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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

M. L. McClure
1

Dallas
1
I San Francisco

W. B. Geery
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.

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only
official organ or periodical publication of the board. The BULLETIN will
be sent to all member banks without charge. To others the subscription
price, which covers the cost of paper and printing, is $2. Single copies
will be sold at 20 cents. Outside of the United States, Canada, Mexico,
and the insular possessions, $2.60; single copies, 25 cents.




in

TABLE OF CONTENTS
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
period of other recent years the decline in credit bank loans and investments amounted
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
1,340
- 7 1 tained by the purchase in London of gold from
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
j
150
open market, with the rate on prime 3-month Foreign exchange
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

FEBRUARY,

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-




95

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




FEBRUARY,

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,

FEBRUARY,

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,




97

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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FEDERAL RESERVE BULLETIN

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

FEBRUARY, 1932

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




99

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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FEDERAL RESERVE BULLETIN

FEBRUARY,

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.

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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
13
2
173
144
121
79
15
3
259
692
560
340

828

221

842
803
815
826
831
859

281
315
288
222
187
162

Total

Treasury
! Monetary currency Money
in circu! gold
(adstock
lation
justed)

Member
bank
reserve
balances

Nonmember
deposits,
etc.

Unexpended
capital
funds

796
791
771
752
752
749

56 I

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

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, 503
4, 520
4,553
4,583

1,129
936
921
952
926
945
954
1,107
1,313
2,088
2,035
1,950

759

Week ending (Saturday)Dec. 26
Jan. 2
Jan. 9.
Jan. 16
Jan. 23
_
Jan. 30

Factors of increase

Factors of decrease

1,016
1,020
1,033
1,273

647
603
604
600
599
610
674
712
736
733
727
777

1932—January

For back figures see Annual Report

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
11
8
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
August
September _
October
November .
December
Total (12mos.)._
1932—January

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

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

p

[In thousands of dollars]

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

Imports

12,523
3, 368
83, 718
50

170

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

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 '

Jan.
Dec.
31, , 31,
1932 v I 1931

Jan.
31,
1931

50

Bills bought—total
Payable in dollars—total
Bought outright
Under resale agree merit....
Payable in foreign currencies.

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

Kind of money

Gold coin

Uncollectod items in excess of deferred availability items.




231, 728
231, 678

13, 029

Gold certificates
Federal reserve notes
Treasury currency: 1
easury
Standard silver dollars
Silver certificates
Treasury notes of 1890
Subsidiary silver
_.
Minor coin
United States notes
Federal reserve bank notes.
National bank notes

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
701
I 328

1

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..

2,433
2,370

1

Other
reserve
cities

Excess reserves
T

"Country"
hanks
Dani5:s

°tal-all
member
banks

New York

City i

Other
reserve
cities

"Country "
banks

956

2,415

1931—January
February...
March
April..
May
June
July...
August
September..
October
November-.
December. _

I

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

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

New York City i

Other reserve cities

Dec.

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.

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 '

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

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 !

1,525
210
188
22
34
1,281

3,032
1,830

347

284

7,386 i
2,793 ;
1,549 :
3,043 \
135
57
35
22
62
17

I
j
|
!

7,845
3,092
1,585
3,168

;

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

326
102
67
35
167
56

!
|
!
i
!
!

Dec.
31,
1931*

31,
1930

2,435
4,233 ; 4,561
1,239 I 2,134 ! 2,301
1,049 | Q 9 9 f 2,092
1
148 J 2 ' U 9 y \ 169

374 •

" C o u n t r y " banks

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
! U. S. F.'R.
Total securi- other I
banks
ties loans ; Total I securii
ties

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
own ac- out-of- count of
others
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

337
283
259
231
174
173
168
165
151
157
»90
13

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

1 Weekly reporting member banks in New York City.
2
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

Year-1642 1,345 '2,298 I

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

99
85
76
96
55
66
65
67
66
72
254
344

1929

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
Re- certifi- bonds 3
90
ances, days 2
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
Jan. 23,1932...
2% 3*3-3% 2.50
effect on Date estab- Previous
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

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

[Buying rates at the Federal Reserve Bank of New York]

Maturity

Rate in ;
: effect on ! Date establisheri
; Feb. 1 j
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

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?

