Full text of Federal Reserve Bulletin : October 1933
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FEDERAL RESERVE
BULLETIN
OCTOBER 1933
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Business and Credit Developments
Gold Regulations
Code of Fair Competition for Bankers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1933
FEDERAL RESERVE BOARD
Ex officio members:
WILLIAM H. WOODIN,
Secretary of the Treasury, Chairman,
J. F. T. O'CONNOR,
Comptroller of the Currency.
EUGENE R. BLACK, Governor.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
J. J. THOMAS.
M . S. SZYMCZAK.
H. WARNER MARTIN, Assistant to the Governor.
CHESTER MORRILL, Secretary.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
J. C. NOELL, Assistant Secretary.
L. P. BETHEA, Assistant Secretary.
S. R. CARPENTER, Assistant Secretary.
CARL E. PARRY, Assistant Director, Division of Research
and Statistics.
WALTER WYATT, General Counsel.
J. R. VAN FOSSEN, Assistant Chief, Division of Bank
Operations.
0. E. FOULK, Fiscal Agent.
JOSEPHINE E. LALLY, Deputy Fiscal Agent.
E. L. SMEAD, Chief, Division of Bank Operations.
GEORGE B. VEST, Assistant Counsel.
LEO H. PAULGER, Chief, Division of Examinations.
FRANK J. DRINNEN, Federal Reserve Examiner.
FEDERAL ADVISORY COUNCIL
District no. 1 (BOSTON)
District no. 2 ( N E W YORK)
District no. 3 (PHILADELPHIA)
District no. 4 (CLEVELAND)
District no. 5 (RICHMOND)
District no. 6 (ATLANTA)
District no. 7 (CHICAGO)
District no. 8 (ST. LOUIS)
District no. 9 (MINNEAPOLIS)
District no. 10 (KANSAS CITY)
District no. 11 (DALLAS)
District no. 12 (SAN FRANCISCO)
THOMAS M. STEELE.
WALTER E. FREW.
HOWARD A. LOEB.
H. C. MCELDOWNEY
HOWARD BRUCE.
JOHN K. OTTLEY.
MELVIN A. TRAYLOR, Vice President.
WALTER W. SMITH, President.
THEODORE WOLD.
W. T. KEMPER.
JOSEPH H. FROST.
HENRY M. ROBINSON.
WALTER LICHTENSTEIN, Secretary
OFFICERS OF FEDERAL RESERVE BANES
Federal Reserve Bank
ofB os ton
NewYork___
Governor
Chairman
R. A. Young
G. L. Harrison
F. H. Curtiss
J. H. Case
_ . G. W. Norris
Cashier
Deputy governor
W. W. Paddock
W. R. Burgess
J. E. Crane
A. W. Gilbart
W. S. Logan
L. R. Rounds
L. F. Sailer
W. Willett.
C. H. Coe.i
R. M. Gidney.i
J. W. Jones.»
W. B. Matteson.1
J. M. Rice.i 1
Allan Sproul.
L. W. Knoke.i
C. A. Mcllhenny.
W. G. McCreedy.*
H. F. Strater.
Philadelphia
R. L. Austin.,.
Cleveland
L. B. Williams
E. R. Fancher
M.J. Fleming
W. H. Hutt
Richmond
W. W. Hoxton
G. J. Seay
Atlanta
Oscar Newton
W. S. Johns 1
Chicago - .
E. M. Stevens
J. B. McDougal.
St. Louis
J. S. Wood
W. McC. Martin
Minneapolis
J. N. Peyton
W. B. Geery
Kansas City_
M. L. McClure
G. H. Hamilton
G. H. Keesee.
J. S. Walden, Jr.*
. M. W. Bell.
W. S. McLarin, Jr.*
W. H. Snyder*
C. R. McKay
W. C Bachman.1
H. P. Preston.
J. H. Dillard
R. H. Buss.1
0. J. Netterstrom.i
A. T. Sihler.i
E. A. Delaney.i
0. M. Attebery
S. F. Gilmore.*
J. G. McConkey
A. H. Haill.*
F. N. Hall.»
G. 0. Hollocher.*
0. C. Phillips.'
H. I. Ziemer. 1
Harry Yaeger
F. C. Dunlop.
FT T 7 i n m A r
C. A. Worthington.._. J. W. Helm.
Dallas
C. C. Walsh
B. A. McKinney
San Francisco
Isaac B. Newton
J. U. Calkins.
C. A. Peple --_
R. H. Broaddus
H. F. Conniff
.
T "W "CTalin
i Assistant deputy governor.
R. R. Gilbert
R. B. Coleman
W. A. Day.
Ira Clerk
* Controller
Fred Harris
W. 0. Ford.*
W. M. Hale.
•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
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sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions,
$2.60; single copies, 25 cents.
HI
TABLE OF CONTENTS
~~~—————
Page
Review of the month—Business and credit developments
593
Gold regulations
599
Code of fair competition for bankers
610
National summary of business conditions
•?.
617
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
618-621
Member and nonmember bank credit:
All banks in the United States
623
AH member banks
622, 657, 658
Weekly reporting member banks in 90 leading cities
624, 659
Brokers' loans
624
Acceptances and commercial paper
625
Discount rates and money rates
626, 660
Treasury
finance
627
Security prices, bond yields, and security issues
628
Production, employment, car loadings, and commodity prices
629, 662-666
Merchandise exports and imports
630
Department stores—Indexes of sales and stocks
630
Freight-car loadings, by classes
630
Financial statistics for foreign countries:
Gold reserves of central banks and governments
631
Gold production
632
Gold movements
632-634
Government note issues and reserves
635
Bank for International Settlements
635
Central banks
636-638
Commercial banks
639-646
Discount rates of central banks
647
Money rates
647
Foreign exchange rates
648
Price movements:
Security prices
649
Wholesale prices
649, 650
Retail food prices and cost of living
650
Law department:
Rulings of the Federal Reserve Board:
Extension of credit by member banks to their affiliates
651
Election of Federal Reserve bank directors by member banks affiliated with the same holding
company
.
651
Corporation whose stock is held by a member bank as executor or trustee as an affiliate
651
Payment of interest on time deposits in excess of maximum rate under a contract made since
June 16, 1933
652
Interest from first day of month on savings deposits received within few days thereafter
652
Payment of interest on certificates of deposit as to which the bank reserves the right to require
notice of withdrawal
652
Definition of "savings deposit"
653
Building and loan association distinguished from a mutual savings bank
653
Applicability of section 8A of Clayton Act to corporations which do not actually make loans
on stock or bond collateral
653
Necessity for obtaining permits under section 8A of the Clayton Act covering services authorized
by permits under section 8
653
Application of section 8A of the Clayton Act to State member banks
654
Application of section 8A of the Clayton Act to building and loan associations
654
Federal Reserve statistics by districts, etc.:
Banking and financial statistics
655-661
Industrial and commercial statistics
662-666
August crop report, by Federal Reserve districts
667
IV
FEDERAL RESERVE BULLETIN
VOL.
19
OCTOBER 1933
REVIEW OF THE MONTH
For the past two months there has been a
reaction in industry from the exceptionally
rapid expansion of activity during the spring
and early summer months.
Ss
°f
Notwithstanding this reaction,
business was in considerably
larger volume in August and September than
in March.
At the time of the banking holiday industrial
activity was close to the lowest level of the depression. Almost immediately after the reopening of the banks there was an increase in
activity. The increase was accelerated by the
prospects of increased costs and price advances
as a result of processing taxes and code provisions and also by anticipation of inflation.
In particular, industries making semifinished,
storable goods were influenced by these prospects; some industries, notably textiles and
shoes, advanced production rates in the early
summer to the highest levels on record.
The decline in industrial activity during the
past two months has come, in large measure, in
the industries in which expansion previously
had been most rapid. It has also been marked
in industries in which processing taxes or codes
have become effective recently.
Value of construction contracts awarded has
increased in recent months from the extreme
low level prevailing in the spring to about the
level of a year ago. There has been some increase in building material prices, but the
growth in contracts has reflected chiefly the
larger volume of work undertaken.
Employment and incomes of wage earners
have increased materially since last spring,
and this increase has continued in August and
No. 10
early September, when industrial output showed
a decrease. The continued increase in number
of workers and in their earnings in August and
September, while production in some basic
industries was declining, is partly statistical,
reflecting differences in report dates. It is
chiefly, however, a reflection of the increase in
wage rates, the decline in hours, and the spreading of work. The Bureau of Labor Statistics
reported an increase in average hourly earnings of factory workers from 42.7 cents an hour
in early July to 48.5 cents in early August,
while the average hours worked decreased from
42.3 to 38.6.
Prices of commodities, after advancing
rapidly last spring and early summer, have
been fairly stable, on the average, since July.
This stability has reflected the net result of
declines in prices of world commodities, which
had advanced with the earlier decline in the
exchange value of the dollar, offset by a rise
in prices of finished goods. As the result of
higher crop prices the income of farmers for
the year is expected to be more than $1,000,000,000 larger than last year, though still
below the level of other recent years.
Retail trade, as indicated by sales at department stores, increased from 57 percent of the
1923-1925 average in March to 77 percent in
August, after allowance for seasonal changes in
buying, and then declined to about 70 percent
in September. This compares with 68 percent
of the 1923-1925 average in September 1932.
These figures represent dollar values and reflect
rising prices as well as a larger volume of purchases. Prices have advanced considerably
during the past two months. Trade reports
for September attribute the fact that sales in593
594
FEDERAL RESERVE BULLETIN
creased by much less than is usual at this time
of year to three principal factors—the heavy
sales in August, unseasonably warm weather,
and buyers' resistance to higher prices.
Sales of chain stores continue to be in considerably larger volume than a year ago.
Volume of Reserve bank credit outstanding
increased further in September by about $125,000,000, reflecting additional
Increase in
purchases of United States Go vReserve bank
^
. J, ._, ,
J
credit
ernment securities by the federal Reserve banks. The
growth of Reserve bank credit was reflected in
further increase in member bank reserve balances, and since there was little growth in deposits almost all the addition to reserves was
RESERVE POSITION OF MEMBER BANKS
Wednesday figures
MILLI0N8 OF DOLLARS
2800
1929
1930
t93l
W32
1933
For reserves required estimated figures are used.
OCTOBEE 1933
90-day bankers' acceptances at % percent, and
the yield on short-term obligations of the
United States Government at a nominal figure
below Xo percent.
On October 4, 1933, the volume of money in
circulation was at a level of $5,652,000,000, indicating a decline of $1,929,urrency
000,000 from the all-time peak
of $7,581,000,000 reached on March 13, 1933,
but was still $1,200,000,000 above the average
low level of the present depression reached in
the autumn of 1930. About one half of the
decrease from March 13 reflected the return of
currency from the public and the other half
the return of vault cash from banks. Money in
circulation declined rapidly after the reopening of the banks on March 13-15, and continued to decline from week to week until September, notwithstanding the increase in the
demand for currency arising from enlargement
of pay rolls and increase in the volume of retail
trade. This indicates a continued return of
money from hoards as banking facilities were
reestablished.
Since March 15 loans and investments of all
commercial banks in the United States are estimated to have increased by
about
th
$1,000,000,000, reflecting
Se°dTt
chiefly the purchase by the
banks of United States Government securities
and bankers' acceptances and an increase at
New York City banks in loans to brokers and
dealers in securities. Holdings of other securities and loans to customers have been reduced.
The increase, as indicated by figures for reporting member banks in leading cities, occurred
for the most part between March and July;
since then there has been relatively little
change in total loans and investments.
From March to June deposits at banks increased substantially, and this growth con„ . ,
.x
tinued at a slower rate from
reflected in an increase in excess reserves. Excess reserves of member banks rose during the
month to about $775,000,000, the highest that
they have ever been. These developments are
illustrated by the chart which shows for the
last 5 years changes in the volume of reserves
held by the member banks, compared with
changes in their required reserves.
Money rates, which have been at low levels
for several months on all classes of loans,
showed a further slight decline
Money rates
in September. Open-market
rates at New York on prime commercial paper
Bank deposits
, ~
,
T ,
declined from 1 }i percent at the end of August
July to September.
to 1 % percent at the end of September, the low- Total deposits of all banks other than mutual
est level on record. The prevailing rate on savings banks in the United States were about
call loans continued at % percent, the rate on $36,000,000,000 on December 31, 1932. At
FEDERAL RESERVE BULLETIN
OCTOBER 1933
the close of the banking holiday March 13-15,
the deposits of open banks were a: out
$27,000,000,000, about $9,000,000,000 less than
at the beginning of the year. Since the holiday,
deposits of licensed banks other than mutual
savings banks have increased by about $5,000,000,000, or 20 percent, to about $32,000,000,000,
reflecting chiefly the licensing of additional
banks (including reorganized and new banks)
and the paying out, in part, of deposits of banks
placed in liquidation or receivership; the purchase of United States securities and acceptances by the banks; and the return of currency
and gold to the banks from hoards. In addition there was a considerable increase in
bankers' balances which are in the nature of a
duplication. The important factors in the
growth of deposits of licensed banks between
March and September are summarized in the
following table:
[Estimated figures in millions of dollars]
Return of currency and gold to banks
Growth in bank loans and investments
Banks licensed, new banks organized, etc
Growth of bankers7 balances
Total increase in deposits
1, 000
1, 000
2, 000
1, 000
5, 000
The rate of turnover of deposits of reporting
member banks in leading cities, after having
increased sharply between March and July,
has been decreasing during recent months,
from about 22 times per year in July to 18 times
in August and September. This decrease in
velocity of deposits reflected both a slowing
down in the activity of organized exchanges,
such as the securities markets and the markets
for basic commodities, and some recession in
the volume of business activity in general.
Between March 15 and June 15 the growth
in bank deposits was accompanied by an
accumulation of bankers' balances n
bankerl^bal^ the important financial
ances
centers, chiefly in New York
City. At reporting member
banks in New York City bankers' balances
increased by $700,000,000, and at other report-
595
ing member banks they increased by $600,000,000. Following enactment in June of the
Banking Act of 1933, which prohibits the payment of interest on demand deposits by member banks, to the middle of August, withdrawal
of bankers7 balances from the reporting member
banks in New York City amounted to
$400,000,000 and from the reporting member
banks elsewhere to $200,000,000. Between the
middle of August and the end of September
bankers' balances at leading cities increased
again by $100,000,000, reflecting in part proceeds from the marketing of farm crops.
Further progress has been made during recent
months in the reopening of closed banks, the
return of banks to unrestricted
dosednbank°sf
operation, and the liquidation
of bank assets in the hands of
receivers or other liquidating agents. It is
estimated that since the end of the banking
holiday, the volume of funds made available
in one or another of these ways for the use of
depositors has approximated $2,000,000,000.
This figure relates to both national and State
banks, whether members of the Federal Reserve System or not, excepting mutual savings
banks. The number of member banks in unrestricted operation has increased from about
5,075 in March to 5,750 at the end of September, and the number of nonmember banks
(exclusive of mutual savings banks) from about
6,800 to about 8,300. The increase of about
700 in the number of member banks reflected
in part the admission of about 130 additional
State banks to membership. At the end of
September there were still more than 2,500
closed banks (exclusive of mutual savings
banks and banks in the hands of receivers)
with total deposit liabilities approximating
$1,750,000,000. About 800 of these were
national banks, with deposits of $730,000,000.
Announcement has been made by the Comptroller of the Currency that plans for the reorganization of about 375 of these national banks,
holding about $400,000,000 of deposits, have
been approved.
596
FEDERAL RESERVE BULLETIN
OCTOBER 1933
On October 15, 1933, the President issued possible only to the amounts of the loanable
Statement by the the following statement to the value of the assets which have not already been
pledged or otherwise disposed of. In cases
President.
press:
where the condition of the closed bank will
" There will be established in the Recon- justify it, proper consideration will be given to a
struction Finance Corporation a special division larger distribution than 50 percent. More
to make loans to closed banks. The head of than one distribution will be made as and if
this division will be C. B. Merriam, a member assets improve in value.
of the board of directors of the Corporation.
"The object of establishing this Deposit
"In order that this division may work in Liquidation Division and trying to stimulate
close cooperation with the Treasury Depart- the distribution of frozen bank assets is: First,
ment, the Comptroller of the Currency and the to place money in the hands of depositors with
Deposit Insurance Corporation, it will be ad- the least possible delay, and second, to bring
ministered by a Deposit Liquidation Board about more orderly liquidation of the assets of
closed banks; this will prevent dumping of
consisting of the following:
" 1 . C. B. Merriam, the head of the Deposit assets at sacrifice prices.
"Special advisory and appraisal committees
Liquidation Board.
"2. Jesse H. Jones, chairman of the board of will be organized throughout the country to
speed the appraisal of closed bank assets where
the Reconstruction Finance Corporation.
" 3 . Dean G. Acheson, Undersecretary of such appraisals have not already been made
by Government agencies. These committees
the Treasury.
"4. Lewis W. Douglas, Director of the organized for the appraisal and recommendation of these loans will be recruited from repreBudget.
"5. J. F. T. O'Connor, Comptroller of the sentative local bankers, business men, and
farmers.
Currency.
" I t is estimated that the maximum available
"6. Walter J. Cummings, chairman of the
loanable value of the assets of banks closed durDeposit Insurance Corporation.
" The purpose of the Deposit Liquidation ing the year 1933 will not exceed $1,000,000,000,
Division will be to stimulate and encourage and it is hoped that the distribution will apliquidating agents of banks closed after January proximate that amount. The exact amount
1, 1933, to borrow from the Reconstruction that can be distributed will be governed by the
Finance Corporation in order that funds may appraisal of the actual assets of each closed
be made available to depositors as quickly as bank. Until that appraisal is made the
possible. The general intention is to make loans amount involved cannot be more accurately
on the assets of closed banks for the benefit of stated.
depositors up to a maximum of 50 percent of
"Funds for the liquidation of deposits will
their deposits, inclusive of distributions here- be supplied by the Reconstruction Finance
tofore made. This does not, of course, mean Corporation. These funds may be supplethat in a bank whose remaining assets are mented later by the Federal Deposit Insurance
worth less, that the depositors will get 50 per- Corporation.
cent. They will get in such a case only their
" I am particularly anxious that this matter
share in the remaining assets. It is not be handled with dispatch and to that end solicit
intended that such distribution will be uniform, the cooperation of all who may have official or
but that they will be limited to the orderly other authority in connection with any closed
liquidation value of assets on which loans can bank. The United States Government has aube made, reserving only what will appear thority over closed national banks and can
sufficient to pay taxes, expenses and interest speed up distribution in those banks if those
during the liquidation period. In some cases directly interested will cooperate, but the
further distributions will not be possible Government is without authority over closed
because assets remaining in the bank will not State banks. If delays occur in the case of
warrant any further dividends than those here- State banks, they will be due to reasons beyond
tofore made. Distributions in any case will be the control of the National Government."
FEDERAL RESERVE BULLETIN
OCTOBER 1933
597
The Federal Deposit Insurance Corporation, and that in making these examinations there
for which provision was made in the Banking will be "no discrimination against nonmember
Act of 1933, effective June 16, State banks."
Deposit Insur- w a s organized in September.
ance Corpora-
u
tion
J
* i-
,
»a
The board of directors oi the
Corporation consists of the
Comptroller of the Currency, who is a member
ex officio, and two others appointed by the
President. The members appointed on September 7 are Mr. Walter J. Cummings, who
was designated chairman of the Board, and
Mr. E. G. Bennett. The purpose of the Corporation, as described by the chairman on
September 27 in a radio address, is as follows:
"The new Federal Deposit Insurance Corporation is organized to insure the deposits of
all banks that are qualified under the law to
receive the benefits of deposit insurance, and
the entire resources of the Corporation are
placed behind every insured bank to guarantee
to each depositor the safety of his deposit.
"As a first step in this program the Corporation is directed to set up a 'Temporary Insurance Fund', which commences January 1, 1934
(unless the President shall by proclamation fix
an earlier date), to insure all deposits in eligible
banks up to a maximum amount of $2,500 each
until July 1, 1934. About 97 percent of the
depositors in our banks have less than $2,500
in their accounts. This means that the vast
majority of the depositors have 100 percent
protection even under the temporary plan.
"On July 1, 1934, the 'Permanent Fund'
goes into effect and deposits up to $10,000 will
be insured 100 percent; amounts in excess of
$10,000 up to $50,000 will be insured 75 percent, and amounts in excess of $50,000 for 50
percent.
'' Under the law it is necessary for nonmember
State banks to be examined to determine their
eligibility for deposit insurance in the Temporary Fund. All member banks of the Federal
Reserve System automatically become members
of this Fund. Bank examiners, under direction of the Corporation, are now at work examining those banks that have already applied
for membership."
The chairman said also that the act is designed "to provide insurance protection for
depositors in as many banks as possible",
that the necessary examinations are to be
"based upon 'solvency', not upon 'liquidity'",
13935—33—2
On pages 639-646 of this issue of the BULLETIN there are presented for the period since
Commercial
January 1930 aggregate monthbanks in foreign ly statements of commercial
countries
b a n k g i n E n g l a n d ^ France, Germany, and Canada, covering as many banks in
each of these countries as current reports permit. These figures show that the low level of
business activity in the world during recent
years has affected the portfolios of commercial
banks in these four countries in much the same
way as in the United States. The volume of
loans extended by banks both here and abroad
has decreased, reflecting, on the one hand, a
decline in the demand for credit due to the
reduced volume of business operations and the
reluctance on the part of borrowers to incur
indebtedness in view of uncertain business
prospects and, on the other hand, a desire on
the part of banks to maintain liquidity. In
general the decline in loans was most rapid in
1931 and 1932, while during the present year
there have been some increases.
In England gold purchases by the central bank have been accompanied by a tendency among the commercial
England
banks to build up their more
liquid assets. As a result of these purchases,
which occurred chiefly in June 1932 and
the first half of 1933, cash reserves of the
London clearing banks have averaged about
£210,000,000 in recent months, as compared
with £175,000,000 during the period between
September 1931, when England suspended the
gold standard, and June 1932, when Bank of
England gold stock began to increase. With
the growth in reserves the cash ratio of the
clearing banks—i.e., the ratio of cash reserves
to deposits—became larger than the banks were
accustomed to maintain and, with a declining
demand for loans on the part of customers,
the banks have utilized their greater resources
in the purchase of bills and gilt-edge securities.
598
FEDEKAL RESERVE BULLETIN
In Canada total cash reserves of the chartered
banks have not shown any appreciable change
for some time, but in the past
Canada
3 years, as the demand for
loans has fallen off, the banks have doubled
their holdings of securities, principally those of
the Dominion and municipal governments.
The tendency toward larger holdings of
primary and secondary reserves has been less
evident in France than in the
France
United States, England, or
Canada. The French banks have built up
cash reserves to a marked extent, but this
increase has been accompanied by a decline
in the banks' holdings of foreign balances, which
in normal times represent some of their most
liquid assets. Until the latter part of 1931 the
French banks invested a large part of their
funds in foreign centers. At that time, owing
to the acute financial disturbances in Europe,
the French repatriated their foreign balances,
with the exception of a small amount necessary
for current working requirements. This repatriation of funds was accompanied by a heavy
inflow of gold, which went to swell the reserve
balances of the commercial banks at the Bank
of France. In the final quarter of 1931, the
banks' ratio of cash, reserves, which include
balances at the Bank of France, to total
deposits advanced to over 30 percent, as compared with an average of less than 10 percent
during 1930 and the first half of 1931. Since
OCTOBER 1933
last November cash reserves have been reduced
to meet deposit withdrawals, but they have
recovered somewhat in recent months and in
July, the latest month for which complete
returns are available, the banks' cash ratio
stood at 25 percent.
In Germany the reserve position of the commercial banks was weakened in 1931 by the
flight of capital out of the
Germany
country and by the hoarding of
currency. Since the beginning of 1932 the
banks have been able, owing to the return of
currency from hoards, to liquidate some of the
indebtedness incurred at the Keichsbank during the crisis of the previous year. They have
also added somewhat to their holdings of bills,
and in connection with the banking reorganizations in the first half of 1932 their holdings
of special Treasury securities were increased.
But the banks' cash reserves and balances at
banks, mainly foreign banks, which represent
some of their most liquid assets, have continued to decline.
Changes in Foreign Central Bank Discount Rates
The following changes in discount rates for
the month ending October 1, 1933, have been
reported by central banks in foreign countries:
Bank of Finland—September 5, from 5}£ to 5 percent.
Bank of Italy—September 4, from 4 to S}i percent.
Netherlands Bank—September 19, from 3 to 2%
percent.
FEDEKAL RESERVE BULLETIN
OCTOBER 1933
599
GOLD REGULATIONS
Prescribed by the Secretary of the Treasury under the Executive Order of August 28, 1*933, relating to the
hoarding, export, and earmarking of gold coin, bullion, or currency, and to transactions in foreign exchange;
and the Executive Order of August 29, 1933, relating to the sale and export of gold recovered from natural
deposits
provisions of this Order and the regulations prescribed
TREASURY DEPARTMENT,
hereunder, may be issued through such officers or
OFFICE OF THE SECRETARY,
agencies as the Secretary may designate.
September 12, 1938.
GOLD KEGULATIONS
Issued under the authority 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 August 28, 1933, Relating
to the Hoarding, Export, and Earmarking of
Gold Coin, Bullion, or Currency and to Transactions in Foreign Exchange, and of August 29,
1933, Relating to the Sale and Export of Gold
Recovered from Natural Deposits.
ARTICLE 2. Authority for regulations and
licenses.—These Regulations are issued under
the authority 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 August 28, 1933, and
August 29,1933. Licenses authorized under the
provisions of the Executive Orders of August
28, 1933, and August 29, 1933, may be issued in
accordance with these Regulations by the
Secretary of the Treasury or by such officers or
agencies as the Secretary of the Treasury may
designate.
PART I
EXECUTIVE OBDER OF AUGUST 28, 1933
EXECUTIVE OBDER OF AUGUST 28, 1933
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", I. FRANKLIN D.
ROOSEVELT, PRESIDENT of the UNITED STATES OF
AMERICA, do declare that a period of national emergency
exists, and by virtue of said authority and of all other
authority vested in me, do hereby prescribe the following provisions for the investigation and regulation of
the hoarding, earmarking, and export of gold coin,
gold bullion, and gold certificates by any person within
the United States or any place subject to the jurisdiction thereof; and for the investigation and regulation
of transactions in foreign exchange and transfers of
credit and the export or withdrawal of currency from
the United States or any place subject to the jurisdiction thereof by any person within the United States or
any place subject to the jurisdiction thereof.
GENERAL PROVISIONS
ARTICLE 1. Scope.—These Regulations shall
be operative throughout the United States and
every place subject to the jurisdiction thereof,
unless otherwise indicated.
EXECUTIVE ORDER OF AUGUST 28, 1933
SECTION 9. The Secretary of the Treasury is hereby
authorized and empowered to issue such regulations as
he may deem necessary to carry out the purposes of
this Order. Such regulations may provide for the
detention in the United States of any gold coin, gold
bullion, or gold certificates sought to be transported
beyond the limits of the continental United States,
pending an investigation to determine if such coin,
bullion, or certificates are held or are to be acquired in
violation of the provisions of this Executive Order.
Licenses and permits granted in accordance with the
SECTION 2. Definitions.—As used in this Order the
term "person" means an individual, partnership,
association, or corporation; and the term "the United
States" means the United States and any place subject
to the jurisdiction thereof.
ARTICLE 3. Definitions.—The
terms "person" and "the United States" are given the same
meaning in these Regulations as in the Executive Order of August 28, 1933.
The term "the continental United States"
means the States of the United States, the
District of Columbia, and the Territory of
Alaska.
References to "Sections " are to the designated
sections of the Executive Order of August 28,
1933, Relating to the Hoarding, Export, and
Earmarking of Gold Coin, Bullion, or Currency
and to Transactions in Foreign Exchange.
References to "Articles" are to the numbered
Articles of these Regulations.
The term "Mint" will be used to include any
person in charge of a United States Mint or
Assay Office.
Whenever reference is made to amounts of
gold coin or gold bullion herein or in any license
granted under the Executive Orders of August
28, 1933, and August 29, 1933, in terms of
dollars, each dollar of such amount equals
twenty-five and eight-tenths grains of gold
nine-tenths fine. (See R.S., sec. 3511; March
14, 1900, c. 41, sec. 1, 31 stat. 45.)
ARTICLE 4. General provisions affecting applications.—Every application for a license to
acquire, hold, earmark, and/or export gold coin,
600
FEDERAL RESERVE BULLETIN
gold bullion or gold certificates shall be made
upon the appropriate application form prescribed by the Secretary of the Treasury and
shall be executed under oath before an officer
authorized to administer oaths. Consideration of any application may be withheld pending the furnishing of any or all of the information required in such forms or of such additional
information as may be deemed necessary by the
Secretary of the Treasury, or the agency
through which the license is to be issued.
There shall be attached to the applications such
instruments as may be specified therein or required by the Secretary of the Treasury, or by
such agency. Whenever additional information
is requested it shall be furnished under oath.
ARTICLE 5. General provisions affecting licenses.—Licenses issued pursuant to the Executive Orders or these Regulations shall be upon
the appropriate form prescribed by the Secretary of the Treasury. They shall be nontransferable and shall entitle the licensee to hold,
acquire, earmark, and/or export gold coin, gold
bullion, or gold certificates only in accordance
with the conditions and limitations specified
therein.
Licenses may be modified or revoked at any
time in the discretion of the Secretary of the
Treasury. In the event that a license is modified or revoked, the Secretary of the Treasury,
or the designated agency through which the
license was issued, shall advise the licensee by
letter mailed to the address of the licensee set
forth in the application. The licensee, upon
receipt of such advice, shall forthwith surrender
his license to the Secretary of the Treasury or
the agency through which the license was issued.
If the license has been modified but not revoked,
the Secretary of the Treasury, or the agency
through which the original license was issued,
shall thereupon issue a modified license. A person holding gold coin, gold bullion, or gold certificates under a license that has been revoked,
shall not hold such gold coin, gold bullion, or
gold certificates for more than fifteen days after
the delivery of the notice of revocation, and a
person holding gold coin, gold bullion, or gold
certificates under a license which has been modified, shall not hold such gold coin, gold bullion,
or gold certificates for more than fifteen days
after the delivery of the notice of modification
except as permitted under the modified license.
OCTOBER 1933
certificates shall make under oath and file as hereinafter provided a return to the Secretary of the Treasury
containing true and complete information relative
thereto, including the name and address of the person
making the return; the kind and amount of such coin,
bullion, or certificates held and the location thereof; if
held for another, the capacity in which held and the
person for whom held, together with the post office
address of such person; and the nature of the transaction requiring the holding of such coin, bullion, or
certificates and a statement explaining why such transaction cannot be carried out by the use of currency other
than gold certificates; provided that no returns are required to be filed with respect to—
(a) Gold coin, gold bullion, and gold certificates
in an amount not exceeding in the aggregate $100
belonging to any one person;
(b) Gold coin having a recognized special value
to collectors of rare and unusual coin;
(c) Gold coin, gold bullion, and gold certificates
acquired or held under a license heretofore granted
by or under authority of the Secretary of the Treasury; and
(d) Gold coin, gold bullion, and gold certificates
owned by Federal Reserve banks.
Such return required to be made by an individual
shall be filed with the Collector of Internal Revenue for
the collection district in which such individual resides,
or, if such individual has no legal residence in the United
States, then with the Collector of Internal Revenue at
Baltimore, Maryland. Such return required to be
made by a partnership, association, or corporation
shall be filed with the Collector of Internal Revenue of
the collection district in which is located the principal
place of business or principal office or agency of such
partnership, association, or corporation, or, if it has
no principal place of business or principal office or
agency in the United States, then with the Collector
of Internal Revenue at Baltimore, Maryland. Such
return required to be made by an individual residing
in Alaska shall be filed with the Collector of Internal
Revenue at Seattle, Washington. Such return required to be made by a partnership, association, or
corporation having its principal place of business or
principal office or agency in Alaska shall be filed with the
Collector of Internal Revenue at Seattle, Washington.
The Secretary of the Treasury may grant a reasonable extension of time for filing a return, under such
rules and regulations as he shall prescribe. No such
extension shall be for more than forty-five days from
the date of this Executive Order. An extension granted
hereunder shall be deemed a license to hold for a period
ending fifteen days after the expiration of the extension.
The returns required to be made and filed under this
Section shall constitute public records; but they shall
be open to public inspection only upon order of the
President and under rules and regulations prescribed
by the Secretary of the Treasury.
A return made and filed in accordance with this Section by the owner of the gold coin, gold bullion, and
gold certificates described therein, or his duly authorized
agent, shall be deemed an application for the issuance
under Section 5 hereof of a license to hold such coin,
bullion, and certificates.
SECTION 7. United States possessions—* * *.—
The provisions of Sections 3 and 5 of this Order shall
RETURNS
not apply to gold coin, gold bullion, or gold certificates
which are situated in the Philippine Islands, American
EXECUTIVE ORDER OF AUGUST 28, 1933
Samoa, Guam, Hawaii, Panama Canal Zone, Puerto
SECTION 3. Returns.—Within fifteen days from the Rico, or the Virgin Islands of the United States, and
date of this Order every person in possession of and are owned by a person not domiciled in the continental
every person owning gold coin, gold bullion, or gold United States. * * *
OCTOBER 1933
ARTICLE 6. Persons required to file returns
(Section 3).—Except as provided in Section 3
(a), (b), (c), and (d), returns must be filed with
respect to all gold coin, gold bullion, and gold
certificates situated within the continental
United States by all persons in actual or constructive possession thereof, and, in addition,
by all persons owning such coin, bullion, and
certificates unless such persons are not subject
to laws effective within the limits of the United
States. Gold acquired as scrap gold or sweepings is not to be considered as gold acquired
under license within the meaning of Section 3
(c) and must be included in the return. The
returns made and filed by the owners of the
coin, bullion, or certificates described in the returns, or by their duly authorized agents, shall
be deemed to be applications for the issuance of
a license under Section 5 to hold such coin,
bullion, and certificates.
ARTICLE 7. Form of returns (Section 3).—
Keturns shall be made upon Form TG-1. Such
returns shall contain true and complete information relative to all gold coin, gold bullion,
and gold certificates owned by, and/or in the
possession of the person making the return, or
on whose behalf the return is made and filed,
and shall include all the information required
in the form of return.
ARTICLE 8. Filing of returns (Section 3).—
Returns shall be executed and filed in triplicate
with the Collector of Internal Revenue as provided in Section 3. A return shall be deemed
to have been filed when it is received by the
proper Collector of Internal Revenue or when it
is properly addressed and mailed and bears a
postmark dated prior to midnight of September
18, 1933. At the close of each business day the
Collectors of Internal Revenue shall forward
one executed copy of every return filed on that
day to the Secretary of the Treasury and another executed copy to the Federal Reserve
bank of the Federal Reserve district which embraces the city in which the Collector of Internal Revenue has his office. As promptly as
possible each Federal Reserve bank shall forward to the Secretary of the Treasury its recommendations as to whether the application for a
license to hold the gold coin, gold bullion, or
gold certificates described in the return should
be granted or denied, in whole or in part.
ARTICLE 9. Extensions of time for filing returns (Section 3).—Upon a verified written
request made to the Secretary of the Treasury
by a person possessing or owning gold coin, gold
bullion, or gold certificates, setting forth reasons
why the return cannot be made or filed on or
601
FEDERAL RESERVE BULLETIN
before September 18, 1933, the Secretary of the
Treasury, in his discretion, may grant such
an extension of time for making the return as
under the circumstances shall appear to be required, provided, however, that any extension
so granted shall not be for a period ending after
October 12, 1933.
ARTICLE 10. Publication of returns (Section 3).—Returns filed under Section 3 shall
constitute public records, but they shall be
open to public inspection only upon order of
the President and under rules and regulations
which may be prescribed by the Secretary of
the Treasury.
ACQUISITION
EXECUTIVE ORDER OP AUGUST 28, 1933
SECTION 4. Acquisition of gold coin and gold
bullion.—No person other than a Federal Reserve
bank shall after the date of this Order acquire in the
United States any gold coin, gold bullion, or gold
certificates except under license therefor issued pursuant to this Executive Order, provided that member
banks of the Federal Reserve System may accept
delivery of such coin, bullion, and certificates for
surrender promptly to a Federal Reserve bank, and
provided further that persons requiring gold for use in
the industry, profession, or art in which they are
regularly engaged may replenish their stocks of gold up
to an aggregate amount of $100, by acquisitions of gold
bullion held under licenses issued under Section 5(b),
without necessity of obtaining a license for such
acquisitions.
The Secretary of the Treasury, subject to such further regulations as he may prescribe, shall issue licenses
authorizing the acquisition of—
(a) Gold coin or gold bullion which the Secretary
is satisfied is required for a necessary and lawful
transaction for which currency other than gold
certificates cannot be used, by an applicant who
establishes that since March 9, 1933, he has
surrendered an equal amount of gold coin, gold
bullion, or gold certificates to a banking institution
in the continental United States or to the Treasurer of the United States;
(b) Gold coin or gold bullion which the Secretary is satisfied is required by an applicant who
holds a license to export such an amount of gold
coin or gold bullion issued under subdivisions (c) or
(d) of Section 6 hereof, and
(c) Gold bullion which the Secretary, or such
agency as he may designate, is satisfied is required
for legitimate and customary use in industry, profession, or art by an applicant regularly engaged
in such industry, profession, or art, or in the
business of furnishing gold therefor.
Licenses issued pursuant to this Section shall authorize
the holder to acquire gold coin and gold bullion only
from the sources specified by the Secretary of the
Treasury in regulations issued hereunder.
SECTION 7. United States possessions—shipments
thereto.—* * * The provisions of Section 4 shall
not apply to acquisitions by persons within the Philippine Islands, American Samoa, Guam, Hawaii, Panama
Canal Zone, Puerto Rico, or the Virgin Islands of the
United States of gold coin or gold bullion which has not
602
FEDERAL RESERVE BULLETIN
OCTOBER 1933
been taken or sent thereto since April 5, 1933, from the Form TG-2 and shall be filed in duplicate with
continental United States or any place subject to the the Federal Reserve bank of the district in
jurisdiction thereof.
which the applicant has surrendered gold coin,
gold bullion, or gold certificates since March 9,
1933.
(2) Disposition of applications (Section 4
(a)).—The Federal Reserve bank receiving the
application shall make such investigation of the
case as it may deem necessary and shall transmit to the Secretary of the Treasury the original
of the application together with (i) any supplemental information it may deem appropriate,
and (ii) its recommendation whether a license
should be granted or denied, in whole or in part.
The Federal Reserve bank shall retain the duplicate of the application for its records.
(3) Licenses (Section 4 (a)).—Upon receipt
of the application for a license and the recommendation of the Federal Reserve bank transmitting the application, the Secretary of the
Treasury will grant or deny the license. A
license on Form TGL-2 will be granted to an
applicant who has filed an application in accordance with paragraph 1 of this Article for
the acquisition of gold coin or gold bullion
which the Secretary of the Treasury is satisfied
is required for a necessary and lawful transaction for which currency other than gold certificates cannot be used, providing the applicant
shall have established that he has surrendered
an equal amount of gold coin, gold bullion, or
gold certificates to a banking institution in the
continental United States, to the Treasurer of
the United States, or to a Mint, since March 9,
1933. A license shall not be granted for an
amount of gold coin or bullion exceeding the
amount of gold coin, bullion, or certificates so
surrendered or for any coin, bullion, or certificates with respect to which acquisitions have
been made previously under license granted by
the Secretary of the Treasury. When the issuance of a license shall have been approved by
the Secretary of the Treasury, a license will
be issued to the applicant through the Federal
Reserve bank which received and transmitted
the application. Such license shall authorize
the applicant to hold the gold to be acquired
thereunder for the period specified therein unless it is sooner used for the transaction with
1 The Executive Order of March 10, 1933, provides in part as follows: respect to which the license was granted. If a
"No permission to any banking institution to perform any banking
functions shall authorize such institution to pay out any gold coin, gold license is denied, the Federal Reserve bank will
bullion, or gold certificates except as authorized by the Secretary of the
Treasury, nor to allow withdrawal of any currency for hoarding, nor to be so advised and shall immediately notify the
engage in any transaction in foreign exchange except such as may be applicant. The decision of the Secretary of the
undertaken for legitimate and normal business requirements, for reasonable traveling and other personal requirements, and for the fulfillment of Treasury with respect to granting or denying a
contracts entered into prior to March 6,1933."
Under this provision Federal Reserve banks are prohibited from paying license is final. The Federal Reserve bank shall
out any gold coin, gold bullion, or gold certificates except as authorized make a notation upon the duplicate of the appliby the Secretary of the Treasury.
11. Acquisition of gold without
license (Sections 4 and 7).—Any person regularly engaged in an industry, profession, or art
for which gold is required may hold, without a
license, a stock of gold bullion which, together
with all other gold coin, gold bullion, and gold
certificates held by such person, does not exceed, in the aggregate, $100. Such person may
replenish his stock of gold as it is used in the
industry, profession, or art in which he is
engaged, by acquisitions of gold bullion from
persons holding licenses to hold gold bullion
issued in accordance with Section 5 (b) without obtaining a license for such acquisitions,
provided the aggregate amount of gold coin,
gold bullion, and gold certificates owned by
him after making such acquisitions does not
exceed $100. Federal Reserve banks may
acquire gold coin, gold bullion, and gold certificates without the necessity of obtaining a
license for such acquisitions and member
banks of the Federal Reserve System may
acquire such coin, bullion, and certificates for1
surrender promptly to a Federal Reserve bank.
A person in the Philippine Islands, American
Samoa, Guam, Hawaii, Panama Canal Zone,
Puerto Rico, or the Virgin Islands of the United
States may acquire gold coin or gold bullion
situated therein, without obtaining a license
under Section 4 of the Executive Order of
August 28, 1933, excepting gold coin or gold
bullion shipped or taken to any such place from
a place in the continental United States or
any place subject to the jurisdiction thereof,
after April 5, 1933, in which case a license to
acquire such gold coin or gold bullion is
necessary.
ARTICLE 12. Acquisition of gold for necessary and lawful transactions (Section 4 (a)).—
(1) Applications.—Every application for a
license under Section 4 (a) to acquire gold coin
or gold bullion required for a necessary and
lawful transaction for which currency other
than gold certificates cannot be used (not including acquisitions for industry, profession, or
art for which see Article 14), shall be made on
ARTICLE
OCTOBER 1933
FEDERAL RESERVE BULLETIN
cation whether a license has been granted, and, if
granted, the date of the license and the amount
of the gold coin or gold bullion specified therein.
(4) Delivery of gold coin or gold bullion
(Section 4 (a)).—Upon presentation and surrender of a license issued pursuant to Section
4 (a) to the Federal Reserve bank at which the
application was received, such bank is authorized to deliver the amount of gold coin or gold
bullion specified in such license to the licensee
upon payment therefor of an equivalent amount
of any form of coin or currency coined or issued
by the United States.
(5) Reports of disposition (Section 4 (a)).—
Immediately upon the disposition of gold coin
or gold bullion acquired under a license issued
pursuant to Section 4 (a), the licensee shall file
a report in duplicate with the Federal Reserve
bank through which the license was issued.
Such report shall be on Form TGR-2 and shall
be executed under oath before an officer authorized to administer oaths. Upon receipt of
such report, the Federal Reserve bank shall
immediately transmit the original thereof to
the Secretary of the Treasury and retain the
duplicate for its records.
ARTICLE 13. (1) Acquisition for export (Section 4 (b)).—An application for a license to
acquire gold coin or gold bullion for export
under a license issued pursuant to Section 6 (c)
or (d) shall be made in duplicate on Form TG-3
and shall be filed with a Federal Reserve bank.
The Federal Reserve bank, after making such
investigation of the case as it may deem necessary, shall transmit the original of the application to the Secretary of the Treasury, together
with such supplemental information as it may
deem appropriate, and its recommendation as
to whether the license should be granted or
denied. The Federal Reserve bank shall retain
the duplicate of the application for its records.
(2) Licenses (Section 4 (b)).—If the Secretary of the Treasury, in his discretion, determines to grant a license to the applicant under
this Article, the Federal Reserve bank through
which the application was transmitted will be
authorized to issue a license on his behalf to
such applicant to acquire gold coin or gold
bullion for export under a license issued pursuant to Section 6 (c) or (d). Such license shall
be on Form TGL-3.
(3) Delivery of gold coin or gold bullion
(Section 4 (b)).—Upon presentation and surrender to the Federal Reserve bank at which the
application was filed, of a license issued pursuant to Section 4 (b), such bank is authorized
to deliver to the licensee the amount of gold
603
coin or gold bullion specified in such license
upon payment therefor of an equivalent amount
of any form of coin or currency coined or issued
by the United States.
(4) Report of disposition (Section 4 (b)).—
Immediately upon the disposition of gold coin
or gold bullion acquired under a license issued
pursuant to Section 4 (b), the licensee shall file
a report in duplicate with the Federal Reserve
bank through which the license was issued.
Such report shall be made on Form TGR-3 and
shall be executed under oath before an officer
authorized to administer oaths. Upon the receipt of such report, the Federal Reserve bank
shall immediately transmit the original thereof
to the Secretary of the Treasury and shall retain
the duplicate for its records.
ARTICLE 14. Acquisition of gold for use in
industry, profession, or art (Section 4 (c)).—
(1) Applications (Section 4 (c)).—Any person having a legitimate and customary use for
gold in industry, profession, or art, or any dealer
customarily supplying gold for such use, may
file with a Mint an application for a license
under Section 4 (c) to acquire from time to
time, and thereafter to hold in stock, such
quantity of gold as may be required for this
use. Such application shall be made on Form
TG-4 and filed with a Mint.
(2) Licenses (Section 4 (c)).—Upon receipt
of the application and after making such investigation of the case as it may deem advisable,
the Mint, if satisfied that the gold is necessary
for the legitimate and customary requirements
of the applicant's industry, profession, art, or
business, shall issue to the applicant on behalf
of the Secretary of the Treasury a license on
Form TGL-4 to acquire from time to time, and
hold in stock, such quantity of gold (not in
excess of the amount applied for) as in the
opinion of the Mint may be necessary for the
applicant's requirements.
Every holder of a license issued pursuant to
this Article shall be entitled to hold an amount
of gold not exceeding at any one time the
amount of gold stated in the license, so long
as he remains engaged in the industry, profession, art, or business stated in the application. As the licensee's stock of gold shall become depleted by its use in the industry, profession, or art in which he is engaged, or the
industry, profession, or art which is supplied
by the licensee as a dealer, the licensee shall
be entitled to replenish his stock of gold by
acquisitions in accordance with the provisions
of his license, without being required to file
further applications.
604
FEDERAL RESERVE BULLETIN
(3) Eecords (Sections 4 (c) and 5 (b)).—
Every person holding a license issued pursuant
to Sections 4 (c) or 5 (b) shall keep an exact
record of all acquisitions and deliveries of fine
gold, gold contained in alloyed golds in any
form for further manufacture, and gold derived
from (i) refined bars, ingots, plates, and the
like, (ii) refinings, and (iii) dental scrap,
broken-up jewelry, watch cases, optical frames,
and the like, which have not been melted.
Such record shall contain the name, address,
and license number of each person from whom
he acquires and to whom he delivers such gold,
and shall be available for examination by a
representative of the Treasury Department for
at least one year after the date of the disposition of such gold.
(4) Reports (Sections 4 (c) and 5 (b)).—A
report shall be made by every person holding
a license issued pursuant to Sections 4 (c) or
5 (b) for each month in which such person acquires, holds, or disposes of fine gold, gold
contained in alloyed golds in any form for
further manufacture, and gold derived from (i)
unrefined bars, ingots, plates, and the like,
(ii) refinings, and (iii) dental scrap, broken-up
jewelry, watch cases, optical frames, and the
like, which have not been melted. Such report shall be made on Form TGR-4, shall be
executed under oath before an officer authorized to administer oaths, and shall be filed
with the Secretary of the Treasury on or before the 15th day of each month. Such report
shall cover the period of the calendar month
preceding the month in which the report is
filed.
ARTICLE 15.—Persons from whom acquisitions may be made (Section 4 (c)).—A
license to acquire and hold gold for legitimate
and customary use in industry, profession, or
art, issued under Section 4 (c) of the Executive
Order shall authorize the licensee to acquire
only (1) gold bullion recovered from natural
deposits in the United States or any place subject to the jurisdiction thereof and sold under
consignment in accordance with Articles 29 to
35, inclusive, (2) gold held under license to
acquire or hold in stock for use in industry,
profession, or art, or (3) dental scrap, brokenup jewelry, watch cases, optical frames, and
the like, which have not been melted.
OCTOBER 1933
retain any interest, legal or equitable, in any gold
coin, gold bullion, or gold certificates situated in the
United States and owned by any person subject to
the jurisdiction of the United States, except under
license therefor issued pursuant to this Executive
Order; provided, however, that licenses shall not be
required in order to hold in possession or retain an
interest in gold coin, gold bullion, or gold certificates
with respect to which a return need not be filed under
Section 3 hereof.
The Secretary of the Treasury, subject to such
further regulations as he may prescribe, shall issue
licenses authorizing the holding of—
(a) Gold coin, gold bullion, and gold certificates, which the Secretary is satisfied are required
by the person owning the same for necessary and
lawful transactions for which currency, other than
gold certificates, cannot be used;
(b) Gold bullion which the Secretary, or such
agency as he may designate, is satisfied is required
for legitimate and customary use in industry,
profession, or art by a person regularly engaged
in such industry, profession, or art or in the
business of furnishing gold therefor;
(c) Gold coin and gold bullion earmarked or
held in trust since before April 20, 1933, for a
recognized foreign government or foreign central
bank or the Bank for International Settlements;
and
(d) Gold coin and gold bullion imported for
reexport or held pending action upon application
for export licenses.
ARTICLE 16. Returns considered as applications to hold (Sections 3 and 5).—A return made
on Form TG-1 and filed in accordance with
Section 3 by the owner of gold coin, gold
bullion, or gold certificates described therein,
or his duly authorized agent, shall be deemed
an application for the issuance under Section
5 of a license to hold such coin, bullion, and
certificates. Further application is not required to be made or filed with respect to such
gold. The Secretary of the Treasury may,
however, withhold action upon any such return
pending receipt from the applicant, or the
determination by further investigation, of such
additional information as the Secretary deems
necessary to establish that the gold coin, gold
bullion, or gold certificates described in the
return are required by the person owning the
same for the purpose specified in Section 5 (a)
or (b), or that the application comes within
the provisions of Section 5(c) or (d).
ARTICLE 17. Licenses to hold (Sections 3 and
5).—A license on Form TGL-1 to hold gold
coin, gold bullion, or gold certificates will
entitle the holder to hold such coin, bullion, or
certificates stated in the license during the
HOLDING
period of time, and for the purpose or purposes,
specified in the license. The license will be
EXECUTIVE ORDER OP AUGUST 28, 1933
mailed to the person who executed the return
SECTION 5. Holding of gold coin, gold bullion, and
gold certificates.—After thirty days from the date of at the address given in the return. If a license
this Order no person shall hold in his possession or is denied, the Secretary of the Treasury will
FEDERAL RESERVE BULLETIN
OCTOBER 1933
605
for a recognized foreign government, foreign cenadvise the person who executed the return by
tral bank, or the Bank for International Settletelegraph or by letter mailed to the address
ments;
given in the return. Failure to receive advice
(6) The export of gold, (i) imported for reexport,
that a license has been denied shall not be con(ii) refined from gold-bearing materials imported
by the applicant under an agreement to export
strued as evidence that the license has been
gold, or (iii) in bullion containing not. more than
granted.
five ounces of gold per ton;
ARTICLE 18. (1) Reports of disposition of
(c) The export of gold coin or gold bullion to
gold held (Sections 8 and 5).—Any person holdthe extent actually required for the fulfillment of a
contract entered into by the applicant prior to
ing gold coin, gold bullion, or gold certificates
April 20, 1933; but not in excess of the amount of
under a license issued pursuant to Article 17
the gold coin, gold bullion, and gold certificates
who shall at any time dispose of such gold
surrendered by the applicant on or after March
coin, gold bullion, or gold certificates in
9, 1933, to a banking institution in the continental United States or to the Treasurer of the
accordance with the terms of the license (or
United States; and
otherwise), shall immediately file a report in
(d) The earmarking for foreign account and/or
duplicate on the appropriate form designated
export of gold coin or gold bullion, with the
in the license with the Secretary of the Treasapproval of the President, for transactions which
the Secretary of the Treasury may deem necesury. Such report shall be executed under
sary to promote the public interest.
oath before an officer authorized to administer
SECTION 7.—United States possessions—Shipments
oaths.
thereto.—The provisions of Sections 3 and 5 of this
EXECUTIVE ORDER OF AUGUST 28, 1933
SECTION 7. United States possessions—Shipments
thereto.—The provisions of Sections 3 and 5 of this
Order shall not apply to gold coin, gold bullion, or gold
certificates which are situated in the Philippine Islands,
American Samoa, Guam, Hawaii, Panama Canal Zone,
Puerto Rico, or the Virgin Islands of the United
States, and are owned by a person not domiciled in the
continental United States. The provisions of Section
4 shall not apply to acquisitions by persons within the
Philippine Islands, American Samoa, Guam, Hawaii,
Panama Canal Zone, Puerto Rico, or the Virgin Islands of the United States of gold coin or gold bullion
which has not been taken or sent thereto since April
5, 1933, from the continental United States or any
place subject to the jurisdiction thereof.
ARTICLE 19. United States possessions (Section 7).—A person not domiciled in the continental United States who owns gold coin, gold
bullion, or gold certificates situated in the
Philippine Islands, American Samoa, Guam,
Hawaii, Panama Canal Zone, Puerto Rico, or
the Virgin Islands of the United States is not
required to obtain a license from the Secretary
of the Treasury to hold such gold coin, gold
bullion, or gold certificates.
EARMARKING AND EXPORT
EXECUTIVE ORDER OF AUGUST 28, 1933
SECTION 6. Earmarking and export of gold coin and
gold bullion.—After the date of this Order no person
shall earmark or export any gold coin, gold bullion, or
gold certificates from the United States, except under
license therefor issued by the Secretary of the Treasury
pursuant to the provisions of this Order.
The Secretary of the Treasury, in his discretion and
subject to such regulations as he may prescribe, may
issue licenses authorizing—
(a) The export of gold coin or gold bullion earmarked or held in trust since before April 20,1933,
13935—33—3
order shall not apply to gold coin, gold bullion, or gold
certificates which are situated in the Philippine Islands,
American Samoa, Guam, Hawaii, Panama Canal Zone,
Puerto Rico, or the Virgin Islands of the United States,
and are owned by a person not domiciled in the continental United States. The provisions of Section 4
shall not apply to acquisitions by persons within the
Philippine Islands, American Samoa, Guam, Hawaii,
Panama Canal Zone, Puerto Rico, or the Virgin Islands
of the United States of gold coin or gold bullion which
has not been taken or sent thereto since April 5, 1933,
from the continental United States or any place subject
to the jurisdiction thereof.
ARTICLE 20. Earmarking or export of gold
coin or bullion (Sections 4 (b) and 6 (a), (c),
and(d)).—
(1) Applications.—An application for a license to export under Section 6 (a) or (c) or to
earmark for foreign account or export under
Section 6 (d) shall be made on Form TG-3
and shall be filed with a Federal Reserve bank.
The application shall also constitute an application for a license to acquire gold for purposes
of Section 6 (c) and (d) as provided in Article 13.
The bank, after making such investigation of
the case as it may deem necessary, shall transmit the original of the application to the Secretary of the Treasury, together with (a) such
supplemental information as it may deem appropriate and (b) its recommendation as to
whether the license should be granted or
denied. The duplicate of the application shall
be retained by the Federal Reserve bank for
its records.
(2) Licenses (Sections 4 (b) and 6 (a), (c),
and (d)).—If the Secretary of the Treasury in
his discretion determines to grant a license
upon an application filed under this Article, he
will advise the Federal Reserve bank through
606
FEDERAL RESERVE BULLETIN
which the application was transmitted to issue,
on his behalf, a license to export a specified
amount of gold coin or gold bullion, and to
acquire and hold for such export a specified
amount of gold coin or gold bullion, and the
Federal Reserve bank shall thereupon issue on
behalf of the Secretary of the Treasury such
license to the applicant on Form TGL-3. If
the license is not granted, the Federal Reserve
bank through which the application was transmitted will be advised and shall thereupon so
notify the applicant.
ARTICLE 21. Import for smelting and/or refining and export (Section 6 (b) (ii)).—
(1) Notation upon entry (Section 6 (b) (ii)).—
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 States Mint at San
Francisco, California, whichever is designated
by the importer.
(2) Sampling and assaying (Section 6 (b)
(ii)).—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.
(3) Plant records (Section 6 (b) (ii)).—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 filed
promptly with the Assay Office or the Mint,
which has been designated to receive a copy of
the entry.
(4) Application for export license (Section 6
(b) (ii)).—Not later than sixty days from the
date of entry, the importer shall file an appli-
OCTOBER 1933
cation on Form TG-5 with the Assay Office or
the Mint, which 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.
The application shall be accompanied by two
duly attested copies of the settlement sheet.
(5) Issuance of serial numbered certificates
(Section 6 (b) (ii)).—If the Mint is satisfied as
to the accuracy of the data shown on such
application, it 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.
(6) Licenses (Section 6 (b) (ii)).—Upon
delivery to the Mint, within 120 days from the
date it w^as issued, of the serial numbered
certificate the Mint shall issue to the applicant
on behalf of the Secretary of the Treasury a
license on Form TGL-5 to export gold bullion
in an amount not exceeding the amount specified
in the settlement sheet as shown on such
certificate.
(7) Exportation prior to receipt of settlement sheets (Section 6 (b) (ii)).—Upon a
showing in the application that an exportation
with respect to any gold-bearing ores or materials imported into the United States for smelting
and/or refining under an agreement providing
for the export of gold bullion is necessary prior
to the time when the settlement sheet can be
procured, the Mint may receive the application with duplicate certified copies of the report
of the applicant's actual test assay. If prior
reports of such applicant have been substantiated approximately by the settlement
sheets, the Mint may grant a license to export
up to 90% of the amount of gold which such
report estimates will be realized from such
gold-bearing ores or materials.
ARTICLE 22. Gold imported for reexport
(Section 6 (b) (i)),—The provisions of Article 20
insofar as applicable shall be complied with by
every person desiring a license to export gold
imported for reexport. A license is not required
for the export of gold shipments from abroad
invoiced for continuous transshipment and
reexport from a designated point, if such
shipments remain under Customs' custody
throughout the period of transit within the
United States.
ARTICLE 23. Gold contained in other metals
(Section 6 (b) (iii)).—
(1) Applications.—Applications for licenses
under Section 6 (b) (iii) for the export of gold
OCTOBER 1933
FEDERAL RESERVE BULLETIN
in metals containing not more than five troy
ounces of gold per short ton of such metals
shall be made on Form TG-6 and filed with a
Mint. A commercial sample of the metal shall
accompany the application whenever required
by the Mint.
(2) Licenses (Section 6 (b) (iii)).—If the
Mint is satisfied as to the accuracy of the data
shown on such application and is satisfied that
the exportation is made in the course of the
applicant's regular business of supplying the
metal other than the gold contained therein, he
may issue to the applicant a license on Form
TGL-6 to export the metal described in the
application in an amount not in excess of the
amount for which application has been made.
ARTICLE 24. Notice to Collectors of Customs
of license to export (Section 6).—At the time
any license to export gold coin or gold bullion
(including metals containing gold) is issued,
the issuing Federal Reserve bank or Mint shall
transmit a copy thereof to the Collector of
Customs at the port of export designated in
the license. Collectors of Customs shall not
permit the export of any gold coin or gold
bullion (including metals containing gold)
except upon surrender of a license to export, a
copy of which has been received by him from
the Federal Reserve bank or the Mint issuing
such license. The Collector of Customs to
whom a license to export is surrendered shall
cancel such license and return it to the Federal
Reserve bank or Mint which issued the same.
In the event that the shipment is to be made by
mail, a copy of the export license shall be sent
to the Postmaster of the post office designated
in the application, who will act under the
instructions of the Postmaster General in
regard thereto.
ARTICLE 25. Expiration of export licenses
(Section 6).—All licenses to export gold coin or
gold bullion shall expire 15 days after the date
of issue, and no person shall hold such gold coin
or gold bullion in the United States after the
expiration of his license to export, unless otherwise licensed to hold the gold coin or gold
bullion described in the license to export.
EXECUTIVE ORDER OF AUGUST 28, 1933
SECTION 9. The Secretary of the Treasury is hereby
authorized and empowered to issue such regulations as
he may deem necessary to carry out the purposes of
this Order. Such regulations may provide for the detention in the United States of any gold coin, gold
bullion, or gold certificates sought to be transported
beyond the limits of the continental United States,
pending an investigation to determine if such coin,
bullion, or certificates are held or are to be acquired
in violation of the provisions of this Executive
Order. * * *
607
ARTICLE 26. Investigation in connection with
shipments of gold coin, gold bullion, or gold
certificates (Section 9).—Each Collector of
Customs or Postmaster may cause an investigation to be made to determine if any of the
gold coin, gold bullion, or gold certificates presented to him in the course of, or for, transportation beyond the limits of the continental
United States are held or are to be acquired in
violation of the provisions of the Executive
Orders. Such gold coin, gold bullion, or gold
certificates may be detained pending such investigation and pending receipt of instructions
from the Commissioner of Customs or the
Postmaster General, or the persons designated
by them for that purpose.
In the event that any gold is presented to a
Collector of Customs or Postmaster in the
course of, or for, transportation to any foreign
country, and the export is not covered by a
proper license to export, the Collector of Customs shall refuse to permit the gold to pass and
the Postmaster shall refuse to accept the gold
for mailing, until the person carrying, shipping,
or mailing the gold has filed an affidavit containing information required by the Commissioner of Customs or Postmaster General, respectively, with respect to each article containing gold and until advice is received from
the Commissioner of Customs or the Postmaster General, or the persons designated by them
that such shipment is not in violation of the
Executive Orders.
EXECUTIVE ORDER OF AUGUST 28, 1933
SECTION 10. Whoever willfully violates any provision
of this Executive Order or of any license, order, rule, or
regulation issued or prescribed hereunder, shall, upon
conviction, be fined not more than $10,000, or, if a
natural person, may be imprisoned for not more than
10 years, or both; and any officer, director, or agent of
any corporation who knowingly participates in such
violation may be punished by a like fine, imprisonment,
or both.
ARTICLE 27. Penalties (Section 10).—Whoever willfully violates any provision of these
Regulations or of any license, order, rule, or
regulation issued or prescribed hereunder, shall,
upon conviction, 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 such
violation may be punished by a like fine, imprisonment, or both. The making and filing
of any return, application, report, or record for
the acquisition, earmarking, export, holding or
disposition of gold coin, gold bullion, or gold
certificates, which contains false information is
608
FEDERAL RESERVE BULLETIN
a violation of the Executive Orders of August
28, 1933, and August 29, 1933, and of these
Regulations. The disposition of gold held
under a license for purposes other than those
stated in the application for such license or in
the license shall constitute a violation of the
Executive Orders and of these Regulations.
EXECUTIVE OKDER OF AUGUST 28, 1933
11. The Executive Orders of April 5, 1933,
forbidding the hoarding of gold coin, gold bullion, and
gold certificates, and April 20, 1933, relating to foreign
exchange and the earmarking and export of gold coin or
bullion or currency, respectively, are hereby revoked.
The revocation of such prior Executive Orders shall
not affect any act done, or any right accruing or accrued, or any suit or proceeding had or commenced in
any civil or criminal cause prior to said revocation, but
all liabilities under said Executive Orders shall continue and may be enforced in the same manner as if
said revocation had not been made. This Executive
Order and any regulations or licenses issued hereunder
may be modified or revoked at any time.
SECTION
ARTICLE 28. Regulations of April 29, 1933,
revoked (Section 11).—The Regulations issued
April 29, 1933, under the Executive Orders of
April 5 and April 20, 1933, are revoked. The
revocation of such Regulations shall not affect
any act done or any right accruing or accrued
or any suit had or commenced in any civil or
criminal cause prior to said revocation, but all
liabilities under said Regulations shall continue and may be enforced as if said revocation
had not been made.
A license issued pursuant to the Regulations
issued April 29, 1933, to acquire, withhold,
earmark, or export gold coin, gold bullion, and
gold certificates shall not be deemed to have
oeen modified or revoked by reason of the
revocation of such Regulations.
PART II
EXECUTIVE OKDER OF AUGUST 29, 1933
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", I, FRANKLIN D. ROOSEVELT, PRESIDENT of the UNITED STATES
of AMERICA, do declare that a period of national
emergency exists, and by virtue of said authority and of
all other authority vested in me, do hereby issue the
following Executive Order:
The Secretary of the Treasury is hereby authorized
to receive on consignment for sale, subject to such
rules and regulations and upon such conditions as he
shall prescribe, gold recovered from natural deposits in
the United States or any place subject to the jurisdiction thereof. Sales may be made:
(a) To persons licensed to acquire gold for use
in the arts, industries, or professions, or
(6) By export to foreign purchasers.
Such sales shall be made at a price which the Secretary shall determine to be equal to the best price obtain-
OCTOBEE 1933
able in the free gold markets of the world after taking
into consideration any incidental expenses such as
shipping costs and insurance.
Such sales may be made through the Federal Reserve
banks or such other agents as the Secretary may from
time to time designate and shall be subject to such
charges as the Secretary may from time to time in
his judgment determine.
Every person depositing gold for sale as provided
herein shall be deemed to have agreed to accept as
conclusive without any right of recourse or review, the
determination of the Secretary or his duly authorized
agent as to the amount due such person as a result of
any sale.
Consignments shall be sold as nearly as may be in
the order of their receipt.
ARTICLE 29. Gold received on consignment
for sale.—The Secretary of the Treasury under
the conditions specified in this and the following Articles of these Regulations, and subject
to the appropriate regulations governing the
Mints and Assay Offices, will receive at any
United States Mint or Assay Office on consignment for sale under the provisions of the
Executive Order of August 29, 1933, gold
recovered from natural deposits in the United
States or any place subject to the jurisdiction
thereof, unless such gold was held prior to
August 28, 1933, in noncompliance with the
terms of the Executive Order of April 5, 1933,
and/or the Regulations issued thereunder, or
was held after August 28, 1933, in noncompliance with the Executive Order of August 28,
1933, and/or the Regulations issued thereunder.
Gold which was at any time prior to August
28, 1933, in the possession of or owned in whole
or in part by a bank (except gold in its natural
state purchased by a bank directly from miners
and which gold has not been held by such bank
in noncompliance with the Executive Orders
of April 5 and August 28, 1933), Mint or Assay
Office in the form of coin or bullion, will not be
received on consignment for sale.
Gold will be received in amounts of not less
than two ounces of fine gold and in the following forms: Bars, kings, buttons, retort sponge,
lumps, grains, and dust in their native state
free from earth and stone, or nearly so. Consignments shall not contain less than 200 parts
of gold in 1,000 by assay. In the case of
gold forwarded to a Mint by mail or express,
the original package will not be opened until
an invoice of the description and weight of
each such package shall have been received.
When there is a material discrepancy between
the actual and invoice weights of a consignment, further action with regard to it will be
deferred pending communication with the
consignor.
OCTOBER 1933
FEDERAL RESERVE BULLETIN
ARTICLE 30. Rejection of gold by Mint.—
Consignments which are unsuitable for Mint
treatment shall be rejected and returned to the
person delivering the same at his risk and expense. Consignments which the Mint is not
satisfied were recovered from natural deposits
in the United States or otherwise do not meet
the requirements of these Regulations will be
disposed of in accordance with applicable law.
ARTICLE 31. Affidavits accompanying delivery of gold.—Every person delivering gold produced exclusively from a mine or placer deposit
owned, controlled, or leased by him, to the
Secretary of the Treasury for sale shall at the
time of the delivery of such gold file with the
Mint a proper affidavit, in duplicate, on Form
TG-7. Every person engaged in the business
of operating a custom mill, smelter, or refinery
shall at the time of such delivery file with the
Mint a proper affidavit, in duplicate, on Form
TG-8. If any person other than a person engaged in the business of operating a custom mill,
smelter, or refinery, who delivers gold, has purchased the same in its natural state directly
from persons who have recovered such gold
from mines wholly owned, controlled, or leased
by the sellers, such consignor shall at the time
of delivery submit an affidavit, in duplicate, on
Form TG-8 to which shall be attached affidavits
on Form TG-7, executed by each person from
whom any of such gold was purchased. One
copy of such affidavit shall be forwarded by
the Mint to the Director of the Mint.
ARTICLE 32. Records and reports.—Every
person delivering gold on consignment for sale
shall keep accurate records of all gold mined or
acquired and such records shall be available for
examination by a representative of the Treasury
Department for at least one year after such
delivery. Such person shall also file with the
Director of the Mint, on or before the twentyfifth day of each month after the date the first
consignment of gold is made, a report covering
the period of the preceding calendar month,
provided, that the first report shall cover the
period from April 1, 1933, to the end of the
calendar month preceding the date of the report.
Such report shall be made under oath on Form
TGR-7, if the consignor produces gold exclusively from mines or placer deposits which are
wholly owned, controlled or leased by him, and
on Form TGR-8, if the consignor is engaged in
the business of operating a custom mill, smelter,
or refinery. If the person delivering the gold is
engaged in the business of purchasing gold in
its natural state from others, such report shall
be made on Form TGR-8.
609
ARTICLE 33. Agreement by consignor.—A
Mint shall not receive gold for sale under the
provisions of the Executive Order of August 29,
1933, unless full compliance with these Regulations is shown to its satisfaction, and until
the person owning the gold, or his duly authorized agent, has signed a written agreement to
accept as conclusive without any right of recourse or review, the determination of the Secretary of the Treasury or his duly authorized
agent as to the amount due such person as a
result of any sale of the gold deposited.
ARTICLE 34. Disposition of gold received on
consignment for sale.—When, after a delivery
of gold on consignment for sale, the Mint is
satisfied that the same may properly be sold
under the provisions of the Executive Order of
August 29, 1933, and of these Regulations, and
that the consignor has fully complied with the
same, and after assay, it shall certify to the
Federal Reserve bank in the district in which
the Mint is located that it has available for
sale, in accordance with the Executive Order
of August 29, 1933, for the account of the person
by whom or on whose behalf the gold was eonsigned, the amount of gold shown by such assay,
and shall also certify the Mint charges applicable thereto.
The Federal Reserve banks are authorized to
sell such gold, as nearly as may be in the order
of certification, to persons licensed to acquire
gold for use in the arts, industries, or professions, at the price determined from time to time
by the Secretary of the Treasury. The Secretary of the Treasury will telegraph daily to the
Federal Reserve banks the price which he determines is equal to the best price obtainable in
the free gold markets of the world less expenses
incident to shipment and sale. If such gold is
not sold upon the day of or the two days (exclusive of Saturdays, Sundays, and Holidays) following its certification to a Federal Reserve
bank, it shall be offered for sale to foreign purchasers by the Federal Reserve Bank of New
York.
Proceeds of sales, less the charges determined
by the Secretary, and Mint charges, shall be
paid to the consignor by the Federal Reserve
bank of the district where such gold was deposited. In cases of sales made abroad 98 percent
of such net proceeds shall be paid upon receipt
of telegraphic remittance from abroad, the remainder upon receipt of final statement by mail.
ARTICLE 35. Export of gold.—Gold sold to
foreign purchasers under Article 34 may be exported by the Federal Reserve Bank of New
York without requirement of a license. Such
610
FEDERAL RESERVE BULLETIN
OCTOBER 1933
bank shall certify to the Collector of Customs
of the port at which export is to be made that
such gold was so sold, and the Collector is
authorized to permit the export thereof.
granted to export articles fabricated from gold,
the issuing Federal Reserve bank shall notify
the Collector of Customs at the port of export
or the Postmaster designated in the application, as is required by Article 24, and the proEXECUTIVE ORDER OF AUGUST 29,1933
The Secretary of the Treasury, in his discretion and visions of that Article shall be complied with
subject to such regulations as he may prescribe, is insofar as applicable.
hereby authorized to issue licenses permitting the export
of articles fabricated from gold sold pursuant to this
Executive Order.
ARTICLE 36. Export of fabricated gold.—No
article fabricated from gold shall be exported
unless the value thereof depends upon the form1
and not upon the gold content of the article,
except that articles fabricated from gold sold to
the applicant by a Federal Reserve bank pursuant to the Executive Order of August 29,
1933, may be exported under license issued pursuant to this Article.
(1) Application for license.—Application for
license to export articles fabricated from gold
sold pursuant to the Executive Order of August
29, 1933, shall be made on Form TG-9 and filed
with the Federal Reserve bank from which the
applicant acquired such gold. Each application shall be executed under oath before an
officer authorized to administer oaths.
(2) Licenses.—Upon receipt of the application and after making such investigation as it
may deem advisable, the Federal Reserve bank
may issue a license on Form TGL-9 to export
articles fabricated from an amount of gold not
in excess of the gold sold to the applicant by
such bank pursuant to the Executive Order of
August 29, 1933.
(3) Notice to Collectors of Customs and
Postmasters.—At the time any license is
PART
III
ARTICLE 37. Forms available.—Any form,
the use of which is prescribed in these Regulations, may be obtained at United States Mints
and Assay Offices and Federal Reserve banks
and at the Treasury Department, Washington.
ARTICLE 38. Revocation of prior regulations.—The temporary Regulations issued under dates of August 31, September 1, and September 5, 1933, are revoked. The revocation
of such Regulations shall not affect any act
done or any right accruing or accrued or any
suit had or commenced in any civil or criminal cause prior to said revocation, but all
liabilities under said Regulations shall continue
and may be enforced as if said revocation had
not been made.
A license issued pursuant to the Regulations
issued August 31, September 1, and September
5, 1933, to acquire, hold, earmark, or export
gold coin, gold bullion, or gold certificates
shall not be deemed to have been modified or
revoked by reason of the revocation of such
Regulations.
ARTICLE 39. Modification of regulations.—
The provisions of these Regulations may be
revoked or modified at any time.
DEAN ACHESON,
i See article 26 with respect to the export of articles the value of which
depends upon the form*
Acting Secretary of the Treasury.
CODE OF FAIR COMPETITION FOR BANKERS
There is published herewith the Bankers taining an analysis of the said Code of Fair Competitogether with his recommendations and findings
Code of Fair Competition as submitted by the tion,
with respect thereto, and the Administrator having
American Bankers Association, approved by found
that the said Code of Fair Competition complies
the National Recovery Administration, and in all respects with the pertinent provisions of Title I
signed by the President of the United States, of said Act and thai the requirements of clauses (1)
effective October 16, 1933. This Code applies and (2) of subsection (a) of Section 3 of said Act have
met:
to all national banks, State banks, savings been
Now, therefore, I, Franklin D. Roosevelt, President
banks (except mutual savings banks), trust of the United States, pursuant to the authority vested
companies, and private bankers accepting in me by Title I of the National Industrial Recovery
Act, approved June 16, 1933, and otherwise to adopt
deposits in the United States proper.
EXECUTIVE ORDER
CODE OF FAIR COMPETITION FOR BANKERS
An application having been duly made, pursuant to
and in full compliance with the provisions of Title I of
the National Industrial Recovery Act, approved June
16, 1933, for my approval of a Bankers' Code of Fair
Competition, and hearings having been held thereon
and the Administrator having rendered his report con-
and approve the report, recommendations, and findings
of the Administrator, and do order that the said Code
of Fair Competition be, and is hereby, approved.
FRANKLIN D. ROOSEVELT,
.
. .
Approval recommended:
HUGH S. JOHNSON, Administrator.
A
THE WHITE HOUSE,
October 8, 1988.
President.
FEDERAL RESERVE BULLETIN
OCTOBEK 1933
OCTOBER 2, 1933.
T H E PRESIDENT,
The White House.
611
are established as a Code of Fair Competition
for Banks.
.
M Y DEAR M R . PRESIDENT: I have the honor to subARTICLE I—DEFINITIONS
mit and recommend for your approval the Bankers'
Code of Fair Competition.
The term "bank" as used herein shall inThis Code was proposed by the American Bankers'
Association, founded in 1875. The association repre- clude all national banks, State banks, savings
sents slightly more than 70 percent of the total number banks (except mutual savings banks), trust
of banks and more than 94 percent of the banking companies, and private bankers accepting
resources of the country. Membership requirements deposits, in the United States proper.
therein impose no undue restrictions.
The terms "employee" or "banking emThe Bankers' Code of Fair Competition has the
approval of the association, the several Advisory ployee" as used herein shall mean any person
Boards of the National Recovery Administration, and employed by a bank in any capacity in connecthe cooperation of officials of the Federal Reserve tion with its banking functions and operations.
Board, the Treasury Department, and the Comptroller
The term "United States proper" as used
of the Currency's office.
No objector from nonmembers of the association herein shall mean the 48 States of the United
appeared at the hearing, nor did any such nonmember States and the District of Columbia.
file any objection to the code. However, representaThe term "Administrator" as used herein
tion on the code committee is provided in the code for
shall mean the National Recovery Adminissuch nonmember banks.
A compJete report is being transmitted herewith. trator.
Important features may be summarized as follows:
Population for the purposes of this code
(A) Reemployment "and wages.—UP questionably, shall be determined by reference to the 1930
there has been a decided increase in both number of
employees and their wages since the signing of the Federal Census.
modification of the President's Reemployment
Agreement, except in small country towTns. Bank staffs have
ARTICLE II—EFFECTIVE DATE
been held together as far as possible. Labor advisors
stated that banks pay employees higher wages than are
The effective date of this Code, except as
paid by industry generally. Nevertheless, with the
desire to support the President's Recovery Program and specifically provided for hereinafter, shall be
to meet reasonably the request of labor, the bankers the second Monday after its approval by the
agreed to revisions of the code, principally to reduce the President of the United States.
time of apprenticeship from 12 to 6 months and to
confine this group of employees to approximately 5
percent of entire personnel, as against the prevailing 10 ARTICLE III—GENERAL LABOR PROVISIONS
percent in leading centers. These concessions and
Employers shall comply with the following
the shortening of hours, both contained in the code, will
bring about additional employment and higher wages. provisions of section 7 (a) of Title I of the
(B) Fair trade 'practices.—(1) Uniform maximum National Industrial Recovery Act:
banking hours are provided for similar institutions in
(1) Employees shall have the right to organany given area. (2) Payment of interest on deposits ize and bargain collectively through repreby all banks is brought under the Banking Act of 1933
and the rules and regulations of the Federal Reserve sentatives of their own choosing and shall be
Board. This provision should eliminate competitive free from the interference, restraint, or coerbidding for deposits and thus enable the banks to invest cion of employers of labor, or their agents, in
more conservatively than in the past. (3) Service the designation of such representatives or in
charges: These charges form a highly complicated phase self-organization or in other concerted activiof banking. I believe the Code 'Committee will be
empowered more fully to handle these problems and to ties for the purpose of collective bargaining or
unify the practices thereunder than any other agency other mutual aid or protection.
heretofore established. (4) Trust services: In effect
(2) No employee and no one seeking emthis provision is designed as an ethical standard for trust
ployment shall be required as a condition of
institutions.
I find that the code complies with the pertinent employment to join any company union or to
provisions of clauses (1) and (2), subsection (a) of refrain from joining, organizing, or assisting a
section 3 of the National Industrial Recovery Act.
labor organization of his own choosing.
Respectfully,
(3) Employers shall comply with the maxiHUGH S. JOHNSON,
mum hours of labor, minimum rates of pay,
and other conditions of employment, approved
CODE OF FAIR COMPETITION FOR BANKERS or prescribed by the President.
Administrator.
PREAMBLE
ARTICLE IV—CHILD LABOR
To effectuate the policy of Title I of the
On and after the effective date of this Code,
National Industrial Kecovery Act during the no person under sixteen (16) years of age shall
period of emergency, the following provisions be employed by any bank; provided, however,
612
FEDERAL RESERVE
that where a State law prescribes a higher
minimum age no person below the age specified
by such State law shall be employed within
such State.
ARTICLE V—HOURS OF EMPLOYMENT
(1) On and after the effective date of this
Code no banking employee shall work or be
permitted to work more than 40 hours per week
averaged over a period of 13 consecutive weeks.
(2) The maximum hours of employment prescribed in the foregoing paragraph shall be
subject to the following exceptions:
(a) In districts or sections of the country
where the seasonal nature of commerce, agriculture, or industry making necessary the
moving of some product within a limited
period imposes upon banking facilities an
unusual demand, employees of banks subject
to such peak demand may work 48 hours per
week for a period not to exceed 16 consecutive
weeks in any calendar year. Any such increase
in hours of employment shall be reported
monthly to the Banking Code Committee provided for in Article VII hereinafter.
(b) All banking employees required to perform extra work or observe later hours in
connection with periodic examination by Federal or State banking authorities, over which
the bank has no control either as to the time
of occurrence or as to the duration, shall be
exempt during such periods from the limitations upon hours of employment prescribed in
the foregoing paragraphs.
(c) Employees in banking institutions employing not more than two (2) persons in
addition to executive officers, in towns of less
than 2,500 population, not part of a larger
trade area, and employees in a managerial or
executive capacity or in any other capacity of
distinction or sole responsibility (regardless of
the location of the bank), who receive more
than $35 per week, shall be exempt from the
limitations upon hours of employment prescribed in the foregoing paragraphs.
(d) These provisions for working hours shall
not apply to night watchmen employed to safeguard the assets of the bank, who cannot with
safety be shifted or changed during the night
period.
BULLETIN
OCTOBER 1933
per week; no employee in cities between250,000
and 500,000 population, or in the immediate
trade area of such cities, shall be paid less than
at the rate of $14.50 per week; no employee in
cities between 2,500 and 250,000 population or
in the immediate trade area of such cities, shall
be paid less than at the rate of $14 per week.
In towns of less than 2,500 population the
wages of all classes of employees shall be increased by not less than 20 percent, provided
that this shall not require an increase in wages
to more than the rate of $12 per week.
(2) It is provided, however, that employees
without previous banking experience or training
employed as apprentices may be paid during a
continuous period of not more than 6 months
at the rate of 80 percent of the minimum wages
prescribed in the foregoing paragraph. No
bank shall include within the category of apprentices more than one such employee for
every 20 employees or fraction thereof.
(3) Employers shall not reduce the compensation for employment now in excess of the
minimum wages provided for herein, notwithstanding that the hours worked in such employment may be hereby reduced.
ARTICLE
VII—ADMINISTRATION
(1) To effectuate further the policies of the
National Industrial Recovery Act, a Banking
Code Committee is hereby set up to act as a
planning and fair-practice agency and to
cooperate with the Administrator in the administration and enforcement of this Code.1
This Committee shall consist of 15 representatives of the American Bankers Association, who
shall be truly representative of the membership
of the Association, a representative selected
by fifty-one (51) percent (measured by total
resources) of the nonmembers of the American
Bankers Association, and a representative or
representatives, without vote, appointed by the
President of the United States.
