Full text of Federal Reserve Bulletin : February 1933
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FEDERAL RESERVE
BULLETIN
FEBRUARY, 1933
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Banking Developments
Report of Reconstruction Finance Corporation
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1933
FEDERAL RESERVE BOARD
Ex officio members:
EUGENE MEYER, Governor.
OGDEN L. MILLS,
CHARLES S. HAMLIN.
Secretary of the Treasury, Chairman.
Comptroller of the Currency.
FLOYD R. HARRISON, Assistant to the Governor.
CHESTER MORRILL, Secretary.
E. M. MCCLELLAND, Assistant Secretary.
J. C. NOELL, Assistant Secretary and Fiscal Agent.
WALTER WYATT, General Counsel.
ADOLPH C. MILLER.
GEORGE R. JAMES.
LEO H. PATJLGER, Chief, Division of Examinations.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
CARL E. PARRY, Assistant Director, Division of Research
and Statistics.
E. L. SMEAD, Chief, Division of Bank Operations.
FEDERAL ADVISORY COUNCIL
District
District
District
District
District
District
No.
No.
No.
No.
No.
No.
1
2
3
4
5
6
(BOSTON)
( N E W YORK)
(PHILADELPHIA)
(CLEVELAND)
(RICHMOND)
(ATLANTA)
District No. 7 (CHICAGO)
District No. 8 (ST. LOUIS)
District
District
District
District
n
No.
No.
No.
No.
THOMAS M. STEELE.
ROBERT H. TREMAN.
HOWARD A. LOEB.
J. A. HOUSE.
HOWARD BRUCE.
JOHN K. OTTLEY.
MELVIN A. TRAYLOR, Vice President.
WALTER W. SMITH, President.
9*(MINNEAPOLIS)
THEODORE WOLD.
10 (KANSAS CITY)
WALTER S. MCLUCAS.
11 (DALLAS)
- _ _ J. H. FROST.
12 (SAN FRANCISCO)
HENRY M. ROBINSON.
WALTER LICHTENSTEIN, Secretary
OFFICERS OF FEDERAL RESERVE BANES
Federal Reserve Bank
of—
Governor
Chairman
Boston
New York
F. H. Curtiss
J. H. Case
R. A. Young
G. L. Harrison
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
R. L. Austin
George DeCamp
W. W. Hoxton
Oscar Newton
E. M. Stevens
G. W. Norris
E. R. Fancher
G.J.Seay—.
E. R. Black
J. B. McDougal
St. Louis. _ .. _ . J. S. Wood
W. McC. Martin
Minneapolis
Kansas City
Dallas
San Francisco
W. B. Geery
G. H. Hamilton
B. A. McKinney
J.U. Calkins....
._
M. L. McClure
C. C. Walsh
Isaac B. Newton
i Assistant deputy governor.
Deputy governor
W. W. Paddock
W. R. Burgess
J. E. Crane
A. W. Gilbart—
E. R. Kenzel
W. S. Logan
L. R. Rounds
L. F. Sailer
W. H. Hutt
Cashier
W. Willett.
C. H. Coe.i
R. M. Gidney.i
J. W. Jones. *
W. B. Matteson.*
J. M. Rice.* 1
Allan Sproul.
L. W. Knoke.i
C. A. Mcllhenny.3
W. G. McCreedy.
H. F. Strater.
M.J. Fleming
F. J. Zurlinden.
0. A. Peple
R. H. Broaddus
W. S. Johns
H. F. Conniff
C. R. McKay
J. H. DiUard
G. H. Keesee.
J. S. Walden, jr.*
M. W. Bell.
W. S. McLarin, jr.»
W. C Bachman.i
0. J. Netterstrom.i
E. A. Delaney.1
S. F. GilmoreJ
0. M. Attebery
A. H. Haul.*
J. G. McConkey
F. N. Hall.*
G. 0. Hollocher.'
0. C. Phillips.'
H. I. Ziemer.
Harry Yaeger
F. C. Dunlop.»
H. I. Ziemer
C. A. Worthington.... J. W. Helm.
J. W. Helm
R. R. Gilbert
Fred Harris.
R. B. Coleman
W. 0. Ford.*
W. A. Day
W. M. Hale.
Ira Clerk
« Controller.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES
Federal Reserve Bank of—
New York:
Buffalo Branch_ _
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch...
Jacksonville branch
Birmingham branch. _.
Nashville branch
_
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Managing director
R. M. O'Hara.
C. F. McCombs.
J. C. Nevin.
Hugh Leach.
W. T. Clements.
Marcus Walker.
Hugh Foster.
J. H. Frye.
J. B. Fort, jr.
W. R. Cation.
J. T. Moore.
W. H. Glasgow.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch..
Dallas:
El Paso branch...
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch...
Seattle branch
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
J. L. Hermann.
W. D. Gentry.
M. Crump
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the board's medium of communication with member
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m
TABLE OF CONTENTS
Page
Review of the month—Recent banking developments
Report of Reconstruction Finance Corporation
Earnings and expenses of Federal reserve banks during 1932
59
64
106, 107
National summary of business conditions
67
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
Member and nonmember bank credit—
All banks in the United States
All member banks
Weekly reporting member banks in leading cities
Brokers' loans
Acceptances and commercial paper
Discount rates and money rates
Bank suspensions and banks reopened
Member bank holdings of eligible assets (Government securities and eligible paper)
Security prices, security issues, United States Government securities
Production, employment, car loadings, and commodity prices
Merchandise exports and imports
Department stores—Indexes of sales and stocks
Freight-car loadings, by classes
Financial statistics for foreign countries:
Gold reserves of central banks and governments
Gold production
Gold movements
Government note issues and reserves
Bank for International Settlements
Central banks
Commercial banks
Discount rates of central banks
Money rates
Foreign exchange rates
Price movements—
Security prices
Wholesale prices
Retail food prices and cost of living
68-71
74
72-74, 100
75, 101
75
76
78, 102
77,104, 105
77
79
80, 108-110
81
81
81
82
83
83-85
86
86
87-89
90
91
91
92
-
.
93
93-94
94
Law department:
Eligibility for rediscount of notes given in payment for insurance premiums
Discounts for individuals, partnerships, and corporations
Act extending sections 2 and 3 of the Glass-Steagall Act; together with report of Committee on Banking and Currency
Federal reserve statistics by districts, etc.:
Banking and financial statistics
Industrial and commercial statistics
IV
95
95
95
98-103
108-111
FEDERAL RESERVE BULLETIN
VOL. 19
FEBRUARY, 1933
REVIEW OF THE MONTH
Continued gold imports and a return flow of
currency from circulation contributed to a
further easing of conditions in
the mone
y m a r k e t * the last
week of December and in
January. Gold imports, chiefly from France,
Netherlands, and India, were reflected in an
increase of the country's stock of monetary
gold amounting to $78,000,000 between December 21 and January 18. During the following two weeks gold stock was reduced by
$18,000,000, largely as the result of the purchase by England of gold from the amount
held under earmark in London for account of
the Federal Reserve Bank of New York, offset
in part by continued imports. This gold was
acquired in the middle of December in connection with Great Britain's war debt payment
of $95,550,000. Since then $63,387,000 of this
amount has been shipped to the United States
and $32,163,000 has been repurchased by
England, so that no further gold is now held
abroad by the Federal reserve banks.
Return flow of currency from circulation,
which is usual after the Christmas holidays, has
been in smaller volume this year than in other
recent years. This decrease has reflected in
part the fact that, owing to a reduced volume
of trade and lower prices, the outflow in December had been smaller, and in part, particularly in the latter half of the month, an increase in currency withdrawals caused by banking disturbances in different parts of the
country. The decline in currency outside of
the Treasury and the Federal reserve banks
was $109,000,000 from the Christmas peak to
February 1.
Funds arising out of the gold inflow and the
return flow of currency were added to the
reserve balances of member banks, but were
offset to the extent of $88,000,000 by a reduc-
No. 2
tion between January 4 and January 25 in
Federal reserve bank holdings of United States
Government securities. This reduction in the
system's portfolio was in accordance with the
system's policy, announced last month, of
maintaining a substantial amount of excess
member bank reserves and from time to time,
in the light of current conditions, making
adjustments in holdings in the open-market
account. Excess reserves of member banks at
the end of January were approximately at the
$500,000,000 level reached at the close of last
year.
In view of the further declines of short-time
money rates in the open market, clearing-house
banks in New York and in many other cities
announced reductions in interest rates to be
paid on deposits.
On February 3 the provisions of sections 2
and 3 of the Glass-Steagall Act, which would
Renewal of
have expired by limitation on
Glass-Steagall March 3 of this year, were exc
tended for another year. This
renewal was in accordance with a recommendation of the Federal Eeserve Board, transmitted
to Congress on January 9.
Section 2 of the act authorizes the Federal
reserve banks, in exceptional and exigent circumstances, to make advances to member
banks having a capital of not exceeding
$5,000,000 against paper that would otherwise
not be eligible for discount, in case these banks
lack an adequate supply of eligible paper. In
its letter to the congressional committees the
Federal Reserve Board said:
" While demands upon the Federal reserve
banks for accommodations under section 10 (b)
have not been large, the existence of the authority to extend such accommodations has
been a helpful factor in the disturbed situation
through which we have been passing and has
enabled the Federal reserve banks to render
59
60
FEDERAL RESERVE BULLETIN
service to individual member banks in a number of instances."
Section 3 of the Glass-Steagall Act authorized
the Federal Reserve Board, originally until
March 3, 1933, and now until March 3, 1934,
to permit the use of United States Government
securities as collateral for Federal reserve notes.
The enactment of this section of the act made
possible the policy of the Federal reserve system to purchase United States Government
securities in amounts sufficient to enable the
member banks to meet the demands upon them
for gold from abroad and for currency withdrawals, and at the same time to reduce their
indebtedness to the reserve bank and to accumulate a considerable volume of excess
reserves. The report of the Banking and
Currency Committee of the House of Representatives recommending the extension of these
two sections of the act, and the letter of the
Federal Reserve Board, are printed on page 95
of this issue.
Changes in reserve bank credit and the
principal factors in these changes during the
year from February 3, 1932, to
February 1, 1933, are shown in
the table. There was little
change far the year in demand for currency,
while monetary gold stock increased by
$142,000,000. The increase in the item "Treasury currency adjusted" reflects chiefly increased issues of national bank notes under the
Glass-Borah amendment to the Federal home
FEBBUARY, 1933
reserve banks, together with the factors already
mentioned, enabled the member banks to reduce their borrowings at the reserve banks by
$586,000,000, and at the same time to increase
their reserve balances by $501,000,000, the
whole of this increase being held as reserves in
excess of legal requirements.
The increase in reserve balances for the year
has been entirely in banks in financial centers
and chiefly at banks in New
Member bank
York City. This does not,
credit
however, indicate that the easing effects of open-market purchases by the reserve banks have been confined to the leading
cities. United States Government securities
were purchased for the most part in New York,
as the principal market for these securities,
and the funds arising from the purchases were
in the first instance added to the reserve
balances of New York banks. Later, however,
these funds were distributed through Treasury
disbursements of all kinds, including advances
by the Reconstruction Finance Corporation to
banks and other institutions throughout the
country. Funds acquired in this manner by
the interior, not being employed locally, subsequently found their way back to New York and
other financial centers through the redeposit
of funds by outside banks with their city
correspondents. The results of these movements are brought out in the table, which
shows that reserve balances of member banks
in leading cities increased during the year
from January 27, 1932, to January 25, 1933,
RESERVE BANK CREDIT AND PRINCIPAL FACTORS IN by $599,000,000, of which $346,000,000 was at
CHANGES
banks in New York City and $253,000,000 at
[In millions of dollars]
banks in other leading cities. During the
Feb. 3, Feb. 1, Change
same period amounts due by these banks to
1932
1933
other banks, that is, bankers' balances, in4,406
4,548
+142 creased by $1,213,000,000, of which about twoMonetary gold stock
+99
Treasury currency adjusted
1,786
1,885
Money in circulation
»+21 thirds was at New York City banks.
5,631
5,652
Member bank reserve balances.
+501
* 1,937
2,438
Bankers' balances represent in part legal
1,810
+260
Total reserve bank credit
2,070
-586 reserves of nonmember banks, in part necessary
Bills discounted
855
269
Bills bought
-125
156
31
+1,015 clearing balances, and in part operating reUnited States securities
749
1,764
serves or surplus funds of member banks.
i Reflecting chiefly increased issues of national-bank notes.
The concentration of excess legal reserves at
banks
in New York City and in other financial
loan bank act. Purchase of $1,015,000,000 of
centers
does not indicate that banks outside
United States Government securities by the
61
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
these centers have no reserves available for
purposes other than compliance with legal
requirements. On the contrary, the figures
indicate that the outside banks have a large
volume of idle funds held on deposit with city
banks whence they can be withdrawn on
demand when the occasion arises.
CHANGES IN IMPOBTANT ITEMS OF MEMBER BANKS IN
LEADING CITIES BETWEEN JANUARY 27, 1932, AND
JANUARY 25, 1933
[In millions of dollars]
Borrowings from Federal reserve banks.
Beserves with Federal reserve banks.__
Total loans
United States Government securities
Other securities
Total loans and investments
Due to banks
_
In New
York
City
Outside
New
York
City
-15
+346
-376
+253
-391
+599
-967
+1,084
+196
-1,848
+358
-196
-2,815
+1,442
+313
-1,686
-1,373
+772
+441
+1,213
Total
collected from investors in New York are
disbursed throughout the country in construction activity, in payment for materials, in
shipping, and through other channels. Loans
made by New York banks to national corporations with headquarters in New York are also
likely to be reflected directly or indirectly in a
movement of funds out of New York. Treasury
operations generally tend in the same direction,
and during the past year, when the other factors
have been smaller than usual, Treasury operations, including those in connection with the
activities of the Reconstruction Finance Corporation, have been the principal factor in distributing throughout the country funds raised
in New York by the Treasury.
NET1rREASURY DlSBURS:MEmi >0UT >IDE N
(c dtiv•)
YOFIK DISTRIC T
unw
/
A>V
The portfolio of banks in leading cities
showed considerable change in composition
during the year. Loans decreased steadily
throughout the greater part of the year, while
investments began to increase after the first
quarter of 1932. Up to July this increase in
investments was not as large as the decline in
loans, but during the latter half of the year
there was no further decline in total loans and
investments. The table shows that the liquidation in loans of the reporting banks amounted
to $2,815,000,000 for the year; investments increased by $1,442,000,000, the increase being
entirely in United States Government securities.
There are several factors that tend to distribute throughout the country funds arising
from gold imports and from
Effect of inter- open-market operations of the
district opera-
r
tions
x,- x, -
^
xx ^
reserve banks, which in the first
instance are largely concentrated at New York banks. New York is a
large consuming market and buys from all over
the country. Subscriptions for securities floated
for the purpose of raising new capital are usually
heavy in the New York market, and the funds
/
^
\
J
r
/
V
/
A
Jan Feb Mar
Apr
Maj Jun Julu
A u j Sept
O d Nov
Dec Jan feb Mar
Apr Moj Jun Juh/
Au$ Sept Oct
Nov
Dec
That a large part of the funds acquired in
New York by the Treasury became available
to banks outside New York is indicated by the
chart, which shows for 1931 and 1932 the net
disbursements by the Treasury outside the New
York Federal reserve district. The chart
shows that in 1931 the net movement of funds
to the interior on Treasury account amounted
altogether to about $400,000,000, and that in
the second quarter of 1931 this movement was
especially large, reflecting large disbursements
in the interior arising out of loans on the bonus
certificates and also out of certain Farm Board
operations. In 1932 these net transfers
amounted to about $950,000,000, reflecting in
addition to ordinary expenditures of the Government the effects of emergency activities and
62
FEDERAL RESERVE BULLETIN
FEBBUARY, 1933
particularly disbursements of the Recon- mas expansion, was not so large as in other
struction Finance Corporation representing recent years. The inflow of currency was
loans to interior banks and other institutions. offset by the bank through the sale of securities
on the open market. There was a heavy
transfer of funds from bankers' to Government
During January central gold reserves of the deposits as a result of the collection on Februleading European countries taken as a whole ary 1 of the final installment on the 3 per cent
increased by a small amount. conversion loan issued last November. The
The
principal changes were a
gain of $32,000,000 by EngBANK OF ENGLAND
land and a loss of $33,000,000 by France.
[In thousands of pounds sterling; figures preliminary]
GOLD RESERVES OF SELECTED CENTRAL BANKS
Change from—
[In millions of dollars]
Feb. 1,
1933
Change from—
Central bank of—
England
France
Germany
Italy
Belgium
Netherlands
Switzerland.
Date,
1933
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
1
27
31
20
19
23
23
Gold
reserves
J>615
v 3, 221
P196
J>308
362
415
477
Month
before
+32
-33
+4
+1
+1
Year
before
+27
+413
-30
+12
+9
+64
+9
J> Preliminary.
The gold stock of the Bank of England
changed on two occasions between July of last
year and February 1, 1933: On
Bank of England December 15 the bank's holdings declined by $95,550,000
(£19,634,000) in connection with the British
war-debt payment to the United States; and
in the final two weeks of January they increased by $31,896,000 (£6,554,000). From
the end of November to the end of January
dollar quotations on the pound sterling increased from about $3.15, the lowest point
since England's suspension of the gold standard
in September, 1931, to a level of about $3.40.
The increase was most pronounced in the first
half of December. Throughout the remainder
of December and the early part of January,
quotations fluctuated between $3.30 and $3.35
but advanced to $3.40 toward the close of
January, when the Bank of England was acquiring gold.
During the past month Bank of England
notes returned from circulation after the
passing of the Christmas demand for currency.
The return of notes, however, like the Christ-
Gold
_
Discounts and advances
Securities
Bankers' deposits
Public deposits
Other deposits
Notes in circulation
126,342
11,943
377,845
67,761
42,245
35,178
357,309
Dec. 28,
1932
+6,554
-6,566
-13,550
-34,649
+33,380
+1,418
-13,884
Feb. 3,
1932
+5,577
-1,691
+65,998
-9,565
+27,443
+2,333
+9,643
funds thus obtained by the Government were
to be used in retiring 5 per cent and 4% per
cent treasury bonds, as a final step in the
Government's program for converting about
a third of its long-term debt to a lower interest
basis.
The Bank of France lost 850,000,000 francs
($33,300,000) of gold and about 48,000,000
francs ($1,900,000) of foreign
Bank of France
exchange in the four weeks
ending January 27. Shipments of gold from
France to the United States began in the latter
part of December, after dollar quotations on
the franc declined to the import point, and
continued throughout most of January.
In addition to purchasing gold and foreign
exchange from the bank, the market repaid
BANK OF FRANCE
[In millions of francs; figures preliminary]
Change from—
Jan. 27,
1933
Gold
Foreign exchange
-.
Domestic discounts and advances.
Government deposits
Other deposits
Notes in circulation
_.
82,167
4,436
5,676
2,268
20,475
83,313
Dec. 30,
1932
-850
-48
-277
-43
+403
-1,715
Jan. 29,
1932
+10,542^
-14,369
-3,624
-2,454
-3,077
-1,410
FEDERAL RESERVE BULLETIN
FEBRUARY, 1
discounts and advances, and built up deposits
at the bank, using for these purposes funds
arising from the seasonal return of notes from
circulation.
Total gold and foreign-exchange reserves of
the Reichsbank remained substantially un„ .. , ,
changed
during
There
fe
& January.
J
Reichsbank
.
_
was a return of currency trom
circulation, which was reflected in a reduction
in discounts at the bank. The decrease in
both of these items was much greater than the
increase during the Christmas season, indicating that the process of liquidation characterizing the year 1932 proceeded further in the
early weeks of 1933.
REICHSBANK
[In millions of reichsmarks; figures preliminary]
Change from—
Jan. 31, Dec. 31, Jan. 31,
1933
1932
1932
-126
+15
Gold
822
44
Foreign-exchange reserves
_
101
-13
Discounts and advances
2,596
-387
-1,227
Deposits—
345
-195
-49
Notes in circulation
3,338
-223
-1,069
63
German Government transferred 200,000,000
reichsmarks of its bonds to the bank for this
purpose. It was because of this transaction
that security holdings of the banks as a whole
increased. The volume of deposits at the
banks showed little change for the period.
Changes in Foreign Central Bank Discount Rates
The following changes in discount rates during the month ended February 1, 1933, have
been reported by central banks in foreign
countries:
National Bank of Czechoslovakia—January 25,
from 4% to 3J4 per cent.
Bank of Finland—February 1, from 6^ to 6 per cent.
Bank of Italy—January 9, from 5 to 4 per cent.
Death of Mr. Mitchell
John R. Mitchell, chairman of the board of
directors and Federal reserve agent at the
Federal Reserve Bank of Minneapolis since
September 8, 1924, and member of the Federal
Reserve Board from May 12, 1921, to May 12,
The return flow of currency during the past 1923, died on January 31, 1933.
year and the accompanying decline in discounts
and advances at the Reichsbank have had
Errata in January Bulletin
little effect upon the position of the German
On page 2 of the BULLETIN for January, in
commercial banks, which remains much the the table "All banks in the United States—
same as it was at the end of February, 1932, Total loans and investments/ 7 the figure given
when the German banking reorganization was for member banks in New York City for
practically completed. The following table June 30, 1932, should be $6,715,000,000 (not
gives the principal items from the consolidated $16,715,000,000).
statement of the banks for the end of February,
On page 4 the statement "Between 1929 and
1932, and for the end of November, 1932, the 1932 the decrease in debits to individual aclatest date for which consolidated reports of counts may be estimated at more than $700,the banks are available:
000,000,000, or 70 per cent" should read
GERMAN COMMERCIAL BANKS
"more than $700,000,000,000, or 60 per cent."
[In millions of reichsmarks]
On page 35, in the table relating to foreign
Change
exchange rates, the figure given for the par of
from
Nov. 30, Feb. 29, February
1932
1932
exchange of the Yugoslavian dinar should be
to November,
1.76 (not 19.30); that given for the par of ex1932
Bills
1,752
1,865
+113 change of the Canadian dollar should be 100.00
Loans to customers
5,831
5,549
-282
Securities
965
1,155
+190 (not 200.00), and in the same column the folDeposits.
7,492
7,442
-50
lowing figures should be inserted: Mexican dolTotal bills and loans of the commercial banks lar (China), 22.16; Shanghai tael, 30.55; Yuan
declined somewhat during the 9-month period. dollar, 21.67; Hong Kong dollar, 22.00; SingaThe reduction, however, was chiefly due to the pore dollar, 40.90. In footnote 8, New York
removal of certain assets from the Dresdner average price of silver should be given as
Bank's balance sheet in June, 1932, when the $0.28205.
156867—33
2
64
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
QUARTERLY REPORT OF THE RECONSTRUCTION FINANCE CORPORATION
The Reconstruction Finance Corporation
made its fourth report to Congress on February
3, 1933. The text of the report, together with
a table showing aggregate loans to each class of
borrower, is given herewith:*
Pursuant to the provisions of section 15 of
the Reconstruction Finance Corporation act,
the corporation has the honor to submit its
report covering its operations for the fourth
quarter of 1932, October 1 to December 31,
1932, inclusive, and for the period from the organization of the corporation on February 2,
1932, to December 31, 1932, inclusive.
During the fourth quarter of 1932 the corporation authorized, under section 5 of the
Reconstruction Finance Corporation act, 1,882
loans. These loans, together with increases during the quarter of loans previously authorized,
aggregated $214,843,326.42, as follows: $96,451,710.43 to banks and trust companies (including
$11,935,078.05 to aid in the reorganization or
liquidation of closed banks); $12,141,306.32 to
building and loan associations; $7,855,731.66
to insurance companies; $10,990,902.61 to mortgage loan companies; $67,446 to credit unions;
$4,246,000 to joint-stock land banks; $1,556,476.35 to agricultural credit corporations;
$7,285,972.50 (rediscounts) to regional agricultural credit corporations; $1,179,620.55 to
livestock credit corporations; and $73,068,160
to railroads (including $1,510,539 to railroad
receivers).
During the fourth quarter the corporation,
under the emergency relief and construction
act of 1932, made funds available for purposes
of relief and work relief, and authorized loans
or contracts, aggregating $173,902,956.91, as
follows: Under the provisions of section 1,
Title I, of the act, $77,159,502 was made available for purposes of relief and work relief; under
the provisions of section 201 (a), Title II, loans
or contracts totaling $93,467,534.24 were
authorized for self-liquidating projects; and
under the provisions of section 201 (d), Title
II, loans aggregating $3,275,920.67 were authorized to aid in financing the carrying and orderly
marketing of agricultural commodities and livestock produced in the United States.
Under both the Reconstruction Finance
Corporation act and the emergency relief and
construction act of 1932 the corporation, during
the fourth quarter, made funds available for
purposes of relief and work relief, and authorized loans or contracts, as follows: 2,088 author-
izations aggregating $388,746,283.33. Cancellations or withdrawals during the fourth
quarter of loans authorized from February 2
to December 31, 1932, inclusive, aggregated
$25,117,892.75.
During the fourth quarter the corporation
advanced $330,145,572.39 and received repayments in the aggregate amount of $104,219,783.08. The increase in the amount outstanding at the end of the fourth quarter as compared
with the end of the third quarter was $225,925,789.31.
During the entire period from the organization of the corporation on February 2, 1932,
to December 31,1932, inclusive, the corporation
authorized, under section 5 of the Reconstruction Finance Corporation act, 10,070 separate
loans to 6,767 institutions, aggregating $1,623,704,844.44, as follows: $949,858,000.09 to
5,582 banks and trust companies (including
$56,113,587,05 to aid in the reorganization or
liquidation of 535 closed banks); $99,780,044.75
to 877 building and loan associations; $83,048,931.66 to 101 insurance companies; $93,761,902.61 to 85 mortgage loan companies; $472,446
to 3 credit unions; $29,000,000 to 9 Federal
land banks; $6,297,000 to 14 joint stock land
banks; $3,619,850.98 to 15 agricultural credit
corporations; $7,285,972.50 (rediscounts) to
2 regional agricultural credit corporations;
$13,145,602.85 to 17 livestock credit corporations; and $337,435,093 to 62 railroads (including $18,040,125 to 8 railroad receivers).
From July 21, 1932, the date of the enactment of the emergency relief and construction
act of 1932, to December 31, 1932, the corporation made funds available for purposes of relief
and work relief, and authorized loans or contracts to 98 institutions in the aggregate amount
of $313,963,128.13, as follows: Under the provisions of section 1, Title I, $112,614,673.22
was made available to 36 States and 2 Territories for purposes of relief and work relief;
under the provisions of section 201 (a), Title II,
loans aggregating $146,572,534.24 were authorized to 50 institutions for self-liquidating projects; and under the provisions of section 201
(d), Title II, loans aggregating $54,775,920.67
were authorized to 10 institutions to aid in
financing the carrying and orderly marketing
of agricultural commodities and livestock
produced in the United States.
During the entire period from February 2
to December 31, 1932, inclusive, under both
the Reconstruction Finance Corporation act
* The report includes, in addition, 14 tables giving detailed informaand the emergency relief and construction act
tion relative to the operations of the corporation.
FEBBUARY, 1933
FEDERAL RESERVE BULLETIN
of 1932, the corporation made funds available
for purposes of relief and work relief, and authorized loans or contracts, as follows: 10,319
authorizations aggregating $1,937,667,972.57.
Of the total amount authorized $69,727,054.35 was later withdrawn or canceled.
At the close of December 31, 1932, the corporation had advanced $1,524,747,138.82, and
repayments amounted to $300,023,234.47, leaving $1,224,723,904.35 outstanding on the books
of the corporation.
In addition, the corporation had outstanding
on December 31, 1932, agreements to make
loans totaling $89,896.29 upon the performance
of specified conditions.
During the fourth quarter the corporation
allocated and made available $21,000,000 to the
Secretary of Agriculture in accordance with the
provisions of section 2 of the Reconstruction
Finance Corporation act, making a total of
$131,000,000 so allocated from February 2 to
December 31, 1932, inclusive. Of this sum,
$75,000,000 had been paid over to the Secretary of Agriculture as of December 31, 1932.
During the fourth quarter the Secretary of Agriculture returned $15,000,000 of the amount
paid over.
Section 201 (e) of the Emergency Relief and
Construction act of 1932 provides that the Reconstruction Finance Corporation shall subscribe for the capital of the regional agricultural
credit corporations and pay for such capital
out of the unexpended balance of the amounts
allocated and made available to the Secretary
of Agriculture under section 2 of the Reconstruction Finance Corporation act. During the
fourth quarter the corporation subscribed for
the capital of the regional agricultural credit
corporations in the aggregate amount of $44,000,000. Of this sum, $42,000,000 was paid
in by the Reconstruction Finance Corporation
from the unexpended balance of the amounts
allocated and made available to the Secretary
of Agriculture under section 2 of the Reconstruction Finance Corporation act.
Under the authority conferred on it by the
provisions of section 201 (e) of the emergency
relief and construction act of 1932 the corporation during the fourth quarter created the following three regional agricultural credit corporations to serve the indicated Federal landbank districts:
65
Corporation of Albany, N. Y. (with a branch office at
Bangor, Me.).
District No. 2 (Pennsylvania, Maryland, Delaware,
Virginia, and West Virginia).—Regional Agricultural
Credit Corporation of Baltimore, Md.
During the fourth quarter the corporation
created branches of regional agricultural credit
corporations as follows:
At Reno, Nev.—a branch of the Regional Agricultural Credit Corporation of Salt Lake City, Utah.
At Santa Fe, N. Mex.—a branch of the Regional
Agricultural Credit Corporation of Wichita, Kans.
A temporary agency of the Regional Agricultural
Credit Corporation of Baltimore, Md., was established
at San Juan, Puerto Rico.
Section 2 of the Reconstruction Finance
Corporation act, as amended by the Federal
home loan bank act, provides that—
In order to enable the Secretary of the Treasury to
make payments upon stock of Federal home loan banks
subscribed for by him in accordance with the Federal
home loan bank act, the sum of $125,000,000, or so
much thereof as may be necessary for such purpose, is
hereby allocated and made available to the Secretary of
the Treasury out of the capital of the corporation and/or
the proceeds of notes, debentures, bonds, and other
obligations issued by the corporation.
At the close of business December 31, 1932, the
corporation had allocated and made available
$820,000 to the Secretary of the Treasury in
accordance with the above provisions.
During October $75,000,000 of the $250,000,000 "third series 0 3% per cent notes authorized
by the board of directors on July 23, 1932, were
sold to the Secretary of the Treasury, making a
total of $675,000,000 of Sji per cent notes of
three series issued by the corporation and sold
to the Secretary of the Treasury. The authorization for the remaining $75,000,000 of notes of
the "third series'" which had not been issued
was canceled. The three series of notes in the
aggregate amount of $675,000,000 matured on
October 27, and the board of directors on that
date authorized the issuance of notes in the
aggregate principal amount of $1,000,000,000
designated as "Series A," maturing April 30,
1933, and bearing interest at the rate of 3K per
cent per annum. Of this amount $675,000,000 was accepted by the Secretary of the Treasury in exchange for the corporation's outstanding notes in an equivalent principal amount.
Subsequently, during the quarter the Secretary
of the Treasury purchased $135,000,000 of the
remaining $325,000,000 "Series A " notes,
making
a total of $810,000,000 out of the
District No. 1 (New York, New Jersey, Vermont)
New Hampshire, Maine, Massachusetts, Connecticut,$1,000,000,000 "Series A " notes outstanding
and Rhode Island).—Regional Agricultural Credit at the close of business December 31, 1932.
