2 Cotton goods 102.7 101.4 75.9 101.8 102.9 75.3 83.9 83.2 52.1 Woolen and worsted manufactures. _. 86.8 88.6 65.6 85.2 89.8 64.3 64.6 66.7 44.9 Woolen and worsted goods _ 88.8 91.6 68.5 86.7 92.6 66.9 65.9 69.2 47.9 Carpets and rugs 76.6 72.6 50.1 77.3 75.0 50.6 58.8 54.8 31.0 Hosiery and knit goods 101.6 100.1 91.4 100.9 101.1 90.7 91.8 87.1 77.1 Silk manufactures _ 67.0 74.6 66.7 66.6 75.3 66.3 54.9 59.2 48.9 Dyeing and finishing textiles 85.6 87.6 88.1 85.4 87.9 64.6 63.1 69.0 B. Wearing apparel 71.7 71.4 74.4 68.8 71.2 57.1 61.8 56.3 Clothing, men's _._ 59.8 61.1 55.0 59.1 59.6 54.4 48.1 49.1 38.2 Shirts and collars. 84.0 79.6 73.0 82.3 80.4 71.6 74.7 65.0 49.9 Clothing, women's. 80.4 79.1 104.4 75.4 77.4 98.1 66.0 71.3 83.9 Millinery 78.3 80.1 71.6 71.1 74.6 65.1 52.3 76.3 47.5 FOOD AND PRODUCTS.. 97.4 96.0 85.0 93.4 93.9 81.3 78.8 78.2 70.9 Baking 93.7 92.6 85.2 90.8 91.3 82.5 77.1 76.9 72.9 Slaughtering and meat packing 104.8 105.6 83.1 105.3 106.7 83.5 86.4 86.9 70.3 Confectionery 106.2 98.3 100.9 88.0 89.4 83.6 85.0 80.3 78.1 Icecream 78.8 86.1 70.3 80.4 78.9 71.8 63.8 67.7 60.9 Flour 86.2 84.3 75.9 82.9 81.4 73.0 69.0 64.8 66.3 Sugar refining, cane 90.6 84.2 75.7 87.5 83.2 73.1 62.1 59.4 59.1 PAPER AND PRINTING 92.8 91.0 82.3 92.3 91.2 82.0 76.0 74.6 71.7 Printing, book and job . 78.9 77.8 78.1 79.7 78.2 78.8 64.4 63.1 66.4 Printing, newspapers and periodicals 101.0 97.8 94.4 100.8 98.9 94.3 89.7 86.7 89.8 Paper and pulp 98.5 97.5 78.1 98.5 97.5 78.2 72.2 72.3 56.7 Paper boxes _ 95.4 93.7 75.9 90.6 92.3 72.0 79.2 79.4 66.4 LUMBER AND PRODUCTS 51.7 51.1 39.0 49.9 49.4 37.6 33.5 33.1 22.4 Lumber, sawmills 46.3 45.4 34.1 45.5 44.1 33.4 29.9 29.8 18.4 Lumber, millwork. 41.4 42.6 35.1 41.4 42.0 35.1 24.7 25.4 20.2 Furniture 73.5 72.2 55.4 67.4 69.4 50.8 47.2 45.3 32.5 TRANSPORTATION EQUIPMENT... 50.9 53.4 41.3 51.0 52.8 41.4 41.7 43.0 29.1 Car building and repairing.. 44.1 44.2 42.1 43.9 44.0 41.9 38.7 35.9 31.4 Automobiles 56.8 63.4 37.3 56.8 61.5 37.3 43.3 50.1 23.3 Shipbuilding 74.1 71.9 63.4 79.0 77.2 67.6 58.8 56.8 53.4 LEATHER AND MANUFACTURES.. 84.9 86.6 79.0 82.0 83.3 76.1 64.0 68.7 55.0 Boots and shoes... 84.2 86.0 81.7 80.6 81.9 78.1 60.9 67.0 54.6 Leather 87.9 89.0 67.9 88.0 88.9 67.9 75.3 74.8 56.3 CEMENT, CLAY, AND GLASS PRODUCTS. 54.2 55.8 44.9 52.9 53.9 43.8 34.1 34.1 26.4 Clay products 45.6 47.2 39.4 44.9 45.7 38.8 24.8 25.0 20.0 Brick, tile, and terra cotta 33.7 36.8 30.7 32.9 34.8 30.0 15.2 16.8 13.4 Pottery 78.3 75.4 63.1 77.8 75.6 62.7 50.1 46.4 37.4 Glass 79.3 78.5 56.0 77.0 75.9 54.4 58.6 57.4 38.7 Cement _ 39.2 45.4 44.3 37.7 43.1 42.6 24.6 25.6 27.0 NONFERROUS METAL PRODUCTS.. 67.0 67.7 47.1 67.9 68.6 47.8 50.2 51.4 32.2 Stamped and enameled ware.. 35.3 36.1 24.2 36.1 37.1 24.7 25.7 25.7 17.4 Brass, bronze, and copper 77.8 78.4 55.0 78.7 79.3 55.6 57.4 58.9 36.4 CHEMICALS AND PRODUCTS 99.4 96.2 75.1 99.1 95.9 74.9 78.7 74.3 60.7 Chemicals and drugs 109.0 106.4 79.4 107.9 106.6 78.6 85.2 80.0 61.9 Petroleum refining 87.8 84.4 74.6 87.9 83.0 74.7 72.5 69.8 63.3 Fertilizers 79.3 71.8 49.6 82.2 72.8 51.4 53.7 47.6 33.7 RUBBER PRODUCTS _ 83.4 84.4 60.5 83.7 82.2 60.7 62.8 62.9 38.9 Automobile tires and tubes.. 87.7 89.6 62.9 89,2 87.2 64.0 62.0 62.8 38.1 Rubber boots and shoes 70.2 69.1 53.3 67.2 67.4 51.0 65.9 63.4 42.4 TOBACCO MANUFACTURES 70.2 67.1 71.9 66.8 65.2 68.3 55.5 52.3 52.6 Cigars and cigarettes 69.8 66.4 71.8 65.8 64.2 67.7 54.4 50.8 51.6 Chewing and smoking tobacco, snufL. 73.9 72.1 72.4 74.4 72.9 73.0 64.1 64.1 60.9 NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 706-716, and November 1930, pp. 662-677. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 783 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926-100] Other commodities All Year and month m c t o o ie m d s i - - • p n u r i c o o t d s - Foods Total 1T p l r i e o d a e d t s u h a c e n t r s 1 j p T ro e d x u ti c l t e s m F li u a g e t h e l t r a i 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 g n u o i 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 97.0 94.1 95.6 95.1 85.4 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 f$6.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 t>4.9 70.3 80.2 71.4 73.5 75.1 64.4 1932—October 64.4 46.9 60 5 70.2 72.8 t»fi 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 *>4 A 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 F>9 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 35.6 72.2 86.3 68.0 65.3 80.6 79.5 73.2 74.8 64.0 August... 69.5 57.6 B4.8 74.1 91.7 74.6 65.5 81.2 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 October.. _. 71.2 55.7 54.2 77.2 89.0 77.1 73.6 83.0 83.9 72.7 81.2 65.3 1932 1933 Subgroups Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. FARM PRODUCTS: Grains 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 58.2 Livestock and poultry >? 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 45.4 Other farm products... >0.8 52.1 52.1 53.9 51.3 48.7 44.2 45.3 46.7 51.8 66.2 63.7 62.5 61.2 61.2 FOODS: Butter, cheese, and millr_. . (V) ft 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 66.0 Cereal products (J6.0 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 85.0 Fruits and vegetables ,>R 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 62.5 Meats _ . {il 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 51.0 Other foods . (\7 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 64.4 HIDES AND LEATHER PRODUCTS: Boots and shoes M 4 84 4 84.6 84.2 83.8 83 3 83.3 83 2 83.2 83.6 85.5 88.3 96.1 98.9 98.9 Hides and skins 59.3 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 71.2 Leather t\o n 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 83.2 Other leather products. 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 85.1 TEXTILE PRODUCTS: Clothing. 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 84.8 Cotton goods 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 88.8 Knit goods 48-fi 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 74.7 Silk and rayon >Q 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 32.0 Woolen and worsted goc>ds.-_ 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 84.5 Other textile products- 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 75.3 FUEL AND LIGHTING MATERIALS: Anthracite coal._ 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 81.8 Bituminous coal 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 89.8 Coke 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 82.6 Electricity 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 90.4 Gas 107.0 107.6 104.4 100.0 96.5 96.7 96.6 96.6 97.5 103.3 101.7 100.2 99.5 101.5 Petroleum products 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 52.7 METALS AND METAL PRODUCTS: Agricultural implements 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 83.7 Iron and steel _ 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 82.4 Motor vehicles 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 90.9 Nonferrous metals 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 67.0 BUILDING MATERIALS: Brick and tile 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 84.6 Cement . 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 91.2 Lumber _ 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 84.2 Paint materials _ 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 76.1 Plumbing and heating 67.1 66.8 67.6 67.5 67.5 62 8 59.4 59.4 59.4 61 3 67.4 69.4 70.3 74.7 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 82.4 86.8 Other building material3 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 87.1 CHEMICALS AND DRUGS: Chemicals 79.7 79.8 79.8 79.7 79.7 79 3 79.0 79 3 79.5 80 9 81.6 80.3 79.6 78.8 78.6 Drugs and Pharmaceuticals.. 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 56.8 Fertilizer materials 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 67.6 Mixed fertilizers . . 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 68.3 HOUSEFURNISHING GOODS! Furnishings _ 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 82.8 Furniture 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 79.8 MISCELLANEOUS: Auto tires and tubes .. 40.1 42.7 44.6 44.6 44.6 44.6 42.6 41.3 37.4 37 6 40.1 41.4 43.2 43.2 43.2 Cattle feed 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 60.4 Paper and pulp 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 82.4 Rubber, crude 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 15.6 Other miscellaneous 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 78.6 Back figures.—For indexes of groups see BULLETIN for March 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN DECEMBER 1933 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Public works Total Residential Factories Commercial and public Educational All other utilities Month 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 January 84.8 83.4 27.5 12.0 3.4 4.3 9.1 5.8 24.1 42.7 4.4 1.4 16.3 17.3 February 89.0 52.7 24.4 11.8 4.4 2.8 10.1 7.6 28.3 17.2 10.8 2.2 11.0 11.0 March 112.2 60.0 33.2 16.0 4.5 6.4 10.6 7.2 29.9 17.6 9.8 1.3 24.2 11.5 April 121.7 56.6 28.9 19.1 4.5 6.2 12.9 6.6 47.3 13.6 10.7 1.1 17.5 9.0 May 146.2 77.2 25.6 26.5 3.0 9.4 12.2 8.9 61.7 19.0 6.5 1.7 37.2 11.6 June 113.1 102.3 23.1 27.7 2.1 26.8 13.0 9.6 50.1 24.4 7.2 3.5 17.6 10.3 July 128.8 82.7 19.7 23.6 3.5 17.8 8.3 11.5 60.0 18.9 6.4 3.0 30.8 7.8 August 134.0 r 106. 0 20.8 21.9 3.3 14.1 18.4 10.5 64.2 51.4 5.5 2.6 21.9 5.6 September 127.5 r120.2 22.8 '21.5 6.3 15.2 8.8 7.5 68.7 60.7 7.4 2.2 13.5 13.0 October 107.3 145.4 21.9 21.5 3.2 9.8 7.0 9.8 58.5 92.7 3.6 2.2 13.1 9.3 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 r Revised. CONSTRUCTION CONTRACTS AWARDED, BY BANK DEBITS DISTRICTS [Debits to individual accounts. In millions of dollars] [Value of contracts in thousands of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] 1933 1932 1933 1932 Number ofcenters Septem- Federal Reserve district October ber October October temper October New York City 1 13, 280 12,340 12,944 N Bo e s w to Y n ork 2 1 4 1 , , 3 7 4 2 3 9 2 1 3 0 , , 4 7 3 2 7 6 22 9 , , 1 7 2 8 5 0 Outside New York City 140 13,027 12, 215 12,354 Philadelphia 9,048 4,527 5,398 Federal Reserve district: Cleveland 14,811 8,318 9,830 Boston. . _ 11 1,546 1,385 1,643 Richmond _. 10,753 9,839 13, 464 New York _ 7 13,801 12,850 13, 443 Atlanta 17,137 7,194 7,387 Philadelphia.. _. 10 1,237 1,112 1,167 Chicago 21, 227 19, 566 11,924 Cleveland ._ 13 1,239 1,178 1,217 St. Louis 10, 508 14,432 7,303 Richmond 7 488 435 505 Minneapolis _. 8,644 5,808 3,234 Atlanta 15 633 583 592 Kansas City 7,692 14,733 10,380 Chicago 21 3,107 3,010 2,845 Dallas 9,475 4,035 6,649 St. Louis 5 696 608 633 Minneapolis 9 507 500 424 Total (11 districts) 145,367 122, 616 107,474 Kansas City 15 770 732 690 Dallas ... 10 465 414 395 San Francisco 18 1,818 1,750 1,744 COMMERCIAL FAILURES, BY DISTRICTS Total.. . 141 ! 26.307 24,555 25,298 [Amounts in thousands of dollars; figures reported by Dun & Bradstreet] I Number Liabilities Federal Reserve district 1933 1932 1932 Oct. Sept Oct. Oct. Sept. Oct. Boston. _ 150 122 188 2,378 1,683 4,187 New York 321 268 486 10,452 5,592 12, 535 Philadelphia.. 51 45 94 2,300 923 3,370 Cleveland 95 116 234 2,548 2, 331 6,387 Richmond 74 72 119 852 1,644 1,934 Atlanta 40 39 137 582 612 2,181 Chicago 177 136 312 6,341 4,863 8,784 St. Louis 42 47 82 1,019 657 1,648 Minneapolis.. 43 43 93 384 461 1,397 Kansas City.. 39 71 103 412 731 840 Dallas 40 17 105 1,400 538 2,763 San Francisco. 134 140 320 1,915 1,814 6,846 Total... 1,206 1,116 2,273 30, 582 21,847 52,870 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1933 FEDERAL RESERVE BULLETIN 785 NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for Nov. 1, 1933,* as reported by the Department of Agriculture] [In thousands of units] Coin Total wheat Winter wheat Spring wheat Federal Reserve district Prod 19 u 3 c 2 tion E N s 1 t o i 9 v m 3 . 3 a 1 te , Prod 19 u 3 c 2 tion E N s 1 t o i 9 m v 3 . 3 a 1 te , Prod 19 u 3 c 2 tion E N st o 1 i 9 v m 3 . a 3 1 te , Prod 19 u 3 c 2 tion E N s 1 t o i 9 v m 3 . 3 a 1 te , Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,684 7,478 66 115 66 115 New York 24,550 22,009 4,761 4,972 4,591 4,817 170 155 Philadelphia.. 42,554 44,174 12,147 14,021 12,042 13,936 105 85 Cleveland _ 158, 549 149, 283 35,908 37,959 35,735 37,843 173 116 Richmond 105, 912 128, 534 16,673 19,892 16,673 19,892 Atlanta _ _ _ 146, 661 152, 260 3,063 2,992 3,063 2,992 Chicago 1,065,741 805, 239 49,430 44,317 46,050 42,191 3,380 2,126 St. Louis 380,505 287, 772 34,128 36,048 33,885 35,900 243 148 Minneapolis 293,144 209, 310 237,318 111,408 21,190 9,874 216,128 101,534 Kansas City 524,390 388, 232 189,917 124,775 183,800 117,372 6,117 7,403 Dallas. 116,292 85, 333 30, 268 12,577 30,120 12,483 148 94 San Francisco ._ _ 9,588 9,920 112,604 105,740 74,530 43,055 38,074 62,685 Total . 2,875,570 2,289,544 726,283 514,816 461,679 340,355 264,604 174,461 Oats Tame hay Tobacco White potatoes Cotton Federal Reserve district Production E N st o im v. a 1 te , Production E N st o i v m . a 1 te , Production E N st o i v m . a 1 te , Production E N st o i v m . a 1 te , Production E N st o i v m . a 1 te , 1932 1933 1932 1933 1932 1933 2 1932 1933 1932 1933 8 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston 7,704 7,238 2,928 2,857 30,110 19,968 47,974 49,945 New York 28,019 18,944 5,164 4,903 1,621 997 32,017 27,662 Philadelphia 15,136 13,409 1,938 2,303 46,310 37,165 20,896 20,417 Cleveland 55,920 36,640 3,826 3,969 121,582 133,563 19,465 16,030 Richmond... 18,755 16,448 2,542 2,916 411,132 712, 247 23,932 22,982 1,410 1,459 Atlanta 10,469 8,161 2,105 2,088 99,242 168,481 10, 545 11,282 2,326 2,612 Chicago 523, 589 285,630 14,194 13, 580 36, 620 20, 524 59,382 40, 682 St. Louis 47,062 36,200 4,964 5,091 261,257 308, 723 13,164 8,558 * 2,942 5 2,457 Minneapolis-._ 317, 746 146,847 9,912 8,257 2,831 1,206 54,062 42,333 Kansas City— 145,427 81,148 8,809 8,780 4,807 5,487 30,854 29,476 900 1,261 Dallas 43,699 20,354 1,004 940 4,981 4,519 5,233 5,038 San Francisco 24, 705 27, 512 12,408 11,653 40,407 43, 726 191 273 Total - 1,238,231 698, 531 69,794 67, 337 1,015,512 1,408,361 357,679 317, 612 13,002 t 13,100 * Figures for spring wheat, oats, and tame hay from estimates for Oct. 1; for winter wheat from Aug. 3; no estimates made for Nov. 1. 2 Without allowance for reduction in acreage under Agricultural Adjustment Act. 3 With allowance for reduction in acreage under Agricultural Adjustment Act. * Includes 15,000 bales grown in miscellaneous territory. «Includes 10,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 19 Acceptances: Affiliates—Continued. Buying rates: Yage Rulings of Board—Continued. Changes in 132, 218, 428, 688 Election of Federal Reserve bank di- Monthly figures 20, 78, 145, rectors by member banks affiliated 228, 284, 351, 428, 481, 548, 626, 688, 749 with same holding company. 651 Held by accepting banks 18, 76, 143, Extension of credit by member banks 227, 283, 350, 427, 480, 547, 625, 687, 748 to 651 Held by Federal Reserve banks 18, 76, 143, Loans to, by member banks 501 227, 283, 350, 427, 480, 547, 625, 687, 748 Loans to, by member banks on security Held by member banks on call dates.