20

•-__

|
I

1932—January

81.0

Decj30, 1931
Jan.'6, 1932
Jan. 13, 1932...
Jan. 20. 1932
Jan. 27, 1932

337

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

....

404

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

Number of issues.
1930—December
1931—January
February
March
April.May
June
July
August
September
October.._
November
December

Selected groups of industrial issues
Total Indus- Rail- Public- Auto- Build- Chain Chem- Copper
trial road utility!
ing
mobile equip- store ical and
ment
brass

55
56
60
60
57

52
52:
57 ;
56 ;
53

33

32 :
32 ;
38;
39
38

Elec- TV/To
trical iviaequip- chinment ery

Steel

Oil

Textile

13

94

91

9

9

10

16

10

30

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

64 !

17

71
74
78
81
70
59
58
60
58
47
38
39
31

34

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

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

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

-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

84
87
67
86
101

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.

i
!
i
jj

105
108
106
112
119
96
J>80

1919
1920
1921__
1922
1923
1924
1925
1926
1927
1928
1929
1930.
1931

1931
January.._
February.
March
April
May
June
July
August
September
October...
November
December.

Factory
pay
rolls 2

Factory employment a

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

68 !
81 |
95
124 |
121
117
126
87
50
37

11.7
92
63

I
!

|

"""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

82

81
88
91
91
90
83
79
77
77
72
71
"65

81
85
87
89
89
84
83
79
76
71
70

109
105
110
116
117
115
110

|
J
i
|
!
i
|

84

107
104
101
94
87
81
71
57
39

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

84
91
79
87
100
97
103
106
103
103
106
92
75

103

128
148
144
140
148
140
135
106
105

100

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

79
90
65
88
86
94
120
135
139
142
142
125

44
30
44

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

1 For back figures see BULLETIN for September, 1931 (p. 508). For indexes of groups and separate industries see p. 135.
2
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

_ _

411 I
371
421 :!
364 ;
423
389 i
379
379
422
550
545
476

_
_

October
November
December

_ .-

.

Year

•
,
i
:

5,128 ;

1931

1930

488
442
490
425
385
393

Merchandise imports
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»

OctoberjNovein- December
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
Miscellaneous
Merchandise 3

72 i
70 !
42 |

Total
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore
M iscellaneous
Merchandise 8

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

68
65
44

69
65
47

74
64
33
36
69
83

78 I
72
36
52
73
86

69
72
44

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

4,285
4,309
4,343
4,373
4, 445
4,593
4,587
4,632
4, 364
3, 905
4,031
4,051

i:

i!
.|
!;

30
30
30
30
30
30
30
30
30
30
30
30
27
27
27
27

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

110
122
129
110

4,159
4,184
4,220
4, 225

!!
!:
ii
:;
!
j!
;
I1
ii
:
i
!
J

CzechoBulgaria slovakia Denmark England

v 2,808

P226

39
39

v 4, 007

Europe—Continued
Month

I
Greece Hungaryj

Italy

Nether- Norway Poland
lands

Ruma- i Spain
nia

Sweden Switzer- U. S. S. Yugoslavia
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
P 28, 742 '* 19,537
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

Japan '< India *

544
542
571
556
600
607
670
626
691
716
709
700
8,607

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

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

Belgium

Nether- Switzer- South British
land America India
lands

282

-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

-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,
Austra- Rhodesia, other
lia
West Af- countries
rica
-384
i 19, 254
-1,531
-297

35
426
619
231

19,098
18,653
17, 700
12, 434
20, 344
12, '.»55
22,186
14,136
15, 200
22,138
17,932
20,997

-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

7,823
8, 485
112
340
2, 753
389
6, 028
602
753
1,255
905

France: Net imports from—

Straits
Settlements

9,828
321
19, 734
29, 444
24, 576
341
516
4, 039
1,815
19,967
5,371
464

-885
-315
-1,015
-910
-1,658
-687
-1,008
—642
-316
-240
-377
-124

57, 896

-208
-2,684
-379
-333
-6,176
- 5 , 251
-1,985
- 4 , 251
-614
-685

78,835 ! - 9 , 0 9 0

283 - 2 6 8 , 831

"-601
-8
-10
-4
-1,218

-187
-39
-55
-21
-16
-20
1
-249
-133
-142
-101
-19

12,338
240
402
471
251
276
1,131
5, 852
5,182
2, 856
12, 395
16, 501

29, 444

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

-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

All
other All coun- United England France
countries
States
tries

Germany

United England
States

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

-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

Germany

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

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

-286

124, 933 :

British
Oceania

-4
-10
-778
- 9 , 922
-4,139

1, 800
1,865
855
213
96
158
563
1,389
410
10
433
261

8, 681

57,672

943
600
696
-3,752
-803
-270
62
- 3 1 , 250
- 3 0 , 311
v 63,442

England

1,263
468
415
1,304
1,363
1,135
407
1,144
534
296
360

3,447
5, 953
6, 452
9,203
3,404
13,461
3, 568
867
1,323
682

$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.
< $2,367,000 was exported to Netherlands; $2,729,000 to France.
s
» Preliminary.




United
States

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..
Switzerland
U. S. S. R.1
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

072

1

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
in foreign Treasury bills (and Security Securities
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
2,919 ; 2,981 ! 3,185 | 3,296
Note circulation
1,567
1,274
1,448 | 1,460 '•
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]
1931

Decem- NoOctovember ber
ber
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

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

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__
4
9
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
15
3
Paper currency reserve—
45
Gold
*
46
Silver coin and bullion
1,230 1,294
Other assets
518
285
Notes issued
1, 793
1,793 : 1,624

Oct. i D e c .

70
25

S4
21

18
5
30

15
7
29

14
3

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
1,461 1,456 1.462
1,456 I 1,450 I 1,451
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

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

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

1930—December
luai -January
February
March
April..May
June
July
August
September
October.
November
December

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

4
4
4

Austria (Vienna)

(MSSL)

Private
discount
rate

Month

France
(Paris)

Private
discount
rate

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)

Netherlands (Amsterdam)

Germany (Berlin)

England (London)

Money
forl
month

Private
discount
rate

4

4
-6H

8

(4)

0)
0)

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

!

5H- 7H
694- 7U

4H-5
4H-5H
4H-5

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

Japan (Tokyo)

Prime
Loans up Discounted
to 3
commer- Day-to-day
money
bills
months
cial paper

5H-6

in -iH

Private
discount
rate

M o n e y for Day-to-day
money
1 month

5^4—6^4
5/^—6)4

4W -4W

Switzerland

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.
* No quotations available.
i
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
11
6

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

74
70
71
70
67
65
65
64
61
59
59
56

Foods

79 !
76

1931-January
February
March
!
April
1
May
j
June
__
July
!
;
August
September ;
October.
\
November ;
December
;

Other
commodities

Foods

Farm
Industrial and food Industrial
products products products

121
116

76;
73 i
72 |

i

73
73 !
71 i
68 \

570
570

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

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

Germany
(191314-100) l

157

127 i 154

150
143
140
138
141
144
144
143
1 1 7 I 144
114: 141
|
•
i
'
!
1
!
i

sions

12
1
110

j
!
j
I
!

452 j
443 !
429 I
416 !
400

113
110

145
143

107
106
107
108
109
107
105
103
101
99
99
95

I

108
105
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

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

Month

1931

133
126
124
121
118
119
120
119
119

Industrial
raw and Industrial
semifinished
finished products
products

Pr/vcrl
x rovi-

COST OF LIVING

United • England i France
(July,
States
(July,
i (1913=100) ! 1914=100) 1914=100)
1930 1931

i

Agricultural
products

535
516

113
112
111
113 ,
113 j
113 i
110
108
108
113
115
113

80 !
77 i
77 !

