Full text of Federal Reserve Bulletin : May 1933
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE
BULLETIN
MAY 1933
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Banking Developments
Annual Report of German Reichsbank
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON J 1933
FEDERAL RESERVE BOARD
Ex officio members:
EUGENE R. BLACK, Governor.
WILLIAM H. WOODIN,
CHARLES S. HAMLIN.
Secretary of the Treasuryy Chairman.
J. F. T. O'CONNOR,
ADOLPH C. MILLER.
GEORGE R. JAMES.
Comptroller of the Currency.
CHESTER M OR RILL, Secretary.
E. M. MCCLELLAND, Assistant to the Governor.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
J. C. NOELL, Assistant Secretary and Fiscal Agent,
S. R. CARPENTER, Assistant Secretary.
CARL E. PARRY, Assistant Director, Division of Research
and Statistics.
WALTER WYATT, General Counsel.
E. L. SMEAD, Chief, Division of Bank Operations.
GEORGE B. VEST, Assistant Counsel.
J. R. VAN FOSSEN, Assistant Chief, Division of Bank
Operations.
LEO H. PAULGER, Chief, Division of Examinations.
FRANK J. DRINNEN, Federal Reserve Examiner.
FEDERAL ADVISORY COUNCIL
District no. 1 (BOSTON)
District no. 2 (NEW YORK)
District no. 3 (PHILADELPHIA)
District no. 4 (CLEVELAND)
District no. 5 (RICHMOND)
District no. 6 (ATLANTA)
District no. 7 (CHICAGO)
District no. 8 (ST. LOUIS)
District no. 9 (MINNEAPOLIS)
District no. 10 (KANSAS CITY)
District no. 11 (DALLAS)
District no. 12 (SAN FRANCISCO)
THOMAS M. STEELE.
WALTER E. FREW.
HOWARD A. LOEB.
H. C. MCELDOWNEY.
HOWARD BRUCE.
JOHN K. OTTLEY.
MELVIN A. TRAYLOR, Vice President.
WALTER W. SMITH, President.
THEODORE WOLD.
W. T. KEMPER.
JOSEPH H. FROST.
HENRY M. ROBINSON.
WALTER LICHTENSTEIN, Secretary
II
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
of—
Boston
New York
. .
F. H. Curtiss
. J. H. Case
Deputy governor
Governor
Chairman
R. A. Young
G. L. Harrison
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
R. L. Austin
G. W. Norris
L. B. Williams
W. W. Hoxton
Oscar Newton
E. M. Stevens
E. R. Fancher - . 1 .
G. J. Seay
W. S.Johns3
J. B. McDougal
St. Louis
J. S. Wood
W. McC. Martin
_ J. N. Peyton
... M. L. McClure
C. C. Walsh
W. B. Geery
G. H. Hamilton
B. A. McKinney
J, U. Calkins
Minneapolis
Kansas City
Dallas
San Francisco
Isaac B. Newton
i Assistant 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.*
C. A. McIIhenny.
W. G. McCreedy.'
H. F. Strater.
M.J. Fleming
F. J. Zurlinden
C. A. Peple
R. H. Broaddus
H. F. Conniff
G. H. Keesee.
J. S. Walden, Jr.*
M. W. Bell.
W. S. McLarin, Jr.»
W. H. Snyder*
C. R. McKay
W. C Baehman.1
H. P. Preston
0. J. Netterstrom.*
J. H. Dillard
E. A. Delaney.i
S. F. Gilmore.*
0. M. Attebery
A. H. Haill.*
J. G. McConkey
F. N. Hall."
G. 0. Hollocher.2
0. C. Phillips.*
H. I. Ziemer.
Harry Yaeger
F. C. Dunlop.a
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.
3
Acting governor.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo Branch.
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch...
Jacksonville branch
Birmingham branch. _.
Nashville branch..
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Managing director
R. M. O'Hara.
C. F. McCombs.
J. C. Nevin.
Hugh Leach.
W. T. Clements.
Marcus Walker.
Hugh Foster.
J. H. Frye.
J. B. Fort, Jr.
W. R. Cation.
J. T. Moore.
W. H. Glasgow.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch..
Dallas:
El Paso branch
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch..
Seattle branch __
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
J. L. Hermann.
W. D. Gentry.
M. Crump
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. The BULLETIN will be sent to all member banks without charge. To others the
subscription price, which covers the cost of paper and printing, is $2. Single copies will be
sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions,
$2.60; single copies, 25 cents.
in
TABLE OF CONTENTS
Pagt
Review of the month—Recent banking developments
265
Annual report of the German Reichsbank
288-292
National summary of business conditions
275
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
Member and nonmember bank credit:
All banks in the United States
All member banks
Weekly reporting member banks in 90 leading cities
Brokers' loans
Acceptances and commercial paper
Discount rates and money rates
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
276-279
281
280, 321
282, 322
282
283
284, 325
285
286, 326-328
287
287
287
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
293
294
294-296
297
297
298-300
301
302
302
303
304
304-305
305
Law department:
Federal home loan banks as banks within the meaning of section 19 of the Federal Reserve Act
Changes in law relating to the Federal Reserve System made by the recent agricultural relief act
(text of act of May 12, 1933)
Federal Reserve statistics by districts, etc.:
Banking and financial statistics
Industrial and commercial statistics
IV
-
306
306
319-325
326-329
FEDERAL RESERVE BULLETIN
VOL. 19
REVIEW OF THE MONTH
MAY 1933
No. 5
licenses to reopen were approximately $300,000,000 in excess of legal requirements.
Loans and investments of member banks in
New York City showed an increase of $350,000,000, the increase being in loans on securities
and in all other loans, as well as in holdings of
Return of currency to the Federal Reserve
banks continued in April, though at a less rapid
rate. Total volume of currencv
^
returned between March 4 and
May 10 was $1,595,000,000, of
which $300,000,000 was in gold coin and
MONEY IN CIRCULATION
$470,000,000 in gold certificates. Practically MILLIONS OF DOLLARS WeeKlu Basis-- Wednesday Series MILLIONS OF DOLLARS
7600
all of the currency withdrawn by banks 7600
7*400
between February 1 and March 4 for the 7400
purpose of increasing their vault cash was 7200
7200
returned to the Reserve banks by the second 7000
7000
week of May, while of the currency paid out to
6Q00
the public during that period about $250,000,- 6800
6600
6600
000 was still outstanding.
The chart shows the total amount of currency
outside the United States Treasury and the
Federal Reserve banks since the beginning of
1930. I t brings out the fact that the volume
of currency, which had increased by about
$1,000,000,000 in 1931, remained fairly constant in 1932. In 1933, beginning in February,
there was a more rapid increase than at any previous time, followed by an almost as rapid return
5000
5000
after the banks were reopened early in March.
4800
4800
Early in May, however, the amount of money
4600
in circulation was still about $400,000,000 larger 4600 ^ r ^
44-00
4400
than at the same season in 1932 and $1,200,4200
4200
L
000,000 larger than two years ago.
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
Reserve funds derived by the member banks
Money outside Treasury and Federal Reserve banks
in April and early May from the redeposit of
currency with the Federal Reserve banks were United States Government obligations. Deused to reduce the banks' indebtedness by mand deposits of the New York banks increased
$100,000,000, to liquidate $175,000,000 of by more than $500,000,000, and their balances
maturing acceptances held by the Reserve held for correspondent banks by $200,000,000
banks, and to increase the member banks' re- during the period.
serve balances by $170,000,000. Early in May
Total reserves of the Federal Reserve banks
the reserves of member banks that had received increased further in April and early May, and
265
266
FEDERAL RESERVE BULLETIN
this increase, together with the decline in Federal Reserve notes, was reflected in a rise of the
ratio of reserves to deposit and note liabilities of
the 12 Federal Reserve banks combined to 64.8
percent on May 10.
On April 20 the President
Gold embargo issued the following Executive
order:
" EXECUTIVE ORDER
" RELATING TO FOREIGN EXCHANGE AND THE
EARMARKING AND EXPORT OF GOLD COIN OR
BULLION OR CURRENCY
MAY
1933
wise, any transactions in foreign exchange,
transfers of credit from any banking institution
within the United States or any place subject
to the jurisdiction thereof to any foreign branch
or office of such banking institution or to any
foreign bank or banker, and the export or withdrawal of currency from the United States or
any place subject to the jurisdiction of the
United States, by any individual, partnership,
association, or corporation within the United
States or any place subject to the jurisdiction
thereof; and the Secretary of the Treasury may
require any individual, partnership, association,
or corporation engaged in any transaction
referred to herein to furnish under oath, complete information relative thereto, including the
production of any books of account, contracts,
letters or other papers, in connection therewith
in the custody or control of such individual,
partnership, association, or corporation either
before or after such transaction is completed.
" 3 . The provisions relating to foreign exchange transactions contained in the Executive
order of March 10, 1933, shall remain in full
force and effect except as amended or supplemented by this order and by regulations
issued hereunder.
"4. Applicants who have gold coin, gold
bullion, or gold certificates in their possession,
or who, in obedience to the Executive order of
April 5, 1933, have delivered gold coin, gold
bullion, or gold certificates shall be entitled to
licenses as provided in section 8 of said Executive order for amounts not exceeding the equivalent of such coin, bullion, or certificates held
or delivered. The Secretary may, in his discretion, issue or decline to issue any other
licenses under said Executive order, which shall
in all other respects remain in full force and
effect.
"5. Whoever willfully violates any provision
of this Executive order or of any rule, regulation, or license issued thereunder may be fined
not more than $10,000, or, if a natural person,
may be imprisoned for not more than ten years,
or both; and any officer, director, or agent of
any corporation who knowingly participates in
any such violation may be punished by a like
fine, imprisonment, or both.
"By virtue of the authority vested in me by
section 5 (b) of the act of October 6, 1917, as
amended by section 2 of the act of March 9,
1933, entitled 'An act to provide relief in the
existing national emergency in banking, and
for other purposes/ in which amendatory act
Congress declared that a serious emergency
exists, I, Franklin D. Roosevelt, President of
the United States of America, do declare that
said national emergency still continues to exist
and pursuant to said section and by virtue of
all other authority vested in me, do hereby
issue the following Executive order:
" 1 . Until further order, the earmarking for
foreign account and the export of gold coin,
gold bullion, or gold certificates from the United
States or any place subject to the jurisdiction
thereof are hereby prohibited, except that the
Secretary of the Treasury, in his discretion and
subject to such regulations as he may prescribe,
may issue licenses authorizing the export of
gold coin and bullion (a) earmarked or held in
trust for a recognized foreign government or
foreign central bank or the Bank for International Settlements, (b) imported for reexport
or gold in reasonable amounts for usual trade
requirements of refiners importing gold-bearing
materials under agreement to export gold, (c)
actually required for the fulfilment of any contract entered into prior to the date of this order,
by an applicant who, in obedience to the
Executive order of April 5, 1933, has delivered
gold coin, gold bullion, or gold certificates, and
(d) with the approval of the President, for
transactions which he may deem necessary to
promote the public interest.
"This order may be modified or revoked at
"2. Until further order, the Secretary of the
any
time.
Treasury is authorized, through any agency
"FRANKLIN D. ROOSEVELT.
that he may designate, to investigate, regulate,
or prohibit, under such rules and regulations as
" T H E WHITE HOUSE,
he may prescribe, by means of licenses or other"April 20, 1933."
MAY
FEDERAL RESERVE BULLETIN
1933
On April 29 the Secretary of the Treasury
issued the following regulations relating to the
licensing of the purchase and
Regulations
export of gold. These regulations relate both to the Executive order of
April 5, which prohibited the hoarding of gold
(see FEDERAL RESERVE BULLETIN for April,
p. 213) and to the order of April 20.
REGULATIONS RELATING TO LICENSING THE PURCHASE
AND EXPORT OF GOLD
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
April 29, 1933:
ARTICLE I.
MISCELLANEOUS PROVISIONS
SECTION 1. Authority for regulations.—In pursuance
of the provisions of section 5 (b) of the act of October 6,
1917, as amended by section 2 of the act of March 9,
1933, and the Executive orders of the President dated
March 10, 1933, April 5, 1933, and April 20, 1933, these
regulations are prescribed.
SEC. 2. Definitions.—For the purposes of these
regulations, the term " person" means an individual,
partnership, association, or corporation; and the term
"United States" means the continental United States,
including Alaska.
SEC. 3. Licenses nontransferable.—Licenses or permits issued or granted under these regulations shall not
be transferred.
SEC. 4. Scope.—These regulations shall be operative
within the United States as denned, unless otherwise
indicated.
SEC. 5. Penalties.—Whoever willfully violates any
provision of these regulations or of any license issued
hereunder may be fined not more than $10,000, or, if a
natural person, may be imprisoned for not more than
ten years, or both; and any officer, director, or agent of
any corporation who knowingly participates in any such
violation may be punished by a like fine, imprisonment,
or both.
ARTICLE II.
PURCHASE OF GOLD FOR USE IN INDUSTRY,
PROFESSION OR ART
SEC. 1. Eligible applicants.—Any person having a
legitimate and customary use for gold in industry,
profession, or art (including research and scientific
work), or any person customarily supplying gold to
others for such use (hereinafter called a "dealer"),
may file with a Federal Reserve bank an application to
purchase such quantity of gold as may be required for
legitimate and customary use within a reasonable time.
SEC, 2. Applications.—Such application shall be
filed in duplicate, executed under oath and verified
before an officer duly authorized to administer oaths,
and shall contain (a) the name and address of the
applicant, (b) the industry, profession, or art or business in which the applicant is engaged, (c) the amount
of gold usually required for use in the applicant's
business for a period of 90 days, (d) the amount of gold
used or sold during the preceding calendar year, (e)
the amount and a description of all gold on hand at the
date of the application, (f) the amount of gold applied
for, (g) a statement that the applicant will use such
gold as he may be permitted to purchase only for the
legitimate and customary requirements of industry,
267
profession, or art, or for sale exclusively in industry,
profession, or art, and (h) a statement that no other
application is pending.
SEC. 3. Purchase of gold.—Upon receipt of the
application and after making such investigation of the
case as it may deem advisable, the Federal Reserve
bank, if satisfied that the gold is necessary for the
legitimate and customary requirements of the applicant's business, industry, profession, or art, within a
reasonable time, may permit the applicant to purchase
such quantity of gold (not in excess of the amount
applied for) as may be necessary for such use upon
payment therefor of an equivalent amount of coin or
currency coined or issued under the laws of the United
States. The applicant shall keep an exact record of
the disposition of such gold, and, in the case of a dealer
furnishing gold for use in industry, profession, or art,
such dealer shall keep a record which shall show the
amounts and dates of sales and the names and addresses
of the purchasers. Such records shall be available for
examination by a representative of the Treasury
Department for at least one year after the date of the
disposition of the gold. The gold so purchased shall
be used or disposed of only in accordance with this
article and the Executive order of April 5, 1933.
Dealers withdrawing gold under this article shall
require of the persons who purchase gold from them
an affidavit that the gold so purchased will be used
exclusively in the industry, profession, or art in which
such purchasers are engaged.
SEC. 4. Prior regulation revoked.—Emergency Banking Regulation No. 25, issued March 13, 1933, is hereby
revoked.
ARTICLE III.
EXPORT OF GOLD COIN OR GOLD
BULLION
SEC. 1. License required.—No gold coin, gold bullion
or gold certificates shall be exported from the United
States or any place subject to the jurisdiction thereof,
or earmarked for foreign account unless a license therefor shall first have been obtained from the Secretary
of the Treasury in accordance with this article or
article IV of these regulations. Licenses may be issued,
in the discretion of the Secretary, authorizing the export
of gold coin and gold bullion:
(a) Earmarked or held in trust for a recognized
foreign government or foreign central bank or the Bank
for International Settlements; l
(b) Imported for reexport;
(c) Actually required for the fulfilment of any
contract calling for payment or delivery of gold coin
or bullion, entered into prior to April 20, 1933, by an
applicant who, in obedience to the Executive order
of April 5, 1933, has delivered gold coin, gold bullion,
or gold certificates in accordance with such order; or
(d) With the approval of the President, for transactions which he may deem necessary to promote the
public interest.
SEC. 2. Application for licenses.—Application for
license under section 1 to export from the United States
or any place subject to the jurisdiction thereof any gold
coin or gold bullion shall be made to the Secretary of
the Treasury. Each such application shall be executed
in duplicate under oath and verified before an officer
duly authorized to administer oaths, and shall state in
detail (a) the name and address of the applicant, (b)
the name and address of the owner of the gold to be
exported, (c) the amount and a description of gold coin
or gold bullion and the location thereof, (d) the port
i Export of gold by refiners importing gold-bearing materials is covered
by article IV of these regulations.
268
FEDERAL RESERVE BULLETIN
from which export will be made, (e) the name and
address of the consignee, and (f) the nature of the transaction and the facts making necessary the export. In
the case of an application for a license under section 1
(c) of this article, the application, in addition to the
above, shall state in detail (1) the amount, respectively,
of the gold coin, gold bullion, or gold certificates delivered in obedience to the Executive order of April 5,
1933, and the date and place of such delivery, and (2)
the amount of gold coin or gold bullion actually required
for the fulfilment of the contract. A certified copy of
the contract or obligation shall accompany the application.
SEC. 3. Filing of application.—The application shall
be filed with a Federal Reserve bank, and such bank,
after making such investigation of the case as it may
deem necessary, shall transmit the original of such
application to the Secretary of the Treasury, together
with (a) such supplemental information as it may
deem appropriate and (b) a recommendation as to
whether the license should be granted or denied. A
copy of the application shall be retained by the Federal
Reserve bank for its records.
SEC. 4. Issuance of license.—If the Secretary of the
Treasury in his discretion determines to grant a license
upon an applicationfiledunder section 3, he will authorize the Federal Reserve bank through which the application was transmitted to issue on his behalf a license to
export a specified amount of gold coin or gold bullion,
and such bank shall thereupon issue such license to the
applicant. If the license applied for is not granted,
the bank through which the application was transmitted will be advised and such bank shall thereupon
so notify the applicant.
SEC. 5. License.—Each license for the export of gold
coin or bullion shall be numbered serially and shall bear
(a) the date of issue, (b) the name and address of the
licensee, (c) the name and address of the consignee,
(d) the amount and description of the gold licensed,
(e) the port of export, and (f) a statement "This license
shall expire 15 days from date of issue."
SEC. 6. Notification of issuance of license.—At the
time the license is issued, the issuing Federal Reserve
bank shall transmit a copy thereof to the collector of
customs at the port of export designated thereon. No
collector of customs shall permit the export of any gold
coin or bullion under this article except upon surrender
of a license to export, a copy of which has been received
by him from the Federal Reserve bank issuing such
license.
SEC. 7. Expiration of license.—All licenses to export
gold coin or bullion issued under this article shall expire
15 days after date of issue and any person holding a
license who fails to export gold coin or bullion in accordance with the terms of the license shall forthwith
deliver such gold coin or bullion to a Federal Reserve
bank.
ARTICLE IV.
IMPORT FOR SMELTING AND/OR REFINING
AND EXPORT
SEC. 1. Notation upon entry.—Upon the formal entry
into the United States of gold-bearing ores, or any other
gold-bearing materials imported into the United States
for smelting and/or refining under an agreement providing for the export of gold bullion, the importer shall
notify the collector of customs at the port where the
gold-bearing ore or material is formally entered that the
importation is made under such agreement. The collector shall make a notation on the entry to this effect
and forward a copy of the entry to the United States
assay office at New York, New York, or to the United
MAY
1933
States Mint at San Francisco, California, whichever is
designated by the importer.
SEC. 2. Sampling and assaying.—Promptly upon the
receipt of each importation of gold-bearing ore or material at the plant where it is first to be treated, it shall
be weighed, sampled, and assayed for gold content. A
reserve commercial sample shall be retained at such
plant for at least one year from the date the importation
was received by the plant unless the assay is sooner
verified by the Treasury Department.
SEC. 3. Plant records.—The importer shall cause an
exact record, covering each importation, to be kept at
the plant of first treatment. The record shall show the
gross wet weight of the importation, the weight of
containers, if any, the net wet weight, the percentage
and weight of moisture, the net dry weight, the gold
content shown by the settlement assay, and the amount
of gold bullion required to be exported under the
agreement. An attested copy of such record shall be
filled promptly with the assay office or the mint,
whichever has been designated to receive a copy of the
entry.
SEC. 4. Application for export license.—Not later
than fifteen days from the date of entry the importer
shallfilean application with the assay office or the mint,
whichever has been designated to receive a copy of the
entry, for a license to export gold bullion not in excess
of the amount shown by the settlement sheet covering
the importation. Such application shall be filed in
duplicate, executed under oath and verified before an
officer duly authorized to administer oaths, and shall
show (a) the name and address of the applicant, (b)
the port at which the importation was formally entered,
(c) the entry number, (d) the date of entry, (e) the
plant at which the importation was first treated, (f) the
gross wet weight, (g) the weight of the containers, if
any, (h) the net wet weight, (i) the percentage and
weight of moisture, (j) the net dry weight, (k) the gold
content, (1) the amount of gold bullion required to be
exported under the agreement, and (m) the name and
address of the proposed consignee of the exportation.
The application shall be accompanied by two duly
attested copies of the settlement sheet.
SEC. 5. Issuance of serial numbered certificate.—
If the superintendent of the assay office or of the mint is
satisfied as to the accuracy of the data shown on such
application, he shall issue to the importer a dated serial
numbered certificate which shall show the amount of
gold specified by the application and the amount specified by the settlement sheet. The Director of the Mint
shall prescribe the form of such certificate.
SEC. 6. Issuance of export license.—Upon delivery
to the assay office or the mint, within 120 days from the
date it was issued, of the serial numbered certificate,
the superintendent of the assay office or mint shall
issue to the importer a license to export gold bullion
in the amount applied for but not in excess of the amount
specified by the settlement sheet as shown on such
certificate.
SEC. 7. Licenses.—Each license for the export of
gold bullion under this article shall be numbered
serially and shall bear (a) the date of issue, (b) the
name and address of the licensee, (c) the name and
address of the consignee, (d) the amount and description of the gold licensed, (e) the port of export, and
(f) a statement "This license shall expire 15 days from
date of issue."
SEC. 8. Notification of issuance of license.—At the
time the license is issued the issuing assay office or mint
shall transmit a copy thereof to the collector of customs
at the port of export designated thereon. No collector
of customs shall permit the export of any gold bullion
MAY
FEDEltAL RESERVE BULLETIN
1933
under this article except upon surrender of a license to
export, a copy of which has been received by him from
the assay office or mint issuing the license.
SEC. 9. Expiration of license.—All licenses to export
gold bullion issued under this article shall expire 15
days after date of issue and any person holding a license
who fails to export the gold bullion in accordance
with the terms of the license shall forthwith deliver
such bullion to a Federal Reserve bank.
AKTICLE V. ACQUISITION OR RETENTION OF GOLD
COIN, GOLD BULLION, OR GOLD CERTIFICATES FOR
PROPER TRANSACTIONS NOT INVOLVING HOARDING
269
in his possession, or in obedience to said Executive
order, has delivered such coin, bullion, or certificates.
A license so granted shall be for an amount of gold
coin or bullion not exceeding the amount of such coin,
bullion, or certificates held or delivered. When the
issuance of a license is approved by the Secretary of the
Treasury, the Federal Reserve bank through which
application was made will issue a license to the applicant. If denied, the Federal Reserve bank will be
so advised and shall immediately notify the applicant.
The decision of the Secretary of the Treasury shall be
final. The Federal Reserve bank shall note upon the
retained copy of the application whether or not a
license has been granted, and, if granted, the date of
the license and the amount of the gold coin or gold
bullion covered thereby.
SEC. 4. Acquisition of gold.—Upon presentation of
a license for the acquisition of gold coin or bullion to a
Federal Reserve bank, such bank shall deliver to the
licensee the amount of gold coin or gold bullion authorized in such license upon payment therefor in an
equivalent amount of any form of coin or currency
coined or issued under the laws of the United States.
SEC. 5. Reports required on the disposition of gold
coin or bullion.—Any person holding a license for the
retention or acquisition of gold coin or bullion issued
under this article, who shall at any time dispose of such
gold coin or bullion in accordance with the terms of the
license or otherwise, shall immediately file a written
report in duplicate with the Federal Reserve bank
through which the license was issued. Such report
shall be executed under oath and verified before an
officer duly authorized to administer oaths and shall
contain (a) the names and addresses of the person or
persons to whom such gold coin or bullion was delivered, (b) the amounts thereof and whether gold coin or
gold bullion and (c) the reason for such delivery. On
the receipt of any such report the Federal Reserve bank
receiving it shall immediately transmit the original to
the Secretary of the Treasury in Washington and shall
retain a copy for its records. Upon the transfer of any
gold coin or bullion by a person licensed to retain or
acquire the same, such licensee shall advise the transferee of the provisions of the Executive order of April 5,
1933, and of the penalties for its violation, and such
transferee shall deliver such gold coin or bullion so
received to a Federal Reserve bank or branch or agent
thereof or any member bank of the Federal Reserve
System in accordance with the Executive order of April
5, 1933, and shall be subject to the penalties of said
Executive order for any violation thereof.
SEC. 1. Licenses for proper transactions and for purposes not covered in preceding articles.—Any person
showing the need for gold coin or gold bullion for a
proper transaction not involving hoarding or for gold
coin or gold bullion for a purpose specified in the Executive order of April 5, 1933, and not covered by the
foregoing articles of these regulations, may make
application to the Secretary of the Treasury for a
license to purchase, or if such coin or bullion is already
in his possession, to retain such coin or bullion, in
amounts as may be reasonably necessary for such
proper transaction or purpose. Applications shall be
filed with any Federal Reserve bank. The application
shall be filed in duplicate, executed under oath and
verified before an officer duly authorized to administer
oaths and shall contain (a) the name and address of
the applicant, (b) the amount of gold coin or gold
bullion desired to be purchased or retained, (c) the
amount and description of the gold coin or bullion on
hand, if any, at the date of the application, (d) the
proper transaction or purpose to which the gold coin
or gold bullion will be devoted and the facts making
necessary its purchase or retention, (e) such other
facts as will enable the Secretary of the Treasury to
determine whether the transaction is proper, and (f) a
statement that the applicant will use such gold coin or
gold bullion as he may be permitted to purchase or
retain only for the transaction or purpose set forth in
the application. In the case of an applicant for a
license who has delivered in obedience to the Executive
order of April 5, 1933, gold coin, gold bullion, or gold
certificates, the application, in addition to the above,
shall state in detail (1) the amount of gold coin, gold
bullion, or gold certificates delivered in obedience to
the Executive order of April 5, 1933, (2) the date of
such delivery, and (3) the bank at which delivered.
SEC. 2. Disposition of applications.—On the receipt
of any such application, the Federal Reserve bank shall
make such investigation of the case as it may deem
These regulations may be supplemented, modified, or
advisable and shall transmit to the Secretary of the
Treasury the original of such application, together revoked at any time.
W. H. WOODIN,
with (a) any supplemental information it may deem
Secretary of the Treasury.
appropriate and (b) a recommendation whether a
license should be granted or denied. The Federal
Reserve bank shall retain a copy of the application for
On May 12, 1933, the President approved
its records.
an
act of Congress dealing primarily with agriSEC. 3. Granting or denial of the license.—Upon
receipt of the original application and the recommencultural purchasing power and
dation of the Federal Reserve bank transmitting it, the
Monetary
legisfarm
indebtedness, which is
Secretary of the Treasury will grant or deny the license.
A license will be granted on application for the retenlation
printed
in full elsewhere in this
tion or acquisition of gold coin or bullion made by any
person showing the need for such gold coin or bullion
BULLETIN
(pages 306-318).
in accordance with the provisions of section 8 of the Title III of the act, which deals with Federal
Executive order of April 5, 1933, in cases where such
person has gold coin, gold bullion, or gold certificates Reserve and monetary matters, follows.
172744—33
270
FEDERAL RESERVE BULLETIN
MAY
1933
(b) If the Secretary, when directed by the
President, is unable to secure the assent of the
several Federal Reserve banks and the Federal
Reserve Board to the agreements authorized
in this section, or if operations under the above
provisions prove to be inadequate to meet the
SEC. 43. Whenever the President finds, upon purposes of this section, or if for any other
investigation, that (1) the foreign commerce of reason additional measures are required in the
the United States is adversely affected by rea- judgment of the President to meet such purson of the depreciation in the value of the cur- poses, then the President is authorized—
rency of any other government or governments
(1) To direct the Secretary of the Treasury
in relation to the present standard value of gold, to cause to be issued in such amount or amounts
or (2) action under this section is necessary in as he may from time to time order, United
order to regulate and maintain the parity of States notes, as provided in the Act entitled
currency issues of the United States, or (3) an "An Act to authorize the issue of United States
economic emergency requires an expansion of notes and for the redemption of funding thereof
credit, or (4) an expansion of credit is neces- and for funding the floating debt of the United
sary to secure by international agreement a States", approved February 25, 1862, and
stabilization at proper levels of the currencies of Acts supplementary thereto and amendatory
various governments, the President is author- thereof, in the same size and of similar color to
ized, in his discretion—
the Federal Reserve notes heretofore issued and
(a) To direct the Secretary of the Treasury in denominations of $1, $5, $10, $20, $50, $100,
to enter into agreements with the several $500, $1,000, and $10,000; but notes issued
Federal Reserve banks and with the Federal under this subsection shall be issued only for
Reserve Board whereby the Federal Reserve the purpose of meeting maturing Federal
Board will, and it is hereby authorized to, obligations to repay sums borrowed by the
notwithstanding any provisions of law or rules United States and for purchasing United
and regulations to the contrary, permit such States bonds and other interest-bearing obligareserve banks to agree that they will, (1) con- tions of the United States: Provided, That
duct, pursuant to existing law, throughout when any such notes are used for such purpose
specified periods, open market operations in the bond or other obligation so acquired or
obligations of the United States Government taken up shall be retired and canceled. Such
or corporations in which the United States is notes shall be issued at such times and in
the majority stockholder, and (2) purchase such amounts as the President may approve but
directly and hold in portfolio for an agreed the aggregate amount of such notes outstanding
period or periods of time Treasury bills or at any time shall not exceed $3,000,000,000.
other obligations of the United States Govern- There is hereby appropriated, out of any
ment in an aggregate sum of $3,000,000,000 in money in the Treasury not otherwise approaddition to those they may then hold, unless priated, an amount sufficient to enable the
prior to the termination of such period or Secretary of the Treasury to retire and cancel
periods the Secretary shall consent to their 4 per centum annually of such outstanding
sale. No suspension of reserve requirements notes, and the Secretary of the Treasury is
of the Federal Reserve banks, under the terms hereby directed to retire and cancel annually
of section ll(c) of the Federal Reserve Act, 4 per centum of such outstanding notes. Such
necessitated by reason of operations under notes and all other coins and currencies heretothis section, shall require the imposition of the fore or hereafter coined or issued by or under
graduated tax upon any deficiency in reserves the authority of the United States shall be
as provided in said section ll(c). Nor shall it legal tender for all debts public and private.
require any automatic increase in the rates of
(2) By proclamation to fix the weight of the
interest or discount charged by any Federal gold dollar in grains nine tenths fine and also to
Reserve bank, as otherwise specified in that fix the weight of the silver dollar in grains nine
section. The Federal Reserve Board, with the tenths fine at a definite fixed ratio in relation to
approval of the Secretary of the Treasury, may the gold dollar at such amounts as he finds
require the Federal Reserve banks to take necessary from his investigation to stabilize
such action as may be necessary, in the judg- domestic prices or to protect the foreign comment of the Board and of the Secretary of the merce against the adverse effect of depreciated
Treasury, to prevent undue credit expansion. foreign currencies, and to provide for the
TITLE
III
FINANCING
AND
EXERCISING
POWER CONFERRED BY SECTION 8 OF ARTICLE I OF THE CONSTITUTION!
TO COIN
MONEY AND TO REGULATE THE VALUE
THEREOF
MAY
1933
FEDERAL RESERVE BULLETIN
unlimited coinage of such gold and silver at the
ratio so fixed, or in case the Government of the
United States enters into an agreement with
any government or governments under the
terms of which the ratio between the value of
gold and other currency issued by the United
States and by any such government or governments is established, the President may fix the
weight of the gold dollar in accordance with
the ratio so agreed upon, and such gold dollar,
the weight of which is so fixed, shall be the
standard unit of value, and all forms of money
issued or coined by the United States shall be
maintained at a parity with this standard and
it shall be the duty of the Secretary of the
Treasury to maintain such parity, but in no
event shall the weight of the gold dollar be
fixed so as to reduce its present weight by more
than 50 per centum.
SEC. 44. The Secretary of the Treasury, with
the approval of the President, is hereby authorized to make and promulgate rules and regulations covering any action taken or to be taken
by the President under subsection (a) or (b) of
section 43.
SEC. 45. (a) The President is authorized,
for a period of six months from the date of the
passage of this Act, to accept silver in payment
of the whole or any part of the principal or
interest now due, or to become due within six
months after such date, from any foreign
government or governments on account of any
indebtedness to the United States, such silver
to be accepted at not to exceed the price of 50
cents an ounce in United States currency. The
aggregate value of the silver accepted under
this section shall not exceed $200,000,000.
(b) The silver bullion accepted and received
under the provisions of this section shall be
subject to the requirements of existing law and
the regulations of the mint service governing
the methods of determining the amount of
pure silver contained, and the amount of the
charges or deductions, if any, to be made; but
such silver bullion shall not be counted as part
of the silver bullion authorized or required to
be purchased and coined under the provisions
of existing law.
(c) The silver accepted and received under
the provisions of this section shall be deposited
in the Treasury of the United States, to be held,
used, and disposed of as in this section provided.
(d) The Secretary of the Treasury shall
cause silver certificates to be issued in such
denominations as he deems advisable to the
total number of dollars for which such silver
was accepted in payment of debts. Such
271
silver certificates shall be used by the Treasurer
of the United States in payment of any obligations of the United States.
(e) The silver so accepted and received under
this section shall be coined into standard silver
dollars and subsidiary coins sufficient, in the
opinion of the Secretary of the Treasury, to
meet any demands for redemption of such silver
certificates issued under the provisions of this
section, and such coins shall be retained in the
Treasury for the payment of such certificates
on demand. The silver so accepted and received under this section, except so much thereof
as is coined under the provisions of this section,
shall be held in the Treasury for the sole purpose of aiding in maintaining the parity of such
certificates as provided in existing law. Any
such certificates or reissued certificates, when
presented at the Treasury, shall be redeemed
in standard silver dollars, or in subsidiary silver
coin, at the option of the holder of the certificates: Provided, That, in the redemption of
such silver certificates issued under this section,
not to exceed one third of the coin required for
such redemption may in the judgment of the
Secretary of the Treasury be made in subsidiary
coins, the balance to be made in standard silver
dollars.
(f) When any silver certificates issued under
the provisions of this section are redeemed or
received into the Treasury from any source
whatsoever, and belong to the United States,
they shall not be retired, canceled, or destroyed,
but shall be reissued and paid out again and
kept in circulation; but nothing herein shall
prevent the cancelation and destruction of
mutilated certificates and the issue of other
certificates of like denomination in their stead,
as provided by law.
(g) The Secretary of the Treasury is authorized to make rules and regulations for carrying
out the provisions of this section.
SEC. 46. Section 19 of the Federal Reserve
Act, as amended, is amended by inserting
immediately after paragraph (c) thereof the
following new paragraph:
" Notwithstanding the foregoing provisions
of this section, the Federal Reserve Board,
upon the affirmative vote of not less than five
of its members and with the approval of the
President, may declare that an emergency
exists by reason of credit expansion, and may
by regulation during such emergency increase
or decrease from time to time, in its discretion,
the reserve balances required to be maintained
against either demand or time deposits."
272
FEDERAL RESERVE BULLETIN
MAY
1933
Publication by the Department of Commerce the outset the surplus was reflected in increases
of official figures for the international balance of in foreign balances; later in an inflow of gold.
payments of the United States Since 1928, however, there has been a marked
n ,
r.
Balances of in- f J
. .
_
_
contraction in the international income of the
ternational pay- in 1932 brings out the fact that country, and the heavy inflow of gold has reStates'" U n i t e d ti^8 country continued last year flected chiefly the repatriation of previously
to show a surplus of interna- accumulated foreign balances. In the last two
tional income on current account, which was years the excess of merchandise imports to
balanced by an outflow of capital funds, and an France has been greater than the country's reinflow of gold. During the year exports of ceipts from tourists' expenditures, reparations,
merchandise from the United States exceeded and income from foreign investments. As a
imports by $250,000,000; and, in addition, this consequence there has been a decline in foreign
country received $400,000,000 in interest and balances larger than is accounted for by the
dividends and $100,000,000 on intergovern- inflow of gold. Since the beginning of Decemmental debt, largely as interest. Against these ber 1932 the flow of gold has been reversed, and
international receipts were balanced large tour- up to April 21 the Bank of France had lost
ist expenditures, immigrants' remittances, and $100,000,000 from its reserves.
other items; but the net result was a surplus of
A tendency toward a closer balance of current
$130,000,000 in current international income. international transactions has also been evident
Long-time capital movements were also in
in England since 1931. In
the direction of the United States, chiefly England
1931 there was a deficit of $470,through the repurchase by foreigners of issues
000,000, reflecting an excess of
originally floated by them in the United States. imports over exports, together with a reIt was the favorable balance of current income duced income from shipping and British investand the foreign purchases of dollar bonds that ments abroad. In 1932 the income from shipprovided this country with funds to meet the ping and foreign investments declined further,
withdrawals of foreign short-term balances, but the excess of merchandise imports showed
which were on a large scale during the year, a larger decline, and the deficit was less than
and in addition resulted in a net growth of the half as large as in the preceding year. In the
country's stock of monetary gold. Excess of
first four months of 1933 available figures indicurrent international income has been continucate that current international receipts and exous in this country during the past decade,
penditures of England were about in balance.
but has diminished in recent years. In 1930
The growth of $320,000,000 in gold reserves of
it was $710,000,000; in 1931, $160,000,000; and
the Bank of England between January 18 and
in 1932, $130,000,000. The indications are
April 26 represented largely a movement of
that for the first quarter of 1933 this country's
capital funds into the country.
current international income has been pracIn Germany, if reparation payments be intically in balance and that the losses of gold
cluded,
there was until 1931 a deficit on curduring the quarter have been attributable to
rent international account. In
the movement of capital funds.
