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FEDERAL RESERVE
BULLETIN




OCTOBER, 1932

ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

Recent Banking Developments
Gold Holdings of Central Banks and
Governments, 1913-1932

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1932

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

Secretary of the Treasury, Chairman.
Comptroller of the Currency.

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

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

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

LEO H. PAULGER, Chief\ Division of Examinations.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
CARL E. PARRY, Assistant Directort Division of Research
and Statistics.
E. L. SMEAD, Chief, Division of Bank Operations.

FEDERAL ADVISORY COUNCIL
District
District
District
District
District
District

No. 1
NO. 2
NO. 3
NO. 4
No. 5
No. 6

(BOSTON)
(NEW YORK)
(PHILADELPHIA)
(CLEVELAND)
(RICHMOND)
(ATLANTA)

District No. 7 (CHICAGO)
District No. 8 (ST. LOUIS)
District
District
District
District

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

MELVIN A. TRAYLOR, Vice President.
WALTER W. SMITH, President.

No. 9 (MINNEAPOLIS)
THEODORE WOLD.
No. 10 (KANSAS CITY)
WALTER S. MCLUCAS.
No. 11 (DALLAS)
J. H. FROST.
NO. 12 (SAN FRANCISCO)
HENRY M. ROBINSON.
WALTER LICHTENSTEIN, Secretary

II




OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
of—
Boston
New York

Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis...

Governor

Chairman

Deputy governor

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

Minneapolis
Kansas City
Dallas

John R. Mitchell
M. L.McClure..
C. C. Walsh

W. B. Geery
Geo. H. Hamilton
B.A.McKinney -

San Francisco

Isaac B. Newton

Jno. U. Calkins

i Assistant deputy governor.

Cashier
W. Willett.
C. H. Coe.i
RayM.Gidney.i
J. W. Jones.i
W. B. Matteson.*
J. M. Rice.*
Allan SprouU
L. Werner Knoke.1
C. A. McHhenny.
W. G. McCreedy.»
H. F. Strater.

Geo. H. Keesee.
JohnS. Waldenjr.s
M. W. Bell.
W. S. McLarin, jr.»
W.C.Bachman.i
D. A. Jones.i
0. J. Netterstrom.i
E. A. Delaney.1
S. F. Gilmore.a
A. H. Haill.J
F. N. Hall.J
G. 0. Hollocher.'
0. C. Phillips.*
Harry Yaeger
H. I. Ziemer.
H.I. Ziemer
Frank C. Dunlop.*
C. A. Worthington.— J. W. Helm.
T W TTftlm
R. R. Gilbert
Fred Harris
R. B. Coleman
W. O.Ford.J
Wm. A. Day
Wm. M. Hale
Ira Clerk
* Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES
Federal Reserve Bank of—
New York:
Buffalo Branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch. __
Jacksonville branch
Birmingham branch...
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch

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

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

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

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE BULLETIN is the board's medium of communication with member
banks of the Federal reserve system and is the only official organ or periodical publication of tho
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
Review of the month—Recent banking developments
Gold holdings of central banks and governments, 1913-1932
Operations of the Reconstruction Finance Corporation
Changes in foreign central bank discount rates
Condition of all banks in the United States on June 30, 1932

_

National summary of business conditions
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
Member and nonmember bank credit—
All banks in the United States
All member banks
Weekly reporting member banks in leading cities
Brokers' loans
Acceptances and commercial paper
Discount rates and money rates
Bank suspensions and banks reopened
Member bank holdings of eligible assets (Government securities and eligible paper)
Security prices, security issues, United States Government securities
Production, employment, car loadings, and commodity prices
Merchandise exports and imports
Department stores—Indexes of sales and stocks
Freight-car loadings, by classes
Financial statistics for foreign countries:
Gold reserves of central banks and governments
Gold production
Gold movements
Government note issues and reserves
Bank for International Settlements
Central banks
Commercial banks
Discount rates of central banks
Money rates
Foreign exchange rates
Price movements—
Security prices
Wholesale prices
Retail food prices and cost of living
Law department:
Reserves against funds collected by banks under the revenue act
Branch banking in the State of Virginia
Federal reserve statistics by districts, etc.:
Banking and financial statistics
Industrial and commercial statistics
September crop report, by Federal reserve districts
IV




621
624
628
623
663-666
632
633-636
639
637-639, 667
640, 668
640
641
643, 669
642, 671-673
642
644
645, 674-676
646
646
646
647
648
648-650
651
651
652-654
655
656
656
657
658
658, 659
659
660
660
661-670
674-677
678

FEDERAL RESERVE BULLETIN
VOL. 18

OCTOBER, 1932

REVIEW OF THE MONTH

During recent weeks reserve bank holdings of
United States Government securities purchased
in the open market have reRecent banking mained unchanged at the level
developments
reached early in August. Between June 15 and the end of September, however, reserve funds of member banks have been
continuously increased from additions to the
country's stock of monetary gold, amounting to
$275,000,000, through releases from earmark
and through imports. This has carried the
total gold stock of the country to $4,200,000,000
and the excess reserves of the Federal reserve
banks to $1,200,000,000. Since July 20 there
has also been a release of currency from hoarding estimated at $250,000,000. This estimate
is based on the fact that the amount of money
in circulation declined by over $130,000,000 at a
time when it usually increases by more than
$110,000,000. Reserve funds have been increased also by the issue of $100,000,000 of new
national-bank notes under the provisions of the
recent law extending the circulation privilege to
certain additional United States Government
bonds. The inflow of funds to the member
banks from all these sources has enabled them
to reduce their indebtedness to the reserve
banks during recent weeks by $200,000,000 to
the lowest level since September of last year and
at the same time to increase their reserves in
excess of legal requirements to approximately
$400,000,000. This growth in member bank
reserve balances from the middle of July to the
end of September has been accompanied by an
upturn in total loans and investments of member banks in leading cities amounting to $575,-




No. 10

000,000, or 3 per cent. The increase has been
in holdings of United States Government securities by banks throughout the country, offset in
part by a continued decline in loans by banks
outside New York City. Increase in the total
of member bank credit has been accompanied
by a considerable growth of their demand and
time deposits as well as of their Government
deposits.
An important factor in the recent credit
situation has been the course of the demand
for currency. The chart shows
D ecrease i n for the period from 1926 to
hoarding
date the amount of money in
circulation, as officially defined, that is, money
MONEY IN CIRCULATION ADJUSTED FOR SEASONAL VARIATION
•'*

6000

5000

( Wednesday Fqunes )

Millions oi Dollarj

1

16000

\J
/

WOO

outside the United States Treasury and the
reserve banks, with an adjustment for the
estimated usual seasonal changes. From 1926
to 1929 demand for currency tended downward, chiefly because of increased use of
checks, economy in the use of cash by banks,
and a return of American currency from abroad.
The increase in the middle of 1929 was due to
621

622

FEDERAL RESERVE BULLETIN

a temporary growth in the demand for currency at the time the change was made from
large-size to small-size bills. In 1930 the
decline in currency reflected reduction in pay
rolls and in retail trade. From the autumn
of 1930 to the middle of this year, during a
period when the demand for currency for
pay-roll purposes and for retail trade continued to decline, there was a growth in money
in circulation. This growth represented an
increase chiefly in hoarding, though it was
also affected to an indeterminable extent by
an increase in the demand for cash in communities that were deprived of banking service
owing to bank suspensions, and also by an
increase in the use of cash in place of checks
due to the imposition of service charges on
small checking accounts at some banks and
in recent months to the new tax on checks.
The increase in hoarding has not been continuous. There was an improvement in the
early part of 1931 and again in the late autumn
of that year after the National Credit Corporation was organized and bank suspensions
became less numerous. A large return flow,
amounting to about $250,000,000, began last
February, when the Reconstruction Finance
Corporation was established. But last summer
the heavy loss of gold and the banking disturbances in Chicago and elsewhere once more led
to increased hoarding, which reached a maximum in the third week in July. Since July 20
there has been a decrease in money in circulation, when allowance is made for the usual
seasonal movement, amounting to approximately $250,000,000 for the 10-week period.
Changes in the central gold reserves of the
principal European countries have been relatively small since June. The
in°EuroperVeS principal changes during the
past month occurred in the central holdings of France, which increased by
$16,000,000, and those of Belgium, which declined by $5,000,000.




OCTOBER, 1932

GOLD RESERVES OF SELECTED CENTRAL BANKS
[In millions of dollars]
Change from—
Date,
1932

Central bank of—

England
France
Germany
Italy
Belgium
Netherlands
Switzerland

__ Sept. 21

_

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

23
23
20
22
19
23

Gold
reserves

678
3,239
186
304
359
416
509

Month
before

+3
+16
+3
+2
-5

+2

Year
before
+28
+913
-141
+19
+12
+134
+246

The Bank of England in the four weeks ending September 21 added £693,000 ($3,373,000)
of gold to its reserves, which
now
inland
amount to £139,421,000
($678,506,000) as compared
with £133,628,000 ($650,314,000) at the time
England suspended the gold standard about a
year ago.
BANK OF ENGLAND

fin thousands of pounds sterling]
Change from—
Sept. 21,
1932
Aug. 24,
1932

Gold
Discounts and advances
Government securities
Other securities
Bankers' deposits
Public deposits
Other deposits
Notes in circulation
__

-.

_

+693
139,421
-1,260
12,006
332, 548 +12, 482
28,165 - 1 3 , 737
82, 586 +2, 640
+1,712
23,915
- 1 , 528
32,901
359, 266 - 4 , 616

Sept. 23,
1931
+5,793
-1,573
+33, 527
-30,089
+17,671
+897
+18, 061
+6,590

On September 10 the British Government
announced the repayment of 2,500,000,000
francs ($100,000,000) of British Treasury bills
issued to the French public in September of
last year. The transaction was handled largely
through the " exchange equalization account"
maintained by the Government for the purpose
of dealing in gold and foreign currencies, but to
some extent it was reflected in the Bank of
England statement; for although the gold stock
of the bank was not affected, the volume of foreign exchange held by the bank declined.
During the month " other securities," in which

623

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

the bank's holdings of foreign exchange are
reported, were reduced by £13,737,000, while
Government securities held by the bank
increased by a corresponding amount.
With a return of currency from circulation,
which is usual at this season, bankers7 balances
increased somewhat and short-term money
rates on the open market continued easy.
The Bank of France in the five weeks ending
September 23 acquired 420,000,000 francs
Bank of
($16,464,000) of gold and lost
France
404,000,000 francs of foreign
exchange. "Other deposits," which include
balances of the French commerical banks, were
increased somewhat during the period by
additional borrowing at the bank and by the
transfer of funds from Government account.
BANK OF FRANCE
[In millions of francs]
Change from—
Sept. 23, Aug. 19, Sept. 25,
1932
1932
1931
Gold
Foreign exchange
Domestic discounts and advances
Government deposits
Other deposits
Notes in circulation
_

82,622
4,993
6,375
3,668
23,613
80,200

+420
-404
+588
-655
+1, 058
+73

+23, 276
-20, 201
- 2 , 259
- 3 , 689
+5,071
+2,027

The French Government announced on
September 18 that about 85,000,000,000 francs
of 5, 6, and 7 per cent Government bonds outstanding, with the exception of that portion
for which applications for cash redemption
would be received during the week ending
September 24, would be converted to a 4% per
cent basis this coming November 1. Applications for cash redemption, to be made at par,
approximated 4,000,000,000 francs, but net
payments by the Government will be required
for only about one-half of this amount since
new orders were placed for 2,000,000,000 francs
of the 4K per cent bonds. The conversion will
reduce the amount of interest to be paid on
the public debt in the coming year by about
1,300,000,000 francs.
Total gold and foreign-exchange reserves of
the Reichsbank, which began to
Reichsbank
increase toward the close of
last July, continued to increase during the
month ending September 23, the growth




amounting to 16,000,000 reichsmarks ($3,811,000). Reichsbank notes returning from circulation were utilized by the market in retiring
discounts and advances. Usually these loans
to the market fluctuate largely in response to
changes in the demand for currency, and since
REICHSBANK

[In millions of reichsmarksj
Change from—

Sept. 23,
1932
Aug. 23, Sept. 23,
1932

Gold__
Foreign-exchange reserves
Discounts and advances._
Deposits
Notes in circulation

782
146
2,792
358
3, 505

+14
+2
-84

+5

-112

1931

-592
-152
-352
+18

the beginning of the year they have steadily
declined along with the volume of Reichsbank
notes in circulation.
The bank reduced its rate of discount from
5 to 4 per cent on September 22, after the Bank
for International Settlements had consented
to an amendment of the provision in the
Reichsbank's statutes requiring the bank to
maintain a discount rate of not less than 5 per
cent when its gold and foreign-exchange
reserves were below 40 per cent of the amount
of notes in circulation. For the past year
Reichsbank reserves have been below 40 per
cent of the note circulation and are now at
about 26 per cent.
Resignation of Comptroller of the Currency

Mr. J. W. Pole, who has been Comptroller of
the Currency since November 20, 1928, and ex
officio member of the Federal Reserve Board
for that period, resigned effective at the close
of September 20.
Changes in^Foreign Central Bank Discount Rates

The following changes in discount rates during the month ended October 1 have been reported by central banks in foreign countries:
Bank of the Republic of Columbia—September 19,
from 6 to 5 per cent.
National Bank of Czechoslovakia—September 26;
from 5 to 4}£ per cent.
German Reichsbank—September 22, from 5 to 4 per
cent.

624

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS, 1913-1932
Total gold holdings of the central banks and
governments of leading countries increased
during the third quarter of the current year,
after some reduction in the second quarter,
and at the end of September were at a new
high level. The increase during the quarter,
according to preliminary figures, amounted to
about $350,000,000, reflecting in part new
gold production, in part the return of gold

these institutions during the quarter from
private or undisclosed holdings elsewhere, including the holdings of commercial banks. This
release of gold in occidental countries during
the third quarter is in contrast with developments in the second quarter, when an amount
of gold estimated at about $300,000,000 went
into private or undisclosed holdings in these
countries, about half of it from new pro-

GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS

BILLIOMS OF DOLLARS

BILLIONS OF DOLLARS

12

12
11

10

10

9

tmmtmmm * * *

8
/

>

7

7
•

M

M

6

6
/

5

— 5

4

k

3

3

2

2

1913

191** 1915

1916

1917

1918

1919

1920

1921

1922

1923

1924-

1925

1926

A n n u a l figures through 1927; m o n t h l y figures beginning w i t h June, 1928.

from private holdings in European countries,
and in part a continued flow from private
holdings in India. The estimated amount of
new gold produced during the quarter was
$120,000,000, indicating that gold coming from
other sources since the end of June has been
about $230,000,000, of which about $40,000,000
is accounted for by the movement of gold from
private holdings in India to the bullion market
and thence into the holdings of the central
institutions. The other $190,000,000 indicates
the approximate amount of gold gained by




1927

1928

1929

1930

1931

1932

For recent figures see p. 647.

duction and Indian hoards and the other
half from central reserves. The growth of
private holdings in the second quarter, partly
at the expense of central reserves, came at a
time of renewed financial disturbance, when
gold was being withdrawn in large volume
from the United States by European holders of
short-term funds in the American market. In
the third quarter, however, which was characterized by improvement in international
financial conditions and a renewed movement
of gold to the United States, the holdings of

OCTOBER, 1932

FEDERAL

RESERVE

gold recently built up in private hands in
western countries have again begun to find their
way into the reserves of the central institutions.
Central gold holdings, 1913-1932.—While the
growth of central holdings during recent months
has been exceptionally large, these holdings have
been growing at a rapid rate for a considerable
number of years. This fact is brought out by
the chart, which shows the course of total gold
holdings of central banks and governments
from 1913, just before the outbreak of the war,
to the end of September, 1932. The chart is
on an annual basis through 1927, and on a
monthly basis since June, 1928, when the compilation of satisfactory monthly figures was
made possible by the current publication of the
total gold holdings of the Bank of France. The
central gold holdings of all countries combined
have been increasing throughout the period—
except in 1918-1919 and for a few months in
1931 and 1932-—and in almost every year since
1919 the increase has been substantial. For
the whole period from December, 1913, to September, 1932, the increase has approximated
$6,800,000,000, or 140 per cent, and for the
period since the end of 1919 it has approximated
$4,880,000,000, or 72 per cent.
An important factor of growth in central gold
reserves prior to 1919, and to a smaller extent
since that time, has been the movement from
time to time into central reserves of gold that
was in circulation before the war, including gold
held by commercial banks. More persistent
factors, operating with substantial continuity
in one direction or the other, have been the
course of gold production, changes in the amount
of gold consumed in industry and the arts, and
the movement of gold into and out of the
private holdings of the people of India.
Gold production.—World production of gold,
the principal factor of growth in central gold
reserves, has been increasing since 1922, and
the increase since 1929 has been at an accelerated rate. The accompanying chart shows
for the period since 1910 the course of gold
production in the world as a whole and separately in the three largest contributing countries.
In the period 1910-1915 the amount of gold
produced averaged more than $450,000,000 per
year, but substantial declines in output occurred
thereafter until 1922 when $320,000,000 of gold
was mined, $150,000,000 less than in the record
year 1915. In 1923 and 1924, however, production increased rapidly, and further increases in
1925 and 1926 brought the volume of production
to $400,000,000, where it remained during the
period 1927-1929. Since that time production
has again been increasing rapidly, to about




BULLETIN

625

$420,000,000 in 1930 and $440,000,000 in 1931.
Figures available for the first seven months of
1932 indicate for the year as a whole a production of not less than $460,000,000.
The chart also brings out the fact that the
growth in world production of gold since 1922
has been due in general to increasing output in
South Africa and Canada, while production in
the United States has shown little change from
year to year. The increase since 1929, howGOLD PRODUCTION 1910-1932
MILLIONS OF D O L L A R S

MILLIONS OF DOLLARS

500
450

500

\

A

f

450
\ T C tdlVVbrld ['rodu ction

400

400
\

350

/
\

-N

350

/

300

300

250

250
Uni on of Southl Af ri(;a ^

200

^s

—*.
~ \

150

200

f

150

100

100

N^
50

—

Jnited State s

N

- »^ *•*—

—

50

Can
add

r~

—
0
0
1910 1912 1914 1916 1916 1920 1922 1924 1926 1928 1930 1932
World production for 1932 estimated from available figures for 7 months;
months; see p. 648.

ever, has reflected a slight increase in production
in the United States as well as pronounced
increases in Canada and South Africa.
Declining costs of gold production during
recent years, especially since the onset of the
depression, have been an important element in
the growth in output. Reductions in operating
costs have resulted from improvements from
year to year in mining and metallurgical
technique, which have rendered profitable the
expansion of operations in mines already producing and also the reopening of some abandoned properties. Many of the improvements
have increased the capacity of mines and,
in South Africa especially, the progressive
abundance of cheap labor has made it possible
to utilize this capacity to a constantly increas-

626

OCTOBER ,

FEDERAL RESERVE BULLETIN

1932

ing extent. The growth of production in on annual figures through 1929 and on monthly
Canada, although stimulated greatly by lower figures thereafter. It brings out the fact that
costs, has been due largely to the discovery of the recent decline in these holdings is in sharp
new deposits. Gold mining in Canada has contrast with developments in preceding years.
also been rendered more profitable since Prior to 1931 gold was released from private
September, 1931, by the increase in the Cana- holdings only in 1919 and 1921, and then in
dian price of gold which has accompanied the much smaller volume than in 1931 and 1932.
decline of the Canadian dollar in relation to
CHANGES SINCE 1913 IN
gold currencies. During this period, furtherPRIVATE GOLD HOLDINGS IN INDIA
more, gold mining in South Africa, on account
of the close connection of the industry with the
British market, has been under a similar in- 1600
!
1600
fluence arising from the depreciation of the
English pound.
Industrial consumption of gold.—The in- 1400
j
creased output of gold from the mines during
/ \
i
recent years has been accompanied by a de1200
crease, especially in the last two or three years, 1200
j
in the amount of new gold absorbed in industry
\
i
and the arts and thus rendered unavailable for
1000
monetary purposes. There have been times
r j
j
within the last 20 years when the net industrial
consumption of gold, according to accepted
/
800
estimates, has exceeded $100,000,000 per year, 800
but it has remained below that figure since 1921
and averaged about $70,000,000 to $80,000,000 600
i
600
during the period 1924-1929. In 1930 the net
i
J
industrial consumption decreased to about
i
!
$50,000,000, and in 1931 it was certainly much 400
400
less than this when allowance is made for the
/
increased amount of old gold that was sold to
200
dealers in bullion in Great Britain, Australia, 200
/
and elsewhere, after the departure of a number
of countries from the gold standard gave rise
/
0
0
to a premium on gold in their local currencies.
191*t 1916 1918 1920 1922 1924 1926 1928 1930 1932
India.—India, which is usually an importer
annual figures through 1919 and monthly figures thereafter.
of gold on a considerable scale, has been export- Based onFor
recent figures and method of estimate see p. 650.
ing gold since the middle of 1931, all of which
has come from the private holdings of the The recent release of gold by the Indian
people of India. Comparison of the exports people reflected at first the use of their savings
with domestic gold production and changes in under the stress of severe depression, and for
the amount of gold held in government reserves some months the gold released from private
in India indicates that the people of India have holdings was taken into government reserves
been releasing gold from their private holdings in India. But in September, 1931, when India
since February, 1931, and that from that time followed England in the suspension of the gold
to the end of August, 1932, the total amount standard, it became profitable to dispose of the
so released has approximated $250,000,000. gold on the London bullion market, where a
For several months before that time, private premium could be obtained equivalent to the
holdings had been showing little increase. discount of the rupee in relation to gold curAddition to the world's stock of monetary gold rencies. This premium, amounting at times
from the private hoards of the Indian people since then to as much as 30 per cent, not only
has been contrary to previous experience and led to exportation of the metal from India but
to the general view that when gold goes to greatly intensified the release from private
India it is permanently lost to the gold reserves holdings.
of the commercial world.
This survey of the gold reserves of the world
Changes since 1914 in private gold holdings indicates that during the period of depression
in India are shown on the chart, which is based economic forces have been at work to increase




MILLIONS Of DOLLARS

MILL ONS OF DOLLARS

/

\l

\l

A

rV i

1

A

1

OCTOBER, 1932

FEDERAL RESERVE BULLETIN

the supply of monetary gold more rapidly than
at many other times. Increased production,
due in part to improved technique, but also to
reduced costs of materials and to the increase
in the price of gold in terms of depreciated
currencies, has carried the annual output close
to the highest figures on record reached in the
years immediately prior to the war. Releases
of gold from Indian hoards and recently also
from private holdings in western countries




627

have also increased the supply of gold available
for reserves, while industrial consumption has
fallen to a low figure. As a consequence there
has been since 1929 a somewhat accelerated
increase in central gold holdings, retarded temporarily by withdrawals during the periods
of financial disturbance in 1931 and in 1932,
but resumed at a more rapid rate since the
restoration of confidence in the middle of last
summer.

628

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

OPERATIONS OF THE RECONSTRUCTION FINANCE CORPORATION
The Reconstruction Finance Corporation
made public under date of October 4, 1932, a
statement covering operations of the corporation through August 31, under the Reconstruction Finance Corporation act, and through
September 30, under the emergency relief and
construction act. The text of the statement,
together with a table showing by months the
number of applications from each class of
borrower, is given herewith:*
RECONSTRUCTION FINANCE CORPORATION,

Washington, October 4, 1932,
Statistics made public to-day by the Reconstruction Finance Corporation show that from
February 2, the date it began operations, up to
the close of business on August 31, the Federal
Government had loaned through it the sum of
$1,182,734,958.02 in actual cash to aid agriculture, commerce, and industry to recover from
the depression.
Sixty-four million two hundred and one
thousand nine hundred and eighty-nine dollars
and fifty cents of this was loaned through the
Secretary of Agriculture to 507,632 farmers for
crop-production purposes from funds supplied
to him by the corporation.
One billion one hundred and eighteen million
five hundred and thirty-two thousand nine
hundred and sixty-eight dollars and fifty-two
cents was loaned directly by the coporation to
5,599 borrowers. These borrowers included
4,324 banks and trust companies that were
open and doing business at the time the loans
were made, 391 receivers of banks that were
closed at the time loans were made, 643 building
and loan associations, 79 insurance companies,
68 mortgage loan companies, 10 agricultural
credit corporations, 17 livestock credit corporations, 9 Federal land banks, 6 joint-stock
land banks, 3 credit unions and 49 railroads.
One hundred and fifty million eight hundred
and ninety thousand eight hundred and ninetyseven dollars and five cents had been repaid.
In addition to these loans the corporation
had made available, up to the close of business
on September 30, the sum of $3.5,455,171.22 to
States and political subdivisions of States for
the relief of destitution and distress.
The statistics also show that in addition to
the amount of actual cash paid out to borrowers
i The statement contains, in addition, the following tables: Number
and aggregate amount of loans made in each State under sec. 2 of the
Reconstruction Finance Corporation act; distribution by States of
loans authorized under sec. 5 of the Reconstruction Finance Corporation
act, to borrowers other than railroads; tables showing amounts made
available to each of the States and political subdivisions of States under
Title I of the emergency act, sec. 7, subsecs. (c) and (e).




the corporation had authorized loans of
$226,101,268.79, the proceeds of which had not
been paid over to borrowers.
Thirty-five million five hundred and sixtyfour thousand four hundred and twelve dollars
and eighty-four cents of this amount had been
canceled by the borrowers; that is, they had
notified the corporation that they would not
call for the money.
One hundred and ninety million five hundred
and thirty-six thousand eight hundred and
fifty-five dollars and ninety-five cents had not
been called for by the borrowers but remained
subject to call by them.
The statistics further show that there has
been a steady decline in applications for loans
from banks since April. In that month 1,269
applications were received, and in August only
899.
It is also shown that loans have been authorized to 4,715 separate banks (including receivers of closed banks) and that these institutions were located, on the basis of population,
as follows:
3,291, or 69.9 per cent, were in towns of less
than 5,000 population.
754, or 15.9 per cent were in cities of 5,000 to
25,000 population.
332, or 7.1 per cent, were in cities of 25,000 to
100,000 population.
157, or 3.3 per cent, were in cities of 100,000 to
500,000 population.
87, or 1.9 per cent, were in cities of 500,000 to
1,000,000 population.
94, or 1.9 per cent, were in cities of more than
1,000,000 population.

The statistics also contain tables showing the
number of farmers in each State to whom loans
were made, together with the aggregate amount
of money so loaned in each State and the number of loans made directly by the corporation
to borrowing institutions in each State, and
the amount of money made available to each
State for the relief of destitution and distress.
STATEMENT OF OPERATIONS OF THE RECONSTRUCTION FINANCE CORPORATION FROM FEBRUARY 2,
1932 (THE DATE OF ORGANIZATION), TO THE CLOSE OF
BUSINESS ON AUGUST 31, 1932
OPERATIONS UNDER RECONSTRUCTION FINANCE
CORPORATION ACT

Section 2 of this act authorized the corporation to advance up to $200,000,000 to the Secretary of Agriculture to be used by him to make
loans to farmers in localities where emergencies
existed making it impossible for them to obtain
loans for crop production during the year 1932.

OCTOBER, 1932

FEDERAL RESERVE BULLETIN

The corporation has, upon request of the
Secretary of Agriculture, made the sum of
$107,500,000 available to him, $75,000,000 of
which has been paid over to him. The Secretary had, on August 31, disbursed $64,201,989.50 of that amount in 507,632 separate
loans. Loans were made in every State except
Rhode Island. The average loan was $126.47.
These loans were made for crop-production
purposes, which includes, besides the purchase
of seed and fertilizer, such uses as repairing
implements, purchase of gasoline for tractors,
and other expenses incident to planting of crops.
The balance of the $200,000,000 fund placed
at the disposal of the Secretary of Agriculture
and not used by him is available to the Reconstruction Finance Corporation, under section
201 (e) of the emergency relief and construction act, to purchase the stock of the Regional
Agricultural Credit Corporations which the
Reconstruction Corporation is authorized by
that section to create in any of the 12 land-bank
districts. These regional credit corporations
are required to be furnished with a minimum
capital of $3,000,000 each.
Under section 5 of the Reconstruction
Finance Corporation act 7,488 loans, aggregrating $1,344,634,237.31, were authorized to
5,599 borrowers from February 2 to August 31,
1932. These loans were to the following classes
of borrowers:
5,991 loans aggregating $784,214,459.43 were
authorized to 4,324 banks and trust companies.
393 loans aggregating $39,290,150 were authorized to 391 receivers and liquidators of closed
banks.
680 loans aggregating $80,343,033.43 were
authorized to 643 building and loan associations.
94 loans aggregating $71,822,700 were authorized to 79 insurance companies.
73 loans aggregating $82,886,000 were authorized to 68 mortgage loan companies.
68 loans aggregating $1,361,245.59 were authorized to 10 agricultural credit corporations.
98 loans aggregating $10,763,256.86 were authorized to 17 livestock credit corporations.
9 loans aggregating $29,000,000 were authorized
to 9 Federal land banks.
8 loans aggregating $1,475,000 were authorized
to 6 joint stock land banks.
3 loans aggregating $405,000 were authorized to
3 credit unions.
63 loans aggregating $227,107,147 were authorized to 43 railroads.
8 loans aggregating $15,966,245 were authorized
to receivers of 6 railroads.




629

The 6,384 separate loans to banks listed in
the first column of the tabulation [tabulation
omitted] and aggregating $823,504,609.43 were
made to 4,715 institutions (including receivers
of closed banks). These banks were located,
on the basis of population, as follows:
„ 3,291, or 69.9 per cent, were in towns of less than
5,000 population.
754, or 15.9 per cent, were in cities of 5,000 to
25,000 population.
332, or 7.1 per cent, were in cities of 25,000 to
100,000 population.
157, or 3.3 per cent, were in cities of 100,000 to
500,000 population.
87, or 1.9 per cent, were in cities of 500,000 to
1,000,000 population.
94, or 1.9 per cent, were in cities of more than
1,000,000 population.

As stated [see above], the corporation authorized loans under section 5 of the reconstruction
finance act aggregating $1,344,634,237.31 up to
and including August 31.
Thirty-five million five hundred and sixtyfour thousand four hundred and twelve dollars
and eighty-four cents of this had, as of that date,
been canceled by the borrowers; that is, they
had notified the corporation that they would
not call for the money.
One hundred and ninety million five hundred
and thirty-six thousand eight hundred and
fifty-five dollars and ninety-five cents had not
been drawn by the borrowers but remains at
their disposal.
One billion one hundred and eighteen million
five hundred and thirty-two thousand nine
hundred and sixty-eight dollars and fifty-two
cents had been paid over to the borrowers.
One hundred and fifty million eight hundred
and ninety thousand eight hundred and ninetyseven dollars and five cents had been repaid by
them.
Nine hundred and sixty-seven million six
hundred and forty-two thousand and seventyone dollars and forty-seven cents was outstanding in the hands of borrowers.
Under section 2 of the Reconstruction Finance Corporation act $64,201,989.50 was
loaned by the Secretary of Agriculture to
507,632 farmers.
Under section 5 of the act the Reconstruction
Corporation has paid out $1,118,532,968.52 to
5,599 separate borrowing institutions.
Total disbursements under both sections
were $1,182,734,958.02.

630

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

Up to August 31 the corporation had received 7,951 applications for loans under section 5
of the reconstruction finance act, classified by months and among the applicants as follows:
August
Banks and trust companies (including receivers)
Building and loan associations
Insurance com panies__
Mortgage loan companies
Credit unions
Federal land banks.
Joint-stock land banks
Agricultural credit corporations
_
Livestock credit corporations
Railroads (including receivers)

140
14
21
0
1
2
30
32
12
1,151

The corporation also is authorized to make
loans to the intermediate credit banks. Although no applications for loans are shown
from them, the corporation has agreed, at various times, to purchase a total of $68,025,000 of
the debentures of these banks if the same could
not be sold in the investment market. All of
them were sold in the market, and it was unnecessary for the corporation to purchase any.

July
1,049
139
11
16
0
8
5
19
26
1,281

June

May

April

124
20
32
0
0
4
18
22
13

1,135
107
20
25
2
0
1
10
15
14

166
26
35
1
0
0
2

1,321

1,329

1,527

Metropolitan

March February

1,176

Total

135
3
4
0
0
0
1
0
0
23

6,584
756
121
153
3
9
16
83
109
117

166

7,951

water district of southern Cali-

OPERATIONS UNDER THE EMERGENCY RELIEF AND
CONSTRUCTION ACT

fornia.—The corporation has agreed to bid for
$40,000,000 of the bonds of the water district
and to buy that amount, if satisfactory bids
are not received from private sources. This
action assures commencement of work on this
project in the near future. Plans for the
project had been completed by the engineers
for the district, and all that remained to be
done before starting construction was to obtain financing.

The foregoing statistics cover the corporation's operations under the Reconstruction Finance Corporation act up to and including
August 31, but the corporation's operations
under the emergency relief and construction act
having been made public as they occurred, the
following statistics are complete up to September 30.
Under Title I of the emergency act the corporation is authorized to make funds available
to the States and Territories to the extent of
$300,000,000 to be used in furnishing relief and
work relief to needy and distressed people. Up
to the close of business on September 30,
$35,455,171.22 had been made available to 25
States and 1 Territory; $30,533,586.22 of this
amount was made available under subsection
(c) of section 1 of Title I, which provides for
reimbursement to the Federal Government by
deductions from future Federal authorizations
to States to aid in construction of roads, and
$4,921,585 under subsection (e) of section 1 to
political subdivision of States. Advances made
to political subdivisions are to be reimbursed to
the Federal Government by them and are not
deductible from Federal road funds.
Under section 201 (a) of the emergency act,
the corporation has engaged in the following
operations to aid in financing self-liquidating
construction projects which will create employment:

poration has agreed to bid for the bonds of
the State of Louisiana and the public belt
railroad commission of the city of New Orleans in the estimated amount of $13,000,000
necessary to build this bridge. Plans for it
have been completed, bids for the work have
been received, and with the assurance of
financing, work may be started in the immediate future.
City of Madison, S. Dak.—The corporation
has agreed to purchase $105,000 of the revenue
bonds of Madison to finance construction of
an addition to its municipally-owned light and
power plant.
Advisory engineers are to be appointed to aid
applicants for funds to finance construction of
small projects in preparing their applications.
This service will be rendered by eminent consulting engineers without cost to the applicants.
It is the desire of the corporation to finance in
the near future a considerable number of small
projects in all sections of the country, so that
employment may be created generally.
The projects which have already been acted
on will create employment for thousands of
men on the construction sites and in mills,
shops, quarries, mines, and other lines of industry, and will provide traffic for railroads.
The applications for loans on several other
projects will soon be in shape for action.




