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FEDERAL RESERVE
BULLETIN




MARCH, 1932

ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

Banking Conditions and Recent Legislation
Text of the Glass-Steagall Bill
Annual Report of Bank of France

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1932

FEDERAL RESERVE BOARD
Ex officio members:
OGDEN L. MILLS,

Secretary of the Treasury, Chairman,
J. W. POLE,

Comptroller of the Currency.

FLOYD R. HARRISON, Assistant to the Governor.
CHESTER MORRILL, Secretary.

E. M. MCCLELLAND, Assistant Secretary.
J. C. NOELL, Assistant Secretary and Fiscal Agent.
WALTER WYATT, General Counsel.

EUGENE MEYER, Governor.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
WAYLAND W. MAGEE.

LEO H. PATJLGER, 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. SHE AD, Chief, Division of Bank Operation*.

FEDERAL ADVISORY COUNCIL
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.

1
2
3
4
5
6

(BOSTON)
( N E W YORK)
(PHILADELPHIA)
(CLEVELAND)
(RICHMOND)
(ATLANTA)

7 (CHICAGO)

THOMAS M. STEELE.
ROBERT H. TREMAN.
HOWARD A. LOEB.
J. A. HOUSE.
HOWARD BRUCE.
JOHN K. OTTLEY.

MELVIN A. TRAYLOR, Vice President.

8 (ST. LOUIS)
WALTER W. SMITH, President.
9 (MINNEAPOLIS)
THEODORE WOLD.
10 (KANSAS CITY)
WALTER S. MCLUCAS.
11 (DALLAS)
J. H. FROST.
12 (SAN FRANCISCO)
HENRY M. ROBINSON.
WALTER LICHTENSTEIN, Secretary.

n




OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
o—
f
Boston__
New York

Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis

Minneapolis..
Kansas City...
Dallas
San Francisco

Chairman

Deputy governor

Governor

Cashier

W. W. Paddock
W. R. Burgess
J. E. Crane
A. W. Gilbart
E. R. Kenzel
Walters. Logan
L. R. Rounds
L. F. Sailer
Geo. W. Norris
R. L. Austin
Wm. H. Hutt
M. J. Fleming
E. R. Fancher
George DeCamp
Frank J. Zurlinden....
Wm. W. Hoxton
C. A. Peple
George J. Seay
R. H. Broaddus
Oscar Newton
Eugene R. Black
W. S. Johns
H. F. ConnifE
Eugene M. Stevens._. J. B. McDougal
_ C. R. McKay
John H. Blair
J. H. Dillard
John S. Wood
Wm. McC. Martin. _- 0. M. Attebery
Frederic H. Curtiss... Roy A. Young
Geo. L. Harrison
J. H. Case

_ John R. Mitchell.
_
M. L. McClure
_ C. C.Walsh.
Isaac B. Newton
1

W. B. Geery—
Geo. H. Hamilton
B. A. McKinney
_ Jno. U. Calkins

Assistant deputy governor.

W. Willett.
C. H. Coe.i
Ray M. Gidney.i
J. W. Jones.1
W. B. Matteson.i
J. M. Rice.i
Allan SprouU
L. Werner Knoke.1
C. A. Mcllhenny.
W. G. McCreedy.a
H. F. Strater.

Geo. H. Keesee.
John S. Walden, jr.*
M. W. Bell.
W. S. McLarin, jr.*
W. C. Bachman.i
D. A. Jones.*
0. J. Netterstrom.i
E. A. Delaney.i
i
S. F. Gilmore.J
'
A. H. Haill.2
;
F. N. Hall.a
G. 0. Hollocher.a
0. C. Phillips.*
H. I. Ziemer.
Harry Yaeger
Frank C. Dunlop.2
H. I. Ziemer
C. A. Worthington.... J. W. Helm.
T " TTolm
W
Fred Harris.
R. R. Gilbert.
W. 0. Ford.i
R. B. Coleman...
Wm. M. Hale.
Wm. A. Day
Ira Clerk
2

Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
New York:
Buffalo branch
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch.
Atlanta:
New Orleans branch
Jacksonville branch
B irmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch..
Little Rock branch

Managing director

R. M. O'Hara.
C. F. McCombs.
J. C. Nevin.
Hugh Leach.
W. T. Clements.
Marcus Walker.
Hugh Foster.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
John T. Moore.
W. H. Glasgow.
A. F. Bailey

Federal Reserve Bank o—
f
Minneapolis:
Helena branch
Omaha branch
_
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
_
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch.
Salt Lake City branch
Seattle branch
Spokane branch

Managing director

-_ R. E. Towle.
L. H. Earhart.
J. E. Olson.
_ C. E. Daniel.
_
_. J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
_ D. L. Davis.

SUBSCRIPTION PRICE OF BULLETIN

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




m

TABLE OF CONTENTS
Page

Review of the month—Banking conditions and recent legislation
Changes in foreign central bank discount rates
Condition of all member banks on Dec. 31, 1931 (from Member Bank Call Report No. 54)
Annual report of the Bank of France
National summary of business conditions
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
Member and nonmember bank credit—
All banks in the United States
All member banks
Weekly reporting member banks in leading cities
Bankers' acceptances, commercial paper, brokers' loans
Discount rates and money rates
Bank suspensions
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
Xiaw department:
Recent amendments to the Federal reserve act (Glass-Steagall bill)
Detailed Federal reserve statistics, etc
Index
IV




141
146
192-193
161
147
148-151
153
152
154, 186
154, 155
157, 187
156, 189-191
158
159, 194-199
160
160
160
167
168
168-170
171
171
172-174
175
176
176
177
178
178, 179
179
__ 180
182-191
201

FEDERAL RESERVE BULLETIN
VOL. 18

MARCH, 1932

REVIEW OF THE MONTH
Definite improvement in banking conditions
was shown for February following the enactment of the law creating the
Improvement in Reconstruction Finance Corbanking condi-

.

.

tions

poration and the organization
of the corporation's work. An
additional cause of improvement was the increase
in public confidence consequent upon the
introduction and promise of speedy enactment
of the Glass-Steagall bill to increase the powers
of the Federal reserve system. This bill became
law on February 27. The improvement in
conditions is indicated by a pronounced decline
in the number of bank failures, by a strengthening of the bond market, and by a return flow
of currency from the public to the banks.
Liquidation of member bank credit, however,
continued during the month with a consequent
decrease in member bank reserve balances.
This decrease in reserve balances, together
with the decline of money in circulation, was
offset in part by a continuous outflow of gold,
so that the total volume of reserve bank credit
outstanding showed a decrease of only
$70,000,000 for the month, and indebtedness
of member banks to the reserve banks
continued at a high level.
The text of the Glass-Steagall bill entitled
an act "To improve the facilities of the Federal reserve system for the
service of commerce, industry,
and agriculture, to provide
means for meeting the needs of member banks
in exceptional circumstances, and for other
purposes" is reprinted elsewhere in this issue
of the BULLETIN.

Sections 1 and 2 of the bill provide means
by which in unusual circumstances member
banks that are without adequate amounts of
eligible and acceptable assets to enable them
to obtain sufficient credit accommodations from




No. 3

the Federal reserve banks under other provisions of the Federal reserve act, may receive
assistance on the basis of other security under
definite restrictions and at a higher rate of
discount, and section 3 authorizes the Federal
reserve banks, under certain conditions, to use
United States Government obligations as collateral for Federal reserve notes.
The first section provides that a group of not
less than five member banks/ the majority of
which are independently owned
Borrowing by
and controlled, may obtain
groups
advances from a Federal reserve bank and distribute the proceeds to
such bank or banks within the group as may
be agreed upon. The reserve bank, however,
may make advances of this kind only with the
consent of not less than five members of the
Federal Reserve Board, and only if the bank
or banks which are to receive the proceeds of
the advances lack adequate amounts of eligible
and acceptable assets to enable them to obtain
sufficient credit accommodations from the reserve bank through rediscounts or advances
other than those authorized by section 2 of the
bill. The bank or banks receiving the proceeds of such loans must sign notes in favor of
the group and give such security as may be
agreed upon. The liability of each bank, as
a member of the group, to the reserve bank is
limited to the proportion of the total amount
advanced to such group that its deposit liability bears to the aggregate deposit liabilities of
the group. The rate of interest or discount on
group notes acquired under this section must
be at least 1 per cent above the discount rate
prevailing at the reserve bank, and may be
higher. There are specific provisions excluding foreign obligations from eligibility as security under this section, and excluding the
paper acquired from member banks under this
1
Advances may be made to groups of less than five banks if their
deposits amount to at least 10 per cent of all deposits in the district.

141

142

FEDERAL RESERVE BULLETIN

section from eligibility as collateral for Federal
reserve notes.
Section 2 provides for a method of assisting
directly an individual member bank which has
capital stock not exceeding
PndVyiduafblnks $5,000,000 and has no further
eligible and acceptable assets
available to enable it to obtain adequate credit
accommodations from the reserve bank through
rediscounting or any other method other than
that provided in section 1 of the bill. Accommodation under this section, which may be extended through advances to a member bank on
its promissory notes secured to the satisfaction
of the Federal reserve bank, requires in each
instance the affirmative action of at least five
members of the Federal Reserve Board, and the
duration of the section is limited to March 3,
1933. There are also provisions, similar to
those in section 1, making paper acquired from
member banks under this section ineligible as
collateral for Federal reserve notes and excluding foreign obligations as security for such
paper. The rate of interest charged by reserve
banks on notes covering advances under this
section must be at least 1 per cent above the
highest discount rate in effect at such reserve
bank on the date of such note, and may be
higher.
The importance of sections 1 and 2 of the
bill is that they enable the Federal reserve
banks to help their member banks in unusual
and temporary conditions without being subject
to the restrictions prescribed in other provisions of the law defining eligible assets. The
provisions are safeguarded against abuse,
but at the same time give assurance to any
member bank that in case it finds itself in a
position where it has good assets, even though
it may not have sufficient eligible assets, it may
obtain accommodation from the Federal reserve
bank. By providing these facilities for member banks, the act will indirectly assist all
banks, because it will make member banks
that are the city correspondents of nonmember
banks feel better able to assist them, in the
assurance that in case of need they themselves




MARCH, 1932

may obtain accommodation at the Federal
reserve banks.
The need for this legislation has not arisen
from a shortage in the aggregate amount of
eligible assets held by the memSupply of eligible

ber

bankg

A(.

the

end

rf

December they reported that
they held $2,573,000,000 of eligible paper in
addition to $4,694,000,000 of Government
securities, or a total of nearly $7,300,000,000,
exclusive of Government bonds pledged as
collateral for national bank notes. These
figures would seem to indicate that the amount
of eligible assets in the possession of the member
banks of the Federal reserve system is nearly
ten times as large as their aggregate borrowings
from the Federal reserve banks. These eligible
assets, furthermore, are fairly well distributed
throughout the country and among the member
banks, so that the number of individual banks
that are not in a position to borrow to some
extent on eligible paper or Government securities is relatively small. Provisions in the new
bill, however, do not deal with the question of
eligibility under ordinary circumstances and do
not contemplate any enlargement in the definitions of eligible paper. These sections are
intended to provide for unusual and temporary
conditions when an individual member bank,
for example, because of the loss of deposits
either through gradual withdrawals or through
a run, finds itself under the necessity of disposing at a loss of some of its sound but ineligible assets or else closing its doors and going into
the hands of a receiver, with the consequent
loss to its depositors and bad effect on the
banking situation. Under the new law the
Federal reserve banks in such circumstances
are in a position to make it possible for the
bank to continue in operation if it has a sufficient amount of good assets to justify the
desired credit accommodation. These provisions of the law are safeguarded against abuse
that would result in deterioration of the assets
of the Federal reserve banks and are similar to
provisions in the charters,of most foreign banks
of issue.

MARCH, 1932

FEDERAL RESERVE BULLETIN

143

reserve bank and that this collateral must consist of gold or gold certificates or of eligible
paper in the form of discounts or acceptances
purchased in the open market. This provision
relates to the total of Federal reserve notes
issued by the Federal reserve agents, and not
merely to the notes that are in actual circulation against which the 40 per cent reserve is
required. The difference between the two
figures on February 24 was $266,000,000, representing Federal reserve notes held in the vaults
of the issuing banks for the purpose of meeting
their over-the-counter requirements. The figure against which collateral must be held,
therefore, was $2,908,000,000 as compared with
$2,643,000,000 of notes in actual circulation.
It should be observed that the gold held as
collateral against Federal reserve notes outstanding also constitutes a part of the Federal
reserve bank's reserves, but can be counted as
reserves only against Federal reserve notes in
actual circulation and not against deposits.
In providing for the collateral with the
Federal reserve agent, the Federal reserve banks
are in the habit of turning over to him practically all of the eligible paper that they have,
which on February 24 amounted to $921,000,000.
Deducting this from the total amount of
Federal reserve notes issued by the agent leaves
about $2,000,000,000 of notes that had to be
covered by gold in order to make up the 100 per
cent collateral. This gold, to be sure, counts
as reserves against Federal reserve notes, and
since it is considerably larger than the 40 per
cent reserve required, the reserve against Federal
reserve notes does not enter separately into the
calculation of free gold. In addition to the gold
that must be held as collateral against notes there
is the 35 per cent reserve required against deposits and also an amount of not less than 5 per cent
of notes not covered by gold, that must be held in
a redemption fund in the Treasury of the United
States. Since on the date of this calculation
$921,000,000 of Federal reserve notes were covered by eligible paper, the redemption fund
against Federal
_ _. „ ^
, to . required on that date was about $46,000,000.
reserve notes
must hold 100 per cent colTo sum up, therefore, the calculation of free
lateral against all the Federal gold involves the deduction from the total rereserve notes issued by him to the Federal

The last section of the bill authorizes the
Federal reserve banks until March 3, 1933,
upon the affirmative vote of
Excess reserves not less than a majority of
the Federal Reserve Board, to
include United States Government obligations
as a part of the collateral against Federal reserve
notes. In order properly to present the purposes of this section, it is necessary to review
in some detail the provisions of existing law
and the difference between the reserve banks7
"free gold7' and their excess reserves.
Under the terms of the Federal reserve act
the Federal reserve banks must maintain a 35
per cent reserve in gold or lawful money
against their deposit liabilities and a reserve of
40 per cent in gold against their notes. On
February 24, for instance, the reserves of the
Federal reserve banks were $3,140,000,000;
Federal reserve notes in actual circulation were
$2,643,000,000, and deposits $1,973,000,000.
The 35 per cent reserve against deposits would
be $691,000,000, which would absorb all of the
$202,000,000 of reserves other than gold and
in addition $489,000,000 of gold, and the 40 per
cent reserve against Federal reserve notes would
be $1,057,000,000, so that the total reserve
requirements would be $1,748,000,000, and
excess reserves $1,392,000,000. This figure
represents the total amount of gold on which
the Federal reserve system could base additional credit. On the basis of these excess
reserves, the Federal reserve banks could issue
$3,500,000,000 of credit, if the demand were
for currency, and $4,000,000,000 if it were for
deposits at the reserve banks. There is nothing in the new legislation that in any way
changes these maximum amounts. It does,
however, have an important bearing on the
manner in which the extension of credit can be
accomplished under the law.
Separately from the provisions prescribing
reserve requirements, described above, the
Federal reserve act provides
Collateral
t h a t t b e Federal reserve agent




144

FEDERAL RESERVE BULLETIN

serves of $3,140,000,000, first, of $1,987,000,000
of gold required as collateral; second, of
$691,000,000 required as reserves against deposits; and third, of $46,000,000 required for
the redemption fund, leaving $416,000,000 of
"gold that was entirely free on February 24, not
being required either as reserves or as collateral.
Free gold, as defined in the preceding paragraph, does not limit the amount of advances
that the Federal reserve banks
°f c a n m a k e t 0 member banks in
the form of discounts, because
the paper arising from such advances is eligible
as collateral for Federal reserve notes, and these
advances, therefore, make no inroads on the
free gold. Neither does it limit the amount of
gold that can be exported, because a demand for
gold for export, by causing member banks to
borrow from the Federal reserve bank in order
to obtain it, serves to increase reserve bank
holdings of bills discounted and thus results in
the creation of the collateral necessary to replace the gold that has been withdrawn.
The free gold does, however, limit the extent
to which the reserve banks by open-market
operations can enable the member banks to
meet an external drain of gold or an internal
demand for currency without increasing their
indebtedness at the reserve banks. When the
member banks have to borrow in order to
obtain gold or currency, this borrowing becomes
an element of tightness in the credit situation,
which in existing circumstances would be undesirable because it would make the banks
more reluctant to extend loans to their customers. It is true that if acceptances were sold to
the reserve banks for the purpose of obtaining
currency or gold, there would be no inroad on
the free gold, because acceptances as well as
discounts are eligible as collateral for Federal
reserve notes. Acceptances, however, are not
always available in sufficient amounts and for
this reason can not be depended upon by the
member banks as an adequate basis for obtaining credit from the Federal reserve banks.
Prior to the enactment of the recent amendments, therefore, a gold drain from abroad, or a
further currency demand from the American




MARCH, 1932

public, could be met by the Federal reserve
banks through the purchase of Government
securities only within the limits of the free gold,
because to meet the demand through the purchase of Government securities, which have not
been eligible as collateral, would not produce
the collateral necessary against Federal reserve
notes, and gold would have to be used for the
purpose. It is in view of this situation, which
might have resulted in an increase of the burden
of indebtedness of the member banks at a time
when it is desirable to increase the ability of
member banks to serve their communities,
that the new bill has authorized the Federal
Reserve Board until March 3, 1933, to permit
the use of Government securities as collateral
against Federal reserve notes. This authority
makes it possible for the reserve banks to meet
any drain within the limits of their excess gold
reserves without the member banks having to
incur an additional burden of indebtedness.
Until recent months, collateral requirements
were not an important element in the situation,
but recently many factors have combined to
reduce the amount of free gold. Among these
factors are a considerable volume of security
holdings by the Federal reserve banks, a relatively low volume of the banks' acceptance
holdings, a growth in Federal reserve notes outstanding, caused not by a demand for currency
for business purposes but for hoarding, and a
large volume of gold exports. In these circumstances the enactment of legislation that enables the Federal reserve system to pursue a
policy based on the assurance that in case
of need not merely its "free gold" will be
available, but practically its entire gold reserve in excess of legal requirements, has
resulted in strengthening the entire credit
structure of the country and in increasing the
system's power to cooperate in the recovery
of business.
The gold reserves of European countries
showed little change during the past month,
except for the continued rapid
growth of French reserves.
About one-half the gold taken by
France was drawn from the United States, the

145

FEDERAL RESERVE BULLETIN

MARCH, 1932

remainder coming largely from England. The Bank of England, which include the bank's
Bank of England's reserves were unaffected, holdings of foreign balances.
however, since the French purchases were made
A further reduction during the month in the
bank's security portfolio had the effect of
GOLD RESERVES OF SELECTED CENTRAL BANKS
absorbing funds that were being freely drawn
[In millions of dollars]
from bankers' deposits with the Bank of EngChange from—
Date,
Gold reland and lent to the market. As a consequence,
Central bank of—
1932
serves
Month
Year
before

England
France
Germany
Italy..
Belgium
Netherlands
Switzerland

.-_
__

-

Feb. 24
Feb. 19
Feb. 23
— Feb. 29
Feb. 25
Feb. 29
- ...do....

588
2,894
221
*296
351
353
482

+123
-6
1
-2

+3

+10

before

-97
+704
-318
+17
+154
+174
+358

v Preliminary.

entirely on the bullion market, where Indian
and South African shipments were disposed of
in about equal portions.
The Indian people continue to draw upon
their accumulated holdings. Acquisition of
gold by the Indian public diminished sharply in
October, 1930; the actual release of gold began
in March, 1931, and has been in large volume
since India's departure from the gold standard
last September. Prior to September about
$30,000,000 of gold was returned from private
holdings. In the four months following, about
$155,000,000 was released and the movement
is still under way. Most of the gold released
since September has been shipped to the
London bullion market for sale.
The credit negotiated by the Bank of England
at the Bank of France and the Federal reserve
banks was retired on February
Bank of Eng1. This credit was originally
land
arranged on August 1, 1931, in
the amount of $250,000,000; it was renewed in
November to the amount of $150,000,000, but
only a small portion was in use at the time of
final payment. The bulk of the £7,000,000
reduction shown for the month in the " other
deposits" of the Bank of England occurred
during the week in which the repayment was
effected, and at the same time the foreign
exchange account in which the Bank of France
carried the British credit was diminished by a
corresponding amount. No gold was employed
in making the repayment; it was reflected in
a decrease in the "securities" reported by the




BANK OF ENGLAND
[In thousands of pounds sterling; figures preliminary}
Change from—
Feb. 24,
1932
Gold
Discounts and advances.
Securities
Bankers' deposits
Other deposits
Notes in circulation

Jan. 27,
1932

120,773
+10
11,429
-1,518
342,142 -11,515
- 6 , 380
67,924
46, 323 - 7 , 206
+535
346, 404

Feb. 25,
1931
-20,043
+2,911
+22,114
+8, 852
- 3 , 210
-1,261

the reduction in bankers' deposits was reflected
to only a small extent in the repayment of
discounts and advances at the bank. Very
easy rates in the open market, however, accompanied these developments; on February 18
the Bank of England lowered its discount rate
from 6 to 5 per cent and on March 10 to 4
per cent.
In the four weeks ending February 19, the
Bank of France continued its heavy conversions
of foreign balances into gold.
Bank of France
The increase of 3,100,000,000
francs, however, in the bank's gold reserves
was not wholly attributable to these operations. Not more than 2,200,000,000 of foreign
exchange was thus converted, the remaining
reduction in the bank's holdings representing
repayment of the British credit. Some of the
gold recently obtained by the Bank of France,
therefore, represented gold either currently
or previously imported on private account.
The repayment of the British credit involved
substantial drafts on "other deposits" of the
Bank of France, but these deposits, which
include balances of the French commercial
banks, nevertheless increased during the month
to a new high level. At the same time discounts and advances of the Bank of France
were reduced. Funds for these purposes were
derived in part from the sale of gold to the
Bank of France and the return of notes from

146

FEDERAL RESERVE BULLETIN

MARCH, 1032

circulation. In large part, however, they were would ordinarily accrue to it from commodity
the result of transfers from Government de- exports.
BANK OF FRANCE

Change in Chairmanship of Federal Reserve Board

[In millions of francs; figures preliminary]
Change from—
Feb. 19,
1932
73,814
16,654
7,707
3,473
25,177
82, 578

Gold
Foreign exchange
Domestic discounts and advances
Government deposits
Other deposits
__
Notes in circulation

Jan. 22,
1932
+3,125
-2,878
-907
-1,254
+1, 247
-786

Feb. 20,
1931
+17,956
-9,666
-2,655
-10,464
+13,637
+5,726

On February 8,1932, the President nominated
Hon. Ogden L. Mills as Secretary of the
Treasury, to succeed Hon. Andrew W. Mellon,
resigned, and on February 10 this appointment was confirmed by the Senate. The
Secretary of the Treasury is ex officio member
and chairman of the Federal Reserve Board.
Meeting of Federal Advisory Council

posits, which were sharply reduced during the
month. Deposits of the Treasury proper, as
distinct from those of the debt amortization
office, are now about 19,000,000 francs
($750,000) in contrast to 4,569,000,000 francs
a year ago.
The note circulation of the Reichsbank
declined substantially during the past month,
accompanying a continued inReichsbank
crease of unemployment in
Germany, and following a substantial decline
in prices. Funds returning from circulation
were employed to pay off discounts and advances at the bank.
Although these developments left the Reichsbank in a somewhat easier position, the slow
shrinkage of reserves continued until the third
week in February, when the bank's gold and

The first meeting of the Federal Advisory
Council for 1932 was held on Tuesday, February 16. Mr. Walter W. Smith was reelected
president and Mr. Melvin A. Traylor was reelected vice president. These officers as ex
officio members and Messrs. Treman, Loeb,
Ottley, and McLucas will comprise the executive committee. Mr. Walter Lichtenstein was
reappointed secretary of the council.
Changes in Discount Rates and Bill Rates

The discount rate on all classes and maturities of paper was reduced from 3J£ to 3 per cent
at the Federal Reserve Bank of New York effective February 26.
At the Federal Reserve Bank of New York
buying rates on bills of all maturities were reduced February 26 as follows: Bills having maturities up to 45 days, from 2% to 2% per cent;
46 to 120 days, from 3 to 2% per cent; 4 to 6
months from 3}i to 3 per cent.

REICHSBANK

Changes in Foreign Central Bank Discount Rates

[In millions of reichsmarks; figures preliminary}
Change from—
Feb. 23,
1932
Gold
_
Foreign exchange reserve
Discounts and advances
Deposits
-- - - -Notes in circulation
_

_. _

930
146
3,313
332
4,003

Jan. 23,
1932
-27
-5
-204
-39
-195

Feb. 23,
1931
-1,336
-30
+1, 702
—70
+299

foreign exchange reserves increased by a small
amount. During this week a new foreign
exchange decree went into effect forbidding
payment in Reichsbank notes for German exports unless the foreign holder could prove that
the notes were legally shipped abroad; the use
of notes in this way had been depriving the
Reichsbank of the foreign exchange which




The following changes in discount rates during the period February 1-March 12 have been
reported by central banks in foreign countries:
Bank of England—February 18, from 6 to 5 per cent;
March 10, from 5 to 4 per cent.
Danish National Bank—March 11, from 6 to 5 per
cent.
Bank of Finland—February 13, from 8 to 7 per cent.
German Reichsbank—March 9, from 7 to 6 per cent.
Bank of Greece—February 20, from 12 to 11 per cent.
Imperial Bank of India—February 25, from 7 to 6 per
cent.
Bank of Japan—March 12, from 6.57 to 5.84 per cent.
Bank of Norway—February 19, from 6 to 5}i per cent;
March 3, from 5% to 5 per cent.
National Bank of Rumania—March 4, from 8 to 7
per cent.
Bank of Sweden—February 19, from 6 to 5>£ per cent;
March 3, from &% to 5 per cent.

MARCH, 1932

FEDERAL RESERVE BULLETIN

147

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled February 26 and released for publication February 29]

In January production of manufactures increased by about the usual seasonal amount,
while output of minerals and value of building
contracts awarded continued to decline. Wholesale prices declined further during January
and early February, but more recently prices
of certain leading commodities showed an
advance.
Production and employment.—Volume of
industrial production, which includes both
manufactures and minerals, increased from
December to January by an amount somewhat smaller than is usual at this time of year,
and the board's seasonally adjusted index
declined from 71 per cent of the 1923-1925
average to 70 per cent. In the steel industry
there was a seasonal increase in activity during
January, followed by a slight decline during
the first three weeks of February. Production
of automobiles, which usually increases considerably at this season, showed little change
in January, following an increase in December.
Activity at textile mills increased by more
than the usual seasonal amount, and at shoe
factories there was a seasonal increase in production. Output of coal and petroleum was
substantially reduced.
Volume of factory employment declined by
more than the usual seasonal amount between
the middle of December and the middle of
January. Number employed at foundries,
car-building shops, clothing factories, and
establishments producing building materials
declined substantially, while employment in
the tobacco industry decreased less than is
usual at this season, and employment in the
woolen-goods industry increased, contrary to
seasonal tendency.
Total value of building contracts awarded in
37 Eastern States, as reported by the F. W.
Dodge Corporation, declined sharply in January, and for the 3-month period ending in that
month was about one-half of the amount
awarded in the corresponding period a year
ago. Approximately one-fourth of the decrease was in residential building and threefourths in other types of construction.




Distribution.—Total freight-car loadings decreased in January, contrary to seasonal
tendency, reflecting chiefly smaller shipments
of merchandise, miscellaneous freight, and
coal. Departmentrstore sales declined by about
the usual seasonal amount.
Wholesale prices.—The general level of
wholesale commodity prices, as measured by
the index of the Bureau of Labor Statistics,
declined 2 per cent further from December to
January, although prices of some important
commodities, such as wheat, showed little
change and the price of cotton advanced.
During early February prices of certain leading
commodities, including grains and cotton,
declined, but later in the month there was
some advance in the prices of these commodities.
Bank credit.—Volume of reserve bank credit
outstanding declined in January and the first
half of February. This decrease has reflected
a return flow of currency from circulation,
which has been smaller than usual this year,
together with a continued reduction in member
bank reserve balances, offset in part by a demand for reserve bank credit caused by an
outward movement of gold amounting to
$100,000,000 since the turn of the year. A
decline in money in circulation after the first
few days in February reflected some return of
hoarded currency, accompanying a decrease in
bank failures.
At member banks in leading cities volume of
credit continued to decline during January and
the first half of February. Between January
13 and February 17 total loans and investments decreased by $550,000,000, representing
declines in "loans on securities, in other loans,
and in investments. Deposits of these banks
also declined substantially during this period.
Money rates in the open market showed little
change." On February 26 the discount rate of
the Federal Reserve Bank of New York was
reduced from 3% to 3 per cent, and buying
rates on bankers' acceptances of short maturities were reduced from 2% to 2% per cent.

148

FEDERAL RESERVE BULLETIN

MARCH, 1932

RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS

6000 I

MILLIONS OF DOLLARS

1

1

1

1

1

1 6000

5500

5500

5000

5000

4500

4500

4000

4000

Member Bank
Reserve Balances
2500

2500

2000

2000

1500

1000

500

1927




1928

1929

1930

1931

1932

Based on weekly averages of daily figures; latest figures are for week ending February 27

149

FEDERAL RESERVE BULLETIN

MAIiCE, 3 932

FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES
[ Averages of daily figures. In millions of dollars. For explanation see BULLETIN for July, 1929, pp. 432-438. For back figures see Annual Report
for 1930 (Tables 1, 2, and 3).]
Reserve bank credit outstanding
Month or week
i Bills dis-1 Bills
i counted i b o u g h t

United
Other
States | reserve
securities] bank
i credit i

Factors of decrease

Total

Factors of increase

NonMoney Member member
bank
Monetary Treasury in circucurrency
reserve deposits,
gold stock (adjusted) lation
balances
etc.

Unexpended
capital
funds

1930—September.
October
November..
December..

221
338

197
185
184
257

597 •
602
599

644 I

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

4,503
4,520
4,553
4,583

1,785
1, 787
1,793
1,793 |

4,492
4,501
4,528
4,523

2,397
2,407
2,433
2,415

26
27
30
27

389
392
388
384

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
111

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
',759
,784
,764
,768
,768
,766 !
.,782 !

4,695
4,598
4,590
4,647
4,679
4,750
4,836
4,947
5,133
5,478
5,518
5,611

2,433
2,370
2,386
2,376
2,387
2,404
2,407
2,345
2,333
2,256
2,118
2,069

28
25
24
27
28
35
83
187
199
208
171
144

379
379
381
383
382
380
370
367
364
361
357
358

1932—January
February-..
Week ending (Saturday)—
Dec. 26

82S
848

221
151

759 •
743

1,865
1,785 !

4,452 i
4,384 i

.,773 ;
,787 i

5,645 i
5,627 j

1,979
1,907

113
73

363
349

842

281

796

1,991

|
4,467 I

, 786 ,

5,727

2,013

145

359

Jan. 2 Jan. 9 . .
Jan. 16..
Jan. 23.
Jan.30.

803
815
826
831
859

315
288
222
187
162

791
771
752
752
749

1,967 I

,767 !
,766 i
1,774
1. 780
i; 773

5,666
5,680
5,646
5, 632
5, 617

2,053 I
2,020 I
1,987 '
1,956
1,941

118
111
108
119
117

356
353
352
350

Feb.
Feb.
Feb.
Feb.

843
856
842

157
166
150
139

749
742
741
740

1,822 j
1,803
1,790
1,752

1,777 \
1,777
1.794 I
1.795 ;

5, 645
5,642
5.627
5,605

1,925
1,917 I
1,906 '
1,895

91
78
82
55

348
348
348
348

6...
13..
20_.
27..

1,934
1,855 '
1,823 ;
1,822 |

4,459 !
4,464 !
4,464 i
4,464I'i
4,429 '•
j
4,410 i
4,405 '
4,379 I
4,356

Wednesday series (in millions of
dollars)

End of month series (in millions of
dollars)

1932

Jan.
20
Bills discounted.
Bills bought
United States securities.
Other reserve bank credit 1
Total reserve bank credit
Monetary gold stock..
Treasury currency adjusted
Money in circulation
Member bank reserve balances.
Nonmember deposits, etc
Unexpended capital funds
1

828 j1 Bills discounted
-nn : Bills b o u g h t
• U n i t e d States securities.
O t h e r reserve b a n k credit i
1,853! 1,856 1,709
4,460: 4, 415!2 4,353
1,759! 1,775 2 1,791
1,849
53
347

Total reserve bank credit
Monetary gold stock
Treasury currency adjusted

...J
!
I

819
188
751
48

838
162
752
46

855
156
749
49

819
169
741
48

Feb. | Feb.
17

8461
146|
741
47

24

835
133
741
25

1, 807 1 798 1,810 1,779 1,781 1,734
: 4,450 4 426 4,406 4,403 4,369 4,350
1,785 1 776 1,786 1,7641 1,792 1,780

Money in circulation
5,613 5,589 5,631 5,626 5,609 5,592
Member bank reserve balances.. 1,972 1 945 1,937 1,905 1,904 1,878
Unexpended capital funds, non- !
member deposits, etc
I 458 465 433 415 429 395

Includes "Other securities," foreign loans on gold, amounts due from foreign banks, and reserve bank float.
' Figures preliminary.




Jan. Feb. Feb.
10
27
3

150

FEDERAL RESERVE BULLETIN

MARCH, 1932

ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED
STOCK
STATES
[In millions of dollars]
Gold
stock
at end
of
month

Month

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 (12mos.).
1932—January
February »

4,416
4,353

[In thousands of dollars]

Analysis of changes
Increase
Net rein stock Net gold
during import from earmonth
mark i
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 i
4.0 '
•

92.3 i
-29.7 !
-i6.o;
-279.1
-107. 6
28.3
-22.9

From or to—

3.1
3.3
3.3
-13.3
18.8
1.9
3.6
4.2
4.2
-3.1
4.2
11.9

-133.4

145.3

-320.8

-75.0
-93.1

25.4
26.4
51.8

Exports

1931

JanuaryDecember

January
Imports

Exports

Imports

Exports

Belgium.
_
12, 553
24
15,607
17,861
7,015
I7O~ 3,369
219
220
England
83,783 19,394 363,90S
98,432
France
_.
71 37,073
500
1,047
Germany
__'
5,320
Italy
!
6,257
8,672
50,327
Netherlands
2,088
2,366
Portugal
_
5,573
35
Sweden
1,759
55
19,823
356
Switzerland
2,163
16 81,252
Canada
.
8,171
122
1,090
100
Central America
1,108
5 25,319
3,052
368
Mexico
_
9,110
141,263
1,146
Argentina
2,948
15,116
Colombia
107
1,015
Ecuador
166
7,522
1,082
57
Peru
6,080
Uruguay
1,666
121
1,073
52
Venezuela ..
8,064
4,677
1,640
British India
China and Hong
ETong
167
34,323
83
816
415
4,870
Dutch East Indies .
9,969
199,328
42
19,433
Japan
293
Philippine Islands .
3,740
1,368
50~ 12,976
3,892
59
All other countries i. 2,851
Total
2 35,425 1128,523 32,905 107,863 612,119 466,794

5.4
4.3

-168.1

February
(preliminary)
Imports

42.1

-44.2
-62.4

-106.6

Total (2 mos.) »

1932

Domestic production,
etc.«

9.7

* Gold released from earmark at Federal reserve banks less gold placed
under earmark.
2 Thisfigure,derived from preceding columns, represents the excess of
domestic production over nonmonetary consumption of gold—chiefly
consumption in the arts. In any given month, however, it may be
predominantly affected by the fact that on the final day of the month
(a) gold bullion or foreign gold coin recently imported may not yet have
reached a reserve bank or the Treasury, and (b) gold bullion recently
withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies in
official reports of gold imports and exports.
v Preliminary figures.

RESERVE BANK CREDIT OUTSTANDING, IN
DETAIL

i Includes all movements of unreported origin or destination.
» At New York—imports, $6,494,000; exports, $128,523,000. Elsewhere—
imports, $28,931,000.

[In thousands of dollars]
1932
Feb. 29

1931

Jan. 31

1,708,887 1,855,623
Reserve_bank_credit—total.
Bills discounted—total
_
828,477 899,095
For member banks
817,489 887,843
10,801
For intermediate credit banks
10,573
For nonmember banks (secured by
adjusted-service certificates)
451
415

Bills bought—total

_

Payable in dollars—total
Bought outright
Under resale agreement...
Payable in foreign currencies.

Feb. 28

197,563
197,515

32,200
500
3,937
8,608
11,925

i Uncollected items in excess of deferred availability items.
• Corrected.

i

[In millions of dollars]
1932
Kind of money

Feb.
29 v

1931

Jan.
31

Feb.
28

48

746,425 ' 599,463
744,925
599,463
1,500
57,170

KINDS OF MONEY IN CIRCULATION

925,504

152,933 , 108,973
109,149
85,015
119,489
75,671
84,437
68,819 '111,167
8,322
578
6,852
33,444 I 23,958
33,478

United States securities—total
740,032
Bought outright
740,032
Under resale agreement
_.
Other reserve bank credit—total.
31,229
Intermediate credit bank debentures
10,000
Federal land bank bonds
Municipal warrants
4,603
Due from foreign banks
8,607
Reserve bank float i
8,019




j

19,505

Gold coin
Gold certificates

Federal reserve notes. _ _

Treasury currency: i
Standard silver dollars
Silver certificates
Treasury notes of 1S90
Subsidiary silver
Minor coin
United States notes
Federal reserve bank notes
National bank notes

407

407

820
2,634

9 fUS

31
3G3
1
260
114
280
3
691

850
32

367
1
260
115
282

3
677

356
1,061
1,461
35
373
1
270
116
295
3
649

Total Treasury currency

1,743

1,737

1,742

Total money in circulation

5,604

5, 641

4,620

9 Figures preliminary.
* For explanation of the term "Treasury currency" see BULLETIN for
Tuly, 1929, p. 432.

151

FEDERAL RESERVE BULLETIN

MARCH, 1932

MEMBER BANK RESERVE BALANCES
[In millions of dollars]
Averages of daily figures
Reserves held

Month or week

Excess reserves

Total—all
member
banks

New York
City i

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

2,433
2,370
2,386
2,376
2,387
2,404
2,407
2,345
2,333
2,256
2,118
2,076

891
847
860
829
848
882
887
843
864
848
774
766

1,979

724

2,020
2,041
2,035
1,990
1,963
1,941
1,930
1,917

748
752
748
727
717
712
699
686

New York
City*

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
66.3

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
19.4
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

35.4

4.5

1.8

29.2

8.4
17.5
9.1
7.6
6.0
4.8
4.5
10.5

4.9
22.5
1.1
3.2
21
L9
5.8
11.7

767

Week ending (Friday)—
Dec. 25
Jan. 1Jan. 8
_.
Jan. 15
Jan. 22
Jan. 29
_
Feb. 5
_...
Feb. 12

Total—all
member
banks

955
945
945
962
961
949
950
943
918
872
832
807

1932—January

'Country'
banks

Other
reserve
cities

782
800
780
773
759
755
753
754

489
489
507
490
487
474
478
477
1

* Central reserve city banks only.
Back figures.—See (for monthly data) BULLETIN for June, 1931, p. 347.

Other
reserve
cities

'Country' 1
banks

Figures not available by weeks.

MEMBER BANK DEPOSITS
[In millions of dollars]
Averages of daily figures
Net demand and time deposits

Net demand deposits

Time deposits

Month
i Totalall member
! banks

T talNew
Other "Coun- all omem- I N e w ' O t h e r
York
reserve
try"
York
reserve
ber
banks
City i
cities
City* | cities
banks

T tal' Coun- all omemtry"
ber
banks
banks

New
York
City i

Other
reserve
cities

'Country"
banks

J

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

j 32.048
1 31,968
32,069
.; 32,179
! 32,168
i 31,602
j
31,526
_i 31,041
! 30,500
! 29,138
' 28,218
_' 27,438
!

_

1932—January

! 26,592

i Central reserve city banks only.




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

6,165 ! 10,706

9,720

7,445
7,453
7,472
7,336
7,439
7,232
7,325 I
7,147
7,126
6,937

6,612
6,414

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 I
5,946
5,962 |
5,872 j
5,653 !
5,546 I

15,447 1 5,343
1

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
11,452

5,921

4,183

11,145 !

1,282
1,334
1,303
1,317
1,345
1,297
1,260
1,201
1,163
1,065
959
868

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

822

4,786

5,537

152

FEDERAL RESERVE BULLETIN

MARCH, 1932

ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[In millions of dollars]
!

Loans to other customers

Total !
Loans
loans
to
and
invest-! banks
ments

Cal] date

Purchased paper

|
SeSecured cured
by
by
stocks real
and
estate
bonds

Total

Investments

Open-market loans

Otherwise |
se- !
cured Total
and
unsecured

i

Acceptances
payable
in
United
States

Loans
to
broCom- kers
merin
cial
New
paper Yorki

Acceptances
payable
abroad

Total

Total
loans
seU.S.
cured
GovOther j by
ernstocks
ment securand
secur- ities bonds*
ities

1

I
;

TOTAL—ALL MEMBER
BANKS
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..
June 30_.
Sept. 29..
Dec. 31 .

34,929
35, 684
35, 393
35, 711
35,914
35,934
35,056
35,656
35,472
34,860
34, 729
33,923
33,073 !
30, 575

548
538
548
670
640
714
527
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 :

7,197
7,951
7,726
8,160
8,150 1
8,774
! 8,238
' 8,798
8, 557
8,582
8,473
8,287
8,253
7,460

287
288
251
314
302
322
199
196
169
283
154
150
250
374

1928—Oct. 3 —
Dec. 3 1 . .
1929—Mar. 2 7 June 29—
Oct4
Dec. 31 —
1930—Mar. 2 7 June30_.
Sept. 24..
Dec. 3 1 - .
1931—Mar. 25..
June 3 0 Sept. 29_.
Dec. 3 1 - .
"COUNTRY" BANKS
1928—Oct. 3_
Dec. 31
1929—Mar. 27.
June 29
Oct. 4
Dec. 3 1 . —
1930—Mar. 27
.._.
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Sept. 29
Dec. 31

NEW YORK CITY 3
1928—Oct. 3—.
Dec. 3 1 . .
1929—Mar. 27..
June 2 9 Oct. 4__.
Dec. 31.
1930—Mar. 27..
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30.
Sept. 29
Dec. 31
OTHER RESERVE CITIES

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
5,898
5,727
5,921
5,852
6,380
6,639
6,864
6,886
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

880
1,639
1,102
1,359
1,096
1,202
1,477
1,883
1,714
1,281
1,367
1,063
839
542

1,942
1,130
1,094
1,933
1,972
1,135
1,819
1,006
1,807
989
1,112
2,091
1,150
2,046
1,147
2,203
1,091
2,198
2,435
1,239
1,466
2,662
2,801 | 1,656
1,830
3,032
2,697
1,768

813
839
838
813
817
979
897
1,056
1,107
1,197
1,196
1,145
1,202
928

2,560
3,491
2,971
3,393
3,191
3,562
3,504
3,983
3,798
3,550
3,397
3,026
2,780
2,474

199
150
147
88
75
108
242
301
337
212
212
189
167
62

641
541
423
349
413
250
609
353
643
167
227
124
56
16

3,935
1,894
1,836
3,844
1,896
3,736
1,765
3,611
1,671
3,388
1,484
3,253
1,662
3,416
3,685 ! 1,686
3,947
1,785
1,727
4,035
2,313
4,676
2,408
4,750
2,301
4,561
2,133
4,226

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
10

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

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

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

457
390
376
249
228
291
499
507
523
366
361
384
296
140

1,899
2,556
1,879
2,025
1,885
1,660
2,344
2,365
2,472
1,498
1,630
1,217
928
575

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
i 2,200
1,936
2,022
2,031
2,137
i 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

50
61
59
58
59
128
89
144
148
188
199
296
201
107

55
61
52
58
33
46
40
29
28
22
51
44
33
17

63
29
37
21
8
21
49
35
22
34
35
94
48
29

214
14,121
14,066
213
13,925
258
13, 832
308
13,983
294
13,785
346
13,575
263
277
13, 701
235
13,971
13,758
286
13,965
235
13,567 1 247
284
13,016
12,115
347

9,096
9,267
9,286
9,434
9,775
9,748
8,951
9,029
8,726
8,906
8,409
8,100
7,845
7,407

3,382
3,734
3,740
3,718
3,869
; 3,975
3,604
3,811
3,632
3,656
; 3,366
i 3,188
I 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
3,802
3,693
3,567
3,620
3,423
3,291
3,168
3,063

875
742
645
480
526
438
945
710
1,064
531
645
470
326
135

6
18
43
17
8
51
59
18
54
122
158
91
67
35

30
34
32
25
31
29
35
38
31
29
48
67
35
21

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

i 1,727
1,906
; 2,056
; 2,139
2,295
2,314
2,190
2,227
i 2,200
1
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

24
30
44
33
27
33
27
8
4
5
5
2
1
4

17
8
8
7
6
5
4
4
4
3
2
2
2
2

46
37
39
49
45
45
65
63
62
62
58
60
64
69

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

1,362 3,365
1,382 3,370
1,424 3,316
1,384 3,240
1,361 3,193
1,267 3,172
1,273 3,202
1,229 3,326
1,219 3,370
1,159 3,359
1,224 ! 3,326 \
1,279 , 3,276
1,433 3,172 !
1,418 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

I
1

Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.
2
Including loans to banks secured by stocks and bonds, reported separately after 1929 and estimated for preceding dates as one-half of total
loans to banks.
3
Central reserve city banks only.
Back figures.—This classification of loans is not availabe for dates prior to Oct. 3, 1928, but comparable figures of total loans secured by stocks
and bonds are given for June 30, 1925-1928, in the board's Annual Report for 1928 (Table 52); for separate figures of United States Government
securities and other securities back to 1914, see Annual Report for 1930 (Table 47).




153

FEDEEAL RESERVE BULLETIN

MARCH, 1032

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 backfiguressee May BULLETIN (p. 253) and Annual Report for 1930 (Tables 42-43)]
Total loans and investments
Date
Total
1928—June 30
Oct. 3
Dec. 31
1929—Mar. 27
June 29
Oct. 4
Dec. 3 .
1930—Mar. 27.
June 30.
Sept. 24
Dec. 31.
1931—Mar. 25.
June 30.
Sept. 29.
Dec. 3 1 .
r

Member banks

All banks

_

57,265
57,219
! 58,266
1 58,019
58,474
58,835

58,417
57,386
58,108
57, 590
56, 209
55,924
55,021
53,365

Loans

Investments

39,464 17,801
39, 671 17,549
17,504
40,763
40, 557 17,462
41, 512 16,962
16, 634
42,201
41,898 16, 519
40, 686 16, 700
40,618 17,490
39, 715 17,875
38,135 18,074
36,813 19, 111
35,384 19,637
'33,750 ' 19,615

Total
35,061
35, 684
35,393
35, 711
35,914
35, 934
35,056
35, 656
35,472
34,860
34, 729
33, 923
33,073
30,575

Total
24,303
24, 325
25,155
24,945
25,658
26,165
26,150
25,119
25, 214
24,738
23,870
22,840
21,816
20,874
19, 261

Deposits (exclusive of
interbank deposits)

Nonmember banks

10,758 22, 204
10,604 22,291
10,529 22, 582
10,448
10,052 22, 763
9,749 22,922
9,784 22,483
9,937 22,331
10,442 22, 453
10, 734 22,118
10,989 21,349
11,889 21,195
12,106 21,099
12,199 ' 20,292
11, 314

Loans
15,161
15,346
15, 607
15,612
15,853
16,036
15, 748
15, 568
15,404
14,977
14, 264
13,974
13,568
••12,876

Investments

All
banks

7,043
6,945
6,975
7,013
6,910
6,885
6,735
6,763
7,048
7,141
7,085
7,222
7,531
' 7,416

53, 720
56, 766
54, 545
53,852
55,180
55, 289
53,185
54,954
52,784
53,039
51,427
51, 782
49,152

Mem- Nonber member
banks banks
32,133
32,138
34,826
33, 215
32,284
33,004
33,865
32,082
31,839
32, 560
31,153
31,566
29,469

21, 265
21,582
21,940
21,330
21, 567
22,176
21,424
21,103
21, 264
20,945
20,479
20, 274
20,216
'19,683

I

Revised.

NUMBER OF BANKS

BANK LOANS AND INVESTMENTS, PERCENTAGE DISTRIBUTION

Member banks
Date

Total 1

Total
1925—Dec. 31.

27, 367

State
1,441

28,257

1926—Dec. 3 1 .

National

Nonmember
banks

9,260

7,906

18,768

1,354

18.107

[Figures for September 29,1931]
Total loans and
investments
Number
of banks Amount Percent(millions age disof dollars) tribution

All banks in the United States
' 21,294
Member banks—total
| 7,599
17,021
1,244
8,929
25,941
7, 685
1928—June 3 0 Reserve city banks (62 cities)
420
16, 739
8,837
1,208
Dec. 31—
25,576
7, 629
Central reserve city banks—
42
New York City
1,177
16,403
8,707
25,110
1929—June 29..
7,530
Chicago
_
12
8,522
1,119
Dec. 29..
7,403
24, 630
16.108
Other reserve city banks—
9
New York City
15, 537
8,315
23,852
7,247
1,068
1930—June 3 0 Chicago
25
14, 717
8,052
1,019
22, 769
7,033
Dec. 3 1 . .
Other Federal reserve bank cities
101
(10 cities)
982
14,121
7,782
21,903
6,800
1931—June 30—
Federal reserve branch cities (25
946 1 13,695
7,599
21,294
6,653
Sept. 29..
139
cities)
878
7,246
6,368
Dec. 31—
92
Other reserve cities (25 cities)
7,179
"Country" banks l
' 13,695
Nonmember banks
! "-i All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and
i
allr private banks under State supervision.
r Includes certain outlying banks in reserve cities.
Revised.
Revised.
1927—June 30..
Dec. 31..




26,765
26, 416

9,099
9,034

7,790
7,759

1,309
1,275

17,666
17,382

r 53, 365

100

33,073

62

21,269

40

8,253
1,644

15

32
83
5,626

11

4,392
1,238
11,805
' 20, 292

2
22

154

FEDERAL RESERVE BULLETIN

MARCH, 1932

REPORTING MEMBER BANKS

BROKERS' LOANS

[In millions of dollars. Monthly data are averages of weekly figures]

REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings on demand and on time. In millions of dollars]

Loans and investments

BorInvestments row-

Month or date
Total

ings at
Loans All
F.R.
on se- other
curi- loans
U.S. banks
ties
Total

Total
End of month
1931

BY MONTHS

Total:
1931—January.
February
March
April
May
June
--July
—
August
September
October
November
December
1932—January.
February
New York City:
1931—January
February
March
April
May
--June
July.
-—
August
September—.
October
November—
December
1932—January
February
Other leading cities:
1931—October
November
December
1932—January
February

22,660
22,659
22,839
22,942
22, 713
22,439
22, 393
22,093
22,078
21,425
21,023
20, 749
20,178
19, 775

7,495
7,315 8,242
7,302 8,150
7,157 8,040
7,893

6,770 7,853
6,631 ,7,964
.,___
6,480 i 7,900
6,413 I 7,870
5, 971 7, 679
5,859 7,586
- —
5,763 7,441
5,644 7,331
5,497 7,214

6,766
7,102
7,387
7,745
7,822
7,816
7,798
7,713
7,795
7,775
7,578
7,545
7,203
7,064

3,163
3,385
3,638
3,913
3,957
4,048
4,121
4,074
4,154
4,171
4,072
4,127
3,943
3,856

2,277
2,237
2,209
2,127

2,323 1,254
2,476 1,353
2,504 1,391
2,567 1,414
2,642 1,460
2,644 I 1,523
2,651
1,608
2,623 1,600
1,652
2,712
2,825 1,750
2,738 1,705
1,732
2,710
2,492 1,631 I
2,347 1,521 j

3,602
3, 582
3,526
3,435
3,370

5,407
5,343
5,223
5,111
5,043

4,950
4,840
4,835
4,711
4,717

2,421 !
2,367 !
2,395
2,312 i
2,335 j

324
388
416
435
461

7,256
7,212
7,217
7,171

7,149
7,069
7,040
6,997

3,925
3,853
3,840
3,806

492
472
493
478

3,111
3,079
3,176
3,080

13,959
13, 765
13, 584
13,257
13,130

2,846
2,764
2,640
2,657

Month or date
74
16
83
34
23

BY WEEKS

Total:
1932—Feb. 3
Feb. 10
Feb. 17
Feb. 24
New York City:
1932—Feb. 3
Feb. 10
Feb. 17
Feb. 24
Other leading cities:
1932—Feb. 3
_.
Feb. 10
Feb. 17
Feb. 24




19,979 5,574
19, 785 5,504
19, 731 5,474
19,606 5,438

1931

1932

1931

1932

3.720
138
1,557
January.
512
374
163
140
194
February
525
1,646
385
L,840
1,692
217
L,909
82 March
185
April
L 651
1 466
57
141
1,293
L,435
35 May
1,221
170
L, 391
26 June
173
1 171
L 344
28 July
194
August
1,354
1,160
56
112
L,044
932
44 September .
688
1C8
October
796
75
582
148
730
127 November
455
132
December
587
398
404
499
Back figures—See Annual Report for 1930 (Table 57).
469
484
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
5
2
[In millions of dollars. Monthly data are averages of weekly figures]

2,472
2,410
2,295
2,242
2,194
2,204
2,365
2,370
2,375
2,272
2,243
2, 218
2,220
2,171

7,906
7,965
7,975
7,889
7,875
7,694
7,780
7,633
7,744
7,466
7,258
7,165
6,921
6,645

1932

From New
From private
York banks banks, brokers,
and trust com- foreign banking
agencies, etc.
panies

6,794
6,638
6,603
6,544

2,178
2,124
2,112
2,092

2,181
2,168
2,177
2,158

2,435
2,346
2,314
2,294

1,593
1,520
1,496
1,477

35
15
20
20

13,185
13,147
13,128
13,062

3,396
3,380
3,362
3,346

5,075
5,044
5,040
5,013

4,714
4,723
4,726
4,703

2,332
2,333
2,344
2,329

457
457
473
458

1931—January
February...
March
April
May
June
July
August
SeptemberOctober
NovemberDecember-.
1932—January
February...
Feb.3
Feb. 10
Feb. 17
Feb. 24

Total

For account of For acFor
own ac- out-of- count of
count * town 2 others
banks

1,798
1,759
1,858
1,824
1,644
1,464
1,434
1,342
1,268
921
802
655
544
495

1,132
1,186
1,335
1,322
1,279
1,110
1,062
951
943
674
588
554
473
417

329
290
264
271
191
181
204
226
174
90
124
88
65
72

505
486
499
489

432
401
418
416

66
78
74
68

337
283
259
231
174
173
168
165
151
157
3 90
13

i W e e k l y reporting m e m b e r b a n k s in N e w Y o r k C i t y .
» M e m b e r a n d n o n m e m b e r b a n k s outside N e w Y o r k C i t y (domestic
b a n k s only) includes u n k n o w n a m o u n t for customers of these b a n k s .
» N e w clearing-house rule relating to " L o a n s for account of others'*
became effective N o v . 16; see p . 657 of B U L L E T I N for D e c e m b e r , 1931.
Back figures.—See A n n u a l R e p o r t for 1930 ( T a b l e 56).

155

FEDERAL RESERVE BULLETIN

MARCH, 1932

ACCEPTANCES AND COMMERCIAL PAPER
B A N K E R S ' ACCEPTANCES OUTSTANDING
CEPTANCES)

(DOLLAR AC-

CLASSES OF

BANKERS' ACCEPTANCES
ACCEPTANCES)
[In millions of dollars]

[In millions of dollars]
[

Based
on goods
stored in
United
Based States
on ex- (wareports house
from credits)
U. S.
or
shipped
between
domestic points

Held by Federal reserve Held b y group of accepting banks
banks

End of month

Total
outstanding

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

1,693
1,624
1,539
1,414
1,382
1,305
1,350
1,339
1,367
1,508
1,571
1,556

1,520
1,520
1,467
1,422
1,413
May
1,368
June..
1,228
July
1,090
August
September.. 996
1,040
October
November.. 1,002 !
974
December..

1932—January
February

961

For
acFor count
own of foreign Total
account correspondents

(DOLLAR

Held
by
Own

Bills
bills bought

others

293
269
277
208
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

663
669
613
582
570
503
463
434
411
550
507
417

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
441
441
444
379
278
186
66
63
162
156

119
76

314
312

332

159

174

195

i
Figures for acceptances outstanding (and held b y accepting banks)
from American Acceptance Council.
Back figures.—Bee Annual Reports for 1929 (Table 58) and 1928 (Table
61).
ACCEPTANCES PAYABLE I N F O R E I G N C U R R E N C I E S H O L D I N G S O F FEDERAL R E S E R V E BANKS

1931—January
February
March
April
May
June
July
August
September
October
November
December
1932—January

1,520
1,520
1,467
1,422
1,413
1,368
1,228
1, 090
990
1,040
1,002
974

961

HELD BY FEDERAL RESERVE BANKS (OWN
ACCOUNT)

1931—January
February.
March
April
May
June
July...
August
September
October
November
December
1932—January

_.

171
104

1
Total holdings of Federal reserve banks include a small amount of
unclassified acceptances.
Back figures.See Annual Report for 1930 (Tables 61 and 14).

COMMERCIAL PAPER

[In thousands of dollars]

OUTSTANDING

[In millions of dollars]
End of month

1929

1930

1,019
1,029
1,036
1,036
1,040
1,043
2,061
12,346
16,955
17, 064
1,027
1,030

1,035
1,038
1,040
1,054
1,058
1,064
1,065
1,071
1, 075
21, 583
31, 587
35, 983

1931

1932

End of month
January. __
FebruaryMarch,. _.
April
May
_
June
_
July
August
September
October.. .
November
December.

36,119
23, 958
1,063
1,074
1,073
10, 551
34, 371
145, 215
48,804
33, 501
33,386
33,429

33, 444
33,478

Back figures—See Annual Report for 1928 (Table 12), 1927 (Table 12),
1926 (Table 24), etc.




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
404
457
529
553
541
527
528
526
513
485
448
358

1931
327
315
311
307
305
292
289
271
248
210
174
118

Figures for commercial paper as reported b y about 20 dealers.
Back figures.—See Annual Report for 1930 (Table 60).

1932
08

156

FEDERAL RESERVE BULLETIN

MARCH, 1932

BANK SUSPENSIONS AND BANKS REOPENED
[Figures for latest month are preliminary]
Banks suspended

Banks reopened

Deposits (in thousands of
dollars)

Number

Deposits (in thousands of
dollars)

Number

Year andjnonth
Members
All
banks
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931

5011
354!
648|j
776!
612
956
662i
491!
642:
1,345 !
2, 298!

_

1930—SeptemberOctober
NovemberDecember..
1931—January
February. _.
March
April
May
June
July
August
SeptemberOctober
NovemberDecember. _
1932—January
February—

66
72
254
344
202
77
86!
64
91
167
93
158
305
522
175
358
342
115

Nonmembers

State
51
45
90
122
118
125
91
57
64
161
409
7
10
26
49
20
15
18
17
24
26
16
29!
46.
100'
35
631
74!
241

19
12
34
37
28
35
33
16
17
26
108
2

Members
All
banks

i

;

s t a t e

431 196,460
21,285 21, 218
297 110, 7211 19,092
5,151
524 188, 701 32,904 18,324
617 213,338
13,5801
466 172,900
58, 537 8, 727'
796 272,488
47,866 20,946;
538 193,891
46, 581 19,755i
418 138,642: 31,619 10,621
37,007 20,128
561 234,532
1,158 864,715! 173,290 207,150
1,7811,691,510' 439,171 294,357

7
7
6
5
1
3!
2;
10!
2!
12,
16!
25!
81
18'
13
51

Members

Nonmembers

All
banks

153,957
86,478
137,473
138,869
105,636
203, 676
127, 555
96,402
177,397
484,275
957,982

57 23, 666,
62 24,599j
221 186,306:
367,119
176 76, 553
57 34,616
67 34,320
44 41, 683
65 43,493
131 190,480
75 40, 745
117 180,028
243 233,505
397 471,380
132 67, 656
277 277,051

1,769
171 21,726
3,336
21,263
62, 373 35,742 88,191
44,884 163,993 158,242
14,569
7,615 54,369
5,822
7,901 20,893
108 23, 313
10,899
2,264 19,921
19,498
5,055 26,118
12,320
31, 368 39,434 119, 678
1,805 31, 895
7,045
31,629 52, 660 95,739
79,446 30,272 123, 7871
111, 088 117, 259 243,033I
28,039
4,216 35,4011
87,448 25,' " 163,835J
"
255 225, 474 63, 6S6 11,763 150,025
9,172 33, 777
60,047 17, 098

National

State

NonAll
members banks

Members
National

State

50 17,493 2,499
41 35,565 8,076
23 11, 674 3,973
74 22,462 6,895
48 16,618 6,300
135 60,610; 4,665
84 35,729! 5,073
417
34 15,727!
53 25,829! 1,607
1,872
140' 61,599
245158,187 26,182

60
65
37
94
62
149
95
39
58
147
276
4
11
23
43

4
10!
22
43:
55i
43j
29
24:
7,
3|
9|
41

58
49
31!

20^
17
28
16!
28:

633
3,542
1,095
295
479
3,514
3,238
6,193

Nonmem*
bers
14,361
23,947
6,606
15,272

52,431
27,418
9,117
23,556
58,061
762 104,243

1,688
1,
11,972
351
12,323
6,770
208
6,978
16,340
16,340
1,654
202 17,466
19,322
17,157
2,422
911 13,824
11,788 3,381
8,407
23,613 10, 693 5,200 7,720
3,890
3,489
401
24,522 5,015 18,~801
706
2,525
2,525
14,396
14,396
4,258
4,258
4,105
5,096
991
13,041 j j 1,036 2,648 9,357
18, 57911
17,990
589
7,659
10,952Ji 3,293
9,974
11,83511 1,861

NOTES
Banks suspended and banks reopened.—The statistics of b a n k suspensions relate to b a n k s closed t o t h e public, on account of financial difficulties,
b y order of supervisory authorities or directors of t h e b a n k . Some b a n k s reopen before t h e e n d of t h e calendar m o n t h in which t h e y were closed;
such b a n k s are included in t h e record of suspensions for t h e m o n t h as given in t h e table. Reopenings are recorded as of t h e m o n t h in which t h e y
occur, a n d include for a n y given m o n t h reopenings b o t h of b a n k s closed during t h e m o n t h a n d of b a n k s closed earlier.
Deposits.—Figures
of deposits in b a n k s suspended are as of date of suspension whenever d a t a as of this d a t e are available; otherwise t h e y are
as of t h e latest available call d a t e prior to suspension. For b a n k s reopened t h e figures of deposits are not as of d a t e of reopening, which are seldom
available, b u t are t a k e n from t h e record of suspensions.
Revisions.—All figures of latest m o n t h are preliminary, based on information available early in t h e following m o n t h , usually about t h e t h i r d
business d a y . Revisions t h a t can b e m a d e within another m o n t h usually include most of t h e i m p o r t a n t ones, b u t information requiring further
revisions, especially in t h e figures of deposits, sometimes comes in considerably later.
Back figures.—See annual report for 1930 (Tables 66 a n d 67).

MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE
PAPER) COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS
[In millions of dollars.

Back figures not available]

Holdings of Government securities 1 and eligible paper (including paper under rediscount)
By reserve city banks
Date

u. s.

Government securities
1926—June 30.
1527—June 30.
1928—June 30.
Oct. 3_Dec. 31.
1929—Mar. 27.
June 29.
Oct. 4._
Dec. 31.
1930—Mar. 27
June 30.
Sept. 24
Dec. 31.
1931—Mar. 25.
June 30.
Sept. 29
Dec. 31.

Eligible
paper

2,210
2,299
2,714
2,823
2,730
2,832
2,577
2,469
2,403
2,619
2,640
2,682
2,777
3,584
3, 871
3,942
3,706

2,825
2,775
2,680
2,551
2,349
2,582
2,688
2,865
2,713
2,542
2,285
2,271
2,100
2,045
1,870
1,787
1, 505

Total

5,035
5,074
5,394
5, 374
5,079
5,414
5,265
5,334
5,116
5,161
4,925
4,953
4,877
5,629
5,741
5,729
5, 211

By ' 'country " banks
U. S.
Government securities

Eligible
paper

847
862
914
932
974
929
912
814
818
772
764
708
776
836
994

2,100
1,992
1,967
1,817
1,811
1,761
1,773
1,733
1,684
1,662
1,620
1,541
1,438
1,373
1,328
1,209
1,068

Total

i
j
i
I
I
!
I
I
i
I
j
!
I
I

2,984
2,839
2,829
2,731
2,744
2,735
2,702
2,645
2,498
2,480
2,392
2,305
2,146
2, 149
2,164
2,203
2,056

B y all m e m b e r b a n k s
U. S.
Government securities

Eligible
paper

3,094
3,146
3,576
3,738
3,662
3,807
3,506
3,381
3,217
3,438
3,412
3,446
3,485
4,360
4,707
4,936
4,694

4,925
4,767
4,647
4,368
4,160
4,343
4,461
4,598
4,397
4,204
3,905
3,812
3,538
3,418
3,198
2,996
2,573

1 Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation.




Total

8,019
7,913
8,223
8,106
7,822
8,150
7,968
7,979
7,614
7,642
7,317
7,258
7,023
7,778
7,905
7,932
7,267

Member
bank
borrowings at
Federal
reserve
banks
516
441
1,096
1,020
1,041
981
1,029
899
646
206
274
173
248
165
147
323
623

157

FEDERAL RESERVE BULLETIN

MARCH, 1932

FEDERAL RESERVE BANK RATES

OPEN-MARKET RATES

DISCOUNT RATES

RATES IN NEW YORK CITY

[Rates on all classes and maturities of eligible paper]

Average rate Average yield
on—
on—

Prevailing rate o n Rate in
effect on
Mar. 12

Federal reserve bank

Oct.
Feb.
Oct.
Oct.
Jan.
Nov.
Oct.
Oct.
Sept.
Oct.
Jan.
Oct.

Boston..
New York
Philadelphia..
Cleveland
Richmond
Atlanta
_
Chicago
St. Louis
Minneapolis. _
Kansas City..
Dallas
San Francisco

Previous
rate

Date established

17,1931
26,1932
22,1931
24,1931
25,1932
14,1931
17,1931
22,1931
12,1930
23,1931
28,1932
21,1931

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

Back figures.—See Annual Report for 1930 (Table 33).
BUYING RATES O N ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]

1^-2J^ 1.50
1.50
1M~2
V/2 2 - 2 M 1.66

1.57
1.45
1.50
\Y-\y 1.50
lY-iy 1.50
1K-2 1 50
2V-A
2.10
3 -4
2.50
3 -4 2.73

1.57
1.50
1.55
1.52
1.45
1.50
1.50
1.50
1.50
2.10
2.50
2.70

1.24
1.06
< 1.38
1.49

* 45
1.70
1.77
4 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

33/4
33/_4

2^/-3
gV/_4
2 61
23/-27/6 3U_3a/ 2 50

2.65
2.50

2.48
2.42

4.27
4.12

3^-4
3^-4
3M-4
3M-4

2%
2%
2%-27/i
2*4-2%
2%

2.50
2.50
2.50
2.50
2.50

2.50
2.50
2.50
2.50
2.50

2.54
2.65
2.57
2.42
2.11

4.29
4.26
4.23
4.02
3.9o

23/-3
lYs-1%
2V 2V
2V

1 i / _2

2 -2%

IY-IV

2
2
2
2
2 - 4 M ii/_3i/
3

3^-4

January
February
Week endingJan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27

2H\ F e b . 26,1932
2ft\
do
2H\
do
2% |
do
2%\
do
2%
do
_.
3
do

1-15 days._.
16-30 d a y s . .
31-45 d a y s . .
46-60 days...
61-90 d a y s . .
91-120 days .
121-180 days

U. S.
Treasury
notes Treasand
ury 3
ReNew
newal certifi- bonds
cates,
3 to 6
months

.88
.41
.42

1932

c

Maturity

Call loans 1

Prime Prime
Month or week com- bank- Time
ers'
mercial accept- loans,
paper, ances,
90
4 to 6
days 2
90
months days

33/4-4

3H-3M
3H-3M
3H-3M
3H-3M
3^2-334

1
Stock exchange call loans; new and renewal rates.
2 Stock exchange 90-day time loans.
3
3 issues—SH,'SU,4 per cent; yields calculated on basis of last redemption dates—1947, 1956, and 1954.
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
* Change of issues on which yield is computed.
charged for other classes of bills.
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

i

8 other northern and eastern cities

27 southern and western cities

Month

1928
January—.
February..
March

April
May
June.
July
August
September
OctoberNovember.
December-

4.56 :
4.44 :
4.59 j
4.72 ;
4.97 '
5.09 i
5.38
5.56
5.63
5.63 i
5.56 ''
5.63 |

1929 I 1930
5.74
5.73
5.81
5.85
5.88
5.93
5.88
6.05
6.06
6.08
5.86
5.74

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

1932

1928

1929

1930

4.24
4.31
4.20
4.17
4.11
4.13
4.05
3.97
3.93
4.27
4.67
4.64

4.71
4.71

4.73
4.76
4.81
4.91
5.04
5.36
5.57
5.59
5.80
5.80
5.82
5.91

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

1931 1932
4.61
4.63
4.62
4.57
4.55
4.49
4.48
4.47
4.48
4.62
4.87
4.91

5.07
5.13

1928
5.53
5.53
5.54
5.54
5.56
5.67
5.77
5.80
5.82
5.87
5.90
5.91

1929

1930

1931

6.12
5.50
'6.05 '5.43
5.40
5.98
5.36
5.86
5 26
5.75
5.34
5.69
' 5. 63 i 5.30
6.22 j ' 5. 58 ! ' 5 . 2 8
r
5. 55 ' 5.32
6.27
5.38
6.29 ' 5. 54
5.53
6.29 '5.50
6.20 ••5.43 , 5.56

5 94 |

596
6.04
6.07
6.10
6.16
6.17

1932
5.61
5.61

NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given in
preceding table). All averages 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 (b) the relative importance
of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to the
importance of that city in the group, as measured by the loans of all banks in the city.
r
Revised.
Backfigures.—SeeAnnual Report for 1930 (Table 39).




158

FEDERAL RESERVE BULLETIN

MARCH, 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)

BuildChain
ing
mobile equip- store
ment

N u m b e r of issues.

1

421

351 ! 33

37

13

109
112
120
122
109
98
95

102
94
103 | 100
110
105
112
97
100
87
89
77
87
74
75
90
66
89
56
76
48
65
46
68
33
54

158
163
178
189
170
156
153
158
154
132
112
115

100
106
120
129
117
110
101
105
103
85
70
75

65 |
94

64
60

54
53

81.0 ! 96.5
80.3 ! 96.3

1932—January
February..

2

20

121.7
123.6
124.8
126.4
125.3
122.6
119.7
121.1
I 120.7
I 116.1
J 109.4
i 108.5
| 99.1

60 !

97.8
99.6
99.4
100.0
99.6
99.7
99.4
99.4
98.5
95.6
89.4
89.0
81.6

1930—December..
1931—January . . .
February...
March
April
May
June
July
August
SeptemberOctober
November..
December..

Jan.
Feb.
Feb.
Feb.
Feb.

Selected groups of industrial issues

| Pre
Bonds1! ferred 2
j stocks : Total Indus- Rail- Public
trial road utility Auto-

Month or date

81.3
80.4
79.4
80.6
80.6

27
3
10
17
24

96.3
96.2
95.6
96.6
96.6

53
53
49
55
55

37
34
37
35
31
36
35

91
91
86
97
97

;
;
!
I

Cop- i Elec- Matrical
and equip- chinbrass i ment

Chem- per
ical

10 !

12

11

31 [

78
78
86
90
86
89
89
89
92
80
70
69
57

168
162
174
173
148
127
128
131
127
110
90
96
79

80
82
91
96
79
67
62
66
61
50
43
45
35

31
30

61
61
56
64
60

16

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

57
56

80
79

32

30
29
27
31
31

58
57
52
58
58

77
77
72
83
83

j
i
!
j

36 |
!

33
33
31
33
32

182
176
194
201
172
159
157
161
155
132
113
114
94

117
120
126
125
109
89
83
88
84
72
59
61
46

Steel

Oil

Textile

15

10

28

88
89
91
S5
74
63
63
67
70
60
53
57
44

125
124
132
133
116
94
85
88
81
72
59
59
41

51
53
55
58
52
47
45
46
45
40
36
36
31

43
42

85
77

31
31
i

77
74
68
83
81

41 '
42
40
44 i
44 i

31
30
30
31
31

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
i

Total
(do- 1
Year and month mestici
and !
for- !
eign) |
4,427
_ _ 5,557
6,201
6,314
7,556
8,040
10,091
6,909
'3,083

1923
1924-.
1925
1926
1927___
1928
1929
1930
1931

Domestic

Total1

State Corporate
and
munici- Bonds Stocks
and
, Pal notes

1,043
4,006
1,380
4,588
5,125 ! 1,352
1,344
5,189
1,475
6,219
1,379
6,789
1,418
9,420
1,434
6,004
2,854 j 1,229

1,976
2,200
2,452
2,667
3,183
2,385
2,078
2,980
1,239

659
829
1,153
1,087
1,474
2,961
5,924
1,503
311

421
969
1,076
1,125
1,337
1,251
671
905
'229

682
759
925
1,046
2,220
1,858
1,422
711
'949

235
48
250
166
132
100
113
34
94
14
26
28

45
27
9
102
29
6
2
12
12
4
24
39

96

182
'18
'142
203
'123
144
45
6
44
1
20
21

42

4

1931

January
February.
March
April
May
June
JulyAugust

October
November.
December
1932
January..

430
'207
'557
412
'348
'259
228
120
241
44
'111
119

.

Foreign

Refunding
issues
(domestic
and
foreign) .

334
202 i
550
369
333
224
226
120
217 !
44
109
119 ;

49
119
276
101
172
118
96
74
Ill
15
52

179

179 |

133

40

••5

'7
43
'15
'35
2
0
24

o

'2
0

14

1
Includes issues of Federal land banks and Federal intermediate credit
banks, not shown separately.
' Revised.
Sources.—For domestic issues: Commercial and Financial Chronicle;
for foreign issues (issues publicly offered), annual totals are as finally
reported by Department of Commerce, while monthly figures are as
compiled currently and are subject to revision.




Outstf Hiding at end

of month

Increase or decrease (—)
during month

Total

Bonds CertifBonds
and icates Total and Certif- Bills
and
notes bills
notes icates

15,933
15,824
15,927
15,933
15,744

14,498
14,457
14,457
14,456
14,454

Month

1930
August

September
October
November
December
_
Total (12 mos.)
1931
January

February
March

April

. .

May

June
July
August
September
October
November
December
Total (12 mos.)1932
January

17,515

15,102

1,319
1,406
2,442
2,801
2,922
2,368
2,344
2,406
2,068
2,047
2,085
2,436

2,413

—1
-41
—1
-2

-55

15
-51
103
7
-102

-169

-114

28

139
66
301
88
-123
275
2
63
463
-20
12
488

139
-21
-735
-271
—244
829
26
1
801
1
-26
137

1,036
204
125
-633
-22
-18
-339
-21
— 14
351

1,754

14,594
14,573
16,280
13,838
16,368 13,567
16,245 13,323
16,520
14,152
16,522 14,178
16,585 14,179
17,048 14,980
17,028
14,981
17,040
14,955
17,528 "15,092

15,913

_ _ _ 15,979

14
-109
103
6
-159
-255

1,435
1,367
1,470
1,477
1,320

637

669

448

-13

10

-21

c

-17

87
155
—4
79
-2
80
1
52

NOTE.—Figures relate to interest-bearing public debt; matured noninterest-bearing debt amounted to $301,000,000 at the end of January,
1932. Figures include obligations held in Government trust funds
amounting to $372,000,000 at the end of January, 1932.
Bonds and notes long-term—i. e., 1 year or more (figuring from date
of issue); certificates and bills, shorter term.

159

FEDERAL RESERVE BULLETIN

MARCH, 1932

PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation]
Industrial production*
(revised figures)
Year and
month

Total *

Building contracts awarded
(value)**

1

Total

[Manufactures ! Minerals *

Residential

Factory employment 2

All other

Factory
pay
rolls 2

Commod*y

Freight-car
loadings*

prices

(t)

i Unad- Ad- Unad- Ad- ! Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unadj 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

I
i
'
;
!
-|
i
'
i

83
87
67
85
101
95
104
108
106
111
'119
96
81

84
87
67
86
101
94
105
108
100
112
119
95
80

63
63
56
79
84
94
122
129
129
135
117
92
63

74
105
96
99
108
107
106
115
99
84

44
30
44
68
81
95
124
121
117
126
87
50
37

79

eo
65
88
86
94
120
135
139
142
142
125
84

i

1927 !
November
December!
1928

101 i
96 i

101
102

......|

107
108
82
90
104
96
100
101
99
97
101
88
74

98
118
77
81
103
96
101
104 j
102
102
108
87
66

84
91
79
87
100
97
103
108
103
103
106
92
75

98
99

101

|
!
|
!
i

139
154
98
97
101
98
104
100
95
97
95
86
73

88 j

96
96

100
95

102

105
97

102
102

122
111

129
131

120
111

121
125

124
111

136 i
136 !

97
95

106
113
114
113
111
109
105
110
116
117
115
110

107 !
110 |
109 ,
109 !
108 i
109 i
110 !
111 !
114 |
116 !
118 !
120 |

100
99
98
95
104
104
104
111
115
123
118
106

103
102
105
105
106
102
102
105
107
111
114
111

111
121 138 |
155 !
154
142 |
137 |
138
134
122 j
107

137
138
137
137
137
139
132
131
134
136
132
127

116
128
143
152
149
140
127
116
118
115
112
93

139
142
136
130
130
133
126
119
118
115
114
106

108
115
134
157
168
166
155
154
154
150
130
117

135
135
137
142
143
144
137
141
147
152
146
145

94
96
97
96
96
96
90
98
100
100
99
98

96
96
96
96
96
97
97
97
98
98
99
100

96
101
103
100
101
101
98
103
104
107
104
104

92
94
97
96
105
101
105
109
119
119
109
1
94

102
102
103
101
103
100
102
103
105
106
107
106

96
96
96
97
98
97
97
98
99
97
96
96

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
i 103
:
116
116
i 118
! 121
| 127
j 127
j 114
j 110

116
119
109
114
117
114
116
115
118
J16
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
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

102
110
109
110
106
98
89
88
90
87
82
74

105 !
107 i
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

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

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 i
87
86
84
84

93
91
90
90
89
87
84
84
84
83
81
80

86
84
82
83
84
85
85
82
82
92
84
80

88
86
89
91
87
86
86
79

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 |

77
78
78
77
75
74
74
75
71
69
68

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

30 j

71
79
77
73
65
66
61
59
59
55
49
38

69 !
68 |
69;

78
77
76
75
73
72
72
72
71
70
70
69

25 I

31

16

19

33

52

58

64!

67

i

|

January..! 105
107
February.! 111 I 108
March
! 112 | 108
April
| 110 I
May
! 110 j 108
108
June
| 108
July
! 105 I 109
August...! 110 j 110
113
September! 116
October.-! 118 ! 115
November] 115 ! 118
December! 109 i 118
1929 |
January.-! 117
119
February.; 121
119
March
119
124
121
April
124
122
May
j 126
June
i 125 i 125
120 | 124
July
!
August.-.i 122 ! 121
September! 123 ! 121
October. _ 121 | 118
108 | 110
November
December!
96 ! 103
1930
January. _ 103 i 106
February. 1 109 I 107
March
j 106 j 104
±04
April
i 107
;
105
102
May.
98
99
June
i
93
91
July90
90
August... I
90
92
September
88
90
October..
86
November
84
84
December!
77
1931 |
January. .I
82
83
February-i
87
86
March..-!
89
87
April
j
90
88
May
!
89
87
June
I
83
83
80
82
July
I
August.._
78
78
September
77
,6
October..
75
73
November
72
73
December
67
74
1932
P72
January..

!

81
88
90
91
90
82
79
77
76
72
70
66

82
86
87
87
86
82
82
78
75
71
71
72

|

!

159 I

i
!
i
I

78
89

102 I

i
|
!
I
!
!
l

i
!

77 i
84 |
81
85 j

113
125
116
107
85
82
75
68
59

!
i
'
;
i
!
!
|

58 !
68
77
82
78
74
68
63
59
52
43 i

132 i

41

66

:

!
:
!
!

79 j

III

31

1 For back figures (as recently revised) see p. 194. For indexes of groups and separate industries see pp. 195 and 196.
2
For indexes of groups and separate industries see pp. 197,198.
•Average per working-day.
**3-month moving average, centered at second month; see BULLETIN for July, 1931, p. 358.
tRevised wholesale price index of Bureau of Labor Statistics (784 price series); 1926=100. Index numbers for groups of commodities are given
on page 199.
* Preliminary.




160

FEDERAL RESERVE BULLETIN

MARCH, 1032

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]

Merchandise imports

Merchandise exports

Excess of exports

Month
1928

January
February
MarchApril
May
June
July
August
September
October
November
December
Year

1930

1929

1931

488
442
490
425
385
393
403
381
437

411
349
370
332
320
295
267
298
312

529
442

327
289

427

275

5,241

3,843

»15O

1930

1931

1932

1928

,136

1929

369
369
384
411
400
353
353
369
351

311
282
300
308
285
250
221
218
226

183
175
210
186
180
173
174
167
170

169
149

195
218

339

310

209

153

4,091

2,424

550
545

1929

338
351
380
345
354
317
318
347
320

4,399

3,061

2,090

184

5,128

1928

205
194

476

411
371
421
364
423
389
379
379
422

250
224
236
215
204
187
181
165
180

1932

355
327

391
338

247
204

73
20
40
19
69
71
61
32
102

1930

1931

119
72
106
15
*15
40
50
11
86

100
67
69
24
35
44
46
79
86

136

117

67

842

782

»14

31

1,037

1932

-834

137
104

80
85

66
49
26
29
24
14
6
*2
10

36
44

v Preliminary.

* Excess of imports.

DEPARTMENT STORES—SALES, STOCKS

FREIGHT-CAR LOADINGS, BY CLASSES

[1923-1925 average=100. For back figures see BULLETIN for November,
1930, p. 686]

[Index numbers; 11923-1925 average=100. Source of basic data: American Railway Association]

Index of stocks (end of
month)

Index of sales i

Month

Adjusted
Without
Without
Adjusted
for seasonal seasonal ad- for seasonal seasonal adjustment
variation
variation justment
1931

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

1931

1932

1931

1932

1931

1932

1931

97
98

77

79
80

64

88
86

75

78
81

97

106
97
95

91
88
84
86
83
81

Year

92

84

101
97
90
65
67

83
83
81
79

75
76

81

84

80
79

88
89

142

78

73

93
95

91

87

82

i 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.




Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain prod
ucts
Livestock
Forest products
Ore
Miscellaneous2
Merchandise

69
69
42

69
72
44

68
65
44

69
65
47

64
58
43

68
64
35
49
68
85

-74
64
33
36
69
83

76
69
33
23
72
83

63
66
30
40
73
83

62
28
31
67
81

80

87

67

87
85

82

1932

1932

Novem- Decem- JanuSeptember October ber
ber
ary

Without seasonal adjustment
Total
_
Coal
_
Coke....
Grain and grain products
Livestock..
_.
Forest products
Ore
Miscellaneous
_.
Merchandise 2

78
74
42

78
83
45

70
72
46

61
70
50

58
66
47

83
76
37
79
81
88

82
86
33
50
81
87

80
80
31
16
70
85

62
66
25
10
57
77

65
25
7
54
75

1 Based throughout on daily average loadings.
2 I n less-than-carload lots.

FEDERAL RESERVE BULLETIN

MARCH, 1032

161

FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE BANK OF FRANCE

The annual report of the Bank of France for
1931 was submitted to the general meeting of
stockholders on January 28, 1932. xThe main
text of the report is given herewith:
Development of the crisis in 1931.—The year
just passed was marked by profound economic
and monetary disturbances. The crisis, which
in its origin and development was reviewed in
our last report, was greatly intensified. It has
spared no country nor any form of agricultural,
industrial, or commercial activity. By its extreme severity, by its universal prevalence and
its duration it has violently shaken a world
which was recovering with difficulty from the
injuries of the war.
Although the crisis was purely economic in
its first manifestations, toward the end of last
year it took on as well the character of a banking and monetary crisis which broke out first
in Vienna, then spread to Germany, and finally
brought about the forced immobilization of a
considerable mass of international credits both
in that country and in central Europe. Then
the London market became affected, In spite
of the able cooperation which it received, the
Bank of England was forced in September to
suspend the convertibility into gold of the
pound sterling—a decision of serious consequence, which unfortunately involved the
weakening of a great number of other currencies and which reacted temporarily even on the
American market.
The abnormal extent of these reactions not
only proved the interdependence of the various
money markets, but also showed that causes of
a purely technical character were inadequate
to explain the exceptional phenomena which
developed in the course of the past year.
In the spring of 1931 the liquidation of the
commercial and industrial crisis had made some
progress. Wholesale prices as a whole showed
some tendency to stabilize. The tempo of production was becoming adapted to the decline
in purchasing power. But this harsh and
necessary work of restoration was far from
being completed. In order to carry it to its
conclusion, it would have been necessary to
stop the abuses of credit which had contributed
so largely to the creation and spread of the
crisis. In fact, there was no movement on the
i The report, available in French, contains in addition tables showing
the operations of the bank in detail, and remarks concerning personnel,
etc. For earlier reports, see Bulletin for March, 1931, 1930, 1929, 1928,
1927, etc.




markets generally toward a sufficient reduction of banking credits, so powerful were the
efforts brought into play to maintain at all
costs, by an artificial policy of cheap and easy
money, the spirit of enterprise and the taste for
speculation. This tendency undoubtedly
helped to increase the disorders which it had
been intended to mitigate.
The universal malaise was still further accentuated by political uncertainty. In a world
where the development of trade strengthens
the bonds between all countries, it was inevitable that the disturbed relations which became
apparent between certain of them should react
upon the whole of Europe. It is not our function to appraise the measures taken to remedy
this situation. Suffice it to bear in mind that
at a time when all economic activity depends
upon credit, respect for one's obligations is the
first condition for maintaining confidence.
Finally, the persistence of the troubles from
which all nations are suffering has some purely
psychological causes, the importance of which
we have often stressed and which must be
counteracted. Every crisis, whatever its extent or its duration, is overcome at last, and
the sufferings by which the excesses and the
errors of the past are paid for, sooner or later
open the way to recovery and prosperity. It
is the duty of every person to combat the deliberate pessimism which is only too prevalent in
all countries and in all classes of society, and
which inevitabty helps to aggravate the crisis
and to delay its issue.
Strong position of the franc.—The monetary
disturbances mentioned above had no influence
on the soundness of the franc. Because of the
harmonious balance of our national economy,
and the traditional prudence and moderation
with which the great majority of our banking
institutions have been managed, our currency
remained unshaken and its metallic basis was
even very considerably strengthened.
The inflow of foreign capital and the repatriation of French capital, mentioned in our last
report, increased further during the past year
and resulted in large imports of gold. On
December 24, 1930, at the close of the banking
year, the gold reserve of the Bank of France
amounted to 53,563,000,000 francs ($2,099,670,000), and continued to rise moderately
during the earlv months of 1931. At the end
of March it had risen to 56,116,000,000 francs

162

FEDERAL RESERVE BULLETIN

($2,199,747,000), and then declined again to
55,616,000,000 francs ($2,180,147,000) at the
end of April.
Beginning with May, under the influence of
the banking crisis which spread through central Europe and Germany, the flow of capital
toward this country took on a new impetus.
Since that time our reserve has shown a continuous increase, which, by the end of the year,
had brought it up to 68,500,000,000 francs
($2,685,000,000). It increased during the year
by almost 15,000,000,000 francs ($588,000,000).
During the same period the foreign exchange
holdings of the bank declined by slightly more
than 3,000,000,000 francs ($117,600,000)—from
26,174,000,000 francs ($1,026,021,000) to less
than 23,000,000,000 francs ($901,600,000) on
the last balance sheet preceding the balancing
of accounts on December 24.
Aid to central banks.—The strong metallic
basis of our currency supplied us with the
means for aiding foreign markets, and we have
not failed to do so. Without neglecting our
primary e
duty to permit no weakening of the
franc, w carried out a policy of extensive
international cooperation. Either in participation with the Bank for International Settlements or in association with the Federal reserve
banks or with our own resources we granted to
several foreign banks of issue such rediscount
credits as our statutes permitted us to open on
their behalf.
In June, the weakening of the reichsmark
rate and the decline in the reserves of gold and
foreign exchange compelled the Reichsbank
to appeal for help to certain banks of issue and
the Bank for International Settlements, which
together granted the Reichsbank a credit of
$100,000,000. We participated in this credit
in the amount of $25,000,000. Circumstances
up to this time have not permitted the transaction to be closed, and we have felt in duty
bound to continue our participation.
The troubles which the critical situation of
central Europe and then of Germany created in
the London market led us to assume new
responsibilities. We observed, not without
apprehension, the progressive weakening of the
gold reserves of the Bank of England. On
several occasions we conferred with the
directors of that institution in regard to the
danger to which sterling would in the long run
be exposed from an exodus of gold which we
ourselves were powerless to check, and the
extension of which we had every reason to fear.
Until May the pound sterling remained constantly above par. Beginning with June,




MARCH, 19:

however, the immobilization of foreign credits
in central Europe and in Germany resulted in
sudden demands for funds on the markets
most seriously affected by the crisis. In other
countries, less directly affected, a legitimate
concern for liquidity led the banks to recall part
of the balances, both sight and short term,
which they had been holding in England.
London was thus obliged to face heavy withdrawals. In July, as a result of the prolonged
weakness of the currency as w^ell as of the
decline in reserves, the Bank of England took
the initiative of applying for our assistance.
The British and the French banks of issue
have, as you know, never ceased to maintain
the most cordial relations. On many occasions
in the course of the past century and during the
last war they showed their spirit of cooperation. It seemed to us that, while insisting
upon all desirable guarantees, we ought to
give the help asked of us. On August 1, in
association with the Federal Reserve Bank of
New York, which furnished an equal amount,
your board of directors granted to the Bank of
England a credit, denominated in French currency, of 3,100,000,000 francs ($121,520,000) in
which the Paris banks participated to the
extent of one-half. Part of the credit was
repaid on November 1 last; the balance of the
account will be closed on February 1*.
Several weeks later, in view of the worsening
of the situation, the Bank of France again
agreed to assume the leadership of the principal
French credit institutions. Either directly
or by means of a public issue, they gave the
British Treasury further assistance by a credit
of 5,000,000,000 francs ($196,000,000). This
time, as before, the New York market furnished
an amount similar to that of the French market.
This supreme effort, unfortunately, was ineffective. The exports of gold could not be
checked, and the convertibility of the pound
sterling had after all to be suspended.
Foreign exchange policy.—This spirit of international cooperation was shown not only
by granting credits but also by the principles
which guided our foreign exchange policy.
From 1926 to 1928 the Bank of France was
obliged to acquire, at the request and at the
risk of the Government, a very large volume
of foreign balances in order to prepare for
and make possible the stabilization of the franc.
At the time of the currency reform, the bank
had taken over this enormous portfolio in the
belief that it could be liquidated rather rapidly.
This liquidation, however, was found to be no
easy matter. Since 1928, in fact, the trend of

MARCH, 1932

FEDERAL RESERVE BULLETIN

the exchanges has been almost constantly
favorable to France. Under these circumstances the bank could not have realized any
large portion of its foreign exchange holdings
without deliberately provoking an enormous
outflow of gold from foreign markets, in addition to the large withdrawals which had already resulted from the natural orientation
of international capital movements.
Your board of directors had no desire to
increase by its own initiative the monetary
difficulties of other countries. By retaining,
therefore, the greater part of its foreign balances and especially its sterling assets, the
Bank of France contributed greatly to the
maintenance of the stability of British currency
during the past three years. Moreover, to-day
as before, the bank is free to dispose of all its
foreign balances at its pleasure; it has never
been bound by any engagement whatever in
this respect.
Effects of British suspension of the gold
standard.—The risks involved in the possession of this portfolio of foreign bills were keenly
realized when the gold standard was suspended
in Great Britain.
The holdings of the Bank of France in
London on that date exceeded £60,000,000
($291,996,000). The rapid decline of the
British currency brought about a sharp depreciation in that item of our balance sheet.
On account of its size and origin, the resulting loss could not be charged entirely to the
bank. In accordance with two conventions,
concluded on December 7, 1931, with the
Government and with the Caisse autonome
d'amortissement and approved by a law of
December 23, this loss—which was estimated
at the end of the year at 2,342,000,000 francs
($91,806,000)—was covered by the delivery of
a treasury bond to the bank.
This bond was in turn exchanged for bills
of the Caisse autonome, and the amount added
on the asset side of our balance sheet to similar
bills which the bank already held under the
conventions of June 23, 1928.
The bank has undertaken to participate
jointly with the Government in the amortization of these new bills as follows:
First, on December 24, 1931, by an initial
delivery of 200,000,000 francs ($7,840,000)
stipulated in the provisions. Second, in January and July of each year, by a supplementary
royalty [on "productive note circulation7']
equal to 10 per cent of that portion of the
profits of the bank which is subject to royalty
and is in excess of 650,000,000 francs ($25,480,-




163

000). This semiannual payment may not be
less than one-half per cent of the amount of
the bills representing the loss to be amortized.
The Caisse autonome likewise will contribute
to this amortization by an annual payment of
1 per cent.
These conventions were put into effect on
December 24 last. On that date the bank paid
on account of the amortization of bills of the
Caisse autonome 200,000,000 francs which it
had agreed to pay, and added to this sum an
additional voluntary payment of 50,000,000
francs ($1,960,000).
Discount rates.—We tried throughout the
year to adapt our discount conditions to the
needs of the national money market, while
always considering the situation of other markets to the extent which seemed necessary.
The discount rate was successively reduced
in 1930 from 3J£ to 3 and then to 2% per cent.
As the Federal Reserve Bank of New York
reduced its rate on December 24, 1930, from
2}£ to 2 per cent, your board of directors adapted
a similar measure on January 2, 1931. This
decision, prompted by monetary considerations
of an international character, only reflected the
general weakness of money rates in France
where, on the open market, a large volume
of available funds had difficulty in finding
investment at a rate of about 1 per cent. On
May 8 the Federal Reserve Bank of New York
again reduced its official rate from 2 to X% per
cent. Six days later the Bank of England
reduced its rate from 3 to 2% per cent.
On this occasion we did not believe that we
ought to join the movement for reduction.
We thought in fact—as we indicated to you
last year—that far from rendering effective
support to business enterprises, too great a
margin between rates for short-term money and
those for long-term investment could not fail
to encourage the immobilization of short-term
funds, which was particularly dangerous in a
period of crisis. Moreover, in face of the
burdens weighing upon the banking system, and
the need for liquidity imposed by the nervousness of depositors, it seemed contrary to the
interests of the Paris market for us to turn to
a systematic policy of cheap money, the serious
dangers of which we saw clearly.
Under the pressure of circumstances, foreign
banks of issue shortly afterwards raised their
discount rates repeatedly. The Reichsbank
rate was raised from 7 to 10 per cent on July 16,
and then, for a short period, to 15 per cent on
August 1. The Bank of England in defense of
its reserve, raised its rate to Sji per cent on

164

FEDERAL RESERVE BULLETIN

July 23, to 4% per cent on July 30, and to 6
per cent on September 21. The rate of the
Federal Reserve Bank of New York was
finally raised to 2^ per cent on October 8,
and to sy2 per cent on October 15. On October
9 your board of directors adopted the rate
of 2% per cent, which seemed suited to the
requirements of the French market.
We need hardly insist upon the fact that our
credit conditions are extremely easy. Money
rates continue to be considerably lower in France
than in other markets.
French banking position.—French banking
inevitably felt to some extent the effects of the
crisis which had so seriously affected the other
great markets. The anxiety aroused by events
abroad was further increased by a systematic
and insidious campaign which endeavored to
exploit certain isolated cases of failure, resulting from mistakes or unwise management, in
order to aggravate the lack of confidence and
try to ruin the credit of the strongest and
soundest houses. The strength of our banking
system, however, enabled it to resist these attacks successfully, on the whole, and to come
through this particularly difficult period without serious harm.
Furthermore, the bank gave liberal support
through discouDts to all banking houses which
could furnish the security required by its
statutes, and the maintenance of which seemed
of value to the general business of the country.
The bank did not hesitate to support the market by assuming any risks which were compatible with its primary duty of preserving all the
safeguards of the currency.
The discount portfolio, which between December 24, 1930, and July 10, 1931, declined
by about 8,500,000,000 francs ($333,200,000)
to 4,186,000,000 francs ($164,091,000), advanced again in August as a result of these
emergency discounts and the credits granted
to the British market. It rose to more than
11,000,000,000 francs ($431,200,000) on October 30, and on the final balance sheet of the
year stood at almost 8,000,000,000 francs
($313,600,000).
Demand liabilities.—The volume of demand
liabilities of the bank, including notes in circulation and credits in current account, remained
fairly stable during the first seven months of
the year. During this period the increase in
gold reserves was almost balanced by the
decline in the discount portfolio and foreign
exchange balances.
Beginning with August the simultaneous
increase in the reserve and in the portfolio




MARCH, 1932

brought about a very sharp rise in the volume of
these liabilities. Under the influence of the
crisis of confidence described above, the volume
of individual credits in current account rose
sharply, in round numbers from 15,000,000,000
francs ($588,000,000) to 17,000,000,000 francs
($666,400,000) in August; to 18,000,000,000
francs ($705,600,000) in September; and from
October on, fluctuated between 22,000,000,000
and 24,000,000,000 francs ($862,400,000 and
$940,800,000).
The volume of notes in circulation, which
reached almost 76,000,000,000 francs ($2,979,200,000) at the end of last year, made no considerable advance until October. At that
time it had risen to more than 80,000,000,000
francs ($3,136,000,000), and reached its maximum of 83,638,000,000 francs ($3,278,610,000)
on the balance sheet of October 30; on the final
balance sheet of the year it stood at about
83,500,000,000 francs ($3,273,200,000). It rose
during the year by slightly more than 7,000,000,000 francs ($274,400,000). This increase,
which applied only to bills of denominations of
1,000 francs and 500 francs, was clearly due to
the growth of hoarding.
Aggregate demand obligations, which stood
at 101,000,000,000 francs ($3,959,200,000) at
the end of 1930, exceeded 113,000,000,000
francs ($4,429,600,000) on the balance sheet of
December 24, 1931. It rose considerably less
than did the gold reserve; and the reserve ratio
advanced during the year from 53.03 per cent
to 60.57 per cent. This ratio is more than 25
points above the minimum of 35 per cent
required by the monetary law.
Business situation.—The volume of French
business, which was still relatively stable
throughout 1930, underwent a marked recession last year. The general decline in prices
throughout the world, the devaluation of certain currencies, the changes which took place in
the relative position of international exchanges,
and the measures of safeguarding which many
governments have adopted by way of raising
their tariff duties have seriously affected the
situation of our exporting industries.
The position of the domestic market, characterized by a decline in purchasing power and
by great reserve on the part of consumers,
added its depressing effect to the other causes
of uneasiness, for the most part not inherent
in our own business situation. The statistics
and questionnaires of the Minister of Labor
afford evidence of an unemployment crisis,
which affected industry and, to a certain extent,
commerce also.

MARCH, 1932

FEDERAL RESERVE BULLETIN

The index of industrial production declined
from 135 in November, 1930, to 115 in November, 1931.
The crisis, especially marked in the metallurgical and textile industries, affected almost
all kinds of production. The number of blast
furnaces in operation was only 90 in December,
1931, as compared with 138 in December, 1930.
The production of steel during the past year
was about 7,800,000 tons, whereas it amounted
to 9,447,000 tons the year before. The mines
have produced 51,000,000 tons of coal, or
4,000,000 tons less than in 1930. Finally, gross
receipts of the great railway systems were lower
by 9.54 per cent than those of the preceding year.
Agriculture was less severely affected, but
was unable to escape the influence of the general
situation. Weather conditions nevertheless
made it possible generally to realize abundant
crops. The harvests, although better than
those of the preceding year, were still inadequate, especially in the case of wheat, to supply
the normal requirements of the population.
The decline in our agricultural exports, which
were checked by the raising of tariff barriers,
and the competition of foreign products
coming upon our market in spite of restrictive
legislation, are factors now unfavorable to our
agricultural production.
Wholesale prices on the French market
continued their downward trend, in unison
with price movements throughout the world.
Indexes of raw materials declined without
interruption from 475 in December, 1930, to
370 at the end of the year 1931. During the
same period prices of agricultural products
declined from 525 to 463. Finally, the general
index of wholesale prices, which reflects all
these downward trends, stood at 413 at the end
of December, 1931, as against 498 at the close
of the preceding year.
The index of retail prices likewise declined
from 649 at the end of 1930 to 557 in December,
1931.
The commercial balance, as was inevitable,
reflected the prevailing depression. For the
year 1931 the deficit in the trade balance
amounted to 11,778,000,000 francs ($461,698,000). During this period imports declined by
10,311,000,000 francs ($404,191,000) and ex-




165

ports by 12,414,000,000 francs ($486,629,000)
in comparison with the figures shown for 1930.
The unsatisfactory results of our foreign trade
reflect both a decline in the quantity of products
exchanged and also, even more acutely, the
depreciation in their value.
Conclusion.—The present grave difficulties
and uncertainties have created a natural tendency in the confused state of men's minds to
seek exceptional remedies for these almost unprecedented misfortunes. Opinion sometimes
allows itself to be captivated by alluring ideas,
which it believes may bring some relief, but
the falsity and ineffectiveness of which are
revealed upon contact with reality. For our
own part, we have framed our course of action
in accordance with the stern teachings of
experience. We have chosen to be guided by
the principles of our traditional policy, and
our constant concern has been to maintain the
stability of the franc.
Without neglecting any occasion to show its
willingness to cooperate with foreign markets,
the bank has scrupulously avoided every action
that might endanger the monetary security
which France has so dearly achieved. It has
resolutely abstained from any intervention
which would have served other purposes than
the safeguarding and complete functioning of
the gold standard.
The progressive liquidation of artificial currency systems which were adopted since the
war mark, in our judgment, a definite stage on
the way to economic recovery. We have
always refused to support these easy solutions,
for we realized their great danger. More than
ever we are convinced that it is our duty to
secure the metallic basis of the franc, which is
the only stable foundation on which a currency can be supported. We regard convertibility into gold not as an antiquated form of
slavery but as a necessary discipline. We see
in it the only effective guaranty of the security
of contracts and business ethics.
Firmly resolved to guarantee the free action
of the gold standard, we continue to proclaim
our unalterable determination to remain faithful to this principle, to which the American
and the French Governments have with full
accord pledged their adherence.

166

FEDERAL RESERVE BULLETIN

MARCH, 1932

BALANCE SHEET OF THE BANK OP FRANCE AS OF DECEMBER 24, 1931

Resources

Gold reserve (coin and buMion)
Silver and copper coins__
Funds available on demand abroad
Foreign bills:
Negotiable
Other
Domestic bills:
Negotiable
Other
Advances against gold coin and bullionAdvances against securities
Postal current accounts.
Negotiable bills of the Caisse autonome
d'amortissement (convention of June 23,
1928 and December 7,1931)_
Loans to the Government without interest
(law of June 9, 1857; convention of Mar. 29,
1878; law of June 13,1878, extended; laws of
Nov. 17,1897, Dec. 29,1911, Dec. 20,1918, and
June 25, 1928)
._
Rentes earmarked for special purposes
Bank buildings and equipment
Miscellaneous resources

Francs (in
thousands)
68,481,174
959,377
13,039,983
7,560,256
900,070
174,843
6,894, 281
1,266,253
2,717,477
466,793
7,157,189

Dollars»
(in thousands)

Liabilities

Francs (in
thousands)

2,684,462 Demand liabilities:
37,608 |
Notes in circulation.
511,167 I
Current account of the treasury
340,485 j
Current account of the Caisso autonome
296,362 !
d'amortissement
5,533,367
35,283 I
Other current accounts and deposits
23,152,070
Other demand liabilities
486, 761
6,854
270,256 I
29, 512, (
49,637 Capital
182,500
-._
._.._
106,525 Surplus (laws of June 9,1857, and Nov. 17,1897). |
272,696
18,298 Reserve invested in legal securities (law of ,
May 17,1834; decrees of Apr. 27 and May 2, i
1848; law of
'
280,562 Depreciation June 9,1857) estate)
reserve (real
_

3, 200,000
112,981
220,573
2,167,485

125,440
4,429
8,646
84,965

115,318,736

4,520,494

Dollars »
(in thousands)

13,347
216,908
907,561
19,081
7,154
10,690

Profit and loss:
Provision for doubtful securities
Gross dividends: 2178.57 francs (net 150
francs)
Payment to the Government of sum equal
to the annual dividend in excess of 240
francs net, or 145 francs
Carried forward
_
Miscellaneous liabilities

Total.

Total
115,318,736
4,520,494
Total demand liabilities, 113,059,594,542 francs ($4,431,936,106).
Ratio of gold reserve to demand liabilities, 60.57 per cent.

* Conversion at par: 1 franc=$0.0392.
2
For second half year. Gross dividend for first half year, 279.76 francs (net 235 francs).




167

FEDERAL RESERVE BULLETIN

MARCH, 1032

FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
fin millions of dollarsj
Europe
End of month

1930—November...
December...

Total (45
countries)

Total (26
countries)

CzechoBelgium Bulgaria slovakia Denmark England

Austria

10. 894
10,907

4,220
4,225

129
110

5,238
5, 281

30
30

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

92
94
96
99
102
87
87
89
83
86
82
78

5,313
5, 350
5,388
5,395
5,428
5,351
5,353
5,413
5, 686
6,062
6,109
6,184

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

4,009
'3,947

80

v 6,296

25

352
351

v 11, 290

46
46

46
46

762
718

2,037
2,100

519
528

10

191
197
200
201
201
199
214
221
346
357
356
354

1932—January
February

Germany

10
10

180
191

1931—January
10,953
February
11, 008
11,071
March
11,107
April
.._
11,217
May
11.264
June
11,210
Jiilv
11,283
August
September... r 11, 262
« 11,111
October
November... ' 11,208
December... » 11, 242

France

46
45
46
46
46
46
45
45
45
46
46
49

46
46
46
46
46
46
46
46
44
44
39
39

679
685
699
712
735
793
643
649
656
660
587
588

2,176
2,192
2,200
2,180
2,181
2,212
2,290
2,296
2,326
2,534
2,659
2, 699

535
544
553
564
569
339
325
325
310
273
239
234

49

39

588
588

2,808
x>2,942

226
221

n
11
11
11
11
11
11
11
11
11
11
11

E urope—C ontinued

1930—NovemberDecember ._
1931—January
February...
March
April
May
June

July-

August
SeptemberOctober
November..
December. .
1932—January
February. _.

Greece Hungary
7
7
7
6
6
6
6
6
6
6
11
11
11
11

Italy

to to to to to
toosoo oooo

End of month

20
20
20
20

18
18
18
18
18
18

9
9

56
56

474
471

65
65

130
138

56
56
53
53
53
53
53
53
54
54
54
58

466
466
467
467
468
468
439
439
439
434
434
434

64
64
64
64
64
64
64
62
53
57
55
55

126
124
124
124
124
162
225
229
328
422
425
453

249
249
249
249
259
259
262
262
267
280
293
309
315
328

58

434

55

472
482

329
329

279
279

171
171

39
39

63
63

279
279
279
279
280
282
283
283
286
293
296
296

175
179
179
181
181
200
236
260
282
336
362
357

39
39
39
39
39
39
39
39
39
46
42
41

63
63
63
f>4
64
64
64
64
64
67
67
67

296

351
353

42

67

9
9
9
11
11 ;
11
10 i
10 ;
10 !
12
12 |

Spain

Far East
5 other Total
(5
coun- countries)

Argen- Brazil
tina

Australia

other
Yugo- 5counslavia
tries
19
19

18
18

19
19
19
19
19
27
27
27
29
31
31
31

18
18
18
18
18
18
18
19
19
21
21

31

Africa

India

Japan

Java

New
Zealand

Egypt

18
17
14
15
12
12
10
10
10
10
8
11
10
9

18
18

60
60

17
17

701
704

75
75

128
128

409
412

56
56

33
33

20
20

18
18
18
18
18
16
14
11
13
17
17
17

59
58
58
58
58
58
57
57
'56
53
53
53

17
17
16
16
17
17
12
12
13
13
r 13
13

704
703
709
714
724
730
714
698
706
644
570
525

76
76
77
74
74
75
66
52
52
53
51
52

128
128
135
141
147
151
158
162
162
162
162
162

415
417
415
419
422
425
412
406
408
342
271
234

52
48
48
46
46
46
44
44
51
53
53
45

34
34
34
34
34
34
34
34
34
34
33
32

20
20
20
21
21
21
21
21
21
21
21

6

M7

»53

505

51

162

215

45

32

550
534

417
412

20
11

506
497
483
475
465
451
416
400
'370
'363
358
344

397
390
378
370
362
350
322
309
281
270
265
253

0
0
0
0
0
0
0

*340

*252

v Preliminary.

R.

ooooo

May..

June. - .
July
August
September..
October
November..
December...
1932—January

u. s.s.

Rumania

o

1930—November..
December...
1931—January
February-..
March
April

Total
(10
countries)

1

Portugal

Latin America
End of month

Sweden Switzerland

Pol and

Nether- No™

« Corrected.

South
Africa
35
33
34
35
31
31
32
31
33
31
32
30
37
39
40

' Revised.

Figures for 30 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are as of last
report date of month. See Bulletin for July, 1931, p. 399.
The 5 European countries and 5 Latin American countries for which figures are not shown separately are Albania, Estonia, Finland, Latvia,
and Lithuania; Bolivia, Chili, Ecuador, Guatemala, and Mexico. None of these countries has had gold reserves in recent years in excess of
$10,000,000.
For back figures—and for additional details relating to this table—see BULLETIN for July, 1931.




168

FEDERAL RESERVE BULLETIN

MARCH, 1932

GOLD PRODUCTION
[In thousands of dollars]
Africa
1
Month

Total

1930—January
February
March . _
April
May

. . -.

_

1931—January
February
March
April
May..

June
July

18,434
25,518
23,876
16,927
25, 517 I 18,317
17,961
25,076
26,158
18,934
25,898
18,355
19,041
26,509
26,363
18,916
26,370
18,642
19,142
27,103
18,337
26, 631
27,444
18, 519
221, 526
* 312, 463

..

June
July .
__
August
September _ _ _
October
November
_
December
Total (12 months)

_..

_

.

August
September
_ _
October
November _ _ _ _
December
Total (12 months)
1932—January

_

19,151
17,427
18, 791
18,194
18,901
18, 594
18,959
18,859
18,981
19,525
18,673
* 18,133
* 224,187
>
»19,365

27, 600
25,413
26, 884
27,022
27, 409
27, 303
27,219
27,566
27,976
28,589
» 27,537

__

_ _ _ _

South
Africa

_ __

______
_

Southern
Rhodesia

Belgian
Congo l

953
897
941
947
985
935
947
954
954
930
917
961
11, 320
944
885
874
905
904
912
925
895
886
915
920
1,034
11, 000

Gold
Canada
Coast and
Sierra
Leone

253
236
246
231
234
235
230
240
264
284
302
243
2,999
282
271
285
277
256
268
272
282
323
349
324
327
3,516

408
396
411
423
413
405
414
429
409
419
430
441
5,000
443
438
453
447
452
448
453
466
488
476
480
501
5,546

3,186
3,006
3,385
3,497
3,478
3,628
3,520
3,437
3,686
3,862
4,087
4,682
43, 454
4,192
4,033
4,213
4,612
4,448
4,823
4,625
4,664
4,966
4,928
4,837
5,053
55, 395

Mexico

Japan 2

1,129
1,283
1,051
1,152
1,205
1,158
1,115
1,140
1,117
1,109
1,172
1,196
13,827
1,282
1,012
989
1,331
1,209
1,104
815
1,229
1,075
1,042
»1,042

India»

544
542
571
556
600
607
670
626
691
716
709
700
7,531
657
764
683
694
716
663
668
654
692
679
667

1
1"""

610
589
595
309
309
577
571
621
607
639
677
702
6,806
649
582
596
563
523
491
502
517
564
675
592

" ~

1
2

Output of Kilo-Moto mines, which in 1930 represented about 75 per cent of total gold production in Belgian Congo.
Output of principal mines, representing about 95 per cent of total gold production in Japan.
3 Reported monthly production of the Mysore district plus $82,000 representing the average monthly production of the rest of India in 1930.
4

This figure represents about 75 per cent of the total world production of gold in 1930, which was $417,000,000 according to the 1931 annual report
of t h e Director of the M i n t , including $43,000,000 produced in the United States a n d $21,000,000 estimated to have been produced in Russia.
* Preliminary.

GOLD MOVEMENTS
[In thousands of dollars]
United States: Net imports from—

Month

All
countries

England

Bele io
France gium Nether- Switzer- Can- M xc
ada
lands land
I

1930—January
3,960
59,991
February...
55,478
March
April
65,725
23,470
May
13,912
June
- 1 9 , 640
July
-19,617
August
2,547
September..
26,369
October
November..
35,151
December..
32,742

1 -8,477
1
-191
7
-90
2
2
—4
20
29,943
6 - : 35,306

280,087
Total
1931—January
34,372
February...
16,142
March
25,645
April
49, 516
49, 630
May
...
63,8471
June
19,503
July
57, 500;
August
20, 561
September.
-337,685'
October
89,436
November.
56,858
December..

- 2 7 5 -73,675

Total
1932—January
- 7 4 , 958
93098
February *_.

1;
: : ! " - - _
16

1
50
-2
19,161
16
5
21
-41
8
-16
1,5011
-5
23 -24,08'
2
685 -324,500 - 9 , 6 7 8
333
-10
-57
4,249 -15,150 - 5 , 8 6 1
6,797 -344,514 - 1 5 , 583
-3,199 - 8 3 , 783
- 2 2 0 98 432

-4,172
-349
-35,904 -17,617
-394
-515
- 9 , 8 5 - 1 , 270
-50,327 -19,768

12,553 - 6 , 2 5 - 1 , 759
17,861 - 8 , 6 7 2
-356

1 $25,990,000 imported from G e r m a n y .




3,122
2,619
3,075
2,256
2,281
2,415
-10,142
-3,174
-6,076
-8,181
-4,208
22,885
6,872

753
1,312
4,248
756
2,526
1,699
3,329
l,147i
1,281
557
-""
395
20,3901

» Brazil Colom
bia
297
28
66
-50

14,384
4,922
20,222

22, 556
5,441
536i
1,272
303! 9,289i
924
4,032! 11,601!
1,105
1, 563', 14,782!
1.052
774| 40,029
438
20, 725
4,923
466
4,871
8,305
8,802
2,208
5,383
8,837
4, 260! 25, 770
5.666 - 1 , 239 15.474i
7,408
989
267i
4,513
1,344
81,136
2,146
8,171

22,267 141, 263
1,103 9,110
368 1,146

5,430
11,823!
5,425]
36,733!

6,289
146
1,525
15,405
5,000
87, 776
16

1,214
71
1,155
73
118
1,102

108
1,144
140
1,124
1,742
1,107
9,097
3,022
116
2,996
86
3,359.
155
87
142
3,095
16
2,042
15,116
2,948

360

1 $11,000,000 imported from Germany.

China
British
India

4,895
3,165
8,064
4,677
1,640

and
Hong
Kong
709
110
2,410
7,351
1,866
436
3,399
3,194
1,055
732
699
249
22,211
801
2,739
1,597
7,796
960
6,361
1,544
1,046
3,596
5,533
1,644
623
34,240
167
816

Japan

40,906
38,316
14,286
13, 509
7,015
8,001
4, 577|
13,750
16, 250:

All
other
coun-J
tries
1,208
2,851
1,005
4,291
3,209
1,228
7,312
3,984
178
'716
3,174
30,838

156,609'
748|
1,264
1
2,412
2,845
1,586
2,266
2,741
2,604
847
399 1 30,842
2,980
1,246
25,000 213,435

3,586
1,378
22, 501
75,932 -1,056
68, 285
4,775
199,286 67,332
9,969
2,471
19, 433
509

9 Preliminary

169

FEDERAL RESERVE BULLETIN

MARCH, 1932

GOLD MOVEMENTS—Continued
[In thousands of dollars]
Great Britain: Net imports from—
Month

All countries

25,600
1930—January—
February...
4,886
25,432
March
27,913
April
-15,746
May
- 6 , 912
June
July
_. -15,709
2,811
August
2,094
September10,662
October
November.. - 1 , 965
December.. -35,383
Total
1931—January
February. _.
March
April
May
June..
July_.
August
SeptemberOctober
NovemberDecember..
Total
1932—January....
February *_

United
States

Belgium

France Germany

-979
-52,633
-11,427
-31,517
-13,683
-15,909
-26,827
-39,682
-65,750

-3,476
-32,917
-2,290
-9,827
- 5 , 972
- 7 , 749
-785
-765
-1,470
- 2 , 681
-940
-9,963

283 1-268,831

-78,835

1 _ (9,090

-43,470
-72,616
2,443
-18,178
6,452
-7,793
24,084
-344
19,122
-296
54,300
-232
-130,808 - 1 , 5 0 6 -110,144
-24,150
11 - 1 3 , 333
—792
-10,887 - 1 , 0 2 7
16, 316
-8,508
1,214
-58,840 - 5 , 4 2 1 - 8 0 , 340
-22,507 -10,222 - 3 5 , 9 7 7

-1,483
- 1 , 772
-1,047
-92
-420
37,514
1,765
7
-73
-149
o
-743

-2,661
- 7 , 796
- 6 , 317

23,685

-10,325
-89
282
i
I
i
i

_.

-167,946 I - 1 6 , 9 5 0 - 3 4 8 , 554
-21,110 ! -5,757
3,276
-11,124 j

- 9 0 , 781
-75,998

Nether- Switzer- South British
America India
lands
land

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

1930—January-..
February..
March
April.
May
June
July.
August
September.
October-..
November.
DecemberTotal
1931—January—.
February-.
March
April
May
June
July
August
September.
October
November.
DecemberTotal
1932—January.

-384
19,098
18,653 i 19,254
17,700 - 1 , 5 3 1
12,434
-297
20, 344
-259
12, 955
-266
22,186
-327
14,136
-25
15, 200
-317
22,138
-574
17, 932
3,436
20,997
4,183

116, 415

213,774 | 2 22,893

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

-7
-48

- 9 8 1 -23,190

57,896

-8,177

1,526

-992
-153
-194
-126
-133
- 3 , 338
-1,658
-13,218
-10,182
- 3 , 076
-13,086
-26, 780

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

198
529
-249
305
-258
-25
3,132
984
624
9,337
31, 306
28,169

1,421
620
879
967
1,003
1,205
1,703
1,504
680
500
280
601

33, 505 -37,047 - 1 2 8 , 3 1 0 - 7 2 , 9 3 7

29, 444

74,051

11, 366

33,160

253,052 |

1,275

-349
-52

112
2,605

54, 843
33,441

960
373

1,822
353

23,136 !
28,665 |

210
702

-2
-601
-8
-10
-4
-1,218

-19
-10,751
-9,145
-39

-276
-14
18
65
146
-82
-50,133
-24, 373
-20,542
-10,749
-16,182

-224

-107
-70

-123
-714

- 5, 075
- 3,70G

270
35
426
619
231

4,363
20,373
2,858
17,489
-704
21,382
- 3 , 528
23,090
-256
16,185 !
21,024 ! - 2 , 6 4 7
-382
21,042 I
-599
17,861 !
-304
20,000 I
-320
26,297 '
2,157
20,181 I
637
28,129 !

Germany: Net imports from—
All
other
countries
346
277
650
162
166
84
305
667
467
585
628
1,066

35,886;
5,422
-3,8561
-173
34, 716
48,097
7,411
7, 352
63, 972' 17, 950 28,918
63, 580; 43, 752 15,291
28, 950; i 3,491 25, 011

67,819
36,205
10, 558
2, 736'
- 1 2 , 090
- 9 , 558:
149,150
72, 952
418|
273, 7341
122, 372 i
13,881!

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

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

All
countries

121,147;;.38,172! I
65,035:1

TransAll
vaal,
Austra- Rhodesia, other
lia
West Af- countries
rica

-407
-217
-208
- 2 , 684
-379
-333
-6,176
- 5 , 251
-1,985
-4,251
-614
-685

2
-7,248

France: Net imports from—
Month

Straits
Settlements

37,142
37, 472
63. 998

- 5 , 996
21, 738
40, 447
20,132

-153
-42, 572
-22, 386

4,739
37, 944i
14,8011
18, 337
6,851
7,270
1,187
1,
23, 391|
93,515
1,185 j!
9,250:1

11,966
12,098
10, 598
11, 383
6, 371
- 2 0 5 , 543
- 6 , 243
934
-16,947
- 3 1 , 473
- 4 1 , 968
875

42
6,742
8,539
8,269
49
198
87
159
24,904
83,909
141
91

75
163
177
309
424
-24,191
181
548
- 5 , 558
-10,965
-16, 455
150

42
-6,113
18
-23
-11,859
-20, 620
-25, 594
103

728,176 j 328,130; 312,561

i $19,466,000 imported by Great Britain from Spain,
a $29,229,000 imported by Great Britain from Spain.
»$29,233,000 imported by France from Spain.




164

* $17,553,000 exported by Germany to Belgium.
v Preliminary figures for the period Feb. 4-25

170

FEDERAL RESERVE BULLETIN

MARCH, 1932

GOLD MOVEMENTS—Continued
[In thousands of dollars]
Switzerland: Net imports from—

Netherlands: Net imports from—

All countries

Month

United
States

France

All
other All councountries
tries

Germany

"I

-2,976
1930—January
-946
February.._
78
March
60
April
56
May
23
June
.,
- 1 6 , 539
July.—
273
August
68
September..
12,139
October
35
November..
3
December—_

Total

England

203
-3,166
43 j
-988
25
54 I
41
29
36
23
16
9
18 - 1 6 , 553
251 I
21
34 j
34
229
-60
115
35
31
10

-7,724

1,018 I - 2 0 , 5 2 8

249
—118
-156
-433
-519
24, 384
9,397
60,076
19, 020
30, 598
36,551
19, 567

16,413
21,551
1,449

26
276 !
30
19 i
31
-14 I
25
-65 :
23
-145 I
23
-21
37
9,820
39
60,722
-86
15, 387
14,781 - 1 7 , 572
7,982
-1,113
8,849
- 2 , 325

Total.....

198,619

39,413

117,591

-21,024

56, 059

7,130

7, 747

3,100

- 3 , 521

406
216
208
2,521
470
242
5,235
6,955
2,351
4,350
568

253
325
95
1,233
29
24
-5
1
-22
-8
-17
1

-167
-159
-92
-56
-118
-92
-101
-76
-167
-330
-173
-112

-215
-134
-73
-226
-173
-152
-136
-81
-257
-237
-279
-306

24, 205

1,911

— 1 , 643

-2,270

972
201
143
100
123
3,269
1,072
23 i
186
1,722
32,919
5,346
3,224
9,805
254 18, 364

-16
-42
-32
-6
8,220
2,300
66
23
3,398
4,519

-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
8 6,751
* 7,181
209
11
55

41, 301

19,317

39,684

72,760

13,267

1,300

1,972

10

-Si

-43
—164
-142
-392
-382
24,176
-229
-556
-113
17,455
4,717
11, 672

-304

1932—January

Germany

278
248
139
3,473
207
13 I
22
5
4,993
6
6,799
8
1,905
2
3,775
-92
99
-76
267
-18
-158 I 22,204

11, 932

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

671
6
-29
-2
-13
207
-232
-128
1 3,831
-479
2 3, 413
-78

—54
—111
-10
-18
17,475
3,597
18,096

25, 505
94, 339
43, 572
19, 687

6,580 222,751 ' 36,422
I
109

All
other
countries

France

-4
5

-6
—fi
-7
-16
-8
-10
-8
-2
12,063
-39
-21

South
Africa

^Iand

En

State

5,653

2,067

304

British India

Month

British
Oceania

Mesopotamia

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

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

194
191
344
172
262
165
150
154
204
152
259
154

1,417
123
1 175
3,447
3,651
6,827

57, 672

8,681

8,053

—286
8S0
943
600
696
- 1 , 752
—803
-270
62
-31,250
-30,311
- 6 3 , 750

-10
-778
- 9 , 922
-4,139
-7,402

— 1,024
323
-26
102
295
- 2 , 254
-1,539
-979
-103
-12,207
- 2 2 , 041
- 5 5 , 282

94
211
418
199
99
170
404
224
352
28

- 1 2 5 . 240

- 2 2 , 256

- 9 4 , 737

2,199

2,284

All countries
1930—JanuaryFebruary
March
April

.

May

June
July
August
September
October
November
December

_

__

Total
1931—January
February
March
April
May _
June
July
AugustSeptember
October
November
December

Increase Increase
Gold pro- in Govin priduction7 ernment
vate
All other in India reserves holdings
countries
in India in India 8

Net imports from—

.

_

Total
1932—January

United
States

5, 370
3,844
3,447
5,953
6,452
9,203
3 404
13, 461
3 568
967
1,323
682

» -33,510

England

o

-4

Natal

6,922
1 573
400
24
123

696
1,197
658
817
1,080
920
1 455
3, 852
847
109
248
152

610
589
595
309
309
577
571
621
607
639
677
702

—36
17

5, 796
4,433
4 042
6, 262
6, 725
9 780
3 975
14, 082
4 175
1 60f>
2 036
1,367

2,402

26. 513

12, 023

6,806

200

64, 278

138
113
144
118
167
146
79
202
163
335
466
212

247
49
113
74
24
25

9

«260
184
•294
107
111
165
253
223
•167
«-10,059
• - 4 , 597
- 1 , 288

649
582
596
563
523
491
502
517
564
675
592
*592

1
9
6,942
6,168
5,866
3,397
7,362
3,760
21
-353
359
0

362
1,453
- 5 , 403
- 5 , 005
- 4 , 647
-4,658
- 7 , 663
-3,513
605
- 3 0 , 222
-30,078
*-63,158

1,447

-14,177

*6,846

70
262
575

i "

*592

183

36

33. 532 v-151,927
18

»-32,900

i $4,020,000 imported by Netherlands from Dutch East Indies.
a $3,824,000 imported by Netherlands from British India.
* $7,293,000 imported by Switzerland from Norway.
» $6,733,000 imported by Switzerland from Australia.
« $9,084,000 was exported from India to Netherlands.
• $2,367,000 was exported from India to Netherlands; $2,729,000 to France,
'8 Reported monthly production of the Mysore district 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.
9 Preliminary.
• Corrected.




171

FEDERAL RESERVE BtTLLETIN

MARCH, 1932

GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
1932
Jan.
Argentine Conversion Office (millions of
gold pesos):
Gold
Notes issued 1
Irish Currency Commission (thousands
of pounds sterling):
Legal tender note f u n d British legal tender and bank
balances
....
British securities
Notes issued
Consolidated bank notes ?—
Issued
Deemed such under sec. 60 (4) of
currency act, 1927

1932

1931
Dec.

260
547

261
548

Nov.

Jan. 1

273
542

1931

411
539 ;

22
426
70
6, 725 7,119 7,219
0,795 7,546 7,241

150
6,896
7,046

4,350 4,333 4,293

3,930

1, 631 1,649 1,067

1,908

Jan.

Canadian Minister of Finance (millions
of Canadian dollars):
Gold reserve against Dominion notes..
Advances to banks under finance a c t . .
Dominion n o t e s 170
Issued
Outside chartered bank holdings..
Indian Government (millions of rupees):
Gold standard r e s e r v e !
Gold
395
:
Foreign exchange
i
138
Paper currency r e s e r v e 48
Gold
1,158
Silver coin and bullion
585
Other assets
1,792
Notes issued

Dec.

Nov. Jan

67

75
13

174
30

197
29

147
28

398
136

399
135

89
444

46
1,230
518
1,793

45
1,294
285
1,624

262
1,211
109
1,582

1
2

Includes a small quantity of subsidiary coin, amounting on Jan. 31,1932, to 15,000,000 pesos.
The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Jan. 9, 1932, and Dec. 12, Nov. 14, and Jan. 10,
1931. c The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.
Corrected.
\

BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of dollars converted from Swiss francs at par: 1 Swiss franc=$0.1930]
1932

1932

1931

Jan.31

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-

Dec. 31

3,343
30, 295

2,972
27,615

1,099
16, 505

OS, 776
18, 518

66, 965
35, 789

97, 828

87, 294

102, 754

45, 057

46, 484

139, 367
31, 312

45, 057

46, 484

170, 679

21, 2G5

Total.
Other resources

Jan.31

J a n . 31

78, 458
19, 370

Sundry bills and investments:
Maturing within 6 months
Between 6 months and 1 year.
Over 1 year

161

31,715
2,363
101

29, 050
7,176

21,425
2,011

34, 24.0
2,276

36, 226
2,369

Short-term deposits:
Central banks for own account—
Demand
_
TimeNot exceeding 3 months..
Between 3 and 6 months.
Total.
Central banks for account of o t h e r s Demand...
TimeNot exceeding 3 months
Between 3 and 6 months
Total _
Other depositors—
Demand
Time—not exceeding 3 months..
Long-term deposits:
Annuity trust account
.German Government deposit. _
French Government guaranty fund.
Total
Capital paid in
Reserves:
Legal reserve fund
D i v i d e n d reserve f u n d .
General reserve fund
Other liabilities

Total resources




1931

Liabilities

Resources

j 199,960

200, 880

329, 631

Total liabilities .

Dec. 31

60,897

57, 392

45,897

30, 768

32, 073

112,022
1,196

91,605

19, 464

159,115

14, 995

19, 566

35,306

6,854

6,594

29,064
24, 063

21,849

26,161

88, 433

1,144

654

29,077
14, 839
13, 249

29, 677
14, 839
13, 249

29, 779
14, 890
13, 277

57, 705
20, 941

57, 765
20, 941

57, 945
19,855

108
211
422
5, 854

108
211
422
5,155

2,557

199, 960

200, 880

329, 631

J a n . 31

1,682

172

FEDERAL RESERVE BULLETIN

MARCH, 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) i

eserves
Coin

Millions of pounds sterling:
1930—Dec. 31_
1931—Jan. 28.
Feb. 25__.
Mar. 25
Apr. 29
May 27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30
1932—Jan. 27
—..
Feb. 24

147.6
139.5
140.8
143.6
146.3
151.0
162.9
132.0
133.3
134.8
135.7
120.7
120.7
120.8
120. 8

.7
.8
.9
.9
1.1
1.1
1.3
1.3
1.3
1.3
1.0
.6
.0
.6

Notes

Discounts Securiand
ties
advances

38.8
52.7
53.2
54.8
56.5
56.2
70.1
32.7
58.0
52.6
54.6
41.3
31.6
49.9
49.4

49.0
9.7
8.5

11.4
7.2
6.8
9.6
9.7
9.3

14.8
10.5
12.7
27.3
12.9
11.5

104.7
62.9
64.4
52.1
56.7
59.8
57.5
79.2
78.2
94.9
84.6
87.8
133.0
82.5
71.0

Liabilities of banking department
Note
circulation

Deposits
Bankers'

368.8
346.8
347.7
348.8
349.8
354. 9
352.8
359.4
350.3
357.2
356.0
354.4
364.2
345.9
34G.4

132.4
55.2
59.1
57.7
48.9
54.8
61.6
55.8
53.6
62.6
63.5
59.8
126.4
74.3
67.9

Gold

Millions of francs:
1930—Dec. 26.
1931—Jan. 30_.
Feb. 27_
Mar. 27.
Apr. 24.
May 29June 26.
July 31.
Aug. 28.
Sept. 25.
Oct. 30.
Nov. 27.
Dec. 30.
1932—Jan. 29_.
Feb. 26..

53,578
55,510
55,924
56,116
55,616
55,634
56,426
58,407
58,563
59,346
64,648
67,844
68, 863
71,625
75,059

Foreign Domestic Security
loans
exchange
bills

26,179
26, 323
26,316
26,307
26,305
26,160
26,209
26,242
27,611
25,194
27,600
24,273
21, 111
18,805
15,127

8,429
9,463
8,250
7,084
6,502
6,190
5,576
4,564
5,820
5,880
8,809
7,766
7,389
6,555
5,544

2,901
2,866
2,801
2,858
2,795
2,806
2,779
2,860
2,729
2,754
2,712
2,731
2,730
2,744
2,707

Gold

Millions of reichsmarks:
1930—Dec. 31
1931—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 30—
June 30__
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1932—Jan. 30
Feb. 29
1

2,216
2,244
2,285
2,323
2,368
2,390
1,421
1,363
1,366
1,301
1,145
1,005

Negotiable
securities 2

928

206
86
76
142
45
25
74
249
38
124

2,366
. 942
,
79
;51
. 818
,
,791
2,579
3,273
3,101
3,545
4,010
3, 901
4,144
3,632
3,324

18.0
18.1
18.2
18.3
17.7
17.8
17.9
18.1
18.2
18.3
17.7
17.8
18.0
18.1
18.2

11, 698
11,659
10,963
12, 577
12,062
12,669
15,187
14, 736
17,649
18, 542
22,954
24,171
22,183
23, 552
24,899

2,241
2,198
2,221
2,260
2,462
2,394
2,250
2,195
2,227
2,266
2,441
2,442
1,989
1,910
1,925

9.5

17.7
17.4
25.2
15.2
26.3
30.1
17.3
27.0
7.7

15.3
14.1

5,304
5,199
5,199
5,082
5,082
5,082
5,082
5,065
5,065
5,065
5,065 i
5,065 I

7,157 !
6,899
6,882

Deposits
Other
assets

6,609
6,898
6,982
7,026
7,134
7,316
6,807
8,958
8,193
8,099
8,428
8,647
8,545
8,278
8,329

Note
circulation

76,436
78,559
78,947
77,864
77, 231
78,185
76,927
79,862
78,635
78,173
83, 639
82, 543
85, 725
84,723
83,189

12,624
13,844
13, 339
11, 773
11,680
9,940
8,513
9,303
9,470
7,357
8,227
7,170
5.898
4,722
3,637

Liabilities

Reserves
Other
in foreign Treasury bills (and Security Securities
bills
loans
exchange
checks)

469
199
166
188
157
186
300
246
356
139
131
170
172
145
149

Other
liabilities

36.2
33.4
33.3
33.7
37.0
33.8
33.5
33.7
48.7
52.6
52.6
38.1
40.3
38.2
32.2

6.6

19.4
16.2

Resources
Reichsbank

Other

Liabilities

Resources
Bank of France

Public

256
174
301
274
287
167
355
347
208
301
240
254
245
158
303

102
103
102
103
103
103
103
103
103
103
103
103
161
161
162

Other
assets

733
676
638
668
721
936
958
972
1,016
963
980
1,065
1,098
1,100

Note
circulation

4,778
4,383
4,428
4,456
4,340
4,299
4,295
4,454
4,384
4,609
4,746
4,641
4,776
4,407
4,268

Deposits

652
267
325
387
355
353
398
834
509
613
518
506
755
394
423

Other
liabilities

822
831
832
775
749
731

1,074
1,251
1,251
1,306
1,326
1,323
1,338
1,373
1,318

In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which isfixedby
law at £260,000,000. Since Aug. 1, 1931, however, a temporary increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been
permitted
2
Issued by the independent'office for retirement of public debt (caisse autonome d'araortissement).




173

FEDERAL RESERVE BULLETIN

MARCH, 1832

CENTRAL BANKS—Continued
[Figures are for last report date of month]
1931

1932

Janu- Decem- November
ber
ary
National Bank of Albania (thousands
of Albanian francs):
Gold
Foreign exchange.--Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
Commonwealth Bank of Australia
(thousands of Australian pounds):
Issue department10,500
Gold coin and bullion
41,745
Securities
Banking department874
Coin, bullion, and cash
Money at short call in Lon15, 570
don
17,542
Loans and discounts
28, 616
Securities.
._
65,082
Deposits
46,566
Bank notes in circulation. __
Austrian National Bank (millions of
schillings):
Gold.
179
87
Foreign exchange of the reserve. _
Other foreign exchange
12
884
Domestic bills
Government debt
97
Note circulation
093
113
Deposits
National Bank of Belgium (millions
of belgas):
2,534
Gold....
0
Foreign bills and balances in gold.
923
Domestic and foreign bills
288
Loans to State..
3,672
Note circulation
189
Deposits
Central Bank of Bolivia (thousands
of bolivianos):
Gold.
Foreign exchange
Loans and discounts
Note circulation..
Deposits
Bank of Brazil (millions of milreis):
Gold
Currency
Correspondents abroad
Loans and discounts. _
Securities.
Note circulation
Deposits._.
National Bank of Bulgaria (millions
of leva):
1,512
Gold..
70
Net foreign exchange
333
Total foreign exchaEge
699
Loans and discounts
2,965
Government obligations
2,730
Note circulation
Other sight liabilities
^ 1,514
Central Bank of Chile (millions of
pesos):
Gold at home
67
Foreign exchange
108
Loans and discounts
173
Note circulation
324
Deposits against which reserve
is held
Central Bank of China i (thousands
of Yuan dollars):
Gold
Silver
Due from banks abroad
Due from domestic banks.
Loans and discounts
Securities. _
_
Other assets
Note circulation
DepositsGovernment
1
Items for issue and banking departments




Central Bank of China—Continued
Deposits—Continued
Bank..
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
16,110
Gold at home
13,845
Gold abroad..
__
Loans to member banks
Note circulation.
Deposits
10,500 10, 500 15,386 National bank of Czechoslovakia
44,234 41,248
5,682
(millions of Czechoslovak crowns):
Gold
1,421
Foreign balances and currency
Loans and advances.
13, 795
4,662
Assets of banking office in liqui12,185 18,901 19, 765
dation
28,795 17,684 23,183
Note circulation48,483 47,810 49,728
Deposits
49,392 45, 778 39,306 Danish National Bank (millions of
kroner):
Gold..
214
190
Foreign bills, etc
190
140
116
102
Loans and discounts
496
41
Note circulation
26
136
820
908
Deposits
101 Bank of Danzig (thousands of Danzig
96
96
979
1,130
gulden):
1,183
112
140
128
Gold
Foreign exchange of the reserve
Other foreign exchange.
Loans and discounts
__
2,550 2,558
1,376
Note circulation
0
889
0
Deposits...
793
936
976
292 Central Bank of Ecuador (thousands
290
288
of sucres):
3,654 3,550
3,206
Gold.
334
264
194
Foreign exchange..
Loans and discounts...
Note circulation
3,354 2,899
2,781
Deposits
_
__
23,264 23,378 37,088
23,207 22,190 24,031 National Bank of Egypt * (thousands
of Egyptian pounds):
26,626 25, 706 30,811
Gold
11,229 11,016 15,265
Foreign exchange
British Government securities
Loans and discounts
279
274
341
Egyptian Government securities.
114
75
306
Other assets..
1,413
1,612
1,618
Note circulation
124
138
145
Deposits170
170
170
Government
1,527
1,657
1,583
Other
Other liabilities
Bank of Estonia (thousands of
1,510
1,511
1,458
krooni):
267
51
116
Gold
704
478
405
Net foreign exchange...
683
881
852
Loans and discounts
3,101
3,031
3,029
Note circulation
3,059
2,981
2,919
Deposits1,460
1,503
1,448
Government
Bankers
_.
Other
67
62
Bank of Finland (millions of Finnish
131
128
258
marks):
222
208
94
Gold
319
311
292
Balances abroad and foreign
credits...
_.
90
79
42
Foreign bills
Domestic bills
Note circulation
12, 210
Demand liabilities
44,773 30, 967 Bank of Greece (millions of drach19, 763
9,223
mas):
23, 700 38,045
Gold
72,127 31, 737
Net foreign exchange in reserve..
10,493
4,004
Total foreign exchange
8,198 23,455
Loans and discounts
34,417 22, 576
Government obligations
Note circulation
I 94, 684 70,192
Other sight liabilities..
consolidated.
5,094
24, 949
4,532
7,133
11,869
16, 399
13,441

5,123
24,641
4,623
7,496
11,927

1931

1932

January

1,924
26, 570
3,644
4,888
12, 596
11,993
14,237

Janu- Decem- Novem-i Januber
ber ! ary
ary

9,854
4,735
35,364
6,661 9,129
7,626 4,649
16,516 18,228
17,617 20, 578
14,289 10,809

9,456
3,746
43,671

10,684
4,634
18,771
19, 711
11,330

14,793
9,268
13,230
25,352
8,130

1,649
940
1,611

1,649
1,060
2,316

1,567
1,146
1,656

1,544
2,233
255

290
384

294
7,679
361

299
7,166
194

318
6,608
987

149
26
173
325
50

144
36
172
347
63

144
39
155
340
49

172
81
85
341
32

21,825 21,830
25,531 21, 533
6,310 6,403
10,661 9,457
44,042 42, 747
10,263 6,111

118
17,100
16,151
19, 618
36,519
1,763

5,663 5,653
9,904 10,860
14,227 14,408
19,134 19, 598
8,975 9,595

5,653
20, 710
13,654
22,147
14,368

4,225
1,619
15,098
9,129
14, 757
4,450
19,057

4,093
3,194
16,160
7,653
15,859
3,042
19,898

5,120
16, 916
8,184

6,358
15,925
7,820

7,307 6,559 6,552
14, 244 14, 933 13,970
22.436 24,102 23,166
34.437 35,159 37,124

6, 546
16,221
24,460
33,314

21,821
22,134
6,212
10, 220
42,195
8,572

5,083
5,571
2,856

6, 005
5, 266

4,893
3,429
2,071

9,178
3,530
2,177

304

304

304

301

420
247
972
1,220
234

413
204
1,085
1,293
262

305
201
1,113
1,237
207

732
188
725
1,231
170

869
772
906
830
3,151
3,797
585

869
1,047
1,268
533
3,126
4,003
702

868
1,281
1,480
523
3,128
3,987
891

513
2,272
2,843
325
3,389
4,521
1,797

174

FEDERAL RESERVE BULLETIN

MARCH, 1932

CENTRAL BANKS—Continued
[Figures are for last report date of month]
1932

1931

1931

Janu- Decem- Novem- January
ary
ber
ber
Central Bank of Guatemala (thousands of quetzales):
2,033 2,255 2,228
Gold coin
697
Balances abroad
307
490
6,293 6,378 5,998
Loans and discounts
Other assets
- 1,122
1,560
1,071
6,025
Note circulation
6,120 6,351
1,115
Demand deposits
1,067 1,170
55
Other deposits..
_
77
67
Other liabilities2,948 2,938 2,496
National Bank of Hungary (millions
of pengos):
100
105
102
Gold
16
12
16
Foreign bills, etc
425
Loans and discounts
_
441
421
58
Advances to treasury
_
58
58
13
Other assets
27
37
416
Note circulation
423
392
97
Deposits
--.
126
148
72
Miscellaneous liabilities
63
Bank of Italy (millions of lire):
5,626 5,626 5,626
Gold at home.
1,935 2,170 2,361
Credits and balances abroad
5,311 5,665 5,109
Loans and discounts
13,971 14,295 14, 254
Total note circulation
300
Public deposits
_300
300
2,049 1,770 1,910
Other deposits.Bank of Japan (millions of yen):
431
470
Gold
558
1,004 1,051
Advances and discounts
931
143
218
Government bonds
118
Notes issued
. . 1,187 1,286 1,087
407
Total deposits_
_
519
290
Bank of Java (millions of florins):
113
113
132
Gold
5
9
5
Foreign bills58
50
Loans and discounts
56
230
234
Note circulation
_225
Deposits.
_
27
28
28
Bank of Latvia (millions of lats):
33
32
32
Gold
13
13
14
Foreign exchange reserve
_
79
77
78
Bills
59
59
Loans
41
41
Note circulation.
58
59
58
Government deposits. _
87
93
87
Other deposits
Bank of Lithuania (millions of litas):
50
50
Gold
29
33
40
Foreign currency
103
109
118
Loans and discounts
104
113
109
Note circulation
_
73
80
78
Deposits
Netherlands Bank (millions of
florins):
873 j 887
901
Gold
84 |
86
66
Foreign bills
_
175
188
219
Loans and discounts
984 1,023 1,051
Note circulation
190
199
180
DepositsBank of Norway (millions of kroner):
155
154
158
Gold
8
16
16
Foreign balances and bills
236
250
256
Domestic credits
_
311
334
288
Note circulation
2
2
2
Foreign deposits
__
88
68
67
Total deposits
Central Reserve Bank of Peru
(thousands of soles):
59,705 '60,416
Gold
4S4
805
Foreign exchange
12,914 12,534
Bills
-—
54,620 56,308
Note circulation..
7,706 6,368
Deposits
Bank of Poland (millions of zlotys):
487
487
Gold at home
114
114
111
Gold abroad
88
84
Foreign exchange of the reserve
125
126
119
Other foreign exchange
796
751
Loans and discounts
789

2,679
1,380
6,364
941
6,518
1,757
212
2,878
163
14
265
64
28
446
19
44
5,299
4,038
5,038
15,212
300
2,232
832
739
136
1,213
577
129
33
51
243
24
33
86
72
49
84
83
39
74
101
110
95
436
251
132
801
64
146
23
187
290
1
57
62,886
8,298
20,586
62,126
6,867
485
77
262
122
711

I

Janu- Decem- Novem-; January
ber j ary
ber
Bank of Poland—Continued.
Note circulation
_..
Current account of the treasury..
Other current accounts
.Bank of Portugal (millions of
escudos):
Gold
Net foreign exchange and other
reserves
Discounts and advances
Government obligations
Note circulation
Other sight liabilities
National Bank of Rumania (millions
of lei):
Gold at home
_
Gold abroad—
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts
State debt
Note circulation __
Demand deposits
South African Reserve Bank (thousands of South African pounds):
Gold
Foreign bills..
Domestic bills
Note circulation..
Deposits—
Government
Bank
—
Other
Bank of Spain (millions of pesetas):
Gold
Silver
Balances abroad
Loans and discounts
Note circulation
Deposits
_Bank of Sweden (millions of kronor):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
Swiss National Bank (millions of
francs):
Gold
.._
Foreign balances and bills
_.
Loans and discounts
Note circulation
Demand deposits
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
Other assets
Note circulation.DepositsDemand
Time
Judicial and AdministrativeOther liabilities
State Bank of U. S. S. R. (note-issuing department; thousands of
chervontsi):
Gold
Other precious metals
Foreign exchange
Note circulation
National Bank of the Kingdom of
Yugoslavia (millions of dinars) :
Gold
Foreign exchange.__
Loans and discounts
Advances to State.Note circulation
Other sight liabilities

1,152
32
201

1,211
37
172

1,277
48
137

272

209

591
348
1,058
1,936
312

0)
422
1,531
1,920
0)

5,931 5,903 5,874
3,769 3,769
3,114
84
527 1,721
6
34
17
13, 246 13,857 13,962
3,767 3,810 5,237
22, 713 23,755 23, 519
4,446 4,417 5,966

5,356
3,919
1,696
59
7,906
5,617
18,449
6,070

8,172
53
2,949
8,116

8,104
41
3,688
8,799

7,700
29
3,755
8,067

6,974
7,374
589
8,256

1,180
4,618
59

1,277
4,267
533

1,672
4,115
501

1,921
5,164
229

2,248
526
284
3,084
4,923
1,083

2,247
517
281
3,149
4,949
1,098

2,247
526
282
3,160
4,954
1,135

2,415
711
107
2,062
4,667
811

206
85
527
526
214

206
54
586
583
177

206
31
553
576
119

241
371
212
533
205

2,446
112
83
1,519
1,128

2,347
104
99
1,609
962

2,201
84
135
1,477
953

655
384
949

51,214 57,485
103,193 109, 397
36, 379 29,429
77,592 72,078
33,398
38,652
3,255
37,888

42,280
44,950
3,451
33,552

63,842 63,794 61,257 48,361
2,184 2,280 2,224
2,189
4,590 4,647 4,768
4,564
266,966 278,441 267,321 210,835
1,759
290
2,216
2,180
4,945

i Figures published previous to reorganization of bank July 1,1 931, are not comparable with current figures.




1,218
10
204

1,758
425
2,253
1,799
5,172
417

1,758
491
2,161
2,100
5,239
552

• Corrected.

1,082
123
1,552
2,997
5,064
1,040

175

FEDERAL RESERVE BULLETIN

MARCH, 1932

COMMERCIAL BANKS
1931

1932

Country
Jan.

Feb.

Apr.

Mar.

May

June

July

Aug,

Sept.

Oct.

Nov.

Dec.

Jan.

I

Argentina (millions of gold pesos):
Bank of the N a t i o n GoldOther cash.__
Loans and discounts
Deposits
„-..
Other banks in Buenos A i r e s Gold
Other cash..
_
j
Loans and discounts
Deposits..
Canada (millions of Canadian dollars):
Assets entirely in 1C a n a d a Cash in vault
Cash in central gold reserves.
Security loans
Other current loans
Security loans abroad.._
Securities
_
Liabilities entirely in C a n a d a Notes in circulation
Individual demand deposits
Individual time d e p o s i t s England (millions of pounds sterling):
Cash in vault and at bank
Money at call and short notice.
Advances and discounts
Investments
Deposits
France (millions of francs):
Bills and national-defense bonds
Loans and advances
Demand deposits
_
Time deposits
Germany (millions of reichsmarks):
Bills and treasury notes
Due from other banks
Miscellaneous loans._
__.
Deposits
Acceptances
Japan (millions of yen):
Cash on hand
Loans
Deposits

610
713

1
83
606
706

202
913
1,045

158
22
192
1,141
120
593
129

2
85
626 !
695 !

1
125
640
712

1
118
633

1
108
642
706

655
680 !

1
94
656
662

1
91
681
663

1
90
708
661

1
109
696
652

1.
107
707
641

209
910
1,043

173
912 |
1,020 i

172
910
997

180
885
996

202
871
990

194
857
971

199
843
971

7
190
852
966

2
186
847
947

2
194
830

2
203
817

151
25
186
1,116
132
654

148
, 27
175
1,115
137
649

157
156
26
29
181
187
1,130 I 1,139
117
98
651
669

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

159
27
159
1,141
91

129

128

126

:
i

131 I

153

124 i

I

176
22
131
1,071
66
674

201 i 175
25
26
157
135
1,102
1,082
113
83
719
694

126

128

129

123

557
1,429

543
1,436

579 i
1,445 I 1,453

580
1,456

601
1,450

561
1,451

568
1,461

594
1,456

581
1,462 |

617
1,396

567 !
1,360 !

507

195
143
1,237
281
1,836

187
115
1,208
293
1,782

181
112
1,159
295
1,726

176 ! 184
129 ; 131
1,141 ! 1,172
274;
272
1, 700 ! 1,744

181
128
1,178
283
1,750

177
112
1,156
286
1,708

171
106
1,132
288
1,675

173
113
1,131
288
1,688

170
108
1,125
284
1,670

181
118
1,131
281
1,700

21,081 21,098
10, 764 11,326
35,090 35,456
1,521
1,656

21,363
11,232
36,106
1,669

20, 242 18, 961
10,076 9, 863
36,137 36,972
1,429
1,370

17,851
9,797
37, 019
1,332

175
115
1,134
292
1,698

I

21,869 22,930 . 22, 507 20, 919 21,153
11,156 10,762 i 10,342
9,898 9,868
36, 971 37,861 . 37,938 36,642 36,991
1, 623 1,601 ! 1,564 1,539
1,545

2,497 2,532 2,529
2,548
946
981
857
956
8,225 8,144
7,818
8,021
10, 729 10, 778 10, 683 10,395
657
582
600
275
2,220
2,009

277
2,217
2,142

274
2,176
2,150

332
2,184
2,161

1,914
686
7,699
9,277
816

131

140

1,280
546
7,337
8,167
874

1,500
514
7,115
8,060
840

1,509 ! 1,406
465
373
6,884
6,837
7,873 : 7,500
818 *
891

217
2,140
2,122

197 I
126
2,146 I 2,171
2,102 ! 2,066

146
2,208
2,059

I

1,431
345
6,748
7,390
910

361 ; 274
134
2,156 I 2,166 2,169
2,181 I 2,233
2,151

177
116
1,128
268
1,677

140
2,247
2,051

124
2,283
2,008

commercial

banks;

i Gold, Dominion notes, and subsidiary coin.
NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks;
Germany—six Berlin banks; Japan—Tokyo banks.




France—four

176

FEDERAL RESERVE BULLETIN

MARCH, 1932

DISCOUNT RATES OF CENTRAL BANKS
Date effective

In effect May 1,1930.
May 2
May 19
May 20
June 21 July 10
Oct. 9
Jan. 3,1931
Jan. 22
Jan. 24
May 14
May 16
June 13
July 16
July 23
July 30
Aug. 1
Aug 12
Sept 2
Sept. 21
Sept 28
Sept. 29
Oct. 10
Dec 10
Feb. 18,1932
Mar 9
Mar. 10
In effect Mar. 12,1932.

Bank Bank German Bank Nether- Swiss
NaReichslands
of
of Engof
land France bank
Italy Bank tional
Bank
3

3

6

5

4

Albania
Austria
Belgium .
Bolivia
Bulgaria
2H Chile
Columbia
Czechoslo2
vakia
Danzig
Denmark
Ecuador
Estonia
Finland
Greece
Hungary
India

3

3

2

5
2
2V

2M

2

7
10

qi/

4V£

j

15
10
8

i
1

6
7

2H
5

7
6

2H

6

3

7

8
8
7

2

6
6

2

6
5
5
10
7
11
*7
6

In effect
since—
July
Nov.
Jan.
Aug.
Sept.
Oct.
Jan.
Dec.
Nov.
Mar.
Mar.
Feb.
Feb.
Feb.
Jan.
Feb.

,

1,1931
13,1931
13,1932
26,1930 |
29,1931
25,1931 i
22,1932 |

Rate
Mar.
12

Country
Japan
Java
Latvia
Lithuania

In effect
since—

5.8-4
4V2
6
6

Norway
Peru
Poland
22,1931 | Portugal
24,1931 \ Rumania
11,1932 South Africa13,1931 Spain
1,1932
13,1932 Sweden
20,1932 U.S.S.R-__
20;i932il ^ g o s i a v i a —
25,1932

Mar.
Mar.
Oct.
Apr.

12,1932
11,1930
1,1930
1,1930

5

Mar.
Sept.
Oct.
Aug.

3,1932
1,1930
3,1930
10,1931

7
6

Mar. 4,1932
Nov. 13,1931
July 8,1931
Feb. 19,1932
Mar. 22,1927
July 20,1931

Changes since Feb. 1: Denmark—Mar. 11, down from 6 to 5 per cent;
England—Feb. 18, down from 6 to 5 per cent; Mar. 10, down from
5 to 4 per cent; Finland—Feb. 13, down from 8 to 7 per cent; German
Reichsbank—Mar. 9, down from 7 to 6 per cent; Greece—Feb. 20,
down from 12 to 11 per cent; India—Feb. 25, down from 7 to 6 per
cent; Bank of Japan—Mar. 12, down from 6.57 to 5.84 per cent;
Norway—Feb. 19, down from 6 to 5}4 per cent; Mar. 3, down from
5H to 5 per cent; National Bank of Rumania—Mar. 4, down from
8 to 7 per cent; Sweden—Feb. 19, down from 6 to hy% per cent.

3

::::::

4
4

Rate
Mar.
12

Country

2

MONEY RATES IN FOREIGN COUNTRIES

Month

Bankers'
acceptances,
3 months

Treasury
bills, 3
months

2.25
2.56
2.60
2.58
2.24
2.09
2.58
4.28
4.74
5.68
5.75
5.85
5.52

2.24
2.37
2.56
2.57
2.21
2.10
2.44
4.21
4.57
5.46
" 5.55
5.60
4.94

1931—January
February
March
April
May
June
July.—
August
September
October
November
December
1932—January

Bankers'
Day-to-day allowance
money
on deposits
1.74
2.29
2.20
2.17
1.87
1.64
2.05
3.59
4.04
4.36
4.96
4.27
4.20

Belgium
(Brussels)

France
(Paris)

Italy
(Milan)

Private
discount
rate

Private
discount
rate

Private
discount
rate

Netherlands (Amsterdam)

Germany (Berlin)

England (London)

Private
discount
rate

1
1
1
1
1
1
1 -2H
2\i
2^-4
4
4
4
4

4.75
4.88
4.76
4.65
4.65
6.05
17.00
^8.92
7.99
8.00
8.00
7.33
6.94

Austria (Vienna)

Money for Day-to-day
1 month
money

6.64
6.31
6.17
5.87
5.83
7.05
18.98
19.18
9.18
9.84
9.31
7.40
7.58

4.93
5.49
5.00
5.67
5.38
6.74
18.89
19.15
9.15
9.21
8.69
8.45
7.86

Private
discount
rate
L. 38
1.12
L. 09
L. 50
L.39
L. 05
I. 53
: .30
] .30
2. 76
': .59
] .57
J.24

Sweden
(Stockholm)

Hungary

Money for
1 month

Switzer-

land

Private
discount
rate

I. 55
t. 05
L.04
L. 61
L.55
L.07
L.40
L. 22
L. 21
*.O7
L.72
L. 59
2.37

1.17
LOO
.99
L.06
L. 12
L. 12
1.55
L.98
L80
L. 90
.77
L.75
L. 68

Japan (Tokyo)

Month

1931—January
February
March—
April
May
June
July_
August-__
September
October
November
December
1932—January

2.38
2.31
2.25
2.25
2.20
2.13
2.15
2.41
2.44
2.44
2.44
2.44
2.91

1.89
1.77
1.57
1.47
1.28
1.06
1.20
1.50
1.50
1.80
1.90
1.75
1.75

5.50
5.50
5.50
5.48
5.25
5.25
5.25
5.25
5.47
7.50
7.50
7.50
7.50

Private
discount
rate

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

Money
forl
month

4 -AH
ZH -4
3H -4Ms
3% -4
4
4 -6H

5H-6H
5^-6
5^-6
5^-6
5^-6
1 5^-6
-

—

b%- 7H
53/4- 7%

5H- 7ft
5H- 7
5H- 7
5%- 8
7U-10H
8H-10H
8 -101/3
7%-10

7H-10

1 Based on data for part of month, no quotations being available for remainder of month.




4H-5H
4J4-5
4H-5
4 -5
4H-5
4K-6^
1 5£$-6J4
5~~-6~~
5 -6
5 -6

SH-5H
3 -5
3 -5
3 -5
3 -5
3 -5
4 -6
4 -6
8 ~9H
6 -7H
6 -7H
6 -7H
6 -7H

Call
Discounted money
bills
overnight
5.48-5.66
5.48
5. 29-5.48
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

3.10
2.92
2.74
2.92
2.19
2.19
2.74
3.65
2.56
5.48
5.66
6.57

177

FEDERAL RESERVE BULLETIN

MAECH. 1932

FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations; based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
1931

Monetary unit

Country

Par of
exchange December

1932

January

1931

February

Par of
exchange

Peso
Boliviano
Milreis . .
Peso
. do Sucre
Sol
Peso
Bolivar

96.48
36.50
11.96
12.17
97.33
20.00
28.00
103.42
19.30

58.5196
35.7500
6.2010
12. 0669
96.5692
20. 0000
27,9538
44. 5487
15.5000

58.2724
36.0000
6.1579
12.0500
95.6656
20.0000
27.9680
44.9160
15. 0200

58.2204
27.3044
6.1720
12.0500
95. 2400
20.0000
27.9913
46.1521
15.2413

Mexican dollar.. 23.92
32.98
23.40
23.75
36.50
49.85
40.20
56.78

23.6010
32. 8054
23.7323
24.8704
25.3612
43. 4644
40.2192
39.0313

23.5237
32.6357
23.6966
24.8396
25.8179
35.9866
40.0940
39. 6900

24.4696
33.1449
24.3587
25.3353
26.0329
34.3233
40.2435
39. 7745

439.65

47.2100

Decem- January February
ber

SOUTH AMERICA

EUROPE

Austria .
Belgium
BulgariaCzechoslovakia..
Denmark
England. .
Finland
France
Germany
Greece
Hungary
Italy - . .
Netherlands
Norway
Poland
Portugal
Rumania
Spain
Sweden
_
Switzerland
U. S. S. R.1
Yugoslavia

Schilling
Belga
Lev.
Crown
Krone
Pound
Markka
Franc
Reichsmark...
Drachma
Pengo
Lira
Florin
Krone
Zloty
Escudo
Leu
Peseta
Krona
Franc
Chervonetz...
Dinar

14.07
13.9460
13.9518
13.90
13.9039
13.9140
.72
.7151
.7148
2.96
2.9626
2. 9627
18. 5875
18.8801
26.80
486.66 337. 3707 343.1210
2.52
1. 6938
1.5036
3.92
3.9229
3.9294
23.82
23. 6192
23.6475
1.30
1.2877
1.2879
17.49
17.4580
17. 4500
5.1094
5.0441
5.26
40. 2338
40.20
40.1828
26.80
18. 4831
18. 6969
11.22
11.1934
11.1902
4.42
3. 2302
3.1642
.60
.5959
.5951
8.3992
19.30
8. 3945
18.7098
26.80
19.1888
19.30
19.4805
19. 5074
514. 60 2 515.0000 2 515.0000
1.76
1. 7784
1.7796

13.9516
13.9384
.7145
2. 9627
19.0192
345.6316
1.5014
3.9379
23. 7392
1. 2875
17.4397
5.1799
40.3479
18. 7701
11.1896
3.1830
.5950
7. 7671
19. 2922
19.4961
2
515.0000
1.7803

Argentina
Bolivia»___
Brazil
Chile

Dollar
Peso
_. Silver peso

_

Colombia
Ecuador 1..
Peru 1
Uruguay 1
Venezuela

..

ASIA

China 3
China 3
China 3
Hong Kong 3

India...
Japan
Java 1
Straits Settlements.
Turkey

Shanghai tael
Yuan dollar
Dollar .
Rupee
Yen
Florin
Singapore dollar.
Turkish p o u n d . .

AFRICA

NORTH AMERICA

Canada
Cuba
Mexico..

1932

Monetary unit

Country

100.00
100.00
49.85

82.7064
99. 9470
39. 0086

85.1301
99.9296
39.3294

87.2936
99. 9622
37.8712

Egypt

1

Egyptian p o u n d .
494.31 345.9793

Averages based on daily quotations of closing rates as published by New York Journal of Commerce.
2 Chervonetz quotations nominal.
3 Silver currency. The figure given for parity represents gold value of unit in February, 1932, computed by multiplying silver content of unit
by New York average price of silver for February, 1932, which was $0.30449 per fine ounce.
Back figures.—See BULLETIN for January, 1932, 1931, 1930,1929, and 1928.




178

FEDERAL RESERVE BULLETIN

MARCH, 1932

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
I Index numbers except as otherwise specified]
Common stocks (1926 average=100)

Bonds
Month

Number of issues.

United
States
(average
price)

United
States

England

Germany

France

35

421

278

300

329

109.6
110.1
112.7
112.7
111.4
110.0
112.3
111.9
112.0
113.1
112.8
112.5

97.5
96.3
95.8
95.5
95.3
95.8
95.7
96.6
96.4
95.4
94.7
94.1

81.2
82.2
82.6
84.7
86.7
87.1
88.0
87.5
86.9
84.7
84.5
83.9

156.3
165.5
172.4
181.0
170.5
152.8
149.3
147.6
148.8
127.6
116.7
109.4

110.2
109.9
109.2
111.1
108.0
101.8
103.1
98.4
101.1
95.4
94.1
89.0

212.9
205.6
205.2
208.6
198.3
187.6
188.8
182.0
182.4
169.5
162.2
149.8

110.1
110.6
109.2
112.1
111.7
106.8
100. &
94.8
93.9
87.9
84.7
80.0

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
97.9 i
99.0 !
98.4 !
98.8 i
98.9 I
99.5 ;
97.7 !
94.8
94.4
90. 8 ;

84.0
84.3
85.9
87.4
86.4
83.9

112.3
119.8
121.6
109.2
98.0
95.1
98.2
95.5
81.7
69.7
71.7
57.7

89.3
89.4
85.1
76.8
77.8
79.2
73.8
67.2
75.6
74.7
68.1

81.0

104.7

91.5

58.0

69.7

60

87

1930—January.. .
February. _
March
April
May
June
July
August
SeptemberOctober
November.
December.

96.5
96.4
97.8
97.9 |
97.9 I
98.2
98.7
99.6
100.0
99.9
99.1
97.8

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

i I

1932—January...
1

Germany
(average
price)

France
England
(December, (1913 aver1921=100) age =100)

97.1 •

!

156.7
160.1
155.4
148.5
138.2
141.2
132.6
130.5
115.5 i
106.9
104.3
94.8

75. 0
78.5
83.6
84.8
76.1
69.6

107.3 !

Approximate n u m b e r ; series originally included 208 issues.

Stock price series for E n g l a n d , France, a n d G e r m a n y h a v e been converted from original bases to a 3926 base; for original figures see B U L L E T I N
for F e b r u a r y , 1931 (p. 91) a n d M a r c h . 1931 (p. 158).
Back figures.—See B U L L E T I N for F e b r u a r y , 1932, a n d sources there cited.

WHOLESALE PRICES—ALL COMMODITIES
Month

United
States
1(1926=100)

1931—January
February...
March
April
May.
June
July
August
September..
October
November _
December..
1932—January

England
(1913=100)

84
82
81
80
78

1930—January
February...
March
April
May
June
July
August
SeptemberOctober
November..
December..

Canada
(1926=100)

131
128
125
124
122
121
119
118
116
113
112
109

77 |
76 I
75 |
74 !
73 i
72
72
71
70 !
70 ;
71 !

69

Japan
NetherGermany
Italy
lands
(Oct.,
(1913=100) (1913=100) 1900=100) (1913=100)

576
567
558
548
546
540
558
560
556
552
551
541

132
129
126
127
126
125
125
125
123
120
120
118

107
106
106
106
104
103
102
100
99
104
106
106

541
538
539
540
520
518
500
488
473
457
447
442

106

439

I

i
i
I
I
i
I

70 :
67

i Revised index of the Bureau of Labor Statistics (784 price series).




France
(1913=100)

i
|
i

417
408
400
396
389
382
375
379
374
364
361
350

201
200
196
193
189
181
177
176
172
165
162 !
161 I

131
12ft
122
122
118
118
115
114
112
ill
110
107

115
114
114
114
113
112
112
110
109
107
107
104

342
338
339
337
332
327
324
322
319 j
322
320
319

158 I

105
104
103
102
102
100
97
94
91

100

317

160 !

i
!
i

158
158
158
154
151
153
152
150
147
147
151

i
!
!
!
|
i
j
!
;

85
84

179

FEDBRAL RESERVE BULLETIN

MARCH, 1932

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Groups are those comprised in indexes shown in preceding table]
England (1913=
100)

United States (192C>=100) 1

Month
Farm
products

Foods

Other
commodities

Foods

France (1913=
100)

Germany (1913=100)

Farm
IndusIndus- Agriculand food
trial
tural
trial
products products products products

IndusIndustrial
trial
raw and finished
semifinished products
products

Provisions

1930_ January
February
March
April
May
June
July
August
September
October
November
"PecpTnfap-r

101
98
95
96
93
89
83
85
85
83
79
75

97
96
94
95
92
91
87
88
90
89
86
82

90
89
88
88
87
86
85
84
83
82
81
80

139
135
129
129
127
127
127
126
124
121
121
116

127
124
122
121
119
117
115
113
111
109
107
105

512
503
495
481
483
488
540
550
562
562
570
570

630
623
612
606
601
587
573
568
551
543
535
516

122
116
110
112
111
110
115
117
114
109
112
110

115
115
118
118
117
115
114
111
108
108
108
105

128
127
126
125
124
122
119
118
116
114
113
110

156
155
153
152
152
151
151
149
148
147
145
143

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

73
70

81
78

79
78

113
112

104
103

580
575

507
505

107
106

102
100

108
106

142
140

77
76
75
74
74
74
74
73
74
72

111
113
113
113
110
108
108
113
115
113

103
102
100
98
98
95
95
100
102
102

581
592
566
571
541
528
508
489
482
491

503
495
480
472
465
452
443
429
416
400

107
108
109
107
105
103
101
99
99
95

99
97
96
P5
97
96
94
95
94
91

106
105
103
103
103
102
100
99
99
97

139
138
137
137
136
136
135
133
132
130

1932—January

53

65

72

114

101

496

390

92

90

92

125

71
70
67
65
65
64
61
59
59
56

78
76
74
73
74
75
74
73
71
69

COST OF LIVING

RETAIL FOOD PRICES

Month

United
States
(1913=100)

England
(July,
1914=100)

France
(July,
1914=100)

Germany
(191314=100)2

1931
January
February
March
April
AdEav

June
July
August
September
October
November
December

1932

1931

1932

1931

1932

1931

1932

133
127
126
124
121

109

138
136
134
129
129

131

132
132
131
130
129

114

134
131
130
129
130

116

Month

118
119
120

119
119
117
114

1

127
130

128
125

128

121

128
128
130
132

119
116
113
113

131
130

126

125 — 123
122
120

England
(July,
1914=100)

United
States
(1913=100)

1931

1932

January
February
March
April
May

June
July
August,.
Septemb( ir
October..
Novembc r
Decembe r

Germany
(191314=100)»

1932

1931 1932

147

145
147

150

1931

140
139
138
137
1T7

I26
120

145
145
145
14fi

115

i 148

108

]

146

1932

153
152
150
147
147

1931

France
(Jan.-June,
1914=100)

-

125

i 138
137
135

134
133
13?
130

Revised index numbers of the Bureau of Labor Statistics.
2 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 StatesBureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—for retail food prices,
Statistique GSne'rale, and for cost of living, Commission d'Gtudes relatives au cout de la vie a Paris.




180

FEDERAL RESERVE BULLETIN

MARCH, 1932

LAW DEPARTMENT
Recent amendments to the Federal reserve act (Glass- banks within its district, a majority of them
Steagall bill).
independently owned and controlled, upon their

There is published below a copy of the act of
Congress approved February 27, 1932, which
(a) authorizes any Federal reserve bank, subject to certain prescribed conditions and limitations, to make advances to groups of member
banks, upon their promissory notes, (b) authorizes any Federal reserve bank, until March
3,1933, in exceptional and exigent circumstances
and subject to certain prescribed conditions and
limitations, to make advances to a member bank
on its promissory notes, and (c) empowers the
Federal Reserve Board, when it deems it in the
public interest, until March 3, 1933, to authorize the use of direct obligations of the United
States as collateral security for Federal reserve
notes.
In view of the fact that it is contemplated
that advances under the first two sections of the
Glass-Steagall bill will be made only in unusual
circumstances, the Federal Reserve Board does
not contemplate issuing any regulations at
this time governing such advances but will
consider each request by a Federal reserve
bank for its consent to such an advance in the
light of the facts of each particular case. For
the information of all member banks the
Federal reserve banks, with the approval of
the board, are sending them circular letters
advising them of the procedure with respect
to such loans; and appropriate forms will be
supplied by the Federal reserve banks on the
request of any member bank desiring to apply
for such advances.
[PUBLIC—'No. 44—72D CONGRESS]
[H. R. 9203]

AN ACT To improve the facilities of the Federal reserve system for the service of commerce, industry,
and agriculture, to provide means for meeting the
needs of member banks in exceptional circumstances,
and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in
Congress assembled, That the Federal reserve
act, as amended, is further amended by inserting, between sections 10 and 11 thereof, a new
section reading as follows:
"SEC. 10. (a) Upon receiving the consent of
not less than five members of the Federal Reserve Board, any Federal reserve bank may
make advances, in such amount as the board of
directors of such Federal reserve bank may determine, to groups of five or more member




time or demand promissory notes, provided the
bank or banks which receive the proceeds of
such advances as herein provided have no adequate amounts of eligible and acceptable assets
available to enable such bank or banks to obtain sufficient credit accommodations from the
Federal reserve bank through rediscounts or
advances other than as provided in section 10
(b). The liability of the individual banks in
each group must be limited to such proportion
of the total amount advanced to such group as
the deposit liability of the respective banks
bears to the aggregate deposit liability of all
banks in such group, but such advances may
be made to a lesser number of such member
banks if the aggregate amount of their deposit
liability constitutes at least 10 per centum of
the entire deposit liability of the member banks
within such district. Such banks shall be
authorized to distribute the proceeds of such
loans to such of their number and in such
amount as they may agree upon, but before so
doing they shall require such recipient banks to
deposit with a suitable trustee, representing the
entire group, their individual notes made in
favor of the group protected by such collateral
security as may be agreed upon. Any Federal
reserve bank making such advance shall charge
interest or discount thereon at a rate not less
than 1 per centum above its discount rate in
effect at the time of making such advance.
No such note upon which advances are made by
a Federal reserve bank under this section shall
be eligible under section 16 of this act as collateral security for Federal reserve notes.
"No obligations of any foreign government,
individual, partnership, association, or corporation organized under the laws thereof shall be
eligible as collateral security for advances
under this section.
"Member banks are authorized to obligate
themselves in accordance with the provisions of
this section."
SEC. 2. The Federal reserve act, as amended,
is further amended by adding, immediately
after such new section 10 (a), an additional new
section reading as follows:
"SEC. 10. (b) Until March 3, 1933, and in
exceptional and exigent circumstances, and
when any member bank, having a capital of not
exceeding $5,000,000, has no further eligible
and acceptable assets available to enable it
to obtain adequate credit accommodations

MARCH, 1932

FEDERAL RESERVE BULLETIN

through rediscounting at the Federal reserve
bank or any other method provided by this
act other than that provided by section 10 (a),
any Federal reserve bank, subject in each case
to affirmative action by not less than five
members of the Federal Reserve Board, may
make advances to such member bank on its
time or demand promissory notes secured to the
satisfaction of such Federal reserve bank:
Provided, That (1) each such note shall bear
interest at a rate not less than 1 per centum per
annum higher than the highest discount rate
in effect at such Federal reserve bank on the
date of such note; (2) the Federal Reserve
Board may by regulation limit and define the
classes of assets which may be accepted as
security for advances made under authority of
this section; and (3) no note accepted for any
such advance shall be eligible as collateral
security for Federal reserve notes.
"No obligations of any foreign government,
individual, partnership, association, or corporation organized under the laws thereof shall
be eligible as collateral security for advances
under this section."
SEC. 3. The second paragraph of section 16
of the Federal reserve act, as amended, is
amended to read as follows:
"Any Federal reserve bank may make application to the local Federal reserve agent for
such amount of the Federal reserve notes hereinbefore provided for as it may require. Such
application shall be accompanied with a tender
to the local Federal reserve agent of collateral




181

in amount equal to the sum of the Federal
reserve notes thus applied for and issued pursuant to such application. The collateral
security thus offered shall be notes, drafts,
bills of exchange, or acceptances acquired
under the provisions of section 13 of this act,
or bills of exchange indorsed by a member bank
of any Federal reserve district and purchased
under the provisions of section 14 of this act,
or bankers' acceptances purchased under the
provisions of said section 14, or gold or gold
certificates: Provided, however, That until March
3, 1933, should the Federal Reserve 7 Board
deem it in the public interest, it ma} , upon
the affirmative vote of not less than a majority
of its members, authorize the Federal reserve
banks to offer, and the Federal reserve agents
to accept, as such collateral security, direct
obligations of the United States. On March 3,
1933, or sooner should the Federal Reserve
Board so decide, such authorization shall
terminate and such obligations of the United
States be retired as security for Federal reserve
notes. In no event shall such collateral security
be less than the amount of Federal reserve notes
applied for. The Federal reserve agent shall
each day notify the Federal Reserve Board of all
issues and withdrawals of Federal reserve notes
to and by the Federal reserve bank to which he
is accredited. The said Federal Reserve Board
may at any time call upon a Federal reserve
bank for additional security to protect the
Federal reserve notes issued to it."
Approved, February 27, 1932.

182

FEDERAL RESERVE BULLETIN

MARCH, 1932

DETAILED FEDERAL RESERVE STATISTICS, ETC.
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, ALSO F. R. NOTE STATEMENT
[In thousands of dollars]
F e b . 29, 1932 J a n . 31, 1932 F e b . 28, 1931

Gold with Federal reserve agents
Gold redemption fund with United States Treasury...
Gold held exclusively against Federal reserve notes
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks
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)..
Total bills discounted
._

2,068,907
55,743

2, 058, 079
56,093

1,709,384
33,662

2,124, 650
263,663
549, 796

2,114,172
339, 753
521, 596

1, 743, 046
473,690
853,633

2,938,109
201, 645

2,975, 521
193,463

3,070, 369
173, 760

3,139, 754
71,548

3,168,984
68,070

3, 244,129
71,137

817,489
10, 573
415

887.843
10,801
451

197, 515

828,477

899, 095

197, 563

102,297
6,852

144.611
8,322

108,395
578

109,149

152,933

108,973

740,032

744, 925
1,500

599,463

740,032

746,425

599,463

10,000
4,603
8,607
8,019

32,200
500
3,937
8,608
11,925

18,806

1, 708,887

1,855,623

925, 504

15, 916
340, 627
57,821
39, 577

16,137
318,494
57,821
r
37, 759

15,874
475,522
58,192
19,529

5, 374,130

r 5, 522,888

4,809,887

15, 916
2,635, 253

16,137
2,649,099

15,874
1,462, 248

Total notes in circulation. _.
Deposits:
Member bank—reserve accountGovernment
Foreign bank
Other deposits
Total deposits
Deferred availability items. _
Capital paid in.
_
Surplus
All other liabilities

2,651,169

2, 665, 236

1,478,122

1,848,887
35, 825
16, 583
36,023

1,947, 334
39,415
73,672
33,043

2,343, 373
33,136
5,193
17,494

1,937,318
340, 627
157,492
259, 421
28,103

2,093,464
318,494 |
159,060 i
259,421
'27,213

2,399,196
475, 522
169,131
274,636
13,280

Total liabilitiesContingent liability on bills purchased for foreign correspondents

5,374,130
311, 870

r 5, 522,888
314,035

4,809,887
456, 038

2,911, 743
260, 574

2, 922, 713
257,477

1,870, 232
392,110

2,651,169

2,665,236 |

2,068,907
892,153

2, 058,079
1,006,263

1,709,384
265,365

2,961,060

3,064,342

1,974,749

Bills bought:
Outright»
Under resale agreement

---

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 float2—
Total reserve bank credit outstandingFederal reserve notes of other reserve banks..
Uncollected items not included in float
Bank premises
All other resources
Total resourcesLIABILITIES
Federal reserve notes:
Held by other Federal reserve banks.
Outside Federal reserve banks

Federal reserve notes:

FEDERAL RESERVE NOTE STATEMENT

Issued to Federal reserve banks by Federal reserve agents
Held by Federal reserve banks3
_
In actual circulation
_
_
Collateral held by agents as security for notes issued to banks:
Gold
_
Eligible paper
Total collateral..

* Includes bills payable in foreign currencies as follows: Latest month, $33,478,000; month ago, $33,444,000; year ago, $23,958,000.
2 Uncollected items in excess of deferred availability items.
3 Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation.
« Revised.
•




183

FEDERAL RESERVE BULLETIN

If ARCH, 1932

EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE
STATEMENT, FEBRUARY 29, 1932
[In thousands of dollars]

Total

Boston

New
York

Phila- Cleve- ! RichSt.
delphia land | mond Atlanta Chicago Louis

Minneap- Kansas Dallas
City
olis

San
Francisco

56,080

29,460

138,763

3,109

998

7,734

30,458

146,497

RESOURCES

Gold with Federal reserve
2,068,907 164,627
agents
Gold redemption fund with
55,743 4,628
U. S. Treasury
Gold held exclusively
against Federal reserve
2,124,650 169,255
notes. __*
Gold settlement fund with
7,205
Federal Reserve Board
Gold and gold certificates held
549,796 19,056
by banks
Total gold reserves.
Reserves other than gold.
Total reserves.
Nonreserve cash
Bills~discounted:
Secured by U. S. Government obligations
Other bills discounted..

2,938,109 195, 516
201, 645 19,465

473,217 157,700 207,470
11,192

7,011

6,332

74,170

86,775 550,320

2,259

2,734

75,770

6,506

484,409 164,711 213,802 ; 76,429 89,509 556,826

54,555

2,351

143,368 ! 8,066 28,439
356,693 | 26,620 24,550

6,458

i

78,121

55,444

8,489

6,389

5,633

12,490

6,478

19,435

8,956 j 54,217

11,312

11,564

2,025

12, 684

3,441

23, 532

6,359

984,470 ! 199, 397
266,791 94,199 104,824 619,532 96,074
51,607 ! 23,104 15, 226 10,794 5,292 27, 591 11,177

63,102 84,363 40, 377 189,464
7,997 9,977
11,897
7,518
3,139,754 214,981 1,036,077 222,501 282,017 104,993 110,116 647,123 107,251 70,620 92,360 50,354 201,361
71,548 7,432
17,821 • 5,144 3,599 4,548 4,313 11,774 3,243 1,847
2,075 3,477
6,275
463,319 i 22,368
97, 674 66,817
305,158 j 15,506 I 44,409 57,738

Total bills discounted.,.
Bills bought

74,691 i 10,963 12,316 j 51,467 12,597 3,143 10,126
53,487 ! 25,896 33,832 29,295 77,768 11,257 30,003
828,477 i 37,874 | 142,083 124,555 128,178 36,859 46,148 80,762 20,365 14,400 40,129
109,149 I 8,162 j 29,965 | 6,271 7,263 5,241 7,232 14,304 4,422 3,018
5,257

U. S. Government securities:
Bonds
_
Treasury notes
Certificates and bills

318,747 j 23,399 110,707 23,165 26,160 5,731
73,532 ! 5,509
31,177 i 5,404 7,137 i 989
347,753 | 27,248 130,631 i 30,095 35,547 ! 7,361

17,844
4,996
24,901

Total IT. S. Government
securities
Other securities.

740,032 56,156
14, 603

47,741
800

Total bills and securities. 1,692,261 |1O3,O27
8,607
696
Due from foreign banks.
_.
Federal reserve notes of other
15,916
227
banks
348,646 40,330
Uncollected items _
57,821 3,336
Bank premises
39,577
1,082
All other resources
Total resources

272,515
7,541

3,532
11,342

97, 625
44, 625

14,874

142,250
14,371

5,263 j 54,219 11,760 15,825 7,685 16,989
1,998
1,831
1,663
1,227 ! 8,900 2,701
8,712
6,151 44, 527 13, 536 9,852 9,192
|
58, 664 68,844 ! 14,081 12,641 j 107, 646 27,997 j 27,675 18,708 27,364
580
411
911
525 I
600 2,400
66,621 205,112 53,364 45,504
21
13
321 1,227

452,104 190,401 204,285 56,706
348
3,065 ! 943
878

64,094 45,881
252
243

205,162
600

554 1,080
329
6,532 17,305 11,404
1,834
3,649 1,785
1,439
1,364
1,065

1,371
15,589
4,433
1,023

5,374,130 371, 111 1,658,118 453,1^3 532,045 201,381 197,074 918,980 181,384 1128,343 181,880 114,837

435,814

3,907
591 1,134
115,135 : 29,554 30,243
14,817 ; 2,626 7,959
15,192 ! 1,403 1,930

991
1,365
589 3,778
: 24,635 8,623 38,072 11,224
7,827 3,461
I 3,605 2,489
! 5,181 4,002 4,067 1,829

I

LIABILITIES

Federal reserve notes in actual
2,651,169 1182,439
circulation
Deposits:
Member
bank—reserve
1,848,887
account
35,825
Government
16,583
Foreign bank.
36,023
Other deposits.—
1,937,318
Total deposits.
340,627
Deferred availability items
157,492
Capital paid in
259,421
Surplus
28,103
All other liabilities

577,441 262,330 310,402 104,104 1120,280 567,813 93,953 i 68,730 83,678

111,462
3, 207
1,229
103

791,337 1114.031 139, 517 49, 767 46,594 !247,022 55,965 40,578 66,509
1,171
1,400
4, 592 | 3,006 3,046 4,933 2,814 3,990 2,151
566
356
469
5,682 ! 1,666 1,634
647
598 2,167
347
238
630
24,738 j 427 2,890
83
165 1,652

116,001
40,165
11,580
20,039
887

826,349 119,130
109,957 27, 523
60,107 1G, 368
75,077 26,486
1,326
9,187

40,880

147,087
29,973
14,624
27,640
2,319

55,430
24,001
5,310
11,483
1,053

50,171
8,696
4,982
10,449
2,496

239,119

140,038
3,947
1,116
4,705

254,831 59,312 42,452 68, 616 48,133 149,806
36,615 12, 298 6,376 16,580 j 12,057 16,386
17,712 4,499 2,945
4,149
4,032 11,184
38,411 10,025 6,356 8,124
7,624 17,707
1,484
3,598 1,297
733 2,111
1.612

_|5,374,130 |371, 111 1,658,118 453,163 532,045 201,381 197,074 918,980 181,384 128,343 181,880 114,837
Total liabilities....
70.0
63.5
60.6
65.8
64.6 : 78.7
61.6
68.4
73.8
58.3
72.0
56.6
Reserve ratio (per cent).
FEDERAL RESERVE NOTE
STATEMENT
|
Federal reserve notes:
Issued to Federal reserve
bank by Federal reserve
112,895 137,212 627,230 97,288 70,113 94,163 i 46,315
278,093
2,911,743 i202,873 j
agent.
__
Held by Federal reserve
51,572 | 15,763 16,584 8,791 16,932 I 59,417 3,335 1,383 10,485 i 5,435
260,574 20,434
bank

435, 814
51.8

2,651,169 182,439 J 577,441 ;262, 330 310,402 104,104 120,280 |567,813
In actual circulation
Collateral held by agent as
j
security for notes issued to
banks:
2,068,907 164,627 473,217 j 157, 700207,470 74,170 86,775 1550,320
Ooia
160,753 : 123, 583132,059 40, 332 51,516 i 90,038
892,153 43,473
Eligible paper




289,562
50,443

68,730

83,678 | 40,880

239,119

75, 770 54, 555
21,525 j 15.761

|
56,080 j 29,460
42,661 ! 17,009

138,763
153,443

93,953

184

FEDERAL RESERVE BULLETIN

MARCH, 1932

FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE
PERCENTAGES
[Averages of daily figures. Amounts in thousands of dollars]
Total cash reserves
Federal reserve bank

Boston..
N e w York
Philadelphia
"'
'
'
Cleveland.
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

1932

1931

! February January
220,940
I 992,212
233,215
295,111
108,613
107,917
j 660;779
: 105,053
_ _. \ 70,948
j 92,954
! 52,961
i 214,207
3,154,910

Federal reserve notes in circulation l

Total deposits
1931

Reserve percentages

1931

1932

1932

1931

February February January February February January February Febru- January
ary

214,312 225,142
1,001,464 1,120, 408
240,091 239, 497
307,031 318, 048
' 110,049 116,412
107, 902 161, 581
636, 340 407, 395
97, 850 119,607
70,904
73,836
96, 901 104, 897
55, 279
58,144
' 235, 766 310, 048

126, 944
848,019
126,282
151, 661
57,364
51, 964
267, 918
62, 090
43, 987
71,544
52, 245
154, 379

134,464 145, 682
918, 487 1, 024, 573
132,103 143,442
159,189 197, 346
58,629
64,407
53.878
61, 074
283, 674 338, 320
65,162
72, 262
46, 490
49,114
74.879
84,432
52,915
59,141
150,278 186, 663

February

27, 225
168,102

71.1
69.6
59.7
63.6
66.7
62.5
78.8
67.6
63.0
60.1
56.3
54.0

66.1
66.9
60.4
64.0
65.2
61.4
76.9
62.6
64.3
61.7
59.1
61.2

82.9
86.4
84.3
84.1
78.3
84.1
83.9
78.8
72.6
69.5
64.0
87.4

3,179,686 3,249,218 2,014,397 2,130,148 2,426,456 2,663,844 2,652,235 1,471,516

67.4

66.5

83.4

183,859
576, 725
264,657
312,482
105,595
120, 671
570, 770
93,216
83,130
41,800
242, 246

578,123
265,165
320, 463
110, 238
121,959
544, 353
91,047
68, 354
82, 233
45, 417
234, 885

126, 002
271, 733
140, 725
180, 720
84,298
130,965
147,321
79,470
48, 562

1

Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month, $14,184,000; month ago, $18,788,000; year ago,
$17,010,000.
r
Revised.

DISCOUNTS—DISTRICT DATA, BY WEEKS

DISCOUNTS—DISTRICT DATA, BY MONTHS

[In thousands of dollars]

[Averages of daily figures. In millions of dollars]
1932

1931

1932
Federal reserve bank

Federal reserve bank
Feb. 3
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Total...




February

Feb. 10 Feb. 17 Feb. 24

41,313 39,275 39,064
190,415 170,550 177,820
117,925 115,657 122,392
116,791 118,780 121,087
37,730 35,201 36,258
49,560
48,876
87,492 78,535 75,905
23,754 21,424 22,610
14,571 14,089 13,750
37,650 36,904 38,370
14,616 14,399 14,033
124,035 125,722 134,932

39,599
168,980
122,808
121,217
34,631
47,905
71,549
21,603
14,636
39,361
15,148
137,806

855,168 819,435 I 845, 781 835,243

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis . .
Minneapolis
Kansas City
Dallas .
San Francisco
Total

..

January

February

39.9
179.0
121.9
121.7
36.4
48.9
79.9
22.0
14.3
38.6
14.6
130.5

47.0
188.4
119.2
123.8
43.1
49.7
84.6
24.5
11.5
33.2
15.3
87.6

10.7
47.8
24.2
23.1
18.3
21.6
20.5
9.4
4 0
13.6

847.6

828.0

215.8

6.2

16.3

185

FEDERAL RESERVE BULLETIN

MARCH, 1932

ALL MEMBER BANKS—DEPOSITS, RESERVES, ETC., BY DISTRICTS
[Averages of daily figures for 3 months ending Jan. 31,1932. In millions of dollars]

Federal reserve district

Novem- December
ber
Boston
New York
Philadelphia
Cleveland
Richmond—. _
A tlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco

2,160
9,459
2,137
2,565
965
795
3,822
965
789
1,012
688
2,861

Total
T

Reserves held

Deposits> subject to reserve (net demand and
time deposits; see following page)

28,218

r

January

Total
Novem- December
ber

2,036
9,181
2,079
2,510
938
789
3,689
949
111
998
677
2,815

1,965
8,851
2,046
2,457
902
783
3,556
917
759
972
665
2,718

135.8
915. 7
128.2
150.3
55.6
49.4
289.0
64.6
45.9
74.1
50.2
159.5

' 27,438

26,592

2,118.1

r

Indebtedness at Federal
reserve banks

Excess
January

Novem- December
ber

January

Novem- December
ber

January

135.8
902.4
124.4
147.0
53.7
48.6
283.8
63.1
45.1
73.5
49.0
149.8

126.2
856.8
121.9
145.4
52.2
48.8
269.0
60.0
42.9
71.0
48.9
136.1

4.1
17.3
2.6
1.8
.8
1.6
9.8
5.1
2.5
6.0
3.2
2.2

11.6
24.5
1.3
1.1
.4
1.2
14.6
3.7
2.8
6.2
2.9
-4.0

5.5
10.6
1.5
2.2
.9
2.1
9.8
3.0
2.3
5.4
3.5
-11.4

26 0
120.2
108.3
98.9
40.5
46.7
69.8
25.8
6.4
32.1
22.9
86.4

47.5
167.4
117.5
110.6
39.5
47.4
86.5
26.8
6.1
28.0
17.6
68.5

47 0
188.2
119.2
123.8
43.1
45.6
84.5
24.5
9.5
30.6
15.3
85.3

2,076. 2

1,979.1

57.0

66.3

35.4

684.0

763.3

816.6

Revised.

NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS, BY DISTRICTS
[Averages of daily figures. In millions of dollars]
Larger centers (places over 15,000)

Total (all member banks)
Net demand

Federal reserve district

Net demand

Time

Time

Smaller centers (places under 15,000)
Net demand

Time

January Decem- January Decem- January Decem- January Decem- January Decem- January December
ber
ber
ber
ber
ber
Boston
New York
Philadelphia
Cleveland Richmond
Atlanta
Chicago

--

- -

St Louis
MinneaDolis

Kansas City
Dallas
.
San Francisco
Total
T

Revised.




_

1,106
6,405
1 023
1,146
437
412
1,942
499
334
628
468
1,047
15, 447

r

1,137
6,642
1,054
1,161
456
418
2,013
525
356
645
475
1,103

860
2,447
1, 023
1,311
465
370
1,615
418
425
344
197
1,671

••898
2,539
1,026
1,349
482
371
1,676
424
420
353
202
1,712

1,018
6,179
866
998
350
343
1,773
405
213
429
316
929

r 15, 985

11,145

r 11, 453

13,818

r

1,045
6,403
889
1,012
361
351
1,837
428
231
441
322
973

712
1,937
611
1,038
295
298
1,338
316
211
219
164
1,549

••747
2,010
611
1,072
306
301
1,389
317
202
224
170
1,587

88
226
157
148
87
70
169
94
121
198
152
118

93
239
165
148
95
67
176
97
125
204
153
129

147
510
412
273
170
72
277
102
215
125
33
122

151
529
414
277
176
71
288
107
218
128
32
125

' 14, 292

8,687

« 8,936
•

1,628

1,693

2,458

2,517

186

FEDERAL RESERVE BULLETIN

MARCH, 1932

WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In millions of dollars]
Federal Reserve District

Total

Loans and investments:
Feb. 3
Feb. 10
Feb. 17
Feb. 24._
Loans:
Feb. 3
Feb. 10
Feb. 17..
—Feb. 24
On securities—
Feb. 3_._
Feb. 10
Feb. 17
Feb. 24
All other—
Feb. 3___
_
Feb. 10
_
Feb. 17
Feb. 24
Investments:
Feb. 3
_-.
Feb. 10
Feb. 17
Feb. 24
United States Government
securities-^
Feb. 3
Feb. 10
Feb. 17
Feb. 24
_
All other—
Feb. 3.
Feb. 10
Feb. 17
Feb. 24
_.
Reserves with Federal reserve
bank:
Feb. 3
Feb. 10....
Feb. 17
_
Feb. 24_.
Cash in vault:
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Net demand deposits:
Feb. 3
Feb. 10
Feb. 17
Feb. 24_—
Time deposits:
Feb. 3
Feb. 10
Feb. 17__
Feb. 24
Government deposits:
Feb. 3
Feb. 10_
Feb. 17
Feb. 24
Due from banks:
Feb. 3
_
Feb. 10
Feb. 17_
Feb. 24
Due to banks:
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Borrowings from Federal reserve bank:
Feb. 3
Feb. 10
Feb. 17
Feb. 24
„_
r

Revised.




Rich- AtNew PhilaBoston York del- Cleve- m o n d lanta Chicago
phia land

City

San New
St. Min- Kansas
Louis neap- City Dallas Fran- York
olis
cisco

Chicago

19,979
19,785
19,731
19,606

1,324
1,314
1,317
1,312

7,898
7,757
7,726
7,650

1,184
1,177
1,171
1,168

2,000
1,996
1,990
1,986

602
603
602
599

531 2,689
529 | 2,674
526 2,672
524 2,650

580
579
575
574

351
347
347
345

578
575
573
572

422
422
419
419

1,820
., 812
1,813
.,807

6,794
6,638
6,603
6,544

12,830
12, 716
12,691
12,609

886
877
876
874

5,057
4,996
4,996
4,948

715
712
708
706

1,261
1,256
1,251
1,247

369
369
368
365

373
371
364
364

220
217
217
216

314
311
308
307

275
275
273
273

,077
1,079
1,076

4,359 1,048
4,292 ; 1,036
4, 289 1,035
4,250 1,019

5,574
5,504
5,474
5,438

334
335
329
329

2,477
2,429
2,420
2,393

365
362
359
359

565
561
560
558

148
148
149
147

351 1,921
349 1,906
348 ! 1,903
3481 I| 1,885
109 I 906
108 : 894
107
107 i 880

147
148
141
143

59
59
58
58

90
90
88

81
82
80
80

7,256
7,212
7,217
7,171

552
542
547
545

2,580
2,567
2,576
2,555

350
350
349
347

695 ! 221
691 I 219
689
28
218

242
241
241
241

i 1,015 226
! 1,012 223
I 1,017 223
221
1,005

161
158
159
158

224
221
220
219

7,149
7,069
7,040
6,997

438
437
441
438

2,841
2,761
2,730
2,702

465
463
462

739
740
739
739

233
234
234
234

180
180
178
176

131
130
130
129

264
264
265
265

3,925
3,853
3,840
3,806

221
223
228
225

1,748
1,674
1,652
1,624

189
185
185
184

386
387

3,224
3,216
3,200
3,191

217
214
213
213

1,093
1,087
1,078
1,078

280
280
278
278

354
355
353
352

119
120
120
120

1,460
1,442
1,431
1,416

81
80
82
80

703
698
687
673

70
70

108
105 !
106
104

220
235
218
228
11,166
11,090
11,067
11,001

18
19
17
16

56
64
54
57

12
14
12
13

747
731
740
729

5,284
5,221
5,219
5,167

635
634
633
634

850
845
836
835 !

423
422
421
422

1,216
1,215
1,199
1,197

270
266
263
263

841 I!

453
390
349
295

31
30
29
28

259
228
209
181

32
27
25
21

28 i
24 I
20
17

'918
898
887
874

58
60
51
50

138
130
136
133

62
58
59
59

63
60
63
61

'2,357
2,305
2,301
2,262

124
119
118
113

874
870
859

144
136
139
137

r

5, 751
5,724
5,700
5,685

492
472
493
478

293 2,178 |
288 I 2,124! j
297 2,112
296 2,092 !

604
595
588
582

194
193
193
193

795
789
782
780

I 2,181 ;
2,168 j
I 2,177 !
2,158 :

444
441
447
437

147
147
146
146

732
735
—
734
731

I 2,435
2,346 ;
2,314
2,294 :

464
463
464
462

1,593 ,
1, 520 i
1,496 !
1,477

250
250
251
252

768
768
769
765

207
208
211
210

415
416
417
415

87
88
92
91

134
133
134
139

397
400
401
398

353
352
352
350

120
120
119
119

130
131
131
126

335
335
333

35
34
34
34

210
206
202
206

37
38

21
22
21
21

14
14
14
14

37
37
37

7
7
7
7

5
5
5
5

385 ! 114
385 ! 114
114
114

26
28
27
28

87

1,433
1,430
1,426
1,431

307
310
303
307

174
173
173
171

362
365
362

245
244
245
243

223
224
836
843 ; 224
841 ! 223

197
197
196
195

1,011
1,004

212
210
209
208

153
153
153
153

182
182
182
182

••130
131 !
131 i
131 !

14
11

18
14
12
9

2
2
1
1

15 j
13 I
10 !

53
53
50
49

158
154
149
142

47
54
46
45

184 i
182 :
179
177 i

77
76
75
75

338
326
333
323

90
85

94
96
99 !!
99

26
27
27
26

52
46
43
38

!

59
58
56
54

80
77
83
81
134
133
134
133

19!

'67
68 !
67 ;
65

654
646
633
623

145
144
140
142

19
19
19
21

235
237
238
241

2
2 i
2 .
2 j
|
37
38
36
37

842
214
213
818 i 213
817 ! 210

87

292
294
292
292

4
3
2
2

1,512
1,499
1,499
1,481

43
50
41
44

17
17
17
18

601 4,809 i
609 4,744;
597 4,735 ;
589

977
979
971
972

893
884
880
881

758
757
743
742

397
390
392
384

27 | 249
219
201
11 ! 175

11
9
7
4

97
91
95
99

105
99
103
100

93
89
85
80

145
150
143
141

819
815
804

234
234
226

21 I
17 j

106
35
109 ! 15
115
20
120
20

187

FEDERAL RESERVE BULLETIN

MARCH, 1932

RATES CHARGED CUSTOMERS IN PRINCIPAL CITIES
Prime commercial paper
Federal reserve
banks and branch
city

1932

Loans secured by prime
stock-exchange collateral

1931

1932

Loans secured by warehouse
receipts
1932

1931

Interbank loans

1932

1931

1931

February January February February January February February January February February January February
Boston
N e w York
Buffalo
Philadelphia
Cleveland
Cincinnati.
Pittsburgh
Richmond
Baltimore
_._
Charlotte
Atlanta
Birmingham
Jacksonville
Nashville
N e w Orleans
Chicago
Detroit..
St. Louis
Little Rock
Louisville
Minneapolis
Helena
K a n s a s City
Denver
Oklahoma City
Omaha
_
Dallas
E l Paso
Houston
San Antonio
San Francisco
Los Angeles.
Portland
Salt Lake C i t y
Seattle
Spokane
r

4 -5
4 -5
5 -6

4 -5
4 -5
5 -6

5 4-6
534-6
6
5 -53
5 -6

5 4-6
5 -6

-6
5 -6
5 -8
6
534-6
4M-5L
5 -534

5 -6

6 -634
6
4 -4M
6 -8
4 -6
6
5 -6
5 -6
7 -8
534-6
6 -6)^
4K-534
6 2-634

5 2 -5>
5 -6

5 -8
6
5 -6

4
6
5
4
5
5

6
6
-434
-8
-6
-6
6
-6
-6
-8

6 -634
41^-534
514-6
5 -7
6

5 -6

5 -534
4^-534
53^-6
5 -6

4 -6
5 -5>
5 -6
5 -5
5 -6

6
5 -6

43/2-5^2
5 -6
5 -6
53^-6
5M-6
6
6
5 -6

5 -7
6 -634
5 -7
6 -8
434-6
3K4
6
6
-4

5
4 -7
7 -8

5 -7
6 -6)
6

6 -8
6
5 -6
5M
6 -634
6
5 -6
6 -8

5
7
5
6
5
5
6

-7
-8
-7
-7
-6
-7
-63
6

634-7

-7
6 -8
6
5 -6
5 -6
6 -6}
6
6 -8
534-6
534-7
6 -7
7 -8
5 -7
6 -7
5 -6
6 -6]
6 -634
6
634-7
634-7

5 -6
5 -6
5 -5>
5 -6
434-6
5 -8
6 -7
6 -8
5 -7
4 -5
5 2 -6
6
6
5 -5}
8

534-7
6 -7
7 -8
634-7
5 -6
5 -7
6 -63
6 -7

5 -6
436
5 -536
6 -7

5 -6

5 -534

6
5 -6
6
6 -7
6

6
5 -6
3 -6

4 -43,
6 -8
6 -8
6
6
5 -6
6 -7
4 -43
6 -8
5 -6
6 -8
6 -6K

6 -7
6
5H-7
6
434-6
6 -7
6
4 -5
6 -8
5 -6

53^-6
6 -8

6 -8
6 -6J
6 -6>
8
534-6
6 -8

6 -6H
6 -6K

6
^
6 -6H

634-7

634-7
634-7

434-6
434-5
534-6
4 -5
5 -6
5 -6
6
!
5 -534
5 -6
6
5 -534]

534 6
534-6
5 -534
5 -6
5 -534
6 -6341
6
6

6 -8
6
5 -6
6 -634
6
3
6 -8
5 -6
6 -8
6 -8 !
6 !
6
8
5 -6
6 -8
534-6
634-7
6 -7

4^-534
4 3 4 -•'•"
5344 -534

5 -6
6
5 -6

6
6
6
5
514-6
434-5341

I
!

4 -4H
4 -434
5
4 -434
4 -6
5 -6
5 -6
5
5 -6
6
5 -534
5 -6

534-6 !
4^-534;
5 -6 ;
5 -6 ;

5 -6
5
534-6
4 -6

I

5
^-6
6 -8

6 -8
5H-6
6
5 -5;
5 -6
4^-534
6
5
534-6

6
5 -534
534-6
5 -534
6
5 -534
6
6
6

634-7

Revised.

NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month.
from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities.




Rates

188

FEDERAL RESERVE BULLETIN

SHIPMENTS AND RECEIPTS OF AMERICAN
CURRENCY TO AND FROM EUROPE

MATURITY DISTRIBUTION OF BILLS, ETC.
[In thousands of dollars]

BY SELECTED BANES IN NEW YORK CITY 1
[Paper currency only. In thousands of dollars]

Shipments
to
Europe

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

Receipts
from
Europe

470
130
1,380
915
2,570
8,811
10,256
3,226
8,433
3,088
52
1,523

Month

4,051
960
863
1,469
2,103
779
394
3,723
3,290
11, 588
7,039
3,749

Total

1932

1931

Net
Reship- Shipments ments ceipts
(-)or
from
to
receipts Europe Europe

Net
shipments
(-)or
receipts

+3,581
+830

+3,310
+5,221

25
0

3,335
5,221

(+)

-517
+554
-467
-8,032
-9,862
+497
-5,143
+ 8 , 500
+6,987
+ 2 , 226

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

MEMBERSHIP IN PAR-COLLECTION SYSTEM

Bills discounted:
Feb. 3
Feb. 10
F e b . 17
Feb. 24
Bills bought in
open market:
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Certificates and
bills:
Feb. 3
Feb. 10
Feb. 17
Feb. 24
_
Municipal warrants:
Feb.3
Feb. 10
Feb. 17
Feb. 24

[Number of banks at end of January]
Member banks

On par list

1931

1932

1931

1932

7,138
371
836
710
648
396
342
875
450
574
815
609
512

8,006
396
911
752
761
469
383
1,074
505
636
868
672
579

8,927
226
335
341
780
437
146
2,506
1,198
382
1,597
460
519

10, 797
260
394
448
932
512
177
3,151
1,389
485
1,883
556
610

3,147

6
365
786
243
389
871
215
219
53

End of month

1931
3,413

8
441
847
239
408
1,003
195
211
61

Figures cover all incorporated banks (other than mutual savings banks).




855,168 666,432
819,435 628,139
845,781655,759
835,243 651,541,

48,143
48,995
49.542
46,619

74,142
74,971
73.587
72,387

46,819
47,503
46,620
45,350

16, 611
16, 583
16,181
15. 258

156,100
169,391|
146,382,
133,382

49,823;
60,296;
56,296:
50,110|

37, 230
34,527
22,255
26,554

45,675 22,918
39,416j 34,717

32,782' 34,992
21,129! 35,564

454
435
57
25

365,768
351, 794
345,860
347,818

52,836
37,591
41,818!
22,338

38,818 66,345| 3,500
26,338 66,338; 4,800
61,295 7,050: 20,025
61,295 7,050. 38,136

84,198
84, 472
83,316
84,690

3,652|
3,771
3,830
4,081

3,168!
3,375i
3,438j
3,702

Over 6
months

3,021
3,244
4,092
4,088

120,071
132,255
132,356
134,309

376
208i
|
130!-.
i

107
167
241
229

[Balance to credit of depositors. In millions of dollars]

Not on par list

1932

United States.~
Boston
_ _
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis _
Kansas City
Dallas
San Francisco

Within 15 16 to 30 31 to 60 61 to 90
days
days
days months
days

UNITED STATES POSTAL SAVINGS

Nonmember banks
Federal reserve
district

MARCH, 1932

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

Preliminary.

1927

1928

1929

1930

1931

141.5
143.8
146.4
147.1
147.4
147.4
147.1
147.9
148.2
148.7
149.0
148.5

148.9 I
151.1
152.0
152.2
152.0
152.1
151.7
152.2
152.3
153.1
153.9
153.9

153.5
154.8
155.0
154.3
153.8
153.6
157.8
160.1
160.3
161.6
163.7
164.3

165.1
167.9
169.5
170.2
171.2
175.3
180.7
186.5
189.8
192.5
200.7
245.4

278.4
292.1
302.7
313.8
325.0
347.4
372.5
422.7
468.9
*527.1
*555.6
* 595. 6

1932
»658.1

FEDERAL RESERVE

MARCH, 1932

189

BULLETIN

BANK SUSPENSIONS, BY DISTRICTS
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during
given period include any 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 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
Deposits (in thousands of dollars)

Number
Members
All
!banks

January-February, 1932:
Boston
New York...
Philadelphia
Cleveland
_
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas...
San Francisco
Total

4
7
14
24
34
25
139
67
18
57
16
52

457

Members

National

State

4
5

1

9
8
27
10
4
10

2
6
3

98

1 !
5 I
18

Nonmembers

4
2
9
15
25
15
106
54
14
47
13
37
341

All
banks j

32,122
11,242
19,659
10,798
40,958
10,376
82,392
28,025
4,329
12,895
2,713
30,012

National

Nonmembers

State

8,249
2,589
4,689
12, 326
4,391
31, 240
4,782
1,530
3,523
191
7,274

32,122
2,196
17, 070
6,109
28,632
4,758
40,310
19,199
2,799
9,372
2,435
18,800

1,227
10,842
4,044

285,521 \ 80,784

Mem- NonAll
banks bers 1 members

20,935

797

87
3,938

183,802

Members 1

3,900

Non- ,
members

3,900

2,776
4,884
546
2,129
2,156
2,028
746
3,622
22,787

5,154

17, 633

577
567

1,992
3,997

1,671
1,165
1,300
370
196

44

3,066

2,199
4,090
546
1,572
1,996
2,028
746
556

2,569
4,564

51

5,392
1,636
1,540
2,333
2,472
2,880
20,336
1,977
1,301
3,829
861
15,490
115

24

86

1,636
330
1,636
1,091
749
7,862
467

557
160

1,114
1,005
1,300
370

11,835

1,861

9,974

577
794
557
160

5,906
542

680
46
2,601

2,724

1,301
3,149
815
10,165

60, 047

17,098

9,172

33, 777

5,392
1,210
697
1,381
2,131
6,568
968

32

* Represents national banks only; no State member banks were reopened in January or February.




All
banks

!

February, 1932:
Boston
_
New York
Philadelphia
Cleveland
Richmond
Atlanta.
Chicago
St. Louis..
Minneapolis
Kansas City
Dallas
San Francisco
Total

Deposits (in thousands
of dollars)

Number

28

190

FEDERAL RESERVE BULLETIN

MARCH, 1932

BANK SUSPENSIONS, BY STATES, DURING FEBRUARY, 1932
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during
given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits are as of date of suspension where available, otherwise as of the latest available call date preceding suspension]
[Figures are preliminary]
Banks suspended
Number

Banks reopened

Deposits (in thousands of dollars)

Deposits (in thousands of dollars)

Number

State
Members

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

East South Central:
Kentucky
Tennessee

1

1

5,392

1,636

1,636

2

3,176

1,966

1
7
10
1

498
2,129
8,003
382
637

912
4,495

4
10
8

1,226
9,219
2,330
75
798
1,534

265

75
798
1,269

1

1

6

4

State

Mem- NonAll
All
banks bers i mem- banks
bers

bers

1
9
13
1
1

2
2

5,392

4
12
10

1

1
1
1

1
1

I

1,210
498
1,217
2,893
382

637
1,818
467

5,291
542

1,226
2,110
1,321

3
7

1

1
3
6

3

1

2

1,854

839

1,015

2
1
2

1

1
1
2

327
104
291

252

75
104
291

1

69
625

2
3
3

1

1
3
3

2,569
456
258

577

1,992
456
258

4

615

1

3

2,033

557

1,476

1
2

1
2

54
261 ;

1

1

245 i

3

1 484 !
fifi7

1
1

567 ll
2,452
61

2

425 !

lfio

i

FU

261

69

245

||

2
1

3 1 "
1
1
1

1

317
40

si
1

4
2
6

1

3
2
5

1

1
3

2,146
99
861

1

3
2

789

680
46

1,466
99
815

415

i

i;
;

1

2

115

24

8,012
1,124

1
1

1
4

3,350
1,530
1,369

1,232

5

86

60,047

17,098

2

fil

294

294

3

2*5

355

1
2

1
2

125
IQfi

33,777

!

125
196

:!

;
i;

!

!;

300
624

9,172

•
!

i

8,012
1,124
1,818
906

265

1

105

3
2

4
5
2

2,452

374

105

1

2

1 4R4

625

317
40

3

_

Mem- Nonmembers i

i

.Represents national banks onJy»




National

Nonmembers

i

2
1

Alabama
Mississippi

Total

1

All
banks

1

North Carolina
South Carolina
Georgia
Florida

West South Central:
Arkansas
Louisiana
Oklahoma
T«*xas
Mountain:
Montana
Idaho
Wvoming
Colorado
New Mexico
Arizona
Utah.._
Nevada
Pacific:
Washington
Oregon
California

NonmemNa- State bers
tional

1. 369
32

4

28 ! 11,835

1 861

9 974

191

FEDERAL RESERVE BULLETIN

MARCH, 1932

BANK SUSPENSIONS, BY STATES, JANUARY 1 TO FEBRUARY 29, 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 are as of date of suspension where available,
otherwise as of the latest available call date preceding suspension]
[Figures for latest month are preliminary]
Banks suspended

Banks reopened

Deposits (in thousands of dollars)

Number

Deposits (in thousands
of dollars)

Number

State
Members

Members
All
banks

1

1

5,392

5,392

3

New England:
Maine
New Hampshire

NonmemNa- State bers
tional

3

26 730

26,730

1
2

9,349
4,115
20,835

8,249
426
4,277
657
7,709
18,163
1,132
637

State

National

_-

Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:

5
5

4
2

17

8

9

10
34
80

- -

Mem- NonNonAll
All
members banks bers i mem- banks
bers

1
6
17

9
28
57
4

4,055.
25, 521
42, 363
3,802
637

10

5
1

1

6

1
1

1,100
2,892
16,558

1

797

5,816

3,398
17,812
18,384
2,670

3
4
5
1
5
1

1

400

400

1
3

1
3

54
339

54
339

4

4

2 534

2,536
14,102
3,503
134
129
2,474
3,588

621

621

3

1 484

1
1
1
1

591
2,452
288
69

227

2

425

160

1

1

10
24

South Atlantic:
Delaware
IV^arvland
District of Columbia Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
- Tennessee
Alabama

5

10
19

1
3

1
1

2

1,854 1

792
839

1,015

3

5

1

4

611 |

252

359

1

5
4
1

203
12, 770 !
25,624 1
1,487 i
1,057 !

9,967
1,268
162
432

2
1
2
1

10, 238 !
1,281 i
3,748

3,074
1,028
2,089

3

1

_.

Total

6
2

1

-- -

31
22
2
2

792

2
13

5
2
2
1

23
4
8

6
1

1

3

1

7
6
g
16

1
1
1
2

7

3

16
3

2

5

4
5

1

2,958
2,211
2,713
306
358

4

457

98

I 484
567

24

2,452
61
69

3,927
253

696

963
607

2

2

840

810

611

3

3

355

355

1
5

2

1
3

125
3,622

51

7

44

22,787

265

i

531

87

1,747
1,813
2,435

3,066

125
556

358
558

|

11,132
1,378

1
2

7
4
9

7,694
1,881
7,569

3,873

341

285, 521

80,784

18

557

2 199
546
1 249
368
1 726

3,237

548

11
3

6

577

306

1,106

1

2,776
546
1,249
368
2 283

3,900

625

85
680
398
191

696

2

12
6
15

203
2,803
24,356
1,325

607

6
4
8
13

4

1

5,291
542

5,084
2,439
92

3

13
3

L Represents national banks only.




1
1

2
3

- -

Utah
Nevada
Pacific:
Washington
Oregon
California

2
18
7

5
4

3,900

2
4
5
1
4

1

2,536
24,477
6,484
226
129
2,474
6 122 i

37
27
3
2

Iowa
Missouri
North Dakota
South Dakota
Nebraska

NonMem- members i bers

i

i

10

West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming _Colorado
New Mexico

All
banks

863

3,401

10, 269
1,378

1,818
1,257

2,003
624
4,168

20,935

183,802

5,154

17,633

ALL MEMBER BANKS- CONDITION ON CALL DATES MARCH 27, 1929, TO DECEMBER 31, 1931

CD

[Amounts in thousands of dollars]
1929
Mar. 27

June 29

24,944,641
4,453, 953
5,994, 432
35,393,026

25,658,491
4,154,929
5, 897,541
35,710,961
802,188
1,169,752
179,878
433,491
2,359,077

to
1930

Oct. 4

Dec. 31

Mar. 27

June 30

1931
Sept. 24

Dec. 31

Mar. 25

June 30

Sept. 29

Dec. 31

RESOURCES

Loans (including overdrafts)
.
United States Government securities
Other securities
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Cash in vault
...
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection.
Due from banks in United States
_
Due from banks in foreign countries (including own
branches)
Exchanges for clearing house and other checks on local
banks
Outside checks and other cash items
...
Redemption fund and due from United States Treasurer.
Acceptances of other banks and bills of exchange or
drafts sold with indorsement
Securities borrowed
_..
Other assets
_
Total.

1,118,418
184,873
516, 742
2,338,569
841,606
1,741,478
287, 248

775, 822
923,363
1,885,167 2,004,938
272,682

2, 486,203 1,446,186
142,395
117,298
32, 761

26,164,829 26,150,061
4,021,636 3,862,968
5, 727, 306 5,920,921
35,913,771 35,933,950
988,912 1, 252,147
1,175, 393 1,190, 306
183,989
182, 796
558,450
497,212
2,321,806 2,373,760

32,715

246, 996

25,118, 783 25,213,770
4,085, 006 4,061,395
5,851,908 6, 380,494
35,055,697 35,655,659
1, 111, 153 928,807
1, 202, 486 1,217,963
190,995
188,815
484,262
496,633
2,352,738 2,407,960

23,870, 488 22, 839,946 21, 816,243 20, 874,084 19,260,685
44,124, 776 5,002, 262 5, 343, 032 5, 564, 461 5,318.654
6.864, 247 6,886, 357 6, 763, 247 6,634,689 5,995, 786
34,859,511 34,728,565 33,922,522 33,073,234 30,575,125
662,415
1,117,833 1.035, 978
888,454
718. 500
1, 240, 444 1, 239,935 1,234,404 1, 220,317 1,174; 957
191,169
209, 518
199, 935
206, 569
211,755
592, 504
554,150
461, 267
519,135
522, 551
2, 474, 509 2, 364, 478 2,396,421 2, 339,230 1,975,169

994, 373
836, 471
698, 871
719, 201
757, 216
524, 765
629, 418
531, 691
2,167,756 1,901,517 2,360, 377 2, 462, 827 2,455, 948 2, 791,204 2, 517, 096 1.935,119
263, 834

247, 612

2,132, 331 2, 762,463 1,616,954
139, 056
65,331
102, 363
32, 828

24,738,011
4,095,270
6, 638.969
35,472,250
912,852
1,230,754
197, 869
470, 367
2,414,991

32,889

32, 823

220, 793

202,447

260, 818

2, 645,057 1,146, 915 2, 076,189
118,552
92, 766
51, 706
32,658

32,604

32, 318

296, 376

598, 285
1, 662, 226

351, 320

215, 692

174,183

975, 215 1, 771, 312
43,344
87, 358

959. 218
50, 696

1, 388,409
108,128

31, 524

31, 372

32, 264

32, 001

592, 732
557, 748
662,686
735,193
612,193
452, 045
524,104
329, 756
453, 826
551, 587
310, 502
23,866
26,324
35, 533
21,069
36.337
25, 744
24, 822
20, 279
32,592
17,150
13,473
242,062
223,114
232,621
219, 379
222, 911
231, 482
198, 700
300, 024
260, 254
249,067
223. 687
46,673,097 45,908,001 47, 305, 588 48, 843, 078 45, 860, 379 47,906, 740 46,153,113 47,057,891 45,542, 276 45, 288, 588 42, 378, 777 39,688,322
475,155
48,844
229, 751

LIABILITIES

2,563,278
Capital stock paid in
2,548,155
Surplus
_
918,145
Undivided profits—net
144,242
Reserves for dividends, contingencies, etc
Reserves for interest, taxes and other expenses accrued
157,144
and unpaid
...
_.
51, 433
Due to Federal reserve banks
3,070, 084
Due to other banks in United States
Due to banks in foreign countries (including own
462,649
branches)
_
1,739,947
Certified and officers' checks outstanding..
27, 385
Cash letters of credit and travelers' checks outstanding.
17,708, 269
Demand deposits
_
_
13,328,712
Time deposits
_
___
410,867
United States deposits
_
_
36,799,346
Total deposits
_
Agreements to repurchase U. S. Government or other
102,423
securities sold
Bills payable and rediscounts:
981,434
With Federal reserve banks
171,601
Allother
.—
Acceptances of other banks and bills of exchange or
475,155
drafts sold with indorsement
846, 370
Acceptances executed for customers
Acceptances executed by other banks for account of
45, 025
reporting banks
647,354
National-bank notes outstanding
48, 844
Securities borrowed
224, 581
Other liabilities
_
46,673, 097
Total .
8,755
Number of banks.




2,646,928 2, 739,645 2, 757,113 2, 744,975 2, 721, 997 2, 728, 664 2, 665,151 2, 657,172 2,620,606
2, 650,336 2,811,269 2, 864,612 2,881,944 2, 870, 800 2,903, 258 2,822,091 2,804,906 2,741,351
956,053
950, 072 1, 009,435
882,806
980,928
910, 480
804,199
909. 548
176,610
182, 940
185, 602
143,603
164,430
211,407
264,068
225, 483
177,252

2, 580, 550
2, 695, 285
811,456
271, 408

2, 499, 098
2, 524, 460
605,403
370, 368

137, 660
182, 397
172,193
175,896 i 148,960
121,190
158, 416
127,345
54,458
46,206
47,147
51,915 I
49, 267
55, 720
43, 323
41,073
3,153,077 3, 517,325 3, 204,316 I 3,831,656 3,817,132 3,872, 842 4, 236, 451 4,004,077

162, 507
41,070
3,222, 466

48, 381
2,832, 296

148,825
51,883
3,091,639
464,871
753, 620
43,182
17, 814,603
13,325,066
347,967
35,892,831

660, 612
634, 927
481,696 I 576,664
498,075 ! 571,766
566, 579
657, 285
747, 282
433, 740
1,405,446 I 1,603,562 1,134, 283 ! 1,493,437
771, 941 1, 223, 777 626, 747
999, 310
729, 301
617, 053
41,389
27,613 i 23,460
26, 638
25, 038 i
20, 960
22, 506
33, 231
19, 581
23, 701
17,937,478 18,861,582 17, 078,905 18, 061,977 16,838,351 17, 501,550 16,338,728 16, 622, 224 15, 526,182 14,955,400
13, 317, 649 13, 233, 481 13,518,731 13,811,978 13,944,868 13, 546,201 13, 663, 258 13,515,468 12,776, 332 11,315, 842
143,203
280, 769
324,893
315, 479
257,185
267, 415
502, 204
395,397
411, 845
526,161
6,694,158 38,013,735 35,836,156 38,139,178 36,363,874 37,116,939 35,999,796 36,268,065 33,480,247 30, 746,386

103,758

149,090

136,957

1, 029,391
168,975

899,311
250, 587

646,334
232,188

453, 826
800,423

66, 214

37,164

38,144

158,141

23,599

15, 371

25, 303

81, 583

206,124 | 273,880
161,090
140,467

172, 578
143,402

248, 017
107,151

165,106
116, 336

146,819
70,079

323, 354
142, 357

622,652
216, 476

662, 686
592, 732
524,104
929, 337 1,138, 624 1,063,334

452,045
901,351

329,756
681,145

310,502
732, 253

13,197
628, 334
17,150
216,728

14,169
624,234
13, 473
228, 597

735,193
612,193 I 557,748
551,586
984, 670 1, 276,159 1,125,907 | 925, 576

29,647
40,400
42,075
645,562
640,610
648,944
35,533
32,592
36,337
245, 585
214,946
238,116
45,908,001 47,305,588 48, 843, 078
8,522
8,707
8,616

24,654 ! 34,998
647,481 I 649,098
26,324
25,744
226,915
239,961

18,127
15, 031
15, 553
11.514
639, 640
642, 284
636, 041
23, 866
21, 069
24, 822
20, 279
212,698
236,366
210,885
209,455
46,153.113 47,057,891 45, 542,276 45, 288, 588
8,315
8,246
8,052
7,928
7,782

d

E

NATIONAL AND STATE MEMBERS—CONDITION ON DECEMBER 31, 1931, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All member banks

Total

RESOURCES
Loans (including overdrafts)
United States G o v e r n m e n t securities
.
Other securities
Total loans and investments.
Customers' liability on account of acceptances
B a n k i n g house, furniture, a n d fixtures.
Other real estate owned
Cash in v a u l t
Reserve w i t h Federal reserve banks
I t e m s w i t h Federal reserve b a n k s in process of collection
D u e from b a n k s in U n i t e d States
D u e from banks in foreign countries (including own branches)
Exchanges for clearing house and other checks on local banks
Outside checks a n d other cash items
R e d e m p t i o n fund a n d d u e from United States Treasurer
Acceptances of other b a n k s a n d bills of exchange or drafts sold w i t h
indorsement
Securities borrowed
Other assets
Total..

Central
reserve
citybanks

Other
reserve
city
banks

National banks 1
Country
banks

Central Other
reserve reserve
city
city
banks
banks

Total

State bank members

Country

Total

Central
reserve
city
banks

Other
reserve
city
banks

Country
banks

!

'19,200,685
i 5,318,654
! 5,995,786
30,575,125
!
718, 500
; 1,174, 957
j 211,755
j 522,551
j 1, 975,169
! 598,285
| 1, 662,226
j 174,183
i 1, 388,409
j 108,128
31, 372
310,502
13,473
223,687

607, 737;
5,800,903 6,852,045
417, 740
2,056, 524 1,844, 390
973, 926
1,119, 948 1, 901, 912
8,977,375 10,598,347:10, 999,403
126,116:
7, 228i
585,156
258, 315 425, 948 490, 694
114, 773;
79, 963
17, 019
302,106:
153,520
66, 925
497, 946'
824, 782 652, 441
121,820;
270, 266
200,199
084, 699;
750, 680
226,847
3, 679,
49,330
121,174
77,102:
1, 038,283 273,024
21, 641
70,136
10, 351
21, 516
7,817
2,039
256, 068
200
83, 537

52, 715
5,485
84, 090

11,904,779 2, 478,887 4,, 512, 570^
3,171,103! 720,853 1, 292,063
,
4,017, 733| 515, 039 1 166, 948
19,093,615;; 714,779 6,,971,581
389,386
291,160
93,906
769,995;!
99, 499 285, 388
132,391;|
6,418
39, 605
28, 432 105, 780
377, 570
1,137, 747 297, 327 454, 343
371, 366
94, 875 193,880
1,175, 677 j 53, 711 549,492j
44,131
148, 588; 102,178
670,169; 424,1261 195,469
64, 285
87, 998
5, 639|
7,817
31, 372
2,039,

1, 719; I
7, 7881
56,060

106, 263
9,0031
117,074'

85,05!

'~28~707J

19,493
2, 915
48, 742

4,913,322 ;
1,158,187;
2, 335, 746
8,407,255
4,320
385,108
86, 368
243, 358
386, 077
82, 611
572,474
2, 279
50, 574
18,074,
21, 516
1,714
6,058
39, 625

,
7,355,906 3, 322,016 2, 339,, 475 1 694,415
>
552,
2,147, 551 1,335,671 """ 327 259,553
604, 909 734, 964 638,180
1, 978,053
" 1,766 ,592,148
11,481,510 5,262,596 3,626;
2,908
32, 210
329,114
293, 996
158, 816 140, 560 105, 586
404, 962
28,405
40, 358
79,364
10, 601
58, 748
47, 740
144,981
38,493
837, 422 527, 455 198, 098 111,869
39, 209
226, 919 111,324
76, 386
486, 549 173,136 201,188 112, 225
18, 996
1,400
25, 595
5,199
26,528
718, 240
614,157
77, 555
4,712
3,567
11,851
20,130
204,239
4,470
106, 013

24,
12,
39, 688, 322. 674, 270 13, 605, 878 13,408,174 618, 214 '5, 233, 946 9, 076, 857 10, 307,411 15, 070,108

__

I
171,012i
200|
54,830 :

33, 222
2,540
35, 348

5
1,730
16,435

, 440, 324 4, 529, 021 3,100, 763

LIARIIITIES
Capital stock paid in
2,499,098;
779,039
Surplus.
2,524,460 !
987,150
200,992
Undivided profits—net
___j 605,403!
Reserves for dividends, contingencies, etc
1 370,368
166, 014
35,208
Reserves for interest, taxes, a n d other expenses accrued a n d u n p a i d .
98, 668
D u e to Federal reserve b a n k s
_. _
_
'
48,381
D u e to other b a n k s in U n i t e d States
2,832,296;j 1,262,168
400,899
D u e to b a n k s in foreign countries (including own branches)
433,740j
481,522
Certified a n d officers' checks outstanding
_
729,301
14, 503
Cash letters of credit a n d travelers' checks outstanding
19,581,
D e m a n d deposits
_
14,955,400^ 5,880, 231
T i m e deposits
11,315,842 1, 218, 911
United States deposits
_
i 411,845!
182, 347
Total deposits...
39,746,386; 9,440,586 10,
7,060
Agreements to repurchase U. S. Government or other securities sold.
81,583,
Bills payable and rediscounts:
i
41, 692
With Federal reserve banks.
622, 6521
19, 690
Allother
_
216,476,
Acceptances of other banks and bills of exchange or drafts sold with
256,063
indorsement
. . ! 310,502;
598, 205
Acceptances executed for customers,
732,253J
9,470
Acceptances executed by other banks for account of reporting banks.
14,169
40, 743
National-bank notes outstanding
_
624,2341
200
Securities borrowed.
:
13,473;
92,153
Other liabilities
i 228,597j

424, 794i
130,571;

32, 393
40

150,120
48, 855

242, 281
81, 676

197, 858
85, 905

9, 299
19, 650i

52, 715|
128,419:
2,839;
154,354
5,485
66, 797i

85,056
106, 263
397,587i I 298,445
5,528
2, 568
624,234!
40, 743
9,003 1
52,302.
19,497

19, 493
95,353
2,293
154,354
2,945
21,369

1,714
3,789
667
429,137
6,058
11,436

204, 239
334, 666
8,641

171,012
299, 760j
6,902 !

4,470
176,295

200!
72, 656

W
t1

81, 785
106, 774|
~" """• 34, 979
5
1,840 1,193
2,540|
45,428

1,730
58, 211

i

39, 688,3221 12, 674,270 13, 605,878J13,408,174| 24, 618, 214 ; 5, 233,946 9,076,857 10,307,411 15,070,108 7,440,324 4, 529,021 j 3,100,763

_

7,246;

» Member banks only; i. e., exclusive of national banks in Alaska and Hawaii.




710,409
881,074
1, 618,024
423,4601 257,081 200,533
355,579 552,036
569, 451 1,144,911
613,5051 342,208 189,198
1,379,549; 373, 645 436, 453
58, 871
47,978
183,422
147,561j
350,993'
254,410
53,431 114,140
56,329
68,748
40, 638
38, 639
92,290
170, 691
199, 677
73, 724
21,368|
12,379
18,970
10, 743
22,991
52, 555i
12, 217
46,113
7,766
1,745
27,947
10,923
35,713
12,668
229,478 1,112,449
65,170
726,842j 320,437
1,719,847.| 535, 326 955,043
23, 493
7,206
1,694
448
207, 725
218,361! 193,174
215,379
39, 622
58,979
313,718
23, 595
352, 366
167,804 125,583
376,935
4,724
1451
84
3,678
10, 830!
120
8,486'
11,095
9,056, 329 2,493,096 3, 297,126 3,266,107 5,899,071 3, 387,135 1,,481,8231, 030,113
,615,735 1, 279,846
825, 793 i;
7, 594, 468 393,11812, 839,922 4,361,428 3,721,374
43,755
52,970|
100,160 115, 534
82,187
17,239
259, 449
152, 396
19,245,0191 3,886,356 7,369,191 7,989,472 11,501,367 5,554,230 3,,519,683:2, 427,454
32, 558
18,291
252
6,475
51,101'
30,482
1 , ir'
7

256, 894!
80,131

j

Total..
Number of banks

809,117
910,942J
778, 661
758, 649i
173,011
231,400|
125,077
79,277!
33, 747
29,713!
9,511
38, 870i
275,480
294, 648!
30, 699
2,142,
165, 205
82,5741
4,869
204
778,949 4,
296,220!
455,657 5,
641, 274|
168,504
60,994
888,874 10,416,9261
49, 757
24,766;

352

6,843!

6,363!;

22

253

6,093

878

29

99

750
CO

194

FEDERAL RESERVE BULLETIN

MARCH, 1032

INDUSTRIAL PRODUCTION—1919-1931
[Index numbers; 1923-1925 average=100]
[Revised figures; see note]
Without seasonal adjustment
Month

Adjusted for seasonal variation

191919201921! 1922 1923 1924 ! 1925 1926 1927 1928 1929 1930 19311919 1920 1921 1922 1923 1924 1925! 1926 1927 1928 1929 1930 1931
Industrial production (manufactures and minerals)

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

81
78
76
77
80
84
87
89
89
89
87
81

92
93
94
87
92
92
88
89
88
86
78
68

66
65
64
64
67
66
64
67
69
73
72
66

72
76
81
78
82
86
84
83
89
96
99
95

99 99 105 105 106 105 117
102 104 107 108 111 111 121
105 103 107 110 113 112 124
107 96 104 108 110 110 124
108 90 103 107 112 110 126
105 84 100 106 107 108 125
101 81 99 103 102 105 120
100 87 101 109 105 110 122
101 95 102 113 106 116 123
102 98 107 114 105 118 121
99 99 108 110 101 115 108
92 97 103 101 96 109 96

Year.... 83 87 67 85 101

95 104 108 106 111 119

103
109
106
107
105
99
91
90
92
90
84
77

82
87
89
90
89
83
80
78
77
75
72
67

i 95 I
67 73
i 95 66 76
I 93 64 80
88 64 77
90 66 81
I 91 65 85
i 89 65 85
89 67 83
68 88
7
1 93
85 I 76 7
1 97
86 ! 72 70 100
82
79
76
78
78
83
87
89

99
100
103
106
106
106
104
103
101
99
98
97

100
102
100
95
89
85
84
89
94
95
97
101

105
104
103
102
102
102
103
103
101
104
107
109

106
105
106
107
106
108
108
110
111
111
110
107

107
108
110
108
109
107
106
106
104
102
101
102

107
108
108
108
108
108
109
110
113
115
118
118

119
119
119
121
122
125
124
121
121
118
110
103

106
107
104
104
102
98
93
90
90
88
86
84

83
86
87
88
87
83
82
78
76
73
73
74

96 81

Production of manufactures
January
February. _.
March
April
May
_.
June
July
August
September..
October
November..
December..

82
80
78
SO
80
84
S7
90
89
88
91
83

94
96
96
90
93
92
87
88
87
83
74
65

64
64
63
64
66
65
63
66
68
73
72
66

72
75
80
83
87
90
88
86
89
95
99
95

99 99 106 108 105
103 105 109 111 110
107 105 109 112 !114
109 98 106 110 112
108 89 103 | 108 112
104 82 100 106 106
98 78 97 i 102 L02
98 86 99 | 108 104
100 93 103 ! 112 1 5
0
100 97 108 I 113 104
98 99 110 ! 108 L O
O
92 98 106 i 99 95

Year.... 84 87 67 86 101

106
113
114
113
111
109
105
110
116
117
115
110

117
122
126
128
128
127
120
122
123
119
107
93

106 112 119

94

102
110
109
110
100
98
89
88
90
87
82
74

81
88
90
91
90
82
79
77
76
72
70
66

95
79 ! 89
108 I 109
107 110
106

89 | 89
91 i 89
86 82
73 i 71
68 70

88

105 i 102

82
86
87
87
86
82
82
78
75
71
71
72

95 80

Production of minerals
January
February...
March
April
May
June
July
August
SeptemberOctober
November..
December..
Year....

82
78
80
73
86
95
94
98
94
100
97
87

97
94
97
99
107
112
115
116
106
113
108
93

100
100
93
83
93
96
95
96
103
104
100
95

89 70 74 105

96

77
72
67
65
73
73
70
71
72
78
71
64

73
81
88
48
53
63
61
67
88
98
98
94

101
95
90
89
105
104
107
112
97
98
98
89

90
92
98
96
103
109
110
115
119
124
123
113

112
113
111
96
108
108
103
111
111
112
105
97

100
99
98
95
104
104
104
111
115
123
118
106

114
116
101
103
116
116
118
121
127
127
114
110

99 108 107 106 115

108
104
91
94
102
103
100
101
101
105
96
89

86
84
82
83
84
85
85
82
82
92
84
80

79
70
66
71
74
76
81
78
85
87
63
77

86
84
87
82
85
88
88
91
85
91
94
94

81 77
77 85
72 92
72 53
73 54
71 59
68 57
69 62
67 81
71 90
68 94
69 100

101 103 105 91 115 103 116 110
99 105 100 95 117 102 119 108
103 99 96 106 120 105 109 98
111 93 100 108 106 105 114 104
108 93 104 104 109 106 117 104
108 93 101 107 106 102 114 102
111 93 104 108 101 102 116 100
110 92 107 109 106 105 115 96
97 97 89 110 104 107 118 94
104 96 90 113 103 111 116 95
106 97 95 118 102 114 110 92
99 99 93 119 102 111 116 93

86
91
87
79
77
84
81
85

99 84
NOTE

Indexes revised in February, 1932, for period 1923 to date. Revisions made in seasonal indexes for the following 20 series: Steel ingots, cotton
consumption, sheep slaughtered, wheat flour, wrapping paper, box-board, mechanical wood pulp, chemical wood pulp, paper boxes, shipbuilding,
calf and kip leather, goat and kid leather, cement, plate glass, pneumatic tires, inner tubes, cigars, anthracite coal, iron ore shipments, and silver
production. The series on oakflooring,face brick, and paving brick, formerly included in the index for part of the period, have been excluded for the
entire period, and beginning in October, 1931, the series on copper mined and smelted have been dropped from the index; necessary adjustments In
the base have been made. There were also minor revisions and corrections in the basic data, particularly for output of box-board, lumber, and
gasoline in recent years. Tables showing the unadjusted and adjusted indexes as well as the seasonal indexes, by industries, from 1923 to date,
may be obtained from the Division of Research and Statistics.
For description of these indexes see BuLLETiNsjfor February and March, 1927,




195

FEDERAL RESERVE BULLETIN

MAKCH, 1932

INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board. 1923-1925 average=100]
1931

1932

Industry
Jan.

Feb.

Mar.

Apr.

May

June

July

67
56
68
91
86
63
70
64
40
148
163
117
99
110
127
81
91
142
92
67
105
100
78
119
79
95
114
74
92
119
119

77
62
78
100
92
79
88
77
54
153
169
121
92
96
106
75

78
69
79
98
99
84
100
71
60
119

72
65
72
96
93
85
96
79
63
122
135
96
87
90
84
91
106
150
82
87
113
104
81
1ifi

60
56
60
91
87
84
94
83
55
112

54
48
54
93
85
93
108
90
52
115

121

125

81
112
105
77
122
90
106
118
74
99
164
123

85
67
86
99
94
77
83
75
60
145
159
117
86
84
84
79
100
132
86
90
112
103
80
116
86
105
119
83
92
147
134

42

43

50

52
9
140
75
79
81

73
7

no

Aug. Sept.

Oct.

Nov. Dec.

Jan.

MANUFACTURES

Pig iron

Steel ingots

.

Cotton consumption
_ -_
Wool
CJ ons umo t ion
Machinerv activity
Carpet rug loom activity
Deliveries
Loom activitv

-

- - .

—

T^APTTR AND PRINTING

Wood DUID and oaper

_«

Newsprint

"Book na/Der
WraDDing DaDer

-

-

Box board

Wood pulp mechanical

- --

"Wood nuln chemical

Paper boxes

NpwsDrint consumDtion

-

47
37
48
92
88
67
79
60
41
143
162
105
95
101
108
82
92
163
102
65
100
89
78
98
75
75
105
85
84
142
125

37
32
38
83
80
58
65
58
36
130
139
112
99
113
128
85
93
158
82
72
93
82
75
102
67
73
84
78
77
111
122

- - - ---

Lumber cut
-

L F A T H E R AND PRODUCTS

Sole leather Upper leather—
Cattle
Calf and kip
Goat and kid
Boots and shoes

-

51

48

41

40

36

34

26

25

24

100
12
123
100
89
85

98
13
145
99
87
80

• 74

56
5
100
113
99
87

43
4
82
108
96
84

23

38

70
88
88
83

22
2
118
75
79
81

36
1

90
86
80

82
7
79
96
82
72

71
73
74

79
77
77

—

58
68
108
72

66
73
128
93

66
67
128
105

72
75
126
107

74
80
117
106

87
96
130
122

88
84
133
117

85
72
115
89

78
56
103
72

75
53
88
70

54
96

52
116
82
81
105

65
128
78
76
96

92
123
74
71
109

111
114
72
71
104

67
46

47
73

39
66

61

99
58
64
64
88

85
56

70

107
76
63
62
89

89

77

59

47

142
174
72
104
102
98
86
89
65
117
64
154

147
185
71
104
94
102
100
103
75
121
69
158

150
188
74
107
96
103
107
111
78
124
77
161

159
202
71
112
100
103
113
117
81
122
79
155

160
209
68
105
95
99
136
141
99
137
85
179

158

159

205
71
107

205
74
105

161
208
74
106
96
77
93
95
80
126
82
159

159
207
67
104
92
76
77
79
63
130
82
166

159
206
74
103
95
76
67
69
53
120
90
144

156
200
79
102
93
75
63
65
47
117
89
140

149
193
75
99
86
71
61
63
46
91
51
120

140
179
76
93

86
89
106

77
86
107

76
69
111

65
86
121

68
68
117

66
69
107

73
69
78
65

71
64
68
54

74
66
105
99
59
47
61
40

75
68
120
10

78
69
81
65

69
62
109
120
58
46
63
45

78
95
117
71

72
69
81
64

65
76
124
42
68
55
73
51

46
68

45
63
41

46
65
43

38

9

63
g

135
95
88

107
97
92

79

79

79

79

80
119

95
120

99

100

115

110

C E M E N T AND GLASS:

-

-

79

NTONTirRROIIS METALS 1

Tin (deliveries)
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke (by-product)

-

FUELS, MANUFACTURES:

-

R U B B E R TIRES \ N D TUBES

Tires nneumatic

179

51

TRANSPORTATION EQUIPMENT:

Cement
Glass Dlate

41
32
42
94
87
65
73
67
38
166

98
91
164
131

114
89
87
83
86
113
149
84
104
113
104
82
116
91
97
122
97
94
153
134

LUMBER:

Automobiles
Locomotives
Shinbnilflinff

44
39
44
95
88
75
88
65
52
144
159
115
92
92
86
93
94
173
99
82
103
91
75
97
81
80
113
72
84
161
127

71
126

-

Sugar meltings

44
40
45
101
91
88
102
84
54
145
161
114
92
83
73
89
98
173
102
111
105
95
76
101
86
82
122
70
87
175
118

52
85

Slaughtering meat packing ._ _

Hogs
Cattle
Calves
Sheep
Flour

95
87
77
66
88
86
149
91
119
101
95
79
104
89
79
115
73
87
148
109

49
42
50
94
83
93
107
92
51
124
136
99
84
75
59
90
86
159
98
98
101
94
71
105
90
79
115
63
87
172
105

96
83
83
77
83
100
151
74
98
108
100
81
111
89
88
118
86
92
157
122

30 CO CO
eo to to

IRON AND STEEL

-

Inner tubes

TOBACCO PRODUCTS _

Cigars
Cigarettes _

91
68
92

90
89
130
135
94
144
90

189

87
62
88

98
81
111
115
85
131
80

172

111
98
110
124
84
87
174
86
71
75

138

112

80
80

87
67

86
88
64
116
63
163

MINERALS
COAL:

Anthracite
Petroleum crude

Iron ore shiDments
Conner (mined}

* ..

Zinc
Lead
Silver
i Includes also lead and>inc, see "Minerals."




66

67

66
124
90
68
52
59
47

57
125
113
57
45
60
40

40

48
62

196

FEDEKAL RESEKVE BULLETIN

MARCH, 1932

INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board. 1923-1925 average=100]
1931

1932

Industry
Jan.

May

June

64
66
97
90
90
105
79
63
123
136

56

Feb.

Mar.

Apr.

73
61
75
95
86
75
81
77
54
146
158
121
92
94
96
85
99
141
92
87
109
102
77
117

75
64
76
97
89
76
81
75
60
149
165
117
87

118
72
148
124

119 I

70
65
71
96
92
86
103
71
60
119
122
114
95
97
93
97
104
159
93
89
109
101
80
114
89
92
118
80
93
153
125

44

48 |

47

48

102 I

77
13
127
103
93
85

78
14 I
115 |
107 |
92

July

Sept.

Aug.

Oct.

Dec.

Jan.

MANUFACTURES

IRON AND STEEL*.

Pig iron
Steel ingots*
TEXTILES*
_
Cotton consumption*
Wool
Consumption
Machinery activity i
Carpet, rug-loom activity i .
Silk
Deliveries
Loom activity *
FOOD PRODUCTS*
_
Slaughtering, meat packing
Hogs
Cattle
_
Calves
Flour*
Sugar meltings
PAPER AND PRINTING

Wood pulp and paper
Newsprint
Book paper
Wrapping paper *
Fine paper...
Paper board*
Wood pulp, mechanical*
Wood pulp, chemical*.-.
Paper boxes*
_.
Newsprint consumption
LUMBER:
s* Lumber cut *
__
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding*

70
57
71
86
82
62
68
64
40
134
143
117
94
91
95
141
94
102
107
100
78
118
81
94
118
73
93
135
124
47

76
90
146
129
i

Tanning
_.
Sole leather i
Upper leatherCattle
Calf and kip*
Goat and kid *
Boots and shoes
CEMENT AND GLASS:
Cement *
Glass, plate *
NONFERROUS METALS 2
Copper (smelter)
Tin (deliveries) i
FUELS, MANUFACTURES:
Petroleum refining*
Gasoline i *_._
Kerosene
Fuel oil i.__ J
Lubricating oil
Coke (by-product)
RUBBER TIRES AND TUBES*
Tires, pneumatic*...
Inner tubes*

TOBACCO PRODUCTS*

Cigars *
Cigarettes..

53
82
114
80

57
81
123
92

85
96
77
70
126

86
107
79
77
105

142
174
70
104
102
97
94
97
71
124
83
157

147
185
69
104
94
99
92
95
71
133
80 |
174 I

73
81
110

MINERALS

42

38

36

33 !

27

60
8
73
98
92
79

52 i

40
4
82
95
91
84

26 i
5!
96 !
81 '
84 j
83 !

126 i
117 I

83
119
105

84
81
129
102

91
80
132
106

85
72
127
97

84 !
60 i
110
79 |

94
94
111 | 105
73
73
72
70
104 |
109

93
89
68
70
92

90
88
65
65

83
75
65
65

79
57
65
65

75 !
56 j

67
48

150
188
76
117
96
100
97
101
72
131
85
169

159
202
71
112
100
102
96
99
71
132
84
171

161
209
71
105
95
100
115
111
81
135
82
177

159
205
76
107
90
91
108
111
79
132
83
171

160
205
80
105
98
84
114
117
90
121
77
156

161
208
78
106

159
207
66
104
92
77
80
83
63
118
72
151

76
84
112

77
82
121

75
75
122

74
75
122
46
67
54
58
47

74
70
122
56
59
49
62
47

70
70 |
62 I 65
107 ! 102
59 I 52
60
59 !
49;; 49
65
66
45 ! 42

42 :
33 !
43 i
88 i
86 i
57 ;
64 j
58 :
36 j
141 I
156 |
112 I
97 !
94
98
81
98
161
86
127
97
88
75
103
68
76
103
78
79
136
• 119

36
2
134
77
80
81
76
59
105
76

94
84
72
68
75
126
100

79
83
127
109

83

84 I

68 I
102
96
87

27

43
32
44
89
83
64
71
67
38
142
157
111
P94

92
93
83
93
173
88
108
74

157
116
27
45
84
79
77
73
65
101

61

65
75

89

94
97
72
118 I
78 !
148
|

i

* Revised series; see p 194.
Without seasonal adjustment.
Includes also lead and zinc, see " Minerals."

1
3

149
94
98
109
101
81
112
94
86
120
85
92
154
123

78
92
93
158
92
88
105
96
72
107
90
83
114
79
89
171
118

51
37
52
89
84
64
73
, 60
41
!
140
I 157
| 105
j 91
91
99
72
91
164
94
83
97
100
88
89 !
79
75 |
96
96
74
80
78
79
102
107
84
80 !
84
82
139
153
117
120
45
39
46
93
85
71
80
65
52
144
159
115
92
95
101
80
90
158

91
117
76
76

7
154
89
84
80

COAL:

Bituminous
Anthracite*
Petroleum, crude
Iron ore shipments*.
Copper (mined)
Zinc
_
Lead
Silver*

154
84
83
107
99
79
111
89
88
117
80
91
151
123

45
41
45
100
93
85
97
84
54
140
153
114
93
93
97
80
102
149
86
104
104
94
77
100
85
83
115
87
87
159
121

50
44
51
99
92
97
115
92
51
120
131

65
10
108
99
90
79

"I

63
11
197
81
82
81

77
82
110

LEATHER AND PRODUCTS*




91
99
145
91
74
110
101
81
114
85
100 I

92
88
94
94
153
88
77
111
102
79
118
90
91
119
80
91
164
127

90
89
105
83
55
122
136
96
83
83
75

58
51
59
100
93
100
122
90
52
120
132
95
87
82
74

e
Corrected.
» Preliminary.
Revised.
r

" 7 7 I"
I

59

47

159
206
71
103
95
76
76
79
59
111
74
137

155 |
200 i
73
102 i
93
73

149
193

140
179
75
93
87

i
71 :
74 i
116
41

84 I
86 i
64 I

113 '
75 !
142 |

67 ;
122
12

70
88
91
63
113
68
146

95
70
124
82
156

64
69
121

58
54
111
45
59
37

197

FEDEEAL RESERVE BULLETIN

MAECH, 1932

FACTORY EMPLOYMENT AND PAY ROLLS (ANNUAL INDEXES)
[Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average =100]
Factory pay rolls

Factory employment
Industry

1927

.
__
-

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
F O O D AND PRODUCTS

.

.

Baking

_

_

_

Slaughtering and meat packing
Confectionery
Ice cream
Flour
_
Sugar refining cane

P A P E R AND PRINTING

Printing, book and j o b . -

Printing, newspapers and periodicals
Paper and pulp . _ _
_
_ __ .
Paper boxes
L U M B E R AND PRODUCTS

Lumber, sawmills
Lumber, millwork
Furniture _.

_

_
_
_

TRANSPORTATION EQUIPMENT

Car building and repairing

Automobiles

Shipbuilding

__

_

._

._

_

__

L E A T H E R AND MANUFACTURES

Boots and shoes
Leather

.

_,

C E M E N T , CLAY, AND GLASS PRODUCTS

Clay products

_

Brick, tile, and terra cotta
Pottery
Glass
Cement
NONFERROUS METAL PRODUCTS

Stamped and enameled ware..
Brass, bronze, and copper
CHEMICALS AND PRODUCTS

.

Chemicals and drugs
Petroleum refining
Fertilizers
-_

_

R U B B E R PRODUCTS

Automobile tires and tubes
Rubber boots and shoes.

TOBACCO MANUFACTURES

Cigars and cigarettes
Chewing and smoking tobacco, snuff

MUSICAL INSTRUMENTS

Pianos and organs.

.

I

97.2

101.1

96.8
96.3
92.7
106.6
97.6
99.5
95.9
100.0
100 0
96.9
114 6
118. 5
102.6
100.8
101.4
105.0
88.9
84.6
96 6
102.9
101.2
113.1
99.1
79.9
105.1
122.8
102.4
99.1
105.6
93.9
100.4
94.7
89.6
95.1
103.1
107.1
101.6
101.9
99.4
92.3
86.7
91.6
108.9
88.4
84.9
91.6
100.4
97.3
97.7
95.6
97.5
98.9
99.1
98.3
94.2
98.3
97.4
92.4
99.1
107.9

.

Steelworks and rolling mills
Hardware . . > _ .
..
Structural iron work
Heating apparatus
..
Steam fittings
Stoves ._
Cast-iron pipe

1929

98.8

TOTAL—ALL MANUFACTURING INDUSTRIES
IRON AND STEEL AND PRODUCTS

1928

95.4
95.6
90.6
108.9
92.0
90.9
93.0
91.3
98.7
94.4
126.2
140.3
99.6
95.1
95.7
95.3
86.1
87.4
93.4
99.6
99.7
112.5
93.5
71.5
105.4
123.6
84.7
98.6
106.2
94.3
96.5
94.8
89.6
88.5
101.7
106.7
102.1
98.1
96.8
88.1
81.9
87.8
106.0
90.6
78.5
108.8
77.5
93.5
93.7
92.6
92.3
93.2
90.6
100.4
91.4
90.5
96.6
82.4
101.5
105.3
107.0
102.4
104.9
108.6
110.3
103.6
93.8
95.8
76.8
70.1
62.1

98.9
99.8
93.6
117.0
91.8
86.9
96.4
86.7
116.1
106.7
161.7
159.2
125.6
96.9
97.2
95.5
87.7
85.6
98.9
103.3
100.8
115.1
96.3
71.3
106.0
133.4
83.5
99.7
107.4
95.7
95.7
94.3
91.4
91.4
104.2
110.3
105.1
99.3
98.9
88.2
81.1
85.3
110.0
94.6
79.7
114.3
98.6
93.7
94.8
89.5
89.6
89.4
86.0
98.9
93.0
83.7
101.1
79.0
108.6
112.3
111.2
116.4
104.7
108.3
111.1
100.0
91.6
94.1
72.0
68.4
53.7

107.7

110. 2
100.7
104.0
103.4
105.8
93.6
95.1
82.4
78.8
76.5

1930
87.8
87.1
88.9
80.3
105.7
75.6
72.1
78.9
76.8
97.4
89.8
123.8
121.3
107.8
84.7
83.1
80.6
70.3
69.3
75.8
92.1
88.9
105.2
88.8
62.4
92.8
130.6
76.2
94.7
101.9
92.0
89.1
89.8
86.9
89.0
101.2
106.9
105.3
94.8
92.4
69.1
63.9
65.6
86.2
76.1
68.7
81.8
107.5
85.9
86.7
82.8
75.6
73.1
67.3
89.1
80.0
76.5
78.1
55.9
85.7
104.5
101.5
111.9
98.4
i
82.7
i
82.8
!
82.2
87.4
89.4
;
72.2
66.3
38.2

1931
74.4
71.7
73.7
66.4
81.5
62.5
60.6
64.3
63.4
72.5
66.6
78.3
62.8
85.9
77.9
77.1
75.4
67.2
67.2
66.9
85.6
76.0
99.5
79.9
57.9
82.6
114.1
71.1
88.5
95.2
86.1
85.4
82.8
79.0
79.4
93.0
96.4
102.4
84.0
84.6
52.2
45.6
53.6
69.9
60.4
53.3
66.1
89.7
80.1
81.5
74.3
61.7
58.0
50.0
79.9
69.2
61.1
64.6
43.8
71.7
89.0
92.2
88.8
69.2
71.9
73.3
67.9
79.3
80.6
69.4
45.9
28.7 ;

1929

1927

1928

102.0

101.8

98.5
97.5
96.1
109.7
99.7
102.0
97.5
98.3
103.5
100.1
116.5
126.8
107.2
104.1
104.0
105.5
86.6
84.8
94.4
116.3
107.6
121.0
104.3
85.6
110.2
123.9
110.7
102.4
107.9
98.8
103.9
100.8
91.9
90.2
110.1
114.1
111.3
105.3
103.8
95.1
89.1
90.4
111.3
91.3
87.9
93.5
107.8
98.6
98.7
98.4
96.2
96.1
96.8
94.4
93.5
101.0
100.3
93.3
102.4
109.7
108.5
112.2
107.6
108.5
107.2
114.3
91.1
92.0
84.7 I
85.2
80.3

99.9
100.8 ''
94.5
115.0
93.0 !
93.9 i
92.2 1
86.8
104.7
99.4
135.7
156.2
104.9
96.4
95.8
89.2
80.7
79.6
85.8
112.4
109.1
120.8
97.7
77.4
106.9
124.4
88.2
102.5
107.9
100.3
99.0
103.2
93.6
86.7
109.8
113.4
112.7
103.4
103.5
90.5
84.9
85.9
105.6
97.2
81.9
117.6
84.5
92.4
91.7
95.2
90.4
87.9
85.7
94.0
92.7
94.7
107.1
85.0
113.5
106.0
106.0
105.7
108.6
114.8
116.6
107.9
88.4
89.6
78.3
77.6
67.3

!

107.7
106.0
108.0
100.0
122.7
92.7
90.3
95.0
86.4
125.6
115.9
175.8
175.0
135.2
99.6
98.8
91.7
82.9
81.2
90.7
120.4
109.8
122.4
101.2
76.8
108.0
135.7
86.9
104.4
110.0
102.4
99.8
103.1
96.4
89.9
114.5
118.0
118.5
106.9
107.6
90.6
83.9
84.0
109.9
103.4
87.9
122.0
110.1
93.1
92.7
94.7
87.0
82.7
79.5
91.3
95.6
86.8
115.2
83.4
124.4
113.4
110.0
120.2
106.0
111.0
112.3
106.1
87.7
89.4
74.5
75.7
57.8

NOTE.—For description of these indexes see BULLETIN for November, 1929 (pp. 706-716), and November 1930 (pp. 662-677).




1930
87.4
84.4
86.8
73.2
104.4
68.6
67.3
69.8
75.1
96.7
87.3
114.1
119.5
113.6
81.9
77.8
71.3
61.0
61.4
59.1
97.7
89.0
105.2
90.0
59.1
84.3
1336
81.0
99.6
104.7
99.5
91.5
97.0
91.5
86.2
110.0
114.4
118.0
97.8
96.8
65.8
62.7
61.3
75.5
76.4
72.0
76.7
118.4
75.4
73.0
84.3
68.7
62.1
57.2
74.9
77.0
76.7
79.6
55.0
86.8
103.9
96.6
116.4
97.9
80.6 i
80.9
79.3
79.4
80.3
72.9
67.4
37.2

1931
66.0
55.4
56.3
50.7
67.4
47.7
46.6
48.7
52.9
60.4
52.6
60.8
52.2
79.4
69.4
67.7
63.1
56.3
57.4
51.2
80.7
70.2
96.7
72.9
48.9
67.9
106.4
67.4
88.0
92.6
89.1
80.2
86.7
77.1
73.0
95.9
97.7
112.0
76.6
83.0
41.5
35.8
43.2
52.8
54.6
51.2
54.5
89.6
64.9
63.2
71.1
48.7
40.7
33.8
59.1
61.5
54.1
57.3
38.5
62.8
84.5
83.8
89.1
62.9
61.4
63.5
53.4
65.4
65.4
66.0
40.2
23.6

198

FEDERAL RESERVE BULLETIN

MARCH, 1982

FACTORY EMPLOYMENT AND PAY ROLLS (MONTHLY INDEXES)
[Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average»100]
Factory pay rolls

Factory employment

Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment

Industry

TOTAL—ALL MANUFACTURINGIINDUSTRIES—
IRON AND STEEL AND PRODUCTS

Steel works and rolling Tnills
Hardware
Structural iron work
Heating apparatus
Steam fittings
Stoves
Cast-iron pipe
..
MACHINERY

.

-

Foundry and Tnaohine-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, moil's
Shirts and collars
_
Clothing, women's
Millinery
.
FOOD AND PRODUCTS.

Baking

_

__

Confectionery
Ice cream
.
Flour
Sugar refining cane
PAPER AND PRINTING

*
*

_

-.

-_

Printing, boo*k and job
Printing, newspapers and periodicals
Paper and pulp
Paper boxes

LUMBER AND PRODUCTS

- -

Lumber, sawmills
Timber, mil]work

-

Furniture

TRANSPORTATION EQUIPMENT

Car building and repairing
Automobiles
Shipbuilding

.

-.

LEATHER AND MANUFACTURES __

Boots and shoes
Leather
CEMENT, CLAY, AND GLASS PRODUCTS

Clay products
Brick, tile, and terra cotta
Pottery
Glass
... .
Cement

..

. _ -_
_ __

NONFERROUS METAL PRODUCTS

Stamped and enameled ware
Brass, bronze, and copper -

_ ._

CHEMICALS AND PRODUCTS

Chemicals and drugs
Petroleum refining
Fertilizers

-. _

RUBBER PRODUCTS

Automobile tires and tubes
Rubber boots and shoes
TOBACCO MANUFACTURES . .

».

__

Cigars and cigarettes
Chewing and stroking tobacco, snuff

Dec.

66.3

67.9

62.8
65.8
60.4
67.4
47.9
48.8
47.1
51.9
61.2
54.9
59.4
51.0
76.3
71.6
73.4
73.0
59.7
60.0
58.2
84.3
71.5
93.9
66.9
51.6
68.6
91.3
59.4
84.2
88 8
86.4
78.5
70.0
76.3
77.0
89.0
92.3
99.8
80.4
76.9
42 4
35.3
44.4
61.0
53.9
43.9
63.4
84.3
75.7
77.5
68.3
47.7
42.6
33.1
68.6
59.1
45.7
56 8
31.4
65.4
81.7
85.9
81.2
66.3
69 1
69.7
67.2
69.0

64.4
66.4
61.6
71.3
55.0
63.1
56.7
55.9
63.8
58.7
62.4
48.3
77.1
72.9
74.6
73.8
58.8
58.9
58.4
88.9
72.9
93.9
68.5
51.9
74.6
96.3
53.0
87.9
91.4
88.4
92.5
70.4
76.8
77.7
90.8
93.2
101.9
80.6
84.0
45.2
37.4
47.7
65.3
54 4
46.9
60 2
87.9
73 2
74.4
67.9
53.3
48.5
39.8
72.3
64.3
50.7
60 3
40.9
66.9
82.0
86.9
81.3
53.4
69 8
69.3
71.5
71.7
71.7
71.6

74.2

1932

1931

1932

Jan.

Jan.

Jan.

1932

1931
Dec.

Jan.

Jan.

Jan.

76.4

68.1

69.4

78.3

52.4

55.8

68.4

76.1
78.8
71.0
90.4
61.4
67.4
55 9
61.3
81.0
73.6
92.6
101.9
93.3
76.0
75.1
73.2
61.4
61.4
62.1
79.0
84.0
105.0
78.4
55.3
76.9
117.8
65.6
90.1
95 2
91.6
86.2
76 2
81.0
79.2
96 3
104.0
103.9
85.7
85.3
54 4
48 0
55.0
71.8
65 2
59.7
68 3
97.1
77.5
78.1
75.3
59.4
56.3
46.9
82.2
66.2
57.9
68.4
47.6
75.4
96.2
97.8
97.8
80.8
73 0
73.6
71.4
75.4
75.4
75.6

64.0
66.6
60.1
69.4
52.1
50.4
53.6
54.3
61.8
56.1
59.4
49.3
76.3
71.1
72.9
72.0
58.4
58.7
56.8
85.2
72.0
93.3
66.6
51.7
68.1
88.9
62.9
85.3
90 9
83.8
80.1
81.7
76.7
82.7
88.3
90.2
99.4
80.5
77.4
43.9
36.9
45.6
62.3
55.6
44.4
67.1
81.9
75.4
77.4
67.1
51.6
46.3
37.6
70.0
63.0
50.2
57 4
32.7
65.4
81.9
85.3
82.8
57.7
69.7
71.2
65.2
74 3
74.7
71.0

65.4
67.4
61.6
71.9
56.1
65.8
66.3
57.3
64.5
59.8
62.3
48.4
77.1
72.2
73.4
72.3
57.0
56.9
57.2
88.7
72.8
92.5
69.2
52.8
71.7
97.7
54.9
86.3
92.1
84.2
83.9
80.3
76.3
83.3
89.2
90.9
100.1
80.7
80.6
45.4
38.2
48.4
63.7
58.0
47.0
68.8
87.9
75.3
77.2
67.6
55.0
50.1
42.0
72.1
66.0
52.6
61.1
42.6
67.4
81.9
85.4
82.3
57.7
71.3
72.9
66.8
70.4
70.6
69.5

77.5
79.8
70.7
93.1
66.4
69.5
63.6
64.1
81.9
75.1
92.5
98.6
93.3
75.5
74.6
72.2
60.2
60.1
60.6
79.8
84.4
104.3
77.9
55.3
76.3
114.9
69.4
91.2
97.6
88.4
87.9
88.9
81.4
85.1
95.6
101.7
103.5
85.7
85.8
56.3
50.3
56.4
73.3
67.1
60.6
72.3
94.3
77.1
77.9
74.0
64.4
61.5
63.4
83.8
70.6
63.7
69 2
49.6
75.9
96.6
97.1
99.7
82.8
73 7
75.2
69.3
81 3
82.5
72.3

36.3
35.7
40.4
47.3
29.8
30.8
28.8
34.9
44.5
36.4
43.6
38.6
64.4
55.5
57.1
53.7
46.5
48.0
39.8
68.3
57.6
83.8
52.4
37.8
47.5
72.8
50.2
78.6
82.8
82.4
70.3
69.6
67.4
62.3
85.5
88.8
103.5
63.1
68.3
26.6
20.3
30.2
37.9
44.3
38.0
47.7
81.2
53.3
52.5
56.3
31.1
24.1
16.4
44.3
44.9
31.4
44.9
26.2
50.4
71.4
71.4
75.9
45.4
53.0
54.3
48.3
63.0
51.0
69.5

41.0
40.3
42.8
52.2
36.4
36.1
36.8
42.3
48.9
41.7
46.7
37.2
67.4
58.1
60.0
55.2
45.4
46.6
40.2
79.4
63.0
85.7
54.4
37.2
51.0
82.0
40.9
82.7
85.5
86.4
83.8
70.7
69.0
64.5
91.0
92.8
110.4
67.0
77.7
31.2
24.4
34.4
43.8
47.1
42.6
48.0
84.8
50.3
47.9
58.8
37.4
30.3
22.6
50.6
51.7
37.4
48.6
34.2
52.8
75.0
76.2
77.8
46.2
52 0
50.9
66.7
58 9
58.1
65.9

62.4
63.9
57.2
79.1
49.4
57.1
41.9
53.6
69.9
61.0
71.0
93.3
87.7
68.4
66.9
63.4
50.9
52.2
449
74.4
77.1
102.9
71.4
46.9
62.9
108.1
61.0
93.3
95.3
101.0
86.0
81.9
80.3
72.4
101.3
108.5
113.6
81.6
83.2
44.0
38.6
45.1
54.9
51.8
56.5
40.0
100.1
60.6
57.7
71.0
46.6
40.4
33.1
60.0
58.3
47.6
64 1
45.1
69 6
90.4
86.5
99.3
74.5
63 8
65.1
58.4
64 3
63.3
72.4

NOTE.—For description of these indexes see BULLETIN for November, 1929 (pp. 706-716), and November, 1930 (pp. 662-677).




1931
Dec.

199

FEDERAL RESERVE BULLETIN

MARCH, 1932

WHOLESALE PRICES, BY GROUPS OF COMMODITIES (REVISED SERIES)
[Revised index of Bureau of Labor Statistics (784 price series); 1926=100]

Other commodities
Year and month

1926 (base)
1927
1928
1929
1930-.1931--

1926—January, February
March
April.
May
June
July.August
September _..
October
November...
December. _.
1927—January
February
March .
April
May

June. .July
August
September...
October
November...
December. _.
1928—January
February
March _ .
April
May

June
July

August
September...
October
November.-.
December...
1929—January
February
March
April
May

June

July August.
September...
October. _ _
November...
December...
1930—January
February
March
April
May

June
July
August
September...
October. ..
November...
December.-.
1931—January
February
March April
May
June
July
August
SeptemberOctober
November...
December...
1932—January

All com- Farm
modities products
100.0
95.4
96.7
95.3
86.4
73.0
103.2
102.0
100.6
100.3
100.5
100.4
99.5
99.1
99.7
99.4
98.4
97.9
96.5
95.8
94.7
94.1
94.2
94.1
94.3
95.2
96.3
96.6
96.3
96.4
96.4
95.8
95.5
96.6
97.5
96.7
97.4
97.6
98.6
96.7
95.8
95.8
95.9
95.4
96.1
95.5
94.7
95.2
96.5
96.3
96.1
95.1
93.5
93.3
92.5
91.4
90.2
90.0
88.8
86.8
84.4
84.3
84.4
83.0
81.3
79.6
78.2
76.8
76.0
74.8
73.2
72.1
72.0
72.1
71.2
70.3
70.2
68.6

67.3




100.0
99.4
105.9
104.9
88.3
64.8
107.4
105.1
101.7
102.8
102.4
100.9
98.6
97.2
99.3
97.9
94.7
94.9
96.5
95.4
94.2
94.3
96.3
96.5
97.6
102.3
105.9
105.0
104.3
104.4
106.1
104.5
103.5
107.6
109.8
106.7
108.5
106.9
108.8
103.4
101.6
103.6
105.9
105.4
107.2
104.9
102.2
103.3
107.6
107.5
106.6
104.0
101.1
101.9
101.0
98.0
94.7
95.8
93.0
88.9
83.1
84.9
85.3
82.5
79.3
75.2
73.1
70.1
70.6
70.1
67.1
65.4
64.9
63.5
60.5
58.8
58.7
55.7
52.8

Foods
Total
100.0
96.7
101.0
99.9
90.5
74.6
102.6
LOO. 6
99.3
100.5
LOO. 1
100.5
98.7
97.5
99.8
100.7
100.4
100.6
97.1
96.1
94.7
94.9
95.3
94.8
94.3
94.5
96.6
100.0
101.4
100.7
100.9
98.8
98.2
99.7
101.2
100.3
102.2
103.8
106.5
102.1
100.0
98.1
98.9
98.1
98.3
98.0
98.0
99.1
102.9
103.5
103.3
101.4
98.9
98.7

97.3
95.8
94.3
94.9
92.2
90.8
86.8
87.6
89.5
88.8
86.2
82.4
80.7
78.0
77.6
76.3
73.8
73.3
74.0
74.6
73.7
73.3
71.0
69.1
64.7

Hides and Textile Fuel and Metals Building Chemi- House- Miscelleather
lighting and metal
cals and furnishproducts products materials products materials drugs ing goods laneous

100.0
94.0
92.9
91.6
85.2
75.0
102.5
101.7
100.8
100.0
100.1
100.1
99.4
99.6
99.6
99.4
99.1
98.0
96.5
95.8
94.5
93.5
93.4
93.5
93.4
93.6
93.9
93.5
93.0
93.3
92.8
92.9
92.6
92.7
92.9
92.6
92.6
92.9
93.0
92.9
92.9
93.0
92.3
91.9
92.1
91.8
91.5
91.9
91.7
91.4
91.6
91.6
90.8
90.5
89.5
89.0
88.2
87.8 i
87.3
85.7
84.5
83.6
83.2
82.1
81.1
80.3
79.0
78.3
77.2
75.9
75.1
74.1
73.9
74.2
73.9
72.9
73.5
72.3
71.7

100.0
107.7
121.4
109.1
100.0
86.1
103.3
101.5
100.2
98.7
99.0
98.8
99.0
99.6
98.8
100 9
100.3
100.3
100.9
100.1
100.4
101.7
103.6
107.1
111.4
111.5
112.5
112 7
113.9
116.5
120.7
123.8
123.7
126 3
125.8
123.3
123.8
120.6
120.4
117.2
115.3
115.4
113.4
108.9
108.2
107.8
106.7
107.9
109.1
109.5
110.6
110.3
108.3
107.3
105.1
103.9
103.2
102.7
102. 6
102.4
100.8
99.0
99.2
96.6
94.2
91.4
88.7
86.9
87.6
87.5
87.6
88.0
89.4
88.7
85.0
82.5
81.6
79.8
79.3

100.0
95.6
95.5
90.4
80.3
66.3
105.8
105.0
102.7
101.3
100.2
99.5
98.9
98.9
98.8
97 7
96.4
95.4
94.4
94.4
94.3
94.5
94 4
94.7
94.6
96 0
98.0
97 7
96.9
96.6
96.1
96.0
95.5
95.6
95.8
95.6
95.8
95.5
94.9
95.0
95.0
95.1
92.5
92.3
92.4
91.6
90.7
90.1
89.6
89.8
89.8
89.5
88.6
87.8
87.2
86.4
84.8
84.0
83.4
81.6
79.7
78.0
76.2
74.7
74.2
73.7
71.3
70.9
70.0
68.2
67.4
66.6
66.5
65.5
64.5
63.0
62.2
60.8
59.9

100.0
88.3
84.3
83.0
78.5
67.5
98.8
99.2
98.3
98.0
100.7
100.9
99.6
100.5
101.3
101 1
102.2
99.4
98.2
96.6
91.4
86.8
85.9
86.2
86.2
86.0
86.3
86.0
85.0
84.7
82.8
83.0
82.7
82.8
83.5
83.9
84.5
85.8
86.4
86.1
85.8
85.3
84.2
82.9
82.1
81.9
82.5
84.5
83.3
82.2
82.7
83.1
83.2
83.1
81.7
80.9
79.4
79.5
80.3
78.9
78.0
77.9
79.0
77.6
75.3
74.0
73.3
72.5
68.3
65.4
65.3
62.9
62.9
66.5
67.4
67.8
69.4
68.3
67.9

100.0
96.3
97.0
100.5
92.1
84.5
99.9
99.7
99.5
99.2
98.7
99.3
100.3
100.7
100.9
100 8
100.7
100.4
97.0
96.1
96.1
95.9
96.4
96.2
95.8
96.1
95.8
95.5
95.3
96.3
95.6
95.7
95.9
96.0
96.1
96.4
96.3
97.5
97.6
98.0
98.6
99.6
100.1
100.6
102.3
102.3
101.2
101.2
101.0
100.5
100.3
99.8
98.7
98.5
97.2
96.9
96.6
95.3
93.5
91.9
90.8
89.6
89.0
87.9
87.8
87.9
86.9
86.5
86.4
85.7
85.0
84.4
84.3
83.9
83.9
82.8
82.6
82.2
81.8

100.0
94.7
94.1
95.4
89.9
79.2
101.3
100.9
100.5
99.8
99.2
99.1
99.4
100.0
100.0
100 0
100.5
99.9
98.3
97.2
96.5
96.5
96.1
95.3
94.7
94.3
93.5
93.1
91.9
91.6
92.2
92.2
92.0
92.8
93.5
94.4
94.7
94.9
94.9
95.2
95.8
95.8
95.5
95.9
96.7
96.3
95.5
95.2
95.1
95.2
95.8
95.9
94.4
94.4
94.3
94.0
93.9
93.5
92.4
89.9
88.5
87.7
87.1
86.3
85.5
84.8
83.8
82.5
82.5
81.5
80.0
79.3
78.1
77.6
77.0
76.1
76.2
75.7
74.8

100.0
96.8
95.6
94.2
89.1
79.3
101.5
100.7
100.6
99.8
100.0
100.6
100.3
99.9
100.3
99 3
98.9
99.0
98.0
98.0
97.1
97.8
95.6
96. 1
95.6
95.6
96.6
97.1
97.3
97.2
96.2
96.1
95.8
95.9
95.5
95.0
94.8
95.0
95.2
95.7
95.7
95.8
95.6
95.7
95.3
94.7
94.1
93.4
93.3
93.6
93.7
94.0
93.8
93.5
93.0
92.3
91.4
91.2
90.2
89.4
88.3
87.9
87.2
86.7
86.0
85.6
• 84.5
83.3
82.9
81.3
80.5
79.4
78.9
76.9
76.3
75.6
76.1
76.1
75.7

100.0
97.5
95.1
94.3
92.7
84.9
101.1
101.0
100.9
100.7
100.3
100.2
100.1
100.0
99.7
99.6
99.6
98.7
97.5
97.5
97.5
97.5
97.5
97.7
97.4
97.5
97.5
97.3
97.6
97.6
96.5
96.4
95.9
95.5
95.5
94.8
94.7
94.8
94.8
94.1
94.1
94.1
93.9
93.8
93.8
94.0
94.0
94.6
94.3
94.3
94.3
94.7
94.6
94.7
93.8
93.6
93.5
93.5
93.5
93.4
93.1
92.9
92.3
92.1
91.5
88.8
88.3
88.1
88.0
87.9
86.8
86.4
85.7
84.9
82.7
81.0
80.9
78.5
77.7

100.0
91.0
85.4
82.6
77.7
69.8
110.0
106.3
105.0
103.5
102.5
101.6
97.9
96.9
96.0
95 7
93.1
92.2
91.7
91.8
91.8
91.9
91.8
91.3
90.7
91.0
90.7
89.9
89.5
90.1
90.1
89.2
88.9
87.7
87.4
85.0
83.6
82.6
82.9
82.8
82.7
82.5
82.7
82.7
82.4
81.9
82.0
82.4
82.8
82.8
83.1
83.2
82.4
82.2
81.3
81.2
80.9
81.0
80.4
78.4
76.6
76.1
75.2
74.7
74.1
73.5
72.2
71.5
72.0
71.5
70.5
69.7
69.7
68.3
68.2
66.6
68.7
66.8
65.6

200

FEDERAL RESERVE BULLETIN

MARCH, 1932

BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
IValue of contracts in millions of dollars. Figures are for 37 States east of the Rocky Mountains, as reported by F. W. Dodge Corporation]
Commerciall

Factories

Residential

Total

Public works and
public utilities i

Educational

All other

Month
1931
January
February
March
April

228.0
235.4
370.0
336.9
306.1
316 1
286.0
233.1
251.1
242.1
151.2
136.9

_

May

June
July
August
September
October
November
December
Year

-

1932 i
84.8

1931

!

54.4
77.9
100 9
95.9
i
88.9
72.7
1 63.9
i
00.2
54.6
I 60.5
45.3
36 2

1932

1931
10.1
7.3
20.6
11.3
16.3

27.5

1932

1931

10.4
4.7 !
11.0
8.9
4.2
2.5

26.9
27.1
36 2
26 2
25.7
26 9
28.4
19.1
28.6
41.3
14.1
10 6

116.2 |

311.1

8.9

811.4

3, 092.8

1932
3.4

9.1

1931

1932

96.8
79.0
152.2
133.4
109.6
141 6
117.4
73.3
86.5
83.0
48.0
50.5

1932

1931

24.1

19.4
4.4
16.7
24 3
23 0
23.8
22.5
26.1
19.3
21.2
14.7 — - - - - 11.8
6.1

1,171.1

1932

1931
20.5
27 3
35.7
47 1
41 8
43 6
39.8
56.5
49.3
33.8
27.8
31.0

16.3

454.3

228.8

1

Changes made recently by the F. W. Dodge Corporation in classification of data have put figures for commercial buildings and for public
works and utilities on a new basis.

BUILDING CONTRACTS AWARDED, BY
DISTRICTS

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

1 reserve district

1931

Jan.

Dec.

15 |
19

1,990
17, 371
1,373
4,241
2,638
895
1,314

14 |
9 I
20

841
1,132
6,359

2,192
14, 774
1,457
2,023
2,841
2,112
4,630
3,041
3,390
1,404
1,621
5,763

1,671
37,295
1,925
3,854
4,030
1,742
9,828
3,186
1,195
4,925
2,657
12,225

168 I
i

39,544

45,248

84,532

Federal reserve district

Jan.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.—
Chicago
St. L o u i s . . . Minneapolis
Kansas City
Dallas

_
._
_

_

_

_

_..i
I
_._!
i
_i
j
__..!
!
J

Total (11 districts)

i

_j

Dec.

7,175 j
24,803:
8,400 j
6,924 i
5,615 i
5,711 j
12,628 !
4,905 |
1,371 i
4,059 !
3,205 j

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

14,814
60,314
11,018
17,971
21,534
17,860
31,767
13,306
2,591
17,756
19,027

84,798 I 136,852

227,956

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta,
Chicago
St. Louis
Minneapolis _ _.
Kansas City...
Dallas
San Francisco _

[Amounts in thousands of dollars; figures reported by R. G. Dun Co.]

Federal reserve district

1932 i
Jan.

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
_.
St. Louis......
Minneapolis . .
Kansas City..
Dallas
San Francisco.
Total.-.

827 I
215 :
322 •
159 j
188 |
495 !
158 !
74 |
157;
178 |
377 !

Dec.
264
566
123
262
140
161
360
168
81
179
134
320

1932

Jan

BANK DEBITS

6,068 10,100 '• 28,965
756 21,799 14,019 : 13.524
193 12,201 3,148
4,128
254 9,628 5,984 ! 11,952
203 2,404 4,302 i 4,339
245 5,608 2,693
4,686
502 18,700 14,649 j 14,573
243 3,918 4,787 ; 4,837
671 2,915 |
92
776
167 5,692 3,416 ; 1,851
127 4,052 2,365 | 1,955
271 6,119 4,836 I 3,023

3,458 ! 2,758 3,316




I

1932

Number
of centers

1931

Jan. I Dec. ! Jan.

96,860 ! 73,213 j 94,608

649
742

Jan.

IDebits to individual accounts. In millions of dollars]

Liabilities

1931

14
22
14

Total

COMMERCIAL FAILURES, BY DISTRICTS

Number

1931

| Number J_.
j of cities |

NewTiTork City
Outside New York City
u#. Kftaufc ft-*** «*«
Federal reserve district:
Boston.
_
New York
Philadelphia
ClevelandRichmond
Atlanta
Chicago
St. Louis..
Minneapolis _ _
Kansas City
Dallas
San Francisco
Total.-

1
140
11
7
10
13
7!
15;
21 j
5 J

9!
15 !

10 I

18 !

141 |

1931

Jan.

Dec.

17,676
15,893

19,233
17.112

24, 557
21,696

1,812
2,001
18,380 j 19,891
1,472
1,701
1, 723 ! 1,853
593 j
628
782 !
800
3,941
4,165
819
870
456 j
553
840 !
935
484 '
508
2,267
2,440

2,248
25,322
2,063
2,754
729
1,031
5,412
1,059
617
1,200
613
3,205

33,569

46,253

36,345

i

Jan.

INDEX
Acceptances:
Page
Buying rates of Federal reserve banks
157
Classes of bankers' acceptances
155
Dollar exchange
155
Held by Federal reserve banks
149,
150, 155, 182, 183
Held by group of accepting banks
155
Held by member banks
152
Open-market rates on
157
In foreign countries
176
Outstanding
155
Payable in foreign currencies
155
Adjusted-service certificates, discount of bills
secured by
150, 182
All banks in the United States:
Condition of, on call dates
153
(See also Deposits; Loans and investments,
etc.)
Annual report of the Bank of France
161
Balance sheets:
Bank for International Settlements
171
Bank of France
166
Foreign central banks
172-174
Bank debits
200
Bank for International Settlements, condition
of
171
Bank suspensions
156, 189-191
Bankers' balances
186
Banks, number of
153
Bills bought. (See Acceptances.)
Bills discounted, holdings of, by Federal reserve
banks
149, 150, 182, 183, 184
Borrowings of member banks at reserve banks _. 149,
150, 154, 156, 182, 183, 185, 186
Brokers' loans
152, 154
Building statistics
159, 200
Business conditions, national summary of
147
Business failures
1
200
Call loans, open-market rates on
157
Capital issues, domestic and foreign
158
Chart—Federal reserve bank credit outstanding
and factors in changes
148
Classification of loans and investments of member banks
152
Commercial failures
200
Commercial paper:
Outstanding
155
Purchased by member banks
152
Rates on
157, 187
Condition of member banks on Dec. 31, 1931 _ 192, 193
Cost of living
179
Currency:
Shipments and receipts to and from Europe.
188
Treasury
149, 150
Debits to individual account
200
Department-store sales and stocks
160
Deposits:
All banks in the United States
153
All member banks
151, 185, 192, 193
Central banks in foreign countries
172-174
Commercial banks in foreign countries
175
Federal reserve banks
182, 183, 184




p
Deposits—Continued.
age
Nonmember banks
153
Postal savings
188
Reporting member banks
186
Suspended banks
156, 189-191
Discount rates:
Central banks in foreign countries
176
Changes in
146, 176
Federal reserve banks
157
Changes in
146
Due to Federal reserve banks from foreign
banks
150, 182, 183
Eligible paper:
Held by Federal reserve banks
156
Held as security for Federal reserve notes. 182, 183
Employment in factories, index of
159, 197, 198
Annual indexes
197
Factors of increase or decrease in reserve bank
credit
149, 150, 151
Failures:
Bank
156, 189-191
Commercial
200
Federal intermediate credit banks, bills discounted for
150, 182
Federal land bank bonds purchased by reserve
banks
150, 182
Federal reserve act, amendments to (GlassSteagall bill)
180
(See also Review of month.)
Federal reserve bank credit and factors in
changes
148, 149, 150, 151
Federal reserve notes
150, 182, 183, 184
Float, reserve bank
149, 150, 182
Foreign banks, due from, to Federal reserve
banks
150, 182, 183
Foreign central bank statistics
172-174
Foreign commercial bank statistics
175
Foreign exchange rates
177
Foreign securities:
Issued
158
Prices of
178
Freight-car loadings
159, 160
Gold:
Analysis of changes in stock of
150
Circulation
150
Earmarked
150
Imports and exports—
Foreign countries
169, 170
United States
150, 168
Production
150, 168
Reserves—
Central banks in foreign countries
167
Federal reserve banks
182,183
Stock, monetary, of United States
149, 150
Government note issues and reserves, foreign
countries
171
Imports and exports:
Bankers' acceptances based on
155
GoldForeign countries
169, 170
United States
150, 168
Merchandise
160
201

202

FEDERAL RESERVE BULLETIN
Page

Interbank loans, rates on
187
Interest rates. (See Money rates.)
Law department:
Recent amendments to Federal reserve act
(Glass-Steagallbill)
180
Loans and investments:
All banks in the United States
153
Percentage distribution
153
All member banks
152,153,192,193
Classification on call dates
152
Central banks in foreign countries
172-174
Commercial banks in foreign countries
175
Nonmember banks
153
Reporting member banks
154, 186
Maturity distribution of bills, etc
188
Mellon, Andrew W., resignation of, as Secretary
of the Treasury
146
Member-bank borrowings at reserve banks
149,
150, 154, 156, 182, 183, 185
Member-bank reserve balances
149, 151, 182, 183
Membership in par-collection system
188
Merchandise imports and exports
160
Mills, Ogden L., appointed Secretary of the
Treasury
146
Monetary gold stock of the United States
149, 150
Money in circulation
149, 150
Money rates:
Charged customers by banks
157, 187
Foreign countries
176
In New York City
157
Municipal warrants:
Maturity distribution
188
Purchased by Federal reserve banks
150, 182
Nonmember banks:
Bills discounted for, secured by adjustedservice certificates
150
Deposits
149, 153




MARCH, 1932

Nonmember banks—Continued.
Loans and investments
153
Suspensions
156
Number of banks
153
Par list, number of banks on
188
Par value of foreign currency
177
Pay rolls in factories, index of
159,197, 198
Postal-savings deposits
188
Prices:
Commodity (wholesale),Index of—
Foreign countries
179
United States
159, 178, 179, 199
Food, index of
179
Securities, index of
158, 178
Silver
177
Production of manufactures and minerals, index of
159, 194, 195, 196
Reserve ratios of Federal reserve banks
183, 184
Reserves:
Central banks in foreign countries
167,
171, 172-174
Federal reserve banks
182, 183, 184
Member banks
149, 151, 185, 186
New York City banks
151
Review of the month—Banking conditions and
recent legislation
141-146
Security prices, index of:
Foreign countries
178
United States
158, 178
Silver, price of
177
Suspensions, bank
156, 189-191
Treasury currency
149, 150
Unexpended capital funds of reserve banks
149
United States securities:
Held by Federal reserve banks. 149, 150, 182, 183
Held by member banks
152, 156
Outstanding
158
Yield on
157
Wholesale prices. (See Prices.)

FEDERAL RESERVE DISTRICTS

N.DAK.

3

^

MINN.

MINNEAPOLIS
S.DAK.

— — B O U N D A R I E S OF FEDERAL RESERVE DISTRICTS
.-—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY




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