Full text of Federal Reserve Bulletin : July 1932
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FEDERAL RESERVE BULLETIN JULY, 1932 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Changes in State Laws Relating to Branch Banking Legal Reserve Requirements of Foreign Central Banks UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1932 FEDERAL RESERVE BOARD Ex officio members: OGDEN L. MILLS, 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 and Fiscal Agent. WALTER WYATT, General Counsel. EUGENE MEYER, Governor. 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 (BOSTON) THOMAS M. STEELE. 2 ( N E W YORK) ROBERT H. TREMAN. 3 (PHILADELPHIA) HOWARD A. LOEB. 4 (CLEVELAND) J. A. HOUSE. 5 (RICHMOND) HOWARD BRUCE. 6 (ATLANTA) JOHN K. OTTLEY. 7 (CHICAGO) MELVIN A. TRAYLOR, Vice President. 8 (ST. LOUIS) WALTER W. SMITH, President. 9 (MINNEAPOLIS) THEODORE WOLD* 10 (KANSAS CITY) WALTER S. MCLUCAS. 11 (DALLAS) J. H. FROST. 12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary II OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Governor Chairman Boston New York FredericH. Curtiss... Roy A. Young J. H. Case Geo. L. Harrison. Philadelphia Cleveland Richmond . R. L. Austin George DeCamp Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Geo. W. Norris E. R. Fancher Deputy governor W. W. Paddock W. R. Burgess J. E. Crane A. W. Gilbart E. R. Kenzel Walter S. Logan L. R. Rounds L. F. Sailer.. Wm. H. Hutt M. J. Fleming Frank J Znrlinrlpn C. A. Peple.. .._. R. H. Broaddus W. S.Johns H. F. Conniff _... C. R. McKay _ JohnH. Blair J. H. Dillard,._ . Cashier W. Willett. C. H. Coe.i Ray M. Gidney.1 J. W. Jones.i W. B. Matteson.i J. M. Rice.i Allan SprouU L. Werner Knoke.1 C. A. Mcllhennv. W. G. McCreedy.2 H. F. Strater. Geo. H. Keesee. John S. Walden, jr.2 M. W. Bell. Oscar Newton Eugene R. Black W.S.McLarin, jr.i W. C. Bachman.1 Eugene M. Stevens... J. B. McDougaL D. A. Jones.i 0. J. Netterstrom.i . E. A. Delaney.i S. F. Gilmore.2 JohnS. Wood Win. McC. Martin... O.M. Attebery A. H. Haill.2 J. G. McConkey F. N. Hall.2 G. O.Hollocher.2 0. C. Phillips.* _. H. I. Ziemer. John R.Mitchell W. B. Geery _ Harry Yaeger Frank C. Dunlop.* H. I. Ziemer C. A. Worthington-... J. W. Helm. _ M. L. McClure Geo. H. Hamilton T W TTPITTI Fred Harris R. R Gilbert C C Walsh B A McKinney W. 0. Ford.i R. B. Coleman Wm. M. Hale. Wm. A. Day Isaac B. Newton. Jno. U. Calkins Ira Clerk _. _. Win. W. Hoxton 1 George J. Seay Assistant deputy governor. 2 Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— New York: Buffalo Branch _._ Cleveland: Cincinnati branch Pittsburgh branch Richmond: Baltimore branch Charlotte branch Atlanta: New Orleans branch... Jacksonville branch Birmingham branch Nashville branch Chicago: Detroit branch St. Louis: Louisville branch Memphis branch . Little Rock branch Managing director R.M. O'Hara. C. F. McCombs. J. C.Nevin. Hugh Leach. W. T. Clements. 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 branch. Dallas: El Paso branch. Houston branch San Antonio branch San Francisco: Los Angeles branch Portland branch Salt Lake City branch. Seattle branch. Spokane branch Managing director R. E. Towle. L. H. Earhart. J. E. Olson. 0. 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 Page Review of the month—Recent banking developments Changes in discount rates and bill rates Changes in foreign central bank discount rates Banking and industrial committees of the 12 Federal reserve districts Annual report of National Bank of Czechoslovakia Legal reserve requirements of foreign central banks National summary of business conditions Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc Member and nonmember bank credit— All banks in the United States All member banks_ Weekly reporting member banks in leading cities Brokers' loans Acceptances and commercial paper Discount rates and money rates Bank suspensions and banks reopened Member bank holdings of eligible assets (Government securities and eligible paper) 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 : Government note issues and reserves Bank for International Settlements Central banks Commercial banks Discount rates of central banks Money rates Foreign exchange rates Price movements— Security prices Wholesale prices Retail food prices and cost of living 411 416 416 416 434-436 437-438 419 420-423 426 424-426, 461 427, 462 427 428 430, 463 429, 465-467 429 431 432, 468-470 433 433 433 439 440 440-442 443 443 444-446 447 448 448 449 450 450, 451 451 Law department: Opinion of court with respect to right of Federal reserve bank to require collateral security in rediscounting paper 452-455 Changes in State laws relating to branch banking 455-458 Federal reserve statistics by districts, etc.: Banking and financial statistics Industrial and commercial statistics IV 459-467 468-471 FEDERAL RESERVE BULLETIN VOL. 18 JULY, 1932 No. 7 REVIEW OF THE MONTH volume, and in the latter part of the month Volume of reserve bank credit continued to there was an increase in the stock of gold. increase in recent weeks and at the end of June Gold exports, which continued to be in conwas at the highest level in 10 siderable volume, were taken out of gold preConditions in the years. This increase repre- viously earmarked for foreign account, and money market sented further purchases of consequently had no effect on the stock of gold United States Government securities by the owned by this country and exerted no influence reserve banks, with relatively little change in on credit conditions. During the same 8-week period there was an the volume of discounts for member banks or in acceptances purchased in the open market. increase of $200,000,000 in the domestic demand for currency, caused Funds placed at the disposal of member banks Demands upon b yJ banking disturbances, prinby the reserve system's operations in the open the member : . ° . ; f. market were absorbed by the demand for gold banks cipally in the Chicago district. from abroad, which was in large volume until A part of this currency was paid the middle of June, and later in the month by out to the public and a part was retained by the the increase in the domestic demand for cur- banks in anticipation of the possibility of furrency, resulting from banking disturbances, ther demands by depositors. chiefly in the Chicago district. Since these The member banks of the system, owing to demands were met by the member banks with- their strong reserve position, were able to out the necessity of increasing their indebted- meet the outflow of gold and of currency ness to the reserve banks, conditions in the partly by drawing on their balances with the money market remained easy and there were reserve banks, which consequently showed a further declines in open-market money rates. decline of $113,000,000 for the period, but On June 24 the discount rate at the Federal principally by the use of funds arising out Reserve Bank of New York was reduced from of the purchase by the reserve banks of United 3 to 2% per cent, and on the following day the States securities and a small amount of bankrate at the Chicago bank was reduced from 3% ers' acceptances. Holdings of United States to 2% per cent. Federal reserve buying rates on securities increased by $514,000,000 during acceptances were lowered on June 24 from 2}& the period, and at $1,800,000,000 at the end of to 1 per cent for bills maturing within 90 days June were at the highest level in the system's and reduced rates were also established on bills history. of longer maturities. Member banks, therefore, had no occasion During the 8-week period from May 4 to to increase their borrowing at the reserve June 29 as a whole, there was a decrease of banks, and the volume of discounts* showed a $425,000,000 in the country's decline of $36,000,000 for the period. ReWithdrawal of duction in indebtedness was reported by foreign balances stock of monetary gold, due largely to withdrawals ol bal- member banks in most of the Federal reserve ances accumulated in this country by foreign districts, as is shown in the chart at the end and the total volume of discentral banks. By the middle of June these of this review, r counts tow ard the end of June was below balances were reduced to a relativelv small 411 412 FEDERAL RESERVE BULLETIN $500,000,000, the lowest level since the beginning of the gold outflow last autumn. In the total of discounts for member banks are included advances made under the provisions of the Glass-Steagall bill on paper not otherwise eligible for discount. The fact .that the reserve banks have had authority to grant these advances has enabled them to come to the assistance of member banks in exceptional and exigent circumstances when they lacked an adequate amount of eligible paper for obtaining accommodation from the reserve banks in the ordinary way. Total reserves of the Federal reserve banks on June 29 were $2,782,000,000. Of this amount, $738,000,000 in gold Excess reserves or lawful money was necessary as the 35 per cent reserve required against deposits of the reserve banks and $1,102,000,000 in gold as the 40 per cent reserve required against Federal reserve notes. The Federal reserve banks, therefore, after having met the withdrawals of foreign balances discussed above, held $942,000,000 in gold in excess of their legal requirements. Of these excess reserves, $876,000,000 was available as reserves exclusively against Federal reserve notes, as it was held with Federal reserve agents and in the redemption fund in the United States Treasury, while the remaining $66,000,000 was available as reserves either against notes or against deposits. The volume of reserves available against deposits, however, is made flexible by the fact that it can be increased when necessary through the deposit of additional eligible paper or United States Government securities with the Federal reserve agents and the consequent release of an equivalent amount of gold. Since gold withdrawals from the Federal reserve banks and the increase in the domestic TT •* A «* * demand for currency during reUnited States se-. , curities pledged cent weeks were met through with Federal purchases of United States Govreserve agents . . , ernment securities, they were not accompanied by an increase in eligible paper in the hands of the reserve banks and consequently resulted in a decrease of eligible collateral for Federal reserve notes. In these circumstances, the Federal reserve banks, JULY, 1932 under authority of the Glass-Steagall Act of February 22, 1932, and in accordance with the Federal Reserve Board's instructions, discussed in this review for May, began to pledge United States Government securities with Federal reserve agents as collateral for Federal reserve notes. The board's instructions in this connection are based on an estimate of the operating requirements of the reserve banks. The banks require (1) a certain volume of Federal reserve notes for counter purposes at head offices and at branches; such notes, not being in actual circulation, do not require reserves, but must be covered by collateral pledged with the Federal reserve agent; (2) a gold redemption fund with the Treasury of the United States, which counts as a part of reserves against notes, but not against deposits; (3) a certain amount of excess collateral with the Federal reserve agents; and (4) a working excess above the 35 per cent required by law as reserves against deposits. Under the board's instructions the Federal reserve banks are authorized whenever the sum of these four items is $400,000,000 or less to pledge United States securities as collateral for Federal reserve notes. On June 29 all the banks had pledged United States Government securities with the Federal reserve agents, and the total of these securities in the hands of the Federal reserve agents was $607,000,000 and in addition the banks held $1,194,000,000 of United States Government securities not pledged with the Federal reserve agents. In considering the distribution of United States Government securities among the individual reserve banks, it should be Kd'states borne in mind that this securities by in- distribution does not reflect 1 the credit l i c i e s of the differ l P° " ent reserve banks. Purchases of United States Government securities are made largely in New York and usually for account of the system as a whole. Securities so purchased either in New York or outside are then allotted to the several reserve banks. When a reserve bank takes an allotment of United States Government securities from the system account, it pays for the allotment 413 FEDERAL RESERVE BULLETIN JULY, 1932 through the gold settlement fund, and con- The central gold reserves of France, Switzersequently there results a loss to it of an equiva- land, and Netherlands were further increased lent amount of gold that goes to the reserve during the latter part of May bank at which the securities were purchased. Gold reserves in and the early part of June, and Europe Ultimately the gold finds its way to the Fedthe Bank of England continued eral reserve bank in whose district the securi- its regular purchases of gold. The increase of ties sold to the reserve system were originally' $125,000,000 in the gold reserves of the Bank of held. While purchases of such securities, GOLD RESERVES OF SELECTED CENTRAL BANKS therefore, do not result in diminishing the [In millions of dollars] amount of gold held by the Federal reserve system as a whole, the ability of an individual Change from— bank to participate in such purchases depends Date, Gold Central bank of— 1932 reserves M onth on the amount of its excess reserves and on the Year before before extent to which its payment for the securities results in a movement of gold out of the dis- England +52 -132 June 22 660 FEDERAL RESERVE BANKS, JUNE 29, France Germany Italv - - . Belgium Netherlands Switzerland 1932 [Amounts in millions of dollars] United States Government securities Excess reserves 87 206 57 75 16 19 336 27 13 23 19 64 agents 21 132 45 80 19 45 131 32 30 24 1 47 Total... 1,801 607 Reserve ratio (per cent) 64.4 50.7 54.0 55.5 49.6 50.9 70.5 55.8 49.2 53.1 59.3 54.5 57.2 trict. To the extent that the securities were originally held in the same district to which the allotment is made, completion of the transaction occasions no change in the gold position, but to the extent that the securities allotted to the reserve bank of any district exceed the amount purchased by the Federal reserve system from owners in that district, the bank loses gold to other districts. The accompanying table shows for June 29 holdings of United States Government securities by each of the 12 reserve banks, the amount pledged by each bank as collateral for Federal reserve notes, excess reserves, and the ratio of reserves to the combined liability on deposits and Federal reserve notes. • 3 218 196 J>298 357 393 503 +125 Q +1 +3 +13 +13 +1,006 -140 +17 +157 +193 +342 v Preliminary. Pledged 107 695 132 175 47 53 287 62 52 55 30 107 24 23 20 23 20 23 Reserve position with Total holdings Federal reserve Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco. June June June June June June France brought the growth from a year ago to more than $1,000,000,000. Gold reserves of the Reichsbank continued to decrease. The gold reserves of the Bank of England, which began to increase in the middle of May, increased further in June, bringBank of England ing the growth from May 11 to June 29 to about £15,000,000 ($73,000,000). This acquisition of gold followed heavy purchases of foreign exchange in the last three months. By the end of May "other securities " of the Bank of England, in which foreignexchange holdings are reported, were £93,000,000, or considerably more than double the amount of the previous year. During June the increase of gold reserves was accompanied by a loss of foreign exchange, and the bank's effective international reserves declined somewhat; but for the month ending June 22 a substantial net increase in reserves is shown. The funds made available during the^ month through the gold purchases of the bank were all taken by the Government, which was building up its deposits at the Bank of England in preparation for heavy maturities of Treasury bills. Under the circumstances the withdrawals of currency for circulation led to a corresponding reduction of bankers' balances. 414 FEDERAL RESERVE BULLETIN Bankers' balances, however, were exceptionally high throughout most of June; and short-term money rates in the open market continued to be quoted about 1% per cent below the official discount rate of the Bank of England. On June 30 the Bank of England reduced its rate from 2% to 2 per cent. On the same day the British Government announced its plan for the conversion of the 5 per cent war loan to a 3K BANK OF ENGLAND lln thousands of pounds sterling] Change from— June 22, 1932 May 25, 1932 135,721 +10, 689 14,142 +1, 970 282, 325 +919 82,072 -871 73,649 - 3 , 895 35, 577 +11,971 33,145 +197 358,548 +4, 327 Gold Discounts and advances Government securitiesOther securities Bankers' deposits. Public deposits Other deposits Notes in circulation June 24, 1931 -27,173 +4,509 +8, 597 +42,258 +12,005 +10, 328 -375 +5, 716 per cent basis on December 1. This loan, now outstanding in the amount of over £2,000,000,000, represents nearly one-third of the entire domestic indebtedness of the British Government. The gold reserves of the Bank of France increased further in the five weeks ending June 24 to a new high level of Bank of France 82,100,000,000 francs ($3,200,000,000), notwithstanding substantial gold movements during the period to other countries, particularly to England. As in other recent months, the additions to its gold holdings by the Bank of France have been accompanied by larger reductions in its holdings of foreign exchange. On June 24, 1932, the bank's portfolio of foreign exchange was 6,350,000,000 JULY, 1932 francs ($250,000,000), compared with 26,000,000,000 francs a year ago. During the month the French Treasury continued to draw upon its deposits with the Bank of France, and the transfers from Government account went to increase "other deposits/7 in which bank balances are included. For more than eight months the leading French commercial banks have held cash reserves in exceptionally large ratio to their deposits. Conditions in the French money market continue easy. Total gold and foreign exchange reserves of the Reichsbank, after a slight increase early in May, decreased again during Reichsbank the month ending June 23, the reduction amounting to 30,000,000 reichsmarks ($7,500,000). Most of this reflected the repayment of $5,000,000 of the $50,000,000 Golddiskontbank credit granted by a syndicate of American banks. Although it had been arranged some years earlier, the credit was first utilized in July, 1931. It was recently renewed to run until July 1, 1933, subject to repayment of 10 per cent of the principal. This arrangement is similar to those made earlier with respect to credits falling under the standstill agreement and the credits granted to the Reichsbank by various banks in June, 1931. Notwithstanding a decrease of 22,000,000 reichsmarks in notes in circulation, market borrowing from the bank increased by 78,000,000 reichsmarks. Much of the borrowing went REICHSBANK [In millions of reichsmarks] Change from— June 23, 1932 Mav 23, 1932 June 23, 1931 BANK OF FRANCE [In millions of francs] Change from— June 24, 1932 May 20, June 26, 1932 1931 Gold Foreign exchange Domestic discounts and advances Government deposits Other deposits _ Notes in circulation __ 82,100 6,332 6,644 2,881 24, 621 80, 667 +3,193 - 3 , 687 +474 -1,456 +1, 605 -580 +25, 674 -19,877 -1,710 - 5 , 632 +9, 434 +3, 740 Gold Foreign-exchange reserves Discounts and advances Deposits Notes in circulation _ _ - 823 138 2,972 400 3,717 —33 +3 +78 +35 -22 —588 +45 +486 -33 -9 to cover the reduction in nonreserve cash of the Reichsbank and miscellaneous assets; but 35,000,000 reischsmarks of the proceeds remained on deposit with the bank on June 23. 415 FEDERAL RESERVE BULLETIN JULY, 1932 FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS ( Weekly basis: Wednesday figures ) MILLIONS OF DOLLARS 120 1928 1929 128009—32 1930 2 1931 1932 1928 MILLIONS OF DOLLARS 300 1929 1930 1931 1932 416 FEDERAL RESERVE BULLETIN JULY, 1932 Charles E. Mitchell, chairman, National City Bank, New York, N. Y. The discount rates on all classes and maturiWilliam C. Potter, president, Guaranty Trust Co., ties of paper was reduced from 3 to 2l/2 per cent New York, N. Y. Jackson E. Reynolds, president, First National at the Federal Reserve Bank of New York New York, N. Y. effective June 24, and from 3% to 2% per cent Bank, Alfred P. Sloan, jr., president, General Motors Co., at the Federal Reserve Bank of Chicago New York, N. Y. Walter C. Teagle, president, Standard Oil Co., effective June 25. York, N. Y. At the Federal Reserve Bank of New York New A. A. Tilney, chairman, Bankers Trust Co., New buying rates on bills of all maturities were York, N. Y. reduced on June 24 as follows: Bills having Albert H. Wiggin, chairman, Chase National Bank, maturities up to 90 days from 2% to 1 per cent; New York, N. Y. C. M. Woolley, chairman, American Radiator and 91 to 120 days from 2l/2 to 1% per cent; 4 to 6 Standard Sanitary Corporation, New York, N. Y. months from 3 to 1% per cent. Changes in Discount Rates and Bill Rates PHILADELPHIA DISTRICT Chairman.—George H. Houston, president, Baldwin Locomotive Works, Philadelphia, Pa. W. W. Atterbury, president, Pennsylvania Railroad The following changes in discount rates durPhiladelphia, Pa. " ' * 4 ing the month ended July 1 have been reported Co., Arthur C. Dorrance, president, Campbell Soup Co., by central banks in foreign countries: Philadelphia, Pa. Irenee du Pont, E. I. du Pont de Nemours & Co., Bank of England—June 30, from 2)i to 2 per cent. National Bank of Hungary—July 1, from 6 to 5 per Wilmington, Del. Edward Hopkinson, Drexel & Co., Philadelphia, Pa. cent. William A. Law, president, Penn Mutual Life! In-: Bank of Japan—June 8, from 5.84 to 5.11 per cent. surance Co., Philadelphia, Pa. V Bank of Sweden—June 3, from 4}£ to 4 per cent. Howard A. Loeb, chairman, Tradesmens National Bank & Trust Co., Philadelphia, Pa. George H. Lorimer, editor, Saturday Evening Post, BANKING AND INDUSTRIAL COMMITTEES OF Philadelphia, Pa. THE 12 FEDERAL RESERVE DISTRICTS Benjamin Rush, president, Insurance Company of North America, Philadelphia, Pa. BOSTON DISTRICT Burton C. Simon, operative builder, Philadelphia, Chairman—Carl P. Dennett, vice president, Boston Pa. Herbert J. Tily, Strawbridge & Clothier, PhiladelChamber of Commerce, 80 Federal Street, Boston, phia, Pa. Mass. John E. Zimmermann, president, United Gas ImThomas Nelson Perkins, attorney at law, 50 Federal provement Co., Philadelphia, Pa. Street, Boston, Mass. Louis E. Kirstein, Wm. Filene's Sons Co., Boston, CLEVELAND DISTRICT Mass. Dr. Arthur W. Gilbert, commissioner of agriculture, Chairman.—L. B. Williams, Hayden, Miller & Co., Statehouse, Boston, Mass. George H. Clough, The Russell Co., 50 State Street, Cleveland, Ohio. H. G. Dalton, Pickands Mather & Co., Cleveland, Boston, Mass. P. A. O'Connell, E. T. Slattery Co., 165 Tremont Ohio. J. J. Bernet, president, Chesapeake & Ohio R. R., Street, Boston, Mass. Nathaniel F. Aver, treasurer, Cabot Manufacturing Cleveland, Ohio. Harris Creech, president, Cleveland Trust Co., Co., 77 Franklin Street, Boston, Mass. Frank D. Comerford, New England Power Associa- Cleveland, Ohio. W. M. Baldwin, president, Union Trust Co., Clevetion, 89 Broad Street, Boston, Mass. Harry K. Noyes, Noyes-Buick Co., 857 Common- land, Ohio. H. McEldowney, president, Union Trust Co., Pittswealth Avenue, Boston, Mass. Philip Stockton, First National Bank, Boston, Mass. burgh, Pa. Walter S. Bucklin, National Shawmut Bank, Boston, A. W. Robertson, chairman, Westinghouse Electric Mass. & Manufacturing Co., Pittsburgh, Pa. . Wilmot R. Evans, Boston Five Cents Savings Bank, Howard Heinz, president, H. J. Heinz Co., PittsBoston, Mass. burgh, Pa. E. T. Weir, chairman, National Steel Co., Pittsburgh, NEW YORK DISTRICT Pa. Chairman.—Owen D. Young, chairman, General William Cooper Procter, chairman, Procter & Gamble Electric Co., New York, N. Y. Co., Cincinnati, Ohio. Mortimer N. Buckner, chairman, New York Trust George D. Crabbs, president, Philip Carey ManufacCo., New York, N. Y. turing Co., Cincinnati, Ohio. Floyd L. Carlisle, F. L. Carlisle & Co., investment E. W. Edwards, president, Fifth Third Union Trust bankers, New York, N. Y. Co., Cincinnati, Ohio. Walter S. Gifford, president, American Telephone T. J. Davis, chairman, First National Bank, Cincin& Telegraph Co., New York, N. Y. nati, Ohio. Changes in Foreign Central Bank Discount Rates JULY, 1932 FEDERAL RESERVE BULLETIN 417 H. S. Firestone, chairman, Firestone Tire & Rubber Daniel F. Kelley, president, The Fair, Chicago, Co., Akron, Ohio. 111. George M. Verity, chairman, American Rolling Mill Fred W. Sargent, president, The Chicago & NorthCo., Middletown, Ohio. western Railway Co., Chicago, 111. George M. Reynolds, chairman of board, Continental Illinois Bank & Trust Co., Chicago, 111. RICHMOND DISTRICT M. A. Traylor, president, First National Bank, Chairman.—Edwin C. Graham, president, National Chicago, 111. Albert W. Harris, chairman of board, Harris Trust Electrical Supply Co., Washington, D. C. Vice chairman.—C. A. Cannon, president, Cannon & Savings Bank, Chicago, 111. Philip R. Clarke, president, Central Republic Bank Mills Co., Kannapolis, N. C. Robert V. Fleming, president, Riggs National Bank, & Trust Co., Chicago, 111. Solomon A. Smith, president, Northern Trust Co., Washington, D. C. A. H. S. Post, president, Mercantile Trust Co., Chicago, 111. ST. LOUIS DISTRICT Baltimore, Md. Charles M. Cohn, vice president, Consolidated Gas Chairman.—J. W. Harris, president, Harris-Polk Electric Light & Power Co., Baltimore, Md. Robert P. Beaman, president, Norfolk National Hat Co., St. Louis, Mo. A. L. Shapleigh, Shapleigh Hardware Co., St. Louis, Bank, Norfolk, Va. J. M. Miller, jr., president, First & Merchants Mo. F. C. Rand, International Shoe Co., St. Louis, Mo. National Bank, Richmond, Va. E. D. Nims, Southwestern Bell Telephone Co., St. J. S. Bryan, publisher, The News Leader, RichLouis, Mo. mond, Va.r Ernest W. Stix, president, Rice Stix D. G. Co., St. C. Edw in Michael, president, Virginia Bridge & Iron Louis, Mo. Co., Roanoke, Va. J. G. Lonsdale, president, Mercantile-Commerce H. B. Lewis, vice president, Kanawha Banking & Bank & Trust Co., St. Louis, Mo. Trust Co., Charleston, W. Va. Frank 0. Watts, chairman of board, First National John M. Crawford, Parkersburg Rig & Reel Co., Bank, St. Louis, Mo. Parkersburg, W. Va. Sidney Maestre, president, Mississippi Valley Trust H. M. Victor, president, Union National Bank, Co., St. Louis Mo. Charlotte, N. C. Tom K. Smith, president, Boatmen's National Bank, A. L. M. Wiggins, vice president, Bank of Hartsville, St. Louis, Mo. Hartsville, S. C. W. R. Cole, president, Louisville & NastiVille R. R., James C. Self, president, Greenwood Cotton Mills, Louisville, Ky. Greenwood, S. C. Paul Dillard, Dillard & Coffin Co., Memphis, Tenn. W. B. Plunkett, Plunkett-Jarrell Grocer Co., Little ATLANTA DISTRICT Rock, Ark. MINNEAPOLIS DISTRICT Chairman—George S. Harris, Cotton Industry, Atlanta, Ga. Chairman.—George D. Dayton, president, The Robert E. Maddox, chairman, Executive Committee, Dayton Co., Minneapolis, Minn. First National Bank, Atlanta, Ga. E. L. Carpenter, president, Shevlin Carpenter & Thomas R. Preston, president, Hamilton National Clarke Co., Minneapolis, Minn. Bank, Chattanooga, Tenn. F- B. Wells, vice president, F. H. Peavey & Co., Paul N. Davis, president, American National Bank, Minneapolis, Minn. Nashville, Tenn. W. A. Eggleston, vice president, David C. Bell InR. S. Hecht, president, Hibernia Bank & Trust Co., vestment Co., Minneapolis, Minn. New Orleans, La. A. F. Pillsbury, treasurer, Pillsbury Flour Mills Co., Crawford Johnson, president, Coco-Cola Bottling Minneapolis, Minn. Co., Birmingham, Ala. H. P. Clark, president, West Publishing Co., St. Ben S. Read, president, Southern Bell Telephone & Paul, Minn. Telegraph Co., Atlanta, Ga. F. R. Bigelow, president, St. Paul Fire and Marine Mills B. Lane, chairman of board, Citizens & Sou- Insurance Co., St. Paul, Minn. thern National Bank, Savannah, Ga. F. E. Weyerhaeuser, president, Weyerhaeuser Sales W. R. McQuaid, president, Barnett National Bank, Co., St. Paul, Minn. Jacksonville, Fla. S. W. Dittenhofer, vice president, Hahn Department Edgar Stern, cotton merchant, New Orleans, La. Stores (Inc.), St. Paul, Minn. Wallace Rodgers, lumber, Laurel, Miss. C. T. Jaffray, president, Minneapolis, St. Paul & J. C. Persons, president, First National Bank, Sault Ste. Marie Railway Co., Minneapolis, Minn. Birmingham, Ala. Charles Donnelly, president, Northern Pacific Railway Co., St. Paul, Minn. CHICAGO DISTRICT W. P. Kenney, president, Great Northern Railway Co., St. Paul, Minn. Chairman.—Sewell L. A very, president, Montgomery E. W. Decker, president, Northwestern National Ward & Co., Chicago, 111. Bank, Minneapolis, Minn. George A. Ranney, vice president and treasurer, L. E. Wakefield, president, First National Bank, International Harvester Co., Chicago, 111. Minneapolis, Minn. Gen. Robert E. Wood, president, Sears, Roebuck R. C. Lilly, president, First National Bank, St. Paul, & Co., Chicago, 111. Minn. John Stuart, president, Quaker Oats Co., Chicago, Otto Bremer, chairman of board, American National 111. Bank, St. Paul, Minn. 418 FEDERAL RESERVE BULLETIN JULY, 1932 T. F. Wallace, president, Farmers & Mechanics F. F. Florence, president, Republic National Bank Savings Bank, Minneapolis, Minn. & Trust Co., Dallas, Tex. R. L. Thornton, president, Mercantile Bank & Trust W. C. McFarlane, president, Minneapolis Moline Co., Dallas, Tex. Power Implement Co., Minneapolis, Minn. J. G. Wilkinson, chairman of board, Continental National Bank, Fort Worth, Tex. KANSAS CITY DISTRICT F. M. Law, president, First National Bank, Houston, Chairman—Joseph F. Porter, president, Kansas City Tex. Walter P. Napier, president, Alamo National Bank, Power & Light Co., Kansas City, Mo. Carl R. Gray, president, Union Pacific Railroad Co., San Antonio, Tex. Arthur L. Kramer, president, A. Harris & Co., Omaha, Nebr. W. T. Kemper, banker and investor, Kansas City, Dallas, Tex. B. L. Anderson, Neil P. Anderson & Co., cotton Mo. William L. Petrikin, chairman, Great Western Sugar merchants, Fort Worth, Tex. H. O. Wooten, president, H. 0. Wooten Grocery Co., Co., Denver, Colo. Waite Phillips, chairman of board, First National Abilene, Tex. H. L. Kokernot, livestock, San Antonio, Tex. Bank & Trust Co., Tulsa, Okla. W. S. Farrish, president, Humble Oil & Refining Co., J. C. Nichols, J. C. Nichols Cos., Kansas City, Mo. H. K. Lindsley, president, Farmers & Bankers Life Houston, Tex. Insurance Co., Wichita, Kans. Conrad Mann, president, Chamber of Commerce, SAN FRANCISCO DISTRICT Kansas City, Mo. Thad. L. Hoffman, president, Kansas Flour Mills Chairman.—K. R. Kingsbury, president, Standard Co., Kansas City, Mo. Oil Co. of California, San Francisco, Calif. Herbert F. Hall, grain man and investor, Kansas A. F. Hockenbeamer, president, Pacific Gas & ElecCity, Mo. tric Co., San Francisco, Calif. George R. Collett, president, Kansas City Stock Paul Shoup? president, Southern Pacific Co., San Yards Co., Kansas City, Mo. Francisco, Calif. Mike J. Healey, vice president, John Deere Plow Co., Frank B. Anderson, chairman of board, Bank of Kansas City, Mo. California, N. A., San Francisco, Calif. W. S. McLucas, chairman of board, Commerce Trust F. L. Lipman, president, Wells-Fargo Bank & Union Co., Kansas City, Mo. Trust Co., San Francisco, Calif. E. F. Swinney, chairman of board, First National C. C. Teague, president, California Fruit Growers Bank, Kansas City, Mo. Exchange, Los Angeles, Calif. George R. Hovey, president, Interstate National John G. Bullock, president, Bullock's (Inc.), Los Bank, Kansas City, Mo. Angeles, Calif. Frank P. Johnson, president, First National Bank & Frank Ransome, president, Eastern & Western Trust Co., Oklahoma City, Okla. Lumber Co., Portland, Oreg. Milton Tootle, jr., president, Tootle-Lacy National Downie D. Muir, jr., vice president and general Bank, St. Joseph, Mo. manager, United States Smelting, Refining & Mining Dr. F. D. Farrell, president, Kansas State Agricul- Co., Salt Lake City, Utah. tural College, Manhattan, Kans. O. D. Fisher, president, Fisher Flouring Mills Co., C. Q. Chandler, chairman, First National Bank, Seattle, Wash. Wichita, Kans. DALLAS DISTRICT Chairman.—Frank Kell, Wichita Falls, Tex. Nathan Adams, president, First National Bank, Dallas, Tex. FEDERAL RESERVE BULLETIN JULY, 1932 419 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 22 and released for publication June 24] Volume of production in basic industries and employment at factories decreased further in May, and wholesale prices declined. Foreign withdrawals of gold, which had been in large volume in May and the first half of June, practically stopped after the middle of the month. Production and employment.—Production at mines and factories declined further in May, and the board's seasonally adjusted index of industrial production showed a reduction from 64 per cent of the 1923-1925 average in April to 61 per cent in May. Output of coal was substantially reduced, particularly in the anthracite fields; shipments of iron ore showed less than the usual seasonal increase, production of iron and steel declined, and activity at textile mills and shoe factories was further curtailed. In the automobile industry output increased considerably. In the first part of June activity in the steel andN cotton industries was reported to have declined further, while output of automobiles continued at about the same rate as in the latter part of May. Further reductions in employment and earnings of factory workers accompanied the smaller volume of manufacturing output in May, particularly in the steel and machinery industries, and in the textile and clothing trades. Employment at automobile plants and in the seasonally active food industries showed an increase. Value of building contracts awarded, according to reports to the F. W. Dodge Corporation, after increasing somewhat in April and May, declined slightly in the first half of June, reflecting chiefly smaller awards for public works and other nonresidential building. Distribution.—Railroad freight traffic decreased further in May, the largest reduction being in shipments of coal and miscellaneous freight. Sales by department stores in leading cities, which had increased substantially during April, were smaller in May. Wholesale prices.—Prices of commodities at wholesale were 1.7 per cent lower in May than in April, according to the Bureau of Labor Statistics. There were large decreases in prices of many domestic agricultural products and of hides and textiles. Prices of petroleum products advanced. During the first three weeks of June market quotations for a number of nonagricultural commodities were relatively steady, and prices of sugar, meats, and livestock increased. Prices of wheat, after considerable fluctuations, were at unusually low levels at the beginning of the third week in June. Bank credit.—Withdrawals of gold from the United States continued through May and the first half of June, and the country's stock of monetary gold declined by $435,000,000 between May 4 and June 15. After that date there was no further decline in the total stock of monetary gold, continued gold exports representing gold previously earmarked by foreign central banks. During the first part of May continued purchases of United States Government securities by the reserve banks enabled member banks further to reduce their discounts; in later weeks, however, funds released through these purchases were absorbed by the demand for gold for export, and there was also a decrease in member bank reserve balances. Loans and investments of reporting member banks in leading cities, which had declined sharply earlier in the year, showed wide fluctuations after the middle of May. In the middle of June total loans and investments were larger than a month earlier, the increase in holdings of United States securities being more than sufficient to offset declines in other investments and in loans. Money rates in the open market remained at low levels. Rates on prime commercial paper were reduced to a range of 2}£-2% per cent in the second week of June. 420 FEDERAL RESERVE BULLETIN JULY, RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 6000 6000 5500 5500 5000 4500 4000 2500 2000 1500 1500 1000 1000 500 500 1927 1928 1929 1930 1931 Based on weekly averages of daily figures; latest figures are for week ending June 25 1932 1932 421 FEDERAL RESERVE BULLETIN J U L Y , 1932 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserve bank credit outstanding Factors of decrease Factors of increase Month or week Bills discounted 1931—February March April. May June... July August September October November December Bills bought United States securities Other reserve bank credit Monetary Total gold stock Treasury currency adjusted NonMoney Member member bank in circu- reserve deposits, lation etc. balances Unexpended capital funds 216 176 155 163 188 169 222 280 613 695 774 102 123 173 144 121 79 135 259 692 560 340 604 600 599 610 674 712 736 733 727 777 936 921 952 926 945 954 1,107 1,313 2,088 2,035 1,950 4,656 4,682 4,711 4,767 4,865 4,958 4,975 4,948 4,447 4,363 4,450 1,780 1,778 1,770 1,783 1,759 1,784 1,764 1,768 1,768 1,766 1,782 4,598 4,590 4, 647 4,679 4,750 4,836 4,947 5,133 5,478 5,518 5,611 2,370 2,386 2,376 2,387 2,404 2,407 2,345 2,333 2,256 2,118 25 24 27 28 35 83 187 199 208 171 144 379 381 383 382 380 370 367 364 361 357 358 .- 848 714 605 486 495 221 151 105 52 41 50 759 743 809 1,014 1,413 1,697 1,865 1,785 1,652 1,691 1,959 2,262 4,452 4,384 4,372 4,381 4,273 3,956 1,773 1,787 1,792 1,789 1,788 1,787 5,645 5,627 5,531 5,452 5,456 5,530 1,979 1,907 1,899 1,996 2,138 2,062 113 73 37 63 77 65 353 349 349 353 349 348 Week ending (Saturday) Feb. 27 842 139 740 1,752 4,356 1,795 5,605 1,895 348 828 757 684 667 125 136 107 84 754 786 820 825 1,731 1,705 1,634 1 599 4,352 4,363 4,374 4,382 1,783 1,778 1,825 1,791 5,594 5,563 5,537 5,498 1,885 1,901 1,909 1,890 346 348 350 351 651 647 637 579 543 854 882 957 1,077 1,186 1,595 1,609 1,670 1, 729 1,794 4,390 4,392 4,381 4,376 4,370 1,789 1,790 1,788 1,786 1,784 5,469 5,475 5,450 5,442 5,428 1,909 1,916 1,975 2,022 2,095 351 350 351 354 352 _ 1932—January February March April May June Mar. Mar. Mar. Mar. 5 12 19 26 Apr. Apr. Apr. Apr. Apr. 2._._ 9 16 23 30 May May May May 7 14 21 28 514 480 474 477 1,284 1,372 1,438 1,504 1,864 1,916 1,971 2,034 4,350 4,316 4,274 4,204 1,796 1,774 1, 790 1,786 5, 465 5,457 5,459 5,439 2,115 2,125 2,152 2,164 351 350 350 349 June June June June 4 11 18. 25 496 506 496 491 1,563 1,638 1,700 1,746 2,117 2,199 2,276 2,313 4,107 1,797 1,786 1,800 1,769 5,477 5,473 5,485 5,556 2,107 2,093 2,092 2,032 349 348 347 350 _ — 3,922 3,916 Wednesday series E n d of m o n t h series Jan. Bills discounted Bills bought United States securities. Other reserve bank credit 153 746 58 Feb. 29 828 109 740 32 Mar. Apr. 30 May May June June June June June June 30 639 556 440 490 68 48 36 67 872 1,228 1, 549 1,784 18 18 21 25 29 Bills discounted Bills bought United States s e c u r i t i e s . . . Other reserve b a n k credit- 502 496 495 488 470 36 66 54 35 64 1,525 1,575 1,645 1,692 1,730 1,801 16 13 17 16 16 11 Total reserve bank credit Monetary gold stocK Treasury currency adjusted— 1,856 1,709 1,597 1,850 2,096 2,310 4,415 4,353 4,390 4,367 4,152 3,918 1,775 1,791 1,806 1,803 1,802 1,836 Monetary gold stock Treasury currency adjusted Total reserve bank credit 2,048 2,122 2,198 2,270 2,288 2,346 4,207 4,106 3,979 3,909 3,917 3,920 1,790 1,817 1,796 1,832 1,770 1,811 Money in circulation Member bank reserve balances Nonmember deposits, etc Unexpended capital funds 5,642 5,604 5,459 5,464 5, 5,695 1,947 1, r " • 1,924 2,124 2,113 1,982 107 59 53 79 42 109 350 348 347 351 353 345 Money in circulation Member bank reserve balancesUnexpended capital funds Nonmember deposits, etc 5,410 5,467 5,452 5,467 5,505 5,649 2,214 2,125 2,112 2,101 2,066 2,034 420 454 409 443 403 394 422 FEDEKAL RESERVE BULLETIN JULY, 1932 RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] June 30, 1932 M a y 31, 1932 June 30, 1931 RESOURCES Gold with Federal reserve agents Gold redemption fund with United States Treasury _. 1,956, 267 59, 784 2,100, 537 41,129 1,917, 864 30,166 Gold held exclusively against Federal reserve notes.. Gold settlement fund with Federal Reserve Board Gold and gold certificates held by banks 2, 016, 051 223, 421 338, 337 2,141, 666 326,185 322, 435 1.948,030 ' 470,161 990, 493 Total gold reserves._ Reserves other than gold... Total reserves. _ _ Nonreserve cash Bills discounted: For member banks For intermediate credit banks For nonmember banks (secured by adjusted service certificates). 2, 577, 809 2, 790, 286 197,001 3, 408, 684 167,065 2, 776, 617 67,493 2,987, 2S7 65,957 3, 575, 749 65, 421 439, 307 528 155 489, 494 408 172 148, 664 371 126 439,990 490, 074 149,161 21, 677 14,155 30,762 4,690 ~36,~837" 84,708 10, 243 10, 551 66, 594 35, 527 105, 502 1, 761, 669 22,052 1, 548, 869 300 667, 935 Total United States securities.. Other reserve bank credit: Federal intermediate credit bank debentures.. Federal land bank bonds Municipal warrants.. Due from foreign banks Reserve bank float (uncollected items in excess of deferred availability items). 1, 783,721 1, 549,169 667, 935 5.214 3; 655 10, 720 5,285 4, 643 10, 946 10, 011 Total reserve bank credit outstanding.. Federal reserve notes of other reserve banks. Uncollected items not included in float Bank premises All other resources Total resources.. 2, 309,894 2, 095, 644 943,022 13, 325 343,845 58, 086 45,462 5, 614, 722 11, 585 306, 583 58, 084 40, 517 5, 565, 657 13, 601 471, 223 58, 784 25,866 5,153, 666 Total bills discounted. Bills bought: Payable in dollars— Bought outright Under resale agreement... Payable in foreign currencies. Total bills bought.. United States securities: Bought outright Under resale agreement. Federal reserve notes: Held by other Federal reserve banks. Outside Federal reserve banks Total notes in circulation. Deposits: Member bank—reserve account. Government Foreign bank Other deposits Total deposits Deferred availability items. Capital paid in Surplus __ All other liabilities Total liabilities.. Contingent liability on bills purchased for foreign correspondents 13,325 2, 781, 638 c 11, 585 ' 2, 560, 631 2, 794, 963 8,175 750 63 1,425 13. 601 1, 709; 833 2, 572, 216 1, 723,434 1,982,127 3,756 9,002 33, 378 2,028, 263 343, 845 154, 812 259, 421 33, 418 5, 614, 722 97, 729 2,113,487 17, 271 74,405 34, 431 2, 239, 594 306, 583 154,801 259,421 33, 042 5, 565, 657 182, 771 2, 380, 518 46, 573 33,912 42, 652 2, 503,655 471, 223 168,188 274, 636 12, 530 5,153, 666 340,845 3,028, 396 233, 433 2, 765, 381 193,165 2, 794,963 2, 572, 216 2,101, 579 378,145 1, 723,434 1,956, 267 452, 596 634, 500 2,100, 537 484, 733 204, 700 1,917,864 231,251 3, 043, 363 2, 789, 970 2,149,115 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents Held by Federal reserve banks 1 In actual circulation. Collateral held by agents as security for notes issued to banks: Gold Eligible paper United States Government securities Total collateral.. 1 Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation c Corrected. 423 FEDERAL RESERVE BULLETIN JULY, 1932 ANALYSIS OF CHANCES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED STOCK STATES [In millions of dollars] Month [In thousands of dollars] Analysis of changes Gold stock Net re- Domesat end Increase in stock Net gold lease of tic promonth during import from earduction, month mark l etc.2 1929—January February,_ March April __ May June July .._ August SeptemberOctober NovemberDecember.. Total (12 mos.) _ 1930—January February. _ March April May June .July August SeptemberOctober November.. December.. Total (12 mos.)1931—January February._ March April May June July August SeptemberOctober November.. December.. 4,127 4,153 4,188 4,260 4,301 4,324 4,341 4,360 4,372 4,386 4,367 4,284 4,291 4,353 4,423 4,491 4,517 4,535 4,517 4,501 4,511 4,535 4,571 4,593 4,643 4,665 4,697 4,726 4,798 4,956 4,949 4,995 4,741 4,292 4,414 4,460 Total (12 mos.). 1932—January-. February_ March April -. May June » 4,416 4,354 4,390 4,367 4,152 3,918 47.2 25.5 24.8 23.1 23.6 30.2 34.7 18.4 17.6 17.5 -23.2 -64.4 -65.0 0.0 7.5 48.6 16.1 -7.5 -22.0 -1.0 -6.6 -4.5 1.0 -22.0 142.5 175.1 -55.4 61.9 70.2 68.5 25.9 17.6 -18.4 -15.5 10.2 23.3 36.8 22.1 4.0 60.0 55.5 65.7 23.5 13.9 -19.6 -19.6 2.5 26.4 35.2 32.7 0.5 0.0 15.0 0.5 2.0 2.0 -3.0 0.0 4.0 -6.1 -2.1 -15.2 309.6 280.1 -2.4 31.9 49.4 22.0 32.0 28.7 72.4 158.0 -6.6 45.7 -254.3 -448. 4 122.0 45.8 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 -29.7 -16.0 -279.1 -107.6 28.3 -22.9 3.1 3.3 3.3 -13.3 18.8 1.9 3.6 4.2 4.2 -3.1 4.2 11.9 -133.4 145.3 -320. 8 42.1 -44.2 -62.3 36.0 -23.1 -214.1 -234. 4 r -73. 0 -90.6 -24.7 r -30. 2 -195. 5 -206. 8 25.4 26.4 58.3 4.0 -22.1 —28.8 From or to— June (preliminary) 3.4 0.9 2.1 0.8 0.9 0.7 3.6 1.5 1.1 1.4 3.0 3.5 3.8 4.5 26, 250 1,097 107, 392 66 64,128 4 744 115 1,510 Exports 132 2 223,784 Imports 19, 930 7,247 63, 223 9,710 6 58,473 53, 554 45 3 r 124 175 3,791 513 2, 441 445 1,507 10,127 2,019 33, 864 1,693 8,314 37 Exports 57 352 12, 897 307, 268 13, 622 107 92,109 2,386 55, 688 100 3 20 471 8 61 2 31, 842 485 9,909 12, 950 2,966 491 2,388 2,000 693 7,497 98 1,044 94 76 16, 715 212, 229 ''127,780 541, 721 1 Includes all movements of unreported origin or destination. * At New York—imports, $2,303,000; exports, $223,784,000. Elsewhere, imports, $14,635,000. r Revised figure for imports from Canada in January, $4,170,000. KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal reserve banks. In millions of dollars] 1931 1932 Kind of money J u n e 30 * M a y 31 J u n e 30 r 3.4 1.9 2.4 '3.2 3.6 1.3 Gold coin _ Gold certificates __.. Federal reserve notes. Treasury currency: 1 Standard silver dollars Silver certificates Total (6 mos.).. 15.7 63.1 -620. 8 -542.0 Treasury notes of 1890 Subsidiary silver 1 Minor coin.. Gold released from earmark at Federal reserve banks less gold placed United States notes under earmark. Federal reserve bank notes... 2 This figure, derived from preceding columns, represents the excess of National bank notes domestic production over nonmonetary consumption of gold—chiefly consumption in the arts. In any given month, however, it may be preTotal Treasury currency... dominantly affected by the fact that on the final day of the month (a) gold bullion or foreign gold coin recently imported may not yet have Total money in circulation. reached a reserve bank or the Treasury, and (b) 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. v Preliminary figures. ' Revised. 200 8 24,419 300 JanuaryMay May ImImports Exports ports Belgium ""256" England France Germany Italy Ne therlands Portugal Switzerland _ 5 061 Canada Central America. _. 153 Mexico 522 Argentina Columbia Ecuador 22.8 Peru . . . 1,000 Uruguay 2.3 Venezuela 1.9 British India - 0 . 3 China and Hong Kong _. _ 3,771 2.3 0.5 Dutch East Indies. 5,172 1.7 Japan 4.3 Philippine Islands 4.2 All other countries^. 1,009 3.7 Total . „ 2 16, 938 3.1 -14.4 26.4 34.4 72.4 40.6 23.4 16.3 18.9 12.1 14.4 -19.2 -82.9 92.3 1932 453 716 2,780 435 735 2,558 363 997 1,708 30 353 1 256 114 289 3 701 30 355 1 257 114 290 3 702 34 377 1 273 117 299 3 648 1,747 1,752 1,752 5,695 5,480 4,822 1 For explanation of the term "Treasury currency" see BULLETIN for July, 1929, p. 432. p Figures preliminary. 424 FEDEEAL RESERVE BULLETIN JULY, 1932 MEMBER 3ANK RESERVE BALANCES [In millions of dollars] Averages of daily figures 1931 February March April Mav June July August September October November December 1932—January February March April May May May May May 6 .. 13 20 27 Other reserve cities New York Cityi 2,370 2,386 2,376 2,387 2,404 2,407 2, 345 2, 333 2,256 2,118 2,069 847 860 829 848 882 887 843 864 848 774 766 945 945 962 961 849 950 943 918 872 832 807 578 580 585 578 573 570 559 551 536 512 503 56.6 66.5 55.6 66.8 128.9 124.4 100.6 120 3 129.1 57.0 59.5 11.6 19.4 7.2 15.5 71.4 60.6 34.3 53.8 52.5 10.7 18.5 1,979 1,907 1,899 1,996 2, 138 724 681 687 780 874 767 753 747 749 800 488 473 465 466 464 35.4 43.8 59.0 152.1 277.1 7.2 17.8 88.1 155.1 11.3 17.3 35.7 91.5 1,908 1,915 1,962 2,015 2,087 719 718 757 782 855 731 724 741 763 771 457 474 464 471 460 45.4 37.4 73.2 84.2 149.3 12.4 11.2 26.0 47.2 59.2 2,117 2,123 2,148 2,168 866 864 871 907 778 792 813 803 473 467 463 458 147.1 144.8 153.4 186.0 70.4 84 9 102. 1 94.2 2,114 2,090 2,095 837 779 791 816 844 844 460 466 459 122.0 78.8 91.2 109.7 136.2 130.0 .- .. .. _ . _ "Country" Total—all member banks banks Total—all member banks _. _ ._ Week ending (Friday)— Apr. 1 . . Apr. 8 Apr. 15 Apr. 22 Apr. 29 . Excess reserves Reserves held Month or week . " June 3 June 10 June 17 Other reserve cities 1 Central reserve city banks only. Back figures.—See (for monthly data) BULLETIN for June, 1931, p. 347. 1 i New York City i 4.5 "Country" banks 18.2 18.7 20.2 23.6 27.0 32.8 35.7 36.7 39.7 19.4 16.9 26.7 28.4 28.2 27 7 30.5 30.9 30.6 29 8 37.0 26.9 30 9 1.8 29.2 25.3 23.8 28.3 30.5 (2) (2) (2) (2) (%) Figures not available by weeks. MEMBER BANK DEPOSITS [In millions of dollars] Averages of daily figures Net demand and time deposits Net demand deposits Time deposits Month Total- all member banks New York Cityi Other "Coun- Totalmemreserve try" all ber cities banks banks New York City 1 Other reserve cities TotalNew ''Coun- all mem- York try" ber banks banks Cityi Other "Counreserve try" cities banks 1931—February.. March April May June _ July August September October. __ November December. 31,968 32,069 32,179 32,168 31, 602 31, 526 31, 041 30,500 29,138 28,218 27, 438 7,453 7,472 7,336 7,439 7,232 7,325 7,147 7,126 6,937 6,612 6,414 12,932 13, 003 13,181 13,157 12, 939 12,831 12, 702 12, 356 11,657 11,350 11,048 11,583 11,594 11, 662 11,573 11,432 11,371 11,192 11,018 10,544 10, 256 9,976 18,389 18, 431 18, 491 18, 419 18,055 18,122 17, 783 17, 525 16,859 16, 358 15, 985 6,120 6,169 6,019 6,094 5,934 6,064 5,946 5,962 5,872 5,653 5,546 7,170 7,159 7,309 7,236 7,132 7,102 7,012 6,805 6,421 6,273 6,106 5,099 5,103 5,163 5,090 4,988 4,956 4,825 4,758 4,567 4,432 4,333 13,580 13, 637 13, 688 13, 749 13,548 13,404 13, 259 12,974 12, 279 11,860 11,453 1,334 1,303 1,317 1,345 1,297 1,260 1,201 1,163 1,065 959 5,761 5,843 5,872 5,921 5,807 5,728 5,691 5,552 5,236 5,076 4,942 6,444 6,415 6,367 6,259 5,977 5,825 5,643 1932—January... February. March April May 26, 592 25,715 25, 431 25,386 25,466 6,165 5,797 5,760 5,950 6,159 10, 706 10, 413 10, 291 10,109 10,081 9,720 9,505 9,380 9,327 9,226 15, 447 14, 789 14, 575 14,589 14, 679 5,343 5,001 4,959 5,138 5,342 5,921 5,723 5,622 5,492 5,425 4,183 4,064 3,993 3,959 3,911 11,145 10,926 10,856 10, 797 10, 787 822 796 800 811 816 4,786 4,690 4,668 4,618 4,656 5,537 5,440 5,387 5,368 5,315 1 Central reserve city banks only. Back figures.—See BULLETIN for June, 1931, p. 347. 6,485 6,491 425 FEDERAL RESERVE BULLETIN JULY, 1932 ALL MEMBER BANKS—CLASSIFICATION OF.LOANS AND INVESTMENTS [In millions of dollars] Open-market loans Loans to other customers Call date Investments Total loans Loans and to invest- banks ments Total Purchased paper OtherLoans Seto cured cured wise Accept- Acsebroby by cured Total ances Comceptkers pay- ances merstocks real and in able and estate unsecial payNew in bonds cured paper able York i United abroad States 34,929 35, 684 35, 393 35, 711 35, 914 35, 934 35,056 35, 656 35, 472 34,860 34, 729 33, 923 33,073 30, 575 538 548 670 640 714 527 535 466 631 446 457 599 790 21, 240 21, 460 21, 903 22, 517 23, 249 23,193 21,494 21, 565 21, 010 21, 007 19, 940 19, 257 18, 713 17, 570 3,089 3,123 3,123 3,164 3,152 3,191 7,730 3,170 8,081 3,155 7,864 3,163 7,942 3,234 7,423 3,220 7,117 3,216 6,842 3,149 6,290 3,038 7,197 7,951 7,726 8,160 8,150 8,774 8,238 8,798 8,557 8,582 8,473 8,287 8,253 7,460 287 288 251 314 302 322 199 196 169 283 154 150 250 374 3,919 3,940 4,253 4,532 4,846 4,964 4,338 4,308 4,276 4,338 4,007 3,839 3,850 3,694 1,536 1,708 1,744 1,877 1,944 2,200 1,936 2,022 2,031 2,137 1,960 1,897 1,816 1,728 130 132 148 175 176 169 150 157 157 147 150 160 152 153 14,121 14, 066 13, 925 13, 832 13, 983 13, 785 13, 575 13, 701 13, 971 13, 758 13, 965 13, 567 13,016 12,115 214 213 258 308 294 346 263 277 235 286 235 247 284 347 9,096 9,267 9,286 9,434 9,775 9,748 8,951 9,029 8,726 8,906 8,409 8,100 7,845 7,407 3,382 3,734 3,740 a, 718 3,869 3.975 3,604 3,811 3,632 3,656 3,366 3,188 3,092 2,806 8,225 8,254 8,364 8,551 8,627 8,481 8,206 8, 229 8,007 7,762 7,524 7,318 7,018 1,727 1,906 2,056 2,139 2,295 2,314 2,190 2,227 2,200 2,149 2,097 2,031 1,935 1,756 Total Total loans seU.S. cured Gov- Other by ern- secustocks ment rities and secubonds3 rities TOTAL—ALL MEMBER BANKS 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. 2,537 3,158 2,494 2,472 2, 276 2,243 3,097 3,113 3,262 2,233 2,454 2,103 1,563 901 80 109 146 108 93 212 175 170 205 315 361 389 268 146 2,253 1,048 2,100 1,790 2,361 1,250 2,480 1,496 2,726 1,196 2,595 1,397 2,252 1, 655 2,129 2,091 2,087 1,912 2,054 1,525 1,896 1,651 1,782 1,497 1,881 1,121 695 1,813 50 61 59 58 59 128 89 144 148 188 199 296 201 107 1,536 1, 547 1,509 1,503 1,491 1,559 1,544 1,524 1,526 1,631 1,619 1,621 1,585 1,538 4,178 3,986 4,036 4, 213 4,415 4,214 3,802 3,693 3,567 3,620 3,423 3,291 3,168 3,063 875 742 645 480 526 438 945 710 1,064 531 645 470 326 135 6 18 43 17 8 51 59 18 54 122 158 91 67 35 1,423 1,444 1,465 1,486 1,485 1,462 1,475 1,475 1,480 1,455 1,449 1,437 1,411 1,346 5,075 4,904 4,843 4,926 4,847 4,705 4,541 4,527 4,326 4,158 3,978 3,849 3,673 3,367 614 625 598 496 553 409 496 312 286 177 158 135 116 71 6, 646 7, 348 7,540 7,734 S, 109 11, 507 10, 991 11, 240 11,618 11, 988 11,515 10, 595 10, 349 9,982 9,831 9, 298 8, 922 8,722 8,244 101 103 93 90 70 80 79 71 62 55 101 113 70 41 4,386 6,218 4,312 6,217 4,454 5,994 4,155 4,022 5,727 3,863 5,921 4,085 5,852 4,061 6,380 4,095 6,639 4,125 6,864 5,002 6,886 5,343 6,763 5,564 6,635 5,319 5,996 1,899 2,556 1,879 2,025 1,885 1,660 2,344 2,365 2,472 1,498 1,630 1,217 928 575 10, 604 10, 529 10, 448 10, 052 9,749 9,784 9,937 10, 442 10, 734 10,989 11, 889 12,106 12,199 11,314 880 1,639 1,102 1,359 1,096 1,202 1,477 1,883 1,714 1,281 1,367 1, 063 839 542 1,942 1,933 1,972 1,819 1,807 2,091 2,046 2,203 2,198 2,435 2,662 2,801 3,032 2,697 1,130 1,094 1,135 1,006 989 1,112 1,150 1,147 1,091 1,239 1,466 1,656 1,830 1,768 813 839 838 813 817 979 897 1,056 1,107 1,197 1,196 1,145 1,202 928 2,560 3,491 2,971 3,393 3,191 3,562 3,504 3,983 3,798 3,550 3,397 3,026 2,780 2,474 199 150 147 88 75 108 242 301 337 212 212 189 167 62 641 541 423 349 413 250 609 353 643 167 227 124 56 16 3,935 3,844 3,736 3,611 3,388 3,253 3,416 3,685 3,947 4,035 4,676 4,750 4,561 4,226 1,894 1,836 1,896 1, 765 1,671 1,484 1,662 1,686 1,785 1,727 2,313 2,408 2,301 2,133 2,041 2,008 1,840 1,846 1,717 1,769 1,754 1,999 2,161 2,308 2,364 2,342 2,260 2, 093 4,130 4,381 4,292 4,221 4,429 4,397 4,368 4,306 4,387 3,991 3,729 3,459 3,317 3,050 195 211 192 140 144 163 207 171 164 120 114 101 81 48 378 376 354 316 376 208 258 129 115 49 36 30 32 16 4,727 4,751 4,740 4,623 4,554 4,439 4,475 4, 554 4,589 4,519 4,550 4, 555 4,606 4,392 1,362 1,382 1,424 1,384 1,361 1, 267 1,273 1,229 1,219 1,159 1,224 1,279 1,433 1,418 3,365 3, 3.7.0 3, 316 3,240 3,193 3,172 3,202 3,326 3,370 3,359 3,326 3, 276 3,172 2,974 2,129 2,300 2,429 2,480 2,694 2,545 2,462 2,367 2,326 2,213 2,147 2,078 1,985 1,796 457 390 376 249 228 291 499 507 523 366 361 384 296 140 8,819 10,172 9,693 10, 094 10, 314 10, 505 10, 334 10, 656 10, 511 9,754 9,272 8,563 8,081 7,320 NEW YORK CITY 3 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 OTHER RESERVE CITIES 1928—Oct. 3Dec. 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 "COUNTRY" BANKS 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 13, 612 13, 667 13, 741 13, 719 13, 780 13, 375 13, 243 13,157 12, 944 12, 519 12, 290 12, 068 11,805 10,999 1 Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. 2 Including loans to banks secured by stocks and bonds, reported separately after 1929 and estimated for preceding dates as one-half of total loans3 to banks. Central reserve city banks only. Back figures.—This classification of loans is not available for dates prior to Oct. 3, 1928, but comparable figures of total loans secured by stocks and bonds are given for June 30, 1925-1928, in the board's Annual Report for 1928 (Table 52); for separate figures of United States Government securities and other securities back to 1914, see Annual Report for 1930 (Table 47). 426 FEDERAL RESERVE BULLETIN J U L Y , 1932 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 BULLETIN for May, 1931 (p. 253), and Annual Report for 1930 (Tables 42-43)] Total loans and investments Deposits (exclusive of interbank deposits) All banks Date Member banks Total Loans Investments Total Loans Investments 1928—June 30. Oct. S.Dec. 31. 57,265 57,219 58, 266 39,464 39, 671 40, 763 17, 801 17, 549 17,504 35,061 34,929 35,684 24, 303 24,325 25,155 1929—Mar. 27. J u n e 29. Oct. 4__ Dec. 31. 58, 58, 58, 58, 019 474 835 417 40, 557 41,512 42, 201 41, 898 17, 16, 16, 16, 462 962 634 519 35, 393 35, 711 35, 914 35, 934 1930—Mar. 27. J u n e 30. Sept. 24 Dec. 31. 57, 386 58,108 57, 590 56, 209 40, 686 40,618 39, 715 38,135 16, 700 17,490 17, 875 18, 074 1931—Mar. 25. June 30. Sept. 29 Dec. 31. 55,924 55, 021 53, 365 50, 097 36,813 35, 384 33, 750 31, 616 19,111 19, 637 19, 615 18, 481 15,161 15, 346 15, 607 7,043 6,945 6,975 53,398 53, 720 56, 766 32,133 32,138 34,826 21,265 21, 582 21,940 24, 945 25, 658 26,165 26,150 10,448 10,052 9,749 9,784 22, 626 22, 763 22,922 22, 483 15, 612 15,853 16,036 15, 748 7,013 6,910 6,885 6,735 54, 545 53, 852 55,180 55, 289 33,215 32, 284 33,004 33, 865 21, 330 21, 567 22,176 21, 423 35, 056 35, 656 35,472 34, 860 25,119 25, 214 24, 738 23, 870 9,937 10, 442 10, 734 10,989 22,331 22, 453 22,118 21,349 15, 568 15, 404 14,977 14, 264 6,763 7,048 7,141 7,085 53,185 54,954 52, 784 53, 039 32, 082 33, 690 31, 839 32, 560 21,103 21, 264 20, 945 20, 479 34,729 33, 923 33,073 30, 575 22,840 21, 816 20, 874 19, 261 11,889 12,106 12,199 11,314 21,195 21,099 20, 292 19, 522 13,974 13, 568 12, 876 12. 355 7,222 7,531 7,416 7,166 51,427 51, 782 49,152 46, 261 31,153 31, 566 29,469 27, 432 20, 274 20, 216 19, 683 18, 829 BANK LOANS AND INVESTMENTS, PERCENTAGE DISTRIBUTION Total National State Nonmember banks 8,048 1,441 18, 768 9,489 1926—Dec. 31 27, 367 9,2C0 7,906 1,354 18,107 1927—June 30 Dec. 31 26, 765 26, 416 9,099 9,034 7,790 7,759 1,309 1,275 17, 666 17, 382 25, 941 25, 576 8,929 8,837 7,685 7,629 1,244 1,208 17, 012 16, 739 1929—June 29 Dec. 29 25,110 24, 630 8,707 8,522 7,530 7,403 1,177 1,119 16, 403 16,108 1930—June 30 Dec. 31 23, 852 22, 769 8,315 8,052 7,247 7,033 1,068 1, 019 15, 537 14, 717 1931—June 3 0 , . Sept. 29 Dec. 31 21, 903 21, 294 19, 968 7,782 7,599 7,246 6,800 6,653 6,368 982 946 878 14,121 13, 695 12, 722 .- i 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. Nonmember banks 22, 204 22, 291 22, 582 28, 257 1928—June 30 Dec. 31 Member banks 10, 758 10, 604 10, 529 1925—Dec. 31 _ All banks Loans Member banks Total i Investments Total NUMBER OF BANKS Date Nonmember banks [Figures for Dec. 31, 1931] Total loans and investments Number of banks Amount Percent(millions age disof dollars) tribution All banks in the United States Member banks—total Reserve city banks (62 cities). Central reserve city banks— New York City Chicago Other reserve city banks— New York City Chicago Other Federal reserve bank cities (10 cities) Federal reserve branch cities (25 cities) Other reserve cities (25 cities) "Country" banks i__ Nonmember banks 1 19, 968 50, 097 100 7,246 30, 575 61 403 19, 576 39 39 12 7,460 1,517 15 3 9 23 97 5,200 10 133 90 6,843 4,099 1,200 10, 999 2 22 12, 722 19, 522 39 Includes certain outlying banks in reserve cities. JULY, 427 FEDERAL RESERVE BULLETIN 1932 REPORTING MEMBER BANKS IN LEADING CITIES [In millions of dollars. Monthly data are averages of weekly figures] Total—all weekly reporting member banks Loans and investments Total Loans on securities All other loans 1931—February.. March April May__ June July August September. October... November. December. 22,659 22, 839 22,942 22, 713 22,439 22, 393 22, 093 22, 078 21,425 21, 023 20, 749 7,315 7,302 7,157 6.998 6,770 6,631 6,480 6,413 5,971 5,859 5,763 8,242 8,150 8,040 7,893 7,853 7,964 7,900 7,870 7,679 7,586 7,441 7,102 7,387 7,745 7,822 7,816 7,798 7,713 7, 795 1932—January... February.. March April May June 20,178 19, 775 19, 434 19, 096 19,112 18,877 5,644 5,497 5,388 5,150 4, 975 4,811 Apr. Apr. Apr. Apr. 6 13 20.... 27.-. 19,173 19, 058 19,119 19, 033 May May May May 4 11.... 18.... 25___. June 1 June 8 June 15 June 22 June 29 Loans and investments Borrowings Investments at F. R. banks seTotal U.S. curities Month or date Other leading cities New York City Borrowings at F. R. banks seTotal U.S. curities Investments Total Loans on securities All other loans Total loans and investments Borrowings at F. R. banks 7,775 7,578 7,545 3,385 3,638 3,913 3,957 4,048 4,121 4,074 4,154 4,171 4,072 4,127 57 35 26 28 56 44 75 127 398 404 499 7,965 7, 975 7,889 7,875 7,694 7,780 7,633 7,744 7,466 7,258 7,165 3,079 3,176 3,080 3,039 2,846 2,764 2,640 2,657 2,369 2,277 2,237 2,410 2,295 2,242 2,194 2,204 2,365 2,370 2,375 2,272 2,243 2,218 2,476 2,504 2,567 2,642 2,644 2,651 2,623 2,712 2,825 2,738 2,710 ,353 ,391 ,414 ,460 ,523 ,608 ,600 ,652 ,750 ., 705 ,732 14, 694 14,864 15, 053 14, 838 14, 745 14,613 14, 460 14, 334 13,959 13, 765 13, 584 55 35 26 28 56 44 72 124 324 388 416 7,331 7,214 6, 987 6, 820 6, 727 6,609 7,203 7,064 7,059 7,126 7,410 7,457 3,943 3,856 3,866 3, 875 4,121 4,200 484 368 277 185 191 6,921 6,645 6,521 6,492 6, 647 6,541 2,209 2,127 2,065 1, 947 1,851 1,745 2,220 2,171 2,078 2,029 2,038 1,995 2,492 2,347 2,378 2,516 2,758 2,801 ,631 ,521 ,547 ,620 ,797 1, 13, 257 13,130 12, 913 12, 604 12, 465 12, 336 435 461 365 277 185 191 5,222 5,148 5,131 5,099 6,838 6,822 6,838 6,783 7,113 7.088 7,150 7,151 3,882 3,858 3,874 3,884 313 314 255 225 6,455 6,420 6,568 6, 525 1, 979 1,933 1,950 1,925 2,013 2,011 2,058 2,033 2,463 2,476 2,560 2,567 1,596 1,589 1,643 1,652 12, 12, 12, 12, 718 638 551 508 313 314 255 225 19, 277 19,140 19, 037 18, 994 5,063 4,977 4,950 4,910 6, 779 6,740 6, 711 6,678 7,435 7,423 7,376 7,406 4,163 4,144 4,093 4,084 205 175 180 178 6,727 6,673 6,604 6,583 1,908 1,845 1,840 1,810 2,055 2,045 2,039 2,015 2,764 2,783 2,725 2,758 1,820 1,826 1,759 1,781 12, 550 12, 467 12, 433 12,411 205 175 180 178 19, 016 18, 712 19, 087 18,819 18, 754 4,907 4,798 4,828 4,778 4, 745 6,724 6,599 6,687 6,519 6,518 7,385 7,315 7,572 7,522 4,032 4,077 4,338 4,298 4,254 197 207 198 189 167 6,635 6,430 6,645 6,462 6,534 1, 815 1,737 1,759 1,720 1,696 2,060 1,966 2,065 1, 925 1,957 2,760 2,727 2,821 2,817 2,881 .,777 .,789 ,878 ,881 ,921 12, 381 12, 282 12/442 12, 357 12, 220 197 207 198 189 167 7,491 BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N. Y. CITY [Net borrowings on demand and on time. In millions of dollars] [In millions of dollars. Monthly data are averages of weekly figures] From New From private York banks banks, brokers, and trust com- foreign banking panies agencies, etc. Total End of month 1931 1932 1931 1932 1931 1932 January... February.. March 1,720 1,840 1,909 512 525 533 1,557 1,646 1,692 374 385 391 163 194 217 138 140 142 April May June 1,651 1,435 1,391 379 300 244 1,466 1,293 1,221 300 243 194 185 141 170 79 57 49 July August September. 