Public belt bridge of New Orleans.—The cor-

OCTOBER, 1932

FEDERAL RESERVE BULLETIN

It is the expectation of the corporation that
a number of loans to finance projects to provide
low-cost housing will be applied for in the near
future under paragraph 2 of section 201 (a)
of the emergency relief and construction act.
That section provides that such loans may be
made only to corporations organized solely for
the purpose of providing such housing and
which are regulated by State or municipal law
as to rents, charges, capital structure, rate of
return, and areas and methods of operation.
At the present time such regulatory laws are
in force only in New York State, but it is
anticipated that such legislation will be enacted before long in some other States.
The outlook is that applications are to be
made for a number of loans in New York in
the immediate future to finance large building
projects of this kind, and which will furnish
much employment.
Section 201 (e) of the emergency act authorized the corporation to create regional agricultural credit corporations in the 12 Federal landbank districts. Such corporations have been
created in 10 of the districts. The location of
the main office for each district has been established, and also the location of 18 branch offices.
These regional credit corporations are authorized to make loans to farmers and stockmen, the proceeds to be used for an agricultural
purpose (including crop production), or for the
raising, breeding, fattening, or marketing of




631

livestock. The law requires the corporation
to furnish each of them with a capital of not
less than $3,000,000 and provides that the unexpended balance of the^ $200,000,000 allocated
to the Secretary of Agriculture in the original
Reconstruction Finance Corporation act may
be used to purchase the stock. Approximately
$125,000,000 is available for this purpose.
The law provides that these corporations
shall be managed by officers and agents appointed by the Reconstruction Corporation.
The chief officers of 8 of the main offices and
11 of the branch offices have been appointed.
Application forms for the use of those desiring
to secure loans have been supplied to these
offices, and in a short time funds will be available to borrowers.
Under section 201 (d) of the emergency act
the corporation is authorized to make loans to
bona fide institutions, organized under the laws
of any State or of the United States and having
resources adequate for their undertakings, to
enable them to finance the carrying and
orderly marketing of agricultural commodities
and livestock produced in the United States.
The corporation has authorized two loans under
this section—one of $35,000,000 to the American Cotton Cooperative Association, and one
of $15,000,000 to the Cotton Stabilization
Corporation. Security for these advances is to
be cotton held by these corporations at the rate
of $25 per bale.

632

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled September 22 and released for publication September 24]

Volume of industrial production increased
from July to August by considerably more than
the usual seasonal amount, reflecting chiefly expansion in activity at textile mills. Wholesale
prices advanced during August, and the general
level prevailing in the first three weeks of September was somewhat higher than in other recent
months. There was a further growth in the co untry's stock of monetary gold and a nonseasonal
return flow of currency to the reserve banks.
Production and employment.—Industrial output increased substantially in August, and the
board's seasonally adjusted index showed an
advance from 58 to 60 per cent of the 1923-1925
average. Activity at cotton, woolen, silk, and
rayon mills increased from the low level of other
recent months by considerably more than the
usual seasonal amount, and there was also a
substantial increase in activity at shoe factories.
Output of automobiles, however, declined
further, and production in the steel and lumber
industries showed none of the usual seasonal
increase in August. During the first three
weeks of September there was a slight advance
in steel output.
Employment at factories increased slightly
more than is usual at this season. There were
large additions to working forces in the textile,
clothing, and leather industries, while in the
automobile, tire, and machinery industries and
at car-building shops the number employed
decreased further. Aggregate wage payments
increased less than seasonally.
Building contracts awarded up to September
15, as reported by the F. W. Dodge Corporation, indicate that for the third quarter the
total value of contracts will be about the same
as for the second quarter, whereas usually
awards for the third quarter are smaller. Currently, contracts for public works are a considerably larger part of the total than they were
at the beginning of the year, and residential
contracts are a smaller part.
Department of Agriculture crop estimates
based on September 1 conditions indicate little
change in prospects during August. Indicated
crops of wheat and tobacco are considerably
smaller than in other recent years, while the
corn crop is the largest since 1925. The cotton
crop is estimated at 11,300,000, a decrease of
about 6,000,000 bales from the large crop of a
year ago.




Distribution.—Volume of merchandise and
other freight handled by the railroads increased
seasonally during August, while during the corresponding period a year ago no increase was
reported. Department-store sales of merchandise increased from July to August by somewhat less than the usual seasonal amount.
Wholesale prices.—Wholesale commodity
prices advanced from 64.5 per cent of the 1926
average in July to 65.2 per cent in August,
according to the monthly index of the Bureau
of Labor Statistics. During August prices of
many leading commodities, including textile
raw materials and finished products, wheat,
hides, nonferrous metals, sugar, rubber, and
coffee, increased substantially. In the first
half of September there were declines in the
prices of many of these commodities, while
prices of wool and woolen goods, cattle, and
hides advanced.
Bank credit.—During recent weeks further
growth in monetary gold stock, a return flow
of currency from hoards, and new issues of
national bank notes have resulted in additions
to the reserve funds of member banks. These
banks have employed a part of the funds in
further reducing their borrowings at the reserve
banks, and have accumulated a part as reserve
balances, which at the present time are more
than $300,000,000 in excess of required reserves. Reserve bank holdings of United States
Government securities and of acceptances
remained practically unchanged during the
four weeks ending September 14, while the
total of reserve bank credit declined by $43,000,000 through the reduction of discounts for
member banks.
Loans and investments of reporting member
banks in leading cities showed little change between the middle of August and the middle of
September. A further decline of more than
$150,000,000 in loans by banks outside New
York City during the past four weeks was offset
in large part by continued increase in investment holdings, chiefly at member banks in New
York City. There was a considerable growth
in deposits of reporting member banks, reflecting in part larger balances held by city banks
for the account of other banks.
Money rates in the open market remained
unchanged at low levels during August and the
first half of September.

OCTOBER, 1932

633

FEDERAL RESERVE BULLETIN

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

MILLIONS OF DOLLARS

6000

6000

5500

5500

5000

5000

4500

4500

4000

4000

Member Bank
Reserve Balances
2500

2500

2000

2000

1500

1500

1000

1000

500

1927




1928

1929

1930

1931

Based on weekly averages of daily figures; latest figures are for week ending October 1

1932

634

FEDERAL RESERVE BULLETIN

OCTOBEK, 1932

FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES
[In millions of dollars]
Averages of daily figures
Reserve bank credit outstanding

Factors of decrease

Factors of Increase

Month or week
Bills discounted

Bills
bought

United
States
Government
securities

Other
reserve
bank
credit

Money
Monetary Treasury
Total gold
stock currency in circuadjusted

lation

NonMember
bank
member
reserve deposits,
balances
etc.

Unexpended
capital
funds

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

155
163
188
169
222
280
613
695
774

173
144
121
79
135
259
692
560
340

600
599
610
674
712
736
733
727
777

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

4,711
4,767
4,865
4,958
4,975
4,948
4,447
4,363
4,450

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

2,376
2,387
2,404
2,407
2,345
2,333
2,256
2,118
2,069

27
28
35
83
187
109
208
171
144

382
380
370
367
364
361
357
358

1932—January
February
March
April
May
June
July
August
September

828
848
714
605
486
495
523
451
387

221
151
105
52
41
50
60
37
34

759
743
809
1,014
1,413
1,697
1,818
1,850
1,848

1,865
1,785
1,652
1,694
1,959
2,262
2,422
2,353
2,282

4,452
4,384
4,372
4,381
4,273
3,956
3.941
4,031
4,140

5,645
5,627
5,531
5,452
5,456
5,330
5,751
5,720
5,685

1,979
1,907
1,899
1,996
2,138
2,062
2,003
2,073
2,181

113
73
37
63
77
65
46
40
35

349
349
353
349
348
343
347
347

Week ending (Saturday)
May 7
May 14
May 21
May 28

514
480
474
477

1,284
1,372
1,438
1,504

1,864
1,916
1,971
2,034

4,350
4,316
4,274
4,204

1,790
1,786

5,465
5,457
5,459
5,439

2,115
2,125
2,152
2,164

496
506
496
491

1,563
1,638
1,700
1,746

2,117
2,199
2,276
2,313

4,107

1,797
1,786
1,800
1,769

5,477
5,473
5,485
5,556

2,107
2,093
2,092
2,032

60
74
60

349
348
347
350

484
509
521
536
531

1,791
1,793
1,821
1,831
1,839

2,359
2,404
2,428
2,439
2,430

3,919
3,920
3,932
3,952

1,800
1,795
1,765
1,775
1,774

5,703
5,785
5,745
5,751
5,718

1,979
1,946
1,991
2,025
2,057

50
43
45
47
49

346
345
344
343
343

Aug. 6
Aug. 13
Aug. 20
Aug. 27

494
458
443
432

1.846
1,851
1,851
1,851

2,395
2,363
2,346
2,330

3,987
4,002
4,040
4,060

1,764
1,793
1,803
1,814

5,738
5,725
5,725
5,706

2,014
2,041
2,078
2,122

49
47
41
30

345
345
345
346

Sept. 3
Sept. 10
Sept. 17
Sept. 24
Oct. 1

433
422
394
362
343

1,851
1,842
1,843
1,852
1,853

2,332
2.313
2,284
2,262
2,244

4,082
4,107
4,135
4,164
4,184

1,803
1,825
1,842
1,814
1,836

5,709
5,732
5,690
5,660
5,635

2,129
2,134
2,188
2,196
2,241

33
33
35
35
37

346
346
348
349
351

June
June
June
June

4
11
18
25

July
July
July
July
July

2
9_16
23
3O.__—

_.

_.
.-

3,922
3,916

,796
L, 774

Wednesday series

End of month series
Apr. May June July
31
30
30
31
Bills discounted
Bills bought
United States Government securities
Other reserve bank credit

556
48

490
36

440
67

538
43

351
350
350
349

Aug. Sept.
31
30
433
34

332 Bills discounted
33 Bills bought

Aug. Aug. Sept. Sept. Sept. Sept.
24
14
21
28
31
427
35

433
34

420
34

402
34

359
34

340
34

1,228 1,549 1,784 1,841
21
18
19

United States Government securities
1,852 1,854
Other reserve bank credit

1,851 1,852 1,851 1,851 1,852 1,854
12
14
14
15
14

Total reserve bank credit
Monetary gold stocic
Treasury currency adjusted

1,850 2,096 2,310 2,439
4,367 4,152 3,919 3,974
1!"~ 1,802 1,836 1,758

2,331 2,233 Total reserve bank credit
4,088 P4,191 Monetary gold stock...
1,800 1,841 Treasury currency adjusted

2,321 2,331 2,319 2,301 2,259 2.241
4,064 4,087 4,105 4,128 4,165 4,185
1,819 1,801 1,819 1,866 1,813

Money in circulation
Member bank reserve balances.
Nonmember deposits, etc
Unexpended capital funds

5,464 5,480
5,726
2,124 2,113 1,982 2,052
109
42
79
49
346 344
353

5,692 v 5,653 Money in circulation
2,146 2,225 Member bank reserve balances.
36
36 Unexpended capital funds, nonmember bank deposits, etc
351
345

5,684 5,692 5,725 5,668 5,642 5,605
2,142 2,146 2,142 2,244 2,211 2,269

v Preliminary!
Back figures.—See Annual Report for 1931 (Tables 1-5)




378

381

377

383

385

387

635

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL
RESERVE NOTE STATEMENT
[In thousands of dollars]
Sept. 30, 1932 Aug. 31, 1932 Sept. 30,1931
RESOURCES

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, etc

_.

._ .

__

.
. .

Total bills discounted
Bills bought:
Payable in dollars—
Bought outright .
Under resale agreement.
Payable in foreign currencies

.

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

.

2,188,686
48, 228

2,081, 761
57,668

1, 927,710
39, 753

2, 236,914
245,086
411,179

2,139,429
273,486
360,046

1,967,463
445, 634
725,084

2,893,179
197,552

2,772,961
206, 702

3,138,181
162,364

3,090, 731
77,078

2,979. 663
75,119

3,300,545
70,774

330, 882
285
621

' 432,324
80
'352

327,410
77
438

331,788

432, 756

327,925

2,456

3,264

30, 849

30,834

400, 218
19, 505
48,804

33, 305

34,098

468,527

1,851,011
2,658

1,838,815
12,900

738,455
3,890

1,853,669

1,851, 715

742,345

4,824

5,915

2,665
6,367

2,668
3,476

13,800
500
105
4,768
8,752
11,274

2,232, 618

2,330,628

1, 577,996

12, 540
332,818
58,126
44, 023

15, 082
308, 796
58,121
47,613

16,996
467,639
59, 225
36,359

5,847,934

5,815,022

5,529,534

12, 540
2, 737,144

15.082
2,798,938

16,996
2,080, 797

Total notes in circulation
Deposits:
Member bank-reserve account.
Government
Foreign bank
Other deposits
__

2, 749,684

2,814,020

2,097,793

2,224,689
51,347
8,261
28,182

2,146,183
59,429
14,187
21,485

2.363,584
22,243
95,135
25,194

Total deposits
Deferred availability items _
Capital paid in
_

2, 312, 479
332, 818
152,996
259,421
40, 536

2,241,284
308,796
153,099
259.421
38,402

2,506,156
467,639
166,759
274,636
16, 551

5,847,934
43, 363

5,815,022
49,043

5,529,534
100,118

2,983, 780
234, 096

3.051,999
237,979

2, 521,647
423,854

2, 749, 684

2, 814,020

2,097, 793

2,188, 686
315, 326
498,600

2,081, 761
416,786
578,100

1, 927,710
712,450

3,002,612

3,076,647

2, 640,160

_ _

Total United States Government securities
Other reserve bank credit:
Federal intermediate credit bank debentures
Federal land bank bonds
Municipal warrants
Foreign loans on gold
Due from foreign banks
Reserve bank float (uncollected items in excess of deferred availability items)

Total reserve bank credit outstanding
Federal reserve notes of other reserve banks
Uncollected items not included in float
Bank premises
All other resources
Total resources

_

Federal reserve notes:
Held by other Federal reserve banks
Outside Federal reserve banks

SUTDIUS

All other liabilities..

LIABILITIES
__

_

Total liabilities
Contingent liability on bills purchased for foreign correspondents
Federal reserve notes:

FEDERAL RESERVE NOTE STATEMENT

Issued to Federal reserve banks by Federal reserve agents
Held by Federal reserve banks i
In actual circulation
Collateral held by agents as security for notes issued to banks:
Gold
. .
Eligible paper
United States Government securities . .
Total collateral
r

.

Revised.
i Excludes "Federal reserve notes of other Federal reserve banks " which are consequently included in actual circulation!
Backfigures.—SeeAnnual Report for 1931 (Table 11), 1930 (Table 10), etc.




636

FEDERAL RESERVE BULLETIN

OCTOBER,

1932

ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED
STOCK
STATES
[In thousands of dollars]

[In millions of dollars]

Month

1932

Analysis of changes
Gold
stock Increase
Net re- Domesat end in stock
tic proock Net gold
of
ing import from ear- duction,
month durin
etc.J
mark *
monnth

1929—March
April
May
June
July
August
September.
October
NovemberDecember—

4,188
4,260
4,301
4,324
4,341
4,360
4,372
4,386
4,367
4,284

Total (12 mos.)1930—January
February._
March
April
May
June
July-.
August
SeptemberOctober
NovemberDecember..

4.291
4,353
4,423
4,491
4,517
4,535
4,517
4,501
4,511
4,535
4,571
4,593

Total (12 mos.).
1931—January
February._
March
April
May
June
July..
August
September.
October
November..
December..
Total (12 mos.)1932—January
February
March
April
May
June
July
August
September P..
Total (9 mos.)_

34.4
72.4
40.6
23.4
16.3
18.9
12.1
14.4
-19.2
-82.9

24.8
23.1
23.6
30.2
34.7
18.4
17.6
17.5
-23.2
-64.4

7.5
48.6
16.1
-7.5
-22.0
-1.0
-6.6
-4.5
1.0
-22.0

2.1
0.8
0.9
0.7
3.6
1.5
1.1
1.4
3.0
3.5

142.5

175.1

-55.4

22.8

6.8
61.9
70.2
68.5
25.9
17.6
-18.4
-15.5
10.2
23.3
36.8
22.1

4.0
60.0
55.5
65.7
23.5
13.9
-19.6
-19.6
2.5
26.4
35.2
32.7

0.5
0.0
15.0
0.5
2.0
2.0
-3.0
0.0
4.0
-6.1
-2.1
-15.2

2.3
1.9
-0.3
2.3
0.5
1.7
4.3
4.2
3.7
3.1
3.8
4.5

309.6

280.1

-2.4

31.9

4,643
4,665
4,697
4,726
4,798
4,956
4,949
4,995
4,741
4,292
4,414
4,460

49.4
22.0
32.0
28.7
72.4
158.0
-6.6
45.7
-254.3
-448. 4
122.0
45.8
-133.4

34.4
11.9
16.1
2.5
25.6
3.0
49.5
-7.5
49.6
4.0
63.8
92.3
19.5
-29.7
57.5
-16.0
20.6 - 2 7 9 . 1
-337. 7 - 1 0 7 . 6
89.4
28.3
56.9
-22.9
145.3 -320.8

4,416
4,354
4,390
4,367
4,152
3,919
3,974
• 4, 088
4,191

-44.2
-62.3
36.0
-23.1
-214.1
-233.9
55.8
113.9
103.0

-73.0
-90.6
-24.7
-30.2
-195.5
—206.0
'-5.6
6.1
25.3
-594.2

25.4
26.4
58.3
4.0
-22.1
—28.8
56.2
100.5
72.3

3.1
3.3
3.3
-13.3
18.8
1.9
3.6
4.2
4.2
-3.1
4.2
11.9
42.1
3.4
1.9
2.4
3.2
3.6
0.9
r
5.2
3 7.3
5.4

September
(preliminary)

From or to—

Belgium
England
France
. . __ _
Germany
Netherlands.._
Portugal
Switzerland
Canada
__
Central America
Mexico... . . .
Argentina
Colombia
Ecuador
Peru
Uruguay
Venezuela
Australia
_.
British India.
China and Hong
Kong
_
Dutch East Indies.
Japan
Philippine Islands_
All other countries»
Total

Imports

ImExports ports

5, 469
100

-

—

JanuaryAugust

August
Exports

1 021
6,093
100

l8,"650"

1,021
8,295
108
61

5,568
291
3,507
2,249

5,266
126
2,273

537
2,836

45
85
44
1,037
206
598
467

4,087

4,783

680

317
1,709

-25,324

24,170

Exports

Imports

8
8 '47,130
952
14, 582
12,950
3,025
761
2.681
4,037
1,127
5,397
8,204

83, 602
15,132
458, 243
13, 738
115, 277
2,386
118, 524
135
3
320
1,660
126

23, 300
2,419
43, 234
2,936
7,635

232

18,067 "•189,856 809, 379

1

Includes all movements of unreported origin or destination.
2r At New York—imports, $16,877,000. Elsewhere, imports, $8,447,000.
Revised figure for imports from Canada in July, $4,573,000.

KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Federal reserve banks.
dollars]

In millions of

1932

1931

Kind of money

Gold coin
Gold certificates
Federal reserve notes

S e p t . 30 v

A u g . 31

445
644
2,731

449
669
2,793

S e p t . 30
376
1,037
2,080

Treasury currency: l
Standard silver dollars
29
30
34
292.1
33.2
-268.«
Silver certificates
_.
382
359
350
1
Treasury notes of 1890 .
1
1
i Gold released from earmark at Federal reserve banks less gold placed
273
Subsidiary silver
255
257
under earmark.
117
113
Minor coin
_ _.
113
» This figure, derived from preceding columns, represents the excess of
299
United States notes
285
286
domestic production over nonmonetary consumption of gold—chiefly
3
3
3
Federal reserve bank notes
.
consumption in the arts. In any given month, however, it may be preNational bank notes
744
645
785
dominantly affected by the fact that on the final day of the month (a)
gold bullion or foreign gold coin recently imported may not yet have
1,754
Total Treasury currency
1,833
1,781
reached a reserve bank or the Treasury, and (6) gold bullion recently
withdrawn from stock for export may not yet have been actually ex
5,692
Total money in circulation.
5,246
5,653
ported. The figures are subject to certain unavoidable inaccuracies
in official reports of gold imports and
exports.
r
1
* Preliminary
figures.
Revised.
For explanation of the term "Treasury currency" see BULLETIN for
3 Includes an import of $2,200,000 gold coin which is not included in July, 1929, p. 432.
the official figures for net imports published by the Department of
v Preliminary.
Commerce.
Back figures.—See Annual Reports for 1931 (Table 35), 1930 (Table 32),
Back figures.—See Annual Report for 1931 (Table 30).
and 1927 (Table 22).




637

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

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

Month or week
Total-all
member
banks

New York
Cityi

1931—May...
June
July
August
September
October.
November
December

2,387
2,404
2,407
2,345
2,333
2,256
2,118
2,069

882
887
843
864
848
774
766

1932—January
February
March
April
May
June
July
August

1,979
1,907
1,899
1,996
2,138
2,062
2,003
2,073

Week ending (Friday)—
June 1.
July 8
_._.
July 15
July 22
July29

Excess reserves
"Country'
banks

Total—all
member
banks

New York
City*

961
949
950
943
918
872
832
807

578
573
570
559
551
536
512
503

66.8
128.9
124.4
100.6
120.3
129.1
57.0
59.5

15.5
71.4
60.6
34.3
53.8
52.5
10.7
18.5

23.6
27.0
32.8
35.7
36.7
39.7
19.4
16.9

27.7
30.5
30.9
30.6
29.8
37.0
26.9
30.9

724
681
687
780
874
783
767
832

767
753
747
749
800
819
781
797

488
473
465
466
464
459
455
444

35.4
43.8
59.0
152.1
277.1
234.4
204.4
269.9

4.5
7.2
17.8
88.1
155.1
89.4
75.0
127.7

1.8
11.3
17.3
35.7
91.5
111.4
91.6
108.9

29.2
25.3
23.8
28.3
30.5
33.6
37.9
33.3

1,979
1.947
1,982
2,019
2,057

758
717
753
781
814

772
760
778
787
797

449
470
451
452
446

65.8
25.1
62.9
89.7
122.5

72.5
68.3
86.5
97.4
111.3

Aug. 5
Aug. 12
Aug. 19_.
Aug. 26. —

2,019
2,034
2,072
2,117

777
791
831
874

794
796
794
802

448
447
448
441

78.1
95.1
128.5
165.3

105.6
108.6
103. 1
114.2

Sept. 2
Sept. 9

2,132
2,127

892
865

803
814

437
448

172.6
144.1

115.5
125.6

Other
reserve
cities

1
Central reserve city banks only.
Back figures.—See Annual Report for 1931 (Tables 49 and 56).

1

()
(*)

Other
reserve
cities

"Country"
banks

Figures not available by weeks.

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

Time deposits

Net demand deposits

Month
Totalall member
banks

New
York
City i

Other
reserve
cities

Total"Coun- all
memtry"
ber
banks
banks

New
York
City i

Other
reserve
cities

Total"Coun- all
memtry"
ber
banks
banks

New
York
City 1

Other
reserve
cities

' Country"
banks

1931—May
June
July..
August
September
October...
November
December.

32,168
31,602
31,526
31,041
30,500
29,138
28,218
27,438

7,439
7,232
7,325
7,147
7,126
6,937
6,612
6,414

13,157
12,939
12,831
12, 702
12,356
11,657
11, 350
11,048

11,573
11,432
11,371
11,192
11,018
10,544
10,256
9,976

18,419
18,055
18,122
17, 783
17, 525
16,859
16, 358
15,985

6,094
5,934
6,064
5,946
5,962
5,872
5,653
5,546

7,236
7,132
7,102
7,012
6,805
6,421
6,273
6,106

5,090
4,988
4,956
4,825
4,758
4,567
4,432
4,333

13, 749
13,548
13,404
13, 259
12,974
12, 279
11,860
11,453

1,345
1,297
1,260
1,201
1,163
1,065
959
868

5,921
5,807
5,728
5,691
5,552
5,236
5,076
4,942

6,483
6,444
6,415
6,367
6,259
5,977
5,825
5,643

1982—January...
February.
March
April
May
June
July
August

26, 592
25,715
25, 431
25,386
25,466
25,075
24, 712
24,744

6.165
5,797
5,760
5,950
6,159
5,957
5,951

10, 706
10,413
10, 291
10,109
10, 081
10,032
9,830
9,833

9,720
9,505
9,380
9,327
9,226
9,087
8,931
8,827

15,447
14,789
14,575
14,589
14, 679
14,413
14,157

5,343
5,001
4,959
5,138
5,342
5,154
5,133
5,217

5,921
5,723
5,622
5,492
5,425
5,433
5,304
5,283

4,183
4,064
3,993
3,959
3,911
3,826
3,720
3,641

11,145
10,926
10,856
10,797
10,787
10,663
10, 555
10,603

822
796
800
811
816
803
818

4,786
4,690
4,668
4,618
4,656
4,599
4,526
4,550

5,537
5,440
5,387
5,368
5,315
5,261
5,211
5,186

i Central reserve city banks only.
Back figures—See Annual Report for 1931 (Table 49).




14,141

638

FEDERAL RESERVE BULLETIN

O C T O B E R , 1932

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

Open-market loans

Loans to other customers

Total

U.S.
Government
securities

Total
loans
secured
Other
by
secu- stocks
rities
and
bonds 2

2,556
1,879
2,025
1,885
1,660
2,344
2,365
2,472
1,498
1,630
1,217
928
575
278

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
11, 414

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
5,628

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
5,786

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
5,916

29
37
21
8
21
49
35
22
34
35
94
48
29
23

1,639
1,102
1,359
1,096
1,202
1,477
1,883
1,714
1,281
1,367
1,063
839
542
258

1,933
1,972
1,819
1,807
2,091
2,046
2,203
2,198
2,435
2,662
2,801
3,032
2,697
3,033

1,094
1,135
1,006
989
1,112
1,150
1,147
1,091
1,239
1,466
1,656
1,830
1,768
2,008

839
838
813
817
979
897
1,056
1,107
1,197
1,196
1,145
1,202
928
1,025

3,491
2.971
3,396
3,191
3,562
3,504
3,983
3,798
3,550
3,397
3,026
2,780
2,474
1,757

34
32
25
31
29
35
38
31
29
48
67
35
21
11

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

541
423
349
413
250
609
353
643
167
227
124
56
16
7

3,844
3,736
3,611
3,388
3,253
3,416
3,685
3,947
4,035
4,676
4,750
4,561
4,226
4,154

1,836
1,896
1,765
1,671
1,484
1,662
1,686
1,785
1,727
2,313
2,408
2,301
2,133
2,187

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
1,966

4,381
4,292
4, 221
4,429
4,397
4,368
4,306
4,387
3,991
3,729
3,459
3,317
3,05C
2,585

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

211
192
140
144
163
207
171
164
120
114
101
81
48
36

376
354
316
376
208
258
129
115
49
36
30
32
16
13

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
4, 226

1,382
1,424
1,384
1,361
1,267
L273
1,229
L, 219
1,159
1,224
1,279
L, 433
1,418
L, 432

3,370
3,316
3,240
3,193
3,172
3,202
3,326
3,370
3,359
3,326
3,276
3,172
2,974
2,794

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
1,574

Purchased paper
Call date

TOTAL—ALL MEMBER
BANES
1928—Dec. 31
1929—Mar. 27
June 29
Oct. 4_
_
Dec. 31
1930-Mar. 27.
June 30Sept. 24
Dec. 31
1931—Mar. 25
June 30
Sept. 29
Dec. 31
1932—June 30
NEW YORK CITY •
1928—Dec. 31
1929—Mar. 27
..__
June 29
Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25_
June 30_
Sept. 29
Dec. 31
1932—June 30.
OTHER RESERVE CITIES
1928—Dec. 31
1929—Mar. 27
J u n e 29
Oct. 4
Dec. 31
1930—Mar. 27
J u n e 30_
Sept. 24
Dec. 31
1931—Mar. 25
J u n e 30_
Sept. 29 .
Dec. 31
1932—June 30.
"COUNTRY"

Total
loans
and
investments

Loans
to
banks

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
28,001

Total

SeSecured cured
by
by
stocks real
and
bonds estate

Otherwise
secured
and
unsecured

Total

538
548
670
640
714
527
535
466
631
446
457
599
790
573

21,460
21,903
22,517
23, 249
23,193
21, 494
21, 565
21,010
21,007
19,940
19, 257
18, 713
17, 570
15, 267

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
5,292

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
2,894

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
7,081

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
747

109
146
108
93
212
175
170
205
315
361
389
268
146
313

103
93
90
70
80
79
71
62
55
101
113
70
41
34

390
376
249
228
291
499
507
523
366
361
384
296
140
122

7,951
7,726
8,160
8,150
8,774
8,238
8,798
8,557
8,582
8,473
8,287
8, 253
7,460
6,715

288
251
314
302
322
199
196
169
283
154
150
250
374
260

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
2,856

1,708
1,744
1,877
1,944
2,200
1,936
2,022
2,031
2,137
1,960
1,897
1,816
1,728
1,343

132
148
175
176
169
150
157
157
147
150
160
152
153
160

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
1,353

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
565

61
59
58
59
128
89
144
148
188
199
296
201
107
262

61
52
58
33
46
40
29
28
22
51
44
33
17
21

14, 066
13,925
13, 832
13,983
13, 785
13, 575
13, 701
13, 971
13, 758
13, 965
13, 567
13, 016
12,115
11, 045

213
258
308
294
346
263
277
235
286
235
247
284
347
254

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
6,519

3,734
3,740
3,718
3,869
3,975
3,604
3,811
3,632
3,656
3,366
3,188
3,092
2,806
2,403

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
1,407

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
2,709

742
645
480
526
438
945
710
1,064
531
645
470
326
135
118

18
43
17
8
51
59
18
54
122
158
91
67
35
38

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
10, 240

37
39
49
45
45
65
63
62
62
58
60
64
69
59

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
5,892

1,906
2,056
2,139
2,295
2,314
2,190
2,227
2,200
2,149
2,097
2,031
1,935
1,756
1,546

1,444
1,465
1,486
1,485
1,462
1,475
1,475
1,480
1,455
1,449
1,437
1,411
1,346
1,328

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
3,018

625
598
496
553
409
496
312
286
177
158
135
116
71
64

30
44
33
27
33
27
8
4
5
5
2
1
4
13

Acceptances
payable
in
United
States

Acceptances
payable
abroad

Loans
to
broComkers
merin
cial
New
paper Yorki

BANKS

1928—Dec. 31
1929—Mar. 27
J u n e 29
Oct. 4
Dec. 31
1930—Mar. 27
J u n e 30
Sept. 24
Dec. 31
1931—Mar. 25
June 3 0 . - .
Sept. 29
Dec. 31
1932—June 3O._

i Loans (secured b y stocks and bonds) to brokers and dealers in securities at N e w York City.
> Including loans to banks secured b y stocks and bonds, reported separately after 1929 and estimated for preceding dates as one-half of total
loans to banks.
a Central reserve city banks only.
Back figures.—This classification of loans is not available for dates prior to Oct. 3, 1928, see Annual Report for 1931 (Table 53), 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 1931 (Table 53).




OCTOBER,

639

FEDERAL RESERVE BULLETIN

1932

ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, DEPOSITS
[In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private
banks under State supervision]
Total loans and investments
Member banks

All banks

Date

Deposits (exclusive of
interbank deposits)

Nonmember banks

All
banks

Mem- Nonber member
banks banks

7,043
6,945
6,975

53,398
53,720
56,766

32,133
32,138
34,826

21,265
21, 582
21,940

15, 612
15, 853
16,036
15,748

7,013
6,910
6,885
6,735

54, 545
53,852
55,180
55,289

33,215
32, 284
33,004
33, 865

21,330
21, 567
22,176
21,423

22,331
22,453
22,118
21, 349

15,568
15,404
14, 977
14,264

6,763
7,048
7,141
7,085

53,185
54,954
52, 784
53,039

32,082
33,690
31,839
32, 560

21,103
21, 264
20, 945
20,479

11,889
12,106
12,199
11,314

21,195
21,099
20, 292
19,129

13,974
13, 568
12,876
12,045

7,222
7,531
7,416
7,084

51,427
51, 782
49,152
45,821

31,153
31, 566
29,469
27,432

20,274
20, 216
19, 683
18, 389

11,414

18,071

11, 247

6,823

41,963

24, 755

17, 208

Total

Loans

Investments

Total

Loans

Investments

1928—June 30.
Oct. 3 Dec. 31_

57.265
57, 219
58.266

39,464
39,671
40,763

17,801
17, 549
17,504

35,061
34,929
35,684

24,303
24,325
25,155

1929—Mar. 27.
June 29.
Oct. 4-_
Dec. 31.

