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FEDERAL RESERVE
BULLETIN




SEPTEMBER, 1932

ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

Recent Banking Developments
Annual Report of the Netherlands Bank

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1932

FEDERAL RESERVE BOARD
Ex officio members:

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

OGDEN L. MILLS,

JK

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

Comptroller of the Currency.

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

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.

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

n

1
2
3
4
5
6

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

7 (CHICAGO)

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

,

MELVIN A. TRAYLOR, Vice President.

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




OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
o—
f

Governor

Chairman

Deputy governor
W. W. Paddock
W. R. Burgess
J. E. Crane
A. W. Gilbart
E. R. Kernel
Walters. Logan
L. R. Round?
L. F. Sailer...
Wm. H. Hutt
M. J. Fleming
Frank J. Zurlinden..
C. A. Peple
R. II. Broaddus
W.S.Johns
II. F. Conniff
C. R. McKay
John H. Blair.. _ _
J. H. Dillard

Boston
New York.

Frederic H. Curtiss.
J. H. Case

Roy A. Young
Geo. L. Harrison

Philadelphia.
Cleveland
Richmond
Atlanta
Chicago

R. L. Austin
George DeCamp
Wm. W. Hoxton
Oscar Newton.
Eugene M. Stevens.

Geo. W. Norris
E. R. Fancher
_.
George J. Seay
Eugene R. Black
J. B. McDougal

St. Louis..

John S. Wood

Wm. MeC. Martin... O.M. Attebery
J. G. McConkey..-

Minneapolis...
Kansas City...
Dallas
_...
San Francisco..

John R. Mitchell
M. L.McClure

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

C.C.Walsh
Isaac B. Newton..

* Assistant deputy governor.

Harry Yaeger
H. I. Ziemer
_.
C. A. WorthingtonJ. W. Helm
R.R.Gilbert
R. B. Coleman
Wm. A. Day
Ira Clerk

Cashier
W. Willett.
C. H. Coe.i
Ray M. Gidney.1
J. W. Jones.i
W. B. Matteson.i
J.M. Rice.i 1
Allan Sproul.
L. Werner Knoke.i
C. A.McIlhenny.
W. G. McCreedy.»
H. F. Strater.
Geo. H. Keesee.
JohnS. Waldenjr.a
M. W. Bell.
W. S.McLarinJr.i
W. C. Bachman.i
D. A. Jones.i
0. J. Netterstrom.i
E. A. Delaney.i
S. F. Gilmore.*
A. H. Haill.2
F. N. Hall.»
G.O.Hollocher.J
0. C. Phillips.*
H. I. Ziemer.
Frank C. Dunlop.*
J. W. Helm.
Fred Harris.
W.O.Ford.i
Wm. M.Hale

* Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f

Managing director

New York:
Buffalo Branch
_. R.M. O'Hara.
Cleveland:
Cincinnati branch
C. F.McCombs.
Pittsburgh branch
J. C. Nevin.
Richmond:
Baltimore branch
Hugh Leach.
Charlotte branch
W. T. Clements.
Atlanta:
New Orleans branch
Marcus Walker.
Jacksonville branch
Hugh Foster.
John H. Frye.
Birmingham branch
J. B. Fort, jr.
Nashville branch__
Chicago:
Detroit branch
W. R. Cation.
St. Louis:
Louisville branch
_ John T. Moore.
Memphis branch
_ W. H. Glasgow.
_
Little Rock branch
A. F. Bailey.

Federal Reserve Bank o—
f
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 direetor
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D.L. Davis

SUBSCRIPTION PRICE OF BULLETIN

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




in

TABLE OF CONTENTS
Pag«

Review of the month—Recent banking developments
Changes in foreign central bank discount rates
Condition of all member banks on June 30, 1932 (from Member Bank Call Report No. 55)
Annual report of the Netherlands Bank
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

559
562
609-612
578
563
564-567
570
569-570, 605
571, 606
571
572
574, 607
573, 613-615
573
__. 575
576, 616-618
577
577
577
585
586
586-588
589
589
590-592
593
594
594
_ 595
596
596, 597
597

Law department:
Changes in law and regulations with regard to loans on notes secured by adjusted-service certificates. 598
Federal reserve statistics by districts, etc.:
Banking and financial statistics
603-608
Industrial and commercial statistics
616-619
July crop report, by Federal reserve districts
620
IV




FEDERAL RESERVE BULLETIN
VOL.

SEPTEMBER, 1932

18

REVIEWiOF THE MONTH
The volume of reserve bank credit outstanding has declined during recent weeks from the
h i h l e v e l o f Jal
Factors in
£
J> chiefly in conFederal reserve sequence of further increase in
position
the monetary gold stock of the
country and a return of currency from circulation. Funds were received by member banks
from these two sources, and from an increase
RESERVE BANK CREDIT
MI

or DOOMS

A N D P R I N C I P A L F A C T O R S IN CHANGES

MILLIONS OF D

€ooo

5500

No. 9

highest level of the last three months, and
included more than $300,000,000 of reserves
in excess of legal requirements.
The chart shows the course of reserve bank
credit and principal factors in changes during
the last six years* The table gives these
items for selected recent dates. The dates, in
addition to August 31, are July 20—when reserve bank credit was at its highest level in
more than ten years; July 6—when money in
circulation was at the highest level ever reached
and member bank reserve balances were at the
lowest level since the first week in April; and
June 15—when the recent large outflow of gold
came to an end.

5000

RESERVE BANK CREDIT AND PRINCIPAL FACTORS IN
CHANGES
4500

[In millions of dollars]

4000

Aug. 31, July 20, July 6, June 15,
1932
1932
1932
1932

1,801

2,438
538
3,952
1,770

2,408
500
3,922
1,793

2,270
496
3,909
1,832

5,691
2,146

5,735
2,036

5,775

5,467
2,101

Reserve bank credit
Bills discounted
Monetary gold stock
Treasury currency adjusted.
Money in circulation 1
Member bank reserve balances..

1500

2,331
433

* Money outside Treasury and Federal reserve banks.
1000

500

1927

1928

1929

1930

1931

1932

Wednesday series

in the net volume of currency issued by the
Treasury, largely in the form of new nationalbank notes. They were thus enabled to reduce
the volume of their borrowing at the Federal
reserve banks to the lowest level of the current
year and at the same time to increase their
reserve balances by about $100,000,000. The
member bank reserve balances, at $2,146,000,000 on August 31, were consequently at the




The recent inflow of gold from abroad, which
began at the middle of June, resulted in an increase in the country's stock of
Gold stock
monetary gold, between June 15
and August 31, of about $175,000,000. This
increase brought the gold stock to $4,086,000,000. This is about the same level as in the
second half of 1928 and the first quarter of 1929
before either the recent financial crisis or the
prevailing business depression had begun to
show itself.
As compared with the middle of 1928 the central gold reserves of the principal countries of
the world outside of the United States have increased in the aggregate by about $1,800,000,000,
559

560

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

or 30 per cent, chiefly in consequence of a large or indirectly to the member banks which in
output from the world's gold mines and the re- turn forwarded it for credit to the Federal
lease of gold from private holdings in Australia, reserve banks, and this was a factor, along with
China, India, and Russia. During the four the increase in gold stock, both in the reduction
years from June, 1928, to June, 1932, moreover, during the period in the volume of reserve bank
the excess reserves of foreign countries, over and credit oustanding and also in the growth of
above legal reserve requirements, increased in member bank reserve balances.
the aggregate by not less than $1,500,000,000,
Another influence operating in the same
and by more than this amount if account be direction between July 20 and August 31 was
taken of the position of the countries (Argentina, the increase in the net volume of Treasury curEngland, Japan, and Netherlands) in which rency outstanding. This reflected chiefly the
legal or customary requirements have been al- issue of new national-bank notes under the
tered during the 4-year period.
provision of the Federal home loan bank act,
The recent increase of $175,000,000 in the effective July 22, 1932, which extends the cirmonetary gold stock of the United States rep- culation privilege to a substantial volume of
resented chiefly the release in this country of additional United States Government bonds.
gold previously earmarked for foreign corre- The total issue of new national-bank notes
spondents, but reflected in addition imports of against bonds during the 6-week period apabout $50,000,000, of which $12,000,000 were proximated $53,000,000. While the issue of
from Canada, $12,000,000 from China, and these notes did not result, in the prevailing cirsmaller amounts from a number of other cumstances, in increasing the total volume of
countries including England, Japan, Australia, money in circulation, coming as it did at a
and Mexico. There were substantial gold time when the circulation declined by $45,exports during the 10-week period, especially 000,000, it did operate to provide the issuing
to France, Switzerland, and Belgium, but these banks, and through them the money market in
were more than offset in the aggregate by the general, with funds that could be used to reduce
gold released from earmark during the period. borrowings at the reserve banks—and thus to
The return of about $85,000,000 of currency reduce the volume of reserve bank credit—or
from circulation between July 6 and August 31 to increase member bank reserve balances, or
was the first substantial move- both. The issue of $53,000,000 additional
movement
ment in this direction since national-bank notes displaced an equal amount
last March. It represented a of other forms of currency; and since at the
post-holiday return of $40,000,000 between same time the aggregate demand for currency
July 6 and July 20 which was somewhat less declined by $45,000,000, the total decline in
than seasonal in amount and a further return the circulation of currency other than nationalof $45,000,000 between July 20 and August bank notes amounted to about $100,000,000.
31—a period which has usually been character- About one-half of this decrease was in Federal
ized in recent years by a substantial seasonal reserve notes.
increase in the circulation. The figures indiThe volume of United States Government
cate, therefore, that there was during this securities employed as collateral for Federal
period a substantial release of currency from
reserve notes as provided in
hoards, apparently in reflection of the recent Collateral for sec tion 3 of the Glass-Steagall
Federal reserve
.
_&,
subsidence of banking disturbances and the notes
Act was materially reduced by
increasing activity of the securities and comthe developments of the last
modities markets. While part of the currency two months. Changes in the collateral held
thus released may have gone from inactive into by Federal reserve agents between July 6,
active circulation, the rest was returned directly 1932, when the volume of United States Gov-




SEPTEMBER, 1932

561

FEDERAL RESERVE BULLETIN

ernment obligations pledged as collateral for after more than a year of almost uninterrupted
Federal reserve notes reached its maximum, growth, declined somewhat.
and August 31 are shown on the accompanying
GOLD RESERVES OF SELECTED CENTRAL
BANKS
table. Duringt his period the volume of se[In millions of dollars]
curities pledged as collateral decreased by
$104,000,000. Of this amount $1,000,000 reChange from—
Date,
Gold reflected technical developments, namely, a deCentral bank o—
f
1932
serves
Month Year becrease of $13,000,000 in the excess collateral
before
fore
held by agents which was offset to the extent
Aug. 24
675
+25
+10
of $12,000,000 by an increase in the volume of England
France
Aug. 19
3,222
-4
+926
Germany...
Aug. 23
183'
-142
notes issued to Federal reserve banks and held Italy
+3
Aug. 20
*>302
+19
+3
Aug. 18
364
+144
by of them in their own vaults. The remain- Belgium
+3
Netherlands.
Aug. 22
414
FEDERAL RESERVE NOTE

Switzerland.

STATEMENT

[Amounts in millions of dollars]
July 6,
1932

3,052
238

3,094
226

Change

In actual circulation.

2,814

2,868

-42
+12
-54

Collateral held by agents:
Gold
Eligible paper
U. S. Government securities

2,081
417
578

1,927
522
682

+154
-105
-104

Total collateral
Excess collateral

3,076
24

3,131
37

-55
-13

-

-

509

+8

+154
+230

v Preliminary.

Aug. 31,
1932
Federal reserve notes:
Issued to Federal reserve banks by
Federal reserve agents
_.
Held by Federal reserve banks

Aug. 23

Gold reserves of the Bank of England in the
five weeks ending August 25 increased by
£2,144,000 ($10,434,000). DurBank of Enging the same period there was a
land
decline of £3,015,000 in the
volume of "other securities" held by the bank,
in which are included the bank's holdings of
BANK OF ENGLAND

[In thousands of pounds sterling]

Change from—
der, amounting to $103,000,000, reflected the
Aug. 24,
return of $54,000,000 of Federal reserve notes
1932
July 20, Aug. 26,
1931
1932
from circulation and a net increase of $49,000,000 in gold and eligible paper, the form of
138, 728 +2,144
+5,387
Gold
—
+3, 970
13, 266 -1,041
collateral exclusively available as cover for Discounts and advances
+1,089
320, 066 + 1 , 560
Government securities
+11, 736
41, 902 -3,015
Federal reserve notes prior to the enactment of Other securities
+26,353
79, 946 -8,078
Bankers' deposits
-4,120
22,203 +8, 824
the Glass-Steagall Act. Gold collateral alone Public deposits
-14, 279
+702
34,429
Other deposits
+13,571
-1,877
363, 882
used as cover for Federal reserve notes in- Notes in circulation
creased by $154,000,000, while eligible paper,
representing acceptances and bills discounted foreign exchange. Public deposits were inheld by the Federal reserve banks, decreased creased somewhat during the month through
the transfer of funds from bankers' balances.
by $105,000,000.
The British Government has made public
As in the preceding month, gold movements the status of its program for converting the 5
in Europe during the past month were rela- per cent war loan, 1929-1947, of which about
tively small. Further addi- £2,080,000,000 is outstanding according to lattions were m a d e to the
g° l d est available returns. Last June 30 it was anreserves of central banks in nounced that the Government would redeem
England and Netherlands, and the gold stock the loan at par this coming December 1. Holdof Germany showed the first monthly increase ers of the loan were permitted to continue their
since May, 1931. Gold holdings of France, holdings with a reduction in the rate of interest




562

FEDERAL RESERVE BULLETIN

from 5 to 3y2 per cent and, if the acceptance of
continuance were made not later than July 31,
with a cash bonus of 1 per cent. The British
Treasury stated on August 15 that applications
for the continuance of about £1,850,000,000
with the benefit of the cash bonus had been received, while applications for redemption approximated £48,000,000. That portion for
which no notification of either redemption or
continuance is given before the end of September will be continued on the 3H per cent basis.
The Bank of France in addition to losing
108,000,000 francs ($4,238,000) of gold in the
four weeks ending August 19 also lost 919,000,000 francs of foreign exchange.
Bank of France
In obtaining this gold and
exchange the market utilized notes returning
from circulation and made drafts upon " other
deposits," in which the balances of the French
commercial banks are included. These deposits, which have been at a high level for the
past year, have recently been declining along
with the bank's holdings of gold and foreign
BANK OF FRANCE
[In millions of francs]
Change from—
Aug. 19,
1932

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

82, 202
5, 397
5,787
4,323
22, 555
80,127

July 22,
1932
-108
-919
-146
+161
-662
-675

Aug. 21,
1931
+23, 641
-22, 755
-1,881
- 4 , 977
+4, 385
+2, 3C0

SEPTEMBER,

1932

At the Reichsbank gold and foreign-exchange
reserves in the month ending August 23 increased by 20,000,000 reichsReichsbank
marks ($4,718,000). Although
until now the bank's reserves
have shown monthly declines since May, 1931,
losses since April have been in connection with
REICHSBANK
[In millions of reichsmarks]
Change from—
Aug. 23,
1932
Gold
Foreign-exchange reserves
Discounts and advances
Deposits
Notes in circulation

768
144
2,876
353
3,617

July 23,
1932

Aug. 22,
1931

+14
+6
-153
-6
-105

-598
-170
-175
-180
-433

capital repayments abroad. Funds from the
sale of gold and exchange to the bank, and also
from the return of currency from circulation,
were utilized by the market in repaying discounts and advances.
Annual Report of the Federal_Reserve Board

The complete edition of the annual report of
the Federal Reserve Board, covering operations
for the year 1931, is now available. It contains, in addition to the text of the report,
statistics relating to banking and business conditions generally. It also gives the recommendations made by the Federal Advisory
Council during 1931.
Changes in Foreign CentraPBank Discount Rates

The following changes in discount rates during the month ended September 1 have been
banks in foreign countries:
exchange. The small volume to which foreign reported by centralBank—August 24, from 7 to 6
Austrian National
balances of the French commercial banks have per cent.
Central
been reduced indicates that any increase in the per cent. Bank of Chile—August 22, from 5 ^ to 4%
demand for exchange arising either out of the
Bank of Greece—August 8, from 11 to 10 per cent.
Bank
improvement in financial conditions abroad or cent. of Japan—August 18, from 5.11 to 4.38 per
the persistence of the excess of merchandise
Bank of Norway—September 1, from 4}£ to 4 per
imports into the country would have to be met cent.
Bank of Sweden—September 1, from 4 to 3% per
by purchases from the Bank of France.
cent.




SEPTEMBER,

1932

FEDERAL RESERVE BULLETIN

563

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled August 23 and released for publication August 25]

Volume of industrial output declined seasonally from June to July, while factory employment and pay rolls decreased by more than the
usual seasonal amount. In July the general
level of wholesale prices was about 1 per cent
higher than in June, and in the first half of
August prices of many leading commodities
advanced considerably. Reserve bank credit
declined somewhat in the four weeks ending
August 17, reflecting chiefly a substantial
growth in the country's stock of monetary gold.
Production and employment.—Industrial production declined by about the usual seasonal
amount in July, and the board's index, which is
adjusted to allow for the usual seasonal variations, remained unchanged at 59 per cent of the
1923-1925 average. Activity decreased seasonally in the steel industry; by slightly more than
the usual seasonal amount in the lumber,
cement, newsprint, and meat-packing industries; and by substantially more than the
seasonal amount in the automobile and lead
industries. Output of shoes, which ordinarily increases in July, declined. At woolen
mills, activity increased by a substantial amount,
and at silk mills there was a seasonal increase
in production. Activity at cotton mills decreased, as is usual in July, while sales of cotton
cloth by manufacturers increased considerably.
Output of coal increased from the low level
prevailing in June.
Reports on the volume of factory employment and pay rolls showed substantial declines
from the middle of June to the middle of July.
In the machinery, women's clothing, and hosiery industries, and at railroad repair shops the
number employed decreased by considerably
more than the usual seasonal amount, and at
shoe factories the increase reported was smaller
than usual. In the woolen goods industry a
substantial increase in employment was reported.
Value of building contracts awarded, as reported by the F. W. Dodge Corporation, continued at a low level during July and the first
half of August.
Prospects for many leading crops, including
corn, spring wheat, potatoes, and tobacco, were
reduced somewhat during July, according to
the Department of Agriculture. The estimated
total wheat crop, based on August 1 conditions,
is 723,000,000 bushels, a decrease of about
175,000,000 bushels from last year's large crop,
reflecting]a reduction of 350,000,000 bushels in




the winter wheat crop, offset in part by an estimated increase of 175,000,000 in the spring
wheat crop. The first official cotton estimate,
as of August 1, was 11,300,000 bales, as compared with crops of 17,100,000 last season and
13,900,000 the year before. The indicated production of corn is 2,820,000,000 bushels, substantially larger than the crops of the last two
seasons and slightly larger than the 5-year
average.
Distribution.—Volume of freight traffic decreased somewhat from June to July, and value
of department-store sales was substantially
reduced.
Wholesale prices.—The general level of
wholesale prices, as measured by the monthly
index of the Bureau of Labor Statistics, advanced from 63.9 per cent of the 1926 average
in June to 64.5 per cent in July. Between the
middle of July and the third week of August
prices of livestock and meats, which had previously advanced considerably, declined somewhat, while price increases were reported for
many other leading commodities, including
wheat, textile raw materials and finished products, nonferrous metals, hides, sugar, coffee,
and rubber.
Bank credit.—The total volume of reserve
bank credit outstanding, which had increased
by $850,000,000 between the end of March and
the third week of July, declined by $95,000,000
in the four weeks to August 17, and in the same
period member banks increased their reserve
balances by $45,000,000. These changes reflected chiefly the addition of $95,000,000 to
the country's stock of monetary gold and an
inflow to the banks of $30,000,000 in currency.
Total loans and investments of reporting
member banks in leading cities were $250,000,000 larger on August 17 than four weeks earlier. Total loans of these banks continued to
decline throughout the period, while their
investments increased substantially, reflecting
an increase in holdings of United States Government securities in connection with Treasury
financing operations. Time deposits increased
by $95,000,000 and net demand deposits by
$85,000,000.
Money rates in the open market remained at
low levels. Successive reductions brought the
prevailing rates on prime commercial paper to
a range of 2-2}{ per cent in the first part of
August.

564

FEDERAL RESERVE BULLETIN

SEPTEMBER,

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

1927




1928

1929

1930

1931

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

1932

1932

565

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

FEDERAL RESERVE BANK

CREDIT

RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES
[In millions of dollars]
Averages of daily figures

Reserve bank credit outstanding

Factors of increase

Factors of decrease

Month or week
Bills discounted

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

Bills
bought

_.

_.
-

Week ending (Saturday)
Apr. 2
Apr. 9
Apr. 16
Apr. 23
_.
Apr. 30

Other
reserve
bank
credit

Treasury

Money

Monetary
Total gold stock currency in circuadjusted
lation

Member
Nonbank
member
reserve deposits,
balances
etc.

Unexpended
capital
funds

155
163
188
169
222
280
613
695
774

123
173
144
121
79
135
259
692
560
340

604
600
599
610
674
712
736
733
727
777

921
952
926
945
954
1,107
1,313
2,088
2, 035
1, 950

4,682
4,711
4,767
4,865
4,958
4,975
4,948
4,447
4,363
4,450

1,778
1,770
1,783
1,759
1,784
1,764
1,768
1,768
1,766
1,782

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

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

24
27
28
35
83
187
199
208
171
144

381
383
382
380
370
367
364
361
357
358

848
714
605
486
495
523
451

221
151
105
52
41
50
60
37

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

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

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

1,773
1,787
1,792
1,789
1,788
1,787
1,780
1,796

5,645
5,627
5,531
5,452
5,456
5,530
5,751
5,720

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

113
73
37
63
77
65
46
40

353
349
349
353
349
348
343
347

651
647
637
579
543

854
882
957
1,077
1,186

1,595
1,609
1,670
1,729
1,794

4,390
4,392
4,381
4,376
4,370

1,789
1,790
1,788
1,786
1,784

5,469
5,475
5,450
5,442
5,428

1,909
1,916
1,975
2,022
2,095

351
350
351
354
352

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

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

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

1,796
1,774
1,790
1,786

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

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

351
350
350
349

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

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

4,107
3,989
3,922
3,916

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

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

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

349
348
347
350

176
.-.

United
States
Government
securities

May
May
May
May

7
14
21
28

June
June
June
June

4
11
18
25

514
480
474
477
496
506
496
491

July
July
July
July
July

2
9
16
23
30

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

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
2,040
2,078
2,122

345
346
345
346

End of month series
Mar. Apr. M a y June July
31
30
30

Wednesday series
July Aug. Aug. Aug. Aug. Aug.
10
17
31
27

Aug.

872 1, 228 1,549
21
18

1,784 1,841 1,852
12

Bills discounted
Bills bought
United States Government securities
Other reserve bank credit

Total reserve bank credit
Monetary gold stock
Treasury currency adjusted

1,597 1,850 2,096
4,390 4,367 4,152
1,803 1,802

2,310 2,439 2,331
3,919 3,974 4, 087
1,8"" 1,758 1,801

Monetary gold stock—_
Treasury currency adjusted

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

5,459 5,464
1,924 2,124
79
59
353
35J

Bills discounted
Bills bought
United States Government securities
Other reserve bank credit

556

490
36

440
67

433
34

Total reserve bank credit

5,480 5,695 5,726 5, 692 Money in circulation
2,052 2,146 Member bank reserve balances2,113
109
42
36 Unexpended capital funds, non49
member bank deposits, etc
346 344 345

v Preliminary.
Back figures—Bee Annual Report for 1931 (Tables 1-6).




538
43

525
40
1,841
16

487
41

39

443
36

427
35

34

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

2,422 2,388 2,357 2,344 2,321 2,331
3,960 3,987 4,005 4,046 4,064 4,087
1,771 1,757 1,799 1,788 1,819 1,801
5,690 5,728 5,707 5,706 5,684 5,692
2,072 2,012 2,062 2,080 2,142 2,146
391

391

392

392

378

381

566

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

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

uly 31,1932 Aug. 31, 1931

RESOURCES

Gold with Federal reserve agents
Gold redemption fund with United States Treasury

2,081, 761
57, 668

1,969,152
62,944

2,153,913
29,889

Gold held exclusively against Federal reserve notes..
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks
Total gold reserves
Reserves other than gold
Total reserves
Nonreserve cash
Bills discounted:
For member banks
_
For intermediate credit banks
For nonmember banks (secured by adjusted service certificates).
Total bills discounted
Bills bought:
Payable in dollars—
Bought outright
Under resale agreement
_
Payable in foreign currencies
Total bills bought
United States Government securities:
Bought outrightUnder resale agreement

2,139,429
273,486
360,046

2,032,096
242,370
360,945

2,183,802
439,052
832,838

2, 772,961
206,702

2,635,411
200,732

3,455,692
163,141

2,979,663
75,119

2,836,143
70,072

3,618,833
71, 228

432, 590
80
86

537,450
605
163

254,580

432, 756

538, 218

254,702

3,264

7,445
4,840
30,645

50,951
19,187
145,215

34,098

42,930

215, 353

1,838,815
12,900

1,828,828
12,500

727,873

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) _

1,851, 715

1,841,328

727,873

5,915

5,957

2,668
3,476

2,887
7,621

5,900
500
52
18,250
23,782
9,063

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

2,330,628

2,438,941

1,255,475

15,082
308,796
58,121
47.613
5,815, 022

14,939
297,613
58,119
48,439
5, 764, 266

14,335
356,728
59,084
33, 536
5,409, 219

15,082
2,798, 938

14,939
2,843,970

14,335
1,948, 370

2,814,020

2,858,909

1,962, 705

2,146,183
59,429
14,187
21,485
2,241,284
308, 796
153,099
259, 421
38,402
5,815, 022
49,043

2,051, 505
57,367
8,922
39,723
2,157,517
297,613
153,738
259,421
37,068
5,764,266
59,498

2,373,001
70,131
162, 205
26,996
2, 632,333
356, 728
167,084
274,636
15, 733
5,409, 219
227,988

3, 051,999
237, 979

3,079,771
220,862

2,343,317
380,612

2,814,020

2,858,909

1,962,705

2,081, 761
416, 786
578,100
3,076,647

1,969,152
524,874
611,400
3,105,426

2,153,913
316,536

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

~30~834"

122

LIABILITIES

Total notes in circulation.
Deposits:
Member bank—reserve account .
Government
Foreign bank__
Other deposits
Total deposits
_
Deferred availability items
Capital paid in
_
Surplus
___
All other liabilities
Total liabilities __
_
Contingent liability on bills purchased for foreign correspondents
FEDERAL RESERVE NOTE STATEMENT

Federal reserve notes:
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..

i Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation




2,470,449

567

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

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

[In millions of dollars]

Month

1929— February
March.. __ _
April
May
June
July
August
September
October . .
November
December
._

. ,

May

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

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

May

June
July
August »

0.0
7.5
48.6
16.1
-7.5
-22.0
-1.0
-6.6
—4.5
1.0
-22.0

0.9
2.1

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

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

280.1

0.5
0.0
15.0
0.5
2.0
2.0
-3.0
0.0
4.0
—6.1
-2.1
-15.2
-2.4

49.4
22.0
32.0
28.7
72.4
158.0
-6.6
45.7
-254.3
-448.4
122.0
45.8

34.4
16.1
25.6
49.5
49.6
63.8
19.5
57.5
20.6
-337. 7
89.4
56.9

11.9
2.5
3.0
—7.5
4.0
92.3
-29.7
-16.0
-279.1
—107.6
28.3
-22.9

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

0.8

0.9
0.7
3.6
1.5
1.1
1.4
3.0
3.5

31.9

-133.4

145.3

-320. 8

42.1

-44.2
4,416
-62.3
4,354
36.0
4,390
4,367
—23.1
4,152 —214.1
3,919 —233.9
55.8
3,974
112.3
4,087
-373. 4

-73.0
-90.6
-24.7
-30.2
— 195.5
r
— 206.0
-7.1
4.4

25.4
26.4
58.3
4.0

3.2
3.6

From or to—

August
(preliminary)
Imports

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 countries1
Total

1,021
6,130

Exports

18,050

1,842

Exports

1,480

75
21, 513

13
93
137

1,037

129
1,148
240

1,799
565

916

218, 050

Exports

Imports

83, 602
15,132
440,192
13, 738
115, 277
2,386
118, 516
225
127
1 '40,362
3
825
320
12, 309
12, 950
2,980
676
1,660
1,660
2,638
126
3,000
920
4,800
7,737
2,202
8
61

18, 517
2,419
43, 234
2,620
5,926

232

16, 334 23, 474 164,184

791, 312

3,524
262
4,197
338
333

4,744

-22,401

Imports

3,071
85
1 284

4,347

JanuaryJuly

July

1
2

Includes all movements of unreported origin or destination.
At New York—imports, $11,511,000; exports, $18,050,000. Elsewhere,
imports, $10,890,000.
r
Revised figure for imports from Canada in June, $5,449,000.

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

In millions of

1932

1931

Aug. 31 P July 31

Aug. 31

Kind of money

3.4

Total (12 mos.)1932—January.. __
February
March..
April

25.5
24.8
23.1
23.6
30.2
34.7
18.4
17.6
17.5
-23.2
-64.4

309.6

4,291
4,353
4,423
4,491
4,517
4,535
4,517
4,501
4,511
4,535
4,571
4,593

26.4
34.4
72.4
40.6
23.4
16.3
18.9
12.1
14.4
-19.2
-82.9
142.5

4,153
4,188
4,260
4,301
4,324
4,341
4,360
4,372
4,386
4,367
4,284

Total (12 mos.)1930—J anuary
February
March
April -

1932

Analysis of changes
Gold
stock
at end Increase
Net re- Domesof
in stock Net gold lease
tic promonth during import from ear- duction,
month
mark i
etc.1

-22.1
—28.8
56.2
100.5

1.9
2.4
'0. 9

Gold coin
.
Gold certificates
Federal reserve notes _

449
669
2,793

454
694
2,838

363

989
1,947

Treasury currency: l
34
30
30
Standard silver dollars
380
351
350
Silver certificates
1
1
1
Treasury notes of 1890
29.5
-622.8
219.8
Total (8 mos.) .
271
254
255
Subsidiary silver
113
117
113
Minor coin
289
285
301
United States notes
* Gold released from earmark at Federal reserve banks less gold placed
3
3
3
Federal reserve bank notes
under earmark.
700
744
646
National bank notes
* This figure, derived from preceding columns, represents the excess of
domestic production over nonmonetary consumption of gold—chiefly
1,753
1,781
1,740
Tota JTreasury currency
consumption in the arts. In any given month, however, it may be predominantly affected by the fact that on the final day of the month (a)
5.052
5,692
5, 726
Total money in circulation
gold bullion or foreign gold coin recently imported may not yet have
reached a reserve bank or the Treasury, and (6) gold bullion recently
withdrawn from stock for export may not yet have been actually ex1
For explanation of the term "Treasury currency" see BULLETIN for,
ported. The figures are subject to certain unavoidable inaccuracies
July, 1929, p. 432.
in omcial reports of gold imports and exports.
r
» Preliminary.
* Preliminary
figures.
Revised.




6.7
7.5

568

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

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

Month or week
Total—all
member
banks

New York
City i

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

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

829

1932—January
February
March
April
MayJune
July
Week ending (Friday)—
July 3
June 10
_
June 17
June24_

Excess reserves
"Country'
banks

Total—all
member
banks

New York
City i

Other
reserve
cities

"Country"
banks

55.6
66.8
128.9
124.4
100.6
120.3
129.1
57.0
59.5

7.2
15.5
71.4
60.6
34.3
53.8
52.5
10.7
18.5

20.2
23.6
27.0
32.8
35.7
36.7
39.7
19.4
16.9

28.2
27.7
30.5
30.9
30.6
29.8
37.0
26.9
30.9

724
681
687
780
874
783
767

767
753
747
749
800
819
781

488
473
465
466
464
459
455

35.4
43.8
59.0
152.1
277.1
234.4
204.4

4.5
7.2
17.8
88.1
155.1
89.4
75.0

1.8
11.3
17.3
35.7
91.5
111.4
91.6

29.2
25.3
23.8
28.3
30.5
33.6
37.9

837
779
791
786

816
844
844
807

460
466
459
458

122.0
78.8
91.2
94.4

109 7
136.2
130.0
100.6

1,979
1,947
1,982
2,019
2,057

758
717
753
781
814

772
760
778
787
797

470
451
452
446

65.8
25.1
62.9
89.7
122.5

72.5
68.3
86.5
97.4
111.3

2,019
2,034

.

585
578
573 i
570
559
551
536
512

2,114
2,090
2,095
2,051

_.

887
843
864
848
774
766

962
961
949
950
943
918
872
832
807

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

June 1
July 8
July 15
July22
July29
Aug. 5
Aug. 12

Other
reserve
cities

777
791

794
796

448
447

78.1
95.1

105.6
108.6

i

(*)
(J)

> Figures not available b y weeks.

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

MEMBER BANK DEPOSITS
[In millions of dollars]
Averages of daily figures

Net demand and time deposits

Net demand deposits

Time deposits

Month

Total-

all member
banks
1931—April
May

June
July

_ _.

August
September
October
November .
T)po<vmhflr

- -

1932—January

February .
March

--

April

May. _
June

July

._.

New
York
City*

Other
reserve
cities

New
York
Cityi

Other
reserve
cities

T tal"Coun- allomemtry"
ber
banks
banks

New
York
City i

Other
reserve
cities

"Country"
banks

32,179
32,168
31, 602
31,526
31,041
30,500
29,138
28,218
27,438

7,336
7,439
7,232
7,325
7,147
7,126
6,937
6,612
6,414

13,181
13,157
12,939
12,831
12,702
12,356
11,657
11,350
11,048

11,662
11,573
11,432
11,371
11,192
11,018
10,544
10,256
9,976

18,491
18,419
18,055
18,122
17, 783
17,525
16,859
16, 358
15,985

6,019
6,094
5,934
6,064
5,946
5,962
5,872
5,653
5,546

7,309
7,236
7,132
7,102
7,012
6,805
6,421
6,273
6,106

5,163
5,090
4,988
4,956
4,825
4,758
4,567
4,432
4,333

13,688
13,749
13,548
13, 404
13,259
12, 974
12, 279
11,860
11,453

1,317
1,345
1,297
1,260
1,201
1,163
1,065
959
868

5,872
5,921
5,807
5,728
5,691
5,552
5,236
5,076
4,942

6,498
6,483
6,444
6,415
6,367
6,259
5,977
5,825
5,643

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

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

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

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

5,921
5,723
5,622
5,492
5, 42a
5,433
5,304

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

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

822
796
800
811
816
803
818

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

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

i Central reserve city banks only.
Back figures.—See BULLETIN for June, 1931, p. 347.




T
"Coun- all o t a l memtry"
ber
banks
banks

569

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[In millions of dollars]
Open-market loans

Loans to other customers

Purchased paper

Total
loans Loans
and
to
invest- banks
ments

Total

OtherSeSecured cured wise
seby
by
cured Total
stocks real
and
and
unsebonds estate cured

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

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

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

Call date

Investments

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

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
9,629
8,726
8,906
8,409
8,100
7,845
7,407
6,519

3,734
3,740
3,718
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

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

8,254
8,364
8,551
8,627
8,481
8,206
8,229
8,007
7,762
7,524
7,318
7,018

1,906
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

Loans
to
Accept- Acbroances cept- Com- kers
pay- ances merin
able
cial
New
payin
York*
able
United abroad
States

Total

Total
loans
seU. S.
cured
Gov- Other
by
ern- secument rities stocks
and 3
secubonds
rities

TOTAL—ALL MEMBER
BANKS

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

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

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

4,312
4,454
4,155
4,022
3,863
4,085
4,061
4,095
4,125
5,002
11,
12,106 5,343
12,199 5,564
11,314 5,319
11, 414 5,628
10,529
10,448
10,052
9,749
9,784
9,937
10,442
10,734

6,217
5,994
5,898
5,727
5,921
5,852
6,380
6,639
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

NEW YORK CITY •

1928—Dec. 3 1 . . .
1929—Mar. 27...
June 29. _.
Oct. 4___.
Dec. 31...
1930—Mar. 27...
June30__.
Sept. 24...
Dec. 31...
1931—Mar. 25...
June 30-. .
Sept. 29..
Dec. 31...
1933—June 30..

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
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

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

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
3,050
2,585

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
4,892
4,226

1,382
1,424
1,384
1,361
1,267
1,273
1,229
1,219
1,159
1,224
1,279
1,433
1,418
1,432

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

897

OTHER RESERVE CITIES

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.

_
-__

"COUNTRY" BANKS

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.

„_

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

5,892

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




570

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, DEPOSITS
[In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private
banks under State supervision. For backfiguressee BULLETIN for May, 1931 (p. 253), and Annual Report for 1931 (Tables 45-46)J
Total loans and investments
Member banks

All banks

Date

Total

Loans

Investments

17,801
17, 549
17,504

35,061
34,929
35,684

24,303
24,325
25,155

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

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

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

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

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

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

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

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

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

Investments

Loans

All
banks

Mem- Nonber member
banks

1928—June 30.
Oct. 3 —
Dec. 3 1 -

57.265
57, 219
58.266

39,464
39, 671
40, 763

7,043
6,945
6,975

53,398
53, 720
56, 766

32,133
32,138
34,826

21,265
21, 582
21,940

1929—Mar. 27.
June 29_.
Oct. 4 - _
Dec. 3 1 -

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

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

1930—Mar. 27 __
June 30. _.
Sept. 24...
Dec. 3 1 —

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

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

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

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
10,989

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

1932—June 30..

Total

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

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

28,001

Total

16,587

24, 755

BANK LOANS AND INVESTMENTS, PERCENTAGE DISTRIBUTION

Member banks
Total i

Investments

11,414

NUMBER OF BANKS

Date

Deposits (exclusive of
interbank deposits)

Nonmember banks

Total

National

State

Nonmember
banks

1925—Dec. 3 1 .

28,257

9,489

8,048

1,441

1926—Dec. 31

27,367

9,260

7,906

1,354

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

18,107

1927—June 30
Dec. 3 1 - .

[Figures for Dec. 31,1931]

18,768

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

6,980

6,145

835

1928—June 30.
Dec. 31 .

_

1932-June30

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.




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

19,966

49,704

7,246

30.575

62

403

19.576

39

39
12

7,460
1,517

15
3

100

9
23
97

5,200

10

133
90
6,843

4,099
1,200
10, 999

2
22

12,720

19,129

38

i Includes certain outlying banks in reserve cities.

SEPTEMBER,

571

FEDERAL RESERVE BULLETIN

1932

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

Loans and investments

Loans and investments
Month or date

1931—May
June
July
August
September.
October...
November.
December.
1932—January...
February..
March
April
May
June
July
August
June 1
JuneS
June 15
June 22
June 2 9 . . . .
July
July
July
July

August 3_August 10.
August 17.
August 24August 31.
T

Borrowings
at
F. R.
U.S. se- banks
Total curities

BorTotal
rowloans
ings
and inat
vestF. R.
ments banks

1,460
1,523
1,608
1,600
1,652
1,750
1,705
1,732

14,838
14, 745
14,613
14,460
14, 334
13,959
13, 765
13,584

28
56
44
72
124
324
888
416

,631
,547
,620
,797
,849
,860
081

13, 257
13,130
12, 913
12,604
12, 465
12,336
12,066
12, 070

435
461
365
277
185
191
212
164

Loans
on securities

All
other
loans

28
56
44
75
127
398
404
499

7,875
7,694
7,780
7,633
7,744
7,466
7,258
7,165

3,039
2,846
2,764
2,640
2,657
2,369
2,277
2,237

2,194
2,204
2,365
2,370
2,375
2,272
2,243
2,218

2,642
2,644
2,651
2,623
2,712
2,825
2,738
2,710

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

469
484
368
277
185
191
212
164

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

2,209
2,127
2,065
. 947
,
.,851
,745
,644
,657

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

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

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

7,893
7,853
7,964
7,900
7,870
7,679
7,586
7,441

7,822
7,816
7,798
7,713
7,795
7,775
7,578
7,545

3,957
4,048
4,121
4,074
4,154
4,171
4,072
4,127

7,331
7,214

20,178
19,775
19,434
19,096

Investments

Total

All
other
loans

22, 713
22,439
22, 393
22,093
22,078
21, 425
21, 023
20,749

6
13
20
27

Borrowings
Investments
at
F. R.
U.S. se- banks
Total curities

Loans
on securities

Total

Other leading
cities

New York City

18, 587

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

6,820
6,727
6,609
6,455
6,319

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

19,016
18, 712
19,087
18,819
18,754

4,907
4,798
4,828
4,778 J
4, 745

6,724
6,599
6,687
6,519
6,518

7,385
7,315
7,572
7,522
7,491

4,032
4,077
4,338
4,298
4,254

197
207
198
189
167

6,635
6,430
6,645
6,462
6,534

,815
,737
,759
,720

2,060
1,966
2,065
1,925
1,957

2,760
2,727
2,821
2,817
2,881

.,777
.,789
.,878
,881
,921

12, 381
12, 282
12, 442
12, 357
12,220

197
207
198
189
167

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

,647
,650
,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

18,696 r 4,632
18,622 r 4,6l2
18, 580 '4,586
IS, 499 r 4,551
18, 539 4,512

'6,364
'6,346
'6,323
r
6,277
0. 284

7,700
7,664
7,671
7,671
7.743

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

188
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
3,019
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

19,112
18,877
18,419

L,521

Revised

BROKERS' LOANS
R E P O R T E D BY T H E N E W YORK S T O C K E X C H A N G E

M A D E BY REPORTING M E M B E R BANKS IN N . Y. CITY

[Net borrowings on demand and on time. In millions of dollars]

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

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

Total
End of month
1931

1932

1931

1932

1931

For ac-

Month or date

For
count of For acown ac- out-of- count of
others
count
town
banks l

1932

January
February
March

1,720
1,840
1,909

512
525
533

1,557
1,646
1,692

374
385
391

163
194
217

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

173
194
112

47
84

October
November
December

796
730
587

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

138
140
142

582
455

Total

August 3 . .
August 10.
August 17.
August 24.
August 31.

108
148
132

;

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

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

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

165
151
157
90
13
6
6
5
7
7
6
8
8

332~
345
344
355
345

307
320
320
330
318

16
17
17
18
19

9
8
7
8

Back figures.—See Annual Report for 1930 (Table 57).




|

* Member and nonmember banks outside New York City (domestic
banks only).
I Back figures.—See Annual Report for 1931 (Table 62).

572

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

ACCEPTANCES AND COMMERCIAL PAPER
BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR ACCEPTANCES)

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

1930—April

May
June
July
August
SeptemberOctober
November—
December..

1,414
1,382
1,305
1,350
1,339
1,367
1,508
1,571
1,556

For
acFor count
own of foraceign lotai
count correspondents
209
184
127
129
167
208
141
143
328

465
463
470
479
471
432
433
429
439

158
166
205
279
267
317
384
493
371

(DOLLAR

Held
by
others

on
imTotal ports
into
U.S.

End of month

Own Bills
bills bought

55
63
64
63
95
131
172
180
90

103
103
141
216
172
186
212
313
282

582
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., .

961
919
911
879
787
747
705

119
76
36
16
4
36
12
»3

314
312
335
292
183
98
59
49

332
343
377
455
510
518
563

159
175
155
188
225
200
197

174
168
222
268
286
318
366

195
189
163
115
90
96
70

» Preliminary.
Figures for acceptances outstanding (and held by accepting banks)
from American Acceptance Council.
Backfigures.—SeeAnnual Reports for 1930 (Table 64), 1929 (Table 58)
and 1928 (Table 61).
ACCEPTANCES PAYABLE IN FOREIGN CURRENCIESHOLDINGS OF FEDERAL RESERVE BANKS

Based
Based
on goods
on
stored in
goods
United
stored
Based States
in
on ex- (ware- Dollar foreign
ports house
counexfrom credits) change tries or
shipped
U.S.
or
shipped
bebetween
tween
domesforeign
tic points
points

OUTSTANDING

1931—June
July
August
September
October..
November
December

494
423

1,368
1,228
1,090
996
1,040
1,002
974

254
238
202
190
238
258
267

961
919
911
879
787
747
705

150
142
129
118
103
97
85

207
195
205
199
184
173
162

272
271
267
251
217
193
178

284
287
294
269
271
265

15
7
10
68
105
61
43

129
99
84

39
16
38
185
285
170
104

119
76
36
16
5
36
12

...

349
330
276
257
261
254
222

95
39
70
420
647
418
305

1932—January
February
March
April—
May
June
July___

202
186
178
174
173
158
159

16
9
4
2
(2)

338
330
296

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

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

_._

47
25
13
5

32
27
12

()
*

1

1 Total holdings of Federal reserve banks include a small amount of
unclassified acceptances.
»Less than $500,000.
Backfigures.—SeeAnnual Report for 1931 (Tables 67 and 15).
COMMERCIAL PAPER OUTSTANDING

[In thousands of dollars]

[In millions of dollars]
End of month

1929

1930

1931

1932
End of month

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

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

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

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

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

Backfigures.—SeeAnnual Report for 1928 (Table 12), 1927 (Table 12),
1926 (Table 24), etc.




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

1929

_
_
m

_.

407
411
387
351
304
274
265
267
265
285
316
334

1930

1931

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

Backfigures.—SeeAnnual Report for 1930 (Table 60).

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

1932

108
103
106
108
111
103
100

573

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

BANK SUSPENSIONS AND BANKS REOPENED
Banks reopened

Banks suspended

Deposits (in thousands of dollars)

Number
Year and month

Members
All
banks

1921
1922
1923
1924
1925
1926.
1927
1928-.
1929
1930
1931

National State

_.

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

1930—December.

344

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

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

342
125
47
'74
82
'151
'131

74
26
7
6
14
44
20

_.

51
45
90
122
118
125
91
57
64
161
409

Nonmem- All banks
bers

19
12
34
37
28
35
33
16
17
26
108

Members

NonNonAll
All
mem- banks Mem- mem- banks
bers bers
bers

National State

431 196,460
21, 285 21, 218 153, 957
297 110, 721 19,092
5,151
86,478
524 188, 701
32, 904 18, 324 137,473
617 213,338
60, 889 13, 580
466 172, 900 58, 537
8,727 105, 636
796 272,488
47,866 20, 946 203, 676
538 193,891
46,581 19, 755 127,555
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
288

367,119

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

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

Members

Nonmembers

3,132 14, 361
50 17,493
41 35, 565 11, 618 23, 947
11, 674 5,068
6,606
23
7,190 15,272
74 22,462
16, 618 6,779
9,839
48
135 60, 610 8,179 52, 431
84 35, 729 8,311 27,418
9,117
34 15, 727 6,610
53 25, 829 2,273 23,556
3,538 58,061
140 61, 599
245 158,187 53, 944 104,243

65
37
94
62
149
95
39
58
147
276

163,993

158, 242

43

43

16,340

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

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

55
43
29
24
7
3
9
4
6
20
17

19,322
17,157
11, 788
23, 613
3,890
24, 522
2,525
14, 396
4,258

63,686 10,873
8,427
22,628
4,484
2,634 11, 887
1,237
6,258
7,589
' 42, 474
' 17, 546 ' 1, 769
P 11, 629
*>855

144,512
34,665
10,805
' 17, 092
' 26, 870
' 86, 592
' 30, 562
v 22, 246

44,884

255 219,071
65,720
93
15,289
40
'63 '31,613
62 ' 34, 365
' 103 • 136, 655
'107 ' 49, 877
v 34, 730

Deposits (in thousands of
dollars)

Number

16
40
28
19
'19
'18
'18
P17

16, 340

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

991
3,684
589

13,041
18, 579

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

3,293
10,952
7,659
4,944 14,657
19,601
9,714
9,876
19,590
11,041
1,793
9,248
33, 214
4,219 ' 28, 995
11, 501
2,891 '8,610
69, 981 16, 404 ' 53, 577
1
32, 270 P 5, 018 v 27, 252

r
» Preliminary.
Revised.
Banks suspended mid 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 report for 1930 (Tables 66 and 67).

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

Call date

U.S.

Govern- Eligible
ment se- paper
curities
1929—Mar. 27-.
June 29-.
Oct. 4-_.
Dec. 31..
1930—Mar. 27June 30-.
Sept. 24Dec. 3 1 1931—Mar. 25..
June 30..
Sept. 29Dec. 3 1 1932—June 30..

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

By"

country"

Danks

U.S.

U.S.

Total

Government se-

Eligible
paper

Total

curities
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

974
929
912
814
818
772
764
708
776
836
994
989
994

By all m e m b e r b a n k s

1,761
1,773
1,733
1,684
1,662
1,620
1,541
1,438
1,373
L, 328
1,209
1,068
971

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

Government securities

Eligible
paper

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

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

i Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation.
Back figures—See BULLETIN for March, p. 156.




Total

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

574

FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK RATES

SEPTEMBER, 1932

OPEN-MARKET RATES

DISCOUNT RATES

RATES IN NEW YORK CITY

[Rates for member banks on eligible paper]
Average rate Average yield
onCall loans i U.S.
TreasPrime Prime
ury
Month or week com- bank- l i m e
ers'
notes Treasmercial accept- loans,
ury
and
paper, ances,
90
Re- certifi- bonds»
4 to 6
days* New newal cates,
90
months
days
3 to 6
months \
Prevailing rate o n -

Bate in
effect on
Sept. 1

Federal reserve bank

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

Date established
Oct.
June
Oct.
Oct.
Jan.
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

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
Sept. 1

Maturity

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

Date established

Previous
rate

1931
2 -2\
May
2
June
2
July
2
August
2
September
October
November
3^-4
December
1932
January...
3^-4
February
March
.*...
April
May
June
July
August
2 -2

H

Week e n d i n g July 30
August 6..August 13 __ 2 -2
August 20_ _ 2 -2M
August 27. _ 2 -234

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

1.45
1.50
1.50
1.50
1.50
2.10
2.50
2.73

1.45
1.50
1.50
1.50
1.50
2.10
2.50
2.70

«.55
.41
.42
«.45
1.70
1.77

3.31
3.30
3.32
3.34
3.42
3.71
3.69
3.92

2.61
2.50
2.50
2 -3 2.50
2.50
IX 2.50
2.08
2.00

2.65
2.50
2.50
2.50
2.50
2.50
2.08
2.00

2.48
2.42
<2.25
1.11
.31
<.34
.22
.14

4.27
4.11
3.92
3.74
3.77
3.78
3.65
3.57

1J4-2
1X-1H
1X-U4
H 1X-IH
IX-2

•

2.00

2.00

2.00

2.00

2.00

2.00

2.00

2.00

3.59
3.58
3.56
3.57
3.56

2.00

2.00

1X-1X

. 12
. 25
.16
.06

VA.
3

* Stock exchange call loans; new and renewal rates.
2 Stock exchange 90-day time loans.
* 3 issues—326, 3H, 4 per cent; yields calculated on basis of last redempNOTE.—Rates on prime bankers' acceptances. Higher rates may be tion dates—1947,1956, and 1954.
* Change of issues on which yield is computed.
charged for other classes of bills.
Back figures.—See Annual Report for 1931 (Tables 39 and 40).

RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
[Weighted averages of prevailing rates]
8 other northern and eastern cities

New York City

2/

southern and western cities

Month
1928

January
February
March
April
May
June ^
July
August.
SsDtember
Optohpr
Novpmbftr
December

4.56
4.44
4.59
4.72
4.97
5.09
5.38
5.56
5 63
5 63
5 56
5.63

1929
5.74
5.73
5.81
5.85
5.88
5.93
5.88
6.05
6 06
6 08
5 86
5.74

1930
5.64
5.35
5.22
4.91
4.74
4.59
4.48
4.41
4 29
4 26
4 17
4.16

1931
4.24
4.31
4.20
4.17
4.11
4.13
4.05
3.97
3.93
4 27
4 67
4.64

1932
4.71
4.71
4.72
4.69
4.55
4.61
4.42
4.45

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

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

NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given in
preceding table). All averages are based on rates reported for 3 types of customer loans—commercial loans, and demand and time loans on securities.
The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (6) the relative importance
of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to the
importance of that city in the group, as measured by the loans of all banks in the city.
Backfigures.—SeeAnnual Report for 1930 (Table 39).




SEPTEMBER,

575

FEDERAL RESERVE BULLETIN

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)

Month or date

Bondsi

Number of issues
1931—June
July
August
September.
October...
NovemberDecember.
1932—January...
February..
March
April
May
June
July
August

Selected groups of industrial issues
Kail- Public
BuildCopTotal Indus- road utility
trial
Auto- ing Chain Chem- per
mobile equip- store ical and
ment
brass

99.4
99.4
98.5
95.6
89.4
89.0
81.6
81.0
80.3
80.8
79.4
75.2
72.2
74.2
83.2

August 3...
August 10..
August 17..
August 24..
August 31-

Preferred
stocks3

78.8
82.0
83.5
86.2
85.5

20

421

37

351

95

153
158
154
132
112
115
96
94
93
93
73
68
55
55
84

12

Electrical Maequip- chinment ery

16

101
105
103
85
70
75
65
64
60
55
34
30
26
26
45

10
128
131
127
110
90
96
79
80
79
85
61
52
48
50
75

Oil

15

Steel

Textile
28

10

45
46
45
40
36
36
31
31
31
31
26
23
20
22
33

157
161
155
132
113
114
94
85
77
77
57
52
40
43
73
i

i

27
31
32
35
40

35

1

Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity.
»20 high-grade industrials; average price.

CAPITAL ISSUES

UNITED STATES GOVERNMENT SECURITIES

[Long-term; i. e., 1 year or more. In millions of dollars]

[In millions of dollars]

New issues
Total
(doYear and month mestic
and
foreign)

Refunding
issues
(doState Corporate
For- mestic
and
eign and
mu- Bonds
fornici- and Stocks
eign)
pal notes

Total*

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

August
September..
October
November..
December. .

225
120
245
45
112
123

223
120
221
45
110
123

93
74
114
16
54
44

113
34
94
14
26
28

2
12
12
4
24
39

2
0
24
0
2
0

45
7
43
1
21
21

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

184
73
162
71
91
78
106

184
73
162
71
91
78
104

138
35
109
30
84
74
25

42
35
47
15
7
4
62

4
4
1
0
0
0
1

0
0
0
0
0
0
2

14
21
29
72
32
64
57

1923
1924
1925
1926
1927
1928
1929
1930
1931

-.-.

1931—July

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




Outstanding at end
of month

Domestic

Month

Increase or decrease
(—) during month

Total

1931
March
April
May
June
July
August
September
October
November
December

Bonds CertifBonds Certifand icates Total and icates
and
and
notes bills
notes bills

16,280
16,368
16,245
16,520
16,522
16,585
17,048
17,028
17,040
17,528

13,838
13,567
13,323
14,152
14.178
14.179
14,980
14,981
14,955
15,092

2,442
2,801
2,922

Total (12months).

-735
-271
-244
829
26
1
801
1
-26
137

1,036
359
121
-554
-24
62
-338
-21
38
351

1,754

2,344
2,406
2,068
2,047
2,085
2,436

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

638

1,116

-13
305
370
97
442
432
136
461

10

-23
305
370
96
227

1932

January..
February.
March
April
May
June
July
August

17,515
17,820
18,190
18,287
18,729
19,161
19,297
19,758

15,102 2,413
15,102 2,718
15,102 3,088
15,103 3,184
15,318 3,411
15,715 3,446
15,744 3,553
16,454 3,304

1
215
397
29
710

3S
107
-249

NOTE.—Figures relate to interest-bearing public debt; matured noninterest-bearing debt amounted to $309,000,000 at the end of August, 1932.
Figures include obligations held in Government trust funds amounting
to $384,000,000 at the end of August, 1932.
Bonds and notes are long-term—i. e., 1 year or more (figuring from
date of issue); certificates and bills, shorter term.

576

FEDERAL RESERVE BULLETIN

SEPTEMBER,

1932

PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation}
Building contracts awarded
(value) 2

Industrial production *
month

Manufactures1

Total»

Minerals i

Total

Residential

Factory employment8

All other

Factory
Freiglit-car
pay
loadings4 *
rolls 3

ity
prices *

Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
84
87
67
86
101
94
105
108
106
112
119
95
80

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

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

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

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

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

97
97
98
98
99
100

98
103
104
107
104
104

105
109
119
119
109
94

102
103
105
106
107
106

97
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
111
103
99

95
99
98
102
109
110
111
115
121
118
102
89

108
107
105
108
107
108
107
107
106
104
102
102

96
95

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
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

41
35
36
38
37
39
40

66
67
66
64
61
59
57

68
68
66
64
62
60
58

52
54
52
49
46
43
40

58
59
58
57
53
52
51

64
62
61
59
54
'52
51

67
66
66
66
64
64
65

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

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

1928
July
August. _
_
September
October. _
November
December

105
110
116
118
115
109

109
110
113
115
117
118

105
110
116
117
115
110

110
111
114
116
118
120

104
111
115
123
118
106

102
105
107
111
114
111

142
137
138
134
122
107

132
131
134
136
132
127

127
116
118
115
112
93

126
119
118
115
114
106

155
154
154
150
130
117

137
141
147
152
146
145

96
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..
February.
March
April
M a y ...
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
62
51
46
37

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

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

1931
January..
February.
March
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..
February.
March
April
May
June
July

71
71
68
64
61
59
*56

72
69
67
63
60
59
»58

70
70
66
63
60
59
»55

71
68
64
61
58
58
"57

74
75
77
72
65
61
62

77
78
84
79
67
63
64

25
23
26
31
31
32
31

31
27
26
27
26
27
27

16
15
16
16
14
12
12

19
17
15
14
12
11
11

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

79
90
65
88
86
94
120
135
139
142
142
125
84

76

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

9
e

96
95
95
97
96
96
95
94
93

* Preliminary.
» Revised
•
* Average per working day.
i For indexes of groups and separate industries see p. 616; for description see BULLETIN for February and March, 1927; for back figures see
BULLETIN for March, 1932, p. 194.
3
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. 617; for description and back figures see B ULLETIN for November, 1929, and November, 1930.
* For indexes of groups see p. 577; for back figures see BULLETIN for February, 1931, p. 108.
« Revised index of Bureau of Labor Statistics (784 price series), 1926=100. Index numbers for groups of commodities are given on p. 618.




0/7

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

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

Merchandise exports

Excess of exports

Month
1928

January
February
March
April
May
June

1929

1930

1931

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

Year.

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

July
August
September
October
November
December

488
442
490
425
385
393
403
381
437
529
442
427
5,241

3,843

1932

2,424

1928

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

1932

2,091

150
154
155
135
132
114
*107

136
131
131
127
112
111
»79

1928

1929

1930

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

1932

15
23
24
U
20
3
»28

334

v Preliminary.
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

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

Month

1931

January
February
March

April

May
June
July
August
September
October
November
December

_

1932

1931

1932

1931

1932

1931

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

78
78
72
80
73
71
67

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

64
64
70
76
73
67
47

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

75
73
70
70
68
68
64

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

1932
67
69
72
72
70
66
60

April

May

June

July

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

61
71
48

59
62
32

54
48
26

'52
45
27

51
49
24

72
56
27
28
57
75

86
61
26
18
56
73

76
54
24
4
54
71

66
53
22
6
54
71

70
54
21
9
49

Without seasonal adjustment

Total
58
57
52
53
51
Coal
67
52
42
39
43
Coke
48
31
24
26
21
Grain and grain prodYear . . .
82
91
ucts
62
62
66
58
84
Livestock
49
56
51
45
45
Forest products
27
27
26
24
21
i Based throughout on figures of daily average sales—with allowance
Ore
7
9
7
10
17
for changes from month to month in number of Saturdays and for 6
Miscellaneous
54
57
56
56
52
national holidays: New Year's Day, Memorial Day, Independence Day,
Merchandise i
75
75
74
71
68
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.
i In less-than-carload lots.
Based on daily average loadings. Source of basic data: American
v Preliminary.
Railway Association.
Back figures.—See BULLETIN for November, 1930.
' Revised.
Back figures.—See BULLETIN for February, 1931, pp. 108-110.




578

FEDERAL RESERVE BULLETIN

SEPTEMBER, 193 2

FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE NETHERLANDS BANK
The annual report of the Netherlands Bank the result of the long series of transgressions
for the year ended March 31, 1932, was pre- in the field of economics and finance which have
sented to the general meeting of shareholders on been committed by all nations since the outJune 27, 1932. Sections of the report are given break of the World War. After the destruction
herewith: x
of capital caused by four years of war the world
During the past fiscal year international con- has acted as if this war had been a source of
ditions underwent a further unfavorable de- enrichment and development instead of imvelopment. The economic crisis, which became poverishment and dislocation. Processes of
increasingly severe and more widespread, ex- adaptation which had inevitably to be made
tended into the realm of finance. Owing to a after the war have been impeded and delayed.
universal lack of confidence on the part of Inflation and speculation created an artificial
both lenders and borrowers, international deal- and unreal purchasing powder which could not
ings in credit and capital were suspended or be maintained. The peace treaties created
sharply restricted. The considerable volume heavy debts which were not counterbalanced
of short-term loans on which the financial by any strengthening of the economic position
structure had been built up to an undue height of the debtor countries, and which could be met
were suddenly withdrawn. Countries which only so long as these countries could borrow in
had heavy short-term indebtedness abroad and sufficient amount to meet their debt payments.
no resources available for its repayment, or Short-term funds were advanced on a large scale
which could not realize on their own foreign and were employed in long-term financing of
investments, were faced with great difficulties. partly unproductive and unnecessary enterWith or without the cooperation of their credi- prises without the lenders realizing the dangers
tors, they either suspended payments or left the involved. Interest and amortization payments
gold standard. More and more the world on the debts so incurred were prevented by the
came to be split up into isolated units, each constant raising of tariff barriers and by other
following a policy which was apparently protectionist measures. As a result of the
designed to further its own interests, but which peace treaties the frontiers separating the
was in reality harmful wherever their own truest countries of Europe from one another were
interests and international interests required extended by no less than 20,000 kilometers
mutual support and cooperation. The tragedy (about 12,400 miles). The newly formed
of the situation arises not so much from lack States, with the aid of artificial measures, set
of realization of the growing dangers which about building up their own industries and
threaten the world as from inability to draw impeding international trade. They obtained
the necessary conclusions from that realization, the necessary capital through foreign loans,
and to take such measures as are needed to which were granted without due consideration
facilitate the inevitable process of adjustment. and had no sound economic basis.
The world is continually being driven further and
All this, combined with rationalization,
further along a road which will never lead to the technical improvement and expansion, brought
desired goal, but which will apparently not be about an increase in production out of all proabandoned until exhaustion puts an end to arti- portion to the possibilities of sale and consumpficial and uneconomic measures and compels a tion, the process culminating in 1929. Then
gradual resumption of the international ex- purchasing power began to decline from its
change of commodities, capital, and credit. artificial level, commercial and industrial enterJust as the World War, waged in the military prises were forced to suspend operations, and
field, was terminated only when strength failed the price decline became a catastrophic fall.
to carry it on, so the war now raging in the At the same time all countries were taking
economic and financial field will be terminated artificial measures on an ever-increasing scale
only when hard facts make it impossible for the in an attempt to ward off the inevitable connations to continue their uneconomic policies. sequences of the course which they had followed.
Causes of the crisis.—These developments
The world is now revolving in a vicious
during the past financial year are undoubtedly circle. The debtor countries can not fulfill
theirfinancialobligations because their creditors
i The report, available in Dutch and in the official English translation
published by the bank, contains in addition tables showing the opera- refuse to receive their goods or services, which
tions of the bank in detail, and sections dealing with the international
situation, prices, personnel, etc. All amounts of money expressed in are, ultimately, their only means of meeting
florins have been converted into dollars at par and then expressed in their obligations.
The creditor countries perround figures. For earlier reports see BI'LLETIN for August, 1931, 1930,
sist in this refusal because they dare not expose
September, 1929, August, 1928, 1927. etc.




SEPTEMBER, 1932

their national production to foreign competition.
This line of action not only prevents their
being able to recover their claims from the
debtor countries, but it also paralyzes their
exporting industries. The few countries which
have so far maintained the principles of international trade are being flooded with goods and
services which can not be disposed of elsewhere.
Self-preservation is forcing them also to take
measures of exclusion and isolation—in themselves improper and undesirable. All this not
only impedes still further the international
trade which is necessary for world recovery,
but also delays the reduction in costs of production and in the standard of living, which is
of the greatest importance.
Essentials of recovery.—The question of the
means by which the world must try to break
through the vicious circle in which it is held is
not so difficult to answer in theory, but the
theoretical solution will be difficult to put into
practice. First, the nations should avoid
having recourse to unsound monetary practices.
Although the solution can not be found in the
field of currency, currency policy has an important, though supplementary, task to perform in
the process of recovery.
A genuine improvement in the world situation can be attained only when and as the
necessary conditions are fulfilled for an unimpeded exchange of goods, capital, and labor.
These conditions are partly of a political and
partly of an economic and financial character.
So long as the world fails to make political aims
subsidiary to the paramount interest in economic and financial recovery, confidence in the
future—and with it, one of the indispensable
conditions to the revival of international
trade—can not exist.
Trade policy of the Netherlands.—It should
be a source of satisfaction to this country that
during the past few years it has not only, in
official statements and through its representatives in international conferences, stood for the
extension of free trade but has also given practical effect to that policy. Although its present
situation and its prospects are by no means
favorable, it has been guilty of no artificial
measures aimed at trade restriction, and the
creation or maintenance of impossible conditions within its borders. The Netherlands7
economic structure, therefore, has been built
up on its own resources and on a foundation of
reality. As a result of this, and of the farsighted financial policy which was followed in
the years of prosperity, business and finance
have shown a remarkable capacity for resistance which, with wise management, will enable




579

FEDERAL RESERVE BULLETIN

the country to weather this difficult period. In
spite of obstacles, the trade policy of the Netherlands has achieved results which compare not
unfavorably with those obtained by protectionist countries, as may be seen from the following index numbers of the value of imports
and exports in 1930 and 1931, on the basis of
1929 as 100:
1930

1931

Imports Exports Imports Exports
Netherlands.United States of America
Germany
_
France
Italy
Switzerland

_

66
46
73
61
66
64

It is obvious that, in order to restore and
develop our economic activity, every effort
should be made to reestablish the freedom of
international trade as soon as possible and to
limit measures of defense. Some defense measures may be necessary for a time, in order to
avoid being overwhelmed in the economic
world war, but the fact remains that they are
harmful to the country's own economic system,
and that they run directly counter to the traditional policies under which this country has
prospered. Restraint in having recourse to
such measures can not be too strongly urged.
To achieve the restoration of international
trade is, unfortunately, beyond the powers of
this country, but it can and must make every
effort to restrict, on the one hand, its own
measures to what is unavoidable for selfpreservation; and to render, on the other hand,
every assistance toward a freer interchange of
goods, capital, and credit.
Necessity of readjustment.—While the Netherlands, therefore, has no reason to reproach
itself for obstructing international trade, the
case is different with respect to the process of
adjustment which, wholly apart from international conditions, must be carried out in each
individual country. Along these lines no satisfactory development can be claimed. Even
though we are not responsible for the present
world-wide distress, we are unable to escape its
consequences and shall have to adapt ourselves to a lower level of prices and incomes.
All lines of business will have to make adjustments, which thus far have only been made in
an unsatisfactory and unequal degree. In view
of the existing dislocation of international relations, it is obvious that such industries as
produce wholly or largely for the international
markets would be earliest and most seriously
affected. In these branches of industry, there-

580

FEDERAL RESERVE BULLETIN

fore, adjustment has made some progress.
But this is not sufficient to enable Netherlands
producers to compete successfully for international trade, and thus to maintain those
industries which depend on that trade for their
very existence. Adjustments in the form of
lowered costs of production have made greater
progress in other countries whose competition
the Netherlands is feeling even now, and will
feel more keenly with the return of more normal conditions. Thus far our economic system
has not proved sufficiently elastic. For this
reason a restriction of the emergency measures
which have already been taken or are in preparation, almost all of which will tend to make
the system still less elastic, is of the greatest
importance. They will retard the process of
adjustment still more, and are likely to force
production by artificial means into the wrong
channels. What the Netherlands most needs
is lower production costs, not merely in those
industries which produce for the international
market, but in all lines of activity in the sheltered industries as well as in Government and
municipal undertakings which have assumed
increasing importance in our economic system.
No reduction in costs is yet to be observed in
the two latter groups, yet such a reduction is
inevitable if we are to maintain our position in
international trade. Agriculture, industry,
trade—in short, the entire productive equipment of the Netherlands—are making inadequate profits, while there is a sharp contrastbetween these profits and the standard of living
which the Netherlands people, taken as a
whole, continues to maintain. This situation
can not continue. If we do not accept voluntarily and in season the inevitable consequences of the world depression and of the
operation of economic laws, the force of circumstances will compel us to accept them. Consequences will then appear which will affect
most seriously those very groups of the population who refused to cooperate, and which,
with their cooperation, might have been avoided.
Adjustment is even more necessary because
the Netherlands East Indies, owing to its
economic organization, has been most severely
affected by the economic crisis, and must be
supported until such time as the sound policy
of the present administration and the energetic
efforts of private enterprise to adapt itself to
the economic situation shall enable the Netherlands East Indies to surmount its difficulties
through its own efforts.
Nothing, however, justifies any impression
that the Netherlands is unable to cope with the
present situation. In comparison with other
countries its position is so firmly established,




SEPTEMBER,

1932

as a result of prudent management for many
years, that if it is generally realized that
changed conditions require a change of conduct,
and if in mutual cooperation the country acts
on this conviction, there need be no fear that
the Netherlands will be unable to hold out
until the necessary conditions have been created for a gradual world recovery. The
Netherlands people are now facing the decision
whether, by trying to maintain a standard of
living which is no longer in harmony with world
conditions and their own economic possibilities,
they will expose themselves to further impoverishment in future, with all the consequences
which that involves; or whether, by mutually
facilitating and promoting the inevitable process of adjustment, they will help the productive equipment of the Netherlands, which
forms the very basis of existence for all classes
of the population, to pass through these difficult
times and be prepared when world conditions
shall permit an expansion of its operations.
Limitations of currency policy.—As to currency policy, no cure can be expected from that
quarter. During recent years the influence of
currency policy on economic development has
been given undue importance, while the influence
of decisive factors outside the control of central
banks has been underestimated. All that central
banks can do is to direct their policy toward
making credit either more easily available and
therefore cheaper, or less easily available and
therefore dearer, through changes in discount
rates and through open-market operations; but
they have no assurance that their policy will
have the desired effect on the level of commodity
prices. It by no means follows, because credit
is available on favorable terms, that a satisfactory demand will be found for it.
Gold standard.—Monetary policy must be
directed in the first place to the restoration of
the gold standard. The criticism directed
against the gold standard, especially by those
countries which have abandoned it, seems unjustified. # It overlooks the fact that the gold
standard is only an instrument which depends
for its functioning on a sufficient degree of
freedom in international trade and also on a
sufficient degree of elasticity in the economic
systems of the various countries. The gold
standard is not an independent force, unaffected by the factors which govern the world
situation, and able to prevent or to correct the
effects of an unbroken series of economic and
financial errors. If the great creditor countries refuse to accept payment in goods and
services and, in addition, suddenly withdraw
their credits without considering the consequences, and if those countries which are experi-

SEPTEMBER, 1932

FEDERAL RESERVE BULLETIN

581

encing a continued drain on their gold stocks fail volume of liquid assets, which created serious
to restore equilibrium in their economic sys- difficulties through their movements between
tems—then the conditions essential for a proper the principal money markets. Furthermore,
functioning of the gold standard are lacking. the application of this system has been shown
It seems most unreasonable to lay the blame to involve abnormal risks. Its operation must
on the gold standard or on the unequal distri- therefore be subject to certain limits and rebution of gold stocks, instead of on the eco- strictions,, and guarantees must be created
nomic and financial policies which prevented against these risks. Whether these conditions
the gold standard from functioning.
can be met satisfactorily will become the subThe return to the gold standard, therefore, ject of discussion between the central banks
and its maintenance as a basis for international while, more especially in respect to guarantees,
exchange depend upon the creation of the con- the collaboration of the governments concerned
ditions necessary for its satisfactory working. will be indispensable.
Here, again, the fundamental conditions are a
Here may well lie an important task for the
freer exchange of commodities and a greater Bank for International Settlements, which
elasticity in the economic systems of the in- may be considered the ideal body for the prepdividual countries. It is highly important also aration as well as for the execution of the
that confidence should be restored among the, system of the gold exchange standard reorinvesting public so that there may be an end to ganized on sound principles.
the dangerous situation arising from the fact
Keserve position of the bank and mainthat a considerable volume of loans, employed tenance of the gold standard.—Thus far there
for purposes of long-term investment, are held has never been any suggestion of adopting the
in the form of short-term advances.
gold exchange standard in the Netherlands.
The importance of the restoration of the The statutes of the Netherlands Bank do not
international gold standard is emphasized by permit foreign bills and balances to be included
the recent considerable increase in the supply in the minimum cover against its demand
of monetary gold, whereas the demand for gold liabilities. The legal minimum reserve of 40
is limited to some half-dozen countries which per cent has always consisted exclusively of
have maintained the free exchange of gold and metal and almost entirely of gold. Moreover,
now possess abnormally large stocks of the there has usually been a wide margin above this
metal. The equilibrium between demand and minimum, as is shown by the following high
supply has been as seriously disturbed in the and low reserve percentages in the fiscal years
case of gold as in the case of many commodi- from 1925-26 to 1931-32:
ties. Restoration of this equilibrium by ex- HIGH AND Low PERCENTAGES OF GOLD RESERVES
tending the gold standard area is necessary in
AGAINST ALL DEMAND LIABILITIES
order to avoid the difficulties resulting from the
Fiscal year
High
Low
Date
continued concentration of the gold supply in a
53.696
/Apr. 6
limited number of countries. One of these 1925-26-.
44.~464
1 A ncr ^
50.225
(Mar. 28
countries is the Netherlands, which possesses a 1926-27.45.~697
disproportionately large stock of gold. Al- 1927-28-(Mar.26
53.301
42.464
\Jan. 2
though this may be reassuring in view of the 1928-29..
54.657
(Mar. 18
uncertainty of international conditions, never47.~676
[June 24
54.594
theless to hold so large an amount of unpro- 1929-30-.
\Nov. 4
49. 261
52.759
/Mar. 23
ductive capital mast, in itself, be considered 1930-31
\Sept. 2
45. 337
75.811
(Mar. 7
harmful. As and when prospects improve, a 1931-32
\june 1
_
48.476
considerable part of this gold will undoubtedly
leave the country, and thus facilitate the res- When England went off the gold standard on
toration and proper functioning of the gold September 21, 1931, the gold reserve of the
standard.
Netherlands Bank stood at 58.75 per cent.
Gold exchange standard.—To what extent Through conversion of foreign bills and balances
the gold exchange standard will again be ap- into gold, the percentage rose to 64.87 per cent
plied in the reconstruction of an international on October 5, 1931, while the gold inflow on
gold standard can not now be foreseen. It is a other accounts brought it up to 75.81 per cent
question whether the gold exchange standard on March 7, 1932; at the end of the year, March
should be allowed to play so important a part 31, 1932, it was 75.38 per cent. It should be
as it has done in recent years. Undoubtedly remembered that, in contrast with the statutes
its wide application after the war contributed of various central banks abroad which require
to the credit inflation and to the increase in the a minimum cover against bank notes only, the




582

FEDEKAL RESERVE BULLETIN

statutes of the Netherlands Bank require the
same cover for deposits in current account as
for notes in circulation. Furthermore, the reserve percentages shown above should be
considered in connection with the fact that the
demand liabilities showed a considerable expansion after the decline of sterling. Demand
liabilities amounted to $481,200,000 on September 21, 1931, and reached their peak of
$514,700,000 on October 31, 1931. This expansion reflected the anxiety which had taken possession of the public and had led, as in other countries, to the hoarding of gold and bank notes.
Hoarding was reflected in the increased
number of notes of large denominations held
by the public. The total volume of notes in
circulation rose from $397,500,000 on September 21, 1931, to its peak of $439,200,000 on
November 2, 1931, an increase of $41,700,000.
Of this peak volume of $439,200,000 shown on
November 2, 1931, not less than $253,400,000,
or 57.71 per cent, was in denominations of 100
florins ($40) or more. Since November 2, 1931,
some improvement has taken place; on March
29, 1932, about $29,800,000 of the higher denominations had been returned to the bank.
The gold situation also, which we have been
able to follow from the monthly records furnished by the individual banks of their total
gold holdings, reflects a decline in hoarding.
Not only bank notes but deposits in current
account also underwent a sharp increase. The
item of individual deposits, which at its peak
during the fiscal year 1930-31 was less than
$23,300,000, had risen by September 21, 1931,
to $70,300,000. The increase then continued
until October 29, 1931, when it reached a
maximum of $89,500,000. Afterwards it declined to $40,400,000 on March 31, 1932.
These figures reflect both the precaution taken
by the commercial banks to maintain their
liquidity, and also the unsatisfactory condition
of business generally, which has led to the
accumulation of a large volume of unused funds.
Government deposits advanced
from
$13,300,000 on September 21, 1931, to their
peak of $34,700,000 on March 23, 1932, and
on March 31, 1932, amounted to $25,778,610.
This movement reflects the efforts of the
Government to meet its cash requirements
without recourse to direct assistance from the
Netherlands Bank. These efforts, together
with an endeavor to consolidate the floating
debt, should tend to remove public anxiety.
In this connection it is significant that the
last two Netherlands Government loans were
floated successfully.
Effects of the crisis on the bank,—The effects
of the monetary disturbances on the Nether-




SEPTEMBER,

1932

lands Bank as a bank of issue and source of
credit may be summarized as follows:
(1) The depreciation of the pound sterling,
and the aggregate losses of $12,016,000 resulting therefrom to the Netherlands Bank, have
not affected its position as a bank of issue.
Its gold reserve of 75.38 per cent (on March
31, 1932) against its demand liabilities forms,
even under the present abnormal circumstances, the strongest possible guarantee for the
maintenance of the gold value of the national
currency.
(2) The increase in demand liabilities following the depreciation of sterling gave place to a
decline toward the end of the fiscal year. Liabilities on September 21, 1931, amounted to
$481,200,000, and on March 31, 1932, to
$471,000,000—a decline of $10,200,000.
The volume of domestic credits granted by
the bank showed a similar change. It declined
from $71,100,000 on September 21, 1931, to
$67,700,000 on March 31, 1932.
(3) The limited extent to which the credit
facilities offered by the bank were used, as well
as the low rate of interest at which short-term
funds were available in the open market, assisted in maintaining a high degree of liquidity
by the commercial banks, notwithstanding the
fact that considerable sums which had been lent
abroad have been blocked by "standstill"
agreements and exchange regulations in foreign
countries.
The strong position of the florin is further
indicated by the fact that withdrawals of foreign
balances from the Netherlands at short notice
can create no difficulties. The monthly reports
which we receive from the commercial banks
show that, even after deduction of claims which
the Netherlands can not collect because of transfer difficulties, the situation may be considered
favorable. The strength of the florin was
clearly demonstrated when, toward the end of
1931, uninformed and biased reports published
in certain foreign newspapers created some
doubt as to the maintenance of the gold standard by the Netherlands. There was in fact no
difficulty in maintaining it. The release during
the period from December 14,1931, to February
15, 1932, of a net amount of $19,200,000 gold
was sufficient to make the exchanges turn in
favor of the Netherlands. The percentage of
gold reserve against our demand liabilities even
showed a rise during this period, advancing
from 73.64 on the date first mentioned to 74.84
on the latter date.
Banking cooperation.—Keference has been
made to certain information which the commercial banks at our request furnish regularly
to the Netherlands Bank. This information

SEPTEMBER,

1932

FEDERAL RESERVE BULLETIN

enables us to estimate the amount of the gold
stock held in the country outside the Netherlands Bank, and the volume of foreign shortterm claims and obligations. We also collaborate with the commercial banks in regard to the
"standstill" arrangements with Germany, in
which a large volume of Netherlands banking
funds is involved. However unavoidable such
arrangements may be in existing circumstances,
they must be regarded only as temporary
emergency measures; their continuance would
create greater and greater difficulties. This
applies especially to measures which obstruct
the restoration of freer credit relations between
the creditor countries and Germany. The carrying out of the agreements now in force and the
further development of the conditions created by
these agreements are imperative for a gradual
return to normal credit relations, which is of
paramount importance for both parties but
especially for Germany.
Announcement may be made here that a plan
for closer and permanent cooperation of more
general scope between the Netherlands Bank
and the commercial banks is in preparation and
will be concluded shortly. To avoid misunderstanding it should be stated in advance that
there is no question of any control over the
policies and administration of commercial
banks. Administrative responsibility must, of
course, remain with the individual banks themselves. This responsibility can not be taken
over even in part by the Bank of the Netherlands. The development and concentration of
commercial banking in this country during the
past 10 years, however, has so changed and
strengthened the position of the commercial
banks that the Netherlands Bank, if it is to
perform its obligations adequately, must be
fully informed of the tendencies shown by the
policies and operations of the commercial banks.
Under the plan of collaboration the banks will
furnish information which will enable us to form
an opinion on these matters, and will afford us
an opportunity to confer with the commercial
banking authorities as to the significance of the
developments shown by or to be anticipated
from the available data.
During the past year money was abundant
in the Amsterdam market. Owing to uncertainty regarding the future development of the
financial situation, lenders invested their funds
for as short periods as possible, and were willing
to buy shares or other long-term securities only
in very limited amount. In contrast to this
ample supply of money, demand was very much
restricted owing to stagnation in the security
market and to the sharp decline in the volume




583

of acceptance business as a result of the difficult
position in Germany and the abandonment of
the gold standard in England. The Treasury
was, in fact, the only considerable borrower in
the market.
Discount policy.—The discount rate of the
Netherlands Bank was changed twice during
the year. On May 16, 1931, in view of the
easy position of the market during the first
months of the fiscal year, we lowered all our
rates by one-half of 1 per cent.
After England had left the gold standard,
market rates rose to the level of our discount
rate. The aggregate volume of our discounts,
loans, and advances in current account increased considerably. We were obliged to
transfer considerable amounts from our balances in Paris and New York and, in addition,
to release gold for export. For these and other
reasons we decided to raise our rates on September 29, 1931. We limited the advance on
the discount rate to 1 per cent whereas, in view
of the situation on the stock exchanges and in
commodity turnover, we felt it necessary to raise
the rates for loans and advances by l}{ per cent.
Although not falling within the period covered by this report, the reduction of the discount rate by one-half of 1 per cent on April 19,
1932, should be mentioned. The reduction
was made in consideration of the continued and
increasing abundance of money. At the same
time we reduced the rates on loans and advances by a full per cent, thus restoring the
former proportion between the rates. The
rate on discounted bills is now 2}i per cent,
while all other rates are 3 per cent.
Capital market.—Demands on the Netherlands capital market during the past year were
in very limited amount. The total volume of
public issues, exclusive of conversions, amounted
to $89,700,000, or only half the corresponding
figure for the preceding fiscal year. This
decline is due chiefly to the sharp recession in
the figure for foreign flotations, which fell from
$74,700,000 to $15,600,000. Domestic issues
alsodeclined—from$106,000,000to$74,100,000;
bonds included in this total declined from
$101,300,000 to $72,900,000. Issues of the
Government and of other public bodies remained at about the same level as last year, but
the volume of private issues, as a result of the depression, fell from $38,300,000 to $10,200,000.
While the demand for new capital was much
smaller throughout the year than in 1930-31,
interest rates were on the whole considerably
higher; this was reflected both in the higher
yield of the bonds sold at lower prices, and also
in the less favorable terms which borrowers

584

FEDERAL RESERVE BULLETIN

were forced to accept. This tendency began
to be observed in September and October,
1931, when, owing to the increasing uncertainty
as to the future, the decline in stock-market
quotations affected bond quotations as well,
and the capital market was completely paralyzed. Since that time there has been a
partial recovery, and some resumption of the
issue of fixed interest-bearing securities. On
the whole, however, the interest rate for
long-term securities is generally about 1 per
cent higher than at the beginning of the fiscal
year. The index number computed by the
Central Bureau of Statistics, showing the
average yield of Netherlands bonds, which
was 4.08 per cent at the beginning of the year,
rose to 4.20 per cent in September, 1931, and to
5.30 per cent in October; in November the
advance was checked at 5.29 per cent. A
comparison of the terms on which the Government was able to convert long-term loans at the
beginning of the year with those of the last two
Government loans, which were also largely
conversion operations, indicates an increase of
more than 1 per cent in the rate of interest on
the capital market. In the case of other
public bodies an increase of approximately the
same degree is to be observed, although a
comparison is rather difficult here owing to the
fact that the issues of public bodies during
the second half of the year were almost wholly
restricted to bonds of comparatively short
maturity—five or six years—for which as a rule
a yield of 5 to b}{ per cent had to be offered.
International credits.—During the past fiscal
year the Netherlands Bank participated in two
relief credits granted under the auspices of
the Bank for International Settlements. The

1

Conversion at par: 1 florin=$0,402.




1932
Florins Dollars 1
(in thou- (in thousands)
sands)

Dollars 1
(in thousands)

EESOURCES

Gold coin
97, 691
Gold bullion
785, 420
Silver coin
24, 879
Correspondents abroad
___
18,356
Foreign bills.64, 491
Domestic bills
62,066
Loans
59, 537
Advances in current account
46,881
Advances to the Government (law of May 27,
19,331
1932)
—
Investments in shares listed by the Amsterdam
17, 577
Brokers' Association
Shares of the Bank for International Settlements,
1,200
of which 25 per cent is paid in
Other investments
4,055
Net balance with banking correspondents
355
Cash items
_.
58
Interest accrued on loans
270
Interest accrued on advances in current account. __
372
Interest accrued on investments
___
155
Commission account..
__
._
97
Bank premises and furniture
_
5,000
Total resources
1, 207, 791

39,272
315, 739
10,001
7,379
25, 925
24,951
23, 934
18,846
7,771
7,066
482
1,630
143
23
109
150
62
39
2,010
485, 532

1932

Netherlands Bank acted with 10 and 11 other
banks, respectively, in giving assistance to the
Austrian National Bank and to the National
Bank of Hungary.
The credit to the Austrian National Bank
dates from the first few weeks immediately
after the breakdown of the Oesterreichische
Credit-Anstalt. It was originally granted for
a period of three months ending on May 30,
1931, but has been repeatedly renewed, on the
last occasion until July 16, 1932. The Netherlands Bank participated in this credit for the
sum of $1,548,000, which was subsequently
reduced to $1,393,000, owing to the fact that
the Austrian National Bank repaid 10 per
cent of the total credit in September, 1931, and
the repayment was distributed proportionally
among the various participants in the credit.
The credit to the National Bank of Hungary
was granted in the latter half of June, 1931,
also originally for a period of three months. It
likewise has been repeatedly renewed, on the
last occasion until July 18, 1932. The Netherlands Bank participated in this credit in the
amount of $201,000, but the amount was
reduced to $161,000 upon the repayment by
the National Bank of Hungary of 20 per cent
of the total credit in September, 1931.
These two credits were granted against the
security of bona fide commercial bills, while
in both cases additional guaranties were given
to the creditors. Both credit agreements
contain a gold clause under which the borrowers have undertaken to repay the sums
advanced to them in such manner that the
lenders will receive in return the gold equivalent of the amounts which they had originally
advanced.

BALANCE SHEET OF THE NETHERLANDS BANK AS OF MARCH 31,
Florins
(in thousands)

SEPTEMBER,

LIABILITIES

Notes in circulation.
Current accounts
Other demand liabilities
Capital
Reserve fund
Special reserve (art. 9 of the bank act of 1919)
Pension fund
_.
_
Unearned discount on domestic bills
Unearned discount on foreign bills
Expenses
_.
Dividends payable
Balance of profits at the disposal of the general
meeting

Total liabilities.

, 006,412
164, 736
441
20,000
3,000
5,000
7,863
78
230
1
18

404, 578
8,040
1,206
2,010

3,161
31
92

13

1, 207, 791

485, 532

585

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

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

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

Total
(48 countries) r

Europe
United
States

11,115
11, 225
11, 272
11, 220
11, 296
11,275
11,130
11, 227
11, 266

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

11,318
11,396
11,471
11,487
» 11,383
11,321
v 11, 398

Canada

4,009
3,947

countries7)
countries)

Austria

Denmark

Belgium Bulgaria

England

France

Germany
564

102
87
87
89
83
86
82
78

5,395
5,428
5,351
5,353
5,415
5,689
6,066
6,113
6,189

201
201
199
214
221
346
357
356
354

712
735
793
643
649
656
660
587
588

2,180
2,181
2,212
2,290
2,296
2,326
2,534
2,659
2,699

325
325
310
273
239
234

80
78
77
77
78
78
79

6,300
6,444
6,484
6,531
' 6, 665
r
6,841
v 6,871

352
351
349
351
353
357
365

588
588
588
588
608
663
670

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

226
221
209
205
206
198
183
"183

3,956
3,717
3,466
3,520
"3,637

Europe—Continued
End of month

Greece Hungary

Italy

Nether- Norway Poland
lands

other
Portu- Ruma- Spain Sweden Switzer- U. S. S. Yugo- 6counland
gal
nia
R.
slavia
tries

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

279
280
282
283
283
286
293
296
296

181
181
200
236
260
282
336
362
357

467
468
468
439
439
439
434
434
434

124
124
162
225
229
328
422
425
453

259
262
262
267
280

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

296
296
296
296
297
298
300

351
353
354
364
384
394
408

434
434
434
434
435
435
435

472
482
471
471
493
503
509

329
329
330
331
335
349
357

Latin America
End of month

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

Total
Co(10 Argencoun-r tina Chile lombia
tries)

Asia and Oceania

Total
Uru- 5 other (6
Peru guay coun- counr
tries tries)

475
465
451
418
402
372
369
364
355

370
362
350
322
309
281
270
265
253

18
18
16
14
11
13
17
17
17

58
58
58
57
57
56
53
53
53

350
347
348
344
» 346
"348
"347

252
249
249
249
249
249
"249

15
14
13
12
11
11
"11

52
52
52
51
51
50
"50

Preliminary.

Australia

India Japan

Java

18
18
18
18
21
21
25
26
26

315
328

26
26
26
27
30
31

Africa
New
Zealand

Turkey

South
Algeria Egypt Africa

714
724
730
714
698
706
644
570
525
13
14
15
13
» 13
"13
p 12

74
74
75
66
52
52
53
51
52

141
147
151
158
162
162
162
162
162

419
422
425
412
406
408
342
271
234

31
32
31
33
31
32
30
37

510
511
507
505
506
508
"506

51
52
52
52
52
52
"52

162
162
162
162
162
162
162

215
215
214
214
214
214
214

40
37
31
34
35
38
34

' Revised.

Figures for 33 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are as of last
report date of month. See BULLETIN for May, 1932, p. 315. Since the note in the BULLETIN for May, 1932, was prepared, figures for the Banque
Centrale de la RSpublique de Turquie have been added to the table. Thefiguresreported 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.




586

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly.

Estimated
world
production

Month

Africa
Canada

Mexico Australia

Total

South
Africa

322, 751

221, 526

11,476

4,995

3,618

43, 454 ]

13, 813

9,553

26,291
27,830
28,019
28,428
28,380
28,326
28,937
29,019
29,936
28,897
29,039

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
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
983
1,329
1,208
1,103
814
1,228
1,074
1,041
914
877

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

439,941

341,410

224,863

11,193

5,524

4,448

55,458

12,866

37, 718
36, 799
v 38, 551
P 38,027

29, 507
28,588
30,340
29,816
P 30,650

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

460
453
484
'466
481

405
381
v 419
v 388
v 411

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

1,106
948
862
p 862
»862

416, 752

1930—Total..

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

36,517
34, 502
36,041
36, 230
36, 639
36, 591
36, 537
37,148
37,230
38,147
37,108
37, 250

TotaL
1932—January...
February..
March
April
May
_.
June

Rhodesia

921
956
996
976 >
977 '
1,011

Belgian
Congo

West
Africa

Japan

7,531
—
621
702
689
694
716

India

6, 785

654
692
679
667
664

648
580
594
561
521
490
500
ol6
562
673
590
579

12,134

8,109

6,815

032
063
131
176
176

657
741
671

534
525
545
590
567

r
p Preliminary.
Revised.
NOTE.—The figure for total world production in 1930 is that published in the annual report of the Director of the Mint for 1931. The difference
between this figure and the total production reported monthly in 1930 is $94,001,000, or $7,833,000 on a monthly average basis. In order to derive
"
«,
,-.., - . . , — ,
„.
r
monthly figures for estimated world production, for 1931-32 this average difference, of which about half 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
The figure 4.8 per cent for increase of United States production in 1931 is final and replaces the preliminary figure of 3.5 per cent employed in
preceding issues of tho BULLETIN.
The figures reported monthly are not in every instance complete for the area indicated. Those for West Africa represent the output of the
Gold Coast and Sierra Leone; those for Australia, total output with the exception of Tasmania and Northern Territory; those for Japan, the output
of the leading mines; and those for India, the output of the Mysore State.
For annual figures of world production of gold extending back to 1873 see the annual report of the Director of the Mint for 1931, p. 241.

GOLD MOVEMENTS
[In thousands of dollars]
United States

Month

Total
net
imports

34,372
1931—January—
16,142
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....

145,325

Net imports from—
England

France

9

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

1932—January. __ -72,950 - 3 , 1 9 9
-235
February- -90,567
-23
March
-24,671
April
-30,239 -1,922
May
-195,514 - 7 , 0 4 7
June
'-206,047 -1,910
1,405
July.
-7,140
6,130
August P. _
4,351




3
1
50
19,161

Germany

Bel- Nether- Switzer- Can- Mexico Argen- Colom- British
gium lands
land
tina
bia
India
ada
1

1
61
-20
25,990

—5
16
-17

11,000
2 -4,172
r
-349
- 8 3 1 - 9 , 6 7 8 -35,904 -17,617
-394
-57
-^115
-515
- 6 2 - 5 , 8 6 1 -9,857 -1,270

22,556
536
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 , 2 3 9
7,408
989
4,513 1,344

5,441
9,289
11,601
14,782
40,029
4,923
8,305
5,383
25,770
15,474
267

36,026 - 1 5 , 5 8 3 -50,327 -19,768 81,136 22,267 141,263
======
=====
9,110
- 6 , 2 5 7 - 1 , 759 4,154 1,103
- 2 5 4 8,406
950
1,157
-8,672
7,216 2,997
-6
2,683
- 1 1 5 7,267 3,329
-18,707
- 5 8 , 4 7 3 -53,554 4,699 1,510
816
-23,168 - 6 2 , 603 r 5,424
- 2 2 5 3,070 1,284
4,347 1,842

-83,783
-71 -12,553
-98,203
-495 -17,859
-37,532
2 -6,341
- 2 4 , 527 - 3 , 2 8 6
-669
- 6 3 , 216 - 9 , 710 - 1 9 , 9 3 0
-111,411
- 1 1 6 - 2 6 , 250
- 2 1 , 513
-18,050
1,021

»Revised.

Preliminary.

3,022
116
2,996
86
3,359
155
87
142
3,095
16
2,042

4
4,895
3,165

15,116

8,064

2,948
7
3
7

4,677
2,575
70
175

13

240
565

AH

China

and
Hong
Kong

Japan

other
countries

22,501
75,932
68,285

1,264
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
3.752

801
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
4,866
3,524
4,744

748
1
1,586
2,741
847
399
1,246
25,000

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

587

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

GOLD

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

Month

Total
net imports

-43,470
1931—January
2,443
February
" 452
March
April.
24,084
May
__.
19,122
June
54,300
July
-130,808
-24,150
August
-9,251
September ».
13,040
October * _ - .
November p. -44,977
December ». - 1 5 , 602
Total *

-148,817

1932—January
February
M&rch
April
May
June
July
August P

-7,320
-6,182
- 2 , 691
26,148
16,973
35, 019
22, 675
5,533

United
States

France

- 7 2 , 616
-18,178
- 7 , 793
-344
296
-232
-1,506 -110,144
11 -13,333
-827
-774
970
-6,800
-4,144 -61,412
-7,086 -24,939
-12,582 -316,861
-4,129
2,256
-119
1,207
7,541
15,897
- 1 , 671
- 4 , 230

-64,955
-52, 712
-40,858
-17,795
-10,843
-9,035
-11,361
-17, 007

1931—January
67,819
February..
36,205
March
10,558
April
2,736
May
-12,090 -12,749
-9,5581 -6,326
June
149,150
y
72,952
August
418
209
September.
273, 734 243, 956
October
122,372 99,876
November.
3,164
13,881
December728,176 328,130
Total
1932—January
February..
March
April
May
June
July

74, 007 65,062
184,171 82, 580
147,604 71, 279
60,340 38,080
17, 735 17,174
168,000 152, 072
31, 954 16, 746

England

Germany

All
other
countries

Netherlands

British
Switzer- South
America India
land

-1,483
-1,772
-1,047
-92
-420
37, 514
1,765
7
-72
-119
-2
-515

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

-276
-14
18
65
146
-82
-50,133
-24, 373
-18, 419
- 8 , 591
-12,370
- 4 , 290

-992
-153
-194
-126
-133
- 3 , 338
-1,658
-13, 218
-10,168
-2,458
-10,003
-18,564

7,823
112
340
2,753
389
6,028
602
695
1,003
692

198
529
-249
305
-258
-25
3,132
984
823
7,462
23,930
19,527

1,421
620
879
967
1,003
1,205
1,703
1,504
650
400
214
417

380
375
365
3,407
398
511
10,096
15,549
12
419
1,107
64

20,373
17,489
21,382
23,090
16,185
21,024
21,042
17,861
19,359
21,017
15,426
19,499

4,363
2,858
-704
-3,528
-256
-2,647
-382
-599
-494
-256
1,649
442

33, 764 -36,952 -118,319 -61,005

28,922

56,358

10,983

32,683

233, 747

-247
- 3 , 723
-7,382
-16
-214
-1,081
-753
-52

105
2,226
1,002

45,986
30,661
24,340
17,393
11,565
12,812
14, 204
12,825

746
781
602
899
803
772
2,122
667

1,555
371
1,750
1,083
915
794
9,661
170

17,062
20,884
20,616
24,893
18,965
26, 24fi
19,351
19,168

446
..
352
1,426
887
420
1,734
760
3,207
3,806

-76
-58
3
71
-18
14
4
45

-19
-10, 751
-9,145
-35
-7
-66
-155

-134
-756
-53
-53
- 2 , 571
-2,767
- 4 , 778
-355

-3,584
- 7 , 537
-3,480
-1,955
-11,310
-9,394
-7,812
-9,506

406

"566'

Germany *

Net imports from—

Net imports from—
Total
net
imports United
States

South
Africa,
AustraRhodesia,
lia
West Africa

Belgium

France

Month

Straits
Settlements

Germany

Netherlands

Switzerland

All
other
countries

Total
net
imports

United

England

France

Netherlands

Switzerland

U.S.
S.R.