Germany
that year the deficit, which had
In France a similar development has been
been
diminishing in preceding
under way. No official statement of the counyears,
disappeared
and
was replaced by a contry's international balance of
siderable
surplus.
This
was due in part to the
France
payments is published, but there
cessation
of
reparation
payments
after adoption
is sufficient evidence to indicate
of
the
moratorium
in
July
1931,
but more
the broader outlines of the situation. The
largely
to
the
growing
excess
of
German
mernet current international income of France was
chandise
exports
added
to
receipts
from
shiplargest in the years immediately before and after
de facto stabilization of the franc in 1926. At ping and other services. The financial crisis
FEDERAL RESERVE BULLETIN
MAY 1933
which developed toward the middle of 1931,
however, led to large withdrawals of short-term
capital from Germany and forced the introduction of a rigid exchange control and the adoption of agreements designed to retain foreign
funds in Germany subject to partial repayment
from time to time. In 1932 the excess of German merchandise exports was cut to about one
third of the volume in 1931, and in the first
quarter of 1933 it has been reduced still further.
At the present time it is approximately equal
to the service of the foreign debt, after successive reductions in the rate of interest.
273
Appointment of Chairman of the Board of Directors
and Federal Reserve Agent at Minneapolis
Mr. John N. Peyton has been appointed by
the Federal Reserve Board a class C director of
the Federal Reserve Bank of Minneapolis for
the remainder of the term of Mr. John R.
Mitchell, deceased, ending December 31, 1935,
and has been designated chairman of the board
of directors of the bank and Federal Reserve
agent. Mr. Peyton, who for more than two
years served as bank commissioner of the State
of Minnesota, assumed his new duties on
May 15, 1933.
Changes in Foreign Central Bank Discount Rates
On April 5 the National Bank of Rumania
reduced its discount rate from 7 to 6 percent.
Mr. Eugene Meyer, Governor of the Federal This was the only change in discount rates
Reserve Board, who had held that office since reported by central banks in foreign countries
September 16, 1930, tendered his resignation on during the month ended May 1.
March 24, 1933, as member and Governor of
the Board, and it was accepted effective
Liquidation of First Federal Foreign Banking
May 10, 1933. On May 17, 1933, Mr. Eugene
Corporation
R. Black, of Georgia, was appointed a member
of the Federal Reserve Board and was desigThe First Federal Foreign Banking Corponated as Governor of the Board, to fill the
vacancy created by Mr. Meyer's resignation. ration, a corporation organized under the
Mr. Black had held the office of Governor of provisions of section 25 (a) of the Federal Rethe Federal Reserve Bank of Atlanta since serve Act, which was authorized to commence
business on May 24, 1926, was placed in liquiJanuary 13, 1928.
dation on April 21, 1933, by voluntary action
of
its shareholders.
Appointment of Comptroller of Currency
Resignation and Appointment of Governor of the
Federal Reserve Board
On May 11, 1933, Mr. J. F. T. O'Connor, of
California, was appointed Comptroller of the
Currency, and, as such, became an ex-officio
member of the Federal Reserve Board.
Changes in the Board's Staff
Mr. Floyd R. Harrison, Assistant to the
Governor of the Federal Reserve Board, tendered his resignation to be effective as of the
close of business on May 15, 1933, and it was
accepted by the Federal Reserve Board.
On May 18, 1933, the Board appointed Mr.
E. M. McClelland, formerly assistant secretary, to succeed Mr. Harrison as Assistant to
the Governor. The Board also on May 18,
1933, appointed Mr. S. R. Carpenter as
assistant secretary to succeed Mr. McClelland.
Weekly Member Bank Statement
Publication of the Board's weekly condition
statement of reporting member banks in leading cities, which was temporarily discontinued
early in March, was resumed as of Wednesday
May 10. The statement now covers banks in
90 leading cities, instead of in 101 leading
cities as formerly. The 90 cities now included
in the statement are those in which all or
nearly all reporting banks have been licensed
to resume full banking operations.
Figures on the new basis, by weeks, beginning
March 1, the date of the last statement on the
former basis, appear on pages 322 and 323 of
the BULLETIN. Corresponding data for last
year are in course of preparation.
274
FEDERAL RESERVE BULLETIN
MAY
1933
Member Banks Licensed and Not Licensed
of the Treasury and those that had not received
such licenses on that date. There is also
There is given below a table showing, as of shown the amount of deposits held by these
May 3, the number of all member banks, and banks on December 31, 1932, the latest date
indicating the number of these banks that had for which such figures are available.
received licenses to reopen from the Secretary
MEMBER BANKS LICENSED AND NOT LICENSED AS OF MAY 3, 1933
Deposits on Dec. 31, 1932, of
banks licensed and not licensed on M a y 3, 1933 (in
thousands of dollars)
N u m b e r of banks
Federal Reserve district
Total
All
Li- Not licensed censed
Total
member
367
823
686
633
310
685
588
480
57 2,044,750
138 10,306,649
98 2,181,796
153 2, 544,669
Richmond...
Atlanta
Chicasro
St. Louis
392
316
771
404
300
270
464
326
92
46
307
78
Minneapolis _
Kansas C i t y .
Dallas
SanFrancisco.
530
771
564
432
462
695
535
363
68
76
29
69
6,689
5,478
National banks:
Boston
Kew York...
Philadelphia.
Cleveland
338
677
622
562
285
547
531
421
53
130
91
141
1, 558, 320
4,520, 887
1,512,049
1, 332,030
1,465, 381
4,313, 774
1, 385,268
1,172,348
92,939
207,113
126,781
159,682
Bichmond...
Atlanta
Chicago
St. Louis
352
277
614
339
267
236
375
277
85
41
239
62
737,208
642,379
2,801,659
596,260
619,043
616,100
1,979,063
550,949
118,165
26,279
822,596
45,311
1,916,236
10,063,101
2,025, 523
2,026,271
128,514
243,548
156,273
518,398
1,022,860
841,279
3,458,505
918,841
828,424
686,383
2, 518,670
825,260
194,436
154,896
939,835
93,581
724, 518
1,069,192
722,757
2,886,738
689,085
997,323
717,702
2,809,970
35,433
71,869
5,055
76,768
1,211 28,722, 554
Federal Reserve district
liLicensed l Not
censed
banks:
Boston
New Y o r k . . .
Philadelphia
Cleveland
Total
Number of banks
26,103,948 2,618,606
Total
National
banks—Con.
Minneapolis _
Kansas City.
Dallas
San Francisco.
Total
495
744
513
356
427
668
486
302
68
76
27
54
Total
Licensed i
690,849
953,181
681,567
2,275,527
655,416
881,312
676,748
2,204, 835
Not licensed
35,433
71,869
4,819
70,692
5,889
4,822
State bank
members:
Boston.
New York...
Philadelphia .
Cleveland
29
146
64
71
25
138
57
59
4
8
7
12
486,430
5,785,762
669, 747
1,212, 639
450, 855
5, 749,327
640,255
853,923
35,575
36,435
29,492
358,716
Richmond . . .
Atlanta
Chicago
St. Louis
40
39
157
65
33
34
89
49
7
5
68
16
285,652
198,900
656,846
322, 581
209,381
70,283
539,607
274,311
76,271
128,617
117,239
48,270
Minneapolis.
Kansas City.
Dallas
San Francisco
35
27
51
76
35
27
49
61
2
15
33,669
116,011
41,190
611,211
33,669
116,011
40,954
605,135
236
6,076
800
656
144 10,420, 638
9, 583,711
836,927
J Exclusive of deposits of banks that were not in operation on Dec. 31,1932.
Li- Not licensed censed
Deposits on Dec. 31, 1932, of
banks licensed and not licensed on May 3, 1933 (in
thousands of dollars)
Total
1,067 18,301,916
16, 520,237 1,781,679
MAY
1933
FEDERAL RESERVE BULLETIN
275
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled April 24 and released for publication April 26]
Production and distribution of commodities,
which declined during the latter part of February and the early part of March, increased
after the middle of the month. The return
flow of currency to the Reserve banks, which
began with the reopening of banks on March 13,
continued in April. Following the announcement by the President on April 19 that the
issuance of licenses for the export of gold would
be suspended, the value of foreign currencies in
terms of the dollar advanced considerably, and
there was increased activity in the commodity
and security markets.
Production and employment.—Production at
factories and mines decreased from February
to March, contrary to seasonal tendency, and
the Board's seasonally adjusted index declined
from 64 percent of the 1923-25 average to
60 percent, compared with a low level of 58
percent in July 1932. At steel mills there was
a decline in activity from an average of 20
percent of capacity in February to 15 percent
in March, followed by an increase to more than
20 percent for the month of April, according to
trade reports. In the automobile industry,
where there was also a sharp contraction in output when the banks were closed, there was a
rapid increase after the reopening of banks.
From February to March, production in the
food and cotton textile industries showed little
change in volume; activity in the woolen industry declined sharply, and there was a reduction in daily average output at shoe factories.
At lumber mills activity increased from the low
rate of February, while output of bituminous
coal declined by a substantial amount.
The volume of factory employment and pay
rolls showed a considerable decline from the
middle of February to the middle of March.
Comprehensive figures on developments since
the reopening of banks are not yet available.
Value of construction contracts awarded
in the first quarter, as reported by the F. W.
Dodge Corporation, was smaller than in the
last quarter of 1932 by about one third.
Distribution.—Volume of freigh1>car loadings,
on a daily average basis, declined from February
to March by about 7 percent, reflecting in large
part a substantial reduction in shipments of
•coal. Shipments of miscellaneous freight and
merchandise, which usually increase at this season, declined in the early part of March and increased after the middle of the month. Department-store sales, which had declined sharply in
the latter part of February and in the first half
of March, increased rapidly after the reopening
of banks.
Wholesale prices.—Wholesale prices of leading commodities fluctuated widely during
March and the first 3 weeks of April. In this
period grain prices increased sharply, and
prices of cotton, hides, nonferrous metals, pig
iron, scrap steel, and several imported raw
materials advanced considerably. During the
same period there were reductions in the prices
of rayon, petroleum, and certain finished steel
products.
Bank credit.—Currency returned rapidly to
the Federal Reserve banks and the Treasury
following the reopening of the banks, and on
April 19 the volume of money in circulation
was $1,500,000,000 less than on March 13,
when the peak of demand was reached. Funds
arising from the return flow of currency were
used to reduce the Reserve banks' holdings of
discounted bills by $1,035,000,000 and their
holdings of acceptances by $200,000,000; at
the same time member bank reserve balances
increased by $390,000,000. As a result of the
decline in Federal Reserve note circulation
and an increase in Federal Reserve bank
reserves, chiefly through the redeposit of gold
and gold certificates, the reserve ratio of the
12 Federal Reserve banks combined advanced
from 46.5 percent on March 13 to 61.5 percent
on April 19.
Deposits of reporting member banks in New
York increased rapidly after the reopening of
the banks, and on April 19 net demand deposits
were $620,000,000 larger than on March 15,
reflecting in part an increase of $380,000,000
in bankers7 balances, as funds were redeposited
by interior banks.
Money rates in the open market, after a
temporary advance in the early part of March,
declined rapidly, but were still somewhat higher
than early in February. By April 21 rates on
prime commercial paper had declined from 4%
percent to a range of 2-2% percent; rates on
90-day bankers' acceptances from 3% percent
to five eighths of 1 percent, and rates on
renewals of call loans on the stock exchange
from 5 percent to 1 percent.
On April 7 the discount rate of the Federal
Reserve Bank of New York was reduced from 3%
to 3 percent. The bank's buying rate on 90-day
bankers' acceptances was reduced from 3}{ percent on March 13 to 2 percent on March 22.
276
FEDERAL RESERVE BULLETIN
MAT
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS
weekly Basis vyednesdai/ Series
MILLIONS OF DOLLARS
7000
7000
6000
6000
MEMBER BANK
RESERVE BALANCES
2000
1000
100O
1928
1929
1930
1931
1932
Based on Wednesday figures; latest figures are for May 3
1933
1933
FEDERAL RESERVE
M A Y 1933
277
BULLETIN
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES
[In millions of dollars]
Averages of daily figures
Factors of decrease
Reserve bank credit outstanding
Factors of increase
Month or week
Bills discounted
Bills
bought
United
States
Government securities
Other
reserve
bank
credit
Total
Mone- Treasury Money Member
bank
tary gold currency in circu- reserve
stock
lation
adjusted
balances
1932—January
February-_
March
April
May
June
July..
August
September.
October
November .
December—
828 i
848 i
714
605 !
486
495
523
451
387
328
313 !
282
221
151
105
52
41
50
60
37
34
34
34
34
759
743
809
1,014
1,413
1,697
1,818
1,850
1,848
1,851
1,851
1,854
1,865
1,785
1,652
1,694
1,960
2,262
2,422
2,353
2,282
2,231
2,211
2,192
4,452
4,384
4,372
4,381
4,273
3,956
3,941
4,031
4,140
4,226
4,292
4,429
1,773
1,787
1,792
1,789
1,788
1,787
1,780
1,796
1,826
1,886
1,917
1,915
5,645
5,627
5,531
5,452
5,456
5,530
5,751
5,720
5,685
5,643
5,642
5,699
1,979
1,907
1,899
1,996
2,138
2,062
2,003
2,073
2,181
2,307
2,378
2,435
1933—January...
FebruaryMarch
April
255
1,806
1,804
1,875
1,837
2,110
2,224
3,233
2,511
4,547
4,491
4,260
4,301
1,901
1,891
1,897
1,915
5,631
5,892
6,998
6,137
2,516
2,291
1,914
Nonmember
Unexpended
capital
funds
113
73
37
63
77
65
46
40
35
38
40
43
353
349
349
353
350
348
343
347
347
355
360
359
79
134
156
351
344
344
348
425
32
102
379
230
Week'ending (Saturday)1932—December 3
December 10...
December 17...
December 24—
December 31-_.
311
302
280
271
263
35
34
34
33
33
1,851
1,851
1,859
1,854
1,852
2,208
2,202
2,195
2,189
2,171
4,336
4,352
4,411
4,487
4,503
1,915
1,916
1,937
1,906
1,902
5,654
5,682
5,683
5,734
5.704
2,399
2,388
2,457
2,444
2,471
357
357
360
362
360
1933—January 7—.
January 14..
January 21..
January 28..
245
249
251
267
33
32
32
31
1,853
1,829
1,793
1,770
2,153
2,127
2,091
2,080
4,526
4,548
4,558
4,554
1,902
1,905
1,908
1,897
5,669
5,616
5,616
5 620
2,513
2,563
2,526
2 487
352
353
351
350
256
283
335
31
31
45
181
1,763
1,775
1,809
1,833
2,074
2,078
2,155
2,357
4,549
4,530
4,505
4,450
1,886
1,892
1,871
1,892
5,664
5,717
5,850
6,032
2,426
2,369
2,256
2,235
350
346
343
342
847
1,421
1,184
361
417
400
356
1,848
1,876
1,907
1,882
3,056
3,661
3,476
2,931
4,333
4,244
4,251
4,263
1,922
1,922
1,920
1,871
6,805
7,532
7,260
6,643
2,065
1,803
524
432
433
420
411
316
288
244
208
180
1,846
1,838
1,837
1,837
1,837
2,688
2,570
2,535
2,492
2,444
4,270
4,283
4,301
4,312
4,310
1,864
1,893
1,911
1,929
1,927
6,376
6,271
6,172
6,085
6,015
February 4
February 1 1 . . .
February 18—
February 25—
March 4...
March 11.
March 18..
March 25April 1...
April 8...
April 15..
April 22,.
April 29..
0)
141
138
144
157
181
335
348
355
355
1933
Mar. Mar. Apr. Apr. Apr. Apr.
22
19
26
29
Nov. Dec. Jan. Feb. Mar. Apr.
30
31
31
28
30
31
582
Bills discounted
Bills bought
United States Government securities.
Other reserve bank credit
1,851 1,855 1,763
22
9
8
Total reserve bank credit...._.
Monetary gold stock
Treasury currency adjusted
2,202 2,145 2,077 2,794 2,572 2,459
4,340 4,513 4,553 4,379 4,282 4,312
1,925 1,923 1,872 1,939 1,887 1,907
235
274
31
10
426
305
435
171
1,837
16
5,648 5,675 5,645 6,546 6,320 6,003
Money in circulation
Member bank reserve balances 2,411 2,509 2,446 2,141 1,949 2,132
143
80
188
64
43
50
Nonmember deposits, etc
,
346
329
354
346
855
357
Unexpended capital funds
1,973
2,002
2,083
2,136
2,130
1933
1932
Less than $500,000.
172744—33-
345
349
349
341
Wednesday series
End of month series
35
1,952
143
140
129
Bills discounted
Bills bought
United States Government securities
Other reserve bank credit
671
352
1,864 1,838 1,837 1,837
-1
-6
15
Total reserve bank credit
Monetary gold stock
Treasury currency adjusted
2,887 2,688 2,574 2,528 2,490 2,412
4,264 4,272 4,283 4,293 4,313 4,310
1,841 1,859 1,856 1,913 1,942 1,935
545
310
436
286
428
247
385
177
1,837
12
30
6,608 6,353 6,261 6,147 6,068 5,994
Money in circulation
Member bank reserve balances.. 1,918 1,987 1,976 2,096 2,159 2,136
Unexpended capital funds, nonmember bank deposits, etc
491 518 527
466
478
477
Backfiguret.—Qe%Annual Report for 1931 (tables 1-5).
3
414
208
FEDERAL RESERVE BULLETIN
MAY 1933
URCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL
RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT
[In thousands of dollars]
Apr. 30, 1933
EESOURCES
Gold with Federal Reserve agents
Gold redemption fund with United States Treasury
Gold held exclusively against Federal Reserve notesGold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks
Total gold reserves
_
Reserves other than gold
_
_
Total reserves
Nonteserve cash.
Re||mption fund—Federal Reserve bank notes
Bills discounted:
For member banks
_
For intermediate credit banks—
For nonmember banks, etc
_
Total bills discounted.
Bills bought:
Payable in dollars:
Bought outright
Under resale agreement
Payable in foreign currencies
_
_
Total bills bought
_
_
_
United States Government securities:
Bought outright
Under resale agreement
___
Total United States Government securities
_
_
Other reserve bank credit:
Federal intermediate credit bank debentures.
Municipal warrants
Due from foreign banks
Reserve bank float (uncollected items in excess of deferred availability items).
Total reserve bank credit outstanding
_
Federal Reserve notes of other Reserve banks
Uncollected items not included in float
Bank premises-__
_.
...
_
All other resources
._.
.
Total resourcesFederal Reserve notes:
Held by other Federal Reserve banks.
Outside Federal Reserve banks
Total notes in circulation
Federal Reserve bank notes in actual circulationMember bank—reserve account .
Government
Foreign bank
Special deposits:
Member bank
Nonmember bank..
Other deposits
Total deposits
_
_
Deferred availability items
Capital paid in
Surplus..All other liabilities
Total liabilities
Contingent liability on bills purchased for foreign correspondents
FEDERAL RESERVE NOTE STATEMENT
Notes issued to Federal Reserve banks by Federal Reserve agents
Collateral held by agents as security for notes issued to bank:
Gold
Eligible paper..
_
__
United States Government securities
Total collateral
_.
...
FEDERAL RESERVE B A N K NOTE STATEMENT
Notes issued to Federal Reserve banks (outstanding).
Collateral pledged against outstanding notes:
Discounted and purchased bills
United States Government securities
Total collateral.
1
Excess of deferred availability items over uncollected items.
Back figures.—See Annual Report for 1931 (table 11), 1930 (table 10), etc.
Mar. 31, 1933 Apr. 30, 1932
2,648,692
62,115
2,710,807
349,972
355,628
3,416,407
216, 691
3, 633, 098
94,003
3,318
2, 577,825
81,199
2, 659,024
230,002
361,375
3, 250,401
204,275
3, 454, 676
114, 247
1,100
433, 579
425,036
435,010
426,472
163, 527
277,974
2,021
24, 788
170,708
304,783
1,836,488
800
1, 837,288
1,836,416
1,925
1,838,341
1,227,814
5,726
3,656
6,738
2,459,126
20,850
295,372
54,185
46,103
6, 606, 055
4,953
3,618
16,230
2, 571,937
29,005
312,690
54,037
71,952
6,609, 644
4,905
5,692
8,206
1,850,185
14,008
322,590
57,857
36,134
5, 560, 350
20,850
3,407,061
3,427,911
47,808
29,005
3,666,718
3, 695, 723
14,567
14,008
2, 552,063
2, 566,07f
2,132, 389
59,197
29,928
1,949,107
41,126
16,384
2,123,827
21,928
46,805
81,909
16,699
59, 640
2,379, 762
295,372
150,171
278,599
26,432
6, 606,055
40,060
65,489
16,133
44, 724
2,132,963
312,690
149, 595
278, 599
25, 507
6, 609, 644
45,305
32,413
2, 224,973
322,590
155,237
259,421
32,058
5, 560,350
291,837
3,678,762
4,035, 766
2, 774.204
2, 648, 692
434,778
639, 500
3,722,970.
2,577,825
598,813
884, 700
4,061,338
2, 274,556
562,464
67,374
21,049
40,800
67,854
108,654
5,258
25,249
30,507
2, 274, 556
35,897
2,310,453
308,440
3, 004,331
208,493
3,212,824
66,752
550,889
4,643
233
555,765
16,760
307
30,736
47,803
1,227,814
2, 837,020
279
FEDERAL RESERVE BULLETIN
M A Y 1933
ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED
STOCK
STATES
[In millions of dollars]
Analysis of changes
Gold
stock
Net re- Domesat end Increase
tic proin stock Net gold lease
of
month during import from ear- duction,
month
mark *
etc.*
Month
4,367
4,284
1929—-November _
DecemberTotal (12 mos.).
1930—January
February
March
April
May
June
July
August
September
October
November
December
[In thousands of dollars]
,
4,291
4,353
4,423
4,491
4,517
4,535
4,517
4,501
4,511
4,535
4,571
4,593
-19.2
-82.9
-23.2
-64.4
1.0
-22.0
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
40~
Total (12 mos.).
1931—January...
February .
March.
April
% .
May
June
July
August.....
September..
October
November..
December..
4,643
4,665
4,697
4,726
4,798
4,956
4,949
4,741
4,292
4,414
4,460
Total (4 mos.)...
-2.4
31.9
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
42
42
-3.1
42
11.9
-133.4
145.3
-320.8
42.1
-44 2
-62.3
36.0
-23.1
-214.1
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
46
45
5.3
1.6
52.9
-446.2
4,553
4,380
4,282
4,311
40.0
-173. 4
-97.2
28.4
Total (12mos.).
1933—January
February..
March
April p
280.1
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.).
1932—January
February...
March
April
May
June
July
August
September..
October
November-.
December—.
1.9
-0.3
2.3
0.5
1.7
4.3
4.2
3.7
3.1
3.8
4.5
60.0
55.5
65.7
23.5
13.9
-19.6
-19.6
2.5
26.4
35.2
32.7
-202.2
457.5
41.6
128.5 3-91.5
-178. 3
* - 2 2 . 1 -100.1
-11.7
33.7
3.0
-12.9
25.0
6.5
-336. 2
21.5
112.4
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 1official reports of gold imports and exports.
Allowance has been made for gold earmarked at the Bank of England
for account of the Federal Reserve Bank of New York.
* Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal
Reserve Bank of New York until Mar. 1.
p Preliminary figures.
Backfigures.—SeeAnnual Report for 1931 (table 30).
1933
From or to—
April
(preliminary)
Imports
Belgium
England _
France
Germany
Netherlands
Portugal
Switzerland
Canada
Central America
Mexico
__ _. _
Argentina.
Colombia
Ecuador. _ . _
Peru
Uruguay
Venezuela
Australia
British India
China and Hong
Kong.
Dutch East Indies
Japan
Philippine Islands
All other countries K
Total
JanuaryMarch
March
Exports
Imports
2,200
8,993
Imports
8,454
158
503
199
8,935 55,193
4,091 30,026
250 1,071
5,005 19,347
602
681
36 17,947
459
20 1,690
5
123
301
91
236
512
461
600
159
Exports
267
112
871
990
1,090
2,135
144
Exports
799
110,569
7,875
1,800
8,427
602
2,295
49
20
15
150
371
2,329
25,629
150
11,447
561
3,729
1,260
1,919
17,058
'4,859 « 16,596 14,942 337,023 173,818
149,657
2,969
374
451
234 317,055
4,803
* Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal
Reserve Bank of New York until Mar. 1.
2 Includes all movements of unreported origin or destination.
3 $17,054 exported to Italy.
« At New York—imports, $533,000, exports, $16,596,000. Elsewhere,
imports, $4,326,000.
KINDS OF MONEY IN CIRCULATION
Money outside Treasury and Federal Reserve banks. In millions of
dollars]
1933
1932
Apr. 29 v Mar. 31
Apr. 30
Kind of money
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
_.
335
323
3,362
367
393
3,621
411
758
2,551
28
360
1
255
112
261
50
915
28
376
1
258
112
266
17
879
30
356
1
257
114
282
3
703
Total Treasury currency._
1,982
1,937
1,746
Total money in circulation.
6,004
6,319
5,465
v Preliminary.
Back figures.—See Annual Reports for 1931 (table 35), 1930 (table 32),
and 1927 (table 22).
280
FEDERAL RESERVE BULLETIN
M A Y 1933
MEMBER BANK RESERVE BALANCES
[In millions of dollars]
Averages of daily figures
Reserves held
Month or week
Total—all
member
banks
New York
City i
1931—NovemberDecember..
2,118
2,069
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
1933—January
February »..
Excess reserves
Other
reserve
cities
Other
reserve
cities
"Country'
banks
Total—all
member
banks
New York
City i
832
807
512
503
57.0
59.5
10.7
18.5
19.4
16.9
26.9
30.9
724
681
687
780
874
783
767
832
927
1,001
1,050
1,083
767
753
747
749
800
819
781
797
812
863
887
911
488
473
465
466
464
459
455
444
443
444
441
440
35.4
43.8
59.0
152.1
277.1
234.4
204.4
269.9
345.5
435.9
4822
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
25.3
23.8
28.3
30.5
33.6
37.9
33.3
32.4
33.7
33.7
35.7
2,516
2,291
1,109
965
442
441
583.8
417.3
286.2
74.5
254.2
291.0
43.4
51.8
2,508
2,559
2,536
2,491
1,121
1,171
1,141
1,057
934
946
950
997
453
442
445
436
308.7
350 t
311.8
232.9
219.1
236.4
238.1
288.4
2,438
2,377
2,275
2,233
997
931
855
801
1,007
1,006
984
987
435
440
436
444
173.7
123.2
60.8
36.6
298.8
303.5
281.9
294.5
" Country"
banks
Week ending (Friday)—
January
January
January
January
6...
13..
20,.
27..
February
February
February
February
3—.
10.,.
17. _.
24»_.
» Central reserve city banks only.
* Figures not available by weeks.
Back figures.—See Annual Report for 1931 (tables 49 and 56).
0)
(»)
8
(2)
3 March data not available.
MEMBER BANE DEPOSITS
[In millions of dollars]
Averages of daily figures
Net demand and time deposits
Time deposits
Net demand deposits
Month
Totalall memDer
Y\or
New
York
City i
banks
Other " Coun- T o t a l reserve
t r y " all memDel
cities
banks
banks
New
York
City i
Other " Coun- T o t a l reserve
t r y " all memDcr
cities
banks
banks
New
York
Cityi
Other " Counreserve
try"
cities
banks
1931—November.
December.
28,218
27,438
6,612
6,414
11,350
11,048
10,256
9,976
16,358
15,985
5,653
5,546
6,273
6,106
4,432
4,333
11,860
11,453
959
868
5,076
4,942
5,825
5,643
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
9,833
9,853
9,939
9,964
9,941
9,720
9,505
9,380
9,327
9,226
9,087
8,931
8.827
8,811
8,795
8,751
8,674
15,447
14,789
14,575
14,589
14,679
14,413
14,157
14,141
14, 40S
14,679
14,864
14,965
5,343
5,001
4,959
5,138
5,342
5,154
5,133
5,217
5,440
5,629
5,804
5,937
5,921
5,723
5,622
5,492
5,425
5,433
5,304
5,283
5,316
5,402
5,432
5,424
4,183
4,064
3,993
3,959
3,911
3,826
3,720
3,641
3,652
3,649
3,628
3,604
11,145
10,926
10,856
10,797
10,787
10,663
10, 555
10,603
10,565
10,612
10,612
10,527
822
796
800
811
816
803
818
867
869
929
957
940
4,786
4,690
4,668
4,618
4,656
4,599
4,526
4,550
4,538
4,537
4,632
4,517
5,537
5,440
5,387
5,368
5,315
5,261
5,211
5,186
5,159
6,145
5,123
5,071
1933—January...
February»
25,641
24,978
7,050
6,722
10, 023
9,847
8,568
8,409
15,116
14,645
6,109
5,842
5,470
5,368
3,537
3,435
10,525
10,333
941
880
4,553
4,479
5,031
4,974
i Central reserve city banks only,
Backfigures*—SeeAnnual Report for 1931 (table 49).
' March data not available.
281
FEDERAL RESERVE BULLETIN
MAY 1933
ALL BANKS IN THE UNITED STATES—LOANS AND INVESTMENTS
[In millions of dollars.
Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private
banks under State supervision]
All banks
Nonmember banks
Member banks
Other nonmember banks
Mutual savings banks
Date
Total
Loans
Invest-
Total
Loans
Investments
Total
Loans
Investments
Total
Loans
Investments
12,962
12,049
13,192
9,643
9,828
9,913
3,320
3,222
3,279
9,918
9,961
10,144
3,518
13,236
13,207
13,366
13,020
3,317
3,246
3,221
3,217
16,009
6,068
i 3,518
3,739
i 3,739
3,920
12,868
12,706
12,371
11,362
9,623
9,395
8,968
8,196
3,245
3,309
3,402
3,165
^9,987
10, 506
10,506
10,488
i 6,068
6,169
i 6,169
6,218
13,920
4,337
i 4,337
4,270
11,208
10,593
9,786
8,641
7,906
7,399
6,707
5,827
3,302
3,194
3,079
2,814
10,316
i 10,316
10,182
6,130
i 6,130
6,079
4,186
4,186
4,103
7,755
7,491
7,295
5,117
4,931
4,780
2,637
2,560
2,515
1928—June 30.
Oct. 3__
Dec. 31.
57.265
57,219
58.266
39,464
39,671
40, 763
17,801
17, 549
17,504
35,061
34,929
35,684
24,303
24,325
25,155
10,758
10,604
10,529
i 9,242
9,390
5,518
i 5,518
5,694
1929—Mar. 27.
June 29.
Oct. 4...
Dec. 31,
58,019
58,474
58,835
58,417
40, 557
41,512
42, 201
41,898
17,462
16, 962
16,634
16, 519
35,393
35, 711
35,914
35, 934
24,945
25,658
26,165
26,150
10,448
10,052
9,749
9,784
i 9,390
9,556
i 9,556
9,463
i 5,694
5,892
15,892
5,945
1930—Mar. 27.
June 30.
Sept. 24.
Dec. 31.
57,386
58,108
57, 590
56,209
40, 686
40,618
39,715
38,135
16, 700
17,490
17,875
18,074
35,056
35,656
35,472
34,860
25,119
25,214
24, 738
23,870
9,937
10,442
10, 734
10,989
i 9,463
9,747
i 9,747
9,987
i 5,945
6,009
1931—Mar. 25.
June 30.
Sept. 29.
Dec. 31.
55,924
55,021
53,365
49, 704
36,813
35, 384
33,750
31,305
19,111
19,637
19,615
18,399
34,729
33,923
33,073
30, 575
22,840
21,816
20,874
19,261
11,889
12,106
12,199
11,314
1
1932—June 30.
Sept. 30
Dec. 31.
46,071
45,852
44,946
27,834
26,985
26,063
18, 237
18,867
18,883
28,001
28,045
27,469
16,587
15,924
15,204
11,414
12,121
12,265
9,242
3,723
i 3, 723
3,696
3.664
13,664
1
Figures of preceding call carried forward.
ALL BANKS IN THE UNITED STATES—DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS
fin millions of dollars. Includes national banks, State commercial
banks and trust companies, mutual and stock savings banks, and all
private banks under State supervision]
NUMBER OP BANKS
[All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks,
and all private banks under State supervision]
Member banks
Date
Figures of preceding call carried forward.
Total
Total
National State
Nonmember
banks
Mu- Other
nontual
sav- member
ings
banks banks
1928—June 30.
Oct. 3_..
Dec. 31.
25,941
25,828
25,576
8,929
8,896
8,837
7,685
7,670
7,629
1,244
1,226
1,208
*615
i 615
612
16,397
16,317
16,127
1929—Mar. 27.
June 29.
Oct. 4-_.
Dec. 31.
25, 341
25,110
24,951
24,630
8,755
8,707
8,616
8,522
7,569
7,530
7,468
7,403
1,186
,177
L, 148
1,119
1612
611
1 611
609
15,974
15,792
15,724
15,499
1930—Mar. 27.
June 30.
Sept. 24.
Dtc. 31.
24, 223
23,852
23,590
22, 769
8,406
8,315
8,246
8,052
7,311
7,247
7,192
7,033
1,095
1,068
:1,054
1,019
i 609
606
i 606
603
15,208
14,931
14,738
14,114
1931—Mar. 25.
June 30.
Sept. 29.
Dec. 31.
22,
21.
21,
19,
372
903
294
966
7,928
7,782
7,599
7,246
6,930
6,800
6,653
6,368
998
982
946
878
1603
600
1600
597
13,841
13,521
13,095
12,123
1932—June 30.
Sept. 30.
Dec. 31-
19,046
18, 794
18,390
6,980
6,904
6,816
6,145
6,080
6,011
835
824
805
594
1594
594
11,472
11,296
10,980
i Figures of preceding call carried forward.
282
FEDERAL RESERVE BULLETIN
M A Y 1933
REPORTING MEMBER BANKS IN 90 LEADING CITIES 1
[In millions of dollars.]
Loans and investments
Loans and inves fcments
Month or date
Investments
Total
Mar. 1
Mar. 8Mar. 15
Mar. 22
Mar 29
Apr.
Apr
Apr
Apr
„
5
12
19
26
May 3
Loans
All
on se- other
curities loans
89 other leading
cities
New York City
Total—90 leading cities
U.S. seTotal curities
Borrowings
at F.R.
banks Total
Investments
Loans
on securities
other
loans
All
U.S. seTotal curities
Total
BorBorloans rowings
rowings and
in- at F.R.
at F.R. vestbanks ments banks
3,727
3,759
3,762
3,725
3,644
4,554
4,551
2 4,626
4,665
4,688
7,619
7,418
2 7,629
7,631
7,669
4,631
4,427
2 4,580
4,578
4,583
414
1,066
849
379
283
6,512
6,412
6,523
6,484
6,457
1,640
1,668
1,674
1,626
1,555
1,439
1,453
1,483
1,525
1,563
3,433
3,291
3,366
3,333
3,339
2,338
2,186
2,253
2,210
2,185
183
632
483
147
84
9,388
9,316
2 9,494
9,537
9,544
231
434
366
232
199
15,927
15,887
15,876
16,048
3,617
3,584
3,583
3,638
4,640
4,661
4,627
4,703
7,670
7,642
7,666
7,707
4,585
4,584
4,635
4,678
177
168
158
124
6,439
6,455
6,439
6,627
1,548
1,535
1,538
1,611
1,515
1,557
1,535
1,614
3,376
3,363
3,366
3,402
2,215
2,208
2,236
2,269
18
27
23
9,488
9,432
9,437
9,421
159
141
135
124
16, 288
3,698
4,706
7,884
4,909
129
6,753
1,676
1,615
3,462
2,353
9,535
129
15,900
15,728
* 16,017
16,021
16,001
2
VSee note on p. 273, explaining the basis on which these figures have been compiled.
«On Mar. 9 a member bank in Chicago took over assets and assumed deposit liabilities of a nonmember bank aggregating approximately
$135,000,000.
BROKERS' LOANS
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures]
REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings on demand and on time. In millions of dollars]
From New
From private
York banks banks, brokers,
and trust com- foreign banking
panies
agencies, etc.
Total
End of month
1932
January
February March
April
May
Jane .
-
„
July
August
September .
October - - - _November
PGCftTnber
1933
1932
1933
1932
1933
612
525
633
359
360
311
374
385
391
270
298
247
138
140
142
90
62
64
379
300
244
322
300
243
194
268
79
57
49
54
242
332
380
195
248
292
47
85
88
325
338
263
278
279
61
61
68
347
Back figures.—See Annual Reports for 1931 (table 63) and 1927
(table 47).
Month or date
1932—March
April
May
June
July
August
September.,
October
NovemberDecember..
1933—-January
February...
March
April
April 5
April 12
April 19
April 26
Total
531
500
436
377
335
344
409
411
354
393
380
433
398
399
376
375
386
461
For account of For acFor
own ac- out-of- count of
town
others
count
banks»
432
423
385
342
309
319
385
389
336
377
365
416
373
374
347
348
363
439
94
70
44
29
18
17
19
16
12
12
11
10
18
21
25
23
20
18
5
7
7
6
8
8
6
6
6
4
4
7
7
4
4
4
3
4
i Member and nonmember banks outside New York City (domestic
banks only).
Backfigures.—SeeAnnual Report for 1933 (table 62), 1930 (table 56),
etc.
283
FEDEEAL EESERVE BULLETIN
M A Y 1933
ACCEPTANCES AND COMMERCIAL PAPER
BANKERS'
ACCEPTANCES OUTSTANDING
ACCEPTANCES)
(DOLLAR
CLASSES OF BANKERS' ACCEPTANCES (DOLLAR
ACCEPTANCES)
[In millions of dollars]
Held by Federal Eeserve
banks
End of month
Total
outstanding
[In millions of dollars]
For
acFor count
own of foraceign i oiai
count correspondents
Own
bills
Bills
bought
Held
by
others
439
371
90
282
417
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
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
707
704
671
2
307
280
164
41
30
45
43
626
325
261
256
201
153
370
124
108
38
42
85
1930—December.. 1,556
1931—January
February.-.
March
April
May
June
July
August
SeptemberOctober
November..
December..
1,520
1,520
1,467
1,422
1,413
1,368
1,228
1,090
996
1,040
1,002
974
1932—January
FebruaryMarch
April
May
June
July
August
September..
October
November..
December..
1933—January
February. __
.March
April
328
Figures for acceptances outstanding (and held by accepting banks)
from American Acceptance Council.
Back figures.—See Annual Reports for 1931 (table 70), 1930 (table 64),
1929 (table 58), and 1928 (table 61).
