Federal Reserve Bulletin May 1933 - St. Louis Fed · 2018. 11. 6. · Federal Reserve Bank of St. Louis. FEDERAL RESERVE BULLETIN VOL. 19 MAY 1933 No. 5 REVIEW OF THE MONTH Return

FEDERAL RESERVEBULLETIN

MAY 1933

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Recent Banking Developments

Annual Report of German Reichsbank

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON J 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 Treasuryy Chairman.J. F. T. O'CONNOR,

Comptroller of the Currency.

EUGENE R. BLACK, Governor.

CHARLES S. HAMLIN.

ADOLPH C. MILLER.

GEORGE R. JAMES.

E. M. MCCLELLAND, Assistant to the Governor.CHESTER M OR RILL, Secretary.

J. C. NOELL, Assistant Secretary and Fiscal Agent,S. R. CARPENTER, Assistant Secretary.WALTER WYATT, General Counsel.

GEORGE B. VEST, Assistant Counsel.

LEO H. PAULGER, 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 no.District no.District no.District no.District no.District no.District no.District no.District no.District no.District no.

II

FEDERAL ADVISORY COUNCIL

1 (BOSTON) THOMAS M. STEELE.2 (NEW YORK) WALTER E. FREW.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 BANKS

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

J. N. Peyton

M. L. McClure

C. C. Walsh

Isaac B. Newton

Governor

R. A. YoungG. L. Harrison

G. W. Norris . .

E. R. Fancher - . 1 .

G. J. Seay

W. S.Johns3

J. B. McDougal

W. McC. Martin

W. B. Geery

G. H. Hamilton

B. A. McKinney

J, U. Calkins

Deputy governor

W. W. PaddockW. R. BurgessJ. E. CraneA. W. GilbartE. R. KenzelW. S. LoganL. R. RoundsL. F. SailerW. H. Hutt

M.J. FlemingF. J. ZurlindenC. A. PepleR. H. BroaddusH. F. Conniff

C. R. McKayH. P. PrestonJ. H. Dillard

0. M. AtteberyJ. G. McConkey

Harry YaegerH. I. ZiemerC. A. Worthington..__J. W. HelmR. R. GilbertR. B. ColemanW. A. DayIra Clerk

Cashier

W. Willett.C. H. Coe.iR. M. Gidney.iJ. W. Jones.*W. B. Matteson.*J. M. Rice.*Allan Sproul.1L. W. Knoke.*C. A. McIIhenny.W. G. McCreedy.'H. F. Strater.

G. H. Keesee.J. S. Walden, Jr.*M. W. Bell.W. S. McLarin, Jr.»W. H. Snyder*W. C Baehman.10. J. Netterstrom.*E. A. Delaney.iS. F. Gilmore.*A. H. Haill.*F. N. Hall."G. 0. Hollocher.20. C. Phillips.*H. I. Ziemer.F. C. Dunlop.aJ. W. Helm.

Fred Harris^W. 0. Ford.»W. M. Hale.

i Assistant deputy governor. • Controller. 3 Acting governor.

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 branch...Jacksonville branchBirmingham branch. _.Nashville 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 branchHouston branchSan Antonio branch

San Francisco:Los Angeles branchPortland branchSalt Lake City branch..Seattle branch __Spokane branch

Managing director

R. E. Towle.

L. H. Earhart.J. E. Olson.C. E. Daniel.

J. L. Hermann.W. D. Gentry.M. Crump

W. N. Ambrose.R. B. West.W. L. Partner.C. R. Shaw.D. L. Davis.

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE BULLETIN is the Board's medium of communication with 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

PagtReview of the month—Recent banking developments 265

Annual report of the German Reichsbank 288-292

National summary of business conditions 275

Financial, industrial, and commercial statistics:Reserve bank credit, gold stock, money in circulation, etc 276-279Member and nonmember bank credit:

All banks in the United States 281All member banks 280, 321Weekly reporting member banks in 90 leading cities 282, 322

Brokers' loans 282Acceptances and commercial paper 283Discount rates and money rates 284, 325Security prices, security issues, United States Government securities 285Production, employment, car loadings, and commodity prices 286, 326-328Merchandise exports and imports 287Department stores—Indexes of sales and stocks 287Freight-car loadings, by classes 287

Financial statistics for foreign countries:Gold reserves of central banks and governments 293Gold production. 294Gold movements 294-296Government note issues and reserves 297Bank for International Settlements 297Central banks 298-300Commercial banks 301Discount rates of central banks 302Money rates _ 302Foreign exchange rates 303Price movements:

Security prices 304Wholesale prices 304-305Retail food prices and cost of living 305

Law department:Federal home loan banks as banks within the meaning of section 19 of the Federal Reserve Act 306Changes in law relating to the Federal Reserve System made by the recent agricultural relief act

(text of act of May 12, 1933) 306

Federal Reserve statistics by districts, etc.:Banking and financial statistics - 319-325Industrial and commercial statistics 326-329

IV


FEDERAL RESERVE BULLETINVOL. 19 MAY 1933 No. 5

REVIEW OF THE MONTH

Return of currency to the Federal Reservebanks continued in April, though at a less rapid

rate. Total volume of currencv^ returned between March 4 and

May 10 was $1,595,000,000, ofwhich $300,000,000 was in gold coin and$470,000,000 in gold certificates. Practicallyall of the currency withdrawn by banksbetween February 1 and March 4 for thepurpose of increasing their vault cash wasreturned to the Reserve banks by the secondweek of May, while of the currency paid out tothe public during that period about $250,000,-000 was still outstanding.

The chart shows the total amount of currencyoutside the United States Treasury and theFederal Reserve banks since the beginning of1930. It brings out the fact that the volumeof currency, which had increased by about$1,000,000,000 in 1931, remained fairly con-stant in 1932. In 1933, beginning in February,there was a more rapid increase than at any pre-vious time, followed by an almost as rapid returnafter the banks were reopened early in March.Early in May, however, the amount of moneyin circulation was still about $400,000,000 largerthan at the same season in 1932 and $1,200,-000,000 larger than two years ago.

Reserve funds derived by the member banksin April and early May from the redeposit ofcurrency with the Federal Reserve banks wereused to reduce the banks' indebtedness by$100,000,000, to liquidate $175,000,000 ofmaturing acceptances held by the Reservebanks, and to increase the member banks' re-serve balances by $170,000,000. Early in Maythe reserves of member banks that had received

licenses to reopen were approximately $300,-000,000 in excess of legal requirements.

Loans and investments of member banks inNew York City showed an increase of $350,-000,000, the increase being in loans on securitiesand in all other loans, as well as in holdings of

MONEY IN CIRCULATIONWeeKlu Basis-- Wednesday Series

MILLIONS OF DOLLARS MILLIONS OF DOLLARS7600

7400

7200

7000

6800

6600

7600

7*400

7200

7000

6Q00

6600

5000

4800

4600 ^ r ^

4400

4200 L

5000

4800

4600

44-00

4200Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

Money outside Treasury and Federal Reserve banks

United States Government obligations. De-mand deposits of the New York banks increasedby more than $500,000,000, and their balancesheld for correspondent banks by $200,000,000during the period.

Total reserves of the Federal Reserve banksincreased further in April and early May, and

265


266 FEDERAL RESERVE BULLETIN MAY 1933

this increase, together with the decline in Fed-eral Reserve notes, was reflected in a rise of theratio of reserves to deposit and note liabilities ofthe 12 Federal Reserve banks combined to 64.8percent on May 10.

On April 20 the PresidentGold embargo issued the following Executive

order:

" EXECUTIVE ORDER

" RELATING TO FOREIGN EXCHANGE AND THEEARMARKING AND EXPORT OF GOLD COIN ORBULLION OR CURRENCY

"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 to existand pursuant to said section and by virtue ofall other authority vested in me, do herebyissue the following Executive order:

" 1 . Until further order, the earmarking forforeign account and the export of gold coin,gold bullion, or gold certificates from the UnitedStates or any place subject to the jurisdictionthereof are hereby prohibited, except that theSecretary of the Treasury, in his discretion andsubject to such regulations as he may prescribe,may issue licenses authorizing the export ofgold coin and bullion (a) earmarked or held intrust for a recognized foreign government orforeign central bank or the Bank for Interna-tional Settlements, (b) imported for reexportor gold in reasonable amounts for usual traderequirements of refiners importing gold-bearingmaterials under agreement to export gold, (c)actually required for the fulfilment of any con-tract entered into prior to the date of this order,by an applicant who, in obedience to theExecutive order of April 5, 1933, has deliveredgold coin, gold bullion, or gold certificates, and(d) with the approval of the President, fortransactions which he may deem necessary topromote the public interest.

"2. Until further order, the Secretary of theTreasury is authorized, through any agencythat he may designate, to investigate, regulate,or prohibit, under such rules and regulations ashe may prescribe, by means of licenses or other-

wise, any transactions in foreign exchange,transfers of credit from any banking institutionwithin the United States or any place subjectto the jurisdiction thereof to any foreign branchor office of such banking institution or to anyforeign bank or banker, and the export or with-drawal of currency from the United States orany place subject to the jurisdiction of theUnited States, by any individual, partnership,association, or corporation within the UnitedStates or any place subject to the jurisdictionthereof; and the Secretary of the Treasury mayrequire any individual, partnership, association,or corporation engaged in any transactionreferred to herein to furnish under oath, com-plete information relative thereto, including theproduction of any books of account, contracts,letters or other papers, in connection therewithin the custody or control of such individual,partnership, association, or corporation eitherbefore or after such transaction is completed.

" 3 . The provisions relating to foreign ex-change transactions contained in the Executiveorder of March 10, 1933, shall remain in fullforce and effect except as amended or supple-mented by this order and by regulationsissued hereunder.

"4. Applicants who have gold coin, goldbullion, or gold certificates in their possession,or who, in obedience to the Executive order ofApril 5, 1933, have delivered gold coin, goldbullion, or gold certificates shall be entitled tolicenses as provided in section 8 of said Execu-tive order for amounts not exceeding the equiv-alent of such coin, bullion, or certificates heldor delivered. The Secretary may, in his dis-cretion, issue or decline to issue any otherlicenses under said Executive order, which shallin all other respects remain in full force andeffect.

"5 . Whoever willfully violates any provisionof this Executive order or of any rule, regula-tion, or license issued thereunder may be finednot more than $10,000, or, if a natural person,may be imprisoned for not more than ten years,or both; and any officer, director, or agent ofany corporation who knowingly participates inany such violation may be punished by a likefine, imprisonment, or both.

"This order may be modified or revoked atany time.

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

"April 20, 1933."


MAY 1933 FEDERAL RESERVE BULLETIN 267

Regulations

On April 29 the Secretary of the Treasuryissued the following regulations relating to the

licensing of the purchase andexport of gold. These regula-

tions relate both to the Executive order ofApril 5, which prohibited the hoarding of gold(see FEDERAL RESERVE BULLETIN for April,p. 213) and to the order of April 20.

REGULATIONS RELATING TO LICENSING THE PURCHASEAND EXPORT OF GOLD

TREASURY DEPARTMENT,OFFICE OF THE SECRETARY,

April 29, 1933:

ARTICLE I. MISCELLANEOUS PROVISIONS

SECTION 1. Authority for regulations.—In pursuanceof the provisions of section 5 (b) of the act of October 6,1917, as amended by section 2 of the act of March 9,1933, and the Executive orders of the President datedMarch 10, 1933, April 5, 1933, and April 20, 1933, theseregulations are prescribed.

SEC. 2. Definitions.—For the purposes of theseregulations, the term " person" means an individual,partnership, association, or corporation; and the term"United States" means the continental United States,including Alaska.

SEC. 3. Licenses nontransferable.—Licenses or per-mits issued or granted under these regulations shall notbe transferred.

SEC. 4. Scope.—These regulations shall be operativewithin the United States as denned, unless otherwiseindicated.

SEC. 5. Penalties.—Whoever willfully violates anyprovision of these regulations or of any license issuedhereunder may be fined not more than $10,000, or, if anatural person, may be imprisoned for not more thanten years, or both; and any officer, director, or agent ofany corporation who knowingly participates in any suchviolation may be punished by a like fine, imprisonment,or both.

ARTICLE II. PURCHASE OF GOLD FOR USE IN INDUSTRY,PROFESSION OR ART

SEC. 1. Eligible applicants.—Any person having alegitimate and customary use for gold in industry,profession, or art (including research and scientificwork), or any person customarily supplying gold toothers for such use (hereinafter called a "dealer"),may file with a Federal Reserve bank an application topurchase such quantity of gold as may be required forlegitimate and customary use within a reasonable time.

SEC, 2. Applications.—Such application shall befiled in duplicate, executed under oath and verifiedbefore an officer duly authorized to administer oaths,and shall contain (a) the name and address of theapplicant, (b) the industry, profession, or art or busi-ness in which the applicant is engaged, (c) the amountof gold usually required for use in the applicant'sbusiness for a period of 90 days, (d) the amount of goldused or sold during the preceding calendar year, (e)the amount and a description of all gold on hand at thedate of the application, (f) the amount of gold appliedfor, (g) a statement that the applicant will use suchgold as he may be permitted to purchase only for thelegitimate and customary requirements of industry,

profession, or art, or for sale exclusively in industry,profession, or art, and (h) a statement that no otherapplication is pending.

SEC. 3. Purchase of gold.—Upon receipt of theapplication and after making such investigation of thecase as it may deem advisable, the Federal Reservebank, if satisfied that the gold is necessary for thelegitimate and customary requirements of the appli-cant's business, industry, profession, or art, within areasonable time, may permit the applicant to purchasesuch quantity of gold (not in excess of the amountapplied for) as may be necessary for such use uponpayment therefor of an equivalent amount of coin orcurrency coined or issued under the laws of the UnitedStates. The applicant shall keep an exact record ofthe disposition of such gold, and, in the case of a dealerfurnishing gold for use in industry, profession, or art,such dealer shall keep a record which shall show theamounts and dates of sales and the names and addressesof the purchasers. Such records shall be available forexamination by a representative of the TreasuryDepartment for at least one year after the date of thedisposition of the gold. The gold so purchased shallbe used or disposed of only in accordance with thisarticle and the Executive order of April 5, 1933.Dealers withdrawing gold under this article shallrequire of the persons who purchase gold from theman affidavit that the gold so purchased will be usedexclusively in the industry, profession, or art in whichsuch purchasers are engaged.

SEC. 4. Prior regulation revoked.—Emergency Bank-ing Regulation No. 25, issued March 13, 1933, is herebyrevoked.

ARTICLE III. EXPORT OF GOLD COIN OR GOLDBULLION

SEC. 1. License required.—No gold coin, gold bullionor gold certificates shall be exported from the UnitedStates or any place subject to the jurisdiction thereof,or earmarked for foreign account unless a license there-for shall first have been obtained from the Secretaryof the Treasury in accordance with this article orarticle IV of these regulations. Licenses may be issued,in the discretion of the Secretary, authorizing the exportof gold coin and gold bullion:

(a) Earmarked or held in trust for a recognizedforeign government or foreign central bank or the Bankfor International Settlements;

(b) Imported for reexport;l

(c) Actually required for the fulfilment of anycontract calling for payment or delivery of gold coinor bullion, entered into prior to April 20, 1933, by anapplicant who, in obedience to the Executive orderof April 5, 1933, has delivered gold coin, gold bullion,or gold certificates in accordance with such order; or

(d) With the approval of the President, for transac-tions which he may deem necessary to promote thepublic interest.

SEC. 2. Application for licenses.—Application forlicense under section 1 to export from the United Statesor any place subject to the jurisdiction thereof any goldcoin or gold bullion shall be made to the Secretary ofthe Treasury. Each such application shall be executedin duplicate under oath and verified before an officerduly authorized to administer oaths, and shall state indetail (a) the name and address of the applicant, (b)the name and address of the owner of the gold to beexported, (c) the amount and a description of gold coinor gold bullion and the location thereof, (d) the port

i Export of gold by refiners importing gold-bearing materials is coveredby article IV of these regulations.



from which export will be made, (e) the name andaddress of the consignee, and (f) the nature of the trans-action and the facts making necessary the export. Inthe case of an application for a license under section 1(c) of this article, the application, in addition to theabove, shall state in detail (1) the amount, respectively,of the gold coin, gold bullion, or gold certificates de-livered in obedience to the Executive order of April 5,1933, and the date and place of such delivery, and (2)the amount of gold coin or gold bullion actually requiredfor the fulfilment of the contract. A certified copy ofthe contract or obligation shall accompany the applica-tion.

SEC. 3. Filing of application.—The application shallbe filed with a Federal Reserve bank, and such bank,after making such investigation of the case as it maydeem necessary, shall transmit the original of suchapplication to the Secretary of the Treasury, togetherwith (a) such supplemental information as it maydeem appropriate and (b) a recommendation as towhether the license should be granted or denied. Acopy of the application shall be retained by the FederalReserve bank for its records.

SEC. 4. Issuance of license.—If the Secretary of theTreasury in his discretion determines to grant a licenseupon an application filed under section 3, he will author-ize the Federal Reserve bank through which the applica-tion was transmitted to issue on his behalf a license toexport a specified amount of gold coin or gold bullion,and such bank shall thereupon issue such license to theapplicant. If the license applied for is not granted,the bank through which the application was trans-mitted will be advised and such bank shall thereuponso notify the applicant.

SEC. 5. License.—Each license for the export of goldcoin or bullion shall be numbered serially and shall bear(a) the date of issue, (b) the name and address of thelicensee, (c) the name and address of the consignee,(d) the amount and description of the gold licensed,(e) the port of export, and (f) a statement "This licenseshall expire 15 days from date of issue."

SEC. 6. Notification of issuance of license.—At thetime the license is issued, the issuing Federal Reservebank shall transmit a copy thereof to the collector ofcustoms at the port of export designated thereon. Nocollector of customs shall permit the export of any goldcoin or bullion under this article except upon surrenderof a license to export, a copy of which has been receivedby him from the Federal Reserve bank issuing suchlicense.

SEC. 7. Expiration of license.—All licenses to exportgold coin or bullion issued under this article shall expire15 days after date of issue and any person holding alicense who fails to export gold coin or bullion in ac-cordance with the terms of the license shall forthwithdeliver such gold coin or bullion to a Federal Reservebank.

ARTICLE IV. IMPORT FOR SMELTING AND/OR REFININGAND EXPORT

SEC. 1. Notation upon entry.—Upon the formal entryinto the United States of gold-bearing ores, or any othergold-bearing materials imported into the United Statesfor smelting and/or refining under an agreement pro-viding for the export of gold bullion, the importer shallnotify the collector of customs at the port where thegold-bearing ore or material is formally entered that theimportation is made under such agreement. The col-lector shall make a notation on the entry to this effectand forward a copy of the entry to the United Statesassay office at New York, New York, or to the United

States Mint at San Francisco, California, whichever isdesignated by the importer.

SEC. 2. Sampling and assaying.—Promptly upon thereceipt of each importation of gold-bearing ore or mate-rial at the plant where it is first to be treated, it shallbe weighed, sampled, and assayed for gold content. Areserve commercial sample shall be retained at suchplant for at least one year from the date the importationwas received by the plant unless the assay is soonerverified by the Treasury Department.

SEC. 3. Plant records.—The importer shall cause anexact record, covering each importation, to be kept atthe plant of first treatment. The record shall show thegross wet weight of the importation, the weight ofcontainers, if any, the net wet weight, the percentageand weight of moisture, the net dry weight, the goldcontent shown by the settlement assay, and the amountof gold bullion required to be exported under theagreement. An attested copy of such record shall befilled promptly with the assay office or the mint,whichever has been designated to receive a copy of theentry.

SEC. 4. Application for export license.—Not laterthan fifteen days from the date of entry the importershall file an application with the assay office or the mint,whichever has been designated to receive a copy of theentry, for a license to export gold bullion not in excessof the amount shown by the settlement sheet coveringthe importation. Such application shall be filed induplicate, executed under oath and verified before anofficer duly authorized to administer oaths, and shallshow (a) the name and address of the applicant, (b)the port at which the importation was formally entered,(c) the entry number, (d) the date of entry, (e) theplant at which the importation was first treated, (f) thegross wet weight, (g) the weight of the containers, ifany, (h) the net wet weight, (i) the percentage andweight of moisture, (j) the net dry weight, (k) the goldcontent, (1) the amount of gold bullion required to beexported under the agreement, and (m) the name andaddress of the proposed consignee of the exportation.The application shall be accompanied by two dulyattested copies of the settlement sheet.

SEC. 5. Issuance of serial numbered certificate.—If the superintendent of the assay office or of the mint issatisfied as to the accuracy of the data shown on suchapplication, he shall issue to the importer a dated serialnumbered certificate which shall show the amount ofgold specified by the application and the amount speci-fied by the settlement sheet. The Director of the Mintshall prescribe the form of such certificate.

SEC. 6. Issuance of export license.—Upon deliveryto the assay office or the mint, within 120 days from thedate it was issued, of the serial numbered certificate,the superintendent of the assay office or mint shallissue to the importer a license to export gold bullionin the amount applied for but not in excess of the amountspecified by the settlement sheet as shown on suchcertificate.

SEC. 7. Licenses.—Each license for the export ofgold bullion under this article shall be numberedserially and shall bear (a) the date of issue, (b) thename and address of the licensee, (c) the name andaddress of the consignee, (d) the amount and descrip-tion of the gold licensed, (e) the port of export, and(f) a statement "This license shall expire 15 days fromdate of issue."

SEC. 8. Notification of issuance of license.—At thetime the license is issued the issuing assay office or mintshall transmit a copy thereof to the collector of customsat the port of export designated thereon. No collectorof customs shall permit the export of any gold bullion


MAY 1933 FEDEltAL RESERVE BULLETIN 269

under this article except upon surrender of a license toexport, a copy of which has been received by him fromthe assay office or mint issuing the license.

SEC. 9. Expiration of license.—All licenses to exportgold bullion issued under this article shall expire 15days after date of issue and any person holding a licensewho fails to export the gold bullion in accordancewith the terms of the license shall forthwith deliversuch bullion to a Federal Reserve bank.

AKTICLE V. ACQUISITION OR RETENTION OF GOLDCOIN, GOLD BULLION, OR GOLD CERTIFICATES FORPROPER TRANSACTIONS NOT INVOLVING HOARDING

SEC. 1. Licenses for proper transactions and for pur-poses not covered in preceding articles.—Any personshowing the need for gold coin or gold bullion for aproper transaction not involving hoarding or for goldcoin or gold bullion for a purpose specified in the Exec-utive order of April 5, 1933, and not covered by theforegoing articles of these regulations, may makeapplication to the Secretary of the Treasury for alicense to purchase, or if such coin or bullion is alreadyin his possession, to retain such coin or bullion, inamounts as may be reasonably necessary for suchproper transaction or purpose. Applications shall befiled with any Federal Reserve bank. The applicationshall be filed in duplicate, executed under oath andverified before an officer duly authorized to administeroaths and shall contain (a) the name and address ofthe applicant, (b) the amount of gold coin or goldbullion desired to be purchased or retained, (c) theamount and description of the gold coin or bullion onhand, if any, at the date of the application, (d) theproper transaction or purpose to which the gold coinor gold bullion will be devoted and the facts makingnecessary its purchase or retention, (e) such otherfacts as will enable the Secretary of the Treasury todetermine whether the transaction is proper, and (f) astatement that the applicant will use such gold coin orgold bullion as he may be permitted to purchase orretain only for the transaction or purpose set forth inthe application. In the case of an applicant for alicense who has delivered in obedience to the Executiveorder of April 5, 1933, gold coin, gold bullion, or goldcertificates, the application, in addition to the above,shall state in detail (1) the amount of gold coin, goldbullion, or gold certificates delivered in obedience tothe Executive order of April 5, 1933, (2) the date ofsuch delivery, and (3) the bank at which delivered.

SEC. 2. Disposition of applications.—On the receiptof any such application, the Federal Reserve bank shallmake such investigation of the case as it may deemadvisable and shall transmit to the Secretary of theTreasury the original of such application, togetherwith (a) any supplemental information it may deemappropriate and (b) a recommendation whether alicense should be granted or denied. The FederalReserve bank shall retain a copy of the application forits records.

SEC. 3. Granting or denial of the license.—Uponreceipt of the original application and the recommen-dation of the Federal Reserve bank transmitting it, theSecretary of the Treasury will grant or deny the license.A license will be granted on application for the reten-tion or acquisition of gold coin or bullion made by anyperson showing the need for such gold coin or bullionin accordance with the provisions of section 8 of theExecutive order of April 5, 1933, in cases where suchperson has gold coin, gold bullion, or gold certificates

in his possession, or in obedience to said Executiveorder, has delivered such coin, bullion, or certificates.A license so granted shall be for an amount of goldcoin or bullion not exceeding the amount of such coin,bullion, or certificates held or delivered. When theissuance of a license is approved by the Secretary of theTreasury, the Federal Reserve bank through whichapplication was made will issue a license to the appli-cant. If denied, the Federal Reserve bank will beso advised and shall immediately notify the applicant.The decision of the Secretary of the Treasury shall befinal. The Federal Reserve bank shall note upon theretained copy of the application whether or not alicense has been granted, and, if granted, the date ofthe license and the amount of the gold coin or goldbullion covered thereby.

SEC. 4. Acquisition of gold.—Upon presentation ofa license for the acquisition of gold coin or bullion to aFederal Reserve bank, such bank shall deliver to thelicensee the amount of gold coin or gold bullion author-ized in such license upon payment therefor in anequivalent amount of any form of coin or currencycoined or issued under the laws of the United States.

SEC. 5. Reports required on the disposition of goldcoin or bullion.—Any person holding a license for theretention or acquisition of gold coin or bullion issuedunder this article, who shall at any time dispose of suchgold coin or bullion in accordance with the terms of thelicense or otherwise, shall immediately file a writtenreport in duplicate with the Federal Reserve bankthrough which the license was issued. Such reportshall be executed under oath and verified before anofficer duly authorized to administer oaths and shallcontain (a) the names and addresses of the person orpersons to whom such gold coin or bullion was deliv-ered, (b) the amounts thereof and whether gold coin orgold bullion and (c) the reason for such delivery. Onthe receipt of any such report the Federal Reserve bankreceiving it shall immediately transmit the original tothe Secretary of the Treasury in Washington and shallretain a copy for its records. Upon the transfer of anygold coin or bullion by a person licensed to retain oracquire the same, such licensee shall advise the trans-feree of the provisions of the Executive order of April 5,1933, and of the penalties for its violation, and suchtransferee shall deliver such gold coin or bullion soreceived to a Federal Reserve bank or branch or agentthereof or any member bank of the Federal ReserveSystem in accordance with the Executive order of April5, 1933, and shall be subject to the penalties of saidExecutive order for any violation thereof.

These regulations may be supplemented, modified, orrevoked at any time.

W. H. WOODIN,Secretary of the Treasury.

On May 12, 1933, the President approvedan act of Congress dealing primarily with agri-

cultural purchasing power andMonetary legis- farm indebtedness, which is

lation printed in full elsewhere in thisBULLETIN (pages 306-318).

Title III of the act, which deals with FederalReserve and monetary matters, follows.

172744—33



TITLE III FINANCING AND EXERCISINGPOWER CONFERRED BY SECTION 8 OF ARTI-CLE I OF THE CONSTITUTION! TO COINMONEY AND TO REGULATE THE VALUETHEREOF

SEC. 43. Whenever the President finds, uponinvestigation, that (1) the foreign commerce ofthe United States is adversely affected by rea-son of the depreciation in the value of the cur-rency of any other government or governmentsin relation to the present standard value of gold,or (2) action under this section is necessary inorder to regulate and maintain the parity ofcurrency issues of the United States, or (3) aneconomic emergency requires an expansion ofcredit, or (4) an expansion of credit is neces-sary to secure by international agreement astabilization at proper levels of the currencies ofvarious governments, the President is author-ized, in his discretion—

(a) To direct the Secretary of the Treasuryto enter into agreements with the severalFederal Reserve banks and with the FederalReserve Board whereby the Federal ReserveBoard will, and it is hereby authorized to,notwithstanding any provisions of law or rulesand regulations to the contrary, permit suchreserve banks to agree that they will, (1) con-duct, pursuant to existing law, throughoutspecified periods, open market operations inobligations of the United States Governmentor corporations in which the United States isthe majority stockholder, and (2) purchasedirectly and hold in portfolio for an agreedperiod or periods of time Treasury bills orother obligations of the United States Govern-ment in an aggregate sum of $3,000,000,000 inaddition to those they may then hold, unlessprior to the termination of such period orperiods the Secretary shall consent to theirsale. No suspension of reserve requirementsof the Federal Reserve banks, under the termsof section ll(c) of the Federal Reserve Act,necessitated by reason of operations underthis section, shall require the imposition of thegraduated tax upon any deficiency in reservesas provided in said section ll(c). Nor shall itrequire any automatic increase in the rates ofinterest or discount charged by any FederalReserve bank, as otherwise specified in thatsection. The Federal Reserve Board, with theapproval of the Secretary of the Treasury, mayrequire the Federal Reserve banks to takesuch action as may be necessary, in the judg-ment of the Board and of the Secretary of theTreasury, to prevent undue credit expansion.

(b) If the Secretary, when directed by thePresident, is unable to secure the assent of theseveral Federal Reserve banks and the FederalReserve Board to the agreements authorizedin this section, or if operations under the aboveprovisions prove to be inadequate to meet thepurposes of this section, or if for any otherreason additional measures are required in thejudgment of the President to meet such pur-poses, then the President is authorized—

(1) To direct the Secretary of the Treasuryto cause to be issued in such amount or amountsas he may from time to time order, UnitedStates notes, as provided in the Act entitled"An Act to authorize the issue of United Statesnotes and for the redemption of funding thereofand for funding the floating debt of the UnitedStates", approved February 25, 1862, andActs supplementary thereto and amendatorythereof, in the same size and of similar color tothe Federal Reserve notes heretofore issued andin denominations of $1, $5, $10, $20, $50, $100,$500, $1,000, and $10,000; but notes issuedunder this subsection shall be issued only forthe purpose of meeting maturing Federalobligations to repay sums borrowed by theUnited States and for purchasing UnitedStates bonds and other interest-bearing obliga-tions of the United States: Provided, Thatwhen any such notes are used for such purposethe bond or other obligation so acquired ortaken up shall be retired and canceled. Suchnotes shall be issued at such times and insuch amounts as the President may approve butthe aggregate amount of such notes outstandingat any time shall not exceed $3,000,000,000.There is hereby appropriated, out of anymoney in the Treasury not otherwise appro-priated, an amount sufficient to enable theSecretary of the Treasury to retire and cancel4 per centum annually of such outstandingnotes, and the Secretary of the Treasury ishereby directed to retire and cancel annually4 per centum of such outstanding notes. Suchnotes and all other coins and currencies hereto-fore or hereafter coined or issued by or underthe authority of the United States shall belegal tender for all debts public and private.

(2) By proclamation to fix the weight of thegold dollar in grains nine tenths fine and also tofix the weight of the silver dollar in grains ninetenths fine at a definite fixed ratio in relation tothe gold dollar at such amounts as he findsnecessary from his investigation to stabilizedomestic prices or to protect the foreign com-merce against the adverse effect of depreciatedforeign currencies, and to provide for the



unlimited coinage of such gold and silver at theratio so fixed, or in case the Government of theUnited States enters into an agreement withany government or governments under theterms of which the ratio between the value ofgold and other currency issued by the UnitedStates and by any such government or govern-ments is established, the President may fix theweight of the gold dollar in accordance withthe ratio so agreed upon, and such gold dollar,the weight of which is so fixed, shall be thestandard unit of value, and all forms of moneyissued or coined by the United States shall bemaintained at a parity with this standard andit shall be the duty of the Secretary of theTreasury to maintain such parity, but in noevent shall the weight of the gold dollar befixed so as to reduce its present weight by morethan 50 per centum.

SEC. 44. The Secretary of the Treasury, withthe approval of the President, is hereby author-ized to make and promulgate rules and regula-tions covering any action taken or to be takenby the President under subsection (a) or (b) ofsection 43.

SEC. 45. (a) The President is authorized,for a period of six months from the date of thepassage of this Act, to accept silver in paymentof the whole or any part of the principal orinterest now due, or to become due within sixmonths after such date, from any foreigngovernment or governments on account of anyindebtedness to the United States, such silverto be accepted at not to exceed the price of 50cents an ounce in United States currency. Theaggregate value of the silver accepted underthis section shall not exceed $200,000,000.

(b) The silver bullion accepted and receivedunder the provisions of this section shall besubject to the requirements of existing law andthe regulations of the mint service governingthe methods of determining the amount ofpure silver contained, and the amount of thecharges or deductions, if any, to be made; butsuch silver bullion shall not be counted as partof the silver bullion authorized or required tobe purchased and coined under the provisionsof existing law.