- 15, 73, 140 of real-estate mortgages 566 Open-market rates: Organizations indirectly controlled by Foreign countries 33, 91, 162, trustees termed as 501 243, 302, 381, 445, 495, 562, 647, 703, 764 Africa, gold production: New York City 20,78, 145, Monthly figures 25, 83, 228, 284, 351, 428, 481, 548, 626, 688, 749 154, 233, 294, 373, 437, 487, 554, 632, 694, 755 Outstanding 18, 76, 143, Years 1929-33 233, 234 227, 283, 350, 427, 480, 547, 625, 687, 748 Agricultural credit corporations, loans to, by Payable in foreign currencies 18, 76, 143, Reconstruction Finance Corporation 66, 227, 283, 350, 427, 480, 547, 625, 687, 748 341, 538, 737 Warehouse receipts securing, under field Agricultural implements: warehousing arrangement; ruling of Factory employment and pay rolls 54, 109, Board 188 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Acreage reduction under provisions of agricul- Wholesale prices 55, 110, tural relief act; text of act 308 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Acts: Agricultural products, prices of 37, 94, Agricultural Relief Act, text of 307 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Banking Act of 1933, text of _ _ . 385Agricultural Relief Act, text of 307 Emergency Banking Act: Albania, National Bank of: Amendments to 247 Condition of 30, 88, Text of 115 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Federal Reserve Act, amendments to. Discount rates: (See Federal Reserve Act.) Changes in 734 Addresses of President of United States 120, 669 Monthly figures 33, 91, Advances to individuals, partnerships, and cor- 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 porations, amendments to Federal Reserve Gold reserves, 1913-33 368 Act regarding 118 Algeria, gold reserves: Advances to member banks: Monthly figures 24, 82, 153, 232, 293 On own notes, amendment to Federal Re- Years 1913-33 368 serve Act regarding 118 Amendments to Federal Reserve Act. (See Under Glass-Steagall Act, extension of time Federal Reserve Act.) limit 59, 95, 96 Annual reports: Banking and Currency Committee Bank for International Settlements 355 report on 95 Bank of France 149 Letter of Board to Congress regarding, 59, 96 Federal Reserve Board 534 Text of act 95 German Reichsbank 288 Advisory Council, Federal: Netherlands Bank 432 Conferences, expenses of 106, 515 Argentina: Meeting of 133 Commercial banks, condition of 32, Affiliates: 90, 161, 242, 301, 380, 444, 494, 561 Examination of, opinion of Attorney Gen- Foreign exchange rates: eral regarding 570 Monthly averages 34, 92, 163, Loans to, under provisions of Emergency 244, 303, 382, 446, 496, 563, 648, 704, 765 Banking Act of 1933; text of act 395 Yearly averages, 1924-32 35 Regulation P of Federal Reserve Board 505 Gold imports and exports 13, 71, 138, Rulings of Board: 223, 279, 346, 423, 476, 543, 621, 683, 744 Banks controlled by same holding com- Gold reserves: pany affiliate as affiliates of each Monthly figures 24, 82, 153, other 770 232, 293, 436, 486, 553, 631, 693, 754 Corporation whose stock is held by a Years 1913-33 368 member bank as executor or trustee Government note issues and reserves, 28, 86, 157, as an affiliate 651 238, 297, 376, 440, 490, 557, 635, 697, 758 786 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 19 787 Assessment for expenses of Federal Reserve page Automobiles: Board 106, 515 Factory employment and pay rolls 54, 109, Assets and liabilities: 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 All banks in United States on call dates: Production index 53, 108, By Federal Reserve districts 49, 254 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 By States 50,255 Balance sheets: Bank for International Settlements: Bank for International Settlements: As of March 31, 1933 367 As of Mar. 31, 1933 367 Monthly figures 28, 86, 157, 238, Monthly figures-__ 28, 86, 157, 238, 297, 376, 297, 376, 440, 490, 557, 635, 697, 758 440, 490, 557, 635, 697, 758 Bank of France 152 Bank of France 152 Federal Reserve banks: Foreign central banks, explanation of: All banks combined 12, 70, 137, England 640 222, 278, 345, 422, 475, 542, 620, 682, 743 France 642 Each bank 39, 99, 194, Germany 644 249, 320, 403, 451, 514, 576, 656, 719, 774 Canada 646 Foreign central banks 29, 87, 158, German Reichsbank 292 239, 298, 377, 441, 491, 558, 636, 698, 759 Netherlands Bank 435 German Reichsbank 292 Balances of international payments 272 Member banks: Balances, reserve, of member banks. (See Re- All banks, on call dates 582 serves.) Reporting banks: Bank credit. (See Credit.) Weekly figures 41, 101, 196, 251, Bank debits: 323, 405, 457, 518, 579, 659, 722, 777 Chart showing 4 January 1932-July 1933 519 Discussion of 3, 532 Mutual savings banks, on call dates 258 Monthly figures._ 56, 111, 207, 264, 329, 411, 463, National banks, on call dates 51, 256, 583 528, 591, 666, 729, 784 Netherlands Bank 435 Bank deposits. (See Deposits.) State banks, on call dates 52, 257, 583 Bank failures. (See Bank suspensions.) Attorney General of United States, opinions of: Bank for International Settlements: Meaning of term "executive officer" 569 Annual report 355 Regarding reports and examinations of affili- Condition of__ 28, 86, 157, 238, 297, 376, 440, 490, ates of national banks 570 Right of national banks in California, South 557, 635, 697, 75S Carolina, and Tennessee to establish out- Bank holiday. (See Banks, closed.) of-town branches 708 Bank premises, Federal Reserve banks: Australia: All banks combined.._ 12,70,137,222,278,345, Bank of: 422, 475, 542, 620, 682, 743 Condition of 30,88, 159, Depreciation charges 107 240, 299, 378, 442, 492, 559, 637, 699, 760 Each bank___ 39,99,194,249,320,403,451,514, Gold reserves: 576, 656, 719, 774 Monthly figures 24, 82, 153, Bank suspensions: 232, 293, 436, 486, 553, 631, 693, 754 By Federal Reserve districts 44, 104, 19& Years 1913-33 368 By months__ 19, 77, 144 Foreign exchange rates 163, By States: 244, 303, 382, 446, 496, 563, 648, 704, 765 Current month 45, 105, 201 Gold imports and exports to and from During year 1932 46, 200 United States 13, 71, 138, Tables showing, omitted from Bulletin 21& 223, 279, 346, 423, 476, 543, 621, 683, 744 Bankers' acceptances. (See Acceptances.) Gold production: Bankers' balances: Monthly figures 25, 83, 154, All banks, on call dates. ... 49, 254 233, 294, 373, 437, 487, 554, 632, 694, 755 Deposits of Federal home loan banks in Years 1929-33 233-235 member banks classified as; ruling of Austria: Board 247 Foreign exchange rates: Discussion of 6Q Monthly averages 34, 92, 163, Member banks: 244, 303, 382, 446, 496, 563, 648, 704, 765 All banks, on call dates 582 Yearly averages 1924-32 35 Reporting banks: National Bank of: Weekly figures. __ 41, 101, 196, 251, 323, Condition of _' 30, 88, 159, 405, 457, 518, 579, 659, 722, 777 240, 299, 378, 442, 492, 559, 637, 699, 760 January 1932-July 1933 51 $ Discount rates: Bankers' code of fair competition 610 Changes in 218 Banking Act of 1933, text of 385 Monthly figures 33, 91, 162, 243, Banking crisis, discussion of 113, 2091 302, 381, 445, 495, 562, 647, 703, 764 Banking and Currency Committee, reports of: Gold reserves: On extension of time limit for advances to Monthly figures 24,82, 153, member banks under Glass-Steagall Act.. 95- 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 368 On uniform value of coins and currencies. 334-338- Bankruptcies. (See Failures.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 INDEX TO VOLUME 19 Banks, closed: Page Bills—Continued. Address by the President relative to bank Buying rates: holiday 120 Federal Reserve Bank of New York: Bank conservation act, text of 115 Changes in 132, 218, 628, 688 Deposit Liquidation Board: Monthly figures 20, 78, 145, 228, Establishment of, statement by Presi- 284, 351, 428, 481, 548, 626, 688, 749 dent regarding 596 Foreign central banks 33, 91, 162, Letter to committee chairmen 670 243, 302, 381, 445, 495, 562, 647, 703, 764 Telegram to State banking authorities. 670 Discounted by Federal Reserve banks: Executive orders of President relating to 119 All banks combined 12, 70, 137, Holidays declared by Governors of States __ 113 222, 278, 345, 422, 475, 542, 620, 682, 743 Message of President to Congress regarding 114 Averages of daily figures, end-of-month Orders of Secretary of Treasury permitting series, Wednesday series 11, 69, 136, banking functions in territories and insu- 221, 277, 344, 421, 474, 541, 619, 681, 742 lar possessions of United States 131, 132 District data, by months and weeks. _ 38, Proclamation of President: 98, 193, 248, 319, 402, 450, 513, 575, Declaring holiday 113 655,718, 772. Continuing holiday 118 Each bank 39, 99, 194, Regulations issued by Secretary of Treasury 249, 320, 403, 451, 514, 576, 656, 719, 774 ^regarding 122, 125, 216 Earnings on 106, 515 Reopening of banks, discussion of 595 Maturities 43, 103, 198, Statement by President regarding dates for 253, 325, 407, 459, 524, 581, 661, 724, 779 opening of closed banks 120 Pledged against Federal Reserve bank Banks, Federal Reserve. (See Federal Reserve notes: All Federal Reserve banks combined. _ 222, banks.) 278, 345, 422, 475, 542, 620, 682, 743 Banks, licensed. (See Licensed banks.) Each Federal Reserve bank 249, Banks, loans to, by Reconstruction Finance Corporation 66, 341, 538, 737, 738 320, 403, 451, 514, 576, 656, 719, 774 Bills payable and rediscounts: Banks, member. (See Member banks.) All banks in United States on call dates: Banks, number of, in United States 16, 74, By Federal Reserve districts 49, 254 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 By States 50, 255 Belgium: Member banks, on call dates 582 Foreign exchange rates: National banks, on call dates 51, 256, 583 Monthly averages 34, 92, 163, State banks, on call dates 52, 257, 583 244, 303, 382, 446, 496, 563, 648, 704, 766 Black, Eugene R., appointed Governor of Fed- Yearly averages, 1924-32 35 eral Reserve Board 273 Gold imports and exports to and from Bolivia, Central Bank of: United States 13, 71, Condition of 30, 88, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Money rates 33, 91, Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 National Bank of: Gold reserves, 1913-33 369 Condition of 30, 88, 159, Bonds: 240, 299, 378, 442, 492, 559, 637, 699, 750 Corporate and municipal: Discount rates 33, 91, 162, Issues of 21, 79, 146, 243, 302, 381, 445, 495, 562, 647, 703, 764 229, 285, 352, 429, 483, 550, 628, 690, 751 Gold reserves: Prices of____ 21, 79, 146, Monthly figures 24, 82, 153, 229, 285, 352, 429, 483, 550, 628, 690, 751 232, 293, 436, 486, 553, 631, 693, 754 Yield on 483,550,628,690,751 Years 1913-33 369 Federal farm loan, under provisions of agri- Bethea, L. P., appointed assistant secretary of cultural relief act; text of act 312 Federal Reserve Board 471 Federal land bank, held by Federal Reserve Bills: banks 12, 70, 137 Bought by Federal Reserve banks: Industrial, prices of, principal countries. __ 36, 93, All banks combined 12, 70, 137, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 222, 278, 345, 422, 475, 542, 620, 682, 743 United States Government. (See United Each bank 39, 99, 194, States Government securities.) 249, 320, 403, 451, 514, 576, 656, 719, 774 Boots and shoes: Earnings on 106, 515 Factory employment and pay rolls 54, 109, Averages of daily figures, end-of-month 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 series, Wednesday series 11, 69, 136, Production index: 221, 277, 344, 421, 474, 541, 619, 681, 742 Monthly figures 53, 108, 204, Contingent liability for purchases for 261, 326, 408, 460, 525, 588, 662, 725, 780 foreign correspondents 12, 70, 137, Revised index numbers 585 222, 278, 345, 422, 475, 542, 620, 682, 743 Borrowings of member banks at Federal Reserve Maturities 43, 103, 198, banks: 253, 325, 407, 459, 524, 581, 661, 724, 779 All banks: Outright and under resale agreement. _ 12, By Federal Reserve districts 40, 100, 195, 70, 137, 222, 278, 345, 422, 475, 542, 620, 250, 321, 404, 452, 516, 577, 657, 720, 775 682, 743. Compared with eligible assets held. 19, 77, 144 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 19 789 Borrowings of member banks at Federal Reserve Bulgaria—Continued. banks—Continued. Foreign exchange rates: Discussion of 61, 209, 531 Monthly averages 34, 92, 163, Reporting banks: 244, 303, 382, 446, 496, 563, 648, 704, 765 Monthly averages of weekly figures 17, 75, 142, 226, 282, 349, 426, 479, 546, 624, Yearly averages, 1924-32 35 686, 747 Burke, E. S., appointment of, as class C director Weekly figures 41, 101, 196, of Federal Reserve Bank of Cleveland 133 251, 323, 405, 457, 518, 579, 659, 722, 777 Business and financial conditions: January 1932-July 1933 519 Discussion of 1, 415, 465, 593 Branch banks: Offices or receiving stations of State banks, National summary 9, 67, operations of; ruling of Board 499 134, 219, 275, 342, 419, 472, 539, 617, 679, 740 Removal from one town to another, effect Business failures 56, 111, on State bank membership; ruling of 207, 264, 329, 411, 463, 528, 591, 666, 729, 784 Board 707 Call money rates: Right of national banks in California, Foreign countries 33,91, South Carolina, and Tennessee to establish out-of-town branches; opinion of 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Attorney General of United States 708 New York City 20, 78, Brazil: 145, 228, 284, 351, 428, 481, 548, 626, 688, 749 Bank of : Canada: Condition of 30, 88, 159, Commercial banks, condition of: 240, 299, 378, 442, 492, 559, 637, 699, 760 Explanation of balance sheet 645 Gold reserves, 1913-33 369 Monthly figures 32, 90, 161, Foreign exchange rates: 242, 301, 380, 444, 494, 561, 645, 702, 763 Monthly averages 34, 92, 163, Retrospective 598, 645 244, 303, 382, 446, 496, 563, 648, 704, 765 Commodity prices, wholesale 36, 93, Yearly averages, 1924-32 35 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 British India, gold imports and exports to and from United States 13, 71, Foreign exchange rates: 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Monthly averages 34, 92, 163, Brokers' loans: 244, 303, 382, 446, 496, 563, 648, 704, 765 As reported by New York Stock Exchange. 17, 75, Yearly averages, 1924-32 35 142, 226, 282, 349, 426, 479, 546, 624, 686, 747 Gold imports and exports to and from Discussion of 332, 470 Loans to brokers in New York City: United States 13, 71, 138, By reporting member banks 17, 75, 142, 223, 279, 346, 423, 476, 543, 621, 683, 744 226, 282, 349, 426, 479, 546, 624, 686, 747 Gold production: By all member banks on call dates. 15, 73, 140 Monthly figures 25, 83, 154, Building: 233, 294, 373, 437, 487, 554, 632, 694, 755 Contracts awarded: Years 1929-33 233,234 By types of building and districts 56, 111, 207, 264, 329, 411, 463, 528, 591, 666, Gold reserves: 729, 784. Monthly figures 24, 82, Chart showing 467 153, 232, 293, 436, 486, 553, 631, 693, 754 Discussion of 467 Years 1913-33 369 Total 22, 80, 147, Government note issues and reserves 28, 230, 286, 353, 430, 484, 551, 629, 691, 752 86, 175, 238, 297, 376, 440, 490, 557, 635, Materials, wholesale prices 55, 110, 697, 758. 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Capital: Permits issued 56, 111, 207, 264 Capital debentures not considered as, in de- Building and loan associations: termining eligibility for membership; Application of section 8A of Clayton Act to; ruling of Board 566 ruling of Board 654 Federal Reserve banks: Cooperative banks classed as; ruling of All banks combined 12, 70, 137, Board 568 Distinguished from mutual savings banks; 222, 278, 345, 422, 475, 542, 620, 682, 743 ruling of Board 653 Each bank 39, 99, 194, Loans to, by Reconstruction Finance Cor- 249, 320, 403, 451, 514, 576, 656, 719, 774 poration 66, 341, 538, 737, 738 Member banks 583 February 1932-November 1933 737,738 National franks 47, 583 Bulgaria: State bank members 48, 583 National Bank of: Capital issues, domestic and foreign 21, 79, Condition of 30, 88, 159, 146, 229, 285, 352, 429, 483, 550, 628, 690, 240, 299, 378, 442, 492, 559, 637, 699, 760 751. Discount rates 33, 91, 162, Car loadings, freight: 243, 302, 381, 445, 495, 562, 647, 703, 764 By classes 23,81, Gold reserves: 148, 231, 287, 354, 431, 485, 552, 630, 692, Monthly figures 24, 82, 153, 753. 232, 293, 436, 486, 553, 631, 693, 754 Total 22, 80, Years 1913-33 369 147, 230, 286, 353, 430, 484, 551, 629, 691, 752. Carpenter, S. R., appointed assistant secretary of Federal Reserve Board 273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 INDEX TO VOLUME 19 Cash in vaults, member banks: page Chile—Continued. page All banks, on call dates 582 Foreign exchange rates: Reporting banks: Monthly averages 34, 92, 163, Weekly figures 41, 101, 196, 244, 303, 382, 446, 496, 563, 648, 704, 765 251, 323, 405, 457, 518, 579, 659, 722, 777 Yearly averages, 1924-32 35 January 1932-July 1933 519 China: Cement: Central Bank of, condition of 30, 88, Factory employment and pay rolls 54, 109, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 205, 262, 327, 409, 461, 526, 589,664, 727, Foreign exchange rates: 782. Monthly averages 34, 92, 163, Production index 53, 108, 244, 303, 382, 446, 496, 563, 648, 704, 765 204, 261, 326, 408, 460, 525, 588,662, 725, Yearly averages, 1924-32 35 780. Gold imports and exports to and from Wholesale prices 55, 110, United States 13, 71, 138, 206, 263, 328, 410, 462, 527,590, 665, 728, 223, 279, 346, 423, 476, 543, 621, 683, 744 783. Cigars and cigarettes: Central America, gold imports and exports 13, Factory employment and pay rolls 54, 109, 71, 138, 223, 279, 346, 423, 476, 543, 621, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 683, 744. Production index 53, 108, Central banks, foreign. (See Foreign banks.) 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Certificates of indebtedness. (See United States Classification of loans and investments of mem- Government securities.) ber banks on call dates 15, 73, 140 Chairman of board of directors of Federal Re- Clayton Act: serve banks. (See Federal Reserve agent.) Amendment to, made by Emergency Bank- Charts: ing Act of 1933; text of act 1 401 Construction contracts awarded 467 Regulation L of Federal Reserve Board. _ 711 Currency demand, changes in 210 Rulings of Board on: Debits to individual accounts 4 Application of section 8A to building Deposits of member banks and rate of turn- and loan associations 654 over 5 Application of section 8A to corpora- Gold stock, monetary, of United States. _.212, 215, tions making loans on own stock 771 Based on Wednesday figures 10, 68, 135, Application of section 8A to corpora- 220, 276, 343, 420, 473, 540, 618, 680, 741 tions which do not actually make. Loans by member banks 733 loans on stock or bond collateral 653 Manufacturing production 415 Application of section 8A to directors Money in circulation 265, 466, 533, 732 of Federal Reserve banks and Based on Wednesday figures 10, 68, 135, brancnes 707 220, 276, 343, 420, 473, 540, 618, 680, 741 Application of section 8A to State Money rates charged customers 332 member banks 654 Prices, commodity, wholesale 416, 469 Conservators of banks, applicability of, Prices and exchange rates 332 to 502 Reserve balances of member banks 10, 68, 135, Effect of section 8A as amended by 220, 276, 343, 420, 473, 540, 618, 680, 741 section 33 of Banking Act of 1933. _ 569 Reserve bank credit 10, 68, 135, Permits under section 8A of, necessity 220, 276, 343, 420, 473, 540, 618, 680, 741 for obtaining 653 Reserve position of member banks 594 Clearing-house bank debits: Reserves, excess, of member banks__ 466, 531, 732 Chart showing 4 Treasury disbursements outside New York Discussion of 3, 532 district 61 Monthly figures 56, 111, United States securities held by member 207, 264, 329, 411, 463, 528, 591, 666, 729, 784 banks 732 Closed banks. (See Banks, closed.) Check clearing and collection system, number of Coal: banks in 43, 103, 198, 253 Freight-car loadings 23, 81, Chemicals: 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 Factory employment and pay rolls 54, 109, Production index 53, 108, 205, 262, 327, 409, 461, 526, 589,664, 727, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 782. Wholesale prices 55, 110, Wholesale prices i 55, 110, 206, 263, 328, 410, 462, 527, 590, 665^ 728, 783 206, 263, 328, 410, 462, 527, 590,665, 728, Codes: 783. Bankers' code under National Recovery Ad- Chile: ministration 610 Central Bank of: Industrial activity under 593 Condition of 30, 88, 159, Coin circulation 13, 71, 240, 299, 378, 442, 492, 559, 637, 699, 760 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Discount rates 33, 91, 162, Collateral held by Federal Reserve agents 243, 302, 381, 445, 495, 562, 647, 703, 764 against Federal Reserve notes 12, 70, Gold reserves: 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Monthly figures 24, 82, 153, Collateral loans of member banks, increase in, 232, 293, 436, 486, 553, 631, 693, 754 after official warning to the contrary; ruling of Years 1913-33 369 Board 499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 19 791 Collateral pledged against Federal Reserve bank page Condition of banks—Continued. Page notes: Member banks: All Federal Reserve banks combined 222, All banks, on call dates 582 278, 345, 422, 475, 542, 620, 682, 743 In New York City, January 1932-July Each Federal Reserve bank 249, 1933 520 320, 403, 451, 514, 576, 656, 719, 774 Outside New York City, January 1932- Colombia: July 1933 I 1 522 Bank of: Reporting banks: Condition of 30, 88, 159, Publication of weekly statistics re- 240, 299, 378, 442, 492, 559, 637, 699, 760 sumed 331 Discount rates: Weekly figures 41, 101, 196, 251, Changes in 471 323, 405, 457, 518, 579, 659, 722, 777 Monthly figures 33, 91, 162, 243, January 1932-July 1933 519 302, 381, 445, 495, 562, 647, 703, 764 Mutual savings banks, on call dates 258 Gold reserves: National banks, on call dates 51, 256, 583 Monthly figures 24, 82, 153, State banks, on call dates 52, 257, 583 232, 293, 436, 486, 553, 631, 693, 754 Congress: Years 1913-33- 369 Banking and Currency Committee. (See Foreign exchange rates: Banking and Currency Committee.) Monthly averages 34, 92, 163, 244, Joint resolution authorizing Comptroller of 303, 382, 446, 496, 563, 648, 704, 765 the Currency to exercise additional pow- Yearly averages, 1924-32 35 ers 187 Gold imports and exports to and from Conservators of banks: United States 13, 71, 138, Act providing for, text of 116 223, 279, 346, 423, 476, 543, 621, 683, 744 Applicability of Clayton Antitrust Act to__ 502 Gold production: Constitutionality of legislation providing for a Monthly figures 25, 83, 154, 233, unified banking system; opinion of Board's 294, 373, 437, 487, 554, 632, 694, 755 counsel 166 Years 1929-33 233,234 Construction contracts awarded: Commercial failures 56, 111, By types of building and districts. __ 56, 111, 207, 207, 264, 329, 411, 463, 528, 591, 666, 729, 784 264, 329, 411, 463, 528, 591, 666, 729, 784 Commercial paper: Chart showing 467 Discussion of 467 Held by member banks on call dates._ 15, 73, 140 Interest rates: Total 22, 80, 147, 230, 286, 353, 430, 484, 551, 629, 691, 752 Charged customers by banks in princi- Corn-crop estimates 57, 529, 592, 667, 730, 785 pal cities I 42, 102, 197, 252, Cost of living 37, 94, 165, 324, 406, 458, 523, 580, 660, 723, 778 246, 305, 384, 448, 498, 565, 650 706, 767 Foreign countries 33, 91, 162, ; Cotton: 243, 302, 381, 445, 495, 562, 647, 703, 765 Crop estimates 57, 592, 667, 730, 785 Open-market, in New York City. 20, 78, 145, Consumption index 53, 108, 204, 228, 284, 351, 428, 481, 548, 626, 688, 749 261, 326, 408, 460, 525, 588, 662, 725, 780 Outstanding 18, 76, Manufactures: 143, 227, 283, 350, 427, 480, 547, 625, 687, 748 Factory employment and pay rolls 54, Commodity prices. (See Prices.) 109, 205, 262, 327, 409, 461, 526, 589, 664, Comptroller of the Currency: 727 782 Joint resolution of Congress granting addi- Wholesale prices 55, 110, 206, tional powers to, with respect to national- 263, 328, 410, 462, 527, 590, 665, 728, 783 banking associations 187 Option contracts under Agricultural Relief O'Connor, J. F. T., appointment of 273 Act; text of act 307 Condition of banks: Country member banks: All banks in United States on call dates: Condition of banks, on call dates 582 By Federal Reserve districts 49, 254 Deposits, time and demand 14, 72, 139, By States 50, 255 224, 280, 347, 424, 477, 544, 622, 684, 745 Bank for International Settlements.. _ 28, 86, 157* Loans and investments on call dates,_ 15, 73, 140 238, 297, 376, 440, 490, 557, 635, 697, 758 Reserve balances 14, 72, 139, Federal Reserve banks: 224, 280, 347, 424, 477, 544, 622, 684, 745 All banks combined 12, 70, 137, Credit, bank: 222, 278, 345, 422, 475, 542, 620, 682, 743 Federal Reserve: Each bank 39, 99, 194, All banks combined 12, 70, 137, 249, 320, 403, 451, 514, 576, 656, 719, 774 222, 278, 345, 422, 475, 542, 620, 682, 743 Foreign central banks: Each bank 39, 99, 194, Balance sheets. (See balance sheets.) 249, 320, 403, 451, 514, 576, 656, 719, 774 Monthly figures 29, 87, 158, Chart showing 10, 68, 135, 239, 298, 377, 441, 491, 558, 636, 698, 759 220, 276, 343, 420, 473, 540, 618, 680, 741 Foreign commercial banks: Discussion of 60, 531, 594, 731 Explanation of balance sheets 640, Factors in changes 11, 69, 136, 642, 644, 645 221, 277, 344, 421, 474, 541, 619, 681, 742 Monthly figures 32, 90, 161, 242, 301, National summary 9, 67, 134, 380, 444, 494, 561, 639-646, 701-702, 762 219, 275, 342, 419, 472, 539, 617, 679, 740 Retrospective 597, 639-646 Member bank, discussion of__ 2, 60, 470, 531, 732 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 INDEX TO VOLUME 19 Crops: Page Debits to individual account: Page Acreage reduction under provisions of Agri- Chart showing 4 cultural Relief Act; text of act 308 Discussion of 3, 532 Estimates 57, 529, 592, 667, 730, 785 Monthly figures 56, 111, Cuba, foreign exchange rates: 207, 264, 329, 411, 463, 528, 591, 666, 729, 784 Monthly averages 34, 92, 163, Debt, United States Government 482, 244, 303, 382, 446, 496, 563, 648, 704, 765 549, 627, 689, 750 Yearly averages, 1924-32 35 DeCamp, George, resignation of, as Federal Currency: Reserve agent at Cleveland 133 Circulation: Deferred availability items, Federal Reserve Averages of daily figures, end of month banks: series, Wednesday series 11, 69, 136, All banks combined 12, 70, 221, 277, 344, 421, 474, 541, 619, 681, 742 137, 322, 278, 345, 422, 475, 542, 620, 682, 743 By denominations 581, 661, 724, 779 Each bank 39, 99, By kinds 13, 71, 138, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 223, 279, 346, 423, 467, 543, 621, 683, 744 Deficiencies in reserves, penalties on 106, 515 Chart showing 211, 265, 466, 533, 732 Denmark: Based on Wednesday figures 10, Foreign exchange rates: 68, 135, 220, 276, 343, 420, 473, 540, Monthly averages 34, 92, 163,, 618, 680, 741. 244, 303, 382, 446, 496, 563, 648, 704, 765 Discussion of 1, Yearly averages, 1924-32 35 59, 209, 215, 265, 331, 466, 532, 594, 731 National Bank of: Gold coin and certificates, November Condition of 30, 88, 159, 1914-March 1933 259 240, 299, 378, 442, 492, 559, 637, 699, 760' Return flow to banks, discussion of 59, Discount rates: 209, 265, 331, 413, 466, 532, 594, 731 Expansion under provisions of Emergency Changes in 340 Farm Mortgage Act of 1933; text of act_ _ 317 Monthly figures. __ 33, 91, 162, 243, Foreign: 302, 381, 445, 495, 562, 647, 703, 764 Acceptances payable in, held by Fed- Gold reserves: eral Reserve banks 18, 76, 143, 227, Monthly figures 24 283, 350, 427, 480, 547, 625, 687, 748 82, 153, 232, 293, 436, 486, 553, Bills payable in, bought by Federal 631, 693, 754. Reserve banks 12, 70, 137, 222, Years 1913-33. 369 278, 345, 422, 475, 542, 620, 682, 743 Department stores: Par of exchange 34, 92, 163, Sales and stocks: 244, 303, 382, 446, 496, 563, 648, 703, 765 Monthly figures 23,. Gold, hoarding of. (See Gold.) 81, 148, 231, 287, 354, 431, 485, 552, Resolution of Congress authorizing pay- 630, 692, 753. ment in legal tender money other than Sales in 1929 591 gold 333-338 Deposit Liquidation Board: Text of resolution 338 Establishment of, statement of President Shipments to and from Europe 43, 103, regarding 59fr 198, 253, 325, 407, 459, 524, 581, 661, 724, 779 Letter to committee chairmen 670 Withdrawals, discussion of 209, Telegram to State banking authorities 670 265, 331, 466, 532, 594, 731 Deposits: (See also Money.) All banks in United States on call dates: Czechoslovakia: By Federal Reserve districts 49, 254 Bank of: By States 50,255 Condition of 30, 88, 159, Total 16, 74, 141, 225, 281, 240, 299, 378, 442, 492, 559, 637, 699, 760 348, 425, 478, 545, 623, 685, 746 Discount rates: Banks suspended: Changes in 63 By Federal Reserve districts 44, 104, 199 Monthly figures 33, 91, 162, 243, By months 19, 77, 144 302, 381, 445, 495, 562, 647, 703, 764 By States: Gold reserves: Current month 45, 105, 201 Monthly figures 24, 82, 153, During year 1932 46,200 232, 293, 436, 486, 553, 631, 693, 754 Definition of savings deposit 653 Years 1913-33 369 Discussion of 4, 594 Foreign exchange rates: Rate of turnover 4, 532, 595 Monthly averages 34, 92, 163, Federal guarantee of— 244, 303, 382, 446, 496, 563, 648, 704, 765 Banking Act of 1933 388 Yearly averages, 1924-32 35 Federal Deposit Insurance Corpora- Danzig, Bank of: tion, organization of 597 Condition of .