Full text of Federal Reserve Bulletin : February 1932
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FEDERAL RESERVE
BULLETIN
FEBRUARY, 1932
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Banh ng Developments
Reconstruction Finance Corporation Act
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1932
FEDERAL RESERVE BOARD
Ex officio members:
EUGENE MEYER, Governor.
, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
J. W. POLE,
Comptroller of the Currency.
FLOYD R. HARRISON, Assistant to the Governor.
CHESTER MORRILL, Secretary.
E. M. MCCLELLAND, Assistant Secretary.
J. C. NOELL, Assistant Secretary.
WALTER WYATT, General Counsel.
W. M. IMLAY, Fiscal Agent.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
WAYLAND W. MAGEE.
LEO H. PAULGER, Chief, Division of Examinations.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
CARL E. PARRY, Assistant Director, Division of Research
and Statistics.
E. L. SMEAD, Chief, Division of Bank Operations.
FEDERAL ADVISORY COUNCIL
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
1
2
3
4
5
6
(BOSTON)
( N E W YORK)
(PHILADELPHIA)
(CLEVELAND)
(RICHMOND)
(ATLANTA)
7 (CHICAGO)
THOMAS M. STEELE.
ROBERT H. TREMAN.
HOWARD A. LOEB.
J. A. HOUSE.
HOWARD BRUCE.
JOHN K. OTTLEY.
MELVIN A. TRAYLOR, Vice President.
8 (ST. LOUIS)
WALTER W. SMITH, President.
9 (MINNEAPOLIS)
THEODORE WOLD.
10 (KANSAS CITY)
WALTER S. MCLUCAS.
11 (DALLAS)
J. H. FROST.
12 (SAN FRANCISCO)
HENRY M. ROBINSON.
WALTER LICHTENSTEIN, Secretary.
n
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
of—
Philadelphia
R. L. Austin
Geo. W. Norris
W. W. Paddock
_ W. R. Burgess
J. E. Crane
A. W. Gilbart
E. R. Kenzel
Walters. Logan
L. R. Rounds
L. F. Sailer
Wm. H. Hutt
Cleveland.
George DeCamp
E. R. Fancher
M. J. Fleming
Richmond
Win. W. Hoxton
George J. Seay
Atlanta
Oscar Newton
Eugene R. Black
Chicago
Eugene M. Stevens... J. B. McDougal
C. A. Peple
R. H. Broaddus
W. S. Johns
H. F. Conniff
C. R. McKav
John H. Blair. __
J. H. Dillard....
St. Louis—
John S. Wood
Frederic H. Curtiss... Roy A. Young__
J. H. Case
. . Geo. L. Harrison
• Boston fc_
New York
Cashier
Deputy governor
Governor
Chairman
W~m. McC. M a r t i n . . . 0 . M. Attebery
._ W. Willett.
C. H. Coe.1
Ray M. Gidney.1
J. W. Jones.i
W. B. Matteson. 1
_ J. M. Rice.1
Allan Sproul.i
L. Werner Knoke. 1
C. A. Mcllhenny.
W G McCreedy 2
H. F. Strater.
Geo. H. Keesee.
John S. Walden, jr.2
M. W. Bell.
W. S. McLarin, jr.1
W. C. Bachman.i
D. A. Jones.i
0 . J. Netterstrom.i
E. A. Delaney.i
S. F. Gilmore.2
A
•: Minneapolis
__. • John R. Mitchell
Kansas City
1
Dallas
1
I San Francisco
W. B. Geery
M. L. McClure
Geo. H. Hamilton
C. C. Walsh
B. A. McKinney
I
• Isaac B. Newton
Jno. U. Calkins
i Assistant deputy governor.
TT
TTnill 2
F. N. Hall.2
G. 0. Hollocher.2
0 . C. Phillips.2
Harry Yaeger
H. I. Ziemer.
H. I. Ziemer
Frank C. Dunlop. 2
C. A. Worthington.... J. W. Helm.
J. W. Helm
Fred Harris.
R. R. Gilbert
R. B. Coleman
W. 0. Ford.i
Wm. M. Hale.
._ Wm. A. Day
Ira Clerk
2
Controller.
MANAGING DIRECTORS OF BLANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch.._
Pittsburgh branch..
Richmond:
Baltimore branch...
Charlotte branch
Atlanta:
New Orleans branch
Jacksonville branch.
Birmingham branch.
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch. _.
Memphis branch
Little Rock branch..
j Managing director
R. M. O'Hara.
C. F. McCombs.
J. C. Nevin.
Hugh Leach.
W. T. Clements.
Marcus Walker.
Hugh Foster.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
John T. Moore.
W. H. Glasgow.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branchDallas:
El Paso branch..
Houston branch.
_.
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch..
Seattle branch
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
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The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only
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in
TABLE OF CONTENTS
Review of the month—Recent banking developments
Reconstruction Finance Corporation Act
Changes in foreign central bank discount rates
Earnings and expenses of Federal reserve banks
89
94
94
130, 131
National summary of business conditions
100
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
101-103
Member and nonmember bank credit—
All banks in the United States
All member banks
Weekly reporting member banks in leading cities
104, 128
104, 129
105, 127
Discount rates and money rates
107, 126
Bankers' acceptances, commercial paper, brokers' loans
105
Security prices, security issues, United States Government securities
Production, employment, car loadings, and commodity prices
Merchandise exports and imports
Department stores—Indexes of sales and stocks
Freight-car loadings, by classes
Financial statistics for foreign countries:
Gold reserves of central banks and governments
Gold production
Gold movements
Foreign exchange rates
Bank for International Settlements
Central banks
Government note issues and reserves
Commercial banks
Discount rates of central banks
Money rates
Price movements—
Security prices
Wholesale prices
Retail food prices and cost of living
111
112
113-114
115
115
116-118
119
119
120
120
_
Detailed Federal reserve statistics, etc
Index
121
122
122
123-138
IV
108
109, 135-137
110
110
110
139
FEDERAL RESERVE BULLETIN
VOL. 18
FEBRUARY, 1932
No. 2
REVIEW OF THE MONTH
purchase any of these obligations, and at any
time to sell any of them. The obligations of
The principal development affecting the the Reconstruction Finance Corporation are
banking situation in January was the enact- not eligible for discount or purchase by the
Reconstruction m e n t o f legislation creating the Federal reserve banks.
Finance Corpo- Keconstruction Finance CorLoans may be made by the Reconstruction
ration
poration with a capital of Finance Corporation to banks—including, up
$500,000,000. The Reconstruction Finance to $200,000,000 in the aggregate, loans secured
Corporation Act, designed principally "to by the assets of banks that have been closed or
provide emergency financing facilities for are in process of liquidation; to other specified
financial institutions/' and "to aid in financing kinds of financial institutions—of which certain
agriculture, industry, and commerce/7 was agricultural credit institutions are among those
approved by the President on January 22, .pecifically enumerated; and to railroads, upon
1932. In announcing his approval the Presi- the approval of the Interstate Commerce
dent said of the new corporation:
Commission. In addition, the Act requires
" I t brings into being a powerful organiza- that certain funds be allocated and made
tion with adequate resources, able to strengthen available to the Secretary of Agriculture, to
weaknesses that may develop in our credit, be used by him for the purpose of making
backing, and railway structure in order to* permit business and industry to carry on normal loans to farmers. The loans to be made by
activities free from the fear of unexpected the corporation must be "fully and adequately
shocks and retarding influences.
secured" and may bear such rates of interest
"Its purpose is to stop deflation in agriculture as the corporation may determine. They
and industry and thus to increase employment may be made for periods not exceeding three
by the restoration of men to their normal jobs.
It is not created for the aid of big industries years, and may be renewed from time to time,
and big banks. Such institutions are amply but the time for payment can not be exceeded
beyond five years from the date of the original
able to take care of themselves.
" I t is created for the support of the smaller loan. The full text of the Reconstruction
banks and financial institutions, and through Finance Corporation Act is printed at the end
rendering their resources liquid to give renewed of this review.
support to business, industry, and agriculture.
It should give opportunity to mobilize the
The board of directors of the corporation
gigantic strength of our country for recovery." consists of seven members, of whom three are
In addition to its capital of $500,000,000 members ex officio—the Secretary of the Treassubscribed by the United States Treasury, the ury or in his absence the Under Secretary of
corporation may obtain other funds up to the Treasury, the governor of the Federal
$1,500,000,000 by the issue of its own notes, Reserve Board, and the farm loan commisdebentures, bonds, or other obligations, which sioner—and four are members appointed by
gives it potential resources of $2,000,000,000 the President of the United States, with the adThe obligations of the corporation must mature vice and consent of the Senate. For these four
within not more than five years of date of issue directorships the President named Charles G.
and will be fully and unconditionally guaran- Dawes, of Illinois; Jesse H. Jones of Texas;
teed by the United States, both as to principal Harvey C. Couch, of Arkansas; and Wilson
and interest. The Treasury is authorized to McCarthy, of Utah. The organization of the
89
90
FEDERAL RESERVE BULLETIN
FEBRUARY,
1932
corporation was proceeding rapidly at the end banks by their foreign correspondents. The
of January with a view to beginning operations system's holdings of acceptances declined by
$95,000,000 and member bank borrowings at
at the earliest possible moment.
The volume of reserve bank credit outstand- the reserve banks by $70,000,000.
The course of reserve bank credit and of the
ing decreased in January by an amount much
principal
factors in changes in its volume is
~
, .
smaller than is usual for the
shown by weeks for the period January, 1927
Reserve bank
.
credit and the season; on January 27 it was to January, 1932, on the chart.
Volume of member bank credit outstanding
demand for
$200,000,000 less than five weeks
declined further in January. At member banks
currency
' '
in leading cities the decrease in
earlier. In the corresponding
Member bank
loans and investments amounted
period of other recent years the decline in credit
to $550,000,000, reflecting a dereserve bank credit has been $400,000,000 to
$500,000,000, reflecting largely the return of crease of $300,000,000 in their investments and
currency to the banks after the holiday season. $250,000,000 in their loans secured by stocks
The fact that the amount of currency returned and bonds. This decline followed a reduction
from circulation this year between December 23 of loans and investments in the last quarter of
and January 27 was so far below the usual 1931, amounting to $1,500,000,000 at member
amount reflects the continued influence of banks in leading cities and to $1,000,000,000 at
other member banks.
nonseasonal factors.
The accompanying chart, based on quarterly
figures for all member banks, shows the course
of member bank credit since 1919. Separate
lines are shown for total loans and for investments, and for the more recent period for loans
to customers and open-market loans. ReducRESERVE
MILLIONS OF DOLLARS
A N D PRINCIPAL
BANK CREDIT
F A C T O R S IN CHANGES
MILLIONS OF D
BILMONS OF DOLLARS
ALL MEMBER BANKS
BILLIONS OF DOLLARS
40;
1500
500
1927
1928
1929
1930
1931
1932
W e d n e s d a y series
The decrease of $200,000,000 in reserve bank
credit during this 5-week period represented,
in addition to the return of currency, a further
decrease of about $55,000,000 in member
bank reserve balances, resulting from further
declines in member bank deposits and a further
reduction in the balances held with the reserve
1919
1920 1921
1922 1923 1924-
1925 1926 1927 1928 1929 1930 1931
tion of member bank credit has been under way
since late in 1929, and for the two years ending September, 1931, total loans and investments showed a decrease of $2,800,000,000, or
at an average rate of 4 per cent per year. In the
FEBRUARY,
last quarter of 1931, however, there was a further reduction about equal in amount to the
full decline in the preceding two years and larger
than the postwar liquidation in loans and investments, which took place between November 15, 1920, and March 10, 1922. Both in
1930 and in 1931 the largest declines were in
loans to customers. Open-market loans, after
increasing by $850,000,000 in the first quarter
of 1930, declined by $2,200,000,000 from that
time to the end of 1931, the larger part of this
decline being in loans to brokers. In 1930 and
until the autumn of 1931 the banks increased
their investments in the total amount of $2,500,000,000, but in the last three months of the
year investment holdings of the banks declined by $850,000,000.
The only class of member bank loans to show
an increase during the last quarter of 1931 consisted of loans to banks, which increased by
$200,000,000 and stood at $800,000,000 on
December 31. This increase reflected the
disturbed state of banking conditions, which
caused many member and nonmember banks
to borrow from their banking correspondents
in the larger cities.
Decreases during the quarter in loans and
investments other than interbank loans were
particularly large at banks in central reserve
and reserve cities. This is in contrast to developments during the two preceding years,
when credit liquidation was more pronounced
TOTAL LOANS AND INVESTMENTS (EXCLUSIVE OF LOANS
TO BANKS)
[Amounts in millions of dollars; latest figures preliminary]
!
! Per cent change
I
I
between—
I
i
I Dec. 31, I
! 1931 ! Oct. 4, i Sept. 29,
!
| 1929, and : 1931, and
j
! Sept. 29, ! Dec. 31,
i 1931 ! 1931
All member banks
Central reserve and reserve city banks..
"Country" banks
29, 736
18, 836
10,900
-7.9 :
-3.7 !
-14.5 j
-8.4
-9.2
-7.2
at so-called country banks. The table shows
that during the two years following. October 4,
1929, total loans and investments of central
reserve and reserve city banks—exclusive of
interbank loans—declined by 4 per cent, while
91
FEDERAL RESERVE BULLETIN
1932
those of "country" banks declined by 15 per
cent. In the final quarter of 1931, however,
there was a further decrease of 9 per cent at
central reserve and reserve city banks as compared with 7 per cent at "country" banks.
The earlier and more rapid decline of bank
credit at "country" banks reflected primarily
conditions in agriculture that were unfavorable
both for borrowers at banks and for the banks
themselves. This is illustrated in the chart,
DEPOSITS
MILLIONS OF DOLLARS
3000
1923
1925
1926
Member banks in towns with a population of less than 15,000, located
in 21 agricultural States; prices of farm products at the farm, index of
the Department of Agriculture (August, 1909-July, 1914=100).
which compares for the period 1923-1931 the
course of deposits at country banks in the
smaller centers of 21 predominantly agricultural
States with an index of the prices of farm products. Up to 1929 the price index of farm products was relatively more stable and deposits at
agricultural banks fluctuated seasonally at a
stable leve], rising during the autumn months of
the year when a large proportion of agricultural
products are marketed and declining during the
spring as agricultural producers draw down
their deposits for current expenses when the
balance of payments with nonagricultural
regions is adverse. During more recent years,
however, the drastic decline in prices of farm
products has reduced the income of agricultural
producers to progressively lower levels, and
these producers, in the absence of a corresponding decline in their outpayments to nonagricultural localities, have been forced to
draw heavily on their deposits at country banks.
92
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
To meet these conditions country banks have city banks as a whole met the greater portion
drawn on their deposits in other banks and of the decline in their deposits by liquidating
also have liquidated their loans and invest- open-market loans and investments.
ments. The following table shows that open- CENTRAL RESERVE CITY AND RESERVE CITY MEMBER
BANKS
market loans of country member banks,
TOTAL LOANS AND INVESTMENTS (EXCLUSIVE OF
which are generally in relatively small volume,
LOANS TO BANKS)
have been reduced to negligible proportions,
[Amounts in millions of dollars; latest figures preliminary]
and their loans to customers have also greatly
Change betweendeclined. Holdings of investments at country
Dee. 31, Oct. 4, Sept. 29,
banks, on the other hand, have shown a
1931
1929, and 1931, and
Sept. 29, Dec. 31,
relatively smaller decrease and in 1931 have
1931
1931
also shown a shift from corporate securities to
Open-market loans—total
-617
United States Government obligations.
Street loans
-336
COUNTRY MEMBER BANKS
TOTAL
LOANS
AND INVESTMENTS
LOANS TO BANKS)
(EXCLUSIVE OF
[Amounts in millions of dollars; latest figures preliminary]
Change between
Dec. 31, Oct. 4, Sept. 29,
1931
1929, and 1931, and
Sept. 29, Dec. 31,
1931
1931
0 ther open-market loans
Investments—total
United States securities
_
Other securities
Customer loans—total
Secured by stocks and bonds
Secured by real estate
Otherwise secured and unsecured._.
Total
_
-279
-666
-229
-437
-1,900
There were substantial additions during the
past month to the gold reserves of France and
-46
-437
Open-market loans—total
70
Switzerland. In part the gold
-16
-344
Street loans
16
-29 Gold reserves
-93
Other open-market loans
_
55
was
drawn from the United
-191 in Europe
Investments—total
4,415
+51
—25
U. S. Government securities
1,408
+72
States,
Netherlands, and Ger-21
-165
Other securities
3,007
many;
but
considerable
amounts were also ob-603
Customer loans—total
-1,609
6,415
-181
1,754
-360
Secured by stocks and bonds
tained
by
the
purchase
in
London of gold from
1,340
-71
Secured by real estate
-75
3,321
-352
-1,175
Otherwise secured and u n s e c u r e d South
Africa
and
India.
For some time the
10,900 - 1 ,
-840
Total
people of India have been drawing on the large
The rapid liquidation of credit at city banks, store of savings held by them in the form of
which characterized the final quarter of the
GOLD RESERVES OF SELECTED CENTRAL BANKS
year, extended to all types of loans and invest[In millions of dollars]
ments except interbank loans. The table
Change from—
shows that during the two years from the peak
Gold reDate
serves
Month Year beon October 4, 1929, to September 29, 1931, city
before
fore
bank customers liquidated their loans and the England
Jan. 27,1932
588
-91
Jan. 22,1932
2,771
+613
+87
banks placed the proceeds mainly in securities France
Jan. 23,1932
Germany...
228
-307
-7
Dec. 31,1931
296
+17
and in open-market loans. The increase was Italy
Belgium
Jan. 21,1932
353
-2
+163
Netherlands.
Jan.
18,1932
353
+182
-8
substantial in Government securities, in other Switzerland.
468
Jan. 23,1932
+342
+24
investment securities, and in open-market loans
other than street loans. Street loans of city gold. Beginning in March, 1931, the movebanks, however, decreased during this period, ment was at the outset a reflection of poor marowing to an absence of demand for funds in the kets for Indian crops and the spread of deprescall-loan market and to the decline in prices of sion in India, but after India's suspension of
securities. During the last quarter of 1931, on the gold standard in September the movement
the other hand, all types of loans and invest- was greatly intensified by the sharp rise in
ments other than interbank loans declined. rupee prices for gold. The gold purchased
The decline was most marked, however, in from the people of India since September has
open-market loans and in investments and least been shipped in large part to London, where it
marked in customers' loans, indicating that has enabled the Indian Government to make
FEBRUARY,
1932
93
FEDERAL RESERVE BULLETIN
sterling payments without drawing, as hitherto,
upon its currency reserves. Most of this gold
as well as the output of the South African mines
has been purchased by the Bank of France.
At the Bank of England during January
bankers' deposits were reduced from the high
Bank of
level to which, in anticipation
England
of year-end statements, they
had been raised at the end of December.
During the same period there was a seasonal
return of notes from circulation, although the
return, like the Christmas expansion, was not
so large as in other recent years. The funds
released from bankers' deposits and from circulation were transferred in part to account of
the Government, which was building up its
deposits at the Bank of England in January
out of first-of-year tax receipts, and were in
larger part absorbed by the reduction of the
bank's holdings of open-market securities.
during the subsequent two years the bank made
no further large purchases of foreign exchange,
maintaining its holdings at a level of about
25,000,000,000 francs ($1,000,000,000), and did
BANK OF FRANCE
[In millions of francs; figures preliminary]
;
j
Change from—
! Jan. 22, j
;
! 1932 ; Dec. 24, Jan. 23,
1931
1931
Gold
Foreign exchange
..
Domestic discounts and advances
Government deposits
Other deposits
Notes in circulation..
70, 700
19,500
8,600
4,700
23, 900
83, 400
+2,200
-2,000
-1,200
-1,100
+300
-200
+15,600
-6,800
-2,700
-9,600
+12, 300
+6,800
not convert any part into gold; the continued
flow of gold to France during these two years
represented a movement on commercial account
reflecting operations by dealers who were able
to make a profit out of the transactions. In
recent weeks the Bank of France once more has
converted a considerable amount of its foreign
BANK OF ENGLAND
exchange holdings into gold.
[In thousands of pounds sterling; figures preliminary]
Government deposits at the Bank of France
Change from—
were
again reduced and discounts and advances
Jan. 27,
1932
Dec. 30, Jan. 28,
of
the
bank were paid off in corresponding
1931
1931
amount.
120,700
-18,700
Gold
In Germany, as in England, the decrease of
12,900 -14,300
Discounts and advances.
+3,200
353,700 -50,200
Securities
+35,100
74,300 -52,100
Bankers' deposits
+19,100 notes in circulation after the Christmas season
53,500 +5,500
Other deposits
+700
was smaller than usual, followNotes in circulation
345,900 -18,300
-1,000
Reichsbank
ing a smaller than usual inEnough remained, however, to enable the crease in December. The return of notes from
market to pay off the year-end increase in its
indebtedness at the bank. Market indebtedREICHSBANK
ness returned to the level which has character[In millions of reichsmarks; figures preliminary]
ized the period since England suspended the
gold standard; and as bankers' balances have
continued to be large, there has been a tendency for money rates to become easier in the Gold
exchange
j
150
open market, with the rate on prime 3-month Foreign
Discounts and advances
j 3,520
Deposits
I
370
bank bills in the last week of January ruling Notes in circulation
j 4,200
+440
about three-fourths of 1 per cent below the
Bank of England rate.
circulation and the drafts upon deposits were
Gold at the Bank of France increased by largely employed in paying off discounts and
2,200,000,000 francs ($85,000,000) in the four advances at the Reichsbank. Funds for this
weeks ending January 22, and purpose also became available through the
Bank of France
foreign exchange holdings de- return of nonreserve cash to the Reichsbank
clined by 2,000,000,000 francs. During the 2- and the increase of the Reichsbank's holdings
year period ending with May, 1929, the gold of securities and other assets.
movement to France had represented direct
Gold and foreign exchange reserves continued
purchases of gold by the Bank of France, but their slow, but almost uninterrupted, decline.
94
FEDERAL RESERVE BULLETIN
FEBRUARY,
1932
Changes in Discount Rates and Bill Rates
Changes in Foreign Central Bank Discount Rates
The discount rate on all classes and maturities of paper was reduced from 4 to 3% per cent
at the Federal Reserve Bank of Richmond
effective January 25, and at the Federal
Reserve Bank of Dallas effective January 28.
At the Federal Reserve Bank of New York
buying rates on bills of all maturities were
reduced January 12 as follows: Bills having
maturities up to 45 days, from 3 to 2% per
cent; 46 to 90 days, from 3% to 3 per cent;
91 to 120 days, from 3% to 3 per cent; 4 to 6
months from 3% to 3% per cent.
The following changes in discount rates during the month ended February 1 have been
reported by central banks in foreign countries:
National Bank of Belgium—January 13, from 2% to
3J4 per cent.
Bank of the Republic of Colombia—January 22,
from 7 to 6 per cent.
Bank of Estonia—February 1, from 6)4 to 5% per cent.
Bank of Greece—January 12, from 11 to 12 per cent.
National Bank of Hungary—January 20, from 8 to 7
per cent.
Imperial Bank of India—January 14, from 8 to 7
per cent.
RECONSTRUCTION FINANCE CORPORATION ACT
[PUBLIC—No. 2—72D CONGRESS]
fH. R. 7360]
AM ACT to provide emergency financing facilities for financial institutions, to aid in financing agriculture, commerce, and industry, and
for other purposes.
Be it enacted by the Senate and House of
Representatives of the United States of America
in Congress assembled. That there be, and is
hereby, created a body corporate with the
name "Reconstruction Finance Corporation"
(herein called the corporation). That the
principal office of the corporation shall be
located in the District of Columbia, but there
may be established agencies or branch offices
in any city or cities of the United States under
rules and regulations prescribed by the board
of directors. This act may be cited as the
"Reconstruction Finance Corporation Act."
SEC. 2. The corporation shall have capital
stock of $500,000,000, subscribed by the
United States of America, payment for which
shall be subject to call in whole or in part by
the board of directors of the corporation.
There is hereby authorized to be appropriated, out of any money in the Treasury not
otherwise appropriated, the sum of $500,000,000, for the purpose of making payments
upon such subscription when called: Provided,
That $50,000,000 of the amount so subscribed,
and the expansion of same through the notes,
debentures, bonds, or other obligations as
set out in section 9 shall be allocated and made
available to the Secretary of Agriculture, which
sum, or so much thereof as may be necessary,
shall be expended by the Secretary of Agriculture for the purpose of making loans or
advances to farmers in the several States of the
United States in cases where he finds that an
emergency exists as a result of which farmers
are unable to obtain loans for crop production
during the year 1932: Provided further, That
the Secretary of Agriculture shall give preference in making such loans or advances to
farmers who suffered from crop failures in 1931.
Such advances or loans shall be made upon such
terms and conditions and subject to such regulations as the Secretary of Agriculture shall
prescribe. A first lien on all crops growing,
or to be planted and grown, shall, in the discretion of the Secretary of Agriculture, be
deemed sufficient security for such loan or
advance. All such loans or advances shall be
made through such agencies as the Secretary
of Agriculture may designate, and in such
amounts as such agencies, with the approval
of the Secretary of Agriculture, may determine.
Any person who shall knowingly make any
material false representation for the purpose of
obtaining an advance or loan, or in assisting
in obtaining such advance or loan under this
section shall, upon conviction thereof, be
punished by a fine of not exceeding $1,000 or
by imprisonment not exceeding six months, or
both.
Receipts for payments by the United States
of America for or on account of such stock
shall be issued by the corporation to the
Secretary of the Treasury and shall be evidence
of the stock ownership of the United States of
America.
SEC. 3. The management of the corporation
shall be vested in a board of directors consisting
of the Secretary of the Treasury, or, in his
absence, the Under Secretary of the Treasury,
the governor of the Federal Reserve Board,
and the farm loan commissioner, who shall be
members ex officio, and four other persons
appointed by the President of the United *
States, by and with the advice and consent
of the Senate. Of the seven members of the
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1932
FEDERAL RESERVE BULLETIN
board of directors not more than four shall be
members of any one political party and not
more than one shall be appointed from any
one Federal reserve district. Each director
shall devote his time not otherwise required
by the business of the United States principally
to the business of the corporation. Before
entering upon his duties each of the directors
so appointed and each officer of the corporation
shall take an oath faithfully to discharge the
duties of his office. Nothing contained in this
or in any other act shall be construed to prevent the appointment and compensation as an
employee of the corporation of any officer or
employee of the United States in any board,
commission, independent establishment, or
executive department thereof. The terms of
the directors appointed by the President of
the United States shall be two years and run
from the date of the enactment hereof and
until their successors are appointed and qualified. Whenever a vacancy shall occur among
the directors so appointed, the person appointed
to fill such vacancy shall hold office for the
unexpired portion of the term of the director
whose place he is selected to fill. The directors
of the corporation appointed as hereinbefore
provided shall receive salaries at the rate of
$10,000 per annum each. No director, officer,
attorney, agent, or employee of the corporation
shall in any manner, directly or indirectly,
participate in the deliberation upon or the
determination of any question affecting his
personal interests, or the interests of any
corporation, partnership, or association in
which he is directly or indirectly interested.
SEC. 4. The corporation shall have succession for a period of ten years from the date of
the enactment hereof, unless it is sooner dissolved by an act of Congress. It shall have
power to adopt, alter, and use a corporate seal;
to make contracts; to lease such real estate
as may be necessary for the transaction of its
business; to sue and be sued, to complain and
to defend, in any court of competent jurisdiction, State or Federal; to select, employ, and
fix the compensation of such officers, employees,
attorneys, and agents as shall be necessary for
the transaction of the business of the corporation, without regard to the provisions of other
laws applicable to the employment and compensation of officers or employees of the United
States; to define their authority and duties,
require bonds of them and fix the penalties
thereof, and to dismiss at pleasure such officers,
employees, attorneys, and agents; and to
prescribe, amend, and repeal, by its board of
directors, by-laws, rules, and regulations govern-
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ing the manner in which its general business
may be conducted and the powers granted to
it by law may be exercised and enjoyed, including the selection of its chairman and vice
chairman, together with provision for such
committees and the functions thereof as the
board of directors may deem necessary for
facilitating its business under this act. The
board of directors of the corporation shall
determine and prescribe the manner in which
its obligations shall be incurred and its expenses allowed and paid. The corporation
shall be entitled to the free use of the United
States mails in the same manner as the executive departments of the Government. The
corporation, with the consent of any board,
commission, independent establishment, or
executive department of the Government, including any field service thereof, may avail itself
of the use of information, services, facilities,
officers, and employees thereof in carrying out
the provisions of this act.
SEC. 5. To aid in financing agriculture,
commerce, and industry, including facilitating
the exportation of agricultural and other products the corporation is authorized and empowered to make loans, upon such terms and conditions not inconsistent w^ith this act as it may
determine, to any bank, savings bank, trust
company, building and loan association, insurance company, mortgage loan company,
credit union, Federal land bank, joint-stock
land bank, Federal intermediate credit bank,
agricultural credit corporation, livestock credit
corporation, organized under the laws of any
State or of the United States, including loans
secured by the assets of any bank that is
closed, or in process of liquidation to aid in
the reorganization or liquidation of such banks,
upon application of the receiver or liquidating
agent of such bank and any receiver of any
national bank is hereby authorized to contract
for such loans and to pledge any assets of the
bank for securing the same: Provided, That not
more than $200,000,000 shall be used for the
relief of banks that are closed or in the process
of liquidation.
All loans made under the foregoing provisions
shall be fully and adequately secured. The
corporation, under such conditions as it shall
prescribe, may take over or provide for the
administration and liquidation of any collateral
accepted by it as security for such loans. Such
loans may be made directly upon promissory
notes or by way of discount or rediscount of
obligations tendered for the purpose, or otherwise in such form and in such amount and at
such interest or discount rates as the corpora-
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FEDERAL RESERVE BULLETIN
tion may approve: Providedj That no loans or
advances shall be made upon foreign securities
or foreign acceptances as collateral or for the
purpose of assisting in the carrying or liquidation of such foreign securities and foreign
acceptances. In no case shall the aggregate
amount of advances made under this section
to any one corporation and its subsidiary or
affiliated organizations exceed at any one time
5 per centum of (1) the authorized capital
stock of the Reconstruction Finance Corporation plus (2) the aggregate amount of bonds of
the corporation authorized to be outstanding
when the capital stock is fully subscribed.
Each such loan may be made for a period
not exceeding three years, and the corporation
may from time to time extend the time of
payment of any such loan, through renewal,
substitution of new obligations, or otherwise,
but the time for such payment shall not
be extended beyond five years from the date
upon which such loan was made originally.
Except as provided in section 5a hereof, no
loan or advancement shall be made by the
corporation for the purpose of initiating, setting
on foot, or financing any enterprise not initiated, set on foot, or undertaken prior to the
adoption of this act: Provided, That the foregoing limitation shall not apply to loans made
to agricultural or livestock credit corporations,
or Federal land banks, joint-stock land banks,
or Federal intermediate credit banks, nor to
loans made to banks for the purpose of financing
agricultural operations. The corporation may
make loans under this section at any time prior
to the expiration of one year from the date of
the enactment hereof; and the President may
from time to time postpone such date of
expiration for such additional period or periods
as he may deem necessary, not to exceed two
years from the date of the enactment hereof.
Within the foregoing limitations of this section,
the corporation may also, upon the approval
of the Interstate Commerce Commission, make
loans to aid in the temporary financing of
railroads and railways engaged in interstate
commerce, to railroads and railways in process
of construction, and to receivers of such railroads and railways, when in the opinion of the
board of directors of the corporation such railroads or railways are unable to obtain funds
upon reasonable terms through banking channels or from the general public and the corporation will be adequately secured: Provided,
That no fee or commission shall be paid by any
applicant for a loan under the provisions hereof
in connection with any such application or
any loan made or to be made hereunder, and
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1932
the agreement to pay or payment of any such
fee or commission shall be unlawful. Any
such railroad may obligate itself in such form
as shall be prescribed and otherwise comply
with the requirements of the Interstate Commerce Commission and the corporation with
respect to the deposit or assignment of security
hereunder, without the authorization or
approval of any authority, State or Federal,
and without compliance with any requirement,
State or Federal, as to notification, other than
such as may be imposed by the Interstate
Commerce Commission and the corporation
under the provisions of this section.
SEC. 5a. The corporation is authorized and
empowered to accept drafts and bills of exchange drawn upon it which grow out of transactions involving the exportation of agricultural or other products actually sold or transported for sale subsequent to the enactment
hereof and in process of shipment to buyers in
foreign countries: Provided, That the corporation shall not make any such acceptances
growing out of transactions involving the
sale or shipment of armaments, munitions, or
other war materials, or the sale or shipment into
countries which are at war of any merchandise
or commodities except food and supplies for
the actual use of noncombatants. No bill of
exchange or draft shall be eligible for acceptance
if such bill shall have at time of acceptance a
maturity of more than twelve months. All
drafts and bills of exchange accepted under this
section shall be in terms payable in the United
States, in currency of the United States, and
in addition to the draft or bill of exchange
shall at all times be fully secured by American
securities deposited as collateral or shall be
guaranteed by a bank or trust company of
undoubted solvency organized under the laws
of the United States or any State, Territory,
or insular possession thereof: Provided, That
such securities shall not include goods stored
or in process of shipment in foreign countries
or the obligation of any foreign government,
corporation, firm, or person.
SEC. 6. Section 5202 of the Revised Statutes
of the United States, as amended, is hereby
amended by striking out the words "War
Finance Corporation act" and inserting in lieu
thereof the words " Reconstruction Finance
Corporation Act."
SEC. 7. All moneys of the corporation not
otherwise employed may be deposited with
the Treasurer of the United States subject to
check by authority of the corporation or in any
Federal reserve bank, or may, by authorization
of the board of directors of the corporation,
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1932
FEDERAL RESERVE BULLETIN
be used in the purchase for redemption and retirement of any notes, debentures, bonds, or
other obligations issued by the corporation, and
the corporation may reimburse such Federal
reserve bank for their services in the manner as
may be agreed upon. The Federal reserve
banks are authorized and directed to act as
depositaries, custodians, and fiscal agents for
the Reconstruction Finance Corporation in the
general performance of its powers conferred by
this act.
SEC. 8. In order to enable the corporation
to carry out the provisions of this act, the
Treasury Department, the Federal Farm Loan
Board, the Comptroller of the Currency, the
Federal Reserve Board, the Federal reserve
banks, and the Interstate Commerce Commission are hereby authorized, under such conditions as they may prescribe, to make available
to the corporation, in confidence, such reports,
records, or other information as they may have
available relating to the condition of financial
institutions and railroads or railways with
respect to which the corporation has had or
contemplates having transactions under this
act, or relating to individuals, associatio is,
partnerships, or corporations whose obligations
are offered to or held by the corporation as
security for loans to financial institutions or
railroads or railways under this act, and to
make through their examiners or other employees for the confidential use of the corporation, examinations of such financial institutions
or railroads and railways. Every applicant for
a loan under this act shall, as a condition precedent thereto, consent to such examinations as
the corporation may require for the purposes
of this act and that reports of examinations
by constituted authorities may be furnished by
such authorities to the corporation upon request therefor.
SEC. 9. The corporation is authorized and
empowered, with the approval of the Secretary
of the Treasury, to issue, and to have outstanding at any one time in an amount aggregating
not more than three times its subscribed capital, its notes, debentures, bonds, or other such
obligations; such obligations to mature not
more than five years from their respective dates
of issue, to be redeemable at the option of the
corporation before maturity in such manner as
may be stipulated in such obligations, and to
bear such rate or rates of interest as may be
determined by the corporation: Provided, That
the corporation, with the approval of the Secretary of the Treasury, may sell on a discount
basis short-term obligations payable at maturity without interest. The notes, debentures,
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bonds, and other obligations of the corporation
may be secured by assets of the corporation in
such manner as shall be prescribed by its board
of directors: Provided, That the aggregate of all
obligations issued under this section shall not
exceed three times the amount of the subscribed
capital stock. Such obligations may be issued
in payment of any loan authorized by this act
or may be offered for sale at such price or prices
as the corporation may determine with the
approval of the Secretary of the Treasury.
The said obligations shall be fully and unconditionally guaranteed both as to interest and
principal by the United States and such guaranty shall be expressed on the face thereof. In
the event that the corporation shall be unable
to pay upon demand, when due, the principal
of or interest on notes, debentures, bonds, or
other
such obligations issued by it, the Secretar}r of the Treasury shall pay the amount
thereof, which is hereby authorized to be
appropriated, out of any moneys in the Treasury not otherwise appropriated, and thereupon to the extent of the amounts so paid the
Secretary of the Treasury shall succeed to all
the rights of the holders of such notes,
debentures, bonds, or other obligations. The
Secretary of the Treasury, in his discretion,
is authorized to purchase any obligations
of the corporation to be issued hereunder,
and for such purpose the Secretary of the
Treasury is authorized to use as a publicdebt transaction the proceeds from the sale of
any securities hereafter issued under the Second
Liberty Bond Act, as amended, and the purposes
for which securities may be issued under the
Second Liberty Bond Act, as amended, are extended to include any purchases of the corporation's obligations hereunder. The Secretary
of the Treasury may, at any time, sell any of
the obligations of the corporation acquired by
him under this section. All redemptions, purchases, and sales by the Secretary of the
Treasury of the obligations of the corporation
shall be treated as public-debt transactions of
the United States. Such obligations shall not
be eligible for discount or purchase by any
Federal reserve bank.
SEC. 10. Any and all notes, debentures,
bonds, or other such obligations issued by the
corporation shall be exempt both as to prin
cipal and interest from all taxation (except
surtaxes, estate, inheritance, and gift taxes)
now or hereafter imposed by the United States,
by any Territory, dependency, or possession
thereof, or by any State, county, municipality,
or local taxing authority. The corporation,
including its franchise, its capital, reserves, and
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surplus, and its income shall be exempt from
all taxation now or hereafter imposed by the
United States, by any Territory, dependency,
or possession thereof, or by any State, county,
municipality, or local taxing authority; except
that any real property of the corporation shall
be subject to State, Territorial, county, municipal, or local taxation to the same extent
according to its value as other real property is
taxed.
SEC. 11. In order that the corporation may
be supplied with such forms of notes, debentures, bonds, or other such obligations as it
may need for issuance under this act, the
Secretary of the Treasury is authorized to
prepare such forms as shall be suitable and
approved by the corporation, to be held in the
Treasury subject to delivery, upon order of the
corporation. The engraved plates, dies, bed
pieces, and so forth, executed in connection
therewith shall remain in the custody of the
Secretary of the Treasury. The corporation
shall reimburse the Secretary of the Treasury
for any expenses incurred in the preparation,
custody and delivery of such notes, debentures,
bonds, or other obligations.
SEC. 12. When designated for that purpose by
the Secretary of the Treasury, the corporation
shall be a depositary of public money, except
receipts from customs, under such regulations
as may be prescribed by said Secretary; and it
may also be employed as a financial agent of
the Government; and it shall perform all such
reasonable duties, as depositary of public money
and financial agent of the Government, as may
be required of it. Obligations of the corporation shall be lawful investments, and may be
accepted as security, for all fiduciary, trust, and
public funds the investment or deposit of
which shall be under the authority or control
of the United States or any officer or officers
thereof.
SEC. 13. Upon the expiration of the period
of one year within which the corporation may
make loans, or of any extension thereof by the
President under the authority of this act, the
board of directors of the corporation shall,
except as otherwise herein specifically authorized, proceed to liquidate its assets and wind
up its affairs. It may with the approval of the
Secretary of the Treasury deposit with the
Treasurer of the United States as a special fund
any money belonging to the corporation or
from time to time received by it in the course
of liquidation or otherwise, for the payment of
principal and interest of its outstanding obligations or for the purpose of redemption of such
obligations in accordance with the terms
FEBRUARY,
1932
thereof, which fund may be drawn upon or
paid out for no other purpose. The corporation may also at any time pay to the Treasurer
of the United States as miscellaneous receipts
any money belonging to the corporation or
from time to time received by it in the course of
liquidation or otherwise in excess of reasonable
amounts reserved to meet its requirements
during liquidations. Upon such deposit being
made, such amount of the capital stock of the
corporation as may be specified by the corporation with the approval of the Secretary of the
Treasury but not exceeding in par value the
amount so paid in shall be canceled and retired.
Any balance remaining after the liquidation of
all the corporation's assets and after provision
has been made for payment of all legal obligations of any kind and character shall be paid
into the Treasury of the United States as
miscellaneous receipts. Thereupon the corporation shall be dissolved and the residue, if
any, of its capital stock shall be canceled and
retired.
SEC. 14. If at the expiration of the ten years
for which the corporation has succession "hereunder its board of directors shall not have
completed the liquidation of its assets and the
winding up of its affairs, the duty of completing
such liquidation and winding up of its affairs
shall be transferred to the Secretary of the
Treasury, who for such purpose shall succeed
to all the powers and duties of the board of
directors of the corporation under this act. In
such event he may assign to any officer or
officers of the United States in the Treasury
Department the exercise and performance,
under his general supervision and direction, of
any such powers and duties; and nothing herein
shall be construed to affect any right or privilege accrued, any penalty or liability incurred,
any criminal or civil proceeding commenced, or
any authority conferred hereunder, except as
herein provided in connection with the liquidation of the remaining assets and the winding
up of the affairs of the corporation, until the
Secretary of the Treasury shall find that such
liquidation will no longer be advantageous to
the United States and that all of its legal
obligations have been provided for, whereupon
he shall retire any capital stock then outstanding, pay into the Treasury as miscellaneous
receipts the unused balance of the moneys
belonging to the corporation, and make the
final report of the corporation to the Congress.
Thereupon the corporation shall be deemed to
be dissolved.
SEC. 15. The corporation shall make and
publish a report quarterly of its operations to
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FEDERAL RESERVE BULLETIN
the Congress stating the aggregate loans made
to each of the classes of borrowers provided for
and the number of borrowers by States in each
class. The statement shall show the assets and
liabilities of the corporation, and the first report
shall be made on April 1, 1932, and quarterly
thereafter. It shall also show the names and
compensation of all persons employed by the
corporation whose compensation exceeds $400
a month.
SEC. 16. (a) Whoever makes any statement
knowing it to be false, or whoever willfully
overvalues any security, for the purpose of
obtaining for himself or for any applicant any
loan, or extension thereof by renewal, deferment of action, or otherwise, or the acceptance,
release, or substitution of security therefor,
or for the purpose of influencing in any way the
action of the corporation, or for the purpose
of obtaining money, property, or anything of
value, under this act, shall be punished by a
fine of not more than $5,000 or by imprisonment for not more than tw^o years, or both.
(b) Whoever (1) falsely makes, forges, or counterfeits any note, debenture, bond, or other
obligation, or coupon, in imitation of or purporting to be a note, debenture, bond, or other
obligation, or coupon, issued by the corporation, or (2) passes, utters or publishes, or
attempts to pass, utter or publish, any false,
forged or counterfeited note, debenture, bond,
or other obligation, or coupon, purporting to
have been issued by the corporation, knowing
the same to be false, forged or counterfeited,
or (3) falsely alters any note, debenture, bond,
or other obligation, or coupon, issued or purporting to have been issued by the corporation,
or (4) passes, utters or publishes, or attempts
to pass, utter or publish, as true any falsely
altered or spurious note, debenture, bond, or
other obligation, or coupon, issued or purporting to have been issued by the corporation,
knowing the same to be falsely altered or spurious, or any person who willfully violates any
other provision of this act, shall be punished
by a fine of not more than $10,000 or by imprisonment for not more than five years, or
both.
(c) Whoever, being connected in any capacity with the corporation, (1) embezzles,
abstracts, purloins, or willfully misapplies any
moneys, funds, securities, or other things of
value, whether belonging to it or pledged or
otherwise entrusted to it, or (2) with intent to
defraud the corporation or any other bod}7
politic or corporate, or any individual, or to
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deceive any officer, auditor, or examiner of the
corporation, makes any false entry in any book,
report, or statement of or to the corporation,
or, without being duly authorized, draws any
order or issues, puts forth or assigns any note,
debenture, bond, or other obligation, or draft,
bill of exchange, mortgage, judgment, or decree
thereof, or (3) with intent to defraud participates, shares, receives directly or indirectly
any money, profit, property or benefit through
any transaction, loan, commission, contract,
or any other act of the corporation, or (4) gives
any unauthorized information concerning any
future action or plan of the corporation which
might affect the value of securities, or, having
such knowledge, invests or speculates, directly
or indirectly, in the securities or property of
any company, bank, or corporation receiving
loans or other assistance from the corporation,
shall be punished by a fine of not more than
$10,000 or by imprisonment for not more than
five years, or both.
(d) No individual, association, partnership,
or corporation shall use the words "Reconstruction Finance Corporation" or a combination of these three words, as the name or a part
thereof under which he or it shall do business.
Every individual, partnership, association, or
corporation violating this prohibition shall be
guilty of a misdemeanor and shall be punished
by a fine of not exceeding $1,000 or imprisonment not exceeding one year, or both.
(e) The provisions of sections 112, 113, 114,
115, 116, and 117 of the Criminal Code of the
United States (U. S. C , title 18, ch. 5, sees. 202
to 207, inclusive) in so far as applicable, are
extended to apply to contracts or agreements
with the corporation under this act, which for
the purposes hereof shall be held to include
loans, advances, discounts, and rediscounts;
extensions and renewals thereof; and acceptances, releases, and substitutions of security
therefor.
SEC. 17. The right to alter, amend, or repeal
this act is hereby expressly reserved. If any
clause, sentence, paragraph, or part of this act
shall for any reason be adjudged by any court
of competent jurisdiction to be invalid, such
judgment shall not affect, impair, or invalidate
the remainder of this act, but shall be confined
in its operation to the clause, sentence, paragraph, or pait thereof directly involved in the
controversy in which such judgment shall have
been rendered.
Approved, January 22, 1932»
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1932
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled January 25 and released for publication January 27]
Industrial activity declined from November
to December by slightly more than the usual
seasonal amount, while the volume of factory
employment showed about the usual decrease.
Wholesale prices declined further.
Production and employment.—Volume of
industrial output decreased somewhat more
than is usual in December, and the board's
seasonally adjusted index declined from 72 per
cent of the 1923-1925 average in November to
71 per cent in December. Activity in the steel
industry decreased from 30 to 24 per cent of
capacity for the month, partly as a result of
seasonal influences; in the first three weeks of
January it showed a seasonal increase. Automobile output increased considerably in December from the extreme low level of the preceding month, and daily average output at
shoe factories, which ordinarily declines at
this season, showed little change. At textile
mills production was curtailed by more than
the usual seasonal amount.
Number employed at factories decreased
seasonally from the middle of November to
the middle of December. In the automobile
and shoe industries there were large increases
in employment, while in the clothing industries employment declined; in most lines, however, changes were of a seasonal character.
For the year 1931 as a whole the average
volume of industrial production was about 16
per cent smaller than in 1930, reflecting large
decreases in output of steel, automobiles, and
building materials, offset in part by slight increases in production of textiles and shoes.
Value of building contracts awarded, as reported by the F. W. Dodge Corporation, declined considerably more than is usual from
the third to the fourth quarter, and for the
year as a whole was 32 per cent smaller than
in 1930, reflecting reduced physical volume of
construction, as well as lower building costs.
Distribution.—Distribution of commodities
by rail declined by the usual seasonal amount
in December, and department-store sales increased by approximately the usual amount.
Foreign trade.—Value of foreign trade continued at a low level in December, and for the
year as a whole exports showed a decline of 37
per cent from 1930 and imports a decline of
32 per cent, reflecting in part the reduction in
prices.
Wholesale prices.—Wholesale prices of commodities declined from 68 per cent of the 1926
average in November to 66 per cent in December, according to the Bureau of Labor Statistics, reflecting decreases in the prices of many
domestic agricultural products, sugar, silk, iron
and steel, and petroleum products. During
the first half of January prices of hogs, lard,
and butter declined further, while prices of
cotton, silk, coffee, and copper increased.
Bank credit.—Reserve bank credit, which
had declined from the middle of October to
the middle of December and had increased in
the latter part of the month, declined again in
the first three weeks in January.
The growth in the latter part of December
reflected a somewhat more-than-seasonal increase in the demand for currency, partly offset
by reductions in member bank reserve balances
and in deposits of foreign central banks. In
January the return flow of currency was considerably smaller than in other recent years,
while member bank reserve balances continued
to decline. Acceptance holdings of the reserve
banks, which had reached a total of $780,000,000
in October, have declined through maturing of
bills held almost uninterruptedly since that
time, and on January 20 totaled $190,000,000.
The banks' portfolio of United States Government securities showed some increase over the
level of the early part of December, and discounts for member banks increased substantially.
Loans and investments of member banks in
leading cities declined further during December
and the first two weeks of January, reflecting
reductions in loans on securities, as well as in
other loans, and in investments.
In the middle of January buying rates for
bankers' acceptances at the Federal reserve
banks were reduced, and open-market rates on
90-day bills declined first from 3 to 2% per cent
and later to 2% per cent. Yields of high-grade
bonds, after advancing for a period of about
four months, declined after the turn of the
year, reflecting a rise in bond prices.
FEBRUARY,
101
FEDERAL RESERVE BULLETIN
1932
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES
[Averages of daily figures. In millions of dollars.
For explanation see BULLETIN for July, 1929, pp. 432-438.
for 1930 (Tables 1, 2, and 3).]
Reserve bank credit outstanding
Month or week
i Bills disj counted
Other
reserve
bank
credit i
United
States
Bills
1930—September.
October
November..
December..
189
196
221
197 I
185 i
184
257
597
602
599
644
•
!
!
|
1931—January
February...
March
April
May.
June
July
August
SeptemberOctober
NovemberDecember--
253
216
176
155
163
188
169
222
280
613
695
774
206
102
123
173
144
121
79
135
259
692
560
340
647
603
604
600
599
610
674
712
736
733
727
777
1932—January
828
221
759
Week ending (Saturday)Dec. 26
Jan. 2
Jan. 9.
Jan. 16
Jan. 23
_
Jan. 30
842
803
815
826
831
859
281
315
288
222
187
162
796
791
771
752
752
749
56 I
For back figures see Annual Report
Factors of increase
Factors of decrease
Total
Treasury
! Monetary currency Money
in circu! gold
(adstock
lation
justed)
Member
bank
reserve
balances
Nonmember
deposits,
etc.
Unexpended
capital
funds
1,016
1,020
1,033
1,273
4, 503
4, 520
4,553
4,583
1,785
1,787
1,793
1,793
4,492
4,501
4, 528
4,823
2,397
2,407
2,433
2,415
26
27
30
27
389
392
388
384
1,129
936
921
952
926
945
954
1,107
1,313
2,088
2,035
1,950
4,622
4,656
4,682
4,711
4,767
4,865
4,958
4,975
4,948
4,447
4,363
4,450
1,784
1,780
1,778
1,770
1,783
1,759
1,784
1,764
1,768
1,768
1,766
1,782
4,695
4,598
4,590
4,647
4,679
4,750
4,836
4,947
5,133
5,478
5,518
5,611
2,433
2, 370
2,386
2,376
2,387
2,404
2,407
2,345
2,333
2,256
2,118
2,069
28
25
24
27
28
35
83
187
199
208
171
144
379
379
381
383
382
380
370
367
364
361
357
358
1,864
I
4,452 !
1,773
5,645
1,979
113
352
1,991
1,967
1,934
1,855
1,823
1,822
4,467
4,459
4,464
4,464
4,454
4,429
1,786
1,767
1,766
1,774 |
1,780
1,773
5, 727
5,666
5,680
5,646
5, 632
5, 617
2,013
2,053
2,020
1,987
1,956
1,941
145
118
111
108
119
117
359
350
353
352
350
349
i
I
I
!
Wednesday series (in millions
of dollars)
1932
1931
Jan. Sept. Oct. Nov.
31
30
30 31
31
1931
Jan.
31
Dec.
23
Dec.
30
1932
Jan.
Jan.
Jan. | Jan.
20 j 27
_ Bills discounted
Bills bought
United States securities
Other reserve bank credit i
Total reserve bank credit
M o n e t a r y gold stock
Treasury currency adjusted
I
-I
;
j
232
125
610
13
328
469
742
39
728
681
727
48
718
452
717
44
638i
339
817
59
899 ! Bills discounted
153 i Bills bought
746
United States securities
58
Other reserve bank c r e d i t 1
j 980 1,578 2,184 1,931 1,853 1,856
j 4,043 4,741 4,292 4,414 4,460 2 4,415
J 1, 788 1,773 1, 767 1,769 1,759;* 1,775
i
Money in circulation
4, 610 5,246 5,540 5,536 5, 647 i2 5, 642
Member bank reserve balances.. 2,398 2, 364 2,167 2,051 1,9611 1,947
Nonmember deposits, etc
_
24
110j 107
120
181
170
Unexpended capital funds
i 380
354,
350
362
354
357
Total reserve bank credit 3
M o n e t a r y gold stock
Treasury currency adjusted
911 1,024
327
25;
803
758
48
79
818
275
766
61
818
214
752
50
819
188
751;
48j
838
162
752
46
2,006 2,202 1,921 1,834
4,465 4,458 4,458 4,457
1, 760 1, 761 1,775 1,778
,807; 1,798
t, 450 4,42f>
[,785i 1,776
Money in circulation
5, 733 5, 633 5,661 5, 619
M e m b e r bank reserve balances,. 2,001 2,323 2,036 1,994
Unexpended capital funds, non465
496
member deposits, etc
456
),6is! 5,589
[,972| 1,945
458!
465
1 Includes " O t h e r securities," foreign loans on gold, amounts due from foreign banks, a n d reserve b a n k float.
2 Figures preliminary.
3 Averages of daily figures for weeks ending on Wednesday, as follows (in millions of dollars): Dec. 23,1,965; Dec. 30, 2,019; J a n . 6, 1,933; J a n . 13,
1,887; Jan. 20, 1,838; J a n . 27, 1,813.
102
FEDERAL RESERVE BULLETIN
FEBRUARY,
1932
ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED
STOCK
STATES
[In millions of dollars]
Analysis of changes
Gold
stock
Net re- Domestic
at end Increase
in stock Net gold lease producof
month during import from-ear- tion,
month
mark»
etc.«
Month
1931—January .
February
March _
April
May
4,643
4,665
4,697
4 726
4,798
4,956
4, 949
4 905
4,741
4. 292
4,414
4,460
June
July
August
September _
October
November .
December
Total (12mos.)._
1932—January
p
[In thousands of dollars]
4, 415
_
34.4
16.1
25.6
49. 5
49.6
63.8
19.5
57.5
20.6
-337. 7
89.4
56.9
11.9
2.5
3.0
-7.5
4.0
92.3
-29.7
-16.0
-279.1
-107.6
28.3
-22.9
3.1
3.3
3.3
-13.3
18.8
1.9
3.6
4.2
4.2
-3.1
4.2
11.9
-133.4
145. 3
-320. 8
42.1
-45.3
-74.5
25.4
3.8
49.4
22.0
32.0
28.7
72.4
158.0
-6.6
45.7
-254. 3
-448. 4
122.0
45.8
i Gold released from earmark at Federal reserve banks less gold placed
under
earmark.
1
This figure, derived from preceding columns, represents the excess of
domestic production over nonmonetary consumption of gold—chiefly
consumption in the arts. In any given month, however, it may be
predominantly affected by the fact that on the final day of the month
(a) gold bullion or foreign gold coin recently imported may not yet have
reached a reserve ban* or the Treasury, and (6) gold bullion recently
withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies in
official reports of gold imports and exports.
*• Preliminary figures.
RESERVE BANK CREDIT OUTSTANDING, IN
DETAIL
From or to—
;
January
; (preliminary)
B elgium
. _.
England
France
Germany
Italy
Netherlands
Portugal
_
Sweden
Switzerland
Canada
C entral America
Mexico
_
-.
Argentina
Colombia
j
Ecuador
|
Peru
_
|
Uruguay..
j
Venezuela
__i
British India
China
and
Hong •
Kong
_'_!
D u t c h East I n d i e s . . . 1
Japan
__|
Philippine I s l a n d s . . . !
All other countries *..i
170
Imports
12,523
3, 368
83, 718
50
4,250
11
3,871 ;
535 ;
9,111
_7
2,941 |
i
|
'
i
4,451
Exports
ImExports ! ports
24 15, 607
7,015
219
19,394 363,908
37,073 ! 1,047
9 ! 5,320
5,907
50,327
2,088
35
116" I
5 5,573
i 1,270
55 19,823
4,522 ;
9 81,252
116
89 :
50 ! 1,090
100
1,344 I . . .
! 25,319
3,052
1141,263
2,042 ,
15,116
104
1,015
84
7,522
1,082
•'
6,080
...,
141
52 ' 1,073 "~~52
3,165
8,064
181 I
10,067
1,940!
i
JanuaryDecember
December
Exports
Imports
Total.
1931
•
5,861
1
15,161
62
1 !
201
j 9,857
I
643
30
68,285
J
450
481 I 4,239
34,323
4,870
199,328
3,740
104 12,976
20
83
"42
3,892
1
_.j*33, 267 2 107,740 89,509 32,651 612,119 466,794
1
Includes all movements of unreported origin or destination.
2 At New York—imports, $19,148,000; exports, $107,740,000.
where—imports, $14,119,000.
[In thousands of dollars]
Jan. 31,
1932
1932
Else-
KINDS OF MONEY IN CIRCULATION
Dec. 31, i Jan. 31,
1931
! 1931
[In millions of dollars]
Reserve bank credit—totaL
1,855,623 11,853,402 I
980,061
Bills discounted—total
For member banks
For intermediate credit banks
For nonmember banks (secured by
adjusted-service certificates)
889,095
887,843
10, 801
451
458
50
Bills bought—total
Payable in dollars—total
Bought outright
Under resale agree merit....
Payable in foreign currencies.
152,933
119,489
144,611
8. 322
33, 444
338, 687
305, 258
248, 695
89, 992
33,429
125, 384
89, 265
124, 000
1,384
36,119
United States securities—totalBought outright
Under resale agreement
740, 425
744,925
1, 500
816, 960
774,631 '
42,329
609, 920
609, 920
57,170
59,462
32, 200
500
3,937
8, 608
11,925
26,185
500
4,463 :
8,662 ;
19,652 '
O ther reserve bank credit—total
Intermediate credit bank debentures
Federal land bank bonds
Munici pal warrants
Due from foreign banks
Reserve bank floatl
1
638, 293
626, 791
11,044
13, 029
701
I 328
Jan.
Dec.
31, , 31,
1932 v I 1931
Kind of money
Gold coin
Uncollectod items in excess of deferred availability items.
231, 728
231, 678
Gold certificates
Federal reserve notes
1
Treasury
easury currency:
Standard silver dollars
Silver certificates
Treasury notes of 1890
Subsidiary silver
_.
Minor coin
United States notes
Federal reserve bank notes.
National bank notes
1
Jan.
31,
1931
j 850
j 2, 648
407
409
877
2,603
358
1,056
1,470
32
367
1
261
115
282
3
677
33
389
1
271
117
288
3
656
35
372
1
270
116
289
3
640
j
-I
Total Treasury currency
1,738 ! 1,758 |
1,726
Total money in circulation-
5,642 ; 5,647 j
4,610
For explanation of the term "Treasury currency" see BULLETIN
for July, 1929, p. 432.
» Figures preliminary.
103
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
MEMBER BANK RESERVE BALANCES
[Monthly averages of daily figures. In millions of dollars]
Reserves held
Month
City»
banks
1930—December..
2,415
1931—January
February...
March
April..
May
June
July...
August
September..
October
November-.
December. _
2,433
2,370
1
891
847
860
829
848
882
887
843
864
848
774
766
2,376
2,387
2,404
2,407
2,345
2,333
2,256
2,118
2,069
I
Other
reserve
cities
Excess reserves
T
"Country"
hanks
Dani5:s
°tal-all
member
banks
New York
City i
Other
reserve
cities
"Country "
banks
956
590
73
26
18
28
955
945
945
962
961
949
950
943
918
872
832
800
587
578
580
585
578
573
570
559
551
536
512
503
105
57
66
56
67
129
125
101
120
129
57
66
51
12
19
7
16
71
61
34
54
52
11
18
23
18
19
20
24
27
33
36
37
40
19
31
27
28
28
28
30
31
31
30
37
27
31
17
Central reserve city banks only.
MEMBER BANK DEPOSITS
[Deposits subject to reserve. Monthly averages of daily figures. In
millions of dollars]
RESERVES OF MEMBER BANKS IN NEW YORK
CITY AND OTHER BESERVE CITIES,
BY WEEKS
[Averages of daily figures. In millions of dollars]
! D e c e m - N o v e m - DeeemI ber,
ber, I ber,
1931
1931 ! 1930
New York City i
Week ending (Friday)—
n d d
NET DEMAND AND 'iTME DEPOSITS
Total—all member banks
New York City i
Other reserve cities
"Country" banks
: 27,353 28,218 j 32,314
; 6,414 i 6,612 j 7,528
;; 10,963 j 11,350 i 13,026
9,976 j 10,256
11,760
NET DEMAND DEPOSITS
Total—all member banks
New York City i
Other reserve cities
"Country" banks
15,925 '
5,546:
: 6,046
4,333
TIME DEPOSITS
Total—all member banks
New York City i
Other reserve cities
"Country" banks
1
;
.__
Central reserve city banks only.
16,358 : 18,660
5,653 i 6,171
6,273
7,264
4,432 j 5,225
•
11,428 ! 11,860 j 13,654
868
959 i 1,357
4,917 : 5,076 j 5,762
5,643
5,825; 6,535
1931—Oct. 16
Oct. 23
Oct. 30
Nov.
Nov.
Nov.
Nov.
6
13
20
27
Dec.
Dec.
Dec.
Dec.
4
11
18
25
1932—Jan. 1
Jan. 8 . .
Jan. 15
_
•
i
;
;
..'
:
_.i
!
:
|
Rej quired Excess
Other reserve cities
Held
Re-
quired i
ExCeSS
833
877 ,
857
I
786 I
766 :
768 !
780 ;
784
785
789
49.3
92.0
68.7
882
856
837
834 !
827 ;
816 !
48.2
29.8
20.6
I
778 j
760
762 I
759 j
8.3
6.5
5.9
20.9
830
834
840
828
813 ;
816 i
816 !
808 |
17.0
18.0
23.6
19.9
775
756 i
790 :
748
761
748
759
740
14.4
8.2
31.0
8.4
818
825
818
782
805 !
802 1
797 !
777
12.7
22.6
21.4
4.9
17.5
9.1
7.6
800
780
773
777 •
779 i
769 !
22.5
1.1
3.2
:
752 '•
735
!
|
i
748:
727 I
i
739
719
i Central reserve city banks only
|
I
j
I
104
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[Amounts in millions of dollars]
Total—all member
banks
Loans and investments—total
Loans to banks
Loans to other customers—total
Secured by stocks and bonds.....
Secured by real estate
.-..
Otherwise secured and unsecured.
Open-market loans—total
Acceptances of other banks—total
Payable in United States
Payable abroad
Commercial paper purchased 2
Loans to brokers in New York __
Investments—total
United States Government securities...
Other domestic securities
Foreign securities
i Central reserve city banks only.
v Figures preliminary.
New York City i
Other reserve cities
Dec.
Sept.
Dec.
31,
1931*
29,
1931
31,
1930
Dec. ; Sept.
31,
; 29,
1931" ! 1931
Dec.
31,
1930
30, 527
33,073
34,860
7,456 | 8,253
8,582 ! 12,102 ; 13,016
791
599
631
17,494
6,275
3,043
8,175
18,713
6,842
3,149
8,722
21,007
7,942
3,234
9,831
901
189
147
42
139
574
1,563
338
268
70
296
928
2,233
370
315
55
366
1,498
11,341
5,310
12,199
5,564
f 5,973
\
662
10,989
4,125
6,149
715
J '
!
:
283
3,692 ! 3,850
1,728
1,815
153
152
1,811
1,881
1,121
695
234
124
201
107
33
17
29
48
542
839
4,338
2,137
148
2,054
2,694 .
1,768 !
2,435
4,233 ; 4,561
1,239 I 2,134 ! 2,301
1,049 |1 Q 9 9 f 2,092
148 J 2 ' U 9 y \ 169
1,525
210
188
22
34
1,281
3,032
1,830
Sept.
29,
1931
Dec.
13,758 | 10,970
11,805 j
12,519
286 !
70
64 j
62
8,906 j
3,656 i
1,631 !
3,620 |
6,415
1,754
1,340
3,321
7,018 j
1,935
1,411
3,673
7,762
2,149
1,455
4,158
Dec.
Dec. j Sept.
! 31, i 29,
• 1931* i 1931
250
374 •
347
135
57
35
22
62
17
I
j
|
!
7,845
3,092
1,585
3,168
326
102
67
35
167
56
!
|
!
i
!
!
Dec.
31,
1931*
31,
1930
284
7,386 i
2,793 ;
1,549 :
3,043 \
" C o u n t r y " banks
;
31,
1930
116
3
1
2
81
32
177
8
5
4
120
49
4,035 j 4,415 : 4,606
1,727 I 1,408
1,433
2,124 !
/ 2,864
\ 3, 007
185
1
309
4,519
1,159
2,977
382
531 i
151 i
1 2 2 ''•
29
212
167
70
8
5
3
47
16
2 Loans (secured by stocks and bonds) to brokers and dealers in securities in New York City.
ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, DEPOSITS
[In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private
banks under State supervision. For back figures see May BULLETIN (p. 253) and Annual Report for 1930 (Tables 42-43)]
Deposits (exclusive of
interbank deposit?)
Nonmember banks
Date
1928—June 30
Oct. 3
Dec. 31
1929—Mar. 27
J u n e 29
Oct. 4
Dec. 31
1930— M a r . 27
J u n e 30
Sept. 24
Dec. 31
1931—Mar. 25
J u n e 30—
Sept. 29
Dec. 31
_..-!
!
!
\
_j
'
i
__j
57, 265
57,219
58,266
58,019
58,474
58,835
58,417
57,386
58,108
57,590
56,209
55,924
55,021
53.361
39,464
39, 671
40, 763
40, 557
41, 512
42,201
41,898 i
40,686 !
40, 618
39, 715
38,135
36,813
35,384
33, 752
17, 801
17,549
17, 504
17,462
16,962
16, 634
16, 519
16, 700
17,490
17, 875
18, 074
19, 111
19, 637
19, 609
24, 303
10,758
35,061
24, 325
10,604
34,929
25,155
10, 529
35, 684
10,448
35, 393
24, 945
10,052
35, 711
25, 658
9,749
35, 914
26,165
9.784
35,934
26,150
9,937
35,056
25,119
10, 442
35, 656
25,214
10, 734
35,472
24, 738
10, 989
34, 860
23,870
11,889
34, 729
22, 840
12,106
33, 923
21, 816
12,199
33. 073
20.874
v 30, 527 * 19,186 P 11,341
15,161
15, 346
15, 607
15, 612
15, 853
16,036
15, 748
15, 568
15,404
14,977
14,264
13,974
13, 568
12,877
22,204
22, 291
22, 582
22, 626
22,763
22,922
22,483
22,331
22,453
22,118 !
21,349
21, 195
21,099
20,288
7,043
6,945
6,975
7,013
6,910
6,885
6,735
6,763
7,048
7,141
7,085
7,222
7,531
7,410
53,720 j
56,766
54,545
53,852
55,180
55, 289
53,185
54,954
52, 784
53,039 ,
51,427 I
51,782
49,152
32,133
32,138
34, 826
33, 215
32, 284
33, 004
33,865
32, 082
33,690
31,839
32, 560
31,153
31, 566
29,469
21,265
21, 582
21,940
21,330
21, 567
22,176
21, 424
21,103
21,264
20, 945
20,479
20, 274
20,216
19,682
Figures preliminary.
NUMBER OF BANKS, BANKING OFFICES, BANKS OPERATING BRANCHES, ETC.
[For additional detail—and certain statistics of banks in groups or chains—see BULLETIN for December, 1930, pp. 766-768 and 811-817]
Banks operating branches
Single-office banks
Date
Banking
offices
Banks »
(banks
plus
branches)
Member
Nonmember
Total
National
Banks
1925—Dec.
1926—Dec.
1927—Feb.
June
1928—June
1929—June
M
Dec.
1930—June
Dec.
1931—June
31
31
25 »
30.
30
30
31
30
31
30
28, 257
27, 377
26, 973
26, 781
25,950
25,115
24, 630
23, 852
22, 769
21, 903
30,899
30,158
29,873
29,775
29,180
28, 555
28,177
27,470
26,308
25.480
27,472
26, 581
26,194
25, 989
25,115
24, 297
23, 808
23, 035
21, 993
21,107
7,916
7,760
7,677
7, """
7,516
7,366
7,237
7,082
6.872
6,636
18,311
17,661
17,384
17, 228
16, 541
15, 944
15, 632
15,054
14, 262
13, 644
132
146
145
152
169
164
166
165
161
164
Branches
332
406
390
722
941
993
1,027
1,041
1,106
1,110
N on member
State
Banks
196
194
189
186
186
190
180
169
160
155
Branches
1,277
,366
,560
,301
L, 220
,298
L, 299
.308
1,286
] ,287
457
456
445
454
480
464
476
483
455
477
L, 033
,00£
950
971
,069
.149
,221
,269
,147
,180
1
All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks and
all private
banks under State supervision.
1
Date of the McFaiden Act; see BULLETIN for May, 1927.
105
FEDERAL RESERVE BULLETIN
F E B R U A R Y , 1932
g|BROKER'S LOANS
REPORTING MEMBER BANKS
REPORTED BY THE NEW YORK STOCK EXCHANGE
[In millions of dollars. Monthly data are averages of weekly figures]
[Net borrowings on demand and on time. In millions of dollars]
Loans and investments
Borrow! Loans A l l !
ings at
•
on
other I
! U. S. F.'R.
Total securibanks
ties loans ;i Total I securities
Month or date
BY MONTHS
Total:
1931—January
i 22,660
February...
| 22,659
March
• 22,839
April
i 22,942
May
_! 22,713
June
i 22,439
July
! 22,393
August.__
! 22,093
September
i 22,078
October.
_| 21,425
November
; 21,023
!
December
20,749
1932—January
__• 20,178
New York City:
1931—January
7,906
Februarv
7,965
March
7,975
April
7,889
May
7,875
June
' 7,694
July
_J 7,780
August
I 7,633
September
• 7,744
October
j 7,466
No vem ber
i 7,258
December.
! 7,165
1932—January
'\ 6,921
Other leading cities:
1931—October
.; 13,959
November
13,765
December.
13.584
1932—J a iiuary
i 13, 257
BY WEEKS
Total:
1932—Jan. 6
Jan. 13
Jan. 20
Jan. 27
New York City:
1932— Jan f>
Jan. 13
Jan. 2 0 . . . .
Jan. 27
Other leading cities:
1932—Jan. 6
Jan. 13
Jan. 20
Jan. 27
7,495 j
7,315 !
7,302 I
7,157
6,998 !
6,770
6,631
6,480
6,413
5,971
5,859
5, 763
5,644
8,399
8,242
8,150
8,040
7,893
7,853
7,964
7,900
7,870
7,679
7,586
7,441
7,331
6,766
7,102
7,387
7,745
7,822
7,816
7,798
7,713
7, 795
7,775
7,578
7, 545
7,203
3,163
3,385
3,638
3,913
3,957
4,048
4,121
4,074
4,154
4,171
4,072
4,127
3,943
82
57
35
26
28
56
44
75
127
398
404
499
469
3,111
3,079
3,176
3,080
3,039
2,846
2, 764
2,640
2,657
2, 369
2,277
2,237
2,209
2,472 2,323
2,410 2,476
2,295 2,504
2,242 2,567
2,194 2,642
2,204 2,644
2,365 2,651
2,370 2,623
2,375 j2,712
2, 272 2,825
2,243 2, 738
2,218 2,710
2,220 2,492
1,254
1,353
1,391
1,414
1,460
1, 523
1,608
1,600
1,652
1, 750
1, 705
1,732
1,631
5
2
3,602
3, 582
3, 526
3,435
5,407
5,343
5, 223
5, 111
End of month
1931
Januarv
February
March
April..
Mav
JuneJulv
August
September
October
November
December
1932
1,720
1,840
1,909
1, 651
1,435
1,391
1,344
1,354
1 0-44
796
730
587
1931
512
3
3
74
16
83
34
4,950 i 2,421
4,840 j 2,367
4,835 2.395
4,711 I 2,312 j
324
388
416
435
5, 687
5,660
5, 632
5,596
7,390
7,371
7,303
7, 259
, 7,302
! 7,256
i 7,117
; 7,137
4,057 I
3,996 j
3,880 i
2,223
2,216
, 2,205
| 2,194
2,249
2,249
2,211
2,171
| 2,567
! 2,523
! 2,422
' 2,454
1,722
1,676
1,578
1,547
3,464
3,444
i 3,427
! 3,402
5,141
5,122
5,092
5,088
! 4,735 ! 2,335
I 4,733 2,320
I 4,695 2,302
! 4,683 2,294
3,841 j
!
!
!
'
483
469
457
467
374
1931
163
194
217
185
141
170
173
1932
138
194
112
108
148
132
455
1
Back figures—See Annual Report for 1930 (Table 57).
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
[In millions of dollars Monthly data are averages of weekly figures]
Month or date
Total
1931—January
February...
March
April
May
June
July
August
September..
October
November..
December. .
1932—January
1,798
1,759
1,858
1,824
1,644
1,464
1,434
1,342
1,268
921
802
655
544
For account of For acFor
out-of- count of
own acothers
town
count 1
banks 2
1
1
1
1
1
1
132
329
186 i
335 :
674
588
554
473
290
264
271
191
181
204
226
74
174
90
124
88
65
505
488
453
445
56
09
73
61
322
279
110
062 ;
951
943
568
563
531
513
Jan.6._
Jan.13.
Jan.20.
Jan 27.
60
45
15
15
423
424
442
452
1932
1, 557
i 1 646
1, 692
j 1,466
' 1,293
1 1,221
1 171
1,160
932
688
582
|
'
!
i 20,379
! 20,287
| 20,052
j 19,992
!
7,039
; 6,988
..' 6,838
' 6,819
!
j 13,340
| 13,299
!
13,214
__ 13,173
From New
From private
York banks banks, brokers,
and trust com- foreign banking
agencies, etc.
panies
Total
: Investments
337
283
259
231
174
173
168
165
151
157
»90
13
12 Weekly reporting member banks in New York City.
Member and nonmember banks outside New York City (domestic
banks
only) includes unknown amount for customers of these banks.
3
New clearing-house rule relating to "Loans for account of others"
became effective Nov. 16; see p . 657 of BULLETIN for December, 1931.
Back figures—See Annual Report for 1930 (Table 56).
ACCEPTANCES AND COMMERCIAL PAPER
[In millions of dollars]
End of month
Total
1930
1931
1,693 1,520
January
1,624 1,520
February
March
_ . . . 1,539 1,467
1,414 1,422
April
1,382 1,413
Mav _ . _
1,305 1,368
June
1, 350 1,228
July
1,339 1,090
August
996
1,367
September
1,508 1,040
October
1, 571 1, 002
November
. 974
1,556
December
Figures for acceptances outstanding
about 20 dealers.
Bankers' acceptances outstanding (dollar acceptances)
Heldb yFeden ilreserv ebanks
Held by group of accepting banks
For ac count
For own
of forei gn corOwn bills
Bills bought
Total
accc)imt
respor ldents
1930
1931
1930
293. 3 | 89. 3 525.9
269.2 85.0 503. 0
i 277.3 123. 2 482.5
208.5 161.6 465.5
184.0 124.4 462.8
' 126.8 95.0 469.7
i 129.0 39.0 479.2
167.0
70.1 470.7
! 207.7 ; 419.7 431.6
;
141.3 647. 3 433.1
! 143.0 418. 3 428.8
i 327.9 305.3 439.3
(and held by accepting
1931
447.4
456.0
430.8
408.9
380.2
340.8
243.0
228.0
100.1
99.3
126.4
250.6
banks)
1930
1931
1930
1931
1930
63.1 134.0 157.3
220.5 571.4
182.9 549. 5
70.7 151.4 112.2
166.7 472.2
71.9 130.9
94.7
157.5 410.2
54.7 125.0 102.8
165.6 464. 2
62.6 171.4 103.0
205.1 553. 5
63.7 196.2 141.4
278.6 668.0
62.5 231.7 216.1
267.3 606.5
95.1 168.0 172.2
316.7 409.9 130.9 161.6 185.8
384.2 230.4 172.4 112.3 211.8
493.0 296. 2 180.2 124.7 312.8
371.5 262.1
89.6 131.0 281.8
from American Acceptance Council;
1931
Held by
others
1930
437.4 653. 2
398.2 668.8
341.3 612.9
285. 3 582.2
292.8 569. 8
357.4 503. 3
436.3 4f.2.9
438. 5 434, 4
248.3 410.8
118.1 549.7
171.4 506.6
131.1 417.4
for commercial
1931
Commercial
paper outstanding
1930
1931
404
327
411.9
315
457
429.5
529
311
440.8
553
307
441.3
541
305
444.2
527
292
378.7
289
528
278.0
526
271
185.4
248
513
66.3
485
21C
63.0
174
448
162.0
358
118
156.0
paper as reported by
106
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
INTERBANK LOANS: MEMBER BANK LOANS
BANK SUSPENSIONS
TO BANKS
[Banks closed to public on account of financial difficulties by order of
[In millions of dollars]
Total,
by all
member
banks
Date
By reserve city banks l
Total
By
other
supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened. Deposits are as of date
of suspension where available, otherwise as of latest available call date
preceding suspension.]
[Figures for latest month are preliminary]
In New
York in L-m
City » cago
Deposits (in thousands of dollars)
Number of banks
banks
Month
1928—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
..
548
538
548
670
640
714
527
535
466
631
446
457
599
P791
502
501
509
621
595
669
462
474
404
569
388
397
535
287
288
251
314
302
322
199
196
169
283
154
150
250
'374
35
40
62
67
68
88
58
50
41
55
41
70
65
*87
179
173
196
241
225
258
205
228
193
231
194
177
219
*260
46
37
39
49
45
45
65
62
62
62
58
60
64
'70
1
Member banks in 62 legally designated cities: 2 central reserve cities
(New
York and Chicago) and 60 other reserve cities; see table on p. 128.
3
Central reserve city banks,
a Other reserve city banks; see table on p. 128.
* Preliminary.
11929! 1930
January
February..
March
April
May..
June
July
August
September.
October
November.
December..
1931 1932
99
85
76
96
55
66
65
67
66
72
254
344
Year-1642 1,345 '2,298 I
1929
1930
16,413
21,746
9,002
7,790
24,090
19,219
66,161
8,532
10,050
13,153
22,646
15,730
28,903
32,800
23,769
33,388
19,315
, 70,566
I 32,333
! 21,951
I 23,666
24,599
186,306
367,119
234,532 1864,715
1932
1931
' 76, 553 275, 411
' 34,616
'34,320
' 41, 683
'43,493
' 190, 480
' 40, 745
'180,028
'233, 505
' 471,380
' 67, 658
' 277, 051
1,691, 510
' Revised.
Back figures.—See Annual Report for 1928 (Table 64).
MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE
PAPER) COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS
lln millions of dollars. Backfiguresnot available]
Holdings of Government securities i and eligible paper (including paper under rediscount)
By other banks
By reserve city banks 2
Member
bank
borrowings at
Federal
reserve
banks
By all member banks
Date
U.S.
Govern- Eligible
ment se- paper
curities *
1927—June 30—.
1928—June 3 0 Oct. 3 - - . .
Dec. 31...
1929—Mar. 27—
June 29—
Oct. 4 . . . .
Dec. 3 1 . .
1930—Mar. 27...
June 30. _
Sept. 24..
Dec. 31__
1931—Mar. 25...
June 30- _
Sept. 2 9 1
2,299
2,714
2,823
2,730
2,832
2,577
2,469
2,403
2,619
2,640
2,682
2,777
3,584
3,871
3,942
2,775
2,680
2,551
2,349
2,582
2,688
2,865
2,713
2,542
2,285
2,271
2,100
2,045
1,870
1,787
U.S.
Total
5,074
5,394
5,374
5,079
5,414
5,265
5,334
5, 116
5,161
4,925
4,953
4,877
5,629
5,741
5,729
Govern- Eligible
ment se- paper
curities 1
847
862
914
932
974
929
912
814
818
772
764
708
776
836
994
1,992
1,967
1,817
1,811
1,761
1,773
1,733
1,684
1,662
1,620
1,541
1,438
1,373
1,328
1,209
Total
2,839
2,829
2,731
2,744
2,735
2,702
2,645
2,498
2,480
2,392
2,305
2,146
2,149
2,164
2,203
U.S.
Govern- Eligible
ment se- paper
curities *
3,146
3,576
3,738
3,662
3,807
3,506
3,381
3,217
3,438
3,412
3,446
3,485
4,360
4,707
4,936
4,767
4,647
4,368
4,160
4,343
4,461
4,598
4,397
4,204
3,905
3,812
3,538
3,418
3,198
2,996
Total
I
7,913 i
8,223
8,106
7,822
8,150
7,968
7,979
7,614
7,642
7,317
7.258
7,023
7,778
7,905
7,932
441
1,096
1,020
1,041
981
1,029
899
646
206
274
173
248
165
147
323
Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation.
* Member banks in 62 legally designated cities: 2 central reserve cities (New York and Chicago) and 60 other reserve cities; see table on p. 128.
107
FEDEEAL EESEKVE BULLETIN
FEBRUARY, 1932
MEMBER BANK BORROWINGS AT FEDERAL
RESERVE BANKS
OPEN-MARKET RATES
RATES IN NEW YORK CITY
[Monthly averages of weekly figures. In millions of dollars]
Prevailing rate o n Reporting member
banks in leading cities
Total 1
New York
City
Month
I
!
1931
January
February
March
April
May
June
July
August
September
October
November....,
December
•
;
i
!
i
'
|
;
!
i
|
I
245
209
173
146
149
185
168
214
284
627
684
815
Other leading cities
1932 ! 1931 ! 1932 • 1931 ! 1932
823 II
77
435
55
35
26 I
28 |
56 I
34 I
!
._„•
Member
banks
outside
leading
cities i
1931
163
152 :
138
120 ;
121
129
124
139
1932
Prime
Month or week commercial
paper,
4 to 6
months
Average rate Average yield
on—
U.S.
Call loans i TreasPrime
ury
bank- Time
notes Treasers'
and
accept- loans,.
ury 3
Re- certifi- bonds
90 2
ances, days
New newal cates,
90
3 to 6
days
months
354
1931
23/4-3
January
1.50
2H-23A
February
194-2 i 1.50
2H
| March
2 -2U\ 1.56
April
1H IH-2U 1.57
44
May
Wi-2 | 1.45
2 -2*4
72
124
June
1.50
2
229
324
July
2
m-iH 1.50
388
280
August
I
2
416
3 1 6 ••
1H-1H 1.50
September
1.50
2
134-2
2.10
2-4H\ 1J4-3J4 2*3-4
i Includes (in small amounts) discounts by Federal reserve banks for October
2.50
nonmembers: (1) Bills discounted for intermediate credit banks and November
(2) notes secured by adjusted-service certificates discounted for non- December
2.73
member banks.
1932
FEDERAL RESERVE BANK RATES
January
2.61
Week endingDISCOUNT RATES
Dec. 26,1931..
3 3 -4 3.00
[Rates on all classes and maturities of eligible paper]
Jan. 2,1932
I 3%-4
3 3 -4 ! 3.21
Jan. 9,1932.._j 3%-4
3 3*i-4 I 2.94
Jan. 16,1932... 3?4-4
2.50
2^-3
! Rate in
estab- Previous
Jan. 23,1932...
2% 3*3-3% 2.50
effect on Date
Federal reserve bank
lished
rate
Feb. l
Jan. 30,1932_._
3*2-3?4 2.50
2
Boston
VA
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
^ Minneapolis
Kansas City
Dallas
San Francisco
VA Oct.
3H Oct.
VA Oct.
3H Jan.
3H Nov.
3K Oct.
VA Oct.
%% Sept.
VA Oct.
3J2 Jan.
sy2 Oct.
:
••
!
Oct.
m-m
17,1931
2}4
16,1931 j
22,1931 !
24,1931
25,1932
14,1931
17,1931
22,1931
12,1930
23,1931!
28.1932
21,1931
2>£
3
3
4
3
2H
2lA
4
3
4
2}i\
1.57
1.50
1.55
1.52
1.45
1.50
1.50
1.50
1.50
2.10
2.50
2.70
1. 24
1. 06
< 1 . 38
1. 49
88
4 # 55
41
42
4 45
1 70
1 77
«2 41
2.65
2.48 i
4.27
3.00
3.12
3.10
2.50
2.50
2.50
2.68 !
2.74
2.68
2.53
2.18
2.54
3.9&
4.08
[Buying rates at the Federal Reserve Bank of New York]
Maturity
Rate in ;
estab: effect on !j Date
lisheri
; Feb. 1
2;
1-15 days
10-30 days
31-45 d a y s . . . .
46-60days
61-90 days..-
j
|
\
j
:
2«A
2%\
3 ||
3 ;
91-120 days
121-180 days
:
j
3 j
3KI
Jan. 12 1932 ;
do
do
do
do
;
NOTE.—Rates on prime bankers' acceptances.
charged for other classes of bills.
Previous
rate
do
do..._
:
3M
!
Higher rates may be
4.22
4. 32
4.28
4.29
1
2
3
Stock exchange call loans; new and renewal rates.
Stock exchange 90-day time loans.
3 issues—Ws, 394, 4 per cent; yields calculated on basis of last redemption
dates—1947, 1956, and 1954.
4
Change of issues on which yield is computed.
Back figures.—See Annual Report for 1930 (Tables 36 and 37).
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates]
AEonth
New York City
8 other northern
and eastern cities
27 southern and
western cities
1930
1930
1931
1932
1930
1931
1932
5. 64
4.24 4.71
4.31
4.20
4.17
4.11
4 13
4.05 !
3.97 i
3. 93
4.27
4.67
4. 64
5. 88
5. 66
5. 47
5 22
5. 13
5 06
4. Si
4 79
4.74
4.75
4.66
4. 68
4. 01
4. 63
4. 62
4 57
4. 55
4 19
5.07 ! 6.12 5.50
; 6.04 r 5. 43
i 5.98 5. 40
!
5 86 5 36
i 5.75 5. 26
/; fifl 5 34
5. 62 5.30
5.57 '5.28
5. 54 5.32
5. 53 5. 38
5.49 5. 53
5.42 5.59
1931
Back figures.—See Annual Report for 1930 (Table 33).
BUYING RATES ON ACCEPTANCES
3.33
3.40
3.39
3.38
3.31
3.30
3.32
3.34
3.42
3.71
3.69
3.92
January
Februarv
March-'
Vpril
May
June
July
August
September. ._
October
November...
December..
1:1
4.91
4.74
4 59
4.48
4.41
4.29
4.26
4.17
4.16
•1. 4 8
4 47
4.48
4. 02
4. 87
4. \n
1932
5. 61
NOTE.—Figures relate to rates charged by reporting banks to their
own customers as distinguished from open-market rates (which are
given in preceding table). All averages arc based on rates reported for 3
typos of customer loans—commercial loans, and demand and time loans
on securities. The method of computing the averages takes into account
(a) the relative importance of each of these 3 types of loans and (6) the
relative importance of each reporting bank, as measured by total loans.
In the two group averages the average rate for each city included is
weighted according to the importance of that city in the group, as
measured by the loans of all banks in the city.
r
Revised.
Back figures—See Annual Report for 1930 (Table 39).
108
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
SECURITY PRICES AND SECURITY ISSUES
SECURITY PRICES
[Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures]
Common stocks (1926=100)
PreBonds1 ferred
Month or date
stocks?
Number of issues.
1930—December
1931—January
February
March
April.May
June
July
August
September
October.._
November
December
....
•-__
|
I
1932—January
81.0
Decj30, 1931
Jan.'6, 1932
Jan. 13, 1932...
Jan. 20. 1932
Jan. 27, 1932
Selected groups of industrial issues
BuildCopRail- PublicTotal Industrial road utility! Auto- ing Chain Chem- per
mobile equip- store ical and
ment
brass
20
404
337
121.7
123.6
124.8
126. 4
125.3
122.6
119.7
121.1
120. 7
116.1
109.4
10S. 5
99.1
109
112
120
122
109
98
95
98
96
82
70
72
58
102
94
103
100 !
110
105
112
97
100
87 i
89
77 !
87
74 '
90
75 ,
89 ! 66 :!
76 I 56
65 I 48 '
46 :
33
96.5
58
54 : 37
95.1
95. 4
96.8
97.4
96.3
55
56
60
60
57
52
52:
57 ;
56 ;
53
33
32 :
32 ;
38;
39
38
34
94
91
64 !
Elec- TV/To
trical iviaequip- chinment ery
Steel
Oil
Textile
13
17
9
9
10
16
10
30
71
74
78
81
70
59
58
60
58
47
38
39
31
78
78
86
90
86
89
89
89
92
80
70
69
57
168
162
174
173
148
127
128
131
127
110
90
96
79
80
82
91
96
79
67
62
66
61
50
43
45
35
182
176
194
201
172
159
157
161
155
132
113
114
94
117
120
126
125
109
89
83
88
84
72
59
61
46
88
89
91
85
74
63
63
67
70
60
53
57
44
125
124
132
133
116
94
85
88
81
72
59
59
41
51
53
55
58
52
47
45
46
45
40
36
36
31
31
57
80
36
85
48
43
32
31
30
30
33
32
30
54
55
59
58
58
77
77
83
81
77
32
35
39
36
33
92
88
93
84
44
45
49
49
47
40
41
45
44
41
36
32
34
33
30
29
30
31
3!
31
77
* Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity.
2 20 high-grade industrials; average price.
CAPITAL ISSUES
UNITED
STATES
[Long-term; i. e., 1 year or more. In millions of dollars]
New issues
Domestic
Year and month
Total
domestic
and
foreign
Total i
4,006
4,588
5,125
5,189
6,219
6,789
9,420
6,004
2,854
1.043
i
1
334
202
550
369
333
224
i
226
4,427
5,557
6,201
6,314
7,556
8,040
10,091
6,909
3,093
1923___
1924
1925
1926
1927
1928
1929
1930
1931
State
Corporate
Forand
3ign mu- Bonds
niciand
Stocks
pal
notes
Refunding
issues
(domestic
and
foreign)
L,380
L, 352
L,344
L,475
1,379
1,418
1,434
1,229
1,976
2,200
2,452
2,667
3,183
2,385
2,078
2,980
1,239
659
829
1,153
1,087
1,474
2,961
5,924
1,503
311
421
969
1,076
1,125
1,337
1,251
671
905
239
682
759
925
1,046
2.220
1I858
1,422
711
959
49
119
276
101
172
118
96
74
111
15
52
40
235
48
250
166
132
100
113
34
94
14
26
28
45
27
9
102
29
6
2
12
12
4
24
39
96
9
2
43
19
36
2
0
24
0
8
0
182
15
145
203
133
144
45
6
44
1
20
21
1931
January
February.. _
March
April
May
June
July
August
September..
October
November.,
December.
430
211
552
412
352
260
228
120
241
44
117
119
|
1
120
217
44
109
119
1
Includes issues of Federal land banks and Federal intermediate credit
banks,
not shown separately.
2
Issues publicly offered.
Sources.—For domestic issues: Commercial and Financial Chronicle;
for foreign issues, annual totals areas finally reported by Department of
Commerce, while monthly figures are as compiled currently and are
subject to revision.
GOVERNMENT
SECURITIES
[In millions of dollars]
I Outstanding at end
of month. (See note)
Bonds Certificates
and
Total
and
notes
bills
Month
1930
June
July
August
September
October
November
December
15,922
! 15,919
15,933
.1 15,824
15, 92:
_ 15, 933
_ 15, 774
14, 502
14,499
14, 498
14, 457
14,457
14, 456
14, 454
Total (12 mos.)j_
1931
January
February
March
April
May
June
July
August
September
October
November
December
Increase or decrease (—)
during month
j
: 15,913
j 15,979
_ . J 16,280
i 16,368
I 16,245
Total (12 mos.).
14, 594
14, 573
13,838
13, 567
13, 323
14,152
14.178
14.179
14, 980
14,981
14,955
15, 092
1,420
1,420
1,435
1,367
1,470
1,477
1,320
Bonds Certifand
notes icates
-221
-3
14
-109
103
6
-159
-100
-3
-1
-41
-255
-169
-114
139
-21
-735
-271
-244
829
26
1
801
1
-26
137
1,036
204
125
-633
-22
-18
-339
-21
-14
351
1,319
139
1,406
66
2,442
301
2,801
88
2,922 - 1 2 3
2,368 .
275
2,344
2
2,406
63
2,068
463
2,047
-20
2,085
12
488
2, 436
1, 754
Bills
-121
i
Zl
637 |
-17
55
15
-51
103
-102
28
87
C69
"155
-4
79
-2
80
44s
NOTE.—Figures relate to interest-bearing public debt; matured noninterest-bearing debt amounted to $297,000,000 at the end of December,
1931. Figures include obligations held in Government trust funds
amounting to $393,000,000 at the end of December, 1931.
Bonds and notes long-term—i. e., one year or more (figuring from date
of issue); certificates and bills, shorter term.
109
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-1925 average =100. The terms adjusted and unadjusted refer to adjustment for seasonal variation]
Building contracts awarded
(value)**
Industrial production*
Year and
month
Freight-car
loadings *
CommodTotal i
All other
Manufactures
Total
Residential
Minerals
ity +
prices
t
i
,
jUnad-! A d - Unad-| Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad-I Ad- Unad-j Ad- Unad- Unad- Adjusted I justed justed I justed justed justed justed j ited justed justed justed justed justed I justed justed justed justed
1
1919
1920
1921__
1922
1923
1924
1925
1926
1927
1928
1929
1930.
1931
87
67
85
102
95
104
108
106
111
119
96
1927
October-..
November
December.
105
101
103 il
1928
January—
FebruaryMarch
April
May
June
July_
August
September
October, _.
November
December.
105
111
112
110
110
108
105
110
116
118
115
109
• 1929
January—
FebruaryMarch
April
May
June
_
July
August
September
October- - .
November
December.
1930
J a n u a r y . __
FebruaryMarch
April
May
June
July
August
September
October...
November
December.
1931
January.._
February.
March
April
May
June
July
August
September
October...
November
December.
Factory
pay
rolls 2
Factory employment a
84
87
67
86
101
i
!
i
jj
105
108
106
112
119
96
J>80
i
I
|
i
i
!
!
1
63
63
56
79
84 I
94 '
122
129
129
135
70
74
105
108
107
106
115
99
ii
j
I
!
79
90
65
88
86
94
120
135
139
142
142
125
44
30
44
68 !
81 |
95
124 |
121
117
126
87
50
37
11.7
92
63
|
"""I 8 4
i
104 ! 102
100 i 100
95 j 100
112
105
97
105
101
103
126
122
111
128
129
131
120
120
111
119 I
121
125
131
124
111
135
136
136
105 !
108 I
108 li
109 !j
109 I
109 |
109
111
114
116
116
116
106
113
114
113
111
106
109
109
110
110
111
110
112
115
116
116
117
100
99
98
94
104
104
103
111
115
123
117
106
103
103
103
105
105
101
101
105
107
114
113
112
111
121
138
155
159
154
142
137
138
134
122
107
137
138
137
137
137
139
132
131
134
136
132
127
116
128
143
152
149
140
127
116
118
115
112
93
139
142
136
130
130
133
126
119 i
118
115
114
106
108
115
134
157
168
166
155
154
154
150
130
117
135
135
137
142
143
144
137
141
147
152
146
145
117
121
123
124
126
125
120
122
123
121
108
117
118
118
122
124
127
125
123
122
118
108
100
117
122
126
128
128
127
120
122
123
119
107
93
117
118
120
124
126
129
126
124
122
118
108
98
114
116
101
103
116
116
118
121
127
127
114
110
118
120
107
115
116
112
114
115
118
118
110
116
102
121
139
143
144
136
129
112
104
94
84
120
118
121
123
121
126
124
122
110
107
103
102
81
84
106
117
113
102
94
84
73
67
66
53
97
94
101
100
97
95
93
86
73
67
67
61
111
116
133
158
168
178
170
166
144
135
116
109
139
137
137
142
141
152
149
152
140
139
132
136
103
109
107
108
105
99
91
90
92
90
85
78
104
107
104
106
104
100
94
91
91
87
84
82
103
110
109
110
106
99
89
88
91
88
83
76
103
107
105
107
104
100
94
90
90
85
83
80
108
104
91
93
102
103
100
101
100
104
95
89
112
109
96
104
103
100
97
96
94
98
92
94
78
89
102
113
125
116
107
85
82
75
68
59
95
104
102
101 .
105 !
99
95
81
81
78
76
73
104
126
141
156
178
166
155
115
108
128
148
144
140
148
140
135
106
105
82
81
88
91
91
90
83
79
77
77
72
71
"65
81
85
87
89
89
84
83
79
76
71
70
100
109
105
110
116
117
115
110
|
J
i
|
!
i
|
84
107
104
101
94
87
81
71
57
39
84
91
79
87
100
97
103
106
103
103
106
92
75
103
114
101
101
97
97
97
96
101
96 j 103
96 ! 100
101
101
98
103
104
107
104
99
104
100
92
94
97
96
105
101
105
109
119
119
109
94
102
102
103
101
103
100
102
103
105
106
107
106
96
96
96
97
99
101
108
111
111
111
110
106
111
112
111
95
99
98
102
109
110
111
115
121
118
102
108
107
105
108
107
108
107
107
106
104
102
102
97
97
98
97
96
96
100
93
92
91
91
89
87
84
84
84
83
80
82
77
76
75
73
71
70
70
70
97
95 !
94 I
96
97 |
96 |
96 i
SI
100
100
99
97
100
101
102
102
102
102
104
105
103
99
95
93
104
100
96
85
84
82
81
80
76
67
50
100
100
101
102
102
103
103
103
102
101
99
97
94
139
154
98
97
101
98
104
100
95
98
97
94
93
92 i
91 j
90
87 !
84;
83 |
82 !
81 !
43 ! 77
75
98
118
77
81
103
96
101
104
102
102
108
87
66
107
108
82
90
104
96
100 j.
101 i.
99 !
97 '.
101 -.
88 |
74
76
77
78
78
77
75
74
74
75
71
69
68
78
78
78
78
78
76
75
74
73
{
i
|
|
;
!
i
99
100
97
97
96
94
94
70 I
69 !
69
68
66
12 For back figures see BULLETIN for September, 1931 (p. 508). For indexes of groups and separate industries see p. 135.
For indexes of groups and separate industries see p. 136.
* Average per working-day.
** 3-month moving average, centered at second month; see BULLETIN for July, 1931, p. 358.
t Wholesale price index of Bureau of Labor Statistics: 1926=100. Index numbers for groups and subgroups of commodities are given on i> 137
v Preliminary.
110
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
Month
January
February
March -_ _ _ _
April
May.. __
June
July
August-. _ _
1928 | 1929
_ _
_
_
October
November
December
_ .-
.
Year
411 I
371
421 :!
364 ;
423
389 i
488
442
490
425
385
393
379
379
422
550
545
476
•
,
i
:
5,128 ;
Merchandise imports
1931
1930
1928
1929
403
381
437
529
442
427
411
349
370
332
320
295
267
298
312
327
289
275
250
224
236
215
204
187
181
165
180
205
194
338
351
380
345
354
317
318
347
320
355
327
339
369
369
384
411
400
353
353
369
351
391
338
310
5,241
3,843
*>2,424
4,091
4,399
1930
Excess o F e x p o r t s
1928
1931
1929
1930
1931
311
282
300
308
285
250
221
218
226
247
204
209
183
175
210
186
180
173
174
167
170
169
150
»153
73
20
40
19
69
71
61
32
102
195
218
136
119
72
106
15
*15
40
50
11
86
137
104
117
100
67
69
24
35
44
46
79
86
80
85
67
66
49
26
29
24
14
3,061
v 2, 090
1,037
842
782
»334
*2
10
36
44
* Preliminary.
* Excess of imports.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[1923-1925 average=100. For back figures see BULLETIN for November,
1930, p. 686]
[Index numbers; 1 1923-1925 average** 100. Source of basic data: American Railway Association]
1931
Index of stocks (end of
month)
Index of sales»
DecemOctoberjNoveinber
ber
August
Month
Without
Without
Adjusted
Adjusted
for seasonal seasonal ad for seasonal seasonal adjustment
variation
justment
variation
1930
January
February. _
March
April
May
June
July
August
September .
October
November..
December..
107
108
107
107
105
103
100
102
99
102
Year.
1931
1930 1931
97
106
97
95
91
88
84
86
83
81
93
110
105
98
71
77
103
112
113
165
79
80
92
101
97
90
65
67
87
93
95
142
102
91
1930 1931
1930 I 1931
99
93
100
101
98
93
87
87
95
101
104
85
94
1
Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and for six
national holidays: New Year's Day, Memorial Day, Independence Day,
Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the! effects
upon sales of changes in the date of Easter.
»• Revised.
Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore
Miscellaneous3
Merchandise
72 i
70 !
42 |
Total
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore
M iscellaneous8
Merchandise
76
68
38
78
74
42
83
45
70
72
46
61
70
50
95
64
38
89
81
86
83
76
37
79
81
88
82
86
33
50
81
87
80
80
31
16
70
85
66
25
10
57
77
69
69
42
78 I
72
36
52
73
86
69
72
44
68
65
44
69
65
47
74
64
33
36
69
83
76
69
33
23
72
83
63
60
30
40
73
S3
Without seasonal adjustment
1
1
Based throughout on daily average loadings*
In less-than-carload lots.
78
111
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars. Figures for last report date of month ij
1
Month
Europe
Total (45! United
countries) States
10,823
1930—September
10,852
October
10,894 |
November
10,907
December. __
10,953
1931—January
11,008
February
11,071
March
._
11,107
April
11, 217
May
11, 264
June
11,210
July
11, 283
August
11,260
September
11,108
October.. . .
November... v 11,208
December... P .11, 242
1932—January
Canada
T«!; A u s t r i a j B e> g iu m
5,141
5,207
5,238
5,281
92
5,313
94
5,350
96
5,388
99
5,395
102
5,428
87
5,351
87
5,353
89
5,413
83
5,686
86 i * 6 , 0 6 0
82 i » 6,106
*>78
'6,182
110
122
129
110
4,159
4,184
4,220
4, 225
4,285
4,309
4,343
4,373
4, 445
4,593
4,587
4,632
4, 364
3, 905
4,031
4,051
!!
!:
ii
:;
!
j!
;
I1
ii
:
i
!
J
i:
i!
.|
!;
30
30
30
30
30
30
30
30
30
30
30
30
27
27
27
27
Czecho- Denmark England
Bulgaria slovakia
Germany
France
173
180
180
191
10
10
10
10
42
44
46
46
46
46
46
46
761
776
762
718
1,899
1,992
2,037
2,100
590
519
519
528
191
197
200
201
201
199
214
221
346
357
356
354
10
11
11
11
11
11
11
11
11
11
11
11
46
46
46
46
46
46
45
45
45
46
46
49
46
46
46
46
46
46
46
46
679
685
699
712
735
793
643
649
656
660
587
588
2,176
2,192
2,200
2,180
2,181
2,212
2,290
2,296
2,326
2,534
2,659
2,699
535
544
553
564
569
339
325
325
310
273
239
234
588
v 2,808
P226
39
39
v 4, 007
Europe—Continued
Month
I
Greece Hungaryj
Italy
Nether- Norway Poland
lands
Ruma- i Spain
nia
U. S. S. YugoSweden Switzerslavia
land
6 other
countries a
1930—September.
October
November.
December..
28 i
28 |
28
28 !
273
278
279
279
157
171
171
171
39
39
39
39
63
63
63
63
56
56
56
56
478
478
474
471
123
128
130
138
249
249
249
249
27
27
27
28
1931—January
February. _.
March
April
May
__,
June
July
August
September.
October
November.
December. _
279
28 !
279
26 |
279
22 !
279
20 i
280
20 :
282
20 \
283
20 j
283
18 !
286
18 I
293
18 j
296
18 !
18 ' J>296
175
179
179
181
181
200
236
260
282
336
362
357
39
39
39
39
39
39
39
39
39
46
42
41
63
63
63
64
64
64
64
64
64
67
67
67
56 !
56
53
53
53
53
53
53
54
54
54
58
466
466
467
467
468
468
439
439
439
434
434
434
126
124
124
124
124
162
225
229
328
422
425
453
249
249
259
259
262
262
267
280
293
309
315
328
28
28
28
29
29
29
28
28
28
33
472
329 i
1932—January
Latin America
Total
(10
countries)
Month
1930—September
613
575
October
550
November
534
December
506
1931—January
497
February
483
March...
475
April
465
May
451
June
416
July
400
August
I
369
September |
360
October
|
358
November.. _i
December... I i>344
"
Argen- Brazil
tina
!
Far East
1
1
Austra- India
lia
434
429
417
412
99
79
75
75
397
390
378
370
362
350
322
309
281
270
2G5
76
76
77
74
74
75
66
52
52
53
51
52
128
128
128
128
128
128
135
141
147
151
158
162
162
162
162
162
Africa
Japan
Java
431
414
409
412
415
417
415
419
422
425
412
406
408
342
271
234
i
1
All figures are as of final day of month except those of 15 countries, for which last report days are shown on page 399 of the FEDERAL RESERVE
BULLETIN for July, 1931.
* Countries which, for the period shown in the table, have not had gold reserves in excess of $10,000,000. For Europe these countries are: Albania,
Estonia, Finland, Latvia, Lithuania, and Portugal. For Latin America they are Bolivia, Chile, Ecuador, Guatemala, and Mexico.
* Preliminary.
NOTE.—For institutions represented, items included, and rates of conversion into dollars, see note to similar table on p. 399 of the FEDERAL
RESERVE BULLETIN for July, 1931. The July BULLETIN also contains separate figures for the 45 countries by months for the period June, 1928-May,
1931 (pp. 399-400); and by years for the period 1913-1930 (p. 394).
112
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
GOLD PRODUCTION
[In thousands of dollars]
Africa
Month
Total
1930—January
February...
March
April
May
June
July..
August
SeptemberOctober
November.
December _.
Total (12 months).
1931—January
February._
March
April
_
May
June
July
August
September.
October
November.
December..
Total (12 months)
1
2
3
4
5
6
25, 578
23, 900
25, 529
25,134
26, 366
25, 929
26, 511
26, 361
26, 417
27,073
26, 873
27, 416
6
321, 695
South
Africa
Canada
West
Mexico Australia
Southern
Rhodesia
Belgian
Congo 1
Gold
Coast 2
17, 961
18,934
18, 355
19, 041
18,916
18, 642
19,142
18, 337
18, 519
953
897
941
947
985
935
947
•954
954
930
917
961
253
236
246
231
234
235
230
240
264
284
302
243
469
420
423
481
621
436
416
427
456
390
673
414
3,186
3,006
3,385
3,497
3,478
3,628
3,520
3,437
3,686
3,862
4,087
4,682
1,129
1,283
1,051
1,152
1,205
1,158
1,115
1,140
1,117
1,109
1,172
1,196
221,526
11, 320
2,999
5,625
43,454
13,827
18,434
16,927
18,317
27, 652
19,151
25, 341
17,427
18,791
26, 835
18,194
26, 994
18,901
27, 627
18,594
27, 301
18, 959
* 27, 212
18,
859
v 27, 548 i
v 27,947 i 18, 981
19,537
P 28, 742 '*
18,6.15
18,133
244,141 |
944
885
874
905
904
912
925
895
886
915
920
282
271
285
277
256
268
272
282 I
323
349
324
494
366
405
419
671
447
M47
P629
4,192
4,033
4,213
4,612
4,448
4, 823
4,625
4,664
4, 966
4,928
4,837
5,053
1,282
1,012
9S9
1,331
1,209
1,104
815
1,229
1,075
1,042
8,607
Japan '< India *
544
542
571
556
600
607
670
626
691
716
709
700
610
589
595
309
309
577
571
621
607
639
677
702
7,531
6,806
657
764
683
694
716
663
668
654
692
679
649
582
596
563
523
491
502 '
517
564
675
55, 39i |
Output of Kilo-Moto mines, which in 1929 represented 95 per cent of total gold production in Belgian Congo.
Gold exports from the Gold Coast, representing almost entire production of British West Africa.
Output of principal mines, representing about 95 per cent of total gold production in Japan.
Reported monthly production of the Mysore district plus $82,000 representing the average monthly production of the rest of India in 1930.
Monthly figures not yet available.
Total world production of gold in 1930 was $417,000,000 according to the annual report of the Director of the Mint for 1931; this figure includes
$43,000,000 produced in the United States, $21,000,000 estimated to have been produced in Russia, and $31,000,000 produced in other countries not
shown in the foregoing table.
v Preliminary.
113
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
GOLD MOVEMENTS
[In thousands of dollars]
Great Britain: Net imports from—
Month
All countries
25,600
1930—January
4,886
February.-_
j 25,432
March
27,913
April
-15,746
May
- 6 , 912
June
-15,709
July
2,811
August
2,094
September10,662
October
-1,965
NovemberDecember-. - 3 5 , 3 8 3 i
Total
23,685 I
-43,470
1931—January
February...
2,443
March
6,452
April
24,084
May
19,122
June
54, 300
July
-130,808
-24,150
August
-10,887
September16,316
October
November.. - 5 8 , 8 4 0
December.. - 2 2 , 507
Total
United
States
282
France
Germany
-10,325
-89
-9
-979
- 5 2 , 633
-11,427
- 3 1 , 517
-13,683
-15,909
-26,827
- 3 9 , 682
- 6 5 , 750
-3,476
-32,917
- 2 , 290
- 9 , 827
-5,972
- 7 , 749
-785
-765
-1,470
-2,681
-940
- 9 , 963
283 - 2 6 8 , 831
-1,506
11
-1,027
1,214
- 5 , 421
-10,222
- 7 2 , 616
-18,178
- 7 , 793
-344
-296
-232
-110,144
-13,333
-792
- 8 , 508
- 8 0 , 340
- 3 5 , 977
Belgium
Nether- Switzer- South British
land America India
lands
"-601
-8
-10
-4
-1,218
-187
-39
-55
-21
-16
-20
1
-249
-133
-142
-101
-19
-208
-2,684
-379
-333
-6,176
- 5 , 251
-1,985
- 4 , 251
-614
-685
78,835 ! - 9 , 0 9 0
-981
- 2 3 , 190
- 2 , 661
- 7 , 796
-6,317
-276
-14
18
65
146
-82
-50,133
-24,373
- 2 0 , 542
-10,749
-16,182
-6,1S9
-1,483
-1,772
-1,047
-92
-420
37,514
1, 765
7
-73
-149
o
-743
2
-7, 248
-2
-19
-10,751
-9,145
-39
-9
-86
-224
-407
:
—992 ;
-153
-194 !
- 1 2 6 '•
-133
-3,338 :
-1,658 i
-13,218
-10,182
- 3 , 076
-13,086 '
-26,780 I
I-
Month
TransAll
vaal,
other
Austra- Rhodesia,
lia
West Af- countries
rica
19,098
18,653
17, 700
12, 434
20, 344
12, '.»55
22,186
14,136
15, 200
22,138
17,932
20,997
-384
i 19, 254
-1,531
-297
35
426
619
231
9,828
321
19, 734
29, 444
24, 576
341
516
4, 039
1,815
19,967
5,371
464
-8,177
1, 526
116,415
213, 774
2 22, 893
198
529
-249
305
-258
-25
3,132
984
624
9, 337
31, 306
28,168
1,421
620
879
967
1,003
1,205
1,703
1, 504
680
500
280
601
380
375
365
3,407
398
511
10,096
15, 549
15
524
1, 448
92
20,373
17,489
21,382
23,090
16,185
21, 024
21, 042
17, 861
20,000
26, 297
20,181
28,129
4,363
2, 858
-704
- 3 , 528
-256
- 2 , 647
-382
-599
-304
-32C
2,157
74, 051
11,366
33,160
253, 052
1, 275
12,338
240
402
471
251
276
1,131
5, 852
5,182
2, 856
12, 395
16, 501
-885
-315
-1,015
-910
-1,658
-687
-1,008
—642
-316
-240
-377
-124
57, 896
7,823
8, 485
112
340
2, 753
389
6, 028
602
753
1,255
905
29, 444
France: Net imports from—
Straits
Settlements
-7
-48
270
Germany: Net imports from—
United | EngStates ! land
United EngStates ! land
I
1930—January
February
March
April
May
June
July
August
September..
October
November..
December—
48,097
7,352
28,918
15, 291
25, 011
37,142
37, 472
63, 998
305
667
467
585
628
1,066
4, 739
37, 944
14,801
18, 337
6, 851
7,270
1,187
1,335
- 2 3 , 391
—93, 515
1,185
9, 250;
3,225
27,157
1, 389 j
9, 879
6, 649,
6, 943!
717
556
864
1,833
1,046
7, 693
805
251
934
538
425
621
29, 872
611
1,137
5,685
1,789
7,203
11,966
12,098!
10, 598:
31, 383'
6,371!
-205, 5431
- 6 , 243!
934
-16,947:
- 3 1 , 473;
—41, 968[
875
42
6,742
8, 539
8,269
49
212
222
144
115
87!
1
371
1041
Total
1931—January
February._
March
April..
May.
June.
July
August
September..
October
November..
December...
Total
67, 031 i
-li
35, 992j
9, 643;
,218 ;
257
316;
4,114
29,520 89,7
78, 366
902!
-2
728,176:, 328,130, 312,5611 100,050, 1 8 , 7 7 5 - 8 1 , 2 0 7
1 $19,466,000 imported from Spain.
2 $29,229,000 imported from Spain.
75
163
177
309
424
25, 896.-40,029
10,993 - 1 , 9 4 9
112
31 i 10, 338
22i 9,826
79| 7,718
47,10,327
42; 5,169
-6,1131 5,154
18! 5,218
—23i
-11,859
-24,191
181
548
- 5 , 558
-10, 965
-16,455 - 2 5 , 594'_
15C
103'
55,142 - 6 3 , 866 58, 932
$17,553,000 exported to Belgium.
$29,233,000 imported from Spain.
1
•>r t
-266
-327
2o
-317
-574
3,436
4,183
637
114
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Switzerland: Net imports from—
Netherlands: Net imports from—
Month
All countries
1930—January
February __
March
April.i
May
June
July..
._
August
September. .
October
November. _
December,._
-2,976
-946
78
60
56
23
16, 539
273
68
12,139
35
3
Total
1931—January
February. _.
March
April
May
June
July
August
September-.
October
November. _
DecemberTotal
France
203
43
54
29
23
9
18
251
34
229
115
10
-3,166
-988
25
41
36
16
- 1 6 , 553
21
34
-60
35
31
-9
-6
—5
-17
-6
-8
-10
-8
-2
12, 063
-39
-21
1,018
- 2 0 , 528
=
j
- 7 , 724
249
-118
-156
-433
-519
24, 384
9, 397
60, 076
19,020
30, 598
36. 551
19, 567
16, 413
21, 551
1,449
276
19
—14
-65
-145
-21
9,820
60, 722
15, 387
14, 781
7,982
8,849
198, 619
39,413
117, 591
All
other All coun- United England France
countries
States
tries
Germany
United England
States
-4
5
4
13
5
6
8
2
-92
-76
-18
278
248
139
3,473
207
22
4,993
6,799
1,905
3,775
99
267
406
216
208
2,521
470
242
5, 235
6,955
2,351
4,350
568
684
253
325
95
1,233
29
24
-5
1
-22
-8
-17
1
11,932
-158
22, 204
! 24,205
1,911
26
30
31
25
23
23
37
39
-86
- 1 7 , 572
-1,113
- 2 , 325
-43
-164
-142
-392
-382
24,176
-229
-556
-113
17, 455
4,717
11,672
-8
6
-29
-2
-13
207
-232
-128
1 3,831
-479
2 3, 413
-78
972
201
143
100
123
3,269
1,072
186
1,722
5, 346
9,805
18, 364
-16
-42
-32
-6
8,220
2,300
66
23
3,398
4,519
886
-21,024
56, 059
6,580
36, 422 ! 41,301
19, 317
Q
671
-54
-111
-10
-18
17, 475
3, 597 1
23
18, 096 i
25, 505
94, 339
32. 919
43, 572
3,224
19, 687
254
222, 751
Germany
South
Africa
-167
159
-92
-56
-118
-92
-101
-76
-167
-330
-173
-112
-215
-134
-73
-226
-173
-152
-136
-81
-257
-237
-279
-306
- 1 , 6 4 3 :._
-63
-70
-58
-39
-11
6,110
-36
50
All
other
countries
- 2 , 270
8,270
25, 604
-75
332
11, 044
16, 577
44,196
408
203
-223
-185
-153
-38
-123
-146
-69
3 6,751
* 7,181
209
11
55
39, 684
72, 760
13, 267
British India: Net imports from—
Month
All countries
1930—January.
February
March
April
May
June
July
August
September
October
November
December
Total..
1931- -January
February...
March
April
May
June
July
August
SeptemberOctober
November..
December. .
Total
1
2
3
4
1
j
5,370
3,844
3,447
5, 953
6, 452
9,203
3,404
13,461
3, 568
867
1,323
682
57,672
-286
943
600
696
-3,752
-803
-270
62
- 3 1 , 250
- 3 0 , 311
v 63,442
124, 933 :
$4,020,000 imported from Dutch East Indies.
$3,824,000 imported from British India.
$6,733,000 imported from Australia.
$7,293,000 imported from Norway.
* $9,084,000 was exported to Netherlands.
<s $2,367,000 was exported to Netherlands; $2,729,000 to France.
» Preliminary.
United
States
-4
-10
-778
- 9 , 922
-4,139
England
British
Oceania
1,263
468
415
1,304
1,363
1,135
407
1,144
534
296
360
1, 800
1,865
855
213
96
158
563
1,389
410
10
433
261
8, 681
8. 053
-1,024
323
-26
102
295
- 2 , 254
- 1 , 539
-979
-103
- 1 2 , 207
- 2 2 , 041
94
211
418
199
99
170
404
224
352
2S
Mesopotamia
194
191
344 i
172 I
262
165
150
154
204
152
259
154
2,402
138
113
144
118
167
146
79
202 I
163 |
335
466
Natal
1,417 j
123
1,175 '
3,447 i
3,651
6,827 i
829 |
6,922 i
1, 573
400
24
123
26, 513
All other
countries
666
1,197
058
817
1, 080
920
1, 455
3, 852
847
109
248
152
12, 023
545
184
268
107
111
165
253
223
70 I
42
262 i a
575 ! - 1 0 , 059
8 - 4 , 597
247
49
113
74
24
25
FEBRUARY,
115
FEDERAL RESERVE BULLETIN
1932
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]
1931
: Par of!.._
Monetary unit j exchange Noveni-
Country
Decem- | Janu-
ber
i
ber
I
Country
ary
EUROPE
1932
I Par of
ex
•change Novem- Decera
ber
be.
January
SOUTH AMERICA
Austria
Belgium
Bulgaria..
Czechoslovakia..
Denmark
England
Finland
France
Germany
Greece
Hungary
Italy
Netherlands
Norway
Poland
Portugal
Rumania
Spain
Sweden..
Switzerland1
U. S. S. R.
Yugoslavia
Schilling
\ 14.07
.__!
13. 9516 13.9460 13.9518 : Argentina
Belga
13.90
':
13. 9070 13.9039 13.9140 i B o l i v i a 1
Lev_._
_..;
.72
Brazil—.
__.!
.7138
.7148
.7151
Crown
-__; 2.96
!
2.9626
2. 9627 Chile
2. 9625
Krone.
\ 26.80
!
20. 6700 18.5875 18.8801 Colombia
Pound
i486.66 371. 9934 337. 3707 343.1210 E c u a d o r ^
j
Markka
_! 2.52
j
1. 9839
1. 6938
1. 5036 P e r u 1
Franc...
; 3.92
j
3. 9201
3.9229
3.9294 U r u g u a y .
R e i c h s m a r k . . . 23.82
j
23.6777 23.6192 23.6475 Venezuela *
Drachma
I 1.30
1. 2879
1. 2879
1. 2877
Pengo
! 17.49
ASIA
17. 4670 17.4580 17.4500
Lira
5.26
5.1548
5.1094
5. 0441
Florin
40.20
40.1916 40.2338 40.1828 C h i n a »
Krone.
26.80
20. 5163 18.4831
18. 6969 China»._
Zloty
! 11.22
11.1903 11.1902 11.1934 C h i n a 8
Escudo
4.42
3. 6401
3.2302
3.1042 Hong K o n g 3 —
Leu
.60
.5966
.5959
. 5951 India
Peseta.
; 19.30
8. 6137
8. 3992
8. 3945 J a p a n
:
Krona
26.80
20. 7378 18.7098 19.1888 Java l
Franc- _ J 19.30
19. 4632 19.4805 19. 5074 Straits S e t t l e C h e r v o n e t z . . . 514.60 2 515.0000 2515. 0000 2 515.0000
ments.
Dinar
| 1.76
1.7856
1.7796
1. 7784 T u r k e y
NORTH AMERICA
Canada
Cuba
Mexico
Monetary unit
Peso
Boliviano.
Milreis
Peso
do
Sucre
Sol
Peso
Bolivar...
Mexican dollar..
Shanghai tael...
Yuan dollar
Dollar
Rupee
Yen
Florin—
Singapore dollar.
Turkish pound.
53.8403
36.2883
6.1704
12. 0750
96. 5700
20. 0000
27. 9739
45. 0027
15.4130
P6.48
36. 50
11.96
12.17
97. 33
20.00
28.00
103.42
19.30
58. 5196
35. 7500
6. 2010
12. 0669
I96. 5692
20. 0000
27. 9538
44.5487
J.5. 5000
23.64 24. 5833 23.6010
32.59 34. 0732 32.8G54
23.12 24. 7246 23.7323
23.47 26. 0124 24.8704
36.50 27. 9874 25. 3612
49.85 49. 2968 43.4644
40.20 40. 2196 40.2192
56.78 43.1386 39.0313
58. 2724
36. 0000
6.1579
12. 0500
95.6656
20. 0000
27. 9680
44. 9160
15.0200
23. 5237
32.6357
23.696G
24.8396
25.8179
35. 9866
40, 0940
39. 6900
47.2304
439.65
AFRICA
Dollar
Peso
ilOO.OO
1100.00
Silver peso
i 49.85
88.9914
99. 9913
39.1364
82. 7064
99. 9470
39. 0086
85.1301
99. 9296
39. 3294
Egypt
i E g y p t i a n p o u n d . 494.31 382.0664 '
I
i Averages based on daily quotations of closing rates as published by New York Journal of Commerce.
* Chervonetz quotations nominal.
1
Silver currency. The figure given for parity, represents gold value of unit in January, 1932, computed by multiplying silver content of unit
by New York average price of silver for January, 1932, which was $0.30087 per fine ounce.
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of dollars converted from Swiss francs at par: 1 Swiss franc=$0.1930]
1931
Resources
1931
1930
Liabilities
| Dec. 31 Nov.
30
Dec. 31
2,717
29, 228
1,173
14, 439
69, 026
27, 942
61, 681
34,194
87; 294
96,968
95, 875
46, 484
48, 027
126, 035
28, 037
46, 484
48, 027
154,
Cash on hand and on current account w i t h
banks
2,972
D e m a n d funds at interest
j 27,615
Rediscountable bills and acceptances (at '
cost):
Commercial bills and b a n k e r s ' acceptances
68,776
Treasury bills
18,518
Total..
Time funds at interest:
Not exceeding 3 months..
Between 3 and 6 months.
TotalSundry bills and investments:
Maturing within 6 months
Between 6 months and 1 year
Over 1 year
_
Total
Other resources
1930
__
<
i 31,715
I 2,363
161
27,730 _
6,529 j _
180 ,_
_j 34;240
_j
2,276
34, 439
2,332
1
072
36,836
2,186
Dec. 31
Short-term deposits:
Central banks for own account—
Demand
TimeNot exceeding 3 months
Between 3 audjS months
N o v . 30 Dec. 31
!
'
i 57,392 ! 62,981
Total
Central banks for account of othersDemand
TimeNot exceeding 3 months.
Between 3 and 6 months
Total-.
Other depositorsDemand
Time—not exceeding 3 months
Long-term deposits:
A nnuity trust account—
German Government deposit
French Government guaranty fund...
29,677 ; 29,677
14,839 ! 14,839
13,249 j 13,249
Total
Capital paid in
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund
Other liabilities
Total resources-.
j 200,880
213,710 ! 304,580
Total liabilities..
Composed of $29,681,000 of short-term investments not exceeding 1 year and $7,154,000 of investments between 1 and 2 years.
304, 580
116
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
CENTRAL BANKS
[For explanation of these tables see BULLETIN for February, 1931, pp. 81-83]
Bank of England
Millions of pounds sterling:
1930—July 30
Aug. 27
Sept. 24
...
Oct. 29
Nov. 26
Dec. 31.._
1931—Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 24
July 29.
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec»30
1932—Jan. 27
Resources of banking department
Gold (in
issue
department) i
Cash reserves
Coin
152.3
154.8
156.3
159. 5
156.6
147.6
139.5
140.8
143.6
146.3
151.0
162.9
132.0
133.3
134.8
135.7
120.7
120.7
120.8
1.0
1.0
1.1
1.2
1.0
.6
.7
.8
.9
.9
1.1
1.1
1.3
1.3
1.3
1.3
1.0
.6
.6
Notes
43.9
54.0
60.5
63.9
65.4
38.8
52.7
53.2
54.8
56.5
56.2
70.1
32.7
58.0
52.6
54.6
41.3
31.6
49.9
Discounts
and
advances
Liabilities of banking department
Securities
74.0
71.3
62.6
60.0
56.8
104.7
62.9
64.4
52.1
56.7
59.8
57.5
79.2
78.2
94.9
84.6
87.8
133. 0
82.5
6.7
6.5
5.7
4.2
6.1
49.0
9.7
8.5
11.4
7.2
6.8
9.6
9.7
9.3
14.8
10.5
12.7
27.3
12.9
Note
circulation
Deposits
Public
368.4
360.9
355.8
355.6
351.1
368.8
346.8
347.7
348.8
349.8
354.9
352.8
359.4
350.3
357.2
356.0
354.4
364.2
345.9
61.0
62.6
64.2
55.7
55.9
132.4
65.2
69.1
57.7
48.9
54.8
61.6
55.8
53.6
62.6
63.5
59.8
126.4
74.3
Resources
Bank of France
Millions of francs:
1930—July 25..
Aug. 29..
Sept. 26.
Oct. 30..
Nov. 28.
Dec. 26..
1931—Jan. 30..
Feb. 27..
Mar. 27.
Apr. 24..
May 29..
June 26..
July 31..
Aug. 28..
Sept. 25.
Oct. 30..
Nov. 27D e c 30..
1932—Jan. 29 ».
Gold
Foreign Domestic Security
loans
exchange: bills
45, 283
47,242
48. 431
50,807
51,967
53, 578
55, 510
55,924
56,116
55. 616
55, 634
56,426
58,407
58, 563
59,346
64,648
26,083
25,602
25, 594
25,616
25,897
26,179
26, 323
26,316
26, 307
26,305
26,160
26, 209
26, 242
27, 611
25,194
27,600
24,273
67, S44
68, 863
71.625
21, i n
18,802
6,223
6,469
6,18S
7,104
8,777
8,429
9,463
8,250
7,084
6,502
6,190
5,576
4, 564
5,820
5,880
8,809
7,766
7,389
6,555
2,682
2,731
2,796
2,770
2,868
2,901
2,866
2,801
2,858
2,795
2,806
2,779
2,860
2,729
2,754
2,712
2,731
2,730
2,744
Millions of reichsmarks:
1930-July31
Aug. 30
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1931—Jan. 31..
Feb. 28
Mar. 31
Apr. 3 0 . . .
May 30
June 30
July 31
Aug. 31
Sept. 30
Oct. 3 1 .
Nov. 30...
Dec. 31
1932—Jan. 30 *
Gold
6.6
19.4
16.2
9.5
17.7
17.4
25.2
15.2
26.3
30.1
17.3
27.0
7.7
15.3
201
369
171
198
525
469
199
166
188
157
186
300
246
356
139
131
170
172
145
37
6
24
100
206
88
76
142
45
25
74
249
38
124
50
98
33
1,759
1,730
2,097
2,301
2,003
2,366
1,942
1,979
1,951
1,816
1,791
2", 579
3,273
3,101
3,545
4,010
3,901
4,144
3, G32
Other
liabilities
18.1
18.2
18.3
17.7
17.8
18.0
18.1
18.2
18.3
17.7
17.8
17.9
18.1
18.2
18.3
17.7
17.8
18 0
18.1
Liabilities
Ne
g>tia"
secures*
5,395
5,304
5,304
5,304
5,304
5,304
5,199
5,199
5,082
5,082
5,082
5,065
5,065
5,065
K 065
5,065
7,157
Other
assets
6,075
6, 379
6,228
6,979
6,687
6,982
7,026
7,134
7,316
6,807
8,958
8,193
8,099
8,428
8,647
8,545
(3)
Note
circulation
72,110
73,677
73,053
74, 787
75,951
76, 436
78, 559
78,947
77,864
77, 231
78,185
76, 927
79,862
78,635
78,173
83,639
82, 543
85, 725
84, 723
Deposits
Government
9,132
10,109
10,509
13,089
13,354
12,624
13,844
13, 339
11, 773
11,680
9,940
8,513
9,303
9,470
7,357
8,227
7,170
5,898
4,721
Other
I
j
!
!
I
8,363
7.734
8,780
8,378
9,833
11,698
11, 659
10,963
12, 577
12, 062
12,669
15,187
14,736
17,649
18, 542
22,954
24,171
22,183
23,552
Other
liabilities
2,142
2,207
2,200
2,327
2,362
2,241
2,198
2,221
2,260
2,462
2,394
2,250
2,195
2,227
2,266
2,441
2.442
1,989
3
()
Liabilities
Other
Reserves
bills (and Security Securities
in foreign Treasury
loans
bills
checks)
exchange
2,619
2, 619
2, 479 !
2,180
2,180
2,216
2,244
2,285
2,323
2,368
2,390
1,421
1,363
1,366
1,301
1,145
1,005
984
948
37.4
33.8
34.2
35.0
36.8
36.2
33.4
33.3
33.7
37.0
33.8
33.5
33.7
48.7
52.6
52.6
38.1
40.3
38.2
9.1
18.2
13.3
21.0
18.9
Resources
Reichsbank
Other
133
212
290
318
231
256
174
301
274
287
167
355
347
208
301
240
254
245
158
101
103
103
102
102
102
103
102
103
103
103
103
103
103
103
103
103
161
161
Other
assets
809
839
686
643
638
733
676
638
668
721
936
958
972
1,016
963
980
1,065
1,098
Note
circulation
Deposits
4,638
4,707
4,744
4,675
4,601
4,778
4,383
4,428
4,456
4,340
4,299
4,295
4,454
4,384
4,609
4,746
4,641
4,776
4,407
398
416
472
383
381
652
267
325
387
355
353
398
834
509
613
518
506
755
394
Other
liabilities
714
719
768
751
808
822
831
832
775
749
731
1,074
1,251
1,251
1,306
1,326
1,323
1,338
1,373
1
In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by
law at £260,000,000. Since Aug. 1, 1931, however, a temporary increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been
permitted.
2
Issued by the independent office for retirement of public debt (caisse autonome d'amortissement).
3
Figures not yet available.
» Preliminary.
117
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1930
1930
Decem- Novem-i Octo- December
ber
ber j ber
I Decem-JNovem-i Octo- • December
her
; her
her
I
National Bank of Albania (thousands
of Albanian francs):
|
Gold
_
|
5,123 | 4,088 ,
1,946
Foreign exchange
_.
24,641 : 26,156 I 27, 235
Loans and discounts
_
4, 568 I
4,623
3,439
Other assets
7,244
7,496
4,939
Note circulation
11.927 12,223
12, 925
Demand deposits
16, HO 15,665 | 12,474
Other liabilities
13,845 i 14,168
12,158
Commonwealth Bank of Australia
(thousands of Australian pounds):
Issue department—
Gold coin and bullion
10,500
10, 500 10,500; 15, 386
Securities
44, 234 41,248 41,498 ,
8,216
Banking departmentCoin, bullion, and cash
_|
688
1,035 i 1,301
Money at short call in Lon- j
don
j 13,795
8, 486
7,198 I 5,909
Loans and discounts
\ 12,185 18,901 22,884 i 13,195
Securities
_ 28,795 17,684 17,434 ! 20, 683
Deposits
48,483 47, 810 49,712 ; 41, 573
Bank notes in circulation
.1 49, 392 45,778 46,395 ! 42,714
Austrian National Bank (millions of j
schillings):
j
Gold.
!
190
190
214
190
Foreign exchange of the reserve. _j
102
116
198
112
Other foreign exchange
i
26
41
518
43
Domestic bills
i
908
820
148
767
Government debt
96
101
96
96
Note circulation
1,090
1,183
1,130
1,134
Deposits
93
' 128
140
91
National Bank of Belgium (millions
of belgas):
Gold...—
-.., 2,550
2,558
1,372
2,567
Foreign bills and balances in gold. i
0
0
970
0
Domestic and foreign bills
!
976
896
936
957
Loans to State
;
288
292
290
290
Note circulation
i 3, 654
3,284
3, 550 3,602
264
Deposits
.-!
294
334
313
Central Bank of Bolivia (thousands j
of bolivianos):
j
Gold
_!
2,899
2,871 j 2,779
Foreign exchange
23,378 23,511 j 36, 308
Loans and discounts
22,190 22,414 ) 23, 008
Not'3 circulation
25, 706 26,183 ! 31, 795
Deposits
11,016 11,098 j 14, 659
Bank of Brazil (millions of milreis):
Gold
Currency
_
279 I
274
323
247
114 '
Correspondents abroad
j
75
261
51
Loans and discounts
__i 1,612: 1,618
1,324
1,611
Securities...
I
124
145
138
146
j
170
Note circulation
J
170
170
170
1,583
Deposits
i 1,657
1,331
1, 536
National Bank of Bulgaria (millions j
of leva):
Gold
| 1,511 i 1,510 ; 1,510 i 1,455
51 i
116 !
312
53 !
Net foreign exchange
_j
478 | 455 |
901
405 !
Total foreign exchange
_.
;
!
881
778
852
813
!
Loans and discounts
|
3,029 I 3,031 i 3, 030 | 3,162
Government obligations
;
2,981
!
3,296
3,185
|
2,919
Note circulation
1,567
1,448 | 1,460 '•1,274
Other sight liabilities
Central Bank of Chile (millions of J
pesos):
i
67 !
67
67
62
Gold at home
j
128
131
138
301
Foreign exchange
_
|
222
!
208
199
112
Loans and discounts
j
319 ;
311
306
301
Note circulation
i
Deposits against which reserve I
85
90
i
85
is held...
I
Central Bank of China l (thousands |
of Yuan dollars):
j
3,168
Gold...
j
44,773 46,400
34, 647
Silver
.
!
i
19,763
18,954
7,779
Due from banks abroad
!
I 23,700 23,241
34, 012
Due from domestic banks
_ i.
i
72,127
65,
210
28,
280
Loans and discounts
|.
3,949
10,493 13,646
Securities
j
15,
668
!
8,198
8,678
Other assets
j.
22, 669
I 34,417 39, 442
Note circulation
\.
Deposits—
j
94,684 93,290 53,450
Government
i.
1
Items for issue and banking departments consolidated.
Central Bank of China—Continued.
Deposits—Continued
Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home
Gold abroad
Loans to member banks
Note circulation
.._
Deposits..
National Bank of Czechoslovakia
(millions of Czechoslovak crowns):
Gold
Foreign balances and currency...
Loans and advances
Assets of banking office in liquidation
Note circulation
._.
Deposits
_
Danish National Bank (millions of
kroner):
Gold
Foreign bills, etc
__
Loans and discounts
_
_
Note circulation....
Deposits
Bank of Danzig (thousands of Danzig
gulden):
Gold
Foreign exchange of the reserve..
Other foreign exchange.
Loans and discounts
_.
Note circulation
Deposits
Central Bank of Ecuador (thousands
of sucres):
Gold
Foreign exchange
Loans and discounts
Note circulation
Deposits
National Bank of Egypt * (thousands
of Egyptian pounds):
Gold.
Foreign exchange
British Government securities...
Loans and discounts
Egyptian Government securities.
Other assets...
_
Note circulation
DepositsGovernment
Other
Other liabilities.
_
Bank of Estonia (thousands of
krooni):
Gold.
Net foreign exchange
Loans and discounts
Note circulation
DepositsGovernment
Bankers
Other
Bank of Finland (millions of Finnish
marks):
Gold
Balances abroad and foreign
credits
Foreign bills
___
Domestic bills
Note circulation
Demand liabilities
Bank of Greece (millions of drachmas):
Gold
Net foreign exchange in reserve..
Total foreign exchange
Loans and discounts
Government obligations
Note circulation.
Other sight liabilities
9,854 j 11,024
4,735 ! 5,072
35,364 ! 30,469
9,073
3,519
35, 624
9,129 10, 684 10, 997
4, 649 4, 634 4, 558
18, 228 18,771 19, 514
20, 578 19,711 j 19,165
10, S09 11,330 I 9,027
17, 481
9, 935
13, 508
27, 357
6,689
1,6-19
1, 060
2, 316
1,567 ! 1,552
1,146 i 1,128
1,656 ! 1,765
1,545
2,447
525
294
7, 679
361
299
7,166
194
299
7,218
238
323
7,824
570
144
36
144
39
155
340
49
164
45
151
366
41
172
100
86
360
69
21, 784
15, 079
11, 776
10,231
43, 827
5,972
118
16, 645
17,133
21, 070
37, 948
2,312
5,653
5,653
10,860 11,619
14,408 14, 400
19,598 20, 220
9, 595 9,584
5,654
23, 261
13,315
23, 491
16,092
4, 225
4,225
1,217
1,619
15,098 15,470
9,129
9,321
14, 757 14, 996
4,450
3,690
19, 057 19, 513
4,070
2,865
17, 260
7,924
15, 913
3,114
20, 973
5,102
16,142
8,133
5,929
16,329
7,916
347
21, 825 21,830
25,531 21,533
6, 403
6,310
9,457
10,661
44, 042 42, 747
10.263
6,111
5,663
9,904
14,227
19,134
8,975
5,120
16,916
8,184
6, 559 6, 552 6,549
14,933 13,970 15,927
24,102 23,166 23, 558
35,159 37,124 38, 094
6, 558
16,514
27,074
32, 234
4,893
3,429
2,071
8,927
4,167
2,270
6, 005
5,266
3,434
5, 673
3,101
1,961
301
304
305
413
204
1,085
1,293
262
305
201
1,113
1, 237
207
365
213
936
1, 264
164
813
128
795
1,279
208
1,047
1,268
533
3,126
4,003
702
868
1,281
1,480
523
3,128
3,987
S91
868
1,510
1,713
443
3,148
4,297
510
2,501
3,282
327
3,389
4,803
1,728
304
118
FEDERAL RESERVE BULLETIN
FEBRUARY,
1932
CENTRAL BANKS—Continued
[Figures are for last report date of month]
Central Bank of Guatemala (thousands of quetzales):
Gold coin
Balances abroad
Loans and discounts
Other assets
Note circulation.
Demand deposits
Other deposits
Other liabilities
National Bank of Hungary (millions
of pengos) :
Gold-..
Foreign bills, etc
_
Loans and discounts
Advances to treasury
Other assets
Note circulation
Deposits
_.
Miscellaneous liabilities...
Bank of Italy (millions of lire):
Gold at home
Credits and balances abroad
Loans and discounts
Total note circulation
Public deposits
Other deposits
Bank of Japan (millions of yen):
Gold...
_
Advances and discounts
Government bonds
_
Notes issued
Total deposits
Bank of Java (millions of florins):
Gold
Foreign bills
Loans and discounts
_.
No'e circulation.
Deposits
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills..,.
Loans
Note circulation
Government deposits
Other deposits
Bank of Lithuania (millions of litas):
Gold
Foreign currency
Loans and discounts
Note circulation
Deposits
__
Netherlands Bank (millions of
florins):
Gold.
Foreign bills
Loans and discounts
_
Note circulation._
Deposits
_
__.
Bank of Norway (millions of kroner):
Gold
Foreign balances and bills.
_.
Domestic credits
__.
Note circulation
Foreign deposits
_
Total deposits
Central Reserve Bank of Peru
(thousands of soles):
Gold
Foreign exchange
Bills
_
Note circulation_
Deposits
Bank of Poland (millions of zlotys):
Gold at home
Gold abroad
_
1931
1930
Decem- NoOctovember ber
ber
December
2,225
490
6,378
1,071
6,120
1,067
67
2,938
2, 246
637
5, 907
1,660
6,570
1,278
101
2,501
2,673
909
6, 530
808
6, 541
1,090
205
3,084
102
16
441
58
27
423
126
105
16
422
58
41
435
114
61
163
34
298
64
54
469
67
50
570
551
251
441
300
1,450
5,297
4,327
5,608
15,680
300
2,121
826
823
5,
2,
5,
14.
470
1, 051
218
1, 286
290
558
931
118
1,087
519
686
808
118
1,093
459
113
5
58
230
27
132
5
50
234
28
132
3
51
239
27
139
31
49
252
32
13
78
59
41
58
87
32
13
79
59
41
58
87
32
14
81
59
42
58
85
24
37
• 88
68
52
81
79
50
33
109
109
78
48
40
118
113
80
48
42
124
121
84
39
86
103
117
101
901
66
219
1,051
199
836
100
264
1,037
220
426
247
148
843
30
158
8
236
288
2
172
11
230
295
2
96
146
36
200
312
1
64
43, 799
805
12, 534
56, 308
6, 368
59, 347
2, 861
14,317
5P\ 641
3,219
486
111
486
108
887
86
188
1, 023
180
154
16
256
334
2
67
487
114
1,409
508
•16
62, 739
7, 746
23, 062
64, 035
6, 270
485
1931
Decem- Nober
vember
Bank of Poland—Continued.
Foreign exchange of the reserve. Other foreign exchange
Loans and discounts
__
Note circulation..
Current account of the treasury.
O ther current accounts
National Bank of Rumania (millions
of lei):
Gold at home
_
Gold abroad
Foreign exchange of the reserve..
Other foreign exchange..
Loans aDd discounts
State debt
Note circulation. _
Demand deposits..
_
South African Reserve Bank (thousands of South African pounds):
Gold
Foreign bills
Domestic bills
Note circulation. _
DepositsGovernment -._
Bank
Other...
Bank of Spain (millions of pesetas):
Gold
Silver
Balances abroad
_
_.
Loans and discounts.
Note circulation.,
Deposits
Bank of Sweden (millions of kronor):
Gold
Foreign bills, etc..
Loans and discounts
Note eircu lation
Deposits
Swiss National Bank (millions of
francs):
Gold
Foreign balances and bills
Loans and discounts
Note circulation
Demand deposits
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
Other assets
Note circulation
DepositsDemand
Time
Judicial and AdministrativeOther liabilities
State Bank of U. S. S. R. (note-issuing department; thousands of
chervontsi):
Gold
Other precious metals
Foreign exchange
Note circulation
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
Loans and discounts
Advances to State__
Note circulation
Other sight liabilities.
1930
Octo- December
ber
88
125
796
1,218
10
204
84
126
751
1,211
37
172
78
132
765
1,254
12
153
288
124
758
1,328
40
171
5, 903
3, 769
527
17
13, 857
3, 810
23,755
4, 4!7
5,874
3,114
1,721
34
13,962
5,237
23, 519
5, 966
5,842
3,114
1,738
20
13, 727
5,337
23, 243
6,027
5, 35(>
3,919
1,746;
8,104
41
3,688
8,799
7, 700
29
3. 755
K 067
6.189
0
4,570
8.340
6,717
7,153
1,09ft
8, 032
1,277
4,267
533
1,672
4,115
501
1,986
4, 300
' 192
1. 991
4, 689
320
2, 247
517
281
3,149
4,949
1, 098
2,247
526
282
3,160
4,954
1,135
2,247
530
286
3,220
5,073
1,104
2, 439
701
111
2, 218
4, 724
821
206
54
586
583
177
206
31
553
576
119
213
28
528
579
102
241
40ft
345
594
',i0\
2,347
104
99
1,609
962
2,201
84
135
1,477
953
2, 188
105 i
92 j
1,498
934
51,214 51,215
103,193 102, 820
36,379 35, 953
77, 592 76,124
8,
3,
19,
5,
.132:
617
605077
7V6
351
148
1, 062
242
58, 448
110,920
29, 343
74,117
3, 538
36,008
41, 873
45,5.13
3, 454
33, 754
63, 794 61,257 60,025
2, 280
2,224
2, 226
4,647
4,768
4,808
278, 441 267,321 259, 633
48,364
2,226
5, 509
210, 041
33,
38,
3,
37,
1,758
425
2,253
1,799
5,172
417
398
652
255
888
1,758
491
2,161
2,100
5,239
552
35, 278
39, mo
1,757
657
2,088
2, 325
5,302
871
1,080
120
1,637
2,997
5,397
922
119
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
1930
1931
j
!
Dec. | N o v . i Oct. j D e c .
Argentine Conversion Office (millions of i
gold pesos):
Gold
_._.
j
Notes issued *
I
Irish Currency Commission (thousands j
of p o u n d s sterling):
'
Legal tender note f u n d British legal tender and bank
balances
\
British securities
i
Notes issued
'
2
Consolidated bank notes —
Issued
Deemed such under sec. 60 (4)
of currency act, 1927
_..!
261
J>548
273
542
P
2S0 ,
525 i
22
426
7,119 7,219
241
7 546
426
555
1,059
264
6, 239 7,698
7,298 7, 962
:
4,333
4,293
4,310
1,649
1,667
1,687 : 2,029
3, 890
Dec.
1930
Nov.
Canadian Minister of Finance (millions
of Canadian dollars):
67
Gold reserve against Dominion notes-62
Advances to banks under finance act__
49
67
Dominion notes—
197
Issued
174
Outside chartered bank holdings..
30
29
Indian Government (millions of rupees):
Gold standard r e s e r v e 399
Gold
398
Foreign exchange
136
135
Paper currency reserve—
45
Gold
*
46
Silver coin and bullion
1,230 1,294
Other assets
518
285
Notes issued
1, 793 : 1,624
1,793
Oct. i D e c .
70
25
S4
21
158
30
175
29
134
34
499
43
317
1,316 1,200
239
96
1, 598 1,613
1
Includes a small quantity of subsidiary coin, amounting on Nov. 30, 1931, to 15,000,000 pesos.
* The figures of consolidated bank nates issued represent daily averages for the 4 weeks ended Dec. 12, Nov. 14. and Oct. 17, 1931, and Dec. 13,
1930. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.
v Preliminary.
COMMERCIAL BANKS
1931
Dec.
Argentina (millions of gold pesos):
B a n k of t h e N a t i o n Gold
Other cash
Loans a n d discounts.
Deposits
Other b a n k s in Buenos A i r e s Gold
Other cash
Loans a n d discounts
Deposits
C a n a d a (millions of C a n a d i a n dollars):
Assets entirely in C a n a d a Cash in v a u l t »
_
Cash in central gold r e s e r v e s . . .
Security loans
j
Other current loans
j
Security loans abroad
_
\
Securities
i
Liabilities entirely in Canada—
;
Notes in circulation
|
I n d i v i d u a l demand deposits
!
Individual time deposits
i
England (millions of p o u n d s sterling):
Cash in vault a n d at b a n k
M o n e y a t call and short notice
Advances and discounts
Investments
__
_,.
Deposits
_.|
France (millions of francs):
j
Bills and national-defense b o n d s . _ j
Loans and a d v a n c e s . .
I
D e m a n d deposits
I
T i m e deposits
j
Germany (millions of reichsmarks):
]
Bills a n d treasury notes
j
D u e from other banks.
Miscellaneous l o a n s . . .
Deposits
Acceptances
Japan (millions of yen);
Cash on h a n d
Loans
Deposits
Jan.
Feb. ' Mar.
Apr.
May
I June j July
Aug. • Sept. |
Oct.
1
90
708
fi«1
9}!
681 !
663 I
202
913
1,045
209 i
173
910 !
912
1,043 ! 1,020
174
33
205
1,149
146
604
158
22
192
1,141
120
593
151
25
186
1,116
132
654
133
642
1,426
129
557
1,429
131
543 |
1,436 j
153
579
1,445
124
596
1,453
204
142
1.234
269
1,839
I
195
143
'
1 1,237
281
i
I 1,836
187
115
1,208
293
1,782
181
112
1,159
295
1,726
175
176 I 184
129
131
115 i
1,141 1,172
1,134
274
292 i
272
1 , 6 9 8 • 1,700
1,744
20, 502 I 21, 081
11,392 I 10,764
35,302 : 35,090
1, 397
1, 521
2,573
1,011 ''
8,192 !
11,130 !
701 ;
21, 098
11, 326
35, 456
1, 656
2, 497
946
8,225
10, 729
|
657
281
275 !
277 !
2,225
2,220 ! 2,217
2,100 I 2, 009 i 2,142
i
!
?
186
847
947
190 i
852 i
2,529
981
8,021
10,683
600
274
2,176
2,150
I
,__
129
567
1,360
173
181
177
171 .
128
112 •
113
106 •
1,178 1,156 I 1,132 ! 1,131
283
286
1, 750 1,708 1,675 ' 1,688
122. 507 20,91921,153
110, 342 9, 8989,8*>8
137,938 136,642 36,991
1,564 1,5391,545
20,242
10,076
36,137
! 1,429
;
i
I
i
18,961
9,863
36,972
1,370
1,509 i
465;
6,884
7,873 i
818
1,406
373
6,837
7,500
891
1,280
546
7,337
8,167
874
1,500
514
7,115
8,060
840
361
274
2,156 2,166
2,181 2,233
134
2,169
2,151
217 i 197
126
2,140 2,146 i 2,171
2,122 ! 2,102 ! 2, 066
I
1
!
i
140
131 I
129 j 128 j 126 i 126 I 128
568 • 594 !
581 ; 017 i
580 I 601 561
1,456 I 1,450 I 1,4511,461 1,456 1.462
1,396 !
i 2,548 1,914
• 857
686
! 7,8187,699
10,395 9,277
i 582
816
332 ;
2,184 \
2,161 '
I
175
26
135
1,082
83
094
21, 363 i 21,869 i 22, 930
11, 232 I 11,156 I 10, 762
36, 108 i 36,971 ! 37,861
1,669 i 1,623 : 1,601
2,532
956
8,144
10, 778
630
..J
159 !
201 :
25 ;
27
159
157 i
1,141
1,102 i
91
113 !
719 j
696
157
24
167
1,137
90
678
[
I Nov. I Dec,
170 \
108 »
1,125
284
1,670 ,
181
118
3,131
281
1.700
17,851 :.
9 , 7 9 7 '••_
37,019 !.
1,332 i.
1,431 ;
345 :
7,390 i.
910 ;.
146 ;
2, 208 j
2,059 !
140
2,247
2,051
1 Gold, Dominion notes, a n d subsidiary coin.
N O T E . — B a n k s included are as follows: Canada—chartered
Germany—six Berlin b a n k s ; Japan—Tokyo
banks.
b a n k s ; England—nine
L o n d o n clearing b a n k s ; France—four
commercial b a n k s ;
120
FEDERAL RESERVE BULLETIN
F E B R U A R Y , 1932
DISCOUNT RATES OF CENTRAL BANKS
Date effective
Bank Bank German! Bank
Reichs-j of
of Engof
land France bank ; Italy
In effect Apr. 1,1930.
Apr. 3
Apr. 24
Mayl
May 2
1
May 19
1.
May 20
June 21
1
July 10
i
Oct. 9
Jan. 3,1931
Jan. 22
Jan. 24
May 14
May 16
June 13
July 16__
July 23
July 30
Aug. 1
Aug. 12
Sept. 2
Sept. 21
Sept. 28
Sept. 29.__
Oct. 10
Dec. 10
In effect Feb. 1,1932.
Swiss
Nether- Nationlands
al
Bank
Bank
j Rate i
S Feb.
Country
Albania
Austria
Belgium
Bolivia
Bulgaria
Chile.
Colombia
Czechoslovakia
Danzig
Denmark
Ecuador
Estonia
Finland
Greece
Hungary
India..
7
10
In effect
since—
j 8 i July 1,1931
| 8 i N o v . 13.1931
j 3W Jan. 13,1932
j 7 i Aug. 26,1930
i 9^i Sept. 29,1931
I 6^1 Oct. 6,1931
i 6 | Jan. 22,1932
!
I
j 6
Dec. 22.1931
; 5 i N o v . 24,1931
! 6 , Sept. 26,1931
j 10 ! Mar. 13,1931
j 5H F e b . 1,1932
Oct. 24,1931
| 8
12 j Jan. 12,1932
7 :^ Jan. 20,1932
7 Jan. 14,1932
In effect
since—
Country
Japan
Java
Latvia
Lithuania....
N o v . 4,1931
Mar. 11,1930
Oct. 1,1950
Apr. 1,1930
6.57
4
6
Norway
Peru
Poland
Portugal
Oct. 19,1931
Sept. 1,1930
Oct. 3,1930
Aug. 10,1931
Rumania
South Africa.
Spain
Apr. 1,1931
N o v . 13,1931
July 8,1931
Sweden
U. S. 8. R . . .
Yugoslavia...
Oct. 19,1931
Mar. 22,1927
July 20,1931
Changes since Jan. 1: Belgium—Jan. 13, up from 2H to 3K> per cent;
Colombia—Jan. 22, down from 7 to 6 per cent; Estonia—Feb. 1,
down from 6V£ to 5H per cent; Greece—Jan. 12, up from 11 to 12 per
cent; Hungary—Jan. 20, down from 8 to 7 per cent; India—Jan. 14,
down from 8 to 7 per cent.
MONEY RATES IN FOREIGN COUNTRIES
Germany (Berlin)
England (London)
Month
Bankers'
acceptances,
3 months
1930—December
1931—January
February
March
April.
May
June..
JulyAugust
September
October
November
December
2.30
2.25
2.56
2.60
2.58
2.24
2.09
2.58
4.28
4.74
5.68
5.75
5.85
Month
1930—December
luai -January
February
March
April..May
June
July
August
September
October.
November
December
Treasury
bills, 3
months
2.34
2.24
2.37
2.56
2.57
2.21
2.10
2.44
4.21
4.57
5.46
5. 55
5.60
Bankers'
Day-to-day allowance
money
on deposits
France
(Paris)
(MSSL)
Private
discount
rate
Private
discount
rate
Private
discount
rate
1
i
2.34
2.38
2.31
2.25
2.25
2.20
2.13
2.15
2.41
2.44
2.44
2.44
2.44
2.03
1.89
1.77
1.57
1.47
1.28
1.06
1.20
1.50
1.50
1.80
1.90
1.75
5.50
5.50
5.50
5.50
5.48
6.25
5.25
5.25
5.25
5.47
7.50
7.50
7.50
4.82
4.75
4.88
4.76
4.65
4.65
6.05
17.00
»8.92
7.99
8.00
8.00
7.33
1
1
1
1
1
l
1
1 -2H
2H
1.60
1.74
2.29
2.20
2.17
1.87
1.64
2.05
3.59
4.04
4.36
4.96
4.27
Belgium
(Brussels)
Private
discount
rate
4
4
4
Austria (Vienna)
Money
forl
month
Private
discount
rate
4W -4W
in -iH
4
4
-6H
8
(4)
0)
0)
!
Netherlands (Amsterdam)
Switzerland
Private
discount
rate
M o n e y for Day-to-day
money
1 month
discount
rate
Money for
1 month
5.54
4.93
6.49
5.00
5.67
5.38
6.74
18.89
»9.15
9.15
9.21
8.69
8.45
1.39
1.38
1.12
1.09
1.60
1.39
1.05
1.53
1.30
1.30
2.76
1.59
1.57
1.86
1.55
1.05
1.04
1.61
1.65
1.07
1.40
1.22
1.21
3.07
1.72
1.59
7.24
6.64
6.31
6.17
5.87
5.83
7.05
18.98
»9.18
9.18
9.84
9.31
7.40
Sweden
(Stockholm)
Hungary
Japan (Tokyo)
Prime
Loans up Discounted
to 3
commer- Day-to-day
money
bills
months
cial paper
5^4—6^4
5/^—6)4
5H- 7H
694- 7U
4H-5
4H-5H
4H-5
5H-6
5H-7
5H- 7
5*4-8
4 4 -6
4H-5
h\
0)
3
3
3
3
3
4
4
8
-5
-5
-5
-6
-5
-6
-6
-9J-6
6 -m
6 -7V6
6 -7Vi
L. 18
L. 17
L.00
.99
L.06
L 12
L. 12
L. 55
L. 98
L.80
1.90
1.77
1.75
5.48-5.66
6.48-5.66
5.48
5. 29-5.48
6. 29-5.48
6.29-5.48
5. 29-5.48
4.93-5.48
4. 93-5. 48
4. 93-5.48
4. 93-5. 66
5.48-6. 57
Call
money
overnight
3.65
3.10
2.92
2.74
2.92
2.19
2.19
2.74
3.65
2.56
5.48
5.66
1
1
1
Average for first 11 days of July, no quotations being available for remainder of month.
Average for final 22 days of August, no quotations being available for remainder of month.
Average for first week of June, no quotations being available for remainder of month.
*i No quotations available.
Range for first 13 days of July, no quotations being available for remainder of month.
NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926 (pp. 794-795), April, 1927 (p. 289), July, 1929
(p. 503), November, 1929 (p. 736), and May, 1930 (p. 318).
FEBRUARY,
121
FEDERAL RESERVE BULLETIN
1932
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year and month
Number of issues.
1926
...
1927__
1928 . . .
1929..
lQ*n
1931
1927—January
February
March
April
May
June
July
August
SeptemberOctober
NovemberDecember...
1928—January
February
March
April
May
June
July
August
September..
October
November..
December..
1929—January
February...
March
_
April
May
June
July..
August
September..
October
NovemberDecember..
193a—January
February ._
March
April
May
June
July
August
SeptemberOctober
NovemberDecember..
1931—January
February...
March
April
May
June
July...
August.
September..
October
November..
December..
United
States
(average
price)
(50
97.0
98.9
98.7
95.7
9R,3
95.9
97.9
98.1
98.4
99.0
99.1
98.4
98.4
98.8
99.3
99.6
99.7
100.0
100.3
100.3
100.5
100.3
99.7
98.5
97.9
97.2
97.5
97.5
97.8
97.2
97.0
96.3
95.8
95.8
95.7
95.3
95.2
95.0
94.8
95.1
95.7
96.5
96.5
96.4
97.8
97.9
97.9
98.2
98.7
99.6
100.0
99.9
99.1
97.8
99.6
99.4
100.0
99.6
99.7
99.4
99.4
98.5
95.6
89.4
89.0
81.6
Common stocks (1926 average=100)
England
France ! Germany
(December (1913 aver- | (average
1921 = 100) ! age=100) I price)
87
i
110.0
110. 7
112.3
110.2
111.8
108.4
111.3
110.5
110.3
110.6
110.6
110.1
110.3
110.6
110.7
111.9
110.6
111.2
112.4
112.3
112.4
113.7
112.4
112.4
112.1
112.1
111.7
112.3
112.1
112.1
113.4
111.7
111.1
111.9
110.4
109.8
109.3
109.0
108.9
109.3
108.5
108.5
109.6 i
110.1 I
112.7 |
112.7
111.4 !
110.0
112.3
111.9
112.0
113.1
112.8
112.5
112.8
109.7
111. 6
111.3
110.8
111.1
111.2
107.2 !
103.6 i
104. 2 j
104.8
102. 2 \
35
U77
57.4
71.7
82.8
85.1
96.8
96.9
66.0
65.4
71.0
73.9
72.7
72.1
72.2
7? fi
73 1
72.3
72.7
76.8
80.4 •
80.2 !
80.3 |
81.3 !
81.8
84.3 !
83.7 i
84.9 •
84.9
84.4
83.8
84.1
83.6
81.8
81.7
83.0
84.2
84.8
84.6
84.8
86.9
86.6
87.7
91.6
97.5
96.3
95.8
95.5
95.3
95.8
95.7
96.6
96.4
95.4
94.7
94.1
95.7
97.1
97.9
99.0
98.4
98.8
98.9
99.5
97. 7
94.8
94.4
90.8
86.9
83.0
85.0
England
France
Germany
404
278
300
329
100.0
118.3
149.9
190.3
149. R
94.2
105.6
107.9
109.1
111.1
114.2
115.4
117.2
122.0
127.7
126.7
129.6
133.1
89.4
88.5
87.8
87. fi
87.2
86.8
86.5
86.2
85.9
85.6
85.4
85.4
85.6
85.3
84.8
84.2
82.7
82.7
82.8
82.5
82.1
81.3
81.0
80.7
81.2
82.2
82.6
84.7
86.7
87.1
88.0
87.5
86.9
84.7
84.5
83.9
84.0
84.3
85.9
87.4
86.4
83.9
J
United
States
134.4
132.3
137.9 j
146.9 |
152.1
145.3
144.2
148.3
156.6
159.1
171.1
171.4
185.2
186.5
189.1
186.6
187.8
190.7
207.3
218.1
225.2
201.7
151.1
153.8 !
156.3 i
165.5
172.4 i
181.0 |
170.5
162.8 !
149.3 i
147.6
148.8 |
127.6
116.7 ;
109.4 i
112.3
119.8 i
121.6 :
109.2
98.0 |
95.1 !
98. 2 :
95.5
81.7
69.7
71.7
57.7
100.0
107.0
115.9
119.5
102.6
78.9
104.1
105.1
104.4
105.5
106.4
106.3
106.7
107.4
108.3
109.7
109.6
110.4
111.1
111.0
114.0
116.2
118.6
114.7
114.0
115.9
117.7
119.2
119.8
119.3
122.8 i
121.7 i
121.0
119.8
118.3
118.6
121.7
123.5
124.3
120.8
110.4
110.5
110.2
109.9
109.2
111.1
108.0
101.8
103.1
98.4
101.1
95.4
94.1
89.0
89.6
85.1
76.8
77.8
79.2
73.8
67.2
75.6
74.7
68.1
100.0
123.2
178.5
217.2
187.6
132.1
109.4
112.4
120.2
129.2
125.8
120.6
124.9
123. 6
125.3
126.2
124.5
135.2
148.1
143.3
157.9
177.3
179.8
180.7
170.4
189.3
193.6
193.1
200.4
207.3
233.0
235.2
229.6
222.3
219.7
210.7
213.3
215.0
222.3
209.9
197.9
198.7
212.9
205.6
205.2
208.6
198.3
187.6
188.8
182.0
182.4
189.5
162.2
149.8
156.7
160.1
155.4
148.5
138.2
141.2
132 6
130.5
115.6
106.9
104. 3
94.8
100.0
145.0
136.1
122.8
100.2
149.3
158.3
153.7
162.8
156.1
142.4
147.0
144.5
139.4
134.9
122.2
129.3
135.8
132.4
130.6
136.1
140.2
141.2
137.2
136.9
137.2
135.2
135.0
136.4
135.4
130.0
129.4
129.5
124.2
127. 2
124,5
123.1
121.5
114.4
109.9
105.7
110.1
110.8
109.2
112. 1
111.7
106.8
100.9
94.8
93.9
87.9
84.7
80.0
75.0
78 6
83.6
84.8
76.1
69.6
* Approximate number; series originally included 208 issues, from which those bearing 10 per cent interest have been eliminated in recent
revision. In 1928 the number of such issues was 31.
Stock price series for England, France, and Germany have been converted from original bases to a 1926 base; for original figures—except for
revised series on German boDds—see BULLETIN for February, 1931 (p. 91) and March, 1931 (p. 158).
SOURCES: United States—Standard Statistics Co.. New York; description (and back figures) in Standard Statistics Bulletin, General Section, Base Book Issue for 1930-31 (pp. 63, 66, and 104). England— Bankers Magazine, London; description in issues for February, 1922 (p. 227) and
February, 1923 (p. 251); back figures in current issues. France—Rtatistique GgnSrale, Paris; description (and back figures) in Bulletin de la Statistique Generate, for July, 1927 (pp. 390-397). Germany— Statisches Reichsamt, Berlin; description in Wirtschaft und Statistik; Bonds-February,
1928 (p. 144) and April, 1931 (p. 338); stocks (with back figures)—January, 1929 (p. 62).
122
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
WHOLESALE PRICES—ALL COMMODITIES
Can
United States
(1926== 100)
Germany
(1913=100)
France
(1913=100)
England
(1913=100)
(1926=
Japan
(Oct.,
1900=100)
Italy
(1913=100)
Month
1930
January
February...
March
April
May
June...
July—
1931
77
76
75
73
71
70
70
70
69
68
68
66
93
92
91
91
89
87
84
84
84
83
80
78
AUgUSt
September..
October
November..
December..
1931
1930
1930
| 1930 ! 1931
1931 ; 1930 ! 1931
1930
! 1931 ! 1930
Netherlands
(1913-100)
1931
1930
I
95
94
92
91
90
88
86
84
82
81
80
78
75
75
73
72
72
71
70
70
71
70
i
!
i
!
i
;
131
128
125
124
122
121
119
118
116
113
112
109
107
106
106
106
104
103
102
100
99
104
106
106
576
507
553
548
546
540
558
560
656
552
551
541
541
538
539
540
520
518
500
488
473
457
447
442
132
129 I
126 j
127 i
126
125
125
125
123
120
120
118
'
;
!
I
i
i
!
115
114
114
114
113
112
112
110
109 i
107
107
104 i
342
417
338
408
339
400
337
396
332
389
327
382
324
375
322
379
374
319
364 ! 322
361 i 320 !
350 ! 319 i
201
200
196
193
189
181
177
176
172
165
1G2
161
131
126
122
122
118
118
115
114
112
111
110
107
158
158
158
158
154
151
153
152
150
147
147
151
1931
105
104
103
102
102
100
97
94
91
89
89
85
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Groups are those comprised in indexes shown in preceding table]
United States (1926=100)
Month and year
Farm
products
1930—November.._
December
79 !
76
1931-January
February
March
!
April
1
May
j
June
__
July
!;
August
September ;
October.
\
November ;
December
;
74
70
71
70
67
65
65
64
61
59
59
56
Other
commodities
Foods
Foods
80 !
77 i
77 !
76;
73 i
72 |
i
73
73 !
71 i
68 \
Farm Industrial
Industrial and
food products
products products
121
116
107
105
570
570
535
516
113
112
111
113 ,
113 j
113 i
110
108
108
113
115
113
104
103
103
102
100
98
98
95
95
100
102
102
580
575
581
592 |
566
571
541
528
507
505
503
495
480
472
465
608
489
482
491
RETAIL FOOD PRICES
1930 1931
January
February
March
April
May
June
July
August
September
October
November
December
-
!
i
I
'•
|
i
!
j
;
155
153
150
151
150
148
144
144
146
144
141
137
1
133
157
127 i 154
150
143
140
138
141
144
144
143
1 1 7 I 144
114: 141
126
124
121
118
119
120
119
119
|
•
i
'
!
1
!
i
i
Agricultural
products
sions
112
I
j
!
j
I
!
452 j
443 !
429 I
416 !
400
Industrial
raw and Industrial
semifinished
finished products
products
Pr/vcrl
x rovi-
110
108
105
113
110
145
143
107
106
107
108
109
107
105
103
101
99
99
95
102
100
99
97
96
95
97
96
94
95
94
91
108
106
106
105
103
103
103
102
100
99
99
97
142
140
139
138
137
137
136
136
135
133
132
130
COST OF LIVING
United • England i France
(July,
States
(July,
i (1913=100) ! 1914=100) 1914=100)
Month
Germany (1913-100)
England (1913-100) i France (1913-100)
Germany
(191314-100) l
Month
1931
1930
1931
1930
1931 I
138
136
134
129
129
127
130
128
128
128
130
132
124
121
120
119
120
120
122
127
129
129
131
132
132
132
131
130
129
128
125
121
119
116
113
113
150
148
145
143
142
143
146
145
142
140
138
135
134
131
130
129
130
131
130
126
125
123
122
1
January
February..
March
April
May
June
July
August
September.
October..
November.
December-
United
States
(1913=100)
England
(July,
1914=100)
France
Jan .-June,
1914=100)
Germany
(191314-100) i
1930 | 1931
1930
1931
1930
1931
1930
166
164
161
157
155
154
155
157
157
156
157
155
153
152
150
147
147
145
147
145
145
145
146
148
115
120
118
120
120
115
167
161
150
146
121 \
152
150
149
147
147
148
149
149
147
145
144
142
1831
140
139
138
137
137
138
137
135
134
133
132
130
Average of October, 1913, January, April, and July, 1914=100.
SOUBCES: Wholesale prices.—For original sources, see BULLETIN for March, 1931 (p. 159). Retail loot prices and cost of living .— United States—
Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—for retail food prices,
Statistique Generate, and for cost of living, Commission d'etudes relatives au cout de la vie a Paris.
FEBRUARY,
123
FEDERAL RESERVE BULLETIN
1932
DETAILED FEDERAL RESERVE STATISTICS, ETC.
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, ALSO F. R. NOTE STATEMENT
[In thousands of dollars]
J a n . 31, 1932
D e c . 31, 1931 i J a n . 31, 1931
Gold with Federal reserve agents
Gold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notes.
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks
2,058,079
56, 093
2,130,122
5o, 610
1, 788, 659
34, 844
2,114,172
339, 753
521, 59G
2,185, 738
314, 090
489,064
1, 823, 503
421, 666
816, 935
Total gold reserves
Keserves other than gold
Total reser ves
Nonreserve cash
Bills discounted:
For member banks
For intermediate credit banks
For mm member banks (secured by adjusted-service certificates).
2, 975, 521
193,463
2, 988, 892
168, 770
3, 062,104
180,405
3,168,984
68, 070
3,157,602
72, 612
3, 242, 509
Total bills discounted
Bills bought:
Outright*
Under resale agreement
77,181
887,843 i
10,801 :
451 ;
626, 791
11, 044
458
231, 678
899, 095
638,293 i
231, 728
50
•
144,611
8,322
Total bills bought
United States securities:
Bought outright..
Under resale agreement _
Total United States securities
Other reserve bank credit:
Federal intermediate credit bank debentures.
Federal land bank bonds
Municipal warrants
Due from foreign banks
Keserve bank, float2
Total reserve bank credit outstanding..
:
124 000
1,384
:
125, 384
152,933
338, 6S7
744,925
1, 500
774,631
42,329 ;_
609,920
816,960 ;
609,920
746,
425
32, 200
500
3,937
8,608
11,925
;
1,855,623 ',
Federal reserve notes of other reserve banks..
Uncollected items not included in float
Bank prornises
All other resources
!
248,695 ''
89,992 :
26,185
500
4,463
8,662
19,652
:
i
!
:
1, 853,402
980, 061
055
229
CG8
697
22, 648
403,156
58, 035
18, 624
5,522,884
5, 672, 325
4,802, 214
16,137
2,649,099 '
20, 055
2, 604,416
22.648
1,471,491
Total notes in circulation..
"Deposits:
Member bank—reserve account..
Government
Foreign bank
Other deposits
2,665,236
2,624,471
1,494,139
1, 947, 334
39,415
73, 672
33,043 :
1,961,410
53.637 ;
79,099
30,728
2,397,523
26,773
5,753
18,378
Total deposits
Deferred availability items..
Capital paid in.
Surplus
All other liabilities
2,093,464 '
318,494
159,060
259,421
27, 209
2,124,874
478,229
160,568
259.421
24,762
i
2,448,427
403.156
169,493
274,636
12,363
Total liabilities
Contingent liability on bills purchased for foreign correspondents..
FEDERAL RESERVE NOTE STATEMENT
Federal reserve notes:
Issued to Federal reserve banks3 by Federal reserve agents
Held by Federal reserve banks
5, 522, 884
314, 035
5,672,325
250,621 !
4,802,214
447,444
2,922,713 ,
257,477
2,926.038
301,567 ;
L 974,999
480, 860
In actual circulation
_
_.
Collateral held by agents as security for notes issued to banks:
Gold
Eligible paper
2,665,236
;
2,624,471 i
1, 494,139
2,058,079 i
1,006,263
2,130,122
915,125
!
1, 788,659
303, 702
3,064,342 j
3,045.247 I
2,092,361
16,137
318, 494
57,821
37, 755
Total resources..
Federal reserve notes:
Held by other Federal reserve banks.
Outside Federal reserve banks
Total collateral..
20,
478,
57,
32,
701
12, 328
LIABILITIES
!
!
:
i Includes bills p a y a b l e in foreign currencies as follows: L a t e s t m o n t h , $33,444,000; m o n t h ago, $33,429,000; year ago, $36,119,000.
- Uncollected items in excess of deferred availability items.
Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation.
3
124
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932'
EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE
STATEMENT, JANUARY 31, 1932
[In thousands of dollars]
Total
New
York
} Boston
"I
Phila- Cleve-|
St. | Minne- Kansas
h
delphia land i mon d" Atlanta Chicago Louis ; apolis City Dallas
San
Francisco
RESOURCES
Gold with Federal reserve
agents
2,058,079 160,627
Gold redemption fund with
U. S. Treasury
_
56,093
4,658
465,239 1160,000 '212,470
11,312
7,074 I 7,415
73,170
82,100 532,620
2,395 I 3,278
Gold held exclusively
against Federal reserve
notes
2,114,172 165,285
476,551 j 167,074 219,885 ; 75,565 I 85,378 539,192
Gold settlement fund with
339,753
Federal Reserve Board
156,728 10,093 43,414 ! 20,131 j 5,787 30, 612
12, 687
Gold and gold certificates held
521,596
by banks
19,402 | 331,018 28,292 23,975 ! 5,844 ! 8,950 52,224
Total gold reserves
Reserves other than gold.
2,975,521
193,463
66,295
55,255
2,367
897
6,572
68, 662 56,152
6,247
8, 730
11,439
1, 754
964,297 205,459 287,274 101,540 1100,115 622,058 i 86,348 I66,636
44,545 19,712 15,054 | 9,255 5,688 32,554 12,370 | 6,399
197,374
19,104
61,680 I 33,SCO
154,763
3,118
1,003
6,004
64,798
34,863
160, 767
8,851
26,552
I
| 9,891
3, 552
23,158
i 11,988
86, 677 47,266 210,477
8,768 8,880 11,134
Total reserves
3,168,984 216,478 1,008,842 225,171 302,328 i 110,795 105,803 654,612 98,718 73,035
16,696
3,376 3,783 i 4,326 I 3,967 11,243 3,006 1,886
Nonreservecash..68,070 I 8,602
Bills discounted:
Secured by U. S. Government obligations
475,308 25,075
168,561 66,439 69,816 i 10,815 12,030 65,825 16,352 1,536
Other bills discounted
i 423,787 18,810
44,159 67,534 52,221 i 30,275 39,188 26,932 10, 553 10,191
95,445
1,764
56,146 221, 611
3,405
6,016
6,963
28,479
3,241
11,837
28,655
Total bills discounted
Bills bought
|
U. S. Government securities: j
Bonds
i
Treasury notes
-J
Certificates and bills
I
35,442
6,046
15,078
2,974
112,263
18,546
899,095
152,933
43,885
13,838
212,720 133,973 122,037 ! 41,090 j 51,218 ! 92,75726,905
49,341 | 6,565 7, 772 : 7,098 I 9,300 i 19,275 7,712
320,171
59,001
367,253
23,416
4,074
28,218
111,467 I 23,252 26,263 ! 3,71? ! 5,224 \ 54,196 11,715 15,788
27,305 ! 4,056 5,353 : 660 !
908 i 6,678
1,
1,459
144,319 ! 31,111 36,873 ; 4,623 j 6,359 ; 45,956 13,941 10,185
Total U. S. Government j
securities
\ 746,425
Other securities
_
j 36,637
55,708
3,150
283,091 I 58,419 68,489
19,877 | 3,111
.5,522,8
384,021
9,000 j 12,491 [ 106, 83027,645
700
850 ! 4,305
27,432
604
9,185 17,996 > 17,952
1,354
1,394 ': 3,771
9, 504 10,300 | 25,864
20,043 29,690 I 4/,587
750
2,410
565,029 1202,068 198,298 j 57,888 | 73,859 !223,167 63,142 44,229 62,281 47,742
3,075 i 941
21
O876
TC I
OAT
one
347 i ooi
321 . i1,225
13
252
243
Total bills and securities J l , 835,090 116,581
Due from foreign banks
I
8,608
695
Federal reserve notes of other
banks
16,137 ,
279
Uncollected items
| 330,419 ! 36,797
Bank premises
57,821
3,336
All other resources
37,755
1,253
Total resources
11,727
4,466
747
4,031
97, 069 28,133
14,817 2,626
13,912 1,422
1,136 1,317
30, 245 23,459
7 959 3,605
2, 058 4,439
1,063 2,555 1,415
9,291 37,809 13,915
2 489 7,827 3,461
4 205 3,160 . 2,178
527
6,250
1,834
1,439
1,407
15,933
3,649
1,113
321
11,354
1,785
1,543
180,806
599
1,339
20,164
4,433
1,033
1,723,471 464,484 546,683 |206,176 ,200,998 941,598 1185,856 129,213 181,844 122,539 I 436,001
LIABILITIES
Federal reserve notes in actual
2,665,236 186,533
circulation.
577,260 264, 544 315,360 [108,183 ! 121,872 567,935 92,850 ; 68,091
82,099
43,294
237,215
Deposits:
Member bank—reserve account
1,947,334 118,772
Government
39,415
4,574
Foreign b a n k . . .
73,672
5,043
Other deposits
33,043
131
850,622 119,541
8,771
2,116
28,948
6,835
21,061
431
143,444 51,598 I 47,067 262,555 58,382 41,211
3,721
4,006 I 1,901 I 5,127 2,166 1,369
6,702 2,654 i 2,455 I 8,892 2,322 1,460
3,293
229
236 i 840
501
386
68,355
1,603
1,924
94
48,941
1,617
1,858
282
136,840-.
2,444
4,579
5,559
909,402 128,923
92,784 27,135
60,859 16,410
75,077 26,486
8,089
157,160 58,487
29, 729 21,565
14,684 5,451
27,640 11,483
2,110
1,007
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,093,464
318,494
159,060
259,421
27,209
Total liabilities
Reserve ratio (per cent)
j 5,522,884 1384,021 1,723,471 464,484 546,683 206,176 200,998 941,598 185,856 129,213 181,844 122,539
68.7
67.9
57.2
64.0
66.5 | 61.0 77.4
63.2
64. 9
61.9
58.5
" '
128,520
36,453
11,685
20,039
791
51,659
9,540
5,067
10,449
2,411
277,414 63,371 44,426 71,976
I 36,327 13, 744 5, 912 14,534
17,934 4,554 2,953 4,163
38,411 10,025 6,356 8,124
3,577 1,312
1,475
52,698 149,428
11,674 19,097
4,060 11,240
7,624 17,707
3,189
1,314
436,001
57.3.
FEDERAL RESERVE NOTE STATEMENT
|
Federal reserve notes:
Issued to Federal reserve
bank by Federal reserve
agent
2,922,713 ! |214,163
Held by Federal reserve
bank..
I 257,477 27,630
In actual circulation. _ _!2,665,236 186,533
Collateral held by agent as
security for notes issued to
banks:
Gold
2,058,079 l|160,627
Eligible paper
• 1,006,263 j 55,158
628,726 1279,052 334,158 116,361 ,140,330 623,793 96,668 i 69, 503 93,260 ! 50,080 i 276,613
51,466 14,508 | 18,798 8,178 ! 18,464 55,858 3,818
577,260 1264,544 |31o, 360 108,183 121,872 567,935 92,850
1,412
68,091
!
I
i
j
11,161
82,099
6,786 i 39,398
43, 294 j237,215
465,239 il60,000 212,470 | 73,170 82,100532. 620 I 66,295 ! 55, 255 61, 680
33, StiO :154, 763.
250,770 ; 131,418 '126,388 46,745 ; 59,068106,998 I 31,232 j 14,532 39,507 1»J, M l ! 127,806.
125
FEDERAL RESERVE BULLETIN
F E B R U A R Y , 1932
FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES
[Averages of daily figures. Amounts in thousands of dollars]
i
Total cash reserves
1932
Federal reserve bank
1931
January
Boston
New York....
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
1932
Decem- January January
ber
214,312
187,446 219,473
1,001,464 1,010,289 1,139,821
240,091 260,668 243,859
307,031 326,745 302,982
116,612
110,065
90,890
158,738
107,902
95,888
636,340 593,416 379,232
115,440
97,850
94,266
69,591
73,836
75,497
102,208
98,127
96,901
54,392
56,319
58,144
235,773 241,962 299,865
Total—
Federal reserve notes
in circulation l
Total deposits
134,464
918,487
132,103
159,189
58,629
53.878
283,674
65,162
46,490
74.879
52,915
150,278
1931
1932
Reserve percentages
1931
1932
Decem- January January DecemJanuary
ber
ber
139,968
148,740
953,477 1,069,471
138,976
147,362
170,248
196,980
60,813
64,175
54,710
61,882
303,648
343,186
69,514
72,014
49,505
50,518
87,083
58,842
54,233
167,590
189,588
189,998
578,123
265,165
320,463
110,238
121,959
544,353
91,047
68,354
82,233
45,417
234,885
175,457
544,106
275,787
320,610
102,043
121,652
511,934
86,929
68,214
82,798
48,597
225,710
127,542
331,201
145,678
186,287
91,945
134,280
143,365
82,485
50,883
67,553
30,014
174,409
3,179,709 3,131,513 3,202,213 2,130,148 2,241,316 2,489,841 2,652,235 2,563,837
1,565,642
1931
JanDeJanuary cember uary
59.4
67.5
62.8
66.6
55.8
54.4
72.8
60.3
64.1
60.8
54.8
61.5
79.4
81.4
83.2
79.1
74.7
80.9
77.9
74.7
68.6
66.1
61.2
82.4
66.5 i 65.2
79.0
66.1
66.9
60.4
64.0
65.2
61.4
76.9
62.6
64.3
61.7
59.1
61.2
i Includes "Federal reserve notes of other Federal reserve b a n k s " as follows: Latest month, $18,788,000; month ago, $16,746,000; year !
221,000.
ALL MEMBER BANKS—DEPOSITS, RESERVES, ETC., BY DISTRICTS
[Averages of dailyfiguresfor 3 months ending December 31,1931. In millions of dollars]
Reserve held
Deposits subject to reserve (net demand and
time deposits; see following page)
Federal reserve district
October
Boston
New York_...
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Total...
Indebtedness at Federal
reserve banks
Excess
Total
Novem- Decem- October Novem- DecemNovem- DecemNovem- DecemOctober ber
October ber
ber
ber
ber
ber
ber
ber
2,210
9,853
2,206
2,690
993
823
3,934
998
798
1,049
690
2,894
2,160
9,459
2,137
2,565
965
795
3,822
965
789
1,012
688
2,861
1,951
9,181
2,079
2,510
938
789
3,689
949
777
998
677
2,815
29,13S
28, 218
27, 353
135.8
915.7
128.2
150.3
55.6
49.4
289.0
64.6
45.9
74.1
50.2
159.5
129.0
902.4
124.4
147.0
53.7
48.6
283.8
63.1
45.1
73.5
49.0
149.8
19.6
62.6
3.1
3.9
1.7
1.7
19.8
3.6
2.5
5.8
6.3
-1.6
4.1
17.3
2.6
1.8
.8
1.6
9.8
5.1
2.5
6.0
3.2
2.2
11.6
24.5
1.3
1.1
.4
1.2
14.6
3.7
2.8
6.2
2.9
-4.0
2,255. 6 2,118.1
2,069. 5
129.1
57.0
66.3
154.3
996.1
131.5
159.9
57.9
51.4
306.0
64.7
46.4
76.8
53.4
157.2
17.0
152.9
89.3
78.5
35.1
35.5
50.3
18.4
6.0
23.6
20.5
81.0
26.0
120.2
108.3
98.9
40.5
46.7
69.8
25.8
6.4
32.1 !
22.9
86.4 i
47.5
167.4
117.5
110.6
39.5
47.4
86,5
26.8
6.1
28.0
17.6
68.5
608.1 I
684.0 |
763.3
DISCOUNTS—DISTRICT DATA, BY WEEKS
DISCOUNTS—DISTRICT DATA, BY MONTHS
[In thousands of dollars!
[Averages of daily figures. In millions of dollars]
1932
1932
Federal reserve bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
_
Chicago
_
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
Total.
Jan. 6
Jan.13
Jan.20
-.
50,866 49,674
198,231 191,210
113,661 108,654
115,582 130, 635
43,084
46, 549
47,324
53,497
88,179
78,305
22,828 23,694
11, 659 11,841
33,573
33, 519
14,297
15.931
78, 682 74.932
43,069
167, 556
114,285
126,023
42,661
52, 303
82,950
26, 569
11, 678
33,915
16, 719
101, 258
-..
817,966 | 818,341
818,986 | 837,639
-
Jan.27
43,898
175, 203
127,264
123,056
39,594
51,341
83,704
24,483
11,675
33,504
15,267
108,650
Federal reserve bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
__
1931
January December January
47.0
188.4
119.2
123.8
43.1
49.7
84.6
24.5
11.5
33.2
15.3
87.6
47.5
167.7
117.5
110.6
39.5
51.6
86.6
26.8
8.0
30.3
17.6
70.9
11 5
55.7
27.3
28.7
22.3
23.4
25.9
11.8
4.1
17.2
5.2
19.9
828.0
774.5
252. 9
126
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS, BY DISTRICTS
[Averages of daily figures. In millions of dollars]
Total (all member banks)
Net demand
Larger centers (places over 15,000)
Net demand
Time
Smaller centers (places under 15,000)
Time
Net demand
Time
Decem- Novem- Decem- Novem- Decem- Novem- Decem- Novem- Decem- Novem- Decem- November
ber
ber
ber
ber
ber
ber
ber
ber
ber
ber
ber
Boston
New York
Philadelphia
.
ClevelandRichmond
Atlanta
Chic?4go
St. Louis
- Minneapolis
Kansas City
Dallas
.
San Francisco
.
.
1,078
6,642
1,054
1,161
456
418
2,013
525
356
645
.
___.
_
_
Total
1,201
6,780
1,065
1,175
467
419
2,089
520
369
652
873
959
985
2,539
1,026
1,349
482
S71
1,676
424
420
353
2,680
1,071
1,390
498
376
1,733
445
420
361
6,403
889
1,012
361
351
1,837
428
231
441
1,101
6,526
896
1,023
371
347
1,905
420
240
445
722
803
93
100
151
156
2,010
611
1,072
306
301
1,389
317
202
224
2,127
645
1,107
317
297
1,437
334
199
228
239
165
148
95
67
176
97
125
204
253
169
152
96
72
184
100
129
206
529
414
277
176
71
288
107
218
128
553
427
283
181
79
297
111
221
132
475
484
202
204
170
170
1,138
1,712
1,723
322
973
328
1,103
1,005
1, 587
1,594
153
129
156
133
32
125
34
129
15, 925
16, 358
11, 428
11,860
14,233
14,608
8,911
9,258
1,693
1,751
2,517
2,602
RATES CHARGED CUSTOMERS IN PRINCIPAL CITIES
Loans secured by prime stock- Loans secured by warehouse
receipts
exchange collateral
Prime commercial paper
Federal reserve
bank and branch
city
January
Boston
N e w York
Buffalo Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit
S t . Louis
Little Rock
P
Louisville
IVfinneapolis
Helena
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
Spokane
December
4 -5
4 -5
5 -6
4 -43-4
4 -5
5 -6
5 -6
5 -6
534-6
5 -5!4
5 -6
53-4-6
5 -6
434-8
5 -8
434-6
5 -6
534-6
5 -51/4
43^-6
5 -6
41/4-6
6 -7
5 -7
6
51/4-63-4
434-5
5 -6
5 -6
6
6
4
6
5
4
_
1932
1931
1932
-434
-8
-6
-6
6
5 -6
5 -6
7 -8
53-4-6
6 -634
534-6
53-4-6
6
5 -7
6
6
5 -7
4 -434
5 -534
434-5
6
6
4 -4i/4
6 8
434-5
434-6
534-6
4 -6
6 -8
534-6
6 -6J4
434-5
534-6
6 -6J-4
6
534-6
6
January
33-4-4
33^-4
5 -6
334-434
334-534
5 -6
5 -6
5 "-534
5 -6
5
6 -634
5 -7
6 -8
43^-6
4^4-5
4 -434
6
6
8
434-5
5 -534
534-6
4 -6
7 -8
534-6
6 -63-4
6 -63-4
6 -634
6
6
6
January
December
434-5H
434-5J4
5 -6
5 -6
534-6
53,4-6
6
6
5 -6
534-6
534-6
6 -7
6 -8
434-534
434-5
534-6
43,4-6
534-7
6 -6J4
434-5
534-6
5 -6
6 -63-4
6
b -6
5 -6
6 -634
6
43-4-6
6 -8
534-6
6
8
6
7
5
6
5
6
6
1932
1931
-7
-8
-7
-7
-6
-63-4
-634
6
63-4 7
634-7
5-6
534-6
534-6
534-6
43.4-6
5^4-6
5 -6
5 -8
6 -7
6
6
6 -8
6
8
534-7
6 -634
6 -8
534-6
6 -7
5 -6
5 -7
6 -63-4
6
634-7
634-7
January
4 -5
434-5
534-6
434-6
5 -6
534-6
53-4-6
5 -6
434-6
51/4-6
5 -6
6 -7
6 -7
6 -8
5 -7
4 -5
534-6
5 -6
6 -634
53,4-6
5-6
8
534-6
6
534-7
6 -7
7 -8
534-6
6 -8
I -6
6 -63-4
6 -63-4
6
6 -6J4
634-7
January
5 -6
6
5 -6
6
6 -7
5 -534
4J4-5
6
5 -514
4 -5
6
5U-7
434-534
6
6
4
6
5
4 -5
6 -8
5 -6
51/2-8
6 -8
6 -6%
6 -63-4
8
534-6
6 -8
534-6
6 -634
6 -634
n
63-4-7
63-4-7
6
6
6
6
5 -6
6 -8
634-7
6
5 -5J4
3^-5
6
5 -6
4 -6
6
6
5 -534
6J4-7
6 -7
6 -7
January
6 -634
6
6
1932
1931
December
6
-634
-6
-634
-6
6
6
4 -5
6 -8
5 -6
534-7
6 -8
6
534-6
8
534-6
6 -8
534-6
6 -63-4
6 -7
7
63-4-7
Interbank loans
6
4 -434
6 -8
6 -7
6 -8
534-6
434-5
6
434-6
6 -634
6
6
5
6
6
-8
-6
-8
-8
6
5 -6
8
5 -6
6 -8
534-6
634-7
6 -7
7
634-7
January
43-4-534
41/4-534
534-6
4 -534
534-6
51/4-6
5 -534
5 -6
534-6
5 -534
6 -634
1931
December
January
434-5
434-5
5 -5H
4 -5
5 -5V4
5 -6
534-6
5 -534
5 -6
6
5 -534
5 -6
5
4
4
5
5
5
5
-41/4
-6
-6
-534
-514
-6
6
5 -534
5 -6
6
6
6
6
6
6
534-6
5}4-6
4 -6
5
5 -6
5
5 -6
5 -6
6
6
534-6
6 -8
534-6
6
6
6
5 -5J4
5 -6
434-534
6
5
53-4-6
6
6
6
6
43-4-6
6
5 -6
5J4-6
6 -8
5J4-6
6
6
6
5 -534
5 -6
434-5J4
6
5
534-6
6
6
6
6
NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month.
from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities.
4 -414
334-5
434-53-4
4 -6
6
5
6 -8
5^-6
6
6
6
5 -6
53-4-6
5 -6
6
5
53-4-6
6
6
6
6
Rates
FEBRUARY,
127
FEDERAL RESERVE BULLETIN
1932
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In millions of dollars]
Federal Reserve District
Tota
Loans and investments:
20,379
Jan. 6
20,287
Jan. 13_
20,052
Jan. 2O._
19,992
Jan. 27
Loans:
13,077
Jan.6
13, 031
Jan. 13
_
12,935
Jan. 20
12,855
Jan. 27.._
On securities5,687
Jan. 6
5,660
Jan.13
Jan. 20
_
- 5,632
5,596
Jan. 27
All o t h e r 7,390
Jan. 6
Jan. 13
- 7,371
7,303
Jan. 20
'7,259
Jan. 27
Investments:
7,302
Jan. 67,256
Jan. 13....
7,117
Jan. 20
7,137
Jan. 27
United States Government
securities—
Jan. 6
- 4, 057
3,996
Jan. 1,3._._Jan. 20
~ - 3,880
3,841
Jan. 27
All o t h e r 3,245
Jan. 6.
Jan. 13
-. 3,260
3,237
Jan. 20.
3,296
Jan. 27
Reserves with Federal reserve
bank:
1,543
Jan. 6
1,516
Jan.13
1,501
Jan.20
1,482
Jan. 27
"Cash in vault:
256
Jan. 6
249
Jan. 13
240
Jan. 20
234
Jan. 27
Net demand deposits:
11, 781
Jan. 6
11,643
Jan. 13
11,476
Jan. 20
11,453
Jan. 27
Time deposits:
5,854
Jan. 6
5,843
Jan. 13
5,818
Jan. 20
5,771
Jan. 27
'Government deposits:
296
Jan. 6
265
Jan. 13
.253
Jan. 20
238
Jan. 27.
Due from banks:
987
Jan. 6_
927
Jan. 13
891
Jan.20
861
Jan. 27
Due to banks:
Jan. 6
-. 2,572
Jan. 13_
.- 2,427
Jan. 20
I 2,382
311
Jan. 27
i
Borrowings from Federal re- j
serve bank:
" j
483
Jan. 6
469
Jan. 13
i
Jan. 20
1
457
Jan. 27
_~l
467
r
Revised figures.
New PhilaCleve- Rich- AtdelBoston York
phia land m o n d lanta
1,317
1,319
1 312
1 304
8,159
8,106
7,946
7,926
City
Kani San New
sas Dallas Fran- York
City
j Cisco
St. MinLouis neapolis
Chicago
Chicago
,199
,196
,185
,183
2,021
2,014
2,003
2,000
602
603
598
'602
537 2,755
534 2,740
532 2,716
532 2,689
593
592
587
586 i
356
353
350
349
589
587
580
579
416
1,835
416 • 1,827
417 ! 1,826
417 I 1,825
7,039
6,988
6,838
6,819
1,560
1,546
1,526
1,506
1,287
1,272
1,266
1,264
370
369
365
'371
359
355
354
353
1,957
1,944
1,938
1,920
375
379
377
376
225
222
220
219
323
319
317
316
273
1,105
274
1,103
275 I 1,098
276
1,096
4,472
4,465
4,416
4,365
1,074
1,062
1,057
1,045
146
144
143
147
i 113
: 109
! 109
i
925
919
916
906
i
i
:
!
149
149
148
148 I
60
59
59
59
91
91
92
91
80
296
299
295
2,223
2,216
2,205
2,194
617
611
612
604
224 ' 246
225
246
222
245
'224 ;
1,032
1,025
1,022
1,014
I
i
'
S
226 |
230
229 !
228
165
163
161
160
232
228
225
225
193
193
195
196
812
807
799
801
2,249
2,249
2,211
2,171
457
451
445
441
218
213
210
210
131
131
130
130
266 '
268
263
263
143
142
142
141
730
724
728
729 I
2,567
2,523
2,422
2,454
484
469
461
!
i
I
!
391
3S6
391
393
1,722
1,676
1,578
1,547
275
272
255
250
132 I
134
130 I
129 I
339
338
337
336
845
847
844
907
211
212
214
211
890
889
882
876
5,189
5,179 |
5,121
5,068 i
724
726
722
720
348
345
342
336
2,539
2,527
2,508
2,498
369
367
367
365
574
573
569
565
542
544
540
540
2,650
2, 652
2,613
2,572
355
359
355
355
!
j
i 697
|
427
430
430
428
2,970
2,927
2,825
2,858
734
475
470 j 742
463 i 737
463
736
j
1,875 ; 193
205 1,829 ! 187
208 1,731 j 183
208 1, 700 ! 183
232 !I
234
233 ;
231 !
i
I
!
|
388
386
383
382
229 1,095 I
225 1,098
222 1,094
220 1,158
282 I
283 i
280
280
346
356
354
354
112;
120 I
123 i
122 :
119 I
91 ! 758 i
83 j 7 4 0 •
734 i
84
80 i 731 I
74 i
75 ;
73 !
72:
111
111
108
108
33
34
35 :
67 I
66 '
62 j
6i;
763 j
754 j
748 I
737 j'
429
428
425
426
5
5
4
4
5,646 j
5,559 !
5,474 !
5,517 ;
! 1,240 !
i 1,248 |
! 1,243 !
| 1,217
;
147 !
131
125 !
118 j
71
I
60 ' 111 !
57 ! 98
62 j 94
90
133 I 1,006
127 I 927
123 | 921 j
901
117
19
19
15
15
107
71
73
14
14
13
12
674
672
658
649
178
179
178
1/9
112 ;
iiii
87
798 I
796 !
778 !
769
443
440
423
416
i
!
!
j
355
356
355
353
i
i
I
!
218
216
218
206
!
!
;
j
33 ! 17 1
40 i
32 i 16 !
39
40
29 ! 15 i
38 i
29
14
883
297
250 1,520 I
867
296
244 1,504
854
297
244 1,477 i
855
295
240 1,450 !
278 ! 857
226
203 1,016 •
274 ! 853
201 1,016 I
224
273
200 1,019 !
844
224
271 ; 839
223
198 1,015 ;
21 i 20
13
17
21 ;
18
11 ; 15
19
18
18 j 18
15
11
18
16 ! 17
14
10
17
!
!
i
!
i
I
j
74
70
60
61 ! 67
59 ) 6 0 I
I
154; 188 j
146 i 183
H3; 178
141 179 j
53 i
54
58
59
61
54
56
54
199 ''
184
156 ;
160
84
79
78
80
79
77
75
72
360
342
323
92
57
50
107
52 j 102
62 !
20^
23 ;
19 I
17 !
I
!
!
'
59
47
45
49
:
i
!
:
134
134
133
134
120
122
119
121
23
21
22
22
5
!
47
46
44 !'
43
82
705
87
685
83 I 682
86 i 682
13 !
13 I
13
13
20
19
18
20
!
I
j
j
!
!
!
I
147
147
152
144
52 I
51 ;
48 '
47
19
18
19
17
320
323
316
315
5
5 I
184
179
175
174
381
379
373
367
245
245
246
246
618
621
614
608
217
214
214
213
156
156
156
156
183
184
183
183
131
131
130
129
918 !
914 I
907 I
901
16
15
13
13
29
26
25
23
139 !
118
111
13
12
11
11
7 !
4 '
4 i
3 :
3
2 >
2
2 j
2 i
j 5,148 i 1,021
5,066 | 1,004
I 5,003 i 1,007
! 5,050
775
789
779
756
124 I
412
411
402
44
44
44
41
94
90
81
58
59
59
61
113
104
107
95
68
61
58
58
126
117
93
97
85
145
138
139
132
74
74
75
75
165
165
160
150
942
867
862
844
274
256
243
229
6
5
7
5
67
62
86
92
60
45
15
15
11
2
3
3
128
FEDERAL RESERVE BULLETIN
FEBRUARY, 1923
MEMBERSHIP IN PAR-COLLECTION SYSTEM BANK LOANS AND INVESTMENTS, PERCENTAGE DISTRIBUTION
[Number of banks at end of December]
[Figures for September 29,1931—latest date for which comprehensive data
are available]
Nonmember banks
Member banks
On par list
United States.
Boston
New York
Philadelphia
Cleveland..
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City - -Dallas
San Francisco
Total loans and
investments
N o t on par list
1931
1930
1931
1930
1931
7,251
374
841
715
655
403
349
905
465
579
826
617
522
8,052
396
914
753
757
470
390
1,081
513
642
871
684
581
9,182
234
340
358
793
445
150
2,586
1,240
386
1,633
468
549
10,956
260
395
451
936
523
186
3,200
1,404
497
1,917
572
615
3,207
Number
of banks ; Amount Percent;
• (millions age disI
of dollars) tribution
1930
3,437
All banks in the Uniteu States i
Member banks—total
".._.
6 !
9
441
381
Keserve city banks (62 cities)
862
792
Central reserve city banks248
238
New York City
417
405
Chicago
_
881
1,007
Other reserve city banks216 '
191
New York City
223
211
Chicago
55
61
Other Federal reserve bank cities
(10 cities)
Federal reserve branch cities (25
Figures coverall incorporated banks (other than mutual savings banks).
cities)
_Other reserve cities (25 cities)
MATURITY DISTRIBUTION OF BILLS, ETC.
"Country" banksJ
Nonmember banks
[In thousands of dfllars]
With- 16 to
Bills discounted:
Jan. 6
Jan. 13
Jan. 2O._
Jan. 27__
Bills bought in
open market:
Jan. 6...
Jan. 13
Jan. 20,..
Jan. 27..
Certificates and
bills:
Jan. 6
Jan. 13
Jan. 20
Jan. 27
Municipal warrants:
Jan.
Jan.
Jan.
Jan.
6
13.
20
27
Total in 15
30
days
31 to 61 to 91 days Over 6
60
90
to 6
days days months months
818,216 638,235
818, 341 631,648
818,986 632,804
837,639 648,606
44,483
42,342
44,002
45,472
64,994
68,0431
72,553!
73,685
50,218
54,810
48,751
48,664
18,505
19,239
18,368
18,536
275,306 137,2971 70,416 47,482 19,161
950
699
567
213,801 84,417 40,361 49,527 38, 797
188,041 79, 6261 24,205 50,946 32,697
162,261 53,133| 24,324 50,766; 33,570
405,197
400,712
397, 698
380,263
2,747
2,936
3,476
6,500
20,950
28,4501
44,225
2,332
2,266
2,542
3,082
23,450 99,154
40,225 61,429|
5<
836 103,613!
54,836
37,591 82,634!
75
156
100
103
204
212:
211
68,345
68,344
8,050
8,050
132
120
82
80
80,500
80, 515
87,684
73,000
1,781
2,259
2,508
2,676
I
53,361 |
33,073
100
420 ;
21,269 j
40
42
12
8,253 !
1,644
15
21,301
7,599
62
32
25
101
5,626 i
1 ;<
92
7,179
13, 702
4,392 1
1,238 j
11,805 I
20,288 1
2
22
1
1 Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under
State
supervision.
1
Includes certain outlying banks in reserve cities.
BANKERS' ACCEPTANCES OUTSTANDING,
BY CLASSES
In millions of dollars. Source: American
[Dollar acceptances- Acceptance
Council]
Dec. 31, Nov. 30, Dec.
1931
127,248
129,249
115. 065
134,763
Based on imports
Based on export ^
Domestic
Warehouse creels
Dollar exchange
Based on goods stored in ii. hipped between
foreign countries
Total outstanding
1931
159
222
16
251
31
"158
«254
"18
239
= 34
31,
1930
??1
415
35
271
296
298
561
974
1,002
1 556
* f'orreete.i
/ nc figure* —See Annual Report for 1930 (Table 61).
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ON CALL DATES
[Amounts in millions of dollars. For back figures see BULLETIN for June, p. 343]
Loans to ba
Call date
i Total
loans
and In, vest| ments
Total
loans
Total:
1929—Oct. 4___
__.i 35,914 26,165
Dec. 31
: 35,934 26,150
1930—Mar. 27.. _
; 35,056 25,119
June 30
_
35,656 25,214
Sept. 24
35,472 24,738
Dec. 31
34,860 23, 870
1931—Mar. 25 .
34, 729 22,840
June 30
33,923 21,816
Sept. 29
33,073 20,874
Dec. 31 p
30,527 19,185
New York City: *
1929—Oct. 4
I 8,150
6,344
6,683
Dec. 31
i 8,774
6,192
1930—Mar. 27
: 8,238
6,596
June 30
i 8,798
6,359
Sept. 24
__j 8,557
6,147
Dec. 31
! 8,582
5,811
1931—Mar. 25
j 8,473
5,486
June 30
'•• 8,287
5,220
Sept. 2 9 . .
__; 8,253
4,762
Dec. 31 P
.; 7,456
Other reserve cities:
:
1929—Oct. 4
| 13,983 10, 596
Dec. 31
! 13,785 10, 532
1930—Mar. 27
i 13,575 10,159
June 30
i 13,701 10,016
Sept. 24
! 13,971 10,025
9,723
Dec. 31
13,758
9,289
1931—Mar. 25
13,965
8,818
June 30
13,567
Sept. 29
, 13,016 \\ 8, 455
7,869
Dec. 31 P
: 12,102
" C o u n t r y " banks:
|
9,226
1929—Oct. 4
j 13,780
Dec. 31
! 13,375 8,936
1930—Mar. 27
13,243 | 8,768
:
8,602
June 30
13,157
8, 354
Sept. 24
12,944
8,001
Dec. 31
12,519
1931—Mar. 25
•• 12,290 7,740
7,513
June 30_
12,068
7,199
11,805
Sept. 29..
6,555
10,970
Dec. 31p..
Total
640
714
527
535
466
631
446
457
599
791
Secured
t>y
stocks
and
bonds
(2)
260
230
175
315
219
229
311
455
302
322
199
196
169
283
154
150
250
374
(2)
294
346
263
277
235
286
235
247
284
347
(2)
45
45
8
65
63
62
62
58
60
64
70
(2)
92
78
53
132
70
66
125
204
(2)
155
142
112
167
135
146
169
227
14
11
11
15
14
16
17
24
Open-market loans
Loans to customers (exclusive of banks)
Otherwise
secured Total
and
unsecured
Secured by
stocks and
bonds
Purchased paper
OtherBills,
wise
Accept- acceptStreet
secured
To
Total ances ances, Com- loans i
and
i paymer*
brokers To
etc.,
unse>
able
in
cial
outside other Farm Other
cured
real
cusj United pay- paper
New
land estate
able
States
York tomers
abroad
City
11,988
11,515
10, 595
10, 349
9,982
9,831
9,298
8,922
8,722
8,175
2,276
2,243
3,097
3,113
3,262
2,233
2,454
2.103
1,563
901
175
169
150
157
157
147
149
160
152
153
2,726
2,595
2,252
2,129
2,087
2,054
1,896
1,782
1,881
1,811
3,102
3,309
3,051
3,151
3,033
3,143
2,976
2,848
2,730
2,518
112 1,379
111 1,448
115 1,429
112 1,412
112 1,414
122 1,509
123 1,496
128 1,493
122 1,463
125 1,424
4,415
4,214
3,802
3,693
3,567
3,620
3,423
3,291
3,168
3,043
2,170
2,231
2,097
2,137
2,112
2,090
2,033
64
47 ! 1,
43
1,892
27
1,727
279 1,206
276 1,186
279 1,196
274 1,201
275 1,205
264 1,191
261 1,188
260 1,177
254 1,157
236 1,104
4,847
4,705
4,541
4,527
23,249
23,194
267 21,495
305 21,565
291 21,010
316 21,007
228 19,940
228 19,257
288 18, 713
336 17,494
939
803
706
819
774
675
575
515
521
7,170
7,685
7,024
7,242
7,090
7,266
6,848
6,602
6,321
5,886
()
107
118
116
151
84
84
125
170
4,846
4,964
4,338
4,308
4,276
4,338
4,007
3,839
3,850
3,692
46
55
60
68
86
104
121
127
116
87
1,898
2,145
1,876
1,954
1,945
2,033
1,839
1,770
1,699
1,641
136
123
118
99
100
11
120
9,775
9,748
8,951
9,029
8,726
8,906
8,409
8,100
7,845
7386
7,386
767
666
553
660
599
513
390
340
362
275
8,627
8,481
8,206
125
83
93
90
51
52
8,007
51
7,762
46
44 I 7524
7; 524
44 i 7,318
7,018
47
6,415
46
1
Secured by
real estate
Investments
392
388
394
386
387
387
386
388
376
362
2,760
2,803
2,776
2,769
2,776
2,847
2,834
I 2,830
2,773
2,681
4,158
3,978
3,849
3,673
3,321
93
212
175
170
205
315
361
389
268
147
70
80
79
71
62
55
101
113
70
42
228
291
499
507
523
366
361
384
296
139
1,885
1,660
2,344
2, 365
2,472
1,498
1,630
1, 217
1,196
1,397
1, 655
2,091
1,912
1, 525
1,651
1,497
1,121
695
59
128
89
144
148
188
199
296
201
107
33
46
40
29
28
22
51
44
33
17
8
21
49
35
22
34
35
94
48
29
1,096
1,202
1,477
1,883
1,714
1,281
1, 367
1,063
526
438
945
710
1,064
631
645
470
326
135
8
51
59
18
54
122
158
91
67
35
31
29
35
38
31
29
48
67
35
22
27
33
27
8
4
5
5
6
5
4
4
4
3
2
2
2
3
!
553
409
496
312
286
177
158
135 1
116
70
2
1
5
Total
loans
secured
by
stocks
and
bonds
Total
5,727 310,314
5,921 310, 505
10,334
5,852
6,380
10, 656
6, 639 10, 511
6,864
9,754
6,886
9,272
6,763
8,563
6,635
8,081
6,031
7,304
928
574
839
542
1,112
1,150
1,147
1,091
1,239
1, 466
1, 656
1,830
1,768
817
979
897
1, 056
1,107
1,197
1,196
1,145
1,202
926
75
108
242
301
337
212
212
189
167
62
413
250
609
353
643
167
227
124
56
17
1,671
1,484
1, 662
1,686
1,785
1,727
2,313
2,408
2,301
2,134
1,717
1, 769
1, 754
1,999
2,161
2,308
2,364
2,342
2,260
2,099
144
163
207
171
164
120
114
101
81
47
376
208
258
129
115
49
36
30
32
16
4, 554
4,439
4,475
4,554
4,589
4,519
4,550
4,555
4,606
4,415
3 3,191
3, 562
3,504
3,983
3,798
3,550
3,397
3,026
2,780
2,474
>
3
3
3
3
3
4, 429
4, 397
4,368
4,306
4,387
3,991
3,729
3,459
3,317
3,037
fed
w
d
H
3
2,694
2, 545
2,462
2,367
2,213
2,147
2,078
1,985
1,794
1
2
Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.
Figures not available.
3i Loans to banks on securities for these dates estimated as one-half of total loans to banks.
Central reserve city banks only.
p Preliminary.
CD
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1931
00
©
EARNINGS
Total
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties
Miscellaneous
Total earnings .
_ _
.
- -
$9,820,546
5,009,541
12,428, 297
296, 960
2,145,935
29, 701, 279
Boston
New York
Philadelphia
Cleveland Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
San Francisco
$416,255 $1,661,805 $1,407,303 $1,236,556
460, 504 1, 638, 210
423,886
213, 784
825,952 3, 613,854
969, 430 1,147, 751
4,749
36, 323
17,425
14, 934
193, 567
93,159
623,919
108, 565
$795,652
124,060
390,976
28,362
50,036
$762,143
238,179
298,943
32, 746
116,824
$939,567
764, 703
1,937,290
32,290
469, 751
$388,769
177,420
560, 695
21,800
39,947
$168,589
132,999
597,518
7,726
29,772
$544,242
221,530
499,884
6,948
282,480
$408,025
142,432
613,368
20,162
30,000
$1,091,640
471,834
972, 636
73,495
107,915
3,038, 083
1,389,086
1,448,835
4,143,601
1,188, 631
936, 604
1, 555,084
1, 213,987
2, 717, 520
1,800, 619
7, 555,213
2, 714, 016
CURRENT EXPENSES
Salaries:
Officers
Clerical employees
Other employees
Governors' conferences
Federal advisory council
Directors' meetings
Traveling expenses *
Assessments for Federal Eeserve Board's
expenses
Legal fees.
Insurance on currency and security shipments
-Other insurance
Taxes on banking house
Light, heat, and power
$224,100
1,024, 587
385, 558
343
782
$2, 706, 834
11,533,467
2, 773, 960
4,517
13, 705
175,112
214, 581
$133, 346
873, 061
126,913
160
1,300
5,731
6,464
$554, 904
3, 236,910
645, 910
141
815
20,494
36,261
$135, 000
909, 705
131, 658
51
800
6,636
16, 074
718, 554
81, 507
53, 712
2,393
236,667
1,000
71, 036
2,842
517,284
419, 504
1, 496, 288
332, 989
63, 978
30,184
131, 565
22, 070
110,689
53, 302
410, 002
71,847
65, 935
34,484
39, 968
19,282
54,139
35,041
127,758
35,031
95,166
166,393
331,442
371,615
242,971
494,927
1, 628,864
445,942
795,896
2,649
480
19,744
35,479
19,522
6,169
186,691
45,162
47, 708
19,367
75,583
64,740
76,274
63,248
287,160
105,618
227, 710
14,147
1,080
33,086
24,406
32,109
13,952
154, 772
57, 536
66,451
12, 062
87,291
Total, exclusive of cost of currency. 25, 561, 518
Federal reserve currency:
1, 386,199
Original cost
92,947
Cost of redemption
1,814,481
6, 298,732
1,831,010
123,507
10,492
335,832
12,540
143, 688
10,888
27, 040, 664
1,948,480
6,647,104
1,985, 586
Repairs and alterations, banking house ._
Rent
Office and other supplies
Printing and stationery
Telephone
Telegraph
Postage
Expressage
M iscellaneous expenses
Total current expenses,.
17,886 j
$185,418
598,104
156,579
115
499
8,246
12, 661
$178, 752
544,859
138, 375
276
1,300
17, 053
24, 597
$118,135
330,399
102, 520
611
1,316
7,062
17, 565
$191, 600
627, 918
227,828
507
1,300
31, 359
8,724
$176,824
498,474
122, 940
713
1,155
10,308
16,154
$251, 784
952,122
238,454
1,118
2,550
24,315
16, 767
72,450 |
5,913 j
28, 934
707
26,127
3,061
97, 092
11, 769
25,106
5,120
16,482
14,865
21,009
11,395
21,441
10, 914
48,498
11, 528
30,171
23,101
65, 430
13, 822
30,
27,
60,
15,
61,130
44, 642
290,102
31, 227
10, 945
25,641
65,393
19, 579
12,410
31,671
69, 505
16, 208
15, 508
48,437
92, 363
37, 902
22, 332
26, 957
38,478
21, 252
105, 209
29,072
2,846
7,680
9,337
40,289
61, 727
22,872
38,656
217,127
52, 743
95,858
11,483
3,000
15.157
23, 676
13,957
39,994
78, 620
13,076
38.158
5,438
16, 236
18,466
7,793
69, 365
81,794
36, 619
36,840
13,280
14, 784
5,584
17,664
52,523
11, 779
32,687
21,262
20,314
8,753
58, 542
118,231
17,926
44,198
3,645
1,500
12,497
20,091
11,884
53,226
84,528
19,423
41,130
4,831
53, 559
33,801
30, 642
18,339
67,188
113,614
24,268
71, 881
2,448,466 j 1,392,551 1,203, 678 3,377,871
1,294,117
|
|
:
;
1,681
14,195
17,119
36, 013
21,277
16, 689
9,195
33,488
33,435
143,792
110, 012
34,958 ! 26,834
58,259 '• 35,016
734
052
515
697
39,313
1,614,413
1,215,866
2,177,845
50,143
6,664
23,386
3,068
45,926
3,943
39,188
2,830
171,518
9,417
2,623,842 i 1,491,663 1,268, 776 3, 524,401 1,350,924
918,942
1,664,282
1,257,884
2,358,780
165,003 i
10,373 !
i Except amounts included in items "Governors' conferences" and "Federal advisory council."
$325,015
403,400 1,533,928
82, 715
414, 510
232
250
853
1,035
22, 741
12, 229
23,438
17, 990
92,549
6,563
59, 741
5,357
135, 718
10,812
892,488
I
u
i
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1931—Continued
3
PROFIT AND LOSS ACCOUNT
§
Total
Earnings
Current expenses
Current net earnings
Additions to current net earnings:
Withdrawn from reserve for probable losses ._
Profit on United States securities
s o l d -__
Allother
Total additions_._
, Boston
New York
Philadelphia
Cleveland Richmond Atlanta
Chicago
St. Louis
$29, 701, 279 $1, 800, 619 $7, 555, 213 $2,714,016 $3, 038,083 $1,389,086 $1,448, 835 $4,143, 601 $1,188,631
27,040, 6G4
1,948,480 6, 647,104 1, 985, 586 2, 623, 842 1,491, 663 1, 268, 776 3,524,401 1, 350,924
Kansas
City
Dallas
$936,604 $1, 555,084 $1, 213, 987
918,942 1,664,282 1,257,884
San Francisco
$2, 717, 520
2, 358, 780
17,662
-109,198
- 4 3 , 897
358, 740
153, 306
14, 289
138,045
4,666
92, 552
3,585
372, 772
450
114, 673
25
263, 967
317, 595
142,711
96,137
373, 222
114, 698
84, 007
5,608
127, 033
9,009
233, 682
8,883
175, 332
28,496
92, 051
10, 947
lbO, 511
5,204
188, 841
13, 214
30, 707
12, 737
11, 570
6,710
46, 633
12, 058
150, 000
8,652
138, 382
225, 657
273, 272
216, 565
114, 568
172,425
217,343
220, 227
- 5 4 , 069
-180,059
-147,861
908,109
728,430
414, 241
-102,577
180, 059
619, 200
-162,293
37 010
150, 000
2, 851,148
149, 504
150,484
3,551
1, 009, 517
97, 890
218, 654
384
262, 701
6, 240
82,148
2,165
44, 542
1, 056
211, 754
15, 203
3,187, 682
154, 035
1,107,407
219, 038
268, 941
84, 313
45, 598
1, 888,443
158, 667
527 033
302, 068
122, 047
6,300
389,6S8
14, 728
22, 073
121,264
7,434
18, 057
79, 019
41,223
274,
23,
250,
56,
2, 876, 211
146,404
483,435
63, 296
604, 637
311,451
7,631
623, 972
155, 742
- 3 3 5 , 696
2, 972, 066
-140,230
1, 532, 081
884,172
10, 029, 760
709,139
3, 891, 599
1, 004, 836
936, 513
340, 360
7, 057, 694
849,369
2, 359, 518
120, 664
857,968
497, 006
2,660,615
Minneapolis
187 010 |
Deductions from current nst earnings:
Bank premises—deDreciation
Furniture and equipment
Reserve for probable losses
Allother
Total deductions
Net additions to current net earnings-..
Net earnings
._
Dividends paid
Excess of expenses and dividend payments over earnings
Franchise tax paid United States
Government
387
722
000
528
78. 545
9,684
i8,172
- 9 , 305
101, 030
28,143
-76,288
155,879
-105,529
609, 895
-61,263
45, 805
-185,486
111,982
253, 211
313, 247
1,170, 633
289,409
180,455
253, 621
254,878
685, 070
313, 247
560, 738
350, 072
134, 650
439,107
142,896
431,859
-156,646 __.
g
I
SURPLUS ACCOUNT
__ $274, 636, 224 :$21, 298, 714 $80, 575, 419 $27, 064, 989 $28, 971, 612 $12,113, 589 $10, 857, 310 $39, 936,492 $10, 561, 917 $7,143, 901 $8, 701,659 $8,935,627 $18,474,995
Surplus, J a n . 1, 1931
Charges to surplus:
Excess of expenses and dividend
payments over earnings
_
Reserve for depreciation on United
States bonds
Total..
Surplus, J a n . 1, 1932
_
3
i
!
350, 672
134, 650
439,107
142,896
964, 743
186,470
653, 001
138, 274
1,168,455
336, 576
1, 525, 481
537,142
787,651
577,381
1, 311, 351
768,435
_ 259, 420, 262 20, 038, 562 75, 077,154 26, 485, 609 27, 640, 313 11,482,816 10,448, 658 38,411,011 10,024,775
6, 356,250
8,124,278
7,057, 694
849, 369
2, 359, 518
120, 664
857, 968
497, 006
313, 247
560, 738!
8,158, 268
410, 783
3,138, 747
458, 716
473, 331
133, 767
95,405
1
15, 215,962
1,260,152
5, 498, 265
579, 380
1, 331, 299
630, 773
408, 652
431,859
7,624,276 17, 706, 560
REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT
Salaries
All other
Total
$133,640
79, 917
$7, 557
4,432
$14, 762
14,431;
$11,477
4, 057
$16,187
4,782
$6, 263
6,663
$5, 280
3,549
$14,159
20, 587
$10,8151
5,642
$14, 767
5, 065
$17,491
3,132
$8, 572
2,084
$6, 310
5,493
213,557
11,989
29,193:
15, 534
20, 969
12, 926
8,829
34, 746
16, 457!
19, 832
20, 623
10, 656
11,803
OO
132
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
BANK SUSPENSIONS, BY DISTRICTS
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions
during given period include any bank which may have been subsequently reopened. Figures for banks reopened during given period include
reopenings both of banks closed during period and of banks closed in prior periods. Deposits are as of date of suspension where available,
otherwise as of the latest available call date preceding suspension]
[Figures for latest month are preliminary]
Banks suspended
Deposits (in thousands of dollars)
Number
Federal reserve
district
Banks reopened
Members
NonAll
membanks Nabers
tional State
Members
All
banks
National
State
Nonmembers
Deposits (in thousands of
dollars)
Number
Members
Members
Non- All
NonAll
mem- banks
membanks Nabers
.
Nabers
I tional State
tional State
United States:
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
501
354
648
776
612
956
662
491
642
1,345
2,298
51
45
90
122
118
125
91
57
64
161
409
Total (11 years).. 9,285 1,333
Year 1931—revised:
Boston
New York „
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis .
Kansas City
Dallas
San Francisco
Total.
33
80
101
182
206
139
631
264
271
222
93
76
6
34
23
47
46
25
70
35
46
21
33
23
2,298
409
January, 1932:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas Citv
Dallas
San Francisco
3
6
10
18
27
14
102
58
13
38
10
35
Total
334
21, 285 21,218
196,460
19
431
19, 092
5,151
110,721
297
12
32, 904 18,324
524
188, 701
34
60, 889 13, 580
213,338
617
37
58, 537
8,727
172, 900
466
28
47,866 20, 946
272, 488
796
35
46,581 19, 755
193,891
538
33
31,619 10, 621
138,642
418
16
37,007 20,128
234,532
17
561
173,
290 207,150
864,
715
1,158
26
108 1,781 1,691, 510 439,171 294, 357
365 7,587 4,277,898
1
10
7
16
7
5
32
10
1
9
10
26
36
71
119
153
109
529
219
224
201
51
43
108 1,781
1
6
3
3
2
6
12
20
6
77
47
9
31
8
26
74
13
247
3
4
6
7
6
21
9
4
1
2
4
2
.
153, 957
86, 478
137,473
138,869
105,636
203,676
127, 555
96, 402
177,397
484, 275
957, 982
60
65
37
94
62
149
95
39
58
147
276
8
22
11
18
11
10
8
2
3
5
25
2
2
3
2
3
4
3
3
2
2
6
968, 241 639, 957 2, 669, 700 1,082
123
32
39, 824
44,086
18,279
118, 587
38, 787
20,649
77,166
21,043
10, 981
8,987
23, 571
17,211
2
3
1
4
56
14
37
99
25
17
17
1
1
1
1
3
2
1
9
2
1
12, 745
8,753
73,915
56,283
127,184
187,022
72,224
28,904
250, 205
43, 017
45, 971
37, 930
16,714
18, 613
1, 691, 510 439,171 294, 357
957, 982
276
25
117,038
155,272
155, 729
400,171
116, 700
51,370
425, 041
68,217
57,448
46, 917
53, 030
44, 577
3,299
54, 903
10, 266
94, 562
5,689
1,817
97,670
4,157
496
27,559
11, 307
22, 274
11 985
48,456
8,986
77,976
29,003
4 180
11, 949
2,367
19, 369
7,644
2,847
4 560
17, 082
4,647
28, 003
5,394
1 922
4,160
209
6,908
1,722
8,929
3,588
233
1,723
27, 559
2,596
19, 427
7 425
31,374
2,617
41, 044
20,021
2 258
7,789
1,925
10, 738
275,411
83, 376
17, 262
174, 773
1,067
3
1
5
1
6
50 17,493
41 35,565
23 11,674
74 22,462
48 16, 618 |
135 60,610 i
84 35, 729
34 15, 727 |
53 25,829
140 61, 599
245 158,187
2,499
633
8,076 3,542
3,973 1,095
6,895
295
479
6,300
4,665 3,514
5,073 3,238
417 6,193
1,607
666
1,872
1,666
26,182 27, 762
927 461,493
67, 559 49, 083 344,851
2
1
4
52
12
36
87
22
17
12
5,216
24,423
239
1,715
23,592
11, 388
26,905
45, 299
7, 384
4,174
7,735
117
245 158,187
I
1
3,900
1
3
1
2
207
925
1
2
3
3
368
991
728 j
376
13
7,495 |
1
I
2
3
3
14
1
2,939 18,801
239
3,892
5,481
7,502
3,507
970
1,535
117
14,361
23,947
6,606
15, 272
9,839
52,431
27,418
9,117
23,556
58, 061
104,243
5,216
2,683
1,715
2,152 17, 548
5,907
19,403
6,313 35, 479
496 5,918
4,174
6,200
26,182 27, 762 104, 243
3,9G0
360
207
565
368
991
728
376
360
7,135
Back figures--See BULLETIN for February, 1931; also Annual Reports for 1930 (Table 117), 1929 (Table 111), 1928 (Table 115), 1927 (Table 111)
and 1926 (Table 98).
133
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
BANK SUSPENSIONS, BY STATES, DURING JANUARY, 1932
[Banks closed to public on account offinancialdifficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during
given period include any banks which may have subsequently reopened. Figures for banks reopened during given period include reopenings
both of banks closed during that period and of banks closed in prior periods. Deposits are as of date of suspension where available, otherwise
as of the latest available call date preceding suspension.]
Banks suspended
Deposits (in thousands of dollars)
Numbei
State
All
banks
Members
Members
NonmemNa- State bers
tional
All
banks
New England:
Maine
National
Now TT$vmpfihirp
!|
Vermont
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
i|
Ohio
Indiana
Illinois
Michigan
Wisconsin _
West North Central:
Minnesota
Iowa
Missouri
North Dakota .
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
--
Maryland
District of Oolnnibifi .
Virginia
West Virginia
_
North Carolina
South Carolina
Georgia
Florida
- East South Central:
T^Tentnekv
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total
__ -_
3
2
4
9
24
67
4
1
4
15
1
6
24
17
3
1
7
16
1
1
2
6
9,066
5,048
21 816
7,644
670
2 765
5
8
20
47
3
5,704
25,394
48, 057
3,775
1,490
8,639
16, 259
1,397
6
20
14
2
1,955
16,132
4,513
329
90
1,676
6 111 i
4
1
1
3
1
16
7
5
1
5
2
1
1
21
3
6
4
6
1
3
7
1
1
10
12
1
1
2
2
2
4
1
1
2
10
1
8
1
13
2
4
I
334
74
13
9,280
1,422
3,311
19 051
4,214
16, 755
22, 518
2,378
1 955
12, 539
2,324
213
90
1,676
2 915
3 196
ii:
1
--
1
3,900
3,900
1
1
207
207
2
1
1
2
1
1
991
368
250
991
368
250
1
1
400
400
1
1
78
78
3
3
376
376
1
457
360 !
108
j
3
1
11
5
4
396
159
19, 290
28, 611
1,819
623
15, 719
1,363
144
623
14
2
2
4
11 213 •
1,775
4 503
1,043
6
6
g
1 500
524
3,015
2 367
2
409
320
409
3
576 i
265
1
g
1
3 757
527
6
6,862
579
7,324 .
247
1,067
3,593
2,189
116
994
9
i ]MemMem- NonNonAll
NonAll
bers
membanks
mem- banks (na- mem;j (nabers
tional)
'tional) bers
bers
27, 559
994
1
1
Deposits (in thousands
of dollars)
Number
-
27, 559
4
3
1
State
ll
3
3
4
5
10
Banks reopened
4 144
1,517
2 363
396
159
3,571
27, 248
1,675
3 237
1 198
160
I1
i
1 144
4, 577
457
360
108
j
3 832
258
942
1,043
1
1 340
233
I
1
524
600
209
1
!
I
2,415
1 925
320
|
311
i
2 613
527
2,285
579
2,331
275,411 ! 83,376
4,993
17,262
174, 773
14
1
13
7,495
360
7,135
134
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
BANK SUSPENSIONS, BY STATES, JANUARY 1 TO DECEMBER 31, 1931
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during
period include any banks which may have subsequently reopened. Figures of banks reopened during period include reopenings both of banks
closed during period and of banks closed in prior periods. Deposits are as of date of suspension where available, otherwise as of latest available
call date preceding suspension]
[Revision of preliminary data published in January BULLETIN]
Banks reopent ,d
Banks suspended
Deposits (in thousands of
dollars)
Number
Deposits (in thousands of dollars)
Number
Members
Members
Members
State
Nonmembanks
Na- State bers
tional
All
New England:
Maine
New Hampshire
2
2
1
Massachusetts..
19
5
Connecticut
Middle Atlantic:
New York
New Jersev
Pennsylvania
East North Central:
Ohio
..
Indiana
Illinois
Michigan __
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland _
District of Columbia
Virginia
West Virginia _
North Carolina
South Carolina
Georgia
Florida _ _ _ __
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
._
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
16
Total
__
1
banks
National
2
1
2,254
1,002
402
13
95,408
39,422
10
18 374
State
Non- All
meai- banks
bers
3,299
52, 687
1
1
2,436
18 374
2
2
5 463
24
16
42
8
4
6
23
18
89
92,801
73 128
270, 787
22,461
26 728
101, 922
44, 351 25, 989
12, 812 33 588
12, 565 156, 300
1
2
115
96
238
113
49
19
8
37
14
7
15
2
5
23
81
86
196
76
42
260,439
63, 890
175,978
102,841
24, 701
26, 027
10,814
46, 534
15, 963
6,066
90, 003 144, 409
10, 823 42,253
16, 984 112,460
39, 951 46, 927
18, 635
3
20
17
3
11
496
30,051
1,157
7
2
9
2
12
10
1
3
1
87
184
109
53
60
101
34
25,313
86, 222
22,899
8,170
12, 971
28,137
6,369
4, 524
6,061
5,486
1,499
2,886
5,651
1,605
17
25, 775
3,016
1
4
30
35
49
27
27
14
16 792
37,832
29, 791
9,947
8,515
9 935
7 713
13, 659
13, 091
1,308
1,513
3 424
23
26
27
51
18,132
5, 583
6,759
28,337
8,621
2,127
1,994
13,188
113
356
400
43
7
22
47
11, 744
4,712
3,404
49,403
3,026
2,348
233
22, 318
12, 745
2
7
1
1
1
8
4
3
14
2
4
6
2
1,136
2,290
1,031
3,234
752
2,968
8,326
172
6
4
8
2
3
1
14
7
9
10, 429
9,460
13, 367
108 1,781
1,691,510
13
21
12
13
13
8
4
2*6
3
37 !
57 i
63 i
34
35
17
6
18
14
5
4
3
2
4
27
31
36
60
4
4
8
8
1
1
1
57
7 j
24
86
8
6
3
4
11
10
3
21
1
5
9
2
22
14
18
2
30
!
2,298 !
409
9
425
1,255
National
NonmemState bers
2,254
600
55
38
137
101
208
122
66
73
109
38
Members
NonA 11
memNa- State bers banks
tional
1 515
3,673
501
1,461
762
20, 293
50,110
16, 256
6,671
10, 085
22, 486
4,764
il
1
1
1
1
r
I
5 463
18,801
3,178
2
1
2,436
18,801
3 178
3
2 20
15
3
10
1,081
10,777
10, 278
2,636
4,813
275
6
1
8
1
12
10
2,468
7,710
1,954
369
3,527
2, 977
7,502
166
197
5,200
773
496
1,081
10, 777
4,803
2,636
4,040
1,972
208
1,788
172
3,527
2,977
22, 759
3
3
3,573
3,573
7,564
20, 500
16, 700
8,138
5,541
6,511
13
7
33
1
1
2
13
6
30
1
1
2
4,525
5,922
10, 024
182
110
866
4 525
3,770
6,132
182
110
866
9,511
3,343
4,409
14, 749
10
4
2 10
4
16, 057
419
39
4
1
34
18,510
7,357
911
10, 242
6, 370
4,712
3,171
14, 340
36
2
5
15
5
1
2 30
2
5
2 11
8,894
2, 947
517
6,230
1,190
202
7,502
2,947
517
5,447
711
273
1,031
2,135
1
1
74
117
117
752
752
1,099
752
402
94
474
2,566
7, 758
172
4, 573
1 419
9,870
391
6 910
210
5, 465
1 125
3, 287
439,171 294, 357 957, 982
1
3
4
j_ I
1
1
2,152
3,892
16, 057
419
783
74
;
i
25
276
6
!i
245 158,187 26 182 27 762 104, 243
1
1 At the time of suspension this was a nonmember bank.
2
At the time of suspension 1 bank in Indiana, 1 in Kentucky, 1 in Arkansas, and 3 in Texas were State bank members.
Back figures—See Annual Report for 1930 (Table 118), 1929 (Table 112), 1928 (Table 116), 1927 (Table 112), 1926 (Table 100), and 1925 (Tables
97 and 98).
135
FEDERAL RESERVE BULLETIN
FEBROAKY, 1932
INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index'numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average=100]
Annual index
1931
Industry
Jan.
Feb.
Mar.
Apr.
64
57
64
86
82
62
68
64
40
134
143
117
93
91
95
80
98
136
92
102
106
99
80
118
79
94
116
72
91
122
124
73
61
74
93
84
75
81
77
54
146
158
121
92
94
96
85
99
136
91
87
110
103
77
117
86
98
122
78
97
144
124
78
64
79
97
89
76
81
75
60
149
165
117
87
88
83
93
74
110
101
81
114
84
100
121
75
90
146
129
75
65
76
98
96
86
103
71
60
119
122
114
96
97
93
97
104
159
98
89
110
102
80
114
90
92
124
77
92
155
125
72
64
72
98
93
90
105
79
63
123
136
96
91
92
88
94
94
156
96
77
113
105
79
118
94
91
130
79
93
166
127
64
56
64
97
92
89
105
83
55
122
136
96
83
83
75
88
96
154
85
83
109
100
79
111
92
88
118
81
91
172
123
59
51
60
102
96
100
122
90
52
120
132
95
88
82
74
88
88
147
95
98
109
101
81
112
94
88
121
86
91
154
123
49
45
50
49
50
49
63
11
246
78
76
81
68
7
115
87
79
80
67
7
61
92
80
72
77
13
99
102
92
85
78
14
112
107
91
80
53
62
103
80
57
67
113
92
68
69
118
100
79
84
123
109
84
90
77
70
126
80
111
79
77
105
82
119
76
76
96
144
177
70
106
102
97
88
91
68
121
74
157
149
188
69
107
94
99
94
96
71
132
78
174
77
93
110
72
65
80
65
Sept.
Oct.
Nov.
Dec.
1930
51
44
52
100
95
97
115
92
51
120
131
99
89
86
78
92
93
161
94
88
105
95
72
107
90
83
110
82
90
178
118
46
41
47
100
93
85
97
84
54
140
153
114
93
93
97
80
102
153
85
104
104
93
77
100
81
83
112
92
89
173
121
43
39
44
93
86
71
80
65
52
144
159
115
91
96
101
80
90
165
83
86
99
89
75
96
79
79
107
78
83
150
120
46
37
47
89
84
64
73
60
41
140
157
105
90
91
99
72
91
170
91
83
96
88
79
96
77
78
101
82
82
130
117
38
33
39
85
79
57
64
58
36
141
156
112
199
94
88
95
91
87
69
76
67
55
133
142
116
93
90
89
86
93
141
'99
99
113
106
86
113
92
106
122
90
108
147
128
44
40
38
35
30
30
67
43
65
10
116
100
94
79
60
8
121
101
100
79
52
5
114
104
101
87
40
4
88
97
96
84
26
5
90
82
86
83
36
2
114
77
79
81
66
85
37
185
94
97
97
60
7
111
9 87
81
83
92
116
117
85
93
126
105
84
99
146
102
91
94
141
106
85
79
141
97
84
68
113
79
76
53
105
76
70
85
134
92
9 75
9 118
96
90
117
73
70
109
96
112
73
72
104
98
91
68
70
92
95
91
65
65
88
89
72
65
65
89
83
55
65
65
88
73
53
64
43
89
77
152
191
76
112
96
100
98
102
74
131
83
169
161
205
71
113
100
102
107
111
81
134
89
171
163
211
71
109
95
100
123
127
95
137
88
177
161
207
76
111
90
91
126
130
96
133
87
171
162
208
80
107
98
84
112
116
88
122
77
156
165
213
78
110
96
80
90
92
73
118
81
148
161
210
66
108
92
77
79
82
57
118
73
151
161
209
71
104
95
76
74
77
54
112
77
137
156
202
73
102
93
73
71
74
52
114
75
142
73
89
110
76
72
112
77
84
121
70
65
76
63
69
61
69
54
74
66
122
46
67
54
58
46
74
57
122
55
59
49
62
42
70
61
107
59
59
49
66
44
70
65
102
51
CO
49
65
71
91
116
42
76
65
79
61
75
71
122
27
68
54
75
51
47
66
40
May
June
July
Aug.
1931
Pig iron
Steel ingots
._
TEXTILES
Cotton consumption
. .
Wool
Consumption
Machinery activity l
Carpet, rug-loom activity J
Silk
Deliveries
Loom activity *
FOOD PRODUCTS
Slaughtering, meat packing
Hogs
Cattle
Calves
Sheep
Flour
Sugar meltings
.-
PAPER AND PRINTING
Wood pulp and paper
Newsprint
Book paper
WraDDing paper
Fine paper
Paper board
Wood pulp, mechanical
Wood pulp, chemical
Paper boxes
Newsprint consumption
M CO CO
MANUFACTURES
IRON AND STEEL
94
98
81
98
158
82
75
59
51
60
94
88
79
90
75
52
133
145
108
»90
91
90
85
96
153
90
P87
78
123
LUMBER:
Lumber cut
-
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
--
LEATHER AND PRODUCTS
__ . _
-
Tanning
Sole leather 1
Upper leatherCattle
Calf and kip
Goat and kid
Boots and shoes
_ _
P70
74
*>72
9 50
88
CEMENT AND GLASS:
CementGlass, plate
NONFERROUS METALS 2
Cirnrnpr f^mpltpr^
Tin (deliveries) 1
84
59
108
107
97
96
111
150
195
69
99
86
70
68
71
52
110
58
146
164
203
84
115
121
122
100
103
78
131
87
167
157
201
71
107
95
87
96
99
72
123
78
158
67
66
122
11
64
71
121
'89
'86
122
90
72
73
115
45
45
61
r 42
46
64
48
59
P60
90
FUELS, MANUFACTURES:
Petroleum refining
Gasoline l ~
_. . _
Kerosene
Fuel oil i
_ _
Lubricating oil 1
Coke (by-product)
RUBBER TIRES AND TUBES
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
Cigars
Cigarettes
_.
. ._
_
COAL:
Bituminous
Anthracite™
Petroleum crude
Iron ore shipments _ _
CoDDer (mined}
Zinc
Lead . . _
Silver
_
_._.
40
COOO
MINERALS
97
79
54
68
49
p Preliminary.
' Revised.
1 Without seasonal adjustment.
Includes also lead and zinc, see "Minerals.'
NOTE.—The combined index of industrial production is computed from figures for 57 statistical series (49 of manufactures and 8 of minerals)
most of which are shown in this table. Adjustments have been made in the different industries for the varying number of working days in each
month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative
importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927.
136
FEDERAL RESERVE BULLETIN
F E B R U A R Y , 1932
FACTORY EMPLOYMENT AND PAY ROLLS
[Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average=100]
Factory employment
! Without seasonal adjustment
Factory pay rolls
Adjusted for seasonal
variation
Without seasonal adjustment
Industry
1931
Dec.
T O T A L — A L L MANUFACTURING INDUSTRIES
I R O N AND STEEL AND PRODUCTS
Steel works and rolling mills
Hardware
Structural ironwork
Heating apparatus
Steam fittings
Stoves
Cast-iron pipe
MACHINERY
Foundry and machine-shop products..
Machine tools
Agricultural implements
Electrical machinery
_.
T E X T I L E S AND PRODUCTS
A . Fabrics.
Cotton goods
Woolen and worsted manufactures.
Woolen and worsted goods
Carpets and nigs
Hosiery and knit goods
_
_
Silk manufactures..
Dyeing and finishing textiles..
_.
B. Wearing apparel
Clothing, men's..
Shirts and collars
Clothing, women's
_
Millinery
F O O D AND PRODUCTS
Baking.
_
Slaughtering and meat packing
Confectionery
_
_
Ice cream
Flour
Sugar refining cane
___
P A P E R AND PRINTING
Printing, book and job
Printing, newspapers and periodicals
Paper and pulp
Paper boxes
L U M B E R AND PRODUCTS
Lumber, sawmills
Lumber, millwork
Furniture
_
...
TRANSPORTATION EQUIPMENT
Car building and repairing._
Automobiles
Shipbuilding
__.
.._
L E A T H E R AND MANUFACTURES
Boots and shoes
Leather
_
C E M E N T , CLAY, AND GLASS PRODUCTS
Clay products
Brick, tile, and terra cotta
Pottery
Glass..
Cement
NONFERROUS METAL PRODUCTS.
Stamped and enameled ware
Brass, bronze, and copper
_
CHEMICALS AND PRODUCTS
Chemicals and drugs
Petroleum refining
Fertilizers
__-
R U B B E R PRODUCTS
Automobile tires and tubes
Rubber boots and shoes.
_
TOBACCO MANUFACTURES
Cigars and cigarettes
Chewing and smoking tobacco, snuff
MUSICAL INSTRUMENTS
Pianos and organs
:
1931
1930
Nov.
Dec.
Dec.
67.9
68.7
78.8
69.4
64.4
66.4
61.6
71.3
55.0
53.1
56.7
55.9
63.8
58.7
62.4
48.3
77.1
72.9
74.6
73.8
58.8
58.9
58.4
88.9
72.9
93.9
68.5
51.9
74.6
96. 3
53.0
87.9
91.4
88.4
92.5
70.4
76.8
77.7
90.8
93.2
101.9
80.6
84.0
45.2
37.4
47.7
65.3
54.4
46.9
60.2
87.9
73.2
74.4
67.9
53.3
48.5
39.8
72.3
64.3
50.7
60.3
40.9
66.9
82.0
86.9
81.3
53.4
69.8
69.3
71.5
71.7
71.7
71.6
38.0
24.0
65.0
65.8
62.4
73.1
60.4
56.9
63.7
56.6
63.8
58.4
62.4
44.9
77.8
74.3
74.9
73.4
60.1
60.1
60.3
90.3 ,
72.7 !
93.3
72.8
54.1
82.1
101.9
57.9
88.0
78.0
79.7
73.1
95.9
66.9
68.2
65.7
63.1
83.3
76.6
97.4
95.8
94.7
78.1
65.4
67.4
61.6
71.9
56.1
55.8
56.3
57.3
64.5
59.8
62.3
48.4
77.1
72.2
73.4
72.3
57.0
56.9
57.2
88.7
72.8
92.5
69.2
52.8
71.7
97.7
54.9
86.3
92.1
84.2
83.9
80.3
76.3
83.3
89.2
90.9
100.1
80.7
80.6
45.4
38.2
48.4
63.7
58.0
47.0
68.8
87.9
75.3
77.2
67.6
55.0
50.1
42.0
72.1
66.0
52.6
61.1
42.6
67.4
81.9
85.4
82.3
57.7
71.3
72.9
66.8
70.4
70.6
69.5
34.7
22.7
92.6 I
85.7 !
93.7 i
71.9 j
78.8
79.9
91.0
92.1
101.7
81.4
86.5
48.4
41.4
49.0
68.1
50.6
47.4
49.9
87.3
56.3
52.8
44.3
75.8
64.2
54.4
60.8
41.4
|
i
!
;
'
;
I
67.3 I
83.5 i
89.7 ;
81.4
51.4
70.7
69.4
74.2
79.3
80.4
70.5
52.6
24.9
74.8
61.9
62.1
60.3
88.0
84.9
105.3
79.3
53.4
82.4
123.2
P.O. 8
92.3
98.2
91.1
94.0
77.3
82.5
77.5
98.4
105.3
105.2
88.2
90.4
58.4
52.2
58.7
75.9
65.3
59.3
69.0
98.3 1
74.5 I
74.6 !
74.3 i
66.4
64.7
57.4
84.4 I
70.9 I
64.8
70.2
47.4
78.0
97.8
99.3
99.6
82.4
73.2
71.6
77.8
84.9 i
86.7 j
70.7 I
87.1
37.7
1930
Nov.
Dec.
80.1
65.3
66.6
62.4
72.9
58.7
57.2
60.1
57.6
64.6
59.6
62.5
46.3
77.8
73.6
73.7
72.2
58.1
57.8
59.5
89.1
72.9
92.6
73.4
55.6
79.5
103. 7
55.9
85.9
91.6
84.9
81.4
79.7 i
77.2
80.7
89.7
91.6
100.4
81.4
81.0
47.4
41.1
49.8
63.8
53.4
47.6
56.1
90.8
70.1
70.3
69.1
55.9
52.8
44.4
75.7
63.2
53.7
61.4
42.2
68.1
83.1
88.0
82.2
54.4
73.3
74.2
70.3
74.8
75.4
70.1
47.8
23.4
79.1
81.0
73.1
96.7
68.3
71.7
65.3
64.6
84.2
78.0
97.3
96.1
94.7
77.4
76.4
73.3
59.9
60.1
59.1
87.7
84.7
103.8
80.1
54.4
79.2
.125. 0
63.0
90.8
99.0
86.7
85.2
88.0
81.9
83.1
96.7
102.7
103.4
88.2
86.8
58.8
53.2
59.6
74.1
69.4
59.4
78.9
98.3
76.6
77.3
74.0
68.6
66.9
60.6
84.1
72.7
67.2
71.2
49.4
78.6
97.9
97.6
100.8
89.1
74.7
75.3
72.7
83.5
85.4
68.6
79.1
35.7
1931
Dec.
1930
Nov.
55.8
56.2
73.7
41.0
40.3
42.8
52.2
36.4 i
36.1 !
36.8
42.3
48.9 |
41. 7 i
46.7 i
41.2
39.4
43.5
54.1
42.1
39.3
44.7
41.4
48.3
40.4
45.9
34.6
68.6
59.3
60.1
54.5
46.4
66.7
67.2
62.4
88.6
56.0
60.4
51.8
58.1
75.0
66.7
78.2
82.3
93.1
72.2
72.3
67. 2
52. &
54.2
47.1
88.7
84.6
105.5
72.1
43.4
70.2
116. 6
51.3
94.9
98.2
98.0
95.9
82.2
83.8
72.3
105.7
111.4
118.1
86. a
91.1
50.4
45.7
50.7
60.7
60.8
60.4
55.5
107.2
58.1
54.0
72.8
56.3
51.4
44.3
70.2
65.2
57.9
67.9
45.6
74.4
94.7
92.0
101.4
78.5
62.6
60.9
69.6
77.7
78.9
68.4
63.1
35.8
37.2 I
67.4 !
58.1 I
60.0 |
55.2 !
45.4 |
46.6
40.2
79.4
63.0
85.7
54.4
37.2
51.0
82.0
40.9
82.7
85.5
86.4
83.8
70.7
69.0
64.5
91.0
92.8
110.4
67.0
77.7
31.2
24.4
34.4
43.8
47.1
42.6
48.0
84.8
50.3
47.9
58.8
37.4 i
30.3
22.6
50.6
51.7 ;
37.4 |
48.6 ;
34.2 I
52.8 |
75.0 i
76.2
77.8
46.2
52.0
50.9
56.7
58.9
58.1
65.9
31.4
19.6
NOTE.—For description of these indexes see BULLETIN for November, 1929 (pp. 706-716), and November, 1930 (pp. 662-677).
Dec.
47.1 j
43.0 I
81.2 !
62.2 i
84.3 !
57.8
37.4
59.8
87.5
45.4
83.0
88.0
82.3
83.9
73.3
76.4
67.8
90.6
89.9
109.7
69.3
81.7
34.4
28.9
34.9
46.3
45.2
43.9
42.3
81.4
47.0
43.1
61.1
40.9
34.2
26.6
54.1
52.8
43.7
48.8
33.0 !
53.3 i
76.4
78.8
77.9
42.9
50.1 |
48.0 |
58.7 !
64.5
64.9
62.0
46.4
19.6
FEBRUARY,
137
FEDERAL RESERVE BULLETIN
1932
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics; 1926=100]
Other commodities
Year and month
All commodities
Farm
products
100.0
95.4
97.7
96.5
86.3
71.1
78.4
77.0
75.5
74.5
73.3
71.3
70.0
70.0
70.2
69.1
68.4
68.3
66.3
100.0
99.4
105.9
104.9
88.3
64.8
75.2
73.5
70.1
70.6
70.1
67.1
65.4
64.9
63.5
60.5
58.8
58.7
55.7
1926 (base)
1927
1928
1929
1930
1931
.
.
.
.
1930—December. - .
1931—January
February
March
April
May
June
July
August
SeptemberOctober
NovemberDecember, ,-
Foods
Total
Hides and Textile Fuel and Metals Building Chemi- House- Miscelcals and furnishleather
lighting and metal
products products materials products materials drugs ing goods laneous
100.0
93.7
93.2
92.6
85.1
73.3
79.0
77.8
77.1
75.6
74.2
73.2
71.9
71.8
72.3
72.0
71.4
71.8
70.4
100.0
96.5
101.0
99.7
90.1
73.8
81.8
80.1
77.1
76.7
75.6
72.9
72.4
73.1
73.7
72.9
72.6
70.9
68.1
100.0
107.9
121.7
109.2
99.9
85.9
91.2
88.6
86.6
87.4
87.3
87.3
87.8
89.2
88.5
84.8
82.2
81.3
79.4
100.0
95.7
96.3
93.7
80.7
65.3
72.4
71.0
70.4
69.2
67.6
66.3
65.4
65.4
64.2
62.9
61.5
60.7
59.2
100.0
86.5
82.8
81.6
76.1
63.4
70.5
69.8
69.6
64.5
61.6
60.9
58.1
58.2
62.3
63.3
63.4
65.0
63.6
Mar.
Apr.
60.4
69.6
73.7
59.3
70.7
74.2
59.5
70.3
73.4
85.2
88.4
73.4
83.3
83.6
70.8
83.7
82.0
70.8
69.4
91.5
97.7
104.2
64.4
90.8
95.1
102.4
57.7
89.0
95.0
102.0
81.9
50.7
83.2
57.9
79.7
51.7
82.3
57.8
77.3
50.1
82.1
57.5
89.6
89.2
83.9
99.7
59.4
89.6
89.1
83.9
97.0
53.3
89.6
89. 1
83.8
95.4
51.1
88 6
67.8
94.9
100 2
98.4
88.3
68.4
94.9
99.8
98.0
80 2
82.5
91.7
81 7
75.9
97.3
Oct.
Nov.
Dec.
Jan.
Feb.
72 1
82.4
86.3
64.0
77.7
85.4
64.0
76.3
78.1
62.4
75.2
7G.0
98.7
96.7
79.8
95.8
91.4
78.4
89.4
89.2
74.5
83.6
96.7
100.3
104.2
75.1
93.3
100.3
104.2
81 6
52.1
83.6
59.0
Sept.
Oct.
Nov.
59.6
64.1
71.5
56.0
61.9
70.8
49.0
63.0
71.3
44.8
67.0
67.3
44.2
61.0
65.4
44.3
57.6
64.2
51 3
55.7
63.1
47.0
51.7
61.2
80.9
79.9
70.9
78.4
74.4
69.7
79.1
71.3
70.1
80.9
73.4
69.7
82.5
76.0
68.8
84.8
73.6
67.6
86.4
71.1
67.7
80.9
67.7
68.5
80.0
63.2
66.0
62.1
88.4
94.9
102.0
62.0
88.4
94.8
101.6
62.6
88.1
94.8
101.3
65.5
87.8
94.7
101.3
72.7
89.8
93.5
101.3
69.1
90.3
93.5
101.3
58.6
83.4
93.5
101.0
50.0
80.7
93.1
101.0
49.0
78.8
92.5
101.0
48.8
78.6
89.2
99.2
76.9
48.8
81.7
59.0
76.5
47.0
79.7
57.4
75.7
45.2
77.3
55.6
73.9
44.0
76.4
55.9
72.6
43.8
75.9
53.1
72.4
45.0
75.3
52.1
69.8
44.8
75.3
50.9
67.7
44.8
73.5
50.8
66.2
43.9
72.4
47.3
64.7
43.9
71.9
47.4
62.8
42.0
71.5
45.0
88.9
88.1
83.8
95.8
50.4
88.9
87.8
83.8
95.8
50.2
88.2
85/8
83.7
94.6
41.8
86.6
84.4
83.7
96.1
37.4
87.6
83.9
83.7
99.0
35.9
88.8
83.2
81.5
101.9
30.7
90.8
83.5
81.5
103.5
30.3"
92.2
83.7
81.5
103.2
37.5
94.3
83.9
81.5
103.4
38.9
94.2
83.6
81.5
100.8
39.2
94.2
83.7
81.4
100.1
42.5
94.8
83.8
81.1
88.0
69.7
94.9
99.5
95.2
88.1
67.4
94.7
98.7
95.0
88.4
66.1
94.7
98.0
95.0
88 1
67.1
94.7
98.0
95.0
87.5
65.1
94.7
98.6
95.0
87.2
60.6
94.7
98.6
94.4
86 9
58.9
94.6
98 6
94.4
87.1
59.4
94.5
98.9
92.5
86.6
58.0
94.5
98.9
92.1
86.6
56.8
94.5
99.7
90.5
86.2
53.7
92.3
99.7
90.5
86.0
53.5
92.1
99.4
90.5
85.2
52.6
92.1
99.4
90.3
80.1
81.8
91.1
81.7
74.4
97.8
78.1
81.6
90.6
81.7
72.4
97.1
76.0 73.2
81.7
81.5
90.5 87.9
83.0 84.3
70.2 70.9
95.5 *95.6
74 2
81.5
84.1
84 3
73.0
95.4
73.3
81.0
81.0
84.3
72.5
94.2
68.4
80.8
79.7
84.3
70.5
93.2
67 8
80.8
77.7
84 3
70.1
91.7
66.0
80.4
75.8
81.7
66.8
89.3
65.5
79.8
75.8
81.7
64.9
89.0
64.5
79.9
75.1
81.7
63.8
88.6
89.2
66.3
82.1
91.1
89.1
65.5
81.4
90.6
87.0
65.1
81.4
90.4
85.0
65.0
81.1
89.1
84.8
64.6
80.8
88.3
83.3
63.0
80.6
83.5
81.9
62.8
80.5
82.8
80.2
62.1
79 8
82.4
78.5
61.4
74.4
78.7
77.8
61.1
74.2
77.6
77.7
61.1
70.2
77.2
64.2
79.5
74.6
81.7
64.6
88.1
78.8
60.7
70.1
77.7
64.3
79.5
74.6
81.7
62.8
86.3
89.6
66.8
83.6
92.9
66.3
80.5
75.8
84.3
69.5
88.7
80.1
61.6
78.7
80.2
96.5
94.2
96.5
94?0
95.5
87.6
95.5
87.3
95.5
86.7
95.5
86.7
93.5
85.5
92.8
85.0
92.4
84.3
91.9
83.7
87.3
82.4
84.7
82.0
84.5
81.8
82.7
79.5
89.6
83.5
16.9
52.0
91.5
83.0
83.5
18.6
51.3
88.9
78.2
83.6
18.6
51.3
86.9
75.0
83.6
17.1
45.7
86.1
95.5
86.7
71.6
83 1
16.1
45.7
85.1
82.1
82.3
16.0
45.7
86.3
81.2
81.4
13.3
45.7
85.9
67.9
81.3
13.7
45.7
B4.9
61.1
80.3
13.3
45.7
84.0
55.8
80.1
13.2
45.7
82.6
50.8
80 1
11.2
45.7
75.5
44.4
80.3
10.6
45 7
76.9
49.4
80.4
10.2
45.7
77.9
59.8
80.8
9.6
45.7
77.7
53.9
79.2
9.5
41.2
75.2
T E X T I L E PRODUCTS:
F U E L AND LIGHTING MATERIALS:
Anthracite coal _ _ _ _
Bituminous coal
Coke
Gas
Petroleum products
METALS AND METAL PRODUCTS:
Iron and steel
Nonferrous metals
_
Agricultural implements
Automobiles
Other metal products. _
BUILDING MATERIALS:
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
CHEMICALS AND DRUGS:
Chemicals
Drugs
Fertilizer materials _
Mixed fertilizers
HOUSE-FURNISHING GOODS:
Furniture
Furnishings
MISCELLANEOUS:
Cattle feed
Paper and pulp_
Rubber
Automobile tires
Other miscellaneous
100.0
89.9
83.0
80.5
73.4
61.3
66.9
64.7
63.9
64.7
63.9
62.8
61.5
61.8
58.5
58.4
59.0
59.7
56.9
Aug.
H I D E S AND LEATHER PRODUCTS:
Cotton goods
Silk and rayon
__
Woolen and worsted goods...
Other textile products __ .
100.0
98.2
97.4
96.9
95.7
87.4
91.3
91.1
90.8
90.8
90.8
89.2
88.6
88.0
87.5
84.7
83.2
83.1
81.0
July
FOODS:
Hides and skins
Leather ~
Boots and shoes
Other leather products
100.0
96.6
95.5
94.4
88.7
78.0
84.8
83.6
82.2
81.9
80.1
79.1
77.9
77.3
75.5
74.8
74.1
74.7
74.7
June
FARM PRODUCTS:
Butter, cheese, and milk
Meats
_ _
Other foods
100.0
93.3
93.7
97.1
90.3
77.6 I
84.4
82.9
81.8
81.9
80.9
78.4
77.5
75.8
75.4
74.9
74.3
74.0
73.3
98.2
99.8
104.4
95.3
87.6
90.0
89.3
88.9
89.0
88.7
87.8
87.4
87.5
87.1
87.2
86.5
86.2
85.8
1931
1930
Grains
Livestock and poultry
Other farm products
100.0
May
Dec.
39.6
79.0
60.4
70.1
77.1
Back figures—For indexes of groups, see FEDERAL RESERVE BULLETIN for March, 1931 (p. 137); of subgroups, see FEDERAL RESERVE BULLETIN
for April, 1931 (p. 197) and bulletins of the Bureau of Labor Statistics Nos. 473, 493, and 621.
138
FEDERAL RESERVE BULLETIN
FEBRUARY, 1932
BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
[Value of contracts in millions of dollars. Figures are for 37 States east of the Rocky Mountains, as reported by F. W. Dodge Corporation]
Residential
Total
Factories
Commercial
Month
January
February
March
April
May
June July
A UEUSt
September
October
November
December
Year
-~
- -- -
1930
1931
1930
1931
324.0
317.1
456.1
482.9
457.4
600.6
366.9
346.6
331.9
336.7
253.6
249.4
228.0
235.4
370.0
336.9
306.1
316.1
286.0
233.1
251.1
242.1
151.2 !
136.9
66.6
74.8
101.5
123.1
116.6
96.8
84.3
82.7
98.5
104.7
80.8
70.9
54.4
77.9
100.9
95.9
88.9
72.7
63.9
60.2
54.6
60.5
45.3
36.2
13.5
20.4
29.8
22.1
37.4
22.7
28.9
18.2
24.0
13.8
13.0
12.9
10.1
7.3
20.6
11.3
16.3
8.9
10.4
4.7
11.0
8.9
4.2
2.5
1,101.3
811.4
256.6
116.2
4, 523.1 3,092.8
1930
1931
BUILDING CONTRACTS AWARDED, BY
DISTRICTS
1930
Public works and
public utilities
Educational
1931
1930
1931
1930
54.1
72.9
77.0
73.2
73.3
59.1
46.9
50.9
31.1
35.7
29.5
25.1
28.4
27.5
36.7
26.6
26.3
27.6
29.5
19.4
30.0
41.8
14.7
10.8
136.8
99.0
149.8
165.7
152.1
322.8
121.2
126.7
109.1
113.0
76.4
78.6
95.2
78.6
151.7
133.0
108.9
140.8
116.3
73.0
85.1
82.5
47.4
50.3
19.0
21.2
35.4
35.2
36.9
48.9
42.7
25.9
28.2
28.6
29.5
24.5
19 4
16.7
24.3
23.0
23.8
22.5
26.1
19.3
21.2
14.7
11.8
6.1
34 0
28.8
62.6
63.5
41.1
50.2
42.8
42 3
40.8
41.1
24.4
37.3
20 5
27.3
35.7
47.1
41.8
43.6
39.8
56 5
49.3
33.8
27.8
31.0
628.8
319.4
1,651.3
1,162.8
376.1
228.8
509.1
454.3
1931
1931
Federal reserve district
1930
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
-.
Chicago
St. Louis
Minneapolis. _—
Kansas City
Dallas
Total (11 districts)
Nov.
12,453
40,470
7,732
14,185
11, 678
5,516
15,195
10,571
4,661
8,108
6,283
16,346
44,897
6,621
14,479
19, 644
5,859
21,190
5,996
7,161
4,411
4,591 |
136,852
1931
[Value of permits in thousands of dollars]
Federal reserve district
Dec.
1930
BUILDING PERMITS ISSUED, BY DISTRICTS
[Value of contracts in thousands of dollars; figures for 37 States east of
the Rocky Mountains, as reported by the F. W. Dodge Corporation]
1931
All other
1930
Number
of cities Decem- Novem- December
ber
ber
Dec.
i
22, 331
73, 559
18,976
16,469
28,139
9,943
35,180
16,103
5,989
12,898
9,848
151,196 j 249,436
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Total...
r
COMMERCIAL FAILURES, BY DISTRICTS
2,192
14,774
1,457
2,023
2,841
2,112
4,630
3,041
3,390
1,404
1,621
5,763
11.8
45,248
2,120
21,923
2,201
7,609
35, 902
2,132
6,090
' 2, 564
3,661
2,883
1,492
4,839
8,731
857 i
2,751
1,188 i
3,078
1,265
5,693
2,652 !'
4,762
6,241
*" 18,175
r
52, 394 ;
'100,283
Revised.
BANK DEBITS
[Debits to individual accounts. In millions of dollars]
[Amounts in thousands of dollars;figuresreported by R. G. Dun Co.]
1931
]STumber
Federal reserve district
Dec.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas . -.
San Francisco
Total
1931
1930
1931
Nov. Dec.
1930
Dec.
Nov.
Dec.
New York City
Outside New York City
Federal reserve district:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis .
Minneapolis
_..„,_._
Kansas City
_
_
Dallas . . . . .
San Francisco
Total
264
566
123
262
140
161
360
168
81
179
134
320
201
487
130
191
139
117
317
117
66
146
103
181
242
537
129
209
139
168
401
131
63
132
88
286
10,100
14,019
3,148
5,984
4,302
2,693
14, 649
4,787
2,915
3,416
2,365
4,836
3,262
13,283
5,199
6,425
2,571
2,353
16,380
3,357
681
1,619
1,726
3,801
5,527
18,196
4,550
4,487
3,131
21,473
8,141
10,610
549
1,902
1,926
3,191
2,758
2,195
2,525
73, 213
60,660
83,683
1930
Number
of centers Decem- Novem- December
ber
ber
Liabilities
1
140
19, 233
17,112
14,464
14, 605
29,001
23,106
11
7
10
13
7
15
21
5
9
15
10
18
2,001
19,891
1,701
1,853
628
800
4,165
870
553
935
508
2,440
1,770
15,023
1,372
1,465
542
689
3,649
715
493
845
450
2,056
2,530
29,827
2,360
2,803
810
1,010
5,842
982
732
1,296
649
3,266
141
36,345
29,069
52,107
INDEX
Acceptances:
Buying rates of Federal reserve banks
107
Held by Federal reserve banks
101,102,105,123,124
Held by group of accepting banks
_
-105
Held by member banks
104,129
Open-market rates on
_._
107
In foreign countries
120
Outstanding.
_._
105,128
Act, Reconstruction Finance Corporation-__
94
Adjusted-service certificates, discount of bills secured by
102,123
All banks in the United States:
Condition of, on call dates
104
(See also Deposits; Loans and investments, etc.)
Balance sheets:
Bank for International Settlements
115
Foreign central banks
116-118
Bank debits....
138
Bank suspensions
106,132-134
Bankers' balances
127
Bills bought. (See Acceptances.)
Bills discounted, holdings of, by Federal reserve banks
101,
102,123,124,125
Borrowings of member banks at reserve banks
101,
102,105,106,107,123,124,125,126
Branches of banks in the United States.
104
Brokers' loans
105
Building statistics.
109,138
Business conditions, national summary of..
100
Business failures
138
Call loans, open-market rates on
107
Capital issues, domestic and foreign
108
Charts:
Federal reserve bank credit and factors in changes
90
Loans and investments of member banks
90
Net demand plus time deposits of country banks
91
Classification of loans and investments of member banks
104,129
Commercial failures
138
Commercial paper:
Outstanding
_
_ 105
Purchased by member banks
104,129
Rates on
107.126
Cost of living
' 122
Currency, Treasury
_
_ 101,102
Debits to individual account
138
Department-store sales and stocks
110
Deposits:
All banks in the United States
_. 104
All member banks
103,125,126
Central banks in foreign countries
_. 116-118
Commercial banks in foreign countries
119
Federal reserve banks
123,124,125
Nonmember banks
104
Reporting member banks
127
Suspended banks
132-134
Discount rates:
Central banks in foreign countries
120
Changes in
94,120
Federal reserve banks
107
Due to Federal reserve banks from foreign banks
102,123,124
Earnings and expenses of Federal reserve banks..
._
130
Eligible assets held by member banks
106
Employment in factories, index of
109,136
Factors of increase or decrease in reserve bank credit
101,102,103
Failures:
Bank...
_ 106,132-134
Commercial
_
138
Federal intermediate credit banks, bills discounted for
___ 102,123
Federal land bank bonds purchased by reserve banks.
102,123
Federal reserve bank credit and factors in changes
101,102,103
(See also Review of month.)
Federal reserve notes
_
102,123,124,125
Float, reserve bank
101,102,123
Foreign banks, due from, to Federal reserve banks
102,123,124
Foreign central bank statistics.116-118
Foreign commercial bank statistics
_
119
Foreign exchange rates
_
115
Foreign securities:
Held by member banks
_
104
Issued
_
108
Prices of
121
Freight-car loadings
109,110
Gold:
Analysis of changes in stock of
102
Circulation
102
Earmarked
102
Imports and exportsForeign countries
113,114
United States
102,113,114
Production
102,112
ReservesCentral banks in foreign countries
111
Federal reserve banks
123,124
Stock, monetary, of United States.
101,102
G overnment note issues and reserves, foreign countries
119
Imports and exports:
GoldForeign countries
113,114
United States.
102,113,114
Merchandise
110
Interbank loans:
Rates o n . . .
126
Volume of
106
Interest rates. (See Money rates.)
Loans and investments:
All banks in the United States
104
Percentage distribution,...
128
All member banks
104,129
Classification on call dates
104,129
Central banks in foreign countries
116-118
Commercial banks in foreign countries
119
Nonmember banks
104,128
Reporting member banks
105,127
Maturity distribution of bills, etc
128
Member bank borrowings at reserve banks
101,
102,105,106,107,123,124,125,127
Member bank reserve balances
101,103,123,124
Membership in par-collection system
128
Merchandise imports and exports
110
Monetary gold stock of the United States
101,102
Money in circulation
101,102
Money rates:
Charged customers by banks
107,126
Foreign countries
120
In New York City..
107
Municipal warrants:
Maturity distribution
128
Purchased by Federal reserve banks
102,123
Nonir.ember banks:
Bills discounted for, secured by adjusted-service certificates- 102,103
Branches operated
104
Deposits
101,104
Loans and investments
104,128
Par list, number of banks on
128
Par value of foreign currency
115
Pay rolls in factories, index of
109,136
Prices:
Commodity (wholesale), index of—
Foreign countries
122
United States
109,122,137
Food, index of
122
Securities, index of
108,121
Silver
115
Production of manufactures and minerals, index of
109,135
Reconstruction Finance Corporation act
94
Reserve ratios of Federal reserve banks
124,125
Reserves:
Central banks in foreign countries.
Ill, 116-119
Federal reserve banks
123,124,125
Member banks
_. 101,103,125,127
New York City banks
103
Review of the month—Recent banking developments
89-93
Security prices, index of:
Foreign countries
121
United States
108,121
Silver, price of
115
Treasury currency
101,102
Unexpended capital funds of reserve banks
101
United States securities:
Held by Federal reserve banks
101,102,123,124
Held by member banks.
104,106,129
Outstanding
108
Yield on
„
107
Wholesale prices. (See Prices.)
130
FEDERAL RESERVE DISTRICTS
MINN. :
MINNEAPOLIS^
S.DAK.
in 'BOUNDARIES OF FEDERAL RESERVE DISTRICTS
-——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
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