(c) The silver accepted and received underthe provisions of this section shall be depositedin the Treasury of the United States, to be held,used, and disposed of as in this section provided.

(d) The Secretary of the Treasury shallcause silver certificates to be issued in suchdenominations as he deems advisable to thetotal number of dollars for which such silverwas accepted in payment of debts. Such

silver certificates shall be used by the Treasurerof the United States in payment of any obliga-tions of the United States.

(e) The silver so accepted and received underthis section shall be coined into standard silverdollars and subsidiary coins sufficient, in theopinion of the Secretary of the Treasury, tomeet any demands for redemption of such silvercertificates issued under the provisions of thissection, and such coins shall be retained in theTreasury for the payment of such certificateson demand. The silver so accepted and re-ceived under this section, except so much thereofas is coined under the provisions of this section,shall be held in the Treasury for the sole pur-pose of aiding in maintaining the parity of suchcertificates as provided in existing law. Anysuch certificates or reissued certificates, whenpresented at the Treasury, shall be redeemedin standard silver dollars, or in subsidiary silvercoin, at the option of the holder of the certifi-cates: Provided, That, in the redemption ofsuch silver certificates issued under this section,not to exceed one third of the coin required forsuch redemption may in the judgment of theSecretary of the Treasury be made in subsidiarycoins, the balance to be made in standard silverdollars.

(f) When any silver certificates issued underthe provisions of this section are redeemed orreceived into the Treasury from any sourcewhatsoever, and belong to the United States,they shall not be retired, canceled, or destroyed,but shall be reissued and paid out again andkept in circulation; but nothing herein shallprevent the cancelation and destruction ofmutilated certificates and the issue of othercertificates of like denomination in their stead,as provided by law.

(g) The Secretary of the Treasury is author-ized to make rules and regulations for carryingout the provisions of this section.

SEC. 46. Section 19 of the Federal ReserveAct, as amended, is amended by insertingimmediately after paragraph (c) thereof thefollowing new paragraph:

" Notwithstanding the foregoing provisionsof this section, the Federal Reserve Board,upon the affirmative vote of not less than fiveof its members and with the approval of thePresident, may declare that an emergencyexists by reason of credit expansion, and mayby regulation during such emergency increaseor decrease from time to time, in its discretion,the reserve balances required to be maintainedagainst either demand or time deposits."



Publication by the Department of Commerceof official figures for the international balance ofn , r. payments of the United StatesBalances of in- f J . . _ _ternational pay- in 1932 brings out the fact thatStates'" U n i t e d ti^8 country continued last year

to show a surplus of interna-tional income on current account, which wasbalanced by an outflow of capital funds, and aninflow of gold. During the year exports ofmerchandise from the United States exceededimports by $250,000,000; and, in addition, thiscountry received $400,000,000 in interest anddividends and $100,000,000 on intergovern-mental debt, largely as interest. Against theseinternational receipts were balanced large tour-ist expenditures, immigrants' remittances, andother items; but the net result was a surplus of$130,000,000 in current international income.

Long-time capital movements were also inthe direction of the United States, chieflythrough the repurchase by foreigners of issuesoriginally floated by them in the United States.It was the favorable balance of current incomeand the foreign purchases of dollar bonds thatprovided this country with funds to meet thewithdrawals of foreign short-term balances,which were on a large scale during the year,and in addition resulted in a net growth of thecountry's stock of monetary gold. Excess ofcurrent international income has been continu-ous in this country during the past decade,but has diminished in recent years. In 1930it was $710,000,000; in 1931, $160,000,000; andin 1932, $130,000,000. The indications arethat for the first quarter of 1933 this country'scurrent international income has been prac-tically in balance and that the losses of goldduring the quarter have been attributable tothe movement of capital funds.

In France a similar development has beenunder way. No official statement of the coun-

try's international balance ofFrance payments is published, but there

is sufficient evidence to indicatethe broader outlines of the situation. Thenet current international income of France waslargest in the years immediately before and afterde facto stabilization of the franc in 1926. At

the outset the surplus was reflected in increasesin foreign balances; later in an inflow of gold.Since 1928, however, there has been a markedcontraction in the international income of thecountry, and the heavy inflow of gold has re-flected chiefly the repatriation of previouslyaccumulated foreign balances. In the last twoyears the excess of merchandise imports toFrance has been greater than the country's re-ceipts from tourists' expenditures, reparations,and income from foreign investments. As aconsequence there has been a decline in foreignbalances larger than is accounted for by theinflow of gold. Since the beginning of Decem-ber 1932 the flow of gold has been reversed, andup to April 21 the Bank of France had lost$100,000,000 from its reserves.

A tendency toward a closer balance of currentinternational transactions has also been evident

in England since 1931. InEngland 1931 there was a deficit of $470,-

000,000, reflecting an excess ofimports over exports, together with a re-duced income from shipping and British invest-ments abroad. In 1932 the income from ship-ping and foreign investments declined further,but the excess of merchandise imports showeda larger decline, and the deficit was less thanhalf as large as in the preceding year. In thefirst four months of 1933 available figures indi-cate that current international receipts and ex-penditures of England were about in balance.The growth of $320,000,000 in gold reserves ofthe Bank of England between January 18 andApril 26 represented largely a movement ofcapital funds into the country.

In Germany, if reparation payments be in-cluded, there was until 1931 a deficit on cur-

rent international account. InGermany that year the deficit, which had

been diminishing in precedingyears, disappeared and was replaced by a con-siderable surplus. This was due in part to thecessation of reparation payments after adoptionof the moratorium in July 1931, but morelargely to the growing excess of German mer-chandise exports added to receipts from ship-ping and other services. The financial crisis



which developed toward the middle of 1931,however, led to large withdrawals of short-termcapital from Germany and forced the introduc-tion of a rigid exchange control and the adop-tion of agreements designed to retain foreignfunds in Germany subject to partial repaymentfrom time to time. In 1932 the excess of Ger-man merchandise exports was cut to about onethird of the volume in 1931, and in the firstquarter of 1933 it has been reduced still further.At the present time it is approximately equalto the service of the foreign debt, after succes-sive reductions in the rate of interest.

Resignation and Appointment of Governor of theFederal Reserve Board

Mr. Eugene Meyer, Governor of the FederalReserve Board, who had held that office sinceSeptember 16, 1930, tendered his resignation onMarch 24, 1933, as member and Governor ofthe Board, and it was accepted effectiveMay 10, 1933. On May 17, 1933, Mr. EugeneR. Black, of Georgia, was appointed a memberof the Federal Reserve Board and was desig-nated as Governor of the Board, to fill thevacancy created by Mr. Meyer's resignation.Mr. Black had held the office of Governor ofthe Federal Reserve Bank of Atlanta sinceJanuary 13, 1928.

Appointment of Comptroller of Currency

On May 11, 1933, Mr. J. F. T. O'Connor, ofCalifornia, was appointed Comptroller of theCurrency, and, as such, became an ex-officiomember of the Federal Reserve Board.

Changes in the Board's Staff

Mr. Floyd R. Harrison, Assistant to theGovernor of the Federal Reserve Board, ten-dered his resignation to be effective as of theclose of business on May 15, 1933, and it wasaccepted by the Federal Reserve Board.

On May 18, 1933, the Board appointed Mr.E. M. McClelland, formerly assistant secre-tary, to succeed Mr. Harrison as Assistant tothe Governor. The Board also on May 18,1933, appointed Mr. S. R. Carpenter asassistant secretary to succeed Mr. McClelland.

Appointment of Chairman of the Board of Directorsand Federal Reserve Agent at Minneapolis

Mr. John N. Peyton has been appointed bythe Federal Reserve Board a class C director ofthe Federal Reserve Bank of Minneapolis forthe remainder of the term of Mr. John R.Mitchell, deceased, ending December 31, 1935,and has been designated chairman of the boardof directors of the bank and Federal Reserveagent. Mr. Peyton, who for more than twoyears served as bank commissioner of the Stateof Minnesota, assumed his new duties onMay 15, 1933.

Changes in Foreign Central Bank Discount Rates

On April 5 the National Bank of Rumaniareduced its discount rate from 7 to 6 percent.This was the only change in discount ratesreported by central banks in foreign countriesduring the month ended May 1.

Liquidation of First Federal Foreign BankingCorporation

The First Federal Foreign Banking Corpo-ration, a corporation organized under theprovisions of section 25 (a) of the Federal Re-serve Act, which was authorized to commencebusiness on May 24, 1926, was placed in liqui-dation on April 21, 1933, by voluntary actionof its shareholders.

Weekly Member Bank Statement

Publication of the Board's weekly conditionstatement of reporting member banks in lead-ing cities, which was temporarily discontinuedearly in March, was resumed as of WednesdayMay 10. The statement now covers banks in90 leading cities, instead of in 101 leadingcities as formerly. The 90 cities now includedin the statement are those in which all ornearly all reporting banks have been licensedto resume full banking operations.

Figures on the new basis, by weeks, beginningMarch 1, the date of the last statement on theformer basis, appear on pages 322 and 323 ofthe BULLETIN. Corresponding data for lastyear are in course of preparation.



Member Banks Licensed and Not Licensed

There is given below a table showing, as ofMay 3, the number of all member banks, andindicating the number of these banks that hadreceived licenses to reopen from the Secretary

of the Treasury and those that had not receivedsuch licenses on that date. There is alsoshown the amount of deposits held by thesebanks on December 31, 1932, the latest datefor which such figures are available.

MEMBER BANKS LICENSED AND NOT LICENSED AS OF MAY 3, 1933

Federal Re-serve district

All memberbanks:

BostonNew Y o r k . . .PhiladelphiaCleveland

R i c h m o n d . . .AtlantaChicasroSt. Louis

Minneapolis _Kansas C i ty .DallasSanFrancisco.

Total

National banks:BostonK e w Y o r k . . .Phi ladelphia .Cleveland

B i c h m o n d . . .AtlantaChicagoSt. Louis

Number of banks

Total

367823686633

392316771404

530771564432

6,689

338677622562

352277614339

Li-censed

310685588480

300270464326

462695535363

5,478

285547531421

267236375277

Not li-censed

5713898

153

9246

30778

68762969

1,211

5313091

141

8541

23962

Deposits on Dec. 31, 1932, ofbanks licensed and not li-censed on M a y 3, 1933 (inthousands of dollars)

Total

2,044,75010,306,6492,181,7962, 544,669

1,022,860841,279

3,458,505918,841

724, 5181,069,192

722,7572,886,738

28,722, 554

1, 558, 3204,520, 8871,512,0491, 332,030

737,208642,379

2,801,659596,260

Licensedl

1,916,23610,063,1012,025, 5232,026,271

828,424686,383

2, 518,670825,260

689,085997,323717,702

2,809,970

26,103,948

1,465, 3814,313, 7741, 385,2681,172,348

619,043616,100

1,979,063550,949

Not li-censed

128,514243,548156,273518,398

194,436154,896939,83593,581

35,43371,8695,055

76,768

2,618,606

92,939207,113126,781159,682

118,16526,279

822,59645,311

Federal Re-serve district

N a t i o n a lbanks—Con.

Minneapolis _Kansas City.DallasSan Francisco.

Total

State bankmembers:

Boston.New York...Philadelphia .Cleveland

Richmond . . .AtlantaChicagoSt. Louis

Minneapolis.Kansas City.DallasSan Francisco

Total

Number of banks

Total

495744513356

5,889

291466471

4039

15765

35275176

800

Li-censed

427668486302

4,822

251385759

33348949

35274961

656

Not li-censed

68762754

1,067

487

12

75

6816

215

144

Deposits on Dec. 31, 1932, ofbanks licensed and not li-censed on May 3, 1933 (inthousands of dollars)

Total

690,849953,181681,567

2,275,527

18,301,916

486,4305,785,762

669, 7471,212, 639

285,652198,900656,846322, 581

33,669116,01141,190

611,211

10,420, 638

Licensed i

655,416881,312676,748

2,204, 835

16, 520,237

450, 8555, 749,327

640,255853,923

209,38170,283

539,607274,311

33,669116,01140,954

605,135

9, 583,711

Not li-censed

35,43371,8694,819

70,692

1,781,679

35,57536,43529,492

358,716

76,271128,617117,23948,270

2366,076

836,927

J Exclusive of deposits of banks that were not in operation on Dec. 31,1932.



NATIONAL SUMMARY OF BUSINESS CONDITIONS[Compiled April 24 and released for publication April 26]

Production and distribution of commodities,which declined during the latter part of Febru-ary and the early part of March, increasedafter the middle of the month. The returnflow of currency to the Reserve banks, whichbegan with the reopening of banks on March 13,continued in April. Following the announce-ment by the President on April 19 that theissuance of licenses for the export of gold wouldbe suspended, the value of foreign currencies interms of the dollar advanced considerably, andthere was increased activity in the commodityand security markets.

Production and employment.—Production atfactories and mines decreased from Februaryto March, contrary to seasonal tendency, andthe Board's seasonally adjusted index declinedfrom 64 percent of the 1923-25 average to60 percent, compared with a low level of 58percent in July 1932. At steel mills there wasa decline in activity from an average of 20percent of capacity in February to 15 percentin March, followed by an increase to more than20 percent for the month of April, according totrade reports. In the automobile industry,where there was also a sharp contraction in out-put when the banks were closed, there was arapid increase after the reopening of banks.From February to March, production in thefood and cotton textile industries showed littlechange in volume; activity in the woolen in-dustry declined sharply, and there was a reduc-tion in daily average output at shoe factories.At lumber mills activity increased from the lowrate of February, while output of bituminouscoal declined by a substantial amount.

The volume of factory employment and payrolls showed a considerable decline from themiddle of February to the middle of March.Comprehensive figures on developments sincethe reopening of banks are not yet available.

Value of construction contracts awardedin the first quarter, as reported by the F. W.Dodge Corporation, was smaller than in thelast quarter of 1932 by about one third.

Distribution.—Volume of freigh1>car loadings,on a daily average basis, declined from Februaryto March by about 7 percent, reflecting in largepart a substantial reduction in shipments of•coal. Shipments of miscellaneous freight andmerchandise, which usually increase at this sea-son, declined in the early part of March and in-creased after the middle of the month. Depart-ment-store sales, which had declined sharply in

the latter part of February and in the first halfof March, increased rapidly after the reopeningof banks.

Wholesale prices.—Wholesale prices of lead-ing commodities fluctuated widely duringMarch and the first 3 weeks of April. In thisperiod grain prices increased sharply, andprices of cotton, hides, nonferrous metals, pigiron, scrap steel, and several imported rawmaterials advanced considerably. During thesame period there were reductions in the pricesof rayon, petroleum, and certain finished steelproducts.

Bank credit.—Currency returned rapidly tothe Federal Reserve banks and the Treasuryfollowing the reopening of the banks, and onApril 19 the volume of money in circulationwas $1,500,000,000 less than on March 13,when the peak of demand was reached. Fundsarising from the return flow of currency wereused to reduce the Reserve banks' holdings ofdiscounted bills by $1,035,000,000 and theirholdings of acceptances by $200,000,000; atthe same time member bank reserve balancesincreased by $390,000,000. As a result of thedecline in Federal Reserve note circulationand an increase in Federal Reserve bankreserves, chiefly through the redeposit of goldand gold certificates, the reserve ratio of the12 Federal Reserve banks combined advancedfrom 46.5 percent on March 13 to 61.5 percenton April 19.

Deposits of reporting member banks in NewYork increased rapidly after the reopening ofthe banks, and on April 19 net demand depositswere $620,000,000 larger than on March 15,reflecting in part an increase of $380,000,000in bankers7 balances, as funds were redepositedby interior banks.

Money rates in the open market, after atemporary advance in the early part of March,declined rapidly, but were still somewhat higherthan early in February. By April 21 rates onprime commercial paper had declined from 4%percent to a range of 2-2% percent; rates on90-day bankers' acceptances from 3% percentto five eighths of 1 percent, and rates onrenewals of call loans on the stock exchangefrom 5 percent to 1 percent.

On April 7 the discount rate of the FederalReserve Bank of New York was reduced from 3%to 3 percent. The bank's buying rate on 90-daybankers' acceptances was reduced from 3}{ per-cent on March 13 to 2 percent on March 22.


276 FEDERAL RESERVE BULLETIN M A T 1933

RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGESMILLIONS OF DOLLARS

7000

6000

weekly Basis vyednesdai/ Series

1000

MILLIONS OF DOLLARS

7000

6000

MEMBER BANKRESERVE BALANCES

2000

100O

1928 1929 1930 1931 1932

Based on Wednesday figures; latest figures are for May 31933


M A Y 1933 FEDERAL RESERVE BULLETIN 277

FEDERAL RESERVE BANK CREDIT

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

Month or week

1932—JanuaryFebruary-_MarchAprilMayJuneJ u l y . .AugustSeptember.OctoberNovember .December—

1933—January...February-MarchApril

Week'ending (Saturday)-1932—December 3

December 10. . .December 17. . .December 24—December 31-_.

1933—January 7—.January 14..January 21..January 28..

February 4February 1 1 . . .February 18—February 25—

March 4.. .March 11.March 18..March 25-

April 1...April 8.. .April 15..April 22,.April 29..

Averages of daily figures

Reserve bank credit outstanding

Bills dis-counted

Billsbought

828 i848 i714605486 !

495523451387328313 !282

255

425

311302280271263

245249251267

256283335

8471,4211,184

524432433420411

221151105524150603734343434

32102379230

3534343333

33323231

313145

181

361417400356

316288244208180

UnitedStates

Govern-ment se-curities

759743809

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

1,8061,8041,8751,837

1,8511,8511,8591,8541,852

1,8531,8291,7931,770

1,7631,7751,8091,833

1,8481,8761,9071,882

1,8461,8381,8371,8371,837

Otherreservebankcredit

0)

Total

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

2,1102,2243,2332,511

2,2082,2022,1952,1892,171

2,1532,1272,0912,080

2,0742,0782,1552,357

3,0563,6613,4762,931

2,6882,5702,5352,4922,444

Factors of decrease

Mone-tary gold

stock

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

4,5474,4914,2604,301

4,3364,3524,4114,4874,503

4,5264,5484,5584,554

4,5494,5304,5054,450

4,3334,2444,2514,263

4,2704,2834,3014,3124,310

Treasurycurrencyadjusted

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

1,9011,8911,8971,915

1,9151,9161,9371,9061,902

1,9021,9051,9081,897

1,8861,8921,8711,892

1,9221,9221,9201,871

1,8641,8931,9111,9291,927

Factors of increase

Moneyin circu-

lation

5,6455,6275,5315,4525,4565,5305,7515,7205,6855,6435,6425,699

5,6315,8926,9986,137

5,6545,6825,6835,7345.704

5,6695,6165,6165 620

5,6645,7175,8506,032

6,8057,5327,2606,643

6,3766,2716,1726,0856,015

Memberbank

reservebalances

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

2,5162,2911,914

2,3992,3882,4572,4442,471

2,5132,5632,5262 487

2,4262,3692,2562,235

2,0651,803

1,952

1,9732,0022,0832,1362,130

Non-member

1137337637765464035384043

79134156

143140129

141138144157181

Unex-pendedcapitalfunds

353349349353350348343347347355360359

351344344348

357357360362360

352353351350

350346343342

345349349341

335348355355

Bills discountedBills boughtUnited States Government se-

curities.Other reserve bank credit

Total reserve bank credi t . . . ._ .Monetary gold stockTreasury currency adjusted

Money in circulationMember bank reserve balancesNonmember deposits, etc ,Unexpended capital funds

End of month series

1932 1933

Nov.30

35

1,8518

2,2024,3401,925

5,6482,411

50357

Dec.31

235

1,85522

2,1454,5131,923

5,6752,509

43354

Jan.31

27431

1,7639

2,0774,5531,872

5,6452,446

64346

Feb.28

582

10

2,7944,3791,939

6,5462,141

80346

Mar.31

426305

2,5724,2821,887

6,3201,949143329

Apr.30

435171

1,83716

2,4594,3121,907

6,0032,132188855

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, etc

Wednesday series

1933

Mar.22

671352

1,864- 1

2,8874,2641,841

6,6081,918

466

Mar.29

545310

1,838-6

2,6884,2721,859

6,3531,987

478

Apr.

436286

1,83715

2,5744,2831,856

6,2611,976

477

Apr.

428247

1,837

2,5284,2931,913

6,1472,096

491

Apr.19

Apr.26

414208

30

2,4904,3131,942

6,0682,159

518

385177

1,83712

2,4124,3101,935

5,9942,136

527

Less than $500,000.

172744—33- 3

Back figuret.—Qe% Annual Report for 1931 (tables 1-5).


FEDERAL RESERVE BULLETIN MAY 1933

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

[In thousands of dollars]

Apr. 30, 1933 Mar. 31, 1933 Apr. 30, 1932

EESOURCESGold 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 reserves _Reserves other than gold _ _

Total reservesNonteserve cash.Re| |mption fund—Federal Reserve bank notesBills discounted:

For member banks _ -For intermediate credit banks—For nonmember banks, etc _

Total bills discounted.Bills bought:

Payable in dollars:Bought outrightUnder resale agreement

Payable in foreign currencies _ _Total bills bought _ _ _

United States Government securities:Bought outrightUnder resale agreement ___

Total United States Government securities _ _Other 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 floatBank premises-__ _. . . . _All other resources ._. .

Total resources-

Federal Reserve notes:Held by other Federal Reserve banks.Outside Federal Reserve banksTotal notes in circulation

Federal Reserve bank notes in actual circulation-

Member bank—reserve account .GovernmentForeign bankSpecial deposits:

Member bankNonmember bank..

Other depositsTotal deposits _ _

Deferred availability itemsCapital paid inSurplus..- -All other liabilities

Total liabilitiesContingent liability on bills purchased for foreign correspondents

FEDERAL RESERVE NOTE STATEMENT

Notes issued to Federal Reserve banks by Federal Reserve agentsCollateral held by agents as security for notes issued to bank:

GoldEligible paper.. _ __United States Government securities

Total collateral _. ...

2,648,69262,115

2, 577,82581,199

2,710,807349,972355,628

2, 659,024230,002361,375

3,416,407216, 691

3, 250,401204,275

3, 633, 09894,0033,318

3, 454, 676114, 247

1,100

433, 579 425,036

435,010 426,472

163, 527 277,9742,021

24, 788

170,708 304,783

1,836,488800

1,836,4161,925

1, 837,288 1,838,341

5,7263,6566,738

4,9533,618

16,2302,459,126 2, 571,937

20,850295,37254,18546,103

29,005312,69054,03771,952

6, 606, 055 6,609, 644

20,8503,407,061

29,0053,666,718

3,427,91147,808

3, 695, 72314,567

2,132, 38959,19729,928

81,90916,69959, 640

1,949,10741,12616,384

65,48916,13344, 724

2,379, 762295,372150,171278,59926,432

2,132,963312,690149, 595278, 59925, 507

6, 606,05540,060

6, 609, 64445,305

3,678,762

2, 648, 692434,778639, 500

4,035, 766

2,577,825598,813884, 700

3,722,970. 4,061,338

FEDERAL RESERVE BANK NOTE STATEMENTNotes issued to Federal Reserve banks (outstanding).Collateral pledged against outstanding notes:

Discounted and purchased billsUnited States Government securities

67,374

40,80067,854

21,049

5,25825,249

Total collateral. 108,654 30,507

2, 274, 55635,897

2,310,453308,440

3, 004,331208,493

3,212,82466,752

550,8894,643

233555,765

16,760307

30,73647,803

1,227,814

1,227,814

4,9055,6928,206

1,850,18514,008

322,59057,85736,134

5, 560, 350

14,0082, 552,0632, 566,07f

2,123,82721,92846,805

32,4132, 224,973322,590155,237259,42132,058

5, 560,350291,837

2, 774.204

2, 274,556562,464

2, 837,020

1 Excess of deferred availability items over uncollected items.Back figures.—See Annual Report for 1931 (table 11), 1930 (table 10), etc.



ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK

[In millions of dollars]

Month

1929—-November _December-

Total (12 mos.).

1930—JanuaryFebruaryMarchApril ,MayJuneJulyAugustSeptemberOctoberNovemberDecember

Total (12 mos.).

AprilMay

1931—January...February .March.

% .JuneJulyAugust. . . . .September..OctoberNovember..December..

Total (12 mos.).

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

Total (12mos.).

1933—JanuaryFebruary..MarchApril p

Total (4 mos.)...

Goldstockat end

ofmonth

4,3674,284

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

4,6434,6654,6974,7264,7984,9564,949

4,7414,2924,4144,460

4,4164,3544,3904,3674,1523,9193,9774,0884,1934,2644,3404,513

4,5534,3804,2824,311

Analysis of changes

Increasein stockduringmonth

-19 .2-82.9

142.5

6.861.970.268.525.917.6

-18 .4-15 .5

10.223.336.822.1

-133.4

- 4 4 2-62 .3

36.0-23 .1

-214.1

58.0111.7104.870.875.6

173.5

52.9

40.0-173. 4-97 .2

28.4

-202.2

Net goldimport

- 23 .2-64 .4

175.1

40~60.055.565.723.513.9

-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

* -22 .1-11 .7

112.4

Net re-lease

from ear-mark *

1.0-22.0

-55 .4

-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

25.426.458.34.0

-22.1-28.8

56.2100.572.345.848.6

• 71.0

457.5

3-91.5-178. 3-100.1

33.7

-336. 2

Domes-tic pro-duction,

etc.*

3.03.5

22.8

1.9- 0 . 3

2.30.51.74.34.23.73.13.84.5

31.9

3.13.33.3

-13.318.81.93.64242

-3 .142

11.9

42.1

3.41.92.43.23.60.95.25.14 6455.31.6

41.6

3.0-12.9

25.06.5

21.5

i Gold released from earmark at Federal Reserve banks less gold placedunder earmark.

» 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.

p Preliminary figures.

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

GOLD MOVEMENTS TO AND FROM UNITEDSTATES


From or to—

BelgiumEngland _FranceGermanyNetherlandsPortugalSwitzerlandCanadaCentral AmericaMexico __ _. _Argentina.ColombiaEcuador. _ . _PeruUruguayVenezuelaAustraliaBritish IndiaChina and Hong

Kong.Dutch East IndiesJapanPhilippine IslandsAll other countries K

Total

1933

April(preliminary)

Im-ports

159

267

1,090

2,969

374

'4,859

Ex-ports

2,2008,993

600

4,803

« 16,596

March

Im-ports

461

8,454158503

5123301

112871990

2,135144

451234

14,942

Ex-ports

1998,9354,091

2505,005

60268136

20

150

317,055

337,023

January-March

Im-ports

55,19330,0261,071

19,347

17,947459

1,690

91236512

3712,329

25,629

11,447561

3,7291,2601,919

173,818

Ex-ports

799110,569

7,8751,8008,427

6022,295

49

2015

150

17,058

149,657

* 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, $533,000, exports, $16,596,000. Elsewhere,

imports, $4,326,000.

KINDS OF MONEY IN CIRCULATION

Money outside Treasury and Federaldollars]

Kind of money

Gold coin—Gold certificatesFederal reserve notes

Treasury currency:Standard silver dollarsSilver certificates _.Treasury notes of 1890Subsidiary silver. _Minor coin _United States notesFederal reserve bank notesNational bank notes

Total Treasury currency._

Total money in circulation.

Reserve banks. In

1933

Apr. 29 v

335323

3,362

28360

125511226150

915

1,982

6,004

Mar. 31

367393

3,621

28376

1258112266

17879

1,937

6,319

millions of

1932

Apr. 30

411758

2,551

30356

1257114282

3703

1,746

5,465

v Preliminary.

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


280 FEDERAL RESERVE BULLETIN M A Y 1933

MEMBER BANK RESERVE BALANCES[In millions of dollars]

Month or week


Reserves held

Total—allmember

banksNew York

City iOther

reservecities

"Country 'banks

Excess reserves

Total—allmemberbanks

New YorkCity i

Otherreservecities

" Country"banks

1931—November-December..

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

1933—JanuaryFebruary »..

2,1182,069

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

2,5162,291

Week ending (Friday)—

January 6...January 13..January 20,.January 27..

February 3 — .February 10.,.February 17. _.February 24»_.

2,5082,5592,5362,491

2,4382,3772,2752,233

774766

724681687780874783767832927

1,0011,0501,083

1,109

1,1211,1711,1411,057

997931855801

832807

767753747749800819781797812863887911

965

934946950997

1,0071,006984987

512503

488473465466464459455444443444441440

442441

453442445436

435440436444

57.059.5

35.443.859.0152.1277.1234.4204.4269.9345.5435.94822525.8

583.8417.3

0)(»)

8(2)

10.718.5

4.57.2

17.888.1

155.189.475.0

127.7193.4241.6266.8283.2

286.274.5

308.7350 t311.8232.9

173.7123.260.836.6

19.416.9

1.811.317.335.791.5

111.491.6

108.9119.6160.5181.8206.9

254.2291.0

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

» Central reserve city banks only. * Figures not available by weeks.

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

3 March data not available.

MEMBER BANE DEPOSITS[In millions of dollars]

Month


Net demand and time deposits

T o t a l -all mem-

Y\orDerbanks

28,21827,438

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

25,64124,978

NewYorkCity i

6,6126,414

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

7,0506,722

Otherreservecities

11,35011,048

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

10, 0239,847

" Coun-t r y "

banks

10,2569,976

9,7209,5059,3809,3279,2269,0878,9318.8278,8118,7958,7518,674

8,5688,409

Net demand deposits

T o t a l -all mem-

Delbanks

16,35815,985

15,44714,78914,57514,58914,67914,41314,15714,14114, 40S14,67914,86414,965

15,11614,645

NewYorkCity i

5,6535,546

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

6,1095,842

Otherreservecities

6,2736,106

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

5,4705,368

" Coun-t r y "

banks

4,4324,333

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

3,5373,435

Time deposits

T o t a l -all mem-

Dcrbanks

11,86011,453

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

10,52510,333

NewYorkCityi

959868

822796800811816803818867869929957940

941880

Otherreservecities

5,0764,942

4,7864,6904,6684,6184,6564,5994,5264,5504,5384,5374,6324,517

4,5534,479

" Coun-t ry"banks

5,8255,643

5,5375,4405,3875,3685,3155,2615,2115,1865,1596,1455,1235,071

5,0314,974

1931—November.December.

1932—JanuaryFebruary..MarchAprilMayJuneJulyAugust....SeptemberOctober...November.December.

1933—January...February»

i Central reserve city banks only,

Back figures*—See Annual Report for 1931 (table 49).

' March data not available.



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-

Member banks

Total LoansInvest-ments

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. 30Dec. 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, 68640,61839,71538,135

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

i 9,3909,556

i 9,5569,463

i 9,4639,747

i 9,7479,987

^9,98710, 506

1 10,50610,488

10,316i 10,316

10,182

5,518i 5,518

5,694

i 5,6945,892

15,8925,945

i 5,9456,009

16,0096,068

i 6,0686,169

i 6,1696,218

6,130i 6,130

6,079

3,723i 3, 723

3,696

3.66413,664

3,518

i 3,5183,739

i 3,7393,920

13,9204,337

i 4,3374,270

4,1861 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

9,9189,961

10,144

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

Figures of preceding call carried forward.

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

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

Figures of preceding call carried forward.

NUMBER OP 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. 3_..Dec. 31.

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

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

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

1932—June 30.Sept. 30.Dec. 31-

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

8,9298,8968,837

8,7558,7078,6168,522

8,4068,3158,2468,052

7,9287,7827,5997,246

6,9806,9046,816

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

1,186

:

,177L, 1481,119

1,0951,0681,0541,019

998982946878

835824805

Nonmemberbanks

Mu-tualsav-ings

banks

*615i 615

612

1612611

1 611609

i 609606

i 606603

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

i Figures of preceding call carried forward.



REPORTING MEMBER BANKS IN 90 LEADING CITIES1

[In millions of dollars.]

Month or date

Mar. 1Mar. 8-Mar. 15Mar. 22 „Mar 29

Apr. 5Apr 12Apr 19Apr 26

May 3

Total—90 leading cities

Total

15,90015,728

* 16,01716,02116,001

15,92715,88715,87616,048

16, 288

Loans and inves

Loanson se-

curities

3,7273,759

2 3,7623,7253,644

3,6173,5843,5833,638

3,698

Allotherloans

4,5544,551

2 4,6264,6654,688

4,6404,6614,6274,703

4,706

fcments

Investments

Total

7,6197,418

2 7,6297,6317,669

7,6707,6427,6667,707

7,884

U.S. se-curities

4,6314,427

2 4,5804,5784,583

4,5854,5844,6354,678

4,909

Bor-rowingsat F.R.banks

4141,066

849379283

177168158124

129

New York City

Total

6,5126,4126,5236,4846,457

6,4396,4556,4396,627

6,753

Loans and investments

Loanson se-

curities

1,6401,6681,6741,6261,555

1,5481,5351,5381,611

1,676

Allotherloans

1,4391,4531,4831,5251,563

1,5151,5571,5351,614

1,615

Investments

Total

3,4333,2913,3663,3333,339

3,3763,3633,3663,402

3,462

U.S. se-curities

2,3382,1862,2532,2102,185

2,2152,2082,2362,269

2,353


18363248314784

182723

89 other leadingcities

Totalloans

and in-vest-

ments

9,3889,316

2 9,4949,5379,544

9,4889,4329,4379,421

9,535


231434366232199

159141135124

129

VSee note on p. 273, explaining the basis on which these figures have been compiled.«On Mar. 9 a member bank in Chicago took over assets and assumed deposit liabilities of a nonmember bank aggregating approximately

$135,000,000.