„ 30, Nonmember banks applying for ad- 88, 159, 140, 378, 442, 559, 637, 699, 760 mission to fund, purchase of pre- Discount rates: ferred stock, by Reconstruction Changes in 340 Finance Corporation 672 Monthly figures 33, 91, 162, Federal home-loan banks in member banks, 243, 302, 381, 445, 495, 562, 647, 703, 764 classified as amounts due to banks in Gold reserves, 1913-33 369 computing reserves; ruling of Board 247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 19 793 Deposits—Continued. Fage Deposits—Continued. Foreign central banks 29, 87, 158, 239, 298, Nonmember banks: 377, 441, 491, 558, 636, 698, 759 Averages of daily figures, end of month Form of time certificates 708, 768 series, Wednesday series. _ 11, 69, 136, 221, Held by Federal Reserve banks: 277, 344, 421, 474, 541, 619, 681, 742 All banks combined 12, 70, 137, 222, 278, On call dates 16, 74, 141, 225, 345, 422, 475, 542, 620, 682, 743 281, 348, 425, 478, 545, 623, 685, 746 Averages of daily figures 38,98,193, By Federal Reserve districts 49, 254 248, 319, 402, 450, 513, 575, 655, 718, 773 Number and size of accounts, special in- Each bank 39, 99, 194, 249, 320, quiry on, made by Board 414 403, 451, 514, 576, 656, 719, 774 Postal savings 43, 103, 198, Increase in bank, discussion of 532 253, 325, 407, 459, 524, 581, 661, 724, 779 Interest on, rulings of Board: Savings, withdrawals of; ruling of Board 768 Certificates of deposit as to which the State banks, on call dates* 52, 257, 583 bank reserves ihe right to require United States Government. (See United notice of withdrawal 652 States Government deposits.) Cooperative banks in member banks._ 568 Withdrawals, discussion of 209 Moneys paid into State courts 500 Deputy Federal Reserve agents, appointment Premium on bond constitutes indirect of 8 interest 500 Directors of Federal Reserve banks: Public funds where State laws require. 500 Application of section 8A of Clayton Act Regulation Q of Federal Reserve to 707 Board 571 Burke, E. S., appointed class C at Cleve- Savings deposits received within a few land 133 days from first day of month 652 Election of: Time certificates 768 Annual 7, 8 Time deposits, after maturity 707 By member banks affiliated with same Time deposits, in excess of maximum rate under contract made since June holding company; ruling of Board. _ 651 16, 1933 652 Expenses of meetings 106, 515 Trust funds 568 Peyton, John N., appointed class C at Member banks: Minneapolis 273 All banks, on call dates 582 Discount rates: Total 16, 74, 141, 225, 281, Federal Reserve banks: 348, 425, 478, 545, 623, 685, 746 Buying rates on bills: Licensed banks: Changes in 132, 218, 428, 688 By Federal Reserve districts, Monthly data 20, 78, 145, 228, May 13, 1933 455 284, 351, 428, 481, 548, 626, 688, 749 By States, May 13, 1933 456 Changes in: In United States as a whole, as of Boston 340, 678 May 13, 1933 454 Chicago 132, 218, 340, 678 Monthly figures 274, Cleveland 340, 678 341, 453, 517, 578, Q58, 721, 776 New York 132, 218, 340, 678 Rate of turnover, discussion of 4, 532, 595 Philadelphia 340,734 Chart showing 5 St. Louis 340 Reporting banks: San Francisco 340, 678 Weekly figures 41, 101, 196, 251, Monthly data 20, 78, 145, 323, 405, 457, 518, 579, 659, 722, 777 228, 284, 351, 428, 481, 548, 626, 688, 749 January 1932-July 1933 519 Foreign central banks: Reserve account with Federal Reserve Changes in: banks: Austrian National Bank 218 All banks combined 12, Bank of Albania 734 70, 137, 222, 278, 345, 422, 475, 542, Bank of Colombia 471 620, 682, 743. Bank of Czechoslovakia 63 Each bank 39, Bank of Danzig 340 99, 194, 249, 320, 403, 451, 514, 576, Bank of Finland 63, 418, 598 656, 719, 774. Bank of Greece 7, 418, 678 Time and demand: Bank of India 132 In larger and smaller centers 40, Bank of Italy 63, 598 100, 195, 250, 321, 404, 452, 516, Bank of Japan 418 577, 657, 720, 775. Bank of Java 418, 534 New York City banks, reserve Bank of Latvia 7 city banks, and country banks. _ 14, Bank of Norway 340 72, 139, 224, 280, 347, 424, 477, Bank of Poland 678 544, 622, 684, 745. Bank of Portugal 218 Mutual savings banks: Bank of Sweden 340, 734 Monthly figures 225, Danish National Bank 340, 734 281, 348, 425, 478, 545, 623, 685, 746 National Bank of Rumania 273 On call dates 258 Netherlands Bank 340, 418, 471, 598 National banks, on call dates 51, 256, 583 South African Reserve Bank... 132, 340 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 INDEX TO VOLUME 19 Discount rates—Continued. page Employment, factory: Foreign central banks—Continued. Discussion of 465, 468, 593 Monthly figures 33, 91, 162, Monthly indexes 54, 109, 205, 243, 302, 381, 445, 495, 562, 647, 703, 764 262, 327, 409, 461, 526, 589, 664, 727, 782 Open-market rates in New York City, 20, 78, 145, National summary 9, 67, 134, 228, 284, 351, 428, 481, 548, 626, 688, 749 219, 275, 342, 419, 472, 539, 617, 679, 740 (See also Interest rates.) Total 22, 80, 147, Discounts for individuals, partnerships, and 230, 286, 353, 430, 484, 551, 629, 691, 752 corporations, period extended for 6 months. _ 95 England: Dividends: Balance of international payments 272 Federal Reserve banks 107, 515 Bank of: National banks 47 Condition of 29,87, 158, State bank members 48 239, 298, 377, 441, 491, 558, 636, 698, 759 Drugs: Discount rates 33, 91, 162, Factory employment and pay rolls-_ 54, 109, 205, 243, 302, 381, 445, 495, 562, 647, 703, 764 262, 327, 409, 461, 526, 589, 664, 727, 782 Gold reserves: Wholesale prices 55, 110, 206, Monthly review 5, 62, 263, 328, 410, 462, 527, 590, 665, 728, 783 217, 339, 417, 470, 533, 733 Due to and from banks. (See Bankers' balances.) Monthly figures 24, 82, Dutch East Indies, gold imports and exports. 13, 71, 153, 232, 293, 436, 486, 553, 631, 693, 754 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Years, 1913-33 368 Earmarked gold 13, 71, Commercial banks, condition of: 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Explanation of balance sheet 640 Earnings and expenses: Monthly figures 32, 90, 161, Federal Reserve banks 106, 107, 515 242, 301; 380, 444, 494, 561, 639, 701, 762 Member banks 47, 48 Retrospective 597, 639 National banks 47 Commodity prices, wholesale: State bank members 48 All commodities 36, 93, 164, Ecuador: 245, 304, 383, 447, 497, 564, 649, 705, 766 Central Bank of: By groups of commodities 37, 94, 165. Condition of 30, 88, 159, 246, 305, 384, 448, 498, 565, 650, 706, 767 240, 299, 378, 442, 492, 559, 637, 699, 760 Cost of living 37, 94, 165, Discount rates 33, 91, 162, 246, 305, 384, 448, 498, 565, 650, 706, 767 243, 302, 381, 445, 495, 562, 647, 703, 764 Food prices, retail 37, 94, 165, Gold reserves, 1913-33 369 246, 305, 384, 448, 498, 565, 650, 706, 767 Gold imports and exports to and from Foreign exchange rates: United States 13, 71, 138, Monthly averages 34, 92, 163, 223, 279, 346, 423, 476, 543, 621, 683, 744 244, 303, 382, 446, 496, 563, 648, 704, 765 Egypt: Yearly averages, 1924-32 35 Foreign exchange rates: Gold imports and exports: Monthly averages 34, 92, 163, Net imports _26, 84, 155, 244, 303, 382, 446, 496, 563, 648, 704, 765 236, 295, 374, 438, 488, 555, 633, 695, 756 Yearly averages, 1924-32 35 To and from United States 13, 71, 138, National Bank of: 223, 279, 346, 423, 476, 543, 621, 683, 744 Condition of 30, 88, 159, Money rates 33, 91, 162, 240, 299, 378, 442, 492, 559, 637, 699, 760 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Security prices (stocks and bonds) 36, 93, 164, Monthly figures 24, 82, 153, 232, 245, 304, 383, 447, 497, 564, 649, 705, 766 293, 436, 486, 553, 631, 693, 754 Errata in January BULLETIN 63 Years 1913-33 369 Estonia, Bank of: Election of directors of Federal Reserve banks: Condition of 30, 88, 159, Annual 7, 8 240, 299, 378, 442, 492, 559, 637, 699, 760 By member banks affiliated with some hold- Discount rates 33, 91, 162, ing company; ruling of Board 651 243, 302, 381, 445, 495, 562, 647, 703, 764 Eligible paper— Gold reserves, 1913-33 369 Held by Federal Reserve agents as security Examination of affiliates of national banks, for Federal Reserve notes: opinion of Attorney General regarding 570 All banks combined 12, 70, 137, Excess reserves. (See Reserves.) 222, 278, 345, 422, 475, 542, 620, 682, 743 "Executive officer", meaning of term: Each bank 39, 99, 194, Opinion of Attorney General 569 249, 320, 403, 451, 514, 576, 656, 719, 774 Ruling of Board 501 Held by member banks on call dates.. 19, 77, 144 Executive orders: Emergency Banking Act: Code for bankers under N.R.A 610 Amendments to . 247 Gold export, hoarding, etc 911, Text of 115 213, 266, 535, 537, 674 Emergency banking legislation, message of Licensing of closed banks 119 President to Congress regarding 114 Expenditures and receipts, United States Gov- Emergency relief and construction act, loans by ernment 482, 549, 627, 689, 750 Reconstruction Finance Corporation under. _ 66, Exports. (See Imports and exports.) 341, 538, 737, 738 Expressage, Federal Reserve banks, cost of... 106, 515 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME-19 795 Factory employment and pay rolls: Federal Reserve agents: Page Discussion of 465, 468, 593 Appointment of 8- Monthly indexes 54, 109, Conferences, expenses of 106, 515 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 DeCamp, George, resignation of, at Cleve- National summary. 9, 67, land 133 134, 219, 275, 342, 419, 472, 539, 617, 679, 740 Mitchell, John R., death of, at Minneapolis, 63 Total 22, 80, Peyton, John N., appointed at Minneapolis. 273* 147, 230, 286, 353, 430, 484, 551, 629, 691, 752 Williams, Lewis B., appointed at Cleveland. 13& Failures: Federal Reserve bank notes: Bank: Amendment to Federal Reserve Act regard- By Federal reserve districts 44, 104, 199 ing 117 By months 19,77, 144 Circulation 13, 71, By States: 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Current month 45, 105, 201 Statement: During year 1932 46, 200 All Federal Reserve banks combined. _ 222,, Tables showing, omitted from BULLE- 278, 345, 422, 475, 542, 620, 682, 743 TIN 218 Each Federal Reserve bank 249, Commercial 56, 111, 320, 403, 451, 514, 576, 656, 719, 774 207, 264, 329, 411, 463, 528, 591, 666, 729, 783 Collateral pledged against: Farm products, prices of: All Federal Reserve banks combined. _ 222, Chart showing 469 278, 345, 422, 475, 542, 620, 682, 743 Index of 55, 110, Each Federal Reserve bank 249> 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 320, 403, 451, 514, 576, 656, 719, 774 Principal countries 37, 94, Redemption fund 249, 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 320, 403, 451, 514, 576, 656, 719, 774 Farmers, loans to, under provisions of Agri- Federal Reserve banks: cultural Relief Act; text of act 312 Condition of. (See Condition of banks.) Federal Advisory Council: Directors, election of 7, 8 Conferences, expenses of 106, 515 Discount rates. (See Discount rates.) Meeting of 133 Dividends paid 107, 515 Federal Deposit Insurance Corporation: Earnings and expenses 106, 515 Creation of, under provisions of Banking Fiscal agency expenses 107, 515 Act of 1933 388 Franchise tax paid 107 Organization of 597 Federal Reserve Board: Federal Farm Loan Act, amendments to, made Annual report of 534 by Agricultural Relief Act 312 Assessment for expenses of 106, 515 Federal home loan banks: Bethea, L. P., appointed assistant secre- Classified as banks within the meaning of tary 471 section 19 of the Federal Reserve Act; Black, Eugene R., appointed Governor 273 ruling of Board 247 Carpenter, S. R., appointed assistant secre- Deposits of, in member banks, classified as tary 273 amounts due to banks in computing Fould, Oliver E., appointed fiscal agent 471 reserves; ruling of Board 247 Harrison, Floyd R., resignation of, as assist- Federal intermediate credit banks: ant to Governor 273 Bills discounted for, by Federal Reserve Lally, Josephine E., appointed deputy banks 12, 70, 137, fiscal agent 471 222, 278, 345, 422, 475, 542, 620, 682, 743 Letter of, to Committee on Banking and Debentures of, held by Federal Reserve Currency, relative to extension of time banks 12, 70, 137, 222, 278, 345, 422 limit for advances to member banks under Federal land banks: sections 2 and 3 of Glass Steagall Act.. 96 Bonds of, held by Federal Reserve Martin, H. W., appointed assistant to banks 12, 70, 137 Governor 471 Loans to, by Reconstruction Finance Cor- McClelland, E. M.: poration 66, 341, 538, 737, 738 Appointed assistant to Governor. 27$ Federal Reserve Act: Death of 471 Amendments to: Meyer, Eugene, resignation of, as Governor 273 Extension of time limit for loans under Mills, Ogden L., retirement of, as chairman. 132 sees. 2 and 3 of Glass-Steagall Act__ 59 O'Connor, J. F. T., appointed ex-officio Banking and Currency Committee member 273 report on 95 Regulation L. Interlocking bank direc- Letter of Board regarding 96 torates under Clayton Act 711 Text of act 95 Regulation M. Open-market operations 502 Made by Agricultural Relief Act 306 Regulation N. Relations with foreign Made by Banking Act of 1933 385 banks and bankers 505 Made by Emergency Banking Act 115 Regulation P. Holding company affiliates, Providing for direct loans to non- voting permits 505 member banks 247 Regulation Q. Payment of interest on de- Interpretations of, requests for; ruling of posits 571 Board 768 Regulation R. Relationships with dealers Reprint of 534 in securities under Banking Act of 1933.. 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 INDEX TO VOLUME 19 Federal Reserve Board—Continued. Foreign banks—Continued. Rulings of. (See Law department.) Commercial banks, condition of: Statement relative to open market policy Explanation of balance sheets 640, conference 1 642, 644, 645 Szymczak, M. S., appointed member 340 Monthly figures 32, 90, 161, 242, Thomas, J. J., appointed member 340 301, 380, 444, 494, 561, 639-646, 701, 762 Woodin, Wm. H., appointed chairman 132 Retrospective 597, 639-646 Federal Reserve notes: Deposits of, held by Federal Reserve banks: Circulation: All banks combined 12, 70, 137, All Federal Reserve banks combined. _ 12, 222, 278, 345, 422, 475, 542, 620, 682, 743 70, 137, 222, 278, 345, 422, 475, 542, 620, Each bank 39, 99, 194, 682, 743. 249, 320, 403, 451, 514, 576, 656, 719, 774 Averages of daily figures 38, 98, 193, Foreign banks: 248, 319, 402, 450, 513, 575, 655, 718, 773 Due from, to Federal Reserve banks: Each bank 39, 99, 194, All banks combined 12, 70, 137, 249, 320, 403, 451, 514, 576, 656, 719, 774 222, 278, 345, 422, 475, 542, 620, 682, 743 End-of-month 13, 71, 138, Each bank 39, 99, 194, 223, 279, 346, 423, 476, 543, 621, 683, 744 249, 320, 403, 451, 514, 576, 656, 719, 774 Collateral held by agents as security for: Regulation N of Board relating to 505 All Federal Reserve banks combined-. 