66
FEDERAL RESERVE BULLETIN
FEBRUARY, ]
AGGREGATE LOANS TO EACH CLASS OF BORROWER, FEBRUARY 2 TO DECEMBER
Under sec. 5 of the Reconstruction Finance Corporation act:
Banks and trust companies
Building and loan associations
_
Insurance companies
Mortgage loan companies
Credit unions
Federal land banks
_
Joint-stock land banks
.__
Agricultural credit corporations
Regional agricultural credit corporations
Livestock credit corporations
Railroads (including receivers)
___
...
2 $949, 858, 000. 09 $850,882,060. 02
93,933,114.67
99,780,044.75
83,048,931. 66
68,037,618.92
93,761,902.61
88,332,020.39
472,446.00
440,098.00
29,000,000.00
18,500,000.00
__.
6, 297, 000.00
2,527,845.62
3,619,850. 98
3,456, 627. 33
7, 285, 972.50
5, 372,062. 60
_
13,145, 602.85
11, 810, 403. 61
337,435,093.00
284, 311, 271.48
Total, sec. 5 of the Reconstruction Finance Corporation act
Under the emergency relief and construction act of 1932:
Self-liquidating projects under sec. 201 (a), Title II
Financing of agricultural commodities and livestock, sec. 201 (d),
Title II
Amounts made available for relief and work relief under sec. 1,
Title I
Grand total
1932,
Authorized *
Advanced Feb. 2 Repaid Feb. 2 to
Feb. 2 to Dec. 31
Dec. 31
to Dec. 31
Class
Total, emergency relief and construction act of 1932
31,
_
1,623,704,844.44
1,427, 603,122.64
3 146, 572, 534. 24
15, 737,000.00
54,775, 920. 67
1,439,974.09
112,614, 673.22
79,967,042.09
$256, 284, 353.11
9,683, 776.91
5,588, 738. 52
11, 290, 207.36
8,838.00
INCLUSIVE
Outstanding
Dec. 31, 1932
62, 544.32
1,082,310.40
655.03
4,066, 791.16
11, 839, 562. 71
$594,597,706.91
84,249,337.76
62,448,880. 40
77,041,813.03
431,260.00
18,500,000.00
2,465, 301.30
2,374,316.93
5,371,407.57
7, 743, 612.45
272, 471, 708.77
299, 907,777. 52
1,127, 695,345.12
15, 737,000.00
115,456.95
1, 324, 517.14
79,967,042.09
313,963,128.13
97,144,016.18
115,456.95
97,028,559.23
* 1, 937, 667, 972.57
1,524, 747,138.82
300,023,234. 47
1,224,723,904.35
* The corporation had outstanding on Dec. 31,1932, agreements to make loans (not included in the above figures) upon the performance of specified 2conditions, as follows: Banks and trust companies, $89,896.29.
Loans to banks and trust companies include loans to aid in reorganization or liquidation of closed banks as follows: $56,113,587.05 during the
period
from February 2 to December 31,1932, inclusive.
3
Includes authorization of two loans, aggregating $241,404.37, temporarily suspended pending further consideration.
* Includes loans authorized which were subsequently canceled or withdrawn, aggregating $69,727,054.35, as follows: Banks and trust companies,
$52,905,684.59; building and loan associations, $3,413,557.31; insurance companies, $3,122,883.44; mortgage loan companies, $2,446,194.40; credit
unions, $32,348; Federal land banks, $5,500,000; joint-stock land banks, $319,954.68; agricultural credit corporations, $42,875.80; livestock credit
corporations, $1,178,704.19; railroads (including receivers), $264,740; self-liquidating projects, $190,000; and financing of agricultural commodities
and livestock, $310,111.94.
FEBRUARY, 1933
FEDERAL RESERVE BULLETIN
67
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled January 23 and released for publication January 25]
Volume of industrial production declined in
December by slightly less than the usual
seasonal amount, while factory employment
and pay rolls snowed a decrease somewhat
larger than is usual at this season. The general
level of wholesale commodity prices, after
declining in December, showed relatively little
change in the first half of January.
Production and employment.—In December
the board's seasonally adjusted index of industrial output showed an increase from 65 per cent
of the 1923-1925 average to 66 per cent, the level
prevailing in September and October. There
was a substantial increase in output of automobiles in connection with the introduction of new
models, and lumber production showed a lessthan-seasonal decline. In the textile industries
there were decreases in output in accordance
with the usual seasonal tendency. Activity at
steel mills showed a substantial decline in
December, followed by a seasonal increase in
the first three weeks of January.
Volume of employment in manufacturing
industries decreased from the middle of November to the middle of December by somewhat
more than the usual seasonal amount. Working
forces were reduced in the clothing, leather, and
building-material industries, while at automobile factories there was a substantial increase in
employment.
Value of construction contracts awarded, as
reported by the F. W. Dodge Corporation,
declined by more than the usual seasonal
amount in the fourth quarter, following a nonseasonal increase in the third quarter. Contracts awarded in the first half of January
showed an increase, as measured by daily
average figures, reflecting the award of large
contracts in connection with construction of a
bridge at New Orleans.
Distribution.—Freight traffic decreased in
December by an amount somewhat smaller
than is usual at this season. Sales by department stores increased by somewhat less than
the usual seasonal amount and were smaller
than a year ago by 23 per cent, reflecting in
part a decline in prices.
Foreign trade.—Value of exports in December was smaller than in December, 1931, by
about one-fourth. For the year as a whole
the decline was about one-third, reflecting
decreases ranging, in the first 11 months, from
8 per cent for crude materials to 45 per cent
for finished manufactures. Value of imports
into this country during 1932 was smaller than
in 1931 by 37 per cent.
Wholesale prices.—Wholesale prices of many
leading commodities, including nonagricultural as well as agricultural products, declined
from November to December, and the monthly
index of the Bureau of Labor Statistics showed
a decrease from 63.9 per cent of the 1926
average to 62.6 per cent, as compared with
68.6 per cent a year ago. In the first half of
January wheat prices advanced from the low
levels reached at the end of December, and
cotton prices also increased somewhat, while
prices of silk, rubber, and gasoline declined
considerably.
Bank credit.—In the four weeks from December 21 to January 18 the stock of monetary
gold increased by $80,000,000, and there was a
seasonal decline of $130,000,000 in the volume
of money in circulation—a considerably smaller
decline than usual, reflecting a smaller than
usual increase for the holiday trade in December and some withdrawal of funds accompanying bank suspensions in the middle of January.
The reserve funds arising from these two sources
were absorbed in part by a reduction of member
bank borrowings at the Federal reserve banks
and through a decline of $73,000,000 between
January 4 and January 18 in the reserve
banks' holdings of United States Government
securities. Member bank reserve balances,
however, increased further during the 4-week
period by about $100,000,000, to a level
$575,000,000 higher than a year ago. Excess
reserves of member banks, which have been in
substantial volume for several months, alsoincreased during the period.
Volume of member-bank credit continued to
decline during December and the first part of
January. From the middle of December to>
January 11 total loans and investments of
reporting member banks in leading cities
declined by $165,000,000, to a level about
$350,000,000 above the low point of last summer. The decline was entirely in the banks'
loans, while investments showed relatively little
change.
Money rates in the open market continued at
low levels.
68
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS Of DOLLARS
MILLIONS Of DOLLARS
1
6000 I ' ' ' ' ' I
' ' ' I ' ' ' ' ' I ' " ' ' I ' ' ' " I 1 " ' ' I ' ' ' ' ' 16000
5500
5500
5000
5000
4500
4500
4000
4000
Member Bank
Reserve Balances
2500
2500
2000
2000
1500
1500
1000
1000
500
500
I
L.,.,1.,,.,1
I
1
I
I
1929
1930
1931
1932
1933
Based on weekly averages of daily figures; latestfiguresare for week ending January 28
1Q
69
FEDERAL RESERVE BULLETIN
FEBRUABY, 1933
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES
[In millions of dollars]
Averages of daily figures
Reserve bank credit outstanding
Factors of increase
Factors of decrease
Month or week
Bills discounted
1931—December
Bills
bought
United
States
Government securities
Other
reserve
bank
credit
Total
NonMone- Treasury Money Member
bank
member
tary gold currency in circu- reserve
deposits,
lation
stock
adjusted
balances
etc.
Unexpended
capital
funds
775
340
777
1,951
4,450
1,782
5,611
2,069
144
359
1932—January
February
March
April
May
June
July
August...
September
October..».
November
December
759
743
809
1,014
1,413
1,697
1,818
1,850
1,848
1,851
1,851
1,854
1,865
1,785
1,652
1,694
1,960
2,262
2,422
2,353
2,282
2,231
2,211
2,192
4,452
4,384
4,372
4,381
4,273
3,956
3,941
4,031
4,140
4,226
4,292
4,429
1,773
1,787
1,792
1,789
1,788
1,787
1,780
1,796
1,826
1,886
1,917
1,915
5,645
5,627
5,531
5,452
5,456
5,530
5,751
5,720
5,685
5,643
5,642
5,699
1,979
1,907
714
605
486
495
523
451
387
328
313
282
221
151
105
52
41
50
60
37
34
34
34
34
1,996
2,138
2,062
2,003
2,073
2,181
2,307
2,378
2,435
113
73
37
63
77
65
46
40
35
38
40
43
353
349
349
353
350
348
343
347
347
355
1933—January.._
255
32
1,806
2,110
4,647
1,901
5,631
2,516
60
351
Week ending (Saturday)
1932—Sept. 3
Sept. 10
Sept. 17
Sept. 24
433
422
394
362
1,851
1,842
1,843
1,852
2,332
2,313
2,285
2,262
4,082
4,107
4,135
4,164
1,803
1,825
1,842
1,814
5,709
5,732
5,690
5,660
2,129
2,134
2,188
2,196
346
346
349
349
Oct.
Oct.
Oct.
Oct.
Oct.
1
8
15...
22
29
343
336
331
318
321
1,853
1,852
1,851
1,851
1,851
2,244
2,241
2,232
2,229
2,222
4,184
4,200
4,211
4,230
4,256
1,836
1,869
1,874
1,895
1,905
5,635
5,666
5,662
5,641
5,608
2,241
2,256
2,260
2,314
2,385
351
350
353
358
357
Nov.
Nov.
Nov.
Nov.
5
12
19
26
327
314
310
309
1,851
1,851
1,851
1,851
2,229
2,211
2,210
2,205
4,265
4,272
4,284
4,314
1,900
1,917
1,926
1,922
5,632
5,657
5,642
5,635
2,369
2,344
2,385
2,402
357
359
359
359
Dec.
Dec.
Dec.
Dec.
Dec.
3.
10
17
24
31
311
302
280
271
263
1,851
1,851
1,859
1,854
1,852
2,208
2,202
2,195
2,189
2,171
4,336
4,352
4,411
4,487
4,503
1,915
1,916
1,937
1,906
1,902
5,654
5,682
5,683
5,734
5,704
2,399
2,388
2,457
2,444
2,471
357
357
360
362
360
1933—Jan.
Jan.
Jan.
Jan.
7
14
21
28
245
249
251
267
1,853
1,829
1,793
1,770
2,153
2,127
2,091
2,080
4,526
4,548
4,558
4,551
1,902
1,905
1,908
1,897
5,669
5,616
5,616
5 620
2,513
2,563
2,526
2 487
352
353
351
350
End of month series
Aug.
Bills discounted
Bills bought
United States Government securities.Other reserve bank credit
Total reserve bank credit
Monetary gold stock
Treasury currency adjusted
Sept.
30
Wednesday series
1932
1933
Oct. Nov. Dec.
31
30
31
Jan.
31
1933
Dec. Dec. Jan.
21
28
Jan.
Jan.
Jan.
1,852 1,854 1,851 1,851 1,855 1,763
12
22
8
Bills discounted..Bills boughtUnited States Government securities.Other reserve bank credit
1,851 1,851 1,851 1,812 1,778 1,763
25
17
29
9
13
2,331 2,233 2,227 2,202 2,145 2,077
4,088 4,193 4,264 4,340 4,513*4,552
•4, 552
1,800 1,840 1,909 1,925 1,923 *1,872
Total reserve bank credit
Monetary gold stock
Treasury currency adjusted
2,180 2,168 2,163 2,106 2,068 2,067
4,488 4,505 4,524 4,549 4,566 4,556
1,910 1,898 1,898 1,910 1,911 1,912
433
34
332
33
328
34
309
35
235
33
274
31
Money in circulation
5,692 5,653 5,628 5,648 5,675 *5,645
Member bank reserve balances. 2,146 2,225 2,383 2,411 2,509 2,446
Nonmember deposits, etc
36
36
31
50
64
43
345
352
Unexpended capital funds
358
354
357
346
p Preliminary.
Back figures.—See Annual Report for 1931 (Tables 1-5).
1932
270
33
267
251
248
32
249
32
265
31
Money in circulation
5,730 5,687 5,669 5,589 5,602 5,611
Member bank reserve balances- 2,446 2,482 2,514 2,574 2,545 2,513
Unexpended capital funds, nonmember bank deposits, etc
402
402
402
401
411
397
70
FEDERAL RESERVE BULLETIN
FEBRUARY, 1935
RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL
RESERVE NOTE STATEMENT
[In thousands of dollars]
Jan. 31, 1933 Dec. 31, 1932 Jan. 31,1932
Gold with Federal reserve agents
_.
Gold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notes..
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks
Total gold reserves
_
_
Reserves other than gold
Total reserves.
Nonreserve cash.
Bills discounted:
For member banks
For intermediate credit banks..
For nonmember banks, etc
Total bills discounted
Bills bought:
Payable in dollars—
Bought outright
Under resale agreement. .
Payable in foreign currencies.
Total bills bought
United States securities:
Bought outright
Under resale agreement
Total United States securities
2,406,947
37,148
2, 444,095
429,819
382, 077
3,255,991
201,426
3,457,417
78, 961
2, 351, 675
40, 441
. 2,392,116
340,343
418,212
3,150, 671
180, 529
3,331,200
87,027
2,058,079
56,09a
2,114,172
339, 753521, 596
2,975,521
193,463
273, 582
233,834
349
749
234,932
887,84a
10,801
451
899,095-
111, 167
8,322
33,444
152,933
274,446
68,070
2,303
3,634
29,036
31,339
29,489
33,123
1, 763,292
1, 763, 292
' 1,851,031
' 4, 111
1,855,142
Other reserve bank credit:
Federal iatermediate credit bank debentures
Federal land bank bonds
_
Municipal warrants..
Due from foreign banks
Reserve bank float (uncollected items in excess of deferred availability items).
Total reserve bank credit outstanding
3,421
3,505
834
2,076,837
4,818
2,976
13,885
2,144,876
32,200
500
3,937
8,608
11,925
1,855,62a
Gold held abroad
Federal reserve notes of other reserve banks
Uncollected items not included in float
Bank premises
All other resources
_
Total resources-
12,899
303, 499
53,880
49,351
6,032,844
72,638
17,819
368,309
56,000
37,119
6,114,988
16,137
318,494
57,821
37,759
5, 522,88&
12,899
2, 712,522
2,725,421
17,819
2,720,789
2,738,608
16,137
2,649,099
2,665,236-
2,445, 662
44,381
40,003
23,791
2,553,837
303,499
151,086
278,599
20,402
6,032,844
40,914
2,509,490
8,262
19,446
23,687
1,947,334
39,415<
73,672
33,043
2,093,464
318,494
159,06a
259,421
27,2ia
Federal reserve notes:
Held by other Federal reserve banks _
Outside Federal reserve banks
Total notes in circulation..
Deposits:
Member bank-reserve account
Government
Foreign bank
Other deposits
Total deposits
Deferred availability items
1
Capital paid in
Surplus
All other liabilities
—
—
Total liabilities
Contingent liability on bills purchased for foreign correspondents
_..
2,560,885
151,292
278,599
17,295
6,114,988
40,170
744,925-
1,50a
746,425
5,522,88a
314,035
FEDERAL RESERVE NOTE STATEMENTS
Federal reserve notes:
Issued to Federal reserve banks by Federal reserve agents
Held by Federal reserve banks *
In actual circulation
Collateral held by agents as security for notes issued to banks:
Gold
Eligible paper
United States Government securities
Total collateral-
2,937,270
211,849
2,725,421
2,987,015
248,407
2,738,608
2,922,7ia
257,477
2,665,23&
2,406,947
256,497
313,300
2,976, 744
2,351,675
219,888
427,800
2,999,363
2,058,079
1,006,26a
* Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation.
«• Revised.
Back figures.—See Annual Report for 1931 (Table 11), 1930 (Table 10), etc.
3,064,342
71
FEDERAL RESERVE BULLETIN
FEBBUARY, 1933
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
GOLD MOVEMENTS TO AND FROM UNITED
STATES
[In millions of dollars]
[In thousands of dollars]
Analysis of changes
Gold
stock
at end Increase
Net re- Domesof
in stock Net gold lease
tic promonth during import from ear- duction,
month
mark *
etc.*
Month
1929—August
September
October
November
December
4,360
4,372
4,386
4,367
4,284
Total (12 mos.)..
1930—January
February
March
April _ .
May
June July
August
September
October
November
December
4,291
4,353
4,423
4,491
4,517
4,535
4,517
4,501
4,511
4,535
4,571
4,593
-
Total (12mos.)..
1931—January
February
March.
April
May.
June
July
August
September
October
November
December
.
...
4,643
4,665
4,697
4,726
4,798
4,956
4,949
4,995
4,741
4,292
4,414
4,460
Total (12 mos.)..
1932—January
February
March
April
May
.
June
July
August
September
October
November
December
_.
4,416
4,354
4,390
4,367
4,152
3,919
3,977
4,088
4,193
4,264
4,340
4,513
Total (12 mos.)..
1933—January ».
4,550
18.9
12.1
14.4
-19.2
-82.9
18.4
17.6
17.5
-23.2
-64.4
-1.0
-6.6
-4.5
1.0
-22.0
1.5
1.1
1.4
3.0
3.5
142.5
175.1
-55.4
22.8
6.8
61.9
70.2
68.5
25.9
17.6
-18.4
-15.5
10.2
23.3
36.8
22.1
4.0
60.0
55.5
65.7
23.5
13.9
-19.6
-19.6
2.5
26.4
35.2
32.7
0.5
0.0
15.0
0.5
2.0
2.0
-3.0
0.0
4.0
-6.1
-2.1
-15.2
2.3
1.9
-0.3
2.3
0.5
1.7
4.3
4.2
3.7
3.1
3.8
4.5
309.6
280.1
-2.4
31.9
49.4
22.0
32.0
28.7
72.4
158.0
-6.6
45.7
-254.3
-448.4
122.0
45.8
34.4
16.1
25.6
49.5
49.6
63.8
19.5
57.5
20.6
-337. 7
89.4
56.9
11.9
2.5
3.0
-7.5
4.0
92.3
-29.7
-16.0
-279.1
-107. 6
28.3
-22.9
3.1
3.3
3.3
-13.3
18.8
1.9
3.6
4.2
4.2
-3.1
4.2
11.9
-133. 4
145.3
-320.8
42.1
-44.2
-62.3
36.0
-23.1
-214.1
-233.9
58.0
111.7
104.8
70.8
75.6
173.5
-73.0
-90.6
-24.7
-30.2
-195.5
-206.0
-3.4
6.1
27.9
20.6
21.7
100.9
25.4
26.4
58.3
4.0
-22.1
-28.8
56.2
100.5
72.3
45.8
48.6
• 71.0
3.4
1.9
2.4
3.2
3.6
0.9
5.2
5.1
4.6
4.5
5.3
1.6
52.9
-446.2
457.5
41.6
37.3
85.6 3 - 5 1 . 0
2.7
i Gold released from earmark at Federal reserve banks less gold placed
under earmark.
» This figure, derived from preceding columns, represents the excess of
domestic production over nonmonetary consumption of gold—chiefly
consumption in the arts. In any given month, however, it may be predominantly affected by the fact that on the final day of the month (a)
gold bullion or foreign gold coin recently imported may not yet have
reached a reserve bank or the Treasury, and (b) gold bullion recently
withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies
in official reports of gold imports and exports.
»Allowance has been made for gold earmarked at the Bank of England
for account of the Federal Reserve Bank of New York.
p Preliminary figures.
Baek fi§ures.—See Annual Report for 1931 (Table 30).
156867—333
1932
1933
January
(preliminary)
From or to—
Imports
Belgium
England
France
Germany
Netherlands
Portugal
Switzerland
Canada..
Central America
Mexico
Argentina
.
Exports
10
51,928
16,362
17,267
8,082
4,995
7,554
61
744
97
2
Total
85,617
Exports
Imports
7,319
31,098
Exports
Imports
1,031 83,602
68,718
15,132
5~ 16,649 458,298
382 13,738
18,690 115,277
2,386
287 118,560
8 64,757
1,392
3
20,407
320
13,000
9
3,242
1,053
1,660
3,242
126
4,384
1,770
7,510
26,596
43
109
296
Ecuador
Peru
Uruguay
Venezuela
681
Australia.. .
14,610
British India
China and Hong
5,477
Kong
Dutch East Indies..
3,724
Philippine Islands
349
All other countries *.
JanuaryDecember
December
161
565
4,697
26
1,710
39,044
2,901
49, 720
7,052
11,489
2 26
100,872
13 363,315
4,974
3,124
451
233
809,528
i Includes all movements of unreported origin or destination.
»At New York—imports, $70,578,000, exports, $26,000. Elsewhere,
imports, $15,039,000.
r Figures for exports to Canada in October and November revised.
KINDS OF MONEY IN CIRCULATION
[Money outside Treasury andJFederal reserve banks. In inillions of
dollars]
1933
1932
Kind of money
Jan.31»
Gold coin
Gold certificates
Federal reserve notes
.
Treasury currency:
Standard silver dollars
Silver certificates
Treasury notes of 1890
Subsidiary silver..
Minor coin..
United States notes .
Federal reserve bank notes
National bank notes
479
591
.
2,707
__>
Dec. 31
468
601
2,716
Jan. 30
407
850
2,648
28
29
32
350
1
250
111
371
1
258
113
367
1
260
115
287
294
282
Total Treasury currency
1,866
3
820
1,889
3
677
1,737
Total money in circulation
5,645
5,675
5,641
3
836
v Preliminary.
Back figures.—Se& Annual Reports for 1931 (Table 35), 1030 (Table 32),
and 1927 (Table 22).
72
FEDEEAL KESEEVE BULLETIN
FEBBUARY, 193$
MEMBER BANK RESERVE BALANCES
[In millions of dollars]
Averages of daily figures
Total—all
member
banks
New York
Cityi
1931—September
October..
November
December
2,333
2,256
2,118
2,069
864
848
774
766
1932—January
February
March
April
May
June
July
August
September
October.November..
December
1,979
1,907
1,899
1,996
2,138
2,062
2,003
2,073
2,181
2.307
2,378
2,435
Week ending (Friday)—
Nov. 4
Nov. 11
Nov. 18
Nov. 25__
Dec.
Dec.
Dec.
Dec.
Dec.
Excess reserves
Reserves held
Month or week
2
9...
16
23
30
Other
reserve
cities
'Country'
banks
Total—all
member
banks
New York
City*
918
872
832
807
551
536
512
503
120.3
129.1
57.0
59.5
53.8
52.5
10.7
18.5
36.7
39.7
19.4
16.9
29.8
37.0
26.9
30.9
724
681
687
780
874
783
767
832
927
1,001
1,050
1,083
767
753
747
749
800
819
781
797
812
863
887
911
488
473
465
466
464
459
455
444
443
444
441
440
35.4
43.8
59.0
152.1
277.1
234.4
204.4
269.9
345.5
435.9
482.2
525.8
4.5
7.2
17.8
88.1
155.1
89.4
75.0
127.7
193.4
241.6
266.8
283.2
1.8
11.3
17.3
35.7
91.5
111.4
91.6
108.9
119.6
160.5
181.8
206.9
29.2
25.»
23.8
28.&
30.5
33.5
37.9
33.3
32.4
33.7
33.7
35.7
2,378
2,340
2,379
2,401
1,059
1,008
1,050
1,076
872
889
884
446
443
441
440
283.7
233.4
267.9
287.5
167.4
183.8
179.1
181.3
2,404
2,384
2,443
2,457
2,459
1,072
1,031
1,091
1,104
1,111
909
914
911
911
433
443
438
442
437
271.8
236.9
293.9
301.6
309.3
198.4
211.1
208.7
203.9
203.5
1
i Central reserve city banks only.
Back figures.—See Annual Report for 1931 (Tables 49 and 56).
Other
reserve
cities
" Country"
banks
Figures not available by weeks.
MEMBER BANK DEPOSITS
[In millions of dollars]
Averages of daily figures
Net demand and time deposits
Net demand deposits
Time deposits
Month
talCoun- T omemt r y " all ber
banks
banks
Total" Coun- all
memtry"
ber
banks
banks
Totalall member
banks
New
York
City i
1931—September
October—.
November
December.
30,500
29,138
28,218
27,438
7,126
6,937
6,612
6,414
12,356
11,657
11,350
11,048
11,018
10,544
10,256
9,976
17,525
16,859
16,358
15,985
5,962
5,872
5,653
5,546
6,805
6,421
6,273
6,106
4,758
4,567
4,432
4,333
12,974
12,279
11,860
11,453
1932—January...
February March.—
April
May
June
July
August
September
October. __
November.
December.
26,592
25,715
25,431
25,386
25,466
25,075
24,712
24,744
24,973
25,292
25,476
25,492
6,165
5,797
5,760
5,950
6,159
5,957
5,951
6,084
6,308
6,559
6,762
6,877
10,706
10,413
10,291
10,109
10,081
10,032
9,830
9,720
9,505
9,380
9,327
15,447
14,789
14,575
14,589
14,679
14,413
14,157
14,141
14,408
14,679
14,864
14,965
5,343
5,001
4,959
5,138
5,342
5,154
5,133
6,217
5,440
5,629
5,804
5,937
5,921
5,723
5,622
5,492
5,425
5,433
5,304
5,283
5,316
5,402
5,432
5,424
4,183
4,064
3,993
3,959
3,911
3,826
3,720
3,641
3,652
3,649
3,628
3,604
11,145
10,926
10,856
10,797
10,787
10,663
10,555
10,603
10,565
10,612
10,612
10,527
Other
reserve
cities
9,853
9,964
9,941
i Central reserve city banks only.
Back figures.—See Annual Report for 1931 (Table 49).
11
9,087
8,931
8,827
8,811
8,795
8,751
8,674
New
York
City*
Other
reserve
cities
Other
reserve
cities
"Country"
banks
1,163
1,065
959
868
5,552
5,236
5,076
4,942
6,259
5,977
5,825
5,643
822
796
800
811
816
803
818
867
869
929
957
940
4,786
4,690
4,668
4,618
4,656
4,599
4,526
4,550
4,538
4,537
4,532
4,517
5,537
5,440
5,387
5,368
5,315
5,261
5,211
5,186
5,159
5,145
5,123
5,071
New
York
Cityi
73
FEDEKAL RESERVE BULLETIN
FEBRUARY, 1933
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[In'millions of dollars]
Open-market loans
Loans to other customers
Call date
Total
loans Loans
to
and
invest- banks Total
ments
Investments
Purchased paper
OtherLoans
Seto
wise
SeAccept Accured cured
broseby
ances cept- Com- kers Total
cured
by
Total
stocks real
in
and
ances merand
unsebonds estate cured
in
pay- cial New
United abroad paper Yorki
States
58£
Total
loans
seU.S.
cured
Gov- Other
by
ern- secu- stocks
ment rities
and
secubonds *
rities
TOTAL—ALL MEMBER
BANKS
1929—June 29—
Oct. 4
Dec. 3 1 —
1930—Mar. 2 7 . .
June 30—
Sept. 24. _
Dec. 3 1 —
1931—Mar. 2 5 . .
June 30—
Sept. 29__
Dec. 3 1 —
1932—June 30—
Sept. 30_ .
Dec. 31 v..
35,711
35,914
35,934
35,056
35,656
35,472
34,860
34, 729
33,923
33,073
30,575
28,001
28,045
27,435
670
640
714
527
535
466
631
446
457
599
790
573
457
446
22, 517
23,249
23,193
21,494
21,565
21,010
21,007
19,940
19,257
18,713
17,570
15,267
14,497
13,874
7,730
8,061
7,864
7,942
7,423
7,117
6,842
6,290
5,292
5,086
4,857
3,164
3,152
3,191
3,170
3,155
3,163
3,234
3,220
3,216
3,149
3,038
2,894
2,885
2,865
8,160
8,150
8,774
8,238
8,798
8,557
8,582
8,473
8,287
8,253
7,460
6,715
7,112
7,322
314
302
322
199
196
169
283
154
150
250
374
260
203
216
4,532
4,846
4,964
4,338
4,308
4,276
4,338
4,007
3,839
3,850
3,694
2,856
2,638
2,620
1,877
1,944
2,200
1,936
2,022
2,031
2,137
1,960
1,897
1,816
1,728
1,343
1,300
1,247
175
176
169
150
157
157
147
150
160
152
153
160
154
159
2,480
2,726
2,595
2,252
2,129
2,087
2,054
1,896
1,782
1,881
1,813
1,353
1,184
1,214
1,496
1,196
1,397
1,655
2,091
,912
,525
,651
13,832
13,983
13,785
13,575
13,701
13,971
13,758
13,965
13,567
13,016
12,115
11,045
10,979
10, 530
308
294
346
263
277
235
286
235
247
284
347
254
205
179
9,434
9,775
9,748
8,951
9,029
8,726
8,906
8,409
8,100
7,845
7,407
6,519
6,196
5,870
3,718
3,869
3,975
3,604
3,811
3,632
3,656
3,366
3,188
3,092
2,806
2,403
2,304
2,176
1,503
1,491
1,559
1,544
1,524
1,526
1,631
1,619
1,621
1,585
1,538
1,407
1,406
1,406
8,551
8,627
8,481
8,206
8,229
8,007
7,762
7,524
7,318
7,018
6,469
5,892
5,663
5,384
2,139
2,295
2,314
2,190
2,227
2,200
2,149
2,097
2,031
1,935
1,756
1,546
1,481
1,434
1,486
1,485
1,462
1,475
1,475
1,480
1,455
1,449
1,437
1,411
1,346
1,328
1,324
1,300
7,734
8,109
2,472
2,276
2,243
3,097
3,113
3,262
2,233
2,454
2,103
1,563
108
93
212
175
170
205
315
361
389
268
146
313
407
375
90
70
80
79
71
62
55
101
113
70
41
34
34
30
,121
695
565
763
701
58
59
128
89
144
148
188
199
296
201
107
262
341
330
58
33
46
40
29
28
22
51
44
33
17
21
18
15
4,213
4,415
4,214
3,802
3,693
3,567
3,620
3,423
3,291
3,168
3,063
2,709
2,486
2,288
480
526
438
945
710
1,064
531
645
470
326
135
118
151
115
17
8
51
59
18
54
122
158
91
67
35
38
58
44
25
31
29
35
38
31
29
48
67
35
21
11
14
13
4,926
4,847
4,705
4,541
4,527
4,326
4,158
3,978
3,849
3,673
3,367
3,018
2,857
2,650
553
409
496
312
286
177
158
135
116
71
64
55
38
33
27
33
27
8
4
5
5
2
1
4
13
8
1
6
5
4
4
4
3
2
2
2
2
2
2
2
11,618
11,988
11,515
10, 595
10,349
9,982
9,831
8,922
8,722
8,244
7,081
6,527
6,152
901
747
970
855
2,025
1,885
1,660
2,344
2,365
2,472
1,498
1,630
1,217
928
575
278
414
357
10,052 4,155
9,749 4,022
9,784 3,863
9,937 4,085
10,442 4,061
10,734 4,095
10,989 4,125
11,889 5,002
12,106 5,343
12,199 5,564
11,314 5,319
11,414 5,628
12,121 6,366
12, 261 6,540
6,763
6,635
5,996
5,786
5,755
5,721
10,094
10,314
10,505
10,334
10,656
10,511
9,754
9,272
8,563
8,081
7,320
5,916
5,770
5,456
1,359
1,096
1,202
1,477
1,883
1,714
1,281
1,367
1,063
839
542
258
391
337
1,819
1,807
2,091
2,046
2,203
2,198
2,435
2,662
2,801
3,032
2,697
3,033
3,508
3,784
1,006
989
1,112
1,150
1,147
1,091
1,239
1,466
1,656
1,830
1,768
2,008
2,429
2,603
813
817
979
897
1,056
1,107
1,197
1,196
1,145
1,202
928
1,025
1,079
1,181
3,396
3,191
3,562
3,504
3,983
3,798
3,550
3,397
3,026
2,780
2,474
1,757
1,811
1,699
349
413
250
609
353
643
167
227
124
56
16
7
14
12
3,611
75
108
242
301
337
212
212
189
167
62
62
65
46
3,253
3,416
3.685
3,947
4,035
4,676
4,750
4,561
4,226
4,154
4,427
4,366
1,765
1,671
1,484
1,662
1,686
1,785
1,727
2,313
2,408
2,301
2,133
2,187
2,466
2,462
1,846
1,717
1,769
1,754
1,999
2,161
2,308
2,364
2,342
2,260
2,093
1,966
1,961
1,903
4,221
4,429
4,397
4,368
4,306
4,387
3,991
3,729
3,459
3,bi7
3,050
2,585
2,456
2,306
140
144
163
207
171
164
120
114
101
81
48
36
36
28
316
376
208
258
129
115
49
36
30
32
16
13
9
7
4,623
4,554
4,439
4,475
4,554
4,589
4,519
4,550
4,555
4,606
4,392
4,226
4,187
4,111
1,384
1,361
1,267
1,273
1,229
1,219
1,159
1,224
1,279
1,433
1,418
1,432
1,471
1,474
3,240
3,193
3,172
3,202
3,326
3,370
3,359
3,326
3,276
3,172
2,974
2,794
2,715
2,637
2,480
2,694
2,545
2,462
2,367
2,326
2,213
2,147
2,078
1,985
1,796
1,574
1,503
1,452
249
228
291
499
507
523
366
361
384
296
140
122
115
5,898
5,727
5,921
5,852
6,380
6,639
6,864
NEW YORK CITY 3
1929—June 29—
Oct. 4___
Dec. 3 1 . .