107
105

RETAIL FOOD PRICES

Month

Germany (1913-100)

England (1913-100) i France (1913-100)

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

77,181

626, 791
11, 044
458

231, 678

899, 095

Total bills discounted
Bills bought:
Outright*
Under resale agreement

887,843 i
10,801 :
451 ;

638,293 i

231, 728

50

•

144,611
8,322

Total bills bought
United States securities:
Bought outright..
Under resale agreement _

:

!

248,695 ''
89,992 :

124 000
1,384

:

125, 384

152,933
744,925
1, 500

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..

338, 6S7

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

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

66,295

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

55,255

2,367

897

6,572

6,247

8, 730

11,439

1, 754

154,763

3,118

1,003

6,004

64,798

68, 662 56,152

964,297 205,459 287,274 101,540 1100,115 622,058 i 86,348 I
66,636
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

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 ! 92,757
26,905
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
OTC I
OAT i
ooi . i one
876
347
321 1,225
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

!

6,786 i 39,398
43, 294 j237,215

I

i

11,161
82,099

j

465,239 il60,000 212,470 | 73,170 82,100532. 620 I 66,295 ! 55, 255 61, 680 StiO :154, 763.
33,
250,770 ; 131,418 '126,388 46,745 ; 59,068
106,998 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

Federal reserve notes in circulation l

Total deposits
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

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

1931

1932

Decem- January January DecemJanuary
ber
ber
175,457
544,106
275,787
320,610
102,043
121,652
511,934
86,929
68,214
82,798
48,597
225,710

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

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

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

Total—

Reserve percentages

1,565,642

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

.

___.

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

Total

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 Phila- Cleve- Rich- AtBoston York delphia 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

178
179
178
1/9

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

112 ;

798 I
796 !
778 !
769
443
440
423
416

87

355
356
355
353

i
i
I
!

218
216
218
206

iiii

!
!
;
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
1 1 179 j
4

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
!
!
'

134
134
133
134

i
!
!
j

59
47
45
49

120
122
119
121

47
46
44 !'
43

23
21
22
22
5

!

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

94
90
81

58
59
59
61

113
104
107
95

68
61
58
58

126
117
93
97

85
:
i
!
:

44
44
44
41

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
1931

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

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

Total in 15

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

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

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

100

420 ;

21,269 j

40

42
12

8,253 !
1,644

15

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

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

1,781
2,259
2,508
2,676

I

53,361 |
33,073

21,301
7,599

In millions of dollars
[Dollar acceptances- Acceptance Council] . Source: American
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
294
346
263
277
235
286
235
247
284
347

8

65
63
62
62
58
60
64
70

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

Secured by
stocks and
bonds

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

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

Purchased paper

OtherBills,
wise
Accept- acceptStreet
secured
To
Total ances ances, Com- loans i
and
i paymer*
brokers To
unse> able in etc.,
cial
outside other Farm Other cured
real
cusj United pay- paper
New
land estate
able
States
York tomers
abroad
City

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

(2)

45
45

Otherwise
secured Total
and
unsecured

(2)
(2)

Open-market loans

Loans to customers (exclusive of banks)

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

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

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

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

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

Total

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

Total
loans
secured
by
stocks
and
bonds

!

553
409
496
312
286
177
158
135 1
116
70

2

1

5

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.
3 Loans to banks on securities for these dates estimated as one-half of total loans to banks.
i
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

, 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

Total additions_._

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

-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

908,109

728,430

414, 241

-102,577

180, 059

619, 200

-162,293

37 010

150, 000

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

Allother

Kansas
City

17,662

-147,861

2, 851,148
149, 504

s o l d -__

Minneapolis

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

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
Surplus, J a n . 1, 1932

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

Total..

3

i
!

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
. Na- State bers
I tional
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
864, 715 173, 290 207,150
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
1
2

207
925

1
2
3
3

7,495 |

1,535
117

1

I

2
3
3

14

1

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

368
991
728 j
376

13

3,892
5,481
7,502
3,507
970

3,900

1
3

2,939 18,801
239

14,361
23,947
6,606
15, 272
9,839
52,431
27,418
9,117
23,556
58, 061
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

Banks reopened

Members

Members

NonmemNa- State bers
tional

All
banks

New England:
Maine

National

Now TT$vmpfihirp

i ]MemMem- NonNonAll
NonAll
bers
mem- banks (na- mem- banks ;j (na- members
tional)
'tional) bers
bers

!|

Vermont
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:

State

Deposits (in thousands
of dollars)

Number

i|

4
5
10

--

West Virginia
_
North Carolina
South Carolina
Georgia
Florida
- East South Central:
T^Tentnekv
Tennessee
Alabama
Mississippi
Louisiana

Texas
Mountain:
Montana

Idaho
Wyoming
Colorado

New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon

California
Total




1
4
15
1

6
24
17
3
1
7
16

27, 559

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
3
1
4

1

Maryland
District of Oolnnibifi .
Virginia

West South Central:
Arkansas

3
2
4

9
24
67
4

Ohio

Indiana
Illinois
Michigan
Wisconsin _
West North Central:
Minnesota
Iowa
Missouri
North Dakota .
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware

__ -_

3
1
16
7
5
1

12

21
3
6
4

6
1
3

7
1

2
2

1
2

10
1
8
1
13

2
4

I

334

74

13

1 955
12, 539
2,324
213
90
1,676
2 915

15, 719
1,363
144
623

14
2
2
4

11 213 •
1,775
4 503
1,043

6
g

1 500
524
3,015
2 367
409
320

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

409

3

2

4

1

4,214
16, 755
22, 518
2,378

1

1

j

396
159
19, 290
28, 611
1,819
623

576 i

265

1
1

1,422
3,311
19 051

--

994

2

1

1

9,280

3 196

6

1

1,067

3,593
2,189
116

3
1
11
5
4

5
2
1
1

i
i:

27, 559

994

1

10

-

ll

3

3

1

g
1

6,862
579
7,324 .

9
247

3 237
1 198

160

I
1

I

1

1

|

311

4, 577

108

!
I

2,415
1 925
320

1 144

457
360

j

3 832
258
942
1,043
1 340

233

1
i

524
600
209

3 757
527

6

4 144
1,517
2 363

396
159
3,571
27, 248
1,675

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

1
6

Total

_
_

banks

National

2
1
1

2,254
1,002

402

13

95,408

39,422

State

10

Non- All
meai- banks
bers

18 374

52, 687

1

1

2

2

5 463

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

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

il

1
2

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

26
*

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

NonmemState bers

2,436

18 374

3,299

24
16
42

13
21
12
13
13
8
4

National

2,254
600

55
38
137

101
208
122
66
73
109
38

Members

NonA 11
memNa- State bers banks
tional

20, 293
50,110
16, 256
6,671
10, 085
22, 486
4,764

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
1 515
3,673
501
1,461

762

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
391
6 910
210

4

j_ I

5, 465
1 125
3, 287

1

2,152
3,892

16, 057
419

783

74

2,566
7, 758
172

4, 573
1 419
9,870

1
3

439,171 294, 357 957, 982

1

;
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

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

Nov.

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

Dec.
80.1

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

1930

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
All commodities

Year and month

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
1930

January
February
March
April
May
June July
A UEUSt
September
October
November
December
Year

- -- -

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

-~

1931
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

12,453
40,470
7,732
14,185
11, 678
5,516
15,195
10,571
4,661
8,108
6,283

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
-.
Chicago
St. Louis
Minneapolis. _—
Kansas City
Dallas
Total (11 districts)

Nov.
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.

i 'BOUNDARIES OF FEDERAL RESERVE DISTRICTS
n
-——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY




!