Full text of Federal Reserve Bulletin : April 1933
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BULLETIN APRIL 1933 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Business Conditions in the United States UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1933 FEDERAL RESERVE BOARD Ex officio members: EUGENE MEYER, Governor. WILLIAM H. WOODIN, CHARLES S. HAMLIN. Secretary of the Treasury, Chairman. Comptroller of the Currency. ADOLPH C. MILLER. GEORGE R. JAMES. CHESTER MORRILL, Secretary. E. A. GOLDENWEISER, Director, Division of Research and Statistics. E. M. MCCLELLAND, Assistant Secretary. J. C. NOELL, Assistant Secretary and Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Research and Statistics. WALTER WYATT, General Counsel. E. L. SMEAD, Chief, Division of Bank Operations. GEORGE B. VEST, Assistant Counsel. J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations. FLOYD R. HARRISON, Assistant to the Governor. LEO H. PATJLGER, Chief, Division of Examinations. FRANK J. DRINNEN, Federal Reserve Examiner. FEDERAL ADVISORY COUNCIL District no, District no District no, District no District no District no District no District no District no, District no District no District no, 1 2 3 4 5 6 (BOSTON) (NEW YORK) (PHILADELPHIA) (CLEVELAND) (RICHMOND) (ATLANTA) 7 (CHICAGO) THOMAS M. STEELE. GEORGE W. DAVISON. HOWARD A. LOEB. H. C. MCELDOWNEY, HOWARD BRUCE. JOHN K. OTTLEY. MELVIN A. TRAYLOR, Vice President. 8 (ST. LOUIS) WALTER W. SMITH, President. 9 (MINNEAPOLIS) THEODORE WOLD. 10 (KANSAS CITY) _ . - W. T. KEMPER. 11 (DALLAS) JOSEPH H. FROST. 12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary n OFFICERS OF FEDERAL RESERVE BANES Federal Reserve Bank of— Boston New York Philadelphia Governor Chairman Deputy governor F. H. Curtiss J. H. Case R. A. Young G. L. Harrisoo R. L. Austin.- G. W. Norris W. W. Paddock W. R. Burgess J. E. Crane.. A. W. Gilbart E. R. Kenzel W. S. Logan L. R. Rounds L. F. Sailer. W. H. Hutt E. R. Fancher M.J. Fleming W. W. Hoxton G. J. Seay Atlanta. Oscar Newton E. R. Black Chicago.. E. M. Stevens J. B. McDoug8l St. Louis J. S. Wood W. McC. Martin C. A. Peple R. n . Broaddus. W. S.Johns H. F. Conniff C. R. McKay J. H. DiUard H. P. Preston O. M. Attebery J. G. McConkey Cleveland Richmond. _. L. B. Williams __ Minneapolis Dallas San Francisco . . M. L. McClure G. H. Hamilton C. C. Walsh B. A. McKinney Isaac B. Newton J U. Calkins 'Assistant deputy governor. W. Willett. C. H. Coe.i R. M. Gidney.i J. W. Jones.1 W. B. Matteson.* J. M. Rice.* _ Allan Sproul.11 L. W. Knoke. C. A. Mcllhenny. W. G. McCreedy.i H. F. Strater. F T 7nrHnH«n W. B. Geery Kansas City. Cashier G. H. Keesee. J. S. Walden, Jr.* M. W. Bell. W. S. McLarin, Jr.* W. C Bachman.1 0 . J. Netterstrom.i E. A. Delaney.i S. F. Gilmore.1 A. H. Haill.« F. N. Hall.* G. 0. Hollocher.* 0 . C. Phillips.* Harry Yaeger H I. Ziemer. 1 H. I. Ziemer F. C. Dunlop. C. A. Worthington.... J. W. Helm. T W TTftlm R. R. Gilbert - . R. B. Coleman W. A. Day Ira Clerk Fred Harris. W. 0 . Ford.» W. M. Hale. * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— New York: Buffalo Branch __ Cleveland: Cincinnati branch Pittsburgh branch Richmond: Baltimore branch Charlotte branch Atlanta: New Orleans branch Jacksonville branch Birmingham branch Nashville branch Chicago: Detroit branch St. Louis: Louisville branch Memphis branch Little Rock branch Managing director R. M. O'Hara. C F. McCombs. J. C. Nevin. Hugh Leach. W. T. Clements. Marcus Walker. Hugh Foster. J. H. Frye. J. B. Fort, Jr. W. R. Cation. J. T. Moore. W H. Glasgow. A. F. Bailey. Federal Reserve Bank of— Minneapolis: Helena branch Kansas City: Omaha branch Denver branch Oklahoma City branch.. Dallas: El Paso branch. Houston branch San Antonio branch San Francisco: Los Angeles branch Portland branch. Salt Lake City branch.. Seattle branch Spokane branch Managing director R. E. Towle. L. H. Earhart. J. E. Olson. C. E. Daniel. J. L. Hermann. W. D. Gentry. M Crump. W. N. Ambrose. R. B. West. W. L. Partner. C. R. Shaw. D. L. Davis. 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. in TABLE OF CONTENTS Page Review of the month—Recent banking developments 209 Condition of all banks in the United States on Dec. 31, 1932 254-258 National summary of business conditions 219 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc Member and nonmember bank credit: All banks in the United States All member banks Weekly reporting member banks in leading cities Brokers' loans Acceptances and commercial paper Discount rates and money rates Security prices, security issues, United States Government securities Production, employment, car loadings, and commodity prices Merchandise exports and imports Department stores—Indexes of sales and stocks Freight-car loadings, by classes Financial statistics for foreign countries: Gold reserves of central banks and governments Gold production Gold movements Government note issues and reserves Bank for International Settlements Central banks Commercial banks Discount rates of central banks Money rates Foreign exchange rates Price movements: Security prices Wholesale prices Retail food prices and cost of living Law department: Amendments to Emergency Banking Act Federal reserve statistics by districts, etc.: Banking and financial statistics Industrial and commercial statistics IV 220-223 225 224, 250 226, 251 226 227 228, 252 229 230, 261-263 231 231 231 232 233-234 235-237 238 238 239-241 242 243 243 244 -. - 245 245-246 246 247 248-253 261-264 FEDERAL RESERVE BULLETIN VOL. 19 APRIL 1933 REVIEW OF THE MONTH A rapid return flow of currency to the reserve banks has characterized the period since the reopening of licensed Return flow of banks under the program ancurrency nounced by the President on March 10. Between March 4 and April 5, $1,225,000,000 of money returned to the reserve banks, of which $645,000,000 consisted of gold coin and gold certificates; the ratio of reserves against Federal reserve notes and deposits combined advanced from 45.1 to 59.7 percent. Currency brought to the reserve banks by the member banks represented in part a return by these banks of cash previously withdrawn for the purpose of increasing their vault holdings and in part currency redeposited with the banks by the public. Funds arising out of this return flow of currency were used by the member banks to reduce their borrowings at the reserve banks by $1,000,000,000, and in addition to reduce the acceptance holdings of the reserve banks by $130,000,000. Total reserves of the 12 Federal reserve banks combined advanced from $2,800,000,000 on March 4 to $3,490,000,000 on April 5, the highest level since the autumn of 1931. On April 7 the discount rate of the Federal Keserve Bank of New York was reduced from 3% to 3 percent. By March 29, the latest date for which comprehensive figures are available, about 12,800 banks, out of 18,000 in Licensed banks operation before the crisis, had been licensed to open on an unrestricted basis. Of this number, 4,766 were national banks, 621 State member banks, and about 7,400 nonmember banks, including mutual savings banks and private banks operating under State supervision. Approximately 5,200 banks had not received unrestricted licenses; of this number 1,141 were national banks, 166 State member banks, and about 3,900 nonmember banks. Figures are not yet available on the No. 4 volume of deposits in opened or unopened nonmember banks. Deposits at those member banks that reopened between March 13 and March 29 were approximately $25,850,000,000 on December 31, 1932, compared with total deposits of all licensed and not licensed member banks of approximately $28,565,000,000; deposits of the reopened member banks, therefore, represented about 90 percent of total member bank deposits. From the beginning of 1933 serious developments in the banking situation in some sections of the country were indicated °f hJ large-scale withdrawals of deposits from banks in those sections. Many of these represented the transfer of deposit accounts from banks in which depositors had lost confidence to other institutions, but after the first week in February withdrawals were to an increasing extent in the form of currency and toward the end of the month withdrawals of currency included considerable amounts of gold. Gold withdrawals represented in part domestic hoarding and in part losses of gold to foreign countries caused by the decline in dollar exchange reflecting a movement of funds from the United States. As these movements developed, the pressure was felt not only by the weaker member and nonmember banks in different sections of the country, but generally by member and nonmember banks throughout the country and by the Federal reserve banks, which were obliged to issue a large volume of Federal reserve notes and at the same time to reduce their reserves by paying out gold. The earlier transfers of deposit accounts as between institutions reflected increasing distrust on the part of the public concerning the position of individual banks rather than apprehension concerning general banking conditions. Depositors in many banks drew upon their accounts and transferred funds to other banks 209 210 FEDERAL RESERVE BULLETIN in the same communities or other communities, or to the Postal Savings System. While the effects of such transfers differed from those of currency withdrawals in that they did not reduce the volume of deposits in the banking system as a whole, their effect upon the position of the institutions from which they were withdrawn were the same as those of cash withdrawals. To obtain funds to meet these transfers, institutions under pressure were obliged to draw upon their balances with other APRIL 1933 The declaration of a banking holiday in Michigan on February 14 arrested the withdrawal of deposits from banks Withdrawals of in that State which had been currency causing progressive deterioration in the assets of many banks. An effect of this holiday outside of Michigan, however, was to increase the movement of funds from weaker to stronger banks, and also the withdrawal of currency in many parts of the country. The chart shows for the months of CHANGES IN DEMAND FOR CURRENCY Bij Federal Reserve Districts, Feb.-March 1933 MILLIONS 640 MILLIONS 480 NEW YORK 600 440 560 400 520 360 480 320 440 200 \ 400 360 i 320 280 240 \\ \V 200 f 80 40 0 120j BOSTON 60 | r 40 0 February I \ 1 1 \\ \ JI f\ 240 200 160 120 80 40 0 /— 50 ST -OUI s 40 0 40 0 80 <ANSAS CITY 40 0 1 —^ 0 200 .—< ^—<• CLEVELAND 160 J 120 80 / \ 40 J 0 160 120 RICHMOh D 80 40 „ 0 —«^. 1/ —\ > 120 80 . ^ ATLANTA 40 0 rz—' 120 80 J /"* SAN FRANCIS<:o i i 40 DALLAS February / 40 / 80 banks, to convert other liquid assets into cash, or to borrow on their sound assets from the Federal reserve banks or from the Reconstruction Finance Corporation. In many cases, after haviiig pledged or disposed of practically all their sound assets and disbursed the proceeds in meeting withdrawals by depositors, the banks were finally compelled to close. It was largely to avoid the continuation of this process and to protect remaining depositors that banking holidays were declared in individual States and finally in the country as a whole. 120 PHIl.ADE LPHIK J 160 120 CHI :AGO 0 March /1 V February March February and March changes in the demand for currency in each of the 12 Federal reserve districts. It indicates that after February 14, when the Michigan banking holiday was declared, currency demand increased in nearly all the Federal reserve districts. This increase was particularly marked in the Cleveland and Chicago districts, but was also large in the New York district. The declaration of a similar holiday in Maryland on February 25, and in other States on subsequent days, was accompanied by sharp increases in currency FEDERAL RESERVE BULLETIN APRIL 1933 demands throughout the country. Between February 15 and March 4 these demands amounted altogether to $1,630,000,000, including demands for gold coin and gold certificates of $300,000,000. Three fourths of these demands occurred during the week beginning February 27, and more than half was concentrated in the first 3 days of March. Member banks in New York City at the beginning of February had held a large amount of excess reserves with the re- SsinNlwberserve York City banks > a n d also carried large deposit balances for interior banks throughout the country. The interior banks in meeting the demands upon them drew on their balances with their New York correspondents to the extent of more than three quarters of a billion dollars, and the latter consequently were called upon to release funds in large volume to other banks at the same time that direct withdrawals of currency within New York City were rapidly expanding. In meeting these demands the New York City banks drew on their reserve balances to the extent of $307,000,000, thus eliminating their excess reserves, and borrowed $664,000,000 at the Federal Reserve Bank of New York. In addition the Federal reserve banks put $385,000,000 into the market through the purchase of acceptances, chiefly in New York. On February 1, before the banking crisis had developed, the reserve banks had reserves Position of Federal of $1,476,000,000 in excess of Reserve banks legal requirements and the reserve ratio of the 12 Federal reserve banks combined was 65.6 percent. In the latter part of February and the first part of March the Federal reserve banks loaned $1,170,000,000 to member banks and in addition furnished funds through purchases of acceptances and United States Government securities in the open market, amounting to $460,000,000. The greater part of this expansion was due to an increase of Federal reserve notes, which require a 40 percent gold reserve, but there were also withdrawals of gold which decreased the reserves of the Federal reserve banks. As a consequence 211 of these developments the combined reserves of the 12 Federal reserve banks in excess of legal requirements were reduced to $416,000,000 on March 4, and the reserve ratio of the System as a whole declined to 45.1 percent. At the Federal Reserve Bank of New York there was a heavy demand for currency originating within the district, and a larger demand for funds resulting from the withdrawal of bankers' balances by interior banks from their New York correspondents. These withdrawals were effected through the Federal reserve banks and resulted in transfers of reserves through the gold settlement fund from the Federal Reserve Bank of New York to other Federal reserve banks. While the movement to the interior was developing, the New York Federal Reserve Bank sold part of its portfolio of United States Government securities to other Federal reserve banks, and on March 8 had rediscounts of $210,000,000 with the Federal reserve banks of Boston, Cleveland, Chicago, and St. Louis. Soon after the reopening of the banks on March 13, the Federal Reserve Bank of New York retired these rediscounts and repurchased United States securities previously sold to other reserve banks. The improvement in the position of the New York bank reflected not only the return of gold and currency from within the New York district, but also gains through the gold settlement fund, reflecting in part a return flow of bankers7 balances to the large member banks in New York City. On April 5 the reserve ratio of the Federal reserve banks was 59.7 percent. Total cash reserves of the banks were $3,488,000,000 and their excess reserves $1,262,000,000. The accompanying chart shows the course since the end of 1914 of the total monestock of the United Gold reserves and gold in cir- States, the gold reserves of the cu a ion Federal reserve banks, and the gold in circulation, that is, outside the Treasury and Federal reserve banks. The chart shows that for the whole period since the establishment of the Federal Reserve System in November 1914, the gold stock of 212 FEDERAL RESERVE BULLETIN the country has increased from $1,812,000,000 to $4,275,000,000, the increase occurring largely during the war period and the period of currency disorganization in Europe prior to 1924. After a rapid gain of gold in 1930 and 1931 to a peak of $5,000,000,000 in September, 1931, this country lost more than $1,000,000,000 through the withdrawal of foreign balances prior to July 1932, but regained more than half of this amount by the end of the year. The decrease in the country's stock of gold APRIL 1933 gold held in collections or in hoards and gold that may have been lost altogether. Between 1917 and 1931 there was a gradual return of coin from circulation and at the end of April 1931 the total volume was reduced to $350,000,000. The large-scale withdrawals of currency which developed in 1931 and 1932 were accompanied by some increase in the demand for gold coin, and on January 31, 1933, the total amount in circulation had risen to $480,000,000. During the period of the recent banking crisis MONETARY GOLD STOCK OF THE UNITED STATES Distribution Between Reserve Banks and Circulation MILLIONS OF DOLLARS 5000 MILLIONS OF DOLLARS 5000 ^000 Gold Reserves of Federal Reserve Banks 3000 2000 1000 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 Figures are given on pp. 259-260 between February 1 and March 4 was $305,000,000 and at the end of March the total stood at about the same level as last autumn and somewhat above the average of the two years 1928 and 1929. The chart also shows the amount of gold coin and gold certificates in circulation. In November 1914, when the Federal Eeserve System was organized, there was about $600,000,000 of gold coin in circulation, that is, outside the Treasury and the Federal reserve banks. Included in this figure is gold held by national and State banks as reserves as well as further withdrawals increased the total to $625,000,000 on March 4, an increase of $150,000,000 since January 31 and of $275,000,000 since the low point in 1931. After the declaration of the banking holiday and the adoption of measures to prevent the hoarding of gold, gold coin was returned in large volume to the Treasury and the Federal reserve banks, so that on March 31 the amount in circulation was reduced to $365,000,000. The chart shows that at the end of 1914, $700,000,000 of gold certificates were in circulation and that by May 1917 this amount 213 FEDERAL RESERVE BULLETIN APKIL 1933 had increased to more than $1,300,000,000. Under the policy of gold mobilization adopted by the Government at that time, gold certificates were retired gradually until the spring of 1922, when the total amount in circulation was reduced, to $170,000,000. After that time gold certificates were again paid into circulation, and in 1925 their volume reached a level of more than $1,000,000,000, which was maintained with some fluctuations until the autumn of 1931. After September 1931 gold certificates in circulation declined to $590,000,000 on January 31, 1933. During February and the early part of March of this year gold certificates in circulation increased by $170,000,000, bringing the total to $760,000,000 on March 4. This increase was in part a reflection of the general increase in currency, but in part represented a demand by the public for gold in the form of certificates as well as of coin. On March 6 further paying out by banks of gold coin and certificates was prohibited by the President's proclamation, and on March 8 the Federal Reserve Board requested the Federal reserve banks to prepare lists of persons who had recently withdrawn gold (including gold certificates) and had not redeposited it in a bank by March 13, the date being subsequently extended to March 27. On March 10 the President issued an Executive order which prohibited the export of gold except in accordance with regulations prescribed by or under license issued by the Secretary of the Treasury. These developments in connection with gold payments, and the general recognition by the public of the desirability of restoring to the country's reserves gold held privately, where under existing conditions it does not promote the public interest, resulted in a rapid return flow of gold and gold certificates to the reserve banks. Between March 4 and March 31, $260,000,000 of gold coin and $370,000,000 of gold certificates were returned to the Federal reserve banks and the Treasury. On March 31 the total amount of gold and gold certificates outside the Treasury and the Federal reserve banks 168276—33 2 was $760,000,000, the lowest figure since 1923. On April 5 the President ? x u??£ ve i. ord S r issued the following order & forbidding hoard- „ , . , , . ,, . ing of gold forbidding gold: the hoarding of ,. " EXECUTIVE ORDER FORBIDDING THE HOARDING OF GOLD COIN, GOLD BULLION AND GOLD CERTIFICATES "By virtue of the authority vested in me by section 5 (b) of the act of October 6, 1917, as amended by section 2 of the act of March 9, 1933, entitled 'An act to provide relief in the existing national emergency in banking, and for other purposes', in which amendatory act Congress declared that a serious emergency exists, I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of this order: "SECTION 1. For the purposes of this regulation, the term 'hoarding' means the withdrawal and withholding of gold coin, gold bullion or gold certificates from the recognized and customary channels of trade. The term 'person7 means any individual, partnership, association or corporation. "SEC. 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following: " (a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold. " (6) Gold coin and gold certificates in an amount not exceeding in the aggregate $100 belonging to any one person; and gold coins having a recognized special value to collectors of rare and unusual coins. 214 FEDERAL RESERVE BULLETIN " (c) Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank for International Settlements. "(d) Gold coin and bullion licensed for other proper transactions (not involving hoarding) including gold coin and bullion imported for reexport or held pending action on applications for export licenses. "SEC. 3. Until otherwise ordered any person becoming the owner of any gold coin, gold bullion, or gold certificates after April 28, 1933, shall, within 3 days after receipt thereof, deliver the same in the manner prescribed in section 2; unless such gold coin, gold bullion or gold certificates are held for any of the purposes specified in paragraphs (a), (6), or (c) of section 2; or unless such gold coin or gold bullion is held for purposes specified in paragraph (d) of section 2 and the person holding it is, with respect to such gold coin or bullion, a licensee or applicant for license pending action thereon. "SEC. 4. Upon receipt of gold coin, gold bullion or gold certificates delivered to it in accordance with sections 2 or 3, the Federal Reserve bank or member bank will pay therefor an equivalent amount of any other form of coin or currency coined or issued under the laws of the United States. "SEC. 5. Member banks shall deliver all gold coin, gold bullion and gold certificates owned or received by them (other than as exempted under the provisions of sec. 2) to the Federal reserve banks of their respective districts and receive credit or payment therefor. "SEC. 6. The Secretary of the Treasury, out of the sum made available to the President by section 501 of the act of March 9, 1933, will in all proper cases pay the reasonable costs of transportation of gold coin, gold bullion or gold certificates delivered to a member bank or Federal reserve bank in accordance with sections 2, 3, or 5 hereof, including the cost of insurance, protection, and such other incidental costs as may be necessary, upon production of satisfactory evidence of such costs. Voucher forms for this purpose may be procured from Federal reserve banks. "SEC. 7. In cases where the delivery of gold coin, gold bullion, or gold certificates by the owners thereof within the time set forth above will involve extraordinary hardship or difficulty, the Secretary of the Treasury may, in his discretion, extend the time within which such delivery must be made. Applications for such extensions must be made in writing under oath, APRIL 1933 addressed to the Secretary of the Treasury and filed with a Federal reserve bank. Each application must state the date to which the extension is desired, the amount and location of the gold coin, gold bullion and gold certificates in respect of which such application is made and the facts showing extension to be necessary to avoid extraordinary hardship or difficulty. "SEC. 8. The Secretary of the Treasury is hereby authorized and empowered to issue such further regulations as he may deem necessary to carry out the purposes of this order and to issue licenses thereunder, through such officers or agencies as he may designate, including licenses permitting the Federal reserve banks and member banks of the Federal Reserve System, in return for an equivalent amount of other coin, currency, or credit, to deliver, earmark, or hold in trust gold coin and bullion to or for persons showing the need for the same for any of the purposes specified in paragraphs (a), (c), and (d) of section 2 of these regulations. "SEC. 9. Whoever willfully violates any provision of this Executive order or of these regulations or of any rule, regulation, or license issued thereunder may be fined not more than $10,000, or, if a natural person, may be imprisoned for not more than 10 years, or both; and any officer, director, or agent of any corporation who knowingly participates in any such violation may be punished by a like fine, imprisonment, or both. "This order and these regulations may be modified or revoked at any time. "FRANKLIN D. ROOSEVELT. " T H E WHITE HOUSE, "April 5, 1933:' In commenting on this order, the Secretary of the Treasury in a press statement, issued under date of April 5,1933, said: "The President's order of today requiring the turning in of hoarded gold, and at the same time providing that gold shall be available for all proper purposes, is an expected step in the process of regularizing our monetary position and furnishing adequate banking and currency facilities for all customary needs. "Such an order was in contemplation from the time of the passage of the Emergency Banking Act. As the President indicated today, while many of our citizens voluntarily and helpfully turned in their gold, there were others who did not so respond. In fairness, the conduct of all citizens with reference to gold should be the same in this emergency, and this is assured by the order. Those surrendering gold, of course, receive an equivalent amount of other forms of currency, and other forms of currency may be used for obtaining gold in an equivalent amount where authorized for proper purposes. "Gold held in private hoards serves no useful purpose under present circumstances. When added to the stock of the Federal reserve banks it serves as a basis for currency and credit. This further strengthening of the banking structure adds to its power of service toward recovery. "A vital provision of the order is that authorizing the Secretary of the Treasury to issue licenses for gold for proper business needs not involving hoarding. Applications will be passed upon as the facts in each case warrant. •"Regulations governing the procedure of the Treasury under the new order are in course of preparation/' Below are presented tables showing the reserve position of the Federal reserve banks, the amount of gold in the Tables on gold Treasury and the Federal reand currency serve banks and in circulation, and demand for currency and sources of funds used by banks in meeting this demand. The tables give figures for Wednesday dates in February, March, and the first 2 weeks in April; for the 6 days, February 27 to March 4, daily figures are shown. RESERVE POSITION OF FEDERAL RESERVE BANKS [In millions of dollars] Total cash reserves Date Feb 1 Feb.8 Feb 15 Feb. 21 Federal reserve notes Excess Deposits reserves Reserve ratio (percent) 3,457 3,442 3, 387 3,305 2,730 2.773 2,891 3,000 2,540 2,500 2,376 2,399 1,476 1,458 1,399 1,265 65.6 65.3 64.3 61.2 Feb 27 Feb. 28 Mar 1 Mar. 2 Mar. 3 Mar 4 3,178 3,126 3,067 2,997 2,810 2,802 3,268 3,417 3,580 3,769 4,103 4,165 2,265 2,236 2,157 2,178 2,094 2,053 1,078 977 880 727 435 416 57.4 55.3 53.5 50.4 45.3 45.1 Mar. 8 Mar 15 Mar 22 Mar. 29 2,809 3,148 3,371 3,442 4,215 4,293 3,916 3,748 1,951 2,124 2,155 2,203 440 688 1,050 1,172 45.6 49.1 55.5 57.8 3,488 3,644 2,196 1,262 59.7 A.pr. 5 215 FEDERAL RESERVE BULLETIN APRIL 1933 - - ._ MONETARY GOLD STOCK OF THE UNITED STATES [In millions of dollars] Date Feb. Feb. Feb. Feb. Total In Treassury and Federal reserve banks In circulation Total Coin Certificates 1 8 15 21 4,548 4,535 4,511 4,460 3,477 3,459 3,418 3,345 1,071 1,076 1,093 1,115 480 487 497 516 591 589 596 599 Feb. 27 Feb. 28 Mar. 1 Mar. 3 Mar. 4 4,397 4,380 4,344 4,320 4,242 4,242 3,212 3,159 3,105 3,041 2,861 2,853 1,185 1,221 1,239 1,279 1,381 1,389 557 572 586 600 623 626 628 649 653 679 758 763 Mar. Mar. Mar. Mar. 4,243 4,251 4,264 4,272 2,897 3,232 3,430 3, 501 1,346 1,019 834 771 620 462 383 368 726 557 451 403 4,283 3,538 745 365 380 8 15 22 29.... Apr. 5 DEMAND FOR CURRENCY AND SOURCES OF FUNDS USED BY BANKS IN MEETING THE DEMAND [In millions of dollars] Credit extended by reserve banks Date Money in circulation Bills discounted Bills bought Member bank reUnited serve States balances Government securities Feb. 1__ Feb. 8.. Feb. 15. Feb. 21. 5,652 5,705 5,854 5,988 269 253 286 327 31 31 180 1,764 1,784 1,809 1,834 2,438 2,419 2,236 2,271 Feb. 27. Feb. 28. Mar. 1_. Mar. 2_. Mar. 3_. Mar. 4.. 6,350 6,545 6,719 6,960 7,414 7,485 450 582 712 980 1,408 1,432 317 336 384 393 417 417 1,839 1,866 1,836 1,849 1,856 1,856 2,166 2,141 2,038 2,036 ,953 ,904 Mar. 8.. Mar. 15. Mar. 22 Mar. 29. 7,538 7,269 6,608 6,353 1,414 1,232 671 545 417 403 352 310 1,881 1,899 1,864 1,838 ,776 ,964 ,918 ,987 Apr. 5.. 6,261 436 286 1,837 1,976 31 There is given below a table showing, as of March 29, the number of all member banks, and indicating the number of Licensed and not t h e s e banks that had received licensed mem- ber banks ,. J . _ licenses to reopen irom the Secretary of the Treasury and those that had not received such licenses on that date. There is also shown the amount of deposits held by these banks on December 31, 1932, the latest date for which such figures are available. 216 FEDERAL RESERVE BULLETIN MEMBER BANKS LICENSED AND NOT LICENSED— MARCH 29, 1933 Number of member banks Federal reserve district Total Boston New York Philadelphia-_. Cleveland Richmond Atlanta_. Chicago St. Louis Minneapolis. _ Kansas C i t y . . Dallas San Francisco. Total Not Lilicensed censed 367 821 688 631 387 316 774 403 533 770 304 668 588 471 278 266 453 312 458 692 528 6,694 5,387 Deposits on Dec. 31, 1932, of member banks licensed and not licensed on Mar. 29, 1933 (in thousands of dollars) Total Licensed 63 2,040,175 1,897,496 153 10,325,124 10,042,066 100 2,193,998 2,044,672 160 2,536,702 2,014,724 968,646 752, 555 109 834,310 678,652 50 321 3,438,139 2,483,653 91 935,902 834,966 725,381 686,877 75 998,323 78 1,068,033 717, 330 40 723,495 67 2,775,014 2, 698, 325 Not 142,679 283,058 149,326 521,978 216,091 155,658 954,486 100,936 38,504 69,710 6,165 76,689 1,307 28,564,919 25,849,639 2,715,280 The Secretary of the Treasury, under the authority conferred upon him by the President's Proclamations of March Regulations by 6 a n d March 9, 1933, declaring the Secretary of . • , \ , *. , n the Treasury and continuing a bank holiday, issued the following regulations during the period March 19, 1933, to March 31, 1933 (for Regulations 1-28, issued prior to Mar. 19, 1933, see pp. 122-125 of the FEDERAL RESERVE BULLETIN for March 1933): APRIL 1933 REGULATION NO. 31 (MAR. 30) Any banking institution which is a member of the Federal Reserve System and is not licensed to perform usual banking functions, but which is duly authorized to engage in the business of acting as trustee, executor, administrator, registrar of stocks and bonds, transfer agent, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity, may transact such business in the normal and usual manner and may make payments on account of the principal or income of trust or other fiduciary funds to the persons entitled thereto: Provided: That, except to the extent permitted by other emergency banking regulations, no such banking institution shall withdraw or pay out any trust or other fiduciary funds on deposit with any other department of such banking institution or make any other payment in connection with any trust or other fiduciary funds which would operate to discharge, as a whole or in part, any indebtedness, as distinguished from any trust or other fiduciary duty, of such banking institution. This regulation supersedes emergency banking regulation no. 13 of March 7, 1933, which is hereby revoked REGULATION NO. 32 (MAR. 30) Any State bank which is a member of the Federal Reserve System, and is not licensed by the Secretary of the Treasury to perform usual banking functions, may permit withdrawals of deposits which are lawfully secured by collateral; Provided, that such withdrawals are (a) permissible under applicable law, (6) duly authorized by the Board of Directors of such bank, upon such terms with respect to the release of collateral as will fully protect all depositors and other creditors against the creation of any preferences, and (c) approved h>y the appropriate State authority having supervision of such bank. Any such bank is authorized to carry on such usual REGULATION NO. 29 (MAR. 21) banking functions as may be essential to allow the permitted by this regulation, subject to Any banking institution which is a member of the withdrawals provisions and restrictions above set forth and exFederal Reserve System and is not licensed to perform the usual banking functions may rediscount or pledge with cept as otherwise prohibited. another banking institution renewals of notes which were previously rediscounted or pledged with such other The following are interpretations issued by banking institution. the Secretary of the Treasury from March 19, 1933, to March 31, 1933, of cerBanking institutions which are members of the Fed- lntfuprc tatio . ns tain of the provisions of the reg& ^ eral Reserve System and of which actual possession by the Secretary . . and control have been taken (a) by conservators of the Treasury ulations set lorth on pages 122REGULATION NO. 30 (MAR. 28) appointed pursuant to the act of March 9, 1933, or 125 of the FEDERAL RESERVE (6) by appropriate State officials appointed pursuant to State law, as permitted by the President's Executive BULLETIN for March 1933 (for interpretations Order of March 18, 1933, are permitted to transact 1-11, issued prior to Mar. 19, 1933, see pp. such limited banking functions as may be authorized in accordance with law by the Comptroller of the Cur- 125-126 of the FEDERAL RESERVE BULLETIN rency, in the case of national banks, or by the appro- for March 1933): priate State officials, in the case of State member banks: Provided, however, That no such banking institution INTERPRETATION NO. 12 (MAR. 20) shall reopen for the performance of its usual and normal functions until it shall have received a license Regulation no. 27 is interpreted to permit any bankfrom the Secretary of the Treasury. ing institution acting thereunder to carry on such usual This regulation shall not authorize any transaction banking functions as may be essential to permit rewith respect to the export or paying out of gold, or stricted withdrawals and payments authorized by such gold certificates, withdrawal of currency for hoarding regulation, subject to all of the provisions and restricor transactions in foreign exchange prohibited or re- tions therein contained and except as otherwise prostricted by the Executive order of March 10, 1933. hibited. APRIL FEDERAL RESERVE BULLETIN 1933 INTERPRETATION NO. 13 (MAR. 21) Regulation no. 28 is held not to prohibit the honoring of checks or drafts drawn on or before March 18, 1933, under the terms of regulation no. 6 or regulation no. 10, as amended, subject to all the provisions and restrictions contained in such regulations and except as otherwise prohibited. During March central gold reserves of the principal European countries taken as a whole increased by about $95,000,000, Gold reserves in reflecting a gain of $144,000,000 Europe by England; losses of $29,000,000 by Netherlands, $24,000,000 by France, and $7,000,000 by Germany; and minor changes in reserves of other countries. The GOLD RESERVES OF SELECTED CENTRAL BANKS [In millions of dollars] Change from— Central bank of— England France Germany Italy Belgium NetherlandsSwitzerland. . Date, 1933 Mar. Mar. Mar. Mar. Mar. Mar. Mar. 29 31 31 31 30 27 31 Gold reserves p 836 3,152 P176 P330 371 381 489 Month before +144 -24 -7 +5 +5 -29 +1 Year before +248 +140 -33 +34 +22 +28 +19 p Preliminary. gold received by Europe during the month came from the United States, from India— where hoarded gold continues to be released— and from new production in South Africa and elsewhere. Gold reserves of the Bank of England increased throughout most of the first quarter of the year, the increase beginning about the middle of January. At that time the bank's gold holdings stood at approximately $583,000,000, the level to which they had been reduced on December 15,1932, after the sale of $95,500,000 of gold to the British Treasury in connection with the payment of the war-debt installment to the United States Government. The bank's gold stock increased $19,000,000 in January, $92,000,000 in February, and $144,000,000 in March; on March 29 it stood at $836,000,000, the largest figure reported by the bank since the summer of 1928. Following this growth in the Bank of England's gold reserve the British Treasury's authorization of August 1, 1931, which permitted 217 the bank to increase its fiduciary issue of notes from £260,000,000 to £275,000,000, was allowed to expire on April 1, 1933, without being renewed. During February and March, when the Bank of England was increasing its stock of gold, dollar quotations on sterling averaged about $3.42, as compared with $3.36 for January and $3.28 for December. The strength of the pound at a time when large amounts of sterling were sold in order to purchase gold was due in part to a flow of funds into England from abroad. The chief European losers of gold in March and also in the first quarter of the year, were France and Netherlands, but gold reserves in Germany also declined somewhat. Gold holdings of the Bank of France had reached a peak of $3,268,000,000 at the beginning of December 1932. Subsequent to that time they declined almost without interruption and by March 31 had been reduced to $3,152,000,000, the lowest figure reported by the bank since June of last year. The decline in the bank's gold stock amounted to $33,000,000 in January, $45,000,000 in February, and $24,000,000 in March, The German Reichsbank, in addition to losing $7,000,000 of gold during March, also lost $13,000,000 of foreign-exchange reserves. In the first two months of the year the bank's total gold and foreign-exchange reserves had shown practically no change. The loss of reserves in the past month was attributable to the partial repayment of credits obtained from abroad by the German Government and by the Reichsbank. On March 4 the $100,000,000 credit originally granted in June 1931 to the Reichsbank by a group of European central banks and the Federal reserve banks and periodically reduced since then, was reduced further from $86,000,000 to $70,000,000. On April 13 this credit was completely liquidated. On March 10 the Government repaid about $4,000,000 of the $125,000,000 credit which was originally granted by an international syndicate of bankers in November 1930 but which has been reduced at intervals since that time. The outstanding amount of this credit is now approximately $102,000,000. 218 FEDERAL RESERVE BULLETIN APRIL 1933 Bank Suspensions At the Federal Reserve Bank of New York Since the temporary closing of all banks by buying rates on bills of all maturities were the President's proclamation of March 6, changed during the period from March 1 to changes in the status of banks axe not com- April 7 as shown in the following table: parable with those that were previously shown in the tables on bank suspensions. ConseIto75 76 to 90 91 to 120 121 to 180 quently, such tables have been omitted from days days days days this BULLETIN. A table on member banks, licensed and not licensed, appears on page 216. In effect Feb. 28 1 1 VA Changes in Discount and Bill Rates The rate on rediscounts for and advances to member banks under sections 13 and 13a of the Federal Reserve Act was increased from 2% to 3% percent at the Federal Reserve Bank of New York, effective March 3, and at the Federal Reserve Bank of Chicago, effective March 4. The rate on rediscounts for and advances to member banks under sections 13 and 13a of the Federal Reserve Act was reduced from 3)4 to 3 percent at the Federal Reserve Bank of New York, effective April 7. Changes Mar. Mar. Mar. Mar. Mar. Mar. Mar. effective1 2 3 „ 13 17 20 22 VA VA 2 2 3H 3H 31/2 3 2H 2 3 VA 2 2 2H 33/4 4 V-A 2% 3 2H 2H Changes in Foreign Central Bank Discount Rates The following changes in discount rates during the month ended April 1, 1933, have been reported by central banks in foreign countries: Austrian National Bank—March 24, from 6 to 5 percent. Bank of Portugal—March 13, from 6% to 6 percent. APRIL 1833 FEDERAL RESERVE BULLETIN 219 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 27 and released for publication March 28] The course of business in the latter part of February and the first half of March was largely influenced by the development of a crisis in banking, culminating in the proclamation on March 6 of a national banking holiday by the President of the United States. Production and distribution of commodities declined by a substantial amount during this period, but showed some increase after banking operations were resumed in the middle of March. Production and employment.—Volume of output at factories and mines, which usually increases at this season, showed little change from January to February, and declined considerably in the first half of March. In the steel and automobile industries output decreased between the middle of February and the middle of March; subsequently some of the automobile plants which had been closed resumed operations, while activity at steel mills showed little change. In February output at cotton and woolen mills continued at the level prevailing in January, while at silk mills activity declined. Shoe production increased by more than the usual seasonal amount. Reports from important industrial States indicate that factory employment increased between the middle of January and the middle of February, as is usual at this season. Construction contracts awarded up to March 15, as reported by the F. W. Dodge Corporation, indicate that for the first quarter of the year the total value of contracts will show a considerable decline from the fourth quarter of 1932. Distribution.—Freight traffic, which usually increases at this season, showed little change from January to February, on a daily average basis, and declined considerably in the first 2 weeks of March. Department-store sales in the country as a whole were at about the same rate in February as in January, but were substantially smaller in areas affected by suspension of banking operations; early in March sales were sharply reduced but with the reopening of banks showed some increase. Wholesale prices.—Wholesale commodity prices declined somewhat further in February. In the early part of March the commodity exchanges were closed; when they reopened on March 15 and 16, prices of grains, cotton, silk, nonferrous metals, hides, and sugar were substantially above those prevailing at the beginning of the month; subsequently prices of many of these commodities declined somewhat. Bank credit.—During February member banks in leading cities were subjected to withdrawals of deposits on a large scale, reflecting in part withdrawals of balances by interior banks from their city correspondents and in part withdrawals of currency by the public. As a consequence, net demand deposits of these banks declined by $1,306,000,000 during the month, and their time deposits by $360,000,000. In order to meet these withdrawals the banks reduced their loans by $539,000,000, partly through the sale of acceptances to the reserve banks, and their investments by $363,000,000. They also increased considerably their borrowings at the reserve banks. March figures for member banks are incomplete. At the Federal reserve banks the banking crisis manifested itself between February 1 and March 4 in a domestic demand for $1,833,000,000 of currency, including about $300,000,000 of gold and gold certificates, and in a foreign demand for about $300,000,000 of gold. As a consequence, the reserve ratio of the Federal reserve banks declined from 65.6 to 45 percent. This reflected a loss of $655,000,000 in reserves and an increase of $1,436,000,000 in Federal reserve note circulation, offset in part by a decrease of $486,000,000 in deposit liabilities. Between March 4 and March 22 there was a return flow to the reserve banks of $558,000,000 of gold coin and gold certificates and of $319,000,000 of other currency, and the reserve ratio advanced to 55.5 percent. Discounts for member banks, which had increased to $1,432,000,000 by March 4, declined to $671,000,000 on March 22. Money rates in the open market advanced during the banking crisis, and, on the resumption of business after the banking holiday, rates were at considerably higher levels than those prevailing on March 3. Subsequently rates declined as more funds became available to the market. On March 3 the discount rate of the Federal Reserve Bank of New York was raised from 2}i to 3K percent, and on March 4 there was a similar increase at the Federal Reserve Bank of Chicago. The New York reserve bank's buying rate on bills was raised by successive steps from one half of 1 percent on February 26, for bills of the shorter maturities, to 3% percent on March 3. On March 13 the rate for these maturities was raised to 3K percent; subsequently the rate was reduced and on March 22 was 2 percent. 220 FEDERAL RESERVE BULLETIN APRIL RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS.Of DOLLARS MILLIONS OF DOLLARS 7000 7000 6000 6000 MEMBER BANK RESERVE BALANCES 2000 100O 1000 1928 1929 1930 1931 1932 Based on weekly averages of daily figures; latest figures are for week ending April 5 1933 1933 221 FEDERAL RESERVE BULLETIN APRIL 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 United Bills discounted Bills bought Other reserve bank credit Government securities Total NonMone- Treasury Money Member bank member tary gold currency in circu- reserve deposits, stock adjusted lation balances etc. Unexpended capital funds 828 848 714 605 486 495 523 451 387 328 313 282 221 151 105 52 41 50 60 37 34 34 34 34 759 743 809 1,014 1,413 1,697 1,818 1,850 1,848 1,851 1,851 1,854 1,865 1,785 1,652 1,694 1,960 2,262 2,422 2,353 2,282 2,231 2,211 2,192 4,452 4,384 4,372 4,381 4,273 3,956 3,941 4,031 4,140 4,226 4,292 4,429 1,773 1,787 1,792 1,789 1,788 1,787 1,780 1,796 1,826 1,886 1,917 1,915 5,645 5,627 5,531 5,452 5,456 5,530 5,751 5,720 5,685 5,643 5,642 1,979 1,907 1,899 1,996 2,138 2,062 2,003 2,073 2,181 2,307 2,378 2,435 113 73 37 63 77 65 46 40 35 38 40 43 1933—January February.March 255 307 994 102 379 1,806 1,804 1,875 2,110 2,224 3,233 4,647 4,491 4,260 1,901 1,891 1,897 5,631 5,892 2,516 2,291 1,914 79 134 Week ending (Saturday)— 1932—Nov. 5 Nov. 12 Nov. 19 Nov. 26 327 314 310 309 34 34 34 35 1,851 1,851 1,851 1,851 2,229 2,211 2,210 2,205 4,265 4,272 4,284 4,314 1,900 1,917 1,926 1,922 5,632 5,657 5,642 5,635 2,369 2,344 2,385 2,402 357 359 359 359 3 10 17 24 31 311 302 280 271 263 35 34 34 33 33 1,851 1,851 1,859 1,854 1,852 2,208 2,202 2,195 2,189 2,171 4,336 4,352 4,411 4,487 4,503 1,915 1,916 1,937 1,906 1,902 5,654 5,682 5,683 5,734 5,704 2,399 2,457 2,444 2,471 357 357 360 362 360 1933—Jan. 7 Jan. 14 Jan. 21 Jan. 28 245 249 251 267 33 32 32 31 1,853 1,829 1,793 1,770 2,153 2,127 2,091 2,080 4,526 4,548 4,558 4,554 1,902 1,905 1,908 1,897 5,669 5,616 5,616 5 620 2,513 2,563 2,526 2 487 352 353 351 350 269 256 283 335 31 31 45 181 1,763 1,775 1,809 1,833 2,074 2,078 2,155 2,357 4,549 4,530 4,505 4,450 1,886 1,892 1,871 1,892 5,664 5,717 5,850 6,032 2,426 2,256 2,235 350 346 343 342 847 1,421 1,184 361 417 400 356 1,848 1,876 1,907 1,882 3,056 3,661 3,476 2,931 4,333 4,244 4,251 4,263 1,922 1,922 1,920 1,871 6,805 7,532 7,260 6,643 2,065 1,803 1,898 1,952 1932—January February. March April May June July August September October November December Dec. Dec. Dec. Dec. Dec. Feb. Feb. Feb. Feb. 4 11. 18 25. _ _. Mar. 4 Mar. 11.._ Mar. 18 Mar. 25._. 0) 1933 Bills discounted Bills bought United States Government securities.— Other reserve bank credit 274 31 582 336 1,851 1,851 1,855 1,763 14 22 10 Total reserve bank credit... Monetary gold stock Treasury currency adjusted 2,227 2,202 2,145 4,264 4,340 4,513 1,909 1,925 1,923 35 235 33 426 305 2,077 2,794 2,572 4,553 4,379*4,279 1,872 1,939 *1,887 Money in circulation 5,628 5,648 5,675 5,645 6,546 6, 319 Member bank reserve balances. 2,383 2,411 2,509 2,446 2,141 1,949 64 Nonmember deposits, etc 31 50 43 80 143 Unexpended capital funds 346 346 327 358 357 354 i Less thanl$500,000. v Preliminary* Back figures.—See Annual Report for 1931 (tables 1-5)* 345 349 349 341 143 140 129 1933 Oct. Nov. Dec. Jan. Feb. Mar. 31 30 31 31 28 328 34 351 344 344 Wednesday series End of month series 1932 353 349 349 353 350 348 343 347 347 355 360 Feb. Mar. Mar. Mar. Mar. Mar. 21 22 15 29 Bills discounted Bills bought United States Government securities Other reserve bank credit Total reserve bank credit Monetary gold stock Treasury currency adjusted 671 352 545 310 1,834 1,836 1,881 -68 16 1,864 -1 1,838 -6 2,351 2,936 3,644 3,525 4,460 4,344 4,243 4,251 1,878 1,915 1,913 1,938 2,887 2,688 4,264 4,272 1,841 1,859 327 174 712 1,414 1,232 417 403 384 6,353 Money in circulation 5,988 6,720 7,538 Member bank reserve balances- 2,271 2,038 1,776 1,964 1,918 1,987 Unexpended capital funds, non478 481 member bank deposits, etc.... 431 486 222 FEDERAL RESERVE BULLETIN APRIL 1933 RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars] Mar. 31, 1933 Feb. 28, 1933 Mar. 31, 1932 RESOURCES Gold with Federal reserve agents Gold redemption fund with United States Treasury Gold held exclusively against Federal reserve notes... Gold settlement fund with Federal Reserve Board Gold and gold certificates held by banks Total gold reserves Reserves other than gold Total reserves Nonreserve cash T Redemption fund—Federal reserve bank notes _. Bills discounted: For member banks . __ For intermediate credit banks .__ For nonmember banks, etc Total bills discounted. Bills bought: Payable in dollars: B ought outright Under resale agreement... Payable in foreign currencies. Total bills bought United States securities: Bought outright Under resale agreement Total United States securities Other reserve bank credit: Federal intermediate credit bank debentures _ Municipal warrants Due from foreign banks Reserve bank float (uncollected items in excess of deferred availability items] Total reserve bank credit outstanding _ Federal reserve notes of other reserve banks Uncollected items not included in float Bank premises All other resources Total resources.. _ _ 2, 577,825 81,199 2,225,068 74, 233 2,211,147 44, 565 2,659,024 230,002 361,375 2,299, 301 379, 251 273,198 2,255,712 276, 289 487, 702 3,250,401 204, 275 2, 951,750 174,636 3,019, 703 215,461 3, 454, 676 114, 247 1,100 3,126,386 67,872 3, 235,164 77,805 425,036 " " I , " 436 581,605 35 794 632, 366 5,916 268 426, 472 582,434 638, 550 277,974 2,021 24,788 294,592 12,429 28, 997 31,843 4,936 30, 778 304,783 336,018 67, 557 1,925 1,836, 377 30,000 860,070 11, 562 1,838, 341 1,866,377 871, 632 4,953 3,618 i 6, 230 4,552 3,515 1,598 200 7,646 6,645 4,611 2, 571,937 2,794,494 1,596,841 29,005 312,690 54,037 71,952 10,889 357,056 53,962 53, 709 15, 792 349,448 57,853 36,199 6,609, 644 6, 464, 368 5,369,102 29,005 3,666, 718 3, 695, 723 14, 567 10,889 3,406,430 15, 792 2,547,694 3,417,319 2,563,486 1,949,107 41,126 16,384 2,140,924 14,919 40,125 1,923,533 29,546 30,630 LIABILITIES Federal reserve notes: Held by other Federal reserve banks _ _ Outside Federal reserve banks _ Total notes in circulation Federal reserve bank notes in actual circulation __ Deposits: Member bank—reserve account Government Foreign bank _ Special deposits: Member bank Nonmember bank Other deposits _._ Total deposits _ Deferred availability items Capital paid in Surplus _ All other liabilities Total liabilities Contingent liability on bills purchased for foreign correspondents 65,489 16,133 44,724 40, 213 28,397 2,132,963 312, 690 149,595 278, 599 25, 507 2, 236,181 357,056 150,309 278, 599 24,904 2,012,106 349,448 155,623 259,421 29,018 6, 609, 644 45,305 6,464, 368 29,984 5, 369,102 335,432 4, 035, 766 3, 678,832 2,816,584 2, 577,825 598,813 884,700 2, 225, 068 855,908 611,600 2, 211,147 667,000 4,061,338 3,692, 576 2,878,147 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal reserve banks by Federal reserve agents Collateral held by agents as security for notes issued to bank: Gold _ Eligible paper United States Government securities Total collateral— __.. FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal reserve banks (outstanding). Collateral pledged against outstanding notes: Discounted and purchased bills.__ United States Government securities. Total collateral. 1 Excess of deferred availbility items over uncollected items. Back figures.—See Annual Report for 1931 (table 11), 1930 (table 10), etc. 21,049 5,258 25, 249 30,507 223 FEDERAL RESERVE BULLETIN A P R I L 1933 ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED STOCK STATES [In millions of dollars] Month 1929—October November December Analysis of changes Gold stock at end Increase Net re- Domesof in stock Net gold lease tic promonth during import from ear- duction, month mark i etc.* 4,386 4,367 4,284 Total (12 mos.)_. 1930—January February March April May June . July August „« September October - November December 4,291 4, 353 4,423 4,491 4,517 4,535 4,517 4,501 4,511 4,535 4,571 4,593 Total (12 mos.) „ 1931—January February „. „» March April May June July August September October November „ December 4,643 4,665 4,697 4,726 4.798 4,956 4.949 4,995 4,741 4,292 4,414 4,460 Total (12 mos.).. 1932—January February March April May June July August September October November December 4,416 4. 354 4,390 4,367 4,152 3,919 3,977 4.088 4,193 4,264 4,340 4,513 Total (12 mos.). . 1933—Januarv * February _ March v Total (3 mos) [In thousands of dollars] 4,553 4,380 4,279 14.4 -19.2 -82.9 17.5 -23.2 -64.4 -4.5 1.0 -22.0 142.5 175.1 -55.4 6.8 61.9 70.2 68.5 25.9 17.6 -18.4 -15.5 10.2 23.3 36.8 22.1 4.0 60.0 55.5 65.7 23.5 13.9 -19.6 -19.6 2.5 26.4 35, 2 32.7 0.5 0.0 15.0 0.5 2.0 2.0 -3.0 0.0 4.0 -6.1 -2.1 -15.2 309.6 280.1 -2.4 4974 22.0 32.0 28.7 72.4 158.0 -6.6 45.7 -254,3 -448. 4 122.0 45.8 34.4 16.1 25.6 49.5 49.6 63.8 19.5 57.5 20.6 -337. 7 89.4 56.9 11.9 2.5 3.0 -7.5 4.0 92.3 -29.7 -16.0 -279.1 -107.6 28.3 -22.9 -133.4 145.3 -320. 8 -44.2 -62.3 36.0 -23. 1 -214.1 -233. 9 58-0 111.7 104.8 70.8 75.6 173.5 -73.0 -90.6 -24.7 -30.2 -195. 5 -206.0 -3.4 25.4 26.4 58.3 27.9 20. 6 21.7 100.9 -22.1 -28.8 56.2 100.5 72.3 45.8 48.6 •71.0 52.9 -446.2 4.0 6.1 Exports Imports Exports JanuaryFebruary Imports Exports Belgium . 600 600 England 8,900 4,939 11, 628 55,193 11, 634 France 4,213 75 3,784 29,565 3,784 4 1,550 1,071 1,550 2.3 Germany 5,883 4,223 3,421 19, 347 3,421 1.9 Netherlands 602 - 0 . 3 Portugal 1,614 731 1 614 2.3 Switzerland 4,211 5 9,493 8,178 14 0.5 Canada 164 294 1.7 Central America 544 Mexico 1,178 4.3 15 15 4.2 Argentina. 35 87 3.7 Colombia 113 3. 