Full text of Federal Reserve Bulletin : October 1932
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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