All
other
countries

-1

1
30
3110,,338
1,826
16
7,718
469
95
47 10,327
431
42 5,169
-6,113 5,154 1-16,839
1,227
18 5,218
-23
80
-11,859
-8C
-20, 620 5,183
78
-25, 594
—4
103
17

312, 561 100,050 18, 77i - 8 1 , 207

49,867 -247,950 -36,160 -35,221 -102,019 -55,142 -63,866 58,932 -14,475

—15
67,031
-38
35,992
-18
9,643
-13
2,218
-20
25-21
4,114
316
-19
29, 520 89, 786
-29
78, 366
-10
902
6,060 - 3 , 553
21,738
91 22, 741
40,447
26,132
1 -232

10, 735
90,94r
49,028
23,888
14, 232
7,541
12, 472

6,755
-46
—4 9,601
13,889 12, 561
2,019
-15
2,5S2 2,006
4. 601
5,73'
483

1,321
172
75
805
11,966
63
163
251
2,008
12,098
895
177
—1
934
1,247
12
10, 598
41
309
538
1
563
—7
11,383
45
424
425
l
:
248
6,371
-3
621 -205, 543 -25,927 -40,029 -97,630 -24,159
-8, 262
54
151
9
Q 2 29,872 - 6 , 243 -10,963 -1,949
548
112
216
611
934
-5,996
547
3 - 5 , 558
1,137 -16,94'
-1,818
120 -5,951 -10, 965
681
5,685 -31, 473
-153
49
18 -16,455
18
-42, 572 1,789 -41,968
150
542
56
875
7,203
-22, 386

328
-9,899
1,401
- 1 , 592
2,639 -5,262
17
830 -13,647
428 - 4 , 0 6 1 - 8 , 319
3,133
- 1 , 1 1 9 3-17,141
- 8 , 234
6,281 -7,139
-1,001
3,259 -13,718

293
66

4
278
16
247
49 -5,647
71
170 -2,776 5,152
-16,224
-14
42 5,198
- 5 , 3 9 8 -8,328
1,352
67 10,
r - 7 , 539
8
72 3,399
-5,800 - 7 , 6 9 1
549
-42
-5,474
71
- 4 , 757

-9
—53
33
180
-66
2,809
-4,065

» $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.
v Preliminary figures.
* Since German figures for individual countries are subject to semiannual revision, those given for July, 1932 [not all 7 months] are preliminary
in character. Figures for total net imports are final.




588

FEDERAL RESERVE BULLETIN

SEPTEMBEK, 1932

GOLD MOVEMENTS—Continued
[In thousands of dollars]
Netherlands

Switzerland

Net imports from—
Month

Total
net
imports

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

United England
States

16,413
21, 551
1,449

276
19
-14
-65
-145
-21
9,820
60, 722
15, 387
14,781
7,982
8,849

198,619

Total
1932—January
February.__
March.
April
May
June
July

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

39,413

117, 591

7,130
2,608
-1,886
7,737
58, 292
54,107
4, 983

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

France

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

-21,024

All
other
countries

Germany

26
30
31
25
23
23
37
39
-86
-17,572
-1,113
- 2 , 325

Net imports from—

56, 059

3,100 - 3 , 521
5,446 -9,900
3.870 -11,028
867
-771
5,470 - 3 , 258
8,397 -1,786
5, 565
-276

Total
net
imports

United England France
States

671
-54
-111
-10
-18
17,475
3,597
18,096
25, 505
94,339
43, 572
19, 687

6,580 222, 751

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

109
-2,069
-1,105
»-3, 602
«-6, 703
s-9.590
5.376 5-5.681

Germany

South
Africa

All
other

countries

32,919
3,224
254

972
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

-63
-70
-58
-39
-11
6,110
-36
50
1
8,270
25,604
-75

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

-223
-185
-158
-38
-123
-146
-69
i 6, 751
» 7,181
209
11
55

36,422

41,301

19,317

39, 684

72,760

13,267

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

1,300
5,725
5,733
116
116
1.734
111

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

10
5,731
886
-165
-52
-85
-51

23

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

-16

304
-630
65
6
2, 616
• 3,235
• 5,422
• 1,420

British India*
Net imports from—

Month
Total net
imports

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

-286
880
943
600
696
- 1 , 752
-803
—270
175
-26,058
—24,217
- 4 5 , 596

Total.
1932—January
February
March
April
May
June
July

United
States

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

-4

Australia
England and NewZealand
-1,024
323
-26
102
295
-2,254
- 1 , 539
-979
-291
-10,179
-17,610
- 3 9 , 539

- 9 5 , 688

_

-19,084

-72,721

-24,029
—17,672
- 1 8 , 670
-11,812

-2,863
-363
-90
-209

13, 227
17,125

-167

-21,419
-17,353
- 1 8 , 788
-11,229
- 9 , 007
-13,155

Iraq

South
Africa

94
211
418
199
99
170
404
224
993
23

138
113
144
118
167
146
79
202
460
279
372
152

247
49
113
74
24
25

2,835

2,370

1,825

28
97

70
738
479

Increase
Gold pro- in Govduction7 ernment
All other in India reserves
countries
in India

Increase
in private
holdings8
in India

260
184
294
107
111
165
253
223
471
«-8,388
io-3,673
-921

649
582
596
563
523
491
502
517
564
675
592
581

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

362
1,453
-5,403
- 5 , 005
-4,647
-4,658
-7,663
-3r513
718
-25,030
-23,984
—45,015

-10,914

6,835

33,532

-122,385

225
28
189
-471
59

536
527
547
592
569
P569
*>569

18
o
-7
-86
-1

1 $6,733,000 imported by Switzerland from Australia.
2 $4,020,000 imported by Netherlands from Dutch East Indies.
3 $7,293,000 imported by Switzerland from Norway.
* $3,824,000 imported by Netherlands from British India.
6
Exported from Netherlands: To Poland—April, $1,791,000; May, $3,415,000; June, $3,349,000; July, $482,000. To Switzerland—April, $2 325 000; 6 May, $3,466,000; June, $5,849,000; July, $847,000. To Belgium—May, $743,000; June, $760,000; July, $5,581,000.
Imports by Switzerland from Netherlands: April, $2,308,000; May, $2,949,000; June, $5,632,000; July, $1,507,000.
7
Reported monthly production of the Mysore State plus $82,000 representing the average monthly production of the rest of India in 1930
s Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India.
B
$7,575,000 was exported from India to Netherlands.
io $1,891,000 was exported from India to Netherlands; $2,173,000 to France.
•Beginning with September, 1931, figures for net imports from individual countries are preliminary and subject to revision. Figures for total
net imports, gold production, and increase in Government and private holdings are final unless otherwise indicated.
9 Preliminary.




SEPTEMBER,

589

FEDEBAL BESEBVE BULLETIN

1932

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

1931

July

June

May

l

*257
»582

257
"592

257
572

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

333
537

193
6,674
6,870

36
6,936
6,972

79
6,936
7,016

158
6,403
6,561

4,518

4,492

4,443

4,214

1,461

1,480

1,503

1,744

1931

July

July

July

Argentine Conversion Office (millions of
gold pesos):
Gold

1932

Canadian Minister of Finance (millions
of Canadian dollars):
Gold reserve against Dominion notes..
» Advances to banks under finance act..
Dominion n o t e s Issued
Outside chartered bank holdings..
Indian Government (millions of rupees):
Gold standard reserve—
Gold

Foreign exchange
._
Paper currency reserveGold _
.
Silver coin and bullion
Other assets
Notes issued.

June

May

65
38

65
40

64
30

• 71
7

166
29

168
29

155
28

139
28

335
198

336
198

336
197

267
266

109
1,144
490
1,742

108
1,119
482
1,709

107
1,105
473
1,685

186
1,326
65
1,557

* Includes a small quantity of subsidiary coin.
2
The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended July 23, June 25, and May 28,1932, and July 25,
1931. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.
p Preliminary.
«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_
Total

J u n e 30

July 31

1,445
12,699

3,461

1,956
37,214

—

Sundry bills and investments:
Maturing within 3 monthsTreasury bills
Sundry investments
Between 3 and 6 months
Over 6 months
Total.
Other resources..

Total resources.

84,319
28,655

87, 559
34, 239

75,251
49,138

112,994

Total-

121, 797

124,389

47,788

47,900

102,323
4,757

47,788

47, 900

107,080

8,575
6,933
13,750
372

8,568
6,936
9,190
4,938

i 42,361

29,631
1,362

29,632
1,460

42,361
1,957

205,919

214, 216

314,957

July 31 June 30 July 31
Short-term deposits:
Central banks for own accountDemand. _
_
TimeNot exceeding 3 months._
Between 3 and 6 months..
Total..

94,692

76,495

73,774

16,265

40, 586

84,300
794

110,957

117, 081

158,868

5,863

30,182

Central banks for account of othersDemand
TimeNot exceeding 3 months
Between 3 and 6 months
Total....
Other depositors—
Demand
Time—Not exceeding 3 months....
Long-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fund__.
Total
Capital paid in
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund
Profits allocated for distribution on July 1,
1932:
Dividend to shareholders (6 per cent).
Participation of long-term depositors
per article 53 (e) of statutes
Other liabilities
,
Total liabilities..

i Composed of $40,240,000 of investments not exceeding 1 year and $2,121,000 exceeding 1 year.




1931

Liabilities
J u l y 31

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

1932

1931

Resources

37,205
6,031
5,863

73,418

1,247

1,164

168
295

29,677
14,839
13,249

29, 677
14,839
13, 249

29,731
14,865
13,273

57,765
24,125

57, 765
24,125

57,870
20,941

254
519

254
519
1,038

108
211
422

1,244
5,349

616
4,546

2,655

205,919

214, 216

314,957

590

FEDERAL RESERVE BULLETIN

SEPTEMBEK,

1932

CENTRAL BANKS
[For explanation of these tables see BULLETIN for February, 1931, pp. 81-83]
Liabilities of banking department

Resources of banking department
Bank of England

Gold (in
issue
department) l

Cash reserves
Coin

Notes

Discounts Securiand
ties
advances

Note
circulation

Deposits
Bankers'

Public

Other

Other
liabilities

Millions of pounds sterling:
1931—June 24_
July 29
Aug. 26
Sept. 30
Oct.28_
Nov. 25
Dec. 30
1932—Jan. 27__
Feb. 24
Mar. 30
Apr. 27
May25._
June 29
July 27
Aug. 31 v

_._.

.__.

162.9
132.0
133.3
134.8
135.7
120.7
120.7
120.8
120.8
120.8
120.8
125.0
136.1
337.7
138.9

1.1
1.3
1.3
1.3
1.3
1.0
.6
.6

70.1
32.7
58.0
52.6
54.6
41.3
31.6
49.9
49.4
35.3
43.0
45.8
48.1
43.4
48.6

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

57.5
79.2
78.2
94.9
84.6
87.8
133.0
82.5
71.0
86.8
79.4
93.2
93.5
92.5
92.2

352.8
359.4
350.3
357.2
356.0
354.4
364.2
345.9
346.4
360.5
352.8
354.2
363.1
369.3
365.3

61.6
55.8
53.6
62.6
63.5
59.8
126.4
74.3
67.9
54.6
58.3
77; 5
86.6
88.2
79.5

Gold

Foreign Domestic Security
exchange
bills

33.5
33.7
48.7
52.6
52.6
38.1
40.3
38.2
32.2
34.4
35.3
32.9
34.7
34.6
35.4

17.9
18.1
18.2
19.3
17.7
17.8
18.0
18.1
18.2
18.2
17.7
17.8
18.0
18.1
18.2

Liabilities

Resources
Bank of France

25.2
15.2
26.3
30.1
17.3
27.0
7.7
15.3
14.1
27.2
23.4
23.6
18.0
11.2
20.7

Negotiable
securities »

Other
assets

Note
circulation

Deposits
Government

Other

Other
liabilities

Millions of francs:
56,426
58,407
58,563
59,346
64, 648
67,844

1931—June 26—
July 3 1 . . .
Aug. 28__.
Sept. 25_.
Oct. 30_-.
Nov. 27__,
Dec. 30._.
1932—Jan. 29__.
Feb. 26...
Mar. 25...
Apr. 29...
May 27__.
June 24__.
July 2 9 . . .
Aug. 26 P.

71, 625
75,059
76,832
77,862
79,470
82,100
82,168
82, 239

26, 209
26,242
27,611
25,194
27,600
24,273
21, 111
18,805
15,127
12,632
11,800
9,001
6,332
5,482
5,389

5,576
4,564
5,820
5,880
8,809
7,766
7,389
6,555
5,544
4,820
4,690
4,160
3,929
3, 905
3,467

2,779
2,860
2,729
2,754
2,712
2,731
2,730
2,744
2,707
2,716
2,735
2,700
2,715
2,747
2,760

5,082
5,065
5,065
5,065
5,065
5,065
7,157
6,899
6,881
6,881
6,881
6,621
6,621

6,807
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
(3)

76,927
79,862
78,635
78,173
83,639
82, 543
85,725
84,723
83,189
81,782
82, 774
81,418
80,667
82,118
79,912

8,513
9,303
9,470
7,357
8,227
7,170
5,898
4,722
3,637
3,526
3,111
3,432
2,881
3,740
3,981

Resources

Gold

Foreign
exchange

2,250
2,195
2,227
2,266
2,441
2,442
1,989
1,910
1,925
1,980
1,953
1,917
2,167
2,025
(3)

Liabilities

Reserves
Reichsbank

15,187
14,736
17,649
18,542
22,954
24,171
22,183
23,552
24,899
24,962
24,827
24,128
24,621
22,033
23,426

Other
Treasury bills (and Security Securities
bills
loans
checks)

Other
assets

Note
circulation

Deposits

4,295
4,454
4,834
4,609
4,746
4,641
4,776
4,407
4,268
4,231
4,128
3,961
3,984
3,967
3,817

398
834
509
613
518
506
755
394
423
578
405
431
473
380
408

Other
liabilities

Millions of reichsmarks:
1931—June 30.
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1932—Jan. 30
Feb. 29
Mar. 31
Apr. 30
M a y 31.
June 30
July 30
Aug. 31 P

_.

_

1,421
1,363
1,366
1,301
1,145
1,005
984
948
928
879
859
863
832
766
768

300
246
356
139
131
170
172
145
149
142
131
129
130
128
157

74
249
124

2,579
3,273
3,101
3,545
4,010
3,901
4,144
3,632
3,324
3,258
3,146
2,990
3,100
3,108
3,009

355
347
208
301
240
254
245
158
303
290
282
257
261
224
207

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

936
958
972
1,016
963
980
1,065
1,098
1,100
1,044
977
1,032
1,038
975
960

1,074
1,251
1,251
1,306
1,326
1,323
1,338
1,373
1,318
1,226
1,249
1,262
1,271
1,267
1,279

* 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 Treasurv under section 8 of the Currency and Bank Notes Act, 1928; the maximum period for which such authorization may be
granted is two years.
»Issued by the independent office for retirement of public debt (Oaisse Autonome d'Amortissement).
3
Not yet available.
» Preliminary figures.




591

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

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

National Bank of Albania (thousands
of Albanian francs):
Gold
Foreign exchange
Loans and discounts
-.
Other assets
.Note circulation
Demand deposits
Other liabilities
Commonwealth Bank of Australia
(thousands of Australian pounds):
Issue d e p a r t m e n t Gold coin a n d 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 e x c h a n g e —
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
N e t foreign exchange in reserve
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 abroadD u e from domestic banks
Loans and discounts
Securities
Other assets
__
Note circulation
_
Deposits—Government
Bank
_
Other
Other liabilities

July

10, 499
39,173

1931

June May

July

5,562
5,556
27, 395 27, 885
3,813
3,648
4,819
4,696
11, 395 11, 347
18, 565 18. 746
11, 629 11, 692

Central bank

2,473
25, 397
3,996
8,675
12, 590
13, 036
14, 914

10, 500 10, 500
40, 748 41, 248

13. 220
35, 800

1,246
1,130
1,170
9,742 15,157 14, 387
18, 081 15, 371 15, 618
28, 982 27, 823 27,195
59, 634 63, 206 61,817
43, 574 44, 600 45, 428

963
6,578
23,167
17, 344
46, 813
47, 405

149
41
0
883
92
949
148

149
43
0
881
93
962
149

164
33
0
874
95

214
128
225
632
96
1,205
94

2. 568
0
763
367
3,698
210

2, 566
0
894

2,542
0

3, 660
223

1,538
874
831
290
3,358
259

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

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

00
288

2,842
24, 008
24,128
27, 874
9,789

375
116
1,859
170
2,024

329
174
2,049
170
2,077

324
43
1,703
170
1,645

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

1,515
32
338
719
2.9P5
2,628
1,653

1,514
19
317
728
2.9P5
2,675
1,651

1,506
224
477
828
3,064
3,209
1,475

96

95

95

63

70
1
179
236
458
147

70
10
166
210
453

70
14
142
180
354
147

645
44, 663
6,556
29,121
67, 350
5,495
16, 489
28, 794
72,890
23, 382
6,666
38, 587

208
49, 322
5,699
24, 415
65, 908
5,487
20,629
28, 562
79, 250
17, 700
5,643
40,513

180
"227
315
38

49, 070
20, 743
38, 416
52, 704
21,048
8,443
37,854
96, 901
19, 316
5,461
30, 892

1932

Central bank
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home and abroad
Foreign exchange
Loans to member b a n k s . _
Note circulation
Deposits
National Bank of Czechoslovakia
(millions of Czechoslovak crowns):
Gold,
Foreign balances and c u r r e n c y . . .
Loans and advances.
Assets of banking office in liquidation.. _
Note circulation.
Deposits
Danish National Bank (millions of
kroner):
Gold
Foreign bills, e t c . . .
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 a (thousands
of Egyptian pounds):
Gold
- Foreign exchange
British Government securities. . .
Loans and discounts
Egyptian Government securities.
Other assets.
Note circulation.-.
- Deposits—Government
Other
Other liabilities
-Bank of Estonia (thousands of
krooni):
Gold
N e t foreign exchange
Loans a n d discounts
Note circulation
Deposits—Go vernment
Bankers'
Other
Bank of Finland
(millions of
markkas):
Gold
Balances abroad and foreign
credits..
Foreign bills
Domestic bills
Note circulation
_
D e m a n d liabilities
Bank of Greece (millions of drachmas):
Gold
Foreign exchange
Loans and d i s c o u n t s —
Government
gold bonds in
reserve
Other Government bonds
Note circulation
Other sight liabilitiesCentral bank of Guatemala (thousands of quetzales):
Gold coin
_
Balances abroad
Loans and discounts

July

1931

June May

July

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

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

10,905
5,132
11,023
18,668
19, 490

10,364
11,784
13,320
21, 944
7,533

1,640
1,061
1,632

1,641
1,047
1,643

1,641
1,129
1,162

1,537
1,628
844

0
6,224
499

0
6, 410
348

6,582
350

303
7,017
293

145
17
148
318
49

172
61
96
336
37

31,645 38, 251 37, 222
16, 338 9,058 10, 752
414
230
480
6,999
7,309
8,581
38,857 39,081 39, 593
12,063 11, 219 13, 257

130
25, 449
14,007
27, 996
40,899
7,675

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

14, 016
1,803
16, 222
19, 913
7,890

5,669
17,094
14,195
20,949
13,195

6,663
2,504
11, 360
8,424
18, 352
3,488
18, 069
6,572
18,100
8,050

6,662
2,297
12,160
8,277
18,058
3,433
17, 750
5,184
18, 993
8,961

4,220
2,101
14, 360
7,648
15, 831
3,554
18,120
6,024
15, 563
8,007

7,331
11, 468 11, 465
8,302 13,066
8,035
22, 590 22, 460 22, 463
31,685 31, 266 32,186
4,921
4,407
4,756
6,931
6,760
6,361
2,072
2,432
2,388

6,535
20,062
19, 868
33, 262
5,813
5,854
2,030

133
24
138
314

134
22
143
325
75

304

304

304

302

438
238
804
1,088
220

454
236
769
1,136
159

550
222
786
1,168
219

642
207
618
1,204
127

569
885
1,303

543
913
1,326

497
460
1,397

2,418
352

608
2,713
4,202
1,764

2.706
4,208
1,270

608
2,703
4,060
1,053

3,168
4.170
1,224

1,628
779
6,093

2,610
990
5, 693

I
1

"Gold and English sterling."




1

Figures not available.

3

Items for issue and banking departments consolidated.

592

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

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

1931

June \ M a y

July

Central bank
July

Central bank of Guatemala—Contd.
Other assets
Note circulation
Demand d e p o s i t s . . .
Other deposits
Other liabilities..
National Bank of Hungary (millions
of pengos):
97
Gold
_.
11
Foreign bills, etc
454
Loans and discounts
_
53
Advances to treasury
20
Other assets
403
Note circulation
63
Deposits
141
Miscellaneous liabilities
Bank of Italy (millions of lire):
5, 700
Gold at home.
1,390
Credits and balances abroad
5,638
Loans and discounts
13,492
Total note circulation
300
Public deposits
_
._
Other deposits..
_. 1,405
Bank of Japan (millions of yen) :
429
Gold
881
Advances and discounts
_
118
Government bonds
Notes issued
_ 1,057
410
Total deposits
Bank of Java (millions of florins):
105
Gold
20
Foreign bills
_
50
Loans and discounts
219
Note circulation
_
36
Deposits
Bank of Latvia (millions of lats):
36
Gold
12
Foreign exchange reserve
72
Bills
„
.._.
49
Loans
;
36
Note circulation
71
Government deposits
81
Other deposits
Bank of Lithuania (millions of litu):
50
Gold
...
Foreign currency
18
Loans and discounts
...
Note circulation
62
Deposits
Netherlands Bank (millions of
florins):
1,016
Gold
_
69
Foreign bills
138
Loans and discounts
983
Note circulation
281
Deposits
Bank of Norway (millions of kroner):
142
Gold
13
Foreign balances and bills
279
Domestic credits
317
Note circulation
2
Foreign deposits
80
Total deposits
_
_
Central Reserve Bank of Peru
(thousands of soles):
Gold
Foreign exchange
Bills
_.
Note circulation
Deposits
Bank of Poland (millions of zlotys):
480
Gold
_
......
40
Foreign exchange of the reserve __
105
Other foreign exchange
803
Loans and discounts
_
1,089
Note circulation
155
Other sight liabilities
Bank of Portugal (millions of
escudos):
394
Gold
536
Other reserves




1932

1931

Central bank
June

May

1,225
5,601
1,238
50
2,837
11
435
53
21
389
72
129

' 15
409
54
19
370
74
123

July

1,215
6,425
1,244
148
2,691
112
10
389
59
42
501
40
47

5,664
1,420
6,398
13,035
300
1,389

5,650
1,436
6,819
13,137
300
1,272

o,372
3,545
4,389
14, 678
300
1,958

429
837
135
1,042
456

429
843
117
1,017
491

855
691
111
1,015
462

105
23
50
220
34

103
25
49
221
32

110
17
46
241
21

36
12
72
49
36
71
81

24
26
80
65
45
65
81

50
20
98
96
67

40
60
117
120
87

169
144
981
257

955
89
151
1,006
216

586
229
153
932
126

150
7
278
318
2
81

155
11
269
304
2

146
21
178
296
4
56

38,456 40,041
329
233
15,223 17,045
48,345 47,315
3,115 4,187

49,120
19,319
18,350
60,809
4,330

484
46
112
795
1,105
130

555
38
117
755
1,103
161

568
167
129
730
1,254
245

391
516

387
530

217
530

July

Bank of Portugal—Continued.
314
310
Discounts and advances.
310
344
1,058
1,058
1,058
Government obligations
1,060
1,886
1,908
1,864
Note circulation
1, 859
324
357
375
Other sight liabilities
National Bank of Rumania (millions
of lei):
9,458 9,425 9,416
Gold
8, 868
104
101
151
Foreign exchange of the reserve..
1,687
24
63
34
Other foreign exchange
174
11, 998 13,036 13,117
Loans and discounts
9,855
5,730 5,767 5,767
State debt
5,4S5
20,891 I 20,895 21, 982 19. 401
Note circulation4,729
5,762 i 5,
Demand deposits
7, 550
South African Reserve Bank (thousands of South African pounds):
7, 04J
7,861
7,290 I 6.712
Gold
15
48 ' 7,295
Foreign bills
2,694
797 1,354 !
Domestic bills
575
7,974 6,541
7,640 I 8,328
Note circulation
1, 252 1,432 1,282 ! 2,394
Deposits—Government
4,137 4,314 4,107 i 4,989
Bank
93
314
278 |
Other..183
Bank of Spain (millions of pesetas):
2,256 2,255 2,253
Gold
„
2,275
575
565
580
Silver
072
292
286
282
Balances abroad..
251
2,919 3,000 2,978
Loans and discounts
3,118
4,782 4,753 4,830
Note circulation_
5,457
943
928
Deposits
983
Bank of Sweden (millions of kronor):
205
206
Gold
238
163
124
134
Foreign bills, etc
222
357
241
364
Loans and discounts
352
553
556
594
Note circulation. _
562
257
182
230
Deposits
164
Swiss National Bank (millions of
francs):
2,637 2,607 2,555
Gold
1, 164
79
63
56
Foreign balances and bills
480
62
59
66
Loans and discounts
110
1,571
1,574 1,535
Note circulation.
1, 255
1,185 1,158 1,166
Demand deposits
551
Central Bank of the Republic of
Turkey (thousands of Turkish
pounds):
17, 703 18, 532 13, 659
Gold
1,060 1,737 2,623
Foreign exchange..156,388 156, 405 156, 630
Government securities
28, 081 27,126 27,126
Other securities
18, 700 17, 899 18, 875
Other assets
165, 480 166, 752 167, 603
Note circulation
7,428 5,893
Sight deposits.49, 024 49, 054 45,074
Other liabilities.
Bank of the Republic of Uruguay
(thousands of pesos):
48, 775 48,897 55, 436
Gold
106,615 103,619 103,137
Loans and discounts
_
37, 574 36,149 33,428
Other assets.__
_.
83, 016 80,902 73, 375
Note circulation-_
31, 714 31,299 36, 513
Deposits—Demand
38, 526 37,832 43,110
Time
Judicial and adminis3,207 3,168
3,437
trative
S 36, 503 35,464 35, 568
Other liabilities.
State Bank of U. S. S. R. (note-issuing department; thousands of
chervontsi):
69, 325 67, 848 65, 082 51, 926
Gold
1,760 1,854 2,074
2,366
Other precious metals
5,249
Foreign exchange
_. 3,120 3,677 3,247
327, 321 292,545 276, 684 231, 531
Note circulation
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
1,763 1,763 1,763
1,544
Gold
304
302
594
326
Foreign exchange..
2,397 2,292 2,346
1,640
Loans and discounts
2,408 2,406 2,405
2,154
Advances to State
4,855 4,933 4,942
4,970
Note circulation.
629
543
617
733
Other sight liabilities

593

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

COMMERCIAL BANKS
1932

1931

Country
July

Aug.

Sept.

Argentina (millions of gold pesos):
Bank of the N a t i o n 1
1
1
Gold
99
91
Other cash _. . __
94
655
681
656
Loans and discounts
662
Deposits
680
663
Other banks in Buenos A i r e s 9
7
9
Gold
Other cash
. _
190
194
199
857
843
852
Loans and discounts
966
971
971
Deposits . _- . _
Canada (millions of Canadian dollars):
Assets entirely in lC a n a d a Cash in vault
147
157
147
Cash in central gold re24
serves
26
28
167
Security loans __
159
163
1,137
1,126
1,127
Other current loans
90
105
Security loans abroad
110
Securities
694
678
701
Liabilities entirely in C a n a d a 128
Notes in circulation
..
126
126
Individual demand depos594
its.
561
568
1,456
Individual time deposits... 1,451
1,461
England (millions of pounds sterling):
171
181
Cash in vault and at bank
177
106
128
Money at call and short notice..
112
1,132
1,178
Advances and discounts
1,156
288
Investments
283
286
1,675
Deposits
1,750
1,708
France (millions of francs):
Bills and national-defense bonds_ 20, 919 21,153 20, 242
9,868 10,076
Loans and advances
9,898
36, 642 36, 991 36,137
Demand deposits
1,429
Time deposits
1,539
1,545
Germany (millions of reichsmarks):
1,509
Bills and treasury notes
1 280
1 500
514
465
Due from other banks
546
6,884
Miscellaneous loans
7 337
7 115
Deposits
8,167
8,060
7,873
818
Acceptances
874
840
Japan (millions of yen):
197
134
217
Cash on hand
- «. _
2,146
Loans
2,169
2,140
2,102
Deposits. . __
2,151
2,122

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

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

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

159

201

175

176

167

158

150

154

166

161

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

140

131

129

123

122

121

125

119

126

123

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

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

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

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

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

140
2,247
2,051

124
2,283
2,008

1
Gold, Dominion notes, and subsidiary coin.
NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks;
Germany—six Berlin banks previous to consolidation of Dresdner Bank and Darmstadter und Nationalbank in February, 1932; five Berlin banks
thereafter \Japan—Tokyo banks.




594

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

DISCOUNT RATES OF CENTRAL BANKS
Bank Bank German Bank Nether- Swiss
NaReichslands
of Engof
of
land France bank
Italy Bank tional
Bank

Date effective

In effect Feb. 1,1931.
May 14
May 16
June 13
July 16
July 23
July 30
Aug 1
Aug 12
Sept 2
Sept. 2l
Sept 28
Sept 29
Oct 10
Dec 10
Feb. 18,1932.
Mar 9
Mar. 10
Mar. 17.-_.
Mar 21
Apr. 9
Apr 19
- ...
Apr 21
Apr 28
May 2
May 12
June 30
In effect Sept. 1,1932.

2

3

5

2
2

7
10

ly2

7

Danzig
Denmark
Ecuador
Estonia

3

7

5

Finland
Greece
Hungary
India

6
4

VA
3

2
2

5

6
2y2
5

2
21/2

5

Rate
Sept.

Country

In effect
since—

Japan
4.38
Java
Latvia
62
Lithuania.—
6

Aug.
Mar.
Oct.
Apr.

18,1932
11,1930
1,1930
1,1930

Norway
Peru....
Poland
Portugal

4
6

Sept.
May
Oct.
Apr.

1,1932
20,1932
3,1930
4,1932

Rumania
South Africa .
Spain

7
6

Mar. 4,1932
Nov. 13,1931
July 8,1931

Sweden
U . S . S. R-._
Yugoslavia...

Sept. 1,1932
8 / 2 Mar. 22,1927
July 20,1931

6

10
8
2y2

In effect
since—

8 July 1,1931
6 Aug. 24,1932
VA Jan. 13,1932
July 5,1932

Albania
Austria
Belgium
Bolivia
Bulgaria. „. .
Chile..
Colombia
Czechoslovakia

........

6

Rate
Sept.

Country

5

2

21/2

8
6

2

Apr. 12,1932

5
4
4
7

io

May 25.1932
Aug. 22,1932
Jan. 22,1932

July
May
May
Feb.
2

5
4

12,1932
30,1932
12,1932
1,1932

Apr.
Aug.
July
July

19,1932
8,1932
1,1932
7,1932

Changes since August 1: Austria—August 24, down from 7 to 6 per
cent; Chile— August 22, down from 5^i to \\i per cent; Greece—August
8, down from 11 to 10 per cent; Japan—August 18, down from 5.11 to
4.38 per cent; Norway—September 1, down from 4>£ to 4 per cent;
Sweden—September 1, down from 4 to 3H per cent.

MONEY RATES IN FOREIGN COUNTRIES

Month

Bankers'
acceptances,
3 months

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

2.58
4.28
4.74
5.68
5.75
5.85.
5.52
4.63
2.59
2.19
1.44
1.05
.92

Treasury
bills, 3
months
2.44
4.21
4.57
5.46
5.55
5.60
4.94
4.08
2.28
2.07
• 1.10
.85
.66

Bankers'
Day-to-day allowance
money
on deposits
2.05
3.59
4.04
4.36
4.96
4.27
4.20
3.84
2.40
1.91
1.29
.99.
.67

(Brussels)

France
(Paris)

(Milan)

Private
discount
rate

Private
discount
rate

Private
discount
rate

Belgium

Italy

Netherlands (Amsterdam)

Germany (Berlin)

England (London)

1 -m
iy2

2K-4

4

4
4
4
4
-3

3 -IK
1H-1
1 -K
W
H

Private
discount
rate
17.OO
18.92
7.99
8.00
8.00
7.33
6.94
6.67
6.10
5.12
4.87
4.75
4.58

Austria (Vienna) -

Money for Day-to-day
1 month
money

18.98
19.18
9.18
9.84
9.31
7.40
7.58
7.98
7.10
6.31
5.96
5.76
5.75

18.89
19.15
9.15
9.21
8.69
8.45
7.86
7.81
7.76
6.17
5.91
5.70
5.49

Private
discount
rate
1.53
1.30
1.30
2.76
1.59
1.57
2.24
1.87
1.22
1.02
.60
.39
.41

Money for
1 month

Switzerland

Private
discount
rate

1.40
1.22
1.21
3.07
1.73
L59
2.37
1.69
1.06
.94
1.03
1.00
1.00

.55
.98
L.80
.90
.77
L 75
.
.68
L.52
L 50
.
L.50
L.50
.50
L.50
1

Sweden

Hungary

(Stockholm)

Japan (Tokyo)

Month

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

-

2.15
2.41
2.44
2.44
2.44
2.44
2.91
3.31
3.36
3.26
3.21
3.16
3.17

1.20
1.50
1.50
1.80
1.90
1.75
1.75
1.75
1.80
1.66
1.50
1.22
.99

5.25
5.25
5.47
7.50
7.50
7.50
7.50
6.92
6.53
6.00
5.52
5.50
5.50

Private
discount
rate

Money
forl
month

Loans up Discounted
Prime
Call
money
to 3
commer- Day-to-day
bills
money
overnight
months
cial paper

5 -6
5 -6
5 -6
5 -6
4^-6H
4J?-5fc
5 -5M
4^-5

VA-WA

6H-9H
hV>r 9

5^-9

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




15H-6&

s}4-ioy2
8 -10^
7^-10
7M-10
7$i-10
6M-10

:

4 -6
4 -6
8 -OH
6 -iy2
6 -iy2

6 -m

6 -iy2
5H-7
5 -7
5 -7
4^-6
4 -5fc
4 -5H

4.93-5.48
4.93-5.48
4.93-5.48
4.93-5. 66
5.48-6.57
5.84-6.57
5.84-6. 57
5.84-6. 57
6.20-6. 57
6.20-6.57
6. 20-6.57
6.02-6. 57

No quotations available since June, 1931.

2.74
3.65
2.56
5.48
5.66
6.57
6.02
6.39
5.84
5.48
4.56
4.56

SEFTEMBEB,

595

FEDERAL RESERVE BULLETIN

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—August
September.
October...
November.
December.
1932—January...
FebruaryMarch
April
May
June
July
August

64. 5722
59.6948
51.9966
58.8403
58.5196
58.2724
58.2204
58. 2879
58.2171
58.3242
58.5205
58.5574
58. 5695

Czechoslovakia

Cuba

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

14.0406 13.9376
14.0388 13.9091
13.9158 13.9852
13.9516 13.9070
13.9460 13.9039
13.9518 13.9140
13.9516 13.9384
13.9601 13.9361
13.9544 13.9956
13.9645 14.0249
13.9600 13.9366
13.9813 13.8724
13.9696 13. 8735

99.9703
99.9678
99.9944
99.9913
99.9470
99.9296
99.9622
100. 0590
99. 9816
99.9299
99.9217
99.9186
99.9094

2.9624
2.9621
2.9619
2.9625
2.9626
2.9627
2.9627
2.9628
2.9629
2.9650
2.9641
2. 9589
2.9596

Chile

5.9099
5. 6202
6.1704
6.2010
6.1579
6.1720
6. 2121
6.5402
7.1294
7.5008
7. 5960
7.6221

.7154
.7160
.7127
.7138
.7148
.7151
.7145
.7176
.7201
.7202
.7200
.7230
.7209

99.6898 12.0549
96.2476 12.0430
89.1025 12.0690
88.9914 12.0750
82.7064 12.0669
85.1301 12.0500
87.2936 12.0500
89.4530 12.0606
89.8808 10.6538
88.4430 6.0000
86.7427 6.0202
87.0658 6.0250
87.5513 6.0283

Denmark

England

Finland

France

Germany

26. 7292
25. 2636
22.0209
20.6700
18. 5875
18.8801
19.0192
20.0112
20.5267
20.0654
19.9248
19. 2044
18.4993

485.7725
453.1260
388.9291
371.9934
337.3707
343.1210
345.6316
363. 9304
374.9994
367.5140
364.6648
354.9564
347. 5721

2.5148
2.5133
2.3082
1.9839
1.6938
1.5036
1. 5014
1.6015
1.7225
1.7171
1. 7019
1.5350
1.5114

3.9196
3.9257
3.9383
3.9201
3.9229
3.9294
3.9379
3.9325
3.9430
3.9468
3.9363
3.9207
3.9187

23.6576
23. 4212
23.2395
23.6777
23.6192
23.6475
23. 7392
23. 7812
23. 7427
23.7947
23.6878
23. 7176
23.7838

Mexi- Shangcan dol- hai tael
lar
21.4301
22. 0696
22.8205
24. 5833
23.6010
23.5237
24.4696
23.9969
22.3173
21.6412
21.2319
20.5462
20.9710

Greece Hungary
1.2936
1.2926
1.2883
1. 2879
1.2879
1.2877
1.2875
1.2875
1.2318
.6641
.6387
.6399
.6321

Spain

30.0269
33.4081
36.5878
39.1364
39.0086
39.3294
37.8712
33.6841
33.3728
30. 2540
26.8977
27. 7321
28. 5682

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

8. 7964 56.0044
53. 5566
8.9631 45.1250
8.6137 43.1386
8.3992 39.0313
8.3945 39.6900
7.7671 39.7745
7.5993 41.3333
7.6942 42.7404
8.1169 42.2400
8.2451 41.9567
8.0518 40.9675
8.0608 40.1042

40.3182
40. 2677
40. 4256
40.1916
40.2338
40.1828
40.3479
40.2799
40. 4914
40.5474
40.4411
40. 2740
40.2443

26.7328
25.3982
22.0737
20.5163
18.4831
18.6969
18.7701
19.6003
19.0780
18.4823
18.0626
17.6386
17.4101

11.1970
11.1978
11.1955
11.1903
11.1902
11.1934
11.1896
11.1770
11.1847
11.1810
11.1839
11.1885
11.1771

4. 4216
4. 4232
3.9271
3.6401
3.2302
3.1642
3.1830
3.2832
3.3804
3.3267
3.3320
3. 2240
3.1579

.5953
.5966
.5959
.5951
.5950
.5958
.5960
.5970
.5966
.5972
.5978

17. 4515
17.4496
17.4640
17.4670
17.4580
17.4500
17.4397
17.4353
17.4298
17.4384
17.4740
17.4612
17.4507

Colombia

Yuan

Hong
Kong
dollar

21.3485
21.9166
22.7019
24. 7246
23.7323
23.6966
24.3587
23.9213
22.3221
21.7116
21.3125
20.6400
21.0031

23. 7830
24.1853
24.6765
26. 0124
24.8704
24.8396
25.3353
24. 6855
23.7187
23.4337
23.3431
22.8893
23.2479

India

Italy

Japan

5. 2304
5.1699
5.1645
5.1548
5.1094
5.0441
5.1799
5.1824
5.1493
5.1491
5.1162
5.1009
5.1144

49.3532
49.3351
49. 2525
49. 2968
43. 4644
35.9866
34.3233
32.1562
32.8063
31.9730
30.2856
27.4471
24.4944

35.9425
33.9117
28. 6799
27.9874
25.3612
25.8179
26. 0329
27.3121
28.0133
27.3175
27.1647
26.6842
26.1577

96. 5700
96. 5700
96. 5700
96. 5700
96. 5692
95.6656
95.2400
95.2400
95. 2400
95. 2400
95.2400
95.2400
95. 2400

Straits
Settle- Sweden Switzer Uruguay Yugoslavia
land
ments

RuMexico Nether- Norway Poland Portuga: mania
lands

Month

29.7255
30.6604
31.8314
34. 0732
32.8054
32.6357
33.1449
32.8061
31.2481
30. 4700
30.2007
29.3650
30.4332

I

46. 0147
41. 9254
34.8968
45.0027
44. 5487
44. 9160
46.1521
47. 0796
47.3186
47. 5433
47.2115
47. 5680
47.4413

1. 7694
1. 7653
1. 7734
1. 7856
1. 7796
1. 7784
1. 7803
1. 7753
1. 7725
1. 7743
1. 7436
1. 6717
1. 6903

Monetary unit

26. 7487
26.0857
23.1140
20.7378
18.7098
19.1888
19.2922
19.8540
19.0910
18.7238
18.7049
18.2190
17.8485

Par of
exchange

19. 4862
19.5096
19.6009
19. 4632
19.4805
19.5074
19.4961
19.3405
19.4374
19.5579
19. 5141
19.4684
19. 4528

Monetary units and pars of exchange (in cents per unit of foreign currency):
Country

Monetary unit

Par of
exchange

96.48
Gold peso
14.07
Schilling
...
13.90
Belga
11.96
Milreis
.72
Lev
100.00
Dollar
12.17
Peso
[Mexican dollar i._. 22.23
30.65
China (and Hong jShanghaitael*--21.75
iYuani
Kong).
I Hong Kong dollar i 22.07
97.33
Peso
Colombia.
100.00
do
Cuba

Argentina
Austria
Belgium
Brazil
Bulgaria
Canada
Chile

_

Country
Czechoslovakia...
Denmark
England
_.
Finland
France
„
Germany
Greece
Hungary
India
Italy
Japan
Mexico
Netherlands

Monetary unit

Par of
exchange

Koruna
_
2.96
Krone
26.80
Pound
486.66
Markka
2.52
Franc _
3.92
Reichsmark
23.82
Drachma.
1.30
Pengo
17.49
Rupee
36.50
Lira
5.26
Yen
49.85
Silver peso
_._ 49.85
Florin
40.20

Country

Krone
Zloty
Leu
Peseta
Straits 2 Settle- Straits Settlements dollar.
ments.
Krona
Sweden
Franc
Switzerland
Peso...
Uruguay
Yugoslavia
-.. Dinar...

Norway
Poland
Portugal
Rumania
Spain
.

-

.-- Escudo

26.80
11.22
4.42
.60
19.30
40.55
26.80
19.30
103.42
1.76

1 Silver currencies—Figures given for parity represent gold value of unit in August, 1932, computed by multiplying silver content of unit by New
York average price of silver for August, 1932, which was $0.28298 per fine ounce.
2 Straits Settlements dollar is legally equivalent to seven-sixtieths of one English pound. Figure given for parity represents seven-siitieths
of average quotation of pound in New York for August, 1932.
Back figures.—See BULLETIN for January, 1932,1931, 1930, 1929, and 1928.




596

FEDERAL RESERVE BULLETIN

SEPTEMBER,

1932

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States
(average
price)

Month

Number of issues

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

.

__.
_

__ _.

.
_.

. .

.
_

July_.

87

35

Germany
(average
price) a
169

United

States

England

France

Germany

421

278

300

329

110.0
112.3
111.9
112.0
113.1
112.8
112.5

95.8
95.7
96.6
96.4
95.4
94.7
94.1

85.3
86.0
85.7
85.4
83.7
83.2
82.7

152.8
149.3
147.6
148.8
127.6
116.7
109.4

101.8
103.1
98.4
101.1
95.4
94.1
89.0

187.6
188.8
182.0
182.4
169.5
162.2
149.8

106.8
100.9
94.8
93.9
87.9
84.7
80.0

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

.
.

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

98.2
98.7
99.6
100.0
99.9
99.1
97.8

112.8
109.7
111.6
111.3
110.8
111.1
111.2
107.2
103.5
104.2
104.8
102.2

95.7
97.1
97.9
99.0
98.4
98.8
98.9
99.5
97.7
94.8
94.4
90.8

82.7
82.7
83.8
84.8
84.2
82.4
<81.4

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

89.6
89.3
89.4
85.1
76.8
77.8
79.2
73.8
67.2
75.6
74.7
68.1

156.7
160.1
155 4
148.5
138.2
141.2
132.6
130.5
115.5
106.9
104.3
94.8

75.0
78.5
83.6
84.8
76.1
69.6
«70.5

81.0
80.3
80.8
79.4
75.2
72.2
74.2

104.7
106.5
111.6
110.6
111.4
111.0
115.6

91.5
90.3
90.5
89.0
85.9
85.2
87.4

58.0
56.4
56.8
43.9
39.8
34.0
35.9

69.7
68.9
69.6
63.5
61.6
59.3
63.5

107.3
126.2
117 6
107.3
94 4
97.4
100.0

60

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

Common stocks (1926 average=100) i

_

*70.4

(3)

<63.0
64.4
60.4
62,2

(8)
4

52.3

(3)
(3)
(3)
(3)

*45.5
46 4
45.6
45.8

i Stock price series for England, France, and Germany have been converted from original bases to a 1926 base.
> New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 per cent bonds.
• Figures not available because of closing of the exchange.
< Based on data for part of month, no quotations being available for remainder of month.
Back figures.—See BULLETIN for February, 1932, and sources there cited.

WHOLESALE PRICES—ALL COMMODITIES
Month

United
Canada
England
France
Germany
Italy
States
(1926=100) (1926=100) (1913=100) (1913=100) (1913=100) (1913=100)

Japan
( Clnt
(yJCZ.f

1900=100)

Netherlands
(1913=100)

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

88
86
84
82
81
80
78

121
119
118
116
113
112
109

540
558
560
556
552
551
541

125
125
125
123
120
120
118

382
375
379
374
364
361
350

181
177
176
172
165
162
161

118
115
114
112
111
110
107

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

77
76
75
74
73
72
'72
71
70
70
71
70

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

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

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

342
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

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

69
69
69
68
68
67
67

106
105
105
102
101
98
98

439
446
444
439
438
425
430

100
100
100
98
97
96
96

317
314
315
311
305
297
296

160
161
159
154
150
146
148

84
83
82
80
79
78
76

- Revised.




597

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Groups are those included in indexes shown in preceding table]
England (1913=
100)

United States (1926=100)
Month
Farm
products

Foods

Other
commodities

Foods

France (1913=
100)

IndusFarm
Indus- Agriculand food
tural
trial
trial
products products products products

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

127
127
126
124
121
121
116

117
115
113
111
109
107
105

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

113
112
111
113
113
113
110
108
108
113
115
113

104
103
103
102
100

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

114
114
116
115
114
112
108

101
101

95
95
100
102
102

United
States
(1913=100)

England
(July,
1914=100)

France
(July,
1914=100)

Germany
(191314=100) i

1931 1932

1931 1932

587
573
568
551
543
535
516

110
115
117
114
109
112
110

115
114
111
108
108
108
105

122
119
118
116
114
113
110

151
151
149
148
147
145
143

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

102
100
99
97
96
95
97
96
94
95
94
91

108
106
106
105
103
103
103
102
100
99
99
97

142
140
139
138
137
137
136
136
135
133
132
130

496
511
510
506
511
490

390
389
388
381
374
369
370

90
91

92
91
90
89
88
87
87

125
122
121
120
119
118
117

1931 1932

133
127
126
124
121
118
119
120
119
119
117
114

109
105
105
104
101
100
101

138
136
134
129
129
127
130
128
128
128
130
132

131
131
129
126
125
123
125

132
132
131
130
129
128
125
121
119
116
113
113

114
115
115
115
114
111
108

Industrial raw Indusand semi- trial finished
finished
products products

COST OF LIVING

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

Provisions

540
550
562
562
570
570

RETAIL FOOD PRICES

Month

Germany (1913=100)

134
131
130
129
130
131
130
126
125
123
122
120

116
114
114
113
113
113
114

United
States
(1913 = 100)

Month

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

136

_

France
England
(Jan.-June,
(July,
1914=100) 1914=100)
1931 1932
153
152
150
147
147
145
147
145
145
145
146
148

147
147
146
144
143
142
143

1931

120
115
"108"

1932

109

Germany
(191314=100) i
1931 1932
140
139
138
137
137
138
137
135
134
133
132
130

125
122
122
122
121
121
122

» 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 ot living.—United States—
Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—for retail food prices,
Statistique Ge"nerale, and for cost of living, Commission d'etudes relatives au cout de la vie a Paris.




598

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

LAW DEPARTMENT
Changes in law and regulations with regard to loans
SEC. 2. (a) Subdivisions (c) and (d) of section 502 of
on notes secured by adjusted service certificates. such Act, as amended (U. S. C , title 38, sees. 642(c)
Under the provisions of an act of Congress and 642 (d)), are hereby amended by striking out "6 per
approved July 21, 1932, which amends section centum" wherever occurring in such subdivisions and
inserting in lieu thereof " 3}£ per centum ".
502 of the World War adjusted compensation
(b) Subdivision (1) of section 502 of such Act, as
act in certain respects, a loan secured by an amended (U. S. C , Sup. V, title 38, sec. 642 (1)), is
adjusted service certificate may be made at any amended by striking out "4$ per centum" and inserttime after the date of the certificate and the ing in lieu thereof "3J4 per centum".
(c) The amendments made by subsections (a) and
rate of interest on any such loan may not
(b) of this section shall not apply with respect to interest
exceed 3% per cent per annum, compounded accrued prior to the date of the enactment of this Act.
annually. Prior to this amendment the law
SEC. 3. Subdivision (m) of section 502 of such Act, as
had provided that such a loan might be made amended (U. S. C , Sup. V, title 38, sec. 642 (m)), is
only at the expiration of two years after the hereby amended to read as follows:
"(m) Loans made by the Administrator of Veterans'
date of the certificate securing the loan and at a
Affairs under this section may at his option be made
rate of interest not exceeding 4% per cent per
out of the United States Government life insurance
annum, compounded annually. The Federal fund, or out of the Adjusted Service Certificate Fund
Reserve Board on August 10, 1932, amended its created under section 505. In case of loans made out
Regulation G with regard to the rediscount of of the United States Government life insurance fund the
notes secured by adjusted service certificates so fund shall be entitled to receive interest at the rate of
as to conform to the law as amended by the act 4}£ per centum per annum, compounded annually, but,
in respect of interest on any such loan accruing after
of July 21, 1932, and the regulations of the this subdivision as amended takes effect, the amount
7
Veterans Administration with regard to loans by which interest at such rate exceeds 3}£ per centum
on adjusted service certificates have also been per annum, compounded annually, shall be paid to the
revised so as to conform to the provisions of the United States Government life insurance fund out of the
law as amended. There are published below Adjusted Service Certificate Fund".
Approved, July 21, 1932.
the text of the act of July 21, 1932, the text of

the Federal Reserve Board's Regulation G as
amended, and the text of the amended regulations of the Veterans' Administration on this
subject.
[PUBLIC—No. 303—72D CONGRESS]

[S. 4569]
AN ACT Relating to loans to veterans on their adjusted-service certificates.

Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled,
That the first sentence of subdivision (b) of section 502
of the World War Adjusted Compensation Act, as
amended (U. S. C , title 38, sec. 642(b)), is hereby
amended to read as follows:
"(b) Any national bank, or any bank or trust company incorporated under the laws of any State, Territory, possession, or the District of Columbia (hereinafter in this section called 'bank'), is authorized to loan
to any veteran upon his promissory note secured by his
adjusted-service certificate (with or without the consent of the beneficiary thereof) any amount not in
excess of the loan basis (as defined in subdivision (g)
of this section) of the certificate'1'.




REGULATION G, SERIES OF 1932
(Superseding Regulation G of 1931)
REDISCOUNT OF NOTES SECURED BY ADJUSTED SERVICE
CERTIFICATES
SECTION I. STATUTORY PROVISIONS

Under the terms of the World War adjusted compensation act as amended, loans may lawfully be made
to veterans upon their adjusted service certificates only
in accordance with the provisions of section 502
thereof, as amended.
Any national bank, or any bank or trust company
incorporated under the laws of any State, Territory,
possession, or the District of Columbia is authorized,
at any time after the date of the certificate, to loan to
any veteran upon his promissory note secured' by his
adjusted service certificate any amount not in excess
of the loan value of the certificate, which is (a) 50 per
cent of the face value of the certificate, or (6) the loan
value stated on the face of the certificate, whichever
is the greater amount. The law provides that the
rate of interest charged upon the loan by the lending
bank shall not exceed by more than 2 per cent per
annum the rate charged at the date of the loan for the
discount of 90-day commercial paper by the Federal
reserve bank of the Federal reserve district in which

SEPTEMBER,

1932

FEDERAL RESERVE BULLETIN

599

the lending bank is located and, as to loans made on
SECTION III. ELIGIBILITY
or after July 21, 1932, shall in no event exceed 3}£ per
In order to be eligible for rediscount at a Federal
cent per annum, compounded annually.1
reserve bank, any such note must—
Upon the indorsement of any bank, which shall be
(a) Arise out of a loan made by a bank to a
deemed a waiver of demand, notice and protest by
veteran in full compliance with the provisions of
such bank as to its own indorsement exclusively, and
the act and of any regulation which the director
subject to regulations to be prescribed by the Federal
may prescribe;
Reserve Board, any such note secured by an adjusted
(b) Be secured by the certificate issued to the
service certificate and held by a bank is made eligible
maker, which certificate must accompany the note;
for rediscount with the Federal reserve bank of the
Federal reserve district in which such bank is located,
(c) Be held by the offering bank in its own right
whether or not the bank offering the note for redisat the time it is offered for rediscount;
count is a member of the Federal reserve system and
(d) Be in the form approved by the director;
whether or not it acquired the note in the first instance
(e) Have a maturity at the time of rediscount
from the veteran or acquired it by transfer upon the
not in excess of nine months, exclusive of days of
indorsement of any other bank; provided that at the
grace: Provided, however, That when such note
time of rediscount such note has a maturity not in
contains, in the form approved by the director, a
excess of nine months, exclusive of days of grace, and
provision for the extension of the maturity thereof
complies in all other respects with the provisions of
from year to year, at the option of the holder
the law, the regulations of the United States Veterans'
evidenced by his indorsement thereon, the maBureau, and the regulations of the Federal Reserve
turity of said note (after the first maturity stated
Board.
thereon) shall, for the purpose of determining its
SECTION II. DEFINITIONS
eligibility for rediscount, be deemed to be that
stated in the latest extension indorsed thereon by
Within the meaning of this regulation—
the holder;
(a) The term "the act" shall mean the World
War adjusted compensation act as amended;
(/) Evidence a loan the amount of which does
(b) The term "director" shall mean the Adnot exceed (a) 50 per cent of the face value of the
ministrator of Veterans' Affairs, who has been
certificate or (b) the loan value stated on the face
vested by law with the power and duties formerly
of the certificate for the year in which such loan
vested in the Director of the United States Vetwas made, whichever amount is greater;
erans' Bureau;
(g) Be payable with interest accruing after the
(c) The term "certificate" shall mean an addate of the note at a rate stated in the face of the
justed service certificate issued under the provisions
note, which rate must not exceed by more than 2
of section 501 of the World War adjusted compenper cent per annum the rate charged at the date
sation act as amended;
of the loan for the discount of 90-day commercial
(d) The term "veteran" shall mean any person
paper by the Federal reserve bank of the Federal
to whom an adjusted service certificate has been
reserve district in which the lending bank is
issued by the director under the provisions of the
located: Provided, however, That, if the loan or any
World War adjusted compensation act as amended;
extension thereof was made on or after July 21,
(e) The term " b a n k " shall mean any national
1932, the rate must not in any event exceed 3%
bank or any bank or trust company incorporated
per cent per annum, compounded annually;
under the laws of any State, Territory, possession,
(h) Bear the indorsement of the bank offering
or the District of Columbia;
it for rediscount, which indorsement shall be
(/) The term " n o t e " shall mean a promissory
deemed a waiver of demand, notice, and protest
note secured by an adjusted service certificate and
by such bank as to its own indorsement exclusively;
evidencing a loan made by a bank on the security
(i) Be accompanied by the evidence of eligibility
of such certificate in full compliance with the prorequired by this regulation and such other evidence
visions of the World War adjusted compensation
of eligibility as may be required by the Federal
act as amended and the regulations of the Adminreserve bank to which it is offered for rediscount;
istrator of Veterans' Affairs.
and
1
Loans made on or after Feb. 27, 1931, but prior to July 21, 1932, could
(j) Comply in all other respects with the requirebe made at a rate of interest not exceeding 4H percent per annum, comments of the law and of this regulation.
pounded annually.




600

FEDERAL RESERVE BULLETIN

SEPTEMBER,

1932

SECTION IV. EVIDENCE OF ELIGIBILITY

SECTION VI. PROPER BANK FOR REDISCOUNT

(a) General.—The Federal reserve bank to which a
note is offered for rediscount must be satisfied either by
reference to the note itself or otherwise that the loan
evidenced by the note or any sale, discount, or rediscount thereof complies in all respects with the provisions of section 502 of the act and that the note is
eligible for rediscount by a Federal reserve bank under
the terms of the law and the provisions of this regulation.
(6) Affidavit of lending bank.—Any note offered to
a'Federal reserve bank for rediscount must be accompanied by the affidavit required by section 502 (h) of
the act and the regulations of the director, in form
approved by the director, made by an officer of the
bank which made the loan, before a notary public or
other officer designated for the purpose by regulations
of the director, stating that—
(1) Such bank has not charged or collected, or
attempted to charge or collect, directly or indirectly, any fee or other compensation in respect of
any loan, made by such bank to any veteran under
section 502 of the act, except the interest authorized by such section;
(2) The person who obtained the loan evidenced
by such note is known to be the veteran named in
the certificate securing such note;
(3) Such bank has notified the director that it
has made a loan to the veteran named in the
certificate, as required by the regulations of the
director; and
(4) Such bank has notified the veteran by mail
at his last known post-office address of any sale,
discount, or rediscount of such note by such bank,
as required by section 502 (b) of the act.
(c) Affidavit of other banks.—If such note is offered
for rediscount by a bank other than the bank which
made the loan thereon, it must also be accompanied by an
affidavit of an officer of the offering bank and an affivadit of an officer of each other bank which has sold,
discounted, or rediscounted such note, which affidavit
shall be in form approved by the director and shall state
that the bank of which the affiant is an officer has
promptly notified the veteran by mail at his last known
post-office address of the sale, discount, or rediscount
of such note by such bank, as required by section 502 (b)
of the act.

No such note shall be rediscounted by any Federal
reserve bank for any bank not located in its own Federal reserve district, except that such notes may be
rediscounted by any Federal reserve bank for any other
Federal reserve bank.

SECTION V. APPLICATION FOR REDISCOUNT

Every application for the rediscount of such notes
shall be made on a form approved by the Federal reserve bank to which such note is offered and shall contain a certificate of the offering bank to the effect that,
to the best of its knowledge and belief, such note arose
out of a loan made in full compliance with the provisions of the act and the regulations of the director and
is eligible for rediscount under the provisions of section
502 of the act and of this regulation.




SECTION VII. RATE OF REDISCOUNT

The rate of interest charged by any Federal reserve
bank on any such note rediscounted by it shall be the
same as that charged by it for the rediscount of 90-day
notes drawn for a commercial purpose, except that when
such notes are rediscounted for another Federal reserve
bank the rate shall be that fixed by the Federal Reserve
Board.
SECTION VIII. REDISCOUNTS FOR NONMEMBER

BANKS

No Federal reserve bank shall rediscount such notes
for any nonmember bank until such bank has furnished
to the Federal reserve bank such information as it may
request in order to satisfy itself as to the condition of
such bank and the advisability of making the rediscount
for it.
EXTRACT OF REGULATIONS—VETERANS'
ADMINISTRATION
LOANS BY BANKS ON ADJUSTED SERVICE CERTIFICATES
UNDER SECTION 502 OF THE WORLD WAR ADJUSTED
COMPENSATION ACT

4675. Certificates.—Adjusted service certificates are
dated as of the 1st day of the month in which the applications were filed, but no certificates are dated prior to
January 1, 1925. Loans on the security of such certificates may be made at any time after the date of the
certificate. The fact that a certificate is stamped or
marked "duplicate" does not destroy its value as
security for a loan. (July 21, 1932.)
4676. To whom loan may be made.—Only the
veteran named in the certificate can lawfully obtain
a loan on his adjusted service certificate, and neither
the beneficiary nor any other person than the veteran
has any rights in this respect. The person to whom
the loan is made must be known to the lending bank
to be the veteran named in the certificate securing such
note. The consent of the beneficiary is not required,
the act providing that a loan on the security of the
certificate may be made "with or without the consent
of the beneficiary thereof." Loans may be made to
veterans adjudged incompetent only through the guardians of such veterans and pursuant to specific order
of the court having jurisdiction. Certified copy of
court order must be submitted if note be presented for
redemption by the Veterans' Administration. (July
21, 1932.)
4677. By whom loans may be made.—Any national
bank or any bank or trust company incorporated under
the laws of any State, Territory, possession, or the
District of Columbia, hereinafter referred to as any
"bank," is authorized to loan to any veteran upon his

FEDERAL RESERVE BULLETIN

SEPTEMBEE, 1932

promissory note secured by his adjusted service certificate any amount not in excess of the loan value of the
certificate at the date the loan is made. Each certificate
contains on its face a table for determining the loan
value of the certificate, but it is provided by amendment to the World War adjusted compensation act
dated February 27, 1931, that the loan value of any
certificate shall at no time be less than 50 per cent of
the face value. Upon the making of such loan, the
lending bank shall promptly notify the Veterans'
Administration of the name of the veteran, the A number shown immediately after the name, the number of
the certificate, the amount, the rate of interest, and
date of loan; however, this requirement may be waived
by the Administrator of Veterans' Affairs. (July 21,
1932.)
4678. Form of note.—The form of note used in making
loans secured by adjusted service certificates should
substantially follow Veterans' Administration Form
No. 6615 or 6615-a. Veterans' Administration Form
6615-a is as follows:
.., 19...
$
One year after date I promise to pay to the order of
_
_
dollars for value received, with interest after
date until paid (at the rate of
percent per annum, simple interest)
(at the rate of
per cent per annum, compounded annually on the
anniversary of the date of the note.)
This note is payable at the bank named above.
If the principal and interest of this note are not paid at maturity, the
maker and all indorsers hereby authorize the holder, at his option,
evidenced by the holder's indorsement to that effect hereon, to extend
the maturity of this note for a period of one year, and to repeat such
extension from year to year. Whenever the holder shall indorse an
extension of maturity hereon, this note and all indorsements hereon
shall remain in full force and effect according to their original tenor,
except that the maturity of the note shall then be deemed for all purposes to be that stated in the latest extension.
As collateral security for the prompt payment of this note I have
delivered to and do hereby pledge with the bolder of this note my Adjusted Service Certificate No
dated
further identified by No. A
This note may be sold, discounted, or rediscounted and the certificate pledged herewith may be
transferred in accordance with the provisions of the World War adjusted
compensation act, as amended. If the principal and interest of this note
are not paid at its maturity, any bank holding this note and certificate
may, at any time after maturity of the loan, but not before the expiration
of six months after the loan was made, present this note and certificate to
the Administrator of Veterans' Affairs in order to secure payment of this
loan, as provided in the World War adjusted compensation act, as
amended.
(x)
(Signature of veteran.)
(Please print or Name of veteran._
t y p e w r i t e Street address or route number..
n a m e a n d City or town and State
_
address of veteran here.)
The form of indorsement used in accordance with the second paragraph
of Form 6615-a should be substantially as follows:
The principal and interest of this note not having been paid at maturity,
the maturity is hereby extended to
(Date of new maturity.)
. holder.
(JULY 21,1932.)




(Signature of holder.)

601

4679. Interest charges.—The rate of interest which
a bank may charge upon such a loan shall not exceed by
more than 2 per cent per annum, the rate charged at the
date of the loan for the discount of 90-day commercial
paper under section 13 of the Federal reserve act by the
Federal reserve bank of the district in which the lending
bank is located. As to all loans made on or after July
21, 1932, the rate of interest must not exceed (a) simple
interest at a rate 2 per cent above the Federal reserve
discount rate of the district of the lending bank, or (b)
Sy2 per cent interest compounded annually, whichever
is the lower. In no event shall the rate of interest
charged exceed the maximum legal rate established for
the State, Territory, or possession of the United States
in which the bank is located. When a loan is made by
a bank located in a Territory or possession not embraced in any Federal reserve district, the highest rate
charged by any Federal reserve bank at the date of the
loan for the discount of 90-day commercial paper may
be taken as the basis for establishing the rate of interest
on loans made in such Territory or possession. In no
event may the rate of interest charged on loans made
subsequent to July 21, 1932, exceed 3}i per cent compounded annually. The rates of interest charged on
loans made outside the continental limits of the United
States by a branch of a bank whose head office is in the
Federal reserve district are governed by the discount
rate charged by the Federal reserve bank in which such
head office is located: Provided, however, That in no
event shall a rate charged for any loan made on or after
July 21, 1932, exceed 3}3 per cent compounded annually. No charge, other than the interest charge provided herein, may be made by the lending bank, the act
providing, under penalty, that such bank shall not
charge or collect, or attempt to charge or collect directly or indirectly, any fee or other compensation in
respect of any loan made upon the security of an adjusted service certificate except the interest authorized
by law. Any violation of this provision will make the
loan void. On notes for loans made prior to July 21,
1932, containing option of extension in the form prescribed in section 4678 of these regulations, the interest
rate may continue to the first following date of maturity, at the rate charged on the date the loan was originally made. (July 21, 1932.)
4680. Sale or discount of note by holding bank.—
Any bank holding a note secured by an adjusted service
certificate may sell the note to any bank authorized
to make a loan to a veteran and deliver the certificate
to such bank. In case a note secured by an adjusted
service certificate is sold or transferred, the bank selling, discounting, or rediscounting the note is required
by law to notify the veteran promptly by mail at his
last known post-office address. No adjusted service
certificate is negotiable to assignable, or may serve as
security for a loan, except as provided in section 502
of the World War adjusted compensation act, as
amended. Any negotiation, assignment, or loan made
in violation of section 502 of the World War adjusted

602

FEDERAL RESERVE BULLETIN

compensation act is void. In case of sale, discount, or
rediscount by the bank which made the loan, the note
or notes should be accompanied by the affidavit required by paragraph 4685 of these regulations. (July
21, 1932.)
4681. Eediscounts with Federal reserve banks.—
Upon the indorsement of any bank, which shall be
deemed a waiver of demand, notice, and protest by such
bank as to its own indorsement exclusively, and subject
to regulations to be prescribed by the Federal Reserve
Board, any such note secured by an adjusted service
certificate and held by a bank is made eligible for discount or rediscount by the Federal reserve bank of the
Federal reserve district in which such bank is located,
whether or not the bank offering the note for discount
or rediscount is a member of the Federal reserve system
and whether or not it acquired the note in the first
instance from the veteran or acquired it by transfer
upon the indorsement of any other bank; provided that
at the time of discount or rediscount such note has a
maturity not in excess of nine months, exclusive of
days of grace, and complies in all other respects with
the provisions of the law, the regulations of the Federal
Reserve Board and these regulations.
Redemption by Veterans' Administration
4682. If the veteran does not pay the loan at its
maturity, the bank holding the note and certificate may
at any time after the maturity of the loan, but not
before the expiration of six months after the loan was
made, present them to the Administrator of Veterans'
Affairs. The Administrator may in his discretion
accept the certificate and note and pay the bank in
full satisfaction of its claim, the amount of the unpaid
principal due it, and the unpaid interest at the rate
fixed in the note, up to the date of the check issued to
the bank. (July 21, 1932.)
4683. It will be the policy of the Veterans' Administration to redeem all loans made in accordance with the
law and regulations made pursuant thereto, when such
loans are made in good faith to the veteran to whom
the certificate was issued. If, while his certificate is
held by a bank as security for a loan, the veteran
applies for the increased loan value authorized by the
amendment to the World War adjusted compensation
act dated February 27, 1931, whether or not the loan
has matured, the veteran and the bank will be informed fully of the provisions of this section and that
the bank may make the loan for the additional amount
or, upon request of the veteran, may send the note and
certificate to the Administrator of Veterans' Affairs.
The Administrator shall, if the loan was legally made,
accept such certificate and note, and pay to the bank
in full satisfaction of its claim the amount of the unpaid
principal due it and the unpaid interest at the rate
fixed in the note, up to the date of the check issued to the
bank, or up to the date of maturity of the loan whichever is the later date. If the loan has not matured the




SEPTEMBER,

1932

bank may waive its right to interest up to date of maturity or any portion of such interest. (July 21, 1932.)
4684. If the veteran dies before the maturity of the
loan, the amount of the unpaid principal and the unpaid
interest accrued up to the date of his death shall be
immediately due and payable. In such case, or if the
veteran dies on the day the loan matures or within
six months thereafter, the bank holding the note and
certificate shall, upon notice of the death, present them
to the Administrator, who shall pay to the bank, in full
satisfaction of its claim the amount of the unpaid
principal and unpaid interest, at the rate fixed in the
note, accrued up to the date of the check issued to the
bank; except that if, prior to the payment, the bank is
notified of the death by the Administrator and fails to
present the certificate and note to the Administrator
within 15 days after the notice such interest shall be only
up to the fifteenth day after such notice. (July 21,1932.)
4685. In order to be eligible for redemption by the
Veterans' Administration, the note and certificate must
be accompanied by an affidavit of a duly authorized
officer (the capacity in which the officer serves must be
shown) of the lending bank showing that the said bank
has not charged or collected, or attempted to charge or
collect, directly or indirectly, any fee or other compensation in respect of the loan, or any other loan made by
the bank under the provisions of section 502 of the
World War adjusted compensation act, except the rate
of interest specified in the section of the act cited;
that the person who obtained the loan is known to the
lending bank to be the person named in the adjusted
service certificate; and that notice required by paragraph 4677 of these regulations was promptly given.
In case the note was sold or discounted by the lending
bank, there should be incorporated in the affidavit a
statement that the veteran was notified promptly of
the transfer by mail to his last known address. In
case the note was resold or rediscounted by any other
bank, affidavit shall be made by a duly authorized
officer of such bank that proper notice of such resale
or rediscount was promptly mailed to the veteran at
his last known address. The proper execution of the
appropriate affidavit on Form No. 6615 will be considered as a compliance with the requirements of this
paragraph. A single affidavit setting forth the full
particulars may be accepted to cover any number of
veterans' notes submitted for redemption at one time.
The affidavit must be executed before a judge of the
United States court, United States commissioner,
United States district attorney, United States marshal,
collector of internal revenue, collector of customs.
United States postmaster, clerk of court of record
under the seal of the court, an executive officer of an
incorporated bank or trust company, under his official
designation and the seal of the bank or trust company,
or a notary public under his seal, or a diplomatic or
consular officer of the United States, under his official
seal. (July 21, 1932.)

603

FEDERAL RESERVE BULLETIN

SEPTEMBEE, 1932

FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.
DISCOUNTS, BY MONTHS

DISCOUNTS, BY WEEKS

[In millions of dollars]

[In thousands of dollars]

Average of daily figures

Wednesday series (1932)
Federal reserve bank

Federal reserve bank

1932

[ August
Boston
New York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y Dallas
San Francisco.

!
i

_

Total..

19.2
93.2
65.1
35.5
27.7
33.5
33.2
12.4
13.7
21.1
16.8

i

I

1931

July

Aug. 3

August

25.4
103.5
72.3
51.7
28.5
39.9
41.2
13.5
12.7
23.1
16.0
95.2

8.9
48.1
18.6
25.0
18.5
20.4
15.9
10.6
4.6
13.1
13.3
25.4
222.3

18,199
90,922
61,487

17,454
90,476
62,938

37,323
26,855
30, 485

35, 705
26,989
33, 624

32,641
26, 591
32,357

33, 547
26,174
33,331

12, 449
13,646

12,482
13, 677

30,934
11,246
13.590

31,276
11,619
13, 529

23, 635
18,511
90,120

21,224
17,010
80, 527

20,367 i 20,323
16,153 15,823
79,161 72.591

20,432
15,748
76,232

487,183

Total. __

18,030
90,974
63, 005

35,811
13, 678
13,944

Philadelphia-

20,400
94,490
64, 321

38,392
27,970
35, 783

Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco

522.9

450.8

20,888
98,635
69,816

Boston
New York

Aug. 10

451,938

442,860 j 426, 704

432, 756

Aug. 17 j Aug. 24 A u g . 31

RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES
[Amounts in thousands of dollars]
|

Averages of daily figures
Total cash reserves

Federal reserve notes in circulation *

Total deposits

Reserve percentages

Federal reserve bank
1932

1931

August ! July
Boston
New York
Philadelphia.

215, 673
850,174
202, 704

Cleveland...
Richmond
Atlanta

; 254,599
i 85,356
...! 80,534

j August

1931

1932

August

July

August

1932
August

1931
July

1932

August August ! July i August

239,930
225,678
792,662 1, 213, 608
262,162
198,737

134, 633
992, 614
120, 634

143,050
155,218
940,561 1, 081, 769
120,408
161, 111

202, 666
601,056
255,869

207,068
607,446
257,030

139,457
369, 589
149,969

63.9
53.3
53.8

64.5
51.2
52.7 !

81.4
83.6
84.3

245,869
73,796
72,804

352,662
91,335
136,194

147,506
54, 900
45,418

151, 249
55,193
44,805

212,152
70,583
62,026

293,356
102,445
110,278

294,872
92,641
113,363

219,550
67,809
114,078

57.8
54.2
51.7

55.1 :
49.9 |
46.0 :

81.7
66.0
77.3

Chicago
Sti Louis
Minneapolis..

740,408 | 724,591
85,036
84,084
56,348
59,562

672,300
111,066
74,193

300,980
56, 670
41,000

284,578
57,989
42,468

357,981
74, 550
52,929

718,396
100,872
79, 709

731,387
98, 216
79,455

405,955
73,225
50, 880

72. G
54.0
•10. 7

71.3 I
53.8 i
48.9 '

88.0
75.2
71.5

Kansas C i t y . . .
Dallas.
San Francisco.

89,094
42, 218
206, 389

100,565
47, 281
318,618

69,207
45,387
144,907

68,753
47,560
137, 729

87,064
58,955
196,690

95,027
37,582
250,040

91,105
37,669
252,381

66,322
27,055
191,871

54.2
50.9
52.3

52.1
52.4
48.1

65.6
55.0
82.0

56.3 i

81.4

Total

83, 245
44,699
187,470

|2, 908, 533 2, 793,197 3,619,914 2,153,856 (2,094,343 2,571,028 2,847,2S6 2,862,633 1,875, 760

i Includes "Federal reserve notes of other reserve banks" as follows: Latest month, $14,781,000; month ago, $15,252,000; year ago, $15387,000.




604

FEDERAL RESERVE BULLETIN

SEPTEMBER. 1932

EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE
STATEMENT, AUGUST 31, 1932
[In thousands of dollars]
Total

Boston

New
York

Phila- Clevedelphia land

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

San
Dallas Francisco

KESOUKCES

Gold with Federal reserve
agents
• 2,081,761 163,127
Gold redemption fund with
57,668
3,101
U. S. 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

2,139,429 166, 228

516, 296 151,000 188,970 69, 300 53, 500
12, 242

6,309

6,189

528, 538 157, 309 195,159

617, 345 60, 760 36,835

3,639

8,586

71, 761 57,139

625,931

2,461

2,022

2,281

62, 782 39,116

56, 680 25, 685 142, 263
2,657

1,167

7,014

59, 337 26,852 149,277

Bills discounted:
Secured by U. S. Government obligations
Other bills discounted-...

12,443

102, 792

6,778

19,172

9,377

7,845

62,885

5,504

9,470

10,005

360,046

16, 515

225, 806

6,384 18, 357

7,533

8,545

29, 652

5,913

3,578

10, 652

3,951 23,160

2, 772,961 195,186
206, 702 18, 499
—

273,486

857,136 170,471 232,688 88,671 73,529
55, 622 34, 823 19, 322 8,570 5,344

718,468
26,643

74,199
9"~

52,164
4,239

79,994
6,209

!,835
37,620 192,
7,462 10,371

2,979,663 213, 685
75,119
5,465

912, 758 205, 294 252,010 97, 241 78,873
5,458
19,058 3,684 4,085 4,153

745, 111 83, 797 56,403
13, 291 3,976 1,940

86, 203 45,082 203, 206
2,391
8, 380

157,545
275,211

7,795
9,659

19,684
35, 787 43,254

14,932 4,344 5,108
18,615 21,830 28,223

9,911
21,365

Total bills discounted..
Bills bought
---•

432, 756

17, 454
2,343

90,476 62,938
11,066 3,253

33, 547 26,174
3,102
2,641

33, 331
1,206

31, 276 11, 619 13, 529 20, 432 15, 748 76, 232
4,428 1,007
631
891
877 2,653

XJ. S. Government securities:
Bonds
Treasury notes
Certificates and bills

420,988
395, 974
1,034, 753

20,350
22,722
78,156

190,274 31,229 36, 491
151,521 32,114 42,124 11,136
369, 497 75,982 99,667

9,733
11,181
26,031

40, 775 13,939 17,263 11,776 14,242 25, 268
50,965 15, 513 11,125 13, 511 4,896 29,166
183,470 36,704 26,324 31,980 11,583 69,010

Total U. S. Government securities
1,851, 715 121, 228
5,915
Other securities
—

711, 292 139, 325 178, 282 47,133
4,168
1,603

46,945

275, 210 66,156

54, 712 57, 267 30, 721 123,444
144

Total bills and securities
Due from foreign banks
Federal reserve notes of other
banks
Uncollected items
Bank premises—
All other resources

2, 324,484 141,025
211
2,668
15,082
340
312,272 37, 741
58,121
3,336
47,613
1,406

817,002 207,119 214,931 75,948 81,482
960
106
287
4,802
1,015
1,182
91,998 26,963 27,820 23, 628 7,994
2,489
14,817 2,901
7,968 3,617
727
3,223 3,719
1,188
28,859

310,914
373

69,016
11

Federal reserve notes in actual
circulation

2, 814,020 200, 850

593, 551 251, 407 289,533 107,848 107,878

706,730 100, 277 79, 571 94,255

Deposits:
Member bank—reserve
account
Government
Foreign bank.
Other deposits
_

2,146,183 128,805 1, 029,105 119,074 140, 502 49,864 42, 737
59,429
18, 366 4,896 3,428 6,124
3,048
2,964
14,187
5,791
1,258
1,283
498
947
461
21,485
8,578
72
420 1,865
3,903
372

Total resources

6,492
5,127

6,817 20, 398

78,782
18

1,235
12,294

1,755
18,677

2,334 29, 266
13,414 46,966

78, 590 47, 346 202, 329
184
74
77
2,267
515
817
7,372 15, 683 11, 540 12,396
1,835
3,647 1,787 4,433
1,582
848 1,307 1,153

1,049
1,752
35, 766 13, 371
3,461
7, r" "
2,470 1,131
5,815,022 403, 209 1,890, 254 447,281 509,286 209, 098 180,882 1,117, 505 185, 585 138, 674 188, 258 110,642 434, 348

LIABILITIES

Total deposits
2, 241, 284
Deferred availability items...
Capital paid in
153,099
259,421
Surplus
38,402
All other liabilities
Total liabilities
Reserve ratio (per cent)

132,788 1,061,840 125,673
37, 625
89, 262 25, 253
10,876
59,031
20,039
75,077 26, 486
1,031
11,493 2,364

147,053
46,618
27,643 22, 648 8,170
14, 221 5,172
4,851
27,640 11, 483 10, 449
3,196
1,558
2,916

5,815,022 403, 209 1,890,254 447, 281 509, 286
54.4
58. Q
55.1
64.0
57.7

57. i

37, 530 244, 590

306, 031 51, 336 38, 097 64, 323 43, 233 133,076
2,141
1,034
2,425
2,663 6,524
5,816
860
274
361
349
436
1,669
265
177
104 4,455
997
277
313,793
34,647
16,963
38,411
6,961

54,910 41,061
14,637 7,065
4,456 2,917
10, 025 6,356
1,704
1,280

65, 895 46, 349 144,915
15,134 12,975 13,737
4,066 3,911 10,537
8,124
7,624 17, 707
784 2,253 2,862

180, 882 1,117, 505 185, 585 138, 674 188, 258 110,642 434,348
54.0
73.0
51.1
53.7 52.2
46. r
53. r

FEDERAL RESERVE NOTE
STATEMENT

Federal reserve notes:
Issued to F. R. bank by
F. R. agent
Held by F. R. bank
In actual circulation
Collateral held by agent as
security for notes issued to
banks:
Gold
Eligible paper
U . S. Government securities




3,051,999 221,362
237,979 20,512

660, 353 264,019 302, 772 114, 640 125,700
66,802 12,612 13,239 6,792 17,822

742,616 109,310 81,921 103, 596 42,733 282,977
35,886 9,033 2,350 9,341
5,203 1,387

2,814,020 200,850

593, 551 251, 407 289,533 107,848 107,878

706,730 100, 277 79,571

2,081,761 163,127
416,786 17,412

516,296 151,000 188,970 69,300 53, 500
87,975 62,340 33,442 27,581 32,009

617, 345 60, 760 36, 835
25,685 142,263
31,073 11,037 12,828 20, 365 15,682 65,042

578,100

41,100

64,000

51,000 85,000

19,000 41,000

100,000

37, 600 32,900

94, 255 37,530 244, 590

28,000

1,500 77,000

SEPTEMBER, 1932

605

FEDERAL RESERVE BULLETIN

ALL MEMBER BANKS IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS
[In millions of dollars]
Averages of daily figures
Reserves held
Borrowings at Federal reserve
banks

Federai reserve district

Total
1931

1932
July

Excess

June

1932

July

July

1932

1931
July

June

July

1931

June

July

Boston
New York....
Philadelphia..

139.2
896.7
116.3

134.0
915.0
116.3

142.3
1,047.4
145.5

26.8
86.5
1.5

22.8
101.0
1.7

2.8
69.1
4.4

25.4
103.4
72.3

29.8
103.6
66.2

9.0
26.0
16.5

Cleveland
Richmond
Atlanta

142.3
51.1
42.6

140.0
58.3
44.1

190.7
61.0
56.5

4.7
3.4
1.6

2.1
8.9
1.9

4.8
2.1
2.5

51.7

51.8
25.3
33.7

15.8
17.2
13.5

Chicago
St. Louis
Minneapolis..

277.3
54.9
40.8

306.1
56.1
41.6

327.6
69.7
49.3

65.2
3.9
3.4

75.0
4.0
3.1

15.9
3.5
2.8

41.2
13.5
12.6

33.4
13.3
10.6

12.1
8.9
4.2

Kansas City..
Dallas
San Francisco.

66.2
44.9
130.1

69.6
44.4
136.7

82.2
54.2
180.4

5.4
3.5
-1.6

8.2
2.9
3.0

5.4
2.1
9.1

22.9
16.0
94.7

23.8
13.7
89.2

9.5
10.8
25.0

Total...

2,002. 6

2,061. 9

2, 406.9

204.4

234.4

124.4

522.1

494.4

168.5

NET DEMAND AND TIME DEPOSITS OF BANKS IN LARGER AND SMALLER

CENTERS

[In millions of dollars]
Averages of daily figures
Member banks in larger centers (places over 15,000)
Net demand

Federal reserve district

1932

July
Boston
New York
Philadelphia
Cleveland
Richmond Atlanta

July

July

1932

1931

1932

June

July

July

Time
1932

1931

June

July

July

1931

June

July

940
5,909
819

.

Chicago
St. Louis
Minneapolis.. _

_. .

.

_.

Kansas City
Dallas
San Francisco
Total..

Net demand

Time
1931

June

Member banks in smaller centers (places under 15,000)

._
_. . .




.
_

927
5, 942
815

1,173
7,076
1,000

689
1,843
600

687
1,845
598

851
2,529
766

76
216
143

78
219
147

100
286
183

138
479
401

143
483
402

160
592
457

960
321
296

9G1
336
307

1, 319
395
400

1,008
296
285

1,009
296
286

1,344
359
315

135
74
54

135
77
59

178
102
81

262
162
64

264
162
65

317
200
85

1,421
355
204

1,556
302
207

2,117
471
258

1,204
297
190

1,261
300
197

1, 662
356
211

147
88
101

158
93
109

216
117
137

245
97
200

251
98
203

342
122
237

402
292
806

405
290
819

497
365
1,090

213
155
1,470

213
156
1,482

234
186
1,752

173
130
97

177
133
102

243
172
145

118
32
110

118
33
112

149
39
137

12,723

12, 927

16,162

8, 247

8,329

10, 568

1,434

1,486

1,960

2,308

2,333

2,836

606

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
Federal Reserve District
Total

Boston

New- Phila- Cleve- Rich- Atlan- ChiueiYork rlol
land m o n d
cago
ta
phia

Loans and investments:

St. ! MinLouis neapolis

KanSan
sas Dallas FranCity
cisco

New , ChiYork cago

I

Aug. 3
18, 696 1,223 7,560
18, 622 1,224 7,517
Aug. 10
18, 580 1,218 7,504
Aug. 17
18, 499 1,215 7,472
Aug. 24
18, 539 1,218 7,542
Aug. 31
Loans:
10,996
Aug. 3
778 4,125
10,958
772 4,116
Aug. 10
767 4,104
10,909
Aug. 17
759 4,071
10,828
Aug. 24
10, 796
Aug. 31
4,068
On securities—
4,632
Aug. 3.._
296 1,929
4,612
Aug. 10.
287 1,932
4,586
Aug. 17
293 1,922
4, 551
Aug. 24.
288 1,908
4,512
1,890
Aug. 31
All other—
482 2,196
Aug. 3
485 2,184
6, 346
Aug. 10
474 2,182
6,323
Aug. 17
471 2,163
6,277
Aug. 24
472 2,178
6,284
Aug. 31
Investments:
445 3,435
7,700
Aug. 3
452 3,401
7,664
Aug. 10....
451 3,400
7,671
Aug. 17
456 3,401
7,671
Aug. 24
7,743
Aug. 31
458 3,474
United States Government
securities—
241 2,233
4,488
Aug. 3
260 2,211
4,482
Aug. 10.
263 2,221
4,499
Aug. 17
270 2,216
4,491
Aug. 24
272 2,265
4,535
Aug. 31
All other—
3,212
204 1,202
Aug. 3
3,182
192 1,190
Aug. 10
3,172
188 1,179
Aug. 17
:
3,180
186 1,185
Aug. 24
3,208
1,209
Aug. 31
Reserves with Federal reserve
bank:
1,558
Aug. 3
1,618
830
Aug. 10
1,633
840
Aug. 17
1,698
912
Aug. 24
913
' 1, 710
Aug. 31
Cash in vault:
202
48
Aug. 3.
208
50
Aug. 10
201
48
Aug. 17
206
49
Aug. 24
204
49
Aug. 31
Net demand deposits:
5,348
10,751
Aug. 3
714 5,379
10, 795
Aug. 10
10,819
719 5,388
Aug. 17
10,862
714 5,452
Aug. 24
10,982
727 5,562
Aug. 31
Time deposits:
5,612
426 1,226
Aug.3
427 1,248
5,638
Aug. 10
.
427 1,257
5,633
Aug. 17
427 1,258
5, 635
Aug. 24
428 1,253
' 5,632
Aug. 31
Government deposits:
361
22
175
Aug. 3 . . .
304
18
147
Aug. 10
121
252
15
Aug. 17
106
223
13
Aug. 24
182
11
Aug. 31
Due from banks:
1,217
146
137
Aug. 3
1,240
131
134
Aug. 10
1,278
134
125
Aug. 17
1,266
125
115
Aug. 24..
1,288
128
123
Aug. 31
» Revised.
•




City

1,102
1,097
1,096
1,092
1,090

1,925
1,921
1,916
1,913
1,911

579
582
580
572
571

503
496
495
493
490

2,320
2,317
2,303
2,280
2,263

524
522
524
523
520

320
318
317
317
315

529
527
522
523
520

384
378
377
374
375

1,727 6,556
1,723 6,515
1,728 6,501
1,725 6,473
1,724 6,543

629
626
626
624
624

1,154
1,152
1,147
1,145
1,140

325
324
323
323
320

325
323
323
322
321

1,650
1,643
1,631
1,601
1,584

304
302
301
300
299

190
189
188
188
187

267
266
263
262
260

238
237
236
235
236

1,011
1,008
1,000
998
997

316
312
311
310
309

522
522
519
519
518

125
123
119
122
123

106
106
105
106
105

766
761
750
732
714

115
114
114
114
114

55
55
55
55
55

74
74
73
73
73

313
314
315
314
315

632
630
628
626
622

200
201
204
201
197

219
217
218
216
216

884
882
881
869
870

189
188
187
186
185

135
134
133
133
132

79
78
77
77
77
188
188
186
185
183

473
471
470
468
466

771
769
769
768
771

254
258
257
249
251

178
173
172
171
169

670
674
672
679
679

220
220
223
223
221

130
129
129
129
128

262
261
259
261
260

205
203
201
199
196

433
433
434
434
438

127
132
132
127
129

95
90
89
88
86

377
381
377
375
366

93
94
96
96
98

65
65
65
65
64

268
268
269
269
270

338
336
335
334
333

127
126
125
122
122

83
83
83
83
83

293
293
295
304
313

127
126
127
127
123

73
72
72
70
72

108
107
108
104
107

38
35
34
36
33

27
29
27
28
27

238
240
245*

11
12
11
12
11

24
26
25
24
24

13
13
13
14
13

624
626
629
628
631

827
826
830
827
831

269
270
271
270
271

1,270
1,267
1,254
1,237
1,223

3,501
3,493
3,482
3,454
3,451

883
879
870
846
832

249
248
248
247
246

1,669
1.672
1,662
1, 651
1,632

509
505
498
481
467

164
163
163
162
163

762
760
752
751
751

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

374
374
372
365
365

146
141
141
139
139

716
715
728
727
727

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

387
388
384
3U1
391

141
142
140
141
141

388 2,087
386 2,065
397 2,073
397 2,067
397 2,116

217
218
213
211
202

65
64
64
64
64

121
119
119
120
119

328
329
331
330
330

968
957
946
952
976

170
170
171
180
189

242
259

35
35
36
34
33

19
20
20
19
20

45
45
45
45
'42

720
782
789
862

182
181
186
190
201

7
7
7
7
7

38
37
35
36
35

6
6
7
6
6

5
5
5
5
5

37
39
37
38
38

18
17
16
17
16

275
274
275
276
268

209
212
213
213
215

1,193
1,199
1,194
1,182
1,186

275
274
277
275
273

164
165
162
162
162

350
'352
353
350
345

221
222
220
220
220

552
559
563
562

4,920
4,953
4,957
5,025
5,124

804
803
803
792

816
818
819
820
820

228
229
229
228
229

195
196
196
195
194

926
921
910
913
913

201
202
201
201
200

138
138
138
138
138

178
178
179
179
'179

126
127
127
126
125

883
884
879
880
882

802
820
827
830
828

337
337
334
334
334

30
25
21
18
15

28
24
19
17
14

12
10
8
7
6

20
17
14
13
11

23
20
17
16
13

4
4
3
3
2

5
4
4
4
3

14
11
10

26
22
18
16
13

162
136
112
98
80

13
11
10
9
7

97
101
100
95
96

73
75
82
85
83

72
64
64
69
66

60
62
65
64
69

229
241
254
275
286

62
71
69
71
67

120
130
139
131
136

90
88
81
67
1,207

156
166
184
195
237

2

2
2
1
1

13
13
13 |
14
13

39
114
120
39
36
132
35 1 127
39
126

7
6
8
7

607

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND
CHIC AG O—Continued
[In millions of dollars]
City

Federal Reserve District
Total

Due to banks:
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Borrowings from Federal reserve banks:
Aug.
Aug.
Aug.
Aug.
Aug.

2,685
2,713
2,744
2,717
2,758

3
10
17
24
31

Boston

New- Phila- Cleve- Rich- Atlan- ChidelYork phia land mond
ta
cago

142
143
139
136
136

1,170
1,206
1,213
1,212
1,264

176
175
178
176
177

Min- KanSan New
St.
sas
Louis neap- City Dallas Fran- York
olis
cisco

143
145
148
146
144

326
322
329
322
319

206
203
208
210
207

157
157
164
158
157

70

1,114
1,149
1,157
1,156
1,207

Chicago

237
237
243
238
237

10

188
163
162
150
158

RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT
Prime commercial paper
Federal reserve
bank or branch
city

1932
August

July

August
3 -44

4 -4k
5 -6

New York.
Buffalo
Philadelphia..
Cleveland..
Cincinnati..
PittsburghRichmond. _
Baltimore. _
CharlotteAtlanta
BirminghamJacksonville. .
Nashville
New Orleans..

1931

4 -44

Boston..

Loans secured by prime
stock-exchange collateral

3 -4
5 -6

1932
August

1931
July

August

4 -5

1932

4 -5

3M-5

5 -6
54-6

Loans secured by warehouse
receipts

44-5

3^-44

4H-6

5 -6
5 -6
54-6

4 -5
44-6
4 -6

54-6
5 -6

5 -6
5^-6

5 -6
5 -6

5 -6
54-6
54-6

4 -5
4M-6
4 -6

5 -6

5 -5 1 5 -6

5 -5344-8

44-5
6 -7
6 -6
5 -6
44-5

5 -5V2
6

Chicago..
Detroit..
St. Louis
Little R o c k Louisville

4 -5

MinneapolisHelena

3 -5
7 -8

Kansas City...
Denver
Oklahoma City
Omaha

5 -54
4 -6
6
5 -6

Dallas
El Paso
Houston
San Antonio..

5
7
5
6

San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
Spokane

5 -5

4 -5
5 -6

-6
-8
-6
-64

6
6 -7
5 -7
6 -6}

5 -6
7 -8
5H-6
5 -7
44-54
54-6
6
6 -7
5 -7
6 -6

5

August

6
6 -7

5- 7
64-7
6 -7
6

4 -5
6

6

5 -5
5 -8
6 -7
6

5 -6
63^-7
6 -8
6

4 -4\,
6 -8
6 -6^
6
5 -6

4M-5
6

4 -6
K-6
5

53^-6

7 -8
5M-6
5 -7

6 -8
7 -8
54-7
647
5 -6
6 -6k
6'
6 -7

4 -6
7 -7M

4^-6
7 -7k
6

5 -6

4 -6
6 -8

3 -5
6 -7

3 -5
6 -7

3 -4
6 -8

6 -8
6 -8
6 -6

6 -6

7 -8

5K-6

5 -7
7 -8

8
5 -6

6 -7
64-7
6H-7

5 -6
5 -6
6 -6

5£6
6 ~ey2
6 -7
7

6
6

5 -54
6 -8

6 -7
5 -6

5 -54
5 -6
44-6

6

4 -6
6
5 -6

6 -7

43^-6
6 -8

6 -8
6

5 -7

54-6

6

5 -6
6
6
6
5 -6

5 -6

6
8
5M-7

53^-7

5 -6
5 -6

4H-5
6

4 -44
M6

5 -6

44-6
7 -8

4 -4k
6

5 -5
6
6

5 -6

44-6
7 -8

August

5 -6
5H-6

6 -61
2M-4
6 -8

July

4 -5

5 -5

6
6 -7

5 -6V2

5 -6

August

1931

-f>y2

5
. r6
5 -6

4M-5
54-6

4 -6

3 -5

-5
-8
-6
-6
6
5 -6

6 -7
6

4

6 -7
6

3
7
4
4

5 -7

July

5 -6
5 -6
5 -5V2
5M6

1932

1931

4 -5

5 -6

5 -6
5 -6

August

Interbank loans

6
6 -7
7

5 -5^1
6 -6Vj
5 -6
5^-6
6 -7

5 -bV2
6 -ey

5M-6
6

5 -hV2
5 -6
5 -5
6

5 -6
6
6

5 -51
5 -6

5 -54
5^6

5 -6
6 -6>
6 -7
634-7

6 -7

NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month.
from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities.




5 -5
54-6

Rates

608

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

OTHER BANKING AND FINANCIAL STATISTICS
MEMBERSHIP IN PAR-COLLECTION SYSTEM
[Number of banks at end of July]

SHIPMENTS AND RECEIPTS OF AMERICAN
CURRENCY TO AND FROM EUROPE
BY SELECTED BANKS IN NEW YORK CITY

Nonmember banks

[Paper currency only. In thousands of dollars]

Member banks
Federal reserve
district

On par list
1932

1931

1932

1931

Not on par list
1932

1931

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

._.

6,947

7,746

8,448

10, 238

367
825
701
637
389
334
820
442
562
798
597
475

386
897
743
719
456
369
996
504
614
848
657
557

222
334
305
763
433
137
2,331
1,158
353
1,506
433
473

255
384
426
881
493
160
2,940
1,359
441
1,784
528
587

3,108

3,446

DISTRIBUTION

6
361
726
257
397
862
226
224
49

7
432
840
256
445
970
221
214
61

OF BILLS, ETC.

[In thousands of dollars]

Total

Net
Net
ShipShipshipshipReRements ceipts ments ments ceipts ments
from
to
from (-)or
to
(-)or
Europe Europe receipts Europe Euro pe receipts

(+)

Figures cover all incorporated banks (other than mutual savings banks)

MATURITY

1932

1931

. „_

ta

§|

91
With16 to 30 31 to 60 61 to 90 days Over 6
in 15
days
days days to 6 mos.
days

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

470 4,051
130
960
1,380
863
915 1,469
2,570 2.103
8,811
779
10,256
394
3,226 3,723
8,433 3,290
3,088 11,588
52 7,039
1,523 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

3,335
5,221
8,468
4,563
10,938
16,265
6,694
6,458

+3,310
+5,221
+8,468
+4,563
+10,938
+16,253
+6, 674
+6,306

NOTE.—For explanation and back figures see BULLETIN for January,
1932, pp. 7-9.

UNITED STATES POSTAL SAVINGS
[Balance to credit of depositors. In millions of dollars]

mos.

End of month
Bills discounted:
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Bills bought in
open market:
Aug. 3
Aug. 10
Aug. 17Aug. 24
Aug. 31
Certificates and
bills:
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Municipal warrants:
Aug. 3
Aug. 10
Aug. 17
Aug. 24
&ug. 31

487,183 34!
t2,342 33,661
451, 938 312, 232 33,531
442,860 309, 585 32, ?39
426, 704 295,875 32, 797
432, 756 304,870 33,378

51,988
52, 513
50,944
51,812
49, 502

42,152 16. 541
36,979 16, 254
36,857 12, 289
34,461 11, 242
33, 623 10,833

7,769
6,404
10,455
8,529

10, 632
11,012
10, 532
8,447
3,836

12,382
11,8(36
6,550
10,346
10,815

40,693
38, 720
35,890
35,433
34, 098

9,910
9,438
8,353
8,111
10, 009

499
429
446
517
550

1,102,123 68,600 140,442 290,411 218,58813,275 370,807
1,079,126 132,459 80,442 249,, 850 218, 588 29,131 368856
,
,368,856
'"" " "
1,061,14" '""•
" " " 84600 55775
125,442 206,910 202,089 84,600 55,775 386,331
179,425 217,690 112,
1,049,475
12100 73,025 401. 794
1,034, 753 166,891 49, 502 236, 791116, 350 37, 675 427, 544
3,
6,028
6,009
6,019
6,051
5,915




5,63V
4,703
4,811
5,684
5,534

236
1,116
1,018.
13V
1

72

I

120
130
130
195
184

January
February.March
April
May
June
July
AugustSeptember.
October
NovemberDecember.,
Preliminary.

1927

1928

1929

1930

1931

141.5
143.8
146.4
147.1
147.4
147.4
147.1
147.9
148.2
148.7
149.0
148.5

148.9
151.1
152.0
152.2
152.0
152.1
151.7
152.2
152.3
153.1
153.9
153.9

153.5
154.8
155.0
154.3
153.8
153.6
157.8
160.1
160.3
161.6
163.7
164.3

165.1
167.9
169.5
170.2
171.2
175.3
180.7
186.5
189.8
192.5
200.7
245.4

278.4
292.1
302.7
313.8
325.0
347.4
372.5
422.7
469.9
538.1
565.5
605.1

665.6
691.8
705.3
» 713.9
* 733. 5
» 776.3
» 826.0

ALL MEMBER BANKS—CONDITION ON CALL DATES JUNE 29, 1929, TO JUNE 30, 1932
[Amounts in thousands of dollars]

June 29

Oct. 4

Dec. 31

M a r . 27

June 30

1932

1931

1930

1929

Sept. 24

Dec. 31

Mar. 25

June 30

Sept. 29

Dec. 31

June 30

KESOURCES

Loans (including overdrafts)
United States Government securities
Other securities

Total loans and investments

Customers' liability on account of acceptances...
Banking house, furniture, and fixtures _
Other real estate owned
Cash in vault
_
_
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection
Due from banks in United States
..,
Due from banks in foreign countries (including own
branches)
Exchanges for clearing house and otner checks on local
banks
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or
drafts sold with indorsement
Securities borrowed
Other assets.
_._.
Total

_

Capital stock paid in
Surplus
_._
Undivided profits—net
-.
Reserves for dividends, contingencies, etc
Reserves for interest, taxes and other expenses accrued
and unpaid
_
_
Due to Federal reserve banks
_.
Due to other banks in United States
_.
Due to banks in foreign countries (including own
branches)
Certified and officers' checks outstandingCash letters of credit and travelers' checks outstanding
Demand deposits
Time deposits
United States deposits..

Total deposits

Agreements to repurchase U. S. Government or other
securities sold
___
Bills payable and rediscounts:
With Federal reserve banks
All other
Acceptances of other banks and bills of exchange or
drafts sold with indorsement
Acceptances executed for customers
Acceptances executed by other banks for account of
reporting banks
National-bank notes outstanding
—
Securities borrowed
_
Other liabilities.
_
_
Total




_

85,710,961 35,913,771 35,933,950
802,188
988,912 1,252,147
1,169, 752 1,175, 393 1,190, 306
182,796
179, 878
183,989
433, 491
497,212
558, 450
2, 359,077 2, 321, 806 2,373, 760
775, 822
1, 885,167
272,

682

1, 446,186
117,298

35,055,697 35,655,659 35,472,350 34,859,511 34,728,565 33,923,522 33,073,234 30,575,125 28,000,803
662, 415
458, 952
718, 500
888,454
912,852 1,117, 833 1, 035,978
1,111,153
928,807
1, 202, 486 1, 217, 963 1, 230, 754 1, 240, 444 1, 239, 935 1, 234, 404 1, 220, 317 L,174,957 1,166, 263
209, 518
206, 569
233, 014
199,935
211,755
191,169
197, 869
190,995
188, 815
554,150
519,135
461, 267
478, 224
592, 504
522, 551
470, 367
484, 262
496, 633
2, 352, 738 2,407, 960 2,414,991 2, 474, 509 2, 364, 478 2, 396, 421 2, 339, 230 1, 975,169 1,997, 656

531,691
419, 706
598,285
629, 418
524, 765
698,871
757, 216
836,471
719, 201
994, 373
923, 363
2,004, 938 2,167, 756 1,901,517 2, 360, 377 2, 462, 827 2,455, 948 2, 791, 204 2, 517, 096 1, 935,119 1, 662, 226 1, 730, 770
192, 619
174,183
215,692
351, 320
296, 376
202, 447
260,818
220,793
247, 612
246,996
263, 834
2,132,331
102,363

2, 762, 463 1, 616, 954 2, 645, 057 1,146,915 2,076,189
92, 766
118, 552
51, 706
65,331
139,056

„

975, 215 1,771,312
43, 344
87,358

959, 218 1, 388, 409
108,128
50, 696

859, 340
58,092

32, 715

32, 828

32,889

32, 823

32, 658

32, 604

32, 318

32, 264

32, 001

31, 524

31, 372

32, 548

453,826
36,337
232,621

551, 587
32, 592
198, 700

735,193
35, 533
219, 379

612,193
25, 744
231, 482

557, 748
26, 324
223,114

592, 732
23, 866
242, 062

662, 686
21, 069
222, 911

524,104
24, 822
300, 024

452, 045
20, 279
260, 254

329, 756
17,150
249,067

310,502
13, 473
223,687

55, 022
11,664
216, 388

45,908,001 47, 305, 588 48,843, 078 45, 860, 379 47, 906, 740 46,153,113 47, 057, &

LIABILITIES

Number of banks

25, 658,491 26,164,829 26,150,061 25,118, 783 25, 213, 770 24,738,011 23, 870,488 22,839, 946 21, 816, 243 20, 874, 084 19, 260, 685 16, 587,185
4,154,929 4, 021,636 3, 862,968 4, 085, 006 4, 061, 395 4,095, 270 4,124, 776 5, 002, 262 5, 343,032 5, 564,461 5, 318, 654 5, 627, 854
5,897, 541 5, 727, 306 5, 920, 921 5,851, 908 6, 380, 494 6, 638, 969 6, 864, 247 6, 886, 357 6, 763, 247 6, 634, 689 5,995, 786 5, 785, 764

45, 542, 276 45, 288, 588 42, 378, 777 39, 688, 322 35,911,061

2, 646,928 2, 739,645 2,757,113 2, 744,975 2, 721,997 2, 728,664 2, 665,151 2, 657,172 2,620, 606 2, 580, 550 2, 499, 098 2, 440, 467
2, 650, 336 2, 811, 269 2, 864, 612 2, 881, 944 2, 870, 800 2, 903, 258 2, 822, 091 2, 804, 906 2, 741, 351 2, 695, 285 2, 524, 460 2, 366, 239
510,696
804,199
605,403
910,480
894,388
882,806
980,928
811,456
950,072 1,009, 435
956,053
909, 548
264,068
343, 518
370, 368
225, 483
185, 602
211,407
164,430
143, 603
271, 408
182, 940
176,610
177, 252
162, 507
98, 668
109, 927
127, 345
158, 416
182, 397
121,190
148,960
172,193
175,896
148.825
137, 660
38, 362
41, 073
41,070
43, 323
48,381
47,147
46, 206
49, 267
51,883
51,915
54,458
55, 720
3,091,639 3,153,077 3, 517,325 3, 204, 316 3, 831, 656 3, 817,132 3,872,842 4, 236, 451 4,004,077 3, 222, 466 2,832, 296 2, 870, 029
747, 282 [433, 740
200, 569
657, 285
566,579
660, 612
571, 766
634, 927
464,871
498, 075
576,664
481,696
617,053
503, 336
999, 310
729,301
753,620 1, 405, 446 1, 603, 562 1,134, 283 1, 493, 437 771,941 1, 223, 777 626, 747
23,701
19,581
24, 475
33, 231
22, 506
26, 638
41, 389
23, 460
27,613
20, 960
25, 038
43,182
17,814,603 17,937,478 18,861,582 17,078, 905 18,061,977 16, 838, 351 17, 501, 550 16, 338, 728 16,622,224 15, 526,182 14,955, 400 13, 203, 732
13, 325,066 13,317, 649 13, 233,481 13,518, 731 13,811,978 13,944, 868 13, 546, 201 13, 663, 258 13, 515,468 12, 776, 332 11, 315, 842 10, 636, 021
526,161
411,845
502, 204
143, 203
315, 479
387, 463
395, 397
257,185
267, 415
280, 769
324, 893
347,967
35,892,831 36,694,158 38,013,735 35,836,156 38,139,178 36,363,874 37,116,939 35,999,796 36,268,065 33,480,247 30,746,386 27,863,987
103,758

149,090

136, 957

66, 214

37,164

38,144

158,141

23 599

15,371

25, 303

81, 583

899,311
250, 587

646, 334
232,188

206,124
140, 467

273, 880
161, 090

172, 578
143, 402

248, 017
107,151

165,106
116, 336

146, 819
70,079

323, 354
142, 357

622, 652
216,476

557, 748
925, 576

524,104
592, 732
662, 686
929, 337 1,138, 624 1, 063, 334

452,045
901, 351

329, 756
681,145

310, 502
732, 253

55, 022
483, 064

14,169
624, 234
13, 473
228, 597

f—<

2

440, 504
374,619

551, 586
612,193
735,193
984, 670 1, 276,159 1,125,907

w

d

62,983

1, 029,391
168,975

tei

6,912
648, 906
11, 664
192,553

453.826
800,423

11,514
13,197
15, 553
15, 031
18,127
639, 640
636,041
628, 334
642,284
21, 069
24, 822
23, 866
20, 279
17,150
236, 366
210,885
209,455
216, 728
212,698
42, 378, 777 39,
45, 908,001 47, 305, 588 48, 843, 078 45,860, 31 47, 906, 740 46, 153, 113 47,057,891 45, 542, 276 45,
42,075
648, 944
36, 337
238,116

8,707

40, 400
640, 610
32, 592
214, 946

8,616

29, 647
645,562
35, 533
245, 585

24, 654
647,481
25, 744
239,961

34, 998
649, 098
26, 324
226,915

8,522

8,406

8,315

8,246

8,052

7,928

7,782

7,599

688, 322 35,911,061
7,246

6,980

O
CO

NATIONAL AND STATE MEMBERS—CONDITION ON JUNE 30, 1932, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All member banks

Total

Central
reserve
city
banks

Other
reserve
city
banks

National banks *
Country
banks

Total

State bank members

Central Other
reserve reserve Country
banks
city
city
banks banks

Total

Central Other
reserve reserve Country
banks
city
city
banks banks

RESOURCES

Loans (including overdrafts)
__. 16, 587,185
United States Government securities
5, 627, 854
Other securities
5, 785, 764
Total loans and investments
38,000,803
Customers' liability on account of acceptances
458, 952
Banking house, furniture, and fixtures
1,166, 263
Other real estate owned
233, 014
Cash in vault
478, 224
Reserve with Federal reserve banks
1, 997, 656
Items with Federal reserve banks in process of collection
419, 706
Due from banks in United States
.
1, 730, 770
Due from banks in foreign countries (including own branches)
192, 619
Exchanges for clearing house and other checks on local banks....
859, 340
Outside checks and other cash items
58,092
Redemption fund and due from United States Treasurer
32, 548
Acceptances of other banks and bills of exchange or drafts sold with
indorsement
_.
55,022
Securities borrowed
11, 664
Other assets
__
216, 388
Total..

4, 558, 213 6, 015, 024 6,013,948 10, 265, 259 1, 828, 625 3, 972, 607 464, 027 6, 321, 926 2, 729,588 2, 042, 417 ,1549, 921
4,
2, 242, 696 1, 952, 886 1, 432, 272 3, 347, 266 766, 037 1, 395, 940 1, 289 2, 280, 588 1, 476, 659 556, 946 246,983
,
185,
1,191, 550 1, 800, 002 2, 794, 212 3, 835, 815 508,121 "
1,130,160 2, 197, 534 1, 949, 949 683, 429 669, 842 596, 678
7,992,459 9,767,912 10|
1,240,432 17,448,340 3,102,783 ,498,707 7, 846,850 10,552,463 4,889,676 {,269,205 2,
,393,582
62, 403
392, 422
4, 127 262, 923 215, 102 46,102
1,719
196, 029 177, 320 16, 301
2,408
270, 298 419, 933 476, 032
406, 652 164, 987 138, 831 102, 834
759, 611 105,311 281,102 373,198
20, 319
86, 273 126, 42!
89, 497
14, 028 43, 005 32, 464
43, 268 93, 958
143, 517
6,291
93. 943 131, 380 252. 901
141, 864
56, 395 37, 509 47, 960
336, 360
37, 548 93, 871 204,941
920, 232 619, 065 458, 359 1,150, 575 360, 385 433, 258 356, 932
847, 081 559, 847 185, 807 101, 427
124, 211 192, 815 102, 680
154, 776
70, 042 54, 635 30, 099
264, 930, 54,169 138,180 72, 581
236, 075 870, 741 623, 954 1, 234, 063 48, 966 665, 242 519, 855
496, 707 187,109 205, 499 104, 099
1,054
42, 893
146, 904
2,822
1,768
58, 283
50, 563
134, 336
96, 341 36, 227
6,666
646, 821 164, 776
47, 743
473, 402 415, 354 42, 568 15, 480
385, 938 231, 467 122, 208 32, 263
2,804
34, 504
6,893
16,695
3,892 10, 778
23, 726 13, 891
17, 474
40, 618
3,001
8,872
1,659
22, 017
8,872 22,017
32, 548
1,659
37, 737
62, 745

16, 546
4,354
92, 802

739
7,310
60, 841

7,182
7,951
116, 446

1,2
22, 010

5,221
2, 52f
51, 564

675
5,426
42, 872

47, 840
3,713
99, 942

36, 451
40, 735

11,325
1, 829
41, 238

64
1,884
17,969

35,911,061 10,952, 718 12, 515, 269 12,443, 074 22,325,338 4, 286, 319 8, 450, 073 9, 588,946 13, 585, 723 6, 666, 399 4,065,196 2,854,128
LIABILITIES

Capital stock paid in
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaid.,.
Due to Federal reserve banks.
_
Due to other banks in United States
Due to banks in foreign countries (including own branches)
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding
Demand deposits
Time deposits
United States deposits
_
Total deposits
_
Agreements to repurchase U. S. Government or other securities sold.
Bills payable and rediscounts:
With Federal reserve banks
All other
Acceptances of other banks and bills of exchange or drafts sold with
indorsement
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks..
National-bank notes outstanding
Securities borrowed
Other liabilities
Total

2, 440, 467
2, 366, 239
510, 696
343, 518
109,927
38, 362
2, 870, 029 1,

874, 909 428, 895 248, 581 197, 433
786, 267
888, 876 1, 565, 558 336, 429 537, 686 691, 443
735, 700
602, 344 331, 275 175, 258
709, 245 1, 257, 362 318, 950 404, 425 533, 987 1,108,877
157, 855
208, 779
112,905
54,925
40,949
201, 449
301, 917
38, 487 102, 930 160, 500
57, 953
121, 089
194, 845
79,911
35, 681
63,136
51, 798
87, 479
55, 039
148, 673
20, 523
33, 052
60, 525
37, 062
12, 529
10, 934
18, 481
29, 415
10, 398
49, 402
7,486
7,854
8,614
8,982
1,128
21, 894
29, 748
29, '"
337, 538
275, 930
55,155
256, 561 1, 675,155 531, 423 942,326 201, 406 1,194, 874 806,115 333, 604
15, 211
6,639
430
21,850
77, 758
70, 689
177, 237
1,052
1,482
106, 548
122, 811
72,049
97, 524
272, 262 233, 223
13, 564
503,336
353, 911
38, 337
25, 475
51, 901
120, 688
231, 074
5,712
5,934
14, 812
14, 475
222
115
24, 475
18, 309
3,834
117
232
9,663
,
278, 747 3, 786, 348 7, 926, 332 2,038,990 2, 987, . 029 2,. 900, 313 5, 277, 400 3, 099, 647 1, 291, 718 886, 035
.
13, 203, 732 5,138, 637
),
10, 636,021 1,150, 935 222, 896 5, 262,190 7,249,""" 384,993 2, 786, 676 4,078, 217 3, 386,135 765, 942 1, 436, 220 1, 183, 973
49,797 117,490
""- " "
""
44," 589
15, 822
187, 545
175, 587
89, 710
70, 055
387, 463
139, 507
60, 411
211,876
37,863,987 8,316,07410, 099,040 9,448,873 17,456,177 J3,236; 273 6,933, 979 7 285,925 10,407,810 5,079,8013, 165,0612, 162,948
31, 714
23, 434
1,110
16,146
6,217
1,618
15, 568
23, 473
62,983
29, 651
39, 510
7,
59, 413

113, 256
107,966

319. 440
207, 240

324, 813
182, 002

1,276
1,267

81, 658
43, 562

241, 879
137,173

115, 691
192, 617

6,532
58,146

31, 598
64, 404

77, 561
70,067

55, 022
483, 064
6,912
648, 906
11, 664
192, 553

37, 737
414,114
3,662
32, 901

16, 546
65, 949
1,938
177, 267
4,354
63, 276

739
3,001
1, 31 r
438, 738
7,310
70, 306

7,182
279, 200
3,098
648, 906
7, 951
53, 587

1,286
229, 331
1,091
32, 901

5,221
48, 407
1,690
177, 267
2,525
16, 679

675
1,462
317
438, 738
5,426
13, 825

47, 840
203, 864
3,814

36, 451
184, 783
2,571

11, 325
17, 542
248

64
1,539
995

3,713
138, 966

35, 888

1,
46, 597

1,884
56, 481

58,971

23, 083

35,911,061 10, 952, 718 12, 515, 269 12, 443, 074 22, 325, 338 4, 286, 319 8, 450, 073 9, 588,946 13, 585, 723 6, 666, 399 4, 065,196 2, 854,128

Member banks only, i.e., exclusive of national banks in Alaska and Hawaii.




324
294
392
950
460

440, 504
374, 619

Number of banks
1

765,
921,
151,
134,
47,

47

329

6,604

6,145

18

239

5,888

835

29

90

716

W

ft

1
ft

S

ALL MEMBER BANKS—CONDITION ON JUNE 30, 1932, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve District

Total
Boston

New
York

Philadelphia

Cleveland

Richmond

St.
Atlanta Chicago Louis

Minne- Kansas
City
apolis

Dallas

San
Francisco

RESOURCES

16, 587,185 1, 229,420 5, 345, 816 1,
407,052 1 676, 320 620, 228 543,146 2,242,100 525, 533 391,980 494,828
Loans (including overdrafts)
5,627,854 338,910 2, 361, 467 350, 293 519,474 164,889 161,954 549, 640 165,352 127,265 206,962
United States Government securities
5, 785, 764 440, 890 1,882, 623 670, 364 547, 449 203,967 150,986 560, 510 248,745 215,669 224,182
Other securities
28,000,803 2,009,220 9,589,906 2,427709 "1,243 989,084 856,086 3,352,250 939,630 734,914 925,972
Total loans and investments
_
16
6,928
1,614
352
72
458,952
20,042 364,628 12, 573
3,296
Customers' liability on account of acceptances
1,166, 263 68, 239 356, 220 105,656 132, 414 53,741 54, 738 135, 322 32,476 28, 333 40, 501
Banking house, furniture, and
fixtures
-..
6,152
233,014
37,863 33, 552 34,105 15, 603 15, 581 36,118 12,869
4,153
9,028
Other real estate owned
478, 224 33,821
103,890 37, 559 44,065 22, 716 19,164 97,007 17, 372 16, 546 24,060
Cash in vault
_
_
-..
1,997,656 135, 268 895,347 119,491 146,979 51,907 43,676 253,883 55, 525 42,102 67,859
Reserve with Federal reserve banks
16,044
419, 706
16,295
5,231
39, 290 158,122 31, 389 42, 761 22, 920 10, 614
Items with Federal reserve banks in process of collection
1, 730,770 138,778 213,702 129, 561 118,904 82,099 98,134 285,674 91,656 78,887 177,527
Due from banks in United States
1,734
421
1,152
4,839
267
7,361
245
Due from banks in foreign countries (including own branches)... 192, 619 20,682 144,677
117
8,342
6,539
859, 340
8,106 60, 287
18,461 634,644 34,550 21,401
Exchanges for clearing house and other checks on local banks
11,828
4,861
3,047
1,779
1,930
58,092
8,583
2,152
4,256
Outside checks and other cash items
2,114
4,996
7, r
3,740
1,319
1,557
1,352
32, 548
3,264
2,201
4,581
Redemption fund and due from United States Treasurer
2,301
2,280
3,732
Acceptances of other banks and bills of exchange or drafts sold
1,515
8,167
55,022
35,117
1,597
with indorsement
_
..
4,798
514
1,059
1,422
27
11,664
26
442
540
187
Securities borrowed
4,226
2,239
9,850
3,152
216, 388
11,186
72,875 22,126 26, 594
6,287
5,160 25,092
Other assets
_
7,:"""
931,055 1,275,164
Total..
_
35,911,061 2, 512,013 12,620,695 2,965,706 3, 336,753 1, 267,088 1,123,432 4, 360,833 1,185, 526

429,619 1,681,143
139,130 542,518
102, 714 537,665
671,463 2,761,326
294 10, 293
41,818 116,805
9,819
18,171
18,187 43,837
48, 711 136, 908
10,461 18,480
114,493 201, 355
225 10,899
5,977 40,939
1, 641 14, 795
2,273
324
2,364

1,830
658
24,494

928, 058 3,404,738

LIABILITIES

Capital stock paid in
_
Surplus
_
_
Undivided profits—net
_
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaid
_
Due to Federal reserve banks.
Due to other banks in United States...
Due to banks in foreign countries (including own branches)
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding.
Demand deposits
Time deposits
_
United States deposits
_.
Total deposits
Agreements to repurchase U. S. Government or other securities
sold.
_
Bills payable and rediscounts:
With Federal reserve banks...
Allother
Acceptances of other banks and bills of exchange or drafts sold
with indorsement. __
Acceptances executed for customers
Acceptances executed by other banks for account of reporting
banks
National-bank notes outstanding
Securities borrowed
Other liabilities
Total
Number of banks




2, 440,467 176, 055
2, 366, 239 142, 780
510,696
44,036
343, 518 27,040

842, 201 180,183 203, 239
986, 410 317, 681 259,886
192,625 51,934 47,024
165,883 43,148 32, 594

95,831
68, 773
19,444
7,431

94, 380
59,178 233,632
14,595 39, 393
4,767 25,678

109,927
6,381
9,948
39, 369
9,687
5,545
3,879
38,362
5,702
10,849
2, 870, 029 155, 535 1,180, 744 180, 633 219, 232
1,424
1,317
200, 569
4,382 175, 760
9,573 13, 556
503, 336
10,928 353,800
110
3,600
24,47.r
17,144
626
,
13, 203, 732 977, 072 5, 430,884 919, 292 1, 002, 474
1
1
10, 636,021 822, 000 2, 322, 232 , 001, 729, 278,759
387,463
20, 464 137,588 32, 500 31,183
,554,000
27,863, 987 1, 996, 709 9,629,0012,,150,806 2,

92, 804
52, 475
14, 077
6,011

60, 375
34, 551
M66
4,C

40,489
17, 778
3,172

83, 427 218,748
40, 434 129,950
18, 111 43,213
4,731 18, 994

4,646
3,915
2,575
1,687
2,623
46
912
418
293
190
100,336 67,151 156,925 83,154 196,288
129
489 10, 220
790
123
12,017
6,643 42,125
5,598
9,366
1,405
51
9
20
91
427,180 303,051 555,856 412, 547 878,678
,
395, 634 397, 620 331, 708 191, 250 1, 607,711
9,919 20, 987 29,720
3,902
10,885
,766,565
943,908 778,1671 ,066,795 716,002 2,

2,411

5,685

13,596

3,254 21,894
4,619
4,016
1, "
86,820 82,926 360,285
4,007
417
1,511 25,448
8,944
5,338
70
1,318
31 557,740
384,879 354,079 1,
459,014 352,232 1,476,132
15, 787 34, 825 39, 703
960,550 832,835 3,468,649
2,048
9,573
1,238
12, 392

1,190

447

412

553

13,438

440, 504
374,619

26, 443
10,569

68, 858
35,922

42,180
74,149

25,325
22,715

23,133
33,892

31, 522
78,588

10,692
12, 743

10,201
3,176

17, 599
4,333

11,375
4,716

74,082
39,069

55,022
483,064

1,515
22,083

99,094
54,747
35,117
383, 767

1,
12,687

4,798
7,009

1,597
1,893

4,021

8,167
40,296

357

70

325

1,830
10,550

6, 912
648,906
11, 664
192, 553

509
43,616
26
8,273

4,710
91, 329
540
90, 217

449
65, 241
187
17, 535

127
74, 667
4,226
10, 775

210
45, 818
2,239
10,076

161
45,508
442
4,326

71
74,462
1,059
24, 613

26,934
1,422
20,290

2
26,299
27
1,290

45,239
324
1,126

663
78,855
658
3,477

10
30,938
514
555

35,911,061 2, 512,013 12,620, 695 2,965, 706 3, 336, 753 1, 267,088 1,123,432 4, 360,833 1,185,526
931,055 1,275,164 928,058 3,404, 738
367

824

707

641

829

445

564

798

599

481

t1
r

612

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

ALL MEMBER BANKS—RESERVE POSITION ON JUNE 30, 1932
[Amounts in thousands of dollars]
Reserve with Federal reserve
banks

Net demand deposits
Net demand plus
time deposits

Ratio of
required
reserves
to net
demand
plus timedeposits
(per cent)

Demand
deposits,
exclusive
of bank
and Government
deposits i

Due to
banks,
net 2

All member banks. _.

13,203,732

1, 278, 266

14, 481,998

10, 636, 021

25,118, 019

1,833, 300

1, 997,656

164, 356

7.$

Central reserve city banks..
Reserve city banks
Country banks

5,138, 637
4, 278, 747
3, 786, 348

889,855
346, 918
41, 493

6, 028,492
4, 625, 665
3, 827,841

1,150, 935
4, 222, 896
5, 262,190

7,179,427
8, 848, 561
9, 090, 031

818, 232
589, 253
425,815

920, 232
619,065
458, 359

102, 000
29,812
32, 544

11.4
6.7
4.7

27, 829
838,137
47, 264
116, 254
18, 553
16, 842
79, 535

___

977, 072
5, 430, 884
919, 292
1,002,474
384,879
354, 079
1,557, 740
427,180
303, 051
555, 856
412, 547
878,678

822, 000
1, 004, 901
6, 269,021 2, 322, 232
966, 556 1,001,729
1,118, 728 1, 278, 759
403, 432
459, 014
370, 921
352, 232
1, 637, 275 1,476,132
453, 678
395, 634
318.547
397, 620
584, 540
331, 708
425, 094
191, 250
929, 305 1,607, 711

1,826, 901
8, 591, 253
1,968, 285
2, 397,487
862,446
723,153
3,113,407
849,312
716,167
916, 248
616,344
2, 537, 016

111,238
825,810
115, 306
140, 312
48,416
42,856
220, 082
52, 015
38, 780
61, 727
41, 751
135, 007

135, 268
895, 347
119,491
146,979
51,907
43, 676
253, 883
55, 525
42,102
67, 859
48, 711
136, 908

24, 030
69, 537
4,185
6,667
3,491
820
33,801
3,510
3,322
6,132
6,960
1,901

6.1
9.6
5.9
5.9
5.6
5.9
7.1
6.1
5.4
6.7
6.S
5.3

Central reserve city banks:
New York
Chicago

4, 404,850
733, 787

822 304
67, 551

5, 227,154
801, 338

801,235
349, 700

6,028, 389
1,151, 038

703, 567
114,665

771, 968
148, 264

68,401
33, 599

11.7
10.0

520, 013
115, 897
540, 016
673, 203
197, 681
196, 041
429, 395
257, 277
138,928
334,609
198, 711
676,976

21,168
6,845
46, 484
114, 741
15, 823
14, 790
7,553
22, 321
12,847
27, 325
9,845
47,176

541,181
122, 742
586, 500
787, 944
213, 504
210, 831
436, 948
279, 598
151, 775
361, 934
208, 556
724,152

192,412
175,950
226,470
737,010
169,105
174, 500
575,112
187, 699
111,625
175,866
116, 685
1, 380,462

733, 593
298,692
812,970
1, 524, 954
382, 609
385, 331
1, 012, 060
467, 297
263, 400
537,800
325, 241
2,104, 614

59, 890
17, 553
65,444
100, 905
26, 424
26, 318
60, 948
33, 591
18, 526
41,469
24,356
113, 829

83, 860
18,480
66,830
100, 779
29, 092
24, 719
52,917
35, 395
18, 562
44,621
29, 578
114, 232

23,970
927
1,386
-126
2,668
-1,599
- 8 , 031
1,804
36
3,152
5,222
403

8.2
5.9
8.0
6.6
6.9
6.8
6.0
7.2
7.0
7.7
7.55.4

6,661
8,988
780
1,513
2,730
2,052
4,431
4,177
2,649
1,359
2,702
3,451

463, 720
919,125
380,056
330, 784
189, 928
160, 090
398, 989
174, 080
166, 772
222, 606
216, 538
205,153

629, 588 1, 093, 308
1, 345, 047 2, 264,172
775, 259 1,155,315
541, 749
872, 533
289, 909
479,837
177,732
337, 822
551, 320
950, 309
207,935
382, 015
285,995
452,767
155, 842
378,448
74, 565
291,103
227, 249
432,402

51,348
104,690
49, 862
39,407
21, 992
16, 538
44, 469
18, 424
20, 254
20,258
17, 395
21,178

51,408
104, 899
52, 661
46, 200
22, 815
18, 957
52, 702
20,130
23, 540
23, 238
19,133
22,676

60
209
2,799
6,793
823
2,419
8,233
1,706
3,286
2,980
1,738
1,498

4.7
4.6
4.3
4.5
4.6
4.94.7
4.8
4.5
5.4
6.0

Class of bank and Federal reserve
district

All member banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Reserve city banks:
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

_

__

Country banks:
Boston
New York. _
Philadelphia
Cleveland
Richmond
Atlanta
_
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
_._
San Francisco..
1
2

457, 059
910,137
379, 276
329, 271
187,198
158, 038
394, 558
169, 903
164,123
221, 247
213,836
201, 702

15, 496
12, 547
50,627

Time deposits

Total

Required

Held

Excess 8

Exclusive also of certified and cashiers' or treasurers' checks outstanding and letters of credit and travelers' checks sold for cash and outstanding.
Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When, for a given bank,
amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves are computed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from banks.
In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, certified and cashiers' or treasurers'
checks outstanding, and letters of credit and travelers' checks sold for cash and outstanding, while amounts due from banks include items with
Federal reserve banks in process of collection, amounts due from banks and trust companies in United States, balances payable in dollars due from
foreign branches of other American banks, and exchanges for clearing house and other checks on local banks.
8 Deficiencies in reserves indicated by a minus (—) sign.




613

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

BANK SUSPENSIONS AND BANKS REOPENED
BANK SUSPENSIONS AND BANKS REOPENED, BY DISTRICTS
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during
given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date
of suspension where available, otherwise as of the latest available call date preceding suspension]
[Figures for latest month are preliminary]
Banks reopened

Banks suspended
Number

Deposits (in thousands of
dollars)

Number

Deposits (in thousands of dollars)

Federal reserve district
Members

Members
All
banks

August, 1932:
Boston
New York
Philadelphia
Cleveland
_
Richmond
Atlanta.
__ . _
Chicago
St Louis
Minneapolis
Kansas City
Dallas .
San Francisco
._
Total
January-August, 1932:
Boston
._ _ _
New York
Philadelphia...
Cleveland
Richmond...
Atlanta _ _
_
Chicago
St. Louis .
Minneapolis
Kansas CityDallas
San Francisco.Total
1

2
2
3
34
9
11
11
1
12

NonmemNa- State bers
tional

1
1
5
2
2

All
banks

National

326

7

1
1

1
5

State

243
4,770
1,346
7,304
2,692
3,463
2,249
192
12, 471

243
4,683
1,121
4,881
2,192
3,134
1,923

192
8,402

2
1
2
28
7
9
10

Nonmembers

87
225
1,894
500
329

529

NonAll Mem- membanks bers * bers

1
3
2
3
8

1

4,069

1

2

66

34, 730

11,629

855

22, 246

20

3

11
14
23
45
62
51
379
122
68
130
25
107

2
10
6
15
12
14
67
19
11
19
7
26

1
1

4,031
20, 580
3,141
7,017
14, 526
6,102
66, 099
13, 537
3,622
5,654
3,474
23, 556

538
150
3,068

58, 274
4,396
24, 324
10, 283
38,974
8,437
121, 691
23, 862
14,103
14, 595
3,964
50,441

2
5
7
11
32
20
58
32
12
17
9
8

2
1
7
1
7
1
8
5
1

2
2
5

72, 563
25, 773
27, 465
17, 812
53, 500
16, 444
209, 820
40, 778
17, 725
20, 787
7,588
77, 065

10,258
797

4
19
5

8
3
17
29
50
33
293
98
57
109
16
76

1,037

208

40

789

587, 320

171, 339

42,637

373, 344

213

38

1,905
22, 030
3,379

Nonmembers

330

23
2
3
27

330
21, 223
1,040
875
7,791
213
178
620

620

17

32, 270

5,018

2,271
7,315
7,446
57, 737
25, 009
8,234
65, 468
12, 540
4,223
3,162
5,558
9,187

2,271
507
7,446
577
9,777
680
17, 898
2,797
1,132
4,231
960

57,160
15, 232
3 7, 554
3 47, 570
9,743
3,091
3,162
1,327
8,227

175 208,150

48, 276

159,874

1

17

512

Members i

1
1

1

1
1

85

1

All
banks

3
2

4
3 10
25
3 19
3 50
27
11
17
6
6

4,068

2 21, 223
1,040
875
2 3, 723
213
178

27, 252

6,808
3

Represents national banks only, except as follows: August, 1 State member in San Francisco district with deposits of $620,000. JanuaryAugust, 2 State members in Chicago district with deposits of $1,354,000, 1 in St. Louis district with deposits of $339,000, and 2 in San Francisco
district with deposits of $960,000.
2 At time of suspension, 1 bank in Cleveland district with deposits of $2,891,000 and 1 bank in Chicago district with deposits of $232,000 were
State member banks.
3
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 7 banks
in Chicago district with deposits of $31,475,000, were State member banks.
Back figures.—See BULLETIN for February, 1932; also Annual Reports for 1930 (Table 117), 1929 (Table 111), 1928 (Table 115), 1927 (Table 111),
and 1926 (Table 98).




614

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

BANK SUSPENSIONS AND BANKS REOPENED—Continued
BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, DURING AUGUST, 1932
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions
during given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include
reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are
as of date of suspension where available, otherwise as of the latest available call date preceding suspension]
[Figures are preliminary and subject to revision]
Banks suspended

Banks reopened

Number

Deposits (in thousands of dollars)

Members

Deposits (in thousands
of dollars)

Members

Number

State
All
banks

New England:
Maine
New Hampshire
Vermont . _ _
_ _
Massachusetts
Rhode Island
_ _
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
_ _
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota...
_
South Dakota.__
_
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas _ _ _ _
_
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
_
Utah
Nevada
Pacific:
Washington
Oregon
California
Total

Nonmem- All
Na- State bers banks
tional

National

State

Nonmembers

All Mem- Non- All
banks bers * mem- banks
bers

1
2
3
6
10
3
5
15
8
2
2
3
4

1

1
3
1
1
1

1
1

243
638
1,605
3,350
382

4
12
7
1
2
2
4

1,931
2,331
1,969
87
1,103
654
508

1

2
1

2
3
4
8
3

87

1

330

330

1

2 3 21 223
1
744
4,068
24
2,112
867
2

916
420

4,068

529

280
943
115
49
326

243
638
689
2,401
382

3
1
1
4
2

1,651
1,388
1,854
38
1,103
328
508

1

1

213

213

1

1

178

178

4,683

4,683

1

NonMem- members i bers

1

1

275

275

2 21,223
744
2 2,112
867

87
1

1
2

2
1

705
192

192

122
11,394
323

7,325

765

765

1

1

759

759

53

225

1
7
1

2

278

2

1

1
9
1

1

1

1,068

1

1,068

1

2

12

116

116

705
122
4,069
323

1

3

3

85

17

1,077
2

66

11, 629

20

3

620

620

32, 270

5,018

1,077

34, 730

1

855

22, 246

17

27,252

1 Represents national banks only, except as follows: 1 State member in Utah with deposits of $620,000.
its
At time of suspension 1 bank in Ohio with deposits of $2,891,000, and 1 bank in Michigan with deposit of $232,000, were State member banks.

2




615

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

BANK SUSPENSIONS AND BANKS REOPENED—Continued
BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, JANUARY 1 TO AUGUST 31, 1932
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of supensions during
given period include any banks which may have subsequently reopened. Figures for banks reopened during given period include reopenings
both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of
suspension where available, otherwise as of the latest available call date preceding suspension]
[Figures included for latest month are preliminary and subject to revision]
Banks reopened

Banks suspended

Deposits (in thousands
of dollars)

Number

Deposits (in thousands of dollars)

Number

State
Members
All
banks

New England:
Maine
New Hampshire
Vermont
M assachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York._
New Jersey
Pennsylvania
EastlNorth 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 Vriginia
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

Members

NonmemState bers

Nonmembers

5

1

6

1

National

Nonmembers

All
banks

NonMem- members 1
bers

State

3

29,678

1

5

42 885

2 697

10
7
31

8
4
11

2
2
19

15,316
12,679
31, 262

12,016
8,990
5,312

22
59
167
64
22

2
9
42
4
2

20
50
116
51
20

7 652
35,162
107,990
23,416
8,545

1 678
10,182
40, 096
2,404
1,046

34
106
67
7
10
29
44

2
19
9
2
1
3
7

32
84
57
5
9
24
37

6,666
53,312
19,994
660
4,087
4 133
7 266

487
16, 799
9,224
141
295
408
2 925

1
4
4
9
3
28
15
12
6

1
1

792
6,419
3 497
879
349
13 785
28,679
2,450
2,921

792
839

2
1
5
3
4
1

3
4
7
2
23
12
7
5

339
142
9 967
3,239
506
432

36
21
10
9

10
3
4
1

25
18
4
8

10, 362
4 356
4 384
1 458

4,186
1 624
2 405
455

2,347

9
7
18
24

1
1
4

7
5
14
15

828
2 450
4,535
7,380

85
680
1,626
3,474

126
531

5
18
2
16

2
5

3
13
2
12

888
12 549
929
2,003

306
7 842

6
14
3

1

--

5
12
3

6,376
9,812
981

354

22
19
26

4
4
12

1
2

17
13
14

25, 001
4,821
17, 733

1,037

208

40

789

587,320

1
1

9
9

3
1
2

1
1
2
1
1
2

4

1,334

10,258

All
banks

Members i

1

National

All
banks

1

402

402

1

1

1,869

1,869

3,300
2,892
25,438

3
4
4

1
2
4

2
2

5,183
6,700
2,086

507
4,568
2,086

5 974
24,980
54, 963
17, 023
7,499

9
10
18
23
12

1

28
10

56,590
4,958
8,174
20,347
6,674

577

6,179
30, 952
10,315
519
3,792
3,187
4 341

4
7
5
4

18,086
40 188

797
512

12, 931
3,989

5,561
455
538

358

1 016

150

5,580
3,497
540
207
3,818
25,440
1,586
2,489

5
3
2

2

13
20
10
4

5,383
10,398
2,220

4,676
2,132
2

56,013
4,958
2,791
2
9,949
4,454

1,205
31,327
5,284
597
2,154
247
792
2,375

792

7

11
1

6
4
4

11
1

1
1

567
5,403
3,807

24
4,918
6,954
2,108
309
1,421

160

836
396

J

1,409
1,918

2

1,205
29,918
3,366
597
2,154
247

1
7

1

2
8
11
6
1
4

1
3
3

1
5
8

6
1
4

591
10,321
10, 761
2,108
309
1,421

7
3

1

6
3

996
396

13

5,077
962
3,097
402
5,558

4,231

623
2 2,417
402
1,327

960

953

2,375

3,829
2,732
963
1,003

13

617
1 239
2,909
3,756

6
6
4
9

1
1
3

5
25
4
6

2

2

1,913

1
2
1

327
5,841
1,106

327
5,841
1,106

175

208,150

48, 276 159,874

5,077
339
680

582
4 707
929
1 351

652
863

6,022
8,949
981

4

3,873
1,203
10, 284

1,185
1,020

19,943
2,598
7,449

1
2
1

171,339

42,637

373, 344

213

38

1 Represents national banks only, except as follows: 1 State member in Illinois with deposits of $628,000; 1 in Michigan with deposits of $726,000;
1 in2 Arkansas with deposits of $339,000; and 2 in Utah with deposits of $960,000.
At time of suspension, 4 banks in Ohio with deposits of $35,482,000; 6 in Michigan with deposits of $4,617,000; 1 in Iowa with deposits of
$26,858,000; and 1 in Louisiana with deposits of $531,000, were State member banks.
Back figures.—See BULLETIN for February, 1932; also annual reports for 1930 (Table 118), 1929 (Table 112), 1928 (Table 116), 1927 (Table 112),
1926 (Table 100), and 1925 (Tables 97 and 98)'.




616

FEDERAL RESERVE BULLETIN

SEPTEMBER,

1932

INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index numbers of the Federal Reserve Board. 1923-1925 average=100]
Adjusted for seasonal variation

Without seasonal adjustment
Industry

Manufactures—Total
Pig iron
Steel ingots.

-- _ .

Cotton consumption Wool
Consumption
Machinery activity
Carpet and rug-loom activity
Silk
Deliveries
Leom activity
._ .
-

-

_
__

__ -

_.

FOOD PRODUCTS __

Slaughtering and meat packing
Hogs
Cattle
Calves _
Sheep
Wheat
flour
Sugar meltings

_.
_
_
. _

_

PAPER AND PRINTING
Wood pulp and paper
Newsprint
Book paper
Wrapping paper
Fine paper
Box board

_____

_.__

_ _

LUMBER

Automobiles
Locomotives
Shipbuilding

129
91
26

79
54
48
54
93
85
93
108
90
52
115
125
95
87
77
66
88
86
149
91
119
101
95
79
104
89
79
115
73
87
148
109
41

54
8
100

63
8
107
97
92
79

62

Wood pulp, chemical
Paper boxes
Newsprint consumption _
TRANSPORTATION

_-.

59
25
21
26
59
61
37
39
41
25
88
107
52
83
82
79
79
95
153
75
98
85
76
68
85
57
66
90
66
74
131
105
29

23
19
24
64
57
53
59
58
26
99
117
62
80
76
69
79
81
144
81
96

1931

July

June

July

35
5
79

IRON AND STEEL

TEXTILES

July

June

July

1932

1931

1932

58
25
22
26
63
64
39
43

25
20
. 26
69
63
56
66
(2)
2

103
123

83
83
76
84
91
156
85
83
85
75
67
85
56
66
90
61
74
126
106
28

120
132

97
121

81
81
78
80
84
144
84
79

(J)

63

135
102
27

o)

EQUIPMENT:

« _.

_

LEATHER AND PRODUCTS

Tanning..
Sole leather
Upper leather—
Cattle
Calf and kip
Goat and kid .
Boots and shoes

_

_ _

47
8
80

33
5
54
v 77

(2)

(2)

'89

110
87
88

50
35

52
58

90
88

159
205
74
104
98
81
111
115
85
131
80
172
85
67
57
125
113
45
60
40

141

146

84

61
34
50

65
59
57

141
183
73
90
82
48

NONFERROUS METALS —Tin deliveries
FUELS, MANUFACTURED:

Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, by-product

__
_.

__ _ _

RUBBER TIRES AND TUBES

Tires, pneumatic.
Inner tubes

TOBACCO PRODUCTS

146
186
73
91
99
50
129
134
93
128
69
173
61
40
37
107
6
36
50
44

Cigars
Cigarettes
Minerals—Total
Bituminous coal
Anthracite coal
Petroleum, crude _
Iron ore
Zinc
Lead
Silver

_ _
_
_.

___

123
66
167
62
42
45
106
15
31
29
34

'

(2)

79

79
(2)
(2)

(2)

50

114
63
152
64
46
55
104
8
34
31
40

51
107
111
78
118
63
157
63
45
42
105
3
37
49
45

2
* Preliminary.
'Revised.
* Includes also lead and zinc; see "Minerals."
Without seasonal adjustment.
NOTE.—For descriptionrsee BULLETIN for February and March, 1927. For latest revisions see BULLETIN for March, 1932, pp. 194-196.




60
8
73
98
92

79

78

1

87
82
74
88
88
149
94
98
109
101
81
112
94
86
120
85
92
154
123
42

84
81
129
102

79
95
120
100

CEMENT AND GLASS:

Cement
Glass, plate.-.

82
58
51
59
100
93
100
122

«
2
(2)
(2)
()

160
80
84
114
117
90
121
77
156
86
74
70
56
49
6?
47

SEPTEMBER,

617

FEDERAL RESERVE BULLETIN

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

Writhout seasonal adjustment Adjusted for seasonal variation Without sea sonal adjustment
Industry
1932

July

Total

.

Steel works and rolling mills

. -_

-

Agricultural implements
Electrical machinery

-

T E X T I L E S AND PRODUCTS

A. Fabrics
__
Cotton goods
Woolen and worsted manufactures .
Woolen and worsted goods
Carpets and rugs
Hosiery and knit goods

.-

Silk manufactures
. . . . . .
Dying and finishing textiles..
_
B. Wearing apparel

Clothing, Men's
Shirts and collars.

_ _. __
_
_ __

Clothing, women's
Millinery
"FOOD AND PRODUCTS

Baking
__.
Slaughtering and meat packing

Confectionery
Ice cream
Flour

__

. . __

Sugar refining cane
P A P E R AND PRINTING

Printing, book and job
_ _
Printing, newspapers and periodicals
Paper and p u l p
.

_ ._ . .

Paper boxes

L U M B E R AND PRODUCTS

Lumber, sawmills
Lumber, millwork
Furniture

._ .

TRANSPORTATION E Q U I P M E N T

Car building and repairing
Automobiles
_ _
_
Shipbuilding
_.
_ .

. .

L E A T H E R AND MANUFACTURES

Boots and shoes
Leather
C E M E N T , CLAY, AND GLASS PRODUCTS

Clay products
Brick, tile, and terra cotta
Pottery

Glass
Cement
NONFERROUS METAL PRODUCTS

Stamped and enameled ware. Brass, bronze, and copper.

CHEMICALS AND PRODUCTS

Chemicals and drugs
Petroleum refining
..
Fertilizers
RUBBER

_

_

PRODUCTS

Automobile tires and tubes _ Rubber boots and shoes
TOBACCO M

June

July

July

\NUFACTURES

Cigars and cigarettes
Chewing and smoking tobacco snuff

June

July

-.

57.2
51.4
54.5
48.5
51.8
39.7
35.9
43.2
36.5

59.1
54.8
57.9
53.4
54.6
43.4
37.3
49.1
35.7

73.8
71.1
73.4
65.6
82.4
58.4
58.8
58.2
66.1

58.3
52.1
55.3
49.2
51.2
41.8
36.7
46.4
35.4

60.0
54.8
58.0
53.2
54.2
43.2
37.0
48.9
34.8

75.1
72.1
74.4
66.6
81.3
61.4
60.1
62.6
64.0

39.6
22.2
21.4
23.1
29.4
22.4
21.3
23.6
19.6

42.6
26.0
25.4
28.7
31.8
25.4
23.4
27.3
20.0

64.4
52.4
52.6
47.3
71.7
43.5
44.1
42.9
55.6

48 4
45.3
38.2
26.0
58.9

51 3
47.6
42.9
29.1
63.2

70 4
64.8
76.0
46.2
84 6

48 3
45.1
38.8
27.4
58.9

51 0
47.1
43.2
29.3
63.2

70 3
64.4
77.1
48.8
84.6

28.8
24.3
22.3
19.6
41.2

32 3
27.5
25.4
22.9
45.6

57 4
49.8
61.6
38.6
76.7

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. y

57.2
58.2
57.4
44.5
43.8
48.2
78.7
42.3
80.9
54.7
43.4
62.9
70.6
47.0

75.2
77.1
76.2
74.7
75.6
69.7
84.1
65.4
93.5
70.6
59.2
81.6
89.7
52.2

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

58.5
58.7
57.9
45.4
44.6
49.4
78.5
42.9
81.7
58.1
43.3
64.9
80.7
47.9

79.6
80.0
78.6
78.6
79.5
73.6
87.9
66.9
96.9
78.8
58.7
85.6
106.4
75.1

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

35.8
37.0
34.3
26.8
27.4
23.4
56.7
27.1
59.3
33.4
22.6
40.5
45.7
32.6

65.9
67.0
63.9
64.1
66.3
54.0
74 4
60.4
88.2
63.4
54.0
70.6
80.8
44.1

79.3
85.9
80.7
60.9
85.6
74.6
73.7

80.9
86.8
81.7
67.6
80.9
74.2
72.7

87.8
97.3
84.4
71.7
97.1
81.1
81.9

79.4
85.3
80.7
69.4
70.9
74.4
70.1*

81.1
85.1
82.1
75.3
75.7
76.6
71.4

88. 1
96.6
84.4
81.8
80.4
81.0
78.7

68.3
73.2
69.4
45.9
76.5
63.0
63.4

71.4
75.9
73.1
54.3
78.6
62.6
60.9

88.2
94.4
88.8
63.4
100.6
79.4
79.3

80.5
79.4
93.1
75.1
68.6

82.0
80.7
94.8
76.1
71.2

92.0
94.7
101.3
84.2
82.6

81.4
80.4
94.3
75.1
70.6

82.8
81.8
95.1
76.2
73.9

93.0
95.9
102.7
84.2
85.0

69.1
66.9
89.4
50.0
55.0

/2.9
70.0
92.9
54.3
60.3

93.6
95.0
110.2
74.2
80.1

37.8
33.8
37.4
49.3

36.1
32.0
35.3
48.0
49.3
40.4
58.1
73.0

37.9
33.0
37.1
52.1

19.0
17.2
20.9
21.8
37.3
29.6
43.4
64.9

41.7
37.3
44.8
49.4

50.0
41.3
58.0
77.6

52.0
45.4
53.7
69.1
60.2
51.8
67.6
90.9

20.9
18.6
22.4
25.1

50.8
41.6
59.6
78.5

52.2
40.5
54.4
67.0
60.2
52.1
67.2
88.8

40.7
32.9
47.1
67.4

52.7
49.0
53.2
85.6

70.5
72.7
61.6
45.0
39.6
31.8
60.9
56.9
42.8

84.6
86.4
77.0
63.7
60.8
54.3
78.4
67.9
66.6

71.9
74.1
62.4
43. 1
37.6
29.1
60.7
55.9
39.8

74.3
76.9
63.4
43.4
38.0
29.6
60.7
55.5
40.9

84.8
86.4
78.4
62.7
58.6
50.2
81.4
70.7
63.3

46.2
46.1
46.6
24.4
17.8
13.6
29.1
36.9
25.9

45.0
44.3
47.4
27.3
19.0
14.2
31.5
43.2
28.5

72.6
71.8
75.4
49.4
40.7
35.8
53.7
60.2
60.4

48.6
27.6
55.8

63.4
40.1
71.3

46.0
22.3
54.0

48.7
26.9
56.1

64.2
41.1
72.0

29.4
16.3
33.2

32.0
20.0
35.5

54.5
34.2
60.4

72.3
75.6
77.4
33.4

74.2
78.0
78.1
35.8

86.2
91.0
89.0
45.4

74.7
78.2
75.7
49.0

76.4
79.6
77.4
52.4

89.4
94.2
87.1
66.5

60.0
57.8
68.9
26.9

63.2
61.1
72.1
28. 1

82.9
82.6
89.6
45.6

65.0
69.4
51.9

67.0
70.3
57.1

74.1
75.9
68.6

64.6
68.1
54.3

67.0
68.9
61.1

73.8
74.5
71.8

45.9
49.7
30.8

55.1
59.4
37.9

64.0
66.4
54.6

68.4
68.1
70.7

69.0
68.6
72.0

79.4
81.3
65.1

70.2
69.3
76.9

69.4
68.9
73.5

81.4
82.8
70.8

51.4
50.6
58.2

52.2
51.2
60.9

67.5
68.0
63.9

N O T E . — F o r description of these indexes see BULLETIN for November, 1929, p p . 703-716, and November, 1930, p p . 662-677.




1931

45.4
21.8
53.5

.

F o u n d r y and machine-shop products

Machine tools

July

1932

71.6
74.2
61.3
43.4
38.7
31.4
58.4
53.6
41.9

- - --

.-

July

1931

49.2
40.7
57.9
71.4

.

Hardware
Structural iron work
Heating apparatus
Steam
fittings
Stoves
- Cast-iron pipe

June

1932

36.3
32.7
35.8
46.6

I H O N AND STEEL AND PRODUCTS

MACHINERY

1931

618

FEDERAL RESERVE BULLETIN

SEPTEMBER,

1932

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Revised index of Bureau of Labor Statistics (784 price series); 1926=100]
All

commodities

Year and month

1927
1928
1929
1930
1931
1931—July
August
September
October
November
December
1932—January
February
March
April
May
June
July

.—

95.4
96.7
95.3
86.4
73.0
72.0
72.1
71.2
70.3
70.2
68.6
67.3
66.3
66.0
65.5
64.4
63.9
64.5

Other commodities

•pin-

products

Foods

99.4
105.9
104.9
88.3
64.8
64.9
63.5
60.5
58.8
58.7
55.7
52.8
50.6
50.2
49.2
U 6

45.7
4 r r.9

Hides anc1 Textile Fuel and Metals Building Chemi- HouseMiscelTotal leather products lighting and metal materials cals and furnish- laneous
drugs ing goods
materials products
products

96.7
101.0
{m 9
90.5
74.6
74.0
74.6
73.7
73.3
71.0
69.1
64.7
62.5
62.3
61.0
59.3
W 8
(30.9

107.7
121.4
109.1
100.0
86.1
89.4
88.7
85.0
82.5
81.6
79.8
79.3
78.3
77.3
75.0
72.5
70.8
68.6

94.0
92.9
91.6
85.2
75.0
73.9
74 ?,
73.9
72.9
73.5
72.3
71 7
71 3
70.9
70.9
70 4
70.1
69.7

95.6
95.5
90.4
80.3
66.3
66.5
65.5
64.5
63.0
62.2
60.8
59.9
59.8
58.7
57.0
55.6
53.9
52.7

88.3
84.3
83.0
78.5
67.5
62.9
66.5
67.4
67.8
69.4
68.3
67.9
68.3
67.9
70.2
70.7
71.6
72.3

96.3
97.0
100.5
92.1
84.5
84.3
83.9
83.9
82.8
82.6
82.2
81.8
80.9
80.8
80.3
80.1
79.9
79.2

94.7
94.1
95.4
89.9
79.2
78.1
77 6
77.0
76.1
76.2
75.7
74 8
73.4
73.2
72.5
71 5
70.8
69.7

96.8
95.6
94.2
89.1
79.3
78.9
76.9
76.3
75.6
76.1
76.1
75.7
75.5
75.3
74.4
73.6
73.1
73.0

97.5
95.1
94.3
92.7
84.9
85.7
84.9
82.7
81.0
80.9
78.5
77.7
77.5
77.1
76.3
74.8
74.7
74.0

91.0
85.4
82 6
77.7
69.8
69.7
68.3
68.2
66.6
68 7
66.8
65.6
64.7
64.7
64.7
64.4
64.2
64.3

1932

1931
May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

59.6
64.1
71.5

56.0
61.9
70.8

49.0
63.0
71.3

44.8
67.0
67.3

44.2
61.0
65.4

44.3
57.6
64.2

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
51.2

42.6
44.4
49.6

37.7
46.7
48.2

78.1
74.6
76.1
74.4
67.9

78.8
74.3
76.4
71.3
68.5

80.6
71.5
74.2
73.4
70.6

82.2
70.9
73.4
76.0
69.6

84.6
70.3
71.0
73.6
68.5

86.1
70.6
68.2
71.1
69.7

80.7
73.1
65.1
67.7
68.0

79.8
72.2
63.5
63.2
67.2

67.8
71.0
62.2
61.9
61.9

64.1
69.6
61.8
59.5

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

36 7
54.1
48.4
58.2
65.7
59.7
62.0
58 5

94.8
62.6
88.1
101.4

94.6
65.5
87.8
101.4

93.5
72.7
89.8
101.4

93.5
69.1
90.3
101.4

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
7fi.5
)8.8

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

76.9
69.2
60.7
41.4
68.5
76.7

76.3
67.6
59.8
41.9
68.0
75.5

76.1
66.8
60 0
43.8
67.4
75.2

75.9
64.0
59.2
43.7
67.4
74.4

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
ifi 4
W 8
$6.5
(53.1
fW 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

87.5
83.9
83.7
98.0
99.0
35.9

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
38.9

94.2
83.6
81.5
102.1
100.8
39.2

94.2
83.7
81.4
103.4
100.1
42.5

94.8
83.8
81.1
104.1
98.2
39.6

94.8
84.4
80.5
107.5
98.6
38.8

< 8
U
i*4 3
IW 4

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. &
81 6
76.3

94.3
83.8
94.5
63.3

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
81.0
95.2
53.8

85.5
79.9
95.3
55.4

I$5.1

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

83.7
79.7
69.4
80.2
86.6
84.3
86.3

83.7
77.7
68.5
80.0
86.6
84.3
85.4

83.4
75.8
67.2
79.6
86.8
84.3
83.7

82.9
75.8
66.9
78.4
83.8
81.7
83.7

82.6
75.8
66.9
77.6
82.6
81.7
82.6

82.6
75.1
65.2
77.0
81.6
81.7
82.0

85.5
81.5
95.2
54.7
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

i? 9
75.1
55.8
77 9
30.2

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

83 9
63.2
80.5
82.8

82.5
62.6
79.8
82.4

82 4
62.1
78.7
80.2

80.5
61.9
74.4
78.7

79.8
61.7
74.2
77.6

79.7
61.6
70.2
77.2

80.6
61.3
70.1
77.7

80 8
61.0
70.1
77.1

80 6
60.6
69.9
75.5

30 8
50.1
59.8
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

83.6
90.4

83.4
89.8

82.8
89.1

81.7
88.6

81.2
84.6

79.8
82.4

79.7
82.3

76.6
80.6

76.1
79.5

75.9
79 5

75.4
79.1

75.4
77.4

75.5
74.1

75.4
74 0

75.1
73 0

46.9
67.9
81.5
13.7
88.5

46 0
61.1
80.7
13.3
88.2

46.0
55.8
80.6
13.2
88.6

46.0
50.1i
80. 5
11. 2
86. I

46.0
44.4
80.7
10.6
86.7

46.0
49.4
80.5
10.2
86.9

46.0
5S .8
8C .8
.6
.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
B4.4

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

F A R M PRODUCTS:

Grains
--- -Livestock and p o u l t r y .
Other farm products
FOODS:

Butter, cheese, and mili
Cereal products
Fruits and vegetables .
Meats
Other foods

H I D E S AND L E A T H E R PRODUCTS:

Boots and shoes
Hides and skins

- -

Other leather products T E X T I L E PRODUCTS:

Clothing
. Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods...
Other textile products

F U E L AND LIGHTING M A T E R I A L S :

Anthracite coal
Bituminous coal _ _ _
Coke
Electricity..
Gas
Petroleum products _

.

M E T A L S 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 D R U G S :

Chemicals
Drugs and Pharmaceuticals..
Fertilizer materials
Mixed fertilizers

>9 4

104.8

< 0
)8
58.6
79 3
J5.3
=>? 7

HOUSEFURNISHING GOODS:

Furnishings
Furniture
Auto tires and tubes. .
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous

MISCELLANEOUS:

July

49.7

Back figures.—For revised indexes of groups see BULLETIN for March, 1932, p . 199; indexes at subgroups available at Bureau of Labor Statistics.




619

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
(Value of contracts In millions of dollars;figuresfor 37 States East of the Rocky Mountains, as reported by the F. W. Dodge Corporation]
Residential

Total

Commercial

Factories

Public works and Educational
public utilities

All other

Month
1931

January ._ _February March.. - _«
April
May
June
July
August
September
October
November
December
Year

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

_ . _.

1932
84.8
89.0
112.2
121.7
146.2
113.1
128.8

1932

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

10.1
7.3
20.6
11.3
16.3
8.9
10.4
4.7
11.0
8.9
4.2
2.5

27.5
24.4
33.2
28.9
25.6
23.1
19.7

1931

3.4
4.4
4.5
4.5
3.0
2.1
3.5

116.2

811.4

3,092.8

1931

BUILDING CONTRACTS AWARDED, BY DISTRICTS

26.9
27.1
36.2
26.2
25.7
26.9
28.4
19.1
28 6
41.3
14.1
10.6

1932
9.1
10.1
10.6
12.9
12.2
13.0
8.3

311.1

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

1932

19.4
16.7
24.3
23.0
23.8
22.5
26.1
19.3
21 2
14.7
11.8
6.1

1,171.1

1931

9,648
20,144
7,619
12, 533
20,915
5,621
16, 083
12,024
9,351
8,19.5
6,635

Boston
New York__._
Philadelphia_
Cleveland
Richmond
Atlanta
•Chicago
St. Louis
Minneapolis
__.
Kansas City
Dallas.
Total (11 districts).

June

July

10,098
28,234
9,519
12, 749
7,785
7,463

113,075

128,76

18,356
5,768
5,724
4,009
3,369

27,520
72,432
30,193
27,173
17,449
20,889
40, 327
17,543
8,368
12,060
12,043

1932
16 3
11.0
24 2
17.5
37 2
17.6
30.8

454.3

BUILDING PERMITS ISSUED, BY DISTRICTS
[Value of permits in thousands of dollars]
1932

Federal reserve district

Number
of cities

July

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

1931

June

Federal reserve district
July

20 5
27 3
35.7
47.1
41.8
43.6
39.8
56.5
49 3
33 8
27 8
31.0

4.4
10.8
9.8
10.7
6 5
7.2
6.4

228.8

(Value of contracts in thousands of dollars;figuresfor 37 States east of
the Rocky Mountains, as reported by the F. W. Dodge Corporation]
1932

1931

July

3,494
7,187
960
1,624
2,001
794
3,369
978
578
778
798
2,775

2,400
8,159
2,299
1,850
4,372
1,095
2,146
772
719
1,254
1,090
4,031

5,632
27,911
13,440
5,157
8,465
2,189
5,796
2,150
2,136
3,672
2,692
11,973

25, 336

30,187

91,213

285,997

20

BANK DEBITS
COMMERCIAL FAILURES, BY DISTRICTS

[Debits to individual accounts. In millions of dollars]

[Amounts in thousands of dollars;figuresreported by R. G. Dun Co.]
Number
Federal reserve district

1932

June

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

321
606
163
203
173
128
331
109

296
545
130
296
179
124
390
132

71
141
72
278

11.2
289

Total...

2,596




Liabilities
1931

July

1932

Number
of centers

July
192
435
152
153
89
80
56
107
60
252

1932

July

1931

June

7,132 6,223
26,848 20,378
5,562 4,652
7,877 7,895
6,996
4,546
2,185
6,218
14,242 13,498
2,094 1,987
738
904
3,639 3,238
2,283
2,19/
6,857

July
5,127
12,851
9,411
6,423
1,321
2,652
9,800
5,298
592
1, 352
1,050
5,119

New York City
Outside New York City
Federal reserve district:
Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total..

87,190

r Revised.

July

1931

June

July

1
140

12, 728
r 12,511

14,202
12,901

21,007
18,444

11
7
10
13
7
15
21
5
9
15
10
18

1,395
13,298
1,206
1,283
488
543
3,079
614
414
739
350
r 1,829

1,346
14, 741
1,256
1,292
488
564
3,373
696
428
741
370
1,808

2,042
21, 705
1,872
2,019
666
802
4,796
842
564
1,065
482
2,594

141

r 25,239

27,103

39,451

620

FEDERAL RESERVE BULLETIN

SEPTEMBER, 1932

AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates, by States, for August 1,1932, as reported by the Department of Agriculture]
[In thousands of units]
Corn
Federal reserve district

Total wheat

Winter wheat

Spring wheat

Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate,
Aug. 1, 1932
1931
1931
Aug. 1, 1932
1931
Aug. 1, 1932
1931
Aug. 1, 1932
Bushels

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

Bushels

Bushels

Bushels

Bushels

Bushels

Bushels

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

Total

_

7,492
22, 792
43, 670
1/0,928
110,945
159,268
988, 418
3/ 2, 673
300, 663
511, 729
121,540
9,676

65
6,197
18, 764
56, 086
30,194
4,612
77, 259
66, 586
82,089
402,121
60,041
90,190

83
4,635
12,198
35, 515
16,807
3,027
48,885
34,517
251,706
170,636
30,441
114, 237

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
4.5,527
34,292
20,473
163,559
30, 300
75,862

65
185
187
254

83
165
91
151

3,623
326
73,146
4,025
105
22, 766

'225
231,233
7,077
141
38,375

2,563, 271

2,819,794

894,204

722,687

789,462

441,788

104, 742

280,899

Tame hay

Oats

Tobacco

Cotton

White potatoes

Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, Production E s t i m a t e
1931
1931
Aug. 1, 1932
Aug. 1, 1932
1931
1931
Aug. 1, 1932
Aug. 1,1932
1931
Aug. 1, 1932
Bushels
Boston
New York. .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis
Kansas City Dallas
San Francisco
Total
1
2

Bushels

Tons

Tons

6,359
25,819
17,687
75, 247
23,671
14, 558
469,972
63,142
183,049
147, 712
63, 026
21, 795

7, 530
24,685
14, 528
53, 025
18,494
11,140
514, 706
43, 989
312,116
144,792
45,477
24,251

3,346
5,563
2,304
4,742
2,928
2,182
11, 939
5,458
7,039
7,270
991
10,451

4, 553
1,883
3,763
2,629
2,170
12, 705
1, 597
9,924
8,619
987
12,997

1,112,037

1,214,733

64, 213

67,390

Includes 12,000 bales grown in miscellaneous territory.
Includes 9,000 bal«3S grown in miscellaneous territory.




Pounds

Pounds

Bushels

Bushels

39,043
1,462
57, 669
191,060
684, 996
172,950
48,904
395,016
5,036
4,774

29,012
1,199
40,837
132,335
385, 771
105,669
32, 560
284,744
2,622
5,226

58, 475
32, 651
25, 212
19, 771
32,600
14, 538
50,418
12, 472
49, 934
27, 780
5,916
45, 751

55, 729
25.815
19,602
17,903
23,799
10,238
54,500
12,817
59,493
40,489
5, 247
41, 767

1,600,910

1,019,975

375, 518

367, 399

Bales

Bales

1,803
3,597

1,134
2,276

i 3,740

a 2,413

1,336
6,339
281

868
4,429
186

17, 096

11,306

FEDERAL RESERVE DISTRICTS

MINN.

MINNEAPOLIS
S.DAK.

i
»BOUNDARIES OF FEDERAL RESERVE DISTRICTS
——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
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•
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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102