ACCEPTANCES PAYABLE IN FOREIGN CURRENCIESHOLDINGS OF FEDERAL RESERVE BANKS
End of month
OUTSTANDING
1932—March
April.
May
June
July
August
September..
October
November
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
.
911
879
787
747
705
681
683
699
720
710
129
118
103
97
85
76
73
81
81
79
205
199
184
173
162
152
156
157
161
164
267
251
217
193
178
192
212
222
237
230
23
17
15
13
15
11
8
9
10
287
294
269
271
265
250
234
231
232
228
707
704
671
71
71
73
166
174
175
222
219
184
11
9
8
237
231
230
36
16
5
36
12
3
2
3
4
4
4
2
6
2
6
1
1
1
1
1
1
1
1
1
(*)
13
5
4
1
12
6
3
19
5
1
1
2
3
2
1
105
87
5
4
Q
HELD BY P.E. BANKS
(OWN ACCOUNT) 1
1932—March
April.
May
June
July
August
September .
October
November
December... .
1933—January..
February
March
._
2
307
280
/2\
(2)
(2)
8
(2)
(2)
31
33
l
58
56
0
4
2
1
1
1
1
1
107
97
1 Total holdings of Federal Reserve banks include a small amount of
unclassified acceptances.
> Less than $500,000.
Backfigures.—SeeA:nnual Reports for 1931 (tables 67 and 15), 1930
(tables 61 and 14), etc.
COMMERCIAL PAPER OUTSTANDING
[In millions of dollarsj
1932
33,444
33,478
30, 778
30, 736
30,837
30, 762
30,645
1933
28,997
24,788
7,181
30,849
30,659
30,652
29,489
Back figures.—Bee Annual Reports for 1928 (table 12), 1927 (table
12), 1926 (table 24), etc.
.
1933—January
February
March
[In thousands of dollars]
End of month
Based
Based
on goods
on
stored in
goods
stored
Based Based United
in
States
on on ex- (ware- Dollar foreign
Total i _
ports house
excouncredits) change tries or
into from
or
shipped
U.S.
TT Q
shipped
bebetween
tween
domestic
foreign
points
points
Held by accepting
banks
End of month
JanuarysFebruary. .
March
April
May
,
June.
July.......:
August
SeptemberOctober
November.
December..
1930
404
457
529
553
541
527
528
526
513
485
448
358
1931
327
315
311
307
305
292
289
271
248
210
174
118
1932
108
10*
106
108
111
103
100
108
110
113
110
81
1933
85
84
72
64
Back figures.—See Annual Reports for 1931 (table 66) and 1930 (table
60).
284
FEDERAL RESERVE BULLETIN
M A Y 1933
FEDERAL RESERVE BANE RATES
OPEN-MARKET RATES
DISCOUNT RATES
RATES I N N E W YORK CITY
[Rates on rediscounts for and advances to member banks under sections
13 and 13 (a) of the Federal Reserve Act]
Average rate Average yield
on—
Prevailing rate o n Federal Reserve bank
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . .
Dallas
San Francisco.
Rate in
effect on
May 1
Date established
Oct.
Apr.
Oct.
Oct.
Jan.
Nov.
Mar.
Oct.
3H Sept.
Oct.
Jan.
Oct.
Previous
rate
17,1931
7,1933
22,1931
24,1931
25,1932
14,1931
4,1933
22,1931
12,1930
23,1931
28,1932
21,1931
2H
3H
3
3
4
3
2H
2H
4
3
4
Back figures.—See Annual Report for 1931 (table 36).
The following special rates are also in effect at all
Federal Reserve banks:
Percent
Advances to member banks under section 10 (b) of the Federal
Reserve Act, as amended by section 402 of the act of March 9,
1933
5
Advances to nonmember banks and trust companies under section 404 of the act of March 9, 1933, as amended by the act of
March 24, 1933
5
Discounts for individuals, partnerships, and corporations under
the third paragraph of section 13 of the Federal Reserve Act, as
amended by section 210 of the act of July 21,1932
6
Advances to individuals, partnerships, and corporations secured
by direct obligations of the United States under the last paragraph of section 13 of the Federal Reserve Act, as amended by
section 403 of the act of March 9, 1933..
[Buying rates at the Federal Reserve Bank of New York]
1-15 days—.
16-30 days...
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days.
Rate in
effect on
May 1
2
2
2
2
2
2\i
2H
Date established
Mar. 22,1933
....do
....do
....do
—do
do
do
Previous
rate
2 -2H
2 -2H
m-m
1933
January
February
March
April
Week ending—
April 1
April 8
April 15
April 2 2 . . .
April 2 9 . . .
2 -2H
2 -
3.92
3.74
3.77
3.78
3.65
3.57
3.54
3.54
3.55
3.48
2.50
2 -3 2.50
2.50
1M-2
IK 2.50
2.08
2.00
2.00
1.35
1.00
1.00
2.50
2.50
2.50
2.50
2.08
2.00
2.00
1.35
1.00
1.00
<2.25
1.11
.31
«.34
.22
.14
1.00
H-H
1.00
H-Vs
1H-ZH 2H-3M 3.27
1.29
1.00
1.00
3.32
1.37
.07
.01
<1.34
.45
3.39
3.47
3.58
3.55
3.00
1.91
1.25
1.00
1.00
3.00
2.10
1.38
1.00
1.00
1.27
.79
.20
.41
.41
3.56
3.53
3.51
3.60
3.56
H
H
X
H
H
2 -2
1 -2
1
l -1H
V2
4
.04
i Stock exchange call loans; new and renewal rates.
Stock exchange 90-day time loans.
* 3 issues—ZH, SH. 4 percent; yields calculated on basis of last redemption dates—1947, 1956, and 1954.
* Change of insues 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
2H
2\i
[Weighted averages of prevailing rates]
New York City
2%
3
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
Back figures.—See Annual Reports for 1931 (table 37) and 1928 (table
35).
1932
March
April
May
June
July
August
September
October
November
December
1
BUYING RATES ON ACCEPTANCES
Maturity
Call loans > U.S.
TreasPrime
M o n t h or week Prime bankury
comTime
notes Treasers'
mercial acceptloans,
ury
and
paper,
90
certifi- bonds*
Re4 to 6
days ' New newal
cates,
90
months
3 to 6
days
months
8 other northern
and eastern cities
27 southern and
western cities
Month
January
February
March
April
May
June
July .
.
August
September...
October
November
December .
1931
1932
1933
1931
1932
1933
1931
1932
4.24
4.31
4.20
4.17
4 11
4.13
4.05
3 97
3.93
4.27
4.67
4.64
4.71
4.71
4.72
4.69
4 55
4.61
4.42
4 45
4.30
4.35
4.12
4.22
4.12
4.11
4.88
4.33
4.61
4.63
4.62
4.57
4 55
4.49
4.48
4 47
4.48
4.62
4.87
4.91
5.07
5.13
5.14
5.10
5 14
5.13
5.05
5 12
5.03
4.96
4 88
4.88
4.89
4.84
5.39
5.09
5.50
5.43
5.40
5.36
5.26
5.34
5.30
5.28
5.32
5.38
5.53
5.56
5.61
5.61
5.64
5.63
5.64
5.62
5.63
5.68
5.63
5.56
5.55
5.60
Back figures.—See Annual Report for 1931 (table 42).
1933
5.60
5.56
5.66
5.68
MAY
285
FEDERAL RESERVE BULLETIN
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
Selected groups of industrial issues
Rail- Public
Cop- Elec- MaTotal Industrial road utility Auto- Building Chain Chem- per
trical
mobile equip- store
and equip- chinical
ery
brass ment
ment
Oil
Steel
Textile
60
20
421
351
33
37
13
12
16
11
8
4
10
15
10
28
1932—January..
February
March
April
May
June
July
August
September
October
November
December
1933—January
February _
March
April
81.0
80.3
80.8
79.4
75.2
72.2
74.2
83.2
85.8
84.1
81.9
81.2
84.1
82.5
76.8
75.4
96.5
96.3
96.2
94.2
90.3
83.6
85.3
98.6
101.8
99.8
97.4
95.4
97.8
95.7
93.1
95.7
58
56
57
44
40
34
36
53
58
60
48
47
49
45
43
48
54
53
54
42
38
34
36
52
56
48
45
45
46
42
42
49
37
34
32
22
17
14
16
29
35
28
26
26
28
27
26
26
94
93
93
73
68
55
55
84
91
81
78
80
82
73
67
64
64
60
55
34
30
26
26
45
64
43
40
40
42
38
34
42
31
30
29
22
20
18
19
30
34
28
25
25
25
23
22
28
57
56
68
49
42
35
36
49
53
48
47
47
46
43
40
44
80
79
85
61
52
48
50
75
83
74
71
78
82
74
72
82
36
32
30
22
20
17
20
38
47
34
32
26
29
28
29
39
85
77
77
57
52
40
43
73
78
63
60
56
61
54
52
61
48
47
47
37
33
29
30
44
48
42
39
38
39
39
37
43
43
42
45
38
39
37
42
55
64
47
47
46
46
42
41
47
32
32
32
23
20
16
18
33
42
33
28
26
27
24
23
32
31
31
31
26
23
20
22
33
89
33
30
28
27
25
24
28
April
April
April
April
74.4
75.0
75.4
76.7
93.3
94.4
96.4
98.6
42
45
49
54
42
45
52
56
23
25
27
31
60
63
63
68
35
38
45
51
24
26
31
33
40
41
46
49
73
78
86
93
30
34
43
48
52
57
65
71
38
41
46
47
41
44
49
53
24
28
37
40
24
26
29
33
Number of issues
5 ~
12.. .
19
26 .
* 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).
»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)
Domestic
Refunding
issues
(domestic
and
foreign)
TotaP
Corporate
State
Forand
eign
mu- Bonds
niciand Stocks
pal
notes
6,201
6,314
7,556
8,040
10,091
6,909
3,099
1,165
5,125
5,189
6,219
6,789
9,420
6,004
2,860
1,157
1,352
1,344
1,475
1,379
1,418
1,434
1,235
755
2,452
2,667
3,183
2,385
2,078
2,980
1,240
305
1,153
1,087
1,474
2,961
5,924
1,503
311
20
1,076
1,125
1,337
1,251
671
905
229
8
925
1,046
2,220
1,858
1.422
711
949
583
1932—April
May
June
July
August
SeptemberOctober
NovemberDecember..
71
91
78
106
63
75
94
44
124
71
91
78
104
60
73
94
43
124
30
84
74
25
34
63
36
28
99
15
7
4
62
25
6
47
9
6
0
0
0
1
2
0
2
2
4
0
0
0
2
3
2
0
1
0
72
32
64
57
108
76
43
32
35
1933—January
February...
March
April
65
20
16
25
65
«20
«16
25
33
17
13
8
19
1
0
16
3
0
3
1
0
0
0
0
45
37
3
20
1925
1926
1927
1928
1929
1930
1931
1932
• Corrected.
i Includes issues of Federal land banks and Federal intermediate credit
banks, not shown separately.
Sources.—For domestic issues: Commercial and Financial Chronicle;
for foreign issues (issues publicly offered) annual totals are as.finally
reported by Department of Commerce, while monthly figures are as
compiled currently and are subject to revision.
Back figures.—See (for figures of new issues—annual and quarterly
basis) Annual Report for 1931 (table 128).
172744—33
4
Outstanding at end
of month
Month
1931
December-
Total
Bonds Certificates
and
and Total
notes bills
17,528
15,092
,
1,754
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
Total (12 months).
1933
January..
February.
March
April
Bonds Certifand icates
and
notes bills
488
Total (12 months).
1932
January
February
March
April
May
June
July
August
September
October
November
December
Increase or decrease
(—) during month
-13
305
370
97
442
432
136
461
538
189
-9
-28
2,920
20,454
20,685
20,991
21,087
17,528 2,926
17,806 2,879
17,805 3,186
17,806 3,281
10
710
834
608
-274
2,430
6
231
306
NOTE.—Figures relate to interest-bearing public debt; matured and
noninterest-bearing debt amounted to $354,000,000 at the end of April
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.
286
FEDERAL RESERVE BULLETIN
MAT
1933
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-25 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation]
Construction contracts awarded (value) J
Industrial production *
Manufactures 1
Total i
Year and
month
Minerals *
Total
Residential
All other
Factory employment 3
Factory
pay
rolls*
Freight-car
loadii igs**
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
1919
1920
1921 .
1922
1923 _
1924
1925
1926
19271928
1929
1930
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
1932.
1929
July
AugustSeptember
October-.
November
December
120
122
123
121
108
96
124
121
121
118
110
103
120
122
123
119
107
93
125
122
121
119
110
101
118
121
127
127
114
110
116
115
118
116
110
116
136
129
112
104
94
84
124
122
110
107
103
102
94
84
73
67
66
53
93
86
73
67
67
61
1930
January. _
FebruaryMarch....
April
May
June
July .
August.—
September
October..
November
December
103
109
106
107
105
99
91
90
92
90
84
77
106
107
104
104
102
98
93
90
90
88
86
84
102
110
109
110
106
98
89
88
90
87
82
74
105
107
104
104
101
97
92
89
89
86
85
82
108
104
91
94
102
103
100
101
101
105
96
89
110
108
98
104
104
102
100
96
94
95
92
93
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
82
87
90
90
89
83
80
81
88
91
91
90
83
79
77
76
72
70
66
83
86
87
87
87
82
82
78
75
71
71
87
84
82
83
84
86
86
82
83
90
84
79
89
87
58
68
77
82
78
74
78
77
75
72
68
84
86
87
88
87
83
82
78
76
73
73
74
71
79
77
73
65
63
61
59
59
55
49
38
1932
January-February.
March
April
May
June
July
August- - .
September
October-.
November
December
71
71
68
64
61
59
56
59
67
68
65
60
72
69
67
63
60
59
58
60
66
67
65
66
70
70
66
63
60
59
55
71
68
64
61
58
58
74
58
66
66
63
58
1933
January- FebruaryMarch
64
65
.61
65
64
*60
63
63
P59
1931
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
79
90
65
88
86
94
120
135
139
142
142
125
84
40
83
87
67
85
101
95
104
108
106
111
119
96
81
64
.
73
89
91
87
87
86
79
78
83
81
84
68
63
59
52
43
30
77
78
84
79
25
23
26
31
57
59
66
65
63
64
75
77
72
65
61
62
66
73
80
78
72
67
63
64
65
70
74
75
76
31
32
31
32
30
28
24
22
31
27
26
27
26
27
27
30
30
29
27
28
64
62
.57
71
76
74
73
79
81
18
16
14
22
19
14
170
166
144
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
Commodity
prices'
139
154
98
97
101
98
104
100
95
97
95
86
73
65
135
116
109
149
152
140
139
132
136
102
104
105
103
99
95
103
103
102
101
99
97
106
111
112
111
103
99
111
115
121
118
102
89
107
107
106
104
102
102
97
96
96
95
94
93
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
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
78
77
76
75
73
72
72
72
71
70
70
69
16
15
16
16
14
12
12
11
12
12
10
19
17
15
14
12
11
11
12
12
12
10
33
30
35
43
45
47
46
48
45
41
35
41
35
36
68
68
66
64
62
60
58
59
60
61
61
52
54
52
49
46
43
9
33
61
40
40
42
44
42
41
58
59
58
57
53
52
51
53
61
65
58
52
64
62
61
59
54
52
51
51
54
57
57
8
38
37
39
40
45
44
43
41
43
66
67
66
64
61
59
57
59
62
62
61
60
58
67
66
66
66
64
64
65
65
65
64
64
63
7
7
8
8
8
8
27
23
18
33
27
18
58
59
57
59
59
57
39
40
37
51
51
48
56
54
50
61
60
60
80
80
79
77
76
72
69
69
68
69
Preliminary.
• Average per working day.
For indexes of groups and separate industries see p . 326; for description see BULLETIN for February and March 1927; for back figures see
BULLETIN for March 1932, p . 194.
*1 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 . 327; for description and back figures see BULLETIN for November 1929 and November 1930.
4
For indexes of groups see p. 287; for back figures see BULLETIN for February 1931, p . 108.
1
Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities are given on p . 328.
1
287
FEDERAL RESERVE BULLETIN
1933
MAY
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
Merchandise imports
Excess of exports
Month
1929
1930
1931
1932
January
February
March.
488
442
490
411
349
370
250
224
236
150
154
155
April
May
June
425
385
393
332
320
295
215
204
187
July
August . -_
September
403
381
437
267
298
312
October
November
December
529
442
427
Year
5,241
1933
1930
1929
121
102
»108
1931
1932
1933
1929
1930
1931
1932
119
72
106
100
67
69
66
49
26
15
23
24
127
112
110
15
—15
40
24
35
44
29
24
14
9
20
4
174
167
170
79
91
98
60
U
86
46
79
86
6
-2
10
27
18
34
247
204
209
169
149
154
105
104
97
137
104
117
80
85
66
36
44
30
48
34
35
3,061
2,091
1,323
842
782
334
289
369
369
384
311
282
300
183
175
210
136
131
131
135
132
114
411
400
353
308
285
250
186
180
173
181
165
180
107
109
132
353
369
351
221
218
226
327
289
276
205
194
184
153
139
132
391
338
310
3,843
2,424
1,611
4,399
P
96
84
95
1933
25
18
v 13
v Preliminary.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1923-25 average=»100]
[Index numbers; 1923-25 average=100]
Index of stocks (end of
month)
Index of sales i
1932
Nov.
Adjusted
Adjusted
Without
Without
for seasonal seasonal ad- for seasonal seasonal advariation
variation
justment
justment
Month
January
February
March
- -
1932
1933
1932
1933
1932
1933
1932
78
78
72
60
60
64
64
69
49
49
'50
75
73
70
58
56
53
66
69
73
52
54
55
67
74
72
66
68
69
68
67
53
72
69
65
55
'57
April
May
June
79
72
69
July
August
September
65
65
68
46
49
71
64
61
60
59
59
63
October
November
December
69
63
60
75
73
106
61
61
60
67
69
56
Year
69
1933
66
Dec.
Jan.
Feb.
Mar.
Adjusted for seasonal variation
Total
- - . - - -_
Coal
Coke
Grain and grain products
Livestock
- _- .
Forest products
Ore
Miscellaneous
Merchandise *
57
66
40
58
69
45
56
56
40
54
65
45
50
55
35
59
51
24
10
57
68
59
50
22
20
57
69
61
50
22
20
57
69
58
49
19
20
51
66
69
45
20
23
47
62
Without seasonal adjustment
Total
Coal - - - - - Coke
- Grain and grain products
-- _- - -_ Livestock
Forest products
OrA
1
Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and for 6
national holidays: New Year's Day, Memorial Day, Independence Day,
Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects
upon sales of changes in the date of Easter.
>• Revised.
Back figures.—See BULLETIN for November 1930, p. 686.
1933
Miscellaneous
Merchandise *
58
72
41
52
74
48
51
63
44
51
71
52
48
51
35
63
59
23
57
50
18
59
53
20
56
46
19
58
39
21
56
70
45
64
45
65
44
64
45
63
i In less-than-carload lots.
Based on daily average loadings. Source of basic data: American
Railway Association.
Back figures.—See BULLETIN for February 1931, pp. 108-110.
288
FEDERAL RESERVE BULLETIN
MAY
1933
FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE GERMAN REICHSBANK
The annual report of the German Reichsbank
for the year ended December 31, 1932, was
submitted to the general meeting of shareholders on April 7, 1933.1 The main text of the
report is given herewith.
During the year under review many signs
seemed to indicate that the low point of the
depression had been reached in a number of
countries. The most significant of these signs
were the revival in markets for raw materials
and the relaxation of the money markets.
The negotiations at Lausanne had also demonstrated how much the restoration of sanity in
the political life of nations contributes to their
common victory over economic difficulties.
Nevertheless, the international situation as a
whole is still almost paralyzed, and it remains
to be seen how far the coming World Economic
Conference, for which the two meetings of
experts at Geneva did preliminary work, will
justify the hopes built upon it.
Economic developments in Germany presented a similar unsatisfactory picture and
continued to be very unfavorable. It is true
that in the second half of the year a few slight
indications of improvement were evident in
spite of the constantly increasing tension in the
political situation of the country. Industrial
production and sales showed some revival.
For the first time in a long period, if we disregard certain seasonal fluctuations, employment at least showed no further decline. The
fall in prices became more gradual. Higher
quotations for stocks and bonds, the release of
hoarded funds, repatriation of German capital
which had taken flight abroad, all seemed to
indicate a gradual restoration of confidence.
On the other hand, however, public finances
were greatly strained; the export surplus in our
foreign trade continued to decline; economic
distress, especially in agriculture, increased
almost to the limits of endurance; and the yearin-year-out pressure of widespread unemployment was an ever-growing menace to the foundations of government and the economic position
of the country.
Money and credit conditions.—Conditions
in the German money market, cut off from
1
The report, available in German, contains in addition tables and
charts showing the operations of the bank in detail. All amounts of
money expressed in reichsmarks have been converted into dollars at
par and then expressed in round figures. For earlier reports, see BULLETIN for April 1932, August 1931, May 1930, etc.
foreign markets to a great extent by foreign
exchange control and standstill agreements,
were almost entirely dependent on the Reichsbank. Although shortly after the beginning
of the year 1932 funds became abundant in
the leading foreign markets, in Germany the
disturbances arising out of the credit crisis of
the previous year prevented any relaxation in
the monetary position. The German banking
system was severely handicapped as a result
of enormous losses of its own funds as well as
huge withdrawals of foreign balances and by the
impossibility of mobilizing any adequate proportion of its frozen credits.
Interest rates.—The Reichsbank sought to
counteract the rigidity and high level of German
interest rates by a discount policy adapted to
the needs of hard-pressed business. In continuation of the policy pursued since the close
of 1931, the bank considered a further reduction
of the discount rate. The reduction was made
in spite of serious exchange difficulties, which
were reflected in the unsatisfactory development of the gold and foreign exchange holdings
of the Reichsbank, in spite of the effort to maintain foreign credits to German business in
sufficient volume to preserve -a balance of
exchange transactions. The bank, therefore,
took energetic and not unsuccessful measures
to stimulate a more intensive employment of
credit under the standstill agreement by
bringing pressure to bear on banks and business
enterprises and by cheapening the costs for
standstill credits. In accordance with this
policy, and in connection with the decline of
discount rates abroad, the bank rate was
lowered as of March 9, 1932, from 7 to 6
percent, on April 9 to 5% percent, and on April
28 to 5 percent. After proclamation of the
decree of September 19, 1932, by the President
of the Reich, the rate could again be lowered
on September 22 by 1 full percent, from 5
to 4 percent, where it remained unchanged
throughout the remainder of the banking year.
The lombard rate was reduced from time to
time in accordance with reductions in the
discount rate.
As a result of this development German
money rates declined gradually to a level
which was indeed still rather high but at least
more endurable. The level of rates on the
money market became adjusted to the reduc-
MAY
1933
FEDERAL RESERVE BULLETIN
tions in the discount rate, though frequently
only after some hesitation. Thus, the burden
of interest upon German debtors was considerably lightened during the year.
Increased use of trade bills.—In order to
make it easier for business to obtain access
either directly or indirectly to the credit facilities of the central bank, the Reichsbank has
endeavored to stimulate, unfortunately with
slight success as yet, the use of trade bills instead of open book credits. Inasmuch as
other sources of credit were not always available in adequate amount, the bank stood ready
throughout the year to tide German business
over the present scarcity of credit and capital
by granting various kinds of credit for measures of support, for reconstruction, mobilization, and production.
New credit institutions.—The measures introduced in 1931 for reconstruction of the
credit system, then seriously threatened, led to
the establishment in December 1932 of two
new institutions, the German Financing Institution (der Deutsche Finanzierungs-Institut,
Aktiengesellschaft), and the Amortization Office for Industrial Credits (die Tilgungskasse
fur gewerbliche Kredite). The aim of these
institutions is to strengthen the liquidity of the
banks by taking over certain securities and
thus to enable them to continue outstanding
credits and to assume new obligations. For
the same purpose special credit assistance,
chiefly through the acceptance bank, was made
available for middle-sized and small banks,
which could also have recourse to the two
institutions mentioned above.
Owing to rather large withdrawals of deposits, the German savings banks had to apply to
the central bank in the summer of 1932 for a
considerable volume of new credits on which
they were soon in a position to begin repayment. By way of special assistance in the
matter of small and intermediate credits, the
Reichsbank facilitated the granting of new,
unsecured credits on the part of the savings
banks by agreeing to a very gradual repayment of its own credits.
Assistance to agriculture.—As in pre-war
times and ever since the war, the Reichsbank
again gave special attention to agriculture.
Apart from regular credit operations, credits
were made available to agriculture, particularly
for the financing of relief measures in the East
(Osthilfe), and of the previous year's harvest.
The Reichsbank also participated with large
amounts in financing the seasonal needs of the
beet-sugar industry. In the aggregate, special
289
grants of credit for agriculture amounted to
more than $119,000,000, only part of which,
however, was used. It was chiefly a matter
of agreeing to rediscount for various organizations, which, owing to the gradual increase in
liquidity of the money market during the second
half year, did not find it necessary to make full
use of the rediscount. Further credits were
also opened for financing contracts between
Germany and Russia.
Government employment program.—In connection with the measures taken by the Reich
to increase employment, the Reichsbank granted
extensive rediscount facilities to the commercial banks which participated in the
interim financing of the various parts of the
employment program. In this connection also,
the Reichsbank offered its services in the
matter of Government tax vouchers, which
were used as credit instruments in a great
variety of ways. Altogether, vouchers were
issued in the amount of $309,660,000 for tax
remissions to private business; $47,640,000 for
abatements on the transport tax of the Reich
railways; and $47,640,000 as a premium to
employers for taking on new workers, while a
further $119,100,000 was allocated for a further
employment program. Acceptance credits for
the creation of employment have thus far been
required in only small amounts.
Bill portfolio.—Changes in the domestic bill
portfolio of the Reichsbank reflect the complete prostration of German private business.
Applications for credit were exceedingly limited,
although the bank was prepared to extend
credit in considerable volume. As a result,
the bill portfolio of the Reichsbank, including
the bills deposited as guarantee for the foreign
credits of both the bank of issue and the
German Golddiscount Bank, declined during
1932 by more than $238,200,000 to about
$833,700,000.
Gold and foreign exchange.—In spite of
foreign exchange control and the standstill
agreement, the Reichsbank's stock of gold and
foreign exchange declined during 1932 by almost $59,550,000, and became so reduced as
to cause serious concern. It should not be
forgotten that the reserves shown at the end
of the year included gold and foreign exchange
pledged for the repayment of obligations
amounting to some $131,010,000, representing
foreign rediscount credits granted to the
Reichsbank and to the Golddiscount Bank.
The Reichsbank determined to make these
transfers in gold and foreign exchange in order
not to imperil the service of Government and
290
FEDERAL RESERVE BULLETIN
private foreign indebtedness, which has hitherto
been maintained without interruption. The
future development of the foreign debt situation will create serious problems for the Reichsbank unless there is a very considerable increase
in the surplus of the foreign trade balance,
instead of the continuous and sharp decline
which has taken place during the first two
months of the current year. In this connection
it must again be pointed out that no debtor
country can be in a position to fulfill its obligations if the creditor countries erect obstacles
against its transfers of commodities.
Repayment of foreign credits.—The rediscount credit granted the Reichsbank by foreign
banks of issue and the Bank for International
Settlements had been reduced on several
occasions in connection with its renewal by
payments aggregating $30,000,000, so that
when it was extended for the last time on
March 5, 1933, for a further 3 months, it
amounted to only $70,000,000. The American
special credit of $50,000,000 to the German
Golddiscount Bank was extended in the summer of 1932 for another year in return for a
partial repayment amounting to 10 percent.
Payments transferred abroad on the temporary
credit of the Reich, which was floated through
the agency of the banking house of Lee,
Higginson & Co., totaled about $15,000,000
during the year under review. The foreign
credit granted at the beginning of 1931 to the
Reich in connection with the purchase of
preference shares of the Reich railways for the
Reich Government Insurance Office for Employment, amounting to about $30,966,000,
was paid off entirely in the course of 1932.
Altogether, the short-term foreign indebtedness of Germany was reduced during 1932 by
more than $238,200,000. The short-term indebtedness of the banks (exclusive of the
Reichsbank and the Golddiscount Bank) and
of other German enterprises to foreign bank
creditors amounts at present, so far as these
obligations are covered by the German credit
agreement of 1933, to $952,800,000. On the
basis of available data, we estimate that since
September 1930—that is, since the beginning
of foreign withdrawals up to the present time—
the aggregate foreign indebtedness of Germany
lias been reduced by at least $1,786,500,000.
In addition, considerably more than $595,000,000 has been transferred abroad during the
same period as interest payments. These
payments not only evince Germany's willingness to pay, but also represent a transfer which,
in the face of the economic depression, testifies
MAY
1933
to the essential economic strength of Germany.
In order to keep up a general survey of the
changes in amount of German foreign indebtedness, the Registry Office for Foreign Indebtedness, under authority conferred upon it by
emergency decree, has completed new official
surveys of the position as of February 29 and
September 30, 1932, and has begun a survey of
the position as of February 28, 1933.
The efforts to maintain the service of foreign
loans required a continuous tightening of the
foreign exchange regulations, especially in connection with security operations in which the
Reichsbank cooperated as far as possible.
Under date of September 28, 1932, the previous
announcements of the Reichsbank regarding
transactions in foreign exchange, of July 18,
1931, October 6, 1931, and March 31, 1932,
were published in a new collection with certain
amendments, generally to be regarded as
measures of relief.
Transfer agreements.—The close economic
relation between Germany and other countries
led to some easing of the difficulties which had
been brought about by exchange regulations in
trade and in the transfer of payments. This was
done so far as possible through special agreements, some of which took the form of government conventions and others represented central
bank agreements. Government conventions
governing foreign exchange were concluded in
regard to some transfers of payment with the
Belgian-Luxembourg Economic Union, with
Denmark, Finland, France, Holland, Italy,
Norway, Sweden, Switzerland, and Spain.
According to these agreements, import payments in excess of the German foreign exchange quota are deposited in special accounts
with the Reichsbank, such funds to be used
exclusively in paying for German exports into
these countries. A mutual clearing agreement
was concluded with Hungary, which placed the
entire settlement of intergovernmental transfers
of payment in the hands of the central banks of
each respective country. The Reichsbank also
concluded agreements with the central banks of
Bulgaria, Estonia, Greece, Yugoslavia, Latvia,
and Rumania, to insure the settlement of
transfers of payment with the least possible
friction; in these cases the idea was to centralize
transfers of payment between the participating
countries as much as possible in the central
banks and, as a rule, to exclude the use of
securities of third parties.
In the interests of German export, the
Reichsbank felt especially obligated to assist
in thawing out such German balances as had
MAY
1933
FEDERAL RESERVE BULLETIN
been frozen in foreign countries through measures of exchange control. By means of special
arrangements with the central banks of these
countries, and in various other ways, the
Reichsbank succeeded in course of time in
mobilizing a portion of these claims. The
Reichsbank also endeavored to relieve German exporters by advancing money on trade
acceptances.
Credit agreements.—The foreign debts governed by the German credit agreement of 1932
were reduced by 10 percent. In September 1932
payments on the standstill credits guaranteed
by the German Golddiscount Bank began, as
had been provided in the agreement. The
possibilities of consolidation offered by the
agreement were used to the extent of $35,730,000. The new German credit agreement of
1933 is in force until February 28, 1934, and
extends the possibility of consolidation very
considerably while giving the Reichsbank the
rights of supervision. The interest rates on
standstill credits are to be further reduced by
one half of 1 percent. Just as in the previous
year, another reduction of these credits was
agreed upon, this time in the amount of 5
percent.
The credit agreement on German public
debts for 1932, which provided for a repayment
of 10 percent on public short-term debts
carrying an interest rate of 6 percent, was
succeeded on March 1, 1933, by the credit
agreement on German public debts for 1933,
which governs the extension of the short-term
foreign debts of German Provinces, communities, and other public corporations until March
15, 1934. In this new agreement the foreign
creditors were given the opportunity of consolidating their short-term claims; and, in
consideration of a repayment of 5 percent, a
reduction of one half of 1 percent in credit
charges was agreed upon.
Stability of the reichsmark.—The quotation
of the reichsmark in foreign countries showed
remarkable stability, which was due primarily
to the scarcity produced by foreign exchange
291
regulations in the offer of reichsmarks, to the
increased invoicing in reichsmarks, and obviously, also, to the repatriation of German
capital which had previously taken flight
abroad.
Capital market.—The German capital market
had great difficulty in recovering from the
unfortunate events of 1931. It is true that it
became possible to resume official trading in
securities on the German bourses on April 12,
1932, but only under restrictions. The intervention in the relations between debtors and
creditors, as established by civil law, which
had been authorized by the emergency decree
of December 8, 1931, together with measures
of price reduction, had awakened apprehensions lest further measures of control might
be taken against creditors, and in connection
with the fear of possible experiments in currency and credit had created a feeling of insecurity which crippled stock-exchange transactions for a long time, hindered the improvement of quotations, and checked revival of
activity in security issues.
Improvement on the stock exchange.—A
slight upward movement took place in the
second half of the year. The signs of improvement mentioned at the beginning of this report
had brought about tendencies toward recovery
on the international stock exchanges; this
improvement extended to the German bourses,
and became especially evident when, upon the
announcement of the economic program of the
Reich Government in August 1932, public
opinion in this country also became more
hopeful. The security market was reassured
not only by the repeated declarations of the
Government of the Reich that it would refrain
from any experiments in currency and credit,
but also by the encouraging fact that the
second reduction in rates of interest for
agricultural mortgage credits indicated the
prospect of a more considerate handling of the
rights of creditors. The German level of stock
quotations, therefore, rose very considerably
during the second half of the year.
292
FEDERAL RESERVE BULLETIN
BALANCE SHEET OF THE GERMAN REICHSBANK AS OF DECEMBER 31,
Resources
Gold, not under lien (gold bars, domestic and foreign coins):
In the cash offices of the bank
With foreign banks of issue
Cash balances:
Reichsbank notes
Subsidiary coin
Rentenbank notes
_
Notes of German private banks of issue.
Reichs- Dollars *
marks (in (in thouthousands) sands)
762,647
43,577
181,663
10,380
806,224
192,043
5, 794,725 1,380,303
177,124
42,191
13,761
3,278
3,104
739
M A Y 1933
1932
Liabilities
Total bank-note issue
Credit balances of giro and current accounts
Noninterest-bearing deposits
Original capital
Legal reserve fund (including transfer from net
profits of the year 1932)
Reserve for pensions, etc
Reserve for probable losses
Reserves for:
Printing of new notes..
New buildings
5,988,713 1,426,511
Credit balances in foreign currencies (of which the
equivalent of 105,964,000 reichsmarks was assigned as cover for the notes in circulation)
Foreign notes
Foreign bills and checks
Domestic bills and checks:
Treasury bills of the Reich.__
Other domestic bills and checks.
Silver
_
Loans against collateral (lombards), viz:
Loans against securities (sec. 21, 3b, c, d, of
the bank law)__
Loans against bills (sec. 21, 3e, of the bank
law)
_-.
__Loans against goods (sec. 21, 3f, of the bank
law)
_.
Loans against treasury bills of the Reich (sec.
21, 3g, of the bank law)
Securities owned
Doubtful assets.
Land and buildings
Claims resulting from the settlement with the
Reich
Miscellaneous:
Bank notes no longer fit for circulation
Postponed claim on the German Government
in virtue of sec. 11, 4 of the law of Aug. 30,
1924, for the liquidation of Rentenbank
notes in circulation
Credit balances with postal check offices
Bills held as security for the $100,000,000 credit.
Other claims
Total resources.
^Conversion at par: 1 reichsmark=$0.2382.
154,022
7,883
90,893
1,878
21,651
580
2,715,872
129
138
646,921
31
Special reserve fund for future payments of
dividends..
Miscellaneous:
Interest on bills due in 1933-_
Dividends due but not yet paid
Dollar treasury notes of the Reich to be redeemed by the Reichsbank
>
Liabilities in foreign currencies
Other book debts
153,501
36,564
Net profits for the year 1932, less 10 percent assigned to the legal reserve fund
2,169
517
16,268
3,875
4,126
983
176,063
41,938
323,031
21,005
30,000
76,946
5,003
7,146
99,055
23, 595
1,344
320
70,082
11,862
361,019
189,052
16,694
2,826
85,995
45,032
633,360
150,866
11,046,829 2,631,355
Total liabilities.
Reichs- Dollars
marks (in (in thouthousands)
9,356,528
539,781
75
150,000
2,228,725
128,576
18
35,730
63,254
80,000
241,962
15,067
19,056
57,635
22,938
24,762
5,464
5,898
47,699
11,362
40,235
9,584
13,070
233
3,113
56
174
373,303
104,515
41
88,921
24,895
491,295
117,026
36,000
8,575
11,046,829
2,631,355
293
FEDERAL RESERVE BULLETIN
MAY 1933
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
Total
(49 countries)
1932—FebruaryMarch.
April
May
June
July
August
September..
October
NovemberDecember..
11,418
11,499
11,515
11,416
11,348
11,420
c
11, 564
°c 11,696
11,790
« 11,863
11,897
1933—January
February.. _
March
April
v11,925
p 11, 741
v 11,939
Europe
United
Statesi
Canada
Total (27
countries)
3,947
3,986
3,956
3,717
3,466
3,522
3,748
3,819
3,885
4,045
4,074
3,808
3,916
v 3,976
Austria
CzechoBelgium Bulgaria slovakia
Denmark England
6,444
6,484
6,531
6,665
6,841
6,871
6,897
6,923
6,944
6,949
6,826
351
349
351
353
357
365
364
359
363
362
361
6,818
6,884
6,992
362
366
371
371
France
670
676
678
678
678
583
2,942
3,012
3,052
3,115
3,218
3,221
3,224
3,241
3,250
3,267
3,254
221
209
205
206
198
183
183
190
195
197
192
692
836
905
3,221
3,176
3,152
» 3,170
196
183
176
688
588
39
Germany
I
Europe—Continued
End of month
Greece Hungary
Italy
Nether- Norway Poland
lands
1932—February. _
March
April
May
June
July
August
September.
October
November.
December..
296
296
296
297
298
300
302
305
306
306
307
353
354
364
384
394
408
415
416
416
415
415
1933—January....
February...
March
April
308
325
331
413
410
381
374
End of month
1932—February..
March
April
May
June
July
August
September.
October
November.