BROKERS' LOANSREPORTED BY THE NEW YORK STOCK EXCHANGE

[Net borrowings on demand and on time. In millions of dollars]

End of month

JanuaryFebruary - -March

AprilMayJane . „

JulyAugustSeptember .

October - - - _-NovemberPGCftTnber

Total

1932

612525633

379300244

242332380

325338347

1933

359360311

322

From NewYork banks

and trust com-panies

1932

374385391

300243194

195248292

263278279

1933

270298247

268

From privatebanks, brokers,foreign banking

agencies, etc.

1932

138140142

795749

478588

616168

1933

906264

54

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—MarchAprilMayJuneJulyAugustSeptember.,OctoberNovember-December..

1933—-JanuaryFebruary...MarchAprilApril 5April 12April 19April 26

Total

531500436377335344409411354393380433398399

376375386461

Forown ac-count

432423385342309319385389336377365416373374

347348363439

For ac-count ofout-of-town

banks»

9470442918171916121211101821

25232018

For ac-count ofothers

57768866644774

4434

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

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


M A Y 1933 FEDEEAL EESERVE BULLETIN 283

ACCEPTANCES AND COMMERCIAL PAPERBANKERS' ACCEPTANCES O U T S T A N D I N G (DOLLAR

ACCEPTANCES)


End of month

1930—December..

1931—JanuaryFebruary.- .MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December..

1932—JanuaryF e b r u a r y -MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1933—JanuaryFebruary. __

.MarchApril

Totalout-

stand-ing

1,556

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

9961,0401,002

974

961919911879787747705681683699720710

707704671

Held by Fed-eral Eeserve

banks

Forownac-

count

328

8985

123162124953970

420647418305

1197636164

361232344

2307280164

Forac-

countof for-eign

corre-spond-

ents

439

44745643140938034124322810099

126251

31431233529218398594943393240

41304543

Held by acceptingbanks

i oiai

371

571550472410464554668606410230296262

332343377455510518563574573605655604

626325261

Ownbills

90

134151131125171196232168162112125131

159175155188225200197198156199268224

256201153

Billsbought

282

437398341285293357436438248118171131

174168222268286318366376414406386380

370124108

Heldby

others

417

4124294404414443792781866763

161156

1951891631159096705564522862

384285

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 month

January. __February..MarchAprilMayJuneJulyAugustSeptember.October.. .November.December.

1930

1,0351,0381,0401,0541,0581,0641,0651,0711,07521,58331,58735,983

1931

36,11923,9581,0631,0741,07310,55134,371145,21548,80433,50133,38633,429

1932

33,44433,47830, 77830, 73630,83730, 76230,645

30,84930,65930,65229,489

1933

28,99724,7887,181

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

CLASSES OF BANKERS' ACCEPTANCES (DOLLARACCEPTANCES)


End of month

OUTSTANDING

1932—MarchApril.MayJuneJulyAugustSeptember.. .OctoberNovember .

1933—JanuaryFebruaryMarch

HELD BY P.E. BANKS(OWN ACCOUNT) 1

1932—MarchApril.MayJuneJulyAugustSeptember .OctoberNovemberDecember. . . .

1933—January.. ._FebruaryMarch

Total

911879787747705681683699720710

707704671

36165

361232344

2307280

Basedon

i _

intoTT Q

12911810397857673818179

717173

42

41

/2\

(2 )

(2 )

(2)3133

Basedon ex-portsfromU.S.

205199184173162152156157161164

166174175

62

61

8l(2)5856

Basedon goodsstored inUnitedStates(ware-house

credits)or

shippedbetween

domesticpoints

267251217193178192212222237230

222219184

1263

19511232

110587

Dollarex-

change

2317151315118Q9

10

1198

11111111

(*)

54

Basedon

goodsstored

inforeigncoun-

tries orshipped

be-tweenforeignpoints

287294269271265250234231232228

237231230

135

0421111

110797

1 Total holdings of Federal Reserve banks include a small amount ofunclassified acceptances.

> Less than $500,000.

Back figures.—See A:(tables 61 and 14), etc.

nnual Reports for 1931 (tables 67 and 15), 1930

COMMERCIAL PAPER OUTSTANDING[In millions of dollarsj

End of month

Januarys-February. .MarchAprilMay ,June.Ju ly . . . . . . . :AugustSeptember-OctoberNovember.December..

1930

404457529553541527528526513485448358

1931

327315311307305292289271248210174118

1932

10810*10610811110310010811011311081

1933

85847264

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



FEDERAL RESERVE BANE RATESDISCOUNT RATES

[Rates on rediscounts for and advances to member banks under sections13 and 13 (a) of the Federal Reserve Act]

Federal Reserve bank

BostonNew YorkPhiladelphia....ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas Ci ty . . .DallasSan Francisco.

Rate ineffect on

May 1

3H

Date estab-lished

Oct. 17,1931Apr. 7,1933Oct. 22,1931Oct. 24,1931Jan. 25,1932Nov. 14,1931Mar. 4,1933Oct. 22,1931Sept. 12,1930Oct. 23,1931Jan. 28,1932Oct. 21,1931

Previousrate

2H3H33432H2H434


The following special rates are also in effect at allFederal Reserve banks:

PercentAdvances to member banks under section 10 (b) of the Federal

Reserve Act, as amended by section 402 of the act of March 9,1933 - 5

Advances to nonmember banks and trust companies under sec-tion 404 of the act of March 9, 1933, as amended by the act ofMarch 24, 1933 5

Discounts for individuals, partnerships, and corporations underthe third paragraph of section 13 of the Federal Reserve Act, asamended by section 210 of the act of July 21,1932 6

Advances to individuals, partnerships, and corporations securedby direct obligations of the United States under the last para-graph of section 13 of the Federal Reserve Act, as amended bysection 403 of the act of March 9, 1933..

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 onMay 1

222222\i2H

Date estab-lished

Mar. 22,1933... .do.. . .do.. . .do— d o

dodo

Previousrate

2H2\i

2%3

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 Primecom-

mercialpaper,4 to 6

months

1932MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1933JanuaryFebruaryMarchAprilWeek ending—

April 1April 8April 15April 22 . . .April 2 9 . . .

Prevailing rate o n -

2 -2H2 -2H

m-m

Primebank-

ers'accept-

90days

2 -2H2 -

HHX

HH

H-HH-Vs

1H-ZH

V2

Timeloans,

90days '

2 -31M-2

IK

2H-3M

2 -21 -2

1l -1H

Average rateon—

Call loans >

New

2.502.502.502.502.082.002.001.351.001.00

1.001.003.271.29

3.001.911.251.001.00

Re-newal

U.S.Treas-

urynotesand

certifi-cates,3 to 6

months

2.502.502.502.502.082.002.001.351.001.00

1.001.003.321.37

3.002.101.381.001.00

Average yield

Treas-ury

bonds*

<2.251.11.31

«.34.22.14

4 .04

.07

.01<1.34

.45

1.27.79.20.41.41

3.923.743.773.783.653.573.543.543.553.48

3.393.473.583.55

3.563.533.513.603.56

i Stock exchange call loans; new and renewal rates.1 Stock exchange 90-day time loans.* 3 issues—ZH, SH. 4 percent; yields calculated on basis of last redemp-

tion dates—1947, 1956, and 1954.* Change of insues on which yield is computed.Back figures.—See Annual Report for 1931 (tables 39 and 40), 1930

(tables 36 and 37), 1929 (tables 35 and 36), etc.

RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES

[Weighted averages of prevailing rates]

Month

JanuaryFebruaryMarchAprilMayJuneJuly . .AugustSeptember...OctoberNovemberDecember .

New York City

1931

4.244.314.204.174 114.134.053 973.934.274.674.64

1932

4.714.714.724.694 554.614.424 454.304.354.124.22

1933

4.124.114.884.33

8 other northernand eastern cities

1931

4.614.634.624.574 554.494.484 474.484.624.874.91

1932

5.075.135.145.105 145.135.055 125.034.964 884.88

1933

4.894.845.395.09

27 southern andwestern cities

1931

5.505.435.405.365.265.345.305.285.325.385.535.56

1932

5.615.615.645.635.645.625.635.685.635.565.555.60

1933

5.605.565.665.68




SECURITY PRICES AND SECURITY ISSUESSECURITY PRICES

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

Month or date

Number of issues

1932—January..FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1933—JanuaryFebruary _MarchApril

April 5 ~April 12.. .April 19April 26 .

Bonds*

60

81.080.380.879.475.272.274.283.285.884.181.981.284.182.576.875.4

74.475.075.476.7

Pre-ferredstocks'

20

96.596.396.294.290.383.685.398.6

101.899.897.495.497.895.793.195.7

93.394.496.498.6

Common stocks (1926-100)

Total

421

58565744403436535860484749454348

42454954

Indus-trial

351

54535442383436525648454546424249

42455256

Rail-road

33

37343222171416293528262628272626

23252731

Publicutility

37

94939373685555849181788082736764

60636368

Selected groups of industrial issues

Auto-mobile

13

64605534302626456443404042383442

35384551

Build-ing

equip-ment

12

31302922201819303428252525232228

24263133

Chainstore

16

57566849423536495348474746434044

40414649

Chem-ical

11

80798561524850758374717882747282

73788693

Cop-perand

brass

8

36323022201720384734322629282939

30344348

Elec-tricalequip-ment

4

85777757524043737863605661545261

52576571

Ma-chin-ery

10

48474737332930444842393839393743

38414647

Oil

15

43424538393742556447474646424147

41444953

Steel

10

32323223201618334233282627242332

24283740

Tex-tile

28

31313126232022338933302827252428

24262933

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

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

»20 high-grade industrials; average price.

CAPITAL ISSUES[Long-term; i. e., 1 year or more. In millions of dollars]

Year and month

19251926192719281929193019311932

1932—AprilMayJuneJulyAugustSeptember-OctoberNovember-December. .

1933—JanuaryFebruary . . .MarchApril

New issues

Total(do-

mesticandfor-

eign)

6,2016,3147,5568,040

10,0916,9093,0991,165

719178

10663759444

124

65201625

Domestic

To-t aP

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

719178

10460739443

124

65«20«1625

Stateandmu-nici-pal

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

755

308474253463362899

3317138

Corporate

Bondsand

notes

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

305

1574

62256

4796

1910

16

Stocks

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

31120

000120224

3031

For-eign

1,0761,1251,3371,251

671905229

8

000232010

0000

Re-fund-ing

issues(do-

mesticandfor-

eign)

9251,0462,2201,8581.422

711949583

72326457

10876433235

45373

20

• Corrected.i Includes issues of Federal land banks and Federal intermediate credit

banks, not shown separately.Sources.—For domestic issues: Commercial and Financial Chronicle;

for foreign issues (issues publicly offered) annual totals are as.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).

172744—33 4

UNITED STATES GOVERNMENT SECURITIES[In millions of dollars]

Month

1931December-

Total (12 months).

1932JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember ,OctoberNovemberDecember

Total (12 months).

January..February.MarchApril

1933

Outstanding at endof month

Total

17,528

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

20,45420,68520,99121,087

Bondsand

notes

15,092

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

17,52817,80617,80517,806

Certif-icatesandbills

2,4132,7183,0883,1843,4113,4463,5533,3043,0082,6892,6802,926

2,9262,8793,1863,281

Increase or decrease(—) during month

Total

488

1,754

- 1 330537097442432136461538189-9-28

2,920

6231306

Bondsand

notes

10

710834608

-274

2,430

Certif-icatesandbills

NOTE.—Figures relate to interest-bearing public debt; matured andnoninterest-bearing debt amounted to $354,000,000 at the end of April1933. 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

191919201921 . .19221923 _1924192519261927-192819291930

1932.

1929JulyA u g u s t -SeptemberOctober- .NovemberDecember

1930January. _February-March . . . .AprilMayJuneJuly .August.—SeptemberOctober . .NovemberDecember

1931January . .February.March..._AprilMay .JuneJuly . -August _-.SeptemberOctober. .NovemberDecember

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

1933January- -February-March

Industrial production *

Total i

Unad-justed

83876785

10195

104108106111119968164

12012212312110896

10310910610710599919092908477

828790908983807877757268

717168646159565967686560

6465

. 6 1

Ad-justed

124121121118110103

10610710410410298939090888684

848687888783827876737374

726967636059586066676566

6564

*60

Manufactures1

Unad-justed

84876786

10194

105108106112119958063

12012212311910793

10211010911010698898890878274

818891919083797776727066

707066636059555866666358

6363

P59

Ad-justed

125122121119110101

10510710410410197928989868582

838687878782827875717173

716864615858575966656364

6462

.57

Minerals *

Unad-justed

77897074

1059699

108107106115998471

118121127127114110

1081049194

1021031001011011059689

878482838486868283908479

747577726561626673807872

717674

Ad-justed

116115118116110116

11010898

1041041021009694959293

898789918787867978838184

777884796763646570747576

737981

Construction contracts awarded (value) J

Total

Unad-justed

636356798494

122129129135117926328

1361291121049484

7889

1021131251161078582756859

586877827874686359524330

252326313132313230282422

181614

Ad-justed

124122110107103102

9510410210110599958181787673

717977736563615959554938

312726272627273030292728

221914

Residential

Unad-justed

443044688195

12412111712687503713

948473676653

464454626154484852514637

374250524741363232292620

16151616141212111212108

778

Ad-justed

938673676761

564952535249474952524843

444747444037353332302723

19171514121111121212109

888

All other

Unad-justed

799065888694

1201351391421421258440

170166144135116109

104126141156178166155115108

948677

758998

107104101

948781715739

333035434547464845413533

272318

Ad-justed

149152140139132136

128148144140148140135106105

999998

93104100968584828180766750

413536383739404544434143

332718

Factory em-ployment 3

Unad-justed

1071088290

10496

1001019997

101887462

1021041051039995

939393939189868586848179

767778787775747475716968

666766646159575962626160

585957

Ad-justed

1031031021019997

969493929190878483828180

787878787876757473706969

686866646260585960616161

595957

Fac-torypay

rolls*

Unad-justed

981187781

10396

101104102102108876645

10611111211110399

949898979491838283817574

687375747268646462595656

525452494643404042444241

394037

Freight-carloadii

Unad-justed

84917987

10097

103106103103106927556

11111512111810289

899190939795959699978674

747475777977787678787061

585958575352515361655852

515148

igs**

Ad-justed

107107106104102102

1009996979693928987868484

828080807977767269696869

646261595452515154575758

565450

Com-mod-ity

prices'

1391549897

10198

104100959795867365

979696959493

939190908987848484838180

787776757372727271707069

676666666464656565646463

616060

Preliminary. • Average per working day.1 For indexes of groups and separate industries see p . 326; for description see BULLETIN for February and March 1927; for back figures see

BULLETIN for March 1932, p . 194.* 3-mqnth moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p . 358.1 For indexes of groups and separate industries see p . 327; for description and back figures see BULLETIN for November 1929 and November 1930.4 For indexes of groups see p. 287; for back figures see BULLETIN for February 1931, p . 108.1 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities are given on p . 328.



MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

Month

JanuaryFebruaryMarch.

AprilMayJune

JulyAugust . -_September

OctoberNovemberDecember

Year

Merchandise exports

1929

488442490

425385393

403381437

529442427

5,241

1930

411349370

332320295

267298312

327289276

3,843

1931

250224236

215204187

181165180

205194184

2,424

1932

150154155

135132114

107109132

153139132

1,611

1933

121102

»108

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

9684

P 95

Excess of exports

1929

11972

106

15—15

40

60U86

137104117

842

1930

1006769

243544

467986

808566

782

1931

664926

292414

6- 210

364430

334

1932

152324

9204

271834

483435

289

1933

2518

v 13

v Preliminary.

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

Month

JanuaryFebruaryMarch - -

AprilMayJune

JulyAugustSeptember

OctoberNovemberDecember

Year

Index of sales i

Adjustedfor seasonalvariation

1932

787872

797269

656568

696360

1933

6060

'57

67

Withoutseasonal ad-

justment

1932

646469

747266

464971

7573

106

69

1933

4949

'50

68

Index of stocks (end ofmonth)

Adjustedfor seasonalvariation

1932

757370

696867

646160

616160

1933

585653

53

Withoutseasonal ad-

justment

1932

666973

726965

595963

676956

66

1933

525455

55

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.

>• Revised.

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

FREIGHT-CAR LOADINGS, BY CLASSES

[Index numbers; 1923-25 average=100]

Total - - . - - -_CoalCokeGrain and grain prod-

uctsLivestock - _- .Forest productsOreMiscellaneous -Merchandise *

TotalCoal - - - - - - -Coke - -Grain and grain prod-

ucts -- _- - -_ -LivestockForest productsOr AMiscellaneousMerchandise *

1932

Nov. Dec.

1933

Jan. Feb. Mar.

Adjusted for seasonal variation

576640

595124105768

586945

595022205769

565640

615022205769

546545

584919205166

505535

694520234762

Without seasonal adjustment

587241

635923

5670

527448

575018

4564

516344

595320

4565

517152

564619

4464

485135

583921

4563

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.



FOREIGN BANKING AND BUSINESS CONDITIONSANNUAL REPORT OF THE GERMAN REICHSBANK

The annual report of the German Reichsbankfor the year ended December 31, 1932, wassubmitted to the general meeting of share-holders on April 7, 1933. The main text of thereport is given herewith.1

During the year under review many signsseemed to indicate that the low point of thedepression had been reached in a number ofcountries. The most significant of these signswere the revival in markets for raw materialsand the relaxation of the money markets.The negotiations at Lausanne had also demon-strated how much the restoration of sanity inthe political life of nations contributes to theircommon victory over economic difficulties.Nevertheless, the international situation as awhole is still almost paralyzed, and it remainsto be seen how far the coming World EconomicConference, for which the two meetings ofexperts at Geneva did preliminary work, willjustify the hopes built upon it.

Economic developments in Germany pre-sented a similar unsatisfactory picture andcontinued to be very unfavorable. It is truethat in the second half of the year a few slightindications of improvement were evident inspite of the constantly increasing tension in thepolitical situation of the country. Industrialproduction and sales showed some revival.For the first time in a long period, if we dis-regard certain seasonal fluctuations, employ-ment at least showed no further decline. Thefall in prices became more gradual. Higherquotations for stocks and bonds, the release ofhoarded funds, repatriation of German capitalwhich had taken flight abroad, all seemed toindicate a gradual restoration of confidence.On the other hand, however, public financeswere greatly strained; the export surplus in ourforeign trade continued to decline; economicdistress, especially in agriculture, increasedalmost to the limits of endurance; and the year-in-year-out pressure of widespread unemploy-ment was an ever-growing menace to the foun-dations of government and the economic positionof the country.

Money and credit conditions.—Conditionsin the German money market, cut off from

1 The report, available in German, contains in addition tables andcharts showing the operations of the bank in detail. All amounts ofmoney expressed in reichsmarks have been converted into dollars atpar and then expressed in round figures. For earlier reports, see BUL-LETIN for April 1932, August 1931, May 1930, etc.

foreign markets to a great extent by foreignexchange control and standstill agreements,were almost entirely dependent on the Reichs-bank. Although shortly after the beginningof the year 1932 funds became abundant inthe leading foreign markets, in Germany thedisturbances arising out of the credit crisis ofthe previous year prevented any relaxation inthe monetary position. The German bankingsystem was severely handicapped as a resultof enormous losses of its own funds as well ashuge withdrawals of foreign balances and by theimpossibility of mobilizing any adequate pro-portion of its frozen credits.

Interest rates.—The Reichsbank sought tocounteract the rigidity and high level of Germaninterest rates by a discount policy adapted tothe needs of hard-pressed business. In con-tinuation of the policy pursued since the closeof 1931, the bank considered a further reductionof the discount rate. The reduction was madein spite of serious exchange difficulties, whichwere reflected in the unsatisfactory develop-ment of the gold and foreign exchange holdingsof the Reichsbank, in spite of the effort to main-tain foreign credits to German business insufficient volume to preserve -a balance ofexchange transactions. The bank, therefore,took energetic and not unsuccessful measuresto stimulate a more intensive employment ofcredit under the standstill agreement bybringing pressure to bear on banks and businessenterprises and by cheapening the costs forstandstill credits. In accordance with thispolicy, and in connection with the decline ofdiscount rates abroad, the bank rate waslowered as of March 9, 1932, from 7 to 6percent, on April 9 to 5% percent, and on April28 to 5 percent. After proclamation of thedecree of September 19, 1932, by the Presidentof the Reich, the rate could again be loweredon September 22 by 1 full percent, from 5to 4 percent, where it remained unchangedthroughout the remainder of the banking year.The lombard rate was reduced from time totime in accordance with reductions in thediscount rate.

As a result of this development Germanmoney rates declined gradually to a levelwhich was indeed still rather high but at leastmore endurable. The level of rates on themoney market became adjusted to the reduc-



tions in the discount rate, though frequentlyonly after some hesitation. Thus, the burdenof interest upon German debtors was consid-erably lightened during the year.

Increased use of trade bills.—In order tomake it easier for business to obtain accesseither directly or indirectly to the credit facil-ities of the central bank, the Reichsbank hasendeavored to stimulate, unfortunately withslight success as yet, the use of trade bills in-stead of open book credits. Inasmuch asother sources of credit were not always avail-able in adequate amount, the bank stood readythroughout the year to tide German businessover the present scarcity of credit and capitalby granting various kinds of credit for meas-ures of support, for reconstruction, mobiliza-tion, and production.

New credit institutions.—The measures in-troduced in 1931 for reconstruction of thecredit system, then seriously threatened, led tothe establishment in December 1932 of twonew institutions, the German Financing In-stitution (der Deutsche Finanzierungs-Institut,Aktiengesellschaft), and the Amortization Of-fice for Industrial Credits (die Tilgungskassefur gewerbliche Kredite). The aim of theseinstitutions is to strengthen the liquidity of thebanks by taking over certain securities andthus to enable them to continue outstandingcredits and to assume new obligations. Forthe same purpose special credit assistance,chiefly through the acceptance bank, was madeavailable for middle-sized and small banks,which could also have recourse to the twoinstitutions mentioned above.

Owing to rather large withdrawals of depos-its, the German savings banks had to apply tothe central bank in the summer of 1932 for aconsiderable volume of new credits on whichthey were soon in a position to begin repay-ment. By way of special assistance in thematter of small and intermediate credits, theReichsbank facilitated the granting of new,unsecured credits on the part of the savingsbanks by agreeing to a very gradual repay-ment of its own credits.

Assistance to agriculture.—As in pre-wartimes and ever since the war, the Reichsbankagain gave special attention to agriculture.Apart from regular credit operations, creditswere made available to agriculture, particularlyfor the financing of relief measures in the East(Osthilfe), and of the previous year's harvest.The Reichsbank also participated with largeamounts in financing the seasonal needs of thebeet-sugar industry. In the aggregate, special

grants of credit for agriculture amounted tomore than $119,000,000, only part of which,however, was used. It was chiefly a matterof agreeing to rediscount for various organiza-tions, which, owing to the gradual increase inliquidity of the money market during the secondhalf year, did not find it necessary to make fulluse of the rediscount. Further credits werealso opened for financing contracts betweenGermany and Russia.

Government employment program.—In con-nection with the measures taken by the Reichto increase employment, the Reichsbank grantedextensive rediscount facilities to the com-mercial banks which participated in theinterim financing of the various parts of theemployment program. In this connection also,the Reichsbank offered its services in thematter of Government tax vouchers, whichwere used as credit instruments in a greatvariety of ways. Altogether, vouchers wereissued in the amount of $309,660,000 for taxremissions to private business; $47,640,000 forabatements on the transport tax of the Reichrailways; and $47,640,000 as a premium toemployers for taking on new workers, while afurther $119,100,000 was allocated for a furtheremployment program. Acceptance credits forthe creation of employment have thus far beenrequired in only small amounts.

Bill portfolio.—Changes in the domestic billportfolio of the Reichsbank reflect the com-plete prostration of German private business.Applications for credit were exceedingly limited,although the bank was prepared to extendcredit in considerable volume. As a result,the bill portfolio of the Reichsbank, includingthe bills deposited as guarantee for the foreigncredits of both the bank of issue and theGerman Golddiscount Bank, declined during1932 by more than $238,200,000 to about$833,700,000.

Gold and foreign exchange.—In spite offoreign exchange control and the standstillagreement, the Reichsbank's stock of gold andforeign exchange declined during 1932 by al-most $59,550,000, and became so reduced asto cause serious concern. It should not beforgotten that the reserves shown at the endof the year included gold and foreign exchangepledged for the repayment of obligationsamounting to some $131,010,000, representingforeign rediscount credits granted to theReichsbank and to the Golddiscount Bank.The Reichsbank determined to make thesetransfers in gold and foreign exchange in ordernot to imperil the service of Government and



private foreign indebtedness, which has hithertobeen maintained without interruption. Thefuture development of the foreign debt situa-tion will create serious problems for the Reichs-bank unless there is a very considerable increasein the surplus of the foreign trade balance,instead of the continuous and sharp declinewhich has taken place during the first twomonths of the current year. In this connectionit must again be pointed out that no debtorcountry can be in a position to fulfill its obliga-tions if the creditor countries erect obstaclesagainst its transfers of commodities.

Repayment of foreign credits.—The redis-count credit granted the Reichsbank by foreignbanks of issue and the Bank for InternationalSettlements had been reduced on severaloccasions in connection with its renewal bypayments aggregating $30,000,000, so thatwhen it was extended for the last time onMarch 5, 1933, for a further 3 months, itamounted to only $70,000,000. The Americanspecial credit of $50,000,000 to the GermanGolddiscount Bank was extended in the sum-mer of 1932 for another year in return for apartial repayment amounting to 10 percent.Payments transferred abroad on the temporarycredit of the Reich, which was floated throughthe agency of the banking house of Lee,Higginson & Co., totaled about $15,000,000during the year under review. The foreigncredit granted at the beginning of 1931 to theReich in connection with the purchase ofpreference shares of the Reich railways for theReich Government Insurance Office for Em-ployment, amounting to about $30,966,000,was paid off entirely in the course of 1932.

Altogether, the short-term foreign indebted-ness of Germany was reduced during 1932 bymore than $238,200,000. The short-term in-debtedness of the banks (exclusive of theReichsbank and the Golddiscount Bank) andof other German enterprises to foreign bankcreditors amounts at present, so far as theseobligations are covered by the German creditagreement of 1933, to $952,800,000. On thebasis of available data, we estimate that sinceSeptember 1930—that is, since the beginningof foreign withdrawals up to the present time—the aggregate foreign indebtedness of Germanylias been reduced by at least $1,786,500,000.In addition, considerably more than $595,-000,000 has been transferred abroad during thesame period as interest payments. Thesepayments not only evince Germany's willing-ness to pay, but also represent a transfer which,in the face of the economic depression, testifies

to the essential economic strength of Germany.In order to keep up a general survey of thechanges in amount of German foreign indebted-ness, the Registry Office for Foreign Indebted-ness, under authority conferred upon it byemergency decree, has completed new officialsurveys of the position as of February 29 andSeptember 30, 1932, and has begun a survey ofthe position as of February 28, 1933.

The efforts to maintain the service of foreignloans required a continuous tightening of theforeign exchange regulations, especially in con-nection with security operations in which theReichsbank cooperated as far as possible.Under date of September 28, 1932, the previousannouncements of the Reichsbank regardingtransactions in foreign exchange, of July 18,1931, October 6, 1931, and March 31, 1932,were published in a new collection with certainamendments, generally to be regarded asmeasures of relief.

Transfer agreements.—The close economicrelation between Germany and other countriesled to some easing of the difficulties which hadbeen brought about by exchange regulations intrade and in the transfer of payments. This wasdone so far as possible through special agree-ments, some of which took the form of govern-ment conventions and others represented centralbank agreements. Government conventionsgoverning foreign exchange were concluded inregard to some transfers of payment with theBelgian-Luxembourg Economic Union, withDenmark, Finland, France, Holland, Italy,Norway, Sweden, Switzerland, and Spain.According to these agreements, import pay-ments in excess of the German foreign ex-change quota are deposited in special accountswith the Reichsbank, such funds to be usedexclusively in paying for German exports intothese countries. A mutual clearing agreementwas concluded with Hungary, which placed theentire settlement of intergovernmental transfersof payment in the hands of the central banks ofeach respective country. The Reichsbank alsoconcluded agreements with the central banks ofBulgaria, Estonia, Greece, Yugoslavia, Latvia,and Rumania, to insure the settlement oftransfers of payment with the least possiblefriction; in these cases the idea was to centralizetransfers of payment between the participatingcountries as much as possible in the centralbanks and, as a rule, to exclude the use ofsecurities of third parties.

In the interests of German export, theReichsbank felt especially obligated to assistin thawing out such German balances as had



been frozen in foreign countries through meas-ures of exchange control. By means of specialarrangements with the central banks of thesecountries, and in various other ways, theReichsbank succeeded in course of time inmobilizing a portion of these claims. TheReichsbank also endeavored to relieve Ger-man exporters by advancing money on tradeacceptances.

Credit agreements.—The foreign debts gov-erned by the German credit agreement of 1932were reduced by 10 percent. In September 1932payments on the standstill credits guaranteedby the German Golddiscount Bank began, ashad been provided in the agreement. Thepossibilities of consolidation offered by theagreement were used to the extent of $35,730,-000. The new German credit agreement of1933 is in force until February 28, 1934, andextends the possibility of consolidation veryconsiderably while giving the Reichsbank therights of supervision. The interest rates onstandstill credits are to be further reduced byone half of 1 percent. Just as in the previousyear, another reduction of these credits wasagreed upon, this time in the amount of 5percent.

The credit agreement on German publicdebts for 1932, which provided for a repaymentof 10 percent on public short-term debtscarrying an interest rate of 6 percent, wassucceeded on March 1, 1933, by the creditagreement on German public debts for 1933,which governs the extension of the short-termforeign debts of German Provinces, communi-ties, and other public corporations until March15, 1934. In this new agreement the foreigncreditors were given the opportunity of con-solidating their short-term claims; and, inconsideration of a repayment of 5 percent, areduction of one half of 1 percent in creditcharges was agreed upon.

Stability of the reichsmark.—The quotationof the reichsmark in foreign countries showedremarkable stability, which was due primarilyto the scarcity produced by foreign exchange

regulations in the offer of reichsmarks, to theincreased invoicing in reichsmarks, and obvi-ously, also, to the repatriation of Germancapital which had previously taken flightabroad.

Capital market.—The German capital markethad great difficulty in recovering from theunfortunate events of 1931. It is true that itbecame possible to resume official trading insecurities on the German bourses on April 12,1932, but only under restrictions. The inter-vention in the relations between debtors andcreditors, as established by civil law, whichhad been authorized by the emergency decreeof December 8, 1931, together with measuresof price reduction, had awakened apprehen-sions lest further measures of control mightbe taken against creditors, and in connectionwith the fear of possible experiments in cur-rency and credit had created a feeling of inse-curity which crippled stock-exchange trans-actions for a long time, hindered the improve-ment of quotations, and checked revival ofactivity in security issues.

Improvement on the stock exchange.—Aslight upward movement took place in thesecond half of the year. The signs of improve-ment mentioned at the beginning of this reporthad brought about tendencies toward recoveryon the international stock exchanges; thisimprovement extended to the German bourses,and became especially evident when, upon theannouncement of the economic program of theReich Government in August 1932, publicopinion in this country also became morehopeful. The security market was reassurednot only by the repeated declarations of theGovernment of the Reich that it would refrainfrom any experiments in currency and credit,but also by the encouraging fact that thesecond reduction in rates of interest foragricultural mortgage credits indicated theprospect of a more considerate handling of therights of creditors. The German level of stockquotations, therefore, rose very considerablyduring the second half of the year.



BALANCE SHEET OF THE GERMAN REICHSBANK AS OF DECEMBER 31, 1932

ResourcesReichs-

marks (inthousands)

Dollars *(in thou-sands)

LiabilitiesReichs-

marks (inthousands)

Dollars(in thou-

Gold, not under lien (gold bars, domestic and for-eign coins):

In the cash offices of the bankWith foreign banks of issue

Cash balances:Reichsbank notesSubsidiary coinRentenbank notes _Notes of German private banks of issue.

Credit balances in foreign currencies (of which theequivalent of 105,964,000 reichsmarks was as-signed as cover for the notes in circulation)

Foreign notesForeign bills and checksDomestic bills and checks:

Treasury bills of the Reich.__Other domestic bills and checks.

Silver _

Loans against collateral (lombards), viz:Loans against securities (sec. 21, 3b, c, d, of

the bank law)__ -Loans against bills (sec. 21, 3e, of the bank

law) _-. __-Loans against goods (sec. 21, 3f, of the bank

law) _.Loans against treasury bills of the Reich (sec.

21, 3g, of the bank law)

Securities ownedDoubtful assets.Land and buildingsClaims resulting from the settlement with the

ReichMiscellaneous:

Bank notes no longer fit for circulationPostponed claim on the German Government

in virtue of sec. 11, 4 of the law of Aug. 30,1924, for the liquidation of Rentenbanknotes in circulation

Credit balances with postal check officesBills held as security for the $100,000,000 credit.Other claims

762,64743,577

181,66310,380

806,224

5, 794,725177,12413,7613,104

192,043

1,380,30342,1913,278

739

5,988,713 1,426,511

154,0227,883

90,893

5802,715,872

129

1,87821,651

138646,921

31

153,501

2,169

16,268

4,126

36,564

517

3,875

983

176,063 41,938

323,03121,00530,000

99,055

1,344

70,08211,862

361,019189,052

76,9465,0037,146

23, 595

320

16,6942,826

85,99545,032

633,360 150,866

Total resources. 11,046,829 2,631,355

Total bank-note issueCredit balances of giro and current accountsNoninterest-bearing depositsOriginal capitalLegal reserve fund (including transfer from net

profits of the year 1932)Reserve for pensions, etcReserve for probable losses

Reserves for:Printing of new notes..New buildings

9,356,528539,781

75150,000

63,25480,000241,962

Special reserve fund for future payments ofdividends..

Miscellaneous:Interest on bills due in 1933-_Dividends due but not yet paidDollar treasury notes of the Reich to be re-

deemed by the Reichsbank >Liabilities in foreign currencies -Other book debts

Net profits for the year 1932, less 10 percent as-signed to the legal reserve fund

2,228,725128,576

1835,730

15,06719,05657,635

22,93824,762

47,699

40,235

13,070233

174373,303104,515

491,295

36,000

5,4645,898

11,362

9,584

3,11356

4188,92124,895

117,026

8,575

Total liabilities. 11,046,829 2,631,355

^Conversion at par: 1 reichsmark=$0.2382.



FINANCIAL STATISTICS FOR FOREIGN COUNTRIESGOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS


End of monthTotal

(49 coun-tries)

UnitedStatesi Canada Total (27

countries)

Europe

Austria Belgium Bulgaria Czecho-slovakia Denmark England France Germany

1932—February-March.AprilMayJuneJulyAugustSeptember..OctoberNovember-December..

1933—JanuaryFebruary.. _MarchApril

11,41811,49911,51511,41611,34811,420

c 11, 564° 11,696c 11,790« 11,863

11,897

v11,925p 11, 741v 11,939

3,9473,9863,9563,7173,4663,522

3,7483,8193,8854,045

4,0743,8083,916

v 3,976

6,4446,4846,5316,6656,8416,8716,8976,9236,9446,9496,826

6,8186,8846,992

351349351353357365364359363362361

362366371371

39 688588

670676678678678583

692836905

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

3,2213,1763,152

» 3,170

221209205206198183183190195197192

196183176

I

Europe—Continued

End of monthGreece Hungary Italy Nether-

lands Norway Poland Portu- Ruma-nia Spain Sweden Switzer-

land U.S.S.R. Yugo-slavia

6 othercoun-tries

1932—February. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

1933—January....February...MarchApril

296296296297298300302305306306307

308325331

353354364384394408415416416415415

413410381374

434434434435435435435435436436

436436

471471493503509510509509493477

477488489460

329330331335349357368

>368»368J368J368

»3681368»368

2626273031

282829

293131

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-ria Egypt South

Africa

1932—February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

1933—January....February...March

347347343346347348348346342••342345

*347*>349

249249249249249249249249249249249

249249249

Ml

534535534534536524

«525"525"525«525"522

<=523525

162162162162162162162162162162162

162162162

215214214214214214214214214213212

212212212

29

2331323333333333333333

333333

3731343538343532353435

385054

« Corrected. Preliminary. ' Revised.

i 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.

a The August 1932 figure is carried forward for subsequent months, as no statement has been issued by the State Bank of the U.S.S.R. 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 RSpublique 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 1932.172744—33 5



GOLD PRODUCTION[In thousands of dollars]

Year and month

Esti-matedworld

produc-tion

Production reported monthly

Total

Africa

SouthAfrica

Rho- West BelgianAfrica Congo

North and South America

Canada UnitedStates

Mexico Colom-bia

Far East

Austra-lia Japan India

1930— Total (12 mos.) _1931—January ,.

FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total (12 mos.)-1932—January

February.__March.AprilMay. . .JuneJulyAugustSeptember-OctoberNovember..December..

Total (12 mos.)-1933—January...

February..March

430,725 372,726 221,526 11,476 4,995 2,699 43,454 47,12332,66830,64832, 22232, 34032, 79832, 77932,72933,33833,31534,41733,31933,382

19,15117,42718,79118,19418,90118,59418,959

18,98119, 52518, C7318,809

960

917918926947918905936941

1,041

442438453446451447451462486473478

304246256250230240245254291317292299

4,2014,0514,2354,6074,4774,7444,7314,7385,0264,9554,9274,995

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

459,104 393,957 224,863 11,193 5,524 3,224 55, 687 49,52439, 23638,18739,89539,43341,09141,18741, 57242, 73442,13842,35142,091

v 41, 645

P491, 560v 40,931v 37,398v 42, 094

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

422, 2P8 238,931 12,000 5,992v 35,159v 31,620v 36, 322

20,15218,176

i19,573

1,008989

i 1,013

532533

1517

3,642

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

63,061

i 3,597i 3, 535i 3,494i 3,390i 4,114i 4,362i 4,6101 4,982i 5,085I 5, 27114,858» 4, 651

51,948

280U341434

4,8264,7185, 313

i 4,3411 3,039i 5, 209

13,813 3,281 9,553 8,021

1,2811,011988

1,3291,2081,103814

1,2281,0741,041914877

301299340278329353354353256452389312

634869863936919

1,092933

1,229916

1,2401,3211,181

621702689694716663668654692679667664

12,866 4,016 12,134 8,1091,106948862

1,0571,026960924

1,1381,1221,091

i 1,158i 661

450386404380447405455524456455415353

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

P1,413

628657741671653647692696702727715

v 12,054 5,132 14,558 8,1981,1991,0341,137

513344487

r>l, 0661,0981, 364

666654

6,785648580594561521490500516562673590579

6.815534525545590567603585588559547556581

6,782

1622

v Preliminary. .1 Figure reported by American Bureau of Metal Statistics.2 This aggregate for 1932 of monthly estimates by the American Bureau of Metal Statistics in New York City differs somewhat from the official

estimate for the year made by the Bureau of the Mint in cooperation with the Bureau of Mines. The official estimate is $50,626,000.NOTE.—For comparable monthly figures back to January 1929 and for explanation of the table see FEDERAL RESERVE BULLETIN for April 1933,

p. 233. For annual figures of world production of gold back to 1873 see annual report of Director of the Mint for 1932, p. 151.

GOLD MOVEMENTS[In thousands of dollars]

Month

1931—NovemberDecemberTotal (12 mos.)

1932—JanuaryFebruaryMarchAprilMayJuneJu ly . . . .AugustSeptemberOctoberNovemberDecemberTotal (12 mos.)

1933—JanuaryFebruaryMarchApril P

United States

Total'net im-ports

89,43656,858

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

-22,081-11,737

Net imports from-—

Eng-land

3334,249

6,797

-3,199-235- 2 3

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

1,4056,0935,8681,2511,376

51,928

53. 585

50,248i 3, 310

8,935- 2 , 200

France

- 1 0-15.150

-344.514

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

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

5072

16,357

-441.649

29,490-3,709- 3 , 630-8,993

Ger-many

-115- 6 2

36.026

- 7 1-495

2-3,286-9,710

-116

320

-13.356

1,067-1,546

-250

Bel-gium

-57-5,861

-15.583

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

-669-19,930-26,250

1,021

10

-82.571

-600-199

Nether-lands

-394-9.857

-50.327

-6,257-8,672

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

""5,"5432,3812,6858,082

-96.686

15,12?802

-5,005-600

Switzer-land

-515-1,270

-19,768

-1,759-254

- 6-115

-53,554-62,603

-225- 8219257

-118.273

-1,614-681

Can-ada

7,4084,513

81,136

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

5065,6227.546

64.574

5,2744.2068,418

Mexico

9891.344

22,267

1,103950

2,9973,3291,510

8161,2842,2732,8431,345

893744

20,087

634••552

483159

Argen-tina

267

141.263

9,1101,1572,683

42- 1

12,991

- 1 5

Co-lombia

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

15,1939,446

990

Chinaand

HongKong

1,644623

34,240167819

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

39,043

5,6123,7002,1351,090

Japan

75,93268, 285

199, 286

9,96919,441

2,0132,4415,1724,197

3,362

3,124

49, 719

3,729

2,969

Allothercoun-tries

9414.837

31. 322

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

36,383

2,042' 3,208

2-15,413-4 ,162

Preliminary. r Revised.1 Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal

Reserve Bank of New York until Mar. 1.2 $17,054 exported to Italy.


MAT 1933 FEDERAL RESERVE BULLETIN 295

GOLD MOVEMENTS—Continued[In thousands of dollars]

Month

1931—November..December..

Total (12 mos.)-

1932—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober _NovemberDecember

Total (12 mos.).

1933—January...February-MarchApril p

Great Britain

Totalnet im-ports

-45,386-12,489

-143,729-. = =-7,320-6,182-2 ,69126,14816,97335,01922,675

1,2965,2045,814

13,857-29,582

81,211

-43,26018,40077,19858, 396

Net imports from—

UnitedStates

-4 ,637-7,548

-13,401 -319,989

-4 ,1292,256-1191,2077,541

15,897-1 ,671-4,259-6,887

-284-1,634

-58,561

-50,643

-48,314- 6 , 55911,821

France

-63,524-25,941

-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

3,406-2,238

Ger-many

-517

33,754 -37,050

- 7 6- 5 8

371

- 1 8144

455

- 2 0370

- 2 9

311

- 1 127

5,00318,582

Bel-gium

- 9 1-219

-124,101

-134-756- 5 3- 5 3

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

- 8 5-104-476

-1,104

-16,896

Nether-lands

-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

Switzer-land

SouthAmerica

-9 ,936-18,397

-60,836

-108

-14,021

- 7 9-588-929

733

29,446

1052,2261,002

406

500300187189527181

5,623

374296204

BritishIndia

26,59722,835

63,080

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

220,394

9,4957,1759,17810, 373

StraitsSettle-ments

Austra-lia

267502

11,280

.746781602899803772

2,122829584943710

10,780

587"554461959

1,50190

33,260

1,555371

1,7501,083915794

9,661175

1,505870830854

20,363

793794

22, 65914,209

SouthAfrica,Rho-desia,WestAfrica

16,05220,187

236,921. , - . I 'S

17,06220,88420,61624,89318,96526,24619,35119,71225,86618,37820,00623,326

255,305

16,53027, 81528,92319, 435

Allothercoun-tries

1,754755

3,904

3521,426

887420

1,734760

3,2075,0101,3261,853

831602

18,408

-2,1201,2452,556

-2,256

MonthTotalnet

imports

France

Net imports from—

UnitedStates

Eng-land

Ger-many

Neth-er-

lands

Swit-zer-land

Allothercoun-tries

Germany

Totalnet

imports

Net imports from—

UnitedStates

Eng*land France

Neth-er-

lands

Swit-zer-land

Allothercoun-tries

1931—November.December..

Total (12mos.)

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

Total (12mos.)

1933—JanuaryFebruary c~Marchp

122,37213,881

99,8763,164

40,44726,132

22,741-232

-42,572-22,386

1,7897,203

-41,968875

49642

-16 , 455150

-25,594103

728,176 328,130 312,561100,050 18, 775 - 8 1 , 207 149 867 -247,960 -36,160 - 3 5 , 221 -102,019 -55,142 -63,866 58,932 -14, 475

74,007184,171147,60460,34017,734

168,00031,95442,9409,638

32,69533,49825,494

66,06282,68071,279

17,174152,07216, 74624,149-62511,927

241-10,634

828,072 468,062

-37,428- 1 , 60516, 702

-35,361-1449,287

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

-46- 4

13,889-152,5826,737

5,3823,918329

6,1222

6,7559,60112,5612,0191,9994,601483-171,448565672

-3,138

-1 ,59217

428-1,119-8,234-1,001

-369249

-270-1864,306

j , 401?,639

830-4,061

-17,1356,2813,259

-2,447222148645483

-5,262-L3,647-«. 1333,319

-7,139-13, 718

4,1898,5525,5602,314

-3,293

29366

71- 2-14

85

-422

—229

—36724

1671

-16,224

17-5,800-4,753

13833

-6,16917

27849170

-8,328-7,539-7,691-5,4351,2893,456

412,5843—

4-5,647-2,776

4267 10,352

3,399554

4,6225,4105,4616,275

6

309,984 37,889

'2,9002,5591,005

200678

1,266

37,547

-3,8142,805

27, 778

-17,668

-1,126-7,127-23,356

-7,732• - =

r-226-376723

-27,282 -250 -38,170 -24,455 -7,91546,656 -3,536

4,423-13,076-13,164

11-4,958

4-5,990-7,377

-14-10,458-4,979

99 6,4093,3693,993

-2 ,081- 9 5114

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

p Preliminary figures. r Revised.« February figures for France corrected.

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



GOLD MOVEMENTS—Continued[In thousands of dollars]

Month

1931—November.December...

Total (12mos.)

1932—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total (12mos.)

1933—January ~_February.March

Netherlands

Total netimports

36,55119,567

198.619

7,1302,608

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

- 1 3 , 797-6,230-4,857

Net imports from—

UnitedStates

21,5511,449

39,413

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

-6 ,367-1 ,916- 3 , 765- 9 , 6 6 8

106,623

England

7,9828,849

117,591

3,1005,4463,870

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

50,070

14,069-8 ,177

3,436

France

- 1 , 1 1 3- 2 , 3 2 5

-21,024

- 3 , 521-9 ,900

-11,028- 7 7 1

-3 ,258-1 ,786

- 2 7 6-334

- 1 , 7 0 8-593-886

52

-34,009

- 8 3 76,722

-19,367

Germany

4,71711,672

56,059

- 3 0 4320

348,4457,4299,7635,376

- 1 , 2 8 0-3,496

- 6 1

3,745

26,886

2,009-10,300

4,986

Belgium

- 3 5- 6 3 2

- 3 8 4—462- 8 2 1

- 7 1 3- 7 6 0

-5 ,242- 2 6

1,759- 5 , 729- 1 , 3 1 3

963

-12,727

9585,055

- 7 , 0 0 9

Poland

—252- 7 9 4

— 1,428

- 7 9 0- 1 , 628

- 5 1 1- 1 , 791- 3 , 4 1 5- 3 , 3 8 5

- 4 8 2- 2 8 1-923- 2 1 7—188- 2 0

-13 ,630

- 9 7 6881

-506

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

—2,324

BritishIndia

3,824729

4,553

1,166295476366785379941

3,2121,9941,0063,0302,773

16,423

2,199- 1 6 6

679

All other

38754

4,548

63281

- 7 714710724

- 5 2-2,222-5,852

- 1 4- 5 2

-7,346

34- 1

Month

1931—November

December

Total (12 mos.)

1932—January „ _FebruaryMarch .._AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total (12 mos.)

1933—JanuaryFebruaryMarch

Switzerland

Totalnet im-ports

43,57219,687

222,751—i i

5,65317,6584,6982; 538

46,05180,87214,9931,503-604

-3,385- 1 ,

1,203

169,786

4,6588,502

24,440

Net imports from—

UnitedStates

3,224254

36,422

2,0671,411

8265

41,03470,2479,779

81-361- 5 0- 7

5

124,354

-14653

Eng-land

9,80518,364

41,301

1,3006,7255,733

116116

1,73411190

1548285

15,342

12382

907

France Ger-many

4,519 25,604" " - 7 5

19,317 39,684

1,9725,423

-3,952- 9 5

1,7183,5543,734

718-540

-3,087-2,347

320

7,418

2,3936,987

21, 306

105,7312,769-165-52- 8 5- 5 1

38-34

-102-67

-111

7,880

- 7 7- 7 7- 4 0

SouthAfrica

408203

72,760

48

Neth-er-

lands

47

29076

2,3082,9495,6301,507

744453

-280480837

10114,996

1,1762,4613,802

Allother

13,220

13-707

286-209- 8 7

-260-277

4846155

-304

1,040-937

- 2 , 236

British India

Totalnet im-ports

-24,217-45,715

-95,875

-24,029-17,672-18,670-11,812

-13,227-16,437-11,674-17,201-14,482-16,662—24,964

-195,765

-11,916-12,788-13,820

Net imports from—

UnitedStates

-3,279-5,286

-17,665

-2,863-363- 9 0

-209

-167-374

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

-18,002

-38,061

-10,247- 9 , 589

Eng-land

-17,626-39,682

-72,691

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

-13,155-14,675-7,979-9,835-9,010

-13,244-6,286

-151,880

-1,965-3,082

Allother

Goldpro-due- . ,

tion in governIndia 2

-3,311-747

-5,521

25343

209-374

7295

-1,488-920

- 1 , :-652-997-676

-5,823

297-116

mentreservesin India

592581

6,832

535527546592569605586589661548557583

6,798

576610

*>622

In-creaseor de-crease(-) in

Increaseor de-crease(-) inprivate

holdingsin India a

359

33,532

18

l_86

34

127

- 1

-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'—24,380

-189,094

-11,340-12,177

v-13,198

1 Exported from Netherlands to Czechoslovakia in August, $2,199,000; in September, $6,847,000.8 Reported monthly production of the Mysore State plus $1,387 representing the average monthly production of the rest of India in 1931.> Figures derived from preceding columns. Net i mports plus production minus increase in Government reserves in India.* $1,891,000 was exported from India to Netherlands; $2,173,000 to France.»$1,777,000 was exported from India to Netherlands.8 $1,640,000 was exported from India to Netherlands.v Preliminary. r Revised.

NOTES.—Netherlands—The aggregates of the official monthly figures for gold exported to Germany and gold imported from the world In*1932 differ somewhat from the revised totals published for the year as a whole.

British India.—From January, through June 1932 figures for net imports from individual countries are preliminary and subjec t to revisionFigures for total net imports, gold production, and increase in government and private holdings are final unless otherwise indicated.


M A T 1933 FEDERAL RESERVE BULLETIN 297

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

balancesBritish securitiesNotes issued

Consolidated bank notes: i

IssuedDeemed such under sec. 60 (4) of

currency act, 1927

1933

Mar.

257P 5 8 1

82

7,449 •

7,582

4,630

1,344

Feb.

257*>588

86

7, 250

7,336

4,625

1,353

Jan.

257589

867

6,388

7,256

4,617

1,363

1932

Mar.

257544

71

7,196

7,268

4,393

1,580

Canadian Minister of Finance (millions ofCanadian dollars):

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

IssuedOutside chartered bank holdings..

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

GoldForeign exchange

Paper currency reserve:GoldSilver coin and bullionOther assetsNotes issued

1933

Mar.

7048

18129

184350

2601,119

3901,769

Feb.

7242

17627

187347

2571,104

3921,753

Jan.

7247

18026

188345

2551,095

3931,743

1932

Mar.

6432

15728

391143

531,112

6171,781

1 Includes a small quantity of subsidiary coin.« The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Mar. 4, Feb. 4, Jan. 7, 1933, and Mar. 5. 1932.

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

v Preliminary.

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

Resources

1933

Mar . 31 Feb . 28

1932

Mar. 31Liabilities

1933

Mar. 31 Feb. 28 Mar. 31

Cash on hand and on current account withbanks

Demand funds at interest _.Rediscountable bills and acceptances (at

cost):Commercial bills and bankers' accept-

ances •__ .__.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:Treasury billsSundry investments

TotalOther resources

Total resources.

2,19910,141

53,10849, 690

102, 798

35,841

2,78413, 657

4,5326,813

1,127119

29,0321,162

1,79618, 669

57, 59849, 348

106,946

43,080

2,88211,512

6,4319,212

30,1591,420

2,74314, 356

91, 39726, 390

117, 788

39,861

24, 4669,169

6,919

40, 7071,865

181,173 202,070 217, 320

Short-term deposits:Central banks for own account:

DemandTime—Not exceeding 3 months

Total

Central banks for account of others:Demand.

Other depositors:Demand _Time—Not exceeding 3 months

Long-term deposits:Annuity trust account-German Government depositFrench Government guaranty fund

Total.Capital paid in_Reserves:

Legal reserve fundDividend reserve fundGeneral reserve fund

Other liabilities

Total liabilities

49,17638,007

84,15321,874

87,183 106,027

2,567

634643

29,65214,82613, 217

3,017

761,217

29,67714,83913,249

57,69624,125

254519

1,0386,514

57, 76524,125

254519

1,0388,031

181,173 202,070

89, 36528,015

117,380

13,154

1,510

29,64914,82513,249

57,72320,941

108211422

5,872

217,320



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

Bank of EnglandGold (in

issuedepart-ment) »

Resources of banking department

Cash reserves

Coin Notes

Discountsand

advancesSecuri-

ties

Notecircula-

tion

Liabilities of banking department

Deposits

Bankers'

67.954.658.377.586.688.279.580.677.390.5

102.4103.498.392.8

100.9

Public

14.127.223.423.618.011.220.723.425.4

.10.18.9

11.726.221.210.8

Other

32.234.435.332.934.734.635.433.433.637.133.832.535.035.037.1

Otherliabili-

ties

Millions of pounds sterling:1932—Feb. 24

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

1933—Jan. 25Feb. 22Mar. 29_Apr. 26

120.8120.8120.8125.0136.1137.7138.9139.4139.4139.4119.8123.6142.2171.8185.9

.6

1.01.01.0.8.8.7.8

49.435.343.045.848.143.448.654.656.055.623.645.461.079.774.0

11.511.711.512.214.915.312.212.111.611.918.511.611.911.811.6

71.086.879.493.293.592.592.288.085.487.1

120.1107.9104.074.980.0

346.4360.5352.8354.2363.1

365.3359.8358.4358.8371.2353.2356.2367.1371.9

18.218.217.717.8iao18.118.218.217.717.818.018.118.218.217.7

Bank of France

Resources Liabilities

Gold

Millions of francs:1932—Feb. 26 . - .

Mar. 26Apr. 29....May 27_...June 24....July 29_-_.Aug. 26—.Sept. 30—,Oct. 28.--.Nov. 25Dec. 30....

1933—Jan. 27Feb. 24... .Mar. 31 . . .Apr. 28 *_.

75,05976,83277,86279,47082,10082,16882,23982,68182,90983,34283,01782,16781,01780,409

Foreignexchange

15,12712,63211,8009,0016,3326,4825,3894,9774,9844,8534,4844,4344,4014,3763,846

Domesticbills

5,5444,8204,6904,1603,9293,9053,4672,6043,6373,2663,4383,1423,3033,3523,805

Securityloans

2,7072,7162,7352,7002,7152,7472,7612,7832,7642,5002,5152,5372,5802,7142,649

Negotia-ble

securi-ties >

6,8826,8816,8816,8816,6266,6216,6216,6216,6216,6216,8026,6806,6476,6216,595

Other Notecircula-

tion

8,3298,3718,6978,6848,6348,9948,8789,6869,1459,0089,1969,1729,1199,801

83,18981,78282,77481,41880,66782,11879,91282,45982,20581,53685,02883,31483,98686,09684,992

Deposits

Govern-ment

3,6373,5263, 1113,4322,8813,7403,9823,0104,5532,9312,3112,2692,2262,2352,340

Other

24,89924,96224,82724,12824,62122,03323,42621,87621,22922,96920,07220,47418,73116,85017,181

Otherliabili-

ties

1,9251,9801,9631,9172,1672,0262,0352,0092,0712,1532,0412,0742,1242,093

(3)

Reichsbank

Resources Liabilities

Reserves

Gold Foreignexchange

Treasurybills

Otherbills (andchecks)

Securityloans Securities Other

assetsNote

circula-tion

4,2684,231.4,1283,9613,9843,9673,8173,7553,6203,5313,5603,3383,3563,5203,538

Deposits

423678405431473380408451389418640345402443406

Otherliabili-

ties

Millions of reichmarks:1932—Feb. 29

Mar. 31..Apr. 30May 31June 30July 30.Aug. 31Sept. 30..Oct. 31Nov. 30Dec. 31

1933—Jan. 31Feb. 28Mar. 31Apr. 29 v

928879859863832766768796817827806822769739411

14914213112913012815713312311011410115297

100

3,3243,2583,1462,9903,1003,1083,0092,9912,8572,7312,8062,4592,4392,7633,142

30329028225726122420724219820717693279210177

162362362363364365366362362395398401401401317

1,1001,044977

1,0321,038975960940957959

1,1141,0971,040869582

1,3181,2261,2491,2621,2711,2671,2791,2981,3451,3141,3131,3331,3431,169

791

1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by lawat £260,000,000. From Aug. 1,1931, to Mar 31,1933, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) was authorized bythe British Treasury under section 8 of the Currency and Bank Notes Act, 1928.

2 Issued by the independent office for retirement of public debt (Caise Autonome d'Amortissement).8 Not yet available. p Preliminary figures.



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

Central bank

1933

Mar. Feb. Jan

1932

Mar.Central bank

1933

Mar. Feb. Jan,

1932

Mar.

National Bank of Albania (thousandsof Albanian francs):

Gold -Foreign exchange _-_Loans and discountsOther assets.Note circulation -Demand depositsOther liabilities

Commonwealth Bank of Australia(thousands of Australian pounds):

Issue department—Gold andEnglish sterling

Securities.- .Banking department:

Coin, bullion, and cash.London balancesLoans and discountsSecuritiesDeposits.

Bank notes in circulationAustrian National Bank (millions of

schillings):GoldForeign exchange of the reserve..Domestic billsGovernment debts.Note 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 circulation _.Deposits

Bank of Brazil (millions of milreis):Currency*Correspondents abroadLoans and discountsNote circulation. _.Deposits.

National Bank of Bulgaria (millionsof leva):

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

Central Bank of Chile (millions of

11, 50727, 640

1,10721,89217,83535, 41177,18342, 272

15039287660919170

2, 669804363

3, 559418

23,5863,784

29, 57640,99438,574

1,5202095778

2,8732,5951,592

Gold at home and abroadForeign exchange for account of:

BankExchange commission

Loans and discounts „Securities..Note circulationDeposits. "

Central Bank of China 2 (thousandsof yuan):

GoldSilverDue from banks abroadDue from domestic banks..Loans and discountsSecuritiesOther assetsNote circulation

5,48832,6833,0202,59313,48019,99610, 310

11,49935, 595

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

15039301661859184

2, 630775363

3,513384

23,4665,052

29, 86239, 88442,230

534213

2,609130

2,861

1,5206

102718

2,8732,4521,665

5322471472362

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

11, 49936, 095

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

14939317662872181

2,1)05773363

3, 577307

25, 5413,621

30, 33237,99843, 547

520273

2,633150

2,921

1, 5201586726

2,8732,4261,663

708

313461469349

2,02462, 6579,805

48, 582102,1178,505

30, 26847, 561

4,96827,4324,1744,76910, 93218, 20512, 206

110, 50041, 746

92322, 00316,15428,11771, 26247, 826

1796086796

1,009128

2,514965288

3,664246

20, 0416, 58122,84526,15611,906

285129

1,929170

1,903

1,51341331727

2, 9652,7971,552

94

720

144230336110

70639, 32211,00018,69364,8825,65315, 84428,563

Central Bank of China—Continued.Deposits—Government

BankOther

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 advancesAssets of banking office in liqui-

dation _Note circulation...Deposits

Danish National Bank (millions ofkroner):

GoldForeign bills, etcLoans and discountsNote circulationDeposits

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 exchangeLoans and discountsNote circulationDeposits

National Bank of Egypt 2 (thousandsof Egyptian pounds):

Gold... —Foreign exchangeLoans and discountsBritish, Egyptian, and other

Government securitiesOther assetsNote circulationDeposits—Government

OtherOther liabilities

Bank of Estonia (thousands ofkrooni):

GoldNet foreign exchangeLoans and discounts „Note circulationDeposits—Government

Bankers'Other

Bank of Finland (millions of mark-kaa):

Gold—Balances abroad and foreign

creditsForeign billsDomestic billsNote circulation ._.Demand liabilities

Bank of Greece (millions of drach-mas):

Gold and foreign exchangeLoans and discountsGovernment obligationsNote circulationOther sight liabilitiesLiabilities in foreign exchange

13,6894,2814,65622, 87020, 766

1,7081,0051,614

06,272601

1331169331

22,93314,892

46010,60336, 2197,201

17,8422,238

21, 58131,0883,5917,2373,128

304

773336785

1,183431

2,2041,5723,3684,5472,603165

13,0294,0904,41521,81621,149

1,7091,0111,011

05,602625

133108031650

22,4108,814382

12,36834,7694,653

14,8101,846

37,97825, 53320,180

6,6632,9135,829

33,3323,82517,8525,79821,3147,597

17,8381,684

22,18031,1943,3876,6603,240

304

772328783

1,126586

2,0091,5833,3684,5642,354

192

96,10547,13414, 72258, 437

12,7424,1673,45521,31519,154

1,7091,0051,333

05,616904

133138231054

21,37312,953

22011,06935,1525,512

14,8031,874

36, 60224,82120,623

6,6632,8545,939

33,4543,06018,4725,44520,5177,536

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

304

284856

1,047566

1,8871,4763,3684,6021,960262

68,30619,0784,59935,554

7,5295,98813,96317,18714, 649

1,643784

1,432

2896,826279

14532244

21,81723, 6583, 7507,01541,0609, 671

13,607944

14,68718,1649,206

6,2393,3278,622

30,3353,16319,4414,67619,9577,612

7,32114, 36923,63534,0094,2126,760

304

650250842

1,299280

1,0601,2153,3053,909451127

1 Qold coin and bullion. 1 Itemg for issue and banking departments consolidated. Preliminary.



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

Central bank

1933

Mar. Feb. Jan

1932

Mar.Central bank

1933

Mar. Feb. Jan,

1932

Mar.

National Bank of Hungary (millionsof pengos):

Foreign bills, etc.Loans and discounts...Advances to treasuryOther assets.- _Note circulationDeposits - .Miscellaneous liabilities

Bank of Italy (millions of lire):Gold at home.. _Credits and balances abroadLoans and discountsTotal note circulation _.Public deposits _Other deposits _

Bank of Japan (millions of yen):GoldAdvances and discountsGovernment bonds.-Notes issuedTotal deposits. _

Bank of Java (millions of florins):Gold.Foreign billsLoans and discountsNote circulationDeposits

Bank of Latvia (millions of lats):GoldForeign exchange reserveBillsLoansNote circulationGovernment depositsOtherdeposits..

Bank of Lithuania (millions of litu):GoldForeign currencyLoans'andMiseountsNote circulationDeposits

Netherlands Bank (millions of flor-ins):

Gold.Foreign billsLoans and discountsNote circulation -

Bank of Norway (millions of kroner):GoldForeign balances and billsDomestic credits _Note circulationForeign" deposits.-Total deposits..

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

GoldForeign'exchange _.Bills—lNote circulationDeposits __

Bank of Poland (millions of zloty):GoldForeign exchangeLoans and discountsNote circulationOther sight liabilities

9715

4565117

35559202

6,291802

5,70813,117

3001,203

425733437

1,072491

112194420635

94973108951225

15130214301279

49197701

1,019139

9716

4635115

34370200

6,174962

5,81213,048

3001,278

425733446

1,095424

111184220734

1,02073106959283

14435221293281

51384

152

9714

4675214

35063202

5,8571,3065,56013,433

3001,604

425807523

1,227423

104204420137

1,02873113951309

14432246295297

P39, 2741,19620,64649, 7236,324

512103651979185

10012

40754173749892

5,6281,5345,63813,872

3001,403

430937118

1,058503

105274822531

502510110170

87984159983186

15516258310385

47,201218

12,26048,9603,242

574192764

1,131169

Bank of Portugal (millions of escu-dos):

Gold.Other reservesDiscounts and advances.-Government obligations _ _Note circulationOther sight liabilities. _

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

Gold... „.Foreign exchange of the reserve..Other foreign exchange.—Loans and discountsState debtNote circulationDemand deposits

South African Reserve Bank (thou-sands of South African pounds):

GoldForeign billsDomestic billsNote circulation >_Deposits—Government

BankOther

Bank of Spain (millions of pesetas):GoldSilver _Balances abroad.. , .Loans and discountsNote circulationDeposits „

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

Swiss National Bank (millions offrancs):

Gold..Foreign balances and billsLoans and discountsNote circulationDemand deposits „___

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

Gold-Foreign exchangeGovernment securitiesOther securitiesOther assets..Note circulationDepositsOther liabilities

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

Gold...Loans and discountsOther assets.Note circulationDeposits—Demand ._

Time _.Judicial and admin-

istrativeOther liabilities

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

GoldForeign exchange. __ _Loans and discountsAdvances to S ta te . - .Note circulationOther sight liabilities

671416329

1,0541,916587

9,62268552

10,1565,72621,4537,285

10,99814,437

8159,8471,36819,6901,259

2,259623283

2,5034,751975

232308126590227

2,536854

1,5701,042

21,441337

154, 30028,15433, 779162,98820,43654, 586

1,761170

2,3492,4124,564

606516332

1,0541,896637

9,58061519

10,1565,72620,8837,528

10, 26210, 5551,1008,6041,74415,010

815

2, 259614281

2,5894,801961

206261107542183

2,5293950

1,4971,148

21,1191,202

154,45628,15434,379163,14422,84953, 316

48, 201104, 31539, 78186,14829, 76138,064

2,96635, 359

1,761190

2,3882,4114,586873

569556334

1,0541,928

9,55766132

10, 3015,72621,0907,396

7,822J4, 2701,1398,3921,8666,703310

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

365585318

1,0581,919373

9,44630827

13,0465,76722,7424,338

6,42063

3,6858,4311,1523,835158

2,250546279

2,9104,8821,008

206117575601204

2,43910773

1,5171,123

13,2233,902

156,94924,70517,606169,4685,58841,328

50, 215103,08834, 77880,10531, 34838, 258

3,09235, 279

1,763276

2,1812,2404,824495

p Preliminary.


M A Y 1933 FEDERAL KESERVE BULLETIN 301

COMMERCIAL BANKS

Country

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

GoldOther cashLoans and discountsDeposits

Other banks in Buenos Aires:GoldOther cashLoans and discountsDeposits

Canada (millions of Canadian dol-lars):

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

servesSecurity loansOther current loans

Security loans abroadSecurities .Liabilities entirely in Canada:

Notes in circulationIndividual demand depos-

itsIndividual time deposits. . .

England (millions of pounds ster-ling):

Cash in vault and at bankMoney at call and short notice.Advances and discountsInvestments -Deposits

France (millions of francs):Bills and national-defense bonds.Loans and advancesDemand depositsTime deposits

Germany (millions of reichsmarks):Bills &n(i treasurv notesDue from other banksMiscellaneous loansDeDOsitsAcceptances

Japan (millions of yen):Cash on handLoansDeposits

1932

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

2152,25f1,949

June

1136696712

1218775907

166

23110

1,03774

669

126

4891,373

188111

1,114324

1,727

18,9948,593

36,3511,250

1 660257

5,8987,541

815

1562,2521,963

July

1127688702

1218769905

161

25112

1,02876

674

123

4621,363

188120

lr138333

1,765

20,1368,188

36,0311,263

1,661263

5,8137,457

796

1172,2341,973

Aug.

1132679696

1228761909

154

22114

1,00496

703

117

4751,367

190114

1,176348

1,813

18, 7458,456

38,1481,286

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

202

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

21,2878,650

34,4771,117

1,736235

5,3967,159

743

1862,1532,133

Mar.

177

2296

92579

793

110

4541,389

204105

1,100492

1,886

1 676229

5 3537,106

734

2332,1322,135

i Gold, Dominion notes, and subsidiary coin.

NOTE.—Banks included are as follows: Canada—chartered banks; England—9 London clearing banks; France—4 commercial banks; Ger-many—5 Berlin banks; Japan—Tokyo banks.



DISCOUNT RATES OF CENTRAL BANES

Date effective

In effect June 1,1931.June 13 _ _ _ _July 16July 23. .July 30Aug. 1Aug. 12Sept. 2Sept. 21Sept. 28Sept. 29 . . .Oct. 10Dec. 10Feb. 18, 1932Mar. 9Mar. 10 . —Mar. 17Mar. 21Apr. 9Apr. 19Apr. 21Apr. 28May 2May 12June 30Sept. 22 _.Jan. 9, 1933In effect May 1,1933.

Bankof Eng-

land

3H

6

5

43H

3

2H2

2

Bankof

France

2

2H

GermanReichs-bank

57

10

15108

7

6

5H

5

4

4

Bankof

Italy

5H

7

6

5

44

Nether-landsBank

2

3

2H

SwissNational

Bank

2

2

Country

AlbaniaAustriaBelgiumBolivia

BulgariaChileColombia.,.Czechoslo-

vakia

DanzigDenmarkEcuadorEstonia. ..

FinlandGreeceHungaryIndia

RateMay

1

85

6

84H5

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

JapanJava.-LatviaLithuania

NorwayPeruPolandPortugal

RumaniaSouth Africa-Spain

SwedenU.S.S.RYugoslavia-

RateMay

1

4.38n64666

6 •46

F

In effectsince—

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

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

Apr. 5,1933Feb. 20,1933Oct. 26,1932

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

Changes since April 1: Rumania—April 5, down from 7 to 6 percent.

MONEY RATES IN FOREIGN COUNTRIES

Month

England (London)

Bankers'accept-ances,

3 months

Treasurybills, 3months

Day-to-daymoney

Bankers'allowance

on deposits

Germany (Berlin)

Privatediscount

rateMoney for1 month

Day-to-daymoney

Netherlands (Amster-dam)

Privatediscount

rateMoney for1 month

1932—MarchAprilMayJuneJulyAugustSeptemberOctober—_November.December.

1933—January—.February-March

2.592.191.441.05.92.74.67.82.89

1.02

.87

.83

.62

2.282,071.10.85

.55

.71

.821.04

.76

.78

.50

2.401.911.29.99.67.73.67.71.73.81

.73

.73

.64

3 -1

1 — V -

6.105.124.874.754.584.504.253.873.873.87

3.873.873.87

7.106.315.965.765.755.755.555.005.005.08

5.035.005.00

7.766.175.915.705.495.825.554.944.804.91

4.984.864.97

1.221.02.60.39.49.37.37.37.37.37

.37

.37

.64

1.06.94

1.031.001.001.001.001.001.001.00

1.001.001.11

Switzer-land

Belgium(Brussels)

France(Paris)

Italy(Milan) Hungary

Sweden(Stock-holm)

Japan (Tokyo)

MonthPrivatediscount

rate

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Primecommer-

cial paperDay-to-day

moneyLoans up

to 3months

Discountedbills

Callmoney

overnight

1932—MarchAprilMayJuneJulyAugustSeptemberOctober—November.December.

1933—January-February .March

1.501.501.50.50.50.50.50.50.50.50

.50

.501.50

3.363.263.213.163.173.123.003.003.002.94

2.882.782.62

1.801.661.501.22.99.02.00L. 01.00.91

.12

.892.04

6.536.005.525.505.505.505.505.005.005.00

4.424.254.20

5 -5H4H-54^-43/44 -4?/44 -4?4

5 -75 -7

ZH-5H

6.20-6.576.20-6.576.20-6.576.02-6 576.02-& 395.84-6.215.66-6.215. 66-6.025. 66-5.845.66-5.84

5.48-5.845.48-5.84

5.845.484.564.564.204.023.473.282.922.74

3.102.92



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

Month

1932—AprilMay _ .JuneJulyAugustSeptemberOctober. _ _-NovemberDecember

1933—JanuaryFebruaryMarch 2

April

Month

1932—ApriLMayJune.JulyAugustSeptember..OctoberNovember .December

1933—JanuaryFebruaryMarch 2April

Month

1932— AprilMay . . .JuneJuly_._ .AugustSeptemberOctober...NovemberDecember

1933—JanuaryFebruaryMarch *April

Argen-tina

58.217158.324258.520558.557458.569558. 588658.583558.583758.5851

58.584758. 5804

3 58. 297460. 4864

Egypt

384. 7773376.8328374.1009364.0790356.4018355.9494348.5176336.0492336.1120

344 6451

NewZealandJ

342.47335.63333. 03324.16317 42316. 99310.15299.11299.42

292.13272.87273. 45285. 48

Aus-tralia i

299.40293.42291.15283.40277. 50277.13271.15261.50261.77

267.19272.17272. 73284. 79

Austria

13.954413.964513.960013.981313.969613.963513.955013.947713.9581

13.971513.986714. 012114. 0700

England

374. 9994367.5140364.6648354. 9564347.5721347.1062339. 6163327. 5267327.8679

336.1385342. 2073343.2800357.9313

Norway

19.078018.482318.062617.638617.410117.447017.175216. 725216.8899

17. 268417. 527017. 591318. 3161

Belgium

13.995614.024913.936613.872413.873513.860613.894013.872313.8460

13.862913.963813. 980314. 5285

Fin-land

1.72251. 71711.70191.53501.51141.49531.48231.44411.4239

1.45771.49191. 51531.5806

Poland

11.184711.181011.183911.188511.177111.180011.174011.176911.1825

11.187211.194011.183411. 3755

Brazil

6.54027.12947 50087.59607.62217.61717.62147.63027.6327

7.63527.63487. 63307. 6348

France

3.94303.94683.93633.92073.91873.91793.92643.91903.9033

3.90343.92283. 93614.1019

Portu-gal

3.38043.32673. 33203. 22403.15793.14813.08723.02933. 0191

3. 03643.10173.13623. 2133

Bulgaria

.7201

.7202

.7200

.7230

.7209

.7203

.7200

.7200

.7200

.7195

.7200

.7210

.7223

Ger-many

23.742723.794723. 687823.717623.783823. 781423. 769223.753623. 7869

23. 770323.829123. 851924. 3873

Ru-mania

.5960

.5970

.5966

.5972

.5978

.5982

.5978

.5975

.5973

.5972

.5958

.5974

.6107

Greece

1.2318.6641.6387.6399.6321.6060.6014.5743.5418

.5392

.5610

.5673

.5865

Spain

7.69428.11698. 24518.05188. 06088.10448.18718.17308.1506

8.17778.24468. 44318. 8804

Canada

89.880888.443086. 742787.065887.551390.263691.233287.300086.5989

87.462183.508483. 520584. 7233

HongKong

23.718723.433723.343122.889323.247923.429322.948722.406221.3527

21. 752522.071022. 744223.7714

StraitsSettle-ments

42. 740442. 240041.956740.967540.104240. 247539.437238. 002638.0123

38.988439. 581839. 607841. 2350

Chile

10.65386.00006.02026.02506.02836.04146.02506.02766.0274

6.02756.02786. 02816.0300

Hungary

17.429817.438417.474017.461217.450717.465317.445217.435617.4265

17.426017. 435917. 439217.4812

Sweden

19.091018. 723818. 704918. 219017.848517.805517. 533417.431417. 9108

18. 298218. 267018.188418. 8108

China

22.322121. 711621.312520.640021.003121.040420.888320.593719.4719

19.791620.1136

* 20. 725022.1953

' India

28.013327.317527.164726.684226.157726.219225.680024. 783024.7923

25.405525.833625. 790026.8721

Switzer-land

19.437419.557919.514119.468419.452819. 300719. 304119. 247019. 2354

19.283619. 370719.371620.1281

Colom-bia

95.240095.240095.240095.240095.240095.240095.240095.240095.2400

95.240094.419186. 210086. 2100

Italy

5.14935.14915.11625.10095.11445.12645.11955.11245.1088

5.11775.11565.13725. 3662

Turkey

47.493547.506047. 355047.160447.101147.191647. 268047. 216747. 0127

47.026047.1982

Cuba

99.981699.929999.921799.918699.909499.911899.910999.923799.9261

99.941199.9790

100. 016299. 9322

Japan

32.806331.973030.285627.447124.494428.631423.062820.621820.7298

20. 739320.794521. 263122. 0867

Union ofSouth

Africa »

473.19479.72479.89478. 31477.50476. 79475.85477. 58

s 479.13

6 340.63338.90339. 88353. 74

Czecho-slovakia

2.96292.96502.96412.95892.95962.95942.96062. 96192.9613

2.96142.96322.97433.1155

Mexico

33.372830.254026.897727.732128.568229.915931.106032.220531.9923

30.163128.421228.316427. 0201

Uruguay

47.318647. 543347.211547. 568047.441347. 390047. 346647. 340247.3397

47.336647. 336347. 345847. 7646

Den-mark

20.526720.065419.924819.204418.499317.978117.641217.061317.0069

16.909715.261215. 318015.9502

Nether-lands

40.491440.547440.441140.274040.244340.158640.221740.177440.1680

40.179740.269140. 357241. 9490

Yugo-slavia

1.77251.77431. 74361.67171. 69031. 58921.40941. 35061.3448

1. 35551.35931. 37141.4228

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

Country

ArgentinaAustralia-AustriaBelg ium. . . „Brazil __BulgariaCanadaChileChina.Colombia _Cuba _CzechoslovakiaDenmarkE g y p t . —

Monetary unit

Gold peso_PoundSchilling..Belga.BelgiMilrMilreisLevDollarPesoYuanPeso.

doKorunaKroneEgyptian pound.

Par ofex-

change

96.48486. 66

14.0713.9011.96

.72100.0012.17

i 23. 4497.33

100.002.96

26.80494. 31

Country

EnglandFinlandFranceGermanyG r e e c e . . . . . .Hong KongHungaryIndia —ItalyJapan.MexicoNetherlandsNew ZealandNorway

Monetary unit

Pound...Markka..Franc.ReichsmarkDrachmaHong Kong dollar.PengoRupee.Lira.. . .Yen.Silver pesoFlorinPoundKrone

Par ofex-

change

486. 662.523.92

23.821.30

? 24. 2117.4946.505.26

49.8549.8540.20

486. 6626.80

Country

Poland _.PortugalRumaniaSpain _.Straits Settle-

ments.Sweden __Switzerland- _TurkeyUnion of South

Africa.UruguayYugoslavia

Monetary unitPar of

ex-change

Zloty..Escudo.Leu __

Singapore dollar.._Krona.FrancTurkish pound-Pound

PesoDinar

11.224.42.60

19.308 41.76

26.8019.30 .

439.65

103.421.76

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

2 No quotations from Mar. 6 through Mar. 11.3 No quotations from Mar. 6 through Mar. 13.4 Average quotations on Shanghai for 18 days of new yuan containing 23.4934 grams of pure silver. Average quotations for 7 days of old yuan

containing 23.9025 grams of pure silver was 20.5383 cents.* Average based on quotations for Dec. 1-27.6 Average based on quotations for Jan. 7-31.i Silver currencies—figures given for parity represent gold value of unit in April 1933, computed by multiplying silver content of unit by New

York average price of silver for April 1933, which was $0.31042 per fine ounce.8 Singapore dollar is legally equivalent to seven sixtieths of 1 English pound. Figure given for parity represents seven sixtieths of average

quotation of pound in New York for April 1933.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIESSECURITY PRICES

[Index numbers except as otherwise specified]

Bonds

Month UnitedStates

(averageprice)

England(December1921=100)

France(1913 aver-age=100)

Germany(averageprice) *

Common stocks (1926 average =» 100)!

UnitedStates England France Germany

Number of issues.

1931—MarchAprilMayJuneJulyAugust. ._-.September, .vOctoberNovember..December..

1932—JanuaryFebruary. —MarchApril,MayJune.JulyAugustSeptember..OctoberNovember..December..

1933—January...February..March

87 36 421 278 300 329

100.099.699.799.499.498.595.689.489.081.6

81.080.380.879.475.272.274.283.285.884.181.981.2

84.182.576.8

111.6111.3110.8111.1111.2107.2103.5104.2104.8102.2

104.7106.5111.6110.6111.4111.0115.6116.1118.4120.3115.9116.1

116.9118.4118.4

97.999.098.498.898.999.597.794.894.490.8

91.590.390.589.085.985.287.488.689.589.188.987.8

86.485.381.9

121.6109.298.095.198.295.581.769.771.757.7

58.056.456.843.939.834.035.953.358.249.947.547.4

49.144.943.2

85.176.877.879.273.867.275.674.768.1

69.768.969.663.561.659.363.569.572.772.472.772.0

72.472.272.3

155.4148.5138.2141.2132.6130.5115.5106.9104.394.8

107.3126.2117.6107.394.497.4

100.4103.4104.397.4

100.0104.3

101.397.992.7

84.876.1

* 70.5

* 52.3

«45.546.445.845.847.954.152.553.456.7

59.359.464.5

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

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

WHOLESALE PRICES—ALL COMMODITIES

MonthUnitedStates

(1926=100)

76757372727271707069

6766666664

/ 64J 65

6565646463

616060

Canada(1926=100)

75747372717170707170

696969686867676767656564

646464

England(1913=100)

10610610410310210099104106106

1061051051021019898100102101101101

1009998

France(1913=100)

539540520518500488473457447442

439446444439438425430415413412413413

411404387

Germany(1913=100)

114114113112112110109107107104

100100100989796969595949492

919191

Italy(1913=100)

339337332327324322319322320319

317314315311305297296296300299298296

292286281

Japan

1900=100)

158158154151153152150147147151

160161159154150146148156167169178185

185180177

Nether-lands

(1913=100)

103102102100979491898985

848382807978767576777776

757472

1931—MarchAprilMayJuneJulyAugustSeptember.October-..November.December.

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

1933—January...February..March



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued

WHOLESALE PRICES—GROUPS OF COMMODITIES

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

Month

United States (1926=100) I England (1913-100)

Farmproducts Foods

Othercommod-

itiesFoods

Indus-trial

products

France (1913-100)

Farmand foodproducts

Indus-trial

products

Germany (1913-100)

Agricul-tural

productsProvi-sions

Indus-trial rawand semi-finishedproducts

Indus-trial fin-

ishedproducts

1931—MarchAprilMayJuneJuly.AugustSeptemberO c t o b e r -November.December.

1932—January...February..MarchAprilMayJuneJuly..AugustSeptemberOctober...November.December.

1933—January. „February..March

111113113113110108108113115113

114114116115114112108107107106107108

107105102

103102100

9595100102102

101101999694919295

58159256fi571541528508489482491

496511510506511490498453445450458456

455443410

503495480472465452443429416400

390

381374369370382384379373375

373370367

107108109107105103101999995

9295979593929391

97

79

106105103103103102100

139138137137136136135133132130

125122121120119118117116115115114114

113112112

RETAIL FOOD PRICES COST OF LIVING

Month

UnitedStates

(1913=100)

1932 1933

England(July

1914=100)

1932 1933

France(July

1914=100)

1932 1933

Germany(1913-

14=100) iMonth

1932 1933

UnitedStates

(1913=100)

1932 1933

England(July

1914=100)

1932 1933

France(Jan .-June1914=100)

1932 1933

Germany(1913-

14=100) *

1932 1933

JanuaryFebruaryMarchAprilMayJune .-_Ju ly . . .August.SeptemberOctober.NovemberDecember

109105105104101100101101100100

131131129126125123125123123125125125

123122119

114115115115114111108104102102104103

102103100

116114114113113

107107106

113114112

JanuaryFebruary..MarchApril.MayJune.. 136

147147146144143142143141141143143143

142141139 108

109

~105

125122122122121121122120120119119118

117

'I ""I

111nono109

J u l y . . . . . . .AugustSeptember.OctoberNovember.December.. 132

» Average of October 1913, January, April, and July 1914=100.SOURCE: Wholesale prices.—For original sources, see BULLETIN for March 1931 (p. 159). Retail food prices and cost of living-.—United States—

Bureau of Labor Statistics, Department of Labor; England— MINISTRY OF LABOUR; Germany—Statistiches Reichsamt; France—For retail foodprices, Statistique Generate, and for cost of living, Commission d'Gtudes relatives au cout de la vie a Pane,



LAW DEPARTMENTFederal home loan banks as banks within the mean-

ing of section 19 of the Federal Reserve Act

Inquiry has recently been made of theFederal Reserve Board whether deposits madein a member bank by a Federal home loanbank may be classified by the member bankin computing its reserves as amounts due tobanks under the eighth paragraph of section19 of the Federal Reserve Act, which providesthat "In estimating the balances required bythis act, the net difference of amounts due toand from other banks shall be taken as thebasis for ascertaining the deposits againstwhich required balances with Federal Reservebanks shall be determined."

A Federal home loan bank is authorized bythe Federal Home Loan Bank Act to receivedeposits, not subject to check, from its mem-bers and nonmember borrowers and to makeloans to its members and nonmember bor-rowers under certain prescribed conditions.Moreover, the law provides that, when desig-nated for that purpose by the Secretary of theTreasury, it shall be a depositary of publicmoney and it may be employed as a financialagent of the Government. In the lattercapacities it must perform all such reasonableduties as may be required of it.

Upon consideration of this matter, theFederal Reserve Board expressed the opinionthat a Federal home loan bank may properlybe considered a bank within the meaning of theeighth paragraph of section 19 of the FederalReserve Act and that deposits made by suchan institution in a member bank may properlybe classified by the latter as amounts due tobanks in computing its reserves and inpreparing its reports of condition.

Changes in law relating to the Federal Reserve Systemmade by the recent agricultural relief act

A number of provisions amending the Fed-eral Reserve Act or affecting the Federal Re-serve System are contained in the act of Con-gress approved May 12, 1933, entitled "Anact to relieve the existing national economicemergency by increasing agricultural purchas-ing power, to raise revenue for extraordinaryexpenses incurred by reason of such emergency,to provide emergency relief with respect to

agricultural indebtedness, to provide for theorderly liquidation of joint-stock land banks,and for other purposes."

The President is authorized by this act, incertain circumstances, to direct the Secretaryof the Treasury to enter into agreements withthe Federal Reserve banks and the FederalReserve Board for the conduct by the banks ofopen-market operations in obligations of theUnited States Government or corporations inwhich the United States is a majority stock-holder and for the purchase by the FederalReserve banks of obligations of the UnitedStates Government in the aggregate sum of$3,000,000,000 in addition to those they maythen hold. No suspension of reserve require-ments of the Federal Reserve banks under theterms of section 11 (c) of the Federal ReserveAct, which may be necessitated by reason ofsuch open-market operations, shall require theimposition of a tax upon any deficiency inreserves nor an automatic increase in the ratesof interest or discount charged by any FederalReserve bank.

The President may, in certain circumstances,direct the Secretary of the Treasury to cause tobe issued United States notes in amounts notexceeding $3,000,000,000 for the purpose ofmeeting maturing Federal obligations to repaysums borrowed by the United States and forpurchasing United States bonds and otherinterest-bearing obligations of the UnitedStates. Such notes and all other coins andcurrencies heretofore or hereafter coined orissued by or under the authority of the UnitedStates are declared to be legal tender for alldebts, public and private.

The President is authorized to fix the weightof the gold dollar and also the weight of thesilver dollar at a definite fixed ratio in relationto the gold dollar at such amounts as he mayfind necessary to stabilize domestic prices or toprotect foreign commerce, and to provide forthe unlimited coinage of gold and silver at theratio so fixed; but the weight of the gold dollarmay not be fixed so as to reduce its presentweight by more than 50 percent.

The President is also authorized, for a 6months' period, to accept silver in an amountnot exceeding $200,000,000 from any foreigngovernment in payment of indebtedness tothe United i States at a price not to exceed 50



cents an ounce in United States currency; andsilver certificates shall be issued against silverso accepted.

Section 19 of the Federal Reserve Act isamended so as to provide that the FederalReserve Board, upon the affirmative vote ofnot less than five members and with theapproval of the President, may declare thatan emergency exists by reason of credit ex-pansion and, during such emergency, mayincrease or decrease from time to time thereserve balances required to be maintainedagainst demand or time deposits by memberbanks of the Federal Reserve System.

In addition to the above provisions, whichare contained in title III of the act of May 12,1933, section 28 of title II thereof contains anamendment to the eighth paragraph of section13 of the Federal Reserve Act which authorizesthe use of farm loan bonds, issued by Federalland banks for certain purposes (under section21 of the act of May 12, 1933), as security foradvances by Federal Reserve banks to mem-ber banks for periods not exceeding 15 days.

The following is a copy of the act approvedMay 12, 1933:

[PUBLIC—No. 10—73D CONGRESS]

[H.K. 3835]

AN ACT

To relieve the existing national economic emergency by increasing agri-cultural purchasing power, to raise revenue for extraordinary expensesincurred by reason of such emergency, to provide emergency relief withrespect to agricultural indebtedness, to provide for the orderly liquida-tion of joint-stock land banks, and for other purposes.

Be it enacted by the Senate and House of Representativesof the United States of America in Congress assembled,

TITLE I—AGRICULTURAL ADJUSTMENT

DECLARATION OF EMERGENCY

That the present acute economic emergency being inpart the consequence of a severe and increasing dis-parity between the prices of agricultural and othercommodities, which disparity has largely destroyed thepurchasing power of farmers for industrial products,has broken down the orderly exchange of commodities,and has seriously impaired the agricultural assets sup-porting the national credit structure, i t . is herebydeclared that these conditions in the basic industry ofagriculture have affected transactions in agriculturalcommodities with a national public interest, have bur-dened and obstructed the normal currents of commercein such commodities, and render imperative the immedi-ate enactment of title I of this Act.

DECLARATION OF POLICY

SEC. 2. It is hereby declared to be the policy ofCongress—

(1) To establish and maintain such balance betweenthe production and consumption of agricultural com-modities, and such marketing conditions therefor, as

will reestablish prices to farmers at a level that will giveagricultural commodities a purchasing power withrespect to articles that farmers buy, equivalent to thepurchasing power of agricultural commodities in thebase period. The base period in the case of all agricul-tural commodities except tobacco shall be the prewarperiod, August 1909-July 1914. In the case of tobacco,the base period shall be the postwar period, August1919-July 1929.

(2) To approach such equality of purchasing powerby gradual correction of the present inequalities thereinat as rapid a rate as is deemed feasible in view of thecurrent consumptive demand in domestic and foreignmarkets.

(3) To protect the consumers' interest by readjustingfarm production at such level as will not increase thepercentage of the consumers' retail expenditures foragricultural commodities, or products derived there-from, which is returned to the farmer, above the per-centage which was returned to the farmer in the prewarperiod, August 1909-July 1914.

PART 1—COTTON OPTION CONTRACTSSEC. 3. The Federal Farm Board and all depart-

ments and other agencies of the Government, not in-cluding the Federal intermediate credit banks, arehereby directed—

(a) To sell to the Secretary of Agriculture at suchprice as may be agreed upon, not in excess of the marketprice, all cotton now owned by them.

(b) To take such action and to make such settle-ments as are necessary in order to acquire full legaltitle to all cotton on which money has been loaned oradvanced by any department or agency of the UnitedStates, including futures contracts for cotton or whichis held as collateral for loans or advances and to makefinal settlement of such loans and advances as follows:

(1) In making such settlements with regard tocotton, including operations to which such cotton isrelated, such cotton shall be taken over by all suchdepartments or agencies other than the Secretary ofAgriculture at a price or sum equal to the amountsdirectly or indirectly loaned or advanced thereon andoutstanding, including loans by the Government de-partment or agency and any loans senior thereto, plusany sums required to adjust advances to growers to90 per centum of the value of their cotton at the date ofits delivery in the first instance as collateral to the de-partment or agency involved, such sums to be com-puted by substracting the total amount alreadyadvanced to growers on account of pools of which suchcotton was a part, from 90 per centum of the value ofthe cotton to be taken over as of the time of suchdelivery as collateral, plus unpaid accrued carryingcharges and operating costs on such cotton, less, how-ever, any existing assets of the borrower derived fromnet income, earnings, or profits arising from suchcotton, and from operations to which such cotton isrelated; all as determined by the department or agencymaking the settlement.

(2) The Secretary of Agriculture shall make settle-ments with respect to cotton held as collateral for loansor advances made by him on such terms as in his judg-ment may be deemed advisable, and to carry out theprovisions of this section, is authorized to indemnify orfurnish bonds to warehousemen for lost warehousereceipts and to pay the premiums on such bonds.

When full legal title to the cotton referred to in (b)has been acquired, it shall be sold to the Secretary ofAgriculture for the purposes of this section, in the samemanner as provided in (a).



(c) The Secretary of Agriculture is hereby authorizedto purchase the cotton specified in paragraphs (a) and (b).

SEC. 4. The Secretary of Agriculture shall have au-thority to borrow money upon all cotton in his posses-sion or control and deposit as collateral for such loansthe warehouse receipts for such cotton.

SEC. 5. The Reconstruction Finance Corporation ishereby authorized and directed to advance money andto make loans to the Secretary of Agriculture to acquiresuch cotton and to pay the classing, carrying, and mer-chandising costs thereon, in such amounts and uponsuch terms as may be agreed upon by the Secretaryand the Reconstruction Finance Corporation, withsuch warehouse receipts as collateral security: Provid-ed, however, That in any instance where it is impossibleor impracticable for the Secretary to deliver such ware-house receipts as collateral security for the advancesand loans herein provided to be made, the Reconstruc-tion Finance Corporation may accept in lieu of all orany part thereof such other security as it may consideracceptable for the purposes aforesaid, including an as-signment or assignments of the equity and interest ofthe Secretary in warehouse receipts pledged to secureother indebtedness. The amount of notes, bonds, de-bentures, and other such obligations which the Recon-struction Finance Corporation is authorized and em-powered to issue and to have outstanding at any onetime under existing law is hereby increased by anamount sufficient to carry out the provisions of thissection.

SEC. 6. (a) The Secretary of Agriculture is herebyauthorized to enter into option contracts with theproducers of cotton to sell to any such producer anamount of cotton to be agreed upon not in excess ofthe amount of reduction in production of cotton bysuch producer below the amount produced by him inthe preceding crop year, in all cases where such pro-ducer agrees in writing to reduce the amount of cottonproduced by him in 1933, below his production in theprevious year, by not less than 30 per centum, withoutincrease in commercial fertilization per acre.

(b) To any such producer so agreeing to reduce pro-duction the Secretary of Agriculture shall deliver anontransferable-option contract agreeing to sell to saidproducer an amount, equivalent to the amount of hisagreed reduction, of the cotton in the possession andcontrol of the Secretary.

(c) The producer is to have the option to buy saidcotton at the average price paid by the Secretary for thecotton produced under section 3, and is to have theright at any time up to January 1, 1934, to exercise hisoption, upon proof that he has complied with his con-tract and with all the rules and regulations of the Secre-tary of Agriculture with respect thereto, by taking saidcotton upon payment by him of his option price and allactual carrying charges on such cotton; or the Secretarymay sell such cotton for the account of such producer,paying him the excess of the market price at the dateof sale over the average price above referred to after de-ducting all actual and necessary carrying charges: Pro-vided, That in no event shall the producer be held re-sponsible or liable for financial loss incurred in the hold-ing of such cotton or on account of the carrying chargestherein: Provided further, That such agreement to cur-tail cotton production shall contain a further provisionthat such cotton producer shall not use the land takenout of cotton production for the production for sale,directly or indirectly, of any other nationally producedagricultural commodity or product.

(d) If any cotton held by the Secretary of Agricul-ture is not disposed of under subsection (c), the Secre-

* So in original.

tary is authorized to enter into similar option contractswith respect to such cotton, conditioned upon a likereduction of production in 1934, and permitting theproducer in each case to exercise his option at any timeup to January 1, 1935.

SEC. 7. The Secretary shall sell the cotton held byhim at his discretion, but subject to the foregoing pro-visions: Provided, That he shall dispose of all cottonheld by him by March 1, 1936: Provided further, Thatthe Secretary shall have authority to enter into addi-tional option contracts for so much of such cotton as isnot necessary to comply with the provisions of section6, in combination with benefit payments as provided ferin part 2 of this title.

PART 2—COMMODITY BENEFITS

GENERAL POWERS

SEC. 8. In order to effecuate1 the declared policy,the Secretary of Agriculture shall have power—

(1) To provide for reduction in the acreage or reduc-tion in the production for market, or both, of any basicagricultural commodity, through agreements with pro-ducers or by other voluntary methods, and to providefor rental or benefit payments in connection therewithor upon that part of the production of any basic agri-cultural commodity required for domestic consumption,in such amounts as the Secretary deems fair and reason-able, to be paid out of any moneys available for suchpayments. Under regulations of the Secretary ofAgriculture requiring adequate facilities for the storageof any non-perishable agricultural commodity on thefarm, inspection and measurement of any such com-modity so stored, and the locking and sealing thereof,and such other regulations as may be prescribed by theSecretary of Agriculture for the protection of suchcommodity and for the marketing thereof, a reasonablepercentage of any benefit payment may be advancedon any such commodity so stored. In any such case,such deduction may be made from the amount of thebenefit payment as the Secretary of Agriculture deter-mines will reasonably compensate for the cost of inspec-tion and sealing, but no deduction may be made forinterest.

(2) To enter into marketing agreements with proc-essors, associations of producers, and others engagedin the handling, in the current of interstate or foreigncommerce of any agricultural commodity or productthereof, after due notice and opportunity for hearing tointerested parties. The making of any such agreementshall not be held to be in violation of any of the antitrustlaws of the United States, and any such agreement shallbe deemed to be lawful: Provided, That no such agree-ment shall remain in force after the termination of thisAct. For the purpose of carrying out any such agree-ment the parties thereto shall be eligible for loans fromthe Reconstruction Finance Corporation under section 5of the Reconstruction Finance Corporation Act. Suchloans shall not be in excess of such amounts as may beauthorized by the agreements.

(3) To issue licenses permitting processors, associa-tions of producers, and others to engage in the handling,in the current of interstate or foreign commerce, of anyagricultural commodity or product thereof, or anycompeting commodity or product thereof. Suchlicenses shall be subject to such terms and conditions,not in conflict with existing Acts of Congress or regu-lations pursuant thereto, as may be necessary to elim-inate unfair practices or charges that prevent or tend



to prevent the effectuation of the declared policy andthe restoration of normal economic conditions in themarketing of such commodities or products and thefinancing thereof. The Secretary of Agriculture maysuspend or revoke any such license, after due noticeand ̂ opportunity for hearing, for violations of the termsor conditions thereof. Any order of the Secretarysuspending or revoking any such license shall be finalif in accordance with law. Any such person engagedin such handling without a license as required by theSecretary under this section shall be subject to a fineof not more than $1,000 for each day during which theviolation continues.

(4) To require any licensee under this section tofurnish such reports as to quantities of agriculturalcommodities or products thereof bought and sold andthe prices thereof, and as to trade practices and charges,and to keep such systems of accounts, as may be neces-sary for the purpose of part 2 of this title.

(5) No person engaged in the storage in a publicwarehouse of any basic agricultural commodity in thecurrent of interstate or foreign commerce, shall deliverany such commodity upon which a warehouse receipthas been issued and is outstanding, without prior sur-render and cancellation of such warehouse receipt.Any person violating any of the provisions of this sub-section shall, upon conviction, be punished by a fine ofnot more than $5,000, or by imprisonment for not morethan two years, or both. The Secretary of Agriculturemay revoke any license issued under subsection (3) ofthis section, if he finds, after due notice and oppor-tunity for hearing, that the licensee has violated theprovisions of this subsection.

PROCESSING TAX

SEC. 9. (a) To obtain revenue for extraordinaryexpenses incurred by reason of the national economicemergency, there shall be levied processing taxes ashereinafter provided. When the Secretary of Agri-culture determines that rental or benefit payments areto be made with respect to any basic agricultural com-modity, he shall proclaim such determination, and aprocessing tax shall be in effect with respect to suchcommodity from the beginning of the marketing yeartherefor next following the date of such proclamation.The processing tax shall be levied, assessed, and col-lected upon the first domestic processing of the com-modity, whether of domestic production or imported,and shall be paid by the processor. The rate of taxshall conform to the requirements of subsection (b).Such rate shall be determined by the Secretary ofAgriculture as of the date the tax first takes effect, andthe rate so determined shall, at such intervals as theSecretary finds necessary to effectuate the declaredpolicy, be adjusted by him to conform to such require-ments. The processing tax shall terminate at the endof the marketing year current at the time the Secretaryproclaims that rental or benefit payments are to bediscontinued with respect to such commodity. Themarketing year for each commodity shall be ascertainedand prescribed by regulations of the Secretary ofAgriculture: Provided, That upon any article uponwhich a manufacturers' sales tax is levied under theauthority of the Revenue Act of 1932 and whichmanufacturers' sales tax is computed on the basis ofweight, such manufacturers' sales tax shall be com-puted on the basis of the weight of said finished articleless the weight of the processed cotton containedtherein on which a processing tax has been paid.

(b) The processing tax shall be at such rate as equalsthe difference between the current average farm pricefor the commodity and the fair exchange value of thecommodity; except that if the Secretary has reasonto believe that the tax at such rate will cause suchreduction in the quantity of the commodity or productsthereof domestically consumed as to result in the accu-mulation of surplus stocks of the commodity or prod-ucts thereof or in the depression of the farm price ofthe commodity, then he shall cause an appropriateinvestigation to be made and afford due notice andopportunity for hearing to interested parties. Ifthereupon the Secretary finds that such result willoccur, then the processing tax shall be at such rate aswill prevent such accumulation of surplus stocks anddepression of the farm price of the commodity. Incomputing the current average farm price in the caseof wheat, premiums paid producers for protein con-tent shall not be taken into account.

(c) For the purposes of part 2 of this title, the fairexchange value of a commodity shall be the price there-for that will give the commodity the same purchasingpower, with respect to articles farmers buy, as suchcommodity had during the base period specified insection 2; and the current average farm price and thefair exchange value shall be ascertained by the Secretaryof Agriculture from available statistics of the Depart-ment of Agriculture.

(d) As used in part 2 of this title—(1) In case of wheat, rice, and corn, the term

"processing" means the milling or other processing(except cleaning and drying) of wheat, rice, or corn formarket, including custom milling for toll as well ascommercial milling, but shall not include the grindingor cracking thereof not in the form of flour for feedpurposes only.

(2) In case of cotton, the term "processing" meansthe spinning, manufacturing, or other processing (ex-cept ginning) of cotton; and the term "cotton" shallnot include cotton linters.

(3) In case of tobacco, the term "processing" meansthe manufacturing or other processing (except dryingor converting into insecticides and fertilizers) oftobacco.

(4) In case of hogs, the term "processing" meansthe slaughter of hogs for market.

(5) In the case of any other commodity, the term"processing" means any manufacturing or other proc-essing involving a change in the form of the commodityor its preparation for market, as defined by regulationsof the Secretary of Agriculture; and in prescribing suchregulations the Secretary shall give due weight to thecustoms of the industry.

(e) When any processing tax, or increase or decreasetherein, takes effect in respect of a commodity theSecretary of Agriculture, in order to prevent pyramid-ing of the processing tax and profiteering in the sale ofthe products derived from the commodity, shall makepublic such information as he deems necessary regard-ing (1) the relationship between the processing tax andthe price paid to producers of the commodity, (2) theeffect of the processing tax upon prices to consumers ofproducts of the commodity, (3) the relationship, inprevious periods, between prices paid to the producersof the commodity and prices to consumers of theproducts thereof, and (4) the situation in foreigncountries relating to prices paid to producers of thecommodity and prices to consumers of the productsthereof.



MISCELLANEOUS

SEC. 10. (a) The Secretary of Agriculture mayappoint such officers and employees, subject to theprovisions of the Classification Act of 1923 and Actsamendatory thereof, and such experts as are necessaryto execute the functions vested in him by this title;and the Secretary may make such appointmentswithout regard to the civil service laws or regulations:Provided, That no salary in excess of $10,000 perannum shall be paid to any officer, employee, or expertof the Agricultural Adjustment Administration, whichthe Secretary shall establish in the Department ofAgriculture for the administration of the functionsvested in him by this title. Title II of the Act entitled"An Act to maintain the credit of the United StatesGovernment", approved March 20, 1933, to the extentthat it provides for the impoundment of appropria-tions on account of reductions in compensation, shallnot operate to require such impoundment underappropriations contained in this Act.

(b) The Secretary of Agriculture is authorized toestablish, for the more effective administration of thefunctions vested in him by this title, State and localcommittees, or associations of producers, and to per-mit cooperative associations of producers, when in hisjudgment they are qualified to do so, to act as agentsof their members and patrons in connection with thedistribution of rental or benefit payments.

(c) The Secretary of Agriculture is authorized,with the approval of the President, to make suchregulations with the force and effect of law as may benecessary to carry out the powers vested in him bythis title, including regulations establishing conversionfactors for any commodity and article processed there-from to determine the amount of tax imposed orrefunds to be made with respect thereto. Any viola-tion of any regulation shall be subject to such penalty,not in excess of $100, as may be provided therein.

(d) The Secretary of the Treasury is authorized tomake such regulations as may be necessary to carryout the powers vested in him by this title.

(e) The action of any officer, employee, or agent indetermining the amount of and in making any rentalor benefit payment shall not be subject to review byany officer of the Government other than the Secretaryof Agriculture or Secretary of the Treasury.

(f) The provisions of this title shall be applicable tothe United States and its possessions, except thePhilippine Islands, the Virgin Islands, AmericanSamoa, the Canal Zone, and the island of Guam.

(g) No person shall, while acting in any officialcapacity in the administration of this title, speculate,directly or indirectly, in any agricultural commodityor product thereof, to which this title applies, or incontracts relating thereto, or in the stock or member-ship interests of any association or corporation en-gaged in handling, processing, or disposing of any suchcommodity or product. Any person violating thissubsection shall upon conviction thereof be fined notmore than $10,000 or imprisoned not more than twoyears, or both.

(h) For the efficient administration of the provisionsof part 2 of this title, the provisions, including penalties,of sections 8, 9, and 10 of the Federal Trade Com-mission Act, approved September 26, 1914, are madeapplicable to the jurisdiction, powers, and duties ofthe Secretary in administering the provisions of thistitle and to any person subject to the provisions ofthis title, whether or not a corporation. Hearingsauthorized or required under this title shall be con-

ducted by the Secretary of Agriculture or such officeror employee of the Department as he may designatefor the purpose. The Secretary may report any viola-tion of any agreement entered into under part 2 of thistitle to the Attorney General of the United States,who shall cause appropriate proceedings to enforcesuch agreement to be commenced and prosecuted inthe proper courts of the United States without delay.

COMMODITIES

SEC. 11. As used in this title, the term " basic agri-cultural commodity" means wheat, cotton, field corn,hogs, rice, tobacco, and milk and its products, and anyregional or market classification, type, or grade thereof;but the Secretary of Agriculture shall exclude from theoperation of the provisions of this title, during anyperiod, any such commodity or classification, type, orgrade thereof if he finds, upon investigation at anytime and after due notice and opportunity for hearingto interested parties, that the conditions of production,marketing, and consumption are such that during suchperiod this title can not be effectively administered tothe end of effectuating the declared policy with respectto such commodity or classification, type, or gradethereof.

APPROPRIATION

SEC. 1.2. (a) There is hereby appropriated, out of anymoney in the Treasury not otherwise appropriated, thesum of $100,000,000 to be available to the Secretary ofAgriculture for administrative expenses under this titleand for rental and benefit payments made with respectto reduction in acreage or reduction in production formarket under part 2 of this title. Such sum shall re-main available until expended.

(b) In addition to the foregoing, the proceeds derivedfrom all taxes imposed under this title are hereby ap-propriated to be available to the Secretary of Agricul-ture for expansion of markets and removal of surplusagricultural products and the following purposes underpart 2 of this title: Administrative expenses, rental andbenefit payments, and refunds on taxes. The Secre-tary of Agriculture and the Secretary of the Treasuryshall jointly estimate from time to time the amounts, inaddition to any money available under subsection (a),currently required for such purposes; and the Secre-tary of the Treasury shall, out of any money in theTreasury not otherwise appropriated, advance to theSecretary of Agriculture the amounts so estimated.The amount of any such advance shall be deductedfrom such tax proceeds as shall subsequently becomeavailable under this subsection. .

(c) The administrative expenses provided for underthis section shall include, among others, expendituresfor personal services and rent in the District of Colum-bia and elsewhere, for law books and books of refer-ence, for contract stenographic reporting services, andfor printing and paper in addition to allotments underthe existing law. The Secretary of Agriculture shalltransfer to the Treasury Department, and is authorizedto transfer to other agencies, out of funds available foradministrative expenses under this title, such sums asare required to pay administrative expenses incurredand refunds made by such department or agencies inthe administration of this title.

TERMINATION OF ACT

SEC. 13. This title shall cease to be in effect when-ever the President finds and proclaims that the nationaleconomic emergency in relation to agriculture has been



ended; and pending such time the President shall byproclamation terminate with respect to any basic agri-cultural commodity such provisions of this title as hefinds are not requisite to carrying out the declaredpolicy with respect to such commodity. The Secretaryof Agriculture shall make such investigations andreports thereon to the President as may be necessaryto aid him in executing this section.

SEPARABILITY OF PROVISIONS

SEC. 14. If any provision of this title is declaredunconstitutional, or the applicability thereof to anyperson, circumstance, or commodity is held invalid thevalidity of the remainder of this title and the applica-bility thereof to other persons, circumstances, or com-modities shall not be affected thereby.

SUPPLEMENTARY REVENUE PROVISIONS

EXEMPTIONS AND COMPENSATING TAXES

SEC. 15. (a) If the Secretary of Agriculture finds,upon investigation at any time and after due notice andopportunity for hearing to interested parties, that anyclass of products of any commodity is of such low valuecompared with the quantity of the commodity used fortheir manufacture that the imposition of the processingtax would prevent in whole or in large part the use ofthe commodity in the manufacture of such products andthereby substantially reduce consumption and increasethe surplus of the commodity, then the Secretary ofAgriculture shall so certify to the Secretary of theTreasury, and the Secretary of the Treasury shall abateor refund any processing tax assessed or paid after thedate of such certification with respect to such amountof the commodity as is used in the manufacture of suchproducts.

(b) No tax shall be required to be paid on the proc-essing of any commodity by or for the producer thereoffor consumption by his own family, employees, orhousehold; and the Secretary of Agriculture is author-ized, by regulations, to exempt from the payment ofthe processing tax the processing of commodities by orfor the producer thereof for sale by him where, in thejudgment of the Secretary, the imposition of a process-ing tax with respect thereto is unnecessary to effectuatethe declared policy.

(c) Any person delivering any product to any organi-zation for charitable distribution or use shall, if suchproduct or the commodity from which processed, isunder this title subject to tax, be entitled to a refund ofthe amount of any tax paid under this title with respectto such product so delivered.

(d) The Secretary of Agriculture shall ascertain fromtime to time whether the payment of the processing taxupon any basic agricultural commodity is causing orwill cause to the processors thereof disadvantages incompetition from competing commodities by reason ofexcessive shifts in consumption between such commodi-ties or products thereof. If the Secretary of Agricul-ture finds, after investigation and due notice andopportunity for hearing to interested parties, that suchdisadvantages in competition exist, or will exist, he shallproclaim such finding. The Secretary shall specify inthis proclamation the competing commodity and thecompensating rate of tax on the processing thereofnecessary to prevent such disadvantages in competi-tion. Thereafter there shall be levied, assessed, andcollected upon the first domestic processing of suchcompeting commodity a tax, to be paid by the proces-sor, at the rate specified, until such rate is altered pur-

suant to a further finding under this section, or the taxor rate thereof on the basic agricultural commodity isaltered or terminated. In no case shall the tax imposedupon such competing commodity exceed that imposedper equivalent unit, as determined by the Secretary,upon the basic agricultural commodity.

(e) During any period for which a processing taxis in effect with respect to any commodity there shallbe levied, assessed, collected, and paid upon any articleprocessed or manufactured wholly or in chief valuefrom such commodity and imported into the UnitedStates or any possession thereof to which this title ap-plies, from any foreign country or from any possessionof the United States to which this title does not apply,a compensating tax equal to the amount of the process-ing tax in effect with respect to domestic processing atthe time of importation: Provided, That all taxes col-lected under this subsection upon articles coming fromthe possessions of the United States to which this titledoes not apply shall not be covered into the generalfund of the Treasury of the United States but shall beheld as a separate fund and paid into the Treasury ofthe said possessions, respectively, to be used and ex-pended by the governments thereof for the benefit ofagriculture. Such tax shall be paid prior to the releaseof the article from customs custody or control;

FLOOR STOCKS

SEC. 16. (a) Upon the sale or other disposition ofany article processed wholly or in chief value from anycommodity with respect to which a processing tax is tobe levied, that on the date the tax first takes effect orwholly terminates with respect to the commodity,is held for sale or other disposition (including articlesin transit) by any person, there snail be made a taxadjustment as follows:

(1) Whenever the processing tax first takes effect,there shall be levied, assessed, and collected a tax to bepaid by such person equivalent to the amount of theprocessing tax which would be payable with respectto the commodity from which processed if the process-ing had occurred on such date.

(2) Whenever the processing tax is wholly termi-nated, there shall be refunded to such person a sum (orif it has not been paid, the tax shall be abated) in anamount equivalent to the processing tax with respectto the commodity from which processed.

(b) The tax imposed by subsection (a) shall notapply to the retail stocks of persons engaged in retailtrade, held at the date the processing tax first takeseffect; but such retail stocks shall not be deemed toinclude stocks held in a warehouse on such date, orsuch portion of other stocks held on such date as arenot sold or otherwise disposed of within thirty daysthereafter. The tax refund or abatement provided insubsection (a) shall not apply to the retail stocks ofpersons engaged in retail trade, held on the date theprocessing tax is wholly terminated.

EXPORTATIONS

SEC. 17. (a) Upon the exportation to any foreigncountry (including the Philippine Islands, the VirginIslands, American Samoa, and the island of Guam) ofany product with respect to which a tax has been paidunder this title, or of any product processed wholly orin chief value from a commodity with respect to whicha tax has been paid under this title, the exporter thereofshall be entitled at the time of exportation to a refundof the amount of such tax.



(b) Upon the giving of bond satisfactory to the Sec-retary of the Treasury for the faithful observance of theprovisions of this title requiring the payment of taxes,any person shall be entitled, without payment of the tax,to process for such exportation any commodity withrespect to which a tax is imposed by this title, or tohold for such exportation any article processed whollyor in chief value therefrom.

EXISTING CONTRACTS

SEC. 18. (a) If (1) any processor, jobber, or whole-saler has, prior to the date a tax with respect to anycommodity is first imposed under this title, made abona fide contract of sale for delivery on or after suchdate, of any article processed wholly or in chief valuefrom such commodity, and if (2) such contract does notpermit the addition to the amount to be paid there-under of the whole of such tax, then (unless the con-tract prohibits such addition) the vendee shall pay somuch of the tax as is not permitted to be added to thecontract price.

(b) Taxes payable by the vendee shall be paid to thevendor at the time the sale is consummated and shallbe collected and paid to the United States by the vendorin the same manner as other taxes under this title.In case of failure or refusal by the vendee to pay suchtaxes to the vendor, the vendor shall report the factsto the Commissioner of Internal Revenue who shallcause collections of such taxes to be made from thevendee.

COLLECTION OP TAXES

SEC. 19. (a) The taxes provided in this title shall becollected by the Bureau of Internal Revenue under thedirection of the Secretary of the Treasury. Such taxesshall be paid into the Treasury of the United States.

(b) All provisions of law, including penalties, appli-cable with respect to the taxe3 imposed by section 600of the Revenue Act of 1926, and the provisions of section626 of the Revenue Act of 1932, shall, in so far as appli-cable and not inconsistent with the provisions of thistitle, be applicable in respect of taxes imposed by thistitle: Provided, That the Secretary of the Treasury isauthorized to permit postponement, for a period notexceeding ninety days, of the payment of taxes coveredby any return under this title.

(c) In order that the payment of taxes under thistitle may not impose any immediate undue financialburden upon processors or distributors, any processoror distributor subject to such taxes shall be eligible forloans from the Reconstruction Finance Corporationunder section 5 of the Reconstruction Finance Cor-poration Act.

TITLE II—AGRICULTURAL CREDITS

PART 1—AMENDMENTS TO FEDERAL FARM LOAN ACT

ISSUANCE OF BONDS BY LAND BANKS

SECTION 21. Section 32 of the Federal Farm LoanAct, as amended (U.S.C., title 12, sec. 991), is amendedby adding at the end thereof the following new para-graph:

" Until such time as the Farm Loan Commissionerdetermines that Federal farm-loan bonds (other thanthose issued under this paragraph) are readily salablein the open market at a yield not in excess of 4 percentum per annum, but in no case more than two yearsafter this paragraph takes effect, Federal land banks

may issue farm-loan bonds as authorized under thisAct, for the purpose of making new loans, or for pur-chasing mortgages or exchanging bonds for mortgagesas provided in paragraph ' Second' of sectipn 13 of thisAct. The aggregate amount of the bonds issued underthis paragraph shall not exceed $2,000,000,000, and suchbonds shall be issued in such denominations as the FarmLoan Commissioner shall prescribe, shall bear interestat a rate not in excess of 4 per centum per annum, andshall be fully and unconditionally guaranteed as to in-terest by the United States, and such guaranty shall beexpressed on the face thereof. In the event that itshall appear to the Farm Loan Commissioner that theissuing bank or banks will be unable to pay upon de-mand, when due, the interest on any such bonds, theSecretary of the Treasury shall, upon the request of theCommissioner, pay the amount thereof, which is herebyauthorized to be appropriated out of any money in theTreasury not otherwise appropriated. Upon the pay-ment of such interest by the Secretary of the Treasurythe amount so paid shall become an obligation to theUnited States of the issuing bank or banks and shallbear interest at the same rate as that borne by the bondsupon which the interest has been so paid. After theexpiration of one year from the date this paragraphtakes effect, if in the opinion of the Farm Loan Com-missioner any part of the proceeds of the bonds author-ized to be issued under this paragraph is not requiredfor the purpose of making new loans or for purchasingmortgages or exchanging* bonds for mortgages as hereinprovided, such bonds may be issued within the maxi-mum limit herein specified for the purpose of refinancingany outstanding issues of Federal farm-loan bonds;but no such bonds shall be issued after two years fromthe date this paragraph takes effect for the purpose ofsuch refinancing. Any borrower who obtains a loanfrom a Federal land bank after the date this paragraphtakes effect may, at any time after the expiration of fiveyears from the date such loan was made, tender tosuch bank on any regular installment date, bonds issuedunder this paragraph in an amount not to exceed theunpaid principal of his loan, and the bonds so tenderedshall be accepted by the bank at par in payment of anypart of such unpaid principal."

PURCHASE, REDUCTION, AND REFINANCING OF FARMMORTGAGES

SEC. 22. Paragraph "Second" of section 13 of theFederal Farm Loan Act, as amended, is amended byadding at the end thereof the following new sentence:

"In order to reduce and/or refinance farm mortgages,to invest such funds as may be in its possession in thepurchase of first mortgages on farm lands situatedwithin the Federal land-bank district within which it isorganized or for which it is acting, or to exchange farm-loan bonds for any duly recorded first mortgages onfarm lands executed prior to the date this paragraph,as amended, takes effect, at a price which shall not exceedin each individual case the amount of the unpaidprincipal of the mortgage on the date of such purchaseor exchange, or 50 per centum of the normal value ofthe land mortgaged and 20 per centum of the value ofthe permanent insured improvements thereon as de-termined upon an appraisal made pursuant to thisAct, whichever is the smaller: Provided, That anymortgagor whose mortgage is acquired by a Federalland bank under this paragraph shall be entitled to havehis farm-mortgage indebtedness refinanced in accord-ance with the provisions of sections 7 and 8 of this Acton the basis of the amount paid by the bank for hismortgage."



EXTENSION OF LOANS

SEC. 23. Paragraph "Tenth" of section 13 of theFederal Farm Loan Act, as amended (U.S.C., title12, sec. 781), is amended by adding at the end thereofthe following: "The terms of any such extension shallbe such as will not defer the collection of any obligationdue by any borrower which, after investigation by thebank of the situation of such borrower, is shown to bewithin his capacity to meet. In the case of any suchextension made prior to the expiration of five yearsfrom the date this paragraph as amended takes effect,or in the case of any deferment of principal as providedin paragraph * Twelfth' of section 12 of this Act, itshall be the duty of the Secretary of the Treasury, onbehalf of the United States, upon the request of theFederal land bank making the extension, and withthe approval of the Farm Loan Commissioner, to sub-scribe at such periods as the Commissioner shalldetermine, to the paid-in surplus of such bank anamount equal to the amount of all such extensionsand deferments made by the bank during the pre-ceding period. Such subscriptions shall be subject tocall, in whole or in part, by the bank with the approvalof the Commissioner upon thirty days' notice. Toenable the Secretary of the Treasury to make suchsubscriptions to the paid-in surplus of the Federalland banks, there is hereby authorized to be appro-priated the sum of $50,000,000, to be immediatelyavailable and remain available until expended. Uponpayment to any Federal land bank of the amount ofany such subscription, such bank shall execute anddeliver a receipt therefor to the Secretary of theTreasury in form to be prescribed by the Farm LoanCommissioner. The amount of any subscriptions tothe paid-in surplus of any such bank may be repaidin whole or in part at any time in the discretion of thebank and with the approval of the Farm Loan Com-missioner, and the Commissioner may at any timerequire such subscriptions to be repaid in whole or inpart if in his opinion the bank has resources availabletherefor."

REDUCTION OF INTEREST ON LOANS AND DEFERMENT OFPRINCIPAL

SEC. 24. Section 12 of the Federal Farm Loan Act,as amended (U.S.C., title 12, sees. 771-772), is amendedby adding at the end thereof the following new para-graph:

"Twelfth. Notwithstanding the provisions of para-graph 'Second,' the rate of interest on any loans onmortgage made through national farm-loan associationsor through agents as provided in section 15, or pur-chased from joint-stock land banks, by any Federalland bank, outstanding on the date this paragraphtakes effect or made through national farm-loan asso-ciations within two years after such date, shall notexceed 4}£ per centum per annum for all interest pay-able on installment dates occurring within a period offive years commencing sixty days after the date thisparagraph takes effect; and no payment of the principalportion of any installment of any such loan shall berequired during such five-year period if the borrowershall not be in default with respect to any other condi-tion or covenant of his mortgage. The foregoing pro-visions shall apply to loans made by Federal land banksthrough branches, except that the rate of interest onsuch loans for such tfive-year period shall be 5 percentum in lieu of 4% per centum. The Secretary ofthe Treasury shall pay each Federal land bank, as soonas practicable after October 1, 1933, and after the end

of each quarter thereafter, such amount as the FarmLoan Commissioner certifies to the Secretary of theTreasury is equal to the amount by which interestpayments on mortgages held by such bank have beenreduced, during the preceding quarter, by reason of thisparagraph; but in any case in which the Farm LoanCommissioner finds that the amount of interest payableby such bank during any quarter has been reduced byreason of the refinancing of bonds under section 32 ofthis Act, the amount of the reduction so found shall bededucted from the amount payable to such bank underthis paragraph. No payments shall be made to a bankwith respect to any period after June 30, 1938. Thereis authorized to be appropriated, out of any money inthe Treasury not otherwise appropriated, the sum of$15,000,000 for the purpose of enabling the Secretary ofthe Treasury to make payments to Federal land bankswhich accrue during the fiscal year ending June 30,1934, and such additional amounts as may be necessaryto make payments accruing during subsequent fiscalyears.

INCREASE OF AMOUNT OF LOANS TO BORROWERS

SEC. 25. Paragraph "Seventh" of section 12 of theFederal Farm Loan Act, as amended (U.S.C., title 12,sec. 771) (relating to the limitations as to amount ofloans), is amended by striking out "$25,000" and in-serting "$50,000, but loans to any one borrower shallnot exceed $25,000 unless approved by the Farm LoanCommissioner.''

DIRECT LOANS

SEC. 26. Section 7 of the Federal Farm Loan Act, asamended, is amended by striking out the last para-graph and inserting in lieu thereof the following newparagraphs:

"Whenever it shall appear to the Farm Loan Com-missioner that national farm-loan associations have notbeen formed in any locality in the continental UnitedStates, or that the farmers residing in the territorycovered by the charter of a national farm-loan associa-tion are unable to apply to the Federal land bank of thedistrict for loans on account of the inability of the bankto accept applications from such association, the FarmLoan Commissioner shall authorize said bank to makedirect loans to borrowers secured by first mortgages onfarm lands situated within any such locality or territory.Except as herein otherwise specifically provided, allprovisions of this Act applicable with respect to loansmade through national farm-loan associations shall, in-sofar as practicable, apply with respect to such directloans, and the Farm Loan Commissioner is authorizedto make such rules and regulations as he may deemnecessary with respect to such direct loans.

"The rate of interest on such direct loans made atany time by any Federal land bank shall be one-halfof 1 per centum per annum in excess of the rate ofinterest charged to borrowers on mortgage loans madeat such time by the bank through national farm-loanassociations.

"Each borrower who obtains a direct loan from aFederal land bank shall subscribe and pay for stock insuch bank in the sum of $5 for each $100 or fractionthereof borrowed. Such stock shall be held by suchFederal land bank as collateral security for the loan ofthe borrower and shall participate in all dividends.Upon full payment of the loan such stock shall, if stilloutstanding, be canceled at par, or, in the event thatsuch stock shall have become impaired, at the estimatedvalue thereof as approved by the Farm Loan Commis-sioner, and the proceeds thereof shall be paid to theborrower.



"Each such borrower may covenant in his mortgagethat, whenever there are ten or more borrowers whohave obtained from a Federal land bank direct loansunder the provisions of this section aggregating not lessthan $20,000, and who reside in a locality which may,in the opinion of the Farm Loan Commissioner, beconveniently covered by the charter of and served by anational farm-loan association, he will unite with suchother borrowers to form a national farm-loan associa-tion. Such borrowers shall organize the associationsubject to the requirements and the conditions specifiedin this section, so far as the same may be applicable, andin accordance with rules and regulations of the FarmLoan Commissioner. As soon as the organization of theassociation has been approved by the Farm Loan Com-missioner, the stock in the Federal land bank held byeach of the members of such association shall be can-celed at par, and in lieu thereof the bank shall issue inthe name of the-association an equal amount of stockin said bank, which stock shall be held by said bank ascollateral security as provided in this section with re-spect to other loans through national farm-loan associa-tions. Thereupon there shall be issued to each suchmember an amount of capital stock in the associationequal to the amount which he previously held in saidbank, which stock shall be held by said association ascollateral security as provided in section 8 of this Act.The board of directors of said association shall adopt aresolution authorizing and directing its secretary-treasurer on behalf of said association to endorse, andthereby become liable for the payment of, the mortgagestaken from its charter members by the Federal landbank. When it shall appear to the satisfaction of theFarm Loan Commissioner that all the foregoing condi-tions have been complied with, and upon the grantingof the charter by the Farm Loan Commissioner, theinterest rate paid by each charter member of such asso-ciation whose loan is in good standing shall, beginningwith his next regular installment date, be reduced to therate of interest paid by borrowers on new loans madethrough national farm-loan associations in the sameFederal land-bank district at the time the said loan wasmade to such charter member.

" Charges to be paid by applicants for direct loansfrom a Federal land bank shall not exceed amounts to befixed by the Farm Loan Commissioner and shall in nocase exceed the charges which may be made to appli-cants for loans and borrowers through national farm-loan associations under the provisions of sections 11 and13 of this Act."

LOANS TO RECEIVERS

SEC. 27. Any receiver appointed by the FederalFarm Loan Board pursuant to section 29 of the FederalFarm Loan Act, as amended, or any receiver appointedby a district court of the United States, is authorized,for the purpose of paying taxes on farm real estateowned by the bank or securing the mortgages held byit, with the approval of the Farm Loan Commissioner,to borrow from the Reconstruction Finance Corpora-tion and to issue receiver's certificates against theassets of such bank as security for any loan receivedfrom the Corporation under this section, and such cer-tificates shall constitute a prior lien on such assets.The Reconstruction Finance Corporation is authorizedto make loans to such receivers for the purposes of thissection.

FEDERAL FARM-LOAN BONDS AS SECURITY FOR ADVANCESBY FEDERAL RESERVE BANKS

SEC. 28. The eighth paragraph of section 13 of theFederal Reserve Act, as amended, is amended byinserting before the period at the end thereof a commaand the following: "or by the deposit or pledge of bondsissued pursuant to the paragraph added to section 32of the Federal Farm Loan Act, as amended by section21 of the Emergency Farm Mortgage Act of 1933."

PART 2—JOINT-STOCK LAND BANKS

LIMITATIONS ON ISSUE OF BONDS AND LENDING

SEC. 29. After the date of enactment of this Act, nojoint-stock land bank shall issue any tax-exempt bondsor make any farm loans except such as are necessaryand incidental to the refinancing of existing loans orbond issues or to the sale of any real estate now ownedor hereafter acquired by such bank.

LOANS TO JOINT-STOCK LAND BANKS TO PROVIDE FORORDERLY LIQUIDATION

SEC. 30. (a) The Reconstruction Finance Corpora-tion is authorized and directed to make available to theFarm Loan Commissioner, out of the funds of the Cor-poration, the sum of $100,000,000, to be used, for aperiod not exceeding two years from the date of enact-ment of this Act, for the purpose of making loans tothe joint-stock land banks organized and doing businessunder the Federal Farm Loan Act, as amended, at arate of interest not to exceed 4 per centum per annum,payable annually. Such loans shall be made uponapplication therefor by such banks and upon compli-ance with the requirements of this section. Theamount which may be loaned hereunder to any suchbank shall not exceed an amount having the same pro-portion to the said $100,000,000 as the unpaid principalof the mortgages held by such bank on the date ofenactment of this Act bears to the total amount of theunpaid principal of the mortgages held by all the joint-stock land banks on such date.

(b) Any joint-stock land bank applying for a loanunder this section shall deliver to the Farm LoanCommissioner as collateral security therefor first mort-gages or purchase-money mortgages on farm lands,first mortgages on farm real estate owned by the bankin fee simple, or such other collateral as may be avail-able to said bank, including sales contracts and sheriff'scertificates on farm lands. The real estate upon whichsuch collateral is based shall be appraised by appraisersappointed under the Federal Farm Loan Act, asamended, and the borrowing bank shall be entitled toborrow not to exceed 60 per centum of the normal valueof such real estate as determined by such appraisal.Fees for such appraisals shall be paid by the applicantbanks in such amounts as may be fixed by the FarmLoan Commissioner. No such loan shall be made untilthe applicant bank, under regulations to be prescribedby the Farm Loan Commissioner, (1) shall have agreedto grant to each borrower then indebted to the bankunder the terms of a first mortgage a reduction to 5 percentum per annum in the rate of interest specified insuch mortgage, beginning at his next regular installmentdate occurring more than sixty days after the date ofenactment of this Act, and (2) shall have agreed to thesatisfaction of the Commissioner that during a period



of two years from the date of enactment of this Act thebank will not proceed against the mortgagor on accountof default in the payment of interest or principal dueunder the terms of its mortgage and will not foreclose itsmortgage unless the property covered by such mortgageis abandoned by the mortgagor or unless, in theopinion of the Commissioner, such foreclosure isnecessary for other reasons. Such loans shall be madeto aid the orderly liquidation of any such bank in ac-cordance with such plan as may be approved by theFarm Loan Commissioner. Before any such plan isapproved by the Commissioner he shall be satisfiedthat the plan carries out the purposes of this sectionand that such part of the proceeds of the loan as isdevoted to settlements with bondholders will be usedonly to effect an equitable settlement with all bond-holders. After the plan has been approved by theCommissioner he shall require the bank to mail a copythereof to all its known bondholders and to publish anotice setting forth its provisions in at least threenewspapers having general circulation.

LOANS BY THE FABM LOAN COMMISSIONER TO JOINT-STOCK LAND BANKS FOR EMERGENCY PURPOSES

SEC. 31. (a) Out of the funds made available to himunder section 30, the Farm Loan Commissioner isauthorized to make loans, in an aggregate amount notexceeding $25,000,000, at a rate of interest not toexceed 4 per centum per annum, to any joint-stockland bank for the purpose of securing the postpone-ment for two years from the date of the enactment ofthis Act of the foreclosure of first mortgages held bysuch banks on account of (1) default in the paymentof interest and principal due under the terms of themortgage, and (2) unpaid delinquent taxes, excludinginterest and penalties, which may be secured by thelien of said mortgage: Provided, That during theperiod of postponement of foreclosure such bank shallcharge the mortgagor interest at a rate not exceeding4 per centum per annum on the aggregate amount ofsuch delinquent taxes and defaulted interest andprincipal with respect to which loans are made pursuantto this section. The amount loaned to any joint-stockland bank under this section shall be made withoutreappraisal: Provided, That the amount loaned withrespect to any mortgage on account of unpaid principalshall not exceed 5 per centum of the total unpaidprincipal of such mortgage, and the total amount loanedto any such land bank with respect to any mortgageshall not exceed 25 per centum of the total unpaidprincipal of such mortgage.

(b) No such loan shall be made with respect to anymortgage unless the Farm Loan Commissioner is satis-fied that the mortgagor, after exercising ordinarydiligence to pay his accrued delinquent taxes, and meetaccrued interest and principal payments, has defaultedthereon; and unless the bank shall have agreed to thesatisfaction of the Farm Loan Commissioner that dur-ing such two-year period the bank will not foreclosesuch mortgage unless the property covered thereby isabandoned by the mortgagor or unless in the opinionof the Farm Loan Commissioner such foreclosure isnecessary for other reasons.

(c) Each such loan shall be secured by an assign-ment to the Farm Loan Commissioner of the lien ofthe taxes and/or of the bank's mortgage with respectto which the loan is made: Provided, That the partof each such lien so assigned representing the interestand principal due and unpaid in any such mortgagewhich has been assigned to the farm loan registrarshall be subordinate to the existing lien of the bank

for the balance of the indebtedness then or thereafterto become due under the terms of such mortgage; butthe Farm Loan Commissioner may require the bankto furnish additional collateral as security for suchloan, if such collateral is available to the bank.

(d) The Farm Loan Commissioner is authorized tomake such rules and regulations as may be necessaryto carry out the purposes of this section and to makethe relief contemplated immediately available.

PART 3—LOANS TO FARMERS BY FARM LOANCOMMISSIONER

REDUCTION OF DEBTS AND REDEMPTION OF FORECLOSEDFARMS

SEC. 32. The Reconstruction Finance Corporation isauthorized and directed to allocate and make availableto the Farm Loan Commissioner the sum of $200,000,000,or so much thereof as may be necessary, to be used forthe purpose of making loans as hereinafter provided toany farmer, secured by a first or second mortgage uponthe whole or any part of the farm property, real orpersonal, including crops, of the farmer. The amountof the mortgage given by any farmer, together with allprior mortgages or other evidences of indebtednesssecured by such farm property of the farmer, shall notexceed 75 per centum of the normal value thereof, asdetermined upon an appraisal made pursuant to theFederal Farm Loan Act, as amended; nor shall a loanin excess of $5,000, be made to any one farmer. Everymortgage made under this section shall contain anagreement providing for the repayment of the loanon an amortization plan by means of a fixed number ofannual or semiannual installments, sufficient to cover(1) interest on unpaid principal at a rate not to exceed5 per centum per annum and (2) such payments equalin amount to be applied on principal as will extinguishthe debt within an agreed period of not more than tenyears or, in the case of a first or second mortgagesecured wholly by real property and made for the pur-pose of reducing and refinancing an existing mortgagewithin an agreed period no greater than that for whichloans may be made under the Federal Farm Loan Act,as amended, from the date the first payment on princi-pal is due: Provided, That during the first three yearsthe loan is in effect payments of interest only may berequired if the borrower shall not be in default withrespect to any other condition or covenant of his mort-gage. No loan shall be made under this section unlessthe holder of any prior mortgage or instrument ofindebtedness secured by such farm property arrangesto the satisfaction of the Farm Loan Commissioner tolimit his right to proceed against the farmer and suchfarm property for default in payment of principal.Loans under this section shall be made for the followingpurposes only: (1) Refinancing, either in connectionwith proceedings under chapter VIII of the BankruptcyAct of July 1, 1898, as amended (relating to agriculturalcompositions and extensions), or otherwise, any in-debtedness, secured or unsecured, of the farmer, (2)providing working capital for his farm operations, and(3) enabling any farmer to redeem and/or repurchasefarm property owned by him prior to foreclosure whichhas been foreclosed at any time between July 1, 1931,and the date of the enactment of this Act, or which isforeclosed after the enactment of this Act. The pro-visions of paragraph "Ninth" of section 13 of theFederal Farm Loan Act, as amended (relating to chargesto applicants for loans and borrowers from the Federalland banks), shall, so far as practicable, apply to loansmade under this section. As used in this section, the



term "farmer" means any individual who is bona fideengaged in farming operations, either personally orthrough an agent or tenant, or the principal part ofwhose income is derived from farming operations, andincludes a personal representative of a deceased farmer.

REGULATIONS

SEC. 33. The Farm Loan Commissioner is author-ized to make such rules and regulations, and to appoint,employ, and fix the compensation of such officers, em-ployees, attorneys, and agents as may be necessary tocarry out the purposes of this title and to make therelief contemplated by this title immediately available,without regard to the provisions of other laws appli-cable to the employment and compensation of officersand employees of the United States: Provided, That nosalary or compensation in excess of $10,000 shall bepaid to any person employed under the terms of theforegoing section.

FACILITIES OP FEDERAL LAND BANKS AND NATIONALFARM LOAN ASSOCIATIONS MADE AVAILABLE

SEC. 34. The Federal land banks and the nationalfarm loan associations are authorized, upon request ofthe Farm Loan Commissioner, to make available tohim their services and facilities to aid in administeringthe provisions of this title.

PENALTIES

SEC. 35. Any person who shall knowingly make anymaterial false representation for the purpose of obtain-ing any loan under part 3 of this title, or in assisting inobtaining any such loan, shall, upon conviction thereof,be fined not more than $1,000, or imprisoned not morethan six months, or both.

PART 4—REFINANCING OF AGRICULTURAL IMPROVE-MENT DISTRICT INDEBTEDNESS FOR THE BENEFITOF FARMERS

LOANS BY RECONSTRUCTION FINANCE CORPORATION

SEC. 36. The Reconstruction Finance Corporation isauthorized and empowered to make loans as hereinafterprovided, in an aggregate amount not exceeding$50,000,000; to drainage districts, levee districts,levee and drainage districts, irrigation districts, andsimilar districts, duly organized under the laws of anyState, and to political subdivisions of States, whichprior to the date of enactment of this Act, have com-pleted projects devoted chiefly to the improvement oflands for agricultural purposes. Such loans shall bemade for the purpose of enabling any such district orpolitical subdivision (hereafter referred to as the"borrower") to reduce and refinance its outstandingindebtedness incurred in connection with any suchproject, and shall be subject to the same terms andconditions as loans made under section 5 of the Recon-struction Finance Corporation Act, as amended; exceptthat (1) the term of any such loan shall not exceedforty years; (2) each such loan shall be secured byrefunding bonds issued to the Corporation by theborrower which are a lien on the real property withinthe project or on the amount of the assessments leviedon such property by the borrower pursuant to Statelaw, or by such other collateral as may be acceptableto the Corporation; (3) the borrower shall agree not toissue during the term of the loan any bonds so securedexcept with the consent of the Corporation; (4) theborrower shall pay to the Corporation, until all bonds

of the borrower held by the Corporation are retired, anamount equal to the amount by which the assessmentsagainst the real property within the project collectedby the borrower exceed the costs of operation andmaintenance of the project and interest on its outstand-ing obligations; and (5) the borrower shall agree, tothe satisfaction of the Corporation, to reduce the out-standing indebtedness to the borrower of the land-owners within such project by an amount correspond-ing to that by which the indebtedness of the borroweris reduced by reason of the operation of this section,to distribute the amount of such reduction amongsuch landowners on a pro rata basis, to cancel andretire its outstanding bonds in an aggregate amountequal to the amount of the reduction so distributed,and to permit the Corporation, in the case of the pay-ment of the bonds of the borrower or the liquidationof such project, to participate in such payment or inthe proceeds of such liquidation on the basis of the faceamount of the bonds so retired plus the face amountof the bonds held by the Corporation as security for theloan. No loan shall be made under this section untilthe Reconstruction Finance Corporation (A) has causedan appraisal to be made of the property securing and/orunderlying the outstanding bonds of the applicant,(B) has determined that the project of the applicantis economically sound, and (C) has been satisfied thatan agreement has been entered into between the appli-cant and the holders of its outstanding bonds underwhich the applicant will be able to purchase or refundsuch bonds at a price determined by the Corporationto be reasonable after taking into consideration theaverage market price of such bonds over the six months'period ending March 1, 1933, and under which a sub-stantial reduction will be brought about in the amountof the outstanding indebtedness of the applicant.

SEC. 37. The Reconstruction Finance Corporation,upon request of the Secretary of the Interior, is author-ized and empowered to advance from funds madeavailable by section 2 of the Act of January 22, 1932(47 Stat.L. 5), to the reclamation fund created by theAct of June 17, 1902 (32 Stat.L. 388), such sum orsums as the Secretary of the Interior may deem neces-sary, not exceeding $5,000,000, for the completion ofprojects or divisions of projects now under construction,or projects approved and authorized. Funds so ad-vanced shall be repaid out of any receipts and accre-tions accruing to the reclamation fund within suchtime as may be fixed by the Reconstruction FinanceCorporation, not exceeding five years from the date ofadvance, with interest at the rate of 4 per centum perannum. Sums so advanced may be expended in thesame way as other moneys in the reclamation fund.

PART 5—INCREASE OF LENDING POWER OF RECON-CONSTRUCTION FINANCE CORPORATION

SEC. 38. In order to provide funds to carry out thepurposes of this title, the amount of notes, debentures,bonds, or other such obligations which the Reconstruc-tion Finance Corporation is authorized and empoweredunder section 9 of the Reconstruction Finance Cor-poration Act, as amended, to have outstanding at anyone time, is hereby increased by $300,000,000.

PART 6—FUNCTIONS OF FARM LOAN COMMISSIONERUNDER EXECUTIVE ORDERS

SEC. 39. If and when any executive order heretoforetransmitted to the Congress pursuant to title IV ofpart II of the Legislative Appropriation Act of 1933, asamended, shall become effective, all functions, powers,



authority, and duties conferred upon or vested in theFarm Loan Commissioner by this title shall be held andexercised by him subject to all the terms and conditionsin any such Executive order the same as if suchfunctions, powers, authority, and duties were specifi-cally named in such Executive order or orders.

PART 7—MISCELLANEOUS

PERFECTING ORGANIZATION FARM CREDIT ADMINIS-TRATION

SEC. 40. The Governor of the Farm Credit Adminis-tration is authorized, in carrying out the powers andduties now or hereafter vested in him or the FarmCredit Administration by law or under any Executiveorder made under title IV of part II of the LegislativeAppropriation Act of 1933, as amended, to establish,and to fix the powers and duties of, such divisions,agencies, corporations, and instrumentalities as hemay deem necessary to the efficient functioning of theFarm Credit Administration and the successful execu-tion of the powers and duties so vested in the Governorand the Farm Credit Administration. This sectionshall not be construed to restrict the authority of thePresident under title IV of such Act, as amended:Provided, That no salary or compensation shall be paidto any officer, agent, or other person employed underthis section in excess of $10,000 per annum.

LOANS TO FRUIT GROWERS

SEC. 41. That'in making loans to owners of grovesand orchards, including citrus-fruit groves and otherfruit groves and orchards, the Federal land banks, thefarm land banks, and all Government agencies makingloans upon such character of property may, in apprais-ing the property offered as security, give a reasonableand fair valuation to the fruit trees located and growingupon said property and constituting a substantial partof its value.

PART 8—SHORT TITLE

SEC. 42. This title may be cited as the "EmergencyFarm Mortgage Act of 1933."

TITLE III—FINANCING—AND EXERCISING POWER CON-FERRED BY SECTION 8 OF ARTICLE I OF THE CONSTI-TUTION: To COIN MONEY AND TO REGULATE THEVALUE THEREOF

SEC. 43. Whenever the President finds, upon inves-tigation, that (1) the foreign commerce of the UnitedStates is adversely affected by reason of the deprecia-tion in the value of the currency of any other govern-ment or governments in relation to the present standardvalue of gold, or (2) action under this section is neces-sary in order to regulate and maintain the parity ofcurrency issues of the United States, or (3) an economicemergency requires an expansion of credit, or (4) anexpansion of credit is necessary to secure by interna-tional agreement a stabilization at proper levels of thecurrencies of various governments, the President isauthorized, in his discretion—

(a) To direct the Secretary of the Treasury to enterinto agreements with the several Federal Reserve banksand with the Federal Reserve Board whereby theFederal Reserve Board will, and it is hereby authorizedto, notwithstanding any provisions of law or rules andregulations to the contrary, permit such reserve banksto agree that they will, (1) conduct, pursuant to existinglaw, throughout specified periods, open market opera-tions in obligations of the United States Government or

corporations in which the United States is the majoritystockholder, and (2) purchase directly and hold in port-folio for an agreed period or periods of time Treasurybills or other obligations of the United States Govern-ment in an aggregate sum of $3,000,000,000 in additionto those they may then hold, unless prior to the termi-nation of such period or periods the Secretary shallconsent to their sale. No suspension of reserve require-ments of the Federal Reserve banks, under the terms ofsection ll(c) of the Federal Reserve Act, necessitatedby reason of operations under this section, shall requirethe imposition of the graduated tax upon any deficiencyin reserves as provided in said section 11 (c). Nor shallit require any automatic increase in the rates of interestor discount charged by any Federal Reserve bank, asotherwise specified in that section. The FederalReserve Board, with the approval of the Secretary ofthe Treasury, may require the Federal Reserve banksto take such action as may be necessary, in the judgmentof the Board and of the Secretary of the Treasury, toprevent undue credit expansion.

(b) If the Secretary, when directed by the President,is unable to secure the assent of the several FederalReserve banks and the Federal Reserve Board to theagreements authorized in this section, or if operationsunder the above provisions prove to be inadequate tomeet the purposes of this section, or if for any otherreason additional measures are required in the judgmentof the President to meet such purposes, then thePresident is authorized—

(1) To direct the Secretary of the Treasury to causeto be issued in such amount or amounts as he may fromtime to time order, United States notes, as provided inthe Act entitled "An Act to authorize the issue ofUnited States notes and for the redemption of fundingthereof and for funding the floating debt of the UnitedStates", approved February 25, 1862, and Acts supple-mentary thereto and amendatory thereof, in the samesize and of similar color to the Federal Reserve notesheretofore issued and in denominations of $1, $5, $10,$20, $50, $100, $500, $1,000, and $10,000; but notesissued under this subsection shall be issued only for thepurpose of meeting maturing Federal obligations torepay sums borrowed by the United States and forpurchasing United States bonds and other interest-bearing obligations of the United States: Provided,That when any such notes are used for such purpose thebond or other obligation so acquired or taken up shallbe retired and canceled. Such notes shall be issued atsuch times and in such amounts as the President mayapprove but the aggregate amount of such notes out-standing at any time shall not exceed $3,000,000,000.There is hereby appropriated, out of any money in theTreasury not otherwise appropriated, an amountsufficient to enable the Secretary of the Treasury toretire and cancel 4 per centum annually of such out-standing notes, and the Secretary of the Treasury ishereby directed to retire and cancel annually 4 percentum of such outstanding notes. Such notes and allother coins and currencies heretofore or hereaftercoined or issued by or under the authority of the UnitedStates shall be legal tender for all debts public andprivate.

(2) By proclamation to fix the weight of. the golddollar in grains nine tenths fine and also to fix the weightof the silver dollar in grains nine tenths fine at a definitefixed ratio in relation to the gold dollar at such amountsas he finds "necessary from his investigation to stabilizedomestic prices or to protect the foreign commerceagainst the adverse effect of depreciated foreign cur-rencies, and to provide for the unlimited coinage of



such gold and silver at the ratio so fixed, or in case theGovernment of the United States enters into an agree-ment with any government or governments under theterms of which the ratio between the value of gold andother currency issued by the United States and by anysuch government or governments is established, thePresident may fix the weight of the gold dollar inaccordance with the ratio so agreed upon, and suchgold dollar, the weight of which is so fixed, shall be thestandard unit of value, and all forms of money issuedor coined by the United States shall be maintained at aparity with this standard and it shall be the duty of theSecretary of the Treasury to maintain such parity, butin no event shall the weight of the gold dollar be fixedso as to reduce its present weight by more than 50 percentum.

SEC. 44. The Secretary of the Treasury, with theapproval of the President, is hereby authorized to makeand promulgate rules and regulations covering anyaction taken or to be taken by the President under sub-section (a) or (b) of section 43.

SEC. 45. (a) The President is authorized, for aperiod of six months from the date of the passage ofthis Act, to accept silver in payment of the whole orany part of the principal or interest now due, orto become due within six months after such date,from any foreign government or governments on ac-count of any indebtedness to the United States, suchsilver to be accepted at not to exceed the price of 50cents an ounce in United States currency. The aggre-gate value of the silver accepted under this sectionshall not exceed $200,000,000.

(b) The silver bullion accepted and received underthe provisions of this section shall be subject to therequirements of existing law and the regulations of themint service governing the methods of determining theamount of pure silver contained, and the amount of thecharges or deductions, if any, to be made; but suchsilver bullion shall not be counted as part of the silverbullion authorized or required to be purchased andcoined under the provisions of existing law.

(c) The silver accepted and received under the pro-visions of this section shall be deposited in the Treasuryof the United States, to be held, used, and disposed ofas in this section provided.

(d) The Secretary of the Treasury shall cause silvercertificates to be issued in such denominations as hedeems advisable to the total number of dollars forwhich such silver was accepted in payment of debts.

Such silver certificates shall be used by the Treasurerof the United States in payment of any obligations ofthe United States.

(e) The silver so accepted and received under thissection shall be coined into standard silver dollars andsubsidiary coins sufficient, in the opinion of the Secre-tary of the Treasury, to meet any demands for re-demption of such silver certificates issued under theprovisions of this section, and such coins shall be re-tained in the Treasury for the payment of such certifi-cates on demand. The silver so accepted and receivedunder this section, except so much thereof as is coinedunder the provisions of this section, shall be held in theTreasury for the sole purpose of aiding in maintainingthe parity of such certificates as provided in existinglaw. Any such certificates or reissued certificates,when presented at the Treasury, shall be redeemed instandard silver dollars, or in subsidiary silver coin, atthe option of the holder of the certificates: Provided,That, in the redemption of such silver certificates issuedunder this section, not to exceed one third of the coinrequired for such redemption may in the judgment ofthe Secretary of the Treasury be made in subsidiarycoins, the balance to be made in standard silver dollars.

(f) When any silver certificates issued under theprovisions of this section are redeemed or received intothe Treasury from any source whatsoever, and belongto the United States, they shall not be retired, canceled,or destroyed, but shall be reissued and paid out againand kept in circulation; but nothing herein shall preventthe cancelation and destruction of mutilated certificatesand the issue of other certificates of like denominationin their stead, as provided by law.

(g) The Secretary of the Treasury is authorized tomake rules and regulations for carrying out the provi-sions of this section.

SEC. 46. Section 19 of the Federal Reserve Act, asamended, is amended by inserting immediately afterparagraph (c) thereof the following new paragraph:

11 Notwithstanding the foregoing provisions of thissection, the Federal Reserve Board, upon the affirma-tive vote of not less than five of its members and withthe approval of the President, may declare that anemergency exists by reason of credit expansion, andmay by regulation during such emergency increase ordecrease from time to time, in its discretion, the reservebalances required to be maintained against eitherdemand or time deposits."

Approved May 12th, 1933



FEDERAL RESERVE STATISTICS, BY DISTRICTS, ETC.

DISCOUNTS BY MONTHS



1933

April March

1932

April

DISCOUNTS BY WEEKS



Wednesday series (1933)

Apr. 5 Apr. 12 Apr. 19 Apr. \

BostonNew York..__Philadelphia.

Cleveland..Richmond..Atlanta

ChicagoSt. LouisMinneapolis..

Kansas City...DallasSan Francisco .

Total..

17.9112.455.8

59.420.725.6

18.44.4

20.66.6

73.2

23.5476.7130.5

91.938.936.7

62.410.913.1

25.26.2

78.1

34.0119.673.7

86.629.237.0

46.216.79.7

32.012.6

107.6

424.8 i4.2 605.1

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

BostonNew York. . .Philadelphia.

Cleveland-Richmond.Atlanta

ChicagoSt. LouisMinneapolis..

Kansas City. . .Dallas..San Francisco..

Total .

19,021115, 61562, 695

53, 68518, 71126,342

18,8225,105

10,044

21,8205,674

78, 643

17,862121, 58355, 580

53, 90821,04925,673

18,8604,3149,813

21,8955,488

72,431

17, 507110,40353,168

53, 24721,41725,271

18,0574,3339,544

21,1866,931

73, 206

436,177 428,456 414,270

16, 73987,96750,347

64,16620,86024,600

17,2033,8729,413

16,4888,018

65,328

385,001

Back figures.—See Annual Reports for 1931 (table 83), 1930 (table 78),etc.

RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES

[Amounts in thousands of dollars]



Total cash reserves

1933

April March

1932

April

Total deposits

1933

April March

1932

April

Federal Reserve notes incirculation l

1933

April March

1932

April

Reserve percentages

1933

April March

1932

April

BostonNew YorkPhiladelphia-

Cleveland..Richmond-Atlanta

ChicagoSt. Louis.. . . . .Minneapolis..

Kansas Ci ty . . .Dallas.San Francisco.

Total..

233,9531,030,085

221,533

284,800178, 052115, 493

882,517150, 64574,493

120,82845, 617

212,149

208, 468766, 707177, 737

293,030162,042109,893

778,563153,60474,139

132,71269,404

223,895

218,9301,001,905

254,085

295,404101,069122,058

676,419111, 64281,172

95,48452,906

219, 370

132, 5801,029, 531

123, 250

152, 43272, 53954, 250

300,49676,82344, 738

81,96053, 613

158,998

132,131858,199113,800

149,69665,86861, 776

289,45577,55344, 371

85,16069,110

156,426

122,650949,134123,037

152,03555,77851, 324

273,11462, 24243,939

69,20250,039

149, 525

235,849791,131260,933

346,548177,142143,748

903, 267150,457

122, 26541,607

263,839

248, 620930, 403295,366

401,269195,938159,878

1,037, 508166,113109, 059

138,56250, 694

308,941

174,263573,491253,218

293,71995,571

117,638

546,15891,04870,588

81,41137,845

222,839

63.556.657.7

57.171.358.3

73.366.352.0

59.247.950.2

54.842.943.4

53.261.9

58.763.048.3

57.948.1

3,550,165 3,150,194 3, 230,444 2, 281,210 2,103,545 2,102, 019 3,535, 436 4,042, 351 2, 557,789 61.0 51.3

73.765.867.5

66.366.872.2

82.672.870.9

63.460.258.9

69.3

i Includes "Federal Reserve notes of other banks" as follows: Latest month, $23,624,000; month ago, $23,603,000; year ago, $14,806,000.


320 FEDEKAL RESERVE BULLETIN MAY 1935

EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVENOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, APR. 30, 1933


Total Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta Chicago St.

LouisMin-neap-olis

Kan-sas

CityDal-las

SanFran-cisco

RESOURCES

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

ury

2,648,692

62,115

187,944

5,655

665,546169,000 201,970

7,8369,636 4,966

146,135

2,454

83,015

3,684

781,347 120,

10,131

1,220

1,678

51,424

2,465

79,290

3,183

18, 538

1,479

144,26a

8,94&

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.

2,710,807

349,972355,628

193,599

24,61321,972

675,182 173,966 209,806

92,835214,605

19,13015,240

20,03024,220

148,589

17,3406,892

12,7658,736

791,47812172,95613,987

,89822,2772,600

13,5022,645

82, 47323,70412,660

20,01710,7025,929

153,21120,11826,142

3,416,407216,691

240,18415,836

982,622 208,336 254,68,506 22,328

1,05617,022

172,82110,552

.08,2007,653

878,42131,238

146,7758,993

70,036 118,8373,025 7,758 7,950

.99,47115,830

Total reservesNonreserve cash.Redemption fund—F.R. bank notesBills discounted:

Secured by U.S. Government obliga-tions.--

Other bills discounted

Total bills discounted .Bills bought -

3,633,09894,0033,318

119,164315,846

256,020 1,5,926

150

6,59410,689

, 051,128 230,664 271,078 183,37321,882 3,961 6,074 3,586

1,400 292 250

66,16350,082

10,60139,603

19,51263, 549

2,15119,512

15,8536,198

50

3,41821,307

909,659 155,7686,200

10019,9891,000

73,061126,595

4,16012, 554

1,2272,437

1,789

8,958

3,11844, 5984,1

50

215,30110,291

1,59914,337

1,3687,443

1,88865,375

435,010170,708

17,28335, 625

116,24527,233

50,2045,466

83,0613,626

21, 6633,006

24, 7258,884

16,71446,961

3,6647,185

9,4417,240

U.S. Government securities:BondsTreasury notesCertificates and bills

421,648513,581902,059

19, 73927,98845, 385

188,224204, 378337,772

30,91140,52165,709

36,36453,47086, 706

9,91614, 58323,650

10,04314,72723, 890

39,90258,671

157,978

13,95719, 78832,087

17,31414,30323, 229

15,9364,494

12, 55917,03627,625

8,811 67,26320,458

16,99010, 28016,670

25, 72937,83661,358

Total U.S. Government securities... 1,837,288Other securities 5,726

93,112 730,374 137,141 176, 5405,067 525

48,149 48,660 256,55127

65,832 54,846107

57,220 43,940 124,923

Total bills and securitiesDue from foreign banksFederal Reserve notes of other banksUncollected itemsBank premisesAll other resources -.

2,448,7323,65620,850302,11054,18546,103

Total resources. 6,606,055

F.R. notes in actual circulationF.R. bank notes in actual circulation

Deposits:Member bank—reserve account-Government-Foreign bankSpecial deposits:

Member bankNonmember bank

Other deposits

3,427,91147,808

2,132,38959,19729,928

81,90916, 69959, 640

Total depositsDeferred availability items.Capital paid inSurplusAll other liabilities

Total liabilities-

Reserve ratio (percent).

2,379, 762295,372150,171278,59926,432

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:

Gold -Eligible paperUnited 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 billsUnited States Government securities. _

146,02027827'

33,3223,280

829

878,919 193, 336 263,2271,3715,394

85,06712,81822, 706

399874

22,7023,2723,832

3581,294

28,399

1,957

72,818141

1,81922,7923,2373,185

82, 269127

1,41710, 5542,4225,288

320, 253494

3,89540,1927,6011,309

76,68115

1, 51912,3143,285

984

71, 63410

9077,8651,7461,863

77,650105

1,67115,6913,5591,156

53,281105278

9,4611,7921,467

212,644253

1,50513,7514,2441,527

446,102 2,080, 685 459,33i 579,566 290,951 224,178 1,304,392 256,866 158,901 229,545 116,021 459, 516

229,3495,528

751,192 253,988 342,400 171,26,865 4,978 3,919

444136,83389

890,389 148,1516,015

95, 284118,478 39,305 251,098200

132,86813,9812,563

2,812

"4,"024

146,248 1,33,08710, 73720,460

693

, 007,700 114,833 129,24,3076,545

5,513,686

1,5096,9453,476

5,7111,633

23,2261,473

105

14,456858

6,298

60,1574,6831,369

6,7231,3994,007

43,1423,0281,229

6,218399

4,493

271, 2922,3634,564

24,9254,7554,413

65,4091,6161,194

5,3973,2472,889

38,258867808

1,1042,229

91!

75,4211,6341,018

4,674205318

49,1,7911,018

198

520

44, 5822,4652,458

3,653501

8,435

82,03358,49185,0587,924

122 131,652 161, 54226, 78513,89928,2942,727

22, 73315,80029, 242

939

78,33822,3115,36811,6161,874

58,50910, 5704,62710, 5443,006

312,31237,28415,57339,4973,322

79,75213, 2874,13610,1861,315

44,1788,2772,8357,0191,133

83, 27014, 5894,2478,263

52, 745 162, 09410,4113,7878,719854

14,00510,67119,7011,947

6,606,055 446,102 2,080,685 459,332579, 566 290,951 224,178 1,304,392 256,866 158,901 229, 545116,021 459,516

62.6 68.2 57.7 59.8 53.8 73.4 59. 75.6 68.3 52.4 62.7 48.4 52.1

3,678,762250,851

243,48614,137

831,008 266,068 355,456 180,092147,79,816 ~12,080 13,056 8,648

',20110,368

940,204 158,85049,815 10,699

98,559 127,8533,275 9,375

458 287,42,3,153

',52736,429

3,427,911 229, 349 751,192 253,988 342,400171,444 136, 833 890,389 148,151 95,284 118,478 39,305 251,

2,648, 692434,778639, 500

187,94440,68117,500

665, 546 169,000 201,970 146,135112,306 29,262 57,803 18,42254,000 70,000100,000 19,000

83,01528,14840,000

781,34759,488105,000

120,2209,26331,000

51,42414, 38534,000

79,29013,12537,000

18,538 144,2638,621 43,27417,000115,000

67,37-19,566

10,1404,612

32,7545,889

5,840862

6,0202,101

520431

11,4005,385

160121

340165

200

47,808

40,80067,854

5,528

11,290

26,865

32,754

4,978

8,000

3,919

27,946

89

1,068

6,015

20,000

39

3215,000

175 200

2,00017.100



ALL MEMBER BANKS IN EACH DISTRICT

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

Federal Reserve district

Boston __ _ _ _.New YorkPhiladelphia

"Cleveland « _RichmondAtlanta - - ..

•ChicagoSt. Louis _ _Minneapolis

Kansas City.DallasSan Francisco— _

Total

Averages of daily Igures

Reserves held

Total

192

February1

155.8979.5127.5

135.662.544.8

403.259.342.1

78.752.4

149.7

2,291.0

3

January

147.21, 230.3

127.0

141.552.844.2

420.659.138.3

67.046.4

141.7

2, 515. 9

1932

February

119.6811.5118.4

141.051.847.6

257.757.541.4

68.149.2

143.6

1,907. 5

Excess

1933

February1

43.981.412.5

1.515.15.0

186.610.19.1

21.611.619.0

417.3

January

34.2294.310.7

4.93.92.5

197.68.04.8

9.05.38.5

583.8

1932

February

1.612.91.4

1.11.32.3

8.92.41.9

4.73.81.6

43.8

Borrowing5 at Federal Reservebanks

1933

February i

12.167.653.9

37.718.219.2

26.15.7

10.3

14.64.1

35.9

305.6

January

12.357.247.0

24.516.217.4

16.07.9

10.1

11.64.4

29.8

254.4

1932

February

39.9178.8121.9

121.736 445.0

79.822.012.2

35.414.6

128.5

836.2

i March data not available.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 OF BANKS IN LARGER AND SMALLER CENTERS[In millions of dollars]


BostonNew YorkPhiladelphia

ClevelandRichmond. _Atlanta

ChicagoSt. LouisMinneapolis

Kansas City-DallasSan Francisco

Total

Averages of

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 i

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

daily figures

Member banks in smajler 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-ary1

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

1 March data not available.



WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES x

PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY ANDCHICAGO


Total

Federal Reserve District

Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

Kan-sas

CityDal-las

SanFran-cisco

City

NewYork

Chi-cago

Total loans and investments:Mar. 1.Mar. 8Mar. 15. _Mar. 22Mar. 29Apr. 5Apr. 12.._.Apr. 19Apr. 26 ._

Loans:Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29Apr. 5Apr. 12 _Apr. 19Apr. 26 _.

On securities:Mar. 1Mar. 8Mar. 15—Mar. 22Mar. 29Apr. 5Apr. 12Apr. 19Apr. 26

All other:Mar. 1 _Mar. 8Mar. 15Mar. 22Mar. 29Apr. 5Apr. 12Apr. 19Apr. 26 -

15,90015,728

216,01716,02116,00115,92715,88715,87616,048

8,2818,310

2 8,3888,3908,3328,2578,2458,2108,341

3,7273, 759

2 3,7623,7253,6443,6173,5843,5833,638

..4,5544,551

2 4,6264,6654,6884,6404,6614,6274,703

Investments:Mar. 1Mar. 8Mar. 15 ._Mar. 22Mar. 29Apr. 5 _Apr. 12Apr. 19Apr. 26

U.S. Government securities:Mar. 1Mar. 8.Mar. 15Mar. 22Mar. 29Apr. 5__Apr. 12Apr. 19 _Apr. 26

All other:Mar. 1..Mar. 8Mar. 15.Mar. 22Mar. 29Apr. 5Apr. 12..Apr. 19Apr. 26

7,6197,418

2 7,6297,6317,6697,6707,6427,6667,707

4,6314,427

2 4,5804,5784,5834,5854,5844,6354,678

2,9882,991

2 3,0493,0533,0863,0853,0583,0313,029

1,1591,1571,1471,1711,1641,1581,1551,1551,154

672 ~669"661682659"654"648650649|

271271259270263258254256255

401398402412396396394394394

487488

505504507505505

297298297299314313316315313

190190189190191191191190192

7,4807,3787,4907,4507,4207,3957,4097,3917,581

3,6493,6923,7243,7173,6803,6223,6503,6303,780

1,8811,9121,9161,8661,7931,7831,7701,7741,845

1,7681,7801,8081,8511,8871,8391,8801,8561,935

3,8313,6863,7663,7333,7403,7733,7593,7613,801

2,4942,3412,4112,3662,3412,3692,3622,3892,423

1,3371,3451, 3551,3671,3991,4041,3971,3721,378

1,0411,0381,0511,0371,0281,003994992

552552556553550550544542533

285286290286286284279279274

267266266267264266265263259

486495484478453450450448

237236246235229206204204202

252250249249249247246246246

1,0931,0821,0761,0701,0701,0691,0721,0821,082

504506507506504501500498494

247248248248250247246247245

257258259258254254254251249

576569564566568572584588

374361357354356358362374378

215215212210210210210210210

312311314315321318315315314

173173174176182178175174173

606060616461616160

113113114115118117114113113

139138140139139140140141141

949495949597969595

454445454443444646

302301306306306305307306305

182181183182182181181180180

606161616160606059

122120122121121121121120121

120120123124124124126126125

787781808080828280

424342444444444445

1,2901,2481,3811,4061,4141,3941,3611,3721,379

801790828824826828810807802

415415421424420422416413411

375407400406406394394391

458553582588566551565577

244215257296304288289305321

245243296286284278262260256

460458458460465465460455452

239237237238240239238234234

101100101102101100989797

138137136136139139140137137

221221221222225226222221218

113112113114117120117117114

108109108108108106105104104

290297310306306

305300

167168172168167167167166164

525252535352515151

115116120115114115116115113

123129138138139142141139136

468464471478481478479476473

211211212212212208209208211

636363636362636259

148148149149149146146146152

257253259266269270270268262

146144149156158159159157158

111109110110111111111111104

357356365368368365361364365

214214214216217216214215216

68

146146146146147147145147148

143142151152151149147149149

1,6481,6381,6481,6541,6581,6681,6661,6631,662

917917920916913913909906905

224223223221220219217215214

692691691

731721728738745755757757757

406396404413419424427427428

325325324325326331330330329

6,5126,4126,5236,4846,4576,4396,4556,4396,627

3,0793,1213,1573,1513,1183,0633,0923,0733,225

1,6401,6681,6741,6261, 5551,5481,5351,5381,611

1,4391,4531,4831,5251,5631,5151,5571,5351,614

3,4333,2913,3663,3333,3393,3763,3633,3663,402

2,3382,1862,2532,2102,1852,2152,2082,2362,269

1,0951,1051,1131,1231,1541,1611,1551,1301,133

1,006966

2 1,0991,1251,1311,1101,0771,0901,096

618607

2 646645647649632629625

346346

2 353357355356350347346

272261

2 293288292293282282279

2 453480484461445461471

1612 202

239246229229248

199198

2 251241238232

• 216213209

1 See note on p. 273, explaining the basis on which these figures have been compiled.2 On Mar. 9 a member bank in Chicago took over assets and assumed deposit liabilities of a nonmember aggregating approximately $135,000,000.



WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES—ContinuedPRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND

CHICAGO—Continued[In millions of dollars]

Reserve with F.R. banks:Mar. 1—Mar. 8 _Mar. 15Mar. 22Mar. 29Apr. 5--_Apr. 12Apr. 19 „ ,_Apr. 26

Cash in vault:Mar. 1Mar. 8Mar. 15M a r . 22M a r . 29Apr . 5 _ _ _. _ _ _Apr . 12Apr . 19Apr. 2 6 - .

Net demand deposits:Mar. 1Mar. 8Mar. 15Mar 22%Mar. 29Apr 5Apr 12Apr 19Apr 26

Time deposits:Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29Apr. 5Apr. 12Apr 19Apr. 26

Government deposits:Mar. 1Mar 8Mar. 15Mar. 22Mar 29Apr. 5Apr. 12.Apr 19Apr 26

Due from banks:Mar. 1 .--Mar. 8Mar. 15Mar. 22Mar 29Apr. 5Apr. 12Apr. 19-_Apr. 26

Due to banks:Mar. 1Mar. 8Mar 15Mar 22Mar. 29 . .Apr. 5 - _Apr 12Apr 19 . .Apr. 26

Borrowings from F.R. banks:Mar 1Mar. 8 .._Mar. 15 --Mar 22Mar 29Apr 5Apr 12Apr 19Apr 26

Total

1,5181,302

2 1,4381,3311,4531,4361,5591,6041,596

351559

2 481297266231229215219

9,9969,275

2 9, 4759,6019,7459,8199,964

10,10210, 393

4,3154,245

2 4, 3184,3234,3304,3404,3344 3434,352

7842

2 288291290291290191141

809589

2 745910903

1,0251,0991,1491,214

2,0701,713

2 1, 7882,1052,1442,3492,4232,4872,564

4141,066

849379283177168158124

Federal Reserve District

Bos-ton

1149588808082868487

212831222018181717

736719711705681699698702729

390386382387385386385387386

32

111111111175

99738094

104123123133152

139128128138136150153154150

117111

1

NewYork

729668721653781781874930919

106154108716458585052

5,4194,8934,9495,0525,2405,3245,4425,5495,781

1,1861,1501,1451,1411,1441,1491,1421,1531,154

3813

17517517517517512089

9878908391

102929391

946734804911981

1,1041,1521,1921,265

21669252518811853605027

Phila-del-phia

676370646469676767

171517131211131110

581561573573578586587590589

264258251250255263261261261

88

1616161616108

564655514970828389

128123123132125137143144144

7588

100725214976

Cleve-land

565670696868686968

232833252118191718

559529523549548552555567569

330366366369369369369368369

528

1010101064

332944494552525862

11310097

118120127131135138

406870292517171516

Rich-mond

291830262325232425

253324131111111010

157151165168168171169170171

131126126127127128128128128

113333211

332633474446565462

423535484851525555

2®3123

533111

At-lanta

171621191919181715

69

15876665

133122130133133132135134135

128123123124124125127127128

547777732

342327414246514950

393230454245484750

7141599

119

1010

Chi-cago

247150177182197176204195193

85189155857761565759

958895945964960919934946974

407376475473476467465462465

54

1618181818118

12466

109172163203239253279

207166167235239257266269273

16918111

St.Louis

494347474040414242

131815997777

271257263270268265260258261

156153155156156156158158157

114444432

432930474956616874

746259797782808181

1961

Min-neap-olis

271722212019201917

6119766555

145140151145145144145142141

140137137137136139140140139

9989975

463137464555585762

504446545558586161

152211111

Kan-sas

City

574458524846464647

153124161513131313

312297318316311308308310312

169164162162163161161160159

226666632

89638090908988

101104

127104109131116131131136136

31711467773

Dal-las

475453373330292828

1013171199989

221229232219212214214211212

128127126125125125124124123

33

141313131376

674556727072736763

787072807273697069

11111

123

SanFran-cisco

797881818081838388

243033171513141414

504482515507501505517523519

886879870872870872874875883

72

1919191919139

8780

104118111111124133126

127115118134133134140143142

487171666669636457

City

NewYork

683618669609739734830882874

9213185565046464041

4,9834,4814,5184,6404,8274,9065,0325,1365,372

776749740739737748740749748

3411

17017017017017011787

625355545562575859

898690756859930

1,0501,1011,1381,212

18363248314784182723

Chi-cago

226132

2 150162175156185175172

64165

2 128635945414245

809742

2788809805767783793815

286259

2 359357360351348345349

43

2 1617161616108

9751

2 90136129161196205226

168130

2 133191194207216219223

6613

2 On Mar. 9 a member bank in Chicago took over assets and assumed deposit liabilities of a nonmember aggregating'approximately $135,000,000.



RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT

Federal Reservebank or branch city-

Prime commercial paper

1933

April March

1932

April

Loans secured by prime stock-exchange collateral

1933

April March

1932

April

Loans secured by warehousereceipts

1933

April March

1932

April

Interbank loans

1933

April March

1932

April

Boston

New York CityBuffalo

Philadelphia..

Cleveland...Cincinnati. _Pittsburgh..

Richmond.Baltimore..Charlotte..

AtlantaBirmingham. _.Jacksonville....NashvilleNew Orleans...

Chicago-Detroit—

St. LouisLittle R o c k -Louisville

Minneapolis.Helena

Kansas CityDenverOklahoma CityOmaha

DaUasEl PasoHoustonSan Antonio..

San FranciscoLos Angeles _.Portland. _Salt Lake City _SeattleSpokane

5 -6

534-6

5 -6

4*4-85 -7

65H-64 -5

6

4 -66 -7

6

y27 -8

5 -5H

4 -77 -85^-455 -8

5 -6

66

5M-6

434-55 -6

4^-534

534-65 -6

6

4K-55 -65 -6

5 -5344^85 -7

6534-6

5 -66 -7

6

7 -8

434-64^-6

6

4 -67 -85 -65 -85 -5>5H-6

66

4 -55 -6

434-65 -65 -6

5 -6534-6

5 -5>5 -6434-8

6

5 -6

434-5^6 -7

4 -4}7 -8

5 -5

5 -67 -8534-65 -7

5 -7

5 -6

5 -6

5 -65 -65 -6

-8-86

5 -7

4 -56

5 -67 -8

534-7

6 -87 -8

66 -7

5 -66 -634

6 -636 -7

5 -534

5 -65 -6

6

5 -65 -6

6 -86 -8

65 -7

5 -5346

5 -€634-7

6

5 -67 -8

6 -76 -86 -76 -7

5 -&

5 -6

5 -66 -86 -8

6

K35 -6

6H-7

5 -67 -8

5 -66 -&A6 -63

6

6H-7

6

5 -6

6 -76

5 -6

56 -86 -8

6534-6

434-66H-8

3 -56 -7

6 -86 -634

SH-7

5 -66 -8

6 -7634-7634-7

5 -5

5 -6

6 -76

6534-6

5 -66 -86 -8

6534-6

5 -5

5 -6i-8

6

4 -5*6 -7

6 -86 -6>

5 -78

5 -66 -8

66 -7

634-7634-7

5 -6

4346

5 -6

5 -5346 -86 -8

6534-7

4H-534

534-6

4 -4346 -8

5 -66^-76 -8

5 -78

53^-6

534-66 -61

7634-7

5

4 -5

5 -66

566

5 -5>

534-66 -7

346 -7

666

5 -5>5 -85 -5V

66 -7

6

434-55 -6

5 -6

65 -65H-6

55H-6

-666

-5M434

6 -75 -6

5 -66 -7

5 -by5 -65 -5*

5 -534

4H-56

4 -5

534-65 -6

5 -65 -6

5H-6

534-6

534-66 -6H

534-66 -7

666

5 -5345 -65 -534

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.


MAY 1933 FEDEKAL RESEKVE BULLETIN 325

OTHER BANKING AND FINANCIAL STATISTICS

SHIPMENTS AND RECEIPTS OF AMERICANCURRENCY TO AND FROM EUROPEBY SELECTED BANKS IN NEW YORK CITY

[Paper currency only. In thousands of dollars]

Month

January. _.February..MarchAprilMayJuneJulyAugustSeptember,October.. .November.December.

1932

Ship-ments

toEurope

25

1220

152

70245

Re-ceiptsfrom

Europe

3,3355,2218,4684,56310,93816,265

6,4586,6035,2946,013

Netship-

ments(-)or

receipts(+)

+3,310+5,221+8,468+4,563

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

1933

Ship-ments

toEurope

310510125

Re-ceiptsfrom

Europe

5,3045,58913,7868,049

Netship-ments(-)orreceipts

(+)+5,301+5, 484

+13,685+8,024

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

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

End of month 1928 1929

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember- -OctoberNovember...December...

148.9151.1152.0152.2152.0152.1151.7152.2152.3153.1153.9153.9

153.5154.8155.0154.3153.8153.6157.8160.1160.3161.6163.7164.3

1930

165.1167.9169.5170.2171.2175.3180.7186.5189.8192.5200.7245.4

1931 1932

278.4292.1302.7313.8325.0347.4372.5422.7469.9538.1565.5605.1

665.6691.8705.3722.1742.6784.8828.5848.5857.4870.8885.2900.8

1933

942.51,006.2l, 111.61,157. 7

Preliminary.

MATURITY DISTRIBUTION OF BILLS ANDSHORT-TERM SECURITIES


Bills discounted:Apr. 5Apr. 12Apr. 19Apr. 26

Bills bought inopen market:

Apr. 5Apr. 12Apr. 19Apr. 26

Certificates andbills:

Apr. 5Apr. 12Apr. 19Apr. 26

Municipal war-rants:Apr. 5Apr. 12Apr. 19 -.Apr. 26

436,177 298, 339428, 456 294,881414, 270 287,935385,001 254,905

Total

285,973246, 964208, 443177,450

5,5415,5415,5595,451

With-in 15days

71,72660, 56668, 53171, 214

957, 723957, 721957, 725 127,997909,513 91,438

5,3335,3335,3465.211

16 to 30 31 to 60 61 to 90days

28,44728,27122,05124, 725

days

38,82333,73149,31848,636

69,119 129,40076, 618 100,38073, 05274, 240

59,02426,022

52,400 246,97585, 300 210,875

5151

177178

days91 days

to 6

61,70063,31947, 222

15,5209,1987,7155,923

60, 000 112, 247 139, 000 195, 075 288,872 162, 52995,497 156,050 163,675 319,871162, 528

1521522635

7,3936,8846,8536,855

202.1211.

51.

Over6mos .

1,4751,370

891747

450 299, 375 163, 528550 297,372169,978



INDUSTRIAL PRODUCTION, BY INDUSTRIES[Index numbers of the Federal Keserve Board. 1923-25 average= 100]

Industry

Without seasonal adjust-ment

1933

March Febru-ary

1932

March

Adjusted for seasonal vari-ation

1933

March Febru-ary

1932

March

Manufactures—Total. .IRON AND STEEL _

Pig ironSteel ingots. _,

TEXTILES _.Cotton consumptionWool

Consumption _Machinery activityCarpet and rug-loom activity.

Silk _DeliveriesLoom activity. . .

FOOD PRODUCTSSlaughtering and meat packing-

HogsCattleCalvesSheep

Wheat flourSugar meltings

PAPER AND PRINTINGWood pulp and paper . .

NewsprintBook paperWrapping paperFine paper.Box boardWood pulp, mechanicalWood pulp, chemical

Paper boxesNewsprint consumption

LUMBER

TRANSPORTATION EQUIPMENT:AutomobilesLocomotivesShipbuilding

LEATHER AND PRODUCTSTanning. . .

Sole leatherUpper leather:

CattleCalf and kipGoat and kid

Boots and shoesCEMENT AND GLASS:

Cement . .Glass, plate

NONFERROUS METALS 1—Tin deliveries .FUELS, MANUFACTURED:

Petroleum refiningGasolineKeroseneFuel oil —Lubricating oil

Coke, by-productKUBBER TIRES AND T U B E S

Tires, pneumaticInner tubes

TOBACCO PRODUCTSCigars.

Minerals—Total-Bituminous coalAnthracite coalPetroleum, crudeZincLeadSilver

2418257891464952299510772

*9082827492136

11192

23

341

112

2959

55

13517178957553

454632

9447125

51631204746

9470768232102102101

947683135'85

83"59916182

578913895

20

353

129

'103

24

13216682957557

586143

10454140

76

6768108474133

66

383239

83905558574211112878

83838476971377986

101937710277961057894140117

27

343

151

9578

8163104105

3854

52

13617271948166

818459

10359133

77

7067107485633

111

85818591149100

11089

22

271

144

1352)

802)

514142299951

132815177

122444544

88848789144

568612496

20

333

181

'102

1322)

81

56545641

11563

154796364

110444030

64

343035

82855457

115134

I8487838796

1518472999278

1007591

1057291

13911226

283

1949280

70102100

5349

136

73

64737654

10965

140847081

109455530

p Preliminary. »• Kevised.1 Includes also lead and zinc; see "Minerals".2 Without seasonal adjustment.NOTE.—For description see BULLETIN for February and March 1927. For latest revisions see BULLETIN for March 1932, pp. 194-196.



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

Total

IRON AND STEEL AND PRODUCTSSteel works and rolling millsHardwareStructural iron work _ . .Heating apparatus

Steam fittings . .Stoves

Cast-iron pipe --MACHINERY

Foundry and machine-shop products -Machine toolsAgricultural implementsElectrical machinery _

TEXTILES AND PRODUCTSA Fabrics

Cotton goodsWoolen and worsted manufactures

Woolen and worsted goodsCarpets and rugs

Hosiery and knit goodsSilk manufacturesDyeing and finishing textiles -

B Wearing apparelClothing, men's _Shirts and collars. _.Clothing, women'sMillinery _ _

FOOD AND PRODUCTSBaking __Slaughtering and meat packingConfectionery. - _Ice creamFlour -.Sugar refining cane

PAPER AND PRINTINGPrinting, book and jobPrinting, newspapers and periodicalsPaper and pulpPaper boxes

LUMBER AND PRODUCTSLumber, sawmillsLumber, millworkFurniture

TRANSPORTATION EQUIPMENTCar building and repairingAutomobilesShipbuilding _ .

LEATHER AND MANUFACTURESBoots and shoes - _ -Leather

CEMENT, CLAY AND GLASS PRODUCTSClay products _

Brick, tile, and terra cottaPottery _ - . .

Glass . _ . .Cement

NONFERROUS METAL PRODUCTSStamped and enameled ware -Brass, bronze and copper

CHEMICALS AND PRODUCTS . -Chemicals and drugsPetroleum refiningFertilizers _- - -

R U B B E R PRODUCTSAutomobile tires and tubesRubber boots and shoes

TOBACCO MANUFACTURESCigars and cigarettes _Chewing and smoking tobacco, snuif

Factory employmen


1933

March

56.7

49.152.747.943.339.333.744.422.142.841.234.037.948.167.768.172.051.953.444.281.352.885.266.751.666.287.469.276.980.478.273.363.472.272.678.772.692.975.371.031.827.429.445.742.540.343.954.176.678.867.838.131.220.759.855.631.042.321.249.478.280.175.874.257.060.446 457.656.169.7

February

59.3

51.855.949.942.742.238.445.726.744.442.938.539.349.372.373.774.366.069.845.983.961.388.469.052.966.692.570.678.481.180.278.363.372.672.080.176.393.975.370.433.428.132.049.445.140.649.657.177.379.269.637.831.420.860.354.430.745.324.652.477.380.575.762.459.462.550.463.462.372.1

1932

March

66.3

61.864.958.762.351.448.254 543.460.054.355.453.673.573.573.275.059.059.357.785.959.797.174.355.368.9

106.070.281.487.981.473.970.176.074.486.486.098.180.875.640.333.341.459.454.745.363.783.081.284.368.648.942.531.572.463.844.556.132.664.181.184.178.770.267.469.461.270.470.371.7

Adjusted for seasonal varia-tion

1933

March

56.6

48.351.647.244.439.633.345.422.242.240.533.435.348.065.466.970.651.753.442.779.651.483.161.950.665.277.161.078.481.079.876.371.172.472.078.571.792.775.471.932.528.329.546.341.740.541.950.975.778.066.238.932.122.458.655.333.141.019.948.175.679.176.649.856.659.747.357.856.766.4

February

59.4

51.455.049.143.742.938.147.327.744.242.737.936.949.270.472.272.564.768.444.982.960.486.366.151.565.285.172.079.282.677.879.973.272.675.379.975.593.775.471.434.429.332.450.145.041.148.954.175.677.567.539.933.423.959.556.033.844.424.051.476.478.976.759.259.162.349.664.163.767.9

1932

March

66.4

60.963.457.963.951.847.655.643.759.253.454.449.973.571.07L973.458.859.455.784.158.194.768.954.267.893.461.983.188.483.176.878.476.373.886.285.097.980.976.641.234.441.560.153.445.560.978.180.283.467.050.144.134.271.163.447.654.330.662.478.683.079.547.167.068.562.470.871.168.3

Factory pay rolls


1933

March

36.9

22.423.222.120.221.018.323.612.624.020.818.926.532.141.340.842.828.730.022.953.232.159.242.431.141.357.640.359.864.261.047.451.055.859.463.357.981.849.253.514.312.313.919.029.229.927.040.347.146.250.320.613.87.4

30.436.716.425.114.628.160.459.864.540.731.131.728.636.034.350.2

February

40.0

24.725.724.820.423.120.825.312.926.323.223.630.233.748.248.446.643.648.222.657.839.767.947.734.141.167.644.762.766.065.455.851.756.752.765.861.284.350.756.016.312.815.924.032.130.832.244.250.049.053.920.914.38.0

31.037.316.027.416.430.760.861.164.336.435.835.736.340.238.454.4

1932

March

53.3

35.435.637.240.431.629.833 329.142.635.537.747.559.259.355.855.443.645.037.072.242.086.766.441.348.8

103.364.274.480.674.362.969.665.263.782.480.2

100.166.468.724.519.225.235.645.137.251.375.162.363.458.632.223.914.648.350.030. .K

42.]27.046.470.170.772.947.851.352.646.452.251.360.4

NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 706-716, and November 1930, pp. 662-677.



WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index of Bureau of Labor Statistics. 1926-100]

Year and month

19281929193019311932

1932—MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1933—January. . .FebruaryMarch __

Allcom-modi-

ties

96.795.386.473.064.8

66.065.564.463.964.565.265.364.463.962.6

61.059.860.2

Subgroups

FARM PRODUCTS:GrainsLivestock and poultry _Other farm products

FOODS:Butter, cheese, and milkCereal products -Fruits and vegetables .Meats. .Other foods

HIDES AND LEATHER PRODUCTS:Boots and shoes . _Hides and skinsLeatherOther leather products.

TEXTILE PRODUCTS:Clothing.._Cotton goodsKnit goodsSilk and rayonWoolen and worsted goods..Other textile products

F U E L AND LIGHTING MATERIALS:Anthracite coalBituminous coalCokeElectricity .GasPetroleum products _ .

METALS AND M E T A L PRODUCTS:Agricultural implementsIron and steel _Motor vehiclesNonferrous metals

BUILDING MATERIALS;Brick and tileCementLumber . . .Paint materialsPlumbing and heatingStructural steelOther building materials

CHEMICALS AND DRUGS:ChemicalsDrugs and Pharmaceuticals..Fertilizer materials ..Mixed fertilizers

HOUSEFURNISHING GOODS:FurnishingsFurniture

MISCELLANEOUS:Auto tires and tubesTattle feedPaper and pulpRubber, crudeOther miscellaneous

prod-Uft9

10.'104

. 9.9

64.848.2

50.249.246.045.747.949.149.146.946.744 1

42.640.942.8

Foods

101.099.990.574.661.0

62.361.059.358.860.961.8bl. 860.560.858.3

55.853.754.6

Total

92.991.685.275.070.2

70.970.970.470.169.770.170.470.2fl9.869.0

67.366.065.8

Hides ancleathei

products

121.4109.1100.086.172.9

77.375.072.570.868.669.772.272. fe71.469.6

68.968.068.1

Textileproducts

9* fi90.480.366.354.9

r F.

68.0fi 1

54.352. 751.5

' 52.7•5*5. fi5f.. 063.953.0

51.951.251.3

Other commodities

Fuel andlighting

materials

84.383.078.567.570.3

67.970.270.771.6V2.372.170.871.171.469.3

66.0P3.662.9

Metalsand metalproducts

97.0100.592.184.580.2

80.880.380.179.979.280.180.180.379.679.4

78.277.477.2

Buildingmaterials

94.195.489.979.271.4

73.272.571.570.869.769.870.570.770.770.8

70.169.870.3

Chemi-cals and

drugs

95.694.289.179.373.5

75.374.473.673.173.073.372.972.772.472.3

71.671.371.2

1932

Jan.

i

[

tii

\

<

16 753.454.8

M 8n o52.2i l Q51.9

W 819.077 5J8.9

70 755.855 8M 753.370 7

H 8R4 4Rn s

107. R98 638.8

B5.579 995 355.4

79.375.265 675.474 177 381.0

80 660.669 975.5

76.179 5

39.753.078.09.3

86.2

Feb.

46.150.352.7

64 169.661.859.559.4

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

75.979.6

39.548.276.78.6

81.4

Mar.

43.551.452.1

64.268.362.361.457.1

88.544.773 498.8

69.056.254.933.562.769.5

89.983.580 4

104.497.539.8

85.079.795.350.5

79.375.061.575.464.479.780.6

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

85.080.193.849.3

78.475.060.074.764.481.780.2

79.758.970.171.1

75.477.4

39.253.476.86.6

84.6

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

87.532 558 796.4

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

84.43W.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

84.2

Sept.

37 451.252.1

60 665.852.560 964.6

84.448.263 281.5

67.357.960.432.650.768.6

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

83.2

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

62.253.651.029.555.367.1

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

House-furnish-

ing goods

95.194.392.784.975.1

77.176.374.874.774.073.673.773.773.773.6

72.972.372.2

Miscel-laneous

85.482.677.769.864.4

64.764.764.464.264.364.664.764.163.763.4

61.259.258.9

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

73.5

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

102.996.634.3

83.177.390.946.2

75.181.856.468.059.481.778.5

79.054.861.562.4

T72.3 71

44.638.272.06.5

76.8

.9Q

42.640.672.16.1

73.3

Mar.

36.043.045.3

50.962.754.350.555.8

83.241.455.677.9

61.350.047.125.553.266.7

88.379.375.2

33.1

83.176.490.947.9

74.981.857.868.459.481.778.4

79.354.861.960.1

72.971.8

41.347.372.26.3

72.6

Bad figures.—For indexes of groups see BULLETIN for March 1932, p . 199; indexes of subgroups available at Bureau of Labor Statistics.

' Revised.



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

JanuaryFebruary -MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Year

Total

1932

84.889.0

112.2121.7146.2113.1128.8134 0127.5107.1105.381 2

1,351.2

1933

83 452.760.0

Residential

1932

27.524.433.228.925.623 119.720 822.821.919 213 0

280.1

1933

12.011.816.0

Factories

1932

3.44.44.54.53.02.13.53.36.33.21.93.3

43.5

1933

4.32.86.4

Commercial

1932

9.110.110.612.912.213.08.3

18.48.87.06.75.7

122.7

1933

5.87.67.2

Public worksand public

utilities

1932

24.128.329.947.361.750.160.064.268.758.554.243.3

590.3

1933

42.717.217.6

Educational

1932

4.410.89.8

10.76.57.26.45.57.43.63.46.7

82.3

1933

1.42.21.3

All other

1932

16.311.024.217.537.217.630.821.913.513.119.99.2

232.3

1933

17.311.011.5

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 YorkPhiladelphiaClevelandRichmond-AtlantaChicagoSt. LouisMinneapolisKansas CityDallas

Total (11 districts)

1933

Mar. Feb,

6,01615,8683,2896,1924,9453,9597,9094,890815

3,1652,909

59, 959 52, 712

1932

Mar.

3,87816,5632,7513,6348,3263,3633,9132,590

3931,7995,501

9,58821,80310,89110,90912, 2354,741

20,9726,0564,9225,3554,763

112, 235

COMMERCIAL FAILURES, BY DISTRICTS[Amounts in thousands of dollars; figures reported by Dun and Brad-

street]


BostonNew YorkPhiladelphia ...ClevelandRichmondAtlanta -ChicagoSt. LouisMinneapolis . _. __.Kansas CityDallasSan Francisco

Total

Number

1933

Mar.

17951896

1608492

280111617958

230

1,948

Feb.

27455116020015014527010383

10293

247

2,378

1932

Mar.

30161616523818420239517298

140102338

2,951

Liabilities

1933

Mar.

3,82014,8533,9016,5291,5241,9836,6172,6961,4091,359

8712,938

48,500

Feb.

6,35317,2276,2685,2929,7833,7246,3622,7091,0941,5561,6663,543

65,576

1932

Mar.

7,49226,3335,9976,0566,7924,051

12,71210,1811,4751,9081,6629,101

93,760

BANK DEBITS[Debits to individual accounts. In millions of dollars]

New York City _Outside New York City

Federal Reserve districts:BostonNew YorkPhiladelphiaCleveland .__RichmondAtlantaChicagoSt. Louis.MinneapolisKansas City _DallasSan Francisco—

Total

Numberof

centers

1140

117

10137

152159

151018

141

1933

Mar.i Feb.

12,03610,401

1,13612,4911,1501,103

383537

2,364508313554330

1,568

22, 437

1932

Mar.

16,16013,729

1,54716,7271,3131,313

501641

3,530679437749404

2,048

29,889

i Complete data not available


FEDERAL RESERVE DISTRICTS

——BOUNDARIES OF FEDERAL RESERVE DISTRICTS——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY


Documents

Federal Reserve Bulletin May 1933 - St. Louis Fed · 2018. 11. 6. · Federal Reserve Bank of St. Louis. FEDERAL RESERVE BULLETIN VOL. 19 MAY 1933 No. 5 REVIEW OF THE MONTH Return