1930—Mar. 27..
June 30—
Sept. 24.
Dec. 31 —
1931—Mar. 25..
June 30—
Sept. 29..
Dec. 31..
1932—June 30..
Sept. 30..
Dec. 31 P .
,497
OTHER RESERVE CITIES
1929—June 29
Oct. 4_
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Sept. 29.
Dec. 31
1932—June 30
Sept. 30
Dec. 31 v
" C O U N T R Y " BANKS
1929—June 29
Oct. 4_
Dec. 31
1930—Mar. 27
June30_.
Sept. 24
Dec. 31
1931—Mar. 25....
June 30
Sept. 29
Dec. 31
1932—June 30
Sept. 30
Dec. 31 v
13, 719
13,780
13,375
13,243
13,157
12,944
12,519
12,290
12,068
11,805
10,999
10,240
9,954
9,584
7
v1 Preliminary.
Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.
* Including loans to banks secured by stocks and bonds, reported separately after 1929 and estimated for preceding dates as one-half of total
loans to banks.
» Central reserve city banks only.
Back figures.—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (Table 53), but comparable
figures of total loans secured by stocks and bonds are given for June 30, 1925-1928, in the board's Annual Report for 1928 (Table 52); for separate
figures of United States Government securities and other securities back to 1914, see Annual Report for 1931 (Table 52).
74
FEDEKAL EESERVE BULLETIN
FEBKUARY, 1933
ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, 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]
Total loans and investments
Deposits, exclusive of
interbank deposits
Member banks
All banks
Date
Investments
Investments
Total
Loans
39,464
39,671
40,763
17,801
17,549
17,504
35,061
34,929
35,684
24,303
24,325
25,155
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
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
1931-Mar 25...
June 30
Sept. 29..
Dec. 3 1 . . .
1932—June 30—
Sept. 30..
55,924
55,021
53, 365
49,704
36,813
35,384
33, 750
31,305
46,071
45,852
27,834
Total
Loans
1928—June 30-..
Oct. 3
Dec. 31_...
57.265
57,219
58.266
1929—Mar. 27...
June 29....
Oct. 4
Dec. 31...
Nonmember banks
All
banks
Investments
NonMember member
banks
banks
Total
Loans
10,758
10, 604
10,529
22,204
22.291
22,582
15,161
15,346
15,607
7,043
6,945
6,975
53,398
53,720
56,766
32,133
32,138
34,826
21,265
21,582
21,940
24,945
25,658
26,165
26,150
10,448
10,052
9,749
9,784
22,626
22,763
22,922
22,483
15,612
15,853
16,036
15,748
7,013
6,910
6,885
6,735
54,545
53,852
55,180
55,289
33,215
32,284
33,004
33,865
21,330
21,567
22,176
21,423
35,056
35,656
35, 472
34,860
25,119
25,214
24,738
23,870
9,937
10,442
10,734
10,989
22,331
22,453
22,118
21,349
15,568
15,404
14,977
14,264
6,763
7,048
7,141
7,085
53,185
54,954
52,784
53,039
32,082
33,690
31,839
32,560
21,103
21,264
20,945
20,479
19, 111
19,637
19,615
18,399
34,729
33,923
33,073
30,575
22,840
21,816
20,874
19, 261
11,889
12,106
12,199
11,314
21,195
21,099
20.292
19,129
13,974
13,568
12,876
12,045
7,222
7,531
7,416
7,084
51,427
51,782
49,152
45,821
31,153
31,566
29,469
27,432
20,274
20,216
19,683
18,389
18,237
18,867
28,001
28,045
16,587
15,924
11,414
12,121
18,071
17,807
11,247
11,061
6,823
6,746
41,963
41,779
24, 755
24,903
17,208
16,876
Back figures.—See Annual Report for 1931 (Tables 45 and 46).
BANK LOANS AND INVESTMENTS, PERCENTAGE DISTRIBUTION
NUMBER OF BANKS
tFigures for Sept. 30,1932]
Member banks
Date
Total*
Total
National
State
Nonmember
banks
1925—Dec. 31...
28,257
9,489
8,048
1,441
18,768
1926—Dec. 31..
27,367
9,260
7,906
1,354
18.107
1927—June 30_.
Dec. 31...
26,765
26,416
9,099
9,034
7,790
7,759
1,309
1,275
17,666
17,382
1928—June 30..
Dec. 3 1 -
25,941
25,576
8,929
8,837
7,685
7,629
1,244
1,208
17,012
16,739
1929—June 29__
Dec. 3 1 -
25,110
24,630
8,707
8,522
7,530
7,403
1,177
1,119
1930—June 30..
Dec. 31..
23,852
22, 769
8,315
8,052
7,247
7,033
1,068
1,019
16,403
16.108
15,537
14, 717
1931—June 30..
Sept. 29.
Dec. 3 1 -
21,903
21,294
19,966
7,782
7,599
7,246
6,800
6,653
6,368
982
946
878
14,121
13,695
12,720
1932—June 30..
Sept. 30.
19,046
18,794
6,980
6,904
6,145
6,080
835
824
Number
of banks Amount Percent(millions age dis*
of dollars) tribution
All banks in the United States
Member banks—total__
Reserve city banks (62 cities)
Central reserve city banks—
New York City
Chicago
Other reserve city banks—
New York City__
Chicago
Other Federal reserve bank
cities (10 cities)
Federal reserve branch cities
(25 cities)
Other reserve cities (25 cities)...
" C o u n t r y " banks l
12,066
11,890
1
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.
Total loans and
investments
Nonmember banks
1
18,794
45,852
100
6,904
28,045
61
374
18,091
36
11
7,112
1,192
9
27
16
7
92
131
88
6,530
11,890
Includes certain outlying banks in reserve cities.
16
4,832
11
3,852
1,060
9,954
2
22
17,807
39
75
FEDERAL RESERVE BULLETIN
FEBEUARY, 1933
REPORTING MEMBER BANKS IN LEADING CITIES
[In millions of dollars. Monthly data are averages of weekly figures]
Total—all weekly reporting member banks
Loans and investments
Borrowings
at
F. R.
U.
8.
seTotal curities banks
Month or date
Loans and investments
Investments
All
Loans
on se- other
curities loans
Total
Other leading
cities
New York City
Total
Borrowings
at
U.S. se- F. R.
Total curities banks
Total
loans
and investments
Investments
All
Loans
on se- other
curities loans
Borrowings
at
F. R.
banks
1931—November.
December.
21,023
20,749
5,859
5,763
7,586
7,441
7,578
7,545
4,072
4,127
404
499
7,258
7,165
2,277
2,237
2,243
2,218
2,738
2,710
1,705
1,732
13,765
13,584
416
1932—January- _.
FebruaryMarch
April
May
June
July
August
September.
October—.
November.
December.
20,178
19,775
19,434
19,096
19,112
18,877
18,419
18,587
18,739
19,026
18,987
18,840
5,644
5,497
5,388
5,150
4,975
4,811
4,616
4,578
4,524
4,437
4,280
4,319
7,331
7,214
6,455
6,319
6,229
6,168
6,120
6,021
7,203
7,064
7,059
7,126
7,410
7,457
7,348
7,690
7,986
8,421
8,587
8,500
3,943
3,856
3,866
3,875
4,121
4,200
4,144
4,499
4,759
5,140
5,279
5,220
469
484
368
277
185
191
212
164
128
103
99
75
6,921
6,645
6,521
6,492
6,647
6,541
6,353
6,517
6,692
6,914
7,059
7,047
2,209
2,127
2,065
1,947
1,851
1,745
1,644
1,657
1,669
1,636
1,573
1,619
2,220
2,171
2,078
2,029
2,038
1,995
1,896
1,819
1,810
1,797
1,856
1,841
2,492
2,347
2,378
2,516
2,758
2,801
2,813
3,041
3,213
3,481
3,630
3,587
1,631
1,521
1,547
1,620
1,797
1,849
1,860
2,081
2,220
2,447
2,556
2,513
13,257
13,130
12,913
12, 604
12,465
12,336
12,066
12,070
12,047
12,112
11,928
11,793
435
461
365
277
185
191
212
164
128
103
99
75
1933—January...
18,665
4,223
5,903
8,539
5,260
63
7,077
1,571
1,839
3,667
2,575
11, 588
1932—Nov. 2
Nov. 9
Nov. 16....
Nov. 23....
Nov. 30....
19,026
19,026
18,947
18,933
19,002
4,311
4,295
4,249
4,257
4,288
6,130
6,130
6,094
6,118
6,125
8,585
8,601
8,604
8,558
8,589
5,284
5,291
5,303
5,252
5,266
105
99
98
95
97
7,044
7,026
7,057
7,169
1,576
1,570
1,555
1,567
1,598
1,828
1,850
1,826
1,876
1,900
3,594
3,624
3,645
3,614
3,671
2,534
2,555
2,576
2,538
2,578
12,028
11,982
11,921
11,876
11,833
63
»
105
99
98
95
97
Dec.
Dec.
Dec.
Dec.
18,841
18,839
18,874
18,804
4,307
4,322
4,331
4,315
6,057
6,009
6,037
5,9S2
8,477
8,508
8,506
8,507
5,226
5,209
5,236
5,207
89
79
64
67
7,060
7,052
7,055
7,020
1, 625
1,619
1,620
1,612
1,848
1,813
1,866
1,838
3,587
3,620
3,569
3,570
2,546
2,523
2,502
2,481
11,781
11,787
11,819
11,784
79
64
67
• 4,271 '5,943
4,237
5,899
4,213
5,902
4,173
5,867
8,499
8,537
8,540
8,579
5, 205
5,262
5,291
5,283
61
58
59
76
7,037
7,055
7,086
7,132
1,584
1,580
1,559
1,562
1,849
1,822
1,849
1,836
3,604
3,653
3,678
3,734
2,502
2,560
2,609
2,631
11,676
11,618
11, 569
11, 487
61
58
59
76
7
14___.
21.
28.—
1933—Jan. 4
Jan. 11
Jan. 18
Jan. 25
18, 713
18,673
18, 655
18, 619
6,820
6,727
' Revised.
Backfigures.—SeeAnnual Reports for 1931 (Tables 58-60) and 1930 (Tables 52-54).
BROKERS' LOANS
[Net borrowings on demand and on time. In millions of dollars]
From New
From private
York banks banks, brokers,
and trust com- foreign banking
panies
agencies, etc.
Total
End of month
1932
January
February
March
April
May
June
512
525
533
1933
359
1932
374
385
391
1933
270
1932
138
140
142
379
300
244
300
243
194
79
57
49
July
August
September
242
332
380
195
248
292
47
85
88
October
. . .
November _
December
325
338
347
263
278
279
61
61
68
.
.
1933
90
Back figures.—See Annual Reports for 1931 (Table 63) and 1927
(Table 47).
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures]
For ac-
Total
Month or date
For
count of For acown ac- out-of- count of
count
town
others
banksi
1932—January
February
March
April
May
June
July
August
September
October
November
December
1933—January
Jan. 4. _
Jan. 11.
Jan.18 . .
Jan. 25.
.
.
-_ .
544
495
531
500
436
377
335
344
409
411
354
393
380
473
417
432
423
385
342
309
319
385
389
336
377
365
394
381
367
378
379
367
353
362
65
72
94
70
44
29
18
17
19
16
12
12
11
., . - =
12
11
11
11
6
6
5
7
7
6
8
8
5
6
6
4
4
coco II
REPORTED BY THE NEW YORK STOCK EXCHANGE
3
5
i Member and nonmember banks outside New York City (domestic
banks only).
Back figures—See Annual Report for 1931 (Table 62), 1930 (Table 56),
etc.
76
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
ACCEPTANCES AND COMMERCIAL PAPER
BANKERS' ACCEPTANCES OUTSTANDING
ACCEPTANCES)
(DOLLAR
CLASSES OF BANKERS' ACCEPTANCES (DOLLAR
ACCEPTANCES)
[In millions of dollars]
[In millions of dollars]
Held by Federal reserve
banks
End of month
Total
outstanding
For
acFor count
own of for- m i l
aceign i oiai
count correspondents
n
o
Own Bills
bills bought
Held
by
others
End of month
OUTSTANDING
1930—SeptemberOctober
NovemberDecember. .
1,367
1,508
1,571
1,556
208
141
143
328
432
433
429
439
317
384
493
371
131
172
180
90
186
212
313
282
411
550
507
417
1931—November
December
1931—January
February...
March
April
May
June
July
August
SeptemberOctober
NovemberDecember..
1,520
1,520
1,467
1,422
1,413
1,368
1,228
1,090
996
1,040
1,002
974
89
85
123
162
124
95
39
70
420
647
418
305
447
456
431
409
380
341
243
228
100
99
126
251
571
550
472
410
464
554
668
606
410
230
296
262
134
151
131
125
171
196
232
168
162
112
125
131
437
398
341
285
293
357
436
438
248
118
171
131
412
429
440
441
444
379
278
186
67
63
161
156
1932—January .
February
March
April
May
June
July .
August
September
October
November .
December
1932—January
February...
March
April
May
June
July. .
August
September..
October
November..
DeeemDer.-
961
919
911
879
787
747
705
681
683
699
720
710
119
76
36
16
4
36
12
3
2
3
4
4
314
312
335
292
183
98
59
49
43
39
32
40
332
343
377
455
510
518
563
574
573
605
655
604
159
175
155
188
225
200
197
198
156
199
268
224
174
168
222
268
286
318
366
376
414
406
386
380
195
189
163
115
90
96
70
55
64
52
28
62
1933—January
2
41
Figures for acceptances outstanding (and held by accepting banks)
from American Acceptance Council*
Back figures.See Annual Reports for 1931 (Table 70), 1930,(Tablel64),
1929 (Table 58), and 1928 (Table 61).
ACCEPTANCES PAYABLE IN FOREIGN CURRENCIESHOLDINGS OF FEDERALjRESERVE BANKS
January...
February..
March..April
May
June
July
August
September
October.. .
November.
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
158
159
254
222
258
267
34
31
298
296
,
961
919
911
879
787
747
705
681
683
699
720
710
150
142
129
118
103
97
85
76
73
81
81
79
207
195
205
199
184
173
162
152
156
157
161
164
272
271
287
251
217
193
178
192
212
222
237
230
34
26
23
17
15
13
15
11
9
10
298
284
287
294
269
271
265
250
234
231
232
228
_.
418
305
61
43
66
55
99
84
16
14
170
104
119
76
36
16
5
36
12
3
16
9
4
2
19
12
6
2
32
27
12
6
3
19
5
1
2
1
1
1
1
1
1
1
1
1
47
25
13
5
s6
1931—NovemberDecember
1932—January
February
March
April
May
June
July
August
SeptemberOctober
November
December
_.
(2)
2
3
4
4
6
1
4
1
(2)
(2)
1
2
(2)
(2)
00
5
4
2
1
1
1
1
3
2
(2)
1
* Total holdings of Federal reserve banks include a small amount of
unclassified acceptances,
a Less than $500,000.
Backfigures.—SeeAnnual Reports for 1931 (Tables 67 and 15), 1930
(Tables 61 and 14), etc.
COMMERCIAL PAPER OUTSTANDING
[In millions of dollarsj
1932
1933
33,444
33, 478
30, 778
30, 736
30,837
30, 762
30, 645
30, 834
30, 849
30, 659
30, 652
29,489
29,036
Back figures.—See Annual Reports for 1928 (Table 12), 1927 (Table
12), 1926 (Table 24), etc.
974
1,002
HELD BY F. R. BANKS
(OWN ACCOUNT) *
[In thousands of dollars]
End of month
Based
Based
on
on goods
goods
stored in
stored
Based Based United
in
States
on ex- (ware- Dollar foreign
\m
counexports house
Total
change tries or
into from credits)
shipped
or
U.S. U.S. shipped
between
between
foreign
domestic
points
points
Held by accepting .
banks
End of month
January...
February.
March
April
Api
Maa yJuneJuly
August
September.
October
November..
December..
1929
407
411
387
351
304
274
265
267
265
285
316
334
1930
404
457
529
553
541
527
528
526
513
485
448
358
1931
327
315
311
307
305
292
289
271
248
210
174
118
1932
108
103
106
108
111
103
100
108
110
113
110
81
Back figures.—See Annual Reports for 1931 (Table 66) and 1930 (Tabl
77
FEDERAL RESERVE BULLETIN
FEBBXJARY, 1933
BANK SUSPENSIONS AND BANES REOPENED
Banks suspended
Deposits (in thousands of dollars)
Number
Year and month
Members
All
banks
1921
1922
1923
1924.
1925
1926.
1927
1928_...
1929
1930
1931_
1932
501
354
648
776
612
956
662
491
642
1,345
2,298
1453
National State
51
45
90
122
118
125
91
57
64
161
409
P276
Banks reopened
Deposits (in thousands of
dollars)
Number
Members
Nonmem- All banks
bers
National
State
Nonmembers
All
Mem- Nonbanks bers members
19
431
196,460
21,285 21,218 153,957
60
12
297
110, 721 19,092
5,151 86,478
65
34
524
188,701
32,904 18,324 137,473
37
37
617
213,338
60, 889 13,580
94
28
172,900
466
58, 537
8,727 105, 636
62
35
272, 488 47,866 20,946 203,676
796
149
33
193,891
538
46, 581 19,755 127,555
95
16
138, 642 31, 619 10, 621 96,402
418
39
17
234, 532 37,007 20,128 177,397
561
58
26 1,158 864, 715 173, 290 207,150 484, 275
147
108 1,781 1, 691, 510 439,171 294,357 957,982
276
•1,123 v 730,426 *215,284
55,498 *459,644 *290
1931—July
August
September.
October. >.
November.
December.
1932—January. _.
February..
March
April
May
June
July
August
September.
October.._
November.
December.
93
158
305
522
175
358
16
29
46
100
35
63
75
117
243
397
132
277
40, 745
180,028
233,505
471,380
67,939
277,051
342
121
48
74
82
151
132
85
67
103
95
J>153
74
24
7
6
14
44
20
17
12
20
19
255
91
41
63
62
103
108
66
51
83
70
*>130
219,071
57, 237
15,448
31,613
34, 365
132,580
48,567
30,291
13,508
20,467
43,946
* 83,333
1933—January . . .
*237
z>4
P15
7,045
1,805 31,895 t
31,629 52,660 95,739
79,446 30,272 123,787 I
111,088 117,259 243,033
28,039
4,216 35,684
87,448 25,768 163,835
All
banks
Members
Nonmembers
3,132 14,361
50 17,493
41 35,565 11,618 23,947
5,068
6,606
23 11,674
7,190 15,272
74 22,462
6,779
48 16,618
8,179 52,431
135 60,610
8,311 27,418
84 35.729
34 15, 727 6,610
9,117
2,273 23,556
53 25,829
140 61, 599 3,538 58,061
245 158,187 53,944 104,243
*238 »275, 941 *71,666 *>204,275
9
4
6
9
4
6
20
17
2,525
14,396
4,258
5,096
13,041
18,579
991
3,684
589
2,525
14,396
4,258
4,105
9,357
17,990
144,512
31,712
10,964
17,092
26,870
82,517
29, 252
17,640
8,803
14,258
14,380
p61,644
12,487
P 6,393
7,659
11,704
9,876
9,248
28,995
8,610
53,577
5,018 28, 480
2,297 11,785
20, 291 18, 203
2,078 10,409
*5,729
64
*179 v 142, 719 • 55,921 14,798 P 72,000
P9,368
P9,368
63,686
17,098
4,484
2,634
6,258
42,474
17,546
11,853
6,209
26,208
»13,854
10,873
8,427
11,887
1,237
7,589
1,769
798
1,725
3,358
*7,835
10,952
14.730
19,590
11,041
33,214
11, 501
69,959
33, 498
14,082
3,293
3,026
9,714
1,793
4,219
2,891
v Preliminary.
Banks suspended and banks reopened.—The statistics of bank suspensions relate to banks closed to the public either temporarily or permanently,
on account of financial difficulties, by order of supervisory authorities or directors of the bank. They do not include banks closed temporarily
under special or "moratorium" holidays declared by civil authorities. Reopenings are recorded as of the month in which they occur, and include
for any given month reopenings both of banks closed during the month and of banks closed earlier.
Deposits.—Figures of deposits in banks suspended are as of date of suspension whenever data as of this date are available; otherwise they are
as of the latest available call date prior to suspension. For banks reopened the figures of deposits are not as of date of reopening, which are seldom
available, but are taken from the record of suspensions.
Back figures.—See Annual Reports for 1931 (Table 73) and 1928 (Table 64).
MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS
lln millions of dollars]
Holdings of Government securities i and eligible paper (including paper under rediscount)
By reserve city banks
Call date
1929—June 2 9 - .
Oct. 4 _ - .
Dec. 31...
1930—Mar. 27...
June 30...
Sept. 24...
Dec. 31...
1931—Mar. 25..
June 30...
Sept. 29..
Dec. 31...
1932—June 30—
Sept. 3O._
U. S.
Government securities
2,577
2,403
2,619
2,640
2,682
2,777
3,584
3,871
3,942
3,706
3,985
4,623
Eligible
paper
2,688
2,865
2,713
2,542
2,285
2,271
2,100
2,045
1,870
1,787
1,505
1,457
1,508
Total
5,265
5,334
5,116
5,161
4,925
4,953
4,877
5,629
5,741
5,729
5,211
5,442
6,131
By "country" banks
U.S.
Government securities
Eligible
paper
929
912
814
818
772
764
708
776
836
994
989
994
1,003
1,773
1,733
1,684
1,662
1,620
1,541
1,438
1,373
1,328
1,209
1,068
971
916
Total
2,702
2,645
2,480
2,392
2,305
2,146
2,149
2,164
2,203
2,056
1,965
1,919
By all member banks
U.S.
Government securities
Eligible
paper
3,506
3,381
3,217
3,438
3,412
3,446
3,485
4,360
4,707
4,936
4,694
4,979
5,626
4,461
4,598
4,397
4,204
3,905
3,812
3,538
3,418
3,198
2,996
2,573
2,428
2,424
i Exclusive of a p p r o x i m a t e l y $650,000,000 of G o v e r n m e n t securities pledged against n a t i o n a l b a n k note circulation.
Back
figures.—See
A n n u a l R e p o r t for 1931 ( T a b l e 50).
Total
7,968
7,979
7,614
7,642
7,317
7,258
7,023
7,778
7,905
7,932
7,267
7,407
8,050
Member
bank
borrowings at
Federal
reserve
banks
1,029
899
646
206
274
173
248
165
147
323
623
440
331
78
FEDERAL RESERVE BULLETIN
F E B R U A R Y , 1933
FEDERAL RESERVE BANK RATES
OPEN-MARKET RATES
DISCOUNT RATES
RATES IN NEW YORK CITY
[Rates for member banks on eligible paper)
Average rate Average yield
on—
on—
Prevailing rate on—
Rate in
effect on
Feb. 1
Federal reserve bank
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas C i t y . .
Dallas
San Francisco
Date established
Oct.
June
Oct.
Oct.
Jan.
Nov.
June
Oct.
VA Sept.
Oct.
Jan.
Oct.
Previous
rate
17,1931
24,1932
22,1931
24,1931
25,1932
14,1931
25,1932
22,1931
12,1930
23,1931
28,1932
21,1931
3
3
3
4
3
3H
2M
4
3
4
Back figures.—See Annual Report for 1931 (Table 36).
BUYING KATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Rate in
effect on
Feb. 1
Maturity
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.
Date established
Previous
rate
June 24,1932
do
do
do.
do
do
do
2H
2H
3
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
Back figures—See Annualpteports for 1931 (Table 37) and 1928 (Table
35).
Month or week Prime
commercial
paper,
4 to 6
months
Call loans * U . S .
TreasPrime
ury
bank- Time
notes Treasers'
and
ury
accept- loans,
90
ances, days
Re- certifi- bonds a
2 New newal
cates,
90
3 to 6
days
months
1931
December
2.70
<2.41
3.92
2.61
2.50
2H-2H
2.50
2 -3
2.50
2.50
2.50
234-3
Vs
2.08
2.00
2 -2H
2 -:
1H-1H 2.00
1.35
K-X
Vi 1.00
1.00
H
1H-W
2.65
2.50
2.50
2.50
2.50
2.50
2.08
2.00
2.00
1.35
1.00
LOO
2.48
2.42
«2.25
1.11
.31
<.34
.22
.14
«.O3
4.27
4.11
3.92
3.74
3.77
3.78
3.65
3.57
3.54
3.54
3.55
3.48
H 1.00
1.00
.07
y2
y2
y2
H
1.00
1.00
1.00
1.00
2.73
1932
January
February
March
April
May
June
July
August
September
October
November
December...
2^-3
2M-2
1933
January
Week e n d i n g Jan. 7
Jan. 14
Jan. 21
Jan. 28
334-4
X-K
Z
A
%
X
A
1.00
1.00
1.00
1.00
«.O4
3.39
3.39
3.38
3.41
3.38
1 Stock exchange call loans; new and renewal rates.
*8 Stock exchange 90-day time loans.
3 issues—326,3%, 4 per cent; yields calculated on basis of last redemption dates—1947, 1956, and 1954.
* Change of issues on which yield is computed.
Back figures.—See Annual Report for 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
1929
January
February
March
. . .
April
May
June
July
August
September.
October
November
December..
5.74
5.73
5.81
5.85
5.88
5.93
5.88
6.05
6.06
6.08
5.86
5.74
1930
5.64
5.35
5.22
4.91
4.74
4.59
4.48
4.41
4.29
4.26
4.17
4.16
1931
4.24
4.31
4.20
4.17
4.11
4.13
4.05
3.97
3.93
4.27
4.67
4.64
1932
4.71
4.71
4.72
4.69
4.55
4.61
4.42
4.45
4.30
4.35
4.12
4.22
1933
4.12
1929
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
1930
5.88
5.66
5.47
5.22
5 13
5.06
4.81
4.79
4.74
4 75
4.66
4.68
1931
4.61
4.63
4.62
4.57
4 55
4.49
4.48
4.47
4.48
4 62
4.87
4.91
1932
5.07
5.13
5.14
5.10
5 14
5.13
5.05
5.12
5.03
4 96
4.88
4.88
1933
4.89
1929
5.94
5.96
6.04
6.07
6 10
6.16
6.17
6.22
6.27
6 29
6.29
6.20
1930
6.12
6.05
5.98
5.86
5 75
5.69
5.63
5.58
5.55
5 54
5.50
5.43
1931
5.50
5.43
5.40
5.36
5 26
5.34
5.30
5.28
5.32
5 38
5.53
5.56
1932
5.61
5.61
5.64
5.63
5 64
5.62
5.63
5.68
5.63
5 56
5.55
5.60
1933
5.60
NOTB.—'Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given in
preceding table). All averages are based on rates reported for 3 types of customer loans—commercial loans, and demand and time loans on securities.
The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (6) the relative importance
of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to the
importance of that city in the group, as measured by the loans of all banks in the city.
Back figures.—See Annual Report for 1931 (Table 42).
79
FEDERAL RESERVE BULLETIN
F E B R U A R Y , 1933
SECURITY PRICES AND SECURITY ISSUES
SECURITY PRICES
(Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures]
Common stocks (1926=100)
PreBonds ferred
stocks*
Month or date
Number of issues
1931—December.
1932—January
February _ _.
March
April
May
June
July
August
September
October
November
December
1933—January
Dec.
Jan.
Jan
Jan.
Jan
28
4
11
18
25
._
.
.
Selected groups of industrial issues
Rail- Public
Total IndusCoptrial road utility Auto- Building Chain Chem- per
and
mobile equip- store
ical
brass
ment
Electrical Maequip- chinery
ment
Oil
Steel
Textile
60
20
421
351
33
37
13
12
16
11
8
4
10
15
10
28
81.6
81.0
80.3
80.8
79.4
75.2
72.2
74.2
83.2
85.8
84.1
81.9
81.2
84.1
99.1
96.5
96.3
96.2
94.2
90.3
83.6
85.3
98.6
101.8
99.8
97.4
95.4
97.8
58
58
56
57
44
40
34
36
53
58
50
48
47
49
54
54
53
54
42
3S
34
36
52
56
48
45
45
46
33
37
34
32
22
17
14
16
29
35
28
26
26
28
96
94
93
93
73
68
55
55
84
91
81
78
80
82
65
64
60
55
34
30
26
26
45
54
43
40
40
42
31
31
30
29
22
20
18
19
30
34
28
25
25
25
57
57
56
58
49
42
35
36
49
53
48
47
47
46
79
80
79
85
61
52
48
50
75
83
74
71
76
82
35
36
32
30
22
20
17
20
38
47
34
32
26
29
94
85
77
77
57
52
40
43
73
78
63
60
56
61
46
48
47
47
37
33
29
30
44
48
42
39
38
39
44
43
42
45
38
39
37
42
55
54
47
47
46
46
41
32
32
32
23
20
16
18
33
42
33
28
25
27
31
31
31
31
26
23
20
22
33
39
33
30
28
27
81.4
82.7
85.4
83.8
84.6
95.6
96.6
98.1
98.1
98.2
46
49
50
48
49
43
46
47
45
46
24
27
29
27
28
78
83
84
80
81
38
43
44
40
41
24
25
26
24
25
46
48
48
45
45
76
81
84
79
83
23
30
31
27
30
57
61
64
59
61
36
38
41
39
40
44
47
47
46
46
23
28
29
26
27
26
27
27
26
27
i
* Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity
Back figures.—See (for principal series) Annual Report for 1931 (Table 129).