1 Ecuador 212 165 148 3.8 Peru 4.5 Uruguay Venezuela 120 259 777 510 1,459 31.9 Australia..3,366 24, 639 9,446 British India 3.1 China and Hong 2,228 9,312 3,700 Kong 3.3 297 417 3.3 Dutch East Indies 3,729 Japan -13.3 276 809 18.8 Philippine Islands 2 3 3 562 17, 213 1,439 1,685 3 1.9 All other countries 3.6 158,861 112, 621 * 15, 009 30, 397 Total « 37, 542 112,636 4.2 4.2 -3.1 1 Differs from Department of Commerce figure since $8,900,000 de4.2 11.9 clared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until Mar. 1. 2 Includes all movements of unreported origin or destination. 42.1 3 $17,054 exported to Italy. * At New York—imports, $4,093,000, exports, $37,542,000. Elsewhere, 3.4 1.9 imports, $10,916,000. 2.4 3.2 3.6 0.9 5.2 5.1 4.6 4.5 5.3 1.6 41.6 3.0 -12.9 21.8 -234.3 •123.7 11.9 1 Gold released from earmark at Federal reserve banks less gold placed under earmark. 2 This figure, derived from preceding columns, represents the excess of domestic production over nonmonetary consumption of gold—chiefly consumption in the arts. In any given month, however, it may be predominantly affected by the fact that on the final day of the month (a) gold bullion or foreign gold coin recently imported may not yet have reached a reserve bank or the Treasury, and (b) gold bullion recently withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies in 1official reports of gold imports and exports. Allowance has been made for gold earmarked at the Bank of England for account of the Federal Reserve Bank of New York * Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until Mar. 1. Imports February 3.5 457.5 Back figures.—See Annual Report for 1931 (table 30). March (preliminary) 22.8 128.5 3 - 9 1 . 5 «17.8 -178. 3 - 2 2 . 5 -100.1 v Preliminary figures From or to— 1.4 3.0 40.0 -173. 4 -100.9 -369. 9 1933 KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal reserve banks. In millions of dollars] 1933 1932 Mar. 31 * Feb. 28 Mar. 31 Kind of money » 367 393 3,621 571 649 3,405 28 376 1 258 112 266 17 28 362 1 252 111 301 3 879 861 274 3 693 Total Treasury currency 1,937 1,919 1,730 Total money in circulation 6,319 6,545 5,459 Gold coin . Gold certificates Federal reserve notes Treasury currency: Standard silver dollars Silver certificates Treasury notes of 1890 Subsidiary silver Minor coin United States notes Federal reserve bank notes National bank notes ' . 404 779 2,546 31 355 1 259 114 p Preliminary. Backfigures.—See Annual Reports for 1931 (table 35), 1930 (table 32), and 1927 (table 22). 224 FEDERAL RESERVE BULLETIN APRIL 1933 MEMBER BANE RESERVE BALANCES [In millions of dollars] Averages of daily figures Reserves held Month or week Total—all member banks New York Cityi 1931—November December 1932—January February March April May June July August September October November. December 2,118 2,069 774 766 1,979 1,907 1,899 1,996 2,138 2,062 2,003 2,073 2,181 2.307 2,378 2,435 1933—January February-.. Excess reserves Other reserve cities "Country' banks Total—all member banks New York Cityi Other reserve cities 832 807 512 503 57.0 59.5 19.4 16.9 26.9 30.9 724 681 687 780 874 783 767 832 927 1,001 1,050 1,083 767 753 747 749 800 819 781 797 812 863 887 911 488 473 465 466 464 459 455 444 443 444 441 440 35.4 43.8 59.0 152.1 277.1 234.4 204.4 269.9 345.5 435.9 482.2 525.8 10.7 18.5 4.5 7.2 17.8 88.1 155.1 89.4 75.0 127.7 193.4 241.6 266.8 283.2 1.8 11.3 17.3 35.7 91.5 111.4 91.6 108.9 119.6 160.5 181.8 206.9 29.2 25.3 23.8 28.3 30.5 33.6 37.9 33.3 32.4 33.7 33.7 35.7 2,516 2,291 1,109 860 965 442 441 583.8 417,3 286.2 74.5 254.2 I 291.0 43.4 51.8 Jan. 6 Jan. 13 Jan. 20 Jan. 27 2,508 2,559 2,536 2,491 1,121 1,171 1,141 1,057 934 946 950 997 453 442 445 436 308.7 350.1 311.8 232.9 219.1 236.4 238.1 288.4 Feb. Feb. Feb. Feb. 2,438 2,377 2,275 2,233 997 931 855 801 1,007 1,006 984 987 435 440 436 444 173.7 123.2 60.8 36.6 298.8 303.5 281.9 294.5 Country" banks Week ending (Friday)— 3 10 17 24 1 Central reserve city banks only. Backfigures.—SeeAnnual Report for 1931 (tables 49 and 56). 1 8 (2) Figures not available by weeks. MEMBER BANK DEPOSITS [In millions of dollars] Averages of daily figures Net demand and time deposits Net demand deposits Time deposits Month Totalall member banks New York Cityi Other reserve cities Total" Coun- all memtry" ber banks banks New York City» Other reserve cities Total"Coun- all memtry" ber banks banks New York Cityi Other reserve cities 'Coun- 1931—November. December. 28,218 27,438 6,612 6,414 11,350 11,048 10,256 9,976 16,358 15,985 5,653 5,546 6,273 6,106 4,432 11,860 11,453 959 5,076 4,942 5,825 5,643 1932—January... February.. March.... April May June July August September OctoberNovember. December. 26,592 25,715 25,431 25,386 25,466 25,075 24,712 24,744 24,973 25,292 25,476 25,492 6,165 5,797 5,760 5,950 6,159 5,957 5,951 6,084 6,308 6,559 6,762 6,877 10,706 10,413 10,291 10,109 10,081 10,032 9,830 9,833 9,853 9,939 9,964 9,941 9,720 9,505 9,327 9,226 9,087 8,931 8,827 8,811 8,795 8,751 8,674 15,447 14,789 14,575 14,589 14,679 14,413 14,157 14,141 14,408 14,679 14,864 14,965 5,343 5,001 4,959 5,138 5,342 5,154 5,133 5,217 5,440 5,629 5,804 5,937 . 5,921 5,723 5,622 5,492 5,425 5,433 5,304 5,283 5,316 5,402 5,432 5,424 4,183 4,064 3,993 3,959 3,911 3,826 3,720 3,641 3,652 3,649 3,628 3,604 11,145 10,926 10,856 10,797 10,787 10,663 10,555 10,603 10,565 10,612 10,612 10,527 822 796 800 811 816 803 818 867 869 929 957 940 4,786 4,690 4,668 4,618 4,656 4,599 4,526 4,550 4,538 4,537 4,532 4,517 5,537 5,440 5,387 5,368 5,315 5,261 5,211 5,186 5,159 5,145 5,123 5,071 1933—JanuaryFebruary. 25,641 24,978 7,050 6,722 10,023 9,847 8,568 8,409 15,116 14,645 6,109 5,842 5,470 3,537 3,435 10,525 10,333 941 880 4,553 4,479 5,031 4,974 i Central reserve city banks only. Back figures.—See Annual Report for 1931 (table 49). 225 FEDERAL RESERVE BULLETIN APEIL 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 Nonmember banks Member banks Other nonmember banks Mutual savings banks Date Total Loans Investments Total Investments Loans Total Loans Investments Total Loans Investments 1928—June 30. Oct. 3— Dec. 31. 57.265 57,219 58.266 39,464 39,671 40,763 17,801 17,549 17,504 35,061 34,929 35,684 24,303 24,325 25,155 10,758 10,604 10,529 9,242 i 9,242 9,390 5,518 i 5,518 5,694 3,723 i 3,723 3,696 12,962 12,049 13,192 9,643 9,828 9,913 3,320 3,222 3,279 1929—Mar. 27. June 29. Oct. 4... Dec. 31. 58,019 58,474 58,835 58,417 40, 557 41,512 42,201 41,898 17,462 16,962 16,634 16,519 35,393 35,711 35,914 35,934 24,945 25,658 26,165 26,150 10,448 10,052 9,749 9,784 19,390 9,556 i 9,556 9,463 i 5,694 5,892 i 5,892 5,945 i 3,696 3,664 i 3, 664 3,518 13,236 13.207 13,366 13,020 9,918 9,961 10,144 9,803 3,317 3,246 3,221 3,217 1930—Mar. 27. June 30. Sept. 24. Dec. 31. 57,386 58,108 57, 590 56, 209 40,618 39,715 38,135 16,700 17,490 17,875 18,074 35,056 35,656 35,472 34,860 25,119 25, 214 24,738 23,870 9,937 10,442 10, 734 10,989 i 9,463 9,747 1 9,747 15,945 6,009 1 6,009 i 3,518 3,739 i 3, 739 3,920 12,868 12,706 12,371 11,362 9,623 9,395 8,968 8,196 3,245 3,309 3,402 3,165 1931—Mar. 25. June 30. Sept. 29. Dec. 31. 55,924 55,021 53,365 49, 704 36,813 35,384 33,750 31,305 19, 111 19,637 19, 615 18,399 34,729 33,923 33,073 30, 575 22,840 21,816 20,874 19,261 11,889 12,106 12,199 11, 314 19,987 10,506 i 10,506 10,488 6,169 i 6,169 6,218 i 3,920 4,337 i 4, 337 4,270 11.208 10, 593 9,786 8,641 7,906 7,399 6,707 5,827 3,302 3,194 3,079 2,814 1932—June 30. Sept. 30. Dec. 31. 46,071 45,852 44,946 27,834 26,985 26,063 18,237 18,867 18,883 28,001 28,045 27,469 16,587 15,924 15, 204 11,414 12,121 12,265 10, 316 10,316 10,182 6,130 i 6,130 6,079 4,186 i 4,186 4,103 7,755 7,491 7,295 5,117 4,931 4,780 2,637 2,560 2,515 1 1 Figures of preceding call carried forward. ALL BANKS IN THE UNITED STATES—DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS [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] NUMBER OF BANKS [All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] Member banks Nonmember banks Date All banks Member banks 1928—June 3 0 Oct. 3__Dec. 31.- 53, 398 53, 720 56, 766 32,133 32,138 34,826 1929—Mar. 27.. June 29.. Oct. 4_._ Dec. 31._ 54,545 53,852 55,180 55, 289 1930—Mar. 27June 30_. Sept. 24. Dec. 31._ 1931—Mar. 25 June 30 Sept. 29 Dec. 31 1932—June 30.. Sept. 30. Dec. 31.. 1 ! i 8,653 8,849 12,612 12,929 13,091 33, 215 32,284 33,004 33,865 8,983 i 8983 8,916 12,481 12, 584 13,193 12, 507 53,185 54,954 52,784 53,039 32,082 33, 690 31,839 32, 560 1 8,916 9,197 i 9,197 9,507 12,187 12,067 11, 748 10,972 51,427 51,782 49,152 45,821 31,153 31, 566 29,469 27,432 1 10,767 10,199 9,666 8,284 41,963 r 41,942 41, 643 24, 755 24,903 24,803 Revised. Figures of preceding call carried forward. Mutual Other saving nonmembanks jber banks 9, 507 10,017 i 10,017 10,105 10, 020 i 10,020 10,022 7,188 7,020 6,818 Date Total Total National State Nonmember banks Mu- Other nontual sav- member ings banks banks 1928—June 30— Oct. 3 Dec. 31— 25,941 25,828 25,576 8,837 7,685 7,670 7,629 1,244 1,226 1,208 615 i 615 612 16,397 16,317 16,127 1929—Mar. 27... June 29— Oct. 4 Dec. 3 1 — 25,341 25,110 24,951 24,630 8,755 8,707 8,616 8,522 7,569 7,530 7,468 7,403 1,186 1,177 1,148 1,119 i 612 611 i 611 15,974 15,792 15,724 15,499 1930—Mar. 27... June 30— Sept. 24... Dec. 31—. 24,223 23,852 23, 590 22, 769 8,406 8,315 8,246 8,052 7,311 7,247 7,192 7,033 1,095 1,068 1,054 1,019 1931—Mar. 25... June 30—. Sept. 29... Dec. 3 1 — 22,372 21,903 21,294 19,966 7,928 7,782 7,599 7,246 6,930 6,800 6,653 6,368 1932—June 30__. Sept. 30... Dec. 3 1 — 19,046 18,794 18,390 6,904 6,816 6,145 6,080 6,011 1 Figures of preceding call carried forward. 946 878 835 824 805 606 1606 603 15,208 14,931 14,738 14,114 1603 600 1600 597 13,841 13,521 13,095 12,123 594 1594 594 11,472 11,296 10,980 226 FEDERAL RESERVE BULLETIN APRIL 1935 REPORTING MEMBER BANKS IN LEADING CITIES [In millions of dollars. Monthly data are averages of weekly figures] Borrowings at F.R. U.S. seTotal curities banks Loans All on se- other curities loans BorBorrowrow- Total loans ings ings and inat at vestF.R. ments F.R. U.S. seTotal curities banks banks Investments Investments Total cities Loans and investments Loans and investments Montn or date Other leading New York City Total—all weekly reporting member banks Loans All on se- other curities loans Total 1932—January February March April May June __ _ July August September October November December 20,178 19,775 19,434 19,096 19,112 18,877 18,419 18,587 18,739 19,026 18,987 18,840 5,644 5,497 5,388 5,150 4,975 4,811 4,616 4,578 4,524 4,437 4,280 4,319 7,331 7,214 6,987 6,820 6,727 6,609 6,455 6,319 6,229 6,168 6,120 6,021 7,203 7,064 7,059 7,126 7,410 7,457 7,348 7,690 7,986 8,421 8,587 8,500 3,943 3,856 3,866 3,875 4,121 4,200 4,144 4,499 4,759 5,140 5,279 5,220 469 484 368 277 185 191 212 164 128 103 99 75 6,921 6,645 6,521 6,492 6,647 6,541 6,353 6,517 6,692 6,914 7,059 7,047 2,209 2,127 2,065 1,947 1,851 1,745 1,644 1,657 1,669 1,636 1,573 1,619 2,220 2,171 2,078 2,029 2,038 1,995 1,896 1,819 1,810 1,797 1,856 1.841 2,492 2.347 2,378 2,516 2,758 2,801 2,813 3,041 3,213 3,481 3,630 3,587 1,631 1,521 1,547 1,620 1,797 1,849 1,860 2,081 2,220 2,447 2,556 2,513 1933—January February.. March 18,665 18,532 4,223 4,217 5,903 5,819 8, 539 8,496 5, 200 5,205 63 95 7,077 7,046 6,477 1,571 1,621 1,633 1,839 1,797 1,492 3,667 3,628 3,352 2,575 2,537 2,234 1932—Dec. 7 Dec. 14._ Dec. 21 Dec. 28 18,841 18,839 18,874 18,804 4,307 4,322 4,331 4.315 6,057 6,009 6,037 5.982 8,477 8,508 8,506 8,507 5,226 5,209 5,236 5,207 89 79 64 67 7,060 7,052 7,055 7,020 1,625 1,619 1,620 1,612 1,848 1,813 1,866 1,838 3,587 3,620 3,569 3,570 1933—Jan. 4 Jan. 11 Jan. 18..Jan. 25 18, 713 18,673 18,655 18, 619 4,271 4,237 4,213 4,173 5,943 5,899 5,902 5,867 8,499 8,537 8,540 8,579 5,205 5, 262 5,291 5,283 61 58 59 76 7,037 7,055 7,086 7,132 1,584 1,580 1,559 1,562 1,849 1,822 1,849 1,836 Feb.1 Feb 8 Feb 15 Feb. 21 18, 725 18,573 18, 571 18, 257 4,259 4,204 4,206 4,199 5,907 5,824 5,877 5,666 8,559 8,545 8,488 8,392 5,253 5,248 5,206 5,115 81 70 100 130 7,222 7,073 7,078 6,809 1,643 1,606 1,614 1,621 Mar. 1 Mar 8 Mar. 15 Mar 22 Mar. 29 17, 823 4,234 5,393 8,196 4,908 488 6,512 6,412 6,523 6,484 6,457 1,640 1,668 1,674 1,626 1, 555 34 23 3 13,257 13,130 12,913 12,604 12,465 12,336 12,066 12,070 12.047 12,112 11,928 11. 793 435461 365277 185 191 212 164 m 11, 588 11,486 103 99 75 63 95 2,546 2,523 2,502 2,481 11,781 11,787 11,819 11,784 89 79* 64 67 3,604 3,653 3,678 3,734 2,502 2,560 2,609 2,631 11, 676 11,618 11,569 11,487 61 58 59 76 1,878 1, 799 1,858 1,653 3,701 3,668 3,606 3,535 2,600 2,572 2,522 2,452 11,503 11,500 11,493 11,448 81 70 100 130 1,439 1,453 1,483 1,525 1,563 3,433 3,291 3,366 3,333 3,339 2,338 2,186 2,253 2,210 2,185 11,311 305 306 183 632 483 147 84 NOTE.—Complete figures for dates subsequent to March 1 for reporting member banks outside of New York City are not available. Backfigures.—SeeAnnual Reports for 1931 (tables 58-60) and 1930 (tables 52-54). BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE [Net borrowings on demand and on time. In millions of dollars] From New From private York banks banks, brokers, and trust com- foreign banking panies agencies, etc. Total End of month 1932 January February March April May . June 512 525 533 . 1933 359 360 311 1932 374 385 391 1933 270 298 247 1032 138 140 142 379 300 244 300 243 194 79 57 49 July August _. . September 242 332 380 195 248 292 47 85 88 October November 325 338 347 263 278 279 61 61 68 DftnftTTibftr 1933 90 62 64 Back figures.—See Annual Reports for 1931 (table 63) and 1927 (table 47). MADE BY REPORTING MEMBER BANKS IN N. Y. CITY [In millions of dollars. Monthly data are averages of weekly figures] Total Month or date 1932—March April May . . June July August . . _ September October November December 1933—January February . . March,. Mar. 1 . . Mar. 8 . _ Mar. 15 Mar. 22 Mar. 29 . - . .. 531 500 436 377 335 344 409 411 354 393 380 433 398 418 413 388 398 371 For account of For acFor own ac- out-of- count of town count others banks l 432 423 385 342 309 319 385 389 336 377 365 416 373 398 395 366 367 336 94 70 44 29 18 17 19 16 12 12 11 10 18 9 11 15 26 31 5 7 7 6 8 8 5 Q 6 4 4 7 7 11 7 7 5 4 ' Member and nonmember banks outside New York City (domestic banks only). Back figures—See Annual Report for 1933 (table 62), 1930 (table 56), etc. 227 FEDERAL RESERVE BULLETIN APRIL 1933 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING ACCEPTANCES) (DOLLAR CLASSES OF BANKERS' ACCEPTANCES (DOLLAR ACCEPTANCES) [In millions of dollars] Held by Federal reserve banks End of month Total outstanding [In millions of dollars] For acFor count own of foraceign Total count correspondents Held by others End of month Own Bills bills bought 1930—November- 1,571 December.. 1,556 143 328 429 439 493 371 180 90 313 282 507 417 1931—January February._ March April.. June „ July.... August September-. October November.. December.. 1,520 1,520 1,467 1,422 1,413 1,368 1,228 1,090 996 1,040 1,002 974 89 85 123 162 124 95 39 70 420 647 418 305 447 456 431 409 380 341 243 228 100 99 126 251 571 550 472 410 464 554 668 606 410 230 296 262 134 151 131 125 171 196 232 168 162 112 125 131 437 398 341 285 293 357 436 438 248 118 171 131 412 429 440 441 444 379 278 186 67 63 161 156 1932—January February... March April May . June July August SeptemberOctober November.. December.. 961 919 911 879 787 747 705 681 683 699 720 710 119 76 36 16 4 36 12 3 2 3 4 4 314 312 335 292 183 98 59 49 43 39 32 40 332 343 377 455 510 518 563 574 573 605 655 604 159 175 155 188 225 200 197 198 156 199 268 224 174 168 222 268 286 318 366 376 414 406 386 380 195 189 163 115 90 96 70 55 64 52 28 62 1933—January February. __ March 707 704 2 307 280 41 30 45 626 325 256 201 370 124 38 42 May Based Based on goods on stored in goods stored Based Based United in States on on ex- (ware- Dollar foreign Total ports house counexchange tries or into from credits) or shipped TT Q U.S. beshipped between tween domestic foreign points points Held by accepting banks OUTSTANDING 1932—February March April May June July August. September October November December 1933—January February ACCEPTANCES PAYABLE IN FOREIGN C U R R E N C I E S HOLDINGS OF FEDERAL RESERVE BANKS 142 129 118 103 97 85 76 73 81 81 79 195 205 199 184 173 162 152 156 157 161 164 271 287 251 217 193 178 192 212 222 237 230 26 23 17 15 13 15 11 8 6 9 10 284 287 294 269 271 265 250 234 231 232 228 707 704 71 71 166 174 222 219 11 9 237 231 76 36 16 5 36 12 3 2 3 4 4 9 4 2 12 6 2 (*) 6 1 27 12 6 3 19 5 1 1 2 3 2 1 1 1 1 1 1 1 1 1 25 13 5 HELD BY F.R. BANKS (OWN ACCOUNT) I 1932—February _. March April. . . May June. . July August. September.. October . . November.. December 1933—January February Figures for acceptances outstanding (and held by accepting banks) from American Acceptance Council. Back figures—See Annual Reports for 1931 (table 70), 1930 (table 64). 1929 (table 58), and 1928 (table 61). . 919 911 879 787 747 705 681 683 699 720 710 2 307 (2) 4 1 (2) 0) (2) (2) (2) 31 (A 58 5 4 2 1 1 1 1 (») 1 105 (2) (2) 1 107 5 1 Total holdings of Federal reserve banks include a small amount of unclassified acceptances, a Less than $500,000. Back figures.—See Annual Reports for 1931 (tables 67 and 15), 1930 (tables 61 and 14), etc. COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] End of month January . . . February.. March April May June July August September October... November. December. i 1930 1,035 1,038 1,040 1,054 1,058 1,064 1,065 1,071 1,075 21,583 31,587 1931 36,119 23,958 1,063 1,074 1,073 10,551 34, 371 145, 215 48,804 33, 501 33,429 [In millions of dollars] 1932 1933 33,444 33,478 30, 778 30, 736 30, 837 30, 7G2 30, 645 30,834 30,849 30,659 30, 652 29,489 29,036 28,997 24,788 Back figures.—See Annual Reports for 1928 (table 12), 1927 (table 12), 1926 (table 24), etc. End of month January... February. March April May JuneJuly— August September. October November. December.. 1930 404 457 529 553 541 527 528 526 513 485 448 358 1931 327 315 311 307 305 292 289 271 248 210 174 118 1932 108 10* 106 108 111 103 100 108 110 113 110 81 1933 85 84 Back figures.—See Annual Reports for 1931 (table 66) and 1930 (table 60). 228 FEDERAL RESERVE BULLETIN APRIL 1933 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates for member banks on eligible paper] Average rate Average yield Prevailing rate on— Rate in effect on Apr. 7 Federal reserve bank Date established 3H Oct. 3 Apr. Oct. Oct. Jan. Nov. Mar. 3H Oct. Sept. Oct. Jan. Oct. Boston 1... New York..... Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City... Dallas San Francisco. Previous rate 17,1931 7,1933 22,1931 24.1931 25.1932 14,1931 4,1933 22,1931 12.1930 23.1931 28.1932 21,1931 3 3 4 3 2H 2H 4 3 4 Back figures.—See Annual Report for 1931 (table 36). BUYING RATES ON ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York] Rate in effect on Apr. 7 Maturity Date established 1-15 d a y s . . . . 16-30 days... 31-45 days... 46-60 days... 61-90 days... 91-120 days.. 121-180 days. Previous rate i Mar. 22,1933 do do do do do ..do 2H 2H 2H 2H 2tt 2% 3 Call loans» M o n t h or week Prime commercial paper, 4 to 6 months 1932 February March April May June July August September October November December Prime bank- Time ers' accept- loans, 90 8 ances, days 90 days 2H-2H 2 -3 1H-2 H X H X H-X H H 2 2 -2X m-m 1933 January February March Week e n d i n g Mar. 4 Mar. 11*. Mar. 18 Mar. 25 X-H 3H-5 2H-3 ReNew newal U.S. Treasury notes Treasand ury certifi- bonds« 3 to 6 months 2.50 2.50 2.50 2.50 2.50 2.08 2.00 2.00 1.35 1.00 1.00 2.50 2.50 2.50 2.50 2.50 2.08 2.00 2.00 1.35 1.00 1.00 2.42 «2.25 1.11 .31 «.34 .22 .14 «.O4 4.11 3.92 3.74 3.77 3.78 3.65 3.57 3.64 3.54 3.55 3.48 y* 1.00 1.00 3.27 1.00 1.00 3.32 .07 .01 *1.34 3.47 3.58 2.06 1.80 .52 4.31 3.00 4.75 3.10 *1.40 1.38 3.72 3.53 3.55 i Stock exchange call loans; new and renewal rates. > Stock exchange 90-day time loans. • 3 issues—3^, 3%, 4 percent; yields calculated on basis of last redempi For changes during March, see p. 218. tion dates—1947, 1956, and 1954. NOTE.—Rates on prime bankers' acceptances. Higher rates may be « Change of insues on which yield is computed. charged for other classes of bills. * Bank holiday. Back figures.—See Annual Reports for 1931 (table 37) and 1928 (table Back figures—See Annual Report for 1931 (tables 39 and 40), 1930 35). (tables 36 and 37), 1929 (tables 35 and 36), etc. RATES CHARGED CUSTOMERS BY BANES IN PRINCIPAL CITIES [Weighted averages of prevailing rates] New York City 8 other northern and eastern cities 27 southern and western cities Month 1929 January February March April May June July August September October November December . 5.74 5.73 5.81 5.85 5.88 5.93 5.88 6.05 6.06 6.08 5.86 5.74 1930 5.64 5.35 5.22 4.91 4.74 4.59 4.48 4.41 4.29 4.26 4.17 4.16 1931 4.24 4.31 4.20 4.17 4.11 4.13 4.05 3.97 3.93 4.27 4.67 4.64 1932 4.71 4. n 9 4.72 4.69 4.55 4.61 4.42 4.45 4.30 4.35 4.12 4.22 1933 4.12 4.11 4.88 1929 6.87 5.86 5.91 6.00 6.09 6.02 6.08 6.11 6 24 6.25 6.12 5.94 1930 5.88 5.66 5.47 5 22 5.13 5.06 4.81 4.79 4 74 4.75 4.66 4.68 1931 4.61 4.63 4.62 4.57 4.55 4.49 4 48 4.47 4 48 4.62 4.87 4.91 1932 5.07 5.13 6.14 5 10 5.14 5.13 5 05 5.12 5 03 4 96 4.88 4.88 1933 4.89 4.84 5.39 1929 5.94 5.96 6.04 6 07 6.10 6.16 6.17 6.22 6 27 6 29 6.29 6.20 1930 6.12 6.05 5.98 5 86 5.75 5.69 5.63 5.58 5 65 5 54 5.50 5.43 1931 5.50 5.43 5.40 5 36 5.26 5.34 5 30 5.28 5 32 5 38 5.53 6.56 1932 5.61 5.61 5.64 5 63 5.64 5.62 5 63 5.68 5 63 5 56 5.55 5.60 1933 5.60 5.66 5.66 NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given in preceding table). All averages are based on rates reported for 3 types of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (6) the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to the importance of that city in the group, as measured by the loans of all banks in the city. Back figures.—See Annual Report for 1931 (table 42). 229 FEDERAL RESERVE BULLETIN APRIL 1933 SECURITY PRICES AND SECURITY ISSUES SECURITY PRICES flndex numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926-100) PreBonds* ferred 1 stocks Month or date Number of Issues 1932—January February March April May June July August September. October November . . . December 1933—January February March Mar Mar Mar. Mar. Mar. 1 8* 15 22 29 Selected groups of industrial issues Rail- Public Total IndusCop- Elec- Matrial road utility Auto- Building Chain Chem- per trical mobile equip- store and equip- chinical ery ment brass ment Steel Textile 60 20 421 351 33 37 13 12 16 11 8 4 10 15 10 28 81.0 80.3 80.8 79.4 75.2 72.2 74.2 83.2 85.8 84.1 81.9 81.2 84.1 82.5 76.8 96.5 96.3 96.2 94.2 90.3 83.6 85.3 98.6 101.8 99.8 97.4 95.4 97.8 95.7 93.1 58 56 57 44 40 34 36 53 58 50 48 47 49 45 43 54 53 54 42 38 34 36 52 56 48 45 45 46 42 42 37 34 32 22 17 14 16 29 35 28 26 26 28 27 26 94 93 93 73 68 55 55 84 91 81 78 80 82 73 67 64 60 55 34 30 26 26 45 54 43 40 40 42 38 34 31 30 29 22 20 18 19 30 34 28 25 25 25 23 22 57 56 58 49 42 35 36 49 53 48 47 47 46 43 40 80 79 85 61 52 48 50 75 83 74 71 76 82 74 72 36 32 30 22 20 17 20 38 47 34 32 26 29 28 29 85 77 77 57 52 40 43 73 78 63 60 56 61 54 52 48 47 47 37 33 29 30 44 48 42 39 38 39 39 37 43 42 45 38 39 37 42 55 54 47 47 46 46 42 41 32 32 32 23 20 16 18 33 42 33 28 25 27 24 23 31 31 31 26 23 20 22 33 39 33 30 28 27 25 24 76.4 92.4 41 39 24~ 67 32 20 3T 48 36 39 20 23 93.9 93.8 93.6 48 43 43 46 43 42 28 26 26 74 64 62 40 35 34 24 24 23 43 40 40 &r 25 77.3 78.4 76.5 35 28 29 59 54 53 41 37 37 43 41 41 27 24 23 25 25 25 1 Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. Back figures.—See (for principal series) Annual Report for 1931 (table 129). 81 72 72 1 20 high-grade industrials; average price. * Markets closed. CAPITAL ISSUES UNITED STATES GOVERNMENT SECURITIES [Long-term; i. e.f 1 year or more. In millions of dollarsj [In millions of dollars] New issues Total (doYearfcand month mestic and foreign) Domestic Refunding issues (domestic and foreign) tan Corporate State Forand eign mu- Bonds niciand Stocks pal notes 6,201 6,314 7,556 8,040 10,091 6,909 _ 3,099 1,165 5,125 5,189 6,219 6,789 9,420 6,004 2,860 1,157 1,352 2,452 1,344 2,667 1,475 3,183 1,379 2,385 1,418 2,078 1,434 2,980 1,235 1,240 305 755 1,153 1,087 1,474 2,961 5,924 1,503 311 20 1,076 1,126 1,337 1,251 671 905 229 8 925 1,046 2,220 1,858 1,422 711 949 583 1932—February— March April May June July August SeptemberOctober NovemberDecember.. 73 162 71 91 78 106 63 75 94 44 124 73 162 71 91 78 104 60 73 94 43 124 35 109 30 84 74 25 34 63 36 28 99 35 47 15 7 4 62 26 6 47 9 6 4 1 0 0 0 1 2 0 2 2 4 0 0 0 0 0 2 3 2 0 1 0 21 29 72 32 64 57 108 76 43 32 35 1933—January February... 65 20 65 18 33 17 19 1 3 0 0 0 45 37 1926 1926 1927 1928 1929 1930 1931 1932 Oil To- 1 Includes issues of Federal land banks and Federal intermediate credit banks, not shown separately. 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 compiled currently and are subject to revision. Back figures.—See (for figures of new issues—annual and quarterly basis) Annual Report for 1931 (table 128). Outstanding at end of month Month 1931 December- Total Bonds Certificates and and Total notes bills 17,528 15,092 2,436 Total (12 months). 1932 January February March. April May June July August September October November December 17,515 17,820 18,190 18,287 18,729 19,161 19,297 19, 758 20,296 20,485 20,476 20,448 15,102 2,413 15,102 2,718 15.102 3,088 15.103 3,184 15,318 3,411 15,715 3,446 15,744 3,553 16,454 3,304 17,288 3,008 17,796 17,796 2,680 17,522 2,926 Total (12 months).. 1933 January.. February. March Increase or decrease (—) during month 20,454 20,685 20,991 17,528 17,806 17,805 2,926 2,879 3,186 Bonds Certifand icates and notes bills 488 137 351 1,754 638 1,116 -13 305 370 97 442 432 136 461 638 189 -9 10 1 215 397 29 710 834 508 -28 -274 2,920 2,430 490 6 231 6 278 -1 -47 307 NOTE.—Figures relate to interest-bearing public debt; matured and noninterest-bearing debt amounted to $371,000,000 at the end of February, 1933. Figures include obligations held in Government trust funds. Bonds and notes are long-term—i. e., 1 year or more (figuring from date of issue); certificates and bills, shorter term. 230 FEDERAL RESERVE BULLETIN APRIL 1 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Construction contracts awarded (value) * Industrial production * Year and month Total i I I Manufactures 1 Factory employment3 Minerals» Total Residential All other Factory Freight-car pay loadings4 * rolls 3 Commodity * prices5 Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 77 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 83 87 67 85 101 95 104 108 106 111 119 96 81 64 1929 June July August.