12, Foreign exchange: 70, 137, 222, 278, 345, 422, 475, 542, 620, Executive orders relating to 119, 266 682, 743. Monthly review, England, France, Ger- Each bank 39, 99, 194, many 5, 62, 217, 339, 417, 470, 533, 734 249, 320, 403, 451, 514, 576, 656, 719, 774 Rates: United States securities, extension of Chart showing 332 time limit under Glass-Steagall Act_ 59, 96 Discussion of 332 Cost of 106, 515 Monthly averages 34, 92, 163, Financing, Treasury 482, 549, 627, 689, 750 244, 303, 382, 446, 496, 563, 648, 704, 765 Finland: Yearly averages, 1924-32 35 Bank of: Form of time certificates of deposit 708 Condition of 30, 88, 159, Foulk, Oliver E., appointed fiscal agent of Fed- 240, 299, 378, 442, 492, 559, 637, 699, 760 eral Reserve Board 471 Discount rates: France: Changes in 63, 418, 598 Balance of international payments 272 Monthly figures 33, 91, 162, 243, Bank of: 302, 381, 445, 495, 562, 647, 703, 764 Annual report 149 Gold reserves, 1913-33 369 Condition of 29, 87, 158, Foreign exchange rates: 239, 298, 377, 441, 491, 558, 636, 698, 759 Monthly averages 34, 92, 163, Discount rates 33, 91, 162, 244, 303, 382, 446, 496, 563, 648, 704, 765 243, 302, 381, 445, 495, 562, 647, 703, 764 Yearly averages, 1924-32 35 Gold reserves: First Federal Foreign Banking Corporation, Monthly figures 24, 82, 153, 232, liquidation of 273 293, 436, 486, 553, 631, 693, 754 Fiscal agency expenses of Federal Reserve Years 1913-33 368 banks 107, 515 Monthly review 6, Float, reserve bank 12, 70, 62, 217, 339, 417, 471, 533, 733 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Commercial banks, condition of: Flour: Explanation of balance sheet 642 Factory employment and pay rolls 54, 109, Monthly figures 32, 90, 161, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 242, 301, 380, 444, 494, 561, 641, 701, 762 Production index 53, 108, Retrospective 598, 641 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Commodity prices, wholesale: Food and food products: All commodities 36, 93, 164, Chart showing prices 416, 469 245, 304, 383, 447, 497, 564, 649, 705, 766 Factory employment and pay rolls 54, 109, By groups of commodities 37, 94, 165, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 246, 305, 384, 448, 498, 565, 650, 706, 767 Production index 53, 108, Cost of living 37, 94, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 165, 246, 304, 384, 448, 498, 565, 650, 706, 767 Retail prices 37, 94, Food prices, retail 37, 94, 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Wholesale prices: Foreign exchange rates: Index of 55, 110, 206, Monthly averages 34, 92, 163, 263, 328, 410, 462, 527, 590, 665, 728, 783 244, 303, 382, 446, 496, 563, 648, 704, 765 Principal countries 37, 94, 165, Yearly averages, 1924-32 35 246, 305, 384, 448, 498, 565, 650, 706, 767 Gold imports and exports: Foreign banks: Net imports 26, 84, 155, Central banks: 236, 295, 374, 438, 488, 555, 633, 695, 756 Annual reports. (See Annual reports.) To and from United States 13, 71, 138, Balance sheets. (See Balance sheets.) 223, 279, 346, 423, 476, 543, 621, 683, 744 Condition of. (See Condition of banks.) Money rates 33, 91, Discount rates. (See Discount rates.) 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 19 797 France—Continued. page Gold—Continued. Security prices (stocks and bonds) 36, 93, Earmarked 13, 71, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Franchise tax paid by Federal Reserve banks. _ 107 Executive orders relating to export, hoard- Freight-car loadings: ing, etc 119, 213, 266, 535, 537, 674 By classes 23, 81, 148, Heldd bbyy -F ed" eral ~Reserve agents as security 231, 287, 354, 431, 485, 552, 630, 692, 753 for Federal Reserve notes: Total 22, 80, All banks combined 12, 70, 137, 147, 230, 286, 353, 430, 484, 551, 629, 691, 752 222, 278, 345, 422, 475, 542, 620, 682, 743 Furniture: Each bank 39, 99, 194, Factory employment and pay rolls 54, 109, 249, 320, 403, 451, 514, 576, 656, 719, 774 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Held by Federal Reserve banks: Federal Reserve banks, cost of 107 All banks combined 12, 70, 137, Wholesale prices 55, 110, 222, 278, 345, 422, 475, 542, 620, 682, 743 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Each bank 39, 99, 194, Gasoline production index 53, 108, 249, 320, 403, 451, 514, 576, 656, 719, 774 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Hoarding: Germany: Discussion of 209, Balance of international payments 272 212, 265, 331, 413, 466, 532, 594, 731 Commercial banks, condition of: Executive orders relating to 119, Explanation of balance sheet 644 Monthly figures 32, 90, 161, 213, 266, 535 242, 301, 380, 444, 494, 561, 643, 702, 763 Names of gold holders requested by Retrospective _ 598, 643 Board 130 Commodity prices, wholesale: Proclamation by President regarding _ _ 113 All commodities 36, 93, 164, Regulations of Secretary of Treasury 245, 304, 383, 447, 497, 564, 649, 705, 766 regarding 267, 599, 674 By groups of commodities 37, 94, 165, Statement of Secretary of Treasury 246, 305, 384, 448, 498, 565, 650, 706, 767 regarding 214 Cost of living 37, 94, Imports and exports: 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Movements to and from United States- 13, Foreign exchange rates: 71, 138, 223, 279, 346, 423, 476, 543, 621, Monthly averages 34, 92, 163, 683, 744. 244, 303, 382, 446, 496, 563, 648, 704, 765 Net imports, principal countries 25, Yearly averages, 1924-32 35 83, 154, 235, 294, 373, 437, 487, 554,632, Food prices, retail 37, 94, 694, 755. 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Joint Resolution of Congress authorizing Gold imports and exports: payment in legal tender money other Net imports 26, 84, 155, than 333-338 236, 295, 374, 438, 488, 555, 633, 695, 756 Text of resolution 338 To and from United States 13, 71, 138, Names of gold holders requested by Board. . 130 223, 279, 346, 423, 476, 543, 621, 683, 744 Notes issued by Reconstruction Finance Money rates 33, 91, Corporation in payment of 676, 779 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Prices, newly mined 676, 678, 779 Reichsbank: Committee appointed by President 676 Amendment to law „ 734 Proclamation by President regarding 113 Annual report 288 Production: Condition of 29,87, 158, United States 13,71,138, 239, 298, 377, 441, 491, 558, 636, 698, 759 223, 279, 346, 423, 476, 543, 621, 683, 744 Discount rates 33, 91, 162, World: 243, 302, 381, 445, 495, 562, 647, 703, 764 Monthly figures 25,83,154,233, Gold reserves: 294, 373, 437, 487, 554, 632, 694, 755 Monthly review 7, Years, 1929-33 233-235 63, 217, 340, 418, 471, 534 Purchasing of: Monthly figures 24, 82, 153, 232, By Reconstruction Finance Corpora- 293, 436, 486, 553, 631, 693, 754 tion 676, 779 Years 1913-33 368 Executive orders regarding 537, 674 Security prices (stocks and bonds) 36, 93, Regulations of Secretary of Treasury 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 regarding 674 Glass: Redemption fund: Factory employment and pay rolls 54, 109, All Federal Reserve banks combined. _ 12, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 70, 137, 222,278,345, 422, 475,542, 620, Production index 53, 108, 682, 743. 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Each bank 39,99,194, Gold: 249, 320, 403, 451, 514, 576, 656, 719, 774 Coin and certificates in circulation: Regulations of Secretary of the Treasury 267, Chart showing 212 599, 674 Discussion of 59, 209, 212, 265, 331, 413, 466, 532, 594, 731 Reserves: Monthly figures-__*_ 13, 71, 138, Held by Federal Reserve banks: 223, 279, 346, 423, 476, 543, 621, 683, 744 All banks combined 12, November 1914-March 1933 259 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 INDEX TO VOLUME 19 Gold—Continued. Page Guatemala, Central Bank of: Page Reserves—Continued. Condition of 30 Held by Federal Reserve banks—Con. Gold reserves, 1913-33 370 Each bank 39, Harrison, Floyd R., resignation of, as assistant 99, 194, 249, 320, 403, 451, 514, 576 to Governor of Federal Reserve Board 273 656, 719, 774. Hay crop estimates 57, 529, 592, 667, 730, 785 Held by foreign central banks: Hoarding of gold. (See Gold.) Monthly figures 24, 82, Hungary: 153, 232, 436, 486, 553, 631, 693, 752 Foreign exchange rates: Years 1913-33 368-372 Monthly averages 34, 92, 163, Explanatory note 372 244, 303, 382, 446, 496, 563, 648, 704, 765 Monthly review 5, 62, Yearly averages, 1924-32 35 217, 338, 417, 470, 533, 733 Money rates 33, 91, 162, Settlement fund: 243, 302, 381, 445, 495, 562, 647, 703, 764 All Federal Reserve banks combined-. 12, National Bank of: 70, 137, 222, 278, 345, 422, 475, 542, 620, Condition of 31, 89, 160. 682, 743. 241, 300, 379, 443, 493, 560, 638, 699, 760 Each bank 39,99,194, Discount rates 33, 91, 162, 249, 320, 403, 451, 514, 576, 656, 719, 774 243, 302, 381, 445, 495, 562, 647, 703, 764 Stock, monetary, in United States: Gold reserves: Analysis ofchangesin 13,71,138, Monthly figures 24, 82, 153, 223, 279, 346, 423, 476, 543, 621, 683, 744 232, 293, 436, 486, 553, 631, 693, 754 Averages of daily figures, end-of-month Years 1913-33 370 series, Wednesday series 11,69, Imports and exports: 136, 221, 277, 344, 421, 474, 541, 619, Acceptances based on 18, 76, 681, 742. 143, 227, 283, 350, 427, 480, 547, 625, 687, 748 Chart showing 212 Gold: Based on Wednesday figures 10, Movements to and from United States. 13, 68, 135, 220, 276, 343, 420, 473, 540, 71, 138, 223, 279, 346, 423, 476, 543, 621, 618, 680, 741. 683, 744. Discussion of 1, 59, Net imports, principal countries. _ 25, 83, 154, 211, 215, 265, 331, 466, 532, 594, 731 235, 294, 373, 437, 487, 554, 632, 694, 755 November 1914March 1933 259 Merchandise ' 23, 81, r Weight of dollar, fixing of, under provisions 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 of Emergency Farm Mortgage Act of India: 1933; text of act 270,317 Bank of: Withdrawals: Discount rates: Discussion of 209, Changes in 132 212, 265, 331, 413, 466, 532, 594 Monthly figures 33, 91, 162, 243, Foreign central banks 733 302, 381, 445, 495, 562, 647, 703, 764 List of persons, Federal Reserve banks Gold reserves: requested to prepare 213 Monthly figures 24, 82, 153, Government note issues and reserves, Argentina, 232, 293, 436, 486, 553, 631, 693, 754 Canada, India, Ireland 28,86, Years 1913-33 370 157, 238, 297, 376, 440, 490, 557, 635, 697, 758 Foreign exchange rates: Governor of Federal Reserve Board: Monthly averages 34, 92, 163, Black, Eugene R., appointment of 273 244, 303, 382, 446, 496, 563, 648, 704, 765 Meyer, Eugene, resignation of 273 Yearly averages, 1924-32 35 Governors of Federal reserve banks, expenses Gold imports, net 27, 85, of conferences : 106, 515 156, 237, 296, 375, 439, 489, 556, 634, 696, 757 Grain, freight-car loadings 23, Gold production: 81, 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 Monthly figures 25, 83, 154, Greece: 233, 294, 373, 437, 487, 554, 632, 694, 755 Bank of: Years 1929-33 233, 235 Condition of 30, Government note issues and reserves 28, 86, 88, 159, 240, 299, 378, 442, 492, 559, 637, 157, 238, 297, 376, 440, 490, 557, 635, 697, 758 699, 760 Industrial production: Discount rates: Discussion of 415, 593 Changes in 7, 418, 678 Index of: Monthly figures 33, Total 22,80, 147, 91, 162, 243, 302, 381, 445, 495, 562, 230, 286, 353, 430, 484, 551, 629, 691, 752 647, 703, 764 Years 1919-33 584 Gold reserves: National summary 9, 67, 134, Monthly figures 24, 219, 275, 342, 419, 472, 539, 617, 679, 740 82, 153, 232, 293, 436, 486, 553, 631, Insurance companies, loans to, by Reconstruc- 693, 754. tion Finance Corporation 66, 341, 538, 737, 738 Years 1913-33 370 Insurance, Federal Reserve banks, cost of 106, 515 Foreign exchange rates: Insurance premiums, elegibility for rediscount Monthly averages 34, 92, 163, of notes given in payment of; ruling of Board. 95 244, 303, 382, 446, 496, 563, 648, 704, 765 Interbank loans, interest rates on 42, 102, Yearly averages, 1924-32 35 197, 252, 324, 406, 458, 5n, 580, 660, 723, 778 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 19 799 Interest: Italy—Continued. Page On deposits, rulings of Board: Commodity prices, wholesale 36, 93, Certificates of deposit as to which the 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 bank reserves right to require notice Foreign exchange rates: of withdrawal 652 Monthly averages 34, 92, Cooperative banks in member banks. _ 568 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Moneys paid into State courts 500 Yearly averages, 1924-32 35 Postal-savings funds 768 Money rates 33, 91, Premium on bond constitutes indirect 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 interest 500 Japan: Public funds where State laws require. 500 Bank of: Regulation Q 571 Condition of 31,89,160, Savings deposits received within a few 241, 300, 379, 443, 493, 560, 638, 700, 761 days from first day of month 652 Discount rates: Time certificates 768 Changes in 418 Time deposits, after maturity 707 Monthly figures 33, 91, 162, 243, Time deposits in excess of maximum 302, 381, 445, 495, 562, 647, 703, 764 rate under contract made since June 16, 1933 652 Gold reserves: Trust funds 568 Monthly figures 24,82,153, Rates: 232, 293, 436, 486, 553, 631, 693, 754 Charges by member banks on small Years 1913-33 370 loa'ns 418 Commercial banks, condition of 32, Charged customers by banks: 90, 161, 242, 301, 380, 444, 560 In Federal Reserve bank and Commodity prices, wholesale 36, 93, branch cities 42, 102, 197, 252, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 324, 406, 458, 523, 580, 660, 723, 778 Foreign exchange rates: In New York and other cities 20, Monthly averages 34, 92, 163, 78, 145, 228, 284, 351, 428, 481, 548, 244, 303, 382, 446, 496, 563, 648, 704, 765 626, 688, 739. Yearly averages, 1924-32 35 Charged small borrowers, special in- Gold imports and exports to and from quiry on, by Board 414 United States 13, 71, 138, Open-market, in New York City 20, 223, 279, 346, 423, 476, 543, 621, 683, 744 78, 145, 228, 284, 351, 428, 481, 548, 626, Gold production: 688, 749. Monthly figures.. 25, 83, 154, (See also Discount rates.) 233, 294, 373, 437, 487, 554, 632, 694, 755 Interlocking bank directorates. (See Clayton Years 1929-33 233,235 Act.) Money rates 33, 91 Intermediate credit banks: Bills discounted for, by Federal Reserve 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 banks 12, 70, Java: 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Bank of: Debentures of, held by Federal Reserve Condition of 31, 89, 160, banks 12, 70, 137, 222, 278, 345, 422 241, 300, 379, 443, 493, 560, 638, 700, 761 Investments. (See Loans and investments.) Discount rates: Ireland, Government note issues and reserves. 28, 86, Changes in 418, 534 157, 238, 297, 376, 440, 490, 557, 635, 697, 758 Monthly figures 33, 91, 162, 243, Iron and steel: 302, 381, 445, 495, 562, 647, 703, 764 Factory employment and payrolls 54, 109, Gold reserves: 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Monthly figures 24, 82, Production index 63, 108, 153, 232, 293, 436, 486, 553, 631, 693, 754 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Years 1913-33 370 Wholesale price: Joint-stock land banks: Chart showing 416 Loans to, by Reconstruction Finance Cor- Monthly figures 55, 110, poration 66, 341, 538, 737, 738 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Loans to, under Agricultural Relief Act; text Iron ore production index 53, 108, of act 314 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Kerosene production 53, 108, Italy: 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Bank of: Lally, Josephine E., appointed deputy fiscal Condition of 31,89, agent of Federal Reserve Board 471 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates: Latvia: Changes in 63, 598 Bank of: Monthly figures 33, 91, 162, 232, Condition of 31, 89, 160, 302, 381, 445, 495, 562, 647, 703, 764 % 241, 300, 379, 443, 493, 560, 638, 700, 761 Gold reserves: Discount rates: Monthly figures.™ 24, 82, Changes in 7 153, 232, 293, 436, 486, 553, 631, 693, 754 Monthly figures 33, 91, 162, 243, Years 1913-33 370 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves, 1913-33 370 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 INDEX TO VOLUME 19 Law department: Page Law department—Continued. Agricultural Relief Act, text of 306 Rulings of Board—Continued. Amendment to Federal Reserve Act, ex- Clayton Act—Continued. tension of time under sees. 2 and 3 of Applicability of section 8A to corpor- Glass-Steagall Act: ations which previously made loans Banking and Currency Committee, report on their own stock but expect to on 95 Letter of Board regarding 96 make no such loans in the future-- 771 Text of act . 95 Applicability of sec. 8A to corpora- Banking Act of 1933, text of 385 tions which do not actually make Constitutionality of legislation providing for loans on stock or bond collateral. 653 a unified commercial banking system, Application of sec. 8A to directors of opinion of Board's counsel 166 Federal Reserve banks and Emergency Banking Act: branches 707 Amendment to, providing for direct loans to nonmember banks 247 Application of sec. 8A to State mem- Text of 115 ber banks 654 Federal Reserve Act, amendments to. (See Conservators of banks, applicability Federal Reserve Act.) of, to 502 Joint resolution of Congress authorizing Effect of sec. 8A as amended by sec. Comptroller of the Currency to exercise 33 of Banking Act of 1933 569 additional powers 187 Permits under sec. 8A of, necessity Opinions of Attorney General: for obtaining 653 Meaning of term "executive officer" 569 Definition of savings deposit 653 Regarding reports and examinations of Eligibility for rediscount of notes given affiliates of national banks 570 in payment for insurance permiums— 95 Right of national banks in California, Eligibility of banks located in cities of South Carolina, and Tennessee to estab- less than 3,000 inhabitants for admisish out-of-town branches 708 sion to membership in System 499 Regulations of the Federal Reserve Board. Eligibility of State banks for membership (See Regulations.) in System—Capital requirements for Regulations of Secretary of Agriculture for banks in places of not more than 3,000 field warehousemen 189 inhabitants 772 Rulings of Board: Executive officer of a member bank, who Affiliates: considered as 501 Banks controlled by same holding Extension of period for discounts for company affiliates as affiliates of individuals, partnerships, and coreach other 770 porations under provisions of emer- Corporation whose stock is held by a gency relief and construction act 95 member bank as executor or trustee Federal home-loan banks as banks within as an affiliate 651 the meaning of sec. 19 of the Federal Election of Federal Reserve bank Reserve Act 247 directors by member banks affili- Forms of time certificates of deposit 708 ated with the same holding com- Increase of collateral Joans of a member pany 651 bank after official warning to the con- Extension of credit by member trary 499 banks to 651 Investments of trust funds by national Loans to, by member banks 501 banks in cases where cash balances are Loans to, by member banks on se- too small to be invested separately 187 curity of real-estate mortgages 566 Interest on deposits: Organizations indirectly controlled Certificates of deposit as to which by trustees termed as 501 the bank reserves the right to re- Application of section 32 of Banking Act quire notice of withdrawal 652 of 1933 to members of stock exchanges Cooperative banks in member banks. 568 and partners and employees of stock Moneys paid into State courts 500 exchange firms 770 Postal savings funds 768 Branch of member bank, removal of, from Premium on bond constitutes indione town to another, effect on eligibility rect interest 500 for membership 707 Public funds where State laws re- Branches of State member banks, opera- quire 500 tion of offices or receiving stations 499 Savings deposits received within a Building and loan association distin- few days from first day of month. 652 guished from a mutual sayings bank__ 653 Time certificates of deposit 768 Capital debentures not considered "capi- Time deposits after maturity 707 tal" in determining eligibility for Time deposits in excess of maximum membership 566 rate under contract made since Clayton Act: June 16, 1933 652 Application of sec. 8A to building Trust funds 568 and loan associations 654 Interpretations of Federal Reserve Act Applicability of section 8A to corpor- and Board's regulations, requests for._ 768 ations making loans to their own Purchase of national bank stock by State employees on their own stock 771 member bank 449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 19 801 Law department—Continued, Page Loans and investments—Continued. Page Rulings of Board—Continued. Member banks: Right of member bank to holdc orporate All banks, on call dates 582 stocks purchased prior to Banking Act Classification of 15, 73, 140 of 1933 449 Total 16, 74, 141, 225, Savings deposits, withdrawal of 768 281, 348, 425, 478, 545, 623, 685, 746 Stock, nonassessable, issuance of, by Discussion of 2, 331, 413, 470, 531, 732 State member banks 566 Reporting banks in leading cities: Warehouse receipts securing bankers' Monthly averages of weekly figures, 17,75, acceptances, under certain field-ware- 142, 226, 282, 349, 426, 479, 546, 624, housing arrangement 188 686, 747. Lead production index 53, 108, 204, Weekly figures 41, 101, 196, 251, 323, 261, 326, 408, 460, 525, 588, 662, 725, 780 405, 457, 518, 579, 659, 722, 777 Leather: January 1932-July 1933 519 Factory employment and pay rolls. _ 54, 109, 205, Mutual savings banks on call dates 258 262, 327, 409, 461, 526, 589, 664, 727, 782 National banks on call dates 51, 256, 583 Production index: Nonmember banks, on call dates: Monthly figures 53, 108, 204, By Federal Reserve districts 49, 254 261, 326, 408, 460, 525, 588, 662, 725, 780 Total 16, 74, 141, Revised index numbers 585 225, 281, 348, 425, 478, 545, 623, 685, 746 Wholesale prices: State banks, on call dates 52, 257, 583 Chart showing 416 Locomotives, production index 53, 108, 204, Monthly figures 55, 110, 206, 261, 326, 408, 460, 525, 588, 662, 725, 780 263, 328, 410, 462, 527, 590, 665, 728, 783 Lumber: Legal fees, Federal Reserve banks 106, 515 Legislation providing for a unified banking sys- Factory employment and pay rolls 54, 109, tem, constitutionality of; opinion of Board's 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 counsel 166 Production index 53, 108, Licensed banks: 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Wholesale prices 55, 110, By Federal Reserve districts, as of May 13, 1933 455 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 By States, as of May 13, 1933 456 Machinery, factory employment and pay rolls. *54, Discussion of 209, 413 109, 205, 262, 327, 409, 461, 526, 589, Executive orders of President relating to__ 119 664, 727, 782. In United States as a whole, as of May 13, Manufactures, production of: 1933 454 Chart showing 415 Monthly figures 274, Discussion of 415, 467 341, 353, 517, 578, 658, 721, 776 Index of: Nonmember banks. __ 453, 517, 578, 658, 721, 776 By industries 53, 108, 204, 261, Reopening of closed banks, discussion of 595 326, 408, 460, 525, 588, 662, 725, 780 Special inquiry on, made by Board 414 Total 22, 80, 147, 230, Liquidation of First Federal Foreign Banking 286, 353, 430, 484, 551, 629, 691, 752 Corporation 273 Years 1919-33 584 Lithuania, Bank of: Condition of 31, 89, Martin, H. W., appointed assistant to Governor 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 of Federal Reserve Board 471 Discount rates 33, 91, Maturity of bills and short-term securities. 43, 103, 198, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 253, 325, 407, 459, 524, 581, 661, 724, 779 Gold reserves, 1913-33 370 McClelland, E. M.: Livestock, freight-car loadings 32, 81, Appointed assistant to Governor of Federal 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 Reserve Board 273 Living, cost of 37, 94, Death of 471 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Member banks: Loans: Advances to, under sees. 2 and 3 of Glass- Interbank, interest rates on 42, 102, Steagall Act, extension of time limit 95,96 197, 252, 324, 406, 458, 523, 580, 660, 723, 778 Bills discounted for, by Federal Reserve Interest rates on, charge by member banks banks. (See Bills discounted.) on small loans 418 Borrowings at Federal Reserve banks. (See Made by Reconstruction Finance Corpora- Borrowings.) tion 66, 341, 735-739 Condition of. (See Condition of banks.) February 1932-November 1933 735-739 Deposits. (See Deposits.) Open-market, discussion of__ 2, 331, 413, 594, 731 Dividends paid 47, 48 To brokers. (See Brokers' loans). Earnings and expenses 47, 48 To nonmember banks, amendment to Emer- "Executive officer," meaning of term: gency Banking Act providing for 247 Opinion of Attorney General 569 Loans and investments: Ruling of Board 501 All banks in United States on call dates: Licensed, number and deposits— By Federal Reserve districts 49, 254 By Federal Reserve districts, as of By States 50,255 May 13, 1933 455 Discussion of 2 By States, as of May 13, 1933 456 Percentage distribution 16, 74, 141 Monthly figures 274, Total 16, 74, 341, 453, 517, 578, 658, 721, 776 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 In United States, as of May 13, 1933. . 454 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

802 INDEX TO VOLUME 19 Member banks—Continued. Minerals, index of production: Loans and investments. (See Loans and Monthly figures 53, 108,204, investments.) 261, 326, 408, 460, 525, 588, 662, 725, 780 National banks. (See National banks.) Total 22, 80, 147, Number of 16, 74, 141, 230, 286, 353, 430, 484, 551, 629, 691, 752 225, 281, 348, 425, 478, 545, 623, 685, 746 • Years 1919-33 584 Number on par list 43, 103, 198, 253 Mitchell, John R., Federal Reserve agent at Reserves. (See Reserves.) Minneapolis, death of 63 State banks: Application of section 8A of Clayton Monetary gold stock. (See Gold.) Act to; ruling of Board 654 Money: Branches of: Circulation: Operation of offices or receiving Averages of daily figures, end of month stations; ruling of Board 499 series, Wednesday series.. 11, 69, 136, 221, Removal from one town to another, 277, 344, 421, 474, 541, 619, 681, 742 effect on membership; ruling of By kinds 13, 71, 138, Board 566 223, 279, 346, 423, 476, 543, 621, 683, 744 Condition of, on call dates 583 Chart showing 265, 466, 533, 732 Earnings and expenses 48 Based on Wednesday figures 10, Licensed, number and deposits 274, 68, 135, 220, 276, 343, 420, 473, 540, 341, 453, 517, 578, 658, 721, 776 618, 680, 741. Number of 16, 74, 141, Discussion of — 1, 225, 281, 348, 425, 478, 545, 623, 685, 746 59, 209, 215, 265, 331, 466, 594, 731 Purchase of national bank stock by; Gold coin and certificates, November ruling of Board 449 1914^March 1933 259 Stock, nonassessable, issuance of; rul- Coining and regulating the value of, under ing of Board 566 provisions of Emergency Mortgage Act of Suspensions— 1933; text of act 317 By Federal Reserve districts 44, 104, 199 Gold. (See Gold.) By months 19, 77, 144 Rates: By States: Charged customers: Current month 45, 105,201 Chart showing 332 During year 1932 46, 200 Discussion of 332 Membership in Federal Reserve System: In New York and other cities 20, Capital debentures not considered "capital" 78, 145, 228, 284, 351, 428, 481, 548, in determining eligibility; ruling of 626, 688, 749. Board 566 Charged small borrowers, special in- Capital requirements for State banks in quiry on, made by Board 414 places of not more than 3,000 inhabi- Discussion of 332, 594, 731 tants; ruling of Board 772 Foreign countries 33, 91, 162, Eligibility of banks located in cities of less 243, 302, 381, 445, 495, 562, 647, 703, 764 than 3,000 inhabitants for admission to; Open-market, in New York City 20, ruling of Board 499 78, 145, 228, 284, 351, 428, 481, 548, Removal of branch bank from one town to 626, 688, 749. another; ruling of Board 707 Par of exchange 34, 92, 163, Membership in par collection system, 43, 103, 198, 253 244, 303, 382, 446, 496, 563, 648, 704, 765 Merchandise: Resolution of Congress authorizing pay- Freight-car loadings 23,81, 148, ment in legal-tender money rather than 231, 287, 354, 431, 485, 552, 630, 692, 753 gold 333-338 Imports and exports 23, 81, 148, Text of resolution 338 231, 287, 354, 431, 485, 552, 630, 692, 753 Return from hoards, discussion of 209, Message of President to Congress requesting 265, 331, 466, 532, 594, 731 emergency banking legislation 114 (See also Currency.) Mexico: Municipal warrants held by Federal Reserve Foreign exchange rates: banks: Monthly averages 34,92,163, 244, 303, 382, 446, 496, 563, 648, 704, 765 All banks combined 12, 70, 137, Yearly averages, 1924-32 35 222, 278, 345, 422, 475, 542, 620, 682, 743 Gold imports and exports to and from the Maturities 43, 103, 198, United States 13, 71, 138, 253, 325, 407, 459, 524, 581, 661, 724, 779 223, 279, 346, 423, 476, 543, 621, 683, 744 Mutual savings banks: Gold production: Condition of, on call dates 258 Monthly figures 25, 83, 154, Cooperative banks not considered as; ruling 233, 294, 373, 437, 487, 554, 632, 694, 755 of Board 568 Years 1929-33 233, 234 Deposits, on call dates 225, Gold reserves: 281, 348, 425, 478, 545, 623, 685, 746 Monthly figures.. 436, 486, 553, 631, 693, 754 Distinguished from a building and loan Years 1913-33 370 association; ruling of Board 653 Meyer, Eugene, resignation of, as Governor of Loans and investments on call dates 225, Federal Reserve Board 273 281, 348, 425, 478, 545, 623, 685, 746 Mills, Ogden L., retirement of, as Secretary of Number of 225, the Treasury 132 281, 348, 425, 478, 545, 623, 685, 746 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 19 803 Page New York City—Continued. National bank note circulation 13, 71, 138, Member banks in—Continued. 223, 279, 346, 423, 476, 543, 621, 683, 744 Loans and investments: National banks: All banks on call dates 15, 73, 140 Condition of, on call dates 51, 256, 583 Reporting member banks. 17,75,142,226, Deposits, on call dates 51, 256, 583 282, 349, 426, 479, 546, 624, 686, 747 Dividends paid 47 Reserve balances 14, 72, 139, Earnings and expenses 47 224, 280, 347, 424, 477, 544, 622, 684, 745 Investment of trust funds in cases where New Zealand: cash balances are too small to be invested Foreign exchange rates 163, separately; ruling of Board • 187 244, 303, 382, 446, 496, 563, 648, 704, 765 Joint resolution authorizing Comptroller of the Currency to exercise additional Gold reserves: powers with respect to 187 Monthly figures 24, 82, Licensed, number and deposits 274, 153, 232, 293, 436, 486, 553, 631, 693, 754 341, 453, 517, 578, 658, 721, 776 Years 1913-33 370 Loans and investments, on call dates. 51, 256, 583 Nonferrous metals: Number of 16, 74, Factory employment and pay rolls 54, 109, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Out-of-town branches of, in California, Production index 53, 108, South Carolina, and Tennessee, right to 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 establish; opinion of Attorney General-_ 708 Wholesale prices 55, 110, Purchase of stock of, by State member 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 bank; ruling of Board 449 Nonmember banks: Suspensions: Amendment to emergency banking act pro- By Federal Reserve districts 44, 104, 199 viding for direct loans to 247 By months 19,77,144 Bills discounted for, by Federal Reserve By States: banks 12, 70, Current month 45, 105, 201 137,222,278,345,422,475, 542, 620, 682, 743 During year 1932 46, 200 Deposits: National summary of business conditions 9, Averages of daily figures, end-of-month 67, 134, 219, 275, 342, 419, 472, 539, 617, 679, 740 series, Wednesday series 11, 69, 136, Netherlands: 221,277,344,421,474,541,619, 681, 742 Bank of: On call dates: Annual report -. 432 By Federal Reserve districts._._ 49, 254 Condition of 31, 89, 160, Total 16, 74, 141, 225, 241, 300, 379, 443, 493, 560, 638, 700, 761 281, 348, 425, 478, 545, 623, 685, 746 Discount rates: Licensed, number and deposits 453, Changes in 340, 418, 471, 598 517, 578, 658, 721, 775 Monthly figures 33, 91, 162, 243, Loans and investments on call dates: 302, 381, 445, 495, 562, 647, 703, 764 By Federal Reserve districts 49, 254 Gold reserves: Total 16, 74, 141, Monthly figures 24, 82, 153, 225, 281, 348, 425, 478, 545, 623, 685, 746 232, 293, 436, 486, 553, 631, 693, 754 Number of 16, 74, Years 1913-33 370 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 Commodity prices, wholesale 36, 93, Number on par list 43, 103, 198, 253 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 Suspensions: Foreign exchange rates: By Federal Reserve districts 44, 104, 199 Monthly averages 34, 92, 163, By months 19, 77, 144 244, 303, 382, 446, 496, 563, 648, 704, 765 By States: Yearly averages, 1924-32 35 Current month 45, 105, 201 Gold imports and exports: During year 1932 46, 200 Net imports 27, 85, 156, Nonreserve cash held by Federal Reserve banks: 237, 296, 375, 439, 489, 556, 634, 696, 757 All banks combined 12, 70, To and from United States 13, 71, 138, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 223, 279, 346, 423, 476, 543, 621, 683, 744 Each bank 39,99, Money rates 33, 91, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 New York City: Norway: Interest rates in 20, 78, Bank of: 145, 228, 284, 351, 428, 481, 548, 626, 688, 749 Condition of 31, 89, 160, Member banks in: 241, 300, 379, 443, 493, 560, 638, 700, 761 Condition of reporting banks: Discount rates: Outside (89 banks), January 1932- Changes in 340 July 1933 522 Monthly figures 33, 91, 162, 243, Weekly figures 41, 101, 196, 251, 302, 381, 445, 495, 562, 647, 703, 764 323, 405, 457, 518, 579, 659, 722, 777 January 1932-July 1933 520 Gold reserves: Deposits, time and demand 14, 72, 139, Monthly figures 24, 82, 153, 224, 280, 347, 424, 477, 544, 622, 684, 745 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 370 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 INDEX TO VOLUME 19 Norway—Continued. Page Petroleum refining: Foreign exchange rates: Factory employment and pay rolls. _ 54, 109, 205, Monthly averages 34, 92, 163, 262, 327, 409, 461, 526, 589, 664, 727, 782 244, 303, 382, 446, 496, 563, 648, 704, 765 Production index 53, 108, 204, Yearly averages, 1924-32 35 261, 326, 408, 460, 525, 588, 662, 725, 780 Number of banks in the United States 16, 74, Peyton, John N., appointed Federal Reserve 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 agent at Minneapolis — 273 Number of licensed banks: Philippine Islands, gold imports and exports,.- 13, 71, By Federal Reserve districts, as of May 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 13, 1933 455 Poland: By States, as of May 13, 1933 456 Bank of: In United States as a whole, as of May 13, Condition of 31, 89, 160, 1933 454 241, 300, 379, 443, 493, 560, 638, 700, 761 Monthly figures 274, Discount rates: 344, 453, 517, 578, 658, 721, 776 Changes in 678 Number of suspended banks: Monthly figures 33, 91, 162, 243, By Federal Reserve districts 44, 104, 199 302, 381, 445, 495, 562, 647, 703, 764 • By months 19, 77, 144 Gold reserves: By States: Monthly figures . . _ . 24, 82, 153, Current month 45, 105, 201 232, 293, 436, 486, 553, 631, 693, 754 During year 1932 46, 200 Years 1913-33 371 Oats crop estimate 57, 529, 592, 667, 730, 785 Foreign exchange rates: O'Connor, J. F. T., appointed Comptroller of Monthly averages 34, 92, 163, the Currency 273 244, 303, 382, 446, 496, 563, 648, 704, 765 Oil, production index. 53, 108, Yearly averages, 1924-32 35 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Portugal: Open-market operations of Federal Reserve Bank of: Condition of 31, 89, 160, Discussion of 1,61, 211,331, 413, 594, 731 241, 300, 379, 443, 493, 560, 638, 700, 761 Regulation M of Federal Reserve Board. _ 502 Discount rates: Open-market policy of Federal Reserve System. 1 Changes in 218 Opinion of General Counsel of Board on consti- Monthly figures 33, 91, 162, 243, tutionality of legislation providing for a uni- 302, 381, 445, 495, 562, 647, 703, 7Q4 fied commercial banking system 166 Gold reserves: Opinions of Attorney General: Monthly figures 24, 82, 153, Examinations of affiliates of national banks. 570 232, 293, 436, 486, 553, 631, 693, 754 Meaning of term ''executive officer" 569 Years 1913-33 371 Right of national banks in California, South Foreign exchange rates: Carolina, and Tennessee to establish out- Monthly averages 34, 92, 163, of-town branches 708 244, 303, 382, 446, 496, 563, 648, 704, 765 Paper: Yearly averages, 1924-32 35 Factory employment and pay rolls. _ 54, 109, 205, Gold imports and exports 13, 262, 327, 409, 461, 526, 589, 664, 727, 782 71, 138, 223, 279, 346, 423, 476 Production index 53, 108, 204, Postage, Federal Reserve banks, cost of 106, 515 261, 326, 408, 460, 525, 588, 662, 725, 780 Postal savings deposits: Wholesale prices 55, 110, 206, Amendment to act made by Banking Act 263, 328, 410, 462, 527, 590, 665, 728, 783 of 1933 395 Par list, number of banks on 43, 103, 198, 253 Interest on; ruling of Board 768 Par of exchange (foreign currency) 34, 92, Monthly figures 43, 103, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 198, 253, 325, 407, 459, 524, 581, 661, 724, 779 Pay rolls j factory: Potato crop estimates 57, 529, 592, 667, 730, 785 Discussion of 465, 468, 593 President of United States: Monthly indexes 54, 109, 205, Address by 120, 669 262, 327, 409, 461, 526, 589, 664, 727, 782 Executive orders: Total 22, 80, 147, Code of fair competition for bankers 610 230, 286, 353, 430, 484, 551, 629, 691, 752 Gold export, hoarding, etc 119, Penalties for deficient reserves 106, 515 213, 266, 535, 537, 674 Permits under section 8A of Clayton Act, neces- Licensing of closed banks. 119 sity for obtaining; ruling of Board 653 Letter to chairman of Reconstruction Fi- Peru: nance Corporation relative to preferred Central Bank of: stock subscriptions to nonmember banks Condition of 31, 89, 160, 241, applying for admission to deposit insur- 300, 379, 443, 493, 560, 638, 700, 761 ance fund 672 Discount rates 33, 91, 162, 243, Message to Congress relative to emergency 302, 381, 445, 495, 562, 647, 703, 764 banking legislation 114 Gold reserves: Proclamation of: Monthly figures - 24, 82, 153, 232, Declaring a bank holiday 113 293, 436, 486, 553, 631, 693, 754 Continuing the bank holiday 118 Years 1913-33 371 Statement relative to dates for reopening of Gold imports and exports to and from closed banks 120 United States 13, 71, 138, Statement relative to Deposit Liquidation 223, 279, 346, 423, 476, 543, 621, 683, 744 Board 596 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 19 805 Prices: Reconstruction Finance Corporation—Con. Commodity, wholesale: Purchase of preferred stock of nonmember 'Discussion of 332, 416, 468, 593 banks applying for admission to deposit National summary 9, 67, 134, insurance fund 672 219, 275, 342, 419, 472, 539, 617, 679, 740 Reports of 64, 341, 538 Principal countries 36, 93, 164, Rediscount of notes given in payment of in- 245, 304, 383, 447, 495, 564, 649, 705, 766 surance premiums, ruling of Board regarding. 95 United States: Rediscounts and bills payable: All commodities 36, 93, 164, 245, All banks in the United States on call dates: 304, 383, 447, 497, 564, 649, 705, 766 By Federal Reserve districts 49, 254 By groups 55, 110, 206, 263, By States 50,255 328, 410, 462, 527, 590, 665, 728, 783 Mutual savings banks, on call dates 258 Total 22,80,147,230, National banks on call dates 51, 256 286, 353, 430, 448, 551, 629, 691, 752 State banks, on call dates 52, 257 Food, retail 37, 94, Regulations of the Federal Reserve Board: 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Interpretations of, requests for; ruling of Gold, newly mined 676, 678, 779 Board 768 Executive order relating to 537 Regulation L. Interlocking bank directo- . Security (stocks and bonds): rates under Clayton Act 711 Domestic 21, 79, 146, Regulation M. Open-market operations 502 229, 285, 352, 429, 483, 550, 628, 690, 751 Regulation N. Relations with foreign banks Principal countries 36, 93, 164, and bankers 505 245, 304, 383, 447, 497, 564, 649, 705, 766 Regulation P. Holding company affiliates— Silver 34,92, voting permits 505 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Regulation Q. Payment of interest on de- Printing and stationery, Federal Reserve banks, posits 571 cost of__ 106, 515 Regulation R. Relationships with dealers Proclamation of President of United States: in securities under Banking Act of 1933-_ 715 Declaring a bank holiday 113 Regulations of Secretary of Agriculture for field Continuing the bank holiday 118 warehousemen 189 Processing tax under provisions of agricultural Regulations of Secretary of the Treasury: relief act: Bank holiday 122-125,216 Text of act 309 Interpretations of 125-126, 216 Industrial activity under 593 Gold 267, 599, 674 Production, industrial: Reichsbank, German. (See Germany.) By industries 53, 108, Rent paid by Federal Reserve banks 106, 515 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Reports: Discussion of 415, 593 Annual, of foreign banks. (See Annual re- National summary 9, 67, ports.) 134, 219, 275, 342, 419, 472, 539, 617, 679, 740 Federal Reserve Board 534 Index of: Reconstruction Finance Corporation. 64, 341, 538 Total 22, 80, 147, Reserve balances of member banks. (See 230, 286, 353, 430, 484, 551, 629, 691, 752 Reserves.) Years 1919-33 584 Reserve city member banks: Profit and loss account, Federal Reserve banks. 107 Condition of member banks in, on call Public utility stocks, prices of 21, 79, dates 582 146, 229, 285, 352, 429, 483, 550, 628, 690, 751 Deposits, time and demand 14, 72, Railroads: 139, 224, 280, 347, 424, 477, 544, 622, 684, 745 Loans to, by Reconstruction Finance Cor- Loans and investments on call dates. _ 15, 73, 140 poration 66, 341, 538, 737, 738 Reserve balances 14, 72, February 1932-November 1933 737,738 139, 224, 280, 347, 424, 477, 544, 622, 684, 745 Stocks, prices of 21, 79, Reserve ratio of Federal Reserve banks: 146, 229, 285, 352, 429, 483, 550, 628, 690, 751 Averages of daily figures 38, 98, Rates: 193, 248, 319, 402, 450, 513, 575, 655, 718, 773 Discount. (See Discount rates.) Discussion of 215 Foreign exchange. (See Foreign exchange.) End of month figures 39,99, Money. (See Money.) 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Real estate: Reserves: Loans secured by, made by member banks. 15, Deposits of Federal home loan banks in 73, 140 member banks classified as amounts due Mortgages, loans to affiliate of member to banks in computing; ruling of Board.- 247 bank on security of; ruling of Board 566 Held by Federal Reserve banks: Reconstruction Finance Corporation: All banks combined 12, 70, 137, Agricultural loans under provisions of 222, 278, 345, 422, 475, 542, 620, 682, 743 Agricultural Relief Act; text of act... 314 Each bank 39, 99, 194, Gold purchases: 249, 320, 403, 451, 514, 576, 656, 719, 774 Executive order of President 537, 674 Cash, averages of daily figures.-- 38, 98, 193, Prices of 676, 779 248, 319, 402, 450, 513, 575, 655, 718, 773 Rates for subscription to notes of 779 Regulations of Secretary of Treasury _ 674 Discussion of 209, 265, 331, 413, 731 Operations of, February 1932-November Excess, discussion of 211, 732 1933 735-739 For losses 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 INDEX TO VOLUME 19 Reserves—Continued. "Page Rumania: Page Held by Federal Reserve banks—Contd. Foreign exchange rates: Gold: Monthly averages 34,92, 163, All banks combined 12, 70, 244, 303, 382, 446, 496, 563, 648, 704, 765 137, 222, 278,345,422,475,542,620, Yearly averages, 1924-32 35 682, 743. National bank of: Chart showing 212 Condition of 31, 89, 160, 241, Discussion of 211, 331, 732 300, 379, 443, 493, 560, 638, 700, 761 Each bank 39, 99, Discount rates: 194, 249, 320,403,451,514,576,656, Changes in 273 719, 774. Monthly figures .33, 91, 162, 243, November 1914-March 1933 259 302, 381, 445, 495, 562, 647, 703, 764 Held by Foreign central banks: Gold reserves: Monthly figures 24, 82, 153, Monthly figures 24,82,153, 232, 436, 486,553, 631, 693, 752. '232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 368-372 Years 1913-33 371 Explanatory note 372 Russia. (See Union of Socialist Soviet Repub- Monthly review 5, 62, lic.) 217, 338, 417, 470, 533, 733. Salaries: Member banks: Federal reserve banks 106, 515 All banks 40, 100, 195, National banks 47 250, 321, 404, 452, 516, 577,657,720,775 State bank members 48 Balances: Savings deposit: Averages of daily figures, end of Definition of; ruling of Board 653 month series, Wednesday series 11, Withdrawals of; ruling of Board 768 69, 136, 221, 277, 344, 421, 474, Secretary of Agriculture, regulations of, relating 541, 619, 681, 742. to field warehousemen 189 Chart showing 594 Secretary of the Treasury: Based on Wednesday figures._ 10, Interpretations of regulations under bank 68, 135, 220, 276, 343, 420, 473, holiday proclamations 125-126, 216 540, 618, 680, 741. Mills, Ogden L., retirement of 132 Discussion of 60,211, Orders permitting banks in territories and 413, 466, 513, 594, 732. insular possessions of the United States to New York City banks, reserve perform usual banking functions 130 city banks, and country banks. 14, Regulations of: 72, 139, 224, 280, 347, 424, 477, Bank holiday 122-125,216 544, 622, 684, 745. Gold 267, 599, 674 Deficient, penalties for 106, 515 Statement of, relative gold clause resolu- Excess: tion 333 All banks 40, Statements of, relative to bank holiday.. 126-132 100, 195, 250, 321, 404, 452, 516, Woodin, William H., appointment of 132 577, 657, 720, 774. Securities: Chart showing 466, 531, 733 Dealers in—Regulation R of Federal Discussion of 1, Reserve Board 715 59, 211, 413, 466, 531, 594, 732 Government. (See United States Govern- New York City banks, reserve city ment securities.) banks, and country banks 14, 72,139, Security issues: 224, 280, 347, 424, 477, 544, 622, 684, 745 Discussion of 469 Reporting banks: Monthly figures 21, 79, 146, Weekly figures 41, 101, 196, 251, 323, 405, 457, 518, 579, 659, 722, 777 229, 285, 352, 429, 483, 550, 628, 690, 751 January 1932-July 1933 519 Security prices (stocks and bonds): Resources and liabilities. (See Assets and lia- Discussion of 469 bilities.) Domestic 21, 79, 146, Retail trade, department stores: 229, 285, 352, 429, 483, 550, 628, 690, 751 Discussion of 593 Principal countries 36, 93, 164, Monthly figures 23, 81, 148, 245, 304, 383, 447, 497, 564, 649, 705, 766 231, 287, 354, 431, 485, 552, 630, 692, 753 Shipbuilding: Rubber: Factory employment and pay rolls 54, 109, Crude, wholesale prices 55, 110, 206, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 263, 328, 410, 462, 527, 590, 665, 728, 783 Production index 53, 108, Products, factory employment and pay 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 rolls 54, 109, 205, Shipments of currency to and from Europe 43, 103, 262, 327, 409, 461, 526, 589, 664, 727, 782 198, 253, 325, 407, 459, 524, 581, 661, 724, 779 Tires and tubes, production index 53, 108, 204, Siam, gold reserves: 261, 326, 408, 460, 525, 588, 562, 725, 780 Monthly figures 24, Rulings of the Federal Reserve Board. (See 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 t Law department.) Years 1913-33 371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 19 807 -Silk manufactures: page State banks—Continued. Page Factory employment and pay rolls 54, 109, Member banks—Continued. 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Condition of, on call dates 583 Production index 53, 108, Earnings and expenses 48 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Licensed, number and despoits 274, Wholesale prices 55, 110, 341, 453, 517, 578, 658, 721, 776 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Number of 16, 74, 141, Silver: 225, 281, 348, 425, 478, 545, 623, 685, 746 Acceptance of, for payment of foreign debt, Purchase of national bank stock by; under provisions of Emergency Farm ruling of Board 449 Mortgage Act of 1933; text of act____ 271, 318 Stock, nonassessable, issuance of; rul- Coin and certificates, circulation 13, 71, ing of Board 556 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Suspensions: Price of 34, 92, By Federal Reserve districts- 44, 104, 199 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 By months 19, 77, 144 Production index 53, 108, By States: 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Current month 45, 105, 201 Weight of dollar, fixing of, under provisions During year 1932 46, 200 of Emergency Farm Mortgage Act of Statement issued by the President relative to 1933; text of act 270, 317 dates of reopening of closed banks 120 Slaughtering and meat packing: Statements issued by the Secretary of the Treas- Factory employment and pay rolls 53, 109, ury: 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Relative to bank holiday 126-132 Production index 53, 108, Relative to gold-clause resolution 333 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Steel: South Africa: Factory employment and pay rolls 54, 109, Foreign exchange rates 163, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 244, 303, 382, 446, 496, 563, 648, 704, 765 Production index 53, 108, Reserve bank: 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Condition of 31, 89, 160, Wholesale prices 55, 110, 241, 300, 379, 443, 493, 560, 638, 700, 761 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Discount rates: Stock: Changes in 132, 340 Monthly figures.. __ 33, 91, 162, 243, 302, Nonassessable, of State member bank, issu- 381, 445, 495, 562, 647, 703, 764 ance of; ruling of Board 566 Gold reserves: Of national bank, purchase of, by State member bank; ruling of Board 449 Monthly figures 24, 82, 153, Preferred: 232, 293, 436, 486, 553, 631, 693, 754 Issue of, by national banks, act pro- Years 1913-33 371 viding for 117 Spain: Nonmember banks applying for ad- Bank of: mission to deposit insurance fund, Condition of 31,89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 purchase of, by Reconstruction Discount rates: Finance Corporation 672 Monthly figures 33, 91, 162, 243, Right of member bank to hold; ruling of 302, 381, 445, 395, 562, 647, 703, 764 Board 449 Gold reserves: Stock exchange, application of Banking Act of Monthly figures 24, 82, 153, 1933 to members and employees of; ruling of 232, 293, 436, 486, 553, 631, 693, 754 Board 770 Years 1913-33 371 Stocks and bonds: Foreign exchange rates: Applicability of section 8A of Clayton Act Monthly averages 34, 92, 163, to corporations which do not actually 244, 303, 382, 446, 496, 563, 648, 704, 765 make loans on collateral secured by; Yearly averages, 1924-32 35 ruling of Board 653 State banks: Application of section 8A of Clayton Act to Amendment to emergency banking act pro- corporations making loans on own stock; viding for direct loans to 247 rulings of Board 771 Condition of, on call dates 52, 257 Interest rates on loans secured by 42, 102, Deposits, on call dates 52, 257 197, 252, 324, 406, 458, 523, 580, 660, 723, 778 Eligibility for membership in system—Cap- Issues of 21, 79, ital requirements for banks in places of 146, 229, 285, 352, 429, 483, 550, 628, 699, 760 not less than 3,000 inhabitants; ruling of Loans by member banks secured by__ 15, 73, 140 Board 772 Prices: Loans and investments on call dates 52, 257 Domestic 21, 79, Member banks: 146, 229, 285, 352, 529, 583, 550, 628, 690, 751 Application of section 8A of Clayton Principal countries 36,93, Act to; ruling of Board 654 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 Branches of: Stocks, department stores 23,81, Operation of offices or receiving 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 stations; ruling of Board 499 Straits Settlements, foreign exchange rates: Removal from one town to an- Monthly averages 34, 92, other, effect on membership; 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 ruling of Board 566 Yearly averages, 1924-32 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 INDEX TO VOLUME 19 Sugar: Textiles: Page Factory employment and pay rolls 54, 109, Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 205, 262, 327/409, 461, 526, 589, 664, 727, 782 Production index 53, 108, Prices, chart showing. 416 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Production index 53, 108, Surplus: 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Federal Reserve banks: Wholesale prices 55, 110, All banks combined 12, 70, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Thomas, J. J., appointed member of Federal Amount transferred 107 Reserve Board 340 Each bank 39, 99, Tires, rubber: 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Factory employment and payrolls 54, 109 National banks 47 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 State bank members 48 Production index 53, 108, Suspensions, bank: 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 By Federal Reserve districts 44, 104, 199 Wholesale prices 55, 110, By months 19,77,144 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 By States: Tobacco: Current month 45, 105, 201 During year 1932 46,200 Crop estimates 57, 529, 592, 667, 730, 785 Tables showing, omitted from Bulletin 218 Manufactures: Sweden: Factory employment and pay rolls 54, 109 Bank of: 205, 262, 327, 409, 461, 526, 589, 664, 727, Condition of 31, 89, 160, 782 241, 300, 379, 443, 493, 560, 638, 700, 761 Production index 53, 108, 204, Discount rates: 261, 326, 408, 460, 525, 588, 662, 725, 780 Changes in 340 Trade, retail, department stores 23, Monthly figures 33, 91, 162, 243, 81, 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 302, 281, 445, 495, 562, 647, 703, 764 Traveling expenses, Federal Reserve banks 106, 515 Gold reserves: Treasury certificates of indebtedness. (See Monthly figures 24, 82, 153, United States Government securities.) 232, 293, 436, 486, 553, 631, 693, 754 Treasury finance 482, 549, 627, 689, 750 Years 1913-33 371 Treasury notes: Foreign exchange rates— Circulation 13, 71, Monthly average 34, 92, 163, 138, 223, 279, 346, 423, 476, 453, 621, 683, 744 244, 303, 382, 446, 496, 563, 648, 704, 765 Held by Federal Reserve banks 39, 99, Yearly averages, 1924-32 35 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Money rates 33, 91, Trust funds, interest on deposits of; ruling of 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Board 568 Switzerland: Turkey: Foreign exchange rates: Central Bank of: Monthly averages 34, 92, 163, Condition of 31,89, 160, 244, 303, 382, 446, 496, 563, 648, 704, 765 241, 300, 379, 443, 493, 560, 638, 700, 761 Yearly averages, 1924-32 35 Gold reserves: Gold imports and exports: Monthly figures 24,82,153, Net imports 27, 85, 156, 232, 293, 436, 486, 553, 631, 693, 754 237, 296, 375, 439, 489, 556, 634, 696, 757 Years 1913-33 371 To and from the United States. _ 13, 71, 138, Foreign exchange rates: 223, 279, 346, 423, 476, 543, 621, 683, 744 Monthly averages 34,92,163, Money rates 33, 91, 162, 244, 303, 382, 446, 496, 563, 648, 704, 765 243, 302, 381, 445, 495, 562, 647, 703, 764 Yearly averages, 1924-32 35 Swiss National Bank: Unexpended capital funds, Federal Reserve Condition of 31, 89, 160, banks 11, 69, 241, 300, 379, 443, 493, 560, 638, 700, 761 136, 221, 277, 344, 421, 474, 541, 619, 681, 742 Discount rates 33, 91, 162, Unified banking system, constitutionality of 243, 302, 381, 445, 495, 562, 647, 703, 764 legislation providing for; opinion of Board's Gold reserves: counsel 166 Monthly figures 24, 82, 153, Union of Soviet Socialist Republics, Bank of: 232, 293, 436, 486, 553, 631, 693, 754 Discount rates 33, 91, Years 1913-33 371 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Szymczak, M. S., appointed member of the Gold reserves: Federal Reserve Board 340 Monthly figures 24, 82, Tax: 153, 232, 293, 436, 486, 553, 631, 693, 754 Franchise, paid by Federal Reserve banks. - 107 Years 1913-33 371 Processing— United States Government debt. 482,549, 627,689,750 Under provisions of agricultural relief United States Government deposits: act; text of act . 309 Held by Federal Reserve banks: Industrial activity under 593 All banks combined 12,70,137, Taxes, Federal Reserve banks 106, 515 222, 278, 345, 422, 475, 542, 620, 682, 743 Telephone and telegraph expenses of Federal Each bank 39,99,194, Reserve banks 106, 515 249, 320, 403, 451, 514, 576, 656, 719, 774 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 19 809 United States Government securities: Page As collateral for Federal Reserve notes, ex- United States Government securities—Continued. tension of time limit under Glass-Steagall United States notes—Continued. Act 59, 96 Issue of, under provisions of Emer- Bills discounted by Federal Reserve banks gency Farm Mortgage Act of 1933; secured by 39,99,194, text of act 270, 317 249, 320, 403, 541, 514, 576, 656, 719, 774 United States postal savings deposits. (See Postal Bonds: savings deposits.) Held by Federal Reserve banks_ 39, 99, 194, Uruguay: 249, 320, 403, 451, 514, 576, 656, 719, 774 Bank of: Issues of 482, 549, 627, 689, 750 Condition of 31, 89, 160, Prices of 483, 550, 628, 690, 751 241, 300, 379, 443, 493, 560, 638, 700, 761 Yield on 483, 550, 628, 690, 751 Gold reserves: Held by, as security for Federal Reserve Monthly figures 24, 82, 153, notes— 232, 293, 436, 486, 553, 631, 693, 754 All banks combined 12,70,137, Years 1913-33 371 222, 278, 345, 422, 475, 542, 620, 682, 743 Foreign exchange rates: Each bank 39, 99, 194, Monthly averages 34, 92, 163, 249, 320, 403, 451, 514, 576, 656, 719, 774 244, 303, 382, 446, 496, 563, 648, 704, 765 Held by Federal Reserve banks: Yearly averages, 1924-32 35 Gold imports and exports to and from All banks combined 12,70,137, United States 13, 71, 138, 222, 278, 345, 422, 475, 542, 620, 682, 743 223, 279, 346, 423, 476, 543, 621, 683, 744 Each bank 39, 99, 194, Venezuela, gold imports and exports 13, 71, 249, 320, 403, 451, 514, 576, 656, 719, 774 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Averages of daily figures, end-of-month Wages. (See Pay rolls) series, Wednesday series. 11,69,136, 221, Warehouse receipts: 277, 344, 421, 474, 541, 619, 681, 742 Acceptances based on 18, 76, Bought outright and under resale agree- 143, 227, 283, 350, 427, 480, 547, 625, 687, 748 ment 12, 70, 137, 222, Bankers' acceptances secured by, under 278, 345, 422, 475, 542, 620, 682, 743 certain field-warehousing arrangements; Discussion of 2, 60, 211, 413, 594, 731 ruling of Board 188 Earnings on 106, 515 Interest rates on loans secured by 42, 102, Held by member banks: 197, 252, 324, 406, 458, 523, 580, 660, 723, 777 All banks, on call dates 15, 73, 140 Warehousemen, regulations of Secretary of Agri- Compared with borrowings at Fedculture relating to 189 eral Reserve banks 19, 77, 144 Warrants, municipal, held by Federal Reserve Chart showing 733 banks: Reporting banks: End-of-month figures 12, 70, Monthly averages of weekly fig- 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 ures 17, 75, 142, 226, Maturities 43, 102, 282, 349,426,479,546,624, 686, 747 198, 253, 325, 407, 459, 524, 581, 661, 724, 779 Weekly figures 41, 101, 196, 251, Wheat crop estimate 57, 529, 592, 667, 730, 785 323, 405, 457, 518, 579, 659, 722, 777 Wholesale prices. (See Prices.) January 1932-July 1933 519 Williams, Lewis B., appointed Federal Reserve Issues of 21, 79, agent at Cleveland 133 146, 229, 285, 352, 429, 482, 549, 627, 689, 750 Wood-pulp productions 53, Joint resolution of Congress authorizing 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 payment in legal tender money rather Woodin, Wm. H., appointed Secretary of than gold in issues of 333-338 Treasury 132 Text of resolution 338 Wool manufactures: Open-market purchases by Federal Reserve Factory employment and pay rolls 54, 109, banks under provisions of Emergency 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Farm Mortgage Act of 1933; text of act_ 270, 317 Production index 53, 108, Pledged against Federal Reserve notes out- 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 standing: Wholesale prices 55, 110, All Federal Reserve banks combined. _ 222, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 278, 345, 422, 475, 542, 620, 682, 743 Yugoslavia: Each Federal Reserve bank 249, Foreign exchange rates: 320, 403, 451, 514, 576, 656, 719, 774 Monthly averages 34, 92, 163, •Treasury bonds, interest yield on 20, 78, 244, 303, 382, 446, 496, 563, 648, 704, 765 145, 228, 284, 351, 428, 481, 548, 626, 688, 749 Yearly averages, 1924^32 35 Treasury certificates of indebtedness: National Bank of: Held by Federal Reserve banks ma- Condition of 31,89, 160, turities 43, 103, 198, 241, 300, 379, 443, 493, 560, 638, 700, 761 253,325,407,459,524, 581, 661, 724, 779 Discount rates 33, 91, 162, Interest yield on 20, 78, 145, 243, 302, 381, 445, 495, 562, 647, 703, 764 228, ?84, 351, 428, 481, 548, 626, 688, 749 Gold reserves: Issues of 21, 79, 146, Monthly figures 24, 82, 153, 229, 285, 352, 429, 482, 549, 627, 689, 750 232, 293, 436, 486, 553, 631, 693, 754 United States notes: Years 1913-33 371 Circulation 13, 71, 138, Zinc production index 53, 223, 279, 346, 423, 476, 543, 621, 683, 744 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS ST.LOiUS —iBOUNDARIES OF FEDERAL RESERVE DISTRICTS -—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES FEDEftAL 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