December..
1933—January....
February...
March
347
347
343
346
347
348
348
346
342
••342
345
*347
*>349
Peru
249
249
249
249
249
249
249
249
249
249
249
249
249
249
Ml
Yugo- 6 other
Spain Sweden SwitzerU.S.S.R. slavia counland
tries
434
434
434
435
435
435
435
435
436
436
436
436
Latin America
Total
Co(10 Argenlomcoun- tina Chile bia
tries)
Portu- Rumania
471
471
493
503
509
510
509
509
493
477
477
488
489
460
Asia and Oceania
Total
Uru- 5 other (7
guay countries countries)
329
330
331
335
349
357
368
>368
»368
J
368
J
368
26
26
27
30
31
»368
1368
»368
29
31
31
28
28
29
Africa
New
AusSouth
tra- India Japan Java Zea- Siam Tur- Algeria Egypt Africa
key
lia
land
534
535
534
534
536
524
«525
"525
"525
«525
"522
162
162
162
162
162
162
162
162
162
162
162
215
214
214
214
214
214
214
214
214
213
212
<=523
525
162
162
162
212
212
212
29
23
31
32
33
33
33
33
33
33
33
33
37
31
34
35
38
34
35
32
35
34
35
33
33
33
38
50
54
Preliminary.
' Revised.
« Corrected.
i 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.
a The August 1932 figure is carried forward for subsequent months, as no statement has been issued by the State Bank of the U.S.S.R. since
that time.
NOTES.—Figures for 34 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are
as of last report date of month. See BULLETIN for May 1932, p. 315. Since the note in the BULLETIN for May 1932 was prepared, figures for the
Banque Centrale de la RSpublique 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.
172744—33
5
294
FEDERAL RESERVE BULLETIN
MAT
1933
GOLD PRODUCTION
[In thousands of dollars]
Year and month
1930— Total (12 mos.) _
1931—January
,.
February
March
April
May
June
July
August
September
October
November
December
Total (12 mos.)1932—January
February.__
March.
April
May...
June
July
August
SeptemberOctober
November..
December..
Total (12 mos.)1933—January...
February..
March
Estimated
world
production
Production reported monthly
Africa
Total
430,725 372,726
32,668
30,648
32, 222
32, 340
32, 798
32, 779
32,729
33,338
33,315
34,417
33,319
33,382
459,104 393,957
39, 236 33,464
38,187 32,415
39,895 34,123
39,433 33,662
41,091 35,319
41,187 35,415
41, 572 35,800
42, 734 36,963
42,138 36,366
42,351 36,579
42,091 36,319
v 41, 645 35,873
P491, 560 422, 2P8
v 40,931 v 35,159
v 37,398 v 31,620
v 42, 094 v 36, 322
South
Africa
Rho-
North and South America
Far East
West Belgian
Colom- Austra- Japan
United
Africa Congo Canada States Mexico
lia
bia
221,526 11,476 4,995
442
19,151
960
438
17,427
453
18,791
446
18,194
917
451
18,901
918
447
18,594
926
451
18,959
947
462
918
486
905
18,981
473
936
19, 525
478
18, C73
941
18,809 1,041
224,863 11,193 5,524
921
480
19, 587
956
453
18,935
996
484
19,877
466
19,593
976
481
19,970
977
482
19,871
1,011
546
981
20, 268
510
1,019
20,475
509
19,888
1,041
515
20,157
1,044
526
20,190
997
539
20,118
1,080
238,931 12,000 5,992
532
1,008
20,152
533
18,176
989
i19,573 i 1,013 1517
2,699 43,454
304 4,201
246 4,051
256 4,235
250 4,607
230 4,477
240 4,744
245 4,731
254 4,738
291 5,026
317 4,955
292 4,927
299 4,995
3,224 55, 687
295 4,834
286 4,670
304 5,285
281 5,093
298 5,551
309
5,592
319 5,176
330 5,480
304 5,406
314 5,240
307 5, 220
294 5, 514
3,642 63,061
280
U34
1434
4,826
4,718
5, 313
3,281
47,123 13,813
301
4,127 1,281
299
4,127 1,011
340
4,127
988
278
4,127 1,329
329
4,127 1,208
353
4,127 1,103
354
4,127
814
353
4,127 1,228
256
4,127 1,074
452
4,127 1,041
389
4,127
914
312
4,127
877
49,524 12,866 4,016
1,106
450
i 3,597
386
i 3, 535
948
404
i 3,494
862
380
i 3,390
1,057
447
i 4,114
1,026
405
i 4,362
960
455
i 4,610
924
524
1 4,982
1,138
456
i 5,085
1,122
455
I 5, 271
1,091
415
14,858 i 1,158
353
» 4, 651
i 661
51,948 v 12,054
5,132
1,199
i 4,341
513
1 3,039
1,034
344
i 5, 209
1,137
487
9,553
8,021
634
869
863
936
919
1,092
933
1,229
916
1,240
1,321
1,181
12,134
1,032
1,063
1,131
1,164
1,234
1,172
1,244
1,221
1,292
1,216
1,376
621
702
689
694
716
663
668
654
692
679
667
664
8,109
628
657
741
671
653
647
692
696
702
727
715
P1,413
14,558 8,198
r>l, 066
666
1,098
654
1, 364
India
6,785
648
580
594
561
521
490
500
516
562
673
590
579
6.815
534
525
545
590
567
603
585
588
559
547
556
581
6,782
1622
v Preliminary. .
1
Figure reported by American Bureau of Metal Statistics.
2
This aggregate for 1932 of monthly estimates by the American Bureau of Metal Statistics in New York City differs somewhat from the official
estimate for the year made by the Bureau of the Mint in cooperation with the Bureau of Mines. The official estimate is $50,626,000.
NOTE.—For comparable monthly figures back to January 1929 and for explanation of the table see FEDERAL RESERVE BULLETIN for April 1933,
p. 233. For annual figures of world production of gold back to 1873 see annual report of Director of the Mint for 1932, p. 151.
GOLD MOVEMENTS
[In thousands of dollars]
United States
Net imports from-—
Month
Total'
net imports
England
France
Germany
Belgium
China
Nether- Switzer- Can- Mexico Argen- Co- British and Japan
lands
land
tina lombia India Hong
ada
Kong
All
other
countries
941
333
-394
1931—November
89,436
4,895 1,644 75,932
-10
-57
- 5 1 5 7,408
-115
989
267
56,858
4,249 -15.150
December
4.837
2,042 3.165
- 6 2 -5,861 - 9 . 8 5 7
- 1 , 2 7 0 4,513 1.344
623 68, 285
145.325
31. 322
6,797 -344.514 36.026 -15.583 -50.327 -19,768 81,136 22,267 141.263 15.116 8.064 34,240 199, 286
Total (12 mos.)
1932—January
2,542
-72,950 - 3 , 1 9 9 -83,783
- 1 , 7 5 9 4,154 1,103
9,110 2,948 4,677
- 7 1 -12,553 - 6 , 2 5 7
167 9,969
February
1,795
-90,567
- 2 3 5 -98,203
950
- 2 5 4 8,406
1,157
- 4 9 5 -17,859 - 8 , 6 7 2
2,575
819 19,441
March
3,313
-24,671
- 2 3 -37,532
- 6 7,216 2,997
2,683
2 -6,341
3
70 2,948
April
3,967
-30,239 - 1 , 9 2 2 -24,527 - 3 , 2 8 6
- 1 1 5 7,267 3,329
2,013
2,402
- 6 6 9 -18,707
7
3,800
-195,514 - 7 , 0 4 7 -63,216 - 9 , 7 1 0 -19,930 -58,473 -53,554 4,699 1,510
May
175 3,791 2,441
3,133
-206,047 - 1 , 9 1 0 -111,411
816
- 1 1 6 -26,250 -23,168 -62,603 5,424
4,866 5,172
June
3,064
-3,437
1,405 -21,513
- 2 2 5 4,573 1,284
July....
13
240 3,524 4,197
4,122
6,103
6,093 -17,950
- 8 5,257 2,273
August
1,021
45
467 4,783
2,039
27,897
5,868
50
219 3,904 2,843
September
52 2,855 4,205
""5,"543
320
1,933
20,613
1,251
72
506 1,345
25
October
28 6,068 3,600 3,362
2,381
42
3,322
21,740
1,376
893
7 5,622
November
94 4,773 2,964
2,685
-1
3,353
100.859 51,928
7.546
744
December
43 4.697 4,974 3,124
8,082
16,357
10
36,383
Total (12 mos.) -446, 213 53. 585 -441.649 -13.356 -82.571 -96.686 -118.273 64.574 20,087 12,991 3,240 26. 597 39,043 49, 719
1933—January
52 15,193 5,612 3,729
128,465 50,248
2,042
5,274
634
15,12?
29,490
1,067
February
i 17, 776 i 3, 310 - 3 , 7 0 9 - 1 , 5 4 6
35
802
9,446
'
3,208
- 1 , 6 1 4 4.206
••552
3,700
-600
-15
March
990 2,135
-22,081
2-15,413
8,935 - 3 , 630
-199 -5,005
- 6 8 1 8,418
483
-250
April P
-11,737 - 2 , 200 - 8 , 9 9 3
-600
159
1,090 2,969 - 4 , 1 6 2
Preliminary.
r Revised.
Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal
Reserve
Bank of New York until Mar. 1.
2
$17,054 exported to Italy.
1
295
FEDERAL RESERVE BULLETIN
MAT 1933
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Great Britain
Net imports from—
Month
Total
net imports
1931—November..
December..
-45,386
-12,489
Total (12 mos.)- -143,729
1932—January
February
March
April
May
June
July
August
September
October
November
December
-.
==
-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...
FebruaryMarch
April p
81,211
-43,260
18,400
77,198
58, 396
United
States
-4,637
-7,548
France
Germany
Belgium
Netherlands
South
Africa,
Switzer- South British Straits
RhoAustraland
America India Settlelia
desia,
ments
West
Africa
-63,524
-25,941
-91
-219
-14,101
-4,536
-9,936
-18,397
733
-517
33,754 -37,050 -124,101
-60,836
-13,401 -319,989
26,597
22,835
267
502
1,501 16,052
90 20,187
1,754
755
29,446
63,080
11,280
33,260 236,921
3,904
105
2,226
1,002
45,986
30,661
24,340
17,393
11,565
12,812
14,204
14,279
13,009
11,973
10,488
13,684
.746
781
602
899
803
772
2,122
829
584
943
710
.
-64,955
-52,712
-40,858
-17,795
-10,843
-9,035
-11,361
-20,269
-27,521
-24,895
-13,519
-3,277
-4,129
2,256
-119
1,207
7,541
15,897
-1,671
-4,259
-6,887
-284
-1,634
-58,561
-50,643 -297,040
-48,314
- 6 , 559
11,821
-2,109
-4,623
3,406
-2,238
-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
-108
311 -16,896
-71,376
-14,021
5,623 220,394
-79
-588
-929
9,495
7,175
9,178
10, 373
-76
-58
3
71
-18
14
4
45
5
-20
370
-29
406
-11
27
5,003
18,582
500
300
187
189
527
181
374
296
204
1931—November. 122,372
December.. 13,881
Total (12
mos.)
99,876
3,164
England
Switzerland
22,741 -42,572
- 2 3 2 -22,386
728,176 328,130 312,561100,050 18, 775 - 8 1 , 207
74,007 66,062 10, 735
1932—January
February-. 184,171 82,680 90,947
147,604
71,279 49,028
March
23,888
60,340
April
17,734
17,174 14, 232
May
168,000 152,072
7,541
June
31,954 16, 746 12, 472
July
42,940 24,149 16,241
August
9,638
4,424
-625
September.
32,695 11,927 19,995
October
241 26,003
November. 33,498
December.. 25,494 -10,634 34,479
Total (12
mos.)
Ger- Nethermany lands
40,447
26,132
6,755
9,601
12,561
2,019
1,999
4,601
483
5,382 - 1 7
3,918 1,448
565
329
672
6,122
2 -3,138
-46
-4
13,889
-15
2,582
6,737
Total
net
imports United
States
All
other
countries
352
1,426
887
420
1,734
760
3,207
5,010
1,326
1,853
831
602
10,780 20,363
587"
793
554
794
461 22, 659
959 14,209
255,305
18,408
16,530 - 2 , 1 2 0
27, 815
1,245
28,923
2,556
19, 435 - 2 , 2 5 6
France
Netherlands
All
other
countries
Switzerland
- 1 6 , 455 -25,594
150
103
149 867 -247,960 -36,160 - 3 5 , 221 -102,019 -55,142 -63,866 58,932 -14, 475
-7,732 -27,282
• -
200 -3,814 -1,126
678 2,805 -7,127
1,266 27, 778 -23,356
Eng*
land
49
642
1,789 -41,968
7,203
875
j , 401
-1,592
?,639 -5,262
830 -L3,647
17
428 - 4 , 0 6 1 -«. 133
- 1 , 1 1 9 -17,135
3,319
-8,234
6,281 -7,139
-1,001
3,259 -13, 718
-369 -2,447
4,189
8,552
249
222
-270
148
5,560
2,314
-186
645
4,306
483 -3,293
828,072 468,062 309,984 37,889 37,547 -17,668
1933—January c -37,428 -35,361 '2,900
February ~ - 1 , 605
-144
2,559
Marchp
16, 702 9,287 1,005
-.I'S
17,062
20,884
20,616
24,893
18,965
26,246
19,351
19,712
25,866
18,378
20,006
23,326
Net imports from—
Net imports from—
Total
net
imports United
States
,
1,555
371
1,750
1,083
915
794
9,661
175
1,505
870
830
854
Germany
France
Month
All
other
countries
293
66
278
4
-250 -38,170 -24,455 -7,91546,656
-3,536
=
4,423
r-226
-376 -13,076
-13,164
723
iJ $29,233,000 imported by France from Spain in July.
$21,292,000 exported by France to Belgium.
16
71
49 -5,647
71
- 2 -16,224
170 -2,776
-14
42
-8,328
8
17 -7,539
67 10,352
5 -5,800 -7,691
3,399
- 4 2 -4,753 -5,435
554
2
4,622
13
1,289
—2
5,410
8
3,456
29
5,461
33
41
6,275
—367 -6,169
2,584
6
24
3—
17
11
-4,958
-14
4
-5,990 -10,458
-7,377 -4,979
99 6,409
3,369
3,993
-2,081
-95
114
r
p Preliminary figures.
Revised.
« February figures for France corrected.
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. Since German figures for individual countries are subject to semiannual revision, those given for January, February, and
March 1933 are preliminary in character. Figures for total net imports are final.
296
FEDERAL RESERVE BULLETIN
MAT
1933
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Netherlands
Net imports from—
Month
Total net
imports
1931—November.
December...
Total (12mos.)
1932—January
February
March
April
May
June
July
August
September
October
November
December
United
States
England
France
Germany
Belgium
-35
-632
36,551
19,567
21,551
1,449
7,982
8,849
-1,113
-2,325
4,717
11,672
198.619
39,413
117,591
-21,024
56,059
7,130
2,608
-1,886
7,737
58,256
54,107
4,983
7,204
- 1 3 , 797
-6,230
-4,857
7,747
8,810
6,342
2,799
55,317
47, 324
- 3 , 521
-9,900
-11,028
-771
-3,258
-1,786
-276
-334
-1,708
-304
320
34
8,445
-384
—462
-821
7,429
-6,367
-1,916
- 3 , 765
-9,668
3,100
5,446
3,870
867
5,470
8,397
5,565
8,715
1,198
1,252
1,939
4,251
52
3,745
-713
-760
-5,242
-26
1,759
- 5 , 729
-1,313
963
106,623
50,070
-34,009
26,886
-12,727
14,069
-8,177
3,436
-837
6,722
-19,367
2,009
958
5,055
-7,009
Total (12mos.)
1933—January ~_
February.
March
9,763
5,376
-1,280
-3,496
-61
-593
-886
-10,300
4,986
Poland
Switzerland
Total
net imports United
States
43,572
19,687
3,224 9,805
254 18,364
222,751
36,422 41,301
1931—November
December
Total (12 mos.)
England
—i
i
5,653
„ _ 17,658
4,698
.._
2; 538
46,051
80,872
14,993
1,503
-604
-3,385
-1,
1,203
2,067
1,411
82
65
41,034
70,247
9,779
81
-361
-50
-7
5
1933—January
February
March
4,658
8,502
24,440
1
8
-14
653
19,317 39,684 72,760
7,418 7,880
10114,996
2,393
6,987
21, 306
-77
-77
-40
3,824
729
38
754
— 1,428
-365
4,553
4,548
1,166
295
476
366
785
632
81
-77
147
107
24
-52
-2,222
-5,852
-14
-52
-790
- 1 , 628
-511
- 1 , 791
-3,415
-3,385
-482
-281
-217
—188
-20
—516
-354
-171
-2,325
-3,466
-5,849
-847
-579
-402
42
-537
-1,134
941
3,212
1,994
1,006
3,030
2,773
-13,630
-16,137
16,423
-7,346
-1,100
3,452
—2,324
2,199
-166
679
34
-1
-923
-976
881
-506
Total
net imports
United
States
England
379
290
76
-304
Increase
or decrease
(-)in
private
holdings
in India a
592
581
359 -23,984
-45,134
6,832
33,532 -122,575
-21,419
-17,353
-18,788
-11,229
-9,007
-13,155
-14,675
-7,979
-9,835
-9,010
-13,244
-6,286
253
43
209
-374
72
95
-1,488
-920
-1,:
-652
-997
-676
535
527
546
592
569
605
586
589
661
548
557
583
18 -23,512
-17,143
-18,117
l_86 -11,306
-8,365
-12,622
-15,851
-11,085
34 -16,674
-13,934
-16,105
'—24,380
-195,765 -38,061 -151,880
-5,823
6,798
127 -189,094
-11,916 -10,247 -1,965
-12,788 - 9 , 589 -3,082
-13,820
297
-116
576
610
*>622
-11,340
- 1 -12,177
v-13,198
13 -24,029
-707 -17,672
-18,670
-11,812
286
-209 -13,227
- 8 7 -16,437
-260 -11,674
-277 -17,201
48 -14,482
461 -16,662
55 —24,964
1,176 1,040
2,461 - 9 3 7
48 3,802 - 2 , 236
All
other
Increase
Gold or depro- crease
due- (. - ), i n
tion in govern
India 2 ment
reserves
in India
-3,311
-747
-5,521
47 13,220 -95,875 -17,665 -72,691
2,308
2,949
5,630
1,507
744
453
-280
480
837
123
82
907
-162
-135
-24,217 -3,279 -17,626
-45,715 -5,286 -39,682
408
203
1,972
10
1,300
5,423 5,731
6,725
5,733 -3,952 2,769
- 9 5 -165
116
1,718 - 5 2
116
3,554 - 8 5
1,734
111
3,734 - 5 1
90
38
718
154
-540 - 3 4
82 -3,087 -102
85 -2,347 - 6 7
320 -111
1932—January
February
March
April
May
June
July
August
September
October
November
December
Total (12 mos.) 169,786 124,354 15,342
All other
—252
-794
Net imports from—
Ger- South NethAll
erFrance many Africa
lands other
4,519 25,604
"" -75
British
India
British India
Net imports from—
Month
Switzerland
-2,863
-363
-90
-209
-167
-374
-2,775
-5,978
-4,820
-2,420
-18,002
Exported from Netherlands to Czechoslovakia in August, $2,199,000; in September, $6,847,000.
Reported monthly production of the Mysore State plus $1,387 representing the average monthly production of the rest of India in 1931.
> Figures derived from preceding columns. Net i mports plus production minus increase in Government reserves in India.
* $1,891,000 was exported from India to Netherlands; $2,173,000 to France.
»$1,777,000 was exported from India to Netherlands.
8
$1,640,000 was exported from India to Netherlands.
v Preliminary.
r Revised.
NOTES.—Netherlands—The aggregates of the official monthly figures for gold exported to Germany and gold imported from the world In*
1932 differ somewhat from the revised totals published for the year as a whole.
British India.—From January, through June 1932 figures for net imports from individual countries are preliminary and subjec t to revision
Figures for total net imports, gold production, and increase in government and private holdings are final unless otherwise indicated.
297
FEDERAL RESERVE BULLETIN
M A T 1933
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
1933
Argentine Conversion Office (millions of
gold pesos):
Gold
l
Notes issued —
pounds sterling):
Legal tender note fund:
British legal tender and bank
balances
1932
1933
1932
Mar. Feb.
Jan. Mar.
Mar.
Feb.
Jan.
Mar.
257
257
*>588
257
589
257
544
P581
Irish Currency Commission (thousands of
British securities
Notes issued
Consolidated bank notes: i
Issued
Deemed such under sec. 60 (4) of
currency act, 1927
82
86
7,449 • 7, 250
7,582 7,336
4,630 4,625
1,344 1,353
867
6,388
7,256
4,617
1,363
71
7,196
7,268
4,393
1,580
Canadian Minister of Finance (millions of
Canadian dollars):
Gold reserve against Dominion notes..
Advances to banks underfinanceact_.
Dominion notes:
Issued
Outside chartered bank holdings..
Indian Government (millions of rupees):
Gold standard reserve:
Gold
Foreign exchange
Paper currency reserve:
Gold
Silver coin and bullion
Other
assets
Notes
issued
70
48
72
42
72
47
64
32
181
29
176
27
180
26
157
28
184
350
187
347
188
345
391
143
260
1,119
390
1,769
257
1,104
392
1,753
255
1,095
393
1,743
53
1,112
617
1,781
1
Includes a small quantity of subsidiary coin.
« The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Mar. 4, Feb. 4, Jan. 7, 1933, and Mar. 5. 1932.
The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.
v Preliminary.
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of dollars converted from Swiss francs at par; 1 Swiss franc=$0.1930]
1932
1933
Resources
M a r . 31 F e b . 28
Cash on hand and on current account with
banks
Demand funds at interest
_.
Rediscountable bills and acceptances (at
cost):
Commercial bills and bankers' acceptances
•__
.__.
Treasury bills
Total.
Time funds at interest—Not exceeding 3
months
Sundry bills and investments:
Maturing within 3 months:
Treasury bills
Sundry investments.._
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Treasury bills
Sundry investments
Total
Other resources
Total resources.
1933
Liabilities
Mar. 31
2,199
10,141
1,796
18, 669
2,743
14, 356
53,108
49, 690
57, 598
49, 348
91, 397
26, 390
102, 798
106,946
117, 788
35,841
43,080
39,861
2,784
13, 657
2,882
11,512
24, 466
9,169
4,532
6,813
6,431
9,212
6,919
29,032
1,162
30,159
1,420
40, 707
1,865
181,173
202,070
217, 320
1,127
119
Mar. 31 Feb. 28 Mar. 31
Short-term deposits:
Central banks for own account:
Demand
Time—Not exceeding 3 months
Total
Central banks for account of others:
Demand.
Other depositors:
Demand
_
Time—Not exceeding 3 months
Long-term deposits:
Annuity trust accountGerman Government deposit
French Government guaranty fund
Total.
Capital paid in_
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund
Other liabilities
Total liabilities
49,176
38,007
84,153
21,874
89, 365
28,015
87,183
106,027
117,380
2,567
3,017
13,154
634
643
76
1,217
1,510
29,652
14,826
13, 217
29,677
14,839
13,249
29,649
14,825
13,249
57,696
24,125
57, 765
24,125
57,723
20,941
254
519
1,038
6,514
254
519
1,038
8,031
108
211
422
5,872
181,173
202,070
217,320
298
FEDERAL RESERVE BULLETIN
MAY
1933
CENTRAL BANKS
[For explanation of tables on this page, 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:
1932—Feb. 24
Mar. 30
Apr. 27
May 25
June 29
July 27
Aug. 31
Sept. 28
Oct. 26
Nov. 30
Dec. 28
1933—Jan. 25
Feb. 22
Mar. 29_
Apr. 26
120.8
120.8
120.8
125.0
136.1
137.7
138.9
139.4
139.4
139.4
119.8
123.6
142.2
171.8
185.9
.6
1.0
1.0
1.0
.8
.8
.7
.8
Notes
Liabilities of banking department
Discounts Securiand
ties
advances
49.4
35.3
43.0
45.8
48.1
43.4
48.6
54.6
56.0
55.6
23.6
45.4
61.0
79.7
74.0
11.5
11.7
11.5
12.2
14.9
15.3
12.2
12.1
11.6
11.9
18.5
11.6
11.9
11.8
11.6
71.0
86.8
79.4
93.2
93.5
92.5
92.2
88.0
85.4
87.1
120.1
107.9
104.0
74.9
80.0
Note
circulation
Deposits
Bankers'
346.4
360.5
352.8
354.2
363.1
365.3
359.8
358.4
358.8
371.2
353.2
356.2
367.1
371.9
67.9
54.6
58.3
77.5
86.6
88.2
79.5
80.6
77.3
90.5
102.4
103.4
98.3
92.8
100.9
Resources
Bank of France
Gold
Millions of francs:
1932—Feb. 2 6 . - .
Mar. 26
Apr. 29....
May 27_...
June 24....
July 29_-_.
Aug. 26—.
Sept. 30—,
Oct. 28.--.
Nov. 25
Dec. 30....
1933—Jan. 27
Feb. 24....
Mar. 3 1 . . .
Apr. 28 *_.
75,059
76,832
77,862
79,470
82,100
82,168
82,239
82,681
82,909
83,342
83,017
82,167
81,017
80,409
Foreign Domestic Security
bills
loans
exchange
15,127
12,632
11,800
9,001
6,332
6,482
5,389
4,977
4,984
4,853
4,484
4,434
4,401
4,376
3,846
5,544
4,820
4,690
4,160
3,929
3,905
3,467
2,604
3,637
3,266
3,438
3,142
3,303
3,352
3,805
2,707
2,716
2,735
2,700
2,715
2,747
2,761
2,783
2,764
2,500
2,515
2,537
2,580
2,714
2,649
Public
14.1
27.2
23.4
23.6
18.0
11.2
20.7
23.4
25.4
.10.1
8.9
11.7
26.2
21.2
10.8
Reserves
Gold
Millions of reichmarks:
1932—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
Feb. 28
Mar. 31
Apr. 29 v
928
879
859
863
832
766
768
796
817
827
806
822
769
739
411
Foreign
exchange
149
142
131
129
130
128
157
133
123
110
114
101
152
97
100
Negotiable
securities >
6,882
6,881
6,881
6,881
6,626
6,621
6,621
6,621
6,621
6,621
6,802
6,680
6,647
6,621
6,595
Other
8,329
8,371
8,697
8,684
8,634
8,994
8,878
9,686
9,145
9,008
9,196
9,172
9,119
9,801
18.2
18.2
17.7
17.8
iao
18.1
18.2
18.2
17.7
17.8
18.0
18.1
18.2
18.2
17.7
Note
circulation
83,189
81,782
82,774
81,418
80,667
82,118
79,912
82,459
82,205
81,536
85,028
83,314
83,986
86,096
84,992
Deposits
Government
3,637
3,526
3, 111
3,432
2,881
3,740
3,982
3,010
4,553
2,931
2,311
2,269
2,226
2,235
2,340
Other
24,899
24,962
24,827
24,128
24,621
22,033
23,426
21,876
21,229
22,969
20,072
20,474
18,731
16,850
17,181
Other
liabilities
1,925
1,980
1,963
1,917
2,167
2,026
2,035
2,009
2,071
2,153
2,041
2,074
2,124
2,093
(3)
Liabilities
Other Security
Treasury bills
(and loans Securities
bills
checks)
3,324
3,258
3,146
2,990
3,100
3,108
3,009
2,991
2,857
2,731
2,806
2,459
2,439
2,763
3,142
32.2
34.4
35.3
32.9
34.7
34.6
35.4
33.4
33.6
37.1
33.8
32.5
35.0
35.0
37.1
Liabilities
Resources
Reichsbank
Other
Other
liabilities
303
290
282
257
261
224
207
242
198
207
176
93
279
210
177
162
362
362
363
364
365
366
362
362
395
398
401
401
401
317
Other
assets
1,100
1,044
977
1,032
1,038
975
960
940
957
959
1,114
1,097
1,040
869
582
Note
circulation
Deposits
4,268
4,231
.4,128
3,961
3,984
3,967
3,817
3,755
3,620
3,531
3,560
3,338
3,356
3,520
3,538
423
678
405
431
473
380
408
451
389
418
640
345
402
443
406
Other
liabilities
1,318
1,226
1,249
1,262
1,271
1,267
1,279
1,298
1,345
1,314
1,313
1,333
1,343
1,169
791
1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law
at £260,000,000. From Aug. 1,1931, to Mar 31,1933, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) was authorized by
the British
Treasury under section 8 of the Currency and Bank Notes Act, 1928.
2
Issued by the independent
office for retirement of public debt (Caise Autonome d'Amortissement).
8
Not yet available.
p Preliminary figures.
299
FEDERAL RESERVE BULLETIN
MAY 1933
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1932
1933
Central bank
Mar.
National Bank of Albania (thousands
of Albanian francs):
Gold
Foreign exchange
_-_
Loans and discounts
Other assets.
Note circulation
Demand deposits
Other liabilities
Commonwealth Bank of Australia
(thousands of Australian pounds):
Issue department—Gold and
English sterling
Securities..
Banking department:
Coin, bullion, and cash.
London balances
Loans and discounts
Securities
Deposits.
Bank notes in circulation
Austrian National Bank (millions of
schillings):
Gold
Foreign exchange of the reserve..
Domestic bills
Government debts.
Note circulation
Deposits.
National Bank of Belgium (millions
of belgas):
Gold...
Domestic and foreign bills
Loans to State
Note circulation
Deposits
...
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Note circulation
_.
Deposits
Bank of Brazil (millions of milreis):
Currency*
Correspondents abroad
Loans and discounts
Note circulation.
_.
Deposits.
National Bank of Bulgaria (millions
of leva):
Gold
Net foreign exchange in r e s e r v e Total foreign exchange
Loans and discounts
Government obligations
Note circulation
Other sight liabilities
Central Bank of Chile (millions of
Gold at home and abroad
Foreign exchange for account of:
Bank
Exchange commission
Loans and discounts
„
Securities..
Note circulation
Deposits.
"
Central Bank of China 2 (thousands
of yuan):
Gold
Silver
Due from banks abroad
Due from domestic banks..
Loans and discounts
Securities
Other assets
Note circulation
1
Qold coin and bullion.
1932
1933
Central bank
Feb.
1,107
21,892
17,835
35, 411
77,183
42, 272
150
39
287
660
919
170
2, 669
804
363
3, 559
418
23,586
3,784
29, 576
40,994
38,574
1,520
20
95
778
2,873
2,595
1,592
Mar.
Central Bank of China—Continued.
Deposits—Government
Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home and abroad
Foreign exchange
Loans to member banks
Note circulation
Deposits
National
Bank of Czechoslovakia
11,499 11, 499 110, 500
(millions
of Czechoslovak crowns):
35, 595 36, 095 41, 746
Gold
Foreign
balances and currency...
923
1,072 1,048
Loans and advances
16, 734 14, 599 22, 003
Assets
of
banking office in liqui16, 886 17, 626 16,154
dation
_
29,402 30, 090 28,117
Note
circulation...
66,595 64,913 71, 262
Deposits
42,135 42, 833 47, 826 Danish National Bank (millions of
kroner):
Gold
Foreign bills, etc
179
149
150
Loans and discounts
60
39
39
Note circulation
317
867
301
Deposits
662
96
661
872
1,009 Bank of Danzig (thousands of Dan859
zig
gulden):
181
128
184
Gold
Foreign exchange of the reserve.
Other foreign exchange
2,514
2, 630 2,1)05
Loans and discounts
965
773
775
Note
circulation
288
363
363
Deposits
3,664 Central
3,513 3, 577
Bank
of Ecuador (thousands
246
307
384
of sucres):
Gold at home and abroad
Foreign exchange
23,466 25, 541 20, 041
Loans and discounts
6, 581
5,052 3,621
Note circulation
29, 862 30, 332 22,845
Deposits
39, 884 37,998 26,156 National Bank of Egypt 2 (thousands
42,230 43, 547 11,906
of Egyptian pounds):
Gold...
—
Foreign exchange
285
520
534
Loans and discounts
129
273
213
British, Egyptian, and other
1,929
2,609 2,633
Government securities
170
150
130
Other assets
1,903
2,861 2,921
Note circulation
Deposits—Government
Other
1,520 1, 520
1,513
Other liabilities
41
6
15
331 Bank of Estonia (thousands of
102
86
krooni):
718
727
726
Gold
2,873 2,873
2, 965
Net foreign exchange
2,452 2,426
2,797
Loans and discounts
„
1,665 1,663
1,552
Note circulation
Deposits—Government
Bankers'
94
Other
Bank
of
Finland
(millions of mark72
70
kaa):
0
5
8
Gold—
144
322
313
Balances abroad and foreign
230
471
461
credits
336
472
469
Foreign bills
110
362
349
Domestic bills
Note circulation
._.
Demand liabilities
2,024
706 Bank of Greece (millions of drach62, 657 39, 322
mas):
9,805 11,000
Gold and foreign exchange
48, 582 18,693
Loans and discounts
102,117 64,882
Government obligations
5,653
Note circulation
8,505
Other sight liabilities
30, 268 15, 844
Liabilities in foreign exchange
47, 561 28,563
1
Itemg for issue and banking departments consolidated.
5,488
32,683
3,020
2,593
13,480
19,996
10, 310
11, 507
27, 640
Jan
5,507
32,407
3,227
2,331
13, 295
19,432
10, 745
4,968
27,432
4,174
4,769
10, 932
18, 205
12, 206
Jan,
Mar.
96,105
47,134
14, 722
58, 437
68,306
19,078
4,599
35,554
13,689 13,029 12,742
4,281 4,090 4,167
4,656 4,415 3,455
22, 870 21,816 21,315
20, 766 21,149 19,154
7,529
5,988
13,963
17,187
14, 649
Mar.
Feb.
1,708
1,005
1,614
1,709
1,011
1,011
1,709
1,005
1,333
1,643
784
1,432
0
6,272
601
0
5,602
625
0
5,616
904
289
6,826
279
133
11
69
331
133
10
80
316
50
133
13
82
310
54
145
322
44
22,933 22,410 21,373
14,892 8,814 12,953
460
382
220
10,603 12,368 11,069
36, 219 34,769 35,152
7,201 4,653 5,512
21,817
23, 658
3, 750
7,015
41,060
9, 671
14,810
1,846
37,978
25, 533
20,180
14,803
1,874
36, 602
24,821
20,623
13,607
944
14,687
18,164
9,206
6,663
2,913
5,829
6,663
2,854
5,939
6,239
3,327
8,622
33,332 33,454
3,825 3,060
17,852 18,472
5,798 5,445
21,314 20,517
7,597 7,536
30,335
3,163
19,441
4,676
19,957
7,612
17,842 17,838 15, 236
2,238 1,684 4,555
21, 581 22,180 21,378
31,088 31,194 30, 256
3,591 3,387 4,301
7,237 6,660 6,416
3,128 3,240 3,188
7,321
14, 369
23,635
34,009
4,212
6,760
304
304
304
304
773
336
785
1,183
431
772
328
783
1,126
586
284
856
1,047
566
650
250
842
1,299
280
2,204
1,572
3,368
4,547
2,603
165
2,009
1,583
3,368
4,564
2,354
192
1,887
1,476
3,368
4,602
1,960
262
1,060
1,215
3,305
3,909
451
127
Preliminary.
300
FEDERAL RESERVE BULLETIN
M A T 1933
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1933
1932
Central bank
Mar.
Feb.
Jan
Mar.
National Bank of Hungary (millions
of pengos):
Foreign bills, etc.
Loans and discounts...
Advances to treasury
Other assets.Note circulation
Deposits
-.
Miscellaneous liabilities
97
14
467
52
14
350
63
202
100
12
407
54
17
374
98
92
6,291 6,174 5,857
802
962 1,306
5,708 5,812 5,560
_. 13,117 13,048 13,433
_
300
300
300
1,203 1,278 1,604
5,628
1,534
5,638
13,872
300
1,403
97
15
456
51
17
355
59
202
_
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
97
16
463
51
15
343
70
200
425
733
437
1,072
491
425
733
446
1,095
424
425
807
523
1,227
423
430
937
118
1,058
503
112
19
44
206
35
111
18
42
207
34
104
20
44
201
37
105
27
48
225
31
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills
Loans
Note circulation
Government deposits
Otherdeposits..
Bank of Lithuania (millions of litu):
Gold
Foreign currency
Loans'andMiseounts
Note circulation
Deposits
Netherlands Bank (millions of florins):
Gold.
Foreign bills
Loans and discounts
Note circulation
Bank of Norway (millions of kroner):
Gold
Foreign balances and bills
Domestic credits
_
Note circulation
Foreign" deposits.Total deposits..
50
25
101
101
70
949
73
108
951
225
1,020
73
106
959
283
1,028
73
113
951
309
879
84
159
983
186
151
30
214
301
2
79
144
35
221
293
2
81
144
32
246
295
2
97
155
16
258
310
3
85
P39, 274
1,196
20,646
49, 723
6,324
47,201
218
12,260
48,960
3,242
512
103
651
979
185
574
192
764
1,131
169
Central Reserve Bank of Peru (thousands of soles):
Gold
Foreign'exchange
_.
Bills—l
Note circulation
Deposits
__
Bank of Poland (millions of zloty):
Gold
Foreign exchange
Loans and discounts
Note circulation
Other sight liabilities
p Preliminary.
1933
1932
Central bank
491
97
701
1,019
139
513
84
152
Mar.
Bank of Portugal (millions of escudos):
Gold.
Other reserves
Discounts and advances.Government obligations _ _
Note circulation
Other sight liabilities. _
National Bank of Rumania (millions of lei):
Gold...
„.
Foreign exchange of the reserve..
Other foreign exchange.—
Loans and discounts
State debt
Note circulation
Demand deposits
South African Reserve Bank (thousands of South African pounds):
Gold
Foreign bills
Domestic bills
Note circulation >_
Deposits—Government
Bank
Other
Bank of Spain (millions of pesetas):
Gold
Silver
_
Balances abroad..
,.
Loans and discounts
Note circulation
Deposits
„
Bank of Sweden (millions of kronor):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
Swiss National Bank (millions of
francs):
Gold..
Foreign balances and bills
Loans and discounts
Note circulation
Demand deposits
„___
Central Bank of the Republic of
Turkey (thousands of Turkish
pounds):
GoldForeign exchange
Government securities
Other securities
Other assets..
Note circulation
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Gold...
Loans and discounts
Other assets.
Note circulation
Deposits—Demand
._
Time
_.
Judicial and administrative
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange. __
_
Loans and discounts
Advances to S t a t e . - .
Note circulation
Other sight liabilities
Feb.
Jan,
606
516
332
1,054
1,896
637
569
556
334
1,054
1,928
365
585
318
1,058
1,919
373
9,622 9,580 9,557
685
661
615
52
32
19
10,156 10,156 10, 301
5,726 5,726 5,726
21,453 20,883 21,090
7,285 7,528 7,396
9,446
308
27
13,046
5,767
22,742
4,338
7,822J
4, 270
1,139
8,392
1,866
6,703
310
6,420
63
3,685
8,431
1,152
3,835
158
671
416
329
1,054
1,916
587
10,998 10, 262
14,437 10, 555
815 1,100
9,847 8,604
1,368 1,744
19,690 15,010
1,259
815
Mar.
2,259
623
283
2,503
4,751
975
2, 259
614
281
2,589
4,801
961
2, 259
610
281
2,655
4,789
947
2,250
546
279
2,910
4,882
1,008
232
308
126
590
227
206
261
107
542
183
206
260
144
538
229
206
117
575
601
204
2,536
8
54
1,570
1,042
2,529
39
50
1,497
1,148
2,471
89
53
1,501
1,141
2,439
107
73
1,517
1,123
21,441
337
154, 300
28,154
33, 779
162,988
20,436
54, 586
21,119 20,845
13,223
1,202
1,551
3,902
154,456 154,517 156,949
28,154 28,154
24,705
34,379 32,609
17,606
163,144 163, 205 169,468
22,849 21,442
5,588
53, 316 53,029
48, 201
104, 315
39, 781
86,148
29, 761
38,064
47,599 50, 215
104,477 103,088
42, 031 34, 778
81,189 80,105
30,974 31, 348
37, 722 38, 258
2,966 2,954
35, 359 35, 235
1,761
170
2,349
2,412
4,564
1,761
190
2,388
2,411
4,586
873
41,328
1,761
188
2,416
2,410
4,588
844
3,092
35, 279
1,763
276
2,181
2,240
4,824
495
301
FEDERAL KESERVE BULLETIN
M A Y 1933
COMMERCIAL BANKS
1932
1933
Country
Mar.
Argentina (millions of gold pesos):
Bank of the Nation:
1
Gold
Other cash
115
Loans and discounts
680
649
Deposits
Other banks in Buenos Aires:
1
Gold
206
Other cash
798
Loans and discounts
933
Deposits
Canada (millions of Canadian dollars):
Assets entirely in Canada:
158
Cash in vault *
Cash in central gold re24
serves
131
Security loans
1,071
Other current loans
88
Security loans abroad
671
Securities
.
Liabilities entirely in Canada:
121
Notes in circulation
Individual demand depos500
its
Individual time deposits... 1,389
England (millions of pounds sterling):
171
Cash in vault and at bank
111
Money at call and short notice.
1,103
Advances and discounts
266
Investments 1,639
Deposits
France (millions of francs):
Bills and national-defense bonds. 17,482
8,711
Loans and advances
35,983
Demand deposits
1,201
Time deposits
Germany (millions of reichsmarks):
Bills &n(i treasurv notes
1 380
367
Due from other banks
Miscellaneous loans
6 034
7,289
DeDOsits
863
Acceptances
Japan (millions of yen):
116
Cash on hand
2,264
Loans
1,938
Deposits
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
1
105
685
644
1
121
688
664
1
136
696
712
1
127
688
702
1
132
679
696
1
128
679
690
1
128
668
681
1
128
671
680
1
114
664
659
1
124
664
674
1
123
660
665
1
206
794
922
1
212
783
914
1
218
775
907
1
218
769
905
1
228
761
909
1
243
754
926
1
248
747
928
1
250
745
929
1
263
740
937
1
258
739
918
1
258
739
923
150
154
166
161
154
151
161
202
191
185
180
177
23
122
1,070
73
666
23
114
1,057
65
663
23
110
1,037
74
669
25
112
1,028
76
674
22
114
1,004
96
703
23
115
1,003
95
699
21
117
1,018
88
727
19
108
999
99
759
20
103
964
91
778
19
100
946
84
784
19
97
924
76
797
22
96
925
79
793
125
119
126
123
117
124
120
116
115
108
104
110
495
1,393
498
1,387
489
1,373
462
1,363
475
1,367
481
1,359
493
1,371
472
1,379
466
1,378
446
1,383
446
1,397
454
1,389
170
111
1,105
272
1,643
176
110
1,102
284
1,661
188
111
1,114
324
1,727
188
120
l r 138
333
1,765
190
114
1,176
348
1,813
190
110
1,179
367
1,826
189
112
1,171
396
1,853
190
112
1,161
409
1,859
203
123
1,167
456
1,944
211
110
1,179
455
1,943
205
108
1,137
480
1,917
204
105
1,100
492
1,886
18,043
8,312
35,929
1,239
18,998
8,296
35,826
1,284
18,994
8,593
36,351
1,250
20,136
8,188
36,031
1,263
18, 745
8,456
38,148
1,286
19,034
8,490
36,372
1,280
19, 757
8,287
36,197
1,342
21,266
8,086
37,257
1,312
22,014
8,049
36,491
1,268
22,209
8,023
35,308
1,221
21,287
8,650
34,477
1,117
1 613
267
6,235
7,539
872
1 652
290
6,160
7,562
851
1 660
257
5,898
7,541
815
1,661
263
5,813
7,457
796
1,665
242
5,736
7,397
782
1,651
256
5,745
7,439
773
1,674
242
5,706
7,401
775
1,631
245
5,668
7,307
770
136
2,248
1,946
215
2,25f
1,949
156
2,252
1,963
117
2,234
1,973
212
2,219
2,027
197
2,187
2,019
185
2,165
2,042
302
2,188
2,125
i Gold, Dominion notes, and subsidiary coin.
NOTE.—Banks included are as follows: Canada—chartered
many—5 Berlin banks; Japan—Tokyo banks.
June
286
2,219
2,133
166
2,171
2,132
1,736
235
5,396
7,159
743
1 676
229
5 353
7,106
734
186
2,153
2,133
233
2,132
2,135
banks; England—9 London clearing banks; France—4 commercial banks; Ger-
302
FEDERAL RESERVE BULLETIN
MAT
1933
DISCOUNT RATES OF CENTRAL BANES
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 May 1,1933.
Bank Bank German Bank Nether- Swiss
of Engof
Reichsof
lands National
Italy Bank
Bank
land France bank
5
7
10
2
3H
5H
2
2
15
10
8
6
Albania
Austria
Belgium
Bolivia
3
Rate
May
1
In effect
since—
8
5
July 1,1931
Mar. 24,1933
Jan. 14,1932
July 5,1932
6
Bulgaria
Chile
Colombia.,.
Czechoslovakia
7
2H
Country
May 25,1932
8
4H Aug. 23,1932
5 Sept. 19,1932
Jan. 25,1933
Danzig
Denmark
Ecuador
Estonia. ..
7
5
6
July
Oct.
Nov.
Feb.
12,1932
12,1932
30,1932
1,1932
4
3H
Finland
Greece
Hungary
India
6
5H
2H
3
Feb. 1,1933
Dec. 3,1932
Oct. 18,1932
Feb. 16, 1933
6
9
Country
Japan
Java.Latvia
Lithuania
Rate
May
1
In effect
since—
4.38
Aug. 18,1932
Mar. 11,1930
Jan. 1,1933
Apr. 1,1930
n
6
4
6
6
6
Sept. 1,1932
May 20,1932
Oct. 21,1932
Mar. 13,1933
Rumania
6
South Africa- 4
Spain
6
• Apr. 5,1933
Feb. 20,1933
Oct. 26,1932
Norway
Peru
Poland
Portugal
Sweden
U.S.S.R
Yugoslavia-
F
Sept. 1,1932
Mar. 22,1927
July 20,1931
5
5
Changes since April 1: Rumania—April 5, down from 7 to 6 percent.
2H
2
4
2
4
4
4
2
MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month
Bankers'
acceptances,
3 months
Treasury
bills, 3
months
1932—March
April
May
June
July
August
September
October—_
November.
December.
2.59
2.19
1.44
1.05
.92
.74
.67
.82
.89
1.02
2.28
2,07
1.10
.85
.55
.71
.82
1.04
2.40
1.91
1.29
.99
.67
.73
.67
.71
.73
.81
1933—January—.
FebruaryMarch
.87
.83
.62
.76
.78
.50
.73
.73
.64
Netherlands (Amsterdam)
Germany (Berlin)
Bankers'
Day-to-day allowance
money
on deposits
3 -1
1
— V-
Private
discount
rate
Money for Day-to-day
1 month
money
Private
discount
rate
Money for
1 month
6.10
5.12
4.87
4.75
4.58
4.50
4.25
3.87
3.87
3.87
7.10
6.31
5.96
5.76
5.75
5.75
5.55
5.00
5.00
5.08
7.76
6.17
5.91
5.70
5.49
5.82
5.55
4.94
4.80
4.91
1.22
1.02
.60
.39
.49
.37
.37
.37
.37
.37
1.06
.94
1.03
1.00
1.00
1.00
1.00
1.00
1.00
1.00
3.87
3.87
3.87
5.03
5.00
5.00
4.98
4.86
4.97
.37
.37
.64
1.00
1.00
1.11
Sweden
(Stockholm)
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Hungary
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
Prime
commer- Day-to-day
money
cial paper
Japan (Tokyo)
Month
1932—March
April
May
June
July
August
September
October—
November.
December.
1.50
1.50
1.50
.50
.50
.50
.50
.50
.50
.50
3.36
3.26
3.21
3.16
3.17
3.12
3.00
3.00
3.00
2.94
1.80
1.66
1.50
1.22
.99
.02
.00
L. 01
.00
.91
6.53
6.00
5.52
5.50
5.50
5.50
5.50
5.00
5.00
5.00
1933—JanuaryFebruary .
March
.50
.50
1.50
2.88
2.78
2.62
.12
.89
2.04
4.42
4.25
4.20
5 -5H
4H-5
4^-43/4
Loans up Discounted
Call
to 3
money
bills
months
overnight
5 -7
5 -7
4 -4?/4
4 -4?4
ZH-5H
6.20-6.57
6.20-6.57
6.20-6.57
6.02-6 57
6.02-& 39
5.84-6.21
5.66-6.21
5. 66-6.02
5. 66-5.84
5.66-5.84
5.84
5.48
4.56
4.56
4.20
4.02
3.47
3.28
2.92
2.74
5.48-5.84
5.48-5.84
3.10
2.92
MAY
303
FEDERAL RESERVE BULLETIN
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]
Month
1932—April
May
_.
June
July
August
September
October. _ _November
December
1933—January
February
March 2
3
April
Month
1932—ApriL
May
June.
July
August
September..
October
November .
December
1933—January
February
Argentina
Australia i
58.2171
58.3242
58.5205
58.5574
58.5695
58. 5886
58.5835
58.5837
58.5851
58.5847
58. 5804
58. 2974
60. 4864
Austria Belgium
Brazil Bulgaria Canada
299.40
293.42
291.15
283.40
277. 50
277.13
271.15
261.50
261.77
13.9544
13.9645
13.9600
13.9813
13.9696
13.9635
13.9550
13.9477
13.9581
13.9956
14.0249
13.9366
13.8724
13.8735
13.8606
13.8940
13.8723
13.8460
6.5402
7.1294
7 5008
7.5960
7.6221
7.6171
7.6214
7.6302
7.6327
.7201
.7202
.7200
.7230
.7209
.7203
.7200
.7200
.7200
89.8808
88.4430
86. 7427
87.0658
87.5513
90.2636
91.2332
87.3000
86.5989
267.19
272.17
272. 73
284. 79
13.9715
13.9867
14. 0121
14. 0700
13.8629
13.9638
13. 9803
14. 5285
7.6352
7.6348
7. 6330
7. 6348
.7195
.7200
.7210
.7223
87.4621
83.5084
83. 5205
84. 7233
1932— April
May . . .
June
July_._ .
August
September
October...
November
December
1933—January
February
March *
April
Colombia
Cuba
Czechoslovakia
10.6538
6.0000
6.0202
6.0250
6.0283
6.0414
6.0250
6.0276
6.0274
22.3221
21. 7116
21.3125
20.6400
21.0031
21.0404
20.8883
20.5937
19.4719
95.2400
95.2400
95.2400
95.2400
95.2400
95.2400
95.2400
95.2400
95.2400
99.9816
99.9299
99.9217
99.9186
99.9094
99.9118
99.9109
99.9237
99.9261
2.9629
2.9650
2.9641
2.9589
2.9596
2.9594
2.9606
2. 9619
2.9613
20.5267
20.0654
19.9248
19.2044
18.4993
17.9781
17.6412
17.0613
17.0069
95.2400 99.9411
94.4191 99.9790
86. 2100 100. 0162
86. 2100 99. 9322
2.9614
2.9632
2.9743
3.1155
16.9097
15.2612
15. 3180
15.9502
6.0275 19.7916
6.0278 20.1136
6. 0281 * 20. 7250
6.0300 22.1953
Germany
Greece
Hong
Kong
Hungary'
India
Italy
Japan
1.7225
1. 7171
1.7019
1.5350
1.5114
1.4953
1.4823
1.4441
1.4239
3.9430
3.9468
3.9363
3.9207
3.9187
3.9179
3.9264
3.9190
3.9033
23.7427
23.7947
23. 6878
23.7176
23.7838
23. 7814
23. 7692
23.7536
23. 7869
1.2318
.6641
.6387
.6399
.6321
.6060
.6014
.5743
.5418
23.7187
23.4337
23.3431
22.8893
23.2479
23.4293
22.9487
22.4062
21.3527
17.4298
17.4384
17.4740
17.4612
17.4507
17.4653
17.4452
17.4356
17.4265
28.0133
27.3175
27.1647
26.6842
26.1577
26.2192
25.6800
24. 7830
24.7923
5.1493
5.1491
5.1162
5.1009
5.1144
5.1264
5.1195
5.1124
5.1088
32.8063
31.9730
30.2856
27.4471
24.4944
28.6314
23.0628
20.6218
20.7298
33.3728
30.2540
26.8977
27.7321
28.5682
29.9159
31.1060
32.2205
31.9923
40.4914
40.5474
40.4411
40.2740
40.2443
40.1586
40.2217
40.1774
40.1680
1.4577
1.4919
1. 5153
1.5806
3.9034
3.9228
3. 9361
4.1019
23. 7703
23.8291
23. 8519
24. 3873
.5392
.5610
.5673
.5865
21. 7525
22.0710
22. 7442
23.7714
17.4260
17. 4359
17. 4392
17.4812
25.4055
25.8336
25. 7900
26.8721
5.1177
5.1156
5.1372
5. 3662
20. 7393
20.7945
21. 2631
22. 0867
30.1631
28.4212
28.3164
27. 0201
40.1797
40.2691
40. 3572
41. 9490
England
Finland
384. 7773
376.8328
374.1009
364.0790
356.4018
355.9494
348.5176
336.0492
336.1120
374. 9994
367.5140
364.6648
354. 9564
347.5721
347.1062
339. 6163
327. 5267
327.8679
344 6451
336.1385
342. 2073
343.2800
357.9313
New
Zealand J Norway Poland
Month
China
France
Egypt
March 2
April
Denmark
Chile
Portugal
Rumania
Mexico Netherlands
Spain
Straits
Union of
Settle- Sweden SwitzerTurkey South Uruguay Yugoland
slavia
ments
Africa »
342.47
335.63
333. 03
324.16
317 42
316. 99
310.15
299.11
299.42
19.0780
18.4823
18.0626
17.6386
17.4101
17.4470
17.1752
16. 7252
16.8899
11.1847
11.1810
11.1839
11.1885
11.1771
11.1800
11.1740
11.1769
11.1825
3.3804
3.3267
3. 3320
3. 2240
3.1579
3.1481
3.0872
3.0293
3. 0191
.5960
.5970
.5966
.5972
.5978
.5982
.5978
.5975
.5973
7.6942
8.1169
8. 2451
8.0518
8. 0608
8.1044
8.1871
8.1730
8.1506
42. 7404
42. 2400
41.9567
40.9675
40.1042
40. 2475
39.4372
38. 0026
38.0123
19.0910
18. 7238
18. 7049
18. 2190
17.8485
17.8055
17. 5334
17.4314
17. 9108
19.4374
19.5579
19.5141
19.4684
19.4528
19. 3007
19. 3041
19. 2470
19. 2354
473.19
47.4935
479.72
47.5060
479.89
47. 3550
478. 31
47.1604
477.50
47.1011
476. 79
47.1916
475.85
47. 2680
477. 58
47. 2167
47. 0127 s 479.13
47.3186
47. 5433
47.2115
47. 5680
47.4413
47. 3900
47. 3466
47. 3402
47.3397
1.7725
1.7743
1. 7436
1.6717
1. 6903
1. 5892
1.4094
1. 3506
1.3448
292.13
272.87
273. 45
285. 48
17. 2684
17. 5270
17. 5913
18. 3161
11.1872
11.1940
11.1834
11. 3755
3. 0364
3.1017
3.1362
3. 2133
.5972
.5958
.5974
.6107
8.1777
8.2446
8. 4431
8. 8804
38.9884
39. 5818
39. 6078
41. 2350
18. 2982
18. 2670
18.1884
18. 8108
19.2836
19. 3707
19.3716
20.1281
47.0260
47.1982
6 340.63
338.90
339. 88
353. 74
47.3366
47. 3363
47. 3458
47. 7646
1. 3555
1.3593
1. 3714
1.4228
Monetary unit
Par of
exchange
Monetary units and pars of exchange (in cents per unit of foreign currency):
Country
Argentina
AustraliaAustria
Monetary unit
Gold peso_
Pound
Schilling..
Belgi
„ Belga.
Milr
__ Milreis
Belgium...
Brazil
Bulgaria
Canada
Chile
China.
Colombia
_
Cuba
_
Czechoslovakia
Denmark
Egypt.
—
Lev
Dollar
Peso
Yuan
Peso.
do
Koruna
Krone
Egyptian pound.
Par of
exchange
96.48
486. 66
14.07
13.90
11.96
.72
100.00
12.17
i 23. 44
97.33
100.00
2.96
26.80
494. 31
Country
England
Finland
France
Germany
Greece......
Hong Kong
Hungary
India
—
Italy
Japan.
Mexico
Netherlands
New Zealand
Norway
Monetary unit
Pound...
Markka..
Franc.
Par of
exchange
486. 66
2.52
3.92
23.82
Reichsmark
1.30
Drachma
Hong Kong dollar. ? 24. 21
17.49
Pengo
46.50
Rupee.
5.26
Lira....
49.85
Yen.
49.85
Silver peso
Florin
40.20
486. 66
Pound
26.80
Krone
Country
Poland
_.
Portugal
Rumania
Spain
_.
Straits Settlements.
Sweden
__
Switzerland_
Turkey
Union of South
Africa.
Uruguay
Yugoslavia
Zloty..
Escudo.
Leu
__
11.22
4.42
.60
19.30
41.76
Singapore dollar.._
Krona.
Franc
Turkish poundPound
8
Peso
Dinar
103.42
1.76
26.80
19.30 .
439.65
1 M o n t h l y averages for Australia, New Zealand, and South Africa from April through December 1932 are taken from the League of Nations.
M o n t h l y Bulletin of Statistics.
2
No quotations from Mar. 6 through Mar. 11.
3
N o quotations from Mar. 6 through M a r . 13.
4
Average quotations on Shanghai for 18 days of new yuan containing 23.4934 grams of pure silver. Average quotations for 7 days of old yuan
containing 23.9025 grams of pure silver was 20.5383 cents.
* Average based on quotations for Dec. 1-27.
6
Average based on quotations for Jan. 7-31.
i Silver currencies—figures given for parity represent gold value of unit in April 1933, computed by multiplying silver content of unit by New
York average price of silver for April 1933, which was $0.31042 per fine ounce.
8
Singapore dollar is legally equivalent to seven sixtieths of 1 English pound. Figure given for parity represents seven sixtieths of average
quotation of pound in New York for April 1933.
304
FEDERAL RESERVE BULLETIN
MAY
1933
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average =» 100)!
Bonds
Month
United
States
(average
price)
Number of issues.
England
(December
1921=100)
France
(1913 average=100)
Germany
(average
price) *
United
States
England
France
87
36
421
278
300
1931—March
April
May
June
July
August. ._-.
September, .v
October
November..
December..
100.0
99.6
99.7
99.4
99.4
98.5
95.6
89.4
89.0
81.6
111.6
111.3
110.8
111.1
111.2
107.2
103.5
104.2
104.8
102.2
97.9
99.0
98.4
98.8
98.9
99.5
97.7
94.8
94.4
90.8
121.6
109.2
98.0
95.1
98.2
95.5
81.7
69.7
71.7
57.7
85.1
76.8
77.8
79.2
73.8
67.2
75.6
74.7
68.1
155.4
148.5
138.2
141.2
132.6
130.5
115.5
106.9
104.3
94.8
1932—January
February. —
March
April,
May
June.
July
August
September..
October
November..
December..
81.0
80.3
80.8
79.4
75.2
72.2
74.2
83.2
85.8
84.1
81.9
81.2
104.7
106.5
111.6
110.6
111.4
111.0
115.6
116.1
118.4
120.3
115.9
116.1
91.5
90.3
90.5
89.0
85.9
85.2
87.4
88.6
89.5
89.1
88.9
87.8
58.0
56.4
56.8
43.9
39.8
34.0
35.9
53.3
58.2
49.9
47.5
47.4
69.7
68.9
69.6
63.5
61.6
59.3
63.5
69.5
72.7
72.4
72.7
72.0
107.3
126.2
117.6
107.3
94.4
97.4
100.4
103.4
104.3
97.4
100.0
104.3
1933—January...
February..
March
84.1
82.5
76.8
116.9
118.4
118.4
86.4
85.3
81.9
49.1
44.9
43.2
72.4
72.2
72.3
101.3
97.9
92.7
Germany
329
84.8
76.1
* 70.5
* 52.3
«45.5
46.4
45.8
45.8
47.9
54.1
52.5
53.4
56.7
59.3
59.4
64.5
i Stock price series for England, France, and Germany have been converted from original bases to a 1926 base.
i New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 percent bonds.
» Figures not available because of closing of the exchange.
»
* Based on data for part of month, no quotations being available for remainder of month.
Back figure*.—See BULLETIN for February 1932, p. 121, and sources there cited.
WHOLESALE PRICES—ALL COMMODITIES
Month
United
Japan
NetherCanada
England
Germany
France
Italy
States
lands
(1926=100) (1913=100) (1913=100) (1913=100) (1913=100) 1900=100)
(1926=100)
(1913=100)
1931—March
April
May
June
July
August
September.
October-..
November.
December.
76
75
73
72
72
72
71
70
70
69
75
74
73
72
71
71
70
70
71
70
106
106
104
103
102
100
99
104
106
106
539
540
520
518
500
488
473
457
447
442
114
114
113
112
112
110
109
107
107
104
339
337
332
327
324
322
319
322
320
319
158
158
154
151
153
152
150
147
147
151
103
102
102
100
97
94
91
89
89
85
1932—January...
February..
March
April
May
June
July
August
September.
October-..
November.
December .
67
66
66
66
64
64
65
65
65
64
64
63
69
69
69
68
68
67
67
67
67
65
65
64
106
105
105
102
101
98
98
100
102
101
101
101
439
446
444
439
438
425
430
415
413
412
413
413
100
100
100
98
97
96
96
95
95
94
94
92
317
314
315
311
305
297
296
296
300
299
298
296
160
161
159
154
150
146
148
156
167
169
178
185
84
83
82
80
79
78
76
75
76
77
77
76
61
60
60
64
64
64
100
99
98
411
404
387
91
91
91
292
286
281
185
180
1933—January...
February..
March
/
J
177
75
74
72
MAY
305
FEDERAL RESERVE BULLETIN
1933
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Groups are those included in indexes shown in preceding table]
United States (1926=100)
Month
Farm
products
Foods
I England (1913-100) France (1913-100)
Other
commodities
Foods
Farm
IndusIndus- Agriculand food
tural
trial
trial
products products products products
1931—March
April
May
June
July.
August
September
OctoberNovember.
December.
111
113
113
113
110
108
108
113
115
113
103
102
100
1932—January...
February..
March
April
May
June
July..
August
September
October...
November.
December.
114
114
116
115
114
112
108
107
107
106
107
108
101
101
99
96
94
91
92
95
1933—January. „
February..
March
107
105
102
95
95
100
102
102
RETAIL FOOD PRICES
Month
January
February
March
April
May
June
July...
August.
September
October.
November
December
.-_
England
(July
1914=100)
France
(July
1914=100)
1932 1933
1932 1933
1932 1933
1932
1933
102
103
100
116
114
114
113
113
107
107
106
131
131
129
126
125
123
125
123
123
125
125
125
123
122
119
'I
114
115
115
115
114
111
108
104
102
102
104
103
581
592
56fi
571
541
528
508
489
482
491
503
495
480
472
465
452
443
429
416
400
107
108
109
107
105
103
101
99
99
95
496
511
510
506
511
490
498
453
445
450
458
456
390
92
95
97
95
93
92
93
91
455
443
410
373
370
367
381
374
369
370
382
384
379
373
375
Provisions
97
Industrial raw Indusfinand semi- trial
ished
finished products
products
106
105
103
103
103
102
100
139
138
137
137
136
136
135
133
132
130
125
122
121
120
119
118
117
116
115
115
114
114
113
112
112
79
COST OF LIVING
United
States
(1913=100)
109
105
105
104
101
100
101
101
100
100
Germany (1913-100)
Germany
(191314=100) i
113
114
112
111
no
no
""I
109
Month
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) *
1932 1933
1932 1933
1932 1933
1932 1933
136
132
147
147
146
144
143
142
143
141
141
143
143
143
142
141
139
108
109
~105
125
122
122
122
121
121
122
120
120
119
119
118
117
» Average of October 1913, January, April, and July 1914=100.
SOURCE: Wholesale 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'Gtudes relatives au cout de la vie a Pane,
306
FEDERAL RESERVE BULLETIN
MAY
1933
LAW DEPARTMENT
Federal home loan banks as banks within the meaning of section 19 of the Federal Reserve Act
Inquiry has recently been made of the
Federal Reserve Board whether deposits made
in a member bank by a Federal home loan
bank may be classified by the member bank
in computing its reserves as amounts due to
banks under the eighth paragraph of section
19 of the Federal Reserve Act, which provides
that "In estimating the balances required by
this act, the net difference of amounts due to
and from other banks shall be taken as the
basis for ascertaining the deposits against
which required balances with Federal Reserve
banks shall be determined."
A Federal home loan bank is authorized by
the Federal Home Loan Bank Act to receive
deposits, not subject to check, from its members and nonmember borrowers and to make
loans to its members and nonmember borrowers under certain prescribed conditions.
Moreover, the law provides that, when designated for that purpose by the Secretary of the
Treasury, it shall be a depositary of public
money and it may be employed as a financial
agent of the Government. In the latter
capacities it must perform all such reasonable
duties as may be required of it.
Upon consideration of this matter, the
Federal Reserve Board expressed the opinion
that a Federal home loan bank may properly
be considered a bank within the meaning of the
eighth paragraph of section 19 of the Federal
Reserve Act and that deposits made by such
an institution in a member bank may properly
be classified by the latter as amounts due to
banks in computing its reserves and in
preparing its reports of condition.
Changes in law relating to the Federal Reserve System
made by the recent agricultural relief act
A number of provisions amending the Federal Reserve Act or affecting the Federal Reserve System are contained in the act of Congress approved May 12, 1933, entitled "An
act to relieve the existing national economic
emergency by increasing agricultural purchasing power, to raise revenue for extraordinary
expenses incurred by reason of such emergency,
to provide emergency relief with respect to
agricultural indebtedness, to provide for the
orderly liquidation of joint-stock land banks,
and for other purposes."
The President is authorized by this act, in
certain circumstances, to direct the Secretary
of the Treasury to enter into agreements with
the Federal Reserve banks and the Federal
Reserve Board for the conduct by the banks of
open-market operations in obligations of the
United States Government or corporations in
which the United States is a majority stockholder and for the purchase by the Federal
Reserve banks of obligations of the United
States Government in the aggregate sum of
$3,000,000,000 in addition to those they may
then hold. No suspension of reserve requirements of the Federal Reserve banks under the
terms of section 11 (c) of the Federal Reserve
Act, which may be necessitated by reason of
such open-market operations, shall require the
imposition of a tax upon any deficiency in
reserves nor an automatic increase in the rates
of interest or discount charged by any Federal
Reserve bank.
The President may, in certain circumstances,
direct the Secretary of the Treasury to cause to
be issued United States notes in amounts not
exceeding $3,000,000,000 for the purpose of
meeting maturing Federal obligations to repay
sums borrowed by the United States and for
purchasing United States bonds and other
interest-bearing obligations of the United
States. Such notes and all other coins and
currencies heretofore or hereafter coined or
issued by or under the authority of the United
States are declared to be legal tender for all
debts, public and private.
The President is authorized to fix the weight
of the gold dollar and also the weight of the
silver dollar at a definite fixed ratio in relation
to the gold dollar at such amounts as he may
find necessary to stabilize domestic prices or to
protect foreign commerce, and to provide for
the unlimited coinage of gold and silver at the
ratio so fixed; but the weight of the gold dollar
may not be fixed so as to reduce its present
weight by more than 50 percent.
The President is also authorized, for a 6
months' period, to accept silver in an amount
not exceeding $200,000,000 from any foreign
government in payment of indebtedness to
the United i States at a price not to exceed 50
MAY
1933
FEDERAL RESERVE BULLETIN
cents an ounce in United States currency; and
silver certificates shall be issued against silver
so accepted.
Section 19 of the Federal Reserve Act is
amended so as to provide that the Federal
Reserve Board, upon the affirmative vote of
not less than five members and with the
approval of the President, may declare that
an emergency exists by reason of credit expansion and, during such emergency, may
increase or decrease from time to time the
reserve balances required to be maintained
against demand or time deposits by member
banks of the Federal Reserve System.
In addition to the above provisions, which
are contained in title III of the act of May 12,
1933, section 28 of title II thereof contains an
amendment to the eighth paragraph of section
13 of the Federal Reserve Act which authorizes
the use of farm loan bonds, issued by Federal
land banks for certain purposes (under section
21 of the act of May 12, 1933), as security for
advances by Federal Reserve banks to member banks for periods not exceeding 15 days.
The following is a copy of the act approved
May 12, 1933:
307
will reestablish prices to farmers at a level that will give
agricultural commodities a purchasing power with
respect to articles that farmers buy, equivalent to the
purchasing power of agricultural commodities in the
base period. The base period in the case of all agricultural commodities except tobacco shall be the prewar
period, August 1909-July 1914. In the case of tobacco,
the base period shall be the postwar period, August
1919-July 1929.
(2) To approach such equality of purchasing power
by gradual correction of the present inequalities therein
at as rapid a rate as is deemed feasible in view of the
current consumptive demand in domestic and foreign
markets.
(3) To protect the consumers' interest by readjusting
farm production at such level as will not increase the
percentage of the consumers' retail expenditures for
agricultural commodities, or products derived therefrom, which is returned to the farmer, above the percentage which was returned to the farmer in the prewar
period, August 1909-July 1914.
PART 1—COTTON OPTION CONTRACTS
SEC. 3. The Federal Farm Board and all departments and other agencies of the Government, not including the Federal intermediate credit banks, are
hereby directed—
(a) To sell to the Secretary of Agriculture at such
price as may be agreed upon, not in excess of the market
price, all cotton now owned by them.
(b) To take such action and to make such settlements as are necessary in order to acquire full legal
title to all cotton on which money has been loaned or
advanced by any department or agency of the United
[PUBLIC—No. 10—73D CONGRESS]
States, including futures contracts for cotton or which
[H.K. 3835]
is held as collateral for loans or advances and to make
final settlement of such loans and advances as follows:
AN ACT
(1) In making such settlements with regard to
To relieve the existing national economic emergency by increasing agri- cotton, including operations to which such cotton is
cultural purchasing power, to raise revenue for extraordinary expenses
incurred by reason of such emergency, to provide emergency relief with related, such cotton shall be taken over by all such
respect to agricultural indebtedness, to provide for the orderly liquida- departments or agencies other than the Secretary of
tion of joint-stock land banks, and for other purposes.
Agriculture at a price or sum equal to the amounts
directly or indirectly loaned or advanced thereon and
Be it enacted by the Senate and House of Representativesoutstanding, including loans by the Government deof the United States of America in Congress assembled, partment or agency and any loans senior thereto, plus
any sums required to adjust advances to growers to
TITLE I—AGRICULTURAL ADJUSTMENT
90 per centum of the value of their cotton at the date of
its delivery in the first instance as collateral to the deDECLARATION OF EMERGENCY
partment or agency involved, such sums to be comby substracting the total amount already
That the present acute economic emergency being in puted
to growers on account of pools of which such
part the consequence of a severe and increasing dis- advanced
cotton was a part, from 90 per centum of the value of
parity between the prices of agricultural and other the
cotton to be taken over as of the time of such
commodities, which disparity has largely destroyed the
as collateral, plus unpaid accrued carrying
purchasing power of farmers for industrial products, delivery
charges and operating costs on such cotton, less, howhas broken down the orderly exchange of commodities, ever,
any existing assets of the borrower derived from
and has seriously impaired the agricultural assets sup- net income, earnings, or profits arising from such
porting the national credit structure, i t . is hereby cotton, and from operations to which such cotton is
declared that these conditions in the basic industry of related; all as determined by the department or agency
agriculture have affected transactions in agricultural making the settlement.
commodities with a national public interest, have bur(2) The Secretary of Agriculture shall make settledened and obstructed the normal currents of commerce
with respect to cotton held as collateral for loans
in such commodities, and render imperative the immedi- ments
or advances made by him on such terms as in his judgate enactment of title I of this Act.
ment may be deemed advisable, and to carry out the
provisions of this section, is authorized to indemnify or
DECLARATION OF POLICY
furnish bonds to warehousemen for lost warehouse
SEC. 2. It is hereby declared to be the policy of receipts and to pay the premiums on such bonds.
Congress—
When full legal title to the cotton referred to in (b)
(1) To establish and maintain such balance between has been acquired, it shall be sold to the Secretary of
the production and consumption of agricultural com- Agriculture for the purposes of this section, in the same
modities, and such marketing conditions therefor, as manner as provided in (a).
308
FEDERAL RESERVE BULLETIN
MAY
1933
(c) The Secretary of Agriculture is hereby authorized tary is authorized to enter into similar option contracts
to purchase the cotton specified in paragraphs (a) and (b). with respect to such cotton, conditioned upon a like
SEC. 4. The Secretary of Agriculture shall have au- reduction of production in 1934, and permitting the
thority to borrow money upon all cotton in his posses- producer in each case to exercise his option at any time
sion or control and deposit as collateral for such loans up to January 1, 1935.
the warehouse receipts for such cotton.
SEC. 7. The Secretary shall sell the cotton held by
SEC. 5. The Reconstruction Finance Corporation is him at his discretion, but subject to the foregoing prohereby authorized and directed to advance money and visions: Provided, That he shall dispose of all cotton
to make loans to the Secretary of Agriculture to acquire held by him by March 1, 1936: Provided further, That
such cotton and to pay the classing, carrying, and mer- the Secretary shall have authority to enter into addichandising costs thereon, in such amounts and upon tional option contracts for so much of such cotton as is
such terms as may be agreed upon by the Secretary not necessary to comply with the provisions of section
and the Reconstruction Finance Corporation, with 6, in combination with benefit payments as provided fer
such warehouse receipts as collateral security: Provid- in part 2 of this title.
ed, however, That in any instance where it is impossible
or impracticable for the Secretary to deliver such warePART 2—COMMODITY BENEFITS
house receipts as collateral security for the advances
and loans herein provided to be made, the ReconstrucGENERAL POWERS
tion Finance Corporation may accept in lieu of all or
any part thereof such other security as it may consider
SEC. 8. In order to effecuate1 the declared policy,
acceptable for the purposes aforesaid, including an assignment or assignments of the equity and interest of the Secretary of Agriculture shall have power—
(1) To provide for reduction in the acreage or reducthe Secretary in warehouse receipts pledged to secure
other indebtedness. The amount of notes, bonds, de- tion in the production for market, or both, of any basic
bentures, and other such obligations which the Recon- agricultural commodity, through agreements with prostruction Finance Corporation is authorized and em- ducers or by other voluntary methods, and to provide
powered to issue and to have outstanding at any one for rental or benefit payments in connection therewith
time under existing law is hereby increased by an or upon that part of the production of any basic agriamount sufficient to carry out the provisions of this cultural commodity required for domestic consumption,
in such amounts as the Secretary deems fair and reasonsection.
SEC. 6. (a) The Secretary of Agriculture is hereby able, to be paid out of any moneys available for such
authorized to enter into option contracts with the payments. Under regulations of the Secretary of
producers of cotton to sell to any such producer an Agriculture requiring adequate facilities for the storage
amount of cotton to be agreed upon not in excess of of any non-perishable agricultural commodity on the
the amount of reduction in production of cotton by farm, inspection and measurement of any such comsuch producer below the amount produced by him in modity so stored, and the locking and sealing thereof,
the preceding crop year, in all cases where such pro- and such other regulations as may be prescribed by the
ducer agrees in writing to reduce the amount of cotton Secretary of Agriculture for the protection of such
produced by him in 1933, below his production in the commodity and for the marketing thereof, a reasonable
previous year, by not less than 30 per centum, without percentage of any benefit payment may be advanced
on any such commodity so stored. In any such case,
increase in commercial fertilization per acre.
(b) To any such producer so agreeing to reduce pro- such deduction may be made from the amount of the
duction the Secretary of Agriculture shall deliver a benefit payment as the Secretary of Agriculture deternontransferable-option contract agreeing to sell to said mines will reasonably compensate for the cost of inspecproducer an amount, equivalent to the amount of his tion and sealing, but no deduction may be made for
agreed reduction, of the cotton in the possession and interest.
(2) To enter into marketing agreements with proccontrol of the Secretary.
(c) The producer is to have the option to buy said essors, associations of producers, and others engaged
cotton at the average price paid by the Secretary for the in the handling, in the current of interstate or foreign
cotton produced under section 3, and is to have the commerce of any agricultural commodity or product
right at any time up to January 1, 1934, to exercise his thereof, after due notice and opportunity for hearing to
option, upon proof that he has complied with his con- interested parties. The making of any such agreement
tract and with all the rules and regulations of the Secre- shall not be held to be in violation of any of the antitrust
tary of Agriculture with respect thereto, by taking said laws of the United States, and any such agreement shall
cotton upon payment by him of his option price and all be deemed to be lawful: Provided, That no such agreeactual carrying charges on such cotton; or the Secretary ment shall remain in force after the termination of this
may sell such cotton for the account of such producer, Act. For the purpose of carrying out any such agreepaying him the excess of the market price at the date ment the parties thereto shall be eligible for loans from
of sale over the average price above referred to after de- the Reconstruction Finance Corporation under section 5
ducting all actual and necessary carrying charges: Pro- of the Reconstruction Finance Corporation Act. Such
vided, That in no event shall the producer be held re- loans shall not be in excess of such amounts as may be
sponsible or liable for financial loss incurred in the hold- authorized by the agreements.
ing of such cotton or on account of the carrying charges
(3) To issue licenses permitting processors, associatherein: Provided further, That such agreement to cur- tions of producers, and others to engage in the handling,
tail cotton production shall contain a further provision in the current of interstate or foreign commerce, of any
that such cotton producer shall not use the land taken agricultural commodity or product thereof, or any
out of cotton production for the production for sale, competing commodity or product thereof. Such
directly or indirectly, of any other nationally produced licenses shall be subject to such terms and conditions,
agricultural commodity or product.
not in conflict with existing Acts of Congress or regu(d) If any cotton held by the Secretary of Agricul- lations pursuant thereto, as may be necessary to elimture is not disposed of under subsection (c), the Secre- inate unfair practices or charges that prevent or tend
* So in original.
MAY
FEDERAL RESERVE BULLETIN
1933
to prevent the effectuation of the declared policy and
the restoration of normal economic conditions in the
marketing of such commodities or products and the
financing thereof. The Secretary of Agriculture may
suspend or revoke any such license, after due notice
and ^opportunity for hearing, for violations of the terms
or conditions thereof. Any order of the Secretary
suspending or revoking any such license shall be final
if in accordance with law. Any such person engaged
in such handling without a license as required by the
Secretary under this section shall be subject to a fine
of not more than $1,000 for each day during which the
violation continues.
(4) To require any licensee under this section to
furnish such reports as to quantities of agricultural
commodities or products thereof bought and sold and
the prices thereof, and as to trade practices and charges,
and to keep such systems of accounts, as may be necessary for the purpose of part 2 of this title.
(5) No person engaged in the storage in a public
warehouse of any basic agricultural commodity in the
current of interstate or foreign commerce, shall deliver
any such commodity upon which a warehouse receipt
has been issued and is outstanding, without prior surrender and cancellation of such warehouse receipt.
Any person violating any of the provisions of this subsection shall, upon conviction, be punished by a fine of
not more than $5,000, or by imprisonment for not more
than two years, or both. The Secretary of Agriculture
may revoke any license issued under subsection (3) of
this section, if he finds, after due notice and opportunity for hearing, that the licensee has violated the
provisions of this subsection.
PROCESSING TAX
SEC. 9. (a) To obtain revenue for extraordinary
expenses incurred by reason of the national economic
emergency, there shall be levied processing taxes as
hereinafter provided. When the Secretary of Agriculture determines that rental or benefit payments are
to be made with respect to any basic agricultural commodity, he shall proclaim such determination, and a
processing tax shall be in effect with respect to such
commodity from the beginning of the marketing year
therefor next following the date of such proclamation.
The processing tax shall be levied, assessed, and collected upon the first domestic processing of the commodity, whether of domestic production or imported,
and shall be paid by the processor. The rate of tax
shall conform to the requirements of subsection (b).
Such rate shall be determined by the Secretary of
Agriculture as of the date the tax first takes effect, and
the rate so determined shall, at such intervals as the
Secretary finds necessary to effectuate the declared
policy, be adjusted by him to conform to such requirements. The processing tax shall terminate at the end
of the marketing year current at the time the Secretary
proclaims that rental or benefit payments are to be
discontinued with respect to such commodity. The
marketing year for each commodity shall be ascertained
and prescribed by regulations of the Secretary of
Agriculture: Provided, That upon any article upon
which a manufacturers' sales tax is levied under the
authority of the Revenue Act of 1932 and which
manufacturers' sales tax is computed on the basis of
weight, such manufacturers' sales tax shall be computed on the basis of the weight of said finished article
less the weight of the processed cotton contained
therein on which a processing tax has been paid.
309
(b) The processing tax shall be at such rate as equals
the difference between the current average farm price
for the commodity and the fair exchange value of the
commodity; except that if the Secretary has reason
to believe that the tax at such rate will cause such
reduction in the quantity of the commodity or products
thereof domestically consumed as to result in the accumulation of surplus stocks of the commodity or products thereof or in the depression of the farm price of
the commodity, then he shall cause an appropriate
investigation to be made and afford due notice and
opportunity for hearing to interested parties. If
thereupon the Secretary finds that such result will
occur, then the processing tax shall be at such rate as
will prevent such accumulation of surplus stocks and
depression of the farm price of the commodity. In
computing the current average farm price in the case
of wheat, premiums paid producers for protein content shall not be taken into account.
(c) For the purposes of part 2 of this title, the fair
exchange value of a commodity shall be the price therefor that will give the commodity the same purchasing
power, with respect to articles farmers buy, as such
commodity had during the base period specified in
section 2; and the current average farm price and the
fair exchange value shall be ascertained by the Secretary
of Agriculture from available statistics of the Department of Agriculture.
(d) As used in part 2 of this title—
(1) In case of wheat, rice, and corn, the term
"processing" means the milling or other processing
(except cleaning and drying) of wheat, rice, or corn for
market, including custom milling for toll as well as
commercial milling, but shall not include the grinding
or cracking thereof not in the form of flour for feed
purposes only.
(2) In case of cotton, the term "processing" means
the spinning, manufacturing, or other processing (except ginning) of cotton; and the term "cotton" shall
not include cotton linters.
(3) In case of tobacco, the term "processing" means
the manufacturing or other processing (except drying
or converting into insecticides and fertilizers) of
tobacco.
(4) In case of hogs, the term "processing" means
the slaughter of hogs for market.
(5) In the case of any other commodity, the term
"processing" means any manufacturing or other processing involving a change in the form of the commodity
or its preparation for market, as defined by regulations
of the Secretary of Agriculture; and in prescribing such
regulations the Secretary shall give due weight to the
customs of the industry.
(e) When any processing tax, or increase or decrease
therein, takes effect in respect of a commodity the
Secretary of Agriculture, in order to prevent pyramiding of the processing tax and profiteering in the sale of
the products derived from the commodity, shall make
public such information as he deems necessary regarding (1) the relationship between the processing tax and
the price paid to producers of the commodity, (2) the
effect of the processing tax upon prices to consumers of
products of the commodity, (3) the relationship, in
previous periods, between prices paid to the producers
of the commodity and prices to consumers of the
products thereof, and (4) the situation in foreign
countries relating to prices paid to producers of the
commodity and prices to consumers of the products
thereof.
310
FEDERAL RESERVE BULLETIN
MISCELLANEOUS
SEC. 10. (a) The Secretary of Agriculture may
appoint such officers and employees, subject to the
provisions of the Classification Act of 1923 and Acts
amendatory thereof, and such experts as are necessary
to execute the functions vested in him by this title;
and the Secretary may make such appointments
without regard to the civil service laws or regulations:
Provided, That no salary in excess of $10,000 per
annum shall be paid to any officer, employee, or expert
of the Agricultural Adjustment Administration, which
the Secretary shall establish in the Department of
Agriculture for the administration of the functions
vested in him by this title. Title II of the Act entitled
"An Act to maintain the credit of the United States
Government", approved March 20, 1933, to the extent
that it provides for the impoundment of appropriations on account of reductions in compensation, shall
not operate to require such impoundment under
appropriations contained in this Act.
(b) The Secretary of Agriculture is authorized to
establish, for the more effective administration of the
functions vested in him by this title, State and local
committees, or associations of producers, and to permit cooperative associations of producers, when in his
judgment they are qualified to do so, to act as agents
of their members and patrons in connection with the
distribution of rental or benefit payments.
(c) The Secretary of Agriculture is authorized,
with the approval of the President, to make such
regulations with the force and effect of law as may be
necessary to carry out the powers vested in him by
this title, including regulations establishing conversion
factors for any commodity and article processed therefrom to determine the amount of tax imposed or
refunds to be made with respect thereto. Any violation of any regulation shall be subject to such penalty,
not in excess of $100, as may be provided therein.
(d) The Secretary of the Treasury is authorized to
make such regulations as may be necessary to carry
out the powers vested in him by this title.
(e) The action of any officer, employee, or agent in
determining the amount of and in making any rental
or benefit payment shall not be subject to review by
any officer of the Government other than the Secretary
of Agriculture or Secretary of the Treasury.
(f) The provisions of this title shall be applicable to
the United States and its possessions, except the
Philippine Islands, the Virgin Islands, American
Samoa, the Canal Zone, and the island of Guam.
(g) No person shall, while acting in any official
capacity in the administration of this title, speculate,
directly or indirectly, in any agricultural commodity
or product thereof, to which this title applies, or in
contracts relating thereto, or in the stock or membership interests of any association or corporation engaged in handling, processing, or disposing of any such
commodity or product. Any person violating this
subsection shall upon conviction thereof be fined not
more than $10,000 or imprisoned not more than two
years, or both.
(h) For the efficient administration of the provisions
of part 2 of this title, the provisions, including penalties,
of sections 8, 9, and 10 of the Federal Trade Commission Act, approved September 26, 1914, are made
applicable to the jurisdiction, powers, and duties of
the Secretary in administering the provisions of this
title and to any person subject to the provisions of
this title, whether or not a corporation. Hearings
authorized or required under this title shall be con-
MAY
1933
ducted by the Secretary of Agriculture or such officer
or employee of the Department as he may designate
for the purpose. The Secretary may report any violation of any agreement entered into under part 2 of this
title to the Attorney General of the United States,
who shall cause appropriate proceedings to enforce
such agreement to be commenced and prosecuted in
the proper courts of the United States without delay.
COMMODITIES
SEC. 11. As used in this title, the term " basic agricultural commodity" means wheat, cotton, field corn,
hogs, rice, tobacco, and milk and its products, and any
regional or market classification, type, or grade thereof;
but the Secretary of Agriculture shall exclude from the
operation of the provisions of this title, during any
period, any such commodity or classification, type, or
grade thereof if he finds, upon investigation at any
time and after due notice and opportunity for hearing
to interested parties, that the conditions of production,
marketing, and consumption are such that during such
period this title can not be effectively administered to
the end of effectuating the declared policy with respect
to such commodity or classification, type, or grade
thereof.
APPROPRIATION
SEC. 1.2. (a) There is hereby appropriated, out of any
money in the Treasury not otherwise appropriated, the
sum of $100,000,000 to be available to the Secretary of
Agriculture for administrative expenses under this title
and for rental and benefit payments made with respect
to reduction in acreage or reduction in production for
market under part 2 of this title. Such sum shall remain available until expended.
(b) In addition to the foregoing, the proceeds derived
from all taxes imposed under this title are hereby appropriated to be available to the Secretary of Agriculture for expansion of markets and removal of surplus
agricultural products and the following purposes under
part 2 of this title: Administrative expenses, rental and
benefit payments, and refunds on taxes. The Secretary of Agriculture and the Secretary of the Treasury
shall jointly estimate from time to time the amounts, in
addition to any money available under subsection (a),
currently required for such purposes; and the Secretary of the Treasury shall, out of any money in the
Treasury not otherwise appropriated, advance to the
Secretary of Agriculture the amounts so estimated.
The amount of any such advance shall be deducted
from such tax proceeds as shall subsequently become
available under this subsection. .
(c) The administrative expenses provided for under
this section shall include, among others, expenditures
for personal services and rent in the District of Columbia and elsewhere, for law books and books of reference, for contract stenographic reporting services, and
for printing and paper in addition to allotments under
the existing law. The Secretary of Agriculture shall
transfer to the Treasury Department, and is authorized
to transfer to other agencies, out of funds available for
administrative expenses under this title, such sums as
are required to pay administrative expenses incurred
and refunds made by such department or agencies in
the administration of this title.
TERMINATION OF ACT
SEC. 13. This title shall cease to be in effect whenever the President finds and proclaims that the national
economic emergency in relation to agriculture has been
MAY
311
FEDERAL RESERVE BULLETIN
1933
ended; and pending such time the President shall by
proclamation terminate with respect to any basic agricultural commodity such provisions of this title as he
finds are not requisite to carrying out the declared
policy with respect to such commodity. The Secretary
of Agriculture shall make such investigations and
reports thereon to the President as may be necessary
to aid him in executing this section.
SEPARABILITY OF PROVISIONS
SEC. 14. If any provision of this title is declared
unconstitutional, or the applicability thereof to any
person, circumstance, or commodity is held invalid the
validity of the remainder of this title and the applicability thereof to other persons, circumstances, or commodities shall not be affected thereby.
SUPPLEMENTARY REVENUE PROVISIONS
EXEMPTIONS AND COMPENSATING TAXES
SEC. 15. (a) If the Secretary of Agriculture finds,
upon investigation at any time and after due notice and
opportunity for hearing to interested parties, that any
class of products of any commodity is of such low value
compared with the quantity of the commodity used for
their manufacture that the imposition of the processing
tax would prevent in whole or in large part the use of
the commodity in the manufacture of such products and
thereby substantially reduce consumption and increase
the surplus of the commodity, then the Secretary of
Agriculture shall so certify to the Secretary of the
Treasury, and the Secretary of the Treasury shall abate
or refund any processing tax assessed or paid after the
date of such certification with respect to such amount
of the commodity as is used in the manufacture of such
products.
(b) No tax shall be required to be paid on the processing of any commodity by or for the producer thereof
for consumption by his own family, employees, or
household; and the Secretary of Agriculture is authorized, by regulations, to exempt from the payment of
the processing tax the processing of commodities by or
for the producer thereof for sale by him where, in the
judgment of the Secretary, the imposition of a processing tax with respect thereto is unnecessary to effectuate
the declared policy.
(c) Any person delivering any product to any organization for charitable distribution or use shall, if such
product or the commodity from which processed, is
under this title subject to tax, be entitled to a refund of
the amount of any tax paid under this title with respect
to such product so delivered.
(d) The Secretary of Agriculture shall ascertain from
time to time whether the payment of the processing tax
upon any basic agricultural commodity is causing or
will cause to the processors thereof disadvantages in
competition from competing commodities by reason of
excessive shifts in consumption between such commodities or products thereof. If the Secretary of Agriculture finds, after investigation and due notice and
opportunity for hearing to interested parties, that such
disadvantages in competition exist, or will exist, he shall
proclaim such finding. The Secretary shall specify in
this proclamation the competing commodity and the
compensating rate of tax on the processing thereof
necessary to prevent such disadvantages in competition. Thereafter there shall be levied, assessed, and
collected upon the first domestic processing of such
competing commodity a tax, to be paid by the processor, at the rate specified, until such rate is altered pur-
suant to a further finding under this section, or the tax
or rate thereof on the basic agricultural commodity is
altered or terminated. In no case shall the tax imposed
upon such competing commodity exceed that imposed
per equivalent unit, as determined by the Secretary,
upon the basic agricultural commodity.
(e) During any period for which a processing tax
is in effect with respect to any commodity there shall
be levied, assessed, collected, and paid upon any article
processed or manufactured wholly or in chief value
from such commodity and imported into the United
States or any possession thereof to which this title applies, from any foreign country or from any possession
of the United States to which this title does not apply,
a compensating tax equal to the amount of the processing tax in effect with respect to domestic processing at
the time of importation: Provided, That all taxes collected under this subsection upon articles coming from
the possessions of the United States to which this title
does not apply shall not be covered into the general
fund of the Treasury of the United States but shall be
held as a separate fund and paid into the Treasury of
the said possessions, respectively, to be used and expended by the governments thereof for the benefit of
agriculture. Such tax shall be paid prior to the release
of the article from customs custody or control;
FLOOR STOCKS
SEC. 16. (a) Upon the sale or other disposition of
any article processed wholly or in chief value from any
commodity with respect to which a processing tax is to
be levied, that on the date the tax first takes effect or
wholly terminates with respect to the commodity,
is held for sale or other disposition (including articles
in transit) by any person, there snail be made a tax
adjustment as follows:
(1) Whenever the processing tax first takes effect,
there shall be levied, assessed, and collected a tax to be
paid by such person equivalent to the amount of the
processing tax which would be payable with respect
to the commodity from which processed if the processing had occurred on such date.
(2) Whenever the processing tax is wholly terminated, there shall be refunded to such person a sum (or
if it has not been paid, the tax shall be abated) in an
amount equivalent to the processing tax with respect
to the commodity from which processed.
(b) The tax imposed by subsection (a) shall not
apply to the retail stocks of persons engaged in retail
trade, held at the date the processing tax first takes
effect; but such retail stocks shall not be deemed to
include stocks held in a warehouse on such date, or
such portion of other stocks held on such date as are
not sold or otherwise disposed of within thirty days
thereafter. The tax refund or abatement provided in
subsection (a) shall not apply to the retail stocks of
persons engaged in retail trade, held on the date the
processing tax is wholly terminated.
EXPORTATIONS
SEC. 17. (a) Upon the exportation to any foreign
country (including the Philippine Islands, the Virgin
Islands, American Samoa, and the island of Guam) of
any product with respect to which a tax has been paid
under this title, or of any product processed wholly or
in chief value from a commodity with respect to which
a tax has been paid under this title, the exporter thereof
shall be entitled at the time of exportation to a refund
of the amount of such tax.
312
FEDERAL RESERVE BULLETIN
MAY
1933
may issue farm-loan bonds as authorized under this
Act, for the purpose of making new loans, or for purchasing mortgages or exchanging bonds for mortgages
as provided in paragraph ' Second' of sectipn 13 of this
Act. The aggregate amount of the bonds issued under
this paragraph shall not exceed $2,000,000,000, and such
bonds shall be issued in such denominations as the Farm
Loan Commissioner shall prescribe, shall bear interest
at a rate not in excess of 4 per centum per annum, and
shall be fully and unconditionally guaranteed as to inEXISTING CONTRACTS
terest by the United States, and such guaranty shall be
SEC. 18. (a) If (1) any processor, jobber, or whole- expressed on the face thereof. In the event that it
saler has, prior to the date a tax with respect to any shall appear to the Farm Loan Commissioner that the
commodity is first imposed under this title, made a issuing bank or banks will be unable to pay upon debona fide contract of sale for delivery on or after such mand, when due, the interest on any such bonds, the
date, of any article processed wholly or in chief value Secretary of the Treasury shall, upon the request of the
from such commodity, and if (2) such contract does not Commissioner, pay the amount thereof, which is hereby
permit the addition to the amount to be paid there- authorized to be appropriated out of any money in the
under of the whole of such tax, then (unless the con- Treasury not otherwise appropriated. Upon the paytract prohibits such addition) the vendee shall pay so ment of such interest by the Secretary of the Treasury
much of the tax as is not permitted to be added to the the amount so paid shall become an obligation to the
United States of the issuing bank or banks and shall
contract price.
(b) Taxes payable by the vendee shall be paid to the bear interest at the same rate as that borne by the bonds
vendor at the time the sale is consummated and shall upon which the interest has been so paid. After the
be collected and paid to the United States by the vendor expiration of one year from the date this paragraph
in the same manner as other taxes under this title. takes effect, if in the opinion of the Farm Loan ComIn case of failure or refusal by the vendee to pay such missioner any part of the proceeds of the bonds authortaxes to the vendor, the vendor shall report the facts ized to be issued under this paragraph is not required
to the Commissioner of Internal Revenue who shall for the purpose of making new loans or for purchasing
cause collections of such taxes to be made from the mortgages or exchanging* bonds for mortgages as herein
provided, such bonds may be issued within the maxivendee.
mum limit herein specified for the purpose of refinancing
COLLECTION OP TAXES
any outstanding issues of Federal farm-loan bonds;
SEC. 19. (a) The taxes provided in this title shall be but no such bonds shall be issued after two years from
collected by the Bureau of Internal Revenue under the the date this paragraph takes effect for the purpose of
direction of the Secretary of the Treasury. Such taxes such refinancing. Any borrower who obtains a loan
from a Federal land bank after the date this paragraph
shall be paid into the Treasury of the United States.
effect may, at any time after the expiration of five
(b) All provisions of law, including penalties, appli- takes
from the date such loan was made, tender to
cable with respect to the taxe3 imposed by section 600 years
bank on any regular installment date, bonds issued
of the Revenue Act of 1926, and the provisions of section such
paragraph in an amount not to exceed the
626 of the Revenue Act of 1932, shall, in so far as appli- under this
principal of his loan, and the bonds so tendered
cable and not inconsistent with the provisions of this unpaid
title, be applicable in respect of taxes imposed by this shall be accepted by the bank at par in payment of any
title: Provided, That the Secretary of the Treasury is part of such unpaid principal."
authorized to permit postponement, for a period not
exceeding ninety days, of the payment of taxes covered PURCHASE, REDUCTION, AND REFINANCING OF FARM
MORTGAGES
by any return under this title.
(c) In order that the payment of taxes under this
SEC.
22.
Paragraph
"Second" of section 13 of the
title may not impose any immediate undue financial Federal Farm Loan Act,
amended, is amended by
burden upon processors or distributors, any processor adding at the end thereof as
the following new sentence:
or distributor subject to such taxes shall be eligible for
order to reduce and/or refinance farm mortgages,
loans from the Reconstruction Finance Corporation to "In
invest such funds as may be in its possession in the
under section 5 of the Reconstruction Finance Cor- purchase
of first mortgages on farm lands situated
poration Act.
within the Federal land-bank district within which it is
organized or for which it is acting, or to exchange farmTITLE II—AGRICULTURAL CREDITS
loan bonds for any duly recorded first mortgages on
farm lands executed prior to the date this paragraph,
PART 1—AMENDMENTS TO FEDERAL FARM LOAN ACT as amended, takes effect, at a price which shall not exceed
in each individual case the amount of the unpaid
ISSUANCE OF BONDS BY LAND BANKS
principal of the mortgage on the date of such purchase
or exchange, or 50 per centum of the normal value of
SECTION 21. Section 32 of the Federal Farm Loan the land mortgaged and 20 per centum of the value of
Act, as amended (U.S.C., title 12, sec. 991), is amended the permanent insured improvements thereon as deby adding at the end thereof the following new para- termined upon an appraisal made pursuant to this
graph:
Act, whichever is the smaller: Provided, That any
" Until such time as the Farm Loan Commissioner mortgagor whose mortgage is acquired by a Federal
determines that Federal farm-loan bonds (other than land bank under this paragraph shall be entitled to have
those issued under this paragraph) are readily salable his farm-mortgage indebtedness refinanced in accordin the open market at a yield not in excess of 4 per ance with the provisions of sections 7 and 8 of this Act
centum per annum, but in no case more than two years on the basis of the amount paid by the bank for his
after this paragraph takes effect, Federal land banks mortgage."
(b) Upon the giving of bond satisfactory to the Secretary of the Treasury for the faithful observance of the
provisions of this title requiring the payment of taxes,
any person shall be entitled, without payment of the tax,
to process for such exportation any commodity with
respect to which a tax is imposed by this title, or to
hold for such exportation any article processed wholly
or in chief value therefrom.
MAY
313
FEDERAL RESERVE BULLETIN
1933
EXTENSION OF LOANS
SEC. 23. Paragraph "Tenth" of section 13 of the
Federal Farm Loan Act, as amended (U.S.C., title
12, sec. 781), is amended by adding at the end thereof
the following: "The terms of any such extension shall
be such as will not defer the collection of any obligation
due by any borrower which, after investigation by the
bank of the situation of such borrower, is shown to be
within his capacity to meet. In the case of any such
extension made prior to the expiration of five years
from the date this paragraph as amended takes effect,
or in the case of any deferment of principal as provided
in paragraph * Twelfth' of section 12 of this Act, it
shall be the duty of the Secretary of the Treasury, on
behalf of the United States, upon the request of the
Federal land bank making the extension, and with
the approval of the Farm Loan Commissioner, to subscribe at such periods as the Commissioner shall
determine, to the paid-in surplus of such bank an
amount equal to the amount of all such extensions
and deferments made by the bank during the preceding period. Such subscriptions shall be subject to
call, in whole or in part, by the bank with the approval
of the Commissioner upon thirty days' notice. To
enable the Secretary of the Treasury to make such
subscriptions to the paid-in surplus of the Federal
land banks, there is hereby authorized to be appropriated the sum of $50,000,000, to be immediately
available and remain available until expended. Upon
payment to any Federal land bank of the amount of
any such subscription, such bank shall execute and
deliver a receipt therefor to the Secretary of the
Treasury in form to be prescribed by the Farm Loan
Commissioner. The amount of any subscriptions to
the paid-in surplus of any such bank may be repaid
in whole or in part at any time in the discretion of the
bank and with the approval of the Farm Loan Commissioner, and the Commissioner may at any time
require such subscriptions to be repaid in whole or in
part if in his opinion the bank has resources available
therefor."
REDUCTION OF INTEREST ON LOANS AND DEFERMENT OF
PRINCIPAL
SEC. 24. Section 12 of the Federal Farm Loan Act,
as amended (U.S.C., title 12, sees. 771-772), is amended
by adding at the end thereof the following new paragraph:
"Twelfth. Notwithstanding the provisions of paragraph 'Second,' the rate of interest on any loans on
mortgage made through national farm-loan associations
or through agents as provided in section 15, or purchased from joint-stock land banks, by any Federal
land bank, outstanding on the date this paragraph
takes effect or made through national farm-loan associations within two years after such date, shall not
exceed 4}£ per centum per annum for all interest payable on installment dates occurring within a period of
five years commencing sixty days after the date this
paragraph takes effect; and no payment of the principal
portion of any installment of any such loan shall be
required during such five-year period if the borrower
shall not be in default with respect to any other condition or covenant of his mortgage. The foregoing provisions shall apply to loans made by Federal land banks
through branches, except that the rate of interest on
such loans for such tfive-year period shall be 5 per
centum in lieu of 4% per centum. The Secretary of
the Treasury shall pay each Federal land bank, as soon
as practicable after October 1, 1933, and after the end
of each quarter thereafter, such amount as the Farm
Loan Commissioner certifies to the Secretary of the
Treasury is equal to the amount by which interest
payments on mortgages held by such bank have been
reduced, during the preceding quarter, by reason of this
paragraph; but in any case in which the Farm Loan
Commissioner finds that the amount of interest payable
by such bank during any quarter has been reduced by
reason of the refinancing of bonds under section 32 of
this Act, the amount of the reduction so found shall be
deducted from the amount payable to such bank under
this paragraph. No payments shall be made to a bank
with respect to any period after June 30, 1938. There
is authorized to be appropriated, out of any money in
the Treasury not otherwise appropriated, the sum of
$15,000,000 for the purpose of enabling the Secretary of
the Treasury to make payments to Federal land banks
which accrue during the fiscal year ending June 30,
1934, and such additional amounts as may be necessary
to make payments accruing during subsequent fiscal
years.
INCREASE OF AMOUNT OF LOANS TO BORROWERS
SEC. 25. Paragraph "Seventh" of section 12 of the
Federal Farm Loan Act, as amended (U.S.C., title 12,
sec. 771) (relating to the limitations as to amount of
loans), is amended by striking out "$25,000" and inserting "$50,000, but loans to any one borrower shall
not exceed $25,000 unless approved by the Farm Loan
Commissioner.''
DIRECT LOANS
SEC. 26. Section 7 of the Federal Farm Loan Act, as
amended, is amended by striking out the last paragraph and inserting in lieu thereof the following new
paragraphs:
"Whenever it shall appear to the Farm Loan Commissioner that national farm-loan associations have not
been formed in any locality in the continental United
States, or that the farmers residing in the territory
covered by the charter of a national farm-loan association are unable to apply to the Federal land bank of the
district for loans on account of the inability of the bank
to accept applications from such association, the Farm
Loan Commissioner shall authorize said bank to make
direct loans to borrowers secured by first mortgages on
farm lands situated within any such locality or territory.
Except as herein otherwise specifically provided, all
provisions of this Act applicable with respect to loans
made through national farm-loan associations shall, insofar as practicable, apply with respect to such direct
loans, and the Farm Loan Commissioner is authorized
to make such rules and regulations as he may deem
necessary with respect to such direct loans.
"The rate of interest on such direct loans made at
any time by any Federal land bank shall be one-half
of 1 per centum per annum in excess of the rate of
interest charged to borrowers on mortgage loans made
at such time by the bank through national farm-loan
associations.
"Each borrower who obtains a direct loan from a
Federal land bank shall subscribe and pay for stock in
such bank in the sum of $5 for each $100 or fraction
thereof borrowed. Such stock shall be held by such
Federal land bank as collateral security for the loan of
the borrower and shall participate in all dividends.
Upon full payment of the loan such stock shall, if still
outstanding, be canceled at par, or, in the event that
such stock shall have become impaired, at the estimated
value thereof as approved by the Farm Loan Commissioner, and the proceeds thereof shall be paid to the
borrower.
314
FEDERAL RESERVE BULLETIN
"Each such borrower may covenant in his mortgage
that, whenever there are ten or more borrowers who
have obtained from a Federal land bank direct loans
under the provisions of this section aggregating not less
than $20,000, and who reside in a locality which may,
in the opinion of the Farm Loan Commissioner, be
conveniently covered by the charter of and served by a
national farm-loan association, he will unite with such
other borrowers to form a national farm-loan association. Such borrowers shall organize the association
subject to the requirements and the conditions specified
in this section, so far as the same may be applicable, and
in accordance with rules and regulations of the Farm
Loan Commissioner. As soon as the organization of the
association has been approved by the Farm Loan Commissioner, the stock in the Federal land bank held by
each of the members of such association shall be canceled at par, and in lieu thereof the bank shall issue in
the name of the-association an equal amount of stock
in said bank, which stock shall be held by said bank as
collateral security as provided in this section with respect to other loans through national farm-loan associations. Thereupon there shall be issued to each such
member an amount of capital stock in the association
equal to the amount which he previously held in said
bank, which stock shall be held by said association as
collateral security as provided in section 8 of this Act.
The board of directors of said association shall adopt a
resolution authorizing and directing its secretarytreasurer on behalf of said association to endorse, and
thereby become liable for the payment of, the mortgages
taken from its charter members by the Federal land
bank. When it shall appear to the satisfaction of the
Farm Loan Commissioner that all the foregoing conditions have been complied with, and upon the granting
of the charter by the Farm Loan Commissioner, the
interest rate paid by each charter member of such association whose loan is in good standing shall, beginning
with his next regular installment date, be reduced to the
rate of interest paid by borrowers on new loans made
through national farm-loan associations in the same
Federal land-bank district at the time the said loan was
made to such charter member.
" Charges to be paid by applicants for direct loans
from a Federal land bank shall not exceed amounts to be
fixed by the Farm Loan Commissioner and shall in no
case exceed the charges which may be made to applicants for loans and borrowers through national farmloan associations under the provisions of sections 11 and
13 of this Act."
LOANS TO RECEIVERS
SEC. 27. Any receiver appointed by the Federal
Farm Loan Board pursuant to section 29 of the Federal
Farm Loan Act, as amended, or any receiver appointed
by a district court of the United States, is authorized,
for the purpose of paying taxes on farm real estate
owned by the bank or securing the mortgages held by
it, with the approval of the Farm Loan Commissioner,
to borrow from the Reconstruction Finance Corporation and to issue receiver's certificates against the
assets of such bank as security for any loan received
from the Corporation under this section, and such certificates shall constitute a prior lien on such assets.
The Reconstruction Finance Corporation is authorized
to make loans to such receivers for the purposes of this
section.
MAY
1933
FEDERAL FARM-LOAN BONDS AS SECURITY FOR ADVANCES
BY FEDERAL RESERVE BANKS
SEC. 28. The eighth paragraph of section 13 of the
Federal Reserve Act, as amended, is amended by
inserting before the period at the end thereof a comma
and the following: "or by the deposit or pledge of bonds
issued pursuant to the paragraph added to section 32
of the Federal Farm Loan Act, as amended by section
21 of the Emergency Farm Mortgage Act of 1933."
PART 2—JOINT-STOCK LAND BANKS
LIMITATIONS ON ISSUE OF BONDS AND LENDING
SEC. 29. After the date of enactment of this Act, no
joint-stock land bank shall issue any tax-exempt bonds
or make any farm loans except such as are necessary
and incidental to the refinancing of existing loans or
bond issues or to the sale of any real estate now owned
or hereafter acquired by such bank.
LOANS TO JOINT-STOCK LAND BANKS TO PROVIDE FOR
ORDERLY LIQUIDATION
SEC. 30. (a) The Reconstruction Finance Corporation is authorized and directed to make available to the
Farm Loan Commissioner, out of the funds of the Corporation, the sum of $100,000,000, to be used, for a
period not exceeding two years from the date of enactment of this Act, for the purpose of making loans to
the joint-stock land banks organized and doing business
under the Federal Farm Loan Act, as amended, at a
rate of interest not to exceed 4 per centum per annum,
payable annually. Such loans shall be made upon
application therefor by such banks and upon compliance with the requirements of this section. The
amount which may be loaned hereunder to any such
bank shall not exceed an amount having the same proportion to the said $100,000,000 as the unpaid principal
of the mortgages held by such bank on the date of
enactment of this Act bears to the total amount of the
unpaid principal of the mortgages held by all the jointstock land banks on such date.
(b) Any joint-stock land bank applying for a loan
under this section shall deliver to the Farm Loan
Commissioner as collateral security therefor first mortgages or purchase-money mortgages on farm lands,
first mortgages on farm real estate owned by the bank
in fee simple, or such other collateral as may be available to said bank, including sales contracts and sheriff's
certificates on farm lands. The real estate upon which
such collateral is based shall be appraised by appraisers
appointed under the Federal Farm Loan Act, as
amended, and the borrowing bank shall be entitled to
borrow not to exceed 60 per centum of the normal value
of such real estate as determined by such appraisal.
Fees for such appraisals shall be paid by the applicant
banks in such amounts as may be fixed by the Farm
Loan Commissioner. No such loan shall be made until
the applicant bank, under regulations to be prescribed
by the Farm Loan Commissioner, (1) shall have agreed
to grant to each borrower then indebted to the bank
under the terms of a first mortgage a reduction to 5 per
centum per annum in the rate of interest specified in
such mortgage, beginning at his next regular installment
date occurring more than sixty days after the date of
enactment of this Act, and (2) shall have agreed to the
satisfaction of the Commissioner that during a period
MAY
1933
FEDERAL RESERVE BULLETIN
of two years from the date of enactment of this Act the
bank will not proceed against the mortgagor on account
of default in the payment of interest or principal due
under the terms of its mortgage and will not foreclose its
mortgage unless the property covered by such mortgage
is abandoned by the mortgagor or unless, in the
opinion of the Commissioner, such foreclosure is
necessary for other reasons. Such loans shall be made
to aid the orderly liquidation of any such bank in accordance with such plan as may be approved by the
Farm Loan Commissioner. Before any such plan is
approved by the Commissioner he shall be satisfied
that the plan carries out the purposes of this section
and that such part of the proceeds of the loan as is
devoted to settlements with bondholders will be used
only to effect an equitable settlement with all bondholders. After the plan has been approved by the
Commissioner he shall require the bank to mail a copy
thereof to all its known bondholders and to publish a
notice setting forth its provisions in at least three
newspapers having general circulation.
LOANS BY THE FABM LOAN COMMISSIONER TO JOINTSTOCK LAND BANKS FOR EMERGENCY PURPOSES
SEC. 31. (a) Out of the funds made available to him
under section 30, the Farm Loan Commissioner is
authorized to make loans, in an aggregate amount not
exceeding $25,000,000, at a rate of interest not to
exceed 4 per centum per annum, to any joint-stock
land bank for the purpose of securing the postponement for two years from the date of the enactment of
this Act of the foreclosure of first mortgages held by
such banks on account of (1) default in the payment
of interest and principal due under the terms of the
mortgage, and (2) unpaid delinquent taxes, excluding
interest and penalties, which may be secured by the
lien of said mortgage: Provided, That during the
period of postponement of foreclosure such bank shall
charge the mortgagor interest at a rate not exceeding
4 per centum per annum on the aggregate amount of
such delinquent taxes and defaulted interest and
principal with respect to which loans are made pursuant
to this section. The amount loaned to any joint-stock
land bank under this section shall be made without
reappraisal: Provided, That the amount loaned with
respect to any mortgage on account of unpaid principal
shall not exceed 5 per centum of the total unpaid
principal of such mortgage, and the total amount loaned
to any such land bank with respect to any mortgage
shall not exceed 25 per centum of the total unpaid
principal of such mortgage.
(b) No such loan shall be made with respect to any
mortgage unless the Farm Loan Commissioner is satisfied that the mortgagor, after exercising ordinary
diligence to pay his accrued delinquent taxes, and meet
accrued interest and principal payments, has defaulted
thereon; and unless the bank shall have agreed to the
satisfaction of the Farm Loan Commissioner that during such two-year period the bank will not foreclose
such mortgage unless the property covered thereby is
abandoned by the mortgagor or unless in the opinion
of the Farm Loan Commissioner such foreclosure is
necessary for other reasons.
(c) Each such loan shall be secured by an assignment to the Farm Loan Commissioner of the lien of
the taxes and/or of the bank's mortgage with respect
to which the loan is made: Provided, That the part
of each such lien so assigned representing the interest
and principal due and unpaid in any such mortgage
which has been assigned to the farm loan registrar
shall be subordinate to the existing lien of the bank
315
for the balance of the indebtedness then or thereafter
to become due under the terms of such mortgage; but
the Farm Loan Commissioner may require the bank
to furnish additional collateral as security for such
loan, if such collateral is available to the bank.
(d) The Farm Loan Commissioner is authorized to
make such rules and regulations as may be necessary
to carry out the purposes of this section and to make
the relief contemplated immediately available.
PART 3—LOANS TO FARMERS BY FARM LOAN
COMMISSIONER
REDUCTION OF DEBTS AND REDEMPTION OF FORECLOSED
FARMS
SEC. 32. The Reconstruction Finance Corporation is
authorized and directed to allocate and make available
to the Farm Loan Commissioner the sum of $200,000,000,
or so much thereof as may be necessary, to be used for
the purpose of making loans as hereinafter provided to
any farmer, secured by a first or second mortgage upon
the whole or any part of the farm property, real or
personal, including crops, of the farmer. The amount
of the mortgage given by any farmer, together with all
prior mortgages or other evidences of indebtedness
secured by such farm property of the farmer, shall not
exceed 75 per centum of the normal value thereof, as
determined upon an appraisal made pursuant to the
Federal Farm Loan Act, as amended; nor shall a loan
in excess of $5,000, be made to any one farmer. Every
mortgage made under this section shall contain an
agreement providing for the repayment of the loan
on an amortization plan by means of a fixed number of
annual or semiannual installments, sufficient to cover
(1) interest on unpaid principal at a rate not to exceed
5 per centum per annum and (2) such payments equal
in amount to be applied on principal as will extinguish
the debt within an agreed period of not more than ten
years or, in the case of a first or second mortgage
secured wholly by real property and made for the purpose of reducing and refinancing an existing mortgage
within an agreed period no greater than that for which
loans may be made under the Federal Farm Loan Act,
as amended, from the date the first payment on principal is due: Provided, That during the first three years
the loan is in effect payments of interest only may be
required if the borrower shall not be in default with
respect to any other condition or covenant of his mortgage. No loan shall be made under this section unless
the holder of any prior mortgage or instrument of
indebtedness secured by such farm property arranges
to the satisfaction of the Farm Loan Commissioner to
limit his right to proceed against the farmer and such
farm property for default in payment of principal.
Loans under this section shall be made for the following
purposes only: (1) Refinancing, either in connection
with proceedings under chapter VIII of the Bankruptcy
Act of July 1, 1898, as amended (relating to agricultural
compositions and extensions), or otherwise, any indebtedness, secured or unsecured, of the farmer, (2)
providing working capital for his farm operations, and
(3) enabling any farmer to redeem and/or repurchase
farm property owned by him prior to foreclosure which
has been foreclosed at any time between July 1, 1931,
and the date of the enactment of this Act, or which is
foreclosed after the enactment of this Act. The provisions of paragraph "Ninth" of section 13 of the
Federal Farm Loan Act, as amended (relating to charges
to applicants for loans and borrowers from the Federal
land banks), shall, so far as practicable, apply to loans
made under this section. As used in this section, the
316
FEDERAL RESERVE BULLETIN
term "farmer" means any individual who is bona fide
engaged in farming operations, either personally or
through an agent or tenant, or the principal part of
whose income is derived from farming operations, and
includes a personal representative of a deceased farmer.
MAY
1933
of the borrower held by the Corporation are retired, an
amount equal to the amount by which the assessments
against the real property within the project collected
by the borrower exceed the costs of operation and
maintenance of the project and interest on its outstanding obligations; and (5) the borrower shall agree, to
the satisfaction of the Corporation, to reduce the outREGULATIONS
standing indebtedness to the borrower of the landSEC. 33. The Farm Loan Commissioner is author- owners within such project by an amount correspondized to make such rules and regulations, and to appoint, ing to that by which the indebtedness of the borrower
employ, and fix the compensation of such officers, em- is reduced by reason of the operation of this section,
ployees, attorneys, and agents as may be necessary to to distribute the amount of such reduction among
carry out the purposes of this title and to make the such landowners on a pro rata basis, to cancel and
relief contemplated by this title immediately available, retire its outstanding bonds in an aggregate amount
without regard to the provisions of other laws appli- equal to the amount of the reduction so distributed,
cable to the employment and compensation of officers and to permit the Corporation, in the case of the payand employees of the United States: Provided, That no ment of the bonds of the borrower or the liquidation
salary or compensation in excess of $10,000 shall be of such project, to participate in such payment or in
paid to any person employed under the terms of the the proceeds of such liquidation on the basis of the face
amount of the bonds so retired plus the face amount
foregoing section.
of the bonds held by the Corporation as security for the
FACILITIES OP FEDERAL LAND BANKS AND NATIONAL loan. No loan shall be made under this section until
the Reconstruction Finance Corporation (A) has caused
FARM LOAN ASSOCIATIONS MADE AVAILABLE
an appraisal to be made of the property securing and/or
SEC. 34. The Federal land banks and the national underlying the outstanding bonds of the applicant,
farm loan associations are authorized, upon request of (B) has determined that the project of the applicant
the Farm Loan Commissioner, to make available to is economically sound, and (C) has been satisfied that
him their services and facilities to aid in administering an agreement has been entered into between the applithe provisions of this title.
cant and the holders of its outstanding bonds under
which the applicant will be able to purchase or refund
PENALTIES
such bonds at a price determined by the Corporation
to be reasonable after taking into consideration the
SEC. 35. Any person who shall knowingly make any average market price of such bonds over the six months'
material false representation for the purpose of obtain- period ending March 1, 1933, and under which a subing any loan under part 3 of this title, or in assisting in stantial reduction will be brought about in the amount
obtaining any such loan, shall, upon conviction thereof, of the outstanding indebtedness of the applicant.
be fined not more than $1,000, or imprisoned not more
SEC. 37. The Reconstruction Finance Corporation,
than six months, or both.
upon request of the Secretary of the Interior, is authorPART 4—REFINANCING OF AGRICULTURAL IMPROVE- ized and empowered to advance from funds made
MENT DISTRICT INDEBTEDNESS FOR THE BENEFIT available by section 2 of the Act of January 22, 1932
(47 Stat.L. 5), to the reclamation fund created by the
OF FARMERS
Act of June 17, 1902 (32 Stat.L. 388), such sum or
LOANS BY RECONSTRUCTION FINANCE CORPORATION
sums as the Secretary of the Interior may deem necessary, not exceeding $5,000,000, for the completion of
SEC. 36. The Reconstruction Finance Corporation is projects or divisions of projects now under construction,
authorized and empowered to make loans as hereinafter or projects approved and authorized. Funds so adprovided, in an aggregate amount not exceeding vanced shall be repaid out of any receipts and accre$50,000,000; to drainage districts, levee districts, tions accruing to the reclamation fund within such
levee and drainage districts, irrigation districts, and time as may be fixed by the Reconstruction Finance
similar districts, duly organized under the laws of any Corporation, not exceeding five years from the date of
State, and to political subdivisions of States, which advance, with interest at the rate of 4 per centum per
prior to the date of enactment of this Act, have com- annum. Sums so advanced may be expended in the
pleted projects devoted chiefly to the improvement of same way as other moneys in the reclamation fund.
lands for agricultural purposes. Such loans shall be
made for the purpose of enabling any such district or
political subdivision (hereafter referred to as the PART 5—INCREASE OF LENDING POWER OF RECONCONSTRUCTION FINANCE CORPORATION
"borrower") to reduce and refinance its outstanding
indebtedness incurred in connection with any such
SEC. 38. In order to provide funds to carry out the
project, and shall be subject to the same terms and purposes
this title, the amount of notes, debentures,
conditions as loans made under section 5 of the Recon- bonds, or of
other such obligations which the Reconstrucstruction Finance Corporation Act, as amended; except tion Finance
is authorized and empowered
that (1) the term of any such loan shall not exceed under sectionCorporation
of the Reconstruction Finance Corforty years; (2) each such loan shall be secured by poration Act, as9 amended,
to have outstanding at any
refunding bonds issued to the Corporation by the one time, is hereby increased
by $300,000,000.
borrower which are a lien on the real property within
the project or on the amount of the assessments levied PART 6—FUNCTIONS OF FARM LOAN COMMISSIONER
on such property by the borrower pursuant to State
UNDER EXECUTIVE ORDERS
law, or by such other collateral as may be acceptable
to the Corporation; (3) the borrower shall agree not to
SEC. 39. If and when any executive order heretofore
issue during the term of the loan any bonds so secured transmitted to the Congress pursuant to title IV of
except with the consent of the Corporation; (4) the part II of the Legislative Appropriation Act of 1933, as
borrower shall pay to the Corporation, until all bonds amended, shall become effective, all functions, powers,
MAY
FEDERAL RESERVE BULLETIN
1933
authority, and duties conferred upon or vested in the
Farm Loan Commissioner by this title shall be held and
exercised by him subject to all the terms and conditions
in any such Executive order the same as if such
functions, powers, authority, and duties were specifically named in such Executive order or orders.
PART 7—MISCELLANEOUS
PERFECTING
ORGANIZATION FARM
CREDIT
ADMINIS-
TRATION
SEC. 40. The Governor of the Farm Credit Administration is authorized, in carrying out the powers and
duties now or hereafter vested in him or the Farm
Credit Administration by law or under any Executive
order made under title IV of part II of the Legislative
Appropriation Act of 1933, as amended, to establish,
and to fix the powers and duties of, such divisions,
agencies, corporations, and instrumentalities as he
may deem necessary to the efficient functioning of the
Farm Credit Administration and the successful execution of the powers and duties so vested in the Governor
and the Farm Credit Administration. This section
shall not be construed to restrict the authority of the
President under title IV of such Act, as amended:
Provided, That no salary or compensation shall be paid
to any officer, agent, or other person employed under
this section in excess of $10,000 per annum.
LOANS TO FRUIT GROWERS
SEC. 41. That'in making loans to owners of groves
and orchards, including citrus-fruit groves and other
fruit groves and orchards, the Federal land banks, the
farm land banks, and all Government agencies making
loans upon such character of property may, in appraising the property offered as security, give a reasonable
and fair valuation to the fruit trees located and growing
upon said property and constituting a substantial part
of its value.
PART 8—SHORT TITLE
SEC. 42. This title may be cited as the "Emergency
Farm Mortgage Act of 1933."
TITLE III—FINANCING—AND EXERCISING POWER CONFERRED BY SECTION 8 OF ARTICLE I OF THE CONSTITUTION: To COIN MONEY AND TO REGULATE THE
VALUE THEREOF
SEC. 43. Whenever the President finds, upon investigation, that (1) the foreign commerce of the United
States is adversely affected by reason of the depreciation in the value of the currency of any other government or governments in relation to the present standard
value of gold, or (2) action under this section is necessary in order to regulate and maintain the parity of
currency issues of the United States, or (3) an economic
emergency requires an expansion of credit, or (4) an
expansion of credit is necessary to secure by international agreement a stabilization at proper levels of the
currencies of various governments, the President is
authorized, in his discretion—
(a) To direct the Secretary of the Treasury to enter
into agreements with the several Federal Reserve banks
and with the Federal Reserve Board whereby the
Federal Reserve Board will, and it is hereby authorized
to, notwithstanding any provisions of law or rules and
regulations to the contrary, permit such reserve banks
to agree that they will, (1) conduct, pursuant to existing
law, throughout specified periods, open market operations in obligations of the United States Government or
317
corporations in which the United States is the majority
stockholder, and (2) purchase directly and hold in portfolio for an agreed period or periods of time Treasury
bills or other obligations of the United States Government in an aggregate sum of $3,000,000,000 in addition
to those they may then hold, unless prior to the termination of such period or periods the Secretary shall
consent to their sale. No suspension of reserve requirements of the Federal Reserve banks, under the terms of
section ll(c) of the Federal Reserve Act, necessitated
by reason of operations under this section, shall require
the imposition of the graduated tax upon any deficiency
in reserves as provided in said section 11 (c). Nor shall
it require any automatic increase in the rates of interest
or discount charged by any Federal Reserve bank, as
otherwise specified in that section. The Federal
Reserve Board, with the approval of the Secretary of
the Treasury, may require the Federal Reserve banks
to take such action as may be necessary, in the judgment
of the Board and of the Secretary of the Treasury, to
prevent undue credit expansion.
(b) If the Secretary, when directed by the President,
is unable to secure the assent of the several Federal
Reserve banks and the Federal Reserve Board to the
agreements authorized in this section, or if operations
under the above provisions prove to be inadequate to
meet the purposes of this section, or if for any other
reason additional measures are required in the judgment
of the President to meet such purposes, then the
President is authorized—
(1) To direct the Secretary of the Treasury to cause
to be issued in such amount or amounts as he may from
time to time order, United States notes, as provided in
the Act entitled "An Act to authorize the issue of
United States notes and for the redemption of funding
thereof and for funding the floating debt of the United
States", approved February 25, 1862, and Acts supplementary thereto and amendatory thereof, in the same
size and of similar color to the Federal Reserve notes
heretofore issued and in denominations of $1, $5, $10,
$20, $50, $100, $500, $1,000, and $10,000; but notes
issued under this subsection shall be issued only for the
purpose of meeting maturing Federal obligations to
repay sums borrowed by the United States and for
purchasing United States bonds and other interestbearing obligations of the United States: Provided,
That when any such notes are used for such purpose the
bond or other obligation so acquired or taken up shall
be retired and canceled. Such notes shall be issued at
such times and in such amounts as the President may
approve but the aggregate amount of such notes outstanding at any time shall not exceed $3,000,000,000.
There is hereby appropriated, out of any money in the
Treasury not otherwise appropriated, an amount
sufficient to enable the Secretary of the Treasury to
retire and cancel 4 per centum annually of such outstanding notes, and the Secretary of the Treasury is
hereby directed to retire and cancel annually 4 per
centum of such outstanding notes. Such notes and all
other coins and currencies heretofore or hereafter
coined or issued by or under the authority of the United
States shall be legal tender for all debts public and
private.
(2) By proclamation to fix the weight of. the gold
dollar in grains nine tenths fine and also to fix the weight
of the silver dollar in grains nine tenths fine at a definite
fixed ratio in relation to the gold dollar at such amounts
as he finds "necessary from his investigation to stabilize
domestic prices or to protect the foreign commerce
against the adverse effect of depreciated foreign currencies, and to provide for the unlimited coinage of
318
FEDERAL RESERVE BULLETIN
such gold and silver at the ratio so fixed, or in case the
Government of the United States enters into an agreement with any government or governments under the
terms of which the ratio between the value of gold and
other currency issued by the United States and by any
such government or governments is established, the
President may fix the weight of the gold dollar in
accordance with the ratio so agreed upon, and such
gold dollar, the weight of which is so fixed, shall be the
standard unit of value, and all forms of money issued
or coined by the United States shall be maintained at a
parity with this standard and it shall be the duty of the
Secretary of the Treasury to maintain such parity, but
in no event shall the weight of the gold dollar be fixed
so as to reduce its present weight by more than 50 per
centum.
SEC. 44. The Secretary of the Treasury, with the
approval of the President, is hereby authorized to make
and promulgate rules and regulations covering any
action taken or to be taken by the President under subsection (a) or (b) of section 43.
SEC. 45. (a) The President is authorized, for a
period of six months from the date of the passage of
this Act, to accept silver in payment of the whole or
any part of the principal or interest now due, or
to become due within six months after such date,
from any foreign government or governments on account of any indebtedness to the United States, such
silver to be accepted at not to exceed the price of 50
cents an ounce in United States currency. The aggregate value of the silver accepted under this section
shall not exceed $200,000,000.
(b) The silver bullion accepted and received under
the provisions of this section shall be subject to the
requirements of existing law and the regulations of the
mint service governing the methods of determining the
amount of pure silver contained, and the amount of the
charges or deductions, if any, to be made; but such
silver bullion shall not be counted as part of the silver
bullion authorized or required to be purchased and
coined under the provisions of existing law.
(c) The silver accepted and received under the provisions of this section shall be deposited in the Treasury
of the United States, to be held, used, and disposed of
as in this section provided.
(d) The Secretary of the Treasury shall cause silver
certificates to be issued in such denominations as he
deems advisable to the total number of dollars for
which such silver was accepted in payment of debts.
MAY
1933
Such silver certificates shall be used by the Treasurer
of the United States in payment of any obligations of
the United States.
(e) The silver so accepted and received under this
section shall be coined into standard silver dollars and
subsidiary coins sufficient, in the opinion of the Secretary of the Treasury, to meet any demands for redemption of such silver certificates issued under the
provisions of this section, and such coins shall be retained in the Treasury for the payment of such certificates on demand. The silver so accepted and received
under this section, except so much thereof as is coined
under the provisions of this section, shall be held in the
Treasury for the sole purpose of aiding in maintaining
the parity of such certificates as provided in existing
law. Any such certificates or reissued certificates,
when presented at the Treasury, shall be redeemed in
standard silver dollars, or in subsidiary silver coin, at
the option of the holder of the certificates: Provided,
That, in the redemption of such silver certificates issued
under this section, not to exceed one third of the coin
required for such redemption may in the judgment of
the Secretary of the Treasury be made in subsidiary
coins, the balance to be made in standard silver dollars.
(f) When any silver certificates issued under the
provisions of this section are redeemed or received into
the Treasury from any source whatsoever, and belong
to the United States, they shall not be retired, canceled,
or destroyed, but shall be reissued and paid out again
and kept in circulation; but nothing herein shall prevent
the cancelation and destruction of mutilated certificates
and the issue of other certificates of like denomination
in their stead, as provided by law.
(g) The Secretary of the Treasury is authorized to
make rules and regulations for carrying out the provisions of this section.
SEC. 46. Section 19 of the Federal Reserve Act, as
amended, is amended by inserting immediately after
paragraph
(c) thereof the following new paragraph:
11
Notwithstanding the foregoing provisions of this
section, the Federal Reserve Board, upon the affirmative vote of not less than five of its members and with
the approval of the President, may declare that an
emergency exists by reason of credit expansion, and
may by regulation during such emergency increase or
decrease from time to time, in its discretion, the reserve
balances required to be maintained against either
demand or time deposits."
Approved May 12th, 1933
319
FEDERAL RESERVE BULLETIN
M A Y 1933
FEDERAL RESERVE STATISTICS, BY DISTRICTS, ETC.
DISCOUNTS BY MONTHS
DISCOUNTS BY WEEKS
[In millions of dollars]
[In thousands of dollars]
1933
Wednesday series (1933)
1932
Federal Reserve bank
Federal Reserve bank
April
April
March
Apr. 12
Apr. 19
Apr. \
19,021
115, 615
62, 695
17,862
121, 583
55, 580
17, 507
110,403
53,168
16, 739
87,967
50,347
17.9
112.4
55.8
23.5
476.7
130.5
Cleveland..
Richmond..
Atlanta
59.4
20.7
25.6
91.9
38.9
36.7
86.6 Cleveland29.2 Richmond.
37.0 Atlanta
53, 685
18, 711
26,342
53, 908
21,049
25,673
53, 247
21,417
25,271
64,166
20,860
24,600
Chicago
St. Louis
Minneapolis..
18.4
4.4
62.4
10.9
13.1
46.2 Chicago
16.7 St. Louis
9.7 Minneapolis..
18,822
5,105
10,044
18,860
4,314
9,813
18,057
4,333
9,544
17,203
3,872
9,413
Kansas City...
Dallas
San Francisco .
20.6
6.6
73.2
25.2
6.2
78.1
32.0 Kansas City...
12.6 Dallas..
107.6 San Francisco..
21,820
5,674
78, 643
21,895
5,488
72,431
21,186
6,931
73, 206
16,488
8,018
65,328
424.8
i4.2
436,177
428,456
414,270
385,001
Boston
New York..__
Philadelphia.
Total..
34.0 Boston
119.6 New Y o r k . . .
73.7 Philadelphia.
Apr. 5
Total .
605.1
Back figures.—See Annual Reports for 1931 (table 80), 1928 (table 72),
Back figures.—See Annual Reports for 1931 (table 83), 1930 (table 78),
and 1927 (table 55).
etc.
RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES
[Amounts in thousands of dollars]
Averages of daily figures
Total cash reserves
Federal Reserve notes
in
circulation l
Total deposits
Reserve percentages
Federal Reserve bank
1932
1933
April
Boston
New York
Philadelphia-
233,953
1,030,085
221,533
April
1932
1933
1932
1933
April
March
174,263
573,491
253,218
63.5
56.6
57.7
54.8
42.9
43.4
73.7
65.8
67.5
March
April
April
March
April
132, 580
208, 468
218,930
766, 707 1,001,905 1,029, 531
177, 737
254,085
123, 250
132,131
858,199
113,800
122,650
949,134
123,037
235,849
791,131
260,933
248, 620
930, 403
295,366
March
April
1932
1933
April
Cleveland..
RichmondAtlanta
284,800
178, 052
115, 493
293,030
162,042
109,893
295,404
101,069
122,058
152, 432
72, 539
54, 250
149,696
65,868
61, 776
152,035
55,778
51, 324
346,548
177,142
143,748
401,269
195,938
159,878
293,719
95,571
117,638
57.1
71.3
58.3
53.2
61.9
66.3
66.8
72.2
Chicago
St. Louis......
Minneapolis..
882,517
150, 645
74,493
778,563
153,604
74,139
676,419
111, 642
81,172
300,496
76,823
44, 738
289,455
77,553
44, 371
273,114
62, 242
43,939
903, 267 1,037, 508
150,457
166,113
109, 059
546,158
91,048
70,588
73.3
66.3
52.0
58.7
63.0
48.3
82.6
72.8
70.9
Kansas C i t y . . .
Dallas.
San Francisco.
120,828
45, 617
212,149
132,712
69,404
223,895
95,484
52,906
219, 370
81,960
53, 613
158,998
85,160
69,110
156,426
69,202
50,039
149, 525
122, 265
41,607
263,839
81,411
37,845
222,839
59.2
47.9
50.2
57.9
48.1
63.4
60.2
58.9
3,550,165 3,150,194 3, 230,444 2, 281,210 2,103,545 2,102, 019 3,535, 436 4,042, 351 2, 557,789
61.0
51.3
69.3
Total..
138,562
50, 694
308,941
i Includes "Federal Reserve notes of other b a n k s " as follows: Latest month, $23,624,000; month ago, $23,603,000; year ago, $14,806,000.
320
FEDEKAL RESERVE BULLETIN
MAY 1935
EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE
NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, APR. 30, 1933
[In thousands of dollars]
Total
Boston
New
York
Phila- Cleve- Rich- AtMinSt.
delChicago Louis
neapphia land mond lanta
olis
Kansas
City
Dallas
San
Francisco
RESOURCES
Gold with Federal Reserve agents
2,648,692 187,944 665,546169,000 201,970 146,135 83,015
Gold redemption fund with U.S. Treas9,636 4,966 7,836 2,454 3,684
ury
62,115 5,655
781,347 120,1,220 51,424 79,290 18, 538 144,26a
10,131
1,678
2,465
3,183
1,479
8,94&
Gold held exclusively against Fed- 2,710,807 193,599
eral Reserve notes
Gold settlement fund with F.R. Board.... 349,972 24,613
Gold and gold certificates held by b a n k s - 355,628 21,972
675,182 173,966 209,806 148,589
92,835 19,130 20,030 17,340 12,765
214,605 15,240 24,220 6,892 8,736
791,478121 ,898
82, 473 20,017 153,211
72,956 22,277 13,502 23,704 10,702 20,118
13,987 2,600 2,645 12,660 5,929 26,142
Total gold reserves _
Reserves other than gold.
982,622 208,336 254,1,056 172,821 .08,200
68,506 22,328 17,022 10,552 7,653
878,421 146,775 70,036 118,837
31,238 8,993 3,025 7,758
3,416,407 240,184
216,691 15,836
3,633,098 256,020 1,, 051,128 230,664 271,078 183,373 15,853
Total reserves
94,003
5,926
21,882 3,961 6,074 3,586 6,198
Nonreserve cash.
3,318
150
1,400
292
250
50
Redemption fund—F.R. bank notes
Bills discounted:
Secured by U.S. Government obliga119,164
6,594
66,163 10,601 19,512 2,151 3,418
tions.-315,846 10,689
50,082 39,603 63, 549 19,512 21,307
Other bills discounted
.99,471
7,950 15,830
909,659 155,768 73,061126,595 44, 598 215,301
19,989 6,200 1,789 3,118 4,1
10,291
1,000
100
50
4,160
12, 554
1,227
2,437
1,599
8,958 14,337
1,368 1,888
7,443 65,375
16,714
46,961
3,664
7,185
9,441 15,936
7,240 4,494
8,811 67,263
20,458
Total bills discounted .
Bills bought
-
435,010
170,708
17,283
35, 625
116,245 50,204 83,061 21, 663 24, 725
27,233 5,466 3,626 3,006 8,884
U.S. Government securities:
Bonds
Treasury notes
Certificates and bills
421,648 19, 739
513,581 27,988
902,059 45, 385
188,224 30,911 36,364 9,916 10,043
204, 378 40,521 53,470 14, 583 14,727
337,772 65,709 86, 706 23,650 23, 890
39,902 13,957 17,314 12, 559 16,990 25, 729
58,671 19, 788 14,303 17,036 10, 280 37,836
157,978 32,087 23, 229 27,625 16,670 61,358
Total U.S. Government securities... 1,837,288 93,112
Other securities
5,726
730,374 137,141 176, 540 48,149 48,660
5,067
525
256,551 65,832 54,846 57,220 43,940 124,923
27
107
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
878,919 193, 336 263,227 72,818 82, 269
141
1,371
399
358
127
5,394
874 1,294 1,819 1,417
85,067 22,702 28,399 22,792 10, 554
12,818 3,272
3,237 2,422
22, 706 3,832 1,957 3,185 5,288
320, 253 76,681 71, 634 77,650 53,281 212,644
494
253
15
10
105
105
3,895 1, 519
907 1,671
278 1,505
40,192 12,314 7,865 15,691 9,461 13,751
7,601 3,285 1,746 3,559 1,792 4,244
1,309
984 1,863 1,156 1,467 1,527
2,448,732 146,020
3,656
278
20,850
27'
302,110 33,322
54,185 3,280
46,103
829
-.
Total resources.
6,606,055 446,102 2,080, 685 459,33i 579,566 290,951 224,178 1,304,392 256,866 158,901 229,545 116,021 459, 516
F.R. notes in actual circulation
F.R. bank notes in actual circulation
Deposits:
Member bank—reserve accountGovernmentForeign bank
Special deposits:
Member bank
Nonmember bank
Other deposits
3,427,911 229,349
47,808 5,528
Total deposits
Deferred availability items.
Capital paid in
Surplus
All other liabilities
122 131,652 161, 542 78,338
2,379, 762 146,248 1,
82,033 22, 733 26, 785 22,311
295,372 33,087
150,171 10, 737 58,491 15,800 13,899 5,368
278,599 20,460 85,058 29, 242 28,294 11,616
26,432
693
7,924
939 2,727 1,874
Total liabilitiesReserve ratio (percent).
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to F.R. bank by F.R. agent _.
Held by Federal Reserve bank
In actual circulation .
751,192 253,988 342,400 171, 444136,833
26,865 4,978 3,919
89
890,389 148,151 95, 284118,478 39,305 251,098
6,015
200
44, 582
2,132,389 132,8681 , 007,700 114,833 129,1,509 60,157 43,142 271, 292 65,409 38,258 75,421 49,
59,197 3,981
24,307 5,51
6,945 4,683 3,028
2,363 1,616
867 1,634 1,791 2,465
4,564 1,194
6,545 3,686 3,476 1,369 1,229
29,928 2,563
808 1,018 1,018 2,458
81,909 2,812
16, 699
59, 640 "4,"024
5,711
1,633
23,226
1,473
105
14,456
858
6,298
6,723
1,399
4,007
6,218
399
4,493
24,925 5,397
4,755 3,247
4,413 2,889
58,509 312,312 79,752
10, 570 37,284 13, 287
4,627 15,573 4,136
10, 544 39,497 10,186
3,322 1,315
3,006
1,104 4,674
2,229
205
91!
318
44,178
8,277
2,835
7,019
1,133
83, 270
14, 589
4,247
8,263
198 3,653
501
520 8,435
52, 745
10,411
3,787
8,719
854
162, 094
14,005
10,671
19,701
1,947
6,606,055 446,102 2,080,685 459,332579, 566 290,951 224,178 1,304,392 256,866 158,901 229, 545
116,021 459,516
62.6
68.2
57.7
59.8
53.8
73.4
59.
75.6
68.3
52.4
62.7
48.4
52.1
3,678,762 243,486 831,008 266,068 355,456 180,092147,
',527
',201 940,204 158,850 98,559 127,853 42, 458 287,
250,851 14,137 79,816 12,080 13,056 8,648 10,368
~
49,815 10,699 3,275 9,375 3,153 36,429
3,427,911 229, 349 751,192 253,988 342,400171,444 136, 833 890,389 148,151 95,284 118,478 39,305 251,
Collateral held by agent as security for
notes issued to bank:
2,648, 692 187,944 665, 546 169,000 201,970 146,135 83,015 781,347 120,220 51,424 79,290 18,538 144,263
Gold
434,778 40,681 112,306 29,262 57,803 18,422 28,148 59,488 9,263 14, 385 13,125 8,621 43,274
Eligible paper
United States Government securities.. 639, 500 17,500 54,000 70,000100,000 19,000 40,000 105,000 31,000 34,000 37,000 17,000115,000
FEDERAL RESERVE BANK NOTE STATEMENT
67,37- 10,140 32,754 5,840 6,020
Issued to F.R. bank (outstanding)
520 11,400
340
160
200
862 2,101
5,889
19,566 4,612
121
431
5,385
165
Held by Federal Reserve bank
In actual circulation
Collateral pledged against outstanding
notes:
Discounted and purchased bills
United States Government securities. _
47,808
5,528
40,800 11,290
67,854
26,865 4,978 3,919
89
27,946
1,068
32,754 8,000
6,015
39
175
200
321
20,000 5,000 2,000
17.
100
MAY
321
FEDERAL RESERVE BULLETIN
1933
ALL MEMBER BANKS IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS
[In millions of dollars]
Averages of daily
Igures
Reserves held
Federal Reserve district
Borrowing 5 at Federal Reserve
banks
Excess
Total
1932
192 3
1932
1933
1933
1932
1
1
February January February February January February F e b r u a r y i January February
Boston
__
New York
_ _
_.
155.8
979.5
127.5
147.2
1, 230.3
127.0
119.6
811.5
118.4
43.9
81.4
12.5
34.2
294.3
10.7
1.6
12.9
1.4
12.1
67.6
53.9
12.3
57.2
47.0
39.9
178.8
121.9
135.6
62.5
44.8
141.5
52.8
44.2
141.0
51.8
47.6
1.5
15.1
5.0
4.9
3.9
2.5
1.1
1.3
2.3
37.7
18.2
19.2
24.5
16.2
17.4
121.7
36 4
45.0
403.2
59.3
42.1
420.6
59.1
38.3
257.7
57.5
41.4
186.6
10.1
9.1
197.6
8.0
4.8
8.9
2.4
1.9
26.1
5.7
10.3
16.0
7.9
10.1
79.8
22.0
12.2
78.7
52.4
149.7
67.0
46.4
141.7
68.1
49.2
143.6
21.6
11.6
19.0
9.0
5.3
8.5
4.7
3.8
1.6
14.6
4.1
35.9
11.6
4.4
29.8
35.4
14.6
128.5
2,291.0
2, 515. 9
1,907. 5
417.3
583.8
43.8
305.6
254.4
836.2
Philadelphia
"Cleveland
«
Richmond
Atlanta
_
-
- ..
•Chicago
St. Louis _
_
Minneapolis
Kansas City.
Dallas
San Francisco—
Total
_
i March data not available.
Backfigures.—Forreserves held and borrowings at Federal Reserve banks, see Annual Reports for 1931 (tables 100 and 101), 1929 (tables 91)
and 1927 (tables 89 and 90).
NET DEMAND AND TIME DEPOSITS 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
February^
1932
Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas CityDallas
San Francisco
Total
1
_
March data not available.
January
Net demand
Time
Net demand
1933
Member banks in smajler centers (places under 15,000)
1932
1933
February
February i
January
1932
1933
February
February^
Time
January
1933
Febru- February
ary1
1932
January
February
942
6,574
822
951
6,854
830
990
5,818
836
664
1,894
619
671
1,955
628
711
1,892
604
75
189
133
76
192
138
85
226
153
137
459
390
137
466
391
146
500
409
935
316
286
960
330
301
968
345
331
982
302
289
987
301
296
1,024
291
291
128
74
53
128
76
55
148
86
67
252
159
58
253
159
59
270
166
70
1,473
348
172
1,517
362
176
1,693
389
206
1,105
267
191
1,141
279
188
1,304
308
207
125
79
87
131
81
91
162
91
116
213
88
180
221
91
183
266
100
211
378
281
803
381
285
819
414
314
893
208
161
1,479
212
163
1,504
217
163
1,498
159
134
80
164
132
86
191
155
110
110
31
95
111
32
98
124
33
120
13,330
13, 767
13,198
8,161
8,324
8,510
1,315
1,349
1,591
2,172
2,201
2,416
322
FEDERAL RESERVE BULLETIN
MAY 1933
WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES x
PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND
CHICAGO
[In millions of dollars]
Federal Reserve District
Total
Total loans and investments:
Mar. 1.
Mar. 8
Mar. 15.
_
Mar. 22
Mar. 29
Apr. 5
Apr. 12.._.
Apr. 19
Apr. 26
._
Loans:
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Apr. 5
Apr. 12
_
Apr. 19
Apr. 26
_.
On securities:
Mar. 1
Mar. 8
Mar. 15—
Mar. 22
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
All other:
Mar. 1
_
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
-
City
Boston
Rich- AtNew Philadel- CleveYork phia
land mond lanta
1,159
1,157
1,147
1,171
1,164
1,158
1,155
1,155
1,154
7,480
7,378
7,490
7,450
7,420
7,395
7,409
7,391
7,581
1,041
1,038
1,051
1,037
1,028
1,003
994
992
1,093
1,082
1,076
1,070
1,070
1,069
1,072
1,082
1,082
312
311
314
315
321
318
315
315
314
302 1,290
301 1,248
306 1,381
306 1,406
306 1,414
305 1,394
307 1,361
306 1,372
305 1,379
460
458
458
460
465
465
460
455
452
290
297
310
306
306
8,281
8,310
2 8,388
8,390
8,332
8,257
8,245
8,210
8,341
672 ~ 3,649
669" 3,692
661 3,724
682 3,717
659" 3,680
654" 3,622
648 3,650
650 3,630
649| 3,780
552
552
556
553
550
550
544
542
533
504
506
507
506
504
501
500
498
494
173
173
174
176
182
178
175
174
173
182
181
183
182
182
181
181
180
180
801
790
828
824
826
828
810
807
802
3,727
3, 759
2 3,762
3,725
3,644
3,617
3,584
3,583
3,638
271
271
259
270
263
258
254
256
255
1,881
1,912
1,916
1,866
1,793
1,783
1,770
1,774
1,845
285
286
290
286
286
284
279
279
274
247
248
248
248
250
247
246
247
245
60
60
60
61
64
61
61
61
60
60
61
61
61
61
60
60
60
59
..4,554
4,551
2 4,626
4,665
4,688
4,640
4,661
4,627
4,703
401
398
402
412
396
396
394
394
394
1,768
1,780
1,808
1,851
1,887
1,839
1,880
1,856
1,935
267
266
266
267
264
266
265
263
259
257
258
259
258
254
254
254
251
249
113
113
114
115
118
117
114
113
113
122
120
122
121
121
121
121
120
121
15,900
15,728
216,017
16,021
16,001
15,927
15,887
15,876
16,048
Chicago
Min- KanSt.
sas
Louis neapolis
City
Dallas
305
300
468
464
471
478
481
478
479
476
473
357 1,648
356 1,638
365 1,648
368 1,654
368 1,658
365 1,668
361 1,666
364 1,663
365 1,662
239
237
237
238
240
239
238
234
234
167
168
172
168
167
167
167
166
164
211
211
212
212
212
208
209
208
211
214
214
214
216
217
216
214
215
216
415
415
421
424
420
422
416
413
411
101
100
101
102
101
100
98
97
97
52
52
52
53
53
52
51
51
51
63
63
63
63
63
62
63
62
59
375
407
400
406
406
394
394
391
138
137
136
136
139
139
140
137
137
115
116
120
115
114
115
116
115
113
148
148
149
149
149
146
146
146
152
Investments:
Mar. 1
7,619
487 3,831
139
120
221
123
257
Mar. 8
7,418
488 3,686
138
120
458
221
129
253
486
576
2 7,629
Mar. 15
._
3,766
140
123
553
221
138
259
495
569
7,631
Mar. 22
3,733
139
124
582
222
138
266
484
564
7,669
Mar. 29
505 3,740
139
124
588
225
139
269
478
566
7,670
Apr. 5
_
504 3,773
140
124
566
226
142
270
453
568
7,642
140
126
Apr. 12
507 3,759
551
222
141
270
450
572
7,666
141
126
565
221
139
268
Apr. 19
505 3,761
450
584
7,707
141
125
577
218
136
262
448
588
Apr. 26
505 3,801
U.S. Government securities:
4,631
297 2,494
Mar. 1
237
94
374
78
244
113
146
4,427
298 2,341
Mar. 8.
236
94
361
77
215
112
144
2 4,580
297 2,411
Mar. 15
246
95
357
81
257
113
149
4,578
299 2,366
Mar. 22
235
94
354
80
296
114
156
4,583
314 2,341
Mar. 29
229
95
356
80
304
117
158
4,585
313 2,369
Apr. 5__
206
97
358
80
288
120
159
4,584
316 2,362
Apr. 12
204
96
362
82
289
117
159
4,635
315 2,389
Apr. 19
_
204
95
374
82
305
117
157
4,678
313 2,423
Apr. 26
202
95
378
80
321
114
158
All other:
Mar. 1..
2,988
190 1,337
252
42
45
215
245
108
111
Mar. 8
2,991
190 1,345
250
43
44
215
243
109
109
Mar. 15.
2 3,049
189 1, 355
249
42
45
212
296
108
110
Mar. 22
3,053
190 1,367
249
44
45
210
286
108
110
Mar. 29
3,086
191 1,399
249
44
44
210
284
108
111
Apr. 5
3,085
191 1,404
247
44
43
210
278
106
111
Apr. 12..
3,058
191 1,397
246
44
44
210
262
105
111
Apr. 19
3,031
190 1,372
246
44
46
210
260
104
111
Apr. 26
3,029
192 1,378
246
45
46
210
256
104
104
1
See note on p. 273, explaining the basis on which these figures have been compiled.
2
On Mar. 9 a member bank in Chicago took over assets and assumed deposit liabilities of a nonmember aggregating
San
New
Fran- York
cisco
Chicago
6,512
1,006
6,412
966
6,523 2 1,099
6,484
1,125
6,457
1,131
6,439
1,110
6,455
1,077
6,439
1,090
6,627
1,096
917 3,079
917 3,121
920 3,157
916 3,151
913 3,118
913 3,063
909 3,092
906 3,073
905 3,225
618
607
2 646
645
647
649
632
629
625
224
223
223
221
220
219
217
215
214
1,640
1,668
1,674
1,626
1, 555
1,548
1,535
1,538
1,611
346
346
2 353
357
355
356
350
347
346
146
146
146
146
147
147
145
147
148
692
691
691
1,439
1,453
1,483
1,525
1,563
1,515
1,557
1,535
1,614
272
261
2 293
288
292
293
282
282
279
143
142
151
152
151
149
147
149
149
731
721
728
738
745
755
757
757
757
3,433
3,291
3,366
3,333
3,339
3,376
3,363
3,366
3,402
2 453
480
484
461
445
461
471
68
406 2,338
396 2,186
404 2,253
413 2,210
419 2,185
424 2,215
427 2,208
427 2,236
428 2,269
161
2 202
239
246
229
229
248
325
325
324
325
326
331
330
330
329
199
198
2 251
241
238
232
• 216
213
209
1,095
1,105
1,113
1,123
1,154
1,161
1,155
1,130
1,133
approximately $135,000,000.
323
FEDERAL RESERVE BULLETIN
MAY 1933
WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES—Continued
PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND
CHICAGO—Continued
[In millions of dollars]
Federal Reserve District
Total
Reserve with F.R. banks:
Mar. 1—
Mar. 8
_
Mar. 15
Mar. 22
Mar. 29
Apr. 5--_
Apr. 12
Apr. 19 „
Apr. 26
Cash in vault:
Mar. 1
Mar. 8
Mar. 15
M a r . 22
M a r . 29
Apr. 5
_ _
A p r . 12
A p r . 19
Apr. 2 6 - .
_.
MinSt.
Louis neapolis
Kansas
City
San New
Dal- Franlas cisco York
Chicago
67
63
70
64
64
69
67
67
67
56
56
70
69
68
68
68
69
68
29
18
30
26
23
25
23
24
25
17
16
21
19
19
19
18
17
15
247
150
177
182
197
176
204
195
193
49
43
47
47
40
40
41
42
42
27
17
22
21
20
19
20
19
17
57
44
58
52
48
46
46
46
47
47
54
53
37
33
30
29
28
28
79
78
81
81
80
81
83
83
88
683
618
669
609
739
734
830
882
874
226
132
2 150
162
175
156
185
175
172
351
559
2 481
297
266
231
229
215
219
21
28
31
22
20
18
18
17
17
106
154
108
71
64
58
58
50
52
17
15
17
13
12
11
13
11
10
23
28
33
25
21
18
19
17
18
25
33
24
13
11
11
11
10
10
6
9
15
8
7
6
6
6
5
85
189
155
85
77
61
56
57
59
13
18
15
9
9
7
7
7
7
6
11
9
7
6
6
5
5
5
15
31
24
16
15
13
13
13
13
10
13
17
11
9
9
9
8
9
24
30
33
17
15
13
14
14
14
92
131
85
56
50
46
46
40
41
64
165
2 128
63
59
45
41
42
45
9,996
9,275
2 9, 475
9,601
9,745
9,819
9,964
10,102
10, 393
736
719
711
705
681
699
698
702
729
5,419
4,893
4,949
5,052
5,240
5,324
5,442
5,549
5,781
581
561
573
573
578
586
587
590
589
559
529
523
549
548
552
555
567
569
157
151
165
168
168
171
169
170
171
133
122
130
133
133
132
135
134
135
958
895
945
964
960
919
934
946
974
271
257
263
270
268
265
260
258
261
145
140
151
145
145
144
145
142
141
312
297
318
316
311
308
308
310
312
221
229
232
219
212
214
214
211
212
504
482
515
507
501
505
517
523
519
4,983
4,481
4,518
4,640
4,827
4,906
5,032
5,136
5,372
809
742
2788
809
805
767
783
793
815
4,315
4,245
4, 318
4,323
4,330
4,340
4,334
4 343
4,352
390
386
382
387
385
386
385
387
386
1,186
1,150
1,145
1,141
1,144
1,149
1,142
1,153
1,154
264
258
251
250
255
263
261
261
261
330
366
366
369
369
369
369
368
369
131
126
126
127
127
128
128
128
128
128
123
123
124
124
125
127
127
128
407
376
475
473
476
467
465
462
465
156
153
155
156
156
156
158
158
157
140
137
137
137
136
139
140
140
139
169
164
162
162
163
161
161
160
159
128
127
126
125
125
125
124
124
123
886
879
870
872
870
872
874
875
883
776
749
740
739
737
748
740
749
748
286
259
2 359
357
360
351
348
345
349
78
42
2 288
291
290
291
290
191
141
3
2
11
11
11
11
11
7
5
38
13
175
175
175
175
175
120
89
8
8
16
16
16
16
16
10
8
5
2
8
10
10
10
10
6
4
1
1
3
3
3
3
2
1
1
5
4
7
7
7
7
7
3
2
5
4
16
18
18
18
18
11
8
1
1
4
4
4
4
4
3
2
9
9
8
9
9
7
5
2
2
6
6
6
6
6
3
2
3
3
14
13
13
13
13
7
6
7
2
19
19
19
19
19
13
9
34
11
170
170
170
170
170
117
87
4
3
2 16
17
16
16
16
10
8
809
589
2 745
910
903
1,025
1,099
1,149
1,214
99
73
80
94
104
123
123
133
152
98
78
90
83
91
102
92
93
91
56
46
55
51
49
70
82
83
89
33
29
44
49
45
52
52
58
62
33
26
33
47
44
46
56
54
62
34
23
27
41
42
46
51
49
50
124
66
109
172
163
203
239
253
279
43
29
30
47
49
56
61
68
74
46
31
37
46
45
55
58
57
62
89
63
80
90
90
89
88
101
104
67
45
56
72
70
72
73
67
63
87
80
104
118
111
111
124
133
126
62
53
55
54
55
62
57
58
59
97
51
2 90
136
129
161
196
205
226
2,070
139
128
128
138
136
150
153
154
150
946
734
804
911
981
1,104
1,152
1,192
1,265
128
123
123
132
125
137
143
144
144
113
100
97
118
120
127
131
135
138
42
35
35
48
48
51
52
55
55
39
32
30
45
42
45
48
47
50
207
166
167
235
239
257
266
269
273
74
62
59
79
77
82
80
81
81
50
44
46
54
55
58
58
61
61
127
104
109
131
116
131
131
136
136
78
70
72
80
72
73
69
70
69
127
115
118
134
133
134
140
143
142
898
690
756
859
930
1,050
1,101
1,138
1,212
168
130
2 133
191
194
207
216
219
223
1
1
7
1
1
1
216
692
525
188
118
53
60
50
27
75
88
100
72
52
14
9
7
6
40
68
70
29
25
17
17
15
16
2®
31
23
5
3
3
1
1
1
7
14
15
9
9
11
9
10
10
1
69
18
1
1
1
1
9
6
1
1
5
2
2
1
1
1
1
1
3
17
11
4
6
7
1
1
1
1
1
48
71
71
66
66
69
63
64
57
183
632
483
147
84
18
27
23
___
2
Mar. 8
Mar. 15
Mar. 22
Mar 29
Apr. 5
Apr. 12
Apr. 19-_
Apr. 26
Due to banks:
Mar. 1
1,713
Mar. 8
2 1, 788
Mar 15
2,105
Mar 22
2,144
Mar. 29
. .
2,349
Apr. 5 - _
2,423
Apr 12
2,487
Apr 19
. .
2,564
Apr. 26
Borrowings from F.R. banks:
414
Mar 1
Mar. 8
.._ 1,066
2
cago
729
668
721
653
781
781
874
930
919
Due from banks:
Mar. 1
.--
22
29
5
12
19
26
Chi-
114
95
88
80
80
82
86
84
87
Mar. 8
Mar. 15
Mar 22%
Mar. 29
Apr 5
Apr 12
Apr 19
Apr 26
Time deposits:
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Apr. 5
Apr. 12
Apr 19
Apr. 26
Government deposits:
Mar. 1
Mar 8
Mar. 15
Mar. 22
Mar 29
Apr. 5
Apr. 12.
Apr 19
Apr 26
Mar
Mar
Apr
Apr
Apr
Apr
New PhilaCleve- Rich- AtdelYork phia
land mond lanta
1,518
1,302
2 1,438
1,331
1,453
1,436
1,559
,_ 1,604
1,596
Net demand deposits:
Mar. 1
Mar. 15
Boston
City
--
849
379
283
177
168
158
124
1
7
7
3
1
2
3
66
13
On Mar. 9 a member bank in Chicago took over assets and assumed deposit liabilities of a nonmember aggregating'approximately $135,000,000.
324
FEDERAL RESERVE BULLETIN
MAY
1933
RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT
Prime commercial paper
Federal Reserve
bank or branch city-
1933
Loans secured by prime stock- Loans secured by warehouse
exchange collateral
receipts
1933
1932
April
March
April
5 -6
434-5
5 -6
4 -5
5 -6
April
Boston
March
April
1933
April
5 -534
New York City
Buffalo
Philadelphia..
4^-534
Cleveland...
Cincinnati. _
Pittsburgh..
534-6
5 -6
6
434-6
5 -6
5 -6
4K-5
5 -6
5 -6
5 -6
534-6
534-6
Richmond.
Baltimore..
Charlotte..
5 -6
Atlanta
Birmingham. _.
Jacksonville....
Nashville
New Orleans...
4*4-8
5 -7
6
5H-6
4 -5
6
ChicagoDetroit—
St. Louis
Little R o c k Louisville
4 -6
6 -7
6
Minneapolis.
Helena
y2
7
-8
Kansas City
Denver
Oklahoma City
Omaha
5 -5H
DaUas
El Paso
Houston
San Antonio..
4 -7
7 -8
5^-45
5 -8
San Francisco
Los Angeles
Portland.
Salt Lake City
Seattle
Spokane
1932
_.
_
_
5 -6
6
6
5M-6
5 -534
4^8
5 -7
6
534-6
5 -5>
5 -6
434-8
6
5 -6
5 -6
6 -7
6
7
-8
434-6
4^-6
6
-7
4
7
-4}
-8
5 -&
5 -6
5 -6
5 -6
6
5 -6
5 -6
5 -6
5 -6
5 -6
-8
-8
6
5 -7
6 -8
6 -8
6
5 -7
4 -5
6
5 -534
6
5 -6
5 -€
634-7
6
6H-7
5 -6
7 -8
5 -6
7 -8
434-5^
6
5 -6
7 -8
5 -6
March
April
5 -5
5 -6
434
6
6 -8
7 -8
6
6 -7
5 -6
6 -634
5 -7
6 -63
6 -7
6
6
6
6
6H-7
434-5
5 -6
4H-5
6
5 -6
4 -5
534-6
5 -6
5 -6
5 -6
5
4 -5
5 -6
5 -534
6
534-6
5
6
6
5
5H-6
5
6 -8
6 -8
6
534-6
5 -6
6 -8
6 -8
6
534-6
5 -534
6 -8
6 -8
6
534-7
5 -5
4H-534
5 -5>
434-6
6H-8
5 -6
i-8
6
534-6
534-6
6 -7
3 -5
6 -7
4 -5*
6 -7
4 -434
6 -8
34
6 -7
6 -8
6 -634
6
6
SH-7
5 -7
8
5 -6
6 -8
5 -6
6 -8
5 -6
6 -&A
6 -63
6
April
5 -6
K3
-7
-8
-7
-7
March
5 -6
6
6
5 -5
5 -6
7 -8
534-6
5 -7
April
1932
-7
6
-7
6
5 -6
5 -6
6 -8
6 -8
6
5 -6
1933
6
5 -6
5H-6
6
534-7
4 -6
7 -8
5 -6
5 -8
5 -5>
5H-6
6
6
1932
6
5 -6
Interbank loans
6 -7
634-7
634-7
6
6
-8
-6>
-7
634-7
634-7
5H-6
-6
6
6
5 -6
6^-7
6 -8
5 -7
8
53^-6
534-6
6 -61
7
634-7
-5M
434
6 -7
5 -6
5 -6
6 -7
6
5 -by
5 -6
5 -5*
534-6
6 -7
5 -534
5 -6
5 -534
6
-7
6
NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month.
from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities.
534-6
6 -6H
6
6
6
6
6
6
5 -5>
5 -8
5 -5V
534-6
Rates
MAY
325
FEDEKAL RESEKVE BULLETIN
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 BANKS IN NEW YORK CITY
[In thousands of dollars]
[Paper currency only. I n thousands of dollars]
1932
Month
Net
Net
ShipShipReshipshipRements ceipts ments
ments ceipts ments
to
from
from (-)or
to
(-)or
Europe Europe receipts Europe Europe receipts
(+)
January. _.
February..
March
April
May
June
July
August
September,
October.. .
November.
December.
With91 days
to 60 61 to 90 to 6 Over
Total in 15 16 to 30 31
6mos.
days days days days
1933
3,335 +3,310
5,221 +5,221
8,468 +8,468
4,563 +4,563
10,938 +10,938
12 16,265 +16,253
20
+6,674
152 6,458 +6,306
6,603 +6,567
5,294 +5,287
70 6,013 +5,943
+3,742
245
25
(+)
3
105
101
25
5,304 +5,301
5,589 +5, 484
13,786 +13,685
8,049 +8,024
For description and back figures see BULLETIN for January 1932,
pp. 7-9.
UNITED STATES POSTAL SAVINGS
[Balance to credit of depositors. In millions of dollars]
End of month
January
February
March
April
May
June
July
August
September- October
November...
December...
1928
148.9
151.1
152.0
152.2
152.0
152.1
151.7
152.2
152.3
153.1
153.9
153.9
Preliminary.
1929
153.5
154.8
155.0
154.3
153.8
153.6
157.8
160.1
160.3
161.6
163.7
164.3
1930
1931
1932
165.1
167.9
169.5
170.2
171.2
175.3
180.7
186.5
189.8
192.5
200.7
245.4
278.4
292.1
302.7
313.8
325.0
347.4
372.5
422.7
469.9
538.1
565.5
605.1
665.6
691.8
705.3
722.1
742.6
784.8
828.5
848.5
857.4
870.8
885.2
900.8
1933
942.5
1,006.2
l, 111.6
1,157. 7
Bills discounted:
Apr. 5
436,177 298, 339 28,447 38,823 61,700 7,393 1,475
Apr. 12
428, 456 294,881 28,271 33,731 63,319 6,884 1,370
891
414, 270 287,935 22,051 49,318 47, 222 6,853
Apr. 19
6,855
747
385,001 254,905 24, 725 48,636
Apr. 26
Bills bought in
open market:
Apr. 5
285,973 71,726 69,119 129,400 15,520
202.
Apr. 12
246, 964 60, 566 76, 618 100,380 9,198
1211.
208, 443 68, 531 73, 052 59,024 7,715
Apr. 19
51.
177,450 71, 214 74, 240 26,022 5,923
Apr. 26
Certificates and
bills:
957, 723 60, 000 112, 247 139, 000 195, 075 288,872 162, 529
Apr. 5
95,497 156,050 163,675 319,871162, 528
957, 721
Apr. 12
450 299, 375 163, 528
957, 725 127,997 52,400 246,975
Apr. 19
550 297,372169,978
909,513 91,438 85, 300 210,875
Apr. 26
Municipal warrants:
152
51
5,541 5,333
Apr. 5
152
51
5,541 5,333
Apr. 12
26
177
Apr. 19
-. 5,559 5,346
5,451 5.211
35
178
Apr. 26
326
FEDERAL RESERVE BULLETIN
MAY
1933
INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index numbers of the Federal Keserve Board. 1923-25 average= 100]
Without seasonal adjustment
Industry
1932
1933
March
February
Manufactures—Total..
IRON AND STEEL
24
18
25
_
Pig iron
Steel ingots. _,
TEXTILES
_.
78
91
46
49
52
29
95
107
72
Cotton consumption
Wool
Consumption
_
Machinery activity
Carpet and rug-loom activity.
Silk
_
Deliveries
Loom activity...
FOOD PRODUCTS
*90
82
82
74
92
136
Slaughtering and meat packingHogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
94
70
76
82
32
102
102
101
94
76
83
135
'85
PAPER AND PRINTING
Wood pulp and paper..
Newsprint
Book paper
Wrapping paper
Fine paper.
Box board
Wood pulp, mechanical
Wood pulp, chemical
Paper boxes
Newsprint consumption
1933
March
March
1932
February
March
66
64
38
32
39
34
30
35
83
90
55
58
57
42
111
128
78
82
85
54
57
111
I
83
83
84
76
97
137
79
86
115
134
110
89
56
86
124
96
84
87
83
87
96
151
84
72
99
92
78
100
75
91
105
72
91
139
112
85
81
85
91
149
100
88
84
87
89
144
111
92
57
89
138
95
101
93
77
102
77
96
105
78
94
140
117
23
20
27
22
20
26
34
1
112
35
3
129
34
3
151
95
78
27
1
144
33
3
181
28
3
194
92
80
83
"59
91
61
82
LUMBER
Adjusted for seasonal variation
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
LEATHER AND PRODUCTS
Tanning...
Sole leather
Upper leather:
Cattle
Calf and kip
Goat and kid
Boots and shoes
'103
81
63
104
105
'102
70
102
100
CEMENT AND GLASS:
Cement..
Glass, plate
NONFERROUS METALS 1—Tin deliveries .
29
59
24
55
38
54
53
49
52
F U E L S , MANUFACTURED:
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, by-product
—
K U B B E R T I R E S AND T U B E S
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
Cigars.
Minerals—TotalBituminous coal
Anthracite coal
Petroleum, crude
Zinc
Lead
Silver
p Preliminary.
Includes also lead and zinc; see "Minerals".
2 Without seasonal adjustment.
1
135
171
78
95
75
53
132
166
82
95
75
57
136
172
71
94
81
66
45
46
32
58
61
43
81
84
59
94
47
125
104
54
140
103
59
133
76
77
67
68
108
47
41
33
70
67
107
48
56
33
51
63
120
47
46
135
)
80
2
132
)
81
136
56
54
56
41
115
63
154
79
63
64
110
44
40
30
64
73
76
54
109
65
140
84
70
81
109
45
55
30
2
)
51
41
42
29
99
51
132
81
51
77
122
44
45
44
»• Kevised.
NOTE.—For description see BULLETIN for February and March 1927. For latest revisions see BULLETIN for March 1932, pp. 194-196.
73
2
MAY
327
FEDERAL RESERVE BULLETIN
1933
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-25 average=100]
Factory employmen
Without seasonal adjustment
Industry
Total
I R O N AND STEEL AND PRODUCTS
Steel works and rolling mills
Hardware
Structural iron work
_ ..
Heating apparatus
Steam fittings .
.
Stoves
Cast-iron pipe
MACHINERY
Foundry and machine-shop products
Machine tools
Agricultural implements
Electrical machinery
_
TEXTILES AND PRODUCTS
A Fabrics
Cotton goods
Woolen and worsted manufactures
Woolen and worsted goods
Carpets and rugs
Hosiery and knit goods
Silk manufactures
Dyeing andfinishingtextiles
B Wearing apparel
Clothing, men's
Shirts and collars. _.
Clothing, women's
Millinery
_
--
_
_
FOOD AND PRODUCTS
Baking
__
Slaughtering and meat packing
Confectionery. _
Ice cream
Flour
Sugar refining cane
P A P E R AND PRINTING
Printing, book and job
Printing, newspapers and periodicals
Paper and pulp
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
-_
-
CEMENT, CLAY AND GLASS PRODUCTS
Clay products
Brick, tile, and terra cotta
Pottery
Glass
. _.
.
_
_
Cement
NONFERROUS METAL PRODUCTS
Stamped and enameled ware
Brass, bronze and copper
CHEMICALS AND PRODUCTS
Chemicals and drugs
Petroleum refining
Fertilizers
_- - R U B B E R PRODUCTS
Automobile tires and tubes
Rubber boots and shoes
TOBACCO MANUFACTURES
Cigars and cigarettes _
Chewing and smoking tobacco, snuif
-..
.-
1933
1932
March February
March
Factory pay rolls
Adjusted for seasonal variation
Without seasonal adjustment
1932
1933
March February
March
March February March
56.7
59.3
66.3
56.6
59.4
66.4
36.9
40.0
53.3
49.1
52.7
47.9
43.3
39.3
33.7
44.4
22.1
42.8
41.2
34.0
37.9
48.1
67.7
68.1
72.0
51.9
53.4
44.2
81.3
52.8
85.2
66.7
51.6
66.2
87.4
69.2
76.9
80.4
78.2
73.3
63.4
72.2
72.6
78.7
72.6
92.9
75.3
71.0
31.8
27.4
29.4
45.7
42.5
40.3
43.9
54.1
76.6
78.8
67.8
38.1
31.2
20.7
59.8
55.6
31.0
42.3
21.2
49.4
78.2
80.1
75.8
74.2
57.0
60.4
46 4
57.6
56.1
69.7
51.8
55.9
49.9
42.7
42.2
38.4
45.7
26.7
44.4
42.9
38.5
39.3
49.3
72.3
73.7
74.3
66.0
69.8
45.9
83.9
61.3
88.4
69.0
52.9
66.6
92.5
70.6
78.4
81.1
80.2
78.3
63.3
72.6
72.0
80.1
76.3
93.9
75.3
70.4
33.4
28.1
32.0
49.4
45.1
40.6
49.6
57.1
77.3
79.2
69.6
37.8
31.4
20.8
60.3
54.4
30.7
45.3
24.6
52.4
77.3
80.5
75.7
62.4
59.4
62.5
50.4
63.4
62.3
72.1
61.8
64.9
58.7
62.3
51.4
48.2
54 5
43.4
60.0
54.3
55.4
53.6
73.5
73.5
73.2
75.0
59.0
59.3
57.7
85.9
59.7
97.1
74.3
55.3
68.9
106.0
70.2
81.4
87.9
81.4
73.9
70.1
76.0
74.4
86.4
86.0
98.1
80.8
75.6
40.3
33.3
41.4
59.4
54.7
45.3
63.7
83.0
81.2
84.3
68.6
48.9
42.5
31.5
72.4
63.8
44.5
56.1
32.6
64.1
81.1
84.1
78.7
70.2
67.4
69.4
61.2
70.4
70.3
71.7
48.3
51.6
47.2
44.4
39.6
33.3
45.4
22.2
42.2
40.5
33.4
35.3
48.0
65.4
66.9
70.6
51.7
53.4
42.7
79.6
51.4
83.1
61.9
50.6
65.2
77.1
61.0
78.4
81.0
79.8
76.3
71.1
72.4
72.0
78.5
71.7
92.7
75.4
71.9
32.5
28.3
29.5
46.3
41.7
40.5
41.9
50.9
75.7
78.0
66.2
38.9
32.1
22.4
58.6
55.3
33.1
41.0
19.9
48.1
75.6
79.1
76.6
49.8
56.6
59.7
47.3
57.8
56.7
66.4
51.4
55.0
49.1
43.7
42.9
38.1
47.3
27.7
44.2
42.7
37.9
36.9
49.2
70.4
72.2
72.5
64.7
68.4
44.9
82.9
60.4
86.3
66.1
51.5
65.2
85.1
72.0
79.2
82.6
77.8
79.9
73.2
72.6
75.3
79.9
75.5
93.7
75.4
71.4
34.4
29.3
32.4
50.1
45.0
41.1
48.9
54.1
75.6
77.5
67.5
39.9
33.4
23.9
59.5
56.0
33.8
44.4
24.0
51.4
76.4
78.9
76.7
59.2
59.1
62.3
49.6
64.1
63.7
67.9
60.9
63.4
57.9
63.9
51.8
47.6
55.6
43.7
59.2
53.4
54.4
49.9
73.5
71.0
7L9
73.4
58.8
59.4
55.7
84.1
58.1
94.7
68.9
54.2
67.8
93.4
61.9
83.1
88.4
83.1
76.8
78.4
76.3
73.8
86.2
85.0
97.9
80.9
76.6
41.2
34.4
41.5
60.1
53.4
45.5
60.9
78.1
80.2
83.4
67.0
50.1
44.1
34.2
71.1
63.4
47.6
54.3
30.6
62.4
78.6
83.0
79.5
47.1
67.0
68.5
62.4
70.8
71.1
68.3
22.4
23.2
22.1
20.2
21.0
18.3
23.6
12.6
24.0
20.8
18.9
26.5
32.1
41.3
40.8
42.8
28.7
30.0
22.9
53.2
32.1
59.2
42.4
31.1
41.3
57.6
40.3
59.8
64.2
61.0
47.4
51.0
55.8
59.4
63.3
57.9
81.8
49.2
53.5
14.3
12.3
13.9
19.0
29.2
29.9
27.0
40.3
47.1
46.2
50.3
20.6
13.8
7.4
30.4
36.7
16.4
25.1
14.6
28.1
60.4
59.8
64.5
40.7
31.1
31.7
28.6
36.0
34.3
50.2
24.7
25.7
24.8
20.4
23.1
20.8
25.3
12.9
26.3
23.2
23.6
30.2
33.7
48.2
48.4
46.6
43.6
48.2
22.6
57.8
39.7
67.9
47.7
34.1
41.1
67.6
44.7
62.7
66.0
65.4
55.8
51.7
56.7
52.7
65.8
61.2
84.3
50.7
56.0
16.3
12.8
15.9
24.0
32.1
30.8
32.2
44.2
50.0
49.0
53.9
20.9
14.3
8.0
31.0
37.3
16.0
27.4
16.4
30.7
60.8
61.1
64.3
36.4
35.8
35.7
36.3
40.2
38.4
54.4
35.4
35.6
37.2
40.4
31.6
29.8
33 3
29.1
42.6
35.5
37.7
47.5
59.2
59.3
55.8
55.4
43.6
45.0
37.0
72.2
42.0
86.7
66.4
41.3
48.8
103.3
64.2
74.4
80.6
74.3
62.9
69.6
65.2
63.7
82.4
80.2
100.1
66.4
68.7
24.5
19.2
25.2
35.6
45.1
37.2
51.3
75.1
62.3
63.4
58.6
32.2
23.9
14.6
48.3
50.0K
NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 706-716, and November 1930, pp. 662-677.
1932
1933
30. .
42.]
27.0
46.4
70.1
70.7
72.9
47.8
51.3
52.6
46.4
52.2
51.3
60.4
328
FEDERAL RESERVE BULLETIN
MAY
1935
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.
All
commodities
Year and month
Other commodities
prodUft9
Foods
Total
1928
1929
1930
1931
1932
96.7
95.3
86.4
73.0
64.8
10.' . 9
104 .9
1932—March
April
May
June
July
August
September
October
November
December
1933—January. . .
February
March
__
1926-100]
Fuel a n d Metals Building
Hides anc
Textile
lighting and metal
leathei
materials
products materials
products
products
64.8
48.2
101.0
99.9
90.5
74.6
61.0
92.9
91.6
85.2
75.0
70.2
66.0
65.5
64.4
63.9
64.5
65.2
65.3
64.4
63.9
62.6
50.2
49.2
46.0
45.7
47.9
49.1
49.1
46.9
46.7
44 1
62.3
61.0
59.3
58.8
60.9
61.8
bl. 8
60.5
60.8
58.3
70.9
70.9
70.4
70.1
69.7
70.1
70.4
70.2
fl9.8
69.0
77.3
75.0
72.5
70.8
68.6
69.7
72.2
72. fe
71.4
69.6
61.0
59.8
60.2
42.6
40.9
42.8
55.8
53.7
54.6
67.3
66.0
65.8
68.9
68.0
68.1
Chemicals a n d
drugs
Housefurnish- Misceling goods laneous
84.3
83.0
78.5
67.5
70.3
97.0
100.5
92.1
84.5
80.2
94.1
95.4
89.9
79.2
71.4
95.6
94.2
89.1
79.3
73.5
95.1
94.3
92.7
84.9
75.1
85.4
82.6
77.7
69.8
64.4
6 fi 1
54.3
52. 7
51.5
' 52.7
•5*5. fi
5f.. 0
63.9
53.0
8.0
67.9
70.2
70.7
71.6
V2.3
72.1
70.8
71.1
71.4
69.3
80.8
80.3
80.1
79.9
79.2
80.1
80.1
80.3
79.6
79.4
73.2
72.5
71.5
70.8
69.7
69.8
70.5
70.7
70.7
70.8
75.3
74.4
73.6
73.1
73.0
73.3
72.9
72.7
72.4
72.3
77.1
76.3
74.8
74.7
74.0
73.6
73.7
73.7
73.7
73.6
64.7
64.7
64.4
64.2
64.3
64.6
64.7
64.1
63.7
63.4
51.9
51.2
51.3
66.0
P3.6
62.9
78.2
77.4
77.2
70.1
69.8
70.3
71.6
71.3
71.2
72.9
72.3
72.2
61.2
59.2
58.9
9* fi
121.4
109.1
100.0
86.1
72.9
90.4
80.3
66.3
54.9
r F.
1933
1932
Subgroups
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
FARM PRODUCTS:
Grains
Livestock and poultry _
Other farm products
i16
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
38 2
52.8
50.8
37 4
51.2
52.1
34 4
45.0
52.1
33.2
41.9
53.9
31.7
38.7
51.3
32.9
37.8
48.7
32.7
40.1
44.2
36.0
43.0
45.3
M 8
t52.2
ii l Q
i51.9
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
58 2
65.7
59.7
62 0
58.5
60 2
66.0
55.6
61.9
62.1
60 6
65.8
52.5
60 9
64.6
60 5
64.1
52.2
56 4
65.4
62.3
62.7
52.4
53.7
67.7
59.5
61.7
52.8
49.4
66.1
55.2
60.9
53.0
49.5
60.1
52.4
60.4
52.4
50.2
54.1
50.9
62.7
54.3
50.5
55.8
\W 8
19.0
77 5
<J8.9
88.5
46.1
76 5
98.8
88.5
44.7
73 4
98.8
88.4
40.8
67 2
98.0
88.4
35.7
60 6
97.9
87.5
32 5
58 7
96.4
84.4
33. 5
60 0
83.7
84.4
3W.3
60 0
82.3
84.4
48.2
63 2
81.5
84.6
49.6
64 1
81.9
84.2
46.1
61.9
81.9
83.8
41.7
59.2
81.9
83.3
43.0
57.1
78.2
83.3
40.9
55.3
77.9
83.2
41.4
55.6
77.9
70 7
55.8
55 8
M 7
53.3
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
68.7
55.1
51.9
31.3
59.7
68.2
68.2
52.9
50.5
29.1
58 3
67.2
67.4
51.0
49 6
27.5
55.0
66 7
66.0
50.0
47.8
26.2
53.6
66.5
66.0
52.6
48.5
29.5
53.4
67.4
67.3
57.9
60.4
32.6
50.7
68.6
62.5
56.2
50.9
30.8
56.5
67.7
62.2
53.6
51.0
29.5
55.3
67.1
62.5
51.7
49.3
29.3
54.2
66.6
61.9
50.1
48.4
27.0
53.4
66.3
61.2
49.1
48.3
25.6
53.2
66.2
61.3
50.0
47.1
25.5
53.2
66.7
H 8
R4 4
Rn s
107. R
98 6
38.8
94.8
84.3
80 4
104.8
98 0
38.6
89.9
83.5
80 4
104.4
97.5
39.8
85.7
82.7
79 8
103.5
99.1
45.5
85.6
82 0
77 1
106.1
103.0
47.2
85.3
81 8
76 9
105 5
106.3
48.2
84.5
81.6
76.3
105.8
108.3
49.7
86.0
81.3
76.7
104.4
107.0
48.9
87.7
81.1
76 7
103.4
107.6
46.7
88.7
81.1
76 7
104.6
104.4
47.4
88.8
80.4
75.6
103.1
100.0
48.2
88.7
80.2
75.3
104.1
96.5
45.0
88.7
79.8
75.3
103.2
96.7
38.7
88.7
79.4
75.2
102.9
96.6
34.3
88.3
B5.5
79 9
95 3
55.4
85:1
79.3
95.3
52.7
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
84.5
78.5
91.3
46.4
83.1
77.3
90.9
46.2
83.1
76.4
90.9
47.9
79.3
75.2
65 6
75.4
74 1
77 3
81.0
79.3
75.3
62.9
75.1
65.8
77.9
80.2
79.3
75.0
61.5
75.4
64.4
79.7
80.6
78.4
75.0
60.0
74.7
64.4
81.7
80.2
77.4
75.0
59.5
73.9
64.4
81.7
78.2
76.1
77 1
57.6
73.3
66 7
81.7
77.6
75.9
77.3
56.9
66.8
67.1
81.7
77.9
75.2
79.0
55.5
67.2
67.1
81.7
78.3
75.4
79 0
56.3
68.2
66 8
81.7
79.9
75.3
79.0
56.6
68.3
67.5
81.7
80.0
75.4
79.0
56.6
68.5
67.5
81.7
80.1
75.1
81.1
56.5
68.1
67.5
81.7
80.1
74.9
81.2
55.9
68.1
62.8
81.7
79.4
75.1
81.8
56.4
68.0
59.4
81.7
78.5
74.9
81.8
57.8
68.4
59.4
81.7
78.4
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
68.3
79 8
56.6
63.6
66 9
79.8
55.9
63.4
66.5
79.7
55.0
63.5
65 6
79.7
64.7
63.1
65.6
79.3
54.9
62.3
62.7
79.0
54.8
61.5
62.4
79.3
54.8
61.9
60.1
76.1
79 5
75.9
79.6
75.4
79.1
75.4
77.4
75.5
74.1
75.4
74.0
75.1
73.0
74.8
72.6
74.7
72.7
74.7
72.8
74.7
72.7
74.7
72.7
73.5
72.3
T .9
71 Q
72.9
71.8
39.7
53.0
78.0
9.3
86.2
39.5
48.2
76.7
8.6
81.4
39.2
52.4
76.8
7.2
84.5
39.2
53.4
76.8
6.6
84.6
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
81.3
44.6
38.2
72.0
6.5
76.8
42.6
40.6
72.1
6.1
73.3
41.3
47.3
72.2
6.3
72.6
FOODS:
Butter, cheese, and milk
Cereal products Fruits and vegetables .
Meats. .
Other foods
no
H I D E S 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
F U E L AND LIGHTING MATERIALS:
Anthracite coal
Bituminous coal
Coke
Electricity .
Gas
Petroleum products _ .
METALS AND M E T A L 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 D R U G S :
Chemicals
Drugs and Pharmaceuticals..
Fertilizer materials ..
Mixed fertilizers
HOUSEFURNISHING GOODS:
Furnishings
Furniture
79.3
75.2
33.1
MISCELLANEOUS:
Auto tires and tubes
Tattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Bad figures.—For indexes of groups see BULLETIN for March 1932, p . 199; indexes of subgroups available at Bureau of Labor Statistics.
' Revised.
MAY
329
FEDERAL RESERVE BULLETIN
1933
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation]
Factories
Residential
Total
Commercial
Public works
and public
utilities
Educational
1932
1932
1932
Month
1932
January
February
March
April
May
June
July
August
September
October
November
December
84.8
89.0
112.2
121.7
146.2
113.1
128.8
134 0
127.5
107.1
105.3
81 2
-
1932
1933
CONSTRUCTION
1932
12.0
11.8
16.0
27.5
24.4
33.2
28.9
25.6
23 1
19.7
20 8
22.8
21.9
19 2
13 0
83 4
52.7
60.0
1,351.2
Year
1933
1933
3.2
1.9
3.3
8.8
7.0
6.7
5.7
24.1
28.3
29.9
47.3
61.7
50.1
60.0
64.2
68.7
58.5
54.2
43.3
43.5
122.7
590.3
3.4
4.4
4.5
4.5
3.0
2.1
3.5
3.3
6.3
280.1
1933
CONTRACTS AWARDED, BY
DISTRICTS
4.3
2.8
6.4
9.1
5.8
10.1
10.6
12.9
12.2
13.0
7.6
7.2
8.3
18.4
1933
42.7
17.2
17.6
4.4
10.8
9.8
10.7
5.5
7.4
3.6
3.4
6.7
Boston
New York
Philadelphia
Cleveland
RichmondAtlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
3,878
16,563
2,751
3,634
8,326
3,363
3,913
2,590
1,799
5,501
9,588
21,803
10,891
10,909
12, 235
4,741
20,972
6,056
4,922
5,355
4,763
59, 959
52, 712
112, 235
393
COMMERCIAL FAILURES, BY DISTRICTS
[Amounts in thousands of dollars; figures reported by Dun and Bradstreet]
Federal Reserve district
1933
Mar.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis .
Kansas City
Dallas
San Francisco
Total
Liabilities
1932
Feb.
1933
1932
Mar.
Mar.
Feb.
Mar.
179
518
96
160
84
92
280
111
61
79
58
230
274
551
160
200
150
145
270
103
83
102
93
247
301
616
165
238
184
202
395
172
98
140
102
338
3,820
14,853
3,901
6,529
1,524
1,983
6,617
2,696
1,409
1,359
871
2,938
6,353
17,227
6,268
5,292
9,783
3,724
6,362
2,709
1,094
1,556
1,666
3,543
7,492
26,333
5,997
6,056
6,792
4,051
12,712
10,181
1,475
1,908
1,662
9,101
1,948
2,378
2,951
48,500
65,576
93,760
...
_. __.
17.3
11.0
11.5
9.2
232.3
82.3
Number
of
centers
1933
Mar.i
1932
Feb.
Mar.
Mar.
6,016
15,868
3,289
6,192
4,945
3,959
7,909
4,890
815
3,165
2,909
Number
16.3
11.0
24.2
17.5
37.2
17.6
30.8
21.9
13.5
13.1
19.9
1933
BANK DEBITS
1932
Feb,
1932
[Debits to individual accounts. In millions of dollars]
Federal Reserve district
Mar.
1.4
2.2
1.3
6.5
7.2
6.4
[Value of contracts in thousands of dollars; figures for 37 States east of
the Rocky Mountains, as reported by the F. W. Dodge Corporation]
1933
1933
All other
New York City
_
Outside New York City
Federal Reserve districts:
Boston
New York
Philadelphia
Cleveland
.__
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis
Kansas City
_
Dallas
San Francisco—
Total
i Complete data not available
1
140
12,036
10,401
16,160
13,729
11
7
10
13
7
15
21
5
9
15
10
18
1,136
12,491
1,150
1,103
383
537
2,364
508
313
554
330
1,568
1,547
16,727
1,313
1,313
501
641
3,530
679
437
749
404
2,048
141
22, 437
29,889
FEDERAL RESERVE DISTRICTS
——BOUNDARIES OF FEDERAL RESERVE DISTRICTS
——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
® FEDERAL RESERVE BANK CITIES
• FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
@FedFRASER