— September October.. November December 125 120 122 123 121 108 96 125 124 121 121 118 110 103 127 120 122 123 119 107 93 127 125 122 121 119 110 101 116 118 121 127 127 114 110 114 116 115 118 116 110 116 144 136 129 112 104 94 84 1930 January- FebruaryMarch April May June July August- -. September October. November December 103 109 106 107 105 99 91 90 92 90 84 77 106 107 104 104 102 98 93 90 90 88 86 84 102 110 109 110 106 98 89 88 90 87 82 74 105 107 104 104 101 97 92 89 89 86 85 82 108 104 91 94 102 103 100 101 101 105 96 89 110 108 98 104 104 102 100 96 94 95 92 93 89 102 113 125 116 107 85 82 75 68 59 1931 January. FebruaryMarch April May June July . August-.September October-. November December 82 87 90 90 89 83 80 78 77 75 72 68 84 86 87 88 87 83 82 78 76 73 73 74 81 83 87 88 91 91 90 83 79 77 76 72 70 66 86 87 87 87 82 82 78 75 71 71 73 84 82 83 84 86 86 82 83 90 84 79 89 87 89 91 87 87 86 79 78 83 81 84 1932 January.. FebruaryMarch April May June July August ... September October . November December 71 71 68 64 61 59 56 59 67 68 65 60 72 69 67 63 60 59 58 60 66 67 65 66 70 70 66 63 60 59 55 58 66 66 63 58 71 68 64 61 58 58 57 59 66 65 63 64 74 75 77 72 65 61 62 66 73 80 78 72 1933 January.. February- 64 p 65 65 63 64 71 76 84 87 67 86 101 94 105 108 106 112 119 95 80 63 44 30 44 68 81 95 124 121 117 126 87 50 37 13 63 63 56 79 84 94 122 129 129 135 117 92 63 28 89 70 74 105 96 99 108 107 106 115 99 84 71 107 108 82 90 104 96 100 101 99 97 101 88 74 62 79 90 65 88 86 94 120 135 139 142 142 125 84 40 98 118 77 81 103 96 101 104 102 102 108 87 66 45 84 91 79 87 100 97 103 106 103 103 106 92 75 56 139 154 98 97 101 98 104 100 95 97 95 86 73 65 102 94 84 73 67 66 53 95 93 86 73 67 67 61 178 170 166 144 135 116 109 152 149 152 140 139 132 136 102 102 104 105 103 99 95 103 103 103 102 101 99 97 110 106 111 112 111 103 99 110 111 115 121 118 102 89 108 107 107 106 104 102 102 95 97 96 96 95 94 93 95 104 102 101 105 99 95 81 81 78 76 73 46 44 54 62 61 54 48 48 52 51 46 37 56 49 52 53 52 49 47 49 52 52 48 43 104 126 141 156 178 166 155 115 108 94 86 77 128 148 144 140 148 140 135 106 105 99 99 98 93 93 93 93 91 89 86 85 86 84 81 79 96 94 93 92 91 90 87 84 83 82 81 80 94 98 98 97 94 91 83 82 83 81 75 74 89 91 90 93 97 95 95 96 99 97 86 74 100 99 96 97 96 93 92 89 87 86 84 84 93 91 90 90 89 87 84 84 84 83 81 80 58 68 77 82 78 74 68 63 59 52 43 30 71 79 77 73 65 63 61 59 59 55 49 38 37 42 50 52 47 41 36 32 32 29 26 20 44 47 47 44 40 37 35 33 32 30 27 23 75 89 98 107 104 101 94 87 81 71 57 39 93 104 100 96 85 84 82 81 80 76 67 50 76 78 68 74 78 78 78 78 76 75 74 73 70 69 69 73 75 74 72 68 64 64 62 59 56 56 74 75 77 79 77 78 76 78 78 70 61 82 80 80 80 79 77 76 72 69 69 68 69 78 77 78 78 77 75 74 74 75 71 69 68 77 78 84 79 67 63 64 65 70 74 75 76 25 23 26 31 31 32 31 32 30 28 24 22 31 27 26 27 26 27 27 30 30 29 27 28 16 15 16 16 14 12 12 11 12 12 10 8 19 17 15 •14 12 11 11 12 12 12 10 9 33 30 35 43 45 47 46 48 45 41 35 33 41 35 36 38 37 39 40 45 44 43 41 43 66 67 66 64 61 59 57 59 62 62 61 60 68 68 66 64 62 60 58 59 60 61 61 61 52 54 52 49 46 43 40 40 42 44 42 41 58 59 58 57 53 52 51 53 61 65 58 52 64 62 61 59 54 52 51 51 54 57 57 58 67 66 66 66 64 64 65 65 65 64 64 63 73 79 18 16 22 19 7 7 8 8 27 23 33 27 58 59 59 59 39 40 51 51 56 54 61 60 78 126 124 122 1 110 107 103 102 77 76 75 73 72 72 72 71 70 70 69 v Preliminary. * Average per working day. For indexes of groups and separate industries see p. 261; for description see BULLETIN for February and March 1927; for back figures see BULLETIN for March 1932, p. 194. 1 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. 262; for description and back figures see BULLETIN for November 1929 and November 1930. * For indexes of groups see p. 231; for back figures see BULLETIN for February 1931, p. 108. •Index of Bureau of Labor Statistics (784 price series), 1926=100. Index numbers for groups of commodities are given on p. 263. 1 231 FEDERAL RESERVE BULLETIN APRIL 1933 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports Excess of exports Merchandise imports Month 1929 1930 1932 1931 January . . . . February __ March 488 442 490 411 349 370 250 224 236 150 154 155 April. May June . 425 385 393 332 320 295 215 204 187 135 132 114 July August September 403 381 437 267 298 312 181 165 180 107 109 132 353 369 October November December 529 442 427 327 289 275 205 194 184 153 139 132 391 338 Year 5,241 3,843 2,424 1,612 _ 1930 1929 1933 311 369 369 384 1931 1932 282 300 183 175 210 136 131 131 308 285 250 186 180 173 221 218 226 310 4,399 121 *100 411 400 353 351 1933 1929 1930 1931 1933 1932 119 72 106 100 67 69 66 49 26 15 23 24 127 112 110 15 —15 40 24 35 44 29 24 14 9 20 4 174 167 170 79 91 98 50 11 86 46 79 86 6 -2 10 27 18 34 247 204 209 169 149 154 105 104 97 137 104 117 80 85 66 36 44 30 48 34 35 3,061 2,091 1,323 842 782 334 289 96 25 v Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average=100] [Index numbers; 1923-25 average=100] Index of stocks (end of month) Index of sales * 1932 Nov. Oct. Month Adjusted Adjusted Without Without for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment 1932 r 1933 1932 r '58 56 66 69 73 1932' 1933 J anuary February March 78 78 72 60 60 April May June July August September 79 72 69 74 72 66 69 68 67 72 69 65 65 65 68 46 49 71 64 61 60 59 59 . : : : : : 63 October November December 69 63 60 75 73 106 61 61 60 67 69 56 Year P56 1932 r 64 64 69 69 1933 49 49 P50 75 73 70 1933 52 54 66 1 Based throughout on figures of daily average sales—with allowance for changes from month to month in number of Saturdays and for 6 national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. v Preliminary. * Revised. Back figures.—See BULLETIN for November 1930, p. 686. 1933 Dec. Jan. Feb. Adjusted for seasonal variation Total Coal Coke Grain and grain products Livestock Forest products Ore Miscellaneous Merchandise l 57 68 39 57 66 40 58 69 45 56 56 40 54 65 45 65 52 25 12 56 69 59 51 24 10 57 68 59 50 22 20 57 69 61 50 22 20 57 69 58 49 19 20 51 66 Without seasonal adjustment Total Coal Coke Grain and grain products Livestock ... Forest products. Ore Miscellaneous Merchandise 1 .. . . . 65 77 40 n 69 26 16 66 72 58 72 41 52 48 51 63 44 51 71 52 63 59 23 7 56 70 57 50 18 5 45 64 59 53 20 5 45 65 56 46 19 5 44 64 74 i In less-than-carload lots. Based on daily average loadings. Source of basic data: American Railway Association. Back figures.—See BULLETIN for February 1931, pp. 108-110. 232 FEDERAL RESERVE BULLETIN APRIL 1933 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OP CENTRAL BANKS AND GOVERNMENTS [In millions o! dollars] End of month Total (49 countries) 1932—January.... FebruaryMarch April May June July August September. October.... NovemberDecember.. 11,340 11,418 11,499 11,515 11,416 11,348 11,420 11,562 11,694 11,789 11,859 »11,893 1933—January-—. February... March P11,919 v 11,733 Europe United States i Canada Total (27 countries) Austria Czecho- Denmark England Belgium Bulgaria slovakia 6,300 6,444 6,484 6,531 4,009 3,947 3,956 3,717 3,466 3,522 3,639 3,748 3,819 3,885 4,045 352 351 349 351 353 357 6,841 6,871 4,074 3,808 *3,912 36 6,923 6,944 6,949 6,826 359 363 362 361 6,818 6882 362 366 371 36 France Germany 588 588 588 588 608 663 670 676 678 678 678 2,808 2,942 3,012 3,052 3,115 3,218 3,221 3,224 3,241 3,250 3,267 3,254 221 209 205 206 198 183 183 190 195 197 192 602 692 836 3,221 3,176 v 3,152 196 183 »176 I Europe—Continued End of month Greece Hungary 1932—January... February.. March April May June «. July August September. October November. December. 1933—January... February.. March Italy Nether- Norway Poland lands 296 296 296 297 298 300 302 305 306 306 307 351 353 354 364 384 394 408 415 416 416 415 415 325 J>330 413 410 381 39 End of month 1932—January February March April May June July August September.. October November.. December.. 350 347 347 343 346 347 348 348 346 342 341 *342 1933—January February... 252 249 249 249 249 249 249 249 249 249 249 249 249 P249 434 434 434 434 435 435 435 435 435 436 436 436 472 482 471 471 493 503 509 510 509 509 493 477 329 330 331 335 349 357 368 »368 »368 «368 26 26 26 27 30 31 30 28 28 28 28 29 436 436 436 477 488 489 >368 2 368 29 Asia and Oceania Latin America Total Co(10 Argencoun- tina Chile lombia tries) Total Uru- 5 other (7 Peru guay coun- countries tries) 13 14 15 13 13 13 14 14 12 12 11 P12 6 other Portu- Ruma-1 Spain Sweden SwitzerU.S.S.R. gal nia land Africa New AusAlge- Egypt South tra- India Japan Java Zea- Siam Turkey Africa land lia 532 534 535 534 534 536 524 523 523 524 523 520 162 162 162 162 162 162 162 162 162 162 162 162 215 215 214 214 214 214 214 214 214 214 213 212 521 162 162 212 212 33 42 45 25 *>25 40 37 31 34 35 38 34 35 32 35 34 35 38 50 *> Preliminary. r Revised. 1 Differences between thesefiguresand those shown elsewhere in the BULLETIN for total monetary gold stock of the United States are due to the exclusion from the former of gold coin in circulation. 2 The August 1932 figure is carried forward for subsequent months, as no statement has been issued by the State Bank of the U.S.S.R. since that time. NOTES.—Figures for 34 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. See BULLETIN for May 1932, p. 315. Since the note in the BULLETIN for May 1932 was prepared, figures for the Banque Centrale de la Republique de Turquie and for the Government of Siam have been added to the table. The figures for Turkey relate to the last Thursday of the month. The 6 European countries and 5 Latin American countries for which figures are not shown separately are Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; Bolivia, Brazil, Ecuador, Guatemala, and Mexico. None of these countries has had gold reserves during this period in excess of $10,000,000. For backfigures—andfor additional details relating to this table—see BULLETIN for May 1932. 233 FEDERAL RESERVE BULLETIN APRIL 1933 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated world production Year and month 1929—January... February.. March April May. June July.. August SeptemberOctober November,. December.. 33,819 31,712 33,292 33,589 , 34,249 33,632 Total (12 mos.). 1930—January February March April May June July August SeptemberOctober November.. December.. Total (12 mos.). 1931—January February... March April. May June, July August September^. October NovemberDecember. . Total (12 mos.). 1932—January February March April May June July August SeptemberOctober November... December... Total (12 mos.) 1933—January... February.. Africa Total South Africa Rhodesia North and South America United Colom- Austra- Japan West Belgian Africa Congo Canada States Mexico bia lia 34,437 34,528 33, 534 35,057 33,504 33, 517 29,968 27,861 29,441 29,738 30,398 29,782 30,587 30,677 29, 684 31,206 29, 654 29,667 18, 252 16,836 17,904 18,034 18,579 17,744 18,420 18,415 17,516 18,394 17,838 17, 310 960 923 982 997 998 1,004 959 961 931 970 955 320 324 351 367 362 372 333 333 344 385 406 170 164 171 173 193 195 211 217 211 221 219 245 3,112 3,018 3,223 3,173 3,414 3, 524 3,294 3,401 3,339 3,765 3,111 3,488 404,869 358, 664 215, 242 11, 607 4,297 2,390 39,862 35,153 33,654 35,253 35,992 35,917 36, 376 36,373 36,166 37,054 36,472 37,327 30,320 28,821 30,420 30,154 31,158 31,084 31,543 31,540 31,333 32, 221 31,638 32,494 18,434 16,927 18,317 17,961 18,934 18,355 19,041 18,916 18,642 19,142 18,337 18,519 957 910 956 963 998 951 960 964 964 944 935 973 396 410 423 413 404 414 428 409 419 430 440 228 212 222 208 210 211 207 216 238 256 272 219 3,194 3,014 3,394 3,506 3,487 3,637 3,529 3,515 3,686 3,862 4,087 4,543 430, 725 372,726 221,526 38,097 36,077 37,651 37, 769 38, 227 38,158 38, 767 38, 744 39,846 38, 748 38,811 32,668 30,648 32, 222 32, 340 32, 798 32, 779 32,729 33,338 33,315 34,417 33,319 33,382 19,151 17,427 18, 791 18,194 18,901 18,594 18,959 18,859 18,981 19,525 18,673 18,809 459,104 393,957 39, 236 38,187 39,895 39,433 41,091 41,187 41,572 42, 734 42,138 42,351 42,091 41,645 33,464 32,415 34,123 33, 662 35,319 35,415 35.800 36,963 36,366 36,579 36,319 35,873 P491,560 p 40,931 v 37,831 *> Preliminary. 111, 476 India 1,327 777 966 936 936 965 1,512 1,255 1,253 1,341 1,131 1,062 235 235 235 235 235 235 235 235 235 235 235 235 613 639 627 870 662 748 654 846 747 820 681 806 523 519 533 512 571 565 533 582 670 624 638 638 606 629 622 629 612 616 614 618 631 619 675 45,835 13,463 2,823 8,712 6,927 7,508 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 3,927 1,127 1,282 1,050 1,150 1,204 1,156 1,115 1,139 1,115 1,109 1,171 1,194 273 273 273 273 273 273 273 273 273 273 273 273 578 709 763 945 796 876 741 895 781 964 585 583 611 597 641 647 711 666 732 756 750 741 608 587 593 307 307 576 569 619 606 637 675 700 3,820 3,820 3,820 3,820 3,820 3,820 3,820 3,820 j 3,820 ' 3,820 3,820 3,820 43,454 47,123 13,813 3,281 9,553 8,021 6,785 304 246 256 250 230 240 245 254 291 317 292 299 4,201 4,051 4,235 4,607 4,477 4,744 4,731 4,738 5,026 4,955 4,927 4,127 4,127 4,127 4,127 4,127 4,127 4,127 4,127 4,127 4,127 4,127 4,127 1,281 1,011 988 1,329 914 877 301 299 340 278 329 353 354 353 256 452 389 312 634 869 863 936 919 1,092 933 1,229 916 1,240 1,321 1,181 621 702 917 918 926 947 918 905 936 941 1,041 442 438 453 446 451 447 451 462 486 473 478 498 654 692 679 667 664 648 580 594 561 521 490 500 516 562 673 590 579 224,863 11,193 5, 524 3,224 55,687 49,524 12,866 4,016 12,134 8,109 6,815 19,587 18,935 19,877 19, 593 19,970 19,871 20,268 20,475 19,888 20,157 20,190 20,118 921 956 996 976 977 1,011 981 1,019 1,041 1,044 997 1,080 480 453 484 466 481 482 546 510 509 515 526 539 295 286 304 281 298 309 319 330 304 314 307 294 4,834 4,670 5,285 5,093 5,551 5,592 5,176 5,480 5,406 5,240 5,220 5,514 i 3, 597 i 3, 535 i 3,494 i 3,390 1,106 948 862 1,057 1,026 960 924 1,138 1,122 1,091 1,158 1661 450 386 404 380 447 405 455 524 456 455 415 353 1,032 1,063 1,131 1,164 1,234 1,172 1,244 1, 221 1,292 1, 216 1,376 v 1,413 628 657 741 671 653 647 692 696 702 727 715 534 525 545 590 567 603 585 588 559 547 556 581 422, 298 238, 931 12,000 5,992 3,642 63,061 51,948 12,054 5,132 14, 558 8,198 6,782 p 35,159 p 32, 059 20,152 18, 256 532 1517 280 434 4,826 i 4, 858 i 4,341 i 3,039 1,199 1,034 513 344 p 1,066 i 1,364 666 576 4,995 960 1,008 i 930 1 1,208 1,103 814 1,228 1,074 1,041 1 4,114 i 4,362 » 4,610 i 4,982 1 5,085 i 5, 271 »4,858 i 4,651 1 694 716 i Figure reported by American Bureau of Metal Statistics. NOTE Monthly figures of gold production were first published in the FEDERAL RESERVE BULLETIN in the issue of February 1932. In that issue figures were given for nine producing areas beginning with January 1930. A number of revisions have been made in thefiguressince Far East their initial publication; and it is now possible to give monthly data for 11 producing areas. The whole record, so far as it is available, is presented in this issue of the FEDERAL RESERVE BULLETIN for the period 1929 to date. The sources of the data for various regions and the methods of deriving dollarfiguresare indicated below. 234 FEDERAL RESERVE BULLETIN Estimated world production.—Since not all producing areas report on a monthly basis, there is a small element of estimate involved in monthly figures of gold production for the world as a whole. In 1932 the world produced about $492,000,000 of gold; and of this $422,000,000 represented areas for which reports are now available on a monthly basis. Areas for which monthly figures are not currently available produced about $70,000,000 in 1932 and $65,000,000 in 1931. The principal nonreporting countries are listed below together with their production in millions of dollars in 1931, the latest year for which figures have been published by the Director of the Mint: APRIL 193£ Sierra Leone, by the Chief Inspector of Mines. Figures for Ashanti, Nigeria, and other sections of West Africa are not available by months. The fineness of the figures reported for Sierra Leone varies from month to month, and it is necessary to make conversions into fine ounces at the rates reported by the Chief Inspector of Mines. Figures for the Gold Coast are reported originally in fine ounces. For both districts ounce figures are converted into dollars at the rate of $20.6718 per fine ounce. Belgian Congo.—The figures for the Belgian Congo are reported in the Bulletin d'Information et de Documentation of the Banque Nationale de Belgique. They cover only the Kilo-Moto mines, which in 1931 represented 72 percent of the total production of the Europe: Rumania 2 Belgian Congo. For a time official reports were pubSweden 2 lished covering the entire Belgian Congo on a monthly Union of Socialist Soviet Republics 35 basis; but these reports ceased in May 1932. The figures for the Kilo-Moto mines are given in kilograms South America: Brazil 2 nine-tenths fine. They have been converted into fine Ecuador 1 ounces and then into dollars at the rate of $664.62 per Peru 2 fine kilogram. Far East: Canada.—The figures for Canada are reported in China 2 releases of the Dominion Bureau of Statistics: Mines, Chosen (Korea) 4 Metallurgical, and Chemical Branch. From time to Netherlands East Indies 2 time they are revised by the bureau; but the revisions New Guinea 1 are, for the most part, of a minor character. The New Zealand 3 figures, in fine ounces, have been converted into dollars at the rate of $20.6718 per ounce. Total (11 countries) 56 United States.—The monthly production of the States is estimated by the American Bureau of The estimates of world production published in the United Metal Statistics of New York City. The bureau emtable are based onfigurespublished in the latest Annual ploys similar to those employed by the Director Report of the Director of the Mint—at present that for of the methods in making his annual estimates. The figures, 1932. The annual figures for 1929-1931 are taken which Mint are reported in thousands of fine ounces, include directly from page 151 of the report, except that the gold output of Alaska and the Philippine Islands. figure for 1929 is revised to take account of an increased the have been converted into dollars at the rate of estimate of production in the Union of Socialist Soviet They Republics in that year. This revision will appear in $20.6718 per ounce. No monthly estimates by the bureau are available the Annual Report of the Director of the Mint for 1933. the period 1929-31. For this period the monthly The monthly estimates of world production represent for of the annual total for the United States as rethe actualfiguresreported monthly plus an estimate for average for each year by the Director of the Mint is the nonreporting areas. The estimate for the nonre- ported in the table. porting areas is a simple monthly average of the differ- given Mexico.—The figures for Mexico are those of the ence between the amount of world production each Secretary of Industry, Department of Special Taxes of year as published by the Director of the Mint and the Treasury, and have been reported to the Federal aggregate production for the year of the areas reporting the Reserve Board by the Banco Nacional de Mexico for monthly. period January 1929 to June 1931 and for subseNo figure for 1932 has yet been published by the the quent months by a special correspondent. They are in Director of the Mint. For this reason the monthly kilograms 0.999 fine and have been converted into fine average difference for 1931, with allowance for the and then into dollars at the rate of $664.62 monthly average increase of production in the Union of kilograms fine kilogram. Socialist Soviet Republics reported for 1932, is carried perColombia.—The figures for Colombia are currently forward into 1932-33. in the Revista del Banco da la Republica. South Africa.—The figures for the Union of South reported No monthly data, however, were published for 1929 Africa are reported in the Monthly Bulletin of Union and 1930; and for these two years the table shows Statistics published by the Office of Census and Statis- the monthly average of the annual production as tics. The figures, in fine ounces, have been converted reported for each year by the Director of the United into dollars at the rate of $20.6718 per ounce. States Mint. For 1931 monthly figures were published Rhodesia.—The figures for Rhodesia are reported only for the Department of Antioquia; and the output direct to the Federal Reserve Board—those for North- of Colombia as a whole has been estimated by adding ern Rhodesia, by the Department of Mines; those for to the figures for Antioquia each month the figure of Southern Rhodesia, by the Department of Mines and $28,000 representing the monthly average of the annual Public Works. The figures, in fine ounces, have been production of the rest of Colombia in 1931. Beginning converted into dollars at the rate of $20.6718 per ounce. with 1932, official monthly data for the entire country West Africa.—The figures for West Africa are re- are available. Thefiguresare in fine ounces and have ported direct to the Federal Reserve Board—those for been converted into dollars at the rate of $20.6718 per the Gold Coast, by the Secretary of JVIines; those for ounce. 235 FEDERAL RESERVE BULLETIN A P R I L 1933 Australia.—The figures for Australia are reported direct to the Federal Reserve Board by the Commonwealth Bureau of Census and Statistics in Australia. .The gold output of Tasmania and Northern Territory, however, is small and is reported only by quarters. It is therefore omitted from the table. The Australian figures are in fine ounces and have been converted into dollars at the rate of $20.6718 per ounce. Japan.—The figures for Japan are those of the Bureau of Mines, Department of Commerce and Industry, and are published in the Monthly Report on Current Economic Conditions of the Tokyo Chamber of Commerce. They represent the output of mines producing more than nine tenths of the total gold production of Japan. Alluvial gold was not reported on a monthly basis in 1929 and 1930; and for these years the monthly average production of alluvial gold, amounting to $28,000 in 1929 and $41,000 in 1930, has been added to the figures reported monthly. All figures for Japan are reported in fine grams and have been converted into dollars at the rate of $0.66462 per gram. India.—The figures for India are reported direct to the Federal Reserve Board by the Director of the Geological Survey of India. They represent the output of the Mysore State, which accounts for almost the entire Indian gold production. The figures are in fine ounces and have been converted into dollars at the rate of $20.6718 per ounce. GOLD MOVEMENTS [In thousands of dollars] United States Net imports from— Month 1931—October November December Total (12 mos.)1932—January February March April M!ay June July August September October.. November December Total net imports 6,797 -344,514 145,325 -72,950 -90,567 -24,671 -30,239 -195,514 -206,047 -3,437 6,103 27,897 20,613 21,740 100,859 128,465 i 17, 776 -22,533 France 685 -324,500 333 -10 4,249 -15,150 -337,685 89,436 56,858 Total (12 mos.)- -446,213 1933—January. February March P England -3,199 -235 -23 -1,922 -7,047 -1,910 1,405 6,093 5,868 1,251 1,376 51,928 Germany China Bel- Nether- Switzer- Can- Mexico Argen- Co- British and Japan gium lands ada tina lombia India Hong land Kong -831 -9,678 -35,904 -17,617 5,666 -1,239 989 -394 -115 -57 -515 7,408 - 6 2 -5,861 -9,857 -1,270 4,513 1,344 15,474 267 1,103 950 2,997 3,329 1,510 816 1,284 2,273 2,843 1,345 893 744 9,110 1,157 2,683 53,585 -441,649 -13,356 -82,571 -96,586 -118,273 64,574 20,087 12,991 50,248 1,067 29,490 3, 310 - 3 , 709 -1,546 8,899 - 4 , 213 1 5,533 22, 501 1,644 75,932 623 68, 285 2,209 941 4,837 8,064 34,240 199,286 31,322 167 9,969 819 19, 441 2,948 3 2,402 2,013 7 175 3,791 2,441 4,866 5,172 13 240 3,524 4,197 45 467 4,783 52 2,855 4,205 28 6,068 3,600 3,362 94 4,773 2,964 43 4,697 4,974 3,124 2,542 1,795 3,313 3,967 3,800 3,133 3,064 4,122 2,039 1,933 3,322 3,353 3,240 26,597 39,043 49,719 36, 383 16 2,042 36,026 -15,583 -50,327 -19,768 81,136 22,267 141,263 15,116 -83,783 - 7 1 -12,553 -6,257 -1,759 4,154 -98,203 -495 -17,859 -8,672 -254 8,406 -37,532 2 -6,341 - 6 7,216 -24,527 -3,286 -669 -18,707 -115 7,267 -63,216 -9,710 -19,930 -58,473 -53,554 4,699 -111,411 -116 -26,250 -23,168 -62,603 5,424 -21,513 -225 4,573 -17,950 - 8 5,257 1,021 50 320 219 3,904 5,543 72 25 506 2,381 7 7 5,622 2,685 7,546 16,357 10 8,082 5,274 15,123 -600 802 -1,614 4,206 —5 883 -731 8,178 634 544 42 -1 -15 All other countries 2,948 4,895 3,165 4,677 2,575 70 52 15,193 35 9,446 3,366 5,612 3,700 2,228 3,729 2,042 3,217 2-16,579 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 Bank of New York until Mar. 1. 2 $17,054 exported to Italy. p Preliminary 236 FEDERAL RESERVE BULLETIN A P R I L 1933 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain N e t imports from— Month Total net imports United States France 15,775 -45,386 -12,489 1,122 -4,637 -7,548 -6,769 -63,524 -25,941 Total (12 mos.)- -143,729 -13,401 -319,989 1031—October November December r 1932—January February March April May June July August September October November December =a 1933—JanuaryFebruary.. March v... South Africa, RhoAustraSwitzer- South British Straits land America India Settledesia, lia ments West Africa -9,462 -14,101 -4,536 -2,502 -9,936 -18,397 1,370 733 33,754 '-37,050 -124,101 -60,836 -119 -517 -64,955 -52,712 -40,858 -17,795 -10,843 -9,035 -11,361 -20,269 -27,521 -24,895 -13,519 -3,277 -7,320 -6,182 -2,691 26,148 16,973 35,019 22,675 1,296 5,204 5,814 13,857 -29,582 Total (12 mos.) Netherlands Germany 81,211 -50,643 -297,040 -43,260 18,400 67,222 -48,314 - 6 , 559 11,802 -2,109 -4,623 2,953 Belgium -8 -91 -219 -134 -756 -53 -2,571 -2,767 -4,778 -4,015 -85 -104 -476 -1,104 -3,584 -7,537 -3,480 -1,955 -11,310 -9,394 -7,812 -10,438 -2,571 -2,969 -4,188 -6,138 -108 311 -16,896 -71,376 -14,021 -634 -507 -1,281 -17,471 - 7 , 816 - 5 , 523 -76 -58 3 n -18 14 4 45 5 -20 370 -11 27 4,992 8,353 26,597 22,835 444 267 502 29,446 63,080 11,280 105 2,226 1,002 45,986 30,661 24,340 17,393 11,565 12,812 14,204 14,279 13,009 11,973 10,488 13,684 746 781 602 899 803 772 2,122 829 584 943 710 406 -79 -456 500 300 187 189 527 181 374 294 1931—October.... 273,734 243,956 November. 122,372 99,876 3,164 December-. 13,881 Total (12 mos.) England United States 681 18 7 21,738 40,447 26,132 10,735 90,947 49,028 23,888 14,232 7,541 12,472 16,241 4,424 19,995 26,003 34,479 -35,361 -35,505 1 1 3,904 9,495 7,175 9,881 587 554 382 1,555 371 1,750 1,083 915 794 9,661 175 1,505 870 830 854 17,062 20,884 20,616 24,893 18,965 26,248 19,351 19,712 25,866 18,378 20,006 23,326 1,426 887 420 1,734 760 3,207 5,010 1,326 1,853 831 602 20,363 255,305 18,408 16,530 27,815 27,358 -2,120 1,245 120 793 794 16, 700 France 120 49 542 Netherlands Switzerland U.S. S. R. -5,951 -10,965 -20,620 5,183 18 -16,455 -25,594 56 150 103 All other countries 78 —4 17 -30,160 -35,221 -102,019 -55,142 -63,866 58,932 -14,475 6,755 9,601 12,561 2,019 1,999 4,601 483 -17 1,448 565 672 -3,138 Total (12 , mos.) | 828,072 468,052 309,984 1933—January..— - 3 7 , F e b r u a r y . _ — ~~ 33,260 236,921 N e t imports from— 728,176 328,130 312,561100,050 1932—January— 74,007 65,062 February. - 184,171 82,580 147,604 71,279 March 60,340 38,080 April.... 17,734 17,174 May—. 168,000 152,072 June 31,954 16,746 July 42,940 24,149 August 9,638 -625 September. 32,695 11,927 October 241 November _ 33,498 December- 25,494 -10,634 1,093 1,754 755 Germany N e t imports from— Total net imports United States 21,681 16,052 20,187 5,623 220,394 10,780 France Month 572 1,501 90 All other countries 2,558 5,459 $29,233,000 imported b y France from Spain in July. $21,292,000 exported b y France to Belgium. 328 -5,262 -13,647 - 8 . 133 3,319 293 -7,139 -13,718 4,189 8,552 5,560 2,314 -3,293 -27,282 4,423 -13,076 367 36 -9 16 4 278 71 -53 71 247 49 -5,647 - 2 -16,224 33 170 - 2 , 7 7 6 5,152 —14 - 5 , 3 9 8 - 8 , 3 2 8 180 42 5,198 17 -7,539 8 -66 6710,352 3,399 5 -5,800 -7,691 2,809 554 -4,087 - 4 2 -4,753 -5,435 4,622 - 1 , 7 9 1 2 13 1,289 5,410 -2 8 -361 3,456 5,461 29 33 -60 41 6,275 -367 -6,169 -52 2,584 6 24 17 - 3 , 3 3 1 -78 - 2 5 0 -38,170 -24,455 -7,91546,656 -14 4 - 5 , 9 9 0 -10,458 6,409 ' 87 3,369 -3,536 -2,081 -95 Preliminary figures. NOTB—Germany—The aggregates of the official monthly figures for gold imports in 1932 differ somewhat from the revised totals published for the year as a whole. Since German figures for individual countries are subject to semiannual revision, those given t h e J a n u a r y 1933 are preliminary in character. Figures for total net imports are final. 237 FEDERAL RESERVE BULLETIN APRIL 1933 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Net imports from— Month Total net imports 1931—October November.. December... Total (12mos.) 1932—January February.. March April May June July August September . October November. December.. Total (12mos.) 1933—January.. February. United England France Germany Belgium -233 36,551 19,567 16,413 21,551 1,449 14,781 7,982 8,849 -17,572 -1,113 -2,325 17,455 4,717 11,672 198.619 39,413 117, 591 -21,024 7,130 2,608 -1,886 7,737 58,256 54,107 4,983 7,204 -13,797 -6,230 -4,857 894 7,747 8,810 6,342 2,799 55,317 47,324 3,100 5,446 3,870 867 5,470 8,397 5,565 8,715 1,198 1,252 1,939 4,251 - 3 , 521 -6,367 -1,916 - 3 , 765 -9,900 -11,028 -771 -3,258 -1,786 -276 -334 -1,708 -593 -886 52 116,149 106, 623 50,070 -34,009 1,898 933 -14,101 3,432 14,069 -8,177 -837 6,722 1931—October November December 32,919 5,346 3,224 9,805 254 18,364 Total (12 mos.)1 222,751 36,422 41,301 -107 38 754 56,059 -1,428 -365 4,553 4,548 -304 320 34 8,445 7,429 -713 -760 -5,242 -26 1,759 -5,729 -1,313 963 -790 -1,628 -511 -1,791 -3,415 -3,385 -482 -281 -923 -217 -188 -20 -516 -354 -171 -2,325 -3,466 -5,849 -847 -579 -402 42 -537 -1,134 1,166 295 476 366 785 379 941 3,212 1,994 1,006 3,030 2,773 632 81 -77 147 107 24 -52 -2,222 -5,852 -14 -52 -68 -12,727 -13,630 -16,137 16,423 -7,346 958 5,055 -976 881 -1,100 3,452 2,199 -166 9,763 5,376 -1,280 -3,496 -61 -3,085 3,745 -462 -821 2,009 -10,300 ~ 5,653 17,658 4,698 2,538 46,051 80,872 14,993 1,503 -604 Net imports from— -1,395 1,203 Total (12 mos.) 169,786 124,354 15,342 19,317 39,684 72,760 1933—January. _ _ February. 