Full text of Federal Reserve Bulletin : June 1932
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FEDERAL RESERVE
BULLETIN
JUNE, 1932
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Banking Developments
Annual Report of Bank for International
Settlements
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1932
FEDERAL RESERVE BOARD
Ex officio members:
EUGENE MEYER, Governor.
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.
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
District
District
District
District
No. 1
No. 2
No. 3
No. 4
No. 5
(BOSTON)
(NEW YORK)
(PHILADELPHIA)
(CLEVELAND)
(RICHMOND)
THOMAS M. STEELE.
ROBERT H. TREMAN.
HOWARD A. LOEB.
J. A. HOUSE.
HOWARD BRUCE.
District No. 6 (ATLANTA)
District No. 7 (CHICAGO)
District No. 8 (ST. LOUIS)
JOHN K. OTTLEY.
MELVIN A. TRAYLOR, Vice President.
WALTER W. SMITH, President.
District No. 9 (MINNEAPOLIS)
THEODORE WOLD.
District No. 10 (KANSAS CITY)
WALTER S. MCLUCAS.
District No. 11 (DALLAS)
J. H. FROST.
District No. 12 (SAN FRANCISCO)
HENRY M. ROBINSON.
WALTER LICHTENSTEIN, Secretary.
II
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
of—
Chairman
Governor
Deputy governor
Boston
New York
Frederic H. Curtiss... Roy A. Young
Geo. L. Harrison
J. H. Case
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
George DeCamp
Wm. W. Hoxton
Oscar Newton
Eugene M. Stevens...
Geo. W. Norris
E. R. Fancher
George J. Seay
Eugene R. Black
J. B. McDougal
St. Louis
John S. Wood
Wm. McC. Martin
0. M. Attebery
J. G. McConkey
Minneapolis
Kansas City
Dallas
John R. Mitchell
M. L. McClure
C. C. Walsh
W. B. Geery
San Francisco
Isaac B. Newton
Jno. U. Calkins
Harry Yaeger
H. I. Ziemer
C. A. Worthington
J. W. Helm
R. R. Gilbert
R. B. Coleman
Wm. A. Day
Ira Clerk
R. L. Austin
Geo. H. Hamilton
B. A. McKinney
i Assistant 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. Zurlinden.
C. A. Peple
R. H. Broaddus
W. S. Johns
H. F. Conniff
C. R. McKay
John H. Blair
J. H. Dillard
Cashier
W. WiUett.
C. H. Coe.»
Ray M. Gidney.*
J. W. Jones.*
W. B. Matteson.i
J. M. Rice.i
Allan SpreuU
L. Werner Knoke.1
C. A. Mcllhenny.
W. G. McCreedy.*
H. F. Strater.
Geo. H. Keesee.
John S. Walden, jr.»
M. W. Bell.
W. S. McLarin, jr.*
W. C. Bachman.1
D. A. Jones.*
0. J. Netterstrom.i
E. A. Delaney.i
S. F. Gilmore.1
A. H. Haill.»
F. N. Hall."
G. 0. Hollocher.'
0. C. Phillips.'
H. I, Ziemer.
Frank C. Dunlop.*
J. W. Helm.
Fred Harris.
W. 0. Ford.*
Wm. M. Hale.
J
Controller.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
j
Federal Reserve Bank of—
Managing director
Federal Reserve Bank of—
Managing director
I
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch
Jacksonville branch
j
Birmingham branch
Nashville branch
_
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
R. M. O'Hara.
C. F. McCombs.
J. C. Nevin.
Hugh Leach.
W. T. Clements.
Marcus Walker.
Hugh Foster.
A. E. Walker.
_ J. B. Fort, jr.
W. R. Cation.
John T. Moore.
W. H. Glasgow.
A. F. Bailey
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
R. E. Towle.
L. H. Earhart.
_ J. E. Olson.
C. E. Daniel.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the board's medium of communication with member
banks of the Federal reserve system and is the only official organ or periodical publication of the
board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold
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single copies, 25 cents.
in
TABLE OF CONTENTS
Page
Review of the month—Recent banking developments
Changes in foreign central bank discount rates
Earnings and expenses of member banks
Annual report of the Bank for International Settlements
345
348
349, 394-399
365
National summary of business conditions
350
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
351-354
357
355-357, 393
358, 400
358
359
361, 401
360, 403-405
360
362
363, 406-408
364
364
364
r
•
377
378
378-380
381
381
382-384
385
386
386
387
388
388, 389
389
Law department:
Recent amendments to the Federal reserve act (paper of Federal intermediate credit banks)
390
Federal reserve statistics by districts, etc.:
Banking and financial statistics
391-405
Industrial and commercial statistics
--- 406-409
IV
FEDERAL RESERVE BULLETIN
VOL. 18
REVIEW OF THE MONTH
Open-market purchases of United States
Government securities by the reserve banks
Factors in Fed- continued in recent weeks at a
eral reserve posi- somewhat reduced rate. Betlon
tween April 13 and June 8 total
purchases of these securities amounted to
$660,000,000. The funds placed at the disposal of member banks through these purchases were used to the extent of $127,000,000
in the reduction of borrowings at the Federal
reserve banks and to the extent of $16,000,000
in the liquidation of acceptances held by these
banks, the holdings of acceptances at the
beginning of June being at a very low level.
Total reserve bank credit showed an increase
of $510,000,000 during the 8-week period,
$400,000,000 of which was used in meeting a
demand for gold for export, and $100,000,000
was added to the reserve balances of member
banks.
Gold exports, which had begun in April, were
in considerably larger volume in May, the loss
to the country's stock of moneCourse of gold
tary
gold during that month
movements
and up to June 8 being
$385,000,000. The exports were largely to
France, Netherlands, Switzerland, and Belgium. This flow of gold to Europe has
exerted an influence toward easing conditions
in the international money markets and increasing the volume of loanable funds in foreign
countries. In the United States the stock of
monetary gold on June 8 was $3,980,000,000,
showing a decrease of $825,000,000 from the
corresponding date a year ago and of $475,000,000 since the beginning of this year.
The chart shows the course of monetary
gold stock in the United States since the
establishment of the Federal reserve sys-
No. 6
JUNE, 1932
tern. There were three periods of large increase
in gold stock: From the beginning of 1915 to
MONETARY GOLD STOCK OF THE UNITED STATES
5000
r
4000
4000
/s
3000
3000
J
2000
2000
1000
1000
0
1914
1916
1918
1920
1922
1924-
1926
1928
1930
1932
Monthly averages of daily figures; prior to August, 1917, averages of
end-of-month figures.
the middle of 1917, from 1921 to the middle of
1924, and from the end of 1928 to the autumn
of 1931. The first period, during which about
$1,400,000,000 was added to the country's stock
of gold, was a period when European countries
were at war and belligerent powers were making
large purchases of war supplies in the United
States. The second period from the autumn of
1920 to the late summer of 1924, during which
about $1,650,000,000 was added to the stock of
gold of the United States, was a period of monetary disorganization in Europe when purchases
of goods in the United States were paid for to a
considerable extent by the shipment of gold.
During the latest period from the end of 1928 to
the autumn of 1931, about $850,000,000 was
added to this country's stock of gold, largely
because of unfavorable balances of payment in
outlying countries, reflecting the decline in the
value of raw materials.
Each of the periods of gold inflow was followed by some outflow of gold. In 1919-1920
the outflow was about $350,000,000, representing the removal from this country of balances
345
346
FEDERAL RESERVE BULLETIN
accumulated by South American and oriental
countries during the war-time gold embargo. In
1927 and 1928 the loss of about $500,000,000 of
gold followed upon a period of extreme ease in
the money market in America and the flotation
of a large amount of foreign securities. In the
autumn of 1931 the loss of gold followed upon
the suspension of the gold standard in England
and the desire of many foreign central banks to
convert their foreign balances into gold.
During the period from 1914 to the autumn
of 1931, taken as a whole, there was a net
increase in the gold stock of this country of
$3,000,000,000, or more than 150 per cent of the
amount in the country at the beginning of the
period. After the decrease of about $1,000,000,000 from the high point reached in September of 1931, the amount of monetary gold
in this country is about $4,000,000,000, compared with $1,800,000,000 in 1914, and more
than at any time prior to 1923. At the beginning of June, reserves of the reserve banks were
$1,034,000,000 in excess of legal requirements.
Loans and investments of reporting member
banks in leading cities, after declining by
$3,500,000,000, or 15 per cent,
Recent course between March 18, 1931, and
of member bank
February 24, 1932, declined
credit
further by $550,000,000 between February 24 and April 13. From the
middle of April to the beginning of June the
decline in the total volume of this credit was at
a slower rate, as there was a considerable increase in investments, which partially offset the
continued decline in loans.
At New York City banks, for which figures
are available for June 8, the volume of loans
and investments on that date was slightly
higher than eight weeks earlier, while at banks
outside of New York City there was a further
decline. Investments increased considerably
at New York banks, and up to June 1 also
increased somewhat in the outside banks, the
increase being shown both in holdings of Government securities and of other securities in
New York, but only in the latter class of securities outside of New York.
JUNE, 1932
A chart is here presented showing the course
of loans and investments of all reporting member banks for the past five years,
Course
over
«,i
i-
<•
i
i
five years
wi.n separate lmes lor banks in
New York City and outside. It
is apparent from the chart that the rapid decline
in bank credit, which began early in 1931, became much slower after the beginning of March
of the present year. At the New York banks
there has been no decrease in loans and investments since that time, while at the banks outr
REPORTING MEMBER BANKS
a L L i m u t M
TOTAL LOANS AND INVESTMENTS
--Total
1927
1928
1929
1930
1931
1932
side the decrease has continued, though at a
slower rate. At the beginning of June loans
and investments of all reporting banks were
slightly lower than in the early part of 1927,
while at New York City banks they were in
larger volume than five years ago.
Another chart shows the course of net demand and time deposits of the reporting member banks. The decline in time deposits,
which was rapid from the spring of 1931 to the
end of the year, became more gradual after the
end of January, 1932, and since that time there
has been little change in the volume of time
deposits. Net demand deposits, after a sharp
and prolonged decline lasting until the latter
REPORTING MEMBER BANKS
22
20
20
\
16
18
16
Net Derr and Deposii s
k
1*t
V
Change from—
England
France
Germany...
Italy
Belgium
Netherlands.
Switzerland-
Date,
1932
May
May
May
May
May
May
May
25
20
23
20
18
23
23
Gold reserves
204
Month
before
+21
+72
-1
P296
352
380
471
+1
+18
Year before
-126
+912
-361
+17
+151
+199
+374
*» Preliminary.
In the five weeks ending May 25, the Bank
of England, in addition to purchasing gold, also
purchased securities. Most of
Bank of England the funds thus disbursed were
absorbed by the Government
in building up its deposits at the bank in prep-
10
T/me Deposits
6
[In millions of dollars]
Central bank of—
Demand plus Time Deposits
18
GOLD RESEKVES OF SELECTED CENTRAL BANKS
BILLIONS OF DOLLARS
22
12
347
FEDERAL RESERVE BULLETIN
J U N E , 1932
6
"•••in
BANK OF ENGLAND
[In thousands of pounds sterling]
Change from—
May 25,
1932
1927
1928
1929
1930
1931
1932
part of March, showed an increase in recent
weeks, reflecting in part an increase in balances
held by country banks with their city correspondents.
The central banks of England, France, and
Netherlands gained gold reserves in the latter
part of April and the early part
1
of May. Reserves of the Bank
of England showed the first
substantial increase since the suspension of the
gold standard last September. The bank did
not begin acquiring gold until the week ending
May 18, but a considerable amount of the gold
imported into England since the middle of
March has not been reexported, and a substantial portion of the gold which has been
coming to the bullion market from the private
stocks of the British public has been retained
within the country.
Gold
Discounts and advances
Securities
B ankers' deposits
Public deposits.
Other deposits
Notes in circulation
125,032
12,172
364,349
77,544
23,606
32, 948
354,221
Apr. 20, May 27,
1932
1931
+4,217
+974
+12,278
+4,704
+14,457
- 1 , 637
-50
-25,985
+5,347
+48,677
+22,783
+6,157
-872
-639
aration for the heavy interest payments to
be made on the public debt on June 1. But
bankers' deposits were also increased and, as a
result, short-term rates on the London money
market continued easy. On May 12 the bank
further reduced its rate of discount, from 3 to
2% per cent.
The gold stock of the Bank of France increased further in the four weeks ending May
„ f -«
20. As on earlier occasions this
Bank of France
year, this increase was more
than offset by a decline in the bank's holdings
of foreign exchange. The excess sales of foreign exchange reflected in part purchases of
foreign currencies from the bank by the public
348
FEDERAL RESERVE BULLETIN
JUNE,
1932
for the purpose of paying for the continued substantial amounts of foreign exchange to
excess of merchandise imports into the country. meet payments on the foreign debt, and a
These purchases of exchange by the public
REICHSBANK
through the commercial banks are reflected in
[In millions of reichsmarks]
the Bank of France statement in the decrease of
Change from—
"other deposits/7 which include balances of
May 23,
the commercial banks. These deposits were
1932
Apr. 23, May 23,
also reduced by a heavy transfer to the Gov1932
1931
BANK OF FRANCE
[In millions of francs]
Change from—
May 20,
1932
Gold
Foreign exchange
Domestic discounts and advances.
Government deposits
_.
Other deposits
__
Notes in circulation
78,907
10,019
6,170
4,337
23,016
81,247
Apr. 22, May 22,
1932
1931
+1,426
-2,340
-984
+1,102
-2,959
+102
+23, 274
-16,138
-1,945
-6,178
+10,756
+4, 421
ernment account in connection with the
3,000,000,000 franc issue of Treasury notes
early in May. On the following report date
, deposits of the Treasury proper, which are
included in Government deposits, rose to
2,138,000,000 francs, the largest figure since
April, 1931, when the Treasury began to draw
heavily upon its balances at the bank in order
to meet its expenses at a time of diminishing
revenues.
The Treasury notes were readily absorbed by
the market. For some months money rates
in Paris have been extremely easy, with the
four leading Paris banks maintaining a cash
ratio—i. e., cash in vault and at the Bank of
France to deposits—of about 30 per cent.
Total gold and foreign-exchange reserves of
the Reichsbankincreased slightly—by 1,944,000
reichsmarks ($463,000)—in the
Reichsbank
month ending May 23, the
first increase in nearly a year.
The fact that this increase occurred notwithstanding the need during recent weeks for
Gold
... Foreign-exchange reserves
Discounts and advances
Deposits
Notes in circulation
856
135
2,894
365
3,739
-4
+6
-86
-5
-136
-1,514
-62
+1,396
-9
-12
decrease in net receipts from the excess of
merchandise exports, indicates that the outflow
of funds from Germany has been under effective
control.
As in the preceding month, Reichsbank
notes returning from circulation were utilized
by the market in retiring discounts and advances. Since the first of the year these loans
to the market have been declining from the
high level which they reached after the bank
began to lose large amounts of gold in June,
1931.
Changes in Foreign Central Bank Discount Rates
The following changes in discount rates
during the month ended June 1 have been
reported by central banks in foreign countries:
National Bank of Bulgaria—May 17, from 9% to
S}i per cent; May 25, from 8% to 8 per cent.
Danish National Bank—May 30, from 5 to 4 per
cent.
Bank of England—May 12, from 3 to 2% per cent.
Bank of Italy—May 2, from 6 to 5 per ceat.
Bank of Norway—May 20, from 5 to 4}£ per cent.
Reserve Bank of Peru—May 20, from 7 to 6 per cent.
Bank of Sweden—May 17, from 5 to 4% per cent.
Annual Report of the Federal Reserve Board
The text of the annual report of the Federal
Reserve Board, covering operations for 1931,
was presented to Congress on June 17 and
released for publication on the same day.
349
FEDERAL RESERVE BULLETIN
JUNE, 1932
Earnings and Expenses of Member Banks
Net profits of member banks during the
year 1931, according to figures that have
recentlv become available, amounted to $12,261,000, which compares with $306,502,000
in the previous year. The rate of return on
the banks' invested capital was less than twotenths of 1 per cent in 1931, compared with
4.56 per cent in 1930.
The low rate of earnings was a reflection
chiefly of low interest returns and heavy
losses. Gross earnings per $100 of earning
assets for the year 1931 amounted to $5.72,
a reduction of 58 cents from 1930. The cost
of handling $100 of business was 54 cents less
in the recent period than in the prior one,
largely because of reductions in the rates of
interest paid on deposits. Net losses were
much higher than at any time in recent experience. Per $100 of loans a loss of $1.36
was written off, while $2.26 was charged off
per $100 of investments as against $1.05 in
1930.
Although only a small fraction of the
amount was earned, member banks declared
$335,792,000 in dividends, which was only
$36,176,000 less than in the previous year.
The figures of member bank earnings and
expenses in 1930 and 1931 are summarized in
the following table and are given in detail on
pages 394 to 399.
121668—32
2
EARNINGS AND EXPENSES OF MEMBER BANKS,
1930-31
Amounts per
Amounts (in thousands $100
of earning
of dollars)
assets
1931
Gross earnings:
Interest earned
1,581,905
Other earnings
329, 597
1,911,502
Total
Expenses:
Interest on deposits
580, 910
Salaries and wages
412, 531
Other expenses...
341,938
1,335, 379
Total
_
576,123
Net earnings
Net losses:
267, 241
On loans and discounts...
250,629
On investments
45,992
All other
563,862
Total
12, 261
Net profits
335, 792
Dividends declared
!
33,431, 791
Loans and investments
6, 395,866
Capital funds 2
-
1930
1931
1930
1,857, 514
371, 260
$4.73
.98
$5.24
1.06
2,228, 774
5.72
6.30
748,992
451, 776
403, 567
1.74
1.23
1.03
2,12
1.28
1.14
1, 604, 335
3.99
4.53
624,439
1.72
1.76
171,323
96, 694
49,920
.80
.75
.14
.48
.28
.14
317,937
1.69
.90
306, 502
371,968
.04
.87
35,395,412
6, 722, 782
Other ratios
Earning assets per $1 of capita 1 funds
Net profits per $100 of capital funds
Losses on loans per $100 of loa Q.S
Losses on investments per $10 0 of investments
5.23
.19
5.26
4.56
1. 36
2.26
.78
1.05
1 Averages of amounts from reports of condition for 5 call dates December to December; loans and investments exclusive of bills sold with indorsement.
2
Capital, surplus, and undivided profits including reserve for dividends and contingencies, and excluding reserve for taxes, interest, and
other expenses accrued.
350
FEDERAL KESEKVE BULLETIN
J U N E , 1932
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled May 24 and released for publication May 26]
Industrial activity and factory employment
declined substantially from March to April,
although usually little change occurs at this
season. Purchases of Government securities
by the Federal reserve banks have continued
during April and the first three weeks of May,
and there has been a considerable growth in the
reserves of member banks.
Production and employment.—Volume of industrial production, as measured by the board's
seasonally adjusted index, decreased from 67
per cent of the 1923-1925 average in March to
64 per cent in April. Reductions in activity
were reported for many leading industries, with
sharp declines at cotton and woolen mills and
at bituminous coal mines; in the automobile industry output increased from the low level of
March by more than the usual seasonal percentage, and in the steel industry, where activity
had declined from early February to the middle
of April, it was reported that production increased somewhat between the middle of April
and the third week of May.
The number of wage earners employed at
manufacturing establishments declined further
between the middle of March and the middle of
April, and there was a substantial reduction in
factory payrolls. Large decreases in employment were reported for the iron and steel, machinery, and textile industries, while the volume
of employment in the food and leather industries showed the usual seasonal changes.
Daily average value of building contracts
awarded during April and the first half of May,
as reported by the F. W. Dodge Corporation,
showed a seasonal increase over the first quarter. A substantial increase was reported for
public works, while residential building continued at the low level of the first quarter,
showing none of the usual seasonal expansion.
Distribution.—Freight-car loadings of merchandise showed little change in volume from
March to April, continuing at the level prevailing since January, although increases are
usual during this period. Sales by department
stores increased considerably in April.
Wholesale prices.—Wholesale prices of commodities declined from 66 per cent of the 1926
average in March to 65.5 per cent in April,
according to the Bureau of Labor Statistics,
and in the first three weeks of May further
decreases in the prices of many leading commodities were reported. Downward movements in textiles, nonferrous metals, and imported raw materials, as well as in most domestic agricultural products except wheat, were
offset in part by increases in the prices of coffee,
petroleum, and petroleum products.
Bank credit.—Further purchases of United
States Government securities by the Federal
reserve banks were made during April and the
first three weeks in May, and on May 18 total
holdings were $1,466,000,000. The funds
placed in the market through these purchases
between April 6 and May 18 were used to the
extent of $170,000,000 in a further reduction of
member bank indebtedness to the reserve
banks; and to the extent of $122,000,000 in
meeting a demand for gold from abroad; at the
same time member banks accumulated reserve
balances considerably in excess of legal requirements. During the first three weeks of May
the demand for currency, which had declined
in April, increased somewhat, contrary to usual
seasonal movement.
Loans and investments of reporting member
banks in leading cities, which had declined
continuously until the middle of April, showed
little net change
between April 13 and May 18.
The banks7 investments increased by nearly
$300,000,000, chiefly in New York City; while
loans declined by about an equal amount.
There was also a growth in net demand deposits, which reflected in part an increase in
bankers' balances deposited in New York City
banks.
Money rates in the open market continued
easy. Rates on commercial paper were reduced about one-half of 1 per cent to a range
of 2%-3 per cent for prime names,
and the
offering rate on 90-day bankers7 acceptances,
which had advanced to 1% per cent in the first
week of May, declined on May 11 to the
previously prevailing rate of seven-eighths of
1 per cent.
JUNE,
351
FEDERAL RESERVE BULLETIN
1932
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
6000
6000
5500
5500
5000
5000
4500
4500
4000
4000
Member Bank .
Reserve Balances
2500
2500
2000
2000
1500
1500
1000
1000
500
1927
1928
1929
1930
1931
Based on weekly averages of daily figures; latest figures are for week ending May 28.
1932
352
FEDERAL RESERVE BULLETIN
JUNE, 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 increase
Factors of decrease
Month or week
Bills discounted
Bills
bought
Other
United
reserve
States
bank
securities credit
Treasury
Money
Monetary
Total gold stock currency in circulation
adjusted
NonMember
bank
member
reserve deposits,
balances
etc.
Unexpended
capital
funds
1931—January
February
March
April..
May
June....
July....
August
September
October
November. __
December
253
216
176
155
163
188
169
222
280
613
695
774
206
102
123
173
144
121
79
135
259
692
560
340
647
603
604
600
599
610
674
712
736
733
727
777
1,129
936
921
952
926
945
954
1,107
1,313
2,088
2,035
1,950
4,622
4,656
4,682
4,711
4,767
4,865
4,958
4,975
4,948
4,447
4,363
4,450
1,784
1,780
1,778
1,770
1,783
1,759
1,784
1,764
1,768
1,768
1,766
1, 782
4,695
4,598
4,590
4,647
4,679
4,750
4,836
4,947
5,133
5,478
5,518
5,611
2,433
2,370
2,386
2,376
2,387
2,404
2,407
2, 345
2,333
2,256
2,118
2,069
28
25
24
27
28
35
83
187
199
208
171
144
379
379
381
38?
382
380
370
367
364
361
357
358
1932—January
February....
March.__
April
May
828
848
714
605
221
151
105
52
41
759
743
809
1,014
1,413
.,785
,652
,694
,959
4,452
4,384
4,372
4,381
4,273
1,773
1,787
1,792
1,789
1,788
5,645
5,627
5,531
5,452
5,456
1,979
1,907
1,899
1,996
2,138
113
73
37
63
77
353
349
349
353
349
859 |
162
749
:,822
4,429
1,773
5,617
1,941
117
349
862
843
856
842
157
166
150
139
, 749
742
741
740
1,822
1,803
, 790
,752
4,410
4,405
4,379
4,356
1,777
1,777
1,794
1,795
5,645
5,642
5,627
5,605
1,925
1,917
1,906
1,895
91
78
82
55
348
348
348
348
757
684
667
125
136
107
84
754
786
820
825
,731
,705
,634
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
41
34
37
33
346
348
350
351
651
647
637
579
543
854
882
957
1,077
1,186
1,595
%609
,670
,729
,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
45
50
63
73
73
351
350
351
354
352
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
79
74
74
72
351
351
350
349
Week'ending (Saturday)Jan. 30
Feb.
Feb.
Feb.
Feb.
6
13...
20
27
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
_
_
Wednesday series
End of month series
1932
1931
1932
Dec.
31
Jan. Feb. Mar. Apr. May
30
29
31
828
109
740
32
556
639
48
68
872 1,228
18
18
Apr.
27
31
May
May
May
June
May
I
Bills discounted
_
Bills bought
United States securities.
Other reserve bank credit
Total reserve bank credit
Monetary gold stock
Treasury currency adjusted
638
339
817
59
153
746
58
490
36
1,549
21
1,853 1,856 1,709 1,597 1,850 2,096
4,460 4,415 4,353 4,390 4,367 H, 150
1,759 1,775 1.791 1.806 1,803
, 805
Money in circulation
5,647 5,642 5,603 5,459 5,464 "5,479
Member bank reserve balances. 1,961 1,947 1,849 1,924 2,124 2,113
Nonmember deposits, etc
79
110
107
59
109
53
Unexpended capital funds
354
350
351
353
350
348
Bills discounted
Bills bought
United States securities...
Other reserve bank credit
506
471
465
532
471 I 495
45
43
41
46
38
35
1,287
1,385
1,466
1,191
1, 525 1, 575
22
19
16
17
13
17
Total reserve bank credit
Monetary gold stock—
Treasury currency adjusted
1,785 1,859 1,919 1,988 2,048
4,368 !4,345 4,314 4,274 4,207
1,783 11,818 1,771 1,799 1,790
2,122
4,106
1,817
5,398 5,448 5,431 5,449 5,410
Money in circulation
Member bank reserve balances- 2,114 2,147 |2,144 2,192 2,214
Unexpended capital funds, non428
428
421
420
member deposits, etc
424
5,467
2,125
454
* Preliminary.
NOTE.—For explanation of relations between movements of reserve bank credit, factors of decrease, and factors of increase see BULLETIN for
July, 1929, pp. 432-438.
Backfigures.—See(for averages of daily figures) Annual Report for 1930 (Tables 1, 2, and 3).
353
FEDERAL RESERVE BULLETIN
JUNE, 1932
RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL
RESERVE NOTE STATEMENT
[In thousands of dollars]
May 31, 1932 Apr. 30, 1932 May 31, 1931
RESOURCES
_.
2,100,537
41,129
2,274,556
35, 897
1,785,864
32, 613
Gold held exclusively against Federal reserve notes..
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks
2,141,666
326,185
322,435
2,310, 453
308,440
385, 438
1, 818,477
593, 653
838, 012
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).
2.790,286
197, 001
3,004,331
208,493
3, 249, 542
163, 932
2.987,287
65,957
3, 212,824
66, 752
3,413,474
58, 753
489,494
408
172
550,889
4,643
233
173,768
490,074
555,765
173, 861
4,690
16,760
307
30,736
119,487
4,893
1,073
Gold with Federal reserve agents
Gold redemption fund with United States Treasury
Total bills discounted
Bills bought:
Payable in dollars—
Bought outright
Under resale agreement. _
Payable in foreign currencies.
~30,~837"
Total bills bought
United States securities:
Bought outright
Under resale agreement.
Total United States securities
Other reserve bank credit:
Federal intermediate credit bank debentures
Federal land bank bonds
_
Municipal warrants
Due from foreign banks
Reserve bank float (uncollected items in excess of deferred availability items) _
Total reserve bank eredlt outstanding
Federal reserve notes of other reserve banks.
Uncollected items not included in float
Bank premises
All other resources
Total resources.
Federal reserve notes:
Held by other Federal reserve banks.
Outside Federal reserve banks.-
93
35, 527
125, 453
1, 548,869
300
598, 336
1,549,169
1,227, 814
598, 336
5,285
4,643
10,946
4,905
5,692
8,206
900
750
37
699
17, 366
2,095,644
1,850,185
917,402
11,585
306, 583
58, 084
40, 517
14,008"
322, 590
57, 857
36,134
12,670
450,447
58,580
20,722
5,565,657 I
5,560,350
4, 932, 048
14,008
2, 558,208
14,008
2, 552,063
12,670
1,567 806
LIABILITIES
Total notes in circulation
2,572,216 I
2, 566,071
1, 580,476
Deposits:
Member bank—reserve account.
Government
Foreign bank.
Other deposits
2,113,487
17,271
74,405
34,431
2,123,827
21,928
46,805
32,413
2, 389, 288
21, 703
7,760
22, 764
Total depositsDeferred availability items..
Capital paid in
Surp"
All other liabilities
2,239, 594
306, 583
154, 801
259,421
33,042
2,224,973
322,590
155,237
259,421
32, 058
2,441,515
450,447
168, 375
274, 636
16, 599
Total liabilities
Contingent liability on bills purchased for foreign correspondents
FEDERAL RESERVE NOTE STATEMENT
Federal reserve notes:
Issued to Federal reserve banks1 by Federal reserve agents.
_.
Held by Federal reserve banks
_
5, 565,657
182,771
5, 560,350
291,837
4,932, 048
380,178
2, 765,381
193,165
2, 774,204
208,133
1,962, 077
381, 601
2, 572,216
2, 566,071
1, 580, 476
2,100, 537
484,733
204, 700
2, 274, 556
562,464
1,785,864
281, 045
2,789,970
2, 837, 020
2, 066,909
In actual circulation.
Collateral held by agents as security for notes issued to banks:
Gold
Eligible paper
_
U. S. Government securities
Total collateral..
!
!
|
I
i Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation.
354
FEDERAL RESERVE BULLETIN
JUNE,
1932
ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED
STOCK
STATES
[In thousands of dollars]
[In millions of dollars]
1932
Analysis of changes
Month
Gold
stock
Net re- Domesat end Increase
in stock Net gold lease tic proof
month durin
ring
import from ear- duction,
mark
etc.2
month
1929—January
February...
March
April
May..
June
July..
August
September.
October
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
Total (12 mos.)_
1930—January
February. __
March
April
May
June
July
August
September.
October
November..
December. _
4,291
4,353
4,423
4,491
4,517
4,535
4,517
4,501
4,511
4,535
4,571
4,593
Total (12 rnos.)..
1931—-January
February...
March
April
May
June
July
August
September.
October
November.
December..
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
-14.4
26.4
34.4
72.4
40.6
23.4
16.3
18.9
12.1
14.4
-19.2
-82.9
-65.0
7.5
48.6 i
16.1 !
-7.5 !
-22.0 |
-1.0
-6.6 !
-4.5 i
1.0 |
-22.0
3.4
0.9
2.1
«0.8
0.9
0.7
3.6
1.5
1.1
1.4
«3.0
3.5
• 142. 5
:
6.8
«61.9
•70.2
68.5
25.9
17.6
-18.4
-15.5
10.2
23.3
36.8
22.1
175.1
-55.4
«22. 8
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
2.3
1.9
-0.3
2.3
0.5
1.7
4.3
4.2
3.7
3.1
3.8
4.5
'309.6
' 280.1
"-2.4
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
92.3
-29.7
-18.0
—279.1
-107.6
28.3
-22.9
-133.4
4,416
4,354
4,390
4,367
4,150
47.2
25.5
24.8
23.1
23.6
30.2
34.7
18.4
17.6
17.5
-23. 2
-64.4
-44.2
-62.3
36.0
-23.1
-216.7
"31.9
(preliminary)
Imports
Belgium
England
Exports
19,035
5, 911
59,603
3,410
200
France
_.
Germany
Italy
Netherlands
Portugal
Switzerland.Canada
4,493
Central America
666
Mexico _.
Argentina
Colombia . Ecuador
Peru
1,012
Uruguay
Venezuela
British India
182
China and Hong
3,734
Kong
Dutch East Indies.
2,437
Japan
Philippine Islands.
All other countries *. 1,907
Total
2
14,631
JanuaryApril
April
Imports
100
60
2
70,454
Exports
669
2,022
24 527
3,345
101
18, 707
55,084
115
22
7,289
80
3,329
7
1,047
1,000
158
2
37
2,402
245
2,013
320
1,217
213,534
19, 271
Imports
Exports
37,422
5,650
244 045
3,911
101
33,636
2,386
2,134
55
271
1
61
2
25,090
370
8,399
12,950
2,966
393
1,344
2,000
568
7,322
20
57
6,336
1,506
31,424
1,247
6,807
76
49, 509 109,058
329,493
1
* Includes all movements of unreported origin or destination.
» At New York—imports, $3,145,000; exports, $213, 534,000. Elsewhere,
imports, $11,486,000
KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Ftderal reserve banks. In millions of
dollars]
1932
1931
Kind of money
M a y 31 v
145.3 I -320.8
42.1
25.4
26.4
58.3
4.0
-22.1
1.9
2.4
3.4
4.3
-75.0
-90.6
-24.7
-30.5
-198.9
May
From or to—
Gold coin
Gold certificates
Federal reserve notes
._
435
735
2,558
Apr. 30
411
758
2,551
M a y 31
353
1,020
1,566
Treasury currency:1
30
Standard silver dollars
30
34
Silver certificates
355
356
380
Treasury notes of 1890
__
Total (5 mos.) »_
1
1
17.4
-310. 3
-419.6
91.9
1
Subsidiary silver
256
257
273
Minor coin
_ __ _
114
114
117
i Gold released from earmark at Federal reserve banks less gold placed
United States notes
290
282
300
under earmark.
Federal reserve bank notes
3
3
3
> This figure, derived from preceding columns, represents the excess of
National bank notes
702
703
655
domestic production over nonmonetary consumption of gold—chiefly
consumption in the arts. In any given month, however, it may be
Total Treasury currency
1,751
1,746
1,763
predominantly affected by the fact that on the final day of the month
(«) gold bullion or foreign gold coin recently imported may not yet have
Total money in circulation
5,465
5,479
4,702
reached a reserve bank or the Treasury, and (6) gold bullion recently
withdrawn from stock for export may not yet have been actually
exported. The figures are subject to certain unavoidable inaccuracies
» Figures preliminary.
in official reports of gold imports and exports.
* For explanation of the term "Treasury currency" see BULLETIN for
July, 1929, p. 432.
«Corrected.
» Preliminary figures.
April
May*
355
FEDERAL RESERVE BULLETIN
J U N E , 1932
MEMBER BANK RESERVE BALANCES
[Tn millions of dollars]
Averages of daily figures
Reserves held
Month or week
Excess reserves
Total—all
member
banks
New York
City i
1931—January
FebruaryMarch
April
May...
June
July
August
SeptemberOctober
NovemberDecember..
2,433
2,370
2.3*6
2.376
2,387
2,404
2,407
2,345
2,333
2,256
2,118
2,069
891
847
860
829
848
882
887
843
864
848
774
955
945
945
962
961
949
950
943
918
872
832
807
587
578
580
585
578
573
570
559
551
536
512
503
104.7
56.6
66.5
55.6
66.8
128.9
124.4
100.6
120.3
129.1
57.0
59.5
51.5
11.6
19.4
7.2
15.5
71.4
60.6
34.3
53.8
52.5
10.7
18.5
22.5
18.2
18.7
20.2
23.6
27.0
32.8
35.7
36.7
39.7
194
16.9
30.7
26.7
28.4
28.2
27.7
30.5
30.9
30.6
29.8
37.0
26.9
30.9
1932—January
February...
March
April
1,979
1,907
1,899
]. 996
724
681
687
780
767
753
747
749
488
473
465
466
35.4
43.8
59.0
152. 1
4.5
7.2
17.8
88.1
1.8
11.3
17.3
35.7
29.2
25.3
23.8
28.3
Wtek ending (Friday)—
Mar. 4
Mar. 11
Mar. 18
Mar. 25_
1,890
1,894
1,913
1,888
675
670
689
681
746
753
759
744
468
470
465
463
3.9
7.2
14.4
16.9
11.1
19.9
24.3
16.6
1...
8—
15..
22..
29-_
1,908
1,915
1,962
2, 015
2, 087
719
718
757
7*2
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
May 6...
May 13..
2,117
2,123
864
778
792
473
467
147.1
144.8
70.4
84.9
Apr.
Apr.
Apr.
Apr.
Apr.
Other
reserve
cities
•Country"! Total-all
member
banks
banks
i Ceatral reserve city banks only.
Backfigures.—See(for monthly data) BULLETIN for June, 1931, p. 347.
New York
City i
Other
reserve
cities
'Country"
banks
()
(*)
(2)
• Figures not available by weeks.
MEMBER BANK DEPOSITS
fin millions of dollars]
Averages of daily figures
Net demand and time deposits
Time deposits
Net demand deposits
Month
Totalall member
banks
New
Other
York I reserve
City » I cities
Total'Coun- all
memtry"
ber
banks
banks
New ! Other
York
reserve
City »
cities
Total"Coun- all
memtry"
ber
banks
banks
New
York
City i
Other
reserve
cities
" Country"
banks
1831 —January.__
February _
March
April
May
June
July
August.._
September
October...
November
December.
32.048
31,968
32,069
32,179
32,168
31,602
31,526
31,041
30,500
29,138
28,218
27,438
7,445
7,453
7,472
7,336
7,439
7,232
7,325
7,147
7,126
6,937
6,612
6,414
12,942
12,932
13,003
13,181
13,157
12,939
12,831
12, 702
12,356
11,657
11,350
11,048
11,662
11,583
11,594
11,662
11,573
11,432
11,371
11,192
11,018
10,544
10,256
9,976
18,572
18,389
18,431
18,491
18,419
18,055
18,122
17,783
17,525
16,859
16,358
15,985
6,163
6,120
6,169
6,019
6,094
5,934
6,064
5,946
5,962
5,872
5,663
5,546
7,243
7,170
7,159
7,309
7,236
7,132
7,102
7,012
6,805
6,421
6,273
6,106
5,165
5,099
5,103
5,163
5,090
4,988
4,956
4,825
4,758
4,567
4,432
4,333
13,477
13,580
13.637
13.688
13,749
13,548
13,404
13,259
12,974
12,279
11,860
11,453
1,282
1,334
1,303
1,317
1,345
1,297
1,260
1,201
1,163
1,065
959
5,698
5,761
5,843
5,872
5,921
5,807
5,728
5,691
5,552
5,236
5,076
4,942
6,496
6,485
6,491
6,498
6,483
6,444
6,415
6,367
6,259
5,977
5,825
5,643
1932—January
February..
March
April
26,692
25,715
25,431
25,386
6,165
5,797
5,760
5,950
10,706
10,413
10,291
10,109
9,720
9,505
9,380
9,327
15,447
14,789
14,575
14, 589
5,343
5,001
4,959
5,138
5,921
5,723
5,622
5,492
4,183
4,064
3,993
3,959
11,145
10,926
10,856
10,797
796
800
811
4,786
4,690
4,668
4,618
5,537
5t440
5,387
5,368
i Central reserve city banks only.
Backfigures.—SeeBULLETIN for June, 1931, p. 347.
356
FEDERAL RESERVE BULLETIN
JUNE, 1932
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[In millions of dollars]
Call date
Total
loans
and
investments
Investments
Open-market loans
Loans to other customers
Purchased paper
Loans
to
banks
Total
OtherSewise
Secured cured
seby
by
cured Total
stocks real
and
and
bonds estate unsecured
Loans
to
Acoept- Acbroances cept- Com- kers
Total
pay- ances merin
able
paycial New
in
able
York*
United broad paper
States
U.S.
Government
securities
Total
loans
secured
by
Other
secu- stocks
and
rities
bonds'
TOTAL—ALL MEMBER
BANKS
1928— Oct. 3 . . .
Dec. 3 1 1929—Mar. 27..
June 2 9 Oct. 4 . - .
Dee. 3 1 1930—Mar. 27..
June 3 0 Sept. 24..
Dec. 3 1 1931—Mar. 25..
June 3 0 Sept. 29..
Dec. 31 .
NEW YORK CITY »
1928—Oct. 3 —
Dec. 3 1 —
1929—Mar. 27...
June 29—.
Oct. 4 _ . . .
Dec. 3 1 . - .
1930—Mar. 27...
June 30—
Sept. 24_.
Dec. 3 1 —
1931—Mar. 25—
J u n e 30—
Sept. 29..
Dec. 31 . .
OTHER RESERVE CITIES
1928—Oct. 3
Dee. 31
1929—Mar. 27
June 29
Oct4
Dec. 31
1930—Mar. 27
J u n e 30
Sept. 24
Dec. 31
1931—Mar. 25
J u n e 30—
Sept. 29
Dec. 31
34,929
35,684
548
538
548
670
640
714
52*
535
466
631
446
457
599
790
21,242
21,462
21,903
22,516
23,249
23,194
21,495
21,565
21,010
21,007
19,940
19,257
18,713
17,570
6,646
7,348
7,540
7,734
8,109
8,488
7,730
8,061
7,864
7,942
7,423
7,117
6,842
6,290
3,089
3,123
3,123
3,164
3,152
3,191
3,170
3,155
3,163
3,234
3,220
3,216
3,149
3,038
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
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
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
2,253
2,100
2,361
2,480
2,726
2, 595
2,252
2,129
2,087
2,054
1,896
1,782
1,881
1,813
1,048
1,790
1,250
1,496
1,196
1,397
1,655
2,091
1,912
1,525
1,651
1,497
1,121
695
128
89
144
148
188
199
296
201
107
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
9,096
213
9,267
258
308 j 9', 434
294
9,775
346
9,748
263
8,951
277
9,029
235
8,726
286
8,906
235
8,409
8,100
247
284
7,845
347
7,407
3,382
3,734
3,740
3,718
3,869
3,975
3,604
3,811
3,632
3,656
3,366
3,188
3,092
2,806
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
3,567
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
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
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
6,469
1,727
1,906
2,056
2,139
2,295
2,314
2,190
2,227
2f200
2,149
2,097
2,031
1,935
1,756
1,423
1,444
1,465
1,486
1,482
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
35,711
35,914
35,934
35,056
35,656
35,472
34,860
34,729
33,923
33,073
30,575
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
80
109
146
108
93
212
175
170
205
315
361
389
268
146
101
103
93
90
70
80
79
71
62
55
101
113
70
41
1,899
2,566
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
4,386
4,312
4,454
4,155
4,022
3,863
4,085
4,061
4,095
4,125
5,002
5,343
5,564
5,319
6,218
6,217
5,994
6,763
6,635
5,996
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
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
818
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
3,370
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
876
249
228
291
499
507
523
366
361
384
296
140
5,727
5,921
5,852
6,380
6,639
6,864
!
" C O U N T R Y " BANKS
1928—Oct. 3
Dec. 31
1929—Mar. 2 7 —
J u n e 29
Oct. 4
Dec. 31 —
1930—Mar. 2 7 —
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Sept. 2 9 —
Dec. 31
17
i1 Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.
Including loans to banks secured by stocks and bonds, reported separately after 1929 and estimated for preceding dates as one-half of total
loans to banks.
1
Central reserve city banks only.
Backfigures.—Thisclassification of loans is not availabe for dates prior to Oct. 3,1928, but comparablefiguresof total loans secured by stocks
and bonds are given for June 30, 1925-1928, in the board's Annual Report for 1928 (Table 62); for separatefiguresof United States Government
securities and other securities back to 1914, see Annual Report for 1930 (Table 47).
357
FEDERAL RESERVE BULLETIN
J U N E , 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
Nonmember banks
All
banks
Member
banks
7,043
6,945
6,975
53,398
53,720
56,766
32,133
32,138
34,826
21,265
21,582
21,940
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
21,330
21, 567
22,176
21,424
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
21,10S
21,264
20,945
20,479
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
Total
Loans
Investments
Total
Loans
Investments
Total
Loans
1928- June 30...
Oct. 3 — .
Dec. 31...
67,265
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
10,758
10,604
10,529
22,204
22,291
22,582
15,161
15,346
15,607
1929—Mar. 27..
June 29..
Oct. 4 . . . .
Dec. 31...
58,019
58,474
58,835
58,417
40, 557
41, 512
42,201
41,898
17,462
16,962
16,634
16, 519
35,393
35, 711
35,914
35,934
24,945
25,658
26,165
26,150
10,448
10,052
9,749
9,784
22,626
22, 763
22,922
22,483
1930—Mar. 27 _.
June 30..
Sept. 24..
Dec. 31...
57,386
58,108
57,590
56,209
40,688
40,618
39,715
38,135
16,700
17,490
17,875
18,074
35,056
35,656
35,472
34,860
25,119
25,214
24,738
23,870
9,937
10,442
10,734
1931—Mar. 25..
June 30...
Sept. 29..
Dec. 31...
65,924
55,021
53,365
50,097
36,813
35,384
33, 750
31, 616
19, 111
19,637
19,615
18,481
34,729
33,923
33,073
30, 575
22,840
21,816
20,874
19, 261
11,889
12,106
12,199
11, 314
Member banks
Total i
Total
National
State
[Figures for Dec. 31,1931]
Nonmember
banks
Total loans and
investments
Number
of banks Amount Percent(millions age disof dollars) tribution
1925—Dec. 31
28,257
9,489
8,048
1,441
18,768
1926—Dec. 31
27,367
9,260
7,906
1,354
18,107
All banks in the United States
1927—June 30
26,765
26,416
9,099
9,034
1,309
1,275
17,666
17,382
Member banks—total
1,244
1,208
17,012
16,739
25,941
25,576
8,929
8,837
7,790
7,759
7,685
7,629
25,110
24,630
8,707
8,522
7,530
7,403
1,177
1,119
16,403
16,108
23,852
_ 22, 769
8,315
8,052
7,247
7,033
1,068
1,019
21,903
21,294
19,968
7,782
7,599
7,246
6,800
6,653
6,368
982
946
878
15,537
14, 717
14,121
13,695
12,722
Dec 31
1928—June 30
Dec. 31
1929—June 29
Dec. 29
1930—June 30
Dec. 31
.
_
1931—June 30
Sept. 29
Dec. 31
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
BANK LOANS AND INVESTMENTS, PERCENTAGE DISTRIBUTION
NUMBER OF BANKS
Date
Investments
Reserve city banks (62 cities)...
Central reserve city b a n k s New York City
Chicago
Other reserve city banks—
|
New York City
|
Chicago
I
Other Federal reserve bank cities
(10 cities).
Federal reserve branch cities (25
cities)
..._
Other reserve cities (25 cities)
_.
" C o u n t r y " banks *
Nonmember banks
19,968
100
7, 246
61
403
39
39
15
3
12
9
23
97
5,200
133
90
6,843
4,099
1, 200
10,999
8
2
22
12,722
19, 522
39
* Includes certain outlying banks in reserve cities.
358
FEDERAL RESERVE BULLETIN
JUNE, 1932
REPORTING MEMBER BANKS IN LEADING CITIES
[In millions of dollars. Monthly data are averages of weekly figures]
Other leading
cities
Total—all weekly reporting member banks
Loans and investments
Loans and investments
Borrowings
at
Loans
on securities
Borrowings
at
F . R.
banks
! F . R.
1931—January _._
February..
March.*
April
May
June
July.
August
September.
October
November.
December
22,660
22,659
22,839
22,942
22, 713
22,439
22, 393
22, 093
22, 078
21,425
21,023
20, 749
7,495
7,315
7,302
7,157
6,998
6,770
6,631
6,480
6,413
5,971
5,859
5,763
8,399
8,242
8,150
8,040
7,893
7,853
7,964
7,900
7,870
7,679
7,586
7,441
6,766
7,102
7,387
7,745
7,822
7,816
7,798
7, 713
7,795
7,775
7,578
7,545
3,163
3,385
3,638
3,913
3,957
4,048
4,121
4,074
4,154
4,171
4,072
4,127
1932—January...
February..
March
April
May
20,178
19, 775
19, 434
19,096
19,112
5,644
5,497
5,388
5,150
4,975
7,331
7,214
6,987
6,820
6, 727
7,203
7,064
7,059
7,126
7,410
3,943
3,856
3,866
3,875
4,121
6,921
6,645
6.521
6,492
Mar. 2
Mar. 9
Mar. 16.—
Mar. 23—.
Mar. 3 0 . . .
19, 523
19,305
19, 588
19,403
19, 354
5,440
5,426
5,413
5,337
5,328
7,148
7,010
6,975
6,917
6,935
6,869
7,200
7,149
7,143
3,742
3,704
4,016
3,951
3,920
Apr. 6
Apr. 13
Apr. 20.—
Apr. 2 7 . . . .
19,173
19,058
19,119
19,033
5,222
5,148
5,131
5,099
6,838
6,822
6,838
6,783
May
May
May
May
19, 277
19,140
19, 037
18, 994
5,063
4, 977
4,950
4,910
6,779
6,740
6,711
6,678
4
11
18
25___.
7,435
7,423
7,376
7,406
3,111
3,079
3,176
3,
3,039
2,846
2,764
2,640
2,657
2,369
2,277
2,237
2,472
2,410
2,295
2,242
2,194
2,204
2,365
2,370
2,375
2,272
2,243
2,218
6, 6-17
2,209
2,127
2,065
1,947
1,851
2,220 2,492
2.171 2,347
2,078 2,378
2,029 ! 2,516
2, 038 2, 758
6,540
6,421
6,617
6,486
6,541
2,109
2,097
2,066
2,009
2,043
12, 983
12,884
12,971
12,917
12,813
3,882
3,858
3,874
3,884
1,979
1,933
1,950
1,925
12,718
12,638
12,551
12, 508
4,163
4,144
4,093
4,084
1,908
1,845
1,840
1,810
12, 550
12, 467
12. 433
12,411
7,975
7,889
7,875
7,694
7,780
7,633
7,744
7,466
7,258
7,165
2,323
2,476
2,504
2,567
2,642
2,644
2,651
2,623
2,712
2,825
2,738
2,710
13, 257
13,130
12,913
12,604
12, 465
BROKERS' LOANS
REPORTED BY T H E NEW YORK STOCK EXCHANGE
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures]
[Net borrowings on demand and on time. In millions of dollars]
From New
From private
York banks banks, brokers,
and trust com- foreign banking
panies
agencies, etc.
Total
End of month
1931
January
February
March
April
May
June
-.
1932
1931
1932
1931
1932
720
840
909
512
525
533
1,557
1,646
1,692
374
385
391
163
194
217
138
140
142
651
435
391
379
300
1,466
1,293
1,221
300
243
185
141
170
79
57
July
August
September
1,344
1,354
1,044
1,171
1,160
932
173
194
112
October
November
December
796
730
587
688
582
455
108
148
132
Back figures.—See Annual Report for 1930 (Table 57).
Month or date
1931—February..
March
April
May
June
July
August
September.
October-..
November.
December.
1932—January . . .
February..
March
April
May.
May
May
May
May
4
ll.._.
18....
25....
Total
For acFor
count of For acown ac- out-of- count of
count
town
others
banks *
1,759
1,858
1,824
1,644
1,464
1,434
1,342
1,268
921
802
656
544
495
531
500
436
1,186
1,335
1,322
1,279
1,110
1,062
951'
943
674
588
554
473
417
432
423
385
499
438
414
393
440
383
367
350
•
290
264
271
191
181
204
226
174
90
124
88
65
72
94
70
44
259
231
174
173
168
165
151
157
90
13
6
=
6
* Member and nonmember banks outside New York City (domestic
banks only).
Back figures.—See Annual Report for 1930 (Table 56).
359
FEDERAL RESERVE BULLETIN
JUNE, 1932
ACCEPTANCES AND COMMERCIAL PAPER
BANKERS' ACCEPTANCES OUTSTANDING
CEPTANCES)
(DOLLAR AC-
CLASSES OF BANKERS' ACCEPTANCES (DOLLAR
ACCEPTANCES)
[In millions of dollars]
[In millions of dollars]
Held by Fed- Held by group of aceral reserve
cepting banks
banks
End of month
Total
outstanding
For
acFor count
own of foraceign
count correspondents
Held
by
1 OlHl
Own
bills
Bills
bought
'930—January
February...
March .
April
May
June
July
August
September _
October
November..
December..
1,693
1,624
1,539
1,414
1,382
1,305
1,350
1,339
1,367
1,508
1,571
1,556
293
269
277
209
184
127
129
167
208
141
143
328
526
503
482
465
463
470
479
471
432
433
429
439
220
183
167
158
166
205
279
267
317
384
493
371
63
71
72
55
63
64
63
95
131
172
180
90
157
112
95
103
103
141
216
172
186
212
313
282
653
669
613
582
570
503
463
434
411
550
507
417
1931—January
February...
March
April
May
June
.
JulyAugust
SeptemberOctober
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
961
919
911
879
119
76
36
314
312
335
292
183
332
343
377
455
159
175
155
188
174
168
222
268
1932—January
February...
March
April
May
16
*5
End of month
others
•440
441
444
379
278
186
e
67
63
•161
156
195
189
•163
115
« Corrected.
* Preliminary.
Figures for acceptances outstanding (and held by accepting banks)
from American Acceptance Council.
Backfigures.—SeeAnnual Reports for 1929 (Table 58) and 1928 (Table
CD.
ACCEPTANCES PAYABLE IN FOREIGN CURRENCIESHOLDINGS OF FEDERAL RESERVE BANKS
OUTSTANDING
1931—February
March
April
May
June
Julv_
August
September
October
November
December
1932— January
February
March
April
January
February
March
April
May
June
July
August
September...
October
November...
December
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
1,035
1,038
1,040
1,054
1,058
1,064
1,065
1,071
1,075
21,583
31,587
35,983
212
212
211
207
202
186
178
174
173
158
159
398
390
360
361
349
330
276
257
261
254
222
295
282
271
264
254
238
202
190
238
258
267
544
520
507
505
494
423
391
338
330
298
296
961
919
911
879
150
142
129
118
207
195
205
199
272
271
267
251
298
284
287
294
1931—February
March
April
May—
June
July
August
September
October
November
December
1932—January...
February
March...
April
85
123
162
124
95
39
70
420
647
418
305
13
17
24
20
15
7
10
68
105
61
43
129
99
84
42
52
60
59
39
16
38
185
285
170
104
119
76
36
16
16
9
4
2
32
27
12
47
25
13
5
i Total holdings of Federal reserve banks include a small amount of
unclassified acceptances.
Backfigures.—SeeAnnual Report for 1930 (Tables 61 and 14).
COMMERCIAL PAPER OUTSTANDING
[In millions of dollars]
1931
36,119
23,958
1,063
1,074
1,073
10,551
34,371
145,215
48,804
33,501
33,386
33,429
1932
33,444
33,478
30,778
30,736
30,837
Backfigures—See Annual Report for 1928 (Table 12), 1927 (Table 12),
1926 (Table 24), etc.
1,520
L,467
L,422
L, 413
L, 368
L, 228
L, 090
996
1,040
L.002
'974
HELD BY F. R. BANKS
(OWN ACCOUNT)^
[In thousands of dollars]
End of month
Based
on
imTotal ports
into
U. S.
Based
on goods
on
stored in
goods
United
stored
Based States
in
on ex- (ware- Dollar foreign
ports house
ex- I counfrom credits) changej tries or
shipped
U.S.
or
shipped
bebetween
tween
domesforeign
tic points
points
End of month
January
February...
March
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
613
485
448
358
Backfigures.—SeeAnnual Report for 1930 (Table 60).
327
315
311
307
305
292
289
271
248
210
174
118
1932
108
103
106
108
360
FEDERAL RESERVE BULLETIN
J U N E , 1932
BANK SUSPENSIONS AND BANKS REOPENED
Banks suspended
Banks reopened
Deposits (in thousands of dollars)
Number
Deposits (in thousands of
dollars)
Number
Year and month
Members
All
banks
National 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
1930—September..
Ottober
November..
December. .
72
254
344
7
10
26
49
1931—January
February...
March
April
May
June
July
August
September..
October
November..
December..
202
77
86
64
91
167
63
158
305
522
175
358
20
15
18
17
24
26
16
29
46
100
35
63
1932—January
February...
March
April
May
342
' 124
'46
'71
74
26
7
1921.
1922.
1923.
1924.
1925.
19261927..
1928.
1929.
1930..
1931.
19
12
34
37
28
35
33
16
17
26
108
Members
Nonmem- All banks
bers
Nonmembers
National; State
All Mem- Nonbanks bers members
All
banks
Members
Nonmembers
17,493
35,565
11,674
22,462
16,618
60,610
35,729
15,727
25,829
61, 599
158,187
3,132
11,618
5,068
7.190
6,779
8,179
8,311
6,610
2,273
3,538
53,944
14,361
23,947
6,606
15,272
9,839
52,431
27,418
9,117
23,556
68,061
104,243
351
208
1,688
11,972
6,770
16,340
431 196,460
297 110,721
524 188,701
617 213,338
466 172,900
796 272,488
538 193,891
418 138,642
561 234,532
1,158 864, 715
1,781 1,691,510
21,285 21,218 153,957
19,092
5,151 86,478
32, 904 18,324 137,473
60,889 13,580 138,869
58,537
8,727 105,636
47,866 20,946 203,676
46.581 19, 755 127,555
31,619 10,621 96.402
37,007 20,128 177,397
173,290 207,150 484, 275
439,171 294,357 957,982
60
65
37
94
62
149
95
39
58
147
276
57
62
221
288
23,666
24, 599
186, 306
367,119
1,769
171 21, 726
3,336
21,263
62,373 35, 742 88,191
44,884 163,993 158,242
4
11
23
43
1,688
12,323
6,978
16,340
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
67,939
277,051
58
49
31
28
9
8
9
4
6
22
21
31
19,322
17,157
11, 788
23,613
3,890
24, 522
2,525
14,396
4,258
5,096
13,041
18,579
14,569
7,615
5,822
7,901
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,C39
4,216
87,448 25, 768
54,369
23, 313
19,921
25,835
119,678
31,895
95,739
123, 787
243,033
35,684
163,835
50
41
23
74
48
135
84
34
63
140
245
255 ' 219, 071
10, 873 rr144, 512
19
'92 I ' 65, 479 22, 628
8,660 34,191
46
'39 | ' 14, 991
4,484
' 10,
507 '38
r
'60 ' 31, 924 ! 2,634 • 12, 075 I 17, 215 '22
* 36, 084 *> 6, 351 v 1,605 » 28,128 v 17
16
40
'28
'19
v 14
1,856
3,333
3,381
15,893
401
23,816
991
3,684
589
17,466
13,824
8,407
7,720
3,489
706
2,525
14,396
4,258
4,105
9,357
17,990
10, 952
3,293
7,659
• 19,601 ' 4,944 14, 657
' 19, 590
9,714 ' 9, 876
' 11,041
1,793 ' 9,248
? 23, 868 p 1, 875 * 21, 993
p
Preliminary.
Revised.
Banks suspended and banks reopened.—The statistics of 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 m 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.
Deposits.—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 » and eligible paper (including paper under rediscount)
By reserve city banks
Call date
1928—Dec. 31.__
1929—Mar. 27...
June 29—,
Oct. 4
Dec. 3 1 . . .
1930—Mar. 27__.
June 30
Sept. 24...
Dec. 3 1 . . .
1931—Mar. 25—
June 30
Sept. 29...
Dec. 3 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
By " country " banks
U. S.
Government securities
Eligible
paper
932
974
929
912
814
818
772
764
708
776
836
994
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
3,906
3,812
3,538
3,418
3,198
2,996
2,573
i Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation.
Back figures.—See BULLETIN for March, p. 156.
Total
7,822
8,150
7,068
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
899
646
206
274
173
248
165
147
323
623
361
FEDERAL RESERVE BULLETIN
J U N E , 1932
FEDERAL RESERVE BANK RATES
OPEN-MARKET RATES
DISCOUNT RATES
RATES IN NEW YORK CITY
[Rates on all classes and maturities of eligible paper]
Rate in
effect on
June 1
Federal reserve bank
Boston
New York....
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.._
Kansas City..
Dallas.
San Francisco
Date established
Prevailing rate on—
Previous
rate
Oct. 17,1931
3 Feb. 26,1932
3H Oct. 22,1931
3H Oct. 24,1931
Jan.
Nov.
Oct.
Oct.
3H Sept.
ZH Oct.
Jan.
zy2 Oct.
1931
January
February
March
April
May....
June
July
August
September
October
November
December
25,1932
14,1931
17,1931
22,1931
12,1930
23,1931
28,1932
21,1931
Back figures.—See Annual Report for 1930 (Table 33).
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Rate in
effect on
June 1
Maturity
Date established
Previous
rate
m
m
2H Mar. 25, 1932
1-15 d a y s . . . .
16-30 days._.
31-45 d a y s . .
46-60 days..,
61-90 days...
91-120 days..
121-180 days
....do
....do
...-do
do
do
Feb. 26, 1932
2%
2%
2%
2%
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
Prime
bank- Time
ers'
accept- loans,
90 J
ances, days
90
days
Prime
Month or week commercial
paper,
4 to 6
months
2 -23.
2
2
2
2
1932
January
February
March
April...
May
3^-4
334-4
ZH-ZH
1.57
1.50
1.55
1.52
1.45
1.50
1.50
1.50
1.50
2.10
2.50
2.70
1.24
1.06
U.38
.88
* .55
.41
.42
« .45
1.70
1.77
•2.41
3.33
3.40
3.39
3.38
3.31
3.30
3.32
3.34
3.42
3.71
3.69
3.92
2.61
2.65
2.50
2.50
2.50
2.50
2.48
2.42
<2.25
1.11
.31
4.27
4.11
3.92
3.74
3.77
2. 50 2. 50
2. 50 2. 50
2.50 i 2.50
2. 50 2. 50
.56
.46
.16
3^-334 2.50
1M-2
1J4-2
3 -3 J4
234-3K
Call loans * U. S.
Treasury
notes Treasand
ury 3
Re- certifi- bonds
New newal
cates,
3 to 6
months
1.50
1.50
2 -2X 1.56
1H-2H 1.57
1.45
1.50
1.50
1.50
1.50
2.10
2H-4
3 -4 2.50
3 -4 2.73
2 -3
Week e n d i n g May 7
May 14
May 21
May 28
Average rate Average yield
23/4-3
2.50
2.50
2.50
1.49
3.70
3.70
3.82
3.84
i
1
Stock exchange call loans; new and renewal rates.
* Stock exchange 90-day time loans.
3 3 issues—331, 334,4 per cent; yields calculated on basis of last redemption dates—1947, 1956, and 1954.
< Change of issues on which yield is computed.
Back figures.—See Annual Report for 1930 (Tables 36 and 37).
RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
[Weighted averages of prevailing ratesl
New York City
8 other northern and eastern cities
27 southern and western cities
Month
929
January....
February..
March
April
May
June
July
August
September.
October
November.
December.
4.56
4.44
4.59
4.72
4.97
6.09
5.38
5.56
5.63
5.63
5.56
5.63
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
1928
4.71
4.71
4.72
4.69
4.55
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
1930
1931
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
5.88
5.66
5.47
5.22
5.13
5.06
4.81
4.79
4.74
4.75
4.66
4.68
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
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
6.1?
6.22
6.27
6.29
6.29
6.20
1930 ; 1931
6.12
6.05
5.98 I
5.88
5.75
5.69
5.63
5.58
6.55 !
5.54
5.50
5.43
5.50
5.43
6.40
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
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 tht
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).
362
FEDERAL RESERVE BULLETIN
JUNE,
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)
Cop- Elec- MaBuildstocks Total Indus- Rail- Public
trial road utility Auto- ing Chain Chem- per trical chinand equip- ery
mobile equip- store ical
brass ment
ment
Number of issues
60
1931—February
March
_ _
April
99.4
100.0
99.6
May
99.7
June..
_. _ . 99.4
July
99.4
August
__ « 98.5
September
95.6
89.4
October . . . November
89.0
December —
81.6
1932—January
81.0
February
80.3
March.
_ _
80.8
April
79.4
75.2
May
April 27
May
May
Mav
May
Selected groups of industrial issues
Pre-
Bonds 1 ferred2
Month or date
79.9
77.5
77.3
73.8
72.2
4
11
18.
25
20
421
124.8
126.4
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
120
122
109
98
95
98
96
82
70
72
58
58
56
57
44
40
93.3
91.3
92.1
89.7
88.2
44
41
42
39
37
Oil
Steel
Textile
33
37
13
12
16
11
8
4
10
15
10
28
110
112
100
89
87
90
89
76
65
68
54
54
53
54
42
38
105
97
87
77
74
75
66
56
48
46
33
37
34
32
22
17
178
189
170
156
153
158
154
132
112
116
96
94
93
93
73
68
120
129
117
110
101
105
103
85
70
75
65
64
60
55
34
30
78
81
70
59
58
60
58
47
38
39
31
31
30
29
22
20
86
90
86
89
89
89
92
80
70
69
57
57
56
58
49
42
174
173
148
127
128
131
127
110
90
96
79
80
79
85
61
52
91
96
79
67
62
66
61
50
43
45
35
36
32
30
22
20
194
201
172
159
157
161
155
132
113
114
94
85
77
77
57
52
126
125
109
89
83
88
84
72
59
61
46
48
47
47
37
33
91
85
74
63
63
67
70
60
53
57
44
43
42
45
38
39
132
133
116
94
86
88
81
72
59
59
41
32
32
32
23
20
55
58
52
47
45
46
45
40
36
36
31
31
31
31
26
23
42
39
41
38
35
23
19
19
17
14
75
71
72
67
62
33
30
33
30
28
23
21
21
20
19
50
45
44
40
38
60
52
55
51
49
24
20
22
21
18
58
52
57
51
48
34
34
35
33
31
38
38
41
38
38
23
21
21
20
18
25
24
24
24
22
351
1
Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity.
«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
Domestic
Total
(doYear and month mestic
and
foreign)
1923
1924
1925
1926
1927
1928
1929__
19301931
1931—April
May
June
July
August
September-.
October
November..
December - 1932—January
February.__
March
April
Total*
4,437
6,557
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
'413
••349
'260
'225
120
••245
'45
••112
r
123
'370
'334
'225
'223
120
'221
'45
'110
'123
'184
73
'162
'71
'184
73
'162
'71
Corporate
State
Forand
eign
mu- Bonds
nici- and Stocks
pal
notes
1,043
1,380
1,352
1,344
1,475
1,379
1,418
1,434
1,235
'102
'173
'119
' 93
74
'114
'16
'54
'44
'138
'35
'109
30
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
759
925
1,046
2,220
1,858
1,422
711
949
166
132
100
113
34
94
14
26
28
102
29
6
2
12
12
4
24
39
43
15
35
2
0
24
0
2
0
'124
144
45
'7
'43
1
'21
21
4
4
1
0
0
0
0
0
Month
December
1,976
2,200
2,452
2,667
3,183
2,385
2,078
2,980
1,240
42
35
47
15
Outstanding at end
of month
Refunding
issues
(domestic
and
foreign)
14
21
29
72
Increase or decrease
(—) during month
Total
Bonds Certificates
and
Total
and
notes bills
15,774
14,454
1930
1,320
Total (12 months).
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
14,594
14,573
13,838
13,567
13,323
14,152
14,178
14,179
14,980
14,981
14,955
15,092
1,319
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)..
-159
Bonds Certifand icates
and
notes bills
-2
-255
-169
139
66
301
88
-123
275
2
63
463
-20
12
488
140
-21
—735
-271
-244
829
26
1
801
1
-26
137
-157
i
87
1,036
359
121
-554
-24
-21
38
351
1,754
1,116
-13
305
370
97
442
227
1932
JanuaryFebruary.
March
April
May
17,515
17,820
18,390
18, 287
18,729
15,102
15,102
15.102
15.103
15,318
2,413
2,718
3,184
3,411
1
Includes issues of Federal land banks and Federal intermediate credit
banks,
not shown separately.
r
Revised.
NOTE.—Figures relate to interest-bearing public debt; matured non
interest-bearing debt amounted to $308,000,000 at the end of May,
Sources.—For domestic issues: Commercial and Financial Chronicle; 1932. Figures include obligations held in Government trust funds
for foreign issues (issues publicly offered) annual totals are as finally amounting to $311,000,000 at the end of May, 1932.
reported by Department of Commerce, while monthly figures are as
Bonds and notes are long-term—i. e., 1 year or more (figuring from
compiled currently and are subject to revision.
date of issue); certificates and bills, shorter term.
w
JUNE,
363
FEDERAL RESEEVE BULLETIN
]9J2
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-1925 average=»100. The terms adjusted and unadjusted refer to adjustment for seasonal variation]
Building contracts awarded
(value)**
Industrial production*
month
1
Total i
Manufactures
Minerals
l
Total
Residential
Factory employment «
All other
Factory
pay
rolls«
Freight-car
loadings*
Commodity
prices
Unad- Ad- Unad- A d - Unad- Ad- Unad- Ad- Unad- Ad- Unad- A d - Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
.
.
83
87
67
85
101
95
104
108
106
111
119
96
81
77
84
87
67
86
101
94
105
108
106
112
119
95
80
63
63
56
79
84
94
122
129
129
135
117
92
63
89
70
74
105
96
99
108
107
106
115
99
84
44
30
44
68
81
95
124
121
117
126
87
50
37
79
90
65
88
86
94
120
135
139
142
142
125
84
107
108
82
90
104
96
100
101
99
97
101
88
74
98
118
77
81
103
96
101
104
102
102
108
87
66
84
91
79
87
100
97
103
106
103
103
106
92
75
(t)
139
154
98
97
101
98
104
100
95
97
95
86
73
1928
February .
March..April
May
June
July
August...
September
October. .
November
December
1929
January..
FebruaryMarch
April
May
June
July
August. -.
September
October..
November
December
1930
January..
February.
March
April
May
June
July
August. _.
3eptember
October..
November
December
1931
January. .
February.
March
April
May
June
July
August. __
September
October..
November
December
1932
January..
FebruaryMarch—
April
111
112
110
110
108
105
110
116
118
115
109
108
108
108
108
108
109
110
113
115
117
118
113
114
113
111
109
105
110
116
117
115
110
110
109
109
108
109
110
111
114
116
118
120
99
98
95
104
104
104
111
115
123
118
106
102
105
105
106
102
102
105
107
111
114
111
121
138
155
159
154
142
137
138
134
122
107
138
137
137
137
139
132
131
134
136
132
127
128
143
152
149
140
127
116
118
115
112
93
142
136
130
130
133
126
119
118
115
114
106
115
134
157
168
166
155
154
154
150
130
117
135
137
142
143
144
137
141
147
152
146
145
96
97
96
96
96
96
98
100
100
99
98
96
96
96
96
97
97
97
98
98
99
100
101
103
100
101
101
98
103
104
107
104
104
94
97
96
105
101
105
109
119
119
109
94
102
103
101
103
100
102
103
105
106
107
106
96
96
97
98
97
97
98
99
97
96
96
117
121
124
124
126
125
120
122
123
121
108
%
119
119
119
121
122
125
124
121
121
118
110
103
117
122
126
128
128
127
120
122
123
119
107
93
120
119
120
122
123
127
125
122
121
119
110
101
114
116
101
103
116
121
127
127
114
110
116
119
109
114
117
114
116
115
118
116
110
116
98
102
121
139
143
144
136
129
112
104
94
84
120
118
121
123
121
126
124
122
110
107
103
102
81
84
106
117
113
102
94
84
73
67
66
53
97
94
101
100
97
95
93
86
73
67
67
61
111
116
133
158
168
178
170
166
144
135
116
109
139
137
137
142
141
152
149
152
140
139
132
136
97
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
111
103
99
95
99
98
102
109
110
111
115
121
118
102
89
108
107
105
108
107
108
107
107
106
104
102
102
96
95
96
96
95
95
97
96
96
95
94
93
103
109
106
107
105
99
91
90
92
90
84
77
106
107
104
iO4
102
98
93
90
90
88
86
84
102
110
109
110
106
98
89
88
90
87
82
74
105
107
104
104
101
97
92
89
89
86
85
82
108
104
91
94
102
103
100
101
101
105
96
89
110
108
98
104
104
102
100
96
94
95
92
93
78
89
102
113
125
116
107
85
82
75
68
59
95
104
102
101
105
99
95
81
81
78
76
73
46
44
54
62
61
54
48
48
52
51
46
37
56
49
52
53
52
49
47
49
52
52
48
43
104
126
141
156
178
166
155
115
108
94
86
77
128
148
144
140
148
140
135
106
105
99
99
98
93
93
93
93
91
89
86
85'
86
84
81
79
96
94
93
92
91
90
87
84
83
82
81
80
94
98
98
97
94
91
83
82
83
81
75
74
89
91
90
93
97
95
95
96
99
97
86
74
100
99
96
97
96
93
92
89
87
86
84
84
93
91
90
90
89
87
84
84
84
83
81
80
82
87
89
90
89
83
80
78
77
75
73
68
83
86
87
88
87
83
82
78
76
73
81
88
90
91
90
82
79
77
76
72
71
66
82
86
87
87
86
82
82
78
75
71
71
73
86
84
82
83
84
85
85
82
82
92
84
80
88
86
89
91
87
86
86
79
77
84
81
85
58
68
77
82
78
74
68
6$
59
52
43
30
71
79
77
73
65
63
61
59
59
55
49
38
37
42
50
52
47
41
36
32
32
29
26
20
44
47
47
44
40
37
35
33
32
30
27
23
75
89
98
107
104
101
94
87
81
71
57
39
93
104
100
96
85
84
82
81
80
76
67
50
76
77
78
78
77
75
74
74
75
71
69
68
78
78
78
78
78
76
75
74
73
70
69
69
68
73
75
74
72
68
64
64
62
59
56
56
74
74
75
77
79
77
78
76
78
78
70
61
82
80
80
80
79
77
76
72
69
69
68
69
78
77
76
75
73
72
72
72
71
71
68
"64
72
70
70
66
71
68
64
74
75
77
78
84
79
25
23
26
31
31
27
26
27
16
15
16
16
19
17
15
14
33
30
35
43
41
35
36
38
66
67
66
64
68
68
66
64
52
54
52
49
58
59
58
57
64
62
61
59
67
66
66
66
73
74
69
67
116
118
77
72
p Preliminary.
i As revised in March, 1932; for back figures see BULLETIN for March, p. 194. For indexes of groups and separate industries see p. 406.
For indexes of groups and separate industries see p. 407.
•Average per working-day.
**3-month moving average, centered at second month; see BULLETIN for July, 1931, p. 358.
tRevised index of Bureau of Labor Statistics (784 price series); 1926=100. Index numbers for groups of commodities are given on p. 408.
s
71
70
70
60
364
FEDERAL RESERVE BULLETIN
JUNE, 1932
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports
Merchandise exports
Excess of exports
Month
1928
January
February..
March
April
May
June
July
August
September
October
November
December
—
Year
1929
1931
1930
411
371
421
364
423
389
379
379
422
650
545
476
483
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
1929
1928
369
369
338
351
380
345
354
317
318
347
320
150
154
155
*136
355
327
339
384
411
400
353
353
369
351
391
338
310
4,091
4,399
1930
311
282
300
308
285
250
221
218
226
1931
204
209
183
175
210
186
180
173
174
167
170
169
149
154
3,061
2,091
247
1932
136
131
131
*127
1928
1929
73
20
40
19
69
71
106
15
—15
40
61
32
102
195
218
136
50
11
86
137
104
117
1,037
842
119
72
1932
1931
1930
100
67
69
24
35
44
46
66
66
49
26
29
24
14
6
—2
10
36
44
30
782
334
79
86
80
85
14
23
24
P9
» Preliminary.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1923-1925 average=100]
[Index numbers; 1923-1925 average=100]
Month
January
.
February
March. _
April
May
June
July
August
September .
October
November
December., _
Adjusted
Adjusted
Without
Without
for seasonal seasonal ad- for seasonal seasonal adjustment
variation
variation
justment
1931
1932
1931
1932
1931
1932
1931
97
98
97
106
97
95
91
88
84
86
83
81
78
78
72
80
79
80
92
101
97
90
65
67
87
93
95
142
64
64
70
76
88
86
84
83
83
82
81
79
81
80
79
78
75
73
78
81
87
87
85
80
75
76
84
88
89
73
Year
91
70
70
1932
67
69
72
72
82
1
Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and for 6
national holidays: New Year's Day, Memorial Day, Independence Day,
Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects
upon sales of changes in the date of Easter.
Back figures—See BULLETIN for November, 1930, p. 686.
1931
Index of stocks (end of
month)
Index of sales *
1932
Decem- Januber
ary
Febru- March
ary
April
Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain products
Livestook
Forest products
Ore
Miscellaneous
Merchandise l
69
65
47
64
58
43
62
61
45
61
71
48
59
62
32
63
66
30
69
62
28
31
67
81
78
60
27
29
62
78
72
56
27
28
57
75
86
61
26
18
56
73
40
73
83
Without seasonal adjustment
Total
Coal
Coke
Grain and grain products
Livestock
Forest products. _
Ore
M iscellaneous
Merchandise l
61
70
50
58
66
47
59
66
52
58
67
48
62
66
25
10
57
77
66
65
25
74
57
27
7
53
75
62
49
27
7
54
75
7
54
75
57
52
31
56
27
57
75
i In less-than-carload lots.
Based on daily average loadings. Source of basic data: American
Railway Association.
Back figures.—See BULLETIN for February, 1931, pp. 108-110.
JUNE,
FEDERAL RESERVE BULLETIN
1932
365
FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
The second annual report of the Bank for "excessive withdrawals of capital from GerInternational Settlements, covering the year many" had "created an acute financial crisis,"
ended March 31, 1932, was submitted to the and invited the Bank for International Settlegeneral meeting of shareholders on May 10, ments to set up a committee to inquire into the
1932. Sections of the report are given here- credit needs of Germany. In the fifth month,
this committee urged "most earnestly upon all
with: x
governments concerned that they lose no time
COURSE OF THE CREDIT CRISIS
in taking the necessary measures for bringing
about such conditions as will allow financial
The year under review has been one of operations to bring to Germany—and thereby
dramatic occurrences in the whole field of to the world—sorely needed assistance/'
international finance, credit, monetary stability,
In the sixth month of the fiscal year, the
and capital movements, both public and pri- world was shocked by the sudden fall of
vate. The record of this year of unparalleled sterling, which was almost immediately folworld-wide disturbance reflects itself in the lowed by the suspension of the gold or gold
progress, resources, and activities of the bank, exchange standard by six other nations.
which have been intimately affected by each These occurrences still further shattered what
succeeding episode, in all of which the bank was left of confidence and forthwith caused a
was promptly called upon to play a role, as strain on the reserves of nearly all central
was but natural for an international institution banks of the world, including the Federal
the statutory object of which is "to promote reserve system. The necessity for the emthe cooperation of central banks and to provide ployment by central banks of their reserves
additional facilities for international financial in turn placed a strain upon the Bank for
operations, and to act as trustee or agent in International Settlements, in its capacity as
regard to international financial settlements," the depositary for a substantial portion of the
whose " operations for its own account shall reserves of many European banks of issue,
only be carried out in currencies which satisfy but the large withdrawals in September were
the practical requirements of the gold or gold- met without decreasing its high degree of
exchange standard/'
liquidity.
In the second month of the fiscal year, the
In the ninth month of the fiscal year, there
collapse of the Oesterreichische Credit-Anstalt, gathered at Basel the special advisory comwith its ramifications throughout Central mittee, convoked by the bank because of the
Europe, called for immediate aid to the declaration of the German Government that
National Bank of Austria. In the third month it had "come to the conclusion in good faith
of the fiscal year, there was announced the that Germany's exchange and economic life
so-called " Hoover moratorium," which mate- may be seriously endangered by the transfer
rially changed the scope of the operations of in part or in full of the postponable part of the
the bank and the magnitude of the funds at its annuities." In the succeeding months of the
disposal in its capacity as trustee for interna- fiscal year the world financial system continued
tional financial settlements between govern- to undergo heavier and heavier pressure and
ments. In the same month the banking the condition of Central and Eastern Europe
difficulties in Germany, precipitated by whole- and of its central banks, members of the Bank
sale withdrawals of short-term credit, and the for International Settlements, failed to ameliopressure upon the Hungarian exchange, necessi- rate despite a series of "standstill" agreements,
tated the organization of central-bank aid to currency restrictions, rationing of imports and
the Reichsbank and to the National Bank of foreign devisen, and other artificial expedients.
Hungary.
The cumulative effect upon the condition
In the fourth month of the fiscal year, the and activities of the Bank for International
London international conference declared that Settlements of the interruption of intergovernmental payments, the wholesale withdrawal
1 In addition, the report contains sections dealing with net profits,
trustee and agency functions of the bank, together with a number of of short-term credits, the break-down of normal
annexes showing the personnel of the bank, profit-and-loss account, international economic relationships, the call
appropriation account, receipts and payments of German annuities, etc.
All amounts of money given in the report in Swiss francs have been con- upon central bank reserves, and the necessity
verted into dollars at par and then expressed in round figures. For
of affording emergency credits to several
the first annual report, see BULLETIN for July, 1931.
366
FEDERAL RESERVE BULLETIN
European central banks, will be described later
in the report. It is a satisfaction to confirm
that the usefulness and use of the Bank for
International Settlements as a center for information, for counsel, and for joint financial
action has been greatly enhanced during the
period of stress; that, from the material point
of view, the business operations of the second
full fiscal year have resulted in net profits
exceeding by some $800,000 those earned in
the first fiscal period; and that the close of this
year finds the institution in a sound liquid
condition, with a substantial recent increase of
deposits of central banks for their own account,
namely, $117,000,000 on March 31, 1932, as
against $90,000,000 on December 31, 1931.
Indeed, in the course of the year, by reason of
the interruption of intergovernmental payments, the prominence of monetary phenomena,
and the necessity of mutual aid, the bank has
become more and more an instrument of central
bank collaboration and a reserve center for
their foreign currency holdings. The drop in
the aggregate assets of the institution from
$367,000,000 at the close of the first fiscal year
to $217,000,000 at the end of the second fiscal
year is mainly due to a decrease of some
$116,000,000 in the balances arising out of
intergovernmental payments which were held
for the account of treasuries on March 31, 1931,
by comparison with March 31, 1932.
THE THREE PHASES OF THE YEARNS WORK
During its second year the bank passed
through three distinct phases of policy and of
corresponding activity. The first phase terminated about the time of the proposal of the
"Hoover moratorium." The second phase
terminated almost contemporaneously with the
depreciation of sterling. The third phase prevailed for the remainder of the period and its
characteristics are still the controlling feature of
present developments.
During the first phase of evolution the bank
concentrated upon its customary function of
holding central bank reserves, of aiding in
stabilizing currencies, of receiving and distributing intergovernmental payments, of expanding its business relationships, and in
particular of endeavoring to assist in directing
the superabundant and dangerous international
accumulation of short-term capital into the
channel of longer term credits, for which
there was manifest need. Thus, active negotiations with the Bank of Spain in connection
with the contemplated stabilization of the
peseta were conducted both in Madrid and in
Basel, and a credit of £3,000,000 was advanced
JUNE,
1932
to the Bank of Spain by the Bank for International Settlements in connection with prestabilization projects. Owing to sudden internal political changes and to external economic
events, the plan of stabilization was not realized
and the credit was terminated when the purpose for which it was granted could not be
achieved. Similarly, contact was maintained
with the Bank of Portugal and the National
Bank of Yugoslavia. When the latter stabilized its currency it became a shareholder in
this central institution. The bank, further,
extended its relationships generally, and also
admitted as shareholders the National Banks
of Norway and Albania. But the essential
emphasis of the bank's work during the first
of the three phases was laid upon the necessity, if imminent dangers were to be lessened,
of reducing the quantity of short-term credit
in the international markets and of its transformation into more permanent capital. Considering the nature of the bank's own resources
and its special need, as a reserve center for
central banks, of maintaining high liquidity,
very definite limitations existed upon the
amount of funds available for direct investments at long term by the Bank for International
Settlements itself. Nevertheless, committees
of the board of directors examined the possibilities of our granting intermediate credits to
a moderate extent, primarily as an encouragement to others; and careful studies were made
as to the possibility or desirability of setting up
some international organization outside the
bank for the stimulation and granting of longterm loans. By way of example, the bank
participated in the subscription to long-term
bonds issued by two international mortgage
banks, which had been set up by private international banking groups, the International
Mortgage Bank, Basel, and the Compagnie
Centrale de Prets Fonciers, Amsterdam.
Events moved too rapidly, and the response
to the proposals for consolidation was too slow
to ward off the dangerous consequences of the
overaccumulation of short-term credits, and
this very accumulation caused the bank to
enter rapidly into the second phase of its
activity, one that for a time altered the course
of its development and the nature of its immediate aims.
Sweeping withdrawals of short-term credits
from Central Europe and Germany, which were
increased rather than reduced by the warning
implied in President Hoover's proposal, caused
drastic pressure upon the central banks in the
countries involved, which had to restitute within a few days or weeks large sums in foreign
JUNE,
1932
FEDERAL RESERVE BULLETIN
currencies that had gradually entered their
respective markets over a considerable period
of time and had been employed, in part, as if
they were likely to remain, or to be replenished,
indefinitely. The resultant disturbance also
put a burden upon the exchanges and threatened an immediate severe dislocation of the international credit system.
Emergency help was imperative to enable the
affected central banks to face the drain; and
to give a breathing space both to debtors and
creditors during which measures might be taken
to withstand the shock; and to attempt to
consolidate their positions. In rapid succession
the Bank for International Settlements was
called upon to grant emergency credits to the
National Bank of Hungary, the National Bank
of Austria, the Reichsbank, the Bank of Yugoslavia and a temporary advance to the Bank
of Danzig. The call came at the very moment
when the natural effect of the Hoover proposal
was to lessen the existing and prospective working resources of the institution derived from
intergovernmental payments. In consequence,
to amplify its possibilities of material aid and
in close collaboration with central banks, the
Bank for International Settlements organized
syndicates of central banks which contributed
funds to the common constructive cause. Thus
three central banks, besides the Bank for International Settlements, participated, to the extent
of $25,000,000 each, in the credit of $100,000,000 to the Reichsbank, and 12 central banks,
besides the Bank for International Settlements,
participated in the credits of approximately
$26,000,000 to the Hungarian National Bank.
Further reference to this second phase of the
year's work, that of emergency credit-granting,
appears below in connection with a review of
the short-term credit situation and its effects.
At no time were these credits regarded as
remedies, but merely as facilities giving the
chance for corrective or defensive measures to
be taken. Yet without them, and without the
opportunity which the existence of the Bank for
International Settlements afforded for speedy
consultation and joint action between central
banks, it is a matter for conjecture whether the
acute credit crisis would not have been still
more catastrophic and would not have resulted
in a swifter and wider immobilization of the
large creditor markets, as well as of those of
their debtors.
Delays in aggressive action and worsening
world conditions tended, in fact, to transform
the temporary credits, as the result of successive
renewals, into longer term advances. At the
close of the fiscal year, only the advance to the
367
Bank of Danzig had been promptly repaid in
full. The other credits were still operative,
although in three instances capital reductions
of 10 per cent to 20 per cent had been effected.
So, in the second phase of the bank's operations,
the force of events had partly altered its activities to that of a grantor of credit during a
general economic depression, instead of discharging the more normal function of a stabilizer of monetary fluctuations resulting from
seasonal movements or from a transitory,
localized difficulty.
In addition, during the second phase and as
a consequence of the emergency central bank
credits and the causes which led up to them, the
bank was invited to perform certain extraordinary functions in connection with international agreements and "standstill" arrangements, such as the convocation at Basel of the
committee recommended by the London Conference of July, 1931, and the appointment of
the arbitration committee provided for by the
standstill agreement, between foreign creditors
and German bank debtors, of August, 1931.
These extraordinary functions in connection
with international conferences and international financial settlements between private
debtors and creditors recurred during the third
phase of the year's activity. They will be more
conveniently reviewed together later in the
report, after further reference to the general
question of superabundant short-term credits.
The third phase of the evolution of the
bank's year began with the fall of sterling,
when it had become demonstrated that creditgiving alone was insufficient to bridge the
economic difficulties or to maintain currencies
against the swift current of capital withdrawal
and flight engendered by the more general
realization of the existing disequilibrium in
the international balance of payments, a
deepening business depression, and a crisis of
confidence of almost panic proportions.
Fundamental reasons for the conditions and
the possible correctives lay far deeper in the
economic system than those involving only
immediate monetary steps or normal credit
methods. The Bank for International Settlements, recognizing the demoralization which
had developed and the inadequacy of additional
grants of short-term credits, felt obliged to
refuse new applications for advances which
came to it from several central banks as a consequence of the fall of sterling, and it thus suspended the policy of being a substantial new
credit-giver to sundry central banks. Warranted from the viewpoint of economic possibilities, even from the purely material angle,
368
FEDERAL RESERVE BULLETIN
this change of policy was natural because, in
addition to the diminishing effect of the Hoover
moratorium upon the bank's working resources
of government origin, the effect of the fall of
sterling in September, 1931, was to reduce the
current resources of the bank corresponding in
origin to the reserves of central banks. In the
month of September, 1931, the bank's balance
sheet precipitately fell by $64,000,000, thus
reflecting the strain upon central bank reserves
that almost immediately resulted from the
consternation caused throughout the financial
world by the fall of sterling over a week end.
The immediate consequences in the monetary
field were unparalleled in their rapidity, on the
one hand, taking the form of the temporary
abandonment of the gold exchange standard
by several central banks and, on the other
hand, the conversion of devisen into metallic
gold, on the part of several banks of issue
which had for some time carried substantial
quantities of foreign devisen, but not as part
of the cover for their notes. In both instances,
the resultant tension upon the international
exchanges was very great, and caused the central
banks concerned to draw extensively on their
deposits with the Bank for International
Settlements. Furthermore, the volume of
these deposits was adversely affected during
the remainder of the fiscal year by the changed
status of sterling and of the Scandinavian
currencies, because of the provisions of article
21 of the statutes to the effect that the operations of the bank for its own account shall only
be carried out in currencies that satisfy the
practical requirements of the gold or gold
exchange standard. Consequently, central
bank balances with the bank in 1931 fell from
the high point of $168,000,000 on August 31,
1931, to a low of $90,000,000 on December 31,
1931. At the close of the fiscal year they had
somewhat recovered in volume, i. e., to $117,000,000, but still remained far below the high
level, and, what is more important, represented
in part larger deposits from a few central banks
instead of being, as hitherto, widely and more
evenly spread among all the central banks with
which the bank is in contact.
The unsettled currency conditions and the
intensification of the universal crisis explain the
third phase of the bank's evolution during the
year, which falls under two heads. First, on
the business side, events demanded a prudent
husbandry of the bank's resources, a review of
its investments on every market with the aim
of acquiring the maximum security, a continuous conservation of the liquidity of the bank's
assets, and an increasing accumulation of its
JUNE,
1932
resources with central banks or under their
guaranty. In the case of 13 central banks, we
have received their guaranty, not only for the
credit risk in their respective markets, but also
against the risk of loss through depreciation of
their respective currencies. Considering the
special statutory objects of the Bank for International Settlements as a promoter of cooperation between central banks and the fact that
it can operate only in currencies satisfying the
practical requirements of the gold or gold exchange standard, these central banks in a spirit
of collaboration have agreed that the investments of the bank in their currencies on their
markets shall in all circumstances retain
(within the gold points) the same gold value
as that which the investments had on the date
they were originally made by the bank. The
generalization of such assurances would manifestly facilitate one of the statutory objects of
the bank—that is, to provide additional facilities for international financial operations. Second, during the third phase the bank once more
oriented its internal organization and study in
the direction of the examination of monetary
phenomena and problems with a view to being
prepared to serve, if the central banks themselves should so desire, as a ready instrument
which could be employed as a convenient center of discussion and action in connection with
the monetary reconstruction which will be as
indispensable after the world crisis as it was
after the World War.
Events of this second fiscal year have shown
to what extent our monetary systems, both
great and small, have become interdependent,
and how internationalism in monetary matters
is not merely a theory or a desirable evolution
but an accomplished fact. The tidal wave of
uncertainty and fear which endangered several
national currencies and some banking systems,
originated in Austria, swept quickly on to
Hungary and Germany, and, after devastating
these areas, flowed onward to Great Britain
and the Scandinavian countries, sweeping down
their currencies, and then, backwashing into
the United States, carried with it unusual
demands upon the American gold supply and
credit system. No such widespread effects,
which soon extended to Japan also, could have
occurred except for the already existing essential unity of international finance and monetary
relationship, which ignores political and geographical frontiers. And this interdependence
is not confined to the field of finance, but penetrates much further into the whole economic
structure of the various countries. The indices
of production, employment, trade and profits
JUNE, 1932
FEDERAL RESERVE BULLETIN
show to an astounding degree the same recurrent tendencies in almost every country in the
world. All the evidence available leads to the
conclusion that any hope that a single country
may achieve prosperity apart from the rest of
the world would indeed be based on an insecure
foundation.
369
clients, were themselves able to retain only a
relatively small portion of the foreign devisen
which they had received; and they intended
in many instances to invest short-term funds
in assets which, even irrespective of the ensuing
business depression, could be mobilized only
over a period of time.
The menace of this situation did not appear
THE INTERNATIONAL SHORT-TERM CREDIT
so
self-evident as it does to-day. Previous
SITUATION AND ITS RESULTS
experience had seemed to show that in ordinary
When at the end of March, 1931, the Bank times large transfers of credits took place at a
for International Settlements closed its books moderate rate. The pace at which funds
for the first financial year, the depression, moved was, with rare exceptions, largely deteralthough characterized by an unusually sharp mined by the rapidity with which new funds
fall in prices, still showed in most respects the could be actively employed in trade and inmain tendencies of an ordinary downward dustry. Commercial banks usually found it
business trend.
sufficient to hold cash balances up to 10 per
On the capital markets there was a large cent or 15 per cent of their deposits; and censupply of short-term funds at declining rates tral banks usually kept a reserve in gold or
of interest, the natural consequence of a slowing foreign exchange of 10 per cent or 15 per cent
down of industrial investment. Government above the minimum legal reserve. These
credit had not yet been seriously weakened margins normally allowed sufficient time for
and a fair amount of international lending was necessary readjustments to be made to meet
still taking place.
capital movements, such as increasing discount
The increase in available short-term funds rates, seeking replacement credits, mobilizing
during 1930 made it possible for debtor coun- long-term assets and adopting other corrective
tries to borrow considerably in that year on methods. When, however, short-term funds
short-term account at rates which were rela- are recalled, not with the object of reinvesttively advantageous for them. It is now ment at home or elsewhere but as a result of
possible to estimate that the total amount of the breakdown of confidence, the wholesale
short-term international indebtedness which demands for immediate transfers are almost
existed at the beginning of 1931 aggregated certain to break the system at some point.
more than $10,000,000,000. At that time, This is what occurred as the sequence to the
however, the magnitude of this indebtedness banking and political difficulties during the
was not known, and an increase in short-term year under review.
funds continued, which, if more complete
In the endeavor to meet the demands,
information had been available, would very private banks in the debtor countries not only
likely have been moderated in view of the risks employed their own external assets but were
involved. Nevertheless, central banks began soon obliged to apply to their respective central
to realize that the growing short-term indebted- banks for advances and for the rediscount of
ness created a danger, and they endeavored bills which they had in their portfolio or were
during 1930 and the first months of 1931, with able to obtain. With the funds which they
some measure of success, to strengthen their acquired they bought foreign exchange on the
reserves in foreign exchange. At the begin- market or from the central banks, which thus
ning of the year 1931, the 26 central banks in saw their gold and foreign exchange holdings
business relationship with the Bank for Inter- diminish rapidly. It is not a matter of mere
national Settlements reported foreign devisen, coincidence that, despite augmented discount
in addition to their holdings of metallic gold, rates (over 12 per cent in some instances) and
in the aggregate amount of about $2,000,000, other credit restrictions, the figure of redisof which some $154,000,000 were centralized counts and advances in the central banks of
with the Bank for International Settlements. most of the debtor countries increased during
Unfortunately, however, less than one-half of the period of pressure by an amount subthe holdings of the foreign exchange belonged stantially equal to the reduction in the gold
to countries which had borrowed on short- and foreign exchange of the central banks
term account. Furthermore, the private banks affected. The classical remedy of increase of
in the debtor countries, which normally had to the discount rate proved inoperative in checkemploy the funds borrowed for account of their ing the withdrawal of foreign funds, for the
370
FEDERAL RESERVE BULLETIN
reason that mobile capital was seeking security,
with little or no return, rather than high interest rates coupled with currency and credit
risks. In these circumstances the exchange
reserves of private banks and the exchange
reserves of central banks in the troubled areas
were insufficient to satisfy the ever mounting
demands for transfer. Consequently the banking systems involved turned for help to the
principal financial capitals abroad, to foreign
banks of issue, and to the Bank for International Settlements.
The extent of the emergency help granted
during the year 1931 is not generally recognized.
If there be added together the total amount of
external advances granted by central banks, by
the Bank for International Settlements, by the
principal capital centers and by treasuries, including the sums advanced to the British market, a figure of approximately $1,000,000,000 is
reached, or about one-tenth of the total amount
of short-term indebtedness outstanding at the
beginning of 1931. These sums, supplemented
by the large contributions made by the debtor
markets themselves and by the diminution of
their central bank reserves, permitted the
liquidation in a single year of more than
$6,000,000,000 of short-term indebtedness, a
certain proportion of which represents, of
course, not repatriation but transfers of funds
from one foreign country to another. Of the
balance of short-term credits still outstanding,
a substantial part of the remainder has in fact
become blocked as the result of arrestive
measures referred to below. It is unnecessary
to emphasize the havoc wrought by this vast
movement of liquid funds, or to dwell upon the
stagnation resulting from the magnitude of
the sums immobilized. They have each contributed their part to the persistent fall of
prices, and they have accentuated the deflationary forces which are oppressing world
economy. The most remarkable thing is that
the economic system has been able to withstand
such dislocating forces—a fact that seems to
indicate its inherent power of resistance.
In an effort to cope with the situation, at
least for a time, new forces—themselves also
dislocating—were introduced into the international economic system as the result of the
adoption of a whole series of steps designed
arbitrarily to arrest the continuation of transfers and to protect the home currencies, such
as exchange control, standstill agreements,
moratoria, restrictions of imports, and other
exceptional measures. In some instances the
temporary suspension of the gold standard was
JUNE, 1932
resorted to, with a consequent depreciation of
the currencies involved. The following chronology, which does not include South America,
throws light on the extent of these special
measures adopted during the period:
1931
July
13. Germany closed banks for two days,
and issued on July 15 restrictions of
foreign exchange.
July
17. Hungary imposed foreign exchange restrictions.
September 17. First German standstill agreement for
six months.
September 21. Great Britain suspended the gold
standard.
September 22. Great Britain issued certain restrictions.
September 28. Norway and Sweden suspended the gold
standard.
September 28. Greece introduced exchange restrictions.
September 29. Denmark formally suspended the gold
standard (having prohibited the export of gold on September 22).
September 29. The Italian Finance Minister was empowered to issue exchange regulations.
No such regulations have been issued,
but voluntary regulations were later
applied by the Italian Bankers' Association.
3 Czechoslovakia introduced exchange reOctober
strictions.
5 Finland introduced exchange restricOctober
tions.
7 Yugoslavia introduced exchange restricOctober
tions.
8 Latvia introduced exchange restrictions.
October
October
9 Austria introduced exchange restrictions.
October 12 Finland suspended the gold standard.
October 15 Bulgaria introduced exchange restrictions.
October 24 Estonia introduced exchange restrictions.
Norway applied voluntary exchange
November
restrictions.
November 18 Denmark introduced exchange restrictions.
December 17 Japan suspended the gold standard
^ (having prohibited the export of gold
as from December 14).
December 23 Hungary declared a partial transfer
moratorium.
December 31 Finland abolished the exchange restrictions previously introduced.
1932
standstill agreement with
January 20 Austrian
American and British banks; for six
months.
1 Second German standstill agreement
March
for one year.
3 Great Britain abolished the exchange
March
restrictions previously introduced.
31 Hungarian standstill agreement for six
March
months.
Wherever foreign exchange restrictions have
been introduced, the main object has been to
control capital movements and especially to
prevent flight of capital. In Great Britain this
was the only object. In most other countries
JUNE,
1932
FEDERAL RESERVE BULLETIN
the restrictions have served another purpose,
i. e., the control of imports. Central banks,
either with or without the assistance of some
government institution, have allotted foreign
exchange for the import of " necessary" raw
materials and commodities or have limited the
amount of foreign exchange at the disposal of
importers to a certain percentage of their
"normal" requirements. The systems employed have varied, but in effect a new method
of interfering with trading relations has resulted, and in many cases has made the
working of the " most-favored-nation" clause,
and other provisions in commercial treaties,
practically inoperative. Some governments
have replied to these exchange restrictions by
the establishment of import "quotas," or by
attempting to organize "clearing arrangements, " with a view to obtaining payment for
their exporters to a given market out of the
payments which the local importers would
normally make to the same market.
Exchange control, with or without clearing
arrangements, forces trade into a kind of
strait-jacket, leaving little or no room for the
play of such economic forces, price changes and
other factors as normally tend to reestablish
equilibrium. It is manifest that this interference, like other barriers to economic freedom,
though furnishing a temporary helpful weapon
of defense, offers no solution to the fundamental
problems but instead aggravates them in the
long run.
If the relative position of the international
balances of payment is continuously to be upset by changes in tariff barriers, with profound
effects on the equilibrium of the different
countries; if the flow of capital from one nation
to another is to be dammed by obstacles which
make the fulfillment of contractual obligations
virtually impossible, with the attendant destruction of general confidence, then the international monetary system can not function
properly. It becomes more and more evident
that durable monetary stability can not be expected to exist unless international relations in
the economic field are radically improved. In
the reestablishment of the world credit structure, cooperation between central banks will
help, but the real solution of the problems involved requires the determined and concerted
action of the governments.
371
in connection with the partial liquidation of
short-term capital commitments, the reflection
of monetary events during the bank's year is
also visible in the movements of metallic gold.
Since the beginning of 1931 these movements
may be divided into four distinct periods, which
correspond to the changing international financial phases which succeeded one another in the
course of these eventful months.
1. From the beginning of the year until May
the flow of gold was mainly influenced by ordinary seasonal movements; the distribution
of newly produced gold caused an increase in
the gold holdings of a number of central banks
(including those in Belgium, France, Germany,
England, Japan, Holland, and the United
States). Two or three central banks, however,
sustained losses to meet foreign obligations.
2. From May to September, when the liquidity crisis was at its height, central banks in a
number of countries which were debtors on the
short-term account (Germany, England, Hungary, Japan, and Sweden) drew heavily on their
gold reserves in order to repay the liabilities of
their markets. Since these heavy reductions
most European central banks have avoided reducing their gold holdings further. In Europe
the only substantial subsequent reduction has
been that of the Reichsbank. Outside Europe,
central banks such as the National Bank of
Japan and several South American banks have,
however, continued to use part of their gold
reserves to meet foreign payments.
3. The depreciation of sterling in the second
half of September and the fear that other currencies previously considered invulnerable
might follow suit, caused a number of central
banks quickly to convert their foreign exchange holdings into gold. From the United
States, in particular, large quantities of gold
were withdrawn. By the end of October this
movement had slowed down, but the central
banks in France, Switzerland, Holland, and
Belgium had in the meantime added
$634,000,000 to their gold holdings of the end
of August. During the same period substantial quantities of gold—mostly of American
origin—were also held outside the central
banks, showing a growing distrust of paper
currencies in general. Had it not been for the
continuous arrival in New York of gold from
South America and the Far East, American
gold stocks would have been still further
THE TREND OF GOLD MOVEMENTS DURING THE depleted. On balance, the monetary gold
YEAR
stock in the United States was reduced by
Besides the alteration in the foreign devisen $700,000,000 between the end of August and
position of central banks which has occurred the end of October (the net loss from the end
372
FEDERAL RESERVE BULLETIN
of March, 1931, to the end of March, 1932,
being, however, only $309,000,000).
4. In the late autumn gold began to flow
from India, where some of the gold which had
been hoarded in large quantities was sold by
the public partly as a result of the distress
during a prolonged business depression, partly
in order to profit by the depreciation of the
rupee which had followed that of sterling. To
date about $193,000,000 have in this way been
added to monetary gold stocks. This gold
not only played an important role in bringing
assistance to the London market at a difficult
period; it also seems to have had a psychological influence on the public by lessening the
fear of a "scarcity of gold" and thus reducing
hoarding.
The Bank for International Settlements in
its direct business operations was affected
by these gold movements in a minor degree
only. In some instances it purchased and
delivered or held gold as an agent for some
of the smaller central banks. In other instances
it transferred gold held by it for one central
bank to the account of another central bank.
Speaking broadly, however, the gold acquired
was either moved to the vaults of the acquiring
central bank or left by it under earmark in
the custody of the supplying central bank.
At the end of the second fiscal year the bank
was the custodian of gold for the account of
central banks in the amount of only some
$23,000,000. No part of this gold is carried
on the monthly or annual balance sheets
reporting the situation of the assets and liabilities of the bank itself.
THE HOOVER MORATORIUM AND THE BANK
On June 20, 1931, the American Government, through its President, proposed the postponement during one year from July 1, 1931,
of all payments on intergovernmental debts.
With certain adjustments, the substance of this
proposal was accepted by the various creditor
and debtor nations. Its application is popularly referred to as the "Hoover moratorium."
The extent to which the observance of the
moratorium has led to a restriction of the
regular business operations of the bank has been
frequently misunderstood; and, moreover, its
effect upon the broader scope of the bank's
activities has been greatly to expand them.
From the viewpoint of revenue, the execution
of the Hoover proposal has reduced the commission which the bank would otherwise have
received in connection with handling inter-
JUNE,
1932
governmental payments by some $183,000, a
relatively trifling sacrifice for the bank to bear
in the common effort to attenuate the burden
upon the already overcharged exchanges of the
current transfers in respect of intergovernmental debt. A more important business consequence was the reduction of the mobile
resources otherwise at the command of the
bank, as depository for the moneys which were
generally paid by the debtor countries in
equal monthly installments and generally
disbursed at half-yearly intervals. But even
such resources, if received by the bank, would
have been employed during the intervening
period between receipt and disbursement,
partly in the markets of the creditor countries
which renounced the payments, and partly in
the markets of the debtor countries, which
enjoyed a far greater benefit by not being
obliged to make these payments at all. An
additional effect on the funds of the bank has
been the gradual withdrawal by the creditor
treasuries of their balances on hand when the
moratorium was instituted, either because of
their own budgetary deficits, or for financing
deliveries in kind from Germany which had
been ordered prior to the inception of the
Hoover moratorium. Thus, funds of the
treasuries on March 31, 1932, had fallen to
$13,000,000 in comparison with $77,000,000
on June 30, 1931.
From the broader point of view, the real consequence of the moratorium was the utilization
of the bank as a convenient center to secure
relatively quick action in the international
financial sphere. Despite the Franco-American
accord of July on the main substance of the
Hoover proposals (the details of which, as modified in agreement with the other interested
governments, were finally expressed in the
London Protocol of August 11, 1931, referred
to later in this report), credit and banking difficulties continued to intensify in Germany; and
these led to the convocation of the international
conference which met in London in the third
week of July, 1931. That conference declared,
in part, that the governments represented were
ready to recommend for the consideration of
their respective financial institutions:
"That the central bank credit of $100,000,000
recently granted to the Reichsbank under the
auspices of the Bank for International Settlements, be renewed at maturity for a period of
three months." * * * "The conference
recommend that the Bank for International
Settlements should be invited to set up without
delay a committee of representatives nominated
JUNE, 1932
FEDERAL RESERVE BULLETIN
by the governors of the central banks interested
to inquire into the immediate further credit
needs of Germany and to study the possibilities
of converting a portion of the short-term credits
into long-term credits."
The foregoing resolutions were communicated
to the Bank for International Settlements by
telegram and letter under date of July 23, 1931.
Acting pursuant to the second resolution, a
committee of representatives nominated by the
governors of the central banks of Belgium,
France, Germany, Great Britain, Holland, Italy
Japan, Sweden, Switzerland, and the Federal
Reserve Bank of New York was forthwith set
up and met in the bank's offices at Basel on
August 8, 1931. It concluded its report on
August 18, 1931. The report, with annexes,
was immediately published, so it is necessary
to summarize here only a part of the relevant
conclusions. As to additional short-term
credits, the committee considered that it was
" obvious that if the additional capital required
by Germany were supplied in the form of
short-term credits she would be faced with
a still greater difficulty than at present in
meeting the obligations that will become
due in six months' time when the period of
prolongation
of existing credits comes to an
end.7'
As to long-term credits, the committee felt
that such loans were needed, but said: "If we
refrain from putting forward detailed schemes
to this end, it is only because of our conviction
that action which lies outside our province must
first be taken before any long-term German
bonds, however well secured, can be sold. We
therefore conclude by urging most earnestly
upon all governments concerned that they lose
no time in taking the necessary measures for
bringing about such conditions as will allow
financial operations to bring to Germany—and
thereby to the world—sorely needed assistance."
In their report the committee also outlined
the proposed standstill arrangements with
respect to existing short-term bank credits in
Germany, an agreement concerning the maintenance of which at about their existing total
for a further period of six months from September 1, 1931, was simultaneously reached in
Basel between the German private bank representatives and the foreign private bank
representatives. The committee added: "For
the adjustment of any differences which may
arise as to the interpretation and execution of
this agreement, the Bank for International
373
Settlements has, at the request of all parties
to the agreement and in view of its international functions, agreed to set up a committee
with full power to deal with such cases."
The Bank for International Settlements
appointed as an arbitration committee Messrs.
Marcus Wallenberg (chairman), T. H. McKittrick, jr., and Franz Urbig. When the
standstill agreement expired under its terms
on February 28, 1932, and was thereupon
renewed for another year, the same arbitration committee was reappointed, with the
addition, as alternates for the members, of
Messrs. Carl Trygger, G. Tyser, and Robert
Pferdemenges.
The report of the committee appointed on
the recommendation of the London Conference
was signed by all members of the committee,
namely, Messrs. Albert H. Wiggin (chairman),
Alberto Beneduce, R. G. Bindschedler, E.
Francqui, P. Hofstede de Groot, Walter T.
Layton, C. Melchior, E. Moreau, O. Rydbeck,
and T. Tanaka.
Due in part to the committee's earnest recommendation that the governments should concert
together with respect to the necessary measures
for economic restoration and assistance to Germany, there followed a series of diplomatic
pourparlers and individual conversations between government heads, which culminated in
the decision of the German Government to
apply to the Bank for International Settlements, in accordance with article 119 of the
new plan (Young plan), for the convocation of
the special advisory committee provided for by
that plan and referred to in article 45 of the
bank's statutes. On November 19, 1931, the
German Minister of Finance, " in the name of
the German Government/' transmitted to the
president of the bank a memorandum formally
requesting convocation of the committee and
stating, in part:
"In accordance with the new plan the application requires a declaration by the German
Government to the effect that ' they have come
to the conclusion in good faith that Germany's
exchange and economic life may be seriously
endangered by the transfer in part or in full of
the postponable portion of the annuities.' In
making this declaration, the German Government must expressly state that such a declaration does not do justice to the present situation.
Since the new plan was framed, the economic
and financial situation in the world, and particularly in Germany, has been fundamentally
altered by a crisis without parallel."
374
FEDERAL RESERVE BULLETIN
JUNE, 1932
Upon receipt of this declaration, the board of added greatly to the real burden, not only of
the bank promptly requested the nomination German annuities but of all payments fixed in
of the seven ordinary members of the commit- gold.
tee in the manner provided by the new plan, "In the circumstances the German problem—
that is to say, by the governors of the Reichs- which is largely responsible for the growing
bank, the Banque de France, the Bank of financial paralysis of the world—calls for conEngland, the Banque Nationale de Belgique, certed action which the governments alone can
the Banca d'ltalia, the Bank of Japan, and the take.
Federal Reserve Bank of New York. The
governors respectively nominated Messrs. Carl
"In this connection, certain considerations
Melchior, Charles Rist, Walter T. Layton, E.
Francqui, Alberto Beneduce, D. Nohara, and seem to us of great importance.
"The first is that transfers from one country
Walter W. Stewart. The ordinary members
met in the bank building in Basel on Decem- to another on a scale so large as to upset the
ber 7, 1931, and, after coopting four additional balance of payments can only accentuate the
members as permitted by the new plan, and present chaos.
after electing Professor Alberto Beneduce
chairman of the committee, they entered upon
"Again, the adjustment of all intergoverntheir investigation which terminated December
23, 1931. The four coop ted members were mental debts (reparations and other war
Messrs. Rudolf G. Bindschedler, H. Colijn, G. debts) to the existing troubled situation of the
Diouritch, and O. Rydbeck. The results of the world—and this adjustment should take place
deliberations of the committee were set forth without delay if new disasters are to be avoided
in its unanimous report,1 dated December 23, —is the only lasting step capable of reestab1931, which was published and distributed in lishing confidence which is the very condition of
four languages. The relevant conclusions, economic stability and real peace.
contained in Chapter IV of the report, are as
follows:
"We appeal to the governments on whom the
" I t is evident from the facts outlined in the
preceding chapters that Germany would be responsibility for action rests to permit of no
justified in declaring, in accordance with her delay in coming to decisions which will bring
rights under the Young plan, that in spite of an amelioration of this grave crisis which
the steps she has taken to maintain the stability weighs so heavily on all alike."
A government conference has been scheduled
of her currency she will not be able in the year
beginning in July, next, to transfer the condi- to meet in Lausanne during the month of June,
1932.
tional part of the annuity.
"The committee, however, would not feel
that it had fully accomplished its task and CENTRAL BANK COLLABORATION DURING THE
PERIOD
justified the confidence placed in it if it did not
draw the attention of the governments to the
In the period under review, central bank
unprecedented gravity of the crisis, the magni- collaboration has expressed itself most notably
tude of which undoubtedly exceeds the 'rela- in the volume of intercentral bank advances
tively short depression' envisaged in the Young which were made in the mutual effort to hold
plan—to meet which the lmeasures of safe- together the fabric of the international credit
guard ' contained therein were designed.
system. Besides, the rising tide of monetary
"The Young plan, with its rising series of and financial difficulties naturally caused the
annuities, contemplated a steady expansion in banks of issue to maintain closer and more
world trade, not merely in volume but in value, continuous contact than ever before, either
in which the annuities payable by Germany through or at Basel or by direct exchange of
would become a factor of diminishing import- views, of plans, and of information. In May,
ance. In fact the opposite has been the case. 1931, there gathered at the bank's offices,
Since the Young plan came into effect, not only immediately after the general meeting of sharehas the trade of the world shrunk in volume, holders, the representatives of 24 central banks
but the very exceptional fall in gold prices that for the purpose of the discussion of a number
has occurred in the last two years has itself of monetary and credit problems. So large
a gathering of central bank officials, including
*See FEDERAL RESERVE BULLETIN, January, 1932.
JUNE, 1932
FEDERAL RESERVE BULLETIN
375
20 governors, had never before assembled. were 173,600 shares of the capital stock outThe need for increased cooperation in studying standing on March 31, 1932, 25 per cent of the
currency and credit questions and in collecting value of which had been paid up ($20,940,500).
and exchanging statistical data was especially At the close of the first fiscal year, the number
emphasized in the discussions. As a conse- of shares outstanding, 25 per cent paid up, was
quence, there has been organized in the bank a 165,100 ($19,915,000). The statutes provide
monetary and economic department which that, during the two years following the incorclosely follows the changing trends in the poration of the bank, the board of directors
various money markets and collates statistical shall arrange for the subscription of any uninformation. In fulfillment of a wish expressed issued portion of the authorized capital, and
by various central banks that the department that any part of the capital which at the end
should gather detailed data directly from of two years remains unsubscribed shall then
central banks with regard to the various regula- be subscribed (or subscriptions arranged for)
tions and practices when dealing in gold, an by the seven banking institutions which founded
inquiry into the subject was conducted by way the bank. The directors have arranged for the
of questionnaire addressed to 27 central banks, subscription by the seven banking institutions
and the authoritative replies were distributed during the month of May, 1932, of the remainin two bound volumes to the interested banks of ing 26,400 shares that have not been issued,
issue.
principally because of the ineligibility of several
A second compilation was published during central banks desirous of becoming member
the year, namely " Foreign Exchange Regula- banks in the Bank for International Settletions in the Different Countries/' a reprint or ments, but whose national currencies do not
translation of the laws and decrees relating to satisfy the practical requirements of the gold
exchange restrictions which had been adopted or gold exchange standard. In order to admit
in the European countries during 1931. The such banks at a later date when they may have
need for such official information was demon- become eligible, arrangements have been made
strated by the Prague Conference of central with the seven banking institutions to retrocede
bank experts, convened by the Bank for Inter- in equal proportions, upon the request of the
national Settlements in November, 1931, for board of directors, such number of the shares
the examination of problems connected with now about to be issued as may be needed for
foreign exchange restrictions and clearing transfer to new central banks applying for memarrangements and their effect upon central bership.
bank operations. This conference was atDeposits and investments.—Out of the total
tended by experts or observers representing of sight and short-term deposits held by the
the national banks of Bulgaria, Czechoslovakia, bank on March 31, 1932, 67.6 per cent had
Germany, Greece, Poland, Rumania, Yugo- been effected in dollars, 15 per cent in French
slavia, Austria, and Hungary.
francs, 4.6 per cent in reichsmarks and the
The two last mentioned banks, in connection remainder of 12.8 per cent in various other
with the especially severe conditions prevailing currencies. Of the long-term deposits with
in their markets during the period under review, the bank, 77 per cent, representing the balance
requested the Bank for International Settle- of the annuity trust account as shown on
ments to suggest foreign advisers to be ap- Annex Va, and the German Government depointed by the respective institutions. The posit, are expressed in reichsmarks, and 23
bank suggested Dr. G. W. J. Bruins, who was per cent in dollars. The off-setting assets
appointed adviser by the Austrian National include our holdings in Germany, which, in
Bank, and Mr. Henry J. Bruce, who was addition to the Reichsbank credit of $22,500,appointed adviser by the Hungarian National 000 (originally $25,000,000) represent 28.2 per
Bank.
cent of the total investments. Of the total of
SHARE CAPITAL; DEPOSITS AND INVESTMENTS; our investments, 85.9 per cent (1931, 41 per
cent) were placed with central banks, 10.8 per
NET
PROFITS
cent (1931, 20 per cent) with banking instituShare capital.—The authorized capital of the tions selected by central banks, and the rebank is $96,500,000 (500,000,000 Swiss gold mainder, 3.3 per cent (1931, 39 per cent), with
francs), divided into 200,000 shares of equal or through institutions selected by us with the
gold nominal value. The statutes provide that knowledge of the interested central banks.
25 per cent only of the value of each share shall All investments are regularly made through
be paid for at the time of subscription. There the intermediary of the central banks con-
376
FEDERAL RESERVE
cerned, which are thus aware of all operations
in their markets. This rule, which has been
followed from the beginning, eliminates the
possibility of the bank's acting in contradiction to the credit policy of the local bank of
issue. Thanks to this practice, there has been
no instance to date of the use of the veto right,
which, in accordance with the statutes, each
central bank is entitled to exercise with respect
to any operation in its market which it does
not desire.
Net profits and their distribution.—On the
now outstanding capital stock, the payment of
a dividend at the rate of 6 per cent per annum,
that is, the same rate as was paid last year,
requires $1,244,227 (1931, $995,156). The net
profits of the year, after writing off all losses
suffered as the result of the depreciation of currencies, and all other losses, and after provision
for further contingencies, is $2,930,284 (1931,
$2,158,999). In the year-end balance sheet, all
currencies are valued at or below the least favorable market rate prevailing on March 31, 1932,
and all assets are valued at or below market
quotations, if any, or below cost. In computing
the above profits, no account has been taken of
exchange gains arising by reason of the bank's
happening to be short in any depreciated currency; such book profits are carried in a separate suspense account.
I. Cash on hand and on current account with
banks
II. Sight funds at interest
III. Rediscountable bills and acceptances:
(1) Commercial bills and bankers' acceptances
(2) Treasury bills
„
Swiss
francs
(in thousands)
Dollars »
(in thousands)
14,212
74, 385
2,743
14, 356
473, 560
136,738
610,299
IV. Time funds at interest:
(1) Central bank credits
(2) Other funds not exceeding 3 months
maturity
_.
Shares, 25 per cent paid up, allotted to—
Total resources
1
Bank of England, London.
Banque Nationale de Belgique, Brussels
Banque de France, Paris
Banca d'ltalia, Rome
_
_
Reichsbank, Berlin.
A group of 14 Japanese banks led by the Industrial Bank of Japan, Tokyo
The American Group—
J. P. Morgan & Co., New York
The First National Bank of New York,
New York
.
The First National Bank of Chicago,
Chicago
De Nederlandsche Bank, Amsterdam
Schweizerische Nationalbank, Zurich.
Sveriges Riksbank, Stockholm
Bank von Danzig, Danzig
Finlands Bank, Helsingfors
Banque de Grece, Athens
Oesterreichische Nationalbank, Vienna.
Banque Nationale de Bulgarie, Sofia
Nationalbanken i Kj0benhavn, Copenhagen..
Banque Nationale de Roumanie, Bucharest...
Bank Polski, Warsaw
Magyar Nemzeti Bank, Budapest
Narodnl Banka Ceskoslovenska, Prague
Eesti Pank, Tallinn
Latvijas Banka, Riga
Lietuvos Bankas, Kaunas
Banque Nationale d'Albanie, Rome
Norges Bank, Oslo
_
Banque Nationale du Royaume de Yougoslavie, Belgrade
Total..
Date of acquisition
16,000 May 20,1930
16,000
Do.
16,000
Do.
16,000
Do.
16,000
Do.
16,000
Do.
16, 000
Do.
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
100
500
500
500
4,000
Do.
Do.
Do.
June 25,1930
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Oct. 31,1930
Dec. 30,1930
Mar. 31,1931
Apr. 30,1931
May 30,1931
4,000
June 28,1931
173,600
NOTE.—The remaining unissued portion of the total authorized capital
of 200,000 shares, that is to say, 26,400 shares, will be taken up in equal
proportions on May 31, 1932, by the 7 banking institutions or banking
groups first above listed, which founded the bank.
SETTLEMENTS AS OF MARCH 31,
Liabilities
I. Capital:
Authorized 200,000 shares, each of 2,500
Swiss gold francs.._
Issued 173,600 shares
Of which 25 per cent paid up
II. Reserves:
(1) Legal reserve fund
(2) Dividend reserve fund
(3) General reserve fund
35,660
21, 769
4,201
206, 536
39,861
III. Long-term deposits:
(1) Annuity trust account
(2) German Government deposit
(3) French Government guarantee fund.
126,769
47, 510
35,852
789
24,466
9,169
6,919
152
IV. Short-term and sight depOwSits:
(1) Central banks for their own account:
(a) Not exceeding 3 months
(b) Sight
210, 918
40, 707
-
9,661
1,865
_
1, 126,011
217,320
(2) Central banks for the account of
others: Sight
(3) Other depositors: Sight
V. Miscellaneous items
VI. Surplus:
Profit for the financial year ended March
31,1932
Total liabilities
Conversion at par: 1 Swiss franc=$0,193
117,788
Number
of shares
184, 767
V. Sundry bills and investments:
(1) Maturing within 3 months—
(a) Treasury bills
(b) Sundry investments
(2) Between 3 and 6 months
(3) Over 6 months
VI. Other assets
91,397
26,390
JUNE, 1932
ANNEX 1.—CENTRAL BANKS OR OTHER
BANKING
INSTITUTIONS ALLOTTED SHARES OF THE BANK
DURING THE PERIOD FROM MAY 17, 1930, TO
MARCH 31, 1932
BALANCE SHEET OF THE BANK FOR INTERNATIONAL
Resources
BULLETIN
1932
Swiss
francs
(in thousands')
Dollars '
(in thousands)
500,000
96,500
434,000
108,500
83,762
20,941
559
1,094
2,188
108
211
422
3,842
742
153,623
76,811
68,649
29,649
14,825
13,249
299,083
57, 723
145,155
463,030
28,015
89,365
608,185
117,380
68,154
7,823
15,242
13,154
1,510
2,942
15,183
2,930
1,126,011
217,320
377
FEDERAL RESERVE BULLETIN
JUNE, 1932
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
Total (47
countries)
1931—January
10,962
February
11,016
March
11, 079
April
11,115
11, 225
May
11, 272
June
11,218
July
11,294
August
11,273
September...
11,127
October
11, 224
November....
'
11, 263
December...
1932—January
'11,310
February
11,385
March
_
11,460
April
* 11,472
May
United
States
Europe
Canada Total (27
countries)
4,285
4,309
4,343
4,373
4,445
4,593
4,587
4,632
4,364
3,905
4,031
4,051
4,009
3,947
3,986
3,956
»3,714
92
94
96
99
102
87
87
89
83
Austria
Bulgaria SovSfe
Belgium
5,313
5,350
5,388
5,395
5,428
5,351
5,353
5,415
5,689
6, 066
6,113
6,189
6,300
6,444
6,484
6,525
D
enmark
Germany
2,176
2,192
2,200
2,180
2,181
2,212
2,290
2,296
2,326
2,534
2,659
2,699
2,808
2,942
3,012
3,052
3,115
679
685
699
712
735
793
643
649
656
660
587
191
197
200
201
201
199
214
221
346
357
356
354
352
351
349
351
353
588
588
39
535
544
553
564
569
[339
325
325
310
273
239
234
226
221
209
205
*205
Europe—Continued
End of month
Greece Hungary
1931—January
February...
March
April
May
June
July
August
September.
October
November.
December .
1932—January
February..
March
April
May
Italy
Nether- Norway Poland
lands
279
279
279
279
280
282
283
283
286
293
296
296
175
179
179
181
181
200
236
260
282
336
362
357
351
353
354
364
384
296
296
Portugal
56
56
53
53
53
53
53
53
54
54
54
58
39
39
39
39
39
39
39
39
39
46
42
41
42
42
42
42
13
15
16
17
42
Latin America
End of month
1931—January....
February..
March
April
May
June
July
August
September.
October. __
November
December.
1932—January...
February.
March
April
*> Preliminary.
Colombia
14
15
12
12
10
10
10
10
8
11
10
9
6
7
7
8
Rumania
!
!
j
i
i
58
57
57
57
Spain
466
467
467
468
439
439
434
434
434
434
434
434
434
Far East
6 other
u. s.s. Yugo- counSweden Switzerland
slavia tries
R.
126
124
124
124
124
162
225
229
328
422
425
453
472
482
471
471
493
249
249
259
259
262
262
267
280
293
309
315
328
329
329
330
331
335
18
18
18
18
18
18
18
21
21
25
26
26
26
26
26
27
Africa
Peru
18
18
18
18
18
16
14
11
13
17
17
17
15
14
13
12
53
52
52
52
52
-21
'21
'21
21
P22
505
505
501
499
* Revised.
Figures for 33 countries are as of final day of month; for the other 14 countries—including England, France, and Netherlands—they are as of last
report date of month. See BULLETIN for July, 1931, p. 399.
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 July, 1931,
378
FEDERAL RESERVE BULLETIN
JUNE,
1932
GOLD PRODUCTION
[In thousands of dollars)
Production reported monthly
Estimated
world
production
Month
1930
Africa
Total
South
Africa
Rhodesia
West
Belgian
Australia
Japan
India
Canada
Mexico
4,682
1,196
<964
700
700
43,454
13, 827
9,553
7,531
6,785
Congo
Africa
36,300
28,417
18,519
973
441
416,752
322,150
221, 526
11,476
5,000
28,247
27, 757
27, 969
28, 341
28,408
28,172
28, 817
28, 909
29,848
28, 749
28,950
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
_.
36,407
34, 453
35, 917
36,129
36,501
36,568
36, 332
36, 977
37,069
38, 008
36,909
37,110
917
918
926
947
918
905
936
941
1,041
443
438
453
447
452
448
453
466
488
476
480
498
282
271
285
277
256
268
272
282
323
349
324
327
4.192
4,033
4,213
4,612
4,448
4,823
4,625
4,664
4,966
4,928
4,837
4,974
1,282
1,012
989
1,331
1,209
1,104
815
1,229
1,075
1,042
915
877
634
869
863
936
919
1,092
933
1,229
916
1,240
1,321
1,181
657
764
683
694
716
663
668
654
692
679
667
664
648
580
594
561
521
490
500
516
562
673
590
579
Total (12 months).
438,381
340, 460
224, 863
11,193
5,543
3,516
55, 316
12,879
12,134
8,201
6,815
* 37,636 I P29, 476
f 36, 714 !v 28. 554
v 38,354 | P 30,194
19. 587
18,935
19,846
921
956
460
453
484
323
309
334
1,106
948
862
' 1,084
P 1,101
» 1,101
628
657
741
534
525
545
December.
T o t a l (12 months)
243
1931
January
February
March
April
May
June
July.
August
September..
October
November
December
_._
_
-_.
_
_
26, 293
1932
January
February
March
4,834 \
«4,670 !
5,285 I
B
Corrected.
Preliminary.
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 $94,601,000, or $7,883,000 on a monthly average basis. The estimate of
world production for December, 1930, represents the sum of this average difference and the figure actually reported for the month. 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.
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 the Belgian Congo, the output of the Kilo-Moto mines; 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
Month
1930
December
Total
net
imports
32,742
Net imports from—
England France
Belgium
Nether- Switzer- Can- Mexico Argen- Brazil
lands land
ada
tina
10
6
Total (12 mos.). 280,087 - 2 7 5 -73,675
16
1931
34, 372
3
January
1
9
1
February._
16,142
c
March.
50
25,645
April _.
19,161
49, 516
16
49,630
5
May
63,847
21
-17
June
--19,503
8
July
57,500
1,501
-10
-5
August
20, 561
23 -24,087
September
-4,172
-349
October
-337,685
685 —324 500 —Q fi7S -35,904 - 1 7 , 617
89,436
333
-10
-57
-394
-515
November..
56,858 4,249 -15,150 - 5 , 8 6 1 - 9 , 8 5 7 - 1 , 2 7 0
December
Total (12 mos.). 145,325 8,797 -344,514-15,583 -50,327 - 1 9 , 768
1932
January
-74,958 - 3 , 1 9 9 - 8 3 , 783 - 1 2 , 553 - 6 , 257 - 1 , 759
February
- 9 0 , 567
- 2 3 5 -98,203 -17,859 - 8 , 6 7 2
-254
March
-24,671
- 2 3 -37,532 - 6 , 3 4 1
-6
-30,239 - 1 , 9 2 2 - 2 4 , 527
- 6 6 9 -18,707
-115
April
-198,903 - 5 , 7 1 1 -59,603 -19,035 -70,454 —55,084
May*
1
$25,990,000 imported from Germany.
22,885
395
4,922
6,872
20,390
20, 222
22,556
536
1,272
303
924
4,032
1,105
1,563
1,052
774
20, 725
438
4,871
466
8,802
2 208
4,260
8,837
5,666 - 1 , 2 3 9
989
7,408
1,344
4, 513
5,441
9,289
11,601
14,782
40,029
4,923
8,305
5,383
25, 770
15,474
267
81,136
2,146
8,406
7,216
7,267
4,493
1 107
87,776
22,267 141, 263
1,103
950
2,997
3,329
666
Colom- British
bia
India
9,110
1.157
2,683
* $11,000,000 imported from Germany.
16
All
Japan
249
9,097
3,022
116
2,996
86
3 359
155
87
142
3 095
16
China
and
Hong
Kong
3,174
22,2111 156,609
4
2,042
4,895
3,165
16
15,116
8,064
360
949
2,948
7
3
7
4,677
2,575
70
182
801
2,739
1,597
7,796
960
6,361
1,544
1,046
3,596
5,533
1,644
623
other
countries
30,838
748
1,264
1
2,412
1,586
2,845
2,741
2,266
847
2,604
399 l 30,842
1,246
2,980
25,000 * 13,435
3,586
1,378
22, 501
75,932 - 1 , 0 5 6
4,775
68,285
34, 240 199, 286
67,332
9,969
19,441
2,471
940
2,365
682
-528
167
819
2,948
2,402
3,734
2,013
2,437
* Preliminary figures.
379
FEDERAL RESERVE BULLETIN
JUKE, 1932
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Great Britain
Net imports from—
Month
1930
December
Total
net imports
_
-35,383
Total (12mos.)--
'23,658
1931
January
February
March
April
May._
June
July
August
September »
October »
November »
December *
Netherlands
France
Germany
Belgium
-65,750
-9,963
-1,218
United
States
-43,470
2,443
6,452
24,084
19,122
54,300
-130,808
-24,150
- 9 , 251
13,040
-44,977
-15,602
Total (12mos.)"- -148, 817
-1,506
11
-827
970
-4,144
-7,086
- 7 2 , 616
-18,178
- 7 , 793
-344
-296
-232
-110,144
-13,333
-774
-6,800
-61,412
-24,939
-12,582 -316, 861
British
India
Straits AustraSettlelia
ments
South
Africa,
Rhodesia,
West Africa
All
other
countries
-685
16,501
-124
231
464
20,997
4,183
- 9 8 1 -23,190
57,896
-8,177
1,526
116,415
213,774
J 22,893
-276
-992
-14
-153
18
-194
65
-126
146
-133
-82
-3,338
-50,133 - 1 , 6 5 8
-24,373 -13,218
-18,419 -10,168
-2,458
-12^370 -10,003
- 4 , 2 9 0 -18,564
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
33, 764 -36,952 -118,319 -61,005
28,922
56,358
10,983
32, 683
233, 747
446
105
2,226
1,002
45,986
30,661
24,340
17,393
10,423
746
781
602
899
676
1,555
371
1,750
1,083
279
17,062
20,884
20, 616
24,893
18,673
352
1,426
887
420
1,146
283 -268,831 ' -78,862 - 9 , 0 9 0
- 1 , 4 8 3 - 2 , 661
- 1 , 772 - 7 , 796
- 1 , 0 4 7 - 6 , 317
-92
-420
37,514
-19
1,765 - 1 0 , 751
7 - 9,145
-72
-35
-119
-7
-2
-66
-515
-155
-19
Switzer- South
America
land
1932
January
February
March
April
May "
- 7 , 320
-6,182
- 2 , 691
26,148
18,109
-4,129
2,256
-119
1,207
7,575
-64,955
- 5 2 , 712
-40,858
17, 795
-7,197
-76
-58
3
71
-18
-134
-756
-53
-53
-2,539
-3,584
-7,537
-3,480
-1,955
-10,763
-247
- 3 , 723
-7,382
-16
-148
Germany •
France
Net imports from—
Net imports from—
Month
1930
December...
Total
net
imports United
States
63,998
65,035 !
Total (12mos.)_ 4fiO, 268!
90,938 274, 514
1931
|
January
67,819
February
3«,205
March
_
10, 558
April—.
_,„
2,736
May..
-12.090 - 1 2 , 749
June
- 9 . 5581 - 6 , 3 2 6
July
__„ 149,150
August..
72, 952
418'
209
September
October273,734 243,956
122, 372
99,876
November
13,881
3,164
December
Total (12 mos.)- 728,176
1932
January
February
March
April
74,0071
184,1711
147, 604J
60,3401
England
Germany
Netherlands
All
other
countries
Switzerland
-29
1,066
65,352 25,183 —1,127
-1
67, 031
-15
-38.
35,992
-18
9,643
-13
2,218
-20
2571
4,114
-21
316
-19
29, 520 89, 786
-29
78, 366
-10
9
902
21,738
6,060 - 3 , 553
40, 447
91 22, 741
26,132
1 -232
-1
-1
-7
-3
-8,262
n
-5,996
-1,818
-153
-42, 572
-22,386
328,130 312,561 100,0501 18,775-81,207
I
—46i 6,755 - 9 , 8 9 9
65,062 «10,735!
'-4
9,601! - 1 , 5 9 2
82, 580 90,947j
1
71, 279 49,028! r 13,889; 12,561
23,8881
- 1 5 ! 2,012
.428
Total
net
imports
United
States
7,6
9,250
5,403 -14,006
England
263
France
Netherlands
91
67,948 -84, 496 -11,908
75
172
—1
1,321
11,966
805
163
63
12,098|.
2,008
251
177
895
12
1,247
934
309
41
1
563
11,383
538
424
45
12
6,371
248
425
621 -205^543 -25,927 -40,029 -97, 630 -24,159
151
54
* 29,872 -6.243J -10,963 -1,949
548
934
112
216
611
547
1,137| -16,947
3 - 5 , 558
i n ftet
120 - 5 , 9 5 1 -10,965
5,6851 -31,473
681
49
1, 789| -41,968
18
181-16,455
642
7,203
875
7
56|
150
Switzerland
U. S.
S. R.
45
All
other
countries
1,349
12
12,849
10, 338
9,826
7,718
47 10,327
42 5,169
5,154
5,218
-23
11,859
20, 620 5,183
30
16
469
95
431
1,325
25,594
103
1,227
80
—80
78
-4
17
49,867-247,950 -36,160 -35,221 -102,019,-55,142 -63,866 58, 932 - 1 4 , 475
1,401
2,639
' 830!
-4,054|
328
-5,262
-5,251
-8,319
-18
16
-564
671
4
-5,501
-7,83l|
- 6 1 - 2 , 6 8 3 5,138
-5,407, - 8 , 3 8 8
42 5,254
164
1,053
188
197
* $29,229,000 imported by Great Britain from Spain.
• $17,555,000 exported by Germany to Belgium
* $29,233,000 imported by France from Spain.
»Preliminary
figures.
r Revised.
• Corrected.
• 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.
380
FEDERAL RESERVE BULLETIN
JUNE, 1932
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Netherlands
Switzerland
Net imports from—
Month
Total
net
imports
United
States
1930
December...
Total (12 mos.).
1932
January
February
March
April
._.-
All
England
France
Germany
other
countries
France I
many
South
Africa
All
other
countries
10
31
-21
267
684
-112
-306
-7,724
1,018
-20,528
11,932
-158
22,204
24,205
1,911
-1,643
-2,270
249
-118
-156
-433
-519
24,384
9,397
60,076
19,020
-8
-13 !
207
—232
-128
1 3,831
-479
» 3,413
-78
671
-54
-111
-10
-18
17,475
3,597
18,096
25, 505
94, 339
43,572
19,687
32,919
3,224
254
972
201
143
100
123
3,269
1,072
186
1,722
5,346
9,805
18,364
-16
-17,572
-1,113
-2,325
-43
-164
-142
-392
-382
24,176
-229
-556
-113
17,455
4,717
11,672
-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
» 6,751
« 7,181
209
39,684
72,760
1931
January
February
March
April
May
June
July...
August
September
October
November
December
Total (12 mos.)-
Net imports from—
Total
net
imports United England
States
1 j
36,551
19,567
16,413
21,551
1,449
276
19
-14
-65
-145
-21
9,820
60, 722
15,387
14,781
7,982
8,849
198,619
39,413
117,591
-21,024
66,059
6,580
222,761
36,422
41,301
19,317
7,130
2,608
-1,886
7,747
8,810
6,342
2,799
3,100
5,446
3,870
867
- 3 , 521
-9,900
-11,028
-771
-304
320
34
8,445
109
-2,069
-1,105
8
- 3 , 602
5,653
17,658
4,698
2,538
2,067
1,411
82
65
1,300
5,725
5,733
116
1,972
5,423
-2,069
-95
7,737
23
—42
-32
-6
8,220
2,300
66
23
3,398
4,519
11
55
13,267
304
-630
65
«2,616
British India *
I
Net imports from—
Month
Total net
imports
United
States
Australia
England and New
Zealand
South
Africa
Iraq
\ Increase
_| Gold pro- in Govduction | ernment
reserves
! All other in
in India
India ? i reserves
| countries
in India
1930
123
152
57,672
8,681
8,053
2,402
26,513
12,023
-286
880
943
600
696
-1,752
-803
-270
175
-26,058
—24,217
-45,596
94
211
418
199
99
170
404
224
993
23
138
113
144
118
167
146
79
202
460
279
372
152
247
49
113
74
24
25
-10
- 2 J 96
-8,273
-3,307
-5,294
-1,024
323
-26
102
295
-2,254
-1,539
-979
-291
-10,179
-17,610
-39,539
-19,084
- 7 2 , 721
2,835
-2,863
-363
-90
-21,419
-17,353
-18,788
December..
Total (12 m o n t h s ) . . .
January
February
March
April
May
June
...
July.
August
September...
October
November....
December
200
64,278
1931
Total (12 months).
January...
February.
March
1,367
702
6,806 I
-4
2,370 |
Increase
in private
holdings
in India i
260
184
294
107
111
165
253
223
70
471
738 i
479 « -8,388
io -3,673
-921
649
582
596
563
523
491
502
517
564
675
592
581
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
-25,030
-23,984
-45,015
-10,914
6,835
33, 532
-122,385
225
28
189
536
527
547
18
-2
-7
1,825
1932
April.
-24,029
-17,672
-18,670
*-ll,970
28 !
P-547 i
i $4,020,000 imported by Netherlands from Dutch East Indies,
a $3,824,000 imported by Netherlands from British India.
$6,733,000 imported by Switzerland from Australia.
$7,293,000 imported by Switzerland from Norway.
$1,791,000 was exported from Netherlands to Poland; $2,325,000 to Switzerland.
$2,308,000 imported by Switzerland from Netherlands.
7 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.
• $7,575,000 was exported from India to Netherlands.
io $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 revision. Figures for
total net imports, gold production, and increase in Government and private holdings are final unless otherwise indicated.
» Preliminary3
4
8
6
381
FEDERAL RESERVE BULLETIN
JUNE, 1932
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
1932
Apr.
Argentine Conversion Office (millions of
gold pesos):
Gold
Notes issued l
Irish Currency Commission (thousands
of pounds sterling):
Legal tender note fund—
British legal tender and bank
balances
_.
British securities
Notes issued
_
Consolidated bank notes *—
Issued
_
Deemed such under sec. 60 (4) of
currency act, 1927
1931
Mar.
Feb.
Apr.
257
544
257
544
382
558
* 257
v 539
112
71
154
130
7,155 «7, 196 6,617 7,227
7,267 •7, 268 6,771 7,357
4,406 4,393 4,367 4,079
1,560
1,580 1,603
1,844
1932
Apr.
1931
Mai.
Canadian Minister of Finance (millions
of Canadian dollars):
Gold reserve against Dominion notes..
Advances to banks under finance act..
Dominion n o t e s Issued
153
Outside chartered bank holdings__
29
Indian Government (millions of rupees):
Gold standard reserveGold
Foreign exchange
145
Paper currency reserve—
Gold
55
Silver coin and bullion
1,105
Other assets
523
Notes issued
1,683
Feb.
Apr.
• 83
11
157
28
162
29
148
27
391
143
394
139
112
421
53
1,112
617
1,781
49
1,122
624
1,795
275
1,254
72
1,601
i Includes a small q u a n t i t y ol subsidiary coin, amounting on M a r . 31,1932, to 15,000,000 pesos.
* The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Apr. 2, Mar. 5, and Feb. 6, 1932, and Apr. 4, 1931*
The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.
9 Preliminary.
• Corrected.
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of dollars converted from Swiss francs at par: 1 Swiss franc-> $0.1930)
1932
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
—
_.
Total.
Time funds at interest:
Not exceeding 3 months..
Between 3 and 6 months.
Total.
Apr. 30
M a r . 31
Apr. 30
2,991
13, 781
2,743
14, 356
1,458
19,840
87,554
30,147
91, 397
26, 390
85, 578
39, 347
117, 701
117, 788
124, 926
48, 927
39, 861
181,399
1,420
39, 861
182, 820
48, 927
17,925
11, 521
4,584
188
24,466
9,169
6,919
152
i 43, 601
Total
Other resources
34,217
1,930
40,707
1,865
43, 601
2,428
217,320
375,072
219, 549
Apr. 30
Short-term deposits:
Central banks for own accountDemand
._
TimeNot exceeding 3 months. _
Between 3 and 6 months.,
Total .
Central banks for account of others—
Demand.
Time—not exceeding 3 months
Total .
Other depositorsDemand
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...
Other liabilities
Total liabilities.
i Composed of $36,338,000 of investments not exceeding 1 year and $7,263,000 exceeding 1 year.
1931
Liabilities
Sundry bills and investments:
Maturing within 3 months—
Treasury bills..
Sundry investments
Between 3 and 6 months
Over 6 months
Total resources..
1932
1931
Resources
M a r . 31 Apr. 30
61,747
89, 365
56,987
58,017
28, 015
88, 243
2,102
119, 764
117, 380
147, 331
11,855
13,154
29,424
113,869
11,855
13,154
143,293
769
1,066
1,510
44
2,664
29, 677
14,839
13,249
29,649 |
14,825 I
13,249 !
29,842
14,921
13,279
57, 765
20,941
57,723
20,941
58, 042
19,976
108
211
422
108
211
422
5,872
3,722
219,549
217, 320
375, 072
382
FEDERAL RESERVE BULLETIN
J U N E , 1932
CENTRAL BANKS
[For explanation of these tables see BULLETIN for February, 1931, pp. 81-83}
Resources of banking department
Bank of England
Gold (in
issue
department) *
Cash reserves
Coin
Millions of pounds sterling:
1931—Mar. 25
Apr. 29
May 27_
June 24
July29_
Aug. 26__
Sept. 30
Oct. 28._
Nov. 25
Dec. 30
1932—Jan. 27
Feb. 2 4 .
Mar. 30
Apr. 27.
May 25
143.6
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
.9
.9
1.1
1.1
1.3
1.3
1.3
1.3
1.0
.6
.6
.6
.6
.7
.7
Notes
Liabilities of banking department
Discounts Securiand
ties
advances
11.4
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
54.8
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
52.1
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
Note
circulation
Deposits
Bankers'
348.8
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
67.7
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
Resources
Millions of francs:
1931—Mar. 27.
Apr. 24.
May 29.
June 26.
July 31.
Aug. 28.
Sept. 25.
Oct. 30.
Nov. 27.
Dec. 30.
1932—Jan. 29..
Feb. 26..
Mar. 25
Apr. 29 .
May 27_
56,116
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
Foreign Domestic Security
exchange
bills
loans
26,307
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
7,084
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
Negotiable
securities »
7.7
15.3
14.1
27.2
23.4
23.6
Millions of reichsmarks:
1931—Mar. 31
Apr. 30.
May
Ma; 30__.
June 3O.__
July 3 1 . . . .
Aug. 31_...
Sept. 30...
Oct. 31____
Nov. 30___.
Dec. 31___.
1932—Jan. 30
Feb. 29. __
Mar. 31....
Apr. 3 0 . . . .
May 31 *>..
2,323
2,390
1,421
1,363
1,366
1,301
1,145
1,005
984
948
928
879
859
188
157
186
300
246
356
139
131
170
172
145
149
142
131
129
2,858
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
5,082
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
7,026
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
Note
circulation
77, 864
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
Government
11,773
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
(fd
1,951
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
Other
12,577
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
Other
liabilities
2,260
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
Liabilities
y
checks)
142
45
25
74
249
38
124
18.3
17.7
17.8
17.9
18.1
18.2
18.3
17.7
17.8
18.0
18.1
18.2
18.2
17.7
17.8
Deposits
Other
Reichsbank
Gold
33.7
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
9.5
17.7
17.4
25.2
15.2
26.3
30.1
17.3
27.0
Resources
Foreign
exchange
Other
Liabilities
Bank of France
Gold
Public
Other
liabilities
i
|
I
I
|
274
287
167
355
347
208
301
240
254
245
158
303
290
282
257
Securities
103
103
103
103
103
103
103
103
103
161
161
162
362
362
364
Other
assets
668
721
936
958
972
1,016
963
980
1,065
1,098
1,100
1,044
977
1,032
Note
circulation
Deposits
4,456
4,340
4,299
4, 295
4, 454
4,384
4,609
4,746
4,641
4,776
4,407
4,268
4.231
4,128
3,961
38?
355
353
398
834
509
613
618
506
755
394
423
578
405
431
Other
liabilities
775
749
731
1,074
1,251
1,251
1,306
1,326
1,323
1,338
1,373
1,318
1,226
1,249
1,261
v Preliminary figures.
* 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.
> Issued by the independent office for retirement of public debt (caisse autonome d'amortissement).
383
FEDERAL RESERVE BULLETIN
JUNE, 1932
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1931
1932
Central bank
Apr.
Mar.
Feb.
National Bank of Albania (thousands
of Albanian francs):
Gold
4,968 4,954
27,432 27,453
Foreign exchange..
4,174 4,152
Loans and discounts
4,769 5,243
Other assets
10, 932 11, 346
Note circulation
.._
18, 205 17,829
Demand deposits
12, 206 12, 627
Other liabilities
._
Commonwealth Bank of Australia
(thousands of Australian pounds):
Issue d e p a r t m e n t Gold coin and bullion
10, 500 10,500 10, 500
41, 746 41, 746 40, 998
Securities
Banking d e p a r t m e n t 1,057
923 1,024
Coin, bullion, and cash
Money at short call in Lon18, 094 22,003 17,856
don.
.__
16, 286 16,154 18, 349
Loans and discounts
27, 333 28,117 28, 518
Securities
66, 686 71,262 69, 695
Deposits
Bank notes in circulation
. . - 47, 018 47, 826 45,332
Austrian National Bank (millions of
schillings):
179
179
179
Gold
35
60
79
Foreign exchange of the reserve. _
0
0
0
Other foreign exchange
863
867
877
Domestic bills..
96
96
96
Government debt
999 1,009 1,044
Note circulation
113
128
129
Deposits
_
_
National Bank of Belgium (millions
of belgas):
2,523 2,514 2,527
Gold
0
0
0
Foreign bills and balances in gold.
937
945
965
Domestic and foreign bills
288
288
Loans to S t a t e . .
3, 653 3,664 3,715
Note circulation-_.
221
246
189
Deposits
_
_
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home
I 3,416 ! 3,401 3,375
Gold abroad
j 17, 920 16, 640 16,480
5, 073 6, 581 7,417
Foreign exchange
24, 572 22, 845 23,131
Loans and discounts
26, 924 26,156 25, 429
Note circulation
Deposits
. . . 12,400 11,906 12, 663
Bank of Brazil (millions of milreis):
303
317
Currency
285
120
129
Correspondents abroad
129
2,019
1,929
1,803
Loans and discounts
170
170
Note circulation
170
2,034 1,903
1,879
Deposits
National Bank of Bulgaria (millions
of leva):
1, 513 1,513
Gold
1,512
49
41
Net foreign exchange in reserve..
-8
331
278
Total foreign exchange
347
747
727
Loans and discounts
708
2, 965 2,965 2, 965
Government obligations
2,827 2,797 2,672
Note circulation
1,419
1, 552 1,596
Other sight liabilities
Central Bank of Chile (millions of
pesos):
Gold at home
67
Gold abroad and foreign ex98
change
144
144
Loans and discounts
_.
157
352
Note circulation. _
336
331
Deposits against which reserve
is held
115
129
110
Central Bank of China l (thousands
of Yuan dollars):
706
47
Gold
39, 322 40,121
Silver
11,000 9,033
D u e from banks abroad
18, 693 11, 631
D u e from domestic b a n k s .
_
64, 882 60, 820
Loans and discounts
5,653 5, 738
Securities
15, 844 13,342
Other assets
28, 563 29, 632
Note circulation..
_.
1
Items for issue and banking departments consolidated.
Apr.
1,889
27,051
3,609
6,073
12, 723
12, 784
13,115
15,141
32,058
2, 263
4,863
30, 326
20, 583
57, 003
44, 351
214
138
507
90
64
1,445
891
748
292
3,279
147
2,808
26, 699
23, 237
28, 314
8,420
375
98
1,530
170
1, 633
1,483
242
734
643
3, 064
3,212
1, 490
62
247
89
279
54
3, 725
41, 503
33, 453
40, 815
41, 625
16, C06
8, 216
32, 551
Central bank
Apr.
1932
1931
Mar. Feb,
Apr.
Central Bank of China—Continued.
DepositsGovernment
68, 306
Bank
19, 078
Other
4,599
Other liabilities
35,554
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home
7,945 7,529
Gold abroad.
6,467
Loans to member banks
13,432 13,963
Note circulation.
_
17,851 17,187
Deposits
_
15,933 14,649
National bank of Czechoslovakia
(millions of Czechoslovak crowns):
Gold.
1,642 1,643
Foreign balances and currency
1,194
784
Loans and advances
1,172 ! 1,432
Assets of banking office in liqui289
dation
288
Note circulation.
_
6,740 6,826
Deposits
375
279
Danish National Bank (millions of
kroner):
145
Gold
145
28
Foreign bills, etc..
25
145
Loans and discounts
146
322
Note circulation.._
335
44
Deposits
46
Bank of Danzig (thousands of Danzig
gulden):
Gold
21,816 21, 817
Foreign exchange of the reserve... 28, 642 23, 658
Other foreign exchange
673 3,750
Loans and discounts
8,420 7,015
Note circulation
41, 244 41, 060
Deposits
14,166 9,671
Central Bank of Ecuador (thousands
of sucres):
5,632
Gold
9,035
Foreign exchange
14, 6S7
Loans and discounts
18,164
Note circulation
Deposits
9,206
National Bank of Egypt 1 (thousands
of Egyptian pounds):
6,239
Gold.
3.327
Foreign exchange
13,183
British Government securities
8,622
Loans and discounts
17,152
Egyptian Government securities
3,163
Other assets
19, 441
Note circulation
...
4.676
Deposits—Government.
19,957
Other
7,612
Other liabilities
Bank of Estonia (thousands of
krooni):
7,325 7,321
Gold
12, 720 14, 369
Net foreign exchange
24,146 23, 635
Loans and discounts
33, 509 34, 009
Note circulation
4,915 4, 212
Deposits—Government
6,760
6,881
Bankers
2,102 2,868
Other
Bank of Finland (millions of markkaa):!
304
304
Gold
Balances abroad and foreign
650
598
credits
250
224
Foreign bills
842
778
Domestic bills
1,299
1.224
Note circulation
280
218
Demand liabilities
Bank of Greece (millions of drachmas):
716
Gold
217
Net foreign exchange in reserve344
Total foreign exchange
__.
1,215
Loans and discounts
60S
Government gold bonds in reserve.
2,697
Other Government bonds
j
3,909
Note circulation
_
I
451
Other sight, liabilities
_..!
55, 520
14,012
8,098
33,470
6,110
26,198
7,103
6,459
15, 072
17, 587
14, 214
12,840
7,231
13, 746
22, 875
6,495
1,646
877
1,371
1,542
2,078
159
6,693
279
315
6,609
711
145
28
160
321
38
172
67
92
354
30
21,819
21, 689
3,024
9,762
40, 841
9,040
129
14,843
6,842
22,160
36; 126
1,303
5,605
8,511
14, 244
17, 797
8,514
5, 666
18, 052
14,176
20, 829
13. 871
4,577
2,731
14,915
9,178
15, 014
3,207
19, 582
3,472
18, 880
7,719
4,157
1,626
15, 460
7, 5Z0
14, 734
4,591
19, 278
5.136
15, 524
8,161
7,310
13, 607
22, 703
34,487
4,378
5,784
2,889
6,517
17, 258
26, 809
35, 536
8,560
5, 787
1,620
304
301
585
258
906
1,271
374
722
236
621
1,301
154
869
484
637
825
481
2,171
3,092
338
3,150
3,739
495
3,389
4,436
1,644
96,464
24, 618
384
FEDERAL RESERVE BULLETIN
JUNE, 1932
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1932
Central bank
Apr. | Mar.
Central Bank of Guatemala (thousands of quetzales):
Gold coin
Balances abroad
_
Loans and discounts
Other assets
Note circulation
....
Demand deposits
Other deposits
Other liabilities
National Bank of Hungary (millions
of pengos):
Gold....
Foreign bills, etc
Loans and discounts._
Advances to treasury
Other assets
Note circulation
Deposits
Miscellaneous liabilities
Bank of Italy (millions of lire):
Gold at home
Credits and balances abroad
Loans and discounts
Total note circulation
Public deposits
Other deposits. _
Bank of Japan (millions of yen):
Gold
Advances and discounts
Government bonds
_.
Notes issued
Total deposits...,
Bank of Java (millions of florins):
Gold
_
Foreign bills
Loans and d i s c o u n t s . ,
Note circulation
_
Deposits
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills
Loans
Note circulation
_..
Government deposits
Other deposits
Bank of Lithuania (millions of 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 at home
„
Gold abroad
_
Foreign exchange of the reserve—
Other foreign exchange
Loans and discounts
1
Feb.
Apr.
1,945
630
6,221
1,174
5,865
1,221
43
2,841
1,982
615
6,298
1,137
6,029
1,128
40
2,835
2,692
663
5,870
1,004
6,347
1,259
196
2,427
100
12
407
54
17
374
98
92
100
15
396
55
16
383
90
81
112
47
263
60
18
406
31
40
5,630 5, 628 5,626
1,484 1, 534 1,725
5,845 5, 638 5,755
13,375 13,872 13,938
300
300
300
1,373 1,403 1,703
5,313
4,150
4,025
14,881
300
1,652
96
15
430
54
18
417 ;
61
108
429
853
117
1,128
444
430
937
118
1,058
503
431
940
110
1,094
429
840
713
136
1,058
672
105
27
48
225
31
112
27
56
225
33
115
29
47
242
40
34
13
74
56
39
75
78
33
14
75
57
39
78
73
33
13
75
57
40
56
94
24
27
81
70
46
71
87
50
21
101
101
65
50
25
101
101
70
50
27
102
104
70
39
74
105
112
98
906
89
155
982
197
879
84
159
983
186
879
84
168
164
450
221
133
838
33
155
17
267
312
2
93
155
16
258
310
3
85
154
15
239
303
2
71
146
32
185
296
2
67
47,201 j 50,439
218 !
371
12,260 12,800
48,960 50,635
3, 242 I 5, 068
63, 301
6,859
17,918
60,497
4,943
103 ;
24 I
48
224
41,665
550
13,337
46,318
2,162
449
126
41
117
750
449
125
71
121
764
1,008
487
120
51
124
764
82
229
116
619
Bank of Poland—Continued.
Note circulation. _
Current account of the treasury..
Other current accounts
Bank of Portugal (millions of
escudos):
Apr.
Mar.
Feb.
1,148
1,131
6
163
1,151
21
171
122
Apr.
1,259
39
149
349
240
379
365
Gold
Net foreign exchange and other
642
538
585
reserves
0)
341
319
318
Discounts and advances __
370
1,058
1,058
1,058
Government obligations.__
1,531
1,873
1,917
1,919
Note circulation
1,864
394
433
373
Other sight liabilities
0)
National Bank of Rumania (millions
of lei):
6,002
5,670
6,047
Gold at home
3,604
3,444
3,114
3,444
Gold abroad
81
308
355
2,370
Foreign exchange of the reserve..
22
27
652
20
Other foreign exchange
_..
13,006
13,046
7,828
13,382
Loans and discounts
5,767
5,767
5,617
5,767
State debt
18,905
Note circulation..
_ 22,904 22, 742 22, 542
4,260
4,338
8,118
4,439
Demand deposits
South African Reserve Bank (thousands of South African pounds):
6,304
6,420
7,535
7,053
Gold
63
73
6,882
71
Foreign bills
2,492
3,685
272
1,682
Domestic bills
7,710
8,431
6,692
Note circulation
Deposits1,353
2,657
1,152
1,237
Government
3,835
4,186
4,756
Bank
. . ! 4,030
158
353
131
233
Other
*
I
Bank of Spain (millions of pesetas):
2,249
2,423
2,250
2,251
Gold.
534
546
706
559
Silver
286
279
108
287
Balances abroad
2,964
2,910
2,257
3,256
Loans and discounts
4,948
4,882
4,951
4,880
Note circulation
1,013
1,008
752
917
Deposits
Bank o f Sweden (millions of kronor):
206
206
240
206
Gold
96
117
297
120
Foreign bills, etc
504
575
296
352
Loans and discounts
526
601
548
576
Note circulation
191
204
201
232
Deposits
Swiss National Bank (millions of
francs):
2,439 2,498 '
643
2,439
Gold
112
337
107
99
Foreign balances and bills—
106
73
76
Loans and discounts
1,529
1,517
1,505
Note circulation
1,132
1,123
1,170
Demand deposits
..
Bank of the Republic of Uruguay
(thousands of pesos):
50, 215 50, 544 56, 402
Gold
103, 088 101,885 106, 475
Loans and discounts
34, 778 34, 225 31,282
Other assets
_.
80,105 80, 502 72, 271
Note circulation
Deposits31,348 31, 576 41,073
Demand
38, 258 38, 504 43,649
Time
3,436
3,092 3,095
Judicial and administrative..
35, 279 32,977 33, 729
Other liabilities
State Bank of U. S, S, R. (note-issuing department; thousands of
chervontsi):
64,318 64, 050 63,996
50, 396
Gold-.
1,917
2,144
2,282 2,227
Other precious metals
4,863
3,340
4,723 4, 618
Foreign exchange
273,978 267, 577 263, 518 224, 551
Note circulation..
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
1,759
1,763
1,763
1,088
304
94
Foreign exchange276
206
2,248
Loans and discounts...
1,387
2,181 2,190
2,304
Advances to State
2,997
2,240 2,233
5,043
Note circulation
4,692
4,824 4,776
Other sight liabilities..
355
1,062
495
451
Figures published previous to reorganization of bank July 1, 1931, are not comparable with current figures.
1931
1932
1931
Central bank
385
FEDERAL RESERVE BULLETIN
JUNE, 1982
COMMERCIAL BANKS
1932
1931
Country
Apr.
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 Canada—
Cash in vault 1
Cash in central gold reserves.
Security loans
Other current loans
Security loans abroad
Securities
__
Liabilities entirely in Canada—
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 handLoans
Deposits
_
May
June
July
Aug.
Sept.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
1
125
640
712
1
118
633
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
172
910
997
180
885
202
871
990
194
857
971
9
199
843
971
7
190
852
966
847 !
947 I
2
194
830
939
2
203
817
939
1
200
821
936
1
199
1,251
933
1
206
798
933
157
26
181
1,130
117
651
156
29
187
1,139
98
150
28
182
1,127
108
695
147
26
163
1,126
105
694
147
28
159
1,127
110
701
157
24
167
1,137
90
678
201
25
157
1,102
113
719
175
26
135
1,082
83
176
22
131
1,071
66
674
167
20
130
1,063
99
664
158
24
131
1,071
88
671
159
27
159
1,141
91
Apr,
150
23
122
1,070
73
666
131
129
123
122
121
125
617
1,396
567
1,360
507
1,368
496
1,390
500
1,389
495
1,393
181
170
173
118
108
113
1,131
1,125
1,131
281
284 (
288
1,700
1,688 | 1,670
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
18,441
9,697
37,023
1,222
18,454
9,041
36,196
1,179
1,503
320
5,935
7,276
903
1,380
367
6,034
7,289
863
1,613
267
6,235
7,539
872
130
2,228
1,954
116
2,264
1,938
136
2,248
1,946
124
129
128
126
126
128
1,453
580
1,456
601
1,450
561
1,451
568
1,461
594
1,456
581 I
1,462 i
175
115
1,134
292
1,698
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
21,869
11,156
36,971
1, 623
22,930
10, 762
37,861
1,601
22, 507
10,342
37,938
1,564
2,529
981
8,021
10, 683
600
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 | 1,406
465 j 373
6,884 6,837
7,873
7,500
818 | 891
1,431
345
6,748
7,390
910
332
2,184
2,161
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
146
2,208
2,059
140
20,919 21,153 20,242 19,006 17,851
9,898 9,868 10,076 9,863 9,797
36, 642 36,991 36,137 36,972 37,619
1,429
1,545
1,539
1,370 1,332
126
2,171
2,066
140
2,247
2,051
124
2,283
2,008
1
Gold, Dominion notes, and subsidiary coin.
NOTE.—Banks included 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 Nationalbank in February, 1932; five Berlin banks
thereafter; Japan—Tokyo banks.
386
FEDERAL RESERVE BULLETIN
JUNE, 1932
DISCOUNT RATES OF CENTRAL BANKS
Bank Bank German Bank Nether- Swiss
NaReichsof
lands tional
of
of EngBank Bank
Italy
land France bank
Date effective
In effect Feb. 1,1931.
May 14.
May 16
June 13
July 16
July 23
July 30.
Aug 1
Aug 12
Sept 2
Sept. 21
Sept 28
Sept 29
Oct 10
Dec 10
Feb. 18,1932
Mar 9
Mar. 10
Mar. 17
_..__..
Mar 21
2
3
2
5
SX
2
2
7
10
zy2
7
2H
5
7
6
4
8
Bulgaria
8
6
6
May 25, 1932
Oct. 25,1931
Jan. 22,1932
5
Apr. 12,1932
Danzig
Denmark
Ecuador
Estonia
Finland
Greece
Hungary
India
3
6
In effect
since—
Albania
Austria.. . . .
Belgium
Bolivia
Colombia
Czechoslovakia
-
15
10
8
6
Rate
June
1
Country
7
2
July
Mar.
Jan.
Aug.
1,1931
18,1932
13,1932
26,1930
5
4
10
Nov.
May
Mar.
Feb.
24,1931
30,1932
13,1931
1, 1932
11 2
6
5
Apr.
Feb.
Apr.
Apr.
19,1932
20.1932
18.1932
28,1932
Rate
June
1
Country
Japan
Java
Latvia
Lithuania
Norway
Peru
Poland
Portugal
5.84 Mar.
Mar.
6 2 Oct.
Apr.
6
12,1932
11,1930
1,1930
1,1930
May
May
Oct.
Apr.
20, 1932
20, 1932
3.1930
4,1932
..
%
Rumania
South Africa.
Spain
In effect
since—
Mar. 4,1932
Nov. 13,1931
July 8,1931
7
6
Sweden
U.S.8.R-...
Yugoslavia...
May 17,1932
Mar. 22,1927
July 20,1931
A rtr Q
Apr. 19
Apr 21
Apr 28
May 2
May 12
In effect June 1,1932.
2}4
3
5
2H
5
5
5
2H
2
Changes since May 1: Bulgaria—-May 17, down from 9K to 8H per
cent; May 25, down from 8H to 8 per cent; Denmark—May 30, down
from 5 to 4 per cent; England—-May 12, down from 3 to 2}4 per cent;
Italy—May
2, down from 6 to 5 per cent; Norway—May 20, down from
5 to \XA per cent; Peru—May 20, down from 7 to 6 per cent; SwedenMay 17, down from 5 to 4K per cent.
MONEY RATES IN FOREIGN COUNTRIES
Month
1931—April..
May
June
Bankers'
acceptances,
3 months
Treasury
bills, 3
months
2.58
2.24
2.09
2.68
4.28
4.74
5.68
5.75
5.85
5.62
4.63
2.59
2.19
2.57
2.21
2.10
2.44
4.21
4.57
5.46
5.55
5.60
4.94
4.08
2.28
2.07
-
July
August..
September
October
November
December
1932—January
February
March
April
Bankers'
Day-to-day allowance
money
on deposits
1
1
1
1 -2H
2H
2H-A
2.17
1.87
1.64
2.05
3.59
4.04
4.36
4.96
4.27
4.20
3.84
2.40
1.91
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Netherlands (Amsterdam)
Germany (Berlin)
England (London)
4
4
4
4 -3
3 -1H
iy2-i
Private
discount
rate
4.65
4.65
6.05
17.00
18.92
7.99
8.00
8.00
7.33
6.94
6.67
6.10
5.12
Austria (Vienna)
Money for Day-to-day
money
1 month
5.87
5.83
7.05
18.98
19.18
9.18
9.84
9.31
7.40
7.58
7.98
7.10
6.31
5.67
5.38
6.74
18.89
19.15
9.15
9.21
8.69
8.45
7.86
7.81
7.76
6.17
Private
discount
rate
1.50
1.39
1.05
1.53
1.30
1.30
2.76
1.59
1.57
2.24
1.87
1.22
1.02
Sweden
(Stockholm)
Hungary
Money for
1 month
Switzerland
Private
discount
rate
1.61
i.oe
L. 07
L.40
.22
'.L21
:{.07
]L.72
.59
J.37
: .69
]L. 06
.94
1.12
1.12
1.55
1.98
1.80
1.90
1.77
1.75
1.68
1.52
1.50
1.50
:L. 55
J a p a n (Tokyo)
Month
1931—April
May
June
July.
August..
September
October
November
December
1932—January
February
March
April.
1
-.
2.25
2.20
2.13
2.15
2.41
2.44
2.44
2.44
2.44
2.91
3.31
3.36
3.26
1.47
1.28
1.06
1.20
1.50
1.50
1.80
1.90
1.75
1.75
1.75
1.80
1.66
5.48
5.25
5.25
5.25
5.25
5.47
7.50
7.50
7.50
7.50
6.92
6.53
6.00
Private
discount
rate
Money
forl
month
ZH -4
4
-6H
5^-6
5^-6
UH-6
4
Prime
Loans up
commer- Day-to-day
to 3
money
cial paper
months
5^-7
5^-7
5H- 8
7H-10H
8^-10^
8 -10H
7*4-10
7^-10
794-10
6^-10
6 ^ - 9H
Based on data for part of month, no quotations being available for remainder of month.
4 -5
4J4-5
4H-6H
> 5H-6K
0
5
6
5
4K
-6
-6
-6
-6
-6H
4% -5H
5 -5M
3 -5
3 -5
3 -5
4 -6
4 -6
8 -9H
6 -7&
6 -7H
6 -734
6 -7H
5H-7
5 -7
5 -7
Discounted
bills
5.29-5.48
5.29-5.48
5.29-5.48
4.93-5.48
4.93-5.48
4.93-5.48
4.93-5.66
5.48-6.57
5.84-6.57
5.84-6.57
5.84-6.57
6.20-6. 57
Call
money
overnight
2.92
2.19
2.19
2.74
3.65
2.56
5.48
5.66
6.57
6.02
6.39
5.84
387
FEDERAL RESERVE BULLETIN
JUNE, 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)
Argentina
Month
1931—May
June.
July
August
September
October.
November
December
1932—January
February
March
April
May
70. 7121
70. 2524
69. 8840
64. 5722
59.6948
51.99(16
i 58. S403
I 58.5196
58. 2724
| 58. 2204
! 58. 2879
! 58. 2171
j 58. 3242
14.0543
14.0457
14.0413
14.0406
14.0388
13.9158
13.9516
13. 9460
13. 9518
13.9516
13. 9601
13.9544
13. 9645
Cuba
Czechoslovakia
99.9187
99. 9157
99. 9124
99.9703
99.9678
99.9944
99 9913
99.9470
99.9296
99.9622
100. 0590
99.9816
99. 9299
1931—May
June
July
August
September.
October
November.
December.
1932—January...
February-March
April
May
Mexico
1931—May
June
July
August
September
October
November
December
1932—January
February
March
April
May
_
—
_
-
Austria Belgium Brazil Bulgaria | Canada
._ 48. 0200
49.0305
49.0109
._ 130.0269
33.4081
36. 5878
39 1364
39.0086
H9.3294
| 37. R712
33. 6841
I 33. 3728
30. 2540
2.9622
2. 9621
2.9605
2.9624
2. 9621
2. 9619
2.9625
2.9626
2.9627
2.9627
2.9628
2.9629
2. 9650
13.9119
13.9242
13. 9453
13. 9376
13.9091
13.9852
13.9070
13.9039
13.9140
13.9384
13. 9361
6. 6756
7.4991
7.1937
6.3693
5.9099
5.6202
6. 1704
6. 2010
6.1579
6.1720
6. 2121
6. 5402
7.1294
13. 9956
14. 0249
Denmark
26.7738
26.7795
26.7340
26.7292
25.2636
22.0209
20.6700
18.5875
18.8801
19.0192
20. 0112
20. 5267
20. 0654
.7176
.7180
.7183
.7154
. 7160
.7127
.7138
.7148
.7151
.7145
.7176
.7201
.7202
99. 9449
99.7201
99.6607
99.6898
96.2476
89.1025
88.9914
82.7064
85.1301
87. 2936
89. 4530
89. 8808
88. 4430
!
!
England Finland France
2.5172
2.5167
2.5156
2.5148
2.5133
2.3082
1.9839
1.6938
1.5036
1.5014
1.6015
1. 7225
1. 7171
486.4039
486.4863
485.6052
485.7725
453.1260
388.9291
371.9934
337.3707
343.1210
345. 6316
363.9304
374. 9994
367. 5140
3.9114
3. 9158
3.9215
3.9196
3.9257
3.9383
3.9201
3.9229
3.9294
3.9379
3. 9325
3.9430
3. 9468
RuNetherlands Norway Poland Portugal mania
40.1847
40. 2442
40.2775
40.3182
40.2677
40.4256
40.1916
40.2338
40.1828
40. 3479
40. 2799
40.4914
40. 5474
11.1950
11.1996
11,1991
11.1970
11.1978
11.1955
11.1903
11.1902
11.1934
11.1896
11.1770
19. 0780 11. 1847
18. 4823 | 11.1810
26.7761
26.7801
26.7346
26. 7328
25.3982
22.0737
20.5163
18.4831
18.6969
18.7701
19.6003
4.4918
4.4234
4.4162
4.4216
4.4232
3.9271
3.6401
3.2302
3.1642
3.1830
3.2832
3. 3804
3. 3267
Colombia
Mexi- Shangcan dol- hai
tael
lar
Yuan
dollar
Hong
Kong
dollar
12.0673
12.0868
12.0798
12.0549
12.0430
12.0690
12.0750
12.0669
12.0500
12.0500
12.0606
10. 6538
6. 0000
22.0118
21.4575
22.4315
21.4301
22.0696
22.8205
24.5833
23.6010
23.5237
24.4696
23. 9969
22. 3173
21. 6412
21.8950
21.4375
22.4247
21.3485
21.9166
22.7019
24. 7246
23.7323
24.0131
23.8226
24.7295
23.7830
24.1853
24.6765
26.0124
24.8704
23. 6966
24. 3587
23. 9213
22. 3221
21. 7116
24. 8396
25. 3353
24.6855
23. 7187
23. 4337
Germany
Greece Hungary
India
Italy
Japan
5. 2353
5. 2348
5. 2300
5.2304
5.1699
5.1645
5.1548
5.1094
5.0441
5.1799
5.1824
5.1493
5.1491
49. 3813
49. 3740
49. 3550
49.3532
49.3351
49.2525
49.2968
43.4644
35.9866
34.3233
32.1562
32. 8063
31. 9730
Chile
23.8036
23.7327
23. 2782
23.6575
23.4212
23.2395
23.6777
23. 6192
23.6475
23.7392
23. 7812
23.7427
23. 7947
Spain
. 5943 10.0004
9.6749
.5949
9.3139
.5943
8.7964
.5936
8.9839
.5936
.5953 • 8.9631
.5966
8.6137
.5959
«. 3992
8.3945
.5951
. 5950 7.7671
.5958
7. 5993
. 5960 7. 6942
.5970
8.1169
30.2520
29.5980
31.0097
29. 7255
30.6604
31.8314
34.0732
32.8054
32. 6357
33.1449
32.8061
31. 24S2
30. 4700
17.4376
17.4450
17.4433
17.4515
17.4496
17.4640
17.4670
17.4580
17.4500
17. 4397
17. 4353
17.4298
17. 4384
1.2949
1. 2951
1. 2939
1.2936
1.2926
1.2883
1.2879
1.2879
1. 2877
1.2875
1.2875
1. 2318
.6641
36.1423
35.9986
35.9865
35.9425
33.9117
28.6799
27.9874
25.3612
25.8179
26.0329
27. 3121
28.0133
27. 3175
Straits
Settle- Sweden
ments
26.8070
26.8045
26.7558
26.7487
26.0857
23.1140
20.7378
18.7098
19.1888
19.2922
19.8540
19.0910
18. 7238
56.0348
56.0432
56.0198
56.0044
53.5566
45.1250
43.1386
39.0313
39.6900
39.7745
41. 3333
42. 7404
42. 2400
96.5700
96.5700
96.5700
96.5700
96.5700
96.5700
96.5700
96.5692
95.6656
95.2400
95.2400
95. 2400
95. 2400
YugoUruguay slavia
61.4301
58.5356
54.2652
46.0147
41.9254
34.8968
45.0027
44.5487
44.9160
46.1521
47. 0796
47.3186
47. 5433
1.7603
1.7685
1.7665
1.7694
1.7653
1.7734
1.7856
1.7796
1.7784
1.7803
1.7753
1. 7725
1. 7743
Country
Monetary unit
Par of
exchange
Norway
Poland
_.
