Full text of Federal Reserve Bulletin : December 1933
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FEDERAL RESERVE BULLETIN DECEMBER 1933 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments National Summary of Business Conditions Operations of Reconstruction Finance Corporation UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1933 FEDERAL RESERVE BOARD Ex officio members: WILLIAM H. WOODIN, Secretary of the Treasury, Chairman. J. F. T. O'CONNOR, Comptroller of the Currency, H. WARNER MARTIN, Assistant to the Governor. CHESTER MORRILL, Secretary. EUGENE R. BLACK, Governor. CHABLEB S. HAMLIN. ADOLPH C. MILLER. GEORGE R. JAMES. J. J. THOMAS. M. S. SZYMCZAK. E. A. GOLDENWEISER, Director, Division of Research and Statistics. J. C. NOELL, Assistant Secretary. L. P. BETHEA, Assistant Secretary. S. R. CARPENTER, Assistant Secretary. CARL E. PARRY, Assistant Director, Division of Research and Statistics. WALTER WYATT, General Counsel. J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations} O. E. FOULK, Fiscal Agent. JOSEPHINE E. LALLY, Deputy Fiscal Agenti E. L. SMEAD, Chief, Division of Bank Operations. GEORGE B. VEST, Assistant Counsel. LEO H. PAULGER, Chief', Division of Examinations. FRANK J. DRINNEN, Federal Reserve Examiner. FEDERAL ADVISORY COUNCIL District no. 1 (BOSTON) District no. 2 ( N E W YORK) District no. 3 (PHILADELPHIA) District no. 4 (CLEVELAND) District no. 5 (RICHMOND) District no. 6 (ATLANTA) District no. 7 (CHICAGO) District no. 8 (ST. LOUIS) District no. 9 (MINNEAPOLIS) District no. 10 (KANSAS CITY) District no. 11 (DALLAS) District no. 12 (SAN FRANCISCO) THOMAS M. STEELE. WALTER E. FREW. HOWARD A. LOEB. H. C. MCELDOWNEY. HOWARD BRUCE. JOHN K. OTTLEY. MELVIN A. TRAYLOR, Vice President. WALTER W. SMITH, President. THEODORE WOLD. W. T. KEMPER. JOSEPH H. FROST. HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank o— f Chairman Boston New York F. H. Curtiss J. H. Case Philadelphia Cleveland Richmond R. L. Austin._ L. B. WilliamsW. W. Hoiton Governor R. A. Young G. L. Harrison _. G. W. Norrls.. E. R. Fancher G. J. Seay.. Atlanta. ~ Oscar Newton Chicago E. M. Stevens W. S. Johns1 J. B. MoDougal St. Louis J. S. Wood. W. McC. Martin . . Minneapolis Kansas City Dallas J. N. PeytonM. L. McClure 0. C. Walsh W. B. Geery G. H. Hamilton B. A. McKinney San Francisco Isaac B. Newton J. U. Calkins. i Assistant deputy governor. Deputy governor Cashier W. W. Paddock W. R. Burgess J. E. Crane W. S. Logan L. R. Rounds L. F. Sailer W. Willett. C. H. Coe.» R. M. Gidney.i J. W. Jones. 1 W. B. Matteson.i J. M. Rice.1 1 Allan Sproul. 1 L. W. Knoke. C. A. Mcllhenny. W. H. Hutt W. G. McCreedy.* H. F. Strater. M.J. Fleming G. H. Keesee. C. A. Peple R. H. Broaddus J. S. Walden, Jr.» H. F. Conniff M. W. Bell. W. S. McLarin, Jr.* C. R. McKay.._ W. H. Snyder* H. P. Preston W. C. Bacbman.1 J.H. Dfflard , . . . R. H. Buss.» 0. J. Netterstrom.i A. T. Sihler.i 1 E. A. Delaney. 0. M. Attebery S. F. Gilmore.1 J. G. McConkey _ A. H. Haill.» T? XT T T o l l S G. 0. Hollocher.' 0. C. Phillips.' H. I. Ziemer. 1 Harry Yaeger F. C. Dunlop. TT T 7i<vm«r C. A. Worthington.... J. W. Helm. T W TTAITTI Fred Harris R. R. Gilbert R. B. Coleman W. 0. Ford.» W. A. DayW. M. Hale. Ira Clerk > Controller. • Acting governor MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES Federal Reserve Bank o— f 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 o— f Minneapolis: Helena branch 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. 0. 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. m TABLE OP CONTENTS *-——— Review of the month—Recent banking developments _ _ Operations of Reconstruction Finance Corporation National summary of business conditions 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 90 leading cities Brokers' loans Acceptances and commercial paper Discount rates and money rates Treasury finance Security prices, bond yields, and security issues 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: Rulings of the Federal Reserve Board: Pag» _ 731 735-739 _. 740 741-744 746 745, 775, 776 747, 777 747 748 749, 778 750 751 752, 780-783 753 753 753 * - 754 755 755-757 758 758 759-761 762-763 764 764 765 766 766, 767 767 Requests for interpretations of Federal Reserve Act and the Board's regulations 768 Withdrawals of savings deposits . _ _ 768 Provisions of time certificates of deposit 768 Payment of interest on deposits of postal-savings funds 768 Banks controlled by same holding company affiliate as affiliates of each other 770 Application of sec. 32 of Banking Act of 1933 to members of stock exchanges and partners and employees of stock-exchange firms 770 Applicability of sec. 8A of Clayton Antitrust Act to corporations making loans to their own employees on their own stock 771 Applicability of sec. 8A of Clayton Antitrust Act to corporations which previously made loans on their own stock but expect to make no such loans in the future 771 Eligibility of State banks for membership in Federal Reserve System—Capital requirements for banks in places of not more than 3,000 inhabitants 772 Federal Reserve statistics by districts, etc.: Banking andfinancialstatistics 773-779 Industrial and commercial statistics 780-784 November crop report, by Federal Reserve districts 785 Index to volume 19 786-809 IV FEDERAL RESERVE BULLETIN VOL. 19 DECEMBER 1933 REVIEW OF THE MONTH Volume of reserve-bank credit, after increasing continuously for more than 3 months, showed little change during Bank credit November, reflecting the gradual reduction after the middle of October of reserve-bank purchases of United States Government securities in the open market. In May of this year the Federal Reserve System resumed the policy of purchasing United States Government securities in the open market, with a view to providing an ample and ready basis of credit as economic recovery proceeded and the credit requirements of trade and industry increased. Purchases by the Reserve banks were made at the rate of about $25,000,000 a week from the middle of May to the end of June, at the rate of about $10,000,000 a week in July and the first half of August, and at about $35,000,000 a week from that time until the middle of October. After that time, in view of the large volume of excess reserves of the member banks, purchases were gradually reduced. On November 8 holdings of United States Government securities of the Reserve banks were at the highest level since the establishment of the Reserve System—$2,430,000,000—a level that has remained unchanged in recent weeks. For the 6 months from May to November purchases of United States Government securities by the Federal Reserve banks amounted to about $600,000,000. There was at the same time a return of about $200,000,000 of currency from circulation. A part of the funds derived from the openmarket purchases of the reserve banks and the return flow of currency was employed by the member banks in reducing their borrowings at the reserve banks by $200,000,000. In addition, member bank reserve balances in- No. 12 creased by $600,000,000 to a level in November more than $800,000,000 in excess of legal requirements. Money rates continued to be low, though rates on short-time money in the open market advanced slightly in November. Discount rates at the Federal Reserve banks of Boston, Philadelphia, and San Francisco were reduced from 3 to 2% percent. Member bank credit, after showing little change in September and October, increased in November, reflecting chiefly increased holdings of United States Government securities. As regards the economic situation, it appears on the basis of preliminary figures that the output of basic industries, which had declined considerably during the three months, August, September, and October, showed relative stability during November, and the volume of construction undertaken continued to increase, reflecting chiefly expansion of public works. Further particulars about the business situation appear in the National summary of business conditions on page 740. The decline in the volume of money in circulation over the 6 months from May to November reflected largely the Demand for return of currency from hoards, currency while the amount of money in active business use showed an increase. Weekly figures of the amount of money in circulation during the past 4 years are shown on the accompanying chart. The chart shows that the return of currency to the Reserve banks following the termination of the banking holiday in March eontinued, with minor interruptions, until the end of August and that there was some growth in circulation during September, October, and November. The increase during these 3 months in currency outstanding reflected an increase of requirements arising from a growth in pay rolls and retail trade. 731 732 FEDERAL RESERVE BULLETIN MONEY IN CIRCULATION WeeKly Basis Wednesday Series MILLIONS OF DOLLARS MILLIONS OF DOLLARS 7600 7600 ft 7400 1200 EXCESS RESERVES OF MEMBER BANKS 7000 6600 1 ll933 6600 6600 I 6400 6400 6200 6200 6000 / 1932 5600 5800 " 5600 A y J 5400 5400 1 5200 93] 4600 r ^. -— —«. f 4400 4200 5200 J Y 5000 4800 cent months in excess reserves of banks outside New York City has reflected the expenditure by the Federal Government of funds borrowed or 7200 7000 5800 1933 7400 6800 6000 DECEMBER /A «* -7 1930 A 1 -V J 5000 4800 4600 4400 4200 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec The growth during recent months in member bank reserves has not been accompanied by a corresponding growth in reserve Member bank requirements, and during the reserves latter part of October and throughout most of November total reserves were more than $800,000,000 in excess of legal requirements. The accompanying chart shows excess reserves of member banks from the beginning of 1932 through November 1933 with separate figures for member banks in New York City and outside New York City. The excess reserves of the New York City banks declined in June and July, reflecting seasonal loss of funds to the interior and a considerable temporary loss of bankers' balances, as these balances were withdrawn following the enactment of the Banking Act of 1933, which prohibits the payment of interest on deposits payable on demand. After the middle of July, however, the excess reserves at New York City increased again and during recent months have fluctuated around $150,000,000. The growth during re- collected in New York City and the transfer of funds to agricultural areas in payment for crops marketed. Loans and investments of weekly reporting member banks in 90 cities, after showing little change in September and OctoMember bank ber, advanced sharply during credit the week ending November 1 and after a moderate decline thereafter continued in larger volume than in the preceding 2 months. Recent changes in the total of loans and investments have reflected chiefly changes in the banks' holdings of United States Government securities. Other securities have shown little change throughout the year and a decline in loans on securities has offset a growth in all other loans during recent months. Accompanying charts show changes since the beginning of 1932 in the different classes of loans and of investments of the reporting member banks. Changes in the banks' holdings of United States Government securities have reflected the course of Treasury financing. As new issues have been made by the Treasury the banks' holdings have increased sharply and then gradually declined as some of the securities were distributed by the banks to their customers or were sold to other nonbanking FEDERAL RESERVE BULLETIN DECEMBER 1933 purchasers. The banks paid for the securities by giving the Treasury deposit credits on their books, and the Treasury gradually withdrew these deposits as the funds were needed. The MILLIONS OP DOLLARS MILLIONS OF DOLLARS 6000 6000 MEMBER BANKS IN 9 0 LEADING CITIES I 1932 i i I i 1933 i I i i -1 2 0 0 0 balances held by the Government with the reporting banks increased substantially during the period and on November 22 were in excess of $900,000,000, more than double the amount held last year. The chart showing for reporting member banks the volume of loans on securities and MILLIONS OF DOLLARS MILLIONS OF DOLLARS MEMBER BANKS IN 9 0 LEADING CITIES 5000 of all other loans indicates that loans on securities, after increasing from April to July, declined thereafter and in November were smaller than at any other time in the 2-year period. The increase in security loans from April to July was in loans to brokers and dealers in securities and accompanied the rapid rise of prices and increased activity in the securities market. The reduction in security loans after July reflected both a decline 733 in loans to brokers and dealers in securities and further reduction in security loans to customers, which have declined almost continuously for 3 years. The growth since March in all other loans has reflected chiefly growth in the banks' holdings of acceptances. Commercial loans to customers have shown little change over the period. Deposits of reporting member banks in leading cities have increased during the past 4 months, reflecting a growth of $400,000,000 in United States Government deposits and of about $200,000,000 in bankers' balances. Deposits of individual customers at these banks have shown little change. At country banks, however, there has been a seasonal increase in deposits during the autumn, as customers have deposited the proceeds received for their marketed crops and the funds received from the Agricultural Adjustment Administration and the Farm Credit Administration. Total gold reserves reported by leading European countries, after showing little change in October, declined about in°EduropeFVeS $50,000,000 in the first 3 weeks of November. This was in contrast with developments during the third quarter of the year when central banks acquired not only the flow coming from Indian hoards and new production but also gold released from private and unreported holdings in western countries. More recently these private and unreported holdings of gold have increased. In October the increase was sufficient to absorb the gold from India and the mines,' and in November to absorb in addition withdrawals of gold from central banks. Withdrawals of gold have been concentrated at the Bank of France. The bank's losses, beginning early in September, were at first moderate and were matched by increases in reserves of central banks elsewhere, chiefly in the Netherlands, Switzerland, and Germany. In the latter part of October, however, gold stock of the Bank of France began to shrink at the rate of about $25,000,000 a week (at par). Gold exported by France during this 734 FEDERAL RESERVE BULLETIN period went chiefly to the Netherlands, Switzerland, Germany, and England, but only a part of it was added to central reserves in these countries. The increases in the gold stocks of the Netherlands and Switzerland, amounting at par to $32,000,000 and $26,000,000, respectively, during the month of October and the first 3 weeks of November, represented a flow of funds from abroad. The increase in the gold stock of Germany, which aggregated $50,000,000 (at par) between the end of June and November 23, was due (1) to the partial moratorium on the service and amortization of foreign loans which went into effect July 1 and (2) to the conversion into gold of about $18,000,000 of the Reichsbank's holdings of foreign exchange. Bank of England gold stock on November 22 remained at the $927,000,000 level reached in the middle of the summer. In addition to losing gold the Bank of France has also recently lost foreign exchange. Since December 14, 1928, when the Foreign bank held 33,228,000,000 francs fngCsofgthehOld" ($1,303,000,000 at par) of forBank of France eign exchange, its holdings have been reduced to 1,279,000,000 francs ($50,000,000 at par) on November 17. This decrease, amounting to $1,253,000,000, was largely due to the purchase of gold abroad by the bank in 1931 and 1932, but the bank has also written off losses incurred as a result of the depreciation of currencies of the countries in which it held balances. At the end of 1931 the bank reduced the book value of its sterling holdings by 2,342,000,000 francs. During the current year the French Government purchased about 2,600,000,000 francs of sterling balances from the bank in order to repay the £30,000,000 credit that it obtained from a group of London banks toward the close of last April. This credit was repaid in two equal installments at the beginning of August and the beginning of November. Recent amendments to the Reichsbank law have broadened the open-market powers of Amendments to t h e b a n k - Whereas formerly the Reichsbank the bank could freely buy and aw sell only bills of specified types, it can now deal in bonds issued by the Reich or DECEMBER 1933 by any German State or municipality or by certain German Government credit institutions ; bonds of which the interest is guaranteed by the Reich or by any German State; and fully-paid or preferential shares of German railroads. Such securities, which are to be bought and sold "with a view to regulating the money market", have been made eligible, along with Lombard loans, as cover against Reichsbank notes in circulation. Such cover previously was limited to gold, foreign exchange, and bills. The 40-percent reserve requirement in gold and foreign exchange continues in force, but the provisions imposing penalty taxes and progressively higher discount rates as reserves fell below the legal requirement have been rescinded. In the week ending November 15 the Reichsbank utilized its new powers in purchasing 195,000,000 reichsmarks of securities. The General Council, which was formerly chosen by the German shareholders of the Reichsbank, is abolished by the new law. The president of the bank, heretofore elected by the General Council with the confirmation of the president of the Reich, is now appointed by the latter with the advice of the managing board of the Reichsbank, members of which are hereafter to be nominated by the president of the bank and appointed by the president of the Reich. Changes in Discount Rates The rate on rediscounts for and advances to member banks under sections 13 and 13 (a) of the Federal Reserve Act was reduced from 3 to 2% percent at the Federal Reserve Bank of Philadelphia, effective November 16. Changes in Foreign Central Bank Discount Rates The following changes in discount rates during the month ending December 1, 1933, have been reported by central banks in foreign countries: National Bank of Albania—November 16, from 8 to 7% percent. Danish National Bank—November 30, from 3 to 2% percent. Bank of Sweden—December 1, from 3 to 2% percent. DECEMBER FEDERAL RESERVE BULLETIN 1933 735 OPERATIONS OF THE RECONSTRUCTION FINANCE CORPORATION From February 2, 1932, when the Reconstruction Finance Corporation began operations, to November 28, 1933, cash advances of approximately $3,544,000,000 were made by that agency. These advances may be divided into two general groups: (1) Loans and subscriptions made by the Reconstruction Finance Corporation, including principally loans to financial institutions and railroads, loans on selfliquidating projects, subscriptions for bank stock, and advances to States for relief under the Emergency Relief Act of 1932; and (2) allocations and grants required by law to be made to other Government agencies for certain specified purposes, including agricultural loans, capital of Government lending agencies, and relief grants made to States upon certification of the Federal Emergency Relief Administrator under the Emergency Relief Act of 1933. The total amounts of authorizations and allocations in these two groups and the amounts of advances made on them^ as obtained from published reports of the Reconstruction Finance Corporation, are shown in the following table: Total disbursements up to November 28, 1933, amounted to $2,929,000,000 for the first group of loans and subscriptions and to $615,000,000 for the second group. Of these amounts $967,000,000 and $20,000,000, respectively, have been repaid, leaving a total of $2,557,000,000 of loans, subscriptions, allocations, and grants outstanding on November 28, 1933, representing disbursements not repaid. In addition about $1,000,000,000 of loans and subscriptions and $500,000,000 of allocations and grants, authorized and not canceled, remained at the disposal of borrowers on November 28, 1933. In this issue of the BULLETIN, at the end of this statement, tables are published showing the amount of loans, subscriptions, allocations, and grants outstanding, i.e., disbursed and not repaid, by end-of-month dates from February 1932 to November 1933, inclusive. The figures for November 28 are based upon preliminary reports and are subject to revision. In the first table data are shown by types of commitments for aggregate authorizations, disbursements, and repayments made during the entire period from February 2, 1932, to October 31, 1933, together with amounts not yet disbursed on October 31, 1933. Complete figures by types of loans are not yet available for November. The second table gives figures for loans and subscriptions outstanding at end-of-month 22296-33 2 dates, arranged according to the classification used by the Reconstruction Finance Corporation. The figures represent the amounts of the loans disbursed and not repaid up to the dates indicated. In the third table, covering allocations and grants, the figures also represent net payments actually made from February 2, 1932, up to the end of the month indicated. These figures have been derived from Reconstruction Finance Corporation statements by subtracting from amounts allocated, shown as assets on the Corporation's balance sheet, the amounts still payable on these accounts, reported as liabilities. Some of these items may be considered as in the nature of loans and investments, such as the capital of the Federal home loan banks and that of the regional agricultural credit corporations, while others are in the nature of expenditures, as in the case of the relief grants. Loans and subscriptions of the Reconstruction Finance Corporation increased continuously from organization in February 1932, to a total of $1,865,000,000 at the end of August 1933. The rate of increase varied, being largest in the spring and summer of 1932 and in the winter and spring of 1933, reflecting principally loans to banks and trust companies. In 1932 loans of substantial size were also made to railroads, to building and loan associations, and to insurance companies. Loans were made in large volume to mortgage loan companies in the first half of 1932 and again in the first half of 1933. Relief loans, under the 1932 act, increased rapidly in the winter and spring of 1933. Allocations and grants, which were confined mostly to agricultural loans in 1932, have grown steadily this year, reflecting moderate allocations for capital of Federal home loan banks and more recently large grants to States for relief under the 1933 relief act. During September and October 1933, loans and subscriptions were reduced moderately to $1,830,000,000, but they were again increased in November to a new maximum of over $1,960,000,000. Payments on allocations and grants continued to increase and reached a total of nearly $600,000,000 at the end of November. During October and November there was an increase of about $600,000,000 in amounts authorized and remaining at the disposal of borrowers, comprising a loan of $250,000,000 to the newly organized Commodity Credit Corporation, increased loans to mortgage-loan 736 FEDERAL RESERVE BULLETIN companies and to closed banks, and commitments to purchase preferred stock and capital debentures of banks and trust companies. Reflecting disbursements on these large authorizations, together with substantial expenditures under the Emergency Relief Act and additional payments to Federal agricultural credit agencies, net disbursements in the month of November amounted to over $250,000,000, the largest reported for any month except June 1932. Figures given in these tables permit an analysis of changes in advances, classified according to borrowers and purposes. Direct loans to banks and trust companies under the original Reconstruction Finance Corporation Act, have decreased moderately since last May. All of this decrease has been in loans to operating banks. Loans to receivers, liquidating agents, and conservators of closed banks have increased in the same period. Disbursements for the purchase of preferred stock and capital notes and for loans on preferred stock aggregated about $110,000,000 from March to November. At the end of November, moreover, about $80,000,000 of authorizations to purchase preferred stock and capital notes and debentures remained to be disbursed, and early in December a large volume of additional authorizations was announced. Loans to railroads, which increased until the end of June 1933, to a total of over $350,000,000 were reduced by about $20,000,000 in July and have since shown little change. Loans to building and loan associations and to insurance companies, which increased most rapidly in the spring and summer of 1932, have DECEMBER 1933 declined slightly since last May. At the same time payments from amounts allocated for capital of the Federal home loan banks have shown a moderate increase. These banks have now obtained more than half of the $125,000,000 allocated. Out of $200,000,000 allocated for the Home Owners Loan Corporation, funds disbursed up to the end of November amounted to $14,000,000. Loans to regional agricultural credit corporations have decreased by about $80,000,000 since the end of July, while loans to the Federal land banks and to joint-stock land banks, and funds allocated to the Land Bank Commissioner and to the Governor of the Farm Credit Administration for loans to farmers have increased by a total of about $130,000,000. Unused allocations in Land Bank Commissioner's account at the end of November amounted to over $260,000,000. There has been a slight increase in payments on loans and contracts for self-liquidating projects, although no new authorizations have been made on such projects since June, when this task was assigned to the Public Works Administration. About $60,000,000 have been disbursed for these purposes out of a total of nearly $220,000,000 authorized. Advances to States under the 1932 relief act reached last June a total of nearly $300,000,000, the maximum permitted under that act. Relief grants to States under the 1933 act have been the largest single item in payments made by the Reconstruction Finance Corporation since last June. Up to the end of November these grants had exceeded $270,000,000. DECEMBER 737 FEDERAL RESERVE BULLETIN 1933 AGGREGATE LOANS, SUBSCRIPTIONS, ALLOCATIONS, AND GRANTS, F E B . 2, 1932, TO OCT. 31, 1933 [In thousands of dollars] Amount authorized i Amount Amount | Amount not yet disbursed disbursed repaid LOANS AND SUBSCRIPTIONS Under sec. 5 of the Reconstruction Finance Corporation Act, as amended: Banks and trust companies (including receivers, liquidating agents, and conservators). Building and loan associations ___ Insurance companies --_ __ _ Mortgage-loan companies ___ _ Credit unions Federal land banks... Joint-stock land banks _ _._ Federal intermediate credit banks Agricultural credit corporations Regional agricultural credit corporations Livestock credit corporations __ Railroads (including receivers) State funds for insurance of public moneys __ 1,308,124 111, 763 641,661 39,572 19,340 33,103 35 Total loans and subscriptions.. 2,310,510 , 230,902 52,880 56,174 4,000 250,000 61,964 300,000 160,775 48,880 249,514 5,683 15 464,867 365,237 3,102 15,077 60,671 25,740 13,529 51,868 700 45 8,303 25,040 101,488 TotalUnder Agricultural Adjustment Act: Loan to Secretary of Agriculture for purchase of cotton. Under Emergency Farm Mortgage Act: Loans to drainage, levee, and irrigation districts 321,637 895, 746 Total. Under Bank Conservation Act: Loans on preferred stock of banks Subscriptions for preferred stock of banks Purchases of capital notes and debentures of bank?.. 151,665 1,820 7,000 103,237 2,864,786 TotaL . Under Emergency Relief and Construction Act of 1932, as amended: Self-liquidating projects, sec. 201 (a) (including repair of property damaged by earthquakes, etc.) Financing exports of agricultural surpluses, sec. 201 (c)— Financing agricultural products, sec. 201 (d): Commodity Credit Corporation Other Relief and work relief 1,656,103 118,933 99,638 301,130 617 65,500 21,103 9,250 5,426 155,307 14,190 411, 701 5,888 33,343 66,097 45 3,300 22,500 6,517 5 2,108 234 20,663 5,888 3,500 200 4,245 824,292 124,741 200,000 300,000 135,000 44,500 40,500 230,665 5,260 61,395 196,000 279,400 1,080,666 591, 030 487 4,591 412 9,250 2,937 99,888 9,337 56,799 912,334 136 1,908 970 4,245 3,869,765 190,204 575 36,300 12, 505 9,250 5,118 150,210 12, 569 386,955 2,745,144 915,481 ALLOCATIONS AND GRANTS Allocated to Secretary of the Treasury: Federal Home Loan Bank Act '_ Federal Home Owners Loan Corporation Act _ _._. Allocated to Land Bank Commissioner Allocated to Secretary of Agriculture for crop loans 2 Capital regional agricultural credit corporations _ Allocated to Governor of Farm Credit Administration _ Relief grants, Federal Emergency Relief Act of 1933 __ _ Allocated for expenses, regional agricultural, credit corporations—Farm Credit AdministrationTotal allocations and grants . 1 2 28,500 22,996 2,739 63,346 4,000 20,600 135,000 44, 500 12,000 I 207,669 ' 2,521 489,636 20,000 20,000 Includes loans, etc., authorized and subsequently canceled or withdrawn. Less amounts reallocated as capital of regional agricultural credit corporations and amounts reallocated to the Governor of Farm Credit Administration. 738 FEDERAL RESERVE BULLETIN DECEMBER 1933 L O A N S AND S U B S C R I P T I O N S [Amounts outstanding at end of month. In thousands of dollars] 1932—Proceeds disbursed, less repayments Feb. 29 Mar. 31 Apr. 30 I May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Under sec. 5 of the R.F.C. Act: Banks and trust companies (including receivers) Building and loan associations Insurance companies Mortgage loan companies Credit unions .. Federal land banks _ Joint-stock land banks _ Agricultural credit corporations Regional agricultural credit corporarations _ Livestock credit corporations Railroads (including receivers) 39,527 _ TotaL 117,747 223,010 318,617 424,896 500,861 2,431 12,542 31,756 41,044 56,416 6,562 10,685 18,821 45,440 49,101 1,277 9,097 14,065 66,036 72,268 370 364 338 9,000 840 725 709 1,126 284 682 21 39 | 5,371 7,748 272,472 31,322 471 54,966 2,126 73,782 3,320 86,865 5,732 139,487 6,792 164,043 8,329 205,781 9,359 218,410 70,849 183,455 331,988 474,530 724,123 860,659 967,658 984,664 1,057,453 1,069,644 1,127,770 Under Emergency Relief and Construction"»Act of 1932: Self-liquidating projects, sec. 201 (a) (including repair of property damaged by earthquakes, etc.). Financing agricultural products, sec. 201 (d) Relief and work relief 9,275 241,431 9,175 249,952 15,737 3,948 70,849 183,4 331,988 474,530 724,123 860, 659 14,160 450 30,978 3,948 Total Total loans and subscriptions. 547,196 534,184 574,612 572,588 594,633 67,035 75,217 78,921 81,133 84,247 53,466 57,233 57,893 •58,864 62,449 74,026 75,506 76,710 77,396 77,080 368 367 432 368 431 9,000 11,450 14,300 15,800 18,500 1,249 1,421 2,465 1,856 1,264 2,523 2,374 1,208 2,448 1,673 14,160 31,428 1,276 51,441 1,325 79,967 53,077 97,029 971, 606 998,824 1,088,8811,122,7211,224,799 1933—Proceeds disbursed, less repayments Jan. 31 Under sec. 5 of the R.F.G. Act: Banks and trust companies (including receivers) Building and loan associations Insurance companies Mortgage loan companies Credit u n i o n s . . . _ _. Federal land banks _ Joint-stock land banks Agricultural credit corporations Regional agricultural credit corporations _ _. Livestock credit corporations _. Railroads (including receivers) State funds for insuring public moneys Feb. 28 Mar. 31 Apr.: 611,791 669,219 85,371 87,384 62,902 63,060 79,464 109,812 441 439 18,800 18,800 2,612 4,825 2,322 2,158 691,386 86,474 72,260 113,353 436 18,800 5,243 2,227 20,537 6,364 280,041 55,380 72,586 5,095 4,846 310,920 323,195 37,005 5,493 296,229 84,831 72,485 110,300 435 19,800 6,751 2,132 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 28 736,928 673,823 672,005 689,182 682,319 83, 585 81,890 80,138 78,055 75,604 73,780 70,099 68,024 68,242 67,795 110,257 155, 508 155,094 158,357 158,199 434 549 547 556 548 20,300 21,800 23,800 25,800 28,800 7,535 7,749 9,793 10,448 8,555 2,125 2,122 2,145 2,229 2,147 93,196 4,603 340,855 106, 536 115,925 4,352 4,037 354,059 331,289 91,576 3,385 331,101 71,366 3,176 331,754 666,463 690,199 72,192 68,654 67, 596 65,103 157,101 160, 679 540 527 36,300 72,800 12,093 13,561 2,181 1,993 50,321 3,232 330,157 36,741 2,926 333,420 Total 1,170, 645 1,294,424 1,361,574 1,384,230 1,473,598 1,478,487 1,461, 562 1,458,183 1,432,246 1,398,176 1,452,491 Under Emergency Relief and Construct i o n Act of 1932: Self-liquidating projects, sec. 201 (a) (including repair of property dam18,337 18,664 20,684 30,134 48,540 56,038 25,126 27,231 60,028 37,972 41,801 aged by earthquakes, etc.) Financing exports of agricultural sur3,912 1, 3,687 4,436 pluses, sec. 201 (c)._ .__. 3,401 Financing agricultural products, sec. 201 (d): 30,928 Commodity Credit Corporation.. 1,212 2,683 1,227 1,205 2,444 2,741 2,570 1,886 2,723 3,194 2,919 Other..-; Relief and work relief ... _. 120,147 159,555 201,374 242, 741 294,845 298,074 299,372 299,192 299,015 299,015 299,015 Total Under Bank Conservation Act: Loans on preferred stock of banks Subscriptions for preferred stock of banks s Purchases of capital notes and debentures of banks Total. Under Agricultural Adjustment Act: Loan to Secretary of Agriculture.. Total loans and subscriptions *> Preliminary figures. 179,446 223,263 270,311 324,799 250 250 1,250 12,500 20,083 24,233 12,750 20,333 25,483 330,949 342,036 = 12,214 12,180 39,228 31,083 200 200 43,463 51,642 347,313 353,812 362,135 396,293 12,766 12,942 13,484 13,461 45,853 49,453 51,868 55,496 700 700 700 40,740 59,319 63,095 66,052 109,697 3,300 139,696 3,300 3,300 ? 1,310,3411,473,870 1,597,5871,674,874 1,823,8801,852,899 1,855,2401,864,815 1,852,453 1,829,663 1,961,781 DECEMBER 739 FEDERAL RESERVE BULLETIN 1933 PRINCIPAL ALLOCATIONS AND GRANTS [Amounts outstanding at end of month. In thousands of dollars] 1932—Proceeds disbursed, less repayments 1 Feb. 29 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Allocated to Secretary of the Treasury: Federal Home Loan Bank Act Allocated to Secretary of Agriculture for crop loans 2 Capital regional agricultural credit corporations Advances for expenses regional agricultural credit corporation Total 2C « () 75,000 75,000 75,000 75,000 820 75,000 60.00C 60,000 8,000 3 15,000 25, 500 83,000 75, 020 86, 780 460 __ 75,000 (3) 75,000 75,000 75,000 1933—Proceeds disbursed, less repayments l Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 28 » Allocated to Secretary of the Treasury: Federal Home Loan Bank Act Federal Home Owners Loan Corporation Act __ Allnp,fl,tftd to Tiflnd Ranlr Cnmmissinripr Allocated to 2Secretary of Agriculture for crop loans Capital regional agricultural credit corporations Allocated to Governor of Farm Credit Administration Relief grants, Federal Emergency Relief Act of 1933 Allocated for expenses regional agricultural credit corporations i _ __ Total 30,620 31,820 42,970 47,970 52,470 57,370 63,346 68,546 1,000 2,200 1,000 2,200 1,000 5,400 2,000 10,600 4,000 20,600 14,000 37, 600 115, 000 115,000 115,000 115,000 115,000 44,500 44,500 44, 500 44, 500 12,000 8,220 36,870 2,000 2,520 40, 500 60,000 60,000 75,000 110,000 115,000 115,000 30,500 32,000 33,000 39,000 41,000 41,500 43, 550 1,079 37,910 79,733 124,974 785 1,083 1,395 <1,755 <227 982 1,388 1,719 93,805 101,303 140,015 182,575 196,176 164, 720 207, 669 272, 388 2,058 2,521 2,748 241,562 290,841 345,063 396,248 469, 636 595, 282 1 Derived by subtracting amounts payable from total amounts allocated. 2 Less amounts reallocated as capital of regional agricultural credit corporations and amounts reallocated to the Governor of Farm Credit Administration. 3 Figures not published. 4 Cumulative total of advances up to Apr. 30,1933; subsequently cumulative disbursements from an allocation to Farm Credit Administration, of $5,260,000. p Preliminary figures. 740 FEDERAL RESERVE BULLETIN DECEMBER 1933 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Nov. 23 and released for publication Nov. 25] Volume of industrial output continued to decline in October. Factory employment and pay rolls, after increasing continuously for 6 months up to the middle of September, showed little change from then to the middle of October. There was an increase in the volume of construction undertaken, reflecting the expansion of public works. Production and employment.—Volume of output in basic industries decreased in October as compared with September, contrary to seasonal tendency, and the Board's seasonally adjusted index declined from 84 percent of the 1923-25 average to 77 percent. This compared with an index of 67 in October of last year and of 60 at the low point in March of this year. At steel mills activity declined sharply between the middle of October and the first week in November, but in the following three weeks showed little change. In the automobile industry, output has been curtailed in recent weeks in preparation for new models. For the first 10 months of the year the number of cars produced was 50 percent larger than in the corresponding months of 1932. Output at shoe factories showed a seasonal decline in October as compared with September, and there was some decrease in activity at cotton and wool textile mills, contrary to seasonal tendency. At meat-packing establishments activity declined sharply from the unusually high rate prevailing in September, which was due to the fact that in that month a large number of pigs purchased by the Federal Government were handled. Total number of employees at factories, excluding canning establishments, showed little change from the middle of September to the middle of October. At canning establishments there was a decline of a seasonal character, and the Board's index, which includes this industry, showed a slight decrease. Value of construction contracts awarded during October and the first half of November, as reported by the F. W. Dodge Corporation, showed a considerable advance over the preceding 6-week period, reflecting a growing volume of public works. Distribution.—Shipments of commodities by rail showed a somewhat larger decline between the middle of October and the middle of November than is usual at this season. Department-store sales increased in October as com- pared with September by slightly less than the usual seasonal amount. Prices.—Wholesale prices, as measured by the weekly index of the Bureau of Labor Statistics, declined from 71.3 percent of the 1926 average in the first week of October to 70.4 percent in the third week, and then advanced to 71.7 percent in the third week of November, a level 20 percent above the low point of last March. Following declines early in October, prices of cotton, grains, lard, rubber, tin, and silver increased considerably, while cattle prices continued to decline and prices of hogs showed little change. Foreign exchange.—The value of the dollar in the foreign-exchange market fluctuated around 67 percent of its gold parity during the latter part of October, declined during the first part of November to 59 percent on November 16, and on November 22 was 61 percent. Bank credit.—Between October 18 and November 15 there was little change in the reserves of member banks, which continued to be more than $800,000,000 in excess of legal requirements. Purchases of United States Government securities by the Reserve banks declined gradually from $25,000,000 during the week ending October 25 to $2,000,000 during the week ending November 15. For the 4-week period as a whole the banks' holdings of United States Government securities showed an increase of $57,000,000, while holdings of acceptances and discounts for member banks showed little change. Total loans and investments of member banks increased by $90,000,000 during the period, reflecting a growth of $150,000,000 in holdings of United States Government securities, of $25,000,000 in holdings of other securities, and of $30,000,000 in all other loans, while loans on securities declined. Net demand deposits declined by $70,000,000 during the period, while Government deposits increased by $180,000,000. Rates on acceptances and yields on shortterm United States Treasury bills and certificates rose slightly from mid-October to November 20, and yields on Government and highgrade corporate bonds advanced somewhat. Discount rates of the Federal Reserve banks of of Boston, San Francisco, and Philadelphia were reduced from 3 percent to 2% percent on November 2, 3, and 16, respectively. DECEMBEB 741 FEDEKAL EESEEVE BULLETIN 1933 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES Weekly Basis: Wednesday Series MILLIONS OF DOLLARS MILLIONS OF DOLLARS 7000 7000 6000 6000 MEMBER BANK RESERVE BALANCES 1000 4000 3000 2000 1000 1000 1928 1929 1930 1931 1932 Based on Wednesday figures; latest figures are for November 29. 1933 742 FEDEEAL RESERVE BULLETIN DECEMBER 1933 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserve bank credit outstanding Month or week United Other States Govern- reserve bank ment se- credit curities Factors of decrease Factors of increase NonMone- Treasury Money Member member bank tary gold currency in circu- reserve deposits, Unexpended capital funds Bills discounted Bills bought 1932—July August September October November December 523 451 387 328 313 282 60 37 34 34 34 34 1,818 1,850 1,848 1,851 L,851 L,854 2,422 2,353 2,282 2,231 2,211 2,192 3,941 4,031 4,140 4,226 4,292 4,429 1,780 1,796 1,826 1,886 1,917 1,915 5,751 5,720 5,685 6,643 6,642 2,003 2,073 2,181 2,307 2,378 2,435 1933—January February March April May June July August September October November 255 307 994 425 339 250 170 159 138 119 114 32 102 379 230 86 12 16 8 7 7 15 1,806 1,804 1,875 1,837 1,846 1,933 2,016 2,064 2,202 2,355 2,437 2,110 2,224 3,233 2,511 2,286 2,208 2,211 2,239 2,358 2,492 2,574 4,547 4,491 4,260 4,301 4,313 4,317 4,319 4,323 4,327 4,324 4,323 1,901 1,891 1,897 1,915 1,930 1,943 1,937 1,964 1,951 1,944 1,927 5,631 5,892 6,137 5,876 5,742 5,675 5,616 5,632 5,656 5,681 2,516 2,291 1,914 2,086 2,125 2,211 2,268 2,375 2,489 2,590 2,629 79 134 156 173 164 179 186 169 163 158 351 344 344 348 355 351 345 349 346 352 355 Week ending (Saturday) 1933—July 1 July8__ July 15 July 22 July 29 196 179 169 166 164 25 29 14 9 9 1,979 2,008 2,016 2,013 2,025 2,210 2,229 2,212 2,197 2,204 4,318 4,318 4,319 4,319 4,320 1,956 1,957 1,928 1,936 1,922 5,702 5,746 5,689 5,651 5,619 2,273 2,244 2,254 2,267 2,297 163 169 172 188 185 346 345 344 346 345 Aug. Aug. Aug. Aug. 5_ 12 19 26 164 159 165 155 8 8 8 2,034 2,044 2,054 2,082 2,212 2,219 2,237 2,253 4,320 4,320 4,321 4,325 1,943 1,986 1,974 1,955 5,629 5,623 5,622 5,607 2,310 2,362 2,372 2,402 188 191 190 177 348 349 348 347 Sept. Sept. Sept. Sept. Sept. 2 9 16 23 30 153 147 134 132 132 7 7 7 7 7 2,113 2,150 2,194 2,223 2,260 2,282 2,316 2,351 2,374 2,408 4,328 4,329 4,326 4,327 4,326 1,940 1,945 1,967 1,951 1,949 5,612 5,652 5,625 5,623 5,622 2,405 2,410 2,507 2,516 2,556 187 181 165 165 157 345 347 347 347 348 125 120 119 116 7 7 7 6 2,295 2,333 2,368 2,397 2,436 2,468 2,512 2,530 4,324 4,324 4,324 4,323 1,910 1,935 1,958 1,962 5,663 5,679 5.665 6,627 2,503 2,544 2,608 2,663 157 158 165 167 347 346 356 358 2,556 2,570 2,578 2,575 4,323 4,323 4,323 4,323 1,926 1,918 1,940 1,947 5,652 5,682 5,673 5,672 2,625 2,603 2,649 2,671 173 169 163 146 355 357 356 356 .... __. _ Oct. 7 Oct. 14 Oct. 21 Oct. 28 Nov. Nov. Nov. Nov. 4 11 18 25. 7 116 7 llo 112 113 2,424 Q O 9 A1Q Z, 'tov 16 20 1 1Q Total 2,439 < 2,437 stock adjusted lation End of month series balances etc. 343 347 347 355 360 359 Wednesday series 1933 1033 June July Aug. Sept. Oct. Nov. Oct. Nov. Nov. Nov. Nov. Nov. 22 15 29 25 31 Bills discounted Bills bought United States Government securities Other Eeserve bank credit Total Reserve bank credit Monetary gold stock Treasury currency adjusted Money in circulation Member bank reserve balances. Nonmember deposits, etc Unexpended capital funds 164 48 167 31 153 30 128 2,028 2,129 2,277 8 9 6 2,220 2,209 2,297 2,421 4,318 4,320 4,329 4,324 1,988 1,925 1,940 1,946 5,721 5,630 5,613 5,650 2,292 2,294 2,409 2,538 166 184 197 155 347 347 346 348 10 31 116 7 119 24 2,421 2,432 5 7 2,548 2,581 4,323 *>4,323 1,978 1,907 5,635 5,743 2,685 2,573 142 173 354 356 Bills discounted Bills bought United States Government securities Other Reserve bank credit Total Reserve bank credit Monetary gold stock _ Treasury currency adjusted Money in circulation Member bank reserve balances. Unexpended capital funds, non member bank deposits, etc Back flguret—See Annual Reports for 1932 (tables 1-5), 1931 (tables 3-5). 115 7 2,400 5 2,526 4,323 1,976 117 7 112 7 111 15 2,420 2,430 -7 2,550 2,542 4,323 4,323 1,888 1,903 2,432 6 2,564 4,322 1,930 112 20 119 24 2,431 2,432 -1 7 2,562 2,581 4,323 4,323 1,960 1,907 5,608 5,640 5,673 5,654 5,654 5,743 2,591 2,578 2,645 2,687 2,573 524 531 516 518 504 496 743 FEDERAL RESERVE BULLETIN -DECEMBER 1933 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars] N o v . 30, 1933 Oct. 31, 1933 N o v . 30, 1932 ASSETS 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 .. __ 2,618, 254 40, 888 Total gold reserves Other cash * , _ » _ _ _ _ . Total gold reserves and other cash Redemption fund—Federal Reserve bank notes Bills discounted: For member banks For intermediate credit banks. . . . . * For nonmember banks, etc __ _. 1 __ 3, 591, 045 225,876 3,049,324 269, 706 3,816,921 11,699 3,319, 030 115,002 _ _. _ 451 553 307,883 466 624 119,041 Total bills discounted Bills bought: Payable in dollars: Bought outright Under resale agreement Payable in foreign currencies Total bills bought United States Government securities: Bought outright _ Under resale agreement . •2,282,446 339,926 426,952 118, 590 ._ _. 2,673, 225 670, 739 247,081 3, 777,821 11,990 . _ 2, 242,398 40,048 3, 573, 238 204,583 ______ - .. 2,635,856 37,369 2, 659,142 673, 403 240, 693 _ 115, 555 308,973 18,025 Total Reserve bank credit outstanding Federal Reserve notes of other Reserve banks Uncollected items not included in float Bank premises All other assets _ Total assets 2,419,498 1,600 1,850,766 2,421,098 1,850,766 1,580 3,523 1,602 1,559 3,732 M47 2, 581, 249 15,434 373, 730 54,732 50,442 2, 548,148 17,880 389,998 54,641 49,856 2, 202, 250 12, 256 354,109 58,169 39,880 6,889,143 5,985, 694 15,434 3, 014, 895 17,880 2,947,715 12, 256 2, 680, 030 3,030, 329 205, 394 2,965,595 188,022 2,692, 286 2, 572,942 81,519 5.324 2, 684,887 26,880 16,186 2,410, 594 23, 535 25, 947 55,006 14,331 67, 352 _ 34,880 2,431, 637 _.. ._ 6,651 6, 865,398 _ 30, 652 2,430,137 1,500 Total United States Government securities . Other Reserve bank credit: Municipal warrants. _ _ Due from foreign banks Reserve bank float (uncollected items in excess of deferred availability items) 4,228 5,686 23,866 ___ 965 5,841 ._ 68, 221 14,086 74,900 24,150 2, 796,474 373, 730 145,194 278, 599 35, 678 2,885,160 389,998 145, 504 278, 599 36,265 2, 484, 226 354,109 151, 591 259, 421 44,061 6, 865,398 2,893 6,889,143 31,294 5, 985, 694 32, 329 3, 264,891 3, 225,891 2,913,683 2, 618, 254 96,276 597, 600 2,635,856 73,429 566,600 2, 242,398 293,944 414,400 3, 312,130 3,275,885 2,950, 742 225, 544 188, 022 1,948 247,274 2,129 241,374 249, 222 243,503 " 5,411 2,861 2 641 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 availatilJtv items. Capital paid in _ _ Surplus All other liabilities . Total liabilities— Contingent liability on bills purchased for foreign correspondents.._ _. . . " " " _ FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: 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 J "Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. Deferred availability items in excess of uncollected items. 22296—33 3 744 FEDERAL RESERVE BULLETIN D E C E M B E R 1933 ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED STOCK STATES [In millions of dollars at par] [In thousands of dollars at par] Analysis of changes Gold stock at end Increase Net gold Net re- Domesin stock lease tic proof month during import from ear- duction, month mark* etc.* Month 1932—July August September October. November___ December Total (12 mos.)._ 1933—J anuary February March.. April May June July August September October November v Total (11 mos.) 3,977 4,088 4,193 4,264 4,340 4,513 58.0 111.7 104.8 70.8 75.6 173.5 52.9 40.0 -173.4 -97.2 29.5 3.6 2.2 2.7 7.5 -3.9 -0.7 4,553 4,380 4,282 4,312 4,315 4,318 4,320 4,328 4,324 4,323 4.323 -189.9 56.2 -3.4 100.5 6.1 72.3 27.9 45.8 20.6 48.6 21.7 «71.0 100.9 -446. 2 457.5 128.5 » - 9 1 . 5 «17.8 -178.3 « - 2 2 . 1 -100.1 -10.0 33.7 -21.1 22.1 -3.2 3.5 -83.9 84.5 -80.4 79.5 -56.7 49.3 -32.4 26.9 -1.6 .6 -165.2 -69.8 5.2. 5.1 4.6 4.5 5.3 1.6 41.6 3.0 -12.9 25.0 5.7 2.6 1.9 2.1 8.4 3.6 4.8 1.0 45.1 i Gold released from earmark at Federal Reserve banks less gold placed under earmark. * For explanation of this figure, which is derived from preceding columns, see BULLETIN for July, p. 423. * 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. v Preliminary figures. Backfigures.—SeeAnnual Reports for 1932 (table 47), 1931 (table 30). 1933 November (preliminary) From or to— Imports Belgium England - - France _ Germany Netherlands Switzerland Canada Central America M^exico Argentina Colombia Ecuador - Peru . Uruguay Venezula Australia British India China and Hong Exports 1,212 398 October Imports Exports 506 3,010 25, 629 1,610 Exports 1,696 864 150 12,821 801 6,702 4,765 3,061 2 42, 255 458 150 Total Imports 18 857 6,240 55, 203 44,915 26,923 30,044 245j 509 109 1,071 3,570 9 19, 347 11,445 453 2,748 20 19, 532 201 288 1 45 753 321 327 273 4,029 14 15 1 1 95 894 24 206 1,058 56 171 Dutch East Indies Japan . Philippine Islands All other countries K JanuaryOctober 34,046 189,335 352,880 i Includes all movements of unreported origin[or destination. «$24,044,000 exported to Italy. KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. Injnillions of dollars] Total End of month 1932—February March-_ April May June__ July August September October November December - -__ 1933—Januarv February April May June July --.- - - - September October November* - - Federal NaGold Stand- Silver Treas- Sub- Minor United Federal Reserve tionalury ard States Reserve bank certifi- silver certifi- notes sidiary coin bank notes notes notes notes cates dollars cates of 1890 silver 5,604 5,459 5,465 5,480 5,695 5,726 5,692 5,653 5,628 5,648 5,675 - . Gold coin 406 404 411 435 453 454 449 445 445 454 468 820 779 758 735 716 694 669 644 624 635 601 5,645 6,545 6,320 6,003 5,812 5,721 5,630 5,612 5,650 5,635 5,743 479 571 367 335 324 321 320 319 312 312 311 591 649 393 323 280 265 252 242 232 225 217 29 29 363 355 356 355 353 351 350 359 361 361 371 28 28 28 28 28 28 28 28 28 29 29 350 362 376 360 359 361 365 372 385 387 394 31 31 30 30 30 30 30 29 29 v Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see pi 724. Backfigures.—SeeAnnual Reports for 1932 (table 52), 1930 (table 32), and 1927 (table 22). ] 1 1 1 1 1 1 1 1 1 260 259 257 257 256 254 255 257 257 258 258 114 114 114 114 114 113 113 113 113 113 113 280 274 282 290 289 289 285 286 289 291 294 2,634 2,546 2,551 2,558 2,780 2,838 2,793 2,731 2,689 2,675 2,716 3 3 3 3 3 3 3 3 3 3 3 817 826 820 250 252 258 255 256 257 258 261 265 267 269 111 111 112 112 112 113 113 114 115 116 117 287 301 266 261 265 269 275 277 280 277 285 2,707 3,405 3,621 3,362 3,167 3,061 2,974 2,952 2.966 2,930 2,998 3 3 17 50 99 125 129 133 156 189 206 836 861 879 915 922 920 914 911 909 903 913 691 693 703 702 701 700 744 . 785 DECEMBER 745 FEDERAL RESERVE BULLETIN 1933 MEMBER BANK RESERVE BALANCES [In millions of dollars] Average of daily figures Excess reserves Reserves held M o n t h of week Other reserve cities New«York City* 488 473 465 466 464 459 455 444 443 444 441 440 35.4 43.8 59.0 152.1 277.1 234.4 204.4 269.9 345.6 435.9 482.2 525.8 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 26.3 23.8 28.3 30.5 33.6 37.9 33.3 32.4 33.7 33.7 35.7 . . . 965 989 442 441 583.8 417.3 286.2 74.5 264.2 291.0 43.4 51.8 742 773 858 936 993 1,056 1,135 431 418 441 489 501 499 529 379.1 319.1 363.1 435.7 665.5 674.5 758.4 150.2 106.0 68.9 43.2 101.8 155.2 149.0 129.4 132.0 198.0 252.9 312.3 371.5 437.9 99.5 81.2 96.2 139.6 151.3 147.8 171.5 1,979 1,907 1,899 1,996 2,138 2,062 2,003 2,073 2,181 2,307 2,378 2,435 724 681 687 780 874 783 767 832 927 1,001 1,050 1,083 767 753 747 749 800 819 781 797 8^2 863 887 911 1,109 860 2,040 2,069 2,160 2,221 2,331 2,451 2,557 . May June July August September October November December New York City i 2,516 2,291 1932—January February. March April 867 878 861 796 837 896 893 . . . _._ 1933—January.. February April • May 8 . June' July» August * 3 September October3 _ Other reserve cities "Country" Total—all member banks banks Total—all member banks i Central reserve city banks only, « March data not available. BackfiQures—See Annual Reports for 1932 (tables 69 and 77), 1931 (tables 49 and 56). "Country" banks > Licensed banks only. 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 Other Cityi cities 1932—January February... March April. May June July August September. October November.. December.. 26,592 25,715 26,431 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 1933—January February March« April». May • June 13. July August. September ».. October 3 25,641 24,978 21,710 22,509 22,974 23,160 23,039 23,140 23,369 T "Coun- all o t a l mem< try" ber banks banks New York Cityi Other reserve cities New York City» Other reserve cities " Country" banks 9,853 9,939 9,964 9,941 9,720 9,505 9,380 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 5,164 5,133 5,217 5,440 5,629 5,804 5,937 5,921 5,723 5,622 5,492 5,425 6,433 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 6,315 5,261 5,211 5,186 5,159 5,145 6,123 5,071 7,050 6,722 10,023 9,847 8,409 15,116 14,645 6,109 5,842 5,470 6,368 3,637 10,525 3,435 t 10,333 941 880 4,553 4,479 5,031 4,974 6,120 6,517 8,520 8,842 9,031 9,309 9,318 9,345 9,453 7,071 7,150 7,273 7,427 7.439 7,477 7,575 13,078 13,815 14,241 14,100 13,920 14,027 14, 243 5,331 5,766 5,923 5,597 5,468 5,516 5,535 4,756 4,991 5,162 5,329 5,299 5,333 5,459 2,990 3,058 3,156 3,174 3,153 3,178 3,249 788 751 746 826 814 802 805 3,764 3,851 3,869 3,980 4,019 4,012 3,994 4,081 4,092 4,117 4,253 4,286 4,299 4,326 6,424 6,282 6,318 6,341 2 * Central reserve city banks only. March data not available. Backfigures.—SeeAnnual Reports for 1932 (table 69), 1931 (table 49). T "Coun- all o t a l memtry" ber banks banks 8,633 8,732 9,060 9,119 9,113 9,126 •Licensed banks only§ 746 FEDERAL RESERVE BULLETIN DECEMBER 1933 ALL BANKS IN THE UNITED STATES—LOANS AND INVESTMENTS [In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] All banks Member banks Nonmember banks Mutual savings banks Date Total Loans Investments Total Investments Loans Total Loans Investments Other nonmember banks Total Loans Investments 1928—June 30... Oct. 3 Dec. 31— 67,265 57,219 39,464 39,671 40,763 17,801 17,549 17,504 35,061 34,029 35,684 24,303 24,325 25,155 10,758 10,604 10,529 9,242 » 9,242 9,390 5,518 15,518 5,694 3,723 13,723 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 6,892 »5,892 5,945 13,696 3,664 13,664 3,618 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 40,686 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 19,463 9,747 19,747 9,987 16,945 6,009 »6,009 6,068 13,618 3,739 13,739 3,920 12,868 12,706 12,371 11,362 9,623 9,395 8,968 8,196 3,245 3,309 3,402 3,166 J931—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 19,987 12,106 10,506 12,199 110,506 11,314 10,488 16,068 6,169 i 6,169 6,218 13,920 4,337 14,337 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 10,316 11,414 12,121 i 10,316 12,265 10,182 6,130 i 6,130 6,079 4,186 14,188 4,103 7,755 7,491 7,295 6,117 4,931 4,780 2,637 2,560 2,615 1933—June 30... 40,089 2 22,215 2 17,874 2 24,786 5,941 4,103 2 5,258 3,415 2 1,843 212,858 2 11,928 10, 044 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] Nonmember banks All banks Date Member banks 2 Licensed banks only. 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 .Date Total Total Mutual Other savings nonmembanks ber banks National State Nonmember banks Mu- Other nontual sav- member ings banks banks 1928—June 30 - Oct. 3 . Dec 31 53,398 53,720 56,766 32,133 32,138 34,826 8,653 18,653 8,849 12,612 12,929 13,091 1928—June 30 Oct. 3 Dec. 31 26,941 26,828 26,576 8,929 8,896 8,837 7,685 7,670 7,629 1,244 1,226 1,208 615 1615 612 16,397 16,317 16,127 1Q2Q Mar 27 June 29 Oct. 4 Dec 31 64,545 63,852 66,180 65,289 33,215 32,284 33,004 33,865 18,849 8,983 18,983 8,916 12,481 12,584 13,193 12,507 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 7,630 7,468 7,403 1,186 1,177 1,148 1,119 i 612 611 1611 609 15,974 15,792 15,724 15,499 1930—Mar. 27 June 30 Sept 24 Dec 31 53,185 64,954 52,784 53,039 32,082 33,690 31,839 32,660 18,916 9,197 l 9,197 9,507 12,187 12,067 11,748 10,972 1930—Mar. 2 7 — June 3 0 — Sept. 24— Dec. 3 1 — 24,223 23,862 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 31 51,427 51,782 49,152 45,821 31,153 31,566 29,469 27,432 19,507 10,017 » 10,017 10,105 10,767 10,199 9,666 8,284 1931—Mar. 2 5 — 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 41,963 41,942 41,643 24,755 24,903 24,803 10,020 110,020 10,022 7,188 7,020 6,818 1932— June 30. Sept. 30. Dec. 3 1 - 19,046 18,794 18,390 6,980 6,904 6,816 » 38,012 2 23,338 9,713 1932—June 30 Sept. 30 Dec. 31— -... . 1933—June 30 » Figures of preceding call carried forward. ' Licensed banks only. 2 4,961 1933—June 30- 1606 15,208 14,931 14,738 14,114 982 946 878 600 1600 597 13,841 13,621 13,095 12,123 6,145 6,080 6,011 835 824 805 694 1694 594 11,472 11,296 10,980 214,530 15.606 »4,897 »709 576 i Figures of preceding call carried forward. 1 Licensed baDks only. 2 8, 348 DECEMBER 747 FEDERAL RESERVE BULLETIN 1933 REPORTING MEMBER BANKS IN 90 LEADING CITIES 1 [In millions of dollars] Loans and investments Date Loans All on se- other curities loans Total 89 other leading cities New York City Total—90 leading cities Loans and investments BorInvestments rowings at F.E. Loans All banks Total on se- other U.S. securities loans Total curities BorInvestments rowings at F.R. banks U.S. seTotal curities June 7_. June 14_ June 21. June 28. 16,485 16,521 16,805 16,665 3,742 3,798 3,769 3,748 4,769 4,761 4,731 4,704 7,974 7,962 8,305 8,213 5,013 4,990 5,307 5,254 6,970 6,993 7,039 6,913 1,777 1,840 1,813 1,791 1,682 1,677 1,642 1,609 3,511 3,476 3,584 3,513 2,443 July 5... July 12.. July 19.. July 26.. 16,686 16,724 16,766 16,662 3,811 3,874 3,864 3,789 4,719 4,768 4,790 4,772 8,156 8,082 8,112 8,101 5,203 5,126 5,140 5,117 6,937 6,932 6,858 6,731 1,847 1,894 1,862 1,790 1,607 1,609 1,596 1,579 3,483 3,429 3,400 3,362 2,409 2,354 Aug. 2... Aug. 16.. Aug. 23.. Aug. 30- 16,557 16,524 16,708 16,605 16,607 3,772 3,768 3,795 3,737 3,766 4,774 4,770 4,788 4,768 4,767 8,011 7,986 8,125 8,100 8,074 5,048 5,037 5,186 5,155 5,131 6,732 6,722 6,743 6,685 6,726 1,778 1,775 1,800 1,757 1,794 1,596 1,590 1,603 1,589 1,591 3,358 3,357 3,340 3,339 3,341 Sept. 6 Sept. 13.. Sept. 20Sept. 27,. 16,562 16,580 16,592 16,529 3,748 3,773 3,703 4,790 4,823 4,857 4,853 8,024 7,984 8,032 7,989 6,083 5,044 5,086 5,056 6,711 6,744 6,742 1,795 1,820 1,743 1,731 1,610 1,624 1,631 1,613 3,300 1,699 1,683 1,712 1,636 1,666 1,706 1,749 1,741 1,666 1,657 1,624 1,618 1,651 1,759 1,771 1,769 1,728 1,790 Aug. 9— Oct. Oct. Oct. Oct. 16,548 16,536 16,592 16.467 Nov Nov Nov Nov Nov 29.. 3,651 3,637 3,673 3,584 4,914 4,933 4,970 4,959 7,983 7,966 7,949 7,924 5,022 4,994 4,987 4,956 16, 749 16,719 16,681 16, 619 16,672 4.. 11. 18. 25. 6,728 6,733 6,782 6,670 3,604 3,590 3,557 3,549 3,569 4,989 5,003 5,000 4,959 4,999 8,156 8,126 8,124 8,111 8,104 5,164 5,147 5,138 5,111 5,114 6,822 6,778 6,754 6,719 6,804 Total Borloans and in- rowings at F.R. vestments banks 9,515 9,528 9,766 9,752 60 63 60 26 2,293 9,740 9,792 9,908 9,931 31 21 22 28 2,300 2,307 2,299 2,287 2,293 9,825 31 9,965 9,920 9,881 29 30 3,354 2,257 2,252 2,314 2,297 9,851 9,836 9,850 9,831 27 22 20 22 3,363 3,344 3,321 3,293 2,271 2,236 2,226 2,194 9,803 9,810 9,797 20 23 20 22 3,397 3,350 3,361 3,373 3,363 2,274 2,231 2,231 2,230 2,225 2,484 2,438 9,927 9,941 9,927 9,900 24 21 21 22 25 * See note on p. 273, May BULLETIN, explaining the basis on which thesefigureshave been compiled. Backfigures.—SeeAugust BULLETIN, pp. 519-523. BROKERS9 LOANS MADE BY REPORTING MEMBER BANKS IN N.Y. CITY REPORTED BY THE NEW YORK STOCK EXCHANGE [Net borrowings on demand and on time. In millions of dollars] From New York banks and trust companies Total End of month 1932 1933 1932 From private banks, brokers, foreign banking agencies, etc. 1932 January... February.. March..... 512 525 633 359 360 311 374 385 391 270 298 247 138 140 142 April May June 379 300 244 322 529 780 300 243 194 268 461 79 57 49 July August September. October-_. November. December. 242 332 380 916 917 897 195 248 292 822 841 806 47 85 88 325 338 347 776 789 263 278 279 706 712 61 61 68 Backfigures.—BeeAnnual Reports for 1932 (table 84) and 1927 (table 47). [In millions of dollars. Monthly data are averages of weekly figures] Total Month or date November December. 1933—January February March April May June July August September October November Nov 1 Nov. 8 Nov. 15 Nov 22 Nov. 29 16 12 12 11 10 18 21 17 36 105 122 98 111 106 6 6 4 4 7 7 4 6 7 919 877 847 779 723 389 336 377 365 416 373 374 555 712 806 747 741 663 611 749 739 707 698 720 641 626 595 584 608 101 106 109 109 104 7 7 411 354 393 380 433 398 399 678 1932—October . . _ ._ 755 _ - «.- . - For acFor count of For acown ac- out-of- count of count town others banks» 8 8 8 6 6 3 5 8 1 Member and nonmember banks outside New York City (domestic banks only). Backfigures.—SeeAnnual Reports for 1932 (table 83), 1931 (table 62). 1930 (table 56), etc. 748 FEDERAL RESERVE BULLETIN DECEMBER 1933 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR ACCEPTANCES) CLASSES OF BANKERS' ACCEPTANCES (DOLLAR ACCEPTANCES) [In millions of dollars] [In millions ol dollars] Total outstanding Based For acFor count own of forac- eign Total count correspondents Own Bills bills bought Held by others 1931—July August September October NovemberDecember.. . 1,228 1,090 996 1,040 1,002 974 39 70 420 647 418 305 243 228 100 99 126 251 668 606 410 230 296 262 232 168 162 112 125 131 436 438 248 118 171 131 278 186 67 63 161 156 1932—January February March April May June July - August September October 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 40 332 343 377 455 510 618 563 574 673 605 655 604 159 175 155 188 225 200 197 198 159 199 268 224 174 168 222 268 286 318 366 376 414 406 386 380 195 189 163 115 90 96 70 55 64 62 28 62 1933—January February March April. — May June July August September October November 707 704 671 697 669 687 738 694 715 737 2 307 280 164 13 41 2 1 1 1 18 41 30 45 43 36 36 37 40 41 31 3 626 325 261 404 505 487 552 499 517 592 256 201 153 206 229 201 248 252 236 271 370 124 108 199 276 287 304 247 282 321 38 42 85 86 115 123 147 154 156 112 E n d of month on Total imports into U.S. 699 720 710 707 704 671 696 669 687 738 694 715 737 81 81 79 71 71 73 77 77 80 86 95 103 99 3 4 4 2 307 280 164 13 41 2 1 1 1 I Based Based [on goods on stored in goods United stored in Based States on ex- (ware- Dollar foreign excounports house from credits) change tries or or shipped U.S. shipped between tween domestic foreign points points OUTSTANDING 1932—October November.. December 1933—January February >. March April . . May June July August September October. «. . . . 6 9 10 11 9 8 10 9 9 10 4 4 5 231 232 228 237 231 230 234 225 213 219 206 199 195 1 222 237 230 222 219 184 199 185 217 255 229 237 253 157 161 164 166 174 175 176 174 168 168 160 171 185 1 1 1 1 107 97 66 6 16 HELD BT F. R. BANES (OWN ACCOUNT) » 1932—October November.1933—January February March April May June July August September October 2 3 2 1 105 87 38 2 11 1 (i) 31 33 20 2 7 (2) 1 58 56 35 3 6 (2) 6 4 2 (2) 1 1 0) 333 E n d of month Held by accepting banks 333 Held by Federal Reserve banks Figures for acceptances outstanding (and held by accepting banks) from American Acceptance Council. Back figures.—See Annual Reports for 1932 (table 91), 1931 (table 70), 1930 (table 64), 1929 (table 58), and 1928 (table 61). * Total holdings of Federal Reserve banks include a small amount of unclassified acceptances. »Less than $500,000. Back figures.—Bee Annual Reports for 1932 (tables 88 and 23), 1931 (table 15), 1930 (tables 61 and 14), etc. ACCEPTANCES PAYABLE IN FOREIGN C U R R E N C I E S HOLDINGS OF FEDERAL RESERVE BANKS COMMERCIAL P A P E R OUTSTANDING [In millions of dollars] [In thousands of dollars] End of month JanuaryFebruary.. March April May June July August— September OctoberNovember. December. 1930 1,035 1,038 1,040 1,054 1,058 1,064 1,065 1,071 1,075 21,583 31, 587 35,983 1931 36,119 23,958 1,063 1,074 1,073 10,551 34,371 145,215 48,804 33,501 33,386 33,429 1932 33,444 33,478 30,778 30,736 30,837 30,762 30,645 30,834 30,849 30,659 30,652 29,489 Back figures—See Annual Report for 1932 (table 24). 1933 29,036 28,997 24,788 7,181 6,981 7,089 6,821 6,199 5,686 5,841 End of month January.— February-. March ApriL May June July_ August September. OctoberNovember. December. 1930 404 457 529 553 541 527 528 526 613 485 448 358 1931 1932 327 315 311 307 305 292 289 271 248 210 174 118 Back figures.—See Annual Report for 1930 (table 60). 108 108 106 108 111 103 100 108 110 113 110 81 1933 85 84 72 64 60 73 97 107 123 130 749 FEDERAL RESERVE BULLETIN DECEMBER : FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN N E W YORK CITY Rates on rediscounts for and advances to member banks under sections 13 and 13 (a) of the Federal Reserve Act] Average rate Average yield on— U.S. Call loans * TreasPrime Prime ury bank- Time Month or week comnotes Treasers' mercial accept- loans, and paper, ances, 90 Re- certifi- ury 4 to 6 days * New newal cates, bonds' 90 months 3 to 6 months Federal Reserve bank Rate in effect on Dec. 1 Date established Nov. Oct. Nov. Oct. Jan. Nov. Oct. June Sept. Oct. Jan. Nov Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas C i t y Dallas San Francisco Previous rate 2,1933 20,1933 16,1933 21,1933 25,1932 14,1931 21,1933 8,1933 12,1930 23,1931 28,1932 3,1933 Prevailing rate o n - 1932 October November December.-„ Back figures.—See Annual Reports for 1932 (table 63), 1931 (table 36). The following special rates were also in effect at the Federal Reserve banks on December 1, 1933: Percent Advances to member banks under sec. 10 (b) of the Federal Reserve act, as amended by sec. 402 of the act of Mar. 9,1933: At the Boston, New York, Philadelphia, Cleveland, Chicago, and San Francisco Federal Reserve banks 4 At the Atlanta and St. Louis Federal Reserve banks 4^ At the Richmond, Minneapolis, Kansas City, and Dallas Federal Reserve b a n k s . . _ . _. 5 Advances to nonmember banks and trust companies under sec. 404 of the act of Mar. 9, 1933, as amended by the act of Mar. 24, 1933: At the Boston, New York, Philadelphia, Cleveland, Chicago, and San Francisco Federal Reserve banks 4 At the Atlanta Federal Reserve bank _ 4^ Alfthe Richmond, St. Louis, Minneapolis, Kansas City, and Dallas Federal reserve banks _ 5 Discounts for individuals, partnerships, and corporations under the third paragraph of sec. 13 of the Federal Reserve act, as amended by sec. 210 of the act of July 21,1932 6 Advances to individuals, partnerships, and corporations secured by direct obligations of the United States under the last paragraph of sec. 13 of the Federal Reserve act, as amended by sec. 403 of the act of Mar. 9, 1933: At the Boston, New York, Philadelphia, Cleveland, Chicago, and San Francisco Federal Reserve banks 4 At the Richmond, Atlanta, St. Louis, Minneapolis, Kansas City, and Dallas Federal Reserve banks — 4H 1-15 d a y s . . . 16-30 d a y s , . 31-45 d a y s . . 46-60 d a y s . . 61-90 d a y s . . 91-120 days. 121-180 days Rate in effect on Dec. 1 Date established Vi Oct. 20,1933 l A H M % l do do.. do do do do - 2 -2X 1H-IH 1.00 1.00 3.27 l - I K 1.29 1 -IX 100 1.00 1.00 .98 .75 .75 .75 H-l 1.00 1.00 ». 32 1.37 1.00 1.00 1.00 .98 .75 .75 .75 H X K~ %- 1W H H H-tt m U H H- % H H H-% .75 H- 3A .75 H-H .75 .75 .75 .75 .75 .75 H H-l .75 .75 '.04 3.54 3.55 3.48 .07 .01 '1.34 .45 .29 *.07 .19 .01 «.O4 .09 .22 3.47 3.58 3.05 3.47 3.40 3.38 3.40 3.40 3.42 3.60 .18 .15 .16 .25 .28 3.41 3.47 3.58 3.61 3.67 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 redemp* tion dates—1947,1956, and 1954. * Change of issues on which yield is computed. Back figures.—See Annual Report for 1932 (tables 56 and 57), 1931 (tables 39 and 40), 1930 (tables 36 and 37), 1929 (tables 35 and 36), etc, RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Weighted averages of prevailing rates] New York City 8 other northern and eastern cities 27 southern and western cities Month 1931 Previous rate 1 1 1 1 1 1 m NOTE.—Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. Back figures—See Annual Reports for 1932 (ta ble 54) and 1928 (table 35). H-H X-K 2 1.35 1.00 1.00 H 1 1 1 BUYING R A T E S ON A C C E P T A N C E S [Buying rates at the Federal Reserve Bank of New York] Maturity 1H-1H January February March April May June July August September October November Week ending— Oct. 28 Nov. 4 Nov. 11 Nov. 18 Nov. 25 1.35 1.00 1.00 14 H January February March April May June July August September... October NovemberDecember... 1932 1933 1931 1932 1933 1931 1932 1933 4.24 4.31 4.20 4.17 4.11 4.13 4.05 3.97 3.93 4.27 4.67 4.64 4.71 4.71 4.72 4.69 4.55 4.61 4.42 4.45 4.30 4.35 4.12 4.22 4.12 4.11 4.88 4.33 4 24 4.10 3.93 3.97 3.79 3.76 3.52 4.61 4.63 4.62 4.57 4.55 4.49 4.48 4.47 4.48 4.62 4.87 4.91 5.07 5.13 5.14 5.10 5.14 5.13 5.05 5.12 5.03 4.96 4.88 4.88 4.89 4.84 5.39 5.09 4.99 4.97 4.82 4.68 4.65 4.51 4.54 5.60 5.43 5.40 5.36 5.26 5.34 5.30 5.28 5.32 5.38 5.53 5.56 5.61 5.61 5.64 5.63 5.64 5.62 5.63 5.68 5.63 5.56 5.55 5.60 5.60 5.56 5.66 5.68 5.66 5.62 5.54 5.53 5.55 5.50 5.42 Back figures.—See Annual Reports for 1932 (table 59), 1931 (table 42) 750 FEDERAL RESERVE BULLETIN DECEMBER 1933 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [Amounts in millions of dollars] Interest-bearing Total (gross debt) 1932 January February. __ March April May June July August September.. October November. _ December.. 17,816 18,126 18,507 18,597 19,037 19,487 19,612 20,067 20,611 20,813 20,807 20,805 1933 January February... March April May June July August September.. October November.. 20,802 20,935 21, 362 21,441 21,853 22,539 22,610 23,099 23,051 23, 050 23, 534 Interest-bearing debt Total Bonds Notes Certifi- Bills cates 17,515 17,820 18,190 18,287 18, 729 14,307 14,307 14, 307 14,3 7 14,277 14,250 14,257 14,257 14,257 14, 257 14,257 14, 223 795 795 796 796 1,041 1,465 1,487 2,197 3,031 3,539 3,539 3,299 1,839 2,200 2,568 2,562 2,792 2,831 2,907 2,656 2,385 2,044 2,038 2,284 14,230 14, 230 20, 992 14,230 21,087 14, 230 21,469 14, 223 22,158 14, 223 22,240 14,239 22, 723 15,074 22,672 15,074 22,669 15,074 23,161 15, 569 3,298 3,576 3,575 3,575 4,148 4,780 4,800 5,153 5,151 5,150 5,148 2,285 2,138 19,161 19,297 19,758 20,296 20,485 20,476 20,448 20,454 20,584 Total Bonds i Outstanding Nov. 30, 1933— 23,161 Total Obligations maturing: Notes Certificates 15,569 • Before M a r . 1,1934 M a r . 1-May 31, 1934 June 1-Nov. 30,1934 D e a l , 1934-Dec.31, 1935. 1936 1937 . 1938 1939-43 After 1943 Other obligations 3 . . . 1,680 1,764 520 770 1,347 1,343 5,291 1,732 7,671 1,043 U,060 49 4,389 1,732 7,671 668 5,148 Bills 1,492 952 728 460 175 952 244 345 770 1,298 1,343 902 129 246 1 Issues classified as of date of final maturity; most issues are callable at earlier dates. Amount callable before Dec. 1, 1934, $8,031,000,000, including Fourth Liberties that have been called and certain pre-war issues that are held as collateral for circulating notes. 2 Approximate amount of Fourth Liberty 4}4's called for redemption as3of Apr. 15, 1934, and not yet redeemed on Nov. 30, 1933. Includes the 2 percent Consols of 1930, which are held as collateral for circulating notes, and such issues as Postal Savings bonds, retirementfund notes, and adjusted service certificate series, in which special funds are invested. 2,363 2,119 2,200 2,246 1,543 1,495 1.493 1,492 ! SUMMARY OF TREASURY OPERATIONS [In millions of dollars. On basis of daily statement of United States Treasury] Receipts Internal revenue Month Total i January February March April May June July. August September October November December January February March April May June... _ July... August _ September OctoberNovember Expenditures Income tax Other Customs and miscellaneous Total 2 General 3 Emergency 4 Excess of (—) during month receipts or expendiGeneral Gross tures fund debt balance 1932 108 97 276 99 92 244 101 111 260 148 125 352 20 22 195 20 23 161 17 15 142 14 15 141 40 36 39 35 36 46 42 55 73 78 67 73 34 30 29 27 24 24 27 29 31 37 31 93 233 304 289 366 260 416 348 257 266 373 246 310 223 291 276 355 248 403 351 236 252 358 235 297 0 67 96 178 181 245 150 116 15 83 37 76 -125 -274 -109 -445 -349 -417 -397 -262 -21 -308 -158 -34 134 121 283 131 167 306 179 197 333 273 219 16 24 181 19 16 147 13 14 136 10 19 70 64 67 69 94 106 113 135 146 195 127 26 20 22 22 45 29 37 38 39 50 63 358 360 439 461 226 200 273 338 249 388 5196 171 248 396 201 112 147 157 109 192 82 -224 -239 -156 -330 -288 -187 -99 -124 -6 -236 -286 -135 -10 +36 +272 +310 +381 +90 +440 +450 +125 +455 +544 +201 -355 +91. +33 -272 +194 +523 -107 -165 -35 -1 1933 1 2 3 455 493 278 321 339 509 505 139 81 104 294 -227 -106 -3 +271 +133 +428 +124 +498 +412 +685 +366 +489 + 198 +484 -252 -28 -54 -236 +79 +71 -48 0 Total includes special fund and trust and contributed fund receipts not shown separately. Total includes trust and contributed fund expenditures not shown separately. Includes also special fund expenditures and excludes public debt retirement. Beginning July 1933, on the basis of a new classification of accounts, certain items formerly included in general expenditures are carried as emergency expenditures. 4 Prior to July 1933 emergency expenditures include only net expenditures for the Reconstruction Finance Corporation; other expenditures r later5 classified as emergency, are included in general expenditures. Beginning with July 1933 figures are not strictly comparable w ith those for earlier months. 751 FEDERAL RESERVE BULLETIN DECEMBER 1933 STOCK PRICES BOND PRICES [Averages] Other bonds i United States Government bonds Month or date Number of issues Corporate Totai '60 Indus- Rail- Utility trial road 60 20 20 101.7 102.3 _ _ Nov Nov. Nov. Nov. Nov. 83.1 82.2 69.2 67.7 63.0 62.4 63.0 59.6 81.7 81.1 103.3 102.4 101.0 101.3 102.4 103.2 103.3 102.9 103.0 102.9 100.5 84.1 82.5 76.7 75.4 82.0 86.8 87.9 86.5 82.6 70.7 68.5 66.0 64.8 72.4 77.7 81.5 80.8 77.5 75.3 72.1 64.9 62.1 60.7 61.0 68.2 72.8 75.6 75.9 74.5 72.7 70.5 63.4 62.9 60.6 58.9 69.4 76.1 82.2 81.2 76.8 73.5 68.5 83.9 80.7 76.8 74.7 79.5 84.2 86.8 85.3 81.4 79.7 77.3 102.3 101.3 100.2 99.1 100.2 1932—November December 1933—January February March April May June July August September October.. November 84.8 84.0 81.7 80.2 82.1 73.6 73.5 71.5 70.2 71.8 71.6 71.3 70.2 69.5 70.3 70.8 70.6 67.3 65.7 78.5 78.7 7710 75.4 76.3 Number of issues 99.8 97.4 95.4 60 48 47 1933—January February March April May , June July August September October November 97.8 95.7 93.1 95.7 103.3 109.7 112.5 112.9 112.0 109 8 107.5 49 45 43 48 63 75 80 75 75 70 69 108.7 108.8 107.5 106.0 106.4 65 70 69 Number of issues 1932—May June July August September October.. November December Nov. 1 Nov. 8 Nov. 15 Nov 22 Nov. 29 1933—January February March April MayJune July August.September October November Nov. 1. Nov. 8. Nov. 15 Nov. 22 Nov. 29 „ Aa A 81 78 80 46 43 28 27 82 73 42 49 65 77 84 79 81 76 77 26 26 38 44 53 49 47 40 38 67 64 79 97 98 71 37 76 77 40 38 69 73 69 69 70 72 71 80 79 87 80 75 70 40 39 [Long-term; i.e., 1 year or more. In millions of dollars] New issues 30 30 30 30 3.77 3.78 3.65 3.57 3.54 3.54 3.55 3.48 4.77 4.81 4.78 4.50 4.39 4.37 4.38 4.37 5.36 5.41 5.26 4.91 4.70 4.64 4.63 4.59 6.38 6.60 6.51 5.83 5.54 5.51 5.57 5.60 8.40 8.50 8.19 6.84 6.45 6.44 6.53 6.61 11.63 11.52 10.79 8.22 7.61 7.87 8.24 8.42 3.39 3.47 3.58 3.55 3.47 3.40 3.38 3.40 3.40 3.42 3.60 4.23 4.28 4.88 6.05 5.27 4.71 4.60 4.54 4.59 4.60 4.89 4.44 4.48 4.68 4.78 4.63 4.46 4.36 4.30 4.35 4.34 4.54 5.30 5.35 5.61 5.81 5.40 5.09 4.83 4.77 4.96 4.97 5.35 6.16 6.30 6.64 6.85 6.29 5.88 5.58 5.51 5.70 5.76 6.22 8.01 8.36 8.91 9.12 7.74 7.07 6.62 6.77 7.27 7.49 7.98 3.45 3.53 3.61 3.71 3.64 4.69 4.70 5.05 5.03 4.97 4.38 4.43 4.56 4.67 4.60 5.06 5.19 5.45 5.54 5.37 5.89 5.98 6.27 6.48 6.33 7.63 7.66 8.07 8.34 8.06 i Monthly data are averages of daily or weekly figures. > Standard Statistics Co. * Moody's Investors' Service. 22296—33 4 Refunding issues (domestic and foreign) Total (domestic and foreign) Total* Corporate ForState eign and mu- Bonds nici- and 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 1,163 1,087 1,474 2,961 5,924 1,603 311 20 1,076 1,125 1,337 1,251 671 905 229 8 925 1,046 2,220 1,858 1,422 711 949 583 1932—NovemberDecember . . 44 124 43 124 28 99 9 6 2 4 1 0 32 35 1933—January February—. March April May June July August September— October November. _ 65 20 16 25 44 110 117 46 64 59 88 65 20 16 25 44 110 117 46 64 59 88 33 17 13 8 40 98 28 32 37 56 82 19 1 0 16 1 3 0 0 0 0 0 3 0 3 1 3 9 53 14 9 3 6 0 0 0 0 0 0 0 0 0 0 0 45 37 3 20 60 112 45 7 30 1 2 Baa 15 28 26 26 48 45 45 CAPITAL ISSUES Corporate, by ratings a Aaa 37 Source.—Standard Statistics-Co. Year and month 3 _ . 33 351 Domestic BOND YIELDS1 U.S. Municipal' Treas- (highury grade) 421 20 1932—October November December . 1 Price averages computed from yields. 2 Three liberty bonds and now 10 Treasury bonds; prior to Nov. 1, 1933, 9 Treasury bonds, and prior to Aug. 15, 1933, 8 Treasury bonds. »45 corporate and 15 municipal. Source.—For United States Government bonds, Federal Reserve Bank of New York; for other bonds, Standard Statistics Co. Month or date Preferred Common stocks (index, 1926=100) stocks (industrial high- Total Indus- Rail- Utility road trial grade) Month or date 1925 1926 1927 1928 19291930 1931 1932 i 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 1932 (table 103). 752 FEDERAL RESERVE BULLETIN DECEMBER 1933 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production * * Year and month Total Vlanufactures Construction contracts awarded (value) * Total Minerals Residential Factory employment All other Factory pay rolls » 1 Freig]it-car 1 loadings «* ) Com- modity Ad- Unad- Ad- Unad- Ad- Unad- Ad- UnadUnad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adusted justed justed justed justed usted usted usted usted usted usted justed usted justed lusted justed justed 1919 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 _ 84 87 67 86 101 94 105 108 106 112 119 95 80 63 63 63 56 79 84 94 122 129 129 135 117 92 63 28 77 89 70 74 105 96 99 108 107 106 115 99 84 71 44 30 44 68 81 95 124 121 117 126 87 50 37 13 79 90 65 88 86 94 120 135 139 142 142 125 84 40 107 108 82 90 104 96 100 101 99 97 101 88 74 62 98 118 77 81 103 96 101 104 102 102 108 87 66 45 )nces * 139 154 98 97 101 98 104 100 95 97 95 86 73 65 84 91 79 87 100 97 103 106 103 103 106 92 75 56 1930 109 106 107 105 99 90 90 92 90 84 76 107 103 104 102 98 93 90 90 88 86 84 110 109 110 106 ! 98 89 88 90 87 82 74 107 104 104 101 97 92 88 89 86 85 82 104 91 94 102 103 100 101 101 105 96 89 108 98 104 104 102 100 96 94 95 92 93 89 102 113 125 116 107 85 82 75 68 59 104 102 101 105 99 95 81 81 78 76 73 44 54 62 61 54 48 48 52 61 46 37 49 52 53 52 49 47 49 52 52 48 43 126 141 156 178 166 155 115 108 94 86 77 148 144 140 148 140 135 106 105 99 99 98 93 93 93 91 89 86 85 86 84 81 79 94 93 92 91 90 87 84 83 82 81 80 98 98 97 94 91 83 82 83 81 75 74 91 90 93 97 95 95 96 99 97 86 74 99 96 97 96 93 92 89 87 86 84 84 01 90 90 89 87 84 84 84 83 81 80 82 87 89 90 89 83 80 78 77 75 72 68 83 86 87 88 87 83 82 78 76 73 73 74 81 88 91 91 90 83 79 77 76 72 70 66 83 86 87 87 87 82 82 78 75 71 71 72 87 84 82 83 84 86 86 82 83 90 84 79 89 87 89 91 87 87 86 79 78 83 81 84 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 67 39 93 104 100 96 85 84 82 81 80 76 67 50 76 77 78 78 77 75 74 74 75 71 69 68 78 78 78 78 78 76 75 74 73 70 69 69 68 73 75 74 72 68 64 64 62 69 56 56 74 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 76 75 73 72 72 72 71 70 70 69 71 71 68 64 61 59 56 59 67 68 65 60 72 69 67 63 60 59 58 60 66 67 65 66 1 70 70 66 63 60 58 55 58 66 67 63 58 71 68 64 61 59 58 57 59 65 66 63 64 74 75 77 72 65 61 63 66 73 80 78 72 77 78 84 79 67 63 65 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 64 64 60 67 80 91 96 90 85 FebruaryMarch.— April May June July August... September October-November December 1931 January.. FebruaryMarch-,.. April May June July August.September October-November December 1932 January.. FebruaryMarch April May June July August. -. September October. _ November December 1933 January.. February. March April May June July August.— September October-_ 65 63 60 63 63 58 68 80 93 97 89 84 *77 64 61 56 66 78 93 101 91 84 »77 71 76 74 65 76 82 89 94 93 88 73 79 81 72 78 84 90 91 87 81 18 16 14 16 19 21 24 25 30 35 22 19 14 14 16 18 21 24 30 37 7 7 8 11 13 14 13 '12 12 12 8 8 8 10 11 13 13 '12 12 12 27 23 18 19 24 27 32 36 45 53 33 27 18 17 20 23 28 33 45 57 58 69 57 58 60 64 69 73 77 76 59 59 57 58 61 65 70 73 74 74 39 40 37 39 42 46 50 56 58 57 51 51 48 51 56 60 66 65 68 66 56 54 50 53 66 60 65 61 60 58 61 60 60 60 63 65 69 70 71 71 *79 •66 78 92 100 91 84 i. 77 r v Preliminary. ' Revised. * Average per working day. i For indexes of groups and separate industries see pp. 780-781; for description see BULLETIN for February and March 1927; for revised figures from 1919 to date see BULLETIN for September 1933, pp. 584-585. »3-month moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358. ' For indexes of groups and separate industries see p. 782: for description and backfiguressee BULLETIN for November 1929 and November 1930. * For indexes of groups see p. 753; for backfiguressee BULLETIN for February 1931, p. 108. 4 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities are given on p. 783* 753 FEDERAL RESERVE BULLETIN DECEMBE R MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise imports Merchandise exports Excess of exports Month 1929 1930 1931 1932 1929 1933 1930 1931 1932 1933 1929 1930 1931 1933 1932 January . February March _ . . . . 488 442 490 411 349 370 250 224 236 150 154 155 121 102 108 "369 369 384 311 282 300 183 175 210 136 131 131 96 84 95 119 72 106 100 67 69 66 49 26 15 23 24 25 18 13 April May June 425 385 393 332 320 295 215 204 187 135 132 114 105 114 120 411 400 353 308 285 250 186 180 173 127 112 110 88 107 122 15 —15 40 24 35 44 29 24 14 9 20 4 17 7 -2 July August September 403 381 437 267 298 312 181 165 180 107 109 132 144 131 160 353 369 351 221 218 226 174 167 170 79 91 98 143 155 147 50 11 86 46 79 86 6 -2 10 27 17 34 1 -23 13 529 442 427 327 289 275 205 194 184 153 139 132 391 338 310 247 204 209 169 149 154 105 104 97 J>151 137 104 117 80 85 36 44 66 30 48 34 35 5,241 3,843 2,424 1,611 4,399 3,061 2,091 1,323 842 782 334 288 October November December Year... __ * Preliminary. » Back figures.—See BULLETIN for January* 1931, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] Index of stocks (end of month) Index of sales i Month [Index numbers; 1923-25 average=100] June Adjusted Without Adjusted Without for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment July Aug. Sept. Oct. Adjusted for seasonal variation i 1932 1933 1932 1933 1932 1933 1932 1933 January— February. March April.. May.. June.. July August September. October November December Total Coal _ Coke Grain and grain products Livestock Forest products Ore Miscellaneousl Merchandise 46 49 71 63 75 73 106 65 75 63 61 74 61 60 67 60 58 62 53 95 54 34 18 61 67 82 55 39 34 64 70 53 56 35 53 57 69 57 53 33 59 57 68 57 51 32 49 59 66 Without seasonal adjustment 70 Year. v Preliminary. 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. Back figures.—SQZ BULLETIN for November 1930, p. 686. 60 63 44 Total.. Coal Coke Qrain and grain products Livestock Forest products OreMiscellaneous. Merchandise * 1 60 54 44 66 66 55 65 72 55 68 72 59 83 46 36 32 i4 67 98 46 38 62 67 70 64 50 37 90 63 69 69 63 35 96 68 70 70 54 64 68 33 70 In less-than-carload lots. Based on daily average loadings. Source of basic data: American Railway Association. Bach figures.—See BULLETIN for February 1931, pp. 108-110. 754 FEDEEAL RESERVE BULLETIN DECEMBER 1933 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars at par] Europe End of month 1932—October November December... 1933—January February March. April May June. July August September October November. Total (60 countries) United States» Canada Total (27 countries) 11,791 11,862 11,897 3,819 3,885 4,045 4,074 3,808 3,916 3,977 3,991 3,997 4,001 4,009 4,011 4,011 P 4,012 Belgium 6,944 6,949 6,826 11,925 11,741 11,939 11,975 p 11,917 v 11,892 P11,979 * 12,038 P 12,091 v 12,101 Austria 6,818 6,884 6,992 6,988 Czechoslovakia Bulgaria Denmark England France Germany 362 361 49 50 51 36 36 36 678 678 583 3,250 3,267 3,254 195 197 192 11 11 11 11 11 11 11 11 11 11 51 51 51 51 51 51 51 51 51 51 36 36 36 36 36 36 36 36 36 36 602 371 371 371 372 374 375 376 377 6,856 6,932 6,989 7,038 »7,040 11 11 11 3,221 3,176 3,152 3,170 3,173 3,185 3,213 3,223 3,218 3,176 * 3,051 196 183 178 96 89 45 58 73 87 94 905 907 922 925 926 926 927 Europe—Continued End of month Greece Hungary 1932—October November.. December.. Italy Nether- Norway Poland lands 306 307 325 331 343 352 356 368 370 371 371 1933—January February. __ March April May June July August SeptemberOctober November.. 416 415 415 436 509 493 477 436 436 436 436 436 436 436 436 436 436 413 410 381 374 336 309 311 332 338 359 55 55 55 55 55 62 71 71 71 91 97 101 101 477 488 489 460 397 361 351 351 356 373 39 28 28 29 >368 >368 >368 29 31 31 31 34 34 36 35 35 >368 401 •401 «401 416 2 416 P381 Latin America End of month Portu- Ruma- Spain Sweden Switzer- U.S.S.R. Yugo- 6 other nia gal land slavia countries Total (10 coun tries) Africa Asia and Oceania 4 Total AusTotal New CoArSouth other Uru- other (7 gen- Chile lom- Mex- Peru guay coun- coun- tra- India Japan Java Zea- Siam Tur- (4 Egypt Africa counkey counico land tina bia tries tries tries) lia tries) 1932-October November-. December.— 342 342 345 249 249 249 11 10 10 524 523 520 162 162 162 214 213 212 27 27 25 1933—January February March April May June July August September October 347 348 352 355 362 368 365 249 249 249 249 249 249 249 249 249 10 9 9 8 8 8 8 7 521 524 503 483 162 162 162 162 162 162 162 162 162 162 212 212 212 212 212 212 212 212 212 212 25 25 25 25 25 25 25 25 24 J»24 *363 "369 P369 *249 P7 P483 P482 P481 P481 P480 *480 28 28 78 77 78 28 28 28 28 81 93 96 95 107 10 10 10 10 10 P112 P123 P118 P115 P123 PIO PIO PIO PIO P28 P28 P28 P28 P28 P28 33 10 10 10 p Preliminary. 1 Differences between these figures and those shown elsewhere In the BULLETIN for total monetary gold stock in the United States are due to the exclusion from the former of gold coin in circulation. 1 Figures of last preceding statement issued by the State Bank of the U.S.S.R. carried forward. NOTE.—Figures for 35 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are as of last report date of month. The countries for which figures are not shown separately are for Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania: Latin America: Bolivia, Brazil, Ecuador, Guatemala; and Africa: Algeria and Belgian Congo. None of these countries has had gold reserves during this period in excess of $10,000,000. For back figures and for additional details relating to this table, see BULLETIN for May 1932, pp. 311-318, and June 1933, pp. 68-372. 755 FEDERAL RESERVE BULLETIN DECEMBER 1933 GOLD PRODUCTION [In thousands of dollars at par] Year and month 1931— Production reported monthly Total South Africa Rhodesia Far East North and South America Africa Colom- A r a United West Belgian * * - Japan Africa Congo Canada States Mexico bia India 459,104 Total (12 mos.) 224,863 11,193 5,524 3,224 55,687 49,524 12,866 4,016 12,134 8,109 6,810 33,464 32,415 34,123 33,662 35,319 35,415 35,800 36,963 36,366 36,579 36,327 35,888 19,587 18,935 19,877 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 1,080 480 453 484 466 481 482 546 510 509 515 626 295 286 304 281 298 309 319 330 304 314 307 294 4,834 4,670 5,285 6,093 5,551 5,592 5,176 5,480 5,406 5,240 6,220 5,514 1 3,597 13,535 13,494 13,390 14,114 14,362 14,610 U.982 15,085 16,271 14,858 1 4,651 1,106 948 862 1,057 1,026 960 924 1,138 1,122 1,091 1,165 671 460 386 404 380 447 405 455 524 456 455 415 353 1,032 1,063 1,131 1,164 1,234 1,172 1,244 1,221 1,292 1,216 1,376 1,418 628 657 741 671 653 647 692 696 702 727 715 534 625 545 590 667 603 685 490,259 420,997 238,931 12,000 5,992 3,642 63,061 50,626 12,070 5,132 14,663 8,198 35,216 31.6C3 36,293 33,543 34,443 v 33,520 v 34,954 v 35,088 * 35,683 v 35, 601 _„. 393,957 38,187 39,895 39,433 41,091 41,187 41,572 42,734 42,138 42,351 42,099 41,659 Total (12 mos.) 1932—January February March April _ May June July August September October November December Estimated world production 20,152 18,176 19,658 18,430 19,519 19,008 19,228 19,235 i 18, 625 i 18, 791 1,008 989 1,038. 1,108 1,108 1.130 1.133 1,167 i 1,180 1 1,178 532 531 522 528 520 561 571 579 546 1 620 280 263 302 281 308 308 306 325 *>325 4,826 4,718 5,378 4,900 4,913 5,404 5,285 5,304 4,870 5, 065 14,341 1 3,039 15,209 13,907 13,824 12,935 13,638 1 3,742 15,602 1 5, 209 1,194 1,095 1,059 905 1,035 986 1,165 1,198 1,199 1, 034 513 344 487 644 676 490 797 782 555 1620 1,130 1,186 1,267 1,531 1,352 1,442 1,487 1.447 1,447 v 1,447 654 747 726 734 711 755 722 1744 1933—January February.. March April May June July August September October 1 1 647 666 681 6.782; 57S 608. 62$ 585 554 643 *589 *> Preliminary. 1 Figure reported by American Bureau of Metal Statistics. NOTE.—For comparable monthly figures back to January 1929 and for explanation of table see BULLETIN for April, p. 233, and October, p. 632 GOLD MOVEMENTS [In thousands of dollars at par] United States Net imports from— Year and month 1931—Total (12 mos.). Total net imports 145,325 England 1933—January February March April May _.. June July August September October November p._. Germany 6,797 -344, 514 1932—June -206,047 -1,910 -3,437 July 1,405 6,103 6,093 August __. 27,897 5,868 September 20,613 1,251 October 21, 740 1,376 November 100,859 51,928 December Total (12 mos.). -446,213 France Belgium Nether- Switzer- Canlands land ada Japan -15,583 -50,327 -19,768 81,136 -116 -26,250 -23,168 ""17021 ""320 5,543 2,381 10 8,082 53,585 -441, 649 -13,356 -82,571 128,465 50,248 i 17, 776 i 3,310 -22,081 -8,935 -9,973 -2,191 -21,139 -15, 715 -3,244 -2,845 -83,879 -713 -80,388 -1,535 -56, 738 -5,099 -32, 351 -6, 240 -1,610 -1,212 Mexico 29,490 -3,709 -3,630 -8,993 -122 -72 -1,445 -79,617 -73,173 ""-216 -48, 717 -26,923 —ion 15,123 -600 802 -199 -5,005 -724 -115 -27 -13 -2,171 -18 5,424 4,573 5,257 3,904 506 5,622 7,546 -118,273 64,574 5,274 -1,614 4,r -681 8,418 327 110 154 203 143 224 -453 All other countries 31,322 4,866 3,524 4,783 4,206 3,600 2,964 4,974 3,133 3,064 4,122 2,039 1,933 3,322 3,353 36,383 2,042 3,208 -16,413 -3,137 -6,729> 812*. -4.121 -5,708. -1,488 1,085. » Preliminary. 1 Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal Reserve? 2 $17,054,000 exported to Italy. Back figures.—For gold imports and exports of United States see Annual Report for 1932 (tables 49 and 50). 756 FEDERAL RESERVE BULLETIN DECEMBER 1933 GOLD MOVEMENTS—Continued [In thousands of dollars at par] Great Britain Net imports from— Year and month Total net imports United States France 1931—Total (12 mos.)-— -143,729 -13,401 1932—June July August September. October November. December.. 35,019 22,675 1,296 5,204 5,814 13,857 -29,582 -43,260 -48,314 18,400 -6,559 77,198 11,821 -6 64,767 2,761 97,386 77,671 15,923 89 056 4, 763 25, 628 733 48, 260 3,120 63,918 12,520 South Africa, South British Straits Austra- RhoNether- Switzer- AmerCanada India Settledesia, lands land lia ica ments West Africa 33,754 -37,050 -124,101 -60,836 -2,109 - 4 , 623 3,406 -1,519 32,486 -7,421 18,051 6,259 2,163 1,865 29,446 63,083 11,280 -2,767 -9,394 -1,081 -4,778 -7,812 -753 -4,015 -10,438 -75 -85 -2,571 -214 -104 -2,969 -120 -476 -4,188 -88 -1,104 -6,138 -108 500 300 187 189 527 181 12,812 14,204 14, 279 13,009 11,973 10,488 13,684 772 2,122 829 584 943 710 33,260 236,921 3,904 .. . 760 794 26,246 9,661 19,351 3,207 19,712 5,010 175 1,505 25,866 1,326 870 18,378 1,853 831 830 20,006 854 23,326 5,623 10,780 20,363 255,305 18,408 14 4 45 5 -20 370 -29 -11 -17,471 27 -507 -7,816 5,003 - 1 , 294 -5,225 18,092 -89 128 1,850 656 17, 36; 15,254 8 6,477 486 1,H4 13,528 179 -1,034 -13,583 32 -11 -3,633 -11 18 -4,163 -8 -79 -588 -893 -463 -479 -118 -380 -101 -217 374 296 198 140 401 414 436 920 3,611' 220,394 8,924 9,129 4,141 3,703 4,108 6,579 Net imports from— States 1931—Total (12 mos.) Eng- Ger- Netherland many lands 728,176 328,130 312,561 100,050 587 554 461 1,001 624 1,359 810 848 526 78: 793 794 22,659 20, 316 1,789 1,717 2,092 1,910 1,991 1,942 16, 530- 2 , 1 2 0 27,815 1,245 28,923 2,556 19,343 2,083 19,476 -3,169 17, 954 6,069 19,519 11, 715 24, 774 -3,212 21,027 5,434 20,467 4,403 Switzerland 18,775 -81,207 Net imports from— All other countries Total net imports United -3,814 2,805 27,778 670 39, 785 7,976 5,695 -6,837 -6,166 -12,427 States England France Netherlands Switzerland U.S. S. R. All other countries 149,867 -247,950 -38,160 -35,221 -102,019 -55,142 -63,866 58, 932 -14,475 7,541 5,737 4,601 -8,234 6,250 -7,139 167,968 1932—June. 12,472 -5 483 - 1 , 0 0 1 2,371 -13,718 31,067 July 16, 241 5,382 4,189 -17 -369 -2,447 42,940 August 4,424 3,918 222 8,552 1,448 249 9,638 September _ 19,995 148 5,560 329 565 32,695 -270 October 26,003 6,122 64, 2,314 33,498 672 -186 November. 34,479 483 - 3 , 2 9 3 25,494 2 - b , 138 4,306 December-ITotal (12 828,072 468,052 309,984 37,889 37, 547 -17,668 -7,732 -27,282 mos.) 200 2,900 1933—January —37,399] -35,361 -144 2,559 678 February... 1,005 1,266 9,287 March 16)729 2,283 22,520 18,583 48,252 April 7,680 - 5 , 8 1 9 1,277 96,140 May 5 -18,537 22,903 46,840 June 39,263 - 1 2 , 572 23,430 '50,808 July -46 r 53,694 '75,680 -11,533 August September- 43,043 60,990 -1,396 -8,059 October *»__ 26,233 47,745 — 1 , " " " - 5 , 9 6 9 9,495 7,175 9,178 10,278 14,948 11, 281 11,942 4,994 12,685 16,122 Germany France Year and month Total net imports United All other countries 311 -16,896 -71,376 -14,021 -9,035 -11,361 -20,269 -27,521 -24,895 -13,519 -3,277 81,211 -50,643 -297,040 Total (12mos.)1933—January February... March April May June July. August SeptemberOctober 15,897 -1,671 -4,259 -6,887 -284 -1,634 -58,561 Belgium Germany -1,126 -197 -7,127 -432 -23,356 749 -13,163 -6,377 »10,574 -68,750 37,113 »16,102 - 9 , 9 3 8 30, 797 3,695 -36,432 16, 598 *-21,605 4,591 -1,397 ' -2,174 -676 -2,176 -152 19,120 -3,369 1,939 ! 5 -42 2 -2 29 -367 24 367 3,399 2,809 534 - 4 , 0 8 7 4,622 - 1 , 7 9 1 5,410 -361 5,461 -60 6,275 -52 6 -78 -6,169 17 - 2 5 0 -38,170 -24,465 - 7 , 9 1 5 46,656 - 3 , 5 1 5 6 22 -4,945 -17,822 -292 46 1,453 -13, 676 -161 215 -186 -32 -1,976 -10,429 -4,925 - 4 , 541 -10,102 -5,392 133 -225 1,136 107 6,293 93 3,336 46 3,956 75 5,411 - 6 1 7,023 34 3,833 - 4 7 4,791 -90 40 -11 -118 70 19 -119 -26 -275 -399 2,227 i $29,233,000 Imported by France from Spain in July t a $9,832,000 imported by France from South Africa in April; $14,412,000 in May. »$20,305,000 exported by France to Belgium. p Preliminary figures. * Revised. NOTE.—Germany—ThQ annual aggregates of the official monthly figures for net gold imports in 1932 differ somewhat from the revised official totals published for the year as a whole. 757 FEDERAL RESERVE BULLETIN DECEMBER 1933 GOLD MOVEMENTS—Continued [In thousands of dollars at par] Netherlands Net imports from— Year and month Total net imports United States Germany 117,591 -21,024 56,059 54,107 4,983 7,204 -13,797 -6,230 -4,857 894 Total (12 mos.). France 198,619 1931—Total (12 mos.)1932-June July August September. October November. December- England 8,397 5,565 8,715 1,198 1,252 1,939 4,251 - 1 , 786 -276 -334 -1,708 52 9,763 5,376 -1,280 -3,496 -61 -3,085 3,745 -34,009 26,886 -837 - 6 , 722 - 1 9 , 367 -18,188 -37,068 -41,046 j 6,065 11,183 13,849 14,457 2,009 10,300 4,986 3,609 11,178 5,581 -180 -47 -903 -357 -6,367 -1,916 - 3 , 765 116,149 106,623 50, 070 1,898 -933 -9,320 -18,102 -41,605 -45,503 -13,628 -14,101 -3,432 10,785 603 14,069 8,177 3,436 -906 -11,384 -6,390 - 1 5 , 750 12,996 1,798 1,385 Belgium 115 16,488 18, 562 2,191 -1,428 -13,630 -16,137 -976 -881 -506 -358 -1,479 -353 -1,174 -194 -10 -64 -1,100 -3,452 -2,324 -1,259 -3,069 - 1 , 702 -1,466 -174 -241 -1,232 • • 4,548 379 ! 941 3,212 1,994 1,006 3,030 2,773 16, 423 •- = 673 -5,055 -7,009 -1,522 -1,068 -1,797 -1,432 17 -338 -22 All other 4,553 -5,849 -847 -579 -402 42 -537 -1,134 -12,727 British India -365 -3,385 -482 -281 -923 -217 -188 -20 Net imports from— -7,2 = ••: 2,199 166 679 -34 -1 -79 179 -18 20 90 97 105 1,107 108 291 275 2, 236 2,099 Net imports from— Total net Imports United Eng- France Ger- South Neth- All ermany Africa lands other States land Total net imports United States England All other In- Gold production in India' Increase or de- ordecrease (-)in (-)in govern- private ment holdings in India 1931—Total (12 mos.)~ 222,751 1932—June July. August September October November December . 80,872 14,993 1,503 -604 -3,385 -1,395 1,203 36, 422 41,301 70,247 9,779 81 -361 -50 —7 5 Total (12 mos.) 169,786 124,354 15,342 1933—January February March April May June July August September October. 4,658 8,502 24, 440 -12,078 -42, 481 -41, 596 - 1 4 , 302 -1,542 1,656 4,073 -14 653 ~I,~377 -307 16 502 19,317 39,684 72,760 1,734 3,654 - 8 5 111 3,734 - 5 1 90 38 718 154 -540 -34 82 -3,087 - 1 0 2 85 -2,347 - 6 7 96 320 - 1 1 1 123 82 907 -307 -4,082 -3,152 - 5 , 739 -229 -431 -790 7,418 7,880 2,393 6,987 21,306 -10,745 -38,776 -34, 751 - 8 , 324 1,135 1,767 4,243 -77 -77 -40 -62 -68 6 -44 57 -41 24 —52 1-2,222 1-5, 852 -14 -52 British India Switzerland Year and month Switzerland -760 -5,242 -26 1,759 -5,729 -1,313 963 •; 1983—January February o.March April May June July August September. October Poland 47 13,220 -95,875 -17,665 -72,691 -280 3 1,176 2,461 48 3,802 994 2,778 288 1,866 - 1 , 339| 149 130 1 -304 1 -195,792 1,040 -937 -2, 236 -1, 958 -3, 709 -3,988 -1,756 -1,166 641 124 i -5,521 6,832 33,532 -122, 575 -12,807 -14,675 -7,979 -9,835 -9,010 -13,244 -6,286 2 5,630 .— 1,507 92l 744 10114,996 in India i -255 -1,488 -920 -1, -652 -997 -676 605 -12, 622 -15,851 -11, 085 -16, 674 -13,934 -16,105 -24, 380 - 2 8 , 094 151,391 - 6 , 307 6,798 297 -116 -1,576 -1,430 -3,359 -1,181 -1,565 -1,866 -622 561 548 557 583 576 610 628 586 556 545 590 *>590 *>590J. 34 127 -189,121 -11, 340 -12,177 -12, 094 —11,112 -12,460 -13,459 -2 -5, 705 - 1 »-10, 380 P-12,821 *>-7,269 i $2,199,000 exported by Netherlands to Czechoslovakia in August; $5,847,000 in September. » Reported monthly production in the Mysore State plus $1,387 representing the average monthly production in the rest of India in 1981. 3 Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India. v Preliminary. NOTE.—Netherlands—The annual aggregates of the official monthly figures for gold'exported to Germany and gold imported from the world in 1932 differ somewhat from the revised totals published for the year as a whole. 758 FEDERAL RESERVE BULLETIN D E C E M B E R 1933 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1933 Oct. Argentine Conversion Office (millions of gold pesos): Gold Notes issued 1 _ 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 1933 1932 Sept. Aug. Oct. 257 558 257 555 257 584 257 526 142 24 160 7,364 7,165 7,165 7,506 7,325 7,189 150 6,811 6,961 4,722 4,708 4,701 4,560 1,261 1,271 1,280 1,406 Oct. Canadian Minister of Finance (millions of Canadian dollars): Gold reserve against Dominion notes.. Advances to banks under finance a c t . . Dominion notes: Issued 175 Outside chartered bank holdings._ 29 Indian Government (millions of rupees) : Gold standard reserve: Gold 147 Foreign exchange 386 Paper currency reserve: Gold _ 297 1,042 Silver coin and bullion Other assets 461 Notes issued 1,300 1932 Sept. Aug. Oct. 71 28 173 30 177 29 161 28 149 385 151 383 328 205 295 1,048 454 1,797 293 1,054 450 1,798 115 1,149 494 1,758 1 Includes a small quantity of subsidiary coin. »The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Oct. 14, Sept. 16, Aug. 19,1933, and Oct. 15,1932, The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] Liabilities Oct. 31 Sept. 30 Oct. 31 Oct. 31 Sept. 30 Oct. 31 Gold in bars Cash on hand and on current account with banks _ Demand funds at interest Rediscountable bills and acceptances (at cost): Commercial bills and bankers' acceptances Treasury 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: Treasury bills Sundry instruments Total Other assets Total assets 1 Not available. 1932 1933 1932 1933 Assets 5,147 5,147 0) 11,060 12,897 40,766 14,311 8,987 50,091 227,075 145,992 218,486 139,861 318,563 132,956 373,067 358,348 451,519 39,208 79,299 232,400 25,836 67,433 13,182 71,939 14,309 71,173 29,475 33,699 40,993 35,950 36,100 35,603 18, 752 37.910 7,190 1,647 213,145 2,948 169,848 1,709 158,831 8,004 657,473 669,429 909,832 5,147 5,147 60,512 106,741 69,016 110,642 352,214 67,494 167,254 179,658 419,708 11,160 11,946 14,465 3,190 3,247 166 6,273 154,481 77,241 45,513 154,623 77,311 44,824 153,769 76,884 68,649 Total Capital paid i n Legal reserve fund Dividend reserve fundGeneral reserve fund. _. Other liabilities 277,235 125,000 276,758 125,000 299,301 125,000 2,022 3,895 7,790 54, 781 2,022 7,790 53,966 1,318 2,690 5,379 35,531 Total liabilities- 657,473 669,429 909,832 Demand deposits (gold) Short-term deposits (various currencies): Central banks for own account: Demand Time—Not exceeding 3 m o n t h s Total.. Central banks for account of others: Demand Other depositors: Demand _ Time Long-term deposits: Annuity trust account German Government deposit French Government guaranty fund_ DECEMBER 759 FEDERAL RESERVE BULLETIN 1933 CENTRAL BANES [For explanation of tables on this page, see BULLETIN for February 1931, pp. 81-83] Assets of banking department Bank of England Gold (in issue department) 1 Cash reserves Coin Millions of pounds sterling: 1932— Sept. 28 Oct. 26 Nov. 30 Dec. 28__ 1933—Jan. 25_ Feb. 22.Mar. 29_ Apr. 26 May 31 June 28. July 26 _ Aug. 30 Sept. 27 Oct. 25 Nov. 29 v 139.4 139.4 139.4 119.8 123.6 142. 2 171.8 185.9 186.3 189.4 190.1 190.3 190.4 190.4 190.6 1.0 1.0 1.0 .8 .8 .7 .8 .9 1.1 1.2 1.3 1.4 1.4 1.3 1.2 Notes Liabilities of banking department Discounts Securiand advances 12.1 11.6 11.9 18.5 11.6 11.9 11.8 11.6 11.2 16.6 11.2 10.0 9.2 8.5 54.6 56.0 55.6 23.6 45.4 61.0 79.7 74.0 72.3 74.2 72.8 76.3 79.6 81.2 80.4 88.0 85.4 87.1 120.1 107.9 104.0 74.9 80.0 83.5 87.2 103.0 94.9 85.8 92.5 84.7 Note circulation Deposits Bankers' 359.8 358.4 358.8 371.2 353.2 356.2 367.1 371.9 374.1 375.1 377.2 374.0 370.8 369.3 370.2 80.6 77.3 90.5 102.4 103.4 98.3 92.8 100.9 77.5 105.1 98.5 79.4 97.3 104.1 106.9 Bank of France Millions of francs: 1932—Sept. 30. Oct. 28. Nov. 25. Dec. 30. 1933—Jan. 27 Feb. 24. Mar. 31 Apr. 28. May 26. June 30. July 28. Aug. 25. Sept. 29 Oct. 27 Nov. 24 Foreign Domestic Security bills exchange loans 4,977 4,984 4,853 4,484 4,434 4,401 4,376 3,846 3,887 3,990 3,975 2,652 2,632 2,586 1,294 82,681 82,909 83,342 83,017 82,167 81,017 80,409 80,951 81,243 81,976 82,227 82,095 81, 032 77,822 2,604 3,637 3,266 3,438 3,142 3,303 3,352 3,805 3,449 2,791 3,461 3,207 3,475 3,560 4,093 Eeserves Gold Millions of reichsmarks: 1932—Sept. 30 Oct. 31_ Nov. 30 Dec. 31 1933—Jan. 31 Feb. 28 Mar. 3 1 Apr. 29.May 3 1 June 30 July 31 Aug. 31 Sept. 30. Oct. 31 Nov. 30 v 796 817 827 806 822 769 739 411 372 189 245 307 367 396 405 Foreign exchange 133 123 110 114 101 152 97 100 77 85 78 74 40 18 3 33.4 33.6 37.1 33.8 32.5 35.0 35.0 37.1 39.5 42.2 67.7 42.9 44.0 45.8 36.5 23.4 25.4 10.1 8.9 11.7 26.2 21.2 10.8 33.2 14.1 14.1 42.0 16.5 15.9 13.6 Negotiable securities* 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 17.7 17.8 2,783 2,764 2,500 2,515 2,537 2,580 2,714 2,649 2,675 2,766 2,661 6,621 6,621 6,621 6,802 6,680 6,647 6,621 6,595 6,582 6,489 6,463 6,417 2,765 2,781 2,814 6,238 6,186 Deposits Other 9,686 9,145 9,008 9,196 9,172 9,119 9,801 8,861 8,534 9,243 8,503 8,543 8,716 8,450 (3) Note circulation 82,459 82,205 81,536 85,028 83,314 83,986 86,096 84,992 83,267 84,708 82,853 81,143 82,994 81,099 80,368 Government 3,010 4,553 2,931 2,311 2,269 2,226 2,235 2,340 2,265 2,338 2,752 2,775 3,685 4,027 2,955 Other Treasury bills (and Security Securities loans bills checks) 2,991 2,857 2,731 2,806 2,459 2,439 2,763 3,142 3,07* 3, 2i2 3,171 3.151 3,289 3,147 3,001 Other 21,876 21,229 22,969 20,072 20,474 18,731 16,850 17,181 18,393 17,376 19,267 19,657 17, 242 17,301 15,016 Other liabilities ( 2,009 2,071 2,153 2,041 2,074 2,124 2,093 2,109 2,152 2,100 2,168 2,158 2,156 2.220 Liabilities Assets Reichsbank Other Liabilities Assets Gold Public Other liabilities 242 198 207 176 93 279 210 177 166 210 165 163 205 143 163 362 362 395 398 401 401 401 317 317 321 320 320 320 319 518 Other 940 957 959 1,114 1,097 1,040 869 682 618 747 736 749 688 799 773 Note circulation 3,755 3,620 3,531 3,660 3,356 3,520 3,538 3,469 3,482 3,492 3,521 3,625 3,571 3,542 Other Deposits I liabilities 451 389 418 540 345 402 443 406 439 447 412 415 465 416 478 1,298 1,345 1,314 1,313 1,333 1,343 1,169 791 782 834 820 841 850 850 871 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. From Aug. 1,1931, to Mar. 31,1933, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) was authorized by the 2 British Treasury under section 8 of the Currency and Bank Notes Act, 1928. Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement). 3 Not yet available. v Preliminary figures. 22296—33 5 760 FEDERAL RESERVE BULLETIN DECEMBER 1933 CENTRAL BANKS—Continued [Figures are for last report date of month] 1933 1933 1932 Central bank Oct. 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 Note circulation Austrian National Bank (millions of schillings): 170 Gold 19 Foreign exchange of the reserve.. 227 Domestic bills ... 624 Government debts 941 Note circulation — 101 Deposits National Bank of Belgium (millions of belgas): 2,710 Gold 751 Domestic and foreign bills 355 Loans to State 3,438 Note circulation.... 539 Deposits. .__. Central Bank of Bolivia (thousands of bolivianos): 10,811 Gold at home and abroad 4,051 Foreign exchange 46,080 Loans and discounts 49,588 Note circulation 43,834 Deposits.. _ Bank of Brazil (millions of milreis): Currency Correspondents abroad Loans and discounts... Note circulation Deposits National Bank of Bulgaria (millions of leva): 1,522 Gold 41 Net foreign exchange in reserve.. 205 Total foreign exchange 1,197 Loans and discounts.. 2,851 Government obligations 2,845 Note circulation 1,627 Other sight liabilities Central Bank of Chile (millions of pesos): Gold at home and abroad Foreign exchange for account of: Bank Exchange commission Loans and discounts Securities Note circulation Deposits. Central Bank of China * (thousands of yuan): Gold Silver _ Due from banks abroad Due from domestic banks Loans and discounts Securities.. Other assets _ _ Note circulation Deposits—Government Bank Other.... Other liabilities * Items for issue and banking departments 1932 Central bank Sept. Aug, Oct. 7,329 7,335 23,182 3,053 2,833 12, 760 17, 532 6,111 5,487 29,425 3,439 4,901 12, 269 19, 205 11, 778 21, 531 2,757 2,987 12,745 16,161 5,699 Oct. 11, 507 11,507 29,125 21,672 10,499 37,715 20,360 8,880 36,054 72,916 42,131 951 21, 544 15,299 36,227 75,071 41, 660 1,079 14,174 14,902 29,765 62,517 43,007 170 19 225 624 943 83 150 39 188 654 900 104 149 39 336 663 903 177 2,708 766 355 3,454 543 2,700 765 355 3,612 359 2,611 683 367 3,637 168 10,587 3,919 36.695 48,213 37,735 13,053 5,336 36,633 47, 659 40,187 20,796 2,367 41,249 34,965 17,497 552 228 2,950 20 3,360 1,522 37 144 1,025 2,873 2,738 1,606 596 203 2,960 20 3,378 1,521 4 87 977 2,873 2,674 1,624 586 255 1,804 170 2,571 1,517 -23 268 817 2,935 2,713 1,542 94 91 86 71 72 4 452 343 489 357 4 204 462 491 219 2 432 343 496 330 1,433 47,574 6,887 31,781 94,016 5,898 18,679 31,605 88,421 32,701 4,912 48,629 consolidated. 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 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 l (thousands of Egyptian pounds): Gold Foreign exchange Loans and discounts British, Egyptian, and other Government securities _ Other assets _ 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 liabilities Liabilities in foreign exchange National Bank of Hungary (millions of pengos): Foreign bills, etc. Loans and discounts Advances to treasury Other assets _ Note circulation.. Deposits. Miscellaneous liabilities.. Sept. Aug 15,249 15, 569 15,537 2,470 2,103 2,187 1,568 1,257 793 27,268 26,081 25, 740 24, 234 22,117 21,031 Oct. 11,597 4,388 6,275 19,260 20,154 1,708 933 1,550 6,148 420 1,707 922 1,744 6,310 500 1,708 905 1,507 6,168 416 1,659 1,082 1,560 6,057 634 133 29 70 368 82 133 29 70 355 133 17 73 330 94 133 55 104 333 76 32,017 33, 525 10, 021 5,711 1,277 1,181 11, 556 9,307 39,170 37,984 10,120 6,276 21,375 15,230 248 9,216 37,126 6,502 14,418 3,466 45,412 30,901 20,100 14,700 4,161 23,314 24,662 10, 667 6,663 1,871 4,441 6,663 2,126 6,302 31,935 31,403 32,324 3,739 19,219 4,412 19,332 8,191 30, 631 10, 643 1,322 13,811 39,416 11,517 2,021 5,298 3,559 18,892 17,112 2,773 2,872 19,915 19,996 8,032 7,958 20, 077 19, 250 19,244 487 973 916 20, 747 20, 405 19, 517 33,153 31, 404 30, 352 2,945 3,202 3,562 6,333 5,999 6,077 3,209 2,676 3,217 11,481 6,949 22,923 32,944 5,650 2,541 323 304 922 302 710 1,103 502 862 250 702 1,125 428 274 703 1,087 571 465 230 985 1,066 351 3,721 2,769 3,355 5,565 4,652 3,470 2,664 3,355 5,304 4,420 142 3,209 2,646 3,355 4,832 4,763 86 1,909 2,167 3,322 4,750 2,955 230 97 97 5 488 50 30 361 79 199 97 9 477 50 29 354 76 203 97 323 50 31 362 77 200 52 22 410 55 174 761 FEDERAL RESERVE BULLETIN DECEMBER 1933 CENTRAL BANKS—Continued IFigures are for last report date of month] 1932 1932 1933 Central bank Central bank Oct. Sept. Aug Bank of Italy (millions of lire): 7,057 7,046 7,033 Gold at home 306 318 Credits and balances abroad 304 5,092 4,980 5,103 Loans and discounts 13,170 13,303 13, 256 Note circulation. 300 Public deposits.. 800 300 1,392 1,258 1,312 Other deposits Bank of Japan (millions of yen): 425 Gold— 425 425 833 Advances and discounts 915 752 465 Government bonds 385 368 Notes issued.. _ _. 1,174 1,184 1,118 454 458 Total depositsBank of Java (millions of florins): Gold _ 100 Foreign bills 1 Loans and discounts 68 Note circulation. 194 191 Deposits.. 29 22 Bank of Latvia (millions of lats): 47 Gold. 47 47 1 Foreign-exchange reserve 2 2 67 Bills 67 67 54 Loans 46 49 35 Note circulation 32 33 59 67 Government deposits 62 100 Other deposits 95 Bank of Lithuania (millions of litu): 50 Gold _ 48 11 Foreign currency 9 84 82 Loans and discounts Note circulation 92 93 Deposits 43 Netherlands Bank (millions of florins): Gold 893 841 827 Foreign bills 2 1 1 Loans and discounts.. 173 181 176 Note circulation 912 929 897 Deposits 181 157 Bank of Norway (millions of kroner): Gold.... 149 146 153 22 Foreign balances and bills 13 16 Domestic credits _ 218 246 217 Note circulation 304 307 305 1 Foreign deposits 1 1 Total deposits 65 70 Central Reserve Bank of Peru (thousands of soles): Gold *40,099 38,889 Foreign exchange. 9,338 10,037 Bills.. __ 43,789 40,424 Note circulation 66, 576 66, 034 Deposits .. 17,434 17,189 Bank of Poland (millions of zlote): Gold 474 474 473 Foreign exchange 86 74 75 Loans and discounts 822 797 827 Note circulation __ ._ 1,046 1,031 1,004 Other sight liabilities 164 179 160 Bank of Portugal (millions of escudos): Gold __ 732 721 727 Other reserves ._ 282 370 311 Discounts and advances 323 330 320 Government obligations 1,052 1,053 1,053 Note circulation 1,942 1,939 1,909 Other sight liabilities 641 515 555 Preliminary. Oct. Oct. National Bank of Rumania (millions of lei): Gold 9,806 Foreign exchange of the reserve.. _ 363 13, 795 Other foreign exchange _ 34 300 Loans and discounts 9,801 1,096 5,704 State d e b t . . . . 20,885 Note circulation 429 7,558 Demand deposits 845 South African Reserve Bank (thou268 sands of South African pounds): 1,130 16, 381 Gold 421 Foreign bills 18,451 9 Domestic bills _. 105 Note circulation._. .___ 10,315 19 1,741 Deposits—Government 27, 521 49 Bank... 1,849 Other 214 33 Bank of Spain (millions of pesetas): 2,261 Gold 36 642 Silver— _ 12 286 Balances abroad 71 3,336 Loans and discounts 4,731 56 Note circulation.. Deposits. _ _ _ 818 37 67 Bank of Sweden (millions of kronor): Gold... 377 87 Foreign bills, etc 398 49 58 Loans and discounts 18 589 Note circulation 93 500 Deposits... 102 Swiss National Bank (millions of 54 francs): Gold... 1,931 Foreign balances and bills. 29 1,035 97 Loans and discounts 71 Note circulation 1,408 122 Demand deposits 677 1,003 Central Bank of the Republic of 264 Turkey (thousands of Turkish pounds): 144 Gold. _ 23,775 26 Foreign exchange 1,809 254 Government securities 152,199 306 Other securities 28,648 3 Other assets.. 41,117 Note circulation 80 160,887 Deposits 25,195 Other liabilities_ 61,466 38, 914 Bank of the Republic of Uruguay 192 (thousands of pesos): 19,089 Gold 49, 239 Loans and discounts 5,809 Other assets __ Note circulation 494 Deposits—Demand 140 Time 714 Judicial and admin1,063 istrative 130 Other liabilities National Bank of the Kingdom of Yugoslavia (millions of dinars) : 400 1,795 Gold 558 145 Foreign exchange 338 2,185 Loans and discounts 1.058 2,319 Advances to State 1,906 4,343 Note circulation. 1,026 379 Other sight liabilities 5,811 1,405 6,463 p Revised. Sept. Aug. Oct. 9,786 524 24 9,915 5,704 21,194 7,652 »,766 636 2 9,939 5,704 21,159 8,001 9,476 530 105 11,135 5,730 21,288 6,5619 14,830 18,935 69 10,775 1,851 23,544 1,120 15,421 17,482 64 9,383 1,735 24,079 3,085 7,189 0 1,133 7,365 1,042 3,790 192 2,260 647 281 2,583 4,743 872 2,260 646 282 2,468 4,742 948 2,258 590 293 2,819 4,856 378 345 60 625 412 361 310 56 565 420 206 195 187 571 183 1,846 18 108 1,419 582 1,820 6 92 1,402 547 2,638 47 66 1,553 1,201 23,387 23,106 1,369 274 152,457 152,483 28,632 28,631 39,535 41,169 161,145 161,171 29,786 30,852 54,449 53,640 19,214 373 155,450 28,081 21,538 164,139 11,138 49,379 47,963 101, 441 42, 736 75,851 31, 263 42,022 48,126 46,723 101, 298 109,178 42,574 39,724 78,458 83,916 29,491 33,746 41,997 37,378 2,714 2,679 40,290 39,373 1,798 148 2,211 2,318 4,372 915 1,797 154 2,247 2,317 4,314 846 2,766 37,820 1,763 347 2,546 2,411 4,759 852 762 FEDERAL RESERVE BULLETIN DECEMBER 1933 COMMERCIAL BANES [For backfiguresand explanation of these tables see BULLETIN for October, pp. 639-642] Liabilities Assets England (10 clearing banks) Millions of pounds sterling: 1932—January February March April. -_ May June July._ August... September October.... November December 1933—January February March.. April.... May June July August September October _ _. Cash in vault and due from Bank of England Money at call and short notice Deposits Bills discounted Securities Loans to customers Other Demand i Other liabilities 117 110 113 112 113 113 123 118 114 117 116 127 239 208 217 240 247 278 317 374 392 391 391 408 280 282 288 300 340 349 364 383 412 425 472 906 906 884 875 856 840 820 806 799 789 778 211 201 211 208 212 207 196 188 180 189 194 208 818 775 799 789 810 865 903 898 907 914 925 991 832 838 832 845 854 876 873 908 921 932 929 963 1,714 1,659 1,676 1,681 1,699 1,764 1,804 1,851 1,865 1,893 1,898 1,983 226 218 226 225 226 220 211 206 202 206 210 216 214 208 207 219 206 213 205 208 215 218 114 112 109 105 98 101 96 91 91 431 386 348 338 346 352 362 359 355 343 472 498 510 517 530 544 554 563 563 559 768 769 769 767 779 779 771 762 753 752 202 208 205 207 209 213 221 216 215 222 980 955 936 950 962 953 947 935 940 938 942 933 928 924 916 1,983 1,957 1,925 1,930 1,944 1,978 1,973 1,966 1,958 1,951 219 223 223 222 224 225 235 233 233 233 1,006 993 990 989 983 Liabilities Cash in vault and Due from Billsdis-SiLoans, ineluding due from banks counted security Bank of loans France Millions of francs: 1932—January. __ February.. March April May June July. August September. October... November. December. 11, 079 12,113 11,874 12, 280 11,288 11,475 10,375 11, 578 11,072 10, 574 10, 571 9,007 2,098 2,259 2,404 1,836 1,776 1,727 1,866 1,804 2,200 2,117 1,774 1,766 1933—January... February.. March April May_ June July August September. 7,445 6,832 7,181 6,959 8,184 8,499 8,738 8,027 7,907 1,996 2,072 2,052 1,958 1,960 1,931 1,723 1,600 1,504 Deposits Other assets Demand Time Total Own ac- Other liaceptances bilities 18,994 20,136 18, 745 19,034 19, 757 21,266 22,014 8,308 7,934 7,970 8,306 7,904 8,211 8,268 8,058 7,898 7,850 1,300 1,135 1,315 1,327 1,304 1,316 ", 379 . ,422 ,462 ,546 ,576 ,749 36.196 36,435 35,983 35,929 35,826 36,351 36, 031 36,148 36,372 36.197 37, 257 36,491 1,179 1,218 1,201 1,239 1,284 1,250 1,263 1,286 1,280 1,342 1,312 1,268 37,375 37,653 37,184 37,167 37,109 37,601 37, 294 37,435 37,652 37, 539 38, 568 37,759 587 444 554 532 453 404 394 350 328 334 288 295 3,580 3,565 3,643 3,720 3,773 3,814 3,971 3,976 4,054 4,178 4,229 4,331 22,209 21,287 20,261 20,852 20,048 19,889 20, 236 19,851 19,835 7,785 8,326 8,586 7,799 7,777 7,824 7,848 7,813 7,792 ,131 ,096 ,163 ,206 ,227 ,420 ,521 ,565 .,540 35,308 34,477 34,163 33,655 34,145 34,307 34,671 33,419 33, 217 1,221 1,117 1,045 979 979 988 1,005 1,007 964 36, 528 35, 573 35, 208 34,634 35,124 35,295 35,676 34,426 34,181 336 323 305 291 247 372 379 360 253 3,703 3,696 3,730 3,850 3,824 3,895 4,011 4,069 4,144 18,454 17, 347 17,482 18,043 8,612 i Excluding deposits of the National Bank relating to offices outside England, which are included in the total. Total 180 173 174 173 179 191 191 193 193 193 193 207 Assets France (4 large banks) Time 1 763 FEDERAL RESERVE BULLETIN DECEMBER 1933 COMMERCIAL BANKS—Continued [For back figures and explanation of these tables see BULLETIN for October, pp. 643-646] Assets Germany (Reporting banks) Liabilities Cash in Loans, vault and Due from Bills dis- including due from banks counted security Securities Reichsloans bank Millions of reichsmarks: 1932—-January» February March April May June July August-. September October November December 1 - — Deposits Other Demand Time 245 319 206 200 248 188 172 204 178 173 779 865 771 825 770 763 746 762 734 727 1,752 1,605 1,844 1,888 1,904 1,904 1,908 1,885 1,911 1,866 5,831 5,925 6,092 5,976 5,732 5,683 5,627 5,601 5,584 5,549 2,164 2,125 2,143 2,169 2,364 2,364 2,372 2,366 2,373 1,342 1,307 1,311 1,296 1,249 1,242 1,224 1,212 1,226 1,216 3,591 3,691 3,771 3,829 3,772 3,643 3,597 3,637 3,566 3,494 3,901 3,810 3,918 3,869 3,835 3,891 3,898 3,888 3,951 3,948 7,492 7,501 7,690 7,697 7,607 7,534 7,495 7,525 7,517 7,442 1,251 1,256 1,282 1,271 1,324 1,297 1,288 1,266 1,245 1,223 140 200 166 169 205 169 150 186 1933—January »__ February-_ March April May June July. August September . 701 712 701 675 659 646 637 657 1,983 1,908 1,940 1,934 1,914 1,907 1,937 1,870 5,225 5,152 4,983 4,882 4,832 4,682 4,677 4,627 2,381 2,385 2,379 2,387 2,390 2,383 2,297 2,303 1,193 1,177 1,180 1,189 1,163 1,163 1,175 1,178 3,350 3,354 3,329 3,945 3,884 3,843 3,344 3,237 3,155 3,242 3,748 3,781 3,816 3,717 7,296 7,237 7,172 7,101 7,092 7,018 6.971 6,960 1,141 1,116 1,012 968 924 852 805 753 Assets Security loans abroad and net Cash in Other vault and Security loans and due from foreign in cenloans bills dis- banks tral gold counted Canada (10 chartered banks) Millions of Canadian dollars: 1932—January February March April May June.July August-. September October November December— -.- _ _ > Figures not available. 3,394 3,385 3,313 3,267 3,239 3,244 3,233 3,186 3,181 3,165 3,168 3,146 3,081 3,097 3,110 Liabilities Deposits payable in Canada (exclusive of interbank deposits) Entirely in Canada 1933—January February March April May _ June July _ August September October. Total Credits obtained Other from banks for liabilities customers Securities Other assets Note circulation Other liabilities Demand Time Total 197 187 182 174 177 189 186 176 174 183 220 211 131 130 131 122 114 110 112 114 115 117 108 103 1,247 1,259 1,264 1,263 1,247 1,211 1,179 1,147 1,142 1,161 1,140 1,104 118 122 122 122 117 120 124 149 143 151 199 155 674 664 672 666 663 669 674 703 699 727 760 778 477 482 483 482 481 482 445 448 463 472 469 439 123 122 122 125 119 126 123 117 124 120 116 115 622 596 608 584 568 546 611 527 528 579 609 538 1,368 1,390 1,389 1,393 1,387 1,373 1,363 1,367 1,359 1,371 1,379 1,378 1,991 1,986 1,996 1,977 1,955 1,919 1,874 1,893 1,888 1,949 1,988 1,916 731 735 735 726 726 736 724 727 724 742 791 760 204 199 200 192 193 198 197 192 187 191 100 97 96 94 94 102 109 105 110 111 1,083 1,069 1,086 1,088 1,073 1,057 1,042 1,026 1,031 1,037 132 129 117 135 139 145 151 146 176 156 784 798 793 806 425 437 443 452 456 481 448 437 435 450 108 112 123 124 119 129 120 121 129 122 504 491 494 514 549 570 578 551 591 633 1,383 1,397 1,389 1,400 1,397 1,387 1,380 1,373 1,372 1,350 1,887 1,888 1,883 1,914 1,946 1,957 1,958 1,924 1,964 1,983 734 729 729 729 725 757 733 727 727 721 881 764 FEDERAL RESERVE BULLETIN DECEMBER 1933 DISCOUNT RATES OF CENTRAL BANKS Date effective In effect Oet. 1,1931. Oct. 10Dec. 10 .:-_. Feb. 18,1932. Mar. 9 Mar. 10 Mar. 17 Mar. 21 Apr. 9 Apr. 19 Apr. 21 Apr. 28 May 2 May 12... June 30. Sept. 22 Jan. 9, 1933 May 12 June 29 July 15 July 29 Aug. 15 Sept. 4 Sept. 19 In effect Dec. 1,1933. Bank Bank German Bank Nether- Swiss of of EngReichsof lands National Bank Bank land France bank Italy 2 2H 6 8 7 2 3 7 5 6 Rate Dec. 1 Country Albania Austria Belgium Bolivia In effect since— Nov. Mar. Jan. July 6 16,1933 24,1933 14,1932 5,1932 May 25,1932 Aug. 23,1932 July 18,1933 8 6 Bulgaria Chile Colombia... Czechoslovakia 3 5 Danzig Denmark.._ Ecuador Estonia May Nov. Nov. Feb. Finland Greece Hungary India 5 7 Sept. 5,1933 Oct. 14,1933 Oct. 18,1932 Feb. 16, 1933 4 5H 3 5 4 ZH Jan. 25,1933 6,1933 30,1933 30,1932 1,1932 4 4 4 3H 3 §h 2 2H 4 2H 2H ZH 2 ZH Rate Dec. 1 Country Japan Java Latvia Lithuania Norway Peru Poland Portugal In effect since— 6 July Aug. Jan. Apr. 3,1933 16,1933 1,1933 1,1930 _ 6 5 6 May May Oct. Mar. 24,1933 20,1932 26,1933 13,1933 3.65 Rumania 6 South Africa. Spain 6 Apr. 5,1933 May 15.1983 Oct. 26,1932 Sweden U.S.S.R Yugoslavia—. Dec. 1,1933 Mar. 22,1927 July 20,1931 Changes since Nov. 1: Albania—Nov. 16, down from 8 to 7H percent; Denmark—Nov. 30, down from 3 to 2H percent; Sweden—Dec. 1, down from 3 to 2H percent. MONEY RATES IN FOREIGN COUNTRIES England (London) Month Bankers' acceptances, 3 months Treasury bills, 3 months Netherlands (Amsterdam) Germany (Berlin) Bankers' Day-to-day allowance money on deposits Private discount rate Money for Day-to-day 1 month money Private discount rate Money for 1 month 1932—October.... November. December.. 0 82 .89 1.02 0 71 .82 1.04 0 71 .73 .81 3.87 3.87 3.87 5.00 6.00 5.08 4.94 4.80 4.91 0 37 .37 .37 1.00 1.00 1.00 1933—January February... March April May June July August September. October .87 .83 .62 .59 .50 .50 .48 .41 .44 .79 .76 .78 .46 .50 .37 .40 .40 .30 .31 .73 .73 .73 .64 .61 .58 .62 .62 .62 .63 .75 3.87 3.87 3.87 3.87 3.87 3.87 3.87 3.87 3.87 3.87 5.03 5.00 5.00 5.25 5.60 5.60 5.60 5.60 5.50 5.50 4.98 4.86 4.97 5.05 5.24 4.93 5.19 4.94 5.00 5.11 .37 .37 .64 .66 2.11 2.18 3.54 1.11 .77 .50 1.00 1.00 1.11 1.00 1.69 2.06 2.64 1.08 1.00 1.00 Switzerland Belgium (Brussels) France (Paris) Italy (Milan) Hungary Private discount rate Private discount rate Private discount rate Private discount rate Prime commer- Day-to-day money cial paper Sweden (Stockholm) Japan (Tokyo) Month 1932— October November December 1933—January February March April May.. June July August September October - ... Loans up Discounted to 3 bills months Call money overnight 1.50 1.50 1.50 3.00 3.00 2.94 1.01 1.00 .91 5.00 5.00 5.00 5.66-6.02 6.68-5.84 5.66-5.84 3.28 2.92 2.74 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.60 1.50 1.50 2.88 2.78 2.62 2.50 2.41 2.31 2.31 2.31 2.27 2.21 1.12 1.89 2.04 1.87 1.76 1.50 1.39 1.46 1.13 1.25 4.42 4.25 4.20 4.00 4.00 4.00 4.00 4.00 3.55 3.50 6.48-5.84 5.48-5.84 5. 48-6.84 5.48-5.84 5.11-5.84 5.11-5.48 5.11-5.48 5.11-5.48 5.11-5.48 3.10 2.92 2.92 2.37 2.19 2.74 2.37 2.37 2.56 4H-7H iH-7H 4H-7H NOTB.—For sources and back figures, see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; and May 1930, p. 318. 765 FEDERAL RESERVE BULLETIN DECEMBKlt 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 i Month Australia * Austria 3 Belgium Brazil i Bulgaria 3 China 20.5937 95.2400 99.9237 19.4719 95.2400 99.9261 58.5837 58.5851 261.50 261. 77 13.9477 13.9581 13.8723 13.8460 7. 6302 7.6327 0.7200 87.3000 .7200 86.6989 1933—January February. _ March April May _ June _ July August September. October November- 58.5847 58.5804 58. 2974 60.4864 67.9019 71. 0601 80.7251 79. 4328 86.0861 86.1188 92. 0439 267.19 272.17 272. 73 284.79 313.07 329.22 369. 44 358.13 371. 26 371.47 409. 75 13.9715 13.9867 14.0121 14.0700 14. 5582 14. 2007 15. 6719 15. 4794 16. 6534 16. 7694 18. 0434 13.8629 13.9638 13. 9803 14. 5285 16. 2711 17. 0460 19. 4505 19.1458 20. 6994 20. 7215 22.3176 7.6352 7.6348 7. 6330 7. 6348 7. 6354 7. 6369 7. 8727 8.0331 8.1508 8. 4634 8. 5660 .7195 87.4621 .7200 83.5084 .7210 83. 5205 .7223 84. 7233 . 7825 87. 5930 .8142 89.8853 .9977 94 4683 1.0347 94. 2796 1.2434 96. 4734 1. 2590 97. 5958 1.6378 101.1829 6.0276 6.0274 6.0275 6,0278 6.0281 6.0300 6. 2846 7. 5210 8. 3752 8.1986 8.6743 8. 8731 10. 0983 Egypt England Hong Kong Hungary 3 Finland Germany France Greece 1932—NovemberDecember.. 336.0492 327.5267 336.1120 327.8679 1.4441 1.4239 3.9190 23.7536 3.9033 1833—January February __ March April May June _ July _. August September. October November. 344.6451 350. 8940 351.9434 366.8480 403.1202 424.0440 477.0204 461.7534 336.1385 342.2073 343. 2800 357.9313 393. 2381 413.5581 464.9915 450. 2670 466.4722 446. 8290 514. 9737 1.4577 1.4919 1. 5153 1.5806 1. 7467 1.8241 2. 0511 2.0008 2. 0693 2. 0683 2. 2700 3.9034 3.9228 3. 9361 4.1019 4. 5927 4.8035 5.4588 5.3749 5.7724 5.8167 6. 2678 23.7703 23.8291 23. 8519 24. 3873 27.3629 28. 8097 33. 2627 32. 7144 35.4307 35. 4267 38.2361 21. 7525 22.0710 22. 7442 23. 7714 27.1586 29.1358 32. 9584 31. 5922 33.1050 33.2821 Portugal Rumania Spain 0.5975 .5973 8.1730 38.0026 8.1506 38.0123 1932—November. _____ December 299.11 299.42 16.7252 16.8899 11.1769 11.1825 3.0293 3.0191 1933—January. February March April May June___ _ July August September October November 292.13 272.87 273. 45 285.48 313.86 330.09 370.19 359.02 372.17 372. 40 411. 04 17.2684 17.5270 17. 5913 18. 3161 20. 0164 20.8811 23. 3627 22. 6451 23.4400 23 4451 25.8723 11.1872 11.1940 11.1834 11.3755 13. 0873 13.8229 15. 6202 15. 4348 16. 6963 16 7103 18.0564 3.0364 3.1017 3.1362 3.2133 3. 5781 3. 7694 4. 2468 4.1521 4. 4655 4 5315 4.8623 .5972 8.1777 .5958 8.2446 .5974 8. 4431 .6107 8.8804 .7025 9.9875 .7448 10.3638 .8766 11.6540 .8374 11.4565 .8934 12.4087 9112 12 4343 .9817 13.1129 95.2400 94.4191 86. 2100 86. 2100 86. 2100 86.2100 86. 2100 86.2100 78.1476 India Italy 17.4260 17.4359 17. 4392 17. 4812 18.8766 21. 2415 24. 5147 24. 2387 26.0897 26. 3520 28. 2302 Japan Czechoslovakia 2.9619 2.9613 2.9614 2.9632 2.9743 3.1155 3. 5075 3.6527 4.1545 4.0777 4.4089 4. 4172 4.7000 38.9884 39. 5818 39. 6078 41. 2350 45. 6611 47. 9630 54. 0460 52.3634 54. 2920 54 5740 60. 0625 Denmark 17.0613 17.0069 16.9097 15.2612 15.3180 15.9502 17.5193 18.4423 20. 7682 20.1157 20.8344 20.8413 22.9975 Mexico Netherlands 24.7830 24.7923 5.1124 20.6218 32.2205 5.1088 20. 7298 31.9923 40.1774 40.1680 25.4055 25.8336 25.7900 26.8721 29.5729 31.0652 34. 9283 5.1177 5.1156 5.1372 5. 3662 20.7393 20.7945 21.2631 22.0867 23.9967 25. 7587 28. 7727 26.9026 27. 2539 27. 7670 30. 3618 40.1797 40.2691 40. 3572 41. 9490 46.9507 49.0086 56.1833 55.3799 59.8831 59.9529 64. 5642 35.0051 35.0366 38. 3408 6.3789 7.3697 7.2176 7.8075 7.8208 8.4331 30.1631 28.4212 28. 3164 27.0201 28.8721 27. 6650 27. 9968 28.1103 28.1492 28.1692 27. 7989 Straits Union of UruSettle- Sweden Switzer- Turkey South 1 land Africa a guay ments New Zealand 2 Norway Poland Month 99.9411 99.9790 100. 0162 99.9322 99. 9196 99.9212 99.9199 99.9481 99.9583 65. 7136 99.9223 66. 7200 99. 9617 19. 7916 20.1136 20. 7250 22.1953 24. 5193 26.1289 29. 2666 28.0737 29. 6843 29. 8462 32. 9030 1 0.5743 22. 4062 17.4356 .5418 21. 3527 17.4265 .5392 .5610 .5673 .5865 .6582 .6917 .7902 .7743 .8372 .8397 .9053 Cuba Chile i 1932—November. December.. Month Colombia i Canada Yugoslavia 17.4314 17.9108 19.2470 47.2167 19. 2354 47.0127 477. 68 47.3402 479.13 47.3397 1.3506 1.3448 18. 2982 18. 2670 18.1884 18. 8108 20. 2413 21.2819 23. 9784 23. 2263 24.0532 24 0690 26. 5491 19. 2836 19. 3707 19. 3716 20.1281 22. 5368 23. 5665 26. 9583 26. 5265 28.7299 28 7902 31. 0223 340. 63 338.90 339. 88 353. 74 388. 74 408. 76 459.33 444. 39 448. 57 461 23 509.29 1.3555 1.3593 1.3714 1. 4228 1.6073 1. 6708 1.9032 1. 8909 2. 0274 2.0443 2. 2035 47.0260 47. 1982 47.4384 49.3996 55. 3596 57.8085 65.7080 64.4507 47.3366 47. 3363 47. 3458 47. 7646 53.1875 55. 9871 65.1372 64.7589 70.1510 70 7755 76. 2484 Monetary units and pars of exchange (in cents per unit of foreign currency): Country Monetary unit Argentina Australia Austria Belgium Brazil _ Bulgaria __. Canada Chile.. China. Colombia Cuba Czechoslovakia. _ Denmark.. Egypt.... Gold peso.. Pound SchillingBelga. lelga... Mil lilreis.. Lev. Dollar.. Peso Yuan™. Peso _.do Koruna Krone Egyptian pound . Par of exchange 96.48 486. 66 14.07 13.90 11.96 .72 100.00 12.17 «32.69 97,33 100.00 2.96 26.80 494. 31 Country England Finland France. Germany Greece Hong Kong. Hungary India Italy Japan Mexico Netherlands New Zealand Norway Monetary unit Par of exchange 486. 66 Pound __. Markka... 2.52 Franc 3.92 Reichsmark.. 23.82 Drachma __. 1.30 Hong Kong dollar. 5,33.76 Pengo. 17.49 Rupee 36.50 Lira_ 5.26 Yen. 49.85 Silver peso 49.85 Florin. 40.20 Pound___ 486. 66 26.80 Krone.. Country Poland Portugal Rumania Spain Straits Settlements. Sweden _ Switzerland Turkey Union of South Africa. Uruguay Yugoslavia Monetary unit Par of exchange Zloty Escudo— Leu. ^Singapore dollar.. Krona Franc Turkish pound— [Pound Peso Dinar 11.22 4.42 .60 19.30 6 60. 08 26.80 19.30 439. 65 486.66 103.42 1.76 1 Nominal since April 1933. Monthly averages for Australia, New Zealand, and South Africa for 1932 are taken from the League of Nations Monthly Bulletin of Statistics. 3 Partly nominal since April 1933. « Average quotations on Shanghai for 18 days of new yuan containing 23.4934 grams of pure silver. Average quotations for 7 days of old yuan containing 23.9025 grams of pure silver was 20.5383 cents. « Silver currencies—figures given for dollar parity in November 1933 computed by multiplying silver content of unit by New York average price ol silver for November 1933, which was $0.43286 per fine ounce. • Singapore dollar is legally equivalent to seven sixtieths of an English pound. Figure given for parity in November 1933 represents seven sixtieths of average quotation of pound in New York for November 1933. Backfigures.—SeeBULLETIN for January 1933, 1932, 1931, 1930, 1929, and 1928. 2 766 FEDERAL RESERVE BULLETIN DECEMBER 1933 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Common stocks (1926 average-100)» Bonds Month United States (average price) England France (December (1913 aver1921-100) age-100) Germany (average price)» United States England France Number of issues. 60 87 36 421 278 300 1931—October.... November.. December.. 89.4 89.0 81.6 104.2 104.8 102.2 94.8 94.4 90.8 69.7 71.7 57.7 75.6 74.7 68.1 106.9 104.3 94.8 1932—January FebruaryMarch April May June July August SeptemberOctober 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 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 1933—January February... March April May June July August September. October 84.1 82.5 76.8 75.4 82.0 86.8 89.6 89.9 87.9 86.5 116.9 118.4 118.4 120.2 118.1 118.7 117.9 120.1 121.2 122.3 86.4 85.3 81.9 81.5 78.5 79.5 80.0 80.2 81.4 81.1 81.4 79.9 83.6 85.8 81.5 80.1 78.2 78.5 78.2 84.7 49.1 44.9 43.2 47.5 62.9 74.9 80.4 75.1 74.8 69.5 72.4 72.2 72.3 72.4 75.4 79.0 83.9 84.4 85.3 82.9 101.3 97.9 92.7 94.0 100.4 105.2 106.0 105.2 103.0 98.3 Germany 329 (8) •45.5 46.4 45.6 45.8 47.9 54.1 52.5 53.4 56.7 59.4 64.5 66.8 67.2 65.7 62.8 60.7 57.3 57.0 1 8 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. * 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 Japan United Germany Italy Canada England France States (October (1926=100) (1926-100) (1913=100) (1913=100) (1913-100) (1913=100) 1900-100) Netherlands (1913=100) 1931—October... November. December. 70 70 69 70 71 70 104 106 106 457 447 442 107 107 104 322 320 319 147 147 151 89 89 85 1932—January... February.. March April May June July August September. October... November. December. 67 66 66 66 64 64 65 65 65 64 64 63 69 69 69 68 67 66 67 67 66 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... FebruaryMarch April May June July August September. October... 61 60 60 60 63 65 69 70 71 71 64 64 64 65 67 68 71 69 69 68 100 99 98 97 99 102 102 103 103 103 411 404 390 387 383 403 401 397 91 91 91 91 92 93 94 94 95 96 292 286 281 279 279 281 279 278 276 185 180 177 176 177 180 182 180 182 180 75 74 72 71 72 73 73 73 75 75 r Revised. '397 397 274 DECEMBER 767 FEDERAL RESERVE BULLETIN 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) Farm IndusIndus- Agriculand food tural trial trial products products products products Provisions Industrial raw Indusand semi- trial finished finished products products 1931—October November December. . 59 59 56 73 71 69 73 74 72 113 115 113 100 102 102 489 482 491 429 416 400 99 99 95 95 94 91 99 99 97 133 132 130 1932—J anuary February March April May — June JulyAugust September __ October November December 53 51 50 49 47 46 48 49 49 47 47 44 65 63 62 61 59 59 61 62 62 61 61 58 79, 71 71 71 70 70 70 70 70 70 70 69 114 114 116 115 114 112 108 107 107 106 107 108 101 101 99 96 94 91 92 95 99 98 98 97 496 511 510 506 511 490 498 453 445 450 458 456 390 389 388 381 374 369 370 382 384 379 373 375 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 1933—January February March . _ April May . . _ June July August September October _ 43 41 43 45 50 53 60 58 57 56 56 54 55 56 59 61 66 65 65 64 67 66 66 65 67 69 7? 74 76 77 107 105 102 101 102 104 101 104 105 104 97 96 95 95 98 101 103 102 102 102 455 443 417 407 390 418 414 407 r 413 417 373 370 368 369 376 390 389 389 383 380 81 82 83 82 84 85 87 88 90 93 81 80 79 77 77 78 77 76 75 73 87 87 87 87 88 89 90 90 89 89 113 112 112 111 112 112 113 113 114 114 RETAIL FOOD PRICES England (July 1914=100) France l (July 1914=100) 1933 1932 1933 1932 1933 1932 95 109 91 105 91 105 90 104 94 101 100 97 105 101 3 107 101 100 3 107 100 3 107 99 99 131 131 129 126 125 123 125 123 123 125 125 125 123 122 119 115 114 114 118 119 122 123 114 115 115 115 114 111 108 104 102 102 104 103 102 103 101 99 97 97 95 97 98 101 116 114 114 113 113 113 114 112 111 110 110 109 United States Month (1913=100) 1932 January _ February March April May June. . . July August _. _ September October November December COST OF LIVING (191314=100)2 Month 1933 107 107 106 106 110 111 111 110 111 112 January February March April . May June July August Septemb Br OctoberNovember December United States (1913=100) England (July 1914=100) France * (Jan .-June 1914=100) Germany 1932 Germany 1932 1933 1932 1933 1932 108 106 109 105 105 105 1933 147 147 146 144 136 132 128 143 142 143 141 141 143 143 143 142 141 139 137 136 136 138 139 141 141 (191314=100)» 105 125 122 122 122 121 121 122 120 120 119 119 118 1933 117 117 117 117 118 119 119 118 119 120 r 1 2 Revised. This index, unlike that for wholesale prices, represents prices converted to a gold basis. Average of October 1913, January, April, and July 1914=100. 3 Figures for the period nearest the 15th of the month. Since August 1933 the Bureau of Labor Statistics has published semimonthly indexes as follows: Aug. 15, 106.7; Aug. 29,107.1; Sept. 12, 107.0; Sept. 26, 107.4; Oct. 10,107.3; Oct. 24, 106.6; Nov. 7,106.7. SOURCE: Wholesale prices.—For original sources, see B U L L E T I N for March 1931 (p. 159). Retail food prices and cost of living.—United States— Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique GenGrale, and for cost of living, Commission d'6tudes relatives au cout de la vie a Paris. 22296—33 6 768 FEDERAL RESERVE BULLETIN DECEMBER 1933 LAW DEPARTMENT Requests for interpretations of Federal Reserve Act and the Board's regulations In order to simplify and expedite the handling of such matters, it is requested that member banks and others desiring to obtain interpretations of the Federal Reserve Act or the Board's regulations make their requests for such interpretations in the form of letters addressed to the Federal Reserve agents at the Federal Reserve banks of their respective districts and include in such letters complete statements of all material facts pertaining to the transactions giving rise to such requests. The Federal Reserve agent will answer any such inquiry himself unless the matter is one which should be referred to the Federal Reserve Board for consideration. If the inquiry is one which should receive the consideration of the Federal Reserve Board, the Federal Reserve agent will forward it to the Federal Reserve Board and advise the person from whom the inquiry was received that he has done so. In forwarding any such inquiry to the Board, each Federal Reserve agent will be expected to furnish the Board all information necessary to enable the Board to answer the inquiry. It is believed that the procedure herein outlined will materially facilitate the promulgation of rulings involving the interpretations of the Federal Reserve Act and the Board's regulations. savings deposits of every other depositor which are subject to the same requirement. The period during which such specified amount may be withdrawn under the conditions stated may be prescribed by the bank, but the requirements of paragraphs (b) and (c) of section VI of the regulation relating to changes in the practice of a member bank with respect to the withdrawal of savings deposits, as well as the other provisions of tins section, must be observed. Provisions of time certificates of deposit Under section 19 of the Federal Reserve Act, the Federal Reserve Board is required from time to time to limit, and is authorized to prescribe, the rate of interest which may be paid by member banks on time deposits, and it is believed desirable that time certificates of deposit and other time deposit contracts hereafter issued or entered into by member banks should refer to this fact, in order that the depositors may have actual knowledge that the rate stated in such certificates or contracts is subject to such modification as may be necessary to conform to the rate on time deposits as limited or prescribed by the Federal Reserve Board from time to time under the law. Accordingly, it is suggested that member banks should print or stamp on each time certificate of deposit or other time deposit contract which they may propose to use a provision substantially in the following form: The rate of interest payable hereunder is subject to change by the bank to such extent as may be necessary The Federal Reserve Board has had under to comply with requirements of the Federal Reserve consideration the question whether, under the Board made from time to time pursuant to the Federal Reserve Act. Withdrawals of savings deposits provisions of section 19 of the Federal Reserve Act and section VI of the Board's regulation Q, a member bank may waive notice of intended withdrawal of a specified amount of a savings deposit during any given period provided, that during such period it waive notice of intended withdrawal of the same amount of all other savings deposits which are subject to the same requirement. After careful consideration of this question, the Federal Reserve Board has stated that the word "portion", as used in section VI of regulation Q, is to be interpreted as including a specified amount and that a member bank may pay any specified amount of the savings deposit of any depositor without requiring notice of intended withdrawal; provided that, upon request and without requiring such notice, it shall pay the same specified amount of the Payment of interest on deposits of postal savings[funds The Federal Reserve Board has received a number of inquiries with respect to the question whether deposits of postal-savings funds, subject to the provisions of the regulations of the Postal Savings System governing the deposit of such funds in banks, are deposits on which interest may be paid by member banks under the provisions of section 19 of the Federal Reserve Act. By order of the Postmaster General, dated August 30, 1933, paragraph 1 of section 15 of the regulations of the Postal Savings System on this subject was amended so as to read as follows: All funds deposited prior to July 1, 1933, in depository banks of the Postal Savings System shall be DECEMBER FEDERAL RESERVE BULLETIN 1933 treated as time deposits, to remain on deposit in such banks for one calendar month from July 1, 1933. All funds deposited after July 1, 1933, in such banks shall likewise be treated as time deposits, for the period including the calendar month next following the date of deposit. At the expiration of such periods and in the event that withdrawal is not made of the deposit at the end of such calendar periods by the Board of Trustees of the Postal Savings System, then such funds shall be considered as having been redeposited for the succeeding calendar month; and likewise redeposited for each and every calendar month thereafter until withdrawal is made. All postal-savings funds held by any qualified depository bank in excess of the security value of its collateral shall be promptly disposed of in accordance with the provision of section 17 of the Banking Regulations. The Federal Reserve Board understands that, under the provisions of the regulations amended as above quoted, the withdrawal of postal-savings funds from banks was authorized only on the first day of any calendar month and funds not withdrawn on such day were considered as having been redeposited for another full calendar month; and also that no such funds were authorized to be withdrawn except on the first day of any calendar month even though no interest was paid on such deposits. It is the view of the Federal Reserve Board that deposits withdrawable only under these conditions may properly be classified, during the period in which the regulations in the form as amended August 30, 1933, were in effect, as time deposits on which interest may be paid in accordance with the provisions of the Board's Regulation Q. It is understood that the paragraph of the regulations of the Postal Savings System above quoted was further amended by order of the Postmaster General No. 4420, under date of October 24, 1933, so as to read as follows: In compliance with rulings of the Federal Reserve Board concerning time deposits, and to secure uniformity of procedure among all depository banks of the Postal Savings System, the calendar year is divided into specific periods of not less than 30 days each, with the beginning and termination dates of such periods shown, as follows: From— Jan. 31 iMar. 2 Apr. 1 May 1 May 31 _ June 30 00 ^0 CO CO CO CO r ? Jan. 1 Feb. 1 Mar. 3 Apr. 2 May 2 June 1 Number of days To— From— July 1 Aug. 1 Sept. 1 Oct. 1 Nov. 1 Dec. 1— To— July 31 Aug. 3 1 ~ Sept. 3 0 — . Oct. 31 Nov. 30,._Dec. 31 Number of days 31 31 30 31 30 31 i 30 or 31 days according to whether or not year is leap year. All funds deposited prior to July 1, 1933, in depository banks of the Postal Savings System shall be treated as time deposits, to remain on deposit in such 769 banks for the specified period beginning July 1, 1933. All funds deposited after July 1, 1933, in such banks shall likewise be treated as time deposits from the date of the deposit to and including the date of termination of the specific period next following the period in which the deposit is made, unless such deposit shall have been made on the first day of a period—in other words, the initial time period for deposits made subsequent to July 1, 1933, will be the period from and including the date of the deposit to the expiration of the next succeeding specified period, unless such deposit shall have been made on the first day of a period, in which case the initial time period will be the period from and including the date of the deposit to and including the date of termination of the period in which the deposit is made. At the expiration of such periods and in the event that withdrawal is not made of the deposit by the Board of Trustees of the Postal Savings System, then such funds shall be considered as having been redeposited for the succeeding specified period; and likewise redeposited for each and every specified period until withdrawal is made. In accordance with the foregoing, postal-savings funds on deposit in qualified banks, the fixed time period having expired, may be withdrawn by the Board of Trustees of the Postal Savings System or relinquished voluntarily by depository banks only on the first day of a succeeding specified period: Provided, that all unsecured postal-savings funds held by any qualified bank to the credit of the Board of Trustees shall be subject to the provisions of section 17 of these regulations. It is the view of the Federal Reserve Board, after careful consideration of the regulations of the Postal Savings System, as amended on October 24, 1933, that deposits withdrawable only at the times and under the conditions stated in the regulations as thus amended may be classified as time deposits on which interest may be paid in accordance with the provisions of the Board's Regulation Q, except as noted in the last paragraph hereof. The Federal Reserve Board advised all Federal Reserve banks in a telegram dated June 21, 1933 (Trans. No. 1826) that, since the provisions regarding payment of interest on deposits are incorporated in section 19 of the Federal Reserve Act, definitions contained in section II of the Board's Regulation D should be considered in determining what are time deposits pending the issuance of further regulations relating to the payment of interest on deposits and that member banks might continue to pay interest on time deposits in accordance with their usual practice or existing bona fide contracts until the Board should issue regulations on the subject; and it is to be noted that, under the provisions of section II of Regulation D, deposits of postal-savings funds in banks under the terms of the act of June 25, 1910 as amended constitute time deposits. The Federal Reserve Board's Regulation Q relating to the payment of interest on deposits was'adopted and made effective on August 29, 770 FEDERAL RESERVE BULLETIN 1933; and, as above stated, the regulations of the Postal Savings System, governing the deposits of postal-savings funds in banks, were amended by order of the Postmaster General dated August 30, 1933, so that deposits subject to the conditions thereof were time deposits. In the circumstances, the Federal Reserve Board offers no objection to the payment by member banks of interest on postal-savings funds accruing during the period from June 16, 1933, until* August 30, 1933; except that no member bank, which during such period may have lawfully terminated its agreement with the Ppstal Savings System to pay interest on deposits of postal-savings fuiids payable on demand, may pay interest on such deposits payable on demand which accrued after the effective date of the termination of such agreement. It is to be observed that the regulations of the Postal Savings System, as amended on October 24, 1933, contain the provision that all unsecured postal-savings funds held by any qualified bank to the credit of the Board of Trustees shall be subject to the provisions of section 17 of the regulations, which provides that an amount in a qualified bank in excess of the maximum balance authorized for such bank shall at once be returned in accordance with the procedure prescribed therein to the Board of Trustees. A provision similar in effect was included in the regulations as amended on August 30, 1933. It would appear that an amount in excess of the maximum balance authorized for any qualified bank is not subject to the conditions with respect to withdrawal to which other deposits of postal-savings funds are subject under the amended regulations. Such excess amounts, therefore, do not conform to the requirements with respect to time deposits and must be considered deposits payable on demand upon which no interest may lawfully be paid by a member bank. DECEMBER 1933 subparagraph (b), subdivision (2) of that Act contemplates control by "shareholders" of a member bank other than a "holding company affiliate", and that, if banks are controlled by a "holding company affiliate", as distinguished from "shareholders", such banks are not affiliates within the meaning of that Act. It is the opinion of the Board that the word "shareholders", as used in section 2, subparagraph (b), subdivision (2) of the Banking Act of 1933 means any person or organization of any kind whatsoever which holds stock in a member bank, including a " holding company affiliate" of a member bank, and therefore that each subsidiary nonmember bank of a holding company affiliate is an "affiliate" of each subsidiary member bank of such holding company affiliate, and that the subsidiary member banks of a holding company affiliate are "affiliates" of each other, within the meaning of the Banking Act of 1933. Application of section 32 of Banking Act of 1933 to members of stock exchanges and partners and employees of stock exchange firms Three questions have been raised with respect to section 32 of the Banking Act of 1933: (1) Is that section applicable to directors of a member bank who are members of a stock exchange? (2) Is that section applicable to directors of a member bank who are partners in firms which do a stock exchange business? (3) Is that section applicable to directors of a member bank who are employed by or associated with a stock exchange firm? Section 32 of the Banking Act of 1933 reads as follows: SEC. 32. From and after January 1, 1934, no officer or director of any member bank shall be an officer, director, or manager of any corporation, partnership, or unincorporated association engaged primarily in the business of purchasing, selling, or negotiating securities, and no member bank shall perform the functions of a correspondent bank on behalf of any such individual, Banks controlled by same holding company affiliate partnership, corporation, or unincorporated association as affiliates of each other and no such individual, partnership, corporation, or unincorporated association There has been presented to the Federal of a correspondent for anyshall perform the functions member bank or hold on Reserve Board an inquiry as to whether banks deposit any funds on behalf of any member bank, controlled by the same corporation are affiliates unless in any such case there is a permit therefor issued of each other within the meaning of the Banking by the Federal Reserve Board; and the Board isitauthorits judgment is not Act of 1933. When the question was submitted, ized to issue such permit if ininterest, and to revoke incompatible with the public the contention was made that banks controlled any such permit whenever it finds after reasonable by the same holding company affiliate are not notice and opportunity to be heard, that the public affiliated with each other in any manner de- interest requires such revocation. scribed in the Banking Act of 1933. In support By its express terms, section 32 is applicable of this contention, it was argued that section 2, to the service, from and after January 1, 1934, DECEMBER 1933 FEDERAL RESERVE BULLETIN 771 of an officer or a director of a member bank as "an officer, director, or manager of any corporation, partnership, or unincorporated association" engaged primarily in the business of buying, selling, or negotiating securities. Since the statute refers only to an "officer, director, or manager" of an organization of the kind designated in that section, the mere fact that directors of a member bank may be members of a stock exchange would not make that section applicable to such persons. In regard to the second inquiry, it appears that the word "manager" in section 32 includes any person who manages, controls, or directs the business of an organization engaged primarily in purchasing, selling, or negotiating securities, or who participates in such management or control, either at the main office or at a branch office, branch, etc., of such organization, and, therefore, it is the opinion of the Federal Reserve Board that it includes any general partner in a partnership principally engaged in such business. This conclusion is supported by the reference in that section to a "partnership" following the words "officer, director, or manager". However, the provision in question will not be applicable to an inactive partner in such a partnership, if such partner shall have no voice in the management or control of the partnership business and if his liability shall be limited to the amount of his contribution to the partnership. In connection with the third question, it will be noted that section 32 does not contain a reference to "employees", and it is the opinion of the Board that the section will not be applicable to directors of member banks who may be employed or associated with a stock exchange firm unless such persons may properly be classed as "directors", "officers", or "managers" of such firm. make loans secured by stock or bond collateral to any individual, association, partnership, or corporation other than its own subsidiaries." The wording of the provision would seem to leave no room for a construction which would make it inapplicable to a corporation making loans to its own employees, secured by its own stock, either for the purpose of enabling such employees to become stockholders of the corporation or for any other purpose. Under the provisions of section 8 of the Clayton Antitrust Act, the Federal Reserve Board is authorized, under certain circumstances, to issue permits covering services of the kinds referred to in sections 8 and 8A. However, the provision of section 8 which authorizes the Board to issue permits refers only to banking institutions of certain classes and accordingly, the Board is without authority to issue permits involving relationships between national banks and nonbanking organizations which come within the provisions of section 8A. It should be noted, however, that section 8A refers to any corporation which "shall make" loans of the kind described. Since the statute does not refer to the business which may have been transacted by a corporation in the past, but refers only to the business which shall be transacted, the prohibitions of section 8A are inapplicable to the service of a director of a national bank as a director of a manufacturing corporation which in the past has made loans secured by stock or bond collateral, if such corporation shall make no further loans of that character after January 1, 1934, the effective date of section 8A. Applicability of section 8A of Clayton Antitrust Act to corporations making loans to their own employees on their own stock In connection with an inquiry as to whether section 8A of the Clayton Antitrust Act would prohibit the officers of a certain corporation from serving after January 1, 1934, as directors of a national bank, it appeared that the employees of the corporation had pledged stock owned by them in that corporation as collateral security for loans made to them by various banks, and that the corporation took over these loans in 1929 and has since been allowing its employees to make payments periodically in reduction thereof. It was further stated that the corporation is not engaged in the business of making loans on There has been presented the question whether section 8A of the Clayton Antitrust Act will make it unlawful, after January 1, 1934, for directors of a national bank to serve at the same time as directors, officers, or employees of local manufacturing corporations which occasionally make loans to their own employees secured by the capital stock of the corporations making the loans. Section 8A applies to any corporation (other than a mutual savings bank), "which shall Applicability of section 8A of Clayton Antitrust Act to corporations which previously made loans on their own stock but expect to make no such loans in the future 772 FEDERAL RESERVE BULLETIN DECEMBER 1933 securities, and does not intend to make such When is such a bank " entitled to the benefits of loans in the future. insurance under section 12B ", within the meanSection 8A of the Clayton Antitrust Act ing of section 9 of the Federal Reserve Act? reads as follows: The Federal Reserve Board understands SEC. 8A. That from and after the 1st day of Janu- that, in order to be entitled to the benefits of ary, 1934, no director, officer, or employee of any insurance under section 12B of the Federal bank, banking association, or trust company, organ- Reserve Act between January 1, 1934, and ized or operating under the laws of the United States July 1, 1934, a nonmember State bank must shall be at the same time a director, officer, or employee of a corporation (other than a mutual savings bank) have been admitted by the Federal Deposit or a member of a partnership organized for any pur- Insurance Corporation to the Temporary pose whatsoever which shall make loans secured by Federal Deposit Insurance Fund, pursuant to stock or bond collaterial to any individual, associa- the provisions of subsection (y) of section 12B, tion, partnership, or corporation other than its own and that, in order to be entitled to the benefits subsidiaries. of insurance between July 1, 1934, and July 1, In view of the fact that section 8A refers to 1936, a nonmember State bank must have becorporations and partnerships " which shall come a member of the Federal Deposit Insurmake loans secured by stock or bond collateral" ance Corporation either by subscribing for the to any individual, association, partnership, or same amount of class A stock of the corporation corporation other than its own subsidiaries, as it would be required to subscribe and pay it is clear that this section is prospective in its for upon becoming a member bank, or by deoperation, and it is the opinion of the Board positing with the corporation an amount equal that it will not apply to a corporation or to the amount it would have been required to partnership which shall not actually make pay in on account of subscription to such stock, loans secured by stock or bond collateral if it is not permitted to subscribe for such stock after January 1, 1934, even though it is by the laws under which it was organized. authorized to do so and although loans preA State bank organized after June 16, 1933, viously made remain outstanding. and having a capital of only $25,000 is not Accordingly, if the corporation in question shall make no further loans secured by stock legally eligible for membership in the Federal or bond collateral after January 1, 1934, Reserve System, therefore, until it shall have section 8A will not prohibit its officers from become entitled to the benefits of insurance under the provisions of section 12B of the Fedserving as directors of a national bank. eral Reserve Act by one of the two methods described in the preceding paragraph. The Temporary Federal Deposit Insurance Eligibility of State banks for membership in Federal Fund does not become effective until January Reserve System—Capital requirements for banks in 1, 1934; but a State bank desiring to be adplaces of not more than 3,000 inhabitants mitted to membership in the Federal Reserve Under the provisions of section 9 of the Federal Reserve Act, a State bank organized on or System under the provision of section 9 referred after June 16, 1933, in a place with a population to above could apply for membership in the of not more than 3,000 inhabitants is required Federal Reserve System prior to that date and to have a capital of $50,000, in order to be the Federal Reserve Board could approve eligible for membership in the Federal Reserve such application, effective if and when the System, unless it is at the time entitled to the bank is admitted to the benefits of the Tembenefits of insurance under section 12B of the porary Federal Deposit Insurance Fund, proFederal Reserve Act, in which event it is eligible vided that such bank is otherwise eligible and for membership if it has a capital of not less acceptable for membership in the Federal than $25,000; and the question has arisen: Reserve System. 773 FEDERAL RESERVE BULLETIN DECEMBER 1933 FEDERAL RESERVE STATISTICS, BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures. In millions of dollars] [In thousands of dollars] Wednesday series (1933) 1932 1933 Federal Reserve bank Federal Reserve bank November Boston New York-_. Philadelphia. November October Nov. 1 5.3 41.7 24.9 4.1 41.1 26.3 13.0 61.7 48.6 Cleveland Richmond Atlanta 6.8 6.5 10.2 8.4 6.0 28.4 18.6 21.0 Chicago St. Louis Minneapolis-. 6.2 1.5 3.0 5.9 1.8 3.2 18.0 8.3 12.2 Kansas City__ Dallas San Francisco 3.4 1.1 3.8 3.7 2.1 15.4 8.0 59.9 Total... 114.0 119.5 Nov. 8 Boston New York Philadelphia- 3,979 39, 571 24, 762 4,907 40,194 24,141 4,816 41,192 24,816 Cleveland-. RichmondAtlanta 10,143 7,277 6,191 10, 452 6,774 6,211 9,919 6,819 5,779 9,197 6,740 6,239 9,596 6,485 7,679 Chicago St. Louis Minneapolis- 5,819 1,577 2,956 5,434 1,546 3,032 5,847 1,427 3,067 6,280 1,285 2,981 7,098 1,391 Kansas City... Dallas San Francisco . 3,881 1,248 9,103 4,002 1,100 4,468 4,094 1,028 2,633 2,679 881 2,667 2,510 1,260 2,503 Total 313.0 I Back figures.—See Annual Reports for 1932 (table 9), 1931 (table 80), 1928 (table 72), and 1927 (table 55). 116,507 Nov. 15 Nov. 22 Nov. 29 5,717 41,991 25,495 6 503 45,208 25,922 112,152 119,041 112, 261 111,437 Back figures.—See Annual Reports for 1932 (table 13), 1931 (table 83), 1930 (table 78), etc. CASH HOLDINGS, DEPOSITS, NOTE CIRCULATION, AND RATIO OF CASH HOLDINGS TO LIABILITIES [In thousands of dollars] Averages in daily figures Total gold reserves and other cash Federal Reserve notes in circulation l Total deposits Federal Reserve bank 1932 1933 November 1932 1933 1932 1933 November October Boston New York Philadelphia. 288,911 192, 524 293,463 239, 751 131,185 181,980 980,048 1,020,092 1,074, 567 1,065,026 1,081,609 1,195, 741 239, 216 210, 922 226,916 124,725 145, 759 137, 546 218,257 645,087 233,023 222,304 644,884 237,431 194, 255 584, 972 238,932 71.4 57.3 61.2 71.5 59.1 62.4 73.7 60.3 58.0 Cleveland Richmond Atlanta __ 278,771 166,015 126,685 281, 717 156,936 124,594 248, 285 99,542 84,340 165,197 88,985 66,829 160,924 85,938 65,304 147,378 56,819 45,584 279, 667 150,134 122,370 282,574 145, 968 118,040 276,045 101,078 98,555 62.6 69.4 67.0 63.5 67.7 68.0 Chicago St. Louis Minneapolis— 955, 969 166,301 92, 310 957,925 156,854 93,874 819,057 99,561 58,156 578,846 100,001 58,846 567, 747 92,514 56, 752 383, 402 62, 030 40,200 748,489 143,264 90, 789 751,991 139,515 93,742 672,198 101, 491 79,063 72.0 68.4 61.7 72.6 67.6 62.4 58.6 63.0 58.5 77.6 60.9 48.8 Kansas C i t y Dallas San Francisco 149,869 84, 571 273,412 148,039 79,242 262,816 92, 401 46,271 218,425 116, 641 88, 554 196,053 112,030 80,390 181,002 67, 789 46,746 148,293 105,429 39,022 213,464 108,870 34,252 215, 541 90,635 39,241 230,935 67.5 66.3 66.8 67.0 69.1 66.3 58.3 53.8 57.6 3,794,330 3,810,216 3,291,278 2,855,048 2,811,949 2,449,892 2,988,995 2,995,112 2,707,400 64.9 65.6 63.8 Total— 1 November October NovemNovember ber NoOctober vember November October November 1932 1933 Ratio of gold and other cash to deposit and Federal Reserve note liabilities combined Includes " Federal Reserve notes of other banks", as follows: Latest month, $16,891,000; month ago, $18,058,000; year ago, $13,428,000. 774 FEDERAL RESERVE BULLETIN DECEMBER 1033 EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES, ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, NOV. 30, 1933 [In thousands of dollars] Total Gold with Federal Reserve agents 2,618,254 Gold redemption fund with U.S. Treasury. 40,888 Gold held exclusively against F.R. notes 2,659,142 Gold settlement fund with F.R. Board 673,403 Gold and gold certificates held by banks— 240,693 Total gold reserves 3,573,238 Other cash i 204,583 Total gold reserves and other cash. >_ 3, 777,821 Redemption fund—F.R. bank notes 11,990 Bills discounted: Secured by U.S. Govt. obligations 36,959 82,082 Other bills discounted 119,041 Total bills discounted 23,866 Bills bought in open market U.S. Government securities: 442,671 Bonds.. _. 1,034,003 Treasury notes 954,959 Certificates and bills Total U.S. Govt. securities2,431,637 Other securities _ 1,580 Total bills and securities.. 2, 576,124 Due from foreign banks __. 3,523 F.R. notes of other banks 15,434 Uncollected items _ 375,332 Bank premises 54,732 All other assets^ 50,442 Total assets 6,865,398' 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 Total liabilities. Ratio of total gold reserves and other cash i to deposit and F.R. note liabilities combined Boston New York Phila- Cleve- Rich- Atdelmond lanta phia land 221,872 1,681 551,706163,000 209,770130,475 95,200 2,922 9,732 4,287 5,007 1.6 223,553 26,915 21,705 272,173 16,028 288,201 1,250 Chicago 2,634 6,503 1,548 742,228121,992 193,279 33,451 2,794 278 938,301155,721 29,070 9,825 933,882 220,794 298,294 168,672 126, 700 967,371165,546 247 2,250 358 2,932 1,015 1,360 248 17,646 5,336 27, 562 20,586 45,208 25,922 8,114 2,039 2,710 6,886 9,596 2,089 1,072 5,413 6,485 KanSan sas Dallas FranCity cisco 737,972120,578 65,354 96,490 44,074181,763 920 6,165 4,256 1,414 1,654 1,268 561,438 167,287 214,777 132,057 98,122 179,790 13,135 60,346 24,987 13,399 147,621 12,538 4,799 1 , " " ' 888,849 192,960 279,922 158,103 114,504 45,033 27,834 18,372 10,569 12,196 1,884 5,795 7,679 823 67,008 97,758 18,250 32,364 455 11,686 85,713141,808 8,301 94,014151,336 309 500 2,624 4,474 651 740 103 2,783 7,' 2,631 765 595 227 2,283 2,510 44,994187,928 34,952 42,535 "' ~ " 3,709 31,066 83,655 261,529 6,205 11,622 89,860 273,151 854 667 198 621 2,305 1,260 2,503 704 76,951 14,493 16,301 14,009 18,526 25, 111 170,046 28,068 32,161 11,860 10,759 355,069 72,636 94,458 34,836 31,575 173,943 41,104 25,771 36,209 25,041 73,754 306,566 66,416 86,405 31,867 28,932 186,449 37,603 23,550 33,123 22,908 67,466 831,681167,120 213,024 78,563 71,266 437,343 93,200 65,622 83,341 66,475 166,331 993 510 77 165,722 885,996 195,591 224,709 85,931 79,768 447,072 95,356 69,180 86,540 68,439 171,820 108 261 108 131 22 "" 15 508 146 370 1,159 285 410 291 1,404 694 590 1,160 2,674 682 1,055 1,053 4,893 370 568 45,320 15,511 9,539 21,313 14,529 16,807 100,599 29,242 34,676 31,536 12,391 43,869 7,609 3,285 1,747 3,559 1,797 4,254 12,818 3,791 6,932 3,238 2,422 951 596 1,050 1,705 1,178 1,672 431 29,001 4,579 2,106 3,321 3,852 503,408 1,971,280 455,990 569,129 294,147 226,564 1,474,476 281,368 176,444 266,221177,056 469, 315 24,390 69,607 63, 674 157, 671 663,789 233,284 282,074 154,095 122,504 53, 751 18,283 26,186 4,598 5,528 757,181 143,370 90,669 104,731 40,405 213,682 30,242 5,938 5,027 9,471 13,103 12,090 2, 572,942 172,480 934,795 116,603 166, (,521 74,591 55,965 81,519 6,460 24,656 3,351 8,230 5,091 4,949 241 745 722 5,324 502 681 540,202 83,043 53,576 111, 368 89,865 173,933 16,070 1,993 3,118 2,293 1, 307 4,001 199 199 234 158 481 3,030,329 224,545 205,394 21,177 55,006 14, 331 67,352 2,796,474 373, 730 145,194 278, 599 35,678 6,865,398 64.8 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to F.R. bank by F.R. agent. _ 3,264,891 Held by Federal Reserve bank 234,562 In actual circulation 3,030,329 Collateral held by agent as security for notes issued to bank: Gold 2, 618, 254 Eligible paper. 96, 276 U.S. Government securities 597,600 FEDERAL RESERVE BANK NOTE STATEMENT Federal Reserve bank notes: Issued to F.R. bank (outstanding).... 225,544 Held by Federal Reserve bank 20,150 Inactu al circulation— 205,394 Collateral pledged against outstanding notes: Discounted and purchased bills 1,948 U.S. Government securities 247,274 544 4,924 7,227 5,984 1,249 1,948 170 32,862; 504 1,535 1,640 181,626 999,231130,355 183,121 43,963 95,330 27,436 34,137 10,863 58,467 15,737 12,372 20,460 85,058 29,242 28,294 15,654 1,653 2,945 774 503,408 1,971,280 455,990 569,129 71.0 56.2 60.7 64.1 413 2,791 21,340 3,928 1,192 2,402 2,054 2,207 40 291 211 3,930 5,157 657 678 616 2,189 11,412 1,117 4,307 1,800 3,831 5,539 69,112 583,553 98,662 60,135 116,918 93,973 193,275 86,513 46, 299 18,116 9,476 21,725 16,109 18,133 31,383 11,623 12,945 3,998 2,870 4,243 3,725 10,612 4,934 4,428 39,497 10,186 7,019 8,263 8,719 19,701 11,616 10, 544 870 1,022 1,822 2,825 4,759 1,098 1,248 1,008 294,147 226, 564 1,474,476 281,368 176,444 266,221177,056 469,315 70.1 72.2 66.1 68.4 62.3 68.3 66.9 67.1 237,886 731,888 246,025 297,640161,265 142,392 13,341 68,099 12,741 15,566 7,170 19,888 — 224, 545 663,789 233,284 282,074 154,095 122,504 =!= 791,951151,,414 94,749 112, 562 44, 512 252, 607 34,770 8,044 4,080 7,831 4,107 38,925 757,181143,370 90,669 104,731 40,405 213, 682 551,706163,000 209,770130, 1,475 95,200 37,641 13,776 9,561 " 5,446 5,679 165,000 70,000 80,000 26,000 48,000 >,578 65,354 96,490 44,074181,763 737,972120, 5,581 1,712 1,897 2,095 1,726 4,615 50,000 30,000 28,600 16,000 70,000 221,872 6,547 14,000 23,363 2,186 21,177 20,283 27,299 10,115 2,000 1,113 53, 751 18,283 26,186 30,000 1,546 64,274 21,000 30,000 4,598 6,217 5,528 5,000 31,370 1,128 30,242 6,138 200 5,938 7,000 36,000 159 7,000 * "Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. MinSt. Louis neapolis 5,544 517 5,027 9,900 14,509 12,457 429 1,406 367 9,471 13,103 12,090 10,000 16,000 15,000 775 FEDERAL RESERVE BULLETIN DECEMBER 1933 LICENSED MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures for August-October 1933 Reserves held Federal Reserve district Total October September Boston New York.__. Philadelphia.. 171.5 1,015.2 124.5 158.6 1,015.1 121.7 Cleveland Richmond Atlanta _. 136.6 69.9 55.8 Chicago St. Louis Minneapolis- _ Borrowings at Federal Reserve banks Excess October September 153. 6 961.0 119.0 61.6 170.0 24.5 50.0 172.9 23.2 134.3 66.6 53.9 138.5 66.9 55.1 26.0 18.7 16.5 516.5 73.7 50.8 463.7 71.8 50.4 404.9 70.7 51.5 Kansas City-. Dallas _. San Francisco. 102.1 75.6 164.3 101.5 57.9 155.6 Total... 2, 556. 5 2,451. 2 October September 45.5 125.1 20.3 4.1 35.0 12.9 5.3 35.5 14.2 6.6 36.6 15.7 25.4 16.8 15.3 29.3 18.2 16.8 8.7 6.7 4.5 10.0 7.7 5.3 9.7 8.1 4.6 298.1 26.3 14.1 250.5 24.8 14.3 194.3 23.1 15.4 3.8 1.6 3.1 4.8 2.7 3.5 5.5 2.2 99.4 56.5 153.8 42.6 33.2 26.8 42.2 18.4 20.8 39.1 17.8 20.5 2.8 2.0 5.9 3.0 4.0 6.5 3.0 4.2 .5.5 2,331.0 758.4 674.5 565. 5 91.0 102.5 115. 6 August August August NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] Avera ?es of daily figures for August-October 1933 Member banks in larger centers (places over 15,000) Federal Reserve district Net demand Time Net demand Member banks in smaller centers (places under 15,000) Time October Septem- August October Septem- August October Septem- August October Septem- August ber ber Boston New York Philadelphia Cleveland Richmond Atlanta 932 6,171 685 _ , Kansas City _ Dallas San Francisco Total _ _ 645 1,743 587 655 1,738 582 656 1,754 579 79 181 130 76 184 128 72 184 124 101 417 348 97 414 348 94 414 345 759 364 285 765 352 279 799 276 263 807 271 264 802 271 265 110 74 55 109 70 50 108 67 52 190 133 57 188 130 55 185 129 56 1,579 341 220 1,541 339 216 1,518 346 217 762 229 169 763 229 168 762 229 171 106 84 93 101 81 91 99 81 88 129 77 158 325 77 158 123 76 157 402 293 881 Chicago St. Louis Minneapolis 917 6,096 678 777 373 288 _ _ _ _ _ 919 6,149 672 405 274 854 416 268 835 204 156 1,476 200 156 1,482 197 159 1,486 167 143 78 161 126 75 160 121 77 101 31 75 101 32 74 100 32 75 12, 943 12, 775 12, 686 7,309 7,314 7,333 1,300 1,252 1,234 1,817 1,799 1,786 FEDERAL RESERVE BULLETIN DECEMBER 1933 MEMBER BANKS LICENSED AND NOT LICENSED AS OF NOV. 22, 1933 Deposits on June 30, 1933 of banks licensed and not licensed on Nov. 22,1933 (in thousands of dollars) Number of banks Federal Reserve district Total All member banks: Boston New York Philadelphia Cleveland Richmond Atlanta Chicago _._ St. Louis ._ Minneapolis Kansas City Dallas San Francisco Total National banks: Boston New York Philadelphia Cleveland _ Richmond Atlanta — _ Chicago St. Louis Minneapolis Kansas City Dallas.. San Francisco 673 619 390 325 699 402 535 750 551 407 351 736 601 520 353 302 554 357 490 704 537 373 6,528 5,878 657 609 540 342 273 538 332 486 715 501 335 Total State bank members: Boston New York Philadelphia Cleveland Richmond Atlanta. Chicago _-_ St. Louis _ Minneapolis Kansas City Dallas San Francisco 318 589 543 450 306 251 427 293 441 669 487 18 72 72 99 37 23 145 45 45 46 14 34 Licensed 2,035,450 10,213, 578 2,132,791 2,170,486 2, 017,055 10,105,438 2,002,390 2, 055, 783 961,671 792,082 2,952,735 834,049 734,446 1, 032,818 706, 248 2,780,420 18,395 108,140 130,401 114,703 28,194 27,018 124,106 44,106 19,400 20, 743 5,233 13, 651 26,975,135 654,090 819,100 3,076,841 878,155 753,846 1,053,561 711,481 2,794,071 650 27,629, 225 18 90 36 22 111 39 45 46 14 27 Not licensed » Total 1, 549,862 4, 245,149 1,494,201 1,312,888 743,492 732,633 2,422, 328 583,869 717,060 926,370 678,413 2,194,510 5,664 5,082 151 64 79 48 52 161 70 49 35 50 72 33 147 58 70 47 51 127 64 49 35 50 65 485, 588 5,968,429 864 Total 1 Not liLicensed eensed 1 796 10, 028,450 582 17,600,775 857, 598 246,373 86,467 654,513 294,286 36,786 127,191 33,068 599,561 1,531,467 4,157,294 1, 389, 220 1, 210,784 715,569 718,204 2, 326,162 557, 561 697,660 905,627 673,180 2,182,968 17,065,696 485,588 5, 948,144 613,170 844,999 246,102 73,878 626, 573 276, 488 36, 786 127,191 33,068 597,452 9,909.439 18,395 87,855 104, 981 102,104 27,923 14,429 96,166 26,308 19,400 20,743 5,233 11,542 535,079 20, 285 25, 420 12, 599 271 12,589 27,940 17, 798 2,109 119, 011 Exclusive of banks placed in liquidation or receivership. NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, NOV, 229 1933 [Preliminaryfigures,subject to change; based on information received by Federal Reserve banks] Number of banks Federal Reserve district Total Boston... New York.... PhiladelphiaCleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas On unrestricted basis Deposits on Dec. 31, 1932, or latest avail able call date (in thousands of dollars) Total Banks on unrestricted basis 159 316 245 614 598 700 1,462 1,176 915 1,254 518 San Francisco 199 324 269 709 688 754 2,100 1,382 966 1,483 536 397 500,348 1,112,838 455, 288 602, 968 488,817 210,063 987,620 361,038 253,574 280,227 133,351 514,160 404,773 1,074,744 405, 362 509, 906 392, 744 190, 811 668,271 320,044 244, 269 250, 285 129,844 504,176 Total... 9,807 8,323 5,900,292 5,095, 229 777 FEDERAL RESERVE BULLETIN DECEMBER 1933 WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] City Federal Reserve District Total Boston Total loans and investments: Nov. 1 Nov. 8 .__. Nov. 15. Nov. 22 Nov. 29 Loans: Nov. 1 Nov. 8 Nov. 15 Nov. 22 _ . Nov. 29 On securities: Nov. 1 Nov. 8 _. Nov. 15 Nov. 22 Nov. 29 All other: Nov. 1 Nov. 8 Nov. 15 Nov. 22 Nov. 29 Investments: Nov. 1 Nov. 8 _ Nov. 15 .._ Nov. 22 Nov. 29 U.S. Government securities: Nov. 1 Nov. 8 Nov. 15 Nov. 22 Nov. 29 All other: Nov. 1 Nov. 8 Nov. 15 Nov. 22... Nov. 29 .... Reserve with Federal Reserve banks: Nov. 1 Nov. 8 Nov. 15 Nov. 22 . Nov. 29 Cash in vault: Nov. 1 Nov. 8 Nov. 15 Nov. 22 Nov. 29.— Net demand deposits: Nov. 1 _ Nov. 8 Nov. 15 Nov. 22 Nov. 29 Time deposits: Nov. 1 Nov. 8 Nov. 15 Nov. 22 Nov. 29 Government deposits: Nov. 1 Nov. 8 Nov. 15 Nov. 22 Nov. 29 Due from banks: Nov. 1 Nov. 8 Nov, 15 Nov. 22 Nov. 29 New Phila- Cleve- Rich- AtdelYork phia land mond lanta Chicago San New St. Min- KanLouis neap- sas Dallas Fran- York cisco olis City Chicago 16,749 16,718 16,681 16,619 7,771 7,726 7,704 7,663 7,744 1,044 1,050 1,052 1,051 1,045 1,129 1,128 1,118 1,115 1,107 340 340 340 340 338 335 338 341 343 342 l,.509 1,531 1,516 1,491 1,484 478 479 483 484 485 334 332 333 329 326 509 512 512 512 513 393 392 395 397 1,690 1,691 1,688 1,695 1,700 6,822 6,778 6,754 6,719 6,804 8,593 8,593 8,557 8,508 696 3,967 692 3,971 500 506 508 508 508 459 458 457 455 450 182 180 178 178 175 182 186 189 193 193 865 860 855 855 842 236 238 239 239 240 183 182 182 180 177 212 212 211 209 208 217 215 218 218 217 894 3,425 3,428 891 891 3,346 3,441 3,604 3,590 3,557 3,549 3,569 247 244 248 249 249 1,898 1,889 1,857 1,845 1,875 238 241 240 240 227 227 226 224 222 65 63 60 62 61 56 57 58 58 402 402 399 400 395 87 87 87 90 48 46 48 48 48 55 55 55 55 55 59 60 63 60 222 220 219 218 219 1,666 1,657 1,624 1,618 1,651 343 341 338 339 4,989 5,003 5,000 4,959 4,999 449 2,069 448 2,082 447 2,079 450 2,038 444 2,099 262 265 268 268 272 232 231 231 231 228 117 117 118 116 114 126 129 131 135 134 463 458 456 455 447 150 151 152 152 150 135 136 134 132 129 157 157 156 154 153 157 156 158 155 157 672 673 670 673 672 1,759 1,771 1,769 1,728 1,790 343 340 338 338 332 8,156 8,126 8,124 8,111 8,104 521 3,804 508 3,755 504 3,768 500 3,780 499 3,770 544 544 544 543 537 670 670 661 660 657 158 160 162 162 163 153 152 152 150 149 644 671 661 636 642 242 241 244 245 245 151 150 151 149 149 297 300 301 303 305 176 177 177 179 179 796 798 799 804 3,397 3,350 3, 361 3,373 504 532 521 496 5,164 5,147 5,138 5,111 5,114 333 326 323 320 320 2,445 2,400 2,402 2,402 2,397 298 298 300 300 294 467 468 459 459 457 113 114 115 115 115 101 101 101 100 385 417 407 376 140 140 142 143 143 93 92 93 92 93 189 191 193 194 196 123 122 124 125 125 477 478 479 485 2,274 2,231 2, 231 2, 230 2,225 290 323 311 280 288 2,992 2,979 3.000 2,990 188 182 181 180 179 1,359 1,355 1,366 1,378 1,373 246 246 244 243 243 203 202 202 201 200 259 254 254 260 256 102 101 102 102 102 58 58 58 57 56 108 109 108 109 109 319 320 320 319 320 1,123 1,119 1,130 1,143 1,138 214 209 210 216 211 1,911 1,878 1,925 1,965 1,864 112 134 129 138 125 903 843 871 879 813 77 71 74 74 67 79 75 79 78 82 417 403 408 433 421 27 30 30 30 29 58 62 73 68 69 95 100 104 101 99 859 796 829 835 768 389 372 378 403 385 200 226 215 225 231 23 26 29 33 46 56 50 50 11 13 12 12 13 16 17 16 17 15 43 45 45 47 49 5 5 4 5 4 11 12 11 12 11 15 16 15 15 16 36 44 39 39 35 10 9 9 9 10, 653 10, 531 10,629 10, 676 10, 751 726 707 710 725 720 5,670 5,553 5,566 5,608 5,675 556 556 567 563 570 528 515 521 518 524 190 193 192 191 144 147 145 146 1,213 1,225 1,233 1,238 1,228 283 288 290 292 295 199 200 206 204 201 339 340 364 357 358 237 238 248 250 255 570 572 585 585 590 5,283 5,169 5,180 5,214 5,274 1,034 1,047 1,051 1,060 1,040 4,470 4,495 4,472 4,445 4,410 379 377 377 378 374 1,187 1,201 1,200 1,185 1,158 313 312 311 311 304 436 441 435 434 431 128 129 129 129 129 131 132 132 131 131 463 468 457 451 459 159 159 159 159 159 124 123 119 119 117 167 169 170 168 168 121 122 122 122 121 862 862 861 858 761 775 774 772 751 347 350 339 333 341 1,012 999 960 915 817 101 100 97 93 85 460 436 390 90 90 86 81 70 57 57 54 53 47 36 36 35 34 31 67 65 61 57 26 26 26 25 23 4 4 4 4 3 14 14 13 12 10 36 35 33 32 27 84 83 82 80 76 453 446 428 406 364 49 48 44 40 33 1,236 1,154 1,209 1,164 1,135 129 119 115 97 94 129 116 119 110 114 60 50 58 58 54 57 55 53 47 45 237 225 234 232 236 72 68 68 70 68 58 55 62 57 59 115 107 121 122 111 134 127 136 139 138 84 77 79 74 - 72 188 171 181 180 1,217 1,200 1,199 1,199 16, 672 1,192 3,936 3,888 3,974 79 62 1,190 1,213 1,197 1,173 1,165 681 676 677 38 40 778 FEDERAL RESERVE BULLETIN D E C E M B E R 1933 WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES—Continued PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO— Continued [In millions of dollars] City Federal Reserve District Total Due to banks: Nov. 1 Nov. 8 . Nov. 15 Nov. 22 _ . _ Nov. 29 Borrowings from Federal Reserve banks: Nov. 1 Nov 8 Nov. 15 Nov 22 Nov. 29 2,715 2,676 2,737 2,674 2,646 Boston New Phila- Cleve- RichdelYork phia land mond 158 156 154 154 151 1,277 1,232 1,234 1,196 1,199 156 150 155 147 143 126 123 126 121 123 11 12 13 13 14 1 1 2 2 2 Atlanta Chicago 55 57 59 57 54 317 323 332 327 321 4 4 4 3 3 24 21 21 22 25 MinSt. Louis neapolis 66 68 71 70 69 93 100 102 101 97 KanSan sas FranCity Dallas cisco 73 77 78 76 T2 163 160 179 174 168 104 107 115 118 116 2 2 2 3 4 127 123 132 133 133 New York Chicago 261 265 273 269 263 1,226 1,179 1,179 1,144 1,148 6 2 1 1 1 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Prime commercial paper Federal Reserve bank or branch city Interbank loans L 1932 1933 1933 1932 1932 1933 1933 -I November Boston.. 2 -5 New York. Buffalo 2 -3*4 4H6 Philadelphia. Cleveland Cincinnati Pittsburgh _ . . Richmond Baltimore Charlotte Atlanta Birmingham Jacksonville Nashville New Orleans Chicago _ Detroit St. Louis Little Rock Louisville Minneapolis Helena Kansas City Denver Oklahoma City Omaha Dallas El Paso Houston San Antonio San Francisco Los Angeles Portland Salt Lake City Seattle Spokane Loans secured by prime stock- Loans secured by warehouse exchange collateral receipts October 5 -6 , -5 -6 -6 -5 -8 -7 6 5 -6 3 -5 6 2 -4 7 -8 3 -5 4 -5 6 -8 4 -8 6 5 -6 3 -5H 6 6 2 -4 7 -8 November -6 -8 -6 -7 -6 5 -6 6 534-6 3 -6 7 -8 5M-6 6 4 -6 5 -6 5 -6 5 -6 5H-6 November ber October November 4 -514 4 -5 5 -534 4 -434 4 -5 4 -5 5 -6 3 -4 6 5 -6 5 -6 5M6 I 5 -6 5V2-6 5 -6 5 5 -6 5 -6 5 -6 5 -7 6 5*4" 6 4 -5 6 -7 6 2 -5 7 -8 4 -6 6 5 -534 4 -6 7 -8 5 -6 6 -63 4^-53 53^-6 6 5 -7 6 6 -63 November October 3^-6 5 -6 5 -6 5 -6 6 -8 6 -8 3 5 5 6 -5 -6 -6 -7 6 5 -6 7 -8 5 5 5 6 6 5 5 3 5 5 6 -6 -6 -6 -8 -8 -6 -7 -5 -6 -6 -7 6 5 -6 7 -8 53^-6 5 -5 4 -4H 5 -6 6 -8 5 -8 6 4 -5 534-6 5 -6 6^-7 6 4 -6 7 -8 534-6 -7 -8 -7 -7 -6 6 7 5 6 5 -7 -8 -7 -8 -6 6 -634 3 -5 I 6 -8 6 -8 6 -7 5 -6 8 5 -6 6 -8 5 -6 6 -6} 6 -6} 7 6 -7 6 -7 7 -8 534-7 6 -634 6 -7 6 -63 6 -7 6K2 -7 3 -5 6 -8 6 -6 3 -6 i 6 -7 I e| 2 -4 , 6 -7 3 -5 5 -8 6 -8 6^-7 6 -7 5 -6 5 -6 5 -7 4 -5 3 -4 5 -h\ 4 -5 3 -4 5 -6 53^-6 5 6 5 4 -5 5^-6 5 -5 6 6 5 -6 4 -6 , 8 6 7 5 6 5 5 -6 6 5 -6 5 3 -6 4 6 -8 6 -8 6 4 -6 634-734 6 2 -4 6 -7 3 -5 6 6 -8 6 3 -6 8 5 -6 6 -7 634-7 6H-7 6 -7 2 -534 6 -7 5 -6 5 -6 6 6 6 5H-6 5 534-6 5 -6 6 5>4-6 5 -6 6 -7 4353'i-s 6 6 -634 5 -7 8 5 -6 6 -8 5), i-6 6 6 -7 7 6^-7 6}i-7 6 6 6 5 -6 5 -6 5 -53^ 6 5 6 6 6 6 6 5 534-6 5^6 5 -6 6 5 -6 5 53^-6 534-6 5^ -534 5 -53^ 6 5}4-6 5 -6 6 5 -6 6 -7 5 -6 5}4-6 6 6 6 5 -6 5 -6 5 —5^4 6 5^-6 5 -534 6 6 6 6 6 5 -534 6 6 6 -634 6 6 NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. banks are usually the larger banks in their respective cities. November 5 -5; 3 -434 5 -6 3 -4 5 -6 4 -5 434-5 3 7 5 6 4 October 4 -5 2 -5 4 -5 1H-6 5 -6 4 4 4 4 4 5 November 1932 I 534-6 6 -7 6 6 6 5 5 -6 5 —53^ 6 Reporting 779 FEDERAL RESERVE BULLETIN DECEMBER : OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN CURRENCY TO AND FROM EUROPE BY SELECTED BANKS IN NEW YORK CITY (Paper currency only. In thousands of dollars] 1932 End of month 1933 Net Net ShipShipshipshipReRements ceipts ments ments ceipts ments (-)or to from from (-)or to Europe Europe receipts Europe Europe receipts Month (+) January... February.. March.._. April May June July August September. OctoberNovember. December. 12 20 152 36 7 70 245 3,335 +3,310 5,221 +5,221 8,468 +8,468 4,563 +4,563 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 +3,742 105 101 25 1 0 4 5 122 UNITED STATES POSTAL SAVINGS [Balance to credit of depositors. In millions of dollars] 5,304 +5,301 5,589 +5,484 13,786 +13,685 8,049 +8,024 12,523 +12,522 +6,866 11,755 +11,761 6,153 +6,148 4,756 +4,634 5,905 +5,816 [Outside Treasury and Federal Reserve banks. In millions of dollars! 1933 Denominations Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 OOO 356 355 380 358 366 360 $1 32 32 32 33 32 33 33 $2"::....:... 660 654 685 688 682 656 664 $5 1,206 1,150 1,143 1,138 1,153 1,181 1,178 $10 1,302 1,406 1,349 1,335 1,312 1,300 1,303 $20 362 404 391 377 367 357 $50 612 662 686 607 636 620 $100 153 127 124 145 136 131 $500 _ _. 1 232 239 288 254 1,663 273 246 $1,000 12 7 9 8 7 7 $5,000 12 10 10 10 10 10 $10,000 5,009 4,917 4,896 4,937 4,916 Total.. 5.353 5,100 1 Separate figures for different denominations not available. NoTK.—Figures include, in addition to currency outside the Treasury and Federal Reserve banks, unassorted currency held by these institutions, amounting to $60,000,000-$l 16,000,000 prior to May 1933 and to $5,000,000-$6,000,000 since that time, and also $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. 1929 1930 1931 1932 153.5 154.8 155.0 154.3 153.8 153.6 157.8 160.1 160.3 161.6 163.7 164.3 165.1 167.9 169.5 170.2 171.2 175.3 180.7 186.5 189.8 192.5 200.7 245.4 278.4 292.1 302.7 313.8 325.0 347.4 372.5 422.7 469.9 538.1 565.5 605.1 665.6 942.5 691.8 1,006.2 705.3 1,112.7 722.1 1,158.4 742.6 1,178.8 784.8 1,185.1 828.5 1,176.7 848.5 1,177.7 857.4 "1,180.6 870.8 n, 189.6 885.2 900.8 1933 » Preliminary. MONTHLY DISTRIBUTION OF BILLS AND SHORT-TERM SECURITIES [In thousands of dollars] Total For description and back figures see BULLETIN for January 1932, pp. 7-9. PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION 1928 148.9 151.1 152.0 152.2 152.0 152.1 151.7 152.2 152.3 153.1 153.9 153.9 January February March April May June July August September October. November December. Bills discounted: Nov. 1_._ Nov. 8— Nov. 15 Nov. 22 Nov. 29... Bills bought in open market: Nov. 1 Nov. 8 Nov. 15.. Nov. 22 Nov. 29 Certificates and bills: Nov. 1 Nov. 8 Nov. 15 Nov. 22__ Nov. 29 Municipal warrants: Nov. 1 Nov. 8 Nov. 15 Nov. 22 Nov. 29 With91 days in 15 16 to 30 31 to 60 61 to 90 to 6 Over days days days days mos. 6 mos. 116,507 112,261 111,437 112,152 119,041 87,037 9,217 13,796 5,133 80,877 7,951 15,445 6,534 80,979 9,986 12,449 6,444 83,502 12,031 8,881 6,527 91,804 9,584 8,507 7,856 6,644 6,737 15,180 20,294 23,866 325 639 863 616 1,045 293 499 5,156 4,491 3,511 5,170 5,287 5,623 4,687 4,775 4,817 4,783 4,887 6,176 8,700 1,203 1,318 1,423 1,046 ir~ 121 136 156 165 194 147 150 81 969, 297 69, 747 106,070 322, 773 140, 698 173,503 156, 506 967,912 71,620 121,099 331,026 103,251184,410 156,506 967,910106; 070 246; 179 17< 24, 98,711186,200156,505 958,409 121,149 233,928 170,443 82,083194,300156,506 954,959 66,092 274,882146, 698 88, 714 222,067 156,506 1,559 1,559 1,569 1,580 1,580 1,439 1,439 1.449 1,486 1,486 PRICE OF GOLD OFFICIAL PRICE OF GOLD i—SEPT. 8-OCT. 24, 1933 [Under Executive order of Aug. 29, 1933] Date Sent. 8 ' 9 ' 11 ' 12 1 13 '14 ' 15 ' 16 ' 18 . ' 19 ' 20 ' 21 ' 22 ' 23 ' 25__ ' 26 '27 ' 28 '29 ' 30 _• Price (per ounce of fine gold) $29.62 29.12 29.10 29.21 29 48 29.77 30 41 30.49 31.44 31.64 32.28 31.33 31.75 31.86 31.30 31.49 31.35 31.05 31.33 31.46 1 m Date Oot. 2 ' 3 ' 4 1 5___ 1 6 '1 7 9 '10 ' 11 ' 13.. ' 14 ' 16 ' 17 ' 18... _ ' 19 '20 ' 21 ' 23 « 24 Price (per ounce of fine gold) $31.88 32.12 31.79 31.55 31.72 31.20 ..31.14 31.26 30.91 30.62 29.83 29.00 29.86 _ 30.33 29.18 29.13 _. 29.01 29.59 29.80 Price fixed by Secretary of Treasury for sales to industry of consigned gold newly mined in the United States. OFFICIAL PRICE OF GOLD *—OCT. 25-DEC. 1, 1933 [Under Executive order of Oct. 25, 1933] Pricei (per ounce of fine gold) Date Oct. 25 Oct. 26 Oct. 27 . . Oct. 28 Oct. 30 Oct. 31 Nov. 1 Nov. 2 Nov. 3 Nov. 4 Nov. 6 Nov. 7 Nov. 8 Nov. 9 Nov. 10 Nov. 11 . _ _. . $31.36 31.54 31.76 31.82 31.96 32.12 32 26 32.36 32.57 32 67 32 84 32.84 33.05 33.15 33 20 33.32 Date Nov 13 Nov. 14 Nov 15 Nov. 16 Nov 17 Nov. 18 Nov 20 Nov 21 Nov. 22 Nov 23 Nov 24 Nov. 25 Nov 27 Nov 28 Nov 29 Dec 1 Price ! (per ounce of fine gold) $33.45 33 56 33.56 33 56 33.56 33 56 33 66 33.76 33.76 33 76 33 76 33 76 33.76 33 85 33 93 34.01 1 Rate for subscriptions to R.F.C. notes payable in gold newly mined in the United States (notes maturing Feb. 1,1934—except that the offering on October 25 was one of 90-day debentures). 780 FEDEKAL RESERVE BULLETIN DECEMBER 1933 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100] 1932 1933 Industry Oct. Manufactures—Total Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. - Pig iron Steel ingots 66 63 64 64 61 56 66 78 93 101 91 84 . IRON AND STEEL 31 21 32 31 21 32 28 18 29 30 19 31 31 20 32 22 17 22 35 20 37 49 29 51 72 43 100 62 80 63 61 45 92 95 70 77 76 38 119 130 96 91 93 67 76 74 32 123 133 103 87 88 66 72 76 31 118 121 111 83 87 67 70 82 32 97 95 101 76 86 46 48 52 29 98 111 72 85 91 58 66 56 34 113 132 76 108 113 90 105 91 42 123 136 96 103 130 82 99 96 77 83 90 39 140 157 106 75 133 66 53 67 135 124 141 129 60 147 62 131 P114 120 107 118 115 61 P99 139 116 134 118 103 96 105 96 67 P91 95 88 97 83 67 172 143 82 89 92 101 74 89 145 88 81 83 82 85 70 92 146 87 83 84 79 83 67 83 129 92 89 88 86 87 78 93 137 90 93 84 88 84 87 89 144 88 65 84 85 81 85 91 149 92 68 101 102 107 90 98 156 110 82 99 102 106 92 101 153 97 89 105 100 106 109 113 91 96 100 105 107 95 85 99 102 152 97 98 103 145 95 91 84 61 87 77 80 104 68 87 150 100 87 80 66 84 67 76 96 70 84 127 98 86 80 64 88 58 67 105 65 75 137 94 84 76 59 82 61 75 88 56 85 135 98 P101 83 pill 105 127 147 95 106 144 70 '75 P96 P106 P106 P102 67 69 60 P118 P 107 P112 P118 P137 P126 P103 P76 P75 v 135 213 102 »139 173 103 P69 P141 . TEXTILES . Cotton consumption Wool Consumption Carpet and rug loom activity * Silk Deliveries Loom activity 1 FOOD PRODUCTS -. ___ _ Slaughtering and meat packing Hogs Cattle Calves. _ Sheep Wheat flour . Sugar meltings. - PAPER AND PRINTING Wood pulp and paper Newsprint . . . Book paper Wrapping paper Fine paper Box board Wood pulp, mechanical . Wood pulp, chemical Paper boxes Newsprint consumption — ._ LUMBER *77 59 88 60 76 56 86 124 96 P82 P78 92 P77 p 59 87 62 82 61 83 68 71 60 92 80 96 64 103 55 87 110 89 56 88 149 95 61 99 172 96 69 113 183 24 21 23 26 20 22 24 30 16 5 216 31 4 136 60 2 78 48 3 91 33 3 181 27 1 144 44 1 32 51 93 69 67 71 74 108 89 74 70 74 83 99 85 74 69 76 84 93 86 76 66 76 105 93 92 76 66 77 101 102 84 70 62 71 90 93 93 70 64 71 85 107 110 79 74 79 93 129 55 50 53 59 43 72 38 88 41 63 40 54 35 55 95 121 100 38 110 •113 102 105 146 64 P104 P99 162 106 P77 63 90 85 91 104 151 76 76 p 99 66 143 105 46 46 36 70 1 19 61 1 15 56 1 20 46 116 92 78 91 132 131 102 88 76 82 126 110 92 82 74 73 113 '99 93 82 76 69 109 100 51 118 94 56 150 50 135 37 112 35 73 33 TRANSPORTATION EQUIPMENT: Automobiles Locomotives Shipbuilding . . LEATHER AND PRODUCTS . _ _ _ _ _ > . . Tanning _ Cattle hide leathers Calf and kip leathers _ Goat and kid leathersBoots and shoes o 25 CEMENT AND GLASS: Cement Glass, plate NONFERROUS METALS: 8 66 0 16 114 89 76 102 109 131 55 50 55 58 55 68 109 125 112 95 137 180 66 86 72 55 138 179 73 89 71 56 132 169 76 90 68 56 132 165 86 94 76 56 132 166 81 95 75 56 140 179 85 94 81 54 147 187 87 95 88 61 154 198 92 101 80 75 155 198 92 106 82 91 153 198 87 '98 84 96 157 205 82 99 88 91 152 195 77 102 88 81 68 71 44 73 76 50 67 70 44 59 61 42 54 56 41 135 171 80 95 75 51 41 42 29 65 67 47 94 115 120 80 143 148 111 111 116 75 103 107 72 104 63 133 104 63 132 112 60 149 113 68 147 115 63 154 99 51 132 116 61 153 143 61 204 135 66 186 117 69 151 123 68 163 115 68 151 108 57 143 74 Tin deliveries L . . . 42 88 80 75 76 73 79 81 72 90 91 87 81 66 65 106 7 35 45 37 66 75 96 57 53 107 63 64 110 51 77 122 55 44 108 39 39 30 39 45 36 43 40 30 44 45 44 45 45 36 78 57 43 134 14 45 37 30 84 67 61 104 13 33 38 36 64 65 134 15 55 41 24 76 67 132 40 71 36 34 75 61 134 57 77 36 28 65 74 125 68 77 57 39 61 55 120 63 77 64 33 502 FUELS, MANUFACTURED: Petroleum refining.. Gasoline l Kerosene _ _ Fuel oil i Lubricating oil * Coke, byproduct RUBBER TIRES AND TUBES Tires, pneumatic . . Inner tubes _ _ . TOBACCO PRODUCTS Cigars Cigarettes ... Minerals—Total Bituminous coal Anthracite coal Petroleum, crude Iron ore Zinc Lead - . Silver . . . m 68 » Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals." p Preliminary. ' Revised. • Corrected. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and Sep- 781 FEDERAL RESERVE BULLETIN DECEMBER 1933 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1932 1923-25 average=100] 1933 Industry Oct. Manu fac tures—Tot al Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. PAPER AND PRINTING Wood pulp and paper __ Newsprint Book paper . . . Wrapping paper Fine paper Box board Wood pulp, mechanical Wood pulp, chemical _ Paper boxes Newsprint consumption LUMBER 93 97 89 84 53 29 56 72 43 75 93 59 96 79 60 81 65 52 67 95 98 73 84 76 38 121 134 96 86 86 68 77 74 32 113 118 103 92 92 67 75 76 31 129 138 111 88 94 70 76 82 32 102 102 101 78 91 46 49 52 29 95 107 72 88 98 57 64 56 34 112 131 76 108 116 85 96 91 42 122 135 96 126 133 109 121 118 60 134 153 96 121 122 115 126 129 62 126 136 105 P108 89 89 86 86 93 160 98 77 94 86 61 88 78 81 109 61 89 157 106 87 91 93 81 94 144 94 65 86 95 109 70 79 126 88 51 92 103 116 79 86 138 88 61 84 89 94 76 83 135 85 63 82 94 92 95 79 106 146 100 95 98 99 102 89 114 150 91 100 99 105 110 93 106 149 86 «98 97 99 97 97 100 145 92 « 101 "88 93 86 100 96 147 69 '94 89 81 65 86 68 74 99 70 84 130 104 81 74 64 87 57 64 85 65 73 112 97 82 75 59 83 60 76 85 56 84 119 94 59 91 61 82 59 89 63 86 62 84 69 75 61 90 80 97 65 103 96 121 57 89 138 95 60 90 111 92 68 90 149 101 75 99 172 99 20 20 26 20 23 26 15 5 158 18 4 119 32 2 60 40 3 64 33 1 112 85 72 69 71 82 94 73 72 67 65 91 73 80 73 67 63 99 85 35 3 129 93 78 70 71 105 103 53 57 55 34 54 23 78 55 24 68 50 58 138 179 79 89 71 57 132 169 82 90 68 57 132 165 88 94 76 57 132 166 82 95 75 57 60 62 39 112 77 140 55 57 37 46 48 32 54 56 38 106 75 130 91 45 123 107 52 144 80 78 72 71 74 79 105 22 32 39 36 74 67 105 6 35 47 39 70 74 93 63 57 102 40 39 30 41 46 36 46 41 33 OO OO •<! _ 80 39 21 41 137 180 70 86 72 55 Slaughtering and meat packing Hogs Cattle Calves Sheep Wheat flour Sugar meltings 68 25 18 25 50 FOOD PRODUCTS 58 33 20 34 63 50 Cotton consumption _ Wool Consumption Machinery activity Carpet and rug loom activity Silk . . Deliveries.Loom activity - 63 29 19 30 102 74 69 84 77 120 TEXTILES 63 102 99 81 91 90 39 140 157 106 . 58 24 18 25 25 Pig iron _ Steel ingots 63 29 21 30 £»tOtO 67 30 21 31 IRON AND STEEL 92 136 86 80 P84 P80 P94 _ _. _. LEATHER AND PRODUCTS Tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Boots and shoes no 59 45 61 P99 100 99 111 96 67 97 93 107 83 67 118 95 82 99 86 89 73 107 109 167 86 72 68 L09 no 110 106 101 167 83 P105 P105 P100 60 119 PlOO 66 P 101 P126 P119 P94 P102 75 114 190 99 P65 P128 P59 P136 P56 P141 204 91 175 92 179 104 150 111 32 40 45 49 37 34 57 1 31 64 0 31 75 0 20 73 87 69 63 63 92 98 91 68 64 64 84 105 101 75 70 75 87 118 29 59 50 96 55 34 61 68 80 94 135 171 78 95 75 53 140 179 84 94 81 54 147 187 83 95 88 61 153 198 86 101 80 73 58 61 43 45 46 32 76 79 53 118 123 83 104 54 140 94 47 125 107 58 139 76 74 67 68 108 51 63 120 46 46 48 47 45 36 TRANSPORTATION EQUIPMENT: Automobiles Locomotives Shipbuilding 66 P77 108 103 110 115 61 P102 P10© P102 Oct. 67 1 22 62 1 20 41 0 110 87 74 99 109 124 1 28 114 92 75 106 122 128 113 90 75 99 124 127 106 87 77 85 118 ••119 102 87 78 82 114 112 64 120 68 148 65 137 46 113 40 73 109 125 112 95 154 198 86 106 82 89 153 198 83 '98 84 93 157 205 83 99 88 89 152 195 80 102 88 81 139 145 96 140 145 105 110 114 83 98 101 72 145 63 206 147 72 204 126 72 167 131 72 176 128 77 167 116 69 150 65 76 82 89 94 93 88 46 45 108 50 43 136 21 46 36 29 57 57 137 30 53 42 23 69 55 135 81 66 34 29 74 69 75 129 131 73 54 37 67 71 122 108 75 66 33 CEMENT AND GLASS: Cement Glass plate -- NONPERROUS METALS: 1 Tin deliveries FUELS, MANUFACTURED: Petroleum refining Gasoline— Kerosene Fuel o i l . _ Lubricating oil Coke, byproduct _ RUBBER TIRES AND TUBES Tires, pneumatic Inner tubes TOBACCO PRODUCTS __ _______ -- Cigars Cigarettes -- - Minerals—Total Bituminous coal Anthracite coal Petroleum crude Iron ore Zinc _- Lead - - ___ Silver 1 - - - - 61 136 117 71 35 28 Includes also lead and zinc; see "Minerals." p Preliminary. •• Revised. • Corrected. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. 782 FEDERAL RESERVE BULLETIN DECEMBER 1933 FACTORY EMPLOYMENT AND PAY ROLLS BY INDUSTRIES [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-25 average=100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry 1933 Oct. Total. IRON AND STEEL AND PRODUCTS Steel works and rolling mills Hardware Structural iron work 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 Icecream Flour Sugar refining, cane P A P E R AND PRINTING Printing, book and job . Printing, newspapers and periodicals Paper and pulp Paper boxes _ L U M B E R AND PRODUCTS Lumber, sawmills Lumber, millwork. Furniture TRANSPORTATION E Q U I P M E N T . . . Car building and repairing.. Automobiles Shipbuilding LEATHER AND MANUFACTURES.. Boots and shoes... Leather CEMENT, CLAY, AND GLASS PRODUCTS. Clay products Brick, tile, and terra cotta Pottery Glass Cement _ NONFERROUS METAL PRODUCTS.. Stamped and enameled ware.. Brass, bronze, and copper CHEMICALS AND PRODUCTS Chemicals and drugs Petroleum refining Fertilizers RUBBER PRODUCTS _ Automobile tires and tubes.. Rubber boots and shoes TOBACCO MANUFACTURES Cigars and cigarettes Chewing and smoking tobacco, snufL. 75.8 73.8 80.5 56.3 58.7 69.4 49.3 87.8 40.0 62.7 61.7 59.8 49.5 66.7 87.6 94.0 102.7 86.8 88.8 76.6 101.6 67.0 85.6 71.7 59.8 84.0 80.4 78.3 97.4 93.7 104.8 106.2 78.8 86.2 90.6 92.8 78.9 101.0 98.5 95.4 51.7 46.3 41.4 73.5 50.9 44.1 56.8 74.1 84.9 84.2 87.9 54.2 45.6 33.7 78.3 79.3 39.2 67.0 35.3 77.8 99.4 109.0 87.8 79.3 83.4 87.7 70.2 70.2 69.8 73.9 1932 Sept. Oct. 76.6 62.0 75.3 82.3 60.1 58.0 68.9 53.4 83.2 38.8 53.3 55.9 50.1 47.2 50.4 41.2 58.9 33.8 45.8 44.4 36.8 25.5 52.3 75.7 76.2 75.9 65.6 68.5 50.1 91.4 66.7 88.1 74.4 55.0 73.0 104.4 71.6 85.0 85.2 83.1 100.9 70.3 75.9 75.7 82.3 78.1 94.4 78.1 75.9 39.0 34.1 35.1 55.4 41.3 42.1 37.3 63.4 79.0 81.7 67.9 44.9 39.4 30.7 63.1 56.0 44.3 47.1 24.2 55.0 75.1 79.4 74.6 49.6 60.5 62.9 53.3 71.9 71.8 72.4 60.4 55.3 45.6 64.4 88.0 94.5 101.4 88.6 91.6 72.6 100.1 74.6 87.6 71.4 61.1 79.6 79.1 80.1 96.0 92.6 105.6 98.3 86.1 84.3 84.2 91.0 77.8 97.8 97.5 93.7 51.1 45.4 42.6 72.2 53.4 44.2 63.4 71.9 86.6 86.0 89.0 55.8 47.2 36.8 75.4 78.5 45.4 67.7 36.1 78.4 96.2 106.4 84.4 71.8 84.4 89.6 69.1 67.1 66.4 72.1 1933 Oct. 73.9 73.6 81.1 56.6 57.4 65.1 48.3 80.4 39.9 63.1 62.2 59.9 52.0 66.7 86.2 93.1 101.8 85.2 86.7 77.3 100.9 66.6 85.4 68.8 59.1 82.3 75.4 71.1 93.4 90.8 105.3 88.0 80.4 82.9 87.5 92.3 79.7 100.8 98.5 90.6 49.9 45.5 41.4 67.4 51.0 43.9 56.8 79.0 82.0 80.6 88.0 52.9 44.9 32.9 77.8 77.0 37.7 67.9 36.1 78.7 99.1 107.9 87.9 82.2 83.7 89,2 67.2 66.8 65.8 74.4 1932 Sept. 74.3 74.7 82.4 59.4 56.1 65.8 52.2 78.2 38.3 61.1 60.6 56.0 49.1 64.4 88.4 95.9 102.9 89.8 92.6 75.0 101.1 75.3 59.6 80.4 77.4 74.6 93.9 91.3 106.7 89.4 78.9 81.4 83.2 91.2 78.2 98.9 97.5 92.3 49.4 44.1 42.0 69.4 52.8 44.0 61.5 77.2 83.3 81.9 88.9 53.9 45.7 34.8 75.6 75.9 43.1 68.6 37.1 79.3 95.9 106.6 83.0 72.8 82.2 87.2 67.4 65.2 64.2 72.9 Oct. 61.1 53.2 56.3 50.4 46.1 47.4 40.4 53.9 33.7 46.1 44.8 36.9 26.8 52.3 74.3 75.5 75.3 64.3 66.9 50.6 90.7 66.3 87.9 71.2 54.4 71.6 98.1 65.1 81.3 82.5 83.5 83.6 71.8 73.0 73.1 82.0 78.8 94.3 78.2 72.0 37.6 33.4 35.1 50.8 41.4 41.9 37.3 67.6 76.1 78.1 67.9 43.8 38.8 30.0 62.7 54.4 42.6 47.8 24.7 55.6 74.9 78.6 74.7 51.4 60.7 64.0 51.0 68.3 67.7 73.0 1933 Oct. 57.4 49.3 53.8 32.7 38.7 46.9 31.9 61.4 21.7 43.4 39.8 41.4 43.4 52.2 69.2 75.2 83.9 64.6 65.9 58.8 91.8 54.9 64.6 57.1 48.1 74.7 66.0 52.3 78.8 77.1 86.4 85.0 63.8 69.0 62.1 76.0 64.4 89.7 72.2 79.2 33.5 29.9 24.7 47.2 41.7 38.7 43.3 58.8 64.0 60.9 75.3 34.1 24.8 15.2 50.1 58.6 24.6 50.2 25.7 57.4 78.7 85.2 72.5 53.7 62.8 62.0 65.9 55.5 54.4 64.1 NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 706-716, and November 1930, pp. 662-677. 1932 Sept. 57.6 49.0 53.6 35.4 36.5 44.9 34.8 54.7 20.8 41.2 38.0 37.7 38.0 49.8 70.7 75.1 83.2 66.7 69.2 54.8 87.1 59.2 63.1 61.8 49.1 65.0 71.3 76.3 78.2 76.9 86.9 80.3 67.7 64.8 59.4 74.6 63.1 86.7 72.3 79.4 33.1 29.8 25.4 45.3 43.0 35.9 50.1 56.8 68.7 67.0 74.8 34.1 25.0 16.8 46.4 57.4 25.6 51.4 25.7 58.9 74.3 80.0 69.8 47.6 62.9 62.8 63.4 52.3 50.8 64.1 Oct. 43.5 26.2 25.2 25.9 27.7 33.9 27.0 40.4 17.0' 27.7 24.8. 21.4 19.6 36.5 55.6 55.2 52.1 44.9 47.9 31.0 77.1 48.9 69.0 56.3 38.2 49.9 83.9 47.5 70.9 72.9 70.3 78.1 60.9 66.3 59.1 71.7 66.4 89.8 56.7 66.4 22.4 18.4 20.2 32.5 29.1 31.4 23.3 53.4 55.0 54.6 56.3 26.4 20.0 13.4 37.4 38.7 27.0 32.2 17.4 36.4 60.7 61.9 63.3 33.7 38.9 38.1 42.4 52.6 51.6 60.9 783 FEDERAL RESERVE BULLETIN DECEMBER 1933 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926-100] Year and month 1928 1929 1930 1931 1932 1932—October November December.. _ 1933—January February March .. . April May June July . . August... September October.. _. Other commodities All commodities •nio products 96.7 95.3 86.4 73.0 64.8 64.4 63.9 62.6 61.0 59.8 60.2 60.4 62.7 65.0 68.9 69.5 70.8 71.2 Foods 105.9 104.9 88.3 64.8 48.2 101.0 99.9 90.5 74.6 61.0 60 5 60.6 58.3 55.8 46.9 46.7 44.1 42.6 40.9 42.8 44.5 50.2 53.2 60.1 57.6 57.0 55.7 Total 53.7 *>4 A 56.1 F>9 4 61.2 35.6 B4.8 S4.9 54.2 1 Tides an 1 Textile Fuel and Metals Building Chemi- House- Miscelleather lighting and metal cals and furnishproductsj products materials products materials drugs ing goods laneous 92.9 91.6 85.2 75.0 70.2 70.2 69.8 69.0 67.3 66.0 65.8 65.3 66.5 68.9 72.2 74.1 76.1 77.2 121.4 109.1 100.0 86.1 72.9 72.8 71.4 69.6 68.9 68.0 68.1 69.4 76.9 82.4 86.3 91.7 92.3 89.0 95.5 90.4 80.3 f$6.3 t>4.9 t »fi 0 53.9 53.0 51.9 51.2 51.3 51.8 55.9 61.5 68.0 74.6 76.9 77.1 84.3 83.0 78.5 67.5 70.3 71.1 71.4 69.3 66.0 63.6 62.9 61.5 60.4 61.5 65.3 65.5 70.4 73.6 94.1 95.4 89.9 79.2 71.4 70.7 70.7 70.8 70.1 69.8 70.3 70.2 71.4 74.7 79.5 81.3 82.7 83.9 97.0 100.5 92.1 84.5 80.2 80.3 79.6 79.4 78.2 77.4 77.2 76.9 77.7 79.3 80.6 81.2 82.1 83.0 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. 38 2 >? 8 >0.8 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 36 0 43 0 45.3 44 8 41.0 46.7 52.8 46.8 51.8 57.4 46.6 66.2 73.4 47.4 63.7 64.6 45.9 62.5 63.9 46.7 61.2 58.2 45.4 61.2 (V) ft (J6.0 ,> 6 R {il 9 (\7 1 60.6 65.8 52.5 60 9 64.6 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 50.9 62.7 54.3 50 5 55.8 53.1 65.9 57.8 50 3 56.6 58.8 69.3 58.8 52.3 60.4 63.1 70.7 63.9 52.4 61.1 66.1 83.3 75.6 50.8 63.7 65.7 84.8 71.1 51.0 62.6 65.8 84.7 66.8 51.5 64.5 66.0 85.0 62.5 51.0 64.4 M 4 59.3 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 83 2 41.4 55 6 77.9 83.2 45.8 57.2 77.2 83.6 67.3 68.3 77.2 85.5 81.4 74.3 78.5 88.3 88.7 78.0 80.0 96.1 91.5 82.5 81.2 98.9 84.1 85.4 84.6 98.9 71.2 83.2 85.1 61.0 52.6 53.4 67.4 61.8 57.9 50.4 32 6 56.7 68.6 62.5 56.2 50.9 30 8 56.5 67.7 62.2 53.6 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 61.3 50.0 47.1 25 5 53.2 66.7 61.4 50.7 47.2 26 3 53.3 67.5 61.9 57.9 48.0 29.1 61.5 70.7 64.5 67.1 50.9 35.2 68.8 73.6 70.6 80.2 55.2 37 9 72.3 76.7 74.4 93.5 69.4 34.6 78.9 77.8 81.1 91.3 74.8 34.5 82.7 76.5 84.8 88.8 74.7 32.0 84.5 75.3 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 81.1 76.7 104.6 104.4 47.4 88.8 80.4 75.6 103.1 100.0 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 75.2 102.9 96.6 34.3 88.3 79.3 75.2 100.5 96.6 33 1 81.4 78.1 75.2 98.3 97.5 32.5 78.5 78.3 75.2 94.6 103.3 31.2 76.8 78.3 75.3 91.4 101.7 34.4 77.9 81.0 76.0 89.4 100.2 41.3 79.2 83.6 77.4 88.8 99.5 40.9 82.0 84.7 79.7 90.4 101.5 49.6 81.8 89.8 82.6 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 83.1 76 4 90.9 47.9 83.1 75 7 90.4 49.2 83.0 75 2 90.4 56.6 83.0 76.2 90.4 63.2 83.0 77.7 90.4 67.6 83.2 78.6 90.4 68.2 83.2 80.3 90.4 68.5 83.7 82.4 90.9 67.0 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 67.6 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 74.9 81.8 57.8 68.4 59.4 81.7 78.4 75.0 81.8 57.9 68.9 59.4 81.7 77.9 75.2 81.8 59.6 70.7 61 3 81.7 78.8 77.0 81.8 67.4 71.9 67.4 81.7 80.6 78.2 88.2 75.9 77.9 69.4 81.7 83.3 81.5 90.3 79.4 77.5 70.3 81.7 85.0 82.6 90.8 82.0 77.3 74.7 82.4 85.9 84.6 91.2 84.2 76.1 74.7 86.8 87.1 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 54.7 63.1 65.6 79 3 54.9 62.3 62.7 79.0 54.8 61.5 62.4 79 3 54.8 61.9 60.1 79.5 54.6 62.9 60.0 80 9 55.0 66.8 63 1 81.6 55.5 68.0 63.0 80.3 56.8 68.6 63.3 79.6 57.6 69.0 64.4 78.8 56.8 66.6 67.8 78.6 56.8 67.6 68.3 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 72.9 71.8 71.7 71.5 72 0 71.6 73.6 73.4 75.1 74.6 78.6 76.8 80.5 78.4 82.8 79.8 40.1 47.4 76.3 7.9 84.2 42.7 45.9 75.5 8.2 83.2 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 41.3 47.3 72.2 6.3 72.6 37.4 49.5 70.6 7.4 72.7 37 6 54.4 70.7 10.2 74.0 40.1 55.8 73.5 12.6 75.0 41.4 82.4 78.1 16.3 76 3 43.2 78.0 81.0 14.9 77.8 43.2 64.2 82.2 14.9 78.1 43.2 60.4 82.4 15.6 78.6 FARM PRODUCTS: Grains Livestock and poultry Other farm products... FOODS: Butter, cheese, and millr_. . Cereal products Fruits and vegetables Meats _ . Other foods . H I D E S AND LEATHER PRODUCTS: Boots and shoes Hides and skins Leather Other leather products. t\o n 82.3 TEXTILE PRODUCTS: Clothing. Cotton goods Knit goods Silk and rayon Woolen and worsted goc>ds.-_ Other textile products- F U E L AND LIGHTING MATER IALS: Anthracite coal._ Bituminous coal Coke Electricity Gas Petroleum products 48-fi >Q 5 METALS AND METAL PRODUCTS: Agricultural implements Iron and steel _ Motor vehicles Nonferrous metals BUILDING MATERIALS: Brick and tile Cement . Lumber _ Paint materials _ Plumbing and heating Structural steel Other building material 3 CHEMICALS AND DRUGS: Chemicals Drugs and Pharmaceuticals.. Fertilizer materials Mixed fertilizers . . HOUSEFURNISHING GOODS! Furnishings _ Furniture MISCELLANEOUS: Auto tires and tubes . . Cattle feed Paper and pulp Rubber, crude Other miscellaneous Back figures.—For indexes of groups see BULLETIN for March 1932, p . 199; indexes of subgroups available at Bureau of Labor Statistics. 85.4 82.6 77.7 69.8 64.4 64.1 63.7 63 4 61.2 59.2 58.9 57.8 58.9 60.8 64.0 65.4 65.1 65.3 1933 1932 Subgroups 95.1 94.3 92.7 84.9 75.1 73.7 73.7 73.6 72.9 72.3 72.2 71.5 71.7 73.4 74.8 77.6 79.3 81.2 95.6 94.2 89.1 79.3 73.5 72.7 72.4 72.3 71.6 71.3 71.2 71.4 73.2 73.7 73.2 73.1 72.7 72.7 Oct. 52.7 784 FEDERAL RESERVE BULLETIN D E C E M B E R 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] Residential Total Commercial Public works and public utilities Educational 1932 Factories 1932 1932 Month 1932 January February March April May 83.4 52.7 60.0 56.6 77.2 102.3 82.7 r 106. 0 r120.2 145.4 84.8 89.0 112.2 121.7 146.2 113.1 128.8 134.0 127.5 107.3 105.3 81.2 June July August September October November December ._ Year 1932 1933 1,351.2 - - 1932 1933 27.5 24.4 33.2 28.9 25.6 23.1 19.7 20.8 22.8 21.9 19.2 13.0 1933 3.4 4.4 4.5 4.5 3.0 2.1 4.3 2.8 6.4 6.2 9.4 26.8 17.8 14.1 15.2 1933 3.3 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 43.5 122.7 280.1 3.5 3.3 6.3 3.2 1.9 9.8 8.3 18.4 8.8 7.0 6.7 5.8 7.6 7.2 6.6 8.9 9.6 11.5 10.5 7.5 9.8 1933 4.4 10.8 9.8 10.7 6.5 7.2 3.0 5.5 7.4 3.6 3.4 42.7 17.2 17.6 13.6 19.0 24.4 18.9 51.4 60.7 92.7 1.4 2.2 1.3 1.1 1.7 3.5 6.4 590.3 12.0 11.8 16.0 19.1 26.5 27.7 23.6 21.9 '21.5 21.5 9.1 10.1 10.6 12.9 12.2 13.0 1933 2.6 2.2 2.2 All other 1932 16.3 11.0 24.2 17.5 37.2 17.6 30.8 21.9 13.5 13.1 19.9 6.7 17.3 11.0 11.5 9.0 11.6 10.3 7.8 5.6 13.0 9.3 9.2 82.3 1933 232.3 r Revised. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS BANK DEBITS [Debits to individual accounts. In millions of dollars] [Value of contracts in thousands of dollars;figuresfor 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Federal Reserve district October Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas temper October 9,125 22, 780 14,811 10,753 17,137 21, 227 10, 508 8,644 7,692 9,475 10, 726 23, 437 4,527 8,318 9,839 7,194 19, 566 14,432 5,808 14,733 4,035 145,367 122, 616 107,474 11,343 24, 729 9,048 _. _. Total (11 districts) 5,398 9,830 13, 464 7,387 11,924 7,303 3,234 10,380 6,649 COMMERCIAL FAILURES, BY DISTRICTS [Amounts in thousands of dollars;figuresreported by Dun & Bradstreet] I Number Federal Reserve district 1933 Oct. Boston. _ New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco. Total... Liabilities 1932 Sept Oct. 150 321 51 95 74 40 177 42 43 39 40 134 122 268 45 116 72 39 136 47 43 71 17 140 188 486 94 234 119 137 312 82 93 103 105 320 1,206 1,116 2,273 1932 Oct. Sept. Oct. 1,683 5,592 923 2, 331 1,644 612 4,863 657 461 731 538 1,814 4,187 12, 535 3,370 6,387 1,934 2,181 8,784 1,648 1,397 840 2,763 6,846 30, 582 21,847 52,870 2,378 10,452 2,300 2,548 852 582 6,341 1,019 384 412 1,400 1,915 1932 1933 Number ofcenters 1932 1933 New York City Outside New York City Federal Reserve district: Boston. . _ New York Philadelphia.. Cleveland ._ Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas ... San Francisco Total.. . October Septem- October ber 1 140 _ _. 13, 280 13,027 12,340 12, 215 12,944 12,354 11 7 10 13 7 15 21 5 9 15 10 18 1,546 13,801 1,237 1,239 488 633 3,107 696 507 770 465 1,818 1,385 12,850 1,112 1,178 435 583 3,010 608 500 732 414 1,750 1,643 13, 443 1,167 1,217 505 592 2,845 633 424 690 395 1,744 141 ! 26.307 24,555 25,298 DECEMBER 785 FEDERAL RESERVE BULLETIN 1933 NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for Nov. 1, 1933,* as reported by the Department of Agriculture] [In thousands of units] Total wheat Coin Federal Reserve district _ _ _ _ . Boston New York Philadelphia Cleveland Richmond... Atlanta Chicago St. Louis Minneapolis-._ Kansas City— Dallas San Francisco Total 7,684 24,550 42,554 158, 549 105, 912 146, 661 1,065,741 380,505 293,144 524,390 116,292 9,588 2,875,570 Oats Federal Reserve district Spring wheat Production Estimate Production Estimate Production Estimate Production Estimate Nov. 1, Nov. 1, Nov. 1, Nov. 1, 1932 1932 1932 1932 1933 1933 1933 1933 Bushels Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas. San Francisco ._ _ Total Winter wheat Bushels Bushels Bushels 7,478 22,009 44,174 149, 283 128, 534 152, 260 805, 239 287, 772 209, 310 388, 232 85, 333 9,920 66 4,761 12,147 35,908 16,673 3,063 49,430 34,128 237,318 189,917 30, 268 112,604 115 4,972 14,021 37,959 19,892 2,992 44,317 36,048 111,408 124,775 12,577 105,740 2,289,544 726,283 514,816 Bushels Bushels Bushels 4,591 12,042 35,735 16,673 3,063 46,050 33,885 21,190 183,800 30,120 74,530 4,817 13,936 37,843 19,892 2,992 42,191 35,900 9,874 117,372 12,483 43,055 66 170 105 173 115 155 85 116 3,380 243 216,128 6,117 148 38,074 2,126 148 101,534 7,403 94 62,685 461,679 340,355 264,604 174,461 White potatoes Tobacco Tame hay Bushels Cotton Production Estimate Production Estimate Production Estimate Production Estimate Production Estimate Nov. 1, Nov. 1, Nov. 1, Nov. 1, Nov. 1, 1932 1932 1932 1932 1932 1933 8 1933 1933 1933 2 1933 Bushels Bushels Tons 7,704 28,019 15,136 55,920 18,755 10,469 523, 589 47,062 317, 746 145,427 43,699 24, 705 - 7,238 18,944 13,409 36,640 16,448 8,161 285,630 36,200 146,847 81,148 20,354 27, 512 2,928 5,164 1,938 3,826 2,542 2,105 14,194 4,964 9,912 8,809 1,004 12,408 1,238,231 698, 531 69,794 Tons Pounds Pounds Bushels 2,857 4,903 2,303 3,969 2,916 2,088 13, 580 5,091 8,257 8,780 940 11,653 30,110 1,621 46,310 121,582 411,132 99,242 36, 620 261,257 2,831 4,807 19,968 997 37,165 133,563 712, 247 168,481 20, 524 308, 723 1,206 5,487 47,974 32,017 20,896 19,465 23,932 10, 545 59,382 13,164 54,062 30,854 4,981 40,407 67, 337 1,015,512 1,408,361 357,679 Bushels 49,945 27,662 20,417 16,030 22,982 11,282 40, 682 8,558 42,333 29,476 4,519 43, 726 317, 612 Bales Bales 1,410 2,326 1,459 2,612 * 2,942 5 2,457 900 5,233 191 1,261 5,038 273 13,002 t 13,100 * Figures for spring wheat, oats, and tame hay from estimates for Oct. 1; for winter wheat from Aug. 3; no estimates made for Nov. 1. 2 Without allowance for reduction in acreage under Agricultural Adjustment Act. 3 With allowance for reduction in acreage under Agricultural Adjustment Act. * Includes 15,000 bales grown in miscellaneous territory. «Includes 10,000 bales grown in miscellaneous territory. INDEX TO VOLUME 19 Acceptances: Buying rates: Yage Changes in 132, 218, 428, 688 Monthly figures 20, 78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 749 Held by accepting banks 18, 76, 143, 227, 283, 350, 427, 480, 547, 625, 687, 748 Held by Federal Reserve banks 18, 76, 143, 227, 283, 350, 427, 480, 547, 625, 687, 748 Held by member banks on call dates.- 15, 73, 140 Open-market rates: Foreign countries 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 New York City 20,78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 749 Outstanding 18, 76, 143, 227, 283, 350, 427, 480, 547, 625, 687, 748 Payable in foreign currencies 18, 76, 143, 227, 283, 350, 427, 480, 547, 625, 687, 748 Warehouse receipts securing, under field warehousing arrangement; ruling of Board 188 Acreage reduction under provisions of agricultural relief act; text of act 308 Acts: Agricultural Relief Act, text of 307 Banking Act of 1933, text of _ _ . 385 Emergency Banking Act: Amendments to 247 Text of 115 Federal Reserve Act, amendments to. (See Federal Reserve Act.) Addresses of President of United States 120, 669 Advances to individuals, partnerships, and corporations, amendments to Federal Reserve Act regarding 118 Advances to member banks: On own notes, amendment to Federal Reserve Act regarding 118 Under Glass-Steagall Act, extension of time limit 59, 95, 96 Banking and Currency Committee report on 95 Letter of Board to Congress regarding, 59, 96 Text of act 95 Advisory Council, Federal: Conferences, expenses of 106, 515 Meeting of 133 Affiliates: Examination of, opinion of Attorney General regarding 570 Loans to, under provisions of Emergency Banking Act of 1933; text of act 395 Regulation P of Federal Reserve Board 505 Rulings of Board: Banks controlled by same holding company affiliate as affiliates of each other 770 Corporation whose stock is held by a member bank as executor or trustee as an affiliate 651 786 Affiliates—Continued. Rulings of Board—Continued. Election of Federal Reserve bank directors by member banks affiliated with same holding company. 651 Extension of credit by member banks to 651 Loans to, by member banks 501 Loans to, by member banks on security of real-estate mortgages 566 Organizations indirectly controlled by trustees termed as 501 Africa, gold production: Monthly figures 25, 83, 154, 233, 294, 373, 437, 487, 554, 632, 694, 755 Years 1929-33 233, 234 Agricultural credit corporations, loans to, by Reconstruction Finance Corporation 66, 341, 538, 737 Agricultural implements: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Agricultural products, prices of 37, 94, 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Agricultural Relief Act, text of 307 Albania, National Bank of: Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Discount rates: Changes in 734 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves, 1913-33 368 Algeria, gold reserves: Monthly figures 24, 82, 153, 232, 293 Years 1913-33 368 Amendments to Federal Reserve Act. (See Federal Reserve Act.) Annual reports: Bank for International Settlements 355 Bank of France 149 Federal Reserve Board 534 German Reichsbank 288 Netherlands Bank 432 Argentina: Commercial banks, condition of 32, 90, 161, 242, 301, 380, 444, 494, 561 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Gold imports and exports 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 368 Government note issues and reserves, 28, 86, 157, 238, 297, 376, 440, 490, 557, 635, 697, 758 INDEX TO VOLUME 19 p Assessment for expenses of Federal Reserve age Board 106, 515 Assets and liabilities: All banks in United States on call dates: By Federal Reserve districts 49, 254 By States 50,255 Bank for International Settlements: As of March 31, 1933 367 Monthly figures 28, 86, 157, 238, 297, 376, 440, 490, 557, 635, 697, 758 Bank of France 152 Federal Reserve banks: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Foreign central banks 29, 87, 158, 239, 298, 377, 441, 491, 558, 636, 698, 759 German Reichsbank 292 Member banks: All banks, on call dates 582 Reporting banks: Weekly figures 41, 101, 196, 251, 323, 405, 457, 518, 579, 659, 722, 777 January 1932-July 1933 519 Mutual savings banks, on call dates 258 National banks, on call dates 51, 256, 583 Netherlands Bank 435 State banks, on call dates 52, 257, 583 Attorney General of United States, opinions of: Meaning of term "executive officer" 569 Regarding reports and examinations of affiliates of national banks 570 Right of national banks in California, South Carolina, and Tennessee to establish outof-town branches 708 Australia: Bank of: Condition of 30,88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 368 Foreign exchange rates 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Gold imports and exports to and from United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Gold production: Monthly figures 25, 83, 154, 233, 294, 373, 437, 487, 554, 632, 694, 755 Years 1929-33 233-235 Austria: Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages 1924-32 35 National Bank of: Condition of _' 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Discount rates: Changes in 218 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24,82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 368 787 Automobiles: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Balance sheets: Bank for International Settlements: As of Mar. 31, 1933 367 Monthly figures-__ 28, 86, 157, 238, 297, 376, 440, 490, 557, 635, 697, 758 Bank of France 152 Foreign central banks, explanation of: England 640 France 642 Germany 644 Canada 646 German Reichsbank 292 Netherlands Bank 435 Balances of international payments 272 Balances, reserve, of member banks. (See Reserves.) Bank credit. (See Credit.) Bank debits: Chart showing 4 Discussion of 3, 532 Monthly figures._ 56, 111, 207, 264, 329, 411, 463, 528, 591, 666, 729, 784 Bank deposits. (See Deposits.) Bank failures. (See Bank suspensions.) Bank for International Settlements: Annual report 355 Condition of__ 28, 86, 157, 238, 297, 376, 440, 490, 557, 635, 697, 75S Bank holiday. (See Banks, closed.) Bank premises, Federal Reserve banks: All banks combined.._ 12,70,137,222,278,345, 422, 475, 542, 620, 682, 743 Depreciation charges 107 Each bank___ 39,99,194,249,320,403,451,514, 576, 656, 719, 774 Bank suspensions: By Federal Reserve districts 44, 104, 19& By months__ 19, 77, 144 By States: Current month 45, 105, 201 During year 1932 46, 200 Tables showing, omitted from Bulletin 21& Bankers' acceptances. (See Acceptances.) Bankers' balances: All banks, on call dates. . . . 49, 254 Deposits of Federal home loan banks in member banks classified as; ruling of Board 247 Discussion of 6Q Member banks: All banks, on call dates 582 Reporting banks: Weekly figures. __ 41, 101, 196, 251, 323, 405, 457, 518, 579, 659, 722, 777 January 1932-July 1933 51 $ Bankers' code of fair competition 610 Banking Act of 1933, text of 385 Banking crisis, discussion of 113, 2091 Banking and Currency Committee, reports of: On extension of time limit for advances to member banks under Glass-Steagall Act.. 95On uniform value of coins and currencies. 334-338Bankruptcies. (See Failures.) 788 INDEX TO VOLUME 19 Banks, closed: Page Address by the President relative to bank holiday 120 Bank conservation act, text of 115 Deposit Liquidation Board: Establishment of, statement by President regarding 596 Letter to committee chairmen 670 Telegram to State banking authorities. 670 Executive orders of President relating to 119 Holidays declared by Governors of States __ 113 Message of President to Congress regarding 114 Orders of Secretary of Treasury permitting banking functions in territories and insular possessions of United States 131, 132 Proclamation of President: Declaring holiday 113 Continuing holiday 118 Regulations issued by Secretary of Treasury ^regarding 122, 125, 216 Reopening of banks, discussion of 595 Statement by President regarding dates for opening of closed banks 120 Banks, Federal Reserve. (See Federal Reserve banks.) Banks, licensed. (See Licensed banks.) Banks, loans to, by Reconstruction Finance Corporation 66, 341, 538, 737, 738 Banks, member. (See Member banks.) Banks, number of, in United States 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 Belgium: Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 766 Yearly averages, 1924-32 35 Gold imports and exports to and from United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Money rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 National Bank of: Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 750 Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 369 Bethea, L. P., appointed assistant secretary of Federal Reserve Board 471 Bills: Bought by Federal Reserve banks: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Earnings on 106, 515 Averages of daily figures, end-of-month series, Wednesday series 11, 69, 136, 221, 277, 344, 421, 474, 541, 619, 681, 742 Contingent liability for purchases for foreign correspondents 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Maturities 43, 103, 198, 253, 325, 407, 459, 524, 581, 661, 724, 779 Outright and under resale agreement. _ 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743. Bills—Continued. Buying rates: Federal Reserve Bank of New York: Changes in 132, 218, 628, 688 Monthly figures 20, 78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 749 Foreign central banks 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Discounted by Federal Reserve banks: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Averages of daily figures, end-of-month series, Wednesday series 11, 69, 136, 221, 277, 344, 421, 474, 541, 619, 681, 742 District data, by months and weeks. _ 38, 98, 193, 248, 319, 402, 450, 513, 575, 655,718, 772. Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Earnings on 106, 515 Maturities 43, 103, 198, 253, 325, 407, 459, 524, 581, 661, 724, 779 Pledged against Federal Reserve bank notes: All Federal Reserve banks combined. _ 222, 278, 345, 422, 475, 542, 620, 682, 743 Each Federal Reserve bank 249, 320, 403, 451, 514, 576, 656, 719, 774 Bills payable and rediscounts: All banks in United States on call dates: By Federal Reserve districts 49, 254 By States 50, 255 Member banks, on call dates 582 National banks, on call dates 51, 256, 583 State banks, on call dates 52, 257, 583 Black, Eugene R., appointed Governor of Federal Reserve Board 273 Bolivia, Central Bank of: Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves, 1913-33 369 Bonds: Corporate and municipal: Issues of 21, 79, 146, 229, 285, 352, 429, 483, 550, 628, 690, 751 Prices of____ 21, 79, 146, 229, 285, 352, 429, 483, 550, 628, 690, 751 Yield on 483,550,628,690,751 Federal farm loan, under provisions of agricultural relief act; text of act 312 Federal land bank, held by Federal Reserve banks 12, 70, 137 Industrial, prices of, principal countries. __ 36, 93, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 United States Government. (See United States Government securities.) Boots and shoes: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index: Monthly figures 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Revised index numbers 585 Borrowings of member banks at Federal Reserve banks: All banks: By Federal Reserve districts 40, 100, 195, 250, 321, 404, 452, 516, 577, 657, 720, 775 Compared with eligible assets held. 19, 77, 144 INDEX TO VOLUME 19 Borrowings of member banks at Federal Reserve banks—Continued. Discussion of 61, 209, 531 Reporting banks: Monthly averages of weekly figures 17, 75, 142, 226, 282, 349, 426, 479, 546, 624, 686, 747 Weekly figures 41, 101, 196, 251, 323, 405, 457, 518, 579, 659, 722, 777 January 1932-July 1933 519 Branch banks: Offices or receiving stations of State banks, operations of; ruling of Board 499 Removal from one town to another, effect on State bank membership; ruling of Board 707 Right of national banks in California, South Carolina, and Tennessee to establish out-of-town branches; opinion of Attorney General of United States 708 Brazil: Bank of : Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Gold reserves, 1913-33 369 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 British India, gold imports and exports to and from United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Brokers' loans: As reported by New York Stock Exchange. 17, 75, 142, 226, 282, 349, 426, 479, 546, 624, 686, 747 Discussion of 332, 470 Loans to brokers in New York City: By reporting member banks 17, 75, 142, 226, 282, 349, 426, 479, 546, 624, 686, 747 By all member banks on call dates. 15, 73, 140 Building: Contracts awarded: By types of building and districts 56, 111, 207, 264, 329, 411, 463, 528, 591, 666, 729, 784. Chart showing 467 Discussion of 467 Total 22, 80, 147, 230, 286, 353, 430, 484, 551, 629, 691, 752 Materials, wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Permits issued 56, 111, 207, 264 Building and loan associations: Application of section 8A of Clayton Act to; ruling of Board 654 Cooperative banks classed as; ruling of Board 568 Distinguished from mutual savings banks; ruling of Board 653 Loans to, by Reconstruction Finance Corporation 66, 341, 538, 737, 738 February 1932-November 1933 737,738 Bulgaria: National Bank of: Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 369 789 Bulgaria—Continued. Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Burke, E. S., appointment of, as class C director of Federal Reserve Bank of Cleveland 133 Business and financial conditions: Discussion of 1, 415, 465, 593 National summary 9, 67, 134, 219, 275, 342, 419, 472, 539, 617, 679, 740 Business failures 56, 111, 207, 264, 329, 411, 463, 528, 591, 666, 729, 784 Call money rates: Foreign countries 33,91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 New York City 20, 78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 749 Canada: Commercial banks, condition of: Explanation of balance sheet 645 Monthly figures 32, 90, 161, 242, 301, 380, 444, 494, 561, 645, 702, 763 Retrospective 598, 645 Commodity prices, wholesale 36, 93, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Gold imports and exports to and from United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Gold production: Monthly figures 25, 83, 154, 233, 294, 373, 437, 487, 554, 632, 694, 755 Years 1929-33 233,234 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 369 Government note issues and reserves 28, 86, 175, 238, 297, 376, 440, 490, 557, 635, 697, 758. Capital: Capital debentures not considered as, in determining eligibility for membership; ruling of Board 566 Federal Reserve banks: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Member banks 583 National franks 47, 583 State bank members 48, 583 Capital issues, domestic and foreign 21, 79, 146, 229, 285, 352, 429, 483, 550, 628, 690, 751. Car loadings, freight: By classes 23,81, 148, 231, 287, 354, 431, 485, 552, 630, 692, 753. Total 22, 80, 147, 230, 286, 353, 430, 484, 551, 629, 691, 752. Carpenter, S. R., appointed assistant secretary of Federal Reserve Board 273 790 INDEX TO VOLUME 19 p Cash in vaults, member banks: age All banks, on call dates 582 Reporting banks: Weekly figures 41, 101, 196, 251, 323, 405, 457, 518, 579, 659, 722, 777 January 1932-July 1933 519 Cement: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589,664, 727, 782. Production index 53, 108, 204, 261, 326, 408, 460, 525, 588,662, 725, 780. Wholesale prices 55, 110, 206, 263, 328, 410, 462, 527,590, 665, 728, 783. Central America, gold imports and exports 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744. Central banks, foreign. (See Foreign banks.) Certificates of indebtedness. (See United States Government securities.) Chairman of board of directors of Federal Reserve banks. (See Federal Reserve agent.) Charts: Construction contracts awarded 467 Currency demand, changes in 210 Debits to individual accounts 4 Deposits of member banks and rate of turnover 5 Gold stock, monetary, of United States. _.212, 215, Based on Wednesday figures 10, 68, 135, 220, 276, 343, 420, 473, 540, 618, 680, 741 Loans by member banks 733 Manufacturing production 415 Money in circulation 265, 466, 533, 732 Based on Wednesday figures 10, 68, 135, 220, 276, 343, 420, 473, 540, 618, 680, 741 Money rates charged customers 332 Prices, commodity, wholesale 416, 469 Prices and exchange rates 332 Reserve balances of member banks 10, 68, 135, 220, 276, 343, 420, 473, 540, 618, 680, 741 Reserve bank credit 10, 68, 135, 220, 276, 343, 420, 473, 540, 618, 680, 741 Reserve position of member banks 594 Reserves, excess, of member banks__ 466, 531, 732 Treasury disbursements outside New York district 61 United States securities held by member banks 732 Check clearing and collection system, number of banks in 43, 103, 198, 253 Chemicals: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589,664, 727, 782. Wholesale prices i 55, 110, 206, 263, 328, 410, 462, 527, 590,665, 728, 783. Chile: Central Bank of: Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 369 p Chile—Continued. age Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 China: Central Bank of, condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Gold imports and exports to and from United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Cigars and cigarettes: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Classification of loans and investments of member banks on call dates 15, 73, 140 Clayton Act: Amendment to, made by Emergency Banking Act of 1933; text of act 1 401 Regulation L of Federal Reserve Board. _ 711 Rulings of Board on: Application of section 8A to building and loan associations 654 Application of section 8A to corporations making loans on own stock 771 Application of section 8A to corporations which do not actually make. loans on stock or bond collateral 653 Application of section 8A to directors of Federal Reserve banks and brancnes 707 Application of section 8A to State member banks 654 Conservators of banks, applicability of, to 502 Effect of section 8A as amended by section 33 of Banking Act of 1933. _ 569 Permits under section 8A of, necessity for obtaining 653 Clearing-house bank debits: Chart showing 4 Discussion of 3, 532 Monthly figures 56, 111, 207, 264, 329, 411, 463, 528, 591, 666, 729, 784 Closed banks. (See Banks, closed.) Coal: Freight-car loadings 23, 81, 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665^ 728, 783 Codes: Bankers' code under National Recovery Administration 610 Industrial activity under 593 Coin circulation 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Collateral held by Federal Reserve agents against Federal Reserve notes 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Collateral loans of member banks, increase in, after official warning to the contrary; ruling of Board 499 INDEX TO VOLUME 19 Collateral pledged against Federal Reserve bank page notes: All Federal Reserve banks combined 222, 278, 345, 422, 475, 542, 620, 682, 743 Each Federal Reserve bank 249, 320, 403, 451, 514, 576, 656, 719, 774 Colombia: Bank of: Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Discount rates: Changes in 471 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33369 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Gold imports and exports to and from United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Gold production: Monthly figures 25, 83, 154, 233, 294, 373, 437, 487, 554, 632, 694, 755 Years 1929-33 233,234 Commercial failures 56, 111, 207, 264, 329, 411, 463, 528, 591, 666, 729, 784 Commercial paper: Held by member banks on call dates._ 15, 73, 140 Interest rates: Charged customers by banks in principal cities I 42, 102, 197, 252, 324, 406, 458, 523, 580, 660, 723, 778 Foreign countries 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 765 Open-market, in New York City. 20, 78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 749 Outstanding 18, 76, 143, 227, 283, 350, 427, 480, 547, 625, 687, 748 Commodity prices. (See Prices.) Comptroller of the Currency: Joint resolution of Congress granting additional powers to, with respect to nationalbanking associations 187 O'Connor, J. F. T., appointment of 273 Condition of banks: All banks in United States on call dates: By Federal Reserve districts 49, 254 By States 50, 255 Bank for International Settlements.. _ 28, 86, 157* 238, 297, 376, 440, 490, 557, 635, 697, 758 Federal Reserve banks: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Foreign central banks: Balance sheets. (See balance sheets.) Monthly figures 29, 87, 158, 239, 298, 377, 441, 491, 558, 636, 698, 759 Foreign commercial banks: Explanation of balance sheets 640, 642, 644, 645 Monthly figures 32, 90, 161, 242, 301, 380, 444, 494, 561, 639-646, 701-702, 762 Retrospective 597, 639-646 791 Page Condition of banks—Continued. Member banks: All banks, on call dates 582 In New York City, January 1932-July 1933 520 Outside New York City, January 1932July 1933 I 1 522 Reporting banks: Publication of weekly statistics resumed 331 Weekly figures 41, 101, 196, 251, 323, 405, 457, 518, 579, 659, 722, 777 January 1932-July 1933 519 Mutual savings banks, on call dates 258 National banks, on call dates 51, 256, 583 State banks, on call dates 52, 257, 583 Congress: Banking and Currency Committee. (See Banking and Currency Committee.) Joint resolution authorizing Comptroller of the Currency to exercise additional powers 187 Conservators of banks: Act providing for, text of 116 Applicability of Clayton Antitrust Act to__ 502 Constitutionality of legislation providing for a unified banking system; opinion of Board's 166 counsel Construction contracts awarded: By types of building and districts. __ 56, 111, 207, 264, 329, 411, 463, 528, 591, 666, 729, 784 Chart showing 467 Discussion of 467 Total 22, 80, 147, 230, 286, 353, 430, 484, 551, 629, 691, 752 Corn-crop estimates 57, 529, 592, 667, 730, 785 Cost of living 37, 94, 165, 246, 305, 384, 448, 498, 565, 650; 706, 767 Cotton: Crop estimates 57, 592, 667, 730, 785 Consumption index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Manufactures: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727 782 Wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Option contracts under Agricultural Relief Act; text of act 307 Country member banks: Condition of banks, on call dates 582 Deposits, time and demand 14, 72, 139, 224, 280, 347, 424, 477, 544, 622, 684, 745 Loans and investments on call dates,_ 15, 73, 140 Reserve balances 14, 72, 139, 224, 280, 347, 424, 477, 544, 622, 684, 745 Credit, bank: Federal Reserve: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Chart showing 10, 68, 135, 220, 276, 343, 420, 473, 540, 618, 680, 741 Discussion of 60, 531, 594, 731 Factors in changes 11, 69, 136, 221, 277, 344, 421, 474, 541, 619, 681, 742 National summary 9, 67, 134, 219, 275, 342, 419, 472, 539, 617, 679, 740 Member bank, discussion of__ 2, 60, 470, 531, 732 792 INDEX TO VOLUME 19 Crops: Page Acreage reduction under provisions of Agricultural Relief Act; text of act 308 Estimates 57, 529, 592, 667, 730, 785 Cuba, foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Currency: Circulation: Averages of daily figures, end of month series, Wednesday series 11, 69, 136, 221, 277, 344, 421, 474, 541, 619, 681, 742 By denominations 581, 661, 724, 779 By kinds 13, 71, 138, 223, 279, 346, 423, 467, 543, 621, 683, 744 Chart showing 211, 265, 466, 533, 732 Based on Wednesday figures 10, 68, 135, 220, 276, 343, 420, 473, 540, 618, 680, 741. Discussion of 1, 59, 209, 215, 265, 331, 466, 532, 594, 731 Gold coin and certificates, November 1914-March 1933 259 Return flow to banks, discussion of 59, 209, 265, 331, 413, 466, 532, 594, 731 Expansion under provisions of Emergency Farm Mortgage Act of 1933; text of act_ _ 317 Foreign: Acceptances payable in, held by Federal Reserve banks 18, 76, 143, 227, 283, 350, 427, 480, 547, 625, 687, 748 Bills payable in, bought by Federal Reserve banks 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Par of exchange 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 703, 765 Gold, hoarding of. (See Gold.) Resolution of Congress authorizing payment in legal tender money other than gold 333-338 Text of resolution 338 Shipments to and from Europe 43, 103, 198, 253, 325, 407, 459, 524, 581, 661, 724, 779 Withdrawals, discussion of 209, 265, 331, 466, 532, 594, 731 (See also Money.) Czechoslovakia: Bank of: Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Discount rates: Changes in 63 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 369 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Danzig, Bank of: Condition of .„ 30, 88, 159, 140, 378, 442, 559, 637, 699, 760 Discount rates: Changes in 340 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves, 1913-33 369 Debits to individual account: Page Chart showing 4 Discussion of 3, 532 Monthly figures 56, 111, 207, 264, 329, 411, 463, 528, 591, 666, 729, 784 Debt, United States Government 482, 549, 627, 689, 750 DeCamp, George, resignation of, as Federal Reserve agent at Cleveland 133 Deferred availability items, Federal Reserve banks: All banks combined 12, 70, 137, 322, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Deficiencies in reserves, penalties on 106, 515 Denmark: Foreign exchange rates: Monthly averages 34, 92, 163,, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 National Bank of: Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760' Discount rates: Changes in 340 Monthly figures. __ 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24 82, 153, 232, 293, 436, 486, 553, 631, 693, 754. Years 1913-33. 369 Department stores: Sales and stocks: Monthly figures 23,. 81, 148, 231, 287, 354, 431, 485, 552, 630, 692, 753. Sales in 1929 591 Deposit Liquidation Board: Establishment of, statement of President regarding 59fr Letter to committee chairmen 670 Telegram to State banking authorities 670 Deposits: All banks in United States on call dates: By Federal Reserve districts 49, 254 By States 50,255 Total 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 Banks suspended: By Federal Reserve districts 44, 104, 199 By months 19, 77, 144 By States: Current month 45, 105, 201 During year 1932 46,200 Definition of savings deposit 653 Discussion of 4, 594 Rate of turnover 4, 532, 595 Federal guarantee of— Banking Act of 1933 388 Federal Deposit Insurance Corporation, organization of 597 Nonmember banks applying for admission to fund, purchase of preferred stock, by Reconstruction Finance Corporation 672 Federal home-loan banks in member banks, classified as amounts due to banks in computing reserves; ruling of Board 247 INDEX TO VOLUME 19 Deposits—Continued. Fage Foreign central banks 29, 87, 158, 239, 298, 377, 441, 491, 558, 636, 698, 759 Form of time certificates 708, 768 Held by Federal Reserve banks: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Averages of daily figures 38,98,193, 248, 319, 402, 450, 513, 575, 655, 718, 773 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Increase in bank, discussion of 532 Interest on, rulings of Board: Certificates of deposit as to which the bank reserves ihe right to require notice of withdrawal 652 Cooperative banks in member banks._ 568 Moneys paid into State courts 500 Premium on bond constitutes indirect interest 500 Public funds where State laws require. 500 Regulation Q of Federal Reserve Board 571 Savings deposits received within a few days from first day of month 652 Time certificates 768 Time deposits, after maturity 707 Time deposits, in excess of maximum rate under contract made since June 16, 1933 652 Trust funds 568 Member banks: All banks, on call dates 582 Total 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 Licensed banks: By Federal Reserve districts, May 13, 1933 455 By States, May 13, 1933 456 In United States as a whole, as of May 13, 1933 454 Monthly figures 274, 341, 453, 517, 578, Q58, 721, 776 Rate of turnover, discussion of 4, 532, 595 Chart showing 5 Reporting banks: Weekly figures 41, 101, 196, 251, 323, 405, 457, 518, 579, 659, 722, 777 January 1932-July 1933 519 Reserve account with Federal Reserve banks: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743. Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774. Time and demand: In larger and smaller centers 40, 100, 195, 250, 321, 404, 452, 516, 577, 657, 720, 775. New York City banks, reserve city banks, and country banks. _ 14, 72, 139, 224, 280, 347, 424, 477, 544, 622, 684, 745. Mutual savings banks: Monthly figures 225, 281, 348, 425, 478, 545, 623, 685, 746 On call dates 258 National banks, on call dates 51, 256, 583 793 Deposits—Continued. Nonmember banks: Averages of daily figures, end of month series, Wednesday series. _ 11, 69, 136, 221, 277, 344, 421, 474, 541, 619, 681, 742 On call dates 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 By Federal Reserve districts 49, 254 Number and size of accounts, special inquiry on, made by Board 414 Postal savings 43, 103, 198, 253, 325, 407, 459, 524, 581, 661, 724, 779 Savings, withdrawals of; ruling of Board 768 State banks, on call dates* 52, 257, 583 United States Government. (See United States Government deposits.) Withdrawals, discussion of 209 Deputy Federal Reserve agents, appointment of 8 Directors of Federal Reserve banks: Application of section 8A of Clayton Act to 707 Burke, E. S., appointed class C at Cleveland 133 Election of: Annual 7, 8 By member banks affiliated with same holding company; ruling of Board. _ 651 Expenses of meetings 106, 515 Peyton, John N., appointed class C at Minneapolis 273 Discount rates: Federal Reserve banks: Buying rates on bills: Changes in 132, 218, 428, 688 Monthly data 20, 78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 749 Changes in: Boston 340, 678 Chicago 132, 218, 340, 678 Cleveland 340, 678 New York 132, 218, 340, 678 Philadelphia 340,734 St. Louis 340 San Francisco 340, 678 Monthly data 20, 78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 749 Foreign central banks: Changes in: Austrian National Bank 218 Bank of Albania 734 Bank of Colombia 471 Bank of Czechoslovakia 63 Bank of Danzig 340 Bank of Finland 63, 418, 598 Bank of Greece 7, 418, 678 Bank of India 132 Bank of Italy 63, 598 Bank of Japan 418 Bank of Java 418, 534 Bank of Latvia 7 Bank of Norway 340 Bank of Poland 678 Bank of Portugal 218 Bank of Sweden 340, 734 Danish National Bank 340, 734 National Bank of Rumania 273 Netherlands Bank 340, 418, 471, 598 South African Reserve Bank... 132, 340 794 INDEX TO VOLUME 19 p Discount rates—Continued. age Foreign central banks—Continued. Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Open-market rates in New York City, 20, 78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 749 (See also Interest rates.) Discounts for individuals, partnerships, and corporations, period extended for 6 months. _ 95 Dividends: Federal Reserve banks 107, 515 National banks 47 State bank members 48 Drugs: Factory employment and pay rolls-_ 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Due to and from banks. (See Bankers' balances.) Dutch East Indies, gold imports and exports. 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Earmarked gold 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Earnings and expenses: Federal Reserve banks 106, 107, 515 Member banks 47, 48 National banks 47 State bank members 48 Ecuador: Central Bank of: Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves, 1913-33 369 Gold imports and exports to and from United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Egypt: Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 National Bank of: Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 369 Election of directors of Federal Reserve banks: Annual 7, 8 By member banks affiliated with some holding company; ruling of Board 651 Eligible paper— Held by Federal Reserve agents as security for Federal Reserve notes: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Held by member banks on call dates.. 19, 77, 144 Emergency Banking Act: Amendments to . 247 Text of 115 Emergency banking legislation, message of President to Congress regarding 114 Emergency relief and construction act, loans by Reconstruction Finance Corporation under. _ 66, 341, 538, 737, 738 Employment, factory: Discussion of 465, 468, 593 Monthly indexes 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 National summary 9, 67, 134, 219, 275, 342, 419, 472, 539, 617, 679, 740 Total 22, 80, 147, 230, 286, 353, 430, 484, 551, 629, 691, 752 England: Balance of international payments 272 Bank of: Condition of 29,87, 158, 239, 298, 377, 441, 491, 558, 636, 698, 759 Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly review 5, 62, 217, 339, 417, 470, 533, 733 Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years, 1913-33 368 Commercial banks, condition of: Explanation of balance sheet 640 Monthly figures 32, 90, 161, 242, 301; 380, 444, 494, 561, 639, 701, 762 Retrospective 597, 639 Commodity prices, wholesale: All commodities 36, 93, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 By groups of commodities 37, 94, 165. 246, 305, 384, 448, 498, 565, 650, 706, 767 Cost of living 37, 94, 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Food prices, retail 37, 94, 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Gold imports and exports: Net imports _26, 84, 155, 236, 295, 374, 438, 488, 555, 633, 695, 756 To and from United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Money rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Security prices (stocks and bonds) 36, 93, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 Errata in January BULLETIN 63 Estonia, Bank of: Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves, 1913-33 369 Examination of affiliates of national banks, opinion of Attorney General regarding 570 Excess reserves. (See Reserves.) "Executive officer", meaning of term: Opinion of Attorney General 569 Ruling of Board 501 Executive orders: Code for bankers under N.R.A 610 Gold export, hoarding, etc 911, 213, 266, 535, 537, 674 Licensing of closed banks 119 Expenditures and receipts, United States Government 482, 549, 627, 689, 750 Exports. (See Imports and exports.) Expressage, Federal Reserve banks, cost of... 106, 515 INDEX TO VOLUME-19 Factory employment and pay rolls: Discussion of 465, 468, 593 Monthly indexes 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 National summary. 9, 67, 134, 219, 275, 342, 419, 472, 539, 617, 679, 740 Total 22, 80, 147, 230, 286, 353, 430, 484, 551, 629, 691, 752 Failures: Bank: By Federal reserve districts 44, 104, 199 By months 19,77, 144 By States: Current month 45, 105, 201 During year 1932 46, 200 Tables showing, omitted from BULLETIN 218 Commercial 56, 111, 207, 264, 329, 411, 463, 528, 591, 666, 729, 783 Farm products, prices of: Chart showing 469 Index of 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Principal countries 37, 94, 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Farmers, loans to, under provisions of Agricultural Relief Act; text of act 312 Federal Advisory Council: Conferences, expenses of 106, 515 Meeting of 133 Federal Deposit Insurance Corporation: Creation of, under provisions of Banking Act of 1933 388 Organization of 597 Federal Farm Loan Act, amendments to, made by Agricultural Relief Act 312 Federal home loan banks: Classified as banks within the meaning of section 19 of the Federal Reserve Act; ruling of Board 247 Deposits of, in member banks, classified as amounts due to banks in computing reserves; ruling of Board 247 Federal intermediate credit banks: Bills discounted for, by Federal Reserve banks 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Debentures of, held by Federal Reserve banks 12, 70, 137, 222, 278, 345, 422 Federal land banks: Bonds of, held by Federal Reserve banks 12, 70, 137 Loans to, by Reconstruction Finance Corporation 66, 341, 538, 737, 738 Federal Reserve Act: Amendments to: Extension of time limit for loans under sees. 2 and 3 of Glass-Steagall Act__ 59 Banking and Currency Committee report on 95 Letter of Board regarding 96 Text of act 95 Made by Agricultural Relief Act 306 Made by Banking Act of 1933 385 Made by Emergency Banking Act 115 Providing for direct loans to nonmember banks 247 Interpretations of, requests for; ruling of Board 768 Reprint of 534 795 Federal Reserve agents: Page Appointment of 8Conferences, expenses of 106, 515 DeCamp, George, resignation of, at Cleveland 133 Mitchell, John R., death of, at Minneapolis, 63 Peyton, John N., appointed at Minneapolis. 273* Williams, Lewis B., appointed at Cleveland. 13& Federal Reserve bank notes: Amendment to Federal Reserve Act regarding 117 Circulation 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Statement: All Federal Reserve banks combined. _ 222,, 278, 345, 422, 475, 542, 620, 682, 743 Each Federal Reserve bank 249, 320, 403, 451, 514, 576, 656, 719, 774 Collateral pledged against: All Federal Reserve banks combined. _ 222, 278, 345, 422, 475, 542, 620, 682, 743 Each Federal Reserve bank 249> 320, 403, 451, 514, 576, 656, 719, 774 Redemption fund 249, 320, 403, 451, 514, 576, 656, 719, 774 Federal Reserve banks: Condition of. (See Condition of banks.) Directors, election of 7, 8 Discount rates. (See Discount rates.) Dividends paid 107, 515 Earnings and expenses 106, 515 Fiscal agency expenses 107, 515 Franchise tax paid 107 Federal Reserve Board: Annual report of 534 Assessment for expenses of 106, 515 Bethea, L. P., appointed assistant secretary 471 Black, Eugene R., appointed Governor 273 Carpenter, S. R., appointed assistant secretary 273 Fould, Oliver E., appointed fiscal agent 471 Harrison, Floyd R., resignation of, as assistant to Governor 273 Lally, Josephine E., appointed deputy fiscal agent 471 Letter of, to Committee on Banking and Currency, relative to extension of time limit for advances to member banks under sections 2 and 3 of Glass Steagall Act.. 96 Martin, H. W., appointed assistant to Governor 471 McClelland, E. M.: Appointed assistant to Governor. 27$ Death of 471 Meyer, Eugene, resignation of, as Governor 273 Mills, Ogden L., retirement of, as chairman. 132 O'Connor, J. F. T., appointed ex-officio member 273 Regulation L. Interlocking bank directorates under Clayton Act 711 Regulation M. Open-market operations 502 Regulation N. Relations with foreign banks and bankers 505 Regulation P. Holding company affiliates, voting permits 505 Regulation Q. Payment of interest on deposits 571 Regulation R. Relationships with dealers in securities under Banking Act of 1933.. 571 796 INDEX TO VOLUME 19 Federal Reserve Board—Continued. Rulings of. (See Law department.) Statement relative to open market policy conference 1 Szymczak, M. S., appointed member 340 Thomas, J. J., appointed member 340 Woodin, Wm. H., appointed chairman 132 Federal Reserve notes: Circulation: All Federal Reserve banks combined. _ 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743. Averages of daily figures 38, 98, 193, 248, 319, 402, 450, 513, 575, 655, 718, 773 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 End-of-month 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Collateral held by agents as security for: All Federal Reserve banks combined-. 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743. Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 United States securities, extension of time limit under Glass-Steagall Act_ 59, 96 Cost of 106, 515 Financing, Treasury 482, 549, 627, 689, 750 Finland: Bank of: Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Discount rates: Changes in 63, 418, 598 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves, 1913-33 369 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 First Federal Foreign Banking Corporation, liquidation of 273 Fiscal agency expenses of Federal Reserve banks 107, 515 Float, reserve bank 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Flour: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Food and food products: Chart showing prices 416, 469 Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Retail prices 37, 94, 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Wholesale prices: Index of 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Principal countries 37, 94, 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Foreign banks: Central banks: Annual reports. (See Annual reports.) Balance sheets. (See Balance sheets.) Condition of. (See Condition of banks.) Discount rates. (See Discount rates.) Foreign banks—Continued. Commercial banks, condition of: Explanation of balance sheets 640, 642, 644, 645 Monthly figures 32, 90, 161, 242, 301, 380, 444, 494, 561, 639-646, 701, 762 Retrospective 597, 639-646 Deposits of, held by Federal Reserve banks: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Foreign banks: Due from, to Federal Reserve banks: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Regulation N of Board relating to 505 Foreign exchange: Executive orders relating to 119, 266 Monthly review, England, France, Germany 5, 62, 217, 339, 417, 470, 533, 734 Rates: Chart showing 332 Discussion of 332 Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Form of time certificates of deposit 708 Foulk, Oliver E., appointed fiscal agent of Federal Reserve Board 471 France: Balance of international payments 272 Bank of: Annual report 149 Condition of 29, 87, 158, 239, 298, 377, 441, 491, 558, 636, 698, 759 Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 368 Monthly review 6, 62, 217, 339, 417, 471, 533, 733 Commercial banks, condition of: Explanation of balance sheet 642 Monthly figures 32, 90, 161, 242, 301, 380, 444, 494, 561, 641, 701, 762 Retrospective 598, 641 Commodity prices, wholesale: All commodities 36, 93, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 By groups of commodities 37, 94, 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Cost of living 37, 94, 165, 246, 304, 384, 448, 498, 565, 650, 706, 767 Food prices, retail 37, 94, 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Gold imports and exports: Net imports 26, 84, 155, 236, 295, 374, 438, 488, 555, 633, 695, 756 To and from United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Money rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 INDEX TO VOLUME 19 797 p France—Continued. age Gold—Continued. Earmarked 13, 71, Security prices (stocks and bonds) 36, 93, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 Executive orders relating to export, hoardFranchise tax paid by Federal Reserve banks. _ 107 ing, etc 119, 213, 266, 535, 537, 674 Freight-car loadings: Held b y Federal ~ d by - " Reserve agents as security By classes 23, 81, 148, for Federal Reserve notes: 231, 287, 354, 431, 485, 552, 630, 692, 753 All banks combined 12, 70, 137, Total 22, 80, 222, 278, 345, 422, 475, 542, 620, 682, 743 147, 230, 286, 353, 430, 484, 551, 629, 691, 752 Each bank 39, 99, 194, Furniture: 249, 320, 403, 451, 514, 576, 656, 719, 774 Factory employment and pay rolls 54, 109, Held by Federal Reserve banks: 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 All banks combined 12, 70, 137, Federal Reserve banks, cost of 107 222, 278, 345, 422, 475, 542, 620, 682, 743 Wholesale prices 55, 110, Each bank 39, 99, 194, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 249, 320, 403, 451, 514, 576, 656, 719, 774 Gasoline production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Hoarding: Germany: Discussion of 209, Balance of international payments 272 212, 265, 331, 413, 466, 532, 594, 731 Commercial banks, condition of: Executive orders relating to 119, Explanation of balance sheet 644 213, 266, 535 Monthly figures 32, 90, 161, Names of gold holders requested by 242, 301, 380, 444, 494, 561, 643, 702, 763 Board 130 Retrospective _ 598, 643 Proclamation by President regarding _ _ 113 Commodity prices, wholesale: Regulations of Secretary of Treasury All commodities 36, 93, 164, regarding 267, 599, 674 245, 304, 383, 447, 497, 564, 649, 705, 766 Statement of Secretary of Treasury By groups of commodities 37, 94, 165, regarding 214 246, 305, 384, 448, 498, 565, 650, 706, 767 Imports and exports: Cost of living 37, 94, Movements to and from United States13, 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 71, 138, 223, 279, 346, 423, 476, 543, 621, Foreign exchange rates: 683, 744. Monthly averages 34, 92, 163, Net imports, principal countries 25, 244, 303, 382, 446, 496, 563, 648, 704, 765 83, 154, 235, 294, 373, 437, 487, 554,632, Yearly averages, 1924-32 35 694, 755. Food prices, retail 37, 94, Joint Resolution of Congress authorizing 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 payment in legal tender money other Gold imports and exports: than 333-338 Net imports 26, 84, 155, Text of resolution 338 236, 295, 374, 438, 488, 555, 633, 695, 756 Names of gold holders requested by Board. . 130 To and from United States 13, 71, 138, Notes issued by Reconstruction Finance 223, 279, 346, 423, 476, 543, 621, 683, 744 Corporation in payment of 676, 779 Money rates 33, 91, Prices, newly mined 676, 678, 779 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Committee appointed by President 676 Reichsbank: Proclamation by President regarding 113 Amendment to law „ 734 Production: Annual report 288 Condition of 29,87, 158, United States 13,71,138, 239, 298, 377, 441, 491, 558, 636, 698, 759 223, 279, 346, 423, 476, 543, 621, 683, 744 Discount rates 33, 91, 162, World: 243, 302, 381, 445, 495, 562, 647, 703, 764 Monthly figures 25,83,154,233, Gold reserves: 294, 373, 437, 487, 554, 632, 694, 755 Monthly review 7, Years, 1929-33 233-235 63, 217, 340, 418, 471, 534 Purchasing of: Monthly figures 24, 82, 153, 232, By Reconstruction Finance Corpora293, 436, 486, 553, 631, 693, 754 tion 676, 779 Years 1913-33 368 Executive orders regarding 537, 674 Security prices (stocks and bonds) 36, 93, Regulations of Secretary of Treasury 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 regarding 674 Glass: Redemption fund: Factory employment and pay rolls 54, 109, All Federal Reserve banks combined. _ 12, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 70, 137, 222,278,345, 422, 475,542, 620, Production index 53, 108, 682, 743. 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Each bank 39,99,194, Gold: 249, 320, 403, 451, 514, 576, 656, 719, 774 Coin and certificates in circulation: Regulations of Secretary of the Treasury 267, Chart showing 212 599, 674 Discussion of 59, 209, Reserves: 212, 265, 331, 413, 466, 532, 594, 731 Held by Federal Reserve banks: Monthly figures-__*_ 13, 71, 138, All banks combined 12, 223, 279, 346, 423, 476, 543, 621, 683, 744 70, 137, 222, 278, 345, 422, 475, 542, November 1914-March 1933 259 620, 682, 743. 798 INDEX TO VOLUME 19 Gold—Continued. Page Reserves—Continued. Held by Federal Reserve banks—Con. Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576 656, 719, 774. Held by foreign central banks: Monthly figures 24, 82, 153, 232, 436, 486, 553, 631, 693, 752 Years 1913-33 368-372 Explanatory note 372 Monthly review 5, 62, 217, 338, 417, 470, 533, 733 Settlement fund: All Federal Reserve banks combined-. 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743. Each bank 39,99,194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Stock, monetary, in United States: Analysis ofchangesin 13,71,138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Averages of daily figures, end-of-month series, Wednesday series 11,69, 136, 221, 277, 344, 421, 474, 541, 619, 681, 742. Chart showing 212 Based on Wednesday figures 10, 68, 135, 220, 276, 343, 420, 473, 540, 618, 680, 741. Discussion of 1, 59, 211, 215, 265, 331, 466, 532, 594, 731 November 1914 r March 1933 259 Weight of dollar, fixing of, under provisions of Emergency Farm Mortgage Act of 1933; text of act 270,317 Withdrawals: Discussion of 209, 212, 265, 331, 413, 466, 532, 594 Foreign central banks 733 List of persons, Federal Reserve banks requested to prepare 213 Government note issues and reserves, Argentina, Canada, India, Ireland 28,86, 157, 238, 297, 376, 440, 490, 557, 635, 697, 758 Governor of Federal Reserve Board: Black, Eugene R., appointment of 273 Meyer, Eugene, resignation of 273 Governors of Federal reserve banks, expenses of conferences : 106, 515 Grain, freight-car loadings 23, 81, 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 Greece: Bank of: Condition of 30, 88, 159, 240, 299, 378, 442, 492, 559, 637, 699, 760 Discount rates: Changes in 7, 418, 678 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754. Years 1913-33 370 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Guatemala, Central Bank of: Page Condition of 30 Gold reserves, 1913-33 370 Harrison, Floyd R., resignation of, as assistant to Governor of Federal Reserve Board 273 Hay crop estimates 57, 529, 592, 667, 730, 785 Hoarding of gold. (See Gold.) Hungary: Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Money rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 National Bank of: Condition of 31, 89, 160. 241, 300, 379, 443, 493, 560, 638, 699, 760 Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 370 Imports and exports: Acceptances based on 18, 76, 143, 227, 283, 350, 427, 480, 547, 625, 687, 748 Gold: Movements to and from United States. 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744. Net imports, principal countries. _ 25, 83, 154, 235, 294, 373, 437, 487, 554, 632, 694, 755 Merchandise ' 23, 81, 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 India: Bank of: Discount rates: Changes in 132 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 370 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Gold imports, net 27, 85, 156, 237, 296, 375, 439, 489, 556, 634, 696, 757 Gold production: Monthly figures 25, 83, 154, 233, 294, 373, 437, 487, 554, 632, 694, 755 Years 1929-33 233, 235 Government note issues and reserves 28, 86, 157, 238, 297, 376, 440, 490, 557, 635, 697, 758 Industrial production: Discussion of 415, 593 Index of: Total 22,80, 147, 230, 286, 353, 430, 484, 551, 629, 691, 752 Years 1919-33 584 National summary 9, 67, 134, 219, 275, 342, 419, 472, 539, 617, 679, 740 Insurance companies, loans to, by Reconstruction Finance Corporation 66, 341, 538, 737, 738 Insurance, Federal Reserve banks, cost of 106, 515 Insurance premiums, elegibility for rediscount of notes given in payment of; ruling of Board. 95 Interbank loans, interest rates on 42, 102, 197, 252, 324, 406, 458, 5n, 580, 660, 723, 778 INDEX TO VOLUME 19 Interest: On deposits, rulings of Board: Certificates of deposit as to which the bank reserves right to require notice of withdrawal 652 Cooperative banks in member banks. _ 568 Moneys paid into State courts 500 Postal-savings funds 768 Premium on bond constitutes indirect interest 500 Public funds where State laws require. 500 Regulation Q 571 Savings deposits received within a few days from first day of month 652 Time certificates 768 Time deposits, after maturity 707 Time deposits in excess of maximum rate under contract made since June 16, 1933 652 Trust funds 568 Rates: Charges by member banks on small loa'ns 418 Charged customers by banks: In Federal Reserve bank and branch cities 42, 102, 197, 252, 324, 406, 458, 523, 580, 660, 723, 778 In New York and other cities 20, 78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 739. Charged small borrowers, special inquiry on, by Board 414 Open-market, in New York City 20, 78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 749. (See also Discount rates.) Interlocking bank directorates. (See Clayton Act.) Intermediate credit banks: Bills discounted for, by Federal Reserve banks 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Debentures of, held by Federal Reserve banks 12, 70, 137, 222, 278, 345, 422 Investments. (See Loans and investments.) Ireland, Government note issues and reserves. 28, 86, 157, 238, 297, 376, 440, 490, 557, 635, 697, 758 Iron and steel: Factory employment and payrolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 63, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Wholesale price: Chart showing 416 Monthly figures 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Iron ore production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Italy: Bank of: Condition of 31,89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates: Changes in 63, 598 Monthly figures 33, 91, 162, 232, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures.™ 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 370 799 Italy—Continued. Page Commodity prices, wholesale 36, 93, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Money rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Japan: Bank of: Condition of 31,89,160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates: Changes in 418 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24,82,153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 370 Commercial banks, condition of 32, 90, 161, 242, 301, 380, 444, 560 Commodity prices, wholesale 36, 93, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Gold imports and exports to and from United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Gold production: Monthly figures.. 25, 83, 154, 233, 294, 373, 437, 487, 554, 632, 694, 755 Years 1929-33 233,235 Money rates 33, 91 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Java: Bank of: Condition of 31, 89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates: Changes in 418, 534 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 370 Joint-stock land banks: Loans to, by Reconstruction Finance Corporation 66, 341, 538, 737, 738 Loans to, under Agricultural Relief Act; text of act 314 Kerosene production 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Lally, Josephine E., appointed deputy fiscal agent of Federal Reserve Board 471 Latvia: Bank of: Condition of 31, 89, 160, % 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates: Changes in 7 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves, 1913-33 370 800 INDEX TO VOLUME 19 Law department: Page Law department—Continued. Agricultural Relief Act, text of 306 Rulings of Board—Continued. Amendment to Federal Reserve Act, exClayton Act—Continued. tension of time under sees. 2 and 3 of Applicability of section 8A to corporGlass-Steagall Act: ations which previously made loans Banking and Currency Committee, report on their own stock but expect to on 95 make no such loans in the future-- 771 Letter of Board regarding 96 Applicability of sec. 8A to corporaText of act . 95 tions which do not actually make Banking Act of 1933, text of 385 Constitutionality of legislation providing for loans on stock or bond collateral. 653 a unified commercial banking system, Application of sec. 8A to directors of opinion of Board's counsel 166 Federal Reserve banks and Emergency Banking Act: branches 707 Amendment to, providing for direct loans Application of sec. 8A to State memto nonmember banks 247 ber banks 654 Text of 115 Conservators of banks, applicability Federal Reserve Act, amendments to. (See Federal Reserve Act.) of, to 502 Joint resolution of Congress authorizing Effect of sec. 8A as amended by sec. Comptroller of the Currency to exercise 33 of Banking Act of 1933 569 Permits under sec. 8A of, necessity additional powers 187 for obtaining 653 Opinions of Attorney General: Meaning of term "executive officer" 569 Definition of savings deposit 653 Eligibility for rediscount of notes given Regarding reports and examinations of in payment for insurance permiums— 95 affiliates of national banks 570 Eligibility of banks located in cities of Right of national banks in California, less than 3,000 inhabitants for admisSouth Carolina, and Tennessee to estabsion to membership in System 499 ish out-of-town branches 708 Eligibility of State banks for membership Regulations of the Federal Reserve Board. in System—Capital requirements for (See Regulations.) banks in places of not more than 3,000 Regulations of Secretary of Agriculture for inhabitants 772 field warehousemen 189 Executive officer of a member bank, who Rulings of Board: considered as 501 Affiliates: Extension of period for discounts for Banks controlled by same holding individuals, partnerships, and corcompany affiliates as affiliates of porations under provisions of emereach other 770 gency relief and construction act 95 Corporation whose stock is held by a Federal home-loan banks as banks within member bank as executor or trustee the meaning of sec. 19 of the Federal as an affiliate 651 Reserve Act 247 Election of Federal Reserve bank Forms of time certificates of deposit 708 directors by member banks affiliIncrease of collateral Joans of a member ated with the same holding combank after official warning to the conpany 651 trary 499 Extension of credit by member Investments of trust funds by national banks to 651 banks in cases where cash balances are Loans to, by member banks 501 too small to be invested separately 187 Loans to, by member banks on seInterest on deposits: curity of real-estate mortgages 566 Certificates of deposit as to which Organizations indirectly controlled the bank reserves the right to reby trustees termed as 501 quire notice of withdrawal 652 Application of section 32 of Banking Act Cooperative banks in member banks. 568 of 1933 to members of stock exchanges Moneys paid into State courts 500 and partners and employees of stock Postal savings funds 768 exchange firms 770 Premium on bond constitutes indiBranch of member bank, removal of, from rect interest 500 one town to another, effect on eligibility Public funds where State laws refor membership 707 quire 500 Branches of State member banks, operaSavings deposits received within a tion of offices or receiving stations 499 few days from first day of month. 652 Building and loan association distinTime certificates of deposit 768 guished from a mutual sayings bank__ 653 Time deposits after maturity 707 Capital debentures not considered "capiTime deposits in excess of maximum tal" in determining eligibility for rate under contract made since membership 566 June 16, 1933 652 Clayton Act: Trust funds 568 Application of sec. 8A to building Interpretations of Federal Reserve Act and loan associations 654 and Board's regulations, requests for._ 768 Applicability of section 8A to corporPurchase of national bank stock by State ations making loans to their own member bank 449 employees on their own stock 771 INDEX TO VOLUME 19 Law department—Continued, Page Rulings of Board—Continued. Right of member bank to holdc orporate stocks purchased prior to Banking Act of 1933 449 Savings deposits, withdrawal of 768 Stock, nonassessable, issuance of, by State member banks 566 Warehouse receipts securing bankers' acceptances, under certain field-warehousing arrangement 188 Lead production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Leather: Factory employment and pay rolls. _ 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index: Monthly figures 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Revised index numbers 585 Wholesale prices: Chart showing 416 Monthly figures 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Legal fees, Federal Reserve banks 106, 515 Legislation providing for a unified banking system, constitutionality of; opinion of Board's counsel 166 Licensed banks: By Federal Reserve districts, as of May 13, 1933 455 By States, as of May 13, 1933 456 Discussion of 209, 413 Executive orders of President relating to__ 119 In United States as a whole, as of May 13, 1933 454 Monthly figures 274, 341, 353, 517, 578, 658, 721, 776 Nonmember banks. __ 453, 517, 578, 658, 721, 776 Reopening of closed banks, discussion of 595 Special inquiry on, made by Board 414 Liquidation of First Federal Foreign Banking Corporation 273 Lithuania, Bank of: Condition of 31, 89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves, 1913-33 370 Livestock, freight-car loadings 32, 81, 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 Living, cost of 37, 94, 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Loans: Interbank, interest rates on 42, 102, 197, 252, 324, 406, 458, 523, 580, 660, 723, 778 Interest rates on, charge by member banks on small loans 418 Made by Reconstruction Finance Corporation 66, 341, 735-739 February 1932-November 1933 735-739 Open-market, discussion of__ 2, 331, 413, 594, 731 To brokers. (See Brokers' loans). To nonmember banks, amendment to Emergency Banking Act providing for 247 Loans and investments: All banks in United States on call dates: By Federal Reserve districts 49, 254 By States 50,255 Discussion of 2 Percentage distribution 16, 74, 141 Total 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 801 Loans and investments—Continued. Page Member banks: All banks, on call dates 582 Classification of 15, 73, 140 Total 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 Discussion of 2, 331, 413, 470, 531, 732 Reporting banks in leading cities: Monthly averages of weekly figures, 17,75, 142, 226, 282, 349, 426, 479, 546, 624, 686, 747. Weekly figures 41, 101, 196, 251, 323, 405, 457, 518, 579, 659, 722, 777 January 1932-July 1933 519 Mutual savings banks on call dates 258 National banks on call dates 51, 256, 583 Nonmember banks, on call dates: By Federal Reserve districts 49, 254 Total 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 State banks, on call dates 52, 257, 583 Locomotives, production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Lumber: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Machinery, factory employment and pay rolls. *54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782. Manufactures, production of: Chart showing 415 Discussion of 415, 467 Index of: By industries 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Total 22, 80, 147, 230, 286, 353, 430, 484, 551, 629, 691, 752 Years 1919-33 584 Martin, H. W., appointed assistant to Governor of Federal Reserve Board 471 Maturity of bills and short-term securities. 43, 103, 198, 253, 325, 407, 459, 524, 581, 661, 724, 779 McClelland, E. M.: Appointed assistant to Governor of Federal Reserve Board 273 Death of 471 Member banks: Advances to, under sees. 2 and 3 of GlassSteagall Act, extension of time limit 95,96 Bills discounted for, by Federal Reserve banks. (See Bills discounted.) Borrowings at Federal Reserve banks. (See Borrowings.) Condition of. (See Condition of banks.) Deposits. (See Deposits.) Dividends paid 47, 48 Earnings and expenses 47, 48 "Executive officer," meaning of term: Opinion of Attorney General 569 Ruling of Board 501 Licensed, number and deposits— By Federal Reserve districts, as of May 13, 1933 455 By States, as of May 13, 1933 456 Monthly figures 274, 341, 453, 517, 578, 658, 721, 776 In United States, as of May 13, 1933. . 454 802 INDEX TO VOLUME 19 Member banks—Continued. Loans and investments. (See Loans and investments.) National banks. (See National banks.) Number of 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 Number on par list 43, 103, 198, 253 Reserves. (See Reserves.) State banks: Application of section 8A of Clayton Act to; ruling of Board 654 Branches of: Operation of offices or receiving stations; ruling of Board 499 Removal from one town to another, effect on membership; ruling of Board 566 Condition of, on call dates 583 Earnings and expenses 48 Licensed, number and deposits 274, 341, 453, 517, 578, 658, 721, 776 Number of 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 Purchase of national bank stock by; ruling of Board 449 Stock, nonassessable, issuance of; ruling of Board 566 Suspensions— By Federal Reserve districts 44, 104, 199 By months 19, 77, 144 By States: Current month 45, 105,201 During year 1932 46, 200 Membership in Federal Reserve System: Capital debentures not considered "capital" in determining eligibility; ruling of Board 566 Capital requirements for State banks in places of not more than 3,000 inhabitants; ruling of Board 772 Eligibility of banks located in cities of less than 3,000 inhabitants for admission to; ruling of Board 499 Removal of branch bank from one town to another; ruling of Board 707 Membership in par collection system, 43, 103, 198, 253 Merchandise: Freight-car loadings 23,81, 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 Imports and exports 23, 81, 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 Message of President to Congress requesting emergency banking legislation 114 Mexico: Foreign exchange rates: Monthly averages 34,92,163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Gold imports and exports to and from the United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Gold production: Monthly figures 25, 83, 154, 233, 294, 373, 437, 487, 554, 632, 694, 755 Years 1929-33 233, 234 Gold reserves: Monthly figures.. 436, 486, 553, 631, 693, 754 Years 1913-33 370 Meyer, Eugene, resignation of, as Governor of Federal Reserve Board 273 Mills, Ogden L., retirement of, as Secretary of the Treasury 132 Minerals, index of production: Monthly figures 53, 108,204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Total 22, 80, 147, 230, 286, 353, 430, 484, 551, 629, 691, 752 • Years 1919-33 584 Mitchell, John R., Federal Reserve agent at Minneapolis, death of 63 Monetary gold stock. (See Gold.) Money: Circulation: Averages of daily figures, end of month series, Wednesday series.. 11, 69, 136, 221, 277, 344, 421, 474, 541, 619, 681, 742 By kinds 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Chart showing 265, 466, 533, 732 Based on Wednesday figures 10, 68, 135, 220, 276, 343, 420, 473, 540, 618, 680, 741. Discussion of — 1, 59, 209, 215, 265, 331, 466, 594, 731 Gold coin and certificates, November 1914^March 1933 259 Coining and regulating the value of, under provisions of Emergency Mortgage Act of 1933; text of act 317 Gold. (See Gold.) Rates: Charged customers: Chart showing 332 Discussion of 332 In New York and other cities 20, 78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 749. Charged small borrowers, special inquiry on, made by Board 414 Discussion of 332, 594, 731 Foreign countries 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Open-market, in New York City 20, 78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 749. Par of exchange 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Resolution of Congress authorizing payment in legal-tender money rather than gold 333-338 Text of resolution 338 Return from hoards, discussion of 209, 265, 331, 466, 532, 594, 731 (See also Currency.) Municipal warrants held by Federal Reserve banks: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Maturities 43, 103, 198, 253, 325, 407, 459, 524, 581, 661, 724, 779 Mutual savings banks: Condition of, on call dates 258 Cooperative banks not considered as; ruling of Board 568 Deposits, on call dates 225, 281, 348, 425, 478, 545, 623, 685, 746 Distinguished from a building and loan association; ruling of Board 653 Loans and investments on call dates 225, 281, 348, 425, 478, 545, 623, 685, 746 Number of 225, 281, 348, 425, 478, 545, 623, 685, 746 INDEX TO VOLUME 19 Page National bank note circulation 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 National banks: Condition of, on call dates 51, 256, 583 Deposits, on call dates 51, 256, 583 Dividends paid 47 Earnings and expenses 47 Investment of trust funds in cases where cash balances are too small to be invested separately; ruling of Board • 187 Joint resolution authorizing Comptroller of the Currency to exercise additional powers with respect to 187 Licensed, number and deposits 274, 341, 453, 517, 578, 658, 721, 776 Loans and investments, on call dates. 51, 256, 583 Number of 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 Out-of-town branches of, in California, South Carolina, and Tennessee, right to establish; opinion of Attorney General-_ 708 Purchase of stock of, by State member bank; ruling of Board 449 Suspensions: By Federal Reserve districts 44, 104, 199 By months 19,77,144 By States: Current month 45, 105, 201 During year 1932 46, 200 National summary of business conditions 9, 67, 134, 219, 275, 342, 419, 472, 539, 617, 679, 740 Netherlands: Bank of: Annual report -. 432 Condition of 31, 89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates: Changes in 340, 418, 471, 598 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 370 Commodity prices, wholesale 36, 93, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Gold imports and exports: Net imports 27, 85, 156, 237, 296, 375, 439, 489, 556, 634, 696, 757 To and from United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Money rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 New York City: Interest rates in 20, 78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 749 Member banks in: Condition of reporting banks: Outside (89 banks), January 1932July 1933 522 Weekly figures 41, 101, 196, 251, 323, 405, 457, 518, 579, 659, 722, 777 January 1932-July 1933 520 Deposits, time and demand 14, 72, 139, 224, 280, 347, 424, 477, 544, 622, 684, 745 803 New York City—Continued. Member banks in—Continued. Loans and investments: All banks on call dates 15, 73, 140 Reporting member banks. 17,75,142,226, 282, 349, 426, 479, 546, 624, 686, 747 Reserve balances 14, 72, 139, 224, 280, 347, 424, 477, 544, 622, 684, 745 New Zealand: Foreign exchange rates 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 370 Nonferrous metals: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Nonmember banks: Amendment to emergency banking act providing for direct loans to 247 Bills discounted for, by Federal Reserve banks 12, 70, 137,222,278,345,422,475, 542, 620, 682, 743 Deposits: Averages of daily figures, end-of-month series, Wednesday series 11, 69, 136, 221,277,344,421,474,541,619, 681, 742 On call dates: By Federal Reserve districts._._ 49, 254 Total 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 Licensed, number and deposits 453, 517, 578, 658, 721, 775 Loans and investments on call dates: By Federal Reserve districts 49, 254 Total 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 Number of 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 Number on par list 43, 103, 198, 253 Suspensions: By Federal Reserve districts 44, 104, 199 By months 19, 77, 144 By States: Current month 45, 105, 201 During year 1932 46, 200 Nonreserve cash held by Federal Reserve banks: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39,99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Norway: Bank of: Condition of 31, 89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates: Changes in 340 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 370 804 INDEX TO VOLUME 19 Norway—Continued. Page Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Number of banks in the United States 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 Number of licensed banks: By Federal Reserve districts, as of May 13, 1933 455 By States, as of May 13, 1933 456 In United States as a whole, as of May 13, 1933 454 Monthly figures 274, 344, 453, 517, 578, 658, 721, 776 Number of suspended banks: By Federal Reserve districts 44, 104, 199 • By months 19, 77, 144 By States: Current month 45, 105, 201 During year 1932 46, 200 Oats crop estimate 57, 529, 592, 667, 730, 785 O'Connor, J. F. T., appointed Comptroller of the Currency 273 Oil, production index. 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Open-market operations of Federal Reserve Discussion of 1,61, 211,331, 413, 594, 731 Regulation M of Federal Reserve Board. _ 502 Open-market policy of Federal Reserve System. 1 Opinion of General Counsel of Board on constitutionality of legislation providing for a unified commercial banking system 166 Opinions of Attorney General: Examinations of affiliates of national banks. 570 Meaning of term ''executive officer" 569 Right of national banks in California, South Carolina, and Tennessee to establish outof-town branches 708 Paper: Factory employment and pay rolls. _ 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Par list, number of banks on 43, 103, 198, 253 Par of exchange (foreign currency) 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Pay rolls j factory: Discussion of 465, 468, 593 Monthly indexes 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Total 22, 80, 147, 230, 286, 353, 430, 484, 551, 629, 691, 752 Penalties for deficient reserves 106, 515 Permits under section 8A of Clayton Act, necessity for obtaining; ruling of Board 653 Peru: Central Bank of: Condition of 31, 89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures - 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 371 Gold imports and exports to and from United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Petroleum refining: Factory employment and pay rolls. _ 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Peyton, John N., appointed Federal Reserve agent at Minneapolis — 273 Philippine Islands, gold imports and exports,.- 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Poland: Bank of: Condition of 31, 89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates: Changes in 678 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures . . _ . 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 371 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Portugal: Bank of: Condition of 31, 89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates: Changes in 218 Monthly figures 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 7Q4 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 371 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Gold imports and exports 13, 71, 138, 223, 279, 346, 423, 476 Postage, Federal Reserve banks, cost of 106, 515 Postal savings deposits: Amendment to act made by Banking Act of 1933 395 Interest on; ruling of Board 768 Monthly figures 43, 103, 198, 253, 325, 407, 459, 524, 581, 661, 724, 779 Potato crop estimates 57, 529, 592, 667, 730, 785 President of United States: Address by 120, 669 Executive orders: Code of fair competition for bankers 610 Gold export, hoarding, etc 119, 213, 266, 535, 537, 674 Licensing of closed banks. 119 Letter to chairman of Reconstruction Finance Corporation relative to preferred stock subscriptions to nonmember banks applying for admission to deposit insurance fund 672 Message to Congress relative to emergency banking legislation 114 Proclamation of: Declaring a bank holiday 113 Continuing the bank holiday 118 Statement relative to dates for reopening of closed banks 120 Statement relative to Deposit Liquidation Board 596 INDEX TO VOLUME 19 Prices: Commodity, wholesale: 'Discussion of 332, 416, 468, 593 National summary 9, 67, 134, 219, 275, 342, 419, 472, 539, 617, 679, 740 Principal countries 36, 93, 164, 245, 304, 383, 447, 495, 564, 649, 705, 766 United States: All commodities 36, 93, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 By groups 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Total 22,80,147,230, 286, 353, 430, 448, 551, 629, 691, 752 Food, retail 37, 94, 165, 246, 305, 384, 448, 498, 565, 650, 706, 767 Gold, newly mined 676, 678, 779 Executive order relating to 537 Security (stocks and bonds): Domestic 21, 79, 146, 229, 285, 352, 429, 483, 550, 628, 690, 751 Principal countries 36, 93, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 Silver 34,92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Printing and stationery, Federal Reserve banks, cost of__ 106, 515 Proclamation of President of United States: Declaring a bank holiday 113 Continuing the bank holiday 118 Processing tax under provisions of agricultural relief act: Text of act 309 Industrial activity under 593 Production, industrial: By industries 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Discussion of 415, 593 National summary 9, 67, 134, 219, 275, 342, 419, 472, 539, 617, 679, 740 Index of: Total 22, 80, 147, 230, 286, 353, 430, 484, 551, 629, 691, 752 Years 1919-33 584 Profit and loss account, Federal Reserve banks. 107 Public utility stocks, prices of 21, 79, 146, 229, 285, 352, 429, 483, 550, 628, 690, 751 Railroads: Loans to, by Reconstruction Finance Corporation 66, 341, 538, 737, 738 February 1932-November 1933 737,738 Stocks, prices of 21, 79, 146, 229, 285, 352, 429, 483, 550, 628, 690, 751 Rates: Discount. (See Discount rates.) Foreign exchange. (See Foreign exchange.) Money. (See Money.) Real estate: Loans secured by, made by member banks. 15, 73, 140 Mortgages, loans to affiliate of member bank on security of; ruling of Board 566 Reconstruction Finance Corporation: Agricultural loans under provisions of Agricultural Relief Act; text of a c t . . . 314 Gold purchases: Executive order of President 537, 674 Prices of 676, 779 Rates for subscription to notes of 779 Regulations of Secretary of Treasury _ 674 Operations of, February 1932-November 1933 735-739 805 Reconstruction Finance Corporation—Con. Purchase of preferred stock of nonmember banks applying for admission to deposit insurance fund 672 Reports of 64, 341, 538 Rediscount of notes given in payment of insurance premiums, ruling of Board regarding. 95 Rediscounts and bills payable: All banks in the United States on call dates: By Federal Reserve districts 49, 254 By States 50,255 Mutual savings banks, on call dates 258 National banks on call dates 51, 256 State banks, on call dates 52, 257 Regulations of the Federal Reserve Board: Interpretations of, requests for; ruling of Board 768 Regulation L. Interlocking bank directo- . rates under Clayton Act 711 Regulation M. Open-market operations 502 Regulation N. Relations with foreign banks and bankers 505 Regulation P. Holding company affiliates— voting permits 505 Regulation Q. Payment of interest on deposits 571 Regulation R. Relationships with dealers in securities under Banking Act of 1933-_ 715 Regulations of Secretary of Agriculture for field warehousemen 189 Regulations of Secretary of the Treasury: Bank holiday 122-125,216 Interpretations of 125-126, 216 Gold 267, 599, 674 Reichsbank, German. (See Germany.) Rent paid by Federal Reserve banks 106, 515 Reports: Annual, of foreign banks. (See Annual reports.) Federal Reserve Board 534 Reconstruction Finance Corporation. 64, 341, 538 Reserve balances of member banks. (See Reserves.) Reserve city member banks: Condition of member banks in, on call dates 582 Deposits, time and demand 14, 72, 139, 224, 280, 347, 424, 477, 544, 622, 684, 745 Loans and investments on call dates. _ 15, 73, 140 Reserve balances 14, 72, 139, 224, 280, 347, 424, 477, 544, 622, 684, 745 Reserve ratio of Federal Reserve banks: Averages of daily figures 38, 98, 193, 248, 319, 402, 450, 513, 575, 655, 718, 773 Discussion of 215 End of month figures 39,99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Reserves: Deposits of Federal home loan banks in member banks classified as amounts due to banks in computing; ruling of Board.247 Held by Federal Reserve banks: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Cash, averages of daily figures.-- 38, 98, 193, 248, 319, 402, 450, 513, 575, 655, 718, 773 Discussion of 209, 265, 331, 413, 731 Excess, discussion of 211, 732 For losses 107 806 INDEX TO VOLUME 19 Reserves—Continued. "Page Held by Federal Reserve banks—Contd. Gold: All banks combined 12, 70, 137, 222, 278,345,422,475,542,620, 682, 743. Chart showing 212 Discussion of 211, 331, 732 Each bank 39, 99, 194, 249, 320,403,451,514,576,656, 719, 774. November 1914-March 1933 259 Held by Foreign central banks: Monthly figures 24, 82, 153, 232, 436, 486,553, 631, 693, 752. Years 1913-33 368-372 Explanatory note 372 Monthly review 5, 62, 217, 338, 417, 470, 533, 733. Member banks: All banks 40, 100, 195, 250, 321, 404, 452, 516, 577,657,720,775 Balances: Averages of daily figures, end of month series, Wednesday series 11, 69, 136, 221, 277, 344, 421, 474, 541, 619, 681, 742. Chart showing 594 Based on Wednesday figures._ 10, 68, 135, 220, 276, 343, 420, 473, 540, 618, 680, 741. Discussion of 60,211, 413, 466, 513, 594, 732. New York City banks, reserve city banks, and country banks. 14, 72, 139, 224, 280, 347, 424, 477, 544, 622, 684, 745. Deficient, penalties for 106, 515 Excess: All banks 40, 100, 195, 250, 321, 404, 452, 516, 577, 657, 720, 774. Chart showing 466, 531, 733 Discussion of 1, 59, 211, 413, 466, 531, 594, 732 New York City banks, reserve city banks, and country banks 14, 72,139, 224, 280, 347, 424, 477, 544, 622, 684, 745 Reporting banks: Weekly figures 41, 101, 196, 251, 323, 405, 457, 518, 579, 659, 722, 777 January 1932-July 1933 519 Resources and liabilities. (See Assets and liabilities.) Retail trade, department stores: Discussion of 593 Monthly figures 23, 81, 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 Rubber: Crude, wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Products, factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Tires and tubes, production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 562, 725, 780 Rulings of the Federal Reserve Board. (See t Law department.) Rumania: Page Foreign exchange rates: Monthly averages 34,92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 National bank of: Condition of 31, 89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates: Changes in 273 Monthly figures .33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24,82,153, '232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 371 Russia. (See Union of Socialist Soviet Republic.) Salaries: Federal reserve banks 106, 515 National banks 47 State bank members 48 Savings deposit: Definition of; ruling of Board 653 Withdrawals of; ruling of Board 768 Secretary of Agriculture, regulations of, relating to field warehousemen 189 Secretary of the Treasury: Interpretations of regulations under bank holiday proclamations 125-126, 216 Mills, Ogden L., retirement of 132 Orders permitting banks in territories and insular possessions of the United States to perform usual banking functions 130 Regulations of: Bank holiday 122-125,216 Gold 267, 599, 674 Statement of, relative gold clause resolution 333 Statements of, relative to bank holiday.. 126-132 Woodin, William H., appointment of 132 Securities: Dealers in—Regulation R of Federal Reserve Board 715 Government. (See United States Government securities.) Security issues: Discussion of 469 Monthly figures 21, 79, 146, 229, 285, 352, 429, 483, 550, 628, 690, 751 Security prices (stocks and bonds): Discussion of 469 Domestic 21, 79, 146, 229, 285, 352, 429, 483, 550, 628, 690, 751 Principal countries 36, 93, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 Shipbuilding: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Shipments of currency to and from Europe 43, 103, 198, 253, 325, 407, 459, 524, 581, 661, 724, 779 Siam, gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 371 INDEX TO VOLUME 19 p -Silk manufactures: age Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Silver: Acceptance of, for payment of foreign debt, under provisions of Emergency Farm Mortgage Act of 1933; text of act____ 271, 318 Coin and certificates, circulation 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Price of 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Weight of dollar, fixing of, under provisions of Emergency Farm Mortgage Act of 1933; text of act 270, 317 Slaughtering and meat packing: Factory employment and pay rolls 53, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 South Africa: Foreign exchange rates 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Reserve bank: Condition of 31, 89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates: Changes in 132, 340 Monthly figures.. __ 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 371 Spain: Bank of: Condition of 31,89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates: Monthly figures 33, 91, 162, 243, 302, 381, 445, 395, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 371 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 State banks: Amendment to emergency banking act providing for direct loans to 247 Condition of, on call dates 52, 257 Deposits, on call dates 52, 257 Eligibility for membership in system—Capital requirements for banks in places of not less than 3,000 inhabitants; ruling of Board 772 Loans and investments on call dates 52, 257 Member banks: Application of section 8A of Clayton Act to; ruling of Board 654 Branches of: Operation of offices or receiving stations; ruling of Board 499 Removal from one town to another, effect on membership; ruling of Board 566 807 State banks—Continued. Page Member banks—Continued. Condition of, on call dates 583 Earnings and expenses 48 Licensed, number and despoits 274, 341, 453, 517, 578, 658, 721, 776 Number of 16, 74, 141, 225, 281, 348, 425, 478, 545, 623, 685, 746 Purchase of national bank stock by; ruling of Board 449 Stock, nonassessable, issuance of; ruling of Board 556 Suspensions: By Federal Reserve districts- 44, 104, 199 By months 19, 77, 144 By States: Current month 45, 105, 201 During year 1932 46, 200 Statement issued by the President relative to dates of reopening of closed banks 120 Statements issued by the Secretary of the Treasury: Relative to bank holiday 126-132 Relative to gold-clause resolution 333 Steel: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Stock: Nonassessable, of State member bank, issuance of; ruling of Board 566 Of national bank, purchase of, by State member bank; ruling of Board 449 Preferred: Issue of, by national banks, act providing for 117 Nonmember banks applying for admission to deposit insurance fund, purchase of, by Reconstruction Finance Corporation 672 Right of member bank to hold; ruling of Board 449 Stock exchange, application of Banking Act of 1933 to members and employees of; ruling of Board 770 Stocks and bonds: Applicability of section 8A of Clayton Act to corporations which do not actually make loans on collateral secured by; ruling of Board 653 Application of section 8A of Clayton Act to corporations making loans on own stock; rulings of Board 771 Interest rates on loans secured by 42, 102, 197, 252, 324, 406, 458, 523, 580, 660, 723, 778 Issues of 21, 79, 146, 229, 285, 352, 429, 483, 550, 628, 699, 760 Loans by member banks secured by__ 15, 73, 140 Prices: Domestic 21, 79, 146, 229, 285, 352, 529, 583, 550, 628, 690, 751 Principal countries 36,93, 164, 245, 304, 383, 447, 497, 564, 649, 705, 766 Stocks, department stores 23,81, 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 Straits Settlements, foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 808 INDEX TO VOLUME 19 Sugar: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Surplus: Federal Reserve banks: All banks combined 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Amount transferred 107 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 National banks 47 State bank members 48 Suspensions, bank: By Federal Reserve districts 44, 104, 199 By months 19,77,144 By States: Current month 45, 105, 201 During year 1932 46,200 Tables showing, omitted from Bulletin 218 Sweden: Bank of: Condition of 31, 89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates: Changes in 340 Monthly figures 33, 91, 162, 243, 302, 281, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 371 Foreign exchange rates— Monthly average 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Money rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Switzerland: Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Gold imports and exports: Net imports 27, 85, 156, 237, 296, 375, 439, 489, 556, 634, 696, 757 To and from the United States. _ 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Money rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Swiss National Bank: Condition of 31, 89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 371 Szymczak, M. S., appointed member of the Federal Reserve Board 340 Tax: Franchise, paid by Federal Reserve banks. 107 Processing— Under provisions of agricultural relief act; text of act . 309 Industrial activity under 593 Taxes, Federal Reserve banks 106, 515 Telephone and telegraph expenses of Federal Reserve banks 106, 515 Textiles: Page Factory employment and pay rolls 54, 109, 205, 262, 327/409, 461, 526, 589, 664, 727, 782 Prices, chart showing. 416 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Thomas, J. J., appointed member of Federal Reserve Board 340 Tires, rubber: Factory employment and payrolls 54, 109 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Tobacco: Crop estimates 57, 529, 592, 667, 730, 785 Manufactures: Factory employment and pay rolls 54, 109 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Trade, retail, department stores 23, 81, 148, 231, 287, 354, 431, 485, 552, 630, 692, 753 Traveling expenses, Federal Reserve banks 106, 515 Treasury certificates of indebtedness. (See United States Government securities.) Treasury finance 482, 549, 627, 689, 750 Treasury notes: Circulation 13, 71, 138, 223, 279, 346, 423, 476, 453, 621, 683, 744 Held by Federal Reserve banks 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Trust funds, interest on deposits of; ruling of Board 568 Turkey: Central Bank of: Condition of 31,89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Gold reserves: Monthly figures 24,82,153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 371 Foreign exchange rates: Monthly averages 34,92,163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Unexpended capital funds, Federal Reserve banks 11, 69, 136, 221, 277, 344, 421, 474, 541, 619, 681, 742 Unified banking system, constitutionality of legislation providing for; opinion of Board's counsel 166 Union of Soviet Socialist Republics, Bank of: Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 371 United States Government debt. 482,549, 627,689,750 United States Government deposits: Held by Federal Reserve banks: All banks combined 12,70,137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39,99,194, 249, 320, 403, 451, 514, 576, 656, 719, 774 INDEX TO VOLUME 19 United States Government securities: As collateral for Federal Reserve notes, extension of time limit under Glass-Steagall Act 59, 96 Bills discounted by Federal Reserve banks secured by 39,99,194, 249, 320, 403, 541, 514, 576, 656, 719, 774 Bonds: Held by Federal Reserve banks_ 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Issues of 482, 549, 627, 689, 750 Prices of 483, 550, 628, 690, 751 Yield on 483, 550, 628, 690, 751 Held by, as security for Federal Reserve notes— All banks combined 12,70,137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Held by Federal Reserve banks: All banks combined 12,70,137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Each bank 39, 99, 194, 249, 320, 403, 451, 514, 576, 656, 719, 774 Averages of daily figures, end-of-month series, Wednesday series. 11,69,136, 221, 277, 344, 421, 474, 541, 619, 681, 742 Bought outright and under resale agreement 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Discussion of 2, 60, 211, 413, 594, 731 Earnings on 106, 515 Held by member banks: All banks, on call dates 15, 73, 140 Compared with borrowings at Federal Reserve banks 19, 77, 144 Chart showing 733 Reporting banks: Monthly averages of weekly figures 17, 75, 142, 226, 282, 349,426,479,546,624, 686, 747 Weekly figures 41, 101, 196, 251, 323, 405, 457, 518, 579, 659, 722, 777 January 1932-July 1933 519 Issues of 21, 79, 146, 229, 285, 352, 429, 482, 549, 627, 689, 750 Joint resolution of Congress authorizing payment in legal tender money rather than gold in issues of 333-338 Text of resolution 338 Open-market purchases by Federal Reserve banks under provisions of Emergency Farm Mortgage Act of 1933; text of act_ 270, 317 Pledged against Federal Reserve notes outstanding: All Federal Reserve banks combined. _ 222, 278, 345, 422, 475, 542, 620, 682, 743 Each Federal Reserve bank 249, 320, 403, 451, 514, 576, 656, 719, 774 •Treasury bonds, interest yield on 20, 78, 145, 228, 284, 351, 428, 481, 548, 626, 688, 749 Treasury certificates of indebtedness: Held by Federal Reserve banks maturities 43, 103, 198, 253,325,407,459,524, 581, 661, 724, 779 Interest yield on 20, 78, 145, 228, ?84, 351, 428, 481, 548, 626, 688, 749 Issues of 21, 79, 146, 229, 285, 352, 429, 482, 549, 627, 689, 750 United States notes: Circulation 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 809 Page United States Government securities—Continued. United States notes—Continued. Issue of, under provisions of Emergency Farm Mortgage Act of 1933; text of act 270, 317 United States postal savings deposits. (See Postal savings deposits.) Uruguay: Bank of: Condition of 31, 89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 371 Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924-32 35 Gold imports and exports to and from United States 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Venezuela, gold imports and exports 13, 71, 138, 223, 279, 346, 423, 476, 543, 621, 683, 744 Wages. (See Pay rolls) Warehouse receipts: Acceptances based on 18, 76, 143, 227, 283, 350, 427, 480, 547, 625, 687, 748 Bankers' acceptances secured by, under certain field-warehousing arrangements; ruling of Board 188 Interest rates on loans secured by 42, 102, 197, 252, 324, 406, 458, 523, 580, 660, 723, 777 Warehousemen, regulations of Secretary of Agriculture relating to 189 Warrants, municipal, held by Federal Reserve banks: End-of-month figures 12, 70, 137, 222, 278, 345, 422, 475, 542, 620, 682, 743 Maturities 43, 102, 198, 253, 325, 407, 459, 524, 581, 661, 724, 779 Wheat crop estimate 57, 529, 592, 667, 730, 785 Wholesale prices. (See Prices.) Williams, Lewis B., appointed Federal Reserve agent at Cleveland 133 Wood-pulp productions 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Woodin, Wm. H., appointed Secretary of Treasury 132 Wool manufactures: Factory employment and pay rolls 54, 109, 205, 262, 327, 409, 461, 526, 589, 664, 727, 782 Production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 Wholesale prices 55, 110, 206, 263, 328, 410, 462, 527, 590, 665, 728, 783 Yugoslavia: Foreign exchange rates: Monthly averages 34, 92, 163, 244, 303, 382, 446, 496, 563, 648, 704, 765 Yearly averages, 1924^32 35 National Bank of: Condition of 31,89, 160, 241, 300, 379, 443, 493, 560, 638, 700, 761 Discount rates 33, 91, 162, 243, 302, 381, 445, 495, 562, 647, 703, 764 Gold reserves: Monthly figures 24, 82, 153, 232, 293, 436, 486, 553, 631, 693, 754 Years 1913-33 371 Zinc production index 53, 108, 204, 261, 326, 408, 460, 525, 588, 662, 725, 780 FEDERAL RESERVE DISTRICTS ST.LOiUS —iBOUNDARIES OF FEDERAL RESERVE DISTRICTS -—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES FEDEftAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY