Federal Reserve Bulletin April 1933 - FRASER · 210 FEDERAL RESERVE BULLETIN APRIL 1933 in the same...

FEDERAL RESERVEBULLETIN

APRIL 1933

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Recent Banking Developments

Business Conditions in the United States

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON: 1933

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD

Ex officio members:WILLIAM H. WOODIN,

Secretary of the Treasury, Chairman.

Comptroller of the Currency.

EUGENE MEYER, Governor.

CHARLES S. HAMLIN.

ADOLPH C. MILLER.

GEORGE R. JAMES.

FLOYD R. HARRISON, Assistant to the Governor.

CHESTER MORRILL, Secretary.

E. M. MCCLELLAND, Assistant Secretary.J. C. NOELL, Assistant Secretary and Fiscal Agent.WALTER WYATT, General Counsel.

GEORGE B. VEST, Assistant Counsel.

LEO H. PATJLGER, Chief, Division of Examinations.FRANK J. DRINNEN, Federal Reserve Examiner.

E. A. GOLDENWEISER, Director, Division of Researchand Statistics.

CARL E. PARRY, Assistant Director, Division of Researchand Statistics.

E. L. SMEAD, Chief, Division of Bank Operations.

J. R. VAN FOSSEN, Assistant Chief, Division of BankOperations.

District no,District noDistrict no,District noDistrict noDistrict noDistrict noDistrict noDistrict no,District noDistrict noDistrict no,

n

FEDERAL ADVISORY COUNCIL

1 (BOSTON) THOMAS M. STEELE.2 (NEW YORK) GEORGE W. DAVISON.3 (PHILADELPHIA) HOWARD A. LOEB.4 (CLEVELAND) H. C. MCELDOWNEY,5 (RICHMOND) HOWARD BRUCE.6 (ATLANTA) JOHN K. OTTLEY.7 (CHICAGO) MELVIN A. TRAYLOR, Vice President.8 (ST. LOUIS) WALTER W. SMITH, President.9 (MINNEAPOLIS) THEODORE WOLD.10 (KANSAS CITY) _ . - W. T. KEMPER.11 (DALLAS) JOSEPH H. FROST.12 (SAN FRANCISCO) HENRY M. ROBINSON.

WALTER LICHTENSTEIN, Secretary


OFFICERS OF FEDERAL RESERVE BANES

Federal Reserve Bankof—

BostonNew York

Philadelphia

Cleveland _.

Richmond. __

Atlanta.

Chicago..

St. Louis

Minneapolis

Kansas City.

Dallas . .

San Francisco

Chairman

F. H. CurtissJ. H. Case

R. L. Austin.-

L. B. Williams

W. W. Hoxton

Oscar Newton

E. M. Stevens

J. S. Wood

M. L. McClure

C. C. Walsh

Isaac B. Newton

Governor

R. A. YoungG. L. Harrisoo

G. W. Norris

E. R. Fancher

G. J. Seay

E. R. Black

J. B. McDoug8l

W. McC. Martin

W. B. Geery

G. H. Hamilton

B. A. McKinney

J U. Calkins

Deputy governor

W. W. PaddockW. R. BurgessJ. E. Crane. .A. W. GilbartE. R. KenzelW. S. LoganL. R. Rounds _L. F. Sailer.W. H. Hutt

M.J. FlemingF T 7nrHnH«nC. A. PepleR. n . Broaddus.W. S.JohnsH. F. ConniffC. R. McKayJ. H. DiUardH. P. PrestonO. M. AtteberyJ. G. McConkey

Harry YaegerH. I. ZiemerC. A. Worthington....T W TTftlmR. R. Gilbert - .R. B. ColemanW. A. DayIra Clerk

Cashier

W. Willett.C. H. Coe.iR. M. Gidney.iJ. W. Jones.1

W. B. Matteson.*J. M. Rice.*Allan Sproul.1

L. W. Knoke.1

C. A. Mcllhenny.W. G. McCreedy.iH. F. Strater.

G. H. Keesee.J. S. Walden, Jr.*M. W. Bell.W. S. McLarin, Jr.*W. C Bachman.10. J. Netterstrom.iE. A. Delaney.iS. F. Gilmore.1

A. H. Haill.«F. N. Hall.*G. 0. Hollocher.*0 . C. Phillips.*H I. Ziemer.F. C. Dunlop.1

J. W. Helm.

Fred Harris.W. 0 . Ford.»W. M. Hale.

'Assistant deputy governor. * Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo Branch __

Cleveland:Cincinnati branchPittsburgh branch

Richmond:Baltimore branchCharlotte branch

Atlanta:New Orleans branchJacksonville branchBirmingham branchNashville branch

Chicago:Detroit branch

St. Louis:Louisville branchMemphis branchLittle 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 branchDenver branchOklahoma City branch..

Dallas:El Paso branch.Houston branchSan Antonio branch

San Francisco:Los Angeles branchPortland branch.Salt Lake City branch..Seattle branchSpokane 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 memberbanks of the Federal reserve system and is the only official organ or periodical publication ofthe board. The BULLETIN will be sent to all member banks without charge. To others thesubscription price, which covers the cost of paper and printing, is $2. Single copies will besold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions,$2.60; single copies, 25 cents.

in


TABLE OF CONTENTS

PageReview of the month—Recent banking developments 209

Condition of all banks in the United States on Dec. 31, 1932 254-258

National summary of business conditions 219

Financial, industrial, and commercial statistics:Reserve bank credit, gold stock, money in circulation, etc 220-223Member and nonmember bank credit:

All banks in the United States 225All member banks 224, 250Weekly reporting member banks in leading cities 226, 251

Brokers' loans 226Acceptances and commercial paper 227Discount rates and money rates 228, 252Security prices, security issues, United States Government securities 229Production, employment, car loadings, and commodity prices 230, 261-263Merchandise exports and imports 231Department stores—Indexes of sales and stocks 231Freight-car loadings, by classes 231

Financial statistics for foreign countries:Gold reserves of central banks and governments 232Gold production 233-234Gold movements 235-237Government note issues and reserves 238Bank for International Settlements 238Central banks 239-241Commercial banks -. 242Discount rates of central banks 243Money rates 243Foreign exchange rates 244Price movements:

Security prices - 245Wholesale prices 245-246Retail food prices and cost of living 246

Law department:Amendments to Emergency Banking Act 247

Federal reserve statistics by districts, etc.:Banking and financial statistics 248-253Industrial and commercial statistics 261-264

IV


FEDERAL RESERVE BULLETINVOL. 19 APRIL 1933 No. 4

Return flow ofcurrency

REVIEW OF THE MONTHA rapid return flow of currency to the

reserve banks has characterized the periodsince the reopening of licensedbanks under the program an-nounced by the President on

March 10. Between March 4 and April 5,$1,225,000,000 of money returned to the re-serve banks, of which $645,000,000 consistedof gold coin and gold certificates; the ratio ofreserves against Federal reserve notes anddeposits combined advanced from 45.1 to 59.7percent. Currency brought to the reservebanks by the member banks represented inpart a return by these banks of cash previouslywithdrawn for the purpose of increasing theirvault holdings and in part currency redepositedwith the banks by the public. Funds arisingout of this return flow of currency were usedby the member banks to reduce their borrow-ings at the reserve banks by $1,000,000,000, andin addition to reduce the acceptance holdingsof the reserve banks by $130,000,000. Totalreserves of the 12 Federal reserve banks com-bined advanced from $2,800,000,000 on March4 to $3,490,000,000 on April 5, the highestlevel since the autumn of 1931. On April 7 thediscount rate of the Federal Keserve Bank ofNew York was reduced from 3% to 3 percent.

By March 29, the latest date for whichcomprehensive figures are available, about

12,800 banks, out of 18,000 inoperation before the crisis, had

been licensed to open on an unrestricted basis.Of this number, 4,766 were national banks, 621State member banks, and about 7,400 non-member banks, including mutual savings banksand private banks operating under Statesupervision. Approximately 5,200 banks hadnot received unrestricted licenses; of this num-ber 1,141 were national banks, 166 Statemember banks, and about 3,900 nonmemberbanks. Figures are not yet available on the

Licensed banks

°f

volume of deposits in opened or unopenednonmember banks. Deposits at those memberbanks that reopened between March 13 andMarch 29 were approximately $25,850,000,000on December 31, 1932, compared with totaldeposits of all licensed and not licensed memberbanks of approximately $28,565,000,000; de-posits of the reopened member banks, therefore,represented about 90 percent of total memberbank deposits.

From the beginning of 1933 serious develop-ments in the banking situation in some sections

of the country were indicatedhJ large-scale withdrawals ofdeposits from banks in those

sections. Many of these represented the trans-fer of deposit accounts from banks in which de-positors had lost confidence to other institu-tions, but after the first week in February with-drawals were to an increasing extent in theform of currency and toward the end of themonth withdrawals of currency included con-siderable amounts of gold. Gold withdrawalsrepresented in part domestic hoarding and inpart losses of gold to foreign countries causedby the decline in dollar exchange reflecting amovement of funds from the United States.As these movements developed, the pressurewas felt not only by the weaker member andnonmember banks in different sections of thecountry, but generally by member and non-member banks throughout the country and bythe Federal reserve banks, which were obligedto issue a large volume of Federal reserve notesand at the same time to reduce their reservesby paying out gold.

The earlier transfers of deposit accounts asbetween institutions reflected increasing dis-trust on the part of the public concerning theposition of individual banks rather than appre-hension concerning general banking conditions.Depositors in many banks drew upon theiraccounts and transferred funds to other banks

209


210 FEDERAL RESERVE BULLETIN APRIL 1933

in the same communities or other communities,or to the Postal Savings System. While theeffects of such transfers differed from those ofcurrency withdrawals in that they did not re-duce the volume of deposits in the bankingsystem as a whole, their effect upon the posi-tion of the institutions from which they werewithdrawn were the same as those of cashwithdrawals. To obtain funds to meet thesetransfers, institutions under pressure wereobliged to draw upon their balances with other

Withdrawalscurrency

of

The declaration of a banking holiday inMichigan on February 14 arrested the with-

drawal of deposits from banksin that State which had beencausing progressive deteriora-

tion in the assets of many banks. An effectof this holiday outside of Michigan, however,was to increase the movement of funds fromweaker to stronger banks, and also the with-drawal of currency in many parts of thecountry. The chart shows for the months of

MILLIONS

640

600

560

520

480

440

400

360

320

280

240

200

160

120

80

40

0

120j

60

40

0

CHANGES IN DEMAND FOR CURRENCYBij Federal Reserve Districts, Feb.-March 1933

NEW YORK

\

i

f

\\\V

BOSTON|

r1—̂

MILLIONS480

440

400

360

320

200

240

200

160

120

80

40

050

400

400

8040

0

CHI

/—

:AGO

J

/

ST -OUIs

I1

f\JI

\1\\\

—«̂ .<ANSAS CITY

DALLAS

rz—'

120

80

40

0

200

160

120

80

40

0

160

120

80

40

0

120

80

40

0

120

80

40

0

PHIl.ADE

.—<

LPHI

^—<•

CLEVELAND

JRICHMOh

ATLANTA

/"*

D

„

SAN FRANCIS<i i

-

K

/

/

1

J

:o

/

J

/

1

—\

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V

. ^

February February

banks, to convert other liquid assets into cash,or to borrow on their sound assets from theFederal reserve banks or from the Reconstruc-tion Finance Corporation. In many cases,after haviiig pledged or disposed of practicallyall their sound assets and disbursed the pro-ceeds in meeting withdrawals by depositors, thebanks were finally compelled to close. It waslargely to avoid the continuation of this processand to protect remaining depositors that bank-ing holidays were declared in individual Statesand finally in the country as a whole.

March February March

February and March changes in the demandfor currency in each of the 12 Federal reservedistricts. It indicates that after February 14,when the Michigan banking holiday was de-clared, currency demand increased in nearlyall the Federal reserve districts. This increasewas particularly marked in the Cleveland andChicago districts, but was also large in theNew York district. The declaration of asimilar holiday in Maryland on February 25,and in other States on subsequent days, wasaccompanied by sharp increases in currency


APRIL 1933 FEDERAL RESERVE BULLETIN 211

demands throughout the country. BetweenFebruary 15 and March 4 these demandsamounted altogether to $1,630,000,000, includ-ing demands for gold coin and gold certificatesof $300,000,000. Three fourths of thesedemands occurred during the week beginningFebruary 27, and more than half was concen-trated in the first 3 days of March.

Member banks in New York City at thebeginning of February had held a large amount

of excess reserves with the re-

S s i n N l w b e r s e r v e banks> a n d a l s o c a r r i e d

York City large deposit balances for inte-rior banks throughout the

country. The interior banks in meeting thedemands upon them drew on their balances withtheir New York correspondents to the extent ofmore than three quarters of a billion dollars,and the latter consequently were called uponto release funds in large volume to other banksat the same time that direct withdrawals ofcurrency within New York City were rapidlyexpanding. In meeting these demands theNew York City banks drew on their reservebalances to the extent of $307,000,000, thuseliminating their excess reserves, and borrowed$664,000,000 at the Federal Reserve Bank ofNew York. In addition the Federal reservebanks put $385,000,000 into the marketthrough the purchase of acceptances, chieflyin New York.

On February 1, before the banking crisishad developed, the reserve banks had reservesPosition of Federal of $1,476,000,000 in excess ofReserve banks legal requirements and the re-serve ratio of the 12 Federal reserve bankscombined was 65.6 percent. In the latter partof February and the first part of March theFederal reserve banks loaned $1,170,000,000 tomember banks and in addition furnished fundsthrough purchases of acceptances and UnitedStates Government securities in the open mar-ket, amounting to $460,000,000. The greaterpart of this expansion was due to an increaseof Federal reserve notes, which require a 40percent gold reserve, but there were also with-drawals of gold which decreased the reserves ofthe Federal reserve banks. As a consequence

of these developments the combined reserves ofthe 12 Federal reserve banks in excess of legalrequirements were reduced to $416,000,000 onMarch 4, and the reserve ratio of the Systemas a whole declined to 45.1 percent.

At the Federal Reserve Bank of New Yorkthere was a heavy demand for currencyoriginating within the district, and alarger demand for funds resulting from thewithdrawal of bankers' balances by interiorbanks from their New York correspondents.These withdrawals were effected through theFederal reserve banks and resulted in transfersof reserves through the gold settlement fundfrom the Federal Reserve Bank of New Yorkto other Federal reserve banks. While themovement to the interior was developing, theNew York Federal Reserve Bank sold part ofits portfolio of United States Government secur-ities to other Federal reserve banks, and onMarch 8 had rediscounts of $210,000,000 withthe Federal reserve banks of Boston, Cleve-land, Chicago, and St. Louis. Soon after the re-opening of the banks on March 13, the FederalReserve Bank of New York retired these re-discounts and repurchased United States secur-ities previously sold to other reserve banks.The improvement in the position of the NewYork bank reflected not only the return ofgold and currency from within the New Yorkdistrict, but also gains through the gold settle-ment fund, reflecting in part a return flow ofbankers7 balances to the large member banksin New York City.

On April 5 the reserve ratio of the Federalreserve banks was 59.7 percent. Total cashreserves of the banks were $3,488,000,000 andtheir excess reserves $1,262,000,000.

The accompanying chart shows the coursesince the end of 1914 of the total mone-

stock of the UnitedGold reservesand gold in cir- States, the gold reserves of thecu a ion Federal reserve banks, and thegold in circulation, that is, outside the Treasuryand Federal reserve banks.

The chart shows that for the whole periodsince the establishment of the Federal ReserveSystem in November 1914, the gold stock of



the country has increased from $1,812,000,000to $4,275,000,000, the increase occurring largelyduring the war period and the period of cur-rency disorganization in Europe prior to 1924.After a rapid gain of gold in 1930 and 1931 to apeak of $5,000,000,000 in September, 1931,this country lost more than $1,000,000,000through the withdrawal of foreign balancesprior to July 1932, but regained more thanhalf of this amount by the end of the year.The decrease in the country's stock of gold

gold held in collections or in hoards and goldthat may have been lost altogether. Between1917 and 1931 there was a gradual return ofcoin from circulation and at the end of April1931 the total volume was reduced to $350,000,-000. The large-scale withdrawals of currencywhich developed in 1931 and 1932 were accom-panied by some increase in the demand forgold coin, and on January 31, 1933, the totalamount in circulation had risen to $480,000,000.During the period of the recent banking crisis

MONETARY GOLD STOCK OF THE UNITED STATESDistribution Between Reserve Banks and Circulation

MILLIONS OF DOLLARS5000

^000

3000

2000

1000

MILLIONS OF DOLLARS5 0 0 0

Gold Reserves ofFederal Reserve Banks

1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933

Figures are given on pp. 259-260

between February 1 and March 4 was $305,-000,000 and at the end of March the totalstood at about the same level as last autumnand somewhat above the average of the twoyears 1928 and 1929.

The chart also shows the amount of goldcoin and gold certificates in circulation. InNovember 1914, when the Federal EeserveSystem was organized, there was about $600,-000,000 of gold coin in circulation, that is,outside the Treasury and the Federal reservebanks. Included in this figure is gold held bynational and State banks as reserves as well as

further withdrawals increased the total to$625,000,000 on March 4, an increase of$150,000,000 since January 31 and of $275,000,-000 since the low point in 1931. After the decla-ration of the banking holiday and the adoptionof measures to prevent the hoarding of gold, goldcoin was returned in large volume to theTreasury and the Federal reserve banks, so thaton March 31 the amount in circulation wasreduced to $365,000,000.

The chart shows that at the end of 1914,$700,000,000 of gold certificates were incirculation and that by May 1917 this amount


APKIL 1933 FEDERAL RESERVE BULLETIN 213

had increased to more than $1,300,000,000.Under the policy of gold mobilization adoptedby the Government at that time, gold certifi-cates were retired gradually until the spring of1922, when the total amount in circulation wasreduced, to $170,000,000. After that time goldcertificates were again paid into circulation, andin 1925 their volume reached a level of morethan $1,000,000,000, which was maintainedwith some fluctuations until the autumn of1931. After September 1931 gold certificatesin circulation declined to $590,000,000 onJanuary 31, 1933. During February and theearly part of March of this year gold certificatesin circulation increased by $170,000,000, bring-ing the total to $760,000,000 on March 4.This increase was in part a reflection of thegeneral increase in currency, but in partrepresented a demand by the public for gold inthe form of certificates as well as of coin.

On March 6 further paying out by banks ofgold coin and certificates was prohibited by thePresident's proclamation, and on March 8 theFederal Reserve Board requested the Federalreserve banks to prepare lists of persons whohad recently withdrawn gold (including goldcertificates) and had not redeposited it in abank by March 13, the date being subsequentlyextended to March 27. On March 10 thePresident issued an Executive order whichprohibited the export of gold except in accor-dance with regulations prescribed by or underlicense issued by the Secretary of the Treasury.

These developments in connection with goldpayments, and the general recognition by thepublic of the desirability of restoring to thecountry's reserves gold held privately, whereunder existing conditions it does not promotethe public interest, resulted in a rapid returnflow of gold and gold certificates to the reservebanks. Between March 4 and March 31, $260,-000,000 of gold coin and $370,000,000 of goldcertificates were returned to the Federal reservebanks and the Treasury. On March 31 thetotal amount of gold and gold certificates out-side the Treasury and the Federal reserve banks

was $760,000,000, the lowest figure since 1923.On April 5 the President

?xu??£ve i.ordSr issued the following orderf o r b i d d i n g h o a r d - „ , . , , . , , . & , .

ing of gold forbidding the hoarding ofgold:

" EXECUTIVE ORDER FORBIDDING THE HOARDINGOF GOLD COIN, GOLD BULLION AND GOLDCERTIFICATES

"By virtue of the authority vested in me bysection 5 (b) of the act of October 6, 1917, asamended by section 2 of the act of March 9,1933, entitled 'An act to provide relief in theexisting national emergency in banking, andfor other purposes', in which amendatory actCongress declared that a serious emergencyexists, I, Franklin D. Roosevelt, President ofthe United States of America, do declare thatsaid national emergency still continues toexist and pursuant to said section do herebyprohibit the hoarding of gold coin, gold bullion,and gold certificates within the continentalUnited States by individuals, partnerships,associations and corporations and hereby pre-scribe the following regulations for carryingout the purposes of this order:

"SECTION 1. For the purposes of this regula-tion, the term 'hoarding' means the with-drawal and withholding of gold coin, goldbullion or gold certificates from the recognizedand customary channels of trade. The term'person7 means any individual, partnership,association or corporation.

"SEC. 2. All persons are hereby required todeliver on or before May 1, 1933, to a FederalReserve bank or a branch or agency thereof orto any member bank of the Federal ReserveSystem all gold coin, gold bullion and goldcertificates now owned by them or coming intotheir ownership on or before April 28, 1933,except the following:

" (a) Such amount of gold as may berequired for legitimate and customary usein industry, profession or art within areasonable time, including gold prior torefining and stocks of gold in reasonableamounts for the usual trade requirementsof owners mining and refining such gold.

" (6) Gold coin and gold certificates inan amount not exceeding in the aggregate$100 belonging to any one person; and goldcoins having a recognized special value tocollectors of rare and unusual coins.

168276—33 2



" (c) Gold coin and bullion earmarkedor held in trust for a recognized foreigngovernment or foreign central bank or theBank for International Settlements.

"(d) Gold coin and bullion licensed forother proper transactions (not involvinghoarding) including gold coin and bullionimported for reexport or held pendingaction on applications for export licenses.

"SEC. 3. Until otherwise ordered any personbecoming the owner of any gold coin, goldbullion, or gold certificates after April 28, 1933,shall, within 3 days after receipt thereof,deliver the same in the manner prescribed insection 2; unless such gold coin, gold bullionor gold certificates are held for any of the pur-poses specified in paragraphs (a), (6), or (c) ofsection 2; or unless such gold coin or goldbullion is held for purposes specified in para-graph (d) of section 2 and the person holding itis, with respect to such gold coin or bullion, alicensee or applicant for license pending actionthereon.

"SEC. 4. Upon receipt of gold coin, goldbullion or gold certificates delivered to it inaccordance with sections 2 or 3, the FederalReserve bank or member bank will pay there-for an equivalent amount of any other form ofcoin or currency coined or issued under thelaws of the United States.

"SEC. 5. Member banks shall deliver allgold coin, gold bullion and gold certificatesowned or received by them (other than asexempted under the provisions of sec. 2) to theFederal reserve banks of their respective dis-tricts and receive credit or payment therefor.

"SEC. 6. The Secretary of the Treasury, outof the sum made available to the President bysection 501 of the act of March 9, 1933, will inall proper cases pay the reasonable costs oftransportation of gold coin, gold bullion orgold certificates delivered to a member bank orFederal reserve bank in accordance withsections 2, 3, or 5 hereof, including the cost ofinsurance, protection, and such other incidentalcosts as may be necessary, upon production ofsatisfactory evidence of such costs. Voucherforms for this purpose may be procured fromFederal reserve banks.

"SEC. 7. In cases where the delivery of goldcoin, gold bullion, or gold certificates by theowners thereof within the time set forth abovewill involve extraordinary hardship or diffi-culty, the Secretary of the Treasury may, inhis discretion, extend the time within which suchdelivery must be made. Applications for suchextensions must be made in writing under oath,

addressed to the Secretary of the Treasury andfiled with a Federal reserve bank. Each appli-cation must state the date to which the exten-sion is desired, the amount and location of thegold coin, gold bullion and gold certificates inrespect of which such application is made andthe facts showing extension to be necessary toavoid extraordinary hardship or difficulty.

"SEC. 8. The Secretary of the Treasury ishereby authorized and empowered to issue suchfurther regulations as he may deem necessaryto carry out the purposes of this order and to is-sue licenses thereunder, through such officers oragencies as he may designate, including licensespermitting the Federal reserve banks and mem-ber banks of the Federal Reserve System, inreturn for an equivalent amount of other coin,currency, or credit, to deliver, earmark, orhold in trust gold coin and bullion to or forpersons showing the need for the same for anyof the purposes specified in paragraphs (a), (c),and (d) of section 2 of these regulations.

"SEC. 9. Whoever willfully violates any pro-vision of this Executive order or of these regu-lations or of any rule, regulation, or licenseissued thereunder may be fined not more than$10,000, or, if a natural person, may be im-prisoned for not more than 10 years, or both;and any officer, director, or agent of any cor-poration who knowingly participates in anysuch violation may be punished by a like fine,imprisonment, or both.

"This order and these regulations may bemodified or revoked at any time.

"FRANKLIN D. ROOSEVELT." T H E WHITE HOUSE,

"April 5, 1933:'

In commenting on this order, the Secretaryof the Treasury in a press statement, issuedunder date of April 5,1933, said:

"The President's order of today requiringthe turning in of hoarded gold, and at the sametime providing that gold shall be available for allproper purposes, is an expected step in the proc-ess of regularizing our monetary position andfurnishing adequate banking and currency facil-ities for all customary needs.

"Such an order was in contemplation fromthe time of the passage of the EmergencyBanking Act. As the President indicated to-day, while many of our citizens voluntarilyand helpfully turned in their gold, there were



others who did not so respond. In fairness,the conduct of all citizens with reference to goldshould be the same in this emergency, and thisis assured by the order. Those surrenderinggold, of course, receive an equivalent amount ofother forms of currency, and other forms of cur-rency may be used for obtaining gold in anequivalent amount where authorized for properpurposes.

"Gold held in private hoards serves no usefulpurpose under present circumstances. Whenadded to the stock of the Federal reserve banksit serves as a basis for currency and credit.This further strengthening of the bankingstructure adds to its power of service towardrecovery.

"A vital provision of the order is that author-izing the Secretary of the Treasury to issuelicenses for gold for proper business needs notinvolving hoarding. Applications will be passedupon as the facts in each case warrant.

•"Regulations governing the procedure of theTreasury under the new order are in course ofpreparation/'

Below are presented tables showing thereserve position of the Federal reserve banks,

the amount of gold in theTreasury and the Federal re-serve banks and in circulation,

and demand for currency and sources of fundsused by banks in meeting this demand. Thetables give figures for Wednesday dates inFebruary, March, and the first 2 weeks inApril; for the 6 days, February 27 to March 4,daily figures are shown.

RESERVE POSITION OF FEDERAL RESERVE BANKS

[In millions of dollars]

Tables on goldand currency

Date

Feb 1Feb.8Feb 15 - -Feb. 21

Feb 27Feb. 28Mar 1Mar. 2Mar. 3Mar 4

Mar. 8Mar 15Mar 22Mar. 29 . _

A.pr. 5

Totalcash

reserves

3,4573,4423, 3873,305

3,1783,1263,0672,9972,8102,802

2,8093,1483,3713,442

3,488

Federalreservenotes

2,7302.7732,8913,000

3,2683,4173,5803,7694,1034,165

4,2154,2933,9163,748

3,644

Deposits

2,5402,5002,3762,399

2,2652,2362,1572,1782,0942,053

1,9512,1242,1552,203

2,196

Excessreserves

1,4761,4581,3991,265

1,078977880727435416

440688

1,0501,172

1,262

Reserveratio(per-cent)

65.665.364.361.2

57.455.353.550.445.345.1

45.649.155.557.8

59.7

MONETARY GOLD STOCK OF THE UNITED STATES


Date

Feb. 1Feb. 8Feb. 15Feb. 21

Feb. 27Feb. 28Mar. 1

Mar. 3Mar. 4

Mar. 8Mar. 15Mar. 22Mar. 29 . . . .

Apr. 5

Total

4,5484,5354,5114,460

4,3974,3804,3444,3204,2424,242

4,2434,2514,2644,272

4,283

In Treas-sury andFederalreservebanks

3,4773,4593,4183,345

3,2123,1593,1053,0412,8612,853

2,8973,2323,4303, 501

3,538

In circulation

Total

1,0711,0761,0931,115

1,1851,2211,2391,2791,3811,389

1,3461,019

834771

745

Coin

480487497516

557572586600623626

620462383368

365

Certifi-cates

591589596599

628649653679758763

726557451403

380

DEMAND FOR CURRENCY AND SOURCES OF FUNDSUSED BY BANKS IN MEETING THE DEMAND


Date

Feb. 1__Feb. 8..Feb. 15.Feb. 21.

Feb. 27.Feb. 28.Mar. 1_.Mar. 2_.Mar. 3_.Mar. 4..

Mar. 8..Mar. 15.Mar. 22Mar. 29.

Apr. 5..

Moneyin circu-

lation

5,6525,7055,8545,988

6,3506,5456,7196,9607,4147,485

7,5387,2696,6086,353

6,261

Credit extended by reservebanks

Bills dis-counted

269253286327

450582712980

1,4081,432

1,4141,232

671545

436

Billsbought

313131

180

317336384393417417

417403352310

286

UnitedStates

Govern-ment se-curities

1,7641,7841,8091,834

1,8391,8661,8361,8491,8561,856

1,8811,8991,8641,838

1,837

Memberbank re-

servebalances

2,4382,4192,2362,271

2,1662,1412,0382,036,953,904

,776,964,918,987

1,976

There is given below a table showing, as ofMarch 29, the number of all member banks,

and indicating the number ofLicensed and not t h e s e banks that had receivedlicensed mem- ,. J . _ber banks licenses to reopen irom the

Secretary of the Treasury andthose that had not received such licenses onthat date. There is also shown the amount ofdeposits held by these banks on December 31,1932, the latest date for which such figures areavailable.



MEMBER BANKS LICENSED AND NOT LICENSED—MARCH 29, 1933

Federal reservedistrict

BostonNew YorkPhiladelphia-_.ClevelandRichmondAtlanta- _.ChicagoSt. LouisMinneapolis. _Kansas Ci ty . .DallasSan Francisco.

Total

Number of memberbanks

Total

367821688631387316774403533770

6,694

Li-censed

304668588471278266453312458692528

5,387

Notli-

censed

63153100160109

50321

9175784067

1,307

Deposits on Dec. 31, 1932, ofmember banks licensed andnot licensed on Mar. 29, 1933(in thousands of dollars)

Total

2,040,17510,325,1242,193,9982,536,702968,646834,310

3,438,139935,902725,381

1,068,033723,495

2,775,014

28,564,919

Licensed

1,897,49610,042,0662,044,6722,014,724752, 555678,652

2,483,653834,966686,877998,323717, 330

2, 698, 325

25,849,639

Not

142,679283,058149,326521,978216,091155,658954,486100,93638,50469,7106,16576,689

2,715,280

The Secretary of the Treasury, under theauthority conferred upon him by the Presi-

dent's Proclamations of MarchRegulations by 6 a n d March 9, 1933, declaringthe Secretary of n . • , \ , *. ,the Treasury and continuing a bank holiday,

issued the following regulationsduring the period March 19, 1933, to March31, 1933 (for Regulations 1-28, issued prior toMar. 19, 1933, see pp. 122-125 of the FEDERAL

RESERVE BULLETIN for March 1933):REGULATION NO. 29 (MAR. 21)

Any banking institution which is a member of theFederal Reserve System and is not licensed to performusual banking functions may rediscount or pledge withanother banking institution renewals of notes whichwere previously rediscounted or pledged with such otherbanking institution.

REGULATION NO. 30 (MAR. 28)

Banking institutions which are members of the Fed-eral Reserve System and of which actual possessionand control have been taken (a) by conservatorsappointed pursuant to the act of March 9, 1933, or(6) by appropriate State officials appointed pursuantto State law, as permitted by the President's ExecutiveOrder of March 18, 1933, are permitted to transactsuch limited banking functions as may be authorizedin accordance with law by the Comptroller of the Cur-rency, in the case of national banks, or by the appro-priate State officials, in the case of State member banks:Provided, however, That no such banking institutionshall reopen for the performance of its usual andnormal functions until it shall have received a licensefrom the Secretary of the Treasury.

This regulation shall not authorize any transactionwith respect to the export or paying out of gold, orgold certificates, withdrawal of currency for hoardingor transactions in foreign exchange prohibited or re-stricted by the Executive order of March 10, 1933.


Any banking institution which is a member of theFederal Reserve System and is not licensed to performusual banking functions, but which is duly authorizedto engage in the business of acting as trustee, executor,administrator, registrar of stocks and bonds, transferagent, guardian of estates, assignee, receiver, committeeof estates of lunatics, or in any other fiduciary capacity,may transact such business in the normal and usualmanner and may make payments on account of theprincipal or income of trust or other fiduciary fundsto the persons entitled thereto: Provided: That, exceptto the extent permitted by other emergency bankingregulations, no such banking institution shall withdrawor pay out any trust or other fiduciary funds on depositwith any other department of such banking institutionor make any other payment in connection with anytrust or other fiduciary funds which would operate todischarge, as a whole or in part, any indebtedness, asdistinguished from any trust or other fiduciary duty, ofsuch banking institution.

This regulation supersedes emergency banking regu-lation no. 13 of March 7, 1933, which is hereby revoked


Any State bank which is a member of the FederalReserve System, and is not licensed by the Secretaryof the Treasury to perform usual banking functions,may permit withdrawals of deposits which are lawfullysecured by collateral; Provided, that such withdrawalsare (a) permissible under applicable law, (6) dulyauthorized by the Board of Directors of such bank,upon such terms with respect to the release of collateralas will fully protect all depositors and other creditorsagainst the creation of any preferences, and (c) ap-proved h>y the appropriate State authority havingsupervision of such bank.

Any such bank is authorized to carry on such usualbanking functions as may be essential to allow thewithdrawals permitted by this regulation, subject tothe provisions and restrictions above set forth and ex-cept as otherwise prohibited.

The following are interpretations issued bythe Secretary of the Treasury from March 19,

1933, to March 31, 1933, of cer-lntfuprc tatio.ns tain of the provisions of the reg-by the Secretary . . ^ &

of the Treasury ulations set lorth on pages 122-125 of the FEDERAL RESERVE

BULLETIN for March 1933 (for interpretations1-11, issued prior to Mar. 19, 1933, see pp.125-126 of the FEDERAL RESERVE BULLETIN

for March 1933):INTERPRETATION NO. 12 (MAR. 20)

Regulation no. 27 is interpreted to permit any bank-ing institution acting thereunder to carry on such usualbanking functions as may be essential to permit re-stricted withdrawals and payments authorized by suchregulation, subject to all of the provisions and restric-tions therein contained and except as otherwise pro-hibited.



INTERPRETATION NO. 13 (MAR. 21)

Regulation no. 28 is held not to prohibit the honoringof checks or drafts drawn on or before March 18, 1933,under the terms of regulation no. 6 or regulation no. 10,as amended, subject to all the provisions and restric-tions contained in such regulations and except as other-wise prohibited.

During March central gold reserves of theprincipal European countries taken as a whole

increased by about $95,000,000,reflecting a gain of $144,000,000by England; losses of $29,-

000,000 by Netherlands, $24,000,000 by France,and $7,000,000 by Germany; and minorchanges in reserves of other countries. The

GOLD RESERVES OF SELECTED CENTRAL BANKS


Gold reserves inEurope

Central bank of—

EnglandFranceGermanyItalyBelgiumNetherlands-Switzerland. .

Date,1933

Mar. 29Mar. 31Mar. 31Mar. 31Mar. 30Mar. 27Mar. 31

Gold re-serves

836p 3,152

P 1 7 6P 3 3 0

371381489

Change from—

Monthbefore

+144- 2 4

- 7+5+5

- 2 9+1

Yearbefore

+248+140

- 3 3+34+22+28+19

p Preliminary.

gold received by Europe during the monthcame from the United States, from India—where hoarded gold continues to be released—and from new production in South Africa andelsewhere.

Gold reserves of the Bank of England in-creased throughout most of the first quarter ofthe year, the increase beginning about the mid-dle of January. At that time the bank's goldholdings stood at approximately $583,000,000,the level to which they had been reduced onDecember 15,1932, after the sale of $95,500,000of gold to the British Treasury in connectionwith the payment of the war-debt installmentto the United States Government. The bank'sgold stock increased $19,000,000 in January,$92,000,000 in February, and $144,000,000 inMarch; on March 29 it stood at $836,000,000,the largest figure reported by the bank sincethe summer of 1928.

Following this growth in the Bank of Eng-land's gold reserve the British Treasury's au-thorization of August 1, 1931, which permitted

the bank to increase its fiduciary issue of notesfrom £260,000,000 to £275,000,000, was al-lowed to expire on April 1, 1933, without beingrenewed.

During February and March, when the Bankof England was increasing its stock of gold,dollar quotations on sterling averaged about$3.42, as compared with $3.36 for January and$3.28 for December. The strength of thepound at a time when large amounts of sterlingwere sold in order to purchase gold was due inpart to a flow of funds into England fromabroad.

The chief European losers of gold in Marchand also in the first quarter of the year, wereFrance and Netherlands, but gold reserves inGermany also declined somewhat. Gold hold-ings of the Bank of France had reached a peakof $3,268,000,000 at the beginning of December1932. Subsequent to that time they declinedalmost without interruption and by March 31had been reduced to $3,152,000,000, the lowestfigure reported by the bank since June of lastyear. The decline in the bank's gold stockamounted to $33,000,000 in January, $45,-000,000 in February, and $24,000,000 in March,

The German Reichsbank, in addition tolosing $7,000,000 of gold during March, alsolost $13,000,000 of foreign-exchange reserves.In the first two months of the year the bank'stotal gold and foreign-exchange reserves hadshown practically no change. The loss ofreserves in the past month was attributableto the partial repayment of credits obtainedfrom abroad by the German Government andby the Reichsbank. On March 4 the $100,-000,000 credit originally granted in June 1931to the Reichsbank by a group of Europeancentral banks and the Federal reserve banksand periodically reduced since then, was re-duced further from $86,000,000 to $70,000,000.On April 13 this credit was completely liqui-dated. On March 10 the Government repaidabout $4,000,000 of the $125,000,000 creditwhich was originally granted by an inter-national syndicate of bankers in November1930 but which has been reduced at intervalssince that time. The outstanding amount ofthis credit is now approximately $102,000,000.



Bank Suspensions

Since the temporary closing of all banks bythe President's proclamation of March 6,changes in the status of banks axe not com-parable with those that were previously shownin the tables on bank suspensions. Conse-quently, such tables have been omitted fromthis BULLETIN. A table on member banks,licensed and not licensed, appears on page 216.

Changes in Discount and Bill RatesThe rate on rediscounts for and advances

to member banks under sections 13 and 13aof the Federal Reserve Act was increasedfrom 2% to 3% percent at the Federal ReserveBank of New York, effective March 3, andat the Federal Reserve Bank of Chicago,effective March 4.

The rate on rediscounts for and advancesto member banks under sections 13 and 13aof the Federal Reserve Act was reduced from3)4 to 3 percent at the Federal Reserve Bankof New York, effective April 7.

At the Federal Reserve Bank of New Yorkbuying rates on bills of all maturities werechanged during the period from March 1 toApril 7 as shown in the following table:

In effect Feb. 28

Changes effective-Mar. 1Mar. 2Mar. 3 „Mar. 13Mar. 17Mar. 20Mar. 22

Ito75days

1

VA23H31/232H2

76 to 90days

1

VA23H

3VA2

91 to 120days

2H

2%2H

121 to 180days

VA

2

33/44V-A32H

Changes in Foreign Central Bank Discount Rates

The following changes in discount ratesduring the month ended April 1, 1933, havebeen reported by central banks in foreigncountries:

Austrian National Bank—March 24, from 6 to 5percent.

Bank of Portugal—March 13, from 6% to 6 percent.



NATIONAL SUMMARY OF BUSINESS CONDITIONS[Compiled March 27 and released for publication March 28]

The course of business in the latter part ofFebruary and the first half of March waslargely influenced by the development of acrisis in banking, culminating in the proclama-tion on March 6 of a national banking holiday bythe President of the United States. Productionand distribution of commodities declined by asubstantial amount during this period, butshowed some increase after banking operationswere resumed in the middle of March.

Production and employment.—Volume ofoutput at factories and mines, which usuallyincreases at this season, showed little changefrom January to February, and declinedconsiderably in the first half of March. Inthe steel and automobile industries outputdecreased between the middle of February andthe middle of March; subsequently some of theautomobile plants which had been closedresumed operations, while activity at steelmills showed little change. In February out-put at cotton and woolen mills continued at thelevel prevailing in January, while at silk millsactivity declined. Shoe production increasedby more than the usual seasonal amount.

Reports from important industrial Statesindicate that factory employment increasedbetween the middle of January and the middleof February, as is usual at this season.

Construction contracts awarded up to March15, as reported by the F. W. Dodge Corpora-tion, indicate that for the first quarter of theyear the total value of contracts will show aconsiderable decline from the fourth quarterof 1932.

Distribution.—Freight traffic, which usuallyincreases at this season, showed little changefrom January to February, on a daily averagebasis, and declined considerably in the first 2weeks of March. Department-store sales inthe country as a whole were at about the samerate in February as in January, but were sub-stantially smaller in areas affected by suspen-sion of banking operations; early in Marchsales were sharply reduced but with the re-opening of banks showed some increase.

Wholesale prices.—Wholesale commodityprices declined somewhat further in February.In the early part of March the commodityexchanges were closed; when they reopened onMarch 15 and 16, prices of grains, cotton, silk,nonferrous metals, hides, and sugar were sub-stantially above those prevailing at the begin-ning of the month; subsequently prices ofmany of these commodities declined somewhat.

Bank credit.—During February memberbanks in leading cities were subjected to with-drawals of deposits on a large scale, reflectingin part withdrawals of balances by interiorbanks from their city correspondents and inpart withdrawals of currency by the public.As a consequence, net demand deposits of thesebanks declined by $1,306,000,000 during themonth, and their time deposits by $360,000,000.In order to meet these withdrawals the banksreduced their loans by $539,000,000, partlythrough the sale of acceptances to the reservebanks, and their investments by $363,000,000.They also increased considerably their borrow-ings at the reserve banks. March figures formember banks are incomplete.

At the Federal reserve banks the bankingcrisis manifested itself between February 1and March 4 in a domestic demand for $1,833,-000,000 of currency, including about $300,000,-000 of gold and gold certificates, and in aforeign demand for about $300,000,000 of gold.As a consequence, the reserve ratio of theFederal reserve banks declined from 65.6 to45 percent. This reflected a loss of $655,000,000in reserves and an increase of $1,436,000,000in Federal reserve note circulation, offset inpart by a decrease of $486,000,000 in depositliabilities.

Between March 4 and March 22 there wasa return flow to the reserve banks of $558,000,-000 of gold coin and gold certificates and of$319,000,000 of other currency, and the reserveratio advanced to 55.5 percent. Discounts formember banks, which had increased to $1,432,-000,000 by March 4, declined to $671,000,000on March 22.

Money rates in the open market advancedduring the banking crisis, and, on the resump-tion of business after the banking holiday, rateswere at considerably higher levels than thoseprevailing on March 3. Subsequently ratesdeclined as more funds became available tothe market. On March 3 the discount rate ofthe Federal Reserve Bank of New York wasraised from 2}i to 3K percent, and on March 4there was a similar increase at the FederalReserve Bank of Chicago. The New Yorkreserve bank's buying rate on bills was raisedby successive steps from one half of 1 percenton February 26, for bills of the shorter matur-ities, to 3% percent on March 3. On March 13the rate for these maturities was raised to3K percent; subsequently the rate was reducedand on March 22 was 2 percent.



RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGESMILLIONS OF DOLLARS

7000

6000

1000

MILLIONS.Of DOLLARS

7000

6000

MEMBER BANKRESERVE BALANCES

2000

100O

1928 1929 1930 1931 1932 1933

Based on weekly averages of daily figures; latest figures are for week ending April 5



FEDERAL RESERVE BANK CREDIT

RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES[In millions of dollars]

Month or week

Averages of daily figures

Reserve bank credit outstanding

Bills dis-counted

Billsbought

United

Govern-ment se-curities

Otherreservebankcredit

Total

Factors of decrease

Mone-tary gold

stock

Treasurycurrencyadjusted

Factors of increase

Moneyin circu-

lation

Memberbank

reservebalances

Non-memberdeposits,

etc.

Unex-pendedcapitalfunds

1932—JanuaryFebruary.March _AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1933—JanuaryFebruary.-March

Week ending (Saturday)—1932—Nov. 5

Nov. 12Nov. 19Nov. 26

Dec. 3Dec. 10Dec. 17Dec. 24Dec. 31

1933—Jan. 7Jan. 14Jan. 21Jan. 28

Feb. 4Feb. 11. _.Feb. 18Feb. 25.

Mar. 4Mar. 11.._Mar. 18Mar. 25._.

828848714605486495523451387328313282

255307994

221151105524150603734343434

102379

327314310309

311302280271263

245249251267

269256283335

8471,4211,184

34343435

3534343333

33323231

313145181

361417400356

759743809

1,0141,4131,6971,8181,8501,8481,8511,8511,854

1,8061,8041,875

1,8511,8511,8511,851

1,8511,8511,8591,8541,852

1,8531,8291,7931,770

1,7631,7751,8091,833

1,8481,8761,9071,882

1,8651,7851,6521,6941,9602,2622,4222,3532,2822,2312,2112,192

2,1102,2243,233

4,4524,3844,3724,3814,2733,9563,9414,0314,1404,2264,2924,429

4,6474,4914,260

1,7731,7871,7921,7891,7881,7871,7801,7961,8261,8861,9171,915

1,9011,8911,897

5,6455,6275,5315,4525,4565,5305,7515,7205,6855,6435,642

5,6315,892

0)

2,2292,2112,2102,205

2,2082,2022,1952,1892,171

2,1532,1272,0912,080

2,0742,0782,1552,357

3,0563,6613,4762,931

4,2654,2724,2844,314

4,3364,3524,4114,4874,503

4,5264,5484,5584,554

4,5494,5304,5054,450

4,3334,2444,2514,263

1,9001,9171,9261,922

1,9151,9161,9371,9061,902

1,9021,9051,9081,897

1,8861,8921,8711,892

1,9221,9221,9201,871

5,6325,6575,6425,635

5,6545,6825,6835,7345,704

5,6695,6165,6165 620

5,6645,7175,8506,032

6,8057,5327,2606,643

1,9791,9071,8991,9962,1382,0622,0032,0732,1812,3072,3782,435

2,5162,2911,914

2,3692,3442,3852,402

2,399

1137337637765464035384043

79134

353349349353350348343347347355360

351344344

2,4572,4442,471

2,5132,5632,5262 487

2,426

2,2562,235

2,0651,8031,8981,952

143140129

357359359359

357357360362360

352353351350

350346343342

345349349341

End of month series

1932

Oct.31

Nov.30

Dec.

1933

Jan.31

Feb.28

Mar.31

Wednesday series

1933

Feb.21

Mar. Mar. Mar.15

Mar.22

Mar.29

Bills discountedBills boughtUnited States Government se-

curities.- —Other reserve bank credit

Total reserve bank credit. . .Monetary gold stockTreasury currency adjusted

Money in circulationMember bank reserve balances.Nonmember deposits, etcUnexpended capital funds

32834

1,85114

2,2274,2641,909

5,6282,383

31358

35

1,851

2,2024,3401,925

5,6482,411

50357

23533

1,85522

2,1454,5131,923

5,6752,509

43354

27431

1,763

2,0774,5531,872

5,6452,446

64346

582336

10

2,794

426305

2,5724,379*4,2791,939

6,5462,141

80346

*1,887

6, 3191,949

143327

Bills discountedBills boughtUnited States Government se-

curitiesOther reserve bank credit

Total reserve bank creditMonetary gold stockTreasury currency adjusted

Money in circulationMember bank reserve balances-Unexpended capital funds, non-

member bank deposits, e tc . . . .

327174

1,83416

2,3514,4601,878

5,9882,271

431

712384

1,836

2,9364,3441,915

6,7202,038

1,414417

1,881-68

3,6444,2431,913

7,5381,776

486

1,232403

3,5254,2511,938

1,964

481

671352

1,864-1

2,8874,2641,841

1,918

545310

1,838- 6

2,6884,2721,859

6,3531,987

478

i Less thanl$500,000.v Preliminary*

Back figures.—See Annual Report for 1931 (tables 1-5)*



RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERALRESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT

[In thousands of dollars]

Mar. 31, 1933 Feb. 28, 1933 Mar. 31, 1932

RESOURCESGold with Federal reserve agentsGold redemption fund with United States Treasury

Gold held exclusively against Federal reserve notes...Gold settlement fund with Federal Reserve BoardGold and gold certificates held by banks

Total gold reservesReserves other than gold

Total reservesNonreserve cash TRedemption fund—Federal reserve bank notes _.Bills discounted:

For member banks . __For intermediate credit banks .__For nonmember banks, etc

Total bills discounted.Bills bought:

Payable in dollars:B ought outrightUnder resale agreement...

Payable in foreign currencies.Total bills bought

United States securities:Bought outrightUnder resale agreement

Total United States securitiesOther reserve bank credit:

Federal intermediate credit bank debentures _Municipal warrantsDue from foreign banksReserve bank float (uncollected items in excess of deferred availability items]

Total reserve bank credit outstanding _

Federal reserve notes of other reserve banksUncollected items not included in float _Bank premisesAll other resources _

Total resources..LIABILITIES

Federal reserve notes:Held by other Federal reserve banks _ _Outside Federal reserve banks _

Total notes in circulationFederal reserve bank notes in actual circulation __Deposits:

Member bank—reserve accountGovernmentForeign bank _Special deposits:

Member bankNonmember bank

Other deposits _.- _Total deposits _

Deferred availability itemsCapital paid inSurplus _All other liabilities

Total liabilitiesContingent liability on bills purchased for foreign correspondents

FEDERAL RESERVE NOTE STATEMENTNotes issued to Federal reserve banks by Federal reserve agentsCollateral held by agents as security for notes issued to bank:

Gold _Eligible paperUnited States Government securities

Total collateral— __..FEDERAL RESERVE BANK NOTE STATEMENT

Notes issued to Federal reserve banks (outstanding).Collateral pledged against outstanding notes:

Discounted and purchased bills.__United States Government securities.

Total collateral.

2, 577,82581,199

2,659,024230,002361,375

3,250,401204, 275

3, 454, 676114, 247

1,100

425,036

" " I , " 436

426, 472

277,9742,021

24,788

304,783

1,925

1,838, 341

4,9533,618

i 6, 230

2, 571,937

29,005312,690

54,03771,952

6,609, 644

29,0053,666, 718

3, 695, 72314, 567

1,949,10741,12616,384

65,48916,13344,724

2,132,963312, 690149,595278, 599

25, 507

6, 609, 64445,305

4, 035, 766

2, 577,825598,813884,700

4,061,338

21,049

5,25825, 249

30,507

2,225,06874, 233

2,299, 301379, 251273,198

2, 951,750174,636

3,126,38667,872

581,60535

794

582,434

294,59212,42928, 997

336,018

1,836, 37730,000

1,866,377

4,5523,5151,598

2,794,494

10,889357,056

53,96253, 709

6, 464, 368

10,8893,406,430

3,417,319

2,140,92414,91940,125

40, 213

2, 236,181357,056150,309278, 599

24,904

6,464, 36829,984

3, 678,832

2, 225, 068855,908611,600

3,692, 576

2,211,14744, 565

2,255,712276, 289487, 702

3,019, 703215,461

3, 235,16477,805

632, 3665,916

268

638, 550

31,8434,936

30, 778

67, 557

860,07011, 562

871, 632

2007,6466,6454,611

1,596,841

15, 792349,448

57,85336,199

5,369,102

15, 7922,547,694

2,563,486

1,923,53329,54630,630

28,397

2,012,106349,448155,623259,421

29,018

5, 369,102335,432

2,816,584

2, 211,147667,000

2,878,147

1 Excess of deferred availbility items over uncollected items.

Back figures.—See Annual Report for 1931 (table 11), 1930 (table 10), etc.


A P R I L 1933 FEDERAL RESERVE BULLETIN 223

ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK


Month

1929—OctoberNovemberDecember

Total (12 mos.)_.

1930—January -FebruaryMarchAprilMayJune .JulyAugust „«SeptemberOctober - -NovemberDecember

Total (12 mos.) „

1931—JanuaryFebruary „. „»MarchAprilMayJuneJulyAugustSeptemberOctoberNovember „December

Total (12 mos.)..

1932—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total (12 mos.). .

1933—Januarv* February _

March v

Total (3 mos)

Goldstockat end

ofmonth

4,3864,3674,284

4,2914, 3534,4234,4914,5174,5354,5174,5014,5114,5354,5714,593

4,6434,6654,6974,7264.7984,9564.9494,9954,7414,2924,4144,460

4,4164. 3544,3904,3674,1523,9193,9774.0884,1934,2644,3404,513

4,5534,3804,279

Increasein stockduringmonth

14.4-19 .2-82 .9

142.5

6.861.970.268.525.917.6

-18 .4-15 .5

10.223.336.822.1

309.6

497422.032.028.772.4

158.0- 6 . 645.7

-254,3-448. 4

122.045.8

-133.4

-44 .2- 6 2 . 3

36.0- 2 3 . 1

-214.1-233. 9

58-0111.7104.870.875.6

173.5

52.9

40.0-173. 4-100.9

-234.3

Analysis of changes

Net goldimport

17.5-23 .2-64 .4

175.1

4.060.055.565.723.513.9

-19 .6-19 .6

2.526.435, 232.7

280.1

34.416.125.649.549.663.819.557.520.6

-337. 789.456.9

145.3

-73 .0-90 .6-24 .7-30 .2

-195. 5-206.0

- 3 . 46.1

27.920. 621.7

100.9

-446.2

128.5«17.8-22 .5

•123.7

Net re-lease

from ear-mark i

- 4 . 51.0

-22 .0

-55 .4

0.50.0

15.00.52.02.0

- 3 . 00.04.0

- 6 . 1- 2 . 1

- 1 5 . 2

- 2 . 4

11.92.53.0

- 7 . 54.0

92.3-29 .7-16 .0

-279.1-107.6

28.3-22 .9

-320. 8

25.426.458.3

4.0- 2 2 . 1-28 .8

56.2100.572.345.848.6

•71.0

457.5

3 -91 .5-178. 3-100.1

-369. 9

Domes-tic pro-duction,

etc.*

1.43.03.5

22.8

2.31.9

- 0 . 32.30.51.74.34.23.73. 13.84.5

31.9

3.13.33.3

-13 .318.81.93.64.24.2

- 3 . 14.2

11.9

42.1

3.41.92.43.23.60.95.25.14.64.55.31.6

41.6

3.0- 1 2 . 9

21.8

11.9

1 Gold released from earmark at Federal reserve banks less gold placedunder earmark.

2 This figure, derived from preceding columns, represents the excess ofdomestic production over nonmonetary consumption of gold—chieflyconsumption in the arts. In any given month, however, it may be pre-dominantly affected by the fact that on the final day of the month (a)gold bullion or foreign gold coin recently imported may not yet havereached a reserve bank or the Treasury, and (b) gold bullion recentlywithdrawn from stock for export may not yet have been actually ex-ported. The figures are subject to certain unavoidable inaccuraciesin official reports of gold imports and exports.

1 Allowance has been made for gold earmarked at the Bank of Englandfor account of the Federal Reserve Bank of New York

* Differs from Department of Commerce figure since $8,900,000 de-clared for export on Feb. 28 was not actually taken from the FederalReserve Bank of New York until Mar. 1.

v Preliminary figures

Back figures.—See Annual Report for 1931 (table 30).

GOLD MOVEMENTS TO AND FROM UNITEDSTATES


From or to—

Belgium .EnglandFranceGermanyNetherlands -PortugalSwitzerlandCanadaCentral AmericaMexicoArgentina.ColombiaEcuadorPeruUruguayVenezuelaAustralia..-British IndiaChina and Hong

KongDutch East IndiesJapanPhilippine IslandsAll other countries 2-

Total

1933

March(preliminary)

Im-ports

8,178

165

5103,366

2,228

562

* 15, 009

Ex-ports

8,9004,213

5,883602731

317, 213

« 37, 542

February

Im-ports

4,939754

4,223

4,211164544

35

148

120777

9,446

3,700297

2761,439

30, 397

Ex-ports

60011, 6283,7841,5503,421

1,6145

15

3

112, 621

January-February

Im-ports

55,19329,5651,071

19, 347

9,493294

1,178

87113212

2591,459

24, 639

9,312417

3,729809

1,685

158,861

Ex-ports

60011, 6343,7841,5503,421

1 61414

15

3

112,636

1 Differs from Department of Commerce figure since $8,900,000 de-clared for export on Feb. 28 was not actually taken from the FederalReserve Bank of New York until Mar. 1.

2 Includes all movements of unreported origin or destination.3 $17,054 exported to Italy.* At New York—imports, $4,093,000, exports, $37,542,000. Elsewhere,

imports, $10,916,000.

KINDS OF MONEY IN CIRCULATION

[Money outside Treasury and Federal reserve banks. In millions ofdollars]

Kind of money

Gold coin .Gold certificatesFederal reserve notes

Treasury currency:Standard silver dollarsSilver certificatesTreasury notes of 1890Subsidiary silverMinor coin - .United States notesFederal reserve bank notesNational bank notes

Total Treasury currency

Total money in circulation

1933

Mar. 31 *

» 367393

3,621

28376

' 1258112266

17879

1,937

6,319

Feb. 28

571649

3,405

28362

1252111301

3861

1,919

6,545

1932

Mar. 31

404779

2,546

31355

1259114274

3693

1,730

5,459

p Preliminary.

Backfigures.—See Annual Reports for 1931 (table 35), 1930 (table 32),and 1927 (table 22).



MEMBER BANE RESERVE BALANCES[In millions of dollars]

Month or week


Reserves held

Total—allmemberbanks

New YorkCityi

Otherreservecities

"Country'banks

Excess reserves

Total—allmemberbanks

New YorkCityi

Otherreservecities

Country"banks

1931—NovemberDecember

1932—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember.December

1933—JanuaryFebruary-..

Week ending (Friday)—

Jan. 6Jan. 13Jan. 20Jan. 27

Feb. 3Feb. 10Feb. 17Feb. 24

2,1182,069

1,9791,9071,8991,9962,1382,0622,0032,0732,1812.3072,3782,435

2,5162,291

2,5082,5592,5362,491

2,4382,3772,2752,233

774766

724681687780874783767832927

1,0011,0501,083

1,109860

1,1211,1711,1411,057

997931855801

832807

767753747749800819781797812863887911

965

512503

488473465466464459455444443444441440

442441

934946950997

1,0071,006984987

453442445436

435440436444

57.059.5

35.443.859.0152.1277.1234.4204.4269.9345.5435.9482.2525.8

583.8417,3

10.718.5

4.57.217.888.1155.189.475.0127.7193.4241.6266.8283.2

286.274.5

8(2)

308.7350.1311.8232.9

173.7123.260.836.6

19.416.9

1.811.317.335.791.5

111.491.6

108.9119.6160.5181.8206.9

254.2 I291.0

219.1236.4238.1288.4

298.8303.5281.9294.5

26.930.9

29.225.323.828.330.533.637.933.332.433.733.735.7

43.451.8

1 Central reserve city banks only.

Back figures.—See Annual Report for 1931 (tables 49 and 56).

1 Figures not available by weeks.

MEMBER BANK DEPOSITS[In millions of dollars]

Month

To ta l -all mem-

berbanks


Net demand and time deposits

NewYorkCityi

Otherreservecities

" Coun-t ry"banks

Tota l -all mem-

berbanks

Net demand deposits

NewYorkCity»

Otherreservecities

"Coun-t ry"

banks

To ta l -all mem-

berbanks

Time deposits

NewYorkCityi

Otherreservecities

'Coun-

1931—November.December.

1932—January...February..March. . . .AprilMayJuneJulyAugustSeptemberOctober-November.December.

1933—January-February.

28,21827,438

26,59225,71525,43125,38625,46625,07524,71224,74424,97325,29225,47625,492

25,64124,978

6,6126,414

6,1655,7975,7605,9506,1595,9575,9516,0846,3086,5596,7626,877

7,0506,722

11,35011,048

10,70610,41310,29110,10910,08110,0329,8309,8339,8539,9399,9649,941

10,0239,847

10,2569,976

9,7209,505

9,3279,2269,0878,9318,8278,8118,7958,7518,674

8,5688,409

16,35815,985

15,44714,78914,57514,58914,67914,41314,15714,14114,40814,67914,86414,965

15,11614,645

5,6535,546

5,3435,0014,9595,1385,3425,1545,1335,2175,4405,6295,8045,937

6,1095,842

6,2736,106

. 5,9215,7235,6225,4925,4255,4335,3045,2835,3165,4025,4325,424

5,470

4,432

4,1834,0643,9933,9593,9113,8263,7203,6413,6523,6493,6283,604

3,5373,435

11,86011,453

11,14510,92610,85610,79710,78710,66310,55510,60310,56510,61210,61210,527

10,52510,333

959

822796800811816803818867869929957940

941880

5,0764,942

4,7864,6904,6684,6184,6564,5994,5264,5504,5384,5374,5324,517

4,5534,479

5,8255,643

5,5375,4405,3875,3685,3155,2615,2115,1865,1595,1455,1235,071

5,0314,974

i Central reserve city banks only.



APEIL 1933 FEDERAL RESERVE BULLETIN 225

ALL BANKS IN THE UNITED STATES—LOANS AND INVESTMENTS

[In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all privatebanks under State supervision]

Date

All banks

Total Loans Invest-ments

Member banks


Nonmember banks

Mutual savings banks


Other nonmember banks


1928—June 30.Oct. 3—Dec. 31.

1929—Mar. 27.June 29.Oct. 4...Dec. 31.

1930—Mar. 27.June 30.Sept. 24.Dec. 31.

1931—Mar. 25.June 30.Sept. 29.Dec. 31.

1932—June 30.Sept. 30.Dec. 31.

57.26557,21958.266

58,01958,47458,83558,417

57,38658,10857, 59056, 209

55,92455,02153,36549, 704

46,07145,85244,946

39,46439,67140,763

40, 55741,51242,20141,898

40,61839,71538,135

36,81335,38433,75031,305

27,83426,98526,063

17,80117,54917,504

17,46216,96216,63416,519

16,70017,49017,87518,074

19, 11119,63719, 61518,399

18,23718,86718,883

35,06134,92935,684

35,39335,71135,91435,934

35,05635,65635,47234,860

34,72933,92333,07330, 575

28,00128,04527,469

24,30324,32525,155

24,94525,65826,16526,150

25,11925, 21424,73823,870

22,84021,81620,87419,261

16,58715,92415, 204

10,75810,60410,529

10,44810,0529,7499,784

9,93710,44210, 73410,989

11,88912,10612,19911, 314

11,41412,12112,265

9,242i 9,242

9,390

19,3909,556

i 9,5569,463

i 9,4639,747

1 9,747

19,98710,506

i 10,50610,488

10, 3161 10,316

10,182

5,518i 5,518

5,694

i 5,6945,892

i 5,8925,945

15,9456,009

1 6,009

6,169i 6,169

6,218

6,130i 6,130

6,079

3,723i 3,723

3,696

i 3,6963,664

i 3, 6643,518

i 3,5183,739

i 3, 7393,920

i 3,9204,337

i 4, 3374,270

4,186i 4,186

4,103

12,96212,04913,192

13,23613.20713,36613,020

12,86812,70612,37111,362

11.20810, 5939,7868,641

7,7557,4917,295

9,6439,8289,913

9,9189,96110,1449,803

9,6239,3958,9688,196

7,9067,3996,7075,827

5,1174,9314,780

3,3203,2223,279

3,3173,2463,2213,217

3,2453,3093,4023,165

3,3023,1943,0792,814

2,6372,5602,515

1 Figures of preceding call carried forward.

ALL BANKS IN THE UNITED STATES—DEPOS-ITS, EXCLUSIVE OF INTERBANK DEPOSITS

[In millions of dollars. Includes national banks, State commercialbanks and trust companies, mutual and stock savings banks, and allprivate banks under State supervision]

Date

1928—June 30-Oct. 3__-Dec. 31.-

1929—Mar. 27..June 29..Oct. 4_._Dec. 31._

1930—Mar. 27-June 30_.Sept. 24.Dec. 31._

53, 39853, 72056, 766

54,54553,85255,18055, 289

53,18554,95452,78453,039

1931—Mar. 25 ! 51,427June 30 51,782Sept. 29 49,152Dec. 31 45,821

All banks

1932—June 30..Sept. 30.Dec. 31 . .

41,963r 41,942

41, 643

Memberbanks

32,13332,13834,826

33, 21532,28433,00433,865

32,08233, 69031,83932, 560

31,15331, 56629,46927,432

24, 75524,90324,803

Nonmember banks

Mutualsaving

Othernonmem-

banks jber banks

i 8,6538,849

8,983i 8983

8,916

1 8,9169,197

i 9,1979,507

1 9, 50710,017

i 10,01710,105

10, 020i 10,020

10,022

12,61212,92913,091

12,48112, 58413,19312, 507

12,18712,06711, 74810,972

10,76710,1999,6668,284

7,1887,0206,818

Revised.1 Figures of preceding call carried forward.

NUMBER OF BANKS

[All banks in the United States; includes national banks, State com-mercial banks and trust companies, mutual and stock savings banks,and all private banks under State supervision]

Date

1928—June 30—Oct. 3Dec. 31—

1929—Mar. 27...June 29—Oct. 4Dec. 3 1 —

1930—Mar. 27...June 30—Sept. 24...Dec. 31—.

1931—Mar. 25...June 30—.Sept. 29...Dec. 3 1 —

1932—June 30__.Sept. 30...Dec. 3 1 —

Total

25,94125,82825,576

25,34125,11024,95124,630

24,22323,85223, 59022, 769

22,37221,90321,29419,966

19,04618,79418,390

Member banks

Total

8,837

8,7558,7078,6168,522

8,4068,3158,2468,052

7,9287,7827,5997,246

6,9046,816

Na-tional

7,6857,6707,629

7,5697,5307,4687,403

7,3117,2477,1927,033

6,9306,8006,6536,368

6,1456,0806,011

State

1,2441,2261,208

1,1861,1771,1481,119

1,0951,0681,0541,019

946878

835824805

Nonmemberbanks

Mu-tualsav-ings

banks

615i 615

612

i 612611

i 611

6061606

603

1603600

1600597

5941594

594

Othernon-

mem-ber

banks

16,39716,31716,127

15,97415,79215,72415,499

15,20814,93114,73814,114

13,84113,52113,09512,123

11,47211,29610,980

1 Figures of preceding call carried forward.



REPORTING MEMBER BANKS IN LEADING CITIES[In millions of dollars. Monthly data are averages of weekly figures]

Montn or date

1932—JanuaryFebruaryMarchAprilMayJune __ _JulyAugustSeptemberOctoberNovemberDecember

1933—JanuaryFebruary..March

1932—Dec. 7Dec. 14._Dec. 21Dec. 28

1933—Jan. 4Jan. 11Jan. 18..-Jan. 25

Feb.1Feb 8Feb 15Feb. 21

Mar. 1Mar 8Mar. 15Mar 22Mar. 29

Total—all weekly reporting member banks

Loans and investments

Total

20,17819,77519,43419,09619,11218,87718,41918,58718,73919,02618,98718,840

18,66518,532

18,84118,83918,87418,804

18, 71318,67318,65518, 619

18, 72518,57318, 57118, 257

17, 823

Loanson se-

curities

5,6445,4975,3885,1504,9754,8114,6164,5784,5244,4374,2804,319

4,2234,217

4,3074,3224,3314.315

4,2714,2374,2134,173

4,2594,2044,2064,199

4,234

Allotherloans

7,3317,2146,9876,8206,7276,6096,4556,3196,2296,1686,1206,021

5,9035,819

6,0576,0096,0375.982

5,9435,8995,9025,867

5,9075,8245,8775,666

5,393

Investments

Total

7,2037,0647,0597,1267,4107,4577,3487,6907,9868,4218,5878,500

8, 5398,496

8,4778,5088,5068,507

8,4998,5378,5408,579

8,5598,5458,4888,392

8,196

U.S. se-curities

3,9433,8563,8663,8754,1214,2004,1444,4994,7595,1405,2795,220

5, 2005,205

5,2265,2095,2365,207

5,2055, 2625,2915,283

5,2535,2485,2065,115

4,908

Bor-row-ingsat

F.R.banks

4694843682771851912121641281039975

6395

89796467

61585976

8170

100130

488

New York City


Total

6,9216,6456,5216,4926,6476,5416,3536,5176,6926,9147,0597,047

7,0777,0466,477

7,0607,0527,0557,020

7,0377,0557,0867,132

7,2227,0737,0786,809

6,5126,4126,5236,4846,457

Loanson se-

curities

2,2092,1272,0651,9471,8511,7451,6441,6571,6691,6361,5731,619

1,5711,6211,633

1,6251,6191,6201,612

1,5841,5801,5591,562

1,6431,6061,6141,621

1,6401,6681,6741,6261, 555

Allotherloans

2,2202,1712,0782,0292,0381,9951,8961,8191,8101,7971,8561.841

1,8391,7971,492

1,8481,8131,8661,838

1,8491,8221,8491,836

1,8781, 7991,8581,653

1,4391,4531,4831,5251,563

Investments

Total

2,4922.3472,3782,5162,7582,8012,8133,0413,2133,4813,6303,587

3,6673,6283,352

3,5873,6203,5693,570

3,6043,6533,6783,734

3,7013,6683,6063,535

3,4333,2913,3663,3333,339

U.S. se-curities

1,6311,5211,5471,6201,7971,8491,8602,0812,2202,4472,5562,513

2,5752,5372,234

2,5462,5232,5022,481

2,5022,5602,6092,631

2,6002,5722,5222,452

2,3382,1862,2532,2102,185

Bor-row-ingsat

F.R.banks

34233

306

18363248314784

Other leadingcities

Totalloans

and in-vest-

ments

13,25713,13012,91312,60412,46512,33612,06612,07012.04712,11211,92811. 793

11, 58811,486

11,78111,78711,81911,784

11, 67611,61811,56911,487

11,50311,50011,49311,448

11,311

Bor-row-ingsat

F.R.banks

435-461365-277185191212164

m10399756395

8979*6467

61585976

8170

100130

305

NOTE.—Complete figures for dates subsequent to March 1 for reporting member banks outside of New York City are not available.

Back figures.—See Annual Reports for 1931 (tables 58-60) and 1930 (tables 52-54).

BROKERS' LOANS

REPORTED BY THE NEW YORK STOCK EXCHANGE[Net borrowings on demand and on time. In millions of dollars]

End of month

JanuaryFebruaryMarch

April .May .June

JulyAugust _ . .September

OctoberNovemberDftnftTTibftr

Total

1932

512525533

379300244

242332380

325338347

1933

359360311

From NewYork banks

and trust com-panies

1932

374385391

300243194

195248292

263278279

1933

270298247

From privatebanks, brokers,foreign banking

agencies, etc.

1032

138140142

795749

478588

616168

1933

906264

Back figures.—See Annual Reports for 1931 (table 63) and 1927(table 47).

MADE BY REPORTING MEMBER BANKS IN N. Y. CITY[In millions of dollars. Monthly data are averages of weekly figures]

Month or date

1932—MarchAprilMay . .JuneJuly - .August . . _SeptemberOctober .-November .December

1933—JanuaryFebruary . .March,.Mar. 1 . .Mar. 8 . _Mar. 15Mar. 22Mar. 29 .

Total

531500436377335344409411354393380433398

418413388398371

Forown ac-count

432423385342309319385389336377365416373

398395366367336

For ac-count ofout-of-town

banks l

94704429181719161212111018

911152631

For ac-count ofothers

5776885Q64477

117754

' Member and nonmember banks outside New York City (domesticbanks only).

Back figures—See Annual Report for 1933 (table 62), 1930 (table 56),etc.



ACCEPTANCES AND COMMERCIAL PAPERB A N K E R S ' A C C E P T A N C E S O U T S T A N D I N G (DOLLAR

ACCEPTANCES)


End of month

1930—November-December..

1931—JanuaryFebruary._MarchApril..M a yJune „Ju ly . . . .AugustSeptember-.OctoberNovember..December..

1932—JanuaryFebruary...MarchAprilMay .JuneJulyAugustSeptember-OctoberNovember..December..

1933—JanuaryFebruary. __March

Totalout-

stand-ing

1,5711,556

1,5201,5201,4671,4221,4131,3681,2281,090

9961,0401,002

974

961919911879787747705681683699720710

707704

Held by Fed-eral reserve

banks

Forownac-

count

143328

8985

123162124953970

420647418305

1197636164

361232344

2307280

Forac-

countof for-eign

corre-spond-ents

429439

44745643140938034124322810099

126251

31431233529218398594943393240

413045

Held by acceptingbanks

Total

493371

571550472410464554668606410230296262

332343377455510518563574573605655604

626325

Ownbills

18090

134151131125171196232168162112125131

159175155188225200197198156199268224

256201

Billsbought

313282

437398341285293357436438248118171131

174168222268286318366376414406386380

370124

Heldby

others

507417

4124294404414443792781866763

161156

1951891631159096705564522862

3842

Figures for acceptances outstanding (and held by accepting banks)from American Acceptance Council.

Back figures—See Annual Reports for 1931 (table 70), 1930 (table 64).1929 (table 58), and 1928 (table 61).

ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES-HOLDINGS OF FEDERAL RESERVE BANKS


End of monthi

January . . .February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

1930

1,0351,0381,0401,0541,0581,0641,0651,0711,07521,58331,587

1931

36,11923,9581,0631,0741,07310,55134, 371145, 21548,80433, 501

33,429

1932

33,44433,47830, 77830, 73630, 83730, 7G230, 64530,83430,84930,65930, 65229,489

1933

29,03628,99724,788

Back figures.—See Annual Reports for 1928 (table 12), 1927 (table12), 1926 (table 24), etc.

CLASSES OF BANKERS' ACCEPTANCES (DOLLARACCEPTANCES)


End of month

OUTSTANDING

1932—FebruaryMarchAprilMayJuneJulyAugust.September .OctoberNovemberDecember

1933—JanuaryFebruary

HELD BY F.R. BANKS(OWN ACCOUNT) I

1932—February _.MarchApril. . .M a yJune. .JulyAugust.September..October . .November..December


Total

919911879787747705681683699720710

707704

7636165

361232344

2307

Basedon

intoTT Q

14212911810397857673818179

7171

942

(2 )

41

(2 )

( 2 )

(2 )

31

Basedon ex-portsfromU.S.

195205199184173162152156157161164

166174

1262

(*)61

0)(2 )

(A

(2)58

Basedon goodsstored inUnitedStates(ware-house

credits)or

shippedbetween

domesticpoints

271287251217193178192212222237230

222219

271263

19511232

1105

Dollarex-

change

26231715131511869

10

119

111111111

(»)

5

Basedon

goodsstored

inforeigncoun-

tries orshipped

be-tweenforeignpoints

284287294269271265250234231232228

237231

25135

(2 )

5421111

1107

1 Total holdings of Federal reserve banks include a small amount ofunclassified acceptances,

a Less than $500,000.

Back figures.—See Annual Reports for 1931 (tables 67 and 15), 1930(tables 61 and 14), etc.

COMMERCIAL P A P E R OUTSTANDING


End of month

January . . .February.MarchAprilMayJune-July—AugustSeptember.OctoberNovember.December..

1930

404457529553541527528526513485448358

1931

327315311307305292289271248210174118

1932

10810*10610811110310010811011311081

1933

8584

Back figures.—See Annual Reports for 1931 (table 66) and 1930 (table60).



FEDERAL RESERVE BANK RATESDISCOUNT RATES

[Rates for member banks on eligible paper]

Federal reserve bank

Boston 1...New York. . . . .Philadelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City...DallasSan Francisco.

Rate ineffect on

Apr. 7

3H3

3H

Date estab-lished

Oct.Apr.Oct.Oct.Jan.Nov.Mar.Oct.Sept.Oct.Jan.Oct.

17,19317,1933

22,193124.193125.193214,19314,1933

22,193112.193023.193128.193221,1931

Previousrate

33432H2H434


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 ineffect on

Apr. 7Date estab-

lished

Mar. 22,1933dododododo

. .do

Previousrate i

2H2H2H2H2tt2%3

i For changes during March, see p. 218.

NOTE.—Rates on prime bankers' acceptances. Higher rates may becharged for other classes of bills.

Back figures.—See Annual Reports for 1931 (table 37) and 1928 (table35).

OPEN-MARKET RATESRATES IN NEW YORK CITY

Month or week

1932FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1933JanuaryFebruaryMarchWeek end ing -

Mar. 4Mar. 11*.Mar. 18Mar. 25

Prevailing rate on—

Primecom-

mercialpaper,4 to 6

months

2 -2 -2X

m-m

Primebank-

ers'accept-ances,

90days

2H-2H

HXHX

H-XHH

X-H

Timeloans,

90days 8

2 -31H-2

y*

3H-52H-3

Average rate

Call loans»

New

2.502.502.502.502.502.082.002.001.351.001.00

1.001.003.27

2.06

4.313.00

Re-newal

2.502.502.502.502.502.082.002.001.351.001.00

1.001.003.32

1.80

4.753.10

Average yield

U.S.Treas-

urynotesand

certifi-

Treas-ury

bonds«

3 to 6months

2.42«2.25

1.11.31

«.34.22.14

«.O4

.07

.01*1.34

.52

*1.401.38

4.113.923.743.773.783.653.573.643.543.553.48

3.473.58

3.72

3.533.55

i Stock exchange call loans; new and renewal rates.> Stock exchange 90-day time loans.• 3 issues—3^, 3%, 4 percent; yields calculated on basis of last redemp-

tion dates—1947, 1956, and 1954.« Change of insues on which yield is computed.* Bank holiday.

Back figures—See Annual Report for 1931 (tables 39 and 40), 1930(tables 36 and 37), 1929 (tables 35 and 36), etc.

RATES CHARGED CUSTOMERS BY BANES IN PRINCIPAL CITIES[Weighted averages of prevailing rates]

Month

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember .

New York City

1929

5.745.735.815.855.885.935.886.056.066.085.865.74

1930

5.645.355.224.914.744.594.484.414.294.264.174.16

1931

4.244.314.204.174.114.134.053.973.934.274.674.64

1932

4.714. n4.724.694.554.614.424.45

9 4.304.354.124.22

1933

4.124.114.88

8 other northern and eastern cities

1929

6.875.865.916.006.096.026.086.116 246.256.125.94

1930

5.885.665.475 225.135.064.814.794 744.754.664.68

1931

4.614.634.624.574.554.494 484.474 484.624.874.91

1932

5.075.136.145 105.145.135 055.125 034 964.884.88

1933

4.894.845.39

27 southern and western cities

1929

5.945.966.046 076.106.166.176.226 276 296.296.20

1930

6.126.055.985 865.755.695.635.585 655 545.505.43

1931

5.505.435.405 365.265.345 305.285 325 385.536.56

1932

5.615.615.645 635.645.625 635.685 635 565.555.60

1933

5.605.665.66

NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given inpreceding table). All averages are based on rates reported for 3 types of customer loans—commercial loans, and demand and time loans on securities.The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (6) the relative importanceof each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to theimportance of that city in the group, as measured by the loans of all banks in the city.




SECURITY PRICES AND SECURITY ISSUESSECURITY PRICES

flndex numbers of Standard Statistics Co. Monthly data are averages of weekly figures]

Month or date

Number of Issues

1932—JanuaryFebruaryMarchAprilMayJuneJulyAugust -September.OctoberNovember . . .December

1933—JanuaryFebruaryMarch

Mar 1Mar 8*Mar. 15Mar. 22Mar. 29

Bonds*

60

81.080.380.879.475.272.274.283.285.884.181.981.284.182.576.8

76.4

77.378.476.5

Pre-ferredstocks1

20

96.596.396.294.290.383.685.398.6

101.899.897.495.497.895.793.1

92.4

93.993.893.6

Common stocks (1926-100)

Total

421

585657444034365358504847494543

41

484343

Indus-trial

351

545354423834365256484545464242

39

464342

Rail-road

33

373432221714162935282626282726

24~

282626

Publicutility

37

949393736855558491817880827367

67

746462

Selected groups of industrial issues

Auto-mobile

13

646055343026264554434040423834

32

403534

Build-ing

equip-ment

12

313029222018193034282525252322

20

242423

Chainstore

16

575658494235364953484747464340

3T

434040

Chem-ical

11

807985615248507583747176827472

&r817272

Cop-perand

brass

8

363230222017203847343226292829

25

352829

Elec-tricalequip-ment

4

857777575240437378636056615452

48

595453

Ma-chin-ery

10

484747373329304448423938393937

36

413737

Oil

15

434245383937425554474746464241

39

434141

Steel

10

323232232016183342332825272423

20

272423

Tex-tile

28

313131262320223339333028272524

23

252525

1 Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity.

Back figures.—See (for principal series) Annual Report for 1931 (table 129).

120 high-grade industrials; average price.

* Markets closed.

CAPITAL ISSUES[Long-term; i. e.f 1 year or more. In millions of dollarsj

Yearfcand month

1926192619271928192919301931 _1932

1932—February—MarchAprilMayJuneJulyAugustSeptember-OctoberNovember-December. .

1933—JanuaryFebruary . . .

New issues

Total(do-

mesticandfor-

eign)

6,2016,3147,5568,040

10,0916,9093,0991,165

73162719178

10663759444

124

6520

Domestic

To-tan

5,1255,1896,2196,7899,4206,0042,8601,157

73162719178

10460739443

124

6518

Stateandmu-nici-pal

1,3521,3441,4751,3791,4181,4341,235

755

35109308474253463362899

3317

Corporate

Bondsand

notes

2,4522,6673,1832,3852,0782,9801,240

305

35471574

62266

4796

191

Stocks

1,1531,0871,4742,9615,9241,503

31120

41000120224

30

For-eign

1,0761,1261,3371,251

671905229

8

00000232010

00

Re-fund-

ingissues

(do-mesticandfor-

eign)

9251,0462,2201,8581,422

711949583

212972326457

10876433235

4537

1 Includes issues of Federal land banks and Federal intermediate creditbanks, not shown separately.

Sources.—For domestic issues: Commercial and Financial Chronicle;for foreign issues (issues publicly offered) annual totals are as finallyreported by Department of Commerce, while monthly figures are ascompiled currently and are subject to revision.

Back figures.—See (for figures of new issues—annual and quarterlybasis) Annual Report for 1931 (table 128).

UNITED STATES GOVERNMENT SECURITIES[In millions of dollars]

Month

1931December-

Total (12 months).

1932JanuaryFebruaryMarch.AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total (12 months). .

January..February.March

1933

Outstanding at endof month

Total

17,528

17,51517,82018,19018,28718,72919,16119,29719, 75820,29620,48520,47620,448

20,45420,68520,991

Bondsand

notes

15,092

15,10215,10215.10215.10315,31815,71515,74416,45417,28817,79617,79617,522

17,52817,80617,805

Certif-icatesandbills

2,436

2,4132,7183,0883,1843,4113,4463,5533,3043,008

2,6802,926

2,9262,8793,186

Increase or decrease(—) during month

Total

488

1,754

-1330537097442432136461638189-9

- 2 8

2,920

6231

Bondsand

notes

137

638

10

121539729710834508

-274

2,430

6278-1

Certif-icatesandbills

351

1,116

490

-47307

NOTE.—Figures relate to interest-bearing public debt; matured andnoninterest-bearing debt amounted to $371,000,000 at the end of Febru-ary, 1933. Figures include obligations held in Government trust funds.

Bonds and notes are long-term—i. e., 1 year or more (figuring fromdate of issue); certificates and bills, shorter term.



PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES[Index numbers; 1923-25 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation]

Year andmonth

19191920192119221923192419251926192719281929193019311932

1929JuneJulyAugust.—SeptemberOctober..NovemberDecember

1930January- -February-MarchAprilMayJuneJulyAugust- -.SeptemberOctober. -NovemberDecember

1931January. -February-MarchAprilMayJuneJuly .August-.-SeptemberOctober-.NovemberDecember

1932January..February-MarchAprilMayJuneJulyAugust ...SeptemberOctober .NovemberDecember

1933January..February-

Industrial production *

ITotal i I

Unad-justed

8387678510195104108106111119968164

12512012212312110896

10310910610710599919092908477

828790908983807877757268

717168646159565967686560

64p 65

Ad-justed

125124121121118110103

10610710410410298939090888684

848687888783827876737374

726967636059586066676566

65

Manufactures1

Unad-justed

8487678610194105108106112119958063

12712012212311910793

10211010911010698898890878274

818891919083797776727066

707066636059555866666358

63

Ad-justed

127125122121119110101

10510710410410197928989868582

838687878782827875717173

716864615858575966656364

64

Minerals»

Unad-justed

778970741059699108107106115998471

116118121127127114110

10810491941021031001011011059689

878482838486868283908479

747577726561626673807872

7176

Ad-justed

114116115118116110116

110108981041041021009694959293

898789918787867978838184

777884796763646570747576

7379

Construction contracts awarded (value) *

Total

Unad-justed

636356798494122129129135117926328

1441361291121049484

78891021131251161078582756859

586877827874686359524330

252326313132313230282422

1816

Ad-justed

126124122 1110107103102

9510410210110599958181787673

717977736563615959554938

312726272627273030292728

2219

Residential

Unad-justed

44304468819512412111712687503713

102948473676653

464454626154484852514637

374250524741363232292620

16151616141212111212108

77

Ad-justed

95938673676761

564952535249474952524843

444747444037353332302723

191715•14121111121212109

88

All other

Unad-justed

7990658886941201351391421421258440

178170166144135116109

104126141156178166155115108948677

758998107104101948781715739

333035434547464845413533

2723

Ad-justed

152149152140139132136

128148144140148140135106105999998

93104100968584828180766750

413536383739404544434143

3327

Factory em-ployment 3

Unad-justed

1071088290104961001019997101887462

1021021041051039995

939393939189868586848179

767778787775747475716968

666766646159575962626160

5859

Ad-justed

1031031031021019997

969493929190878483828180

787878787876757473706969

686866646260585960616161

5959

Fac-torypayrolls 3

Unad-justed

98118778110396101104102102108876645

11010611111211110399

949898979491838283817574

687375747268646462595656

525452494643404042444241

3940

Freight-carloadings 4 *

Unad-justed

8491798710097103106103103106927556

11011111512111810289

899190939795959699978674

747475777977787678787061

585958575352515361655852

5151

Ad-justed

108107107106104102102

1009996979693928987868484

828080807977767269696869

646261595452515154575758

5654

Com-mod-ity *

prices5

139154989710198104100959795867365

95979696959493

939190908987848484838180

787776757372727271707069

676666666464656565646463

6160

v Preliminary. * Average per working day.1 For indexes of groups and separate industries see p. 261; for description see BULLETIN for February and March 1927; for back figures see

BULLETIN for March 1932, p. 194.13-month moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358.• For indexes of groups and separate industries see p. 262; for description and back figures see BULLETIN for November 1929 and November 1930.* For indexes of groups see p. 231; for back figures see BULLETIN for February 1931, p. 108.•Index of Bureau of Labor Statistics (784 price series), 1926=100. Index numbers for groups of commodities are given on p. 263.



MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

Month

January . . . .February __March

April. _MayJune .

JulyAugustSeptember

OctoberNovemberDecember

Year

Merchandise exports

1929

488442490

425385393

403381437

529442427

5,241

1930

411349370

332320295

267298312

327289275

3,843

1931

250224236

215204187

181165180

205194184

2,424

1932

150154155

135132114

107109132

153139132

1,612

1933

121*100

Merchandise imports

1929

369369384

411400353

353369351

391338310

4,399

1930

311282300

308285250

221218226

247204209

3,061

1931

183175210

186180173

174167170

169149154

2,091

1932

136131131

127112110

799198

10510497

1,323

1933

96

Excess of exports

1929

11972

106

15—15

40

501186

137104117

842

1930

1006769

243544

467986

808566

782

1931

664926

292414

6- 210

364430

334

1932

152324

920

4

271834

483435

289

1933

25

v Preliminary.

DEPARTMENT STORES—SALES, STOCKS[Index numbers; 1923-25 average=100]

Month

J anuaryFebruaryMarch

AprilMayJune

JulyAugustSeptember

OctoberNovemberDecember

Year

Index of sales *

Adjustedfor seasonalvariation

1932'

787872

797269

656568

696360

1933

6060

P 5 6

Withoutseasonal ad-

justment

1932 r

646469

747266

464971

7573

106

69

1933

4949

P50

Index of stocks (end ofmonth)

Adjustedfor seasonalvariation

1932 r

757370

696867

646160

616160

1933

' 5 856

Withoutseasonal ad-

justment

1932 r

666973

726965

595963

676956

66

1933

5254

. : : : : :

1 Based throughout on figures of daily average sales—with allowancefor changes from month to month in number of Saturdays and for 6national holidays: New Year's Day, Memorial Day, Independence Day,Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea-sonal variation makes allowance in March and April for the effectsupon sales of changes in the date of Easter.

v Preliminary.* Revised.

Back figures.—See BULLETIN for November 1930, p. 686.

FREIGHT-CAR LOADINGS, BY CLASSES

[Index numbers; 1923-25 average=100]

TotalCoalCokeGrain and grain prod-

uctsLivestockForest productsOreMiscellaneousMerchandise l

TotalCoalCokeGrain and grain prod-

uctsLivestock . . .Forest products.OreMiscellaneousMerchandise1.. . . .

1932

Oct. Nov. Dec.

1933

Jan. Feb.

Adjusted for seasonal variation

576839

655225125669

576640

595124105768

586945

595022205769

565640

615022205769

546545

584919205166

Without seasonal adjustment

657740

n6926166672

587241

635923

75670

527448

5750185

4564

516344

595320

54565

517152

564619

54464

i In less-than-carload lots.Based on daily average loadings. Source of basic data: American

Railway Association.

Back figures.—See BULLETIN for February 1931, pp. 108-110.



FINANCIAL STATISTICS FOR FOREIGN COUNTRIESGOLD RESERVES OP CENTRAL BANKS AND GOVERNMENTS

[In millions o! dollars]

End of monthTotal

(49 coun-tries)

UnitedStates i Canada Total (27

countries)

Europe

Austria Belgium Bulgaria Czecho-slovakia Denmark England France Germany

1932—January....February-MarchAprilMayJuneJulyAugustSeptember.October....November-December..

1933—January-—.February...March

11,34011,41811,49911,51511,41611,34811,42011,56211,69411,78911,859

»11,893

P11,919v 11,733

4,0093,947

3,9563,7173,4663,5223,6393,7483,8193,8854,045

4,0743,808

*3,912

6,3006,4446,4846,531

6,8416,871

6,9236,9446,9496,826

6,8186882

352351349351353357

359363362361

362366371

36

36

588588588588608663670676678678678

602692836

2,8082,9423,0123,0523,1153,2183,2213,2243,2413,2503,2673,254

3,2213,176

v 3,152

221209205206198183183190195197192

196183

»176I

Europe—Continued

End of monthGreece Hungary Italy Nether-

lands Norway Poland Portu-gal

Ruma-1nia Spain Sweden Switzer-

land U.S.S.R.6 o t h e r

1932—January...February..MarchAprilMayJune «.JulyAugustSeptember.OctoberNovember.December.

1933—January...February..March

296296296297298300302305306306307

325J>330

351353354364384394408415416416415415

413410381

39

434434434434435435435435435436436436

436436436

472482471471493503509510509509493477

477488489

329330331335349357368

»368»368«368

>3682 368

262626273031302828282829

29

Latin America

End of month Total(10

coun-tries)

Argen-tina Chile

Co-lom-bia

Peru Uru-guay

5 othercoun-tries

Asia and Oceania

Total(7

coun-tries)

Aus-tra-lia

India Japan JavaNewZea-land

Siam Tur-key

Africa

Alge- Egypt SouthAfrica

1932—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1933—JanuaryFebruary...

350347347343346347348348346342341

*342

252249249249249249249249249249249249

249P249

1314151313131414121211

P 1 2

532534535534534536524523523524523520

521

162162162162162162162162162162162162

162162

215215214214214214214214214214213212

212212

42 2545 *>25

33

403731343538343532353435

3850

*> Preliminary. r Revised.

1 Differences between these figures and those shown elsewhere in the BULLETIN for total monetary gold stock of the United States are due to theexclusion from the former of gold coin in circulation.

2 The August 1932 figure is carried forward for subsequent months, as no statement has been issued by the State Bank of the U.S.S.R. sincethat time.

NOTES.—Figures for 34 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they areas of last report date of month. See BULLETIN for May 1932, p. 315. Since the note in the BULLETIN for May 1932 was prepared, figures for theBanque Centrale de la Republique de Turquie and for the Government of Siam have been added to the table. The figures for Turkey relate to thelast Thursday of the month.

The 6 European countries and 5 Latin American countries for which figures are not shown separately are Albania, Danzig, Estonia, Finland,Latvia, and Lithuania; Bolivia, Brazil, Ecuador, Guatemala, and Mexico. None of these countries has had gold reserves during this period in excessof $10,000,000.

For back figures—and for additional details relating to this table—see BULLETIN for May 1932.



GOLD PRODUCTION[In thousands of dollars]

Year and month

Esti-matedworld

produc-tion

Production reported monthly

Total

Africa

SouthAfrica

Rho-desia

WestAfrica

BelgianCongo

North and South America

Canada UnitedStates Mexico Colom-

bia

Far East

Austra-lia Japan India

1929—January...February..MarchAprilMay.

33,81931,71233,29233,589

, 34,249June 33,632July..AugustSeptember-OctoberNovember,.December..

Total (12 mos.).

1930—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December..

Total (12 mos.).

1931—JanuaryFebruary...MarchApril.MayJune,JulyAugustSeptember^.OctoberNovember-December. .

Total (12 mos.).

1932—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember-OctoberNovember...December...

34,43734,52833, 53435,05733,50433, 517

29,96827,86129,44129,73830,39829,78230,58730,67729, 68431,20629, 65429,667

18, 25216,83617,90418,03418,57917,74418,42018,41517,51618,39417,83817, 310

960923982997998

1,004959961931970955

320324351367362372333333344385406

170164171173193195211217211221219245

3,1123,0183,2233,1733,4143, 5243,2943,4013,3393,7653,1113,488

3,8203,8203,8203,8203,8203,8203,8203,820 j3,820 '3,8203,8203,820

404,869 358, 664 215, 242 11, 607 4,297 2,390 39,862 45,835

35,15333,65435,253

35,99235,91736, 37636,37336,16637,05436,47237,327

430, 725

38,09736,07737,65137, 76938, 227

38,15838, 76738, 74439,84638, 74838,811

459,104

39, 23638,18739,89539,43341,09141,18741,57242, 73442,13842,35142,09141,645

Total (12 mos.) P491,560

1933—January...February..

p 40,931v 37,831

30,32028,82130,42030,15431,15831,08431,54331,54031,33332, 22131,63832,494

18,43416,92718,31717,96118,93418,35519,04118,91618,64219,14218,33718,519

957910956963998951960964964944935973

396410423413404414428409419430440

228212222208210211207216238256272219

3,1943,0143,3943,5063,4873,6373,5293,5153,6863,8624,0874,543

3,9273,9273,9273,9273,9273,9273,9273,9273,9273,9273,9273,927

372,726 221,526 111, 476 4,995 43,454 47,123

32,66830,64832, 22232, 34032, 79832, 77932,72933,33833,31534,41733,31933,382

19,15117,42718, 79118,19418,90118,59418,95918,85918,98119,52518,67318,809

960

917918926947918905936941

1,041

442438453446451447451462486473478498

304246256250230240245254291317292299

4,2014,0514,2354,6074,4774,7444,7314,7385,0264,9554,927

4,1274,1274,1274,1274,1274,1274,1274,1274,1274,1274,1274,127

393,957 224,863 11,193 5, 524 3,224 55,687 49,524

33,46432,41534,12333, 66235,31935,41535.80036,96336,36636,57936,31935,873

19,58718,93519,87719, 59319,97019,87120,26820,47519,88820,15720,19020,118

921956996976977

1,011981

1,0191,0411,044997

1,080

480453484466481482546510509515526539

295286304281298309319330304314307294

4,8344,6705,2855,0935,5515,5925,1765,4805,4065,2405,2205,514

i 3, 597i 3, 535i 3,494i 3,3901 4,114i 4,362» 4,610i 4,9821 5,085i 5, 271»4,858i 4,651

422, 298 238, 931 12,000 5,992 3,642 63,061 51,948

p 35,159p 32, 059

20,15218, 256

1,008i 930

5321517

2801 434

4,826i 4, 858

i 4,341i 3,039

1,327777966936936965

1,5121,2551,2531,3411,1311,062

235235235235235235235235235235235235

613639627870662748654846747820681806

523519533512571565533582670624638

13,463 2,823 8,712 6,927

1,1271,2821,0501,1501,2041,1561,1151,1391,1151,1091,1711,194

13,813

1,2811,011988

1,3291,2081,103814

1,2281,0741,041

914877

12,866

1,106948862

1,0571,026

960924

1,1381,1221,091

1 1,1581661

12,054

1,1991,034

273273273273273273273273273273273273

578709

763945796876741895781964

3,281 9,553

301299340278329353354353256452389312

634869863936919

1,092933

1,229916

1,2401,3211,181

4,016 12,134

450386404380447405455524456455415353

1,0321,0631,1311,1641,2341,1721,2441, 2211,2921, 2161,376

v 1,413

5,132 14, 558

513344

p 1,066i 1,364

585583611597641647711666732756750741

8,021

621702

694716

654692679667664

8,109

628657741671653647692696702727715

8,198

666

638606629622629612616614618631619675

7,508

608587593307307576569619606637675700

6,785

648580594561521490500516562673590579

6,815

534525545590567603585588559547556581

6,782

576

*> Preliminary. i Figure reported by American Bureau of Metal Statistics.

NOTE

Monthly figures of gold production were first pub-lished in the FEDERAL RESERVE BULLETIN in the issueof February 1932. In that issue figures were given fornine producing areas beginning with January 1930. Anumber of revisions have been made in the figures since

their initial publication; and it is now possible to givemonthly data for 11 producing areas. The whole rec-ord, so far as it is available, is presented in this issue ofthe FEDERAL RESERVE BULLETIN for the period 1929to date. The sources of the data for various regionsand the methods of deriving dollar figures are indicatedbelow.


234 FEDERAL RESERVE BULLETIN APRIL 193£

Estimated world production.—Since not all producingareas report on a monthly basis, there is a small ele-ment of estimate involved in monthly figures of goldproduction for the world as a whole. In 1932 the worldproduced about $492,000,000 of gold; and of this$422,000,000 represented areas for which reports arenow available on a monthly basis. Areas for whichmonthly figures are not currently available producedabout $70,000,000 in 1932 and $65,000,000 in 1931.The principal nonreporting countries are listed belowtogether with their production in millions of dollarsin 1931, the latest year for which figures have beenpublished by the Director of the Mint:

Europe:Rumania 2Sweden 2Union of Socialist Soviet Republics 35

South America:Brazil 2Ecuador 1Peru 2

Far East:China 2Chosen (Korea) 4Netherlands East Indies 2New Guinea 1New Zealand 3

Total (11 countries) 56The estimates of world production published in the

table are based on figures published in the latest AnnualReport of the Director of the Mint—at present that for1932. The annual figures for 1929-1931 are takendirectly from page 151 of the report, except that thefigure for 1929 is revised to take account of an increasedestimate of production in the Union of Socialist SovietRepublics in that year. This revision will appear inthe Annual Report of the Director of the Mint for 1933.

The monthly estimates of world production representthe actual figures reported monthly plus an estimate forthe nonreporting areas. The estimate for the nonre-porting areas is a simple monthly average of the differ-ence between the amount of world production eachyear as published by the Director of the Mint and theaggregate production for the year of the areas reportingmonthly.

No figure for 1932 has yet been published by theDirector of the Mint. For this reason the monthlyaverage difference for 1931, with allowance for themonthly average increase of production in the Union ofSocialist Soviet Republics reported for 1932, is carriedforward into 1932-33.

South Africa.—The figures for the Union of SouthAfrica are reported in the Monthly Bulletin of UnionStatistics published by the Office of Census and Statis-tics. The figures, in fine ounces, have been convertedinto dollars at the rate of $20.6718 per ounce.

Rhodesia.—The figures for Rhodesia are reporteddirect to the Federal Reserve Board—those for North-ern Rhodesia, by the Department of Mines; those forSouthern Rhodesia, by the Department of Mines andPublic Works. The figures, in fine ounces, have beenconverted into dollars at the rate of $20.6718 per ounce.

West Africa.—The figures for West Africa are re-ported direct to the Federal Reserve Board—those forthe Gold Coast, by the Secretary of JVIines; those for

Sierra Leone, by the Chief Inspector of Mines. Figuresfor Ashanti, Nigeria, and other sections of West Africaare not available by months. The fineness of thefigures reported for Sierra Leone varies from month tomonth, and it is necessary to make conversions into fineounces at the rates reported by the Chief Inspector ofMines. Figures for the Gold Coast are reported origi-nally in fine ounces. For both districts ounce figuresare converted into dollars at the rate of $20.6718 perfine ounce.

Belgian Congo.—The figures for the Belgian Congoare reported in the Bulletin d'Information et de Docu-mentation of the Banque Nationale de Belgique.They cover only the Kilo-Moto mines, which in 1931represented 72 percent of the total production of theBelgian Congo. For a time official reports were pub-lished covering the entire Belgian Congo on a monthlybasis; but these reports ceased in May 1932. Thefigures for the Kilo-Moto mines are given in kilogramsnine-tenths fine. They have been converted into fineounces and then into dollars at the rate of $664.62 perfine kilogram.

Canada.—The figures for Canada are reported inreleases of the Dominion Bureau of Statistics: Mines,Metallurgical, and Chemical Branch. From time totime they are revised by the bureau; but the revisionsare, for the most part, of a minor character. Thefigures, in fine ounces, have been converted into dollarsat the rate of $20.6718 per ounce.

United States.—The monthly production of theUnited States is estimated by the American Bureau ofMetal Statistics of New York City. The bureau em-ploys methods similar to those employed by the Directorof the Mint in making his annual estimates. The figures,which are reported in thousands of fine ounces, includethe gold output of Alaska and the Philippine Islands.They have been converted into dollars at the rate of$20.6718 per ounce.

No monthly estimates by the bureau are availablefor the period 1929-31. For this period the monthlyaverage of the annual total for the United States as re-ported for each year by the Director of the Mint isgiven in the table.

Mexico.—The figures for Mexico are those of theSecretary of Industry, Department of Special Taxes ofthe Treasury, and have been reported to the FederalReserve Board by the Banco Nacional de Mexico forthe period January 1929 to June 1931 and for subse-quent months by a special correspondent. They are inkilograms 0.999 fine and have been converted into finekilograms and then into dollars at the rate of $664.62per fine kilogram.

Colombia.—The figures for Colombia are currentlyreported in the Revista del Banco da la Republica.No monthly data, however, were published for 1929and 1930; and for these two years the table showsthe monthly average of the annual production asreported for each year by the Director of the UnitedStates Mint. For 1931 monthly figures were publishedonly for the Department of Antioquia; and the outputof Colombia as a whole has been estimated by addingto the figures for Antioquia each month the figure of$28,000 representing the monthly average of the annualproduction of the rest of Colombia in 1931. Beginningwith 1932, official monthly data for the entire countryare available. The figures are in fine ounces and havebeen converted into dollars at the rate of $20.6718 perounce.



Australia.—The figures for Australia are reporteddirect to the Federal Reserve Board by the Common-wealth Bureau of Census and Statistics in Australia..The gold output of Tasmania and Northern Territory,however, is small and is reported only by quarters. Itis therefore omitted from the table. The Australianfigures are in fine ounces and have been converted intodollars at the rate of $20.6718 per ounce.

Japan.—The figures for Japan are those of the Bureauof Mines, Department of Commerce and Industry, andare published in the Monthly Report on Current Eco-nomic Conditions of the Tokyo Chamber of Commerce.They represent the output of mines producing more thannine tenths of the total gold production of Japan.

Alluvial gold was not reported on a monthly basis in1929 and 1930; and for these years the monthly aver-age production of alluvial gold, amounting to $28,000in 1929 and $41,000 in 1930, has been added to thefigures reported monthly. All figures for Japan arereported in fine grams and have been converted intodollars at the rate of $0.66462 per gram.

India.—The figures for India are reported direct tothe Federal Reserve Board by the Director of theGeological Survey of India. They represent the out-put of the Mysore State, which accounts for almost theentire Indian gold production. The figures are in fineounces and have been converted into dollars at the rateof $20.6718 per ounce.

GOLD MOVEMENTS[In thousands of dollars]

Month


Total (12 mos.)-

1932—JanuaryFebruaryMarchAprilM!ayJuneJulyAugustSeptemberOctober..NovemberDecember

Total (12 mos.)-

1933—January.FebruaryMarch P

United States

Totalnet im-ports

-337,68589,43656,858

145,325

-72,950-90,567-24,671-30,239

-195,514-206,047

-3,4376,103

27,89720,61321,740

100,859

-446,213

128,465i 17, 776-22,533

Net imports from—

Eng-land

685333

4,249

6,797

-3,199-235- 2 3

-1,922-7,047-1,910

1,4056,0935,8681,2511,376

51,928

53,585

50,2481 3, 310

8,899

France

-324,500- 1 0

-15,150

-344,514

-83,783-98,203-37,532-24,527-63,216

-111,411-21,513-17,950

50727

16,357

-441,649

29,490- 3 , 709- 4 , 213

Ger-many

-831-115- 6 2

36,026

- 7 1-495

2-3,286-9,710

-116

320

-13,356

1,067-1,546

Bel-gium

-9,678- 5 7

-5,861

-15,583

-12,553-17,859-6,341

-669-19,930-26,250

1,021

10

-82,571

-600

Nether-lands

-35,904-394

-9,857

-50,327

-6,257-8,672

-18,707-58,473-23,168

5,5432,3812,6858,082

-96,586

15,123802

—5 883

Switzer-land

-17,617-515

-1,270

-19,768

-1,759-254

- 6-115

-53,554-62,603

-225- 8219257

-118,273

-1,614-731

Can-ada

5,6667,4084,513

81,136

4,1548,4067,2167,2674,6995,4244,5735,2573,904

5065,6227,546

64,574

5,2744,2068,178

Mexico

-1,239989

1,344

22,267

1,103950

2,9973,3291,510

8161,2842,2732,8431,345

893744

20,087

634544

Argen-tina

15,474267

141,263

9,1101,1572,683

42- 1

12,991

- 1 5

Co-lombia

16

2,042

15,116

2,948

37

134552289443

3,240

5235

BritishIndia

4,8953,165

8,064

4,6772,575

70

175

240467

2,8556,0684,7734,697

26,597

15,1939,4463,366

Chinaand

HongKong

5,5331,644

623

34,240

167819

2,9482,4023,7914,8663,5244,7834,2053,6002,9644,974

39,043

5,6123,7002,228

Japan

22, 50175,93268, 285

199,286

9,96919, 441

2,0132,4415,1724,197

3,362

3,124

49,719

3,729

Allothercoun-tries

2,209941

4,837

31,322

2,5421,7953,3133,9673,8003,1333,0644,1222,0391,9333,3223,353

36, 383

2,0423,217

2-16,579

1 Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from the FederalReserve Bank of New York until Mar. 1.

2 $17,054 exported to Italy.

p Preliminary


236 FEDERAL RESERVE BULLETIN A P R I L 1933

GOLD MOVEMENTS—Continued[In thousands of dollars]

Month


Total (12 mos.)-

1932—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total (12 mos.)

1933—January-February..March v...

Great Britain

Totalnet im-ports

15,775-45,386-12,489

-143,729r =a

-7 ,320-6 ,182-2 ,69126,14816,97335,01922,6751,2965,2045,814

13,857-29,582

81,211

-43,26018,40067,222

Net imports from—

UnitedStates

1,122-4,637-7 ,548

-13,401

-50,643

-48,314- 6 , 55911,802

France

-6 ,769-63,524-25,941

-319,989

-64,955-52,712-40,858-17,795-10,843-9 ,035

-11,361-20,269-27,521-24,895-13,519-3 ,277

-297,040

-2,109-4,623

2,953

Ger-many

-119

Bel-gium

-517

- 8- 9 1

-219

33,754 '-37,050

-134-756

-124,101

- 7 6- 5 8

3n- 1 8

144

455

- 2 0370

311

- 1 127

4,992

- 5 3-2 ,571-2 ,767-4 ,778-4 ,015

- 8 5-104-476

-1 ,104

-16,896

-634-507

-1 ,281

Nether-lands

-9 ,462-14,101-4 ,536

-3,584-7 ,537-3 ,480-1 ,955

-11,310-9,394-7 ,812

-10,438-2 ,571-2 ,969-4 ,188-6 ,138

-71,376

-17,471- 7 , 816- 5 , 523

Switzer-land America

-2 ,502-9 ,936

-18,397

-60,836

- 1 0 8

-14,021

- 7 9-456

South

1,370733

29,446

1052,2261,002

406

500300187189527181

5,623

374294

BritishIndia

8,35326,59722,835

63,080

45,98630,66124,34017,39311,56512,81214,20414,27913,00911,97310,48813,684

220,394

9,4957,1759,881

StraitsSettle-ments

Austra-lia

444267502

11,280

746781602899803772

2,122829584943710

10,780

587554382

5721,501

90

33,260

1,555371

1,7501,083

915794

9,661175

1,505870830854

20,363

793794

16, 700

SouthAfrica,Rho-desia,WestAfrica

21,68116,05220,187

236,921

17,06220,88420,61624,89318,96526,24819,35119,71225,86618,37820,00623,326

255,305

16,53027,81527,358

Allothercoun-tries

1,0931,754

755

3,904

1,426887420

1,734760

3,2075,0101,3261,853

831602

18,408

-2,1201,245

120

Month

1931—October....November.December-.

Total (12mos.)

1932—January—February. -MarchApril . . . .M a y — .JuneJulyAugustSeptember.OctoberNovember _December-

France

Totalnet

imports

273,734122,37213,881

728,176

74,007184,171147,60460,34017,734168,00031,95442,9409,63832,69533,49825,494

Total (12 ,mos.) | 828,072

1933—January..— - 3 7 ,February . _ — ~~

Net imports from—

UnitedStates

243,95699,8763,164

328,130

65,06282,58071,27938,08017,174

152,07216,74624,149

-62511,927

241-10,634

468,052

-35,361-35,505

Eng-land

21,73840,44726,132

312,561100,050

10,73590,94749,02823,88814,2327,54112,47216,2414,42419,99526,00334,479

309,984

2,5585,459

6,7559,601

12,5612,0191,9994,601

483- 1 7

1,448565672

-3,138

Germany

328-5,262

-13,647- 8 . 133

3,319-7,139-13,718

4,1898,5525,5602,314

-3 ,293

-27,282

4,423-13,076

Net imports from—

UnitedStates

681187

12049

542

-30,160 -35,221

293

367

-102,019

3671

- 2—14

85

- 4 22

- 229

-36724

-250

France

-5,9511856

-55,142

1671

-16,224-5 ,398

17-5 ,800-4 ,753

138

33-6 ,169

17

-38,170

4-5 ,990

Neth-er-

lands

-10,965-16,455

150

-63,866 58,932

27849

170-8 ,328-7 ,539-7 ,691-5 ,435

1,2893,456

412,584

-3 ,331

-24,455

- 1 4-10,458

Swit-zer-land

-20,620-25,594

103

4-5 ,647-2 ,776

42

-7,91546,656

' 87

U.S.S. R.

5,183

2475,1525,198

6710,3523,399554

4,6225,4105,4616,275

6

6,4093,369

Allothercoun-tries

78—417

-14,475

- 9- 5 3

33180

- 6 62,809

-4 ,087-1 ,791

- 3 6 1- 6 0- 5 2- 7 8

-3 ,536

-2 ,081- 9 5

1 $29,233,000 imported by France from Spain in July.1 $21,292,000 exported by France to Belgium.

Preliminary figures.

NOTB—Germany—The aggregates of the official monthly figures for gold imports in 1932 differ somewhat from the revised totals publishedfor the year as a whole. Since German figures for individual countries are subject to semiannual revision, those given the January 1933 are pre-liminary in character. Figures for total net imports are final.



GOLD MOVEMENTS—Continued[In thousands of dollars]

Month

1931—OctoberNovember. .December...

Total (12mos.)

1932—JanuaryFebruary. .MarchAprilMayJuneJulyAugustSeptember .OctoberNovember.December..

Total (12mos.)

1933—January.. -February.

Netherlands

Total netimports

36,55119,567

198.619

7,1302,608

-1,8867,73758,25654,1074,9837,204

-13,797-6,230-4,857

894

116,149

1,898933

Net imports from—

United

16,41321,5511,449

39,413

7,7478,8106,3422,79955,31747,324

-6,367-1,916- 3 , 765

106, 623

-14,1013,432

England

14,7817,9828,849

117, 591

3,1005,4463,870

8675,4708,3975,5658,7151,1981,2521,9394,251

50,070

14,069-8,177

France

-17,572-1,113-2,325

-21,024

- 3 , 521-9,900

- 1 1 , 0 2 8- 7 7 1

- 3 , 2 5 8- 1 , 7 8 6

- 2 7 6- 3 3 4

- 1 , 7 0 8- 5 9 3- 8 8 6

52

- 3 4 , 0 0 9

-8376,722

Germany

17,4554,717

11,672

56,059

-30432034

8,4457,4299,7635,376

-1,280-3,496

- 6 1-3,085

3,745

2,009-10,300

Belgium

-233- 3 5

-632

-462-821

-713-760

-5,242-26

1,759-5,729-1,313

963

-12,727

9585,055

Poland

-139-252-794

-1,428

-790-1,628

-511-1,791-3,415-3,385

-482-281-923-217-188- 2 0

-13,630

-976881

Switzer-land

-162-135

-365

-516-354-171

-2,325-3,466-5,849-847-579-402

42-537

-1,134

-16,137

-1,1003,452

BritishIndia

3,824729

4,553

1,166295476366785379941

3,2121,9941,0063,0302,773

16,423

2,199-166

All other

-10738

754

4,548

63281

-7714710724

-52-2,222-5,852

-14-52- 6 8

-7,346

-32334

Month


Total (12 mos.)1

1932—JanuaryFebruaryMarchAprilMayJuneJulyAugust.SeptemberOctober.NovemberDecember

Total (12 mos.)

1933—January. _ _February.

Switzerland

Totalnet im-ports

94,33943,57219,687

222,751

~ 5,65317,6584,6982,53846,05180,87214,9931,503-604

-1,3951,203

169,786

4,6588,502

Net imports from—

UnitedStates

32,9193,224

254

36,422

2,0671,411

8265

41,03470,2479,779

81-361- 5 0—7

5

124,354

-14

Eng-land

5,3469,80518,364

41,301

1,3005,7255,733

116116

1,73411190

154828596

15,342

12382

France Ger-many

4.51925,604886

19,317 39,684

1,9725,423

-3,952- 9 5

1,7183,5543,734

718-540

-3,087-2,347

320

7,418

2,393

8,270-,604- 7 5

105,7312,769-165- 5 2- 8 5- 5 1

38-34

-102-67

-111

7,880

- 7 7- 7 7

SouthAfrica

Neth-er-

lands

44,196408203

72,760

101

-19

""69

47

29076

2,3082,9495,6301,507

744453

837

14,996

1,1762,461

Allother

2291215

13,220

13-707

66309286

-209-87

-260-277

4846155

-304

1,040-937

British India

Totalnet im-ports

-26,126-24,217-45,715

-95,875

-195,765

-11,916P - 1 1 , 9 9 5

Net imports from—

UnitedStates

-8,324-3,279-5,286

-17,665

2863-363- 9 0

-209

-167-374

-2,775-5,978-4,820-2,420

-18,002

-38,061

-10,247

Eng-land

-10,180-17,626-39,682

-72,691

-21,419-17,353-18,788-11,229-9,007

-13,155-14,575-7,979-9,835-9,010

-13,244-6,286

-151,880

-1,965

Allother

Goldpro-duc-

tion in,India 2

-7,622-3,311

-747

-5,521••• =

25343

209-374

7295

-1,488-920

-1,388-652-997-676

-5,823

297

or de-crease(-)in

govern-ment

in India

675592581

6,832•u

535527546592569605586589561548557583

6.798

576

In-

-353359

33,532

- 2- 786

- 1

34

128

Increaseor de-crease(-)inprivate

holdingsin India 3

-25,098-23,984-45,134

-122,575

-23,512-17,143-18,117-11,306-8,365-12,622-15,851-11,085-16,674-13,934-16,105-24,381

-189,095

-11,337P-11,394

1 Exported from Netherlands to Czechoslovakia in August, $2,199,000; in September, $6,847,000.2 Reported monthly production of the Mysore State plus $1,387 representing the average monthly production of the rest of India in 1931.s Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India.* $7,575,000 was exported from India to Netherlands.«$1,891,000 was exported from India to Netherlands; $2,173,000 to France.« $1,777,000 was exported from India to Netherlands.* $1,640,000 was exported from India to Netherlands.p Preliminery.NOTES.—Netherlands—The aggregates of the official monthly figures for gold exported to Germany and gold imported from the world in

1932 differ somewhat from the revised totals published for the year as a whole.British India.—From January, through June 1932 figures for net imports from individual countries are preliminary and subject to revision.

Figures for total net imports, gold production, and increase in government and private holdings are final unless otherwise indicated.

168276—33 3


238 FEDERAL RESERVE BULLETIN APEIL 1933

GOVERNMENT NOTE ISSUES AND RESERVES[Figures are for last report date of month]

Argentine Conversion Office (millions ofgold pesos):

GoldNotes issued L— _. _

Irish Currency Commission (thousands ofpounds sterling) *.

Legal tender note fund:British legal tender and bank

balances . - _. _British securitiesNotes issued

Consolidated bank notes:2

IssuedDeemed such under sec. 60 (4) of

currency act, 1927-

1933

Feb.

257'588

867,2507,336

4,625

1,353

Jan.

257589

8676,3887,256

4,617

1,363

1932

Dec.

257589

6866,9877,673

4,602

1,376

Feb.

257544

1546,6176,771

4,367

1,603

Canadian Minister of Finance (millions ofCanadian dollars):

Gold reserve against Dominion notes..Advances to banks under finance actDominion notes:

IssuedOutside chartered bank holdings..

Indian Government (millions of rupees):Gold standard reserve:

GoldForeign exchange

Paper currency reserve:GoldSilver coin and bullion.._Other assets

Notes issued _ _ . . . .

1933

Feb.

7242

17627

187347

2571,104

3921,753

Jan.

7247

18026

188345

2551,095

3931,743

1932

Dec.

7257

191«29

276257

1871,107

4551,748

Feb.

6537

16229

394139

491,122

6241,795

1 Includes a small quantity of subsidiary coin.a The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Feb. 4 and Jan. 7,1933, Dec. 10 and Feb. 6,1932.

The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.

p Preliminary.• Corrected.

BANK FOR INTERNATIONAL SETTLEMENTS[In thousands of dollars converted from Swiss francs at par; 1 Swiss franc=$0.1930]

Resources

1933

Feb. 28 Jan. 31

1932

Feb. 29Liabilities

1933

Feb. 28 Jan. 31

1932

Feb. 29

Cash on hand and on current account withbanks

Demand funds at interestBediscountable bills and acceptances (at

cost):Commercial bills and bankers' accept-

Treasury bills.

Total

Time funds at interest—Not exceeding 3months

Sundry bills and investments:Maturing within 3 months:

Treasury billsSundry investments

Between 3 and 6 months:Treasury billsSundry investments

Over 6 months

Total.Other resources..

1,79618,669

57,59849,348

106,946

43,080

2,88211,512

6,4319,212

122

30,1591,420

2,36617,113

64,622

98,522

31,5171,402

1,23815,887

84,58827,510

112,099

46,549 42,680

7,7269,206 I

2,96411,501 r

120 U60

Total resources. 202,070 197,468 195,120

21,3891,827

Short-term deposits:Central banks for own account:

DemandTime—Not exceeding 3 months,.

Total-

Central banks for account of others:DemandTime—Not exceeding 3 months-

Total.,

Other depositors:DemandTime—Not exceeding 3 months-

Long-term deposits:Annuity trust accountGerman Government depositFrench Government guaranty fund..

Total.Capital paid inReserves:

Legal reserve fundDividend reserve fundGeneral reserve fund

Other liabilities

Total liabilities...

84,15321,874

96,0056,344

106,027 102,350

3,017 2,385

3,017 2,385

761,217

29,67714,83913,249

1,204

29,67714,83913,249

57,76524,125

254519

1,0388,031

57,76524,125

254519

1,0387,745

202,070 197,468

62,06330,567

92,630

11,8784,114

15,992

1,146

29,67714,83913,249

57,76520,941

108211422

5,905

195,120

i Composed entirely of investments exceeding 1 year.



CENTRAL BANKS[For explanation of tables on this page, see BULLETIN for February 1931, pp. 81-83]

Bank of EnglandGold (in

issuedepart-ment) i

Resources of banking department

Cash reserves

Coin Notes

Discountsand

advancesSecuri-

ties

Notecircula-

tion

Liabilities of banking department

Deposits

Bankers' Public Other

Otherliabili-

ties

Millions of pounds sterling:1932—Jan. 27

Feb. 24Mar. 30Apr. 27May 25June 29July 27Aug. 31Sept. 28Oct. 26Nov. 30Dec. 28

1933—Jan. 25Feb. 22Mar. 29-

120.8120.8120.8120.8125.0136.1137.7138.9139.4139.4139.4119.8123.6142.2171.8

0.6.6.6.7.7.8

1.01.01.0.8.8.7.8

49.949.435.343.045.848.143.448.654.656.055.623.645.461.079.7

12.911.511.711.512.214.915.312.212.111.611.918.511.611.911.8

82.571.086.879.493.293.592.592.288.085.487.1

120.1107.9104.074.9

345.9346.4360.5352.8354.2363.1

365.3359.8358.4358.8371.2353.2356.2367.1

74.367.954.658.377.586.688.279.580.077.390.5

102.4103.498.392.8

15.314.127.223.423.618.011.22a 723.425.410.18.9

11.726.221.2

38.232.234.435.332.934.734.635.433.433.637.133.832.535.035.0

18.118.218.217.717.818.018.118.218.217.717.818.018.118.218.2

Bank of France

Resources Liabilities

Gold

Millions of francs:1932—Jan. 29

Feb. 26Mar. 25Apr. 29May 27June 24 . . . .July 29Aug. 2 6 . . -Sept. 30.Oct. 28Nov. 25Dec. 30

1933—Jan. 27Feb. 24. . . . .Mar. 31 *...

71,62575,05976,83277,86279,47082,10082,16882,239

82,90983,34283,01782,16781,01780,408

Foreignexchange

18,80515,12712,63211,8009,0016,3326,4825,3894,9774,9844,8534,4844,4344,4014,376

Domesticbills

6,5555,5444,8204,6904,1603,9293,9053,4672,6043,6373,2663,4383,1423,3034,152

Securityloans

2,7442,7072,7162,7352,7002,7152,7472,7612,7832,7642,5002,5152,5372f5802,714

Negotia-ble

securi-ties)

6,8996,8826,8818,8816,8816,6266,6216,6216,6216,6216,6216,8026,6806,6476,620

Other Notecircula-

tion

8,2788,3298,3718,6978,6848,6348,9948,878

9,1450,0089,1969,1729,119CO

84,72383,18981,78282,77481,41880,66782,11879,01282,45982,20581,53685,02883,314

86,096

Deposits

Govern-ment

4,7223,6373,5263,1113,4322,8813,7403,9823,0104,5532,9312,3112,2692,2262,233

Other

23,55224,89924,96224,82724,12824,62122,03323,42621,87621,22922,96920,07220,47418,73116,851

Otherliabili-

ties

1,9101,9211.9801,9531,0172,1672,0282,0352,0002,071*1532,0412,0742,124

<3)

Reichebank

Resources Liabilities

Reserves

Gold

Millions of reichmarks:1032—Jan. 30. . . .—

Feb. 29Mar. 31Apr. 30May 31 bJune 30July 30Aug. 31Sept. 30Oct. 31Nov. 30.Dec. 31

1933—Jan. 31Feb. 28Mar. 31 * . . . .

948928879859863832766768796817827806822769739

Foreignexchange

14514914213112913012815713312311011410115297

Treasurybills

Otherbills (andchecks)

3,6323,3243,2583,1462,9903,1003,1083,0092,9912,8572,7312,8062,4592,4392,763

Securityloans

15830329028225726122420724219820717693270210

Securities

161162362362363364365365362

401401401

Other Notecircula-

tion

1,0081,1001,044

0771,0321,038

075060940057050

1,1141,0071,040

4,4074,2684,2314,1283,0613,0843,0673,8173,7553,6203,5313,5603,3383,3563,520

Deposits

301423678405431473380408451380418540345402443

Otherliabili-

ties

1,3731,3181,2261,2401,2621,2711,2671,2701,2061,3451,3141,3131,3331,3431,169

1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed bylaw at £260,000,000. Since Aug. 1,1931, however, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been authorizedby the British Treasury under section 8 of the Currency and Bank Notes Act, 1028; the maximum period for which such authorization may be grantedis 2 years.

«Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement).* Not yet available. * Preliminary figures.



CENTRAL BANKS—Continued[Figures are for last report date of month]

Central bank

1933

Feb. Jan

1932

Dec. Feb.Central bank

1933

Feb. Jan

1932

Dec. Feb.

National Bank of Albania (thousandsof Albanian francs):

GoldForeign exchangeLoans and discountsOther assets.Note circulationDemand depositsOther liabilities

Commonwealth Bank of Australia(thousands of Australian pounds):

Issue department—Gold andEnglish sterling -.

SecuritiesBanking department:

Coin, bullion, and cashLondon balancesLoans and discountsSecuritiesDeposits.

Bank notes in circulationAustrian National Bank (millions of

schillings):GoldForeign exchange of the reserve..Domestic billsGovernment debtsNote circulationDeposits.

National Bank of Belgium (millionsof belgas):

Gold...Domestic and foreign billsLoans to StateNote circulationDeposits.

Central Bank of Bolivia (thousandsof bolivianos):

Gold at home and abroadForeign exchangeLoans and discountsNote circulationDeposits

Bank of Brazil (millions of milreis):CurrencyCorrespondents abroadLoans and discountsNote circulationDeposits.

National Bank of Bulgaria (millionsof leva):

GoldNet foreign exchange in reserve-Total foreign exchangeLoans and discountsGovernment obligationsNote circulationOther sight liabilities

Central Bank of Chile (millions of

11,49935,595

1,07216,73416,88629,40266,59542,135

15039301661859184

2,630775363

3,513384

5,50732,4073,2272,33113,29519,43210,745

11,49936,095

1,04814,59917,62630,09064,91342,833

14939

317662872181

2,605773363

3,577307

1,5206

102718

2,8732,4521,665

Gold at home and abroadForeign exchange for account of:

BankExchange commission

Loans and discountsSecuritiesNote circulationDeposits.

Central Bank of China 2 (thousandsof yuan):

GoldSilverDue from banks abroadDue from domestic banksLoans and discountsSecurities..Other assetsNote circulation

520273

2,633150

2,921

1,5201586

7262,8732,4261,663

•"84

'708

313461469349

2,02462,6579,805

48,582102,117

8,50530,268

i 47,561

5,51131,3203,4395,194

13,05220,91211,499

11,19938,253

83617, 52014,93329,83964,14346,192

14939379663914219

2,596728364

3,627217

27,0362,41687,60737,61442,341

458311

2,664170

2,886

1,5197

208846

2,9002,6351,593

'84

'705

308461488319

6,65257,27113,48536,87697,1897,63929,62239,995

4,95427,4534,1525,24311,34617,82912,627

10,50040,998

1,02417,85618,34928,518

45,332

1797987796

1,044129

2,527945288

3,715189

19,8557,41723,13125,42912,663

317129

1,803170

1,879

1,512- 8347708

2,9652,6721,596

720

157220331115

4740,1219,03311,63160,8205,73813,34229,632

Central Bank of China—Continued.Deposits—Government

Bank. _Other

Other liabilitiesBank of the Republic of Colombia

(thousands of pesos):Gold at home and abroadForeign exchangeLoans to member banksNote circulationDeposits..

National Bank of Czechoslovakia(millions of Czechoslovak crowns) :

GoldForeign balances and currency. _.Loans and advances .—Assets of banking office in liqui-

dationNote circulationDeposits

Danish National Bank (millions ofkroner):

Gold...Foreign bills, etc _Loans and discountsNote circulation _Deposits.

Bank of Danzig (thousands of Dan-zig gulden):

GoldForeign exchange of the reserve..Other foreign exchangeLoans and discountsNote circulationDeposits

Central Bank of Ecuador (thousandsof sucres):

Gold at home and abroadForeign exchange...Loans and discounts...Note circulationDeposits

National Bank of Egypt* (thousandsof Egyptian pounds):

Gold...Foreign exchangeBritish Government securities. . .Loans and discountsEgyptian Government securities-Other assets- rNote circulationDeposits—Government

Other . . .Other liabilities

Bank of Estonia (thousands ofkrooni):

Gold _Net foreign exchangeLoans and discountsNote circulation.Deposits—Government

Bankers'Other

Bank of Finland (millions of mark-kaa):

Gold -Balances abroad and foreign

creditsForeign billsDomestic billsNote circulationDemand liabilities _-.

Bank of Greece (millions of drach-mas):

Gold and foreign exchangeLoans and discountsGovernment obligationsNote circulationOther sight liabilities-Liabilities in foreign exchange

13,0294,0904,41521,81621,149

1,7091,0111,011

05,602625

13310

31650

22,4108,814382

12,36834,7694,653

17,8381,68422,18031,1943,387

3,240

304

772328783

1,126

2,0091,5833,3684,5642,354192

96,10547,13714,72258, 437

12,7424,1673,45521,31519,154

1,7091,0051,333

05,616904

133138231054

21,37312,953

22011,06935,1525,512

14,8031,87436,60224,82120, 623

15, 2364,55521,37830,2564,3016,4163,188

304

284856

1,047566

1,8871,4763,3684,6021,960262

98,10546,5609,31627,905

12,2755,5537,47522,45819,001

1,7081,0291,675

06,267602

1332282332131

21,37314,007

25212,22736, 5369,034

14, 7972,61228,66324,02413,875

2,86112,4596,16020,8483,02918, 7515,70920,1037,456

15, 2294,48122,08431,2173,3526,8213,064

304

505236

1,0031,085381

1,8242,982

4,7143,451225

55,52014,0128,09833,470

7,1036,45915,07217,58714,214

1,646877

1,371

2906,693279

1452816032138

21,81921,6893,0249,76240,8419,040

9,8304,13614,24417, 7978,514

4,5772,73114,9459,17815,0143,20719, 5823,47218,8807,719

7,31013, 60722,70334,4874,3785,7842,889

304

585256906

1,271374

1,507825

3,1503,739

495153

i Gold coin and bullion. «Items for issue and banking departments consolidated. ' Revised.



CENTRAL BANKS—Continued[Figures are for last report date of month]

Centra] bank

National Bank of Hungary (millionsofpengos):

Foreign bills, etc ..Loans and discountsAdvances to treasuryOther assetsNote circulationDepositsMiscellaneous liabilities-

Bank of Italy (millions of lire):Gold at homeCredits and balances abroadLoans and discountsTotal note circulationPublic deposits -Other deposits

Bank of Japan (millions of yen):Gold _Advances and discountsGovernment bondsNotes issuedTotal deposits

Bank of Java (millions of florins):GoldForeign billsLoans and discountsNote circulationDeposits-

Bank of Latvia (millions of lats):GoldForeign exchange reserveBillsLoansNote circulationGovernment depositsOther deposits _

ank of Lithuania (millions of litu):Gold.Foreign currencyLoans and discountsNote circulationDeposits

Netherlands Bank (millions of flor-ins):

Gold. . . . .Foreign bills _Loans and discountsNote circulationDeposits _

Bank of Norway (millions of kroner):GoldForeign balances and bills.Domestic creditsNote circulationForeign depositsTotal deposits-

Central Reserve Bank of Peru (thou-sands of soles) :

Gold... .Foreign exchange.BillsNote circulationDeposits _

Bank of Poland (millions of zloty):Gold.Foreign exchange of the reserve..Other foreign exchangeLoans and discountsNote circulationOther sight liabilities.

1933

Feb. Jan

9716

4635115

34370

200

6,174962

5,81213,048

3001,278

425733446

1,095424

1111842

20734

1,02073

106959283

14435

221293

281

5131965

649999152

9714

4675214

35063

202

5,8571,3065,560

13,433300

1,604

425807523

1,227423

1042044

20137

38

1,02873

113951309

14432

246295

297

5122776

651979185

1932

Dec. Feb

9714

4725225

35378

201

5,8391,3056,539

13,672300

1,322

425846565

1,426387

104194420531

1,03371118962304

14430256315274

39,347734

20,71350,1345,551

5024888700

1,003220

10015

39655163839081

5,6261,7255,75513,938

3001,703

431940110

1,094429

112275622533

502710210470

87984168

1,008164

15415239303271

50,439371

12,80050,6355,068

60651124764

1,151191

Central bank

Bank of Portugal (millions of escu-dos):

Gold...Other reservesDiscounts and advancesGovernment obligationsNote circulationOther sight liabilities

National Bank of Rumania (mil-lions of lei):

GoldForeign exchange of the reserve..Other foreign exchangeLoans and discountsState debtNote circulation...Demand deposits

South African Reserve Bank(thousands of South Africanpounds):

GoldForeign billsDomestic billsNote circulationDeposits—Government

BankOther.

Bank of Spain (millions of pesetas):GoldSilver '.Balances abroadLoans and discountsNote circulation-Deposits *

Bank of Sweden (millions of kronor):GoldForeign bills, etcLoans and discountsNote circulationDeposits.

Swiss National Bank (millions offrancs):

GoldForeign balances and billsLoans and* discountsNote circulationDemand deposits

Central Bank of the Republic ofTurkey (thousands of Turkishpounds):

GoldForeign exchangeGovernment securitiesOther securitiesOther assetsNote circulation _DepositsOther liabilities

Bank of the Republic of Uruguay(thousands of pesos):

GoldLoans and discountsOther assets..Note circulation-__Deposits—Demand

TimeJudicial and admin-

istrativeOther liabilities

National Bank of the Kingdom ofYugoslavia (millions of dinars):

GoldForeign exchangeLoans and discountsAdvances to StateNote circulationOther sight liabilities

1933

Feb. Jan.

9,580615

1910,1565,726

20,8837,528

10,26210,555

1,1008,6041,744

15,010815

2,259614281

2,5894,801

961

206261107542183

2,5293950

1,4971,148

21,1191,202

154,45628,15434,379

163,14422,84953,316

1,761190

2,3882,4114,586

873

556334

1,0541,928

586

9,557661

3230,3015,726

21,0907,396

7,8224,2701,1398,3921,8666,703

310

2,259610281

2,6554,789947

206260144538229

2,4718953

1,5011,141

20,8451,551

154,51728,15432,609163,20521,44253,029

47,599104,47742,03181,18930,97437,722

2,95435,235

1,761188

2,4162,4104,588844

1932

Dec. Feb.

523527338

1,0581,995430

9,52749564

10,5455,72621,5946,366

7,1730

1,2038,3351,175

141

2,259601285

2,8094,834

206214217598202

2,4718769

1,6111,037

20,514756

154,83528,08124,105163,52315,31749,450

46, 730107,30238,11484,64132,20137,677

2,90734,719

1,761«209

2,4572,4094,773

343649342

1,0511,918437

9,6738122

13,0065,76722,5424,260

7,53573

2,4927,7101,3534,186353

2,249534286

2,9644,9481,013

20696

• 504526191

2,4989976

1,5051,170

12,8124,573

157,19924,70521,794170,6765,96244,446

50,544101,88534,22580,50231,57638,604

3,09532,977

1,759206

2,1902,2334,776

451

«Corrected.



COMMERCIAL BANES

Country

Argentina (millions of gold pesos):Bank of the Nation:

GoldOther cashLoans and discountsDeposits —

Other banks in Buenos Aires:GoldOther cash . „ „ . . . .Loans and discounts - -Deposits -

Canada (millions of Canadian dol-lars):

Assets entirely in Canada:Cash in vault * — .Cash in central gold re-

serves . -Security loans -Other current loans

Security loans abroadSecurities.-Liabilities entirely in Canada:

Notes in circulation -Individual demand depos-

itsIndividual time deposits

England (millions of pounds ster-ling):

Cash in vault and at bankMoney at call and short notice.A dvannfis and discounts , . ,Investments .. .Deposits

France (millions of francs):Bills and national-defense bonds.Loans and advances „ . . - . .Demand deposits _ _ _Time deposits

Germany (millions of reichsmarks):Bills and treasury notes. .Due from other banksMiscellaneous loansDepositsAcceptances -

Japan (millions of yen):Cash on hand. ... .Loans „Deposits

1932

Feb.

1113234642

1199

1,251933

167

20130

1,06399

664

122

4961,390

170108

1,093264

1,621

17,3479,114

36,4351,218

1,503320

5,9357,276

903

1302,2281,954

Mar.

1115680649

1206798933

158

24131

1,07188

671

121

5001,389

171111

1,103266

1,639

17,4828,711

35,9831,201

1,380367

6,0347,289

863

1162,2641,938

Apr.

1105685644

1206794922

150

23122

1,07073

666

125

4951,393

170111

1,105272

1,643

18,0438,312

35,9291,239

1,613267

6,2357,539

872

1362,2481,946

May

1121688664

1212783914

154

23114

1,05765

663

119

4981,387

176110

1,102284

1,661

18,9988,296

35,8261,284

1,652290

6,1607,562

851

2152,2501,949

June

1136696712

1218775907

166

23110

1,03774

669

126

4891,373

188111

1,114324

1,727

18,9948,693

36,3511,250

1,660257

5,8987|541

815

1562,2521,963

July

1127688702

1218769905

161

25112

1,02876

674

123

4621,363

188120

1,138333

1,765

20,1368,188

36,0311,263

1,661263

5,8137,457

796

1172,2341,973

Aug.

1132679696

1228761909

154

22114

703

117

4751,367

190114

1,176348

1,813

18,7458,456

36,1481,286

1,665242

5,7367,397

782

2122,2192,027

Sept.

1128679690

1243754926

151

23115

1,00395

699

124

4811,359

190110

1,179367

1,826

19,0348,490

36,3721,280

1,651256

5,7457,439

773

1972,1872,019

Oct.

1128668681

1248747928

161

21117

1,01888

727

120

4931,371

189112

1,171396

1,853

19,7578,287

36,1971,342

1,674242

5,7067,401

775

1852,1652,042

Nov.

1128671680

1250745929

2Q2

1910899999

759

116

4721,379

190112

1,161409

1,859

21,2668,086

37,2571,312

1,631245

5,6687,307

770

3022,1882,125

Dec.

1114664659

1263740937

191

2010396491

778

115

4661,378

203123

1,167456

1,944

22,0148,049

36,4911,268

2862,2192,133

1933

Jan.

1124664674

1258739918

185

1910094684

784

108

4461,383

211110

1 179455

1,943

22,2098 023

35 3081 221

1662,1712,132

Feb.

1123660665

1258739923

180

1997

92476

797

104

4461,397

205108

1 137480

1,917

1,736235

5,3967 159

743

1862,1532,133

» Gold, Dominion notes, and subsidiary coin.

NOTE.—Banks included are as follows: Canada—chartered banks; England—$ London clearing banks; France—4 commercial banks; Ger-many—5 Berlin banks; Japan—Tokyo banks.



DISCOUNT RATES OF CENTRAL BANKS

Date effective

In effect June 1,1931.June 13July 16July 23July 30 . . .Aug. 1Aug. 12Sept. 2Sept. 21Sept. 28 . . . .Sept. 29Oct. 10 -Dec. 10Feb. 18,1932Mar. 9Mar. 10Mar. 17Mar. 21Apr. 9Apr. 19

Apr. 28May 2May 12June 30Sept. 22Jan. 9,1933In effect Apr. 1,1933.

Bankof Eng-

land

m

6

5

4

3

2

Bankof

France

2

2H

2*4

GermanReichs-bank

57

10

15108

7

6

5M

5

4

4

Bankof

Italy

5H

7

6

5

44

Nether-landsBank

2

3

SwissNational

Bank

2

2

Country

AlbaniaAustriaBelgiumBolivia

BulgariaChileColombia...Czechoslo-

vakia

DanzigDenmark.. _EcuadorEstonia

Finland. . . , .GreeceHungary . . .India-

RateApr.

1

85

6

8

5

4

4

69

In effectsince—

July 1,1931Mar. 24,1933Jan. 14,1932July 5,1932

May 25,1932Aug. 23,1932Sept. 19,1932

Jan. 25,1933

July 12,1932Oct. 12,1932Nov. 30,1932Feb. 1,1932

Feb. 1,1933Dec. 3,1932Oct. 18,1932Feb. 16, 1933

Country

JapanJavaLatviaLithuania

NorwayPeruPolandPortugal

RumaniaSouth Africa.Spain

SwedenU. S. S. R . . .Yugoslavia.. .

RateApr.

4.38

5*46

4666

746

In effectsince—

Aug. 18,1932Mar. 11,1930Jan. 1,1933Apr. 1,1930

Sept. 1,1932May 20,1932Oct. 21,1932Mar. 13,1933

Mar. 4,1932Feb. 20,1933Oct. 26,1932

Sept. 1,1932Mar. 22,1927July 20,1931

Changes since Mar. 1: Austria—Mar. 24, down from 6 to 5 percent;Portugal—Mar. 13, down from 6*4 to 6 percent.

MONEY RATES IN FOREIGN COUNTRIES

Month

1032—Februarv -March . .AprilMayJune .JulyAugust - -SeptemberOctoberNovember _December . .

1933—January .February -

Month

1932—February .March .April _May -June . - . . .JulyAugustSeptemberOctober . . .November .December

1933—JanuaryFebruarv v

I

Bankers'accept*ances,

3 months

4.632.592.191.441.05.92.74.67.82.89

1.02

.87

.83

Switzer-land

Privatediscount

rate

1.521.501.501.501.501.501.501.501.501.501.50

1.501.50

England

Treasurybills, 3months

4.082.282.071.10.85.66.60.55.71.82

1.04

.76

.78

Belgium(Brussels)

Privatediscount

rate

3.313.363.263.213.163.173.123.003.003.002.94

2.882.78

(London)

Day-to-daymoney

3.842.401.911.29.99.67.73.67.71.73.81

.73

.73

France(Paris)

Privatediscount

rate

1.751.801.661.501.22.99

1.021.001.011.00.91

1.121.89

Bankers'allowance

on deposits

4 -33 -1*41*4-11 - *4

*4*4*4*4*4*4H

H*4

Italy(Milan)

Privatediscount

rate

6.926.536.005.525.505.505.505.505.005.005.00

4.424.25

Germany (Berlin)

Privatediscount

rate

6.676.105.124.874.754.584.504.253.873.873.87

3.873.87

Money for1 month

7.987.106.316.965.765.755.755.555.005.005.08

5.035.00

Hungary

Primecommer-

cial paper

6*4- 9*4

5*4- 95*4- 95H- 94H- 84H- 847/i- 84%- 84 ^ - 7H4H- 7*4

Day-to-daymoney

4K-5*45 -5*44*4-54*4-4%4 -WA4 -AH4*4-4%4 -4H3%-4H3%SH

Day-to-daymoney

7.817.766.175.915.705.495.825.554.944.804.91

4.984.86

Sweden(Stock-holm)

Loans upto 3

months

5*4-75 -76 -74*4-64 -5*44 -5*44 -5*43*4-5*43*4-5*43*4-5*4

3*4-5*43*4-5*4

Netherlands (Amster-dam)

Privatediscount

rate

1.871.221.02.60.39.49.37.37.37.37.37

.37

.37

Japan

Discountedbills

5.84-6.576.20-6.576.20-6.576.20-6.576.02-6. 570.02-6.395.84-6.215.66-6.215.66-6.025.66-5.845.66-5.84

5.48-5.84

Money for1 month

1.691.06.94

1.031.001.001.001.001.001.001.00

1.001.00

[Tokyo)

Call 'money

overnight

6.395.845.484.664.6*4.204.023.473.282.922.74

3.10

1 Preliminary.



FOREIGN EXCHANGE RATES[Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency]

Month Argen-tina

Aus-tralia i Austria Belgium Brazil Bulgaria Canada Chile China Colom-

bia Cuba Czecho-slovakia

Den-mark

1932—MarchAprilMayJune -JulyAugustSeptember.OctoberNovember.December..

1933—January._.February.March 2...

58.287958.217158.324258.520558.557458.569558.588658.583558.583758.5851

58.584758.5804

3 58.2974

290.56299.40293.42291.15283.40277.50277.13271.15261.50261.77

267.19272.17272. 73

13.960113.954413.964513.960013.981313.969613.963513.955013.947713.9581

13.971513.986714.0121

13.936113.995614.024913.936613.872413.873513.860613.894013.872313.8460

13.862913.963813.9803

6.21216.54027.12947 50087.59607.62217.61717.62147.63027.6327

7.63527.63487.6330

0.7176.7201.7202.7200.7230.7209.7203.7200.7200.7200

.7195

.7200

.7210

89.453089.880888.443086.742787.065887.551390.263691.233287.3000

87.462183.508483. 5205

12.060610.65386.00006.02026.02506.02836.04146.02506.02766.0274

6.02756.02786.0281

23.921322.322121.711621.312520.640021.003121.040420.888320.593719.4719

19.791620.113620. 7250

95.240095.240095.240095.240095.240095.240095.240095.240095.2400.95.2400

95.240094.419186. 2100

100.059099.981699.929999.921799.918699.909499.911899.910999.923799.9261

99.941199.9790

100.0162

2.96282.96292.96502.96412.95892.95962.95942.96062.96192.9613

2.96142.96322.9743

20.011220.526720.065419.924819.204418.499317.978117.641217.061317.0069

16.909715.261215.3180

Month Egypt England Fin-land France Ger-

many Greece HongKong Hungary India Italy Japan Mexico Nether

lands

1932-MarchAprilMayJuneJulyAugust _SeptemberOctober.. _NovemberDecember

1933—JanuaryFebruary.March. 2..

372.6136384.7773376.8328374.1009364.0790356.4018355.9494348.5176336.0492336.1120

344.6451

363.9304374.9994367.5140364.6648354.9564347.5721347.1062339.6163327.5267327.8679

336.1385342.2073343. 2800

1.60151.72251. 71711.70191.53501.51141.49531.48231.44411.4239

1.45771.49191. 5153

3.93253.94303.94683.93633.92073.91873.91793.92643.91903.9033

3.90343.92283. 9361

23.781223.742723.794723.687823.717623.783823.781423.769223.753623.7869

23.770323.829123.8519

1.28751.2318.6641.6387.6399.6321.6060.6014.5743.5418

.5392

.5610

.5673

24.685523. 718723.433723.343122.889323.247923.429322.948722.406221.3527

21.752522.071022. 7442

17.435317.429817.438417.474017.461217.450717.465317.445217.435617.4265

17.426017.435917. 4392

27.312128.013327.317527.164726.684226.157726.219225.680024.783024.7923

25.405525.833625. 7900

5.18245.14935.14915.11625.10095.11445.12645.11955.11245.1088

5.11775.11565.1372

32.156232.806331.973030.285627.447124.494423.631423.062820.621820.7298

20.739320.794521. 2631

33.684133.372830.254026.897727.732128.568229.915931.106032.220531.9923

30.163128.421228. 3164

40.279940.491440.547440.441140.274040.244340.158640.221740.177440.1680

40.179740.269140. 3572

Month NewZealand1 Norway Poland Portu- Ru-

maniaSpain

StraitsSettle-ments

Sweden Switzer-land Turkey

Union ofSouth

Africa iUruguay Yugo-

slavia

1932—MarchAprilMayJuneJulyAugust _SeptemberOctoberNovemberDecember

1933—JanuaryFebruaryMarch 2

332.36342.47335.63333.03324.16317.42316.99310.15299.11299.42

292.13272.87273.45

19.600319.078018.482318.062617.638617.410117.447017.175216.725216.8899

17.268417. 527017. 5913

11.177011.184711.181011.183911.188511.177111.180011.174011.176911.1825

11.187211.194011.1834

3.28323.38043. 32673. 33203. 22403.15793.14813.08723.02933.0191

3.10173.1362

.5970

.5966

.5972

.5978

.5982

.5978

.5975

.5973

.5972

.5958

.5974

7.59937.69428.11698. 24518.05188.06088.10448.18718.17308.1506

8.17778.24468. 4431

41.333342.740442.240041.956740.967540.104240.247539.437238.002638.0123

39.581839.6078

19.854019.091018.723818.704918.219017.848517.805517. 533417.431417.9108

18. 298218. 267018.1884

19.340519.437419.557919.514119.468419.452819. 300719.304119. 247019. 2354

19. 283619. 370719. 3716

47. 333047.493547. 506047.355047.160447.101147.191647. 268047.216747.0127

47.026047.1982

474.98473.19479.72479.89478.31477.50476. 79475.85477. 58

« 479.13

•340.63338.90339. 88

47.079647.318647.543347.211547.568047.441347.390047.346647.340247. 3397

47.336647.336347. 3458

1.77531. 77251.77431.74361.67171.69031.58921.40941.35061.3448

1.35551.35931.3714

Monetary units and pars of exchange (in cents per unit of foreign currency):

Country

ArgentinaAustraliaAustriaTCfllgirjTTiBrazilBulgariaCanadaChileChinaColombia.CubaEgyptEngland

Monetary unit

Gold pesoPoundSchillingBelga.Milreis—LevDollarPesoYuanPeso

do—.Egyptian pound. .Pound

Par ofex-

change

96.48486.6614.0713.9011.96

.72100.0012.17

«21.3197.33

100.00494.31486.66

Country

FinlandFranceGermanyGreeceHong KongHungaryIndiaItalyJapanMexicoNetherlandsNew ZealandNorway

Monetary unit

MarkkaFrancReichsmarkDrachmaHong Kong dollar.PengoRupeeLiraYenSilver pesoFlorinPoundKrone

Par ofex-

change

2.523.92

23.821.30

6 21.6317.4946.505.26

49.8549.8540.20

486.6626.80

Country

PolandPortugalRumaniaSpainStraits Settle-

ments.SwedenSwitzerlandTurkeyUnion of South

Africa.UruguayYugoslavia

Monetary unit

ZlotyEscudoLeu. - - _ - - . -Peseta...Singapore dollar...

KronaFrancTurkish poundPound

PesoDinar

Par ofex-

change

11.224 42.60

19.30M0.05

26.8019.30

439.65486.66

103.421.76

1 Monthly averages for Australia, New Zealand, and South Africa from March through December 1932 are taken from the League of NationsMonthly Bulletin of Statistics.

2 No quotations from Mar. 6 through Mar. 11.3 No quotations from Mar. 6 through Mar. 13.4 Average based on quotations for Dec. 1-27.6 Average based on quotations for Jan. 7-31.6 Silver currencies—figures given for parity represent gold value of unit in March 1933, computed by multiplying silver content of unit by New

York average price of silver for March 1933, which was $0.27737 per fine ounce.7 Singapore dollar is legally equivalent to seven sixtieths of 1 English pound. Figure given for parity represents seven sixtieths of average

quotation of pound in New York for March 1933.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIESSECURITY PRICES

[Index numbers except as otherwise specified]

Month

Bonds

UnitedStates

(averageprice)

England(December1921 = 100)

France(1013 aver-age =100)

Germany(averageprice)»

Common stocks (1926 average»100)»

UnitedStates England France Germany

Number of issues

1931—February...MarchAprilMayJuneJulyAugustSeptember.OctoberNovember-December. .

1932—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1933—JanuaryFebruary...

60 87 36 421 278 300

99.4100.099.699.799.499.498.595.689.489.081.6

81.080.380.879.475.272.274.283.285.884.181.981.2

84.182.5

109.7111.6111.3110.8111.1111.2107.2103.5104.2104.8102.2

104.7106.5111.6110.6111.4111.0115.6116.1118.4120.3115.9116.1

116.9118.4

97.197.999.098.498.898.999.597.794.894.490.8

91.590.390.589.085.985.287.488.689.589.188.987.8

86.485.3

82.783.884.884.282.4

<81.4

<63.064.460.462.263.267.470.172.976.3

81.479.9

119.8121.6109.298.095.198.295.581.769.771.757.7

58.056.456.843.939.834.035.953.358.249.947.547.4

49.144.9

89.389.485.176.877.879.273.867.275.674.768.1

69.768.969.663.561 659.363.569.572.772.472.772.0

72.472.2

160.1155.4148.5138.2141.2132.6130.5115.5106.9104.394.8

107.3126.2117.6107.394.497.4

100.4103.4104.397.4

100.0104.3

101.397.9

329

78.5

84.876.1

«70.5i)«52.3

«45. 646.445.645.847.954.152.553.456.7

59.359.4

» Stock price series for England, France, and Germany have been converted from original bases to a 1926 base.» New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 percent bonds.3 Figures not available because of closing of the exchange.* Based on data for part of month, no quotations being available for remainder of month.

Back figures.—See BULLETIN for February 1932, p. 121, and sources there cited.

WHOLESALE PRICES—ALL COMMODITIES

MonthUnitedStates

(1926*100)

7776757372727271707069

676666666464656565646463

6160

Canada(1926-100)

7675747372717170707170

696969686867676767656564

6464

England(1913=100)

10610610610410310210099104106106

1061051051021019898100102101101101

10099

France(1913=100)

538539540520518500488473457447442

439446444439438425430415413412413413

411404

Germany(1913=100)

114114114113112112110109107107104

100100100989796969595949492

9191

Italy(1913-100)

338339337332327324322319322320319

317314315311305297296296300299298296

292286

Japan(October,1900=100)

158158158154151153152150147147151

160161159154150146148156167169178185

185180

Nether-lands

(1913-100)

10410S102102100979491898986

848382807978767576777776

7fi74

1931—February...MarchAprilMayJuneJuly.AugustSeptember,.October... .November-December..

1932—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember-December. .

1933—January...February..

168276—33-



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued

WHOLESALE PRICES—GROUPS OF COMMODITIES

[Groups are those included in indexes shown in preceding table]

Month

1931—FebruaryMarchAprilMayJune _JulyAugust . _SeptemberOctoberNovemberDecember

1932—JanuaryFebruaryMarchAprilMayJuneJuly .AugustSeptember-October .NovemberDecember


RETAIL

Month

JanuaryFebruarvMarchAprilMayJuneJulyAlienistSeptemberOctoberNovemberDecember

UnitedStates

(1913=100

1932

1091051051041011001011011001009999

United States (1926-100)

Farmproducts

7071706765656461695956

535150494746484949474744

4341

Foods

7878767473747574737169

656362615959616262616158

5654

Othercommod-

ities

7877767574747474737472

727171717070707070707069

6766

England (1913-100)

Foods

FOOD PRICES

)

1933

9591

. . . .

. . . .

. . . . -

England(July

1914=100)

1932

131131129126125123125123123125125125

1933

123122

France(July

1914=100)

1932

114115115115114111108104102102104103

1933

102103

112111113113113110108108113115113

114114116115114112108107107106107108

107105

Germany(1913-

14=100) *

1932

116114114113113113114112111110110109

1933

107107

Indus-trial

products

10310310210098989595

100102102

10110199969491929599989897

9796

France (1913-100)

Farmand foodproducts

575581592566571541528508489482491

496511610506611490498453445450458456

455443

Indus-trial

products

505503495480472465452443429416400

390389388381374369370382384379373375

••373370

Germany (1913=100)

Agricul-tural

products

106107108109107105103101999995

929597959392939189888884

8182

Provi-sions

10099979695979694

9491

909189888785848385838180

8180

Indus-trial rawand semi-finishedproducts

106106105103103103102100999997

929190898887878889888887

8787

Indus-trial fin-

ishedproducts

140139138137137136136135133132130

125122121120119118117116115115114114

113112

COST OP LIVING

Month

January.February7

March _ >AprilMayJune _ _JulyAugustSeptembOctoberNovembDecembt

er

erjr

UnitedStates

(1913=100)

1932

136

132

1933

England(July

1914=100)

1932

147147146144143142143141141143143143

1933

142141

France(Jan .-June1914=100)

1932

108

109• -

105

105

1933

Germany(1913-

14=100)»

1932

125122122122121121122120120119119118

1933

117117

1 Average of October 1913, January, April, and July 1914=

•- Eevised.

100.

SOURCE: Wholesale prices—¥OT original sources, see BULLETIN for March 1931 (p. 159). Retail food prices and cost of living.—United States—Bureau of Labor Statistics, Department of Labor; England—MINISTRY OF LABOUR; Germany—Statistiches Reichsamt; France—-For retail foodprices, Statistique Generate, and for cost of living, Commission d'fitudes relatives au cout de la vie a Paris


APEIL 1933 FEDERAL RESERVE BULLETIN 247

LAW DEPARTMENTAmendments to Emergency Banking Act

There is published below the text of an actto provide for direct loans by Federal reservebanks to State banks and trust companies incertain cases, and for other purposes, whichwas signed by the President on March 24, 1933.This act amends title IV of the EmergencyBanking Act of March 9, 1933, by addingthereto a new section (sec. 404), and amendssection 304 (title III) of that act.

IPUBLIC—No. 4—73D CONGRESS]

[H. R. 3757]

AN ACTTo provide for direct loans by Federal reserve banks to State banks and

trust companies in certain cases, and for other purposes.

Be it enacted by the Senate and House of Representativesof the United States of America in Congress assembled,That Title IV of the Act entitled "An Act to providerelief in the existing national emergency in banking,and for other purposes," approved March 9, 1933, isamended by adding at the end thereof the followingnew section:

"SEC. 404. During the existing emergency in bank-ing, or until this section shall be declared no longeroperative by proclamation of the President, but in noevent beyond the period of one year from the date thissection takes effect, any State bank or trust companynot a member of the Federal reserve system may applyto the Federal reserve bank in the district in which itis located and said Federal reserve bank, in its discre-tion and after inspection and approval of the collateraland a thorough examination of the applying bank ortrust company, may make direct loans to such Statebank or trust company under the terms provided insection 10 (b) of the Federal Reserve Act, as amendedby section 402 of this Act: Provided, That loans maybe made to any applying nonmember State bank ortrust company upon eligible security. All applica-tions for such loans shall be accompanied by the writtenapproval of the State banking department or commis-sion of the State from which the State bank or trustcompany has received its charter and a statement fromthe said State banking department or commission thatin its judgment said State bank or trust company is ina sound condition. The notes representing such loansshall be eligible as security for circulating notes issuedunder the provisions of the sixth paragraph of section

18 of the Federal Reserve Act, as amended by section401 of this Act, to the same extent as notes, drafts, billsof exchange, or bankers' acceptances acquired underthe provisions of the Federal Reserve Act. Duringthe time that such bank or trust company is indebtedin any way to a Federal Reserve bank it shall be re-quired to comply in all respects to the provisions ofthe Federal Reserve Act applicable to member Statebanks and the regulations of the Federal Reserve Boardissued thereunder: Provided, That in lieu of subscribingto stock in the Federal reserve bank it shall maintainthe reserve balance required by section 19 of the Fed-eral Reserve Act during the existence of such indebted-ness. As used in this section and in section 304, theterm 'State bank or trust company7 shall include abank or trust company organized under the laws ofany State, Territory, or possession of the United States,or the Canal Zone."

SEC. 2. (a) Section 304 of such Act of March 9,1933, is amended by adding after the first sentencethereof the following new sentences: "Nothing in thissection shall be construed to authorize the Reconstruc-tion Finance Corporation to subscribe for preferredstock in any State bank or trust company if under thelaws of the State in which said State bank or trustcompany is located the holders of such preferred stockare not exempt from double liability. In any case inwhich under the laws of the State in which it is locateda State bank or trust company is not permitted to issuepreferred stock exempt from double liability, or if suchlaws permit such issue of preferred stock only by unani-mous consent of stockholders, the ReconstructionFinance Corporation is authorized, for the purposes ofthis section, to purchase the legally issued capital notesor debentures of such State bank or trust company."

(b) The second sentence of said section 304 isamended to read as follows: "The ReconstructionFinance Corporation may, with the approval of theSecretary of the Treasury, and under such rules andregulations as he may prescribe, sell in the open marketthe whole or any part of the preferred stock, capitalnotes, or debentures of any national banking associa-tion, State bank or trust company acquired by thecorporation pursuant to this section."

Such section 304 is further amended by adding atthe end thereof the following new sentence: (c) "Asused in this section, the term 'State bank or trust com-pany7 shall include other banking corporations en-gaged in the business of industrial banking and underthe supervision of State banking departments or of theComptroller of the Currency."

Approved March 24th, 1933



FEDERAL RESERVE STATISTICS, BY DISTRICTS, ETC.DISCOUNTS BY MONTHS



Boston...New YorkPhiladelphia.

ClevelandRichmond - _.Atlanta

ChicagoSt. LouisMinneapolis

Kansas CityDallas..-San Francisco

Total

1933

March

23.5476.7130.5

91.938.936.7

62.410.913.1

25.26.2

78.1

994.2

February

12.168.253.9

37.818.219.2

26.25.7

10.4

14.74.1

36.1

306.5

1932

March

35.5140 396.8

108 834.437.9

58.319 110.5

35.313.2

124.1

714.1

DISCOUNTS BY WEEKS[In thousands of dollars]


Boston _New York

Philadelphia-

ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis-_Kansas C i t y -DallasSan Francisco.

Total...

Wednesday series (1933)

Mar. 1

15.731280,617126,996

79,63641,70825,083

43,6766,99110.732

16,4515,42159,349

712,391

Mar. 8

18,677772,762142,928

119,15155,63040,665

113,51715,30314,835

30,8836,02683,559

1,413,936

Mar. 15

34,070614,222156,354

114,08747,01252,061

62, 22012,98214,181

30,8527,25387,022

1,232,316

Mar. 22

22,037248,523123,260

60,03324,20032,672

37,7426,62111,513

20,2216,20377,844

670,869

Mar. 29

20,386170,556101,664

62,32320,71526,077

23,0045,82010,707

21,4285,82276,608

545,110

Back figures.—See Annual Reports for 1931 (table 80), 1928 (table 72), Back figures—See Annual Reports for 1931 (table 83), 1930 (table 78)and 1927 (table 55). etc.

RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES

[Amounts in thousands of dollars]


BostonNew York. . . .Philadelphia..

Cleveland..Richmond..Atlanta

ChicagoSt. LouisMinneapolis-

Kansas City—DallasSan Francisco.

TotaL.


Total cash reserves

1933

March February

208,468766,707177, 737

293,030162,042109,893

778, 563153,60474,139

132, 71269,404223,895

3,150,194

262,145871,643217,122

260,468112,87593,314

914,923135,58169,252

114,92846,296261,063

3,359,610

1932

March

220,929987,828247, 597

293, 389102, 540121,241

669,744109, 53275,976

94,43753, 224214,391

3,190,828

Total deposits

March February

132,131858,199113,800

149,69665,86861,776

289, 45577,55344,371

85,16069,110156,426

2,103,545

162,3361,017,653135,031

145,16869,62749,337

416, 78565,23244,889

82,41955,785162,002

2,406,264

1932

March

122,802844,854121,611

148,04854,88850,859

260,16561,01243,143

69,49349,541148,847

1,975,263

Federal reserve notes incirculation 1

March February

248,620930,403295,366

401,269195,938159,878

1,037,508166,113109,059

138,56250,694308,941

4,042,351

190,957600,972245,940

299,838103,892109,389

759,105136,15586,535

101,55736,371247,983

2,918,694

1932

March

176,494569,920260,172

303,962100,922120,578

557, 55192,82269,200

83,16540,559230,139

2,605,484

Reserve percentages

1933

March

54.842.943.4

53.261.949.6

58.763.048.3

57.948.1

51.3

Febru-ary

74.253.957.0

58.565.158.8

77.867.352.7

62.550.263.7

63.1

1932

March

73.869.864.9

64.965.870.7

81.971.267.6

61.959.156.6

i9.7

iIncludes "Federal reserve notes of other reserve banks'* as follows: Latest month, $23,603,000; month ago, $11,663,000; year ago, $14,334,000.



EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVENOTE AND FEDERAL RESERVE BANK NOTE STATEMENTS, MAR. 31, 1933


RESOURCES

Gold with Federal reserve agentsGold redemption fund with U.S. Treas-

ury _

Gold held exclusively against Fed-eral reserve notes

Gold settlement fund with F.R. Board...Gold and gold certificates held by banks-

Total gold reserves _Reserves other than gold.

2, 659,024230,002361,375

3,250,401204,275

Total reserves _Nonreserve cash *Redemption fund—F.R. bank notesBills discounted:

Secured by United States Govern-ment obligations-

Other bills discounted 1

Total bills discounted.Bills bought

3,454, 676114, 2471,100

136,645289,827

United States Government securities:Bonds _Treasury notesCertificates and bills

Total U.S. Government securities..Other securities..

1,838,3414,953

Total bills and securities.Due from foreign banksFederal reserve notes of other banksUncollected itemsBank premises.All other resources

2, 574, 5493,61829,005306,46054,03771,952

Total resources _LIABILITIES

F.R. notes in actual circulationF.R. bank notes in actual circulationDeposits:

Member bank—reserve accountGovernmentForeign bank _ _.Special deposits:

Member bank _Nonmember bank

Other deposits _

6,609,644

Total depositsDeferred availability itemsCapital paid inSurplusAll other liabilities

Total liabilities.Reserve ratio (percent)

FEDERAL RESERVE NOTE STATEMENTFederal reserve notes:

Issued to F.R. bank by F.R. agent...Held by Federal reserve bank

In actual circulation..

Collateral held by agent as security fornotes issued to bank:

GoldEligible paper.United States Government securities .FEDERAL RESERVE BANK NOTE

STATEMENTIssued to F.R. bank (outstanding)Held by Federal reserve bank

In actual circulationCollateral pledged against outstanding

notes:Discounted and purchased bills _United States Government securities-

Total

2,577,825

81,199

426,472304, 783

422, 740457,878957,723

3,695,72314, 567

1,949,10741,12616,384

16,13344,724

, 132,963312,690149,595278,59925,507

6,609,64459.3

4,035, 766340,043

3,695,723

577,825598,813884,700

21,0496,482

14,567

5,25825,249

Bos-ton

154,494

6,424

160,9185,435

24,728

191,08115,488

206,5696,402

150

7,79812,685

20,48354,587

21,79927,51653, 797

103,112

178,182269306

35,2983,280

754

431, 210 2,018,674

241,8231,696

113,0463,2091,174

2,380

1,057

120,86634,99910, 71020,460

656

431,21057.0

265, 74823,925

241,823

54,49470,08441,500

2,040344

1,696

2,300

NewYork

619,843 173,000 224,

18, 779

638,62288,375

164,238

891,235 211,023 278,66268,822

960,057 230,0122,659

550

56,41837,160

93,57853,900

187,233182,229355,949

725,4114,420

877,1,6,217

94, 79612,81842,870

841,337 271, 65110,061

877, 54913,8845,673

5,0052,277

11,350

Phila-del-phia

6,999

999 232,76379,11,46219,562

18,989

3,595250

16,29450,985

290,5208,811

50

67,2799,467

29,84933,26065,031

28,140525

309 205,411 242, 555348

2,16726,9116,9291,904

76622,7483,1814,492

470,843

1,9

16,3613,5841,

4,9521,026315

915,7381127,927101,39758,37485,0586,709

2,018,674 470,843 580,19554.6

929,650 288,87988,313

841,337 271,651

12,2492,188

10,061

12,249

23,34015,84029,242

851

57.6

17,228

619,843 173,000 224,970128,035182,000

47,03170,000

5,0003,008

1,992

8,000

Cleve-land

7,793

11,20934,690

11,858162,582112,51

171,4355,916

6,444

59,1436,872

36,36347,43492,743

76,540

580,195 295,970 233, 240

360,437782

.25,1374,2641,592

15,129684

3,002

149,80824,72413,96528,2942,185

56.9

174,74214,305

360,437

60,66890,000

1,600818

782

2,769

Rich-mond

140,145

3,062

143,2079,8069,569

8,853 6,538

119,0556.800

5,41016,513

21,92311,871

9,91712,93725,295

48,149

81,943137

2,02023,4583,2377,824

L85, 904

53, 2302, """627

6,8151,4873,382

68,13023,4405,135

11,6161,745

67.5

8,034

.85,904

.40,14532,19224,000

Chicago

87,000

4,737

91, 73712,0478,733

3,83822,445

14,523

10,15013,06525, 544

48, 759

89, 565123

1,3948,5902,4225,291

1,317,299 257,244

152,446

42,148785563

5,907723

3,224

53,3509,3304,63710,5442,933

295,970 233,24057.(

.63,47911,033

52,446

87,00034,30646,000

778,907 116,

12,833

791,74033,03137,294

118,42517,1842,707

862,06530,878

892,94324,922

5,46214,263

19,72572,969

39,90252,048164,601

256, 551

349,245

34,2117,595

1,210

939,078

252,4896,0862,091

St.Louis

1,690

38,31610,195

.48,5116,134

100

1,8693,102

4,97113,680

13,95617,55534,321

65,832

84,48315

1,59211,9903,2851,134

.54,42636

61,7242,248547

15,251, 3,9415,059| 2,4605,947! 3,094

286,92332,66815,52739,4973,606

, 317,299 257,24472.8

,035,322165,47396,244

939,078 154,426

87,045174,000

74,01413, 2684,25810,1861,056

65.0

11,047

778,907 116, 73517,01634,000

160124

1895,000

Min-neap-olis

52,140

3,159

55,29911,1784,441

70,9182,967

112,8477,024

73,8852,320

119,871 48,374

4569,922

10,37810,656

17, 26212,69224,810

54,764

75,80610

1,5017,2681,7461,917

39,081499370

8761,7941,263

43,8837,2382,8477,0191,327

50.6

L05,0842,945

.02,139

52,14018,00337,700

Kan-sas

City

80,280

3,746

84,0268,28520,536

5,288

Dal-las

22,648 127, 663

1,680 10,297

24,32810,5975,620

40,5457,829

5,675

1,60719,489

21,0967,602

12, 55815,11329,549

57, 220

85,918102

3,41115,0903,5591,230

.64,453 234, 469 124, 716 481,331

.02,139 125,444

76, 597817466

772174

2,325

81,15114,9784,0028,263

631

58.0

.39,05113,607

25,444

80,28017,36745,000

5515,261

5,8122,124

18,02010,46320,45"

48,940

56,876 247,256'"I 246

2,51916,1124,2441,785

102419

1,7411, 541

43,935

52, 7911,595

466

1781

653

55,68410, 5973,7908,7191,991

64,453 234,469 124, 716 481,33148.6

48,0114,076

43,935

22,6486,038

20,500

SanFran-cisco

137,96011,39329,257

78,61014,834

93,44415, 725

14, 24361,558

75,80146,532

25,73133,56665,626

24,923

277,103

38,9541,5661,126

4,283448

9,112

55,48916,71110,51019,7011,817

44.7

49,286

277,103

.27,66381,02820,000



ALL MEMBER BANKS IN EACH DISTRICT

RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS[In millions of dollars]

Federal reserve district

February


Eeserves held

Total

1933

January February February

1932 1933

January February February

1932

Borrowings at Federal reserve

1933

January February

1932

BostonNew York. . . .Philadelphia.

Cleveland-Richmond.Atlanta

ChicagoSt. LouisMinneapolis _

Kansas Ci ty . . .DallasSan Francisco..

155.8979.5127.5

135.662.544.8

403.259.342.1

78.752.4

149.7

147.21,230.3

127.0

141.552.844.2

420.659.1

67.046.4

141.7

119.6811.5118.4

141.051.847.6

257.757.541.4

68.149.2

143.6

43.981.412.5

1.515.15.0

186.610.19.1

21.611.619.0

34.2294.310.7

4.93.92.5

197.68.04.8

9.05.38.5

1.612.91.4

1.11.32.3

8.92.41.9

4.73.81.6

12.167.653.9

37.718.219.2

26.15.7

10.3

14.64.1

35.9

12.357.247.0

24.516.217.4

16.07.9

10.1

11.64.4

29.8

39.9178.8121.9

121.736.445.0

79.822.012.2

35.414.6

128.5

Total. 2,291.0 2,515.9 1,907.5 417.3 583.8 43.8 305.6 254.4 836.2

Back figures.—For reserves held and borrowings at Federal reserve banks, see Annual Reports for 1931 (tables 100 and 101), 1929 (tables 91),and 1927 (tables 89 and 90).

NET DEMAND AND TIME DEPOSITS OP BANES IN LARGER AND [SMALLER CENTERS[In millions of dollars]

Federal Reserve district

BostonNew YorkPhiladelphia

ClevelandRichmondAtlanta -

ChicagoSt. Louis . .Minneapolis

Kansas City—DallasSan Francisco

Total


Member banks in larger centers (places over 15,000)

Net demand

1933

Febru-ary

9426,574

822

935316286

1,473348172

378281803

13,330

Janu-ary

9516,854

830

960330301

1,517362176

381285819

13,767

1932

Febru-ary

9905,818

836

968345331

1,693389206

414314893

13,198

Time

1933

Febru-ary

6641,894

619

982302289

1,105267191

208161

1,479

8,161

Janu-ary

6711,955

* 628

987301296

1,141279188

212163

1,504

8,324

1932

Febru-ary

7111,892

604

1,024291291

1,304308207

217163

1,498

8,510

Member banks in smaller centers (places under 15,000)

Net demand

1933

Febru-ary

75189133

1287453

1257987

15913480

1,315

Janu-ary

76192138

1287655

1318191

16413286

1,349

1932

Febru-ary

85226153

1488667

16291

116

191155110

1,591

Time

1933

Febru-ary

137459390

25215958

21388

180

1103195

2,172

Janu-ary

137466391

25315959

22191

183

1113298

2,201

1932

Febru-ary

146500409

27016670

266100211

12433

120

2,416



WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES

PRINCIPAL RESOURCES AND LIABILITIES OF ALL WEEKLY REPORTING MEMBER BANES, BYDISTRICTS, ON MAR. 1, 1933


Loans and investmentsLoans

On securitiesAllother

Investments—U.S. Government securitiesAllother _ ,

Reserve with Federal reserve bankCash in vaultNet demand depositsTime deposits _Government depositsDue from banksDue to banksBorrowings from Federal reserve banks

Total

17,8239,6274,2345,3938,1964,9083,2881,599

38910,6055,288

90866

2,199488

Bos-ton

1,15967227140148729719011421

736390

399

1391

NewYork

7,4863,6531,8841,7693,8332,4931,340

729106

5,4221,187

3898

947217

Phila-del-phia

1,0635682892794952392566717

587271

856

12980

Cleve-land

1,7871,025

4725537624493137638

735711

947

13763

Rich-mond

5572891071822681611074630

260218

3437227

At-lanta

49131010720318110081219

192192

7456216

Chi-cago

1,9601,303

57173265734131628299

1,171809

814124124

St.Louis

4932601061542331161175214

287173

145772

Min-neap-olis

29016752

1151235964276

145140

4650

1

Kan-sas

City

49622575

1502711521195815

329171

290

1346

Dal-las

35721468

14614389544710

221128

36778

1

SanFran-cisco

1,6849412327097434123318024

••520898

889

13350

*• Revised.NOTE.—Complete figures for dates subsequent to Mar. 1 are not available.

PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN NEWYORK CITY AND CHICAGO


Loans and investments:Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29

Loans:Mar. 1 - _Mar. 8Mar. 15Mar. 22Mar. 29

On securities:Mar. 1 -Mar 8Mar. 15Mar. 22Mar. 29

All other:Mar. 1Mar. 8Mar. 15Mar. 22. „Mar. 29

Investments:Mar. 1Mar. 8Mar. 15Mar. 22Mar 29

U.S. Government securities:Mar 1Mar. 8Mar. 15 .Mar 22Mar. 29

All other:Mar 1Mar. 8Mar. 15 -Mar 22Mar 29

Reserve with Federal reserve bank:Mar. 1Mar. 8Mar. 15-

NewYorkCity

6,5126,4126,5236,4846,457

3,0793,1213,1573,1513,118

1,6401,6681,6741,6261,555

1,4391,4531,4831,5251,563

3,4333,2913,3663,3333,339

2,3382,1862,2532,2102,185

1,0951,1051,1131,1231,154

683618669

Chicago

1,006966

11,0991,1251,131

618607

1646'645

647

346346

'357355

272261

1293'288

292

388359

1453'480

484

189161

1202239246

199198

1251'241

238

226132

U50

Reserve withlFederal reserve bank—Contd.Mar. 22Mar. 29

Cash in vault:Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29 _ _ _ _ „ .

Net demand deposits:Mar. 1. .Mar. 8Mar. 15Mar. 22Mar. 29

Time deposits:Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29

Government deposits:Mar. 1Mar. 8...Mar. 15 „Mar. 22Mar. 29-

Due from banks:Mar. 1Mar. 8-Mar. 15Mar. 22 . .Mar. 29

Due to banks:Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29

Borrowings from Federal reserve banks:Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29

NewYorkCity

609739

^9213185

[5650

4,9834,4814,5184,6404 827

776749740739737

3411

170170170

6253555455

898690756859930

18363248314784

Chicago

162175

64165

11286359

809742

1788809805

286259

1359357360

43

1161716

9751

1 90136129

168130

1133191194

66113

«Revised.

1 On Mar. 9 a member bank in Chicago took over assets and assumed depositliabilities of a nonmember aggregating approximately $135,000,0004



RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OFEACH DISTRICT

F e d e r a l Reservebank or branchcity

Prime commercial paper

1933

March February

1932

March

Loans secured by primestock-exchange collateral

1933

March February

1932

March

Loans secured by warehousereceipts

1933

March February

1932

March

Interbank loans

1933

March February

1932

March

Boston.

New York.Buffalo

Philadelphia.

Cleveland _.Cincinnati.Pittsburgh.

Richmond-Baltimore..C h a r l o t t e -

AtlantaBirmingham.Jacksonville. -NashvilleNew Orleans .

Chicago-Detroit. .

St. Louis.—Little Rock.Louisville...

Minneapolis..Helena

Kansas CityDenverOklahoma City.. . .Omaha

DallasEl PasoHoustonSan Antonio..

San FranciscoLos AngelesPor t land. .Salt Lake CitySeattleSpokane

5 -6

-66

65 -65 -6

5 -5K4 K 85 -7

6

5 -66 -7

7 -8

4 -6

6

4 -67 -85 -«5 -85 -5H5M6

3 -45 -6

4 -5

4 -6

6

5 -6

A

4 -56 -6i

2 -4J7 -8

4 -6

6

3 -67 -8

5 -7

5 -5

4 -5

4 -55 -6

5 -55 -6

5 -5K8 -64H-8

6

5 -6

46

6

4 -47 -8

5 -64 -5

5 -67 -8

5 -666

5 -5H

5 -65 -6

5 -65 -6

5H-66 -86 -8

65 -7

5 -5H6

5 -66K-7

6

5H-7

6 -76 -86 -76 -7

5 -66 -61

66

6 -61,6 -7

4 -5

4 -5

5 i 653^-6

5 -65 -6

6 -86 -8

65H-7

4 -5

5 -66^-7

6

4 -67 -8

6 -77 -8

6 -7

5 -6

6 -6V6 -7

5 -5M

5 -6•5 -7

65 -6

5 -66 -86 -8

6V

5 -6

6 -76

5 -67 -8

5H-7

6 -77 -85M-763^-7

5 -66 -%Y26 -6M

6

6

5 -6

6 -76

5 -66 -86 -8

6

5 -ty2

5 -6

4 -5}6 -7

6 -86 -86 -6V£

5 -78

5 -66 -8

66 -7

7

3 -46

5 -76

4 -56 -86 -8

65Vf-7

5 -5K5 -6

4 -66M-7

62 -46 -7

6 -86 -86 s

85 -66 -8

-77

5 -6

46

5 -6

56 -86 -8

6

6 -76

4 -46 -8

5 -6

6 -86 -6}

534-68

5H-6

6 -6H6 -61^

76H-76H-7

4K-55 -6

5 -6

5 -65K-6

65 -6

5 -5M'4H

5H-66 -75 -6

5 -66 -7

5H-666

5 -5;5 -65 - 5 ^

6

5 -5166

6 -7

4 -5

4 -4^6

4 -5

65 -6

5 -5M6 -7

6 -7

5 -b\5 -65 -h\

-76

6

4 -5

65 -6

6

5 -66

5 -66

5 -6

6 -7

666

5 -5H5K6

NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month Ratesfrom about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities.



OTHER BANKING AND FINANCIAL STATISTICS

SHIPMENTS AND RECEIPTS OP AMERICANCURRENCY TO AND FROM EUROPEBY SELECTED BANES IN NEW YORK CITY

[Paper currency only. In thousands of dollars]

Month

JanuaryFebruary.March..AprilMayJuneJulyAugust. .SeptemberOctoberNovemberDecember

1932

Ship-ments

toEurope

250000

1220

152367

70245

Re-ceiptsfrom

Europe

3,3355,2218,4684,563

10,93816,2656,6946,4586,6035,2946,0133,986

Netship-

ments(-)or

receipts(+)

+3,310+5,221+8,468+4,663

+10,938+16, 253+6,674+6,306+6,567+5,287+5,943+3,742

1933

Ship-ments

toEurope

3105101

Re-ceiptsfrom

Europe

5,3045,589

13,786

Netship-ments(-)orreceipts

(+)

+5,301+5.484

+13,685

For description and back figures see BULLETIN for January 1932,pp. 7-9.

MEMBERSHIP IN tAR-COLLECTION SYSTEM[Number of banks at end of February]

Federal reservedistrict

United States .

BostonNew YorkPhiladelphiaClevelandRichmond _AtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Member banks

1933

6,699

367821687632390316766402537769576436

1932

7,094

371833706646394340864446575810607502

Nonmember banks

On par list

1933

7,852

223332297761421129

2,1331,058

3061,371

393428

1932

8,839

225335332772439146

2,4771,192

3791,582

454506

Not on par list

1933

2,979

535269324339080621622648

1932

3,127

636376524739487021321851

Figures cover all incorporated banks (other than mutual savingsbanks).

MATURITY DISTRIBUTION OF BILLS ANDSHORT-TERM SECURITIES


B i l l s d i s -counted:

Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29

Bills bought inopen market:


Certificates andbills:


Municipal war-rants:


712,3911,413,9361,222,083 46,2901,232,316

670,869545,110

Total

383, 666417, 289403,316352,309310,235

957,251996,466

1,008,937

957,722

4,7195,6315,6445,3945,402

Within15 days

585,190 28,255

992,30153,398502, 668 32,170396,353 33,408

5,5555,5355,280

16 to30

days31 to 60 61 to 90days

43,67274,15491,87858,20542,898

65,622 75,883 110, 218 131,01388,645 62,215 123,946 141,262106,316 62,351128,316 105,73075,421 68,151136,775 71,45672,471 60,165 145,905 31,481

days91 daysto 6mos.

43,90261,31279,371

62,495

141,23133,750 89,601215,697 165,625 311,347146,786 58,750 204,117 144,945 130, 525 311,34352,750 58,050193,337 133,715 391,298179,78750,120 60,000170, 227 248,140 292,872 162, 52731,000 60,100183,347 210,875 309,872 162,528

9,8428,31212,6628,3057,639

9301,221603506213

Over6 mos.

1,5301,7852,7062,6852,317

UNITED STATES POSTAL SAVINGS[Balance to credit of depositors. In millions of dollars]

End of month

JanuaryFebruarvMarch - .AprilMayJuneJulyA ugustSeptemberOctober - -November

1928

148.9151.1152.0152.2152 0152.1151.7152.2152.3153.1153.9153.9

1929

153.5154.8155.0154.3153.8153.6157.8160.1160.3161.6163.7164.3

1930

165.1167.9169.5170.2171.2175.3180.7186.6189.8192. fi200.7245.4

1931

278.4292.1302.7313.8325.0347.4372.5422.7469.9538.1565.5605.1

1932

665.6691.8705.3722.1742.6784.8828.5848.5857.4870.8885.2900.8

1933

p 942.5v 1,005.6p 1,111.6

p Preliminary.



ALL BANKS IN THE UNITED STATES

ALL BANKS ^PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES BY DISTRICTS

[In millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figures are available]

Federal reserve district

ALL BANKS »

Boston . - -New YorkPhiladelphiaCleveland

AtlantaChicago - .St LouisMinneapolis - . . -Kansas OitvDallasSan Francisco

Total

MEMBEB BANKS

Boston . . . . .New YorkPhiladelphia . -Cleveland .RichmondAtlanta . . . .ChicagoSt. LouisMinneapolisKansas CityDallas -San Francisco

Total

NONMEMBER BANKS

Boston ._ . . . .New YorkPhiladelphiaCleveland -- -_RichmondAtlanta _ChicagoSt. LouisMinneapolis^Kansas City __-DallasSan Francisco

Total


Total

1931

Dec.31

6,38517,8263,7843,7702,0141,2435,6431,5411,2211,410

8953,973

49,704

2,18510,5652,5582,8651,050

9063,8821,031

7891,016

7243,005

30,575

4,2017,2611,226

905964337

1,761510431394171969

19,129

1932

Sept.30

5,94017,0253,5243,5801,902|1,1634,5861,3861,0851,237

8243,598

45,852

2,0519,9152,4142,715

997852

3,175923702899666

2,735

28,045

3,8897,1101,110

865905312

1,411463382338158863

17,807

Dec.31

5,79117,0793,4593,4871,8211,1454,2971,3321,0131,188

7953,537

44,946

1,94810,0452,3552,643

966845

2,907887658870647

2,699

27,469

3,8447,0341,104

844855300

1,391446356318148838

17,476

Loans

1931

Dec.31

3,83511,2812,1142,3971,295

8453,8501,006

700860602

2,520

31,305

1,3906,6091,5211,807

693593

2,632623441574480

1,898

19,261

2,4454,672

593590603252

1,218382260287123622

12,045

1932

Sept.30

3,4779,7441,8742,1361,146

7632,999

850598712532

2,154

26,985

1,2105,1921,3641,593

604531

2,031511374470421

1,623

15,924

2,2674,552

511543542232968339224242111530

11,061

Dec.31

3,3569,5761,8302,0671,089

7342,804

800560666504

2,077

26,063

1,1075,0661,3131,538

579616

1,851468353441402

1,570

15,204

2,2494,510

517528510218954332207225102507

10,859

Investments

1931

Dec.31

2,5506,5451,6701,374

719398

1,793535520549293

1,453

18,399

7943,9561,0371,058

358313

1,249407349442244

1,107

11,314

1,7562,589

63331636185

54412817210749

346

7,084

1932

Sept.30

2,4637,2811,6501,444

756400

1,587536487525292

1,445

18,867

8424,7231,0501,122

394321

1,144413328429245

1,112

12,121

1,6222,558

60032336280

4441241589647

333

6,746

Dec.31

2,4357,5031,6291,420

732411

1,493532453522291

1,460

18,883

8414,9791,0431,105

387329

1,056418304429245

1,129

12,265

1,5942,524

58731534582

4371141499345

331

6,617

Deposits, exclusive ofinterbank deposits

1931

Dec.31

5,89716,2983,1713,3541,8451,1535,4161,4421,2141,408

8663,756

45,821

1,9649,2762,0902,500

944817

3,616932773980686

2,854

27,432

3,9347,0221,081

854901337

1,800510441428180902

18,389

1932

Sept.30

5,613'15,360

2,9373,1391,7191,0424,4051,2871,0411,249

7873,364

'41,942

1,9198,4561,9662,344

884746

3,038836671887633

2,525

24,903

3,694'6,904

971795835295

1,367451370362154840

'17,040

Dec.31

5,50215,3512,9473,0621,6811,0474,3681,2741,0071,228

7853,392

41,643

1,8328,4031,9812,296

875758

3,078840659883634

2,564

24,803

3,6706,948

966766806289

1,290433348345151828

16,840

Rediscounts andbills payable

1931

Dec.31

1012161961547563

1494716422067

1,147

62194141129384891278

291457

839

39215524371558219

136

10

308

1932

Sept.30

571611501498678

18955323429

100

1,120

2312690945059982315191783

697

333660553619913217141217

423

Dec.31

601411461448468

2056132272256

1,046

1912085864148501914139

42

547

412060584420

1544218151314

499

i Includes all national and State banks (including stock and mutual savings banks) and all private banks under State supervision.

' Revised.

Back figures.—-See BULLETIN for July 1930, and January and July 1931; also (figures of loans, investments, and deposits) Annual Report ofthe Federal Reserve Board for 1931 (tables 45, 46 and 92-95).



ALL BANKS IN THE UNITED STATES—ContinuedALL BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON DEC. 31, AND SEPT. 30, 1932,

BY STATES[Amounts in thousands of dollars]

State

New England:MaineNew Hampshire.VermontMassachusetts...Rhode IslandConnecticut

Middle Atlantic:New York.. . .New Jersey...Pennsylvania.

East North Central:OhioIndianaIllinoisMichiganWisconsin


Total

Decem-ber

380,568284,140202,854

3,592,637474,192

1,128,591

15,253,85415,138,4501,944,8024,542,151

West North Central:MinnesotaIowaMissouriNorth DakotaSouth DakotaNebraskaKansas

South Atlantic:DelawareMarylandDistrict of Columbia-VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida

East South Central:Kentucky.TennesseeAlabama..Mississippi

West South Central:ArkansasLouisianaOklahomaTexas

Mountain:Montana-Idaho _WyomingColoradoNew Mexico .ArizonaUtahNevada

Pacific:WashingtonOregonCalifornia

Total.

1,879,9414,438,808

1,837,311498,300

1,949,6281,248,641

625, 975

644,297

841,50765,89572,053

201,646253,308

151,084713,556229,183413,291241,776205,35879,534

230,677170,798

355,049298,023177,197116,439

101,798347,626254,125698,958

87,94843,66039,380

191,61126,73539,177

106,40810,727

325,916173,674

2,856,465

44,945,85:

Septem-ber

394,739285,996208,081

3,677,997488,306

1,164,779

1,873,843516,202

2,060,5971,322,438

691,759436,734876,842

78,179217,954264,181

155,248759,171236,455433,502245,418207,08883,737246,610172,830

354,730305,045185,821120,982

105, 520335,325258,427725, 532

93,18441,25442,558196,72728,14839,830

106,01031,851

332,180181,405

2,885,280

45,851,572

Loans

Decem-ber

196,003131,746125,922

2,160,605228, 254654,173

8,549,3661,095,4032,203,996

1,256,362320,618

1,161,688890,213407,334

357,036259,955457,58742,73242,320129,334159,642

81,168337,858127,102303,462178,869142,37745,959154,10856,134

251,048224,468121,59374,055

67,213243,175124,200444,257

40,87220,39125,78790,95514,37917,91367,1324,994

165,75770,108

1,737,601

Septem-ber

202,943132,979128,979

2,243,044243,337670,667

Investments

Decem-ber

1,130,1802,274,819

1,285,747335,477

1,247,448926,879440,555

379,580300,920489,78345,06346,651141,428169,577

84,415367,098131,623315,987180,748147,61250,150167,91458,411

254,540232,274128,48479,168

71,295244,460134,142468,198

44,833

28,58194,58815,74019,33467,03923,638

175,11076,624

1,779,697

184,565152,39476,932

1,432,032245,938474,418

6,704,488784,538

2,234,812

580,949177,682787,940358,428218,641

287,261125,583383,92023,16329,73372,31293,666

69,916375,698102,081109,82962,90762,98133,57576,569114,664

104,00173,55555,60442,384

34,585104,451129,925254,701

47,076

13,593100,65612,35621,26439,2765,733

160,159103,566

1,118,864

26,063,224 26,985,00118,882,633 18,866,57141,642,682

Septem-ber

191,796153,01779,102

1,434,953244,969494,112

6,451,814,622

2,267,332

588,096180,725813,149395,559248,034

312,179135,814387,05924,02231,52876,52694,604

70,833392,073104,832117,51564,67059,47633,587

51113,578,081

114,419

100,19072,77157,33741,814

34,22590,865124,285257,334

48,35120,95113,977102,13912,40820,49638,9718,213

157,070104,781

1,105,583

Deposits, exclusiveof interbank de-posits

Decem-ber

348,419254,361194,086

3,428,090448,831

1,080,114

1,814,9243,699,672

1,711,008503,402

2,049,0411,227,655

596,348

650,780378,669872,18762,65266,088195,096259,405

130,488645,314236,912366,858216,718188,94279,468222,196170,439

292,857261,321156,977112,525

95,463314,385263,114691,184

92,54548,19439,782204,34727,75244,44589,86212,518

304,476173,696

2,740,995

Septem-

366,804255,611195,070

3,505,442457,506

1,089,829

13,601,7181,790,7323,745,390

1,736,994509,786

1,990,4101,264,343628,592

670,332423,523867,05365,78869,775205,107264,301

131,184685,777244,150376,644211,780182,20874,062233,295170,381

286,523

156,126111, 045

296,853269,548696,012

91,60841,34839,086208,08825,93741,43581,25627,970

307,842178,227

2,706,809

41,942,2781,045,875


Decem-ber

13,1264,96011,58923,309

80513,665

84,60578,290151,688

103,16016,986106,19648,32727,760

12,96224,76028,1073,4535,7597,2918,062

82629,4095,69115,291

15,6266,7868,8162,664

10,03927,6997,8179,432

8,20424,8382,249

15,672

2,315960

1,4,1,259

6482,115

246

11,1874,647

Septem-

4,0995,53811,70424,190

96917,697

94,86090,857156,834

102,69017,92183,49447,21628,882

11,91330,73117,2483,5626,5378,9158,106

80020,9185,96017,50516,91618,1289,43810,4142,761

11,78126,2989,69612,139

9,55331,4524,01422,309

3,6841,6733,9385,9802,5371,348

4,719

11,8506,32470,537

1,119,93:

Number ofreporting

banks

De-cem-ber

11511710041734205

4751,232

802675

1,079543781

794795

228240

844

5020834378215258131289177

470364235227

272190486

1,023

1471037120748247413

253159348

18,390

Sep-tem-ber

11511710041634206

4731,240

802691

1,122549834

823844898233249610870

5020534

380213258131306184

470382241227

274195505

1,046

14910672

20849267326

255161359

18,794

Back figures.—See (for figures of loans and investments) Annual Reports of Federal Reserve Board for 1931 (tables 96-98) and 1927 (tables 81-83).1 Includes all national and State banks and all private banks under State supervision. Figures for State institutions are taken from p . 257 and

represent in some cases the condition of banks as of dates other than Dec. 31 and Sept. 30,1932.

' Revised.



ALL BANKS IN THE UNITED STATES—Continued

NATIONAL BANKS1—PRINCIPAL RESOURCES AND LIABILITIES ON DEC. 31 AND SEPT. 30, 1932[Amounts in thousands of dollars]

State

New England:MaineNew Hampshire.Vermont.Massachusetts...Rhode IslandConnecticut

Middle Atlantic:New York....New Jersey...Pennsylvania.

East North Central:OhioIndiana..IllinoisMichiganWisconsin


South Atlantic:Delaware . .MarylandDistrict of Columbia.VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida

East South Central:KentuckyTennesseeAlabamaMississippi

West South Central:ArkansasLouisianaOklahoma,.Texas.

Mountain:MontanaIdahoWyomingColoradoNew Mexico .ArizonaUtah...Nevada

Pacific:Washington-OregonCalifornia....

Total.


Total

Decem-ber

109,39463,39257,310

1,013,40944,444210,516

3,853,624673,274

2,169,948

560,489231,214

1,150,132693,619309,413

401,204146,375334,18048,54742,643136,560133,405

19,213183,993127,746241,475117,91551,69640,745151,161128,210

158,388201,345130,88642,497

46,44780,880

214, 7065f>3,383

50,02916,09924,958157,98019,98617,34335,9188,543

198,950138,693

1,846,555

Septem-ber

114,95465,24859,172

1,083,65845,424216,825

3,838,387698,888

2,234,288

571,063241,257660,332742,334341,918

431,046153,555345,73951,17746,449145,288138,251

19,304186,026132,259254,969120,36852,20642,682159,525125,245

158,069201,029135,41243,092

46,43979,405217,248580,638

53,18813,41f27,14:163,09621,05:15,64834,51418,574

204,562146,424

1,856,957

17,398,83217,333,740

Loans

Decem-ber

56,87533,78031,022577,68023,245136,179

2,005,407365,537

1,114,741

336,834132,516711,219507,915199,206

229,19878,151171,41427,79321,32181,11870,818

10,02172,22963,796169,46882,83936,69724,33689,83037,194

96,793144,595

25,036

25,20256,57f

103,290351,808

19,4387,76015,20669,63010,2305,90417,3603,504

89,98849,878

1,153,91*

9,828,14!

Septem-ber

59,41335,01331,974647,34724,817140,387

2,042,764381,953

1,173,915

345,689140,224382,063523,870214,311

240,94884,699188,10129,59523,76787,55074,813

10,09976,56367,625175,83884,38037,93025,96096,33537,166

100,285145,65786,39426,410

25,82857,289110,968366,924

21,55:6,99916,94373,26311,3106,29016,50412,405

95,61656,394

1,181,866

9,904,00f

Investments

Decem-ber

52,51929,61226,288435,72921,19974,337

1,848,217307,737

1,055,207

223,65598,698438,913185,704110,207

172,00668,224162,76620,75421,32255,44262,587

9,192111, 76463,95072,00735,07614,99916,40961,33191,016

61,59556,75047,23917,46:

21, 24524,304111,416211,575

TO, 598,33!9,75:88,3509,75611,43918,5585,039

108,96188,81,

692,637

7,570,69C

Septem-ber

55,54130,23527,198

436,31120,60776,438

1,795,623316,935

1,060,373

225,374101,033278,269218,464127,607

190,09868,856157,63821,58222,68257,73863,438

9,205109,46364,63479,13135,98814,27616,72263,19088,079

57,78455,37249,01816,682

20,6122,116106,280213, 71-

31,6376,41710,19889,8339,7419,358

18,010

Deposits, exclusiveof i n t e r b a n kdeposits


Decem-ber

103,84852,45547,904

971,33634,578

200,732

3,228,08:638,93J

1,802,537

512,021230,404

1,293,626721,955300,610

407,032138,019332,41646,44039,467132,229139,149

14,841155,791131,673219,928104,18442,17137,084150,720126,044

138,384163,297112,45940,066

43,44872,280220,352550,278

54,88917,54124,973

166,9632089f

108,94690,030675,091

,18,62134,98C9,65C

180,763138,264

1,736,945

7,429,73516,101,26415,634,91

Septem-ber

Decem-ber

106,73053,70549,396

1,043,65633,991

198,911

3,280,790638,589

1,818,068

519,334225,998676,175732,882311,600

412, 729144,715323,081

41,420134,497137,855

15,741160,967140,280224,256100,66041,61535,083160,257120, 718

132,050161,418112,88939,227

42,00270,166224,724£50,979

54,15212,94024,664170,70419,43415,83828.66S13,83

183,84C142,795

1,702,453

Number ofreporting banks

3,5551,7132,9185,082

742,304

43,55335,526

11,6365,20010,7958,1585,614

3,7365,5012,0992,1533,0384,2082,576

4393,3382,5197,3826,5374,1134,7762,0461,06:

4,0020,5644,17-2,690

1,1164,7451,4347,577

800424702

3,378726242449246

6,5352,757

27,435

348,528

Septem-ber

Decem-ber

3,7172,2913,1945,856

2005,069

49,34439,16274,028

12,8117,47812,6829,6506,351

3,3866,0292,8162,3683,8265,4412,683

4253,3852,9749,0988,6444,9986,2493,0361,346

5,74320,6505,0413,223

1,5174,8922,816

13,415

1,519762

2,4944,5501,849

499904

3,824

6,8194,434

60,086

443,574

3eptem -

435345

1411058

496269747

26615!337102127

229163977772

156219

166812

1398443215'49

108

5229

233483

83r

16C

6,01

5345

1411058

496269752

266157340103133

234167997976

156222

166812

1398342216149

108817925

5129

241489

2825992610159

8473

165

1 Member banks only, i.e., exclusive of national banks in Alaska and Hawaii.




STATE BANKS!—PRINCIPAL RESOURCES AND LIABILITIES ON DEC. 31 AND SEPT. 30, 1932,BY STATES


State


Total

Decem-ber

Septem-

Loans

Decem-ber

Septem-ber

Investments

Decem-ber

Septem-ber

Deposits, exclusiveof i n t e r b a n kdeposits

Decem-ber September

Rediscounts and Number of re-bills payable

Decem-ber

Septem-ber

porting banks

Decem-ber

iep-tember

New England:MaineNew HampshireVermontMassachusettsRhode IslandConnecticut

Middle Atlantic-New YorkNew JerseyPennsylvania

East North Central:OhioIndiana..IllinoisMichiganWisconsin


South Atlantic:Delaware. _Maryland _..District of Columbia.._VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida

East South Central:KentuckyTennessee.AlabamaMississippi

West South Central:ArkansasLouisianaOklahomaTexas..

Mountain:Montana.. - . .IdahoWyomingColoradoNew MexicoArizonaUtah...Nevada

Pacific:WashingtonOregon..California

271,174220,748145,544

2, 579, 228429, 748918,075

279, 785220,748148,909

2, 594,339442,882947,954

11,400,230111, 206,6672, 268,860

,300,0631,245,9142,307,863

1,276,822267,086799,496555,022316.562

243,093239,163507,32717,34829,41065,086119,903

131,871529.563101,437171,816123,861153,662< 38,78979,51642,588

196, 66196,67846,31173,942

55, 351266,74639,419135, 575

37,91927, 56114,42233,6316,74921,83470,4902,184

126,96634,981

1,009,910

1,302,780274,945

1,400,265580,104346,671

260,713283,179531,10317,90831,73072,666125,930

135,944573,145104,196178, 533125,050154,882* 41,05587,08547, 585

196,661104, 01650,40977,890

59,081255,92041,179144,894

39,99627,83815, 41733,6317,09724,18271,49613,277

127,61834,981

1,028,323

139,12897,96694,900

1,582,925205,009517, 994

6,543,959729,866

1,089, 255

919,528188,102450,469382, 298208,128

127,838181,804286,17314,93920,99948,216

71,147265,62963,306133,99496,030105,680« 21,62364,27818,940

154,25579,87337,94649,019

42,011186,59920,91092,449

21,43412,63110,58121,3254,14912,00949,7721,490

75,76920,230

Total . 27,547,025 28,517,832

143,53097,96697,005

1,595,697218,520530,280

6,644,175748, 227

1,100,904

940,058195,253865,385403,009226, 244

138,632216,221301,68215,46822,88453,87894, 764

74,316290,535

140,14996,368109,682* 24,19071,57921, 245

154, 25586, 61742,09052, 758

45,467187,17123,174101, 274

23,28213,30411, 63821, 3254,43013,04450, 53511,233

79,49420, 230597,831

132,046122, 78250,644996,303224,739400,081

4,856,271476,801

1,179, 605

357,29478,984349,027172,724108,434

115,25557,359221,1542,4098,41116,87031,079

60,724263,93438,13137,82227,83147,982

< 17,16615,23823,648

42,40616,8058,36524,923

13, 34080,14718,50943,126

16,48514,9303,84112,3062,6009,82520,718

51,19714, 751

426, 227

136,255122,78251,904998,642224,362417,674

244,571201,906146,182

2,456,754414,253879,382

4,655,888 10,349,9941,175,9891,897,135

497,6871, 206,959

362,72279,692534,880177,095120,427

122,08166,958229,4212,4408,84618,78831,166

61,628282,61040,19838,38428,68245,200

«16,86515,50626,340

42,40617,3998,31925,132

13,614

18,00543,620

16,71414, 5343,77912,3062,66711,13820,9612,044

48,12414,751

430,492

1,198,987272,998755,415505,700295, 738

243,7483 240,6503 539,771

16, 21226,62162,867

3 120,256

115,647489, 523105, 239146,930112,534146, 771< 42,38471,47644,395

154,4733 98,02444, 51872,459

52,015242,10542, 762140,906

37,656

14,80937,3846,857

3 25,82454,882

123, 71335,432

1,004,050

260,074201,906145,674

2,461, 786423,51 ~890,918

10,320,9281,152,1431,927,322

1, 217,660283,788

1,314, 235531,461316,992

257,6033 278,8083 543,972

17,35128,35570,610

3 126,446

115,443524,810103,870152,388111, 120140,593* 38,97973,03849,663

154,4733 104,671

43, 23771,818

54,887226,68744,824145,033

37,4563 28,40814,42237,3846,503

3 25,59752,58714,139

124,00235,432

1,004,356

9,5713,2478,67118,227

73111,361

41,05242,76484,805

2 91,52411,78695,40140,16922,146

9,22619,25926,0081,3002,7213,0835,486

38726,0713,1727, r"7,44311,513* 2,0106,7701,603

7,1353,6436,742

20,093815

8,095

1,515536693

1,430533

6 406If1

4,6521,8908,961

3823,2478,51018,334

76912,628

45, 51651,69582,806

2 89,87910,44370,81237,56622,531

8,52724,70214,4321,1942,7113,4745,423

37517,5332,9868,4078,27213,130< 3,1897,3781,4U

6,0385,6484,6558,916

8,03626,5601,1988,894

2,165911

1,4441,430

2,398

5,0311,89010,451

72645527624147

206485

536523742441654

565632795151168430625

3414022239131215

<110232128

362283158202

220161253540

957546109221459

17088188

72645527524148

487204

536534782446701

677799154173454

3413722

241130216

U10245135

362301162202

223166264557

967847

10923165817

17188

194

16,235,08217,080,996 11,311,943 11,436,836 25,541,418 r 26,307,367 697,347 676,363 12,379 12,714

1 Includes all State banks (including stock and mutal savings banks) and all private banks under State supervision. Figures relate to datesnearest thereto for which figures are available.

2 Includes bonds borrowed.3 Includes due to banks.* Includes 20 cash depositories on Dec. 31 and 18 cash depositories on Sept. 30.»Includes miscellaneous liabilities.' Revised.

NOTE.—All figures in the December columns are as of Dec. 31, except as follows: New Hampshire, June 30; Massachusetts, savings banks,Oct. 31; Missouri, Dec. 10; Kentucky, June 30; Oklahoma, Dec. 30; Colorado, Nov. 19; Oregon, Sept. 30. All figures in the September columnsare as of Sept. 30, except as follows: Maine, Sept. 24; New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Rhode Island, State banks,Oct. 31, savings banks, June 30; Connecticut, savings banks, June 30; New York, savings banks, June 30; Indiana, June 30; Minnesota, Sept. 28;Missouri, Sept. 10; Nebraska, Sept. 3; Kansas, Sept. 12; Maryland, June 30; Georgia, June 30; Florida, June 30; Kentucky, June 30; Tennessee,June 15; Alabama, June 30; Louisiana, June 30; Oklahoma, Oct. 15; Colorado, Nov. 19.




MUTUAL SAVINGS BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON DEC. 31, AND JUNE 30,1932

[These figures included also in the immediately preceding table which covers all State banks]


State

MaineNew HampshireVermontMassachusettsRhode Island .Connecticut:

District no. 1District no. 2

New YorkNew Jersey:


Pennsylvania:District no. 3District no. 4

DelawareMarylandIndiana:

District no. 7District no. 8.

Minnesota .Wisconsin:


OhioWashingtonCalifornia -

Total


Total

Decem-ber

126,178195,27175,792

2,153,171171,086

542,095151,375

5,382,817

298,24712,828

450,03446,71630,593

213,806

12,7647,868

58,409

6,597170

103,38849,05493,786

10,182,045

June

127,920195,27179,917

2,195,043173,574

561,125155,431

5,409,860

307,19813,601

458,28547,00630,834

224,879

13,2358,148

61,168

7,006196

103,38849,05493,786

10,315,925

Loans

Decem-ber

39,82280,26644,933

1,312,64770,331

337,96593,360

3,533,391

174,2276,045

109,38815,35214,06175,347

10,6726,910

18,795

4,271166

46,24635,30249,360

6,078,857

June

40,13180,26647,291

1,335,75072,166

343,13294,916

3,642, 225

176,6756,224

111, 03715,60814,30777,495

10,9907,121

19,262

4,364192

46,24635,30249,360

6,130,060

Investments

Decem-ber

86,356115,00530,859

840,524100,755

204,13058,015

1,849,426

124,0206,783

340,64631,36416,532

138,459

2,092958

39,614

2,3264

57,14213,75244,426

4,103,188

June

87,789115,00532,626

859,293101,408

217,99360,515

1,867,635

130,5237,377

347,24831,39816,527

147,384

2,2451,027

41,906

2,642

57,14213,75244,426

4,185,865

Deposits, exclusiveof interbank de-posits

Decem-ber

119,056179,87980,149

2,074,618172,614

514,152144,254

5,316,775

304,09613,460

474,02045,54027,679

211,542

12,7496,393

61,586

6,375187

113,29553,02690,864

10,022,309

June

118,763179,87982,626

2,095,250173,712

524,453146,426

5,286,973

298,88013,216

462,49345,78727,779

217,433

13, 2376,628

62,680

6,858198

113, 29553,02690,864

10,020,456


Decem-ber

3092,1873,0326,339

1,540910

250

72687

418

15,644

June

4132,1872,3106,758

2,936355

1,117

80653

55

16,864

Number of re-porting banks

Decem-ber

325019

1949

6114

146

223

712

14

412

51331

594

June

325019

1949

6114

146

223

712

14

412

51331

594

NOTE.—Figures available only for 2 call dates in each year. For call dates see note to preceding table.



MONETARY GOLD STOCK OF THE UNITED STATES, GOLD RESERVES OFFEDERAL RESERVE BANKS, AND GOLD IN CIRCULATION, NOVEMBER 1914-MARCH 1933

[End-of-month figures. In millions of dollars]

I

End of month

Totalstock ofmone-tarygold*

Goldreservesof Fed-eral re-servebanks

204241

253270275281298329346361399438489543

556528514486518543524531581634696738

802824914979975

1,2891,3721,3531,4161,5251,6221,675

1,7401,7761,8171,8581,9181,9451,9762,0152,0212,0512,0632,092

2,1122,1232,1512,1662,1962,1482,0952,0642,1152,1382,0922,063

2,0121,9661,9471,937

Gold in circulation

Total

1,3431,309

1,3271,3111,3201,3571,3961,4101,4051,4751,5011,5451,5511,555

1,5991,6021,6041,6181,6041,6751,6881,7421,7821,8201,7911,861

1,9351,9881,9961,9601,9791,7501,6601,6433,5821,4791,3891,321

1,2511,2181,1801,1401,0871,0481,012

983962942927905

882867847837825803803785778765773762

747758743743

Coin

604607

597590591588594588588588591591597605

606611609616621625626623632636654641

649645652668676667647674651645640632

598592582568550537527518514508506502

500497487490490475481471466465476476

462478472468

Certifi-cates

739702

730721729769802822817887910954954950

993991995

1,002983

1,0501,0621,1191,1501,1841,1371,220

1,2861,3431,3441,2921,3031,0831,013

969931834749689

653626598572537511485465448434421403

382370360347335328322314312300297286

285280271275

End of month

Totalstock ofmone-tarygold*

Goldreservesof Fed-eral re-servebanks

Gold in circulation

Total Coin Certifi-cates

November.December.

1914

January...February. _,MarchAprilMayJuneJulyAugustSeptember..OctoberNovember.December..

1915

January...February...MarchAprilMay __.JuneJulyAugustSeptember-OctoberNovember.December—

1916

January. _ _February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December—

1917

January...February...MarchAprilMayJuneJuly.AugustSeptember.,OctoberNovember..December...

1918

1,8071,813

1,8221,8381,8691,8931,9291,9862,0072,0762,1242,1982,2602,312

2,3252,3252,3232,3182,3362,4452,5062,5492,6302,7142,7362,843

2,9222,9963,1053,1373,1333, 2203,1903,1653,1513,1533,1543,155

3,1603,1623,1653,1663,1723,1633,1623,1613,1533,1563,1593,160

1919January.. 3,162February 3,165March 3,165April 3,177May 3,177June 3,113July 3,064August 3,125September 3,147October _ I 3,103November 3,044December 2,994

January...February-MarchApril

19202,9302,8872,8502,841

May-JuneJulyAugustSeptember..OctoberNovember..December-

19202,8562,8652,8622,8512,8732,8682,8972,926

1921January 2,966February 3,000March 3,086April 3,164May 3,231J u n e — 3,275July.. 3,347August. 3,439September 3,519October , „ 3,572November I 3,627December 3,660

January-February..MarchAprilMay-JuneJulyAugustSeptember-OctoberNovember.December—

1922

JanuaryFebruary __MarchAprilMay.JuneJulyAugustSeptember-OctoberNovember.December..

1923

January—February..MarchAprilMay..JuneJulyAugustSeptember..OctoberNovember..December..

1924

January-FebruaryMarchApriLMayJuneJulyAugustSeptember-OctoberNovember. _.December—

1925

3,6853,7233,7503,7643,7713,7853,8293,8553,8733,8883,9063,929

3,9533,9633,9703,9824,0284,0504,0794,1114,1364,1674,2074,244

4,2894,3234,3644,4114,4554,4884,5114,5214,5114,5094,5274,499

4,4234,3644,3394,3424,3574,3604,3674,3824,3824,4074,3974,399

1,9501,9651,9781,9702,0122,0032,0302,063

2,1042,1482,2222,3232,4082,4682,5432,6412,7282,7912,8492,875

2,9092,9472,9752,9963,0083,0223,0483,0613,0773,0803,0733,047

3,0763,0733,0603,0823,1123,0953,1013,1063,1133,1113,1013,080

3,1433,1203,0953,1203,1133,1283,1433,0893,0473,0373,0252,937

2,9102,8782,8482,8482,8172,7902,7832,7672,7602,7632,7152,701

734734728721701703694694

681673667658

631623617614616

592590589585606625644666726

716728729737745790814841864

994

9751,0321,0851,1261,1741,1941,1911,2631,2881,3041,3291,379

1,3331,3251,3251,3341,3751,4071,4161,4341,4491,4621,5041,527

470475475472465475466475

477463459457453447444440437434432439

431428426422419416413412410410412423

415413410408406404402

395395410

401

395393392391390391394409

403408410408402402400

396414

264259253249236228228219

212218214210205201194191186183182177

172170172170171173172194215234254

301315319329

412442466501534584

574633687730779801799872898913935970

917915926973

1,0051,0161,0361,0531,0671,1081,113

i Includes also gold held by United States Treasury.



MONETARY GOLD STOCK OF THE UNITED STATES, GOLD RESERVES OFFEDERAL RESERVE BANKS, AND GOLD IN CIRCULATION, NOVEMBER 1914-MARCH 1933—Continued

[End-of-month figures. In millions of dollars]

End of month

Totalstock ofmone-tarygold

Gold

of Fed-eral re-servebanks

Gold in circulation

Total Coin Certifi-cates

End of month

Totalstock of reservesmone-tarygold

Gold

of Fed-eral re-

banks

Gold in circulation

Total CoinCertifi-cates

January. _February...MarchAprilMayJuneJulyAugustSeptember-OctoberNovember.December..

1926

January . . .February..MarchAprilMayJune.JulyAugustSeptember-OctoberNovember-December..

1927

JanuaryFebruary...MarchAprilMayJuneJuly--AugustSeptember-OctoberNovember..December—

1928

January-February...MarchAprilMayJuneJulyAugustSeptember..

1929

4,4124,4234,4424,4384,4334,4474,4714,4734,4664,4734,4774,492

4,5644,5864,5974,6104,6084,5874,5804,5884,5714,5414,4514,379

4,3734,3624,3054,2664,1604,1094,1134,1234,1254,1424,1284,141

4,1274,1534,1884,2604,3014,3244,3414,3604,372

2,7952,7462,7672,7682,7972,8352,8332,8212,7932,7992,8092,819

2,9572,9763,0103,0292,9822,9983,0022,9982,9642,9222,8052,733

2,7972,8082,7292,6982,5952,5492,5972,6002,6092,6412,5562,584

2,6572,6772,7012,7912,8132,8582,9242,9452,971

1,4401,4841,4871,4981,4691,4491,4631,4751,4891,4901,4851,501

1,4331,4281,4091,4081,3911,3921,4141,4271,4411,4491,4781,476

1,4051,3901,4081,4011,3931,3961,3521,3561,3511,3331,4051,386

1,3041,3131,3111,2781,3141,3031,2541,2521,214

400397395393392391

409

396393390389387385383382380381383402

381380377375374373373374395

381378374372370368366365364

,037,084,090,103.076,057,072,086,101,101,096

,037,035,019,019,004,007,031,045,061,068,095,074

,016,004,025,020,013,019"977982978960

1,031991

923935937906944

887850

October-November..December..

1929

January...February...MarchAprilMayJune ».JulyAugustSeptember-OctoberNovember-December—

1930

January..February-MarchAprilMayJuneJulyAugustSeptember-OctoberNovember.December..

1931

January—February—_MarchApril__MayJuneJulyAugustSeptember..OctoberNovember..December..

1932

January..February-March

1933

4,3864,3674,284

4,2914,3534,4234,4914,5174,5354,5174,5014,5114,5354,5714,593

4,6434,6654,6974,7264,7984,9564,9494,9954,7414,2924,4144,460

4,4164,3544,3904,3674,1523,9193,9774,0884,1934,2644,3404,513

4,5534,3804,279

3,0042,9482,857

2,9602,9653,0153,073

3,0122,9902,9272,9673,0042,9812,941

3,0623,0703,1153,1613,2503,4093,4313,4563,1382,7462,9182,989

2,9762,9383,0203,0042,7902,5782,6352,7732,8933,0033,0493,151

3,2562,9523,250

1,2091,2531,264

1,1681,2061,2351,2461,3131,3521,3581,4041,3781,3701,4271,486

1,4141,4171,4011,3871,3731,3601,3391,3521,4131, 3591,3111,286

1,2571,2261,1831,1691,1701,1693,1481,1181,0891,0691,0891,070

1,0701,220760

363364384

369365362360359357356353352350351

358356354352353363363363376387383409

407406404411435453454449445445454

479571367

846

799841873886954995

1,0021,0511,0261.0201,0761,118

1,0561,0611,0471,0351,020997976989

1,037972928877

850820779758735716

644624635601

591649393



INDUSTRIAL PRODUCTION, BY INDUSTRIES[Index numbers of the Federal Reserve Board, 1923-25 average =100]

Industry

manufactures—TotalIRON AND STEEL . . . - . - - - -

Pig ironSteel ingots - - - - -

TEXTILES . _ . _ .-_Cotton consumptionWool - - - - -

Consumption - - - - - - - - - -Machinery activity - -CarDet and Tils'-loom activitv

SilkDeliveries - -Loom activity

FOOD PRODUCTSSlauehterins and meat Dackinff

Hogs - -Cattle -Calves - - - -Sheep - -

Wheat flour . _ - . - - . .Siiffar mpltinsrs

PAPER AND PRINTING -Wood DUID and DaDer

Newsprint - - -Book paper...

Fine DaDer

Wood DIIID mechanicalWood DUID chemical

Paper boxesNewsDrint consumption

LUMBER -- - - -

TRANSPORTATION EQUIPMENT:A u t o m o b i l e s - -L o c o m o t i v e s _ _ _ _ .Shipbuilding

LEATHER AND PRODUCTSTanninc

S o l e l e a t h e r _ _ _ _ _ .U p p e r l e a t h e r :

C a t t l eCalf and kipGoat and kid

Boots and shoesCEMENT AND GLASS:

Cement - - - -Glass plate

Nonferrous metals 1—Tin deliveries .FUELS, MANUFACTURED:

Petroleum refining - -GasolineKerosene - - - -F u e l o i lL u b r i c a t i n g o i l - - _ _

Coke by-productRUBBER TIRES AND TUBES - -

Tires pneumaticInner tubes

TOBACCO PRODUCTSCigarsCigarettes

Minerals—TotalBituminous coalAnthracite coalPetroleum, crude - -ZincLeadSilver _ __._


1933

February

322033

889470768232

102102101

89947683

13590

, 8 8

58

13895

20

353

129

102

2468

58

13216682957557

586143

10454

140

76

6768

108474133

January

63

281929

929267757631

129138111

94103116

7986

1389363

59

11994

23

403

64

'85

2378

55

13216588

'947657

545638

10752

144

71

6357

102424636

1932

February

70

433444

919169757441

12213793

91100113

7590

1497972

1009372

1018098

1037694

152113

21

372

116

918171

8865

10697

3484

55

14118169918968

939670

10463

131

75

6662

107495633


1933

February

312032

83876770

89795

P 8 988848789

14493

, 8 5

58

12496

20

333

181

101

4063

132

81

56

545641

11563

154

79

6364

110444030

January

64

291930

87836672

8118121

8986877893

1379595

59

13598

26

483

91

93

3888

132

86

56

596142

11368

147

73

5753

107404536

1932

February

68

4133

Ml

86856669

116128

9098

1028597

1598273

989072978091

1037490

137114

22

352

164

8979

7671

10196

5678

141(2)

66

858867

11474

144

78

6358

109465431

^Preliminary. * Revised1 Includes also lead and zinc; see "Minerals."r* Without seasonal adjustment.NOTE.—For description see BULLETIN for February and March 1927. For latest revisions see BULLETIN for March 1932, pp. 194-196.


262 FEDERAL RESERVE BULLETIN APKIL 1933

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES[Index numbers of the'Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-25 average=100]

Industry

TotalIRON AND STEEL AND PRODUCTS . .

Steel works and rolling mills

Heating apparatus - . _ _Steam fittingsStoves* -

Cast-iron pipe . . .MACHINERY. „ .

Foundry and machine-shop products -Machine tools . _ _Agricultural implementsElectrical machinery

TEXTILES AND PRODUCTS _ _ .A Fabrics

Cotton goods - -Woolen and worsted manufactures

Woolen and worsted goodsCarpets and rugs -

Hosiery and knit goods- . .Silk manufacturesDyeing and finishing textiles

B. Wearing apparel - -Clothing men'sShirts and collars -Clothing, women's .Millinery

FOOD AND PRODUCTS -BakingSlaughtering and meat packing .Confectionery _ „Ice cream . -FlourSugar refining cane - - -

PAPER AND PRINTINGPrinting, book and job -

Paper and pulpPaper boxes. .

LUMBER AND PRODUCTSLumber, sawmills . . . _ . .Lumber, mill workFurniture -

TRANSPORTATION EQUIPMENT -Car building and repairing -Automobiles -Shipbuilding..

LEATHER AND MANUFACTURESBoots and shoes. _ _ -Leather

CEMENT, CLAY, AND GLASS PRODUCTSOlay products

Brick, tile, and terra cotta - —Pottery

OlassCement

NONFERROUS METAL PRODUCTSStamped and enameled wareBrass, bronze, and copper

CHEMICALS AND PRODUCTSChemicals and drugsPetroleum refiningFertilizers

RUBBER PRODUCTSAutomobile tires and tubes -Rubber boots and shoes

TOBACCO MANUFACTURESCigars and cigarettes,Chewing and smoking tobacco, snuff,. .

Factory employment


1933

February

59.251.855.949.942.742.238.445.726.744.442.938.539.349.372.373.774.366.069.845.983.961.388.469.052.966.692.570.678.481.180.278.363.372.672.080.176.393.975.370.433.428.132.049.445.140.649.657.177.379.269.637.831.420.860.354.430.745.324.652.477.380.575.762.459.462.550.463.462.372.1

January

58.149.653.249.343.737.434.640.230.844.042.339.436.049.369.672.874.961.163.747.483.461.487.461.748.261.180.763.678.681.480.179.162.973.769.880.277.194.275.069.433.829.231.248.446.141.350.460.973.374.668.136.730.420.457.452.231.044.421.452.376.280.275.054.959.161.352.760.458.872.6

1932

February

67.363.066.159.663.751.849.753.747.961.455.858.954.475.174.476.075.664.465.857.285.971.397.470.455.769.695.861.682.987.685.177.370.275.673.687.388.698.480.775.742.034.042.564.455.444.865.784.280.082.469.648.442.431.572.462.344.757.233.265.381.184.680.262.268.670.363.471.971.674.5


1933

February

59.451.455.049.143.742.938.147.327.744.242.737.936.949.270.472.272.564.768.444.982.960.486.366.151.565.285.172.079.282.677.879.973.272.675.379.975.593.775.471.434.429.332.450.145.041.148.954.175.677.567.539.933.423.959.556.033.844.424.051.476.478.976.759.259.162.349.664.163.767.9

January

59.450.653.949.045.040.935.745.732.244.543.239.434.849.269.272.273.959.862.446.384.361.786.861.548.360.678.767.379.683.477.480.773.474.074.979.675.393.875.169.835.030.632.049.347.442.053.359.172.974.466.939.432.823.358.555.734.044.822.352.576.479.776.456.259.762.651.264.964.369.4

1932

February

67.762.465.258.665.352.649.255.649.861.255.557.851.175.172.474.473.763.164.455.984.970.395.167.454.268.288.162.983.789.282.678.981.175.676.987.287.798.280.876.843.335.443.165.355.145.464.779.878.180.767.551.445.736.371.564.149.356.032.364.180.282.981.259.068.170.062.572.873.170.1

Factory pay rolls


1933

February

40.024 725.724 820 423 120.825 312.926.323.223 630.233.748.248 446 643.648.222 657.839.767.947.734 141 167.644.762.766.065.455.851.756.752.765.861.284.350.756.016.312.815.924.032.130.832.244.250.049.053.920.914.38.0

31.037.316.027.416.430.760.861.164.336.435.835.736.340.238.454.4

January

39.322.723.323.921.819.619.120.115.026.022.624.526.434.044.246.647.138.942.124.155.939.062.939.227.335.954.141.764.167.466.657.352.361.051.367.064.386.849.053.516.313.416.322.434.030.836.346.643.741.750.920.213.48.0

28.036.016.127.514.331.460.760.664.636.435.434.838.038.335.461.7

1932

February

53.537.237.338.443.033.032.533.431.945.037.343.249.362.959.860.356.950.453.436.473.255.890.358.841.649.884.453.976.381.278.766.769.666.261.583.583.0

100.866.767.825.919.727.«38.245.637.052.079.261.461.959.832.924.315.348.151.031.445.026.850.371.071.175.145.354.256.744.253.451.867.4

NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 706-716 and November 1930, pp. 662-677.


APEII 1933 FEDERAL KESERVE BULLETIN 263

WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index of Bureau of Labor Statistics (784 price series); 1926-100]

Year and month

192819291930 -19311932

1932—February.March .AprilMay . .J u n e . . . .JulyAugustSeptemberOctoberNovemberDecember

1933—January . .February . .

Allcom-modi-

ties

98.795.386.473.084.8

66.366.065.564.463.964.565.265.364.483.962.6

61.059.8

Subgroups

FARM PRODUCTS:GrainsLivestock and poultryOther farm products

FOODS:Butter, cheese, and milkCereal products .Fruits and vegetablesMeats . .Other foods

HIDES AND LEATHER PRODUCTS:Boots and shoesHides and skinsLeatherOther leather products..

TEXTILE PRODUCTS:ClothingCotton goods... .Knit goodsSilk and rayon . . . .Woolen and worsted gooOther textile products...

FUEL AND LIGHTING MATERJAnthracite coalB ituminous coalCokeElectricityGasPetroleum products

d s . . .

LALS:

METALS AND METAL PRODUCTS:Agricultural implementsIron and steelMotor vehiclesNonferrous metals

BUILDING MATERIALS:Brick and tileCementLumber-Paint materialsPlumbing and heatingStructural steel .Other building materials

CHEMICALS AND DRUGS:Chemicals __Drugs and Pharmaceuticals..Fertilizer materialsMixed fertilizers .*.. .

HOUSEFURNISHING GOODS:FurnishingsFurniture

MISCELLANEOUS:Auto tires and t u b e s . . . .Oattle feedPaper and pulpRubber, crude .Other miscellaneous

prod-ucts

105.9104.988.364.848.2

50.650.249.246.845.747.949.149.146.946.744.1

42.840.9

1931

Dec.

47.051.761.2

79.872.263.563 297.2

89.248.878.699.7

70.856.458.539.063.971.3

94.883.881.1

104.198.239.6

85.581.095.253.8

80.074.665.876.679.981.781.5

80.861.070.177.1

76.680.6

40.853.980.89.5

85.9

Foods

101.0S9.990.574.661 0

62.562.361.059.358.860.961.861.860.560.858.3

55.853.7

Other commodities

rotal

92.991.685.275.070.2

71.370.970.970.470.169.770.170.470.269.869.0

67.366.0

Bides andleather

products

121.4109.1100.086.172.9

78.377.375.072.570.868.669.772.272.871.469.6

68.968.0

Texti leproduc ts

i

IIIIIII

iL

95.5R0 430.336.354 9

59.858.7V7 055.653.9i? 754.0>7.0i5 053.953.0

51.2

Fuel andlighting

materials

84.383.078.567.570.3

88.367.970.270.771.872.372.170.871.171.469.3

66.063.6

Metalsand metalproducts

97.0100.592.184.580.2

80.980.880.380.179.979.280.180.180.379.679.4

78.277.4

Buildingmaterials

94.195.489.979.271.4

73.473.272.571.570.869.769.870.570.770.770.8

70.169.8

Chemi-cals and

drugs

95.694.289.179.373.5

75.575.374.473.873.173.073.372.972.772.472.3

71.871.3

House-furnish-

ing goods

:

\

05.1P4 392.734.976,1

77.577 17fU74.8?4.7f4,0re. era.7ra 7ra.7re. 6!?. 972.3

1932

Jan.

46.753.454.8

67.871.062.261.961.9

88.849.077.598.9

70.755.855.837.763.370.7

94.881480.5

107.598.6.38 8

85.579.995.355.4

79.375.265.675.474.177.381.0

80.660.869.975.5

76.179.5

39.753.078.09.3

85.2

Feb.

46.160.352.7

64.169.661.869.559.4

88.546.176.598.8

70.656.455.836.563.169.7

94.884.380.4

104.898.038 6

85.179.395.352.7

79.375.362.975.165.877.980,2

80.860.169.873.7

75.979.5

39.548.276.78.6

84.4

Mar.

43.551.462.1

64.268.362.361.457.1

88.544.773.498.8

69.058.254.933.582.769.5

89.983.580.4

104.497.539.8

85.079.795.350.5

79.375.061.575.464.479.780.8

80.959.768.673.2

75 479.1

39.252.476.87.2

84.5

Apr.

44.549.251.2

61.668.262.359.855.8

88.440.867.298.0

68.755.151.931.359.768.2

85.782.779 8

103.599.145 5

86.080 193.849.3

78.475.060.074.764.481.780.2

79.758.970.171.1

75.477.4

39.253.476.86.6

84.5

May

42.644.449.6

59.668.161.556.554.9

88.435.760.697.9

68.252.950.529.158.367.2

85.682.077.1

106.1103.047 2

84.980 093.848.3

77.475.059.573.964.481.778.2

79.158.769.469.0

75.574.1

39.245.976.56.7

84.6

June

37.746.748.2

57.466.862.456.055.4

87.532.658.796.4

67.451.049.627.555.066.7

85.381.876.9

105.5106.348 2

84.979 893.847 5

76.177.157.673.366.781.777.6

78.658.368.069.0

75.474.0

39.642.176.25.8

84.6

July

36.754.148.4

58.265.759.762.058.5

84.433.560.083.7

66.050.047.826 253.666.5

84.581.676.3

105.8108.349.7

84.977.295.347.0

75.977.356.966.867.181.777.9

78.957.666.868.8

75.173.0

40.142.276.26.1

84.5

Aug.

38.252.850.8

60.266.055.661.962.1

84.439.360.082.3

66.052.648.529.553.467.4

86.081.376.7

104.4107.048.9

84.978.795.348.5

75.279.055.567.267.181.778.3

79.757.066.468.3

74.872.6

40.147.476.37.9

84.21

Sept.

37.451.252.1

60.665.852.560.964.8

84.448.263.281.5

67.357.950.432.656.768.6

87.781.176 7

103.4107.646.7

84.979.792.751.6

75.479.056.368.266.881.779.9

79.856.663.666.9

74.772.7

42.745.975.58.2

8:$.2

Oct.

34.445.052.1

60.564.152.256.465.4

84.649.664.181.9

.62.556.250.930.856.567.7

88.781.176.7

104.6104.447.4

84.780.492.750.7

75.379.056.668.367.581.780.0

79.855.963.466.5

74.772.8

44.642.773.47.3

82.1

Nov.

33.241.953.9

62.362.752.453.767.7

84.246.161.981.9

62.263.651.029.555.367.1

88.880.475.6

103.1100.048.2

84.679.492.749.1

75.479.056.668.567.581.780.1

79.755.063.565.6

74.772.7

44.640.873.47.2

81.5

Dec.

31.738.751.3

59.561.752.849.466.1

83.841.759.281.9

62.551.749.329.354.266.6

88.780.275.3

104.196.545.0

84.578.893.048.3

75.181.156.568.167.581.780.1

79.764.763.165.6

74.772.7

44.637.173.06.8

81.3

Miscel-laneous

85.482.677.789.884.4

64.764.764.784.484.264.384.684.784.163.763.4

61.259.2

1933

Jan.

32.937.848.7

55.260.953.049.560.1

83.343.057.178.2

61.950.148.427.053.466.3

88.779.875.3

103.296.738.7

84.578.591.346.4

74.981.255.968.162.881.779.4

79.354.962.362.7

73.572.3

44.638.272.06.5

76.8

Feb.

32.740.144.2

52.460.452.450.254.1

83.340.955.377.9

61.249.148.325.653.266.2

88.779.475.2

34.3

83.177.390.946.2

75.181.856.468.059.481.778.5

79.054.861.562.4

72.971.9

42.640.672.16.1

73.3

Back figures.—FOT indexes of groups see BULLETIN for March 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics.



CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION[Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation]

Month

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Year

Total

1932

84.889.0

112.2121 7146.2113.1128.8134.0127.5107.1105.381.2

1,351.2

1933

83.452.7

Residential

1932

27.524.433.228 925 623.119.720.822.821.919.213.0

280.1

1933

12.011.8

Factories

1932

3.44.44.54.53.02.13.5q Q

6.33.21.93.3

43.5

1933

4.32.8

Commercial

1932

9.110.110.612 912.213.08.3

18.48.87.06.75.7

122.7

1933

5.87.6

Public worksand public

utilities

1932

24.128.329.947 361 750.160.064 268.758.554.243.3

590.3

1933

42.717.2

Educational

1932

4.410.89.8

10 76 57.26.45 57.43.63.46.7

82.3

1933

1.42.2

All other

1932

16.311.024.217 537 217 630.821 913.513 119.99.2

232.3

1933

17.311.0

CONSTRUCTION CONTRACTS AWARDED, BYDISTRICTS

[Value of contracts in thousands of dollars; figures for 37 States east ofthe Rocky Mountains, as reported by the F. W. Dodge Corporation]


BostonNew YorkPhiladelphiaCleveland _...RichmondAtlanta..—Chicago _St. LouisMinneapolisKansas CityDallas..:

Total (11 districts)

1933

Feb. Jan.

3,87816,5632,7513,6348,3263,3633,9132, 590393

1,7995,501

52, 712

4,69623,7316,0844,0744,73514, 3258,2145,0611,4644,1656,807

83,356

1932

Feb.

6,91714,3156,8216,7317,3415,60318,0516,1194,6545,0167,478

89,046

COMMERCIAL FAILURES, BY DISTRICTS[Amounts in thousands of dollars; figures reported by Dun and Brad-

street]


BostonNew York....Philadelphia-ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis-Kansas City..DallasSan Francisco.

Total...

Number

Feb.

2745511602001501452701038310293247

2,378

Jan.

28969117225118717642612110011498294

2,919

1932

Feb.

25362215925619815434714866145121263

2,732

Liabilities

Feb.

6,35317,2276,2685,2929,7833,7246,3622,7091,0941,5561,6663,543

65,576

Jan.

6,56023,6713,8165,9513,0565,37219,1791,8641,2071,8421,6934,889

79,101

1932

Feb.

4,61025,3296,9788,7837,9703,41013,9172,805870

2,9522,5684,707

84,900

BUILDING PERMITS ISSUED, BY DISTRICTS[Value of permits in thousands of dollars]


Boston..New YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco

Total..

Numberof cities

168

I 1932

Feb. Jan.

(J)1,0930)1,5200)

498262267

0)1,0090)C1)

7395,344

9602,0871,286

655813267155591668

16, 497

30,061

Feb.

1,7809,5481,5625,8903,0421,2772,0731,244

574867

1,4795,593

34,929

1 Figures *not available.

BANK DEBITS[Debits to individual accounts. In millions of dollars]

New York CityOutside New York City

Federal Reserve districts:BostonNew York . . .PhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolis.-Kansas City,.DallasSan Francisco

Total

Numberof centers

1140

117

10137

152159

151018

141

1933

Feb.

12,03610,401

1,13612,4911,1501,103

383537

2,364508313554330

1,568

22,437

Jan.

12,41312,053

1,36812,9651,2011,204

470597

2,859674349676375

1,727

24,466

1932

Feb.

14,38112,870

1,42014,9651,2611,282

490622

3,155637392717406

1,904

27,251


FEDERAL RESERVE DISTRICTS

MINNEAPOLIS

KANSAS CITYKANS. i

OKLA.

Oklahoma City

— BOUNDARIES OF FEDERAL RESERVE DISTRICTS. . . . BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY


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