Portugal
Rumania
Spain
.
Straits Settlements.'
Sweden
_
Switzerland
Uruguay
Yugoslavia
Krone
Zloty
Escudo
Leu
Peseta
S t r a i t s Settlements dollar.
Krona.
Franc
Peso
Dinar
19.2845
19.3956
19,4309
19.4862
19.5096
19.6009
19.4632
19.4805
19.5074
19.4961
19. 3405
19.4374
19.5579
i
Monetary units and pars of exchange (in cents per unit of foreign currency):
Country
Argentina
Austria
Belgium
Brazil..
Bulgaria
Canada...
Chile
China (and Hong
Kong).
Colombia
Cuba
Monetary unit
Par of
exchange
96.48
14.07
13.90
11.96
Milreis
.72
Lev.
100.00
Dollar
12.17
Peso
3
Mexican dollar
.-. 22.05
2
30 40
Shanghai tael
2
21.57
Yuan dollar
Hong Kong dollar2. 21.89
97.33
Peso
d
100.00
Gold peso.
Schilling
Belga
_._.
Country
Czechoslovakia--.
Denmark
England
Finland
France...
Germany
Greece
Hungary...
India
Italy
__
Japan
Mexico
Netherlands
Monetary unit
Koruna
Krone
Pound
Markka
Franc.
Reichsmark..
Drachma
Pengo
Rupee
-.
Lira
Yen..
Silver peso.
Florin
Par of
exchange
2.96
26.80
486. 66
2.52
3.92
23.82
1.30
17.49
36.50
5 26
49.85
49.85
40.20
26.80
11.22
4.42
.60
19.30
42.88
26.80
19.30
103. 42
1.76
1
Beginning with August, quotations are for silver peso.
2
Silver currencies—Figures given for parity represent gold value of unit in May, 1932, computed by multiplying silver content of unit by New
York
average price of silver for May, 1932, which was $0.28067 per fine ounce.
1
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 May, 1932.
Backfigures.—SeeBULLETIN for January, 1932, 1931,1930, 1929, and 1928.
388
FEDERAL RESERVE BULLETIN
JUNE, 1932
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average-100) *
Bonds
Month
Number of issues
United
States
(average
price)
England
France
(December, (1913 aver1921=100) age-100)
87
Germany
(average2
price)
England !
France
Germany
421
278
300
329
1930—April
May
June
July
August
SeptemberOctober
NovemberDecember.
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 I
101.1 !
95.4
94.1
89.0 i
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
1931—January
February..
March
April
May
June
July
August
SeptemberOctober
November.
December..
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
67.7
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
1832—January
February. _.
March
April
81.0
80.3
80.8
79.4
104.7
106.5
111.6
110.6
91.5
90.3
90.5
89.0
58.0
56.4
56.8
43.9
69.7
68.9
69.6
63.5
107.3
126.2
117.6
107.3
60
35
169
United
States
70.4
71
8
3
()
63.0
I
1
J
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.
Back figures.—See BULLETIN for February, 1932, and sources there cited.
(»j
8
(3)
8
»)
WHOLESALE PRICES—ALL COMMODITIES
Month
United
States
(1926-100)
Japan
NetherCanada
England
Germany
Italy
France
lands
(Oct.,
(1926=100) (1913-100) (1913-100) (1913-100) (1913=100) 1900=100)
(1913-100)
1930—April
May
June..
July
_.
August
September.
October...
November.
December.
124
122
121
119
118
116
113
112
109
548
546
540
558
560
556
552 !
551
641
127
126
125
125
125
123
120
120
118
396
389
382
375
379
374
364
361 [
350 i
193
189
181
177
176
172
165
162
161
122
118
118
115
114
112
111
110
107
1931—January
February _.
March
April
May
June
July
August
September.
October
November.
December.
107
106
106
106
104
103
102
100
99
104
106
106
541
538
539
540
520
518
500
488
473
457
447
442
115
114
114
114
113
112
112
110
109
107
107
104
342 j
338
339 i
337
332 i
327 I
324 I
322 |
319 I
322 i
320 !
319 i
158
158
158
158
154
151
153
152
150
147
147
151
105
104
103
102
102
100
97
94
91
1932—January...
February..
March
April
106
105
105
102
439 I
100
100
100
317
314
315
311
160
161
159
154
84
66
446 !
444 !
439
!
!
j
!
85
82
80
389
FEDERAL RESERVE BULLETIN
JUNE, 1932
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
WHOLESALE PRICES—GROUPS OF COMMODITIES
IQroups are those included in indexes shown in preceding table]
England (1913=
100)
United States (1926=100)
Month
Farm
products
1930—April
May
June
July
August
September
October
November
D ecember
1931— January
February
March . .
April
May
June
July
August
September
October
November
December
1932—January
February
March
April
- - -
-
-
- -
.
-
-
- - -
--
-
._
_ .
i
!
Foods
Other
commodities
Foods
France (1913100)
Germany 1913-100)
Farm
IndusIndus- Agriculand food
tural
trial
trial
products products products products
Industrial
Indusraw and
trial
finished
semifinished products
products
Provisions
96
93
89
83
85
85
83
79
75
95
92
91
87
88
90
89
86
82
88
87
86
85
84
83
82
81
80
129
127
127
127
126
124
121
121
116
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
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
671
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
53
51
50
49
65
63
62
61
72
71
71
71
114
114
116
115
101
101
99
96
496
511
510
506
390
389
388
380
92
95
97
95
90
91
89
88
92
91
90
89
125
122
121
120
I
RETAIL FOOE> PRICES
United
States
(1913-100)
Month
January. _
February
March
April
May
June
July
August
September
October
November
December
_
England
(July,
1914-100)
COST OF LIVING
France
(July,
1914-100)
Germany
(191314=100)1
1931
1932
1931
1932
1931
1932
1931
1932
133
127
126
124
121
118
119
120
119
119
117
114
109
105
105
101
138
136
134
129
129
127
130
128
128
128
130
132
131
131
129
126
132
132
131
130
129
128
125
121
119
116
113
113
114
115
115
115
134
131
130
129
130
131
130
126
125
123
122
120
116
114
114
113
United
States
(1913-100)
Month
1931
January
February. _
March
April
May.
June
July
August
September
October
November
December
__
~~150~
"I46~
1932
England
(July,
1914=100)
1931
1932
153
152
150
147
147
145
147
145
145
145
146
148
147
147
146
144
France
(Jan.-June,
1914=100)
Germany
(191314-100) i
1931
1932
1931
120
108
~~120~
115
"l08~
140
139
138
137
137
138
137
135
134
133
132
130
1932
126
122
122
121
1
Average of October, 1913, January, April, and July, 1914=100.
SOURCES: Wholesale prices.—For original sources, see BULLETIN for March, 1931 (p. 159).
Retail food prices and cost of living.— United
States—
Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—-Statistisches Reichsamt; France—for retail food prices,
Statistique G6ne"rale, and for cost of living, Commission d'fitudes relatives au cofit de la vie a Paris.
390
FEDERAL RESERVE BULLETIN
J U N E , 1932
LAW DEPARTMENT
Recent Amendments to the Federal Reserve Act.
There is published below a copy of the act of
Congress approved May 19, 1932, which
amends the Federal farm loan act in regard to
Federal intermediate credit banks and also
contains two amendments to the Federal reserve
act. Section 5 amends section 13 (a) of the
Federal reserve act, so as to authorize a Federal
reserve bank to discount notes payable to and
bearing the indorsement of any Federal intermediate credit bank, covering loans or advances
made by such bank direct to any national or
State bank, trust company, agricultural credit
corporation, incorporated live stock loan company, savings institution, cooperative bank, or
cooperative credit or marketing association of
agricultural producers, or to any other Federal
intermediate credit bank, when such notes
have maturities at the time of discount of not
more than nine months and are secured by
paper eligible for rediscount by Federal reserve
banks. Section 6 amends the seventh paragraph of section 13 of the Federal reserve act
so as to authorize debentures or other such
obligations of Federal intermediate credit banks
which are eligible for purchase by Federal
reserve banks to be used as security for advances
by Federal reserve banks to their member
banks for periods not exceeding 15 days.
[PUBLIC—No.
138—72D CONGRESS]
[S. 2409]
An act to amend Title II of the Federal Farm Loan Act in regard to
Federal intermediate credit banks, and for other purposes
Be it enacted by the Senate and House of Representatives of the United States of America in Congress
assembled, That section 202 (a) of Title II of the
Federal Farm Loan Act, as amended (U. S. C , title 12,
ch. 8, sec. 1031), is hereby amended by substituting a
semicolon for the period at the end of clause (3) and
adding thereto the following new matter: "and to
accept drafts or bills of exchange issued or drawn by
any such association when secured by warehouse
receipts and/or shipping documents covering staple
agricultural products as herein provided."
SEC. 2. Section 205 of Title I I of the Federal Farm
Loan Act, as amended (U. S. C , title 12, ch. 8, sec.
1061), is hereby amended by adding at the end thereof
the following new matter: " I n the event that there
shall be an impairment of the paid-in capital of any
Federal intermediate credit bank, the Farm Loan
Board, at such time or times as it deems advisable, may
determine and assess the amount thereof against the
other Federal intermediate credit banks on such equitable basis of apportionment as it shall prescribe. Each
bank against which such an assessment is made shall,
out of its surplus and/or to an extent up to 50 per
centum of its net earnings, in accordance with the terms
of such assessment, pay the amount thereof as soon as
possible to the bank having the impairment. In such
event payments into the surplus fund and payments of
the franchise tax prescribed by this chapter shall be
determined on the basis of the net earnings remaining
after providing for the payment of any such assessment."
SEC. 3. Section 206 (b) of Title II of the Federal
Farm Loan Act, as amended (U. S. C , title 12, ch. 8,
sec. 1072), is hereby amended (effective January 1,
1932) by striking out the first two sentences of said
section and substituting therefor the following new
matter: "After all necessary expenses of a Federal
intermediate credit bank have been paid or provided
for, the net earnings shall be paid into a surplus fund
until it shall amount to 100 per centum of the subscribed capital stock of such bank, and thereafter 50
per centum of such earnings shall be paid into the
surplus. Whenever the surplus thus paid in shall have
been impaired it shall be fully restored before payment
of the franchise tax herein prescribed. After the
aforesaid requirements of this section have been fully
met and, except as otherwise provided in this Act, 50
per centum of the net earnings shall be paid to the
United States as a franchise tax."
SEC. 4. Section 207 of Title II of the Federal Farm
Loan Act, as amended (U. S. C., title 12, ch. 8, sec.
1081), is hereby amended by striking out the period at
the end thereof and substituting a colon together with
a proviso as follows: "Provided, That in view of the
liability of all Federal intermediate credit banks for
the debentures and other such obligations of each bank
under this Act, the banks shall, in accordance with
rules, regulations, and orders of the Federal Farm Loan
Board, enter into adequate agreements and arrangements among themselves by which funds shall be
transferred and/or made available from time to time
for the payment of all such debentures and other such
obligations and the interest thereon when due in
accordance with the terms thereof."
SEC. 5. The second paragraph of section 13 (a) of
the Federal Reserve Act, as amended (U. S. C , title
12, ch. 3, sec. 349), is hereby amended by adding thereto
a new sentence as follows:* "Any Federal reserve bank
may also, subject to regulations and limitations to be
prescribed by the Federal Reserve Board, discount
notes payable to and bearing the indorsement of any
Federal intermediate credit bank, covering loans or
advances made by such bank pursuant to the provisions of section 202 (a) of Title II of the Federal
Farm Loan Act, as amended (U. S. C , title 12, ch. 8,
sec. 1031), which have maturities at the time of discount of not more than nine months, exclusive of days
of grace, and which are secured by notes, drafts, or
bills of exchange eligible for rediscount by Federal
reserve banks."
SEC. 6. The seventh paragraph of section 13 of the
Federal Reserve Act, as amended (U. S. C , title 12,
ch. 3, sec. 347), is hereby amended by changing the
period at the end thereof to a comma and adding
thereto the words "or by the deposit or pledge of
debentures or other such obligations of Federal intermediate credit banks which are eligible for purchase
by Federal reserve banks under section 13 (a) of this
Act."
Approved, May 19, 1932.
391
FEDERAL RESERVE BULLETIN
JUNE, 1932
FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.
DISCOUNTS, BY MONTHS
DISCOUNTS, BY WEEKS
[In millions of dollars]
[In thousands of dollars]
Wednesday series (1932)
Averages of daily figures
Federal reserve bank
1932
Federal reserve bank
May
Boston
N e w York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas—
San Francisco
30.2
101.6
62.7
56.8
24.4
31.9
33.7
13.9
12.1
27.2
11.7
80.3
Total...
-6.5
May 4
1931
May
April
34.0
119.6
73.7
86.6
29.2
37.0
46.2
16.7
9.7
32.0
12 6
107.6
Boston
_
New Y o r k . . .
Philadelphia .
10.6
37.4
18.2
14.1
15.9
11.0
13.5
7.4
3.9
9.5
8.5
12.6
605.1 '
Cleveland
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis.
-
----
Kansas C i t y . . .
Dallas
San Francisco..
Total
162.8
May 11
May 18
May 25
31, 632
104,232
61,774
28,698
100, 077
61, 085
98,194
59, 848
30,239
99, 738
62,450
63,199
23, 742
29, 960
58,442
22, 621
30,971
53,701
23, 674
30, 341
51,808
24, 366
32,155
38,363
14, 138
10,454
32, 977
12, 912
10,556
27,642
13,233
12,324
27, 510
14, 009
13, 900
29, 737
11, 152
87,418
28, 293
11,244
73,497
25, 651
11, 381
79, 955
24,816
11,811
78,465
505,801
471,373
464,943
471,267
RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES
[Amounts in thousands of dollars]
Averages of daily figures
Federal reserve notes
in circulation l
Total deposits
Total cash reserves
Reserve percentages
Federal reserve bank
May
Boston
NewiYork
Philadelphia
Cleveland
Richmond
_
_.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas "*
San Francisco
_•
Total
April
May
May
1932
1931
1932
1931
1932
April
May
May
1932
1931
April
May
May
1931
April
May
137,283
272, 302
144,168
188,805
75, 622
129, 835
227,980
74, 609
47, 993
63, 838
27,839
167,082
73.7
55.8
62.5
64.8
61.2
69.6
79.6
70.4
63.7
61.5
56.2
64.5
73.7
65.8
67.5
66.3
66.8
72.2
82.6
72.8
70.9
63.4
60.2
58.9
82.1
89.9
88.4
83.7
72.9
83.1
87. C
77.2
69.8
67.8
59.6
84.3
3,118,253 3, 230, 444 3,372, 483 2, 250, 302 2,102, 019 2,439, 591 2, 562,152 2,557,789 1,557,356
64.8
69.3
84.4
230,955
131,998
218,930
237,618
903,029 1,001,905 1,171,193 1,046,840
123, 745
254,085
259, 299
233, 548
151,153
323,022
295, 404
287,110
102,729
55,202
90,047
101,069
50,343
122, 058
157,866
115, 566
314, 447
676,419
491,972
687, 865
61,404
115,998
106,944
111, 642
43,201
68,267
81,172
73,858
70, 340
95, 484
99, 867
92, 959
50, 652
50, 984
48,536
52, 906
150, 977
300, 331
241,173
219, 370
144,034
122,650
949,134 1,029,925
149,253
123,037
197, 252
152,035
65,349
55, 778
51,324
60,174
337, 759
273,114
75, 576
62,242
49, 873
43, 939
69, 202
83, 504
57, 705
50, 039
189,187
149, 525
190, 230
570, 724
249,982
291, 757
91,858
115, 713
549, 586
90, 430
72, 788
80,763
35,672
222, 649
174, 263
573,491
253,218
293, 719
95, 571
117,638
546,158
91, 048
70, 588
81, 411
37,845
222,839
i Includes " F e d e r a l reserve notes of other reserve b a n k s " as follows: Latest m o n t h , $14,325,000; m o n t h ago, $14,806,000; year ago, $14,828,000.
392
FEDERAL RESERVE BULLETIN
J U N E , 1932
EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE
NOTE STATEMENT, MAY 31, 1932
[In thousands of dollars]
Total
IBoston
New
York
Phila- Cleve- Richdelphia land
mond
St.
Minne- Fansas
Louis apolis City Dallas
Atlan- Chicata
go
San
Fran-
RESOUECES
Gold with Federal reserve
agents
2,100, 537 166,127
Gold redemption fund with U.
S. Treasury
41,129
1,599
Gold held exclusively
against Federal reserve
notes
2,141, 666 167, 726
Gold settlement fund with
Federal Reserve Board.
326,185 15,999
Gold and gold certificates held
322,435 15, 982
by banks
12,790,286 199,707
I 197,001 20,185
|2,987,287 219,892
5,226
| 65, 957
j
Total gold reserves.
Reserves other than gold
Total reserves
_
Nonreserve cash
Bills discounted:
Secured by U. S. Government obligations
Other bills discounted
208,167
281, 907
13,095
15, 830
490,074
35, 527
534,417 167,280 204,970
10,151
4,934
4,972
47,300 I 67,000 J561, 495
63, 700
40,820
53,080
22, 585
171, 763
2,489 j 3,451 2,818
1,697
1,750
2,234
950
4,084
42,570 I 55,314
23, 535
175,847
544, 568 172,214 209, 942 49,789
70,451 |564,313 | 65,397
158,493
3,322
19,206
4,055 | 2,319 ! 69, 601 j 5, 716 11,931
182, 674
10,318
17, 921
6,277
7,979 j 27,300
10, 838
2, 637
12, 279
4,612 j 18,652
10, 765
4,180
25, 564
32,327 220,063
11,087
934,331 214,376 264, 498 72,082 I 86,553 |683, 715 I 92,312 j 60,872 85,531 43,414 229,711
6,156
16,486 i 3,040 3,201
3,409 | 4,580 ! 12,492 | 3, 549 ; 2,114 1 2,045 3,659
885,735 185,854 247,069 60,121 I 80,749 661,214
48, 596 | 28, 522 17, 429 11,961 ! 5,804 22,501
81,951 I 57,138
10,361 I 3,734
78, 358
7,173
28, 925
2,345
66, 510 i 21, 639 21,255 5,535 6,583 14,047 I 12,492 j 4,760 4, 945 1,889
, 4 6,6 0 17116
, | 5926
, jj9 3 9,
38,041 ! 42,350 2 7,5 9 20064
5 20,482 10,293
27,519 20,064 24,660 17,116 | 5,926 j 9,395
104, 551 63, 989 48,774 25,599 31,243 31,163 I 18,418 i 14,155 25,427 12,182
891
3,104 j 2,164 1,379
4,276 | 1,005 j 632
11,136
3,183
85,648
4,425
U. S. Government securities: |
Bonds
_
I 388, 516
Treasury notes
j 171,617
Certificates and bills
989,036
20,289
11, 676
64, 764
173.104 | 26, 787 30, 791 9,615
8,885 55,722 I 8,990 15, 603 9,499' 15,020
5,420
2, 980
69,930 ! 13,888 18,290 5, 713 5,210 20,268 5,043
4,759
423.105 i 77,325 101, 835 31, 805 29,002 112,847 28,077 26, 498 30,191 16,596
14,211
8,440
46,991
Total U. S. Government
securities
t, 549,169
Other securities
5,285
96,729
666,139 1118,000 150,916
3,600 ; 1,675
Total bills discounted__.
Bills bought
Total bills and securities 2,080,055 127,999
Due from foreign banks
_.
375
4,643
Federal reserve notes of other
banks
11, 585
Uncollected items
317, 529 39, 731
Bank premises
3,336
58, 084
1,754
All other resources
40, 517
Total resources
785,426
1,637
3,081
•97,377
14,817
21,168
35,417
50,231
47,133 | 43,097 188,837 | 42,110 j 46,860 45,11034,596 ! 69,642
!
!
_.i io
186,847 >02,794 74,896 75,719 224,276 I 61, 533 ! 61,657 71,428 47,765 I 159,715
12
324
136
20
188
174
132
662 |
475
i 508
555
220 1,073
578
I 391
812 1,157
642 1,555 I 1,158
9,609 | 13,500
! 25,660 27,621 22, 431 12,862 36,039 11,344 6,324 15,031
3,649
1,787 | 4,433
1,834
2,489
! 2,873 7,966
7,827 3,461
3,612
1,225
1,398
1,292 I 719
3,701
1,423 I 1,328
! 847 1,630
4,032
J5,565, 657 398,676 1,874,323 434,542 508,997 1181, 807 1186,720 967,989 j 174, 705 134,789 179,600 107, 878 415,631
LIABILITIES
Federal reserve notes in actual
circulation
_..
2, 572,216 193,005
575,798 |248,518 291, 498 89,612 1115,065 554, 613 | 90, 570 j 73,165 80, 544 35, 475 j 224,35a
Deposits:
Member bank—reserve account
2,113,487 128,872
Government
| 17,271
1,675
Foreign bank
74,405
3,100
Other deposits
34,431
990,135
1,056
46,913
22,454
1112,370 136,461
! 808 1,311
! 4,201 4,120
I 233 3,069
Total deposits
Deferred availability items
Capital paid in
Surplus
_
__
All other liabilities
2,239, 594 133, 743
306, 583 39,272
154, 801 11,526
259, 421 20,039
33,042
1,091
Total liabilitiesReserve ratio (per cent)
5, 565, 657 398,676 1,874,323 ,434,542 508,997
67. 3 !
57.1 ! 58. 6
60. 6
i
62.1
FE DE RAL RE SER VE N OTE
STATEMENT
i
j
|
|
52,299 41, 678 68, 764 43, 822 137, 718
1,554
931
1,539
1,275 1,386
2,814
1,142
1,428 897 1,183
4,618
325
63
1,503
802
44,286 70, 941 48,006 146, 704
6,472 15,086 10, 765 13,678
10, 793
3,962
2 926 4,087
17, 707
7,624
6,356 8,124
2,396
1,584
818 2,046
134,789 179,600 107,878 415,631
61.9
52.0
51.8 I 56.5
\
|
Federal reserve notes:
!
Issued to F. R. bank by 2, 765,381
F. R. agent
193,165
Held by F. R. bank
In actual circulation
2,572,216
Collateral held by agent as security for notes issued to
banks:
Gold
2,100, 537
Eligible paper
484, 733
U. S. Government securities
204, 700
,060,558 1117,612 144, 961
93,065 | 23,603 27, 629
59,130 16,231 14,267
75,077 ! 26,486 27, 640
10,695
2,092 3,002
312,042
473
5,466
614
209,014 631,772 260,592 303,261
16,009 j 55,974 i 12,074 j 11,763
1,240 | 75,565
2,670 I 2,400
88,347 40,342
7, 803 4,867
251,713
27,360
193,005 I 575,798 248,518 291,498
90, 570 I 73,165
10, 544 35,475
224, 353
40, 820 53, OSO 22,585
13,483 25,028 11,965
171, 763
82,870
166,127
28,899
15,300
534,417 167,280 204,970
104,199 63,819 | 48, 598
30,000 j 50,000
21,900
14,000
6,000
393
FEDERAL RESERVE BULLETIN
JUNE r 1932
ALL MEMBER BANKS IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS
[In millions of dollars]
j
Averages of daily figures
Reserves held
Borrowings at Federal reserve
Total
Federal reserve district
1932
Apr.
1932
1931
Mar.
banks
Excess
Apr.
Mar.
Apr.
1932
1931
Apr.
Boston...
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
_.
Chicago
St. Louis
Minneapolis,.
Kansas City,.
Dallas
San Francisco.
116.6
910.6
116.0
141.7
50.7
47.1
262.6
57.7
41.4
66.4
46.3
138.9
117.6
814.4
117.2
141. 0
51.6
48.1
254.1
58.1
41.5
67.6
47.7
140.2
143.8
990.5
151.5
196.9
61.6
59.5
330.8
72.5
50.0
81.8
57.1
179.9
2.6
95.8
2.0
2.8
1.2
2.2
29.9
3.1
2.8
4.6
2.9
2.4
2.9
23.2
1.5
1.8
1.4
2.8
10.4
2.4
2.0
4.9
2.9
2.8
Total...
1, 996. 0
1,899. 0
2, 375. 9
152.1
59.0
1931
Mar.
Apr.
Apr.
4.0
4.2
2.1
3.5
8.8
3.2
2.6
4.3
2.3
4.4
34.0
119.4
73.7
86.6
29.2
34.5
46.2
16.7
9.5
29.7
12.6
106.8
35.5
140.1
96.8
108.8
34.4
34.4
58.2
19.1
9.4
32.7
13.2
123.2
8.4
41.9
16.0
14.0
13.2
10.8
12.7
7.9
3.4
8.9
7.5
9.4
55.6
599.1
705.8
154.4
2.0
14.2
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)
Net demand
Federal reserve district
1932
Apr.
Boston
New York
Philadelphia
Cleveland
Richmond _
Atlanta
Chicago
St. Louis
Minneapolis. _.
Kansas City
Dallas
San Francisco
._
.-, . .
Total
Time
1931
Mar.
Member banks in smaller centers (places under 15,000)
Apr.
1932
Apr.
1931
Mar.
Time
Net demand
Apr.
Apr.
M ar.
953
5,944
806
967
336
326
1,573
385
202
404
303
848
956
5,757
823
966
343
332
1,655
399
208
409
314
853
1,202
7,067
1,068
1,381
396
417
2,162
494
260
508
377
1,129
698
1,894
602
1 016
291
288
1, 270
307
203
215
157
1,477
708
1,892
602
1 020
290
293
1,291
303
204
219
162
1,491
848
2,593
750
1 351
350
309
1,828
372
215
246
195
1,754
81
218
151
140
83
69
166
92
112
183
142
106
83
220
152
144
83
66
165
13 046
13,016
16, 459
8, 419
8,473
10, 812
1,543
Apr.
1931
1932
1931
1932
Apr.
Mar.
Apr.
115
187
147
106
99
275
188
182
111
94
236
121
143
243
190
150
145
491
406
267
164
69
258
100
210
120
34
115
146
489
406
269
165
67
260
99
210
122
33
116
164
590
462
326
203
85
361
121
244
141
39
141
1, 559
2,032
2,379
2,383
2, 875
394
FEDERAL RESERVE BULLETIN
JUNE, 1932
EARNINGS AND EXPENSES OF MEMBER BANKS
TABLE 1.—ALL MEMBER BANKS, BY CLASSES OF BANKS, YEARS ENDING DECEMBER 31, 1930 AND 1931
Amounts per $100 of earning assets 1
Amounts (in thousands of dollars)
All member b a n k s
1931
Interest earned:
1,072,927
On loans 2
480,296
On investments 3
28,682
On balances with other banks.
1930
National member
banks
1931
1930
State member banks
1931
1930
All member
banks
National
member
banks
State
member
banks
1931
1930
1931
1930
$3.85 $3.06
1.33
1.44
.06
.12
$3.76
1.17
.07
1931
1930
1,349,364
472,351
35, 799
679,576
308,864
21, 389
828, 203
310,653
26,694
393,351
171,432
7, 293
521,161
161,698
9,105
$3.21
1.44
.09
$3.81
1.33
.10
$3.30
1.50
.10
1, 581,905
1,857, 514
1,009,829
1,165, 550
572,076
691, 964
4.73
5.24
4.91
5.41
4.45
4.99
17, 214
25,727
21,175
75,041
70,078
120, 362
19, 588
25, 011
30, 740
80, 280
70,852
144, 789
14,038
17,230
718
24, 650
43, 304
84, 371
15, 920
14,530
816
26, 957
40,952
99, 203
3,176
8,497
20,457
50,391
26, 774
35,991
3,668
10,481
29, 924
53, 323
29,900
45, 586
.05
.08
.06
.22
.21
.36
.06
.07
.09
.23
.20
.41
.07
.08
.07
.07
.12
.21
.41
. 13
. 19
.46
.02
.07
.16
.39
.21
.28
.03
.08
.22
.38
.22
.33
Gross earnings
_ . 1, 911, 502
2, 228, 774
1,194,140
1, 363,928
717, 362
864,846
5.72
6.30
5.81
6.33
5.58
6.24
Interest on deposits:
Time
Demand _
Bank
387, 284
140, 691
52,935
450,865
225, 280
72,847
261,009
81, 353
34,919
292, 210
122,809
46, 292
126,275
59, 338
18,016
158,655
102,471
26, 555
1.16
.42
.16
1.27
.64
.21
1.27
.40
.17
1.36
.57
.21
.98
.46
.14
1.14
.74
.19
Total
Interest on borrowed money
Salaries and wages ._
Taxes
Other expenses..
580,910
19,136
412, 531
86, 367
236, 435
748, 992
22, 001
451, 776
113, 418
268,148
377, 281
11,613
257,074
53,110
149,176
461,311
12,807
277,798
68, 373
167, 740
203,629
7,523
155,457
33, 257
87, 259
287,681
9,194
173,978
45,045
100, 408
1.74
.06
1.23
.26
.71
2.12
.06
1.28
.32
.76
1.83
.06
1.25
.26
.73
2. 14
.06
1.29
.32
.78
1.58
.06
1.21
.26
.68
2.08
.07
1.26
.33
.72
1, 335, 379
1,604, 335
848, 254
988,029
487,125
616, 306
3.99
4.53
4.12
4.59
3.79
4.45
576,123
624, 439
345,886
375,899
230, 237
248, 540
1.72
1.76
1.68
1.75
1.79
1.79
28, 000
13, 541
15,053
23, 402
12, 334
11,641
16, 651
9,921
9,662
16,108
6,746
8,033
11, 349
3,620
5,391
7,294
5,588
3,608
.08
.04
.05
.07
.03
.03
.08
.05
.05
.07
.03
.04
.09
.03
.04
.05
.04
.03
56, 594
47, 377
36, 234
30,887
20, 360
16,490
.17
.13
.18
.14
.16
.12
295, 241
264,170
194, 725
109,028
212, 575
184, 290
135,085
71,202
82, 666
79,880
59, 640
37,826
.88
.79
.55
.31
1.03
.90
.63
.33
.64
.62
.43
.27
29, 061
31, 984
36, 601
24,960
18, 204
21, 947
26, 643
15, 688
10,857
10, 037
9,958
9,272
.09
.10
.10
.07
.09
.11
.12
.07
.08
.08
.07
.07
Total
Domestic exchange and collection charges
Foreign department
Commissions received
Trust department
Profits on securities sold
Other earnings
Total expenses
Net earnings
__
Recoveries on charged-off assets:
Loans and discounts
Investments
Allother
Total
Losses charged off:
On loans and discounts
On investments _.
On banking-house, furniture
and fixtures
Allother
Totallosses
620, 456
365, 314
437,016
248, 618
183,440
116, 696
1.86
1.03
2.13
1.15
1.43
.84
Net losses 4
563,862
317,937
400, 782
217, 731
163,080
100, 206
1.69
.90
1.95
1.01
1.27
.72
Net additions to profits
Dividends declared
12, 261
335, 792
306, 502 ! « - 54,896
371,968 1 193,696
158,168
215, 992
67,157
142, 096
148, 334
155, 976
.04
.87
»-.27
.73
.52
1.07
$5.26 $5.49 $5.50
4.56 5-1.47 4.04
2.54
$4.93
5.28
.92
1.05
.96
1.88
.58
1.06
Loans 6
Investments 6___
Earning assets 6
Capital funds*. 7
21, 732, 289 25, 018, 222 13,117, 216 14, 726, 937
11, 699, 502 10, 377,190 | 7,447,230 6, 811, 587
33, 431, 791 35, 395, 412
6, 395,866
6, 722, 782
8, 615, 073 10,291,285
4, 252, 272 3, 565, 603
1
20, 564,446 121, 538, 524 12,867, 345 13,856,888
3, 746, 961
3, 913,450
2, 648,905
2,809, 332
i
Other ratios *
Earning assets per $1 of capital funds
Net profits per $100 of capital funds
Losses on loans per $100 of loans
Losses on investments per $100 of investments
.-! $5.
_..| .
1.36
2.26
.78
1.05
1.62
2.47
1
The ratios are based upon data taken from the customary abstracts of reports of condition and of earnings, expenses, and dividends. It
should be borne in mind in using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and
the ratios are therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number
in comparison with the figures for small banks. No adjustments have been made in the underlying data for changes during a given year in the
number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to
be appreciably2 affected by these changes.
3
4
Includes discount.
Includes dividends.
Losses less recoveries.
* Net loss.
8
Averages of amounts from reports of condition for 5 call dates (December to December).
' Capital, surplus, and undivided profits, including reserves for dividends and contingencies, and excluding reserves for taxes, interest, and other
expenses accrued.
395
FEDERAL RESERVE BULLETIN
JUNE, 1932
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
TABLE 2.—ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, YEARS ENDING DECEMBER 31, 1930 AND 1931
[In thousands of dollars]
Federal Reserve District
Boston
Interest earned:
On loans*
On investments3
On balances with other
banks
Total
Domestic exchange and collection charges
Foreign department
Commissions received
Trust department
Profits on securities sold
Other earnings
Gross earnings
Interest on deposits:
Time
Demand
Bank
Total
Interest on borrowed money..
Salaries and wages
Taxes
Other expenses
Total expenses.
Net earnings
_
Recoveries on charged-off assets:
Loans and discounts _
Investments
All other
Total
Losses charged off:
On loans and discounts.__
On investments _ _
On banking house, furniture and fixtures
All other
Total
Net losses4
Net addition to profits .. _
Dividends declared
Loans6
Investments6 ._
. _
Earning assets8
Capital funds8.7 .,
For footnotes, see Table 1.
New York
Cleveland
Philadelphia
Richmond
Atlanta
1931
1930
1931
1930
1931
1930
1931
1930
1931
1930
1931
1930
75, 854
35, 488
95, 703
34, 724
309, 528
158, 491
403,996
155,846
86,334
50, 063
98, 607
45, 305
113, 285
54,085
134, 338
54, 980
43,988
13,069
52, 048
12, 669
38,010
11, 349
48, 334
10, 755
2,040
2,088
3,257
3,887
1,920
2,196
2,808
3,505
1,616
1,685
1,557
1,786
113, 382
132, 515
471, 276
563,729
138.317
146,10S
170,178
192,823
58, 673
66,402
50, 916
60,875
490
733
533
6, 580
4,687
8,913
568
588
537
6, 500
7,789
9, 527
4,177
19,868
16. 271
29. 917
31,415
31, 638
4,390
15,472
24, 733
34,103
26, 825
46, 533
560
671
344
8,820
5,566
5,927
596
831
363
8,821
5,773
6,111
687
442
458
7,474
6,330
13, 241
925
616
900
7,811
8,436
16, 275
775
102
309
1,445
1,527
4,436
971
176
398
1,339
1,350
4,285
1,471
292
227
1,286
1,488
6,072
1,750
460
234
1,267
1,491
6,062
135, 318
158, 024
604, 562
715, 785
160, 205
168, 603
198,810
227, 786
67, 267
74, 921
61, 752
72,139
33,892
11,638
2,311
36,198J
20,171!
3,451|
84, 288
46, 793
17,084
109,958
88, 622
25, 720
35,975
12, 791
3,125
37,487
16, 726
3,497
50, 996
17, 560
6,992
59, 394
21,988
7,495
17, 797
3,415
1,833
19, 294
4,805
2,187
11,514
4,092
1,855
14, 538
5,522
2,188
47, 841
682
27, 498
5,861
15,175
59, 820
1,234
28, 870
7, 768
16, 630
148,165
4,448
127, 236
19, 984
76, 969
224, 300
5,221
138,375
33,186
86, 415
51, 891
2,478
30,805
7, 037
17,196
57, 710
2,431
31, 785
8. 485
17, 651
75, 548
2,085
37, 793
10,086
20, 380
88, 877
2,082
41, 513
13, 083
22,118
23, 045
1,152
14,446
4, 0«3
7,862
26, 286
1,336
15, 501
4,578
8,865
17, 461
1,565
14, 530
3,842
8,815
22, 248
1,816
15, 938
4,892
10,107
97, 057
114,322
376, 802
487, 497|
109, 407
118,062
145,892
167, 673
50, 588
56, 566
46, 213
55,001
38, 261
43, 702
227, 760
228, 288
50, 798
50, 541
52, 918
60,113
16, 679
18, 355
15, 539
17,138
1,338
3,796
965
1,487
2,788
1,315
12, 238
4,283
6.344
6,764
4,969
1,991
984
742
608
861
793
312
1,513
917
1,557
1,342
1,456
874
694
107
302
832
467
735
447
370
892
310
506
6,099
5, 590
22,865
13, 724
2,334
1, 966
3,987
3,672
1,103
1,417
1, 552
1,708
17, 363
23,139
14,074
11, 600
127, 794
108, 573
74,983
55, 421
21, 570
33, 635
12,81C
9,150
16, 727
27, 008
12, 079
10, 033
11,068
7,854
6,688
2,148
11, 590
5,969
11, 273
2, 537
1,629
1,698
1,940
1, 504
11, 549
7,005
13, 776
6, 393J
1.302
1, 984
1,857
982
2,557
2,237
3,019
3,124
522
2,316 .
€88
565
747
1,294
1,027
1,217
43,82!
29,118
254, 921
150, 573
58, 491
24,805
48, 529
28, 255
21, 760
10, 089
19,600
16,054
37, 73C
23, 528
232, 056
136,849
56,157
22, 839 |
44,542
24, 583
20, 657
8, 672
18, 048
14, 346
53;
22, 530
20, 174
28,158
«-4, 296
150, 982
91,439 5 - 5 . 359
139, 383] 30, 206
27, 702
32, 961
8, 376
24, 999
35, 530 5-3,978
9,268
31, 414
9,683 5-2,509
11,830 j
7,920
2,792
11,848
655,164
302, 343
796, 901
267, 749
1, 591, 035 1, 834, 634 7, 505, 991 8 689 340^657.044 1,820,743:2,077,736 2, 336, 268
825,80 9 728,894 4, 022, 864 3,430, 674 1, 069, 422 887,322 1,180,312 1,131,188
780, 735
344, 645
903,02?
309, 939
2, 416, 843 2, 563, 528 11,528,855 12,120, 014 2, 726, 466 2, 708,065 3, 258, 048 3, 467, 456 1,125,380 1, 212, 961
448,189
460 934 2. 524. 445 2, 663, 227
638. 990
654, 757
598,187
623, 582
214, 733
228, 793
957, 507 1, 064, 650
182,118
197,849
396
FEDERAL RESERVE
BULLETIN
JUNE, 1932
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
TABLE 2.—ALL MEMBER BANKS BY FEDERAL RESERVE DISTRICTS, YEARS^ENDINGIDECEMBER 31,1930 AND 1931—Continued
[In thousands of dollars]
Federal Reserve District
St. Louis
Chicago
1931
1930
1931
1930
Minneapolis
Kansas City
1931
1930
1931
1930
1931
1930
1931
1930
28,209
15, 543
34,239
15,742
41,969
18,640
51,727
18,094
36,512
8,139
46, 639
8,057
121,669
44,593
132,340
43,487
Dallas
San Francisco
Interest earned:
On loans2
On investments3
On balances with other
banks
Total
3,268
5,025
1,355
1,697
1,548
1,931
2,975
3,815
2,401
2,848
3,937
5,336
196,498
261,875
56,530
68,932
45, 300
51,912
63, 584
73,636
47,052
57, 544
170,199
181,163
Domestic exchange and collection charges
Foreign department
Commissions received
Trust department
Profits on securities sold
Other earnings
2,843
2,227
1,207
10,068
6,944
16,568
3,259
4,190
1,516
10,801
8,722
18,585
892
60
884
1,542
1,501
4,099
1,135
119
971
1,622
2,111
4,243
1,659
70
374
217
1,663
3,083
1,835
112
446
236
1,943
2,747
1,088
16
104
1,234
1,845
6,959
1,279
26
116
1,275
1,447
7,013
912
65
76
426
1,329
4,354
1,237
139
75
395
955
5,384
1,660
1,181
388
6,032
5,783
15, 072
1,643
2,282
451
6,110
4,010
18,024
236,355
308,948
65, 508
79,133
52,366
59,231
74,830
84,792
54,214
65, 729
200,315
213,683
47,525
19,107
5,168
61,126
34,165
9,138
14, 024
3,750
1,665
16, 383
6,459
2,687
13,841
2,643
1,649
15, 519
3,237
1,999
11,858
5,865
3,360
12, 268
7,252
4,391
7,482
4,117
2,036
8,529
5,222
2,522
58, 092
8,920
5,857
60,171
11,111
7,572
71,800
104,429
19,439
25,529
18,133
20, 755
21, 083
23,911
13,635
16, 273
72,869
78,854
239
739
19, 218
3,607
10,853
765
20,814
4,266
12, 246
865
14, 232
3,975
7,378
1,510
16, 293
4,552i
8,963j
1,643
47.836
5; 641
26,016
899
49,981
5,925
29,889
Gross earnings
Interest on deposits:
Time .
Demand _
Bank
Total
Interest on borrowed money-Salaries and wages
Taxes
Other expenses
Total expenses
Net earnings.
Recoveries on charged-off
assets:
Loans and discounts
Investments
Allother
Total
Losses charged off:
On loans and discounts...
On investments.
On banking house, furniture, and fixtures.
Allother
Total.
Net losses4
Net addition to profits
Dividends declared
Loans8-. _. .
Investments6
Earning assets6
...
Capital funds9*7
For footnotes, see Table 1.
139,892
53,338
201,515
55,335
37,677
17,498
49,878
17, 357
1,818
51,879
15 379
30,547
2,390
62. 699
18.179
38, 231
1,422
14,969
3,942
8,345
2,056
17,165
5,132
9,618
6*899
261
12,842
3,372
7,415
171,423
225,928
48,117
59, 500
40, 290
44, 645
55, 500
62, 002
40,085
47, 591
154,005
165,548
64,932
83, 020
17, 391
19, 633
12, 076
14, 586
19, 330
22, 790
14,129
18,138
46, 310
48,135
3,049
644
1,345
3,494
548
2,181
1,138
367
792
1,120
352
821
1,200
451
612
1,133
106
280
1,837
734
748
2,296
473
1,262
1,752
204
818
2,024
100
703
1,522
849
592
1,157
321
929
5,038
6,223
2,297
2,293
2,263
1,519
3,319
2,774
2,827
2,963
2,407
37,418
22, 039
22, 675
5,806
7,421
8,638
5,736
3,375
5,482
5,771
4,078
1,753
11, 365
6,984
4,031
•
8,262
2,538
13, 356
3,148
10, 762
702
14, 087
11,412
11, 299
3,965
2,857
4,993
5,002
3,260
699
1,857
1,066
1,522
925
1,065
1,411
1,139
753
1,541
1,313
1,719
997
2,142
1,039
1,377
4, 524
3,852
4,463
2,158
21,885
67, 307
36, 743
18, 615
11, 699
13, 243
8,381
20, 643
13,832
19, 643
13, 880
33,875
62, 269
30,520
16, 318
9,406
10,980
6,862
17, 324
9,801
16, 869
11, 053
30,912
19,478
2,663
38, 369
52,500
49, 611
1, 073
9,069
10, 227
12, 700
1,096
6,096
7, 724
7, 508
2,006
7,554
12,989 1-2,740
5,702
11,142
7,085
8,371
15, 398
23, 097
28, 657
27, 042
3, 037 987 3. 629. 245
1,401, 891 1, 266, 825
707, 632
407,909
896, 346
380, 239
472, 567
358, 565
527, 322
352,876
645,829
440,819
756,124
410,985
550,375
239,972
660,982 2, 050,195 2 167,295
219, 752 1,104,952 990,749
4, 439, 878 4, 896, 070 1,115,541 1, 276, 585
831,132
880,198 1, 086, 648 1,167,109
790, 347
880, 734 J3,155,147 3,158,044
115, 757
119,118
161,222
171,075
725,937
790,707
182,902
203, 474
162,876
165,236
440,510
444,030
397
FEDEBAL RESERVE BULLETIN
JUNE, 1932
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
TABLE 3.—ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, YEARS ENDING DECEMBER 31, 1930 AND 1931
Federal Reserve District
New York
Boston
Amounts per $100 of earning assets:
Interest earned
All other earnings.
Gross earnings
_
Interest on deposits
Interest on borrowed money
Salaries and wages
Taxes
All other expenses
_
. - -
Total expenses
Net earnings
_
Total losses
Recoveries
Net losses *
Net addition to profits..
_.-
Other ratios:
Earning assets per $1 of capital funds.-.
Net profits per $100 of capital funds
Losses on loans per $100 of loans
Losses on investments per $100 of
investments-
Gross earnings.Interest on deposits
.
Interest on borrowed money
Salaries and wages
Taxes
All other expenses
Total expenses
_
Net earnings
Total losses
Recoveries
__ _
„
_
_.
Net losses
Net addition to profits..
_
__
Other ratios:
Earning assets per $1 of capital funds...
Net profits per $100 of capital funds
Losses on loans per $100 of loans _ _
Losses on investments per $100 of
investments..
For footnotes, see Table 1.
Cleveland
Atlanta
Richmond
1931
1930
1931
1930
1931
1930
1931
1930
1931
1930
$4.69
.91
$5.17
1.00
$4.09
1.16
$4.65
1.25
$5.07
.80
$5.40
.83
$5.22
.88
$5.56
1.01
$5.21
.76
$5.47 ! $5.32
.70
1.13
5.60
6.16
5.24
5.90
5.87
6.23
6.10
6.57
5.98
6.17
6.45
6.77
1.98
.03
1.14
.24
.63
2.33
.05
1.13
.30
.65
1.29
.04
1.10
.17
.67
1.85
.04
1.14
.27
.71
1.90
.09
1.13
.26
.63
2.13
.09
1.17
.31
.65
2.32
.06
1.16
.31
.63
2.56
.06
1.20
.38
.64
2.05
.10
1.28
.36
.70
2.17
.11
1.28
.38
.73
1.82
.16
1.52
.40
.92
2.09
.17
1.50
.46
.95
4.02
4.46
3.27
4.02
4.01
4.36
4.48
4.84
4.50
4.66
4.83
5.17
1.58
1.70
1.98
1.88
1.86
1.87
1.62
1.73
1.48
1.51
1.62
1.61
1,81
.25
1.14
.22
2.21
.20
1.24
.11
2.15
.09
.92
.07
1.49
.12
.81
.11
1.93
.10
.83
.12
2.05
.16
1.51
.16
1.56
.92
1.84
.71
.02
.79
-.35
.80
5.39
.12
5.56
4.38
2.01
1.13
-.04
.75
4.57
* -.17
4.55
3.43
8
6
2.06
.84
1.37
.71
-.20
1.02
.26
1.02
4.27
4.14
4.23
5.45
1.40
5.56
5.70
«-.84
5
5.24
1931
1930
$5.72
1.05
1.88
1.35
-.26
.26
5.26
5.30
4.23 5-1.38
5.38
1.41
5
1.09
.77
1.70
.86
1.30
.70
.81
.52
1.42
.74
1.77
1.41
2.80
1.59
2.70
1.62
3.15
1.03
2.29
.89
2.28
.69
1.97
.95
Chicago
Amounts per $100 of earning assets:
Interest earned-.
_
All other earnings--.
_
Philadelphia
St. Louis
Minneapolis
Kansas City
San Francisco
Dallas
1931
1930
1931
1930
1931
1930
1931
1930
1931
1930
1931
$4.43
.90
$5.35
.96
$5.07
.80
$5.40
.80
$5.45
.85
$5.90
.83
$5.85
1.03
$6.31
.96
$5.95
.91
$6.53
.93
$5.39
.95
$5.74
1.03
5.32
6.31
5.87
6.20
6.30
6.73
6.89
7.27
6.86
7.46
6.34
6.77
1.62
.04
1.17
.35
.69
2.13
.05
1.28
.37
.78
1.74
.13
1.34
.35
.75
2.00
.16
1.34
.40
.75
2.18
.03
1.45
.35
.83
2.36
.03
1.45
.38
.84
1.94
.07
1.77
.33
1.00
2.05
.07
1.78
.37
1.05
1.73
.11
1.80
.50
.93
1.85
.17
1.85
.52
1.02
2.31
.05
1. 52
.18
.82
2.50
.03
1.58
.19
.95
3.86
4.61
4.31
4.66
4.85
5.07
5.11
5.31
5.07
5.40
4.88
5.24
1.46
1.70
1.56
1.54
1.45
1.66
1.78
1.95
1.79
2.06
1.47
1.52
1.52
.11
.75
.13
1.67
.21
.92
.18
1.59
.27
.95
. 17
1.90
.31
1.19
.35
2.49
.35
1.58
.32
1.07
.09
.69
.08
1.40
.62
1.46
.74
1.32
.78
1.59 |
.06
1.07
.10
.80
.13
.88
.18
1.11
6.12
.37
6.19
6.64
6.10
.59
6.27
5.03
7.18
.95
7.39
6.49
6.67
1.23
7.06
7.86
1.23
.62
1.05
.64
1.16
. 77
1.76
1.57
.46
2.12
.89
1.61
.50
1.58
1930
2.13
1.26
.98
.62
-.35
.80
.49
.91
4.90
5-1.70
5.15
4.14
7.16
3.50
7.11
6.45
1.09
2.43
1.63
.69
.52
.62
1.31
.32
1.03
.40
.84
6
398
FEDERAL RESERVE BULLETIN
JUNE, 1932
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
TABLE 4.—NATIONAL BANKS,* BY FEDERAL RESERVE DISTRICTS, LAST SIX MONTHS OF 1931
NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. Similar information for the first half of 1931 was published on page 76 of the January, 1932, issue of the FEDERAL
RESERVE BULLETIN; additional statistics for thefiscalyear ending June 30, 1931 will be found in the Annual Report of the Comptroller of the
Currency for 1931
[In thousands of dollarsj
Federal Reserve District
Gross earnings:
Interest received—
On loans 2
_
On investments 3
On balances with other
banks
Domestic exchange and collection charges
Foreign-exchange department
Commissions received
Trust department._
Profits on securities sold
Other earnings
_
Boston
New
York
Phila- Clevedelphia land
Richmond
Atlanta
cago
319,819
149,871
26,223
13, 004
68,445
40, 005
28, 697
16, 555
25, 009
15,226
15,800
5,126
13,773
5,014
35, 777
13, 253
10,681
4,829
7,919
720
507
436
755
422
477
796
7,019
200
1,806
204
199
263
621
928
9,806
390
12,041
15, 279
41, 554
410
8,293
1
4,477
6,570
10, 733
274
2
612
1,099
1,753
108
1
640
1,675
2,797
21
433
368
1,720
85
84
437
410
2,238
46, 353 140, 837
49, 632
46, 410
24,153
563, 698
Total earnings
Expenses:
123, 746
Salaries and wages
Interest paid—
7,583
On borrowed money 2_ _.
On deposits121, 690
Time
34, 489
Demand
13, 727
Bank .__
26, 238
Taxes
71, 229
Other expenses
398, 702
Total expenses
164, 996
Net earnings
Recoveries on charged-off assets:
8,072
Loans and discounts
.
5,502
Bonds, securities, etc
4,539
Allother--.
_.
Total net earnings and recoveries _
._.
_. 183,109
Losses charged off:
111,010
On loans and discounts
112, 711
On bonds, securities, etc
On banking house, furniture,
11, 223
and fixtures
1,274
On foreign exchange
9,377
All other losses
245, 595
Total losses charged off
< 62,486
Net addition to profits
93,456
Dividends declared
1, 618, 024
Capital stock6 paid in 5
1, 379, 549
Surplus fund
2, 997, 573
Capital and surplus *
Number of banks 5
6,368
1,241
946
3,609
Chi-
13,265
7,117
18, 741
8,365
15,223
3,865
48,185
17, 512
308
561
1,003
749
1,185
240
809
558
480
711
121
56
941
857
5,380
11
16
143
291
964
54
177
112
617
1,444
5
24
506
580
3,170
33
2
202
398
1,852
391
27
2,297
1,468
5,894
23,139
58, 109
17, 483
24,156
32, 952
22,804
77, 670
19,094
9,924
28,365
9,274
8,664
5,170
5,678
13, 047
4,226
5,620
8,489
6,195
347
1,377
1,029
678
478
588
671
258
124
423
434
1,176
11,198
3,192
785
2,569
5,271
21, 461
8,833
3,715
5,120
19, 293
13, 333
3,020
547
2,207
5,178
12,171
4,067
1,653
2,086
4,838
6,802
1,008
412
1,853
2,635
4,499
1,268
564
1,745
3,065
12,157
4,306
1,173
2,574
8,445
3,922
815
472
1,235
1,941
6,170
1,089
682
810
3,252
5,438
2,187
1,148
1,835
4,324
2,949
1,767
627
1,927
2,930
21, 590
2,937
1,949
2,277
10, 057
33, 286
88,164
34, 588
34,157
18,358
17, 407
42,373
12, 869
17, 747
23,844
16, 829
59, 080
13,067
52, 673
15, 044
12, 253
5,795
5,732
15, 736
4,614
6,409
9,108
5,975
18, 590
348
878
524
2,285
1,856
1,191
258
305
235
475
321
522
285
40
122
205
381
130
934
256
568
386
74
127
565
292
418
865
522
217
782
64
344
684
513
141
14, 817
58, 005
15, 842
13, 571
6,242
6,448
5,201
7,684
10, 712
7,165
19,928
9,780
11,169
35, 590
35, 519
9,920
17, 901
6,417
11, 496
3,839
3,157
3,782
2,639
16, 233
10, 553
2,170
3,137
2,373
4,117
6,473
4,704
7,969
2,415
6,464
5,904
958
102
515
2,313
115
1,485
596
15
702
861
31
574
247
16
340
425
65
423
1 216
216
1,241
227
3
410
678
46
464
357
22
763
751
2
1,546
2 594
641
914
22, 524
75, 022
29,134
19, 379
7,599
7,334
29,459
5,947
17, 494
7,678
12, 319
12, 683
16, 517
*886 H I , 965
8,534
2,669
746
1,811
6
2,832
4 1, 607 * 5, 518
2,664
2,503
3,411
8,454
75, 210 180, 375
47, 487 127, 806
55, 789
32, 010
57, 825
33, 404
77,422
39, 692
186,130
122, 363
266,128 889, 365 318, 715 235, 324 130, 237 122, 697 308,181
87, 799
91, 229 122, 291 117,114
308,493
« 7, 707 *17, 017 413, 292 * 5, 808 * 1, 357
8,125 38, 297
8,903
4,869
3,495
151,205 442, 004 123,477 112, 288
114, 923 447, 361 195, 238 123, 036
343
699
642
73,957
56, 280
585
21 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii.
Includes discount.
3 Includes dividends.
* Net loss.
s As of December 31,1931.
San
St. Minne- Kansas
Louis apolis City Dallas Francisco
Total
371
305
728
4
379
539
82, 342
39, 949
801
550
426
JUNE,
399
FEDERAL RESERVE BULLETIN
1932
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
TABLE 5.—STATE BANK MEMBERS, BY FEDERAL RESERVE DISTRICTS, LAST SIX MONTHS OF 1931
[In thousands of dollars]
Federal Reserve District
Total
Boston
Gross earnings:
Interest received—
On loans i
On investments 2
_
On balances with other
banfcs
.
Domestic exchange and
collection charges
Foreign department
Commissions received
Trust department
Profits on securities sold___
Other earnings..
179,569
83, 538
Total earnings
Expenses:
Salaries and wages
Interest paid—
On borrowed money L_
On depositsTime
Demand
Bank
Taxes
Other expenses
Total expenses
_
Net earnings
_
. _ .
Recoveries on charged-off assets:
Loans and discounts
Bonds, securities, etc
All other
Total net earnings and
recoveries.. _ _ _ _ _
Losses charged off:
On loans and discounts
On bonds, securities, etc...
On banking house, furniture, and fixtures
All other losses
New
York
Phila- Clevedelphia land
RichSt. Minne- Kansas
mond Atlanta Chicago Louis apolis City Dallas
1,052
179
10,402
4,384
32
291
36
2,638
96
683
216
296
188
199
377
138
1,525
4.636
9,635
25, 256
12,040
17,366
29
61
224
2,064
548
678
207
3,378
7,380
9,770
7,652
5,012
80
26
223
4,023
990
1,277
111
98
181
3,036
586
3,525
111
17
179
346
124
470
74
31
86
272
139
761
525
934
663
4,271
1,498
2,685
198
9
484
548
83
1,006
31
1
22
10
38
68
12
3
26
117
124
411
22
23
67
143
111
128
145
726
191
1,330
336, 253
18, 053
147, 049 27, 969 45, 387
7,564
6,185
47, 024
13, 260
1,558
2,942
1,554
17, 708
73, 770
3,577
32,158
6,080
9,181
1,753
1,418
10, 735
2,840
365
819
562
4,282
4,623
112
1,453
587
765
220
356
471
496
20
23
52
68
55,160
24,090
7,508
15, 539
41,581
4,803
1,276
143
871
1,943
15, 636
10,494
3,948
3,962
18, 633
4,336 10,417
3,834
2,240
908
503
1, 222 2,051
3,238 4,762
1,726
466
287
587
950
940
486
195
558
1,041
8,170
3,425
737
4,512
5,663
2,520
541
151
848
1,745
418
66
35
75
156
316
310
142
188
694
202
89
50
125
287
5,676
863
409
540
2,469
222, 271
12, 725
86, 284 18, 206 31,918
5,989
4,994
33, 713
9,141
1,135
2,492
1,367
14,307
113, 982
5,328
60,765
9,763
13, 469
1,575
1,191
13, 311
4,119
423
450
187
3,401
8,030
2,474
3,502
250
1,018
67
6,362
786
2 326
475
147
184
206
212
193
46
12
5
80
17
23
197
101
251
276
159
282
43
16
1
?fi
56
4
74
73
17
66
128, 038
6,663
70, 239
10, 569
14, 085
1,638
1,311
13, 860
4. 83fi
467
492
321
3,557
55, 850
61,422
1,358
3,371
32, 540
38, 029
5,445
5,676
2,281
3,510
1,119
991
1,202
356
8,628
5, 763
1,630
2,615
261
142
112
23
365
132
909
814
3,811
7,073
152
185
1,620
1,796
242
505
764
717
48
211
50
168
313
2,127
28
66
5
63
26
83
342
411
128,156
11,86S
7,272
2,369
1,776
16,831
221
741
5,207
497
203
606
2,476
« 371
1,807
*30
98
289
448
< 285
173
1,081
1,215
75,992
36,975
12, 728 26,878
8,406 10, 626
4,810
1,319
3,695
928
6,677
4,117
1,382
774
93
901
458
29
9,512
4,841
25,540
10,531
San
Francisco
5,066
73,985
Net addition to profits
Dividends paid
4
118
63, 551
1,597
3,098
* 3, 746 * 1, 299
38, 541 5,912
Capital stock paid in 3
Surplus fund 3
880, 624
1,144, 746
37,405
46,860
18, 555 138, 366 38, 235
12,933 117, 210 21, 803
.3,165
1,746
8, 730
3, 307
6,825
2,112
37,985
24, 548
2, 025, 370
84, 265 1, 036,192 191,547 J236, 795 41, 051 31, 488 255, 576 60,038
4,911
12, 037
8,937
62, 533
40
23
67
96
Total losses charged ofL_
Capital and surplus »
Number of banks *
. _
i Includes discount.
876
*731
884
414, 492 58, 396 93, 445 25, 025
621, 700 133,151 143, 350 16, 026
142
30
J
73
Includes dividends.
6,813
6,757
70
32
<465 * 2, 971
1,015
8,603
43
175
* As of Dec. 31, 1931.
85
* Net loss.
400
FEDERAL RESERVE BULLETIN
JUNE, 1932
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS AND FOR N. Y. CITY AND CHICAGO
[In millions of dollars]
Federal Reserve District
Total
Loans and investments:
May 4
May 11
May 18
May 25
_.
Loans:
May 4
_..
May 11..
May 18....
May 25._
On securitiesMay 4
_
May 11
May 18
May 25.-,.
All otherMay 4
May 11
May 18
May 25
Investments:
May 4
_
May 11
May 18
May25.._.
IT. S. Government securitiesMay 4
May 11
May 18
May 25....
All other—
May 4
May 11
May 18
May 25
Reserves with F. R. bank:
May 4
May 11
May 18
May 25
_
Cash in vault:
May 4
May 11.
May 18
May 25
_.
Net demand deposits:
May 4
May 11
_
__
Myal8
_._.
May 25
Time deposits:
May 4_
__.
May 11
_
May 18.
_
May 25...
_.
Government deposits:
May 4
May 11
May 18
May 25
_
_.
Due from banks:
May 4.
_
May 11.
May 18
May 25._
Due to banks:
May 4.
May 11
May 18
May 25
Borrowings from F. R. banks:
May 4
May 11
May 18.
May 25...
19,277
19,140
19,037
11, 842
11, 717
11, 661
11, 588
Boston
Rich- Atlan- ChiNew Philadel- CleveYork phia
land | m o n d ta
cago
1,245
1,224
1,208
1,212
7,777 1,117
7,721 1,112
7,650 1,104
7,627 1,097
810 4,623
799 4.547
792 4, 534
794 4,478
660
658
652
1,957
1, 943 I
1, 942 |
1,938 |
I
1,201
1,192
1,190
1,188
584
580
579
522 2,478
518 2,464
514 2,458
511 2,455
351
345
344
342
341
340
338
336
City
St. Min- Kansas
Louis neapoCity
lis
550
547
563
568
1,743 ! 337
1,733 | 334
1,716 328
1,714 326
Dallas
San
Fran- New
cisco York
Chicago
336 j 550
335 | 547
543
337
337 j 542
396
392
390
,760
,753
.,748
,740
6,727
6,673
6,604
6,583
1,366
1,353
1,352
1,353
198
197
198
198
285
282
278
278
251
250
249
249
,038
,038
1,036
1,033
3,963
3,890
a 87Q
3,825 I
920
56
56
56
56
82
81
81
76
76
76
76
278
274
276
275
1,908
1,845
1,840
1,810
533
528
520
518
175
174
173
173
760
764
760
758
2,055
2,045
2,039
2,015
387
388
145
142
141
139
722
715
712
707
2,764
2,783
2,725
2,758
446
437
449
449
916
ana
5,063
4,977
4,950
4,910
317
316
306
2,188
2,124
2,118
2,087
334
333
331
328
539
538
543
541
136
132
130
129
111
111
110
110
812
805
796
793
134
131
127
126
6,779
6,740
6,711
6,678
493
483
486
485
2,435
2,423
2,416
2,391
330
327
327
324
662
654
647
647
215
213
214
213
230
229
228
226
928
920
921
203
203
201
200
7,435
7,423
7,376
7,406
435 3,154
425 3,174
416 3,116
418 3,149
453
452
446
445
756
751
752
750
238
239
236
237
181
178
176
175
735
731
742
741
213
213
235
242
I
142 ! 203
201
141
197
142
198
142
265
138
265
138
265
139
264
139
4,163
4,144
4,093
4,084
243
230
224
221
1,953
1,961
1,894
1,917
183
182
176
175
405
403
405
404
115
115
112
113
406
406
420
421
81
81
102
82
139
139
138
137
86
393 1,820
1,826
84
1,759
83
82 | 377 1,781
252
248
262
262
3,272
3,279
3,283
3,322
192
195
192
197
1,201
1,213
1, 222
1, 232
270
270
270
270
351
348
347
346
123
124
124
124
85
85
86
86
329
325
322
320
132
132
133
160
75
74
73
73
126
126
127
127
59
58
58
57
1,668
1,682
1,718
1,753
82
98
103
95
.879
872
901
948
70
69
71
109
108
107
108
34
34
34
33
29
30
29
29
245
257
254
260
21
20
21
21
201
208
207
19
17
17
16
50
52
54
54
12
13
12
12
25
26
25
25
13
13
12
13
7
7
7
7
31
34
35
35 ;
11,082
11,146
11,134
11,158
700
709
710
706
5,535
5,554
5,553
5,599
605
618
617
843
278
281
276
277
228
229
226
224
1,298
1,308
1,312
1,313 i
5,705
5,709
5,674
5,673
422
421
418
417
1,220
1,224
1,214
1,214
267
834
831
821
819
225
226
225
225
195
194
195
195
485
369
320
271
41
32
27
23
199
150
130
109
53
41
36
30
29
21
18
16
. 20
14
12
10
36
28
24
20
1,250
1,235
1,233
1,210
124
121
128
124
114
113
109
112
108
89
94
82
79
74
71
70
64
69
74
73
71
68
63
266
264
251
231
2,832
2,787
2,756
2,734
139
136
125
130
1,210
1,189
1,154
1,163
171
166
169
166
199
211
210
81
82
80
77
31
29
27
26
10
41
36
34
32
13
14
17
18
205
175
180
178
j
i
|
;
329
329
329
330
944
957
966
977
194
189
187
187
44
44
46
45
29 j
28 I
26 I
28 !
820
821
850
182
196
196
200
5
5
5
5
11
12
13
13
6 i
87
86
90
82
16
16
15
16
39
40
43
42
13
15
15
15
289
288
284
288
167
170
170
356
355
355
168
354
553
557
559
544
5,071
5,094
5,092
5,133
876
882
885
892
209
210
977 i 209
976 209
149
149
147
147
179 1
127
127 !
127 !
127 i 897
773
776
380
382
382
380
34
26
23
19
185
139
120
101
30
23
20
17
114
119
125
127
72
67
68
62
188
186
172
156
147
158
167
158
1,153
1,133
1,098
1,108
301
292
284
279
179
178
179 !
4
3
2
2
6
5
4
4
72
82
80
81
44
44
41
38
101
104
107
108
407
394
386
379
101
101
103
100
62
60
59
54
137
136
139
135
14
9
5
5
2
1
2
1
1
3
4
11
10
10
9
235
235
234
233
!
i
i
;
12 i
11
i
io!
i
82 |
85 I
87 |
83 |
80 I
80 j
80 •
78 ;
1 i
1 S
1 i
1
69
56
63
61
L
I.
i.
.
1
1
1
1
401
FEDERAL RESERVE BULLETIN
J U N E , 1932
RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT
Loans secured by warehouse
receipts
Prime commercial paper
Federal reserve
bank or branch
city
1932
May-
1931
April
May
1932
May
1931
1931
1932
May
April
May
4 -5
5 -(
5 -6
5 -5*6
43^-5
5 -6
4 -434
May
April
Interbank loans
1932
1931
April
May
4*6-5
6
4*6-5
6
4 -4*6
5 -5*6
4 -5
4 -5
5 -6
5 -7
6
5 -6
6
5*^-6
5 -6
5*6
5 -6
5 -6
5 -6
4 -4*6
6 -8
6 -7
6
5*6-6
5 -5*6
6
6
6
534-6
5*6-6
5 -534
5 ,-6
5*6-6
4*6-6
4*6-5*6
6
5*6-6
4*6-5
4^-5*6
6
4^-5*6
5 -6
6
5 -6
6 -6*
5 -6
534-6
6 -6*6|
5 -5*6
4 -434
6 -8
334-4
6 -8
534-6
6 -7
5*6-6
6 -7
5*6-6
6 -7
5 -6
5 -6
5*6-8
6 -8
534-6
5 -6
6
I May
-I —
Boston.
4 -5
New York..
Buffalo
4 -4*
5 -6
4*6-534 |
Philadelphia
Cleveland..
CincinnatiPittsburgh.
5 -6 I
5*^-6
334-4*6
3 -4 !
5 -6 |
4*6-5
5*6-6
3*6-434
5 -6
5 -534|
4*6-6
5 -6
5 -6
5 -6
5 -5*1
534-6
5*6-6
5*6-6
5*6-6 I
534-6 I
5 -6
5 -6
53^-6
5 -6
534-6
434-6
534-6
4 -5
5 -6
4*6~5
Richmond..
Baltimore..
Charlotte...
5 -5
5 -6
434-6
5 -6
5*6-6
4*6-5
4 -6
5 -6
5*6-6
5 -6
Atlanta
Birmingham..
Jacksonville..
Nashville
New Orleans.
5 -6
5 -6
4*6-8
5 -5*6
5-6
5 -7
5^-634
6
5*6-6
4 -6
5 -6
5 -8
5 -6
43^-5
Chicago.
Detroit, _
St. Louis....
Little Rock..
Louisville. _.
4 -5
534-6
4*6-5
5 -6
6 -7
4*6-534
6 -7
Minneapolis..
Helena
4 -434
7 -8
4 -4*6
7 -8
3 -4
Kansas City
Denver
Oklahoma CityOmaha
4 -6
4*^-6
5 -5*6
4*6~5
4 -4*6
H6
Dallas
El Paso
Houston
San Antonio..
5 -6
7 -8
5*^-6
5 -7
San Francisco. _
Los Angeles
Portland
Salt Lake City.
Seattle
Spokane..
4 -5H
5K6
6
5*6"6
6 -8
5 -7
6 -6*
5 -6
7 -8
5*^-6
5 -7
5 -7
5*^-6
634-7
6 -8
334-4
5 -6
3^
6 -8
6
534-7
5^6
5 -5
7 -8
53^-6
4 -5
5 -6
6 -634
6
6
6
53^-7
5 -6
534-6
53^-6
3 -5
6 -8
5 -6
6*6-7
6 -8
6 -6*6
5*6-6
8
7 -8
53^-7
6 -7
7 -8
5^-7
6 -7
5 -6
5 -6
6 -6
6 -6)-
6 -7
5 -6
634-7
6 -8
5 -6
7 -8
534-6
6H-7
6
63^-7
6H-7
6
7
5
7
-6*
-8
-7
-7*
534-6
6
6 -7
5 -6
^-6
-7
5 -5*6
5M-6
434-534
534-7
43^-5
8
53^-6
534-6
6
6 -7
4 -5
5 -6
5 -6
6 -634
^ 6
5 -6
6^-7
6
5 -6
4 -6
5 -8
6 -7
434
6
534-6
6*67
5 -6*6
634-7
6 -8
6
ftl
6 -6*6
5 -7
5 -6
6 -8
534-6
6 -634
6 -7
7
634-7
6*6-7
6 -634
6*£7
634-7
634-7
534-6
6 -7
634-7
7
5 -5*6
5 -6
5 -534
5 -5*6
5 -6
5 -5;
5
3*6-4*^
4*6-5
5 -6
5 -6
434-5
5 -6
5*6-6
5
5 -5*6
4*6-5*6
5
6
6
-634
NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. Rates
from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities.
402
FEDERAL RESERVE BULLETIN
J U N E , 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]
Total
1932
1931
Net
Net
ReShipshipShip
Reshipments ceipts ments ments ceipts ments
to
from (-)OT
to
from
(-)or
Europe Europe receipts Europe Europe receipts
Month
(+)
(+)
January
February
March..
April
May
June
.
July
August
September
October
November
December
470
130
1,380
915
_
2,570
. __ 8,811
10,256
3,226
8,433
3,088
52
1,523
4,051
960
863
1,469
2,103
779
394
3,723
3,290
11, 588
7,039
3,749
+3.581
+830
-517
+554
-467
-8,032
-9,862
+497
-5,143
+8,500
+6,987
+2,226
25
0
0
0
0
3,335 +3,310
5,221 +5,221
8,468 +8,468
4,563 +4. 563
10,938 +10,938
NOTE.—For explanation and back figures see BULLETIN for January,
1932, pp. 7-9.
With- 16 to 30 31 to 60 61 to 90
91 days Over 6
in 15 days days days
to 6
days
months months
Bills discounted:
May 4
505,801 366,450
M a y 11
471,373 332,:
!, 185
M a y 18
464,9 331,176
464,943
M a y 25471,267 334,792
2
Bill bought in
open market:
May 4
44,522 11,160
M a y 11
42,719 11,410
M a y 18
40,643 8,042
M a y 25
38,373 6,054
Certificates and
bills:
May 4
829, 510 50, 966
M a y 11
J885,380 53, 591
M a y 18
|942, 323 81,980
M a y 25
,984,040 54,500
Municipal warrants:
May 4
4,929 4,613
M a y 11
5,042 4,726
5,023 3,819
M a y 18
5,220 3,656
M a y 25
33,571
34,455
31,644
32,074
51,976
50,427
49,932
50,172
30,923
30,758
28,665
29,465
17,624
18,471
19, 272
20, 546
6,583
4,953
7,600
10,092
9,584
8,049
12,830
10,095
16, 928
18,067
11,931
11,892
267
240
240
240
80,980 95,784 213,025
54,500 79,100 213,025
40,550112,050159,525
39, 550 152,025 187,816
228,092
271,304
316,059
313,490
111
111
1,031
1,419
107
142
110
110
UNITED STATES POSTAL SAVINGS
[Number of banks at end of April]
[Balance to credit of depositors. In millions of dollarsl
Nonmember banks
Federal reserve
district
On par list
1932
United States. ~
Boston _
New York
Philadelphia
Cleveland Richmond...
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
- _San Francisco
__
__
End of month
Not on par list
1931
1932
1931
1932
3,110
7,059
7,888
8,727
10, 567
372
829
706
644
391
341
861
445
571
802
604
493
391
902
748
734
462
372
1,053
506
628
859
661
572
224
336
327
768
436
140
2,447
1,182
368
1,554
450
495
259
392
441
907
505
170
3,065
1,374
469
1,841
543
601
6~
360
732
256
399
873
214
220
50
1931
3,455
7
441
845
243
438
1,003
204
214
60
Figures cover all incorporated banks (other than mutual savings
banks).
January
February
March
April
May
June
July
August
September
October
November
December
» Preliminary.
160,663
213,860
232,159
236,659
28
MEMBERSHIP IN PAR-COLLECTION SYSTEM
Member banks
5,257
5,077
4,254
4,218
1927
1928
1929
1930
1931
1932
141.5
143.8
146.4
147.1
147.4
147.4
147.1
147.8
148.2
148.7
149.0
148. 5
148.9
151.1
152.0
152.2
152.0
152.1
15L7
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
186.6
189.8
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
» 658.1
»683.6
' 697.3
'713.9
403
FEDERAL RESERVE BULLETIN
JUNE, 1932
BANK SUSPENSIONS AND BANKS REOPENED
BANK SUSPENSIONS AND BANKS REOPENED, BY DISTRICTS
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during
given period include any 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 reopened
Banks suspended
Number
Deposits (in thousands
of dollars)
Number
Deposits (in thousands of dollars)
Federal reserve, district
Members
All
banks
May, 1932:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago .
St. Louis
Minneapolis
Kansas Citv
Dallas
San Francisco
.__
Total—
January-May, 1932:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
_.
Chicago
St. Louis.. __ __
Minneapolis
Kansas City .__
Dallas
San Francisco
Total
Members
NonmemNa- State bers
tional
1
2
1
2
2
1
1
3
2
18
13
12
11
4
8
1
2
1
2
3
1
1
1
3
77
14
8
10
15
30
45
31
197
94
39
93
21
77
1
7
5
9
10
9
30
15
6
17
4
14
660
127
All
banks
National
State
Nonmembers
All
banks
Members i
744
350
488
1
2
2
1
11, 013
1,295
1,623
892
623
2,292
5
3
1
1
1,334
1,892
13
12
10
7
2
7
10,142
1 892
744
350
488
816
12, 388
1,781
2,475
1,556
804
2,648
146
741
486
852
426
118
356
670
634
6
57
36, 084
6,351
1,605
28,128
17
3
1
1
56,408
13,798
22,477
11,476
41,916
11,820
106,013
34, 366
8,729
15, 549
7,213
37, 784
1,334
10,805
2,589
4,689
12,468
4, 537
33, 856
11, 238
2,382
4,924
3,059
7,902
10, 258
797
2
2
4
5
21
11
32
30
10
12
9
4
4
1
3
1
4
5
1
238
150
3,068
44,816
2,196
19,888
6,787
29,448
5,386
58, 545
19,935
6,347
10, 387
4,004
26,814
2
1
2
5
6
2
10
21
35
19
154
75
33
75
15
58
30
503
367, 549
99, 783
33, 213
234, 553
142
25
1
1
3
1
1
3
13
4
NonAll
mem- banks
bers
Members i
Nonmembers
8,808
238
63
1,897
13,612
3,193
1
3
22
2
1,297
17,573
335
25
2
1,704
2,141
3
1,297
217,573
335
478
478
340
340
23,868
1,875
2,271
4,936
5,303
24 20,349
8,851
18
5,169
2 28 12,864
25 12,084
3,670
9
2,074
12
5,558
6
1,923
3
2,271
14
2 1,704
1,903
238
21,993
2
3
1
117
85, 052
4,936
5,303
577
1,387
680
2,901
2,797
1,132
4, 231
340
21,619
2
19,772
7,464
2 4, 489
2
9, 963
9,287
2,538
2,074
1,327
1,583
63, 433
1
Represents national banks only, except as follows: May, 1 State member in San Francisco district with deposits of $340,000; January to May,
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 the time of suspension, 1 bank in the Cleveland district with deposits of $17,373,000, 1 bank in the Atlanta district with deposits of
$531,000, and 2 banks in the Chicago district, 1 in May with deposits of $494,000 and 1 in April with deposits of $876,000 were State member
banks.
Back fijures.—See BULLETIN for February, 1932: Also Annual Reports for 1930 (Table 117), 1929 (Table 111), 1928 (Table 115), 1927 (Table 111)
and 1926 (Table 98).
404
FEDERAL RESERVE BULLETIN
JUNE, 1932
BANK SUSPENSIONS AND BANKS REOPENED—Continued
BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, DURING MAY, 1932
[Banks closed to public on account offinancialdifficulties by order of supervisory authorities or directors of the bank. Figures of suspensions
during given period include any banks which may have 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 suspended
New England:
Maine
New Hampshire .
Vermont
Massachusetts
Rhode Island
_.
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
...
GeorgiaCarolina
__
Florida...
East South Central:
Kentucky
Tennessee
- .
Alabama.
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma .
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
_.
Pacific:
Washington
Oregon
California
Total
Members
Members
All
banks
NonmemNa- State bers
tional
2
1
2
2
I
1
All
banks
1,334
1,892
1,892
1
744
1
4
3
5
2
350
4,104
2,843
3,946
1,085
1
2
7
4
7
1
1
1
7
2
6
785
2,067
1,047
1 .
4
1
2
1
1
1
1
110
626
70
2
National
10,142
1
4
4
9
2
State
NonNon- All
All Mem- memMem- Nonmem- banks
bers i bers banks bers1 members
bers
8,808
I
1
350
4,104
2,443
2,535
1,085
1
1
4
1
1
744
400
852
559
338
338
322
238
110
66
70
2
2
267
267
1
2
1
2
200
335
200
335
1
1
196
196
1
1
211
211
172
172
316
146
670
4
1
4
1
593
88
593
88
1
1
77
77
1
1
59
59
1 i
3|
1
1
1
287
481
118
287
300
1 i
3 j
1
1
2
168
718
356
2
1
104
1
245
I
1
323
3
2
3
2
1,607
323
57
36,084
77 |
14
6
63
168
362
141
323
1
1
17
3
340
340
23,868
1,875
1,607
323
6,351
1,605
28,128
1 Represents national banks only, except as follows: 1 State member in Utah with deposits of $340,000.
At the time of suspension these banks were State member banks.
2
217,373
1,707
872
M94
1
316
1
238
1
1
816
17,373
1 707
1,110
494
785
1,651
561
2
1
1
3
»1
2 1
1,297
75
1
1
1,297
341
486
2
2
Deposits (in thousands
of dollar?)
Number
Deposits (in thousands of dollars)
Number
State
Banks reopened
14
21,993
405
FEDERAL RESERVE BULLETIN
JUNE, 1932
BANK SUSPENSIONS AND BANKS REOPENED—Continued
BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, JANUARY 1 TO MAY 31, 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 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 included for latest month are preliminary and subject to revision]
Banks suspended
Number
Banks reopened
Deposits (in thousands of dollars)
Deposits (in thousands of dollars)
]Vumbei
State
Members
All
banks
New England:
Maine
. ,_
New Hampshire
Vermont
Massachusetts
Rhode
Island
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
.
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah.. _
...
Nevada
Pacific:
Washington
Oregon
California.
Total
1
Members
NonmemNa- State bers
tional
All
banks
National
State
Nonmembers
All
Mem- NonAll
banks bers l members banks
NonMem-l members
bers
i
I
5
1
1
3
7
6
18
6
3
8
15
44
94
32
3
1
6
20
3
1
22
50
47
5
3
19
36
1
6
6
6
7
1
2
1
2
7
1
3
29, 678
3
26, 730
1
2
10
11,241
4,779
23,653
10 141
1,090
4,277
14
38
68
23
2
4 761
29,005
47,196
13, 897
1,722
657
7 709
20, 590
1,984
637
22
42
39
4
3
16
29
3,625
28,902
15, 883
573
197
2,530
6,595
1,334
10,258
1
I
402
402
1
1
1,869
1,869
1 100
2,892
19 376
1
3
2
2
2
1
1
3 900
5,019
1 320
3,983
1 320
4 104
21 296
21, 007
9,001
1,085
4
7
16
7
9
1
2 3
4
1
1
7
12
2
6
8
20 149
2 866
3,980
3,936
4,144
1,315
1,132
557
3 625
18, 111
6,973
481
197
1 970
3,670
2
5
2
4
3
4
652
3,950
4,925
597
8
1 672
18,086
26, 730
797
5,599
2,912
5,425
8,455
92
5,366
455
322
2,925
238
1
1
A
4
g
1
3
1
1
2
792
1,736
792
839
897
4
6
3
25
9
8
4
1
1
5
2
3
1
5
2
20
7
4
3
762
349
13 493
25, 684
2,303
1.094
252
142
9 967
1^268
308
432
510
207
3 526
24,416
1,325
662
2
30
7
1
3
22
6
4
6
9,549
2,506
3,748
684
3,362
1,028
2 089
2,347
3,840
1,478
963
684
7
1
7
5
11
14
881
2,450
3,291
6,890
85
680
982
3,059
126
531
670
1,239
2 309
3,681
6
5
4
1
1
24
9
3
4
6
1
6
1
5
474
1,281
606
1,183
306
517
3
11
3
2,126
9 720
981
2 126
8 857
981
1
1
15
11
10
12, 318
3,838
7,843
3,873
1,185
1 020
7,260
2 818
4,331
1
1
1
503
367, 549
99, 783
33,213
234,553
142
8
9
7
14
20
1
1
3
4
3
9
1
9
2
3
1
1
1
1
2
4
3
13
3
2
20
13
17
4
660
127
1
2
7
30
670
696
150
4
8
4
•
3 900
1,036
577 219 572
2 866
2,665
2
2,804
3,587
1,409
1, 918
652
2,541
3,007
597
1 672
4
I 595
1
1
1
1
3
7
4
591
4 061
1 521
1283
309
439
567
593
227
24
3 468
1 294
1 283
309
439
1
6
996
280
160
836
280
g
3 372
5
962
2,379
402
5, 558
4,231
340
340
1'
1
g
1 595
3 372
339
680
623
21, 699
402
1,327
168
764
606
531
652
863
3,512
25
1
1
1
327
150
1,106
117
85, 052
327150
1,106
21,619
63,433
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 21 in Utah with deposits of $340,000.
At the time of suspension 1 bank in Ohio with deposits of $17,373,000,2 banks in Michigan with deposits of $1,370,000, and 1 bank in Louisiana with 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), 1926
(Table 100), and 1925 (Tables 97 and 98).
406
FEDERAL RESERVE BULLETIN
JUNE lt.32
INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index numbers of the Federal Reserve Board.
1923-1925 average= 100]
Without seasonal adjustment
Industry
1932
April
1932
March
April
Manufactures—Total,
IRON AND STEEL
Pig iron
Steel ingots
TEXTILES
C otton consumption
Wool
Consumption
Machinery activity
Carpet and rug-loom activity.
Silk
Deliveries
Loom activity
Adjusted for seasonal variation
1931
March
April
91
87
35 I
29
36
70
65
71
96
92
86
103
67
73
40
43
36
38
95
107
73
96
108
F O O D PRODUCTS
Slaughtering and meat packingHogs
Cattle
Calves
- Sheep
Wheat flour
Sugar meltings
81
103
149
PAPER AND PRINTING
Wood pulp and paper
Newsprint
Book paper
Wrapping paper
Fine paper
Box board
Wood pulp, mechanicaL
Wood pulp, chemical
Paper boxes
Newsprint consumption
LUMBER!..-
April
138
114
138
106
30
28
45
35
115
134
119
122
84
87
83
87
96
151
84
72
95
97
93
97
104
159
93
89
99
92
78
100
75
91
104
72
91
139
112
109
101
80
114
89
92
118
80
93
153
125
47
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
1!
194 j
LEATHER AND PRODUCTS
92
80
Tanning
Sole leather
_„._
Upper leatherCattle
Calf and kip
Goat and kid
Boots and shoes
77
13
127
103
83
70
102
100
79
83
127
109
53
47
94
111
136
159
73
71
CEMENT AND GLASS:
Cement
Glass, plate
NONFERROUS METALS i—Tin deliveries.
52
109
FUELS, MANUFACTURED:
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, by-product
144
185
RUBBER TIRES AND TUBES
82
85
58
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
Cigars
Cigarettes
Minerals—Total..
B ituminous coal
Anthracite coal
Petroleum, crude
Zinc
Lead
Silver
I
82
62
100
62
127
73
46
85
112
45
45
42
102
103
109
66
139
73
76
54
96
99
71
109
65
140
132
84
171
84
70
81
109
45
55
'30
91
77
82
121
61
69
54
p Preliminary.
' Revised.
1 Includes also lead and zinc; see "Minerals."
2 without seasonal adjustment.
NOTE.—For description see BULLETIN for February and March, 1927. For latest revisions see BULLETIN for March, 1932. pp. 194-196.
407
FEDERAL RESERVE BULLETIN
JUNE, 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
Factory pay rolls
Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
Industry
1932
April
Total
-
_
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
P A P E R AND PRINTING
Printing, book and job
______
Printing, newspaper and periodicals
Paper and pulp
Paper boxes
__ _ ___
L U M B E R AND PRODUCTS
Lumber, sawmills
Iviimbpr, millwork
Furniture
_.
TRANSPORTATION EQUIPMENT
Car building and lepairing
Automobiles
Shipbuilding
___
-_
LEATHER AND MANUFACTURES
Boots and shoes _
Leather
_
_
.
_ _..
C E M E N T , CLAY, AND GLASS PRODUCTS
Clay products
_._
Brick, tile, and terra cotta
Pottery...
Glass
___
Cement
._ _ .
-
NONFERROUS METAL PRODUCTS
Stamped and enameled ware
Brass bronze and copoer
.
__ _ .
CHEMICAIS VND PRODUCTS
Chemicals and drugs
Petroleum refining
Fertilizers
_ - _. _
RUBBER PRODUCTS
'Vutomobile tires and tubes
Rubber boots and shoes
TOBVCCO
MANUFACTURES
Cigars and cigarettes
Chewing and smoking tobacco, snuff
.
64.0
59.8
63.0
57.0
59.4
49.3
43.4
54.7
39.9
57.0
52.1
50.3
47.8
69.7
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
87.3
80.3
71.1
72.8
75.9
72.4
85.3
84.6
97.4
79.3
74.7
39.6
34.1
39 5
55.4
53.0
45.5
58.9
85.2
78.8
81.3
68.3
48.8
43.1
33.0
70.9
62.1
44.8
53.9
34.4
60.5
82.4
81.9
78.6
99.0
66.6
69.3
58.7
68.4
68.3
70.2
1932
1931
March
66.3
61.8
64.9
58.7
62.3
51.4
48.2
54.5
43.4
60.0
54.3
55.4
53.6
73.5
73.5
73.2
75.0
59.0
59.3
57.7
85.9
59.7
97.1
74.3
55. 3
68.9
108.0
70.2
81.4
87.9
81.4
73.9
70.1
76.0
74.4
86.4
86.0
98.1
80.8
75.6
40.3
33.3
41.4
59.4
54.7
45.3
63.7
83.0
81.2
84.3
68.6
48.9
42.5
31.5
72.4
63.8
44.5
56.1
32.6
64.1
81.1
84.1
78.7
70.2
67.4
69.4
61.2
70.4
70.3
71.7
April
77.9
77.4
80.3
70 1
84.9
66.7
63.8
69.4
69.0
78.9
72.6
88.1
78.7
91.5
81.8
78.6
77.3
65.1
63.9
71.4
84.9
83.0
105.7
89.8
59.0
85.9
135.6
66.4
87.3
94.8
84.8
81.0
80.6
78.8
81.2
94.6
98.7
104.4
85.2
84.5
54.6
48.3
56 6
71.2
66.2
56.9
75.1
93.9
82.4
84.2
75.3
65.7
62.6
54.5
84.4
71.7
66.0
68.1
48.3
74.9
96.7
93.2
94.0
128.0
71.1
73.7
63.2
80.2
82.3
64.3
April
64.3
59.0
61.7
57 8
60.8
48.9
42.9
54.4
39.4
56.4
51.3
49.9
44.9
69.7
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
83.6
88.7
83.7
78.2
75.7
79.4
71.1
85.7
85.2
97.1
79.4
76.8
40.2
34.3
39 3
57.6
51.1
45.2
55.1
80.3
80.2
83.0
68.8
48.4
42.7
32.7
69.8
61.3
45.6
52.7
32.8
59.4
78.5
81.2
78.6
61.3
66.1
68.1
60.2
70.1
69.9
70.8
1932
1931
March
66.4
60.9
63.4
57 9
63.9
51.8
47.6
55.6
43.7
59.2
53.4
54.4
49.9
73.5
71.0
71.9
73.4
58.8
59.4
55.7
84.1
58.1
94.7
68.9
54.2
67.7
93.4
61.9
83.1
88.4
83.1
76.8
78.4
76.3
73.8
86.2
85.0
97.9
80.9
76.6
41.2
34.4
41.5
60.1
53.4
45.5
60.9
78.1
80.2
83.4
67.0
50.1
44.1
34.2
71.1
63.4
47.6
54.3
30.6
62.4
78.6
83.0
79.5
47.1
67.0
68.5
62.4
70.8
71.1
68.3
April
78.0
76.5
78.6
71 2
86.8
66.2
63.1
69.1
68.4
78.0
71.4
87.3
74.0
91.5
80.2
78.1
77.3
65.7
64.9
69.6
83.0
81.8
102. 7
85.6
60.9
85.9
124.7
77.4
90.6
96.4
88.4
89.1
83. S
82.5
79.7
95.0
99.4
104.1
85.2
87.0
55.4
48.5
56 3
74.0
63.8
56.6
70.3
88.5
84.0
85.9
76.0
65.2
61.9
54.1
83.2
70.8
67.1
66.5
46.0
73.5
91.7
92.4
94.0
79.3
70.5
72.4
64.8
82.1
84.3
64.9
April
48.7
32.1
32.0
33 3
38.1
29.6
27.1
32.0
26.2
39.1
33.0
33.4
39.3
54.4
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
72.8
77.6
73.8
59.9
71.3
66.6
61.5
79.7
77.0
99.1
62.3
66.1
23.2
19.3
24.2
31.2
43.9
37.4
47.1
81.8
55.7
55.7
55.7
31.7
23.6
15.4
45.0
49.2
29.9
38.3
27.0
41.6
68.5
67.2
71.2
65.1
48.3
50.1
41.0
49.3
48.0
60.0
NOTE.—For description of these indexes see BULLETIN for November, 1929, pp. 706-716, and November, 1930, pp. 662-677.
1931
March
53.3
35.4
35.6
37 9
40.4
31.6
29.8
33.3
29.1
42.6
35.5
37.7
47.5
59.2
59.3
55.8
55.4
43.6
45.0
37.0
72.2
42.0
86.7
66.4
41.3
48.8
103.3
64.2
74.4
80.6
74.3
62.9
69.6
65.2
63.7
82.4
80.2
100.1
66.4
68.7
24.5
19.2
25.2
35.6
45.2
37.2
51.3
75.1
62.3
63.4
58.6
32.2
23.9
14.6
48.3
50.0
30.5
42.1
27.0
46.4
70.1
70.7
72.9
47.8
51.3
52.6
46.4
52 2
51.3
60.4
April
73.6
69.1
73.1
57 3
71.3
52.9
51.2
54.4
66.6
69.7
62.3
70.4
60.9
87.8
76.8
72.4
69.4
55.6
55.2
57.9
84 2
78.2
108.5
85.6
50.7
74 7
128.8
95.0
88.2
93.0
89.3
77.7
88.0
77.4
76.2
100.6
103.2
115.7
82.2
85.5
44.9
38.7
47 9
56.3
65.3
57.8
70.8
96.6
70.6
69.6
74.4
55.7
48.2
39. 8
70.5
67.0
61.8
65.4
45.4
71.3
92.0
86.3
96.7
118.0
66.8
71.8
46.8
65.7
66.2
61..
408
FEDEEAL KESERVE BULLETIN
J U N E , 1932
WHOLESALE PRICES, BY GROUPS OF COMMODITIES (REVISED SERIES)
[Revised index of Bureau of Labor Statistics (784 price series); 1926=100]
Year and month
All
commodities
95.4
96.7
95.3
86.4
73.0
74.8
73.2
72.1
72.0
72,1
71.2
70.3
70.2
68.6
67.3
66.3
66.0
65 5
1927.1928.1929_
1930
1931
1931—April
May_
June
July
August
September..
October
November..
December..
1932—January
February...
March
April
Other commodities
Farm
products
Foods
Total
99.4
105.9
104.9
88.3
64.8
70.1
67.1
65.4
64.9
63.5
60.5
58.8
58.7
55.7
52,8
50.6
50.2
49.2
96.7
101.0
99.9
90.5
74.6
76.3
73.8
73.3
74.0
74.6
73.7
73.3
71.0
69.1
64.7
62.5
62.3
61.0
Metals Building Chemi- House- Miscelleather products lighting and metal materials cals and furnish- laneous
drugs
ing goods
products
materials products
Fuel and
Hides and Textile
94.0
92.9
91.6
85.2
75.0
75.9
75.1
74.1
73.9
74.2
73.9
72.9
73.5
72.3
71.7
71.3
70.9
70.9
107.7
121.4
109.1
100.0
86.1
87.5
87.6
88.0
89.4
88.7
85.0
82.5
81.6
79.8
79.3
78.3
77.3
75.0
95.6
95.5
90.4
80.3
66.3
68.2
67.4
66.6
66.5
65.5
64.5
63.0
62.2
60.8
59.9
59.8
58.7
57.0
88.3
84.3
83.0
78.5
67.5
65.4
65.3
62.9
62.9
66.5
67.4
67.8
69.4
68.3
67.9
68.3
67.9
70.2
94.7
94.1
95.4
89.9
79.2
81.5
80.0
79.3
78.1
77.6
77.0
76.1
76.2
75.7
74.8
73.4
73.2
72.5
96.3
97.0
100.5
92.1
84.5
85.7
85.0
84.4
84.3
83.9
83.9
82.8
82.6
82.2
81.8
80.9
80.8
80.3
96.8
95.6
94.2
89.1
79.3
81.3
80.5
79.4
78.9
76.9
76.3
75.6
76.1
76.1
75.7
75.5
75.3
74.4
Nov. Dec. Jan.
Feb.
51.3
55.7
63.1
47.0
51.7
61.2
46.7
63.4
64.8
46 1
50 3
52.7
43 5
51 4
52.1
44 5
49 2
51.2
86.1
70.6
68.2
71.1
69.7
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
93.5
58.6
83.4
101.1
93.1
50.0
80.7
101.1
92.5
49.0
78.8
101.1
89.2
48.8
78.6
99.7
88.8
49.0
77.5
98.9
88 5
46 1
76 5
98.8
88 5
44 7
73 4
98.8
88 4
40 8
67 2
98.0
75.9
64.0
59.2
43.7
67.4
74.4
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
90.8
83.5
81.5
97.9
103.5
30.3
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 94.8 94.8
83.7 83.8 84.4
81.4 81.1 80.5
103.4 104.1 107.5
100.1 98.2 98.6
42.5 39.6 38.8
94 8
84 3
80 4
104 8
98.0
38.6
89 9
83 5
80 4
104 4
97.5
39.8
85 7
82 7
79 8
94.2
83.5
94.2
61.2
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
83.7
79.7
69.4
80.2
86.6
84.3
86.3
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
80.6
78 4
75 0
60.0
74 7
64.4
81.7
80.2
85.1
63.4
80.6
83.5
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
80 9
59.7
68 6
73.2
79 7
58.9
70 1
71.1
84.5
91.9
84.2
91.9
83.6
90.4
83.4
89.8
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
46.9
82.1
82.6
16.0
89.6
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
40.8
53.9
80.8
39.7
53.0
78.0
39.5
48.2
76 7
39.2
52.4
76 8
39.2
53.4
76 8
66
84.5
Feb.
Mar.
Apr.
60.4
69.6
73.6
59.3
70.7
74.2
59.5
70.3
73.4
83.0
75.5
74.2
83.6
71.1
83.5
74.5
74.3
82.0
71.4
95.0
57.7
89.0
102.0
June
July
Aug.
Sept.
Oct.
59.6
64.1
71.5
56.0
61.9
70.8
49.0
63.0
71.3
44.8
67.0
67.3
44.2
61.0
65.4
44.3
57.6
64.2
80.6
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
80.6
71.5
74.2
73.4
70.6
82.2
70.9
73.4
76.0
69.6
84.6
70.3
71.0
73.6
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
94.6
65.5
87.8
101.4
93.5
72.7
89.8
101.4
93.5
69.1
90.3
101.4
79.1
73.1
64.5
47.0
73.5
77.8
78.1
72.4
63.8
45.8
71.8
77.0
76.9
71.4
60.7
43.4
69.0
76.2
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
._ . 88.9
87.8
83.8
94.5
95.8
50.2
88.4
86.0
83.7
95.9
94.6
41.8
86.4
84.4
83.7
93.7
96.1
37.4
87.5
83.9
83.7
98.0
99.0
35.9
88.8
83.2
81.5
98.6
101.9
30.7
Iron and steel
Motor vehicles
Nonferrous metals
94.3
85.6
94.4
68.4
94.3
85.4
94.0
69.3
94.3
84.1
94.5
67.5
94.3
83.8
94.5
63.3
Brick and tile
86.3
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
86.9
86.4
64.8
80.8
88.7
84.6
92.0
46.9
71.6
83.1
16.1
89.3
F A R M PRODUCTS:
Grains _. .
Livestock a n d p o u l t r y .
Other farm products
FOODS:
B u t t e r , cheese a n d milk
Cereal products
F r u i t s a n d vegetables
Meats
Other foods _ _ . . .
_
H I D E S AND LEATHER PRODUCTS:
Boots a n d shoes
Hides a n d skins._„> __ .
Leather
Other leather products
TEXTILE PRODUCTS:
~>
Clothing
Cotton goods
Knit goods .
Silk and rayon
Woolen and worsted goods
-
Other textile products
F U E L AND LIGHTING MATERIALS:
Anthracite coal
Bituminous coal
Coke
Electricity ,
Gas
Petroleum products
METALS AND METAL PRODUCTS:
Agricultural implements
BUILDING MATERIALS:
87.9
Cement .
74.0
Lumber
.
.
80.5
Paint materials
86.6
Plumbing and heating
84.3
Structural steel
87.8
Other building materials
CHEMICALS AND DRUGS:
Chemicals
_ _ _ 86.6
65.2
Drugs and Pharmaceuticals
Fertilizer materials
81.1
89.1
Mixed fertilizers
HOUSEFURNISHING GOODS:
Furnishings
_
Furniture _
MISCELLANEOUS:
Auto tires and tubes
Cattle feed
- -Paper and pulp
- -Rubber, crude
Other miscellaneous
---
91.0
85.4
82.6
77.7
69.8
71.5
70.5
69.7
69.7
68.3
68.2
66.6
68.7
66.8
65.6
64.7
64.7
64.7
1932
1931
Subgroups
97.5
95.1
91.3
92.7
84.9
87.9
86.8
86.4
85.7
84.9
82.7
81.0
80.9
78.5
77.7
77.5
77.1
76.3
May
9.6
9.5
86.7
85.9
Mar. Apr.
9.3
8.6
7.2
85.2
84.4
84.5
45.5
Back figures.—For revised indexes of groups see BULLETIN for March, 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics.
409
FEDERAL RESERVE BULLETIN
JUNE, 1932
BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
[Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation]
Residential
Total
Factories
Commercial
Public works and
public utilities
All other
Educational
Month
January
February
March .
April
May
June..
_
July
August
September
October
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
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
811.4
3,092.8
1931
1932
10.1
7.3
20.6
11.3
16.3
8.9
10.4
4.7
11.0
8.9
4.2
2.5
116.2
BUILDING CONTRACTS AWARDED, BY DISTRICTS
3.4
4.4
4.5
4.5
1931
1932
26.9
27.1
36 9
26.2
25 7
26 9
28.4
19 1
28.6
41.3
14.1
10.6
311.1
9.1
10.1
10.6
12.9
1931
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
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
1932
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
107
228.8
1,171.1
1932
1931
16.3
11.0
24 2
17.5
-
454.3
BUILDING PERMITS ISSUED, BY DISTRICTS
[Value of permits in thousands of dollars]
[Value of contracts in thousands of dollars; figures for 37 States east of
the Rocky Mountains, as reported by the F. W. Dodge Corporation]
1932
1932
1931
Federal reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
M inneapolis
Kansas City
Dallas
-- _..
.-
Mar.
Apr.
Federal reserve district
Mar.
Apr.
_--
-.
.
Total (11 districts)
1931
Number
of cities
Apr.
Apr.
11, 950
21,414
12,129
10,927
12, 897
6,678
16, 245
9,502
7,689
5,768
6,507
9,588
21,803
10,891
10,909
12,235
4,741
20,972
6,056
4,922
5,355
4,763
27,319
107, 248
21, 337
36,888
21, 937
14,445
46, 030
17, 081
14,421
13,105
17,114
121, 705
112, 235
336,925
COMMERCIAL FAILURES, BY DISTRICTS
Boston
New York
Philadelphia.
Cleveland
Richmond —
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Total...
1,499
9,036
1,860
1,972
3,138
1,255
1,845
860
833
933
3,247
8,904
4,485
66,334
9,463
20
1,544
12, 570
5,166
2,083
3,274
2,111
3,958
798
1,335
1,650
2,849
5,784
168
43,123
35, 381
143,248
9,274
5,059
12,748
5,887
3,497
4,554
3,933
11,129
BANK DEBITS
[Debits to individual accounts. In millions of dollars]
[Amounts in thousands of dollars; figures reported by R. G. Dun Co.]
1932
Federal reserve district
Total
Apr.
New York City
_____
Outside New York City
1
140
15,558
14,365
16,160
13, 729
26,821
19, 620
6,383
30, 903
10, 568
8,027
8,036
2,080
14, 821
5,600
1,046
4,171
1,733
7,700
7,492
26, 333
5,997
6,056
6,792
4,051
12, 712
10,181
1,475
1,908
1,662
9,101
4,720
12,190
3,897
4,648
3,873
2,118
7,243
2,917
1,966
1,284
1,651
4,362
Federal reserve district:
Boston
...
New York
Philadelphia
Cleveland
-Richmond
Atlanta
Chicago
-St Louis
Minneapolis
Kansas City
-Dallas
San Francisco
--
11
7
10
13
7
15
21
5
9
15
10
18
1,735
16, 232
1,363
1,401
533
746
3,628
705
443
758
392
1,987
1,547
16,727
1,313
1,313
501
641
3,530
679
437
749
404
2,048
2,173
27,605
1,982
2,222
654
858
5,071
920
574
1,039
522
2,819
2,383 101, 069
93, 760
50,868
141
29,923
29,889
46,440
301
616
165
238
184
202
395
172
98
140
102
338
197
473
176
166
156
121
339
153
99
120
85
298
- 2,816
2,951
Mar.
Apr.
265
707
173
212
143
123
432
151
65
140
82
323
---
Apr.
1931
Mar.
Apr.
-
1932
1931
Apr.
Mar.
Apr.
Boston
New York.
Philadelphia
Cleveland
Richmond
Atlanta _Chicago
fit. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1931
1932
Number
of centers
Liabilities
1STumbei
Total
FEDERAL RESERVE DISTRICTS
IOWA
DALLAS®
TEXAS
••• iBOUNDARIES OF FEDERAL RESERVE DISTRICTS
— —BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
CHICA
j pj Savanna
@FedFRASER