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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