4,658 8,502 -14 123 82 7,418 7,880 2,393 -77 -77 34 Total net imports United States England InIncrease Gold or de- or depro- crease crease (-)in duc- (-)in tion in, govern- private India 2 ment holdings in India 3 in India All other 229 -26,126 -8,324 -10,180 12 -24,217 -3,279 -17,626 15 -45,715 -5,286 -39,682 -7,622 -3,311 -747 675 592 581 -353 -25,098 359 -23,984 -45,134 47 13,220 -95,875 -17,665 -72,691 -5,521 6,832 33,532 -122,575 8,270 44,196 - 1 9 4.51925,604 -,604 408 886 - 7 5 203 ""69 1,972 2,067 1,300 10 1,411 5,725 5,423 5,731 82 5,733 -3,952 2,769 65 - 9 5 -165 116 41,034 116 1,718 - 5 2 70,247 1,734 3,554 - 8 5 111 3,734 - 5 1 9,779 90 81 718 38 154 -540 - 3 4 -361 82 -3,087 -102 -50 85 -2,347 - 6 7 —7 5 96 320 -111 -323 British India ••• 1932—January February March April May June July August. September October. November December All other 3,824 729 Eng- France Ger- South NethAll er- other land many Africa lands 94,339 43,572 19,687 British India -162 -135 Net imports from— Total net imports United States Switzerland -139 -252 -794 -35 -632 Switzerland Month Poland 290 76 2,308 2,949 5,630 1,507 744 453 837 101 14,996 1,176 2,461 13 -707 66 309 286 -209 -87 -260 -277 48 461 55 -304 = •u -21,419 -17,353 -18,788 -11,229 -9,007 -13,155 -14,575 -7,979 -9,835 -9,010 -13,244 -6,286 253 43 209 -374 72 95 -1,488 -920 -1,388 -652 -997 -676 535 527 546 592 569 605 586 589 561 548 557 583 -23,512 - 2 -17,143 - 7 -18,117 86 -11,306 - 1 -8,365 -12,622 -15,851 -11,085 34 -16,674 -13,934 -16,105 -24,381 -195,765 -38,061 -151,880 -5,823 6.798 128 -189,095 297 576 2863 -363 -90 -209 -167 -374 -2,775 -5,978 -4,820 -2,420 -18,002 1,040 -11,916 -10,247 -1,965 -937 P - 1 1 , 9 9 5 -11,337 P-11,394 1 Exported from Netherlands to Czechoslovakia in August, $2,199,000; in September, $6,847,000. 2 Reported monthly production of the Mysore State plus $1,387 representing the average monthly production of the rest of India in 1931. s Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India. * $7,575,000 was exported from India to Netherlands. «$1,891,000 was exported from India to Netherlands; $2,173,000 to France. « $1,777,000 was exported from India to Netherlands. * $1,640,000 was exported from India to Netherlands. p Preliminery. NOTES.—Netherlands—The 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. British India.—From January, through June 1932 figures for net imports from individual countries are preliminary and subject to revision. Figures for total net imports, gold production, and increase in government and private holdings are final unless otherwise indicated. 168276—33 3 238 FEDERAL RESERVE BULLETIN APEIL 1933 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1932 1933 Feb. Argentine Conversion Office (millions of gold pesos): Gold Notes issued L— _. _ Irish Currency Commission (thousands of pounds sterling) *. Legal tender note fund: British legal tender and bank balances . _. _ British securities Notes issued Consolidated bank notes: 2 Issued Deemed such under sec. 60 (4) of currency act, 1927- Jan. 257 '588 257 589 1933 Dec. Feb. 257 589 257 544 86 7,250 7,336 686 867 6,388 6,987 7,256 7,673 154 6,617 6,771 4,625 4,617 4,602 4,367 1,353 1,363 1,376 1,603 Feb. Canadian Minister of Finance (millions of Canadian dollars): Gold reserve against Dominion notes.. 72 Advances to banks under finance act 42 Dominion notes: Issued 176 Outside chartered bank holdings.. 27 Indian Government (millions of rupees): Gold standard reserve: Gold 187 Foreign exchange 347 Paper currency reserve: Gold 257 Silver coin and bullion.._ 1,104 392 Other assets 1,753 Notes issued _ _ . . . . 1932 Dec. Jan. Feb. 72 47 72 57 65 37 180 26 191 «29 162 29 188 345 276 257 394 139 255 1,095 393 1,743 187 49 1,107 1,122 455 624 1,748 1,795 1 Includes a small quantity of subsidiary coin. a The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Feb. 4 and Jan. 7,1933, Dec. 10 and Feb. 6,1932. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. p Preliminary. • Corrected. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars converted from Swiss francs at par; 1 Swiss franc=$0.1930] 1933 1932 Resources 1933 Feb. 28 Jan. 31 Feb. 29 Cash on hand and on current account with banks Demand funds at interest Bediscountable bills and acceptances (at cost): Commercial bills and bankers' acceptTreasury bills. Total Time funds at interest—Not exceeding 3 months Sundry bills and investments: Maturing within 3 months: Treasury bills Sundry investments Between 3 and 6 months: Treasury bills Sundry investments Over 6 months Total. Other resources.. Total resources. 1,796 18,669 2,366 17,113 1,238 15,887 57,598 49,348 64,622 84,588 27,510 106,946 98,522 112,099 43,080 46,549 42,680 7,726 9,206 I 2,882 11,512 6,431 9,212 122 2,964 11,501 120 30,159 1,420 31,517 1,402 21,389 1,827 202,070 197,468 195,120 i Composed entirely of investments exceeding 1 year. 1932 Liabilities r U60 Feb. 28 Jan. 31 Feb. 29 Short-term deposits: Central banks for own account: Demand Time—Not exceeding 3 months,. TotalCentral banks for account of others: Demand Time—Not exceeding 3 monthsTotal., Other depositors: Demand Time—Not exceeding 3 m o n t h s Long-term deposits: Annuity trust account German Government deposit French Government guaranty fund.. Total. Capital paid in Reserves: Legal reserve fund Dividend reserve fund General reserve fund Other liabilities Total liabilities... 84,153 21,874 96,005 6,344 62,063 30,567 106,027 102,350 92,630 3,017 2,385 11,878 4,114 3,017 2,385 15,992 76 1,217 1,204 29,677 14,839 13,249 29,677 14,839 13,249 29,677 14,839 13,249 57,765 24,125 57,765 24,125 57,765 20,941 254 519 1,038 8,031 254 519 1,038 7,745 108 211 422 5,905 202,070 197,468 195,120 1,146 239 FEDERAL RESERVE BULLETIN APRIL 1933 CENTRAL BANKS [For explanation of tables on this page, see BULLETIN for February 1931, pp. 81-83] Liabilities of banking department Resources of banking department Bank of England Gold (in issue department) i Cash reserves Coin Millions of pounds sterling: 1932—Jan. 27 Feb. 24 Mar. 30 Apr. 27 May 25 June 29 July 27 Aug. 31 Sept. 28 Oct. 26 Nov. 30 Dec. 28 1933—Jan. 25 Feb. 22 Mar. 29- 120.8 120.8 120.8 120.8 125.0 136.1 137.7 138.9 139.4 139.4 139.4 119.8 123.6 142.2 171.8 0.6 .6 .6 .7 .7 .8 1.0 1.0 1.0 .8 .8 .7 .8 Notes Discounts Securiand ties advances 49.9 49.4 35.3 43.0 45.8 48.1 43.4 48.6 54.6 56.0 55.6 23.6 45.4 61.0 79.7 12.9 11.5 11.7 11.5 12.2 14.9 15.3 12.2 12.1 11.6 11.9 18.5 11.6 11.9 11.8 82.5 71.0 86.8 79.4 93.2 93.5 92.5 92.2 88.0 85.4 87.1 120.1 107.9 104.0 74.9 Note circulation Deposits Bankers' 345.9 346.4 360.5 352.8 354.2 363.1 365.3 359.8 358.4 358.8 371.2 353.2 356.2 367.1 74.3 67.9 54.6 58.3 77.5 86.6 88.2 79.5 80.0 77.3 90.5 102.4 103.4 98.3 92.8 Resources Gold Millions of francs: 1932—Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 2 4 . . . . July 29 Aug. 2 6 . . Sept. 30. Oct. 28 Nov. 25 Dec. 30 1933—Jan. 27 Feb. 24..... Mar. 31 *... 71,625 75,059 76,832 77,862 79,470 82,100 82,168 82,239 Negotiable securities) 2,744 2,707 2,716 2,735 2,700 2,715 2,747 2,761 2,783 2,764 2,500 2,515 2,537 2f580 2,714 6,899 6,882 6,881 8,881 6,881 6,626 6,621 6,621 6,621 6,621 6,621 6,802 6,680 6,647 6,620 82,909 83,342 83,017 82,167 81,017 80,408 18,805 15,127 12,632 11,800 9,001 6,332 6,482 5,389 4,977 4,984 4,853 4,484 4,434 4,401 4,376 6,555 5,544 4,820 4,690 4,160 3,929 3,905 3,467 2,604 3,637 3,266 3,438 3,142 3,303 4,152 15.3 14.1 27.2 23.4 23.6 18.0 11.2 2a 7 23.4 25.4 10.1 8.9 11.7 26.2 21.2 Other 8,278 8,329 8,371 8,697 8,684 8,634 8,994 8,878 9,145 0,008 9,196 9,172 9,119 CO Note circulation Reserves Gold Millions of reichmarks: 1032—Jan. 30....— Feb. 29 Mar. 31 Apr. 30 May 31 b June 30 July 30 Aug. 31 Sept. 30 Oct. 31 Nov. 30. Dec. 31 1933—Jan. 31 Feb. 28 Mar. 31 * . . . . 948 928 879 859 863 832 766 768 796 817 827 806 822 769 739 Foreign exchange 145 149 142 131 129 130 128 157 133 123 110 114 101 152 97 18.1 18.2 18.2 17.7 17.8 18.0 18.1 18.2 18.2 17.7 17.8 18.0 18.1 18.2 18.2 84,723 83,189 81,782 82,774 81,418 80,667 82,118 79,012 82,459 82,205 81,536 85,028 83,314 86,096 Government 4,722 3,637 3,526 3,111 3,432 2,881 3,740 3,982 3,010 4,553 2,931 2,311 2,269 2,226 2,233 Other 23,552 24,899 24,962 24,827 24,128 24,621 22,033 23,426 21,876 21,229 22,969 20,072 20,474 18,731 16,851 Other liabilities 1,910 1,921 1.980 1,953 1,017 2,167 2,028 2,035 2,000 2,071 *153 2,041 2,074 2,124 <3) Liabilities Other Security Treasury bills (and loans Securities bills checks) 3,632 3,324 3,258 3,146 2,990 3,100 3,108 3,009 2,991 2,857 2,731 2,806 2,459 2,439 2,763 38.2 32.2 34.4 35.3 32.9 34.7 34.6 35.4 33.4 33.6 37.1 33.8 32.5 35.0 35.0 Deposits Resources Reichebank Other Liabilities Foreign Domestic Security exchange bills loans Bank of France Public Other liabilities 158 303 290 282 257 261 224 207 242 198 207 176 93 270 210 161 162 362 362 363 364 365 365 362 401 401 401 Other 1,008 1,100 1,044 077 1,032 1,038 075 060 940 057 050 1,114 1,007 1,040 Note circulation Deposits 4,407 4,268 4,231 4,128 3,061 3,084 3,067 3,817 3,755 3,620 3,531 3,560 3,338 3,356 3,520 301 423 678 405 431 473 380 408 451 380 418 540 345 402 443 Other liabilities 1,373 1,318 1,226 1,240 1,262 1,271 1,267 1,270 1,206 1,345 1,314 1,313 1,333 1,343 1,169 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. Since Aug. 1,1931, however, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been authorized by the British Treasury under section 8 of the Currency and Bank Notes Act, 1028; the maximum period for which such authorization may be granted is 2 years. «Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement). * Not yet available. * Preliminary figures. 240 FEDERAL RESERVE BULLETIN APRIL 1933 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1933 Central bank Feb. National Bank of Albania (thousands of Albanian francs): Gold Foreign exchange Loans and discounts Other assets. Note circulation Demand deposits Other liabilities Commonwealth Bank of Australia (thousands of Australian pounds): Issue department—Gold and English sterling -. Securities Banking department: Coin, bullion, and cash London balances Loans and discounts Securities Deposits. Bank notes in circulation Austrian National Bank (millions of schillings): Gold Foreign exchange of the reserve.. Domestic bills Government debts Note circulation Deposits. National Bank of Belgium (millions of belgas): Gold... Domestic and foreign bills Loans to State Note circulation Deposits. Central Bank of Bolivia (thousands of bolivianos): Gold at home and abroad Foreign exchange Loans and discounts Note circulation Deposits Bank of Brazil (millions of milreis): Currency Correspondents abroad Loans and discounts Note circulation Deposits. National Bank of Bulgaria (millions of leva): Gold Net foreign exchange in r e s e r v e Total foreign exchange Loans and discounts Government obligations Note circulation Other sight liabilities Central Bank of Chile (millions of Gold at home and abroad Foreign exchange for account of: Bank Exchange commission Loans and discounts Securities Note circulation Deposits. Central Bank of China 2 (thousands of yuan): Gold Silver Due from banks abroad Due from domestic banks Loans and discounts Securities.. Other assets Note circulation i Gold coin and bullion. 1932 Central bank Jan Dec. 5,507 32,407 3,227 2,331 13,295 19,432 10,745 5,511 31,320 3,439 5,194 13,052 20,912 11,499 4,954 27,453 4,152 5,243 11,346 17,829 12,627 11,499 11,499 11,199 35,595 36,095 38,253 10,500 40,998 1,048 836 14,599 17, 520 17,626 14,933 30,090 29,839 64,913 64,143 42,833 46,192 1,024 17,856 18,349 28,518 1,072 16,734 16,886 29,402 66,595 42,135 150 39 301 661 859 184 2,630 775 363 3,513 384 1,520 6 102 718 2,873 2,452 1,665 Feb. 45,332 149 39 317 662 872 181 149 39 379 663 914 219 2,605 773 363 3,577 307 2,596 728 364 3,627 217 2,527 945 288 3,715 189 27,036 2,416 87,607 37,614 42,341 19,855 7,417 23,131 25,429 12,663 520 273 2,633 150 2,921 458 311 2,664 170 2,886 317 129 1,803 170 1,879 1,520 15 86 726 2,873 2,426 1,663 1,519 7 208 846 2,900 2,635 1,593 1,512 -8 347 708 2,965 2,672 1,596 •"84 '84 '70 8 313 461 469 349 '70 5 308 461 488 319 179 79 877 96 1,044 129 72 0 157 220 331 115 47 2,024 6,652 62,657 57,271 40,121 9,033 9,805 13,485 48,582 36,876 11,631 102,117 97,189 60,820 5,738 8,505 7,639 30,268 29,622 13,342 29,632 39,995 i 47,561 «Items for issue and Feb. Central Bank of China—Continued. Deposits—Government Bank. _ Other Other liabilities Bank of the Republic of Colombia (thousands of pesos): Gold at home and abroad Foreign exchange Loans to member banks Note circulation Deposits.. National Bank of Czechoslovakia (millions of Czechoslovak crowns) : Gold Foreign balances and currency. _. Loans and advances .— Assets of banking office in liquidation Note circulation Deposits Danish National Bank (millions of kroner): Gold... Foreign bills, etc _ Loans and discounts Note circulation _ Deposits. Bank of Danzig (thousands of Danzig gulden): Gold Foreign exchange of the reserve.. Other foreign exchange Loans and discounts Note circulation Deposits Central Bank of Ecuador (thousands of sucres): Gold at home and abroad Foreign exchange... Loans and discounts... Note circulation Deposits National Bank of Egypt* (thousands of Egyptian pounds): Gold... Foreign exchange British Government securities. . . Loans and discounts Egyptian Government securitiesOther assetsr Note circulation Deposits—Government Other... Other liabilities Bank of Estonia (thousands of krooni): Gold _ Net foreign exchange Loans and discounts Note circulation. Deposits—Government Bankers' Other Bank of Finland (millions of markkaa): Gold Balances abroad and foreign credits Foreign bills Domestic bills Note circulation Demand liabilities _-. Bank of Greece (millions of drachmas): Gold and foreign exchange Loans and discounts Government obligations Note circulation Other sight liabilitiesLiabilities in foreign exchange banking departments consolidated. Jan Dec. Feb. 96,105 98,105 47,137 46,560 14,722 9,316 58, 437 27,905 55,520 14,012 8,098 33,470 13,029 12,742 12,275 4,090 4,167 5,553 4,415 3,455 7,475 21,816 21,315 22,458 21,149 19,154 19,001 7,103 6,459 15,072 17,587 14,214 1,709 1,011 1,011 1,709 1,005 1,333 1,708 1,029 1,675 1,646 877 1,371 0 5,602 625 0 5,616 904 0 6,267 602 290 6,693 279 133 10 133 13 82 310 54 133 22 82 332 131 145 28 160 321 38 22,410 21,373 21,373 8,814 12,953 14,007 252 382 220 12,368 11,069 12,227 34,769 35,152 36, 536 4,653 5,512 9,034 21,819 21,689 3,024 9,762 40,841 9,040 14, 797 2,612 28,663 24,024 13,875 9,830 4,136 14,244 17, 797 8,514 2,861 12,459 6,160 20,848 3,029 18, 751 5,709 20,103 7,456 4,577 2,731 14,945 9,178 15,014 3,207 19, 582 3,472 18,880 7,719 17,838 15, 236 15, 229 1,684 4,555 4,481 22,180 21,378 22,084 31,194 30,256 31,217 3,387 4,301 3,352 6,416 6,821 3,240 3,188 3,064 7,310 13, 607 22,703 34,487 4,378 5,784 2,889 316 50 14,803 1,874 36,602 24,821 20, 623 304 772 328 783 1,126 2,009 1,583 3,368 4,564 2,354 192 304 304 304 284 856 1,047 566 505 236 1,003 1,085 381 585 256 906 1,271 374 1,887 1,824 1,476 2,982 3,368 4,602 4,714 1,960 3,451 262 225 ' Revised. 1,507 825 3,150 3,739 495 153 241 FEDERAL RESERVE BULLETIN APRIL 1933 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1932 1933 Feb. Jan Dec. National Bank of Hungary (millions ofpengos): Feb 97 16 463 51 15 343 70 200 97 14 467 52 14 350 63 202 97 14 472 52 25 353 78 201 100 15 396 55 16 383 90 81 Bank of Italy (millions of lire): Gold at home Credits and balances abroad Loans and discounts Total note circulation Public deposits Other deposits 6,174 962 5,812 13,048 300 1,278 5,857 1,306 5,560 13,433 300 1,604 5,839 1,305 6,539 13,672 300 1,322 5,626 1,725 5,755 13,938 300 1,703 Bank of Japan (millions of yen): Gold _ Advances and discounts Government bonds Notes issued Total deposits 425 733 446 1,095 424 425 807 523 1,227 423 425 846 565 1,426 387 431 940 110 1,094 429 111 18 42 207 34 104 20 44 201 37 104 19 44 205 31 112 27 56 225 33 Foreign bills, etc .. Loans and discounts Advances to treasury Other assets Note circulation Deposits Miscellaneous liabilities- Bank of Java (millions of florins): Gold Foreign bills Loans and discounts Note circulation DepositsBank of Latvia (millions of lats): Gold Foreign exchange reserve Bills Loans Note circulation Government deposits Other deposits _ 38 ank of Lithuania (millions of litu): Gold. Foreign currency Loans and discounts Note circulation Deposits 50 27 102 104 70 Netherlands Bank (millions of florins): Gold..... Foreign bills _ Loans and discounts Note circulation Deposits _ 1,020 73 106 959 283 1,028 73 113 951 309 1,033 71 118 962 304 879 84 168 1,008 164 Bank of Norway (millions of kroner): Gold Foreign balances and bills. Domestic credits Note circulation Foreign deposits Total deposits- 144 35 221 293 2 81 144 32 246 295 2 97 144 30 256 315 2 74 154 15 239 303 2 71 39,347 734 20,713 50,134 5,551 50,439 371 12,800 50,635 5,068 502 48 88 700 1,003 220 606 51 124 764 1,151 191 Central Reserve Bank of Peru (thousands of soles) : Gold.... Foreign exchange. Bills Note circulation Deposits _ Bank of Poland (millions of zloty): Gold. Foreign exchange of the reserve.. Other foreign exchange Loans and discounts Note circulation Other sight liabilities. «Corrected. 1932 Central bank Centra] bank 513 19 65 649 999 152 512 27 76 651 979 185 Jan. Dec. 556 334 1,054 1,928 586 523 527 338 1,058 1,995 430 343 649 342 1,051 1,918 437 9,580 615 19 10,156 5,726 20,883 7,528 9,557 661 32 30,301 5,726 21,090 7,396 9,527 495 64 10,545 5,726 21,594 6,366 9,673 81 22 13,006 5,767 22,542 4,260 10,262 10,555 1,100 8,604 1,744 15,010 815 7,822 4,270 1,139 8,392 1,866 6,703 310 7,173 0 1,203 8,335 1,175 7,535 73 2,492 7,710 1,353 4,186 353 2,259 614 281 2,589 4,801 961 2,259 610 281 2,655 4,789 947 2,259 601 285 2,809 4,834 206 261 107 542 183 206 260 144 538 229 206 214 217 598 202 2,529 39 50 1,497 1,148 2,471 89 53 1,501 1,141 2,471 87 69 1,611 1,037 21,119 1,202 154,456 28,154 34,379 163,144 22,849 53,316 20,845 1,551 154,517 28,154 32,609 163,205 21,442 53,029 20,514 12,812 756 4,573 154,835 157,199 28,081 24,705 24,105 21,794 163,523 170,676 15,317 5,962 49,450 44,446 47,599 104,477 42,031 81,189 30,974 37,722 46, 730 50,544 107,302 101,885 38,114 34,225 84,641 80,502 32,201 31,576 37,677 38,604 Feb. Bank of Portugal (millions of escudos): Gold... Other reserves Discounts and advances Government obligations Note circulation Other sight liabilities National Bank of Rumania (millions of lei): Gold Foreign exchange of the reserve.. Other foreign exchange Loans and discounts State debt Note circulation... Demand deposits South African Reserve Bank (thousands of South African pounds): Gold Foreign bills Domestic bills Note circulation Deposits—Government Bank Other. Bank of Spain (millions of pesetas): Gold Silver '. Balances abroad Loans and discounts Note circulationDeposits * Bank of Sweden (millions of kronor): Gold Foreign bills, etc Loans and discounts Note circulation Deposits. Swiss National Bank (millions of francs): Gold Foreign balances and bills Loans and* discounts Note circulation Demand deposits Central Bank of the Republic of Turkey (thousands of Turkish pounds): Gold Foreign exchange Government securities Other securities Other assets Note circulation _ Deposits Other liabilities Bank of the Republic of Uruguay (thousands of pesos): Gold Loans and discounts Other assets.. Note circulation-__ Deposits—Demand Time Judicial and administrative Other liabilities National Bank of the Kingdom of Yugoslavia (millions of dinars): Gold Foreign exchange Loans and discounts Advances to State Note circulation Other sight liabilities 141 2,954 2,907 35,235 34,719 1,761 190 2,388 2,411 4,586 873 1,761 188 2,416 2,410 4,588 844 1,761 «209 2,457 2,409 4,773 Feb. 2,249 534 286 2,964 4,948 1,013 206 96 • 504 526 191 2,498 99 76 1,505 1,170 3,095 32,977 1,759 206 2,190 2,233 4,776 451 242 FEDERAL RESERVE BULLETIN APRIL 1933 COMMERCIAL BANES 1932 1933 Country Feb. Argentina (millions of gold pesos): Bank of the Nation: Gold Other cash Loans and discounts Deposits — Other banks in Buenos Aires: Gold Other cash . „„.... Loans and discounts - Deposits Canada (millions of Canadian dollars): Assets entirely in Canada: Cash in vault * — . Cash in central gold reserves . Security loans Other current loans Security loans abroad Securities.Liabilities entirely in Canada: Notes in circulation Individual demand deposits Individual time deposits England (millions of pounds sterling): Cash in vault and at bank Money at call and short notice. A dvannfis and discounts , . , Investments .. . Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 1 113 234 642 1 115 680 649 1 105 685 644 1 121 688 664 1 136 696 712 1 127 688 702 1 132 679 696 1 128 679 690 1 128 668 681 1 128 671 680 1 114 664 659 1 124 664 674 1 123 660 665 1 199 1,251 933 1 206 798 933 1 206 794 922 1 212 783 914 1 218 775 907 1 218 769 905 1 228 761 909 1 243 754 926 1 248 747 928 1 250 745 929 1 263 740 937 1 258 739 918 1 258 739 923 167 158 150 154 166 161 154 151 161 2Q2 191 185 180 20 130 1,063 99 664 24 131 1,071 88 671 23 122 1,070 73 666 23 114 1,057 65 663 23 110 1,037 74 669 25 112 1,028 76 674 22 114 703 23 115 1,003 95 699 21 117 1,018 88 727 19 108 999 99 759 20 103 964 91 778 19 100 946 84 784 19 97 924 76 797 122 121 125 119 126 123 117 124 120 116 115 108 104 496 1,390 500 1,389 495 1,393 498 1,387 489 1,373 462 1,363 475 1,367 481 1,359 493 1,371 472 1,379 466 1,378 446 1,383 446 1,397 170 108 1,093 264 1,621 171 111 1,103 266 1,639 170 111 1,105 272 1,643 176 110 1,102 284 1,661 188 111 1,114 324 1,727 188 120 1,138 333 1,765 190 114 1,176 348 1,813 190 110 1,179 367 1,826 189 112 1,171 396 1,853 190 112 1,161 409 1,859 203 123 1,167 456 1,944 211 110 1 179 455 1,943 205 108 1 137 480 1,917 17,482 8,711 35,983 1,201 18,043 8,312 35,929 1,239 18,998 8,296 35,826 1,284 18,994 8,693 36,351 1,250 20,136 8,188 36,031 1,263 18,745 8,456 36,148 1,286 19,034 8,490 36,372 1,280 19,757 8,287 36,197 1,342 21,266 8,086 37,257 1,312 22,014 8,049 36,491 1,268 22,209 8 023 35 308 1 221 1,380 367 6,034 7,289 863 1,613 267 6,235 7,539 872 1,652 290 6,160 7,562 851 1,660 257 5,898 7|541 815 1,661 263 5,813 7,457 796 1,665 242 5,736 7,397 782 1,651 256 5,745 7,439 773 1,674 242 5,706 7,401 775 1,631 245 5,668 7,307 770 116 2,264 1,938 136 2,248 1,946 215 2,250 1,949 156 2,252 1,963 117 2,234 1,973 212 2,219 2,027 197 2,187 2,019 185 2,165 2,042 302 2,188 2,125 Deposits France (millions of francs): Bills and national-defense bonds. 17,347 Loans and advances „..-.. 9,114 Demand deposits _ _ _ 36,435 1,218 Time deposits Germany (millions of reichsmarks): 1,503 Bills and treasury notes.. Due from other banks 320 5,935 Miscellaneous loans 7,276 Deposits 903 Acceptances Japan (millions of yen): 130 Cash on hand. ... . 2,228 Loans „ Deposits 1,954 1,736 235 5,396 7 159 743 286 2,219 2,133 166 2,171 2,132 186 2,153 2,133 » Gold, Dominion notes, and subsidiary coin. NOTE.—Banks included are as follows: Canada—chartered banks; England—$ London clearing banks; France—4 commercial banks; Germany—5 Berlin banks; Japan—Tokyo banks. 243 FEDERAL RESERVE BULLETIN APRIL 1933 DISCOUNT RATES OF CENTRAL BANKS Bank Bank German Bank Nether- Swiss of EngReichsof of lands National land France bank Bank Bank Italy Date effective m In effect June 1,1931. June 13 July 16 July 23 July 30 . . . Aug. 1 Aug. 12 Sept. 2 Sept. 21 Sept. 28 .... Sept. 29 Oct. 10 Dec. 10 Feb. 18,1932 Mar. 9 Mar. 10 Mar. 17 Mar. 21 Apr. 9 Apr. 19 2 5 7 10 5H 2 2 15 10 8 6 7 2H 5 3 7 5M 5 4 2 2*4 4 8 5 Bulgaria Chile Colombia... Czechoslovakia 8 6 5 In effect since— July Mar. Jan. July 6 Finland...,. Greece Hungary . . . India- 3 Apr. 28 May 2 May 12 June 30 Sept. 22 Jan. 9,1933 In effect Apr. 1,1933. Albania Austria Belgium Bolivia Danzig Denmark.. _ Ecuador Estonia 6 4 Rate Apr. 1 Country 1,1931 24,1933 14,1932 5,1932 May 25,1932 Aug. 23,1932 Sept. 19,1932 5 Jan. 25,1933 July Oct. Nov. Feb. 4 4 12,1932 12,1932 30,1932 1,1932 Feb. 1,1933 Dec. 3,1932 Oct. 18,1932 Feb. 16, 1933 6 9 Rate Apr. Country In effect since— Japan Java Latvia Lithuania 5*4 6 Aug. Mar. Jan. Apr. 18,1932 11,1930 1,1933 1,1930 Norway Peru Poland Portugal 4 6 6 6 Sept. May Oct. Mar. 1,1932 20,1932 21,1932 13,1933 4.38 Rumania 7 South Africa. 4 Spain 6 Mar. 4,1932 Feb. 20,1933 Oct. 26,1932 Sweden U. S. S. R . . . Yugoslavia.. . Sept. 1,1932 Mar. 22,1927 July 20,1931 Changes since Mar. 1: Austria—Mar. 24, down from 6 to 5 percent; Portugal—Mar. 13, down from 6*4 to 6 percent. 4 4 2 MONEY RATES IN FOREIGN COUNTRIES I England (London) Month 1032—Februarv March April May June July August September October November December 1933—January February - .. . - _ . . . - Netherlands (Amsterdam) Germany (Berlin) Bankers' accept* ances, 3 months Treasury bills, 3 months 4.63 2.59 2.19 1.44 1.05 .92 .74 .67 .82 .89 1.02 4.08 2.28 2.07 1.10 .85 .66 .60 .55 .71 .82 1.04 3.84 2.40 1.91 1.29 .99 .67 .73 .67 .71 .73 .81 4 -3 3 -1*4 1*4-1 1 - *4 *4 *4 *4 *4 *4 *4 H 6.67 6.10 5.12 4.87 4.75 4.58 4.50 4.25 3.87 3.87 3.87 7.98 7.10 6.31 6.96 5.76 5.75 5.75 5.55 5.00 5.00 5.08 7.81 7.76 6.17 5.91 5.70 5.49 5.82 5.55 4.94 4.80 4.91 1.87 1.22 1.02 .60 .39 .49 .37 .37 .37 .37 .37 1.69 1.06 .94 1.03 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .87 .83 .76 .78 .73 .73 H *4 3.87 3.87 5.03 5.00 4.98 4.86 .37 .37 1.00 1.00 Bankers' Day-to-day allowance money on deposits Switzerland Belgium (Brussels) France (Paris) Italy (Milan) Private discount rate Private discount rate Private discount rate Private discount rate Private discount rate Money for Day-to-day 1 month money Sweden (Stockholm) Hungary Private discount rate Money for 1 month Japan [Tokyo) Month 1932—February . March . April _ May June . - .. . July August September October . . . November . December 1933—January Februarv v 1 Preliminary. - 1.52 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 3.31 3.36 3.26 3.21 3.16 3.17 3.12 3.00 3.00 3.00 2.94 1.75 1.80 1.66 1.50 1.22 .99 1.02 1.00 1.01 1.00 .91 6.92 6.53 6.00 5.52 5.50 5.50 5.50 5.50 5.00 5.00 5.00 1.50 1.50 2.88 2.78 1.12 1.89 4.42 4.25 Loans up Discounted Call ' Prime to 3 commer- Day-to-day money bills money months cial paper overnight 6*4- 9*4 5*45*45H4H4H47/i4%4^4H- 9 9 9 8 8 8 8 7H 7*4 4K-5*4 5 -5*4 4*4-5 4*4-4% 4 -WA 4 -AH 4*4-4% 4 -4H 3%-4H 3% SH 5*4-7 5 -7 6 -7 4*4-6 4 -5*4 4 -5*4 4 -5*4 3*4-5*4 3*4-5*4 3*4-5*4 5.84-6.57 6.20-6.57 6.20-6.57 6.20-6.57 6.02-6. 57 0.02-6.39 5.84-6.21 5.66-6.21 5.66-6.02 5.66-5.84 5.66-5.84 6.39 5.84 5.48 4.66 4.6* 4.20 4.02 3.47 3.28 2.92 2.74 3*4-5*4 3*4-5*4 5.48-5.84 3.10 244 FEDERAL RESERVE BULLETIN APRIL 1933 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Argentina Month Australia i Austria Belgium Brazil 13.9601 13.9544 13.9645 13.9600 13.9813 13.9696 13.9635 13.9550 13.9477 13.9581 1932—March April May June July August September. October November. December.. 58.2879 58.2171 58.3242 58.5205 58.5574 58.5695 58.5886 58.5835 58.5837 58.5851 290.56 299.40 293.42 291.15 283.40 277.50 277.13 271.15 261.50 261.77 13.9361 13.9956 14.0249 13.9366 13.8724 13.8735 13.8606 13.8940 13.8723 13.8460 6.2121 6.5402 7.1294 7 5008 7.5960 7.6221 7.6171 7.6214 7.6302 7.6327 1933—January._. February. March 2... 58.5847 58.5804 3 58.2974 267.19 13.9715 13.8629 272.17 13.9867 13.9638 272. 73 14.0121 13.9803 7.6352 7.6348 7.6330 Month 1932-March April May June July August September October.. November December _ _ 1933—January February. March. 2.. 1932—March April May June July August September October November December 1933—January February March 2 _ 0.7176 .7201 .7202 .7200 .7230 .7209 .7203 .7200 .7200 .7200 England Finland Germany 372.6136 384.7773 376.8328 374.1009 364.0790 356.4018 355.9494 348.5176 336.0492 336.1120 363.9304 374.9994 367.5140 364.6648 354.9564 347.5721 347.1062 339.6163 327.5267 327.8679 1.6015 1.7225 1. 7171 1.7019 1.5350 1.5114 1.4953 1.4823 1.4441 1.4239 3.9325 3.9430 3.9468 3.9363 3.9207 3.9187 3.9179 3.9264 3.9190 3.9033 344.6451 336.1385 342.2073 343. 2800 1.4577 1.4919 1. 5153 3.9034 23.7703 3.9228 23.8291 3. 9361 23.8519 France Portu- Greece Colombia Cuba Czechoslovakia 23.9213 22.3221 21.7116 21.3125 20.6400 21.0031 21.0404 20.8883 20.5937 19.4719 95.2400 95.2400 95.2400 95.2400 95.2400 95.2400 95.2400 95.2400 95.2400. 95.2400 100.0590 99.9816 99.9299 99.9217 99.9186 99.9094 99.9118 99.9109 99.9237 99.9261 2.9628 2.9629 2.9650 2.9641 2.9589 2.9596 2.9594 2.9606 2.9619 2.9613 20.0112 20.5267 20.0654 19.9248 19.2044 18.4993 17.9781 17.6412 17.0613 17.0069 6.0275 19.7916 95.2400 99.9411 6.0278 20.1136 94.4191 99.9790 6.0281 20. 7250 86. 2100 100.0162 2.9614 2.9632 2.9743 16.9097 15.2612 15.3180 Hong Hungary Kong 23.7812 1.2875 24.6855 23.7427 1.2318 23. 7187 23.7947 .6641 23.4337 23.6878 .6387 23.3431 23.7176 .6399 22.8893 23.7838 .6321 23.2479 23.7814 .6060 23.4293 23.7692 .6014 22.9487 23.7536 .5743 22.4062 23.7869 .5418 21.3527 Rumania China Chile 89.4530 12.0606 89.8808 10.6538 88.4430 6.0000 86.7427 6.0202 87.0658 6.0250 87.5513 6.0283 90.2636 6.0414 91.2332 6.0250 87.3000 6.0276 6.0274 .7195 87.4621 .7200 83.5084 .7210 83. 5205 Egypt New Zealand 1 Norway Poland Month Bulgaria Canada 17.4353 17.4298 17.4384 17.4740 17.4612 17.4507 17.4653 17.4452 17.4356 17.4265 India 27.3121 28.0133 27.3175 27.1647 26.6842 26.1577 26.2192 25.6800 24.7830 24.7923 .5392 21.7525 17.4260 25.4055 .5610 22.0710 17.4359 25.8336 .5673 22. 7442 17. 4392 25. 7900 Denmark Italy Japan Mexico Nether lands 5.1824 5.1493 5.1491 5.1162 5.1009 5.1144 5.1264 5.1195 5.1124 5.1088 32.1562 32.8063 31.9730 30.2856 27.4471 24.4944 23.6314 23.0628 20.6218 20.7298 33.6841 33.3728 30.2540 26.8977 27.7321 28.5682 29.9159 31.1060 32.2205 31.9923 40.2799 40.4914 40.5474 40.4411 40.2740 40.2443 40.1586 40.2217 40.1774 40.1680 5.1177 20.7393 30.1631 40.1797 5.1156 20.7945 28.4212 40.2691 5.1372 21. 2631 28. 3164 40. 3572 Spain Straits Settlements Union of Sweden SwitzerTurkey South Uruguay Yugoslavia land Africa i 41.3333 42.7404 42.2400 41.9567 40.9675 40.1042 40.2475 39.4372 38.0026 38.0123 19.8540 19.0910 18.7238 18.7049 18.2190 17.8485 17.8055 17. 5334 17.4314 17.9108 11.1770 11.1847 11.1810 11.1839 11.1885 11.1771 11.1800 11.1740 11.1769 11.1825 3.2832 3.3804 3. 3267 3. 3320 3. 2240 3.1579 3.1481 3.0872 3.0293 3.0191 .5970 .5966 .5972 .5978 .5982 .5978 .5975 .5973 7.5993 7.6942 8.1169 8. 2451 8.0518 8.0608 8.1044 8.1871 8.1730 8.1506 47.0796 47.3186 47.5433 47.2115 47.5680 47.4413 47.3900 47.3466 47.3402 47. 3397 1.7753 1. 7725 1.7743 1.7436 1.6717 1.6903 1.5892 1.4094 1.3506 1.3448 292.13 17.2684 11.1872 272.87 17. 5270 11.1940 273.45 17. 5913 11.1834 3.1017 3.1362 .5972 .5958 .5974 18. 2982 19. 2836 47.0260 •340.63 47.3366 8.1777 8.2446 39.5818 18. 2670 19. 3707 47.1982 338.90 47.3363 8. 4431 39.6078 18.1884 19. 3716 339. 88 47. 3458 1.3555 1.3593 1.3714 332.36 342.47 335.63 333.03 324.16 317.42 316.99 310.15 299.11 299.42 19.6003 19.0780 18.4823 18.0626 17.6386 17.4101 17.4470 17.1752 16.7252 16.8899 19.3405 19.4374 19.5579 19.5141 19.4684 19.4528 19. 3007 19.3041 19. 2470 19. 2354 47. 3330 474.98 47.4935 473.19 47. 5060 479.72 47.3550 479.89 47.1604 478.31 47.1011 477.50 47.1916 476. 79 47. 2680 475.85 47.2167 477. 58 47.0127 « 479.13 Monetary units and pars of exchange (in cents per unit of foreign currency): Country Argentina Australia Austria TCfllgirjTTi Brazil Bulgaria Canada Chile China Colombia. Cuba Egypt England Par of exchange Country Gold peso 96.48 Pound 486.66 Schilling 14.07 Belga. 13.90 Milreis— 11.96 Lev .72 Dollar 100.00 12.17 Peso Yuan «21.31 97.33 Peso do—. 100.00 494.31 Egyptian pound. . 486.66 Pound Finland France Germany Greece Hong Kong Hungary India Italy Japan Mexico Netherlands New Zealand Norway Monetary unit Monetary unit Par of exchange Country 2.52 Poland Markka 3.92 Portugal Franc 23.82 Rumania Reichsmark 1.30 Spain Drachma Hong Kong dollar. 6 21.63 Straits Settle17.49 Pengo ments. 46.50 Sweden Rupee 5.26 Switzerland Lira 49.85 Turkey Yen 49.85 Union of South Silver peso 40.20 Florin Africa. 486.66 Uruguay Pound 26.80 Yugoslavia Krone Monetary unit Par of exchange Zloty 11.22 Escudo 4 42 Leu. - - _ - - . .60 19.30 Peseta... Singapore dollar... M0.05 Krona Franc Turkish pound Pound 26.80 19.30 439.65 486.66 Peso Dinar 103.42 1.76 1 Monthly averages for Australia, New Zealand, and South Africa from March through December 1932 are taken from the League of Nations Monthly Bulletin of Statistics. 2 No quotations from Mar. 6 through Mar. 11. 3 No quotations from Mar. 6 through Mar. 13. 4 Average based on quotations for Dec. 1-27. 6 Average based on quotations for Jan. 7-31. 6 Silver currencies—figures given for parity represent gold value of unit in March 1933, computed by multiplying silver content of unit by New York7 average price of silver for March 1933, which was $0.27737 per fine ounce. Singapore dollar is legally equivalent to seven sixtieths of 1 English pound. Figure given for parity represents seven sixtieths of average quotation of pound in New York for March 1933. 245 FEDERAL RESERVE BULLETIN APRIL 1933 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Month United States (average price) Common stocks (1926 average»100)» England France (December (1013 aver1921 = 100) age =100) Number of issues 60 87 36 1931—February... March April May June July August September. October NovemberDecember. . 99.4 100.0 99.6 99.7 99.4 99.4 98.5 95.6 89.4 89.0 81.6 109.7 111.6 111.3 110.8 111.1 111.2 107.2 103.5 104.2 104.8 102.2 97.1 97.9 99.0 98.4 98.8 98.9 99.5 97.7 94.8 94.4 90.8 1932—January February... March April May June July August September.. October November.. December.. 81.0 80.3 80.8 79.4 75.2 72.2 74.2 83.2 85.8 84.1 81.9 81.2 104.7 106.5 111.6 110.6 111.4 111.0 115.6 116.1 118.4 120.3 115.9 116.1 91.5 90.3 90.5 89.0 85.9 85.2 87.4 88.6 89.5 89.1 88.9 87.8 1933—January February... 84.1 82.5 116.9 118.4 86.4 85.3 Germany (average price)» United States England France Germany 421 278 300 329 119.8 121.6 109.2 98.0 95.1 98.2 95.5 81.7 69.7 71.7 57.7 89.3 89.4 85.1 76.8 77.8 79.2 73.8 67.2 75.6 74.7 68.1 160.1 155.4 148.5 138.2 141.2 132.6 130.5 115.5 106.9 104.3 94.8 78.5 <63.0 64.4 60.4 62.2 63.2 67.4 70.1 72.9 76.3 58.0 56.4 56.8 43.9 39.8 34.0 35.9 53.3 58.2 49.9 47.5 47.4 69.7 68.9 69.6 63.5 61 6 59.3 63.5 69.5 72.7 72.4 72.7 72.0 107.3 126.2 117.6 107.3 94.4 97.4 100.4 103.4 104.3 97.4 100.0 104.3 «45. 6 46.4 45.6 45.8 47.9 54.1 52.5 53.4 56.7 81.4 79.9 49.1 44.9 72.4 72.2 101.3 97.9 59.3 59.4 82.7 83.8 84.8 84.2 82.4 <81.4 84.8 76.1 «70.5 i) «52.3 » Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. » New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 percent bonds. 3 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 United Japan NetherEngland Germany Canada France Italy States lands (1926-100) (1913=100) (1913=100) (1913=100) (1913-100) (October, (1926*100) 1900=100) (1913-100) 1931—February... March April May June July. August September,. October.... NovemberDecember.. 77 76 75 73 72 72 72 71 70 70 69 76 75 74 73 72 71 71 70 70 71 70 106 106 106 104 103 102 100 99 104 106 106 538 539 540 520 518 500 488 473 457 447 442 114 114 114 113 112 112 110 109 107 107 104 338 339 337 332 327 324 322 319 322 320 319 158 158 158 154 151 153 152 150 147 147 151 104 10S 102 102 100 97 94 91 89 89 86 1932—January February... March April May June July August September.. October NovemberDecember. . 67 66 66 66 64 64 65 65 65 64 64 63 69 69 69 68 68 67 67 67 67 65 65 64 106 105 105 102 101 98 98 100 102 101 101 101 439 446 444 439 438 425 430 415 413 412 413 413 100 100 100 98 97 96 96 95 95 94 94 92 317 314 315 311 305 297 296 296 300 299 298 296 160 161 159 154 150 146 148 156 167 169 178 185 84 83 82 80 79 78 76 75 76 77 77 76 1933—January... February.. 61 60 64 100 99 411 404 91 91 292 286 185 180 7fi 74 168276—33- 64 246 FEDERAL RESERVE BULLETIN APRIL 1933 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those included in indexes shown in preceding table] United States (1926-100) Month Farm products Foods England (1913-100) France (1913-100) Other commodities Foods Germany (1913=100) IndusFarm Indus- Agricultrial and food tural trial products products products products 1931—February March April May June _ July August. _ September October November December 70 71 70 67 65 65 64 61 69 59 56 78 78 76 74 73 74 75 74 73 71 69 78 77 76 75 74 74 74 74 73 74 72 112 111 113 113 113 110 108 108 113 115 113 103 103 102 100 98 98 95 95 100 102 102 575 581 592 566 571 541 528 508 489 482 491 505 503 495 480 472 465 452 443 429 416 400 106 107 108 109 107 105 103 101 99 99 95 100 99 97 96 95 97 96 94 1932—January February March April May June July . August SeptemberOctober . November December 53 51 50 49 47 46 48 49 49 47 47 44 65 63 62 61 59 59 61 62 62 61 72 71 71 71 70 70 70 70 70 70 101 101 99 96 94 91 92 95 99 98 98 97 496 511 610 506 611 490 498 453 445 450 458 456 390 389 388 381 374 369 370 382 384 379 373 375 1933—January February 43 41 97 96 455 443 ••373 370 61 70 58 69 114 114 116 115 114 112 108 107 107 106 107 108 56 54 67 66 107 105 United States Month January Februarv March April May June July Alienist September October November December England (July 1914=100) France (July 1914=100) Germany (191314=100) * 1932 1933 1932 1933 1932 1933 1932 1933 109 105 95 91 131 131 123 122 114 115 102 103 116 114 107 107 115 114 105 129 104 101 126 125 115 114 113 113 100 123 111 125 123 123 125 125 125 108 104 102 102 104 103 113 101 . . . . 101 100 . . . . 100 99 . . . . 99 1 - 94 91 106 106 105 103 103 103 102 100 99 99 97 140 139 138 137 137 136 136 135 133 132 130 92 95 97 95 93 92 93 91 89 88 88 84 90 91 89 88 87 85 84 83 85 83 81 80 92 91 90 89 88 87 87 88 89 88 88 87 125 122 121 120 119 118 117 116 115 115 114 114 81 82 81 80 87 87 113 112 COST OP LIVING RETAIL FOOD PRICES (1913=100 ) Industrial raw Indusfinand semi- trial ished finished products products Provisions 114 112 111 110 110 109 United States (1913=100) Month 1932 January. February 7 March _ April May June _ _ July August Septemb er October Novemb er Decembt jr > 1933 England (July 1914=100) France (Jan .-June 1914=100) Germany (191314=100)» 1932 1933 1932 1932 147 147 142 141 136 146 144 143 142 132 141 143 143 143 143 141 1933 125 122 108 109 • - 105 105 122 122 121 121 1933 117 117 122 120 120 119 119 118 Average of October 1913, January, April, and July 1914= 100. •- Eevised. SOURCE: Wholesale prices—¥OT 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—Statistiches Reichsamt; France—-For retail food prices, Statistique Generate, and for cost of living, Commission d'fitudes relatives au cout de la vie a Paris APEIL 1933 FEDERAL RESERVE BULLETIN 247 LAW DEPARTMENT Amendments to Emergency Banking Act 18 of the Federal Reserve Act, as amended by section 401 of this Act, to the same extent as notes, drafts, bills of exchange, or bankers' acceptances acquired under the provisions of the Federal Reserve Act. During the time that such bank or trust company is indebted in any way to a Federal Reserve bank it shall be required to comply in all respects to the provisions of the Federal Reserve Act applicable to member State banks and the regulations of the Federal Reserve Board issued thereunder: Provided, That in lieu of subscribing to stock in the Federal reserve bank it shall maintain the reserve balance required by section 19 of the Federal Reserve Act during the existence of such indebtedness. As used in this section and in7 section 304, the IPUBLIC—No. 4—73D CONGRESS] term 'State bank or trust company shall include a bank or trust company organized under the laws of [H. R. 3757] any State, Territory, or possession of the United States, AN ACT or the Canal Zone." To provide for direct loans by Federal reserve banks to State banks and SEC. 2. (a) Section 304 of such Act of March 9, trust companies in certain cases, and for other purposes. 1933, is amended by adding after the first sentence thereof the following new sentences: "Nothing in this Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,section shall be construed to authorize the ReconstrucThat Title IV of the Act entitled "An Act to provide tion Finance Corporation to subscribe for preferred relief in the existing national emergency in banking, stock in any State bank or trust company if under the and for other purposes," approved March 9, 1933, is laws of the State in which said State bank or trust amended by adding at the end thereof the following company is located the holders of such preferred stock new section: are not exempt from double liability. In any case in "SEC. 404. During the existing emergency in bank- which under the laws of the State in which it is located ing, or until this section shall be declared no longer a State bank or trust company is not permitted to issue operative by proclamation of the President, but in no preferred stock exempt from double liability, or if such event beyond the period of one year from the date this laws permit such issue of preferred stock only by unanisection takes effect, any State bank or trust company mous consent of stockholders, the Reconstruction not a member of the Federal reserve system may apply Finance Corporation is authorized, for the purposes of to the Federal reserve bank in the district in which it this section, to purchase the legally issued capital notes is located and said Federal reserve bank, in its discre- or debentures of such State bank or trust company." tion and after inspection and approval of the collateral (b) The second sentence of said section 304 is and a thorough examination of the applying bank or amended to read as follows: "The Reconstruction trust company, may make direct loans to such State Finance Corporation may, with the approval of the bank or trust company under the terms provided in Secretary of the Treasury, and under such rules and section 10 (b) of the Federal Reserve Act, as amended regulations as he may prescribe, sell in the open market by section 402 of this Act: Provided, That loans may the whole or any part of the preferred stock, capital be made to any applying nonmember State bank or notes, or debentures of any national banking associatrust company upon eligible security. All applica- tion, State bank or trust company acquired by the tions for such loans shall be accompanied by the written corporation pursuant to this section." approval of the State banking department or commisSuch section 304 is further amended by adding at sion of the State from which the State bank or trust the end thereof the following new sentence: (c) "As company has received its charter and a statement from used in this section, the term 'State bank or trust com7 the said State banking department or commission that shall include other banking corporations enin its judgment said State bank or trust company is in pany gaged in the business of industrial banking and under a sound condition. The notes representing such loans the supervision of State banking departments or of the shall be eligible as security for circulating notes issued Comptroller of the Currency." under the provisions of the sixth paragraph of section Approved March 24th, 1933 There is published below the text of an act to provide for direct loans by Federal reserve banks to State banks and trust companies in certain cases, and for other purposes, which was signed by the President on March 24, 1933. This act amends title IV of the Emergency Banking Act of March 9, 1933, by adding thereto a new section (sec. 404), and amends section 304 (title III) of that act. 248 FEDERAL RESERVE BULLETIN APRIL 1933 FEDERAL RESERVE STATISTICS, BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [In millions of dollars] [In thousands of dollars] 1932 1933 Wednesday series (1933) Federal reserve bank Federal reserve bank March February 23.5 476.7 130.5 12.1 68.2 53.9 91.9 38.9 36.7 37.8 18.2 19.2 Chicago St. Louis Minneapolis 62.4 10.9 13.1 26.2 5.7 10.4 Kansas City Dallas..San Francisco 25.2 6.2 78.1 14.7 4.1 36.1 994.2 306.5 Boston... New York Philadelphia. Cleveland Richmond Atlanta - _. Total March Mar. 1 Mar. 8 _ 35.5 Boston 140 3 New York 96.8 Philadelphia108 8 34.4 Cleveland 37.9 Richmond 58.3 Atlanta 19 1 Chicago 10.5 St. Louis Minneapolis-_ 35.3 Kansas C i t y 13.2 Dallas 124.1 San Francisco. 15.731 280,617 126,996 714.1 Total... Mar. 29 Mar. 15 Mar. 22 18,677 772,762 142,928 34,070 614,222 156,354 22,037 248,523 123,260 20,386 170,556 101,664 79,636 41,708 25,083 119,151 55,630 40,665 114,087 47,012 52,061 60,033 24,200 32,672 62,323 20,715 26,077 43,676 6,991 10.732 113,517 15,303 14,835 62, 220 12,982 14,181 37,742 6,621 11,513 23,004 5,820 10,707 16,451 5,421 59,349 30,883 6,026 83,559 30,852 7,253 87,022 20,221 6,203 77,844 21,428 5,822 76,608 712,391 1,413,936 1,232,316 670,869 545,110 Back figures.—See Annual Reports for 1931 (table 80), 1928 (table 72), Back figures—See Annual Reports for 1931 (table 83), 1930 (table 78) and 1927 (table 55). etc. RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Amounts in thousands of dollars] Averages of daily figures Total cash reserves Federal reserve notes in circulation 1 Total deposits Reserve percentages Federal reserve bank 1933 March February 1932 1932 1932 March March February March March February March 1933 1932 March March February Boston New York.... Philadelphia.. 208,468 766,707 177, 737 262,145 871,643 217,122 220,929 987,828 247, 597 132,131 162,336 858,199 1,017,653 113,800 135,031 122,802 844,854 121,611 248,620 930,403 295,366 190,957 600,972 245,940 176,494 569,920 260,172 54.8 42.9 43.4 74.2 53.9 57.0 73.8 69.8 64.9 Cleveland.. Richmond.. Atlanta 293,030 162,042 109,893 260,468 112,875 93,314 293, 389 102, 540 121,241 149,696 65,868 61,776 145,168 69,627 49,337 148,048 54,888 50,859 401,269 195,938 159,878 299,838 103,892 109,389 303,962 100,922 120,578 53.2 61.9 49.6 58.5 65.1 58.8 64.9 65.8 70.7 Chicago St. Louis Minneapolis- 778, 563 153,604 74,139 914,923 135,581 69,252 669,744 109, 532 75,976 289, 455 77,553 44,371 416, 785 65,232 44,889 260,165 61,012 43,143 1,037,508 166,113 109,059 759,105 136,155 86,535 557, 551 92,822 69,200 58.7 63.0 48.3 77.8 67.3 52.7 81.9 71.2 67.6 Kansas City— Dallas San Francisco. 132, 712 69,404 223,895 114,928 46,296 261,063 94,437 53, 224 214,391 85,160 69,110 156,426 82,419 55,785 162,002 69,493 49,541 148,847 138,562 50,694 308,941 101,557 36,371 247,983 83,165 40,559 230,139 57.9 48.1 62.5 50.2 63.7 61.9 59.1 56.6 3,150,194 3,359,610 3,190,828 2,103,545 2,406,264 1,975,263 4,042,351 2,918,694 2,605,484 51.3 63.1 i9.7 TotaL. iIncludes "Federal reserve notes of other reserve banks'* as follows: Latest month, $23,603,000; month ago, $11,663,000; year ago, $14,334,000. APRIL 249 FEDERAL RESERVE BULLETIN 1933 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENTS, MAR. 31, 1933 [In thousands of dollars] Total Boston New York MinKanSt. neapsas Chicago Louis olis City Phila- Cleve- Richdelphia land mond Dallas San Francisco RESOURCES Gold with Federal reserve agents 2,577,825 154,494 Gold redemption fund with U.S. Treas81,199 6,424 ury _ Gold held exclusively against Fed2, 659,024 160,918 eral reserve notes Gold settlement fund with F.R. Board... 230,002 5,435 Gold and gold certificates held by banks- 361,375 24,728 Total gold reserves _ Reserves other than gold. 619,843 173,000 224, 18, 779 6,999 7,793 140,145 87,000 3,062 4,737 12,833 1,690 3,159 3,746 1,680 10,297 638,622 79, 999 232,763 143,207 91, 737 791,740 118,425 55,299 84,026 24,328 137,960 88,375 11,462 11,209 9,806 12,047 33,031 17,184 11,178 8,285 10,597 11,393 164,238 19,562 34,690 9,569 8,733 37,294 2,707 4,441 20,536 5,620 29,257 3,250,401 191,081 891,235 211,023 278,662 162,582112,51 862,065 38,316 70,918 112,847 40,545 78,610 204,275 15,488 68,822 18,989 11,858 8,853 6,538 30,878 10,195 2,967 7,024 7,829 14,834 3,454, 676 206,569 Total reserves _ 114, 247 6,402 Nonreserve cash * 150 Redemption fund—F.R. bank notes 1,100 Bills discounted: Secured by United States Govern136,645 7,798 ment obligations289,827 12,685 Other bills discounted 1 960,057 230,01 290,520 171,435 119,055 22,659 3,595 8,811 5,916 6.800 550 250 50 56,418 16,294 37,160 50,985 5,410 3,838 6,444 16,513 22,445 Total bills discounted. Bills bought 426,472 20,483 304, 783 54,587 93,578 67,279 59,143 21,923 53,900 9,467 6,872 11,871 14,523 United States Government securities: Bonds _ Treasury notes Certificates and bills 422, 740 21,799 457,878 27,516 957,723 53, 797 187,233 29,849 36,363 9,917 10,150 182,229 33,260 47,434 12,937 13,065 355,949 65,031 92,743 25,295 25, 544 Total U.S. Government securities.. 1,838,341 103,112 4,953 Other securities.. Total bills and securities. Due from foreign banks Federal reserve notes of other banks Uncollected items Bank premises. All other resources Total resources 52,140 80,280 22,648 127, 663 778,907 116, _ 892,943 .48,511 73,885 119,871 48,374 93,444 24,922 6,134 2,320 5,288 5,675 15, 725 100 5,462 1,869 14,263 3,102 456 1,607 9,922 19,489 551 14, 243 5,261 61,558 19,725 4,971 10,378 21,096 72,969 13,680 10,656 7,602 5,812 75,801 2,124 46,532 39,902 13,956 17, 262 12, 558 18,020 25,731 52,048 17,555 12,692 15,113 10,463 33,566 164,601 34,321 24,810 29,549 20,45" 65,626 725,411 28,140 76,540 48,149 48, 759 256, 551 65,832 54,764 57, 220 48,940 24,923 4,420 525 2, 574, 549 178,182 877, 309 205,411 242, 555 3,618 269 1, 348 29,005 306 6,217 766 2,167 306,460 35,298 94, 796 22,748 26,911 54,037 3,280 12,818 3,181 6,929 71,952 754 42,870 4,492 1,904 81,943 137 2,020 23,458 3,237 7,824 89, 565 349,245 84,483 75,806 123 15 10 1,394 1,592 1,501 8,590 34,211 11,990 7,268 2,422 7,595 3,285 1,746 5,291 1,210 1,134 1,917 85,918 56,876 247,256 102 102 '"I 246 3,411 419 2,519 15,090 16,112 3,559 1,741 4,244 1,230 1, 541 1,785 6,609,644 431, 210 2,018,674 470,843 580,195 295,970 233, 240 1,317,299 257,244 .64,453 234, 469 124, 716 481,331 LIABILITIES F.R. notes in actual circulation F.R. bank notes in actual circulation Deposits: Member bank—reserve account Government Foreign bank _ _. Special deposits: Member bank _ Nonmember bank Other deposits _ Total deposits Deferred availability items Capital paid in Surplus All other liabilities 3,695,723 241,823 14, 567 1,696 841,337 271, 651 360,437 L85, 904 152,446 10,061 1,9 782 939,078 .54,426 .02,139 125,444 43,935 277,103 1,949,107 113,046 41,126 3,209 16,384 1,174 877, 549 16,361 .25,137 53, 230 42,148 13,884 3,584 4,264 2, """ 785 5,673 1, 1,592 563 627 252,489 61,724 39,081 76, 597 52, 791 38,954 6,086 2,248 499 817 1,595 1,566 2,091 370 466 466 1,126 547 2,380 16,133 44,724 , 132,963 312,690 149,595 278,599 25,507 5,005 2,277 11,350 4,952 15,129 1,026 684 315 3,002 5,907 723 3,224 36 15,251, 3,941 5,059| 2,460 5,947! 3,094 876 1,794 1,263 120,866 915,7381127,927 149,808 68,130 53,350 286,923 74,014 34,999 101,397 23,340 24,724 23,440 9,330 32,668 13, 268 10, 710 58,374 15,840 13,965 5,135 4,637 15,527 4,258 20,460 85,058 29,242 28,294 11,616 10,544 39,497 10,186 656 6,709 851 2,185 1,745 2,933 3,606 1,056 43,883 7,238 2,847 7,019 1,327 1,057 6,815 1,487 3,382 772 174 2,325 178 1 653 4,283 448 9,112 81,151 55,684 55,489 14,978 10, 597 16,711 4,002 3,790 10,510 8,263 8,719 19,701 631 1,991 1,817 6,609,644 431,210 2,018,674 470,843 580,195295,970 233,240 , 317,299 257,24464,453 234,469 124, 716 481,331 Total liabilities. 57.0 59.3 54.6 57.6 56.9 67.5 57.( 72.8 65.0 50.6 58.0 48.6 44.7 Reserve ratio (percent) FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F.R. bank by F.R. agent... 4,035, 766 265, 748 929,650 288,879 174,742 .63,479 ,035,322165,473 L05,084 .39,051 48,011 Held by Federal reserve bank 88,313 17,228 14,305 8,034 11,033 96,244 11,047 2,945 13,607 4,076 49,286 340,043 23,925 In actual circulation.. Collateral held by agent as security for notes issued to bank: Gold Eligible paper. United States Government securities . FEDERAL RESERVE BANK NOTE STATEMENT Issued to F.R. bank (outstanding) Held by Federal reserve bank In actual circulation Collateral pledged against outstanding notes: Discounted and purchased bills _ United States Government securities- 3,695,723 241,823 577,825 54,494 598,813 70,084 884,700 41,500 841,337 271,651 360,437 .85,904 52,446 939,078 154,426 .02,139 25,444 43,935 277,103 619,843 173,000 224,970 .40,145 87,000 128,035 47,031 60,668 32,192 34,306 182,000 70,000 90,000 24,000 46,000 21,049 6,482 2,040 344 12,249 5,000 2,188 3,008 14,567 1,696 10,061 5,258 25,249 2,300 1,992 1,600 818 160 124 782 2,769 12,249 8,000 778,907 116, 735 52,140 80,280 22,648 .27,663 87,045 17,016 18,003 17,367 6,038 81,028 174,000 34,000 37,700 45,000 20,500 20,000 189 5,000 250 FEDERAL RESERVE BULLETIN APRIL 1933 ALL MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures Eeserves held Borrowings at Federal reserve Total Federal reserve district 1933 1933 1932 1932 1933 1932 February January February February January February February January February Boston New York.... Philadelphia. 155.8 979.5 127.5 147.2 1,230.3 127.0 119.6 811.5 118.4 43.9 81.4 12.5 34.2 294.3 10.7 1.6 12.9 1.4 12.1 67.6 53.9 12.3 57.2 47.0 39.9 178.8 121.9 ClevelandRichmond. Atlanta 135.6 62.5 44.8 141.5 52.8 44.2 141.0 51.8 47.6 1.5 15.1 5.0 4.9 3.9 2.5 1.1 1.3 2.3 37.7 18.2 19.2 24.5 16.2 17.4 121.7 36.4 45.0 Chicago St. Louis Minneapolis _ 403.2 59.3 42.1 420.6 59.1 257.7 57.5 41.4 186.6 10.1 9.1 197.6 8.0 4.8 8.9 2.4 1.9 26.1 5.7 10.3 16.0 7.9 10.1 79.8 22.0 12.2 Kansas C i t y . . . Dallas San Francisco.. 78.7 52.4 149.7 67.0 46.4 141.7 68.1 49.2 143.6 21.6 11.6 19.0 9.0 5.3 8.5 4.7 3.8 1.6 14.6 4.1 35.9 11.6 4.4 29.8 35.4 14.6 128.5 2,291.0 2,515.9 1,907.5 417.3 583.8 43.8 305.6 254.4 836.2 Total. Back figures.—For reserves held and borrowings at Federal reserve banks, see Annual Reports for 1931 (tables 100 and 101), 1929 (tables 91), and 1927 (tables 89 and 90). NET DEMAND AND TIME DEPOSITS OP BANES IN LARGER AND [SMALLER CENTERS [In millions of dollars] Averages of daily figures Member banks in larger centers (places over 15,000) Federal Reserve district 1932 1933 February Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis . Minneapolis . Kansas City— Dallas San Francisco Total Time Net demand January February February Net demand 1932 1933 January 671 664 1,894 1,955 628 619 * Member banks in smaller centers (places under 15,000) 1933 February February 711 1,892 604 75 189 133 Time 1932 January 1933 1932 February February 76 192 138 85 226 153 137 459 390 137 466 391 146 500 409 January February 942 6,574 822 951 6,854 830 990 5,818 836 935 316 286 960 330 301 968 345 331 982 302 289 987 301 296 1,024 291 291 128 74 53 128 76 55 148 86 67 252 159 58 253 159 59 270 166 70 1,473 348 172 1,517 362 176 1,693 389 206 1,105 267 191 1,141 279 188 1,304 308 207 125 79 87 131 81 91 162 91 116 213 88 180 221 91 183 266 100 211 378 281 803 381 285 819 414 314 893 208 161 1,479 212 163 1,504 217 163 1,498 159 134 80 164 132 86 191 155 110 110 31 95 111 32 98 124 33 120 13,330 13,767 13,198 8,161 8,324 8,510 1,315 1,349 1,591 2,172 2,201 2,416 APRIL 251 FEDERAL RESERVE BULLETIN 1933 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES OF ALL WEEKLY REPORTING MEMBER BANES, BY DISTRICTS, ON MAR. 1, 1933 [In millions of dollars] Loans and investments Loans On securities Allother Investments— U.S. Government securities Allother _ Reserve with Federal reserve bank Cash in vault Net demand deposits Time deposits _ Government deposits Due from banks Due to banks Borrowings from Federal reserve banks , Total Boston New PhilaRich- Atdel- CleveYork phia land mond lanta Chicago 17,823 9,627 4,234 5,393 8,196 4,908 3,288 1,599 389 10,605 5,288 90 866 2,199 488 1,159 672 271 401 487 297 190 114 21 736 390 3 99 139 1 7,486 3,653 1,884 1,769 3,833 2,493 1,340 729 106 5,422 1,187 38 98 947 217 1,960 1,303 571 732 657 341 316 282 99 1,171 809 8 141 241 24 1,063 568 289 279 495 239 256 67 17 587 271 8 56 129 80 1,787 1,025 472 553 762 449 313 76 38 735 711 9 47 137 63 557 289 107 182 268 161 107 46 30 260 218 3 43 72 27 491 310 107 203 181 100 81 21 9 192 192 7 45 62 16 Min- KanSt. sas Louis neapolis City 493 260 106 154 233 116 117 52 14 287 173 1 45 290 167 52 115 123 59 64 27 6 145 140 46 50 1 77 2 San Francisco Dallas 496 225 75 150 271 152 119 58 15 329 171 2 90 134 6 357 214 68 146 143 89 54 47 10 221 128 3 67 78 1 1,684 941 232 709 743 412 331 80 24 ••520 898 8 89 133 50 *• Revised. NOTE.—Complete figures for dates subsequent to Mar. 1 are not available. PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO [In millions of dollars] New York City Loans and investments: Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 Loans: Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 On securities: Mar. 1 Mar 8 _ - Mar. 15 Mar. 22 Mar. 29 All other: Mar. 1 Mar. 8 Mar. 15 Mar. 22. Mar. 29 Investments: Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar 29 U.S. Government securities: Mar 1 Mar. 8 Mar. 15 . Mar 22 Mar. 29 All other: Mar 1 Mar. 8 Mar. 15 Mar 22 Mar 29 Reserve with Federal reserve bank: Mar. 1 Mar. 8 Mar. 15- „ New York City Chicago 6,512 6,412 6,523 6,484 6,457 1,006 966 11,099 1,125 3,079 3,121 3,157 3,151 3,118 618 607 1646 '645 647 1,640 1,668 1,674 1,626 1,555 346 346 '357 355 1,439 1,453 1,483 1,525 1,563 272 261 1293 '288 292 1,131 Reserve withlFederal reserve bank—Contd. Mar. 22 Mar. 29 Cash in vault: Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 _ _ __ „ . Net demand deposits: Mar. 1. . Mar. 8 Mar. 15 Mar. 22 Mar. 29 Time deposits: Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 Government deposits: Mar. 1 Mar. 8... Mar. 15 3,433 3,291 3,366 3,333 3,339 388 359 1453 '480 484 2,338 2,186 2,253 2,210 2,185 189 161 1202 239 1,095 1,105 1,113 1,123 1,154 199 198 1251 '241 238 683 618 226 132 669 U50 246 Mar. 22 Mar. 29Due from banks: Mar. 1 Mar. 8Mar. 15 Mar. 22 . . Mar. 29 Due to banks: Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 Borrowings from Federal reserve banks: Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 „ Chicago 609 739 162 ^92 131 85 [56 50 64 165 1128 63 59 4,983 4,481 4,518 4,640 4 827 809 742 1788 809 805 776 749 740 739 737 286 259 1359 357 360 34 11 170 170 170 4 3 116 17 16 62 53 55 55 97 51 1 90 136 129 898 690 756 859 930 168 130 1133 191 194 183 632 483 147 84 66 113 54 175 «Revised. 1 On Mar. 9 a member bank in Chicago took over assets and assumed depositliabilities of a nonmember aggregating approximately $135,000,0004 252 FEDERAL RESERVE BULLETIN APRIL 1933 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT F e d e r a l Reserve bank or branch city 1933 March 1932 February Boston. New York. Buffalo Philadelphia. 5 -6 Atlanta Birmingham. Jacksonville. Nashville New Orleans . ChicagoDetroit.. St. Louis.— Little Rock. Louisville... March February 4 -6 -6 6 6 5 -6 5 -6 5 -5K 4K8 5 -7 6 A 6 5i6 53^-6 5 -6 •5 -7 5H-6 6 -8 6 -8 6 5 -7 6 -8 6 -8 6 5H-7 5 -6 5 -5H 6 4 -5 5 -6 6K-7 6 5 -6 6^-7 6 6 -7 6 4 -6 7 -8 5 -6 7 -8 7 -8 Kansas City Denver Oklahoma City.... Omaha 4 -6 4 -6 6 5 -6 4 -5 6 Dallas El Paso Houston San Antonio.. 4 -6 7 -8 5 -« 5 -8 5 -5H 5M6 6 5 -6 5 -6 5H-7 5 -6 7 -8 5 -5 5 -6 6 6 6 6 6 6 -7 -8 -7 -7 5 -6 6 -61 6 6 6 -61, 6 -7 6 -7 7 -8 6 -7 5 -6 6 -6V 6 -7 March March 3 -4 6 5 -6 6 -7 6 1932 February March 4 -5 4 6 4K-5 5 -6 4 -4^ 6 5 -6 5 -6 4 -5 4 -5 6 5 -6 6 5 -6 5 -7 6 5 -6 5K-6 5 -6 6 -8 6 -8 V 6 5 -6 5 -6 6 5 -6 6 -8 6 -8 6 4 -5 6 -8 6 -8 6 5Vf-7 5 5 -5K 5 -6 4 -6 6M-7 6 -ty2 5 -6 4 -5} 6 -7 2 -4 6 -7 6 -8 6 -8 6 -6V£ 6 -8 6 -8 5H-7 6 -7 7 -8 5M-7 63^-7 5 -7 8 5 -6 6 -8 8 5 -6 6 -8 6 6 -7 7 -7 7 5 -6 6 -%Y2 6 -6M 6 6 s 5 6 -8 6 -8 6 6 5 -6 5 -5M '4H -7 6 5H-6 6 -7 5 -6 5 -5M 6 -7 5 -6 6 5 -6 4 -4 6 -8 5 -6 6 -7 6 -7 6 -7 5 -6 5H-6 6 6 6 6 -8 6 -6} 534-6 8 5H-6 5 -5; 5 -6 5 -5^ 6 6 6 6 5 -b\ 5 -6 5 -h\ 5 -5H 5K6 5 -51 6 -6H 6 -61^ 7 6H-7 6H-7 6 6 6 -7 -7 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 from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities. 6 6 6 5 -6 5 -5K 8 -6 4H-8 6 4 -4 7 -8 February 1933 5 -6 5 -6 5 -6 2 -4J 7 -8 March Interbank loans 1932 4 -5 5 -5 5 -6 4 6 3 -6 7 -8 5 -7 March 4 -5 5 -6 5 -6 6 5 -6 1933 5 -5M 4 -5 6 -6i San Francisco Los Angeles Portland.. Salt Lake City Seattle Spokane 5 -5H 4 -5 5 -6 5 -6 6 -7 Minneapolis.. Helena March 1932 4 -5 Cleveland _ . Cincinnati. Pittsburgh. RichmondBaltimore.. Charlotte- 1933 4 -5 3 -4 5 -6 Loans secured by warehouse receipts Loans secured by prime stock-exchange collateral Prime commercial paper Rates 253 FEDERAL RESERVE BULLETIN A P R I L 1933 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OP AMERICAN CURRENCY TO AND FROM EUROPE MATURITY DISTRIBUTION OF BILLS AND SHORT-TERM SECURITIES BY SELECTED BANES IN NEW YORK CITY [In thousands of dollars] [Paper currency only. In thousands of dollars] 1932 Total 1933 Net Net ShipReship- ShipReshipments ceipts ments ments ceipts ments to from to from (-)or (-)or Europe Europe receipts Europe Europe receipts Month (+) January February. March.. April May June July August. . September October November December 25 0 0 0 0 12 20 152 36 7 70 245 3,335 +3,310 5,221 +5,221 8,468 +8,468 4,563 +4,663 10,938 +10,938 16,265 +16, 253 6,694 +6,674 6,458 +6,306 6,603 +6,567 5,294 +5,287 6,013 +5,943 3,986 +3,742 (+) 3 105 101 5,304 +5,301 5,589 +5.484 13,786 +13,685 For description and back figures see BULLETIN for January 1932, pp. 7-9. MEMBERSHIP IN tAR-COLLECTION SYSTEM [Number of banks at end of February] Nonmember banks On par list United States . Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1932 1933 1932 1933 6,699 7,094 7,852 8,839 2,979 367 _ Not on par list 1933 371 223 537 769 332 297 761 421 129 2,133 1,058 306 1,371 335 332 772 439 146 2,477 1,192 379 1,582 576 436 607 502 393 428 454 506 402 1932 3,127 225 833 706 646 394 340 864 446 575 810 821 687 632 390 316 766 5 352 693 243 390 806 216 226 48 6 363 765 247 394 870 213 218 51 Figures cover all incorporated banks (other than mutual savings banks). Bills discounted: 712,391 585,190 28,255 43,672 43,902 9,842 1,530 Mar. 1 Mar. 8 1,413,9361,222,083 46,290 74,154 61,312 8,312 1,785 Mar. 15 1,232,316 992,30153,398 91,878 79,371 12,662 2,706 Mar. 22 670,869 502, 668 32,170 58,205 8,305 2,685 545,110 396,353 33,408 42,898 62,495 7,639 2,317 Mar. 29 Bills bought in open market: 383, 666 65,622 75,883 110, 218 131,013 930 Mar. 1 417, 289 88,645 62,215 123,946 141,262 1,221 Mar. 8 603 403,316 106,316 62,351128,316 105,730 Mar. 15 506 352,309 75,421 68,151136,775 71,456 Mar. 22 213 310,235 72,471 60,165 145,905 31,481 Mar. 29 Certificates and bills: 957,251 141,23133,750 89,601215,697 165,625 311,347 Mar. 1 Mar. 8 996,466 146,786 58,750 204,117 144,945 130, 525 311,343 1,008,937 52,750 58,050193,337 133,715 391,298179,787 Mar. 15 50,120 60,000170, 227 248,140 292,872 162, 527 Mar. 22 31,000 60,100183,347 210,875 309,872 162,528 Mar. 29 957,722 Municipal warrants: 4,719 Mar. 1 5,631 5,555 Mar. 8 5,644 5,535 Mar. 15 5,394 5,280 Mar. 22 5,402 Mar. 29 UNITED STATES POSTAL SAVINGS Member banks Federal reserve district Within 1630to 31 to 60 61 to 9091todays 6 6Over 15 days days days days mos. mos. [Balance to credit of depositors. In millions of dollars] End of month January Februarv March April May June July A ugust September October November -. p Preliminary. - - 1928 1929 1930 1931 1932 1933 148.9 151.1 152.0 152.2 152 0 152.1 151.7 152.2 152.3 153.1 153.9 153.9 153.5 154.8 155.0 154.3 153.8 153.6 157.8 160.1 160.3 161.6 163.7 164.3 165.1 167.9 169.5 170.2 171.2 175.3 180.7 186.6 189.8 192. fi 200.7 245.4 278.4 292.1 302.7 313.8 325.0 347.4 372.5 422.7 469.9 538.1 565.5 605.1 665.6 p 942.5 691.8 v 1,005.6 705.3 p 1,111.6 722.1 742.6 784.8 828.5 848.5 857.4 870.8 885.2 900.8 254 FEDERAL RESERVE BULLETIN APRIL 1933 ALL BANKS IN THE UNITED STATES ALL BANKS ^PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES BY DISTRICTS [In millions of dollars;figuresfor nonmember banks are for dates indicated or nearest thereto for which figures are available] Loans and investments Loans Total Federal reserve district 1931 1932 1931 Deposits, exclusive of interbank deposits Investments 1932 1931 1932 1931 1932 Rediscounts and bills payable 1931 1932 Dec. 31 Sept. 30 Dec. 31 Dec. 31 Sept. 30 Dec. 31 5,940 5,791 17,025 17,079 3,524 3,459 3,580 3,487 1,902| 1,821 1,163 1,145 4,586 4,297 1,386 1,332 1,085 1,013 1,237 1,188 824 795 3,598 3,537 3,835 11,281 2,114 2,397 1,295 845 3,850 1,006 700 860 602 2,520 3,477 9,744 1,874 2,136 1,146 763 2,999 850 598 712 532 2,154 3,356 9,576 1,830 2,067 1,089 734 2,804 800 560 666 504 2,077 2,550 6,545 1,670 1,374 719 398 1,793 535 520 549 293 1,453 2,463 7,281 1,650 1,444 756 400 1,587 536 487 525 292 1,445 2,435 5,613 5,897 7,503 16,298 '15,360 1,629 2,937 3,171 3,354 1,420 3,139 732 1,719 1,845 411 1,042 1,153 5,416 1,493 4,405 1,442 1,287 532 1,041 453 1,214 522 1,408 1,249 291 866 787 3,364 1,460 3,756 45,852 44,946 31,305 26,985 26,063 18,399 18,867 18,883 2,051 1,948 9,915 10,045 2,414 2,355 2,715 2,643 997 966 852 845 2,907 3,175 923 887 702 658 899 870 666 647 2,735 2,699 1,390 6,609 1,521 1,807 693 593 2,632 623 441 574 480 1,898 1,210 5,192 1,364 1,593 604 531 2,031 511 374 470 421 1,623 1,107 5,066 1,313 1,538 579 616 1,851 468 353 441 402 1,570 794 3,956 1,037 1,058 358 313 1,249 407 349 442 244 1,107 842 4,723 1,050 1,122 394 321 1,144 413 328 429 245 1,112 841 4,979 1,043 1,105 387 329 1,056 418 304 429 245 1,129 1,964 9,276 2,090 2,500 944 817 3,616 932 773 980 686 2,854 1,919 8,456 1,966 2,344 884 746 3,038 836 671 887 633 2,525 1,832 8,403 1,981 2,296 875 758 3,078 840 659 883 634 2,564 62 194 141 129 38 48 91 27 8 29 14 57 23 126 90 94 50 59 98 23 15 19 17 83 19 120 85 86 41 48 50 19 14 13 9 42 27,432 24,903 24,803 839 697 547 Dec. 31 Sept. 30 6,385 17,826 3,784 3,770 2,014 1,243 5,643 1,541 1,221 1,410 895 3,973 49,704 Dec. 31 Dec. 31 Sept. 30 Dec. 31 Dec. Sept. Dec. 30 31 31 ALL B A N K S » Boston New York Philadelphia Cleveland . - - Atlanta Chicago -. St Louis Minneapolis - . . Kansas Oitv Dallas San Francisco Total 45,821 '41,942 5,502 15,351 2,947 3,062 1,681 1,047 4,368 1,274 1,007 1,228 785 3,392 101 216 196 154 75 63 149 47 16 42 20 67 41,643 1,147 57 161 150 149 86 78 189 55 32 34 29 100 60 141 146 144 84 68 205 61 32 27 22 56 1,120 1,046 MEMBEB BANKS Boston . . . . . 2,185 10,565 New York 2,558 Philadelphia . 2,865 Cleveland . 1,050 Richmond 906 Atlanta ... . 3,882 Chicago 1,031 St. Louis 789 Minneapolis 1,016 Kansas City 724 Dallas 3,005 San Francisco Total 30,575 28,045 27,469 19,261 15,924 15,204 11,314 12,121 12,265 4,201 7,261 1,226 905 964 337 1,761 510 431 394 171 969 3,889 7,110 1,110 865 905 312 1,411 463 382 338 158 863 3,844 7,034 1,104 844 855 300 1,391 446 356 318 148 838 2,445 4,672 593 590 603 252 1,218 382 260 287 123 622 2,267 4,552 511 543 542 232 968 339 224 242 111 530 2,249 4,510 517 528 510 218 954 332 207 225 102 507 1,756 2,589 633 316 361 85 544 128 172 107 49 346 1,622 2,558 600 323 362 80 444 124 158 96 47 333 1,594 2,524 587 315 345 82 437 114 149 93 45 331 3,694 3,934 7,022 '6,904 971 1,081 854 795 835 901 337 295 1,367 1,800 451 510 441 370 362 428 154 180 902 840 3,670 6,948 966 766 806 289 1,290 433 348 345 151 828 39 21 55 24 37 15 58 21 9 13 6 10 33 36 60 55 36 19 91 32 17 14 12 17 41 20 60 58 44 20 154 42 18 15 13 14 19,129 17,807 17,476 12,045 11,061 10,859 7,084 6,746 6,617 18,389 '17,040 16,840 308 423 499 NONMEMBER BANKS Boston ._ ... . New York Philadelphia Cleveland -- -_ Richmond Atlanta _ Chicago St. Louis Minneapolis^ Kansas City __Dallas San Francisco Total i Includes all national and State banks (including stock and mutual savings banks) and all private banks under State supervision. ' Revised. Backfigures.—-SeeBULLETIN for July 1930, and January and July 1931; also (figures of loans, investments, and deposits) Annual Report of the Federal Reserve Board for 1931 (tables 45, 46 and 92-95). 255 FEDERAL RESERVE BULLETIN APRIL 1933 ALL BANKS IN THE UNITED STATES—Continued ALL BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON DEC. 31, AND SEPT. 30, 1932, BY STATES [Amounts in thousands of dollars] Loans and investments State Total December New England: Maine New Hampshire. Vermont Massachusetts... Rhode Island Connecticut Middle Atlantic: New York.... New Jersey... Pennsylvania. East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas Investments Loans September December September December September Deposits, exclusive of interbank deposits Rediscounts and bills payable December DeDecem- Septem- cember ber 196,003 202,943 184,565 191,796 348,419 380,568 394,739 131,746 132,979 152,394 153,017 254,361 284,140 285,996 125,922 128,979 202,854 208,081 79,102 194,086 76,932 2,160,605 2,243,044 1,432,032 1,434,953 3,428,090 3,592,637 3,677,997 228, 254 243,337 245,938 244,969 448,831 474,192 488,306 654,173 670,667 474,418 494,112 1,080,114 1,128,591 1,164,779 Septem- 644,297 841,507 65,895 72,053 201,646 253,308 580,949 177,682 787,940 358,428 218,641 588,096 1,711,008 180,725 503,402 813,149 2,049,041 395,559 1,227,655 248,034 596,348 4,099 5,538 11,704 24,190 969 17,697 115 117 100 416 34 206 84,605 94,860 78,290 90,857 475 151,688 156,834 1,232 473 1,240 802 1,736,994 103,160 102,690 675 509,786 16,986 17,921 83,494 1,079 106,196 1,990,410 543 1,264,343 48,327 47,216 781 628,592 27,760 28,882 802 691 1,122 549 834 78,179 217,954 264,181 357,036 259,955 457,587 42,732 42,320 129,334 159,642 379,580 300,920 489,783 45,063 46,651 141,428 169,577 287,261 125,583 383,920 23,163 29,733 72,312 93,666 312,179 135,814 387,059 24,022 31,528 76,526 94,604 650,780 378,669 872,187 62,652 66,088 195,096 259,405 670,332 423,523 867,053 65,788 69,775 205,107 264,301 12,962 24,760 28,107 3,453 5,759 7,291 8,062 11,913 30,731 17,248 3,562 6,537 8,915 8,106 844 823 844 898 233 249 610 870 131,184 685,777 244,150 376,644 211,780 182,208 74,062 233,295 170,381 826 29,409 5,691 15,291 15,626 6,786 8,816 2,664 800 20,918 5,960 17,505 16,916 18,128 9,438 10,414 2,761 50 208 34 378 215 258 131 289 177 50 205 34 380 213 258 131 306 184 286,523 156,126 111, 045 10,039 27,699 7,817 9,432 11,781 26,298 9,696 12,139 470 364 235 227 470 382 241 227 272 274 9,553 31,452 195 190 4,014 505 486 22,309 1,023 1,046 691,759 436,734 876,842 South Atlantic: Delaware Maryland District of ColumbiaVirginia West Virginia North Carolina South Carolina Georgia Florida 151,084 713,556 229,183 413,291 241,776 205,358 79,534 230,677 170,798 155,248 759,171 236,455 433,502 245,418 207,088 83,737 246,610 172,830 81,168 337,858 127,102 303,462 178,869 142,377 45,959 154,108 56,134 84,415 367,098 131,623 315,987 180,748 147,612 50,150 167,914 58,411 69,916 375,698 102,081 109,829 62,907 62,981 33,575 76,569 114,664 70,833 392,073 104,832 117,515 64,670 59,476 33,587 114,419 130,488 645,314 236,912 366,858 216,718 188,942 79,468 222,196 170,439 East South Central: Kentucky. Tennessee Alabama.. Mississippi 355,049 298,023 177,197 116,439 354,730 305,045 185,821 120,982 251,048 224,468 121,593 74,055 254,540 232,274 128,484 79,168 104,001 73,555 55,604 42,384 100,190 72,771 57,337 41,814 292,857 261,321 156,977 112,525 West South Central: Arkansas Louisiana Oklahoma Texas 101,798 347,626 254,125 698,958 105, 520 335,325 258,427 725, 532 67,213 243,175 124,200 444,257 71,295 244,460 134,142 468,198 34,585 104,451 129,925 254,701 34,225 90,865 124,285 257,334 95,463 314,385 263,114 691,184 296,853 269,548 696,012 8,204 24,838 2,249 15,672 Mountain: MontanaIdaho _ Wyoming Colorado New Mexico . Arizona Utah Nevada 87,948 43,660 39,380 191,611 26,735 39,177 106,408 10,727 93,184 41,254 42,558 196,727 28,148 39,830 106,010 31,851 40,872 20,391 25,787 90,955 14,379 17,913 67,132 4,994 44,833 47,076 28,581 94,588 15,740 19,334 67,039 23,638 13,593 100,656 12,356 21,264 39,276 5,733 48,351 20,951 13,977 102,139 12,408 20,496 38,971 8,213 92,545 48,194 39,782 204,347 27,752 44,445 89,862 12,518 91,608 41,348 39,086 208,088 25,937 41,435 81,256 27,970 2,315 960 1, 4, 1,259 648 2,115 246 3,684 1,673 3,938 5,980 2,537 1,348 325,916 332,180 165,757 175,110 160,159 157,070 304,476 76,624 103,566 104,781 173,696 173,674 181,405 70,108 2,856,465 2,885,280 1,737,601 1,779,697 1,118,864 1,105,583 2,740,995 307,842 178,227 2,706,809 11,187 4,647 Pacific: Washington Oregon California Total. September 115 117 100 417 34 205 366,804 255,611 195,070 3,505,442 457,506 1,089,829 15,253,85415,138,450 8,549,366 6,704,488 6,451, 51113,578,081 13,601,718 1,879,941 1,944,802 1,095,403 1,130,180 784,538 814,622 1,814,924 1,790,732 4,438,808 4,542,151 2,203,996 2,274,819 2,234,812 2,267,332 3,699,672 3,745,390 1,837,311 1,873,843 1,256,362 1,285,747 320,618 335,477 498,300 516,202 1,949,628 2,060,597 1,161,688 1,247,448 890,213 926,879 1,248,641 1,322,438 407,334 440,555 625, 975 13,126 4,960 11,589 23,309 805 13,665 Number of reporting banks 794 795 228 240 4,719 147 103 71 207 48 24 74 13 149 106 72 208 49 26 73 26 11,850 6,324 70,537 253 159 348 255 161 359 44,945,85: 45,851,572 26,063,224 26,985,00118,882,633 18,866,57141,642,682 41,942,2781,045,875 1,119,93: 18,390 18,794 Back figures.—See (for figures of loans and investments) Annual Reports of Federal Reserve Board for 1931 (tables 96-98) and 1927 (tables 81-83). 1 Includes all national and State banks and all private banks under State supervision. Figures for State institutions are taken from p . 257 and represent in some cases the condition of banks as of dates other than Dec. 31 and Sept. 30,1932. ' Revised. 256 FEDERAL RESERVE BULLETIN APRIL 1933 ALL BANKS IN THE UNITED STATES—Continued 1 NATIONAL BANKS —PRINCIPAL RESOURCES AND LIABILITIES ON DEC. 31 AND SEPT. 30, 1932 [Amounts in thousands of dollars] Loans and investments State Loans Total December September December Investments Septem- December ber September Deposits, exclusive Rediscounts and Number of of i n t e r b a n k bills payable reporting banks deposits December Septem- Decem- Septem- Decem- 3eptem ber ber ber ber New England: Maine New Hampshire. Vermont. Massachusetts... Rhode Island Connecticut 109,394 114,954 63,392 65,248 59,172 57,310 1,013,409 1,083,658 45,424 44,444 210,516 216,825 103,848 106,730 52,455 53,705 47,904 49,396 971,336 1,043,656 34,578 33,991 200,732 198,911 3,555 1,713 2,918 5,082 74 2,304 3,717 2,291 3,194 5,856 200 5,069 43 53 45 141 10 58 53 45 141 10 58 Middle Atlantic: New York.... New Jersey... Pennsylvania. 3,853,624 3,838,387 2,005,407 2,042,764 1,848,217 1,795,623 3,228,08: 3,280,790 365,537 381,953 307,737 316,935 638,93J 673,274 698,888 638,589 2,169,948 2,234,288 1,114,741 1,173,915 1,055,207 1,060,373 1,802,537 1,818,068 43,553 35,526 49,344 39,162 74,028 496 269 747 496 269 752 East North Central: Ohio Indiana.. Illinois Michigan Wisconsin 560,489 231,214 1,150,132 693,619 309,413 571,063 241,257 660,332 742,334 341,918 336,834 132,516 711,219 507,915 199,206 345,689 140,224 382,063 523,870 214,311 223,655 98,698 438,913 185,704 110,207 225,374 512,021 101,033 230,404 278,269 1,293,626 218,464 721,955 127,607 300,610 519,334 11,636 12,811 225,998 5,200 7,478 676,175 10,795 12,682 732,882 8,158 9,650 311,600 5,614 6,351 266 15! 337 102 127 266 157 340 103 133 West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas 401,204 146,375 334,180 48,547 42,643 136,560 133,405 431,046 153,555 345,739 51,177 46,449 145,288 138,251 229,198 78,151 171,414 27,793 21,321 81,118 70,818 240,948 84,699 188,101 29,595 23,767 87,550 74,813 172,006 68,224 162,766 20,754 21,322 55,442 62,587 190,098 68,856 157,638 21,582 22,682 57,738 63,438 407,032 138,019 332,416 46,440 39,467 132,229 139,149 412, 729 144,715 323,081 41,420 134,497 137,855 3,736 5,501 2,099 2,153 3,038 4,208 2,576 3,386 6,029 2,816 2,368 3,826 5,441 2,683 229 163 97 77 72 156 219 234 167 99 79 76 156 222 South Atlantic: Delaware .. Maryland District of Columbia. Virginia West Virginia North Carolina South Carolina Georgia Florida 19,213 183,993 127,746 241,475 117,915 51,696 40,745 151,161 128,210 19,304 186,026 132,259 254,969 120,368 52,206 42,682 159,525 125,245 10,021 72,229 63,796 169,468 82,839 36,697 24,336 89,830 37,194 10,099 76,563 67,625 175,838 84,380 37,930 25,960 96,335 37,166 9,192 111, 764 63,950 72,007 35,076 14,999 16,409 61,331 91,016 9,205 109,463 64,634 79,131 35,988 14,276 16,722 63,190 88,079 14,841 155,791 131,673 219,928 104,184 42,171 37,084 150,720 126,044 15,741 160,967 140,280 224,256 100,660 41,615 35,083 160,257 120, 718 439 3,338 2,519 7,382 6,537 4,113 4,776 2,046 1,06: 425 3,385 2,974 9,098 8,644 4,998 6,249 3,036 1,346 16 68 12 139 84 43 21 5' 49 16 68 12 139 83 42 21 61 49 East South Central: Kentucky Tennessee Alabama Mississippi 158,388 201,345 130,886 42,497 158,069 201,029 135,412 43,092 96,793 144,595 61,595 56,750 47,239 17,46: 57,784 55,372 49,018 16,682 138,384 163,297 112,459 40,066 132,050 4,00 5,743 161,418 20,564 20,650 112,889 4,175,041 39,227 2,690 3,223 108 25,036 100,285 145,657 86,394 26,410 108 81 79 25 West South Central: Arkansas Louisiana Oklahoma,. Texas. 46,447 80,880 214, 706 5f>3,383 46,439 79,405 217,248 580,638 25,202 56,57f 103,290 351,808 25,828 57,289 110,968 366,924 21, 245 24,304 111,416 211,575 20,61 22,116 106,280 213, 71- 43,448 72,280 220,352 550,278 42,002 70,166 224,724 £50,979 1,116 4,745 1,434 7,577 1,517 4,892 2,816 13,415 52 29 233 483 51 29 241 489 Mountain: Montana Idaho Wyoming Colorado New Mexico . Arizona Utah... Nevada 50,029 16,099 24,958 157,980 19,986 17,343 35,918 8,543 53,188 13,41f 27,14: 163,096 21,05: 15,648 34,514 18,574 19,438 7,760 15,206 69,630 10,230 5,904 17,360 3,504 21,55: 6,999 16,943 73,263 11,310 6,290 16,504 12,405 TO, 59 8,33! 9,75: 88,350 9,756 11,439 18,558 5,039 31,637 6,417 10,198 89,833 9,741 9,358 18,010 54,889 17,541 24,973 166,963 2089f , 18,621 34,98C 9,65C 54,152 12,940 24,664 170,704 19,434 15,838 28.66S 13,83 800 424 702 3,378 726 242 449 246 1,519 762 2,494 4,550 1,849 499 904 3,824 198,950 204,562 89,988 95,616 138,693 146,424 49,878 56,394 1,846,555 1,856,957 1,153,91* 1,181,866 108,961 88,81, 692,637 108,946 180,763 183,84C 90,030 138,264 142,795 675,091 1,736,945 1,702,453 6,535 2,757 27,435 6,819 4,434 60,086 16C 348,528 443,574 6,01 Pacific: WashingtonOregon California.... Total. 1 56,875 33,780 31,022 577,680 23,245 136,179 59,413 35,013 31,974 647,347 24,817 140,387 52,519 29,612 26,288 435,729 21,199 74,337 17,398,83217,333,740 9,828,14! 9,904,00f 7,570,69C 7,429,73516,101,26415,634,91 Member banks only, i.e., exclusive of national banks in Alaska and Hawaii. 55,541 30,235 27,198 436,311 20,607 76,438 28 25 99 26 10 15 9 83 r 84 73 165 257 FEDERAL RESERVE BULLETIN APRIL 1933 ALL BANKS IN THE UNITED STATES—Continued STATE BANKS!—PRINCIPAL RESOURCES AND LIABILITIES ON DEC. 31 AND SEPT. 30, 1932, BY STATES [Amounts in thousands of dollars] Loans and investments State Total Loans Decem- September New England: Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Middle AtlanticNew York New Jersey Pennsylvania East North Central: Ohio Indiana.. Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware. _ Maryland _.. District of Columbia.._ Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee. Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas.. Mountain: Montana.. -.. Idaho Wyoming Colorado New Mexico Arizona Utah... Nevada Pacific: Washington Oregon.. California Total . Investments Deposits, exclusive and Number of reof i n t e r b a n k Rediscounts bills payable porting banks deposits Decem- Septem- Decem- Septem- Decem- September Decem- Septem- Decem- iepber ber ber ber ber ber ber tember ber 271,174 279, 785 139,128 143,530 220,748 220,748 97,966 97,966 145,544 148,909 94,900 97,005 2, 579, 228 2, 594,339 1,582,925 1,595,697 429, 748 442,882 205,009 218,520 918,075 947,954 517, 994 530,280 382 136,255 244,571 260,074 9,571 122,782 201,906 201,906 3,247 3,247 8,510 51,904 146,182 145,674 8,671 998,642 2,456,754 2,461, 786 18,227 18,334 769 224,362 414,253 423,51 ~ 731 417,674 879,382 890,918 11,361 12,628 72 64 55 276 24 147 11,400,23011,300,063 6,543,959 6,644,175 4,856,271 4,655,888 10,349,994 10,320,928 41,052 45, 516 1, 206,667 1,245,914 729,866 748, 227 476,801 497,687 1,175,989 1,152,143 42,764 51,695 2, 268,860 2,307,863 1,089, 255 1,100,904 1,179, 605 1, 206,959 1,897,135 1,927,322 84,805 82,806 206 485 1,276,822 1,302,780 267,086 274,945 799,496 1,400,265 555,022 580,104 316.562 346,671 132,046 122, 782 50,644 996,303 224,739 400,081 72 64 55 275 24 148 487 204 919,528 188,102 450,469 382, 298 208,128 940,058 195,253 865,385 403,009 226, 244 357,294 78,984 349,027 172,724 108,434 362,722 1,198,987 1, 217,660 2 91,524 2 89,879 79,692 272,998 283,788 11,786 10,443 534,880 755,415 1,314, 235 95,401 70,812 177,095 505,700 531,461 40,169 37,566 120,427 295, 738 316,992 22,146 22,531 536 523 742 441 654 536 534 782 446 701 257,603 9,226 8,527 3 278,808 19,259 24,702 3 543,972 26,008 14,432 1,194 17,351 1,300 2,711 28,355 2,721 70,610 3,083 3,474 3 126,446 5,486 5,423 565 632 795 151 168 430 625 677 799 154 173 454 375 387 115,443 524,810 26,071 17,533 2,986 103,870 3,172 8,407 152,388 7 , r " 111, 120 7,443 8,272 140,593 11,513 13,130 * 38,979 * 2,010 < 3,189 73,038 6,770 7,378 1,4U 49,663 1,603 34 140 22 239 131 215 <110 232 128 34 137 22 241 130 216 U10 245 135 6,038 5,648 4,655 8,916 362 283 158 202 362 301 162 202 8,036 54,887 226,687 20,093 26,560 815 1,198 44,824 145,033 8,095 8,894 220 161 253 540 223 166 264 557 2,165 911 1,444 1,430 2,398 95 75 46 109 22 14 59 96 78 47 109 23 16 58 17 5,031 1,890 10,451 170 88 188 171 88 194 243,093 239,163 507,327 17,348 29,410 65,086 119,903 260,713 283,179 531,103 17,908 31,730 72,666 125,930 127,838 181,804 286,173 14,939 20,999 48,216 138,632 216,221 301,682 15,468 22,884 53,878 94, 764 115,255 57,359 221,154 2,409 8,411 16,870 31,079 122,081 243,748 66,958 3 240,650 229,421 3 539,771 2,440 16, 212 8,846 26,621 18,788 62,867 31,166 3 120,256 131,871 529.563 101,437 171,816 123,861 153,662 < 38,789 79,516 42,588 135,944 573,145 104,196 178, 533 125,050 154,882 * 41,055 87,085 47, 585 71,147 265,629 63,306 133,994 96,030 105,680 « 21,623 64,278 18,940 74,316 290,535 140,149 96,368 109,682 * 24,190 71,579 21, 245 60,724 263,934 38,131 37,822 27,831 47,982 < 17,166 15,238 23,648 61,628 282,610 40,198 38,384 28,682 45,200 «16,865 15,506 26,340 115,647 489, 523 105, 239 146,930 112,534 146, 771 < 42,384 71,476 44,395 196, 661 96,678 46,311 73,942 196,661 104, 016 50,409 77,890 154,255 79,873 37,946 49,019 154, 255 86, 617 42,090 52, 758 42,406 16,805 8,365 24,923 42,406 17,399 8,319 25,132 154,473 3 98,024 44, 518 72,459 55, 351 266,746 39,419 135, 575 59,081 255,920 41,179 144,894 42,011 186,599 20,910 92,449 45,467 187,171 23,174 101, 274 13, 340 80,147 18,509 43,126 13,614 52,015 242,105 42, 762 140,906 37,919 27, 561 14,422 33,631 6,749 21,834 70,490 2,184 39,996 27,838 15, 417 33,631 7,097 24,182 71,496 13,277 21,434 12,631 10,581 21,325 4,149 12,009 49,772 1,490 23,282 13,304 11, 638 21, 325 4,430 13,044 50, 535 11,233 16,485 14,930 3,841 12,306 2,600 9,825 20,718 126,966 127,618 34,981 34,981 1,009,910 1,028,323 75,769 20,230 79,494 20, 230 597,831 51,197 14, 751 426, 227 18,005 43,620 154,473 3 104,671 43, 237 71,818 7,135 3,643 6,742 37,456 3 28,408 14,422 37,384 6,503 3 25,597 52,587 14,139 1,515 536 693 1,430 533 6 406 124,002 48,124 123, 713 35,432 35,432 14,751 430,492 1,004,050 1,004,356 4,652 1,890 8,961 16,714 14, 534 3,779 12,306 2,667 11,138 20,961 2,044 37,656 14,809 37,384 6,857 3 25,824 54,882 If1 27,547,025 28,517,832 16,235,08217,080,996 11,311,943 11,436,836 25,541,418 r 26,307,367 697,347 676,363 12,379 12,714 1 Includes all State banks (including stock and mutal savings banks) and all private banks under State supervision. Figures relate to dates nearest thereto for which figures are available. 2 Includes bonds borrowed. 3 Includes due to banks. * Includes 20 cash depositories on Dec. 31 and 18 cash depositories on Sept. 30. »Includes miscellaneous liabilities. ' Revised. NOTE.—All figures in the December columns are as of Dec. 31, except as follows: New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Missouri, Dec. 10; Kentucky, June 30; Oklahoma, Dec. 30; Colorado, Nov. 19; Oregon, Sept. 30. All figures in the September columns are as of Sept. 30, except as follows: Maine, Sept. 24; New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Rhode Island, State banks, Oct. 31, savings banks, June 30; Connecticut, savings banks, June 30; New York, savings banks, June 30; Indiana, June 30; Minnesota, Sept. 28; Missouri, Sept. 10; Nebraska, Sept. 3; Kansas, Sept. 12; Maryland, June 30; Georgia, June 30; Florida, June 30; Kentucky, June 30; Tennessee, June 15; Alabama, June 30; Louisiana, June 30; Oklahoma, Oct. 15; Colorado, Nov. 19. 258 FEDERAL RESERVE BULLETIN APRIL 1933 ALL BANKS IN THE UNITED STATES—Continued MUTUAL SAVINGS BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON DEC. 31, AND JUNE 30, 1932 [These figures included also in the immediately preceding table which covers all State banks] [Amounts in thousands of dollars] Loans and investments State Total December Maine New Hampshire Vermont Massachusetts Rhode Island . Connecticut: District no. 1 District no. 2 New York New Jersey: District no. 2 District no. 3 Pennsylvania: District no. 3 District no. 4 Delaware Maryland Indiana: District no. 7 District no. 8. Minnesota . Wisconsin: District no. 7 District no. 9 Ohio Washington California Total Loans June December Investments June 126,178 39,822 127,920 40,131 195,271 195,271 80,266 80,266 75,792 79,917 44,933 47,291 2,153,171 2,195,043 1,312,647 1,335,750 171,086 173,574 72,166 70,331 December 86,356 115,005 30,859 840,524 100,755 June Deposits, exclusive Rediscounts and Number of reof interbank deporting banks bills payable posits December June DecemJune ber 87,789 119,056 118,763 115,005 179,879 179,879 32,626 80,149 82,626 859,293 2,074,618 2,095,250 101,408 172,614 173,712 309 2,187 3,032 6,339 413 2,187 2,310 6,758 32 50 19 194 9 32 50 19 194 9 542,095 561,125 337,965 343,132 204,130 217,993 514,152 524,453 151,375 155,431 94,916 58,015 60,515 93,360 144,254 146,426 5,382,817 5,409,860 3,533,391 3,642, 225 1,849,426 1,867,635 5,316,775 5,286,973 1,540 910 2,936 355 61 14 146 61 14 146 1,117 22 3 22 3 7 1 2 14 7 1 2 14 298,247 12,828 307,198 13,601 174,227 6,045 176,675 6,224 124,020 6,783 130,523 7,377 304,096 13,460 298,880 13,216 450,034 46,716 30,593 213,806 458,285 47,006 30,834 224,879 109,388 15,352 14,061 75,347 111, 037 15,608 14,307 77,495 340,646 31,364 16,532 138,459 347,248 31,398 16,527 147,384 474,020 45,540 27,679 211,542 462,493 45,787 27,779 217,433 12,764 7,868 58,409 13,235 8,148 61,168 10,672 6,910 18,795 10,990 7,121 19,262 2,092 958 39,614 2,245 1,027 41,906 12,749 6,393 61,586 13, 237 6,628 62,680 72 687 80 653 4 1 2 4 1 2 6,597 170 103,388 49,054 93,786 7,006 196 103,388 49,054 93,786 4,271 166 46,246 35,302 49,360 4,364 192 46,246 35,302 49,360 2,326 4 57,142 13,752 44,426 2,642 6,375 187 113,295 53,026 90,864 6,858 198 113, 295 53,026 90,864 418 55 57,142 13,752 44,426 5 1 3 3 1 5 1 3 3 1 10,182,045 10,315,925 6,078,857 6,130,060 4,103,188 4,185,865 10,022,309 10,020,456 15,644 16,864 594 594 NOTE.—Figures available only for 2 call dates in each year. For call dates see note to preceding table. Decem- June ber 250 259 FEDERAL RESERVE BULLETIN APRIL 1933 MONETARY GOLD STOCK OF THE UNITED STATES, GOLD RESERVES OF FEDERAL RESERVE BANKS, AND GOLD IN CIRCULATION, NOVEMBER 1914MARCH 1933 [End-of-month figures. In millions of dollars] I End of month Gold in circulation Total Gold stock of reserves of Fedmone- eral retary serve Total Coin Certifigold* banks cates End of month 1914 November. December. 1,807 1,813 204 241 1,343 1,309 604 607 739 702 1,822 1,838 1,869 1,893 1,929 1,986 2,007 2,076 2,124 2,198 2,260 2,312 253 270 275 281 298 329 346 361 399 438 489 543 1,327 1,311 1,320 1,357 1,396 1,410 1,405 1,475 1,501 1,545 1,551 1,555 597 590 591 588 594 588 588 588 591 591 597 605 730 721 729 769 802 822 817 887 910 954 954 950 2,325 2,325 2,323 2,318 2,336 2,445 2,506 2,549 2,630 2,714 2,736 2,843 556 528 514 486 518 543 524 531 581 634 696 738 1,599 1,602 1,604 1,618 1,604 1,675 1,688 1,742 1,782 1,820 1,791 1,861 606 611 609 616 621 625 626 623 632 636 654 641 993 991 995 1,002 983 1,050 1,062 1,119 1,150 1,184 1,137 1,220 2,922 2,996 3,105 3,137 3,133 3, 220 3,190 3,165 3,151 3,153 3,154 3,155 802 824 914 979 975 1,289 1,372 1,353 1,416 1,525 1,622 1,675 1,935 1,988 1,996 1,960 1,979 1,750 1,660 1,643 3,582 1,479 1,389 1,321 649 645 652 668 676 667 647 674 651 645 640 632 1,286 1,343 1,344 1,292 1,303 1,083 1,013 969 931 834 749 689 3,160 3,162 3,165 3,166 3,172 3,163 3,162 3,161 3,153 3,156 3,159 3,160 1,740 1,776 1,817 1,858 1,918 1,945 1,976 2,015 2,021 2,051 2,063 2,092 1,251 1,218 1,180 1,140 1,087 1,048 1,012 983 962 942 927 905 598 592 582 568 550 537 527 518 514 508 506 502 653 626 598 572 537 511 485 465 448 434 421 403 3,162 3,165 3,165 3,177 3,177 3,113 3,064 3,125 3,147 I 3,103 3,044 2,994 2,112 2,123 2,151 2,166 2,196 2,148 2,095 2,064 2,115 2,138 2,092 2,063 882 867 847 837 825 803 803 785 778 765 773 762 500 497 487 490 490 475 481 471 466 465 476 476 382 370 360 347 335 328 322 314 312 300 297 286 2,012 462 January... 2,930 747 2,887 1,966 February758 478 2,850 March 1,947 743 472 2,841 743 April 1,937 468 i Includes also gold held by United States Treasury. 285 280 271 275 January... February. _, March April May June July August September.. October November. December.. 1915 1916 January... February... March April May __. June July August SeptemberOctober November. December— January. _ _ February.. March April May June July August September. October November. December— January... February... March April May June July. August September., October November.. December... January.. February March April May June July August September October November December 1917 1918 1919 _ 1920 MayJune July August September.. October November.. December- Gold in circulation Total Gold stock of reserves of Fedmone- eral retary serve Total Coin Certifigold* banks cates 1920 470 475 475 472 465 475 466 475 264 259 253 249 236 228 228 219 631 623 617 614 616 477 463 459 457 453 447 444 440 437 434 432 439 212 218 214 210 205 201 194 191 186 183 182 177 592 590 589 585 606 625 644 666 726 431 428 426 422 419 416 413 412 410 410 412 423 172 170 172 170 171 173 172 194 215 234 254 415 413 410 408 406 404 402 301 315 319 329 2,856 2,865 2,862 2,851 2,873 2,868 2,897 2,926 1,950 1,965 1,978 1,970 2,012 2,003 2,030 2,063 2,966 3,000 3,086 3,164 3,231 3,275 3,347 3,439 3,519 3,572 I 3,627 3,660 2,104 2,148 2,222 2,323 2,408 2,468 2,543 2,641 2,728 2,791 2,849 2,875 3,685 3,723 3,750 3,764 3,771 3,785 3,829 3,855 3,873 3,888 3,906 3,929 2,909 2,947 2,975 2,996 3,008 3,022 3,048 3,061 3,077 3,080 3,073 3,047 3,953 3,963 3,970 3,982 4,028 4,050 4,079 4,111 4,136 4,167 4,207 4,244 3,076 3,073 3,060 3,082 3,112 3,095 3,101 3,106 3,113 3,111 3,101 3,080 716 728 729 737 745 790 814 841 864 4,289 4,323 4,364 4,411 4,455 4,488 4,511 4,521 4,511 4,509 4,527 4,499 3,143 3,120 3,095 3,120 3,113 3,128 3,143 3,089 3,047 3,037 3,025 2,937 975 1,032 1,085 1,126 1,174 1,194 1,191 1,263 1,288 1,304 1,329 1,379 401 4,423 4,364 4,339 4,342 4,357 4,360 4,367 4,382 4,382 4,407 4,397 4,399 2,910 2,878 2,848 2,848 2,817 2,790 2,783 2,767 2,760 2,763 2,715 2,701 1,333 1,325 1,325 1,334 1,375 1,407 1,416 1,434 1,449 1,462 1,504 1,527 403 408 410 408 402 402 400 734 734 728 721 701 703 694 694 1921 January February March April May June— July.. August. September October , November December „ 681 673 667 658 1922 JanuaryFebruary.. March April MayJune July August SeptemberOctober November. December— 1923 January February __ March April May. June July August SeptemberOctober November. December.. 994 395 395 410 412 442 466 501 534 584 1924 January— February.. March April May.. June July August September.. October November.. December.. 395 393 392 391 390 391 394 409 574 633 687 730 779 801 799 872 898 913 935 970 1925 JanuaryFebruary March ApriL May June July August SeptemberOctober November. _. December— 396 414 917 915 926 973 1,005 1,016 1,036 1,053 1,067 1,108 1,113 260 FEDERAL RESERVE BULLETIN APRIL 1933 MONETARY GOLD STOCK OF THE UNITED STATES, GOLD RESERVES OF FEDERAL RESERVE BANKS, AND GOLD IN CIRCULATION, NOVEMBER 1914MARCH 1933—Continued [End-of-month figures. In millions of dollars] End of month January. _ February... March April May June July August SeptemberOctober November. December.. January . . . February.. March April May June. July August SeptemberOctober NovemberDecember.. January February... March April May June July-August SeptemberOctober November.. December— JanuaryFebruary... March April May June July August September.. Total stock of monetary gold Gold Gold in circulation of Federal reserve Total banks Coin Certificates End of month 1926 4,412 4,423 4,442 4,438 4,433 4,447 4,471 4,473 4,466 4,473 4,477 4,492 2,795 2,746 2,767 2,768 2,797 2,835 2,833 2,821 2,793 2,799 2,809 2,819 1,440 1,484 1,487 1,498 1,469 1,449 1,463 1,475 1,489 1,490 1,485 1,501 4,564 4,586 4,597 4,610 4,608 4,587 4,580 4,588 4,571 4,541 4,451 4,379 2,957 2,976 3,010 3,029 2,982 2,998 3,002 2,998 2,964 2,922 2,805 2,733 1,433 1,428 1,409 1,408 1,391 1,392 1,414 1,427 1,441 1,449 1,478 1,476 4,373 4,362 4,305 4,266 4,160 4,109 4,113 4,123 4,125 4,142 4,128 4,141 2,797 2,808 2,729 2,698 2,595 2,549 2,597 2,600 2,609 2,641 2,556 2,584 4,127 4,153 4,188 4,260 4,301 4,324 4,341 4,360 4,372 2,657 2,677 2,701 2,791 2,813 2,858 2,924 2,945 2,971 400 397 395 393 392 391 ,037 ,084 ,090 ,103 .076 ,057 ,072 ,086 ,101 ,101 ,096 409 1927 396 393 390 389 387 385 383 382 380 381 383 402 ,037 ,035 ,019 ,019 ,004 ,007 ,031 ,045 ,061 ,068 ,095 ,074 1,405 1,390 1,408 1,401 1,393 1,396 1,352 1,356 1,351 1,333 1,405 1,386 381 380 377 375 374 373 373 374 395 ,016 ,004 ,025 ,020 ,013 ,019 "977 982 978 960 1,031 991 1,304 1,313 1,311 1,278 1,314 1,303 1,254 1,252 1,214 381 378 374 372 370 368 366 365 364 1928 1929 923 935 937 906 944 887 850 Gold in circulation Total Gold stock of reserves mone- of Fedtary eral reCertifigold Total Coin cates banks 1929 OctoberNovember.. December.. 4,386 4,367 4,284 3,004 2,948 2,857 1,209 1,253 1,264 363 364 384 846 4,291 4,353 4,423 4,491 4,517 4,535 4,517 4,501 4,511 4,535 4,571 4,593 2,960 2,965 3,015 3,073 3,012 2,990 2,927 2,967 3,004 2,981 2,941 1,168 1,206 1,235 1,246 1,313 1,352 1,358 1,404 1,378 1,370 1,427 1,486 369 365 362 360 359 357 356 353 352 350 351 799 841 873 886 954 995 1,002 1,051 1,026 1.020 1,076 1,118 4,643 4,665 4,697 4,726 4,798 4,956 4,949 4,995 4,741 4,292 4,414 4,460 3,062 3,070 3,115 3,161 3,250 3,409 3,431 3,456 3,138 2,746 2,918 2,989 1,414 1,417 1,401 1,387 1,373 1,360 1,339 1,352 1,413 1, 359 1,311 1,286 358 356 354 352 353 363 363 363 376 387 383 409 1,056 1,061 1,047 1,035 1,020 997 976 989 1,037 972 928 877 4,416 4,354 4,390 4,367 4,152 3,919 3,977 4,088 4,193 4,264 4,340 4,513 2,976 2,938 3,020 3,004 2,790 2,578 2,635 2,773 2,893 3,003 3,049 3,151 1,257 1,226 1,183 1,169 1,170 1,169 3,148 1,118 1,089 1,069 1,089 1,070 407 406 404 411 435 453 454 449 445 445 454 850 820 779 758 735 716 4,553 4,380 4,279 3,256 2,952 3,250 1,070 1,220 760 479 571 367 591 649 393 1930 January... February... March April May June ». July August SeptemberOctober NovemberDecember— 1931 January.. FebruaryMarch April May June July August SeptemberOctober November. December.. 1932 January— February—_ March April__ May June July August September.. October November.. December.. January.. FebruaryMarch 1933 644 624 635 601 261 FEDERAL RESERVE BULLETIN APRIL 1933 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board, 1923-25 average =100] Without seasonal adjustment Adjusted for seasonal variation Industry 1933 1932 1933 1932 February January February February January February manufactures—Total IRON AND STEEL . . .-. Pig iron Steel ingots - - -- TEXTILES 70 64 68 32 20 33 28 19 29 43 34 44 31 20 32 29 19 30 41 33 Ml .-_ 88 94 70 76 82 32 102 102 101 92 92 67 75 76 31 129 138 111 91 91 69 75 74 41 122 137 93 83 87 67 87 83 66 72 86 85 66 69 95 97 121 118 116 128 94 103 116 79 86 138 93 63 91 100 113 75 90 149 79 72 P89 89 94 76 83 135 90 89 86 87 78 93 137 95 95 90 98 102 85 97 159 82 73 ,85 -- . _ . _ Cotton consumption Wool Consumption - - - - - - - Machinery activity CarDet and Tils'-loom activitv Silk Deliveries Loom activity 63 --- ----- - - - - FOOD PRODUCTS Slauehterins and meat Dackinff Hogs Cattle Calves Sheep Wheat Siiffar mpltinsrs - - - --- flour . _ - . - -.. PAPER AND PRINTING 58 59 138 95 119 94 100 93 72 101 80 98 103 76 94 152 113 -- - - - 20 23 21 - - 35 3 129 40 3 64 37 2 116 ,88 - Wood DUID and DaDer Newsprint Book paper... - - - Fine DaDer Wood DIIID mechanical Wood DUID chemical Paper boxes NewsDrint consumption LUMBER TRANSPORTATION EQUIPMENT: Automobiles Locomotives ____ . Shipbuilding LEATHER AND PRODUCTS Tanninc Sole leather U p p e r leather: Cattle ___ _ _. Calf and kip Goat and kid Boots and shoes - - - . FUELS, MANUFACTURED: Petroleum refining Gasoline Kerosene - - - - - F u e l oil Lubricating oil - -__ Coke by-product RUBBER TIRES AND TUBES - - Tires pneumatic Inner tubes TOBACCO PRODUCTS Cigars Cigarettes Minerals—Total Bituminous coal Anthracite coal Petroleum, crude Zinc Lead Silver - _ __._ 8 8 88 84 87 89 144 93 58 59 124 96 20 135 98 26 33 3 181 48 3 91 22 35 2 164 89 79 101 93 76 71 101 96 40 63 38 88 56 78 102 '85 88 65 106 97 24 68 23 78 34 84 58 55 55 132 166 82 95 75 57 132 165 88 '94 76 57 141 181 69 91 89 68 132 132 81 86 56 56 66 58 61 43 54 56 38 93 96 70 54 56 41 59 61 42 85 88 67 104 54 140 107 52 144 104 63 131 115 63 154 113 68 147 114 74 144 141 (2) 76 71 75 79 73 78 67 68 108 47 41 33 63 57 102 42 46 36 66 62 107 49 56 33 63 64 110 44 40 30 57 53 107 40 45 36 63 58 109 46 54 31 ^Preliminary. * Revised Includes also lead and zinc; see "Minerals." * Without seasonal adjustment. NOTE.—For description see BULLETIN for February and March 1927. For latest revisions see BULLETIN for March 1932, pp. 194-196. 1 r 98 90 72 97 80 91 103 74 90 137 114 91 81 71 CEMENT AND GLASS: Cement Glass plate Nonferrous metals 1—Tin deliveries 70 262 FEDERAL RESERVE BULLETIN APKIL 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 1932 1933 1932 1933 February January February February January Total IRON AND STEEL AND PRODUCTS . . Steel works and rolling mills Heating apparatus Steam fittings Stoves* Cast-iron pipe MACHINERY. „ . __ . . - . . Foundry and machine-shop products Machine tools . __ Agricultural implements Electrical machinery TEXTILES AND PRODUCTS _ _ . A Fabrics Cotton goods - Woolen and worsted manufactures Woolen and worsted goods Carpets and rugs Hosiery and knit goods- . . Silk manufactures Dyeing and finishing textiles B. Wearing apparel - Clothing men's Shirts and collars Clothing, women's . Millinery FOOD AND PRODUCTS - Baking Slaughtering and meat packing Confectionery _ „ Ice cream Flour Sugar refining cane . . - - - - PAPER AND PRINTING Printing, book and job - Paper and pulp Paper boxes. LUMBER AND PRODUCTS Lumber, sawmills . . . _ Lumber, mill work Furniture . . TRANSPORTATION EQUIPMENT Car building and repairing Automobiles Shipbuilding.. . - LEATHER AND MANUFACTURES Boots and shoes. _ _ Leather CEMENT, CLAY, AND GLASS PRODUCTS Olay products Brick, tile, and terra cotta Pottery Olass Cement - — NONFERROUS METAL PRODUCTS Stamped and enameled ware Brass, bronze, and copper CHEMICALS AND PRODUCTS Chemicals and drugs Petroleum refining Fertilizers R U B B E R PRODUCTS Automobile tires and tubes Rubber boots and shoes TOBACCO MANUFACTURES Cigars and cigarettes, Chewing and smoking tobacco, snuff,. . - 59.2 51.8 55.9 49.9 42.7 42.2 38.4 45.7 26.7 44.4 42.9 38.5 39.3 49.3 72.3 73.7 74.3 66.0 69.8 45.9 83.9 61.3 88.4 69.0 52.9 66.6 92.5 70.6 78.4 81.1 80.2 78.3 63.3 72.6 72.0 80.1 76.3 93.9 75.3 70.4 33.4 28.1 32.0 49.4 45.1 40.6 49.6 57.1 77.3 79.2 69.6 37.8 31.4 20.8 60.3 54.4 30.7 45.3 24.6 52.4 77.3 80.5 75.7 62.4 59.4 62.5 50.4 63.4 62.3 72.1 58.1 49.6 53.2 49.3 43.7 37.4 34.6 40.2 30.8 44.0 42.3 39.4 36.0 49.3 69.6 72.8 74.9 61.1 63.7 47.4 83.4 61.4 87.4 61.7 48.2 61.1 80.7 63.6 78.6 81.4 80.1 79.1 62.9 73.7 69.8 80.2 77.1 94.2 75.0 69.4 33.8 29.2 31.2 48.4 46.1 41.3 50.4 60.9 73.3 74.6 68.1 36.7 30.4 20.4 57.4 52.2 31.0 44.4 21.4 52.3 76.2 80.2 75.0 54.9 59.1 61.3 52.7 60.4 58.8 72.6 67.3 63.0 66.1 59.6 63.7 51.8 49.7 53.7 47.9 61.4 55.8 58.9 54.4 75.1 74.4 76.0 75.6 64.4 65.8 57.2 85.9 71.3 97.4 70.4 55.7 69.6 95.8 61.6 82.9 87.6 85.1 77.3 70.2 75.6 73.6 87.3 88.6 98.4 80.7 75.7 42.0 34.0 42.5 64.4 55.4 44.8 65.7 84.2 80.0 82.4 69.6 48.4 42.4 31.5 72.4 62.3 44.7 57.2 33.2 65.3 81.1 84.6 80.2 62.2 68.6 70.3 63.4 71.9 71.6 74.5 59.4 51.4 55.0 49.1 43.7 42.9 38.1 47.3 27.7 44.2 42.7 37.9 36.9 49.2 70.4 72.2 72.5 64.7 68.4 44.9 82.9 60.4 86.3 66.1 51.5 65.2 85.1 72.0 79.2 82.6 77.8 79.9 73.2 72.6 75.3 79.9 75.5 93.7 75.4 71.4 34.4 29.3 32.4 50.1 45.0 41.1 48.9 54.1 75.6 77.5 67.5 39.9 33.4 23.9 59.5 56.0 33.8 44.4 24.0 51.4 76.4 78.9 76.7 59.2 59.1 62.3 49.6 64.1 63.7 67.9 59.4 50.6 53.9 49.0 45.0 40.9 35.7 45.7 32.2 44.5 43.2 39.4 34.8 49.2 69.2 72.2 73.9 59.8 62.4 46.3 84.3 61.7 86.8 61.5 48.3 60.6 78.7 67.3 79.6 83.4 77.4 80.7 73.4 74.0 74.9 79.6 75.3 93.8 75.1 69.8 35.0 30.6 32.0 49.3 47.4 42.0 53.3 59.1 72.9 74.4 66.9 39.4 32.8 23.3 58.5 55.7 34.0 44.8 22.3 52.5 76.4 79.7 76.4 56.2 59.7 62.6 51.2 64.9 64.3 69.4 1933 February February January February 67.7 62.4 65.2 58.6 65.3 52.6 49.2 55.6 49.8 61.2 55.5 57.8 51.1 75.1 72.4 74.4 73.7 63.1 64.4 55.9 84.9 70.3 95.1 67.4 54.2 68.2 88.1 62.9 83.7 89.2 82.6 78.9 81.1 75.6 76.9 87.2 87.7 98.2 80.8 76.8 43.3 35.4 43.1 65.3 55.1 45.4 64.7 79.8 78.1 80.7 67.5 51.4 45.7 36.3 71.5 64.1 49.3 56.0 32.3 64.1 80.2 82.9 81.2 59.0 68.1 70.0 62.5 72.8 73.1 70.1 40.0 24 7 25.7 24 8 20 4 23 1 20.8 25 3 12.9 26.3 23.2 23 6 30.2 33.7 48.2 48 4 46 6 43.6 48.2 22 6 57.8 39.7 67.9 47.7 34 1 41 1 67.6 44.7 62.7 66.0 65.4 55.8 51.7 56.7 52.7 65.8 61.2 84.3 50.7 56.0 16.3 12.8 15.9 24.0 32.1 30.8 32.2 44.2 50.0 49.0 53.9 20.9 14.3 8.0 31.0 37.3 16.0 27.4 16.4 30.7 60.8 61.1 64.3 36.4 35.8 35.7 36.3 40.2 38.4 54.4 NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 706-716 and November 1930, pp. 662-677. 1932 39.3 22.7 23.3 23.9 21.8 19.6 19.1 20.1 15.0 26.0 22.6 24.5 26.4 34.0 44.2 46.6 47.1 38.9 42.1 24.1 55.9 39.0 62.9 39.2 27.3 35.9 54.1 41.7 64.1 67.4 66.6 57.3 52.3 61.0 51.3 67.0 64.3 86.8 49.0 53.5 16.3 13.4 16.3 22.4 34.0 30.8 36.3 46.6 43.7 41.7 50.9 20.2 13.4 8.0 28.0 36.0 16.1 27.5 14.3 31.4 60.7 60.6 64.6 36.4 35.4 34.8 38.0 38.3 35.4 61.7 53.5 37.2 37.3 38.4 43.0 33.0 32.5 33.4 31.9 45.0 37.3 43.2 49.3 62.9 59.8 60.3 56.9 50.4 53.4 36.4 73.2 55.8 90.3 58.8 41.6 49.8 84.4 53.9 76.3 81.2 78.7 66.7 69.6 66.2 61.5 83.5 83.0 100.8 66.7 67.8 25.9 19.7 27.« 38.2 45.6 37.0 52.0 79.2 61.4 61.9 59.8 32.9 24.3 15.3 48.1 51.0 31.4 45.0 26.8 50.3 71.0 71.1 75.1 45.3 54.2 56.7 44.2 53.4 51.8 67.4 263 FEDERAL KESERVE BULLETIN APEII 1933 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics (784 price series); 1926-100] Year and month 1928 1929 1930 1931 1932 1932—February. March April May . . June.. . . July August September October November December . 1933—January .. February.. Other commodities All commodities products Foods 98.7 95.3 86.4 73.0 84.8 105.9 104.9 88.3 64.8 48.2 101.0 S9.9 90.5 74.6 61 0 92.9 91.6 85.2 75.0 70.2 121.4 109.1 100.0 86.1 72.9 66.3 66.0 65.5 64.4 63.9 64.5 65.2 65.3 64.4 83.9 62.6 50.6 50.2 49.2 46.8 45.7 47.9 49.1 49.1 46.9 46.7 44.1 62.5 62.3 61.0 59.3 58.8 60.9 61.8 61.8 60.5 60.8 58.3 71.3 70.9 70.9 70.4 70.1 69.7 70.1 70.4 70.2 69.8 69.0 78.3 77.3 75.0 72.5 70.8 68.6 69.7 72.2 72.8 71.4 69.6 61.0 59.8 42.8 40.9 55.8 53.7 67.3 66.0 68.9 68.0 HouseBides and Textile Fuel and Metals Building ChemiMiscelleather p r o d u c t s lighting and metal materials cals and furnish- laneous rotal products drugs ing goods materials products 95.5 R0 4 30.3 36.3 54 9 84.3 83.0 78.5 67.5 70.3 97.0 100.5 92.1 84.5 80.2 94.1 95.4 89.9 79.2 71.4 95.6 94.2 89.1 79.3 73.5 05.1 P4 3 92.7 34.9 76,1 85.4 82.6 77.7 89.8 84.4 59.8 88.3 67.9 70.2 70.7 71.8 72.3 72.1 70.8 71.1 71.4 69.3 80.9 80.8 80.3 80.1 79.9 79.2 80.1 80.1 80.3 79.6 79.4 73.4 73.2 72.5 71.5 70.8 69.7 69.8 70.5 70.7 70.7 70.8 75.5 75.3 74.4 73.8 73.1 73.0 73.3 72.9 72.7 72.4 72.3 77.5 77 1 7fU 74.8 :?4.7 f4,0 ra 7 ra.7 re. 6 64.7 64.7 64.7 84.4 84.2 64.3 84.6 84.7 84.1 63.7 63.4 66.0 63.6 78.2 77.4 70.1 69.8 71.8 71.3 !?. 9 72.3 61.2 59.2 i58.7 V7 0 I55.6 I53.9 Ii? 7 I54.0 I>7.0 Ii5 0 I53.9 53.0 i L51.2 1931 Subgroups re. e \ra.7 1932 1933 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 47.0 51.7 61.2 46.7 53.4 54.8 46.1 60.3 52.7 43.5 51.4 62.1 44.5 49.2 51.2 42.6 44.4 49.6 37.7 46.7 48.2 36.7 54.1 48.4 38.2 52.8 50.8 37.4 51.2 52.1 34.4 45.0 52.1 33.2 41.9 53.9 31.7 38.7 51.3 32.9 37.8 48.7 32.7 40.1 44.2 79.8 72.2 63.5 63 2 97.2 67.8 71.0 62.2 61.9 61.9 64.1 69.6 61.8 69.5 59.4 64.2 68.3 62.3 61.4 57.1 61.6 68.2 62.3 59.8 55.8 59.6 68.1 61.5 56.5 54.9 57.4 66.8 62.4 56.0 55.4 58.2 65.7 59.7 62.0 58.5 60.2 66.0 55.6 61.9 62.1 60.6 65.8 52.5 60.9 64.8 60.5 64.1 52.2 56.4 65.4 62.3 62.7 52.4 53.7 67.7 59.5 61.7 52.8 49.4 66.1 55.2 60.9 53.0 49.5 60.1 52.4 60.4 52.4 50.2 54.1 89.2 48.8 78.6 99.7 88.8 49.0 77.5 98.9 88.5 46.1 76.5 98.8 88.5 44.7 73.4 98.8 88.4 40.8 67.2 98.0 88.4 35.7 60.6 97.9 87.5 32.6 58.7 96.4 84.4 33.5 60.0 83.7 84.4 39.3 60.0 82.3 84.4 48.2 63.2 81.5 84.6 49.6 64.1 81.9 84.2 46.1 61.9 81.9 83.8 41.7 59.2 81.9 83.3 43.0 57.1 78.2 83.3 40.9 55.3 77.9 70.8 56.4 58.5 39.0 63.9 71.3 70.7 55.8 55.8 37.7 63.3 70.7 70.6 56.4 55.8 36.5 63.1 69.7 69.0 58.2 54.9 33.5 82.7 69.5 68.7 55.1 51.9 31.3 59.7 68.2 68.2 52.9 50.5 29.1 58.3 67.2 67.4 51.0 49.6 27.5 55.0 66.7 66.0 50.0 47.8 26 2 53.6 66.5 66.0 52.6 48.5 29.5 53.4 67.4 67.3 57.9 50.4 32.6 56.7 68.6 .62.5 56.2 50.9 30.8 56.5 67.7 62.2 63.6 51.0 29.5 55.3 67.1 62.5 51.7 49.3 29.3 54.2 66.6 61.9 50.1 48.4 27.0 53.4 66.3 61.2 49.1 48.3 25.6 53.2 66.2 94.8 94.8 814 84.3 80.5 80.4 107.5 104.8 98.6. 98.0 38 8 38 6 89.9 83.5 80.4 104.4 97.5 39.8 85.7 82.7 79 8 103.5 99.1 45 5 85.6 82.0 77.1 106.1 103.0 47 2 85.3 81.8 76.9 105.5 106.3 48 2 84.5 81.6 76.3 105.8 108.3 49.7 86.0 81.3 76.7 104.4 107.0 48.9 87.7 81.1 76 7 103.4 107.6 46.7 88.7 88.8 81.1 80.4 75.6 76.7 104.6 103.1 104.4 100.0 47.4 48.2 88.7 80.2 75.3 104.1 96.5 45.0 88.7 79.8 75.3 103.2 96.7 38.7 88.7 79.4 75.2 Feb. FARM PRODUCTS: Grains Livestock and poultry Other farm products FOODS: Butter, cheese, and milk Cereal products . Fruits and vegetables Meats .. Other foods HIDES AND LEATHER PRODUCTS: Boots and shoes Hides and skins Leather Other leather products.. TEXTILE PRODUCTS: Clothing Cotton goods... . Knit goods Silk and rayon . . . . Woolen and worsted goo d s . . . Other textile products... F U E L AND LIGHTING MATERJLALS: Anthracite coal B ituminous coal Coke Electricity Gas Petroleum products 94.8 83.8 81.1 104.1 98.2 39.6 34.3 METALS AND M E T A L PRODUCTS: Agricultural implements Iron and steel Motor vehicles Nonferrous metals 85.5 81.0 95.2 53.8 85.5 79.9 95.3 55.4 85.1 79.3 95.3 52.7 85.0 79.7 95.3 50.5 86.0 80 1 93.8 49.3 84.9 80 0 93.8 48.3 84.9 79 8 93.8 47 5 84.9 77.2 95.3 47.0 84.9 78.7 95.3 48.5 84.9 79.7 92.7 51.6 84.7 80.4 92.7 50.7 84.6 79.4 92.7 49.1 84.5 78.8 93.0 48.3 84.5 78.5 91.3 46.4 83.1 77.3 90.9 46.2 80.0 74.6 65.8 76.6 79.9 81.7 81.5 79.3 75.2 65.6 75.4 74.1 77.3 81.0 79.3 75.3 62.9 75.1 65.8 77.9 80,2 79.3 75.0 61.5 75.4 64.4 79.7 80.8 78.4 75.0 60.0 74.7 64.4 81.7 80.2 77.4 75.0 59.5 73.9 64.4 81.7 78.2 76.1 77.1 57.6 73.3 66.7 81.7 77.6 75.9 77.3 56.9 66.8 67.1 81.7 77.9 75.2 79.0 55.5 67.2 67.1 81.7 78.3 75.4 79.0 56.3 68.2 66.8 81.7 79.9 75.3 79.0 56.6 68.3 67.5 81.7 80.0 75.4 79.0 56.6 68.5 67.5 81.7 80.1 75.1 81.1 56.5 68.1 67.5 81.7 80.1 74.9 81.2 55.9 68.1 62.8 81.7 79.4 75.1 81.8 56.4 68.0 59.4 81.7 78.5 80.8 61.0 70.1 77.1 80.6 60.8 69.9 75.5 80.8 60.1 69.8 73.7 80.9 59.7 68.6 73.2 79.7 58.9 70.1 71.1 79.1 58.7 69.4 69.0 78.6 58.3 68.0 69.0 78.9 57.6 66.8 68.8 79.7 57.0 66.4 68.3 79.8 56.6 63.6 66.9 79.8 55.9 63.4 66.5 79.7 55.0 63.5 65.6 79.7 64.7 63.1 65.6 79.3 54.9 62.3 62.7 79.0 54.8 61.5 62.4 76.6 80.6 76.1 79.5 75.9 79.5 75 4 79.1 75.4 77.4 75.5 74.1 75.4 74.0 75.1 73.0 74.8 72.6 74.7 72.7 74.7 72.8 74.7 72.7 74.7 72.7 73.5 72.3 72.9 71.9 40.8 53.9 80.8 9.5 85.9 39.7 53.0 78.0 9.3 85.2 39.5 48.2 76.7 8.6 84.4 39.2 52.4 76.8 7.2 84.5 39.2 53.4 76.8 6.6 84.5 39.2 45.9 76.5 39.6 42.1 76.2 5.8 84.6 40.1 42.2 76.2 6.1 84.5 40.1 47.4 76.3 7.9 84.2 42.7 45.9 75.5 8.2 8:$.2 44.6 42.7 73.4 7.3 82.1 44.6 40.8 73.4 7.2 81.5 44.6 37.1 73.0 6.8 81.3 44.6 38.2 72.0 6.5 76.8 42.6 40.6 72.1 6.1 73.3 BUILDING MATERIALS: Brick and tile Cement LumberPaint materials Plumbing and heating Structural steel . Other building materials CHEMICALS AND DRUGS: Chemicals __ Drugs and Pharmaceuticals.. Fertilizer materials Mixed fertilizers .*.. . HOUSEFURNISHING GOODS: Furnishings Furniture MISCELLANEOUS: Auto tires and t u b e s . . . . Oattle feed Paper and pulp Rubber, crude . Other miscellaneous 6.7 84.6 1 Back figures.—FOT indexes of groups see BULLETIN for March 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics. 264 FEDERAL RESERVE BULLETIN APRIL 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] Factories Residential Total Commercial Public works and public utilities Educational 1932 1932 1932 Month 1932 1932 1933 January February March April May June July August September October November December 84.8 89.0 112.2 121 7 146.2 113.1 128.8 134.0 127.5 107.1 105.3 81.2 Year 1,351.2 1933 12.0 11.8 27.5 24.4 33.2 28 9 25 6 23.1 19.7 20.8 22.8 21.9 19.2 13.0 83.4 52.7 1932 1933 3.4 4.4 4.5 4.5 3.0 2.1 3.5 q Q 6.3 3.2 1.9 3.3 43.5 280.1 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS 4.3 2.8 1933 6.7 5.7 24.1 28.3 29.9 47 3 61 7 50.1 60.0 64 2 68.7 58.5 54.2 43.3 122.7 590.3 9.1 10.1 10.6 12 9 12.2 13.0 8.3 18.4 8.8 7.0 5.8 7.6 1933 42.7 17.2 All other 1932 1933 3.6 3.4 6.7 16.3 11.0 24.2 17 5 37 2 17 6 30.8 21 9 13.5 13 1 19.9 9.2 82.3 232.3 4.4 1.4 2.2 10.8 9.8 10 7 65 7.2 6.4 55 7.4 1932 [Value of permits in thousands of dollars] I Federal Reserve district Feb. Boston New York Philadelphia Cleveland Richmond Atlanta..— Chicago St. Louis Minneapolis Kansas City Dallas..: Jan. 3,878 16,563 2,751 3,634 8,326 3,363 3,913 2, 590 393 1,799 5,501 _... _ Total (11 districts) 52, 712 4,696 23,731 6,084 4,074 4,735 14, 325 8,214 5,061 1,464 4,165 6,807 83,356 Jan. Boston.. New York 6,917 Philadelphia.. 14,315 Cleveland 6,821 Richmond 6,731 Atlanta 7,341 Chicago 5,603 St. Louis 18,051 Minneapolis.. 6,119 Kansas City.. 4,654 Dallas 5,016 San Francisco 7,478 Total.. 89,046 1 Figures *not available. (J) 1,093 0) 1,520 0) 498 262 267 0) 1,009 168 C1) 0) 739 5,344 960 2,087 1,286 655 813 267 155 591 668 16, 497 1,780 9,548 1,562 5,890 3,042 1,277 2,073 1,244 574 867 1,479 5,593 30,061 34,929 COMMERCIAL FAILURES, BY DISTRICTS BANK DEBITS [Debits to individual accounts. In millions of dollars] Federal Reserve district Feb. Boston New York.... PhiladelphiaCleveland Richmond Atlanta Chicago St. Louis MinneapolisKansas City.. Dallas San Francisco. Total... 274 551 160 200 150 145 270 103 83 102 93 247 Jan. 289 691 172 251 187 176 426 121 100 114 98 294 Feb. 253 622 159 256 198 154 347 148 66 145 121 263 2,378 2,919 2,732 Number of centers Feb. Jan. 1 140 12,036 10,401 12,413 12,053 14,381 12,870 11 7 10 13 7 15 21 5 9 15 10 18 1,136 12,491 1,150 1,103 383 537 2,364 508 313 554 330 1,568 1,368 12,965 1,201 1,204 470 597 2,859 674 349 676 375 1,727 1,420 14,965 1,261 1,282 490 622 3,155 637 392 717 406 1,904 141 22,437 24,466 27,251 1932 Feb. New York City Outside New York City 6,560 23,671 3,816 5,951 3,056 5,372 19,179 1,864 1,207 1,842 1,693 4,889 4,610 25,329 6,978 8,783 7,970 3,410 13,917 2,805 870 2,952 2,568 4,707 Federal Reserve districts: Boston New York . . . Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.Kansas City,. Dallas San Francisco 65,576 79,101 84,900 Feb. Jan. 6,353 17,227 6,268 5,292 9,783 3,724 6,362 2,709 1,094 1,556 1,666 3,543 1932 1933 Liabilities 1932 Feb. Feb. [Amounts in thousands of dollars; figures reported by Dun and Bradstreet] Number 1932 Number of cities Federal Reserve district Feb. 17.3 11.0 BUILDING PERMITS ISSUED, BY DISTRICTS [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 1933 Total Feb. FEDERAL RESERVE DISTRICTS MINNEAPOLIS KANSAS CITY KANS. OKLA. Oklahoma City — BOUNDARIES OF FEDERAL RESERVE DISTRICTS . . . . BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY i