Full text of Federal Reserve Bulletin : April 1933

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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
®
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