(2) The Banking Code Committee may from
time to time present to the Administrator recommendations, based upon conditions in the
banking business, which will tend to effectuate
the operation of the provisions of this Code and
the policy of the National Industrial Recovery
Act. Such recommendations shall, upon approval of the Administrator after such public
ARTICLE VI—WAGES
notice and hearing as he may prescribe, become
operative as part of this Code.
(1) On and after the effective date of this
(3) The Banking Code Committee may,
Code no employee in cities of over 500,000 pop- subject to the approval of the Administrator,
ulation, or in the immediate trade area of such 1
The office of the Banking Code Committee, Frank W. Simmonds.
cities, shall be paid less than at the rate of $15 Secretary,
has been established at 22 East 40th Street, New York City,
FEDERAL RESERVE BULLETIN
OCTOBER 1933
require from all banks such reports as are
necessary to effectuate the purposes of this
Code, and shall upon its own initiative or upon
complaint of any person affected make investigation as to the functioning and observance
of any provision of the Code and report the
results of such investigation to the Administrator.
(4) The Banking Code Committee shall,
subject to the approval of the Administrator,
supervise the setting up of Regional Committees according to the following plans:
(a) Where banks are now organized through
State banking associations, city clearing-house
associations, county groups, or otherwise, such
organizations shall, with the approval of the
Banking Code Committee, appoint a committee
for the purpose of assisting the Administrator
and the Banking Code Committee in the administration and enforcement of this Code
within such local region.
(b) Banks in regions or districts not now
organized shall, within 30 days after the effective date of this Code, send duly qualified
representatives to a joint meeting called for
the purpose of organizaing under the supervision of the Banking Code Committee a
Regional Clearing House Association or such
other committee along the lines of procedure
set forth in the Manual of Organization and
Management of Regional Clearing House
Associations, compiled by the American Bankers Association.
(c) Where such action hereinbefore stipulated shall not have been taken within 30 days
after the effective date of this Code, the Banking Code Committee may set up through the
State banking association or associations a
Regional Committee, or Committees.
(5) The Committees provided for in the preceding paragraphs shall assist the Administrator and the Banking Code Committee in
the administration and enforcement of this
Code within local areas and shall, subject to
the approval of the Administrator and of the
Banking Code Committee, adopt local rules
and regulations governing competitive practices within local areas.
(6) The Administrator may from time to
time, after consultation with the Banking Code
Committee, issue such administrative interpretations of the various provisions of this Code
as are necessary to effectuate its purpose within
the provisions of the National Industrial
Recovery Act of 1933, and such interpretations
shall become operative as a part of this Code.
13935—33
4
613
ARTICLE VIII—FAIR TRADE PRACTICES
To effectuate the purposes of the National
Industrial Recovery Act all banks shall comply
with the following rules governing fair competition in banking practices, which shall become
effective 60 days after the approval of this
Code by the President of the United States:
(1) Hours of banking.—Within cities, trade
areas, counties, or such other area as is covered
by the regional clearing house, or other organized group, banking institutions of the same
kind or character shall, subject to the approval
of the Administrator, establish uniform maximum hours of banking operations, but any
bank in such a group may observe shorter hours
than the maximum established. (Banks having both commercial and savings accounts are
to be construed as of the same character.) By
hours of banking operations is meant the
period during which the doors of the banking
institution are open for the purpose of serving
the public. It is not intended or required that
all banks within a given area shall maintain
uniform banking hours, but it is the express
intention of this provision that all banking
institutions of like kind and character shall
maintain uniform maximum hours each with
the other. The uniform hours so adopted shall
not be less than those in effect in the majority
of the banks within any given district prior to
June 1, 1933, and if the hours of any bank are
so reduced to conform with the majority, or if
any bank observes shorter hours than the
majority, then no such bank shall by reason of
this fact reduce the number of its employees
below the number employed at the time such
reduction in hours is made.
(2) Interest.—Subject to the rules and regulations of the Federal Reserve Board with respect to maximum rates of interest to be paid
on time and savings deposits and the method of
calculation thereof, as prescribed in the Banking Act of 1933, all banks within groups or
districts hereinbefore referred to (except investment banking houses accepting deposits, which
houses are subject to the Code of Fair Competition for Investment Bankers) shall maintain
the same maximum rates of interest and the
same method of calculation thereof upon deposits of like character, but this shall not be
construed to require any bank to pay such
maximum rates if it does not so desire. The
Banking Act of 1933 (sec. 11-B) provides that
no bank which is a member of the Federal
Reserve System may pay interest on demand
deposits; the rules and regulations provided by
614
FEDERAL RESERVE BULLETIN
clearing-house associations or other groups
shall contain a stipulation that no interest is
to be paid by any bank (except investment
banking houses accepting deposits, which
houses are subject to the Code of Fair Competition for Investment Bankers) within such
group, whether member or nonmember of the
Federal Keserve System, on demand deposits,
provided that nothing in these rules and regulations shall be in contravention of the permissive provisions of section 11-B of the
Banking Act of 1933.
(3) Service charges.—Each clearing house,
county association, county group, or State
bank association, shall, subject to the approval
of the Administrator, adopt rules fixing uniform
service charges to be charged by banks within
such district or group in accordance with the
practice now in effect whereby services rendered by banks shall be compensated for either
by adequate balances carried or by a scale of
charges. The Federal Reserve Act prohibits
member banks from making any exchange
charge for remitting to the Federal Reserve
bank of their district for cash items, and since
the Federal Reserve System provides a par
clearance plan, exchange charges as such shall
be left to the determination of each individual
bank.
(4) Trust service.—Trust departments shall
be operated in accordance with the provisions
of the Statement of Principles of Trust Institutions, adopted by the Trust Division of, and
approved by, the Executive Council of the
American Bankers Association on April 6, 1933.
A statement of these principles is appended as
Schedule A and made a part of this Code.
OCTOBER 1933
trial Recovery Act, from time to time to cancel
or modify any order, approval, license, rule, or
regulation issued under Title I of said Act, and
specifically to the right of the President to
cancel or modify his approval of this Code or
any conditions imposed by him upon his
approval thereof.
(4) Such other provisions of this Code as are
not required to be included therein by the
National Industrial Recovery Act may, with
the approval of the President, be modified or
eliminated as changes in the circumstances or
experience may indicate.
(5) The provisions of this Code shall expire
on the expiration date of Title I of the Act or
on the earliest date prior thereto on which the
President shall by proclamation, or the Congress shall by joint resolution, declare that the
emergency recognized by Section I of the
National Industrial Recovery Act has ended.
SCHEDULE A
A STATEMENT OP PRINCIPLES OF TRUST
INSTITUTIONS
TRUST DIVISION AMERICAN BANKERS ASSOCIATION, 1933
FOREWORD
This statement of principles has been formulated in
order that the fundamental principles of institutions
engaged in trust business may be restated and thereby
become better understood and recognized by the
public as well as by trust institutions themselves, and
in order that H may serve as a guide for trust institutions.
In the conduct of their business trusts institutions
are governed by the cardinal principle that is common
to all fiduciary relationships—namely, fidelity. Policies
predicated upon this principle have for their objective
its expression in terms of safety, good management,
and personal service. Practices developed under these
policies are designed to promote efficiency in administration and operation.
ARTICLE IX—GENERAL PROVISIONS
-The fact that the services performed by trust inhave become an integral part of the social
(1) Membership in the American Bankers stitutions
and economic structure of the United States makes the
Association shall be open to all banks included principles of such institutions a matter of public interest.
within the provisions of this Code, and said
Association shall impose no inequitable restrictions upon admission to membership therein.
(2) It is expressly provided that no provision
of this Code shall be interpreted or applied so as
to conflict in any way with any Federal or
State banking law or any rule or order which
has been or may be issued by the Federal
Reserve Board, the Comptroller of the Currency, or by any State banking authority.
(3) This Code and all the provisions thereof
are expressly made subject to the right of the
President, in accordance with the provisions of
section 10 (b) of Title I of the National Indus-
R. M. SIMS,
President Trust Division,
American Bankers1 Association.
ARTICLE I—DEFINITION OF TERMS
SECTION 1. Trust institutions.—Trust institutions are corporations engaged in trust business under authority of law. They embrace
not only trust companies that are engaged in
trust business exclusively but also trust departments of other corporations.
SEC. 2. Trust business.—Trust business is
the business of settling estates, administering trusts, and performing agencies in all
OCTOBER 1933
FEDERAL RESERVE BULLETIN
appropriate cases for individuals; partnerships;
associations; business corporations; public, educational, social, recreational, and charitable
institutions; and units of government. It is
advisable that a trust institution should limit
the functions of its trust department to such
services.
ARTICLE II—ACCEPTANCE OF TRUST BUSINESS
A trust institution is under no obligation,
either moral or legal, to accept all business that
is offered.
SECTION 1. Personal trust business.—With
respect to the acceptance of personal trust business, the two determining factors are these:
Is trust service needed, and can the service be
rendered properly? In personal trusts and
agencies the relationship is private and the
trust institution is responsible to those only
who have or may have a financial interest in
the account.
SEC. 2. Corporate trust business.—In considering the acceptance of a corporate trust or
agency the trust institution should be satisfied
that the company concerned is in good standing
and that the enterprise is of a proper nature.
ARTICLE III—ADMINISTRATION OF TRUST
BUSINESS
SECTION 1. Personal trusts.—In the administration of its personal trust business a trust
institution should strive at all times to render
unexceptionable business and financial service,
but it should also be careful to render equally
good personal service to beneficiaries. The
first duty of a trust institution is to carry out
the wishes of the creator of a trust as expressed in the trust instrument. Sympathetic,
tactful, personal relationships with immediate
beneficiaries are essential to the performance
of this duty, keeping in mind also the interests
of ultimate beneficiaries. It should be the
policy of trust institutions that all personal
trusts should be under the direct supervision
of, and that beneficiaries should be brought
into direct contact with, the administrative or
senior officers of the trust department.
SEC. 2. Confidential relationships.—Personal
trust service is of a confidential nature and the
confidences reposed in a trust department by
a customer should never be revealed except
when required by law.
SEC. 3. Fundamental duties of trustees.—It
is the duty of a trustee to administer a trust
solely in the interest of the beneficiaries without permitting the intrusion of interests of the
trustee or third parties that may in any way
615
conflict with the interests of the trust; to keep
and render accurate accounts with respect to
the administration of the trust; to acquaint
the beneficiaries with all material facts in connection with the trust; and, in administering
the trust, to exercise the care a prudent man
familiar with such matters would exercise as
trustee of the property of others, adhering to
the rule that the trustee is primarily a conserver.
SEC. 4. Corporate trust business.—In the
administration of corporate trusts and agencies
the trust institution should render the same
fine quality of service as it renders in the administration of personal trusts and agencies.
Promptness, accuracy, and protection are
fundamental requirements of efficient corporate trust service. The terms of the trust
instrument should be carried out with scrupulous care and with particular attention to the
duties imposed therein upon the trustee for
the protection of the security holder.
ARTICLE IV—OPERATION OF TRUST
DEPARTMENTS
SECTION 1. Separation of trust properties.—
The properties of each trust should be kept
separate from those of all other trusts and separate also from the properties of the trust institution itself.
SEC. 2. Investment of trust funds.—The investment function of a trustee is care and management of property, not mere safekeeping at
one extreme or speculation at the other. A
trust institution should devote to its trust investments all the care and skill that it has or
can reasonably acquire. The responsibility
for the investment of trust funds should not
be reposed in an individual officer or employee
of a trust department. All investments should
be made, retained, or sold only upon the authority of an investment committee composed of
capable and experienced officers or directors of
the institution.
When the trust instrument definitely states
the investment powers of the trustee, the terms
of the instrument must be followed faithfully.
If it should become unlawful or impossible or
against public policy to follow literally the
terms of the trust instrument, the trustee
should promptly seek the guidance of the court
about varying or interpreting the terms of the
instrument and should not act on its own
responsibility in this respect except in the face
of an emergency, when the guidance of the
court beforehand could not be obtained. If
the trust instrument is silent about trust investments or if it expressly leaves the selection
616
FEDERAL RESERVE BULLETIN
OCTOBER 1933
and retention of trust investments to the judgment and discretion of the trustee, the latter
should be governed by considerations of the
safety of principal and dependability of income
and not by hope or expectation of unusual gain
through speculation. However, a trustee should
not be content with safety of principal alone
to the disregard of the reasonable income requirements of the beneficiaries.
It is a fundamental principle that a trustee
should not have any personal financial interest,
direct or indirect, in the trust investments,
bought for or sold to the trusts of which it is
trustee, and that it should not purchase for itself any securities or other property from any
of its trusts. Accordingly, it follows that a
trust institution should not buy for or sell to
its estates or trusts any securities or other
property in which it, or its affiliate, has any
personal financial interest, and should not purchase for itself, or its affiliate, any securities or
other property from its estates or trusts.
tomer cannot always obtain from printed
matter all he wishes to know about the protection and management the trust institution
will give his estate and the services it will
render his beneficiaries.
SEC. 3. New trust department.—A corporation should not enter the trust field except with
a full appreciation of the responsibilities involved. A new trust department should be
established only if there is enough potential
trust business within the trade area of the
institution to justify the proper personnel and
equipment.
SEC. 4. Entering corporate trust field,—
Since the need for trust and agency services to
corporations, outside of the centers of population, is much more limited than is that of trust
and agency services to individuals, a trust institution should hestitate to enter the corporate
trust or agency field unless an actual demand
for such services is evident, and the institution
is specially equipped to render such service.
ARTICLE V—COMPENSATION FOR TRUST
SERVICE
ARTICLE VII—RELATIONSHIPS
1. A trust institution is entitled to
reasonable compensation for its services. Compensation should be determined on the basis of
the cost of the service rendered and the
responsibilities assumed. Minimum fees in
any community for trust services should be
uniform and applied uniformly and impartially
to all customers alike.
SECTION
ARTICLE VI—PROMOTIONAL EFFORT
SECTION 1. Advertising.—A trust institution
has the same right as any other business enterprise to advertise its trust services in appropriate ways. Its advertisements should be
dignified and not overstate or overemphasize
the qualifications of the trust institutions.
There should be no implication that legal
services will be rendered. There should be no
reflection, expressed or implied, upon other
trust institutions or individuals, and the
advertisements of all trust institutions should
be mutually helpful.
SEC. 2. Personal representation.—The propriety of having personal representatives of
trust departments is based upon the same principle as that of advertising. Trust business is
so individual and distinctive that the cus-
SECTION 1. With public.—Although a trust
department is a distinctly private institution
in its relations with its customers, it is affected
with a public interest in its relations with the
community. In its relations with the public a
trust institution should be ready and willing to
give full information about its own financial
responsibility, its staff and equipment, and the
safeguards thrown around trust business.
SEC. 2. With bar.—Attorneys-at-law constitute a professional group that perform essential
functions in relation to trust business, and have
a community of interest with trust institutions
in the common end of service to the public.
The maintenance of harmonious relations between trust institutions and members of the
bar is in the best interest of both, and of the
public as well. It is a fundamental principle
of this relationship that trust institutions
should not engage in the practice of law.
SEC. 3. With life underwriters.—Life underwriters also constitute a group having a community of interest with trust institutions in the
common purpose of public service. Cooperation between trust institutions and life underwriters is productive of the best mutual service
to the public. It is a principle of this cooperation that trust institutions should not engage
in the business of selling life insurance.
OCTOBER 1933
FEDERAL RESERVE BULLETIN
617
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled September 23 and released for publication September 25]
The general level of industrial production
declined in August and the early part of September, reflecting reductions in activity of industries in which there had been a rapid rise in
previous months. Employment and wage payments were larger in August than in July.
Production and employment.—The Federal
Reserve Board's seasonally adjusted index of
industrial production, which had been rising
rapidly for several months, declined from 100
percent of the 1923-25 average in July to 92 perpent in August. The principal decreases were
in the primary textile industries, in flour milling,
and in output of steel ingots, which declined
from 59 percent of capacity in July to 49 percent in August. Average daily output of automobiles declined somewhat from the level of
July. There were increases during the month
in production of petroleum, nonferrous metals,
and cigarettes; and output of lumber and coal
increased seasonally.
During September, reports indicate further
reductions in output of steel and flour; petroleum production slackened under new restrictions, and output of lumber decreased.
Increases in employment between the middle
of July and the middle of August, the latest date
for which figures are available, were general in
most lines of industry, and there were numerous
increases in wage rates and reductions in working hours. Compared with the low point of
last spring there has been an estimated increase
of 2,200,000 in number of industrial wage
workers.
Value of construction contracts awarded, as
reported to the F. W. Dodge Corporation, increased in August owing to awards lor public
works, particularly highways and bridges; contracts for other types of construction were in
smaller volume than in July.
An increase of $1,000,000,000 in gross income
ol farmers for the year 1933 is indicated by estimates of the United States Department of Agriculture, primarily as a result of higher prices
for certain farm products, notwithstanding
small crops of grains, hay, and potatoes.
Distribution.—Sales by department stores
increased in August, and the Board's index,
which is adjusted for seasonal variations, advanced from 71 to 75 percent of the 1923-25
average, the highest level since the spring of
1932. The recent increase in dollar sales reflects to a large extent advancing prices.
The volume of freight shipped by rail declined slightly during August, on an average
daily basis, although an increase is usual at this
time of year.
Commodity prices.—The general average of
wholesale commodity prices fluctuated within
a narrow range during August and early September at a level about 17 percent above the
low point of last spring. Prices of individual
commodities showed divergent movements, decreases being reported for prices of domestic
agricultural products, while prices of many
manufactured goods, of coal, petroleum, and
other industrial raw materials increased. During the second and third weeks of September
prices of commodities in organized markets advanced considerably.
Retail prices of food continued to advance.
Foreign exchange.—In the foreign exchange
markets the value of the dollar, in terms of the
French franc, declined from 75 percent of its
gold parity on August 15 to 65 percent on
September 22.
Bank credit.—At member banks in 90 leading
cities there was a growth of $200,000,000 in net
demand deposits in the 4 weeks ending September 13, following a decline of $800,000,000 between the middle of June and the middle of
August. More than half of the recent increase
reflected a return of bankers' balances to New
York City banks. The banks gradually reduced their holdings of United States Government securities following an increase in the
week ending August 16, when a new issue of
Treasury bonds was sold, and on September 13
their holdings were in about the same volume
as in early August. There was some increase
in commercial loans both at member banks in
New York City and in other leading cities.
Member bank balances at the reserve banks
continued to increase during August and the
first 3 weeks of September, and excess reserves
of member banks reached $700,000,000. This
increase reflected primarily additional purchases of Government securities by the Federal
Reserve banks, which have averaged $35,000,000 a week since August 16. Money in circulation, which usually increases at this season,
has shown little change in the past month, indicating a continued return from hoards.
Money rates in the open market showed a
renewed decline during August and the first half
of September.
618
FEDERAL RESERVE BULLETIN
OCTOBEB 1933
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS
Weekly Basis: Wednesday Series
MILLIONS OF DOLLARS
MONEY IN CIRCULATION
I
7000
7000
6000
6000
MEMBER BANK
RESERVE BALANCES
2000
1000
1000
1925
1929
1930
J931.
1932
Based on Wednesday figures; latestfiguresare for September 27.
1933
619
FEDERAL RESERVE BULLETIN
OCTOBER 1933
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES
[In millions of dollars]
m
Averages of daily figures
Reserve bank credit outstanding
Factors of increase
Factors of decrease
Month or week
Bills discounted
United
States
Government securities
Bills
bought
Other
reserve
bank
credit
Total
NonMone- Treasury Money Member
bank
member
tary gold currency in circu- reserve
deposits,
lation
stock
adjusted
balances
etc.
Unexpended
capital
funds
1932—May
June
July.
August.
September
October.
November
December
486
495
523
451
387
328
313
282
41
50
60
37
34
34
34
34
1,413
1,697
1,818
1,850
1,848
1,851
1,851
1,854
1,960
2,262
2,422
2,353
2,282
2,231
2,211
2,192
4,273
3,956
3,941
4,031
4,140
4,226
4,292
4,429
1,788
1,787
1,780
1,796
1,826
1,886
1,917
1,915
5,456
5,530
5,751
5,720
5,685
5,643
5,642
5,699
2,138
2,062
2,003
2,073
2,181
2,307
2,378
2,435
77
65
46
40
35
38
40
43
350
348
343
347
347
355
360
359
1933—January
February
March
April.
May
June
July
August
September
32
102
379
230
86
12
16
__
255
307
994
425
339
250
170
159
138
1,806
1,804
1,875
1,837
1,846
1,933
2,016
2,064
2,202
2,110
2,224
3,233
2,511
2,286
2,208
2,211
2, 239
2,358
4,547
4,491
4,260
4,301
4,313
4,317
4,319
4,323
4,327
1,901
1,891
1,897
1,915
1,930
1,943
1,937
1,964
1,951
5,631
5,892
6,998
6,137
5,876
5,742
5,675
5,616
5,632
2,516
2,291
1,914
2,086
2,125
2,211
2,268
2,375
2,439
60
79
134
156
173
164
179
186
169
351
344
344
348
355
351
345
349
346
Week ending (Saturday)
1933—May 6
May 13
.._
May 20
May 27
404
343
331
314
148
115
81
1,837
1,837
1,843
1,851
2,407
2,311
2, 272
2,224
4,311
4,312
4,313
4,314
1,873
1,910
1,933
1,972
5,972
5,910
5,863
5,815
2,080
2,090
2,126
2,177
184
178
175
164
355
355
354
354
June
June
June
June
3
10
17
24
305
284
255
228
1,880
1,907
1,925
1,950
2,213
2,216
2,207
2,198
4,315
4,316
4,317
4,318
1,965
1,980
1,947
1,892
5,814
5,784
5,742
5,711
2,165
2,199
2,215
2,193
161
178
164
155
353
351
350
349
July
July
July
July
July
1
8
15
22
29
166
164
1,979
2,008
2,016
2,013
2,025
2,210
2,229
2t212
2,197
2,204
4,318
4,318
4,319
4,319
4,320
1,956
1,957
1,928
1,936
1,922
5,702
5,746
5,689
5,651
5,619
2,273
2,244
2,254
2,267
2,297
163
169
172
188
185
346
345
344
346
345
Aug.
Aug.
Aug.
Aug.
5
12
19
26
164
159
165
155
2,034
2,044
2,054
2,082
2,212
2,219
2,237
2,253
4,320
4,320
4, 321
4,325
1,943
1,986
1,974
1,955
5,629
5,623
5,622
5,607
2,310
2,362
2,372
2,402
188
191
190
177
348
349
348
347
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30
153
147
134
132
132
2,113
2,150
2,194
2,223
2,260
2,282
2,316
2,351
2,374
2,408
4,328
4,329
4,326
4,327
4,326
1,940
1,945
1,967
1,951
1,949
5,612
5,652
5,625
5,623
5,622
2,405
2,410
2,507
2,516
2,556
187
181
165
165
157
345
347
347
347
348
___
_.
Bills discounted
Bills bought
United States Government securities.
_
Other reserve bank credit
Total reserve bank credit
Monetary gold stock
Treasury currency adjusted
10
End of month series
Wednesday series
1933
1933
Apr. May June July Aug. Sept.
30
30
31
31
30
Aug. Aug Sept. Sept. Sept. Sept.
13
20
30
6
23
302
20
164
48
1,837 1,890
16
10
435
171
153 128
7
7
2,028 2,129 2,277
167
2,459 2,218 2,220 2,209 2,297 2,421
._ 4,312 4,315 4,318 4,320 4,329 4,324
1,907 1,954 1,988 1,925 1,940 1,946
Bills discounted
Bills bought
_.United States Government securities
Other reserve bank credit
Total reserve bank credit
Monetary gold stock
.
Treasury currency adjusted
150 153 145 133
7
7
7
7
2,094 2,129 2,166 2,203
12
14
9
7
2,258 2,298 2,330 2,357
4,328 4,328 4,329 4,327
1,961 1,942 1,953 1,963
130 133
7
2,238 2,274
13
2,388 2,421
4,327 4,324
1,946 1,948
5,592 5,592 5,648 5,602 5,605 5,595
Money in circulation
6,003 5,812 5,721 5,630 5,613 5, 650 Money in circulation
Member bank reserve balances, 2,132 2,167 2,292 2,294 2,409 2,538 Member bank reserve balances- 2,432 2,427 2,439 2,542 2,543 2,596
188 155 166
184 197 155 Unexpended capital funds, nonNonmember deposits, etc
512
549
524
503
523
503
member bank deposits, etc
355 353 347 346 347 348
Unexpended capital funds
Back figures—See Annual Reports for 1932 (tables 1-5), 1931 (tables 3-5).
620
FEDERAL RESERVE BULLETIN
OCTOBER 1933
ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL
RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT
[In thousands of dollars]
Sept. 30,1933 Aug. 31,1933 Sept. 30, 1932
ASSETS
_.
2,695,427
35,773
2, 757,676
35,633
2,188, 686
48,228
Gold held exclusively against Federal Reserve notesGold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks
_
2,731,200
608,948
250,736
2,793,309
553, 784
240,971
2,236,914
245,086
411,179
Total gold reserves-.
__.
Other cash i
Total gold reserves and other cash
Redemption fund—federal Reserve bank notes.
Bills discounted:
For member banks
_
For intermediate credit banks
_
For nonmember banks, etc
_.
3, 590,884
213,962
3,588,064
231, 659
2,893,179
274, 630
3,804,846
10,045
!, 819,723
8,024
3,167,809
127,350
152,157
Gold with Federal Reserve agents
Gold redemption fund with United States Treasury
Total bills discounted.
Bills bought:
Payable in dollars:
Bought outright
Under resale agreement...
Payable in foreign currencies..
719"
330,882
285
621
127,962
152, 876
331, 788
6,199
"~30,~849
6,921
6,894
33,305
2,276, 768
74
2,276,842
2,128,286
800
1,851,011
2,658
2,129,086
1,853, 669
1,837
3,769
3,311
1,854
3,710
2,855
4,824
2,665
6,367
2,420,642
18,139
371,687
54, 554
54,891
2, 297,275
16,389
358,995
54,455
52,179
2,232,618
12, 540
332,818
58,126
44,023
6, 734,804
6,607,040
5,847,934
18,139
2,983,623
16,389
2,971,988
12, 540
2, 737,144
3,001,762
154,876
2,988,377
131,500
2, 749, 684
2,537,619
56,179
13,504
2, 409,128
69,005
37, 376
2, 224, 689
51,347
8, 261
73,151
15, 451
52,398
76,883
18,178
64,399
28,182
2, 748,302
371,687
145,834
278, 599
33,744
2,674,969
358,995
146,148
278, 599
28,452
2,312,479
332,818
152,996
259,421
40,536
6, 734,804
41,462
6,607,040
40,176
5,847,934
43,363
3,242,433
3, 250,125
2,983,780
2,695,427
79,588
538, 200
2, 757,676
97,898
449, 700
2,188,686
315,325
498, 600
3,313,215
3,305, 274
3,002, 611
853
Total bills bought.
United States Government securities:
Bought outright
Under resale agreement
Total United States Government securities...
Other reserve bank credit:
Municipal warrants.
_.
Due from foreign banks
Reserve bank float (uncollected items in excess of deferred availability items).
Total Reserve bank credit outstanding
Federal Reserve notes of other Reserve b a n k s . . .
Uncollected items not included in float
Bank premises
All other assets
612"
_
__
__
Total assets .
Federal Reserve notes:
Held by other Federal Reserve b a n k s .
Outside Federal Reserve banks
_
Total notes in circulation
Federal Reserve bank notes in actual circulation
Deposits:
Member bank—reserve account
Government
Foreign bank
Special deposits:
Member bank
Nonmember bank
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
p
th liabilities
Alll other
Total liabilities
Contingent liability on bills purchased for foreign correspondents
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Notes issued to Federal Reserve banks by Federal Reserve agents..
Collateral held by agents as security for notes issued to bank:
Gold
Eligible paper
_
United States Government securities
Total collateral
__.
2,456
FEDERAL RESERVE BANK NOTE STATEMENT
Notes issued to Federal Reserve banks (outstanding)
Collateral pledged against outstanding notes:
Discounted and purchased bills
United States Government securities.
Total collateral
1
_.
"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
180,140
152,629
2,093
207,674
2,724
179, 274
209,767
181,998 I
621
FEDERAL RESERVE BULLETIN
OCTOBER 1933
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
GOLD MOVEMENTS TO AND FROM UNITED
STATES
[In millions of dollars at par]
[In thousands of dollars at par]
Month
Analysis of changes
Gold
stock Increase
re- Domesat end in stock Net gold Net
lease
tic proof
from
earduring
duction,
import
month month
mark *
etc.*
1932—May
June .
July
August
September
October.
November
December
Total (12 mos.)1933—January
February
March
April
May
June
July
August—
September *
Total (9 mos.)
4,152
3,919
3,977
4,088
4,193
4,264
4,340
4,513
4,553
4,380
4,282
4,312
4,315
4,318
4,320
4,328
4,324
-214.1
-233.9
58.0
111.7
104.8
70.8
75.6
173.5
52.9
40.0
-173.4
-97.2
29.5
3.6
2.2
2.7
7.5
-3.8
-189.1
-22.1
-195.5
-206.0
-28.8
-3.4
56.2
6.1
100.5
27.9
72.3
20.6
45.8
21.7
48.6
100.9
«71.0
-446.2
457.5
128.5 3 -91.5
*17.8 -178.3
* -22.1 -100.1
-10.0
33.7
-21.1
22.1
-3.2
3.5
-83.9
84.5
-80.4
79.5
-55.8
49.3
-97.3
-130.3
3.6
.9
5.2
5.1
4.6
4.5
5.3
1.6
41.6
3.0
-12.9
25.0
5.7
2.6
1.9
2.1
8.4
2.7
38.5
1
Gold released from earmark at Federal Reserve banks less gold placed
under
earmark.
1
For explanation of this figure, which is derived from preceding columns,
see BULLETIN for July, p. 423.
8
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. L
v Preliminary figures.
Backfigures.—-SeeAnnual Reports for 1932 (table 47), 1931 (table 30).
1933
From or to—
September (preliminary)
Imports
Belgium
England
France
Germany
Netherlands
Exports
August
Imports
Exports
Imports
27
1,535 55,202
73,173 30,044
216
1,071
19»347
2,817
48,646
2,165
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 L
January-August
156
53
131
13
6
1
15
18,946
707
3,170
6
94
597
966
506
2,838
25,629
Total
2,187
643
85
3 55,815
1,085
6,504
Exports
826
33,576
169,868
3,461
9,265
2,295
107
1
33
15
1
24
864
150
12,821
801
6,702
3,929
2,721 '40,068
81,473 186,095
260,552
i Includes all movements of unreported origin or destination.
»$21,858,000 exported to Italy.
»At New York.
KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Federal Reserve banks. In millions of dollars]
End of month
Total
Gold
coin
1932—February.
March
April
May
June
July.
August
September
OctoberNovember.
December.
5,604
5,459
5,465
5,480
5,695
5,726
5,692
5,653
5,628
5,648
5,675
406
404
411
435
453
454
449
445
445
454
468
1933—January.. _
February..
March
April
May
June
July..
August
September
5,645
6,545
6,320
6,003
5,812
5,721
5,630
5,612
5,650
479
571
367
335
324
321
320
319
313
Gold
certifi-
820
779
758
735
716
644
624
635
591
649
393
323
280
265
252
242
232
Stand- Silver Treas- SubFederal
ury
Minor United
ard
States Reservi
notes sidiary
silver certificoin
silver
cates
notes
notes
of 1890
dollars
363
355
356
355
353
351
350
359
361
361
371
260
259
257
257
256
254
255
257
257
258
258
114
114
114
114
114
113
113
113
113
113
113
291
294
2,634
2,546
2,551
2,558
2,780
2,838
2,793
2,731
2,689
2,675
2,716
350
362
376
360
359
361
365
372
385
250
252
258
255
256
257
258
261
265
111
111
112
112
112
113
113
114
115
287
301
266
261
265
269
275
277
280
2,707
3,405
3,621
3,362
3,167
3,061
2,974
2,952
2,966
v Preliminary figures.
NOTE.—For figures of paper currency of each denomination in circulation see p 4 581.
Back figures.—See Annual Reports for 1932 (table 52), 1931 (table 35), 1930 (table 32), and 1927 (table 22).
13935—33-5
280
274
282
290
289
289
285
Federal NaReservire tionalbank
bank
notes notes
691
702
701
700
744
785
817
826
820
3
17
50
99
125
129
133
156
836
861
879
915
922
920
914
911
909
622
FEDERAL RESERVE BULLETIN
OCTOBER 1933
MEMBER BANK RESERVE BALANCES
[In millions of dollars]
Average of daily figures
Reserves held
Month of week
Total—all
member
banks
New York
City*
1932—January
FebruaryMarch
April
May
June
July
August
SeptemberOctober
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
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
1933—January _..
February..
March a...
April »..>..
May*
June *
July'
August 3__.
2,516
2,291
1,109
860
965
2,040
2,069
2,160
2,221
2,331
867
878
861
796
837
742
773
858
936
993
Other
reserve
cities
"Country* Total-all
member
banks
banks
New York
City 1
Other
"Country"
cities
345.5
435.9
482.2
525.8
4.5
7.2
17.8
88.1
155.1
89.4
75.0
127.7
193.4
241.6
266.8
283.2
1.8
11.3
17.3
35.7
91.5
111.4
91.6
108.9
119.6
160.5
181.8
206.9
29.2
25.3
23.8
28.3
30.5
33.6
37.9
33.3
32.4
33.7
33.7
35.7
442
441
417.3
286.2
74.5
254.2
291.0
43.4
51.8
431
418
441
489
501
379.1
319.1
363.1
435.7
565.5
150.2
106.0
68.9
43.2
101.8
129.4
132.0
198.0
252.9
312.3
99.5
81.2
96.2
139.6
151.3
35.4
43.8
59.0
152.1
277.1
234.4
204.4
3
i Central reserve city banks only.
> March data not available.
Back figures—See Annual Reports for 1932 (tables 69 and 77), 1931 (tables 49 and 56),
Licensed banks only.
MEMBER BANK DEPOSITS
[In millions of dollars]
Averages of daily figures
Net demand and time deposits
Net demand deposits
Time deposits
Month
Totalall member
banks
1932—January
February
March
April
May
June
July
August
September
October
»
November
December
1833—January
February
J
March
April J
May >
June».
July*
August'.-
-
.
New
York
City*
Other
reserve
cities
TotalNew
" Coun- all
mem- York
try"
ber
banks
City*
banks
TotalNew
Other " Coun- all
mem- York
reserve
try"
ber
banks banks
City*
cities
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
14,408
14,679
14,864
14,965
5,343
5,001
4,959
5,138
5,342
5,154
5,133
5,217
5,440
5,629
5,804
5,937
5,921
5,723
5,622
5,492
5,425
5,433
5,304
5,283
5,316
5,402
5,432
5,424
4,183
4,064
3,993
3,959
3,911
3,826
3,720
3,641
3,652
3,649
3,628
3,604
11,145
10,926
10,856
10,797
10,787
10,663
10,555
10,603
10,565
10,612
10,612
10,527
822
796
800
811
816
803
818
867
869
929
957
940
4,786
4,690
4,668
4,618
4,656
4,599
4,526
4,550
4,538
4,537
4,532
4,517
6,537
5,440
5,387
5,368
5,315
5,261
5,211
5,186
5,159
5,145
5,123
5,071
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
21,710
22,509
22,974
23,160
23,039
6,120
6,517
6,669
6,424
6,282
8,520
8,842
9,031
9,309
9,318
7,071
7,150
7,273
7,427
7,439
13,078
13,815
14,241
14,100
13,920
5,331
5,766
5,923
5,597
5,468
4,756
4,991
5,162
5,329
5,299
2,990
3,058
3,156
3,174
3,153
8,633
8,694
8,732
9,060
9,119
788
751
746
826
814
3,764
3,851
3,869
3,980
4,019
4,081
4,092
4,117
4,253
4,286
-
2
i Central reserve city banks only!
March data not available*
Backfigures.—SeeAnnual Reports for 1932 (table 69), 1931 (table 49).
Other "Counreserve
try"
cities
banks
8
Licensed banks only.
623
FEDERAL RESERVE BULLETIN
OCTOBEE 1933
ALL BANES IN THE UNITED STATES—LOANS AND INVESTMENTS
[In millions of dollars.
Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private
banks under State supervision]
All banks
Member banks
Nonmember banks
Other nonmember banks
Mutual savings banks
Date
Total
Loans
Investments
Total
Loans
Investments
Total
Loans
Investments
Total
Loans
Investments
1928—June 3O.._.
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
1 9,242
9,390
5,518
15,518
5,694
3,723
13,723
12,962
12,049
13,192
9,643
9,828
9,913
3,320
3,222
3,279
1929—Mar. 27.
June 29..
Oct. 4 —
Dec. 31..
58,019
58,474
58,835
58,417
40,557
41,512
42,201
41,898
17,462
16,962
16,634
16,519
35,393
35,711
35,914
24,945
25,658
26,165
26,150
10,448
10,052
9,749
9,784
19,390
9,556
19,556
9,463
5,892
15,892
5,945
13,696
3,664
13,664
3,518
13,236
13,207
13,366
13,020
9,918
9,961
10,144
3,317
3,248
3,221
3,217
1930—Mar. 27...
June 30—
Sept. 24...
Dec. 31—.
57,386
68,108
67,590
56,209
40,686
40,618
39,715
38,135
16,700
17,490
17,875
18,074
35,056
35,656
35,472
34,860
25,119
25,214
24,738
23,870
9,937
10,442
10,734
10,989
19,463
9,747
i 9,747
9,987
15,945
6,009
16,009
6,068
13,518
3,739
i 3,739
3,920
12,868
12,706
12,371
11,362
9,623
9,395
8,968
8,196
3,245
3,309
3,402
3,165
1931—Mar. 2 5 . . .
June 30
Sept. 2 9 . . .
Dec. 31—_
55,924
55,021
53,365
49,704
36,813
35,384
33,750
31,305
19,111
19,637
19,615
18,399
34,729
33,923
33,073
30,575
22,840
21,816
20,874
19,261
11,889 19,987
12,106 10,506
12,199 110,506
11,314 10,488
i 6,068
13,920
4,337
14,337
4,270
11,208
10,593
9,786
8,641
7,906
7,399
6,707
5,827
3,302
3,194
3,079
2,814
1932—June 30..
Sept. 30.
Dec. 31..
46,071
45,852
44,946
27,834
26,985
26,063
18,237
18,867
18,883
28,001
28,045
27,469
16,587
15,924
15,204
11,414
10,316
12,121 i 10,316
12,265
10,182
6,130
4,186
* 6,130 i 4,186
4,103
6,079
7,755
7,491
7,295
5,117
4,931
4,780
2,637
2,560
2,515
1933—June 30..
9,242
6,218
2 24,786 * 12,858 »11,928
2
* Figures of preceding call carried forward.
ALL BANKS IN THE UNITED STATES—DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS
[In millions of dollars. Includes national banks, State commercial
banks and trust companies, mutual and stock savings banks, and all
private banks under State supervision]
Nonmember banks
Date
All
banks
Member
banks
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
Total
Date
25,941
25,828
25,576
8,929
8,896
8,837
7,685
7,670
7,629
1,244
1,226
1,208
1615
612
16,397
16,317
16,127
25,341
25,110
24,951
24,630
8,755
8,707
8,616
8,522
7,569
7,530
7,468
7,403
1,186
1,177
1,148
1,119
1612
611
1611
609
15,974
15,792
15,724
15,499
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
»609
1606
603
15,208
14,931
14,738
14,114
22,372
21,903
21,294
19,966
7,928
7,782
7,599
7,246
6,930
6,800
6,653
6,368
998
1603
982
946
1600
878
597
19,046
18,794
18,390
6,980
6,904
6,816
6,145
6,080
6,011
835
4,897
2 709
8,653
i 8,653
8,849
12,612
12,929
13,091
1928—June 30
Oct. 3
Dec 31
1929—Mar. 27_
June 29
Oct. 4___
Dec. 31
33, 215
32,284
33,004
33,865
18,849
i 8,983
8,916
12,481
12,684
13,193
12,507
1929—Mar. 27
June 29
Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24-_
Dec, 31
53,185
54,954
52,784
53,039
32,082
33,690
31,839
32,560
18,916
9,197
1 9,197
9,507
12,187
12,067
11,748
10,972
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Sept. 29
Dec. 31
51,427
51,782
49,152
45,821
31,153
31,566
29,469
27,432
i 9,507
10,017
110,017
10,105
10,767
10,199
. . .
8,284
1931 Mar. 25
June 30
Sept 29
Dec. 31
1932—June 30
Sept. 30
Dec. 31
41,963
41,942
41,643
24,755
24,903
24,803
10,020
110,020
10,022
7,188
7,020
6,818
1932—June 30
Sept. 30
Dec 31
....
»23,338
* Figures of preceding call carried forward.
* Licensed banks only.
1933—June 30
Mu- Other
tual
nonsav- memings
ber
banks banks
Total
Mutual
Other
savings nonmembanks ber banks
32,133
32,138
34,826
1933—June 30
Nonmember
banks
National State
53,398
53, 720
66,766
54, 545
53,852
55,180
55,289
1928—June 30
Oct. 3
Dec. 31
Licensed banks only.
..
-
.—
2 5,606
2
1 Figures of preceding call carried forward.
2 Licensed banks only.
824
805
615
606
600
594
1594
594
13,841
13,521
13,095
12,123
11,472
11,296
10,980
624
FEDERAL RESERVE BULLETIN
OCTOBER 1933
REPORTING MEMBER BANES IN 90 LEADING CITIES»
[In millions of dollars]
Total—90 leading cities
Loans and investments
Loans and investments
Date
Investments
All
Loans
on se- other
curities loans
Total
U.S. seTotal curities
Borrowings
at F.R.
banks Total
Investments
All
Loans
on se- other
curities loans
U.S. seTotal curities
3,402
9,488
9,432
9,437
9,421
141
135
124
1,615
1,594
1,617
1,624
1,694
3,462
3,485
3,495
3,499
3,506
2,353
2,357
2,378
2,384
2,429
9,535
9,528
9,499
9,543
9,493
129
80
85
78
76
1,777
1,840
1,813
1,791
1,682
1,677
1,642
1,609
3,511
3,476
3,584
3,513
2,443
2,484
2,438
9,515
9,528
9,766
9,752
60
53
50
26
6,937
6,932
6,858
6,731
1,847
1,894
1,862
1,790
1,607
1,609
1,596
1,579
3,483
3,429
3,400
3,362
2,409
2,354
2,332
2,293
9,749
9,792
9,908
9,931
31
21
22
28
5,048
5,037
5,186
5,155
5,131
6,732
6,722
6,-743
6,685
6,726
1,778
1,775
1,800
1,757
1,794
1,596
1,590
, 603
,589
,591
3,358
3,357
3,340
3,339
3,341
2,300
2,307
2,299
2,287
2,293
9,825
9,802
9,965
9,920
9,881
31
28
38
29
5,083
5,044
5,086
5,056
6,711
6,744
6,742
1,795
1,820
1,743
1,731
1,610
3,300
3,368
3,354
2,257
2,252
2,314
2,297
9,851
9,836
9,850
9,831
27
22
20
22
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
May3._
May 10..
May 17..
May 24.
May 31..
16,288
16,318
16,346
16,329
16,426
3,715
3,724
3,648
3,713
4,706
4,689
4,697
4,704
4,772
7,884
7,914
7,925
7,977
7,941
4,909
4,908
4,934
4,963
4,948
129
80
85
78
76
6,753
6,790
6,847
6,786
6,933
1,676
1,711
1,735
1,663
1,733
June 7...
June 14_.
June 21..
June 28..
16,485
16,521
16,805
16,665
3,742
3,798
3,769
3,748
4,769
4,761
4,731
4,704
7,974
7,962
8,305
8,213
5,013
4,990
5,307
5,254
60
53
50
26
6,970
6,993
7,039
6,913
July 5...
July 12..
July 19..
July 26..
16,686
16,724
16,766
16,662
3,811
3,874
3,864
3,789
4,719
4,768
4,790
4,772
8,156
8,082
8,112
8,101
5,203
5,126
5,140
5,117
31
21
22
Aug.
Aug.
Aug.
Aug.
Aug.
16,557
16,524
16,708
16,605
16,607
3,772
3,768
3,795
3,737
3,766
4,774
4,770
4,788
4,768
4,767
8,011
7,986
8,125
8,100
8,074
16,562
16,580
16,592
16,529
3,748
3,773
3,703
3,687
4,790
4,823
4,857
4,853
8,024
7,984
8,032
7,989
Sept. 6Sept. 13.
Sept. 20.
Sept. 27.
Total
BorBorloans rowings
rowings and
in- at F.R.
at F.R. vestbanks ments banks
2,215
2,208
2,236
2,269
Apr. 5...
Apr. 12..
Apr. 19..
Apr. 26..
2._
9._
162330-
89 other leading
cities
New York City
L,624
,631
1,613
i See note on p . 273, M A Y BULLETIN, explaining the basis on which these figures have been compiled.
Back figures.—See August BULLETIN, pp. 519-523.
BROKERS9 LOANS
MADE BY R E P O R T I N G
REPORTED BY THE NEW YORK STOCK EXCHANGE
M E M B E R BANKS I N N.Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures]
[Net borrowings on demand and on time. In millions of dollars]
From private
From New
York banks banks, brokers,
and trust com- foreign banking
agencies, etc.
panies
Total
End of month
1932
January
February
March
April
May
June
July
August
September
October
November
December
.
.
—
1933
1932
1933
1932
1933
512
525
533
359
360
311
374
385
391
270
298
247
138
140
142
90
62
64
379
300
244
322
529
780
300
243
194
268
461
694
79
57
49
54
68
86
242
332
380
916
917
897
195
248
292
822
841
806
47
85
88
61
61
68
94
76
91
325
338
347
263
278
279
Back figures.—See Annual Reports for 1932 (table 84) and 1927
(table 47).
Month or date
1932—-September.,
October
November..
December..
1933—January
February
March
April
MayJune
July
August
September..
Sept.
Sept.
Sept.
Sept.
6
13
20
27
Total
409
411
354
393
380
433
For account of For acFor
own ac- out-of- count of
count
town
others
banks *
578
755
919
877
847
377
365
416
373
374
555
712
806
747
741
825
806
761
790
715
697
19
16
12
12
11
10
18
21
17
36
105
122
92
103
102
» Member and nonmember banks outside New York City (domestio
banks only).
Back figures.—See Annual Reports for 1932 (table 83), 1931 (table 62)
1930 (table 50), etc.
625
FEDERAL RESERVE BULLETIN
OCTOBER 1933
ACCEPTANCES AND COMMERCIAL PAPER
BANKERS* ACCEPTANCES OUTSTANDING (DOLLAR
ACCEPTANCES)
CLASSES O F BANKERS' ACCEPTANCES (DOLLAR
ACCEPTANCES)
[In millions of dollars]
[In millions of dollars]
Held b y Federal Reserve
banks
End of month
Total
outstanding
Held by accepting
banks
For
Held
acby
For count
others
Own
Bills
own of foreign Total bills bought
account correspondents
996
1,040
1,002
974
124
95
39
70
420
647
418
305
380
341
243
228
100
99
126
251
464
554
668
606
410
230
296
262
171
196
232
168
162
112
125
131
293
357
436
438
248
118
171
131
444
379
278
186
67
63
161
156
1932—January,..
FebruaryMarch
April
May
June
July
August
September.
October. _.
NovemberDecember .
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
610
518
563
574
573
605
655
604
159
175
155
188
225
200
197
198
159
199
268
224
174
168
222
268
286
318
366
376
414
406
386
380
195
189
163
115
90
96
70
55
64
52
28
62
1933—January.._
February..
March
April
May
June
July
August
September.
707
704
671
697
669
687
738
694
715
2
307
280
164
13
41
2
1
1
41
30
45
43
36
36
37
40
41
626
325
261
404
505
487
552
499
517
256
201
153
206
229
201
248
252
236
370
124
108
199
276
287
304
247
282
38
42
85
86
115
123
147
154
156
1931—May
June
July
August.
September
October
November...
December...
1,413
1,368
1,228
1,090
End of month
Total
Baseci
on
im-
ports
into
U.S.
Based
Based
,'on goods
on
stored in
goods
United
stored
Basec States
in
on ex- (ware- Dollar foreign
ports house
ex- counfrom credits) change tries or
U.S.
or
shipped
shipped
bebetween
tween
domestic
foreign
points
points
OUTSTANDING
1932—August.._
September
October
November
December
1933—January
February
March
April
May
June
JulyAugust
_
....
681
683
699
720
710
707
704
671
696
669
687
738
694
76
73
81
81
79
71
71
73
77
77
80
86
95
3
2
3
4
4
2
307
280
164
13
41
2
1
ft
152
156
157
161
164
166
174
175
176
174
168
168
160
192
212
222
237
230
222
219
184
199
185
217
255
229
11
8
6
9
10
11
9
8
10
9
9
10
4
250
234
231
232
228
237
231
230
234
225
213
219
206
1
1
2
3
2
1
105
87
38
2
11
0)
(*)
1
1
1
4
2
1
1
1
1
107
97
66
6
16
1
HELD BY F. R. BANKS
(OWN ACCOUNT) »
1932—August
September
October
November
December.
1933—January..
February
March
April.
May
June
July .
August
..
._
(3)
(*)
(*)
31
33
20
2
7
(2)
(i)
(2)
1
58
56
35
3
6
1
(J)
5
4
2
Figures for acceptances outstanding (and held b y accepting banks)
from American Acceptance Council.
Back figures—See Annual Reports for 1932 (table 91), 1931 (table 70),
1930 (table 64), 1929 (table 58), and 1928 (table 61),
» Total holdings of Federal Reserve banks include a small amount of
unclassified acceptances.
* Less than $500,000.
Back figures.—Bee Annual Reports for 1932 (tables 88 and 23), 1931
(table 15), 1930 (tables 61 and 14), etc.
ACCEPTANCES PAYABLE I N F O R E I G N C U R R E N C I E S H O L D I N G S O F FEDERAL RESERVE BANKS
COMMERCIAL P A P E R OUTSTANDING
[In millions of dollars]
[In thousands of dollars]
End of month
January
February..
March
April
May
June
July
August
September
October—
November.
December.
1930
1,035
L,038
,040
,054
,058
] ,064
,065
,071
,075
21,583
31,587
35,983
1931
36,119
23,958
1,063
1,074
1,073
10,551
34,371
145,215
48,804
33,501
33,386
33,429
1932
33,444
33,478
30,778
30,736
30,837
30,762
30,645
30,834
30,849
30,659
30,652
29,489
Back figures,—See Annual Report for 1932 (table 24).
1933
29,036
28,997
24,788
7,181
6,981
7,089
6,821
6,199
6,068
End of month
January
February-.
March
April
May
June
July_
August
September.
October
November..
December—
1930
404
457
529
553
541
527
528
526
513
485
448
358
1931
1932
327
315
311
307
305
292
289
271
248
210
174
118
Back figures,—See Annual Report for 1930 (table 60).
108
108
106
108
111
103
100
108
110
113
110
81
1933
85
84
72
64
60
73
97
107
626
FEDERAL RESERVE BULLETIN
OCTOBER 1933
FEDERAL RESERVE BANK RATES
OPEN-MARKET RATES
DISCOUNT RATES
RATES I N N E W YORK CITY
[Bates on rediscounts for and advances to member banks under sections
13 and 13 (a) of the Federal Reserve Act]
Average rate Average yield
on—
on—
U.S.
Call
loans»
TreasPrime Prime
ury
Time
Month or week com- banknotes Treasers'
mercial acceptloans,
and
ury 3
paper, ances,
90
Re- certifi4 to 6
days J New newal cates, bonds
90
months days
3 to 6
months
Federal Reserve bank
Boston
New YorkPhiladelphia.—
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City—..
Dallas
San Francisco..
Rate in
effect on
Oct. 16
Date established
June
May
3 June
3 June
3H Jan.
Nov.
May
June
Sept.
Oct.
Jan.
June
Previous
rate
1,1933
26,1933
3
m
8,1933
10,1933
25,1932
14,1931
27,1933
8,1933
12.1930
23.1931
28.1932
2,1933
3H
4
3
Back figures.—See Annual Reports for 1932 (table 53), 1931 (table 36).
The following special rates were also in effect at the
Federal Reserve banks on October 16, 1933:
Percent
Advances to member banks under sec. 10 (b) of the Federal Reserve act, as amended by sec. 402 of the act of Mar. 9,1933:
At the New York and Chicago Federal Reserve banks
At the Boston, Philadelphia, Cleveland, Atlanta, and San
Francisco Federal Reserve banks—
At the Richmond, St. Louis, Minneapolis, Kansas City, and
Dallas Federal reserve banks.
Advances to nonmember banks and trust companies under sec.
404 of the act of Mar. 9,1933, as amended by the act of Mar. 24,
1933:
At the New York and Chicago Federal Reserve banks..
At the Boston, Philadelphia, Cleveland, Atlanta, and San
Francisco Federal Reserve banks
_
_
At the Richmond, St. Louis, Minneapolis, Kansas City, and
Dallas Federal reserve banks
Discounts for individuals, partnerships, and corporations under
the third paragraph of sec. 13 of the Federal Reserve act, as
amended by sec. 210 of the act of July 21,1932
Advances to individuals, partnerships, and corporations secured
by direct obligations of the United States under the last paragraph of sec. 13 of the Federal Reserve act, as amended by sec.
403 of the act of Mar. 9,1933:
At the New York and Chicago Federal Reserve banks..
At the Boston, Philadelphia, Cleveland, Richmond, Atlanta,
St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco Federal Reserve banks
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Maturity
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
Oct. 16
Date established
1 June 29,1933
do
1
do
1
do
1
do
1
do
1
IK
do
4
4^
5
4
4J^
5
6
4
August
September
October
November
December
Previous
rate
2
2
2
2
2
2\i
2H
"NOTE?—Ra^
2
2.00
2.00
1.35
1.00
1.00
2.00
2.00
1.35
1.00
1.00
«.O4
3.57
3.54
3.54
3.55
3.48
X 1.00
1.00
3.27
l -IX 1.29
1.00
X 1 -I
1.00
X X-i
1.00
X-l
i -m .98
.75
1.00
1.00
3.32
1.37
1.00
1.00
1.00
.98
.75
.07
.01
U.34
.45
.29
*.07
.19
.01
*,04
3.47
3.58
3.55
3.47
3.40
3.38
3.40
3.40
.85
.75
.75
.75
.75
.85
.75
.75
.75
.75
.10
.06
3.38
3.38
3.38
3.42
3.42
-2
X
IK-IK
1933
January
February
ix-m
March
1H-4M
April
2 May
2 June
July
August
September
Week e n d i n g Sept. 2
IX
Sept. 9
Sept. 16___.
Sept. 23.._.
Sept. 30
IX
X-H
X-X
x-x
X-X
H-X
.14
*J Stock exchange call loans; new and renewal rates.
Stock exchange 90-day time loans.
* 3 issues—3%, 3%, 4 percent; yields calculated on basis of last redemption dates—1947, 1956, and 1954.
* Change of issues on which yield is computed.
Back figures—See Annual Report for 1932 (tables 56 and 57), 1931
(tables 39 and 40), 1930 (tables 36 and 37), 1929 (tables 35 and 36), etc.
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
4H
charged for other classes of bills.
Back figures—See Annual Reports for 1932 (table 54), 1931 (table 37),
and 1928 (table 35).
Prevailing rate on—
[Weighted averages of prevailing rates]
New York City
8 other northern
and eastern cities
27 southern and
western cities
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
4.12
4.11
4.88
4.33
4 24
4. 10
3.93
3.97
3.79
4.61
4.63
4.62
4.57
4.55
4.49
4.48
4.47
4.48
4.62
4.87
4 91
5.07
5.13
5.14
5.10
5.14
5.13
5.05
5.12
5.03
4.96
4.88
4 88
4.89
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
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
Month
January
February
March
April
May
June
July
August
SeptemberOctober
November...
December. _.
4.71
4.71
4.72
4.69
4.55
4.61
4.42
4.45
4.30
4.35
4.12
•4 2 2
1933
5.60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
Back figures.—See Annual Reports for 1932 (table 59), 1931 (table 42)
627
FEDERAL RESERVE BULLETIN
OCTOBER 1933
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
[In millions of dollars]
Total
(gross
debt)
End of month
January
February
March
April
May..
June
July
August
September
October
November
December
Total
Bonds
Notes
Certificates
1932
_
17,816
18,126
18,507
18,597
19,037
19,487
19,612
20,067
20,611
20,813
20,807
20,805
17,515
17,820
18,190
18,287
18,729
19,161
19,297
19,758
20,296
20,485
20,476
20,448
14,307
14,307
14,307
14,307
14,277
14,250
14,257
14,257
14,257
14,257
14,257
14,223
20,802
20,935
21,362
21,441
21,853
22,539
22,610
23,099
23, 051
20,454
20,584
20,992
21,087
21,469
22,158
22,240
22,723
22,672
14,230
14,230
14,230
14,230
14,223
14,223
14,239
15,074
15,074
1933
January
February
March
April
May
June
July
August
September
Noninterest-bearing
Interest-bearing
Bills
1,041
1,465
1,487
2,197
3,031
3,539
3,539
3,299
1,839
2,200
2,568
2,562
2,792
2,831
2,907
2,656
2,385
2,044
2,038
2,284
518
520
622
619
616
647
648
623
645
643
642
3,298
3,576
3,575
3,575
4,148
4,780
4,800
5,153
5,151
2,285
2,138
2,369
2,363
2,119
2,200
2,246
1,543
1,495
641
641
817
918
979
954
954
953
952
795
795
796
796
Matured
securities
575
41
40
Other
40
40
60
50
47
55
55
52
64
269
265
270
269
268
266
264
262
260
273
279
293
55
59
82
68
71
66
55
64
70
293
291
289
286
314
315
316
312
309
47
SUMMARY OF TREASURY OPERATIONS
[In millions of dollars]
Expenditures
Month
Receipts i
Total
January
February
March
April
May .
June
July
August
September___
October
November
December
«. _
January
February
March.__
April
May .
June.-..
July
August
September .
1i
1
1932
» _
__
1933
. __
...
_. - .
_
108
97
276
99
92
244
101
111
260
148
125
352
233
371
385
544
441
661
498
373
281
456
283
386
-125
-274
-110
-445
-349
—417
-397
-262
-21
—308
—158
-34
-134
36
272
—355
91
33
-272
194
523
—107
-165
-35
-10
310
381
90
440
450
125
455
544
201
—6
-1
134
121
283
131
167
306
179
197
333
358
360
439
461
455
493
278
321
339
-224
-239
—156
-330
-288
-187
-99
-124
-6
-227
-106
271
-252
124
498
-28
366
-54
-3
133
428
79
412
685
71
489
-48
Total, including trust fund receipts.
Including trust fund expenditures and excluding public debt retirement.
Classification not available for earlier months.
GeneralJ
Increase or decrease (—)
during the month
Excess of
receipts or
expendiGeneral
Emergency tures (—) fund bal- Gross debt
ance
3 203
182
258
• 75
139
81
628
FEDERAL RESERVE BULLETIN
OCTOBER 1933
STOCK PRICES
BOND PRICES
[Averages]
Other bonds»
United
States CorpoCorporate
Govern- rate and
ment
municbonds
ipal
Rail(high- Total Industrial road Utility
grade)
Month or date
Number of issues
60
20
20
20
1932—September
October
November
December...
101.7
101.8
101.7
102.3
87.0
85.2
83.1
82.2
74.6
70.8
69.2
67.7
67.9
63.9
63.0
62.4
71.1
66.1
63.0
59.6
84.9
82.7
81.7
81.1
1933—January
February
March
April
May
June
July
August
September
103.3
102.4
101.0
101.3
102.4
103.2
103.3
102.9
103.0
84.1
82.5
76.8
75.4
82.0
86.8
89.6
89.9
87.9
70.7
68.5
66.0
64.8
72.4
77.7
81.5
80.8
77.5
64.9
62.1
60.7
61.0
68.2
72.8
75.6
75.9
74.5
63.4
62.9
60.6
58.9
69.4
76.1
82.2
81.2
76.8
83.9
80.7
76.8
74.7
79.5
84.2
86.8
85.3
81.4
Sept. 6
Sept. 13
Sept. 20
Sept. 27
103.1
103.3
102.6
103.0
88.9
89.4
86.5
86.6
78.9
79.0
76.4
75.7
75.0
75.4
73.9
73.5
79.1
79.0
74.9
73.7
82.7
82.6
80.5
79.8
»60
Preferred Common stocks (index, 1926=100)
stocks
(industrial high- Total Indus- Rail- Utility
road
trial
grade)
Month or date
37
Number of issues
20
1932—September
October
November
December. _
101.8
99.8
97.4
95.4
58
50
48
47
56
48
45
45
35
28
26
26
91
81
78
80
97.8
95.7
93.1
95.7
103.3
109.7
'112.5
'112.9
112.0
49
45
46
43
28
27
82
73
43
48
63
75
80
75
75
42
49
65
77
84
79
81
26
26
38
44
53
49
47
67
64
79
97
98
87
80
112.8
113.0
111.6
110.4
77
82
50
84
1933—JanuaryFebruary
March
April
May
June
July .
August
September.
._
Sept. 6
Sept. 13
Sept. 20
Sept. 27
r
421
33
351
78
76
69
51
47
41
84
83
75
85
77
74
Revised.
Source.—Standard Statistics Co.
i Price averages computed from yields.
»3 Liberty bonds and 9 Treasury bonds.
45 corporate and 15 municipal.
Source.—For United States Government bonds, Federal Reserve Bank
of New York; for other bonds, Standard Statistics Co.
CAPITAL ISSUES
1
BOND YIELDS
[Long-term; i.e., 1 year or more. In millions of dollars]
New issues
1
Domestic
Year and month
U.S. Municipal a
Treas- (highury
grade)
Month or date
Number of issues
1932—March
AprU
May
June
July
August
September
October
November
December
1933—January
February
March
AprD
May
June
July
August—
September
Sept. 6
Sept. 13
Sept. 20
Sept. 27
_
Corporate, by ratings »
Aaa
Aa
A
Baa
3
15
30
30
30
30
3.92
3.74
3.77
3.78
3.65
3.57
3.54
3.54
3.55
3.48
4.79
4.73
4.77
4.81
4.78
4.50
4.39
4.37
4.38
4.37
4.98
5.17
5.36
5.41
5.26
4.91
4.70
4.64
4.63
4.59
5.85
6.10
6.38
6.60
6.51
5.83
5.54
5.51
5.57
5.60
6.80
7.48
8.40
8.50
8.19
6.84
6.45
6.44
6.53
6.61
8.83
10.46
11.63
11.52
10.79
8.22
7.61
7.87
8.24
8.42
'3.40
3.47
3.58
3.55
3.47
3.40
3.38
'3.40
3.40
4.23
4.28
4.88
5.05
5.27
4.71
4.59
4.54
4.59
=
4.52
4.50
4.70
4.65
4.44
4.48
4.68
4.78
4.63
4.46
4.36
4.30
4.35
5.30
5.35
5.61
5.81
5.40
5.09
4.83
4.77
4.96
6.16
6.30
6.64
6.85
6.29
5.88
5.58
5.51
5.70
8.01
8.36
8.91
9.12
7.74
7.07
6.62
6.77
7.26
4.33
4.30
4.42
4.38
4.89
4.87
5.10
5.04
5.64
5.60
5.81
5.81
7.06
7.05
7.46
7.58
3.39
3.37
3.43
3.40
^Monthly data are averages of daily or weekly figures.
«Standard
Statistics Co.
1
Moody's Investors' Service.
' Revised.
1925
1926
1927
1928
1929
1930
1931
1932
1932—SeptemberOctober
NovemberDecember. _
1933—January
February.. _
March
April.
May..
JuneJuly-.
August
September., _
Refunding
issues
(domestic
and
foreign)
Total
(domestic
and
foreign)
Total *
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
2,452
2,667
3,183
2,385
2,078
2,980
1,240
1,153
1,087
1,474
2,961
5,924
1,503
1,076
1,125
1,337
1,251
305
311
20
925
1,046
2,220
1,858
1,422
711
949
583
75
94
44
124
73
94
43
124
63
36
28
99
6
47
9
6
0
2
2
4
2
0
1
76
43
32
35
65
20
16
25
44
110
117
46
64
65
20
16
25
44
110
117
46
64
33
19
1
0
16
1
3
0
0
0
3
Corporate
ForState
and
eign
mu- Bonds
nici- and Stocks
pal
notes
755
17
13
8
40
98
28
32
37
0
3
1
3
9
671
905
229
8
0
0
0
0
0
53
14
0
0
0
0
9
0
45
37
3
20
60
112
45
7
30
» Includes issues of Federal land banks and Federal intermediate credit
banks, not shown separately.
Sources— For domestic issues: Commercial and Financial Chronicle;
for foreign issues (issues publicly offered) annual totals are as finally
reported by Department of Commerce, while monthly figures are as
compiled currently and are subject to revision.
Back figures.—See (for figures of new issues—annual and quarterly
basis) Annual Report for 1932 (table 103).
629
FEDERAL RESERVE BULLETIN
OCTOBER 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 » *
Factory
Freight-car
pay
loadings * * ComYear and
Total 5
Manufactures1 Mine rals1
Total
Residential
All other
modrolls 3
month
ity
prices*
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
Factory employment 3
1919
1920
1921
1922
1923
1924
1925 _1926
1927
1928
1929
1930 1931
1932
77
84
87
67
86
101
94
105
108
106
112
119
95
80
63
83
87
67
85
101
95
104
108
106
111
119
96
81
64
63
63
56
79
84
94
122
129
129
135
117
92
63
28
89
70
74
105
96
99
108
107
106
115
99
84
71
1929
December
96
103
93
101
110
116
1930
January..
FebruaryMarch
April
May
June
July
August.—
September
October. _
November
December
103
109
106
107
105
99
90
90
92
90
84
76
106
107
103
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
88
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
1931
January..
February.
March
April
May June
July ..
August ...
September
October..
November
December
82
87
89
90
89
83
80
78
77
75
72
68
83
86
87
88
87
83
82
78
76
73
73
74
81
88
91
91
90
83
79
77
76
72
70
66
83
86
87
87
87
82
82
78
75
71
71
72
87
84
82
83
84
86
86
82
83
90
84
79
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
58
55
58
66
67
63
58
71
68
64
61
58
58
57
59
65
66
63
64
1933
January..
February.
March
April
May
June
July.
August.—
64
64
60
67
80
91
96
»90
65
63
60
66
78
92
100
*91
63
63
58
68
80
93
97
*89
64
61
56
66
78
93
101
*91
1932
January..
FebruaryMarch
April
May
79
44
30
44
68
81
95
124
121
117
126
87
50
37
13
107
108
82
90
104
96
100
101
99
97
101
88
- 74
62
90
65
88
86
94
120
135
139
142
142
125
84
40
98
118
77
81
103
96
101
104
102
102
108
87
66
45
84
91
79
87
100
97
103
106
103
103
106
92
75
56
139
154
98
97
101
98
104
100
95
97
95
86
73
65
84
102
53
61
109
136
95
97
99
89
102
93
78
46
44
54
62
61
54
48
48
52
51
46
37
56
49
52
53
52
49
47
49
52
52
48
43
104
126
141
156
178
166
155
115
108
94
86
77
128
148
144
140
148
140
135
106
105
99
99
98
93
93
93
93
91
89
86
85
86
84
81
79
96
94
93
92
91
90
87
84
83
82
81
80
94
98
98
97
94
91
83
82
83
81
75
74
89
91
90
93
97
95
95
96
99
97
86
74
100
99
96
97
96
93
92
89
87
86
84
84
93
91
90
9C
89
68
59
95
104
102
101
105
99
95
81
81
78
76
73
84
84
84
83
81
80
89
87
89
91
87
87
86
79
78
83
81
84
58
68
77
82
78
74
68
63
59
52
43
30
71
79
77
73
65
63
61
59
59
55
49
38
37
42
50
52
47
41
36
32
32
29
26
20
44
47
47
44
40
37
35
33
32
30
27
23
75
89
98
107
104
101
94
87
81
71
57
39
93
104
100
96
85
84
82
81
80
76
67
50
76
77
78
78
77
75
74
74
75
71
69
68
78
78
78
78
78
76
75
74
73
70
69
69
68
73
75
74
72
68
64
64
62
59
56
56
74
74
75
77
79
77
78
76
78
78
70
61
82
80
80
80
79
77
76
72
69
69
68
69
78
77
76
75
73
72
72
72
71
70
70
69
74
75
77
72
65
61
62
66
73
80
78
72
77
78
84
79
67
63
64
65
70
74
75
76
25
23
26
31
31
32
31
32
30
28
24
22
31
27
26
27
26
27
27
30
30
29
27
28
16
15
16
16
14
12
12
11
12
12
10
8
19
17
15
14
12
11
11
12
12
12
10
9
33
30
35
43
45
47
46
48
45
41
35
33
41
35
36
38
37
39
40
45
44
43
41
43
66
67
66
64
61
59
57
59
62
62
61
60
68
68
66
64
62
60
58
59
60
61
61
61
52
54
52
49
46
43
40
40
42
44
42
41
58
59
58
57
53
52
51
53
61
65
58
52
64
62
61
59
54
52
51
51
54
57
57
58
67
66
66
66
64
64
65
65
65
64
64
63
71
76
74
73
79
81
72
78
84
90
91
18
16
14
16
19
21
24
25
22
19
14
14
16
18
21
24
7
7
8
8
8
10
11
13
13
13
27
23
18
19
24
27
32
36
33
27
18
17
20
23
28
33
58
59
57
58
60
64
69
73
59
59
57
58
61
65
70
73
39
40
37
39
42
46
50
56
51
51
48
51
56
60
66
65
56
54
50
53
56
60
65
61
61
60
60
60
63
65
69
65
76
82
89
94
> Preliminary.
89
102
113
125
116
107
85
82
75
8
11
13
14
13
13
87
70
• Average per working day.
1 For indexes of groups and separate industries see pp. 662-663; for description see BULLETIN for February and March 1927; for revised figures
from2 1919 to date see BULLETIN for September 1933, pp. 584-585.
3-month moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358.
»4 For indexes of groups and separate industries see p. 664; for description and back figures see BULLETIN for November 1929 and November 1930.
For indexes of groups see p. 630; for back figures see BULLETIN for February 1931, p. 108.
* Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities are given on p. 665.
630
FEDERAL RESERVE BULLETIN
OCTOBER 1933
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
Merchandise imports
Excess of exports
Month
1929
1932
1931
1930
1933
1930
1929
1931
1932
1933
1929
1930
1931
1932
1933
January
February
March
.>
488
442
490
411
349
370
250
224
236
150
154
155
121
102
108
369
369
384
311
282
300
183
175
210
136
131
131
96
84
95
119
72
106
100
67
69
66
49
26
15
23
24
25
18
13
April
May
June
July
August
September
425
385
393
332
320
295
215
204
187
135
132
114
105
114
120
411
400
353
308
285
250
186
180
173
127
112
110
88
107
122
15
-15
40
24
35
44
29
24
14
9
20
4
17
7
-2
403
381
437
267
298
312
181
165
180
107
109
132
144
P131
353
369
351
221
218
226
174
167
170
79
91
98
143
»155
50
11
86
46
79
86
6
-2
10
27
17
34
1
*-24
October
November
December
Year
529
442
427
327
289
275
205
194
184
153
139
132
391
338
310
247
204
209
169
149
154
105
104
97
137
104
117
80
85
66
36
44
30
48
34
35
5,241
3,843
2,424
1,611
4,399
3,061
2,091
1,323
842
782
334
288
1
9 Preliminary.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1923-25 average ==100]
Month
[Index numbers; 1923-25 average=100]
Index of stocks (end of
month)
Index of sales *
1933
Adjusted
Without
Adjusted
Without
for seasonal seasonal ad- for seasonal seasonal advariation justment
variation
justment
Apr.
May
June
July
Aug
Adjusted for seasonal variation
January
February
March
April
May
June
July
August
October
November
December
Year
_
1932
1933
1932
1933
1932
1933
1932
78
78
72
60
60
57
64
64
69
49
49
50
75
73
70
58
57
54
66
69
73
52
54
55
79
72
69
67
67
68
74
72
66
68
67
64
69
68
67
53
55
57
72
69
65
55
56
56
65
65
68
'70
77
46
49
71
49
59
64
61
60
60
64
59
59
63
56
62
69
63
60
75
73
106
61
61
60
67
69
56
1933
Total
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore
Miscellaneous
Merchandise *
65
75
53
53
29
56
52
33
60
63
44
63
99
53
22
17
52
63
99
54
95
54
34
18
61
67
82
55
39
34
64
70
28
14
57
66
61
74
61
53
56
35
53
57
Without seasonal adjustment
65
66
Total
51
56
60
72
44
66
Coal
54
47
55
Coke
27
33
44
55
69
66
Grain and grain prod64
76
81
98
83
ucts
50
50
51
46
46
Livestock
r
p
Preliminary.
Revised.
37
24
30
38
36
Forest
products
1
Based throughout on figures of daily average sales—with allowance
90
8
21
32
62
Ore
_
for changes from month to month in number of Saturdays and for 6
63
54
60
64
67
Miscellaneous
national holidays: New Year's Day, Memorial Day, Independence Day,
65
68
70
Merchandise *
67
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.
* In less-than-carioad lots.
NOTE.—Figures on value of department store sales in 1929 as reported
Based on daily average loadings. Source of basic data: American
to the U.S. Bureau of the Census are shown by Federal Reserve districts Railway
Association.
on p. 591.
Backfigures—SeeBULLETIN for November 1930, p. 686.
Backfigures.—BeeBULLETIN for February 1931, pp. 108-110.
631
FEDERAL RESERVE BULLETIN
OCTOBER 1933
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars at par]
Europe
End of month
1932—August
SeptembersOctober
NovembersDecember. ._
1933—January
February
March
April.—.
May , . ,
June—
July
August
September.
Total
(50 countries)
United
States i
11,564
11,696
11,791
11,862
11,897
3,639
3,748
3,819
3,885
4,045
6,897
6,923
6,944
6,949
6,826
364
359
363
362
361
11,925
11,741
11,939
11,975
p 11,917
v 11,892
v 11,981
v 12,041
4,074
3,808
3,916
3,977
3,991
3,997
4,001
4,009
6,818
6,884
6,992
6,988
362
366
371
371
371
372
374
375
376
Canada
Total (27
countries)
Austria
Czecho- Denmark England
Belgium Bulgaria slovakia
6,856
6,932
P4,011
36
France
Germany
676
678
678
678
683
3,224
3,241
3,250
3,267
3,254
183
190
195
197
192
602
692
836
905
907
922
925
926
926
3,221
3,176
3,152
3,170
3,173
3,185
3,213
3,223
v 3,218
196
183
176
73
87
Europe—Continued
End of month
Greece Hungary
Italy
Nether- Norway Poland
lands
302
305
1932—August
SeptemberOctober
November..
December..
306
307
1933—January
FebruaryMarch
April
May
June
July
August
September..
325
331
343
352
356
368
370
Portu- Rumania
Spain Sweden Switzerland U.S.S.R
415
416
416
415
415
435
435
436
436
510
509
509
493
477
413
410
381
374
336
309
311
332
338
436
436
436
436
436
436
436
436
436
477
488
489
460
397
361
351
351
356
28
28
28
28
29
»368
>368
'368
29
31
31
31
34
34
36
2 368
2 368
2 368
a 401
2 401
2 401
Africa
Asia and Oceania
Latin America
other
Yugo- 6counslavia
tries
Total ArTotal
Total
CoNew
(10
South other
Uru- other (7 Aus(4
Chile lom- MexIndia Japan Java Zea- Siam Turcoun- genkey coun- Egypt Africa counico Peru guay coun- coun- traland
tina
lia
bia
tries
tries)
tries tries)
tries)
End of month
1932—August
September..
October
November..
December...
348
346
342
342
345
249
249
249
249
249
523
523
524
523
520
162
162
162
162
162
214
214
214
213
212
78
75
78
77
78
10
10
10
10
10
1933—January
February
March
April
May
June
July
August
347
348
352
355
362
249
249
249
249
249
249
249
249
521
524
503
483
*>483
*>482
162
162
162
162
162
162
162
162
212
212
212
212
212
212
212
212
81
93
96
95
107
10
10
10
10
10
*10
_
*367
9 28
P10
*>10
p Preliminary.
1 Differences between these figures and those shown elsewhere in the BULLETIN for total monetary gold stock in the United States are due to
the exclusion
from the former of gold coin in circulation.
2
Figures of last preceding statement issued by the State Bank of the U.S.S.R. carried forward.
NOTE.—Figures for 35 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they
are as of last report date of month.
The countries for which figures are not shown separately are for Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; Latin
America: Bolivia, Brazil, Ecuador, Guatemala; and Africa: Algeria and Belgian Congo. None of these countries has had gold reserves during this
period in excess of $10,000,000.
For back figures and for additional details relating to this table, see BULLETIN for May 1932, pp. 311-318, and June 1933, pp. 368-372.
632
FEDERAL RESERVE BULLETIN
OCTOBER 1933
GOLD PRODUCTION
[In thousands of dollars at par]
I
Year and month
1930— Total (12 mos.).
1931—-November
December
Total (12 mos.)
Estimated
world
production
Production reported monthly
North and South America
Africa
Total
South
Africa
Rhodesia
430,725 372,726
221,526
11,476
4,995
38,748
38,811
33,319
33,382
18,673
18,809
941
1,041
478
459,104
393,957
224,863
11,193
5,524
33,464
32,415
34,123
33,662
35,319
35,415
35,800
19,587
18,935
19,877
19,593
19,970
19,871
20,268
20,475
480
453
484
466
481
482
546
510
509
515
526
539
Far East
West Belgian
United
Colom- Austra- Japan
Africa Congo Canada States Mexico bia
lia
43,454
47,123
13,813
4,927
4,995
4,127
4,127
3,224
55,687
49,524
914
877
12,866
295
286
304
281
298
309
319
330
304
314
307
294
4,834
4,670
5,285
5,093
5,551
5,592
5,176
5,480
5,406
5,240
5,220
5,514
1,106
948
862
1,057
1,026
960
924
1,138
1,122
1,091
1,165
671
63,061
2 50,626 12,070
292
1932—January
February
March
April
May
June
July
August
September
October
November
December
Total (12 mos.)
36,366
36,579
36,327
35,888
20,157
20,190
20,118
921
956
996
976
977
1,011
981
1,019
1,041
1,044
997
1,080
2490,259 420,997
238,931
12,000
5,992
3,642
1933—January
February
March
April
May
June
July
August
40,990 35,218 20,152
37,377 31,605 18,176
42,066 36,294 19,658
39, 317 33, 545 18, 430
40, 217 34,445 19,519
v 39,300 v 33,528 v 19,008
v 40,375 v 34,603 v 19,094
v40,691 v 34,919 P 19, 322
1,008
989
1,038
1,108
1,108
1.131
1.133
1,137
532
531
522
528
520
561
J»549
^620
280
263
302
281
308
308
4,826
4,718
5,378
4,900
4,913
5,404
5,285
*308 ! 15,168
i 3,597
1 3,535
i 3,494
13,390
l 4,114
1 4,362
1 4,610
i 4,982
15,085
i 5,271
14,858
1 4,651
14,341
1,194
i 3,039
1,095
i 5,209
1,059
13,907
905
1 3,824 1,034
12,935
1992
i 3,638 11,034
i 3,742 1 1,075
India
3,281
9,553
8,021
6,785
312
1,321
1,181
667
664
590
579
4,016
12,134
8,109
6,815
450
386
404
380
447
405
455
524
456
455
415
353
1,032
1,063
1,131
1,164
1,234
1,172
1,244
1,221
1,292
1,216
1,376
1,418
628
657
741
671
653
647
692
696
702
727
715
534
525
545
590
567
603
585
588
559
547
556
581
5,132
14,563
8,198
6,782
513 1,130
344 31,186
487 1,267
644 1,531
576 1,352
490 1,442
797 1,442
782 1.442
666
654
747
726
734
711
1 744
1744
576
608
628
586
556
545
1579
1579
» Preliminary.
i Figure reported by American Bureau of Metal Statistics.
* The total for 1932 is $1,322,000 less than the aggregate of the monthly figures. The annual estimate of $50,626,000 shown for the United States
in 1932 is made by the Bureau of the Mint in cooperation with the Bureau of Mines, whereas the monthly estimates, which aggregate $51,948,000,
are made
by the American Bureau of Metal Statistics in New York City.
8
Beginning with February 1933, the monthly figure employed for South Australia, which represents less than 1 percent of total Australian production, is the monthly average for the period February-June 1933.
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 at par]
United States
Net imports from—
Month
1931—Total (12mos.)
1932—May
June
July
August
September
October
November
December
Total
net imports
145,325
France
6,797 -344,514
-195,514 - 7 , 0 4 7 -63,216
-206,047 - 1 , 9 1 0 -111,411
1,405 -21,513
-3,437
6,093 -17,950
6,103
27,897
5,868
50
20,613
1,251
72
21,740
1,376
7
100,859 51,928
16,357
Total (12mos.)- -446,213
1933—January
February
March
April
May
June
July
August
September »__
England
Germany
China
Bel- Nether- Switzer- Can- Mex- Argen- Co- British and Japan
Hong
gium lands
land
ada
ico
India
tina lombia
Kong
36,026 -15,583 -50,327 -19,768 81,136 22,267 141,263 15,116
- 9 , 7 1 0 -19,930 -58,473 -53,554 4,699
- 1 1 6 -26,250 -23,168 -62,603 5,424
- 2 2 5 4,573
1,021
—8 5,257
219 3,904
320
~~~5,~543
25 506
2,381
7 5,622
2,685
7,546
8,082
10
1,510
816
1,284
2,273
2,843
1,345
893
744
53,585 -441,649 -13,356 -82,571 -96,586 -118,273 64,574 20,087
128,465 50,248
29,490
i 17,776 i 3,310 - 3 , 7 0 9
i -22,081 1-8,935 - 3 , 6 3 0
-9,973 -2,191 -8,993
-21,139 -15,715
-122
-3,244 -2,845
-72
-83,879
- 7 1 3 -79,617
-80,388 - 1 , 5 3 5 -73,173
-55,815 —2,817 - 4 8 , 646
1,067
-1,546
-250
-1,445
-216
15,123
-600
802
-199 -5,005
-724
—115
-27
-2,165
5,274
- 1 , 6 1 4 4,206
- 6 8 1 8,418
327
no
154
203
143
634
552
483
488
344
141
369
125
8,064 34,240 199,286
31,322
2,441
5,172
4,197
3,124
3,800
3,133
3,064
4,122
2,039
1,933
3,322
3,353
3,240 26,597 39,043 49,719
36,383
175
42
-1
12,991
-15
4
2
All
other
countries
13
240
45
467
52 2,855
28 6,068
94 4,773
43 4,697
52 15,193
35 9,446
5
990
1
1
1
3,791
4,866
3,524
4,783
4,205
3,600
2,964
4,974
3,362
5,612 3,729
2,042
3,700
3,208
2,135
a-15,413
1,281 2,973 -3,137
83
-5,729
10
812
-4.121
-5,708
-2,187
» Preliminary.
i 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.
> $17,054,000 exported to Italy.
633
FEDERAL RESERVE BULLETIN
OCTOBER 1933
GOLD MOVEMENTS—Continued
[In thousands of dollars at par]
Great Britain
Net imports from—
Month
Total
net imports
1931—Total (12 mos.)~
United
States
Germany
France
-143,729 -13,401 -319,989
16,973
35,019
22,675
1,296
5,204
5,814
13,857
-29,582
1932—May
June
July
August
September
October
November
December
Total (12 mos.) 1933—January
February
March
April
May
June
July
August
September »_
7,541
15,897
-1,671
-4,259
-6,887
-284
—1,634
-58,561
-10,843
-9,035
-11,361
-20,269
-27, 521
-24,895
-13, 519
-3,277
81,211 -50,643 -297,040
-43,260 -48,314
18,400 -6,559
77,198 11,821
64,767
-6
97,386
2,761
77,671 15,923
89,056
4,763
25, 628
733
45,435
2,826
-2,109
-4,623
3,406
-1,519
32,486
-7,421
18,051
6,259
2,673
Belgium
South
Africa,
South
Nether- Switzer- AmerBritish Straits Austra- RhoCanada India Settlelands
land
lia
ica
ments
West
Africa
33,754 -37,050 -124,101 -60,836
-18
14
4
45
rj
-20
370
-29
29,446
63,083
11,280
406
11,565
12,812
14,204
14,279
13,009
11,973
10,488
803
772
2,122
829
584
943
710
5,623
220,394
10,780
374
296
198
140
401
414
436
817
9,495
7,175
9,178
10,278
14,948
11,281
11,942
4,994
11, 075
587
554
461
1,001
624
1,359
810
848
457
-2,571 -11,310
-214
- 2 , 767 -9,394 -1,081
-4,778 -7,812
-753
-75
-4,015 -10,438
-214
-85 -2,571
-120
-104 -2,969
-476 -4,188
-88
-1,104 -6,138
-108
500
300
187
189
527
181
311 -16,896 -71,376 -14,021
-634 -17,471
-11
27
-507 -7,816
5,003 - 1 , 294 - 5 , 225
18,092
-89
128
1,850
656
17,365
15,254
8
6,477
486
1,114
13,528
179 - 1 , 034 -13,583
31
13 -3,576
-79
-588
-893
-463
-479
-118
-380
1,151
8,924
9,129
4,141
3,703
4,119
France
1931—Total (12
mos.)
Total
net imUnited
ports
States
Germany
728,176 328,130 312,561100,050
18,636 17,174
1932—May
167,968 152,072
June
31,067 16,746
July
42,940 24,149
August
9,638
-625
September.
32,695 11,927
October
241
November _ 33,498
December.. 25,494 -10,634
Total (12
mos.)
Eng
land
828,072 468,052
14,232
7,541
12, 472
16,241
4,424
19,995
26,003
34,479
18,965
26,246
19,351
19,712
25,866
18,378
20,006
23,326
3,904
1,734
760
3,207
5,010
1,326
1,853
831
602
20,363 255,305 18,408
793
794
22,659
20,316
1,789
1,717
2,692
1,910
1,074
16,530 - 2 , 1 2 0
27,815 1,245
28,923 2,556
19,343 2,083
19,476 - 3 , 1 6 9
17,954
19,519 11,715
24, 774- 3 , 2 1 2
20,511 3,365
Net imports from—
Netherlands
Switzerland
18,775 -81,207
All
other
countries
Total
net
imports
37,547 -17,668
United
States
England
France
Netherlands
All
other
countries
Switzerland
149,867 -247,950 -38.160 -35,221 -102,019 -55,142 -63,866 58,932 -14,475
2,582
1,999 -1,119 a-16,
i,233
5,737
4,601 -8,234
6,250 -7,139
2,371 -13,718
483 -1,001
—5
-2,447
—17
4,189
5,382
249
222
1 448
8,552
3,918
-270
148
565
6,560
329
645
-186
2,314
6,122
672
483
4,306
2 -3,138
37,889
915
794
9,661
175
1,505
870
830
854
Germany
Net imports from—
Month
33,260 236,921
All
other
countries
293
-7,732 -27,282
8
5
-42
2
-2
29
-367
24
17
-5,800
-4,753
13
8
33
-6,169
17
-7,539
-7,691
-5,435
1,289
3,456
41
2,584
-3,331
6710,352
- 2 5 0 -38,170 -24,455 - 7 , 9 1 5 46,656 - 3 , 5 1 5
5======
1933—January
200 - 3 , 8 1 4 -1,126
-37,399 -35,361
2,900
February
—144
678
2,805 —7,127
-1,659
2,559
March
9,287
1,005 1,266 27,778 -23,356
16,729
April
2,283 22, 520
670 -6,377
48,252 18,583
- 5 , 8 1 9 1,277 39, 785 37,113
May
96,140
June
5 -18,537 22,903
7,976 30, 797
••46,840
July5,695 16, 598
54,323 39,263 -12,572 23,430
- 4 6 - 6 , 8 3 7 -1,397
August »_.- 59,855 81,881 -11, 533
4,424
-13,076
-13,163
-68,750
-9,938
-36,432
4,591
-676
1
46
1,453
215
4 -1,976
22 - 5 , 9 8 0 -10,429
-4,945 -7,365 -4,925
-17,822 -51,893 - 4 , 5 4 1
- 2 9 2 -6,435 -10,102
-13,676 -22,658 - 5 , 3 9 2
-161
151
133
-186
-225
107
93
46
75
-61
34
-47
-90
6,293
3,336
3,956
5,411
7,023
3,833
4,791
* $29,233,000 imported by France from Spain in July*
2 $21,292,000 exported by France to Belgium.
3 $9,832,000 imported by France from South Africa in April; $14,412,000 in May.
* $20,305,000 exported by France to Belgium.
J> Preliminary figures.
r
Revised.
NOTE.—Germany— The annual aggregates of the official monthly figures for net gold imports in 1932 differ somewhat from the revised official
totals published for the year as a whole.
634
FEDERAL RESERVE BULLETIN
OCTOBER 1933
GOLD MOVEMENTS—Continued
(In thousands of dollars at par]
Netherlands
Net imports from—
Month
Total net
imports
1931—Total (12 mos.)
1932—May
.,
June.—July
August
September
October
November
December
Total (12 mos.)
1933—January
February «
March
April «
May
June
J u l y «_
August
--*-
United
States
England
France
Germany
Belgium
Poland
1932—May
June
July
August
September.
October
November...
December..
39,413
117,591
-21,024
56.059
-365
4,553
4,548
55, 317
47,324
-6,367
-1,916
-3,765
-9,668
5,470
8,397
5,565
8,715
1,198
1,252
1,939
4,251
-3,258
-1,786
-276
-334
- 1 , 708
-593
-886
52
7,429
9,763
5,376
-1,280
-3,496
-61
-3,085
3,745
-713
-760
-5,242
-26
1,759
- 5 , 729
-1,313
-3,415
-3,385
-482
-281
-923
-217
— 188
-20
- 3 , 466
-5,849
-847
-579
-402
42
-537
-1,134
785,
379
941
3,212
1,994
1,006
3,030
2,773
107
24
-52
-2,222
-5,852
-14
-52
-68
116,149
106,623
50,070
-34,009
26,886
-12,727
-13,630
-16,137
16,423
-7,346
1,898
-933
-9,320
-18,102
- 4 1 , 605
—45,503
- 1 3 , 628
24,239
-14,101
-3,432
10, 785
603
14,069
8,177
3,436
-906
-11,384
-6,390
-15,750
12,996
-837
-6,722
-19,367
-18,188
-37,068
-41,046
6,065
11,183
2,009
10,300
4,986
3,609
11,178
5,581
-180
-47
r
-976
-881
-506
-358
-1,479
-353
-1,174
-194
-1,100
-3,452
-2,324
-1,259
-3,069
-1,702
-1,466
-174
2,199
166
679
Total
net imports United
States
46,051
80,872
14,993
1,503
-604
-3,385
-1,395
1,203
115
England
36,422 41,301
41,034
70,247
9,779
81
-361
-50
-1,428
673
-5,055
-7,009
-1,522
-1,068
-1,797
-1,432
17
<7
124,354 15,342
4,658
8,502
24,440
-12,078
-42,481
- 4 1 , 596
-14,302
- 1 , 542
123
-14
8
653
907
-307
'1,177 -4,082
-3,152
"-307 -5,739
-229
Net imports from—
19,317 39,684 72,760
7,418 7,8
2,393
6,987
21,306
-10,745
-38, 776
-34, 751
- 8 , 324
1,135
-77
-77
-40
-62
-68
6
-44
57
-34
—1
-79
'179
-18
20
90
1,107
108
291
[275
British India
Ger- South Neth- All
France many Africa er- other
lands
116
1,718 - 5 2
1,734
3,554 - 8 5
111
3,734 - 6 1
38
90
718
154
-540 - 3 4
82 - 3 , 0 8 7 - 1 0 2
85 -2,347 - 6 7
-111
Total (12 mos.) 169,786
1933—January
February
March
April
May
June
July
August
All other
58,256
54,107
4,983
7,204
-13,797
-6,230
-4,857
894
Net imports from—
1931—Total (12 mos.)- 222,751
British
India
198,619
Switzerland
Month
Switzerland
Total
net imports
United
States
England
All
other
InIncrease
Gold or deordeprocrease
duc(-)in
- .
( ) i
tion in govern- private
' " * ment holdings
India*
in India»
in India
47 13,220 -95,875 -17,665 -72,691
-5,521
6,832
-8,935
-8,923
-13,227
- 1 6 5 -12,807
-16,437
- 3 7 4 —14,575
-11,674 - 2 , 7 7 5 - 7 , 9 7 9
-17,201 - 5 , 9 7 8 -9,835
-14,482 - 4 , 8 2 0 - 9 , 0 1 0
-16,662 - 2 , 4 2 0 -13,244
-24,964 -18,002 - 6 , 2 8 6
-12
-255
-1,488
-920
-1,388
-652
-997
-676
569
605
561
648
557
583
-8,365
—12,622
-15,851
-11,085
34 -16,674
-13,934
-16,105
—24,380
- 3 0 4 -195,792 -38,094 -151,391
-6,307
6,798
127 -189,121
297
-116
-1,576
-1,430
-3,359
-1,181
-1,565
576
610
628
586
556
545
»579
*579
2,949
5,630
1,507
744
453
-280
480
837
10114,996
286
-209
-87
-260
-277
48
461
65
1,176 1,040 -11,916 -10, 247
2,461 - 9 3 7 -12,788 -9,589
48 3,802 -2,236 -12,722 -5,314
994 -1,958
-4,311
2,778 -3,709 -13,016 - 1 , 5 1 1
r -14,004
M - 1 , 7 5 6 - 6 , 298
-1,339 -1,166 »-12,412
-1,965
-3,082
-5,833
-5,956
-8,096
-12,823
-4,734
33,532 -122,575
-1
-1
-11,340
-12,177
-12,094
-11,112
-12,460
-13,459
P-5,717
-1
- l l , 832
i $2,199,000 exported by Netherlands to Czechoslovakia in August; $5,847,000 in September.
1
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 imports plus production minus increase in Government reserves in India.
v Preliminary.
c
Figures corrected.
' Revised.
NOTE.—Netherlands-—The annual aggregates of the official monthly figures for gold exported to Germany and gold imported from the world
in 1932 differ somewhat from the revised totals published for the year as a whole.
635
FEDERAL RESERVE BULLETIN
OCTOBER 1933
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
1933
Argentine Conversion Office (millions of
gold pesos):
Gold
Notes issued L
Irish Currency Commission (thousands of
pounds sterling):
Legal tender note fund:
British legal tender and bank
balances
—_>--.
British securities
Notes issued
-__ _
Consolidated bank notes: s
Issued
Deemed such under sec. 60 (4) of
currency act, 1927
1932
Aug.
July
June
Aug.
257
555
257
575
257
584
257
584
24
7,165
7,189
55
7,214
7,270
137
7,365
7,501
124
6,580
6,703
4,701
4,686
4,669
4,532
1,280
1,291
1,301
1,442
1932
1933
Aug.
Canadian Minister of Finance (millions
of Canadian dollars):
69
Gold reserve against Dominion notes.
44
Advances to banks under finance act
Dominion notes:
177
Issued
29
Outside chartered bank holdingsIndian Government (millions of rupees):
Gold standard reserve:
151
Gold
383
Foreign exchange
Paper currency reserve:
293
Gold
1,054
Silver coin and bullion.
450
Other assets
1,798
Notes issued
July
June
70
50
69
52
66
29
182
29
184
30
154
28
153
381
153
380
332
201
291
1,051
446
1,789
291
1,034
441
1,766
111
1,150
494
1,756
Aug.
i Includes a small quantity of subsidiary coin.
* The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Aug. 19, July 22, June 24,1933, and Aug. 20,1932.
The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]
1933
1932
Aug. 31
Gold in bars
__
_.
5,147
Cash on hand and on current account with
banks
4,307
22,927
Demand funds at interest
Rediscountable bills and acceptances (at
cost):
Commercial bills and bankers' accept234, 552
ances
Treasury bills
167,839
Total
402,390
Time funds at interest—Not exceeding 3
months
123, 578
Sundry bills and investments:
Maturing within 3 months:
Treasury bills
25,160
Sundry investments.
59,943
Between 3 and 6 months:
Treasury bills
19,169
Sundry investments
47,924
Over 6 months:
Treasury bills
7,189
Sundry instruments
594
Total
159,979
1,722
Other assets
720, 050
Total assets
1
Not available.
1933
1932
Liabilities
Assets
July 31
5,147
8,495
32, 534
Aug. 31
0)
14,872
91,380
Aug. 31 July 31 Aug. 31
Demand deposits (gold).
Short-term deposits (various currencies);
Central banks for own account:
Demand
1
Time—Not exceeding 3 months-
231, 310
178,481
150, 824
409, 791
534,805
106,185
247, 588
31,175
36,008
44,424
47, 632
13,189
71, 942
59, 262
595
1,925
152,909
1,239
153, 243
7,555
1,049,442
716,300
Total
Central banks for account of others:
Demand
Other depositors:
Demand
Long-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fundTotal
__
Capital paid in._
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund.
Other liabilities
Total liabilities
-
0)
5,147
5,147
103,831
128,784
101,420
128,362
463, 576
90,187
232,615
229,781
553, 763
11, 512
12,056
25,343
3,151
3,173
6,473
154, 246
77,123
48, 030
154,388
77,194
49,805
153,769
76,884
68, 649
279,399
125,000
281, 386
125,000
299,301
125,000
2,022
3,895
7,790
49, 519
2,022
3,895
7,790
46,050
1, 318
2,690
5,379
30,175
720,050
716,300
1,049,442
636
FEDERAL RESERVE BULLETIN
OCTOBER 1933
CENTRAL BANES
IFor explanation of tables on this page, see BULLETIN for February 1931, pp. 81-83]
Assets of banking department
Bank of England
Gold (in
issue
depart-1
ment)
Cash reserves
Coin
Millions of pounds sterling:
1932—July 27
Aug. 31
Sept. 28
Oct. 26
Nov. 30
_.
Dec. 28
1933—Jan. 25
Feb. 22
Mar. 29
Apr. 26
May 31
June 28
July 26
Aug. 30
Sept. 27
.9
.9
1.0
1.0
1.0
.8
.8
.7
137.7
138.9
139.4
139.4
139.4
119.8
123.6
142.2
171.8
185.9
186.3
189.4
190.1
190.3
190.4
1.1
1.2
1.3
1.4
1.4
Notes
43.4
48.6
64.6
56.0
55.6
23.6
45.4
61.0
79.7
74.0
72.3
74.2
72.8
76.3
79.6
Liabilities of banking department
Discounts Securiand
ties
advances
15.3
12.2
12.1
11.6
11.9
18.5
11.6
11.9
11.8
11.6
11.2
16.6
11.2
10.0
9.2
92.5
92.2
88.0
85.4
87.1
120.1
107.9
104.0
74.9
80.0
83.5
87.2
103.0
94.9
85.8
Note
circulation
Deposits
Bankers'
365.3
359.8
358.4
358.8
371.2
353.2
356.2
367.1
371.9
374.1
375.1
377.2
374.0
370.8
88.2
79.5
80.6
77.3
90.5
102.4
103.4
98.3
92.8
100.9
77.5
105.1
98.5
79.4.
97.3
Public
Other
11.2
20.7
23.4
25.4
10.1
8.9
11.7
26.2
21.2
10.8
33.2
14.1
14.1
42.0
16.5
34.6
35.4
33.4
33.6
37.1
33.8
32.5
35.0
35.0
37.1
39.5
42.2
67.7
42.9
44.0
Other
liabilities
18.1
18.2
18.2
17.7
17.8
18.0
18.1
18.2
18.2
17.7
17.8
18.0
18.1
18.2
18.2
Liabilities
Bank of France
Gold
Millions of francs:
1932—July 29...
Aug. 26...
Sept. 3 0 Oct.28...
Nov. 25...
Dec. 30—
1933—Jan. 27—
Feb. 2 4 - .
Mar. 3 1 Apr. 28...
May 26...
June 30...
July 28...
Aug. 25...
Sept. 29 p.
82,168
82,239
82,681
82,909
83,342
83,017
82,167
81,017
80,409
80,951
81,243
81,976
82, 227
82,095
Foreign Domestic Security
loans
exchange
bills
5,482
5,389
4,977
4,984
4,853
4,484
4,434
4,401
4,376
3,846
3,887
3,990
3,975
2,652
2,634
3,905
3,467
2,604
3,637
3,266
3,438
3,142
3,303
3,352
3,805
3,449
2,791
3,461
3,207
3,475
2,747
2,761
2,783
2,764
2,500
2,515
2,537
2,580
2,714
2,649
2,675
2,766
2,661
2,688
2,765
Negotiable
securities^
6,621
6,621
6,621
6,621
6,621
6,802
6,647
6,621
6,595
6,582
6,463
6,417
Deposits
Other
8,994
8,878
9,686
9,145
9,008
9,196
9,172
9,119
9,801
8,861
8,534
9,243
8,503
8,543
(3)
Note
circulation
82,118
79,912
82,459
82,205
81,536
85,028
83,314
83,986
86,096
84,992
83,267
84,708
82,853
81,143
82,994
Government
3,740
3,982
3,010
4,553
2,931
2,311
2,269
2,226
2,235
2,340
2,265
2,338
2,752
2,775
3.6S4
Eeserves
Gold
Millions of reichmarks:
1932—July 30
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1933—Jan. 31
Feb. 28
Mar. 31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept. 30.
766
768
796
817
827
806
822
769
739
411
372
189
245
307
367
Foreign
exchange
128
157
133
123
110
114
101
152
97
100
77
85
78
74
40
Other
Treasury bills
(and Security
loans Securities
bills
checks)
3,108
3,009
2,991
2,857
2,731
2,806
2,459
2,439
2,763
3,142
3,078
3,212
3,171
3,151
3,289
22,033
23,426
21,876
21,229
20,072
20,474
18,731
16,850
17,181
18,393
17,376
19, 267
19,657
17,243
Other
liabilities
2,025
2,035
2,009
2,071
2,153
2,041
2,074
2,124
2,093
2,109
2,152
2,100
2,168
2,158
(3)
Liabilities
Assets
Reichsbank
Other
224
207
242
198
207
176
93
279
210
177
166
210
165
163
205
365
365
362
362
395
398
401
401
401
317
317
321
320
320
320
Other
975
960
940
957
959
1,114
1,097
1,040
869
582
618
747
736
749
Note
circulation
Deposits
3,967
3,817
3,755
3,620
3,531
3,560
3,338
3,356
3,520
3,538
3,469
3,482
3,492
3,521
3,625
380
408
451
389
418
540
345
402
443
406
439
447
412
415
465
Other
liabilities
1,267
1,279
1,298
1,345
1,314
1,313
1,333
1,343
1,169
791
782
834
820
841
850
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.
1
Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement).
a Not yet available.
» Preliminary figures.
637
FEDERAL RESERVE BULLETIN
OCTOBER 1933
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1932
1933
Central bank
Aug.
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
11,507
English sterling
21,672
Securities
Banking department:
951
Coin, bullion, and cash
_
21,544
London balances
15,299
Loans and discounts
36, 227
Securities
75,071
Deposits
41,660
Note circulation
Austrian National Bank (millions of
schillings):
150
Gold—.
39
Foreign exchange of the reserve,.
188
Domestic bills..
654
Government debts
900
Note circulation
104
Deposits
National Bank of Belgium (millions
of belgas):
2,700
Gold
765
Domestic and foreign bills
355
Loans to State
3,612
Note circulation
359
Deposits
_
Central Bank of Bolivia (thousands
of bolivianos):
13,053
Gold at home and abroad
5,336
Foreign exchange.
36, 633
Loans and discounts
47,659
Note circulation
40,187
Deposits
Bank of Brazil (millions of milreis):
596
Currency...
-203
C orrespondents abroad
2,960
Loans and discounts
20
Note circulation
3,378
DepositsNational Bank of Bulgaria (millions
of leva):
1,521
Gold
4
Net foreign exchange in reserve. _
87
Total foreign exchange
977
Loans and discounts
2,873
Government obligations
2,674
Note circulation
1,624
Other sight liabilities
Central Bank of Chile (millions of
pesos):
Gold at home and abroad
Foreign exchange for account of:
Bank
Exchange commission
Loans and discounts
Securities
_
Note circulation
Deposits
Central Bank of China 3 (thousands
of yuan):
GoldJ
Silver
Due from banks abroad—.
Due from domestic banks...
Loans and discounts
Securities
Other assets..
Note circulation__
1
Not available.
1932
Central bank
July
June
Aug.
Aug.
July
June
Aug.
Central Bank of China—Continued.
7,324 7,313
24,850 27,159
3,055 3,010
2,819 2,564
13.017 13,429
18,595 19, 719
7,045
5,546
28, 574
11,507 11,507
21,633 24,316
10,499
940
19,924
15,562
36,247
73,291
41,522
1,052
20,004
15,885
34,900
73,820
41,325
1,183
9,297
15,118
29,878
57,219
42, 349
150
39
239
659
903
150
149
40
872
92
915
165
275
659
216
4,717
12,148
18,842
11, 546
2,691
748
355
3,603
343
3,590
324
2,615
678
367
3,652
158
12,900
5,328
36.875
46, 043
42,986
17,392
5, 225
46,228
44,926
47,092
23, 264
2,854
32, 311
32, 596
14, 287
580
176
2,837
20
3,175
604
172
2,711
40
3,057
357
161
1,877
170
2,157
1,521
12
129
894
2,873
2, 531
1,748
1,521
20
98
861
2,873
2,648
1,599
1,517
12
268
690
2,965
2,658
1,620
2,678
730
0)
90
72
2
472
343
483
375
343
487
932
80,742
18, 555 17,713
29,349
120,121 122,641
J,392 12 79r
798
32, 720 I
51,050 46,326
3
182
412
455
210
Deposits—Go vernment
Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home and abroad
Foreign exchange
Loans to member banks
Note circulation
Deposits
National Bank of Czechoslovakia
(millions of Czechoslovak crowns):
Gold
Foreign balances a n d c u r r e n c y . . .
Loans and advances
Note circulation
Deposits.
Danish National Bank (millions of
krone):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
__.
Deposits
Bank of Danzig (thousands of Danzig gulden):
Gold
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts.__
Note circulation
Deposits
Central Bank of Ecuador (thousands
of sucres):
Gold at home and abroad
._
Foreign exchange
Loans and discounts
Note circulation
_
Deposits
"
National Bank of Egypt 2 (thousands
of Egyptian pounds):
Gold...
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Estonia (thousands of
krooni):
Gold
Net foreign exchange—
Loans and discounts
Note circulation
Deposits—Government
Bankers',.
_
Other
Bank of Finland (millions of markkaa):
Gold.
Balances abroad and foreign
credits.__
_
Foreign bills
Domestic bills
Note circulation
Demand liabilities
_
Bank of Greece (millions of drachmas):
Gold
Gold and
and foreign
foreign exchange
exchange
Loans and
and discounts
discounts
-. Loans
Government obligations
Government
15, 537
2,187
1,257
25, 740
21,031
134,592 134,069
53,230 47,789
17,882 8,100
62,118 60,885
20,506
5,146
42,625
15,310 15,198
2,947 2,831
2,009 3,426
25,950
20,909 19,628
13,903
3,664
4,432
16, 774
19,053
1,708
905
1,507
6,168
416
1,707
932
1,718
6,253
555
1,707
947
2,014
6,568
509
1,640
1,079
1,489
6,144
133
17
73
330
133
38
74
328
116
133
36
342
99
133
47
134
308
71
35,050 32,051
6,427 2,306
1,168 2,728
9,304 9, 553
37, 531 37,342
5,641
21,372
24,957
357
7,190
38,690
10, 676
14,305 14, 275
2,822 3,074
42,963 42,134
29,420 28,092
18,948 20, 285
14, 611
3,519
33, 525
5,711
1,277
9,307
37,984
6,276
22,441
9,320
6,663
1,678
4,876
6,663
2,522
8,046
32, 351 33,984
3,786 3,752
16,933 17,781
4,201 5,230
20,052 20,076
7,994 7,866
28,259
3,617
17,174
5,058
18, 708
8,168
19, 244 19,239 18, 720
900
487 1,350
19, 517 20, 225 21, 272
30,352 30,295 29,672
2,945 3,293 3,285
6,333 7,035 5, 591
3,209 4,059 3,691
11,470
7,250
22,421
31,385
4,500
5,753
2,387
6,663
1,764
4,616
323
323
309
304
885
274
703
1,087
571
782
318
756
1,081
538
762
329
757
1,097
493
510
230
1,352
48,013
4,315
22,340
3,209 3,162
83,912
2,646
2,539
5,586
3,355 3,368
19,964
31,036
2
Items for issue and banking departments consolidated.
2,798
2,220
3,368
1,075
1,413
1,515
3,321
638
FEDERAL RESERVE BULLETIN
OCTOBEB 1933
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1933
1932
Central bank
Aug.
Bank of Greece—Continued.
4,832
Note circulation
Other sight liabilities
_. 4,763
Liabilities in foreign exchange
National Bank of Hungary (millions
of pengos):
97
Gold
9
Foreign bills, etc
477
Loans and discounts
50
Advances to treasury
29
Other assets
_.
354
Note circulation
76
Deposits.
_
203
Miscellaneous liabilities
Bank of Italy (millions of lire):
7,033
Gold at home.
318
Credits and balances abroad
5,103
Loans and discounts
Note circulation
.. 13, 256
300
Public deports
.
—...,.
1,312
Other deposits
Bank of Japan (millions of yen):
425
Gold
752
Advauees and discounts
368
Government bonds
1,118
Notes issued
359
Total deposits
_.
Bank of Java (millions of florins):
100
Gold
1
Foreign bills
68
Loans and discounts
194
Note circulation
_
29
Deposits
Bank of Latvia (millions of lats):
47
Gold
2
Foreign-exchange reserve
67
Bills
46
Loans
_
32
Note circulation-_.
67
Government deposits
95
Other deposits
_•_
Bank of Lithuania (millions of litu):
48
Gold
9
Foreign currency
82
Loans and discounts
92
Note circulation
43
Deposits
Netherlands Bank (millions of florins):
827
Gold
1
Foreign bills
181
Loans and discounts
912
Note circulation
-..
138
Deposits
Bank of Norway (millionsof kroner):
146
Gold...
—
22
Foreign balances and bills
218
Domestic credits
304
Note circulation.
1
Foreign deposits
69
Total deposits..
....
Central Reserve Bank of Peru (thousands of soles):
Gold.—
Foreign exchange
Bills
Note circulation. _
Deposits..
Bank of Poland (millions of zlote):
473
Gold
75
Foreign exchange.
797
Loans and discounts
1,004
Note circulation
164
Other sight liabilities. __
1933
1932
Central bank
July
June
4,760
4, 598
222
4,698
4,025
156
4,323
2,173
193
97
11
479
50
29
364
72
200
97
15
486
51
26
372
73
201
97
11
448
52
19
376
74
150
6,994
343
5,001
13,329
300
1,803
6,767
321
5, 506
13, 028
300
1,076
5, 750
1,393
5,909
13,382
300
1,345
425
724
425
1,179
325
425
765
426
1,179
345
429
874
118
1,007
460
100
4
55
197
28
104
6
45
197
34
104
17
47
216
47
2
67
46
32
67
94
46
3
67
49
32
64
Aug.
50
11
81
92
774
22
165
938
73
73
131
922
97
1,032
71
125
996
278
151
10
226
306
2
62
151
15
232
309
2
71
142
13
273
314
2
76
38,967
6,020
34,300
61,333
15,094
38,943
489
16,588
48, 767
4,836
473
80
778
1,004
152
477
147
777
1,082
147
473
81
789
1,003
174
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):
Gold
Foreign exchange
Government securities
Other securities
Other assets
Note circulation
i
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
Other assets
Note circulation.
Deposits—Demand
Time
Judicial and administrative
Other liabilities
.—
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold....
Foreign exchange
Loans and discounts
Advances to State
Note circulation.
Other sight liabilities
Aug.
July
June
721
370
330
1,053
1,909
641
713
398
327
1,053
1,881
675
707
391
328
1,053
1,906
632
397
559
346
1,058
1,929
365
9,748
9,712
9,766
560
654
636
27
15
2
9,939 9,893 10,001
5,704 5,704 5,748
21,159 21, 229 21, 355
8,001 7,576 7,640
9,476
549
16
11,575
5,730
21,194
6,735
15, 421
17,482
64
9,383
1,735
24,079
3,085
16,475
17,986
61
10,198
1,815
26,322
2,044
14,298
21,145
17
10, 753
1,171
26,163
3,766
7,093
0
2,362
6,588
1,386
4,146
335
2,260
646
282
2,468
4,742
948
2,260
642
280
2,570
4,749
940
2,259
640
282
2,488
4, 655
895
2,257
585
287
2,812
4,777
991
361
310
56
565
420
340
307
78
547
266
319
125
588
325
206
172
217
555
168
1,820
6
92
1,402
547
1,820
4
85
1,430
514
1,873
5
76
1,487
501
2,644
61
56
1,561
1,202
22,637
361
152, 574
28, 621
38,952
161,171 161,262
30,852 29,650
53,640 52,233
23,106
274
152,483
28,631
41,169
Aug.
22, 394 18,155
201
2,053
152, 629 156,307
28, 570 28,081
42,707 20,918
161, 317 164,996
27,346 10,979
47,688
48,697 48,703 48,052
101,203 102,223 107,476
42,326 43,913 38,464
80, 484 81, 448 83,311
29, 517 28,657 33,667
42,237 42,599 37,731
2,807 2,994
37,181 39,141
1,797
154
2,247
2,317
4,314
846
1,797
138
2,252
2,416
4,306
1,037
1,797
145
2,243
2,415
4,403
957
2,746
1,763
327
2,416
2,409
4,836
716
639
FEDERAL RESERVE BULLETIN
OCTOBER 1933
COMMERCIAL BANKS
ENGLAND—10 LONDON CLEARING BANKS
[In millions of pounds sterling]
Assets
Liabilities
Cash in
vault
and due
from
Bank of
England
Money
at call
and
short
notice
Bills discounted
Securities
1930—January ___
FebruaryMarch
April
May.
June
JulyAugust
September.
October
NovemberDecember.
196
185
184
191
190
193
194
191
190
192
192
208
144
130
135
136
139
146
145
137
136
145
139
144
245
220
184
210
248
275
286
281
286
298
311
322
248
244
240
240
247
248
256
265
270
272
280
285
989
991
994
988
975
976
969
953
945
942
938
933
283
276
277
280
261
255
240
234
229
232
231
240
919
876
877
901
898
954
936
916
928
929
925
992
814
803
781
797
820
827
828
821
821
838
844
847
1,805
1,751
1.719
1,750
1,780
1,826
1,831
1,804
1,801
1,828
1,838
1,876
300
295
294
294
280
267
261
258
254
253
253
254
1931—January...
February._
March
April
May
_June
July
August
September.
October- _.
November.
December.
198
190
184
179
179
187
184
180
174
176
173
184
144
116
114
117
132
133
131
113
107
114
109
119
330
301
240
211
224
266
281
264
237
238
241
246
297
309
311
309
290
288
300
302
304
304
300
297
927
928
939
943
938
926
916
912
915
913
904
905
229
233
233
230
226
234
227
224
231
227
219
222
962
913
895
886
887
950
935
889
885
859
810
868
842
830
798
784
789
792
787
111
769
797
841
846
1,873
1,820
1,764
1,736
1,738
1,782
1,788
1,745
1,712
1,724
1,706
1,737
252
258
258
252
251
253
250
249
255
248
239
237
1932—January.._
February—
March
April
May
June.
July
August
September.
October. _.
November.
December.
180
173
174
173
179
191
191
193
193
193
193
207
117
110
113
112
113
113
123
118
114
117
116
127
239
208
217
240
247
278
317
374
392
391
391
408
283
280
282
288
300
340
349
364
383
412
425
472
909
906
906
884
875
856
840
820
806
799
789
778
211
201
211
208
212
207
196
188
180
189
194
208
818
775
799
789
810
865
903
898
907
914
925
991
832
838
832
845
854
876
873
908
921
932
929
963
1,714
1,659
1,676
1,681
1,699
1,764
1,804
1,851
1,865
1,893
1,898
1,983
226
218
226
225
226
220
211
206
202
206
210
216
1933—January. __
February. _
March
April
May
June
July.
August
214
208
207
219
206
213
205
208
114
112
109
105
98
101
96
91
431
386
348
338
346
352
362
359
472
498
510
517
530
544
554
563
768
769
769
767
779
779
771
762
202
208
205
207
209
213
221
216
980
955
936
950
962
1,006
993
990
953
947
935
940
938
942
933
928
1,983
1,957
1,925
1,930
1,944
1,978
1,973
1,966
219
223
223
222
224
225
235
233
Month
Deposits
customers
Other
assets
Demand
Time
Total
Other
liabilities
640
FEDERAL RESERVE BULLETIN
OCTOBER 193$
COMMERCIAL BANKS—Continued
ENGLAND—EXPLANATORY NOTE
Figures in the foregoing retrospective table are
monthly averages of the position of 10 London clearing
banks on a specific day in the week, which is not the
same day for all banks. The 10 banks are: Barclays
Bank; Coutts & Co.; Glyn, Mills & Co.; Lloyds Bank;
Martins Bank; Midland Bank; National Bank; Nationa Provincial Bank; Westminster Bank; Williams
Deacon's Bank.
All items are derived from statements of the banks
as reported by the Bankers' Clearing House (London),
except for two deposit items. The total of deposits in
the table is as published by the clearing house, but the
separate figures of demand and time deposits, which
the clearing house does not report, are obtained currently from the Monthly Bulletin of Statistics of the
League of Nations. The League figures continue
the series first published in the summer of 1931 in thereport of the Committee on Finance and Industry
(Macmillan report). Demand and time deposits as
published, however, do not includefiguresfor one bank,,
the National Bank, relating to offices outside England,,
so that the aggregate of these two items is somewhat
less than the total deposits shown for the 10 banks.
The condensed balance sheet for June 1933 as shown
in the table is compared below with the original detailed
statement from which it is derived, the items on the
two forms being so numbered as to indicate by cross
reference the relation between them. " Items in
transit'', published separately by some of the banks,
are included by the others in "loans to customers",,
and are so classified in the table.
BALANCE SHEET OF 10 LONDON CLEARING BANKS FOR JUNE 1933:
DETAILED FORM
CONDENSED FORM COMPARED WITH
[Numbers in parenthesis in condensed form refer to items as numbered in detailed form]
In millions of
pounds
sterling
Assets
CONDENSED FORM
CONDENSED FORM
Cash in vault and due from Bank of England (1)
Money at call and short notice (4)
Bills discounted (5)
Securities (6)
„
Loans to customers (3, 7)
Other assets (2, 8, 9,10)
Total
.-
--
213
101
352
544
779
213
Deposits:
Demand *
Time1
1,006
942
Total (13)
Other liabilities (11, 12, 14,15, 16).
1,978
225
Total .
2,203
2,203
DETAILED FORM
DETAILED FORM
1. Coin, bank, and currency notes and balances with the
Bank of England
2. Balances with and checks in course of collection on other
banks in the United Kingdom
_
—
3. Items in transit
4. Money at call and short notice
5. Bills discounted
6. Investments
7. Advances to customers and other accounts
8. Liabilities of customers for acceptances, endorsements, etc_
9. Bank premises account
10. Investments in affiliated banks
Total..
213
46
4
101
352
544
775
97
45
24
2,203
11.
12.
13.
14.
15.
16.
Capital paid up
Reserve fund
Current, deposit, and other accounts _
Acceptances, endorsements, etc
Notes in circulation
___
Reduction of bank premises account..
Total.
i From Monthly Bulletin of Statistics of the League of Nations, August 1933, p. 330.
In millions of
pounds
sterling
Liabilities
74
52
1,978
97
1
()
2,203
2 Less than £500,000.
641
FEDERAL RESERVE BULLETIN
OCTOBER 1933
COMMERCIAL BANKS—Continued
FRANCE—4 LARGE COMMERCIAL BANKS
[In millions of francs]
Liabilities
Assets
Deposits
Cash and due from banks
End of month
Cash in
vault and Due from
due from banks
Bank of
France
Total
Loans, inBills dis- cluding
counted security
loans
Own ac- Other liaceptances bilities
Other
Demand
Time
Total
1930—January
February..
March
April
May
June
July...
August
Septemoer.
October
November.
December „
i1,510
1,583
1,847
1,829
2,416
1,689
1,994
1,543
1,802
1,947
2.230
2,419
13,967
4,205
4,498
5,164
5,479
6,005
5,668
6,410
6,318
6,090
5,543
4,675
6,560
6,829
7,617
8,407
10,123
9,415
8,709
9,037
9,196
9,283
9,120
8,408
21,490
21,309
20,619
19,839
19, 566
20, 403
20.481
20,679
19, 607
19,894
20, 564
20,448
9,843
10,109
9,947
10,528
9,920
10,074
10,653
10,257
10, 396
10, 651
10,652
10, 743
1,968
1,803
1,778
1,740
1,895
1,939
2,014
1,984
2,032
2,108
2,187
2,361
33,761
33,980
33,726
34,210
34,920
35,358
35,316
35,351
34,634
35,106
35,767
35,284
1,129
1,285
1,479
1,569
1,679
1,556
1,525
1,625
1,612
1,735
1,605
1,397
34,889
35,265
35,205
35,779
36,599
36,914
36,841
36,976
36, 246
36,841
37,372
36,681
1931—January
February..
March
April
May
June
July
August
September.
October
November.
December..
2,402
2,200
2,046
2,131
1,970
2,403
4,767
4,731
5,123
i 6, 641
12,144
11,311
4,439
4,581
4,661
4,909
5,135
5,009
2,921
2,038
1,812
U.370
1,846
2,168
8,455
8,331
8,878
9,353
9,505
10,337
10,915
10,962
10,524
12, 776
13,990
13,479
21,081
21,098
21,363
21,869
22,930
22, 507
20,919
21,153
20, 242
19,006
17,851
18, 441
10,042
10, 593
10,425
10,316
9,943
9,592
9,282
9,313
9,669
9,445
9,382
9,274
1,703
1,677
1,782
1,882
1,945
1,934
1,859
1,856
1,807
1,901
1,974
2,130
35,090
35,456
36,106
36,971
37,861
37,938
36,642
36,991
36,137
36,972
37,019
37,023
1,521
1,656
1,669
1,623
1,601
1,564
1,539
1,545
1,429
1,370
1,332
1,222
36,611
37,112
37, 775
38,384
39,462
39,502
38,181
1932—January
February..
March
April
May
June
July.......
August
September.
October
November..
December..
11,079
12,113
11,874
12, 280
11,288
11,475
10,375
11,578
11,072
10,574
10,571
9,007
2,098
2,259
2,404
1,836
1,776
1,727
1,866
1,804
2,200
2,117
1,774
1,766
13,177
14,373
14,277
14,116
13,064
13, 202
12,241
18,454
17,347
17.482
18,043
13, 382
13, 271
12,691
12, 345
10, 773
18,994
20,136
18, 745
19,034
19, 757
21, 266
22,014
8,612
8,808
8,308
7,934
7,970
8,306
7,904
8,211
8,268
8,058
7,898
7,850
1,300
1,135
1,315
1,327
1,304
1,316
1,379
1,422
1,462
1,546
1,576
1,749
36.196
36,435
35,983
35,929
35,826
36,351
36,031
36,148
36,372
36.197
37,257
36, 491
1933—January...
February.
March
April
May
June
July
7,445
6,832
7,181
6,959
8,184
8,499
8,738
1,996
2,072
2,052
1,958
1,960
1,931
1,723
9,233
8,917
10,144
10,429
10, 461
22,209
21,287
20,261
20,852
20,048
19,889
20, 236
7,785
8,326
8,586
7,799
7,777
7,824
7,848
1,131
1,096
1,163
1,206
1,227
1,420
1,521
35, 308
34,477
34,163
33, 655
34,145
34, 307
34, 671
1
9,441
Figures from January 1930 through October 1931 relate to 3 banks only.
1,227
1,132
1,039
965
1,084
1,022
1,003
913
885
857
854
921
3,745
3,653
3,716
3,769
3,821
3,894
4,012
4,068
4,100
4,237
4,297
4,357
3,695
3,585
3,596
3,712
3,779
37,566
38,342
38,350
38,245
974
1,001
1,076
1,113
1,083
1,020
847
738
565
573
567
576
1,179
1,218
1,201
1,239
1,284
1,250
1,263
1,286
1,280
1,342
1,312
1,268
37,375
37,653
37,184
37,167
37,109
37,601
37, 294
37,435
37, 652
37,539
38,568
37,759
587
444
554
532
453
404
394
350
328
334
288
295
3,580
3,565
3,643
3,720
3,773
3,814
3,971
3,976
4,054
4,178
4,229
4,331
1,221
1,117
1,045
979
979
988
1,005
36, 528
35, 573
35,208
34,634
35,124
35. 295
35,676
336
323
305
291
247
372
379
3,703
3,696
3,730
3,850
3,824
3,895
4,011
3,945
4,011
4,111
4,214
4,280
4,503
642
FEDERAL RESERVE BULLETIN
FRANCE—EXPLANATORY NOTE
The foregoing retrospective table is compiled from
end-of-month statements of the four large French
commercial banks reporting monthly. These banks
are: Comptoir National d'Escompte de Paris; Credit
Lyonnais; Soeie*te Generate de Credit Industriel et
Commercial; Societe Ge*ne"rale pour favoriser le
De"veloppement du Commerce et de P Industrie en
France.
It is not possible to show "cash in vault and due
from Bank of France" separately from "due from
banks" for all four institutions prior to November
1931, for until that month they were reported as one
item by the Credit Lyonnais. For the earlier period,
therefore, these two items for the other three banks are
given in the table. Total deposits of these three banks
during the period were as follows (in millions of francs):
1930—January, 22,482; February, 22,613; March,
22,535; April, 22,791; May, 23,229; June, 23,306;
July, 23,380; August, 23,577; September, 23,167;
October, 23,320; November, 23,664; December, 23,311;
1931—January, 23,161; February, 23,310; March,
23,522; April, 23,992; May, 24,769; June, 24,834;
July, 23,919; August, 23,851; September, 23,011; October, 22,859; It is understood that the item "due from
banks" represents largely balances with foreign banks.
The banks do not follow a common balance-sheet
form. The balance sheet for the end of June 1933, as
shown in the table is compared below with a representative detailed balance sheet, the numbers in
parenthesis in the condensed form referring to items as
numbered in the detailed form.
OCTOBER 1933
Coupons to be cashed.—"coupons a encaisser" (4)—
are included among "bills discounted" since they are
so classified by banks not reporting them separately.
Security loans are included with all other loans in a
single total, for banks do not as a rule distinguish in
their balance sheets between loans made against
securities and loans made against merchandise or other
forms of collateral. Loans as shown in the table
exclude the liability of customers for acceptances, which
is grouped with "other assets." This liability—
"comptes debiteurs par acceptations" (11)—is not reported separately by the Credit Lyonnais or the Societe
Ge*ne*rale pour favoriser le De"veloppement du Commerce et de P Industrie en France, but is included in
their published statements in loans—"comptes courants, debiteurs ou divers" (6). "Comptes debiteurs
par acceptations" for these two banks is assumed to be
equivalent to "acceptations a payer" (23) and, for
presentation in the table, the amount reported under
the latter heading is transferred from (6) to (11). In
view of the efforts that have been made in recent years
to develop the Paris acceptance market, the liability of
the four banks for their own acceptances is given
separately in the retrospective table.
Security holdings of the French banks, usually of
small and stable amount, are not given as a separate
item in the table. A considerable portion of these
securities represents holdings of the Societe Gene*rale
de Credit Industriel et Commercial in the stock
of associated banks. In accordance with general
American accounting practice, unpaid capital, which
appears on both sides of the original balance sheets, is
excluded.
BALANCE SHEET OF 4 FRENCH COMMERCIAL BANKS FOR JUNE 30, 1933:
CONDENSED FORM COMPARED WITH
REPRESENTATIVE DETAILED FORM
[Numbers in parenthesis in condensed form refer to items as numbered in detailed form]
Assets
In millions of
francs
8,499
1,931
Total
_._
Bills"discounted (3, 4)
_
_
Loans, including security loans (5, 6)
Other assets (8, 9,10,11,12,13,15)—.
10,429
19,889
7,824
1,420
Total
Omitted: unpaid capital (14)
Total as shown by detailed form__
39,562
352
Deposits:
Demand (17,18, 19)
Time (20, 21, 22)__
Total-
Total
34,307
35,295
39,914
Own acceptances (23)
_
__.
Other liabilities (24, 25, 26, 27, 28, 29, 30 minus 14).
Total
_
Omitted: unpaid capital (14)
_
Total as shown by detailed form.
8,499
1,901
19,818
71
1,174
6,649
30
94
34
673
372
106
141
352
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
DETAILED FORM
\ 1. Especes en caisse, au Tr6sor, et a la Banque de France
1 2. Avoir dans les banques et chez les correspondants
3. Portefeuille et bons de la defense nationale
i1 4. Coupons a encaisser
5. Avances garanties et reports
_
6. Comptes courants, debiteurs ou divers
7. Agenees hors d'Europe
f 8. Rentes, actions, valeurs, etc
9. Participations financieres
10. Comptes d'ordre et divers
_
11. Comptes d6biteurs par acceptations
12. Actions de soeie"t6s re"gionales de banque
..
13. Immeubles et immobiliere
-.
14. Actionnaires (appels differed sur actions)
_
15. Acompte de 1'exercice
-
In millions of
francs
CONDENSED FORM
CONDENSED FORM
Cash in vault and due from Bank of France (1)
Due from banks (2, 7)
-
Liabilities
372
3,895
39,562
39,914
DETAILED FORM
9,914
Comptes de cheques et d'escompte
Comptes exigibles apres encaissement
Comptes courants. cr6diteurs ou divers
Depots et bons a vue
Bons (depots) a 6che"anee fixe
Depots, reports et preavis__
Acceptations a payer
Comptes d'ordre et divers...
Intents et dividendes a payer aux actionnaires.
Report des exercices ant6rieurs _
B6n6fices reportes a nouveau
_.
Compte des actionnaires—
_.
Reserves
Capital
Total.
22,630
236
11,441
289
700
372
893
58
21
27
17
39,914
643
FEDERAL RESERVE BULLETIN
OCTOBER 1933
COMMERCIAL BANKS—Continued
GERMANY—COMMERCIAL BANKS OFFICIALLY REPORTING
[In millions of reiehsmarks]
Assets
Cash in
Loans,
vault and Due from Bills dis- including
due from banks counted security Securities
End of month
Reichsbank
1930—January *
February
March ,
221
267
266
229
308
287
April
May
June
July
August _
September
October
November
1931—January 1
February
March.,
April
__ _-
1932—January i
February
March
April
May
June
July.—
August
September
October
November
December *
February
March
April
May,
June
July
August
i Figures not available.
Demand
Time
Total
Credits
obtained
Other
from
banks for liabilities
customers
235
3,640
3,715
3,642
3,660
3,741
3,420
3,362
3,093
2,793
2,847
9,442
9,495
9,678
9,600
9,501
9,479
9,520
9,524
9,420
9,305
1,786
1,811
1,831
1,860
1,899
1,911
1,936
1,934
1,935
1,913
994
981
958
960
948
975
990
1,020
1,132
1,159
4,741
4,875
4,896
4,994
5,277
4,921
4,711
5,061
4,649
4,565
7,640
7,734
7,759
7,657
7,475
7,631
7,626
7,081
6,672
6,643
12,382
12, 608
12, 654
12, 651
12, 751
12, 552
12,337
12,142
11, 321
11, 208
2,123
2,147
2,136
2,110
2,062
2,033
1,977
2,061
2,230
2,297
3,498
3,503
3,497
3,465
3,485
3,541
3,563
3,589
3,712
3,735
208
284
246
241
307
331
208
267
218
217
1,722
1,797
1,758
1,608
1,422
1,244
1,146
1,148
1,012
995
2,890
2,913
2,925
2,922
2,243
1,562
1,803
1,788
1,648
1,678
8,921
8,832
8,797
8,588
8,145
7,696
7,436
7,129
6,998
6,834
1,931
1,928
1,921
1,950
1,971
2,001
2,001
2,306
2,316
2,304
1,113
1,081
1,059
1,039
1,279
1,354
1,324
1,294
1,355
1,374
4,446
4,519
4,339
4,302
4,311
4,616
4,584
4,575
3,937
3,870
6,343
6,467
6,628
6,382
5,115
3,814
3,725
3,745
3,860
3,776
10, 790
10,985
10,967
10, 684
9,426
8,429
8,309
8,320
7,797
7,646
2,308
2,186
2,108
2,040
2,068
1,834
1,740
1,473
1,522
1,531
3,687
3,664
3,631
3, 624
3,873
3,924
3,869
4,138
4,229
4,224
245
319
206
200
248
188
172
204
178
173
779
865
771
825
770
763
746
762
734
727
1,757
1,605
1,844
1,888
1 904
1,904
2,164
2,125
2,143
2,169
2,364
2,364
2,372
2,366
2,373
2,369
,342
L, 307
,311
296
,249
,242
,224
1,212
L, 226
.216
3,591
3,691
3,771
3,829
3,772
3,643
3,597
3,637
3,566
3,494
3,901
3,810
3,918
3,869
3,835
3,891
3,898
3,888
3,951
3,948
7,492
7,501
7,690
7,697
7,607
7,534
7,495
7,525
7,517
7,442
1,251
1.256
,282
,885
1,911
.866
5,831
5,925
6,092
5,976
5,732
5,683
5,627
5,601
5,584
5,549
L, 324
,297
,288
,266
.245
1,223
3,369
3,389
3,394
3,385
3,336
3,313
3,267
3,239
3,244
3,233
140
200
166
169
205
169
150
701
712
701
675
659
646
637
1,983
1,908
1,940
1,934
1,914
1,907
1,937
5,225
5,152
4,983
4,882
4,832
4,682
4,677
2,381
2,385
2,379
2,387
2,390
2,383
2,297
1,193
1,177
1,180
1,189
1,163
1,163
1,175
3,350
3,354
3,329
3,268
3,344
3,237
3,155
3,945
3,884
3,843
3,833
3,748
3,781
3,816
7,296
7,237
7,172
7,101
7,092
7,018
6,971
1,141
1,116
1,012
968
924
852
805
3,186
3,181
3,165
3,168
3,146
3,081
3,097
220
- > __
loans
Deposits
Other
assets
1,921
1,989
1,912
1,917
1,901
2,053
1,850
1,911
1,736
1,781
310
246
May
June
July
August
September
October
November J
December
Liabilities
908
644
FEDERAL RESERVE BULLETIN
OCTOBER
1933
COMMERCIAL BANKS—Continued
finance German imports or the storage of imported
commodities awaiting sale. The German banks accept
The foregoing retrospective table is derived from the the liability on these credits and pass the funds on to
compilation published for the end of every month, ex- their customers for the most part as " Vorschusse auf
cepting December and January, as a supplement to the verfrachtete oder eingelargerte Waren" (item 7 below).
Deutschen Reichs- und Preussischen Staatsanzeiger.
including security loans" does not include
For the table, however, which relates to commercial the"Loans,
liability of the banks' customers on account of
banks, the Staatsanzeiger compilation is adjusted by acceptances.
This item, included in loans in the
deducting the figures for the Deutsche Golddiskont- banks' own statements,
transferred to "other
bank. The number of banks reporting varies from assets" in the condensed is
It is not published
month to month, having decreased from 89 in Febru- separately, but is assumed form.
to equal the amount of the
ary 1930 to 70 in August 1933. Some 300 banks do not banks' own liability for acceptances.
Security loans
report, but the nonreporting banks are comparatively are grouped with other loans in the table,
partly for
small and in the aggregate account for only a minor the reason that they have become unimportant
in
part of German commercial banking.
In reporting these figures the banks do not
The statement presented below compares the con- amount.
consistently distinguish between security loans made
densed balance sheet for June 1933 as shown in the in
connection with stock exchange dealings and security
table with the detailed statement from which it is de- loans
made for other purposes.
rived. Many of the subclassifications in the detailed
"Securities" comprise chiefly mortgages and longform are omitted, only those involved in condensing the
term advances to municipalities. The only significant
balance sheet being retained.
"Cash in vault and due from Reichsbank" contains change in recent years in securities proper ("eigene
some foreign currency, security coupons fallen due, and Wertpapiere") was in 1932 when treasury bonds were
balances at German note-issuing banks other than the acquired from the Government in connection with the
Reichsbank; but the amount is believed to be small. bank reorganizations.
Unpaid capital is omitted from both sides of the
"Credits obtained from banks for customers" are
mostly foreign credits and are used principally to balance sheet.
GERMANY—EXPLANATORY NOTE
BALANCE SHEET OF GERMAN COMMERCIAL BANKS OFFICIALLY REPORTING AS OF JUNE 30, 1933: CONDENSED
FORM COMPARED WITH DETAILED FORM
[Numbers in parenthesis in condensed form refer to items as numbered in detailed form]
In millions of
reichsmarks
Assets
CONDENSED FORM
CONDENSED FORM
Cash in vault and due from Reichsbank (2, 3a)
_
Due from banks (3 minus 3a; 5, lla)
_
Bills discounted (4)
_
Loans, including security loans (6, 7; 11 minus l l a and 19)..-.
Securities (8, 9, 10,12)
_.
Other assets (13, 14, 15, 19)
Total..
Omitted: Unpaid capital (1)
Total as shown by detailed form
205
659
1,914
4,832
2,390
1,163
11,162
3
11,165
Deposits:
Demand (18 di)
Time (18 dii, 18 diii)
3,344
3,748
Total
Credits obtained from banks for customers (18a)
Other liabilities (16 minus 1; 17, 19, 20, 21)
7,092
924
3,146
Total
Omitted: Unpaid capital (1)
Total as shown by detailed form
132
95
73
1,914
307
33
840
796
176
192
(a) davon entfallen auf Kredite an Banken, Bankfirmen,
Sparkassen und sonstige Kreditinstitute
330
12. Langfristige Ausleihungen gegen hypothekarische Sicherung oder gegen Kommunal deckung
13. Bankgebaude..
14. Sonstige Immobilien
15. Sonstige Aktiva..
1,227
200
126
44
-
11,162
3
11,165
DETAILED FORM
DETAILED FORM
1. Nicht eingezahltes Aktien- bzw. Betriebskapital
2. Kasse, fremde Geldsorten und fallige Zins- und Dividendenscheine
3. Guthaben bei Noten- und Abrechnungs- (Clearing-)
Banken
_
_
(a) davon entfallen auf deutsche Notenbanken allein_.
4. Schecks, Wechsel und unverzinsliche Sehatzanweisungen.
5. Nostroguthaben bei Banken und Bankfirmen mit Falligkeit bis zu 3 Monaten
_
_
6. Reports und Lombards gegen borsengangige Wertpapiere..
7. Vorschusse auf verfrachtete oder eingelagerte Waren
8. Eigene Wertpapiere
9. Konsortialbeteiligungen
10. Dauernde Beteiligungen bei anderen Banken und Bankfirmen
_
11. Debitoren in laufender Rechnung
_
_.
Total...
In millions of
reichsmarks
Liabilities
__.
11,165
16. Aktienkapital bzw. Betriebskapital.—
17. Reserven
18. Kreditoren
(a) seitens der Kundschaft bei Dritten benutzte
Kredite
(6) Deutsche Banken, Bankfirmen, Sparkassen und
sonstige deutsche Kreditinstitute-_.
(c) sonstige Kreditoren
(d) von der Summeder Kreditoren unter b und c sind
fallig
(i) innerhalb 7 Tagen.
(ii) dariiber hinaus bis zu 3 Monaten
(tiT) nach mehr als 3 Monaten
19. Akzepte
20. Langfristige Anleihen bzw. Darlehen
21. Sonstige Passiva
Total.
775
200
924
1,279
5,813
3,344
2,822
926
793
1,331
50
11,165
645
FEDERAL RESERVE BULLETIN
OCTOBER 1933
COMMERCIAL BANKS—Continued
CANADA—10 CHARTERED BANKS
[In millions of Canadian dollars]
Assets
Liabilities
Deposits payable in Canada
("exclusive of interbank deposits)
Entirely in Canada
End of month
1930—January __ _ .
February
.
March.
April
Mav
June
.
July..
August
September
_. .
October
November
December.. __
1931—January
February __
March
April
May
June
Julv
August
September
October
November
December
1932—January
February
_
March..
April
May__
June
July
August
September
October
November
_ _ ...
December
1933—January
February
March.
April
_.
May__
June
July.
August
Security
loans
abroad
Cash in
and
net
Other due irom
vault and Security loans
and foreign
in cendistral gold loans bills
counted banks
reserves
Other
assets
Note
circulation
Other
liabilities
Demand
Time
Total
206
201
206
206
203
204
200
195
203
214
239
207
237
227
231
233
235
239
232
229
226
214
212
205
1,492
1,474
1,467
1,470
1,460
1,425
1,386
1,371
1,373
1,343
1,307
1, 275
204
196
192
185
198
225
232
243
227
234
252
171
431
423
418
428
431
444
447
458
480
544
552
604
643
649
660
659
612
662
589
569
631
617
601
602
144
146
145
140
148
146
139
150
146
148
146
133
727
689
689
713
660
724
680
660
726
735
691
689
1,440
1,440
1,445
1,441
1,432
,410
,402
1,404
,420
1,432
1,439
1,426
2,167
2,129
2,134
2,155
2,093
2,134
2,082
2,064
2,146
2,167
2,130
2,115
902
895
894
887
898
919
86&
850
847
852
88&
816-
180
176
175
182
185
178
173
174
182
186
227
201
192
186
175
181
187
182
163
159
167
159
157
135
1,273
1,258
1, 270
1,286
1, 285
1,263
1,257
1,264
1,284
1,293
1,263
1,253
165
181
181
134
112
151
118
129
132
127
146
146
593
654
649
651
669
695
694
701
678
696
720
694
544
559
567
571
549
568
529
517
521
524
546
510
129
131
126
124
129
128
126
126
128
140
131
129
604
652
669
654
634
671
607
605
634
646
748
698
1,429
1,436
1,445
1,453
1,456
1,450
1,451
1,461
1,456
1,462
1,396
1,360
2,033
2,088
2,115
2,108
2,090
2,122
2,059
2,066
2,090
2,109
2,144
2,058
785
79&
776
774
768
787
74$
752
745
735
782
752
197
187
182
174
177
189
186
176
174
183
220
211
131
130
131
122
114
110
112
114
115
117
108
103
1,247
1,259
1,264
1,263
1,247
1,211
1,179
1,147
1,142
1,161
1,140
1,104
118
122
122
122
117
120
124
149
143
151
199
674
664
672
666
663
669
674
703
699
727
760
778
477
482
483
482
481
482
445
448
463
472
469
439
123
122
122
125
119
126
123
117
124
120
116
115
622
596
608
584
568
546
511
527
528
579
609
538
1,368
1,390
1,389
1,393
1,387
1,373
,363
1,367
1,359
, 371
,379
L,378
1,991
1,986
1,996
1,977
1,955
1,919
1,874
1,893
1,888
1,949
1,988
1,916
731
735
735
726
72&
736=
724
727
724
742
791
760
204
199
200
192
193
198
197
192
100
97
96
94
94
102
1)9
105
1,083
1,069
1,086
1, 088
1,073
1,057
1,042
1,026
132
129
117
135
784
798
793
806
836
860
866
866
425
437
443
452
456
481
448
437
108
112
123
124
119
129
120
121
504
491
494
514
549
570
578
551
[,383
, 397
]1,389
,400
,397
,387
,380
,373
1,887
1,888
1,883
1,914
1,946
1,957
1,958
1,924
734
729
729
729
725
757
733
727
155
139
145
151
146
CANADA—EXPLANATORY NOTE
The foregoing retrospective table relates to the 10
chartered banks of Canada; namely, Bank of Monreal, Bank of Nova Scotia, Bank of Toronto, Banque
Provinciale du Canada, Canadian Bank of Commerce,
Koyal Bank of Canada, Dominion Bank, Banque Canadienne Nationale, Imperial Bank of Canada, Barclaj^s
Bank (Canada). The figures are as of the final day of
the month and are derived from the banks' statements
published by the Canada Gazette.
On the following page the detailed statement from
the Gazette is compared with the form used in the table.
The Gazette does not publish the banks' statements as
full balance sheets since the profit and loss account is
customarily omitted. In the table this account is included among "other liabilities."
There are several important foreign branches of Canadian banks—particularly in Cuba and Argentina.
Movements of deposits, loans, and other accounts in
Securities
these banks largely reflect developments abroad rather
than in Canada. So far as possible these foreign accounts have been relegated in the table to " other
assets" and " other liabilities." "Security loans
abroad and net due from foreign banks" represents
chiefly secondary reserves of the parent banks in
Canada. They are foreign exchange upon which the
parent banks can draw to meet a drain of funds out of
the country or to replenish their domestic cash holdings.
Security loans abroad have been composed chiefly of
loans on the New York Stock Exchange.
Cash in central gold reserves, which is grouped with
cash in vault as a single item, is deposited with the
Canadian Bankers' Association as cover for notes issued
by the banks and, except for a small amount of excess
cover, is not available for general reserve purposes.
Notes in circulation outside the banks, rather than
the total volume of notes issued by the banks, are shown
in the condensed form, notes of one bank held by
another being excluded from both assets and liabilities.
646
FEDERAL RESERVE BULLETIN
COMMERCIAL
OCTOBER 1933
BANKS—Continued
B A L A N C E S H E E T O P 10 C H A R T E R E D B A N K S O F C A N A D A F O R J U N E 30,
DETAILED FORM
1933:
CONDENSED FORM COMPARED W I T H
[Numbers in parenthesis in condensed form refer to items as numbered in detailed form]
Assets
In million^ of
Canadian
dollars
CONDENSED FORM
Entirely in Canada:
Cash in vault and in central gold reserves (la, 2a, 26)
Security loans (13)
Other loans and bills discounted (6,15,17.18,19)
Security loans abroad and net due from foreign banks (8,9,14
minus 38 and 39)-.
___
Securities (10, 11,12)
Other assets (lb, 2b, 4,5,7,16, 20, 21,22,23,24, 25,27,28)
Total
Omitted:
Notes of other banks (3)
Foreign balances equivalent to (38) and (39)
Total as shown by detailed form
CONDENSED FORM
198
102
1,057
145
860
481
2,843
37
2,889
Note circulation (29 minus 3)
_
Deposit? payable in Canada (exclusive of inter-bank deposits):
Demand (30, 32, 33)
Time (34)
Total___
_
Other liabilities (31,35,36,37,40,41,42,43,44,45,46)
Total
Omitted:
Notes of other banks (3)
2. Dominion notes:
(a) In Canada.
(6) Elsewhere..
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
Total
Notes of other banks
United States and other foreign currencies..
Checks on other banks
__.
Loans to other banks in Canada, secured, including bills
rediscounted.
_.
Deposits made with and balances due from other banks in
Canada.
_
Due from banks and banking correspondents in the United
Kingdom
Due from banks and banking correspondents elsewhere
than in Canada and the United Kingdom
Dominion Government and provincial government securities.
Canadian municipal securities, and British, foreign and
colonial public securities other than Canadian
Railway and other bonds, debentures, and stocks
Call and short (not exceeding 30 days) loans in Canada on
stocks, debentures, bonds, and other securities of a
sufficient marketable value to cover
Call and short (not exceeding 30 days) loans elsewhere
than in Canada on stocks, debentures, bonds, and other
securities of a sufficient marketable value to cover
Other current loans and discounts in Canada...
Other current loans and discounts elsewhere than in
Canada after making full provision for bad and doubtful
debts
Loans to the Government of Canada
Loans to provincial governments
,
Loans to cities, towns, municipalities, and school districts..
Noncurrent loans, estimated loss provided for
Real estate other than bank premises
Mortgages on real estate sold by the bank
Bank premises at not more than cost, less amounts (if any)
written off
Liabilities of customers under letters of credit as per contra.
Deposit with the Minister of Finance for the security of
note circulation
Deposit in the central gold reserves
Shares of and loans to controlled companies
Other assets not included under the foregoing heads
Total.
1
Less than $500,000.
129
570
1,387
1,957
757
2,843
-
Due to foreign banks (38, 39)
_
37
Total as shown by detailed form
DETAILED FORM
DETAILED FORM
1. Current gold and subsidiary coin:
(a) In Canada
_
(6) Elsewhere
__
Total.
In millions of
Canadian
dollars
Liabilities
51
138
138
22
116
Notes in circulation
Balance due to Dominion Government, after deducting
advances for credits, pay lists, etc
Advances under the Finance A c t . . .
Balances due to provincial Governments
Deposits by the public, payable on demand in Canada
Deposits by the public, payable after notice or on a
fixed day in Canada. —
Deposits elsewhere than in Canada
Loans from other banks in Canada, secured, including
bills rediscounted
—
37. Deposits made by and balances due to other banks in
Canada
Due to banks and banking correspondents in the United
Kingdom _
Due to banks and banking correspondents elsewhere
than in Canada and the United Kingdom
Bills payable.
Letters of credit outstanding
Liabilities not included under foregoing heads
Dividends declared and unpaid
._.
Rest or reserve fund
Capital paid up
—
Profit and loss account
_
13
52
22
535
1,387
325
15
32
1*
46
2
1
162
144
10
166
56
102
100
900
153
22
135
14
Total..
2,889
647
FEDERAL RESERVE BULLETIN
OCTOBER 1933
DISCOUNT RATES OF CENTRAL BANKS
Bank
Bank German
Reichsof
of England France bank
Date effective
In effect Oct. 1,1931.
Ont 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
May 12
_ .
June 29
July 15
July 29
Aug. 15
Sept 4
Sept. 19
In effect Oct. 1,1933..
2
6
8
Bank
of
Italy
Nether- Swiss
lands National
Bank
3
7
2
7
5
6
4
ZH
6
5H
2H
3
5
5
2
2
4
4
4
3H
3
3>2
2
2H
4
3^
2
2H
Rate
Oct.
1
Country
Albania
Austria.Belgium
Bolivia
8
5
Bulgaria
Chile..
Colombia
Czechoslovakia
8
In effect
since—
July
Mar.
Jan.
July
6
1,1931
24,1933
14,1932
5,1932
May 25,1932
Aug. 23,1932
July 18,1933
4
ZH Jan. 26,1933
Danzig __ .
Denmark. __
Ecuador
Estonia
3
3
4
Finland
Greece
Hungary
India
5
May
June
Nov.
Feb.
6,1933
1,1933
30,1932
1,1932
Sept. 6,1933
June fl. 1933
4H Oct 18,1932
ZH Feb. 16. 1933
Country
Japan
Java
Latvia
Lithuania
Norway
Peru
Poland
Portugal
Rate
Oct.
1
3.65
In effect
since—
6
July
Aug.
Jan.
Apr.
3.1933
16,1933
1,1933
1,1930
6
6
6
May
May
Oct.
Mar.
24,1933
20,1932
21,1932
13,1933
Rumania
6
South AfricaSpain
6
Apr. 5,1933
M a y 15,1933
Oct. 26,1932
Sweden
3
U.S.S.R
Yugoslavia... 8
June 1,1933
Mar. 22,1927
July 20,1931
Changes since Sept. 1: Finland—Sept. 5, down from 5H to 5 percent
Italy—Sept. 4, down from 4 to ZlA percent; Netherlands—Sept. X9, down
from 3 to 2}4 percent.
MONEY RATES IN FOREIGN COUNTRIES
Month
Bankers'
acceptances,
3 months
Treasury
bills, 3
months
1932—August
September
October
November
December
.74
.67
.82
.89
1.02
.60
.55
.71
.82
1.04
.73
.67
.71
.73
.81
1933—January
February
March
April
May „
June
Julv
August
.87
.76
.73
.83
.62
.59
.78
.46
.50
.37
.40
.73
.64
.61
.58
.62
.48
.41
.40
.30
.62
.62
_
.50
.50
Netherlands (Amsterdam)
Germany (Berlin)
England (London)
Bankers'
Day-to-day allowance
money
on deposits
H
8H
H
H
H
H
y2
H
H
8
Private
discount
rate
Private
Money for Day-to-day discount
1 month
money
rate
Money for
1 month
4.50
4.25
3.87
3.87
3.87
5.75
5.55
5.00
5.00
5.08
5.82
5.55
4.94
4.80
4.91
.37
.37
.37
.37
.37
.00
] ,00
.00
.00
LOO
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
5.03
5.00
5 00
5.25
5.50
5.50
5.50
5.50
4.98
4.86
4.97
5.05
5.24
4.93
5.19
4.94
.37
00
.00
] 11
] 00
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
.37
.64
.66
2.11
2.18
3.54
M.07
1.69
2.06
2.64
*1.08
Japan [Tokyo)
Month
1932—August
September
October
November
December
1.50
L.50
50
1933—January.—...
February
March
April
May
June
July
August
50
]L 50
50
L 50
50
L.50
no
SO
1 50
1.50
3.12
3.00
3.00
3.00
2.94
1.02
1.00
1.01
1.00
.91
5.50
5.50
5.00
6.00
5.00
2.88
2 78
2 62
2.50
2.41
2 31
2.31
2.31
1.12
1.89
2 04
1.87
1.76
1.50
1.39
1.45
4.42
4.25
4.20
4.00
4.00
4.00
4.00
4.00
4^-8
4J6-8
4%-8
4%-7H
4$4-7V4
43/71/
4H-7H
4H-4%
4 -4H
ZH-4Y4:
ZH
ZH
zu
ZH
ZH
ZH
ZH
ZH
Loans u p Discounted
to 3
bills
months
4 -5H
ZH-5H
3H-5V*
ZH~&H
3H-6
3 -5
3 -5
3 -6
Call
money
overnight
5.84-6.21
5.66-6.21
5.66-6 02
5. 66-5. 84
5.66-5.84
4.02
3.47
3.28
2.92
2.74
5.48-5.84
5.48-5.84
5. 48-5.84
5.48-5.84
5.11-5.84
5.11-5.48
5.11-5.48
3.10
2.92
2.92
2.37
2.19
2.74
2.37
v Preliminary.
NOTE.—For sources and back figures, see BULLETIN for November 1926, pp. 794-796; April 1927, p. 239; July 1929, p. 503; November 1929, p . 736
and May 1930, p. 318.
648
FEDERAL RESERVE BULLETIN
OCTOBER 193$
FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
Argentina
Australia i
1932—September-. _
October
November. __
December
58.5835
58.5837
58.5851
277.13
271.15
261.50
261.77
1933—January
February
March
April
May
June
July
August
September
58.5847
58.5804
58. 2974
60.4864
67.9019
71.0601
80. 7251
79. 4328
86.0861
Month
Denmark
Chile
13.9635
13.9550
13.9477
13.9581
13.8606
13.8940
13.8723
13.8460
7.6171
7.6214
7.6302
7.6327
.7203
.7200
.7200
.7200
90.2636
91.2332
87.3000
86.5989
6.0414 21.0404 95.2400 99.9118
6.0250 20.888b 95.2400 99.9109
6.0276 20.5937 95.2400 99.9237
6.0274 19.4719 95.2400 99.9261
2.9594
2.9606
2.9619
2.9613
17.9781
17.6412
17.0613
17.0069
267.19 13.9715 13.8629
272.17 13.9867 13.9638
272. 73 14.0121 13.9803
284.79 14.0700 14.5285
313.07 14. 5582 16.2711
329.22 14. 2007 17.0460
369.44 15. 6719 19.4505
358.13 15. 4794 19.1458
371. 26 16. 6534 20. 6994
7.6352
7.6348
7.6330
7.6348
7.6354
7.6369
7.8727
8.0331
8.1508
.7195
.7200
.7210
.7223
.7825
.8142
.9977
1.0347
1.2434
87.4621
83.5084
83.5205
84. 7233
87.5930
89.8853
94.4683
94. 2796
96. 4734
6.0275
6,0278
6.0281
6.0300
6.2846
7. 5210
8. 3752
8.1986
8.6743
99.9411
99.9790
100.0162
99.9322
99.9196
99.9212
99.9199
99.9481
99.9583
2.9614
2.9632
2.9743
3.1155
3.5075
3. 6527
4.1545
4.0777
4.4089
16.9097
15.2612
15.3180
15.9502
17.5193
18.4423
20.7682
20.1157
20.834*
France
Germany
1.4953
1.4823
1.4441
1.4239
3.9179
3.9264
3.9190
3.9033
23.7814
23.7692
23.7536
23.7869
1.4577
1.4919
1.5153
1.5806
1. 7467
1.8241
2. 0511
2.0008
2.0693
3.9034
3.9228
3.9361
4.1019
4.5927
4.8035
5. 4588
5.3749
5. 7724
23.7703
23.8291
23.8519
24.3873
27.3629
28.8097
33. 2627
32. 7144
35.4307
England
Finland
1932—September..
October
November..
December..
355.9494
348.5176
336.0492
336.1120
347.1062
339.8163
327.5267
327.8679
1833—January
February. _
March
April
May
June
July
August
September.
344.6451
350.8940
351.9434
366.8480
403.1202
424.0440
477.0204
336.1385
342.2073
343. 2800
357.9313
393. 2381
413. 5581
464.9915
450. 2670
466.4722
Month
Czechoslovakia
Brazil Bulgaria Canada
Egypt
Month
Colombia
Austria Belgium
New
Zealand Norway Poland
Portugal
Rumania
19. 7916
20.1136
20.7250
22.1953
24. 5193
26.1289
29. 2666
28.0737
29. 6843
95.2400
94.4191
86. 2100
86.2100
86.2100
86.2100
86. 2100
86.2100
78.1476
Cuba
India
Italy
Japan
Mexico
Netherlands
23.4293 17.4653
.6014 22.9487 17. 4452
.5743 22.4062 17.4356
.5418 21.3527 17.4265
26.2192
25.6800
24. 7830
24.7923
5.1264
5.1195
5.1124
5.1088
23.6314
23.0628
20.6218
20.7298
29.9159
31.1060
32.2205
31.9923
40.1586
40.2217
40.1774
40.1680'
.5392
.5610
.5673
.5865
.6582
.6917
.7902
.7743
.8372
25.4055
25.8336
25.7900
26.8721
29.5729
31.0652
34.9283
33.8489
35.0051
5.1177
5.1156
5.1372
5. 3662
6.0888
6.3789
7. 3697
7.2176
7.8075
20.7393
20.7945
21. 2631
22.0867
23.9967
25. 7587
28.7727
26.9026
27. 2539
30.1631
28.4212
28. 3164
27.0201
28.8721
27.6650
27.9968
28.1103
28.1492
40.1797
40.2691
40. 3572
41.9490
46.9507
49.0086
56.1833
55.3799*
59.8831
Greece
Hong Hungary
Kong
China
21.7525
22.0710
22. 7442
23.7714
27.1586
29.1358
32.9584
31. 5922
33.1050
17.4260
17.4359
17. 4392
17. 4812
18. 8766
21. 2415
24. 5147
24. 2387
26. 0897
Spain
Straits
Settlements
Union of
Sweden SwitzerTurkey South Uruguay Yugoslavia
land
Africa *
8.1044
8.1871
8.1730
8.1506
40. 2475
39.4372
38.0026
38.0123
1932—September
October
November...
December
316.99
310.15
299.11
299.42
17.4470
17.1752
16.7252
16.8899
11.1800
11.1740
11.1769
11.1825
3.1481
3.0872
3.0293
3.0191
.5978
.5975
.5973
17.8055
17. 5334
17.4314
17.9108
19. 3007
19. 3041
19. 2470
19. 2354
47.1916
47.2680
47.2167
47.0127
476. 79
475.85
477.58
479.13
47.3900
47.3466
47.3402
47.3397
1.5892
1.4094
1.3506
1.344&
1933—January
February..
March
April
May
June
July
August
September.
292.13
272.87
273.45
285.48
313.86
330.09
370.19
359. 02
372.17
17.2684
17. 5270
17.5913
18. 3161
20.0164
20. 8811
23. 3627
22. 6451
23.4400
11.1872
11.1940
11.1834
11.3755
13. 0873
13.8229
15. 6202
15. 4348
16. 6963
3.0364
3.1017
3.1362
3. 2133
3. 5781
3. 7694
4. 2468
4.1521
4.4655
.5972 8.1777 38.9884 18.2982
.5958 8.2446 39.5818 18.2670
.5974 8.4431 39. 6078 18.1884
.6107 8.8804 41. 2350 18.8108
.7025 9.9875 45. 6611 20. 2413
.7448 10.3638 47.9630 21. 2819
.8766 11.6540 54.0460 23.9784
.8374 11.4565 52. 3634 23.2263
12.4087 54. 2920 24.0532
19.2836
19. 3707
19. 3716
20.1281
22. 5368
23.5665
26.9583
26. 5265
28.7299
47.0260
47.1982
47.4384
49.3996
55.3596
57.8085
65.7080
340.63
338.90
339.88
353. 74
388.74
408.76
459. 33
444.39
448. 57
47.3366
47. 3363
47. 3458
47.7646
53.1875
55.9871
65.1372
64. 7589
70.1510
1.355&
1.3593
1.3714
1.4228
1. 6073
1.6708
1.9032
1.8909
2. 0274
Monetary units and pars of exchange (in cents per unit of foreign currency):
Country
Monetary unit
Par of
exchange
Country
Argentina
Australia
Austria
Belgium
Brazil
Bulgaria
Canada
Chile
___
China.
Colombia
Cuba
Czechoslovakia
Denmark
Egypt
Gold peso..
Pound
Schilling...
Belg
Milreis.
Lev
Dollar..
Peso.
Yuan
Peso
do
Koruna
_
Krone
_
Egyptian pound.
96.48
486. 66
14.07
13.90
11.96
.72
100.00
12.17
329.27
97.33
100.00
2.96
26.80
494.31
England
Finland
France
Germany
Greece
Hong Kong_
Hungary
India
Italy
Japan
Mexico
Netherlands
New Zealand
Norway
Monetary unit
Par of
exchange
486.66
Pound
2.52
Markka3.92
Franc.
23.82
Reichsmark
1.30
.._ Drachma
Hong Kong dollar. 3 30.23
Pengo
17.49
36.50
Rupee
Lira
5.26
Yen.
49.85
49.85
Silver peso
Florin
40.20
Pound
486.66
Krone
26.80
Country
Monetary unit
Par of
exchange
11.22
Poland
Zloty
4.42
Portugal
Escudo
Rumania
Leu
.60
Spain
19.30
Straits Settle- Singapore dollar...
ments.
26.80
Sweden
Krona..
19.30
Switzerland
Franc.
Turkey
Turkish p o u n d - 439.65
Union of South Pound
486.66
Africa.
103.42
Uruguay
Yugoslavia1.76
Dinar..
i Monthly averages for Australia, New Zealand, and South Africa for 1932 are taken from the League of Nations Monthly Bulletin of Statistics.
a
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.
3
Silver currencies—figures given for dollar parity in September 1933 computed by multiplying silver content of unit by New York average price
of silver for September 1933, which was $0.38752 per fine ounce.
* Singapore dollar is legally equivalent to seven sixtieths of 1 English pound. Figure given for parity in September 1933 represents seven sixtieths
of average quotation of pound in New York for September 1933.
649
FEDERAL RESERVE BULLETIN
OCTOBER 1933
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average=100)i
Bonds
Month
United
States
(average
price)
England
(December
1921 = 100)
France
(1913 average =100)
Germany
(average
price) *
169
United
States
England
France
Germany
Number of issues
60
87
36
421
278
300
329
1931—August.—
SeptemberOctober
NovemberDecember.
98.5
95.6
89.4
89.0
81.6
107.2
103.5
104.2
104.8
102.2
99.5
97.7
94.8
94.4
90.8
95.5
81.7
69.7
71.7
57.7
73.8
67.2
75.6
74.7
68.1
130.5
115.5
106.9
104.3
94.8
()
3 52.3
1932—January. -_
February—
March
April
May
June
July
August
SeptemberOctober
NovemberDecember.
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
111.8
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
3 45.5
46.4
45.6
45.8
47.9
54.1
52.5
53.4
56.7
1933—January
February...
March
April
May
June
July
August
84.1
82.5
76.8
75.4
82.0
86.8
89.6
89.9
116.9
118.4
118.4
120.2
118.1
118.7
117.9
120.1
86.4
85.3
81.9
81.5
78.5
79.5
80.0
80.2
49.1
44.9
43.2
47.5
62.9
74.9
80.4
75.1
72.4
72.2
72.3
72.4
75.4
79.0
83.9
84.4
101.3
97.9
92.7
94.0
100.4
105.2
106.0
105.2
59.3
59.4
64.5
66.8
67.2
65.7
62 8
60.7
0)
1
Stock price series for England, France, and Germany have been converted from original bases to a 1926 base.
2 New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 percent bonds.
Based on data for part of month, no quotations being available for remainder of month.
* Figures not available because of closing of the exchange.
Back figures.—See BULLETIN for February 1932, p. 121, and sources there cited.
3
WHOLESALE PRICES—ALL COMMODITIES
Month
United
Japan
Germany
Canada
England
Italy
France
States
(1926=100) (1913=100) (1913=100) (1913=100) (1913=100) (October
(1926=100)
1900=100)
Netherlands
(1913=100)
1931—August
September.
October...
November.
December.
72
71
70
70
69
71
70
70
71
70
100
99
104
106
106
488
473
457
447
442
110
109
107
107
104
322
319
322
320
319
152
150
147
147
151
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
67
66
67
67
67
65
65
64
106
105
105
102
101
98
98
100
102
101
101
101
439
446
444
439
438
425
430
415
413
412
413
413
100
100
100
98
97
96
96
95
95
94
94
92
317
314
315
311
305
297
296
296
300
299
298
296
160
161
159
154
150
146
148
156
167
169
178
185
84
83
82
80
79
78
76
75
76
77
77
76
1933—January. _.
February..
March
April
May
June
July
August
61
60
60
60
63
65
69
70
64
64
64
65
67
68
71
69
100
99
98
97
99
102
102
103
411
404
390
387
383
403
401
397
91
91
91
91
92
93
94
94
292
286
281
279
279
281
279
278
185
180
177
176
177
180
182
180
75
74
72
71
72
73
73
73
650
FEDERAL RESERVE BULLETIN
OCTOBER 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
1931—August
September
October
November
December.
Farm
products
Foods
64
England (1913=100) France (1913=100)
Other
commodities
74
Foods
••
Germany (1913=100)
Farm
IndusIndus- Agricultrial and food
trial
tural
products products products products
Provisions
74
73
71
69
74
73
74
72
108
95
528
452
61
59
59
56
108
113
115
113
95
100
102
102
103
508
489
482
491
443
429
416
400
101
99
99
95
1932—January..
February
March
April
May
June
July
August
September
October
November
December
53
51
50
49
47
46
48
49
49
47
47
44
65
63
62
61
59
59
61
62
62
61
61
58
7?
71
71
71
70
70
70
70
70
70
70
69
114
114
116
115
114
112
108
107
107
106
107
108
101
101
99
96
94
91
92
95
99
98
98
97
496
511
510
506
511
490
498
453
445
450
458
456
390
389
388
381
374
369
370
382
384
379
373
375
92
95
97
95
93
92
93
91
89
88
88
84
90
91
89
88
87
85
84
83
85
1933—January
February
March
April...
May
June
July
August
43
41
43
45
50
53
60
56
54
55
56
59
61
66
67
66
66
65
67
69
7?
107
105
102
101
102
104
101
97
96
95
95
98
101
103
455
443
417
407
390
418
414
373
370
368
369
376
390
389
58
65
74
104
102
407
389
.
75
January
February.
March
April
May
June
July
..
August
September
October
November
December
.
United
States
(1913=100)
England
(July
1914=100)
France
(July
1914=100)
1932
1933
1932
1933
1932
1933
1932
1933
109
105
105
104
95
91
91
90
131
131
129
126
123
122
119
115
114
115
115
115
102
103
101
99
116
114
114
113
107
107
106
106
97
97
95
97
113
113
114
112
110
111
111
110
94
101
100
97
105
101
101 2 107
100 M 0 7
100
99
99
125
123
125
123
123
125
125
125
114
114
118
119
114
111
108
104
102
102
104
103
102
136
100
99
99
97
135
133
132
13a
125
122,
121
81
80
92
91
90
89
88
87
87
88
89
88
88
87
llg
117
lift
115
115.
114
114
81
82
83
82
84
85
87
81
80
79
77
77
78
77
87
87
87
87
88
89
90
112
111
112112
113
88
76
90
94
91
120
na
na
COST OF LIVING
RETAIL FOOD PRICES
Month
96
94
Industrial raw Indusfinand semi- trial
ished
finished products
products
Germany
(191314=100) i
111
110
110
109
Month
January .
February
March
April
United
States
(1913=100)
England
(July
1914=100)
France
(Jan .-June
1914=100)
Germany
(191314=100) *
1932
1932
1933
1932
1933
1932
147
147
146
144
142
141
139
137
108
106
143
142
143
141
136
136
138
139
1933
_
May
June
July
August
Septerob er
October.
Novemb er
Deeembe r
136
128
141
143
143
132
143
•
-
-
109
105
105
105
1933
?5
??
??
??
117
117
117
117
121
?1
122
00
118
119
119
118
OO
119
119
118
*i Average of October 1913, January, April, and July 1914=100.
Figures for the period nearest the 15th of the month. Since August 1933 the Bureau of Labor Statistics has published semimonthly indexes,
as follows: Aug. 15, 106.7; Aug. 29, 107.1, Sept. 12, 107.0.
SOURCE: Wholesale prices.—For original sources, see BULLETIN for March 1931 (p. 159). Retail food prices and cost of living.—United StatesBureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—Fox retail food
prices, Statistique G6n6rale, and for cost of living, Commission d'6tudes relatives au cout de la vie a Paris.
OCTOBER 1933
FEDERAL RESERVE BULLETIN
651
LAW DEPARTMENT
Extension of credit by member banks to their affiliates
Section 23A of the Federal Reserve Act provides that, with certain stated exceptions, no
member bank shall make any loan or extension
of credit to, or purchase securities under repurchase agreements from, any of its affiliates,
or invest in the stock or obligations of such
affiliates, or accept the stock or obligations as
security for advances, if the aggregate amount
thereof, in the case of any one affiliate, will
exceed 10 percent of the capital stock and surplus of the member bank, or if, in the case of all
such affiliates, the aggregate amount thereof
will exceed 20 percent of the capital and surplus of such member bank. The Federal
Reserve Board has ruled that a transaction
whereby a member bank sells certain of its
assets to an affiliate, which gives its note in
payment therefor, must be considered an
extension of credit to the affiliate by the bank
within the prohibition of this section.
Election of Federal Reserve bank directors by member
banks affiliated with the same holding company
Section 4 of the Federal Reserve Act contains
the following provision with regard to elections
of class A and class B directors of Federal
Reserve banks:
their number partcipate in the nomination and
election of class A and class B directors, one
bank in each group participating in the nomination and election of the class A and the class B
director chosen by such group; or whether in
such case only one such bank may participate
in the nomination and election of directors,
such bank, of course, participating only in the
nomination and election of the class A director
and the class B director chosen by the group of
which it is a member.
Since only one director of class A and one
director of class B may be elected by the
member banks of any one group and the terms
of office of no two class A directors and no two
class B directors expire in the same year, it is
the Board's opinion that the nomination and
election of each class A director and of each
class B director are separate and distinct from
the nomination and election of each other class
A or class B director. Accordingly, it is the
Board's view that an organization which is a
holding company affiliate of one or more subsidiary member banks in each group may designate one of such banks in each group to participate in the nomination and election of each
class A director and each class B director
chosen by the group of which such bank is a
member and that such member bank so designated may validly participate in such nomination and election.
* * * Provided, That whenever any two or more
member banks within the same Federal reserve district
are affiliated with the same holding company affiliate,
participation by such member banks in such nomination or election shall be confined to one of such banks, Corporation whose stock is held by a member bank as
executor or trustee as an affiliate
which may be designated for the purpose by such
holding company affiliate.
The Federal Reserve Board has been asked
The question has arisen whether a holdingcompany affiliate having one or more subsidiary
member banks in each of the three groups into
which member banks of each Federal reserve
district are divided for electoral purposes,
may designate one such bank in each group
which may participate in the nomination and
election of the director of class A and of the
director of class B chosen by the group of
which it is a member, or whether it may
designate only one such bank in the Federal
Reserve district which may participate in the
nomination and election of the director of
class A and the director of class B chosen by the
group of which it is a member. In other words,
the question is presented whether, in a case in
which one or more member banks in each group
are subsidiaries of a holding company affiliate,
such member banks may lawfully have three of
to consider the question whether a corporation,
a majority of the stock of which is held by a
trust company as executor or trustee under a
will or deed of trust for the benefit of persons
named in such instrument other than the trust
company or its shareholders, is an affiliate of
the member bank within the meaning of the
Banking Act of 1933.
Under date of September 7, 1933, the Attorney General of the United States rendered
an opinion to the Secretary of the Treasury,
in which he stated that "it does not seem
objectionable to say that I perceive the force
of your solicitor's conclusion that ownership
and control through majority stockholding does
not include a holding by a bank merely as
executor or in some other such fiduciary or
representative capacity, subject to control by
a court, or by a beneficiary, or a principal, and
652
FEDERAL RESERVE BULLETIN
without the incentive and opportunities which
might arise from a holding of the stock by the
bank as its own property." Pursuant to this
opinion, the Federal Reserve Board has taken
the position that it will not require a member
bank to obtain and publish a report of a corporation the majority of the stock of which is
held by the member bank as executor or trustee
provided that the member bank holds such
stock subject to control by a court, or by a
beneficiary or other principal, and that the
member bank may not lawfully exercise control of such stock independently of any order
or direction of a court, beneficiary or other
principal.
Payment of interest on time deposits in excess of
maximum rate under a contract made since June
16, 1933
The question has been presented to the Federal Reserve Board whether member banks
which issued time certificates of deposit or
other time deposit contracts subsequent to
June 16, 1933, providing for payment of interest at a rate in excess of the maximum prescribed in the Board's Regulation Q for a
period extending beyond October 31, 1933,
may pay interest accruing after that date at
the rate prescribed in such certificates or
contracts.
In view of the fact that member banks
which issued certificates of deposit or entered
into other time deposit contracts subsequent
to June 16, 1933, did so presumably with
knowledge of the provisions of the Banking
Act of 1933 requiring the Federal Reserve
Board to limit by regulation the rate of interest which may be paid by member banks on
time deposits, such certificates and contracts
must be considered to have been made in
contemplation of this requirement of the law
and with notice that the rate of interest provided therein would be subject to change to
conform to the rate to be prescribed by the
Board. Accordingly, the Board expressed the
opinion that member banks may not pay
interest accruing after October 31, 1933, at a
rate in excess of that prescribed in Regulation
Q, in accordance with certificates or contracts
which were entered into after June 16, 1933,
although such certificates or contracts provide
for the payment of interest at a rate in excess
of that prescribed in the regulation.
OCTOBER 1933
Interest from first day of month on savings deposits
received within few days thereafter
It is provided in section V (c) of the Federal
Reserve Board's Regulation Q that:
(1) No member bank shall pay interest, accruing
after October 31, 1933, on any savings deposit or any
part thereof at a rate in excess of 3 percent per annum,
compounded semiannually, regardless of the basis upon
which such interest may be computed, except * * *.
The question has arisen whether, under this
provision, interest at the maximum rate therein prescribed may be paid from the first day
of a month on a savings deposit received by a
member bank at any time during the first few
days of such month. The Board ruled that if
the amount of interest paid by a member bank
upon any deposit exceeds 3 percent per annum,
compounded semiannually, for the period during which the deposit is actually in the bank,
whether by reason of inclusion in the interest
period of days prior to the date on which the
deposit was made or days after it was withdrawn, the payment is at a rate in excess of
that prescribed by the regulation and in violation thereof. However, interest paid at a rate
less than the maximum prescribed in the regulation may be paid from the first day of the
month on a savings deposit which is actually
received thereafter, provided, that the amount
of interest does not exceed 3 percent per annum,
compounded semiannually, for the period from
the date on which the deposit was actually
received by the bank until actually withdrawn.
It will be observed that the maximum rate
of interest on savings deposits prescribed in
the regulation is applicable only to interest
accruing after October 31, 1933.
Payment of interest on certificates of deposit as to
which the bank reserves the right to require notice
of withdrawal
The question has been presented to the
Board whether, under the provisions of section
19 of the Federal Reserve Act as amended by
the Banking Act of 1933, interest may be
paid on certificates of deposit issued since June
16, 1933, with respect to which a member bank
reserves the right to require written notice of
not less than 30 days before withdrawal. In
this connection it is to be noted that footnote
4 of the Board's Regulation Q provides that
OCTOBER 1933
FEDERAL RESERVE BULLETIN
interest may not be paid on certificates of
deposit with respect to which the bank merely
reserves the right to require notice before payment. However, such certificates may be
classified as time deposits for the purpose of
computing reserves under the provisions of
regulation D; and the Federal Reserve Board,
shortly after the enactment of the Banking
Act of 1933, advised that member banks
might continue to pay interest on time deposits
in accordance with their usual practice or
existing bona fide contracts until the Federal
Reserve Board should issue regulations on the
subject. In the circumstances, the Board has
advised that it will offer no objection to the
payment of interest by member banks, at a
rate not in excess of that prescribed in Regulation Q, in accordance with the terms of such
certificates, which were issued after June 16,
1933, and not later than August 29, 1933, the
effective date of the regulation, provided such
member banks terminate or modify such certificates of deposit as soon as possible so as to
bring them into conformity with the provisions
of the regulation.
Definition of " savings deposit "
In response to an inquiry regarding the
nature of " savings deposits " within the meaning
of the Federal Reserve Board's Regulation Q,
the Board stated that it does not feel that it
should undertake at this time to define in detail
the words " bona fide thrift purposes " or further
to define the term " savings deposit" as used
in the regulation. The Board suggests that
each member bank exercise its best judgment
in determining whether deposits are of such a
nature that they may properly be classified as
savings deposits within the meaning of the
Board's definition and, if a case arises in which
the bank is in doubt as to the correctness of
its conclusion, that it submit the matter to the
Federal Reserve bank of its district for advice
on the question. If the Federal Reserve bank
feels the question is one which should properly
be considered by the Federal Reserve Board, it
will submit the matter to the Board for a ruling.
Building and loan association distinguished from a
mutual savings bank
The Board has been presented with the question whether a Pennsylvania building and loan
association is a mutual savings bank within
653
the meaning of section 19 of the FederaFReserve Act, as amended by section 11 (b) of the
Banking Act of 1933. Under the Building and
Loan Code of Pennsylvania, such associations
exist primarily for the purpose of granting loans
to their shareholders in order to encourage
private building enterprise, issue to their members in series or nonserially shares of stock
which may be full-paid, prepaid, or paid for
in installments, and do not appear to have
authority to receive deposits or to perform any
of the characteristic functions of a mutual
savings bank. In view of these facts, the
Board expressed the opinion that associations
subject to the provisions of this Code cannot
be considered mutual savings banks for the
purpose of section 19 of the Federal Reserve
Act as amended.
Applicability of section 8A of Clayton Act to corporations
which do not actually make loans on stock or bond
collateral
In response to an inquiry regarding section
8A of the Clayton Antitrust Act, the Federal
Reserve Board expressed the opinion that,
inasmuch as section 8A of the Clayton Antitrust Act specifically applies to corporations
"which shall make loans secured by stock or
bond collateral", it does not apply to corporations which do not actually make such loans,
even though they have the legal power to do
so. Accordingly, section 8A does not prohibit
a director of a national bank from serving at
the same time as the director of a corporation
which actually does not make loans secured by
stock or bond collateral, notwithstanding the
fact that such loans are authorized by its
charter or existing law.
Necessity for obtaining permits under section 8A of
the Clayton Antitrust Act covering services authorized by permits under section 8
The Board has ruled that, while section 8A
of the Clayton Antitrust Act forbids certain
relationships which were not forbidden by the
provisions of section 8 of the Clayton Antitrust
Act, nevertheless permits heretofore issued
covering services within the prohibitions of
section 8 authorize the persons to whom they
were issued to serve the same banks in the
capacities named in such permits, although
such banks are now within the prohibitions of
section 8A, as well as section 8.
654
FEDERAL RESERVE BULLETIN
Application of section 8A of the Clayton Act to State
member banks
In response to an inquiry as to whether section 8A of the Clayton Act prohibits an interlocking directorate between a State member
bank and a corporation which makes loans
secured by stock, the Federal Reserve Board
ruled that the phrase " organized or operating
under the laws of the United States", as used
in that section, does not apply to State member
banks. The Board took the position that the
reasoning of the opinion rendered September
10, 1917, by the Acting Attorney General of the
United States, in which he held that the phrase
"organized or operating under the laws of the
United States", as used in section 8 of the Clayton
Act, does not include State banks which are
members of the Federal Reserve System, is
OCTOBER 1933
equally applicable to that phrase as used in
section 8A of the Clayton Act.
Application of section 8A of the Clayton Act to building
and loan associations
In response to an inquiry regarding section
8A of the Clayton Antitrust Act, the Federal
Reserve Board expressed the opinion that the
loans made by a building and loan association
to its shareholders on the security of stock of
the association, as a part of the general plan under which such associations usually operate, are
not loans "secured by stock or bond collateral"
within the meaning of that section, and that,
therefore, section 8A does not prohibit a director, officer, or employee of a national bank from
serving at the same time as a director, officer, or
employee of such a building and loan association.
655
FEDERAL RESERVE BULLETIN
OCTOBER 1933
FEDERAL RESERVE STATISTICS, BY DISTRICTS, ETC.
DISCOUNTS BY MONTHS
DISCOUNTS BY WEEKS
[Averages of daily figures. In millions of dollars]
[In thousands of dollars]
1933
Federal Reserve bank
Wednesday series (1933)
Federal Reserve bank
September
August
Boston
New York-__
Philadelphia.
5.3
42.6
29.0
6.6
46.0
31.5
16.2
81.0
56.7
Boston
_
New Y o r k . . .
Philadelphia.
5,233
43,764
28,868
4,594
40,997
28,839
5,240
40,241
28,246
5,871
41,935
28,995
Cleveland-.
Richmond..
Atlanta
11.9
11.0
7.0
11.8
12.9
6.7
30.2
24.1
26.5
Cleveland..
Richmond.
Atlanta.. . .
12, 512
11, 725
7,254
12,120
11,351
7,291
11,439
10,041
6,860
10,772
10, 266
Chicago
St. Louis
Minneapolis..
7.3
3.1
3.6
10.0
2.7
4.1
28.6
10.7
12.5
Chicago
St. Louis
Minneapolis. _
8,130
2,898
7,065
3,041
3,589
6,810
3,541
3,572
6,413
2,590
3,451
Kansas City...
Dallas
..San Francisco.
4.2
4.1
8.5
4.6
4.3
17.8
18.8
13.4
68.3
Kansas City...
Dallas.__
San Francisco.
4,258
4,682
11,666
4,198
4,191
5,957
4,321
4,234
5,616
4,004
3,614
8,634
137.6
158.9
386.9
144,793
133, 233
130,161
133,233
Total..
September
Back figures.—See Annual Reports for 1932 (table 9), 1931 (table I
1928 (table 72), and 1927 (table 55).
Sept. (
Total
Sept. 13
Sept. 20 Sept. 27
Back figures.—See Annual Reports for 1932 (table 13), 1931 (table 83),
1930 (table 78), etc.
CASH HOLDINGS, DEPOSITS, NOTE CIRCULATION, AND RATIO OF CASH HOLDINGS TO
LIABILITIES
[Amounts in thousands of dollars]
Average daily figures
Total gold reserves and other
cash
Federal Reserve notes in
circulation i
Total deposits
Federal Reserve bank
1932
1933
Sept.
Boston
New York
Philadelphia.
Aug.
288,960
297,718
1,051, 519 1,008,184
241,028
243,658
1932
1933
1932
1933
Ratio of gold and other
cash to deposit and
Federal Reserve note
liabilities combined
1932
1933
Aug.
Sept.
131,072
167,931
163,670
219,006
955,501 1,078,620 1,019,899 1,081, 548
145,166
121,974
209,448
140,342
223,742
646,035
239,312
222,839
643, 473
237,097
200,987
593,796
249,359
73.8
61.0
63.4
77.0
60.6
63.9
66.0
57.0
56.4
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
291, 044
154,311
121,850
307,059
160,192
127,835
258, 632
100, 209
88,866
158,153
86,412
62, 601
165, 280
88,866
64,140
149,595
58,923
45,411
298,289
138,665
117,982
300, 920
136,992
116,962
286, 267
105,150
106, 511
63.8
68.6
67.5
65.9
70.9
70.6
59.3
61.1
58.5
Chicago _.
St. Louis
Minneapolis
943, 926
150,678
94,718
949, 627
158, 740
94,654
771,887
92,312
60,305
519, 334
89,429
56,398
471,356
91, 536
57,305
318,934
58,197
40,394
750,289
134,582
93,531
754, 586
135,172
90,886
699, 733
101,082
80,907
74.3
67.3
63.2
77.5
70.0
63.9
75.8
58.0
49.7
Kansas City
Dallas
San Francisco
149,289
59, 598
263,462
154,699
56,626
261,454
92, 204
47, 633
214,667
110,548
62,411
175,959
108,861
60,915
174, 044
68,471
45, 667
146, 597
109, 265
31,689
217,485
110,377
33,004
216,952
94,188
37,848
238, 796
67.9
63.3
67.0
70.6
60.3
66.9
56.7
57.0
55.7
3,813,013 3,817,816 3,110, 670 2, 712,962 2, 606,214 2, 266, 783 3,000,866 2,999,260 2, 794,624
66.7
68.1
61.5
Cleveland
Richmond
Atlanta
.
_
Total
i Includes "Federal Reserve notes of other b a n k s " as follows: Latest month, $18,540,000; month ago, $17,751,000; year ago, $16,386,000.
656
FEDERAL RESERVE BULLETIN
OCTOBER 1933
EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES, ALSO FEDERAL RESERVE NOTE AND
FEDERAL RESERVE BANK NOTE STATEMENT, SEPT. 30, 1933
[In thousands of dollars]
Total
2,695,427
Gold with Federal Reserve agents
35,773
Gold redemption fund with U.S. TreasuryGold held exclusively against F . R .
notes
_ 2,731,200
608,948
Gold settlement fund with F . R . B o a r d . . . 250,736
Gold and gold certificates held b y banks..
3,590,884
Total gold reserves .
213,962
Other cash *
Boston
MinPhila- Cleve- Rich- AtSt.
delChicago Louis
neapphia land mond lanta
olis
New
York
Kansas
City
Dallas
San
Francisco
738,767 114,781 68,789 99,290 34,464180, 263
3,816 1,621 1,612 1,274 1,023 6,555
224,677
1,112
636,706178,700 213,770117,630 87,590
5,843 3,871 4,571 1,860 2,615
225,789
19,666
21,613
642, 549182, 571 218,341119,490 90,205 742,583 116,402 70,401100,564 35,487 186,818
230,910 13,938 41,810 24,118 18,835 145,125 29,722 17,505 29,052 26,429 11,838
7,043
145,376 15,511 4,541 1,384 3,709
423 12,571 3,836 34,400
267,0681,018,835 212,020 264,692144,992 112,749
,
53,567 27,158 21,837 10,129 9,413
894,751 146,453 88,329 142,187 65,752 233,056
31,669 7,620 5,331 7,436 5,311 13,415
Total gold reserves and other cash.. 3,804,846 288,143 1,072,402 239,178 286,529 155,121122,162 926,420154,073 93,661149,623 71,063 246,471
,
2210
2,210
295
295
531
Redemption fund—F.R. bank notes
10,045
150
119
150
511
839
480 1,153
3,169
Bills discounted:
30,485 1,496
339
Secured by U.S. Govt. obligations
1,057 1,021
123
134
939
190
223
16,339 5,310 3,314
5,444 1,354 3,320 3,841 2,940 4,880
Other bills discounted
97,477 2,932 27,661 23,934 6,790 8,394 5,987
Total bills discounted..
Bills bought In open market..
U.S. Government securities:
Bonds
Treasury notes
Certificates and bills
127,962
6,921
4,428
451
—
441,354 23,752
937,376 61,150
898,112 57,726
Total U.S. Government securities.. 2,276,842 142,628
Other securities1,837
Total bills and securities..
Due from foreiern b a n k s . . .
F.R. notes of other banks
Uncollected items
Bank premises
All other assets
Total assets
44,000
2,033
•
29,244 10,104
606
6,501
2,375
174
3,443
118
3,975
177
3,163
427
5,219
1,031
171,705 28,322 32,605 11,551 10,747 77,138 14,366 16,373 12,301 17,419 25,075
327,773 66,283 86,505 30,642 28,117 158,368 36,793 23,382 32,155 19,682 66,526
295,566 62,540 81,663 28,927 26,54r 176,601 34,734 22,073 30,356 18,581 62,800
61,828 74,812 55,682154,401
56
795,044157,145 200,773 71,120 65,409 412,107
1,271
510
2,413,562 147,507 842,348187,547 211,483 80,692
3,769
284
145
1,424
409
18,139
516
3,795
789 1,110 1,171
374,998 41,570 100,107 27,770 33,774 31,887
54,554 3,280 12,818 3,618 6,929 3,238
54,891
707 31,546 4,017 2,475 3,879
6,734,804
6,177
214
—
71,800 419,411 88,442 65,445 78,964
506
17
12
107
130
4,951
973
384
972
887
11,582 48,845 16,097 10,176 21,298
2,422
3,285 1,747
1^732
1,245 1,977
4,325
59,272160,651
260
107
272 2,319
13,988 17,904
1,795 4,254
1,335 1,055
482,595 2,067,609 463,808 543,821 276,133 213,8191,411,684 263,780172,789 256,650148,671 433,445
LIABILITIES
F.R. notes in actual circulation
F . R . bank notes in actual circulation
Deposits:
Member bank—reserve account..
Government.
Foreign bank
Special deposits:
Member bank
Nonmember b a n k .
Other deposits
3,001,762 224,588
154,876 11,867
Total deposits«.
Deferred availability items.
Capital paid in
Surplus
All other liabilities...
2,748,302
371, 687
145,834
278, 599
33, 744
649,170240,261 290,188141,017115,894 752,997136,502 94,408 109,715 32,304 214,718
5,390 31,368 3,201 1,850 1,042 14,121 5,618
54,261 7,950 18,208
164,215 1, 062,592125,359 143,354 68,873 54,260 474,637 75,938 49,852 106,712 66,815145,012
6,231 2,384
966 1,566 3,142 2,744
3,933 17,299 3,430
" " 3,881 8,248 2,355
2,025
452 1,090
452
607
358
1,137
545
3,131 1 , " " 1,542
73,151 1,305
15,451
52,398 ~2,"504
6,217
969
20,554
9,128
1,987
626
6,864 3,101
240
953
2,538 4,396
1,997
254
3,058
29,823 4,533
6,127 3,632
3,601 4,437
2,372
332
1,157
2,152
135
1,079 1,472
5,277
822
6,976
173,094 1,110,762 142,165 158,419 86,178 62,469 522,444 91,454 55,037112,096 72,263 161,921
41,013 96,322 27,180 " . ' 31,379 11,869 48,326 17,362 10,481 20,560 14,880 18,720
10,786 58,497 15,772 12,366 4,936 4,832 13,130 4,016 2,868 4,218 3,725 10,688
20,460 85,058 29,242 28,294 11,616 10, 544 39,497 10,186 7,019 8,263 8,719 19,701
3,922 1,059 1,126
787 13,539 1,238 2,751 1,007 2,821
756 2,659 2,079
Total liabilities.
148, 671 433, 445
6,734,804 482, 595 2,067,609 463, 808 543,821 276,133 213,819 1,411, 684 263,780172, 789 256,650
Ratio of total gold reserves and other
cash i to deposit and F . R . note liabilities combined.
_
72.6 67.6 62.7
67.5 68.0 65.4
66.2
72.5
68.5
62.5 63.9 68.3
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to F . R . bank b y F . R . a g e n t . . 3,242,433 247,939 703,341 253,594 300, 540148,638 135,009 797,711143,!,806 99,266 116,991 36,161 259,437
Held b y Federal Reserve bank
240,671 23,351 54,171 13,333 10,352 7,621 19,115 44,714 7,304 4,858 7,276 3,857 44,719
In actual circulation3,001,762 224,588 649,170 240,261 290,188 141,017 115,894 752,997 136,502 94,408109,715 32,304 214,718
Collateral held b y agent as security for
notes issued to bank:
Gold
2,695,427 224,677 636,706178,700 213,770 117,630 87,590 738,767114,781 68,789 99,290 34,464180,263
Eligible paper
79,588 2,413 29,708 13,333 8,549 6,254 4,002
2,312 1,763 1,479 2,768 3,112 3,895
U.S. Government securities.
538,200 25,000 75,000 62,000 90,000 25,000 44,000 60,000 28,000 29,200 20,000
80,000
FEDERAL RESERVE BANK NOTE STATEMENT
Federal Reserve bank notes:
Issued to F . R . bank (outstanding)
Held b y Federal Reserve bank
In actual circulation
Collateral pledged against outstanding
Discounted and purchased bills..
U.S. Government securities
1
180,140 12,888
25, 264 1,021
62,943
8,682
9,592 23,233
1,642 5,025
7,182
1,792
32,829
1,461
3,295 2,014
94
164
1,473 17,469 7,222
431 3,348 1,604
11,867
54,261
7,950 18,208
5,390
31,368
3,201
1,850
1,042 14,121 5,618
1,478
64,274 10,000 25,000
263
9,000
40,000
216
5,000 2,400
207,674 20,000
"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
136
3,000 19,000
10,000
657
FEDERAL RESERVE BULLETIN
OCTOBER 1933
LICENSED MEMBER BANKS IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS
[In millions of dollars]
Averages of daily figures for June-August 1933
Reserves held
Borrowings at Federal Reserve
banks
Federal Reserve district
Total
August
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
__ _
Chicago. __
St. Louis
Minneapolis
_
___
Kansas City
Dallas
San Francisco
_
—
Total
July
Excess
August
June
June
July
August
July
June
153.6
961.0
119.0
160.2
914.7
121.2
153.3
978.1
114.8
45.5
125.1
20.3
51.5
61.5
19.7
47.0
82.9
12.4
6 6
36.6
15.7
38.5
16.4
11.7
51.0
20.5
138.5
66.9
55.1
138.2
66.2
54.3
126.4
60.3
51.1
29.3
18.2
16.8
27.2
18.3
16.7
14.6
14.4
13.9
9.7
8.1
4.6
8.4
7.8
5.1
29.6
7.8
7.2
404.9
70.7
51.5
344.7
70.5
50.7
293.9
63.4
43.4
194.3
23.1
15.4
135.2
23.1
15.0
100.1
18.8
9.7
5.5
2.2
3.9
4.6
1.7
4.6
9.3
2.2
6.0
99.4
56.5
153.8
94.1
55.5
150.6
76.6
51.3
147.7
39.1
17.8
20.5
34.1
16.1
17.1
20.8
12.2
16.4
15.5
10.9
28.5
2,331. 0
2,220.8
2,160,4
565.5
435.7
363.1
115.6
113.2
184.4
3.0
4.2
8.1
3.4
3.7
6.1
4.4
NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANES IN LARGER AND SMALLER
CENTERS
[In millions of dollars]
Averages of daily figures for June-August 1933
Member banks in larger centers (places over 15,000)
Federal Reserve district
Net'demand
August
Boston
__
New York
Philadelphia
-_
Cleveland .
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
---
Total
'Revised.
July
Member banks in smaller centers (places under 15,000)
June
August
July
Time
Net demand
Time
June
August
July
June
August
July
June
917
6,096
678
929
6,230
715
916
6,609
740
656
1,754
579
648
1,768
564
624
1,641
527
72
184
124
68
180
123
63
179
122
94
414
345
90
410
344
84
405
340
765
352
279
794
346
r277
822
332
272
802
271
265
773
263
262
716
254
249
108
67
52
106
67
'52
102
63
53
185
129
56
182
128
55
181
123
53
1,518
346
217
1,507
344
214
1,386
320
193
762
229
171
765
229
174
737
223
178
99
81
88
96
80
88
88
78
87
123
76
157
120
74
156
113
72
155
416
268
835
413
273
833
378
272
812
197
159
1,486
192
160
1,494
190
158
1,508
160
121
77
162
124
80
153
124
75
100
32
75
100
31
77
99
29
74
12,686
r 12,875
13,053
7,333
7,292
7,005
1,234
r 1,225
1,188
1,786
1,768
1,727
658
FEDERAL RESERVE BULLETIN
OCTOBER 1933
MEMBER BANKS LICENSED AND NOT LICENSED AS OF SEPT. 27, 1933
Deposits on June 30, 1933 of banks
licensed and not licensed on Sept.
27, 1933 (in thousands of dollars)
Number of banks
Federal Reserve district
Total
All member banks:
Boston
New York
Philadelphia-.Cleveland
Richmond
Atlanta
Chicago
_
St. Louis
Minneapolis
Kansas City
Dallas...
San Francisco. TotalNational banks:
Boston
New York
Philadelphia. _
Cleveland
Richmond
Atlanta
Chicago
_
St. Louis
Minneapolis—.
Kansas City...
Dallas
San Francisco.
Total
State bank members:
Boston
New York
Philadelphia
Cleveland.
__
Richmond
__
Atlanta
__
Chicago
St. Louis..Minneapolis
Kansas City
Dallas
San Francisco
Total..
Licensed
Not licensed l
Total
Licensed
1,994,109
29 2,025,189
93 10, 244,644 10,088,585
82 2,135, 558 1,997,611
122 2,179,349
2,038, 501
47
996,749
954,870
28
817,864
789,048
2,920,002
229 3,123,184
830, 745
884,141
60
727,963
754,990
56
58 1,054,611
1,028,373
22
707,353
701,350
51 2,807,372
2,771, 707
368
817
680
622
386
324
762
408
532
761
558
417
339
724
598
500
339
296
533
348
476
703
536
366
6,635
5,758
877
338
668
615
548
345
276
597
337
492
728
509
343
309
579
540
435
299
249
413
286
436
670
487
302
29
89
75
113
46
27
184
51
56
58
22
41
5,796
5,005
30
149
65
74
41
48
165
71
40
33
49
74
30
145
58
65
40
47
120
62
40
33
49
64
10
469, 006
5,966,131
639,096
854,650
242,821
84, 344
675,491
298,135
34,829
125,972
28,235
603,689
839
753
86
10,022,399
27,731,004
26,842,864
1,556,183
4,278,513
1,496,462
1,324,699
753,928
733, 520
2,447, 693
586,006
720,161
928,639
679,118
2,203,683
791 17, 708,605
Not licensed i
31,080
156,059
137,947
140,848
41,879
28,816
203,182
53,396
27,027
26,2386,00$
35,665.
888,140
31,080
135,774
112,021
128,249=
41, 60&
IB, 227
142,394
31,386
27,027
26, 23S
6,00$
32,156
16,978,442
469,006
5,945,846
613,170
842,051
242, 550
71,755
614,703
276,125
34,829
125,972
28, 235
600,180
9,864, 422
730,16$
20,285
25,926
12, 599
271
12, 589
60, 788
22,010>
3,509
157,977
' Exclusive of banks placed in liquidation or receivership.
NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, SEPT. 27, 1933
[Preliminary figures, subject to change; based on information received by Federal Reserve banks]
Number of banks
Deposits on Dec. 31,
1932, or latest available call date (in
thousands of dollars)
Federal Reserve district
Total
On unrestricted
basis
Total
Banks on
unrestricted
basis
Boston
New York....
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y Dallas
San Francisco
204
326
276
727
703
766
2,129
1,390
989
1,505
542
409
158
318
245
616
599
708
1,448
1,184
912
1,252
521
367
520,822
1,115,481
464,528
615,410
496,531
213,841
1,002,022
355,848
262,899
283,939
139,342
513,909
405,103
1,077,387
405,905
507,872
391,731
193,832
676,405
316,853
242,342
247,908
134,897
502, 568
Total. _
9,966
8,328
5,984,572
5,102,803
659
FEDERAL RESERVE BULLETIN
OCTOBER 1933
WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
City
Federal Reserve District
Total loans and investments:
Sept. 6
._
_
Sept. 13
Sept. 20
Sept. 27
Loans:
Sept. 6
Sept. 13
Sept. 20
Sept. 27.
On securities:
Sept. 6
Sept. 13
Sept. 20
Sept. 27
All other:
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Investments:
Sept. 6
Sept. 13
Sept. 20
Sept. 27
U.S. Government securities:
Sept. 6
._.
Sept. 13
Sept. 20
Sept. 27
All other:
Sept. 6Sept. 13
Sept. 20
Sept. 27
Reserve with Federal Reserve
banks:
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Cash in vault:
Sept. 6
Sept. 13
Sept. 20
Sept. 27
__.
Net demand deposits:
Sept. 6
_
Sept. 13
Sept. 20
Sept. 27
Time deposits:
Sept. 6.
Sept. 13
Sept. 20
•
Sept. 27
Government deposits:
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Due from banks:
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Due to banks:
Sept. 6
.-.
Sept. 13
Sept. 20
Sept. 27
Borrowings from Federal Reserve banks:
Sept. 6
__.
Sept. 13.
Sept. 20
Sept. 27
>• Revised.
Total
Boston
New PhilaRich- Atdel- CleveYork phia
land mond lanta
16,562
16,580
16,592
16, 529
1,216
1,216
1,203
1,196
7,666
7,694
7,688
7,633
1,032
1,031
1,031
1,032
1,114
1,115
1,118
1,115
336
335
337
338
326
326
327
327
1,513
1,518
1,532
1,525
480
472
468
468
330
327
325
327
510
509
509
507
377
377
378
380
1,662 6,711
1,660 6,744
1,676 6,742
1,681
1,201
1,207
l,220»
1,215
8,538
8,596
8,560
8,540
3,953
693 3,988
697 3,916
701 3,885
515
515
514
514
465
466
465
464
174
174
176
177
176
176
177
178
858
867
880
882
228
230
232
234
183
183
181
181
213
213
214
213
205
207
213
214
3,405
3,444
895 3,374
3,344
678
3,748
3,773
3,703
3,687
251 2,029
250 2,050
251 , 970
249 ,959
254
254
252
250
228
231
231
230
61
63
58
59
59
60
395
396
403
402
50
50
49
57
57
57
57
59
59
61
59
219
219
221
221
1,795
1,820
1,743
1,731
334
335
342
342
4,790
4,823
4,857
4,853
437
443
446
452
,924
,938
,946
,926
261
261
262
264
237
235
234
234
114
114
115
114
118
117
118
118
463
471
477
480
140
142
144
145
133
133
132
133
156
156
157
156
146
148
152
155
661
665
674
676
1,610
1,624
1,631
1,613
344
351
356
359
8,024
7,984
8,032
7,989
528
523
506
495
3,713
3,706
3,772
3,748
517
516
517
518
649
649
653
651
162
161
161
161
150
150
150
149
655
651
652
643
252
242
236
234
147
144
144
146
297
296
295
294
172
170
165
166
782
776
781
784
3,306
3,300
3,368
3,354
523
521
522
514
5,083
5,044
5,086
5,056
334 2,421
328 2,414
310 2,479
2,462
271
270
271
271
444
444
448
448
114
113
113
113
384
384
383
150
140
134
131
189
188
187
187
120
118
113
114
468
462
464
464
2,257
2,252
2,314
2,297
301
300
300
299
2,941
2,940
2,946
2,933
194
195
196
196
1,292
1,292
1,293
1,286
246
246
246
247
205
205
205
203
48
269
267
268
260
102
102
102
103
108
108
108
107
52
52
52
52
314
314
317
320
1,049
1,048
1,054
1,057
222
221
222
215
1,790
1,876
1,883
1,936
102
104
120
122
891
946
921
923
79
79
75
77
71
70
68
77
27
27
26
28
339
358
382
401
29
28
27
27
95
94
97
847
903
879
881
313
330
355
374
191
195
189
205
18
19
18
19
49
49
48
50
12
12
11
12
17
17
17
18
10
10
10
10
36
36
37
41
5
5
5
5
12
12
11
12
14
15
14
15
38
3$
37
39
27
26
28
32
10,380
10, 558
10,519
10,505
710
710
711
709
5,584
5,684
5,661
5,617
536
537
537
538
507
511
506
508
182
184
181
186
146
1,141
1,182
1,189
1,203
277
280
272
273
193
191
188
188
350
354
347
345
211
216
217
221
545
564
564
571
5,200
5,296
5,278
5,244
970
1,010
1,017
1,031
4,495
4,484
4,502
4,501
393
393
392
391
1,174
1,177
1,187
1,189
312
312
310
309
442
440
443
445
130
130
130
130
133
133
133
132
472
468
466
465
160
160
160
159
126
125
125
125
165
164
168
171
125
124
124
124
858
864
861
757
761
761
763
353
349
347
347
865
865
863
61
61
61
61
418
418
418
418
49
49
49
49
31
31
31
30
74
74
74
74
24
24
24
24
5
5
5
4
15
15
15
15
36
36
36
55
55
55
55
61
61
61
61
1,160
1,227
1,197
1,171
100
103
108
102
101
68
68
60
64
64
62
62
292
311
261
250
56
60
71
65
53
59
59
58
106
116
118
115
119
129
'130
134
246
261
217
199
2,521
2,589
' 2,597
2,531
145
147
145
141
1,183
1,233
1,231
1,174
123
122
121
119
57
55
55
53
319
329
329
326
79
79
82
82
68
69
70
71
158
157
159
156
121
129
••129
129
138
141
141
137
Chicago
San New
St. Min- Kansas Dallas Fran- York
Louis neapcisco
olis Citv
1,130
1,181
1,179
1,122
Chicago
701
263
272
272
268
660
FEDERAL RESERVE BULLETIN
OCTOBER 1933
RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT
Prime commercial paper
Federal Reserve
bank or branch city
1933
September
Boston
New York
Buffalo
Cleveland
Cincinnati
Pittsburgh
1932
August
2 -5
3 ~5
4 -6
3 -8J*
5M6
4
Philadelphia
5^-6
5 -534
4 -6
Atlanta..
Birmingham
Jacksonville
Nashville
New Orleans
5 -5H
434-8
5 -7
6
5 -6
3-5
4*^-5
5 -534
4 -6
5 -5H
4 -8
5 -7
6
5^-6
3-5
3*4-6
Chicago
Detroit
S t . Louis
Little Rock
Louisville
4-6
6
6
4-6
6
6
Minneapolis
Helena
2-4
7-8
2K-5
7-8
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
Spokane
Septemptem
September
-5
August
334-434
4
3 -4
5 -6
4 -5
5 -6
5 -6
5*4-6
5 -6
5j^-6
534-6
5 -5*4
5 -6
5 -6
5 -6
5 -6
5 -6
5 -6
5 -5*
4*4-8
4*4-8
6
5 -6
6 -8
6 -8
6
5 -7
53^-6
8 -8
6 -8
3-5
5-6
3-5
5-6
5-6
6-7
5-6
7-8
4*4-5
3-6
6
4M-534
4-6
6-8
5-6
6-7
4*4-6
7-8
5^4-6
5-8
4-6
5-6
434-6
6
6
6
4-6
5-6
434-6
6
5*4-6
6
4-5
5K-6
6-6M
6
7-8
5-7
8
7-8
5-6
5-7
6-8
8
5-7
6-7
5M-6
5-6
6
6
6-634
September
4 -5
5H-6
3 -AH
6
5 -6
5
-7
August
5
August
Septem>pteir
ber
-h%
334-4M
r
5 -6
5 -6
5 -6
4 -5
6
5 -6
6
6
5 -7
6
5 -7
5 -6
5 -6
534-6
5
5
5 -7
6 -8
5 -8
6
5*4-7
4*4-5*
5 -6
6
4 -6
6 -8
6 -8
6
5 -6
4 -5
6 -8
6 -8
6
5 -6
5 -6
6
6
6
534-6
534-6
5-6
66
5M-6
5-6
6
534-6
5-6
6-7
6
6-7
5-6
6-7
5M-6
6-7
434-6
534-6
5*6-6
534-6
6
6
6
5-6
5-6
6
5J4-6
5
534-6
7-8
2-4
6-7
3-5
6-7
3-5
6-7
6-8
5-6
8
5-6
6-7
5-6
6-6*4
6-6H
6-7
6-7
6-7
5 -6
6
6
6
534-6
6 -8
6 -8
6
5-6
5-6
7-8
6-7
7-8
5 -6
534-6
5H
534-6
534-6
3-6
6-7
6
8
534-7
4 -5
6
4 -5
5*46
5 -6
5*4-6
3-6
6-6H
6-7
September
6
5-6
6-7
5-6
September
1932
3 -4
6
534-6
5-6
-7
6
6-7
7-8
6
6-8
Interbank loans
1932
5 -5
4^-534
4 -5
5M-7
6-7
September
1933
4 -434
534-6
4-6
434-5
6
534-6
Loans secured by warehouse
receipts
1932
1933
-5
4 -6
Richmond
Baltimore
Charlotte
Loans secured by prime stockexchange collateral
5-6
7
6-7
7
634-7
634-7
6-7
6-8
6
5-6
534-6
6-7
634-7
43^-6
6^-734
6
6-8
6-634
8
5-6
6-8
534-6
6-634
6-7
7
6)6-7
6
6
434-5K
5-6
6-7
6
5-534
6
5
6
6
6-634
6^-7
'Revised.
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 larger banks in their respective cities.
Rates
OCTOBER
661
FEDERAL RESERVE BULLETIN
1933
OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF AMERICAN
CURRENCY TO AND FROM EUROPE
UNITED STATES POSTAL SAVINGS
[Balance to credit of depositors. In millions of dollars]
BY SELECTED BANKS IN NEW YORK CITY
[Paper currency only. In thousands of dollars]
JEnd of month
1932
Net
Month
Net
ShipReship- ShipReshipments ceipts ments ments ceipts ments
from
to
to
from (-)or
(-) or
Europe Europe receipts Europe Europe receipts
+)
(+)
January....
February..
March
April
May
June
July
August
September.
October...
November.
December.
25
12
20
152
36
7
70
245
3,335
5,221
4,563
10,938
16,265
6,694
6,458
6,603
5,294
6,013
+3,310
+5,221
+8,468
+4,563
+10,938
+16,253
+6, 674
+6,306
+6,567
+5,287
+5,943
+3,742
3
105
101
25
1
0
4
5
122
5,304 +5, 301
5,589 +5,484
13,786 +13,685
8,049 +8,024
12, 523 +12,522
6,866 +6,866
11,755 +11,751
6,153 +6,148
4,756 +4,634
January
February
March
April .
May
June
July
August
September
October
November
December
__ .
_
.
1928
1929
1930
1931
1932
148.9
151.1
152.0
152.2
152.0
152.1
151.7
152.2
152.3
153.1
153.9
153.9
153.5
154.8
155.0
154.3
153.8
153.6
157.8
160.1
160.3
161.6
163.7
164.3
165.1
167.9
169.5
170.2
171.2
175.3
180.7
186.5
189.8
192.5
200.7
245.4
278.4
292.1
302.7
313.8
325.0
347.4
372.5
422.7
469.9
538.1
565.5
605.1
665.6
942.5
691.8 1,006.2
705.3 11,112.7
722.1 1,158.4
742.6 1,178.8
784.8 1,185.1
828.5 P I , 176.8
848.5 P I . 1 7 7 . 6
857.4 PI, 180.6
870.8
885.2
900.8
Preliminary.
MATURITY DISTRIBUTION OF BILLS AND
SHORT-TERM SECURITIES
For description and back figures see BULLETIN for January 1932,
pp. 7-9.
[In thousands of dollars]
PAPER CURRENCY OF EACH DENOMINATION
IN CIRCULATION
Total
Within 15
[Outside Treasury and Federal Reserve banks. In millions of dollars]
Denominations
$1
$2_
$5
$10
$20
$50
$100__
$500
$1,000
$5,000
$10,000
Total
1933
Feb. 28 Mar. 31 Apr. 30 M a y 31 June 30 July 31 Aug. 31
361
33
675
1,190
1,478
375
33
729
1,254
1,488
U,924
» 1,778
5,661
5,657
358
32
688
1,206
1,406
1
1,663
5,353
356
32
660
1,150
1,349
404
686
153
288
12
10
5,100
355
32
654
1,143
1,335
391
662
145
273
9
10
360
32
656
1,138
1,312
377
636
136
254
8
10
366
33
664
1,153
1,300
367
620
131
246
7
10
5,009
4,917
4,896
» Separate figures for different denominations not available.
NOTE.—Figures include, in addition to currency outside the Treasury
and Federal Reserve banks, unassorted currency held by these institutions, amounting to $60,000,000-$115,000,000 prior to May 1933 and to
$5,000,000-$6,000,000 since that time, and also $1,000,000 of currency of
unknown denominations reported by the Treasury as destroyed.
1933
Bills discounted:
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Bills bought in
open market:
Sept. 6_
Sept. 13.
Sept. 20
Sept. 27
Certificates and
bills:
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Municipal warrants:
Sept. 6
Sept. 13
Sept. 20
Sept. 27
16 to
30
days
31 to
60
days
61 to
90
days
144, 793109,555 12,751 11,714 9,670
133,233 96,670 11,961 12,415 11,092
10,838
130,161 95,693 10,907 11,
10,979 12,317
133,233 99,041
6,974
7,347
6,932
6,681
1,
2,877
3,207
1,110
3,052
1,065
863
2,118
849,540
869,552
861,760
895,010
159,036
187,r,431
80,183
78,088
80,183
78,088
46,300
38,425
1,939
1,789
1,789
1,729
1,777
1,677
1,710
1,650
33
704
744
2,018
565
91
days
to 6
mos.
It'
1,124
855
Over
6 mos.
65
62
72
1,782
2,661
844
2,888
86, 525 135,017
97,472151,670
97,972 325,199
109,867 294,179
233,929
194,029
168,100
217,945
154,850
160,862
144,006
156,506
662
FEDERAL RESERVE BULLETIN
OCTOBER 1933
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100]
1932
1933
Industry
Aug. Sept.
Manufactures—Total
59
23
18
24
IRON AND STEEL. .
Pig iron
Steel ingots . .
TEXTILES.-.
Cotton consumption
Wool
Consumption..
Machinery activityl
Carpet and rug-loom activityl
Silk
Deliveries
Loom activity 1
F O O D PRODUCTS.
Slaughtering and meat packing
Hogs
Cattle.
Calves
Sheep
Wheat flourSugar meltings
PAPER AND PRINTING
Woodpulp and paper
Book paper_
Newsprint
Wrapping paper
Fine paper
Box board
Woodpulp, mechanical
Woodpulp, chemical
Paper boxes
Newsprint consumption
LUMBER
„
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
LEATHER AND
PRODUCTS 3
3
Tanning
Cattle hide leathers 3
Calf and kip leathers *3
Goat and kid leathers
Boots and shoes
._
Oct.
Nov. Dec.
Jan.
64
64
99
96
77
83
90
39
140
157
106
89
92
101
74
89
145
88
81
91
84
61
87
77
80
104
68
87
150
100
24
63
31
21
32
92
95
70
77
76
38
119
1-30
96
83
82
85
70
92
146
87
83
87
80
66
84
67
76
96
70
84
127
98
21
28
18
29
91
93
67
76
74
32
123
133
103
84
79
83
67
83
129
92
89
86
80
64
88
58
67
105
65
75
137
94
23
30
19
31
87
88
66
72
76
31
118
121
111
88
86
87
78
93
137
90
93
• 84
76
59
82
61
75
88
56
85
135
98
26
31
4
136
89
74
70
74
83
99
60
2
78
85
74
69
76
84
93
66
Feb.
Mar.
61
31
20
32
83
87
67
70
82
32
97
95
101
84
88
84
87
89
144
88
65
P84
76
86
46
48
52
29
98
111
72
84
85
81
85
91
149
92
68
*82
59
88
60
76
56
22
17
22
Apr.
May
June
July
Aug.
93
72
43
75
133
139
116
134
118
60
147
172
96
100
105
107
99
102
152
97
81
101
P91
66
35
20
37
85
91
58
66
56
34
113
132
76
101
102
107
90
98
156
110
82
78
49
29
51
108
113
90
105
91
42
123
136
96
99
102
106
92
101
153
97
89
59
87
62
82
61
83
68
71
60
92
80
96
64
103
95
121
56
86
124
96
20
55
87
110
89
22
56
88
149
95
24
61
99
172
96
30
48
3
91
86
76
66
76
105
93
33
3
181
92
76
66
77
101
102
27
1
144
84
70
62
71
90
93
44
1
32
23
65
28
21
29
104
99
82
94
89
33
148
170
105
94
100
107
83
95
149
80
91
88
80
59
85
71
81
94
67
82
137
101
23
23
5
22
24
5
84
81
65
53
70
92
92
91
68
64
76
71
105
16
5
216
93
69
67
71
74
108
48
21
42
54
43
45
55
50
50
53
59
55
43
72
50
38
88
55
41
63
58
40
54
55
35
55
68
42
88
80
51
118
94
56
150
109
50
135
125
135
178
74
85
66
48
68
72
42
108
64
139
133
173
70
87
71
52
64
66
48
137
180
66
85
72
55
68
71
44
104
63
133
138
179
73
89
71
56
73
76
50
104
63
132
132
169
76
89
68
56
67
70
44
112
60
149
132
165
86
94
76
56
59
61
42
113
68
147
132
166
81
95
75
56
54
56
41
115
63
154
135
171
80
95
75
51
41
42
29
99
51
132
140
179
85
94
81
54
65
67
47
116
61
153
147
187
87
95
88
61
94
97
68
143
61
204
154
198
92
101
80
75
115
120
80
135
66
186
155
198
92
'106
82
91
143
148
111
117
69
151
153
198
87
99
84
96
111
116
75
123
68
163
65
50
48
104
g
31
33
41
70
58
61
104
74
67
61
103
13
33
38
36
75
66
65
106
7
35
45
37
76
66
75
96
73
57
53
107
79
63
64
110
81
51
77
122
72
55
44
108
'39
39
30
'39
45
36
'43
40
30
44
45
44
45
45
36
78
57
43
134
14
45
37
'30
84
64
65
134
15
55
41
'24
90
76
67
132
40
71
36
34
91
75
61
134
57
77
36
28
90
82
73
88
77
25
134
158
85
85
87
89
77
91
150
77
88
84
76
62
82
67
72
87
67
75
126
100
31
21
32
100
62
103
130
135
124
141
129
62
131
143
105
100
106
109
98
103
145
95
83
P104
80
63
82
P114
120
107
118
115
61
67
66
69
113
183
100
38
213
102
46
173
103
46
93
70
64
71
85
107
51
0
25
110
79
74
79
93
129
66
0
16
114
89
76
102
109
131
70
1
19
116
92
78
91
132
131
61
1
15
101
88
76
82
126
110
*101
CEMENT AND GLASS:
Cement
Glass, plate
NONFERROUS METALS: a Tin deliveries *
FUELS, MANUFACTURED:
Petroleum refining
Gasoline»
._
Kerosene .
Fuel oil i
l
Lubricating oil
Coke, by-product
R U B B E R T I R E S AND T U B E S
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
Cigars
Cigarettes-
Minerals—Total
Bituminous coal
Anthracite coal
Petroleum, crude
Iron ore
Zinc .
Lead
Silver
111
64
145
s
31
41
36
113
92
105
105
102
105
146
64
83
v Preliminary.
' Revised.
»2 Without seasonal adjustment.
Includes also lead and zinc; see "Minerals."
« For revisedfiguresfrom 1923 to date see BULLETIN for September 1933, pp. 585-587.
NOTE.—For description see BULLETIN for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-585.
663
FEDEEAL EESERVE BULLETIN
OCTOBER 1933
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; without seasonal adjustment.
1923-25 average=100]
1932
1933
Industry
Manufactures—Total
I R O N AND STEEL
Aug.
Sept.
58
66
28
20
29
104
96
84
99
89
33
154
178
105
91
88
80
93
92
173
95
97
89
81
59
85
72
23
Pig iron
Steel ingots
17
24
TEXTILES
36
Cotton consumption
Wool
Consumption
Machinery activity
Carpet and rug loom activity
Silk
Deliveries
Loom activity
JFOOD P R O D U C T S . . .
74
70
82
77
25
138
165
85
_
Slaughtering and meat packing
Hogs
Cattle
Calves
Sheep
Wheat
flour
Sugar meltings.
__
P A P E R AND PRINTING
80
74
68
76
84
152
82
98
81
Wood pulp and paper
Newsprint
Book paper
Wrapping paper
Fine paper
Box board
Wood pulp, mechanical
Wood pulp, chemical
Paper boxes...
Newsprint consumption
__
LUMBER
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
75
61
80
67
69
88
53
74
127
89
_
25
__
26
5
33
._
LEATHER AND PRODUCTS I
90
Tanning i
Cattle hide leathers l
Calf and kip leathers i
Goat and kid leathers i
Boots and shoes
67
52
85
90
105
Oct. Nov. Dec.
55
82
151
99
23
67
30
21
31
102
99
81
91
90
39
140
157
106
89
89
86
86
93
160
98
77
94
86
61
88
78
81
109
61
89
157
106
25
26
6
84
105
73
66
88
75
126
Jan.
Feb. Mar. Apr. M a y June
94
70
76
82
32
102
102
101
84
89
94
76
83
135
85
63
*86
*>79
59
91
61
58
25
18
25
78
91
46
49
52
29
95
107
72
82
82
82
74
92
136
86
80
*84
*80
59
89
63
57
89
138
95
20
60
90
111
92
23
33
1
112
87
77
74
32
113
118
103
86
95
109
70
79
126
92
92
67
75
76
31
129
138
111
92
103
116
79
86
138
74
99
70
84
130
104
20
81
74
64
87
57
64
85
65
73
112
97
20
82
75
59
83
60
76
85
56
84
119
94
23
15
5
158
102
74
69
84
77
120
18
4
119
85
72
69
71
82
94
32
2
60
73
72
67
65
91
73
40
3
64
80
73
67
63
99
85
35
3
129
93
78
70
71
105
103
67
43
45
63
50
50
53
57
55
34
• 54
50
23
78
55
24
68
58
133
173
72
87
71
51
61
63
48
123
73
159
73
61
62
108
15
137
180
70
85
72
55
60
62
39
112
77
140
80
74
79
104
22
32
39
36
138
179
79
89
71
57
55
57
37
106
75
130
78
74
67
105
6
35
47
39
132
169
82
89
68
57
46
48
32
91
45
123
72
70
74
132
165
88
94
76
57
54
56
38
107
52
144
71
63
57
102
132
166
82
95
75
57
58
61
43
104
54
140
76
67
68
108
95
98
73
84
76
38
121
134
96
87
91
93
81
94
144
94
65
89
81
65
57
64
56
34
112
131
76
94
92
95
79
106
146
100
95
80
53
29
56
108
116
85
96
91
42
122
135
96
102
89
114
150
91
100
93
72
43
75
126
133
109
121
118
60
134
153
96
99
105
110
93
106
149
July
Aug
97
121
122
115
126
129
62
126
136
105
97
99
97
97
100
145
92
102
65
103
96
121
79
60
81
*108
108
103
110
115
61
118
85
90
79
100
96
147
65
90
149
101
26
75
99
172
99
32
75
114
190
99
40
204
91
45
175
92
49
57
1
31
91
68
64
64
84
105
64
0
31
101
75
70
75
87
118
75
0
20
110
87
74
99
109
124
73
1
28
114
92
75
106
122
128
67
1
22
112
90
75
99
124
126
34
61
68
50
59
55
64
120
94
148
109
65
137
125
135
171
78
95
75
53
45
46
32
94
47
125
74
51
63
120
140
179
84
94
81
54
76
79
53
107
58
139
65
46
45
108
147
187
83
95
88
61
118
123
83
145
63
206
76
50
43
136
21
46
36
'29
CEMENT AND GLASS:
Cement
Glass, plate
62
21
_
NONFERROUS METALS: 2 Tinjieliveries
Fuels, manufactured:
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oilCoke, by-product
_.
__
___
R U B B E R T I R E S AND T U B E S
135
178
70
85
66
47
68
Tires, pneumatic
Inner tubes
70
46
TOBACCO PRODUCTS
Cigars.
Cigarettes
.
Minerals—Total..
Bituminous coal
Anthracite coal
Petroleum, crude
Iron ore
Zinc
Lead
Silver
42
115
__.
67
150
_.
66
49
48
106
17
29
32
40
34
153
198
86
101
80
73
139
145
96
147
72
204
82
57
57
137
30
53
42
153
198
86
••106
82
89
140
145
105
126
72
167
89
55
135
81
66
34
84
93
110
114
83
131
72
176
94
74
61
136
117
71
35
28
1 For revised figures from 1923 to date see BULLETIN for September 1933, pp. 585-587.
Includes also lead and zinc; see "Minerals."
» Preliminary.
* Revised.
NOTE.—For description see BULLETIN for February and March 1927. For latest revisions see BULLETIN for March 1932, pp. 194-196, and September 1933, pp. 584-585.
2
664
FEDERAL RESERVE BULLETIN
OCTOBER 193$
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 pay rolls
Factory employment
Without seasonal adjustment
Industry
Aug.
IRON AND STEEL AND PRODUCTS
Steel works and rolling mills
Hardware
Structural iron work
Heating apparatus
Steam
fittings
_
Stoves
_
Cast-iron pipe
MACHINERY.
Foundry and machine-shop products
Machine tools
Agricultural implements
Electrical machinery
TEXTILES AND PRODUCTS
A. Fabrics
Cotton goods
. ._
Woolen and worsted manufactures
Woolen and worsted goods
Carpets and rugs
„ _
HowSiery 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.
PAPER 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
RUBBER PRODUCTS
Automobile tires and tubes
Rubber boots and shoes
TOBACCO MANUFACTURES
Cigars and cigarettes
Chewing and smoking tobacco, snufl
_
73.4
72.7
80.0
61.0
52.9
62.9
51.6
73.3
37.2
57.1
56.8
48.6
41.2
60.6
87.8
96 4
103.4
92.3
96.8
69.0
93.7
76.0
105.3
66.4
60.4
79.2
67.0
71.2
89.3
87.3
97.2
88.8
84.7
76.4
82.0
86.9
75.4
93.6
92.2
88.7
47.6
42.9
42.4
64.2
51.7
43.7
60.9
64.5
88.7
88.7
88.6
55.8
47.2
37.6
73.3
76.0
50.4
65.4
32.8
76.4
89.9
100.7
79.7
56.0
83.3
91.6
58.4
67.6
67.1
71.3
July
68.9
65.3
71.2
57.0
48.9
56.1
47.6
63.9
36.5
51.8
50.9
41.4
38.0
56.6
85.7
94.1
101.4
89.4
94.0
65.0
95.3
70.0
100.1
64.7
59.1
81.0
70.0
53.4
83.1
84.7
87.9
73.4
82.1
78.8
78.2
82.5
71.9
92.9
85.0
80.3
44.0
39.4
41.4
58.4
49.2
41.4
58.4
58.7
85.4
86.0
83.0
51.8
43.7
35.2
67.0
70.3
47.6
59.5
30.8
69.3
84 0
92.3
78.1
51.2
77.0
86.0
50.0
65.6
65.3
67.7
Aug.
58.6
50.4
53.0
47.3
51.1
41.7
36.5
46.4
35.0
46.4
43.2
37.9
28.5
56.7
62.3
63.8
61.2
59.7
62.8
43.6
76.4
55.3
77.0
58.4
48.3
58.0
73.8
57.1
80.7
85.0
80.6
74.2
83.7
74.0
74.3
79.3
76.2
92.3
75.0
68.7
36.4
32.6
35.6
47.7
45.1
38.7
50.8
66.9
76.1
79.4
62.6
42.1
38.0
31.9
54.4
51.8
39.2
45.8
24.7
53.0
72.2
75.7
75.8
37.6
63.6
66.3
55.2
68.3
67.8
71.5
Aug.
73.3
73.2
80.6
62.9
51.1
62.4
50.8
73.0
36.3
57.1
56.7
49.1
43.4
60.6
91.2
99.8
108.2
94.4
98.9
71.7
96.3
77.2
109.8
69.6
58.7
82.2
72.8
85.3
89.7
87.7
98.2
94.9
72.1
74.9
77.7
88.1
76.7
95.5
92.2
90.2
46.6
41.7
41.6
63.6
51.4
43.5
59.7
68.2
86.4
85.7
89.0
53.9
45.3
34.7
74.1
74.9
46.9
66.1
34.1
77.1
92 4
103.3
78.3
72.7
81.9
89.0
60.5
67.7
66.9
73.4
Without seasonal adjustment
1932
1933
1932
1933
Total
Adjusted for seasonal variation
July
70.1
66.3
72.2
57.8
48.3
59.1
48.6
68.7
35.4
51.7
50.6
42.0
40.1
56.6
90.3
97.6
104.4
94.0
98.9
68.6
99.6
71.6
103.8
71.9
58.6
84.9
83.1
76.9
83.6
84.1
87.9
83.7
68.0
78.7
75.1
83.4
72.8
94.1
85.0
82.6
43.8
38.5
40.8
60.3
49.3
41.2
58.8
60.1
85.7
86.0
84.6
51.6
42 A
32.5
69.5
73.3
45.2
60.3
31.6
70.0
87 5
95.6
76.4
74.9
76.4
84.4
52.4
67.3
66.4
73.7
Aug.
58.8
50.6
53.4
48.7
49.4
41.3
36.0
46.2
34.1
46 4
43.1
38.3
30.1
56.7
64.8
66 1
64 0
64.1
61.1
45 3
78.6
56 2
80.2
61.5
46.9
60. 1
80.3
68.3
81.0
85 4
81.4
79.2
71.3
72.5
70.4
80.4
77.5
94.2
75.1
69.8
35.7
31 7
34.9
47.3
44.8
38.6
49.8
70.7
74.0
76.7
62.9
40.5
36.4
29.4
55.1
51.1
36.4
46.4
25.7
53.4
74 0
77.6
74.4
48.8
62 7
64.4
57.2
68.3
67.6
73.7
1933
Aug.
55.7
52.7
59.6
36.9
32.2
41.5
35.1
47.8
21.7
38 9
36.0
32. 1
33.9
47.2
67.0
77 0
85 4
69.1
73.1
51.2
79.2
63.3
78.8
46.9
45.2
64.6
41.3
55.7
71.7
70.7
80.1
67.0
68.2
56.9
62.1
70.8
59.6
81.1
70.9
74.5
28.9
26.0
25.1
37.8
43.9
36.4
52.5
49.569.3
67.7
75.1
34.6
25.3
17.6
45.6
55.2
31.6
50 4
25.4
57.8
72 2
79.4
66.7
36.4
64 4
66.4
56.5
48.2
46.3
63.2
NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 706-716, and November 1930, pp. 662-677.
1932
July
49.9
42.4
46.4
35.4
25.9
36.5
31.4
41.4
20.6
35 7
32.5
27.6
30.2
45.0
58.9
67 2
71 7
65.1
69.4
45. 3
68.3
50.8
77.3
41.9
39.5
52.8
46.0
32. 1
68.2
69.6
73.9
50.4
66.3
64.6
65.3
67.8
58.4
80.2
63.7
68.4
24.6
21.9
23.9
31.0
38.3
31.4
46.1
44.9
64.2
62.2
71.4
30.2
21.2
15.7
35.5
49.8
27.6
46.5
23.4
53.2
67 9
72.6
66.1
33.4
65 2
69.7
47.3
47.3
46.1
56.6
Aug.
40.1
22.1
21.2
22 &
29.4
23.8
21.6
25 9
18.1
27 1
23.3
22.3
21.7
37.2
42 3
49 1
37 3
38.8
42.5
21.6
53.4
40.0
56.7
42.6
31.1
37.8
57 7
43.5
67.9
71.9
67.3
56.5
73.6
62.2
62.9
67.4
63.3
87.2
50.9
55.0
19.3
16.6
20.0
24.7
31.6
28.6
32.7
53.6
51.7
52.4
49.0
23.9
17.6
14.1
26.7
35.9
25.1
28.9
17.4
32.2
60 0
58.1
68.2
28.2
41 5
43.0
35.7
49.4
48.2
59.7
665
FEDERAL RESERVE BULLETIN
OCTOBER 1933
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics. 1926-100]
Year and month
1928
1929
1930
1931
1932
—
_
1932—August. . .
September
October. _.
November,
December.
1933—January.. _
February.
March....
April
May
June
July
August
Other commodities
All
commodities
Farm
products
Foods
96.7
95.3
86.4
73.0
64.8
65.2
65.3
64.4
63.9
62.6
61.0
59.8
60.2
60.4
62.7
65.0
68.9
69.5
105.9
104.9
88.3
64.8
48.2
49.1
49.1
46.9
46.7
44.1
42.6
40.9
42.8
44.5
50.2
53.2
60.1
57.6
101.0
99.9
90.5
74.6
61.0
61.8
61.8
60.5
60.6
58.3
55.8
53.7
54.6
56.1
59.4
61.2
65.5
64.8
Hides and Textile Fuel and Metals Building Chemi- House- MiscelTotal leather products lighting and metal materials cals and furnish- laneous
drugs ing goods
products
materials products
92.9
91.6
85.2
75.0
70.2
70.1
70.4
70.2
69.8
69.0
67.3
66.0
65.8
65.3
66.5
68.9
72.2
74.1
121.4
109.1
100.0
86.1
72.9
69.7
72.2
72.8
71.4
69.6
68.9
68.0
68.1
69.4
76.9
82.4
86.3
91.7
95.5
90.4
80.3
66.3
54.9
52.7
55.6
55.0
53.9
53.0
51.9
51.2
51.3
51.8
55.9
61.5
68.0
74.6
84.3
83.0
78.5
67.5
70.3
72.1
70.8
71.1
71.4
69.3
66.0
63.6
62.9
61.5
60.4
61.5
65.3
65.5
94.1
95.4
89.9
79.2
71.4
69.6
70.5
70.7
70.7
70.8
70.1
69.8
70.3
70.2
71.4
74.7
79.5
81.3
97.0
100.5
92.1
84.5
80.2
80.1
80.1
80.3
79.6
79.4
78.2
77.4
77.2
76.9
77.7
79.3
80.6
81.2
FOODS:
Butter, cheese, and milk
Cereal products
Fruits and vegetables
Meats..
Other foods
H I D E S AND LEATHER PRODUCTS:
Boots and shoes
Hides and skins..
Leather
__
Other leather products
TEXTILE PRODUCTS:
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods...
Other textile products
M E T A L S AND METAL PRODUCTS:
Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals
BUILDING MATERIALS:
Brick and tile
Cement
Lumber
Paint materials
Plumbing and heating
Structural steel..
Other building materials
CHEMICALS AND D R U G S :
Chemicals. _
Drugs and Pharmaceuticals.
Fertilizer materials
Mixed fertilizers.
HOUSEFURNISHING GOODS:
Furnishings
Furniture.
MISCELLANEOUS:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
O ther miscellaneous
73.6
73.7
73.7
73.7
73.6
71.6
71.3
71.2
71.4
73.2
73.7
73.2
73.1
72.9
72.3
72.2
71.5
71.7
73.4
74.8
77.6
Apr.
May
June
July
32.7
40.1
44.2
36.0
43.0
45.3
44.8
41.0
46.7
52.8
46.8
51.8
57.4
46.6
56.2
73.4
47.4
63.7
64.6
45.9
62.5
55.2
60.9
53.0
49.5
60.1
52.4
60.4
52.4
50.2
54.1
50.9
62.7
54.3
50.5
55.8
53.1
65.9
57.8
50.3
56.6
58.8
69.3
58.8
52.3
60.4
63.1
70.7
63.9
52.4
61.1
66.1
83.3
75.6
50.8
63.7
65.7
84.8
71.1
51.0
62.6
83.8
41.7
59.2
81.9
83.3
43.0
57.1
78.2
83.3
40.9
55.3
77.9
83.2
41.4
55.6
77.9
83.2
45.8
57.2
77.2
83.6
67.3
68.3
77.2
85.5
81.4
74.3
78.5
88.3
88.7
78.0
80.0
96.1
91.5
82.5
81.2
62.2
53.6
51.0
29.5
55.3
67.1
62.5
51.7
49.3
29.3
54.2
66.6
61.9
50.1
48.4
27.0
53.4
66.3
61.2
49.1
48.3
25.6
53.2
66.2
61.3
50.0
47.1
25.5
53.2
66.7
61.4
50.7
47.2
26.3
53.3
67.5
61.9
57.9
48.0
29.1
61.5
70.7
64.5
67.1
50.9
35.2
68.8
73.6
70.6
80.2
55.2
37.9
72.3
76.7
74.4
93.5
69.4
34.6
78.9
77.8
88.7
81.1
76.7
104.6
104.4
47.4
88.8
80.4
75.6
103.1
100.0
48.2
88.7
80.2
75.3
104.1
96.5
45.0
88.7
79.8
75.3
103.2
96.7
38.7
88.7
79.4
75.2
102.9
96.6
34.3
88.3
79.3
75.2
100.5
96.6
33.1
81.4
78.1
75.2
98.3
97.5
32.5
78.5
78.3
75.2
94.6
103.3
31.2
76.8
78.3
75.3
91.4
101.7
34.4
77.9
81.0
76.0
89.4
100.2
41.3
79.2
83.6
77.4
84.9
79.7
92.7
51.6
84.7
80.4
92.7
50.7
84.6
79.4
92.7
49.1
84.5
78.8
93.0
48.3
84.5
78.5
91.3
46.4
83.1
77.3
90.9
46.2
83.1
76.4
90.9
47.9
83.1
75.7
90.4
49.2
83.0
75.2
90.4
56.6
83.0
76.2
90.4
63.2
83.0
77.7
90.4
67.6
83.2
78.6
90.4
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
75.0
81.8
57.9
68.9
59.4
81.7
77.9
75.2
81.8
59.6
70.7
61.3
81.7
78.8
77.0
81.8
67.4
71.9
67.4
81.7
80.6
78.2
88.2
75.9
77.9
69.4
81.7
83.3
81.5
90.3
79.4
77.5
70.3
81.7
85.0
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
54.7
63.1
65.6
79.3
54.9
62.3
62.7
79.0
54.8
61.5
62.4
79.3
54.8
61.9
60.1
79.5
54.6
62.9
60.0
80.9
55.0
66.8
63.1
81.5
55.5
68.0
63.0
80.3
63.3
79.6
57.6
69.0
64.4
75.4
74.0
75.1
73.0
74.8
72.6
74.7
72.7
74.7
72.8
74.7
72.7
74.7
72.7
73.5
72.3
72.9
71.9
72.9
71.8
71.7
71.5
72.0
71.6
73.6
73.4
75.1
74.6
78.6
76.8
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
44.6
42.7
73.4
7.3
82.1
44.6
40.8
73.4
7.2
81.5
44.6
37.1
73.0
6.8
81.3
44.6
38.2
72.0
6.5
76.8
42.6
40.6
72.1
6.1
73.3
41.3
47.3
72.2
6.3
72.6
37.4
49.5
70.6
7.4
72.7
37.6
54.4
70.7
10.2
74.0
40.1
55.8
73.5
12.6
75.0
41.4
82.4
78.1
16.3
76.3
43.2
78.0
81.0
14.9
77.8
July
Aug.
Sept.
Oct.
Nov.
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
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
87.5
32.5
58.7
96.4
84.4
33.5
60.0
83.7
84.4
39.3
60.0
82.3
84.4
48.2
63.2
81.5
84.6
49.6
64.1
81.9
84.2
46.1
61.9
81.9
62.2
51.0
49.6
27.5
55.0
66.7
50.0
47.8
26.2
53.6
66.5
61.0
52.6
48.5
29.5
53.4
67.4
61.8
57.9
50.4
32.6
56.7
68.6
62.5
56.2
50.9
30.8
56.5
67.7
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
84.9
79.8
93.8
47.5
84.9
77.2
95.3
47.0
84.9
78.7
95.3
48.5
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
78.6
58.3
68.0
69.0
Dec.
Jan.
Feb.
F U E L AND LIGHTING MATERIALS:
Anthracite coal
Bituminous coal
Coke
Electricity...
Gas..
Petroleum products
73.3
72.9
72.7
72.4
72.3
Back figures.—For indexes of groups see BULLETIN for March 1932, p . 199; indexes of subgroups available at Bureau of Labor Statistics.
85.4
82.6
77.7
69.8
64.4
64.6
64.7
64.1
63.7
63 4
61.2
59.2
58.9
57.8
58.9
60.8
64.0
65.4
Mar.
June
FARM PRODUCTS:
Grains
_
Livestock and poultry
Other farm products
95.1
94.3
92.7
84.9
75.1
1933
1932
Subgroups
95.6
94.2
89.1
79.3
73.5
Aug.
40.9
666
FEDERAL RESERVE BULLETIN
OCTOBER
1933:
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Value of contracts in millions of dollars,figuresfor 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation]
Total
Residential
Factories
Commercial
Public works
and public
utilities
Educational
1932
1932
1932
Month
January
February
March .
April
May
June
July
August
September
October
November
December
Year
1932
1933
84.8
89.0
112.2
121.7
146.2
113.1
128.8
134.0
127.5
107 3
105.3
81.2
83.4
52.7
60.0
56.6
77.2
102.3
82.7
106.1
1,351.2
CONSTRUCTION
1932
1933
1932
12.0
11.8
16.0
19.1
26.5
27.7
23.6
21.9
27.5
24.4
33.2
28.9
25.6
23.1
19.7
20.8
22.8
21 9
19.2
13.0
280.1
1933
3.4
4.4
4.5
4.5
3.0
2.1
3.5
3.3
6.3
3 2
1.9
3.3
4.3
2.8
6.4
6.2
9.4
26.8
17.8
14.1
43.5
CONTRACTS AWARDED, BY
DISTRICTS
9.1
10.1
10.6
12.9
12.2
13.0
8.3
18.4
8.8
7 0
6.7
5.7
122.7
1933
5.8
7.6
7.2
6.6
8.9
9.6
11.5
10.5
24.1
28.3
29.9
47.3
61.7
50.1
60.0
64.2
68.7
58 5
54.2
43.3
1933
42.7
17.2
17.6
13.6
19.0
24.4
18.9
51.4
590.3
82.3
Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta.
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
16,680
26,527
5,113
12,039
6,157
4,719
14,844
6,238
3,578
4,819
5,417
_.
_
—
Total (11 districts)
August
8,330
16,460
5,029
6,724
5,479
3,880
18,592
5,996
3,369
4,408
4,425
9,850
27,495
11,712
12,964
13,611
8,277
21,698
9,340
8,052
4,697
6,290
133,988
106,131
COMMERCIAL FAILURES, BY DISTRICTS
[Amounts in thousand? of dollars;figuresreported by Dun and
Bradstreet]
Number
Federal Reserve
district
1933
August
Liabilities
1932
July
1933
August August
1932
July
August
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
150
348
80
118
91
57
189
45
65
84
53
192
138
333
63
110
102
58
180
60
62
75
42
253
629
136
279
185
153
402
104
58
184
80
333
3,272
11,942
3,048
3,791
1,918
1,633
4,169
843
2,343
3,019
1,559
5,239
1,968
8,786
1,347
2,668
1,263
658
1,092
1,134
605
799
3,274
8,607
16,842
4,882
6,331
3,792
2,536
13,249
3,179
883
4,408
2,238
10,083
Total-..
1,472
1,421
2,796
42,776
27,481
77,031
1933
17.3
11.0
11.5.
9.9*
11.6.
10.3
7 8
16.3
11 0
24.2
17.5
37.2
17.6
30 8
21.9
13.5
13 1
19 9
9.2
5.6.
232.3
BANK DEBITS
1933
Number
of centers
1932
July
1932
[Debits to individual accounts. In millions of dollars]
Federal Reserve district
August
1.4
2.2
1.3
1.1
1.7
3.5
3.0
2.6
4.4
10.8
9.8
10.7
6.5
7.2
6.4
5.5
7.4
3 6
3.4
6.7
[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
August
1932
July
August
1
140
13,076
12,375
17,354
13,878
13,45811,757"
11
7
10
13
7
15
21
5
9
15
10
18
1,435
13,543
1,105
1,255
457
583
3,089
590
527
740
359
1,768
1,638
17,923
1,299
1,317
454
613
3,464
674
593
873
390
1,992
1,294
13,9291,0805
1,163
477
5453,039538
410
684
340<
1,718
141
25,451
31,232
25, 215
OCTOBER
667
FEDERAL RESERVE BULLETIN
1933
SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates, by States, for Sept. 1,1933, as reported by the Department of Agriculture]
[In thousands of units]
Corn
Federal Reserve district
Production
1932
Boston
New York _ - -____...-Philadelphia
Cleveland
Richmond.-. . . . _. ___
Atlanta
Chicago
__
_ - St. Louis...
Minneapolis
Kansas City
Dallas
San Francisco
_
-
.-.
Total
Oats
Federal Reserve
district
Production
1932
Boston
-_
New York...
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
._
Minneapolis
Kansas City
Dallas . _ .
San Francisco
Total
.
Total wheat
Bushels
7,704
28,019
15,136
55,920
18,755
10,469
523,589
47,062
317,746
145,427
43,699
24, 705
Bushels
6,995
18,509
13,689
35,468
16, 581
8,161
285,383
34,102
141, 679
80,937
20,690
25,453
1,238,231
687,647
Bushels
7,684
24, 550
42,554
158,549
105,912
146,661
1,065,741
380,505
293,144
524,390
116, 292
9,588
Bushels
7,720
23,110
42,847
139,653
128, 320
154, 285
793,745
284,650
210,025
405,067
85,948
9,429
66
4,761
12,147
35,908
16,673
3,063
49,430
34,128
237,318
189,917
30,268
112, 604
110
4,947
14,023
37,972
19,892
2,992
44,124
36,199
109,159
125,106
12,576
99,457
4,591
12,042
35, 735
16,673
3,063
46,050
33,885
21,190
183,800
30,120
74, 530
4,817
13,936
37,843
19,892
2,992
42,191
35,900
9,874
117,372
12,483
43,055
66
170
105
173
110
130
87
129
3,380
243
216,128
6,117
148
38,074
1,933
299
99, 285
7,734
93
56,402
2,875, 570
2,284,799
726, 283
506, 557
461,679
340, 355
264,604
166,202
Bushels
Production
1932
Tons
Bushels
Bushels
Bushels
Bushels
White potatoes
Tobacco
Estimate
Sept. 1,
1933
Production
1932
Estimate
Sept. 1,
Tons
Pounds
Pounds
1933 2
Production
1932
Estimate
Sept. 1,
1933
2,928
5,164
1,938
3,826
2,542
2,105
14,194
4,964
9,912
8,809
1,004
12,408
2,752
4,893
2,237
3,800
2,791
2,032
13, 240
5,006
7,921
8,372
906
11,340
30,110
1,621
46,310
121,582
411,132
99,242
36,620
261,257
2,831
4,807
21,034
936
33,630
131,934
676,793
162, 609
21,160
306,759
1,250
5,640
Bushels
47,974
32,017
20,896
19,465
23,932
10,545
59,382
13,164
54,062
30,854
4,981
40,407
Bushels
46,885
24,024
18,429
14,517
23,288
11,282
38,028
8,289
40,684
24,908
4,509
38,742
69,794 j
65, 290
1,015, 512
1,361,745
357,679
293,585
12 Figures for winter wheat from estimate for Aug. 1; no estimate for Sept. 1.
Without allowance for reduction in acreage under Agricultural Adjustment Act.
s4 With allowance for reduction in acreage under Agricultural Adjustment Act.
Includes
15,000 bales grown in miscellaneous territory.
5
Includes 10,000 bales grown in miscellaneous territory.
Spring wheat
Estimate Production Estimate Production Estimate Production Estimate
1932
1932
1932
Sept. 1, 1933
Sept. 1,1933
Sept. 1,19331
Sept. 1,1933
Tame hay
Estimate
Sept. 1,
1933
Winter wheat
Bushels
Cotton
Production
1932
Bales
Estimate
Sept. 1,
1933 3
Bales
.
1,410
2,326
1,364
2,568
* 2,942
6 2,575
900
5,233
191
1,152
4,499
256
13,002
12,414
FEDERAL RESERVE DISTRICTS
W.OAK.
*
)
.
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MIWIEAPOLIS
S.DAK.
DALLAS®
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TEXAS
Houston
——BOUNDARIES OF FEDERAL RESERVE DISTRICTS
. . . . . BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
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