2 20 high-grade industrials; average price.
CAPITAL ISSUES
UNITED STATES GOVERNMENT SECURITIES
[Long-term; i. e., 1 year or more. In millions of dollars]
[In millions of dollars]
New issues
Total
(doYear and month mestic
and
foreign)
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1932—January
February. _.
March
April
May
June
July
August
SeptemberOctober
NovemberDecember. _
Domestic
Corporate
State
Forand
eign
mu- Bonds
niciStocks
and
pal
notes
Totali
4,437
5,557
6,201
6,314
7,556
8,040
10, 091
6,909
3,099
1,165
4,016
4,588
5,125
5,189
6,219
6,789
9,420
6,004
2,860
1,157
1.043
L,380
L,352
L, 344
L, 475
L, 379
1,418
1,434
L, 235
755
1,976
2,200
2,452
2,667
3,183
2,385
2,078
2,980
1,240
305
659
829
1,153
1,087
1,474
2,961
5,924
1,503
311
20
421
969
1,076
1,125
1,337
1,251
671
905
229
8
682
759
925
1,046
2,220
1,858
1,422
711
949
583
184
73
162
71
91
78
106
63
75
94
44
124
184
73
162
71
91
78
104
60
73
94
43
124
138
35
109
30
84
74
25
34
63
36
28
99
42
35
47
15
7
4
62
25
6
47
9
6
4
4
1
0
0
0
1
2
0
2
2
4
0
0
0
0
0
0
2
3
2
0
1
0
14
21
29
72
32
64
57
108
76
43
32
35
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 b y Department of Commerce, while monthly figures are as
compiled currently and are subject to revision.
Back figures.—See (for figures of new issues—annual and quarterly
basis) Annual Report for 1931 (Table 128).
156867—33
4
Outstanding at end
of month
Refunding
issues
(domestic
and
foreign)
Month
1931
October
November
December
Total
Bonds Certificates Total
and
and
notes
bills
17,028
17,040
17,528
14,981
14,955
15,092
2,047
2,085
2,436
Total (12 months).
1932
January
February
March
April
May
June
July
August
September
October
November
December
-20
12
488
Bonds Certifand icates
and
notes bills
1
-26
137
17,515
17,820
18,190
18,287
18,729
19,161
19,297
19,758
20,296
20,485
20,476
20,448
15,102
15,102
15,102
15,103
15,318
15, 715
15,744
16,454
17,288
17,796
17,796
17,522
2,413
2,718
3,088
3,184
3,411
3,446
3,553
3,304
3,008
2,689
2,680
2,926
20,454
17,528
2,926
-13
305
370
97
442
432
136
461
538
-21
38
351
1,116
1,754
Total (12 months).
January
Increase or decrease
(—) during month
10
1
215
397
29
710
834
-28
-274
2,920
2,430
+6
+6
370
96
227
35
107
-249
-296
-319
-9
246
490
NOTE.—Figures relate to interest-bearing public debt; matured and
non-interest-bearing debt amounted to $348,000,000 at the end of J a n u a r y ,
1933. Figures include obligations held in Government trust funds.
Bonds and notes are long-term—i. e., 1 year or more (figuring from
date of issue); certificates and bills, shorter term.
80
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation]
Construction contracts awarded (value) *
Industrial production •
Year and
month
Manufactures1
Total i
Minerals i
Total
Residential
All other
Factory employment 8
Factory
pay
rolls i
Freight-car
loadings * *
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
Commodity
prices*
.
83
87
67
85
101
95
104
108
106
111
119
96
81
64
1929
March
April—
May
June
July
August—
September
October..
November
December
124
124
126
125
120
122
123
121
108
96
119
121
122
125
124
121
121
118
110
103
126
128
128
127
120
122
123
119
107
93
120
122
123
127
125
122
121
119
110
101
101
103
116
116
118
121
127
127
114
110
109
114
117
114
116
115
118
116
110
116
121
139
143
144
136
129
112
104
94
84
121
123
121
126
124
122
110
107
103
102
106
117
113
102
94
84
73
67
66
53
101
100
97
95
93
86
73
67
67
61
133
158
168
178
170
166
144
135
116
109
137
142
141
152
149
152
140
139
132
136
101
102
102
102
102
104
105
103
99
95
101
102
102
103
103
103
102
101
99
97
111
111
111
110
106
111
112
111
103
99
98
102
109
110
111
115
121
118
102
89
105
108
107
108
107
107
106
104
102
102
96
96
95
95
97
96
96
95
94
93
103
109
106
107
105
99
91
90
92
90
84
77
106
107
104
104
102
98
93
90
90
88
86
84
102
110
109
110
106
98
89
88
90
87
82
74
105
107
104
104
101
97
92
89
89
86
85
82
108
104
91
94
102
103
100
101
101
105
96
89
110
108
98
104
104
102
100
96
94
95
92
93
78
89
102
113
125
116
107
85
82
75
68
59
95
104
102
101
105
99
95
81
81
78
76
73
46
44
54
62
61
54
48
48
52
51
46
37
56
49
52
53
52
49
47
49
52
52
48
43
104
126
141
156
178
166
155
115
108
94
86
77
128
148
144
140
148
140
135
106
105
99
99
98
93
93
93
93
91
89
86
85
86
84
81
79
96
94
93
92
91
90
87
84
83
82
81
80
94
98
98
97
94
91
83
82
83
81
75
74
89
91
90
93
97
95
95
96
99
97
86
74
100
99
96
97
96
93
92
89
87
86
84
84
93
91
90
90
89
87
84
84
84
83
81
80
82
87
90
90
89
83
80
78
77
75
72
68
84
86
87
88
87
83
82
78
76
73
73
74
81
88
91
91
90
83
79
77
76
72
70
66
83
86
87
87
87
82
82
78
75
71
71
73
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
57
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
59
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
68
68
65
*60
72
69
67
63
60
59
58
60
66
'66
65
*66
70
70
66
63
60
59
55
58
67
66
63
*58
71
68
65
61
58
58
57
59
66
65
63
*64
74
75
77
72
65
61
62
66
73
80
78
72
77
78
84
79
67
63
64
65
70
74
75
76
25
23
26
31
31
32
31
32
30
28
24
22
31
27
26
27
26
27
27
30
30
29
27
28
16
15
16
16
14
12
12
11
12
12
10
8
19
17
15
14
12
11
11
12
12
12
10
9
33
30
35
43
45
47
46
48
45
41
35
33
41
35
36
38
37
39
40
45
44
43
41
43
66
67
66
64
61
59
57
59
62
62
61
60
68
68
66
64
62
60
58
59
60
61
61
61
52
54
52
49
46
43
40
40
42
44
42
41
58
59
58
57
53
62
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
1919
1920
1921
1922.
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1930
January. _
FebruaryMarch
April
May
June
July
August—
September
October. November
December
1931
January. _
FebruaryMarch
April
May
June
July
August-..
September
October..
November
December
1932
January-.
February.
March
April
May
June
July
August—
September
October..
November
December
77
89
70
74
105
96
99
108
107
106
115
99
84
71
84
87
67
86
101
94
105
108
106
112
119
95
80
63
44
30
44
68
81
95
124
121
117
126
87
50
37
13
63
63
56
79
84
94
122
129
129
135
117
92
63
28
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
84
91
79
87
100
97
103
106
103
103
106
92
75
56
139
154
98
97
101
98
104
100
95
97
95
86
73
65
Preliminary.
* Average per working day.
' Revised.
For indexes of groups and separate industries see p . 108; for description see BULLETIN for February and March, 1927; for back figures see
BULLETIN for March, 1932, p . 194.
* 3-mqnth 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 . 109; for description and back figures see BULLETIN for November, 1929, and November, 1930.
«For indexes of groups see p . 81; for back figures see BULLETIN for February, 1931, p . 108.
1
Index of Bureau of Labor Statistics (784 price series), 1926= 100. Index numbers for groups of commodities are given on p . 110.
1
81
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
Merchandise imports
Excess of exports
Month
1928
January
_February.,
_.
March
April
May .
June
July
August .
September
October
November
D ecember
Year
1929
1930
1931
1932
1928
1929
1930
1931
1932
1928
1929
1931
1930
1932
411
371
421
488
442
490
411
349
370
250
224
236
150
154
155
338
351
380
369
369
384
311
282
300
183
175
210
136
131
131
73
20
40
119
72
106
100
67
69
66
49
26
15
23
24
364
423
389
425
385
393
332
320
295
215
204
187
135
132
114
345
354
317
411
400
353
308
285
250
186
180
173
127
112
110
19
69
71
15
—15
40
24
35
44
29
24
14
9
20
4
379
379
422
403
381
437
267
298
312
181
165
180
107
109
132
318
347
320
353
369
351
221
218
226
174
167
170
79
91
98
61
32
102
50
11
86
46
79
86
6
—2
10
27
18
34
550
545
476
529
442
427
327
289
275
205
194
184
153
139
355
327
339
391
338
310
247
204
209
169
149
154
106
104
195
218
136
137
104
117
80
85
66
36
44
30
48
35
5,128
5,241
2,424
v 1,618
4,091
4,399
3,061
2,091
v 1,323
1,037
842
782
334
*295
3,843
v Preliminary.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1923-1925 average=100]
[Index numbers; 1923-1925 average** 100]
Index of stocks (end of
month)
Index of sales»
Month
Aug.
Adjusted
Adjusted
Without
Without
for seasonal seasonal ad- for seasonal seasonal advariation justment
variation justment
1932
January
February .
March
April
May .
June
July
August
September
1932
78
78
72
1933
*59
1932
64
64
70
1933
*49
1932
1933
1932
75
73
70
67
69
72
80
73
71
76
73
67
70
68
68
72
70
66
67
66
70
47
50
73
64
61
61
60
59
63
71
65
62
77
74
109
61
62
60
67
70
56
1933
Sept.
Oct.
Nov. Dec.
Adjusted for seasonal variation
Total
Coal
Coke
Qrain and grain products
Livestock
Forest products
Ore
Miscellaneous
Merchandise»
51
51
25
54
59
32
57
68
39
57
66
40
58
69
45
68
57
20
10
48
68
68
54
24
10
52
69
65
52
25
12
56
69
59
51
24
10
57
68
59
50
22
20
57
Without seasonal adjustment
65
58
52
53
61
Total
74
49
64
77
72
Coal
40
41
23
31
Coke
Qrain and grain prod82
72
83
63
57
ucts
51
64
69
59
Livestock
50
70
66
21
25
26
23
18
Forest products
18
16
16
5
7
Ore
62
53
66
56
45
Miscellaneous
1
V Based throughout on figures of daily average sales—with allowance
64
68
72
72
70
Merchandise
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 sea»In less-than-carload lots.
sonal variation makes allowance in March and April for the effects
upon sales of changes in the date of Easter.
Based on daily average loadings. Source of basic data: American
Railway Association.
* Preliminary.
Backfigures—SeeBULLETIN for'February, 1931/pp. 108-110.
Backfigures.—SeeBULLETIN for November, 1930, p. 686.
October
November
December
Year
82
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Europe
Total
(49 countries)
United
States»
1931—October
November...
December...
11,139
11,249
11,289
3,905
4,031
4,051
1932—January
February
March
April
May
June
July
August
SeptemberOctober
November...
December...
11,340
11,418
11,499
11,515
11,416
11,348
11,420
11,562
v 11,694
v 11,789
v 11,859
* 11,880
4,009
3,947
End of month
1933—January..
Canada
^ium
CzechoBulgaria slovakia
Denmark England
France
Germany
6,066
6,113
6,189
357
356
354
587
2,534
2,659
2,699
273
239
234
6,300
6,444
6,484
6,531
6,665
6,841
6,871
6,897
*6,923
*6,944
*6,949
»6,825
352
351
349
351
353
357
365
364
359
363
362
361
588
588
588
588
608
663
670
676
678
678
678
583
2,808
2,942
3,012
3,052
3,115
3,218
3,221
3,224
3,241
3,250
3,267
3,254
226
221
209
205
206
198
183
183
190
195
197
192
602
* 3,221
P196
countries)
3,956
3,717
3,466
3,522
3,639
3,748
3,819
3,885
4,045
Austria
Bel
v 4,064
Europe—Continued
End of month
Greece Hungary
Italy
Nether- Norway Poland
lands
other
Portu- Ruma- Spain
U. S. S. Yugo- 6counSweden Switzergal
nia
land
R.
slavia
tries
1931—October. . . .
November.
December..
293
296
296
336
362
357
54
54
58
434
434
434
422
425
453
1932—January
February..
March
April
May
June.
*.
July
August
September,
October
November.
December..
296
296
296
296
297
298
300
302
305
306
306
*307
351
353
354
364
384
394
408
415
416
416
415
415
58
57
57
57
56
57
57
57
57
57
57
*57
434
434
434
434
435
435
435
435
435
436
436
436
472
482
471
471
493
503
509
510
509
509
493
477
25
26
26
315
328
329
330
331
335
349
357
368
26
27
30
31
30
28
28
28
28
*29
*368
1933—January
Latin America
End of month
Total
Co(10 Argencoun- tina Chile lombia
tries)
Asia and Oceania
other Total
Uru- 5coun(7
Peru guay
tries countries)
Africa
New
Austra- India Japan Java Zea- Siam Tur- Alge Egypt South
Africa
lia
land
1931—October. _.
November.
December.
369
364
355
270
265
253
11
11
11
652
593
548
162
162
162
342
271
234
22
23
1932—January...
February..
March
April
May.
June
July
August
September.
October. _.
November.
December.
350
347
347
343
346
347
348
348
346
*342
»341
252
249
249
249
249
249
249
249
249
249
249
*249
13
14
15
13
13
13
14
14
12
J»12
532
534
535
534
534
536
524
523
523
524
523
J>522
162
162
162
162
162
162
162
162
162
162
162
162
215
215
214
214
214
214
214
214
214
214
213
212
23
23
28
28
28
28
28
28
28
28
28
*>28
30
37
40
37
31
34
35
38
34
35
32
35
34
35
v Preliminary
* Differences between these figures and those shown elsewhere in the BULLETIN for total monetary gold stock of the United States are due to the
exclusion from the former of gold coin in circulation.
NOTES.—Figures for 34 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are
as of last report date of month. See BULLETIN for May, 1932, p. 315. Since the note in the BULLETIN for May, 1932, was prepared, figures for the
Banque Centrale de la Republique de Turquie and for the Government of Siam have been added to the table. The figures for Turkey relate to the
last Thursday of the month.
The 6 European countries and 5 Latin American countries for which figures are not shown separately are Albania, Danzig, Estonia, Finland,
Latvia, and Lithuania; Bolivia, Brazil, Ecuador, Guatemala, and Mexico. None of these countries has had gold reserves during this period in excess
of $10,000,000.
For back figures—and for additional details relating to this table—see BULLETIN for May, 1932.
83
FEDERAL RESERVE BULLETIN
FEBEUAEY, 1933
GOLD PRODUCTION
[In thousands of dollars]
Month
Total
South
Africa
Rhodesia
430,725
326,032
221,526
11,476
4,995
3,618
43,454
13,813
3,281
9,553
7,531
6,785
37,771
38,231
38,207
38,153
38,763
38, 748
39,860
38, 760
38,825
28,298
28,757
28,734
28,680
29,290
29,275
30,387
29,287
29,352
18,194
18,901
18,594
18,959
18,859
18,981
19,525
18,673
18,809
917
918
926
947
918
905
936
941
1,041
446
451
447
451
462
486
473
477
351
334
340
342
353
397
437
408
417
4,591
4,460
4,725
4,711
4,718
5,005
4,906
4,974
1,329
1,208
1,103
814
1,228
1,074
1,041
914
877
278
329
353
354
353
256
452
389
312
919
1,092
933
1,229
916
1,240
1,321
1,181
694
716
663
668
654
692
679
667
664
561
521
490
500
516
562
673
590
579
459,104
345,426
224,863
11,193
5,524
4,448
55,458
12,866
4,016
12,134
8,109
6,815
29,957
28,975
30,750
30, 381
31, 317
v 31,160
v 31, 259
v 32,054
* 31,375
v 31,417
* 31, 512
19,587
18,935
19,877
19, 593
19,970
19,871
20,268
20,475
19,888
20,157
20,190
921
956
996
976
977
1,011
981
1,019
1,041
1,044
997
460
453
484
466
481
471
546
510
509
515
526
405
381
424
391
409
*426
4,834
4,670
5,285
5,093
5,551
5,592
5,124
5,428
5,386
5,231
5,220
1,106
948
862
1,057
1,026
960
924
1,138
1,122
1,091
* 1,091
450
386
404
380
448
405
455
524
456
455
415
1,032
1,063
1,131
1,164
1,234
1,172
1,244
1,221
1,292
1,216
1,376
1930—Total
1931—April
May
June
July
August
September
October
November
December
__.
Total (12mos.)
1932—January
February
March
April.._
May
June...
July
August...
September
October
November
Production reported monthly
Estimated
world
production
39,872
38,889
___
40,664
40, 296
41,232
* 41, 074
P 41,174
* 41,969
v 41, 290
P 41,332
p 41,426
Africa
West
Africa
Belgian Canada Mexico
Congo
M39
J>455
*419
*433
P424
Colombia
Australia
Japan
657
741
671
653
647
702
727
715
India
534
525
545
590
567
603
585
588
559
547
556
v Preliminary.
NOTE.—The annual figures for total world production in 1930 and 1931 are those published in the annual report of the Director of the Mint for
1932. The difference between the 1931 figure and the aggregate of production reported monthly for that year is $113,679,000, or $9,473,000 on a monthly
average basis. The monthly estimates of world production in 1931 represent the sum of this average difference and the figures actually reported
monthly. For 1932 this average difference, more than two-fifths of which represents United States production, is increased by 4.7 per cent—the
ratio of increase of United States production in 1932 according to the preliminary estimate of the Director of the Mint.
The figures reported monthly are not in every instance complete for the area indicated. Those for West Africa represent the output of the
Gold Coast and Sierra Leone; those for Australia, total output with the exception of Tasmania and Northern Territory; those for Japan, the output
of the leading mines; and those for India, the output of the Mysore State. Official figures for all mines in Colombia are available on a monthly
basis only for the year 1932. Monthly output in Colombia previous to 1932 has been estimated by adding to the official monthly figures for the
Department of Antioquia the figure $27,762, representing the average monthly output of the rest of Colombia in 1931.
For annual figures of world production of gold extending back to 1873 see the annual report of the Director of the Mint for 1932, p. 150.
GOLD MOVEMENTS
[In thousands of dollars)
United States
Net imports from—
Month
1931—August
September
October
November
December
Total (12 mos.).
1932—January
February
March
April
May
June
July
August
September
October
November
December
Total
net imports
France
Germany
Belgium
China
Nether- Switzer- Can- Mexico Argen- Co- British and Japan
lands
tina lombia India Hong
ada
land
Kong
2,208 8,802
-5
c -4,172
- 3 4 9 8,837 4,260
-831 - 9 , 6 7 8 -35,904 -17,617 5,666 -1,239
989
-394
- 5 1 5 7,408
-115
-57
- 6 2 - 5 , 8 6 1 -9,857 -1,270 4,513 1,344
4
5,383
142
25,770 3,095
15,474 ' 16
4,895
267
2,042 3,165
57,500
20,561
-337,685
89,436
56,858
-16
1,501
23 -24,087
685 -324,500
-10
333
4,249 -15,150
11,000
145,325
6,797 -344,514
36,026 -15,583 -50,327 -19,768 81,136 22,267 141,263 15,116
- 7 1 -12,553 -6,257 -1,759 4,154
-72,950 -3,199 -83,783
-254 8,406
-495 -17,859 -8,672
-235 -98,203
-90,567
c 7,216
2 -6,341
- 2 3 -37,532
-24,671
7,267
6
6
9
-3,286
-115
-18,707
-24,527
-1,922
-30,239
-195,514 -7,047 -63,216 -9,710 -19,930 -58,473 -53,554 4,699
5,424
-26,250
-116
-62,603
-23,168
-111,411
-1,910
-206,047
-225 4,573
1,405 -21,513
-3,437
- 8 5,257
6,093 -17,950
1,021
6,103
219 3,904
50
5,868
27,897
~~~5,~543
320
25 '506
72
1,251
'20,613
2,381
7 '5,622
7
1,376
'21,740
2,685
7,546
16,357
51,928
100,859
8,082
10
Total (12 mos.). -446,213
1933—January »._„—
England
85,591
1,103
950
2,997
3,329
1,510
816
1,284
2,273
2,843
1,345
893
744
9,110
1,157
2,683
53, 585 -441,649 -13,356 -82,571 -96,586 -118,273 64, 574 20,087
12,991
7,319
31,098
Preliminary.
17.267
4,995
r
97
Revised.
42
-1
2,948
7
3
7
13
45
52
28
94
43
1,046
3,596
5,533
1,644
623
25,000
22,501
75,932
68,285
All
other
countries
2,435
3,584
2,209
941
4,837
8,064 34,240 199,286 31,322
4,677
2,575
70
167
819
2,948
2,402
175 3,791
4,866
240 3,524
467 4,783
2,855 4,205
6,068 3,600
4,773 2,964
4,697 4,974
3,240 26,597 39,043
14,610
5,477
9,969
19,441
2,542
1,795
3,313
2,013 3,967
2,441 3,800
5,172 3,133
4,197 3,064
4,122
2,039
3,362 1,933
3,322
3,124 3,353
49,719 36,383
3,724
1,004
84
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Great Britain
Net imports from—
Month
Total
net imports
1081—August
SeptemberOctober
November..
December..
-24,150
-9,302
15,775
-45,386
-12,489
Total (12 mos.) _ -143,729
1932—January
February—
March
April
May
June
July
August
SeptemberOctober
November..
December..
11
-843
1,122
-4,637
-7,548
France
-4,129
2,256
-119
1,207
7,541
15,897
-1,671
-4,259
-6,887
-284
- 1 , 634
-58. 561
7
-82
-119
81,211
-297,040
-1,422
Netherlands
South
Africa,
RhoAustraSwitzer- South British Straits
desia,
lia
land
America India Settlements
West
Africa
-9,145
-43
-8
-91
-219
-24,373
-21,353
-9,462
-14,101
-4,536
-13,218
-10,189
-2,502
-9,936
-18,397
-517
33,754 -37,050 -124,101
-64,955
-52,712
-40,858
-17,795
-10,843
-9,035
-11,361
-20,269
-27,521
-24,895
-13,519
-3,277
-43,581
Belgium
Germany
-13,333
-819
-6,769
-63,524
-25,941
-13,401 -319,989
-7,320
-6,182
-2,691
26,148
16,973
35,019
22,675
1,296
5,204
5,814
13,857
-29, 582
Total (12 mos.)
1933—January *
United
States
602
811
1,370
733
984
682
8,353
26,597
22,835
29,446
63,080
11,280
45,986
30,661
24,340
17,393
406 11,565
12,812
500 14,204
300 14,279
187 13,009
189 11,973
527 10,488
181 13,684
746
781
602
899
803
772
2,122
829
584
943
710
10,780
-134
-756
-53
-53
-2,571
-2,767
-4,778
-4,015
-85
-104
-476
-1,104
-3,584
-7,537
-3,480
-1,955
-11,310
-9,394
-7,812
-10,438
-2,571
-2,969
-4,188
-6,138
-247
-3,723
-7,382
-16
-214
-1,081
-753
-75
-214
-120
-88
-108
311 -16,896
-71,376
-14,021
5,623 220,394
-17,810
-3
6,235
-76
-58
3
71
-18
14
4
45
5
-20
370
-29
-11
-402
105
2,226
1,002
France
Total
net
imports United
States
72,952
1931—August
418
209
September.
273, 734 243,956
October
November. 122,372 99,876
3,164
December.. 13,881
Total (12
mos.)
1932—January
February..
March
April
May..
June
July
August
September.
October
November.
December..
Total (12
mos.)
England
78,366
902
21,738
40,447
26,132
Ger- Nethermany lands
17,861
20,554
21,681
16,052
20,187
-599
1,197
1,093
1,754
755
33.260 236,921
3,904
17,062
20,884
20,616
24,893
18,965
26,246
19,351
25,866
18,378
20,006
23,326
352
1,426
887
420
1,734
760
3,207
5,010
1,326
1,853
831
602
20,363 255,305
18,408
797 16,462
-416
1,555
371
1,750
1,083
915
794
9,661
175
1,505
870
830
854
H 712
Germany
Net imports from—
Month
1,504 15,549
765
16
444
572
267
1,501
502
90
All
other
countries
Switzerland
-29
- 1 0 -1,818
-153
6,060 -3,553
91 22,741 -42,572
1 -232 -22,386
728,176 328,130 312,561100,050 18,775 -81,207
Net imports from—
All
other
countries
Total
net
imports
934
611
1,137 -16,947
5,685 -31,473
1,789 - 4 1 , r "
7,203
875
United
States
681
18
7
England
112
547
120
49
542
France
Netherlands
Switzerland
U.S.
S. R.
216
548
-23
3 -5,558 -11,859
-5,951 -10,965 -20,620| 5,183
11-16,455 -25,594
150
103
All
other
countries
80
-80
78
-4
17
149,867 -247,950 -36,160 -35,221 -102,019 -55,142 -63,866 58,932 -14,475
i
= =====
36
16
247
71
71
- 2 -16,224
5,152
-14
5,198
8
6710,352
17
5 -5,800
" 3,399
66
- 4 2 -4,763
554
4,622
13
5,410
5,461
29
6,275
-367
24
74,007 65,062 10,735
- 4 6 6,755 -9,899
1,401
184,171 82,580 90,947
- 4 9,601 -1,592
2,639 -5,262
147,604 71,279 49,028 13,889 12,561
17
830 -13,647
60,340 38,080 23,888
- 1 5 2,019
428 -4,061 -8,319
17,734 17,174 14,232 2,582 '1,999 -1,119 '-17,135
3,133
168,000 152,072
7,541 5,737 4,601 -8,234
6,281 -7,139
31,954 16, 746 12,472
-5
483 -1,001
3,259 -13,718
42,940 24,149 16,241 5,382
-369 - 2 , 4 4 7
4,189
-17
4,424 3,918 1,448
9,638
-625
8,552
249
222
329
-270
5,560
32,695 11,927 19,995
565
148
241 '26,003 6,122
'33,498
-186
645
2,314
672
25,494 -10,634 34,479
4,306
483
-3,138
828,072 468,052 309,984 37,889 37,547 -17,668
- 7 , 7 3 2 -27,282
* $29,233,000 imported by France from Spain in July,
a $21,292,000 exported by France to Belgium.
367
-250 -38,170 -24,455 -7,91546,656
-3,536
vr Preliminary figures.
Revised.
NOTE—Germany—The aggregates of the official monthly figures for gold imports in 1932 differ somewhat from the revised totals published
for[the year as a whole.
85
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Netherlands
Net imports from—
Month
Total net
imports
1931—August....
,
September
,
October
November
December
Total (12 mos.)
1932—January
February
March...
April
May
June
July
August
September
-..
October
November
December
Total (12 mos.)
United
States
England
France
Germany Belgium
Switzerland
British
India
All other
60,076
19,020
30, 598
36,551
19, 567
16,413
21,551
1,449
60,722
15,387
14,781
7,982
8,849
39
-86
-17,572
-1,113
—2,325
-556
-113
17,455
4,717
11,672
-12
-55
-233
-35
-50
-58
—139
-252
-794
-162
-135
3,824
729
-78
i 3,889
-107
38
754
198. 619
39,413
117, 591
-21,024
56,059
-966
-1,428
-365
4,553
4,548
7,130
2,608
-1,886
7,737
' 58,256
54,107
4,983
7,204
-13, 797
- 6 , 230
-4,857
7,747
8,810
6,342
2,799
55,317
47, 324
- 6 , 367
-1,916
-3,765
3,100
5,446
3,870
867
5,470
8,397
5,565
8,715
1,198
1,252
1,939
4,251
- 3 , 521
-9,900
-11,028
-771
-3,258
-1,786
-276
-334
- 1 , 708
-304
320
34
••8,445
7,429
9,763
5,376
-1,280
-3,496
-61
-3,085
3,745
-713
-760
—5, 242
-26
1,759
- 5 , 729
-1,313
963
-790
-1,628
-511
-1,791
-3,415
-3,385
-482
-281
-923
-217
-188
-20
-516
-354
-171
-2,325
-3,466
-5,849
-847
-579
-402
42
-537
-1,134
1,166
295
476
366
785
379
941
3,212
1,994
1,006
3,030
2,773
632
81
n<-r
147
107
24
-52
- 22 2, 222
- 5,852
-14
-52
116,149
106,623
50, 070
-34,009
-12,727
-13,630
-16,137
16,423
-7,346
52
-462
-821
British India *
Switzerland
Net imports from—
Net imports from—
Month
Poland
Total
Total
net imnet imAll
Ger- South Nethports United EngEnger- other ports United
States land
States land France many Africa lands
Increase
Gold or depro- crease
duc- (-)in
All
tion in governother India « ment
Increase
ortdecrease
(-)in
private
holdings
reserves in India6
in India
1931—August
September
October
November
December
18,096
25,505
94,339
43,572
19,687
186
1,722
32,919 5,346
3,224 9,805
254 18,364
Total (12 mos.) 222,751
36,422 41,301
1932—January
February
March
April
May
June
July.—
August.
September
October
November
December
5,653
17,658
4,698
2,538
46,051
80,872
14,993
1,503
-604
-3,385
-1,395
1,203
2,067
1,411
82
65
41,034
70,247
9,779
81
-361
-50
-7
5
-270
50 11,044
-979
-10
a 6,752
1 16,577
-101
-762
* 7,182
175
23
8,270 44,196 " - 1 9
229 -26,126 -8,324 -10,180
3,
408
12 -24,217 -3,279 -17,626
4,519 25,604
15 -45,596 -5,294 -39,539
203
—
-75
719
1,035
-7,622
-3,311
-763
517
564
675
592
581
3,760 - 3 , 5 1 3
21
718
- 3 5 3 -25,098
359 -23,984
0 -45,015
95,753 -17,673 -72,558
-5,537
6,835
33,532 -122,483
13 —24,029 -2,863 -21,419
253
- 3 6 3 -17,353
-707 -17,672
43
- 9 0 -18,788
-18,670
209
-209 -11,229
-11,812
568
-9,007
72
286 -8,935
95
-167 -13,155
- 2 0 9 -13,227
-374 -14,575 »- -1,488
- 8 7 -16,437
—920
- 2 6 0 -11,674 -2,775 -7,979
- 2 7 7 -17,201 -5,978 -9,835">- •1,388
-652
4,820 ~9,010
48 -14,482
-997
461 -16,662 -2,420 -13,244
55 —24,722
536
527
547
592
569
605
587
590
561
549
556
19,317 39,684' 72,760
10
1,300
1,972
5,725
5,423 5,731
5,733 —3,952
- 9 5 -165
116
116
1,718 - 5 2
1,734
3,554 - 8 5
111 3,734 - 5 1
90
••718 ' 3 8
154
-540 - 3 4
82 -3,087 -102
85 -2,347 - 6 7
-111
Total (12 mos.) 169,786 124,354 15,342
7,418 7,880
47 13,220
290
76
2,308
2,949
5,630
1,507
744
453
-280
480
837
10114,996
-304 *-195,553
'6,775
18
—2
—7
-86
-1
-23,511
-17,143
-18,116
-11,134
-8,365
-12,622
-15,850
-11,084
34 -16,674
-13,933
-16,106
—24,196
-188,734
1 $4,020,000 imported by Netherlands from Dutch East Indies.
Exported from Netherlands to Czechoslovakia in August, $2,199,000; in September, $5,847,000.
»$6,733,000 imported by Switzerland from Australia.
* $7,293,000 imported by Switzerland from Norway.
8 Reported monthly production of the Mysore State plus $82,000 representing the average monthly production of the rest of India in 1930.
« Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India.
7 $7,575,000 was exported from India to Netherlands.
s $1,891,000 was exported from India to Netherlands; $2,173,000 to France.
»$1,777,000 was exported from India to Netherlands.
w $1,640,000 was exported from India to Netherlands.
NOTES.—Netherlands—The aggregates of the official monthly figures for gold exported to Germany and gold imported from the world in
1932 differ somewhat from the revised totals published for the year as a whole.
British India.—From December, 1931, through June, 1932, figures for net imports from individual countries are preliminary and subject to
revision. Figures for total net imports, gold production, and increase in government and private holdings are final unless otherwise indicated.
* From November, 1931, through June, 1932, figures for net imports from individual countries are preliminary and subject to revision. Figures
for total net imports, gold production, and increase in Government and private holdings are final unless otherwise indicated.
v Preliminary.
* Revised.
2
86
FEDEKAL EESERVE BULLETIN
FEBBUABY, 1933
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
1932
Argentine Conversion Office (millions of
gold pesos):
Gold
Notes issued * - _
Irish Currency Commission (thousands of
pounds sterling):
Legal tender note fund—
British legal tender and bank
balances
...
British securities
Notes issued
Consolidated bank notes *—
Issued
_.
Deemed such under sec. 60 (4) of
currency act, 1927
1931
Dec.
Nov.
Oct.
Dec.
257
257
»583
257
584
261
548
J>589
686
727
6,987 6,269
7,673 6,996
4,602 4,589
1,376 1,391
150
6,811
6,961
426
7,119
7,546
4,560
4,333
1,406
1,649
1931
1932
Dec.
Canadian Minister of Finance (millions
of Canadian dollars):
Gold reserve against Dominion n o t e s 72
Advances to banks under finance a c t . .
57
Dominion n o t e s Issued
191
Outside chartered bank h o l d i n g s Indian Government (millions of rupees):
Gold standard r e s e r v e Gold
276
Foreign exchange
257
Paper currency r e s e r v e Gold
187
1,107
Silver coin and bullion.
455
Other assets
1,748
Notes issued
Dec.
Nov.
Oct.
73
65
71
27
65
49
199
28
161
28
174
30
326
207
328
205
398
136
118
1,130
509
1,756
115
1,149
494
1,758
46
1,230
518
1,793
* Includes a small quantity of subsidiary coin.
* The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Dec. 10, Nov. 12, and Oct. 15,1932, and Dec. 12,
1931. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.
» Preliminary.
BANK FOR INTERNATIONAL SETTLEMENTS
(In thousands of dollars converted from Swiss francs at par; 1 Swiss franc—$0.1930]
1932
1931
Resources
1932
Dec. 31 Nov. 30 Dec. 31
Dec. 31 Nov. 30 Dec. 31
Cash on hand and on current account with
banks
Demand funds at interest
Bediscountable 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 m o n t h s Treasury bills
Sundry investments
Between 3 and 6 m o n t h s Treasury bills
Sundry investments
Over 6 months
Total
Other resources..
Total resources.
1
2,905
19,397
64,995
32,792
2,111
17,480
58,967
30,417
68,776
18,518
87,294
97, 787
44,680
2,972
27,615
45,518
46,484
8,534
11,438
251
9,204
120
1,400
9,177
120
12,524
31,467
1,357
30,670
1,614
34,240
2,276
186,776
Total.
Central banks for account of others—
Demand
_
Time—Not exceeding 3 m o n t h s . . .
Total..
10, 438
11,455
197,593
Short-term deposits:
Central banks for own a c c o u n t Demand
*
_.
TimeNot exceeding 3 months...
Between 3 and 6 months.-
31,715
Other depositorsDemand.
....
Time—Not exceeding 3 months
Long-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fund
Total
Capital paid in
Reserves:
Legal reserve fund,Dividend reserve fund
General reserve fund
Other liabilities
Total liabilities
200,880
Composed of $2,363,000 of investments between 6 months and 1 year and $161,000 exceeding 1 year.
1931
Liabilities
,
97,912
87,292
57,392
4,597
4,710
32,073
102,509
92,001
89,464
2,646
2,427
19,566
6,594
2,646
2,427
26,161
19
1,203
27
1,205
654
29,677
14,839
13,249
29,677
14,839
13,249
29,677
14,839
13,249
57, 765
24,125
57,765
24,125
57,765
20,941
254
519
1,038
7,513
254
519
1,038
7,414
108
211
422
5,155
197,593
186,776
200,880
87
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
CENTRAL BANKS
[For explanation of these tables see BULLETIN for February, 1931, pp. 81-83]
Resources of banking department
Bank of England
Gold (in
issue
department) *
Cash reserves
Coin
Millions of pounds sterling:
1931—Nov. 25
Dec. 30
1932—Jan. 27
Feb. 24
Mar. 3 0 . . .
Apr. 27
May 25
June 29
July 27
Aug. 31
Sept. 28
Oct. 26
Nov. 30
Dec. 28
1933—Jan. 25
120.7
120.7
120.8
120.8
120.8
120.8
125.0
136.1
137.7
138.9
139.4
139.4
139.4
119.8
123.6
1.0
.6
.6
.9
1.0
1.0
1.0
.8
.8
Notes
Discounts Securiand
ties
advances
12.7
27.3
12.9
11.5
11.7
11.5
12.2
14.9
15.3
12.2
12.1
11.6
11.9
18.5
11.6
41.3
31.6
49.9
.49.4
35.3
43.0
45.8
48.1
43.4
48.6
54.6
56.0
55.6
23.6
45.4
87.8
133.0
82.5
71.0
86.8
79.4
93.2
93.5
92.5
92.2
88.0
85.4
87.1
120.1
107.9
Liabilities of banking department
Note
circulation
Deposits
Bankers'
354.4
364.2
345.9
346.4
360.5
352.8
354.2
363.1
369.3
365.3
359.8
358.4
358.8
371.2
353.2
59.8
126.4
74.3
67.9
54.6
58.3
77.5
86.6
88.2
79.5
80.6
77.3
90.5
102.4
103.4
Resources
Bank of France
Gold
Millions of francs:
1931—Nov. 27..
Dec. 30.,
1932—Jan. 29...
Feb. 2 6 Mar. 25..
Apr. 29..
May 2 7 June 24—
July 29—
Aug. 2 6 Sept. 30..
Oct. 28...
Nov. 25..
Dec. 3 0 - .
1933—Jan. 27 P..
67,844
71,625
75,059
76,832
77,862
79,470
82,100
82,168
82,239
82,681
82,909
83,342
83,017
82,167
Foreign Domestic Security
loans
exchange
bills
24,273
21, 111
18,805
15,127
12,632
11,800
9,001
6,332
5,482
5,389
4,977
4,984
4,853
4,484
4,436
7,766
7,389
6,555
5,544
4,820
4,690
4,160
3,929
3,905
3,467
2,604
3,637
3,266
3,438
3,140
2,731
2,730
2,744
2,707
2,716
2,735
2,700
2,715
2,747
2,761
2,783
2,764
2,500
2,515
2,536
Public
27.0
7.7
15.3
14.1
27.2
23.4
23.6
18.0
11.2
20.7
23.4
25.4
10.1
8.9
11.7
Reserves
Gold
Millions of reichmarks:
1931—Nov. 30
Dec. 31
1932—Jan. 30
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1933—Jan. 31 *
1,005
984
948
928
879
859
863
832
766
768
796
817
827
806
822
Foreign
exchange
170
172
145
149
142
131
129
130
128
157
133
123
110
114
101
Negotiable
securities *
5,065
7,157
6,882
6,881
6,881
6,881
6,626
6,621
6,621
6,621
6,621
6,621
6,802
6,679
Other
8,647
8,545
8,278
8,329
8,371
8,697
8,684
8,634
8,994
8,878
9,686
9,145
9,196
(3)
3,901
4,144
3,324
3,258
3,146
2,990
3,100
3,108
3,009
2,991
2,857
2,731
2,806
2,459
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
18.0
18.1
Note
circulation
82,543
85,725
84,723
81,782
82,774
81,418
80,667
82,118
79,912
82,459
82,205
81,536
85,028
83,313
Deposits
Government
7,170
5,898
4,722
3,637
3,526
3,111
3,432
2,881
3,740
3,982
3,010
4,553
2,931
2,311
2,268
Other
liabili-
Other
24,171
22,183
23,552
24,899
24,962
24,827
24,128
24,621
22,033
23,426
21,876
21,229
22,969
20,072
20,475
2,442
1,989
1,910
1,925
1,980
1,953
1,917
2,167
2,025
2,035
2,009
2,071
2,153
2,041
(8)
Liabilities
Other
Treasury bills
(and Security
bills
loans Securities
checks)
56
38.1
40.3
38.2
32.2
34.4
35.3
32.9
34.7
34.6
35.4
33.4
33.6
37.1
33.8
32.5
Liabilities
Resources
Reichsbank
Other
Other
liabilities
254
245
158
303
290
282
257
261
224
207
242
198
207
176
92
103
161
161
162
362
362
363
364
365
365
362
362
395
398
401
Other
assets
980
1,065
1,098
1,100
1,044
977
1,032
1,038
975
960
940
957
959
1,114
1,097
Note
circulation
Deposits
4,641
4,776
4,407
4,268
4,231
4,128
3,961
3,984
3,967
3,817
3,755
3,620
3,531
3,560
3,338
506
755
394
423
578
405
431
473
380
408
451
389
418
540
345
Other
liabilities
1,323
1,338
1,373
1,318
1,226
1,249
1,262
1,271
1,267
1,279
1,298
1,345
1,314
1,313
1,333
* In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by
law at £260,000,000. Since Aug. 1,1931, however, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been authorized
by the British Treasury under section 8 of the Currency and Bank Notes Act, 1928: the maximum period for which such authorization may be granted
is two
years.
J
Issued by the independent oflSce
for retirement of public debt (Caisse Autonome d'Amortissement).
8
Not yet available.
* Preliminary figures.
88
FEDERAL RESERVE
CENTRAL
BULLETIN
FEBRUARY, 1933»
BANKS—Continued
[Figures are for last report date of month]
1932
1931
Central bank
1932
1931
Central bank
Dec
Nov.
Oct.
Dec.
Dec.
Nov.
Oct.
Dec.
National Bank of Albania (thousands
Bank of the Republic of Colombia
of Albanian francs):
(thousands of pesos):
5,094
11,947 11,597
5,487
9,129<
Gold....
5,508
Gold at home and abroad
5,870 4,388
4,649s
Foreign exchange
29,891 29,425 24,949
Foreign exchange
4,532
5,963
6,275
18,228
Loans and discounts-3,413
Loans to member banks
7,133
20,122 19,260 20,57&
Other assets
6,033 4,901
Note circulation
11,869
20,164 20,154 10,809'
Note circulation
12,272 12,269
Deposits
Demand deposits
19,892 19,205 16,399
13,441 National Bank of Czechoslovakia
Other liabilities
12,680 11,778
(millions of Czechoslovak crowns):
Commonwealth Bank of Australia
1,708
(thousands of Australian pounds):
1,659
1,64&
1,692
Gold
Issue department—
1,082
1,049
l,060<
Foreign balances and c u r r e n c y - 1,029
11,199 11,199 10,499 10,500
1,560
1,267
Gold coin and bullion
1,675
2,316
Loans and advances
38,253 37,280 37,715 44,234
Securities. _
Assets of banking office in liqui0
Banking d e p a r t m e n t 0
294
dation
0
Coin, bullion, and cash
6,267 5,951 6,057
950 1,079
7,679*
Note circulation
17,520 15,489 14,174 13,795
602
634
512
London balances
361
Deposits
14,933 13,228 14,902 12,185
Loans and discounts
Securities
. . . 29,839 29,471 29,765 28,795 Danish National Bank (millions of
64,143 62,446 62, 517 48,483
Deposits
kroner):
46,192 43,072 43,007 49,392
133
Bank notes in circulation
144
Gold
133
Austrian National Bank (millions of
22
55
36
37
Foreign bills, etc
—
schillings):
82
82
104
172
Loans and discounts
149
318
Gold
332
149
190
333
347
Note circulation
149
39
105
102
131
39
Foreign exchange of the reserve._
76
Deposits.
39
0
26
Other foreign exchange
0
0
379
Domestic bills
»336
336
Bank of Danzig (thousands of Dan663
>663
Government debt
663
zig gulden):
914
21,373 21,375 21,375 21,825.
903
Note circulation._
...
880
1,183
Gold
219
14,007 14,135 15,230 25,531
Deposits
196
128
177
Foreign exchange of the reserve
National Bank of Belgium (millions
252
248
456
6,310'
Other foreign exchange
ofbelgas):
12,227
9,690 9,223 10,661:
Loans and discounts
2,596
36,536 36,103 37,126 44,042
Gold
2,611
2,550
2,608
Note circulation
728
9,034
683
976
Domestic and foreign b i l l s . .
5,144 6,502 10,263 ,
690
Deposits
288
Loans to State
367
(3)
367
3,654 Central Bank of Ecuador (thousands
3,637
Note circulation..
3,623
3,627
Deposits
168
264
of sucres):
206
217
Central Bank of Bolivia (thousands
14,707 14,700
5,663Gold at home and abroad
of bolivianos):
9,904
3,850 4,161
Foreign exchange
20,796 16,154
Gold at home and abroad
24,287 23,314 14,227"
Loans and discounts
2,367 10,464
Foreign exchange
2,766
Note circulation
24,600 24,662 19,134
8,975Loans and discounts
29,171 41,249 23,207
Deposits
10,782 10,667
Note circulation. _
36,096 34,965 26,626 National Bank of Egypt * (thousands
Deposits
24,929 17,497 11,229
of Egyptian pounds):
Bank of Brazil (millions of milreis):
4,225Gold
6,663 6,663
Currency
586
279
563
2,857
Foreign exchange
3,029 2,126
114
255
Correspondents abroad.276
12,759
15,797
British
Government
securities.
12,459
1,612
Loans and discounts
1,804
1,905
9,566
Loans and discounts
6,631 6,302
170
Note circulation
170
170
Egyptian Government securities20,892 19,565 14,410,
1,657
Deposits
2,674
2,571
2,843"
Other assets
3,545 3,739
National Bank of Bulgaria (millions
Note circulation
19,012 19,219 19,53&
of leva):
4,774
Deposits—Government
5,291 4,412
1,517
Gold
1,511
1,518
19,332 17,888Other
20,723
-23
Net foreign exchange in reserve. .
116
-16
8,191
Other
liabilities
7,497
8,192
268
Total foreign exchange
405
245
Loans and discounts
817
852 Bank of Estonia (thousands of
795
2,935
3,029
Government obligations.
2,935
krooni):
2,713
15,229 13,721 11,481
Note circulation
2,919
2,590
Gold
6,559^
1,542
4,481 5,342 6,949 14,933
Other sight liabilities.
1,448
1,637
Net foreign exchange
22,084 21,790 22,923 24,102
Central Bank of Chile (millions of
Loans and discounts
pesos):
m
m>
31,217 31,881 32,944 35,159>
Note circulation
Gold at home and abroad
86
3,352
67
Deposits—Government
6,005
Foreign exchange for account of—
6,821 5,950 5,650
Bankers'
5,266
Bank
128
3,064 2,675 2,541
70
Other
3,434
4
Exchange commission
0 Bank of Finland (millions of mark5
204
Loans and discounts
222
216
kaa):
462
Securities
.>
465
100
Gold
304
304
304
491
Note circulation..
484
319
Balances abroad and foreign
219
Deposits
236
90
505
465
credits
413
Central Bank of China * (thousands
236
230
Foreign bills
206
204
of Yuan dollars):
985
Domestic bills
1,003 1,010
1,085
Gold
1,066
Note
circulation
1,085
1,064
1,29a
Silver
47,574 34,568
351
Demand liabilities
381
354
262
Due from banks abroad
6,887 12,106
31,781
Due from domestic banks..
9,529 Bank of Greece (millions of drach94,016 75,041
Loans and discounts.._
mas) :
5,898
Securities
_
6,378
Gold.
654
18,679
Other assets
7,709
Foreign exchange
1,212 1,255
1,268
31,605 25,173
Note circulation
Loans and discounts
2,199 2,167
53a
88,421 76,709
Deposits—GovernmentGovernment obligations
3,322 3,322
3,126
32,701
Bank..
8,542
Note circulation
4,488 4,750
4,0034,912
Other
4,500
Other sight liabilities
3,176 2,955
702
48,629 30,407
Other liabilities
Liabilities in foreign exchange
223
230
217
i "Gold and English sterling."
a Bills and acceptances
rediscounted for the Credit-Anstalt, amounting to 571,000,000 schillings, were transferred to Government account.
8
Figure not available.
* Items for issue and banking departments consolidated.
89
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1932
1931
Central bank
Dec.
National Bank of Hungary (millions
of peng8s):jg*«>», v . *. *
Gold
Foreign bills, etc
Loans and discounts
Advances to treasury
__.
Other assets
Note circulation
Deposits
Miscellaneous liabilities
Bank of Italy (millions of lire):
Gold at home.
Credits and balances abroad
„.
Loans and discounts
Total note circulation
_
Public deposits
_
Other deposits
Bank of Japan (millions of yen):
Gold
Advances and discounts
Government bonds
Notes issued
Total deposits
Bank of Java (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills
Loans
1
Note circulation
Government deposits
Other deposits
Bank of Lithuania (millions of litu):
Gold
Foreign currency
Loans and discounts
Note circulation
Deposits...
Netherlands Bank (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits...
*
Bank of Norway (millions of kroner):
Gold
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits
__.
Total deposits
Central Reserve Bank of Peru (thousands of soles):
Gold....
Foreign exchange
Bills
Note circulation
Nov.
Oct.
Dec.
97
12
460
52
23
348
78
190
97
8
489
52
22
410
55
174
102
16
441
58
27
423
• 126
66
5,826
1,352
6,078
13,564
300
1,051
5,811
1,405
6,463
13, 795
300
1,096
5,626
2,170
5,665
14,295
300
1,770
425
846
565
1,426
387
429
771
451
1,077
586
429
845
268
1,130
421
470
1,051
218
1,286
290
104
19
44
205
31
104
19
48
208
32
105
19
49
214
113
5
58
230
27
12
71
56
37
67
87
32
13
78
59
41
58
87
49
16
91
100
53
49
18
93
102
54
50
33
109
109
78
71
118
962
304
71
112
967
301
1,035
71
122
1,003
264
887
86
188
1,023
180
144
30
256
315
2
74
144
23
254
301
3
82
144
26
254
306
3
80
154
16
256
334
2
67
39,456 39,066
191
199
20,834 19,089
48,853 49,239
5,809
6,118
59,705
484
12,914
54,620
7, 706
494
36
103
714
1,063
130
600
88
125
796
1,218
213
97
14
472
52
25
353
78
201
36
10
70
57
„_
Bank of Poland (millions of zlotys):
Gold
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts
Note circulation
Other sight liabilities
1932
1931
Central bank
502
700
1,003
220
501
36
106
680
997
201
Dec.
Bank of Portugal (millions of escudos):
523
Gold
527
Other reserves
__
338
Discounts and advances
1,058
Government obligations
1,995
Note circulation
430
Other sight liabilities
National Bank of Rumania (millions
of lei):
Gold
Foreign exchange of the reserve...
Other foreign exchange
Loans and discounts
State debt
Note circulation
Demand deposits
South African Reserve Bank (thousands of South African pounds):
Gold
7,173
Foreign bills
0
Domestic bills
1,203
8,335
Note circulation
1,175
Deposits—Government
3,833
Bank
141
Other
-._
Bank of Spain (millions of pesetas):
Gold
2,259
Silver
601
Balances abroad
285
Loans and discounts.
2,809
Note circulation
4,834
Deposits
_
Bank of Sweden (millions of kronor):
Gold.
206
Foreign bills, etc
214
Loans and discounts—
217
Note circulation
598
Deposits
202
Swiss National Bank (millions of
francs):
Gold
2,471
Foreign balances and bills
87
Loans and discounts
69
Note circulation
_ 1,611
Demand deposits
1,037
Central Bank of the Republic of
Turkey (thousands of Turkish
pounds):
Gold
20,514
Foreign exchange
756
Government securities
154,835
Other securities
28,081
Other assets
24,105
Note circulation
163,523
Sight deposits
13,148
Other liabilities
51,619
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
Other assets
Note circulation
Deposits—Demand
Time
Judicial and administrative
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
1,761
Foreign exchange
806
Loans and discounts
2,457
Advances to State
2,409
Note circulation
4,773
Other sight liabilities
Nov.
Oct
405
547
342
1,058
1,961
330
400
558
338
1,058
1,906
379
345
1,058
2,062'
279
9,481 9,476
530
553
105
79
10,574 11,135
5,730 5,730
20,974 21,288
7,014
9,671
527
17
13,857
3,810
23,755
4,417
6,925
0
1,363
6,399
1,676
4,145
261
7,189
0
1,133
7,365
1,042
3,790
192
8,104
41
3,688
8,799
1,277
4,267
533
2,258
598
290
2,691
4,802
964
2,258
590
293
2,819
4,856
2,247
517
281
3,149
4,9491,098
206
221
211
537
206
195
187
571
183
206
54
586
583
177
2,553
74
59
1,535
1,157
2,638
47
66
1,553
1,201
2,347
104
99
1,609
962-
19,813
178
155,180
28,081
22,526
163,868
11,303
50, 607
19,214
373
155,450
28,081
21,538
164,139
10,373
50,144
46,730
110,211
39,969
86,040
33,064
37,200
46,723 50,924
109,178 102,92339,724 32,999
83,916 81,031
33,746 32,579
37,378 38,905
Dec.
2,969 2,766
37,637 37,820
3,141
31,189
1,763
347
2,546
2,411
4,759
852
1,758
425
2,253
1,799
5,172
41?
1,767
215
2,538
2,412
4,712
835
90
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
COMMERCIAL BANES
1931
1932
Country
Dec.
Argentina (millions of gold pesos):
Bank of the N a t i o n Gold
Other cash
Loans and discounts
Deposits
Other banks hi Buenos A i r e s Gold
Other cash
Loans and discounts..
Deposits
Canada (millions of Canadian dollars):
Assets entirely in C a n a d a Cash in vault *
Cash in central gold re-
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1
107
707
641
1
111
675
1
113
234
642
1
115
680
649
1
105
685
644
1
121
688
664
1
136
696
712
1
127
688
702
1
132
679
128
679
1
128
668
681
2
203
817
939
1
200
821
936
1
199
1,251
1
206
798
933
1
206
794
922
1
212
783
914
1
218
775
907
1
218
769
905
1
228
761
909
1
243
754
926
248
747
928
175
176
167
158
150
154
166
161
154
151
161
2Q2
191
22
131
1,071
66
674
20
130
1,063
99
664
24
131
1,071
88
671
23
122
1,070
73
23
114
1,057
65
663
23
110
1,037
74
25
112
1,028
76
674
22
114
1,004
96
703
23
115
1,003
95
21
117
1,018
88
727
19
108
20
103
964
91
778
123
122
121
125
119
126
123
117
124
120
116
115
507
496
500
495
498
1,387
1,373
462
1,363
475
1,367
481
1,359
493
1,371
472
1,379
466
1,378
190
112
1,161
409
1,859
Security loans
135
1,082
O ther current loans
83
Security loans abroad
Securities
Liabilities entirely in Canada—
Notes in circulation
129
Individual demand deposits
:__
567
1,360
Individual time deposits
England (millions of pounds steri in vault and at bank
181
118
Money at call and short notice.
1,131
Advances and discounts
281
Investments
Deposits
1,700
France (millions of francs):
Bills and national-defense bonds- 18,441
9,697
Loans and advances
37,023
Demand deposits-_
1,222
Time deposits
Germany (millions of reichsmarks):
Bills and treasury notes
Due from other banks
Miscellaneous loans
Deposits
Acceptances
,
Japan (millions of yen):
Cash on hand
140
Loans
, 2,247
Deposits
2,051
177
116
1,128
268
1,677
170
108
1,093
264
1,621
171
111
1,103
266
1,639
170
111
1,105
272
1,643
176
110
1,102
284
1,661
188
111
1,114
324
1,727
188
120
1,138
333
1,765
190
114
1,176
348
1,813
190
110
1,179
367
1,826
189
112
1,171
396
1,853
18,454
9,041
36,196
1,179
17,347
9,114
36,435
1,218
17,482
8,711
35,983
1,201
18,043
8,312
35,929
1,239
18,998
8,296
20,136
8,188
36,031
1,263
18,745
8,456
36,148
1,286
19,034
8,490
1,284
18,994
8,593
36,351
1,250
19,757
8,287
36,197
1,342
1,503
320
5,935
7,276
903
1,380
367
6,034
7,289
863
1,613
267
6,235
7,539
872
1,652
290
6,160
7,562
851
1,660
257
5,898
7,541
815
1,661
263
5,813
7,457
796
1,665
242
5,736
1,651
256
5,745
7,397
782
130
2,228
1,954
116
2,264
1,938
136
2,248
1,946
215
2,250
1,949
156
2,252
1,963
117
2,234
1,973
212
2,219
2,027
124
2,283
2,008
36,372
1,280
1
128
671
680
1
250
745
929
759
7,439
773
1,674
242
5,706
7,401
775
1,631
245
5,668
7,307
770
197
2,187
2,019
185
2,165
2,042
302
2,188
2,125
286
2,219
2,133
* Gold, Dominion notes, and subsidiary coin.
NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks;
Germany—six Berlin banks previous to consolidation of Dresdner Bank and Darmstadter und Nationalbank in February, 1932, five Berlin banks
thereafter; Japan—Tokyo banks.
91
FEDERAL RESERVE BULLETIN
FBBKtJAKY, ]
DISCOUNT RATES OF CENTRAL BANKS
Date effective
In effect June 1,1931.
June 13
July 16 __
July 23
July 30 _ _
Aug. 1
Aug. 12 .
Sept. 2
Sept. 21
Sept. 28
Sept. 29
Oct. 10—
Dec. 10
Feb. 18,1932
Mar. 9
Mar. 10
Mar. 17
Mar. 21
Apr. 9
Apr. 19
Apr. 21
Apr. 28
May 2
May 12
June 30
Sept. 22._
Jan. 9,1933
In effect Feb. 1,1933.
Bank Bank German Bank Nether- Swiss
Reichs-; of
lands National
of Engof
Bank
land France bank
Italy Bank
2H
2
5
7
10
5M
2
2
15
10
8
6
7
3
7
5
6
4
2V&
3
5
2
2
5
m
4
In effect
since—
8
6
July
Aug.
Jan.
July
6
Bulgaria
Chile
Colombia-. _
Czechoslovakia
8
Danzig
Denmark.. _
Ecuador
Estonia
4
5
1,1931
24,1932
14,1932
5,1932
May 25,1932
Aug. 23,1932
Sept. 19,1932
2
Jan. 25,1933
4
July
Oct.
Nov.
Feb.
2
6
9
4
12,1932
12,1932
30,1932
1,1932
Feb. 1,1933
Dec. 3,1932
Oct. 18,1932
July 7,1932
2
Country
Japan
Java
Latvia
Lithuania
Norway
Peru
Poland
Portugal
Rate
Feb.
1
4.38
6
4
6
6
Aug.
Mar.
Jan.
Apr.
18,1932
11,1930
1,1933
1,1930
Sept.
May
Oct.
Apr.
1,1932
20,1932
21,1932
4,1932
Mar. 4,1932
Oct. 7,1932
Oct. 26,1932
7
Rumania
South Africa. 5
Spain
6
Sweden
U. S. S. R_._ 8
Yugoslavia—.
In effect
since—
2
Sept. 1,1932
Mar. 22,1927
July 20,1931
Changes since Jan . 1: Czechoslovakia—Jan. 25, down from 4H to 3K per
cent; Finland—Feb. 1, down from 6)4 to 6 per cent; Italy—Jan. 9, down
from 5 to 4 per cent.
2
4
Albania
Austria
Belgium
Bolivia
Finland
Greece
Hungary
India.
6
Rate
Feb.
1
Country
4
4
2
MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month
1931—December.
1932—January. _.
February..
March
April
May
June.
July
August
September.
October—
November.
December-
Bankers'
acceptances,
3 months
5.85
5.52
4.63
2.59
2.19
1.44
1.05
.92
.74
.67
.82
.89
1.02
Treasury
bills, 3
months
5.60
4.94
4.08
2.28
2.07
1.10
.85
.55
.71
.82
1.04
Bankers'
Day-to-day allowance
money
on deposits
4.27
4.20
3.84
2.40
1.91
1.29
.99
.67
.73
.67
.71
.73
.81
Netherlands (Amsterdam)
Germany (Berlin)
4
4
4 -3
3 "l\
1 -
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
Money for Day-to-day
1 month
money
7.33
6.94
6.67
6.10
5.12
4.87
4.75
4.58
4.50
4.25
3.87
3.87
3.87
Hungary
7.40
7.58
7.98
7.10
6.31
5.96
5.76
5.75
5.75
5.55
5.00
5.00
5.08
8.45
7.86
7.81
7.76
6.17
5.91
5.70
5.49
5.82
5.55
4.94
4.80
4.91
Sweden
(Stockholm)
Private
discount
rate
Money for
1 month
1.57
2.24
1.87
1.22
1.02
.60
.39
.49
.37
.37
.37
.37
.37
1.59
2.37
1.69
1.06
.94
1.03
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Japan (Tokyo)
Month
1931—December.
1932—January __.
February..
March
April
May
June
July
August
September.
October-..
November.
December.
• Corrected.
1.75
1.68
1.52
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
2.44
2.91
3.31
3.36
3.26
3.21
3.16
3.17
3.12
3.00
3.00
3.00
2.94
1.75
1.75
1.75
1.80
1.66
1.50
1.22
.99
1.02
1.00
1.01
•1.00
.91
7.50
7.50
6.92
6.53
6.00
5.52
5.50
5.50
5.50
5.50
5.00
5.00
5.00
Loans up Discounted
Prime
Call
to 3
commer- Day-to-day
money
money
bills
cial paper
months
overnight
6 -736 -7\
5H-7
5 -7
5 -7
4 -5}
4 -5*
4 -5*
5.84-6.57
5.84-6.57
5.84-6.57
6.20-6.57
6.20-6.57
6.20-6.57
6.02-6.57
6.02-6.39
5.84-6.21
5.66-6.21
5.66-6.02
5.66-5.84
6.57
6.02
6.39
5.84
5.48
4.56
4.56
4.20
4.02
3.47
3.28
2.92
92
FEDERAL RESERVE BULLETIN
FEBRUARY, 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]
China (and Hong Kong)
Month
ig32—January
.
February
March
April
May
June .
July
August
September
,
.
, »«.
November
December
1933—January
1933—January
Month
1932—January
February
March
April
May
June..
.
July
August
September
October
November _
December.
Austria Belgium
58.2724
58.2204
58.2879
58.2171
58. 3242
58. 5205
58.5574
58.5695
58.5886
58.5835
58. 5837
58.5851
13.9518
13.9516
13.9601
13.9544
13.9645
13.9600
13.9813
13.9696
13.9635
13.9550
13.9477
13. 9581
13.9140
13.9384
13.9361
13.9956
14.0249
13.9366
13.8724
13.8735
13.8606
13.8940
13.8723
13. 8460
6.1579
6.1720
6.2121
6.5402
7.1294
7.5008
7.5960
7.6221
7.6171
7. 6214
7.6302
7.6327
0.7151
.7145
.7176
.7201
.7202
.7200
.7230
.7209
.7203
.7200
.7200
.7200
85.1301
87.2936
89.4530
89.8808
88.4430
86.7427
87.0658
87. 5513
90. 2636
91. 2332
87. 3000
86. 5989
58.5847
13 9715
13 8629
7.6352
.7195
87.4621
Brazil
Bulgaria
Shanghai tael
Yuan
Hong
Kong
dollar
12.0500
12.0500
12.0606
10. 6538
6.0000
6.0202
6.0250
6.0283
6.0414
6. 0250
6.0276
6. 0274
23.5237
24. 4696
23.9969
22.3173
21.6412
21. 2319
20. 5462
20.9710
21.2737
21.0250
20. 6406
19.5769
32.6357
33.1449
32.8061
31.2481
30.4700
30.2007
29. 3650
30.4332
30.6262
30.0206
29. 3164
27.6051
23.6966
24.3587
23.9213
22.3221
21.7116
21. 3125
20.6400
21.0031
21.0404
20.8883
20.5937
19.4719
24.8396
25. 3353
24. 6855
23. 7187
23.4337
23. 3431
22.8893
23.2479
23.4293
22.9487
22.4062
21. 3527
95.6656
95.2400
95.2400
95. 2400
95.2400
95.2400
95. 2400
95.2400
95.2400
95. 2400
95.2400
95.2400
6.0275
19.8247
27.9537
19.7916
21.7525
95.2400
Chile
Finland
France
Germany
Greece
Hungar:f
India
Italy
Japan
351.7897 343.1210
354. 4697 345.6316
372. 6136 363.9304
384. 7773 374.9994
376.8328 367. 5140
374.1009 364.6648
364.0790 354. 9564
356. 4018 347. 5721
355.9494 347.1062
348. 5176 339.6163
336.0492 327. 5267
336.1120 <327. 8679
1. 5036
1.5014
1. 6015
1. 7225
1. 7171
1. 7019
1. 5350
1.5114
1. 4953
1. 4823
1.4441
1.4239
3.9294
3.9379
3.9325
3.9430
3.9468
3.9363
3. 9207
3. 9187
3. 9179
3.9264
3.9190
3. 9033
23.6475
23. 7392
23. 7812
23. 7427
23. 7947
23. 6878
23. 7176
23.7838
23. 7814
23. 7692
23. 7536
23. 7869
1. 2877
1.2875
1.2875
1. 2318
.6641
.6387
.6399
.6321
.6060
.6014
.5743
.5418
17. 4500
17.4397
17. 4353
17. 4298
17.4384
17.4740
17.4612
17.4507
17. 4653
17. 4452
17.4356
17.4265
25.8179
26. 0329
27.3121
28. 0133
27. 3175
27.1647
26. 6842
26.1577
26.2192
25. 6800
24. 7830
24. 7923
5.0441
5.1799
5.1824
5.1493
5.1491
5.1162
5.1009
5.1144
5.1264
5.1195
5.1124
5.1088
35.9866
34. 3233
32.1562
32.8063
31.9730
30.2856
27.4471
24.4944
23.6314
23.0628
20. 6218
20.7298
336.1385
1.4577
3. 9034
23. 7703
.5392
17.4260
25.4055
5.1177
20.7393
Straits
Settlements
Sweden Switzerland
Turkey
Uruguay
Yugoslavia
8.3945
7.7671
7.5993
7.6942
8.1169
8.2451
8.0518
8.0608
8.1044
8.1871
8.1730
8.1506
39.6900
39.7745
41.3333
42. 7404
42.2400
41.9567
40.9675
40.1042
40.2475
39.4372
38.0026
38. 0123
19.1888
19.2922
19.8540
19.0910
18. 7238
18.7049
18.2190
17.8485
17.8055
17. 5334
17.4314
17. 9108
19.5074
19.4961
19.3405
19.4374
19.5579
19.5141
19.4684
19.4528
19. 3007
19.3041
19.2470
19.2354
47. 3484
47.4678
47. 3330
47.4935
47. 5060
47. 3550
47.1604
47.1011
47.1916
47.2680
47.2167
47.0127
44.9160
46.1521
47.0796
47.3186
47. 5433
47.2115
47.5680
47.4413
47.3900
47.3466
47.3402
47. 3397
J 7784
1.7803
L. 7753
L. 7725
L. 7743
L. 7436
L.6717
L.6903
L.5892
1.4094
1. 3506
1.3448
8.1777
38.9884
18.2982
19.2836
47.3366
1.3555
Par of
exchange
Czechoslovakia
Denmark
99.9296
99.9622
100. 0590
99.9816
99.9299
99.9217
99. 9186
99. 9094
99.9118
99.9109
99.9237
99. 9261
2.9627
2.9627
2. 9628
2.9629
2. 9650
2. 9641
2. 9589
2.9596
2.9594
2.9606
2. 9619
2. 9613
18.8801
19.0192
20.0112
20. 5267
20.0654
19. 9248
19. 2044
18. 4993
17. 9781
17. 6412
17.0613
17.0069
99. 9411
2.9614
16.9097
Mexico
Netherlands
Norway
Poland
Portugal
Rumania Spain
39.3294
37.8712
33.6841
33.3728
30.2540
- . 26.8977
27. 7321
28.5682
29.9159
31.1060
._ 32.2205
31. 9923
40.1828
40.3479
40.2799
40.4914
40.5474
40.4411
40.2740
40.2443
40.1586
40.2217
40.1774
40.1680
18.6969
18.7701
19.6003
19.0780
18.4823
18.0626
17.6386
17.4101
17.4470
17.1752
16.7252
16.8899
11.1934
11.1896
11.1770
11.1847
11.1810
11.1839
11.1885
11.1771
11.1800
11.1740
11.1769
11.1825
3.1642
3.1830
3.2832
3.3804
3.3267
3. 3320
3. 2240
3.1579
3.1481
3.0872
3.0293
3. 0191
0.5951
.5950
.5958
.5960
.5970
.5966
.5972
.5978
.5982
.5978
.5975
.5973
30.1631
40.1797
17. 2684
11.1872
3.0364
.5972
1933—January
Colombia
Mexican dollar
Canada
Cuba
Month
1932—January
February
March
April
May
June.
..
July
August
September
October _ _
November
December
Argentina
Egypt
England
Monetary units and pars of exchange (in cents per unit of foreign currency):
Country
Monetary unit
Argentina
Austria
Belgium
Brazil
Bulgaria
Canada
Chile
Par of
exchange
Gold peso
96.48
Schilling-...
14.07
13.90
Belga—
11.96
Milreis
.72
Lev
100.00
Dollar
12.17
Peso
19.96
[Mexican dollar 1
China (and Hong I Shanghai tael »—. 27.51
Kong)
19.52
JYuam
19.81
iHong Kong dollar
Colombia—
Peso
— 97.33
—.do
100. 00
Cuba
Country
Czechoslovakia
Denmark
Egypt
England
Finland
France
Germany
Greece
Hungary
India
Italy
Japan
Mexico
Monetary unit
Par of
exchange
Country
Monetary unit
Koruna
Krone
Egyptian pound.
Pound
Markka
Franc
Reichsmark
Drachma
Pengo
Rupee
Lira..
Yen
Silver peso
2.96
26.80
494. 31
486.66
2.52
3.92
23.82
1.30
17.49
36.50
5.26
49.85
49.85
Netherlands
Norway
_
Poland
Portugal
Rumania
Spain
Straits 1 Settlements.
Sweden
Switzerland
Turkey
,.
Uruguay
Yugoslavia...,.-_
Florin..
Krone
Zloty
Escudo
Leu.
Peseta
Straits Settlements dollar.
Krona
Franc
Turkish pound...
Peso
Dinar
40.20
26.80
11.22
4.42
.60
19.30
39.22
26.80
19.30
439.65
103. 42
1.76
1
Silver currencies—Figures given for parity represent gold value of unit in January, 1933, computed by multiplying silver content of unit by
New York average price of silver for January, 1933, which was $0.25400 per fine ounce.
2
Straits Settlements dollar is legally equivalent to seven-sixtieths of one English pound. Figure given for parity represents seven-sixtieths
^>f average quotation of pound in New York for January, 1933.
Back figures.See BULLETIN for January, 1933, 1932, 1931,1930,1929, and 1928.
93
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States
(average
price)
Month
Common stocks (1926 average=100)i
England
France
(December, (1913 aver1921=100) age =100)
Germany
(average
price) a
United
States
England
France
Germany
Number of issues
60
87
36
169
421
300
329
1930—November
December
99.1
97.8
112.8
112.5
94.7
94.1
116.7
109.4
94.1
89.0
162.2
149.8
84.7
80.0
99.6
99.4
100.0
99.6
99.7
99.4
99.4
98.5
95.6
89.4
89.0
81.6
112.8
109.7
111.6
111.3
110.8
111.1
111.2
107.2
103.5
104.2
104.8
102.2
95.7
97.1
97.9
99.0
98.4
98.8
98.9
99.5
97.7
94.8
94.4
90.8
83.2
82.7
82.7
82.7
83.8
84.8
84.2
82.4
4
81.4
112.3
119.8
121.6
109.2
98.0
95.1
98.2
95.5
81.7
69.7
71.7
57.7
89.6
89.3
89.4
85.1
76.8
77.8
79.2
73.8
67.2
75.6
74.7
68.1
156.7
160.1
155.4
148.5
138.2
141.2
132.6
130.5
115.5
106.9
104.3
94.8
75.0
78.5
83.6
84.8
76.1
69.6
*70.5
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
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
1931—January _
February
March
April
May
June
______
____
__
_
July
August
September
October
November
December
_
_ _ _ _ _ _ _
_
_
1932—January
February
March
April
_ __
May
June
July
August
September
October
November
December
_ _
________---___--_
_
__
(3)
(3)
(3)
L
64.4
60.4
62.2
63.2
67.4
70.1
72.9
76.3
278
* 52 3
!?
I
*45.5
46.4
45.6
45.8
47.9
54.1
52.5
53.4
56.7
1
Stock price series for England, France, and Germany have been converted from original bases to a 1926 base.
2 New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 per cent 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, page 121, and sources there cited.
8
WHOLESALE PRICES—ALL COMMODITIES
United
Canada
England
France
Italy
Germany
States
(1926=100) (1926=100) (1913=100) (1913=100) (1913=100) (1913=100)
Month
1930—November
December
-
__
___ _
1931—January
February
March
_
April
__
May
June
__
__
July
August
September
__
October
November
December
1932—January
February
March
April _ _
May
June
_
July
August
September
October
November
December
_
_
r Revised.
_
_
-
-_
-
112
109
551
541
78
77
80
78
77
76
107
106
76
75
73
75
74
73
106
106
104
540
520
72
72
103
518
81
80
361
350
162
161
110
107
541
538
115
114
342
338
114
339
158
158
158
158
154
151
153
152
150
147
147
151
105
104
539
160
161
159
154
150
146
148
156
167
169
178
185
84
114
113
337
332
112
327
71
71
70
70
71
70
102
100
99
104
106
106
500
488
473
457
447
442
112
110
109
107
107
104
67
69
106
439
100
317
66
66
66
64
64
65
65
65
64
64
63
69
69
68
68
67
67
67
67
65
105
105
102
101
98
98
300
102
101
101
101
446
444
439
438
425
430
415
413
412
100
100
98
97
96
96
95
95
94
94
92
314
315
311
305
297
296
296
300
299
298
296
64
Netherlands
(1913=100)
120
118
72
72
71
70
70
69
' 65
Japan
(Oct.,
1900=100)
'413
413
324
322
319
322
320
319
103
102
102
100
97
94
91
89
89
85
83
82
80
79
78
76
75
76
77
77
76
94
FEDERAL RESERVE BULLETIN
FEBRUARY, 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
1930—November.
December.
81
Foods
Germany (1913=100)
Farm
IndusIndus- Agriculand food
trial
trial
tural
products products products products
Provisions
Industrial raw Indusfinand semi- trial
ished
finished products
products
121
116
107
105
570
570
535
516
112
110
108
105
113
110
145
143
1931—JanuaryFebruary-.
March
April
May
June
July
August
September.
OctoberNovember.
December.
113
112
111
113
113
113
110
108
108
113
115
113
104
103
103
102
100
98
98
95
95
100
102
102
580
575
581
592
566
571
541
528
508
489
482
491
507
505
503
495
480
472
465
452
443
429
416
400
107
106
107
108
109
107
105
103
101
99
99
95
102
100
99
97
96
95
97
96
94
95
94
91
108
106
106
105
103
103
103
102
100
99
99
97
142
140
139
138
137
137
136
136
135
133
132
130
1932—JanuaryFebruary..
March
April
May
June
July
August
September
OctoberNovember.
December.
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
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
92
91
90
125
122
121
120
119
118
117
116
115
115
114
114
RETAIL FOOD PRICES
Month
January. _.
February..
March
April
May
June
July
August
September
October...
November.
December.
England
(July,
1914=100)
France
(July,
1914=100)
1931 1932
1931 1932
1931 1932
109
105
105
104
101
100
101
101
100
100
99
99
138
136
134
129
129
127
130
128
128
128
130
132
131
131
129
126
125
123
125
123
123
125
125
125
132
132
131
130
129
128
125
121
119
116
113
113
89
87
COST OF LIVING
United
States
(1913=100)
133
127
126
124
121
118
119
120
119
119
117
114
453
445
450
458
456
114
115
115
115
114
111
108
104
102
102
104
103
Germany
(191314=100) i
1931
134
131
130
129
130
131
130
126
125
123
122
120
Month
1932
116
114
114
113
113
113
114
112
111
110
110
109
January
February...
March
April.
May
June
July
August
September..
October
November..
December..
United
States
(1913=100)
England
(July,
1914=100)
France
(Jan.-June,
1914=100)
Germany
(191314=100)»
1931 1932
1931 1932
1931 1932
1931 1932
150
146
136
132
153
152
150
147
147
145
147
145
145
145
146
148
147
147
146
144
143
142
143
141
141
143
143
143
120
108
120
109
115
105
108
140
139
138
137
137
138
137
135
134
133
132
130
125
122
122
122
121
121
122
120
120
119
119
118
' Revised.
1
Average of October, 1913, January, April, and July, 1914=100.
SOURCE: Wholesalt prices.—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost of living.—United States—
Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistiches Reichsamt; France—"For retail food prices,
Statistique Generate, and for cost of living, Commission d'fitudes relatives au cout de la vie a Paris.
FEBRUARY, 3
FEDERAL RESERVE BULLETIN
95
LAW DEPARTMENT
Eligibility for rediscount of notes given in payment for quoted, hereby authorizes all Federal reserve banks,
insurance premiums.
for a period ending at the close of business on July 31,
1933, to discount eligible notes, drafts, and bills of
The Federal Reserve Board has recently exchange
for individuals, partnerships, and corporabeen requested to rule upon the question tions, subject to the provisions of the law, the board's
whether notes given in payment for premiums regulations, and this circular.
for insurance by persons, firms, or corporations
engaged in the production, manufacture, or
distribution of goods are eligible for rediscount
at a Federal reserve bank.
Upon consideration of this question, the
Federal Reserve Board expressed the opinion
that notes of such persons, firms, or corporations given in payment for premiums for insurance customarily deemed necessary in the
business of producing, purchasing, carrying,
or marketing goods, or the proceeds of which
are used for such purposes, are notes issued for
commercial or agricultural purposes within the
meaning of the Federal Reserve ^Board's Regulation A; and, accordingly, such notes are
eligible for discount by Federal reserve banks
if they comply in other respects with the applicable provisions of the law and of the board's
regulations. A note which is thus given for
an eligible purpose is not rendered ineligible
by the fact that it may subsequently be indorsed by an insurance company or an insurance agent.
Discounts for individuals, partnerships, and corporations.
Pursuant to the authority conferred upon it
by the third paragraph of section 13 of the
Federal reserve act, as amended by the act of
July 21, 1932, the Federal Reserve Board issued
a circular on July 26, 1932, which was published on page 518 of the FEDERAL RESERVE
BULLETIN for August, 1932, authorizing all
Federal reserve banks, for a period of six
months beginning August 1, 1932, to discount
eligible notes, drafts, and bills of exchange for
individuals, partnerships, and corporations,
subject to the provisions of the law, the board's
regulations, and that circular. Such authorization expired at the close of business on
January 31, 1933, and the Federal Reserve
Board extended it for an additional six months.
Section II of the board's circular on the
subject of "Discounts for individuals, partnerships, and corporations" was amended to read
as follows:
Recent amendment to the Federal reserve act (extension of sees. 2 and 3 of the Glass-Steagall Act).
There is published below a copy of the act
of Congress approved February 3, 1933, extending the time during which certain provisions
of the act of February 27, 1932 (Glass-Steagall
Act), shall be effective, together with a copy
of the report relative thereto from the Committee on Banking and Currency of the House
of Representatives.
[Public—No. 326.—72d Congress.]
[S. 5484]
AN ACT To extend the time during which certain provisions of the
act of February 27, 1932, relating to improving the facilities of the
Federal reserve system to meet the needs of member banks in exceptional circumstances, shall be effective
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 10 (b) of the Federal reserve act, as
amended (U. S. C, Supp. VI, title 12, sec. 347b), and
the second paragraph of section 16 of the Federal
reserve act, as amended by section 3 of the act entitled
"An act to improve the facilities of the Federal
reserve system for the service of commerce, industry,
and agriculture, to provide means for meeting the
needs of member banks in exceptional circumstances,
and for other purposes," approved February 27, 1932
(U. S. C, Supp. VI, title 12, sec. 412), are amended by
striking out the date "March 3, 1933," wherever it
appears and inserting in lieu thereof "March 3, 1934."
Approved, February 3, 1933.
EXTENSION OF SECTIONS 2 AND 3 OF THE GLASS-STEAGALL
ACT
Mr. Steagall, from the Committee on Banking and Currency, submitted
the following report (to accompany H. R. 14252)
The Committee on Banking and Currency, to whom
was referred the bill (H. R. 14252) to extend the time
during which certain provisions of the act of February
27, 1932, relating to improving the facilities of the Federal reserve system to meet the needs of member banks
in exceptional circumstances, shall be effective, having
considered the same, report favorably thereon with the
recommendation that the bill do pass.
The only change the bill will make in existing law is
to extend until March 3, 1934, the provisions of sections
2 and 3 of the Glass-Steagall Act approved February
27,1932. That act consists of three sections: Section
1 is permanent legislation, while sections 2 and 3
expire by limitation on March 3, 1933. On January
II. AUTHOEIZATION BY THE FEDERAL RESERVE BOARD 9, 1933, in letters to the chairman of the Senate
and House Committees on Banking and Currency,
The Federal Reserve Board, pursuant to the power the Federal Reserve Board expressed the view that
conferred upon it by the amendment hereinbefore the Congress might well consider the enactment of
96
FEDERAL RESERVE BULLETIN
these provisions in permanent form, with whatever
safeguards may be deemed appropriate as to the exercise of the authority, and stated that, in any event, it is
the opinion of the board that, in view of existing conditions, it would be highly desirable to extend such
authority for at least one year beyond March 3, 1933.
Section 2 of the Glass-Steagall Act, which added a
new section designated as 10(b), to the Federal reserve
act, authorizes the Federal reserve banks, in exceptional
and exigent circumstances, to make advances to member banks having a capital of not exceeding $5,000,000
against paper that would otherwise not be eligible for
discount, in case these banks lack an adequate supply
of eligible paper. The existence of this authority has
made it possible for the Federal reserve banks to extend
to a considerable number of member banks credit that
was urgently needed to tide them over a difficult period
and in some instances to prevent suspension. The
committee feels that the Federal reserve banks should
not be deprived of the ability to render this service to
their member banks, and it is important, therefore,
that section 2 be continued.
Under section 3 of the Glass-Steagall Act the Federal
Reserve Board was granted for one year the power to
permit the use of United States Government securities
as collateral against Federal reserve notes. Having
received this authority, the Federal reserve banks were
in a position, through the purchase of United States
Government securities, to enable member banks to
meet the demands upon them arising from gold exports
and currency withdrawals and at the same time to
reduce their indebtedness to the reserve banks. Between February 27 and July 20, 1932, the Federal
reserve banks bought $1,100,000,000 of Government
securities.
In administering its authority under section 3 of the
Glass-Steagall Act the Federal Reserve Board authorized the pledging of United States securities as collateral
only to the extent necessary to enable the system to
pursue its credit policy and at the same time to maintain at the Federal reserve banks a sufficient supply of
Federal reserve notes for operating purposes. The
requirements of the board in this matter were described
on pages 286 and 287 of the FEDERAL RESERVE BULLETIN for May, 1932.
Securities were first pledged on May 5, 1932; the
largest amount used as collateral at any one time was
$682,000,000 on July 6; on January 18, 1933, the
amount so used was $355,000,000.
If section 3 were not continued in force, the Federal
reserve banks probably would be obliged to sell large
amounts of the United States Government securities
held by them. While the committee is advised that
it is not possible at this time to determine how large
the sales would have to be, it appears likely that they
would amount to several hundreds of millions of dollars. When the necessary operations were concluded
the member banks would have practically no, or greatly
reduced, excess reserves and possibly a heavier indebtedness to the reserve banks. The pressure on the member banks exerted by excess reserves in the direction
of greater activity would be lifted and a pressure toward contraction would be exerted by increased
indebtedness. As a consequence, the banks would be
more reluctant to lend money to business or to make
investments. That this change would greatly retard
business recovery is beyond question.
FEBRUARY, 1933
In the judgment of the committee, it is vitally important, under conditions such as those that now prevail,
that the Federal reserve banks be adequately equipped
to meet any emergency that may arise. If section 2
be not renewed, the Federal reserve banks would not
be in position to extend to member banks that may have
exhausted their eligible collateral the service they have
been able to render under that section during the past
year. If section 3 be not extended, the reserve banks
would not be in a position to relieve their member
banks from the pressure resulting from increased indebtedness in case domestic hoarding were resumed or
a large export movement of gold should occur. Clearly,
therefore, it would be in the public interest to extend
these provisions for at least a year beyond March 3,,
1933.
The letter from the Federal Reserve Board, referred
to above, is as follows:
JANUARY 9, 1933.
Hon. HENRY B. STEAGALL,
Chairman House Committee on Banking
and Currency}
House of Representatives, Washington, D. C.
DEAR MR. CHAIRMAN: The Federal Reserve Board
respectfully recomjnends that appropriate legislation be
enacted at this session of the Congress extending for at
least one year from March 3, 1933, the authority conferred by section 10 (b) and by the second paragraph of
section *16 of the Federal reserve act as amended by
the act of February 27, 1932, known as the GlassSteagall Act.
The Glass-Steagall Act amended the Federal reserve
act by adding thereto section 10 (b), which authorizes
the Federal reserve banks, until March 3, 1933, in
exceptional and exigent circumstances and subject to
the affirmative action of not less than five members of
the Federal Reserve Board, to make advances to member banks which lack sufficient eligible and acceptable
assets to enable them to obtain adequate credit accommodations from- the Federal reserve banks by the customary methods. While demands upon the Federal
reserve banks for accommodations under section 10 (b)
have not been large, the existence of the authority to
extend such accommodations has been a helpful factor
in the disturbed situation through which we have been
passing and has enabled the Federal reserve banks to
render service to individual member banks in a number
of instances.
The Glass-Steagall Act amended the second paragraph of section 16 of the Federal reserve act so as to
provide that until March 3, 1933, should the Federal
Reserve Board deem it in the public interest, it may,
upon the affirmative vote of not less than a majority
of its members, authorize the Federal reserve banks to
offer, and the Federal reserve agents to accept, as
collateral security for Federal reserve notes, direct
obligations of the United States. This amendment provides that such authorization shall terminate on March
3, 1933, and such obligations shall be retired as security
for Federal reserve notes. On May 5, 1932, the Federal
Reserve Board authorized the Federal reserve banks to
pledge direct obligations of the United States as collateral for Federal reserve notes and the procedure
therefor was set out fully in the Federal Reserve Bulletin for the month of May, 1932, a copy of which is
inclosed for your convenience. In the opinion of the
FEBRUARY, 1933
FEDERAL KESERVE BULLETIN
board, the authority granted by section 3 of the GlassSteagall Act has served a very useful purpose.
In this connection, it may be stated that the Federal
reserve agents and the governors of the Federal reserve
banks have recommended unanimously that the authority conferred by these provisions be extended for at
least one year and that the Federal Advisory Council,
at its meeting in Washington on November 17, 1932,
adopted the following resolution:
"It is the sense of the Federal Advisory Council that
Congress be asked to extend for a period of at least one
year the provisions of section 10 (b) and section 3 of
the Glass-Steagall bill, H. R. 9203."
While the Glass-Steagall Act was under consideration
in Congress the question of the advisability of limiting
to March 3, 1933, the period in which the authority
97
conferred by the second and third sections thereof could
be exercised was discussed and it was pointed out then
that if experience should indicate the wisdom of extending the period, there would be ample time before its
expiration for Congress to take the necessary action.
The Federal Reserve Board feels that the Congress
might well consider the enactment of these provisions in
permanent form, with whatever safeguards may be
deemed appropriate as to the exercise of the authority
granted by them, but, in any event, it is the opinion of
the board that, in view of existing conditions, it would
be highly desirable to extend such authority for at least
one year beyond March 3, 1933.
Respectfully,
EUGENE MEYER, Governor.
98
FEDERAL RESERVE BULLETIN
F E B R U A R Y , 1933
FEDERAL RESERVE STATISTICS, BY DISTRICTS, ETC.
DISCOUNTS BY MONTHS
DISCOUNTS BY WEEKS
[In millions of dollars]
[In thousands of dollars]
1933
1932
Wednesday series (1933)
Federal reserve bank
Federal reserve bank
January
December
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
12.3
57.7
47.0
24.5
16.2
17.5
16.1
7.9
10.2
11.7
4.4
29.8
14.0
63.2
50.6
29.0
17.0
21.5
17.8
7.6
11.5
12.8
5.8
31.3
47.0
188.4
119.2
123.8
43.1
49.7
84.6
24.5
11.5
33.2
15.3
87.6
Total...
255.3
282.2
828.0
Jan. 4
January
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Total-
Jan. 11
Jan. 18
12,499
11,996
58, 562
58, 674
47,380
46,616
22,041
22,314
16,135
15, 724
16,281
16,928
16,015
15,957
7, 648 I 8,334
10,314
9,540
11,195
11, 327
4,504
4,831
25, 072
29, 366
251,102
248,151
Jan. 25
12,219
56,348
46,798
24,706
15,771
17,718
14,915
9,023
10,364
11,438
4,192
25,176
248,668
11,977
58,681
47,615
26,779
15,778
17, 518
15,892
7,512
10,562
11,572
4,062
36,750
RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES
[Amounts in thousands of dollars]
Averages of daily figures
Total cash reserves
Federal reserve notes in circulation i
Total deposits
Reserve percentages
Federal reserve branch
1933
Kansas City..
Dallas
San Francisco
Total...
December
1933
1932
1933
1932
1933
1932
Janu- Decem- Januber
ary
December
January
January
December
January
151,576
123, 761
253,537 231,605 214,312
1,071,162 1,041,514 1,001,464 1,257,902 1,227,779
131,778
211,601 213,801 240,091
130,757
134,464
918,487
132,103
189,696
564,858
231,820
198,436
589,234
242,146
189,998
578,123
265,165
74.3
58.8
58.2
71.9
57.3
57.3
66.1
66.9
60.4
280,226
98,530
97,563
285,984
103,028
97,843
320,463
110,238
121,959
63.3
58.5
58.5
62.6
54.6
64.0
65.2
61.4
689,087
122,653
81, 294
680,352
103,318
80,783
544,353
91,047
68,354
77.9
64.8
50.9
76.8
58.6
48.6
76.9
62.6
64.3
91,847
37,525
229,559
91,822
39,340
227,810
82,233
45,417
234,885
60.1
49.7
64.1
57.8
49.6
62.7
61.7
59.1
61.2
3,417,132 3,282,905 3,179,709 2,602,216 2,508,584 2,130,148 2,714,658 2, 740,096 2,652,235
64.3
62.5
66.5
January
Boston
New Y o r k . . .
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
1932
January
January
256,850
99,606
84,978
253,216
99,670
79,066
307,031
110,065
107,902
149,223
58,807
47,759
147,214
56,213
46,838
872,811
120,965
61,961
835,225
95,778
59,244
636,340
97,850
73,836
430,958
64,158
40,466
406,810
60,189
41,000
159,189
58,629
53.878
283, 674
65,162
46,490
97,060
43,192
243,409
92,144
43,672
237,970
96,901
58,144
235,773
69,702
49,426
150,461
67,692
48, 620
151,711
74.879
52,915
150, 278
i Includes " Federal reserve notes of other reserve b a n k s " as follows: Latest month, $16,702,000; month ago, $14,399,000; year ago, $18,788,000.
Back figures.—See Annual Report for 1931 (Table 8), and 1928 (Table 2).
99
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE
STATEMENT, JANUARY 31, 1933
[In thousands of dollars]
Total
Boston
Gold with Federal reserve agents
2,406,947 200,327
Gold-redemption fund with U. S. Treasury
37,148 1,902
New
York
San
Phila- Cleve- Rich- AtSt. Minne- Kansas
delphia land mond lanta Chicago Louis apolis City Dallas Francisco
577,567 165,500183,970 77,900 60,400
5,338
4,395
5,558
1,719
3,250
Gold held exclusively against Federal
reserve notes
2,444,095 202,229 582,905169,895189,528 79,619 63,650
Gold-settlement fund with Federal Re429,819 34,541 131,668 25,137 29,884 11,573 6,042
serve Board. _
Gold and gold certificates held by banks__ 382,077 14,666 265,630 7,610 18,710 3,104 8,734
712,910106,405 44,290 74,280 20,635182,1,763
2,917
1,405
2,156
1,985
1,293
5,230
715,827107,810 46,446 76,265 21,928 187,993
120,351 12, 724
25,071 2,431
9,633 18,064
1,983 8,091
7,838 22,364
3,050 22,997
Total gold reserves.
Reserves other than gold.
3,255,991 251,436
201,426 18,218
980,203 202,642 238,122 94,296 78,426
64,398
"" """ 21,197 14,104 9,868 5,861
861,249122,965 58,062102,420 32,816 233,354
26,766 9,470 4,502 7,320 8,728 10,994
Total reserves.
Nonreserve cash
,044,
3,457,417 269,6541,044,601223,839
252,226 104,L, 164 84,287
20,801 4,242
• " - 4,597
' — "3,696 4,429
78,961 6,512
888,015 132,435 62,564 109,i,740 41, 544 244,348
14,719 3,568 2,204 2,444 4,047 7,702
Bills discounted:
Secured by U. S. Government obligations..
Other bills discounted
71,952
202,494
4,041
8,335
274,446 12,376
31,339 2,161
10,541 11,172 1,759 1,769
35,074 18,269 14,818 18,763
4,032
14,074
357
2,881
725
338 8,094
3,281 10,006 12,090 3,838 33,239
50,950 45,615 29,441 16,577 20,532
9,553| 3>115| 2,921 1,651 2,653
18,106
3,848
6,162 10,363 12,815
946
640
856
26,243
30,707
4,176 41,333
856| 2,139
Total bills discounted
Bills bought
|
U. S. Government securities:
Bonds
Treasury notes .
Certificates and bills..
420,871 20,252
322,600 17,983
1,019,821 53,314
187,058 31,055 36,338 9,606 9,535 41,177 13,882 17,170 11,825 17,814 25,159
128,185 25,466 33,405 8,831 8,724 37,851 12,301 8,826 10,714 7,184 23,130
383,201 75,499 99,031 26,182 25,865 172,474 36,472 26,155 31,763 21,294 68,571
Total U. S. Government securities- 1,763,292 91,549
3,421
Other securities..
698,444 132,020 168,774 44,619 44,124 251,502 62,655 52,151 54,302 46,292116,860
13
525
2,883
Total bills and securities
Due from foreign banks.
Federal reserve notes of other banks
Uncollected items
Bank premises
All other resources.
767,830181,275 201,,136
295
1,617
328
823
5,014
258
88,840 24,844 28,658
12,818 3,024 6,929
23,651 4,630 1,924
Total resources .
2,072,498 106,086
3,505
12,899
304,333 35,566
53,880 3,280
650
49,351
62,847
116
924
23,589
3,237
3,046
67,309 273,456 69,763 63,167
11
105
406
16
720
1,795
759
471
9,031
33,072 13,612 6,004
2,422
7,595 3,285 1,746
5,886
1,568 1,257
6,032,844 422,284 1,965,172 442,440 496,588 201,619 174,189 1,220,626 224,
67,973 51,324 160,332
209
87
87
659
855
313
15,497 10,738 14,882
3,559 1,741 4,244
1,157 1,516 2,103
138,130 201,312 111, 310 434,479
LIABILITIES
Federal reserve notes in actual circulation. 2,725,421 186,281 556,133 231,355 275,676 96,771 98, 334 694,647 133,174 82,262 97,418 36,314 237,056
Deposits:
2, 445,662 162,7011 , 147,119 133,532 138,58252,515 42,759 420,946 55,159 36,082 71,615 46,091138,561
Member bank—reserve account
939 3,289 4,174 6,875 3,693
7,273 3,249 1,826 2,346 2,359 4,744
44,381 3,614
Government
4,349 1,137
769
970 2,341
40, 003 2,442 17, 725 3,512 3,312 1,305 1,171
970
Foreign bank
160 2,061 2,314 1,029
1,548 1,565
369
414
199 5,561
23,791
35
8,536
Other deposits
Total deposits
Deferred availability items.
Capital paid in
Surplus
All other liabilities
Total liabilities....
Reserve ratio (per cent)..
2, 553,837 168,792 1,, 174,319 140, 493 148,12963,009
~303,499 35,356 86,832 24,853
28, 705 23,250
151,086 10,830 58,603 16, 033 14, 056 5,158
278, 599 20, 460 85,058 29,242 28, 294 11, 616
565
20, 402
4,227
464 1,728 1,815
48,652 434,116 61,110 39,046 75,345 49,619 151,207
9,079 33,194 14,695 5,845 15,374 11, 333
""" 14,983
4,709 16,109 4,351 2,873 4,037 3,913 10,414
10, 544 39,497 10,186 7,019 8,263 8,719 19,701
3,063 1,179 1,085
2,871
875 1,412 1,118
6, 032,844 422,284 1,965,172 442,440 496,588 201,619 174,189 1, 220,626 224,695 138,130 201,312 111, 310 434,479
65.5
75.9
60.4
60.2
65.2
57.3
78.7
51.6
63.5
48.3
62.0
FEDERAL RESERVE NOTE STATEMENT
Federal reserve notes:
Issued to Federal Reserve bank by
83, 720 L05,779 39,761 270,157
2, 937,270 203,642 622,084 240, 310 286,284 102,797 116,643 722,799
Federal reserve agent
211,849 17,361 65, 951 8,955 10, 608 6,026 18,309 28,152 10,120 1,458 8,361 3,447 33,101
Held by Federal reserve bank
In actual circulation
, 725,421 86,281 556,133 231, 355 275,676 96, 771
Collateral held by agent as security for
notes issued to bank:
1,970 77,900
2,406,947 200,327 577,567 165, 500 183,
Gold....
256,497 12,316 53,655 45,479 29,406 16, 937
Eligible paper
30,000 75, 000 9,000
313, 300
XJ. S. Government securities
98,334
694,647 133,174 82, 262 97,418 36,314 237,056
60,400
20, 480
37,000
712,910 106, 405 44,290 74,280 20,635 182,763
17,791 5,861 9,054 10,577 3,900 31,041
31,100 30, 700 22,000 15, 500 63,000
100
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
ALL MEMBER BANES IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS
[In millions of dollars]
Averages of daily figures
Reserves held
Federal reserve district
1931
1932
.
-
Kansas City
Dallas
San Francisco
-
_
. .
1931
December
December
December
November
December
December
November
119.8
1,205.0
126.5
127.6
1,170.1
120.6
129.0
902.4
124.4
7.8
290.8
9.6
11.9
273.1
4.5
11.6
24.5
1.3
14.0
62.8
50.6
13.0
61.3
48.6
47.5
167.4
117.5
-
139.5
51.2
42.8
141.0
51.4
42.3
147.0
53.7
48.6
3.4
2.4
1.9
3.7
1.5
1.8
1.1
.4
1.2
29.0
17.0
21.4
28.4
18.6
20.9
110.6
39.5
47.4
. - .
399.1
56.5
39.0
378.4
58.3
38.4
283.8
63.1
45.1
180.1
5.5
4.1
158.9
7.6
3.1
14.6
3.7
2.8
17.8
7.6
11.4
17.9
8.3
12.1
86.5
26.8
6.1
65.8
45.8
143.4
65.4
44.5
140.5
73.5
49.0
149.8
7.2
4.5
8.6
6.6
3.1
6.4
6.2
2.9
-4.0
12.7
5.8
31.1
15.0
8.0
59.7
28.0
17.6
68.5
2,434.6
2,378.5
2,069.5
525.8
482.2
66.3
281.3
311.9
763.3
.
. . . . . .
. .
1932
1931
November
-
•Chicago
St. Louis
Minneapolis
1932
December
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Borrowings at Federal reserve
banks
Excess
Total
. . .
- -
Total
Back figures.—For reserves held and borrowings at Federal reserve banks, see Annual Reports for 1931 (Tables 100 and 101), 1929 (Table 91),
and 1927 (Tables 89 and 90).
NET DEMAND AND TIME DEPOSITS OF BANKS IN LARGER AND SMALLER CENTERS
[In millions of dollars]
Averages of daily figures
Member banks in larger centers (places over 15,000)
Federal reserve district
Net demand
1932
Net demand
Time
1931
1932
Member banks in smaller centers (places under 15,000)
1931
1932
Time
1931
1932
1931
Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- December
ber
ber
ber
ber
ber
ber
ber
ber
ber
ber
ber
Boston
New York
Philadelphia
Cleveland
RichmondAtlanta
Chicago
St. Louis
Minneapolis
- _ -_ -
--
Kansas City
Dallas
San Francisco
Total
139
470
393
151
529
414
148
95
67
138
465
388
253
158
62
255
159
62
277
176
71
141
86
97
176
97
125
227
96
186
233
97
189
288
107
218
169
134
93
169
134
94
204
153
129
112
31
99
112
32
103
128
32
125
1,387
1,410
1,693
2,216
2,246
2,517
940
6,675
843
973
6,529
830
985
6,403
889
669
1,971
608
683
1,986
612
722
2,010
611
78
200
142
83
204
143
93
239
165
957
334
298
964
340
293
1,012
361
351
981
293
283
991
301
285
1,072
306
301
127
77
53
129
79
51
1,482
356
188
1,480
350
189
1,837
428
231
1,158
290
189
1,174
299
193
1,389
317
202
134
85
94
384
286
834
385
287
834
441
322
973
213
161
1,495
215
161
1,466
224
170
1,587
13,578
13,455
14,233
8,311
8,366
8,911
FEBRUARY, ]
FEDEEAL RESERVE
101
BULLETIN
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL
RESOURCES
AND
LIABILITIES
BY
DISTRICTS
AND
FOR
NEW
YORK
CITY
AND
CHICAGO
[In millions of dollars]
Federal Reserve District
Total
Loans and investments:
Jan. 4 _.
18,713
Jan. 11
18,673
Jan. 18
18,655
Jan. 25.. fc
18,619
Loans:
Jan.4 _ .
10.214
10,136
Jan.11
10,115
Jan.18 ._
10,040
Jan. 25
On securities—
Jan. 4.
'4.271
4,237
Jan. 11
4,213
Jan. 18 . . .
4,173
Jan. 25
All otherJan. 4.
' 5,943
5,899
Jan.11
5,902
Jan. 18
5,867
Jan. 25
Investments:
Jan. 4
8,499
8,537
Jan. 11.
8,540
Jan. 18
8,579
Jan. 25. U. S. Govt. securitiesJan. 4
5,205
5,262
Jan. 11
5,291
Jan. 18
5,283
Jan. 25
All otherJan. 4
3,294
3,275
Jan. 11 _
3,249
Jan.18
3,296
Jan. 25
Reserve with F. R. bank:
Jan. 4
2,050
2,137
Jan. 11
2,093
Jan. 18
2,081
Janl25
Cash in vault:
Jan. 4
221
216
Jan.11
208
Jan. 18
211
Jan. 25
. .
Netfdemand deposits:
Jan. 4
11,823
11,940
Jan. 11
»11,907
Jan.18
11,936
Jan. 25
_
Time deposits:
Jan. 4
5,706
5,701
Jan. 11
5,702
Jan. 18
5,656
Jan. 25
Government deposits:
Jan. 4
332
286
Jan. 11
266
Jan. 18
243
Jan. 25
Due from banks:
1,754
Jan. 4
1,819
Jan. 11
1,830
Jan.18
1,833
Jan. 25_ __ _
Due to banks:
Jan. 4
3,470
3,662
Jan. 11....
_
3,558
Jan.18
3,524
Jan. 25
Borrowings from F. R. banks:
Jan 4
61
58
Jan 11
59
Jan 18
76
Jan 25
MinPhila- Cleve- Rich- Atlan- Chica- St.
Boston New
delYork
land mond
Louis neapta
go
olis
phia
KanSan
sas Dallas Fran- New
York
City
cisco
Chicago
1,169
1,159
1,157
1,155
8,011
8,027
8,053
8,101
1,090
1,088
1,086
1,063
1.877
1.874
1,874
1,871
564
566
565
571
503
496
499
498
2,083
2,069
2,042
1,993
519
513
514
515
291
288
285
282
604
501
501
497
376
376
373
371
1,726
1,716
1,706
1,702
7,037
7,055
7,086
7,132
1,094
1,084
1,065
1,025
665
662
656
651
4,019
3,986
3,991
3,980
599
597
596
573
1,071
1.065
1,064
1,061
300
299
297
297
322
315
313
313
1,354
1,347
1,346
1,325
273
268
266
265
174
171
169
168
242
238
235
233
230 , 965
227
961
224
958
223
951
3,433
3,402
3,408
3,398
641
639
643
630
272
270
268
264
1,833
1,828
1,807
1,809
310
308
309
288
484
481
479
479
114
112
112
112
108
105
105
106
'597
589
591
575
112
109
109
108
52
51
51
51
78
77
76
76
70
70
69
69
241
237
237
236
1,584
1,580
1,559
1,562
365
358
361
346
393
392
388
387
2,186
2,158
2,184
2,171
289
289
287
285
587
584
585
682
186
187
185
185
214
210
208
207
'757
758
755
750
161
159
157
157
122
120
118
117
164
161
159
157
160
157
155
154
724
724
721
715
1,849
1,822
1,849
1,836
276
281
282
284
504
497
501
504
3,992
4,041
4,062
4,121
491
491
490
490
806
809
810
810
264
267
268
274
181
181
186
185
729
722
696
668
246
245
248
250
117
117
116
114
262
263
266
264
146
149
149
148
761
755
748
751
3,604
3,653
3,678
3,734
453
445
422
395
322
318
318
316
2.654
2,711
2,757
2,781
237
235
234
233
482
488
492
494
155
159
158
162
98
98
103
102
410
406
385
352
126
126
129
130
57
58
57
55
146
147
148
148
90
93
93
93
428
423
417
417
2,502
2,560
2,609
2,631
255
249
230
198
182
179
183
188
1,338
1,330
1,305
1,340
254
256
256
257
324
321
318
316
109
108
110
112
83
83
83
83
319
316
311
316
120
119
119
120
60
59
59
59
116
116
118
116
56
56
56
55
333
332
331
334
1,102
1,093
1,069
1,103
198
196
192
197
95
100
101
136
1,107
1,191
1,149
1,075
77
81
78
92
110
111
107
110
36
35
37
40
30
31
29
29
373
368
371
377
45
41
43
40
20
18
19
19
43
43
43
46
28
28
27
28
86
90
89
89
1,052
1,147
1,099
1,028
305
304
307
317
17
16
15
15
53
51
47
46
12
12
11
11
26
25
24
24
13
13
12
13
8
8
7
7
42
41
37
41
7
8
16
11
5
5
5
5
13
13
12
14
8
8
7
8
17
16
15
16
42
40
37
36
20
19
18
18
745
732
750
748
6,191
6,319
6,282
6,320
649
658
655
648
844
843
838
836
284
282
282
291
220
217
216
215
1,312
1,324
1,308
1,315
310
298
307
296
150
149
147
146
336
335
334
332
221
221
'220
222
561
562
568
567
5,733
5,880
5,845
5,871
925
939
930
933
400
400
399
401
1,315
1,311
1,334
1,293
294
297
298
297
806
801
801
803
230
231
231
233
203
205
205
203
890
883
879
879
200
200
188
185
139
139
138
138
178
179
179
178
130
131
131
130
921
924
919
916
894
894
914
871
326
318
315
317
16
14
14
13
145
123
112
102
27
24
22
20
25
21
20
18
10
8
8
7
22
19
18
17
24
21
19
18
4
3
3
2
1
1
1
1
5
4
4
4
15
13
12
11
38
35
33
30
133
112
102
93
15
13
12
11
190
214
236
195
171
150
139
160
144
157
146
154
113
115
118
119
97
90
100
98
77
77
73
75
343
360
369
402
104
117
88
94
73
75
74
75
175
170
174
164
97
100
104
106
170
194
209
191
98
85
79
78
245
262
270
303
176
185
186
180
1,610
1,682
1,674
1,681
219
223
218
216
238
245
245
250
107
103
106
110
89
89
86
85
399
402
401
385
110
114
116
111
65
61
60
58
175
168
171
165
91
91
91
94
191
199
204
189
1,542
1,616
1,609
1,616
298
305
310
299
10
10
8
9
7
6
6
6
8
9
11
13
3
3
3
3
7
8
9
11
2
2
1
2
1
2
3
3
' Revised*
Back figures.—See Annual Report for 1931 (Tables 112-122), 1930 (Tables 106-116), etc.
City
1
1
1
1
22
17
17
28
102
FEDERAL RESERVE BULLETIN
FEBRUARY,
1933
RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT
Loans secured by prime stock- Loans secured by warehouse
receipts
exchange collateral
Prime commercial paper
Federal reserve
bank or branch city
1932
1933
January
December
January
January
Boston..
3 -4M
4 -5
4
N e w York-
Buffalo
3 -4
5 -6
4 -5
5 -6
4 -5
534-6
Philadelphia..
434-5
Cleveland..
4 -6
Cincinnati..
Pittsburgh.
Richmond
434
Baltimore
Charlotte
5
5
Atlanta
434-5H
434-8
5 -7
6
5 -6
BirminghamJacksonville—.
Nashville
New Orleans-
-6
-6
5
434-5
5 -6
5 -6
5H-6
5M6
5
5 -6
5 -6
5 -5
5 -6
534-6
5 ^7
5 -6
4H-8
5 -8
4 -5
Chicago..
Detroit—
534-6
1932
1933
5 -6
-5
December
4 -534
4 -5
534-6
-6
53^-6
534-6
5K-6
5
5 -6
5
5 -6
534-6
434-6
6 -8
6
January
January
5 -6
4
4 -434
434-534
4H-5
6
4^5^
5 -6
4 -5
5M-6
5 -6
5
-6
5 -6
4 -5M
434-5
4 -534
6
5 -7
6
234-6
53/2-6
6
6
6 -7
5 -6
5 -6
6
6
5 -6
6
5 -6
534-6
6
53^-6
6
534-6
534-6
6 -7
6 -8
6
4 -5
6 -8
6 -8
6
534-7
4 -5
6 -8
6 -8
6
5 -6}
5
6
6
-h\
-8
-7
6
534-7
5
4H-534
4^-53/2
5 -5
5M-6
5 -53
534-6
5 -5}
6 -7
5H-6
-5
5
534-6
-6
-6
534-7
4 -5
53^2-6
4 -5
53^-6
5 -6
5
5 -6
634-7
5 -6
3^
5 -6
6 -6}
6
4 -6
7
6
4 -6
7 -736
6 -7
5
6
434-6
6 -8
2 -4}
6 -7
2 -534
6 -7
4 -5
6 -8
5^2-6
6 -7
434-6
6 -8
6 -8
6 -6H
434-6
5 -6
534-8
6 -8
6 -6H
Minneapolis..
Helena
2 -5
7 -8
2 -5
7 -8
4 -4
6 -8
4 -6
7 -8
4 -6
7 -8
Kansas City
434-6
5 -6
4 -6
6
5 -6
53/2-6
Denver
Oklahoma City
Omaha
4K-6
4H
6
5 -5
534-6
534-7
534-7
6
8
5H-7
Dallas
El Paso
Houston
San Antonio..
3 -6
7 -8
534-6
6 -7
3
7
5
5
-7
-8
-6
-7
5 -6
7 -8
534-6
6 -6M
6 -7
7 -8
4 -8
7 -8
5H-7
6 -7
6 -7
7 -8
5 -7
6 -7
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
Spokane
5 -5M
5^6
5
-5
•534
5 -6
6 -6
5
6
6
6
6
6
5 -6
6 -6^
6 -6^
6 -6H
6 -7
-6
-634
-6^
-7
-&
-7
January
4M-5
6
-4
5H-7
6 -7
December
5 -53/2
6 -6}
-7
January
3 -4
6
434-5
6 -6
6
5
December
3
34
4 -5J-
5H-6
6
January
1932
1933
5 -5H
434-5M
St. L o u i s Little Rock..
Louisville-
6
6 -7
6
6
1932
1933
Interbank loans
6H-7
6H-7
-6
6
6 -8
6 -634
5H-6
6 -8
5 -6
6 -8
534-6
6 -6>
6 -7
7
6K-7
634-7
6 -6*4
6'
5 -7
634-7
6 -6>
8
534-6
5H-6
6 -6>
634-7
5 -6
53^2-6
5^6
5 -534
5 -6
534-6
5 -5H
6 -634
534-6
-6
-7
6
6
6
5 -5H
5 -6
5 -56
5 -53/ 2
6
6
6 -7
6
6
5 -6
5 -6
6 -7
5H-6
5 -5>
5 -6
5 -5}
5 -5V2
5 -6
434-5^
6 -7
5
534-6
6
6
NOTE.—Rates at which the bulk of theloans of each class were made by representative banks during the week ending 15th of month.
from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities.
534-6
Rates
103
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF AMERICAN
CURRENCY TO AND FROM EUROPE
MATURITY DISTRIBUTION OF BILLS AND
SHORT-TERM SECURITIES
BY SELECTED BANES IN NEW YORK CITY
[In thousands of dollars]
[Paper currency only. In thousands of dollars]
Total
1932
Month
Rements ceipts
from
to
Europe Europe
Ship-
January
February
March
April
May
June
July
August -_
September
October _
November
December
25
0
0
0
0
12
20
152
36
7
70
245
1933
Net
ship- ShipRements ments ceipts
from
to
(-)or
receipts Europe Europe
(+)
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
5,304
3
With- 16 to 30 31 to 60 61 to 9091 days
in 15 days days days
to 6
days
Over
6mos.
Bills discounted:
Jan. 4__
251,102 175, 810 18,722 28,164 17,794 9,134 1,478
Jan. 11
248,151 170,733 21,085 26,976 18,526 9,332 1,499
9,350 1,365
248,668 171,772 20,135 27,648
Jan. 18
264,698 187,706 19,352 27,967 19,225 9,052 l f 396
Jan. 25
Bills bought in
open market:
32, 617 5,111 5,857 10, 242 11,407
Jan. 4
32, 362 6,064 6,489 11, 818 7,991
Jan. 11
31, 926 5,161 6,637 10,157 9,971
Jan. 18
+5,301
31,496 4,746
9,302 10,584
Jan. 25
Certificates and
bills:
133,595 108,583 83, 325 192, 750 213,031 252,763 283,143
Jan. 4
1,090i 219 119^
Jan. 11
1,758 62,975 143,550 213,031 263, 263 287,642
1,, 047,012
"
Jan. 18
83, 325 87,800 274,231 54, 250 252, 763 294, 643
1,, 022,661 72,975 73,550 249, 282 57, 250 277,763 291,841
Jan. 25
Municipal warrants:
Net
shipments
(-)or
receipts
(+)
Jan.
Jan.
Jan.
Jan.
5,218
5,102
4,597
4,526
4
11
18
25
387
4,818
4,089 1,000
14
4, 558
4,488
13
For description and back figures see BULLETIN for January, 1932,
pp. 7-9.
MEMBERSHIP IN PAR-COLLECTION
SYSTEM
[Number of banks at end of December]
Member banks
Federal reserve
District
1932
United States.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco „.„•
End of month
Nonmember banks
On par list
Not on par list
1931
1932
1931
1932
1931
6,816
7,246
8,114
9,181
3,046
3,207
367
827
693
630
392
373
841
715
655
403
349
903
465
579
824
617
522
221
333
303
764
425
134
2,200
1,112
322
1,422
421
457
234
340
358
792
445
150
2,586
1,240
386
1,633
468
549
5
366
705
251
409
818
224
220
48
6
381
792
248
405
881
216
223
55
792
429
545
785
584
449
Figures cover all incorporated banks (other than mutual savings
banks).
UNITED STATES POSTAL SAVINGS
[Balance to credit of depositors. In millions of dollars]
January
February
March
April
May. -_
June
July
August
September
October
November
December
Preliminary.
..
1927
1928
1929
1930
1931
141.5
143.8
146.4
147.1
147.4
147.4
147.1
147. 9
148.2
148.7
149.0
148.5
148.9
151.1
152.0
152.2
152.0
152.1
151.7
152.2
152.3
153.1
153.9
153.9
153.5
154.8
155.0
154.3
153.8
153.6
157.8
160.1
160.3
161.6
163.7
164.3
165.1
167.9
169.5
170.2
171.2
175.3
180.7
186.5
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
1932
665.6
691.8
705.3
722.1
742.6
784.8
828.5
848.5
857.4
870.8
* 881.1
»900.2
104
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
BANK SUSPENSIONS AND BANKS REOPENED
BANK SUSPENSIONS AND BANES REOPENED, BY DISTRICTS
[Banks closed to public either temporarily or permanently, on account of financial difficulties by order of supervisory authorities or directors of the
bank. The figures do not include banks closed temporarily under special or "moratorium" holidays declared by civil authorities. Figures
for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Depos
its (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding
suspension]
[Figures are preliminary]
Banks reopened
Banks suspended
Number
Deposits (in thousands
of dollars)
Number
Deposits (in thousands of dollars)
Federal reserve district
Members
Members
All
banks
NonmemNa- State bers
tional
January, 1933:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.Minneapolis
Kansas City
Dallas
San Francisco
2
2
8
7
14
61
56
16
44
5
22
2
2
1
1
3
10
6
4
8
2
4
1
12
Total
237
43
15
2
7
6
11
50
38
12
36
3
16
All
banks
National
State
Nonmembers
1
2,352
2,352
13,012 * 13,012
835
3,249
400
2,313
12, 771 10,630
5,690
18,781
6,013
30,919
2,795
5,704
1,407
10,407
1,137
2,625
11,650
40,586
700
13,608
490
2,414
1,913
2,141
12,391
11,298
2,909
9,000
1,488
28,446
55,921
14,798
72,000
179 142,719
All
Mem- NonAll
banks bers members banks
1
Members
Nonmembers
2,765
2,765
2
i2
2,954
12,954
4
6
2
14
6
2
703
2,490
156
1703
2,490
156
3
3
300
300
18
18
9,368
9,368
i At time of suspension, 2 banks in Cleveland district with deposits of $2,954,000 and 1 bank in Atlanta district with deposits of $269,000 were
State member banks.
Back figures.—See BULLETINS for January, 1933, and February, 1932, also Annual Reports for 1931 (Table 123), 1930 (Table 117), 1929 (Table
111), 1928 (Table 115), 1927 (Table 111), and 1926 (Table 98).
105
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
BANK SUSPENSIONS AND BANKS REOPENED—Continued
BANK SUSPENSIONS AND BANES REOPENED, BY STATES, DURING JANUARY, 1933
f Banks closed to public either temporarily or permanently, on account of financial difficulties, by order of supervisory authorities or directors of t h e
bank. The figures do not include banks closed temporarily under special or " moratorium" holidays declared by civil authorities. Figures
for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods.
Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date precedingsuspension]
[Figures are preliminary and subject to revision]
Banks suspended
Number
Banks reopened
Deposits (in thousands
of dollars)
Number
Deposits (in thousands of dollars)
State
Members
All
banks
New England:
Maine
New Hampshire
Vermont
State
Members
All
banks
National
State
Nonmembers
All
banks
NonMem- memAll
bers
bers banks
NonMem- members
bers
-
Rhode Island.
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin..
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
NGbrssks.
Kansas
South Atlantic:
Delaware
Maryland
-.
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Idaho
Wyoming
Colorado
..
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
National
Nonmembers
2
2
2
2
2
1
1
2,352
13,012
835
5
11
18
14
11
1
5
3
3
5
10
13
10
8
1,166
2,817
11,924
5,531
6,666
90
5,352
913
5,022
11
21
45
1
3
3
10
18
30
2,960
3,038
24,147
200
362
2,366
2
19
11
1
3
3
1
16
8
285
3,067
2,117
193
710
283
1
1
355
2
2
2
1
2
1
2
2
1
1
2
225
1,390
460
1,131
313
9
2
1
13,053
490
80
2
1
3
2
640
1,238
389
1,387
12
2
1
2
1
3
4
1
12
3
2
4
1
6
2
3
5
10
3
1
237
43
2,352
13,012
835
1
1
2,765
2,765
2
3
22
3
2,954
1,182
2 2,954
1,182
4
4
1,382
1,382*
2,760
2,676
8,173
1
1
82
82
92
2,357
1,834
1
1
80
80-
1
1
277
2,423
490
80
1
2
32
640
1,238
389
250
2
18
0)
700
13,608
1,166
2,727
6,5?2
3,918
1,644
355
225
1,390
60
1,131
313
400
10,630
1,137
3
1,288
4
1,065
414
383
1
3
1
9
1,083
848
37,367
477
11,173
107
1,083
264
26,194
15
179
142,719
55,921
14,798
72,000
277
44
382
44
8 382-
2
220
22a
18
9,368
9,368.
1
905
651
- - .
-_
Total
1
Deposit figures not yet available.
2 At time of suspension these were State member banks.
»At time of suspension 1 bank with deposits of $269,000 was a State member bank.
EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1932
EARNINGS
Total
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties.
Miscellaneous
Total earnings
$17,881,058
2,785,213
26,923,568
541,432
1,887,546
— 50,018,817
Boston
New York PhiladelCleveland
phia
$931,539 $3,276,595 $2,594,233 $2,214,435
204,594
932,505
196,888
198,594
1,546,769 11,157,507 2,036,870 2,501,416
18,558
44,367
45,005
54,169
72,843
537,969
128,102
159,940
2,774,303 15,948,943
5,001,098
5,128,554
Richmond
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
$989,265 $1,186,612 $1,336,846
130,184
127,554
367,299
634,263
602,366 3,455,199
43,329
28, 572
53,856
74,082
58,092
400,471
$496,823
108,496
920,177
40,251
59,685
$418,531
65,335
921,077
17,219
12,931
$873,477
97,208
772,554
13,656
264,573
$458,241 $3,104,461
70, 562
285,994
733,695 1,641,675
22,990
159,460
21,758
97,100
5,613,671
1,625,432
1,435,093
2,021,468
1,307,246
$231,104 $322,012
391, 963 1,449,098
410,210
240
106
138
1,129
1,400
23,281
12, 532
22,319
21,429
$172,010
543,148
147, 569
339
262
1,300
17,158
19,714
$110,300
328,048
$181,628
605,976
214,676
493
170
1,300
31,060
$175,670
472,009
111, 522
755
214
2,040
10,058
10,469
$239,228
981,084
242, 586
581
578
1,800
24, 529
28,897
Atlanta
1,871,123 2,003,196
San Francisco
5,
CURRENT EXPENSES
Salaries:
$2, 666,876
Officers.
11,259,488
Clerical employees
2,768,107
Other employees
4,309
Governors' conferences
1,975
Federal reserve agents' conferences.
14,715
Federal advisory council
180,915
Directors' meetings
212,328
Traveling expenses »__
Assessments for Federal
Reserve
728,810
Board's expenses
95,150
Legal fees...
_
_
-.
Insurance on currency and security
332,549
shipments
457,595
Other insurance
1,502,756
Taxes on banking house.
339,516
Light, heat, and power
156,071
Repairs and alterations, banking house..
166,356
Rent
315, 608
Office and other supplies
349,948
Printing and stationery
...
252,886
Telephone
426,932
Telegraph
Postage
1,872,001
Expressage
418,247
Miscellaneous expenses
662,427
Total, exclusive of cost of currency. 25,185, 565
Federal reserve currency:
Original cost
—
985,295
Cost of redemption __
120, 521
Total current expenses.
26,291,381
$134,750
$576,203
3,148,016
641,581
56
78
1,300
992
6,360
20,622
6,376
29,173
$134,715
912,773
136,747
66
45
800
7,581
13,315
$216,164
1,
388,835
371
140
814
10,074
14,974
$173,492
592, 591
153,634
91
56
300
7,910
15,372
55,350
5,935
236,707
6,127
74,983
4,382
73,551
6,500
29,405
27,019
4,182
97, 988
16, 598
25,528
2,453
16, 243
14,104
21,409
10,791
20,371
11,256
50, 256
12,123
49,305
31,362
133, 717
24,647
2,320
480
17,343
31,493
20,249
5,640
216,457
43,213
33,048
72,927
76,682
403,812
66,051
20,947
39.272
38.273
21,634
52,042
1,009
32,182
23,912
32,269
13,709
173,923
51,471
55,372
27,274
37,022
144,313
37,296
18,144
87,190
35,127
32,764
18,480
26,875
155,698
30, 738
48,241
17,379
23,050
72, 347
15, 316
2,030
14,789
16,179
20,723
10,429
32,173
125,700
25,229
29,938
16,886
27,361
60,822
15,673
4,182
4,572
13,508
18, 546
7,944
63, 322
91,319
43,341
44, 509
292,193
37,127
28,194
9,233
32,056
9,783
66, 413
17, 568
1,731
9,365
34,231
7,220
37,769
46,882
20,844
33,973
249,096
49, 309
77,855
6,662
27,594
59,916
21,740
5,725
3,000
13, 847
20, 308
12,826
34,663
85,901
13,980
32,461
13,028
16,898
5,960
15,870
72,819
8,055
30, 488
20,309
21, 524
9,019
53, 516
138,143
17, 322
36,964
11,882
28, 567
36,706
18, 654
1,820
1,665
10,910
15, 381
9,671
42,405
91,497
17,171
34,092
28, 605
42,126
105,064
29,579
11,716
53,651
34,134
34,928
28,325
55,618
140, 510
25,684
65,882
1,773,168 6,190,062 1,858,563 2,419,428
1,378,432
1,163,232 3,292,737
1,268,104
907,198
1, 562, 372 1,134,785
2,237,484
153,811
10, 665
21,014
6,675
122,299
17,657
85,286
7,220
16,978
2,492
5,467
1,732
110,807
9,677
1,217,777 3,432,693
1,360, 610
1,612,714 1,141,984
2, 357,968
127,648
236
96,212
10,803
71,272
66,589
76,870
49,168
330,938
107,286
187,965
156,878
29,789
121,548
13,919
6,376,729 1,994,030 2, 583,904 1,406,121
30,121
48,895
5,650
i Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.
114,101
995
188
1,540
9,750
21,810
46,100
4,242
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1932—Continued
PROFIT AND LOSS ACCOUNT
Total
Earnings
Current expenses
Current net earnings..
Additions to current net earnings:
Withdrawn from reserve for probable losses
Profit on United States Government securities sold
Allother
Total additions
Deductions from current net earnings:
B ank premises—depreciation
Furniture and equipment
Reserve for probable losses
Reserve for self-insurance
Allother
Total deductions..
Net deductions from current net earnings
..Net earnings.
Dividends paid
Transferred to surplus
Franchise tax paid United States Government
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
$50,018,817 $2,774,303 $15,948, 943 $5,001,098 $5,128, 554 $1,871,123 $2,003,196 $5,613,671 $1,625,432 $1,435,093 $2,021,468 $1,307,246
26,291,381 1,880,183
6,376, 729 1,994,030 2, 583, 904 1,406,121 1,217,777 3,432,693 1,360,610
926, 668 1,612,714 1,141,984
894,120
9,572,214
3,007,068
2,544, 650
465,002
785, 419
2,180, 978
264,822
3,701,250
123,268
187,612
18,718
1,281,437
80, 939
312,398
319, 843
3, 277
82,101
1,186
80,652
301
873,140
1,124
3,884,449
206,330
1, 362,376
312, 398
323,120
83, 287
80,953
1,754,867
248,362
1,239,942
1,769,075
285,395
55,832
6,210
389,688
35,881
19,972
114,218
4,409
107,145
66,513
6,183
499, 224
350,000
1,769
53,695
50, 776
28, 659
303, 565
51, 946
250,000
250,000
141,003
8,027
5,297,641
413,811
530,040
48, 631
996, 514
233, 799
23, 727, 436
San Francisco
$5,288,690
2,357,968
508,425
408,754
165, 262
2,930, 722
115, 524
11,828
83,439
814
98,455
5,021
53, 882
60
212,767
874, 264
187, 283
84, 253
103, 476
53,942
212, 767
175, 332
29, 584
3,704
90, 371
11,985
200,000
15, 380
2,604
91,082
14,849
60, 280
100,000
663
45, 743
8,565
1,907
233, 682
14,588
21, 593
500,000
42, 654
981
188,841
44,190
101, 700
500,000
2,648
573,827
812, 517
208,620
320, 340
266,874
55, 289
837,379
59,931
59, 931
1, 413,192
207,481
+832, 336
+263, 767
673, 394
150, 512
492,874
+61, 747
21, 337
236,087
163. 398
1,347
624, 612
22, 314, 244
686, 639
10,404, 550
3, 270, 835
1,871, 256
314, 490
292, 545
2, 242, 725
243, 485
272,338
245, 356
163,915
2, 306,110
9, 282, 244
11,020,582
675, 511
11,128
3, 562,030
6, 842, 520
973, 393
2, 297, 442
858, 427
180,083
314,490
292,545
1,029, 933
121,279
268, 505
- 2 5 , 020
175,495
9,684
245, 356
237, 970
-74,055
648, 589
1, 657, 521
2,011,418
832, 746
1,091,513
87,159
SURPLUS ACCOUNT
Surplus, Jan. 1, 1932
Credits to surplus:
Transferred from net earnings
Withdrawn from reserve for depreciation on United States bonds
Total
Surplus, J a n . 1, 1933..
$259,420, 262 $20,038,562 $75, 077,154 $26,485, 609 $27,640, 313 $11,482, 816 $10,448, 658 $38,411, 011 $10, C24, 77£ $6, 356,2£0
8,124, 278 $7, €24, 27( $17,7C6,5f;0
11,020,582
11,128
6,842, 520
2,297,442
180, 083
121, 279
- 2 5 , 02C
9,684
8,158,268
410,783
3,138, 747
458, 716
473, 331
133, 767
95,405
964, 743
186,47C
653, C01
138,
19,178,850
421,911
9, 981, 267
2, 756,158
653,414
133, 767
95,405
1,086,022
161,450
662, 685
138,274
278, 599,112 20,460,473 85,058,421 29, 241, 767 28,293,727 11,616, 583 10, 544,063 39,497, 033 10,186, 225
7,018,935
8, 262, 552
- 7 4 , CSS
274
], 657, 521
1,168,455
336, 576
1,084,4CC
1,994, C97
8,718,676 19,7C0,657
REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT
Salaries
Allother
Total
_
_- _
._
$905,683
333, 738
$22,662
10,618
$94, 501
34, 239
$56, 551
18, 383
$110,888
49, 791
$81,432
40, 540
$58, 580
26, 505
$205, 067
79,868
$56,103
13, 397
$38,566
14,899
$42,440
9,678
$33,481
10, 766
$105, 412
25,054
1, 239,421
33,280
128,740
74, 934
160, 679
121, 972
85,085
284,935
69,500
53,465
52,118
44,247
130,466
108
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index numbers of the Federal Reserve Board. 1923-1925 average-100]
Without seasonal adjustment Adjusted for seasonal variation
1932
1931
1932
Industry
Annual Index
1931
1932
Nov.
Dec.
'58
24
18
24
86
86
68
77
74
32
113
118
103
'85
95
109
70
79
126
88
Manufactures—Total
IRON AND STEEL
Pig iron
_. _« . .
Steel ingots
TEXTILES
.
Cotton consumption
Wool
Consumption
Machinery activity
__
_
Carpet and rug-loom activity
Silk
.
Deliveries
Loom activity
. . . .
__.««_
F O O D PRODUCTS
Slaughtering and meat packing
Hogs..
Cattle
_
Calves.. . .
Sheep
Wheat
flour.
.
Sugar meltings
. __
_ _
. . .
'83
'76
64
P A P E R 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
>_
85
112
97
20
LUMBER
Nov.
Dec.
Dec.
63
29
21
29
95
98
73
84
76
38
121
134
96
87
91
93
81
94
144
94
61
88
81
65
85
68
74
99
70
84
130
104
'20
66
37
32
38
83
80
58
65
58
36
130
139
112
99
113
128
85
93
158
82
72
94
85
75
102
66
82
86
81
81
111
122
25
18
4
119
'85
36
1
66
71
73
74
63
31
21
32
92
95
70
77
'64
27
18
28
91
93
67
76
(8)
123
133
8
'82
79
83
67
83
129
92
' 87
' 82
64
105
137
94
23
130
119
73
42
33
43
88
86
57
64
K
0)
156
83
82
85
70
92
146
87
78
86
80
66
83
67
76
96
70
84
127
98
'21
97
94
98
81
98
161
86
127
99
90
75
103
67
86
107
81
84
136
119
'28
31
4
136
89
66
1
86
82
73
TRANSPORTATION EQUIPMENT:
Automobiles . .
Locomotives
Shipbuilding _.
32
.
LEATHER AND PRODUCTS
Tanning
Sole leather
Upper l e a t h e r Cattle
- _
Calf and kid
Goat and kid
Boots and shoes
_ _ _
_
.
.
..
_
'73
.
C E M E N T AND GLASS:
Cement
.
Glass, plate
1
NONFERROUSJMETALS —Tin deliveries
_
73
94
75
53
88
70
34
54
50
53
'57
55
47
74
59
132
169
82
89
68
57
46
48
32
91
45
123
72
70
74
93
39
40
30
138
179
79
89
71
57
55
57
37
106
75
130
78
74
67
105
35
47
39
149
193
75
98
86
71
61
63
46
91
51
120
79
69
68
117
46
62
43
60
'85
(2)
(a)
(J)
> >
_
. «
.
__
E U B B E R T I R E S AND T U B E S
Tires, pneumatic
Inner tubes
__
TOBACCO PRODUCTS--
Cigars
Cigarettes
Minerals—Total
Bituminous coal
Anthracite coal _
Petroleum, crude
Zinc - - Lead
Silver
._
80
60
51
61
94
88
79
90
75
52
133
145
108
90
91
90
85
96
153
90
89
106
97
78
109
84
89
115
80
89
151
123
41
35
5
91
'92
60
7
111
97,
87
81
93
99
95
76
75
118
96
43
72
53
'59
61
99
51
53
52
84
88
90
138
149
73
69
139
180
75
91
79
57
78
81
55
111
65
144
71
58
61
106
38
45
37
155
198
7?
104
95
87
(0
132
(2)
'63
31
24
32
83
81
61
68
65
34
118
135
85
'87
89
91
80
91
151
85
' 79
' 91
'83
»67
'89
»72
'80
'97
'69
'82
137
105
25
72
62
82
88
F U E L S , MANUFACTURED:
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, by-product
1931
Dec.
76
8
(2)
8
56
67
70
44
112
60
149
76
66
75
96
38
40
30
8.
»
73
76
50
104
63
132
75
66
65
106
35
45
37
88
91
63
113
68
146
84
65
69
121
45
62
43
s
' Preliminary.
* Revised.
* Includes also lead and zinc; see " Minerals."
Without seasonal adjustment.
NOTE.—For description see BULLETIN for February and March, 1927. For latest revisions see BULLETIN for March, 1932, pp. 194-196.
99
72
m
78
158
84
73
74
116
54
68
49
109
FEDERAL RESERVE BULLETIN
(FEBRUARY, 1933
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average=»100]
Factory employment
Without seasonal adjustment
Industry
1932
Dec.
Total
.
IRON'AND STEEL AND PRODUCTS
Steel works and rolling mills
Hardware
Structural iron work
Heating apparatus
„
Steam fittings
Stoves
. . _
Cast-iron pipe.
MACHINERY
_
1
,
_.
Foundry and machine-shop products ._ > _
Machine tools
Agricultural implements
- - - .
T E X T I L E S 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
._
_-
F O O D AND PRODUCTS
Baking
Slaughtering and meat packing
Confectionery.
Ice cream
Flour
Sugar refining cane
P A P E R AND PRINTING
Printing, book and job
.._ .„
Printing, newspapers and periodicals
Pjiper and pulp
^
,,
rir
Paper boxes
LUMBER AND PRODUCTS -
_
Lumber, sawmills
Lumber, millwork
Furniture
TRANSPORTATION
_. _.
EQUIPMENT
Car building and repairing
Automobiles
Shipbuilding
LEATHER AND MANUFACTURES
Boots and shoes
Leather
__
__ _
C E M E N T , 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
TOBACCO MANUFACTURES
_
-_ __ -
Cigars and cigarettes
Chewing and smoking tobacco, snuff
59.6
52.1
54.9
50.7
45.8
45.4
37.6
52.5
33.1
46.0
44.4
39.0
34.1
51.5
71.1
74.1
75.2
61.2
63.7
48.4
89.7
61.4
88.3
63.4
50.4
73.2
82.8
51.4
81.5
83.1
81.7
89.6
63.4
74.2
72.7
81.6
78.2
95.1
75.8
74.1
36.6
31.6
33.9
52.6
44.8
42.7
45.2
62.4
70.0
70.3
68.6
41.4
36.1
25.4
65.3
56.2
34.0
46.8
23.6
54.8
75.4
79.6
75.4
47.8
61.8
62.2
60.3
68.8
68.7
70.0
Adjusted for seasonal
variation
1932
1931
Nov.
60.9
53.6
56.1
50.8
46.2
50.8
42.4
58.4
34.3
46.0
44.6
37.9
29.7
52.1
73.1
75.2
75.5
61.5
63.6
51.0
93.8
62.5
88.4
67.8
54.1
74.6
88.8
57.2
82.9
83.6
81.7
96.1
65.8
74.4
74.3
82.2
77.2
95.0
77.9
76.4
38.1
33.1
34.8
54.4
43.3
43.4
40.5
62.4
72.7
73.4
69.6
44.6
39.0
29.2
65.7
57.0
42.4
48.4
26.4
55.8
75.5
80.1
74.3
50.6
61.2
62.7
56.6
72.7
72.8
71.9
Dec.
67.9
64.4
66.4
61.6
71.3
55.0
53.1
56.7
55.9
63.8
58.7
62.4
48.3
77.1
72.9
74.6
73.8
58.8
58.9
58.4
88.9
72.9
93.9
68.5
51.9
74.6
96.3
53.0
87 9
91.4
88.4
92.5
70.4
76.8
77.7
90.8
93.2
101.9
80.6
84.0
45.2
37.4
47.7
65.3
54 4
46.9
60.2
87.9
73.2
74.4
67.9
53.3
48.5
39.8
72.3
64.3
50.7
60.3
40.9
66.9
82.0
86.9
81.3
53.4
69.8
69.3
71.5
71.7
71.7
71.6
Factory pay rolls
Dec.
60.6
52.8
55.8
50.7
46.2
46.1
39.5
52.1
33.9
46.4
45.3
38.9
34.2
51.5
70.4
72.9
73.7
59.3
61.6
47.4
89.4
61.2
87.0
64.0
51.3
70.4
84.0
53.4
80.0
83.7
77.8
81.2
72 3
73.7
77.9
80.2
76.3
93.4
75.9
71.1
36.8
32.2
34.4
51.3
47.4
42.8
51.6
62.4
72.0
72.9
68.3
42.6
37.1
26.8
65.1
57.7
35.3
47.4
24.6
55.2
75.2
78.3
76.3
51.7
63.2
65.4
56.3
67.7
67.7
68.0
Without seasonal adjustment
1932
1931
Nov.
61.2
53.8
56.8
50.8
46.1
49.1
42.7
55.1
34.9
46.6
45.4
37.9
30.7
52.1
72.3
73.9
74.2
59.4
61.2
50.3
92.4
62.7
87.7
68.9
55.6
72 2
90.4
55.2
80 7
82.6
80.9
83.5
72 9
72.9
75.1
81 1
76.7
93.8
78.0
71.5
37.3
32 9
35.4
50 9
45 6
43.6
45 6
65.0
73.2
74.1
69.1
44.3
39.0
29.3
65.5
56.0
41.8
48.9
26.9
56.4
75.2
78.6
75.0
53.4
63.7
67.0
53.6
68.6
68.3
71.5
Dec.
69.4
65.4
67.4
61.6
71.9
56.1
55.8
56.3
57.3
64.5
59.8
62.3
48.4
77.1
72.2
73.4
72.3
57.0
56.9
57.2
88.7
72.8
92.5
69.2
52.8
71.7
97.7
54.9
86.3
92.1
84.2
83.9
80.3
76.3
83.3
89.2
90.9
100.1
80.7
80.6
45.4
38.2
48.4
63.7
58.0
47.0
68.8
87.9
75.3
77.2
67.6
55.0
50.1
42.0
72.1
66.0
52.6
61.1
42.6
67.4
81.9
85.4
82.3
57.7
71.3
72.9
66.8
70.4
70.6
69.5
Dec.
40.9
24.2
23.8
26.7
25.6
25.0
21.8
28.1
16.9
28.0
24.9
23.6
25.1
36.2
46.4
50.1
48.4
40.8
43.6
27.7
68.5
41.9
64.0
39.1
26.7
49.3
54.4
32.8
66.1
68.7
67.6
67.5
52.1
61.1
55.9
69.8
66.2
90.1
50.9
60.4
18.8
15.2
18.4
27.0
33.8
33.5
32.0
52.4
42.0
38.7
53.9
23.3
17.5
10.2
36.8
37.8
18.4
30.1
15.6
34.3
59.8
60.5
62.8
34.1
39.8
36.7
52.2
50.4
49.4
57.8
NOTE.—For description of these indexes see BULLETIN for November, 1929, p p . 706-716, and November, 1930, p p . 662-677.
1931
Nov.
41.8
25.6
25.0
26.1
27.6
30.1
25.6
34.4
16.4
27.4
24.3
23.0
21.9
36.2
49.4
51.9
50.1
39.7
41.9
29.7
76.3
43.1
64.6
44.2
33.1
51.9
59.3
36.5
67.0
70.4
66.4
68.9
55.9
62.0
57.0
70.2
63.6
90.0
54.8
64.1
20.9
17.4
20.1
29.0
31.9
33.7
27.6
48.8
43.8
40.7
55.0
25.7
19.0
11.9
37.7
39.5
24.8
31.9
18.0
35.9
60.9
62.3
63.1
34.4
38.6
36.1
48.3
52.4
51.6
59.7
Dec.
55.8
41.0
40.3
42.8
52.2
36.4
36.1
36.8
42.3
48.9
41.7
46.7
37.2
67.4
58.1
60.0
55.2
45.4
46.6
40.2
79.4
63.0
85.7
54.4
37.2
51.0
82.0
40.9
82.7
85.5
86.4
83.8
70.7
69.0
64.5
91.0
92.8
110.4
67.0
77.7
31.2
24.4
34.4
43.8
47.1
42.6
48.0
84.8
50.3
47.9
58.8
37.4
30.3
22.6
50.6
51.7
37.4
48.6
34.2
52.8
75.0
76.2
77.8
46.2
52.0
50.9
56.7
58.0
58.1
65.9
110
FEDERAL RESERVE BULLETIN
FEBRUARY, 1933
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics (784 price series); 1926=100]
Year and month
1928
1929
1930
1931
1932
Farm
products
Foods
98.7
95.3
86.4
73.0
105.9
104.9
88.3
64.8
48.2
101.0
99.9
90.5
74.6
61.0
92.9
91.6
85.2
75.0
70.2
55.7
69.1
62.8
50.6
50.2
49.2
46.6
45.7
47.9
49.1
49.1
46.9
46.7
44.1
64.7
62.5
62.3
61.0
59.3
58.8
60.9
61.8
bl.8
60.5
60.6
58.3
1931—D ecember.
1932—January ....
February.
March
April
May
June
July
August
September
October...
November.
December.
Other commodities
All
commodities
67.3
66.3
66.0
65.5
64.4
63.9
64.5
65.2
65.3
64.4
63.9
62.6
Hides and Textile Fuel and Metals Building Chemi- House- Miscelleather
lighting and metal materials cals and furnish- laneous
Total products products materials
products
drugs ing goods
121.4
109.1
100.0
86.1
72.9
95.5
90.4
80.3
66.3
54.9
72.3
79.8
60.8
71.7
71.3
70.9
70.9
70.4
70.1
69.7
70.1
70.4
70.2
C9.8
69.0
79.3
78.3
77.3
75.0
72.5
70.8
68.6
69.7
72.2
72.8
71.4
59.9
59.8
58.7
57.0
55.6
53.9
52.7
54.0
57.0
55.0
53.9
53.0
97.0
100.5
92.1
84.5
80.2
94.1
95.4
89.9
79.2
71.4
68.3
82.2
67.9
68.3
67.9
70.2
70.7
71.6
72.3
72.1
70.8
71.1
71.4
69.3
81.8
80.9
80.8
80.3
80.1
79.9
79.2
80.1
80.1
80.3
79.6
79.4
75.7
74.8
73.4
73.2
72.5
71.5
70.8
69.7
69.6
70.5
70.7
70.7
70.8
84.3
83.0
78.5
67.6
70.3
Oct.
Nov.
Dec.
Jan.
Feb. Mar.
Apr.
May
June
July
HOUSEFURNISHING GOODS."
Furnishings
_
Furniture
_
MISCELLANEOUS:
Auto tires and tubes
Cattle feed.
Paper and pulp
Rubber, crude
Other miscellaneous
_
_
85.4
82. ft
77.7
69.8
64.4
78.5
66.8
75.7
75.5
75.3
74.4
73.6
73.1
73.0
73.3
72.9
72.7
72.4
72.3
77.7
77.5
77.1
76.3
74.8
74.7
74.0
73.6
73.7
73.7
73.7
73.6
65. &
64.7
64.7
64.7
64.4
64.2
64.3
64.6
64.7
64.1
63.7
Oct.
44.3
57.6
64.2
51.3
55.7
63.1
47.0
51.7
61.2
46.7
53.4
54.8
46.1
50.3
52.7
43.5
51.4
52.1
44.5
49.2
51.2
42.6
44.4
49.6
37.7
46.7
48.2
36.7
54.1
48.4
86.1
70.6
68.2
71.1
69.7
80.7
73.1
65.1
67.7
68.0
79.8
72.2
63.5
63.2
67.2
67.8
71.0
b2.2
61.9
61.9
64.1
69.6
61.8
59.5
59.4
64.2
68.3
62.3
61.4
57.1
61.6
68.2
62.3
59.8
55.8
59.6
68.1
61.5
56.5
54.9
57.4
66.8
62.4
56.0
55.4
93.1
50.0
80.7
101.1
92.5
49.0
78.8
101.1
89.2
48.8
78.6
99.7
88.8
49.0
77.5
98.9
88.5
46.1
76.5
88.5
44.7
73.4
98.8
88.4
40.8
67.2
98.0
88.4
35.7
60.6
97.9
73.9
59.7
59.2
41.7
64.6
72.4
72.6
58.1
59.0
41.8
64.2
72.5
70.8
56.4
58.5
39.0
63.9
71.3
70.7
55.8
55.8
37.7
63.3
70.7
70.6
56.4
55.8
36.5
63.1
69.7
69.0
56.2
54.9
33.5
62.7
69.5
C8.7
55.1
51.9
31.3
59.7
68.2
94.2
83.6
81.5
102.1
100.8
39.2
94.2
83.7
81.4
103.4
100.1
42.5
94.8
83.8
81.1
104.1
98.2
39.6
94.8
84.4
80.5
107.5
98.6
38.8
94.8
84.3
80.4
104.8
98.0
38.6
83.5
80.4
104.4
97.5
39.8
85.6
81.7
95.4
54.9
85.5
81.5
95.2
54.7
85.5
81.0
95.2
53.8
85.5
79.9
95.3
55.4
85.1
79.3
95.3
52.7
82.6
75.1
65.2
77.0
81.6
81.7
82.0
81.4
74.6
65.9
77.5
81.4
81.7
81.9
SO.O
74.6
65.8
76.6
79.9
81.7
81.5
79.3
75.2
65.6
75.4
74.1
77.3
81.0
79.7
61.6
70.2
77.2
80.6
61.3
70.1
77.7
80.8
61.0
70.1
77.1
79.8
82.4
79.7
82.3
46.0
49.4
80.5
10.2
46.0
59.8
80.8
9.6
86.7
Nov. Dec.
38.2
52.8
50.8
37.4
51.2
52.1
34.4
45.0
52.1
33.2
41.9
53.9
31.7
38.7
51.3
58.2
65.7
59.7
62.0
58.5
60.2
66.0
55.6
61.9
62.1
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
87.5
32.5
58.7
96.4
84.4
33.5
60.0
83.7
84.4
39.3
60.0
82.3
84.4
48.2
63.2
81.5
84.6
49.6
64.1
81.9
84.2
46.1
61.9
81.9
41.7
59.2
81.9
68.2
52.9
50.5
29.1
58.3
67.2
67.4
51.0
49.6
27.5
55.0
66.7
66.0
50.0
47.8
26.2
53.6
66.5
66.0
52.6;
48.5
29.5
53.4
67.4
67.3
57.9
50.4
32.6
56.7
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
85.7
82.7
79.8
103.5
99.1
45.5
85.6
82.0
77.1
106.1
103.0
47.2
85.3
81.8
76.9
105.5
106.3
48.2
84.5
81.6
76.3
105.8
108.3
49.7
86.0
81.3
76.7
104.4
107.0
48.9
87.7
81.1
76.7
103.4
107.6
46.7
88.7
81.1
76.7
104.6
104.4
47.4
80.4
75.6
103.1
100.0
48.2
85.0
79.7
95.3
50.5
85.0
80.1
93.8
49.3
84.9
80.0
93.8
48.3
84.9
79.8
93.8
47.5
84.9
77.2
95.3
47.0
84.9
78.7
95.3
48.5
84.9
79.7
92.7
51.6
84.7
80.4
92.7
50.7
84.6
79.4
92.7
49.1
84.5
78.8
93.0
48.3
79.3
75.3
62.9
75.1
65.8
77.9
80.2
79.3
75.0
61.5
75.4
64.4
79.7
80.6
78.4
75.0
60.0
74.7
64.4
81.7
77.4
75.0
59.5
73.9
64.4
81.7
78.2
76.1
77.1
57.6
73.3
66.7
81.7
77.6
75.9
77.3
56.9
66.8
67.1
81.7
77.9
75.2
79.0
55.5
67.2
67.1
81.7
78.3
75.4
79.0
56.3
68.2
66.8
81.7
79.9
75.3
79.0
56.6
68.3
67.5
81.7
80.0
75.4
79.0
56.6
68.5
67.5
81.7
80.1
75.1
81.1
56.5
68.1
67.5
81.7
80.1
80.6
60.6
69.9
75.5
80.8
60.1
69.8
73.7
80.9
59.7
68.6
73.2
79.7
58.9
70.1
71.1
79.1
58.7
69.4
69.0
78.6
58.3
68.0
69.0
78.9
57.6
66.8
68.8
79.7
57.0
66.4
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
76.6
80.6
76.1
79.5
75.9
79.5
75.4
79.1
75.4
77.4
75.5
74.1
75.4
74.0
75.1
73.0
74.8
72.6
74.7
72.7
74.7
72.8
74.7
72.7
74.7
72.7
40.8
53.9
80.8
9.5
85.9
39.7
53.0
78.0
9.3
85.2
39.5
48.2
76.7
8.6
84.4
39.2
52.4
76.8
7.2
84.5
39.2
53.4
76.8
6.6
84.5
39.2
45.9
76.5
6.7
84.6
39.6
42.1
76.2
5.8
84.6
40.1
42.2
76.2
6.1
84.5
40.1
47.4
76.3
7.9
84.2
42.7
45.9
75.5
8.2
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
Back figures.-~¥oi indexes of groups see BULLETIN for March, 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics.
ez.4
Aug. Sept.
FARM PRODUCTS:
Grains
Livestock and poultry
Other farm products
FOODS:
Butter, cheese, and milk
Cereal products
Fruits and vegetables
Meats..
Other foods
HIDES AND LEATHER PRODUCTS:
Boots and shoes
Hides and skins
Leather
Other leather products
TEXTILE PRODUCTS:
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products
FUEL AND LIGHTING MATERIALS:
Anthracite coal
Bituminous coal
Coke
Electricity
Gas
_
Petroleum products
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 materials
CHEMICALS AND DRUGS:
Chemicals
Drugs and Pharmaceuticals..
Fertilizer materials
Mixed fertilizers
95.1
94.3'
92.7
84.9
75.1
WA2
1931
Subgroups
95.6
94.2
89.1
79.3
73.5
76.1
88.7
80.2
75.3
45. a
si. a
111
FEDERAL RESERVE BULLETIN
FEBRUARY, 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
Factories
Public works and
public utilities
Educational
All other
Month
January
February
March
April
May
June
July
August
September..
October
November
December .
1932
1931
1932
84.8
89.0
112.2
121.7
146.2
113.1
128.8
134.0
127.5
107.1
105.3
81.2
54.4
77.9
100.9
95.9
88.9
72.7
63.9
60.2
54.6
60.5
45.3
36.2
27.5
24.4
33.2
28.9
25.6
23.1
19.7
20.8
22.8
21.9
19.2
13.0
10.1
7.3
20.6
11.3
16.3
8.9
10.4
4.7
11.0
8.9
4.2
2.5
3.4
4.4
4.5
4.5
3.0
2.1
3.5
3.3
6.3
3.2
1.9
3.3
26.9
27.1
36.2
26.2
25.7
26.9
28.4
19.1
28.6
41.3
14.1
10.6
9.1
10.1
10.6
12.9
12.2
13.0
8.3
18.4
8.8
7.0
6.7
5.7
96.8
79.0
152.2
133.4
109.6
141.6
117.4
73.3
86.5
83.0
48.0
50.5
24.1
28.3
29.9
47.3
61.7
50.1
60.0
64.2
68.7
58.5
54.2
43.3
19.4
16.7
24.3
23.0
23.8
22.5
26.1
19.3
21.2
14.7
11.8
6.1
4.4
10.8
9.8
10.7
6.5
7.2
6.4
5.5
7.4
3.6
3.4
6.7
20.5
27.3
35.7
47.1
41.8
43.6
39.8
56.5
49.3
33.8
27.8
31.0
16.3
11.0
24.2
17.5
37.2
17.6
30.8
21.9
13.5
13.1
19.9
9.2
3,092.8 1,351.2
811.4
280.1
116.2
43.5
311.1
122.7
1,171.1
590.3
228.8
82.3
454.3
232.3
1931
1932
1931
BUILDING PERMITS ISSUED, BY DISTRICTS
[Value of permits in thousands of dollars]
{Value of contracts in thousands of dollars; figures for 37 States east of
the Rocky Mountains, as reported by the F . W. Dodge Corporation]
1932
Federal reserve district
Number
of cities
Federal reserve district
Dec.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. L o u i s . . .
Minneapolis
Kansas City
Dallas
1932
228.0
235.4
370.0
336.9
306.1
316.1
286.0
233.1
251.1
242.1
151.2
136.9
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
1931
1931
1931
1931
1932
1932
1932
.
Year.
1932
1931
Nov
5,643
19,496
5,984
5,108
12, 585
6,348
_
4,887
1,745
4,705
5,422
Total (11 districts)
81,219
Dec.
5,772
2,915
12, 453
40,470
7,732
14,185
11,678
5,516
15,195
10,571
4,661
8,108
6,283
105, 302
136, 852
18,566
9,261
13,786
9,810
12, 572
13,415
9,228
Boston
New York.._.
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas
San Francisco
Total__.
Federal reserve district
1932
219
590
156
197
148
114
390
114
74
145
75
247
Total...
2,469
1931
1
140
Total
141
264
566
123
262
140
161
360
168
81
179
134
320
4,675 4, 351
16,609 13,801
4,599 3,104
4,909
2,742 4,250
1,749 2,611
13,078 10,182
1,834 2,732
945 1,181
963
2,326
1,644 2,112
5,749 3,425
2,073 2,758
64,189 53, 621
73,213
192
494
129
196
147
109
257
74
70
108
96
201
Dec.
Nov
977
5,784
907
992
1,321
1,834
1,000
244
2,369
360
1,029
5,213
1,133
6,997
1,343
4,778
1,727
1,118
879
346
491
1,310
550
2,192
14,774
1,457
2,023
2,841
2,112
4,630
3,041
3,390
1,404
1,621
5,763
22,031
27, 641
45, 247
1931
1932
Number
of centers
New York City
Outside New York City
Federal reserve district:
Boston
10,100
New York
14,019
Philadelphia
3,148
Cleveland
5,984
Richmond- _
4,302
Atlanta
2,693
Chicago
14,649
St. Louis
4,787
Minneapolis
2,915
Kansas City
3,416
Dallas.
2,365
San Francisco
4,836
Dec. Nov. Dec.
Boston
New Y o r k . . . .
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas
San Francisco.
1932
1931
Dec.
[Debits to individual accounts. In millions of dollars]
Liabilities
Number
Nov.
BANK DEBITS
COMMERCIAL FAILURES, BY DISTRICTS
[Amounts in thousands of dollars; figures reported by R. G. D u n Co.]
168
Dec.
1931
Dec.
Dec.
Nov.
Dec.
13,967
12,820
9,815
10,935
19,233
17,112
1,439
14,502
1,327
1,274
512
636
2,979
657
412
705
434
1,910
1,388
10,261
1,033
1,073
452
505
2,493
563
370
638
372
1,603
2,001
19,892
1,701
1,853
628
800
4,165
870
553
935
508
2,440
26,787
20,750
36,345
FEDERAL RESERVE DISTRICTS
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