58,019
58,474
58,835
58,417

40,557
41, 512
42, 201
41,898

17,462
16,962
16, 634
16, 519

35,393
35, 711
35,914
35,934

1930—Mar. 27.
June 30.
Sept. 24.
Dec. 31.

57,386
58,108
57, 590
56, 209

40,686
40, 618
39, 715
38,135

16, 700
17,490
17,875
18,074

1931—Mar. 25.
June 30.
Sept. 29
Dec. 31.

55,924
55,021
53, 365
49,704

36,813
35,384
33, 750
31,305

1932—June 30.

46,071

27, 834

Total

Loans

10, 758
10,604
10, 529

22,204
22,291
22, 582

15,161
15,346
15,607

24,945
25, 658
26,165
26,150

10,448
10, 052
9,749
9,784

22,626
22, 763
22,922
22,483

35,056
35, 656
35, 472
34,860

25,119
25, 214
24, 738
23,870

9,937
10,442
10, 734

19, 111
19,637
19, 615
18,399

34, 729
33,923
33,073
30, 575

22,840
21,816
20,874
19, 261

18, 237

28,001

16, 587

Investments

Back figures—See Annual Report for 1931 (Tables 45 and 46).

BANK LOANS AND INVESTMENTS, PERCENTAGE DISTRIBUTION

NUMBER OF BANKS
Member banks
Date

Total i

Total

National

State

Nonmember
banks

1925—Dec. 31

28, 257

9,489

8,048

1,441

1926—Dec. 31

27, 367

9,260

7,906

1,354

18,107

1927 June 30
Dec. 31

26, 765
26,416

9,099
9,034

7,790
7,759

1,309
1,275

17, 666
17,382

Total loans and
investments
Number
of banks Amount Percent(millions age disof dollars) tribution

18,768

1928—June 30
Dec. 31

25,941
25, 576

8,929
8,837

7,685
7,629

1,244
1,208

17, 012
16, 739

1929—June 29
Dec. 29

25,110
24, 630

8,707
8,522

7,530
7,403

1,177
1,119

16, 403
16,108

1930—June 30
Dec. 31

23,852
22, 769

8,315
8,052

7,247
7,033

1,068
1,019

15, 537
14, 717

1931—June 30
Sept. 29
Dec. 31

21,903
21, 294
19, 966

7,782
7,599
7,246

6,800
6,653
6,368

982
946
878

14,121
13, 695
12, 720

1932—June 30

19,046

6,980

6,145

835

12,066

i All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and
all private banks under State supervision.




[Figures for June 30, 1932]

All banks in the United States
Member banks—total __
Reserve city banks (62 cities)
Central reserve city banksNew York City
Chicago
Other reserve city banksNew York City__
Chicago
_
Other Federal reserve bank cities
(10 cities)
Federal reserve branch cities (25
cities)
Other reserve cities (25 cities)
"Country" banks *
Nonmember banks

46,071

100

28,001

61

17, 760

39

6,715
1,277

15
3

92

27
17
4,781

10

131
90
6,604

3,846
1,098
10, 240

2
22

12,066

18,070

19,046

376

* Includes certain outlying banks in reserve cities.

640

FEDERAL RESERVE BULLETIN

OCTOBER,

1932

REPORTING MEMBER BANKS IN LEADING CITIES
[In millions of dollars. Monthly data are averages of weekly figures]
Total—all weekly reporting member banks
Loans and investments

Total

Loans
on securities

All
other
loans

Loans and investments

Borrowings
Investments
at
F. R.
banks
U.S.
seTotal curities

Month or date

Other leading
cities

New York City

Borrowings
at
F. R.
banks
U.
S.
seTotal curities
Investments

Total

Loans
on securities

All
other
loans

Total
loans
and investments

Borrowings
at
F. R.
banks

1931—June
July
August
September..
October
November..
December..

22,439
22, 393
22,093
22,078
21,425
21,023
20, 749

6,770
6,631
6,480
6,413
5,971
5,859
5,763

7,853
7,964
7,900
7,870
7,679
7,586
7,441

7,816
7,798
7,713
7,795
7,775
7,578
7,545

4,048
4,121
4,074
4,154
4,171
4,072
4,127

56
44
75
127
398
404
499

7,694
7,780
7,633
7,744
7,466
7,258
7,165

2,846
2,764
2,640
2,657
2,369
2,277
2,237

2,204
2,365
2,370
2,375
2,272
2,243
2,218

2,644
2,651
2,623
2,712
2,825
2,738
2,710

1,523
1,608
1,600
1,652
1,750
1,705
1,732

14, 745
14,613
14, 460
14, 334
13,959
13, 765
13,584

56
44
72
124
324
388
416

1932—January
February. _.
March
April
May
June
July
August
September..

20,178
19, 775
19, 434
19,096
19,112
18,877
18, 419
18, 587
18, 739

5,644
5,497
5,388
5,150
4,975
4,811
4,616
4,578
4,524

7,331
7,214
6,987
6,820
6,727
6,609
6,455
6,319
6,229

7,203
7,064
7,059
7,126
7,410
7,457
7,348
7,690
7,986

3,943
3,856
3,866
3,875
4,121
4,200
4,144
4,499
4,759

469
484
368
277
185
191
212
164
128

6,921
6,645
6,521
6,492
6,647
6,541
6,353
6,517
6,692

2,209
2,127
2,065
1,947
1,851
1,745
1,644
1,657
1,669

2,220
2,171
2,078
2,029
2,038
1,995
1,896
1,819
1,810

2,492
2,347
2,378
2,516
2,758
2,801
2,813
3,041
3,213

1,631
1,521
1,547
1,620
1,797
1,849
1,860
2,081
2,220

13, 257
13,130
12, 913
12,604
12, 465
12, 336
12,066
12, 07C
12,047

435
461
365
277
185
191
212
164
128

July
July
July
July

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

18, 532
18,478
18, 333
18,334

4,632
4,626
4,618
4,587

6,484
6,523
6,410
6,405

7,416
7,329
7,305
7,342

4,210
4,123
4,107
4,136

197
207
229
214

6,420
6,391
6,285
6,317

1,647
1,650
1,648
1,630

1,917
1,956
1,851
1,862

2,856
2,785
2,786
2,825

1,901
1,831
1,839
1,870

12,112
12,087
12,048
12,017

197
207
229
214

Aug.
Aug.
Aug.
Aug.
Aug.

3...
101724..
31-

18,696
18,622
18,580
18,499
18, 539

4,632
4,612
4,586
4,551
4,512

6,364
6,346
6,323
6,277
6,284

7,700
7,664
7,671
7,671
7,743

4,488
4,482
4,499
4,491
4,535

163
162
150
158

6,556
6,515
6,501
6,473
6,543

1,669
1,672
1,662
1,651
1, 632

1,832
1,821
1,820
1,803
1,819

3,055
3,022
3,019
3,619
3,092

2,087
2,065
2,073
2,067
2,116

12,140
12,107

12, 079
12,026
11, 996

188
163
162
150
158

Sept.
Sept.
Sept.
Sept.

7__.
14..
21..
28..

18,564
18,556
18,930
18,907

4,519
4,547
4,511
4,521

6,293
6,219
6,218
6,185

7,752
7,790
8,201
8,201

4,535
4,559
4,981
4,960

153
148
113
101

6,575
6,599
6,796
6,801

1,646
1,686
1,662
1,683

1,832
1,807
1,806
1,796

3,097
3,106
3,328
3,322

2,109
2,108
2,344
2,321

11,989
11,957
12,134
12,106

153
148
113
101

Back figures.—See Annual Reports for 1931 (Tables 58-60) and 1930 (Tables 52-54).

BROKERS' LOANS
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
[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]
From private
From New
banks, brokers,
York banks
and trust com- foreign banking
agencies, etc.
panies

Total
End of month
1931

1932

1931

1932

1931

1932

January...
February..
March

1,720
1,840
1,909

512
525
533

1,557
1,646
1,692

374
385
391

194
217

138
140
142

April
May
June

1,651
1,435
1,391

379
300
244

1,466
1,293
1,221

300
243
194

185
141
170

79
57
49

July
August
September.

1,344
1,354
1,044

242
332

1,171
1,160
932

195
248
292

173
194
112

47
84

October., .
November.
December.

796
730
587

582
455

108
148
132

Back figures.—See Annual Reports for 1931 (Table 63) and 1927
(Table 47).




Month or date

1931—August
September.
October...
November.
December.
1932—January...
February..
March
April
May
June
July..
August
September.
Sept. 7
Sept. 14
Sept. 21
Sept. 2 8 . . - .

Total

For acFor
count of For acown ac- out-of- count of
count
town
others
banks *

1,342
1,268
921
802
655
544
495
531
500
436
377
335
344
409

951
943
674
588
554
473
417
432
423
385
342
309
319
385

371
433
408
425

348
408
383
400

226
174
90
124
88
65
72
94
70
44
29
18
17
19

165
151
157
90
13
6
6
5
7
7

* Member and nonmember banks outside New York City (domestic
banks only).
Backfigures.—SeeAnnual Report for 1931 (Table 62), 1930 (Table 56),
etc.

OCTOBER.

641

FEDERAL RESERVE BULLETIN

1932

ACCEPTANCES AND COMMERCIAL PAPER
BANKERS'

ACCEPTANCES OUTSTANDING
ACCEPTANCES)

(DOLLAR

CLASSES

OF

BANKERS' ACCEPTANCES
ACCEPTANCES)

[In millions of dollars]

[In millions of dollars]
Held by Fed- Held by group of aceral reserve
cepting banks
banks

End of month

Total
outstanding

Held
by
others

For
acFor count
own of foraceign
count correspondents

Based
on

1,382
1,305
1,350
1,339
1,367
1,508
1,571
1,556

184
127
129
167
208
141
143
328

463
470
479
471
432
433
429
439

166
205
279
267
317
384
493
371

63
64
63
95
131
172
180
90

103
141
216
172
186
212
313
282

570
503
463
434
411
550
507
417

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

1,520
1,520
1,467
1,422
1,413
1,368
1,228
1,090
996
1,040
1,002
974

89
85
123
162
124
95
39
70
420
647
418
305

447
456
431
409
380
341
243
228
100
99
126
251

571
550
472
410
464
554
668
606
410
230
296
262

134
151
131
125
171
196
232
168
162
112
125
131

437
398
341
285
293
357
436
438
248
118
171
131

412
429
440
441
444
379
278
186
67
63
161
156

1932—January
February.. _
March
_
April
May
June
._
July
August
September

961
919
911
879
787
747
705
681

119
76
36
16
4
36
12
3

314
312
335
292
183
98
59
49
43

332
343
377
455
510
518
563
574

159
175
155
188
225
200
197
198

174
168
222
268
286
318
366
376

195
189
163
115
90
96
70
55

p Preliminary.
Figures for acceptances outstanding (and held by accepting banks)
from American Acceptance Council.
Back figures.—See Annual Reports for 1931 (Table 70), 1930 (Table 64),
1929 (Table 58), and 1928 (Table 61).
ACCEPTANCES PAYABLE IN FOREIGN C U R R E N C I E S HOLDINGS OF FEDERAL RESERVE BANKS
[In thousands of dollars]
1929

1930

1,019
1,029
1,036
1,036
1,040
1,043
2,061
12,346
16,955
17,034
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

36,119
23, 958
1,063
1,074
1,073
10, 551
34,371
145, 215
48,801
33, 501
33, 386
33,429

33,444
33,478
30, 778
30, 736
30, 837
30,762
30,645
30,834
30,849

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




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

Based
on
goods
stored
in
foreign
countries or
shipped
between
foreign
points

OUTSTANDING

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

1,228
1,090
996
1,040
1,002
974

186
178
174
173
158
159

330
276
257
261
254
222

238
202
190
238
258
267

52
43
37
38
34
31

423
391
338
330
298
296

961
919
911
879
787
747
705
681

150
142
129
118
103
97
85
76

207
195
205
199
184
173
162
152

272
271
267
251
217
193
178
192

34
26
23
17
15
13
15
11

298
284
287
294
269
271
265
250

39
70
420
647
418
305

7
10
68
105
61
43

6
9
55
93
66
55

8
8
88
129
99
84

2
3
17
24
16
14

16
38
185
285
170
104

119
76
36
16
5
36
12
3

16
9
4
2
2
()
4
1
(2)

19
12
6
2
8
()

32
27
12
6
3
19
5
1

2

47
25
13
5

HELD BY F. R. BANKS
(OWN ACCOUNT) 1

1931—July
August
September
October
November
December

_

1932—January
February
March
April
May
June
July
August

_.

_.

Q

1
(2)

i Total holdings of Federal reserve banks include a small amount of
unclassified acceptances.
» Less than $500,000.
Back figures.—See Annual Report for 1931 (Tables 67 and 15), 1930
(Tables 61 and 14), etc.
COMMERCIAL PAPER OUTSTANDING
[In millions of dollars]
End of month

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

Total imports
into
U.S.

End of month

Own Bills
bills bought

1930—May
_
June
July.
_
August
September..
October
November. .
December..

End of month

(DOLLAR

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

1929
407
411
387
351
J04
274
265
267
265
285
316

iyao
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

108
103
106
108
111
103
100
108

Back figures.—See Annual Reports for 1931 (Table 66) and 1930 (Table
60).

642

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

BANK SUSPENSIONS AND BANKS REOPENED
Banks suspended

Year and month
All
banks

Number

Deposits (in thousands of dollars)

Members

Members

Nonmem- All banks
bers
NaNational
tional State

501
354
648
776
612
956
662
491
642
1,345
2,298

51
45
90
122
118
125
91
57
64
161
409

19
12
34
37
28
35
33
16
17
26
108

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

202
77
86
64
91
167
93
158
305
522
175
358

20
15
18
17
24
26
16
29
46
100
35
63

6
5
1
3
2
10
2
12
16
25
8
18

1932—January...
February, _
March
April
May
June
_.
July
August
September.

342
' 121
47
74
82
151
'132
85
J>65

74
'24
7
6
14
44
20
17

13
6

1922
1923
1924
1925__
1926

—.

1927
1928
1929.
1930
1931.-

Banks reopened

State

Nonmembers

Deposits (in thousands of
dollars)

Number

All

banks

NonMem- members bers

Members

3,132
14, 361
11, 618 23, 947
5,068
6,606
7,190
15, 272
6,779
9,839
8,179
52,431
8,311
27,418
6,610
9,117
2,273 23, 556
3,538 58, 061
53, 944 104,243

196,460
21,285 21,218 153, 957
431
5,151
86, 478
297 110, 721 19,092
188, 701 32, 904 18, 324 137,473
524
617 213, 338 60,889 13, 580 138, 869
466 172, 900 58, 537
8,727 105, 636
47, 866 20, 946 203, 676
796 272,488
46, 581 19, 755 127, 555
538 193,891
418 138, 642 31,619 10, 621 96, 402
561 234, 532 37, 007 20,128 177, 397
864, 715 173, 290 207,150 484, 275
1,158
1,781 1, 691,510 439,171 294, 357 957, 982

60
65
37
94
62
149
95
39
58
147
276

10
24
14
20
14
14
11
5
5
7
31

50
41
23
74
48
135
84
34
53
140
245

17,493
35, 565
11,674
22, 462
16, 618
60, 610
35, 729
15, 727
25, 829
61, 599
158,187

54,369
20, 893
23,313
19, 921
25, 835
119, 678
31,895
95, 739
123, 787
243,033
35, 684
163,835

58
49
31
28
9
8
g
4
6
22
21
31

3
6
2
4
2
5

55
43
29
24
7
3
9
4
6
20
17
28

19, 322
17,157
11,788
23, 613
3,890
24,522
2,525
14, 396
4,258
5,096
13,041
18, 579

63,686 10,873 144,512
255 219,071
'91 ' 57, 237 ' 17, 098 8,427 ' 31, 712
10,805
15,289
40
4,484
31,613
63
2,634 11, 887 17, 092
34, 365
1,237
26, 870
62
6,258
7,589 ' 83. 767
103 ' 133,830 42, 474
1.769 ' 29, 978
17, 546
'108 ' 49,293
'798 '17, 845
66 '30,530 ' 11, 887
»49 » 16, 008 v 2, 980 v 1, 992 v 11,036

19
'43
38
22
23
21
24
'25

3
'5
10
3
4
3
6
3

176
57
67
44
65
131
75
117
243
397
132
277

7,615
14,569
7,901
5,822
108
10, 899
2,264
19, 498
5,055
12, 320
31,368 39,434
7,045
1,805
31, 629 52, 660
79,446 30, 272
111, 088 117,259
28, 039
4,216
87, 448 25, 768

76,553
34, 616
34, 320
41, 683
43, 210
190,480
40, 745
180,028
233, 505
471, 380
67, 939
277,051

2
4
3

Nonmembers

All
banks

1,856
3,333
3,381
15,893
401
23,816

991
3,684
589

17,466
13,824
8,407
7,720
3,489
706
2,525
14,396
4,258
4,105
9,357
17,990

10,952
3,293
16
7,659
' 14, 730 ' 3, 026 ' 11, 704
28
19,590
9,876
9,714
19 11,041
9,248
1,793
19 33,214
28, 995
4,219
18 11,501
8,610
2,891
18 I ' 69, 959 • 16,382 53, 577
'22 '33,498
5,018 '28,480
v 10 v 13, 623 P 2, 297 » 11,326

r> Preliminary.
' Revised.
Banks suspended and banks reopened.—The statistics of bank suspensions relate to banks closed to the public, on account of financial difficulties;
by order of supervisory authorities or directors of the bank. Some banks reopen before the end of the calendar month in which they were closed,
such banks are included in the record of suspensions for the month as given in the table. Reopenings are recorded as of the month in which they
occur, and include for any given month reopenings both of banks closed during the month and of banks closed earlier.
Deposits.—Figures of deposits in banks suspended are as of date of suspension whenever data as of this date are available; otherwise they are
as of the latest available call date prior to suspension. For banks reopened the figures of deposits are not as of date of reopening, which are seldom
available, but are taken from the record of suspensions.
Back figures.—See Annual Reports for 1931 (Table 73) and 1928 (Table 64).

MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS
[In millions of dollars]
Holdings of Government securities i and eligible paper (including paper under rediscount)
By reserve city banks
Call date

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.
1932—June 30.

U.S.
Govern- Eligible
ment se- paper
curities
2,832
2,577
2,469
2,403
2,619
2,640
2,682
2,777
3,584
3,871
3,942
3, 706
3,985

2,582
2,688
2,865
2,713
2,542
2,285
2,271
2,100
2,045
1,870
1,787
1,505
1,457

Total
5,414
5,265
5,334
5,116
5,161
4,925
4,953
4,877
5,629
5,741
5,729
5,211
5,442

By "country" banks
U.S.
Govern- Eligible
ment se- paper
curities
974
929
912
814
818
772
764
708
776
836
994

761
773
733
684
662
620
541
438
373
328
209
068
971

Total
2,735
2,702
2,645
2,498
2,480
2,392
2,305
2,146
2,149
2,164
2,203
2,056
1,965

By all member banks
U. S.
Govern- Eligible
ment se- paper
curities
3,807
3,506
3,381
3,217
3,438
3,412
3,446
3,485
4,360
4,707
4,936
4,694
4,979

i Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation.
Back figures.—See Annual Report for 1931 (Table 50).




4,343
4,461
4,598
4,397
4,204
3,905
3,812
3,538
3,418
3,198
2,996
2,573
2,428

Total
8,150
7,968
7,979
7,614
7,642
7,317
7,258
7,023
7,778
7,905
7,932
7,267
7,407

Member
bank
borrowings at
Federal
reserve
banks
981
1,029
899
646
206
274
173
248
165
147
323
623
440

643

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

FEDERAL RESERVE BANK RATES

OPEN-MARKET RATES

DISCOUNT RATES

RATES IN NEW YORK CITY

[Rates for member banks on eligible paper]

Average rate Average yield

Prevailing rate on—
Rate in
effect on
Oct. 1

Federal reserve bank

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

Date established

Oct.
June
Oct.
Oct.
3K Jan.
3H Nov.
June
Oct.
Sept.
Oct.
Jan.
Oct.

Previous
rate

17.1931
24.1932
22,1931
24.1931
25.1932
14.1931
25.1932
22,1931
12.1930
23.1931
28.1932
21,1931

1931
June
July
August
September
October
November
December

Back figures.—See Annual Report for 1931 (Table 36).
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Rate in
effect on
Oct. 1

Maturity

Date established

Previous
rate

June 24, 1932
do
do
do
1
do
1H . . . . d o
do

1-15 days
16-30 days.__
81-45 d a y s . . .
46-60 d a y s . . .
81-90 d a y s . . .
91-120 days..
121-180 days .

2M
2V2
VA
VA
2H
VA
3

Call loans i U. S.
Prime
Treasbank- Time
ury
ers'
notes Treasaccept- loans,
and
ury
90
Re- certifi- bonds
ances, days*
•
New newal
cates,
90
3 to 6
days
months

Prime
Month or week commercial
paper,
4 to 6
months

2
1H-1X 1.50
2
1.50
2
1.50
2
1.50
1M-2
2.10
-4M VA-&A
3 -4
2.50
3 -4
2.73

1.50
1.50
1.50
1.50
2.10
2.50
2.70

4.55
.41
.42
4.45
1.70
1.77

2.61
2.50
2.50
2 -3
2.50
2.50
2.50
1X-1H 2.08
2.00
2.00

2.65
2.50
2.50
2.50
2.50
2.50
2.08
2.00
2.00

2.48
2.42
*2.25
1.11
.31
4.34
.22
.14
*.O3

1932
January
February
March
April
May
June...
July
August
September

2 -2H
2 -2H

Week ending—
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24

2
2
2
2
2

2H-2H

2M-3H

-IX
-2H
-2X
-2M
-2X

IX

2.00

2.00

2.00

2.00

2.00

2.00

2.00

2.00

2.00

2.00

.06
.06

1 Stock exchange call loans; new and renewal rates.
Stock exchange 90-day time loans.
> 3 issues—3%, 3%, 4 per cent; yields calculated on basis of last redemption dates—1947, 1956, and 1954.
4 Change of issues on which yield is computed.
Back figures.—See Annual Report for 1931 (Tables 39 and 40), 1930
(Tables 36 and 37), 1929 (Tables 35 and 36), etc.
2

NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
Back figures.—See Annual Reports for 1931 (Table 37) and 1928 (Table
5).

RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
[Weighted averages of prevailing rates]
New York City

8 other northern and eastern 2ities

27 southern and w Bstern cities

Month
1928
January. _.
February.
March . . .
April
May
June
July
August
September
October...
November
December.

4.56
4.44
4.59
4.72
4.97
5.09
5.38
5.55
5.63
5.63
5.56
5.63

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

1930
5.64
5.35
5.22
4.91
4.74
4.59
4.48
4.41
4.29
4.26
4.17
4.16

1931
4.24
4.31
4.20
4.17
4.11
4.13
4.05
3.97
3.93
4.27
4 67
4.64

1932
4.71
4.71
4.72
4.69
4.55
4.61
4.42
4.45
4.30

1928
4.73
4.76
4.81
4.91
5.04
5.36
5.57
5.59
5.80
5.80
5 82
5.91

1929
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6 12
5.94

1930
5.88
5.66
5.47
5.22
5.13
5.06
4.81
4.79
4.74
4.75
4 66
4.68

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

1932
5.07
5.13
5.14
5.10
5.14
5.13
5.05
5.12
5.03

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

1929
5.94
5.96
6.04
6.07
6.10
6.16
6.17
6.22
6.27
6.29
6 29
6.20

1930
6.12
6.05
5.98
5.86
5.75
5.69
5.63
5.58
5.55
5.54
5 50
5.43

1931
5.50
5.43
5.40
5.36
5.26
5.34
5.30
5.28
5.32
5.38
5 53
5.56

1932
5.61
5.61
5.64
5.63
5.64
5.62
5.63
5.68
5.63

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.
Back figures.—See Annual Report for 1931 (Table 42).




644

FEDERAL RESERVE BULLETIN

OCTOBER,

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)
PreBonds' ferred 2
stocks

Month or date

Selected groups of industrial issues
Rail- Public
Cop- Elec- MaTotal Industrial road utility Auto- Building Chain Chem- per
trical
and equip- chinmobile equip- store ical
ery
ment
brass ment

Oil

Steel

Textile

66

20

421

351

33

37

13

12

16

11

8

4

10

15

10

28

September

98.5
95.6
89.4
89.0
81.6
81.0
80.3
80.8
79.4
75.2
72.2
74.2
83.2
85.8

120.7
116.1
109.4
108.5
99.1
96.5
96.3
96.2
94.2
90.3
83.6
85.3
98.6
101.8

96
82
70
72
58
58
56
57
44
40
34
36
53
58

89
76
65
68
54
54
53
54
42
38
34
36
52
56

66
56
48
46
33
37
34
32
22
17
14
16
29
35

154
132
112
115
96
94
93
93
73
68
55
55
84
91

103
85
70
75
65
64
60
55
34
30
26
26
45
54

58
47
38
39
31
31
30
29
22
20
18
19
30
34

92
80
70
69
57
57
56
58
49
42
35
36
49
53

127
110
90
96
79
80
79
85
61
52
48
50
75
83

61
50
43
45
35
36
32
30
22
20
17
20
38
47

155
132
113
114
94
85
77
77
57
52
40
43
73
78

84
72
59
61
46
48
47
47
37
33
29
30
44
48

70
60
53
57
44
43
42
45
38
39
37
42
55
54

81
72
59
59
41
32
32
32
23
20
16
18
33
42

45
40
36
36
31
31
31
31
26
23
20
22
33
39

Sept.
Sept.
Sept.
Sept.

86.2
85.5
86.0
85.5

103.6
101.2
100.9
101.4

64
52
59
58

62
50
57
55

38
29
36
35

99
83
93
91

60
46
56
55

CO CO

56
49
54
53

90
72
85
85

59
37
47
41

91
65
80
77

51
44
49
49

60
51
54
50

49
34
43
42

44
36
38
38

Number of issues
1931—August
September
October
November
December
1932—January

February
March
April
_
May
June ~ _ _
July
August.

..

.

7
14 . .
21
28

36
35

1

Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity.
• 20 high-grade industrials; average price.
Backfigures.—See(for principal series) Annual Report for 1931 (Table 129).

UNITED STATES GOVERNMENT SECURITIES

CAPITAL ISSUES
[Long-term; i. e., 1 year or more.

New issues
Domestic

Total
Year a n d ' m o n t h

(domestic
and
foreign)

[In millions of dollars]

I n millions of dollars]

Corporate

To-

tan

State
and
municipal

Bonds
and Stocks
notes

4,437
5,557
6,201
6,314
7,556
_. 8,040
10, 091
6,909
3,099

4,016
4,588
5,125
5,189
6,219
6,789
9,420
6,004
2,860

1,043
1,380
1,352
1,344
1,475
1,379
1,418
1,434
1,235

1,976
2,200
2,452
2,667
3,183
2,385
2,078
2,980
1,240

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

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

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

1931—August
September..
October
November..
December..

120
245
45
112
123

120
221
45
110
123

74
114
16
54
44

34
94
14
28
28

12
12
4
24
39

0
24
0
2
0

7
43
1
21
21

1932—January
February __.
March
April
May
June

184
73
162
71
91
78
106
63

184
73
162
71
91
78
104
60

138
35
109
30
84
74
25
34

42
35
47
15
7
4
62
25

4
4
1
0
0
0
1
2

0
0
0
0
0
0
2
3

14
21
29
72
32
64
57
108

1923
1924
1925.
1926.
1927
19281929.
1930
1931

.

July
August

Foreign

* Includes issues of Federal land banks and Federal intermediate credit
banks, not shown separately.
Sources.—For domestic issues: Commercial and Financial Chronicle;
for foreign issues (issues publicly offered) annual totals are as finally
reported by Department of Commerce, while monthly figures are as
compiled currently and are subject to revision
Back figures.—See (for figures of new issues—annual and quarterly
basis) Annual Report for 1931 (Table 128).




Outstanding at end
of month

Refunding
issues
(domestic
and
foreign)

Month

Increase or decrease
(—) during month

Total

Bonds Certificates
and
Total
and
notes bills

16,368
16,245
16,520
16,522
16,585
17,048
17,028
17,040
17,528

13,567
13,323
14,152
14.178
14.179
14.980
14.981
14, 955
15,092

Bonds Certifand icates
and
notes bills

1931
April

May
June
July
August
September
October
November
December

2,801
2,922
2,368
2,344
2,406
2,068
2,047
2,085
2,436

Total (12 months).

-123
275
2
63
463
-20
12
488

-271
-244
829
26
1
801
1
-26
137

1,754

359
121
-554
-24
62
-338
-21
38
351
1,116

1932

January...
February,.
March
April
May
—
June
July
August
September .

15,102
15,102
15.102
15.103
15, 318
15,715
15, 744
16, 454
17,288

2,413
2,718
3,088
3,184
3,411
3,446
3,553
3,304
3,008

-13
305
370
97
442
432
136
461
538

10
1
215
397
29
710
834

-23
305
370
96
227
35
107
-249
-296

NOTE.—Figures relate to interest-bearing public debt; matured noninterest-bearing debt amounted to $315,000,000 at the end of September,
1932. Figures include obligations held in Government trust funds
amounting to $373,000,000 at the end of September, 1932.
Bonds and notes are long-term—i. e., 1 year or more (figuring from
date of issue); certificates and bills, shorter term

645

FEDERAL EESEEVE BULLETIN

OCTOBER, 1932

PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation]
Building contracts awarded
(value)»

Industrial production *

month

Factory employment 8

Factory
pay
rolls'

Freight-car Comloadings * *
All other
Tot.pl
Residential
Total»
ity
Manufactures1 Minerals l
prices'
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed usted justed justed usted us ted usted justed usted justed justed usted justed
79
90
65
88
86
94
120
135
139
142
142
125
84

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

97
98
98
99
100

103
104
107
104
104

109
119
119
109
94

103
105
106
107
106

98
99
97
96
96

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
11
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

128
148
144
140
148
140
135
106
105
99
99
98

93
93
93
93
91
89
86
85
86
84
81
79

96
94
93
92
91
90
87
84
83
82
81
80

94
98
98
97
94
91
83
82
83
81
75
74

89
91
90
93
97
95
95
96
99
97
86
74

100
99
96
97
96
93
92
89
87
86
84
84

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

75
89
98
107
104
101
94
87
81
71
57
39

93
104
100
96
85
84
82
81
80
76
67
50

76
77
78
78
77
75
74
74
75
71
69
68

78
78
78
78
78
76
75
74
73
70
69
69

68
73
75
74
72
68
64
64
62
59
56
56

74
74
75
77
79
77
78
76
78
78
70
61

82
80
80
80
79
77
76
72
69
69
68
69

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

33
30
35
43
45
47
46
48

41
35
36
38
37
39
40
45

66
67
66
64
61
59
57
59

68
68
66
64
62
60
58
59

52
54
52
49
46
43
40
40

58
59
58
57
53
52
51
53

64
62
61
59
54
52
51
51

67
66
66
66
64
64
65
65

1928
August...
September
October. _
November
December

110
116
118
115
109

110
113
115
117
118

110
116
117
115
110

111
114
116
118
120

111
115
123
118
106

105
107
111
114
111

137
138
134
122
107

131
134
136
132
127

116
118
115
112
93

119
118
115
114
106

154
154
150
130
117

141
147
152
146
145

98
100
100
99
98

1929
January. .
February.
March
April
May - .
June
July
August.. .
September
October. _
November
December

117
121
124
124
126
125
120
122
123
121
108
96

119
119
119
121
122
125
124
121
121
118
110
103

117
122
126
128
128
127
120
122
123
119
107
93

120
119
120
122
123
127
125
122
121
119
110
101

114
116
101
103
116
116
118
121
127
127
114
110

116
119
109
114
117
114
116
115
118
116
110
116

98
102
121
139
143
144
136
129
112
104
94
84

120
118
121
123
121
126
124
122
110
107
103
102

81
84
106
117
113
102
94
84
73
67
66
53

97
94
101
100
97
95
93
86
73
67
67
61

111
116
133
158
168
178
170
166
144
135
116
109

139
137
137
142
141
152
149
152
140
139
132
136

1930
January..
FebruaryMarch
April
May
June
July
August. _.
September
October _
November
December

103
109
106
107
105
99
91
90
92
90
84
77

106
107
104
104
102
98
93
90
90
88
86
84

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

105
107
104
104
101
97
92
89
89
86
85
82

108
104
91
94
102
103
100
101
101
105
96
89

110
108
98
104
104
102
100
96
94
95
92
93

78
89
102
113
125
116
107
85
82
75
68
59

95
104
102
101
105
99
95
81
81
78
76
73

46
44
54
62
61
54
48
48
52
51
46
37

56
49
52
53
52
49
47
49
62
62
48
43

104
126
141
156
178
166
155
115
108
94
86
77

1931
January..
FebruaryMarch
April
May
June
July
August.. September
October..
November
December

82
87
89
90
89
83
80
78
77
75
72
68

83
86
87
88
87
83
82
78
76
73
73
74

81
88
91
91
90
83
79
77
76
72
70
66

83
86
87
87
87
82
82
78
75
71
71
73

86
84
82
83
84
85
85
82
82
90
83
79

88
86
89
91
87
86
86
79
77
82
81
84

58
68
77
82
78
74
68
63
59
52
43
30

71
79
77
73
65
63
61
59
59
55
49
38

37
42
50
52
47
41
36
32
32
29
26
20

44
47
47
44
40
37
35
33
32
30
27
23

1932
January..
71
February71
March....
68
April
64
May
61
June
59
July
56
August.. . »59

72
69
67
63
60
59
58
P 63

70
70
66
63
60
59
55
>58

71
68
64
61
58
58
57
*>59

74
75
77
72
65
61
62
66

77
78
84
79
67
63
64
65

25
23
26
31
31
32
31
32

31
27
26
27
26
27
27
30

16
15
16
16
14
12
12
11

19
17
15
14
12
11
11
12

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

j

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

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

77
89
70
74
105
96
99
108
107
106
115
99
84

_

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

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

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

84
87
67
86
101
94
105
108
106
112
119
95
80

_ .