1,344 1,354 1,044 1,171 1,160 932 173 194 112 October... November. December. 796 730 587 582 455 108 148 132 Month or date 1931—June July August September. October. _. November. December. 1932—January... February.. March April May June June June June June June 1 8 15 22 29 Total For acFor count of For acown ac- out-of- count of others count town banks 1 1,464 1,434 1,342 1,268 921 802 655 544 495 531 500 436 377 1,110 1,062 951 943 674 588 554 473 417 432 423 385 342 181 204 226 174 90 124 88 65 72 94 70 44 29 409 373 402 359 342 369 335 364 324 316 34 31 31 28 21 173 168 165 151 157 90 13 6 6 5 7 7 6 Back figures.—See Annual Report for 1930 (Table 57). 1 Member and nonmember banks outside New York City (domestic banks only). Back figures.—See Annual Report for 1930 (Table 56). 428 FEDERAL RESERVE BULLETIN JULY, 1932 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING CEPTANCES) (DOLLAR AC- CLASSES OF BANKERS' ACCEPTANCES ACCEPTANCES) [In millions of dollars] [In millions of dollars] Based on goods stored in United Based Based States on ex- (ware- Dollar ports house exTotal from credits) change U.S. or U S shipped between domestic points Held by Fed- Held by group of aceral reserve cepting banks banks End of month Total outstanding For acFor count own of for- Total aceign count correspondents (DOLLAR Held by others End of month Bills bills bought Own 1930—February... March April May June July August September.. October November.. December.. 1,624 1,539 1,414 1,382 1,305 1,350 1,339 1,367 1,508 1, 571 1,556 269 277 209 184 127 129 167 208 141 143 328 503 482 465 463 470 479 471 432 433 429 439 183 167 158 166 205 279 267 317 384 493 371 71 72 55 63 64 63 95 131 172 180 90 112 95 103 103 141 216 172 186 212 313 282 669 613 582 570 503 463 434 411 550 507 417 1931—January February. __ March April May... June July August September.October November.. December.. 1,520 1,520 1,467 1,422 1,413 1,368 1,228 1,090 996 1,040 1,002 974 89 85 123 162 124 95 39 70 420 647 418 305 447 456 431 409 380 341 243 228 100 99 126 251 571 550 472 410 464 554 668 606 410 230 296 262 134 151 131 125 171 196 232 168 162 112 125 131 437 398 341 285 293 357 436 438 248 118 171 131 412 429 440 441 444 379 278 186 67 63 161 156 1932—January February. __ March April May . . June 961 919 911 879 787 119 76 36 16 4 *36 314 312 335 292 183 98 332 343 377 455 510 159 175 155 188 225 174 168 222 268 195 189 163 115 90 286 T Preliminary. Figures for acceptances outstanding (and held by accepting banks) from American Acceptance Council. Back figures—See Annual Reports for 1929 (Table 58) and 1928 (Table 61). ACCEPTANCES PAYABLE IN FOREIGN CURRENCIESHOLDINGS OF FEDERAL RESERVE BANKS Based on goods stored in foreign countries or shipped be- tween foreign points OUTSTANDING 1931—April . May June July August September October.-. November December _ 1,422 1,413 1,368 1,228 1,090 996 1,040 1,002 974 211 207 202 186 178 174 173 158 159 360 361 349 330 276 257 261 254 222 271 264 254 238 202 190 238 258 267 73 75 69 52 43 37 38 34 31 507 961 919 911 879 787 150 142 129 118 103 207 195 205 199 184 272 271 267 251 217 34 26 23 17 15 298 284287 294 269 1931—April May.. June July August September October November December 162 124 95 39 70 420 647 418 305 24 20 15 7 10 68 105 61 43 25 18 16 6 9 55 93 66 55 37 19 17 8 8 88 129 99 84 8 6 5 2 3 17 24 16 14 60 59 39 1638 185 285 170 104 1932—January February March April May 119 76 36 16 5 16 9 4 19 12 6 2 32 27 12 2 1 1 1 1 47 1932—-January February March April May. _- . 505494r 423 391 338 33a 298 296 HELD BY F. R. BANKS (OWN ACCOUNT)! . 2 6 3 25 13- 5 1 Total holdings of Federal reserve banks include a small amount of unclassified acceptances. 2 Less than $500,000. Back figures.—See Annual Report for 1930 (Tables 61 and 14). COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] [In millions of dollars] End of month 1929 1930 1, 019 1,029 1,036 1,036 1,040 1,043 2, 061 12, 346 16, 955 17, 064 1,027 1,030 , 035 ,038 ,040 ,054 ,058 ,064 ,065 ,071 , 075 21, 583 31, 587 35, 983 1931 1932 End of month January.. _ February. March April _ May June July August September October.._ November December. 36,119 23, 958 1,063 1,074 1,073 10, 551 34, 371 145, 215 48, 804 33, 501 33, 386 33,429 33, 444 33, 478 30, 778 30, 736 30, 837 30, 762 Back figures.—See Annual Report for 1928 (Table 12), 1927 (Table 12), 1926 (Table 24), etc. January... FebruaryMarch April May June July August September. October November. December.. 1929 407 411 387 351 304 274 265 267 265 285 316 334 1930 1931 404 457 529 553 541 527 528 526 513 485 448 358 Back figures.—See Annual Report for 1930 (Table 60). 327 315 311 307 305 292 289 271 248 210 174 118 1932 108103 106 108Ill 429 FEDERAL RESERVE BULLETIN JULY, 1932 BANK SUSPENSIONS AND BANKS REOPENED Banks suspended Deposits (in thousands of dollars) Number Year and month Members All banks State 501 354 648 776 612 956 662 491 642 1,345 2,298 51 45 90 122 118 125 91 57 64 161 409 19 12 34 37 28 35 33 16 17 26 108 1930—October.... NovemberDecember.. 72 254 344 10 26 49 62 221 288 24, 599 186, 306 367,119 1931—January February. __ March April _ May June July... August September.. October November.. December.. 202 77 86 64 91 167 93 158 305 522 175 358 20 15 18 17 24 26 16 29 46 100 35 63 176 57 67 44 65 131 75 117 243 397 132 277 76,553 34, 616 34, 320 41, 683 43, 210 190, 480 40, 745 180, 028 233, 505 471, 380 67, 989 277, 051 342 124 '47 71 '80 v 144 74 26 7 6 14 255 92 M0 60 '60 1922 _ 1923_ 1924. 19251926. 1927. 1928. 1929 _ 1930 _ 1931. 1932—January.. February.. March April May June Deposits (in thousands of dollars) Number Members Nonmem- All banks bers National 1921 _ Banks reopened Nonmembers All banks NonMem- members bers 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 3,336 21, 263 62, 373 35, 742 88,191 44, 884 163, 993 158, 242 National State 431 196, 460 21, 285 21, 218 297 110, 721 19, 092 5,151 524 188, 701 32, 904 18, 324 617 213, 338 60, 889 13, 580 466 172, 900 58, 537 8,727 796 272, 488 47, 866 20, 946 538 193, 891 46, 581 19, 755 418 138, 642 31, 619 10, 621 561 234, 532 37, 007 20, 128 1, 158 864, 715 173, 290 207,150 1,781 1, 691, 510 439,171 294, 357 7,615 14, 569 7,901 5,822 108 10, 899 2,264 19, 498 5,055 12, 320 31, 368 39, 434 7,045 1,805 31, 629 52, 660 79, 446 30, 272 111,088 117, 259 28, 039 4,216 87, 448 25, 768 219, 071 63,686 65,479 22, 628 ' 15, 289 4,484 2, 634 '31,131 ' 33, 805 ' 6, 258 ' 159, 579 p 42, 426 54, 369 20, 893 23, 313 19, 921 25, 835 119, 678 31, 895 95, 739 123, 787 243, 033 35, 684 •163,835 10, 873 144,512 8,660 34,191 ' 10,805 ' 12, 086 ' 16, 431 ' 1, 249 ' 26, 298 v 11,634 P105, 519 Nonmembers All banks Members 50 41 23 74 48 135 84 34 53 140 245 17, 493 35, 565 11, 674 22, 462 16, 618 60, 610 35, 729 15, 727 25, 829 61, 599 158,187 3,132 14, 361 11,618 23, 947 5,068 6,606 7,190 15, 272 6,779 9,839 8,179 52,431 8,311 27, 418 6,610 9,117 2,273 23, 556 3, 538 58, 061 53, 944 104, 243 11 23 43 10 22 43 12, 323 6,978 16, 340 351 208 11, 972 6,770 16, 340 58 49 31 55 43 29 24 7 3 9 4 6 20 17 28 19, 322 17,157 11, 788 23, 613 3,890 24, 522 2,525 14, 396 4,258 5,096 13, 041 18,579 1, 856 3,333 3,381 15, 893 401 23,816 17, 466 13, 824 8,407 7,720 3, 489 706 2,525 14, 398 4,258 4,105 9,357 17, 990 9 4 6 22 21 31 991 3,684 589 7,659 16 10, 952 3,293 4,944 14,657 40 19, 601 19, 590 9,714 28 9,876 1,793 19 11,041 9,248 '18 ' 32, 332 • 4, 219 ' 28,113 v 12 v 9, 004 ' 2, 891 P 6,113 19 46 38 22 '22 v 15 v Preliminary. ' Revised. Banks suspended and banks reopened.—The statistics <#f bank suspensions relate to banks closed to the public, on account of financial difficulties, by order of supervisory authorities or directors of the bank. Some banks reopen before the end of the calendar month in which they were closed; such banks are included in the record of suspensions for the month as given in the table. Reopenings are recorded as of the month in which they occur, and include for any given month reopenings both of banks closed during the month and of banks closed earlier. Deposes—Figures of deposits in banks suspended are as of date of suspension whenever data as of this date are available; otherwise they are as of the latest available call date prior to suspension. For banks reopened the figures of deposits are not as of date of reopening, which are seldom available, but are taken from the record of suspensions. Back figures—See annual report for 1930 (Tables 66 and 67). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS [In millions of dollars] Holdings of Government securities 1 and eligible paper (including paper under rediscount) By reserve city banks Call date 1928—Dec. 31. 1929—Mar. 27. June 29. Oct.4__ Dec. 31. 1930—Mar. 27. June 30. Sept. 24. Dec. 31. 1931—Mar. 25. June 30Sept. 29. Dec. 31. 1 U.S. Government securities Eligible paper 2,730 2, 832 2,577 2,469 2, 403 2,619 2, 640 2,682 2,777 3,584 3,871 3, 942 3,706 2,349 2,582 2,688 2,865 2,713 2,542 2,285 2,271 2,100 2, 045 1,870 1, 787 1,505 Total 5,079 5,414 5,265 5, 334 5,116 5,161 4,925 4,953 4,877 5, 629 5,741 5, 729 5,211 B y " country" banks U.S. Government securities Eligible paper 932 974 929 912 814 818 772 764 708 776 836 994 989 1,811 1, 761 1,773 1,733 1,684 1,662 1,620 1,541 1,438 1,373 1,328 1,209 1, 068 Total 2,744 2,735 2,702 2,645 2,498 2,480 2,392 2,305 2,146 2, 149 2,164 2, 203 2,056 By all member banks U. S. Government securities Eligible paper 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, 694 4,160 4,343 4,461 4,598 4,397 4,204 3,905 3,812 3,538 3,418 3,198 2, 996 2,573 Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation. Back figures.—SQQ BULLETIN for March, p. 156. Total 7,822 8,150 7, 968 7,979 7, 614 7, 642 7,317 7, 258 7,023 7,778 7, 905 7, 932 7,267 Member bank borrowings at Federal reserve banks 1,041 981 1, 029 206 274 173 248 165 147 323 623 430 FEDERAL RESERVE BULLETIN JULY, FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY 1932 [Rates on all classes and maturities of eligible paper] Average rate Average yield Prevailing rate o n Rate in effect on July 1 Federal reserve bank Date established Previous rate Oct. 17.1931 June 24.1932 Oct. 22,1931 Oct. 24.1931 Jan. 25.1932 Nov. 14.1931 June 25.1932 Oct. 22,1931 Sept. 12.1930 Oct. 23.1931 Jan. 28.1932 Oct. 21,1931 Boston New York Philadelphia.. Cleveland Richmond Atlanta _ Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco 1931 March.. April May June July August September October November December Backfigures.—SeeAnnual Report for 1930 (Table 33). BUYING RATES ON ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York] Rate in effect on July 1 Maturity 1-15 days 16-30 d a y s . . 31-45 daj^s.. 46-60 d a y s . . 61-90 d a y s . . 91-120 d a y s . 121-180 days D a t e established Previous rate 1932 January February March April May June U.S. Call loans i Prime Treasbank- Time ury ers' notes Treasaccept- loans, and ury 90 Re- certifi- bonds' ances, days 2 New newal cates, 90 3 to 6 days months 2 __ 2 -2 IX -lVs ~2\ 2 2 2 2 1X-IX 2^-4 3 -4 3 -4 3^-4 2^-3 3^-4 _ 2 -3 _. Week ending— June 4 June 11 June 18 June 25 1 June 24, 1932 1 do 1 .....do 1 do 1 do 1H . . . . . d o ..-.do N O T E . — R a t e s on prime bankers' acceptances. charged for other classes of bills. Prime Month or week commercial paper, 4 to 6 months 2^-3 VA 1.56 1.57 1.45 1.50 1.50 1.50 1.50 2.10 2.50 2.73 1.55 1.52 1.45 1.50 1.50 1.50 1.50 2.10 2.50 2.70 U.38 1.49 .88 4.55 .41 .42 4.45 1.70 1.77 <2.41 3.38 3.31 3.30 3.32 3.34 3.42 3.71 3.69 3.92 2.61 2.50 2.50 2.50 2.50 2.50 2.65 2.50 2.50 2.50 2.50 2.50 2.48 2.42 4 2.25 1.11 .31 4.34 4.27 4.11 3.92 3.74 3.77 3.78 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 .12 .20 4.40 .53 3.88 3.85 3.75 3.72 1 Stock exchange call loans; new and renewal rates. Stock exchange 90-day time loans. 3 3 issues—3%, 3%, 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). 2 Higher rates m a y be RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Weighted averages of prevailing rates] New York City 27 southern and western cities 8otller northern and eastern cities Month 1928 January February March April May . _ June July . August September October November December _. 4 56 4.44 4.59 4 72 4.97 5.09 5.38 5 56 5.63 5.63 5.56 5.63 1929 5.74 5.73 5.81 5 85 5.88 5.93 5.88 6 05 6.06 6.08 5.86 5.74 1930 5 64 5.35 5.22 4 91 4.74 4.59 4 48 4 41 4.29 4.26 4.17 4.16 1931 4 24 4.31 4.20 4 17 4.11 4.13 4 05 3 97 3.93 4 27 4.67 4.64 1932 4 71 4.71 4.72 4 69 4.55 4.61 1928 4 73 4.76 4.81 4 91 5.04 5.36 5 57 5 59 5.80 5 80 5.82 5.91 1929 5 87 5.86 5.91 6 00 6.09 6.02 6 08 6 11 6.24 6 25 6.12 5.94 1930 5.88 5.66 5.47 5.22 5.13 5.06 4.81 4 79 4.74 4.75 4.66 4.68 1931 4.61 4.63 4.62 4.57 4.55 4.49 4.48 4 47 4.48 4.62 4.87 4.91 1932 5.07 5.13 5.14 5.10 5.14 5.13 1928 5.53 5.53 5.54 5.54 5.56 5.67 5.77 5.80 5.82 5.87 5.90 5.91 1929 5.94 5.96 6.04 6.07 6.10 6.16 6.17 6.22 6.27 6.29 6.29 6.20 1930 6.12 6.05 5.98 5.86 5.75 5.69 5.63 5 58 5.55 5.54 5.50 5.43 1931 5.50 5.43 5.40 5.36 5.26 5.34 5.30 5.28 5.32 5.38 5.53 5.56 1932 5.61 5.61 5.64 5.63 5.64 5.62 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 are based on rates reported for 3 types of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (6) the relative 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. Backfigures.—SeeAnnual Report for 1930 (Table 39). 431 FEDERAL RESERVE BULLETIN JULY, 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 ferred2 stocks Month or date Selected groups of industrial issues Rail- Public Total IndusCop- Elec- Matrial road utility Auto- Building Chain Chem- per trical chinmobile equip- store ical and equipment brass ment ery Number of issues 20 421 351 1931—April May June July August.... September. October... NovemberDecember. 1932—January... February. _ March April May June 99.7 99.4 99.4 98.5 95.6 89.4 89.0 81.6 81.0 80.3 80.8 79.4 75.2 72.2 125. 3 122.6 119.7 121.1 120.7 116.1 109.4 108. 5 99.1 96.5 96.3 96.2 94.2 90.3 83.6 109 98 95 100 89 87 90 89 76 65 68 54 54 53 54 42 38 34 May June June June June June 72.2 69.4 73.1 73.1 73.1 72.2 88.2 82.1 83.8 85.2 84.4 82.4 25.... 1 8 15 22 29 33 37 13 170 156 153 158 154 132 112 115 96 94 93 93 73 68 55 117 110 101 105 103 85 70 75 65 64 60 55 34 30 12 10 16 89 172 159 157 161 155 132 113 114 94 85 77 77 57 52 40 148 127 128 131 127 110 90 96 79 80 79 85 61 52 48 Oil 15 109 89 83 88 84 72 59 61 46 48 47 47 37 33 29 Steel Textile 10 28 116 94 85 88 81 72 59 59 41 32 32 32 23 20 16 52 47 45 46 45 40 36 36 31 31 31 31 26 23 20 22 20 20 20 20 20 1 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 GOVERNMENT SECURITIES [Long-term; i. e., 1 year or more. In millions of dollars] [In millions of dollars] New issues Total (doYear and month mestic and foreign) Domestic Refunding issues (domestic and foreign) TotaP Corporate State and mu- Bonds niciand Stocks pal notes Foreign 4,437 5,557 6,201 6,314 7,556 8,040 10, 091 6,909 3,099 4,016 4,588 5,125 5,189 6,219 6,789 9,420 6,004 2,860 1,043 1,380 1,352 1,344 1,475 1,379 1,418 1,434 1,235 1,976 2,200 2,452 2,667 3,183 2,385 2,078 2,980 1,240 659 829 1,153 1,087 1,474 2,961 5,924 1,503 311 421 969 1,076 1,125 1,337 1,251 671 905 229 682 759 925 1,046 2,220 1,858 1,422 711 949 1931—May June July August September.. October November.. December. . 349 260 225 120 245 45 112 123 334 225 223 120 221 45 110 123 173 119 93 74 114 16 54 44 132 100 113 34 94 14 26 28 29 6 2 12 12 4 24 39 15 35 2 0 24 0 2 0 124 144 45 7 43 1 21 21 1932—January February... March. April May 184 73 162 71 91 184 73 162 71 91 138 35 109 30 84 42 35 47 15 7 4 4 1 0 0 0 0 0 0 0 14 21 29 72 32 1923 1924 1925 1926 1927 1928 1929 1930 1931 i Includes issues of Federal land banks and Federal intermediate credit banks, not shown separately. Sources.—For domestic issues: Commercial and Financial Chronicle; for foreign issues (issues publicly offered) annual totals are as finally reported by Department of Commerce, while monthly figures are as compiled currently and are subject to revision. Outstanding at end of month Month Total 1931 January February March April May June July August September October November December 15,913 15,979 16, 280 16,368 16,245 16, 520 16, 522 16,585 17, 048 17,028 17, 040 17, 528 Bonds Certificates and Total and notes bills 14,594 14,573 13, 567 13,323 14,152 14.178 14.179 14, 980 14,981 14, 955 15, 092 1,319 1,406 2,442 2,801 2,922 2,368 2,344 2,406 2,068 2,047 2,085 2,436 Total (12 months). 1932 January.. February. March April. May June Increase or decrease (—) during month 139 66 301 88 -123 275 2 63 463 -20 12 Bonds Certifand icates and notes bills 140 -21 -735 -271 -244 829 26 1 801 1 -26 137 1,754 17,515 17,820 18,190 18, 287 18, 729 19,161 15,102 15,102 15.102 15.103 15,318 15,715 2,413 2,718 3,088 3,184 3,411 3,446 -13 305 370 97 442 432 -1 87 1,036 359 121 -554 -24 62 -338 -21 38 351 1,116 10 1 215 397 -23 305 370 96 227 35 NOTE.—Figures relate to interest-bearing public debt; matured noninterest-bearing debt amounted to $326,000,000 at the end of June, 1932. Figures include obligations held in Government trust funds amounting to $309,000,000 at the end of June, 1932. Bonds and notes are long-term—i. e., 1 year or more (figuring from date of issue); certificates and bills, shorter term. 432 FEDERAL RESERVE BULLETIN JULY, 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) 2 Industrial production * Factory employment3 V. Year and month 1 Manufactures Total i Mineralsl Residential Totel Factory pay Freight-car loadings « * rolls 3 All other ity prices 8 Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- AdUnad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 83 87 67 1919 1920 1921 1922 1923 1924 1925 1Q26 1927 1928 1Q29 1930 1931 85 101 95 104 108 106 111 119 96 81 84 77 87 67 86 101 94 105 108 106 112 119 95 80 89 70 74 105 96 99 108 107 106 August. _ _ September October November December 1929 January. . February. March April May June July August. __ September October _ November December 1930 January.. February. March April May June -. . July August... September October _ November December 1931 January.. FebruaryMarch April May June July August... September October__ November December 1932 January. _ February. March April May 110 108 105 110 116 118 115 109 117 108 108 109 110 113 115 117 118 84 104 117 114 116 115 118 116 110 116 143 127 120 122 123 119 107 93 110 108 98 104 104 102 100 96 94 95 92 93 78 89 102 113 125 116 107 85 82 75 68 59 88 86 89 91 87 86 86 79 58 68 77 82 71 79 78 74 65 63 61 59 59 55 49 38 102 105 108 110 107 104 109 110 106 98 89 88 90 87 82 74 104 104 101 97 92 89 89 86 85 82 91 94 102 103 100 101 101 105 96 89 82 87 89 90 89 83 80 83 86 87 88 87 83 82 81 88 '91 91 90 '83 '83 86 87 86 84 82 87 '87 83 84 82 82 85 78 75 71 71 73 82 82 92 78 77 75 73 68 71 71 68 64 *61 78 76 73 73 74 79 77 76 72 71 66 85 84 80 72 69 70 70 71 68 67 66 63 »61 64 74 75 77 61 *59 63 81 84 106 117 113 102 94 116 119 109 106 107 104 104 102 98 93 90 90 88 86 84 77 84 81 85 77 78 74 120 118 121 123 121 126 124 122 110 107 103 102 114 116 101 103 116 116 118 121 127 127 114 110 103 -109 106 107 105 99 91 90 92 90 84 77 84 98 102 121 139 120 119 120 122 123 127 125 122 121 119 110 101 114 50 37 139 132 131 134 136 132 127 117 128 108 82 90 104 96 100 101 99 137 104 104 111 115 123 118 106 122 126 128 107 154 142 137 138 134 122 107 108 109 110 111 114 116 118 120 124 126 125 120 122 123 121 108 96 124 79 90 65. 88 86 94 120 135 139 142 142 125 159 111 109 105 110 116 117 115 110 106 102 102 105 107 111 114 111 44 30 44 68 81 95 124 121 117 126 87 117 92 63 99 119 119 119 121 122 125 124 121 121 118 110 103 121 135 115 1928 May June July 63 63 56 79 84 94 122 129 129 144 136 129 112 104 94 84 68 63 59 52 43 30 72 84 79 25 23 26 31 65 67 31 149 140 127 116 118 115 112 93 84 73 67 66 53 130 133 126 119 118 115 114 106 97 94 101 100 97 95 93 86 73 67 67 61 168 166 155 154 154 150 130 117 111 116 133 158 168 178 170 166 144 135 116 109 103 100 102 103 105 106 107 108 100 100 99 98 98 99 100 101 101 98 103 104 107 104 104 97 139 137 137 142 141 152 149 152 140 139 132 136 100 101 102 102 102 102 104 105 103 99 95 100 100 101 102 102 103 103 103 102 101 99 97 101 108 111 111 111 110 106 111 112 11 103 99 95 99 98 102 109 110 111 115 121 118 102 89 128 93 93 96 94 94 98 74 76 77 78 78 68 73 78 78 78 78 78 76 75 74 73 70 75 74 74 74 75 77 79 77 78 76 78 39 93 104 100 96 85 84 82 81 80 76 67 50 33 30 35 43 41 35 36 38 66 67 66 64 45 37 61 37 42 50 52 47 41 36 32 32 29 26 20 44 47 40 37 35 33 32 30 27 23 104 101 94 87 81 71 16 15 16 16 19 17 15 14 12 14 105 101 105 109 119 119 109 94 97 97 97 98 77 75 89 98 107 57 148 144 140 148 140 135 106 105 99 99 98 93 93 91 89 86 85 86 84 81 77 75 74 74 75 71 69 68 69 69 68 68 66 64 62 72 68 64 64 62 59 56 56 78 70 61 52 58 59 58 49 46 57 53 52 54 101 98 104 100 95 97 95 86 73 75 75 104 126 141 156 178 166 155 115 108 94 86 97 100 97 103 106 103 103 106 92 74 52 53 52 49 47 49 52 52 48 43 139 154 98 81 103 96 101 104 102 102 108 87 66 79 49 54 62 61 54 48 48 52 51 46 37 31 27 26 27 26 96 79 87 89 91 90 93 97 95 95 96 99 97 86 56 44 47 44 96 96 96 98 77 98 97 94 91 83 82 83 81 46 102 101 105 99 95 81 81 78 76 77 73 143 144 137 141 147 152 146 145 84 91 93 92 91 90 87 84 83 82 81 80 95 104 73 97 101 88 98 118 106 107 105 108 107 108 107 107 106 104 102 102 100 99 96 97 96 93 92 89 87 86 84 84 82 80 80 80 79 77 76 72 69 69 68 69 98 97 97 98 99 97 96 96 96 95 96 96 95 95 97 96 96 95 94 93 93 91 90 90 89 87 84 84 84 83 81 80 78 77 76 75 73 72 72 72 71 70 70 69 64 67 62 61 59 66 66 66 54 64 r Preliminary. * Average per working day. Revised. 1 For indexes of groups and separate industries see p. 468; for description see BULLETIN for February and March, 1927; for back figures see BULLETIN for March, 1932, p. 194. 2 3-month moving average, centered at second month; for description and back figures see BULLETIN for July, 1931, p. 358. 3 For indexes of groups and separate industries see p. 469; for description and back figures see BULLETIN for November, 1929, and November, 1930. *5 For indexes of groups see p. 433; for back figures see BULLETIN for February, 1931, p. 108. Revised index of Bureau of Labor Statistics (784 price series) ,'1926=100. Index numbers for groups of commodities are given on p. 470. JULY, 433 FEDERAL RESERVE BULLETIN 1932 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports Merchandise imports Excess of exports Month 1928 1930 1931 411 371 421 364 423 389 379 379 422 550 545 475 488 442 490 425 385 393 403 381 437 529 442 427 411 349 370 332 320 295 267 298 312 327 289 275 250 224 236 215 204 187 181 165 180 205 194 184 5,128 5,241 3, 843 2, 424 1932 1928 150 154 155 135 P132 1929 338 351 380 345 354 317 318 CO CO CO CO CO January February ._ March April May. _- . . Tune July August . _ September October _ November December Year 1929 4,091 1930 1931 369 369 384 411 400 353 353 369 351 391 338 310 311 282 300 308 285 250 221 218 226 247 204 209 183 175 210 186 180 173 174 167 170 169 149 154 4,399 3, 061 2,091 1932 136 131 131 127 v 112 1928 1929 1930 1932 1931 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 66 66 49 26 29 24 14 6 -2 10 36 44 30 1.037 842 782 334 14 23 24 9 p 20 •p Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index n u m b e r s ; 1923-1925 average=100] [Index n u m b e r s ; 1923-1925 average=100] Month Adjusted for seasonal variation Without seasonal adjustment Adjusted for seasonal variation 1932 1931 1932 1931 1932 1931 97 January February _- __ ___ 98 97 March April __- 106 78 78 72 80 73 79 80 92 101 97 90 65 67 87 93 95 142 64 64 70 76 73 88 86 84 83 83 82 81 79 81 80 79 78 75 73 70 70 68 78 81 87 87 85 80 75 76 84 88 89 73 May 97 95 91 88 84 86 83 81 Year 91 1932 82 -Labor D a y , Thanksgiving -Day, and c n n s t m a s . Adjustment lor s sonal variation makes allowance in M a r c h a n d April for t h e effe u p o n sales of changes in the date of Easter. Back figures.—See BULLETIN for November, 1930. Janu- February ary March April Without seasonal adjustment 1931 June July August September October November December 1932 Index of stocks (end of month) Index of sales i 67 69 72 72 70 May Adjusted for seasonal variation Total Coal Coke Grain a n d grain products Livestock Forest products Ore Miscellaneous Merchandise 1 64 58 43 62 61 45 61 71 48 59 62 32 69 62 28 31 67 81 78 60 27 29 62 78 72 56 27 28 57 75 86 61 26 18 56 73 54 54 24 4 54 71 Without seasonal adjustment Total Coal Coke -.Grain a n d grain products Livestock Forest products Ore Miscellaneous Merchandise i 1 58 66 47 59 66 52 58 67 48 57 52 31 53 42 26 66 65 25 7 54 75 74 57 27 7 53 75 62 49 27 7 54 75 66 56 27 9 57 75 62 51 26 7 56 74 I n less-than-carload lots. Based on daily average loadings. Source of basic data: American Railway Association. Back figures.—See BULLETIN for F e b r u a r y , 1931, p p . 108-110. 434 FEDERAL RESERVE BULLETIN JULY, 1932 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE NATIONAL BANK OF CZECHOSLOVAKIA The annual report of the National Bank of foreign exchange transactions, which, owing to Czechoslovakia for 1931 was presented to the the deterioration of conditions in the neighborgeneral meeting of shareholders on February ing countries, had gradually to be made more 29, 1932. Sections of the report are given here- severe. Otherwise, there was no need for exwith: 1 ceptional measures such as were put into effect The crisis in- Czechoslovakia.—The world- in several other countries. It was not, for wide economic crisis was felt in Czechoslovakia example, necessary to close the stock exchange somewhat later than in neighboring countries, or declare a moratorium. and the economic structure showed considerExchange restrictions.—The foreign-exchange able powers of resistance. Not until the last restrictions provided that all exchange dealings quarter of 1930 was there any marked falling should be concentrated in the national bank. off in business, which was followed in the spring While these measures are designed primarily to of 1931 by favorable developments in the check speculation, they do not prohibit the money market, some stabilization of the eco- payment of ordinary current obligations to fornomic position, and more than seasonal improve- eign countries. No limitation was placed on ment in certain lines. This improvement was imports nor was there any rationing of the checked, however, by the international credit currency needed to pay for them until in the crisis after the suspension of the gold standard closing weeks of the year conditions arose which in England. Nevertheless, the economic, mon- curtailed Czechoslovak exports. On January etary, and financial position of Czechoslovakia 18, 1932, a special commission was appointed suffered less than that of its neighbors largely in the Ministry of Finance which should deteras a result of its former monetary and financial mine the classes of imports for which the policy. Czechoslovakia, even during the rapid national bank might allot currency and issue expansion of the past five years, resorted in certificates, without which goods might not be only moderate amount to foreign short-term imported. credits or long-term loans, so that when the The balance of payments.—During the first liquidation of international credits began in half of 1931 the balance of payments was satisMay and June, the balances of Czechoslovak factory as in former years; the change occurred banks abroad were larger than their foreign in the month of June. A distinction must be obligations and the volume of foreign short- noted, however, between current items in the term credits to industry was inconsiderable. balance of payments and capital movements. Czechoslovakia, therefore, had no need to take Current items showed no substantial changes emergency measures either at the time of the in comparison with preceding years, and would Austrian crisis or during the German crisis in probably have yielded a definite surplus in spite July, although short-term deposits were with- of reduction in tourist traffic, emigrants7 remitdrawn in considerable amounts over a com- tances, transit traffic, and other items. The paratively short period. As, however, the movement of capital, however, developed uninternational position, especially in the neigh- favorably. The withdrawal of credits had an boring countries, continued to get worse, adverse effect on the balance of payments and Czechoslovakia found its resources diminished diminished the foreign-exchange reserve of the both through the withdrawals of funds and central bank, although at the same time it imthrough inability to repatriate from Germany proved the general position by a further reduceither bankers', industrial, or individual bal- tion in the country's international indebtedness. ances. After September 21, owing to uncerThe money market.—At the beginning of the tainty respecting international credits, Czechoslovakia also had to resort to defensive meas- year the money market was relatively easy, and ures. On September 22 the bank raised its efforts were made by financial institutions to rate, and on October 2 placed restrictions on lower the rates of interest. The City of Prague Savings Bank twice—on February 1 and on April 1—announced a reduction of one-fourth of 1 Taken with some textual revision from the official English translation published by the bank. In addition the report contains tables showing 1 per cent in interest on savings deposits, and the operations of the bank in detail, and sections dealing with the international situation, the stock market, State finances, prices, business the Zemska Bank decreased the interest paid on activity, agriculture and industry, unemployment, etc. All amounts deposits of financial institutions. The repreof money given in the report in Czechoslovak korunas have been converted into dollars at par and then expressed in round figures. For sentatives of the popular financial institutions earlier reports see BULLETIN for August, ]931, 1930, 1929, July, 1928, and at their meeting on January 7 recommended June, 1927. JULY, 1932 FEDERAL RESERVE BULLETIN 435 the adoption of district interest agreements in The power of resistance of the money and order to obtain uniform rates and the reduction apital market is evident from the review of of interest during easy monetary conditions, as the extraordinary claims which were made well as to check undue competition in attracting upon it. Approximately $59,200,000 of shortdeposits and the establishment of unnecessary term credits were withdrawn from Czechonew institutions. slovakia by foreign countries. The foreign Easy conditions continued through February balances of this country, which had become in spite of preparations for the 5 per cent invest- frozen and so could not be repatriated, are ment loan amounting to $38,480,000, which estimated at a similar amount. Moreover, for was sanctioned by Parliament on February 19. the first time in several years greater demands The tendency to lower rates continued and re- were made by the State upon the market. An sulted in an average reduction of one-half of 1 investment loan amounting to some $38,000,000 per cent in the rate on deposits. The joint was floated under the law of March 11, while stock banks meanwhile reduced the interest on new issues of Treasury notes totaled approxiloans by one-fourth of 1 per cent. In Slovakia mately $15,000,000, so that the aggregate State and Carpatho-Russia an agreement between demands were about $53,000,000. All these joint stock and cooperative institutions fixed demands—or losses from the point of view of the maximum credit rate at 5% per cent. the capital market—absorbed the greatest part Owing to the exceptionally long winter it of the new savings. happened that no increased demand was made Savings deposits.—Throughout the year savon the money market for usual seasonal require- ings deposits on the whole showed a tendency ments during the first four months of the year. to rise, although some weakness occurred toBeginning with May, however, the demand in- ward the end of the year. In spite of the ecocreased both as a result of seasonal require- nomic crisis, the volume of voluntary and comments and of the international situation. The pulsory savings was not substantially lower in National Bank, accordingly, raised its discount 1931 than in 1930. The growth of deposits rate on August 5 from 4 to 5 per cent, and for in savings banks for 11 months amounted to the second time on September 23 from 5 to $49,000,000 compared with $27,000,000 in. 6K per cent. The other banks followed with 1930; in provincial credit institutions, $13,000,an increase in rates of 1% per cent and a read- 000 compared with $3,000,000. A slower rate justment of deposit rates—on savings accounts of increase was shown in popular loan banks to 5 per cent, on Government deposits to 5 to and district agricultural loan banks, namely, 5% per cent, on current accounts to 4% per cent, $8,652,000 in 1931 against $9,502,000 in 1930 and on time deposits to 5% per cent. and $12,136,000 in 1929; and in farmers' Pressure on the short-term money market mutual savings institutions, $915,000 in 1931 increased during the last months of the year. against $1,705,000 in 1930. Savings deposits As was the case in nearly all countries, not in joint stock banks during the first threeexcluding even France and the United States, quarters of the year declined by $15,499,000. considerable hoarding took place, which ren- The capital of the Central Social Insurance dered conditions in the money market still more Institution was increased during the year from difficult. The turn of the year was the most $85,455,000 to $103,422,000, or by $17,967,000; difficult in the history of the National Bank of the capital of the General Pension Institution Czechoslovakia. Banks, contrary to their cus- from $84,715,000 to $98,124,000, or by $13,409,tom in previous years, did not ease year-end 000. The increase in savings was of great conditions by the use of short-term foreign assistance in offsetting to some extent the credits but applied to the central bank for their decline in the country's resources resulting from foreign withdrawals and suspensions of total requirements. The capital market.—Throughout the year payment. Losses through currency depreciation.—The there was a considerable demand for long-term credits on the part of communities, especially National Bank was considerably affected by in Slovakia. Beginning with April the build- the depreciation of the English pound and to ing trades increased their demands. By au- some extent by that of the Swedish krona, tumn it became increasingly difficult to procure when these countries suspended the gold standlong-term credits both because the financial ard. The net loss on the stock of foreign curinstitutions realized the need of keeping their rencies, as shown in the profit and loss account, deposits liquid, and also because they found amounted to $2,700,000, of which $2,200,000 was transferred to the debit of the special collections slow. 436 FEDERAL RESERVE BULLETIN reserve fund and the remainder of $500,000 placed to the debit of the results of this year. There is an offsetting item of $18,000, representing the profit on currency and coins, as well as on the stock of silver, part of which was repurchased by the financial administration for minting. The National Bank of Czechoslovakia covered some part of this loss from the profits of the previous year, and the greater part from its reserves. The bank was able to do this because it is conducted on the principle that con- siderations of profit and dividend should not be the decisive factors in its policy. The directors of the National Bank have always been guided by this consideration in formulating their dividend policy, and have had the approval of the Treasury. Thus, in favorable years, profits were allocated to the building up of reserves, so that the bank was able to maintain stable dividends and to write off the loss on its sterling balances. It was a great satisfaction to the bank to be able to cover its sterling losses without Government assistance. BALANCE SHEET OF THE NATIONAL BANK OF CZECHOSLOVAKIA Resources Gold Silver . Foreign bank notes, silver and token coin Balances abroad and advances in foreign exchange. Foreign bills Foreign checks in course of collection Local bills Other bills. Dollars 1 (in thousands) 1,649,899 48, 837 Bank notes in circulation 6,446 3,371 893, 045 34, 700 100 191 100 26, 434 1,027 3 Check accounts Current accounts 27, 7,55 315 ._ 1,430,338 251, 702 42, 338 7,450 1, 682, 039 156,681 476, 831 49, 788 4,638 14,114 77, 785 17, 696 6,412 5,085 2,302 524 190 151 106, 979 3,167 3,121, 403 92, 393 Advances on collateral Securities Bank premises Bank-note printing office premises Bank furniture and fixtures Printing office furniture and fixtures Banking Office of the Ministry of Finance in liquidation: (a) State notes debt (b) Assets of the Banking Office of the Ministry of Finance in liquidation, in charge of the National Bank of Czechoslovakia . 294, 214 8,709 3, 415, 617 101,102 63, 572 7,309 185, 209 1,882 216 5,482 Total resources, exclusive of contra accounts. 8,692, 426 Contra accounts 77, 841 257, 296 2, 304 Temporary resources: In foreign accounts. Interest due in 1931 to be collected in 1932 Other resources Total resources 1 Conversion at par: 1 koruna=$0.0296. AS OF DECEMBER 31, Korunas (in thousands) 937, 662 10, 627 Czechoslovak token coin JULY, 1932 8, 770, 267 259, 600 Korunas Dollars 1 (in thou- (in thousands) sands) Liabilities Cash vouchers in circulation, taken over from the Austro-Hungarian Bank Temporary balances abroad Share capital Capital reserve fund Reserve fund according to section 135 of the Bank Law . Special reserve according to Art. I l l of the amendment of the Bank Law No. 102/25.. . Building fund Net profit: Carry-over from the year 1930 Results of the year 1931 Temporary liabilities (interest due in 1932, already collected in 1931) State's gold fund Other liabilities Total liabilities, exclusive accounts Contra accounts Total liabilities 1931 of 7, 679,170 227, 303 360, 625 41, 255 10,674 1,221 401, 880 11, 896 60 33, 764 405, 000 1,800 2 999 11, 988 56 263 20, 000 10,000 592 182 33, 583 5 991 33, 765 999 18,637 31, 874 47. 583 552 943 1,408 S, 692, 426 77,841 257, 296 2,304 8,770,267 ; 259,600 contra 437 FEDERAL RESERVE BULLETIN JULY, 1932 LEGAL RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS [Including all changes reported up to July 1, 1932] Reserve requirements Country Liabilities against which reserves must be held Gold Albania. _ Australia . Notes. Notes . Notes plus other demand liabilities, minus amount represented by Federal loan debt. Belgian Congo.. Notes Notes and other demand liabilities.. Belgium Notes and deposits.. Bolivia Gold and gold exchange Per cent Per cent i 2 33H • 15 2 3 24 Austria.. 20 30 40 40 13 50 Bulgaria.. Notes and other demand liabilities- Chile Notes and deposits 3 35 Colombia.. Notes. 3 40 Czechoslovakia- Notes and other demand liabilities Danzig Denmark Notes and demand liabilities Notes Ecuador.. Deposits. Notes Notes Egypt.... 8 15 3 30 25 35 50 Estonia.. Notes and other demand liabilities.. 3 40 Finland. Notes and other demand liabilities in excess of 1,200,000,000 markka. 100 France Germany Guatemala.. Notes and other demand liabilities.. Notes 35 3 30 Notes, less due from banks Deposits due in 30 days or less Special deposits Notes plus other demand liabilities, minus amount represented by State debt. Notes and other demand liabilities.. Notes in excess of fiduciary issue of 1,000,000,000 yen. Notes and other demand liabilities... Notes. Notes Notes. Notes. Notes and other demand liabilities... Notes in excess of fiduciary issue of 250,000,000 kroner. Notes.. Deposits 12 Java Latvia Lithuania Madagascar.. Morocco Netherlands.. Norway PeruPoland. Notes and other demand liabilities... For footnotes see end of table* Silver in reserve may not exceed one-fifth. Foreign exchange may consist only of deposits payable in gold on demand or on 3 days' notice in New York or London. Foreign exchange net. Government consent necessary for suspension of reserve requirement. Foreign exchange net; may consist only of demand deposits payable in New York or London. Reserve ratio of 35 per cent effective until Sept. 25,1933. Former ratio 50 per cent. Foreign exchange may consist only of demand deposits. During present emergency reserve against notes may fall to 30 per cent without enforcement of penalties provided by law. An additional reserve equivalent to 25 per cent of deposits must be held in form of legal currency including gold, silver, and other types of money (silver not to exceed one-half). Foreign exchange not limited to gold-standard currencies. Reserve ratio of gold to be increased to 17^ per cent, and of gold and foreign exchange to 35 per cent, on Dec. 31, 1935. »33H From Oct. 14, 1931, to July 31, 1932, only 3 3 ^ per cent reserve of gold and foreign exchange is required; formerly 50 per cent. Foreign exchange may consist only of the bank's noninterest-bearing demand balances with Bank of Norway and Swedish Riksbank, less indebtedness of these two banks, and noninterest-bearing demand balance on giro account with German Reichsbank. Government consent necessary for suspension of reserve requirement. Notes in excess of fiduciary issue of £260,000,000. Italy__ Japan. Foreign exchange may not exceed two-thirds. Foreign exchange may consist only of exchange on England. Reserve ratio to be increased to 18 per cent on July 1,1933; to 2l}i per cent on July 1, 1934; and to 25 per cent on July 1, 1935. Reserve ratio to be increased to 28 per cent on Jan. 1, 1933; and to 3 3 ^ per cent on Jan. 1, 1938. 3 40 *30 England.. Hungary. Qualifying provisions, etc. 100 30 3 40 140 1 25 1100 123 24 3 40 1100 140 Note issue limited to 45,000,000 sucres. The original requirement was a gold reserve ratio of 50 per cent, but on Oct. 30, 1916, the bank was authorized to substitute British Treasury bills for gold. On Aug. 1, 1931, increase of fiduciary issue to £275,000,000 was author' ized by British Treasury for limited period. Period subsequently extended to Sept. 30, 1932. Authorization can not be extended beyond Aug. 31, 1933, unless Parliament otherwise determines. Foreign exchange net. Government consent necessary for suspension of reserve requirement. Foreign exchange may consist only of undisputed balances with foreign correspondents valued at current gold quotations converted into Finnish marks at gold parity. Foreign exchange not limited to gold-standard currencies; but must be valued at current gold exchange rate and mature within 14 days. Silver in reserve may not exceed one-thirtieth of total reserve requirement. Reserve ratio to be increased to 28 per cent on June 24, 1934; and to 33K Per cent on June 24, 1939. Silver in reserve may not exceed one-fourth. Fiduciary issue may be increased, subject to tax, by authorization of Minister of Finance. 2 50 Additional requirements for notes in excess of 100,000,000 lats. 150 Fiduciary issue may be increased, subject to tax, by authority of King and Storting. Silver in reserve against deposits may not exceed one-fifth. Foreign exchange may consist only of sight deposits payable in gold in New York or London; or, up to one-half the reserve, of acceptances payable in gold-standard currencies. Foreign exchange net. Silver in reserve may not exceed one-twentieth of gold held. •~~~33M 140 100 50 1340 438 FEDERAL RESERVE BULLETIN JULY, 1932 LEGAL RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS—Continued Reserve requirements Country Liabilities against which reserves must be held Gold Portugal Rumania South Africa. Notes up to 2,200,000,000 escudos plus deposits and other demand liabilities. Notes in excess of 2,200,000,000 escudos. Notes and other demand liabilities. _. Notes, deposits, and bills payable... Gold and gold exchange Per cent Per cent 30 Foreign exchange net; not limited to gold-standard currencies. Until July 1, 1941, Portuguese external gold bonds may be included to the extent of 22 per cent of the total reserve. 100 25 1340 35 Notes up to and including 4,000,000, 000 pesetas. Notes above 4,000,000,000 pesetas 38.8 145 48.5 160 Sweden.. Notes in excess of fiduciary issue of 250,000,000 kronor. 50 Switzerland.. Uruguay Notes Notes in denominations of 10 pesos or more, and demand deposits. 40 40 U. S. S. R_— Yugoslavia-.. Notes Demand liabilities. Spain Qualifying provisions, etc. 25 13 25 35 Silver in reserve may not exceed 8 per cent of deposits and bills payable. Government consent necessary for suspension of reserve requirement. Silver in reserve may not exceed 5 per cent of notes up to and including 4,000,000,000 pesetas and 10 per cent of notes in excess. Note circulation limited to 6,000,000,000 pesetas and may exceed 5,000,000,000 only with consent of the Government. Consent of Government required for any reduction of gold holdings and can not be given unless these holdings are in excess of requirement necessary for a circulation of 6,000,000,000 pesetas. Gold reserve may not fall below 150,000,000 kronor. Government may, if urgently necessary, extend fiduciary issue by 350,000,000 kronor. Obligations of the Uruguayan Government payable abroad may be counted as gold up to 20,000,000 pesos. Note issue in denominations of less than 10 pesos may not exceed 20,000,000 pesos. Reserve may include platinum. RESERVE R E Q U I R E M E N T S IN ARGENTINA, CANADA, AND IRISH F R E E STATE Argentine Con- Notes and subsidiary coin version Office. Canadian Min- Dominion note issue, less $63,500,000 and amount of advances under ister of Fifinance act. nance. Irish Currency Commission. Deposits of Post Oflice Savings Bank. Legal tender notes-- As reserve falls from 40 to 36 per cent, discount rate of Conversion Office must be progressively raised. If Dominion note issue, less advances under finance act, falls below $76,000,000, reserve requirements are as follows: Against a net issue of from $50,000,000 to $76,000,000, a gold reserve of $12,500,000 is required; against a net issue of less than $50,000,000, a gold reserve of 25 per cent. In recent years the actual net issue has not fallen below $120,000,000. 36 100 10 100 Foreign exchange is limited to British legal tender currency, bank deposits in Great Britain or Northern Ireland, and British Government securities maturing within 1 year. 1 May legally include silver. 2 Foreign exchange may be in any stable currency. « The bank may, subject to the payment of a tax, permit the reserve ratio to fall below the legal minimum. * 300,000,000 markka. 439 FEDERAL RESERVE BULLETIN JOLT. 1932 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe End of month 1931—February March April.. _May June July August September.__ October November December 1932—January February March April. May June Total (48 countries) United States Canada 11,016 11,079 11,115 11, 225 11, 272 11, 218 11, 294 11,273 11,127 11, 224 11, 263 4,309 4,343 4,373 4,445 4,593 4,537 4,632 4,364 3,905 4,031 4,051 94 96 99 102 87 87 89 83 86 82 78 5,350 5, 388 5, 395 5,428 5,351 5, 353 5,415 5, 639 6,066 6,113 6,189 197 200 201 201 199 214 221 346 357 356 354 6S5 699 712 735 793 643 649 656 660 587 588 2,192 2, 200 2,180 2,181 2,212 2,290 2,296 2,326 2,534 2,659 2,699 544 553 564 569 339 325 325 310 273 239 234 4,009 3,947 3,986 3,956 3, 717 » 3, 465 80 78 77 77 6,300 6,444 6,484 6, 525 » 6, 658 352 351 349 351 353 588 588 588 588 608 663 2,808 2,942 3,012 3,052 3,115 3,218 226 221 209 205 206 '198 r 11,314 r 11,391 r 11,466 11,477 » 11,378 Total (27 countries) Austria Belgium Bulgaria France D e n m a r k Germany Europe—Continued Endiof month Greece Hungary Italy Nether- Norway Poland lands Portu- Ruma- other U. S. S. Yugo- 6counSpain Sweden Switzerland R. slavia tries 1931—February... March April May June July August September.. October November.. December. _ 279 279 279 280 282 283 283 286 293 296 296 179 179 181 181 200 236 260 282 336 362 357 467 467 468 468 439 439 439 434 434 434 124 124 124 124 162 225 229 328 422 425 453 249 259 259 262 262 267 280 293 309 315 328 18 18 18 18 18 18 21 21 25 26 26 1932—January Febraary... March April May June 296 296 296 296 297 351 353 354 364 384 394 434 434 434 434 435 435 472 482 471 471 493 329 329 330 331 335 349 26 26 27 30 Asia and Oceania Latin America Total (10 countries) Argentina 1931—February. . March April May June ._ July August SeptemberOctober NovemberDecember.. 497 483 475 465 451 416 400 370 366 361 352 1932—January... February.. March April May 347 343 342 340 343 End of month Africa Uru- 6 other guay countries Total (6 countries) 390 378 370 362 350 322 309 281 270 265 253 17 16 16 17 17 12 12 13 16 16 21 703 709 714 724 730 714 698 706 644 570 525 128 135 141 147 151 158 162 162 162 162 162 417 415 419 422 425 412 406 408 342 271 234 35 31 31 32 31 33 31 32 30 37 39 252 249 249 249 249 21 21 21 21 v 21 r 510 r 511 r507 r 505 506 162 162 162 162 162 215 215 214 214 214 40 37 31 34 35 bia Peru * Preliminary. Australia India Japan Java New Zealand Turkey Algeria Egypt Africa South ' Revised. Figures for 33 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are as of last report date of month. See BULLETIN for May, 1932, p. 315. Since the note in the BULLETIN for May, 1932, was prepared, figures for the Banque Centrale de la Republique de Turquie have been added to the table. The figures reported by this bank relate to the last Thursday of the month. The 6 European countries and 6 Latin American countries for which figures are not shown separately are Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; Bolivia, Brazil, Chile, Ecuador, Guatemala, and Mexico. None of these countries has had gold reserves during this period in excess of $10,000,000. For back figures—and for additional details relating to this table—see BULLETIN for May, 1932. 128009—32 3 440 FEDERAL RESERVE BULLETIN JULY, 1932 GOLD PRODUCTION [In thousands of dollars] Month 1930—Total Production reported monthly Estimated world production r Total' South Africa 416,752 322, 755 Africa Rhodesia West Africa Belgianr Congo Canada' Mexico r Australia Japan India 221, 526 11, 476 5,000 3,618 43,454 13,813 9,553 7,531 1931—January... February . March April May June July August September. October... November. December . 36,450 34,461 35,933 36,128 36, 537 36,490 36,435 37, 049 37,130 38, 047 37, 008 37,147 28, 342 26, 353 27,825 28, 020 28,429 28, 382 28, 328 28,941 29, 022 29,939 28, 901 29, 040 19,151 17,427 18,791 18,194 18, 901 18,594 18,959 18,859 18, 981 19, 525 18, 673 18, 809 960 387 333 349 351 334 340 342 353 397 437 408 417 4,183 4,033 4,218 4,591 4,460 4,725 4,711 4,718 5,005 4,933 4,906 4,974 1,281 1,011 988 1,329 1,208 1,103 814 1,228 1,074 1,041 914 877 634 869 863 936 919 1,092 933 1,229 916 1,240 1, 321 1,181 657 764 917 918 926 947 918 905 936 941 1,041 443 438 453 447 452 448 453 466 488 476 480 49S 716 663 668 654 692 679 667 664 580 594 561 521 490 500 ol6 562 673 590 579 Total.... 438,816 341, 521 224,863 11,193 5,543 4,448 55,458 12,134 8,201 6,815 1932—January... February.. March April 37,615 36, 696 P 38,431 * 37,861 29, 507 28, 588 30,324 29, 753 19, 587 18,935 19,877 19,593 921 956 460 453 484 465 405 381 419 388 4,834 4,670 5, 285 5,093 1,032 1,063 1,114 1,114 657 741 671 534 525 545 590 976 12,8 1,106 948 862 v 862 6,785 r Preliminary. Revised. NOTE.—The figure for total world production in 1930 is that published in the annual report of the Director of the Mint for 1931. The difference between this figure and the total production reported monthly in 1930 is $93,996,000, or $7,833,000 on a monthly average basis. In order to derive monthly figures for estimated world production, for 1931-32 this average difference, of which about half represents United States production, is increased by 3.5 per cent—the ratio of increase of United States production in 1931—and added to the production actually reported each month. The figures reported monthly are not in every instance complete for the area indicated. Those for West Africa represent the output of the Gold Coast and Sierra Leone; those for Australia, total output with the exception of Tasmania and Northern Territory; those for Japan, the output of the leading mines; and those for India, the output of the Mysore State. For annual figures of world production of gold extending back to 1873 see the annual report of the Director of the Mint for 1931, p. 241. GOLD MOVEMENTS [In thousands of dollars] United States Net imports from— Month 1930—Total Total net imports England Total Bel- Nether- Switzer- Can- Mexico Argen- Brazil gium land ada tina lands 6,872 20,390 20,222 3 1 22, 556 536 1 9 1,272 303 50 -2 924 4,032 19,161 1,105 1,563 16 5 1,052 774 21 - 1 7 20, 725 438 -4 8 4,871 466 1,501 -16 2,208 8,802 -5 23 -24,087 -349 8,837 4,260 2 -4,172 685 -324,500 -9,678 -35,904 -17,617 5,666 -1,239 333 -10 -394 -515 7,408 989 -57 4,249 -15,150 -5,861 -9,857 -1,270 4,513 1,344 5,441 9,289 11, 601 14,782 40,029 4,923 8,305 5,383 25, 770 15,474 267 -275 - 7 3 , 675 280,087 34,372 1931—January 16,142 February March 25, 645 49, 516 April May 49, 630 63,847 June 19, 503 July 57, 500 August 20, 561 September.. -337, 685 October 89,436 November.. 56,858 December.. 1932—January February... March April May June p France 6 6,797 --344, 514 -15,583 -50, 327 -19,768 81,136 22,267 141,263 145, 325 -72, 950 -3,199 - 8 3 , 783 -12,553 - 2 3 5 - 9 8 , 203 -17,859 -90, 567 - 2 3 - 3 7 , 532 -6,341 -24, 671 -669 —30, 239 -1,922 -24, 527 -195,514 -7,047 - 6 3 , 216 -19,930 -847 -107,392 -26,250 -206,846 16 1 - 6 , 257 -1,759 '4,154 -254 8,406 - 8 , 672 - 6 7,216 -115 7,267 -18,707 -58,473 - 5 3 , 554 4,699 -24,419 -64,128 5,061 $25,990,000 imported from Germany. 2 $11,000,000 imported from Germany. 3 $9,710,000 exported to Germany. 1,103 950 2,997 3,329 1,510 222 9,110 1,157 2,683 87, 776 16 Colom- British bia India Japan 22,211 156,609 9,097 3,022 116 2,996 86 3,359 155 87 142 3,095 16 China and Hong Kong 4 2,042 "~4~895 3,165 16 15,116 8,064 360 949 2,948 7 3 7 4,677 v Preliminary figures. * Revised. 175 801 2,739 1,597 7,796 960 6,361 1,544 1,046 3,596 5,533 1,644 623 30,838 1,264 748 1 2,412 2,845 1,586 2,266 2,741 2,604 847 i 30,842 399 2,980 1,246 25,000 213,435 3,586 1,378 22, 501 75, 932 -1,056 4,775 68,285 34,240 199,286 167 819 2,948 2,402 3,791 3,771 All other countries 67,332 2,471 940 2,365 682 2,013 2,441 3-5,910 1,964 5,172 9,969 19,441 441 FEDERAL RESERVE BULLETIN JOLT, 1932 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from— Month Total net imports 1930—Total. United States 23,658 1931 -January February... March April May. June July August September * October ?_.. November * December P Total? France Bel- -268,831 -78,862 - 9 , 090 -72,616 -18,178 - 7 , 793 -344 -296 -232 -110,144 -13,333 -774 - 6 , 800 -61,412 - 2 4 , 939 -1,483 -1,772 -1,047 -2,661 - 7 , 796 -6,317 -148,817 -12,582 -316,861 -7,320 -4,129 -64, 955 2,256 - 5 2 , 712 -6,182 -119 -40, 858 -2,691 1,207 -17,795 26,148 7,541 -10,843 16, 973 -6,901 15,717 25,955 33, 764 -43,470 2,443 6, 452 24,084 19,122 54, 300 -130,808 -24,150 - 9 , 251 13,040 -44, 977 -15,602 1932—January February March April May June v ._ __ Ger- 283 -1,506 11 -827 970 -4,144 -7,086 -92 -420 -19 37, 514 1,765 -10,751 7 -9,145 -72 -35 -119 -2 -66 -515 -155 3 71 -18 41 Netherlands Switzer- South British land America India - 9 8 1 -23,190 -276 -14 18 65 146 -82 -50,133 -24, 373 -18,419 - 8 , 591 -12,370 - 4 , 290 -992 -153 -194 -126 -133 - 3 , 338 -1,658 -13,218 -10, 168 -2,458 -10,003 -18,564 -8,177 1,526 116,415 213,774 22,893 7,823 8,485 112 340 2,753 389 6,028 602 695 1,003 692 198 529 -249 305 -258 -25 3,132 984 823 7,462 23, 930 19, 527 1,421 620 879 967 1,003 1,205 1,703 1,504 650 400 214 417 380 375 365 3,407 398 511 10,096 15, 549 12 419 1,107 64 20,373 17,489 21,382 23,090 16,185 21,024 21,042 17,861 19,359 21,017 15,426 19, 499 4,363 2,858 -704 - 3 , 528 -256 -2,647 -382 -599 -494 -256 1,649 442 -36, 952 -118,319 -61,005 28, 922 56, 358 10,983 32,683 233, 747 446 -247 - 3 , 723 - 7 , 382 -16 -214 -1,002 105 2,226 1,002 45, 986 30, 661 24, 340 17,393 11, 565 8,934 746 781 602 899 803 1,555 371 1,750 1,083 915 171 17,062 20,884 20,616 24,893 18. 965 19,793 352 1,426 887 420 1,734 131 -134 -756 -53 -53 - 2 , 571 -2,612 - 3 , 584 - 7 , 537 - 3 , 480 -1,955 -11,310 -8,711 406 Germany * Net imports from— 1930—Total. 1931—January February._ March April May June July August SeptemberOctober November . December.. Total Total net imports United States 460,268 England 90,938 274, 514 67,819 36, 205 10, 558 2,736 -12,090 -12,749 - 9 , 558 - 6 , 326 149,150 72, 95: 418 209 273, 734 243, 956 122, 372 99,876 3,164 13,""' Germany South All Africa, other Austra- Rhodesia. counlia West Af- tries rica 57,896 France Month Straits Settlements Netherlands Switzerland 65, 352 25,183 -1,127 Net imports from— All other countries Total net imports United States 5,403 -14,006 263 England France Netherlands 67,948 -84,496 - 1 1 , S Switzerland U.S. S.R. 1,325 All other countries 12,849 1,321 -15 67,031 172 75 805 -1 11, 966 30 3110, 338 -1 -38 63 163 251 35, 992 22 9,826 12,098 2,008 16 -18 895 177 934 10, 598 12 1,247 ", 643 79 7,718 469 -13 41 309 538 11, 383 1 2,218 4' 10, 327 95 563 -20 45 424 425 12 25^ 42 5,169 431 248 6,371 -3 -21 621 -205,543 -25, 927 -40, 029 -97, 630 -24,159 -6,113 5,154 2-16,839 316 4,114 151 29, 520 89, 786 -19 - S , 262 3 29, 872 - 6 , 243 -10,963 — 1,949 54 18 5,218 1,227 -29 -5,! 548 611 78, 366 112 934 216 -23 80 -10 -1,818 1,137 -16,947 902 547 3 -5,558 -11,859 -80 5,685 -31,473 21, 738 6,060 - 3 , 553 -153 120 - 5 , 951 -10,965 -20, 620 5,183 78 40,447 49 91 22, 741 -42, 572 1,789 -41,968 18 -16,455 -25, 594 -4 26,132 542. 56 1 -232 -22, 386 7,203 150 875 103 17 728,176 328,130 312, 561 100,050 18, 775-81, 20- 74, 007 65,062 10, 735 1932—January -46 February._ 184,171 82, 5S0 90,94T -4 147, 604 71, 279 49,028 13,1 March April 60, 340 38,080 23,888 -15 May 17, 735 17,174 14, 232 2,5S2 49,8 6,755 -9,899 1,401 9,601 -1,592 2,639 12, 561 17 r 830 '2,019 428 -4,061 2,006 -1,119 4-17,141 -247, 950 -36,160 -35, 221 -102,019 -55,142 -63,866 58, 932 -14,475 328 - 5 , 262 - 5 , 251 - 8 , 319 3,133 293 37 67 -2 -18 5 -564 16 -884 - 5 , 4 -61 -2, -7,831 -5,407 -8,388 15 -7,651 671 501 683 5,138 42 5,254 8410,'i, 352 164 1,053 188 197 35 1 $29,229,000 imported by Great Britain from Spain. $17,555,000 exported by Germany to Belgium. 3 $29,233,000 imported by France from Spain. *r $21,292,000 exported by France to Belgium. Revised. v Preliminary figures. 2 * Since German figures for individual countries are subject to semiannual revision, those given for months in 1932 are preliminary in character. Figures for total net imports are final. 442 FEDERAL RESERVE BULLETIN JULY, 1932 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Switzerland Net imports from— Month Total net imports 1930—Total -7,724 1931—January... February Mar^h April May . 249 -118 — 156 -433 -519 24, 384 9,397 60, 076 19, 020 30, 598 36, 551 19, 567 Julv August September. . October Novem bcr. _ December.._ Totai 1932—Januarv... . February March _ April May United England States France Net imports from— All 3ther (coun- Germany Total net imports States England France Germany South Africa -1,643 United tries All other countries ........ - 2 , 270 32,919 3,224 254 3,269 1,072 186 1,722 5, 346 9,805 18, 364 -42 —32 —6 8,220 2,300 66 23 3,398 4,519 886 -63 —70 -58 —39 — 11 6,110 -36 50 1 8,270 25, 604 -75 332 11,044 16, 577 44,196 408 203 -223 — 185 -153 —38 — 123 -146 —69 i 6, 751 s 7,181 209 11 55 222, 751 36, 422 41, 301 19, 317 39, 684 72, 760 13, 267 5, 653 17,658 4,698 2, 538 46,051 2,067 1,411 82 65 41, 034 1,300 5,725 5,733 116 116 1,972 5,423 - 2 , 069 -95 1,718 10 5,731 8S6 -165 -52 1,018 - 2 0 , 528 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 2 3, 831 -479 4 3,413 -78 671 —54 -111 — 10 -18 17, 475 3, 597 18, 096 25, 505 94, 339 43, 572 19, 687 972 -16 143 100 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 - 2 1 , 024 56, 059 6,580 7,130 2,608 -1,886 7,737 58,292 7.747 8,810 6,342 2.799 55,337 3,100 5,446 3,870 867 5,470 - 3 , 521 -9,900 -11,028 -771 - 3 , 258 109 -304 320 - 2 , 069 34 - 1 , 1 0 5 8,445 » - 3 , 602 7,464 - 6 , 703 m 23 304 -630 65 6 2, 616 7 3, 35 British India it Net imports from— Mo nth Total net imports 1930—Total - i QQ-I Tanuaxv February IVtarch April IVIay June July August September October December Total- --- April May -. Gold production in I n d i a 8 Increase Increase in Govprivate ernment nholdings reserves in I n d i a 9 in India United States England Australia and New Zealand 57, 672 8,681 8,053 2,402 26,513 12,023 6,806 200 64,278 -286 880 943 600 696 -1,752 —803 -270 175 - 2 6 , 058 —24 217 - 4 5 , 596 -4 94 211 418 199 99 170 404 224 993 23 138 113 144 118 167 146 79 202 460 279 37? 152 247 49 113 74 24 25 -10 -2,196 - 8 , 273 —3, 307 - 5 , 294 -1,024 323 -26 102 295 - 2 , 254 - 1 , 539 -979 -291 -10,179 — 17,610 - 3 9 , 539 6 260 184 294 107 111 165 253 223 471 10-8, 388 H-3.673 -921 649 582 596 563 523 491 502 517 564 675 592 581 1 9 6,942 6,168 5,866 3,397 7,362 3,760 21 -353 359 0 362 1,453 - 5 , 403 - 5 , 005 —4, 647 - 4 , 658 - 7 , 663 -3,513 718 - 2 5 , 030 - 2 3 , 984 -45,015 - 9 5 , 688 -19,084 - 7 2 , 721 2,835 2,370 1,825 -10,914 6,835 33,532 -122,385 —24 029 -17,672 -18,670 -11,812 v 8,615 2,863 —363 -90 -209 —21,419 -17,353 18, 788 11,229 15 20 225 28 189 -471 536 527 547 592 * 592 18 —2 -7 -86 -23,511 -17,143 -18,116 11,134 »—8,022 Iraq All other countries South Africa 70 738 479 ?8 97 1 $6,733,000 imported by Switzerland from Australia. 2 $4,020,000 imported by Netherlands from Dutch East Indies. 3 $7,293,000 imported by Switzerland from Norway. < $3,824,000 imported by Netherlands from British India. »$1,791,000 was exported from Netherlands to Poland; $2,325,000 to Switzerland. e $2,308,000 imported by Switzerland from Netherlands. 7 $2,949,000 imported by Switzerland from Netherlands. . . s Reported monthly production of the Mysore State plus $82,000 representing the average monthly production of the rest of India in 1930. ^Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India. 10 $7,575,000 was exported from India to Netherlands. 11 $1,891,000 was exported from India to Netherlands; $2,173,000 to France. # •Beginning with September, 1931, figures for net imports from individual countries are preliminary and subject to revis!jn. Figures for total net imports, gold production, and increase in Government and private holdings are final unless otherwise indicated. v Preliminary. FEDERAL RESERVE JCLY, 1932 443 BULLETIN GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] May Argentine Conversion Office (millions of gold pesos): Gold Notes issued * ._ Irish Currency Commission (thousands of pounds sterling): Legal tender note f u n d British legal tender and bank balances British securities Notes issued Consolidated bank notes *— Issued Deemed such under sec. 60 (4) of currency act, 1927___ 1932 1931 Apr. Mar. May »257 *576 257 544 257 544 374 550 71 112 136 79 6,936 7,155 7,196 7,326 7,016 7,267 7,268 7,462 4,443 4,406 4,393 4,166 1,503 1,560 1,580 1,783 1932 May 1931 Apr. Mar. May Canadian Minister of Finance (millions of Canadian dollars): 64 64 64 Gold reserve against Dominion notes.. Advances to banks under finance a c t 10 30 27 32 Dominion notes— 152 155 Issued 153 157 28Outside chartered bank holdings._ 28 29 28 Indian Government (millions of rupees): Gold standard reserve— 336 388 391 201 Gold Foreign exchange. 197 145 143 | 332 Paper currency reserve— 107 55 Gold 202 53 Silver coin and bullion 1,105 1,105 1,112 1,274 Other assets 71 473 523 617 Notes issued 1,685 1,683 1,781 1,548 i Includes a small quantity of subsidiary coin, amounting on Mar. 31, 1932, to 15,000,000 pesos. 3 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended May 28, Apr. 2, and Mar/5, 1932,'and^May 30, 1931. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. * Preliminary. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars converted from Swiss francs at par: 1 Swiss franc =* $0.1930] 1932 1931 Resources May 31 Apr. 30 Cash on hand and on]current account with banks Demand funds at interest Rediscountable bills and acceptances (at cost) : Commercial bills and bankers' acceptances Treasury bills TotalTime funds at interestNot exceeding 3 months._ Between 3 and 6 monthsTotal.. 2, 525 13,174 2,991 13, 781 May 31 1,722 25, 766 90, 543 35, 247 87, 554 30,147 87, 990 40, 608 125, 790 117, 701 128, 598 51, 923 48, 927 200, 524 5,732 51, 923 :8, 927 206, 257 Sundry bills and investments: Maturing within 3 monthsTreasury bills Sundry investments Between 3 and 6 months Over 6 months 17, 933 11, 526 4, 585 373 17, 925 11, 521 4,584 188 i 45, 237 Total Other resources.. 34, 417 2,171 34, 217 1,930 45, 237 2,733 Total resources.. 1932 230, 000 219, 549 410, 313 May 31 Apr. 30 May 31 Short-term deposits: Central banks for own account— Demand TimeNot exceeding 3 months._ Between 3 and 6 months.. Total Central banks for account of others— Demand Time—not exceeding 3 months TotalOther depositors— Demand Time—not exceeding 3 months Long-term deposits: Annuity trust account German Government deposit French Government guaranty fund... Total. Capital paid in Reserves: Legal reserve fund Dividend reserve fund General reserve fund Profits allocated for distribution on July 1, 1932: Dividend to shareholders (6 per cent)-. Participation of long-term depositors per article 53 (e) of statutes Other liabilities Total liabilities.. i Composed of $36,369,000 of investments not exceeding 1 year and $8,868,000 exceeding 1 year. 1931 Liabilities 60, 680 61, 747 64, 392 67,886 58,017 99, 340 1,678 128, 567 119, 764 165, 410 10, 305 11, 855 30, 686 131, 357 10, 305 11, 855 162,043 1,572 1,066 166 29, 677 14, 839 13, 249 29, 677 14, 839 13, 249 29, 760 14, 880 13, 277 57, 765 24,125 57, 765 20, 941 57, 916 20, 458 254 519 1,038 108 211 422 108 211 422 1,244 995 616 3,994 6,648 422 2,162 230,000 219, 549 410, 313 444 FEDERAL RESERVE BULLETIN JULY, 1932 CENTRAL BANKS [For explanation of these tables see BULLETIN for February, 1931, pp. 81-83] Liabilities of banking department Resources of banking department Bank of England Gold (in issue department) 1 Cash reserves Coin Millions of pounds sterling: 1931—Apr. 29 May27._. _.. June 24 July 29 Aug. 26 Sept. 30 Oct. 28 Nov. 25 Dec. 30 1932—Jan. 27_ Feb. 24 Mar. 30 Apr. 27 May 25 June 29 0.9 1.1 1.1 1.3 146.3 151.0 162.9 132.0 133.3 134.8 135.7 120.7 120.7 120.8 120.8 120.8 120.8 125.0 136.1 1.3 1.3 1.3 1.0 .6 .6 .6 .6 .7 .7 Notes Discounts and advances 7.2 6.8 9.6 9.7 9.3 14.8 10.5 12.7 27.3 12.9 11.5 11.7 11.5 12.2 14.9 56.5 56.2 70.1 32.7 58.0 52.6 54.6 41.3 31.6 49.9 49.4 35.3 43.0 45.8 48.1 Securities 56.7 59.8 57.5 79.2 78.2 94.9 84.6 87.8 133.0 82.5 71.0 86.8 79.4 93 2 93 5 Note circulation Deposits Bankers' 349.8 354.9 352.8 359.4 350.3 357.2 356.0 354.4 364.2 345.9 346.4 360.5 352.8 354.2 363.1 48.9 54.8 61.6 55.8 53.6 62.6 63.5 59.8 126.4 74.3 67.9 54.6 58.3 77.5 86.6 NegotiaGold Millions of francs: 1931—Apr. 24. May 29. June 26. July 31. Aug. 28. Sept. 25. Oct. 30Nov. 27. Dec. 30. 1932—Jan. 29_ Feb. 26. Mar. 25. Apr. 29. May 27. June 24. 55,616 55,634 56, 426 58,407 58, 563 59, 346 64, 648 67,844 68, 863 71, 625 75, 059 76, 832 77, 862 79, 470 82,100 Foreign Domestic Security exchange bills loans 26,305 26,160 26, 209 26, 242 27, 611 25,194 27, 600 24, 273 21,111 18, 805 15,127 12, 632 11, 800 9,001 6,332 6,502 6,190 5,576 4,564 5,820 5,880 8,809 7,766 7,389 6,555 5,544 4,820 4,690 4,160 3,929 2,795 2,806 2,779 2,860 2,729 2,754 2,712 2,731 2,730 2,744 2,707 2,716 2,735 2,700 2,715 17.7 17.4 25.2 15.2 26.3 30.1 17.3 27.0 7.7 15.3 14.1 27.2 23.4 23.6 18.0 ble securities 2 5,082 5,082 5,082 5,065 5,065 5,065 5,065 5,065 7,157 6,899 6,882 6,881 6,881 6,881 6,626 Other assets 7,134 7,316 6,807 8,958 8,193 8,428 8,647 8,545 8,278 8,329 8,371 8,697 8,684 8,634 Note circulation Reserves Gold Millions of reichsmarks: 1931—Apr. 30 May 30 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1932—Jan. 30 Feb. 29 Mar. 31 Apr. 30 May 31 June 30 v 2,368 2,390 1,421 1,363 1,366 1,301 1,145 1,005 984 948 928 879 859 863 832 Foreign exchange 157 186 300 246 356 139 131 170 172 145 149 142 131 129 130 1,816 1, 791 2,579 3,273 3,101 3, 545 4,010 3,901 4,144 3,632 3,324 3,258 3,146 2,990 3,100 17.7 17.8 17.9 18.1 18.2 19.3 17.7 17.8 18.0 18.1 18.2 18.2 17.7 17.8 18.0 77, 231 78,185 76, 927 79,862 78,635 78,173 83, 639 82, 543 85, 725 84, 723 83,189 81, 782 82, 774 81, 418 80,667 Government 11, 680 9,940 8,513 9,303 9,470 7,357 8,227 7,170 5,898 4,722 3,637 3, 526 3,111 3,432 2,881 Other 12, 062 12, 669 15,187 14, 736 17, 649 18, 542 22,954 24,171 22,183 23, 552 24, 899 24, 962 24, 827 24,128 24,621 Other liabilities 2,462 2,394 2,250 2,195 2,227 2,266 2,441 2,442 1,989 1,910 1,925 1,980 1,953 1,917 2,167 Liabilities Other Treasury bills (and Security bills loans Securities checks) 45 25 74 249 38 124 37.0 33.8 33.5 33.7 48.7 52.6 52.6 38.1 40.3 38.2 * 32.2 34.4 35.3 32.9 34.7 Deposits Resources Reichsbank Other Liabilities Resources Bank of France Public Other liabilities 287 167 355 347 208 301 240 254 245 158 303 290 282 257 261 103 103 103 103 103 103 103 103 161 161 162 362 362 363 364 Other assets 668 721 936 958 972 1,016 963 980 1,065 1,098 1,100 1,044 977 1,032 1,038 Note circulation Deposits 4,340 4,299 4,295 4,454 4,834 4,609 4,746 4,641 4,776 4,407 4,268 4,231 4,128 3,961 3,984 355 353 398 834 509 613 518 506 755 394 423 578 405 431 473 Other liabilities 749 731 1,074 1,251 1,251 1,306 1,326 1,323 1,338 1,373 1,318 1,226 1,249 1,262 1,271 v Preliminary figures. 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, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been authorized by the British Treasury under section 8 of the Currency and Bank Notes Act, 1928; the maximum period for which such authorization may be granted is two years. 2 Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement). 445 FEDERAL RESERVE BULLETIN JULY, 1932 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 Apr. Mar, May Central bank May National Bank of Albania (thousands of Albanian francs): Gold Foreign exchange Loans and discounts Other assets Note circulation Demand deposits Other liabilities Commonwealth Bank of Australia (thousands of Australian pounds): Issue departmentGold coin and bullion Securities Banking departmentCoin, bullion, and cash Money at short call in London Loans and discounts Securities Deposits Bank notes in circulation Austrian National Bank (millions of schillings): Gold. Foreign exchange of the reserve.. _ Other foreign exchange Domestic bills Government debt Note circulation Deposits National Bank of Belgium (millions of belgas): Gold Foreign bills and balances in gold. Domestic and foreign bills Loans to State Note circulation Deposits Central Bank of Bolivia (thousands of bolivianos): Gold at home Gold abroad Foreign exchange Loans and discounts Note circulation Deposits Bank of Brazil (millions of milreis): Currency Correspondents abroad Loans and discounts Note circulation Deposits National Bank of Bulgaria (millions of leva): Gold Net foreign exchange in reserve Total foreign exchange Loans and discounts Government obligations Note circulation O ther sight liabilities Central Bank of Chile (millions of pesos): Gold at home and abroad Foreign exchange Loans and discounts Note circulation Deposits against which reserve is held Central Bank of China ! (thousands of Yuan dollars): Gold Silver Due from banks abroad Due from domestic banks Loans and discounts Securities Other assets Note circulation Deposits—Government Bank Other Other liabilities 4,968 28,001 3,901 4,793 10,959 18,846 11, 858 4,968 27,432 4,174 4,769 10, 932 18, 205 12, 206 10, 500 10, 500 10, 500 41,248 41, 746 41, 746 1,057 1,130 923 15,227 35, 300 14,387 15, 618 27, 195 61,817 45, 428 18, 094 16, 286 27, 333 66,686 47, 018 22, 003 16,154 28,117 71,262 47, 826 7,431 28, 385 18, 083 54,372 46, 580 164 33 0 874 95 995 112 179 35 0 999 113 179 60 0 867 96 1,009 128 214 116 401 451 96 1,141 142 2,523 0 937 288 3,653 221 2,514 0 965 288 3,664 246 1,448 870 744 292 3,218 184 3,416 17, 920 5,073 24, 572 26, 924 12, 400 3,401 16, 640 6,581 22, 845 26,156 11, 906 2,811 0 25, 722 23, 872 28,446 7,959 303 120 2,019 170 2,034 285 129 1,929 170 1, 903 394 93 1,604 170 1,650 1,513 49 278 747 2,965 2,827 1, 419 1,513 41 331 727 2, 965 2,797 1,552 1,491 211 644 680 3,064 3,183 1,408 2,542 0 936 288 3,608 1,514 19 317 728 2,965 2,675 1,651 95 70 142 354 95 70 144 352 147 3, 221 43, 826 6,904 24.732 64, 075 5,579 19, 980 27, 825 79,133 14, 643 5,530 41,186 1,243 94 72 144 336 63 196 192 293 110 32 706 4,803 39,332 42, 672 11, 000 25, 375 18, 693 51, 763 64, 882 42,815 5,653 13,479 15, 844 9,369 28, 563 34, 481 68, 306 105,968 19, 078 14, 907 6,074 4,599 35,554 28,847 i Items for issue and banking departments consolidated. 1,883 27, 485 3,914 6,252 12, 746 13,557 13, 231 1932 1931 Apr. Mar, May Central bank May 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 i (thousands of Egyptian pounds): Gold Foreign exchange British Government securities... Loans and discounts Egyptian Government securities. Other assets. r Note circulation Deposits—Government Other Other liabilities Bank of Estonia (thousands of krooni): Gold Net foreign exchange Loans and discounts Note circulation Deposits—Government Bankers Other Bank of Finland (millions of markkaa): Gold Balances abroad and foreign credits Foreign bills L> omestic bills Note circulation Demand liabilities Bank of Greece (millions of drachmas): Gold Net foreign exchange in reserve _Total foreign exchange Loans and discounts Government gold bonds in reserve Other Government bonds Note circulation Other sight liabilities Central bank of Guatemala (thousands of quetzales): Gold coin Balances abroad Loans and discounts 8,405 7,945 7,529 7,632 6,467 5,988 11, 023 13, 432 13, 963 18, 668 17, 851 17,187 19, 490 15, 933 14, 649 9,844 10,420 14, 744 23,107 7,433 1,643 784 1,432 1,541 2,043 245 288 6,740 375 289 826 279 315 6,732 145 25 146 335 46 145 28 145 322 44 172 70 84 342 36 37, 222 10, 752 480 8,581 39, 593 13, 257 21,816 21,817 28, 642 23, 658 673 3,750 8,420 7,015 41, 244 41,060 14,166 9,671 129 14, 050 7,379 21, 698 35, 096 1,801 5,741 12,138 16,222 19,913 7,890 5,684 5,632 9,285 9,035 15, 971 14, 687 18, 561 18J 64 5,728 9,206 5,647 18, 542 14, 350 21, 388 13,995 6,410 2,901 13,112 8,403 17, 062 3,498 19, 580 4,396 19, 620 7,792 6,239 3,327 13,183 8,622 17,152 3,163 19,441 4,676 19, 957 7,612 4,169 1,469 15,160 7,289 14, 027 4,190 19,121 4,731 14, 644 7,810 7,331 7, 325 7,321 13, 066 12,720 14, 369 22, 463 24,146 23,635 32,186 33, 509 34, 009 4,921 4,915 4,212 6,931 6,881 6, 760 2,072 2,102 2,868 6,526 17, 019 25, 326 32,896 9,462 6,514 1,685 1,641 1,129 1,162 1,642 1,194 1,172 286 6,582 350 145 17 148 318 49 304 304 304 301 550 222 786 1,168 219 598 224 778 1,224 218 650 250 842 1,299 280 720 242 670 1,257 240 716 217 344 1,215 484 2,162 3,096 357 2,697 3,909 451 3,289 4,304 1,697 1,945 630 6,221 2,745 1,308 5.805 1,628 779 6,093 1,827 443 6,198 446 FEDERAL RESERVE BULLETIN JULY, 1932 CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1932 Central bank of Guatemala—Contd. 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 Note circulation Deposits Bank of Latvia (millions of lats): Gold Foreign exchange reserve.Bills Loans ._ Note circulation Government deposits 0 ther deposits Bank of Lithuania (millions of litu): 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 . ..... Foreign exchange of the reserve.. Other foreign exchange Loans and discounts Note circulation Other sight liabilities Bank of Portugal (millions of escudos) : Gold Other reserves May Apr. Mar. 1,225 5,601 1,238 50 2,837 1,198 5.629 1,154 42 2,841 1,174 5,865 1,221 43 2,841 966 6,716 1,408 216 2,484 15 409 54 19 370 74 123 15 430 54 18 417 61 108 100 12 407 54 17 374 98 92 112 21 257 60 26 370 42 44 5, 630 5,628 1,484 1, 534 5, 845 5,638 13,375 13,872 300 300 1,403 1,373 5,318 4,058 3,933 14, 722 300 1,654 710 136 1,078 635 5,650 1,436 6,819 13,137 300 1,272 429 843 117 1,017 491 429 853 117 1,128 444 430 937 118 1, 058 503 103 25 49 221 32 103 24 48 224 105 27 48 225 31 151 1, 006 216 155 11 269 304 2 96 40,041 233 17,045 47,315 4,187 115 • 25 46 244 41 33 14 75 57 • 39 78 73 24 27 79 69 42 71 87 50 21 101 101 65 £0 25 101 101 70 63 107 109 92 906 89 155 879 84 159 983 450 224 136 837 43 155 17 267 312 2 93 155 16 258 310 3 85 146 25 178 291 4 64 41, 665 47, 201 218 550 13,337 12, 260 46,318 48,960 2,162 3,242 63,453 6,919 18,492 58, 082 6,614 256 99 618 1,222 206 36 12 73 51 37 72 83 50 21 98 96 68 May May 555 38 117 755 1,103 161 574 41 117 750 1,148 129 574 71 121 764 1,131 169 387 530 379 538 365 585 249 0) Bank of Portugal—Continued. Discounts and advances Government obligations Note circulation Other sight liabilities National Bank of Rumania (millions of lei): Gold Foreign exchange of the reserve.. Other foreign exchange Loans and discounts State debt Note circulation Demand deposits South African Reserve Bank (thou sands of South African pounds): Gold Foreign bills. Domestic bills Note circulation Deposits—Go vernment Bank Other.. Bank of Spain (millions of pesetas): Gold Silver Balances abroad Loans and discounts Note circulation Deposits Bank of Sweden (millions of kronor): Gold Foreign bills, etc.. Loans and discounts Note circulation Deposits Swiss National Bank (millions of francs): Gold Foreign balances and bills Loans and discounts Note circulation Demand deposits Central Bank of the Republic of Turkey (thousands of Turkish pounds): Gold Foreign exchange Government seem ities O ther securities Other assets Note circulationSight deposits Other liabilities Bank of the Republic of Uruguay (thousands of pesos): Gold Loans and discounts Other assets Note circulation Deposits—Demand Time Judicial and administrative Other liabilities State Bank of U. S. S. R. (note-issu ing 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 S t a t e . - _ . Note circulation Other sight liabilities i Figures published previous to reorganization of bank July 1, 1931, are not comparable with current figures. 1932 1931 Apr. Mar May Central bank Central bank 310 1,058 1,864 375 319 1,058 1,873 394 318 1,058 1,919 373 9,416 151 34 13,117 5,767 21,982 4,729 9,491 355 20 13, 382 5,767 2?, 904 4,439 9,446 308 27 13, 046 5,767 22, 742 4,338 8,819 2,374 619 7,893 5,617 18,791 7,911 7,290 48 1,354 7, 640 1,282 4,107 278 7,053 71 1,682 8,096 1,237 4,030 233 6,420 63 3,685 8,431 1,152 3,835 158 6,583 6, 499 568 8,143 1,962 4,736 123 2,253 565 286 2,978 4,830 87 2,251 559 287 3,256 4,880 917 2,250 546 279 2,910 4,882 1,008 2,424 701 115 2,569 5,197 822 206 124 357 553 257 206 120 352 576 232 206 117 575 601 204 239 281 346 542 240 2,555 79 62 1,535 1,166 2,439 112 106 1,529 1,132 2,439 107 73 1,517 1,123 643 324 13, 659 2,623 156, 630 27,126 18, 875 167, 603 6,236 45,074 13, 634 2,966 156,700 27,126 17,850 16S, 429 5,426 44, 421 13, 223 3,902 156, 949 24, 705 17, 606 169, 468 4,842 42,074 49, 008 102, 675 36, 015 79. 985 30,871 38,041 50, 215 56, 402 103, 088 105, 705 34, 778 31, 655 80,105 72,006 31,348 40,840 38, 258 43,258 3,170 3,092 35, 630 35, 279 65, 082 2,074 3,247 276, 684 1,763 326 2,346 2,405 4,942 617 348 1,531 1,849 0) 147 3,565 34, 094 64, 318 64, 050 50,893 2,144 2,282 1,892 3,340 4,723 5,254 273, 978 267, 577 224,489 1,763 304 2,248 2,304 5,043 355 1,763 276 2,181 2,240 4,824 495 1,092 95 1,437 2,997 4,791 1,049 447 FEDERAL RESERVE BULLETIN JULY, 1932 COMMERCIAL BANKS 1932 1931 Country May Argentina (millions of gold pesos): Bank of the N a t i o n Gold Other cash Loans and discounts Deposits Other banks in Buenos A i r e s Gold Other cash Loans and discounts Deposits Canada (millions of Canadian dollars): Assets entirely in 1Canada— Cash in vault Cash in central gold reserves Security loans Other current loans Security loans abroad Securities ._ Liabilities entirely in C a n a d a Notes in circulation Individual demand deposits . . . Individual time deposits England (millions of pounds sterling) : Cash in vault and at bank Money at call and short notice.. Advances and discounts Investments Deposits . France (millions of francs): Bills and national-defense bonds. Loans and advances Demand deposits Time deposits Germany (millions of reichsmarks): Bills and treasury notes Due from other banks Miscellaneous loans Deposits Acceptances Japan (millions of yen): Cash on hand Loans Deposits June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 1 118 633 690 1 108 642 706 1 99 655 680 1 94 656 662 1 91 681 663 1 90 708 661 1 109 696 652 1 107 707 641 1 111 675 639 1 113 234 642 1 115 680 649 1 J05 685 644 9 180 885 996 9 202 871 990 9 194 857 971 9 199 843 971 7 190 852 966 2 186 847 947 2 194 830 939 2 203 817 939 1 200 821 936 1 199 1 251 933 1 206 798 933 1 206 794 922 156 150 147 147 157 159 201 175 176 167 158 150 154 29 187 1,139 98 669 28 182 1,127 108 695 26 163 1,126 105 694 28 159 1,127 110 701 24 167 1,137 90 678 27 159 1,141 91 696 25 157 1,102 113 719 26 135 1,082 83 694 22 131 1,071 66 • 674 20 130 1,063 99 664 24 131 1,071 88 671 23 122 1,070 73 666 23 114 1,057 65 663 129 128 126 126 128 140 131 129 123 122 121 125 119 580 1,456 601 1,450 561 1,451 568 1,461 594 1,456 581 1,462 617 1,396 567 1,360 507 1,368 496 1,390 500 1,389 495 1,393 498 1,387 176 129 1,141 274 1,700 184 131 1,172 272 1,744 181 128 1,178 283 1,750 177 112 1,156 286 1,708 171 106 1,132 288 1,675 173 113 1,131 288 1,688 170 108 1,125 284 1,670 181 118 1,131 281 1,700 177 116 1,128 268 1,677 170 108 1,093 264 1,621 171 111 1,103 266 1,639 170 111 1,105 272 1,643 176 110 1,102 284 1,661 22, 930 10, 762 37, 861 1,601 22, 507 10,342 37, 938 1,564 20, 919 9,898 36, 642 1539 21,153 9,868 36, 991 1,545 20, 242 10, 076 36,137 1,429 19,006 9,863 36, 972 1,370 17, 851 9,797 37, 019 1,332 18, 441 9,697 37, 023 1,222 18,454 9,041 36,196 1,179 17, 346 9,114 36,435 1,218 17, 482 8,711 35, 983 1,201 18,043 8,312 35, 929 1,239 2,548 857 7,818 10, 395 582 1,914 686 7,699 9,277 816 1,280 546 7,337 8,167 874 1,500 514 7,115 8,060 840 1,509 465 6,884 7,873 818 1,406 373 6,837 7,500 891 1,431 345 6,748 7, 390 910 1,503 320 5,935 7,276 903 1,380 367 6,034 7,289 863 1,613 267 6,235 7, 539 872 1,652 290 6,160 7,652 851 361 2,156 2,181 274 2,166 2,233 134 2,169 2,151 217 2,140 2,122 197 2,146 2, 102 126 2,171 2,066 146 2,208 2,059 130 2,228 1,954 116 2,264 1,938 136 2,248 1,946 215 2,250 1,949 140 2,247 2,051 124 2,283 2,008 1 Gold, Dominion notes, and subsidiary coin. NOTE.—Banks inoluded are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks; Germany—six Berlin banks previous to consolidation of Dresdner Bank and Darmstadter und National bank in February, 1932; five Berlin banks thereafter; Japan— Tokyo banks. 128009—32 4 448 FEDERAL RESERVE BULLETIN JULY, 1932 DISCOUNT RATES OF CENTRAL BANKS Date effective Bank Bank German Bank Nether- Swiss NaReichsof lands of of EngItaly Bank tional land France bank Bank In effect Feb. 1,1931. Mav 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 Feb. 18, 1932 Mar 9 Mar. 10 Mar. 17 Mar 21 Apr. 9 _ Apr 19 Apr 21 Apr 28 May 2 May 12 June 30 In effect July 1, 1932. 3 c iy2 2 5 5H 2M 2 2 7 10 ty 6 Danzig Denmark Ecuador Estonia 7 3 23^2 7 5 Finland. Greece Hungary India. 6 4 6 53^ 2H 3 5 2K c Corrected. 5 5 2 July Mar. Jan. Aug. 2 May 25,1932 Mar. 1,1932 Jan. 22,1932 7 7 _. 8 6 1,1931 18,1932 13,1932 26,1930 Japan... 5.11 Java ._ Latvia 62 Lithuania 6 Apr. 12,1932 5 5 4 7 Nov. May May Feb. 11 2 5 5 Rate July 1 Country 24,1931 30,1932 12,1932 1,1932 Apr. 19,1932 Feb. 20,1932 July 1,1932 Apr. 28,1932 In effect since— June Mar. Oct. Apr. 8,1932 11,1930 1,1930 1,1930 Norway Peru... Poland Portugal May 6 2 May 7K Oct. Apr. 20,1932 20,1932 3,1930 4,1932 Rumania South Africa. Spain 7 6 Mar. 4,1932 Nov. 13,1931 July 8,1931 Sweden U. S. S. R__. Yugoslavia... 4 8 June 3,1932 Mar. 22,1927 July 20,1931 2 2M MONEY RATES IN FOREIGN COUNTRIES Bankers' acceptances, 3 months 2.24 2.09 2.58 4.28 4.74 5.68 5.75 5.85 5.52 4.63 2.59 2. 19 1.44 1931—May June July August September October November December 1932—January February March April May Treasury bills, 3 months 2.21 2.10 2.44 4.21 4.57 5.46 5.55 5.60 4.94 4.08 2.28 2.07 1.10 Bankers' Day-to-day allowance money on deposits 1.87 1.64 2.05 3.59 4.04 4.36 4.96 4.27 4.20 3.84 2.40 1.91 1.29 Belgium (Brussels) France (Paris) Italy (Milan) Private discount rate Private discount rate Private discount rate Netherlands (Amsterdam) Germany (Berlin) England (London) Month 8 In effect since— Changes since June 1: England—June 30, down from 2}4 to 2 per cent; Hungary—July 1, down from 6 to 5 per cent; Japan—June 8, down from 5.84 to 5.11 per cent; Sweden—June 3, down from 43^ to 4 per cent. 5 2 2 Albania. Austria Belgium Bolivia Bulgaria. . . . Chile Colombia Czechoslovakia 15 10 8 2y2 Rate July 1 Country 1 1 1 -2V2 2V2 2H-4 4 4 4 4 4 -3 3 -\y2 iy2-i i -y2 Private . for Day-to-day discount Money 1 month money rate 4.65 6.05 17.00 18.92 7.99 8.00 8.00 7.33 6.94 6.67 6.10 5.12 4.87 Austria (Vienna) 5.83 7.05 18.98 19.18 9.18 9.84 9.31 7.40 7.58 7.98 7.10 6.31 5.96 5.38 6.74 18.89 19.15 9.15 9.21 8.69 8.45 7.86 7.81 7.76 6. 17 5.91 Private discount rate 1.39 1.05 1.53 1.30 1.30 2.76 1.59 1.57 2.24 1.87 1.22 1.02 .60 Sweden (Stockholm) Hungary Money for 1 month Switzerland Private discount rate 1.55 1.07 1.40 1.22 1.21 3.07 c 1.73 1.59 2.37 1.69 1.06 .94 1.03 ] .12 ] .12 : .55 L98 L80 L90 L 77 L.75 L. 68 L52 1.50 ]L. 50 ]L.50 Japan (Tokyo) Month 1931—May June July. August September October November December 1932—January February March April May 2.20 2.13 2.15 2.41 2.44 2.44 2.44 2.44 2.91 3.31 3.36 3.26 3.21 1.28 1.06 1.20 1.50 1.50 1.80 1.90 1.75 1.75 1.75 1.80 1.66 1.50 5.25 5.25 5.25 5.25 5.47 7.50 7.50 7 50 7.50 6.92 6.53 6.00 5.52 Private discount rate 4 -6H Money for 1 month 5M-6 15M-6 Prime Loans up Discounted commer- Day-to-day to 3 money bills cial paper months hy2- 7 5%- 8 7M-10K 8i|-ioi/£ 8 -103^ 7^-10 7H-10 7^-10 63^-10 63^-93^ VA- WA 5^-9 4Ji-5 4M-6K 5 -6 5 -6 5 -6 5 -6 4%-6H 4K-5H 5 -5y2 4M-5 i Based on data for part of month, no quotations being available for remainder of month. 3 -5 5.29-5.48 3 -5 5. 29-5. 48 4. 93-5.48 4 -6 4. 93-5.48 4 -6 8 -9K 4. 93-5. 48 6 -iy2 4. 93-5. 66 6 -iy2 5. 48-6. 57 6 -ny2 5. 84-6. 57 6 -iy2 5. 84-6. 57 5. 84-6. 57 VA-7 6. 20-6. 57 5 -7 6. 20-6. 57 5 -7 c Corrected. Call money overnight 2.19 2.19 2.74 3.65 2.56 5.48 5.66 6.57 6.02 6.39 5.84 5.48 449 RESERVE BULLETIN JULI, 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] China (and Hong Kong) Argen- Austria Belgium Brazil Bulgaria Canada tina Month 1931—June July August September. October November. December. 1932—January... February.. March April May June 70. 2524 69. 8840 64. 5722 59. 6948 51. 9966 58. 8403 58. 5196 58. 2724 58. 2204 58. 2879 58. 2171 58. 3242 58. 5205 1931—June July August September.. October November.. December.. 1932—January February.__ March April.. May June 99. 9157 99.9124 99. 9703 99. 9678 99.9944 99.9913 99. 9470 99. 9296 99. 9622 100. 0590 99. 9816 99. 9299 99.9217 Month 1931—June. July August SeptemberOctober November.. December.. 1932—January.... February... March April May June 13. 9242 13. 9453 13. 9376 13. 9091 13. 9852 13. 9070 13. 9039 13.9140 13.9384 13.9361 13. 9956 14. 0249 13.9366 Czecho- Denslovakia mark Cuba Month 14. 0457 14. 0413 14. 0406 14. 0388 13. 9158 13.9516 13.9460 13. 9518 13.9516 13. 9601 13. 9544 13. 9645 13.9600 2. 9621 2. 9605 2. 9624 2.9621 2. 9619 2. 9625 2. 9626 2. 9627 2. 9627 2. 9628 2. 9629 2. 9650 2.9641 26. 7795 26. 7340 26. 7292 25. 2636 22. 0209 20. 6700 18.5875 18. 8801 19. 0192 20. 0112 20. 5267 20. 0654 19. 9248 Chile Mexi- Shangcan dol- hai tael lar Yuan dollar Hong Kong dollar Colombia 12. 0868 12. 0798 12. 0549 12. 0430 12.0690 12. 0750 12. 0669 12. 0500 12. 0500 12. 0606 10. 6538 6. 0000 6. 0202 21. 4575 22. 4315 21. 4301 22. 0696 22. 8205 24. 5833 23. 6010 23. 5237 24. 4696 23.9969 22. 3173 21.6412 21. 2319 29. 5980 31. 0097 29. 7255 30. 6604 31. 8314 34. 0732 32. 8054 32. 6357 33.1449 32. 8061 31. 2481 30. 4700 30. 2007 21. 4375 22. 4247 21. 3485 21. 9166 22. 7019 24. 7246 23. 7323 23. 6966 24. 3587 23. 9213 22. 3221 21.7116 21.3125 23. 8226 24. 7295 23. 7830 24.1853 24. 6765 26.0124 24. 8704 24. 8396 25. 3353 24. 6855 23. 7187 23. 4337 23.3431 England Finland France Germany Greece [ungary India Italy Japan 486. 4863 485. 6052 485. 7725 453.1260 388. 9291 371.9934 337. 3707 343.1210 345. 6316 363. 9304 374. 9994 367. 5140 364. 6648 23.7327 23. 2782 23. 6576 23. 4212 23. 2395 23. 6777 23. 6192 23.6475 23. 7392 23. 7812 23. 7427 23. 7947 23.6878 17. 4450 17. 4433 17. 4515 17. 4496 17. 4640 17. 4670 17. 4580 17. 4500 17. 4397 17. 4353 17. 4298 17. 4384 17. 4740 35. 9986 35. 9865 35. 9425 33.9117 28. 6799 27. 9874 25. 3612 25. 8179 26. 0329 5. 2348 5. 2300 5. 2304 5.1699 5.1645 5.1548 5.1094 49. 3740 49. 3550 49. 3532 49. 3351 49. 2525 49. 2968 43. 4644 5. 0441 5.1799 5.1824 5.1493 5.1491 5.1162 35. 98C6 34. 3233 32. If62 32.80t3 31.9730 30. 2856 7. 4991 7.1937 6. 3693 5. 9099 5. 6202 6.1704 6. 2010 6.1579 6.1720 6. 2121 6. 5402 7.1294 7. 5008 0. 7180 .7183 .7154 .7160 . 7127 .7138 .7148 .7151 .7145 .7176 .7201 .7202 .7200 2. 5167 2. 5156 2. 5148 2. 5133 2.3082 1.9839 1. 6938 1. 5036 1. 5014 1. 6015 1. 7225 1.7171 1. 7019 99. 7201 99. 6607 99. 6898 96. 2476 89.1025 88. 9914 82. 7064 85.1301 87. 2936 89. 4530 89. 8808 88. 4430 86. 7427 3. 9158 3. 9215 3. 9196 3. 9257 3.9383 3. 9201 3. 9229 3.9294 3. 9379 3. 9325 3. 9430 3. 9468 3. 9363 1. 2951 1. 2939 1.2936 1. 2926 1. 2883 1. 2879 1. 2879 1. 2877 1.2875 1. 2875 1. 2318 . 6641 .6387 27. 3121 28.0133 27. 3175 27.1647 96. 5700 96. 5700 96. 5700 96. 5700 96. 5700 96. 5700 96. 5692 95. 6656 95. 2400 95. 2400 95. 2400 95. 2400 95. 2400 Mexico Netherlands Norway Poland Portuga' Rumania Spain Straits YugoSettle- Sweden Switzerland Uruguay slavia ments 49.0305 49. 0109 130.0269 33. 4081 36. 5878 39.1364 39. 0086 39. 3294 37. 8712 33.6841 33. 3728 30. 2540 26. 8977 0. 5949 .5943 .5936 .5936 . 5953 .5966 .5959 .5951 .5950 .5958 .5960 .5970 .5966 9. 6749 9. 3139 8. 7964 8.9839 8. 9631 8. 6137 8. 3992 8. 3945 7. 7671 7. 5993 7. 6942 8.1169 8. 2451 56. 0432 56. 0198 56. 0044 53. 5566 45.1250 43.1386 39. 0313 39. 6900 39. 7745 41. 3333 42. 7404 42. 2400 41.9567 40. 2442 40. 2775 40. 3182 40. 2677 40. 4256 40.1916 40. 2338 40.1828 40. 3479 40. 2799 40. 4914 40. 5474 40. 4411 26. 7801 26. 7346 26. 7328 25. 3982 22. 0737 20. 5163 18. 4831 18. 6969 18. 7701 19. 6003 19. 0780 18. 4823 18. 0626 11.1996 11.1991 11.1970 11.1978 11.1955 11.1903 11.1902 11.1934 11.1896 11.1770 11.1847 11.1810 11.1839 4. 4234 4. 4162 4. 4216 4. 4232 3.9271 3.6401 3. 2302 3.1642 3.1830 3. 2832 3.3804 3. 3267 3. 3320 26. 8045 26. 7558 26. 7487 26. 0857 23.1140 20. 7378 18. 7098 19.1888 19. 2922 19. 8540 19.0910 18. 7238 18. 7049 19.3956 19. 4309 19. 4862 19. 5096 19. 6009 19. 4632 19. 4805 19. 5074 19. 4961 19. 3405 19. 4374 19. 5579 19. 5141 58. 5356 54. 2652 46. 0147 41. 9254 34. 8968 45.0027 44. 5487 44. 9160 46.1521 47. 0796 47. 3186 47. 5433 47. 2115 1. 7685 1. 7665 1. 7694 1. 7653 1. 7734 1. 7856 1. 7796 1. 7784 1. 7803 1. 7753 1. 7725 1. 7743 1. 7436 Monetary unit Par of exchange Monetary units and pars of exchange (in cents per unit of foreign currency): Country Monetary unit Par of exchange Gold peso 96.48 Schilling 14.07 Bel^a 13.90 Milreis 11.96 .72 Lev Dollar... _ 100.00 12.17 Peso (Mexican dollar 22___ 21.83 30.09 China (and Hong 1 Shanghai tael 21.35 1 Yuan dollar 2 Kong). IHong Kong dollar2 21.67 97.33 Peso Colombia 100. 00 do Cuba Argentina Austria Belgium Brazil Bulgaria Canada Chile Country Czechoslovakia Denmark England.. Finland France Germany Greece Hungary India Italy Japan Mexico Netherlands Monetary unit Par of exchange Koruna 2.96 26.80 Krone . Pound.. 486. 66 Markka 9 52 Franc 3.92 Reichsmark 23.82 Drachma 1.30 Pengo 17.49 Rupee _ - . - . _ 36. 50 Lira 5.26 Yen 49.85 Silver peso 49.85 Florin 40.20 Country Norway Poland Portugal Rumania. Spain. ._ S t r a i t s 3 Settlements. Sweden Switzerland . . Uruguay Yugoslavia Krone .. Zloty Escudo Leu. _ _ _ _ _ _ Peseta Straits Settlem e n t s dollar. Krona Franc Peso Dinar 26.80 11.22 4.42 .60 19.30 42.54 26.80 19.30 103.42 1.76 1 Beginning with August, quotations are for silver peso. 2 Silvei currencies—Figures given for parity represent gold value of unit in June, 1932, computed by multiplying silver content of unit by New York3 average price of silver for June, 1932, which was $0.27778 per fine ounce. Straits Settlements dollar is legally equivalent to seven-sixtieths of one English pound. Figure given for parity represents seven-sixtieths of average quotation of pound in New York for June, 1932. Backfigures.—SeeBULLETIN for January, 1932, 1931, 1930, 1929, and 1928. 450 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL SECURITY JULY, 1932 COUNTRIES PRICES [Index numbers except as otherwise specified] Common stocks (1926 average== 100)1 Bonds United States (average price) Month Number of issues 1930—April May June July _ August _ September October _ November December __ ___ _ _ 1931—January February March April _______ __ May June July.. August September October November December __ _ __ _ _ _ 1932—January February March April _ _ _ May 35 Germany (average price) 2 United States England France Germany 421 278 300 329 97.9 97.9 98.2 98.7 99.6 100.0 99.9 99.1 97.8 112.7 111.4 110.0 112.3 111.9 112.0 113.1 112.8 112.5 95.5 95.3 95.8 95.7 96.6 96.4 95.4 94.7 94.1 82.4 84.5 85.3 86.0 85.7 85.4 83.7 83.2 82.7 181.0 170.5 152.8 149.3 147.6 148.8 127.6 116.7 109.4 111.1 108.0 101.8 103.1 98.4 101.1 95.4 94.1 89.0 208.6 198.3 187.6 188.8 182.0 182.4 169.5 162.2 149.8 112.1 111.7 106.8 100.9 94.8 93.9 87.9 84.7 80.0 99.6 99.4 100.0 99.6 99 7 99.4 99.4 98.5 95.6 89.4 89.0 81.6 112.8 109.7 111.6 111.3 110 8 111.1 111.2 107 2 103.5 104.2 104.8 102.2 95.7 97.1 97.9 99.0 98.4 98.8 98.9 99.5 97.7 94.8 94.4 90.8 82.7 82.7 83.8 84.8 84.'2 82.4 81.4 112.3 119.8 121.6 109.2 98.0 95.1 98.2 95.5 81.7 69.7 71.7 57.7 89.6 89.3 89.4 85.1 76.8 77.8 79.2 73.8 67.2 75.6 74.7 68.1 156.7 160.1 155.4 148.5 138.2 141.2 132.6 130.5 115.5 106.9 104.3 94.8 75.0 78.5 83.6 84.8 76.1 69.6 *70.5 58.0 56.4 56.8 43.9 39.8 69.7 68.9 69.6 63.5 61.6 107.3 126.2 117.6 107.3 94.4 87 60 _ England France (December, (1913 average =100) 1921=100) 81.0 80.3 80 8 79.4 75.2 104.7 106.5 111.6 110.6 111.4 91.5 90.3 90.5 89.0 85.9 169 70.4 (3) (3) (3) 63.0 64.4 *52.3 (3) (3) (3) (3) (3) M5.5 46.4 1 2 8 Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 per cent bonds. Figures not available because of closing of the exchange. 4 Based on data for part of month, no quotations being available for remainder of month. Back figures.—See BULLETIN for February, 1932, and sources there cited. WHOLESALE PRICES—ALL Japan United Germany Italy France England Canada (Oct., States (1926=100) (1926 = 100) (1913=100) (1913=100) (1913=100) (1913 = 100) 1900=100) Month 1930—April May June July _ _ August September October November.. _ December _ __ _ ______ __ 1931—January February March April May _ _ _ _ _ June July August September October. __ _ November December COMMODITIES __ _ _ _ _ _ _ _ _ _ _ _ _ _ 1932—January February. _ _ March April May _ _ _ _ ___ ____ ___ Netherlands (1913=100) 90 89 87 84 84 84 83 81 80 91 90 88 88 84 82 81 80 78 124 122 121 119 118 116 113 112 109 548 546 540 558 560 556 552 551 541 127 126 125 125 125 123 120 120 118 396 389 382 375 379 374 364 361 350 193 189 181 177 176 172 165 162 161 122 118 118 115 114 112 111 110 107 78 77 76 75 73 72 72 72 71 70 70 77 76 75 74 73 72 72 71 70 70 71 107 106 106 106 104 103 102 100 99 104 106 541 538 539 540 520 518 500 488 473 457 447 115 114 114 114 113 112 112 110 109 107 107 342 338 339 337 332 327 322 319 322 320 158 158 158 158 154 151 153 152 150 147 147 105 104 103 102 102 100 97 94 91 89 89 69 70 106 442 104 319 151 85 67 66 66 69 69 69 106 105 105 100 100 100 317 314 315 160 161 159 84 66 64 68 68 102 101 439 446 444 98 97 311 305 154 150 439 438 " 324 83 82 80 79 451 FEDERAL RESERVE BULLETIN JULY, 1932 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those included in indexes shown in preceding table] England (1913 = 100) United States (1926=100) France (1913 = 100) Month Farm products Foods Other commoddities 17 oods Germany (1913=100) Industrial IndusIndustrial raw and semi- trial finished finished products products Industrial products Farm and food products products Agricultural products 121 119 117 115 113 111 109 107 105 481 483 488 540 550 562 562 570 570 606 601 587 573 568 551 543 535 516 112 111 110 115 117 114 109 112 110 118 117 115 114 111 108 108 108 105 125 124 122 119 118 116 114 113 110 152 152 151 151 149 148 147 145 143 Provisions 1930—April May June July August September October November December 96 93 89 83 85 85 83 79 75 95 92 91 87 88 90 89 86 82 88 87 84 83 82 81 80 129 127 127 127 126 124 121 121 116 1931—January February March April May June July - August September October November December 73 70 71 70 67 65 65 64 61 59 59 56 81 78 78 76 74 73 74 75 74 73 71 69 79 78 77 76 75 74 74 74 74 73 74 72 113 112 111 113 113 113 110 108 108 113 115 113 104 103 103 102 100 98 98 95 95 100 102 102 580 575 581 592 566 571 541 528 508 489 482 491 507 505 503 495 480 472 465 452 443 429 416 400 107 106 107 108 109 107 105 103 101 99 99 95 102 100 99 97 96 95 97 96 94 95 94 91 108 106 106 105 103 103 103 102 100 99 99 97 142 140 139 138 137 137 136 136 135 133 132 130 1932—January February. _ March April May 53 51 50 49 47 65 63 62 61 59 72 71 71 71 70 114 114 116 115 114 101 101 99 96 94 496 511 510 506 511 390 389 388 '381 374 92 95 97 95 93 90 91 89 88 87 92 91 90 89 88 125 122 121 120 119 sr> 85 COST OF LIVING RETAIL FOOD PRICES Month January February March April May June July August September October November December United States (1913 = 100) Encland (July, 1914=100) France (July, 1914=100) Germany (191314=100) i 1931 1932 1931 1932 1931 1932 1931 1932 133 127 126 124 121 118 119 120 119 119 117 114 109 105 105 104 101 138 136 134 129 129 127 130 128 128 128 130 132 131 131 129 126 125 132 132 131 130 129 128 125 121 119 116 113 113 114 115 115 115 114 134 131 130 129 130 131 130 126 125 123 122 120 116 114 114 113 113 1 Month United States (1913 = 100) 1931 Januarv Februarj j March.. April May June July August September October. November Decembe r Average of October, 1913, J a n u a r y , April, a n d July, 1914=100. 150 146 1932 England (July, 1914=100) 1931 1932 153 152 150 147 147 145 147 145 145 145 146 148 147 147 146 144 143 France (Jan.-June, 1914=100) 1931 1932 120 108 120 115 108 Germany (191314=100) i 1931 140 139 138 137 137 138 137 1T> 134 133 13? 130 1932 125 122 122 ••122 121 ' Revised. SOURCES: Wholesale prices—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost ot living.—United States— Bureau of Labor Statistics, Department of Labor; England^—Ministry of Labour; Germany—Statistisches Reichsamt; France—for retail food prices, Statistique G6nerale, and for cost of living, Commission d'etudes relatives au cout dela vie a Paris. 452 FEDERAL RESERVE BULLETIN JULY, 1932 LAW DEPARTMENT Opinion of court with respect to right of Federal reserve per cent of the loans and advancements was required, bank to require collateral security in rediscounting with the result that the Reserve Bank held marginal collateral in an amount equal to the value of the paper paper. rediscounted with it, or approximately $208,000. The Certain questions of importance to Federal amount of the rediscounts and the marginal collateral reserve banks and their member banks were remained approximately the same from 1925, substitudecided by the United States Circuit Court of tions being made in the paper rediscounted and also in paper held as collateral. On March 19, 1929, the Appeals for the Fourth Circuit in the recent the First National Bank of New Bern was organized and case of Lucas v. Federal Reserve Bank of took over the assets and assumed the liabilities of the Richmond. The most important point decided National Bank. The First National became insolvent was that a Federal reserve bank may lawfully and was placed in the hands of a receiver on October take paper which is ineligible for discount as 26, 1929. The requirement by the Reserve Bank that the Naadditional security for the indebtedness of a tional Bank deposit with it the $208,000 of additional member bank arising out of the discount of collateral is the basis of all four of the causes of action eligible paper. The opinion of the Circuit contained in the bill. The first proceeds upon the theory that the Reserve Bank had obligated itself to Court of Appeals is published in full below: finance the National Bank in consideration of its taking over the assets and assuming the liabilities of the [United States Circuit Court of Appeals, Fourth Circuit] Peoples' Bank and that the requirement of the deposit No. 3266. W. J. Lucas, jr., et al., appellants, v. Federal of the $208,000 collateral was wrongful because of this Reserve Bank of Richmond, appellee. obligation. It avers that the Reserve Bank "conAppeal from the District Court of the United States for trary to its promise and agreement, demanded and the Eastern District of North Carolina, at New Bern. pressed for the liquidation of the paper of the National Argued April 19, 1932. Decided June 13, 1932. Bank of New Bern * * * ; restricted its credit to Before Parker, Northcott, and Soper, circuit judges. the National Bank of New Bern and in addition R. A. Nunn and R. E. Whitehurst (W. B. R. Guion on thereto, unlawfully, wrongfully and in violation of its brief) for appellants, and Newton D. Baker (M. G. powers and duties, demanded that said National Bank Wallace and W. H. Lee on brief) for appellee. of New Bern should deposit with it additional notes and bills of its customers * * * to be held by it as PARKER, Circuit Judge: security for any sums due by reason of rediscounts"; This is an appeal from a final decree dismissing a bill that this requirement was unreasonable and unlawful of complaint and intervening petitions adopting its and deprived the National Bank of the use of these .allegations. The complainants were stockholders and bills and notes; that the Reserve Bank refused to surcreditors of the failed National Bank of New Bern and render this additional collateral when demand for same creditors of the failed First National Bank of New was made by the First National Bank, successor of the Bern, which prior to its failure had taken over the National Bank; that this refusal resulted in the inassets and assumed the liabilities of the former. The ability of the First National Bank to meet its obligabill was filed in behalf of complainants and others tions and in its having to close its doors and suspend similarly situated against the Federal Reserve Bank of business; that, as a result of this conduct on the part Richmond; and the National Bank of New Bern and of the Reserve Bank, complainants and those in like the receiver of the First National Bank of New Bern situation have been damaged in the sum of $1,000,000; were mad.e defendants, under an allegation that the and that complainants are entitled to recover of the suit was instituted to enforce rights of the National Reserve Bank the damages sustained by them and to Bank transferred to the First National Bank which the have an accounting of the collateral which the Nareceiver of the latter, notwithstanding demand by com- tional Bank was wrongfully required to deposit with plainants, had refused to enforce. A motion to dismiss the Reserve Bank. was made on the grounds of misjoinder of parties and The allegations of the second cause of action are causes of action and failure to comply with equity rule that the Reserve Bank, under the statute creating it, 27, as well as upon the ground that the bill was without is limited in its acceptance of paper and securities to equity. As we are of opinion that the bill was properly those of the kind eligible for discount under the act; dismissed on the last ground, it is not necessary to that the paper which the Reserve Bank required the National Bank to deposit as additional collateral was consider the others. The bill, which alleges four causes of action, sets not of this character; that the requirement was, therefore, unauthorized and unlawful; and that this forth the following facts basic as to all of them: In the year 1923 the People's Bank of New Bern was found to unauthorized and unlawful conduct produced in the be involved and its assets were taken over and its lia- National Bank and in the First National Bank " a bilities assumed by the National Bank of New Bern, at condition equivalent to insolvency" and resulted in the instance of the defendant Federal Reserve Bank, the closing of the latter with consequent damage to whose officers promised to extend to the National Bank complainants and those in like situation. The third cause of action proceeds upon the theory "such additional accommodations in the way of discounts 7as would be necessary to meet the additional that, in requiring the deposit of the collateral security burden' thus assumed by it. The National Bank was by the National Bank, the Reserve Bank obtained a indebted to the Reserve Bank at the time; and shortly preference. I t alleges that the Reserve Bank, by reathereafter the latter, notwithstanding its agreement, son of its access to examination made of member banks, required the National Bank to put up additional had " a more intimate knowledge" of the condition of collateral to its indebtedness to an amount equal to 50 the assets of the National Bank and the First National per cent of the face of the paper previously rediscounted. Bank than their own officers; that about the year In 1925 additional collateral to an amount equal to 50 1925 the Reserve Bank determined that the National JULY, 1932 FEDERAL RESERVE BULLETIN Bank was insolvent and its assets frozen and uncollectible; and that it thereupon caused the collateral security in question to be transferred to it in contemplation of insolvency and xwith a view of obtaining a preference. The fourth cause of action alleges that the Reserve Bank required the National Bank and the First National Bank to maintain deposit balances with it in an amount not less than seven per cent of demand or three per cent of time deposits and assessed penalties against them for failure to maintain such balances; that, by reason of the requirement of the Reserve Bank that the additional collateral be deposited with it, they were unable to maintain the required balances and incurred the penalties assessed against them; and that under these circumstances the penalties were improperly assessed and the Reserve Bank should be required to account for same. It is clear that the first cause of action states no ground of relief either in contract or in tort. The allegation that the Reserve Bank promised to " extend such additional accommodations in the way of discounts as would be necessary to meet the additional burden assumed" sets forth none of the essential terms of a contract. It does not show the amount of credit to be extended, the period of the credit, the amount or kind of security to be deposited as collateral or the interest to be paid. The court can not see by reading it any definite agreement which the law could enforce. In the language of Mr. Justice Holmes, "On the face of it, it does not impart a legally binding promise, but rather a hopeful encouragement, sounding only in prophecy." (Hall v. First Nat. Bank of Chelsea, 173 Mass. 16, 53 N. E. 154.) It is well settled that such a vague promise does not constitute a binding and enforceable contract. (American Law Institute Restatement of Law of Contracts, sec. 32; Williston on Contracts, sec. 37 et seq.; 6 R. C. L. 644; Jones v. Vance Shoe Co. (C. C. A. 7th), 115 Fed. 707; Hall v. First Nat. Bank of Chelsea, supra; United Press v. New York Press Co., 164 N. Y. 406, 53 L. R. A. 288; Brown v. Fahey — Md. —, 146 Atl. 264; Ahlstrom v. Fitzpatrick, 17 Mont. 295, 42 Pac. 757; Yerion v. Allison, — Tex. Civ. App. —, 242 S. W. 270.) But, even if we could read a binding agreement into the vague promise alleged, it does not appear that the Reserve Bank has violated same. It extended to the National Bank and its successor, the First National Bank, a very substantial credit, discounting paper for them over a period of six years; and it is nowhere alleged that the security demanded was other than that required by the dictates of prudence and good banking. And there is no allegation in the first cause of action of any wrongful or oppressive conduct which would support a recovery in tort. It is not alleged that the Reserve Bank made any false or fraudulent representations to the damage of the National Bank or that it violated any right of that bank in any other particular. The use of the adverbs "unlawfully," "wrongfully" and "fraudulently" do not add anything to the pleading. To state a cause of action it must set forth facts from which the court may see that complainants are entitled to relief, not mere conclusions of the pleader. (Chamberlain Machine Works v. United States, 270 U. S. 347, 349; Cairo etc. R. Co. v. United States, 267 U. S. 350, 352; Fogg v. Blair, 139 U. S. 118, 127.) As to the second cause of action, it is sufficient to say that, in our opinion, there can be no doubt as to the right and power of the Federal reserve banks to take, as collateral security to the indebtedness of member banks, paper which is not eligible for discount. While 453 the Federal reserve act limits the class of paper which a reserve bank may discount or purchase (12 U. S. C. A. 343 and 356), there is no reason why such bank may not accept paper ineligible for discount as additional security for the indebtedness arising out of the discount of eligible paper. It is given power by the act (12 U. S. C. A. 341, seventh) to exercise, not only the powers expressly granted therein, but also such incidental powers as shall be necessary to carry on the business of banking within the limitations prescribed; and, that the power to require and accept additional security, either for existing indebtedness or for eligible paper discounted, is a power necessary to carry on properly the business of banking within the limitations of the act, seems too clear to admit of argument. The fact that the paper taken as additional security is ineligible for discount, ought not and does not preclude its being taken as collateral. The Federal reserve bank is charged with the duty of defining the paper eligible for discount (12 U. S. C. A. 343); and in a regulation adopted pursuant thereto it has expressly provided that eligible paper discounted may be secured by paper ineligible for discount. Regulation A, Section II, subdivision (e) provides as to eligible paper: " (e) It may be secured by the pledge of goods or collateral of any nature, including paper which is ineligible for discount, provided it (the note, draft or bill of exchange) is otherwise eligible." (Italics ours.) When we consider the reason and purpose of the Federal reserve act, there would seem to be no doubt that it contemplates that reserve banks shall have the right to accept paper not eligible for discount as additional security for the indebtedness incurred by a member bank when eligible paper is discounted. One of the purposes of the act was to afford assistance to banks in rural sections by providing a means whereby their negotiable paper might be discounted and used as a basis for issuing currency. It was the reserve banks which were to discount this paper; and it was, of course, contemplated that in discounting same they should proceed upon sound banking principles. It is manifest that much of the paper offered for discount by rural banks will be paper of persons with whose financial standing the reserve banks will not be familiar, and that, unless the latter are allowed to require additional security for the obligations incurred when such paper is discounted, they will be unwilling to discount same. To deny them the right to require or accept such additional security, therefore, would unnecessarily restrict them in rendering a service of the greatest importance to the country. The section of the Federal reserve act granting incidental powers to the Federal reserve banks is practically the same as the section granting incidental powers to national banking associations (12 U. S. C. A. 24, seventh); and, with respect to the incidental powers granted the latter, Mr. Chief Justice Waite, in the case of First Nat. Bank v. National Exchange Bank (92 U. S. 122, 127), said: "Authority is thus given to transact such a banking business as is specified, and all incidental powers necessary to carry it on are granted. These powers are such as are required to meet all the legitimate demands of the authorized business, and to enable a bank to conduct its affairs, within the general scope of its charter, safely and prudently. This necessarily implies the right of a bank to incur liabilities in the regular course of its business, as well as to become the creditor of others. Its own obligations must be met, and debts due to it collected or secured. The power to adopt 454 FEDERAL RESERVE BULLETIN reasonable and appropriate measures for these purposes is an incident to the power to incur the liability or become the creditor." It is well settled that, under these incidental powers, a national banking association may take, as security for a loan, collateral of a character in which it is precluded from investing its funds. (Curtis v. Metcalf 259 Fed. 961; Thompson v. St. Nicholas Nat. Bank, 146 U. S. 240; Germania Nat. Bank v. Case, 99 U. S. 628; Fourth Nat. Bank of Nashville v. Stahlman, 132 Tenn. 367, L. R. A. 1916A 568 and note.) According to the allegations here, the ineligible paper was demanded and taken as additional security after credit had been extended upon the discount of eligible paper, although it is a fair inference that it was taken at the time when new paper was discounted in substitution of other paper then retired. It was taken, then, in an effort to collect or secure existing indebtedness; and a contention that the power to take such security for the protection of the bank does not exist, is hardly to be accepted in view of the decisions holding that a national bank, for the collection and better security of debts owing to it, may acquire corporate stocks (First Nat. Bank v. Nat. Exchange Bank, supra), may buy grain needed to seed a farm which it has been compelled to purchase on execution (Great Bend First Nat. Bank v. Bannister, 7 Kan. App. 787, 54 Pac. 20), and, although expressly forbidden to make loans on realty, may take a mortgage on realty as additional security to a loan a^eady made (Norton Grocery Co. v. Peoples Nat. Bank of Abindgon, 151 Va. 195, 144 S. E. 501), Finally, it is clear that, whatever the power of the defendant with respect to taking as collateral paper not eligible for discount, no one can complain of such action except the Government, the sovereign which created and limited its powers. (Kerfoot v. Farmers' & Merchants' Bank, 218 U. S. 281, 286; Thompson v. St. Nicholas Nat. Bank, supra, 146 U. S. 240, 251; National Bank v. Matthews, 98 U. S. 621.) Coming to the third cause of action, we think that there are three reasons why its allegations charging preferential transfer can not be sustained: (1) It is not charged that the officers of the bank knew it to be insolvent or that they made the transfer in contemplation of insolvency; (2) the transfers were made to secure advances and not merely existing loans; and (3) the allegations of the bill amount to no more than the conclusion of the pleader, in that they fail to allege facts from which the court can see that transfers made in 1923 and 1925 were in contemplation of an insolvency which occurred in 1929. The statute avoids as preferential all transfers, assignments, deposits and payments of a bank "made after the commission of an act of insolvency, or in contemplation thereof, made with a view to prevent the application of its assets in the manner prescribed by this chapter, or with a view to the preference of one creditor over another." (R. S. 5242; 12 U. S. C. A. 91.) The purpose of the statute was to guard against the wrongful or preferential disposition of the assets of a bank by its officers in contemplation of insolvency; and the knowledge and intent which it requires for avoiding a transfer relate to knowledge and intent on the part of the officers of the bank, who alone have the power to make the transfer. (Roberts v. Hill, 24 Fed. 571, 574; Arm- JULY, 1932 strong v. Chemical National Bank, 41 Fed. 234, 237; Hayden v. Chemical National Bank (C. C. A. 2d), 84 Fed. 874; Rrowne v. Stronach, 7 Fed. (2d) 685.) As said by Judge Wallace in the case of Armstrong v. Chemical Nat. Bank, supra, " A bank is not in contemplation of insolvency until the fact becomes reasonably apparent to its officers that it will presently be unable to meet its obligations, and will be obliged to suspend its ordinary operations." On the other hand, if the officers of the bank make the transfer in contemplation of insolvency with a view of granting a preference, the transferee's knowledge or want of knowledge is immaterial. (Ball v. German Bank (C. C. A. 8th), 187 Fed. 750; National Security Bank v. Butler, 129 U. S. 223; Case v. Citizens Bank, 2 Woods 23, Fed. Cas. No. 2489.) If the officers have no such knowledge or intent, it manifestly can not be condemned as preferential, whatever may have been the knowledge or intent of the transferee. While it is alleged that the total of the indebtedness of the National Bank to the Reserve Bank remained around the same figure from 1923 to 1929, the bill makes it clear that the items out of which the indebtedness arose were constantly changing. Those items were notes, drafts, bills of exchange, etc., which the Reserve Bank has discounted and upon which the National Bank had become liable by indorsement. As the various papers matured they were paid off and other papers were discounted; and it is a fair inference from the pleadings that the deposit of additional collateral was required as a condition of these discounts. The result is that the collateral was deposited not to bolster up and secure an existing debt, but to secure additional advancements through additional discounts. The collateral was deposited, therefore, to secure present loans or moneys advanced as the new discounts were made; and it is well settled that a pledge of collateral for this purpose does not constitute a preference. (Armstrong v. Chemical Nat. Bank, supra, 41 Fed. 234, 6 L. R. A. 226; Stapylton v. Stockton (C. C. A. 5th) 91 Fed. 326.) And in view of the fact that the transfers were made in 1923 and 1925 and the bank was not found to be insolvent until 1929, we think that the allegation that the transfers were made in contemplation of insolvency must be treated as a mere conclusion of the pleader. Ordinarily when insolvency follows hard upon the heels of the transfer, such allegation is sufficient. But this court takes judicial notice of the fact that national banks are examined semiannually under the direction of the Comptroller of the Currency and, if found to be insolvent, are placed in liquidation. A contemplation of insolvency for from four to six years appears to us too long a "contemplation" to be received seriously, in the absence of allegation of facts from which the court may see that such contemplation really existed. It is true that the pleadings need state only the ultimate facts; but these must be stated with such fulness as would justify a court of equity in granting relief. And surely no court would be justified in setting aside as preferential a transfer made four years before insolvency, on a bare allegation that it was made in contemplation of insolvency, and with no explanation as to how it was possible for the bank to continue in business in the meantime. While upon a motion to 455 FEDERAL RESERVE BULLETIN JULY, 1932 dismiss, allegations of the bill must be treated as true, they must be sufficiently full to justify the relief asked in the light of facts of which the court takes judicial notice. Little need be said as to the fourth cause of action. Complaint as to the penalties exacted rests upon the allegation that these were imposed as a result of the wrongful requirement of the additional collateral and consequent diminution of deposit balance kept with the reserve bank. As we have seen, the requirement of additional collateral was not wrongful; and no basis is left for the contention as to the penalties. These were imposed under regulations adopted by the Federal Reserve Board pursuant to section 19 of the Federal reserve act (12 U. S. C. A. 462, 464); ami there is no contention that they were improperly imposed or that the regulations were invalid. The decree dismissing the bill will be affirmed. Affirmed. CHANGES IN STATE LAWS RELATING TO BRANCH BANKING On page 258 of the FEDERAL RESERVE BULfor April, 1930, there was published a digest of State laws relating to branch banking, which was prepared by the counsel's office of the Federal Reserve Board with the assistance of the counsel to the several Federal reserve banks, and which showed the status of branch banking legislation in the various States as of December 31, 1929. The Federal Reserve Board is advised that, since December 31, 1929, changes in the law with reference to branch banks have been made in eight States: Indiana, Iowa, Montana, New Jersey, Ohio, South Carolina, Tennessee, and Wisconsin; but, according to the board's advice, there have been no changes in the laws on this subject in any of the other States. Except as to the eight States mentioned, the digest contained in the FEDERAL RESERVE BULLETIN for April, 1930, represents the situation as it existed on the date of the board's most recent information on this subject, viz, May 9, 1932 (except as to New Jersey, with respect to which information was received as of June 14, 1932). The new provisions of the laws regarding branch banks in the eight States mentioned, together with a brief statement as to the manner in which these provisions have changed the old law, are set forth below; and there is also published a summary of the situation in all of the States as it existed at the time of the board's most recent information on the subject. LETIN REVISED SUMMARY OF STATE LAWS having no States permitting States permitting prohib- States banking States legislation restate-wide branch branch iting branch within limited garding branch banking banking areas banking Arizona. California. Delaware. Maryland. North Carolina. Rhode Island. South Carolina. Vermont.11 Virginia. Total, 9. 1 2 Georgia.1 3 Indiana. Iowa.5 6 Louisiana. Maine.7 8 Massachusetts. 9 Mississippi. 10 Montana. New Jersey.1312 New 14 York. Ohio. 18 Pennsylvania. Tennessee.16 17 Wisconsin. Total, 14. Alabama. Arkansas. Colorado. Connecticut. Florida. Idaho. Illinois. Kansas. Minnesota. Missouri. Nebraska. Nevada. New Mexico. Oregon. Texas. Utah. Washington. West Virginia. Total, 18. Kentucky.2 Michigan.4 New Hampshire. North Dakota. Oklahoma. South Dakota. Wyoming. Total, 7. City or municipality. No provisions regarding branches; but court decisions permit establishment of additional offices or agencies to receive deposits and pay checks. 3 Same county. 4 " Industrial banks" may establish branches in city or village of head office; but no provisions covering establishment of branches by other banking institutions. s "Office" to receive deposits and pay checks permitted in contiguous counties if no bank is located in city or town in which such office is proposed to be located. ( Same municipality or parish. 7 Same county or adjoining county. 8 Same town. 9 Same city. 10 Consolidated bank may operate offices of consolidating banks if in same or adjoining counties. 11 No provisions regarding branches, but state-wide establishment of "agencies" permitted. 12 Same city, town, township, borough or village, and where institutions located in same county have merged, at the locations of the offices of merged institutions in such county. »14 City limits. Same city, or city or village contiguous thereto or county or counties in 15which municipality containing main bank is located. Corporate limits of same place. 16 County in which principal office is located and principal banking business is carried on. 17 Same city, at location of closed bank; and "stations" with limited functions in places deprived of banking facilities in same county. 456 FEDERAL RESERVE BULLETIN INDIANA By an act passed in 1921, the establishment of branches in Indiana was prohibited, with an exception in favor of branches which were already chartered; but, on March 11, 1931, the law was amended so as to permit a bank, trust company, or safe deposit company, with the permission of the State charter board to establish branches in the same county in which it is located but only in a city or town in which no bank or trust company is located; except that where the city or town in which the parent institution is situated is a "county seat" of more than 50,000 inhabitants it may be authorized to establish therein one branch for each $225,000 of its paid-up and unimpaired capital and surplus. This amendment provides: JULY, 1932 bank is located in the city or town in which such office is proposed to be established, for the purpose of receiving deposits, paying checks, and performing other clerical and routine duties. The pertinent provisions of the 1931 act are as follows: No banking institution shall open or maintain any branch bank. However, as may be authorized by and subject to the jurisdiction of the banking department any banking institution may establish an office for the sole and only purpose of receiving deposits and paying checks and performing such other clerical and routine duties not inconsistent with this act. No banking institution may establish any office beyond those counties contiguous to the county in which said banking institution is located nor in a city or town in which there is already an established banking institution. No office shall be continued at any place after a banking institution has actually commenced business at that place. Nothing in this act shall prohibit national banks the privileges of this section whenever they may be so SECTION 1. That it shall be unlawful for any per- authorized by Federal law. (Act approved March 13, son, firm or corporation engaged in the business of 1931; Laws of 44th G. A., ch. 203, p. 152.) operating a State bank, private bank, savings bank, or loan, trust or safe deposit company to open, or MONTANA establish a branch bank without first having obtained a charter from the State charter board, and then only in a city or town in which no bank or trust company Branch banks in this State were absolutely is located. All applications for the opening or estab- prohibited by legislation which was enacted in lishing of any such branch bank shall be made to the 1927. In 1931, however, the laws were State charter board and before granting a charter, the charter board shall ascertain to its satisfaction that the amended so as to authorize a consolidated public convenience and advantage will be subserved bank under certain conditions to maintain and and promoted by the opening or establishing of such operate offices in the locations of the consolia branch bank in the community where it is proposed to be located, and that there is no bank or trust com- dating banks, if such locations are in the same pany located in the city or town, in which it is proposed county or adjoining counties. The 1931 legisto establish such branch bank: Provided, however, That lation provides as follows: nothing herein shall be construed to authorize the SECTION 1. When any two or more banks located in establishment of any branch bank outside the limits of the county in which such bank, loan, trust or safe the same county or in adjoining counties shall consolideposit company seeking to establish such branch bank date in accordance with the provisions of section 94 of is located; and, Provided, further, That nothing con- chapter 89, laws of 1927, as amended, the consolidated tained herein shall prevent the establishment of a bank may, if it has a paid-up capital of seventy-five branch bank for each $225,000 of its fully paid up and thousand dollars ($75,000) or more, upon the written unimpaired capital and surplus by any national bank, consent of the superintendent of banks and under rules State bank or loan and trust and safe deposit com- and regulations promulgated by him, maintain and pany located in any city having a population of more operate offices in the locations of the consolidating than 50,000, according to the last preceding United banks. SEC. 2. All acts and parts of acts in conflict hereStates census, and being a county seat, within the corporate limits of said city, where a charter has been with are hereby repealed. SEC. 3. This" act shall be in full force and effect granted by the State charter board after due consideration of the needs of the community in which such from and after its passage and approval. (Act branch bank is proposed to be established and of the approved March 9, 1931; laws of 1931, ch. 129.) welfare of any other bank theretofore established in said community. (Act approved March 11, 1931; NEW JERSEY acts of 1931, ch. 140.) IOWA By an act approved April 18, 1927, banks in this State were prohibited from establishing branch banks; but on March 13, 1931, this prohibition was qualified somewhat by an amendment which permits, with the approval of the banking department, the establishment of an "office7' in contiguous counties, if no A bank or trust company in New Jersey is authorized to establish and maintain branch offices or agencies under certain conditions within the city, town, township, borough, or village in which such bank or trust company is located. (See 1930 FEDERAL RESERVE BULLETIN, page 262.) Banks and trust companies located in the same municipality have been heretofore authorized to merge with each 457 FEDERAL RESERVE BULLETIN JULY, 1932 other and to continue to conduct business at the locations of the offices theretofore established by the merged corporations provided certain capital requirements are met. By an act approved June 14, 1932, two or more banks and/or trust companies located in the same county (as well as those located in the same municipality) are authorized to merge and to continue to conduct business at the locations of the offices theretofore established by the merged corporation in such county provided the prescribed capital requirements are met. That part of the act of June 14, 1932, which authorizes the continuance of business at the locations of the offices of the merged corporations, reads as follows: 9. The corporation into which the other corporation or corporations shall have been merged as herein provided, with the written approval of the commissioner of banking and insurance, may continue to conduct business at the location or locations of the office or offices theretofore established by the merged corporations, in the same county when the merger is under section 1A of this act (providing for mergers of corporations located in the same county) or in the same city, town, township, borough or village when the merger is under section IB of this act (providing for mergers of corporations located in the same municipality) and under such office designations as the commissioner of banking and insurance may approve: Provided, the paid-in capital of the corporation into which such corporation or corporations shall have been merged shall, if it be a bank, be at least $50,000, and if it be a trust company at least $100,000, for each office thereafter to be maintained by it: And provided, further, that such continuing corporation resulting from a merger under section IB of this act shall maintain but one office within the corporate limits of a city, town, township, borough or village, where the population by the last decennial census is less than 25,000; not more than two offices where such population by said census is more than 25,000 and not more than 50,000; not more than three offices where such population by said census is more than 50,000 and not more than 100,000; and where such population is more than 100,000 only such number of offices as the commissioner of banking and insurance may approve. (Act approved June 14, 1932; ch. 198, P. L. 1932.) OHIO which the municipality containing the main bank is located." This provision reads as follows: * * * No branch bank shall be established until the consent and the approval of the superintendent of banks has been first obtained, and no bank shall establish a branch bank in any place other than that designated in its articles of incorporation, except in a city or village contiguous thereto, or in other parts of the county or counties in which the municipality containing the main bank is located. If such consent and approval is refused, an appeal may be taken therefrom in the same manner as is provided in section 710-45 of the General Code. (Ohio General Code, sec. 710-73.) SOUTH CAROLINA The law in effect in this State on December 31, 1929, did not contain any provisions expressly authorizing a bank to establish branches, although such establishment was authorized by implication by legislation which was enacted in 1928. That legislation provided that a bank should have an unimpaired capital of at least $25,000, for each branch established, in excess of the requirements for the organization of the bank. Amendments to the law regarding branches were enacted in 1930, however, which increase considerably the amount of capital required for the establishment of branches. The 1930 legislation provides: That from and after the passage of this act branch banks shall be required to have subscribed to and paid in cash, or allocated to, for each branch established, the same amount of capital stock and surplus as is now required for the establishment of independent banks in any given locality in South Carolina. All acts or parts of acts inconsistent herewith are hereby repealed. (Act of S. C. 1930, No. 813, p. 1353). TENNESSEE By an act approved April 6, 1925, a "corporation, firm or individual now or hereafter doing or carrying on 77a banking business in the State of Tennessee was prohibited from establishing any branch "in any place whatsoever other than the county of this State wherein such banking business is carried on." The corresponding provision in the new code of Tennessee, which became effective January 1, 1932, prohibits the establishment of a branch, after April 6, 1925, "in any place whatsoever other than the county wherein its principal office is located and its principal banking business is carried on." The provisions of the new code on this subject are set out below: Under the laws of this State which were in effect on December 31,1929, a bank was authorized, "with the consent and approval of the superintendent of banks," to establish a branch but such establishment was restricted to "a city or village contiguous " to the place in which the bank's main office was located. The power of a bank in this connection was broadened, however, by an amendment which became effective August 27, 1931, and which authorizes This law shall not apply to branch banks, offices, or a bank to establish a branch as stated above agencies maintained and operated on April 6, 1925, by "or in other parts of the county or counties in any corporation, firm or individual doing or carrying 458 FEDERAL RESERVE BULLETIN on a banking business in the State in places other than the county of this State wherein such banking business is carried on. (Code of Tenn. 1931, sec. 5949.) No corporation, firm, or individual, after said date, shall create and operate any branch bank, office, or agency, for the purpose of receiving or discounting bills or notes in any place whatsoever other than the county wherein its principal office is located and its principal banking business is carried on. (Code of Tenn. 1931, sec. 5950.) WISCONSIN Prior to January 23, 1932, the establishment of branches by banks and trust companies in Wisconsin was prohibited, with an exception in favor of branches established by a bank prior to May 14, 1909. Under an act passed January 23, 1932, a bank may be authorized by the commissioner of banking, under certain prescribed conditions, to establish a receiving and disbursing station in a small community which has been deprived of necessary banking facilities through the closing of or cessation of business by a bank located in the community. No bank may be permitted to maintain more than three such stations nor may it maintain any such station outside the county in which it is located. No banking business may be transacted at any such place other than receiving and paying out deposits, issuing drafts and travelers' checks, and cashing checks and drafts. Authority is also given by the act of January 23, 1932, for a bank, upon purchasing the assets of a closed bank in the city in which it is located, with the approval of the commissioner of banking and subject to certain prescribed conditions, to establish a branch office at the location of the closed bank. The provisions of the new statute in Wisconsin on this subject are as follows: (221.25) (4) If the commissioner of banking shall find that, due to the closing of or cessation of business by a bank in this State after * * * July 1, 1929, any village in this State having a population of less than eight hundred persons has been deprived of necessary banking facilities, the commissioner may permit JULY, 1932 the operation in said village by another bank of a receiving and disbursing station in said village but any such permit shall be subject to revocation at any time, after reasonable notice and hearing, by the commissioner of banking. Any such permit shall be issued only for a period of not to exceed three years and shall not be renewed unless the commissioner is satisfied that renewal of such certificate (rather than the organization of a new bank or any other method) is reasonably necessary to afford banking facilities in said community. No bank shall be permitted to maintain more than three such stations, nor shall any such station be maintained outside the county in which the bank maintaining same is located. No banking business shall be transacted at any such station other than receiving and paying out deposits, issuing drafts and travelers' checks and cashing checks and drafts. Under like conditions, a like permit may be issued for maintaining such a receiving and disbursing station in an unincorporated village, provided that there is a population of not to exceed eight hundred persons residing within one mile from the location of said station. No such station shall be permitted within three miles of any existing bank which is actually transacting a banking business. If at any time the deposits in the bank maintaining such station, of persons who have used such disbursing station for deposits or withdrawals shall exceed the sum of three hundred thousand dollars, the permit to maintain such station shall be revoked and the station discontinued. All deposits made at any such station shall be deposits in the bank maintaining the same and such bank shall be liable for the payment of same on the same basis as other deposits of said bank. No bank shall be permitted to maintain any such station if more than 10 per cent of the outstanding stock of such bank shall be owned or controlled by any corporation or corporations, investment trust or trusts, association or associations, common lawT trust or trusts, provided that stock, held by an administrator, guardian, executor under a will or by a testamentary trustee shall not be deemed held by a trust within the meaning of this section. If the commissioner of banking shall find that after the closing of any bank in this State, any other bank in the same city is willing to purchase the assets of the closed bank at a price approved by the commissioner of banking and by the circuit court having jurisdiction over the rratter, provided such bank is permitted to operate a bank at two locations in the same city, which are at least one and one-half miles apart, then the commissioner of banking may issue a license to such bank to establish and operate its banking business in any two such locations in the same city, upon the making of such agreement to purchase such assets. (Sec. 4 of ch. 15, laws of 1931-32 special session; act of January 23, 1932.) 459 FEDERAL RESERVE BULLETIN JULY, 1932 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS, BY MONTHS DISCOUNTS, BY WEEKS [In millions of dollars] [In thousands of dollars] Averages of daily figures W e d n e s d a y series (1932) Federal reserve bank Federal reserve bank May June June 1 June 8 J u n e 15 J u n e 22 J u n e 29 30, 204 105,101 64, 230 29, 534 100,464 64,160 29, 555 101, 745 65,162 28, 721 103,409 67, 449 27, 698 108, 676 67, 542 50, 212 25,149 34, 045 55, 674 25, 284 37, 549 59, 427 24, 537 32, 332 45, 345 25, 127 33, 079 43,670 25,891 27,804 Chicago St. Louis Minneapolis 30, 330 16,421 11,056 33, 973 13, 506 10, 453 29, 868 13,039 10, 537 34.109 12, 856 10, 676 34,084 11,962 10, 305 Kansas City Dallas San Francisco 25, 585 12, 625 89, 643 25, 947 15, 099 90, 268 25, 269 15,175 89, 5£3 21, 942 12, 510 92, 983 20,303 11,633 SO, 260 494, 601 501,911 496, 239 488, 206 469, 828 1931 1932 Boston New York Philadelphia. June 11.3 33.0 19.4 17.8 19.4 12.7 16.2 7.8 4.2 11.6 10.0 24.6 Boston N e w York Philadelphia. _ Cleveland Richmond Atlanta.. Chicago St. Louis Minneapolis... Kansas C i t y . . . Dallas San Francisco. 29.8 103.7 66.2 51.8 25. 3 33.7 33.5 13.3 10.6 24.1 13.7 89.4 30. 101. 62. 56. 24. 31. 33. 13. 12. 27. 11. 80. Total.... 495.0 486. 5 Cleveland Richmond . Atlanta .. .. Total 187.8 RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Amounts in thousands of dollars] Averages of daily figures Total cash reserves Federal reserve notes in circulation i Total deposits Reserve percentages Federal reserve bank 1932 June Boston New York. Philadelphia Cleveland Richmond Atlanta Chicago St Louis Minneapolis Kansas City Dallas San Francisco _ Total May June Jane May June June 1932 1931 1932 1931 1932 1931 May June June 1931 May June 135,329 283,390 147,615 196,348 72, 581 123,856 317, 263 72, 988 47,945 62,874 27,102 168, 980 67.2 51.3 55.7 56.4 53.4 51.1 75. S 55.6 51.5 53.3 53.3 53.0 73.7 55.8 62.5 64.8 61.2 69.6 79.6 70.4 63.7 61.5 56.2 64.5 82.0 90.7 88.3 83.7 66.0 80.8 88.2 77.0 69.7 67.1 56.9 81.5 2, 799,225 3,118,253 3,490,351 2,165,897 2, 250, 302 2,482, 719 2,630,151 2, 562, 152 1,656, 271 58.4 64.8 84.3 225, 061 785,489 206,897 247, 224 80, 764 82, 558 701,788 83,689 60, 759 82, 020 44, 017 198, 959 229,662 237,618 903, 029 1, 234, 514 263,369 233,548 330,198 287,110 90, 551 90, 047 147, 909 115, 566 574,538 687,865 112, 892 106, 944 68, 718 73, 858 98,343 92, 959 47, 392 48, 536 292, 265 241,173 144,694 139,217 131,998 957, 515 1, 046,840 1, 077,958 150, 588 122, 918 123, 745 197,920 149,517 151,153 64, 672 62,453 55, 202 59, 291 48,148 50, 343 333,850 317, 735 314,447 73, 673 59, 522 61, 404 50, 615 43, 689 43, 201 83, 728 72, 005 70, 340 56, 244 47, 452 50, 652 189,486 145, 726 150, 977 195, 560 574,967 248,848 288,656 88, 749 113,393 607, 513 91,032 74, 389 81, 821 35, 213 230, 010 190, 230 570, 724 249,982 291, 757 91, 858 115, 713 549,586 90, 430 72, 788 80, 763 35, 672 222, 649 ic Includes " Federal reserve notes of other reserve banks" as foLows: Latest month, $14,406,000; Month a^o, «$14,406,000; year ago, $15,657,000. Corrected. 460 FEDERAL RESERVE BULLETIN JULY, 1932 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, JUNE 30, 1932 [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. M i n n e - Kansas City Dallas Louis apolis San Francisco RESOURCES Gold with Federal reserve agents 1,956,267 167,127 Gold redemption fund with 2,162 59,784 U. S. Treasury Gold held exclusively against Federal reserve notes 2,016,051 169,289 Gold settlement fund with 223,421 12, 594 Federal Reserve Board Gold and gold certificates 338,337 15,435 held by banks Total gold reserves Reserves other than gold Total reserves. 449,572 148, 700 173,970 44,650 58,500 6,245 2,422 3,593 463,427 154,976 180, 215 13,855 6,276 600,595 57, 570 38,105 50, 680 2,297 2,118 2,534 610, 755 59,867 10,160 30,535 136,263 7,213 47, 072 62,093 40, 223 53,214 31,444 77,772 4,488 25,134 1,975 5,206 36,015 9,379 12, 540 10,842 5,395 22,081 199, 087 9,976 18,076 6,575 8,345 31,002 4,949 3,053 11,036 4,176 26,627 197,318 20,075 740,286 169,440 223,425 51,226 30,857 17,698 55,622 10,577 75,644 5,550 677, 772 74,195 24,247 9,616 55,816 3,792 75,092 6,378 41,015 9,422 192,184 9,370 2, 776,617 217,393 791,512 200,297 241,123 702,019 83,811 59,608 81,470 50,437 201, 554 3,529 2,060 2,043 3,560 5,442 1,134 9,096 1,376 17, 037 1,077 10,307 21,099 53,179 10, 230 631 18,413 891 11, 384 930 74,278 8,651 2,577, $ 143,476 66,199 81,194 67,493 4,974 17,408 3,020 3,426 3,234 4,922 Bills discounted: Secured by U. S. Government obligations, _. Other bills discounted... 156,751 283,239 11,933 15,024 55,867 42,102 23,238 43, 770 15,479 26,596 5,437 20,176 4,391 19,292 Total bills discounted.Bills bought 439, 990 66,594 26, 957 4,350 97, 969 15,114 67, 008 3,182 42,075 6,230 25,613 3,110 23,683 2,246 6,704 3,878 31, 798 10,582 20, 255 1,004 U. S. Government securities: Bonds... 437,671 Treasury notes 269,845 Certificates and bills 1,076,205 20,527 14, 980 71,222 407,660 9,736 13,412 7,334 8,024 30,063 32, 929 60, 896 13, 287 50, 362 9,634 152,122 39,494 16, 847 6,964 28,531 11,357 8,500 34,859 14, 047 3,049 12,500 24, 092 18,149 74,401 684,545 132,498 179,360 3,117 1,556 47,133 54,365 500 263,380 62,415 52, 342 41 54,716 29,596 116,642 800,745 204,244 227,665 1,315 369 395 75,856 146 80, 794 135 315,433 514 74,001 18 63,244 11 74,020 106 41,910 102 199,571 252 5,134 107,267 14,817 24,962 27,604 3,612 3,838 881 8,611 2,489 3,647 1,807 761 41,000 12,766 7,827 3,461 2,561 1,454 307 8,440 1,835 1,495 926 16,644 3,649 904 263 9,559 1,787 1,232 17, 788 4,433 1,131 5,614,722 409,537 1,763,160 441,392 515,257 181,275 .182,673 1,085,036 179,801 137,000 179,762 108,850 430,979 Nonreserve cash Total U. S. Government securities 1,783,721 106,729 Other securities. 5,214 Total bills and securities 2,295,519 138,036 292 Due from foreign banks 3,655 Federal reserve notes of 348 other banks . 13,325 Uncollected items 354,565 43,182 3,336 Bank premises 58,086 1,976 All other resources 45,462 Total resources 182, 388 94,497 29,966 41,116 20, 510 27,842 82, 022 110,402 364 29,264 2,874 934 940 32,440 7,966 1,328 13,875 9,016 22, 782 LIABILITIES Federal reserve notes in actual circulation 2, 794,963 199,885 Deposits: Member bank—reserve 1,982,127 133,632 account 175 Government 3,756 637 Foreign bank 9,C02 130 Other deposits.._ 33,378 596,278 251,997 289, 037 111,737 727,182 93,433 75,740 83,103 36,761 241,742 48,825 50 335 101 43,363 93 310 386 253,466 55,355 91 358 293 1,123 752 3,892 41, 362 326 185 590 67,376 317 243 77 47,846 364 235 294 134,299 659 579 4,841 918, 974 116,449 149,880 49, 311 101^830 28,066 31,645 26,085 59,185 16,243 14,266 5,215 75, 077 26,486 27,640 11,483 2,151 11,816 2,789 1,113 44,152 8,906 4,875 10,449 2,554 258, 572 56,758 39,662 13,883 17,322 4,478 38,411 10, 025 3,887 1,224 42,463 7,983 2,923 6,356 1,535 68, 013 15,727 4,069 8,124 726 48, 739 9,382 3,933 7,624 2,408 140,378 18,068 10,782 17, 707 2,302 Total liabilities S 614,722 409,537 1,763,160 441, 392 515,257 181,275 182,673 1,085.036 179,801 137,000 179,762 65.0 52.2 52.1 57.6 71.2 55.8 50.4 54.9 53.9 Reserve ratio (per cent) 54.4 48.2 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F. R. bank by F. R. agent 3,028,396 217,182 672, 030 260,410 297,619 92,933 129,288 774,433 100, 799 78,186 90,612 Held by F. R. bank 233,433 17,297 75,752 8,582 4,865 17,551 8,413 7,509 47,251 7,366 2,446 08,850 59.0 430, 979 42,218 5,457 272,686 30,944 Total deposits 2,028,263 134,574 Deferred availability items... 343,845 42,608 Capital paid in 154,812 11,518 Surplus 259,421 20, 039 913 All other liabilities. 33,418 In actual circulation... 2,794, 963 199,885 Collateral held by agent as security for notes issued to banks: Gold 1,956, 267 167,127 Eligible paper 452,596 28,910 U. S. Government securities 634,500 21,400 895,746 115,408 145,449 116 866 341 863 3,352 847 62 3,243 19,010 52.7 596,278 251,997 289,037 88,068 111,737 727,182 93,433 75,740 83,103 36,761 241,742 449,572 148, 700 173,970 100,204 66,787 45,015 44,650 27,484 58,500 23,967 600,595 47,596 57,570 9,897 38,105 9,771 50,680 18,041 30,535 11,336 136,263 63,588 126,000 21,000 47,000 130,500 33,500 30,600 24,000 500 75,000 45,000 80,000 461 FEDERAL RESERVE BULLETIN JULY, 1932 ALL MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures Borrowings at Federal reserve banks Reserves held Federal reserve district Excess Total 1932 1932 May 1932 1931 April May April May 1931 1931 April May May May Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco. 126.4 1,004.0 116.5 141.1 50.1 46.0 304.4 56.8 40.5 67.3 45.3 139.4 116.6 910.6 116.0 141.7 50.7 47.1 262.6 57.7 41.4 66.4 46.3 138.9 142.2 ,008.8 147.0 192.8 62.4 58.2 334.0 73.9 48.6 81.7 56.3 181.1 14.1 163.3 2.5 2.4 1.4 2.5 72.0 3.7 2.5 5.8 2.8 4.3 2.6 95.8 2.0 2.8 1.2 2.2 29.9 3.1 2.8 4.6 2.9 2.4 1.9 23.1 4.0 3.8 2.7 2.5 9.3 3.9 2.6 4.7 1.8 6.4 30.2 101.5 62.7 56.8 24.4 31.3 33.7 13.9 12.0 25.9 11.7 80.1 34.0 119.4 73.7 86.6 29.2 34.5 46.2 16.7 9.5 29.7 12.6 106.8 10.6 37.4 18.2 14.1 15.9 11.0 13.5 7.4 3.9 9.5 8.5 12.6 Total... 2,137. 7 1, 996. 0 2, 387.1 277.1 152.1 66.8 483.9 19.1 162.6 NET DEMAND AND TIME DEPOSITS OF BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] Averages of daily figures Member banks in larger centers (places over 15,000) Federal reserve district Net demand 1932 May Boston . . New York Philadelphia Cleveland RichmondAtlanta Chicago St Louis Minneapolis Kansas City. Dallas San Francisco _. . Total. _ . ... Net demand Time 1931 April Member banks in smaller centers (places under 15,000) May 1932 May 1932 1931 April May May Time April May 1S31 1932 1931 May April May 936 6,143 807 665 329 316 1,565 369 199 403 298 827 953 5,944 806 967 336 326 1, 573 385 202 404 303 848 1,184 7,125 1,023 1,348 400 418 2,180 500 248 508 379 1,109 697 1,882 603 1,016 292 289 1,275 308 201 214 157 1,500 698 1,894 602 1,016 291 288 1,270 307 203 215 157 1,477 853 2,616 761 • 1,349 355 310 1,828 371 216 245 194 1,798 80 222 148 138 80 63 166 95 111 180 137 103 81 218 151 140 83 69 166 92 112 183 142 106 97 276 183 178 108 87 235 125 141 236 185 148 144 487 404 266 163 66 254 98 207 118 34 114 145 491 406 267 164 69 258 100 210 120 34 115 161 588 459 322 201 81 359 122 242 141 39 139 13,157 13, 046 16, 422 8,433 8,419 10, 896 1,522 1,543 1,998 2,354 2,379 2,853 462 FEDERAL RESERVE BULLETIN JULY, 1932 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS AND FOR N. Y. CITY AND CHICAGO Federal Reserve District Total Loans and investments: June 1 June 8 June 15 June 22 June 29_ __ Loans: June 1 June 8 June 15 June 22 June 29 On securitiesJune 1 _ June 8 June 15 June 22 June 29 All otherJune 1 June 8 June 15 _ June 22 June 29 Investments: June 1 June 8 June 15 June 22 June 29 _. _ __ - - U. S. Government securitiesJune 1 ._ June 8 _ June 15 June 22 June 29 All otherJune 1 June 8 June 15 "__ June 22 __ __ June 29 Reserves with Federal Reserve banks: June 1 June 8 June 15__ June 22 June 29 ___ Cash in vault: June 1 June 8 __ June 15 June 22 June 29 . Net demand deposits: June l._ June 8 June 15 June 22 . June 29 _ Time deposits: June l._ __ June 8 June 15__ -. June 22 June 29 Government deposits: June 1 June 8__ _ _ June 15 June 22 June 29-_ Due from banks: June 1 June 8 June 15 June 22 June 29 City MinSan New St. Kansas Dallas FranLouis neapCity olis cisco York Boston New PhilaCleve- Rich- AtdelYork phia land mond lanta 19 016 18, 712 19, 087 18 819 18, 754 1,208 1,194 1,219 1,195 1,190 7,632 7,471 7,677 7,493 7, 556 1,090 1,084 1,108 1,108 1,105 1,936 1,931 1, 953 1,940 1,931 575 573 584 534 582 509 505 517 507 501 2,451 2,437 2,483 2,461 2,372 563 532 536 531 533 335 332 334 334 333 543 535 539 537 535 385 384 394 393 388 1,739 1,734 1,743 1,736 1,728 6,635 6,430 6,645 6,462 6,534 1,353 1,346 1,392 1,376 1,299 11,631 11 397 11,515 11 297 11, 263 792 774 791 767 772 4,526 4,354 4,469 4,289 4,293 643 645 641 642 640 1,187 1,185 1,180 1,179 1,178 339 336 337 335 334 336 333 334 331 328 1,723 1,698 1,707 1,704 1,679 323 319 316 313 306 198 197 196 196 197 277 277 274 273 272 248 246 243 242 242 1,034 1,033 1,027 1,026 1,022 3,875 3,703 3, S24 3,645 3,653 916 896 911 911 894 4,907 4,798 4 828 4,778 4 745 305 294 303 294 293 2,090 2,012 2,032 1,992 1,967 325 322 320 320 319 539 537 535 534 534 129 126 125 125 126 110 111 112 111 110 800 786 795 799 796 122 125 123 122 118 55 55 56 56 56 80 80 79 79 78 76 77 76 75 75 276 273 272 271 273 1,815 1,737 1,759 1,720 1,696 526 513 525 530 532 6,724 6 599 6,637 6,519 6 518 487 480 488 473 479 2,436 2,342 2,437 2,297 2,326 323 323 321 322 321 648 648 645 645 644 210 210 212 210 208 226 222 222 220 218 923 912 912 905 883 201 194 193 191 188 143 142 140 140 141 197 197 195 194 194 172 169 167 167 167 758 760 755 755 749 2,060 1,966 2,065 1,925 1,957 390 383 386 381 362 7 385 7,315 7,572 7 522 7,491 416 420 428 428 418 3,156 3,117 3,208 3,204 3, 263 442 439 467 466 465 749 746 773 761 753 236 237 247 249 248 173 172 183 176 173 728 739 776 757 693 240 213 220 218 227 137 135 138 138 136 266 258 265 264 263 137 138 151 151 146 705 701 716 710 706 2,760 2,727 2,821 2,817 2,881 437 450 481 465 405 4,032 4 077 4, 338 4,298 4,254 221 224 232 230 222 1,916 1,927 2,020 2,024 2,061 172 169 197 196 195 402 402 429 418 410 112 113 122 120 119 88 87 98 91 89 403 422 462 447 390 60 82 90 88 99 66 65 68 69 67 136 131 138 138 138 80 82 94 94 89 376 373 388 383 375 1,777 1,789 1,878 1,881 1,921 244 265 300 287 232 3,353 195 196 196 198 196 1,240 1,190 1,188 1,180 1,202 270 347 71 85 85 85 84 131 130 130 128 70 70 69 69 130 127 127 126 125 57 344 344 343 343 325 317 314 310 303 180 270 270 270 270 124 124 125 129 129 85 3 238 3,234 3,224 3 237 56 57 57 57 329 328 328 327 331 983 938 943 936 960 193 185 181 178 173 1,658 1,639 1,637 1 611 1,584 101 96 102 101 96 832 793 792 815 750 68 71 75 70 69 104 103 109 105 108 36 48 44 41 35 29 29 30 28 28 268 282 264 241 268 31 37 38 35 40 27 21 21 21 21 47 49 48 46 45 28 26 25 26 32 87 84 89 82 92 781 741 742 762 696 207 221 206 181 199 202 205 205 213 240 16 16 16 16 16 51 53 54 53 57 12 12 12 12 12 24 25 25 25 26 12 13 12 12 12 7 7 6 7 7 7 35 35 35 43 62 6 6 6 7 5 5 6 5 5 12 12 12 13 13 6 6 6 6 6 15 15 15 15 17 40 41 40 40 45 16 16 16 23 40 11,102 10, 991 11 119 10,926 10,925 719 706 713 702 701 5, 539 5,425 5,481 5,361 5,415 612 620 628 626 632 838 833 830 832 845 278 286 288 287 279 223 223 223 219 218 1,310 1,314 1,345 1,316 1,234 261 284 289 281 287 182 174 176 174 177 359 352 35& 357 360 230 229 229 225 227 551 545 559 546 550 5,065 4,967 5,013 4,898 4,934 892 905 916 894 820 5,664 5,624 5,601 5,568 5,542 417 413 412 408 406 1,199 1,190 1,181 1,172 1,167 267 264 265 264 264 818 815 816 812 814 227 225 226 228 227 194 193 192 191 192 990 983 980 969 937 207 203 201 201 200 147 145 144 145 143 179 179 178 178 178 126 127 127 127 127 893 887 879 873 887 767 759 758 755 756 391 384 382 374 345 243 114 457 394 340 21 9 24 20 17 97 44 180 155 133 27 12 41 35 30 14 7 39 34 29 9 4 18 15 13 18 9 26 22 19 21 12 43 38 33 5 2 10 9 7 2 1 4 3 3 4 2 10 9 8 8 5 25 22 20 17 7 37 32 28 90 40 166 143 123 16 8 31 27 23 1,202 1,203 1,246 1,225 1,167 114 122 110 115 107 120 109 126 113 131 106 97 98 100 89 73 74 77 76 72 72 68 74 77 70 62 60 62 63 62 233 220 219 217 204 59 80 82 81 64 52 58 55 48 47 102 108 123 130 123 84 81 83 82 76 125 126 137 123 122 75 66 76 71 79 155 144 141 131 126 ' Chicago Chicago 463 FEDERAL RESERVE BULLETIN JULY, 1932 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS AND FOR N. Y. CITY AND CHICAGO— Continued Federal Reserve District Due to banks: June l-_ June 8 June 15 ______ June 22 June 29 ___ -._ Borrowings from Federal reserve banks: June 1 June 8 June 15 _ __ June 22 June 29 RATES CHARGED Boston New York 2,740 2,727 2,747 2,660 2,581 136 135 137 133 126 1,159 1,140 1,150 1,110 1,077 172 168 170 173 164 211 211 212 211 212 197 207 198 189 167 4 4 4 3 2 31 29 29 29 30 10 9 9 10 8 28 36 36 23 24 CUSTOMERS Prime commercial paper F e d e r a l reserve bank or branch city 1932 June May June Cincinnati Pittsburgh Richmond Baltimore Charlotte Atlanta Birmingham Jacksonville Nashville N e w Orleans Chicago Detroit St. Louis Little Rock Louisville 5 -5} 5 -6 5 -5K 5 -6 534-6 5 -5 5 -6 5 -6 5 -8 6 534-6 4 -5 534-6 6 -7 6 Minneapolis Helena Kansas City Denver Oklahoma C i t y Omaha 3 -5 7 -8 Dallas El Paso Houston San Antonio 5 -6 7 -8 534-6 5 -7 San Francisco Los Angeles Portland Salt Lake City Seattle Spokane 1932 June 6 -6} May 77 79 74 75 73 152 160 168 158 163 7 7 6 7 7 19 22 18 19 14 8 10 8 13 11 5 3 2 3 2 1 1 1 1 1 10 10 9 6 4 2 4 4 1 1 72 72 72 74 63 June May 4 -A 5 -6 334-43- 5 -6 5 -6 4 -6 5 -5H 4 -5 43^-6 534-6 5 -6 534-6 53^-6 5^6 5 -6 5 -6 534-6 43/_-6 5 -6 534-6 5 -6 5 -6 534-6 5 -6 534-6 6 -63 634-7 6 -8 5 -7 6 -7 5 -8 5 -6 6 53^-7 634-7 6 -8 6 53^-7 434-6 5 -8 5 -7 6 5 -6H 6 6 -7 6 6 -8 6 5 -7 5 -6 634-7 6 -8 4 -5 534-6 33^-5 5K3 434-6 6H-7 6 63^-7 534^ 5 -5H 7 -8 5 -5H 7 -8 434-6 5V2-S 6 -e 534-6 5 -6 6 -8 5 -6 7 -8 5H-7 6 -7 5 7 5 6 5 -6 6 -Q 5 -6 5 -7 4 -6 53^-6 5 43^-6 7 -8 5 -6 534-6 6 -7 7 -8 534-7 43^-5 5>6 5 -6 5 -7 6 5 -6 6^7 6 6 6 -7 -7 -8 -7 -7 6 -ey2 6 6 -6 6 -7 4H-6 7 -7i 4 -4 6 -8 3 -5 6 -8 5 6 6 6 5 -6 63^-7 6 -8 6 -6H -6 -6> -8 -63 53^-6 8 534-6 6 -8 6 6 6H-7 6 -7 June 5 -5 5 -5 6 4H-5 6 634-8 1931 May 5 -6 6 6 5 -6 5 -6 5 -5 5 -6 6 6 5 -6 5 -6 5 -6 6 43^-5 5 -6 5 -6 67 6 6 514-6 5 -534 5 -6 6 6 4 -5 6 -8 6 -7 6 5 -6 6 6 6 4H-5 6 474—0 7 5 -6 6 6 5 —53> 6 -635 - 6 5 -6 3 6 5 6 6 5H-6 6 -7 5^-6 6 -7 -5 -8 -6 -8 -8 5 -6 6 -8 53^-6 6 -7 6 -7 534-6 5 -% 534-6 6 6 6 5 5 -6 5 -5} 6 434-6 6 5 -5*4 5 -f 5 -5H 4 -6 6 5 -6 5 -6 6 -8 5 -6 6 5 -P 6 43^-6 534-6 5 6 6 634-7 N O T E . — R a t e s a t which t h e bulk of the loans of each class were made b y representative banks during the week ending 15th of m o n t h . from about 200 b a n k s w i t h loans exceeding $8,000,000,000; reporting banks are usually the largest b a n k s in their respective cities. June 4 -5 5 -5H 5M-6 8 53^-6 6 -6M 6 -7 7 •614-7 6H7 3 4 5 10 8 1932 June 6 277 273 290 259 233 Interbank loans 1931 June 1,100 1,082 1,093 1,054 1,021 Chicago CITIES OF EACH Loans secured by warehouse receipts 5 -6 414-5H 6 -7 6 -6) -8 -7 —63> 136 138 139 142 142 1931 3344 434-5 6 6 5 6 59 62 57 55 56 4 -43/ 6 4 -6 534-6 6 6 -7 5 -7 99 99 94 94 88 BY BANKS IN PRINCIPAL DISTRICT 4 -5 6 53^-6 5 -6 7 -8 5K-6 5 -7 378 370 385 352 328 5 -6 J4 5 -6 75 78 76 72 71 4 -5 53^-6 3 -4 4 -4J. 5 -6 5 -6 5 -6 86 87 85 85 81 43^-5 53^-6 4 -5 4 -43* 5 -6 Cleveland Chicago 43^-5 534-6 4 -5 N e w York Philadelphia Min- Kansas San St. New Louis neapCity Dallas Franolis cisco York Atlanta Loans secured by prime stock-exchange collateral 1931 Boston Buffalo Phila- Cleve- Richdelphia land mond Total City Rates 464 FEDEKAL RESERVE BULLETIN JULY, 1932 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN CURRENCY TO AND FROM EUROPE MATURITY DISTRIBUTION OF BILLS, ETC. [In thousands of dollars] BY SELECTED BANKS IN NEW YORK CITY [Paper currency only. In thousands of dollars] 1931 Month Total (+) 470 130 1,380 915 2,570 8,811 10,256 3,226 8,433 3,088 52 1,523 April May June July August September. October... November. December. 4,051 960 863 1,469 2,103 779 394 3,723 3,290 11,588 7,039 3,749 Over 6 months 1932 Net ShipReReShipshipments ceipts ments ments ceipts from from to to (-)or Europe Europe receipts Europe Europe January... February.. March "With- 16 to 31 to 60 61 to 90 91 days in 15 to 6 30 days days days days months 3,335 5,221 8,468 4,563 10,938 16,265 +3,581 +830 -517 +554 -467 -8,032 -9,862 +497 -5,143 +8,500 +6,987 +2,226 Net shipments (-)or receipts (+) +3,310 +5,221 +8,468 +4, 563 +10,938 +16, 253 NOTE.—For explanation and back figures see BULLETIN for January, 1932, pp. 7-9. MEMBERSHIP IN PAR-COLLECTION SYSTEM Bills discounted: June 1 June 8 June 15 June 22 June 29 Bills bought in open market: June 1 June 8 June 15 June 22 June 29 Certificates and bills: June 1. June 8 June 15 June 22 June 29 Municipal warrantsJune 1 June 8 June 15 June 22 June 29 494, 601 355, 698 35, 449 501,911359,396 36,443 496, 239 354, 211 36, 911 488, 206 347, 447 33, 1, 084 469,828 326,127 31L,458 35, 35, 65, 53, 63, 479 717 661 718 519 1,006,784 1,039, 958 1, 068.154 1, 075,840 1,098, 456 7,506 3,091 26,979 21, 403 29,041 7,447 4,000 9,793 2,618 2,545 46,420 46,978 44, 680 48, 812 51, 548 34, 265 36,323 36, 272 34,687 36,725 8,019 2,212 1,761 2,831 2,945 12, 493 26, 414 27,128 26, 866 28, 975 39, 550 36, 550 158, 625 204, 64S 39, 590 36, 550 216,104 230, 749 36, 550 74, 000 175, 025 208, 750 36, 550 87, 475 187, 800 340, 543 65,287 83, 625 191, 749 293,313 5,144 5,778 5,611 5,716 5,944 913 915 920 795 782 21, 856 21,856 23, 245 23, 381 23,188 13L. 324, 254 269,255 284, 255 91, 869 91,011 243,156 247, 710 289,574 331,603 373,471 35 4,580 463 5,542 201 4,791 785 4,411 1, 250 4,493 1,387 [Number of banks at end of May] UNITED STATES POSTAL SAVINGS Nonmember banks [Balance to credit of depositors. I n millions of dollars] M e m b e r banks Federal reserve district United States. Boston. N e w York Philadelphia Cleveland Richmond Atlanta. Chicago St. Louis Minneapolis Kansas C i t y . . Dallas San Francisco On par list Not on par list 1932 1931 1932 1931 1932 7,031 7,842 8,669 10,471 3,113 3,452 369 827 705 644 391 339 855 444 568 798 601 490 389 903 745 727 462 372 1,040 506 622 856 658 562 224 335 325 767 433 140 2,431 1,173 363 1,547 446 485 257 390 434 902 500 167 3,037 1,365 459 1,825 538 597 6 370 733 257 399 868 213 218 49 7 437 845 243 438 999 207 215 61 1931 Figures cover all incorporated banks (other than mutual savings banks). E n d of m o n t h JanuaryFebruary _ March April May June July August September October... November. December. Preliminary. 1927 192$ 1929 1930 1931 141.5 143.8 146.4 147.1 147.4 147.4 147.1 147.9 148. 2 148.7 149.0 148.5 148. 9 151. 1 152. 0 152.2 152.0 152. 1 151. 7 152. 2 152. 3 153. 1 153. 9 153. 9 153.5 154.8 155. 0 154.3 153.8 153.6 157.8 160.1 160.3 161.6 163.7 164.3 165.1 167.9 169.5 170.2 171.2 175.3 180.7 186.5 188.8 192.5 200.7 245.4 278. 4 292. 1 302. 7 313. 8 325. 0 347. 4 372. 5 422. 7 469. 9 538, 1 565. 5 605. 1 1932 " 658.1 * 683. 6 P 697. 3 P713.9 » 733. 5 JULY, 465 FEDERAL RESERVE BULLETIN 1932 BANK SUSPENSIONS AND BANKS REOPENED BANK SUSPENSIONS AND BANKS JREOPENED, BY DISTRICTS [B anks 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 banks which may have been 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 (including those of banks reopened) 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 Number Banks reopened Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) Federal reserve district Members All banks June, 1932: Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas -. - _San Francisco _ Total January-June, 1932: Boston New York Philadelphia Cleveland Richmond Atlanta-.,. Chicago St. Louis Minneapolis Kansas City Dallas San Francisco __ Total . . . NonmemNa- State bers tional 1 2 2 3 5 6 3 5 76 9 10 11 2 12 4 1 1 23 2 3 1 1 4 144 43 10 13 20 36 49 37 275 103 49 104 23 89 2 9 5 13 11 10 53 17 9 18 5 18 808 170 National 1 1 5 2 2 4 49 7 7 10 1 8 15,786 11, 537 5,531 3,191 2,057 624 85,188 3,102 3,543 1,094 156 27, 770 1,172 1,971 371 18,046 1,799 911 86 81 6,830 4 97 159, 579 1 1 1 2 5 7 3 15 23 38 24 205 82 40 85 16 66 34 604 4 3 17 4 . Members All banks State 2,850 8,309 Nonmembers All banks NonMembers l members 2 1 1 1 6 1 1 2 2 11,634 12,936 3,228 5,531 2,019 86 253 55, 508 1,303 2,632 1,008 75 20,940 42, 426 11, 634 105, 519 72,194 25,335 27, 750 14,477 43,949 12,430 191, 284 37, 060 11, 525 16, 383 7,254 64, 713 4,184 19,114 2,589 5,861 14,439 4,908 51,809 13, 037 3,293 5,010 3,140 14, 732 10, 258 797 524, 354 142,116 All banks NonMembers l members 1,228 1,818 189 239 4,500 280 340 410 1,228 1 21 1 1 35 1 1 2 1,663 2 1, 818 189 239 s 2,837 280 340 410 15 3 12 9,004 2,891 6,113 2 2 6 6 24 13 38 31 11 15 9 5 2 5 1 <5 20 '12 4 33 26 10 15 6 4 2,271 4,936 7,116 22,167 10,859 5,530 17,364 12, 364 4,010 2,731 5,558 7,614 2,271 212 150 3,068 57, 752 5,424 25,161 8,616 29, 510 5, 937 114, 256 20, 830 8, 232 11,161 3,964 46,913 44,482 337, 756 162 29 133 102, 520 1, 585 25, 219 3,193 2 6 1 4 1 5 5 1 4,936 7,116 577 3,146 680 4, 564 2,797 1,132 4,231 340 4 21, 590 7,713 < 4,850 «12,800 9, 567 2,878 2,731 1,327 7,274 26,854 75, 666 1 Represents national banks only, excepts as follows: J a n u a r y - J u n e , 1 State member in Chicago district with deposits of $628,000, 1 in St. Louis district with deposits of $339,000, and 1 in San Francisco district with deposits of $340,000. 2 At time of suspension this was a State member bank. 3 At time of suspension 1 of these banks, with deposits of $936,000, was a State member b a n k . * At time of suspension, 2 banks in the Cleveland district with deposits of $19,191,000,1 b a n k in the A t l a n t a district with deposits of $531,000, a n d 3 bonks in the Chicago district with deposits of $2,306,000, were State member b a n k s . Back figures.—See BULLETIN for February, 1932; also A n n u a l Reports for 1930 (Table 117), 1929 (Table 111), 1928 (Table 115), 1927 (Table H I ) , and 1926 ( t a b l e 98), 466 FEDEEAL RESERVE BULLETIN JULY, 1932 BANK SUSPENSIONS AND BANKS REOPENED.—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, DURING JUNE, 1932 [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 banks which may have been 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 (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures are preliminary and subject to revision] Banks reopened Banks suspended Number Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) State Members All banks New England: Maine New Hampshire - - Vermont Massachusetts Rhode Island - Connecticut Middle Atlantic: New York N ew Jersey Pennsylvania East North Central: Ohio Indiana Illinois Michigan _ Wisconsin West North Central: Minnesota Iowa . _ Missouri ._ North Dakota - South Dakota Nebraska Kansas South Atlantic: Delaware Marvland .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 PacificWashington Oregon California. Total NonmemNa- ' bers tional State Members All banks National State Nonmembers 2 1 1 15, 786 2,850 12, 936 2 1 7 1 1 2 1 409 7,900 483 3,228 5 3,637 7,900 6,014 2 5 29 5 * 5 2,019 4,041 71, 984 1,805 1.494 1,893 16,007 2 9 6 998 8,873 1,435 207 1,291 654 2 3 2 832 500 137 295 86 2 7 49 6 6 2 18 3 14 7 1 4 1 3 4 2 1 1 1 2 1 1 11,170 269 409 195 Mem- NonAll All banks bers l members b a n k s 1 2 1 2 6 2 1 1 2 86 1,97] 148 1,971 2 5 689 1, 253 689 371 1 25 1 2,019 2,148 44, 807 1,536 1,085 1 1 791 7,387 781 1 1 340 340 1 1 359 359 1 1 51 51 1 792 189 2 519 12 9,004 537 414 137 436 1 3 4 1 1 436 ], 818 1,072 1, 765 1,663 2 1 , 818 1,072 -o 1, 765 1,663 792 6 • 189 148 882 25 1 1 1 26 156 81 26 75 3 1 2 4,632 448 4,184 2 1 6 3 2 1 3 13,092 187 9,859 6,382 13,092 187 3,477 144 43 97 159,579 42, 426 11,634 105,519 12 Represents national banks only. At time of suspension this was a State member bank. 3 At time of suspension one of these banks, with deposits of $936,000, was a State member bank. 4 1 1 86 1 2 4 Nonmembers 5,531 1 1 2 Members i 2 15 3 519 2,891 6,113 JULY, 467 FEDERAL RESERVE BULLETIN 1932 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, JANUARY 1 TO JUNE 30, 1932 [Banks closed to public on account of financial difficulties b y order of supervisory authorities or directors of the bank. Figures of supensions during given period include any banks which m a y 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 (including those ot banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures included for latest month are preliminary and subject to revision] Banks suspended Number Banks reopened Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) State Members Members All banks New England: Maine New Hampshire Vermont Massachusetts.. . _ _ . NonmemNa- State bers tional 5 1 5 1 9 7 25 7 4 10 17 51 144 39 9 1 8 38 3 2 25 64 54 5 6 23 38 1 10 8 1 1 3 7 1 3 1 National State Nonmembers 10,258 18,086 All banks All banks NonMem-l members bers 1 1 402 I 1,869 1,869 1 1 3,900 5,604 1,756 4,568 1,756 24* 8 12 10 8 21,967 3,938 3,980 5,701 5,807 1,315 1,132 2,220 3 4 4 4 -992 3,950 5,284 597 9 1 1,723 247 792 1,784 792 5 1 1 2 1 3 7 5 1 2 591 4,061 3,280 1,343 309 561 567 593 1,986 24 3,468 1,294 1,343 309 561 1 6 1 996 280 160 836 280 10 3,891 5 4 4 6 962 2,379 402 5,558 4,231 340 340 29,678 1,334 4 42,516 2,850 1 2 2 15 14,878 12,679 29,409 10,550 8,990 4,760 8 7 16 43 98 29 7 6,590 33,027 119,212 15,359 3,216 657 9,602 36,597 1,984 1,046 24 51 45 4 5 19 31 4,392 37,682 17,318 573 981 2,962 6,687 207 6,623 9,109 92 295 403 2,925 1 1 792 1,736 792 839 897 1 5 1 2 8 3 26 10 10 4 1 1 5 3 3 1 7 2 21 7 6 3 831 349 13,486 27, 655 2,139 1,094 252 142 9,967 3,239 308 432 579 207 3,519 24,416 1,473 662 2 4 9 5 1 2 32 13 8 8 9 2 3 1 22 11 4 8 10,020 3,705 3,748 1,003 4,051 1,399 2,089 2,347 3,622 2,305 963 1,003 7 1 10 1 1 3 5 1 1 7 5 12 15 823 2,450 3,202 7,046 85 680 982 3,140 126 531 617 1, 239 2,220 3,756 6 5 4 9 1 1 Texas 9 7 15 22 Mountain: Montana Idaho Wyoming Colorado 3 9 1 9 2 3 1 6 1 5 433 1,155 606 1,151 306 517 1 5 11 3 6,643 9,720 981 448 1 Nevada 6 13 3 Pacific: Washington Oregon California 22 14 23 17 12 13 25,086 3,634 17, 702 3,873 604 524, 354 142,116 _. Connecticut Middle Atlantic: New York New Jersey 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 New Mexico Arizona Utah Total __ 808 3 1 1 1 1 2 4 2 4 """16" 170 1 2 34 NonMem-l members bers 1 3 Rhode Island All banks 402. 39,666 797 4,323 2,892 24,649 1 3 3 16,769 3,154 , 5,933 23,425 65,846 10,221 2,170 5 8 16 11 10 4,185 25,498 7,754 481 686 2,342 3,762 3 5 5 4 5,561 455 212 358 696 150 2 3 1 4 1 2 1 1 9 1 3 3 900 1,036 577 2 21,390 3,938 2,665 4 569 3,587 1,409 1,918 992 2,541 3,366 597 1,723 247 1,784 3,891 339 680 623 1,699 402 1,327 127 638 606 499 652 863 6,195 8 857 981 1 1,185 1,020 20,028 2,614 7,808 1 2 1 44, 482 337, 756 162 9,894 29 1 2 1 327 5,841 1,106 133 102, 520 327 5,841 1,105 26,854 75, 666 1 Represents national banks only, except as follows: 1 State member in Illinois with deposits of $628,000; 1 in Arkansas with deposits of $339,000; and 1 in Utah with deposits of $340,000. 2 At the time of suspension 2 banks in Ohio w i t h deposits of $19,191,000, 3 in Michigan w i t h deposits of $2,306,000, and 1 bank in Louisiana w i t h deposits of $531,000 were State member banks. Back figures—See Bulletin for February, 1932; also annual reports for 1930 (Table 118), 1929 (Table 112), 1928 (Table 116), 1927 (Table 112), 192f 'Table 100), and 1925 (Tables 97 and 98). 468 FEDERAL RESERVE BULLETIN JULY, 1932 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. 1923-1925 average=100] Without seasonal adjustment Adjusted for seasonal variation Industry 1932 May Manufactures—TotaL. 1931 April May 1932 May 1931 April 63 IRON AND STEEL.. '87 '67 64 35 29 36 Pig iron Steel ingots.-. TEXTILES — 67 73 40 43 36 38 95 107 73 Cotton consumption Wool Consumption Machinery activity , Carpet and rug loom activitySilk Deliveries Loom activity FOOD PRODUCTS Slaughtering and meat packingHogs Cattle Calves Sheep__ --. Wheat flour Sugar meltings 97 79 100 150 74 79 88 81 103 149 80 77 70 73 96 84 83 96 82 85 138 114 30 PAPER AND PRINTING Wood pulp and paper.: Newsprint.. Book paper.._ Wrapping paper.. _ Fine paper Box board Wood pulp, mechanicalWood pulp, chemical Paper boxes Newsprint consumption 93 141 111 LUMBER 93 85 96 79 63 122 135 96 87 90 84 91 106 150 82 87 113 104 81 116 90 92 128 98 91 164 131 97 90 105 85 99 Automobiles Locomotives Shipbuilding 57 LEATHER AND PRODUCTS Tanning Sole leather Upper leather— - Cattle Calf and kip Goat and k i d . . . Boots and shoes CEMENT AND GLASS: Cement Glass, plate NONFERROUS METALS i—Tin deliveries. FUELS, MANUFACTURED: Petroleum refining Gasoline Kerosene Fuel oil Lubricating oil Coke, by-product 146 187 82 94 85 55 RUBBER TIRES AND TUBES 91 95 62 TOBACCO PRODUCTS Cigars Cigarettes Minerals—Total.. Bituminous coal Anthracite coal., Petroleum, crude Iron ore, shipments _ Zinc — Lead Silver - 111 66 145 65 43 49 110 3 40 48 36 96 108 123 136 99 92 94 159 88 67 93 86 71 95 83 79 93 68 83 138 106 28 92 88 94 94 153 88 77 111 102 79 118 90 91 119 80 91 164 127 48 35 8 115 89 78 78 14 115 107 92 i 87 96 101 82 88 153 78 70 87 141 107 TRANSPORTATION EQUIPMENT: Tires, pneumatic..Inner tubes 45 7 111 87 75 71 13 145 99 87 80 69 63 98 94 74 80 117 106 83 84 126 117 45 61 58 111 114 94 105 144 185 78 96 82 62 82 85 58 100 62 127 72 46 85 112 160 209 68 105 95 99 136 141 99 137 85 179 84 65 75 124 42 55 73 51 146 144 ) 79 2 161 I 71 i 56 72 75 51 110 64 144 67 49 49 109 2 39 49 37 61 70 72 51 109 66 139 79 55 81 112 r 1 2 v Preliminary. Revised. Includes also lead and zinc; see " Minerals." Without seasonal adjustment. NOTE.—For description see BULLETIN for February and March, 1927. For latest revisions see BULLETIN for March, 1932, pp. 194-196. May 100 115 111 81 135 82 177 87 75 75 122 28 54 75 53 469 FEDERAL RESERVE BULLETIN JULY, 1932 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average=100] ]Factory employment Without seasonal adjustment Industry 1932 May Total Adjusted for seasonal variation 1931 April May Factory pay rolls 1932 May Without seasonal adjustment 1932 1931 April May May 1931 May April 61.4 57.2 60.7 54.3 56.6 45.4 37.4 52.9 38.4 64.0 59.8 63.0 57.0 59.4 49.3 43.4 54.7 39.9 77.1 75.7 78.2 69.3 83.1 65.4 61.7 68.8 69.5 62.2 56.5 59.8 53.7 57.0 45.1 37.1 52.4 37.6 64.3 59.0 61.7 57.8 60.8 48.9 42.9 54.4 39.4 77.8 74.8 77.0 68.6 83.6 64.8 61.2 68.1 68.2 46.2 30.4 30.8 30.0 35.7 27.0 23.4 30.5 22.8 48.7 32.1 32.0 33.3 38.1 29.6 27.1 32.0 26.2 72.1 64.9 67.5 56.9 71.4 51.5 48.1 54.8 63.9 54.4 50.3 44.2 37.4 66.9 57.0 52.1 50.3 47.8 69.7 76.8 71.1 85.4 65.3 89.5 54.1 49.8 44.1 36.3 66.9 56.4 51.3 49.9 44.9 69.7 76.3 70.4 85.2 63.3 89.5 39.1 33.0 33.4 39.3 54.4 67.8 * 60.4 68.4 50.7 87.0 62.0 62.3 63.6 46.1 45.2 50.9 79.8 47.3 84.7 61.3 46.4 63.4 84.3 55.1 67.9 67.3 69.4 49.0 48.1 53.8 83.4 54.4 91.3 69.4 50.8 65.3 99.3 66.4 80.6 79.8 79.1 69.4 68.9 72.4 85.7 79.1 103.2 82.4 56.4 85.7 120.4 78.3 62.4 62.4 63.9 46.8 46.2 50.4 79.1 47. 1 84.9 62.5 48.8 64.2 86.6 50.8 66.7 66.8 69.3 49.4 48.9 52.4 81.7 53.6 88.6 66.4 52.4 65.3 91.3 56.7 81.2 80.0 79.4 70.7 70.4 71.6 84.9 78.8 103.4 84.1 59.4 86.7 123.7 72.1 35.9 30.7 27.6 31.7 49.6 41.5 40.3 39.7 28.7 29.1 27.0 57.8 31.2 59.2 44.0 26.3 39.9 68.8 40.4 49.4 46.9 47.2 32.0 31.8 32.5 65.6 37.4 71.5 54.6 31.6 43.8 84.5 58.8 71.7 73.3 70.6 60.6 61.1 58.5 86.3 72.9 101.4 69.4 44,1 74.6 100.1 69.0 81.0 87.2 82.3 67.8 78.7 75.8 73.9 80.6 87.3 80.3 71.1 72.8 75.9 72.4 88.3 96.5 85.8 81.5 85.9 77.3 76.9 83.2 87.7 85.2 75.4 75.1 78.9 73.5 83.6 88.7 83.7 78.2 75.7 79.4 71.1 90.8 97.1 88.8 90.7 82.0 80.6 76.5 72.9 77.0 75.5 55.7 74.5 66.6 62.8 72.8 77.6 73.8 59.9 71.3 66.6 61.5 89.7 95.4 91.0 77.8 91.6 77.1 72.6 83.8 83.2 96.5 77.9 71.2 85.3 84.6 97.4 79.3 74.7 94.6 98.3 104.5 85.8 83.9 84.3 84.1 96.2 78.0 74.0 85.7 85.2 97.1 79.4 76.8 95.3 99.4 104.2 85.8 87.2 77.0 74.6 96.7 59.7 61.0 79.7 77.0 99.1 62.3 66.1 38.6 33.8 39.1 51.6 52.4 44.2 59.7 81.4 39.6 34.1 39.5 55.4 54.9 48.8 57.4 70.4 66.1 55.3 77.3 92.0 40.2 34.3 39.3 57.6 51.1 45.2 55.1 80.3 55.4 48.0 57.0 74.9 63.2 54.9 70.9 89.7 22.2 19.3 24.1 27.2 45.9 37.3 53.5 71.0 23.2 19.3 24.2 31.2 43.9 37.4 47.1 81.8 45.7 40.3 49.3 55.2 53.0 45.5 58.9 85.2 39.0 33.3 38.8 54.9 50.2 43.9 54.7 79.4 72.7 74.4 65.4 78.8 81.3 68.3 80.8 82.2 75.1 75.8 77.9 67.0 80.2 83.0 68.8 68.7 67.0 75.0 47.0 42.6 33.8 66.9 57.9 42.7 48.8 43.1 33.0 70.9 62.1 44.8 67.3 64.2 56.2 86.1 72.8 68.3 45.8 41. 1 31.9 66.3 57.1 41.9 48.4 42.7 32.7 69.8 61.3 45.6 45.7 44.4 50.3 30.2 22.4 16.2 38.6 46.2 30.0 55.7 55.7 55.7 CEMENT, CLAY, AND GLASS PRODUCTS. 84.2 86.0 77.0 65.4 61.8 53.1 85.3 71.7 66.9 31.7 23.6 15.4 45.0 49.2 29.9 56.7 48.4 40.8 68.8 67.9 65.5 NONFERROUS METAL PRODUCTS.. 51.4 32.1 57.9 53.9 34.4 60.5 67.4 46.0 74.7 50.8 30.9 57.6 52.7 32.8 59.4 66.6 44.3 74.2 82.4 81.9 78.6 99.0 91.4 91.5 94.4 80.2 79.7 81.9 78.4 70.4 78.5 81.2 78.6 61.3 93.0 92.9 94.5 88.1 38.3 27.0 41.6 68.5 67.2 71.2 65.1 63.4 39.7 70.3 78.3 80.6 78.2 64.1 34.5 22.3 38.1 66.9 65.6 72.5 46.0 66.0 69.1 56.9 66.6 69.3 58.7 74.3 77.4 65.1 65.8 67.7 59.9 66.1 68.1 60.2 74.0 75.9 68.5 48.7 50.4 41.6 48.3 50.1 41.0 71.0 76.6 48.8 67.3 66.9 70.2 68.4 68.3 70.2 80.7 82.3 68.2 68.4 67.9 72.9 70.1 69.9 70.8 82.1 83.5 70.9 48.4 47.1 59.6 49.3 48.0 60.0 68.3 68.6 65.4 IRON AND STEEL AND PRODUCTS Steel works and rolling mills Hardware Structural iron work Heating apparatus Steam fittings Stoves Cast-iron pipe MACHINERY Foundry and machine-shop products.. Machine tools Agricultural implements Electrical machinery._ TEXTILES AND PRODUCTS A. Fabrics Cotton goods Woolen and worsted manufactures.. Woolen and worsted goods. Carpets and rugs. Hosiery and knit goods Silk manufactures Dyeing and finishing textiles B. Wearing apparel Clothing, men's Shirts and collars Clothing, women's Millinery .._ FOOD AND PRODUCTS Baking Slaughtering and meat packing Confectionery. Ice cream Flour Sugar refining, cane _. PAPER AND PRINTING Printing, book and job Printing, newspapers and periodicals.. Paper and pulp Paper boxes. LUMBER AND PRODUCTS Lumber, sawmills Lumber, millwork Furniture TRANSPORTATION E Q U I P M E N T . . Car building and repairing.. Automobiles Shipbuilding LEATHER AND MANUFACTURES. Boots and shoes Leather __. Clay products Brick, tile, and terra cotta Pottery Glass Cement Stamped and enameled ware.. Brass, bronze, and copper CHEMICALS AND PRODUCTS. Chemicals and drugs.. Petroleum refining Fertilizers _ RUBBER PRODUCTS Automobile tires and tubes... Rubber boots and shoes TOBACCO MANUFACTURES __ Cigars and cigarettes Chewing and smoking tobacco, snuff.. N O T E . — F o r description of these indexes see BULLETIN for November, 1929, p p . 706-716, and November, 1930, p p . 662-677. * 100 -° * 101.4 115.9 81.9 85.1 66.1 55.3 75.6 98.3 88.4 85.0 96.1 74.4 470 FEDEKAL RESERVE BULLETIN JULY, 1932 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Revised index of Bureau of Labor Statistics (784 price series); 1926=100] Year and month 1927.__ 1928 1929 1930... 1931... 1931—May ___ June July August September October... November December... 1932—January February March. April May _ - Other commodities All commodities Farm products 95.4 96.7 95.3 86.4 73.0 73.2 72.1 72.0 72.1 71.2 70.3 70.2 68.6 99.4 105.9 104.9 88.3 64.8 Foods 67.1 65.4 64.9 63.5 60.5 58.8 58.7 55.7 52.8 50.6 50.2 49.2 46.6 67.3 66.3 66.0 65.5 64.4 Hides and Metals Building ChemiTextile Fuel and leather products lighting and metal materials cals and Total materials products drugs products 96.7 101.0 99.9 90.5 74.6 73.8 73.3 74.0 74.6 73.7 73.3 71.0 69.1 64.7 62.5 62.3 61.0 94.0 92.9 91.6 85.2 75.0 75.1 74.1 73.9 74.2 73.9 72.9 73.5 72.3 71.7 71.3 70.9 70.9 70.4 95.6 95.5 90.4 80.3 66.3 107.7 121.4 109.1 100.0 86.1 87.6 88.0 89.4 88.7 85.0 82.5 81.6 79.8 79.3 78.3 77.3 75.0 72.5 67.4 66.6 66.5 65.5 64.5 63.0 62.2 60.8 59.9 5V8 58.7 57.0 55.6 88.3 84.3 83.0 78.5 67.5 65.3 62.9 62.9 66.5 67.4 67.8 69.4 68.3 67.9 68.3 67.9 70.2 70.7 96.3 97.0 100.5 92.1 84.5 94.7 94.1 95.4 89.9 79.2 96.8 95.6 94.2 89.1 79.3 97.5 95.1 94.3 92.7 84.9 85.0 84.4 84.3 83.9 83.9 82.8 82.6 82.2 81.8 80.9 80.8 80.3 80.1 80.0 79.3 78.1 77.6 77.0 76.1 76.2 75.7 80.5 79.4 78.9 76.9 76.3 75.6 76.1 76.1 75.7 75.5 75.3 74.4 73.6 86.8 86.4 85.7 84.9 82.7 81.0 80.9 78.5 77.7 77.5 77.1 76.3 74.8 74.8 73.4 73.2 72.5 71.5 1931 Subgroups HouseMiscelfurnishing goods laneous 91.0 85.4 82.6 77.7 69.8 70.5 69.7 69.7 68.3 68.2 66.6 68.7 66.8 65.6 64.7 64.7 64.7 64.4 1932 Jan. F e b . M a r . Apr. M a y 47.0 51.7 61.2 46.7 53.4 54.8 46.1 50.3 52.7 43.5 51.4 52.1 44.5 49.2 51.2 42.6 44.4 49.6 80.7 73.1 65.1 67.7 68.0 79.8 72.2 63.5 63.2 67.2 67.8 71.0 62.2 61.9 61.9 64.1 69.6 61.8 59.5 59.4 64.2 68.3 62.3 61.4 57.1 61.6 68.2 62.3 59.8 55.8 59.6 68.1 61.5 56.5 54.9 93.1 50.0 80.7 101.1 92.5 49.0 78.8 101.1 89.2 48.8 78.6 99.7 49.0 77.5 88.5 46.1 76.5 88.5 44.7 73.4 98.8 88.4 40.8 67.2 98.0 88.4 35.7 60.6 97.9 75.5 61.5 59.2 43.5 65.7 74.1 73.9 59.7 59.2 41.7 64.6 72.4 72.6 58.1 59.0 41.8 64.2 72.5 70.8 56.4 58.5 39.0 63.9 71.3 70.7 55.8 55.8 37.7 63.3 70.7 70.6 56.4 55.8 36.5 63.1 69.7 69.0 56.2 54.9 33.5 62.7 69.5 68.7 55.1 51.9 31.3 59.7 68.2 68.2 52.9 50.5 29.1 58.3 67.2 92.2 83.7 81.5 98.4 103.2 37.5 94.3 83.9 81.5 100.6 103.4 38.9 94.2 83.6 81.5 102.1 100.8 39.2 94.2 83.7 81.4 103.4 100.1 42.5 94.8 83.8 81.1 104. 1 98.2 39.6 94.8 84.4 80.5 107.5 98.6 38.8 94.8 84.3 80.4 104.8 98.0 83.5 80.4 104.4 97.5 39.8 85.7 82.7 79.8 103.5 99.1 45.5 85.6 82.0 77.1 94.2 82.7 94.7 61.4 94.3 82.4 94.7 60.1 94.1 82.3 95.4 59.0 85.6 81.7 95.4 54.9 85.5 81.5 95.2 54.7 85.5 81.0 95.2 53.8 85.5 79.9 95.3 55.4 85.1 79.3 95.3 52.7 85.0 79.7 95.3 50.5 85.0 80.1 93.8 49.3 84.9 80.0 93.8 48.3 83.7 77.7 68.5 80.0 86.6 84.3 85.4 83.4 75.8 67.2 79.6 86.8 84.3 83.7 82.9 75.8 66.9 78.4 83.8 81.7 83.7 82.6 75.8 66.9 77.6 82.6 81.7 82.6 82.6 75.1 65.2 77.0 81.6 81.7 82.0 81.4 74.6 65.9 77.5 81.4 81.7 81.9 80.0 74.6 65.8 76.6 79.9 81.7 81.5 79.3 75.2 65.6 75.4 74.1 77.3 81.0 79.3 75.3 62.9 75.1 65.8 77.9 80.2 79.3 75.0 61.5 75.4 64.4 79.7 78.4 75.0 60.0 74.7 64.4 81.7 80.2 77.4 75.0 59.5 73.9 64.4 81.7 78.2 83.9 63.2 80.5 82.8 82.5 62.6 79.8 82.4 82.4 62.1 78.7 80.2 80.5 61.9 74.4 78.7 79.8 61.7 74.2 77.6 79.7 61.6 70.2 77.2 80.6 61.3 70.1 77.7 80.8 61.0 70.1 77.1 80.6 60.6 69.9 75.5 80.8 60.1 69.8 73.7 59.7 68.6 73.2 79.7 58.9 70.1 71.1 79.1 58.7 69.4 69.0 84.2 91.9 83.6 90.4 83.4 82.8 89.1 81.7 88.6 81.2 84.6 79.8 82.4 79.7 82.3 76.6 80.6 76.1 79.5 75.9 79.5 75.4 79.1 75.4 77.4 75.5 74.1 46.9 81.2 82.1 13.3 89.3 46.9 67.9 81.5 13.7 88.5 46.0 61.1 80.7 13.3 88.2 46.0 55.8 80.6 13.2 88.6 46.0 50.8 80.6 11.2 86.4 46.0 44.4 80.7 10.6 86.7 46.0 49.4 80.5 10.2 86.9 46.0 59.8 80.8 9.6 86.7 40.8 53.9 80.8 9.5 85.9 39.7 53.0 78.0 . 9.3 85.2 39.5 48.2 76.7 8.6 84.4 39.2 52.4 76.8 7.2 84.5 39.2 53.4 76.8 .6 84.5 39.2 45.9 76.5 6.7 84.6 Mar. Apr. M a y June July Aug. Sept. Oct. 59.3 70.7 74.2 59.5 70.3 73.4 59.6 64.1 71.5 56.0 61.9 70.8 49.0 63.0 71.3 83.5 74.5 74.3 82.0 71.4 74.3 76.2 79.9 69.9 78.1 74.6 76.1 74.4 67.9 78.8 74.3 76.4 71.3 68.5 -. - 94.9 62.1 88.4 102.0 94.8 62.0 88.4 101.6 94.8 62.6 88.1 101.4 Clothing Cotton goods Knit goods Silk and rayon Woolen and worsted g o o d s . . . Other textile products 78.1 72.4 63.8 45.8 71.8 77.0 76.9 71.4 60.7 43.4 69.0 76.2 88.4 86.0 83.7 95.9 94.6 41.8 N o v . Dec. 44.8 67.0 67.3 44.2 61.0 65.4 44.3 57.6 64. 2 51.3 55.7 63.1 80.6 71.5 74.2 73.4 70.6 82.2 70.9 73.4 76.0 84.6 70.3 71.0 73.6 68.5 86.1 70.6 68.2 71.1 69.7 94.6 65.5 87.8 101.4 93.5 72.7 89.8 101.4 93.5 69.1 90.3 101.4 93.5 58.6 83.4 101.1 76.9 69.2 60.7 41.4 68.5 76.7 76.3 67.6 59.8 41.9 68.0 75.5 76.1 66.8 60.0 43.8 67.4 75.2 75.9 64.0 59.2 43.7 67.4 74.4 86.4 84.4 83.7 93.7 96.1 37.4 87.5 83.9 83.7 98.0 99.0 35.9 83.2 81.5 98.6 101.9 30.7 90.8 83.5 81.5 97.9 103.5 30.3 94.3 85.4 94.0 69.3 94.3 84.1 94.5 67.5 94.3 83.8 94.5 63.3 94.2 83.5 94.2 61.2 85.0 84.1 74.7 81.4 86.6 84.3 87.6 83.9 81.0 73.4 81.2 86.6 84.3 83.7 79.7 69.4 80.2 86.6 84.3 86.4 64.8 80.8 88.7 85.1 63.4 80.6 83.5 84.5 91.9 46.9 82.1 82.6 16.0 F A R M PRODUCTS: Grains Livestock and poultry Other farm products FOODS: Butter, cheese, and milk Cereal products Fruits and vegetables Meats Other foods H I D E S AND L E A T H E R PRODUCTS: Boots and shoes Hides and skins Leather _ Other leather products T E X T I L E PRODUCTS: F U E L AND LIGHTING M A T E R I A L S : Anthracite coal Bituminous coal Coke — Electricity Gas Petroleum products 47.2 M E T A L S AND M E T A L PRODUCTS: Agricultural implements Iron and steel Motor vehicles Nonferrous metals BUILDING M A T E R I A L S : Brick and t i l e . . . Cement Lumber Paint m a t e r i a l s . . Plumbing and heating Structural steel Other building materials CHEMICALS AND D R U G S : Chemicals Drugs and Pharmaceuticals.. Fertilizer materials Mixed fertilizers _.. HOUSEFURNISHING GOODS! Furnishings Furniture MISCELLANEOUS: Auto tires and tubes Cattle feed _ Paper and pulp. Rubber, crude Other miscellaneous Back figures.—For revised indexes of groups see BULLETIN for March, 1932, p . 199; indexes of subgroups available at Bureau of Labor Statistics. JULY, 471 FEDERAL RESERVE BULLETIN 1932 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Value of contracts in millions of dollars;figuresfor 37 States East of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Residential Total Factories Commercial Public works and public utilities Educational All other Month January .__ _ February March April May June July August September October 1 November. December Year .._ --- 1931 1932 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 84.8 89.0 112.2 121.7 146.2 54.4 77.9 100.9 95.9 88.9 72.7 63.9 60.2 54.6 60.5 45.3 36.2 1932 27.5 24.4 33.2 28.9 25.6 10.1 7.3 20.6 11.3 16.3 8.9 10.4 4.7 11.0 8.9 4.2 2.5 1932 1931 3.4 4.4 4 5 4.5 3.0 ----- 116.2 811.4 3,092.8 1931 BUILDING CONTRACTS AWARDED, BY DISTRICTS 26.9 27.1 36.2 26.2 25.7 26.9 28.4 19.1 28.6 41.3 14.1 10.6 1932 9.1 10.1 10 6 12.9 12.2 311.1 1931 1932 96.8 79.0 152 2 133.4 109.6 141.6 117.4 73.3 86 5 83 0 48 0 50.5 1931 Boston N e w York Philadelphia Cleveland Richmond Atlanta Chicago _ _. St. Louis Minneapolis Kansas City Dallas T o t a l (11 districts) April May 11, 200 26, 506 8,064 14,072 30, 540 6,884 24, 446 8,788 5,087 6,005 4,628 11,950 21, 414 12,129 10, 927 12, 897 6,678 16, 245 9,502 7,689 5,768 6,507 30, 475 83, 035 18, 857 36,406 20, 972 12,877 41, 708 18, 327 10,951 13, 954 18, 517 146, 221 121, 705 306,079 Number May Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Citv Dallas San Francisco Total Apr. May 322 701 103 240 165 134 329 128 77 131 95 363 265 707 173 212 143 123 432 151 65 140 82 323 237 524 108 191 149 138 275 104 71 113 70 268 2,788 2,816 2,248 -. 1280G9—32 1932 5 16.3 11.0 24 2 17.5 37.2 454.3 [Value of permits in thousands of dollars] 1932 1931 Number of cities Federal reserve district Boston _ New York Philadelphia. Cleveland Richmond Atlanta Chicago _ St. Louis Minneapolis.. Kansas City.. Dallas San Francisco. Total... April 1,692 7,733 1,391 4,164 3,699 1,160 2,988 168 May 615 1,425 1,238 984 5,235 1,544 12, 570 5,166 2,083 3,274 2,111 3,958 798 1,335 1,650 2,849 5,784 5,060 42, 547 4,854 12, 322 9,602 2,271 7,688 2,130 3,S97 4,400 3,036 11, 256 32, 324 43,123 109,161 BANK DEBITS [Debits to individual accounts. In millions of dollars] 1932 Liabilities 1931 1932 1932 BUILDING PERMITS ISSUED COMMERCIAL FAILURES, BY DISTRICTS [Amounts in thousands of dollars;figuresreported by R. G. Dun Co.] 20.5 27 3 35 7 47.1 41.8 43.6 39.8 56.5 49 3 33 8 27 8 31.0 4.4 10.8 9 8 10.7 6.5 May May 1931 228.8 Federal reserve district Federal reserve district 1932 19.4 16.7 24 3 23.0 23.8 22.5 26.1 19.3 21 2 14 7 11 8 6 1 24.1 28.3 29 9 47.3 61.7 1,171.1 [Value of contracts in thousands of dollars;figuresfor 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] 1932 1931 1931 Number of centers May 1931 May May Apr. 4,982 30, 215 5, 301 6,710 2, 033 2, 351 11,143 8,063 590 3,028 2,330 7,018 6,383 30, 903 10, 568 8,027 8,036 2,080 14, 821 5,600 1,046 4,171 1,733 7,700 5,015 11, 854 1,254 5,934 2,297 371 9,969 3,149 1,256 4,561 3,909 3,802 83,764 101, 069 53, 371 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 _ . - April May 1 140 12, 913 12,498 15,558 14, 365 25, 072 18,858 11 7 10 13 7 15 21 5 9 15 10 18 1,407 13,444 1,194 1,281 471 594 3,120 693 415 703 366 1,723 1,735 16,232 1,363 1,401 533 746 3,628 705 443 758 392 1,987 1,959 25,803 1,853 2,018 641 842 5,013 851 629 1,000 507 2,714 141 25, 411 29, 923 43, 930 FEDERAL RESERVE DISTRICTS n BOUNDARIES OF FEDERAL RESERVE DISTRICTS . . - . BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY
@FedFRASER