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MONTHLY REVIEW of Credit and Business Conditions Second Federal Reserve District Federal Reserve Agent Federal Reserve Bank, New York INDEX FOR THE YEAR 1933 Acceptances Page Business Activity Page Bill m arket. M on th ly , pages 2, 10, 18, 27, 34, 42, 51, 58, 66, 74, 82, 90....................... ................................... ......................................................... Indexes o f busin ess a ctiv ity . M on th ly , pages 7, 14, 28, 31, 38, 46, 55, 62, 68, 79, 86, 94......................................, .............................................. Chart. T otal volu m e o f bankers a ccep ta n ces ou tsta n d in g and am ou nt held b y a ccep tin g in stitu tion s, 1 9 3 0 -1 9 3 2 .................. . 2 T abulated indexes o f b u sin ess a ctiv ity in variou s lines. M on th ly, pages 7, 15, 23, 31, 38, 47, 55, 63, 69, 80, 87, 94.................. ................ C hart. B ankers a ccep ta n ces held b y F ederal R eserv e B anks f o r ow n a ccou n t and am ou nt held by a ccep tin g banks, 1 9 3 1 -1 9 3 3 - 19 Chart. D ealers’ offerin g rate fo r ninety day bankers a ccep ta n ces and yield on T rea su ry n otes o f five yea r m atu rity , J an u a ry D ecem ber, 1933 ............................................................................................. 89 Capital Goods Chart. Output o f capital g o o d s and o f co n su m e rs’ go o d s, 19201933 ..................................................................................................................... 77 Car Loadings Agriculture Chart. Index o f fa rm p rices at th e fa rm and p rices o f all co m m odities excep t fa rm p rod u cts and fo o d s , 1 9 2 9 -1 9 3 2 ................ 14 C rops........... ................ .............................................. ................................ .............. 71 Chart. A u g u st 1933 p rod u ction estim ates o f D epartm ent o f A g ricu ltu re f o r ten principal crops com pared w ith a vera g e h arvests o f 1926 to 1930............................. .............................................. 72 Chart. R ise in fa rm p rices durin g recoveries from m a jor d e p ression s, 1 875-80, 1 892-97, 1 91 8 -2 3, .1929-33.............................. 78 A g ricu ltu ra l in com e in 1933 ............................ ............................................. 79 Chart. T otal num ber o f railroad cars loaded w ith revenue fre ig h t, 1933 com pared w ith 1931 and 1932................................... 47 Chart. W e e k ly index o f ca r loa din gs o f m iscella n eou s and less than carload fre ig h t, 1 9 2 9 -1 9 3 3 ............................................................. 55 Chart. W e e k ly indexes o f e le ctric p ow er p rod u ction and loa d ings o f m iscellaneous and less than carload fre ig h t, 1929-1983 69 Chart. W e e k ly index o f railroad loadin gs o f m iscellaneous and less than carload fre ig h t, 1 9 3 2 -1 9 3 3 .................................................... 94 Central Banks C entral bank ra te ch an ges. M on th ly , pages 5, 13, 21, 29, 35, 44, 52, 61, 67, 76, 84, 92..................................................................................... Automobiles Chart. D aily a vera g e retail sales o f new p a ssen ger autom obiles, 1 9 3 1 -3 3 ...................................... Balance of Payments of the United States, s u m m a r iz e d ...... 94 44 L ist o f d iscou n t rates a t 34 cen tral b a n k s; rates in m o st cases lo w e st ever e sta b lish ed ............................ .................................................. Chain Stores Chain store trade. Banking Act of 1933 A m en d m en ts to th e Federal R eserv e A c t resu ltin g fro m the pa ssag e o f th e B an king A c t o f 193 3 .............................................. . 27 R ed u ction in excess reserv es in N ew Y ork and accu m u la tion o f excess reserv es in oth er cen ters due to term in ation o f interest paym ents on dem and d ep osits as required b y A c t ......................... 57 85 P a ges 16, 24, 48, 6 4 ........................................................... P e rce n ta g e ch an ge o v e r p rev iou s years in nu m ber o f stores, total sales, and sales p er store, tabulated b y ty p e o f store. P ages 16, 24, 48, 64.............................................................................................. Circulation Chart. M on ey in circu lation in the U nited States and total reserv es o f F ederal R e se rv e B anks, 1 9 3 1 -1 9 3 3 .............................. 25 Banking Moratoria C h ron olog y o f spread o f restriction s on bank op eration s in d i ca tin g dates on w h ich h olidays b eca m e effe ctiv e in d ifferent S tates. P a ges 25, 2 6 ............................................................................................. Commercial Paper C om m ercial paper m arket. M on th ly pages 3, 10, 19, 27, 34, 42, 51, 59, 66, 74, 82, 90............ ................................................................................ Consumers’ Goods Bill Market— See Acceptances Chart. Bonds— See Securities O utput o f capital g ood s and co n su m e rs’ g o o d s , 1 920-33.. 77 W o rld p ro d u ctio n o f co tto n and w h e a t.................. ................................. 6 Cotton Building B uildin g. M on th ly, pages 7, 15, 28, 32, 40, 47, 56, 63, 71, 79, 88, 95................................ .................................................................................... Chart. B uildin g con tracts awarded in 37 S tates, 1 9 2 8 -1 9 3 2 ......... 15 Chart. D aily a vera g e value o f bu ild in g con tra cts aw arded, b y m ajor typ es. P a ges 79, 95......................................... ...................................... Currency Chart. C hanges in a ctu a l a m ou nt of m on ey ou tsta n d in g , co m pared w ith usual seasonal variation s in cu rre n cy c ir c u la tio n ; and ch an ges in a m ou nt o f m o n e y o u tsta n d in g a fte r a llow an ce for usual seasonal m ovem en ts, J an uary to D ecem ber, 1932.... 1 INDEX FOR THE YEAR 1933 (Continued) Currency— Hoarding Page T h e tw o great w aves o f cu rren cy hoa rd in g in Jan uary and J uly 1932 offset b y red ep osits and less than seasonal w ithdraw al o f cu rren cy at end o f y ea r................. ............................................................ Foreign Exchange Page F o re ig n exch a n g e. M on th ly , p ages 4, 12, 21, 29, 34, 48, 52, 60, 67, 76, 84, 91............................................................................................................ 1 C losin g cable ra tes a t N ew Y o rk tabulated. M on th ly , p ages 4, 12, 21, 29, 35, 44, 52, 60, 67, 76, 84, 92............ ................... , ................. Chart. C ourse o f s terlin g , fra n c , and b elga ex ch a n g e ra tes a t N ew Y o r k , J u n e-D ecem ber, 1 93 2 ..................................................... 4 D epartm ent s tore trade. M on th ly , p a ges 8, 16, 24, 32, 40, 47, 56, 63, 72, 80, 88, 96............ .......... ............................................................ Chart. F o re ig n exch a n g e qu otation s a t N ew Y o r k on E ngland , F ra n ce, S w itzerland, and H ollan d, J a n u a ry -M a rch , 1 933......... 29 P ercen ta g e ch an ge fro m p rev iou s yea r in m on th ly n e t sales and s tock s on hand and co llection s o f a ccou n ts ou tsta n d in g , ta b u lated b y loca lity . M on th ly , pages 8, 16, 24, 32, 40, 48, 56, 64, 72, 80, 88, 96............................ ............................................................. Chart. Department Stores P ercen ta g e ch a n ge fro m p rev iou s yea r in m on th ly n e t sales and stock s on hand, tabulated b y departm en ts. P a ges 16, 48, 64.— M o v em en t o f d olla r exch a n ge. P a ges 35, 44, 52, 84..... ............ E x e cu tiv e ord ers rela tin g to g o ld and fo re ig n ex ch a n g e tra n s a ctio n s .................................................................................................................. 35 Chart. C ourse o f s te rlin g e xch a n g e a t N ew Y o r k , J an u a ry J u ly, 1933 ........................................... ............................................................. 60 Chart. D iscou n t on th e d olla r and th e p ou n d ste rlin g fr o m g o ld p a rity . P a ges 76, 9 2............_ ........................................................................... Deposits S av in gs bank d ep osits in N ew Y o r k S tate rea ch ed new high level o f $ 5,306,000,000 on Jan uary 31..... .......................................... 21 C hart. D ep osits in N ew Y o r k S tate S avings b an k s, 1 92 5 -1 93 3 .. 22 S h ift o f d ep osits fro m dem and t o tim e as a r e s u lt o f B an king A c t o f 1933............................ .................................... * .................................. F o re ig n trade. M on th ly , p a ges 5, 13, 21, 29, 39, 47, 54, 63, 70, 76, 85, 95.................................................................. ........................................ 49 Chart. D ep osits o f w eek ly rep ortin g m em b er ban ks in N ew Y o r k C ity, 1 9 3 2 -1 9 3 3 ..................... ............................................................. Chart. C om pon ent grou p s o f th e e x p o rt tra d e o f th e U nited S tates, 1 9 2 1 -1 9 3 2 .................................... ...................................................... 13 49 C hanges in d ep osits o f w eek ly rep ortin g m em ber ban ks, June 1 4 -J u ly 19 .........,.............................................................................................. Chart. M erch a n d ise exp orts and im p orts o f th e U n ited States 1921-1933 ............................................................................ ............................ 30 58 C hart. R ate o f tu rn o v e r o f dem and d ep osits in p rincip al cities, 1 91 9-1933 ........................................................- ..... ........................................ 65 Chart. Q uantities o f im p orta n t com m od ities in e x p o rt and im p o rt trad e o f the U nited S tates, 1933 com pared w ith p rev iou s tw o y e a rs ..... ..... ................ ............................................................................... 70 Depressions Foreign Trade Gold Chart. R ise in fa rm p rices d u rin g recov eries fro m m a jo r d e p ression s, 1 87 5 -8 0, 189 2 -9 7, 1 91 8 -2 8, 1 92 9 -3 3 ............................. 78 Gold m ovem en t. M on th ly , p a ges 4, 12, 20, 29, 35, 43, 52, 60, 67, 76, 84, 91.................. ...„ ................................ .. .„ ............................................ Chart. Chart. M on eta ry g o ld s to ck o f th e U nited S tates. P a ges 5, 2 1 ........... E x e cu tiv e ord ers re la tin g t o g o ld and fo r e ig n e xch a n g e tra n s a ctio n s ................. ....................... - ....................................................................... Dollar M ov em en t o f d olla r exch a n ge. 35 P a ges 35, 44, 52, 84................ Chart. D iscou n t on th e d olla r and th e poun d s terlin g fro m gold p a rity . P a ges 76, 92............................................................................................. Electric Power Chart. W eek ly indexes o f electric p ow er p rod u ction and loa d in g s o f m iscellaneous and less than carload fre ig h t, 1929-1933 Gold Market P re sid e n t annou nced th a t R e co n stru ctio n F in a n ce C orp oration w ou ld be au th orized to b u y g o ld .................. ........................................ 84 R e co n s tru ctio n F in a n ce C orp oration p u rch a ses o f g o ld .................. 91 69 Great Britain Employment E m p loy m en t and p a yrolls. M on th ly, p ages 5, 13, 22, 31, 39, 46, 54, 62, 70, 77, 87, 94............ ................................................................................ Chart. Indexes o f p rod u ction o f m an u fa ctu res and fa c t o r y em p lo y m e n t 1929-1933 ................................................................................... 54 Chart. N u m b er o f fa c t o r y em ployees a ffected b y w a g e ra te in creases and decreases 1 92 9 -1 9 3 3 .................................... .................... 71 Chart. T ota l nu m b er o f p erson s u n em p loyed in th e U nited S tates, 1 930-33 ......................................... .................. - .............................. 87 P a ym en t b y B ritish G overn m en t o f $95,550,000 in g o ld on its debt to th e U nited S ta tes.......................................................................... Income A gricu ltu ra l in co m e ......................................................................................... Farm Prices Chart. In d ex o f fa rm p rices at th e fa rm and p rices o f all com m od ities excep t fa rm p rod u cts and fo o d s , 1 9 2 9 -1 9 3 2 ......... 14 Chart. R ise in fa rm p rices d u rin g recov eries fro m m a jo r de p ression s, 187 5 -8 0, 189 2 -9 7, 1 9 1 8 -2 3, 1 9 2 9 -3 3 ..... ...................... 78 Interest Rates D iscou n t rates a t t h ir t y -fo u r cen tral b an k s.......... ................................ 84 Chart. Dealers* o ffe rin g ra te f o r n in ety day ban kers a cce p t ances and yield on T re a su ry notes o f five y e a r m atu rity , J an u a ry -D ecem b er, 1 933 ...... ...................................................................... 89 Liberty Lean R e fu n d in g o p e ra tio n s...................................................................................... Federal Reserve Act 79 M on ey rates at N ew Y o r k , tabulated. M on th ly , p a ges 2, 10, 18, 26, 34, 42, 50, 58, 66, 74, 82, 89......................................... ........................... Exports— See Foreign Trade A m en d m en ts t o th e F ederal R eserv e A c t re su ltin g fro m th e p a ssa g e o f th e B an kin g A c t o f 1938............................. ...................... l 27 Loans and Investments— See Member Banks 83 INDEX FOR THE YEAR 1933 (Continued) Member Banks Page Profits P M em ber bank credit. P a ges 2, 10, 18, 2 7, 50, 82, 90................................ C orp oration earnings in 1832 ............. ...................... ................................... I Chart. E stim a ted a m ou nt o f reserv es held b y m em ber banks in excess o f legal reserv e requirem ents, 1 9 3 2 -1 9 3 3 ........................... C orp oration earnings in firs t q u arter o f 1 933 ....................... ........... < 9 Chart. M em ber bank reserv e balances at th e F ederal R e se rv e B anks, 1 9 3 1 -1 9 3 3 ............................................................ ............................. 33 Chart. L oans and in v estm en ts and net dem and and tim e d e p osits o f w eekly rep ortin g m em b er banks, 1 9 3 1 -1 9 3 3 .................. 41 Chart. L oa n s and in v estm en ts o f w eek ly re p o rtin g m em ber banks in N ew Y o r k C ity and oth er leadin g cities, and excess reserv es held at R eserv e B anks b y N ew Y ork C ity banks and oth er m em ber banks, M a rch -J u ly 1933 ............................................... 57 C hanges betw een J u n e 14 and J u ly 19 in th e loans and in v e s t m ents o f w eek ly rep ortin g m em ber banks su m m a rized............. 58 C harts. L oans and in v estm en ts o f w eek ly rep ortin g m em ber banks in 90 leadin g cities, 1 9 3 2 -1 9 3 8 ............................................... 78 N e t p rofits tabulated b y corporation g ro u p s. P a ges 30, 46, 68, 93 Chart. Q u arterly net p rofits o f 163 industrial and m erca n tile corp oration s, and n et op era tin g in com e o f cla ss I railroads, 1933 com pared w ith 1929, 1930, 1931, and 1 932....................... t C orp oration earnings in first h a lf o f 1933............................................. 6 C orporation ea rnings, th ird q u arter o f 1933....................................... 9 Chart, Q u arterly n et p rofits o f 163 industrial and m erca n tile corp oration s and n e t op era tin g in com e o f class I railroads, 1933 com pared w ith 1929, 1930, 1931, and 1932............ ............... 9 Realty Stabilization Corporation Money Market A n n ou n ced F eb ru a ry 10 b y M r. Owen D. Y o u n g ................................. 1 Reconstruction Finance Corporation M on ey m arket. M on th ly, p ages 1, 9, 17, 25, 33, 41, 49, 57, 65, 73, 81, 89.................. ........................................................................................ D isbu rsem en ts f o r a cco u n t o f R e co n s tru ctio n F in a n ce C orp ora tion accou n ted f o r a bou t $ 1,2 00,000,000 o f th e $ 2 ,9 00 ,0 0 0 ,000 in crease in th e N a tion a l d eb t d u rin g calendar yea r 1932.. C ooperation w ith R ealty S tabilization C orp ora tion .................. ......... Open Market Policy Conference S tatem en t.................... ........................................................................................... 9 P resid en t annou nced that R e co n s tru ctio n F in a n ce C orporation w ou ld be a uthorized t o b u y g o ld ..................................... .................... R e co n stru ctio n F in a n ce C orporation p urchases o f g o ld .................. Prices C om m od ity p rices. M on th ly, p ages 6, 14, 22, 32, 39, 44, 53, 61, 69, 78, 85, 93....................................................................... ................................... Reserves Chart. E stim ated am ou nt o f re se rv e s held b y all m em b er banks in e xcess o f legal re se rv e req u irem en ts, 1 9 3 2 -1 9 3 3 ..................... Chart. Index o f fa rm p rices a t th e fa rm and ind ex o f p rices o f all com m od ities ex cep t fa rm p rod u cts and fo o d s , 1 92 9 -1 93 2 .... 14 Chart. B ureau o f L a b or S ta tistics w eek ly index o f w h olesale prices. 1 9 2 9 -1 9 3 3 .................................................... ..................................... Chart. M on ey in circu la tio n in th e U nited States and total reserv es o f th e F ederal R e se rv e B anks, 1 9 3 1 -1 9 3 3 ....................... 2; 23 Chart. 39 C hart. M em ber bank re s e rv e balances at th e F ederal R e serv e B an ks, 1 93 1 -1 93 3 ........................................................................................... 33 C hart. L oans and in v estm en ts o f w eek ly rep ortin g m em ber banks in N ew Y o rk C ity and oth er cities and e xcess reserv es held a t F ederal R e se rv e B anks b y N ew Y o rk C ity banks and oth er m em ber banks, M a rch -J u ly , 1933.................. .......................... 57 Chart. E x ce ss re se rv e s held a t F ederal R e serv e B anks b y N ew Y o r k C ity, C hicago, and o th e r m em ber banks, 1 93 2 -1 9 3 3 ......... 81 P rice m ovem en ts o f im p orta n t com m od ities, 1 93 2 -3 3 ...... Chart. B ureau o f L a b or S ta tistics in d ex o f gen eral w holesale com m od ity p rices and R eserv e Bank o f N ew Y o r k p rice index o f sen sitiv e b asic com m od ities, 192 9 -1 93 3 . P a ges 45, 62, 85........... C hart. B ureau o f L a b or S ta tistics w eek ly p rice indexes o f c om m od ity g rou p s, J an u a ry -J u n e 1933 ............................................... 54 Chart. R ise in fa rm p rices d u rin g recov eries fr o m m a jo r d ep ression s, 187 5 -8 0, 189 2 -9 7, 1 91 8 -2 3, 1 9 2 9 -3 3 ......................... 78 Chart. M ovem en ts o f w h olesa le com m od ity p rices durin g N ovem b er ..... .............................................. ............... -................................... 93 Savings Deposits— See Deposits Securities P ro d u ctio n N ew financing. M on th ly , p ages 3, 11, 20, 28, 36, 43, 52, 59. 67, 75, 83, 91............................................................................................ . P rod u ction . M on th ly , p a ges 7, 13, 22, 30, 37, 45, 54, 61, 69, 77, 86, 94....*— ................................................................................................ T abulated indexes o f prin cip a l in d u stries. M on th ly , p ages 7, 14, 22, 31, 38, 45, 55, 61, 69, 77, 86, 9 4 .......................................... .................. P rod u ction and trad e in 1932....................................................................... 6 Chart. In d ex o f gen eral p rod u ction and trad e in the U nited States, 1 9 1 9 -1 93 2 ..................................................... ............. ................... .. 6 W orld p rod u ction o f b asic com m od ities sin ce 1865............................ 37 S ecu rity m arkets. M on th ly , p ages 3, 11, 20, 28, 35, 43, 51, 59, 66, 74, 83. 9 0 ................................................................ ................................. Chart. A v e ra g e p rice 1 9 3 1 -1 9 3 2 ............. of L ib e rty L oan and T rea su ry b ond s. 3 Chart. P rice m ovem en ts o f U nited States G overnm ent bonds, h ig h est grade d o m e stic corp ora tion bon d s, and less high grade corp oration bond s, 193 2 -1 93 3 . P a ges 11, 36............................................ Chart. N ew se cu rity offe rin g s, 1 9 2 5 -1 9 3 2 ..... ....................................... Chart. Indexes o f tota l w orld p rod u ction o f b asic com m od ities sin ce 1865, and o f crop p rod u ction and ou tp u t o f m inerals and m eta ls— .............................................. ............................................... . 37 Chart. A v e ra g e p rices o f va riou s grades o f d om estic co r p o r a tio n bon d s, 1 9 3 2 -1 93 3 . P a ges 20, 75....................... ............................ Chart. Ind ex o f ind ustrial p rod u ction 1933 com pared w ith 1929, 1930, 1931, 1932.............. ........................................................................... 45 Chart. M ov em en ts o f s to c k and bond p rice s, 193 2 -1 93 3 , pages 28, 43...................... ........................ .................................................................. C hart. Ind exes o f p rod u ction o f m an u fa ctu res and fa c t o r y em p loym en t, 1 92 9 -1 9 3 3 ................................................................................... 54 Chart. M ov em en ts o f s to ck p rices and a ve ra g e daily nu m ber o f shares sold, 193 1 -1 93 3 . P a ges 51, 59.................................................. C hart. 12 Steel p rod u ction in p rincip al cou n tries, 1 9 2 8 -1 9 3 3 ........... 53 Chart. Ind exes o f p rod u ction o f textiles, s h oes, steel in g o ts , and au tom ob iles, 1 9 3 0 -1 9 3 3 ............ ........................ ................................. C hart. O fferin gs o f n ew d o m e stic capital issues durin g first six m on th s o f each year, 1 9 3 0 -1 9 3 3 ............................................... .............. 60 61 Chart. P rice m ovem en ts o f p rincip al grou p s o f s to c k s, 1931-1933 75 Chart. 77 Chart. P rice m ovem en ts o f sto ck s and b on d s, 1 9 3 1 -1 9 3 3 .............. 83 Chart. M ov em en ts o f b on d and s to ck p rice s, 1 9 3 2 -1 9 3 3 ............ . 90 O u tpu t o f capital g ood s and con su m ers’ g o o d s , 1 920-1933 Chart. In d exes o f tex tile m ill a ctiv ity , steel p rod u ction , ca r loa din gs o f m erch an dise and m iscella n eou s fre ig h t, and e le c tric p ow er ou tp u t, 1933 com pared w ith 1931 and 1 93 2 ............. 86 Chart. P u b lic offe rin g s o f n ew secu rities in the U nited States and E ngland du rin g th e first ten m onths o f 1 9 3 0 -1 9 3 3 .............. 91 INDEX FOR THE YEAR 1933 (Continued) Short Term Funds Page International m ovem en t o f s h o rt term fu n d s ........................................ 36 F oreig n fu n d s in th e U nited States tabulated, D ecem b er 31, 1929, 1930, 1931, 1 932................................................................................. 37 Steel Unemployment Chart. T otal nu m ber o f persons un em ployed in the U nited States, 1 9 3 0 -1 9 3 3 .......................................................................................... Page 87 Wages Chart. R atio o f steel p rod u ction to th eoretica l ca p a city 1933, com pared w ith 1930, 1931, 1932........................................................... 38 S teel p rod u ction in prin cip a l cou n tries................................................... 53 Chart. 53 Steel p rod u ction in principal cou n tries, 1 9 2 8 -1 9 3 3 ........... E m p loy m en t and p a yrolls. M on th ly , pages 5, 13, 22, 31, 39, 46, 54, 62, 70, 77, 87, 94.................................................................................... Chart. N um ber o f fa c t o r y em p loyees a ffected b y w age ra te in creases and decreases 1 9 2 9 -1 9 3 3 ........................................................... 71 Sterling— See Foreign Exchange Wheat Treasury Financing D ecem b er 1932 fin a n cin g.............................................. .......................... W orld p rod u ction o f co tto n and w h eat.................................................... 8 Paddin g o f su b scrip tion s p ro te st by O gden L. M ills....................... 11 June 1933 fin a n cin g.......................................................................................... 50 A u g u st fin a n c in g ............. ..................... ........................................................... 67 O ctob er fin a n cin g............................................................................................... 83 F ou rth L ib erty Loan refu n d in g op era tion s.......................................... 83 Chart. D ealers’ offerin g rate f o r n in ety day bankers a cce p t ances and yield on T rea su ry notes o f five yea r m atu rity , J an u a ry -D ecem b er, 1933............................................................................ 89 Wholesale Trade W h olesa le trade. M on th ly , pages 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , 96.................................................... ............................................... P e rce n ta g e ch an ge fro m prev iou s m onth and p rev iou s ye a r in net sales and sto ck s on hand, and p er cen t o f a cco u n ts o u t sta n d in g collected , tabulated b y p rincip al lines. M on th ly , pages 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , 96....................... 6
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