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

* Average per working day.
«• Preliminary.
i For indexes of groups and separate industries see p. 674; for description see BULLETIN for February and March, 1927; for back figures see
BULLETIN for March, 1932, p. 194.
»3-month moving average, centered at second month; for description and back figures see BULLETIN for July, 1931, p. 358.
» For indexes of groups and separate industries see p. 675: for description and back figures see BULLETIN for November, 1929, and November, 1930.
• For indexes of groups see p. 646; for back figures see BULLETIN for February, 1931, p. 108.
« Revised index ot Bureau of Labor Statistics (784 price series), 1926=100. Index numbers for groups of commodities are given on p. 676.




646

FEDERAL RESERVE BULLETIN

OCTOBER,

1932

MERCHANDISE EXPORTS AND IMPORTS
[ In millions of dollars]
Merchandise exports

Merchandise imports

Excess of exports

Month
1929

1928

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

_

1930

1931

411
371
421
364
423
389
379
379
422
550
545
476

488
442
490
425
385
393
403
381
437
529
442
427

411
349
370
332
320
295
267
298
312
327
289
275

250
224
236
215
204
187
181
165
180
205
194
184

5,128

5,241

3,843

2,424

1932

1928

150
154
155
135
132
114
107
»109

1929

1930

1931

338
351
380
345
354
317
318
347
320
355
327
339

369
369
384
411
400
353
353
369
351
391
338
310

311
282
300
308
285
250
221
218
226
247
204
209

183
175
210
186
180
173
174
167
170
169
149
154

4,091

4,399

3,061

2,091

» Preliminary.

1932
136
131
131
127
112
'110
79
P91

1928

1929

1930

1932

1931

73
20
40
19
69
71
61
32
102
195
218
136

119
72
106
15
-15
40
50
11
86
137
104
117

100
67
69
24
35
44
46
79
86
80
85
66

66
49
26
29
24
14
6
-2
10
36
44
30

1,037

842

782

334

15
23
24
9
20
'4
27
P18

' Revised.

DEPARTMENT STORES—SALES, STOCKS

FREIGHT-CAR LOADINGS, BY CLASSES

[Index numbers; 1923-1925 average=100]

[Index numbers; 1923-1925 average=100]
1932

Index of stocks (end of
month)

Index of sales l

April
Month

January
February
March.. _
April

May
June
July
August
September
October
December

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

1932

1931

1932

1931

1932

1931

97
98
97
106
97
95
91
88
84
86
83
81

78
78
72
80
73
71
07
66
i>68

79
80
92
101
97
90
65
67
87
93
95
142

64
64
70
76
73
67
47
50
J>71

88
86
84
83
83
82
81
79
81
80
79
78

75
73
70
70
68
68
64
61

78
81
87
87
85
80
75
76
84
88
89
73

Year

91

1932
67
69
72
72
70
66
60
59

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.
» Preliminary.
Backfigures.—SeeBULLETIN for November, 1930, p. 686.




May

June

July

Aug.

Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore
_
Miscellaneous
Merchandise *

59
62
32

54
48
26

52
45
27

51
49
24

86
61
26
18
56
73

76
54
24
4
54
71

66
53
22
6
54
71

70
54
21
9
49
69

51
51
25
57
20
10

Without seasonal adjustment

Total

Coal
_
Coke
Grain and grain
ucts
Livestock
Forest products
Ore
Miscellaneous
Merchandise ! .

57
52
31

53
42
26

52
39
24

51
43
21

66
56
27
9
57
75

62
51
26
7
56
74

58
45
24
10
56
71

84
45
21
17
52
68

23

prod
83
51
21
18
53

i In less-than-carload lots.
Based on daily average loadings. Source of basic data: American
Railway Association.
Back figures.—See BULLETIN for February, 1931, p p . 108-110.

647

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month

Total
(48 countries)

Europe
United
States

Canada

countries7)

Austria

Denmark

Belgium Bulgaria

France

England

Germany

1931—May
June
July
August
September..
October
November..
December...

11, 225
11, 272
11,220
11,296
11,275
11,130
11, 227
11,266

4,445
4,593
4,587
4,632
4,364
3,905
4,031
4,051

102
87
87
89
83
86
82
78

5,428
5,351
5,353
5,415
5,689
6,066
6,113
6,189

201
199
214
221
346
357
356
354

735
793
643
649
656
660
587
588

2,181
2,212
2,290
2,296
2,326
2,534
2,659
2,699

569
339
325
325
310
273
239
234

1932—January
February...
March..
April
May
June
July
August
September.

11,318
11,396
11,471
11,487
11,388
11,320
> 11,390
p 11, 536
v 11, 670

4,009
3,947
3,986
3,956
3,717
3,466
3,520
3,639
*3,746

80
78
77
77

6,300
6,444
6,484
6,531
6,665
6,841
6,871

352
351
349
351
353
357
365
364

588
588
588
588

2,808
2,942
3,012
3,052
3,115
3,218
3,221
3,224
3,241

226
221
209
205
206
198
183
183
190

78
78
79

p 6,897

670
676
678

Europe—Continued
End of month

Greece Hungary

Italy

Netherlands

Norway Poland

Portu- Rumagal
nia

Spain Sweden Switzerland

u. s. s. Yugoslavia
R.

1931—May
—
June
July
August
SeptemberOctober
November. .
December..

280
282
283
283
286
293
296
296

181
200
236
260
282
336
362
357

1932—January
February...
March
April
May
June
July..
August
September..

296
296
296
296
297
298
300
302
P305

351
353
354
364
384
394
408
415
416

57
57
57
56
57
57
P57

End of month

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

Colombia

Peru

262
267
280
293
309
315
328

434
434
434
434
435
435
435
435
435

472
482
471
471
493
503
509
510
509

329
330
331
335
349
357
368

Asia and Oceania

Latin America
Total
(10
countries)

468
439
439
439
434
434
434

124
162
225
229
328
422
425
453

Total
Uru- 5 other (6
guay countries countries)

465
451
418
402
372
369
364
355

362
350
322
309
281
270
265
253

58
58
57
57
56
53
53
53

350
347
348
344
346
348
348
*349

252
249
249
249
249
249
249
P249

52
52
52
51
51
50
50
P50

13
14
15
13
13
13
14
P14

Australia

India Japan

Java

6 other
countries
18
18
18
21
21
25
26
26
26
26
26
27
30
31
30
P28

Africa
New
Zealand

Turkey

Alge- Egypt South
Africa

724
730
714
698
706
644
570
525

74
75
66
52
52
53
51
52

147
151
158
162
162
162
162
162

422
425
412
406
408
342
271
234

34
34
34
34
34
34
33
32

32
31
33
31
32
30
37
39

510
511
507
505
506
508

51
52
52
52
52
52
P42

162
162
162
162
162
162
162
162

215
215
214
214
214
214
214
214

32
32
31
30
30
30
28

40
37
31
34
35
38

P28

34
35

Preliminary; total (48 countries) for September partly estimated.
Figures for 33 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are as of last
report date of month. See BULLETIN for May, 1932, p. 315. Since the note in the BULLETIN for May, 1932, was prepared, figures for the Banque
Centrale de la Rfipublique de Turquie have been added to the table. The figures reported by this bank relate to the last Thursday of the month.
The 6 European countries and 5 Latin American countries for which figures are not shown separately are Albania, Danzig, Estonia, Finland,
Latvia, and Lithuania; Bolivia, Brazil, Ecuador, Guatemala, and Mexico. None of these countries has had gold reserves during this period in
excess of $10,000,000.
For back figures—and for additional details relating to this table—see BULLETIN for May, 1932.




648

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

GOLD PRODUCTION
[In thousands of dollars]

Month

Estimated
world
production

1930—Total.
416,752
1931—January
36, 531
February
34, 515
March
36,094
April
36, 222
May_-_
36, 682
June
36, 658
July
_ 36, 604
August
37, 215
September— _ 37,199
October
38, 312
November. __ 37,211
December
37, 276
Total
1932—January
February
March
April
May.
June
July

Production reported monthly
Africa
Total

South
Africa

Rhodesia

West
Africa

Belgian
Congo

Canada

Mexico Colombia Australia

Japan

India

326,032

221,526

11,476

4,995

3,618

43,454

13,813

3,281

9,553

7,531

6,785

28, 606
26, 590
28,170
28, 298
28,757
28, 734
28, 680
29, 290
29, 275
30, 387
29,287
29,352

19,151
17,427
18,791
18,194
18,901
18,594
18,959
18,859
18,981
19, 525
18, 673
18,809

960
898
886
917
918
926
947
918
905
936
941
1,041

442
438
453
446
451
447
451
462
486
473
477
498

387
333
349
351
334
340
342
353
397
437
408
417

4,183
4,033
4,218
4,591
4,460
4,725
4,711
4,718
5,005
4,933
4,906
4,974

1,281
1,011
988
1,329
1,208
1,103
814
1,228
1,074
1,041
914
877

301
299
340
278
329
353
354
353
256
452
389
312

634
869
863
936
919
1,092
933
1,229
916
1,240
1,321
1,181

621
702
689
694
716
663
668
654
692
679
667
664

648
580
594
561
521
490
500
516
562
673
590
579

440, 518

345, 426

224,863

11,193

5,524

4,448

55, 458

12,866

4,016

12,134

8,109

6,815

37, 881
36, 899
38, 674
v 38,111
v 39, 077
p 38, 986
v 39, 109

29,957
28, 975
30,750
* 30,186
v 31,153
v 31, 061
v 31,185

19,587
18,935
19,877
19,593
19,970
19,871
20, 268

921
956
996
976
977
1,011
981

460
453
484
466
481
471
546

405
381
424
391
409
P 426
v 426

4,834
4,670
5,285
5,093
5,551
5,592
5,124

1,106
948
862
* 862
»862
*862

450
386
404
380
448
405
455

1,032
1,063
1,131
1,164
1,234
1,172
1,244

628
657
741
671
653
647
692

534
525
545
590
567
603
585

P862

v Preliminary.
NOTE.—The figure for total world production in 1930 is that published in the annual report of the Director of the Mint for 1931. The difference
between thisfigureand the total production reported monthly in 1930 is $90,720,000, or $7,560,000 on a monthly average basis. In order to derive
monthly figures for estimated world production for 1931-32, this average difference, of which ove lhalf represents United States production, is
Increased by 4.8 per cent—the ratio of increase of United States production in 1931—and added to the production actually reported each month.
Thefiguresreported monthly are not in every instance complete for the area indicated. Those for West Africa represent the output of the
Gold Coast and Sierra Leone; those for Australia, total output with the exception of Tasmania and Northern Territory; those for Japan, the output
of the leading mines; and those for India, the output of the Mysore State. Official figures for all mines in Colombia are available on a monthly
basis only for the year 1932. Monthly output in Colombia previous to 1932 has been estimated by adding to the official monthly figures for the
Department of Antioquia thefigure$27,762, representing the average monthly output of the rest of Colombia in 1931.
For annualfiguresof world production of gold extending back to 1873 see the annual report of the Director of the Mint for 1931, p. 241.

GOLD MOVEMENTS
[In thousands of dollars]
United States
Month

Total
net
imports

16,142
1931—February25,645
March
49, 516
April
49,630
May
63,847
June
19,503
July
57,500
August
20,561
September.
October. _. -337,685
89,436
November.
56,858
December.

Total....
1932—January...
FebruaryMarch
April
May
June
July
August
September?

145,325
-72,950
- 9 0 , 567
-24,671
- 3 0 , 239
-195,514
-206,047
•• 5,637
6,103
25,324




Net imports from—
GerFrance many

England
9

1
50
19,161
5
21
8
-4
-16
1,501
23 -24,087
685 -324,500
-10
333
4,249 -15,150
6,797 -344,514

1
61
-20
25,990

-2
16
-17

-5
11,000
-349
2 -4,172
2
- 8 3 1 -9,678 -35,904 -17,617
-394
-515
-57
-115
- 6 2 -5,861 -9,857 -1,270

1,272
303
924 4,032
1,105 1,563
1,052
774
20, 725
438
4,871
466
2,208 8,802
8,837 4,260
5,666 -1,239
7,408
989
4,513 1,344

9,289
11,601
14, 782
40,029
4,923
8,305
5,383
25, 770
15,474
267

36,026 -15,583 -50,327 -19,768 81,136 22,267 141,263

-3,199 -83,783
—71 -12,553 -6,257 -1,759 4,154
-254 8,406
- 2 3 5 - 9 8 , 203
- 4 9 5 -17,859 - 8 , 672
- 6 7,216
- 2 3 - 3 7 , 532
2 -6,341
-669
-115 7,267
-18,707
2
4
,
527
-1,922
-3,286
-7,047 - 6 3 , 216 - 9 , 710 -19,930 -58,473 - 5 3 , 554 4,699
-1,910 -111,411
-116 - 2 6 , 250 -23,168 - 6 2 , 603 r 5,424
- 2 2 5 4, 573
1,405 -21,513
- 8 5,257
-17,950
1,021
6,093
291 3,507
100
5,469
5,568

Preliminary.

All

China

other
countries

Bel- Nether- Switzer- Can- Mexico Argen- Colom- British and Japan
gium lands land
ada
India Hong
tina
bia
Kong

1,103
950
2,997
3,329
1,510
816
1,284
2, 273
2,249

9,110
1,157
2,683

r Revised.

116
2,996
86
3,359
155
87
142
3,095
16

4

2,042

4,895
3,165

15,116

8,064

2,948
7
3
7

4,677
2, 575
70

13
45

240
467
2,836

175

1

22,501
75,932
68,285

2,412
2,860
2,205
2,624
4,852
2,980
2,435
3,584
2,209
941
4,837

34,240 199,286

31, 322

9,969
19,441

2,542
1,795
3,313
3, 967
3,800
3,133
865
4,122
1,217

2,739
1,597
7,796
960
6,361
1,544
1,046
3,596
5,533
1,644
623

167
819
2,948
2,402
3,791
4, 86f
3,524
4,783
4,087

1,586
2,741
847
399
1,246
25,000

2,013
2,441
5,172
4,197

649

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

GOLD MOVEMENTS—Continued
[In thousands of dollars]
Great Britain

Net imports from—
Month

Total
net imports

1931—February
March
April
May
June
July_
August
September *_
October *
November »_
December *_
Total*
1932—January
February
March
April
May
June
July
August
September v

2,443
6, 452
24,084
19,122
54, 300
-130,808
-24,150
- 9 , 251
13,040
-44, 977
-15,602

United
States

-119

-153
-194
-126
-133
- 3 , 338
-1,658
-13,218
-10,168
- 2 , 458
-10,003
-18,564

8,485
112
340
2,753
389
6,028
602
695
1,003
692

- 3 6 , 952

-118,319

-61,005

28,922

-134
-756
-53
-53
-2,571
- 2 , 767
- 4 , 778
-4,015

-3,584
-7,537
- 3 , 480
-1,955
-11,310
- 9 , 394
-7,812
-10,438
-1,859

-247
- 3 , 723
- 7 , 382
-16
-214
-1,081
-753
-75
-51

105
2,226
1,002

- 1 , 772 - 7 , 796
-1,047 -6,317
-92
-420
-19
37, 514
1,765 -10,751
7 -9,145
-35
-72
-7
-119
-66
-2
-155
-515

-296
-232

1,207
7,541
15,897
-1,671
- 4 , 259
-5,120

-14
18
65
146
-82
-50,133
- 2 1 , 373
-18,419
- 8 , 591
-12,370
- 4 , 290

-18,178
-7,793
-344
-1,506 -110,144
11 -13,333
-827
-774
970
- 6 , 800
-4,144 -61,412
-7,086 - 2 4 , 939

-4,129
2, 256

Switzer- South British
land America India

Germany

-148,817 -12,582 -316, 861
-7,320
-6,182
-2,691
26, 148
16, 973
35,019
22, 675
1.296
-3,016

Netherlands

Belgium

France

-64, 955
-52, 712
-40, 858
-17,795
-10, 843
- 9 , 035
-11,361
-20, 269
-23, 951

33, 764

3
71
-18
14
4
45
4

406
500
300
184

529
-249
305
-258
-25
3,132
984
823
7,462
23, 930
19, 527

967
1,003
1,205
1,703
1,504
650
400
214
417

375
365
3,407
398
511
10,096
15, 549
12
419
1,107
64

17,489
21,382
23,090
16,185
21, 024
21,042
17,861
19,359
21,017
15,426
19,499

56,358

10,983

32,683

233,747

45,986
30, 661
24, 340
17, 393
11,565
12,812
14, 204
14, 279
8,493

746
781
602
899
803
772
2,122
829
534

Net imports from—

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

Total

Total
All
net
other imports United EngcounStates land
tries

England

36, 205
10, 558
2,736
-12,090 -12,749
- 9 , 558 -6,326
149,150
72, 952
418
209
273, 734 243,956
122, 372 99,876
3,164
13,881.

-38
35, 992
-1
-18
9,643
-13
—7
2,218
-20
-3
25^
-21 -8, 262
316 4,114
-9 a
29, 520 89, 786 -19
-29 -5, 996
7b, 366
- 1 0 -1,818
902
2
21,73S! 6,060 - 3 , 553 -153
40, 447
91 22, 741 -42, 572
26,132
1 -232 -22, 386

SwitGer- Netherzermany lands
land

728,176 328,130 312, 561 100,050 18, 775-81,20;

1
1

879

1,555
371
1,750
1,083
915
794
9, 661
175
839

17,062
20,884
20, 616
24,893
18,965
26, 246
19. 351
19,712
17,193

2,858
-704
- 3 , 528
-256
-2, 647
-382
-599
-494
-256
1,649
442
446

352
1,426
887
420
1,734
760
3,207
5,010
748

Net imports from—

net
imports United
States

1932—January.... 74, oo; 65,062 10, 735
-46
-4
February.. 184,171 82, 580 90, 94~
13,889
49,02b
March
71,
279
147,604
-15
April
60,340 38,080 23,888
- May
17, 735 17,174 14, 232 2,5S2
June
168,000 152, 072 7,541 5,737
-5
July
31,954 16, 74f> 12, 472
August
42,940 24,149 16,241 5,382

620

Germany *

France

Month

South
All
Straits Austra- Africa, other
SettleRhodesia,
counlia
ments
West Af- tries
rica

6,755
9,601
12, 561
2,019
2,006
4 601
483
— 17

France

Netherlands

2,008
163
251
63
12
177
934
895
309
1
538
'563
41
424
248
4:
12
45
621 -205, 543 -25, 927 -40, 029 -97,630 -24,159
29,872 - 6 , 243 -10, £ -1,949
151
54
611
112
548
934
216
547
3 - 5 , 558
1,13; -16,947
120 - 5 , 951 -10,965
681
5,685 -31,473
49
18 -16,455
1,789 -41, 968
18
542
56
150
875
7,203

Switzerland

U.S.
S. R.

All

other
countries

22 9,826
16
79 7,718
469
4 10, 327
95
42 5,169
431
-6,113 5,154 1-16,839
1,227
18 5,218
80
-23
-11,859
-8C
-20. 620 5,183
78
-25, 594
-4
103
17

49,86" -247,950 -36,160 -35,221 -102, 019 -55,142 -63,866 58,932 -14,475

-9, 899 1,401
328
-1,592 2,639 -5,262
830 -13,647
17
428 -4,061 -8,319
-1,119 3-17,141
3,133
-8, 234 6,281 -7,139
-1,001 3,259 -13,718
-309 -2,447
4,189

293
66

16
71
-16,224
-14 - 5 , 398
17
8
-5,800
-42 - 4 , 757
11

-9
4
278
-53
49 -5,647 247
33
170 - 2 , 776 5,152
180
42 5,198
-8,328
-66
- 7 , 539
\ 352
67 10,
-7,691
2,809
7: :, 399
- 5 , 474
71 549 - 4 , 065
1,129
52 4,624 -1,627

$17,555,000 exported by Germany to Belgium.
$29,233,000 imported by France from Spain.
3 $21,292,000 exported by France to Belgium.
* Preliminary figures.
* Since German figures for individual countries are subject to seminannual revision, those given for Juiy and August. 1932. are preliminary in
character. Figures for total net imports are final.




650

FEDERAL RESERVE BULLETIN

OCTOBER,

1932

GOLD MOVEMENTS—Continued
[In thousands of dollars]
Netherlands

Switzerland

Net imports from—

Net imports from—
Month

Total
net
imports

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

Total
1932—January
February._.
March..
April
May
June
July
August

All

United England
States

Total
net
imports

France

Germany

other
coun*
tries

30
31
25
23
23
37
39
-86
- 1 7 , 572
-lr113
-2,325

-164
-142
-392
-3S2
24,176
-229
-556
-113
17, 455
4,717
11, 672

8
-29
—2
-13
207
-232
-128
> 3,831
-479
< 3,413
-78

-54
-111
-10
-18
17,475
3,597
18, 096
25, 505
94, 339
43, 572
19,687

Germany

South
Africa

All
other
countries

United England
States

France

32,919
3,224
254

201
143
100
123
3,269
1,072
186
1,722
5,346
9,805
18,364

-42
-32
-6
8,220
2,300
66
23
3,398
4,519
886

-70
-58
-39
-11
6,110
-36
50
1
8,270
25,604
-75

332
11,044
16,577
44,196
408
203

-185
-153
-38
-123
-146
-69
1
6, 751
' 7,181
209
11
55

72,760

. 13,267

92

304
-630
65
• 2, 616
•3,235
• 5,422
•1,420
485

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

16,413
21, 551
1,449

19
-14
-65
-145
-21
9,820
60, 722
15,387
14, 781
7,982
8,849

198, 619

39,413

117, 591

- 2 1 , 024

56,059

6,580

222, 751

36,422

41,301

19,317

39,684

7,130
2,608
-1,886
7,737
'58,256
54,107
4,983
7,204

7,747
8,810
6,342
2,799
55,317
47,324

3,100
5,446
3.870
867
5,470
8,397
5,565
8,715

- 3 , 521
-9,900
-11,028
-771
- 3 , 258
- 1 , 786
-276
-334

-304
320
34
8,445
'7,429
9,763
5.376
-1,280

109
-2,069
-1,105
«-3,602
«-6,703
«-9.590
* - 5 , 681
«103

5,653
17, 658
4,698
2, 538
46,051
80.872
14,993
1,503

2,067
1,411
82
65
41,034
70. 247
9,779
81

1,300
5,725
5,733
116
116
1,734
111
90

1,972
5,423
- 2 , 069
-95
1,718
3,554
3,734
757

5,731
886
-165
-52
-85
-51
-1

23

British India*
Net imports from—

Month
Total net
imports

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

Total _
J 932—January...
February.
March
April
May
June
July
August

United
States

880
943
600
696
—1, 752
-803
-270
175
-26,058
- 2 4 , 217
- 4 5 , 596

-10
-2,196
-8,273
-3,307
-5,294

-95,688
—24,029
- 1 7 , 672
-18,670
-11,812
-8,935
-13,227
- 1 6 , 437
* - 1 3 , 737

Australia
England and NewZealand

Iraq

323
-26
102
295
-2,254
-1,539
-979
-291
-10,179
-17,610
- 3 9 , 539

211
418
199
99
170
404
224
993

113
144
118
167
146
79
202
460
279
372
152

-19,084

-72,721

2,835

2,370

-2,863
-363
-90
-209

-21,419
- 1 7 , 353
- 1 8 , 788
-11,229
- 9 , 007
-13,155
-14,577

-4

-167
-375

South
Africa
49
113
74
24
25
70
738
479

1,825

Increase Increase
or deor deGold pro- crease (—) crease
(—)
duction in Gov- in private
All other in India 7 ernment holdings
8
countries
reserves
in India in India
184
294
107
111
165
253
223
471
»-8, 388
i«-3,673
-921
-10,914

563
523
491
502
517
564
675
592
581

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

1,453
- 5 , 403
- 5 , 005
-4,647
-4,658
-7,663
-3,513
718
- 2 5 , 030
-23,984
-45,015

6,835

33,532

-122,385

536
527
547
592
569
605
587
*587

18
-2
-7
-86
-1

i $6,733,000 imported by Switzerland from Australia.
a $4,020,000 imported by Netherlands from Dutch East Indies.
» $7,293,000 imported by Switzerland from Norway.
* $3,824,000 imported by Netherlands from British India.
«Exported from Netherlands: To Poland—April, $1,791,000; May, $3,415,000; June, $3,349,000. To Switzerland—April, $2,325,000; May,
$3,466,000; June, $5,849,000. To Belgium—July, $5,581,000. Imported by Netherlands from British India, $3,212,000 in August.
«Imports by Switzerland from Netherlands: April, $2,303,000; May, $2,949,000; June, $5,632,000; July, $1,507,000.
* Reported monthly production of the Mysore State plus $82,000 representing the average monthly production of the rest of India in 1930,
8 Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India.
* $7,575,000 was exported from India to Netherlands.
io $1,891,000 was exported from India to Netherlands; $2,173,000 to France.
» $1,775,000 was exported from India to Netherlands.
•Beginning with September, 1931,figuresfor net imports from Individual countries are preliminary and subject to revision. Figures for total
net imports, gold production, and increase in Government and private holdings are final unless otherwise indicated.
» Preliminary.
r
Revised.




OCTOBER,

651

FEDERAL RESERVE BULLETIN

1932

GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
1932

Argentine Conversion Office (millions of
gold pesos):
Gold
Notes issued *
-_..
Irish Currency Commission (thousands of
pounds sterling):
Legal tender note f u n d British legal tender and bank
balances. _.
British securities
Notes issued
Consolidated bank notes 2—
Issued
Deemed such under sec. 60 (4) of
currency act, 1927

Aug.

July

June

Aug.

257

257
583

257
592

319
532

P584

1932

1931

July

June Aug.

1931

124
6,580
6,703

193
6,674
6,870

36
6,936
6,972

76
6,456
6,533

4,532

4,518

4,492

4,245

1,442

1,461

1,480

1,724

Aug.
Canadian Minister of Finance (millions
of Canadian dollars):
Gold reserve against Dominion notes..
66
Advances to banks under finance act_.
29
Dominion notes—
154
Issued
Outside chartered bank holdings28
Indian Government (millions of rupees):
Gold standard reserve332
Gold
Foreign exchange
201
Paper currency reserve111
Gold
1,150
Silver coin and bullion
494
Other assets
Notes issued
1,756

65
38

65
40

166
29

168
29

142
29

335
198

336
198

320
214

109
1,144
490
1,742

108
1,119
482
1,709

124
1.321
92
1,536

w
1

Includes a small quantity of subsidiary coin.
2 The figures of consolidated bank notes issued represent daily averages for the 4weeks ended August 20, July 23, and JuneL.25,1932, and August
22, 1931. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.
p Preliminary,
e Corrected.

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

Time funds at interest!
Not exceeding 3 months
Between 3 and 6 months

—_

-

Aug. 31 July 31

Aug. 31

1,445
12,699

3,006
54,949

2,870
17,636

29,109

84,319
28,6^5

71,182
45,796

103,217

112,994

116,978

47,784

47,788

91,911
419

47,784

47,788

92,330

Sundry bills and investments:
Maturing within 3 months—
Treasury bills
Sundry investments.Between 3 and 6 months _ _ _
Over 6 months

8,574
9,193
11,438
372

8,575
6,933
13,750 1 i 40, 522
372

Total
Other resources

29, 576
1,458

29,631
1,362

Total resources..

202,542

205,919

40, 522
2,143

309,928

Aug. 31

Short-term deposits:
Central banks for own accountDemand
TimeNot exceeding 3 months
Between 3 and 6 months
Total
Central banks for account of others—
Demand
TimeNot exceeding 3 months
Between 3 and 6 months
Total
Other depositorsDemand
Time—Not exceeding 3 months
Long-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fund
Total
Capital paid in
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund
Other liabilitiesTotal liabilities

» Composed of $38,455,000 of investments not exceeding 1 year and $2,067,000 exceeding 1 year.




1931

Liabilities

Cash on hand and on current account with
banks
..Demand funds at interest
Rediscountable bills and acceptances (at
costt:
Commercial bills and bankers' acceptances
Treasury bills
_
Total

Total

1932

1931

Resources

._
_ __

July 31 Aug. 31

89,470

94,692

103, 559

17,406

16,265

64,323

106,876

110, 957

167,882

4 891

4 664

29, 335
23,186
6,035

4,891

4,664

58, 556

1 249

1,247

322
296

29,677
14,839
13, 249

29,677
14,839
13,249

29, 748
14,874
13, 281

57, 765
24,125

57,765
24,125

57,902
20,941

254
519
1,038
5,824

254
519
1,038
5,349

108
211
422
3,289

202, 542

205,919

309,928

652

FEDERAL RESERVE BULLETIN

OCTOBER, 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

Cash reserves
Coin

Millions of pounds sterling:
1931—July 29
Aug. 26
Sept. 30___
Oct. 28

Nov. 25
Dec. 3O._
1932—Jan. 27__
Feb. 24..
Mar. 30
Apr. 27
May 25..
June 29
July 27
Aug. 31
Sept. 28

132.0
133.3
134.8
135.7
120.7
120.7
120.8
120.8
120.8
120.8
125.0
136.1
137.7
138.9
139.4

1.3
1.3
1.3
1.3
1.0
.6
.6
.6
.6
.7
.7
.8
.9
.9
1.0

Notes

Liabilities of banking department

Discounts Securiand
ties
advances

9.7
9.3
14.8
10.5
12.7
27.3
12.9
11.5
11.7
11.5
12.2
14.9
15.3
12.2
12. 1

32.7
58.0
52.6
54.6
41.3
31.6
49.9
49.4
35.3
43.0
45.8
48.1
43.4
48.6
54.6

79.2

78.2
94.9
84.6
87.8
133.0
82.5
71.0
86.8
79.4
93.2
93.5
92.5
92.2
88.0

Note
circulation

Deposits
Bankers'

359.4
350.3
357.2
356.0
354. 4
364.2
345.9
346.4
360.5
352.8
354.2
363.1
369.3
365.3
359.8

55.8
53.6
62.6
63.5
59.8
126.4
74.3
67.9
54.6
58.3
77.5
86.6
88.2
79.5
80.6

Resources
Bank of France
Gold

Millions of francs:
1931—July 31
Aug. 2 8 —
Sept. 25._.
Oct. 3 0 - . .
Nov. 27....
Dec. 3 0 . . .
1932—Jan. 29.__
Feb. 26....
Mar. 25___.
Apr. 29....
May 27....
June 24
July 29..._
Aue. 26. ...
Sept. 30 *_.

58, 407
58, 563
59, 346
64,648
67, 844
68,863
71,625
75, 059
76,832
77,862
79, 470
82,100
82, It 8
82, 239
82, 681

Foreign Domestic Security
exchange
bills
loans

26,242
27, 611
25,194
27,600
24,273
21,111
18,805
15,127
12, 632
11,800
9,001
6,332
5,482
5,389
4,977

4,564
5,820
5,880
8,809
7,766
7,389
6,555
5,544
4,820
4,690
4,160
3,929
3,905
3,467
2,605

2,860
2,729
2,754
2,712
2,731
2,730
2,744
2,707
2,716
2,735
2,700
2,715
2,747
2,760
2,783

Public

Other

15.2
26.3
30.1
17.3
27.0

33.7
48.7
52.6
52.6
38.1
40.3
38.2
32.2
34.4
35.3
32.9
34.7
34.6
35.4
33.4

7.7

15.3
14.1
27.2
23.4
23.6
18.0
11.2
20.7
23.4

Reserves
Gold

Millions of reiehsmarks:
1931—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 3 1 . .
1932—Jan. 30.
Feb. 29..
Mar. 31
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept. 30.

1,363
1,366
1,301
1,145
1,005
984
948
928
879
859
863
832
766
768
796

Foreign
exchange

246
356
139
131
170
172
145
149
142
131
129
130
128
157
133

Negotiable
securities i

5,065
5,065
5,065
5,065
5,065
7,157
6,899
6,882
6,881
6,881
6,881
6,626
6, 621
6,621
6,621

Other
assets

8,958
8,193
8,099
8,428
8,647
8,545
8,278
8,329
8,371
8,697
8,684
8,634
8,994
8,878
(

Note
circulation

79, 862
78, 635
78,173
83, 639
82, 543
85, 725
84,723
83,189
81, 782
82. 774
81,418
80,667
82,118
79, 912
82, 459

Deposits
Government

9,303
9,470
7,357
8,227
7,170
5,898
4,722
3,637
3,526
3,111
3,432
2,881
3,740
3,982
3,009

3,273
3,101
3,545
4,010
3,901
4,144
3,632
3,324
3,258
3,146
2,990
3,100
3,108
3,009
2,991

Other

14, 736
17, 649
18, 542
22,954
24,171
22,183
23, 552
24, 899
24,962
24,827
24,128
24,621
22,033
23, 426
21,876

Other
liabilities

2,195
2,227
2,266
2,441
2,442
1,989
1,910
1,925
1,980
1,953
1,917
2,167
2,025
2,035

Liabilities

Other
Treasury bills
(and Security
loans Securities
bills
checks)

249
38
124

18.1
18.2
19.3
17.7
17.8
18.0
18.1
18.2
18.2
17.7
17.8
18.0
18.1
18.2
18.2

Liabilities

Resources
Reichsbank

Other
liabilities

347
208
301
240
254
245
158
303
290
282
257
261
224
207
242

103
103
103
103
103
161
161
162
362
362
363
364
365
365
362

Other
assets

958
972
1,016
963
980
1,065
1,098
1,100
1,044
977
1,032
1,038
975
960
940

Note
circulation

Deposits

4,454
4,834
4,609
4,746
4,641
4,776
4,407
4,268
4,231
4,128
3,961
3,984
3.967
3,817
3,755

834
509
613
518
506
755
394
423
578
405
431
473
380
408
451

Other
liabilities

1,251
1,251
1,306
1,326
1,323
1,338
1,373
1,318
1,226
1,249
1,262
1,271
1.267
1,279
1,298

1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by
law at £260,000,000. Since Aug. 1,1931, however, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been authorized
by the British Treasury under section 8 of the Currency and Bank Notes Act, 1928; the maximum period for which such authorization may be
granted
is two years.
2
Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement)
z
Not yet available.
p.Preliminary figures.




OCTOBER,

653

FEDERAL RESERVE BULLETIN

1932

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

Central bank
National Bank of Albania (thousands
of Albanian francs):
Gold
Foreign exchange
Loans and d i s c o u n t s . . .
Other assets
Note circulation
_
Demand deposits
Other liabilities
Commonwealth Bank of Australia
(thousands of Australian pounds):
Issue d e p a r t m e n t Gold coin and bullion
Securities
Banking d e p a r t m e n t Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Bank notes in circulation
Austrian National Bank (millions of
schillings):
Gold
Foreign exchange of the reserve -...
Other foreign exchange
Domestic bills
Government debt
Note circulation
Deposits
National Bank of Belgium (millions
of belgas):
Gold
Foreign bills and balances in gold.
Domestic and foreign bills
Loans to State
Note circulation
Deposits
_..
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts..
Note circulation
Deposits
Bank of Brazil (millions of milreis):
Currency
Correspondents abroad
Loans and discounts
Note circulation
Deposits
National Bank of Bulgaria (millions
of leva):
Gold
Net foreign exchange in r e s e r v e . . .
Total foreign exchange
Loans and discounts
Government obligations
Note circulation..
Other sight liabilities
Central Bank of Chile (millions of
pesos) :
Gold at home and abroad
Foreign exchange for account of—
Bank
Exchange commission
Loans and discounts
Government securities
Note circulation..
Deposits
Central Bank of China 3 (thousands
of Yuan dollars):
Gold
Silver
Due from banks abroad
Due from domestic banks
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Government
Bank
Other.
Other liabilities

Aug.

1931

July

June

5,554
27,875
3,766
4,563
11,501
18,684
11,573

5,562
27, 395
3,813
4,819
11, 395
18, 565
11, 629

Aug.

3,081
23,230
4,266
8,328
12,494
12,045
14,366

10,499
38,094

10, 499
39,173

10, 500
40, 748

10, 500
41, 550

1,183
9,297
15,118
29,878
57,219
42,349

1,246
9,742
18,081
28, 962
59,634
43, 574

1,170
15,157
15, 371
27,826
63, 206
44,600

871
5,965
24,765
16,891
47,831
48,057

149
40
0
872
92
915
165

149
41
0
883
92
949
148

149
43
0
881
93
962
149

214
122
154
624
96
1,095
121

2,615
0
678
367
3,652
158

2,568
0
763
367
3,698
210

2,566
0
894
(2)
3,660
223

1,588
824
843
290
3,323

23,264
2,854
32,311
32,596
14, 287

23,401
4,073
32,420
31,148
16,284

23, 413
4,073
27, 491
37, 749
14, 456

2,855
24,036
22,685
27,041
10,133

343
126
1,880
170
2,108

375
116
1,859
170
2,024

271
37
1,665
170
1,554

1,517
12
268
690
2,965
2,658
1,620

1,516
4
269
700
2,965
2,638
1,696

1,515
32
338
719
2, 965
2,628
1,650

1,508
141
486
845
3,059
3,338
1,288

3
182
280
455
210

70
1
179
236
458
147
605
49.132
6,101
25,208
74,662
5,694
17,908
30.133
76,842
23,104
5,373
43,858

95

63

70
10
166
210
453

153
167
274
57

11,348
645
44, 663 46,071
11,867
6,556
61,126
29,121
52,189
67, 350
13,006
5,495
8,813
16, 489
28, 794 39,392
72,890 106,713
23, 382 19,839
5,820
6,666
32,656
38, 587

1932

Central bank
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home and abroad
Foreign exchange
Loans to member banks
Note circulation _ „
Deposits
National Bank of Czechoslovakia
(millions of Czechoslovak crowns):
Gold.
Foreign balances and currency
Loans and advances.
Assets of banking office in liquidation
Note circulation
Deposits
Danish National Bank (millions of
kroner):
Gold
Foreign bills, etc
Loans and discounts
Note circulation ___
Deposits
Bank of Danzig (thousands of Danzig
gulden):
Gold
Foreign exchange of the reserve. .
Other foreign exchange...
Loans and discounts
Note circulation
Deposits
Central Bank of Ecuador (thousands
of sucres) :
Gold at home and abroad
Foreign exchange
Loans and discounts
Note circulation
Deposits
National Bank of Egypt 3 (thousands
of Egyptian pounds):
Gold
Foreign exchange
British Government securities...
Loans and discounts..
Egyptian Government securities
Other a s s e t s . .
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Estonia (thousands of
krooni) :
Gold
Net foreign exchange
Loans and discounts
-•
Note circulation
-.
Deposits—Government
Bankers'
_.
Other
Bank of Finland
(millions of
markkaa):
Gold
Balances abroad and foreign
credits
Foreign bills
Domestic bills
Note circulation.
Demand liabilities
Bank of Greece (millions of drachmas):
Gold
Foreign exchange.._
_.
Loans and discounts
Government obligations
Note circulation
Other sight liabilities
Liabilities in foreign exchange...
Central bank of Guatemala (thousands of quetzales):
Gold coin
Balances abroad
Loans and discounts

1931

Aug.

July

June

13,903
3,664
4,432
16, 774
19,053

13,416
3,268
6,257
17,997
19, 309

12, 968
3,302
8,425
19,153
18, 799

10,656
9,768
14,843
19,802
7,271

1,640
1,079
1,489

1,640
1,061
1,632

1,641
1,047
1,643

1,530
1,387
1,172

0
6,144

0
6,224

0
6,410

301
6,979
238

133
47
134

133
24
138
314
80

134
22
143
325
75

172
49
101
330
30

21,372 31,645 38, 251
24, 957 16,338
9,058
230
357
414
6,999
7,190
7,309
38, 690 38,857 39, 081
10,676 12, 063 11, 219

10, 570
9,434
11,605
21,806
40, 999
3,007

14,593
3,103
20,200
21,230
9,822

14, 034
2,036
18, 461
20, 340
9,457

5,653
16,257
14, 502
21,029
12,291

6,663
2,577
10,659
8,361
19,038
3,599
17,391
5,800
19,548
8,160

6,663
2,504
11, 360
8,424
18, 352
3,488
18, 069
6,572
18,100
8,050

4,210
2,031
14,160
7,380
15,300
3,582
17,923
5,002
15,810
7,928

11,470 11,468 11, 465
7,250
8,035
8,302
22, 421 22, 590 22, 460
31,385 31, 685 31, 266
4,500
4,407
4,756
6,760
5,753
6,361
2,388
2,387
2,432

6,543
20, 467
20,352
33,519
6,211
5,680
1,781

304

304

301

510
230
828
1,075
308

438
238
804
.,088
220

454
236
769
1,136
159

591
207
644
1,189
119

822
1,515
3,321
4,323
2,173
193

569
885
1,303
3,321
4,202
1,764
196

543
913
1,326
3,314
4,208
1,270
753

2,566
384
3,168
4,153
1,381
714

1,666
513
6,117

1,628
689
6,132

2,594
928
5,645
I

1

"Gold and English sterling."




s Figures not available.

Aug.

' Items for issue and banking departments consolidated.

654

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

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

1931

Central bank
Aug.

Central bank of Guatemala—Contd.
1,444
Other assets
Note circulation
__
_. 5,395
1,325
Demand deposits
83
Other deposits
2,937
Other liabilities
National Bank of Hungary (millions
of pengos):
97
Gold
11
Foreign bills, etc
448
Loans and discounts. _
52
Advances to treasury
19
Other assets
376
Note circulation
_
74
Deposits
__.
150
Miscellaneous liabilities
Bank of Italy (millions of lire):
5,750
Gold at home
1,393
Credits and balances abroad
5,909
Loans and discounts
13,382
Total note circulation
300
Public deposits
1,345
Other deposits
Bank of Japan (millions of yen):
429
Gold
874
Advances and discounts
118
Government bonds
Notes issued
_. 1,007
460
Total deposits
Bank of Java (millions of florins):
104
Gold
17
Foreign bills
_
_.
47
Loans and discounts
*
Note circulation
216
Deposits
36
Bank of Latvia (millions of lats):
36
Gold
12
Foreign exchange reserve
71
Bills...
Loans
46
35
Note circulation
69
Government deposits
82
Other deposits
Bank of Lithuania (millions of litu):
50
Gold
15
Foreign currency
95
Loans and discounts
98
Note circulation.
58
Deposits
Netherlands Bank (millions of
florins):
1,032
Gold
71
Foreign bills
__
125
Loans and discounts..
996
Note circulation
278
Deposits
Bank of Norway (millions of kroner):
142
Gold
13
Foreign balances and bills
273
Domestic credits
314
Note circulation
2
Foreign deposits
76
Total deposits
Central Reserve Bank of Peru
(thousands of soles):
Gold
Foreign exchange
Bills
Note circulation
Deposits
Bank of Poland (millions of zlotys):
477
Gold
.
.....
47
Foreign exchange of the reserve..
100
Other foreign exchange
777
Loans and discounts
1,082
Note circulation
147
Other sight liabilities
Bank of Portugal (millions of
escudos):
Gold
397
559
Other reserves




1932

1931

Central bank
July

June

1,374
5,517
1,218
60
3,028
97
11
454
53
20
403
63
141

Bank of Portugal—Continued.
Discounts and advances.Government obligations
Note circulation..
Other sight liabilities-_
National Bank of Rumania (millions
of lei):
Gold
105
Foreign exchange of the reserveOther foreign exchange
16
Loans and discounts
397
59
State debt
104
Note circulation
--415
Demand deposits
115 South African Reserve Bank (thousands of South African pounds):
118
Gold
5,374
Foreign bills
3,465
Domestic bills
4,448
Note circulation
14, 645
Deposits—Government
300
Bank__
1,597
Other
Bank of Spain (millions of pesetas):
815
Gold
737
Silver
111
Balances a b r o a d . . .
1,094
Loans and discounts
541
Note circulation
Deposits
110 Bank of Sweden (millions of kronor):
21
Gold
54
Foreign bills, e t c . .
240
Loans and discounts
26
Note circulation
Deposits
--24 Swiss National Bank (millions of
25
francs):
80
Gold
—
62
Foreign balances and bills
44
Loans and discounts
65
Note circulation
83
Demand deposits
Central Bank of the Republic of
40
Turkey (thousands of Turkish
58
pounds):
113
Gold
117
Foreign exchange
Government securities
Other securities
Other assets
648
Note circulation
230
Sight deposits
140
Other liabilities
934 Bank of the Republic of Uruguay
184
(thousands of pesos):
Gold....
146
Loans and discounts
12
Other a s s e t s . . .
--188
Note circulation
294
Deposits—Demand
_
4
Time
56
Judicial and administrative..
Other liabilities
40,125 State Bank of U. S. S. R. (note-issu25, 842
ing department; thousands of
18,442
chervontsi):
58, 358
Gold
3, 778
Other precious metals
Foreign exchange
568
Note circulation
145 National Bank of the Kingdom of
136
Yugoslavia (millions of dinars):
742
Gold
1,245
Foreign exchange
—
226
Loans and discounts..
Advances to State
Note circulation
219
Other sight liabilities
544
1,318
6,297
1,370
144
2,674

97
11
435
53
21
389
72
129

5, 700 5,664
1,390 1,420
5,638 6,398
13,492 13, 035
300
300
1,405 1,389
429
881
118
1,057
410

429
837
135
1,042
456

105
20
50
219
36

105
23
50
220
34

36
12
72
49
36
71
81

36
12
72
49
36
71
81

50
18

50
20

62

67

1,016
69
138
983
281

144
981
257

142
13
279
317
2

Aug.

150
7
278
318
2
81

38, 506 38,456
333
329
17,426 15,223
50,879 48, 345
2,759 3,115
480
40
105
803
1,089
155

484
46
112
795
1,105
130

394
536

391
516

Aug.

July

June

346
1,058
1,929
365

314
1,058
1,886
357

310
1,058
1,908
324

371
1,058
1,839
323

9,458 9,425
104
101
24
63
11, 998 13, 036
5,730 5,767
20, 891 20,895
5,762 5,699

8,901
1,485
84
12,091
5,485

7,C

Aug.

21,161
6,469

2,362
6,588
1,386
4,146
335

7,041
7
2,694
7,974
1, 252
4,137
93

7,861
15
797
6,541
1,432
4,314
314

6,426
5,881
926
7,801
1,807
4,465
412

2,257
585
287
2,812
4,777
991

2,256
580
282
2,919
4,782
943

2,255
575
292
3,000
4,753

2,276
624
256
3,180
5,220
1,040

206
172
217
556
168

206
163
241
556
182

206
134
364
594
230

230
128
462
567
165

2,644
61
56
1,561
1, 202

2,637
63
59
1,571
1,185

2,607
56
66
1,574
1,158

1,189
578
108
1,293
632

18,155
201
156, 307
28,081
20, 918
164, 996
7,668
50,998

17, 703
1,060
156, 388
28, 081
18, 700
165, 480
7,428
49, 024

18, 532
1,737
156, 405
27,126
17, 899
166, 752
5,893
49, 054

48, 535
105, 738
37,763
84, 502
31, 227
37,953

48, 775 55,015
106, 615 103, 651
37, 574 34, 336
83, 016 73,943
31, 714 39,181
38, 526 42, 722

2,839 3,207
35, 515 36, 503

3,514
33, 643

71, 452 69, 325 67, 848 54, 416
1,750 1,760 1,854
2,347
3,088 3,120 3,677
5,245
343, 034 327,321 292,545 240, 346
1,763
327
2,416
2,409
4,836
716

1,763
304
2,397
2,408
4,855
629

1,763
302
2,292
2,406
4,933
543

1,544
610
1,674
2,294
4,983
647

OCTOBER,

655

FEDERAL RESERVE BULLETIN

1932

COMMERCIAL BANKS
1931

1932

Country
Aug.

Argentina (millions of gold pesos):
Bank of the N a t i o n 1
Gold
94
Other cash
656
Loans and discounts
662
Deposits
Other banks in Buenos A i r e s 9
Gold
199
Other cash
843
Loans and discounts
971
Deposits
Canada (millions of Canadian dollars):
Assets entirely in 1C a n a d a 147
Cash in vault
Cash in central gold re28
serves
159
Security loans
1,127
Other current loans
110
Security loans abroad
701
Securities
Liabilities entirely in C a n a d a 126
Notes in circulation
Individual demand depos568
its
Individual time deposits. _. 1,461
England (millions of pounds sterling):
177
Cash in vault and at bank
112
Money at call and short notice..
1,156
Advances and discounts
286
Investments
Deposits
__
1,708
France (millions of francs):
Bills and national-defense bonds. 21,153
Loans and advances
9 868
36 991
Demand deposits
1,545
Time deposits
Germany (millions of reichsmarks):
Due from other banks
Miscellaneous loans
Deposits..
Acceptances
Japan (millions of yen):
Cash on hand
Loans
Deposits

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

1
91
681
663

1
90
708
661

1
109
696
652

1
107
707
641

1
111
675
639

1
113
234
642

1
115
680
649

1
105
685
644

1
121
688
664

1
136
696
712

1
127
688
702

7
190
852
966

2
186
847
947

2
194
830
939

2
203
817
939

1
200
821
936

1
199
1,251
933

1
206
798
933

1
206
794
922

1
212
783
914

1
218
775
907

1
218
769
905

157

159

201

175

176

167

158

150

154

166

161

154

24
167
1,137
90
678

27
159
1,141
91
696

25
157
1,102
113
719

26
135
1,082
83
694

22
131
1,071
66
674

20
130
1,063
99
664

24
131
1,071
88
671

23
122
1,070
73
666

23
114
1,057
65
663

23
110
1,037
74
669

25
112
1,028
76
674

22
114
1,004
96
703

128

140

131

129

123

122

121

125

119

126

123

117

594
1,456

581
1,462

617
1,396

567
1,360

507
1,368

496
1,390

500
1,389

495
1,393

498
1,387

489
1,373

462
1,363

475
1,367

171
106
1,132
288
1,675

173
113
1,131
288
1,688

170
108
1,125
284
1,670

181
118
1,131
281
1,700

177
116
1,128
268
1,677

170
108
1,093
264
1,621

171
111
1,103
266
1,639

170
111
1,105
272
1,643

176
110
1,102
284
1,661

188
111
1,114
324
1,727

188
120
1,138
333
1,765

190
114
1,176
348
1,813

20, 242
10 076
36,137
1,429

19,006
9 863
36 972
1,370

17,851
9 797
37, 019
1,332

18,441
9 697
37 023
1,222

18,454
9 041
36 196
1,179

17,346
9 114
36,435
1,218

17,482
8,711
35,983
1,201

18,043
8 312
35 929
1,239

18,998
8 296
35,826
1,284

18,994
8,593
36,351
1,250

20,136
8,188
36,031
1,263

1,500
514
7,115
8,060
840

1,509
465
6,884
7,873
818

1,406
373
6,837
7,500
891

1,431
345
6,748
7,390
910

1,503
320
5,935
7,276
903

1,380
367
6,034
7,289
863

1,613
267
6,235
7,539
872

1,652
290
6,160
7,652
851

1,660
257
5,898
7,541
815

1,661
263
5,813
7,457
796

1,665
242
5,736
7,397
782

217
2,140
2,122

197
2,146
2,102

126
2,171
2,066

146
2,208
2,059

130
2,228
1,954

116
2,264
1,938

136
2,248
1,946

215
2,250
1,949

156
2,252
1,963

117
2,234
1,973

212
2,219
2,027

140
2,247
2,051

124
2,283
2,008

i Gold, Dominion notes, and subsidiary coin.
NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks;
Germany—six Berlin banks previous to consolidation of Dresdner Bank and Darmstadter und Nationalbank in February, 1932; five Berlin banks
thereafter; Japan—Tokyo banks.




656

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

DISCOUNT RATES OF CENTRAL BANKS
Date effective

In effect June 1,1931.
June 13
July 16
July 23
July 30
Aug 1
Aug 12
Sept 2
Sept. 21
__
Sept 28
Sept 29
Oct 10
Dec 10
Feb. 18, 1932..
Mar 9
Mar. 10
Mar. 17
Mar 21
Apr. 9
Apr. 19
Apr. 21
__
Apr 28
May 2
May 12
June 30
Sept. 22
In effect Oct. 1, 1932.

Bank Bank German Bank Nether- Swiss
Nalands
Reichsof
of
of EngItaly Bank tional
land France b a n k
Bank
5
7
10

2

IH

5H

2

2

6
7
3

_

5
6
4

July
Aug.
Jan.
July

2

1,1931
24, 1932
13, 1932
5,1932

Japan
Java
Latvia
Lithuania

4.38

Norway
Peru
Poland
Portugal

May 25.1932
Aug. 22,1932
Sept. 19,1932

8
5

Rate
Oct.
1

Country

In effect
since—

Aug.
Mar.
Oct.
Apr.

18,1932
11,1930
1,1930
1,1930

4
6

Sept.
May
Oct.
Apr.

1,1932
20,1932
3,1930
4,1932

7
6

Mar. 4,1932
Nov. 13,1931
July 8,1931

6
6

Sept. 26,1932
Rumania
July 12,1932 South Africa.
May 30,1932 Spain
May 12,1932,
Feb. 1,1932 Sweden
U. S. S. R__.
6H Apr. 19,1932 Yugoslavia...
10 Aug. 8,1932
5 July 1,1932
4 July 7,1932
4
4
7

Finland
Greece
Hungary
India

6

In effect
since—

8
6
6

DanzigDenmark
Ecuador
Estonia

7

hx/o

Albania
Austria.
Belgium
Belivia

Bulgaria
Chile
Colombia
Czechoslovakia

15
10
S

2H

Rate
Oct.
1

Country

2

3*2 Sept. 1,1932
Mar. 22,1927
8 July
20,1931

3
5

Changes since September 1: Colombia—September 19, down from 6
to 5 per cent; Czechoslovakia—September 26, down from 5 to 4J4 per cent;
Germany—September 22, down from 5 to 4 per cent.

5
2
2

2

_—

2H

4

5

2

21/2

MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month

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

Bankers'
acceptances,
3 months
4.28
4.74
5.68
5.75
5.85
5.52
4.63
2.59
2. 19
1.44
1.05
.92
.74

Treasury
bills, 3
months
4.21
4.57
5.46
5.55
5.60
4.94
4. 08
2.28
2.07
1.10
.85
.66
.60

Bankers'
Day-to-day allowance
money
on deposits
3.59
4.04
4.36
4.96
4.27
4.20
3.84
2.40
1.91
1.29
.99
.67
.73

Netherlands (Amsterdam)

Germany (Berlin)

4

Private
discount
rate

4
4
4
-3

3 -\y2
i - V*

Money for Day-to-day
1 month
money

18.92
7.99
8.00
8.00
7.33
6.94
6.67
6.10
5.12
4.87
4.75
4.58
4.50

19.18
9.18
9.84
9.31
7.40
7.58
7.98
7.10
6.31
5.96
5.76
5.75
5.75

19.15
9.15
9.21
8.69
8.45
7.86
7.81
7.76
6.17
5.91
5.70
5.49
5.82
Sweden
(Stockholm)

Switzerland

Belgium
(Brussels)

France
(Paris)

Italy
(Milan)

Hungary

Private
discount
rate

Private
discount
rate

Private
discount
rate

Private
discount
rate

Prime
commer- Day-to-day
money
cial paper

Private
discount
rate
1.30
1.30
2.76
1.59
1.57
2.24
1.87
1.22
1.02
.60
.39
".49
.37

Money for
1 month

1.22
1.21
3.07
1.73
1.59
2.37
1.69
1.06
.94
1.03
1.00
1.00
1.00

Japan (Tokyo)

Month

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

1.
1.80
1.90
1.77
1.75
1.68
1.52
1.50
1.50
1.50
1.5G
1.5C
1.50

2.41
2.44
2.44
2.44
2.44
2.91
3.31
3.36
3.26
3.21
3.16
3.17
3.12

1.50
1.50
1.80
1.90
1.75
1.75
1.75
1.80
1.66
1.50
1.22
99
1.02

5.25
5.47
7.50
7.50
7.50
7.50
6.92
6.53
6.00
5.52
5.50
5. 50
5.50

5
5
5
5

4^-434
4 -

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




-6
-6
-6
-6

Loans up Discounted
to 3
bills
months
-6

-9M
-7H
-iy2
7M

-5H

-hYi

4. 93-5.48
4.93-5. 48
4. 93-5. 66
5.48-6. 57
5. 84-6.57
5. 84-6. 57
5. 84-6. 57
6.20-6. 57
6. 20-6. 57
6. 20-6.57
6. 02-6. 57
6. 02-6. 39

-53/2

"Corrected.

Call
money
overnight
3.65
2.56
5.48
5.66
6.57
6.02
6.39
5.84
5.48
4.56
4.56
4.20

657

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
China (and Hong Kong)
Argen- Austria Belgium Brazil Bulgaria Canada
tina

Month

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

59.6948
51.9966
58. 8403
58. 5196
58. 2724
58. 2204
58. 2879
58. 2171
58. 3242
58. 5205
58. 5574
58. 5695
58. 5886

14. 0388
13.9158
13.9516
13. 9460
13.9518
13.9516
13.9601
13.9544
13.9645
13.9600
13.9813
13.9696
13. 9635

CzechoCuba slovakia

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

99. 9678
99.9944
99.9913
99. 9470
99.9296
99.9622
100. 0590
99. 9816
99. 9299
99.9217
99.9186
99.9094
99.9118

2.9621
2.9619
2. 9625
2. 9626
2. 9627
2.9627
2.9628
2.9629
2. 9650
2.9641
2. 9589
2. 9596
2.9594

13.9091
13.9852
13. 9070
13. 9039
13.9140
13.9384
13.9361
13.9956
14. 0249
13.9366
13.8724
13.8735
13. 8606

5.9099
5. 6202
6.1704
6. 2010
6. 1579
6.1720
6.2121

Denmark

England

Finland

25. 2636
22. 0209
20. 6700
18. 5875
18. 8801
19. 0192
20.0112
20. 5267
20. 0654
19.9248
19.2044
18. 4993
17. 9781

453.1260
388.9291
371.9934
337.3707
343.1210
345.6316
363. 9304
374.9994
367.5140
364. 6648
354. 9564
347.5721
347.1062

2.5133
2. 3082
1. 9839
1.6938
1. 5036
1. 5014
1. 6015
1. 7225
1.7171
1. 7019
1. 5350
1.5114
1. 4953

6. 5402
7. 1294
7. 5008
7. 59fiO
7. 6221
7. 6171

0. 7160
.7127
.7138
.7148
.7151
.7145
.7176
.7201
.7202
.7200
. 7230
. 7209
.7203

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

33. 4081

36. 5878
39.1364
39. 0086
39. 3294
37. 8712
33. 6841
33. 3728
30. 2540
26.8977
27. 7321
28. 5682
29. 9159

40. 2677
40. 4256
40. 1916
40. 2338
40.1828
40. 3479
40. 2799
40. 4914
40. 5474
40.4411
40. 2740
40. 2443
40.1586

25. 3982
22. 0737
20. 5163
18. 4831

11.1978
11.1955
11.1903
11. 1902

18. 6969
18. 7701
19. 6003
19. 0780
18. 4823
18. 0626
17.6386
17.4101
17. 4470

11.1934
11.1896
11.1770
11.1847
11.1810
11.1839
11.1885
11.1771
11.1800

Mexi- Shangcan dol- hai
tael
lar

85.1301
87. 2936
89. 4530
89. 8808
88. 4430
86. 7427
87. 0658
87.5513
90. 2636

12.0430
12.0690
12. 0750
12. 0669
12. 0500
12.0500
12. 0606
10. 6538
6.0000
6.0202
6.0250
6. 0283
6. 0414

22.0696
22. 8205
24. 5833
23. 6010
23. 5237
24. 4696
23.9969
22.3173
21.6412
21. 2319
20. 5462

France

Germany

Greece Hungary

96. 2476
89.1025
88.9914
82. 7064

3. 9257
3.9383
3.9201
3. 9229
3. 9294
3.9379
3. 9325
3. 9430
3. 9468
3. 9363
3. 9207
3.9187
3. 9179

RuMexico Netherlands Norway Poland Portugal mania

Month

Chile

4. 4232
3.9271
3. 6401
3. 2302
3.1642
3. 1830
3. 2832
3.3804
3. 3267
3.3320
3. 2240
3.1579
3.1481

0.5936
. 5953
. 5966
.5959
.5951
.5950
. 5958
.5960
.5970
.5966
.5972
.5978
.5982

23. 4212
23. 2395
23.6777
23. 6192
23.6475
23. 7392
23. 7812
23. 7427
23. 7947
23. 6878
23. 7176
23. 7838
23. 7814

20. 9710
21. 2737

1. 2926
1. 2883
1. 2879
1. 2879
1. 2877
1. 2875
1.2875
1.2318
.6641
.6387
.6399
. 6321
.6060

30.6604
31.8314
34. 0732
32. 8054
32. 6357
33.1449
32. 8061
31. 2481
30. 4700
30. 2007
29.3650
30.4332
30. 6262

17. 4496
17.4640
17. 4670
17. 4580
17. 4500
17. 4397
17. 4353
17. 4298
17. 4384
17.4740
17. 4612
17. 4507
17. 4653

Yuan

Hong
Kong
dollar

21.9166 24.1853
22. 7019 24. 6765
24. 7246 26.0124
23.7323 24. 8704
23. 6966 24.8396
24. 3587 25.3353
23.9213 24. 6855
22. 3221 23. 7187
21.7116 23. 4337
21.3125 23.3431

Colombia

96. 5700
96. 5700
96. 5700
96. 5692
95.6656
95. 2400
95. 2400
95. 2400
95.2400
95.2400
95.2400
95. 2400
95. 2400

20.6400
21.0031
21.0404

22. 8893
23.2479
23. 4293

India

Italy

Japan

5.1699
5.1645
5.1548
5.1094
5. 0441
5.1799
5.1824
5.1493
5.1491
5.1162
5.1009
5.1144
5.1264

49. 3351
49. 2525
49. 2968
43. 4644
35. 9866
34. 3233
32.1562
32.8063
31. 9730
30. 2856
27.4471
24. 4944
23.6314

33.9117
28. 6799
27.9874
25.3612
25.8179
26. 0329
27. 3121
28.0133
27. 3175
27.1647
26.6842
26.1577
26. 2192

Spain

Straits
YugoSettle- Sweden Switzer
land Uruguay slavia
ments

8. 9631
8.6137
8. 3992
8. 3945
7. 7671
7. 5993
7. 6942
8. 1169
8. 2451
8.0518
8.0608
8.1044

53. 5566
45.1250
43.1386
39. 0313
39. 6900
39. 7745
41. 3333
42. 7404
42. 2400
41. 9567
40. 9675
40. 1042
40. 2475

26. 0857
23.1140
20. 7378
18.7098

19. 5096
19.6009
19. 4632
19. 4805

41. 9254
34. 8968
45.0027
44. 5487

1. 7653
1. 7734
1. 7856
1. 7796

19.1888
19. 2922
19.8540
19.0910
18. 7238
18. 7049
18.2190
17.8485
17.8055

19. 5074
19. 4961
19.3405
19. 4374
19. 5579
19. 5141
19.4684
19. 4528
19.3007

44. 9160
46.1521
47. 0796
47.3186
47. 5433
47.2115
47. 5680
47.4413
47. 3900

1. 7784
1. 7803
1. 7753
1. 7725
1. 7743
1. 7436
1.6717
1. 6903
1. 5892

Monetary unit

Par of
exchange

Monetary units and pars of exchange (in cents per unit of foreign currency):
Country

Monetary unit

Argentina
Austria
Belgium
Brazil
Bulgaria
Canada
Chile

Gold peso
Schilling
Belga
Milreis
Lev
Dollar
Peso
{Mexican dollar L . .
China (and Hong I Shanghai tael i
jYuani
....
Kong).
I Hong Kong dollar 1
Peso
Colombia
Cuba
do

Par of
exchange
96.48
14.07
13.90
11.96
.72
100.00
12.17
22.14
30.53
21.66
21.98
97.33
100. 00

Country
Czechoslovakia.. _
Denmark
England
Finland
France
Germany
Greece
Hungary.
India
Italy
Japan
Mexico
Netherlands

Monetary unit
Koruna
Krone
Pound
Markka
Franc
Reichsmark
Drachma
Pengo
Rupee
Lira
Yen
Silver peso
Florin

Par of
exchange
2.96
26.80
486. 66
2.52
3.92
23.82
1.30
17.49
36. 50
5.26
49.85
49.85
40.20

Country
Norway
Poland
Portugal.
_..
Rumania
Spain
Straits Settlements.*
Sweden
Switzerland
Uruguay.
._
Yugoslavia

26.80
Krone..
11.22
Zloty.
4.42
Escudo
Leu-_
.60
19.30
Peseta
S t r a i t s S e t t l e - 40.50
ments dollar.
26.80
Krona
Franc
19.30
Peso
. . . 103. 42
Dinar
1.76

1 Silver currencies—Figures given for parity represent gold value of unit in September, 1932, computed by multiplying silver content of unit
by New York average price of silver for September, 1932, which was $0.28182 per fine ounce.
2Straits Settlements dollar is legally equivalent to seven-sixtieths of one English pound. Figure given for parity represents seven-sixtieths
of average quotation of pound in New York for September, 1932.
Back figures.—See BULLETIN for January, 1932, 1931, 1930, 1929, and 1928.




658

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average-100) *•

Bonds
United
States
(average
price)

Month

Number of issues

England
France
(December, (1913 aver1921=100) age =100)
87

35

Germany
(average
price) >
169

United
States

England

France

Germany

421

278

300

329

1930-July
August
September.
October
November.
December..

98.7
99.6
100.0
99.9
99.1
97.8

112.3
111.9
112.0
113.1
112.8
112.5

95.7
96.6
96.4
95.4
94.7
94.1

86.0
85.7
85.4
83.7
83.2
82.7

149.3
147.6
148.8
127.6
116.7
109.4

103.1
98.4
101.1
95.4
94.1
89.0

188.8
182.0
182.4
169.5
162.2
149.8

100.9
94.8
93.9
87.9
84.7
80.0

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

99.4
100.0
99.6
99.7
99.4
99.4
98.5
95.6
89.4
89.0
81.6

112.8
109.7
111.6
111.3
110.8
111.1
111.2
107.2
103.5
104.2
104.8
102.2

95.7
97.1
97.9
99.0
98.4
98.8
98.9
99.5
97.7
94.8
94.4
90.8

82.7
82.7
83.8
84.8
84.2
82.4

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

89.6
89.3
89.4
85.1
76.8
77.8
79.2
73.8
67.2
75.6
74.7
68.1

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

75.0
78.5
83.6
84.8
76.1
69.6
4 70.5

1932—January....
February...
March
April
May
June
July
August

81.0
80.3
80.8
79.4
75.2
72.2
74.2
83.2

104.7
106.5
111.6
110.6
111.4
111.0
115.6
116.1

91.5
90.3
90.5
89.0
85.9
85.2
87.4
88.6

58.0
56.4
56.8
43.9
39.8
34.0
35.9
53.3

69.7

107.3
126.2
117.6
107.3
94.4
97.4
100.0
103.4

4 81.4
(J)
*70.4

(8)

8

<63.0
<6
64.4
60.4
62.2
63.2

63.5
61.6
59.3
63.5
69.5

4 52.3

4 45.5
46.4
45.6
45.8
47.9

11 Stock price series for England, France, and Germany have been converted from original bases to a 1926 base.
New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 per cent bonds.
1
Figures not available because of closing of the exchange.
4 Based on data for part of month, no quotations being available for remainder of month.
Back figures.—See BULLETIN for February, 1932, page 121, and sources there cited.

WHOLESALE PRICES—ALL COMMODITIES
Month

1930—July
August _
September
October
November
December

. . .
_
. .

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

._

. .

._
.

. _

1932—January
February
March _.
April
May
June
. . .
July
August
..
" Corrected.




. . . . .
._
_

.

>. .
-

United
Germany
Italy
France
Canada
England
States
(1926=100) (1926=100) (1913=100) (1913=100) (1913=100) (1913=100)

Japan
(Oct.,
1900=100)

Netherlands
(1913=100)

84
84
84
83
81
80

86
84
82
81
80
78

119
118
116
113
112
109

558
560
556
552
551
541

125
125
123
120
120
118

375
379
374
364
361
350

177
176
172
165
162
161

115
114
112
111
110
107

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

77
76
75
74
73
72
e
71
71
70
70
71
70

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

541
538
539
540
520
518
600
488
473
457
447
442

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

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

158
158
158
158
154
151
153
152
150
147
147
151

105
104
103
102
102
100
97
94
91
89
89
85

67
66
66
66
64
64
65
65

69
69
69
68
68
67
67
67

106
105
105
102
101
98
98
100

439
446
444
439
438
425
430
415

100
100
100
98
97
96
96
95

317
314
315
311
305
297
296
296

160
161
159
154
150
146
148
156

84
83
82

80
79
78
76

75

OCTOBER,

659

FEDERAL RESERVE BULLETIN

1932

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Groups are those included in indexes shown in preceding table]
United States (1926=100)

]England (1913=

France (1913=

100)

100)

Month
Farm
products

Foods

Other
commodities

Foods

G e r m a n y (1913=100)

IndusFarm
Indus- Agricultrial
trial
and food
tural
products products products products

Provisions

Industrial raw Indusfinand semi- trial
ished
finished
products products

1930—July
August
September
October
November
December

83
85
85
83
79
75

87
88
90
89
86
82

85
84
83
82
SI
80

127
126
124
121
121
116

115
113
111
109
107
105

540
550
562
562
570
570

573
568
551
543
535
516

115
117
114
109
112
110

114
111
108
108
108
105

119
118
116
114
113
110

151
149
148
147
145
143

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

73
70
71
70
67
65
65
64
61
59
59
56

81
78
78
76
74
73
74
75
74
73
71
69

79
78
77
76
75
74
74
74
74

104
103
103
102
100
98
98
95
95
100
102
102

580
575
581
592
566
571
541
528
508
489
482
491

507
505
503
495
480
472
465
452
443
429
416
400

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

10?,
100

74
72

113
112
111
113
113
113
110
108
108
113
115
113

108
106
106
105
103
103
103
102
100
99
99
97

142
140
139
138
137
137
136
136
135
133
132
130

1932—January
February
March
April

53
51
50
49
47
46
48
49

65
63
62
61
59
59
61
62

72
71
71
71
70
70
70
70

114
114
116
115
114
112
108
107

101
101
99
96
94
91
92
95

496
511
510
506
511
490
498
453

390
389
388
381
374
369
370
382

92
95
97
95
93
92
93
91

90

92
91
90
89
88
87
87
88

125
122
121
120
119
118
117
116

May

June
July....
August

Month

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

England
(July,
1914=100)

1931

1932

1931

1932

133
127
126
124
121
118
119
120
119
119
117
114

109
105
105
104
101
100
101
101

138
136
134
129
129
127
130
128
128
128
130
132

131
131
129
126
125
123
125
123

France
(July,
1914=100)

Q1

89
88
87
85
84
83

COST OF LIVING

RETAIL FOOD PRICES
United
States
(1913=100)

97
96
95
97
96
94
95
94
91

Germany
(191314=100) i

1931

1932

1931

1932

132
132
131
130
129
128
125
121
119
116
113
113

114
115
115
115
114
111
108
104

134
131
130
129
130
131
130
126
125
123
122
120

116
114
114
113
113
113
114
112

United
States
(1913=100)

Month

1931

1932

January.
February
March
April
May

June
July
August .
Septemb er__
October
November
December

150

__
146

136

England
(July,
1914=100)
1931

1932

153
152
150
147
147
145
147
145
145
145
146
148

147
147
146
144
143
142
143
141

France
(Jan.-June,
1914=100)
1931

1932

120

108

120

109

115

(Germany
(1913]L4=100) *
1931
140
139
138
137
137
138
137
135
134
Irtt

1932
125
122
122
122
121
121
122
120

"H9

108

130

i Average of October, 1913, January, April, and July, 1914 = 100.
SOURCES: Wholesale prices.—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost of living.— United States—
Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—for retail food prices,
Statistique GSnerale, and for cost of living, Commission d'e"tudes relatives au cout de la vie a Paris.




660

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

LAW DEPARTMENT
Reserves Against Funds Collected by Banks Under
the Revenue Act.

The question has recently been presented to
the Federal Reserve Board whether reserves
should be maintained by member banks against
amounts collected by them and held pending
payment to the Collector of Internal Revenue
in accordance with the provisions of section 751
of the revenue act of 1932 with respect to the
tax on checks, drafts, or orders for the payment
of money. Upon consideration of this question,
it is the opinion of the Federal Reserve Board
that such amounts do not constitute deposits
within the meaning of section 19 of the Federal
reserve act and, accordingly, are not subject
to the reserve requirements of that section.

Branch Banking in the State of Virginia.

On page 455 of the FEDERAL RESERVE
for July, 1932, there was published
a revised summary of the State laws relating to
branch banking in which the State of Virginia
was classified as a State which permits Statewide branch banking. The laws of the State

BULLETIN




of Virginia relating to the subject of branch
banking, which are quoted in full on page 266
of the FEDERAL RESERVE BULLETIN for April,
1930, authorize banks having a paid-up and
unimpaired capital and surplus of $50,000 or
more, with the consent of the State corporation
commission, to "establish branches within the
limits of the city, town, or village in which the
parent bank is located," and permit the merger
of banks located in the same or adjoining
counties and the operation by the merged
company of the offices of the constituent
institutions. In addition the Virginia statute
permits banks in that State having a paid-up
and unimpaired capital and surplus of $50,000
or more, with the consent of the State corporation commission, to establish branches in
cities of the State having a population of not
less than 50,000 inhabitants. However, the
number of places in which branches may be
established pursuant to this latter provision is
limited, as there are only three cities with a
population of 50,000 inhabitants or more in the
State of Virginia (Richmond, Norfolk, and
Roanoke).

OCTOBER,

661

FEDERAL RESERVE BULLETIN

1932

FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.
DISCOUNTS, BY MONTHS

DISCOUNTS, BY WEEKS

[In millions of dollars]

[In thousands of dollars]

Averages of dail/ figures
1932

Federal reserve bank

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

Wednesday series (1932)
Federal reserve bank

1931

August

Sept. 7 Sept. 14 Sept. 21 Sept. 28

September

16.2
81.0
56.7
30.2
24.1
26.5
28.6
10.7
12.5
18.8
13.4
68.3

19 2
93 2
65.1
35.5
27.7
33 5
33.2
12.4
13.7
21.1
16.8
79.5

8 1
51 3
31.7
35 8
22.7
25 3
24.0
12.2
4.1
13.3
13.5
38.1

386.9

450.8

280.2

Back figures—See Annual Reports for 1931 (Table 80), 1928 (Table
72), and 1927 (Table 55).

Boston
New York. _.
Philadelphia.

16,189
90,533
59,390

15, 704
81,446
56, 760

16,157
76, 737
54,335

15, 458
70, 836
53. 043

Cleveland..
RichmondAtlanta. . . .

33, 801
24, 431
31, 262

31,178
24,122
33,445

28,014
22,215
22, 581

28,257
22, 943

Chicago
St. Louis
Minneapolis-

30,432
11,071
13,171

29,192
10, 896
12, 335

27, 258
10,292
12,400

24,825
9,646
11,043

Kansas City...
Dallas
San Francisco..

19, 527
14, 885
75, 736

18, 814
14,422
73, 619

17. 978
12,063
58, 993

17, 502
11,614
57, 582

420, 428

401, 933

359,023

339, 647

TotaL

Back figures—See Annual Report for lt>31 (Table 83), 1930 (Table
78), etc.

RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES
[Amounts in thousands of dollars]
Averages of daily figures
Total cash reserves

Federal reserve notes in circulation i

Total deposits

Reserve percentages

Federal reserve bank
1932

September

August

1931

eptember

1932

September

1931

1932

1931

1932

1931

Septem- Septem- August September
ber
ber

September

September

157,357
134, 633
992, 614 1, 099,133
120, 634
158,149

200,987
593,796
249, 359

202, 666
601, 056
255,869

140,578
394, 748
161, 248

64.3
55.8
55.2

63.9
53.3
53.8

78.0
79.8
78.1

August

August

Boston
New York
Philadelphia .

213,547
934, 878
204,845

232,428
131,072
215, 673
850, 174 1, 191,861 1, 081, 548
202, 704
249, 452
121,974

Cleveland..
Richmond.
Atlanta

254, 752
96, 898
83, 887

254, 599
85,356
80, 534

344, 265
90, 339
127, 036

149, 595
58, 923
45,411

147, 506
54,900
45,418

203, 025
68, 997
61, 269

286, 271
105, 153
106, 511

293,356
102,445
110, 278

246, 850
75,199
112, 678

58.4
59.1
55.2

57.8
54.2
51.7

76.5
62.7
73.0

Chicago
St. Louis
Minneapolis-

757, 894
88, 708
58, 246

740, 408
85, 036
56, 348

673, 350
108, 783
76,172

318, 934
58, 197
40, 394

300, 980
56,670
41,000

354, 277
73, 636
52, 673

699, 737
101, 085
80, 910

718, 396
100, 872
79, 709

446, 021
76, 039
55, 037

74.4
55.7
48.0

72.6
54.0
46.7

84.1
72.7
70.7

Kansas City___
Dallas
San Francisco.

89, 564
44,413

89, 094
42, 218
206, 389

100, 673
51, 785
308, 961

68,471
45, 667
146, 597

69, 207
45, 387
144, 907

85, 957
59.003
189,366

94, 189
37, 848

206, 764

95, 027
37, 582
250, 040

69,191
30, 835
216, 863

55. 1
53.2
53.7

54.2
50.9
52.3

64.9
57.6
76. 1

3,034,396 2,908,533 3, 555,105 2,266,783 2,153,856 2,562,842 2,794,642 2,847,296 2,025,287

60.0

58.2

77.5

Total 2.

i Includes "Federal reserve notes of other reserve banks" as follows: Latest month, $16,386,000; month ago, $14,781,000; year ago, $15,817,000.
a For back figures see Annual Reports for 1931 (Table 8) and 1928 (Table 2).




662

FEDERAL RESERVE BULLETIN

O C T O B E R , 1932

EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE
STATEMENT, SEPTEMBER 30, 1932
[In thousands of dollars]

Total

RESOURCES
Gold with Federal reserve
agents
2,188,686
Gold redemption fund with
U. S. Treasury
48,228
Gold held exclusively
against Federal reserve
notes
2,236,914
Gold settlement fund with
Federal Reserve Board
245,086
Gold and gold certificates held
by banks
411,179

Boston

New
York

Phila- Clevedelphia land

Richmond

Atlanta

Chica-

St.
Louis

Minne- Kansas
Dallas
apolis
City

San
Francisco

157,727

596,321 152, 500 182,470

71,600

65,000 623,845

65, 310

40,335

58,480

24,335

150,763

8,006

1,848

2,235

2,500

1,085

6,710

68,028 631,851

67,158

42, 570

60, 980

25,420

157,473

11,007

6,924

25,265

3,358

161,085

5,675

1,995

602,435 158,174 188,145

73, 595

6,114

5,674

3,028

8,565

64, 714

26, 423

7,957

7,695

61,727

7,740

16,980

273,403

19,346

7,893

8,987

31,471

6,364

3,712

11,231

4,086

20,808

940, 552 174,055 233,914
55,344 30,892 18, 577

89,445
8,389

84, 710 725,049
4,601 28,354

81, 262
8,655

54,368
3,408

83,218
4,324

36,430
6,674

203, 546
10,461

204, 947 252,491
3,901
4,496

97,834
3,025

89,311 753,403
4,853 16,161

89,917
4,180

57, 776
2,039

87,542
3,340

43,104
3,088

214,007
7,876

Total gold reserves.
Reserves other than gold.

2,893,179
197, 552

186,630
17,873

Total reserves.
Nonreserve cash

3,090, 731 204,503
5,579
77,078

18, 540

Bills discounted:
Secured by U. S. Government obligations
Other bills discounted

103,600
228,188

6,159
9,154

36,140
32,611

15,112
38,382

9,006
17, 321

3,540
19, 234

1,463
15,484

6,129
17, 303

5,0S6
4,578

620
10, 314

1,313
16,491

651
10, 546

18,371
36, 770

Total bills discounted
Bills bought...

331,788
33, 305

15,313
2,352

68,751
10, 544

53,494
3,260

26,327
3,114

22,774
2,144

16,947
1,912

23, 432
4,147

9,674
1,009

10,934
634

17,804
894

11,197
866

55,141
2,429

421,476
398,310
1,033,883

20,351
22, 693
78,184

189, 250
151,152
378,390

31,173
32,073
76,023

36, 491
44,069
99,722

9,647
11,122
26,364

10, 255 40, 776
11,002 50,904
26,093 170,630

13,940
15, 493
36,723

17,283
11,112
26,337

11, 776
13,493
31,983

15, 265
6,069
14,387

25,269
29,128
69,047

Total U. S. Government
securities
1,853,669
Other securities
-.
4,824

121, 228

718,792 139, 269 180, 282
1,340
2,807

47,133

47, 350 262, 310
500

66,156

54,732
177

57,252

35, 721

123,444

Total bills and securities. 2, 223, 586
Due from foreign banks
2,665
Federal reserve notes of other
12, 540
Uncollected items..
339,185
Bank premises
58,126
All other resources..
44,023

138,893
212

800,894 197, 363 209,723
270
950

72,051
107

66, 709 289,889
374

76,839
18

66,477
11

75,950

47,784
75

181,014
184

1,073
14, 289
3,461
944

734
8,207
1,835
1,535

302
11,119
1,787
1,217

1,177
15,974
4,433
1,311

Total resources
5,847,934
LIABILITIES
Federal reserve notes in actual
circulation
2, 749,684

395,084 1,958,490 440,417 505,724 207,248 176, 542 1,111,410 190,721 138,614 189,232 108,476

425,976

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

335
40,899
3,336
1,327

3,249
98,107
14,817
26,037

29,210
2,907
726

29,330
7,967
1,236

730
26, 642
3,617
3,242

595,144 244, 550 279,644 102, 922 103, 616 683,116 100, 332

16,972
3,649
836

92,341

37,023

231,488

54,168
3,183
356
1,079

36, 741
1,774
224
213

63, 716
3,004
295
602

42,911
1,689
284
132

138,428
2,358
701
5,329

60,035 45,248 330, 512 58,786
25, 604 9,405 37, 620 15,826
4,858 16,910
5,173
4,435
11,483 10,449 38,411 10,025
4,841
2,966
2,031
1,317

38,952
8,093
2,910
6,356
1,740

67, 617 45.016
16,265 11,469
4,059
3,908
8,124
7,624
826
3,436

146,816
16,358
10,532
17, 707
3,075

395,084 1,958,490 440,417 505, 724 207,248
63.4
58.0
55.7
60.0
58.5

.76, 542 1,111,410 190,721 138, 614 189,232 108,476
60.0
56.5
48.3
52.5
74.3
54.7

425,976
56.6

219,607
20, 662

21,155 720,705
17, 539 37, 589

48, 704
7,225
406
3,700

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

2,312,479 123,508 1,120,750 123,495
95,357 27, 227
332,818 40,479
59,020 16,098
152, 996 10,872
75, 077
259,421 20,039
1,241
13,142
40, 536
2,561

Total liabilities....
Reserve ratio (per cent).

5,847,934
61.1

In actual circulation
2,749,684 198,945
Collateral held by agent as security for notes issued to
banks:
Gold
, 188,686 157, 727
Eligible paper
315,325
15,270
U. S. Government securities
498, 600 46,800




3,632

1,836
39,939
7,828
1,980

80, 563

198,945

Deposits:
Member bank—reserve account
2,224, 689 119,411 1, 091,710 119,139 145,587
2,979
14,393
3,113
Government
2,778
51,347
1,026
1,414
Foreign bank
1,046
772
8,261
2,152
13,233
Other deposits
197
547
28,182

FEDERAL RESERVE NOTE
STATEMENT
Federal reserve notes:
Issued to F. R. bank by
F. R. agent...
2,983,780
Held by F. R. bank
234,096

952
8,497

151,744
29,115
14,221
27,640
3,360

660,616 255,119 2S0,389 108,867
65,472 10,569 10,745
5,945

42,275
2,049
376
548

1218, 99
6,802
1,361
450

,09,859
9,527

83,434
2,871

L03,

698
11,357

42,802
5,779

267, 529
36,041

595,144 244, 550 279, 644 102,922 103,616 683,116 100,332

80, 563

92,341

37,023

231,488

596,321 152, 500 182, 470
65,977 53, 501 26, 298

71,600
23,409

65,000
15,898

>23,845
23,057

65,310
9,253

40,335
9,675

58,480
17, 694

24,335
11,063

150, 763
44,230

50,000

15,000

42,000

80,000

35,400

33,900

30,000

7,500

73,000

85,000

OCTOBER,

663

FEDERAL RESERVE BULLETIN

1932

ALL BANKS IN THE UNITED STATES
ALL BANKS *—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, BY DISTRICTS
[In millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figures are available]
Loans and investments
Total

Deposits, exclusive of
interbank deposits

Investments

Loans

Federal reserve district
1931

1932

1931

1932

June
30

Dec.
31

June
30

June
30

Dec.

6,767
19, 323
4,339
4,550
2,224
1,338
6,619
1,718
1,363
1,575
1,012
4,194

6,385
17,826
3,784
3,770
2,014
1,243
' 5,643
1,541
1,221
1,410
895
3,973

5,951
16, 726
3,578
3,604
1,902
1,170
4,835
1,416
1,138
1,238
873
3,641

4,130
12,442
2,479
2,896
1,491
938
4,618
1,145
798
1,009
718
2,719

55, 021 '49, 704

46, 071

35, 384

2,185
10,565
2,558
2,865
1,050
906
3,882
1,031
789
1,016
724
3,005

2,009
9,590
2,428
2,743
989
856
3,352
940
735
926
671
2,761

33, 923

30, 575

4,311
7,662
1,551
1,180
1,083
381
2,133
581
522
473
209
1,012

1931

1932

1931

1932

June
30

June
30

Dec.
31

June
30

2, 550
6,545
1,670
1,374
719
398
' 1, 793
535
520
549
293
1,453

2,426
6,799
1,633
1 390
728
396
1,578
542
510
515
307
1,413

6,332
17,822
3,749
4,138
2,114
1,304
6,446
1,669
1,383
1,635
1, 007
4,182

5,897
16, 298
3,171
3,354
1,845
1,153
' 5, 416
1,442
1,214
1,408
866
3,756

5,542
15,187
2,947
3,124
1,705
1,045
4,531
1,296
1,106
1, 232
828
3,420

19, 637 ••18,399

18, 237

51,782

'45,821

41, 963

868
4,124
1,114
1,257
356
312
1,461
435
361
449
243
1,128

794
3,956
1, 037
1,058
358
313
1,249
407
349
442
244
1,107

780
4,244
1,021
1,067
369
313
1,110
414
343
431
242
1, 080

2, 260
10, 637
2,402
3,042
1,079
916
4,265
1,057
846
1,101
789
3,172

1,964
9,276
2,090
2,500
944
817
3,616
932
773
980
686
2,854

1,831
8,262
1,963
2,330
869
747
3,100
843
710
910
631
2,560

16, 587

12,106

11,314

11, 414

31, 566

27, 432

2,445
4,672
593
590
603
252
' 1, 218
382
260
287
123
622

2,295
4,581
538
537
554
230
1,015
349
237
229
136
546

1,770
2,757
746
397
377
88
540
139
204
117
51
346

1,756
2,589
633
316
361
85
'544
128
172
107
49
346

1,646
2,555
612
323
359
83
468
128
167
84
65
333

4,073
7,185
1.347
1,096
1,034
387
2,181
612
537
535
218
1,009

13, 568 '12,045

11, 247

7,531

' 7, 084

6,823

June
30

June
30

3,835
11, 281
2,114
2,397
1, 295
845
' 3, 850
1,006
700
860
602
2,520

3,525
9,927
1,946
2,214
1,174
773
3,257
874
629
723
566
2,227

2,638
6,881
1,860
1,654
733
400
2,000
574
565
566
293
1,475

31, 305

27, 834

1,588
7, 537
1,674
2,113
785
646
3.025
'702
479
653
560
2,053

1,390
6,609
1,521
1,807
693
593
2,632
623
441
574
480
1,898

1,229
5,346
1,407
1,676
620
543
2,242
526
392
495
430
1,681

28, 001

21, 816

19, 261

4,201
7,261
1,226
905
964
337
1, 761
510
431
394
171
969

3,942
7,136
1,151
860
913
314
1,483
476
403
312
202
879

2,542
4,906
805
783
705
293
1,593
442
319
356
158
666

'19,129

18, 071

31

Dec.
31

Rediscount ? a n d
bills p a y a b l e

1931

1932

June Dec. June
31
30
30

ALL BANKS*

Boston
. .
New York
Philadelphia.—
Cleveland
Richmond., .
Atlanta
Chicago

•-

_

St. Louis
Minneapolis.
Kansas Citv
Dallas
San Francisco

...

Total

r

101
216
196
154
75
63
'149
47
16
42
20
67

79
184
165
159
86
76
211
55
29
36
30
128

452 1,147

1,238

13
51
26
24
19
16
18
14
5
9
12
10

62
194
141
129
38
48
91
27
8
29
14
57

37
154
105
116
48
57
110
23
13
22
16
113

24, 755

217

839

815

3,934
7,022
1,081
854
901
337
' 1, 800
510
441
428
180
902

3,711
6,926
983
794
836
299
1,431
453
396
323
196
860

12
17
51
27
21
14
42
19
8
10
6
8

39
21
55
24
37
15
'58
21
9
13
6
10

42
30
61
43
38
19
100
32
15
14
14
15

20, 216 '18,389

17, 208

235

308

423

25
68
77
52
39
30
60
32
12
20
18
18

MEMBER BANKS

Boston. _
2,456
New York.. _ _ __ 11,661
2,788
Philadelphia
Cleveland..
. _ 3,370
1,141
Richmond
Atlanta
957
Chicago .
4,486
St. Louis
1,137
Minneapolis
840
Kansas City.. . _
1,102
Dallas
803
3,182
San Francisco
Total...
NONMEMBER BANKS

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

21,099

r

i Includes all National and State banks (including stock and mutual savings banks) and all private banks under State supervision.
' Revised.
Back figures.—See BULLETIN for July, 1930, and January and July, 1931; also (figures of loans, investments, and deposits) Annual Report of the
Federal Reserve Board for 1931 (Tables 45, 46, and 92-95).




664

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

ALL BANKS IN THE UNITED STATES—Continued
1

ALL BANKS —PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1932, AND DECEMBER 31,
1931, BY STATES
[Amounts in thousands of dollars]
Loans and investments
Total

Loans

State
June

New England:
Maine
New Hampshire-.
Vermont...
M assachusetts
Rhode Island
ConnecticutMiddle Atlantic:
New York...
New Jersey,.
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
MissouriNorth Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia—.
Virginia...
West Virginia
North Carolina._.
South Carolina
Georgia..
Florida.East South Central:
Kentucky
Tennessee
Alabama...
Mississippi
West South Central:
Arkansas.
Louisiana
-..
Oklahoma
Texas
„
Mountain:
Montana
_._
Idaho..
Wyoming. _
_.
Colorado—
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California.
Total

December

June

Investments

December

June

December

Deposits, exclusive
of interbank deposits

June

December

412,876
399,260
207, 942
216, 911 191,318
195, 965 358, 003
377, 319
294, 951
287, 502
134,802
141,438 152, 700
153, 513 254,154
266,666
214,023
221.185
132. 992
81,031
137, 513
83,672 200,629
212,416
3,663, 418 3, 938, 927 2,258,596 2,489,203 1,404,822 1,449, 724 3, 441, 946 3, 647, 507
253, 299
491,875
263, 692 238, 576
517, 939
254, 247 456,570
479, 909
741,172 494, 028
554,859 1, 091,023 1,190,463
1,178, 320 1, 296, 031 684, 292

Rediscounts and
bills payable

June

12,116
7,831
12,126

35, 396
1,128
18,045

14,821,693 15, 792, 036 8,831, 561 10, 095, 738 5, 990,132 5, 696, 298 13,
!, 406,172 14, 357, 602 114,043
1, 965,574 2,096,306 1,170, 428 1, 263, 618 795,146
832,688 1,813,661 1, 986, r~~ 102,831
4, 591,053 4,830,616 2, 384, 383 2,603, 634 2,206,670 2,226, 982 3, 756,574 4,021,831
162, 596
1,893, 545 1, 981,674 1, 315,670 1, 406, 975
598, 729 347, 158
530,689
402, 615
2,188,262 2, 712, 360 1, 410, 218r 1, 755, 200
1, 374,148 ' 1, 489,814 966, 754 1, 078, 735
789, 526 476, 656
729,080
520,821

577,875
183,531
778, 044
407, 394
252,424

574,699 1, 719,809 1,
113, 219
196,114 530,154
599,443
17, 710
957,160 1, 987,172 2, 537,136 120, 827
••411,079 1, 290,029 • 1,444, 751 47, 607
268, 705 693, 949
20, 557
755, 531

Number of
reporting
banks

DecemJune
ber

13,195
4,045
6,587
57,255
2,580
22, 544

December

115
11
100
416
34
207

115
117
100
425
35
219

160, 634
79,279 47,
211,154 1,260

1,001
486
1,320

102,134 807
14, 901 695
39, 962 1,149
' 77,831 557
15, 957 857

822
742
1,294
••588
874

725,417
466, 554
908, 521
70,923
85,233
220, 758
276, 514

772,829
546.624
996,174
74,182
88,803
245,493
310, 514

398, 765
319, 733
509, 779
45,964
50, 961
146,063
178, 415

447, 607
386, 052
595.601
48,175
53, 853
165. 506
205, 950

326,652
146,821
398, 742
24, 959
34, 272
74,695

325, 222
160, 572
400, 573
26, 007
34, 950
79, 987
104, 564

710,119
454,103
872, 987
68,928
78, 635
213,186
267, 516

765, 901
547,197
968, 445
75,828
89, 137
236, 798
304, 847

10, 611
23,843
18, 330
2,644
5,835
8,614
10, 236

6,059
18, 752
22,848
1,053
2,499
10,991
10, 046

840
880
914
237
257
615
880

868
938
982
245
264
630
922

154,898
753, 284

164.186
769, 053

86, 914
371,805

67,984
381,479

68, 431
369, 936

126, 942
678, 233

137,052
710, 521

2,406
20,820

1,706

59
205

49
202

241,162
436, 793
243, 202
203, 569
247,019
177,354

249,087
454, 731
254, 111
240, 429
113, 793
269, 733
179,622

140, 545
3?8, 401
179, 100
146, 744
55,679
173, 873
58, 582

95, 755
399.117
151, 496
350, 668
193.118
178,083
74,832
193,895
68, 378

100, 617
108,392
64, 102
56, 825
33, 249
73,146
118, 772

97,591
104, 063
60, 993
62, 346
38, 961
75,838
111, 244

242, 772
372, 242
215,114
174, 510
77, 854
226, 953
178, 279

244, 909
389, 279
230, 724
214, 614
114,041
251, 697
183, 203

4,294
19, 277
15,092
18,622
11,202
10,459
2,609

5,962
17, 132
12, 949
19, 406
6,844
8,742

390
210
257
123
307
184

402
215
284
113
322
187

354,302
301,495
186,922
122,035

403, 775
326, 577
207, 692
120, 875

256, 745
233, 485
130, 506
80,229

310, 700
259, 006
149, 019
81, 330

97, 557
68, 010
56, 416
41,806

93, 075
67, 571
58, 673
39, 545

286, 504
269, 521
155, 228
114, 649

349, 531
297, 065
186, 487
121, 637

10, 896
22, 855
10, 500
10, 826

8,047
20, 424
9,075
7,523

471
383
243
226

511
400
257
222

105,945
337,783
269,517
730,307

106, 670
355,416
288, 390
781, 289

72, 223
246,379
142, 041
476, 218

75,130
258,844
166, 443
526, 930

33, 722
91,404
127, 476
254, 089

31, 540
96, 572
121, 947
254, 359

99, 451
294,148
275, 376
692, 591

101, 007
324,172
287, 083
757,122

8,925
31, 848
8,151
21, 671

6,194
273
26, 398 195
9,902 510
13, 545 1,053

275
200
527
1,102

96,379
53,714
44,809
204,154
29,114
41,109
108,177
32,580

109, 415
60, 331
47, 305
226,110
30, 950
56, 590
133, 936
33, 885

46, 498
28,864
30, 537
101, 491
16, 366
20, 601
68, 507
24, 275

55, 325
32, 923
32,196
117, 562
17, 843
28,579
91, 708
25,143

49,881
24, 850
14, 272
102, 663
12, 748
20, 508
37, 670
8, 305

54, 090
27, 408
15.109
108, 548
13, 107
28,011
42, 228
8,742

95, 990
55, 321
41,609
211, 005
28, 378
43, 682
81, 446
29, 473

113, 932
66, 365
49, 026
239, 026
32, 503
61, 520
107,172
34, 46S

3,105
1,586
3,291
5,192
1,813
1,416
3,018
2,494

1,270
710
1,056
2,385
1,018
846
1,224
832

151
112
73
221
49
26
71
28

356
122
78
237
50
32
88
32

386, 394
183,144
230,929 155, 220
155, 465 323.949
379, 051
211,137
79, 546
118, 064 179, 425
93, 073 105,167
206,106
3,115,123 1, 830, 608 2,027, 458 1, 072, 782 1, 087, 665 2, 726, 986 2, 927, 215

11, 624
6,183
102,147

5,511
3,348
55, 020

259
169
363

286
197
393

338,364
184,713
2,903,390

46,071,380 49, 704,194 27,834, 337 31, 305, 49218, 237, 043 18, 398,702 41,962,950'45,820,556 1,238,467 '1,146,66319,046 19,9G6

i Includes all National and State banks and all private banks under State supervision. Figures for State institutions are taken from p. 666 and
represent in some cases the condition of banks as of dates other than June 30, 1932, and Dec. 31, 1931.
' Revised.
Back figures.—See (for figures of loans and investments) Annual Reports of Federal Reserve Board for 1931 (Tables 96-98) and 1927 (Tables
81-83).




665

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

ALL BANKS IN THE UNITED STATES—Continued
NATIONAL BANKS!—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1932, AND
DECEMBER 31, 1931, BY STATES
[Amounts in thousands of dollars]
Loans and investments

June
New England:
Maine
New Hampshire..
Vermont..Massachusetts
Rhode Island
Connecticut
Middle AtlanticNew York
New Jersey
Pennsylvania
East North Central:
Ohio.
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia.__
Virginia
West Virginia
North Carolina. _
South CarolinaGeorgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
__
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming..
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total

_

Investments

Loans

Total

State

December

117,064 122, 508
66,754
69,497
60,547
62,468
L, 022,627 1,118,138
45,576
50,881
224,321 241,543

June

61,523
36,836
32,875
632,243
25,202
148,912

December

64,777
38,822
33,688
739,395
29,012
163,486

June

December

55,541
29,918
27,672
390,384
20,374
75,409

June

December

105,510 111,214
52,248
57,777
49,495
53,045
968,559 1,021,044
33,745
38,285
199,249 217,314

Rediscounts
and bills payable

June

Number of reporting banks

Decem|DecemJune
ber
ber

4,387 4,355
4,584 3,405
4,004 2,527
9,864 26,025
648 2,265
5,813 7,974

43
53
45
141
10
58

43
52
45
144
10
61

5, 785,236 4,373,865 2,096,930 2,747,593 1,688,306 1,626,272 3,210,941 3, 749,144 59,847 87,784
710,146 768,072
397,030 437,796 313,116 330,276 648,121 721,842 47,536 41,897
>, 224, 595 2,296,428 1, 204,621 1,281,091 1,019,974 1,015,337 1,832,812 1, 919,955 75,547 101,400

497
268
762

509
272
774

267
161
345
103
135

268
171
382
106
138

579,773
255,744
712, 791
772,157
352,654

599,706
289,362
873,519
838,485
379,982

360,922
151, 905
438,765
548,021
230, 788

389,518
178,529
544,077
616,475
249, 767

218,851
103,839
274,026
224,136
121,866

210,188
110,833
329,442
222,010
130,215

517,861
246,366
661,680
742,500
336,631

541,032
276,857
797,842
835,933
356,945

453,420
173,934
355,054
52,603
48,904
145,898
146,125

482,857
198,941
402.497
54,857
51,218
160,753
165,427

254,014
96,485
199,226
30,316
24,889
90,097
80,229

286,640
116,946
242,065
32,140
26,495
100,219
94,800

199,406
77,449
155,828
22,287
24,015
55,801
65,896

196,21'
81,995
160,432
22,717
24,723
60,534
70,627

438,890
164,878
323,077
50,823
44, 785
139,251
141,211

466,595
189,314
361,115
55,805
50,246
150,377
160, 747

3,113
4,676
3,696
1,697
3,183
5,286
3,889

1,638
6,048
9,973
681
1,565
8,304
4,065

237
177
101
81
78
156
222

239
188
109
86
79
158
232

„ 19,446
180,139
131,685
253, 914
116,878
51,729
43,993
159, 934
129,769

20,603
174,442
134,519
267,884
125,156
72,731
51,960
175.498
129,487

10,196
81,270
71,225
183,343
81,405
37,906
27,582
102,294
37,337

10,872
86, 710
76,908
198,536
90, 715
54,375
35,58"
114,043
44,184

9,250

9,731
87, 732
57,611
69,348
34, 441
18,356
16,373
61,45f
85,303

14,522
153,423
133,665
221,982
99,511
39,848
37,162
153,915
128,616

16,108
155,109
132,960
231,480
110,376
57,523
49,402
167,471
130,040

1,074
3,287
3,361
10,004
8,076
5,449
5,609
3,081
1,194

890
2,136
4,657
8,968
7,456
6,857
2,357
2,546
1,143

iei

60,460
70,571
35,473
13,823
16,411
57,640
92,432

68j
12
142
80
41
21
62
49

16
69
12
144
87
44
24
65
50

157, 641
197,479
136,51"
43, 390

171, 209
211,007
152, 969
44,615

102,490
146, 868
88,416
27, 394

122,008
161, 806
102, 984
28, 534

55,151
50, 611
48,097
15, 996

49, 201
49,201
49, 985
16,081

132,031
164, 850
111,991
40, 898

152,044
182,074
133,746
44,531

4,858
17,20'
5,845
2,817

3,891
14,518
5,688
1,856

109J

46, 480
81, 863
224, 587
582,531

48, 252
96,289
240,383
622, 738

25, 705
59, 208
116,955
372,345

27, 512
70, 846
138,485
412, 974

20, 775
22, 665
107, 632
210,186

20, 740
25, 443
101, 898
209, 764

42, 273
67,461
229, 542
550,296

50
29
242
493

54,315
23,331
28,136
166, 925
21, 750
15, 757
34,914
18,217

62,035
26,400
28, 803
181, 032
22, 826

22,183
13, 628
17, 865
77, 274
11, 807
6,934
17,206
11, 769

27, 706
15,444
18,079
88, 526
12, 625
8,921
22,162
10, 758

32,132
9,703
10,271
89, 651
9,943
8,823
17, 708
6,448

34, 329
10,956
10, 724
92, 506
10, 201
12,270
18,265
6,334

55,527
23,223
26,121
172,162
21,166
16,284
29,202

43,146 1,238 1,!
80, 891 5,288 4,288
237,040 6,502 8,625
592,520 12,336 10,248
646
65, 793 1,412
842
375
27, 765
461
29,426 1,618
191,195 3,640 1,476
678
23,969 1,284
345
22,266
540
147
35,174
856
832
14, 960 2,494

53
31
25
100
26
10
15
10

51
29
250
508
55
35
25
105
26
11
16
10

206, 998 226,216
100,496 123, 111
65,807
58, 019
147, o75 166, 234
1,
., 866, 5281, 960, 613 214, 310 1,321, 230

106, 502
89, 556
652, 218

214,469 6,505 2,776
103,105 189,229
100, 427 141, 638 159, 560 4,205 2,611
639, 383 1, 709, 849 1, 837, 632 92,071 46, 768

86
78
168

92
84
181

17,448,34019,093, 615 10,265,259 11, 904, 779 7,183,081 7,188, 836 15, 628, 83117, 271,098 506, 815555,365

6,145

6,368

21,191
40,427
17,092

i Member banks only, i. e., exclusive of national banks in Alaska and Hawaii.




57, 731
30,675
28,780
378,743
21,869
78,057

Deposits, exclusive
of interbank
deposits

13, 811

16,622 26,128
7,267 6,634
16,087 15,251
11,197 48,203
5,179 4,135

82i
81
26

119
84
84
26

666

FEDERAL RESERVE BULLETIN

OCTOBER,

1932

ALL BANKS IN THE UNITED STATES—Continued
STATE BANKS *—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1932, AND DECEMBER
31, 1931, BY STATES
[Amounts in thousands of dollars]
Loans and investments
Total

State
June

New England:
282,196
Maine
New Hampshire
220,748
Vermont
153.476
Massachusetts
2, 640,791
Rhode Island
446,299
Connecticut
953,999
Middle Atlantic:
New York
11,036,457
New Jersey
._
1,255,428
Pennsylvania
2,366,458
East North Central:
1,313,772
Ohio
Indiana
274,945
Illinois
1,475,471
Michigan
601,991
Wisconsin
376,426
West North Central:
271,997
Minnesota
292,620
Iowa
553,467
Missouri..
_.North Dakota
18,320
South Dakota
36,329
Nebraska
74,860
130,389
Kansas
South Atlantic:
135,452
Delaware
--573,145
Maryland
District of Columbia. 109.477
182,879
Virginia
126,324
West Virginia
151,840
North Carolina-.<44,935
South Carolina....
87,085
Georgia
47, 585
Florida
East South Central:
196,661
Kentucky...
104,016
Tennessee
50,409
Alabama
78,645
Mississippi
West South Central:
59,465
Arkansas
255,920
Louisiana
44,930
Oklahoma
147,776
Texas
Mountain:
42,064
Montana
30,383
Idaho
16,673
Wyoming
37,229
Colorado
7,364
New Mexico
25,352
' Arizona
71,263
Utah..
14,363
Nevada
Pacific:
131,366
Washington
37,138
Oregon.
1,036,862
California
Total.-

28,623,040

Loans

December

June

Investments

December

June

Deposits, exclusive of Rediscounts and Number of reinterbank deposits bills payable pomng banks

December

146,419
152,134 135,777
290,368
97,966
102, 616 122,782
225,454
100,117
103,825
158,717
53,359
2,820,789 1,626,353 1,749,808 1, 014,438
234,680 218,202
467, 058 228,097
535,380
577,686 418, 619
1,054,488
11,418,171 6,734,631 7,348,145 4,301,826
1,328,234
773, 398
825,822 482,030
2,534,188 1,179, 762 1, 322, 543 1,186, 696

Jane

138,234 252,493
122,838 201,906
54,892 151,134
1,070,981 2,473,387
232,378 422, 825
476,802 891,774

359,024
79,692
504, 018
183,258
130,558

364,511 1,201,948
85,281 283,788
627,718 1,325,492
' 189,069 547,529
138,490 357,318

289,972
347,683
593,677
19,325
37,585
84,740
145,087

144,751
223,248
310,553
15,648
26,072
55,966
98,186

160,967
269,106
353,536
16,035
27,358
65,287
111, 150

127,246
09,372
242,914
2,672
10,257
18,894
32,203

129,005 271,229
78,577 3 289,225
240,141 3 549,910
3,290
18,105
10,227
33,850
19,453
73,935
33,937 '126,305

143, 583
594, 611
114,568
186,847
128,955
167,698
61,833
94,235
50,135

76,718
290,535
69,320
145, 058
97,695
108,838
«28,097
71,579
21,245

84,883
312,407
74,588
152,132
102,403
123,708
39,245
79,852
24,194

58,734
282, 610
40,157
37,821
28,629
43,002
« 16,838
15,506
26,340

58,700
282,204
39,980
34, 715
26,552
43,990
22,588
14,383
25,941

232,566
115,570
54,723
76,260

154,255
86,617
42,090
52,835

188,692
97,200
46.035
52, 796

58,418
259,127
48,007
158,551

46,518
187,171
25,086
103,873

47,380
33,931
18, 502
45,078
8,124
35,399
93,509
16,793
160,178
44,903
1,154,510

Decem
June
ber

December

8,840
640
4,060
31,230
315
14, 570

72
64
55
275
24
149

72
65
55
281
25
158

54,196 72,850
55,295 37,382
87,049 109,754

487
207
498

492
214
546

1,297,376 96,597 3 76,006
8,267
322,586 10,443
1,739,294 104,740 24,711
' 608,818 36,410 29,628
15,378 11, 822

540
534
804
454
722

554
571
912
'482
736

266,105
159,371
2,626,463
441, 624
973,149

4, 070, 026 10,195,23110,608,458
502,412 1,165,540 1,265,051
1,211,645 1,923, 762 2,101,876

954, 748 1, 017,457
195,253
224,086
971,453 1,211,123
418,733 '462,260
245,868
271, 054

1,381,968
309,367
1,838,841
'651,329
409,544

December June

7,729
3,247
8.122
25,532
480
12,232

299,306
» 357,883
3 607,330
20, 023
38,891
86,421
8
144,100

7,498
19,167
14,634
947
2,652
3,328
6,347

4,421
12,704
12,875
372
934
2,687
5,981

603
703
813
156
179
459
658

629
750
873
160
185
472

73,038
49,663

120,944
555,412
111,949
157,799
120,348
157, 091
64,639
84,226
53,163

1,332
17,533
933
9,273
7,016
13,17r
* 5,593
7,378
1,415

816
14,472
1,305
8,164
5,493
12,549
4, -~
6,196
1,537

43
137
27
248
130
216
<102
245
135

33
133
27
258
128
240
89
257
137

42,406
17,399
8,319
25,810

43,874 154,473
18,370 3104,671
43,237
8,688
73,751
23,464

197,487
3114,991
52,741
77,106

6,038
5,648
4,655
8,009

4,156
5,906
3,387
5,667

362
301
162
200

392
316
173
196

47.618
187,998
27,958
113,956

12,947
68,749
19,844
43,903

10,800
71,129
20,049
44,595

57,178
226,687
45,834
142,295

57,861
243,281
50,043
164,602

4,325
7,
26, 560 22,110
1,649 1,277
9,335 3,297

223
166
268
560

224
171
277
594

24,315
15,236
12,672
24,217
4,559
13,667
51,301
12,506

27.619
17,479
14,117
29.036
5,218
19,658
69,546
14,385

17,749
15,147
4,001
13,012
2,805
11,—
19,962
1,857

19,761
16,452
4,385
16,042
2,906
15,741
23, 963
2,408

40,463
3 32,098
15,488
38,843
7,212
3 27,398
52,244
15,662

48,139
3 38,600
19,600
47,831
8,534
3 39,254
71,998
19,508

1,693
744
1,673
1, 55r
«529
876
2,162

624
335
595
909
«340
501
1,077

98
81
48
121
23
16
56
18

101
87
53
132
24
21
72
22

82,648
21,527
616,298

107,818
27,266
706,228

48,718
15,611
420,564

52,360 3134,720
37,787
17,637
448,282 1,017,137

164,582
46,546

5,119
1,978
10,076

2,735
737
8,252

173
91
195

194
113
212

112,420
524,810
109,107
150,260
115,603
134,662

M0,692

30,610, 579 17, 569,078 ' 19,400,713 11,053,962' 11,209,866 26,334,119' 28,549,458 731,652 ' 591,298 12,901 13,598

1
Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates
nearest
thereto for whichfiguresare available.
2
8 Includes bonds borrowed.
Includes due to banks.
* Includes 10 cash depositories.
• Includes miscellaneous liabilities.
•• Revised.
NOTE.—Allfiguresin the June columns are as of June 30, except as follows: Tennessee, June 15; Oklahoma, June 27; Colorado, June 25. All
figures in the December columns are as of Dec. 31, except as follows: Maine, Dec. 26; New Hampshire, June 30; Massachusetts, savings banks,
Oct. 31; Kentucky, June 30; Oklahoma, Dec. 26; Colorado, Dec. 5.




667

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

ALL MEMBER BANKS IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS
[In millions of dollars]
Averages of daily figures
Borrowings at Federal reserve
banks

Reserves held
Federal reserve district

Total

Excess
1932

1932
August
Boston. _
New York
Philadelphia.
Cleveland
Richmond
Atlanta .

_. . . .

Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...

..-

_

Total

1932

1931

July

August

August

1931

1931

July

August

August

July

August

26.8
86 5
1.5

43 9
3.3

3.0

19.2
93.0
65.1

25.4
103.4
72.3

48.1
18.6

40

47

2.8

2.5

3.4

20

16

2.2
1.4

35.5
27.7
33.5

51.7
28.5
39.9

25.0
18.5
20.3

332 8
67.1
47.6

82 6

65 2

23.1

2.4

3.9

3.4

2.5

2.9

33.1
12.4
13.6

41.2
13.5
12.6

15.9
10.6
4.5

66.2
44 9
130.1

80.7
52 6
177.5

6.7
26

5.4
3 5
-1.6

6.1
1.6

4.7

8.4

21.0
16.8
79.2

22.9
16.0
94.7

13.1
13.3
25.4

2,002. 6

2, 345. 4

269.9

204.4

100.6

450.2

522.1

222.2

131.1
958 5
116.9

139.2
896 7
116.3

141.0
999 9
143.5

18.2
138 7
2.6

141.3
50. 1
42 4

142.3
51. 1
42 6

187.2
61.0
54 4

294.4
53.3
38.9

277.3
54.9
40.8

66.9
43 0
136.4
2,073. 2

2.3

8.9

Back figures—For reserves jheld and borrowings at Federal reserve banks, see Annual Reports for 1931 (Tables 100 and 101), 1929 (Table 91),
and 1927 (Tables 89 and 90).

NET DEMAND AND TIME DEPOSITS OF BANKS IN LARGER AND SMALLER CENTERS
[In millions of dollars]
Averages of daily figures
Member banks in larger centers (places over 15,000)
Federal reserve district

1932
August
Boston _
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total




Time

Net demand
1931
July

August

August

July

Time

Net demand
1931

1932

Member banks in smaller centers (places under 15,000)

August

1932
August

1931
July

August

1932
August

1931
July

August

5,909
819

1,153
6,897
988

1,903
604

1,843
600

2,452
773

216
142

216
143

289
181

476
398

138

5,954
813

479
401

159
591
456

955

960

1,309

1,012

1,008

1,330

136

135

178

260

262

321
290

321
296

394
392

296
288

296
285

358
325

73
52

74
54

100
76

161
64

162
64

313
199
83

1,419

1,421

1,656

934

940

703

689

855

80

76

103

141

2,103

1,190

1,204

355

456

305

297

357

144
88

147
88

208
113

241
97

245
97

194

204

250

188

190

206

97

101

132

197

200

397

402

492

240

171

173

225

117

118

284
811

292
806

359

155

155

184

1,080

1,455

1,470

1,719

126
93

130
97

165
140

33
108

32
110

140
38
135

12,723

12, 723

15,873

8,312

8,247

10,455

1,418

1,434

1,910

2,291

2,308

2,804

351

213

213

335
120
235

668

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR N. Y. CITY AND CHICAGO
[In millions of dollars]
City

Federal Reserve District
Total

Loans and investments:
Sept. 7
Sept. 14.
Sept. 21
_
Sept. 28
Loans:
Sept. 7
Sept. 14
Sept. 21
__.
Sept. 28
On securitiesSept. 7
Sept. 14
Sept. 21
Sept. 28
All o t h e r s Sept. 7
Sept. 14
Sept. 21
Sept. 2 8 . . .
Investments:
Sept. 7
_..
Sept. 14
_
Sept. 21_
Sept. 28
United States Government
securitiesSept. 7
Sept. 14
Sept. 21
Sept. 28
All o t h e r Sept. 7
Sept. 14
Sept. 21
_._
Sept. 28
..-.
Reserve with Federal reserve
bank:
Sept. 7Sept. 14
Sept. 2 1 . .
Sept. 2 8 Cash in vault:
Sept. 7..
Sept. 14
Sept. 2 1 . . .
_
Sept. 28
Net demand deposits:
Sept. 7.
Sept. 14
___.
Sept. 21
Sept. 28
Time deposits:
Sept. 7
Sept. 14
Sept. 21
.._
Sept. 28
Government deposits:
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Due from banks:
Sept. 7.
Sept. 14
Sept. 21
Sept. 28.
Due to banks:
Sept. 7
_._
Sept. 14
Sept. 21
Sept. 28
B o r r o w i n g s from Federal
reserve banks:
Sept. 7
_
Sept. 14
Sept. 21
Sept. 28

Boston

New PhilaRich- Atlan.
del- CleveYork phia
land mond
ta

1,215
1,218
1,249
1,239

7,574
7,596
7,798
7,799

1,093
1,094
1,121
1,119

758 4,095
768 4,108
774 4,080
765 4,087

4,519
4,547
4,511
4,521

287
289
288
288

6,293
6,219
6,218
6,185

18,564
18, 556
18,930
18, 907

Chicago

KanSan New
sas Dallas Fran- York
City
cisco

Chicago

1 907
1,903
1,934
1,925

570
569
590
591

492 2,256
492 2,230
503 2.245
499 2,247

520
523
532
528

314
314
314
314

522
618
522
521

375
373
387
388

1,726 6,575
1,726 6,599
1,735 6,796
1,737 6,801

1,219
1,194
1,208
1,214

625
625
621
618

1,136
1,130
1,126
1,121

319
318
317
316

322
322
320
320

1,582
1,522
1,520
1,508

300
301
300

185
185
184
185

260
258
257
258

236
236
236
238

996 3,478
994 3,493
993 3,468
990 3,479

832
774
773
767

1,904
1,944
1,918
1,939

309
309
308
306

515
513
514
511

122
120
119
120

106
107
106
106

714
701

113
113
114
113

54
54
54
54

78
79
78

72
73
72
72

245
245
244
245

1,646
1,686
1,662
1,683

465
453
448
445

471
479
486
477

2,191
2,164
2,162
2,148

316
316
313
312

621
617
312
610

197
198
198
196

216
215
214
214

821
824
820

185
187
187
187

131
131
130
131

182
179
179
179

164
163
164
166

751
749
749
745

1,832
1,807
1,806
1,796

367
321
325
322

7,752
7,790
8,201
8,201

457
450
475
474

3,488
3,718
3,712

500
501

771
773
808
804

251
251
273
275

170
170
183
179

674
708
725
739

222
223
231
228

129
129
130
129

262
260
265
263

139
137
151
150

730 3,097
732 3,106
742 3,328
747 3,322

420
435
447

4,535
4,559
4,981
4,960

272
264
290
287

2,256
2,255
2,499
2,475

197
197
225
225

439
441
477
473

130
130
151
154

87
87
100

362
391
408
423

103
103
111
108

143
142
147
145

400
402
411
415

2,109
2,108
2,344
2,321

198
226
240
253

3,217
3,231
3,220
3,241

185
186
185
187

1,223
1,233
1,219
1,237

271
272
275
276

332
332
331
331

121
121
122
121

312
317
317
316

119
120
120
120

119
118
118
118

330
330
331
332

1,001

189
194
195
194

1,703
1,810
1,767
1,831

97
101
81

882
1,002
970
1,004

70
70
69
70

109
110
110
111

35
33
33
33

264
253
269
285

957
924
961

205
197
209
229

206
217
198
206

15
16
15
16

50
54
47
49

12
13
11
11

24
26
24

13
13
13
13

729 5,580
730 5,737
716 5,658
732 5,731

634
639
626
628

829
831
841

264
276
272
276

219
216
212
214

1,190
1,210
1,218
1, 243

195
194
200
193

10,
10,
10.
10,

812
766
729
706

11,011
11, 232
11,100
11,229

3,479

21
20
19
22

45
45
42
42

5
5
5
5

14
14
14
13

278
281
279
277

162
163
156
157

348
353
345
340

906
907
903

200
200
200
200

138
140
141
142

180
180
181
181

2
2

1
1
3
3

39
43
36

17
17
17
17

224
225
220
219

554 5,142
571 5,295
557 5,218
563 5,296

802
816
828
853

125
123
125
125

884
875
880
892

820
816
824
829

10
10
39
39

64
64
273
273

32

16
16
14
15

5,622
5,610
5,627
5,640

429
429
429
429

1,244
1,243
1,245
1,249

272
272
272
271

819
821
821

229
228
230
231

147
147
••608
608

29
29

295
295

12
12
50
50

11
11
45
45

5
5
23
23

12
12
46
46

1,347
1,462
1,431
1,448

138
148
135
141

127
123
125
127

100
108
110
120

85
99
108
107

71
77
80
78

299
330
303
299

41
44
44
41

131
142
140
145

134
156
147
144

71
69
70
73

215
242
219
211

2,875
2,997
2,962
2,991

138
151
144
142

181
187
187
188

216
222
224
227

348
362
377
375

51
50
51
54

155
156
156
159

160
173
171
176

1,233
1,300
1,256
1,270

258
275
283
284

1,289
1,357
1,313
1,327

153
148
113
101

Back figures—See Annual Report for 1931 (Tables 112-122), 1930 (Tables 106-116), etc.




MinSt.
Louis neapolis

r

Revised.

326
328
324
326

669

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT
Prime commercial paper
Federal reserve
bank or branch city

1932

September

August

eptember

Boston..

3 -4H
3 -4
5 -6

5 -6

Philadelphia..
5 -6
5 -6

Richmond..
Baltimore..
Charlotte...

5 -5H
5 -6
5 -6

5 -6
5 -8

Atlanta
Birmingham..
JacksonvilleNashville
New Orleans..

5 -b\
5 -6
4^-8

4 -5

33/4-5

5 -5M

4^-5
5H-6

4 -4V

3 -4
6

5 -6

August

6
5 -7

5 -7
6 -8

6

»-6 -8
6

5
5
6

-h\
-8
-7
6
5 -63.

6
-7
6

5 -6
6 -63,
5H-6

5 -6

6 -8
6 -8
6

4 -6
4^-5

5
4

-6

7 -8
5 -6
5 -7

7 -8

6
6 -7
5 -7
6 -6}

6
8
5M-7

4 -6
-6
5
7 -8
5 -6
5 -7

5 -5V

r

7 -8

-53-

6

5' 2 -6
6
6
6 -6V2

6 -8

6
5 -6

6 -7
7 -8

6 -8
7 -8
5 -6
6 -6
6
6 -7
63^-7
6M-7

2

-6

-5

5

-6
6
6
6
5 -63-

4-5
6
4
7

53^-6
5 -6

4 -6

-73,

5 -8
6 -7
0 -8

53^-6
6
6

53^-6
5H-6

8
5 -6
6 -8

8
5 -8

5 -6

5 -5J,
5 -6
5 -53>
6

5 -5
5 -6
5 -534
6

-6

53^-6

-6>

6 ~ey2
6 -7
7

5H-6
6 -6H
6 -7

-63>

5 -5H
5 -6

5

6 -8
6 -8
6

5 -6
5H-6

4

5- 6
6 -7
53^-6

-8

5 -53
5 -6
5H-6

43/4-5H

53-3-8
6 -8
6 -&}

6
8

5

6

5 -7
7 -8

5

33^-5

6
-6

3 -5
6 -7

5H-6
6

6

4 -53^

September

5
6

2 -536 -7

43^-6
6 -8

6 -7
5 -6
6 -61,
6 -6}
6 -7
6 -7
6 -7

4-

0 -6

43^-6
6 -61

August

4 -5
6

5 -6
' 6 -8
6 -8
6

6

3 -5
7 -8

September

1931

5

4 -435 -6

-6

1932

6
6

4 -6
»-5 -7
••6 -8

iepte
September

5 -Vy

5H-6

4 -5
4

5 -6
5 -6

Interbank loans

1931

5 -6
5 -6
6

5 -6

Minneapolis..
Helena

San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
Spokane

5 -6
4 -5
5H-6

5- 6

St. Louis
Little Rock..
Louisville—.

Dallas
El Paso
Houston
San Antonio..

September

September

August

4- 5
5 -6

6 -7
6 -6
5 -6

1932

Septem-

5 -53>

5 -6
5 -6

Loans secured by warehouse
receipts

1931

5 -6

Cleveland..
Cincinnati..
Pittsburgh.

Kansas City
Denver
Oklahoma City
Omaha

1932

1931

New York.
Buffalo

Chicago..
Detroit. .

Loans secured by prime stock
exchange collateral

6

-7

-6
6
-6

4H-6
6 -8
5 -S
6
6

-6M

5 -6
6 -8
6
6

5

-53 S

5

-6

-63^

-7
7

6H-7

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. Rates
from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities.




670

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

OTHER BANKING AND FINANCIAL STATISTICS
MATURITY DISTRIBUTION OF BILLS, ETC.
SHIPMENTS AND RECEIPTS OF AMERICAN
CURRENCY TO AND FROM EUROPE

fin thousands of dollars]

BY SELECTED BANKS IN NEW YORK CITY

Total

[Paper currency only. I n thousands of dollars]
1931

Bills discounted:

1932

Net
Net
ShipshipReShipshipRements ceipts ments ments ceipts ments
from
from (-)or
to
(-)or
to
Europe Europe receipts Europe Europe receipts

Month

470
130
1,380
915
2,570
8,811
10,256
3,226
8,433
3,088
52
1,523

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

4,051
1,469
2,103
779
394
3,723

3,290
11,588
7,039
3,749

+3,581
+830
-517
+554
-467
-8,032
-9,862
+497
-5,143
+8,500
+6,987
+2,226

25
0
0
0
0
12
20
152
36

3,335
5,221
8,468
4,563

10,938
16,265
6,694
6,458
6,603

+3,310
+5,221
+8,468
+4,563
+10,938
+16,253
+6,674
+6,306
+6, 567

For description and back figures see BULLETIN for January, 1932
pp. 7-9.

MEMBERSHIP IN PAR-COLLECTION SYSTEM

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

Member banks
Not on par list

1932

1931

1932

1931

1932

6,925

7,679

8,365

10,103

3,122

3,429

367
824
702
637
387
333
813
441
560
797
596
468

384
884
742
711
452
366
983
501
605
845
653
553

221
335
305
763
431
135
2,302
1,144
343
1,492
431
463

255
377
423
858
488
160
2,893
1, 349'
429
1,765

6
358
729
262
402
861
230
225
49

7
430
839
254
444
959
218
217
61

523
583

1931

Figures cover all incorporated banks (other than mutual savings
banks).
Back figures.—See Annual Report for 1931 (Table 88), 1930 (Table 83),
1929 (Table 77), etc.




Bills bought in
open market:
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Certificates and
bills:
Sept. 7
_
Sept. 14
Sept. 21
Sept. 28
Municipal warrants:
Sept. 7
Sept. 14
Sept. 21
Sept. 28

420,428 299,302
401,933 283,154
359,023 241,609
339, 647 236,003
33, 585
33, 726
33,652
33,604

34, 793 47,290 29,799
33,991
30,151
28, 258 43,906 27, 555
27,998 41,266 27,174

2,681 4,237
4,622 1,757
928
4,806
2,267 1,644

8,697
547
8,010
589
7,112 10,583
6,557

25,684
904 26,413
1,063 26,825
1,792 27,871

1,030, 352 144,t, 340 58,050 236, 789 149,850 13, 775 427,548
1,029,384 171,,426 60,822 219,568 136, 250 13, 775 427,543
1,021,843 35,550 136, 290 138,100
750 204,556 413, 597
000 254,160 423, 587
1,029,335 19,822150,417156,349
5,714
5,426
4,402
4,872

4,238
3,910
4,162
4,632

1,258
1,276

193
215
205
205

25

Back figures.—See (for bills discounted and bills bought) Annual Report for 1931 (Table 16), 1930 (Table 15), 1929 (Table 14), etc.

UNITED STATES POSTAL SAVINGS

End of month

Nonmember banks
On par list

Sept. 7
Sept. 14
Sept. 21
Sept. 28

[Balance to credit of depositors. I n millions of dollars]

[Number of banks at end of August]

Federal reserve
district

With91 days
to 90 to 6 Over 6
i n ^ 16 to 30 31 to 60 61
days
mos.
days days

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

1927

1928

1929

1930

1931

1932

141.5
143.8
146.4
147.1
147.4
147.4
147.1
147.9
148.2
148.7
149.0
148.5

148.9
151.1
152.0
152.2
152.0
152.1
151.7
152.2
152.3
153.1
153.9
153.9

153.5
154.8
155.0
154.3
153.8
153.6
167.8
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
469.9
538.1
565.5
605.1

665.6
691.8
705.3
722.1
» 733. 5
» 776.3
» 826.0
» 844.9

671

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

BANK SUSPENSIONS AND BANKS REOPENED
BANK SUSPENSIONS AND BANKS REOPENED, BY DISTRICTS
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during
given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of
suspension where available, otherwise as of the latest available call date preceding suspension]
[Figures for latest month are preliminary]
Bank:s suspended
Number

Banks reopened
Deposits (in thousands of
dollars)

Number

Deposits (in thousands of dollars)

Federal reserve district
Members
All
banks

September, 1932:
Boston
New York
Philadelphia _ . .
ClevelandRichmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
_ _
Dallas
.
San Francisco
Total.
January-September, 1932:
Boston
New York
_ _
Philadelphia
Cleveland.
_Richmond
Atlanta
Chicago
St Louis
Minneapolis _ _
Kansas City
Dallas
San Francisco
Total

National

2
4
3
2

2
3

15
3

1

12

3
1

Members

NonmemState bers

1
3
2

14
3

All
banks

1 250
1,251
2 365

National

State

1,250

Nonmembers

285
2 365

966

661

661

All
banks

NonMem- members^ bers

1
3

1

6
2

2
1

9

2

4

3

4,787
537
1,879
2,251
135
2,892

185

1,992

65

12

4

49

16,008

2,980

1,992

11,036

14

4

11
14
25
49
65
53
395
121
80
143
27
116

2
10
8
18
12
14
68
17
14
20
7
28

1
1

8 72, 563
3 25,773
17 28,715
30 19,036
53 2 52.966
35 16,248
308 214, 601
99 32,229
66 18, 695
121 22,370
18
7,723
79 76,317

4,031
20, 580
4,391
7,983
14, 526
6,102
66,208
8,007
4,058
5,688
3,474
23,999

10, 258
797

2
6
7
12
37
20
65
32
13
18
9
8

2
1
7
1
8
1
10
5
1

481
150
5,060

58,274
4,396
24,324
10,541
2 38,440
8,241
126.363
20,843
14, 637
16,201
4,099
47,258

1,099

218

587, 236

169,047

44,572

373,617

229

41

13
2

9

12
2

1

4
19
5
2
2
9
44

837

109
436
34

512

1.905
22,030
3,379

4,678
537
1,443
2,217
135

1
1

All
banks

Members i

1
2

3,066
2,101

1,286

34
1
1
1

6,810
461

757
254

10

13,623

Nonmembers

3,066
815

a 6,053
207
936
249

936
249

715

3
2

2,297

11,326

<11
29
< 19
4 55
27
12
18
6
6

2,271
8,415
7,446
60,803
27,217
7,746
72,677
8,218
5,159
3,411
5,558
9,187

2,271
7,908
507
7,446
577 < 60,226
16,154
11.063
680 4 7,066
18,633 4 54,044
7,085
1,133
4,027
1,132
3,411
1,327
4,231
8,227
960

188

218,108

48, 633 169,475

5

*"*' 1 Represents national banks only, except as follows: January-August, 2 State members in Chicago district with deposits of $1,332,000, 1 in St.
Louis district with deposits of $339,000, and 2 in San Francisco district with deposits of $960,000.
2 Exclusive of deposits of 1 bank for which deposit figures are not yet available.
3 At time of suspension, 1 bank in Chicago district with deposits of $4,314,000 was a State member bank.
4 At time of suspension, 4 banks in Cleveland district with deposits of $35,482,000, 1 bank in Atlanta district with deposits of $531,000, and 9
banks in Chicago district with deposits of $36,151,000, were State member banks.
Back figures.—See BULLETIN for February, 1932; also Annual Reports for 1931 (Table 123), 1930 (Table 117), 1929 (Table 111), 1928 (Table 115),
1927 (Table 111), and 1926 (Table 98).




672

FEDERAL RESERVE BULLETIN

OCTOBER,

1932

BANK SUSPENSIONS AND BANKS REOPENED—Continued
BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, DURING SEPTEMBER, 1932
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during
given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date
of suspension where available, otherwise as of the latest call date preceding suspension]
[Figures are preliminary and subject to revision]
Banks suspended
Number

Banks reopened

Deposits (in thousands of dollars)

Deposits (in thousands
of dollars)

Number

State
Members

All
banks

New England:
Maine
New Hampshire..
Vermont
Massachusetts .
Rhode Island
ConnecticutMiddle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa.
Missouri
North Dakota..
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee .
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming .
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total
1
2
3

NonmemNa- State bers
tional

Members
All
banks

National

State

All
NonMem- NonAll
members banks bers i members banks

,

_.

6

5

4
2
6
2
._

7
4
1
2
2
5
5

2
1
1

1

2, 501

4
2
6
2

696
1,317
2,285
579

5
3
1
2
1
5
5

1,223
652
117
183
151
1,099
692

2,216

375
109

3,066

1
24

501
7,245

1

1

249

249

1

1

582

582

1

1,286
233

1

207

1

696
1,317
2,285
579

2
5

848
543
117
183
90
1,099
692

61

1

285

1
2

1
2

253
3 112

253
3 112

2

2

661

661

1
1

1
1

1

1

2
2
1

2
2

426
135

2

707

81

34

34

1,307
878

4

1

1

1

2
3

1
2

1

1

65

12

4

49

16, 008

1

1

14

4

3,066

337
420

1,286

164
2 6,825

1

233

207

254

254

426
135

1

118

508

1,100
774

207

104
2,980

1,992

11,036

Represents national banks only.
At time of suspension 1 of these banks, with deposits of $4,314,000, was a State member bank.
Exclusive of deposits of 1 bank for which deposit figures are not yet available.




Non-

M e m - members i bers

10

13 623

I

2,297

11, 326

OCTOBER,

673

FEDERAL RESERVE BULLETIN

1932

BANK SUSPENSIONS AND BANKS REOPENED—Continued
BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, JANUARY 1 TO SEPTEMBER 30, 1932
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank, Figures of suspensions during
given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of
suspension where available, otherwise as of the latest available call date preceding suspension]
[Figures included for latest month are preliminary and subject to revision]
Banks suspended
Number

State

Deposits (in thousands of dollars)
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
Marvland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky.
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana .
Oklahoma
Texas
_.
Mountain:
Montana
Idaho
Wyom i ng
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
._
California..
Total -

.

NonmemNa- State bers
tional

5

1

6

1

10
7
37

8
4
16

22
63
169
70
25

2
9
42
4
2

41
110
64
9
12
34
49

4
20
7
2
2
3
7

1
4
4
9
4
30
15
12
8

1
1
2
1
5
3
4
1

36
21
10
9

10
3
4
1

9
7
20
26

1
1
4
7

5
22
2
17

2
6

6
14
3

1

24
22
26

4
5
12

--. 1,099

218

Banks reopened

All
banks

National

State

3

29,678

1,334

5

42,885

2,697

2
2
20

15,326
12,679
33,763

12,016
8,990
7,528

20
54
118
57
23

7,625
35,833
109,275
25,647
9,154

1,678
10,182
40,096
2,404
1,046

3
1

37
87
56

2

10
29
42

7,4b3
53,964
11,019
823
3,875
4,959
7,762

862
16,908
3,694
141
356
408
2,925

3
4
7
3
25
12
7
7

792
5,520
3,497
879
602
3 13,897
28,679
2,450
2,741

792
839
339
142
9,967
3,239
506
432

25
18
4
8

10,362
4,340
4,384
1,458

4,186
1,624
2,405
455

2,347

7
5
16
17

828
2,450
4,844
7,515

85
680
1,626
3,474

126
531

3
15
2
12

838
12,441
878
2,037

306
8,181

5
12
3

6 376
9,812
981

354

2
4

18
13
14

23,483
5,699
17,733

3,873
1,307
10,284

44

837

587,236

169,047

1

1
1

9
9

1
1
2
1
1
2
1

5
2

10,258

Nonmembers

Deposits (in thousands of
dollars)

Number

NonMemAll
banks bers i members

All

banks

NonMem- members! bers

1

1

402

402

1

1

1,869

1,869

3,300
2,892
25,723

4
4
5

1
2
4

3
2
1

6,283
6,700
5,152

507
4,568
2,086

5,947
25,651
56,248
19,254
8,108

9
10
21
28
12

1

28
10
15
2 24
10

56,590
4,958
9,096
27,570
6,674

577

6,601
31,495
6,870
682
3,519
4,070
4,837

4
2
4

4
26
2
4

1,205
31,327
413
597

12
1

12
1

2,403
247
792
2,957

792

8

18,086
40,188

797
512

12,931
3,989

5,561
455
481

358

1,016

150

4,681
3,497
540
460
3 3,930
25,440
1,586
2,309

1

5,720
10,796
2,220
1.409

2 56,013
4,958
3,376
2 16, 774
4,454
2

1,205
29,918
413
597
2,403
247

1
8

1

2
9
12
8
1
4

1
4
3

1
5
9
8
1
4

591
11,607
10,994
2,215
309
933

567
6,689
3,807

24
4,918
7,187
2,215
309
933

8
4

1

7
4

1,084
603

160

924
603

13

5,077
1,216
3,097
402
5,558

4,231

960

3,829
2,716
963
1,003

13

617
1,239
3,218
3,891

7
6
4
9

2
1
3

5
2
5
4
6

2

2

1,913

1
2
1

327
5,841
1,106

188

218,108

118

532
4,142
878
1,351

863

6 022
8,949
981

4

2,285
1,794

17,325
2,598
7,449

1
2
1

44,572

373,617

229

686

6
4
2

5,776
2,132
3,066

41

2,957

5,077
593
680

623
2 2, 417
402
1,327

953
327
5,841
1,106

48,633

169,475

1 Represents national banks only, except as follows: 1 State member in Illinois with deposits of $628,000; 1 in Michigan with deposits of $704,000;
1 in Arkansas with deposits of $339,000; and 2 in Utah with deposits of $960,000.
2 At time of suspension, 4 banks in Ohio with deposits of $35,482,000; 8 in Michigan with deposits of $9,293,000; 1 in Iowa with deposits of
$26,858,000; and 1 in Louisiana with deposits of $531,000, were State member banks.
3 Exclusive of deposits of 1 bank for which deposit figures are not yet available.
Back figures—See Bulletin for February, 1932; also Annual Reports for 1931 (Table 124), 1930 (Table 118), 1929 (Table 112), 1928 (Table 116),
1927 (Table 112), ]926 (Table 100). and 1925 (Tables 97 and 98).




674

FEDERAL RESERVE BULLETIN

OCTOBER,

1932

INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index numbers of the Federal Reserve Board. 1923-1925 average= 100]
Without seasonal adjustment
Industry

1932

August

Manufactures—total
IRON AND STEEL

Pig iron
Steel ingots

_

_

-

_

_

-

._

_

TEXTILES

._

Cotton consumption . . Wool
Consumption „
Machinery activity
Carpet and rug-loom activity
Silk
Deliveries
Loom activity

....--

_ _ __

-- -.- ....,- 1
|
1

....

_

FOOD PRODUCTS

Slaughtering and meat packing..
Hogs
Cattle
Calves
Sheep >
_
Wheat flour
Sugar meltings-- _-

-

__

._

_

_____

August

August

July

55

77

'59

57

78

23
19
24

49
42
50

23
18
24

25
20
26

50
44
51

86
74
70
82
77
25
138
165
85

64
57
53
59
58
26
99
117
62

94
83
93
107
92
51
124
136
99

90
82
73
88

69
63
56
66

99
92
97
115

134
158

103
123

120
131

78
74
68
76
84
152
82
87

80
76
69
79
81
144
81
96

84
75
59
90
86
159
98
98

83
87
89
77
91
150
77
78

81
81
78
80
84
144
84
79

88
86
78
92

89

79
72
62
75
62
68
85
54
71
129
91

101
94
71
105
90
79
115
63
87
172
105

100

85
76
63
81
65
74
89
63
75
135
102

26

26

40

25

27

26
7

35
5
79

56
5
100

23
6

33
5
54

_ _ _ _

LUMBER,. __

August

July

1931

23
17
23

61

_

1932

1931

*>58

PAPER AND PRINTING

Wood pulp and paper
Newsprint
Book paper
Wrapping paper
Fine paper
Box board
Wood pulp mechanical
Wood pulp, chemical
Paper boxes.Newsprint consumption

Adjusted L for seasonal variation

62

158
92
88
105
96
72
107
90
83
114
79
89
171
118
38

TRANSPORTATION EQUIPMENT:

Automobiles
Locomotives
Shipbuilding

_

_

_

.

LEATHER AND PRODUCTS

Tanning. _
__
Sole leather
Upper leatherCattle
Calf and kip
Goat and kid"
Boots and shoes

_
_
.

_

113
99
87

J>93

_

_
105

78

'84
(2)

87
96
130
122

(2)

(2)

92

79

91
80
132
106

48
22

50
••38

83
75

135

141

CEMENT AND GLASS:

Cement.
Glass, plate

62
23

61
'38

107
76

42

50

89

NONFERROUS METALS *:

Tin deliveries *

0)

FUELS, MANUFACTURED:

Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, by-product

_

_

_

. _

_
_

_ - _ - - - _ .

RUBBER TIRES AND TUBES

Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS __.

Cigars
Cigarettes
Minerals—Total
Bituminous coal
Anthracite coal
Petroleum, crude
Iron ore
Zinc
_
Lead
_
Silver

135
178
70
85
66
47

__ _

161
208
74
105
96
77

68
70
46

87
92
55

93
95
80

68
72
42

115
67
150

123
66
167

126
82
159

108
64
139

82

65

64

79

69
62
109
120
46
63
45

50
48
104
8
31
33
41

46
55
104
8
34
31

70
62
107
59
49
66
45

49
43
106
17
28
32
40

42
45
106
15
31
29
34




(2)

74
(2)
(2)
48

8

r
v Preliminary.
Revised.
Includes also lead and zinc; see'' Minerals."
»Without seasonal adjustment.
For description see BULLETIN for February and March, 1927. For latest revisions see BULLETIN for March, 1932, pp. 194-196.
1

161

141
183
73
90
82
48

66

_

52
5
68
102
96

8
50
89
93
58
114
63
152

40

78
80
94
97
72
118
78
148

675

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average=100]
Factory pay rolls

Factory employment

Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment

Industry

1932
August

Total

:

IRON AND STEEL AND PRODUCTS

Steel works and rolling mills
Hardware...
Structural iron work
Heating apparatus. __
Steam fittings
Stoves.
Cast-iron pipe

MACHINERY

Foundry and machine-shop products..
Machine tools
Agricultural implementsElectrical 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 andfinishingtextiles.
B. Wearing apparel
Clothing, men's
Shirts and collars
Clothing, women's
Millinery

POOD AND PRODUCTS

Baking
Slaughtering and meat packing.
Confectionery
Icecream
_
Flour
_
Sugar refining cane

PAPER AND PRINTING.

Printing, book and job..
Printing, newspapers and periodicals._
Paper and pulp
Paper boxes
_
_

LUMBER AND PRODUCTS

Lumber, sawmills
Lumber, millwork...
Furniture

_

TRANSPORTATION 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 smoking tobacco, snuff..

58.6
50.4
53.0
47.3
51.1
41.7
36.5
46.4
35.0
46.4
43.2
38.2
28.5
56.7
62.3
63.8
61.2
59.7
62.8
43.6
76.4
55.3
77.0
58.4
48.3
58.0
73.8
57.1
80.7
85.0
80.6
74.2
83.7
74.0
74.3
79.3
76.2
92.3
75.0
68.7
36.4
32.6
35.6
47.7
45.1
38.7
50.8
66.9
76.1
79.4
62.6
42.1
38.0
31.9
58.4
51.8
39.2
45.8
24.7
53.0
72.2
75.7
75.8
37.6
63.6
66.3
55.2
68.3
67.8
71.5

1931
July
57.2
51.4
54.5
48.5
51.8
39.7
35.9
43.2
36.5
48.4
45.3
38.2
26.0
58.9
53.9
56.4
55.4
49.2
50.7
41.1
71.0
42.5
72.6
47.5
43.7
58.7
50.6
40.9
79.3
85.9
80.7
60.9
85.6
74.6
73.7
80.5
79.4
93.1
75.0
68.6
36.3
32.7
35.8
46.6
49.2
40.7
57.9
71.4
71.6
74.2
61.3
43.4
38.7
31.4
58.4
53.6
41.9
45.4
21.8
53.5
72.3
75.6
77.4
33.4
65.0
69.4
51.9
68.4
68.1
70.7

1932

August

August

n.2

58.8
50.6
53.4
48.7
49.4
41.3
36.0
46.2
34.1
46.4
43.1
38.6
30.1
56.7
64.8
66.1
64.0
61.1
64.1
45.3
78.6
56.2
80.2
61.5
46.9
60.1
80.3
68.3
81.0
85.4
81.4
79.2
71.3
72.5
70.4
80.4
77.5
94.2
75.1
69.8
35.7
31.7
34.9
47.3
44.8
38.6
49.8
70.7
74.0
76.7
62.9
40.5
36.4
29.4
55.1
51.1
3&4
46.4
25.7
53.4
74.0
77.6
74.4
48.8
62.7
64.4
57.2
68.3
67.6
73.7

69.9
71.8
63.2
82.7
60.4
56.9
63.7
64.3
67.7
62.3
72.7
41.2
81.8
77.8
77.4
75.0
76.2
77.2
70.9
85.6
67.1
95.2
78.9
61.1
82.8
104.8
74.4
87.9
96.4
83.6
76.8
95.6
80.6
82.0
91.7
95.0
99.6
84.3
83.6
52.1
45.6
54.0
69.4
58.7
51.1
65.4
83.2
86.7
88.8
77.8
62.6
58.9
52.1
77.4
69.7
63.2
62.3
42.6
69.0
84.4
89.0
86.4
48.6
71.5
74.1
63.9
79.1
80.6
67.2

1932

1931
July
58.3
52.1
55.3
49.2
51.2
41.8
36.7
46.4
35.4
48.3
45.1
38.8
27.4
58.9
56.9
58.6
57.2
51.8
53.4
43.4
74.2
43.4
75.2
52.9
43.3
61.6
60.1
58.8
79.4
85.3
80.7
69.4
70.9
74.4
70.9
81.4
80.4
94.3
75.1
70.6
36.1
32.0
35.3
48.0
49.3
40.4
58.1
73.0
71.9
74.1
62.4
43.1
37.6
29.1
60.7
55.9
39.8
46.0
22.3
54.0
74.7
78.2
75.7
49.0
64.6
68.1
54.3
70.2
69.3
76.9

August

August

74.1
70.3
72.4
65.2
80.0
59.9
56.1
63.4
62.7
67.7
62.2
73.5
43.4
81.8
80.9
80.1
78.4
78.0
78.8
73.6
88.0
68.2
99.1
83.2
59.3
85.9
113.9
89.1
88.1
96.9
84.4
82.0
81.4
79.0
77.7
93.0
96.6
101.6
84.3
85.0
51.1
44.3
53.0
68.8
58.3
51.0
64.2
88.0
84.3
85.8
78.2
60.1
56.2
48.1
78.3
68.7
58.8
63.1
44.2
69.6
86.6
91.3
84.8
63.2
70.5
72.0
66.2
79.1
80.3
69.2

40.1
22.1
21.2
22.3
29.4
23.8
21.6
25.9
18.1
27.1
23.3
22.3
21.7
37.2
42.3
42.1
37.3
38.8
42.5
21.6
53.4
40.0
56.7
42.6
31.1
37.8
57.7
43.5
67.9
71.9
67.3
56.5
73.6
62.2
62.9
67.4
63.3
87.2
50.9
55.0
19.3
16.6
20.0
24.7
31.6
28.6
32.7
53.6
51.7
52.4
49.0
23.9
17.6
14.1
26.7
35.9
25.1
28.9
17.4
32.2
60,0
58.1
68.2
28.2
41.5
43.0
35.7
49.4
48.2
59.7

For description of these indexes see BULLETIN for November, 1929, pp. 706-716, and November, 1930, pp. 662-677.




1931
July
39.6
22.2
21.4
23.1
29.4
22.4
21.3
23.6
19.6
28.8
24.3
22.3
19.6
41.2
32.5
34.4
32.0
30.3
32.4
20.9
46.6
28.1
45.3
28.6
22.6
36.3
35.6
25.3
73.2
69.4
45.9
76.5
63.0
63.4
69.1
66.9
89.4
50.0
55.0
19.0
17.2
20.9
21.8
37.3
29.6
43.4
64.9
46.2
46.1
46.6
24.4
17.8
13.6
29.1
36.9
25.9
29.4
16.3
33.2
60.0
57.8
68.9
26.9
45.9
49.7
30.8
51.4
50.6
58.2

August
64.3
50.6
50.3
47.2
67.9
45.1
42.9
47.3
50.6
54.9
46.6
55.8
33.4
76.8
70.2
68.3
62.4
65.9
68.7
52.8
77.6
64.1
92.7
74.2
56.6
70.3
98.2
71.6
86.7
92.2
85.9
71.2
97.1
79.1
75.0
93.1
94.8
107.4
75.7
81.2
41.3
35.8
43.7
51.7
50.9
48.1
50.4
82.8
75.5
75.1
76.9
48.1
39.1
33.6
53.6
60.9
56.7
52.9
35.7
57.9
80.4
80.7
85.6
45.7
62.2
64.0
55.3
66.3
66.4
65.3

676

FEDERAL RESERVE BULLETIN

OCTOBER, 1632

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Revised index of Bureau of Labor Statistics (784 price series); 1926=100]

Year and month

1927.
1928
1929_
1930
1931
193;— August
September..
October
November..
December...
1932—January
February....
March
April
May
June
July
August

Other commodities

All
commodities

Farm
products

Foods

95.4
96.7
95.3
86.4
73.0
72.1
71.2
70.3
70.2
68.6
67.3
66.3
66.0
65.5
64.4
63.9
64.5
65.2

99.4
105.9
104.9
88.3
64.8
63.5
60.5
58.8
58.7
55.7
52.8
50.6
50.2
49.2
46.6
45.7
47.9
49.1

96.7
101.0
99.9
90.5
74.6
74.6
73.7
73.3
71.0
69.1
64.7
62.5
62.3
61.0
59.3
58.8
60.9
61.8

Total

Hides and Textile Fuel and Metals Building Chemi- House- Miscelcals and furnishleather
lighting and metal
products products materials products materials drugs ing goods laneous

94.0
92.9
91.6
85.2
75.0
74.2
73.9
72.9
73.5
72.3
71.7
71.3
70.9
70.9
70.4
70.1
69.7
70.1

107.7
121.4
109.1
100.0
86.1
88.7
85.0
82.5
81.6
79.8
79.3
78.3
77.3
75.0
72.5
70.8

95.6
95.5
90.4
80.3
66.3
65.5
64.5
63.0
62.2
60.8
59.9
59.8
58.7
57.0
55.6
53.9
52.7
54.0

88.3
84.3
83.0
78.5
67.5
66.5
67.4
67.8
69.4
68.3
67.9
68.3
67.9
70.2
70.7
71.6
72.3
72.1

94.7
94.1
95.4
89.9
79.2
77.6
77.0
76.1
76.2
75.7
74.8
73.4
73.2
72.5
71.5
70.8
69.7

96.3
97.0
100.5
92.1
84.5
83.9
83.9
82.8
82.6
82.2
81.8
80.9
80.8
80.3
80.1
79.9
79.2
80.1

97.5
95.1
94.3
92.7
84.9
84.9
82.7
81.0
80.9
78.5
77.7
77.5
77.1
76.3
74.8
74.7
74.0
73.6

96.8
95.6
94.2
89.1
79.3
76.9
76.3
75.6
76.1
76.1
75.7
75.5
75.3
74.4
73.6
73.1
73.0
73.3

91.0
85.4
82.6
77.7
69.8
68.3
68.2
66.6
68.7
66.8
65.6
64.7
64.7
64.7
64.4
64.2
64.3
64.6

1932

1931

Subgroups

July

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

56.0
61.9
70.8

49.0
63.0
71.3

44.8
67.0
67.3

44.2
61.0
65.4

44.3
57.6
64.2

51.3
55.7
63.1

47.0
51.7
61.2

46.7
53.4
54.8

46.1
50.3
52.7

43.5
51.4
52.1

44.5
49.2
61.2

42.6
44.4
49.6

37.7
46.7
48.2

36.7
54.1
48.4

38.2
52.8
50.8

78.8
74.3
76.4
71.3
68.5

80.6
71.5
74.2
73.4
70.6

82.2
70.9
73.4
76.0
69.6

84.6
70.3
71.0
73.6
68.5

86.1
70.6
68.2
71.1
69.7

80.7
73.1
65.1
67.7
68.0

79.8
72.2
63.5
63.2
67.2

67.8
71.0
62.2
61.9
61.9

84.1
69.6
61.8
59.5
59.4

64.2
68.3
62.3
61.4
57.1

61.6
68.2
62.3
59.8
55.8

59.6
68.1
61.5
56.5
54.9

57.4
66.8
62.4
56.0
55.4

58.2
65.7
59.7
62.0
58.5

60.2
66.0
55.6
61.9
62.1

94.6
65.5
87.8
101.4

93.5
72.7
89.8
101.4

93.5
69.1
90.3
101.4

93.5
58.6
83.4
101.1

93.1
50.0
80.7
101.1

92.5
49.0
78.8
101.1

89.2
48.8
78.6
99.7

88.8
49.0
77.5
98.9

88.5
46.1
76.5
98.8

88.5
44.7
73.4
98.8

88.4
40.8
67.2
98.0

88.4
35.7
60.6
97.9

87.5
32.5
58.7
96.4

84.4
33.5
60.0
83.7

84.4
39.3
60.0
82.3

76.3
67.6
59.8
41.9
68.0
75.5

76.1
66.8
60.0
43.8
67.4
75.2

75.9
64.0
59.2
43.7
67.4
74.4

75.5
61.5
59.2
43.5
65.7
74.1

73.9
59.7
59.2
41.7
64.6
72.4

72.6
58.1
59.0
41.8
64.2
72.5

70.8
56.4
58.5
39.0
63.9
71.3

70.7
55.8
55.8
37.7
63.3
70.7

70.6
56.4
55.8
36.5
63.1
69.7

69.0
56.2
54.9
33.5
62.7
69.5

68.7
55.1
51.9
31.3
59.7
68.2

68.2
52.9
50.5
29.1
58.3
67.2

67.4
51.0
49.6
27.5
55.0
66.7

66.0
50.0
47.8
26.2
53.6
66.5

66.0
52.6
48.5
29.5
53.4
67.4

88.8
83.2
81.5
98.6
101.9
30.7

90.8
83.5
81.5
97.9
103.5
30.3

92.2
83.7
81.5
98.4
103.2
37.5

94.3
83.9
81.5
100.6
103.4

94.2
83.6
81.5
102.1
100.8
39.2

94.2
83.7
81.4
103.4
100.1
42.5

94.8
83.8
81.1
104.1
98.2
39.6

94.8
84.4
80.5
107.5
98.6
38.8

94.8
84.3
80.4
104.8
98.0
38.6

89.9
83.5
80.4
104.4
97.5
39.8

85.7
82.7
79.8
103.5
99.1
45.5

85.6
82.0
77.1
106.1
103.0
47.2

85.3
81.8
76.9
105.5
106.3
48.2

84.5
81.6
76.3
105.8
108.3
49.7

86.0
81.3
76.7

94.2
83.5
94.2
61.2

94.2
82.7
94.7
61.4

94.3
82.4
94.7
60.1

94.1
82.3
95.4
59.0

85.6
81.7
95.4
54.9

85.5
81.5
95.2
54.7

85.5
81.0
95.2
53.8

85.5
79.9
95.3
55.4

85.1
79.3
95.3
52.7

85.0
79.7
95.3
50.5

85.0
80.1
93.8
49.3

84.9
80.0
93.8
48.3

84.9
79.8
93.8
47.5

84.9
77.2
95.3
47.0

84.9
78.7
95.3
48.5

-

83.7
77.7
68.5
80.0
86.6
84.3
85.4

83.4
75.8
67.2
79.6
86.8
84.3
83.7

82.9
75.8
66.9
78.4
83.8
81.7
83.7

82.6
75.8
66.9
77.6
82.6
81.7
82.6

82.6
75.1
65.2
77.0
81.6
81.7
82.0

81.4
74.6
65.9
77.5
81.4
81.7
81.9

80.0
74.6
65.8
76.6
79.9
81.7
81.5

79.3
75.2
65.6
75.4
74.1
77.3
81.0

79.3
75.3
62.9
75.1
65.8
77.9
80.2

79.3
75.0
61.5
75.4
64.4
79.7
80.6

78.4
75.0
60.0
74.7
64.4
81.7
80.2

77.4
75.0
59.5
73.9
64.4
81.7
78.2

76.1
77.1
57.6
73.3
66.7
81.7
77.6

75.9
77.3
56.9
66.8
67.1
81.7
77.9

75.2
79.0
55.5
67.2
67.1
81.7
78.3

Chemicals
___
Drugs and Pharmaceuticals.
Fertilizer materials
Mixed fertilizers
HOUSEFURNISHING GOODS:
Furnishings
Furniture

82.5
62.6
79.8
82.4

82.4
62.1
78.7
80.2

80.5
61.9
74.4
78.7

79.8
61.7
74.2
77.6

79.7
61.6
70.2
77.2

80.6
61.3
70.1
77.7

80.8
61.0
70.1
77.1

80.6
60.6
69.9
75.5

80.8
60.1
69.8
73.7

80.9
59.7
68.6
73.2

79.7
58.9
70.1
71.1

79.1
58.7
69.4
69.0

78.6
58.3
68.0
69.0

78.9
57.6
66.8
68.8

79.7
57.0
66.4
68.3

83.4

82.8
89.1

81.7
88.6

81.2
84.6

79.8
82.4

79.7
82.3

76.6
80.6

76.1
79.5

75.9
79.5

75.4
79.1

75.4
77.4

75.5
74.1

75.4
74.0

75.1
73.0

74.8
72.6

46.0
61.1
80.7
13.3
88.2

46.0
55.8
80.6
13.2
88.6

46.0
50.8
80.6
11.2
86.4

46.0
44.4
80.7
10.6
86.7

46.0
49.4
80.5
10.2
86.9

46.0
59.8
80.8
9.6
86.7

40.8
53.9
80.8
9.5
85.9

39.7
53.0
78.0
9.3
85.2

39.5
48.2
76.7
8.6
84.4

39.2
52.4
76.8
7.2
84.5

39.2
53.4
76.8
6.6
84.5

39.2
45.9
76.5
6.7
84.6

39.6
42.1
76.2
5.8
84.6

40.1
42.2
76.2
6.1
84.5

40.1
47.4
76. 3
7.9
84.2

Aug.

FARM PRODUCTS:

Grains
Livestock and poultry
Other farm products
FOODS:

Butter, cheese, and milk
Cereal products
Fruits and vegetables
Meats
Other foods
HIDES AND LEATHER PRODUCTS:

Boots and shoes
Hides and skins
Leather
Other leather products
TEXTILE PRODUCTS:

Clothing
Cotton goods
Knit goods
.
Silk and rayon
Woolen and worsted goods..
Other textile products
F U E L AND LIGHTING MATERIALS:

Anthracite coal
Bituminous coal
Coke
Electricity
Gas
Petroleum products

_
..

METALS AND M E T A L PRODUCTS:

Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals

_

BUILDING MATERIALS:

Brick and tile
Cement
Lumber
Paint materials..Plumbing and heating
Structural steel
Other building materials
CHEMICALS AND DRUGS:

MISCELLANEOUS:

Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous

48.9

Back figures.—For revised indexes of groups see BULLETIN for March, 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics,




677

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
[Value of contracts in millions of dollars; figures for 37 States East of the Rocky Mountains, as reported by the F. W. Dodge Corporation]
Residential

Total

Factories

Commercial

Public works and
public utilities

Educational

All other

Month

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

1932

1931

228.0
235.4
370.0
336.9
306.1
316.1
286.0
233.1
251.1
242.1
151.2
136.9

84.8
89.0
112.2
121.7
146.2
113.1
128.8
134.0

54.4
77.9
100.9
95.9
88.9
72.7
63.9
60.2
54.6
60.5
45 3
36.2

1932

1931

1932

10.1
7.3
20.6
11.3
16.3
8.9
10.4
4.7
11.0
8.9

1931

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

27.5
24.4
33.2
28.9
25.6
23.1
19.7
20.8

811.4

3,092. 8

Year

BUILDING

1931

CONTRACTS AWARDED, BY
DISTRICTS

3.4

4.4
4.5
4.5
3.0
2.1
3.5
3.3

1932
9.1

10.1
10.6
12.9
12.2
13.0
8.3
18.4

1931
96.8
79.0
152.2
133.4
109.6
141.6
117.4
73.3
86.5
83 0
48 0
50.5

1931

1932
24.1.
28.3
29 9
47.3
61 7
50.1
60.0
64.2

19.4
16.7
24.3
23.0
23.8
22.5
26.1
19.3
21.2
14 7
11 8

1,171.1

1931

1932

1932

6.1

20.5
27,3
35.7
47.1
41 8
43.6
39.8
56.5
49.3
33 8
27 8
31.0

228.8

454.3

44
10.8
98
10.7
65
7.2
6.4
5.5

16 3
11.0
24 2
17.5
37 2
17.6
30.8
21.9

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
Federal reserve district

Number
of cities

1931

August i

1931
July

i August

Federal reserve district
July

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

August

9,850
27, 495
11,712
12,964
13, 611
8,277
21,698
9,340
8,052
4,697
6,290

9,648
20,144
7,619
12, 533
20,915
5,621
16,083
12, 024
9,351
8,195
6,635

23, 413
70,216
8,092
17, 461
12, 549
10,900
43, 855
16,457
8,625
8,312
13,226

133,988

128, 769

233,106

Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.

20

1,092
6,825
2, 522
1, 374
2,704
1,338
1,688
621
857
1,561
927
3,281

Total—.

168

24,791

3,494
6,114
7,187
38,074
960
3,650
1,624
6,948
2,001
5,528
794
2,065
3,369
8,389
978
1,666
578
1,868
778
4,548
798 ,
2,291
2, 775 | 9,118
25,336 !

90,260

BANK DEBITS
COMMERCIAL FAILURES, BY DISTRICTS

[Debits to individual accounts. In millions of dollars]
1932

[Amounts in thousands of dollars; figures reported by R. G. Dun Co.]
Number
of centers
Number
Federal reserve district |

1931

1931
Aug. ! July

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

Liabilities

253
629
136
279
185
155
402
104
58
184
80
333
! 2,796




321
606
163
203
173
128
331
109
71
141
72
278

Aug.

Aug.

July

8,607 7,132
416 16, 842 26,848
108 4,882 5,562
7,877
162 6,331
64 3,792 4,546
6,218
2,536
83
254 13, 249 14, 242
2,094
125 3,179
904
883
57
3,639
4,408
122
2,197
81 2,238
284 10, 083 5,931

2,596 1,944 77, 031 87,190

New York City
Outside New York City

Federal reserve district:
Boston
_. _.
New York
Philadelphia
3,349
Cleveland . _
. ___
13, 696
Richmond
5,508
Atlanta
4,406
Chicago
. _
2,595
St. Louis
2,487
Minneapolis
6,528
Kansas City
831
Dallas
564
San Francisco
_ __ .
1,706
1,094
Total l
10, 260

Aug.

53,025

August

1931
July

August

1
140

13,458
11, 757

12,728
12,511

17, 501
16, 526

11
7
10
13
7
15
21
5
9
15
10
18

1,294
13, 929
1,080
1,163
477
545
3,039
538
410
684
340
1,718

1,395
13,298
1, 206
1,283
488
543
3,079
614
414
739
350
1,829

1, 876
18,112
1, 579
1,781
622
704
4,285
733
528
932
424
2, 450

141

25, 215

25, 239

34. 027

i For back figures see Annual Reports for 1931 (Table 71) and 1925
(Table 100).

678

FEDERAL RESERVE BULLETIN

OCTOBER, 1932

SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates, by States, for September 1,1932, as reported by the Department of Agriculture]
[In thousands of units]
Total wheat

Corn
Federal reserve district

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

Winter wheat

Spring wheat

Estimate Production, Estimate Production, Estimate
Production, Estimate
Sept. 1,
Sept. 1, Production,
Sept. 1,
Sept. l,
1931
1931
1931
1931
1932
1932
1932 1
1932

-

-

--

Total

-.
Oats

Bushels
7,929
25,837
55,305
206,456
146, 866
165,412
887, 842
383,052
173,273
393, 884
109,442
7,973

Bushels
7,653
23, 762
42,247
154, 607
105, 761
158,334
1,032,115
378, 548
295,343
524,917
121,100
9,920

Bushels
65
6,197
18, 764
56,086
30,194
4,612
77, 259
66, 586
82,089
402,121
60,041
90,190

Bushels
87
4,657
12,198
35,515
16, 807
3,027
48, 857
34, 527
243,395
170,246
30,452
114,770

2, 563,271

2, 854,307

894,204

714, 538

Tame hay

Tobacco

Bushels

Bushels

6,012
18,577
55, 832
30,194
4,612
73, 636
66,260
8,943
398,096
59, 876
67,424

4,470
12,107
35,364
16, 807
3,027
45, 527
34,292
20,473
163, 559
30,300
75,862

789,462

441, 788

Bushels
65
185
187
254

Bushels

87
187
91
151

3,623
326
73,146
4,025
165
22,766

3,330
235
222, 922
6,687
152
38,908

104,742

272, 750

Cotton

White potatoes

Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate,
Sept. 1,1932
Sept. 1,1932
1931
Sept. 1,1932
Sept. 1,1932
Sept. 1,1932
1931
1931
1931
1931

Boston..
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total...
1
2
3

_._

Bushels
6,359
25,819
17,687
75,247
23,671
14,558
469,972
63,142
183,049
147, 712
63,026
21, 795

Bushels
7,741
26,038
14,816
57,508
18,604
11,218
524,166
47, 737
321,535
145,289
45,463
24,666

Tons
3,346
5,563
2,304
4,742
2,928
2,182
11,939
5,458
7,039
7,270
991
10,451

Tons
2,804
4,746
1,913
3,756
2,591
2,185
13,015
5,030
9,662
8,761
1,009
13,115

Pounds
39,043
1,462
57,669
191,060
684, 996
172, 950
48,904
395,016
5,036
4,774

Pounds
29,043
1,154
42,100
132,034
395,537
101,419
33,943
284,681
2,676
5,360

Bushels
58,475
32,651
25, 212
19,771
32,600
14,538
50,418
12,472
49,934
27,780
5,916
45, 751

Bushels
49,618
26,978
19,515
17, 750
23,391
10,238
57,093
13,029
56,101
36,769
5,247
41,017

1,112,037

1,244, 781

64, 213

68,587

1,600,910

1,027,947

375,518

356,746

Figures for winter wheat from estimates for Aug. 1; no estimate made for Sept. 1.
Includes 12,000 bales grown in miscellaneous territory.
Includes 10,000 bales grown in miscellaneous territory.




Bales

Bales

1,803
3,597
2 3,740

1,143
2,091
3

2,185

1,336
6,339
281

957
4,744
190

17,096

11,310

FEDERAL RESERVE DISTRICTS

w

—
- . —
®
•
O

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY